Custom Truck One Source Inc (CTOS) 2025 Q2 法說會逐字稿

Hello, and welcome to the Custom Truck One Source Inc. Second quarter 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加 Custom Truck One Source Inc. 2025 年第二季財報電話會議。（操作員指示）

Now I would like to turn the call over to Brian Perman. Brian, the floor is yours.

現在我想把電話轉給 Brian Perman。布萊恩，現在請你發言。

Thank you. Before we begin, we would like to remind you that management's commentary and responses to questions on today's call may include forward-looking statements, which, by their nature, are uncertain and outside of the company's control. Although these forward-looking statements are based on management's current expectations and beliefs, actual results may differ materially.

謝謝。在我們開始之前，我們想提醒您，管理層在今天的電話會議上的評論和回答可能包括前瞻性陳述，這些陳述本質上是不確定的，並且超出了公司的控制範圍。儘管這些前瞻性陳述是基於管理階層目前的預期和信念，但實際結果可能存在重大差異。

For a discussion of some of the factors that could cause results to differ, please refer to the Risk Factors section of the company's filings with the SEC. Additionally, please note that you can find reconciliations of the historical non-GAAP financial measures discussed during the call in the press release we issued yesterday afternoon. That press release and our second quarter investor presentation are posted on the Investor Relations section of our website.

有關可能導致結果不同的一些因素的討論，請參閱公司向美國證券交易委員會提交的文件的風險因素部分。此外，請注意，您可以在我們昨天下午發布的新聞稿中找到電話會議中討論的歷史非 GAAP 財務指標的對帳。新聞稿和我們的第二季投資者介紹已發佈在我們網站的投資者關係部分。

We filed our second quarter 2025 10-Q with the SEC yesterday afternoon. Today's discussion of our results of operations for Custom Truck One Source Inc., or Custom Truck, is presented on a historical basis as of or for the 3 months ended June 30, 2025, and prior periods.

我們昨天下午向美國證券交易委員會提交了 2025 年第二季 10-Q 報告。今天討論的 Custom Truck One Source Inc.（或 Custom Truck）的經營業績是根據截至 2025 年 6 月 30 日的 3 個月及之前的期間的歷史數據呈現的。

Joining me today are Ryan McMonagle, CEO; and Chris Eperjesy, CFO. I will now turn the call over to Ryan.

今天與我一起出席的還有執行長 Ryan McMonagle 和財務長 Chris Eperjesy。我現在將電話轉給瑞安。

Thank you, Brian, and welcome, everyone, to today's call. Custom Truck had a very strong second quarter, delivering 21% revenue growth and 17% adjusted EBITDA growth versus Q2 of 2024, characterized by continued solid fundamentals across our primary end markets and excellent execution by our entire team.

謝謝您，布萊恩，歡迎大家參加今天的電話會議。Custom Truck 的第二季表現非常強勁，與 2024 年第二季相比，營收成長了 21%，調整後 EBITDA 成長了 17%，其特點是我們主要終端市場的基本面持續穩固，而且我們整個團隊的執行力非常出色。

Demand in our core T&D markets remained robust, leading to strong results in both our ERS and TES segments and overall sequential and year-over-year revenue growth for the quarter. We continue to navigate the volatile macroeconomic environment through regular engagement with our customers and suppliers. Our steady business activity and strong intra-quarter order flow continue to reinforce our optimism about achieving our expected growth targets in 2025.

我們核心輸配電市場的需求依然強勁，導致我們的 ERS ​​和 TES 部門均取得了強勁業績，並且本季度整體收入實現了環比和同比增長。我們透過與客戶和供應商的定期接觸，繼續應對動盪的宏觀經濟環境。我們穩定的業務活動和強勁的季度內訂單流繼續增強了我們對實現 2025 年預期成長目標的樂觀態度。

As a result, we are reaffirming our previous fiscal 2025 revenue and adjusted EBITDA guidance. While Chris will discuss our segment's performance in greater detail, I'd like to highlight some key trends. In ERS, our utility contractor customers continue to see sustained and increased levels of activity which they expect to persist for the foreseeable future, driven largely by unprecedented secular growth in electricity demand and the continuing need for substantial grid maintenance spending by the utilities.

因此，我們重申先前 2025 財年的收入和調整後的 EBITDA 指引。雖然克里斯將更詳細地討論我們部門的表現，但我想強調一些關鍵趨勢。在 ERS ​​中，我們的公用事業承包商客戶繼續看到持續且不斷增加的活動水平，他們預計這種水平在可預見的未來將持續下去，這主要是由於電力需求前所未有的長期增長以及公用事業持續需要大量電網維護支出。

The strong rental demand in the utility end market and across our other primary end markets resulted in average OEC on rent for Q2 of over $1.2 billion, a 16% year-over-year increase. Average utilization in the quarter was just under 78%, up almost 600 basis points versus Q2 of last year and up sequentially as well. We continue to see mid-70% to mid-80% utilization rates across most of our fleet, demonstrating the long-term resilience of our end markets. These trends resulted in significant year-over-year increases in both rental revenue and rental asset sales, driving total ERS segment revenue up more than 23% versus Q2 of last year.

公用事業終端市場和其他主要終端市場的強勁租賃需求導致第二季平均 OEC 租金超過 12 億美元，較去年同期成長 16%。本季平均利用率略低於 78%，比去年第二季上升近 600 個基點，較上季也有所上升。我們大部分船隊的利用率繼續保持在 70% 至 80% 之間，這表明我們的終端市場具有長期的韌性。這些趨勢導致租賃收入和租賃資產銷售額年增率大幅成長，推動 ERS ​​部門總收入較去年第二季成長超過 23%。

We continue to leverage the substantial rental demand in ERS to selectively invest in our rental fleet. At the end of Q2, our total OEC was just over $1.56 billion, our highest quarter end level ever. We plan to continue to invest during the remainder of the year to ensure we have adequate equipment to meet current and projected rental demand.

我們繼續利用 ERS ​​的大量租賃需求來選擇性地投資我們的租賃車隊。截至第二季末，我們的 OEC 總額略高於 15.6 億美元，創下有史以來的最高季末水準。我們計劃在今年剩餘時間內繼續投資，以確保我們有足夠的設備來滿足當前和預期的租賃需求。

TES saw outstanding sales performance in the quarter, achieving several milestones. We experienced 2 consecutive months of TES sales over $100 million each for the first time in our history in the second quarter and saw our second highest quarter of sales ever. This resulted in significant year-over-year sales growth of more than 22% and sequential growth of more than 30%. While our backlog was down in the quarter, our intra-quarter order flow remains quite strong, particularly among local and regional customers.

TES 本季銷售業績出色，實現了多項里程碑。我們在第二季首次連續兩個月實現 TES 銷售額超過 1 億美元，並創下有史以來第二高的季度銷售額。這使得銷售額較去年同期大幅成長超過 22%，較上季成長超過 30%。雖然本季我們的積壓訂單有所減少，但我們季度內的訂單流仍然相當強勁，尤其是本地和區域客戶。

Signed orders in the quarter from this portion of our customer base were up more than 45% year-over-year, driving overall signed order growth of just under 35% on a year-over-year basis. As we expected, segment gross margin began to normalize in the second

本季來自我們這部分客戶群的簽約訂單年增超過 45%，推動整體簽約訂單年增率略低於 35%。正如我們預期的那樣，第二季分部毛利率開始正常化

quarter and was up versus Q1. Overall, our current pace of orders and the continued strong demand for vocational vehicles across our end markets combined to provide us with the confidence in our outlook for TES for the rest of the year.

季度，且較第一季有所上升。總體而言，我們目前的訂單速度以及終端市場對職業車輛的持續強勁需求使我們對今年剩餘時間的 TES 前景充滿信心。

There have been several legislative and regulatory matters that have affected the overall economic environment for which we gained greater clarity in the recent months. First, the passage of the recent federal spending and tax bill provided a clear understanding of the administration's economic policy and included an accelerated or bonus depreciation provision that we feel will be beneficial to Custom Truck's business, particularly for our small- and medium-sized customers.

近幾個月來，一些立法和監管問題影響了整體經濟環境，我們對此有了更清晰的認識。首先，最近通過的聯邦支出和稅收法案清楚地表明了政府的經濟政策，並包括加速或獎金折舊條款，我們認為這將有利於 Custom Truck 的業務，特別是對我們的中小型客戶。

Next, while tariffs remain an area of focus for us, as a result of the combination of our proactivity around certain inventory purchases in the first half of the year and the current expectation for the tariffs effect on our vendors, we feel that tariffs will have a limited direct cost impact on our business this year. We continue to hear about uncertainty related to new equipment purchase decisions from some of our smaller customers. We obviously continue to monitor changes to the administration's product and regional tariff policies and will adjust our responses accordingly.

其次，雖然關稅仍然是我們關注的重點，但由於我們在今年上半年對某些庫存採購的積極性以及目前對關稅對供應商影響的預期，我們認為關稅對我們今年的業務的直接成本影響有限。我們不斷聽到一些小客戶對新設備購買決策的不確定性。我們顯然會繼續關注政府產品和區域關稅政策的變化，並將相應地調整我們的應對措施。

Finally, with respect to the previously announced changes to emission standards from both the EPA and CARB, final decisions have yet to be made. However, last month, Congress revoked California's waivers that allowed CARB to separately legislate emission standards, effectively ending upcoming changes to truck and auto emission standards as well as plans to phase out gas-powered vehicles.

最後，關於美國環保署和加州空氣資源委員會先前宣布的排放標準變化，最終決定尚未做出。然而，上個月，國會撤銷了加州的豁免，該豁免允許加州空氣資源委員會單獨立法制定排放標準，從而有效地結束了即將對卡車和汽車排放標準進行修改以及逐步淘汰燃氣動力汽車的計劃。

The orders are being challenged in court by the State of California. In addition, we continue to wait for clarity from the EPA on the 2027 low NOx emission standards and warranty requirements. As we've stated in recent quarters, our current outlook for TES assumes no prebuy resulting from changes in either EPA or CARB emission standards.

加州正在法庭上對這些命令提出質疑。此外，我們仍在等待美國環保署對 2027 年低氮氧化物排放標準和保固要求的明確說明。正如我們在最近幾個季度所述，我們目前對 TES 的展望假設 EPA 或 CARB 排放標準的變化不會導致預購。

We are reaffirming our full year 2025 guidance. Our strong year-to-date results, our robust order flow and resilient end market demand continue to drive our expected growth across our consolidated business this year. Despite some volatility in the macro environment, our business outlook remains positive. Long-term sustained end market demand buoyed by secular megatrends and our ability to execute on behalf of our customers sets us apart from our competition.

我們重申 2025 年全年指引。我們今年迄今的強勁業績、強勁的訂單流和有彈性的終端市場需求繼續推動我們今年合併業務的預期成長。儘管宏觀環境存在一些波動，但我們的業務前景依然樂觀。長期持續的終端市場需求受到長期大趨勢的推動，而我們代表客戶執行的能力使我們在競爭中脫穎而出。

Our multi-decade relationships with strategic suppliers and our long-tenured and diversified customer base will continue to be keys to our success. I continue to have the highest degree of confidence in the Custom Truck team and want to thank everyone for their hard work and dedication that helped achieve these results this quarter.

我們與策略供應商建立的數十年合作關係以及我們長期多樣化的客戶群將繼續成為我們成功的關鍵。我繼續對定制卡車團隊抱有最高的信心，並感謝大家的辛勤工作和奉獻精神，幫助本季取得了這些成果。

We look forward to updating everyone on our progress on next quarter's call. With that, I'll turn it over to Chris to discuss our second quarter results in detail.

我們期待在下個季度的電話會議上向大家通報我們的進度。接下來，我將把主題交給克里斯，詳細討論我們的第二季業績。

Thanks, Brian. For the second quarter, we generated $511 million of revenue, $157 million of adjusted gross profit and $93 million of adjusted EBITDA, up 21%, 17% and 17%, respectively, versus Q2 of 2024. On a year-over-year basis, all of our rental segment KPIs improved in the quarter.

謝謝，布萊恩。第二季度，我們的營收為 5.11 億美元，調整後毛利為 1.57 億美元，調整後 EBITDA 為 9,300 萬美元，與 2024 年第二季相比分別成長 21%、17% 和 17%。與去年同期相比，本季我們所有租賃部門的 KPI 均有所提升。

Average utilization of the rental fleet for Q2 was just under 78% compared to under 72% in Q2 of the prior year. Average OEC on rent in the quarter was over $1.2 billion compared to slightly more than $1 billion in Q2 of 2024.

第二季租賃車隊的平均使用率略低於 78%，去年同期為 72% 以下。本季平均租金 OEC 超過 12 億美元，而 2024 年第二季略高於 10 億美元。

Both metrics so far in Q3 remain strong and are consistent with the averages we experienced in Q2, currently standing at almost $1.22 billion and 77%, respectively. As of today, OEC on rent is up more than $160 million or more than 15% versus a year ago.

第三季迄今的兩個指標依然強勁，與第二季的平均值一致，目前分別達到近 12.2 億美元和 77%。截至今天，OEC 的租金比一年前上漲了 1.6 億美元以上，漲幅超過 15%。

The ERS segment had $170 million of revenue in Q2, up more than 23% from $138 million in Q2 of 2024. Both rental revenue and rental asset sales were up meaningfully on a year-over-year basis, showing 17% and 40% growth, respectively.

ERS 部門第二季的營收為 1.7 億美元，較 2024 年第二季的 1.38 億美元成長 23% 以上。租金收入和租賃資產銷售額年均大幅成長，分別成長17%和40%。

Adjusted gross profit for ERS was $100 million for Q2, up 20% from Q2 of last year. Adjusted gross margin for ERS was 59% in the quarter, slightly lower versus the same period last year, primarily driven by a higher mix of rental asset sales.

ERS 第二季調整後毛利為 1 億美元，較去年第二季成長 20%。本季 ERS ​​的調整後毛利率為 59%，略低於去年同期，主要由於租賃資產銷售組合增加。

For Q2, we maintained margins in the expected ranges of the low to mid-70% range for rental revenue and the mid-20% range for rental asset sales. On rent yield was 38.6% for the quarter, up slightly on a sequential basis. Net rental CapEx in Q2 was $64 million, and our fleet age improved slightly to three years.

對於第二季度，我們將租賃收入的利潤率維持在預期的 70% 左右，將租賃資產銷售額的利潤率維持在 20% 左右。本季租金收益率為 38.6%，季減。第二季的淨租賃資本支出為 6,400 萬美元，我們的車隊使用年資略有改善，為三年。

Our OEC in the rental fleet ended the quarter at over $1.56 billion, up more than $100 million versus the end of Q2 2024 and up $12 million in the quarter, reflecting our strategic investment in the rental fleet given the strong demand environment we continue to experience across our primary end markets.

本季末，我們租賃車隊的 OEC 超過 15.6 億美元，比 2024 年第二季末成長了 1 億多美元，本季成長了 1,200 萬美元，這反映了我們在主要終端市場持續強勁的需求環境下對租賃車隊的策略投資。

We expect to continue to invest in the fleet through the remainder of this year, resulting in mid-single-digit percentage OEC growth versus the end of 2024. As we always do, we will adjust our CapEx plans to reflect our customers' demand to both rent equipment and purchase used equipment out of our fleet.

我們預計今年剩餘時間將繼續對船隊進行投資，從而使 OEC 成長率與 2024 年底相比達到中個位數百分比。像往常一樣，我們將調整資本支出計劃，以反映客戶對租賃設備和從我們的車隊購買二手設備的需求。

In the TES segment, we sold $303 million of equipment in Q2, up more than 22% year-over-year and more than 30% sequentially. The second quarter represented the second highest quarterly sales for TES in our history and saw 2 consecutive months of sales over $100 million for the first time in our history.

在 TES 領域，我們在第二季度銷售了價值 3.03 億美元的設備，年成長超過 22%，季增超過 30%。第二季是 TES 歷史上第二高的季度銷售額，並且歷史上首次連續兩個月銷售額超過 1 億美元。

Gross margin in the segment in Q2 was 15.5%, down from Q2 2024, but up more than 45 basis points from last quarter. We expect TES gross margins to continue to improve in the second half of this year. TES new sales backlog decreased by $85 million in the quarter, driven by strong sales activity in the quarter.

該部門第二季度的毛利率為 15.5%，低於 2024 年第二季度，但比上一季上升了 45 個基點以上。我們預計今年下半年TES毛利率將持續提高。由於本季銷售活動強勁，TES 新銷售積壓訂單在本季減少了 8,500 萬美元。

At approximately 4 months of LTM TES sales, our TES backlog is within our targeted historical average range. Net orders were $218 million in Q2, up more than 15% to Q2 of 2024. So far in Q3, we continue to see strong sales and order flow and our backlog has grown as well.

在 LTM TES 銷售約 4 個月後，我們的 TES 積壓訂單處於我們目標的歷史平均範圍內。第二季淨訂單金額為 2.18 億美元，較 2024 年第二季成長 15% 以上。到目前為止，在第三季度，我們繼續看到強勁的銷售和訂單流，我們的積壓訂單也有所成長。

That, combined with ongoing feedback from our customers regarding their equipment needs for the second half of 2025, provides us with confidence that we will see the expected double-digit revenue growth in TES this year.

再加上客戶對 2025 年下半年設備需求的持續回饋，我們有信心今年 TES 的營收將實現預期的兩位數成長。

Our strong and long-standing relationships with our chassis, body and attachment vendors continue to be an important driver of TES production. Our current level of inventory positions us well to meet our production, fleet growth and sales goals for the year as well as help mitigate any impact from tariffs.

我們與底盤、車身和配件供應商之間長期牢固的合作關係繼續成為 TES 生產的重要驅動力。我們目前的庫存水準使我們能夠很好地實現今年的生產、車隊成長和銷售目標，並有助於減輕關稅的影響。

Our APS business posted revenue of $38 million in the quarter, up 3% compared to Q2 of last year and 6% sequentially. Adjusted gross margin in the segment was 26% for Q2, up both year-over-year and sequentially.

我們的 APS 業務本季營收為 3,800 萬美元，比去年第二季成長 3%，比上一季成長 6%。該部門第二季調整後的毛利率為 26%，年比和季比均有所成長。

Borrowings under our ABL at the end of Q2 were $670 million, an increase of $15 million versus the end of Q1, largely to fund rental equipment CapEx and certain other working capital needs. As of the end of Q2, we had $275 million available and over $230 million of suppressed availability under the ABL.

我們第二季末的 ABL 借款為 6.7 億美元，比第一季末增加了 1,500 萬美元，主要用於支付租賃設備資本支出和某些其他營運資金需求。截至第二季末，我們有 2.75 億美元可用資金，並且根據 ABL 有超過 2.3 億美元的抑制可用資金。

With LTM adjusted EBITDA of $349 million, we finished Q2 with net leverage of 4.66x, an improvement from the end of Q1.

LTM 調整後的 EBITDA 為 3.49 億美元，我們第二季的淨槓桿率為 4.66 倍，較第一季末有所改善。

Despite the tactical pull forward of some of our inventory purchases into the first half of the year, we continue to expect to reduce our inventory by the end of the year which should contribute to lower balances on our floor plan lines as well as reduced borrowings on the ABL. We intend to use our levered free cash flow this year to reduce our net leverage and continue to target a level of below 3 times.

儘管我們策略性地將部分庫存採購提前至今年上半年，但我們仍預計到年底庫存將有所減少，這將有助於降低我們的樓層平面圖餘額以及減少 ABL 借款。我們打算利用今年的槓桿自由現金流來降低我們的淨槓桿率，並繼續將目標定在3倍以下。

This remains a primary and important goal for us and one that we expect to achieve by the end of fiscal 2026. We are reiterating our previous 2025 guidance with total revenue in the range of $1.97 billion to $2.06 billion, adjusted EBITDA in the range of $370 million to $390 million and net rental CapEx of approximately $200 million.

這仍然是我們首要且重要的目標，我們預計在 2026 財政年度結束時實現這一目標。我們重申先前 2025 年的指引，總收入在 19.7 億美元至 20.6 億美元之間，調整後的 EBITDA 在 3.7 億美元至 3.9 億美元之間，淨租金資本支出約為 2 億美元。

Our segment guidance also remains unchanged. We continue to expect to generate meaningful levered free cash flow in 2025, setting a target of more than $50 million and to deliver a meaningful reduction in our net leverage by the end of the fiscal year. In closing, I want to echo Ryan's comments regarding our continued strong business outlook.

我們的分部指引也保持不變。我們繼續期望在 2025 年產生有意義的槓桿自由現金流，設定超過 5,000 萬美元的目標，並在財政年度結束前實現淨槓桿率的顯著降低。最後，我想同意瑞安關於我們持續強勁的業務前景的評論。

Despite some macroeconomic uncertainty in the first half of the year, our year-to-date results and the continued strong fundamentals of our end markets allows us to be optimistic about the long-term demand drivers in our industry and our ability to return to double-digit adjusted EBITDA growth this year. With that, I will turn it over to the operator to open the line for questions.

儘管今年上半年宏觀經濟存在一些不確定性，但我們今年迄今為止的業績以及終端市場持續強勁的基本面使我們對行業的長期需求驅動力以及我們今年恢復兩位數調整後 EBITDA 增長的能力感到樂觀。說完這些，我將把電話交給接線員，以便開通問答熱線。

(Operator Instructions)

（操作員指示）

And your first question comes from the line of Nicole DeBlase with Deutsche Bank.

您的第一個問題來自德意志銀行的 Nicole DeBlase。

Hi, good morning. This is Naim Kaplan on for Nicole DeBlase. So first question, can we get an update on the tariff impact to 2025 as well as the quarterly cadence of the impact?

嗨，早安。這是 Naim Kaplan 為 Nicole DeBlase 主持的節目。那麼第一個問題，我們能否了解 2025 年關稅影響的最新情況以及影響的季度節奏？

Yeah, good to talk to you again and, happy to talk about tariffs. It really is kind of going to be a very small impact in our business this year. So I think the team has done a great job of pulling forward some of our chassis purchases to receive those chassis kind of pre-tariff -- pre any tariff increase. And then we've done a great job of just managing the rest of our supply base.

是的，很高興再次與您交談，也很高興談論關稅。這對我們今年的業務確實影響很小。因此，我認為團隊在提前採購部分底盤方面做得很好，以便在關稅上調之前獲得這些底盤。我們在管理其餘供應基地方面也做得非常出色。

So minimal cost impact in the business this year. What cost impact we will see -- you'll see some of that hit in the third and fourth quarter this year, which will then be something that we're managing through as we head into 2026.

因此今年對業務的成本影響很小。我們將看到哪些成本影響——您將在今年第三季和第四季看到一些影響，這將是我們在進入 2026 年時要應對的問題。

But again, minimal cost impact, we saw TES gross margin increase from Q1 to Q2, which is what we talked about and are happy kind of that, that business is performing that way.

但同樣，成本影響極小，我們看到 TES 毛利率從第一季到第二季有所增加，這正是我們所談論的，並且很高興看到業務表現如此。

Okay. Got it. And just one follow-up, if I may. So the backlog has declined quarter-over-quarter and year-over-year. Is that a concern? And does the quarter-to-quarter decline reflect the business returning to a more seasonal pattern? And if you have an expectation also for the backlog at the year-end, like should we expect growth in the back at the end of the year?

好的。知道了。如果可以的話，我還有一個後續問題。因此，積壓訂單數量較上季和年比均有所下降。這值得擔心嗎？季度環比下滑是否反映出業務正在回歸季節性模式？如果您對年底的積壓訂單也有預期，那麼我們是否應該預期年底會出現成長？

Yeah, it's a great question, and it did decline. You're correct that it did decline, but you have to remember too, revenue was up 21% in the quarter as well. And I think that's in my prepared comments, that's where I talked about what we're watching closely is order volume. So I think I said that our regional team, our local team orders won, right? So those are signed orders was up 45% Q2-on-Q2.

是的，這是一個很好的問題，而且它確實下降了。你說得對，收入確實下降了，但你也必須記住，本季營收也成長了 21%。我想這就是我準備好的評論，我在那裡談到了我們正在密切關注的訂單量。所以我想我說過我們的地區隊、我們的當地隊贏了，對嗎？因此，第二季簽署的訂單量較上季增加了 45%。

And for the entire company, it was up almost 30% Q2-on-Q2. So we're still seeing really good orders won. It is part of why it's important for us to keep inventory at a level that we can deliver intra-quarter on those orders, too. But no, we're feeling really good.

就整個公司而言，第二季的銷售額較上季成長了近 30%。因此，我們仍然看到贏得了非常好的訂單。這也是為什麼我們必須將庫存保持在能夠在季度內交付這些訂單的水平上，這一點非常重要。但不，我們感覺真的很好。

Any time you put up 21% growth, I think that's a positive trend, and we are feeling good about the back half of the year. And even at the midpoint of our guidance, you see that there's still an implied good growth rate in the back half of the year.

只要達到 21% 的成長率，我認為這是一個正面的趨勢，我們對今年下半年的表現感到樂觀。即使在我們預期的中間點，你也會發現今年下半年仍然隱含著良好的成長率。

All right, thank you very much. I'll pass it on. Thanks.

好的，非常感謝。我會傳達的。謝謝。

(Operator Instructions) There is no further question at this time. I will now hand it over to Ryan McMonagle for closing remarks. Ryan?

（操作員指示）目前沒有其他問題。現在我將把發言權交給 Ryan McMonagle 作結束語。瑞安？

Great. Thanks, everyone, for your time today and your interest in Custom Truck. We look forward to speaking with you on our next quarterly earnings call. And in the meantime, don't hesitate to reach out with any questions. Thanks again, and have a great day.

偉大的。感謝大家今天的時間和對 Custom Truck 的關注。我們期待在下次季度收益電話會議上與您交談。同時，如果您有任何問題，請隨時與我們聯繫。再次感謝，祝您有愉快的一天。

That includes today's conference call. You may now disconnect.

其中包括今天的電話會議。您現在可以斷開連線。