GATX Corporation (GATX) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the GATX 2026 first quarter earnings call. (Operator Instructions)

您好，感謝您耐心等候。我是 Tiffany，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 GATX 2026 年第一季財報電話會議。（接線員指示）

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

接下來我想將電話交給投資人關係主管 Shari Hellerman。Shari，請開始。

Thank you, Tiffany. Good morning, and thank you for joining GATX Corporation's 2026 first quarter earnings conference call.

謝謝你，Tiffany。各位早安，感謝各位參加 GATX Corporation 2026 年第一季財報電話會議。

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.

今天與我一同出席的有總裁兼執行長 Bob Lyons；執行副總裁兼財務長 Tom Ellman；以及執行副總裁兼北美鐵路事業總裁 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 2025 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.

提醒各位，我們今天討論中所提及的部分資訊將構成前瞻性陳述。實際結果或趨勢可能與這些陳述或預測存在重大差異。更多資訊請參閱我們的財報新聞稿所載之風險因素，以及 GATX 2025 年 Form 10-K 與我們向美國證券交易委員會（SEC）提交的其他文件中所討論的風險因素。GATX 不承擔更新或修訂任何前瞻性陳述以反映後續事件或情況的義務。

Earlier today, GATX reported 2026 first quarter diluted earnings per share of $2.35. This compares to 2025 first quarter diluted earnings per share of $2.15. I'll briefly address each of our business segments. After that, we'll open the call up for questions.

今天稍早，GATX 公布 2026 年第一季稀釋後每股盈餘為 2.35 美元。相較之下，2025 年第一季稀釋後每股盈餘為 2.15 美元。我將簡要說明我們各個業務部門的情況。之後，我們將開放提問。

Despite heightened macroeconomic uncertainty, our businesses delivered results in line with expectations in the first quarter. At Rail North America, demand for railcars in the existing fleet remains steady. As noted in the earnings release, starting this quarter, Rail North America metrics and statistics reflect the combined legacy fleet and the Wells Fargo fleet. At the end of the first quarter, Rail North America's fleet utilization was 98.1%. This was consistent with our expectations given the inclusion of the Wells Fargo fleet, which was at 96.5% utilization entering 2026.

儘管總體經濟不確定性升高，我們的各項業務在第一季仍交出符合預期的成果。在北美鐵路（Rail North America）方面，現有車隊的鐵路車輛需求仍維持穩定。如同財報新聞稿所述，自本季起，北美鐵路的指標與統計數據反映合併後的既有（legacy）車隊與 Wells Fargo 車隊。第一季末，北美鐵路車隊使用率為 98.1%。考量納入 Wells Fargo 車隊（其在進入 2026 年時使用率為 96.5%），此結果符合我們的預期。

Renewal activity remains strong. The renewal success rate was 79.1%, and we continue to achieve lease rate increases while extending terms. The renewal rate change of GATX's lease price index was 22.3%, and the average renewal term was 56 months. With a little over 2/3 of the combined fleet repriced in the current favorable lease rate environment, we see meaningful runway to enhance financial performance across the remaining fleet.

續約活動依然強勁。續約成功率為 79.1%，我們在延長租期的同時，仍持續達成租金調升。GATX 租賃價格指數的續約價格變動為 22.3%，平均續約租期為 56 個月。由於合併後車隊已有略高於 2/3 在目前有利的租金環境中完成重新定價，我們認為在剩餘車隊上仍有相當大的空間可提升財務表現。

We continue to successfully place new railcars from our committed supply agreement with a diverse customer base. Through the first quarter, we've placed over 8,400 railcars from our 2022 Trinity supply agreement. Our earliest available scheduled delivery under the supply agreement is in the fourth quarter of 2026. Additionally, supported by robust secondary market, we generated about $50 million in gains on asset dispositions in the quarter.

我們持續成功地將來自既定供應協議的新造鐵路車輛配置給多元客戶群。截至第一季，我們已配置超過 8,400 輛、來自 2022 年與 Trinity 簽訂之供應協議的鐵路車輛。依該供應協議，我們最早可供交付的排程是在 2026 年第四季。此外，在強勁的次級市場支持下，本季我們在資產處分上實現約 5,000 萬美元的處分收益。

At Rail International, railcar demand in Europe remained steady despite ongoing macroeconomic pressure in the region. Fleet utilization at the end of the first quarter was 94.7%, unchanged from the prior quarter. In India, policy support and economic growth continue to drive strong demand for railcars. GATX Rail India's fleet utilization remained at 100% at quarter end.

在國際鐵路（Rail International）方面，儘管該地區仍承受總體經濟壓力，歐洲的鐵路車輛需求仍維持穩定。第一季末車隊使用率為 94.7%，與前一季持平。在印度，政策支持與經濟成長持續推動鐵路車輛的強勁需求。GATX Rail India 的車隊使用率在季末仍維持 100%。

Within engine leasing, our joint venture with Rolls-Royce and our wholly owned engine portfolio produced excellent operating results in the quarter. Lower earnings at RRPF compared to the prior year quarter were driven by the timing of remarketing activity, which, as we've discussed, can be lumpy from quarter-to-quarter.

在引擎租賃方面，我們與 Rolls-Royce 的合資企業以及我們全資持有的引擎投資組合在本季均繳出優異的營運成果。RRPF 相較去年同期獲利較低，主要是由於再行銷（remarketing）活動的時點所致；如同我們先前所討論，這類活動在各季之間可能呈現不均勻的波動。

Demand for aircraft spare engines remains strong, supported by resilient global passenger air travel. So we continue to closely monitor the evolving geopolitical environment and its potential impact on air travel trends.

在全球旅客航空旅行具韌性的支撐下，航空備用引擎需求仍然強勁。因此，我們將持續密切關注不斷演變的地緣政治環境及其對航空旅行趨勢可能造成的影響。

With that quick overview, we can open the line up for questions.

以上為快速概述，接下來我們開放提問。

(Operator Instructions) Andrzej Tomczyk, Goldman Sachs.

（接線員指示）Goldman Sachs 的 Andrzej Tomczyk。

I was just curious, starting off with the integration of Wells Fargo fleet and the recent deal. Just wanted to dig a little deeper on how integration is going there, if you're able to share any milestones or updates there? And then just a reminder on how we should think about synergies in 2026 and 2027.

我想先請教一下，關於 Wells Fargo 車隊的整合以及近期這筆交易。我想更深入了解整合進度如何；若方便的話，能否分享一些里程碑或最新進展？另外，也請提醒我們應如何看待 2026 年與 2027 年的綜效。

Sure, Andrzej. It's Bob Lyons. I'll take that one to begin with. And first of all, the integration is going very well, probably ahead of where we anticipated we would be today. As we noted back in January, we did the cutover of all of the fleet data in one step on January 1, and that was a major undertaking, and it was very successful.

當然，Andrzej。我是 Bob Lyons。我先回答這題。首先，整合進展非常順利，可能比我們原先預期的進度還要超前。如同我們在 1 月提到的，我們在 1 月 1 日一次性完成所有車隊資料的切換，這是一項重大工程，而且非常成功。

We've onboarded a number of new employees, many from Wells Fargo. We're thrilled to have them here with us. And the original headcount numbers that we laid out and the expectations for that incremental SG&A are all in line. From a customer perspective, the reaction has been very positive. Any time there's a change of this magnitude, there's always things to work through like contract structures and billing and cash distributions, et cetera.

我們已讓多位新員工到職，其中許多人來自 Wells Fargo。我們很高興他們加入。至於我們先前提出的原始人力編制數字，以及新增 SG&A 的預期，都符合規劃。從客戶角度來看，反應非常正面。任何規模如此大的變動，總會有一些事項需要處理，例如合約架構、帳單與現金分配等。

And we're addressing issues as they come up, but there's been zero surprises. On top of that, we've added about 300 new accounts through the acquisition, new customers, bringing our total customer base well over 1,000. And many of those are companies we've done business with before in the past. So we know who they are, and they're all in industries that we know really well. So the learning curve was not very steep.

我們會在問題出現時逐一處理，但完全沒有任何意外。除此之外，透過此次收購我們新增約 300 個新帳戶、新客戶，使我們的客戶總數遠超過 1,000 家。其中許多公司過去我們就曾合作過，因此我們了解他們；而且他們都在我們非常熟悉的產業中，所以學習曲線並不陡峭。

By and large, the largest customers in the portfolio are names that we know very well. And as I laid out in terms of -- back in January, the full year impact of the joint venture would be somewhere in the $0.20 to $0.30 range, and we're certainly on target for that.

整體而言，該投資組合中最大的客戶多半都是我們非常熟悉的名稱。至於我在 1 月所說的——合資企業對全年影響大約會落在每股 0.20 至 0.30 美元的區間——我們確實正按此目標推進。

Great. And as a follow-up, do you believe there will be more consolidation in the leasing space sort of over the medium-term? Or is it sort of the case that most of the major players are set in a good place at this point? And maybe just broadly how you're assessing competition in the space and how that shows up in bidding activity of late, whether that's on the buy or sell side?

了解。接著追問一下，您認為在中期內租賃市場是否會出現更多整併？或者目前主要參與者大致已處於相對穩定的位置？也想請您更廣泛地談談你們如何評估該領域的競爭情況，以及近期在投標活動中（不論買方或賣方）如何反映出來？

Yes. I wouldn't really want to speculate on other potential transactions in the marketplace or consolidation in the marketplace. That's a bit difficult for us to predict. And given the size and scale we're at today, we're really focused on making sure we maximize the returns on our portfolio. Competitive landscape, it's a competitive market.

是的。我不太想對市場上其他潛在交易或市場整併做推測，這對我們而言相當難以預測。以我們目前的規模與量體來看，我們更專注於確保能將投資組合的報酬最大化。至於競爭格局，這是一個競爭激烈的市場。

That's not going to change. There's a number of big full-scale lessors that we compete with on a regular basis. And then there's a far lengthier list of institutions that have fleets in the sub-100,000, sub-50,000 car range that are extremely active in the marketplace. We see them often when we compete for transactions in the secondary market, other portfolios that get offered. And they're very active buyers of GATX' assets.

這點不會改變。我們經常與多家大型、全方位的出租人競爭。此外，還有更長的一份名單，包含車隊規模低於 100,000 輛、甚至低於 50,000 輛的機構，它們在市場上非常活躍。當我們在次級市場競逐交易、或有其他投資組合被拿出來出售時，常常會遇到它們。而且它們也非常積極買入 GATX 的資產。

And we saw that in this quarter, and we expect to see it through the full year where that secondary market is incredibly robust. Capital continues to flow into this market. A lot of people recognize the value proposition that owning railcars presents. And so we're seeing a lot of activity and a lot of interest in our secondary market offerings.

我們在本季就看到了這點，也預期全年都會如此，因為次級市場極為強勁。資金持續流入這個市場。許多人都認可持有鐵路車輛所帶來的價值主張。因此，我們看到大量活動與高度興趣，特別是在我們的次級市場供給上。

Understood. And just in terms of the overall GATX North America consolidated fleet now, where do you see that overall fleet in sort of three to five years from now, if you could share how you're thinking about adds versus selling or scrapping of the fleet over the near- to medium-term? Because I know historically, you sort of balanced out your fleet between what you add and sell over a given period. Sort of just wondering if we should think the same way going forward if it's largely flattish for the foreseeable future.

了解。再就整體 GATX 北美合併後車隊而言，若您方便分享，您如何看待未來三到五年整體車隊規模的走向？也就是在短中期內，新增車輛與出售或報廢之間的取捨。因為我知道過去你們通常會在一段期間內，讓新增與出售大致平衡。只是想確認未來是否也應以同樣方式看待，也就是在可預見的未來大致持平？

Yes. Just from normal fleet activity, I would say that's a fair assumption right now. Obviously, if we see opportunities to buy additional railcars in the secondary market or direct new cars, we'll do that. And same on the sell side. As we're always looking what's the best way to generate the most attractive return for our shareholders and optimize our portfolio.

是的。就正常的車隊運作而言，我認為目前這樣的假設是合理的。當然，如果我們看到在次級市場購買更多鐵路車輛或直接購入新車的機會，我們會去做；在出售端也是一樣。我們始終在尋找能為股東創造最具吸引力報酬、並最佳化投資組合的方式。

So we're always going to look at sell opportunities. But from a kind of forecasting budgeting standpoint, I'd start in the same place we do, which is kind of keeping the flat -- the fleet generally in the same car count that we're at today.

因此，我們也會一直尋找出售機會。但從預測與編列預算的角度，我會從與我們一貫相同的起點出發，也就是大致維持車隊——車輛數量整體上與我們今天的規模大致持平。

Got it. And then just one more for me on leasing. One of your peers recently indicated that they believe the market value of their fleet is 35% to 45% above its book value. I was just curious if GATX has assessed that same metric in terms of market value versus your lease fleet -- the market value of your lease fleet relative to the book. And I know you have the engine leasing as well, so maybe you possibly break those out. However you guys think about it? I was just curious if you had any thoughts there.

了解。那我在租賃方面再問最後一題。你們的一家同業最近表示，他們認為其車隊的市值比帳面價值高出 35% 到 45%。我只是好奇，GATX 是否也評估過相同的指標，也就是市值相對於你們租賃車隊（租賃車隊的市值相對於帳面價值）的情況。我也知道你們還有引擎租賃業務，所以也許你們可以把這兩塊拆開來談。你們是怎麼看這件事的？我只是想聽聽你們是否有任何想法。

Yes, Andrzej, this is Tom. So what I'll tell you is, obviously, we are very active in the secondary market in both the North American rail market and the aircraft engine leasing market. And you can see from the consistent returns that we deliver, if you look over the last decade, we've averaged over $70 million a year in gain on sale of assets. So clearly, there's a lot of value there. A theoretical quantification probably doesn't provide a ton of value since we see it in a very practical way when we receive actual cash for the assets we sell.

是的，Andrzej，我是 Tom。我能告訴你的是，很明顯地，我們在北美鐵路市場以及航空引擎租賃市場的二級市場都非常活躍。從我們一貫交付的報酬率你也看得出來——如果你回顧過去十年，我們平均每年在資產出售上取得超過 7,000 萬美元的處分收益。所以很清楚，那裡面有很大的價值。不過，理論上的量化可能不會帶來太多額外價值，因為我們在非常實務的層面就能看到：當我們出售資產並收到實際現金時，價值就體現出來了。

Yes, I would just add to that, too. I mentioned previously that we -- there's a lot of capital that over the course of the last 10 or 15 years has come into the railcar leasing space. We continue to see it. And it's -- while we have to deal with that from a competitive standpoint from time to time, we understand the logic. These assets are tremendous stores of value.

是的，我也補充一下。我先前提到過，在過去 10 到 15 年間，有大量資本進入鐵路車廂租賃領域。我們現在仍持續看到這種情況。雖然從競爭角度來看，我們有時必須應對這些資本帶來的競爭壓力，但我們理解其背後的邏輯：這些資產是極佳的價值儲存工具。

They generate outstanding cash flow, very high-quality cash flow over very long periods of time, and they're attractive assets to own for a lot of different types of institutions. So yes, we do think about that, and we try to optimize that when we're both buying as -- in the most disciplined manner we can and then also optimizing the fleet and taking those opportunities to sell assets to others.

它們能在非常長的期間內產生出色的現金流，而且是非常高品質的現金流，對許多不同類型的機構而言都是很有吸引力的持有資產。所以是的，我們確實會思考這件事；我們也會在買入時盡可能以最嚴謹、最有紀律的方式進行，同時也會優化車隊，並把握機會把資產出售給其他買家。

Understood. And then just last for me, shifting once to engine leasing. I was just curious, are there any incremental thoughts related to the airline industry capacity impacts into your engine leasing business with Spirit now going away and also just broadly in the geopolitical and elevated commodity price environment, if that's impacting lease rates at all? And then I just think the engine leasing affiliates was down year-over-year, as you mentioned. Curious what drove that and if you expect engine leasing to the affiliates to be back to year-over-year growth here in the near-term?

了解。那我最後一題，轉到引擎租賃。我想請教，隨著 Spirit 現在退出市場，航空業運能變化對你們的引擎租賃業務是否有任何額外影響？另外，在地緣政治與大宗商品價格偏高的環境下，是否對租賃費率造成任何影響？還有，你們提到引擎租賃的聯營/合資收益年對年下降，我想了解是什麼因素驅動的，以及你們是否預期引擎租賃對聯營/合資的貢獻在短期內會回到年對年成長？

Yes, Andrzej, I'll start with the back half of your question first and then come back to the front half. So income from operations in the engine leasing business was actually up year-over-year, and that was due to more engines on lease at higher lease rates. As you know, as those of you who have followed us for a while know, remarketing income in the engine leasing business can be very lumpy. And indeed, it was very lumpy in the first quarter. The remarketing income as a percent of earnings from the joint venture was less than 10% in the first quarter.

是的，Andrzej，我先從你問題的後半段開始，再回到前半段。引擎租賃業務的營運收入其實是年對年上升的，原因是有更多引擎在租，且租賃費率更高。如你所知——以及長期關注我們的人也知道——引擎租賃業務的再行銷（remarketing）收入可能非常不均勻、波動很大。第一季確實就很波動。第一季再行銷收入占合資企業收益的比例不到 10%。

Over the last couple of years, it's been about 1/3 of our total earnings. And indeed, last year, it was around 1/3. But if you looked at quarter-to-quarter variations last time, it was between about 15% on the low end and almost 70% on the high end. So it can move quite a bit quarter-to-quarter. We expect when the year is over, it will be generally consistent with what we've seen historically.

過去幾年，它大約占我們總收益的三分之一；而且去年確實也大約是三分之一。但如果你看上次的逐季變動，低的時候大約 15%，高的時候接近 70%。所以它每一季的變動幅度可能很大。我們預期全年結束時，整體會大致符合我們歷史上看到的水準。

So the first quarter, the driver of what was a little bit lower quarter than we've seen in the last couple was less remarketing income. But I want to be very clear that, that is unrelated to what's going on in the world right now. It's still a very strong market for remarketing of that asset class. And we just expect that that first quarter is normal variation in what is historically very lumpy.

因此，第一季之所以比最近幾季略低，主要驅動因素是再行銷收入較少。但我想非常清楚地說，這與目前世界上正在發生的事情無關。這個資產類別的再行銷市場仍然非常強勁。我們只是認為第一季屬於正常波動，因為歷史上它本來就非常不均勻。

As far as the first part of your question, as I mentioned through the first quarter, the business performed very well, continue to be strong supply-demand dynamics in the industry, a lot of demand for our engines, and we expect that to continue going forward. Having said that, obviously, there's a lot going on in the world right now, and we'll continue to watch and monitor the situation.

至於你問題的前半段，如我提到的，截至第一季，業務表現非常好；產業供需動態仍然強勁，市場對我們的引擎需求很大，我們預期未來也會持續。不過，顯然目前全球有很多事情正在發生，我們會持續觀察並監控情勢。

Yes. If you look at the income contribution from RRPF from the joint venture over the course of the last many years and try to identify a pattern quarter-to-quarter in earnings, you would find there is no pattern. It can move pretty dramatically each quarter. At the beginning of the year, I said we expected segment profit in engine leasing to be in the $180 million to $185 million range, which was up from 2025, and we still expect that.

是的。如果你回頭看 RRPF 這個合資企業在過去多年對我們的收益貢獻，並試圖找出逐季的獲利模式，你會發現其實沒有固定模式。它每一季都可能出現相當劇烈的變動。年初我說過，我們預期引擎租賃分部的分部獲利會落在 1.8 億到 1.85 億美元區間，較 2025 年增加，我們目前仍維持這個預期。

Ben Mohr, Citigroup.

Ben Mohr，花旗集團。

Congrats on the beat. I wanted to ask for some clarification on your NCI that looks like it's additive. It was subtracting the net loss. Presumably, this is the amount left out going to Brookfield. And so I just wanted to see whether that should reverse to be a subtraction from net income in future quarters.

恭喜業績優於預期。我想釐清一下你們的 NCI（非控制權益），看起來是加回的；它是在淨損中做了加回。推測這是留給 Brookfield 的那部分沒有計入。我的問題是，未來幾季這是否應該會反向，變成從淨利中扣除？

Yes. Ben, there's kind of two parts to that question that I want to add. First of all, if you go back to the guidance that Bob provided, it was the total impact of the Wells Fargo rail transaction. So in addition to what's going on in the joint venture itself, you need to look at the management fees that are earned and the incremental SG&A that GATX takes on. When you take those items into consideration, the first quarter was a net positive, all of those combined.

是的，Ben，這個問題我想補充兩點。第一，如果你回到 Bob 提供的指引，那是 Wells Fargo 鐵路交易的總體影響。所以除了合資企業本身的情況之外，你還需要看我們賺取的管理費，以及 GATX 承擔的新增 SG&A（銷售、一般及行政費用）。把這些項目一起考量後，第一季合計是淨正面貢獻。

And importantly, going on to the second part that I want to hit, that was with very low asset disposition gains from the joint venture. Bob mentioned at the beginning of the year that we expected those gains to be about $70 million over the course of the year. In the first quarter, it was about $2 million. And that was expected. We expected that we would not do a lot of asset sales in the very first quarter as we focused on integration, but we continue to expect to do that over the course of the year. So again, reiterating total impact in the quarter was positive, and it should be more positive going forward as we do some of those asset sales.

而且很重要的是，接著談第二點：在合資企業資產處分收益非常低的情況下，仍然是如此。Bob 在年初提到，我們預期全年這些收益大約是 7,000 萬美元。第一季大約只有 200 萬美元，而這是符合預期的。我們預期在第一季會因為專注於整合而不會進行太多資產出售，但我們仍預期在全年期間會進行。因此再次重申，本季的總體影響是正面的；而且隨著我們進行部分資產出售，未來應該會更為正面。

Appreciate that. And very good print on the LPI, in my opinion, the 22.3% relative to your full year guide of high-teens to 20%. We were coming in, in the -- around the 20% for the quarter. So that's a nice beat. Would you say this is indicative of more sustained strength and catch-up renewal rate gains to be expected over the next couple of years? Or is this somewhat high based on lumpiness just for this quarter?

謝謝說明。另外，我認為 LPI 的表現非常好，22.3% 相較於你們全年指引的高十位數到 20%。我們原本對本季的預估大概在 20% 左右，所以這是很不錯的優於預期。你會說這代表更持續的強勢，以及未來幾年續約費率上調的追趕效應會延續嗎？還是說這一季偏高主要是因為波動性所致？

So Ben, this is Paul speaking. I'll take that. And let me just, I think, start with the broad statement that the North American rail market continues to be supportive of solid performance in our business. The same supply-demand dynamics that we've talked about for a number of quarters now continue to persist, which is to say that we're not seeing a lot of new cars enter the market. High scrap prices are causing a lot of older cars to exit the market, and that is causing net fleet shrinkage across the North American rail fleet.

Ben，我是 Paul，我來回答。我先做一個較宏觀的說法：北美鐵路市場仍然支持我們業務的穩健表現。我們過去幾季一直談到的供需動態仍在延續，也就是說，我們沒有看到大量新車進入市場。高廢鋼價格使得許多老舊車輛退出市場，這導致北美鐵路車隊整體出現淨縮減。

And of course, that's very favorable for us in terms of maintaining utilization and maintaining pricing. So overall, we've said for a while, the environment is supportive. We continue to see that supportive environment. We don't talk about specific guidance beyond the current year.

當然，這對我們在維持使用率與維持定價方面非常有利。所以整體而言，我們已經說了一段時間，環境是有利的；我們仍然看到這樣的有利環境。我們不會提供超出當年度的具體指引。

What I'll say is, we feel very comfortable with the LPI guidance we provided for the year -- for the full year. And again, we continue to see broadly supportive conditions for our business.

我能說的是，我們對今年——全年——所提供的 LPI 指引感到非常有信心。而且再次強調，我們仍然看到整體上對我們業務廣泛有利的條件。

Great. And next slide, I'd like to ask about your renewal success rate that's now in the high-70s from the mid-80s average from last year. You noted 4Q was a step-up just based on sort of intra-quarter lumpiness, if you will. So I would love to hear from you whether this high-70s could indicate some impact from the Iran conflict? Or is it just a step down in the quarter, we should expect it to come back to the mid-80s average going forward?

很好。下一頁我想問一下你們的續約成功率，目前在高 70% 區間，低於去年平均的中 80% 區間。你們提到第四季的提升主要是因為某種程度上的季內波動。因此我很想聽聽你們的看法：這次高 70% 是否可能反映伊朗衝突帶來的一些影響？還是只是本季的短暫下滑，之後應該會回到中 80% 的平均水準？

Ben, I'll start. It's Bob, and then Paul will add to that. But coming into the year, back in January, when we gave guidance on the LPI and a host of other metrics, we also provided one for the renewal success rate. And at that point, I said it would, in all likelihood, be in the high-70s to low-80s. That was our expectation coming into the year.

Ben，我先開始。這是 Bob，接著 Paul 會補充。不過回到年初、一月我們就 LPI 以及一系列其他指標提供指引時，我們也對續約成功率提供了一個指引。當時我說它很可能會落在高 70% 到低 80% 的區間。那是我們進入今年時的預期。

The 91% or so, whatever that we achieved in the fourth quarter in my 30 years at GATX, I've never seen one with a 9 in front of it. Around 80% is pretty typical if you took a very long-term average. And so that's what we guided to, and that's where we came in for the quarter. And Paul can add any additional color he'd like.

第四季我們達到約 91% 左右，不管確切數字是多少，在我在 GATX 的 30 年裡，我從沒看過前面是 9 的。若看非常長期的平均值，大約 80% 相當典型。所以我們就指引到那個水準，而本季的結果也落在那裡。Paul 也可以再補充他想補充的任何細節。

Yes, sure. I mean you asked about any impact of the Iran conflict. And what I'll say is, while certainly our customers express concern, we all express concern. Overall, we're not seeing really any significant deterioration, broadly speaking, in market conditions for leased railcars across North America. So certainly, again, everyone is concerned. But if you look at the first quarter, I wouldn't say we've seen significant impacts in the business so far, broadly speaking.

好的，當然。你問到伊朗衝突是否有任何影響。我想說的是，雖然我們的客戶確實表達擔憂，我們也都很擔憂，但整體而言，我們並沒有看到北美租賃鐵路貨車市場狀況出現任何顯著惡化（廣義來看）。所以當然，再次強調，大家都很關切。但如果看第一季，我不會說到目前為止我們在業務上看到顯著影響（廣義來看）。

Okay. Great. And then next, I'd like to ask about sort of the higher-than-expected stepdown in your ending balance of combined North America railcars. It looks like the 98,535, added would be the Wells, which is a somewhat dramatic step down from the 100,000 that we started with and also higher scrapping and higher sold in this quarter. So just wanted to ask about puts and takes there. Why was it that the add is 98,000 versus 100,000.

好的，很好。接下來我想問一下，關於你們北美合併鐵路貨車期末餘額出現高於預期的下滑。看起來 98,535（加上 Wells）相較於我們一開始的 100,000 有點明顯下滑，而且本季報廢與出售也更高。所以想請教其中的增減因素。為什麼新增是 98,000 而不是 100,000？

Thanks, Ben, for the question. This is Paul speaking again. I think you've got to also include the boxcar fleet, which we report on separately from the overall fleet, which is just under 110,000 cars at the end of the quarter. So I think that's a part of it. Broadly speaking, what I'll say is additions and subtractions from the fleet in the first quarter were more or less as expected. And so we really, I would say, that's kind of the answer to most of the questions on this call, which is that things have gone more or less as expected since the acquisition of the Wells Fargo fleet.

Ben，謝謝你的問題。我是 Paul 再次回答。我想你也得把棚車（boxcar）車隊算進去，我們是把它與整體車隊分開揭露的；本季末整體車隊略低於 110,000 輛。所以我想這是其中一部分。廣義來說，我要說的是，第一季車隊的增加與減少大致符合預期。因此我會說，這也算是本次電話會議多數問題的答案：自從收購 Wells Fargo 車隊以來，事情大致都如預期進行。

Sorry, Ben, I would just say if you took the 98,000 on the fleet and the non-boxcar fleet and then roughly another 3,000 plus on the boxcar side, that gets you to the 101,000 that we talked about back in January when the transaction closed.

抱歉，Ben，我補充一下：如果你看 98,000 是非棚車（non-boxcar）車隊，再加上棚車那邊大約另外 3,000 多輛，就會回到我們一月交易完成時所談到的 101,000 輛。

Great. Appreciate that. One last one for me. A pretty remarkable step down in North America maintenance expense. It looks like that's at 27.6% of revenue we were at 31%, sort of assuming the qualification test would keep it more elevated.

很好，感謝說明。我最後一個問題：北美維修費用出現相當明顯的下滑。看起來維修費用占營收比重是 27.6%，而我們之前是 31%，原本假設資格測試（qualification test）會讓它維持在較高水準。

How should we think about that going forward that the maintenance expense level as a percentage of revenue should revert back up to sort of the 30% range from last quarter? Or have you taken additional steps and this is sort of we're seeing more synergy -- cost synergy realization in play?

往後我們應該怎麼看？維修費用占營收比重是否會從本季回升到像上季約 30% 的區間？還是你們採取了額外措施，我們現在看到的是更多協同效益——成本協同的實現正在發揮作用？

So Ben, this is Paul speaking. I'll start. And basically speaking, in any given quarter, there can be noise in maintenance. And so for us, what I would say is, we are standing by the full year guidance we gave for maintenance. I wouldn't read too much into the performance specifically in the first quarter. So I would say we're sticking to the overall full year guide on maintenance.

Ben，我是 Paul。我先回答。基本上，任何一個季度維修費用都可能有雜訊波動。對我們而言，我要說的是，我們維持先前給出的全年維修費用指引。我不會對第一季的表現做過度解讀。所以我會說，我們仍然遵循維修費用的全年整體指引。

And that guide then was in the range of $500 million. So if you annualize the first quarter, you'd come out a little less than that, more in the $485 million range. But as Paul mentioned, things can move around a little bit from quarter-to-quarter. But for the full year, we still expect to be right in the range we previously guided to.

而那個指引大約是在 5 億美元的區間。所以如果把第一季年化，會略低於那個數字，大概在 4.85 億美元左右。但如 Paul 所提，季度之間可能會有些波動。不過就全年而言，我們仍預期會落在先前指引的區間內。

Harrison Bauer, Susquehanna.

Harrison Bauer，Susquehanna。

Maybe starting off just a follow-up on the LPI. I just want to confirm that, that is on the entire North American fleet and not just the legacy fleet. And then building off of that, could you walk through any differences that you're seeing in repricing on your legacy versus the Wells fleet as it relates to bringing up the profitability of a lot of that newer fleet that you've brought on?

我先從 LPI 的追問開始。我想確認一下，這是針對整個北美車隊，而不只是既有（legacy）車隊。接著延伸這點，你能否說明一下，你們在既有車隊與 Wells 車隊的重新定價（repricing）上看到哪些差異？尤其是就提升你們新納入的那批較新車隊的獲利能力而言。

Yes. So the LPI for Q1 does not include any material impact from the acquired Wells Fargo fleet. So going forward, obviously, over time, the more and more of that -- the Wells Fargo fleet will be included in the LPI. But even with that in consideration, the full year guidance we provided of high-teens to low-20s remains the guidance we're providing.

是的。第一季的 LPI 並未納入收購的 Wells Fargo 車隊所帶來的任何重大影響。往後當然，隨著時間推進，Wells Fargo 車隊會有越來越多被納入 LPI。不過即便考量這點，我們先前提供的全年指引——高十幾到低二十幾（high-teens to low-20s）——仍是我們目前提供的指引。

Okay. That's helpful. And then maybe just taking a step back longer term, Paul, at the recent REF conference, you've outlined a fairly credible case of railcar production potentially being lower for longer for at least the medium plus term. I'm curious, as you already have an avenue to grow your fleet through owning more of the Wells portion of this JV going forward, can you update your views on maybe your long-term supply agreement with some of the railcar manufacturers? Do you expect a difference in maybe your buying new versus used? And then just general updates or thoughts on how you expect to replenish your fleet over time?

好的，這很有幫助。再把視角拉長一點，Paul，在最近的 REF 會議上，你提出了一個相當可信的論點：鐵路貨車產量可能在至少中期以上的時間「更低、維持更久」。我想問的是，既然你們未來已經有一條途徑可以透過持有這個合資企業中更多 Wells 的份額來擴大車隊，你能否更新一下你們對與部分鐵路貨車製造商的長期供應協議的看法？你們是否預期在購買新車與二手車之間會有不同取向？以及更一般地，你們預期未來如何逐步補充（replenish）車隊？

Sure. So what I'll say broadly speaking is nothing about the Wells Fargo acquisition has changed our long-term view of supply, which is we're going to continue to buy railcars in a variety of different ways. We'll have our programmatic multiyear supply agreements. We'll buy in the spot market, and we'll buy in the secondary market. And so that broad diverse approach to procurement is going to continue to be the case.

當然。廣義來說，我要說的是，Wells Fargo 的收購並沒有改變我們對供給的長期看法：我們會持續以多種不同方式購買鐵路貨車。我們會有制度化的多年期供應協議（programmatic multiyear supply agreements），也會在現貨市場購買，並且會在次級市場購買。因此，這種多元分散的採購方式將會持續。

Obviously, we're not going to comment on any specific procurement efforts, but we would certainly expect that going forward, those same three prongs will apply. And of course, you're aware that we're in the midst of a current long-term supply agreement, which we'll continue to perform on. And then eventually, we'll replace that with subsequent supply agreement when that runs out. So really nothing has changed in terms of our overall fleet procurement strategy.

當然，我們不會評論任何特定的採購作為，但我們確實預期未來仍會沿用同樣的三個管道。而且你也知道，我們目前正處於一份現行的長期供應協議期間，我們會持續履約。之後當那份協議到期，我們會以後續的供應協議來替換。所以就整體車隊採購策略而言，沒有任何改變。

Understood. And sort of building off maybe secondary market discussion, can you -- gains came in fairly strong in the quarter, sort of in line with expectations. You mentioned that the Wells fleet wasn't a large contributor to that. Can you give any sense of maybe your assessment of the secondary market, if there's -- maybe the quantity versus the pricing or maybe the gains per railcar, how we should be expecting that going forward? Do you think that a lot of the secondary market has been traded through at elevated asset prices and therefore, might be a bit headwind to gains as you look out to 2027?

了解。延伸次級市場的討論，本季處分收益（gains）相當強勁，大致符合預期。你們提到 Wells 車隊對此貢獻不大。你能否談談你們對次級市場的評估，例如數量相對於價格、或每輛車的收益（gains per railcar），我們未來應該如何預期？你是否認為次級市場中有相當一部分已在較高資產價格下完成交易，因此當你們展望到 2027 年時，可能會對處分收益形成一些逆風？

Yes, Harrison, I'll start quick just to reiterate what the guidance was coming in the year on gains on dispositions, which was in the range of $200 million and that we still expect that to be the case. And as we said at the beginning of the year, we expected that to be split about $130 million on the GATX wholly owned side and then about $70 million from the joint venture. And as Tom mentioned, we really only got -- we really haven't started that sale process out of the -- for assets out of the joint venture that will come in the latter -- these three quarters of the year. And we still believe we'll be right in that $70 million range. And I'll let Paul comment on just the overall activity in the secondary market.

是的，Harrison，我先快速重申一下我們年初對處分收益的指引：大約在 2 億美元的區間，我們仍預期會如此。而且如同年初所說，我們預期其中約 1.3 億美元來自 GATX 全資持有端，另外約 7,000 萬美元來自合資企業。正如 Tom 提到的，我們其實——我們其實還沒有開始從合資企業那邊進行資產出售流程；那會在今年後面——接下來這三個季度發生。我們仍相信會落在約 7,000 萬美元的區間。我讓 Paul 來評論次級市場整體活動狀況。

Yes. The overall activity remains very robust. Certainly, it's not an original statement on my part to say that there's a lot of capital that wants to invest in railcars, Bob alluded to that earlier. That continues to be the case. And what's interesting right now because we're in such a muted new railcar environment, really the only place that capital can flow is into the secondary market.

是的。整體活動仍然非常熱絡。當然，這不是我首創的說法：有大量資金想投資鐵路貨車，Bob 先前也提到過。這點仍然成立。而目前有趣的是，因為新造鐵路貨車的環境相當低迷，資金實際上能流向的地方就只剩次級市場。

So for us as a seller, that's a very nice position in which to find ourselves. And we do see a very eager universe of buyers out there that we're interested in transacting with. You asked about gain a car and that sort of thing. And what I'll really say to that is, we are opportunistic sellers in the sense that we're going to go where the relative value is most attractive to us, and that could be older cars or newer cars. It could be more expensive cars or less expensive cars.

因此，對我們這樣的賣方而言，這是個非常有利的位置。我們確實看到一個非常積極的買方群體，且我們有興趣與其進行交易。你問到每輛車的收益之類的問題。我真正要說的是，我們是機會型賣方，意思是我們會選擇對我們而言相對價值最具吸引力的地方出手，而那可能是較舊的車，也可能是較新的車；可能是較昂貴的車，也可能是較便宜的車。

So there's really no particular metric I could give you in terms of the specific metrics like that. We're going to seek the highest economic value as we sell, and we've been very good at that, but that means that what we sell and to whom we sell will be pretty eclectic depending on where the opportunities are.

所以就這類特定指標而言，我其實沒有什麼特別的衡量指標可以提供給你。我們在出售時會追求最高的經濟價值，而我們在這方面一直做得很好；但這也意味著，我們賣什麼、賣給誰，會相當多元，取決於機會出現在哪裡。

Yes. And as we talked about back in January, the last time we hosted a conference call, now with 2x the fleet that we had previously, we have a lot more options and a lot more ways to go to market to meet that demand from those secondary market buyers. So we're in a very good spot.

是的。正如我們在一月、上次舉行電話會議時所談到的，現在我們的車隊規模是先前的 2 倍，我們有更多選擇，也有更多進入市場的方式，以滿足那些次級市場買家的需求。所以我們目前處於非常有利的位置。

Brendan McCarthy, Sidoti.

Brendan McCarthy，Sidoti。

Just two quick questions from me. I know you mentioned the lease economics continue to support a nice positive LPI for you, right in line with expectations. I did notice the average renewal term has kind of stepped down sequentially a little bit quarter-over-quarter. Are there -- can you discuss general lease renewal conversations, how those have evolved in the past quarter? And are you making any concessions on lease term or price or anything?

我這邊只有兩個簡短問題。我知道你提到租賃經濟性持續支持你們有不錯的正向 LPI，且符合預期。我確實注意到平均續約期限在季度間（QoQ）連續比較上略有下降。能否談談一般的租約續約對話，在過去一季是如何演變的？以及你們是否在租期、價格或其他方面做出任何讓步？

Yes. This is Paul. I'll start. That is, I would say, largely noise at this point. Every renewal conversation is different. And so we're certainly not seeing any kind of a significantly negative trend in terms of the achievable lease term that's out there. So I wouldn't read too much into that. Some of it may be, and I say may be related to the fact we have a different fleet mix right now, having added the Wells Fargo fleet. And so one of the things is just in different car type markets, sometimes the market term may be different. So some of this may just be mix. And if I sound like I'm speculating, I am because, of course, we're just in the beginning of digesting this fleet. But broadly speaking, I would say we feel pretty confident that there is, for the most part, what you're looking at is noise.

是的。我是 Paul。我先回答。我會說，目前這在很大程度上只是雜訊。每一個續約對話都不一樣。因此，我們當然沒有看到在可達成的租期方面出現任何顯著負面趨勢。所以我不會過度解讀。有一部分可能——我說可能——與我們目前的車隊組合不同有關，因為我們新增了 Wells Fargo 的車隊。因此其中一點是，在不同車型的市場裡，有時市場的租期可能不同。所以其中一些可能只是組合因素。如果我聽起來像在推測，那確實是，因為我們當然才剛開始消化這個車隊。但就整體而言，我會說我們相當有信心，你看到的多半是雜訊。

Got it. That makes sense. That's helpful. And then looking out at guidance, you affirmed 2026 full year guidance EPS. Now that we're one quarter through the year, a little bit through Q2, what at this point would cause EPS to come in at the lower end of that range versus the higher end?

了解。這很合理，也很有幫助。接著看你們的指引，你們重申了 2026 全年 EPS 指引。現在我們已經走過第一季，也進入第二季一段時間了，那麼在此時此刻，什麼因素會導致 EPS 落在區間的下緣，而不是上緣？

Yes. So purely in terms of what drives near-term variability, the biggest one is remarketing, either in Rail North America or at the Rolls-Royce joint venture. But having said that, as we've noted several times, both those markets are very strong. It's just the size of it. And really what it comes down to when there's variability is almost always timing. You can't always predict exactly what quarter things will close.

是的。就驅動短期波動的因素而言，最大的一項是再行銷（remarketing），不論是在 Rail North America 或在 Rolls-Royce 合資企業。不過話說回來，正如我們多次提到的，這兩個市場都非常強勁。只是因為規模很大。真正造成波動的，幾乎總是時點問題。你不一定能精準預測事情會在哪一季完成交割。

We also mentioned last quarter that Rail North America has a big maintenance spend. And Bob reiterated today that we thought it'd be close to $500 million. So even a relatively small change there can be impactful and can show up. Importantly, I would also say we're assuming no material disruption to the global economy in general or the global aviation market in particular, and in particular, there to the wide-body long-haul routes. To date, we haven't seen material impacts, but we'll continue to closely monitor the situation in the world and in the Middle East.

我們上季也提到，Rail North America 有一筆很大的維修支出。Bob 今天也再次強調，我們認為會接近 5 億美元。因此，即便相對小幅的變動也可能產生影響並反映出來。重要的是，我也要說，我們的假設是全球經濟整體不會出現重大干擾，或全球航空市場不會出現重大干擾，尤其是寬體長程航線。到目前為止，我們尚未看到重大影響，但我們會持續密切關注全球局勢以及中東的情況。

Justin Bergner, Gabelli Funds.

Justin Bergner，Gabelli Funds。

It's a pity that Bloomberg misstated or perhaps overstated consensus expectations for the quarter, but it looks like a good start to the year regardless. Just wanted to kick off my questions regarding guidance and the components therein. Has anything changed? Was Rail International stronger than you expected? Or was that just a function of kind of a light first quarter comp in 2025?

很可惜 Bloomberg 把本季的市場共識預期說錯了，或許也高估了，但不管怎樣，看起來今年開局仍然不錯。我想先從指引及其組成項目開始提問。有任何變化嗎？是 Rail International 比你們預期更強？還是這只是因為 2025 年第一季的比較基期偏低？

Yes, Justin, it's Bob. Thank you for the question, and thank you for the opening comment. We appreciate that and recognize that as well. So as far as kind of the overall mix of the elements that drive the full year guidance, the first quarter was very much in line with what we expected as we kind of click through every single key element that drives that guidance. And we look through where we were at in the first quarter, whether it's lease revenue, whether it's gains on disposition or growth maintenance, segment profit at Rail International, everything kind of fell very close to in line. So I would say at this point, not a lot of variance from what we expected, and the quarter played out very much the way we expected. And I'll turn it to Tom if he has anything he wants to add.

是的，Justin，我是 Bob。謝謝你的問題，也謝謝你開場的評論。我們也很感謝並且同樣注意到了。就驅動全年指引的各項要素整體組合而言，第一季基本上非常符合我們的預期；我們逐一檢視每一個驅動該指引的關鍵要素後也是如此。我們回頭看第一季的表現，不論是租賃收入、處分收益、成長維護（growth maintenance）、Rail International 的部門獲利等，各項都非常接近預期。因此我會說，目前與我們原先預期相比沒有太多差異，本季的發展也很符合我們的預期。我也把時間交給 Tom，看看他是否要補充。

Well, Bob did a great job. I think -- and Paul said it earlier in the call that this recurring theme of things laying out according to our expectations. That's really the key statement is, again, if you went back and pulled up Bob's opening comments from last quarter and kind of tick through things like you said, you'd see that we're very much on line.

Bob 已經講得很好了。我想——Paul 在電話會議前面也提到——這個反覆出現的主題就是事情的進展符合我們的預期。這真的是關鍵陳述：同樣地，如果你回去把 Bob 上季的開場評論找出來，然後像你說的逐項對照，你會看到我們確實非常一致。

Okay. Great. That's helpful. You mentioned maintenance moves can change financial performance. Are you seeing any pressures on maintenance, I guess, beyond what you may have thought coming into the year from inflationary forces?

好的。很棒，這很有幫助。你提到維修支出的變動可能改變財務表現。你們是否看到維修方面有任何壓力——我想問的是，是否有任何超出你們年初預期的通膨因素所帶來的壓力？

Justin, it's Paul. The short answer is no. By and large, as I said, there's noise in the first quarter as there often is. But from a maintenance standpoint, again, more or less, it's a boring answer at this point, but the year is playing out about as expected, and we continue to be able to support our existing guidance for that reason.

Justin，我是 Paul。簡短答案是沒有。整體而言，正如我說的，第一季一如往常會有一些雜訊。但就維修而言，同樣地，這個回答現在聽起來可能有點無聊，但今年的進展大致符合預期，因此我們也能持續支持既有的指引。

Okay. That's helpful. And then lastly, if I focus on the Wells JV kind of excluding the maintenance agreement, and I look at that noncontrolling interest line, what will cause that to become I guess, shall I say, not a source of income, but a source of expected cost as the year progresses besides higher gains on sale? Like what else would cause that negative $6.4 million to become closer to breakeven and potentially positive?

好的，這很有幫助。最後，如果我聚焦在 Wells 合資企業（JV），先把維修協議排除在外，然後看那個非控制權益（noncontrolling interest）項目，除了更高的出售收益之外，隨著年度推進，什麼因素會讓它從——我該怎麼說——不是收入來源，而是預期成本來源？也就是說，還有什麼會讓那個負的 640 萬美元更接近損益兩平，甚至轉正？

Yes, Justin, so I want to be sure I follow you directionally what you're getting at there. So the NCI number indicated a loss for the first quarter. And the key reason for that, as noted earlier, was relatively de minimis amounts of asset disposition gains. That really is the key item and stealing from the theme we keep going back to, if you look at what revenue was for the JV compared to what we expected it to be, very similar. The expense line, very similar.

是的，Justin，我想先確認我是否正確理解你想表達的方向。第一季的 NCI 數字顯示為虧損。其關鍵原因，如先前所提，是資產處分收益的金額相對微不足道。這確實是關鍵項目；呼應我們一直回到的主題，如果你看 JV 的收入相較於我們的預期，非常相近；費用端也非常相近。

And that's not surprising because just like the GATX legacy fleet, most of the railcars in the fleet in a given quarter, nothing happens to. They don't renew, they don't expire. And similarly, the maintenance expectation for a large number of cars is fairly straightforward. So there's -- those things are the items that you could look for to change, but much like the general question on what could drive overall change. The biggest one would be if that $70 million didn't happen. And then there's -- as you look for other potential sources, there's a lot -- there's a big gap between the impact of what those might be and that very first one of asset disposition gains.

這並不令人意外，因為就像 GATX 的既有車隊一樣，在任何一個季度裡，車隊中大多數的鐵路車廂其實不會發生任何事：不會續約，也不會到期。同樣地，對於大量車廂而言，維修的預期也相當直接。因此——你可以關注可能改變的就是這些項目；但就像關於什麼可能驅動整體變動的一般性問題一樣，最大的一項會是如果那 7,000 萬美元沒有發生。至於其他可能來源，還有很多——但它們的影響與第一項資產處分收益相比，差距很大。

That concludes our question-and-answer session. I will now turn the call back over to Shari Hellerman for closing remarks.

問答環節到此結束。現在我將把電話交回給 Shari Hellerman 作結語。

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.

我要感謝各位今天上午參與本次電話會議。如有任何後續問題，請與我聯繫。祝各位有美好的一天。謝謝。

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

各位女士、先生，今天的電話會議到此結束。感謝各位加入。您現在可以掛線。