Greenbrier Companies Inc (GBX) 2024 Q2 法說會逐字稿

Hello, and welcome to the Greenbrier Company's second quarter of fiscal 2024 earnings conference call.

您好，歡迎參加 Greenbrier 公司 2024 財年第二季財報電話會議。

(Operator Instructions) At the request of The Greenbrier Companies, this conference call is being recorded for instant replay purposes.

（操作員說明）應 Greenbrier Companies 的要求，我們正在錄製本次電話會議以便即時重播。

At this time, I would like to turn the conference over to Mr. Justin Roberts, Vice President and Treasurer.

現在，我想將會議交給副總裁兼財務主管賈斯汀·羅伯茨先生。

Mr. Roberts, you may begin.

羅伯茨先生，您可以開始了。

Thank you.

謝謝。

Gary.

加里.

Good morning, everyone, and welcome to our second quarter of fiscal '24 conference call.

大家早安，歡迎參加我們的 24 財年第二季電話會議。

Today I'm joined by Lorie Tekorius; Greenbrier's CEO and President; Brian Comstock, Executive Vice President and President of the Americas; and Adrian Downes, Senior Vice President and CFO.

今天，Lorie Tekorius 也加入了我的行列。 Greenbrier 執行長兼總裁； Brian Comstock，執行副總裁兼美洲區總裁；以及資深副總裁兼財務長 Adrian Downes。

Following our update on Greenbrier's Q2 performance and an update on our outlook for the remainder of fiscal '24 we will open up the call for questions.

在我們更新 Greenbrier 第二季度業績以及更新我們對 24 財年剩餘時間的展望之後，我們將開放提問。

In addition to the press release issued this morning, additional financial information and key metrics can be found in the slide presentation posted today on the IR section of our website.

除了今天早上發布的新聞稿外，您還可以在我們網站的 IR 部分今天發布的幻燈片簡報中找到更多財務資訊和關鍵指標。

Matters discussed on today's conference call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

今天的電話會議討論的事項包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Throughout our discussion today, we will describe some of the important factors that could cause Greenbrier's actual results in 2024 and beyond to differ materially from those expressed in any forward-looking statement.

在今天的討論中，我們將描述一些可能導致 Greenbrier 2024 年及以後的實際結果與任何前瞻性聲明中表達的結果有重大差異的重要因素。

Made by or on behalf of Greenbrier.

由 Greenbrier 或代表 Greenbrier 製作。

You will also notice that today we will refer to the words recurring revenue throughout our presentation and comments today.

您還會注意到，今天我們將在今天的演示和評論中提到經常性收入這個詞。

Recurring revenue is defined as leasing and management services revenue that excludes the impact of syndication activity.

經常性收入定義為租賃和管理服務收入，不包括銀團活動的影響。

And with that, I will turn it over to Lorie.

有了這個，我會把它交給洛里。

Thank you, Justin, and good morning, everyone.

謝謝賈斯汀，大家早安。

Creamer once again delivered strong performance as we move through our fiscal year.

隨著我們進入本財年，克里默再次取得了強勁的業績。

We're seeing operating efficiencies continue to improve, and we're progressing on our organization-wide initiatives.

我們看到營運效率不斷提高，並且我們在整個組織範圍內的舉措也取得了進展。

We have good momentum as we head into the second half of our year and beyond.

進入下半年及以後，我們勢頭良好。

We remain confident in Greenbrier's, multiyear Better Together strategy and the three fundamental priorities underlying it.

我們對 Greenbrier 的多年「Better Together」策略及其背後的三個基本優先事項仍然充滿信心。

As a reminder, first, is maintaining our manufacturing leadership position across our geographies.

提醒一下，首先，要保持我們在各個地區的製造領先地位。

Second is meeting our customers' needs while optimizing our industrial footprint for efficiency and margin enhancements.

其次是滿足客戶的需求，同時優化我們的工業足跡，以提高效率和利潤。

And third is the pursuit of sustained disciplined growth in leasing and services.

第三是追求租賃和服務業的持續有序成長。

Through better together, we're committed to enhancing our manufacturing performance while growing recurring revenue and cash flow by investing in the lease fleet.

透過“攜手共進”，我們致力於提高製造績效，同時透過投資租賃機隊來增加經常性收入和現金流。

Turning to our results, we generated over $860 million in revenue and earnings per share of $1.3. A consolidated gross margin of 14% represents our second consecutive quarter of mid-teens margin.

就我們的業績而言，我們的收入超過 8.6 億美元，每股收益為 1.3 美元。 14% 的綜合毛利率代表我們連續第二季實現中雙位數的利潤率。

It reflects solid operating performance in manufacturing and leasing and management services, partially offset by lower Wilson volumes in maintenance services due to a milder winter.

這反映出製造、租賃和管理服務領域的穩健經營業績，但由於冬季溫和而導致威爾遜維修服務業務量下降，部分抵消了這一影響。

Last quarter, we said that one quarter of mid-teens margin was a great start towards our long-term strategic goal.

上個季度，我們表示，四分之一的利潤率是我們實現長期策略目標的良好開端。

It is still not a trend.

這仍然不是一種趨勢。

We're continuing to work on facility rationalizations and manufacturing and maintenance services that commenced in fiscal 2023, advancing our make-versus-buy strategy and remaining focused on enhancing margins.

我們將繼續致力於 2023 財年開始的設施合理化以及製造和維護服務，推進我們的自製而非外購策略，並繼續專注於提高利潤率。

We also continue our long track record of product innovation while incorporating sustainability into our designs as you might recall, in 2021, we introduced our high strength steel gondola.

我們也延續了產品創新的長期記錄，同時將永續性融入我們的設計中，您可能還記得，我們​​在 2021 年推出了高強度鋼吊籃。

In Q2, we successfully launched our ultra high strength gondola, and I know we use an innovative formula for high strength, lighter weight steel, reducing each gondolas unloaded weight by up to 15,000 pounds.

在第二季度，我們成功推出了超高強度吊籃，我知道我們使用了高強度、輕質鋼材的創新配方，將每個吊籃的卸載重量減少了 15,000 磅。

We also successfully constructed and tested a new 89 foot slab chilled flat car build for heavy industrial applications as well as a new high strength box to box cardboard.

我們還成功建造並測試了用於重工業應用的新型 89 英尺板冷板車以及新型高強度箱對箱紙板。

Our focus on innovation, manufacturing excellence and sustainability is earning green bar favorable notices.

我們對創新、卓越製造和永續發展的關注贏得了綠色酒吧的青睞。

Recently, CN recognized us for our efforts and commitment to sustainability as part of its eco connections partnership program.

最近，CN 認可了我們對永續發展的努力和承諾，這是其生態連結合作夥伴計畫的一部分。

This is the first year included supplier switch recognition program and Greenbrier was one of only seven supply chain partners to receive the award while accolades are always nice to receive.

這是第一年納入供應商轉換認可計劃，Greenbrier 是僅有的七個獲得該獎項的供應鏈合作夥伴之一，而獲得榮譽總是令人高興的。

Most importantly, our emphasis on innovating and elevating our manufacturing expertise, support our leadership position across the markets we serve.

最重要的是，我們對創新和提升製造專業知識的重視，支持了我們在所服務的市場中的領導地位。

This performance continued in Q2 with Greenbrier receiving a nice balance of orders across our geographies.

第二季繼續保持這種表現，Greenbrier 在我們各個地區獲得了良好的訂單平衡。

Market conditions for railcar leasing remain positive.

軌道車租賃的市場狀況依然樂觀。

Our expanded leasing strategy is gaining traction in both North America and Europe.

我們擴大的租賃策略在北美和歐洲越來越受歡迎。

This is a critical element of our multiyear plan and is expected to result in the doubling of recurring revenues within the next five years.

這是我們多年計畫的關鍵要素，預計將在未來五年內將經常性收入翻倍。

Importantly, our balance sheet remains very healthy, allowing us to invest in our business while continuing to return capital to shareholders.

重要的是，我們的資產負債表仍然非常健康，使我們能夠投資我們的業務，同時繼續向股東返還資本。

This has been our long-standing and preferred approach to capital allocation.

這是我們長期以來首選的資本配置方法。

I'm pleased to report our Board declared a quarterly dividend of $0.3 per share this week, representing our 40th consecutive quarterly dividend.

我很高興地向您報告，我們的董事會本周宣布派發每股 0.3 美元的季度股息，這是我們連續第 40 個季度派息。

In the meantime, the economy in North America has been resilient.

同時，北美經濟一直保持彈性。

The probability of a soft landing is increasing and the Fed has signaled it will likely make three interest rate cuts by the end of 2024.

軟著陸的可能性正在增加，聯準會已表示可能會在 2024 年底前進行三次降息。

Of course, this year is also a US presidential election year, not to mention national elections in the EU and Mexico.

當然，今年也是美國總統大選年，更不用說歐盟和墨西哥的全國大選了。

Our current disciplined approach in our core North American railcar market has attracted new capital to asset-based investing in railcars, which is encouraging in Europe.

我們目前在北美核心軌道車市場採取的嚴格方法吸引了新的資本進行基於資產的軌道車投資，這在歐洲是令人鼓舞的。

While the economy is still lagging the US, the growth projections have been trimmed once again by the European Central Bank, but we're building momentum with stable demand across railcar types in both North America and Europe underpin new builds and lease renewals.

儘管經濟仍落後於美國，歐洲央行再次下調了成長預測，但我們正在建立勢頭，北美和歐洲各類型鐵路車輛的穩定需求支撐著新建和續租。

Southern border remains a focus as we address developments that could impact deliveries from our suppliers or to our customers in real time.

南部邊境仍然是我們關注的焦點，因為我們正在解決可能影響供應商或客戶即時交付的發展。

Border crossing issues impacted us at various times during the quarter, but the work performed by our skilled manufacturing and logistics colleagues has successfully avoided severe impacts on Greenbrier.

過境問題在本季度的不同時期對我們產生了影響，但我們熟練的製造和物流同事所做的工作成功避免了對 Greenbrier 的嚴重影響。

Sustained high performance across our business is in view our commercial team with its powerful lease origination capabilities continues to outperform, giving us excellent near term and longer-term visibility into manufacturing and steadily building our stream of lease revenues, our confidence in the long-term strategy and multiyear targets and look forward to sharing our progress on future calls.

我們的業務持續保持高績效，我們的商業團隊憑藉其強大的租賃發起能力繼續表現出色，為我們提供了良好的近期和長期製造可見性，並穩步建立我們的租賃收入流，我們對長期發展充滿信心策略和多年目標，並期待在未來的電話會議上分享我們的進展。

Now before I conclude my remarks, I'd like to acknowledge the contributions of Adrian Downes.

在結束演講之前，我要感謝阿德里安唐斯 (Adrian Downes) 的貢獻。

There's been a green versus 2013 as we announced earlier this year.

正如我們今年早些時候宣布的那樣，與 2013 年相比，出現了綠色。

Adrian will be stepping down from his role as CFO Adrian service to Greenbrier during challenging times, including the pandemic pandemic has been essential during his time here green bar, strengthened its balance sheet and expanded its global operations platform, integrating accounting and finance functions as we grew.

阿德里安(Adrian) 將辭去Greenbrier 財務長的職務，在充滿挑戰的時期，包括在他任職期間，大流行病發揮了至關重要的作用。平台，整合了會計和財務職能。

We're incredibly grateful for his contributions to Greenbrier over the years and wish him all the best in his future endeavors.

我們非常感謝他多年來對 Greenbrier 的貢獻，並祝他在未來的工作中一切順利。

Thank you, Adrian.

謝謝你，阿德里安。

And with that, let me turn the call over to Brian Comstock, who will discuss our activities for the quarter in greater detail and review market conditions.

接下來，讓我將電話轉給布萊恩·康斯托克（Brian Comstock），他將更詳細地討論我們本季的活動並審查市場狀況。

Thanks, Lorie, and good morning, everyone.

謝謝洛里，大家早安。

On during Q2, reimburse secured new railcar orders of 5,900 units for nearly $690 million.

第二季度，Reward 獲得了 5,900 輛新軌道車訂單，價值近 6.9 億美元。

Demand continues to be broad-based and diverse across most railcar types.

大多數軌道車輛類型的需求仍然廣泛且多樣化。

As of February 29, green bars, global new railcar backlog was 29,200 units valued at an estimated $3.6 billion.

截至 2 月 29 日，全球新軌道車積壓綠條為 29,200 輛，價值估計為 36 億美元。

Backlog continues to be stable, providing significant revenue visibility well into 2025.

積壓訂單持續保持穩定，為 2025 年提供了顯著的收入可見度。

Our commercial performance reflects our leading market position, strong lease origination capabilities and direct sales experienced international orders accounted for about 40% of the activity in the quarter, reflecting the continuing momentum in Europe and Brazil.

我們的商業業績反映了我們領先的市場地位、強大的租賃發起能力和直接銷售經驗豐富的國際訂單約佔本季度活動的 40%，反映了歐洲和巴西的持續成長勢頭。

We have been performing well, despite a challenging backdrop in Europe and our backlog remains very healthy, thanks to our broad portfolio of mix in Europe, volumes through our leasing distribution channel continue to grow our ability to originate and syndicate leases is critical to the long-term performance of our European manufacturing business.

儘管歐洲面臨充滿挑戰的背景，但我們的表現一直良好，而且由於我們在歐洲擁有廣泛的組合，我們的積壓訂單仍然非常健康，透過我們的租賃分銷管道的交易量繼續增強我們的發起能力，而聯合租賃對於長期發展至關重要-我們歐洲製造業務的長期表現。

We remain excited about our opportunity in Europe where the rail industry enjoys compelling secular tailwinds.

我們對在歐洲的機會仍然感到興奮，歐洲鐵路行業享有令人矚目的長期順風車。

We delivered 5,600 railcars to customers in Q2, roughly the same as last quarter.

第二季我們向客戶交付了 5,600 輛軌道車，與上季大致相同。

We increased the midpoint of our delivery and revenue guidance indicating that deliveries will be weighted to the second half of the year.

我們提高了交付和收入指導的中點，表明交付將加權到今年下半年。

Second quarter gross margins of 10.8% declined slightly from Q1, but still improved by 380 basis points compared to the second quarter of last year.

第二季毛利率為10.8%，較第一季略有下降，但仍較去年第二季提高380個基點。

While we are working on numerous activities to optimize manufacturing efficiency, several of the efficiency gains we have made over the last 12 months are being sustained expansion of in-house fabrication from basic primary parts and subassemblies as part of our make versus buy strategy remains on track with a full benefit from insourcing expected to be realized by the middle of fiscal 2025.

雖然我們正在進行大量活動來優化製造效率，但我們在過去 12 個月中取得的效率提升主要來自基本主要零件和子組件的內部製造持續擴展，因為我們仍然堅持自製與外購策略。 2025 財年中期實現內包的全部效益。

Leasing and Management Services also performed well in the quarter.

租賃和管理服務本季也表現良好。

We are steadily progressing to our stated goal of doubling recurring revenue from leasing and management services.

我們正在穩步實現我們的既定目標，即租賃和管理服務的經常性收入翻倍。

Recurring revenue is growing from various sources, including new railcars added to our lease fleet and lease renewals at more favorable terms, we grew our lease fleet by about 500 units or 3.5% during the quarter.

經常性收入來自各種來源的成長，包括在我們的租賃車隊中添加新的軌道車以及以更優惠的條件續租，我們的租賃車隊在本季度增加了約 500 輛或 3.5%。

As a reminder, we have committed to invest up to $300 million per year on a net basis over the next several years to expand our recurring revenue as long as we do so in a manner that meets our financial criteria.

謹此提醒，我們承諾在未來幾年內每年淨投資高達 3 億美元，以擴大我們的經常性收入，前提是我們這樣做的方式符合我們的財務標準。

I want to reemphasize that we will only invest in the right assets with the right lease terms and counterparties.

我想再次強調，我們只會投資於具有正確租賃條款和交易對手的正確資產。

And we are focused on railcar types that keep our fleet portfolio balance.

我們專注於保持車隊組合平衡的軌道車輛類型。

We regularly evaluate evaluating our financing strategies and are taking a prudent approach to financing growth of our lease fleet.

我們定期評估我們的融資策略，並採取審慎的方法為我們的租賃機隊的成長提供融資。

Our average interest rate of 4.5% on our non-recourse leasing debt is significantly lower than current market interest rates.

我們的無追索權租賃債務平均利率為 4.5%，明顯低於目前市場利率。

At the end of Q2, our fleet leverage was 77%, in line with our targeted fleet leverage framework.

截至第二季末，我們的機隊槓桿率為 77%，符合我們的目標機隊槓桿率架構。

We leverage railcar assets at an appraised fair market value, which results in borrowing ratios that are higher on a net book value basis, our lease renewal rates continue to grow at double digits, and we have successfully renewed lease terms while maintaining a consistently high fleet utilization of nearly 99% in Q2.

我們以評估的公平市場價值利用軌道車資產，這導致以賬面淨值為基礎的借款比率較高，我們的租約續簽率繼續以兩位數增長，並且我們在保持持續高車隊數量的同時成功續簽了租賃條款第二季利用率接近99%。

The leasing market remains healthy, characterized by a scarcity of in-demand railcar types and high fleet utilization among lessors.

租賃市場依然健康，其特點是需求的軌道車輛類型稀缺，而出租人的車隊利用率很高。

Moving and sequence with higher interest rates.

以更高的利率移動和排序。

Our lease rates remain compensatory, resulting in elevated rates for both new originations and renewals.

我們的租賃費率仍然是補償性的，導致新的租賃費率和續租費率都提高。

We have strategically staggered lease durations to lessen the impact of cyclicality and create opportunities for favorable renewals.

我們策略性地錯開租賃期限，以減輕週期性的影響並創造有利的續約機會。

We have already renewed more than half of our expiring leases this year and more favorable rates.

今年我們已經續約了一半以上的到期租約，並提供了更優惠的利率。

Our team is working on the remaining lease renewals, and we are confident we will finish the year successful.

我們的團隊正在處理剩餘的租約續約事宜，我們有信心今年能圓滿成功。

Fundamentally, the backdrop in North American railcar market remains solid with demand approaching replacement levels.

從根本上講，北美軌道車市場的背景仍然穩固，需求接近替代水平。

While overall traffic is projected to remain steady.

預計整體交通量將保持穩定。

There is potential for intermodal growth due to the current challenges at the Suez and Panama canals.

由於蘇伊士運河和巴拿馬運河目前面臨的挑戰，多式聯運具有成長潛力。

These disruptions will likely redirect traffic to the West Coast ports, which benefits rail transport demand.

這些中斷可能會將交通重新引導至西海岸港口，這有利於鐵路運輸需求。

Additionally, near-shoring trends support long-term growth in traffic across the southern border.

此外，近岸趨勢支持南部邊境交通量的長期成長。

The supply of available railcars is still near trough levels, which has led to robust lease rate growth, renewals and term length.

可用軌道車的供應仍接近低谷水平，這導致租賃率、續約和期限的強勁​​增長。

We are confident we have the right strategy in place to successfully execute our plan in this environment.

我們相信，我們擁有正確的策略，可以在這種環境下成功執行我們的計劃。

In Q2, we syndicated 1,400 railcars with multiple investors generating strong liquidity and margins.

第二季度，我們與多個投資者聯合發行了 1,400 輛鐵路車，產生了強勁的流動性和利潤。

The syndication market remains liquid with a solid appetite for the asset class.

銀團市場仍具有流動性，對該資產類別的需求旺盛。

The rail sector has proven to perform well over economic cycles.

事實證明，鐵路業在經濟週期中表現良好。

And we are continuing to see increased syndication interest from new investors, motivate it's diversified.

我們繼續看到新投資者對銀團的興趣不斷增加，這推動了其多元化。

Finally, maintenance services performance was impacted by lower Wilsons and component volumes, resulting from an unusually mild winter.

最後，由於異常溫和的冬季，威爾遜和零件數量減少，影響了維修服務績效。

We have several initiatives underway to improve this unit's efficiency by improving car flow, material planning and cycle time and all facilities.

我們正在採取多項舉措，透過改善車流、物料規劃、週期時間和所有設施來提高該部門的效率。

The backdrop for maintenance services remains constructive for over interim to longer term, driven in part by the last two peak tanker build cycles.

從中期到長期來看，維修服務的背景仍然具有建設性，部分原因是最近兩個高峰油輪建造週期。

It will require repairs and requalification over the next several years.

它將需要在未來幾年內進行維修和重新鑑定。

Now I'll hand the call over to Adrian, who will speak to our financial highlights for the quarter.

現在我將把電話交給阿德里安，他將談論我們本季的財務亮點。

Thank you, Brian, and good morning, everyone.

謝謝你，布萊恩，大家早安。

Before moving into the highlights of the quarter, I'd like to remind everyone that quarterly financial information is available in the press release and supplemental slides on our website.

在進入本季的亮點之前，我想提醒大家，季度財務資訊可在我們網站上的新聞稿和補充幻燈片中找到。

Greenbrier's Q2 performance was robust in our manufacturing and leasing segments, as highlighted by Lori and Brian and their remarks.

正如 Lori 和 Brian 及其言論所強調的那樣，Greenbrier 在第二季在製造和租賃領域的表現強勁。

After covering some of the highlights from the quarter, I will provide an update to our fiscal 2024 guidance.

在介紹本季度的一些亮點之後，我將提供 2024 財年指導的最新資訊。

Notable highlights for the second quarter include diverse new railcar orders of 5,900 units valued at nearly $690 million, the second highest over the past two years.

第二季的顯著亮點包括 5,900 輛新軌道車訂單，價值近 6.9 億美元，為過去兩年第二高。

Deliveries of 5,600 units include 300 units from our unconsolidated joint venture in Brazil.

交付量為 5,600 台，其中 300 台來自我們位於巴西的非合併合資企業。

Consolidated revenue of $863 million grew sequentially due to a change in product mix increasing manufacturing volumes and growth in our leasing and management services segment, aggregate gross margin percent was 40.2%, resulting primarily from product mix growth and the lease lease at higher lease rates.

由於產品組合的變化增加了製造量以及租賃和管理服務部門的成長，綜合收入環比增長了 8.63 億美元，總毛利率為 40.2%，這主要是由於產品組合的增長和租賃利率的提高。

Selling and administrative expense of approximately $64 million increased sequentially, primarily due to higher employee related costs, earnings from unconsolidated affiliates of $4 million more than doubled from the first quarter, primarily due to higher earnings from our Brazilian joint venture, which are expected to moderate net earnings attributable to Greenbrier of $33 million.

銷售和管理費用較上季增加約6,400 萬美元，主要是由於員工相關成本增加，未合併附屬公司的收益為400 萬美元，比第一季度增加了一倍多，主要是由於我們的巴西合資企業的收益增加，預計該收益將放緩Greenbrier 淨利潤為 3,300 萬美元。

We generated diluted EPS of $1.3 per share.

我們的稀釋後每股收益為 1.3 美元。

And finally, EBITDA for the quarter was $million or 11% of revenue.

最後，本季的 EBITDA 為 100 萬美元，佔營收的 11%。

As we look to liquidity, Greenbrier generated positive operating cash flow of over $99 million in the quarter, resulting from strong earnings and a positive net change to working capital.

就流動性而言，由於強勁的盈利和營運資本的淨淨變化，Greenbrier 在本季度產生了超過 9,900 萬美元的正營運現金流。

Additionally, Greenbrier's Q2 liquidity remained solid at $581 million, consisting of $252 million of cash and available borrowings of $329 million.

此外，Greenbrier 在第二季的流動性保持穩定，為 5.81 億美元，其中包括 2.52 億美元的現金和 3.29 億美元的可用借款。

Other notable financing items in the quarter include the retirement of the remaining $48 million of our 2017 senior convertible notes with cash.

本季其他值得注意的融資項目包括以現金償還 2017 年剩餘 4,800 萬美元高級可轉換票據。

As mentioned in our first quarter remarks, we are providing a breakout between recourse and non-recourse debt in the footnotes section of our 10-Q under notes payable Andrew's revolving notes.

正如我們在第一季評論中提到的，我們在 10-Q 應付票據安德魯循環票據的腳註部分提供了追索權債務和無追索權債務之間的分類。

Greenbrier's debt composition is now composed of more non-recourse test and recourse.

Greenbrier 的債務組成現在由更多的無追索權測試和追索權組成。

This emphasizes our commitment towards reducing and retiring our re recourse tasks as cash flows improve and underscores our prudence with how we manage our about our capital structure and balance sheet.

這強調了我們隨著現金流量改善而減少和取消追索權任務的承諾，並強調了我們在管理資本結構和資產負債表方面的審慎態度。

As already mentioned, Greenbrier's Board of Directors declared a quarterly dividend of $0.3 per share based on yesterday's closing price, our annual dividend represents a yield of approximately 2.3%, including activity from the second quarter, Greenbrier has returned nearly $510 million of capital to shareholders through dividends and share repurchases since reinstating our dividend program back in 2014, and these are actions that our Board and management team remain committed to.

如前所述，Greenbrier 董事會宣布根據昨天的收盤價派發每股0.3 美元的季度股息，我們的年度股息收益率約為2.3%（包括第二季度的活動），Greenbrier 已向股東返還近5.1 億美元的資本自 2014 年恢復股利計畫以來，我們一直致力於透過股利和股票回購來實現這一目標，而這些是我們的董事會和管理團隊仍然致力於採取的行動。

We believe this is a great way to create long-term shareholder value, and we will periodically evaluate increases to our quarterly dividend and look to repurchase shares opportunistically.

我們相信這是創造長期股東價值的好方法，我們將定期評估季度股利的增加，並尋求機會回購股票。

Finally, shifting focus to our guidance and business outlook.

最後，將重點轉向我們的指導和業務前景。

Based on current trends and production schedules, we are raising the bottom end of our 2024 revenue and delivery guidance, updating our capital expenditure forecast and reaffirming our gross margin outlook.

根據當前趨勢和生產計劃，我們正在提高 2024 年收入和交付指引的下限，更新我們的資本支出預測並重申我們的毛利率前景。

We are raising the bottom end of our deliveries to 23,500, which includes approximately 1,400 units from Green Murray Maxium in Brazil.

我們將交付量下限提高至 23,500 輛，其中包括來自巴西 Green Murray Maxium 的約 1,400 輛。

We are increasing the lower end of revenues to $3.5 billion selling and administrative expense is expected to be approximately $230 million to $235 million.

我們將銷售收入下限增加至 35 億美元，管理費用預計約 2.3 億至 2.35 億美元。

Capital expenditures have also been updated.

資本支出也已更新。

Forecasted expenditures in our manufacturing segment are expected to be around $140 million, which includes spend related to in-sourcing activities, followed by $15 million in our Maintenance Services segment.

我們的製造部門的預計支出約為 1.4 億美元，其中包括與內包活動相關的支出，其次是我們的維修服務部門的 1500 萬美元。

Gross investment of approximately $350 million in leasing and management services is unchanged and includes current year capital expenditures as well as transfers of railcars into the lease lease door manufactured and subsequently held on the balance sheet.

租賃和管理服務總投資約 3.5 億美元不變，包括本年度資本支出以及將軌道車轉移到製造並隨後保留在資產負債表上的租賃門。

In 2023, proceeds of equipment sales have been adjusted to approximately $75 million and aggregate gross margin percent for the full year is expected to be in the low to mid-teens.

2023年，設備銷售收入調整至約7,500萬美元，預計全年總毛利率將在十幾歲至十幾歲左右。

Overall, I'm pleased with the performance in the second quarter and throughout the first half of the year, which has put Greenbriar on solid footing for a strong finish to the year.

總體而言，我對第二季和上半年的表現感到滿意，這為 Greenbriar 為今年的強勁收官奠定了堅實的基礎。

As we head into the second half, we are supported by a robust backlog, ample liquidity and a strong balance sheet.

當我們進入下半年時，我們得到了強勁的積壓、充足的流動性和強勁的資產負債表的支持。

We are confident our outlook for fiscal 2024 is positive, with earnings expected to grow.

我們對 2024 財年的前景充滿信心，獲利預計將成長。

And now as this will be my final earnings call at Greenbrier, I would like to take this opportunity to say thank you.

現在，這將是我在 Greenbrier 的最後一次財報電話會議，我想藉此機會向你們表示感謝。

I am privileged to have spent 11 years at Greenbriar both as the Chief Financial Officer and prior to that Chief Accounting Officer.

我很榮幸能夠在 Greenbriar 工作 11 年，擔任財務長和首席會計官。

As already mentioned, a lot has been accomplished over this time period, and Greenbrier has a great leadership team reinforced by a strong balance sheet and improving results.

正如已經提到的，在這段時間裡已經取得了許多成就，Greenbrier 擁有一支優秀的領導團隊，並透過強大的資產負債表和不斷改善的業績得到了加強。

I would like to thank our Board of Directors shareholders and Laurie for the opportunities and support during this time.

我要感謝我們的董事會股東和勞裡在此期間提供的機會和支持。

This has been a great place to work.

這是一個工作的好地方。

And although I will be leaving this role, I will still be involved as a strategic adviser to help with the transition process and other projects.

儘管我將離開這個職位，但我仍將作為策略顧問參與其中，幫助完成過渡過程和其他專案。

Thank you.

謝謝。

And with that, we will open up for questions.

接下來，我們將開放提問。

(Operator Instructions) Justin Long with Stephens.

（操作員說明）賈斯汀朗和史蒂芬斯。

Thanks.

謝謝。

Good morning and Adrian, congrats.

早安，阿德里安，恭喜。

Thank you very much.

非常感謝。

So maybe to start with a question on the gross margin outlook.

因此，也許可以從毛利率前景的問題開始。

You reiterated that outlook for the full year, the low to mid-teens.

您重申了全年的前景，即低至中雙位數。

But through the first couple of quarters, we're tracking at the high end of that range.

但在前幾個季度，我們一直在追蹤該範圍的高端。

And the guidance also implies that production levels in the second half will be higher than the first half, and I would think that would create some positive operating leverage.

該指引還暗示下半年的生產水準將高於上半年，我認為這將創造一些積極的營運槓桿。

So is there anything that you would kind of point to that could drive a sequential are moderation of margins?

那麼，您有什麼可以指出的可以推動利潤率連續調整的因素嗎？

Or do you feel like the higher end of that gross margin outlook is most reasonable as well sit here today, so I'll give a couple of brief comments that we're excited about the progress we've made for the first half of this year.

或者您是否認為毛利率前景的較高端是最合理的，今天也坐在這裡，所以我將給出一些簡短的評論，我們對上半年取得的進展感到興奮年。

We're excited about what we see in the second half of the year.

我們對今年下半年所看到的情況感到興奮。

And so I think that we're going to continue the steady progress of where we're mindful that we have to put one foot in front of the other every day to move forward.

因此，我認為我們將繼續穩步前進，我們牢記每天必須把一隻腳放在另一隻腳前面才能前進。

And that's what we're doing.

這就是我們正在做的事情。

And I think the last six months or two quarters are showing on others that that's what we're capable of.

我認為過去六個月或兩個季度向其他人表明，這就是我們的能力。

And I expect us to continue on a modest trajectory.

我希望我們能夠繼續走在溫和的軌道上。

Okay, got it.

好，知道了。

And maybe for my second question, I wanted to ask about orders and see if you could provide any additional color on how orders progressed through the quarter month-to-month.

也許對於我的第二個問題，我想詢問有關訂單的情況，看看您是否可以提供有關該季度訂單進展的任何其他資訊。

I know there can be some seasonality around year end and then anything you can share on the third quarter thus far and what you've seen in order and inquiry levels relative to 2Q?

我知道年底前後可能會出現一些季節性因素，那麼到目前為止您可以分享第三季度的情況嗎？

Yes.

是的。

Thanks, Justin.

謝謝，賈斯汀。

It's Brian.

是布萊恩。

Good question.

好問題。

Because as you know, coming out of the holidays, typically it's a little bit slower and the cadence is pretty much in line with your expectations.

因為如您所知，假期結束後，通常會慢一些，節奏幾乎符合您的預期。

We came out of the holidays.

我們從假期出來了。

People are now back doing their jobs.

人們現在又回來做自己的工作了。

And what we saw through the quarter is a progression of increased orders, particularly in North America as the quarter progressed.

我們在本季看到訂單不斷增加，尤其是隨著本季的進展在北美。

I would say that this quarter is off to a very strong start as well.

我想說，本季也有一個非常強勁的開局。

So pipeline is still still solid.

所以管道仍然堅固。

Visibility is still robust and the car types are quite diverse and.

能見度依然強勁，車型也相當多樣化。

Okay, great.

好的，太好了。

That's good to hear.

聽起來還不錯。

I appreciate it.

我很感激。

Matt Elkott, TD Cowen.

馬特·埃爾科特，TD·考恩。

Thank you.

謝謝。

Good morning.

早安.

Staying on the order question, Brian, on, it's nice to see a solid number for the quarter and that the activity is strong in the third quarter on the ASP decline by decent amount, I think 16%, Q2 versus 1Q.

繼續討論訂單問題，Brian，很高興看到本季度的可靠數字，並且第三季度的活動很強勁，平均售價下降了相當大的數量，我認為第二季度與第一季相比下降了16 %。

Is that a function of the international portion being higher this quarter than last quarter or is there anything else in there.

這是因為本季的國際部分高於上季度，還是還有其他原因。

It's a little bit a, Matt, it's a little bit of everything at the end of the day on its of its mix as usual, but also the mix of international orders has some has some headwinds to the average ASP as well.

馬特，這有點像往常一樣，歸根結底，它的組合有點像往常一樣，但國際訂單的組合也對平均平均售價產生了一些阻力。

However, from a pricing perspective, on what I can give you is that nothing has really changed in the industry.

然而，從定價的角度來看，我可以告訴你的是，這個行業沒有任何真正的改變。

It's still very disciplined, and we're seeing we're still seeing good pricing in the market.

它仍然非常有紀律，我們看到市場上仍然有很好的定價。

Okay.

好的。

That's good to hear.

聽起來還不錯。

And then staying on kind of the mix question.

然後繼續討論混合問題。

But going into production, the benefit of product mix in manufacturing for revenue on, is that going to turn into a headwind going forward and thus the lack of and what one would expect are you at a higher margin than you're guiding?

但進入生產階段，製造中的產品組合對收入的好處，是否會變成未來的逆風，因此缺乏以及人們所期望的，你的利潤率是否高於你的指導？

So I think, Matt, we don't expect to see a material shift in our mix at this point.

所以我認為，馬特，我們目前預計我們的組合不會有重大變化。

What we would say is we are the reason we increased the bottom end of our range as we see more upside over the back half of this year.

我們想說的是，我們是增加區間下限的原因，因為我們看到今年下半年會有更多上漲空間。

And some part of this is just probably being aware that we are living in a very fluid at time of fluid economy.

其中一部分可能只是意識到我們生活在一個流動經濟時代。

And while we do have very good visibility in manufacturing, I'm just trying to make sure that we have a little bit of caution in our remarks at times and in our outlook.

雖然我們在製造業方面確實擁有非常好的知名度，但我只是想確保我們在言論和前景方面保持謹慎。

One thing we continue to learn is that there is this is a very fluid world very fluid economy.

我們不斷了解到的一件事是，這是一個非常流動的世界，非常流動的經濟。

And what we see is very, very great outlook, strong order, a strong backlog, great momentum in manufacturing and production.

我們看到的是非常非常好的前景、強勁的訂單、大量的積壓、製造和生產的強勁勢頭。

But we I guess we're just trying to make sure that we are not going to get too far out over our skis and over-promise.

但我想我們只是想確保我們不會在滑雪和過度承諾方面走得太遠。

But at this point, and I'm looking at Lori and Brian right now is we're almost or effectively a month into our Q. three.

但在這一點上，我現在正在關注洛里和布萊恩，我們幾乎或實際上已經進入第三季一個月了。

And we don't see any significant changes from our trajectory and magnitude of that.

我們沒有看到我們的軌跡和幅度有任何重大變化。

As you know, while we love having a big backlog solid gives us ability to plan our production lines and be very efficient.

如您所知，雖然我們喜歡擁有大量積壓訂單，但堅實的積壓使我們能夠規劃生產線並提高效率。

At the same time, we are investing, particularly in Mexico with our insourcing project that will continue to add to efficiencies in our cost, which will enhance our margins.

同時，我們正在投資，特別是在墨西哥的內包項目，這將繼續提高我們的成本效率，從而提高我們的利潤。

Okay, got it.

好，知道了。

And Lori, and Justin as you guys put it and Brian alluded to intermodal possibly starting to recover late this calendar year on those are lower ASP cars, but can you talk about the margin effect or would they be margin dilutive or are they margin neutral even though they're lower ASP.

洛里（Lori）和賈斯汀（Justin），正如你們所說，布萊恩（Brian）提到，多式聯運可能會在今年晚些時候開始在這些平均售價較低的汽車上恢復，但你能談談利潤效應嗎？

I would say they're either margin neutral or their margin benefit depends on -- but so you're right off the top line, but we would expect to maintain the margin and actually I think now that I'm quickly thinking through math in my head, a lower sales price with good margin should be a benefit to margin percentage growth.

我想說，他們要么是利潤中性，要么他們的利潤收益取決於 - 但所以你是對的，但我們希望維持利潤，實際上我認為現在我正在快速思考數學我認為，較低的銷售價格和良好的利潤率應該有利於利潤率的成長。

Great.

偉大的。

Thank you very much.

非常感謝。

Harrison Bauer, Susquehanna Financial Group.

哈里森鮑爾，薩斯奎哈納金融集團。

Hi, this is Harrison on for Bascome Majors.

大家好，我是巴斯科姆少校的哈里森。

Thanks for taking my questions today.

感謝您今天回答我的問題。

Lori And Brian, both mentioned the milder winter affecting the maintenance business, but now that's been revenue dropping for three quarters sequentially and then profits have dropped the last two.

洛里（Lori）和布萊恩（Brian）都提到了溫和的冬季影響了維護業務，但現在收入已經連續三個季度下降，而利潤在過去兩個季度也下降了。

And could this be a broad cyclical adjustment or maybe customers specific customers pulling back the use of their network?

這可能是廣泛的周期性調整，或者可能是特定客戶取消其網路的使用？

And then when would you expect stabilization and maybe what's some of your trajectory for the maintenance business going forward at Harrison?

那麼您預計什麼時候會穩定下來？

This is Justin.

這是賈斯汀。

Good to Good to hear from you today.

今天很高興收到您的來信。

I would say that actually this business has always had some seasonality and cyclicality so that you see a run-up in our fiscal Q2 in the winter and then a further step up in our fiscal Q3 in the spring because of the winter, the winter does drive volumes in the wheel business and then there's a spring restocking.

我想說的是，實際上這項業務總是有一定的季節性和週期性，因此你會看到我們的第二財季在冬季有所增長，然後在春季的第三財季進一步增長，因為冬季，冬季確實如此推動車輪業務的銷量，然後進行春季補貨。

And then Q4 in our fiscal Q1 definitely have some US, I would say, more normalization.

我想說，我們第一財季的第四季肯定會出現更多的正常化。

So we see this as a broader.

所以我們將其視為更廣泛的。

This isn't a change in the business.

這不是業務的變化。

This is more of just a the normal seasonality we see in the wintertime doesn't didn't manifest this year.

這更多的是我們在冬季看到的正常季節性，今年並沒有出現。

So it's not a big cyclical shift in the business.

因此，這並不是業務的重大週期性轉變。

It's more of just note, things did not manifest as they historically do, and we are moving into our Q3 and undertaking various remedial actions to kind of make sure that our volumes are going to manifest as expected and that we're at, I'd say, managing the cost structure and overhead as as proactively as possible.

更值得注意的是，事情並沒有像歷史上那樣表現出來，我們正在進入第三季度並採取各種補救措施，以確保我們的銷量將按預期表現，並且我們處於，我'可以說，盡可能主動地管理成本結構和間接費用。

I don't know if there's anything else you'd like to add, Brian, on that.

布萊恩，我不知道你是否還有什麼要補充的。

No, I think you I think you hit it perfectly, Justin.

不，我認為你做得很好，賈斯汀。

The seasonality typically is over 2.5 quarters and we're already seeing that moderate as we move into this next quarter, and we're not projecting any major shortfalls moving forward in that business.

季節性通常超過 2.5 個季度，當我們進入下一個季度時，我們已經看到這種情況很溫和，我們預計該業務不會出現任何重大短缺。

Thank you for that.

謝謝你。

And for my second now that the North American manufacturing production rate and margin profile seem to be stabilizing with solid order recovery sequentially, can you share some updated thoughts on what your ultimate margin range you'd expect to generate in manufacturing with a mid-cycle backdrop?

我的第二個想法是，北美製造業的生產力和利潤率似乎隨著訂單的連續恢復而趨於穩定，您能否分享一些關於您期望在中期週期的製造業中產生的最終利潤範圍的最新想法背景？

And then from where we sit today, if orders are stable, would you expect a higher or lower margin, maybe just directionally for fiscal 2025.

然後，從我們今天的立場來看，如果訂單穩定，您預計利潤率會更高還是更低，也許只是 2025 財年的定向利潤。

Thank you.

謝謝。

Great question, Harrison.

好問題，哈里森。

And I would say that if I look out into 2025 and we have stability and the kind of visibility that we have right now, I would expect to be at the upper end of the range that we provided.

我想說，如果展望 2025 年，我們擁有現在的穩定性和可見度，我預計會達到我們提供的範圍的上限。

I know that the men and women that are working specifically within our manufacturing organization as well as our commercial organization.

我知道在我們的製造組織和商業組織中專門工作的男女。

We're always finding ways to improve the throughput so that we can drop more of the revenue through some margin and turn the bottom line.

我們一直在尋找提高吞吐量的方法，以便我們可以透過一定的利潤減少更多的收入並扭虧為盈。

Ken Hoexter with Bank of America.

美國銀行的肯‧霍克斯特。

Great.

偉大的。

Good luck to Adrian and congrats on the team on building the backlog, but maybe if I can for you unpack that margin, your multiple margin outlooks a little bit better on, I guess, near term, I know you just gave a long-term '25, given your low to mid-teens outlook, are you still expecting manufacturing margins to stay at double digits year for for the second-half?

祝阿德里安好運，祝賀團隊建立積壓，但也許如果我能為你解開這個利潤，你的多重利潤前景會更好一些，我想，短期內，我知道你剛剛給了長期'25 ，考慮到您的展望，您是否仍預期下半年製造業利潤率將維持在兩位數？

And then what do you expect to see maintenance margins?

那麼您預計維持利潤率是多少？

Are I didn't quite get the answer there.

我在那裡沒有得到答案嗎？

Are you expecting them to return to double digits or maybe you can give your thoughts on that and thank you, Kim, and I hope I didn't misspeak, but we are not expecting low to mid teen margins.

你是否期望他們回到兩位數，或者你可以對此發表你的想法，謝謝你，金，我希望我沒有說錯，但我們並不期望青少年利潤率低到中等。

We're expecting mid-teens margins with the expectation that we will continue marching through this fiscal year on a solid trajectory.

我們預計利潤率將在十幾歲左右，並預計我們將在本財年繼續沿著穩健的軌道前進。

And on a consolidated basis.

並在綜合的基礎上。

And on a consolidated basis.

並在綜合的基礎上。

Yes.

是的。

Thank you, Justin.

謝謝你，賈斯汀。

From the manufacture of be sorry, the maintenance services the business perspective, we do, Tom and Brian said, we're taking a number of actions to think about how we're running that business, how we're thinking about how we schedule the equipment into those shops to strain efficiencies as part of the reorganization of some of our activities and combining some of our operating resources around engineering quality and things like that.

湯姆和布萊恩說，從製造、維護服務到業務角度，我們正在採取一系列行動來思考我們如何經營該業務，我們如何考慮如何安排時間作為我們一些活動重組的一部分，並圍繞工程品質和類似的事情結合我們的一些營運資源，我們將設備引入這些商店，以提高效率。

So that we can take the strengths that we have in our manufacturing operations and share those more broadly with our rail services group and vice versa.

這樣我們就可以利用我們在製造業務中的優勢，並與我們的鐵路服務團隊更廣泛地分享這些優勢，反之亦然。

Take some of the strengths of what we've been able to do in those repair shops and share those with our manufacturing facilities.

借鑒我們在這些維修店所取得的一些優勢，並與我們的製造工廠分享這些優勢。

So I would say we do expect in the third quarter, the yes, conservative margin and expect to continue on the overall path for consolidated margins to improve?

所以我想說，我們確實預計第三季的利潤率是保守的，並預計綜合利潤率將繼續改善？

And if I could just draw a firm line under your manufacturing question, Ken, we do not anticipate manufacturing margins going backwards, much less dropping back into the single digits at this point on a on a gross margin basis, just to be very clear about that same digested.

如果我能在你的製造問題上劃出一條明確的界限，肯，我們預計製造利潤率不會倒退，更不用說在毛利率的基礎上回落到個位數了，只是要非常清楚地知道同樣消化了。

Very helpful.

很有幫助。

And then, Lorie, if I can revisit, I think it was maybe Matt's first question on the ASP decline.

然後，Lorie，如果我可以重溫一下，我想這可能是 Matt 關於平均售價下降的第一個問題。

I guess if I just look at the backlog, total revenue per ASP per car.

我想如果我只看積壓的訂單，每輛車的平均售價總收入。

Right.

正確的。

In terms of your total backlog, if it fell, as you mentioned, is that I just want to revisit, is that just a mix issue in terms of what you're selling versus anything going on the industry?

就您的總積壓而言，如果正如您提到的那樣下降，我只是想重新審視一下，這是否只是您所銷售的產品與行業中正在發生的任何事情方面的混合問題？

Just want to clarify that, that won't answer there.

只是想澄清一下，這不會回答問題。

So it's sorry, you were asking, Lorie, but I am art.

所以很抱歉，洛瑞，你問的是我，但我是藝術。

I'm not talking so much on Asia and the payer mix.

我不會過多談論亞洲和付款人組合。

And then there is there is some as you as you're well aware, we do have the ability to escalate and deescalate raw input costs on our backlog.

如你所知，我們確實有能力提高和降低積壓訂單的原始投入成本。

And so as there is some moderation on our input costs, primarily steel, steel surcharge and whatnot, that pricing comes down a little bit to the piece to really reiterate is that on a core pricing basis, the pricing that drives profitability and on lease rates, that is being disciplined, that is stable to up kind of across the various car types All right.

因此，由於我們的投入成本（主要是鋼材、鋼材附加費等）有所緩和，因此定價有所下降，真正需要重申的是，在核心定價的基礎上，推動盈利能力和租賃率的定價，這是有紀律的，在各種車型上都是穩定的。

That's helpful.

這很有幫助。

Well said, Justin.

說得好，賈斯汀。

Great.

偉大的。

I appreciate your time and thoughts.

我感謝您的時間和想法。

Thanks, guys.

多謝你們。

Steven Barger, KeyBanc Capital Markets.

Steven Barger，KeyBanc 資本市場。

Hey, guys, good morning.

嘿，夥計們，早安。

Just looking at slide 12, with the fleet levered to 77% of book value, do you expect incremental debt from here to primarily just fund additions to the lease fleet at that ratio plus or minus?

看看投影片 12，機隊槓桿率達到帳面價值的 77%，您是否預計這裡的增量債務主要只是以該比率正負來為租賃機隊的增加提供資金？

Yes.

是的。

And it is lease fleet leverage, the primary metric that you're focused on going forward?

租賃機隊槓桿率是您未來關注的主要指標嗎？

Or is there a net debt to EBITDA target for the Company.

或公司是否存在未達到 EBITDA 目標的淨債務。

I'm just trying to think how you're changing your mindset to think about the balance sheet?

我只是想想想你如何改變你的思考方式來考慮資產負債表？

Well, so I would say that as we think about our lease fleet and the leverage associated with that, as Brian has talked about, we're very disciplined about what we're putting on our balance sheet and then we want to leverage it appropriately on locking in interest rates.

好吧，所以我想說，當我們考慮我們的租賃機隊以及與之相關的槓桿作用時，正如布萊恩所說，我們對資產負債表上的內容非常嚴格，然後我們希望適當地利用它關於鎖定利率。

Thinking about the term thinking about the conditions, I think the team and he's done a really being in the market at the right time and having the right sort of flexibility in the types of debt that we put on our balance sheet will take into consideration the market as to what's going on at that point in time as to what's the right debt.

考慮這個術語並考慮條件，我認為團隊和他在正確的時間真正進入市場，並且在我們放在資產負債表上的債務類型上擁有適當的靈活性，將考慮到市場關於當時發生的事情以及什麼是正確的債務。

I think with the cash flow that we'll be generating from the leasing business as well as the margins in our other businesses, we would expect to be paying down some of our corporate recourse debt over time.

我認為，憑藉我們從租賃業務中產生的現金流以及其他業務的利潤，我們預計將隨著時間的推移償還部分企業追索債務。

Couple more leasing questions, asset, the flood can I think the average term is 4.2 years.

再加上租賃問題、資產、洪水，我認為平均期限是 4.2 年。

What is that for recent renewals sections?

最近的續訂部分是什麼？

I'm glad to know say so most of the renewals are coming in.

我很高興知道大部分續訂都已經到來。

It's substantially longer.

它的長度要長得多。

We're seeing five to seven years on average.

我們平均看到五到七年。

That's what's bringing up.

這就是我們要提出的問題。

As you look quarter over quarter, you'll notice that it brings it up by the time.

當您逐季度查看時，您會發現它會及時出現。

It takes a lot of renewals to move it incrementally know beyond the 4.2 years.

需要進行大量更新才能使其逐漸超過 4.2 年。

So but most of the rails are kind of coming in at the five to seven year range.

所以，但大多數鐵路都是在五到七年的範圍內推出的。

Got it.

知道了。

Thanks.

謝謝。

And I know the lease fleet is still relatively small but growing.

我知道租賃機隊仍然相對較小，但正在成長。

It is obviously a focus initiative for you.

這顯然是您的一項重點舉措。

Do you anticipate putting out a lease renewal index similar to the LPI. or the FLRD.

您是否預期會推出類似 LPI 的續租指數？或 FLRD。

We were just talking about that the other day and trying to figure out what acronym we would come up with.

前幾天我們剛討論過這個問題，並試著找出我們會想出什麼縮寫。

But that's up yes, stating that, but we don't have anything to unveil today.

但確實如此，但我們今天沒有任何可公佈的內容。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Please do This is Justin real quick to answer the question.

請這樣做 賈斯汀很快就回答了這個問題。

I know you usually ask is we do expect the back half of the year to be stronger from a operating cash flow perspective.

我知道您通常會問，從營運現金流的角度來看，我們確實預計今年下半年會更加強勁。

And then that will also generate some free cash flow that we can deploy into delevering and other aspects of our business.

然後，這還將產生一些自由現金流，我們可以將其部署到去槓桿化和業務的其他方面。

I appreciate you anticipating that for me as well, and that's good to hear.

我很感激你也為我期待這一點，很高興聽到這一點。

I look forward to seeing positive free cash flow.

我期待看到積極的自由現金流。

Thanks.

謝謝。

Definitely.

確實。

This concludes our question and answer session, I would like to turn the conference back over to Lorie Tekorius for any closing remarks.

我們的問答環節到此結束，我想將會議轉回 Lorie Tekorius 進行閉幕致詞。

I appreciate everyone's time and attention I know Justin will be speaking with some of you later today.

感謝大家的時間和關注，我知道賈斯汀今天晚些時候將與你們中的一些人交談。

Thank you, and we look forward to sharing our progress in the future.

謝謝您，我們期待在未來分享我們的進展。

Thanks, everyone.

感謝大家。

The conference has now concluded Thank you for attending today's presentation.

會議現已結束，感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。