Herc Holdings Inc (HRI) 2023 Q4 法說會逐字稿

Good morning. My name is Brianna, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Herc Holdings, Inc fourth-quarter and full year 2023 earnings call. Please note that this call is being recorded. (Operator Instructions)

早安.我叫布麗安娜，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Herc Holdings, Inc 第四季和 2023 年全年財報電話會議。請注意，此通話正在錄音。（操作員說明）

I will now turn the call over to Leslie Hunziker, you may begin your conference.

我現在將把電話轉給 Leslie Hunziker，您可以開始會議了。

Thank you, operator, and good morning, everyone. Welcome to Herc Rentals' fourth-quarter 2023 earnings conference call and webcast. Earlier today, our press release and presentation slides were furnished, and our 10-K was filed with the SEC. All are posted on the events page of our IR website.

謝謝接線員，大家早安。歡迎參加 Herc Rentals 的 2023 年第四季財報電話會議和網路廣播。今天早些時候，我們已提供新聞稿和簡報幻燈片，並且我們的 10-K 已向 SEC 備案。所有內容均發佈在我們 IR 網站的活動頁面上。

Today, we're reviewing our fourth-quarter and full year 2023 results with comments on operations and our financials, including our view of the industry and our strategic outlook. The prepared remarks will be followed by an open Q&A. Now let's move on to our Safe Harbor and GAAP reconciliations on slide 3.

今天，我們正在回顧第四季度和 2023 年全年業績，並對營運和財務狀況發表評論，包括我們對行業的看法和策略展望。準備好的發言之後將進行公開問答。現在讓我們繼續討論投影片 3 上的安全港和 GAAP 調整表。

Today's call will include forward-looking statements. These statements are based on the environment as we see it today and therefore involve risks and uncertainties. I would caution you that our actual results could differ materially from the forward-looking statements made on this call. You should also refer to the Risk Factors section of our annual report on Form 10-K for the year ended December 31, 2023.

今天的電話會議將包括前瞻性陳述。這些陳述是基於我們今天所看到的環境，因此涉及風險和不確定性。我想提醒您，我們的實際結果可能與本次電話會議中所做的前瞻性陳述有重大差異。您也應該參閱我們截至 2023 年 12 月 31 日的年度 10-K 表格年度報告的風險因素部分。

In addition, to the financial results presented on a GAAP basis, we will be discussing non-GAAP information that we believe is useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures to the closest GAAP equivalent can be found in the conference call materials. A replay of this call can be accessed via dial-in or through the webcast on our website. Replay instructions were included in our earnings release this morning. We have not given permission for any other recording of this call and do not approve or sanction any transcribing of the call.

此外，除了以 GAAP 基礎呈現的財務業績外，我們還將討論我們認為有助於評估公司經營業績的非 GAAP 資訊。這些非 GAAP 指標與最接近的 GAAP 同等指標的對帳可以在電話會議資料中找到。您可以透過撥入或透過我們網站上的網路廣播來觀看本次通話的重播。今天早上我們發布的財報中包含了重播說明。我們尚未允許對本次通話進行任何其他錄音，也不批准或批准對本次通話進行任何轉錄。

Finally, please mark your calendars to join our management meetings at three conferences this quarter, JP Morgan titled conference on February 27 in Miami, Evercore's Industrial Conference in New York on March 5, and Bank of America's Industrial Conference in London on March 20. This morning, I'm joined by Larry Silber, President and Chief Executive Officer; Aaron Birnbaum, Senior Vice President and Chief Operating Officer; and Mark Humphrey, Senior Vice President and Chief Financial Officer. I'll now turn the call over to Larry.

最後，請標記您的日曆，參加本季三場會議的管理會議，摩根大通主題會議於2 月27 日在邁阿密舉行，Evercore 工業會議於3 月5 日在紐約舉行，美國銀行工業會議於3 月20 日在倫敦舉行。今天早上，總裁兼執行長 Larry Silber 也加入了我的行列。 Aaron Birnbaum，資深副總裁兼營運長；馬克‧漢弗萊 (Mark Humphrey)，資深副總裁兼財務長。我現在將電話轉給拉里。

Thank you, Leslie, and good morning, everyone. Please turn to slide number 4. 2023 was another year of double-digit growth for Herc Rentals. We delivered record level financial performance across the board.

謝謝你，萊斯利，大家早安。請前往第 4 張投影片。2023 年是 Herc Rentals 又實現兩位數成長的一年。我們全面實現了創紀錄水準的財務表現。

Equipment rental revenue grew 12% on top of 34% growth in 2022, strong pricing of nearly 7% supported the record top line performance and more than offset inflationary pressure. Demand remains resilient and our diverse end market mix sets us up to take advantage of the most robust sector opportunities like data centers, energy, semiconductors, transportation, healthcare, and education, to name just a few.

設備租賃收入在 2022 年增長 34% 的基礎上增長了 12%，近 7% 的強勁定價支撐了創紀錄的營收業績，並抵消了通膨壓力。需求保持彈性，我們多元化的終端市場組合使我們能夠利用資料中心、能源、半導體、交通、醫療保健和教育等最強勁的行業機會。

The diversification was important in 2023 as the shutdown of the studio entertainment business that resulted from the prolonged writers and actors strikes had an adverse impact on rental revenues. In fact, excluding our Cinelease studio entertainment business, rental revenue would have been up 16% year over year.

多元化在 2023 年非常重要，因為編劇和演員長期罷工導致工作室娛樂業務關閉，對租金收入產生了不利影響。事實上，如果不包括我們的 Cinelease 工作室娛樂業務，租賃收入將年增 16%。

By capturing an outsized share of market volume and focusing on rate growth and operating efficiencies, adjusted EBITDA hit a record high. Increasing 18% over the prior year or 24% when you exclude Cinelease. Reported adjusted EBITDA margin in 2023 was impacted by substantially more lower margin used fleet sales.

透過佔據巨大的市場份額並專注於成長率和營運效率，調整後的 EBITDA 創下了歷史新高。比前一年增加 18%，如果排除 Cinelease，則增加 24%。報告的 2023 年調整後 EBITDA 利潤率受到二手車隊銷售利潤率大幅下降的影響。

Fleet disposals, I'd only say increased more than 150% in 2023 compared with 2022. As the supply chain recovered in the first half of 2023 and back order of new fleet became available, we finally were able to begin rotating out of our oldest equipment.

我只想說，與 2022 年相比，2023 年的艦隊處置量增加了 150% 以上。隨著供應鏈在 2023 年上半年恢復，並且新機隊的延期訂單變得可用，我們終於能夠開始輪換最舊的設備。

If we exclude Cinelease, adjusted EBITDA margin would have been 10 basis points higher year over year. Similarly, Cinelease represented a drag on ROIC of about 130 basis points in 2023. In October, you'll recall we announced plans to explore strategic alternatives for Cinelease. There's not a lot to share until the transaction is complete, but the process is underway and moving along the normal course.

如果我們排除 Cinelease，調整後的 EBITDA 利潤率將比去年同期高出 10 個基點。同樣，Cinelease 對 2023 年投資報酬率的拖累約為 130 個基點。10 月份，您可能還記得我們宣布了探索 Cinelease 戰略替代方案的計劃。在交易完成之前，沒有太多可以分享的內容，但整個過程正在進行中，並沿著正常的軌道進行。

Now on slide number 5, you can see that the successful execution of our growth strategies contributed to our outsized performance relative to the overall industry last year. As we continue to scale our business for sustainable growth. We invested in expanding our branch network by completing 12 strategic acquisitions with 21 locations and additionally, opening up 21 greenfield locations in key markets in 2023.

現在在第 5 張投影片上，您可以看到我們成長策略的成功執行為我們去年相對於整個產業的超額表現做出了貢獻。隨著我們不斷擴大業務規模以實現永續成長。我們投資擴大了分行網絡，完成了 12 項策略性收購，涵蓋 21 個分支機構，並於 2023 年在主要市場開設了 21 個新建分支機構。

We also invested in our high-margin ProSolutions fleet to address growing demand, capture and cross-selling synergies, and support new specialty locations. And our innovative customer-facing digital capabilities were the catalyst to several new project wins last year, especially at the national account level.

我們還投資了高利潤的 ProSolutions 車隊，以滿足不斷增長的需求，獲取和交叉銷售協同效應，並支持新的專業地點。我們面向客戶的創新數位能力是去年贏得多個新專案的催化劑，特別是在國民帳戶層面。

In the fourth quarter, we conducted our annual culture and engagement survey. The results reflected an improvement in our Employee Net Promoter Score that moves us further into the top tier benchmark range. This is a metric I look at very closely with our managers. We recognize that our employees are the foundation of our company. They drive our success and high employee satisfaction correlates closely with high customer satisfaction. Finally, between fleet investments, strategic M&A, dividend growth, and opportunistic share repurchases, I'm confident that Herc is allocating capital in the right areas and at the right time.

在第四季度，我們進行了年度文化和參與度調查。結果反映了我們的員工淨推薦值的提高，使我們進一步進入頂級基準範圍。這是我與我們的經理密切關注的指標。我們認識到員工是我們公司的基礎。它們推動我們取得成功，高員工滿意度與高客戶滿意度密切相關。最後，在機隊投資、策略併購、股息成長和機會性股票回購之間，我相信 Herc 正在正確的領域和正確的時間配置資本。

Now let me talk a little about 2024 on slide number 6 and how we're thinking about growth. Today, we're operating from a much stronger position than an any time in our history with better systems and processes, more diverse end markets, a broader portfolio of products, a growing branch network, economies of scale, and a solid balance sheet. As one of the largest equipment rental providers with coverage across North America, our size, resources, and operational excellence are giving us a significant advantage in the marketplace.

現在讓我在 6 號幻燈片上談談 2024 年以及我們如何考慮增長。今天，我們的營運地位比歷史上任何時候都要強大，擁有更好的系統和流程、更多樣化的終端市場、更廣泛的產品組合、不斷增長的分支機構網絡、規模經濟和穩健的資產負債表。作為覆蓋整個北美地區的最大設備租賃提供者之一，我們的規模、資源和卓越營運使我們在市場上擁有顯著的優勢。

Tactically for 2024, we'll continue to capture mega project opportunities, focusing on those that, A, benefit from our existing customer relationships. B, are opportunistic geographically or with potential new customers. And finally, are manageable within our bandwidth, so that we can continue to deliver superior service. We'll also continue to focus on scale and market share growth, expanding our acquisition targets to the top 100 MSAs and opening roughly 30 more greenfields.

從戰術上講，2024 年，我們將繼續抓住大型專案機會，重點關注那些能夠從我們現有客戶關係中受益的專案。B，在地理上或潛在的新客戶中具有機會主義傾向。最後，在我們的頻寬範圍內進行管理，以便我們能夠繼續提供優質的服務。我們也將繼續關注規模和市場份額的成長，將收購目標擴大到前 100 名 MSA，並開設約 30 個新項目。

As our strategies accelerate growth, it's imperative that we remain nimble, innovative, and responsive for our customers. Our new operating system called E3OS, is designed to ensure we're consistently delivering value throughout all areas of the company in a way that differentiates our service in the marketplace. A company-wide rollout plan for E3OS is in place and putting the tools into practice is an important goal for 2024. We'll also continue to shift our channel mix of used equipment sales into the higher return retail market this year, and we'll talk a little bit more about our progress on that front.

隨著我們的策略加速成長，我們必須保持靈活、創新和對客戶的回應。我們的新作業系統稱為 E3OS，旨在確保我們在公司的所有領域中始終如一地提供價值，從而使我們的服務在市場上脫穎而出。全公司範圍內的 E3OS 部署計劃已經到位，將這些工具付諸實踐是 2024 年的重要目標。今年我們也將繼續將二手設備銷售的通路組合轉向更高回報的零售市場，我們將更多地談論我們在這方面的進展。

Finally, fleet efficiency is a high priority for 2024 for our field operations team members who understand the role of continuous improvement and a best-in-class culture. With the disruptions from the film and TV labor strikes and the out of season supply chain deliveries behind us, we see a clear path to delivering margin expansion and ROIC improvement in 2024. The foundation we have built is solid, and we're excited for the opportunities in the year ahead.

最後，對於我們的現場營運團隊成員來說，車隊效率是 2024 年的首要任務，他們了解持續改善和一流文化的角色。隨著電影和電視工人罷工以及供應鏈交付淡季的影響過去，我們看到了 2024 年實現利潤率擴張和投資回報率改善的清晰路徑。我們已經建立了堅實的基礎，我們對未來一年的機會感到興奮。

With that, I'll turn it over to Aaron to take you through the fourth-quarter operating details and provide some of the high-level operational drivers for this year. And then Mark will walk you through the fourth quarter financial metrics and share our targets for 2024. Aaron?

接下來，我將把它交給亞倫，帶您了解第四季度的營運細節，並提供今年的一些高級營運驅動因素。然後 Mark 將引導您了解第四季度的財務指標並分享我們的 2024 年目標。亞倫？

Thanks, Larry, and good morning, everyone. Record fourth quarter results for revenue and adjusted EBITDA served as a great conclusion to a year marked by agile execution, geographic expansion, and new account wins. I'm really proud of the way our team continues to focus on delivering superior products and services for our customers while executing well against our strategic growth initiatives.

謝謝拉里，大家早安。第四季創紀錄的收入和調整後的 EBITDA 為以敏捷執行、地域擴張和新客戶贏得為標誌的一年畫上了圓滿的句號。我對我們的團隊繼續專注於為客戶提供卓越的產品和服務，同時良好地執行我們的策略成長計劃感到非常自豪。

Execution starts with safety, and of course safety is always at the core of everything we do. As you can see on slide 8, our major internal safety program focuses on Perfect Days. We strive for 100% Perfect Days throughout the organization. In 2023 on a branch-by-branch measurement, all of our operations achieved at least 98% of days as perfect. Equally notable, our total recordable incident rate remains better than the industry's benchmark of 1.0, reflecting our high standards and commitment to the safety of our people and customers.

執行從安全開始，當然安全始終是我們所做一切的核心。正如您在幻燈片 8 中看到的，我們的主要內部安全計劃重點關注 Perfect Days。我們努力在整個組織內實現 100% 完美的日子。2023 年，根據逐個分支機構的測量，我們所有的營運都達到了至少 98% 的完美天數。同樣值得注意的是，我們的總可記錄事故率仍然優於行業基準 1.0，反映了我們的高標準以及對員工和客戶安全的承諾。

On slide 9, you can see that we're making great progress on our urban market growth strategy by expanding through greenfield locations and acquisitions. In 2023, we spent $430 million in net cash last year on 12 acquisitions. Four of those transactions came in the fourth quarter where we added seven acquired locations to our network on top of eight greenfield locations. For all of 2023, 42 new locations were opened or acquired, of which 26% were specialty locations, further expanding our high margin offering and solution selling capabilities.

在投影片 9 上，您可以看到我們透過新建地點和收購進行擴張，在城市市場成長策略方面取得了巨大進展。2023 年，我們去年花了 4.3 億美元的淨現金進行了 12 項收購。其中四筆交易發生在第四季度，除了八個新建地點外，我們還在網路中增加了七個收購地點。2023 年全年，我們開設或收購了 42 個新地點，其中 26% 是專業地點，進一步擴大了我們的高利潤產品和解決方案銷售能力。

As you know, we are focused on opportunities in high-growth markets that complement our current branch network and fit our strategic financial and cultural filters. Moreover, many of the mega industrial projects being announced are in the geographies where we have focused our acquisitions and greenfield additions like Texas, Ohio, Arizona, and in the Southeastern United States. Our acquisition process is now a core competency, having successfully integrated 43 businesses with 88 locations into the Herc network.

如您所知，我們專注於高成長市場的機會，這些機會補充我們當前的分支機構網絡並適合我們的策略財務和文化過濾器。此外，正在宣布的許多大型工業項目都位於我們重點收購和新建項目的地區，例如德克薩斯州、俄亥俄州、亞利桑那州和美國東南部。我們的收購流程現已成為核心競爭力，並已成功將 88 個地點的 43 家企業整合到 Herc 網路中。

Since initiating the strategy in late 2020, we have efficiently onboarded these companies, teams, equipment, operations, and customer accounts to rapidly add value to our operations. As a result of revenue synergies, we've been generating synergized multiples of approximately 3.5 to 4.5 times. This gives us confidence as we explore and evaluate new opportunities and a robust pipeline. For 2024, we've earmarked another $500 million for acquisitions.

自 2020 年底啟動該策略以來，我們已有效地吸收這些公司、團隊、設備、營運和客戶帳戶，以快速為我們的營運增加價值。由於收入協同效應，我們的協同倍數約為 3.5 至 4.5 倍。這讓我們在探索和評估新機會和強大的管道時充滿信心。對於 2024 年，我們又預留了 5 億美元用於收購。

On slide 10, in addition to acquisitions, growing our core and specialty fleet through new equipment investments is a key strategy to expanding our share and keeping up with increasing demand opportunities. You can see our fleet composition at OEC on the right side of the page. Total fleet is now a record $6.3 billion as of December 31, 2023.

在投影片 10 上，除了收購之外，透過新設備投資擴大我們的核心和專業機隊是擴大我們的份額並跟上不斷增長的需求機會的關鍵策略。您可以在頁面右側看到我們在 OEC 的機隊組成。截至 2023 年 12 月 31 日，機隊總額現已達到創紀錄的 63 億美元。

Cinelease fleet represents about 5% of the total. So when you exclude the Cinelease assets held for sale, our base fleet would have been about $6 billion at year end. Do note that high-margin specialty fleet represents approximately 24% of the total (technical difficulty). Excluding the Cinelease fleet, specialty makes up about 20% of the total, with plenty of room to continue to grow.

Cinelease 機隊約佔總數的 5%。因此，如果排除 Cinelease 待售資產，到年底我們的基礎機隊價值約為 60 億美元。請注意，高利潤專業機隊約佔總數的 24%（技術難度）。不包括 Cinelease 機隊，專業機種約佔總數的 20%，並且還有很大的持續成長空間。

When it comes to last year's fleet investments, after receiving a significant amount of back ordered fleet in the first half of 2023 as the supply chain recovered. You can see we slowed our intake in the back half, spending just 39% of the total annual investment versus 52% in the second half of 2022. Total fleet expenditures for all of 2023, including deliveries of the 2021 and 2022 back order fleet, we're in line with overall 2022 spending.

就去年的機隊投資而言，隨著供應鏈的恢復，2023 年上半年收到了大量延期交貨的機隊。您可以看到我們在下半年放慢了投入速度，只花了年度投資總額的 39%，而 2022 年下半年為 52%。2023 年全年的機隊總支出（包括 2021 年和 2022 年延期交貨機隊的交付量）與 2022 年總體支出一致。

OEC fleet disposals last year were up 150%, reflecting the supply chain's ability to improve production levels, allowing for more fleet rotation into a healthy used equipment market. The Herc team did an outstanding job of working to close the timing gap between fleet growth and revenue growth last year.

OEC 去年的機隊處置量增加了 150%，反映了供應鏈提高生產水平的能力，允許更多機隊輪換進入健康的二手設備市場。去年，Herc 團隊在縮小機隊成長和收入成長之間的時間差距方面做得非常出色。

For used sales, we continued to gain traction on our retail channel capabilities, utilizing technology training and sales force incentives to participate more in the higher return channel. The amount of fleet at OEC that we sold to retail customers was a record for the company in 2023.

對於二手銷售，我們持續增強零售通路能力，利用技術培訓和銷售人員激勵措施更參與更高回報的管道。2023 年，我們向零售客戶出售的 OEC 機隊數量創下了該公司的紀錄。

For 2024, we are planning to spend in the range of $750 million to $1 billion on new fleet purchases. That gross amount, along with last year's growth fleet purchases should provide for incremental demand from greenfields general market expansion and the mega projects that are either underway or that we have high probability line of sight to. It should also cover about $550 million to 650 million of planned fleet disposals at OEC in 2024, based on our fleet age threshold by category class.

2024 年，我們計劃花費 7.5 億至 10 億美元購買新機隊。這一總量，加上去年增長的船隊採購量，應該可以滿足綠地總體市場擴張以及正在進行或我們很可能看到的大型項目的增量需求。根據我們按類別劃分的機隊年齡門檻，它還應涵蓋 2024 年 OEC 計劃處置的約 5.5 億至 6.5 億美元的機隊。

This year's disposals are expected to follow a more typical cadence, with used fleet sales weighted more towards the first and fourth quarters. We also expect new fleet deliveries to return to our more normal seasonal schedule, ramping up in the second and third quarters. Now the supply chain production capabilities have improved.

今年的處置預計將遵循更典型的節奏，二手車銷售更多地集中在第一季和第四季。我們也預計新機隊交付量將恢復到更正常的季節性時間表，並在第二季和第三季增加。現在供應鏈的生產能力已經提高了。

Turning to slide 11, our fleet is well positioned to address the needs of large national accounts and local contractors operating in North America. Local accounts, which represented 57% of rental revenue in the fourth quarter, are growing due to Herc's penetration through our acquisition and greenfield strategy as well as regional growth in infrastructure, education, facility, maintenance and repair, and local utilities.

轉向幻燈片 11，我們的機隊能夠很好地滿足大型國民帳戶和在北美運營的當地承包商的需求。本地帳戶佔第四季度租金收入的 57%，由於 Herc 透過我們的收購和綠地策略進行滲透，以及基礎設施、教育、設施、維護和維修以及當地公用事業的區域成長，本地帳戶正在成長。

Our national accounts are benefiting from general growth areas like data centers as well as the federally funded opportunities that are ramping up. Organizing our national sales reps by end market verticals is also elevating our capabilities and enabling us to increase our presence in underpenetrated end markets. Long term, we'll continue to target a 60%, 40% revenue split between local and national accounts.

我們的國民帳戶受益於資料中心等整體成長領域以及不斷增加的聯邦政府資助機會。按垂直終端市場組織我們的全國銷售代表也提升了我們的能力，使我們能夠增加在滲透不足的終端市場的影響力。從長遠來看，我們將繼續目標是本地帳戶和國民帳戶之間的收入分配分別為 60% 和 40%。

Turning to slide 12, the equipment rental market is continuing to benefit from strong demand across a variety of end markets, customer segments, and geographies in 2024. And this diversification provides for growth and resiliency.

轉向幻燈片 12，到 2024 年，設備租賃市場將繼續受益於各種終端市場、客戶群和地區的強勁需求。這種多元化提供了成長和彈性。

You can see here that Herc is positioned well for trending opportunities as the federal and privately funded mega projects, large infrastructure jobs, and a domestic manufacturing build-out continues to gather steam. These megaprojects represent the beginning of a multiyear flow of dollars into the industrial and infrastructure space and is one of the largest players in the rental industry. Our fleet capacity, digital capabilities, on-site management expertise, and broad location network sets us up to outpace the rental market's projected growth.

您可以在這裡看到，隨著聯邦和私人資助的大型項目、大型基礎設施工作以及國內製造業建設的持續增長，Herc 處於有利的趨勢機會。這些大型計畫代表著多年來資金流入工業和基礎設施領域的開始，並且是租賃行業最大的參與者之一。我們的車隊容量、數位能力、現場管理專業知識和廣泛的位置網路使我們能夠超越租賃市場的預期成長。

Finally, on slide 13, our opportunities for driving revenue growth and increasing profit margin in 2024 are broad-based. We expect to continue to capture the ramp up in the mega-project tailwind to expand share. We are going to leverage proprietary tools, industry benchmark data, and our value-added services to ensure pricing remains resilient.

最後，在投影片 13 中，我們在 2024 年推動營收成長和提高利潤率的機會是廣泛的。我們預計將繼續抓住大型專案的成長機遇，擴大份額。我們將利用專有工具、行業基準數據和我們的增值服務來確保定價保持彈性。

Larry told you that one of our priorities this year is optimally managing fleet efficiency. And that means that we're going to be laser focused, buy end market project and geography and allocating our fungible fleet to those locations with the greatest demand. Of course, we are also going to continue to build scale through greenfield and acquisitions.

拉里告訴您，我們今年的首要任務之一是優化管理車隊效率。這意味著我們將專注於購買終端市場項目和地理位置，並將我們的可替代車隊分配到需求最大的地區。當然，我們也將繼續透過新建和收購來擴大規模。

We have already completed our first acquisition in the New Year and the pipeline remains strong. Several greenfield locations also have been identified for openings in the first quarter. We'll continue to leverage our industry leading ProControl NextGen e-commerce, logistics and business management system this year to enhance customers' productivity and overall rental experience. And E3OS is another opportunity to standardize processes and elevate the customer experience.

我們已經在新年完成了第一次收購，管道仍然強勁。第一季還確定了幾個新地點以供空缺。今年我們將繼續利用業界領先的 ProControl NextGen 電子商務、物流和業務管理系統來提高客戶的生產力和整體租賃體驗。E3OS 是標準化流程和提升客戶體驗的另一個機會。

Being easy to do business with and expert at -- and efficient at what we do, will continue to make us the equipment rental supplier of choice. I want to thank team Herc for their commitment to operational excellence and safety. Their professionalism shows up in execution of our services to our customers every single day, and they are a valuable differentiator for Herc. Now I'll pass the call on to Mark.

易於開展業務、擅長工作、高效工作，將繼續使我們成為首選的設備租賃供應商。我要感謝 Herc 團隊對卓越營運和安全的承諾。他們的專業體現在我們每天為客戶提供的服務中，他們是 Herc 的一個寶貴的差異化因素。現在我將把電話轉給馬克。

Thanks, Aaron, and good morning, everyone. I'm starting on slide 15 with a summary of our key metrics for the fourth quarter. Larry touched on the full year 2023 line items. So I'm just going to provide some color on the fourth quarter.

謝謝，亞倫，大家早安。我從第 15 張投影片開始，總結了我們第四季的關鍵指標。Larry 談到了 2023 年全年的項目。所以我只想為第四季提供一些色彩。

For rental revenue, about two-thirds of the growth was organic and a third came from acquisitions. DOE and SG&A as a percent of rental revenue improved 80 basis points in the quarter, supporting improvements in adjusted REBITDA margin and a flow-through of roughly 65%. The adjusted REBITDA margin of 48% was a 70 basis point increase year over year.

就租金收入而言，約三分之二的成長是有機成長，三分之一來自收購。本季能源部和 SG&A 佔租金收入的百分比提高了 80 個基點，支持調整後 REBITDA 利潤率的提高和約 65% 的資金流通。調整後的 REBITDA 利潤率為 48%，較去年同期成長 70 個基點。

Let's walk through some of the other key performance drivers on slide 16. Here, you can see the rental revenue and adjusted EBITDA walks from 4Q 2022 to 4Q 2023. In the revenue chart, the roughly 5% increase year over year was made up of 5.8% increase in rate and a 9.4% increase in OEC fleet on rent. Mix was an offset of about 10%, reflecting the impact of Cinelease and higher equipment inflation. When it comes to revenue, the mix impact for inflation adjust the volume measured in OEC dollars to a unit increase year over year. Inflation accounted for approximately 50% of the mix impact.

讓我們在投影片 16 上逐步了解一些其他關鍵效能驅動因素。在這裡，您可以查看 2022 年第 4 季至 2023 年第 4 季的租金收入和調整後 EBITDA。在收入圖表中，年增約 5%，其中包括費率成長 5.8% 和 OEC 機隊租金成長 9.4%。Mix 的偏移量約為 10%，反映了 Cinelease 和更高的設備通膨的影響。就收入而言，通貨膨脹的綜合影響會將以 OEC 美元衡量的數量調整為逐年增加的單位。通貨膨脹約佔混合影響的 50%。

As we mentioned in October, the 2023 fourth quarter had a difficult comp due to Hurricane Ian generating rental revenue in the 2022 fourth quarter. That was about 2 times higher than typical weather-related events. Comparatively 2023 had no major weather catalysts, resulting in a fourth quarter rental revenue headwind of approximately 3% year over year. Similarly, and as expected, dollar utilization of 40.9% in the 2023 fourth quarter was lower than the 43.5% a year earlier. Primarily as a result of the drop off at studio entertainment revenue, which accounted for 170 basis points of the year over year difference as well as the tough weather comp. In the fourth quarter, we also continued to right-size the fleet with less onboarding of new fleet and higher rotations as is typical for the off-season.

正如我們在 10 月所提到的，由於颶風伊恩在 2022 年第四季產生了租金收入，2023 年第四季的業績比較困難。這比典型的天氣相關事件高出約兩倍。相較之下，2023 年沒有重大天氣催化劑，導致第四季租金收入年減約 3%。同樣，正如預期的那樣，2023 年第四季的美元利用率為 40.9%，低於去年同期的 43.5%。主要是由於演播室娛樂收入下降（年差異達 170 個基點）以及惡劣天氣影響。在第四季度，我們也持續調整機隊規模，減少新車隊的加入，並提高輪換率，這是淡季的典型做法。

Moving to the adjusted EBITDA waterfall chart on the right. Profit benefited from higher rental revenue and significant leverage from lower operating expenses as a percent of revenue. But the studio entertainment's top line weakness on its fixed cost base was a partial offset, especially as we brought back furloughed workers at the end of the strike in November without the associated revenue ramp. Also, the 2022 fourth quarter benefit from Hurricane Ian on adjusted EBITDA was more than double a typical weather-related benefit and compares with no benefit in the 2023 fourth quarter. Adjusted EBITDA margin in the quarter was flat year over year, but up 50 basis points excluding Cinelease despite the typical drag from lower margin used fleet sales.

轉到右側調整後的 EBITDA 瀑布圖。利潤受益於較高的租金收入和較低的營運費用佔收入百分比的顯著槓桿。但該工作室娛樂公司在固定成本基礎上的營收疲軟被部分抵消，尤其是我們在 11 月罷工結束時帶回了休假的工人，但沒有帶來相關的收入成長。此外，2022 年第四季伊恩颶風帶來的調整後 EBITDA 收益是典型天氣相關收益的兩倍多，而 2023 年第四季沒有收益。本季調整後的 EBITDA 利潤率與去年同期持平，但不包括 Cinelease，儘管受到二手車銷售利潤率較低的典型拖累，但仍增長了 50 個基點。

Our summary financial results on slide 17 excludes studio entertainment from both periods in order to give you a better sense of how well the base business performed in the recent quarter and full year. For example, rental revenue growth would have been approximately 300 basis points higher in the fourth quarter than the actual result. And our already record level REBITDA margin was stronger by 90 basis points at 48.9% with a flow through of 60.7%, which is more than 580 basis points better than the prior year. A full reconciliation of quarterly performance metrics, excluding studio entertainment, can be found on slide 28 in the appendix of our presentation.

我們在投影片 17 上的摘要財務結果不包括這兩個時期的工作室娛樂，以便讓您更了解基礎業務在最近一個季度和全年的表現。例如，第四季的租金收入成長將比實際結果高出約 300 個基點。我們已經創紀錄的 REBITDA 利潤率提高了 90 個基點，達到 48.9%，流量為 60.7%，比前一年高出 580 個基點以上。季度績效指標（不包括攝影棚娛樂）的完整核對可在我們簡報附錄的幻燈片 28 中找到。

Shifting to capital management on slide 18, you can see that we have no near-term maturities and ample liquidity to fund our growth goals as we continue to allocate capital to invest in our business and drive fleet growth into this cycle. We remain confident in our business model and are committed to increasing shareholder value.

轉向投影片18 上的資本管理，您可以看到，隨著我們繼續分配資本投資於我們的業務並推動機隊成長進入這個週期，我們沒有短期到期日和充足的流動性來為我們的成長目標提供資金。我們對我們的商業模式仍然充滿信心，並致力於增加股東價值。

In the fourth quarter, we declared a quarterly dividend of $0.6325, which represents $2.53 per share for the year. Last week, we raised our annual dividend 5% or $0.13 per share to $2.66 per share. Net capital expenditures exceeded cash flow from operations in the year ended December 31, 2023, with cash outflows of $65 million before acquisitions. Our current leverage ratio at 2.5 times is well within our 2 to 3 times target range and in line with our expectations as we invest in growth.

第四季度，我們宣布季度股息為 0.6325 美元，相當於全年每股 2.53 美元。上週，我們將年度股息提高了 5%，即每股 0.13 美元，至每股 2.66 美元。截至2023年12月31日止年度，淨資本支出超過營運現金流，收購前現金流出為6,500萬美元。我們目前的槓桿率為 2.5 倍，完全在我們 2 至 3 倍的目標範圍內，也符合我們投資成長的預期。

Moving on to slide 19, you can see the continued strength in our primary end markets. In the upper left, the ARA estimate for 2024 North American rental industry revenue is $82 billion or 6.5% growth over 2023. On the bottom left is the Architectural Billing Index, which reported below 50 in December. It's not unusual to see the Billings Index be choppy in the back half of the year, we saw a similar trend in 2022. ABI is just one indicator of future construction activity. We will continue to monitor it in conjunction with other data points over the next 12 months.

繼續看投影片 19，您可以看到我們的主要終端市場持續強勁。左上方，ARA 預計 2024 年北美租賃產業營收為 820 億美元，比 2023 年成長 6.5%。左下角是建築帳單指數，12 月報告低於 50。比林斯指數在今年下半年出現波動並不罕見，我們在 2022 年也看到了類似的趨勢。ABI 只是未來建築活動的指標之一。我們將在未來 12 個月內繼續結合其他數據點進行監控。

Two of our key markets are industrial and non-residential construction. Combined, these markets reflect about two-thirds of our customer base, and both are likely to outperform other consumer-driven end markets due to new mega project construction and as the reshoring of US manufacturing capacity continues to gather steam.

我們的兩個主要市場是工業和非住宅建築。這些市場加起來約占我們客戶群的三分之二，而且由於新的大型項目建設以及美國製造業產能回流的勢頭持續增強，這兩個市場的表現都可能優於其他消費者驅動的終端市場。

Taking a look at the industrial spending forecast on the top right, industrial info resources is projecting the second highest level on record for 2024 at $408 billion on top of last year's peak $413 billion spent. In the lower right quadrant is Dodge's forecast on non-residential construction starts. You can see in 2024 starts are estimated to increase 4% to $458 billion. The dotted line on both of these charts reflects growth over pre-pandemic levels. You can see that last year and the next three years are projected to be the strongest periods of activity that this industry has ever seen. Additionally, there's another $342 billion in infrastructure projects slated for 2024. That's a 7% increase over 2023.

看看右上角的工業支出預測，工業資訊資源預計 2024 年支出將達到 4,080 億美元，創有記錄以來的第二高水平，而去年的支出峰值為 4,130 億美元。右下象限是道奇對非住宅建築開工的預測。您可以看到，2024 年的開工率預計將成長 4%，達到 4,580 億美元。這兩個圖表上的虛線反映了相對於大流行前水準的成長。您可以看到，去年和未來三年預計將是該行業有史以來最活躍的時期。此外，2024 年還將有 3,420 億美元的基礎建設項目。比 2023 年增長 7%。

If you flip to slide 20, you can see that our guidance highlights our plan to continue to outpace market growth again in 2024. As noted, guidance is presented on an organic basis and excludes the performance of Cinelease, which is held for sale and is expected to close in 2024.

如果您翻到投影片 20，您可以看到我們的指導強調了我們在 2024 年繼續超越市場成長的計劃。如前所述，指引是在有機基礎上提出的，不包括 Cinelease 的業績，該公司持有待售，預計將於 2024 年關閉。

Our intention is for net fleet CapEx to be between $500 million to $700 million, supporting dollar utilization improvement and 7% to 10% organic equipment rental revenue growth. Used equipment disposals at OEC in 2024 will moderate by 20% to 30% versus the 2023 level. Last year's catch-up rotations allowed us to optimize our fleet age, and we like where we currently are sitting 45 months. Our young fleet gives us advantages in the marketplace and flexibility if market conditions change.

我們的目標是淨機隊資本支出在 5 億至 7 億美元之間，支持美元利用率的提高和 7% 至 10% 的有機設備租賃收入成長。到 2024 年，OEC 的舊設備處置量將比 2023 年的水準減少 20% 至 30%。去年的追趕輪替讓我們優化了機隊機齡，我們對目前 45 個月的機隊感到滿意。我們年輕的機隊為我們提供了市場優勢，並在市場條件變化時提供靈活性。

Our initiation of rental revenue guidance at 7% to 10% growth is intended to provide a reasonable range based on projected market growth, which is about 6.5% for 2024, as well as Herc specific incremental opportunities from greenfields and the mega projects in our pipeline. We feel good about this range based on our current visibility, more experience with the pace of the mega-project rollout, the return to more normal growth trends in the local market, and of course, feedback from our team in the field.

我們啟動 7% 至 10% 增長的租金收入指導旨在根據預計的市場增長（2024 年約為 6.5%）以及 Herc 來自綠地和我們管道中的大型項目的特定增量機會提供合理的範圍。基於我們目前的知名度、對大型專案推出速度的更多經驗、當地市場恢復到更正常的成長趨勢，當然還有我們現場團隊的回饋，我們對此系列感到滿意。

While inflation on new equipment purchases for 2024 has moderated, it is impacting our total fleet by approximately 5%. We exited 2023 with a mid-single digit price increase. For 2024, our goal is for pricings to offset any inflationary pressure.

雖然 2024 年新設備採購的通膨有所放緩，但對我們機隊總數的影響約為 5%。2023 年，我們的價格漲幅為中個位數。2024 年，我們的目標是透過定價來抵銷通膨壓力。

Benefiting from operating leverage, we estimate adjusted EBITDA will be between $1.55 billion and $1.6 billion, representing another year of profitable growth ranging from 6% to 9%. When comparing the adjusted EBITDA growth rate with the equipment rental revenue growth rate to roughly 100 basis point difference is our expectation for a lower amount of used equipment sales versus 2023.

受益於營運槓桿，我們預計調整後 EBITDA 將在 15.5 億美元至 16 億美元之間，這意味著另一年利潤成長在 6% 至 9% 之間。當將調整後的 EBITDA 成長率與設備租賃收入成長率進行比較時，我們預期二手設備銷售額將低於 2023 年，差異約為 100 個基點。

Overall, the strong demand we're experiencing across the manufacturing, industrial, and infrastructure markets, along with the stability that comes from industrial and commercial maintenance projects is consistent within industry and in upcycle, and our guidance reflects that.

總體而言，我們在製造業、工業和基礎設施市場經歷的強勁需求，以及工業和商業維護項目帶來的穩定性在工業和升級循環中是一致的，我們的指導反映了這一點。

We intend to continue to deliver strong financial metrics as we execute on our proven growth strategy. With that, I'll turn the call back to Larry.

我們打算在執行經過驗證的成長策略時繼續提供強勁的財務指標。說完，我會把電話轉回給拉里。

Thanks, Mark. And now please turn to slide 21. Everything we do starts with our vision, mission, and values and a purpose statement that focuses on equipping our customers and communities to build a brighter future. We do what's right. We're in this together. We take responsibility. We achieve results. And we prove ourselves every day. With that, operator, we'll take our first question.

謝謝，馬克。現在請翻到投影片 21。我們所做的一切都始於我們的願景、使命和價值觀以及專注於為我們的客戶和社區建立更美好未來的宗旨聲明。我們做正確的事。我們在一起。我們承擔責任。我們取得成果。我們每天都在證明自己。接線員，接下來我們將回答第一個問題。

(Operator Instructions) Steven Ramsey, Thompson Research Group.

（操作員說明）Steven Ramsey，湯普森研究小組。

Good morning, maybe I'll start with on the local business. Given it's a 60% revenue split for you guys, it looks like the growth may have slowed to the mid single digit range the past couple of quarters. And a peer recently talked about positive local markets growth, but a step down from prior periods. Maybe talk to the local market growth assumed for 2024 versus the national market growth and maybe where those two come in versus kind of the market outlook of 6.5%?

早安，也許我會先談談當地的事。考慮到你們的營收分成是 60%，看來過去幾季的成長可能已經放緩至中等個位數範圍。一位同行最近談到了當地市場的積極成長，但較之前時期有所下降。也許可以談談假設的 2024 年本地市場成長與全國市場成長，以及這兩者與 6.5% 的市場前景相比如何？

Yes, Stephen, this is Aaron. Our investment in greenfields and the acquisition investments really is our strategy to grow our local market density in those local markets. We see that is continue to be a growth vehicle for us in 2024.

是的，史蒂芬，這是亞倫。我們對綠地的投資和收購投資實際上是我們提高當地市場密度的策略。我們認為，到 2024 年，這將繼續成為我們的成長工具。

And our sales teams are very focused on acquiring new business for all of our branches. Every week that they're out there in the field talking to customers. So it's a big part of our strategy. And we think that'll continue throughout the entire year.

我們的銷售團隊非常專注於為我們所有的分店取得新業務。每週他們都會到現場與客戶交談。所以這是我們策略的重要組成部分。我們認為這種情況將持續一整年。

Okay, helpful. And then just thinking over the past couple of years, pricing was strong in both years, and you executed on $470 million of acquisitions average out. With a similar kind of pace for this year expected. What I'm getting at is how does the impact of bringing in these new acquired companies contribute to your pricing over the past couple of years? And how do you expect that to impact pricing in 2024?

好的，有幫助。然後想想過去幾年，這兩年的定價都很強勁，平均執行了 4.7 億美元的收購。預計今年的步伐將類似。我的意思是，引進這些新收購的公司對過去幾年的定價有何影響？您預計這將如何影響 2024 年的定價？

Yeah, I mean, I think generally speaking, our acquisitions are sort of revenue-based synergies, right? So typically, time, new pricing, et cetera, are probably below that of the consolidated numbers.

是的，我的意思是，我認為一般來說，我們的收購是一種基於收入的協同效應，對吧？因此，時間、新定價等通常可能低於綜合數字。

And so there's opportunity and that's what we see. Is opportunity as we think about those acquisitions, I think it probably takes on hold probably a year or so to get their pricing up to the consolidated sort of Herc pricing all in, Steven.

所以機會是存在的，這就是我們所看到的。當我們考慮這些收購時，這是否是一個機會，我認為可能需要擱置一年左右的時間才能將其定價提高到 Herc 的綜合定價，史蒂文。

That's helpful perspective. Thank you.

這是很有幫助的觀點。謝謝。

Thanks, Steven.

謝謝，史蒂文。

Rob Wertheimer, Melius Research.

羅布‧韋特海默，Melius 研究中心。

Good morning, Rob. Rob?

早安，羅布。搶？

I'm so sorry, Larry, good morning. So my first question is just on your ability to get more out of the fleet. There's a lot going on with Cinelease and with COVID and then your equipment is coming off schedule and things like that. But where are you this year in 3Q and 4Q versus what you thought you could do on time utilization.

我很抱歉，拉里，早安。所以我的第一個問題是關於你從艦隊中獲得更多利益的能力。Cinelease 和新冠疫情發生了很多事情，然後你的設備無法按計劃完成，諸如此類。但是，與您認為可以按時間利用率完成的工作相比，您今年第三季和第四季的情況如何。

And then embedded in the guide and or just in general, are you at a normalized level now? Do you have room to improve that off of the disrupted -- this year with the equipment coming in at different times. Just talk about time you permit, if you're willing to.

然後嵌入到指南中，或者只是一般而言，您現在處於正常水平嗎？今年，設備在不同時間投入使用，您是否還有改進的空間？如果你願意的話，只談論你允許的時間。

Yeah, great question. I think, when you think back over the last couple of years, right? 2022, too hot. The supply chain dynamics in 2023. If you kind of think about those as the goalposts, I think our drive for 2024 is to be somewhere in the middle between those two years. And I think that sort of where and what Aaron was talking about when we think about fleet efficiency.

是的，很好的問題。我想，當你回想過去的幾年時，對嗎？2022年，太熱了。2023 年供應鏈動態。如果您將這些視為目標，我認為 2024 年我們的目標是介於這兩年之間。我認為當我們考慮車隊效率時，亞倫正在談論的就是這種地方和內容。

I think the other point that I would make is when you look at our end fleets average fleet for 2023, you really have about $250 million or so million of fleet to put to work. So that's embedded in your fleet [guide] of 2023. But we're almost thinking about that more along the lines of 2024 fleet [guide], as we put that fleet more efficiently to work in 2024.

我想我要說的另一點是，當你看看 2023 年我們的終端機隊平均機隊時，你確實有大約 2.5 億美元左右的機隊可以投入使用。因此，這已嵌入您的 2023 年機隊[指南]中。但我們幾乎更按照 2024 年機隊 [指南] 的思路來考慮這個問題，因為我們讓該機隊在 2024 年更有效率地工作。

Okay, that's super helpful. And this one may be a bit of an oddball, but you know that inflation factors pretty high. And one of the things we thought was a bit of a positive is that the industry needs to get priced or rental rate.

好的，這非常有幫助。這可能有點奇怪，但你知道通膨因素相當高。我們認為有點積極的事情之一是該行業需要定價或租金率。

And then to the larger companies, you guys have plenty of cash flow, so you can spend on fleet. Smaller companies, private companies may have lower margins and probably need to price even more in order to grow.

然後對於大公司來說，你們有充足的現金流，所以你可以花在車隊上。規模較小的公司、私人公司的利潤率可能較低，並且可能需要更高的定價才能成長。

You guys look at a lot of acquisitions, you've done a lot of acquisitions. What are you seeing on your regionals and locals on their ability to grow fleet in real terms? I'm assuming, I mean in this kind of equipment inflation environment.

你們關注了很多收購，也完成了許多收購。您對您所在地區和當地人實際增加機隊的能力有何看法？我假設，我的意思是在這種設備膨脹的環境中。

Yeah, Rob, it's Aaron, again. The acquisitions that we've been involved with, it took them a while to get their fleet, right? So they might have ordered their fleet in 2021. It took them a long time to get the fleet. They finally did start to get their fleet, but the pricing they were paying was very elevated. And I think they had sticker shock, and they were slow to adopt the fact that they have to get a higher rental rate.

是的，羅布，又是亞倫。我們參與的收購，他們花了一段時間才獲得他們的機隊，對吧？所以他們可能會在 2021 年訂購他們的機隊。他們花了很長時間才獲得艦隊。他們終於開始擁有自己的車隊，但他們支付的價格非常高。我認為他們受到了價格衝擊，他們很慢地接受了他們必須獲得更高租金的事實。

But in most cases, they don't have the systems or the diligence to do it. So they're just kind of trying to find that kind of muscle memory to execute there. But often their customer base was accustomed to a certain type of a price point. So I think it was a challenge for them. But the fleet finally started to come in for them. But the pricing dynamics that we're really equipped with, they really were struggling with.

但在大多數情況下，他們沒有系統或勤奮來做到這一點。所以他們只是試著找出那種可以在那裡執行的肌肉記憶。但他們的客戶群通常習慣於某種類型的價格點。所以我認為這對他們來說是一個挑戰。但艦隊終於開始向他們襲來。但我們真正具備的定價動態，他們確實在苦苦掙扎。

Rob, I think the other point that --

羅布，我認為另一點是--

Sorry.

對不起。

The other point I would make there too, right. Is that elevated pricing on their end and then elevated interest rates to pay for that elevated pricing, I think does support a disciplined and healthy pricing environment for 2024.

我也會在那裡提出另一點，對吧。我認為，最終價格上漲，然後利率上漲來支付上漲的價格，確實支持 2024 年有紀律和健康的定價環境。

Okay, thank you.

好的謝謝。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Yes, hi, good morning, everyone. (multiple speakers) -- I'm wondering if you just expand the discussion on Cinelease. You obviously were the best in the business.

是的，大家早安。 （多名發言者）—我想知道您是否擴大了 Cinelease 的討論。你顯然是業內最優秀的。

The shortfall versus guidance in the midpoint for the fourth quarter. Can you talk about how much of that was Cinelease? And obviously, we'll see what the proceeds are. But given the good free cash flow this year, plus the potential proceeds, should we be thinking about deleveraging versus M&A that's higher than the $500 million?

與第四季中點指引值的差距。可以談談其中有多少是 Cinelease 的嗎？顯然，我們會看看收益是多少。但鑑於今年良好的自由現金流以及潛在收益，我們是否應該考慮去槓桿化和高於 5 億美元的併購？

And then the last one I'll glue in there on a related basis is, given the drag on dollar utilization from Cinelease, is it fair to think about just the natural tailwind to dollar utilization of about a point to point-and-a-half, '24 versus '23 as the assets come out of the fleet. Thanks.

然後，我將在相關基礎上粘上的最後一個問題是，考慮到 Cinelease 對美元利用率的拖累，考慮一下點對點對美元利用率的自然推動是否公平？一半，“24”與“23”，因為資產來自機隊。謝謝。

All right, there was a bunch there, Jerry. I'll try to unpack all of those. First in terms of sort of the overall impact of Cinelease to the business in 4Q. If you just want to -- and I guess maybe first, page 28 through 32 in the deck has sort of splits by quarter with and without Cinelease. But when you just look at 4Q on a stand-alone basis, there was about just call it, $15 million of EBITDA impact year over year that sort of fell through the bottom of the business from a Cinelease perspective.

好吧，那裡有很多人，傑瑞。我會嘗試解開所有這些。首先是 Cinelease 對第四季業務的整體影響。如果你只是想——我想也許首先，甲板上的第 28 頁到第 32 頁在有和沒有 Cinelease 的情況下按季度劃分。但當你單獨看第四季時，你會發現，從 Cinelease 的角度來看，同比 1500 萬美元的 EBITDA 影響已經跌入了業務的谷底。

And I think quite honestly, when you think about that from a [dollar ut] perspective, dollar utilization impact in 4Q is probably 170 basis points give or take. And I think that it is hiding some of the poor performance of the business. And so that's one of the reasons, Jerry, that we're going to guidance in 2024 [san] Cinelease.

老實說，我認為，當你從[美元UT]的角度考慮時，第四季度美元利用率的影響可能是170個基點的上下浮動。我認為它掩蓋了業務的一些糟糕表現。Jerry，這就是我們將在 2024 年為 Cinelease 提供指導的原因之一。

So may take a little bit of updating of models and the like. But we think sort of getting a like-for-like view at the core level is the right way to look at it. So that does mitigate some of your dollar ut variance. When you sort of adjust to the dollar utilization of the core for 2023, there isn't as big a jump there once you take Cinelease out.

因此可能需要對模型等進行一些更新。但我們認為在核心層面獲得類似的觀點是看待它的正確方法。所以這確實減輕了你的一些美元差異。當你對 2023 年核心的美元利用率進行調整時，一旦你把 Cinelease 剔除，就不會有那麼大的跳躍。

As far as on the utilization of the proceeds from the business, when it's completed, we'll initially go to pay down our ABL and reduce our exposure there. And then well, it will sort of roll into our normal use of capital in the business.

就業務收益的使用而言，當業務完成時，我們將首先償還我們的 ABL 並減少我們在那裡的風險敞口。然後，它將融入我們在業務中正常使用的資本。

Okay, super, thank you. And can I just ask one more on the pricing cadence? Normally in the industry, October, we get a sequential price increase, and we give some back in November and December market. Can you just talk about how that looked this year and what pricing looked like into January, if you can comment sequentially. Thank you.

好的，超級，謝謝。可以再問一下定價節奏嗎？通常在產業中，10 月我們會連續漲價，並在 11 月和 12 月市場上回饋一些。如果您可以按順序發表評論，您能否談談今年的情況以及一月份的定價。謝謝。

Yeah, no, good question, Jerry. I mean, obviously we posted a 5/8 for the quarter. That reflected sequential pricing improvements each month of the fourth quarter. And that takes us as we exit January, we'll be in the mid-single digit range. And I think the only other point I would make is we've stated that our goal is to negate the inflationary impact of the fleet through pricing, and that's the goal for 2024.

是的，不，好問題，傑瑞。我的意思是，顯然我們發布了本季度的 5/8。這反映了第四季度每個月的連續定價改善。當我們退出一月份時，我們將處於中個位數範圍內。我想我要說的唯一一點是，我們已經說過，我們的目標是透過定價來抵銷機隊的通膨影響，這就是 2024 年的目標。

Thank you.

謝謝。

Seth Weber, Wells Fargo.

賽斯‧韋伯，富國銀行。

Hi, guys. This is Larry Stavitski on for Seth this morning. Thanks for taking the question. I just wanted to ask about your traction into the mega projects specific, what's your visibility into the project pipeline? How does that compare to a couple of years ago? And if you could talk about some of the geographies that these projects are in and the competitive process, if you will. Thanks.

嗨，大家好。我是拉里·斯塔維茨基 (Larry Stavitski)，今天早上替賽斯 (Seth) 發言。感謝您提出問題。我只是想問一下您對大型專案的具體吸引力，您對專案管道的了解如何？與幾年前相比如何？如果你願意的話，你可以談談這些項目所在的一些地區以及競爭過程。謝謝。

Yeah, sure, Larry. The mega arena is still plenty of starts coming out every month, it's healthy. You see kind of give and takes on start dates, sometimes there's challenges with getting the labor, some of the permitting.

是的，當然，拉里。大型競技場每個月仍然有很多新秀出現，它很健康。你會在開始日期上看到一些讓步，有時在獲得勞動力方面會遇到挑戰，有些是在允許的情況下。

But I mean, there is plenty of big projects in all the sectors we talked about coming out, and we see that we track that on a monthly basis. And I would say it's super healthy environment for that.

但我的意思是，我們談到的所有領域都有大量大型專案出現，我們看到我們每月都會追蹤這些專案。我想說這是一個超級健康的環境。

It seems as though many of that were kind of talked about over the last 12 months or are coming that starts right now in the first quarter of this year. So I think it's a very vibrant strong environment for the mega arena.

似乎其中許多內容在過去 12 個月中已經被討論過，或者即將從今年第一季開始實施。所以我認為對於大型競技場來說這是一個非常充滿活力的強大環境。

Okay, got you. And you guys talked about supply chain loosening up, but still some constraints with some of the AWP. So can you elaborate a little bit more on that and what your expectations are for '24. Are we still expecting to see some holdups there?

好的，明白了。你們談到了供應鏈的放鬆，但有些 AWP 仍然受到一些限制。那麼您能否詳細說明一下這一點以及您對 24 週年的期望。我們仍然期望看到一些阻礙嗎？

Yeah, great question. I'd say by and large, vast majority of the supply chain is back to normal or near normal kind of operating metrics somewhat similar to 2019 in the access area, meaning aerial work platforms in particular and reach forklifts.

是的，很好的問題。我想說，總的來說，絕大多數供應鏈已恢復正常或接近正常的營運指標，與 2019 年在通道領域有些相似，這意味著高空作業平台和前移式堆高機。

The major vendors that we deal with are still have extended lead times. They've come in a bit and are certainly more reliable on when they give us delivery dates. But we're still not going to be able to get everything we'd certainly like to get for this season.

我們合作的主要供應商的交貨時間仍然較長。他們已經介入了一些，並且在向我們提供交貨日期時肯定更加可靠。但我們仍然無法獲得本賽季我們想要獲得的一切。

So we're somewhat helpful in our discussions with them that are their -- what I'll call close plants, meaning their plants that they put in place in Latin America or Mexico in particular, will improve and come back stronger. We'll have a better supply resource from them, and we're looking forward to that improving. But we'll operate with some constraints in that area for all of 2024.

因此，我們在與他們的討論中有所幫助，我稱之為封閉工廠，這意味著他們在拉丁美洲或墨西哥建立的工廠將得到改善並變得更加強大。我們將從他們那裡獲得更好的供應資源，我們期待這種情況的改善。但 2024 年全年，我們在該領域的營運將受到一些限制。

Got you. Thanks for your time, guys.

明白你了。謝謝你們抽出時間，夥伴們。

Neil Tyler, Redburn Atlantic.

尼爾泰勒，《雷德本大西洋月刊》。

Yeah, good morning, thank you. One more from me, please. Around the CapEx guide for next year, I wonder if you could sort of fit that into the medium-term framework on CapEx that you provided back in September and the sort of cadence, you're anticipating for 2024.

是的，早上好，謝謝。請我再發一份。關於明年的資本支出指南，我想知道您是否可以將其納入您 9 月提供的中期資本支出框架以及您預計 2024 年的節奏中。

You know, trying to drag together sort of your answers to some of the previous questions around the end market outlook and the opportunity for better time use and how all of those things sort of have influenced your thoughts in the intervening four or five months since you gave the medium-term guidance. Thanks.

你知道，試圖將你對之前一些問題的答案匯總起來，這些問題涉及最終市場前景和更好地利用時間的機會，以及所有這些事情如何影響你在四五個月內的想法。給出了中期指導。謝謝。

Yeah, I mean, I think you start with 7 to 10 rental revenue guide, right? And that takes you into your fleet needs for the year. Knowing full well that we've got fleet efficiency gains that we're looking for, both from the end fleet as well as from a time utilization perspective. So I think the guide implies that $750 million to $1 billion of gross CapEx spend. That's not -- and we're not saying that that's the end-all, be-all. We will update you if things change.

是的，我的意思是，我認為你從 7 到 10 租金收入指南開始，對嗎？這將帶您了解今年的機隊需求。充分了解我們已經獲得了我們正在尋求的車隊效率提升，無論是從最終車隊還是從時間利用率的角度來看。因此，我認為該指南暗示資本支出總額為 7.5 億至 10 億美元。那不是——我們並不是說這就是最終的結果。如果情況發生變化，我們會及時通知您。

And so the last part of your question, Neil, was around what?

尼爾，你的問題的最後一部分是圍繞著什麼？

Well just really, I suppose it has -- cut to the chase, has the end market panned out broadly as anticipated it would. And what looks like sort of lower CapEx expectations reflect more opportunities for efficiency than less optimism around the end?

好吧，我真的認為——切入正題，終端市場是否如預期的那樣廣泛發展。看起來較低的資本支出預期反映了更多提高效率的機會，而不是最終的不樂觀？

Yeah, I don't think it's a statement on the end markets. I think it's more a statement on us wanting to obtain fleet efficiency. I would say demand is normalizing, end markets are strong. And so I don't think it's anything more than us being prudent and diligent from a fleet efficiency perspective.

是的，我不認為這是關於終端市場的聲明。我認為這更表明我們希望獲得機隊效率。我想說需求正在正常化，終端市場強勁。因此，我認為從機隊效率的角度來看，我們的謹慎和勤奮無非就是如此。

Yeah, I would add to that, Neil, with the OEMs becoming more normalized themselves and having shorter lead times. If there are spikes in demand, we can always get gear on a shorter interval or shorter basis.

是的，我想補充一點，尼爾，隨著原始設備製造商本身變得更加標準化並且交貨時間更短。如果需求激增，我們總是可以以更短的間隔或更短的時間獲得裝備。

From a lead time perspective, sometimes we can get it within a matter of days or weeks as opposed to months or years in the past. So our ability with a normalized OEM supply chain really helps any sort of moderations in the end-user market.

從交貨時間的角度來看，有時我們可以在幾天或幾週內得到它，而不是過去的幾個月或幾年。因此，我們擁有標準化 OEM 供應鏈的能力確實有助於最終用戶市場的任何形式的調節。

Got it, thank you. And then just to come back to the pricing outlook that you gave. And thanks for the sort of help on the initiatives that you're able to apply to your acquired businesses. But in your experience, I think you talked about sort of sticker shock with some of those businesses had faced.

收到了。謝謝。然後回到您給出的定價前景。感謝您為您能夠應用於所收購的業務的舉措提供的協助。但根據您的經驗，我認為您談到了其中一些企業所面臨的某種價格衝擊。

Do you think that outside of -- is your sense that sort of outside of those businesses you've acquired in the sort of smaller end of the market that the broader industry is sort of responding more constructively to add to upward cost pressure? Or is that only really when you come on board that you see the changes take place?

您是否認為，除了您在市場較小端收購的那些業務之外，更廣泛的行業正在做出更有建設性的反應，以增加成本上升的壓力？還是只有當你加入時你才會看到改變的發生？

No, I think it's at least trying to act in a disciplined manner, there we understand the cost of capital. And as Mark said, some markets are normalizing, but they're healthy and solid. But as far as getting the returns on capital, I think the entire industry is operating in a disciplined way.

不，我認為它至少試圖以有紀律的方式行事，我們了解資本成本。正如馬克所說，一些市場正在正常化，但它們是健康和穩固的。但就獲得資本回報而言，我認為整個產業正在以一種有紀律的方式運作。

Fantastic, thank you very much. That's really helpful.

太棒了，非常感謝。這真的很有幫助。

Thanks, Neil. (multiple speakers)

謝謝，尼爾。（多個發言者）

Ken Newman, KeyBanc Capital Markets.

肯紐曼，KeyBanc 資本市場。

Hey, good morning, guys.

嘿，早上好，夥計們。

Good morning. (multiple speakers)

早安.（多個發言者）

Just wanted to go back, Mark, you mentioned core dollar ut is probably the right way to think about modeling the business going forward, just given all the moving pieces of Cinelease.

只是想回去，馬克，你提到核心美元可能是考慮未來業務建模的正確方法，考慮到 Cinelease 的所有移動部分。

Sorry if I missed this, but is there a way to think about how you think about the cadence for that metric as we move through the year, you put up 42% of change this last quarter. Is that approach a mid 40 number by the end of the year or is that a little too difficult?

抱歉，如果我錯過了這一點，但是有沒有辦法考慮一下您如何看待這一指標的節奏，因為我們在這一年中，您在上個季度提出了 42% 的變化。到今年年底這個數字會接近 40 左右，還是有點太難了？

No. I mean, I think obviously, the seasonality or cyclicality of the business within the year, right? Your 4Q -- 3Q and 4Q dollar uts will be the high watermark for the year. We finished this year at 42.5% sort of dollar ut core. And I think as we said and sort of anticipated in the guide, is an improvement that average 42.5% will be improved in 2023 just from the fleet efficiency metrics that we're putting in internally.

不。我的意思是，我認為顯然是一年內業務的季節性或週期性，對嗎？您的第 4 季、第 3 季和第 4 季的美元 uts 將是今年的高水位線。今年我們的核心美元成長率為 42.5%。我認為，正如我們在指南中所說和預期的那樣，僅根據我們內部製定的機隊效率指標，到 2023 年平均將提高 42.5%。

Got it. Okay, that's helpful. And then for my follow-up, this is more of, I guess, more of an accounting question just to clarify, so that we're all kind of level set on the expectations. Obviously, Cinelease, I know it's kind of hard to pin down on the timing of when you expect to sell that asset. But I'm curious -- just to clarify, we're not expecting to put that into discontinued ops here in the income statement for '24, correct?

知道了。好的，這很有幫助。然後，對於我的後續行動，我想，這更像是一個會計問題，只是為了澄清，以便我們都按照預期設定水平。顯然，Cinelease，我知道很難確定您預計出售該資產的時間。但我很好奇——只是為了澄清一下，我們不希望將其納入 24 年損益表中已停產的業務中，對嗎？

No, that's right. I mean, it'll sit out there as available for sale. I think while GAAP is GAAP, and we'll report that way until we move it off our books. We'll have a more pro forma view of the core business as we walk into Q1 reporting -- as we're not providing Cinelease inside of our guide for 2024.

不，沒錯。我的意思是，它會在那裡出售。我認為，雖然公認會計原則是公認會計原則，但我們會以這種方式進行報告，直到我們將其從帳簿中刪除為止。當我們進入第一季報告時，我們將對核心業務有一個更形象的看法——因為我們不會在 2024 年指南中提供 Cinelease。

So we should expect that if there was a recovery instantly, you would exclude any kind of impact just to make it apples to apples with your guide?

因此，我們應該預期，如果立即復蘇，您會排除任何類型的影響，只是為了使其與您的指南一致嗎？

That's exactly right. We'll report on apples to apples.

完全正確。我們將逐一報道。

Got it. Okay, that's very helpful. Thank you.

知道了。好的，這非常有幫助。謝謝。

Thank you.

謝謝。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

Good morning, and thank you for taking the question. I want to go back to a question that Neil asked a moment ago on CapEx. I'm kind of trying to wrap my mind around what's baked into 2024, because I remember your target that you set out for 2026, implying a little north of $1 billion per annum of net CapEx. Obviously, you're guiding for something that's substantially lower. So I guess two questions here. Why is that happening first? And then second, what are the areas where you're investing less than you did in 2023?

早上好，感謝您提出問題。我想回到尼爾剛才提出的關於資本支出的問題。我有點想把注意力集中在 2024 年的計劃上，因為我記得您為 2026 年設定的目標，這意味著每年淨資本支出略高於 10 億美元。顯然，您正在指導要低得多的東西。所以我想這裡有兩個問題。為什麼首先會發生這種情況？其次，您在哪些領域的投資比 2023 年減少？

Yeah, I mean, I think that the guide, the three-year guide rate was sort of set on a 10% to 14% average growth rate for that three-year period, right? Our guide here is in that 7% to 10% range based on our current visibility into 2024.

是的，我的意思是，我認為三年指導率設定為三年期間 10% 到 14% 的平均成長率，對吧？根據我們目前對 2024 年的預測，我們的指南是在 7% 到 10% 的範圍內。

And so I think correspondingly, if you think back to the overall guide from November at Investor Day, that was like a three-ish sort of number over the three-year period. And this is implying something more along the lines of $600 million to $700 million at the midpoint of the fleet guide. So that's really the difference there, Mig, is the 10% to 14% versus 7% to 10%. And it is year one.

因此，我相應地認為，如果你回想一下 11 月份投資者日的總體指南，你會發現這相當於三年期間的大約 3 個數字。這意味著機隊指南的中間值約為 6 億至 7 億美元。Mig，這就是真正的區別，是 10% 到 14% 與 7% 到 10%。現在是第一年。

Okay, all right --

好吧，好吧--

Mig, you had a second a part of that question about where the areas we're investing less in. And we've mentioned previously in the last hour that the access aerial and material handling areas, we really can't get enough of the fleet that we want. Those manufacturers can't provide us as much as we want, as Larry mentioned. So we would take more if we could, but those are some of the areas where we can't get as much as we want.

米格，這個問題的第二部分是關於我們在哪些領域投資較少的。我們之前在最後一個小時提到過，在空中和物料搬運區域，我們確實無法獲得足夠的我們想要的機隊。正如拉里所提到的，這些製造商無法為我們提供我們想要的那麼多。因此，如果可以的話，我們會採取更多措施，但在這些領域，我們無法得到我們想要的那麼多。

So that would imply that maybe earth moving, or some other specialty areas is maybe where the lower investment coming?

那麼這是否意味著土方工程或其他一些專業領域可能是投資較低的領域？

No, just that if we could obtain more aerial access material handling, we would invest more there.

不，只是如果我們能夠獲得更多的空中物料搬運，我們就會在那裡投資更多。

Okay, I understand. Then sort of the final question for me is on the business mix itself. There's been obviously a lot of growth past couple of years, and we're talking about infrastructure and we're talking about mega projects. But if I sort of look at your mix national versus local or even within contractors versus industrials versus your other verticals, there hasn't been much change that I can see. So I'm sort of curious, do you expect the business mix to continue to remain constant or would that change over the next couple of years in any way? Thank you.

好吧，我明白。對我來說最後一個問題是關於業務組合本身。過去幾年顯然有很大的成長，我們正在談論基礎設施，我們正在談論大型專案。但如果我看看你們的國家與地方的組合，甚至承包商與工業與其他垂直產業的組合，我看不出有太大的改變。所以我有點好奇，您預期業務組合會繼續保持不變，還是未來幾年會發生任何變化？謝謝。

Well look, we are trying to remain diversified and grow all of our verticals at a similar pace, so that we're not dependent on any one segment of our business relative to if there's ever a downturn or ever some type of an event that causes one to go down. We're going to be well balanced across the board in all of our verticals. So I don't think that implies anything other than a very balanced growth business that is able to be very nimble and adjust to marketplace dynamics and changes and take advantage of opportunities on hot markets.

好吧，我們正在努力保持多元化，並以相似的速度發展我們所有的垂直領域，這樣我們就不會依賴我們業務的任何一個部分，如果出現經濟衰退或某種類型的事件導致一個往下走。我們將在所有垂直領域中全面保持平衡。因此，我認為這意味著業務成長非常平衡，能夠非常靈活地適應市場動態和變化，並利用熱門市場上的機會。

Appreciate it.

欣賞它。

David Raso, Evercore ISI.

大衛·拉索，Evercore ISI。

Hi, thank you for the time. On the net rental CapEx, right, as percent of your EBITDA -- I'm sorry, of your rental revenue guide, it is the lowest we've seen in 10 years except for the pandemic initial year. But when I look at the average of the last four years, right, including the guide in the prior three, you're sort of back to normal, you're sort of back to, call it 29%, 30% net rental CapEx to your rental revenue.

你好，謝謝你的時間。就淨租金資本支出而言，即佔您的 EBITDA 的百分比——抱歉，佔您的租金收入指南的百分比，這是我們 10 年來除大流行第一年之外所見過的最低水平。但當我看看過去四年的平均水平，包括前三年的指南，你有點回到正常，你有點回到，稱之為 29%、30% 淨租賃資本支出到您的租金收入。

So just to be clear, it sounds like you're saying, yeah, we're just sort of normalizing it and hey, it could go a little higher if we can get more aerials. But when we think about '25 and '26, should we still be thinking about net rental CapEx in that 25% to 30% of how you think about your rental revenue growth, just for framework, just to make sure nothing's changed.

所以要澄清的是，聽起來你是在說，是的，我們只是在某種程度上使其正常化，嘿，如果我們能得到更多的天線，它可能會更高一點。但是，當我們考慮「25」和「26」時，我們是否仍然應該考慮淨租金資本支出，即您對租金收入成長的 25% 到 30%，只是為了框架，只是為了確保沒有任何變化。

And then also maybe I missed it. The used equipment sales, the margins for '24 that is baked into the guide. Just curious how you're looking at those margins and maybe if you can help us on the revenues, the used sales as a percent of OEC being sold. Thank you.

然後也許我錯過了它。二手設備銷售、24 年利潤率已納入指南。只是好奇您如何看待這些利潤，也許您可以幫助我們了解收入、二手銷售額佔 OEC 銷售量的百分比。謝謝。

Yeah, so I'll take the second first. On the used equipment side, right, we sort of closed out the year with, I think, about $0.44 on every dollar of OEC from a disposal perspective. And I think if you sort of look through the guide, it's probably north -- slightly north of that in the implied guide for 2024.

是的，所以我先選第二個。在二手設備方面，我想，從處置的角度來看，我們以每 1 美元的 OEC 約 0.44 美元結束了這一年。我認為，如果您仔細閱讀該指南，您會發現它可能位於北方，比 2024 年隱含指南中的位置略偏北。

And I think that's really coming about as we shift out of that auction channel into a more retail and wholesale focused sales mix. I think that's supportive of a slight increase from an OEC proceeds perspective. Does that make sense?

我認為，當我們從拍賣管道轉向更加重視零售和批發的銷售組合時，這確實會發生。我認為從 OEC 收益的角度來看，這支持了略有增加。那有意義嗎？

Yes. And did I miss the margin comment on that? Well, I apologize, I did, the margin assumption.

是的。我錯過了邊際評論嗎？好吧，我很抱歉，我做了，保證金假設。

Yeah, I mean you've got -- you would have some slight increase in your margin. Obviously as a percentage of your revenue in 2024, that number is going to go down, right? I'm selling somewhere between 20% and 30% last year. So you'll get some EBITDA lift there just from a mix perspective.

是的，我的意思是你的利潤會略有增加。顯然，這個數字佔 2024 年收入的百分比將會下降，對吧？去年我的銷量在 20% 到 30% 之間。因此，從混合角度來看，您將獲得一些 EBITDA 提升。

And let me sort of partially take the CapEx guide. You're absolutely correct. We're into a more normalized environment. And our visibility is very good now, certainly over the short term.

讓我部分了解資本支出指南。你是完全正確的。我們進入了一個更正常化的環境。現在我們的能見度非​​常好，當然在短期內也是如此。

And as our visibility improves and some of these mega projects and reshoring projects, they're multi-year projects and they're going to ramp up over time. And we can always -- because the supply chain is much healthier than it's been over the last three years, we always have the ability to ramp up that CapEx intake as we experience improvements on the rental revenue side.

隨著我們知名度的提高，其中一些大型項目和回流項目，它們是多年期項目，並且會隨著時間的推移而增加。而且我們總是可以——因為供應鏈比過去三年要健康得多，隨著租金收入的改善，我們總是有能力增加資本支出。

Yeah, I'm not trying to have you give a '25 CapEx guide. I'm just making sure I hear from you that this below 20% net rental CapEx to expected rental revenues is below trend because you're above trend, you've kind of normalized.

是的，我並不是想讓你提供 '25 資本支出指南。我只是確保收到您的來信，預計租金收入的淨租金資本支出低於 20%，低於趨勢，因為您高於趨勢，您已經正常化了。

But if I think about '25 and '26, just to get a sense of your confidence in the growth beyond '24. I was just curious if you're willing to say like, no, you should expect net rental CapEx in '25 in that normal 25% to 30% of whatever you think the rental revenue is. --

但如果我考慮一下“25”和“26”，只是為了了解您對“24”之後的成長的信心。我只是很好奇你是否願意說，不，你應該預期 25 年的淨租金資本支出通常為你認為的租金收入的 25% 到 30%。--

Yeah, David, I don't think that's unreasonable. I think that's a reasonable assumption.

是的，大衛，我不認為這是不合理的。我認為這是一個合理的假設。

I appreciate it. All right, thank you for the time.

我很感激。好的，謝謝您抽出時間。

Thank you.

謝謝。

There are no further questions at this time. I will now turn the call back over to Leslie for any closing remarks.

目前沒有其他問題。我現在將把電話轉回給萊斯利，讓其發表結束語。

Thank you for joining us on the call today. We look forward to updating you on our progress in the quarters to come. Of course, if you have any further questions, please don't hesitate to reach out to us. Have a great day.

感謝您今天加入我們的電話會議。我們期待向您通報我們未來幾季的最新進展。當然，如果您還有其他疑問，請隨時與我們聯繫。祝你有美好的一天。

This concludes today's conference. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線。