Alta Equipment Group Inc (ALTG) 2026 Q1 法說會逐字稿

Good afternoon, and thank you for attending today's Alta Equipment Group's first-quarter 2026 earnings conference call. My name is Melissa, and I will be your moderator for today's call. I will now turn the call over to Jason Dammeyer, Vice President of Accounting and Reporting. Please proceed.

各位下午好，感謝您參加今天 Alta Equipment Group 2026 年第一季財報電話會議。我是 Melissa，將擔任本次會議的主持人。現在我將把電話交給會計與報告副總裁 Jason Dammeyer。請開始。

Thank you, Melissa. Good afternoon, everyone, and thank you for joining us today. A press release detailing Alta's first-quarter 2026 financial results was issued this afternoon and is posted on our website, along with a presentation designed to assist you in understanding the company's results. On the call with me today are Ryan Greenawalt, our Chairman and CEO; and Tony Colucci, our Chief Financial Officer. For today's call, management will first provide a review of our first-quarter 2026 financial results. We will begin with some prepared remarks before we open the call for your questions. Please proceed to slide 2.

謝謝你，Melissa。各位下午好，感謝今天加入我們。今天下午我們已發布一則新聞稿，詳述 Alta 2026 年第一季財務結果，並已張貼於我們網站，同時也提供一份簡報，協助您理解公司的業績表現。今天與我一同參與電話會議的有：董事長兼執行長 Ryan Greenawalt，以及財務長 Tony Colucci。今天的會議流程將先由管理團隊回顧 2026 年第一季財務結果。我們會先進行一些預先準備的發言，之後再開放提問。請翻到第 2 頁投影片。

Before we get started, I'd like to remind everyone that this conference call may contain certain forward-looking statements, including statements about future financial results, our business strategy and financial outlook, achievements of the company and other nonhistorical statements as described in our press release. These forward-looking statements are subject to both known and unknown risks, uncertainties and assumptions, including those related to Alta's growth, market opportunities and general economic and business conditions.

在開始之前，我想提醒各位，本次電話會議可能包含某些前瞻性陳述，包括關於未來財務結果、我們的業務策略與財務展望、公司成就以及如新聞稿所述的其他非歷史性陳述。這些前瞻性陳述受到已知與未知的風險、不確定性與假設影響，其中包括與 Alta 成長、市場機會以及整體經濟與商業狀況相關的因素。

We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Although we believe these expectations are reasonable, we undertake no obligation to revise any statement to reflect changes that occur after this call. Descriptions of these and other risks that could cause actual results to differ materially from these forward-looking statements are discussed in our reports filed with the SEC, including our press release that was issued today.

我們提出這些前瞻性陳述，主要係基於我們目前對未來事件與財務趨勢的期待與預測；我們相信這些因素可能影響我們的業務、財務狀況與營運結果。雖然我們認為這些期待屬合理，但我們不承擔在本次電話會議後因情勢變化而修訂任何陳述的義務。可能導致實際結果與這些前瞻性陳述存在重大差異的上述及其他風險之說明，已載於我們向美國證券交易委員會（SEC）提交的報告中，包括今天發布的新聞稿。

During this call, we may present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's press release and can be found on our website at investors.altaequipment.com. I will now turn the call over to Ryan.

在本次電話會議中，我們可能同時呈現 GAAP 與非 GAAP 財務衡量指標。GAAP 與非 GAAP 指標之調節表已包含於今天的新聞稿中，並可於我們網站 investors.altaequipment.com 查閱。現在我將把電話交給 Ryan。

Thank you, Jason, and good afternoon, everyone. I appreciate you joining us today to review Alta Equipment Group's first-quarter 2026 results. I will begin with an overview of our performance and the dynamics that shape the quarter, walk through what we are seeing across our three business segments and close with our outlook for the balance of the year. Tony will then take you through the financials in more detail.

謝謝你，Jason，各位下午好。感謝各位今天加入我們，一同回顧 Alta Equipment Group 2026 年第一季的業績。我將先概述我們的表現以及影響本季的動態因素，接著說明我們在三大業務部門所觀察到的情況，最後分享我們對今年剩餘期間的展望。之後 Tony 會更詳細地帶各位看財務數據。

First quarter performance was impacted by a slower start to the year than we had expected. Total revenues were $410.5 million, down 3% year-over-year, and adjusted EBITDA was $28.1 million. Those results reflect a combination of seasonal dynamics and what we see as two discrete factors rather than any sort of indication of soft underlying demand. First, our fourth quarter equipment sales were exceptionally strong as customers accelerated purchases before year-end to capture the tax benefits of the new legislation. That pull forward was meaningful, and it created a natural headwind to Q1 equipment volumes that was more than anticipated.

第一季表現受到年初開局較我們預期更慢的影響。總營收為 4.105 億美元，年減 3%，調整後 EBITDA 為 2,810 萬美元。這些結果反映了季節性因素，以及我們認為的兩項獨立因素，而非基礎需求轉弱的任何跡象。首先，我們第四季設備銷售異常強勁，因客戶在年底前加速採購，以取得新法案帶來的稅務優惠。這種提前拉貨相當明顯，並對第一季設備銷量形成自然逆風，且幅度超出預期。

Second, we experienced unusually harsh winter conditions across our Midwest and Northeast markets early in the quarter that constrained field service activity, parts demand and rental utilization in January in particular. Our Material Handling segment generated revenues of $150.5 million, down approximately 4.7% year-over-year. New and used equipment sales were the primary driver of that decline, consistent with the broader softness in the lift truck industry over the past 18 months. The more important story is what we see in forward indicators. We are seeing early signs of improvement in material handling bookings and backlog.

第二，我們在本季初於中西部與東北部市場遭遇異常嚴峻的冬季天候，限制了外勤服務活動、零件需求與租賃使用率，尤其是在一月。我們的物料搬運（Material Handling）部門本季營收為 1.505 億美元，年減約 4.7%。新舊設備銷售是下滑的主要原因，與過去 18 個月堆高機產業整體偏弱的趨勢一致。更重要的是我們在前瞻指標上看到的訊號：物料搬運的接單（bookings）與在手訂單（backlog）已出現初步改善跡象。

Anecdotally, March was the strongest single booking month we have recorded since June of 2023. These early wins give us confidence in the trajectory of the segment as we move through the year. External signals are also promising as the ISM Purchasing Managers Index has recently turned positive after two years of contraction, which is a leading indicator for the lift truck industry. The sales cycle in this business creates a natural lag between booking activity and recognized revenue. The data we are seeing today gives us confidence that material handling equipment sales will strengthen meaningfully as the year progresses.

就經驗觀察而言，3 月是我們自 2023 年 6 月以來記錄到的單月接單最強月份。這些早期成果讓我們對該部門今年的走勢更具信心。外部訊號同樣令人鼓舞，因為 ISM 採購經理人指數在經歷兩年收縮後近期轉為正向，這是堆高機產業的領先指標。此業務的銷售週期使接單活動與認列營收之間存在自然落後期。我們目前看到的數據讓我們有信心，物料搬運設備銷售將隨著年度推進而顯著走強。

Customer demand across our core verticals, including food and beverage, distribution and logistics and manufacturing remained solid during the quarter. We are also beginning to see improving activity in automotive manufacturing across our upper Midwest markets as the industry recalibrates production priorities following the pullback from certain EV-related programs.

本季我們核心垂直領域（包括食品飲料、配銷與物流、以及製造業）的客戶需求仍然穩健。我們也開始看到上中西部市場的汽車製造活動有所改善，因產業在部分與電動車（EV）相關計畫縮減後，正重新校準生產優先順序。

Our Construction Equipment segment generated revenues of $244.3 million, essentially flat from a year ago. Underlying demand conditions remain stable with quoting activity strong across our markets. We've seen particular strength in heavy earthmoving equipment markets in Florida and have recently opened a new branch in Fort Pierce to serve that growing demand. Our construction business is levered to fully funded state and federal infrastructure spending.

我們的建築設備（Construction Equipment）部門本季營收為 2.443 億美元，與去年同期基本持平。基礎需求狀況仍然穩定，我們各市場的報價活動維持強勁。我們在佛羅里達的重型土方設備市場看到特別強勢的表現，並近期在 Fort Pierce 新設分公司以服務持續成長的需求。我們的建築業務受益於已獲充分資金支持的州與聯邦基礎建設支出。

That distinction matters in the current environment. State DOT budgets in our geographies continue to grow. Federal Highway Administration funding from the Infrastructure Investment and Jobs Act is still in its early to mid-deployment stage with the bulk of spending forecast for the coming years. A federal highway reauthorization bill is expected in September, which will give the state DOTs a significant additional commitment for road and bridge work.

在目前環境下，這項區別很重要。我們所在區域的州交通部（DOT）預算持續成長。《基礎建設投資與就業法案》（Infrastructure Investment and Jobs Act）下的聯邦公路管理局（Federal Highway Administration）資金仍處於早期至中期的部署階段，預計未來幾年將是支出高峰。預期 9 月將推出聯邦公路再授權法案，這將為各州 DOT 的道路與橋梁工程提供顯著的額外承諾資金。

Non-residential construction also remains an important end market for our business, and any improvement in that sector would represent an additional source of demand acceleration going forward. Rental revenues reflected the continued repositioning of the fleet towards higher utilization and stronger returns.

非住宅建築同樣仍是我們業務的重要終端市場，而該領域若有任何改善，將成為未來需求加速的另一項來源。租賃營收反映出我們持續將車隊重新配置至更高使用率與更強報酬的方向。

We reduced gross book value by approximately $59.5 million year-over-year to $524.6 million. This is intentional capital management, not a reflection of demand. We are protecting share while prioritizing margin quality, and we are positioned to convert recovering demand into earnings as activity builds through the year. Our Ecover verse Master Distribution segment generated $17.1 million in revenue for the quarter. New equipment margins were pressured by tariffs since early 2025.

我們將總帳面價值（gross book value）較去年同期減少約 5,950 萬美元至 5.246 億美元。這是有意的資本管理，而非需求的反映。我們在保護市占的同時，優先確保毛利品質，並已就位可在活動量於今年逐步回升時，將復甦的需求轉化為獲利。本季我們的 Ecover verse Master Distribution 部門營收為 1,710 萬美元。自 2025 年初以來，關稅使新設備毛利率承壓。

We believe the first quarter marks the end of that compression. Renegotiated OEM pricing and the recent Supreme Court ruling on tariffs are anticipated to help restore normal gross margins on our European-sourced environmental processing equipment going forward. We expect this segment's profitability to improve through the balance of the year.

我們認為第一季標誌著該壓縮期的結束。重新協商的 OEM 定價，以及近期最高法院對關稅的裁決，預期將有助於未來恢復我們歐洲來源環境處理設備的正常毛利率。我們預期該部門的獲利能力將在今年剩餘期間持續改善。

A defining theme of the quarter was balance sheet discipline. We generated $20.8 million in operating cash flow, an improvement of $38.3 million versus the first quarter of 2025. That reflects rigorous rental fleet management, improved working capital positioning and reduced interest expense. Interest expense declined $2.4 million year-over-year to $19.5 million, a direct result of the delevering actions we took in 2025. The fundamentals driving our 2026 outlook remain intact even as we update our guidance to reflect first quarter performance.

本季的一個關鍵主題是資產負債表紀律。我們創造了 2,080 萬美元的營運現金流，較 2025 年第一季改善 3,830 萬美元。這反映了嚴謹的租賃車隊管理、更佳的營運資金配置，以及利息費用下降。利息費用年減 240 萬美元至 1,950 萬美元，直接源自我們在 2025 年採取的去槓桿行動。即使我們更新指引以反映第一季表現，推動我們 2026 年展望的基本面仍然完好。

The conditions underpinning that guidance are taking shape as expected. Material handling bookings are inflecting, construction activity is picking up as the season opens, infrastructure spending tailwinds are building, Eco verse margin headwinds are resolving and our execution on fleet optimization, cost management and capital allocation is consistent with the plan. As we enter peak season, the primary levers in front of us are service utilization and rental fleet productivity. These are within our control, and they are where our focus is concentrated.

支撐該指引的條件正如預期逐步成形：物料搬運接單正在出現拐點，隨著旺季開啟建築活動正在回升，基礎建設支出的順風正在增強，Eco verse 的毛利逆風正在消退，而我們在車隊最佳化、成本管理與資本配置上的執行也符合計畫。隨著我們進入旺季，眼前最主要的槓桿在於服務使用率與租賃車隊生產力。這些在我們可控範圍內，也是我們聚焦的重點。

In closing, Q1 was a quarter defined by difficult conditions, strong execution on capital discipline and improving forward momentum. The organization is focused, the strategy is clear and the underlying business is healthy. Our priorities for 2026 are consistent: core business growth and product support and high-return segments, operational optimization, targeted talent development and selective M&A where we see clear strategic and financial fit.

總結而言，第一季是在艱困環境下的一季，我們在資本紀律方面展現強勁執行力，且前瞻動能持續改善。組織專注、策略清晰，且基本面業務健康。我們對 2026 年的優先事項一以貫之：核心業務成長與產品支援及高報酬區隔、營運最佳化、聚焦式人才發展，以及在具備明確策略與財務契合度之處進行選擇性併購（M&A）。

I want to recognize our approximately 2,700 employees who serve our customers every day across our 85 locations. They are the foundation of this business and their commitment is what makes the Alta model work.

我想表揚我們約 2,700 名員工，他們每天在 85 個據點為客戶提供服務。他們是這項業務的基石，而他們的投入正是 Alta 模式得以運作的關鍵。

I will now turn the call over to Tony, who will further detail the booking trends we're seeing, how they flow through our EBITDA bridge and why we remain confident in anchoring our updated guidance as the year progresses.

接下來我將把電話會議交給 Tony，他將進一步說明我們觀察到的訂單趨勢、這些趨勢如何反映在我們的 EBITDA 橋接分析中，以及為何我們仍有信心在今年推進的過程中，以更新後的指引作為錨定基準。

Thanks, Ryan. Good evening, everyone, and thank you for your interest in Alta Equipment Group and our first quarter 2026 financial results. Before getting into the quarter, I want to begin by recognizing our employees, customers and partners for their support and resiliency thus far in '26 as we collectively navigated the impacts of a difficult winter season and embark on what we believe will be a busy remainder of the year.

謝謝你，Ryan。各位晚安，感謝大家關注 Alta Equipment Group 以及我們 2026 年第一季的財務結果。在進入本季內容之前，我想先感謝我們的員工、客戶與合作夥伴在 2026 年迄今所展現的支持與韌性；我們共同因應嚴峻冬季帶來的影響，並展開我們相信將會相當忙碌的下半年。

My remarks today will focus on three key areas. First, I'll present our first quarter financial results, which were naturally affected by the seasonal impacts of winter weather. But overall, were amplified given the harsher conditions observed year-over-year. As part of that discussion, I'll touch on the momentum we saw build through the quarter and then check in on cash flows and the balance sheet, where we were pleased with our performance and which helps to set the foundation for better returns going forward.

我今天的談話將聚焦三個重點領域。第一，我將說明第一季財務結果，該結果自然受到冬季天候的季節性影響；但整體而言，由於今年相較去年觀察到更嚴苛的條件，影響被進一步放大。在這段討論中，我也會談到我們在本季看到的動能逐步建立，並檢視現金流與資產負債表；我們對自身表現感到滿意，這也有助於為未來更佳報酬奠定基礎。

Second, I'll give an EBITDA drill down for Q1 in terms of what we were expecting versus actual performance and how we believe that our dealership business will inflect throughout the remainder of the year. Lastly, I'll comment on our updated guidance range and why we believe several KPIs are trending positively, which gives us confidence for the coming quarters.

第二，我將就第一季 EBITDA 進行拆解，說明我們原先預期與實際表現的差異，以及我們認為經銷商業務在今年剩餘期間將如何出現轉折。最後，我會評論我們更新後的指引區間，並說明為何我們認為多項 KPI 正呈現正向趨勢，從而讓我們對未來幾季更具信心。

Before I get to my talking points, it should be noted that I will be referencing slides from our investor presentation throughout the call today. I'd encourage everyone on today's call to review our presentation and our 10-Q, which is available on our Investor Relations website at altg.com. With that said, for the first portion of my prepared remarks and in line with slides 12 through 23 in the earnings deck, first quarter performance.

在進入我的重點之前，需要說明的是：我今天在會議中將引用我們投資人簡報中的投影片。我鼓勵今天與會的各位查閱我們的簡報以及 10-Q，相關資料可於我們的投資人關係網站 altg.com 取得。接著，在我事先準備講稿的第一部分，並對應財報簡報中的第 12 至 23 頁投影片，先談第一季表現。

For the quarter, the company recorded $410 million $410.5 million of revenue, a reduction of 2.1% versus last year on an organic basis, namely on reduced new and used equipment sales year-over-year, a reflection of pull-forward tax buyers in Q4, continued stress on deliveries in the Material Handling segment and modestly compressed volumes in the Construction segment.

本季公司錄得約 4.10 億美元（4.105 億美元）的營收；以有機基礎計算，較去年減少 2.1%。主要原因是新機與二手機設備銷售年減，反映第四季因稅務因素而提前購買、物料搬運（Material Handling）部門交付持續承壓，以及建築（Construction）部門出貨量小幅下滑。

That said, our history and the inflection we are seeing in important KPIs, especially in our Material Handling segment, have us bullish that Q1 will far and away be the low point on equipment sales for the year. While overall new and used equipment revenue suffered on a comparative basis, gross margins outperformed in the quarter in both of our major segments.

儘管如此，根據我們的歷史經驗以及在關鍵 KPI（尤其是物料搬運部門）所看到的轉折，我們仍偏多看待：第一季將是今年設備銷售的明顯低點。雖然整體新機與二手機設備營收在同比上承壓，但本季我們兩大主要部門的毛利率表現均優於預期。

Importantly, gross margin saw a 240 basis point increase versus Q4 a hopeful signal that pricing and supply-demand dynamics in the equipment markets are improving. On the operating expense line, while the year-over-year results present an increase of $800,000, it should be noted that the company's self-insured health plan expense was responsible for approximately $3 million of that variance given the transition to a new health plan in Q1 of '25, where claims were delayed and an unfortunate increase in the volume of larger claims in Q1 of '26.

值得注意的是，毛利率較第四季提升 240 個基點，這是設備市場定價與供需動態正在改善的正向訊號。在營業費用方面，雖然同比呈現增加 80 萬美元，但需指出的是，公司自保型健康保險計畫費用約占其中 300 萬美元的差異；原因在於 2025 年第一季轉換至新的健康計畫時理賠延後，以及 2026 年第一季不幸出現較大額理賠案件數量增加。

We expect this expense to normalize over the remainder of the year and the stop-loss limits take effect on larger claims. In summary for the quarter, as it relates to the P&L, we recorded $28.1 million of adjusted EBITDA, which was below our internal expectations given some of the headwinds mentioned previously related to health care costs, weather and a delayed start to the construction season and outside pull-ahead buying in Q4.

我們預期該費用在今年剩餘期間將趨於正常，且針對較大額理賠的停損（stop-loss）上限將開始生效。總結本季損益表（P&L）表現，我們錄得 2,810 萬美元的調整後 EBITDA，低於我們的內部預期，主要因前述醫療成本、天候因素、建築季節延後開工，以及第四季的提前購買等逆風所致。

Having said that, I would point investors to slide 7 of our investor presentation, which shows the EBITDA momentum we observed throughout the quarter as March was 3x January on the EBITDA line. Keep in mind, this EBITDA momentum is expected to continue into the construction busy season and is also expected to be bolstered by the increased equipment booking environment in Material Handling, which increased over 20% in our markets in the quarter, as depicted on slide 8.

話雖如此，我想請投資人參考我們投資人簡報第 7 頁，該頁顯示我們在本季觀察到的 EBITDA 動能：3 月的 EBITDA 約為 1 月的 3 倍。請記住，這股 EBITDA 動能預期將延續至建築旺季，並可望受惠於物料搬運部門設備預訂環境的改善；本季我們市場的設備預訂成長超過 20%，如第 8 頁所示。

In terms of cash flows, despite the challenged P&L in the quarter, we were able to generate meaningful positive GAAP operating cash flows as that metric came in at a positive $20.8 million. This is a reflection of disciplined inventory and working capital management and rental fleet optimization.

就現金流而言，儘管本季損益表承壓，我們仍成功產生顯著的 GAAP 營運現金流，該指標為正 2,080 萬美元。這反映了我們在庫存與營運資金管理上的紀律，以及租賃機隊的最佳化。

As presented on slide 18, this dynamic led to us holding net leverage effectively flat versus year-end in what typically is a quarter where we see leverage tick up. Separate but related, this cash flow performance also allowed us to maintain our cash liquidity position of approximately $250 million as well.

如第 18 頁所示，這樣的動態使我們的淨槓桿率相較年末基本持平；而在通常槓桿會上升的季度，這點尤為重要。另方面且相關的是，這樣的現金流表現也讓我們得以維持約 2.5 億美元的現金流動性水位。

Moving on to the second portion of my prepared remarks, I'll drill down on our EBITDA performance in Q1 and how that informs the remainder of the year. As mentioned previously, the business underperformed our internal expectations in the quarter.

接著進入我事先準備講稿的第二部分，我將深入說明第一季 EBITDA 表現，以及這如何影響我們對今年剩餘期間的判斷。如先前所述，本季業務表現低於我們的內部預期。

With that as context, slide 23 lays out how we're thinking about the bridge from the first quarter performance into the balance of the year. At a high level, some of the Q1 shortfall is tied to timing-related factors within the dealership business, primarily weather and equipment demand pull forward, which we view as largely recoverable. Why do we believe that? Improving booking trends, a growing backlog and sequential momentum exiting the quarter all supports our expectation for recovery as we move through the year.

在此背景下，第 23 頁說明我們如何看待從第一季表現到今年其餘期間的橋接。在高層次上，第一季部分落差與經銷商業務中的時點因素有關，主要是天候與設備需求提前釋放；我們認為這些因素大多可回補。為什麼這麼認為？訂單趨勢改善、在手訂單（backlog）增加，以及季度末的連續性動能，都支持我們在今年推進過程中可望回升的預期。

In contrast, the rental business remains in a planned transition phase where fleet optimization and disposition activity will continue to introduce some variability. To be clear, as we head into the construction season, our rental revenues in Construction segment will increase as April saw an incremental $25 million of fleet on rent when compared to March.

相較之下，租賃業務仍處於既定的轉型階段，機隊最佳化與處分活動將持續帶來一定的波動性。需要說明的是，隨著進入建築旺季，我們建築部門的租賃營收將增加；4 月相較 3 月，出租中的機隊規模新增了 2,500 萬美元。

However, we are focused on driving returns on capital in our rental business versus low ROI EBITDA, and we'll continue to right size the fleet with the endgame being a more capital-efficient rental business that supports market demand and our customers' needs for our specialized equipment and best-in-class service.

然而，我們的重點是提升租賃業務的資本報酬，而非追求低 ROI 的 EBITDA；我們將持續調整機隊規模，最終目標是打造更具資本效率的租賃業務，以支援市場需求與客戶對我們專業設備及同級最佳服務的需求。

Moving on to the last portion of my prepared remarks, which sessions on guidance for the remainder of the year and how the dynamic I just described in our dealership-centric model underpins our confidence in the updated range.

接著進入我事先準備講稿的最後一部分，將說明今年剩餘期間的指引，以及我剛描述的、以經銷商為核心的模式動態如何支撐我們對更新後區間的信心。

As presented on slide 22, overall, we are reducing the range of the EBITDA guide by $5 million in each end of the range given Q1 performance as the updated range is now $167.5 million to $182.5 million for FY 2026. we now expect $100 million to $110 million of free cash flow before rent to sell decisioning for the year, both of which are expected to be back half weighted and keep us on target to be below our 4.5x leverage target by year-end.

如第 22 頁所示，整體而言，鑑於第一季表現，我們將 EBITDA 指引區間的上下限各下調 500 萬美元；更新後 2026 財年的區間為 1.675 億至 1.825 億美元。我們目前預期全年在「租轉售（rent to sell）決策」之前的自由現金流為 1 億至 1.10 億美元；兩者皆預期將偏向下半年貢獻，並使我們有望在年末前達成低於 4.5 倍槓桿目標。

In terms of the key assumptions that underpin the guide, I would refer investors to the EBITDA bridge we provided last quarter that showed the path to the company generating $180 million of EBITDA in 2026. Two of the largest steps to that EBITDA bridge related to: one, industry volumes normalizing; and two, gross margin solidifying first and then improving over time. And we got good news on both items in Q1.

就支撐本指引的關鍵假設而言，我會請投資人參考我們上季提供的 EBITDA 橋接分析，該分析展示了公司在 2026 年達成 1.8 億美元 EBITDA 的路徑。該 EBITDA 橋接中最大的兩個步驟與以下事項相關：第一，產業銷量回歸常態；第二，毛利率先趨於穩固，並隨時間推移而改善。而我們在第一季於這兩項上都獲得了好消息。

First, given market volumes as depicted on slide 8, which also parallel various industry participants messaging, an upcoming reversion to the norm in equipment volumes appears at hand. On the second EBITDA bridge factor, we saw a 240 basis point increase in new and used equipment margins quarter-over-quarter with industry participants all signaling reduced dealer inventories and a stabilizing pricing environment. Additionally, we believe Ecover' tariff-related margin compression is now largely behind us as renewed pricing agreements with OEMs and IPA tariff relief takes hold.

首先，依據第 8 頁投影片所示的市場銷量（亦與多家產業參與者的說法一致），設備銷量即將回歸常態似乎已近在眼前。就第二個 EBITDA 橋接因素而言，我們看到新機與二手機設備毛利率較前一季提升 240 個基點，且產業參與者皆指出經銷商庫存下降、定價環境趨於穩定。此外，我們認為 Ecover 的關稅相關毛利率壓縮如今大致已告一段落，因為與 OEM 重新達成的定價協議以及 IPA 關稅減免正開始發揮作用。

All told, these two KPIs suggest that the majority of our plan remains intact in our dealership equipment sales-related operations. When it comes to the Rental segment, while activity is inflecting positively, we remain steadfast in our pursuit of driving utilization and matching an appropriate level of rental fleet with demand in each of our markets.

總體而言，這兩項 KPI 顯示，我們在經銷商設備銷售相關營運上的計畫大部分仍維持不變。至於租賃事業部，雖然活動正出現正向拐點，我們仍堅定致力於提升使用率，並在各個市場中使租賃車隊規模與需求相匹配、維持在適當水準。

Lastly, the company continues to drive efficiencies throughout the organization and in particular, our product support departments, where we are focused on technician productivity and working with customers that value our technical and industry capabilities. While this initiative may come at the sacrifice of the top line and product support, it will improve overall profitability and ultimately EBITDA of the dealership and create a more sustained business model going forward.

最後，公司持續在整個組織推動效率提升，尤其是在產品支援部門；我們聚焦於技師生產力，並與重視我們技術與產業能力的客戶合作。雖然此項措施可能會以犧牲營收規模與產品支援業務量為代價，但它將提升整體獲利能力，最終提高經銷商的 EBITDA，並打造更具持續性的商業模式。

In closing, I wish you all the best as we head into the summer months and look forward to updating investors on our Q2 performance in August. Thank you for your time, and I'll turn it back over to the operator for Q&A.

最後，祝各位在進入夏季之際一切順利，我們也期待在 8 月向投資人更新第二季表現。感謝各位撥冗參與，接下來我把時間交還給接線員進行問答。

(Operator Instructions)

（接線員指示）

Liam Burke, B. Riley.

Liam Burke，B. Riley。

In Materials Handling, you highlighted bookings being as strong as they've been in almost three years. You talked about the automotive sector picking up. Are there any other verticals within your markets that are showing life as well? Or is it just isolated to the automotive field?

在物料搬運方面，你們提到接單強勁程度幾乎是近三年來最佳。你們也談到汽車產業正在回溫。在你們的市場中，還有其他垂直領域也開始有起色嗎？還是僅限於汽車領域？

Liam, this is Tony. Definitely not isolated to automotive. I think we're seeing the beginnings of a comeback in automotive, but the bookings increase was pretty broad-based. We saw it basically in each region in a lot of different end markets, distribution, food and beverage, automotive and manufacturing, as we mentioned, as well as energy and utilities and even some activity in defense, as you can imagine, things moving in -- with more activity in that realm of the world. So it was broad-based. It was each region and not necessarily -- certainly not just isolated to automotive.

Liam，我是 Tony。絕對不僅限於汽車。我認為我們正看到汽車產業復甦的開端，但接單增加其實相當廣泛。我們基本上在各區域、許多不同終端市場都看到了：流通配送、食品飲料、汽車與製造（如我們所提到的），以及能源與公用事業，甚至國防也有一些活動；你可以想像，隨著全球局勢在那個領域更活躍，相關需求也在動。總之是廣泛性的，是各區域都有，而不是——當然不是只集中在汽車。

Great. And on construction, there's a lot of potential end market or macro -- let's call it, pent-up macro demand. You've got weather and then you also have the release of funding. Are you seeing anything in terms of bookings or any kind of clues that bookings will pick up into the second half of the year?

很好。再談到營建方面，終端市場或總體面其實有很大的潛在——我們稱之為累積的總體需求。你們有天候因素，另外也有資金釋出。你們在接單上是否看到任何跡象，或任何線索顯示接單會在下半年回升？

Yes. Liam, over time, Q1 in the construction business, specifically in the North is always difficult to kind of get a barometer on things in terms of the sales that get booked in Q1. And as we mentioned and as depicted on some of the slides, the industry actually was down in our geographies again. I think it was 6% year-over-year. That is not indicative of what we're seeing on the ground, especially in places like Florida, where we see lots of quoting activity, customers are busy. And we had a delayed -- as everybody on the call that's from the northern regions, we had a delayed start to the construction season.

是的。Liam，長期來看，營建業務的第一季——尤其在北方——一向很難從第一季的接單銷售去判斷整體狀況。如我們提到、也如部分投影片所示，產業在我們的地理區域其實再次下滑，我想年增約 6%。但這並不代表我們在第一線看到的情況，特別是在佛羅里達等地，我們看到大量報價活動、客戶很忙。另外我們也有延後——如同電話會議中來自北方地區的各位都知道的——營建季節延後開工。

And so some of the deliveries that typically maybe would have gone out in March because of weather didn't make their way out until April or even getting started right now on projects. So we agree with you that certainly, we expect that for the construction business, Q1 to be a low point like it always is. But I think that inflection could be even stronger given what we had to deal with in the winter and sort of the delay of getting started here.

因此，一些通常可能在 3 月就會交付的設備，因為天候因素直到 4 月才出貨，甚至有些專案現在才剛開始動工。所以我們同意你的看法：對營建業務而言，第一季通常會像以往一樣是低點。但我認為這次的拐點可能更強，因為我們必須面對冬季狀況，以及開工延後所造成的影響。

Steve Hansen, Raymond James.

Steve Hansen，Raymond James。

I wanted to follow up on the prior question just on the gross margin front. You referenced the improvement that you're seeing there as sort of positive indication. I mean any additional detail on sort of what you're seeing from the competitive environment, inventories on the ground? I mean, how are you seeing that margin improvement play out and which verticals in particular?

我想延續前一個問題，聚焦在毛利率。你提到你們看到的改善是一個正向訊號。能否再多提供一些細節，例如你們看到的競爭環境、現場庫存狀況？你們如何看待毛利率改善的呈現方式，以及特別是哪些垂直領域？

Yes. So I think, Steve, to the point, I think you look at a lot of the industry, those that follow the industry and some of the surveys that are out there, dealer inventories are coming down and from some of the household OEM names in the construction segment that we follow, certainly, dealer channels, they've said publicly, have rightsized.

好的。我想，Steve，正如你所說，你看看產業中許多追蹤產業的人士以及一些現有調查，經銷商庫存正在下降。而就我們關注的營建領域一些家喻戶曉的 OEM 而言，他們也公開表示，經銷通路的規模已經調整到更合理的水準。

In the meantime, OEMs are seeing pricing continuing to go up. PPI on wholesale construction equipment and machinery in general, plus 5%, I think, in the first quarter, again, tariffs still impactful. And so what we have seen on the top line from OEMs, Caterpillar John Deere in particular, has been a lot of discounting to clear the dealer channel.

同時，OEM 端看到價格仍在上升。第一季批發營建設備與機械整體的 PPI 上升約 5%，我想關稅仍然有影響。因此，我們在 OEM 端（尤其是 Caterpillar、John Deere）在營收端看到的情況，是為了清理經銷通路而進行大量折扣。

And I think what we're starting to see here is less discounting coming from some of the major players. So our focus on margin is probably more dialed in relative to construction because it's more sensitive to our EBITDA line. And so when we think of gross margin, we think about it more in the construction construct or context versus material handling.

而我認為我們現在開始看到的是，部分主要業者的折扣力度正在減少。因此，我們對毛利率的關注可能相對更集中在營建，因為它對我們的 EBITDA 更敏感。所以當我們談毛利率時，更多是在營建的架構或脈絡下思考，而不是物料搬運。

But I think it's a combination of less supply in the market, which is good for used equipment, too, by the way. So we're seeing better margins on used equipment as values come back as well as just the lack or the reduction in discounting from some of the major players.

但我認為這是多重因素的結果：市場供給較少，這對二手機也有利；因此，隨著價值回升，我們也看到二手機設備毛利率更好；再加上部分主要業者折扣減少或折扣力度下降。

That's really helpful. And just on the rental fleet repositioning, I mean, just when do you -- from a time line perspective and a sizing perspective, like how long do you think to execute the balance of that plan? And sort of what kind of capital takeout do you think ultimately would get you to where you want to be?

這很有幫助。再問租賃車隊重新配置：從時間軸與規模的角度，你們認為執行剩餘計畫大概需要多久？以及你們認為最終需要釋出多少資本，才能達到你們想要的狀態？

Yes. Thanks, Steve. And this is what part of my commentary was associated with is having a rental fleet that's underperforming, obviously just impacts the debt load. And sometimes if you get something on rent at a low rate, it could be leverage dilutive. And so what we're focusing on is trying to find the right balance of rental fleet, especially in our northern regions where we're seasonal. And so carrying underutilized equipment through the winter time sometimes gets difficult. And so we're ahead of plan.

是的，謝謝，Steve。這也正是我部分評論所提到的：若租賃車隊表現不佳，顯然會影響負債水位。而且有時候如果以較低的租金把設備租出去，可能會稀釋槓桿指標。因此我們聚焦於找到合適的租賃車隊平衡，特別是在我們具有季節性的北方地區。冬季期間持有使用率偏低的設備，有時會變得很困難。因此我們目前進度超前。

We had $30 million of rental disposals, which we're proud of. Team did a great job here in Q1. So we're ahead of plan in terms of what we thought we would be able to do through Q1. But at these rental revenue levels, we probably still have another $30 million or so to go, and we hope to get there by year-end, Steve. So we're going to match come hell or high water. We're going to find the utilization targets here, and we hope to get there by year-end to answer your question.

我們完成了 3,000 萬美元的租賃資產處分，對此我們很自豪。團隊在第一季做得非常好。所以就我們原先預期第一季能完成的量而言，我們是超前的。但以目前的租賃營收水準來看，我們可能還需要再處分約 3,000 萬美元左右，我們希望在年底前達成，Steve。無論如何，我們都會讓它匹配起來。我們會達成使用率目標，也希望在年底前做到，以回答你的問題。

Ted Jackson, Northland Securities.

Ted Jackson，Northland Securities。

A couple of questions. First of all, on the material handling side of things, I mean, I don't know if you listened to the Hyster-Yale call, but their expectations with regards to shipments in the second half of this year are crazy robust. You're one of the larger distributors. I mean, what kind of ramp do you think you're going to see in material equipment sales in the second half of the year? Just some color around that.

我有幾個問題。首先，在物料搬運這一塊，我是說，我不知道你們有沒有聽 Hyster-Yale 的電話會議，但他們對今年下半年出貨的預期非常強勁。你們是較大的經銷商之一。我是說，你認為今年下半年物料設備銷售會看到多大幅度的拉升？想請你提供一些相關的說明。

Part of our bullishness on the guidance that I mentioned is exactly related to a really strong back half in material handling, and it's in concert with what you heard from Hyster-Yale yesterday. So very much correlated.

我剛才提到我們對指引偏樂觀，其中一部分正是與物料搬運業務在下半年會非常強勁有關，而且這也與你昨天從 Hyster-Yale 聽到的內容一致。所以兩者高度相關。

Obviously, there's a bit of a little bit more delay between their production, their booking process production, shipment to the dealer and then us prepping and delivering. So it could be another month or two of equipment on the ground before we get things delivered. But we're early in the year and their lead times are such that this is all 2026 revenue that I think we can book.

顯然，在他們的生產、接單流程、生產、出貨到經銷商，然後到我們這邊整備與交付之間，會有一些延遲。所以可能還需要再等一到兩個月，設備落地後我們才能完成交付。不過現在才年初，而他們的交期也顯示，我認為這些都會是我們可以入帳的 2026 年營收。

In terms of how hard that inflection can happen. I just revert to how hard it inflected the other way here over the last couple of years where we saw shipments go down 20%, give or take, on a volume basis. And so I think we can have that same level of reversion in the second half here. Now things need to continue. We had strong bookings in April, which was consistent with what we put on one of the slides here in March. So we're feeling bullish that the second half is going to be good for Material Handling.

至於這個拐點能有多強，我只會回到過去幾年它往相反方向拐得有多劇烈：我們看到出貨量在數量基礎上下降了約 20%（上下浮動）。因此我認為下半年也可能出現同等程度的回歸。當然，前提是情況要持續。我們在 4 月的接單很強，這與我們 3 月其中一張投影片上所呈現的內容一致。所以我們對下半年物料搬運業務會表現良好感到樂觀。

Well, it sounds like you should be feeling pretty bullish about '27 too.

嗯，聽起來你們對 2027 年也應該相當樂觀。

Yes. It's been a prolonged, I think Ryan mentioned, right, as did Liam there, it's almost three years and the bookings in March were as high as they were in June of '23. In June of '23, if I have that month right, that was a good time for the Material Hyster-Yale segment. So we will take March and April bookings here for as long as the customers will have us.

是的。這是一段拉長的週期，我想 Ryan 提到過，Liam 也提到，幾乎已經三年了，而 3 月的接單量高到接近 2023 年 6 月的水準。如果我沒記錯那個月份，2023 年 6 月對 Hyster-Yale 的物料搬運部門來說是個不錯的時期。所以只要客戶願意，我們就會持續接受目前 3 月與 4 月的接單表現。

Okay. On my next question, just kind of thinking about things from more of a seasonal standpoint. There's a lot of a change with regards to the ability to depreciate equipment. You talked about how you think that a large portion of your particularly construction equipment sales that happened in the fourth quarter might have been pulled from the first quarter because of that and that you might not have recognized how that was going to impact first quarter when you were exiting 2025. And when I look at like, say, the last five years, and just I just kind of wanted to see differential.

好的。我的下一個問題，是從季節性角度來看。有一項關於設備折舊能力的變化幅度很大。你提到你認為你們尤其是建築設備在第四季的很大一部分銷售，可能因為這個因素而從第一季被提前拉到第四季，而且在你們結束 2025 年時，可能沒有意識到這會如何影響第一季。當我看例如過去五年，我只是想看看差異。

The average sequential decline over the last five years has been 18.5% and the media has been down 26.5%, and you were down almost I guess the question is, do you see -- I mean, maybe even thought about it that this change with regards to depreciation and being able to expense is going to change the seasonality of the equipment business where you would have perhaps more robust fourth quarters than you might have had historically and weaker first quarters for the same reason?

過去五年的平均季對季下滑是 18.5%，而中位數下滑是 26.5%，而你們下滑了將近——我想問的是，你是否認為——也許你們也想過——這項關於折舊與能夠費用化的變更，會改變設備業務的季節性？也就是說，基於同樣原因，你們可能會出現比歷史上更強勁的第四季，以及更疲弱的第一季？

Ted, I think the one big beautiful build here in the declines or the increases and decreases, I think the numbers, as I recall, Q3, we did roughly $300 million of new and used equipment sales -- I'm sorry, $200 million. Q4, we did $300 million. And then Q1 here, we do another $200 million or so. And so that radical sort of or violent, if you will, up and down. I do think the one big beautiful bill now that we have -- it was new for '25.

Ted，我認為在這些下滑或成長、增減的變化中，有一個很大的因素——我記得數字是這樣：第三季我們新舊設備銷售大約是 3 億美元——抱歉，是 2 億美元；第四季我們做了 3 億美元；然後這裡第一季我們又做了大約 2 億美元。所以那種非常劇烈、或者你可以說是很「猛烈」的上下波動。我確實認為，現在我們有了那個「one big beautiful bill」，它在 2025 年是新的。

And so I don't expect it to be as violent going forward. I would be surprised. I think this was a lot of people that were waiting for that to be in place, maybe for a couple of years. But now that it is in place, I wouldn't -- we're always going to have year-end buyers to take advantage of tax depreciation, but my gut is telling me in my history that this year was a little bit of an anomaly.

因此我不預期未來還會這麼劇烈。我會感到意外。我認為很多人可能等這個政策到位等了好幾年。但現在既然已經到位，我不會——我們年末總是會有買家想利用稅務折舊，但以我的直覺與過往經驗來看，今年有點像是異常值。

Okay. And then my last question, shifting over to the rental fleet, and it's been touched on. I mean I think it's admirable and it's going to be pretty exciting as you bring this fleet in line and start improving the utilization rates of your rental fleet. You brought it down sequentially, it looks like the last four quarters. Right now, you're ending rental fleet at $525 million. At what point do you find that your fleet is rightsized? I mean is it $500 million? Is it $450 million? Is there some kind of way for us to kind of think about that and maybe a time line of where you think you're going to get there?

好的。那我最後一個問題，轉到租賃車隊這邊，剛剛也有提到。我是說，我覺得你們這樣做很值得肯定，而且當你們把車隊調整到位並開始提升租賃車隊的使用率時，應該會相當令人期待。看起來你們在過去四個季度連續把它往下調。現在你們的租賃車隊期末是 5.25 億美元。你們在什麼時點會覺得車隊規模已經調整到合適？是 5 億美元？是 4.5 億美元？有沒有什麼方式讓我們可以理解這件事，以及你們預計達到的時間表？

Yes, Ted, I think based on the plan for this year, which, as I mentioned, we were several million dollars off in Q1 on just rental revenue. But for us, it's not necessarily -- based on the plan, I should say this to answer your question, we expect it to be sub-$500 million by the end of the year on that was what is at the end of Q1, $525 million. Based on what we know about rental -- the rental revenues in the plan. Now we're a little bit below that, which potentially means we will drop even further below the $500 million.

是的，Ted，我想依照今年的計畫——如我提到的，我們在第一季僅租賃營收就比計畫少了數百萬美元——但對我們而言，未必是——以計畫來說，我應該這樣回答你的問題：我們預期到年底會低於 5 億美元；而第一季末是 5.25 億美元。這是基於我們對租賃——也就是計畫中的租賃營收的了解。現在我們略低於那個水準，這可能意味著我們會進一步降到更低於 5 億美元。

But for us, it's finding utilization targets versus nominal levels of fleet. And we've got to go out and compete for business, too, and start to drive revenue. So it's more about the numerator denominator than it is hitting a target. So that's a long way of saying the original plan was to be sub-$500 million. We've given Q1 performance, that's still intact, and we expect to be there by the end of the year.

但對我們而言，重點是達到使用率目標，而不是車隊名目規模。我們也必須出去競爭業務、開始帶動營收。所以更重要的是分子與分母的關係，而不是達到某個規模目標。換句話說，原本的計畫是年底低於 5 億美元。以第一季的表現來看，這個目標仍然不變，我們預期年底會達成。

What would be your target in terms of that utilization rate?

那你們對使用率的目標大概是多少？

We want to be in the high 60s from a sort of what we would call dollar weighted time utilization, like physical utilization of fleet on rent over a calendar year divided by total fleet. And what that typically means is that our rental revenue is trading divided by average acquisition cost is something in the mid- to high 30s, what we would call dollar utilization or financial utilization. We're just not there yet.

我們希望在高 60% 的區間，以我們所稱的「以金額加權的時間使用率」來看，也就是以日曆年度內實際出租的車隊（在租）除以總車隊。通常這也意味著，我們的租賃營收除以平均取得成本，大約在 30% 中段到高段，我們稱之為金額使用率或財務使用率。我們目前還沒達到。

We have reached the end of the Q&A session. This concludes today's call. Thank you for attending. You may now disconnect.

問答環節到此結束。今天的電話會議到此結束。感謝各位參與。您現在可以中斷連線。