GATX Corp (GATX) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the GATX 2025 Second Quarter Earnings Call. (Operator Instructions)

感謝您的支持。我叫 Eric，今天我將擔任您的會議主持人。現在，我歡迎大家參加 GATX 2025 第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Shari Hellerman, Head of Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係主管 Shari Hellerman。請繼續。

Thank you, Eric. Good morning, and thank you for joining GATX's 2025 second quarter earnings call. I'm joined today by Bob Lyons, President and Chief Executive Officer. Tom Ellman, Executive Vice President and Chief Financial Officer; and Paul Titterton, Executive Vice President and President of Rail North America.

謝謝你，埃里克。早安，感謝您參加 GATX 2025 年第二季財報電話會議。今天與我一起出席的還有總裁兼執行長鮑勃·萊昂斯 (Bob Lyons)。執行副總裁兼財務長湯姆‧艾爾曼 (Tom Ellman)；以及執行副總裁兼北美鐵路總裁保羅‧蒂特頓 (Paul Titterton)。

As a reminder, some of the information you'll hear during our discussion today will consist of forward-looking statements. Actual results or trends could differ materially from those statements or forecasts. For more information, please refer to the risk factors included in our earnings release and those discussed in GATX's Form 10-K for 2024 and our other filings with the SEC. GATX assumes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

提醒一下，您在我們今天的討論中聽到的一些資訊將包含前瞻性陳述。實際結果或趨勢可能與這些陳述或預測有重大差異。欲了解更多信息，請參閱我們的收益報告中包含的風險因素以及 GATX 2024 年 10-K 表格和我們向美國證券交易委員會提交的其他文件中討論的風險因素。GATX 不承擔更新或修改任何前瞻性聲明以反映後續事件或情況的義務。

Earlier today, GATX reported 2025 second quarter net income of $75.5 million or $2.06 per diluted share. This compares to 2024 second quarter net income of $44.4 million or $1.21 per diluted share. The 2024 second quarter results include a net negative impact of $8 million or $0.22 per diluted share from tax adjustments and other items.

今天早些時候，GATX 公佈 2025 年第二季淨收入為 7,550 萬美元，即每股攤薄收益 2.06 美元。相比之下，2024 年第二季淨收入為 4,440 萬美元，即每股攤薄收益 1.21 美元。2024 年第二季業績包括稅務調整和其他項目造成的 800 萬美元或每股 0.22 美元的淨負面影響。

Year-to-date, 2025 net income was $154.1 million or $4.21 per diluted share. This compares to $118.7 million or $3.25 per diluted share for the same period in 2024. The 2024 year-to-date results include a net negative impact of $7.4 million or $0.20 per diluted share from tax adjustments and other items. These items are detailed in the supplemental information section of our earnings release.

年初至今，2025 年淨收入為 1.541 億美元，即每股 4.21 美元。相較之下，2024 年同期的利潤為 1.187 億美元，即每股攤薄收益 3.25 美元。2024 年年初至今的業績包括稅收調整和其他項目造成的淨負面影響 740 萬美元或每股攤薄收益 0.20 美元。這些項目在我們的收益報告的補充資訊部分中有詳細說明。

Now I'll briefly address each of our business segments. And after that, we'll open the call up for questions. At GATX Rail North America, we continue to experience stable demand for railcars. Our fleet utilization was 99.2% at quarter end. And our renewal success rate was strong at 84.2%. We continue to achieve strong renewal lease rate increases while successfully extending term. The renewal rate change of GATX's lease price index was positive 24.2% for the quarter, and the average renewal term was 60 months.

現在我將簡要介紹我們的各個業務部門。之後，我們將開始回答問題。在 GATX Rail North America，我們持續感受到對軌道車輛的穩定需求。截至本季末，我們的車隊利用率為 99.2%。我們的續約成功率高達 84.2%。我們在成功延長租賃期限的同時，持續實現續租率的強勁成長。GATX租賃價格指數本季續約率變動為正24.2%，平均續約期限為60個月。

Additionally, we continue to successfully place new railcars from our committed supply agreement with a diverse customer base. We have placed over 6,500 railcars from our 2022 Trinity supply agreement. Our earliest available scheduled delivery under this supply agreement is in the first quarter of 2026. The secondary market in North America remains robust. We generated over $34 million in remarketing income during the quarter, bringing the year-to-date total to approximately $65 million.

此外，我們繼續根據與不同客戶群簽訂的承諾供應協議，成功推出新的軌道車。我們已根據 2022 年 Trinity 供應協議安裝了超過 6,500 輛火車車廂。根據該供應協議，我們最早可預定的交貨時間為 2026 年第一季。北美二級市場依然強勁。本季度，我們的再行銷收入超過 3,400 萬美元，使年初至今的總收入達到約 6,500 萬美元。

Turning to Rail International. GATX Rail Europe utilization was 93.3% at quarter end. As noted in the release, the business environment in Europe is challenging and uncertain relative to either North America or India. Given macro headwinds and slower GDP in Germany, some customers are delaying their fleet planning decisions, which is impacting fleet utilization. Despite current conditions, we maintain a positive long-term outlook on the European railcar leasing market, and we'll continue to look for attractive investment opportunities there.

轉向國際鐵路。季度末，GATX 歐洲鐵路公司的利用率為 93.3%。正如新聞稿中指出的，與北美或印度相比，歐洲的商業環境充滿挑戰且不確定。鑑於宏觀逆風和德國 GDP 放緩，一些客戶正在推遲其車隊規劃決策，這影響了車隊利用率。儘管目前情況如此，我們對歐洲鐵路車輛租賃市場的長期前景仍持樂觀態度，並將繼續在那裡尋找有吸引力的投資機會。

In India, freight volume continues to benefit from the country's ongoing infrastructure investments. As such, we continue to see strong demand for railcars in India. GATX Rail India fleet utilization remained high at 99.6% at quarter end.

在印度，貨運量繼續受益於該國正在進行的基礎設施投資。因此，我們繼續看到印度對鐵路車輛的強勁需求。截至本季末，GATX 印度鐵路的車隊利用率仍高達 99.6%。

Within engine leasing, our joint venture with Rolls-Royce and our wholly owned engine portfolio produced excellent second quarter results. A strong global air passenger volume continues to drive robust demand for aircraft spare engines. We're seeing very strong demand across engine types from global air carriers and the secondary market for engine sales is healthy.

在引擎租賃方面，我們與勞斯萊斯的合資企業以及我們全資擁有的引擎組合在第二季度取得了優異的業績。強勁的全球航空客運量持續推動對飛機備用引擎的強勁需求。我們看到全球航空公司對各類發動機的需求非常強勁，發動機銷售的二級市場也很健康。

Regarding the pending Wells Fargo Rail transaction announced at the end of May, we're excited about the opportunities it offers. But due to the customary regulatory reviews, all of which are underway. At this stage, we're limited in what we can say beyond what we've already disclosed.

對於五月底宣布的即將進行的富國銀行鐵路交易，我們對它提供的機會感到非常興奮。但由於常規監管審查，所有這些都在進行中。在現階段，除了已經揭露的資訊之外，我們能透露的資訊非常有限。

Finally, reflecting our year-to-date performance and outlook for the balance of the year, we are increasing our 2025 full year earnings guidance to a range of $8.50 to $8.90 per diluted share. This guidance excludes the impact of tax adjustments or other items and excludes any impact from the Wells Fargo transaction.

最後，根據我們今年迄今的業績和對今年剩餘時間的展望，我們將 2025 年全年盈利預期上調至每股攤薄收益 8.50 美元至 8.90 美元。本指引不包括稅務調整或其他項目的影響，也不包括富國銀行交易的影響。

And those are our prepared remarks. I'll hand it back to the operator, so we can open it up for Q&A

以上就是我們準備好的發言稿。我會把它交還給接線員，這樣我們就可以打開它進行問答

(Operator Instructions) Andrzej Tomczyk, Goldman Sachs.

（操作員指示）安傑伊·湯姆奇克，高盛。

The first one, just given this morning deal announcement for a potential transcontinental merger, was curious if you could share any initial thoughts on how this could impact the overall leasing business?

第一個問題，鑑於今天早上宣布的一項潛在的跨洲合併交易，您是否可以分享這將如何影響整體租賃業務的初步想法？

Andrzej, this is Bob Lyons. Yes, I mean given the fact that the announcement was just made this morning, it's difficult to assess, particularly given the timing uncertainty and conditions that may be put on the parties to the merger. So right now, very difficult to assess. Longer term, greater efficiency on the rails, more product moving by rail, more carload traffic, all of those are long-term good things for railcar lessors.

安傑伊，這是鮑伯·里昂斯。是的，我的意思是，鑑於今天早上才剛剛宣布這一消息，因此很難評估，特別是考慮到時間的不確定性以及合併各方可能面臨的條件。所以現在很難評估。從長遠來看，鐵路效率更高、鐵路運輸產品更多、車輛運輸量更大，所有這些對鐵路車輛租賃商來說都是長期的好事。

Understood, appreciate the thought. Just switching gears a little bit. Your lease renewal rate, the change was 24% in the second quarter, which was similar to last quarter. Are you seeing any indications that we could continue to hold the high lease price renewal? And I guess in what type of environment could we see that reaccelerate?

明白了，欣賞這個想法。只需稍微轉換一下話題。你們的租約續約率，第二季的變化是24%，與上一季相似。您是否看到任何跡象表明我們可以繼續保持高租賃價格續約？我想問在什麼樣的環境下我們會看到這個現象再次加速？

So this is Paul Titterton speaking, and thanks for the question. Yes, I mean, broadly speaking, what I would say is the market for existing railcars remains pretty similar to how it's been in the last few quarters, which is to say that pricing remains relatively strong. And of course, we've got expirations coming off of a weaker pricing environment. And so that has continued to provide a pretty strong LPI result.

我是 Paul Titterton，感謝您的提問。是的，我的意思是，從廣義上講，我想說的是，現有軌道車輛的市場與過去幾個季度的情況非常相似，也就是說價格仍然相對強勁。當然，由於定價環境較弱，我們的到期日也隨之而來。因此，這繼續提供了相當強勁的 LPI 結果。

At this point, I would say, in the absence of any stimulus positive or negative, we continue to see kind of more of the same from a pricing standpoint. So either up or down, there would have to be some external catalyst to really change that environment. And at this point, we don't really see that catalyst. So I would say the best predictor in terms of absolute lease rates is probably more of the same right now.

在這一點上，我想說，在沒有任何正面或負面刺激的情況下，從定價的角度來看，我們將繼續看到更多相同的情況。因此，無論是上升還是下降，都必須有一些外部催化劑才能真正改變這種環境。而目前，我們還沒有真正看到這種催化劑。因此，我認為就絕對租賃率而言，最好的預測指標可能目前大致相同。

Yes. And I would just add, Andrzej too, that many -- all of the elements of the supply-led recovery that we've talked about now for many quarters in a row, very much remain intact.

是的。安傑伊還想補充一點，我們連續多個季度討論的供應主導型復甦的所有要素基本上都還完好無損。

Got it. So we can just assume sort of normally sequentially increasing or flattish overall absolute lease rates. Is that the right way to think about it?

知道了。因此，我們可以假設整體絕對租賃率通常呈現連續上升或持平的趨勢。這是正確的思考方式嗎？

Yes. I would say flattish is probably pretty reasonable. That's what we've been seeing for quite some time now.

是的。我想說，平緩可能相當合理。這正是我們相當長一段時間以來所看到的。

Understood. And then lastly for me, we saw intra-quarter the EU had set a provisional deadline of August 20 to rule on your merger or the JV, sorry, with Wells Fargo and Brookfield. I'm just curious, is there anything to read into there in terms of approval timelines? Anything tracking earlier than expected or still on the same sort of runway?

明白了。最後，對我來說，我們看到歐盟在本季度設定了 8 月 20 日的臨時截止日期，以對您的合併或合資企業（抱歉，是與富國銀行和 Brookfield 的合併或合資企業）做出裁決。我只是好奇，關於批准時間表有什麼可讀的嗎？有什麼事情比預期更早發生或仍然在同一條跑道上發生嗎？

No, nothing unusual about that particular filing or the response from the EU Commission. So everything is tracking as planned in terms of filing and timelines. So real -- no change in our Q1 2026 or earlier estimate from prior.

不，該特定文件或歐盟委員會的回應並沒有什麼不尋常之處。因此，從歸檔和時間表來看，一切都按計劃進行。如此真實——我們對 2026 年第一季或之前的估計與之前相比沒有變化。

Brendan McCarthy, Sidoti & Company.

布倫丹·麥卡錫，Sidoti & Company。

I wanted to look at the engine leasing business to start off. It looks like results from RRPF stepped down a little bit from last quarter. Just curious as to what the profit mix has been there through the first six months of the year, whether it be operating income or remarketing gains and maybe talk about your expectations for the remainder of the year?

我想先了解一下引擎租賃業務。看起來 RRPF 的業績比上一季略有下降。只是好奇今年前六個月的利潤結構是怎麼樣的，是營業收入還是再行銷收益，能否談談您對今年剩餘時間的預期？

Yes. Thank you for the question. This is Tom. Just for the -- to give you the numbers for the second quarter, operating income was about 85% of the total and remarketing was about 15%. So year-to-date, we're around 70/30 operating income to remarketing activity.

是的。謝謝你的提問。這是湯姆。僅就第二季的數據而言，營業收入約佔總收入的 85%，再行銷約佔 15%。因此，今年迄今為止，我們的營業收入與再行銷活動的比例約為 70/30。

As we mentioned in the press release, the key reason that we're taking up guidance is the performance at -- in the engine leasing business. So we expect that to be strong through the rest of the year. And one of the things that I think you'll see is, over time, the remarketing side of that should probably get to be a little bit higher of a total percentage.

正如我們在新聞稿中提到的，我們採取指導的主要原因是引擎租賃業務的表現。因此我們預計今年剩餘時間內該表現將保持強勁。我認為你會發現，隨著時間的推移，再行銷方面的整體百分比可能會略高一些。

Great. That makes sense. And as you look into the back half of the year, are there any -- have you noticed any shifts in demand or changes in the trend as it relates to remarketing income in the engine leasing business?

偉大的。這很有道理。展望下半年，您是否注意到與引擎租賃業務的再行銷收入相關的需求變化或趨勢變化？

Yes. There really isn't a whole lot of trending as far as that goes. It's always very lumpy. And what we can say is that it remains very strong. There's a lot of demand for those engines in the secondary market. So a lot of remarketing activity available. What really is the question is the timing, when does it occur?

是的。就目前而言，確實沒有太多的趨勢。它總是很凹凸不平。我們可以說的是，它仍然非常強大。二級市場對這些引擎的需求很大。因此有許多再行銷活動可用。真正的問題是時機，它什麼時候會發生？

And Brendan, I'd just add to that, too. It's a bit amplified at RRPF within our own engine leasing business, just given the sheer magnitude of each asset, the net book value, whereas in rail we're selling hundreds of cars for nice gains in the engine leasing business, it's a few engines sold here and there for much more sizable gains. So kind of the magnitude of the shift from quarter-to-quarter can be a bit more amplified.

布倫丹，我也想補充一點。在我們自己的引擎租賃業務中，RRPF 的情況稍微放大了一點，只是考慮到每項資產的規模和賬面淨值，而在鐵路領域，我們在發動機租賃業務中銷售了數百輛汽車，獲得了不錯的收益，在這里和那裡銷售幾台發動機可以獲得更可觀的收益。因此，季度間變化的幅度可能會更大一些。

Got it, got it. That makes sense. And when you look at investment volume there, unless I'm reading into this incorrectly, it looks like there hasn't been any investment volume in the wholly owned portfolio through the first six months of the year, down from about $71 million the same period last year, but I think at one point, you mentioned you target roughly $200 million per year. And I know that a lot of that is dictated by what Rolls-Royce decides. Just curious as to what investment volume might look like for the rest of this year in the GEL portfolio.

明白了，明白了。這很有道理。當您查看那裡的投資金額時，除非我理解有誤，否則看起來今年前六個月全資擁有的投資組合中沒有任何投資額，低於去年同期的約 7100 萬美元，但我認為您曾提到您的目標是每年約 2 億美元。我知道這很大程度取決於勞斯萊斯的決定。我只是好奇今年剩餘時間內 GEL 投資組合的投資量會是多少。

Yes. So I'll start, and then I'll let Bob add to it. Kind of repeating our last answer, that side of the business is also pretty lumpy for the same reason because each engine is such a material investment in and of itself. We certainly expect to see some investment volume in the second half of the year. And coming into the year, we had said we thought it would be kind of in that -- a range similar to the last couple of years, but I'll let Bob add to that.

是的。所以我先開始，然後讓鮑伯補充。重複我們上一個答案，由於同樣的原因，這方面的業務也相當不穩定，因為每個引擎本身就是一項物質投資。我們當然預計下半年會看到一些投資量。進入今年，我們曾說過，我們認為它會處於那種範圍——與過去幾年相似，但我會讓鮑勃補充這一點。

Sure. And kind of take it in two parts. So the $200 million number you mentioned, certainly still within reason. It may be a little less than that just based on, as you said, where Rolls-Royce as its needs and where it allocates its engine sales. But we expect a pretty healthy investment level activity in the second half of the year. I'd also add that at the joint venture level at RRPF.

當然。並將其分為兩部分。所以你提到的 2 億美元的數字當然還是合理的。正如您所說，根據勞斯萊斯的需求和引擎銷售的分配情況，實際數字可能會略低一些。但我們預計下半年的投資水準將相當健康。我還要補充一點，在 RRPF 的合資層面。

We came into the year, I think, expecting somewhere in the range of $800 million total investment volume for the year. It will be north of that for sure. So still seeing very good investment activity overall in the engine portfolio. The mix may change a little bit, whether it's directly owned or at RRPF. We participate either way so that it's all good on that front.

我認為，我們預計今年的總投資額將在 8 億美元左右。它肯定位於該點的北邊。因此，引擎產品組合的整體投資活動仍然非常好。無論是直接擁有還是在 RRPF 擁有，組合可能會發生一些變化。無論如何，我們都會參與，以便一切順利。

Justin Bergner, Gabelli Funds.

賈斯汀·伯格納，Gabelli 基金。

Good quarter. First question, just to verify, is the entire $0.20 guidance increase attributable to engine leasing and any reason why you might not have considered narrowing the guidance range at this point in the year with it being halfway over? I realize you don't always do that, but just wondering.

好季度。第一個問題，只是為了驗證一下，整個 0.20 美元的指導價格上漲是否歸因於引擎租賃，以及為什麼您可能沒有考慮在今年這個時候縮小指導範圍，因為現在已經過了一半？我知道你並不總是這樣做，但只是好奇。

Yes, Justin, certainly, the majority of the increase in guidance is due to what we expect to have happen in the engine leasing business. And really kind of going back to some of Brendan's questions, the reason for that range is because of the scale of each of those remarketing events, it's difficult to really pinpoint the timing. And the same is true, quite honestly, in Rail North America, where one of the big pieces of uncertainty is the timing of those various gains that we'll get on the remarketing of the railcars. So that's really why the range is where it's at.

是的，賈斯汀，當然，指導值的增長大部分是由於我們預期發動機租賃業務將會發生的變化。回到布倫丹的一些問題，造成這個範圍的原因是由於每個再行銷事件的規模，很難真正確定時間。坦白說，北美鐵路的情況也一樣，最大的不確定性之一就是我們在重新行銷鐵路車輛時獲得各種收益的時機。這就是範圍為何如此的原因。

Okay. Got you. In the last few weeks, have you seen any change or kind of stalling in the secondary market ahead of the speculation relating to today's UMP Norfolk Southern announcement? And do you expect this period of regulatory review and potentially uncertainty to change the secondary market dynamic?

好的。明白了。在過去幾週內，在與 UMP 諾福克南方鐵路公司公告相關的猜測出現之前，您是否看到二級市場出現任何變化或停滯？您是否預期這項監管審查期和潛在的不確定性會改變二級市場動態？

Yes. Justin, this is Paul, and I'll answer that question. And the answer is no. There's been no slowdown at all. And we really don't think while obviously, the announced merger is very significant for the rail industry overall. In terms of the railcar secondary market, we don't see any impact at all. I mean, really what's driving the railcar secondary market is there's still a lot of capital that wants to invest in railcars and because new car volume is down and is expected to stay down for some time, that capital really wants to flow into the secondary market. So quite honestly, secondary market is robust, and we expect it to remain robust.

是的。賈斯汀，我是保羅，我來回答這個問題。答案是否定的。根本沒有出現任何放緩。我們確實不認為，雖然顯然，此次宣布的合併對整個鐵路產業具有重要意義。就鐵路車輛二級市場而言，我們根本沒有看到任何影響。我的意思是，真正推動鐵路車輛二級市場發展的是，仍然有大量資本想要投資鐵路車輛，而且由於新車數量下降，預計還會持續一段時間，這些資本確實想流入二級市場。所以坦白說，二級市場是強勁的，我們預計它將保持強勁。

Okay. So even though some of the efficiencies perhaps targeted in today's announcement might mean a slightly smaller need for railcars if the line can move more productively. You just think that that's trumped by the demand for capital flowing into this space?

好的。因此，儘管今天的公告中可能針對的是提高效率，但如果線路能夠更有效率地運行，對軌道車輛的需求可能會略有減少。您只是認為，流入該領域的資本需求超過了這個水準嗎？

Yes. And historically and looking forward, Justin, it's Bob, railcars through cycles, through time over decades have proven to be tremendous stores of value and capital flows into the market accordingly, and it's always been an asset class that people have been interested in investing and continuing to grow their portfolios. We don't see any change in that.

是的。從歷史上看，展望未來，賈斯汀，也就是鮑勃，鐵路車輛經過幾十年的周期發展，已被證明具有巨大的價值儲存能力，並因此吸引了大量資本流入市場，它一直是人們感興趣投資並持續增加投資組合的資產類別。我們沒有看到任何變化。

The other thing I would mention, too, is I don't know the stated or unstated period for regulatory approval for that transaction announced this morning, but it's likely to be protracted. So -- and then you add integration on top of that it's a pretty extended period. So we're not anticipating any near-term impacts on demand in our portfolio or the secondary market.

我還想提到的另一件事是，我不知道今天早上宣布的這筆交易的監管批准期限是明確的還是未明確的，但這可能會持續很長時間。所以——再加上整合，這是一個相當長的時期。因此，我們預計短期內不會對我們的投資組合或二級市場的需求產生任何影響。

Okay. And then lastly, strong international performance from a profitability point of view, any way you can help me decompose that a little bit further beyond, I guess, what was called out in the press release, I noticed the other revenue ticked up, but just strong segment profit there sequentially and year-on-year.

好的。最後，從盈利能力的角度來看，國際業務表現強勁，您能否以任何方式幫助我進一步分解這一點，我想，除了新聞稿中提到的內容之外，我注意到其他收入有所上升，但該部門的利潤環比和同比均表現強勁。

Yes. You got to look a little deeper at some of those rail international numbers. So when we came into the year, Bob indicated that the Rail International business would be up between about $5 million and $15 million from a segment profit standpoint. And for the first half of the year, we're kind of tracking with that. We're at the lower end of the range. But some of that is -- most of that actually is driven by exchange rates.

是的。你必須更深入地了解一些國際鐵路數據。因此，當我們進入今年時，鮑伯表示，從分部利潤的角度來看，鐵路國際業務將成長約 500 萬至 1,500 萬美元。今年上半年，我們正在追蹤這一情況。我們處於該範圍的低端。但其中一部分——大部分實際上是由匯率驅動的。

If you correct for that, the segment profit is roughly equal to what we had for the first six months of last year, which is a little bit below expectations. And the reason for that is some of the challenges that we've seen in the intermodal market in Europe, have expanded a little bit to a couple of other car types. You probably saw the utilization drop a little bit in the Rail International segment. We're still tracking, like I said, similar to last year, but that will be a little bit down absent FX from what we expected coming into the year.

如果對此進行修正，該部門的利潤大致相當於去年前六個月的利潤，略低於預期。原因是，我們在歐洲聯運市場看到的一些挑戰已經擴展到其他幾種車型。您可能已經看到國際鐵路部門的利用率略有下降。正如我所說，我們仍在追蹤與去年類似的情況，但由於缺乏外匯，與我們對今年的預期相比，情況會略有下降。

Bascome Majors, Susquehanna.

巴斯科姆梅傑斯，薩斯奎哈納。

It's been two months since you announced the rails -- sorry, the wells deal. I don't know what you've been able to accomplish in due diligence that maybe wasn't allowed during the negotiation process. But can you give us an update on what you've been able to dig into incrementally? And if the synergy expectations for what this can mean on be it maintenance or other items are coming into better focus.

自從你們宣布鐵路——抱歉，是油井交易——已經過了兩個月。我不知道您在盡職調查中取得了哪些在談判過程中可能不允許的成果。但是您能否向我們介紹一下您已經逐步深入研究的最新情況？如果對綜效的預期對維護或其他項目意味著什麼，那麼就會更加清晰。

Sure, Bascome. I'll just go back to a comment, I believe I made on the conference call a couple of months ago at the end of May when we announced the transaction that given the length of time, we were structuring the transaction and in dialogue with Wells Fargo and going through the due diligence.

當然，巴斯科姆。我只是回到一條評論，我相信我在幾個月前五月底的電話會議上說過，當我們宣布交易時，考慮到時間的長度，我們正在構建交易並與富國銀行進行對話並進行盡職調查。

By the time we announced the transaction at the end of May, there was very little left for us to do in terms of due diligence. The heavy lifting has been done. And Wells Fargo had been very forthcoming and building out an exhaustive data room that had virtually everything, by and large, we would need to complete due diligence. So we didn't anticipate finding any surprises post announcement, and we haven't.

到五月底我們宣布交易時，我們在盡職調查方面已經沒有什麼可做的了。繁重的工作已經完成。富國銀行非常樂意提供協助，並建立了一個詳盡的資料室，其中包含了我們完成盡職調查所需的幾乎所有資訊。因此，我們並沒有預料到在公告發布後會發現任何驚喜，事實也確實如此。

I won't comment much more beyond that, given that we're still not the rightful owner of the portfolio. We look forward to closing on it. All of the assumptions we had coming into the transaction and the announcement date are holding very firm, and we feel really very, very positive about the transaction.

鑑於我們仍然不是該投資組合的合法所有者，我不會發表更多評論。我們期待著它的完成。我們在交易和公告日期之前的所有假設都非常堅定，我們對這筆交易感到非常非常樂觀。

What assumption did you make on synergies when you announced the transaction? And when might you update us on what that could look like longer term?

當您宣布交易時，您對協同效應做了什麼假設？什麼時候可以告訴我們長期來看情況會怎麼樣？

Yes. We didn't really get into much detail at the time of the announcement. We said it would be accretive, but we hadn't provided much detail on that and won't until we get to closing of the transaction, which we expect Q1 2026 or sooner. When we get to that point, and we're at the closing, we can be much more forthcoming with those synergies and the outlook for the portfolio and for the integration with our business.

是的。在宣布這一消息時，我們並沒有透露太多細節。我們說過它會帶來增值，但我們沒有提供太多細節，而且在交易完成之前我們不會透露，我們預計交易將在 2026 年第一季或更早完成。當我們達到這一點並即將結束時，我們可以更加坦誠地展示這些協同效應以及投資組合的前景和與我們業務的整合。

There are no further questions at this time. I'd now like to turn the call back over to Shari Hellerman for closing remarks. Please go ahead.

目前沒有其他問題。現在我想將電話轉回 Shari Hellerman 做結束語。請繼續。

I'd like to thank everyone for their participation on the call this morning. Please contact me with any follow-up questions. Have a great day. Thank you.

我要感謝大家今天上午參加電話會議。如有任何後續問題，請與我聯絡。祝你有美好的一天。謝謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。