Americold Realty Trust Inc (COLD) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Americold Realty Trust First Quarter 2025 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Kevin Reed, Vice President of Investor Relations.

您好，歡迎參加 Americold Realty Trust 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹主持人、投資者關係副總裁凱文·里德 (Kevin Reed)。

Thank you, sir. You may begin.

謝謝您，先生。你可以開始了。

Good morning. Thank you for joining us today for Americold Realty Trust First Quarter 2025 Earnings Conference Call. In addition to the press release distributed this morning, we have filed a supplemental package with additional detail on our results, which is available in the Investor Relations section on our website at www.ir.americold.com.

早安.感謝您今天參加 Americold Realty Trust 2025 年第一季財報電話會議。除了今天早上發布的新聞稿之外，我們還提交了一份補充文件，其中包含有關我們業績的更多詳細信息，可在我們網站 www.ir.americold.com 的投資者關係部分查閱。

This morning's conference call is hosted by Americold's Chief Executive Officer, George Chappelle; President of Americas, Rob Chambers; and Chief Financial Officer, Jay Wells. Management will make some prepared comments, after which we will open up the call to your questions.

今天早上的電話會議由 Americold 執行長 George Chappelle 主持；美洲區總裁 Rob Chambers；和財務長 Jay Wells。管理層將發表一些準備好的評論，之後我們將開始回答您的問題。

On today's call, management's prepared remarks may contain forward-looking statements. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. A number of factors could cause actual results to differ materially from those anticipated.

在今天的電話會議上，管理階層準備好的發言可能包含前瞻性陳述。前瞻性陳述涉及受風險和不確定因素影響的事項，這些風險和不確定因素可能導致實際結果與今天討論的結果不同。許多因素可能導致實際結果與預期結果大不相同。

Forward-looking statements are based on current expectations, assumptions and beliefs as well as information available to us at this time and speak only as of the date that they are made, and management undertakes no obligation to update publicly any of them in light of new information or future events.

前瞻性陳述基於當前的預期、假設和信念以及我們目前掌握的信息，並且僅代表作出之日的觀點，管理層不承擔根據新信息或未來事件公開更新任何前瞻性陳述的義務。

During this call, we will discuss certain non-GAAP financial measures, including core EBITDA and AFFO. The full definitions of these non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the supplemental information package available on the company's website.

在本次電話會議中，我們將討論某些非 GAAP 財務指標，包括核心 EBITDA 和 AFFO。這些非公認會計準則 (non-GAAP) 財務指標的完整定義以及與可比較公認會計準則 (GAAP) 財務指標的對帳包含在公司網站上提供的補充資訊包中。

Now I will turn the call over to George.

現在我將電話轉給喬治。

Thank you, Kevin, and thank you all for joining our first quarter 2025 earnings conference call. This morning, I am pleased to provide an update on our four key priorities, our financial results for the quarter and some key operational metrics. Rob will then discuss our customer service initiatives and development activity. And finally, Jay will summarize our capital position and liquidity as well as provide additional details on our outlook for the year.

謝謝你，凱文，也謝謝大家參加我們的 2025 年第一季財報電話會議。今天上午，我很高興向您介紹我們的四個主要優先事項、本季度的財務業績以及一些關鍵營運指標的最新情況。然後 Rob 將討論我們的客戶服務計劃和開發活動。最後，傑伊將總結我們的資本狀況和流動性，並提供有關今年前景的更多細節。

Before we dive into the quarter, I want to briefly discuss our current view on the potential impacts of tariffs on our business. Based on our team's research, we believe the direct impacts are relatively modest, although this is obviously somewhat of a moving target. Total import export activity in our business is generally small in the single digits in terms of a percentage of our revenue and primarily within North America.

在深入探討本季之前，我想先簡單討論一下我們目前對關稅對我們業務的潛在影響的看法。根據我們團隊的研究，我們認為直接影響相對較小，儘管這顯然是一個不斷變化的目標。我們業務中的進出口總活動占我們收入的比例通常很小，僅為個位數，並且主要集中在北美地區。

In addition, it appears that USMCA compliant goods, that includes food grown and produced in Canada and Mexico are exempt from the national emergency tariffs. On a product basis, produce is the largest imported category into the US, but fresh and frozen produce is only approximately 1% and 4% of our revenue respectively, and most is domestically sourced as very little of our business is import export.

此外，符合 USMCA 規定的商品（包括在加拿大和墨西哥種植和生產的食品）似乎不受國家緊急關稅的約束。從產品角度來看，農產品是美國最大的進口類別，但新鮮農產品和冷凍農產品分別僅占我們收入的約 1% 和 4%，而且大部分都是國內採購的，因為我們的業務很少是進出口。

Seafood is the second largest imported category in total and here, too, we have very limited exposure in our product mix. In general, our products tend to be center of the plate, relying heavily on proteins, potatoes and prepared foods. These products historically have been more insulated from demand fluctuations and more expensive higher-end stake in seafood products.

海鮮是第二大進口類別，而我們的產品組合在這方面的曝光率也非常有限。整體而言，我們的產品往往是餐盤的中心，主要依賴蛋白質、馬鈴薯和預製食品。從歷史上看，這些產品較不容易受到需求波動和更昂貴的高端海鮮產品的影響。

However, beyond the direct impact, the ongoing trade rhetoric and changing tariff situation has already had an impact on consumer confidence, causing our customers to adjust their product portfolios and driving inventory levels down. In fact, the Michigan Consumer Sentiment Index, a monthly survey that expresses how consumers feel about their finances, the general business environment and the economy's future, is now below the levels seen during the 2008 financial crisis and nearing levels lasting during the peak of COVID.

然而，除了直接影響之外，持續的貿易言論和不斷變化的關稅狀況​​已經對消費者信心產生了影響，導致我們的客戶調整產品組合併降低庫存水準。事實上，密西根州消費者信心指數是一項月度調查，反映消費者對其財務狀況、整體商業環境和經濟前景的感受，目前該指數低於 2008 年金融危機期間的水平，接近新冠疫情高峰期間的水平。

This was reinforced with the recent contraction in the first quarter GDP. The timing and magnitude of these indirect impacts are nearly impossible to quantify at this point and largely outside of our control. Given these increased headwinds, we thought it was prudent to adjust our outlook for the year to reflect these risks. Despite these near-term challenges, our team continues to execute very well. and we delivered a strong start to the year, largely due to the many improvements we have made to the business over the past few years.

第一季國內生產毛額近期的萎縮進一步證實了這一點。這些間接影響的時間和程度目前幾乎無法量化，而且很大程度上超出了我們的控制範圍。鑑於這些不利因素的增加，我們認為有必要調整今年的前景以反映這些風險。儘管面臨這些短期挑戰，我們的團隊仍然表現良好。我們今年取得了強勁的開局，這主要歸功於過去幾年來我們對業務做出的許多改進。

As always, we remain laser focused on our four key operational priorities continuing to control what we can control and partnering with customers to win their business every day. Now let me discuss the progress we've made on these priorities, starting with customer service. On last quarter's call, we highlighted several of the awards and recognition that we have received from customers over the past year.

像往常一樣，我們始終專注於四個關鍵營運重點，繼續控制我們能夠控制的事情，並與客戶合作，每天贏得他們的業務。現在讓我討論一下我們在這些優先事項上的進展，首先是客戶服務。在上個季度的電話會議上，我們重點介紹了過去一年來我們從客戶那裡獲得的幾個獎項和認可。

Continuing to provide best-in-class service and unparalleled value is especially critical during a time when customers are holding lower levels of inventory and wanting to turn it faster. As anticipated, same-store economic occupancy in the first quarter declined approximately 270 basis points sequentially from Q4 of 2024, reflecting a return to normal seasonality and ongoing market softness.

在客戶庫存較少且希望更快週轉的時期，繼續提供一流的服務和無與倫比的價值尤其重要。正如預期的那樣，第一季同店經濟入住率較 2024 年第四季環比下降約 270 個基點，反映出季節性回歸正常且持續的市場疲軟。

Notably, our rent and storage revenue from fixed commitment contracts increased again this quarter to 60%, achieving our previously stated goal. As a reminder, three years ago, this metric was under 40%, reflecting over 2,000 basis points of growth since we identified this as a top priority. This is a testament to our industry leadership and commercial excellence and reflects the collaborative sales approach we take with customers to create a win-win environment.

值得注意的是，本季我們來自固定承諾合約的租金和倉儲收入再次成長至 60%，實現了我們先前設定的目標。提醒一下，三年前，這項指標低於 40%，自我們將其確定為首要任務以來，增加了 2,000 多個基點。這證明了我們的行業領導地位和商業卓越性，並體現了我們與客戶採取的協作銷售方式，以創造雙贏的環境。

Customers value having fixed commitment contracts that ensure availability of space for their products. Additionally, we continue to make progress capturing new business within our sales pipeline, which Rob will discuss later in the call.

客戶重視擁有固定的承諾合同，以確保有足夠的空間存放他們的產品。此外，我們在銷售管道中開拓新業務方面繼續取得進展，Rob 將在稍後的電話會議中討論這個問題。

Turning to labor. Our efforts to improve hiring practices, training and engagement have resulted in a much more stable and productive workforce. For example, we increased our perm to temp hours ratio to 78:22, up sequentially from 75:25 in the fourth quarter. This ties our previous record set in Q1 of last year. Associate turnover continues to come down and finished the quarter at 29%, an improvement of approximately 300 basis points from 32% in the fourth quarter.

轉向勞動。我們努力改善招募實務、培訓和參與度，從而打造出更穩定和高效的勞動力隊伍。例如，我們將正式工與臨時工的工時比例從第四季的 75:25 提高到了 78:22。這與我們去年第一季創下的紀錄持平。員工流動率持續下降，本季末為 29%，較第四季的 32% 提高了約 300 個基點。

Our third metric, the percentage of associates with less than 12 months of service also improved 200 basis points from the prior quarter to 20%. The continued progress across all three of these labor metrics demonstrate the success of our focus on employee.

我們的第三個指標，即服務時間少於 12 個月的員工比例也比上一季提高了 200 個基點，達到 20%。這三個勞動力指標的持續進步證明了我們對員工的關注是成功的。

As a result, our same store warehouse services margins in the quarter improved by 110 basis points year-over-year to 11.2%, which based on the seasonality of our business keeps us on track to deliver service margins in excess of 12% for the year.

因此，本季我們的同店倉儲服務利潤率年增了 110 個基點，達到 11.2%，根據我們業務的季節性，這使我們能夠在全年實現超過 12% 的服務利潤率。

Turning to pricing. For the first quarter, our same-store rent and storage revenue per economic occupied pallet on a constant currency basis, increased approximately 2% versus the prior year and same-store services revenue per throughput pallet increased over 3%.

談到定價。第一季度，以固定匯率計算，我們的同店租金和每經濟佔用托盤的倉儲收入比上年增長約 2%，同店服務收入每吞吐量托盤增長超過 3%。

This is exceptional performance in a market where we see other competitors trying to use price as a way to win business. We deliver far more value as the best operator in the industry, and as such are more capable of balancing price and volume versus our competitors where prices there only lever.

在我們看到其他競爭對手試圖利用價格來贏得業務的市場中，這是卓越的表現。作為業內最佳營運商，我們提供的價值遠高於其他營運商，因此與價格只是槓桿的競爭對手相比，我們更有能力平衡價格和銷售。

While we realize that pricing is under pressure and will certainly defend our market share as appropriate, also committed to maintaining fair value for our mission-critical infrastructure and the outstanding service our associates provide to ensure our customers' products are handled safely and accurately every day.

雖然我們意識到定價面臨壓力，並且一定會在適當的情況下捍衛我們的市場份額，但我們也致力於維護我們關鍵任務基礎設施的公允價值和我們的員工提供的卓越服務，以確保我們客戶的產品每天都能安全、準確地處理。

On the development front, we continue to manage a high-quality, low-risk pipeline of about $1 billion in opportunities. At the end of January, we announced a development project in Port St. John Canada with our strategic partners, CPKC and DP World.

在開發方面，我們持續管理約 10 億美元高品質、低風險的機會管道。一月底，我們與策略夥伴CPKC和DP World宣佈在加拿大聖約翰港開展開發案。

This facility will be the first of its kind globally to bring together Americold warehouse solutions with the maritime logistics capabilities of DP World and the rail logistics solutions of CPKC. We are very excited about the potential for this combination and Americold will be recognized as the keynote speaker at the Port St. John Port Days event later this month.

該設施將是全球首個將 Americold 倉庫解決方案與 DP World 的海上物流能力以及 CPKC 的鐵路物流解決方案相結合的設施。我們對這次合併的潛力感到非常興奮，Americold 將在本月稍後的聖約翰港港口日活動上擔任主旨發言人。

In March, we also announced an expansion at our Price Church New Zealand facility, doubling the site's capacity to support the growth requirements of an existing retail customer. In the US, we continue to see progress with our two automated retail distribution facilities in Lancaster, Pennsylvania, and Plainville, Connecticut.

今年 3 月，我們也宣布擴建紐西蘭普萊斯教會的設施，使該設施的容量翻一番，以滿足現有零售客戶的成長需求。在美國，我們位於賓州蘭開斯特和康乃狄克州普萊恩維爾的兩個自動化零售配送設施持續取得進展。

As a reminder, these facilities are fully dedicated to Ahold Delhaize under a long-term lease agreement and will serve approximately 750 of their stores in the Northeast and Mid-Atlantic regions. Americold is uniquely qualified to handle this retail business, which is operationally complex and fast turning. These facilities are under fully fixed commitment contracts, reflecting 100% economic occupancy as soon as the product inbounds. We remain on track to stabilize Lancaster in Q3 and Plainville by the end of the year.

提醒一下，這些設施根據長期租賃協議完全專用於 Ahold Delhaize，並將為其在東北部和中大西洋地區的約 750 家門市提供服務。Americold 具有獨特的資格來處理這種營運複雜且快速變化的零售業務。這些設施均已簽訂完全固定的承諾合同，一旦產品抵達，即可實現 100% 的經濟佔用率。我們仍有望在第三季穩定蘭開斯特的業績，並在年底前穩定普萊恩維爾的業績。

I also want to highlight the acquisition in Houston that we completed in March. Rob will share with you the specific details, but this transaction was driven by a significant retail customer win from our new business pipeline. The purchase of this facility allowed us to move inventory from an existing location over to the newly purchased site, so that we could accommodate the new customer agreement at the existing site. We expect the asset utilization to be stabilized in Q1 2027. This transaction highlights our strategy to creatively deploy capital in a way that unlocks customer growth opportunities in our sales pipeline.

我還想強調一下我們三月在休士頓完成的收購。Rob 將與您分享具體細節，但此交易是由我們新業務管道贏得的重要零售客戶所推動的。購買該設施使我們能夠將庫存從現有位置轉移到新購買的站點，以便我們能夠在現有站點適應新的客戶協議。我們預計資產利用率將在 2027 年第一季趨於穩定。此交易凸顯了我們創造性地部署資本的策略，從而釋放了銷售管道中的客戶成長機會。

Turning to our financial results for the quarter. Our Q1 2025 AFFO per share was $0.34, in line with expectations. As a reminder, we were lapping unusually high countercyclical inventory levels last year during what is typically 1 of our lowest quarters of the year. Additionally, as Jay mentioned last quarter, we also had incremental licensing expense of approximately $4 million in the quarter associated with our new technology environment as well as $3 million of expense labor costs that could be capitalized last year as part of Project Orion.

談談我們本季的財務業績。我們 2025 年第一季的每股 AFFO 為 0.34 美元，符合預期。提醒一下，去年我們的逆週期庫存水準異常高，而這通常是一年中最低的一個季度。此外，正如傑伊上個季度提到的那樣，本季度我們還增加了約 400 萬美元的與新技術環境相關的許可費用，以及 300 萬美元的人工成本，這些費用去年可以作為獵戶座計劃的一部分進行資本化。

I am also pleased to announce that during the first quarter, our Board approved an increase in our quarterly dividend by approximately 5% to $0.23 per share. This reflects our ongoing confidence in Americold's operational resilience and cash flow generation as well as the long-term attractive fundamentals of the coal storage industry.

我也很高興地宣布，在第一季度，我們的董事會批准將季度股息提高約 5% 至每股 0.23 美元。這反映了我們對 Americold 的營運彈性和現金流產生能力以及煤炭儲存行業長期吸引力的持續信心。

Now I'd like to turn the call over to Rob, so he can further discuss our customer service, operational and development initiatives in greater detail.

現在我想把電話轉給 Rob，以便他可以更詳細地討論我們的客戶服務、營運和發展計劃。

Thank you, George. Our unparalleled focus on customer service remains our top priority to accelerate market share growth over the next several years. We look forward to continuing to deliver unique value creation opportunities through initiatives like our strategic partnerships with CPKC and DP World, the innovative solutions created by our Supply Chain Solutions Group and our newly launched Project Orion system in North America and APAC, which is expanding into Europe next.

謝謝你，喬治。我們對客戶服務的高度重視仍然是我們在未來幾年加速市場佔有率成長的首要任務。我們期待透過與 CPKC 和 DP World 建立策略合作夥伴關係等措施、由我們的供應鏈解決方案集團創建的創新解決方案以及我們在北美和亞太地區新推出的 Project Orion 系統（下一步將擴展到歐洲）繼續提供獨特的價值創造機會。

In the first quarter, same store rent and storage revenue per economic occupied talent on a constant currency basis increased by approximately 2% versus the prior year. Same store constant currency services revenue per throughput talent increased by over 3%. These results are in line with expectations and reflect the great progress we have made over the past couple of years, ensuring that our pricing reflects the quality of service that Americold offers.

第一季度，以固定匯率計算，每位經濟佔用人才的同店租金和倉儲收入比上年增長了約 2%。以固定匯率計算，每位吞吐量人才的同店服務收入成長了 3% 以上。這些結果符合預期，反映了我們在過去幾年中取得的巨大進步，確保我們的定價反映了 Americold 提供的服務品質。

We will continue to remain disciplined in our approach to pricing, while also balancing competitive pressures from those less sophisticated in this area. Within our Global Warehouse segment, we had no material changes to the composition of our top 25 customers who account for approximately 52% and of our global warehouse revenue on a pro forma basis.

我們將繼續嚴格遵守定價方法，同時平衡來自該領域不太成熟的企業的競爭壓力。在我們的全球倉庫部門中，我們的前 25 名客戶（佔比約 52%）的組成以及我們全球倉庫收入的備考基礎沒有重大變化。

Our churn rate remained low at less than 4%. We continue to be successful in converting customers to fixed commitment contracts. For the first quarter, rent and storage revenue derived from fixed commitment storage contracts increased to 60%, a sixteenth straight quarterly record. The fact that we have grown this metric so significantly over the past four years is a testament to our approach.

我們的客戶流失率仍然很低，不到 4%。我們繼續成功地將客戶轉化為固定承諾合約。第一季度，來自固定承諾倉儲合約的租金和倉儲收入成長至60%，連續第十六個季度創下新高。事實上，我們在過去四年中顯著提高了這一指標，這證明了我們的做法是有效的。

The peace of mind customers gets from having committed space for their products and their willingness to commit and grow with providers they trust. Achieving our stated goal of 60% represents a major milestone for Americold as we continue to lead the industry in commercial excellence. As a reminder, the vast majority of our fixed commitments are commercialized under longer-term agreements and do not involve annual resets.

客戶可以安心地享受為其產品提供的專屬空間，並且願意與他們信任的供應商合作並共同成長。實現我們既定的 60% 目標對於 Americold 來說是一個重要的里程碑，因為我們將繼續在商業卓越方面引領產業。提醒一下，我們的絕大多數固定承諾都是根據長期協議商業化的，不涉及年度重置。

This is a key difference between our customer commitments and those of other providers and further highlights our commercial leadership in the industry. Americold offers the ability to support our customers at every node of the supply chain and with a wide offering of value-added services. This value adds are going to be critical as customers look for efficiencies across their supply chains.

這是我們對客戶的承諾與其他供應商的承諾之間的關鍵區別，進一步凸顯了我們在產業中的商業領導地位。Americold 能夠為供應鏈每個節點的客戶提供支持，並提供廣泛的增值服務。當客戶尋求提高整個供應鏈的效率時，這種增值將變得至關重要。

This quality of service has been instrumental in capitalizing on new business opportunities. As you remember, we entered the year with a $200 million probability weighted pipeline, and we have already successfully closed on approximately half of these opportunities and are roughly 40% ahead of where we were at this time last year.

這種優質的服務對於抓住新的商機起到了重要作用。大家還記得，我們​​今年年初就擁有價值 2 億美元的機率加權管道，而且我們已經成功完成了其中大約一半的機會，比去年同期的水平高出約 40%。

As a reminder, the inventory typically takes a few months to transition into our warehouses after an agreement is signed, and in an environment like today, this could take longer. Growth in our retail business continues to be a key driver in the success of converting our sales pipeline. Retail business tends to be the most challenging and labour-intensive business in the cold chain and the continued growth in retail demonstrates Americold's capability as a top operator given our outsized share in the space.

提醒一下，簽署協議後，庫存通常需要幾個月的時間才能轉入我們的倉庫，而在今天的環境下，這可能需要更長的時間。零售業務的成長仍然是我們成功轉換銷售管道的關鍵驅動力。零售業務往往是冷鏈中最具挑戰性和勞動密集的業務，而零售業的持續成長證明了 Americold 作為頂級營運商的能力，因為我們在該領域佔有巨大的份額。

Next, let me provide some additional details regarding the acquisition in Houston that George mentioned earlier as it highlights several elements of our strategy. We are investing a total of $127 million, including both the purchase price as well as planned equipment upgrades. Additionally, the price includes land for potential future expansion opportunities. This increases our capacity in the Houston market by approximately 36,000 power positions.

接下來，讓我提供一些有關喬治之前提到的休士頓收購的更多細節，因為它突出了我們策略的幾個要素。我們總共投資了 1.27 億美元，包括購買價格以及計劃的設備升級。此外，該價格還包括未來可能擴張的土地。這使得我們在休士頓市場的容量增加了約 36,000 個電源位置。

The facility was constructed in 2022. The catalyst for this acquisition was a new fixed commitment contract with one of the world's largest retailers, a significant win from our sales pipeline. The purchase of this facility allowed us to move inventory from an existing location into the newly acquired low occupancy site, opening space for the new fixed commitment customer.

該設施於 2022 年建成。此次收購的催化劑是與全球最大的零售商之一簽訂的新的固定承諾合同，這是我們銷售管道的重大勝利。購買該設施使我們能夠將庫存從現有位置轉移到新收購的低佔用率站點，為新的固定承諾客戶騰出空間。

Retail business, as I mentioned earlier, is a key focus for us. Americold's rigorous operational standards are well suited to the needs of this customer, which is high turning and operationally intensive. In addition, our flexible network allows for an efficient allocation of inventory to maximize occupancy across both sites and accommodate this new customer groups. This building requires some capital investment in order to accommodate our customers' profiles and meet Americold's operating standards. But we anticipate that once it is fully stabilized, it will generate returns between 10% and 12%.

正如我之前提到的，零售業務是我們的重點。Americold 嚴格的營運標準非常適合該客戶高週轉率和營運密集的需求。此外，我們靈活的網路可以有效分配庫存，以最大限度地提高兩個站點的佔用率並適應新的客戶群。該建築需要一些資本投資，以適應我們客戶的情況並滿足 Americold 的營運標準。但我們預計，一旦它完全穩定下來，它將產生 10% 至 12% 之間的回報。

We anticipate seeing some NOI benefit from the acquisition in the later part of the year in the non-same-store pool. However, the additional interest expense for this project will result in no change to AFFO for this year. Now let me comment on three projects going live in Q2. Kansas City, Missouri; Allentown, Pennsylvania; and our RSA JV development in Dubai.

我們預計，今年下半年非同店業務將因此次收購而獲得一些淨營運收益。然而，該項目的額外利息支出不會導致今年的 AFFO 發生變化。現在我來評論一下第二季上線的三個項目。密蘇裡州堪薩斯市；賓州阿倫敦；以及我們在杜拜的 RSA JV 開發案。

Starting with Kansas City. This is a $127 million greenfield facility being developed in collaboration with [CPKC] on one of their major rail lines. This facility supports CPKC's Mexico Midwest Express premium intermodal service, which is North America's only single-line rail service offering for refrigerated shippers between US, Midwest markets and Mexico.

從堪薩斯城開始。這是與 [CPKC] 合作在其一條主要鐵路線上開發的價值 1.27 億美元的綠地設施。該設施支援 CPKC 的墨西哥中西部快捷優質聯運服務，這是北美唯一為美國、中西部市場和墨西哥之間的冷藏托運人提供的單線鐵路服務。

This results in customers being able to clear customs in Kansas City, and bypass significant truck congestion at the Mexico border, thereby reducing transit times, transportation costs and food waste. The facility will be opening later this quarter, and this deployment could not have come at a better time given our customers increased desire to optimize their North American supply chains wherever possible.

這使得客戶能夠在堪薩斯城清關，並避開墨西哥邊境嚴重的卡車擁堵，從而減少運輸時間、運輸成本和食物浪費。該工廠將於本季稍後投入運營，鑑於我們的客戶越來越希望盡可能優化其北美供應鏈，此次部署可謂恰逢其時。

Secondly, our $85 million Allen town expansion, which was the result of very strong demand from our customer base in this key distribution market. This expansion will add approximately 37,000 pallet positions and approximately 15 million cubic feet. As a reminder, expansion projects are our lowest risk, highest return development projects due to our embedded customer base, local market knowledge and the ability to leverage our existing operating platform and infrastructure.

其次，我們斥資 8,500 萬美元進行艾倫鎮擴建，這是由於我們在這個主要分銷市場的客戶群需求非常強勁。此次擴建將增加約 37,000 個托盤位置和約 1500 萬立方英尺的空間。提醒一下，擴建項目是我們風險最低、回報最高的開發項目，這得益於我們根深蒂固的客戶群、本地市場知識以及利用現有營運平台和基礎設施的能力。

Finally, our $35 million state of the art flagship build with DP World in the Port of Jebel Ali in Dubai will also launch in the second quarter. This facility is 40,000 pallet positions and offers multi-temperature capabilities, connecting to DP World's best in class logistics solutions. This was completed through our RSA joint venture, which is a scalable operating platform for market entry and expansion throughout the Middle East.

最後，我們與迪拜環球港務集團合作在迪拜傑貝阿里港建造的價值 3500 萬美元的最先進的旗艦項目也將於第二季度投入使用。該設施擁有 40,000 個托盤位置，並提供多溫度功能，可連接到 DP World 一流的物流解決方案。這是透過我們的 RSA 合資企業完成的，該合資企業是一個可擴展的營運平台，用於進入和擴展整個中東市場。

Additionally, we have several other active expansion and development projects in process, and all projects continue to be on time and on budget. Our $30 million, 13,000 pallet position expansion in Sydney, Australia; our $150 million, 50,000 pallet position, automated expansion in Dallas, Fort Worth, Texas; our $34 million, 16,000 pallet position expansion in Christchurch, New Zealand.

此外，我們還有其他幾個正在進行的擴展和開發項目，所有項目都按時按預算進行。我們在澳洲雪梨投資 3000 萬美元擴建了 13,000 個托盤位置；我們在德克薩斯州達拉斯、沃斯堡投資 1.5 億美元、擴建 50,000 個托盤庫，實現自動化運營；我們在新西蘭基督城投資 3400 萬美元擴建了 16,000 個托盤位置。

And finally, our $79 million, 22,000 pallet position development in Port St. John in partnership with both DP World and CPKC. In total, this represents approximately $500 million of active expansion and development projects. Our development pipeline remains strong at about $1 billion, and we continue to identify top-notch opportunities. With that, I will turn it over to Jay.

最後，我們與杜拜環球港務集團和CPKC合作，在聖約翰港投資7,900萬美元開發了22,000個托盤位置。總體而言，這代表著約 5 億美元的活躍擴張和開發項目。我們的開發管道仍然強勁，約為 10 億美元，我們將繼續尋找一流的機會。說完這些，我就把麥克風交給傑伊。

Thank you, Rob. The first quarter was in line with expectations, reflecting strong continued execution by our sales and operations teams. With respect to our full year 2025 guidance, since providing our initial guidance, the macroeconomic environment continues to change in unprecedented ways with higher tariffs, increased risk of inflation, federal spending cuts, and lower consumer confidence, along with other factors. Based on the macroeconomic environment and ongoing discussions with customers, we now expect AFFO per share to be between $1.42 and $1.52 for the year.

謝謝你，羅布。第一季符合預期，反映出我們的銷售和營運團隊持續強勁的執行力。關於我們 2025 年全年指引，自我們提供初步指引以來，宏觀經濟環境持續以前所未有的方式發生變化，包括關稅上調、通膨風險增加、聯邦支出削減、消費者信心下降以及其他因素。根據宏觀經濟環境和與客戶的持續討論，我們現在預計今年每股 AFFO 將在 1.42 美元至 1.52 美元之間。

Now turning to the individual components of our AFFO guidance and starting with our Global Warehouse segment, we expect full year 2025 same store constant currency revenue growth to be in the range of flat to up 2%. Let me provide more detail around the key drivers behind this guide. With respect to occupancy and throughput volumes, we now expect economic occupancy to be in the range of negative 200 basis points compared to 2024 and throughput volume to be in the range of negative 1% and to positive 1%.

現在轉向我們的 AFFO 指導的各個組成部分，從我們的全球倉庫部門開始，我們預計 2025 年全年同店恆定貨幣收入增長率將在持平至上漲 2% 之間。讓我提供有關本指南背後的關鍵驅動因素的更多詳細資訊。關於入住率和吞吐量，我們現在預計經濟入住率與 2024 年相比將在 -200 個基點範圍內，吞吐量將在 -1% 到 +1% 範圍內。

As a reminder, we are still lapping some countercyclical build of inventory through the first half of this year and have sequentially returned to more normal seasonal inventory trends with Q2 expected to be similar to Q1, followed by sequential growth in the back half of the year, however, somewhat muted due to the current environment. These assumptions include the benefits of our recent customer wins but are not assuming a recovery in the US economic conditions.

需要提醒的是，今年上半年我們仍在經歷一些逆週期庫存增長，並已連續恢復到更正常的季節性庫存趨勢，預計第二季度將與第一季度相似，下半年將出現連續增長，但由於當前環境，增長速度將有所放緩。這些假設包括我們最近贏得客戶的好處，但並未假設美國經濟狀況會復甦。

With respect to pricing, we now expect constant currency rent and storage revenue for economic occupied pallet growth to be in the range of 1% to 2% and constant currency services revenue per throughput pallet growth to also be in the range of 1% to 2%. This assumes the positive impact of our contractual annual general rate increases, although we have dampened our pricing expectations given the unusual pricing activities, we have observed in the market by some of our competitors.

關於定價，我們現在預計經濟佔用托盤成長的恆定貨幣租金和儲存收入將在 1% 到 2% 之間，而每吞吐量托盤的恆定貨幣服務收入成長也將在 1% 到 2% 之間。這假設了我們合約年度一般費率上調的正面影響，儘管考慮到我們在市場上觀察到的一些競爭對手的異常定價活動，我們降低了定價預期。

For the full year, our same-store constant currency NOI growth is forecasted to be in the range of 1% to 3%. This reflects the more conservative occupancy and revenue assumptions I mentioned earlier, partially offset by a continued focus on tight cost controls across the business and a continued focus on efficiencies.

就全年而言，我們預計同店固定匯率淨營業利潤成長率將在 1% 至 3% 之間。這反映了我之前提到的更保守的入住率和收入假設，但部分抵消了對整個業務的嚴格成本控制和對效率的持續關注。

On the services side, our 2025 same store pool services margins were approximately 12% in 2024. And as George mentioned, we believe we can grow services margins in excess of 12% for the full year 2025, aided by our continued productivity initiatives and the benefits from Project Orion.

在服務方面，我們 2025 年的同店服務利潤率在 2024 年約為 12%。正如喬治所提到的，我們相信，在持續的生產力計劃和獵戶座計劃的推動下，我們可以將 2025 年全年的服務利潤率提高 12% 以上。

With regards to the 2025 non same store pool for the full year, we expect the non same store pool to generate NOI in the range of $7 million to $13 million, an increase from our previous outlook to reflect the Houston acquisition as well as our forecasted ramp of our Plainville and Lancaster facilities at the end of the year. Also, as mentioned during last quarter's earnings call, we are strategically exiting five facilities this year, the majority of which are leased.

對於 2025 年全年非同店池，我們預計非同店池將產生 700 萬美元至 1300 萬美元之間的 NOI，高於我們先前的預測，以反映休士頓的收購以及我們預測的普萊恩維爾和蘭開斯特工廠在年底的成長。此外，正如上個季度的收益電話會議中所提到的，我們今年將策略性地退出五個設施，其中大部分是租賃的。

As a reminder, a significant amount of the business in each of these facilities can be consolidated into other owned locations, reducing costs significantly. We completed one of these strategic exits during the first quarter, and we remain on track to exit the additional facilities throughout 2025. Additionally, we identified two other facilities that are candidates for a strategic exit and have moved these two facilities to our non-same store pool.

提醒一下，這些設施中的大量業務可以合併到其他自有地點，從而大大降低成本。我們在第一季完成了其中一項策略退出，我們仍有望在 2025 年退出其他設施。此外，我們還確定了另外兩家適合戰略退出的設施，並將這兩家設施轉移到我們的非同一商店池中。

A significant amount of the business in these two facilities will also be relocated to nearby home facilities, generating meaningful cost savings. We expect the Manage and Transportation segment's NOI to be in the range of $40 million to $44 million. We expect core SG&A to now be in the range of $230 million to $236 million for the year.

這兩個工廠的大部分業務也將遷移至附近的總部工廠，節省大量成本。我們預計管理和運輸部門的淨營業利潤將在 4,000 萬美元至 4,400 萬美元之間。我們預計今年核心銷售、一般及行政費用將在 2.3 億美元至 2.36 億美元之間。

While we will have incremental licensing and cybersecurity expense this year, as discussed during the previous call, we have been able to partially offset these increases by identifying a number of targeted cost reduction initiatives that don't compromise our ability to service our customers. For the full year, interest expense is expected to be in the range of $153 million to $157 million, updated for the impact of the Houston acquisition and our recent bond offering, which I will discuss in just a moment.

正如上次電話會議所討論的那樣，雖然我們今年的許可和網路安全費用會增加，但我們已經能夠通過確定一些不會影響我們為客戶提供服務能力的有針對性的成本削減舉措來部分抵消這些增加的費用。就全年而言，利息支出預計在 1.53 億美元至 1.57 億美元之間，該數字已根據休士頓收購案和我們最近發行債券的影響進行了更新，稍後我將對此進行討論。

Full year cash taxes is expected to be in the range of $8 million to $10 million with maintenance capital expenditures of $80 million to $85 million and development starts in the range of $200 million to $300 million. Please keep in mind that our guidance does not include the impact of acquisitions, dispositions or capital markets activity beyond that, which has been previously announced.

預計全年現金稅將在 800 萬至 1,000 萬美元之間，維護資本支出將在 8,000 萬至 8,500 萬美元之間，開發啟動資金將在 2 億至 3 億美元之間。請記住，我們的指導不包括先前已宣布的收購、處置或資本市場活動的影響。

Turning to the balance sheet. At quarter end, total net debt outstanding was $3.7 billion, the total liquidity of approximately $651 million, consisting of cash on hand and revolver availability. Net debt to pro forma core EBITDA was approximately 5.9 times. Additionally, during this quarter, we completed a public bond offering of $400 million with an interest rate of 5.6% and a maturity date in 2032.

轉向資產負債表。截至季末，未償還淨債務總額為 37 億美元，總流動資金約為 6.51 億美元，包括庫存現金和可用循環信貸額度。淨債務與預測核心 EBITDA 比率約為 5.9 倍。此外，本季我們完成了 4 億美元的公開債券發行，利率為 5.6%，到期日為 2032 年。

The proceeds were used to repay a portion of our revolver borrowings and the seven year maturity fits slightly into our existing debt maturity ladder. This bond was priced during Q1 but closed and was funded during Q2. This is another example of Americold's ability to quickly take advantage of market opportunities.

所得款項用於償還部分循環借款，七年期限與我們現有的債務期限略有吻合。該債券在第一季定價，但在第二季結束並獲得了融資。這是 Americold 能夠快速抓住市場機會的另一個例子。

Also during the quarter, we entered into an agreement to exit our minority ownership interest in the SuperFrio joint venture in Brazil. The sale price was approximately $27.5 million and the proceeds were received in late April. This sale, in addition to the strategic exits we intend to make this year, are disciplined efforts to rationalize our portfolio and allow us to strategically redeploy capital and higher returning projects to drive maximum shareholder value.

此外，在本季度，我們還達成了一項協議，退出我們在巴西 SuperFrio 合資企業的少數股權。售價約 2,750 萬美元，收益於 4 月底收到。此次出售，加上我們今年計劃進行的策略退出，是合理化投資組合的一項嚴謹努力，使我們能夠策略性地重新部署資本和更高回報的項目，以實現股東價值最大化。

Now let me turn the call back to George for some closing remarks.

現在，請容許我把電話轉回給喬治，請他作一些結束語。

Thank you, Jay. Our business foundation remains strong, and we remain confident in our ability to continue to offer long-term unique value creation opportunities for our customers. We have a proven operating model and are leveraging the benefits from our recent investments over the past couple of years.

謝謝你，傑伊。我們的業務基礎依然強勁，我們仍然有信心能夠繼續為客戶提供長期獨特的價值創造機會。我們擁有成熟的營運模式，並正在利用過去幾年投資帶來的優勢。

The timing of our recent initiatives could not have been better, and Americold today benefits from improved operating efficiencies, upgraded systems, unique strategic partnerships, strengthened customer relationships and a high-quality development pipeline. These benefits will continue to grow when volume ultimately returns, driving value for our shareholders.

我們最近採取的措施時機再好不過了，如今 Americold 已從提高的營運效率、升級的系統、獨特的策略合作夥伴關係、加強的客戶關係和高品質的開發管道中受益。當產量最終恢復時，這些收益將繼續成長，從而為我們的股東創造價值。

Our industry is full of aggregators, but has very few operators. Americold is a trusted experienced operator that delivers value far beyond price per pallet position which is why we can take a more balanced approach to how we operate our business over the long term. I could not pick a better group of individuals to have on our team and want to extend a heartfelt thank you to the 14,000 associates who work tirelessly each day to bring our vision to life. I will now turn the call over to the operator for questions.

我們的行業充滿了聚合器，但運營商卻很少。Americold 是一家值得信賴且經驗豐富的營運商，其提供的價值遠遠超出了每個托盤位置的價格，這就是為什麼我們可以採取更平衡的方式來長期經營我們的業務。我找不到比他們更優秀的人來加入我們的團隊，並想向每天不知疲倦地工作以實現我們願景的 14,000 名同事表示衷心的感謝。我現在將電話轉給接線員以回答問題。

(Operator Instructions) Samir Khanal, Bank of America.

（操作員指示）美國銀行的 Samir Khanal。

Hey, good morning everybody. Hey George, I know on the one hand, you said the impact from tariffs should be modest, but demand seems to be really impacted here. Maybe you can sort of separate the conversations you're having with customers sort of that, let's call it before April 2 and post.

嘿，大家早安。嘿，喬治，我知道一方面你說關稅的影響應該是適度的，但需求似乎確實受到了影響。也許您可以將與客戶的對話分開，讓我們在 4 月 2 日之前打電話並發布。

And at what point did you really start to see a slowdown in demand? I mean you reported towards the end of February. So walk us through the conversations that started sort of in March, let's call it, early April and late April. Thanks.

什麼時候真正開始看到需求放緩？我的意思是您是在二月底報告的。那麼，請向我們介紹一下從三月開始的對話，我們稱之為四月初和四月下旬。謝謝。

Yeah, good morning, Samir, what I would say is that what we said in the script was the direct impact of tariffs are relatively modest. However, the indirect impacts, including the impact on consumer confidence is significant. And that's driven by inflation feels that the new tariffs are driving. So I would say the environment is completely different from when we first announced our guidance for the year.

是的，早上好，薩米爾，我想說的是，我們在腳本中說過，關稅的直接影響相對較小。然而，間接影響，包括對消費者信心的影響，卻是巨大的。這是由新關稅引發的通貨膨脹所致。所以我想說，現在的環境與我們第一次宣布年度指導時完全不同。

It's changed drastically in the last 30 to 45 days for not just Americold, but just about everybody out there, and that's the one driver of our revised guidance. Conversations with customers are around slowing down plans for expansion, slowing down plans for growth and waiting for the environment to stabilize.

在過去的 30 到 45 天內，不僅 Americold 的情況發生了巨大變化，幾乎所有公司的情況也都發生了巨大變化，而這正是我們修改指導意見的一個驅動因素。與客戶的對話主要圍繞著放慢擴張計劃、放慢成長計畫以及等待環境穩定。

We elected to revise our guidance because we thought it was the prudent thing to do given the environment we see today for the reasons I just mentioned.

我們選擇修改我們的指導方針，因為我們認為，考慮到我們今天所看到的環境，出於我剛才提到的原因，這是謹慎的做法。

Okay. And then I guess just as a follow-up on, maybe talk around pricing. It seems like you're a little bit more optimistic than your peer that reported recently. What gives you the confidence in that sort of still having some growth in pricing given the demand headwinds you just spoke about?

好的。然後我想作為後續，也許可以討論定價問題。看起來你比最近報告的同行樂觀。考慮到您剛才談到的需求阻力，是什麼讓您有信心價格仍然會有所增長？

Well, the value we provide customers, Samir, has not diminished in the last 60 days. So we feel as though we create an environment where it's a win-win for our customers. They see the value in our customer service, and we feel very confident that the pricing we have in the marketplace is appropriate. Now we did say that as you referred to, our competitor reducing price, we're going to come under pricing pressure. We believe that.

嗯，薩米爾，我們為客戶提供的價值在過去 60 天並沒有減少。因此，我們覺得我們創造了一個對客戶雙贏的環境。他們看到了我們的客戶服務的價值，我們非常有信心我們在市場上的定價是合理的。現在我們確實說過，正如您所提到的，我們的競爭對手降低價格，我們將面臨價格壓力。我們相信這一點。

We have the tools in place to balance price and occupancy. We think we know the market better than anybody. We think we're better than anybody communicating the value we provide to customers. And that's why you saw our price go up. But maybe I'll hand it over to Rob for a few comments as well, considering the closer to the customers on a daily basis.

我們擁有平衡價格和入住率的工具。我們認為我們比任何人都更了解市場。我們認為我們比任何人都更善於向客戶傳達我們所提供的價值。這就是我們的價格上漲的原因。但考慮到每天與顧客的距離更近，也許我也會把它交給 Rob 來徵求一些評論。

Sure. I mean, I think what I'd add, I mean, we came into the year and we're doing exactly what we said we were going to do. We implemented our annual general rate increases at the beginning of the year. Those are contractual in nature. You see that reflected in our Q1 results where our storage revenue was up nearly 2% and our handling revenue per throughput pallet up over 3%. So those will route throughout the course of the year.

當然。我的意思是，我想我要補充的是，我們進入了新的一年，我們正在做我們說過要做的事情。我們在年初實施了年度一般費率上調。這些本質上是合約性的。您可以看到，這反映在我們的第一季業績中，我們的儲存收入成長了近 2%，每個吞吐量托盤的處理收入成長了 3% 以上。因此這些路線將貫穿全年。

We are pricing new business consistent with what we think is market rates. And in most cases, market rates, we believe, are what existing customers are paying in those facilities. We said at the beginning of the year that we didn't think we'd be taking a lot of off-cycle increases like we have in years past. That's consistent with what we're doing at the moment.

我們對新業務的定價與我們認為的市場價格一致。在大多數情況下，我們認為，市場價格就是現有客戶在這些設施中所支付的價格。我們在年初就說過，我們不認為我們會像過去幾年那樣進行大量的非週期性加息。這與我們目前正在做的事情一致。

And when we look at what others are doing, which is using price to drive volumes, quite frankly, we would expect that from some of the newer less established providers in the industry where price really is their only lever. They don't have the scale that Americold has. They don't have the technology that Americold has. They don't have the proven operating platform that Americold has.

當我們觀察其他人的做法時，他們正在利用價格來推動銷量，坦白說，我們預計行業中一些較新、不太成熟的供應商也會這樣做，因為價格實際上是他們唯一的槓桿。他們不具備 Americold 那樣的規模。他們沒有 Americold 所擁有的技術。他們沒有 Americold 那樣經過驗證的營運平台。

To see other supposedly more established providers following suit, we would consider unusual. But I think that highlights our position as the commercial leader in the space, the rational player here and the one that offers the most value to our customers. Our customers are willing to pay for best in class offerings, and that's what we bring.

看到其他據稱更成熟的供應商也紛紛效仿，我們會覺得很不尋常。但我認為這凸顯了我們作為該領域商業領袖、理性參與者以及為客戶提供最大價值的地位。我們的客戶願意為一流的產品付費，而這正是我們所提供的。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Yeah, thanks. Good morning. I guess following up on Samir's line of questioning, we've seen kind of a further drop in the physical occupancy that was down about 500 basis points. Economic was down like all but that spread between economic and physical has kind of continued to widen out. And I guess given Rob's comments about maybe customers may be trying to keep inventory down, I guess, how do you sort of monitor or keep tabs on that spread?

是的，謝謝。早安.我想，根據薩米爾的提問，我們發現實際入住率進一步下降，下降了約 500 個基點。經濟像其他因素一樣下滑，但經濟與物質之間的差距卻持續擴大。我想，鑑於 Rob 的評論，也許客戶正在試圖降低庫存，您如何監控或密切關注這種差距？

And when does that get worrisome where physical might not drop, but the economic occupancy may come under more pressure as you redo these kinds of multiyear agreements with customers?

那麼，什麼時候情況會令人擔憂呢？物質入住率可能不會下降，但當您與客戶重新簽訂此類多年協議時，經濟入住率可能會面臨更大的壓力？

Yes. I'll just point out a couple of things, Steve. One is fixed commits grew again this quarter. I think it's 25 quarters in a row now or something --

是的。我只想指出幾件事，史蒂夫。一是本季固定提交量再次成長。我認為現在已經是連續 25 個季度了--

16 straight quarters.

連續 16 個季度。

16, right? I was a little high there. But grew again to 60% of the revenue in the RIM storage area, a target we set a couple of years ago and again achieved. So despite the gap between economic and physical and by how people may characterize it. Customers still sign up for fixed commits because that's the way we sell, and that's the way we engage customers.

16，對吧？我當時有點興奮。但 RIM 儲存領域的營收再次成長至 60%，這是我們幾年前設定的目標，並且再次實現了。因此，儘管經濟和物質之間存在差距，並且人們可能如何描述它。客戶仍然簽署固定承諾，因為這是我們的銷售方式，也是我們吸引客戶的方式。

But let me turn it over to Rob again because he's again, very close to the commercial side of the business and also talk to customers on a very frequent basis. But I just want to highlight again, while everybody points out the gap between physical and economic, we continue to sell fixed commits very aggressively and customers continue to sign up for them.

但是讓我再次把話題交給羅布，因為他非常接近業務的商業方面，也經常與客戶交談。但我只想再次強調，儘管每個人都指出了物質和經濟之間的差距，但我們仍在積極地銷售固定承諾，客戶也繼續簽約。

Yeah, I think, Steve, again, remember the point of these is to make sure that customers have their space when they need it during seasonal peaks. And so to have a 10% gap between physical and economic occupancy, as an example, is center of the fairway stuff for our customer.

是的，我認為，史蒂夫，再次提醒大家，這樣做的目的是為了確保顧客在旺季需要的時候有自己的空間。因此，舉例來說，實際入住率和經濟入住率之間存在 10% 的差距，對於我們的客戶來說，這是最重要的事情。

I mean, again, if we use the example of somebody paying for 20,000 pallet positions and they're occupying 18,000 panel physicians to have a 2,000 pallet flex is exactly what they're looking for. So we don't see that being a significant concern at this point.

我的意思是，如果我們再舉一個例子，有人支付了 20,000 個托盤位置的費用，而他們佔用了 18,000 名小組醫生，那麼 2,000 個托盤的靈活性正是他們所尋求的。因此，我們認為目前這不是一個重大問題。

Most of our customers, when they sign up, sign up with the expectation of there being a gap between physical and economic occupancy. . I think you look at the way we structure ours, which are kind of akin to a more traditional lease type structure, they don't have annual resets. These are minimal, these are longer-term contracts, they don't involve true ups at the end of the year. We think that's the best model.

我們的大多數客戶在簽約時都預期實際入住率和經濟入住率之間存在差距。。我認為你看一下我們的結構方式，它有點類似於更傳統的租賃類型的結構，它們沒有年度重置。這些都是最低限度的、長期的合同，它們不涉及年底的調整。我們認為這是最好的模型。

And it actually, in the end, puts cost savings opportunities in our customers' hands because they can turn their inventory faster and leverage that fixed space. And so it's a nice win-win structure for both.

事實上，它最終將節省成本的機會交到了我們的客戶手中，因為他們可以更快地週轉庫存並利用固定空間。因此，這對雙方來說是一個雙贏的局面。

I'll just add one last thing, Steve. When a customer has the variable storage ability to have 2,000 pallets available in location a, maybe 1,000 extra in location B, maybe 5,000 in a particular market, they want that type of space. They view that as a good deal because they're buying partial components of a warehouse they'd have to otherwise own.

我只想補充最後一件事，史蒂夫。當客戶具有可變的儲存能力，可以在位置 a 提供 2,000 個托盤，在位置 B 可能額外提供 1,000 個托盤，在特定市場可能提供 5,000 個托盤時，他們就需要這種類型的空間。他們認為這是一筆很划算的交易，因為他們購買的是倉庫的部分組件，否則倉庫就必須由他們自己擁有。

So that's the type of flexibility they appreciate. It gives them a nice buffer, let's say, that, in their view, offsets capital, they would need to build that type of capability. So it's not nearly in as the financial burden that maybe others have described it as.

這就是他們欣賞的靈活性。這為他們提供了一個很好的緩衝，在他們看來，這可以抵消他們需要建立這種能力的資本。因此，它並不像其他人所描述的那樣是一種經濟負擔。

Okay, thanks. And then maybe just as a follow-up on the developments. I guess, again, given your commentary about customers somewhat being cautious, George, on the outlook, how does that affect your lease-up expectations on the development projects? And I guess I did notice there's still a fair amount of cost to complete on some of the projects like Kansas City that are opening up effectively this quarter.

好的，謝謝。然後也許只是作為對事態發展的後續跟進。喬治，我想，鑑於您對客戶對前景有些謹慎的評論，這會如何影響您對開發案的租賃預期？我想我確實注意到，像堪薩斯城這樣的一些項目本季有效開放，但仍有相當多的成本需要完成。

So I just wasn't sure why there was still so much money to spend kind of at the -- when your kind of at the five-yard line of these projects? And then how do you think about the timing of stabilization?

所以我只是不確定為什麼還有這麼多錢可以花——當你處於這些項目的五碼線上時？那麼您如何看待穩定的時機呢？

Yeah, So we have five properties coming online this year, Steve. I think we went through them on the call. Many of them are not demand driven. Let me give you an example, the Kansas City build and the Port St. John build. Those are not demand-driven builds. They are just better ways for product to travel cheaper, more reliable, greener ways for product to travel than the way they travel today.

是的，史蒂夫，今年我們有五處房產上線。我想我們在通話中已經討論過了。其中許多並不是需求驅動的。讓我給你舉個例子，堪薩斯城建設和聖約翰港建設。這些不是需求驅動的建置。與現有的運輸方式相比，它們是一種更便宜、更可靠、更環保的運輸方式。

So there's we would say in many of those bills, including the [Abhold] builds, which is our 100% fixed miss, there's no risk to the ramp up. At least that's the way we feel. Again, Rob runs our development group. Let me turn it over to him to answer a few questions

因此，我們會說，在許多這樣的法案中，包括 [Abhold] 建設，這是我們 100% 固定的失誤，沒有任何風險。至少我們是這樣認為的。再次，Rob 負責我們的開發團隊。讓我把這個問題交給他來回答

Yeah So I think George has spot on there, you look at those, we have the partnership builds, which are about more effective supply chain solutions. We have our expansions, which are largely going to be committed by existing customers, and then we have others that were customer dedicated, which are the fixed commitments.

是的，所以我認為喬治的觀點是正確的，你看看這些，我們建立了合作夥伴關係，這是為了更有效的供應鏈解決方案。我們的擴張計劃主要由現有客戶承擔，而我們還有一些專門針對客戶的計劃，即固定承諾。

When you think about why we would have incremental or maybe outsized spend left based on how close we are to completion, it's because we commercialize our agreements with our development partners and vendors in a way that we also think is best-in-class, which is they get paid upon completion of these projects.

當你思考為什麼我們會根據完成程度而增加或可能超額支出時，這是因為我們以我們認為最好的方式將與開發合作夥伴和供應商的協議商業化，即他們在這些項目完成後獲得報酬。

So we outlay our cash in a way that's consistent with the delivery of these facilities. We think that's best in class that aligns our interest with our partners' interest and as those buildings get completed, our partners are paid commensurately.

因此，我們支出現金的方式與這些設施的交付方式一致。我們認為這是最好的做法，它將我們的利益與合作夥伴的利益結合起來，隨著​​這些建築的竣工，我們的合作夥伴也會獲得相應的報酬。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Hey, good morning. With regards to the guidance, how did Q1 results compare to initial underwriting? How much of a slowdown are you seeing in current inventory levels and throughput thus far. I guess we're trying to get a sense for how much of this change in occupancy throughput and rent and services rate guidance is based on business to date versus some conservatism or additional conservatism built into future demand?

嘿，早安。關於指引，第一季的結果與初始承保相比如何？到目前為止，您發現當前庫存水準和吞吐量下降了多少。我想我們想了解的是，入住率、租金和服務費率指導的變化有多少是基於迄今為止的業務，還是基於未來需求的一些保守性或額外的保守性？

I'll take that. If you look at Q1, I would say, it fairly much came and spot on to what we were expecting. So our change in full year guidance has nothing to do with the operations in Q1. If you look at Q2, we're forecasting that to be very similar to Q1.

我會接受的。如果你看一下第一季度，我想說，它基本上符合我們的預期。因此，我們對全年業績指引的改變與第一季的營運無關。如果你看一下第二季度，我們預測它將與第一季非常相似。

But it was really the overall seasonality build in the back half of the year and the timing of the new business coming on the sales pipeline. What we did based on the current environment, we viewed it those expectations a little bit in the back half of the year. So that's what really brought down the guidance.

但這其實是下半年整體季節性因素以及新業務進入銷售管道的時機所致。根據當前環境，我們所做的就是在下半年稍微實現這些預期。所以這才是真正降低指導價的原因。

Okay, thank you. And for a follow-up. Maybe another way to ask about the physical and economic occupancy gap that we all seem to be focusing on. Did you see renewals in Q1 from customers that have a 10%-plus gap currently on their usage versus what they've signed for. Just thinking with the longer contracts in place or the lack of annual renewals, maybe it's just something that we haven't seen so far as customers decide to reset those levels of fixed commitment.

好的，謝謝。並進行後續跟進。也許可以用另一種方​​式來詢問我們似乎都關注的實體和經濟佔用差距。您是否看到第一季續約的客戶的當前使用量與簽約量有 10% 以上的差距？只是考慮到合約期限較長或缺乏年度續約，也許這只是我們迄今為止還沒有看到的事情，因為客戶決定重新設定這些固定承諾的水平。

No, I mean, so when we report the number of fixed commitments, it's the combination of new deals that are signed under fixed commitments, any renewals that didn't occur and then any gaps, that there are any changes that may have occurred at a renewal date. And again, we're up not just in percentage, but we're up in absolute dollar value of revenue under fixed commitment. So we saw a mix, right? We saw new customers get added under fixed commitments.

不，我的意思是，當我們報告固定承諾的數量時，它是根據固定承諾簽署的新交易、未發生的續約以及任何差距的組合，以及在續約日期可能發生的任何變化。再說一次，我們不僅在百分比上有所增長，而且在固定承諾下，我們的收入絕對美元價值也有所增長。所以我們看到了混合，對嗎？我們看到在固定承諾下有新客戶加入。

We saw existing customers upon their renewal increase their fixed commitments and then we saw a few go the other way. So the net was a positive as it has been now for 16 straight quarters

我們看到現有客戶在續約時增加了固定承諾，但也看到一些客戶改變了主意。因此，淨利潤為正，目前已連續 16 個季度保持正成長

Mike Mueller, J.P. Morgan.

摩根大通的麥克·穆勒。

Yeah, hi, can you give us a sense as to what you think third-party stabilized acquisition multiples are today?

是的，您好，您能告訴我們您認為當今第三方穩定收購倍數是多少嗎？

I'm not sure I can answer that question, Mike. I don't know what multiples are doing today. I know what expectations were. I don't know that they've changed. I think they're very unrealistic given where we are today, but I couldn't put a number on it.

我不確定我能否回答這個問題，麥克。我不知道今天有多個人在做什麼。我知道期望是什麼。我不知道他們已經改變了。考慮到我們目前的狀況，我認為這些目標非常不切實際，但我無法給出具體數字。

Okay. And then, I guess, maybe on the development front, maybe along the same lines of returns. Can you talk a little bit about how your underwriting and return requirements have changed and what you're expecting on spot new developments today compared to, say, a year or two ago?

好的。然後，我想，也許在發展方面，也許沿著同樣的回報路線。您能否稍微談談您的核保和回報要求發生了哪些變化，以及與一兩年前相比，您對目前的新發展有何期待？

Yeah, I mean our underwriting expectations haven't changed, right? I think that we have focused our development in the three areas that we've talked about that we believe are the best three areas, which are our partnership builds low-risk expansions and customer dedicated build.

是的，我的意思是我們的承保預期沒有改變，對嗎？我認為，我們將發展重點放在了我們談到的三個我們認為最好的領域，即我們的合作夥伴關係、低風險擴張和客戶專用建設。

When we do those types of developments, we think the returns associated with those are much more in the low-risk category than the type of speculative development that you've seen out there in the industry. So we're going to focus on those, and our return expectations have not changed.

當我們進行這些類型的開發時，我們認為與之相關的回報屬於低風險類別，而不是業界中看到的投機性開發類型。因此我們將重點放在這些，並且我們的回報預期沒有改變。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Thank you. Good morning. So going back to your internal operations this quarter. I was just curious you guys held on to pricing a little bit more than your peers. So when you think about the business during the quarter, was it just all your customers doing a little bit less business? Or did you actually have some churn, and if there was any difference between your more restaurant-oriented customers or grocers? Thank you.

謝謝。早安.那麼回到本季的內部營運。我只是好奇，你們的定價是否比同行高一點。那麼，當您考慮本季的業務時，是否所有客戶的業務量都減少了一點？或者您實際上是否經歷了一些客戶流失，以及您的餐廳客戶和雜貨店客戶之間是否存在差異？謝謝。

No. I'd say customer churn stayed I think we said in line on the call, and I'll ask Rob to go into it more detail. But in general, Ki Bin, what we're seeing is exactly what we referred to in the last quarter and even quoted before that.

不。我想說客戶流失率保持不變，我想我們在電話中已經說過了，我會請 Rob 更詳細地說明這一點。但總的來說，Ki Bin，我們所看到的正是我們在上個季度提到的，甚至在那之前就引用過的。

Just the general lowering of inventory across the entire system based on lower demand, than when we gave guidance last quarter due to the tariff situation and it's acerbating fears of inflation, driving consumer confidence pretty far down as we referenced in our prepared remarks. So I'll just turn it over to Rob for a little more color.

由於關稅情況和通膨擔憂加劇，由於需求下降，整個系統的庫存普遍降低，而我們上個季度給出的指導則低於這個水平，導致消費者信心大幅下降，正如我們在準備好的評論中提到的那樣。因此我將把它交給 Rob 來提供更多細節。

Yeah, the only thing that I would go deeper on is just to say if you were to look at our customer mix, as we said, we didn't have any change in the composition of our large customer base. As far as the churn goes, you generally see that in some of the smaller, more price-sensitive customers that carry smaller piles of inventory and are more transient.

是的，我唯一想深入探討的是，如果你看看我們的客戶組合，正如我們所說，我們的大型客戶群的組成沒有任何變化。就客戶流失而言，你通常會看到一些規模較小、對價格更敏感的客戶，這些客戶的庫存較少，而且流動性更強。

Okay, and how about any difference between restaurant and groceries?

好的，那麼餐廳和雜貨店之間有什麼區別嗎？

I would say, when it comes to a restaurant, we break into quick serve and kind of broad line distribution. I would say it's more different by geography than line of business. So in the US, I would say that the client is consistent across the board.

我想說，當談到餐廳時，我們會提供快餐和廣泛的分銷服務。我想說的是，地域差異比業務線差異更大。因此，在美國，我想說客戶端在各方面都是一致的。

But if you look at other parts of the world, particularly our Asia Pac business, QSR and retail are doing great. Occupancy is 90%-plus. So I'd say it's a US phenomenon. And it is across every aspect of the business right now

但如果你看看世界其他地區，特別是我們的亞太業務，QSR 和零售業表現都很好。入住率達 90% 以上。所以我認為這是美國現象。現在它已經滲透到商業的各個方面

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

Yeah, thanks. George maybe asked another way on some of these inventory questions. I mean I know historically, or at least the past few quarters, the prevailing view is that customers have cut their inventories much as they probably could cut them. I mean, A is that true? And if so, why are they able to cut them more? Or are you seeing inventories drop further from where we saw them at the end of last year kind of coming into the beginning of this year?

是的，謝謝。喬治可能會以另一種方式詢問這些庫存問題。我的意思是，我知道從歷史上看，或者至少是過去幾個季度，普遍的觀點是客戶已經盡可能地削減了庫存。我的意思是，這是真的嗎？如果是這樣，為什麼他們能夠削減更多？或者您看到庫存量較去年年底和今年年初的水平進一步下降？

Well, Well, demand drives inventory levels, Mike. We've talked about that before. That's how every system in the food industry works. And demand is down. Again, coming back to the tariff situation and inflation fears associated with them.

嗯，嗯，需求決定庫存水平，麥克。我們之前已經討論過這個了。食品業的每個系統都是這樣運作的。需求下降了。再次回到關稅狀況以及與之相關的通膨擔憂。

We quoted that consumer confidence study and consumer confidence is lower than it has been. So that's what's driving down inventory levels. I still believe and we still have in our plan a seasonal build in the second half of the year, albeit muted, as Jay mentioned. But I don't believe we can get through a summer at these inventory levels. I think we need some modest sequential build in inventory to do that.

我們引用了消費者信心研究，消費者信心比以前更低。這就是導致庫存水準下降的原因。我仍然相信，我們的計劃中仍然包括下半年的季節性建設，儘管正如傑伊所提到的那樣，規模不大。但我不相信在這樣的庫存水準下我們能夠度過一個夏天。我認為我們需要適度連續地增加庫存才能做到這一點。

We have a conservative view of that in our plan, as Jay mentioned in his part of the script, and that's where we are. But this is demand related. It's not about how low a company can run their inventory. I'm sure every company in the food industry would like to sell more versus cut their inventory and we just need an environment where consumers feel comfortable spending more money.

正如傑伊在劇本中提到的那樣，我們在計劃中對此持保守觀點，這就是我們現在的情況。但這與需求有關。這與公司能夠將庫存維持在多低水準無關。我相信食品業的每家公司都希望增加銷售量而不是削減庫存，我們只是需要一個讓消費者願意花更多錢的環境。

And like I've said over the past quarter that a normal seasonality sequential movement of inventory from Q4 to Q1 is 200 bps to 300 bps. We came in at 270 bps sequentially. So it basically came in were expected. Generally, Q2 was flattish, which we're still forecasting. It was more the seasonal holiday build of inventory.

正如我在過去一個季度所說的那樣，從第四季度到第一季度，庫存的正常季節性連續變動是 200 個基點到 300 個基點。我們連續以 270 bps 的速度前進。所以它基本上是在預料之中的。整體而言，第二季表現平淡，我們仍在預測。這更多的是季節性假期庫存的增加。

We're just becoming more conservative on based on the conditions. So it's not lowering current levels more. It's not building as much for the holiday season is what we changed our forecast on.

我們只是根據實際情況變得更加保守。因此它不會進一步降低當前水平。我們改變預測的原因是假期期間的建設量沒有那麼大。

Okay great, And then, Rob, can you provide some color on the sales pipeline? I believe you were saying in the prepared remarks that you executed, what 40% to 50% of that pipeline already. But at the same time, I think you guys are saying that customers are delaying decisions that are unwilling to kind of make expansionary type plans.

好的，太好了，那麼，羅布，你能提供一些有關銷售管道的詳細資訊嗎？我相信您在準備好的發言中說過，您已經執行了該管道的 40% 到 50%。但同時，我認為你們說的是客戶正在推遲不願意制定擴張性計畫的決定。

Maybe can you tie those two comments together? Like how you are executing on the sales pipeline if customers are generally not willing to make decisions

也許您能將這兩則評論連結起來嗎？就像如果客戶通常不願意做決定，你如何執行銷售管道

Yeah, Well, so our sales pipeline that we came into the year with, you're right, Mike. Like we said, we're executing that very well. And we're ahead of not only where we were this time last year, but we've closed close to 50% of that year-to-date. So we're very pleased with that.

是的，那麼，我們今年的銷售管道，你是對的，麥克。正如我們所說的，我們執行得非常好。我們不僅比去年同期的水平有所提高，而且今年迄今為止我們已經完成了近 50% 的訂單。所以我們對此感到非常高興。

We'd like to see that inventory for deals that we have won come into our system faster. Some of that it does take, we always know it takes time once you close a piece of business, for that volume to transition into your network.

我們希望看到我們贏得的交易的庫存能夠更快地進入我們的系統。其中有些是需要的，我們總是知道，一旦你結束一項業務，需要一些時間才能將該業務量轉移到你的網路中。

And I think in this environment, that can take a little bit longer. And so that's some of the impact of what we talked about being more muted in the back half of the year. And then we're always focused on refilling the next tranche of our pipeline. And that's where you've got customers that we're having dialogue with which the next deal is up. there's some level of uncertainty around those.

我認為在這種環境下，這可能需要更長的時間。這就是我們所說的下半年更加溫和的影響。然後我們始終專注於補充我們管道的下一批產品。這就是我們正在與客戶對話並達成下一筆交易的地方。這些都存在一定程度的不確定性。

But the pipeline that we came into the year with, we feel very good about we're executing it strong, and you know we know that business will come just albeit a little bit slower.

但是，對於我們今年所製定的計劃，我們感到非常滿意，我們正在強力執行，我們知道業務會隨之增長，儘管速度會慢一些。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Hey, good morning. Maybe I wanted to touch a little bit on some of the non same store assets and kind of the components of that. On maybe the profile of those kind of eight leases, the four year leasing before you're looking to sell, are these older CapEx profiles or underutilized assets and markets that you just don't like? Just a little bit more color on those specific instances would be helpful.

嘿，早安。也許我想稍微談談一些非同店資產及其組成部分。也許在您打算出售之前的這八種租賃的概況、四年租賃概況中，這些是較舊的資本支出概況還是您不喜歡的未充分利用的資產和市場？只要對這些具體實例進行稍微詳細的描述就會很有幫助。

Yes, So a lot of these are facilities, first of all, where we have other owned infrastructure in the existing geography or in the same geography. And we think it's most prudent to move some of that existing inventory into owned assets, so that we can shed some of those leases, a lot of those leases do have capital requirements that we think is best spent on facilities that we own.

是的，首先，其中許多都是我們在現有地理位置或同一地理位置擁有其他基礎設施的設施。我們認為，將部分現有庫存轉移到自有資產中是最謹慎的做法，這樣我們就可以擺脫部分租約，很多租約確實有資本要求，我們認為最好將這些資本花在我們擁有的設施上。

And so it becomes, it ends up becoming a very good scenario for us where we're able to move business into own infrastructure, in locations where we already have facilities and shed those leases longer term. That's the major catalyst behind it.

因此，這對我們來說是一個非常好的局面，我們能夠將業務轉移到我們自己的基礎設施中，在我們已經擁有設施的地方，並長期擺脫這些租約。這是背後的主要催化劑。

And when you look at our non same store NOI guide, it has been increased mostly for the Houston acquisition, a little bit of improvement on the ramping of Lancaster and Plainville, but it's also been offset a bit by when we move these sites in, there's costs that go through non-same-store NOI until we shut down the operations there fully.

當您查看我們的非同店 NOI 指南時，您會發現它主要因為休斯頓的收購而增加，蘭開斯特和普萊恩維爾的擴張也略有改善，但當我們遷入這些站點時，它也被稍微抵消了，在我們完全關閉那裡的業務之前，非同店 NOI 會產生一些成本。

So when you really look at the new guidance we provided on non-same store, we're not going to see a lot of positive NOI for the next two quarters. But as Plainville launches become fully ramped, that's the cost associated with Allentown and Kansas City opening go away. And as we fully exit the operations in these sites, it's really see the predominant benefit of non-same-store NOI in Q4.

因此，當您真正查看我們針對非同店提供的新指導時，我們不會看到未來兩個季度出現很多正的 NOI。但隨著普萊恩維爾計畫的全面啟動，與阿倫敦和堪薩斯城計畫相關的成本將會消失。隨著我們完全退出這些站點的運營，我們確實看到了第四季度非同店淨營業利潤的顯著優勢。

And let me just add to the discussion on disposing assets, et cetera, getting out of leases. We're just setting up, we're optimizing our portfolio, Nick, setting ourselves up for when volume comes back to maximize NOI. That's the objective of the team working on our portfolio.

讓我補充一下關於處置資產、退出租約等問題的討論。尼克，我們正在進行設置，優化我們的投資組合，為交易量回升時最大化淨營業利潤做好準備。這就是我們投資組合團隊的目標。

And obviously, exiting some leases and growing the inventory in our own facilities not just for the CapEx reason, but obviously, the margins are higher when we're not paying rent. It sets us up really well to grow very fast when volume comes back.

顯然，退出一些租約並增加我們自己設施的庫存不僅僅是出於資本支出的原因，而且顯然，當我們不支付租金時利潤率會更高。當銷量恢復時，它為我們快速成長提供了良好的基礎。

No, that's helpful and before that you're looking to sell, do you have like a rough guideline of the potential proceeds you could get from that?

不，這很有幫助，在您打算出售之前，您是否有一個關於您可以從中獲得的潛在收益的粗略指導？

They're all negotiated deals and everybody who holds a lease has a different view on how long they want to hold it and how the deal will work. we'll do nothing that isn't accretive and nothing that doesn't fulfil the objective I just mentioned. But it's impossible to predict given how many leaseholders there are and what their motivations are.

它們都是經過協商的交易，每個租約持有者對於他們想持有多長時間以及交易如何進行都有不同的看法。凡是不能增值的事情，我們都會去做；凡是不能實現我剛才提到的目標的事情，我們都會去做。但考慮到承租人的數量和他們的動機，我們無法預測。

Vince Tibone, Green Street.

文斯提博內 (Vince Tibone)，綠街。

Hi, good morning, I wanted to follow up on the comments that your fixed commitment contracts don't involve annual resets. So just wanted to get a sense of what is the weighted average term of these agreements typically when they're signed and also what is the weighted average remaining term. And then although how are price changes structured for the multiyear agreements?

你好，早安，我想跟進一下你的評論，即固定承諾合約不涉及年度重置。所以只是想了解這些協議簽署時的加權平均期限是多少，以及加權平均剩餘期限是多少。那麼多年期協議的價格變動是如何構成的呢？

Yeah, So if you're a customer going into existing infrastructure, our fixed commitments tend to be between three and seven years when we sign them originally. So you can take that as an average of five. If you're going into a new build that we dedicated on your behalf, those can be 15 to 20 year fixed agreements. So I would think about that as we sign new deals.

是的，所以，如果您是進入現有基礎設施的客戶，我們最初簽署的固定承諾往往是三到七年之間。因此你可以將其視為 5 的平均值。如果您要購買我們為您專用的新建築，則可以簽訂 15 至 20 年的固定協議。因此，當我們簽署新協議時，我會考慮到這一點。

We do disclose in our supplemental our fixed commitment maturity schedule. So I'd refer you to that for the existing weighted average. And when you think about pricing, our pricing, generally, our agreements are signed with what we call annual general rate increases. Those general rate increases are pre-negotiated. They've been in the low single digits for a number of years now.

我們確實在補充文件中揭露了我們的固定承諾到期時間表。因此，我建議您參考現有的加權平均值。當您考慮定價時，我們的定價通常是與我們所謂的年度一般費率上漲簽署的協議。這些一般費率的增加是預先協商好的。多年來，這一數字一直處於低個位數。

And then there's protections in there in our agreements for cost changes beyond our control. So there we do a lot of things to keep our cost structure low and provide the best rates to our customers, but there are certain things that are outside of our control. And if our annual general rate increases don't compensate for that, we have the right to go back and adjust pricing based on those changes. It's a structure that we think we lead the industry on, and we would consider best in class.

而且我們的協議中還包含針對我們無法控制的成本變化的保護措施。因此，我們做了很多事情來保持較低的成本結構並為客戶提供最優惠的價格，但有些事情是我們無法控制的。如果我們的年度一般費率成長無法彌補這一點，我們有權根據這些變化重新調整價格。我們認為我們在這種結構上處於行業領先地位，並且我們認為它是同類中最好的。

No, that's really helpful. I mean how should we think about the maybe future price changes when those agreements roll? So I mean it's hard to know exactly how market rents function in this industry from our seat. But is there a risk that as some of these agreements roll in '26, it's kind of the price change is going to be delayed if there's broader pressure in the industry today, but maybe we're not seeing in your metrics, if you have more protection than your peer?

不，這真的很有幫助。我的意思是，當這些協議生效時，我們應該如何考慮未來可能出現的價格變動？所以我的意思是，從我們的角度來看，很難確切地知道這個行業的市場租金是如何運作的。但是，是否存在這樣的風險：隨著這些協議在 26 年推出，如果當今行業面臨更廣泛的壓力，價格變化將會被推遲，但如果您比同行擁有更多的保護，我們可能沒有在您的指標中看到這一點？

Well, like we said, Vince, I mean, we have the tools, we have the visibility to understand profitability at a customer level, at a site level, at a program level. And we think we should be paid fairly for the service and the value that we provide. And that's how we think about pricing every day as we go through these conversations with our customers. We certainly have to defend our market share against some of the competitive pressure.

嗯，就像我們說的，文斯，我的意思是，我們有工具，我們有可見性來了解客戶層面、站點層面、程序層面的獲利能力。我們認為我們應該根據所提供的服務和價值來獲得公平的報酬。這就是我們每天在與客戶交談時考慮定價的方式。我們當然必須抵禦一些競爭壓力來捍衛我們的市場佔有率。

But at the same time, I think you've seen that we've been very, very rational over a long period of time. It's not our first rodeo through a tough cycle. We've been in a cycle where there's been additional capacity here for a while. And I think we've held the line pretty well.

但同時，我想你已經看到，我們在很長一段時間內一直非常非常理性。這並不是我們第一次經歷艱難的周期。我們已經處於一個週期中，這裡有一段時間有額外的產能。我認為我們守住了陣地。

So our expectation is that we get paid and compensated fairly for the service and the value we bring. We have the tools to be able to do that, and we're going to continue to do that.

因此，我們的期望是，我們所提供的服務和價值能夠獲得公平的報酬和補償。我們擁有實現這一目標的工具，我們將繼續這樣做。

And Vince, what I would say is the moat around this business when it comes to price are two things. One is the customer service that we provide, which I would argue is best in the industry. And I think our pricing reflects that. And two is the scope of value-add services you provide. Our scope is very, very wide.

文斯，我想說的是，就價格而言，這項業務的護城河有兩點。一是我們提供的客戶服務，我認為這是業界最好的。我認為我們的定價反映了這一點。二是您提供的加值服務的範圍。我們的範圍非常非常廣泛。

So another way of saying that is our customers get much more value than just storing a pallet in our facility, and they expect that value because we offer the broadest range of services in the industry. So those are the moats around pricing. Last quarter, this business didn't get any easier to run, and we delivered the value we deliver every quarter. So in theory, price should not decline, and it didn't in our business.

換句話說，我們的客戶獲得的價值遠不止於在我們的設施中存放一個托盤，他們期待這種價值是因為我們提供業內最廣泛的服務。這些就是圍繞定價的護城河。上個季度，這項業務的運作並沒有變得更容易，我們每季都實現了應有的價值。因此從理論上講，價格不應該下降，而且在我們的業務中也沒有下降。

It doesn't mean it won't in the future because, as Rob said, we need to protect our market share. But where we are now, I think our reputation in the industry is helping our price more than anything else.

這並不意味著將來不會發生這種情況，因為正如羅布所說，我們需要保護我們的市場份額。但就我們目前的狀況而言，我認為我們在行業中的聲譽對我們的價格的幫助比任何其他因素都要大。

We have reached the end of our question and answer session, which concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

我們的問答環節已經結束，今天的電話會議也圓滿結束。現在您可以斷開線路。感謝您的參與。