Greenbrier Companies Inc (GBX) 2025 Q2 法說會逐字稿

Hello, and welcome to the Greenbrier Companies' second quarter 2025 earnings conference call. (Operator Instructions) At the request of the Greenbrier Companies, this conference call is being recorded for instant replay purposes.

您好，歡迎參加 Greenbrier Companies 2025 年第二季財報電話會議。（操作員指示）應 Greenbrier 公司的請求，本次電話會議將被錄音，以便即時回放。

At this time, I would like to turn the conference over to Mr. Justin Roberts, Vice President of Financial Operations, the Americas. Mr. Roberts, you may begin.

現在，我想將會議交給美洲區財務營運副總裁賈斯汀·羅伯茨先生。羅伯茨先生，您可以開始。

Thank you, Nick. Good afternoon, everyone, and welcome to our second quarter fiscal 2025 conference call. Today, I am joined by Lorie Tekorius, Greenbrier's CEO and President; Brian Comstock, Executive Vice President and President of the Americas; and Michael Donfris, Senior Vice President and CFO.

謝謝你，尼克。大家下午好，歡迎參加我們的 2025 財年第二季電話會議。今天，我與 Greenbrier 的執行長兼總裁 Lorie Tekorius 一起出席了會議；布萊恩康斯托克 (Brian Comstock)，執行副總裁兼美洲區總裁；以及高級副總裁兼財務長 Michael Donfris。

Following our update on Greenbrier's Q2 performance and our outlook for the remainder of fiscal we will open up the call for questions. Our earnings release and supplemental slide presentation can be found on the IR section of our website.

在我們更新 Greenbrier 第二季度的業績以及對本財年剩餘時間的展望之後，我們將開始回答問題。我們的收益報告和補充幻燈片介紹可以在我們網站的 IR 部分找到。

Matters discussed on today's conference call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Throughout our discussion today, we will describe some of the important factors that could cause Greenbrier's actual results in 2025 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of Greenbrier.

今天電話會議討論的事項包括《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。在今天的討論中，我們將描述一些重要因素，這些因素可能導致 Greenbrier 在 2025 年及以後的實際結果與 Greenbrier 或代表 Greenbrier 做出的任何前瞻性聲明中表達的結果存在重大差異。

We will refer to recurring revenue throughout our comments today. Recurring revenue is defined as leasing and fleet management revenue, excluding the impact of syndication activity.

我們今天的評論中將提到經常性收入。經常性收入定義為租賃和車隊管理收入，不包括聯合活動的影響。

And before I hand the call over to Lorie, I wanted to provide some perspective. Last week marked my 19th anniversary with Greenbrier and always causes me to reflect on the journey that Greenbrier has been on over my time here. It's remarkable to me that we are near record-setting EPS levels in what has been at best an okay railcar market the last few years versus the head years of 70,000 to 80,000 car builds in 2014 and '15. To me, this underlines the strength, creativity, and experience of this team.

在我將電話交給 Lorie 之前，我想提供一些觀點。上週是我加入 Greenbrier 的第 19 週年紀念日，這總是讓我回想起 Greenbrier 在我加入期間走過的歷程。令我驚訝的是，過去幾年鐵路車輛市場表現還不錯，而 2014 年和 2015 年的產量僅為 70,000 至 80,000 輛，而我們的 EPS 卻接近創紀錄的水平。對我來說，這突顯了這個團隊的實力、創造力和經驗。

What's even more impressive is that we aren't done yet. We remain relentlessly focused on controlling what we can control, which is improving operating efficiency, reducing costs and ultimately, creating shareholder value.

更令人印象深刻的是，我們還沒有完成。我們始終堅持不懈地專注於控制我們能夠控制的事情，即提高營運效率、降低成本並最終創造股東價值。

And with that, I'll hand the call over to Lorie.

說完這些，我將把電話交給 Lorie。

Thank you, Justin, and congratulations on your anniversary. Good afternoon, everyone. Thank you for joining us today.

謝謝你，賈斯汀，恭喜你的周年紀念日。大家下午好。感謝您今天加入我們。

First, I want to emphasize Greenbrier's strong performance in our second quarter ended February 28, 2025. Specifically, core net earnings of $56 million or $1.73 per share, excluding convertible debt dilution is higher on a sequential basis than Q1 on $100 million less of revenue. This reflects our continued focus on operating efficiency as further demonstrated by our impressive aggregate gross margin of 18.2%. This is our sixth consecutive quarter delivering aggregate gross margins at or above the mid-teens target we established two years ago.

首先，我想強調 Greenbrier 在截至 2025 年 2 月 28 日的第二季的強勁表現。具體而言，核心淨利潤為 5,600 萬美元或每股 1.73 美元（不包括可轉換債務稀釋），環比高於第一季度，但營收減少了 1 億美元。這反映了我們對營運效率的持續關注，我們令人印象深刻的 18.2% 的總毛利率進一步證明了這一點。這是我們連續第六個季度實現總毛利率達到或超過我們兩年前設定的十五六成目標。

Second, is important to mention that our North American operations are USMCA compliance. It's a bit of an understatement to say that the macroeconomic landscape has been noisy and dominated by fluctuating rhetorics and actions on trade policies and tariffs. But to be clear, our products have not been the target of proposed or enacted tariffs. However, tariffs are impacting the cost of our inputs, predominantly steel, important structural changes in how our customers operate.

其次，值得一提的是，我們的北美業務符合 USMCA 規定。可以輕描淡寫地說，宏觀經濟情勢一直很吵雜，並受到貿易政策和關稅方面不斷變化的言論和行動的影響。但需要明確的是，我們的產品並不是提議或實施關稅的目標。然而，關稅正在影響我們的投入成本，主要是鋼鐵，這對我們的客戶營運方式產生了重大的結構性變化。

Thanks to our excellent procurement team, we have confidence in our ability to protect margins from the most immediate impact on our supply chain. In fact, we've raised our full year aggregate gross margin guidance as well as our guidance for operating margin despite lowering our delivery and revenue guidance. We are working collaboratively with our customers and business partners to strategize and provide solutions for their freight rail transport requirements. For now, railcar utilization remained steady.

由於我們優秀的採購團隊，我們有信心保護利潤免受供應鏈最直接的影響。事實上，儘管我們降低了交付量和收入預期，但我們還是提高了全年總毛利率預期以及營業利潤率預期。我們正在與客戶和業務合作夥伴合作，為他們的貨運鐵路運輸需求制定策略並提供解決方案。目前，鐵路車輛利用率維持穩定。

It's important to reiterate that Greenbrier has a very long history and has operated through a variety of macro backdrops. We have an experienced and agile team and will flex our manufacturing capacity as necessary to rapidly respond to changes in demand while maximizing our operating efficiency.

值得重申的是，Greenbrier 有著悠久的歷史，並且在各種宏觀背景下運作。我們擁有一支經驗豐富、行動敏捷的團隊，並將根據需要調整我們的製造能力，以快速回應需求變化，同時最大限度地提高我們的營運效率。

Building on the capacity rationalization initiatives begun in 2023, we've been reviewing our production capacity and footprint in Europe. An outcome of this analysis will be the rationalization of one facility in Romania.

基於 2023 年開始的產能合理化舉措，我們一直在檢視我們在歐洲的生產能力和足跡。此項分析的結果將是對羅馬尼亞的一個設施進行合理化改造。

We are aware that this is a consequential decision that impacts our employees, customers, and the community. However, this is part of our long-term strategy in Europe, which will reduce costs and improve our competitive position. This also means we'll experience reduced deliveries from our European facilities in the second half of fiscal 2025.

我們意識到這是一個影響我們員工、客戶和社區的重要決定。然而，這是我們在歐洲的長期策略的一部分，它將降低成本並提高我們的競爭地位。這也意味著，2025 財年下半年，我們歐洲工廠的交付量將會減少。

Over the longer term, our aggregate production capacity will remain the same or higher as we continue to invest in the remaining locations. Our global new railcar backlog remains robust at over 20,000 units, which provides excellent visibility for managing our production lines and volume, and it gives us a reliable revenue outlook. We expect a slight reduction in aggregate gross margin during the back half of this fiscal year, but we expect to remain solidly in the mid-teens as we leverage the operating efficiencies gained over the last two years.

從長遠來看，隨著我們繼續對剩餘地點進行投資，我們的總生產能力將保持不變或更高。我們的全球新軌道車輛積壓量仍然強勁，超過 20,000 輛，這為管理我們的生產線和產量提供了極好的可視性，並為我們提供了可靠的收入前景。我們預計本財年下半年總毛利率將略有下降，但由於我們利用過去兩年獲得的營運效率，預計總毛利率將穩定維持在十五六左右。

Our team is laser focused on delivering strong performance and operating efficiency gains through the hard work and dedication that has historically enabled Greenbrier to achieve an uncertain environment. I want to acknowledge the amazing progress being made on our in-sourcing initiatives in Mexico. I visited our team last week and was able to see firsthand the incredible work that will provide benefits in various demand environments.

我們的團隊致力於透過辛勤工作和奉獻精神實現強勁的業績和營運效率的提升，這也使得 Greenbrier 在歷史上能夠取得不確定的環境中取得成功。我想承認我們在墨西哥的內部採購計劃取得了驚人的進展。我上週拜訪了我們的團隊，親眼目睹了在各種需求環境中都能帶來效益的令人難以置信的工作。

I remain extremely optimistic about our future. Our leasing and fleet management operation continues to take a disciplined approach to growing our lease fleet, which provides predictable revenue and cash flow across market conditions.

我對我們的未來仍然非常樂觀。我們的租賃和車隊管理業務繼續採取嚴謹的方法來擴大我們的租賃車隊，從而在市場條件下提供可預測的收入和現金流。

And lastly, I'm pleased to report an increase of our quarterly dividend by nearly 7% to $0.32 per share. This demonstrates the continued confidence of our Board and leadership in our long-term strategy, affirming our commitment to return value to our shareholders while investing in the business.

最後，我很高興地報告我們的季度股息增加了近 7%，達到每股 0.32 美元。這表明我們的董事會和領導層對我們的長期策略持續充滿信心，肯定了我們在投資業務的同時為股東帶來回報的承諾。

And with that, I'll turn the call over to Brian, who will discuss our operating activities in greater detail.

說完這些，我將把電話轉給布萊恩，他將更詳細地討論我們的經營活動。

Thanks, Lorie, and good afternoon. In Q2, we delivered 5,500 new railcars in a healthy manufacturing gross margin of 13.6%. While our mix had a similar profile to Q1 margins, were modestly lower due to production changes and the costs associated with closing a facility in Europe. I am pleased with the focus and performance of the manufacturing business over the last several quarters.

謝謝，洛里，下午好。第二季度，我們交付了 5,500 輛新軌道車，製造毛利率達到 13.6%。雖然我們的組合與第一季的利潤率相似，但由於生產變化和關閉歐洲工廠的相關成本，利潤率略低。我對過去幾季製造業務的重點和表現感到滿意。

The leasing team continues to perform well. The size of Greenbrier's lease fleet was effectively unchanged from the prior quarter, reflecting the timing of additions to the fleet as well as the disciplined nature of our approach. Our intention to invest up to $300 million annually on a net basis remains unchanged, provided that the railcar fleet additions meet our return criteria.

租賃團隊持續表現良好。Greenbrier 租賃船隊的規模與上一季相比基本保持不變，這反映了船隊增加的時機以及我們嚴謹的經營方式。只要增加的鐵路車輛數量符合我們的回報標準，我們每年淨投資高達 3 億美元的意圖保持不變。

Recurring revenue reached $157 million over the last four quarters, representing 39% growth from our starting point just two years ago. Customers are holding on to leased railcars and lease renewals and rate increases continue to be strong. We entered fiscal 2025 with about 10% of our leases up for renewal and successfully renewed more than half of those in the first two quarters.

過去四個季度，經常性收入達到 1.57 億美元，比兩年前的起點成長了 39%。客戶仍在繼續租用火車車廂，租約續約和費率上漲勢頭持續強勁。進入 2025 財年，我們約有 10% 的租約需要續約，並在前兩個季度成功續約了其中一半以上的租約。

Given the ongoing strength in the leasing market, we are confident that we will successfully renew or remarket the balance of these units. We expect leasing fundamentals to remain strong this year because of limited equipment supply and builder production discipline.

鑑於租賃市場的持續強勁，我們有信心成功續租或重新銷售這些剩餘的單位。由於設備供應有限和建築商生產紀律，我們預計今年租賃基本面將保持強勁。

We syndicated 800 units in the quarter, generating good liquidity and margins. And we expect syndication activity to accelerate in the back half of the year. The timing of syndication activity is primarily tied to customer delivery requirements and production scheduling.

我們在本季聯合發行了 800 個單位，產生了良好的流動性和利潤率。我們預計，今年下半年聯合活動將會加速。聯合活動的時間主要與客戶交付要求和生產計劃相關。

Turning to the new railcar market, Greenbrier secured orders of 3,100 units, worth nearly $400 million in the quarter. Our pipeline remains robust, but inquiries have been slow to translate into orders as customers have been waiting clarity on US trade policy. With some clarity now established, we are talking with customers about the rail equipment needs in this environment. Railcar users and owners are experiencing a range of impacts from negligible to significant.

轉向新軌道車輛市場，Greenbrier 本季獲得 3,100 輛訂單，價值近 4 億美元。我們的管道依然強勁，但由於客戶一直在等待美國貿易政策的明朗，詢價轉換為訂單的速度很慢。現在我們已經確定了一些明確的目標，我們正在與客戶討論這種環境下的鐵路設備需求。軌道車輛使用者和車主正在經歷一系列影響，從微不足道到重大不等。

As we manage through this transition, Greenbrier is doing what we have always done in uncertain times, listening. We are actively listening to our customers, our suppliers and everyone in the value chain. Greenbrier's history demonstrates that when we listen to our business partners and work collaboratively to accommodate their needs, we emerge stronger.

在我們度過這段過渡期的過程中，Greenbrier 正在做我們在不確定時期一直在做的事情，傾聽。我們積極傾聽客戶、供應商以及價值鏈中每個人的意見。Greenbrier 的歷史表明，當我們傾聽業務合作夥伴的意見並共同努力滿足他們的需求時，我們就會變得更加強大。

In the meantime, our global backlog remains strong at 20,400 units with an estimated value of $2.6 billion, providing significant revenue visibility and allowing us to manage our production rates in lines efficiently. The maintenance market is expected to remain solid this year and next. Programmatic railcar restoration activity that isn't included in our backlog will become a more meaningful contributor to our results over the next two years as the industry faces peak tank car requalifications.

同時，我們的全球積壓訂單仍然強勁，達到 20,400 台，估計價值 26 億美元，這提供了顯著的收入可見性，並使我們能夠有效地管理生產線的生產力。預計今年和明年維修市場將保持穩健。隨著行業面臨油罐車重新認證的高峰，未包括在我們的積壓工作中的計劃性軌道車輛修復活動將在未來兩年內對我們的業績做出更有意義的貢獻。

In fiscal 2025, we will perform these activities on several thousand units and expect requalifications to continue at a healthy pace for the next few years. These activities are not just accretive to Greenbrier, they allow us to utilize our capacity efficiently. Railcar restoration and requalification work can be performed at either our manufacturing facilities or our maintenance locations depending on various factors. This provides us significant flexibility to maximize the use of our existing footprint.

在 2025 財年，我們將在數千個單位開展這些活動，並預計未來幾年重新認證將繼續以健康的速度進行。這些活動不僅為 Greenbrier 帶來了增值，還使我們能夠有效地利用我們的產能。根據各種因素，軌道車輛修復和重新鑑定工作可以在我們的製造工廠或維修地點進行。這為我們提供了極大的靈活性，可以最大限度地利用我們現有的空間。

I would also highlight that the average age of the North American fleet is over 20 years, the highest level in a decade. This speaks to both the need for maintenance services for older railcars and the potential demand for new railcars that is suppressed in the market today.

我還要強調的是，北美船隊的平均船齡超過20年，是十年來的最高水準。這不僅顯示了對舊軌道車維修服務的需求，也顯示了目前市場對新軌道車的潛在需求受到抑制。

In Europe, the change in US foreign policy has galvanized European leaders to commit to a significant expansion in defense and infrastructure spending. We remain confident in the medium- and long-term prospects for the European economic recovery and the freight rail industry that will be needed to support it.

在歐洲，美國外交政策的變化促使歐洲領導人承諾大幅增加國防和基礎設施支出。我們對歐洲經濟復甦以及支撐歐洲經濟復甦所需的貨運鐵路產業的中長期前景仍然充滿信心。

In Brazil, we observed an increase in demand that aligns with our expectations as customers finalize infrastructure investments and transition to purchasing railcars. Brazil stands to benefit from US tariff activity as trading routes are reordered and we expect benefits to the freight rail sector.

在巴西，隨著客戶完成基礎設施投資並轉向購買鐵路車輛，我們觀察到需求的成長符合我們的預期。隨著貿易路線的重新調整，巴西將從美國關稅活動中受益，我們預計貨運鐵路產業也將從中受益。

Additionally, the Brazilian government has increased the import tax from 11.2% to 30% for all railcars produced outside of Brazil, creating a significant barrier of entry of foreign products. Overall, we expect to navigate short-term market weakness and deliver strong performance as Greenbrier continues to successfully implement its strategic plan.

此外，巴西政府還將所有在巴西境外生產的軌道車輛的進口稅從 11.2% 提高到 30%，對外國產品的進入設置了巨大的障礙。總體而言，隨著 Greenbrier 繼續成功實施其戰略計劃，我們預計該公司將克服短期市場疲軟並取得強勁業績。

And with that, I'll hand the call over to Michael.

說完這些，我就把電話交給麥可。

Thank you, Brian. I will cover our second quarter financial highlights and key drivers as well as update the fiscal year 2025 guidance. As Justin mentioned, you can find our earnings release and supplemental slides on our website.

謝謝你，布萊恩。我將介紹我們第二季的財務亮點和關鍵驅動因素，並更新 2025 財年的指引。正如賈斯汀所提到的，您可以在我們的網站上找到我們的收益報告和補充幻燈片。

I'm pleased with our financial results in the second quarter as we delivered strong performance and continue to focus on our operating efficiency. We've made meaningful improvements across the business and have been building on our operating momentum.

我對第二季的財務表現感到滿意，因為我們表現強勁，並繼續關注我們的營運效率。我們在整個業務領域取得了有意義的進步，並不斷增強我們的營運動能。

On a year-over-year basis, second quarter core operating earnings and net income have grown 42% and 68%, respectively, reflecting the strength and successful execution of our strategic plan. Greenbrier remains in a strong financial position.

與去年同期相比，第二季核心營業收入和淨收入分別成長了 42% 和 68%，反映了我們策略計畫的強勁和成功執行。格林布賴爾的財務狀況依然強勁。

Revenue in the quarter of $762 million was in line with our expectations. Deliveries of 5,500 new railcars reflect sequential decreases in North America and Europe, resulting from the timing of syndication activities and production changes. We expect deliveries to remain at this level with the midpoint of our guidance, averaging around 5,500 units per quarter during the second half of the year.

本季營收 7.62 億美元符合我們的預期。5,500 輛新火車車廂的交付量反映出北美和歐洲的環比下降，這是由於聯合活動和生產變化的時間表造成的。我們預計交付量將保持在這一水平，與我們的指導中位數一致，即下半年每季平均交付量約為 5,500 輛。

With a favorable product mix, our continued focus on maximizing operating efficiency while growing our leasing business, aggregate gross margin remained strong at 18.2%. These improvements were partially offset by a $2 million impact related to our European footprint rationalization. Operating income reached nearly $84 million or 11% of revenue, although it was reduced by over $6 million in European footprint rationalization costs.

憑藉良好的產品組合，我們繼續專注於最大化營運效率，同時發展租賃業務，總毛利率保持強勁，達到 18.2%。這些改進被我們歐洲足跡合理化帶來的 200 萬美元影響部分抵消。營業收入達到近 8,400 萬美元，佔收入的 11%，儘管歐洲佈局合理化成本減少了 600 多萬美元。

Our tax rate of 32% was higher than anticipated due to discrete items related to the Mexican peso. Excluding the impact of European facility rationalization costs, core diluted EPS was $1.69. It's worth noting that diluted EPS this quarter also includes approximately 900,000 shares related to our 2028 convertible debt. Our average share price exceeded the $55 strike price, causing additional shares to be included in the diluted share count, an impact of $0.04 per share. And finally, we generated core EBITDA of $124 million or 16.3% of revenue.

由於與墨西哥比索相關的單項項目，我們的稅率為 32%，高於預期。不計歐洲設施合理化成本的影響，核心稀釋每股收益為 1.69 美元。值得注意的是，本季稀釋每股收益還包括與我們 2028 年可轉換債務相關的約 90 萬股。我們的平均股價超過了 55 美元的執行價格，導致額外的股票被計入稀釋股數，影響為每股 0.04 美元。最後，我們的核心 EBITDA 為 1.24 億美元，佔營收的 16.3%。

For the 12 months ending February 28, 2025, our return on invested capital, ROIC, was 12.4%, marking a 120 basis points sequential increase and within our 2026 target range of 10% to 14% that was announced two years ago. The continuing improvement in ROIC reflects the enhanced operating and capital efficiency generated by the execution of our Better Together strategy.

截至 2025 年 2 月 28 日的 12 個月，我們的投資資本回報率 (ROIC) 為 12.4%，環比增長 120 個基點，且處於我們兩年前宣布的 2026 年目標範圍 10% 至 14% 之內。投資資本報酬率的持續改善反映了我們實施「攜手共進」策略所帶來的營運和資本效率的提升。

Moving on to our balance sheet. Greenbrier's liquidity grew $203 million from our previous quarter to over $750 million. This consisted of $264 million in cash and $488 million in available borrowing capacity. We generated approximately $94 million in operating cash flow for the quarter, driven by strong operating performance and working capital efficiencies. As we look towards the remainder of the fiscal year, we expect liquidity to continue to increase, driven by strong operating results, working capital efficiency, and increased borrowing capacity.

繼續我們的資產負債表。Greenbrier 的流動資金較上一季成長了 2.03 億美元，達到 7.5 億美元以上。其中包括 2.64 億美元現金和 4.88 億美元的可用借貸能力。由於強勁的營運業績和營運資本效率，本季我們產生了約 9,400 萬美元的營運現金流。展望本財年剩餘時間，我們預期流動性將持續增加，這得益於強勁的經營績效、營運資金效率及借貸能力的提升。

Switching to capital allocation. We remain disciplined and committed to returning capital to shareholders through a combination of dividends and share buybacks. Greenbrier's Board of Directors approved a dividend increase from $0.30 a share to $0.32 a share, representing a 7% increase. This is our 44th consecutive quarterly dividend and is a direct reflection of the confidence we have in our business.

轉向資本配置。我們堅持紀律，致力於透過股利和股票回購等方式向股東返還資本。Greenbrier 董事會批准將股息從每股 0.30 美元增加到每股 0.32 美元，增幅為 7%。這是我們連續第 44 次派發季度股息，直接反映了我們對業務的信心。

Additionally, we have $100 million remaining in our share repurchase authorization. We remain committed to creating long-term shareholder value and will continue to utilize this capacity opportunistically and within a framework of our broader capital allocation strategy.

此外，我們的股票回購授權還剩餘 1 億美元。我們仍然致力於創造長期股東價值，並將繼續在更廣泛的資本配置策略框架內抓住機會利用這項能力。

Finally, we are updating our guidance for fiscal 2025. We are raising aggregate gross margin percent, 100 basis points to the range of 17% to 17.5% from the 16% to 16.5% initially provided. We are also raising operating margin percent 100 basis points to a range of 10.2% to 10.7% from original range of 9.2% to 9.7%. New railcar delivery guidance has narrowed to a range of 21,500 units to 23,500 units.

最後，我們正在更新 2025 財年的指導。我們將總毛利率百分比從最初提供的 16% 至 16.5% 提高 100 個基點至 17% 至 17.5% 的範圍。我們也將營業利潤率從原來的 9.2% 至 9.7% 提高 100 個基點至 10.2% 至 10.7% 之間。新列車交付指示已縮小至 21,500 輛至 23,500 輛的範圍。

Revenue is expected to be between $3.15 billion to $3.35 billion. The revenue and delivery adjustments are primarily a result of our facility rationalization in Europe and production changes in North America.

預計收入在 31.5 億美元至 33.5 億美元之間。收入和交付調整主要是由於我們在歐洲的設施合理化和北美的生產變化。

Investments in manufacturing are expected at $120 million. Gross investment in leasing has been reduced to $300 million and partially offset by proceeds of equipment sales of $60 million. Updated guidance reflects better visibility into our mix and disposition of our production plan for the second half of fiscal 2025.

預計製造業投資為1.2億美元。租賃總投資已減少至 3 億美元，並被 6,000 萬美元的設備銷售收益部分抵銷。更新後的指引反映了我們對 2025 財年下半年生產計畫組合和處置的更清晰認識。

In conclusion, I'm very pleased with our second quarter results as we continue to execute our strategy, control what we can control, drive operating efficiencies and balance our capital allocation, ensuring value creation for our shareholders. Our outlook for fiscal 2025 remains positive, and I'm confident in our ability to continue executing our strategy.

總而言之，我對第二季的業績非常滿意，因為我們繼續執行我們的策略，控制我們能控制的，提高營運效率，平衡我們的資本配置，確保為我們的股東創造價值。我們對 2025 財年的前景依然樂觀，我對我們繼續執行策略的能力充滿信心。

Now we'll open it up for questions.

現在我們開始提問。

(Operator Instructions)

（操作員指示）

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Brian, Michael and Lorie and Justin congrats on 19 years. Can you talk a little bit about the downshift in the production? Is that solely -- it sounded like, Lorie, you were saying it's not due to the closure in Europe, you can maintain that. Is that is that shift down to 5,000 units in the back half of the year quarterly? Is that just due to decreased demand? I just want to understand what the message on the lower the units increased the margin opportunity is?

布萊恩、麥可、洛里和賈斯汀祝賀你們結婚 19 週年。能稍微談談生產中的降檔嗎？這只是——聽起來，洛里，你說這不是由於歐洲的關閉，你可以堅持這一點。這是否意味著下半年季度產量將下降至 5,000 台？這只是因為需求下降嗎？我只是想了解一下關於單位越低，利潤機會就越大的資訊是什麼？

Sure, Ken. And sorry, I thought was a little bit confusing. So there will be a short-term impact on our deliveries out of Europe, which is reducing our expectation for the second half of 2025. We are also adjusting some of our production rates or lines here in North America based on as we manage our backlog and collaborate with our customers on when they need deliveries. And so that's another adjustment to the second half delivery expectations.

當然，肯。抱歉，我覺得有點令人困惑。因此，這將對我們在歐洲以外的交付產生短期影響，從而降低我們對 2025 年下半年的預期。我們也根據管理積壓訂單的情況以及與客戶就交貨時間進行合作的情況，調整了北美部分生產力或生產線。這是對下半年交付預期的另一項調整。

That said, as you mentioned, we are increasing our aggregate gross margin and our operating margin expectations. So this is part of what our focus has been is to drive more through to the bottom line in a variety of markets.

也就是說，正如您所提到的，我們正在提高我們的總毛利率和營業利潤率預期。因此，我們的重點之一就是在各種市場中實現更大的利潤。

Wonderful. I mean, great job. I mean you definitely talked about the insourcing and executing on that. So I guess, just maybe switching over to the leasing for a second. Can you talk about the -- well, on the production, any -- is there -- I think you opened up with comments about the tariffs.

精彩的。我的意思是，幹得好。我的意思是，您肯定談到了內部採購及其執行。所以我想，也許可以暫時轉向租賃。您能談談——嗯，關於生產，任何——有——我想您已經開始評論關稅了。

Is there something we should expect in terms of costs? I know it's a full pass-through in terms of if you're shifting from Europe to Mexico. I guess, is there any impact on tariffs? And then any impact on the falling rates on the returns for leasing?

在成本方面我們應該預期什麼嗎？我知道，如果你從歐洲轉移到墨西哥，這是一個完全的直通過程。我猜這對關稅有影響嗎？那麼利率下降對租賃報酬有什麼影響嗎？

So I'll let Brian speak to kind of what he's seeing from a pricing perspective on our leasing. We are not shifting anything. So our European facilities produce equipment primarily for the Western European market. We are not transferring anything from Europe over to North America.

因此，我將讓布萊恩從定價的角度談談他對我們的租賃的看法。我們不會改變任何事。因此，我們的歐洲工廠主要為西歐市場生產設備。我們不會將任何東西從歐洲轉移到北美。

When I think about North America and I think about the tariffs, just to reinforce, we are not subject to tariffs because we're USMCA compliant. But certainly, the uncertainty in the market is being a headwind to demand around for some of our customers, particularly as they think through how this might impact traffic patterns.

當我想到北美並想到關稅時，需要強調的是，我們不受關稅約束，因為我們符合 USMCA 規定。但毫無疑問，市場的不確定性對我們的一些客戶的需求構成了阻力，特別是當他們考慮到這將如何影響交通模式時。

As you mentioned, we've navigated escalations and tariffs in the past, and our contracts do include pass-through language. That said, we'll continue to work with our customers to navigate and mitigate any impacts from tariffs.

正如您所提到的，我們過去曾處理過升級和關稅問題，我們的合約確實包含了傳遞語言。儘管如此，我們將繼續與客戶合作，以應對並減輕關稅帶來的影響。

Yeah. Ken, I'll jump in and address the leasing second, but I just want to hit off what Lorie just said is at the end of the day, we don't expect really any negative tariff implication on any of the pricing in the backlog. Obviously, we're going to work with our customers to the extent it makes sense, but we have plenty of tools in the toolkit that protect us from the downside.

是的。肯，我先來談談租賃問題，但我只是想接著洛里剛才說的，歸根結底，我們預計積壓的任何定價都不會受到任何負面關稅影響。顯然，我們將在合理的範圍內與客戶合作，但我們的工具箱中有足夠的工具來保護我們免受不利因素的影響。

On the leasing, there's an interesting opportunity as interest rates fall. And as we watch spreads, we will react accordingly. But keep in mind that all of our debt on our leasing fleet is fixed at this point. So that provides kind of a floor, but we do have some options, some call options where we could take advantage of the market should it present itself.

在租賃方面，隨著利率下降，出現了一個有趣的機會。當我們觀察價差時，我們會做出相應的反應。但請記住，我們租賃車隊的所有債務目前都已固定。因此，這提供了一種底線，但我們確實有一些選擇，一些看漲期權，如果市場出現的話，我們可以利用這些選擇。

As far as rates themselves go, we have seen kind of a leveling at very high levels. We don't see any retraction at this point. I think you see that from a lot of the other leasing companies as well, that lease rates and discipline around lease rates are holding quite well, in fact.

就利率本身而言，我們已經看到利率在非常高的水平上趨於平穩。目前我們還沒有看到任何撤退。我想您也可以從許多其他租賃公司看到這一點，事實上，租賃利率和租賃利率紀律都保持得相當好。

Just -- I don't want to dominate, but just a quick follow-up there. You mentioned the pricing on the new build is holding steady. I just want to understand because the -- I guess the average sell price just looking at the $400 million and the $3.1 billion in backlog, it seems to be -- I'm sorry, 3,100 new cars added, would be about 129,000 ASP per car, which would be down 6% sequentially. So you're saying that, that is just solely mix and not anything on price?

只是——我不想佔據主導地位，只是想快速跟進。您提到新建房屋的定價保持穩定。我只是想了解一下，因為——我猜平均售價只要看 4 億美元和 31 億美元的積壓訂單，似乎是——抱歉，增加 3,100 輛新車，每輛車的平均售價約為 129,000 美元，比上一季下降 6%。所以您的意思是，這只是單純的混合，與價格無關？

Yeah. It truly is, Ken. You saw a big buildup of auto as auto was coming out of COVID, that is kind of retracted with some of this tariff discussion. But what's happened is we've seen a shift really to a lot of the domestic tech products. So we've seen a lot of orders and inquiries around coiled steel cars, gondolas for scrap, pipe cars for hauling pipe for the drill initiative that's going on in the US, petrochemical tanks, really tanks of all description. So you're kind of moving from that big auto car kind of into more of your tank car guns and hoppers.

是的。確實如此，肯。隨著汽車業擺脫新冠疫情的影響，我們看到汽車銷量大幅增長，但這一增長因部分關稅討論而有所回落。但事實上，我們看到許多國內科技產品確實發生了轉變。因此，我們看到了很多有關盤繞鋼車、廢鋼敞車、用於運輸美國正在進行的鑽探計劃的管道的管道車、石化儲罐以及各種儲罐的訂單和詢價。因此，您就從那種大型汽車轉向了更多配備槍支和漏斗的坦克車。

Harrison Bauer, Susquehanna.

哈里森鮑爾，薩斯奎漢納。

Great. Your working capital investment in leased railcars held for syndication rose each of the last two quarters. How are your customers in the syndication channel reacting to this uncertain environment? And how much visibility do you have into syndication sales over the next few quarters?

偉大的。在過去兩個季度中，你們為聯合經營而租賃的鐵路車輛的營運資本投資均有所增加。聯合通路中的客戶對這種不確定的環境有何反應？您對未來幾季的聯合銷售情況有多少了解？

Yeah. So I'll take the first part, and I don't know, Michael or Lorie if you guys want to jump in. It's Brian, Harrison. So the syndication market continues to be very robust and liquid. We've got a number of transactions that are teed up, one of which was delayed by about two weeks is only because of some of their funding on the back end, but we have plenty of partners in place that are still wanting these good long-lived good return assets.

是的。因此我將選擇第一部分，我不知道 Michael 或 Lorie 是否想加入。我是布萊恩，哈里森。因此，銀團市場持續保持強勁和流動性。我們已經準備好了多筆交易，其中有一筆交易被推遲了大約兩週，只是因為他們的部分後端資金問題，但我們有很多合作夥伴仍然想要這些長期且回報豐厚的優質資產。

And you said exactly what I was going to say, Brian. I mean the -- our investors, our syndication partners, they look at these assets. These are 40 to 50 year lived assets, and they're coming with a lease that is long term in nature as well. So they look past anything that might be happening in the current environment. .

布萊恩，你說出了我想說的話。我的意思是──我們的投資人、我們的共同合作夥伴，他們會關注這些資產。這些資產的使用壽命為 40 至 50 年，並且附帶長期租約。因此他們忽略了當前環境下可能發生的任何事情。。

Hey, Harrison, this is Justin. Real quick is, it also comes down to timing of when we actually build the cars. So you have kind of churn intra-quarter and then you build the cars, but we also are not going to be selling cars like partway through a schedule or partly through a job. So it really is just timing. There is no change there, and we continue to see a very liquid market with strong appetite for good leases.

嘿，哈里森，我是賈斯汀。很快，這也取決於我們實際製造汽車的時間。因此，你會在季度內進行某種程度的流失，然後製造汽車，但我們也不會在計劃進行到一半或工作完成到一半時出售汽車。所以這其實只是時間問題。那裡沒有變化，我們繼續看到一個流動性很強的市場，對優質租賃的需求旺盛。

Great. And maybe on the secondary market, more broadly and how that's behaving. Anything specific on the price of lease attached cars, market depth, and liquidity that would be helpful.

偉大的。或許從更廣的角度來看二級市場的表現如何。關於租賃汽車的價格、市場深度和流動性的任何具體資訊都會有所幫助。

Yes. The secondary market continues to be very strong. We -- I think I addressed in my opening remarks that we had about 10% of our fleet. We've got 55% of that renewed already. And everything that we're looking at right now in the queue, we've got good, strong renewal interest rates are holding well. We're not seeing much degradation at all. So I feel very confident.

是的。二級市場持續表現強勁。我們——我想我在開場白中提到過，我們擁有大約 10% 的艦隊。其中 55% 已經續簽。我們目前正在關注的所有事項，都獲得了良好、強勁的續約利率，並且保持良好狀態。我們根本沒有看到太多的退化。所以我感到非常有信心。

And again, you think about it, the fleet is really compressed over the last few years since COVID. I think we're down a couple of hundred thousand cars from the national total. We're under 1 million, and we used to be over 1.1 million to 1.2 million cars. I think we're around 900,000. So the fleet is really tight, is my point, and it's getting older. So it's -- I think it bodes well for both new originations as well as renewals on the existing fleet.

再想想，自新冠疫情以來，過去幾年船隊規模確實受到了壓縮。我認為我們的汽車數量比全國總數少了幾十萬輛。我們現在的保有量不到 100 萬輛，以前是 110 萬到 120 萬輛。我認為我們大約有90萬。所以我的意思是，艦隊真的很緊張，而且正在老化。所以，我認為這對新飛機的推出以及現有飛機的更新來說都是一個好兆頭。

Ken Hoexter, Bank of America.

美國銀行的肯‧霍克斯特 (Ken Hoexter)。

Just want to squeeze a follow-up in. In the release, you kind of lowered CapEx. Can you maybe talk a little bit about what's being pulled out?

只是想擠出一點時間跟進。在發布中，您降低了資本支出。您能否稍微談談被撤出的情況？

Yeah, I can. This is Michael. We've got better visibility to the back half of the year. It's really just having a good idea of what our production schedule looks like and what we're going to do from a syndication standpoint. So I wouldn't read anything into that. We're still very, very much investing in the lease fleet and continue to kind of move forward with that.

是的，我可以。這是邁克爾。我們對下半年的前景有了更好的了解。這實際上只是對我們的生產計劃以及從聯合組織的角度我們要做什麼有一個很好的想法。所以我不會對此做任何解讀。我們仍在大力投資租賃機隊，並將繼續推進這項進程。

Okay. So the lease fleet stays at the $300 million and so it's just pulling out of manufacturing?

好的。那麼租賃機隊的價值仍維持在 3 億美元，它只是退出了製造業嗎？

No. We are pulling back a little bit on what we're investing in lease fleet this fiscal year. But again, that's timing associated with when cars are being produced and when they get capitalized onto the balance sheet. Our stated goal is up to $300 million.

不。本財年，我們將稍微減少對租賃車隊的投資。但同樣，這與汽車的生產時間和將其計入資產負債表的時間有關。我們的既定目標是達到 3 億美元。

So it may vary depending on the environment and what the mix looks like in the portfolio that we have on our balance sheet. As Brian has said many times, we're taking a very disciplined approach, making certain that we're not getting overweight in any particular car type or with any particular customer or commodity that we're exposed to.

因此，它可能會根據環境以及我們資產負債表上的投資組合情況而有所不同。正如布萊恩多次說過的那樣，我們採取了一種非常嚴謹的方法，確保我們不會在任何特定車型、任何特定客戶或商品上投入過多。

That concludes our question-and-answer session. I would like to turn the conference back over to Mr. Justin Roberts for any closing remarks.

我們的問答環節到此結束。我想將會議交還給賈斯汀·羅伯茨先生，請他作最後發言。

Thank you very much for your time today. If you have any follow-up questions, please e-mail InvestorRelations@gbrx.com. Thanks, and have a good evening.

非常感謝您今天抽出時間。如果您有任何後續問題，請發送電子郵件至 InvestorRelations@gbrx.com。謝謝，祝您晚上愉快。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。