Herc Holdings Inc (HRI) 2025 Q3 法說會逐字稿

Hello and thank you for standing by. My name is Mark and I will be your conference operator today. At this time, I would like to welcome everyone to Herc Holdings Inc., third-quarter 2025 earnings call and webcast. (Operator Instructions)

您好，感謝您的耐心等待。我叫馬克，今天將由我擔任你們的會議接線生。在此，我謹代表 Herc Holdings Inc. 歡迎各位參加 2025 年第三季財報電話會議和網路直播。（操作說明）

Now I would like to turn the call over to Leslie Hunziker, Senior Vice President, Investor Relations. Please go ahead.

現在，我將把電話交給投資者關係高級副總裁萊斯利·亨齊克。請繼續。

Thank you, operator, and good morning, everyone. Today, we're reviewing our third-quarter 2025 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.

謝謝接線員，大家早安。今天，我們將回顧 2025 年第三季業績，並對營運和財務狀況發表評論，包括我們對產業的看法和策略展望。發言結束後將進行公開問答環節。

Let me remind you that today's call will include forward-looking statements. These statements are based on the environment as we see it today and are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections.

我在此提醒各位，今天的電話會議將包含前瞻性陳述。這些聲明是基於我們目前所看到的環境，但存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。

These risks and uncertainties include, but are not limited to, the factors identified in the press release, our Form 10-Q and in our most recent annual report Form 10-K, as well as other filings with the SEC.

這些風險和不確定性包括但不限於新聞稿、我們的 10-Q 表格和我們最新的年度報告 10-K 表格以及向美國證券交易委員會提交的其他文件中所列的因素。

Today, we're reporting our financial results on a GAAP basis, which include H&E results for June through September in the nine month period for 2025. In addition, 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.

今天，我們將按照 GAAP 準則公佈我們的財務業績，其中包括 2025 年 6 月至 9 月的九個月期間的 H&E 業績。此外，我們還將討論我們認為有助於評估公司經營績效的非GAAP資訊。這些非GAAP指標與最接近的GAAP指標的調節表可在電話會議資料中找到。

Finally, please mark your calendars to join our management meetings at the Baird Industrial Conference in Chicago on November 11, Redburn Atlantic's Virtual CEO Conference on December 2, and the Melius Research Conference in New York on December 10.

最後，請在日曆上標記以下會議，參加我們於 11 月 11 日在芝加哥舉行的 Baird 工業會議、12 月 2 日舉行的 Redburn Atlantic 虛擬 CEO 會議以及 12 月 10 日在紐約舉行的 Melius 研究會議。

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.

今天上午，與我一同出席的有：總裁兼執行長 Larry Silber；資深副總裁兼營運長 Aaron Birnbaum；以及資深副總裁兼財務長 Mark Humphrey。

I'll now turn the call over to Larry.

現在我將把電話交給拉里。

Thank you, Leslie, and good morning, everyone. I want to start by thanking all of Team Herc for their incredible energy, focus and commitment throughout the third quarter. Integrating the largest acquisition in our industry is no small feat, but our team has truly risen to the challenge, driving alignment, accelerating progress, supporting one another, and accomplishing a large systems migration, all while remaining focused on scaling operations in a mixed demand environment.

謝謝你，萊斯利，大家早安。首先，我要感謝赫拉克團隊的所有成員，感謝他們在第三季展現出的驚人活力、專注力和奉獻精神。整合我們產業內最大的收購絕非易事，但我們的團隊確實迎接了挑戰，推動了協調一致，加快了進度，互相支持，並完成了大型系統遷移，同時也專注於在混合需求環境中擴展營運。

We continue to see robust activity across mega projects and specialty solutions, underscoring the strength of our strategic positioning. In the local markets, growth is limited as new projects in the commercial sector remain on hold due to the high interest rate environment.

我們在大型專案和專業解決方案方面持續保持強勁的業務活動，凸顯了我們策略定位的優勢。由於高利率環境，本地市場商業領域的新項目仍處於停滯狀態，成長受到限制。

In this bifurcated landscape, our scale, advanced technology platform and diversification across geographies, end markets and product lines continue to be competitive advantages -- is enabling us to operate with agility and resilience. At the same time, we're executing against our integration roadmap with discipline, speed, and a clear focus on unlocking both cost and revenue synergies within our three-year time frame.

在這種兩極化的格局中，我們的規模、先進的技術平台以及跨地域、終端市場和產品線的多元化仍然是我們的競爭優勢——使我們能夠靈活且有韌性地運作。同時，我們正以嚴謹的態度、快速的步伐執行我們的整合路線圖，並明確專注於在三年內釋放成本和收入協同效應。

Let's now turn to slide number 5 for an update on our progress. Since closing the transaction, we expanded our field operating structure from 9 to 10 US regions, reorganized districts, and added key leadership roles to ensure operational continuity and scalability.

現在讓我們翻到第 5 張投影片，了解我們的進度。自交易完成以來，我們將現場營運結構從美國 9 個地區擴展到 10 個地區，重組了各區，並增加了關鍵領導職位，以確保營運的連續性和可擴展性。

Our regional vice presidents and field support staff continue to relentlessly manage change and support our teams for growth. Early on, we completed a comprehensive sales territory optimization exercise to restructure coverage and deepen customer relationships given our much larger scale.

我們的區域副總裁和現場支援人員將繼續不懈地管理變革，並支持我們的團隊實現成長。在早期，鑑於我們規模更大，我們完成了一項全面的銷售區域優化工作，以重新調整覆蓋範圍並加深客戶關係。

And we equipped our new sales team members with a broader product offering and expert product support. They are now undergoing training on enhanced market and customer analytics and customer engagement tools. Together, these initiatives will further improve retention and strengthen the capabilities and execution of our sales force.

我們為新銷售團隊成員配備了更廣泛的產品系列和專業的產品支援。他們目前正在接受有關增強型市場和客戶分析以及客戶互動工具的培訓。這些措施將共同進一步提高客戶留存率，並增強我們銷售團隊的能力和執行力。

Equally important in the quarter, we completed the full systems integration. We got this done in just 90 days, compared to a typical timeline of 6 to 18 months for companies of a similar size and complexity. This accelerated execution reflects the strength of our internal capabilities, disciplined planning, and deep experience with enterprise technology deployments.

同樣重要的是，本季我們完成了全面的系統整合。我們只花了 90 天就完成了這項工作，而對於規模和複雜程度類似的公司來說，通常需要 6 到 18 個月的時間。這種加速執行體現了我們強大的內部能力、嚴謹的計劃以及在企業技術部署方面的豐富經驗。

This integration included an enterprise platform consolidation, where we transitioned the H&E branch operations from SAP to our customized rental land front end system, and Oracle ERP framework. Our proprietary pricing engine also is now fully integrated with centralized controls in place to ensure consistency, protect margins, and align pricing decisions with our broader business goals.

此次整合包括企業平台整合，我們將 H&E 分公司的營運從 SAP 過渡到我們客製化的租賃土地前端系統和 Oracle ERP 框架。我們專有的定價引擎現在也已完全整合到集中控制中，以確保一致性、保護利潤率，並使定價決策與我們更廣泛的業務目標保持一致。

Our logistics system called (technical difficulty) is also now operational across the expanded network to improve delivery accuracy and optimize route planning at the lowest possible cost as we deployed our business intelligence suite across the acquired locations, giving us real-time visibility beginning this month into combined performance metrics, customer behavior and operational KPIs. Finally, our industry-leading customer-facing technology, ProControl by Herc Rentals is now available to our entire customer portfolio, enabling equipment renting, tracking and asset management and control from any device anywhere.

我們的物流系統（技術難題）現在也已在擴展的網路中投入運行，以提高交付準確性並以盡可能低的成本優化路線規劃。我們在收購的地點部署了商業智慧套件，從本月開始，我們可以即時了解綜合績效指標、客戶行為和營運 KPI。最後，我們領先業界的客戶導向的技術——Herc Rentals 的 ProControl 現在已向我們所有的客戶開放，使用戶能夠透過任何裝置隨時隨地進行設備租賃、追蹤、資產管理和控制。

We view these systems integrations, not just as a technical milestone, but as strategic enablers. They're going to allow us to scale faster, operate smarter, and deliver more value to our customers and shareholders. Our systems alignment marks a turning point.

我們認為這些系統整合不僅是技術上的里程碑，更是策略上的推動因素。它們將使我們能夠更快地擴大規模，更聰明地運營，並為我們的客戶和股東創造更多價值。我們的系統調整標誌著一個轉捩點。

For the first time beginning in the fourth quarter, we have full visibility into our combined business and are now positioned to analyze the operations at a more granular district and branch level.

從第四季度開始，我們首次全面了解了合併後的業務，現在可以更細緻地分析地區和分支機構層面的營運情況。

Specifically this quarter, we're drilling down into three key areas. First, productivity. We're using the data to benchmark performance, lagging underperforming locations for deeper review, and identifying top-tier branches where we can replicate best practices to drive operational improvement across the organization.

本季度，我們將重點深入研究三個關鍵領域。首先是生產力。我們正在利用這些數據來衡量績效，對錶現欠佳的地點進行深入審查，並找出頂尖分支機構，以便複製最佳實踐，從而推動整個組織的營運改善。

Second, expense management. We want to pinpoint additional variable cost-saving opportunities, discontinued activities that do not align with our strategic priorities, and eliminate inefficiencies at the local level.

其次，是費用管理。我們希望找出更多可節省變動成本的機會，終止與我們的策略重點不符的活動，並消除地方層級的低效率現象。

And third, fleet management. After having conducted a full audit of our combined equipment assets in the third quarter, we made good progress of disposing underutilized, off-brand and aged acquisition fleet. Aaron will share some of those details. But our focus on fleet management is ongoing as we rebalance our portfolio to match demand patterns, optimize mix, and support scalable growth.

第三，車隊管理。在第三季對我們的合併設備資產進行全面審計後，我們在處置未充分利用、非品牌和老舊的購置設備方面取得了良好進展。亞倫會分享其中的一些細節。但隨著我們重新調整產品組合以匹配需求模式、優化產品組合併支援可擴展成長，我們對車隊管理的關注仍在繼續。

Another way we're scaling the business for 2026 and beyond is by optimizing our network footprint. We've undertaken a market-by-market analysis of our combined branch locations with a goal of reducing redundancies and enabling better product allocation to further strengthen our market presence. Over the next six months, we expect to consolidate some general rental branches for cost and operational efficiencies. We'll repurpose certain of those branches into standalone specialty equipment locations.

我們為 2026 年及以後擴大業務規模的另一種方法是優化我們的網頁佈局。我們對合併後的分公司進行了逐個市場分析，目標是減少冗餘，並實現更好的產品分配，從而進一步加強我們的市場地位。在接下來的六個月裡，我們計劃整合一些普通租賃分支機構，以提高成本和營運效率。我們將把其中一些分店改建為獨立的專業設備維修中心。

In other instances, we'll further expand access to our specialty solutions by co-locating specialty equipment within existing general rental facilities. These initiatives are expected to result in about 50 additional specialty locations, increasing our specialty network by 25% next year and supporting accelerated growth in these high-margin product categories.

在其他情況下，我們將透過在現有通用租賃設施內集中放置專用設備，進一步擴大對我們專業解決方案的存取範圍。這些舉措預計將帶來約 50 家新增專科門市，使我們的專科門市網路在明年成長 25%，並支持這些高利潤產品類別的加速成長。

Overall, we're making excellent progress on the integration. Our teams are getting acclimated. Our systems are unified. Our customers are already seeing early benefits. We remain confident in our ability to deliver the full value of the acquisition both in terms of cost efficiencies and accelerated growth while continuing to deliver on our long-term growth strategies, which are outlined on slide number 6.

整體而言，我們在整合方面取得了非常好的進展。我們的團隊正在適應新環境。我們的系統是統一的。我們的客戶已經開始感受到初步好處。我們仍然有信心充分發揮此次收購的價值，無論是在成本效益方面還是在加速成長方面，同時繼續推進我們的長期成長策略，這些策略在第 6 張投影片中概述。

As we said, integrating this acquisition is our primary focus, and therefore, we have paused other M&A initiatives for the time being and are completing the remaining in-flight greenfields. Year to date, we added 17 greenfield facilities, of which 6 were opened in the third quarter, and we have roughly 10 more new location openings planned for the fourth quarter.

正如我們所說，整合此次收購是我們的首要任務，因此，我們暫時暫停了其他併購計劃，並正在完成剩餘的在建項目。今年迄今為止，我們新增了 17 個新建設施，其中 6 個是在第三季開業的，我們計劃在第四季再開設約 10 個新地點。

Capitalizing on the secular shift from ownership to rental, particularly in the specialty market, and yielding greater value from mega projects through specialty solutions is a key focus for us. Further cross-selling specialty gear is an important component of the revenue synergies with H&E.

抓住從所有權向租賃的長期轉變趨勢，尤其是在專業市場，並透過專業解決方案從大型專案中創造更大價值，是我們重點關注的領域。進一步交叉銷售專業裝備是與 H&E 實現收入綜效的重要組成部分。

In line with this strategy, we've continued to over-index our gross CapEx plans towards specialty, with the goal of increasing this category as a percent of our overall fleet composition long term. And of course, repurposing general rental branches into ProSolutions facilities, as I just mentioned, will support special key equipment capacity for the 160 plus acquired locations.

依照這個策略，我們繼續加大對專業領域的資本支出計畫投入，目標是長期提高該類別在我們整體船隊組成中所佔的百分比。當然，正如我剛才提到的，將一般的租賃分公司改造成 ProSolutions 設施，將為收購的 160 多個地點提供特殊關鍵設備容量。

Finally, we continue to elevate our industry-leading ProControl by Herc Rentals technology offering with new efficiency features and controls, seamless navigation, and tailored experiences all in a single app, addressing our customers' more complex and expanding needs.

最後，我們不斷提升我們領先業界的 Herc Rentals ProControl 技術產品，透過全新的效率功能和控制、無縫導航以及量身定制的體驗，所有這些都整合在一個應用程式中，以滿足客戶日益複雜和不斷增長的需求。

While we work through the integration of H&E, we'll continue to follow our playbook, leveraging branch network scale, our broad fleet mix, technology leadership, and capital and operating discipline to position us to manage across the cycle and generate substantial growth over the long term.

在整合 H&E 的過程中，我們將繼續遵循我們的策略，利用分支機構網路規模、廣泛的車隊組合、技術領先地位以及資本和營運紀律，使我們能夠應對整個週期，並在長期內實現實質成長。

We are committed to our goal of becoming the supplier, employer, and investment of choice for the equipment rental industry. Now I'll turn the call over to Aaron, who will talk a little bit more about operating trends, and then Mark will take you through the third-quarter financial performance and outlook. Aaron?

我們致力於成為設備租賃產業首選的供應商、雇主和投資對象。現在我將把電話交給 Aaron，他將再談談營運趨勢，然後 Mark 將帶您了解第三季的財務表現和展望。亞倫？

Thanks, Larry, and good morning, everyone. As we continue executing on this important integration, I also want to personally thank our teams for their incredible commitment and perseverance. Whether navigating change, supporting integration efforts, or pushing forward on growth initiatives, their resilience and focus have been exceptional.

謝謝你，拉里，大家早安。在我們繼續推進這項重要整合工作的同時，我也要親自感謝我們的團隊所展現出的巨大奉獻精神和堅持不懈。無論是應對變革、支持整合工作，還是推進成長計劃，他們的韌性和專注力都堪稱卓越。

They have continued to show up for our customers, for each other and for the future we're building together. That dedication is what drives our momentum and it's what sets team Herc apart. Equally important to our success is our unwavering commitment to safety.

他們始終不渝地為我們的客戶、為彼此、為我們共同建構的未來而努力。正是這種奉獻精神推動著我們不斷前進，正是這種奉獻精神使赫克團隊脫穎而出。對我們的成功而言，同樣重要的是我們對安全的堅定承諾。

Safety is at the core of everything we do and is an immediate integration priority. We onboarded 2,500 new Herc team members into our health and safety program in the third quarter. As you can see on slide 8, our major internal safety program focus on perfect days. We strive for 100% perfect days throughout the organization.

安全是我們一切工作的核心，也是我們目前整合工作的首要任務。第三季度，我們為 2500 名新的 Herc 團隊成員納入了我們的健康和安全計劃。正如您在幻燈片 8 中看到的，我們主要的內部安全計劃專注於完美無瑕的日子。我們力求在整個組織內實現100%完美的一天。

In the third quarter, on our branch by branch measurement, all of our operations achieved at least 97% days as perfect. Also notable, our total recordable incident rate remains better than the industry's benchmark 1.0, reflecting our high standards and commitment to the safety of our people and our customers.

第三季度，我們逐一分公司進行衡量，所有業務的完美天數至少達到 97%。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，這反映了我們對員工和客戶安全的高標準和承諾。

Turning to slide 9. We're operating in a disproportionate demand environment, where the local market remains affected by interest rate, sensitive commercial construction, while mega project activity continues to be robust. In the third quarter, local accounts represented 52% of rental revenue compared with 53% a year ago on a pro forma basis.

翻到第9張投影片。我們目前處於供需失衡的環境中，本地市場仍然受到利率和敏感的商業建設的影響，而大型專案活動則持續強勁。第三季度，本地客戶佔租賃收入的 52%，而去年同期以備考基準計算為 53%。

On the national account side, private funding for new large-scale projects is still quite robust. We kicked off several new mega projects in the third quarter as the push for restoring manufacturing, along with increases in LNG export capacity and the expansion of artificial intelligence are continuing to drive new construction demand.

從國民經濟角度來看，新的大型專案的私人融資仍然相當強勁。第三季度，隨著製造業復甦的推進、液化天然氣出口能力的提升以及人工智慧的擴展，新的建築需求持續成長，我們啟動了幾個新的大型計畫。

We are winning our targeted 10% to 15% share of these project opportunities with even more new mega projects on deck and current projects still ramping up. As a combined company, we'll continue to target a 60% local and 40% national revenue split long term, knowing that this diversification provides for growth and resiliency.

我們正朝著10%到15%的專案機會目標穩步邁進，同時還有更多新的大型專案正在籌備中，現有專案也正在加速推進。作為一家合併後的公司，我們將繼續長期堅持本地收入佔比 60%，全國收入佔 40% 的目標，因為我們知道這種多元化能夠帶來成長和韌性。

Sticking with the topic of resiliency, let's turn to slide 10, where you can see that despite the uncertain sentiment in the general market around interest rate -- interest rates and tariffs, industrial spending and nonresidential construction starts still show plenty of opportunity for growth, built on a foundation of mega project development and infrastructure investments.

繼續討論韌性這個主題，讓我們來看第 10 張幻燈片，從中可以看到，儘管市場對利率（利率和關稅）的整體情緒不明朗，但工業支出和非住宅建築開工量仍然顯示出大量的增長機會，這建立在大型項目開發和基礎設施投資的基礎之上。

Taking a look at the updated industrial spending for forecast at the top left, Industrial Info Resources is projecting strong capital and maintenance spending through the end of the decade. DOGE's forecast for nonresidential construction starts in 2025, is estimated at $467 billion, a 4% increase year over year, with 3% to 6% growth continuing in each successive year. Additionally, the mega project chart in the upper right quadrant gives you a snapshot of the total dollar value and US construction project starts over the last two years, and a growth projection that exceeds $650 billion for 2025.

從左上角更新的工業支出預測來看，工業資訊資源公司預測，到本十年末，資本支出和維護支出將維持強勁成長。道奇能源公司 (DOGE) 預測，2025 年非住宅建築開工量將達到 4,670 億美元，年成長 4%，並且在接下來的每一年中將繼續保持 3% 至 6% 的成長。此外，右上象限的巨型專案圖表可以讓你快速了解過去兩年美國建築專案的總價值和開工量，並預測到 2025 年將超過 6,500 億美元。

We estimate we are only in the early to middle innings of this multiyear opportunity. We don't take the chart out beyond this year because visibility is less clear for actual start dates of those projects still in the planning phases. But there are trillions of dollars in the mega project pipeline that aren't accounted for here.

我們估計，我們目前還處於這項多年機會的早期到中期階段。我們不把圖表更新到今年以後，因為那些仍在規劃階段的專案的實際開始日期不太明朗。但還有數萬億美元的巨型項目儲備並未計入其中。

Finally, there's another $346 billion in infrastructure projects estimated for 2025. That's a roughly 6% increase over 2024, and infrastructure construction activity is expected to further strengthen in the out years. Of course, there are some overlapping projects among these four data sets, but no matter how you look at it, for companies with a safety record, product breadth, technology and capabilities to service customers at the national account level, the opportunities for growth remain significant.

最後，預計到 2025 年還將有價值 3,460 億美元的基礎設施項目。這比 2024 年約成長 6%，預計未來幾年基礎建設活動將進一步增強。當然，這四個資料集之間存在一些重疊的項目，但無論從哪個角度來看，對於擁有安全記錄、產品廣度、技術和能力，能夠在全國範圍內為客戶提供服務的公司而言，成長機會仍然很大。

Moving to slide 11. Let me take a minute to walk you through how we're managing fleet levels and equipment mix in response to this dynamic and evolving landscape. First, we are rightsizing our acquired fleet and aligning brand consistency to drive operational efficiency and long-term value.

切換到第11張投影片。讓我花一點時間向您介紹一下，為了因應這種動態變化的市場環境，我們是如何管理車隊規模和設備組合的。首先，我們正在調整收購的車隊規模，並統一品牌形象，以提高營運效率和長期價值。

At the same time, we're making targeted investments in specialty equipment to unlock revenue synergies, ensuring we're not just leaner but also more capable and better aligned with high-value opportunities. Our fleet strategy is also calibrated to support the divergent operating environment -- scaling a repositioning fleet to meet national demand while maintaining flexibility in local markets.

同時，我們正在對專用設備進行有針對性的投資，以釋放收入協同效應，確保我們不僅更加精簡，而且更有能力，並更好地掌握高價值機會。我們的車隊策略也經過調整，以適應不同的營運環境—擴大重新定位車隊規模以滿足全國需求，同時保持本地市場的靈活性。

In the third quarter, we executed against this strategy, increasing gross CapEx seasonally and expanding our specialty equipment offering in line with our much larger branch network and our revenue synergy goals. We're still expecting gross fleet CapEx of $900 million to $1.1 billion for 2025.

第三季度，我們執行了這項策略，增加了季節性資本支出總額，並根據我們更大的分支機構網路和收入協同效應目標，擴大了我們的專業設備供應。我們仍預期 2025 年車隊總資本支出將達到 9 億至 11 億美元。

Also in the latest quarter, we nearly doubled disposals on an OEC basis versus last year, as we work to optimize our larger general rental fleet post-acquisition. Realized proceeds were 41% of OEC on those equipment dispositions.

此外，在最近一個季度，我們按 OEC 計算的處置量與去年相比幾乎翻了一番，因為我們正在努力優化收購後規模更大的通用租賃車隊。這些設備處置的實現收益為 OEC 的 41%。

Given the significant amount of fleet we were selling and the variance in brand quality, more sales went through the auction channel this quarter than in the recent past. Once we have the fleet in a more optimal position, we'll resume our channel shift strategy to the higher-return wholesale and retail outlook.

鑑於我們出售的車隊數量龐大，且品牌品質參差不齊，本季透過拍賣管道進行的銷售比最近一段時間要多。一旦我們的車隊處於更優化的狀態，我們將恢復通路轉型策略，轉向回報更高的批發和零售前景。

For the full year, we're still expecting disposals at OEC of $1.1 billion to $1.2 billion. We're tracking at about 75% of that target with the remainder coming in the fourth quarter. I know there's strong interest in our 2026 CapEx plan, but it's still early in the process. So we're not yet in a position to share specifics.

我們預計 OEC 全年資產處置額仍將達到 11 億至 12 億美元。我們目前已完成目標的約 75%，剩餘部分將在第四季完成。我知道大家對我們的 2026 年資本支出計畫非常感興趣，但目前還處於早期階段。因此，我們目前還不便透露具體細節。

But from a high level, I could tell you that we have an especially young fleet today as a result of the H&E acquisition. We'd like to get it back to Herc's historical average fleet age, so that's something that will be considered in our fleet plan.

但從宏觀層面來看，我可以告訴你，由於收購了 H&E，我們現在擁有一支特別年輕的機隊。我們希望將 Herc 的平均艦隊年齡恢復到歷史水平，因此這將是我們艦隊計劃中需要考慮的問題。

Also, we fully expect continued growth in national accounts and specialty solutions next year. We're planning our fleet by mix and geography to support that momentum. At the same time, demand visibility for local projects remains highly compressed, which reinforces the need for agility in both how we manage our existing fleet and the pace of planning for 2026.

此外，我們完全預期明年全國性客戶和專業解決方案業務將持續成長。我們正在按產品組合和地理位置規劃我們的機隊，以支持這一發展勢頭。同時，本地專案的需求可見度仍然非常有限，這更凸顯了我們在管理現有車隊和加快 2026 年規劃步伐方面保持靈活性的必要性。

The scale we've gained bolsters our ability to respond to near-term trends in local markets while also leveraging efficiencies to prepare for the start of a cyclical recovery. But it's important to remember that a pickup in local demand typically lags interest rate reductions.

我們所獲得的規模增強了我們應對本地市場近期趨勢的能力，同時也提高了效率，為週期性復甦的開始做好準備。但要記住的是，本地需求的回升通常落後於利率下調。

Developers still need time to secure financing and contractors have to obtain permits and mobilize labor for planned projects. So we're being thoughtful and disciplined in our planning, balancing short-term responsiveness with long-term readiness.

開發商仍需時間籌集資金，承包商也需要獲得許可證並為計劃中的項目調集勞動力。因此，我們在規劃方面深思熟慮、嚴謹自律，力求在短期回應能力和長期準備之間取得平衡。

Turning to slide 12, I'll continue to state the obvious. Diversification is an important strategy for fostering sustainable growth and navigating economic cycles. As Herc is diversified into new end markets, geographies and products and services over the last nine years, we have reduced our reliance on a single industry or customer.

翻到第 12 張投影片，我將繼續陳述顯而易見的事實。多元化是促進永續成長和應對經濟週期的重要策略。過去九年，隨著 Herc 的業務多元化發展，拓展到新的終端市場、地理、產品和服務領域，我們對單一產業或客戶的依賴程度降低。

We become more resilient to downturns and more adaptable to emerging opportunities like the mega project developments, technology advancements that support customer productivity, and the secular shift from ownership to rental, especially in the specialty category classes. We believe we are well positioned to manage dynamic markets and the acquired scale further bolsters our capacity and therefore, our opportunities.

我們變得更能抵禦經濟衰退，也更能適應新興機遇，例如大型專案開發、支援客戶生產力的技術進步，以及從所有權到租賃的長期轉變，尤其是在特殊類別中。我們相信我們有能力應對瞬息萬變的市場，而此次收購的規模將進一步增強我們的能力，從而也增強我們的機會。

With that, I'll pass the call on to Mark.

這樣，我就把電話轉給馬克了。

Thanks, Aaron, and good morning, everyone. I'm starting on slide 14 with a summary of our key metrics for the third quarter, which includes Cinelease results for July. As you may have seen, we completed the sale of Cinelease on July 31 with proceeds used to pay down our ABL.

謝謝你，亞倫，大家早安。我將在第 14 張投影片中總結我們第三季的關鍵指標，其中包括 Cinelease 7 月的業績。正如您可能已經看到的，我們於 7 月 31 日完成了 Cinelease 的出售，所得款項用於償還我們的資產抵押貸款。

For the third quarter, on a GAAP basis, equipment rental revenue was up approximately 30% year over year, driven by the acquisition of H&E, and strong contributions from mega projects and Specialty Solutions. Adjusted EBITDA increased 24% compared with last year's third quarter, benefiting from the higher equipment rental revenue, as well as used equipment sales.

第三季度，以美國通用會計準則計算，設備租賃收入年增約 30%，這主要得益於收購 H&E，以及大型專案和特種解決方案的強勁貢獻。經調整的 EBITDA 比去年第三季成長了 24%，這得益於設備租賃收入的增加以及二手設備銷售的成長。

Adjusted EBITDA margin was primarily impacted by a higher proportion of our used equipment sold through the lower-margin auction channel as we work to align the acquired fleet. Also affecting margin with lower fixed cost absorption as a result of the ongoing moderation in certain local markets where H&E was overweighted, as well as acquisition-related redundant costs preceding the full impact of cost synergies.

調整後的 EBITDA 利潤率主要受到透過利潤率較低的拍賣管道出售的二手設備比例較高的影響，因為我們正在努力調整收購的設備組合。此外，由於 H&E 在某些本地市場權重過高，導致固定成本吸收率下降，以及收購相關的冗餘成本在成本協同效應完全顯現之前產生，也影響了利潤率。

REBITDA, which excludes used equipment sales, was up 22% during the third quarter. REBITDA margin was 46%, impacted by the lower-margin acquired business. Margin improvement will come from equipment rental, revenue growth, and a shift over time to a higher margin product mix, as well as delivery of the full cost synergies and improved variable cost management from the increased scale. Our net income in the third quarter included $38 million of transaction costs primarily related to the H&E acquisition. On an adjusted basis, net income was $74 million.

不包括二手設備銷售的 REBITDA 在第三季成長了 22%。受收購的低利潤率業務的影響，REBITDA 利潤率為 46%。利潤率的提高將來自設備租賃、收入成長，以及隨著時間的推移向利潤率更高的產品組合轉變，同時，規模擴大帶來的成本協同效應的充分發揮和可變成本管理的改善也將帶來利潤率的提高。第三季淨收入包括 3,800 萬美元的交易成本，主要與收購 H&E 有關。經調整後，淨收入為7400萬美元。

Shifting to capital management on slide 15, you can see that we generated $342 million of free cash flow, net of transaction costs in the nine months ended September 30, 2025, which was in line with our expectations.

在第 15 張幻燈片中，我們可以看到，截至 2025 年 9 月 30 日的九個月內，我們產生了 3.42 億美元的自由現金流（扣除交易成本），這與我們的預期相符。

Our current leverage ratio is 3.8 times. Our goal is to return to the top of our target range of 2 to 3 times by year-end 2027, as revenue and cost synergies drive higher EBITDA flow-through. And less capital will be required to achieve the revenue synergies due to scale benefits on the utilization of existing fleet. The combined entity will be capitalized to maintain financial strength and flexibility.

我們目前的槓桿率為 3.8 倍。我們的目標是到 2027 年底，透過收入和成本協同效應推動更高的 EBITDA 轉換率，使 EBITDA 轉換率恢復到 2 到 3 倍的目標範圍的上限。由於現有船隊的規模效益，實現收入綜效所需的資本也會減少。合併後的實體將獲得充足的資本，以保持財務實力和靈活性。

On slide 16, we're reiterating our 2025 guidance. When we set the guide a month into the integration, we modeled the back half of the year using the second quarter trends we were seeing for each of the legacy companies. Of course, in any large-scale acquisition, integrating the acquired operations and acclimating new team members as a phase an ongoing effort.

在第 16 張投影片中，我們重申了我們的 2025 年指引。在整合開始一個月後，我們制定了指導方針，並根據我們從每個原有公司看到的第二季趨勢，對下半年進行了建模。當然，在任何大規模收購中，整合被收購的業務和讓新團隊成員適應新環境都是一個持續進行的過程。

We're starting to get a better read on the pacing of training, upskilling, and reengaging the acquired team. And we're making good progress on backfilling for the H&E sales force attrition that occurred, with strong patterns in place for recruiting candidates and onboarding and training new hires. Despite a lot of moving pieces with the integration overall, the guidance still feels about right based on current visibility.

我們開始更了解培訓、技能提升和重新調動收購團隊的進度。我們正在積極填補 H&E 銷售人員流失造成的空缺，並建立了完善的招募候選人、入職和培訓新員工的模式。儘管整體整合過程中有很多變數，但根據目前的了解情況來看，該指導意見仍然感覺比較正確。

Two points I'd like to call out for the fourth quarter. First, unless something big happens in the next two weeks, we'll likely have a tougher comp from a US weather standpoint, with last year benefiting from about 2 to 3 points of hurricane-related pro forma revenue upside for the combined company.

我想就第四節比賽提兩點。首先，除非未來兩週發生什麼大事，否則從美國天氣角度來看，我們可能會面臨更嚴峻的比較，因為去年合併後的公司受益於颶風帶來的約 2 到 3 個百分點的備考收入增長。

Second, when it comes to fourth-quarter adjusted EBITDA, you should expect that we'll continue to utilize the auction channel more than Herc typically would as we're still rightsizing the acquired fleet with a focus on dispositions of off-brand and aged general rental equipment. This shift in channel mix will continue to pressure proceeds and therefore, the used sales margin.

其次，就第四季度調整後的 EBITDA 而言，您應該預期我們將繼續比 Herc 通常更多地利用拍賣管道，因為我們仍在調整收購的車隊規模，重點是處置非品牌和老舊的通用租賃設備。通路組合的這種轉變將繼續對收益構成壓力，從而對二手商品銷售利潤率構成壓力。

With a completed systems integration now providing a uniform granular view of the entire company, we're putting action plans in place to address any underperforming areas or foundational inefficiencies. All of that will better position us as we planned for 2026. Longer term, based on all the opportunity we see, we remain confident in the strategic value of this combination, and our ability to achieve both the full revenue and cost synergies over the next three years.

系統整合完成後，我們現在可以對整個公司進行統一的、細緻的了解，我們正在製定行動計劃，以解決任何表現不佳的領域或基礎性效率低下的問題。所有這些都將使我們更能按照計劃迎接 2026 年的到來。從長遠來看，基於我們所看到的所有機會，我們仍然對此次合併的策略價值充滿信心，並相信我們有能力在未來三年內實現全部的收入和成本綜效。

With that, operator, we'll take our first question.

那麼，接線員，我們來回答第一個問題。

(Operator Instructions) Mig Dobre, Baird.

（操作說明）Mig Dobre，Baird。

Thanks for taking the question. Good morning, everyone. I guess my first question goes to this comment on the rightsizing of the fleet. And I'm kind of curious where you are in this process. Do you expect to be largely done with this in the fourth quarter? Or is this kind of stretching into 2026?

感謝您回答這個問題。各位早安。我想問的第一個問題是關於艦隊規模調整的這篇評論。我很好奇你目前進展到哪一步了。你預計第四季能基本完成這項工作嗎？或者這種情況會持續到 2026 年？

And is there any way to maybe get us to better understand the magnitude of the work that needs to be done here, either in terms of amount of OEC that needs to be disposed, or any other way that you want to frame it?

有沒有辦法讓我們更能理解這裡需要完成的工作量，無論是需要處理的 OEC 的數量，還是您想用其他任何方式來描述？

Yeah, Mig, this is Aaron. I'll take that question. A lot of the heavy lifting was done in Q3. We still have more work to do as we go through Q4. As long as the 2026 kind of landscape economic -- demand landscape is good, we'll be essentially kind of closing that part of it out.

是的，米格，這是亞倫。我來回答這個問題。第三季完成了很多繁重的工作。進入第四季度，我們還有更多工作要做。只要 2026 年的經濟狀況——需求情況良好，我們基本上就可以結束這部分工作了。

The Q3 higher disposals in Q3 was really related to just some rebalancing of the fleet. On the H&E side, they didn't do their normal cadence of disposals that they historically would have done in Q1 and Q2. So we had to catch up on that. And then just some of the brand mix, the operations are more efficient when you've got a standardized kind of manufacturer-type fleet. So that's what some of the shaping was done.

第三季較高的資產處置量其實只是與船隊的重新平衡有關。在 H&E 方面，他們沒有像以往那樣在第一季和第二季進行正常的處置節奏。所以我們必須趕上進度。而且，在品牌組合方面，如果擁有標準化的製造商型車隊，營運效率會更高。所以，部分塑形工作就是這樣完成的。

And we feel good what we got done, but as we mentioned, a little more auction activity than we typically would do. And as we get into '26, we'll get back to our normal cadence of getting the higher retail wholesale channel.

我們對所取得的成果感到滿意，但正如我們所提到的，這次的拍賣活動比我們通常的情況要多一些。到了 2026 年，我們將恢復正常的節奏，爭取更高的零售批發管道。

Mig, this is Mark. Maybe just a couple of other points there. I think when you think about what Aaron said. Going back to Q2 and the comments we made then, we thought that there was probably, call it, $250 million, $300 million of activity that needed to happen in the back half of the year to sort of rightsize or better rightsize that fleet for the territories it was going in.

米格，我是馬克。或許還需要補充幾點。我想當你仔細想想亞倫說的話。回顧第二季度以及我們當時的評論，我們認為，下半年可能需要投入 2.5 億美元到 3 億美元，以便根據艦隊進入的地區調整或更好地調整艦隊規模。

And I would say, as we sit here through Q3, probably half of that was completed, maybe a little bit more than that in the third quarter. And so the expectation would be better rightsizing the fleet as we get through fourth quarter, such that next year, we can lean on aging the fleet and disposing of less gear.

我想說，截至第三季末，可能已經完成了一半，或許第三季完成的不只一半。因此，我們預計隨著第四季的到來，機隊規模將會得到更好的調整，這樣明年我們就可以依靠老化的機隊，減少設備的報廢。

All right, that's helpful. Thank you. Then maybe a question on your overall mix. The national accounts account for, if I'm not mistaken, pretty much a record as far as my -- back as my model goes. So a lot more business done with national accounts.

好的，這很有幫助。謝謝。然後可能會問一個關於你整體風格的問題。如果我沒記錯的話，就我的模型而言，國民帳戶所佔的比例幾乎創下了紀錄。因此，與全國性客戶開展的業務量大大增加。

I guess that would be consistent with your comment on mega projects being an area of growth. As you sort of think about 2026, I do wonder if this business, mega project national accounts is to some extent, dilutive to margins.

我想這與您關於大型專案是成長領域的觀點是一致的。展望 2026 年，我不禁思考，這種大型計畫、全國性業務是否會在某種程度上稀釋利潤率。

If this is something that we need to think about as we think about the margin framework for next year? And I'm not asking for guidance. I'm just asking for some color as to how this portion of the business is really impacting you.

在考慮明年利潤率框架時，這是否是我們需要考慮的問題？我並不是在尋求指導。我只是想了解一下，這部分業務對你的實際影響是什麼。

Yeah, Mig, Larry, I'll take that. Look, we're expecting, obviously, for the same type of activity to continue into '26 because as you know, until interest rates have a substantial reduction, which maybe we'll see tomorrow another 25 basis points, who knows.

是的，米格，拉里，我接受。顯然，我們預計同樣的活動會持續到 2026 年，因為如你所知，在利率大幅下降之前（也許明天我們就會看到利率再下降 25 個基點），誰知道呢。

It usually takes 6 to 9 to as long as 12 months for that to trickle down into the local market to make that a more attractive business opportunity and certainly spur the activity for us in the local market, which remains somewhat muted.

通常需要 6 到 9 個月，甚至長達 12 個月的時間，這種趨勢才能滲透到當地市場，使其成為更具吸引力的商業機會，並肯定會刺激我們在當地市場的活躍度，而當地市場目前仍然有些低迷。

Overall, though, we don't find that there's any significant margin dilution. Because remember, when we put equipment out at a national account or a mega project, you have minimal movement of that project. You're not having excessive delivery there. And we also have a larger volume of equipment out there, and we tend to also get a lot more specialty product out on those projects that are opportunistic for us as we go along. So we don't see much dilution at all relative to continuing in this trend.

但總體而言，我們並未發現任何明顯的利潤率稀釋。因為請記住，當我們向全國性客戶或大型專案部署設備時，該專案的進度會非常緩慢。你們那裡的送貨量並沒有過多。而且我們還有更大數量的設備投入使用，隨著專案的推進，我們往往會獲得更多特殊產品，這些項目對我們來說都是有利的。因此，相對於繼續保持這種趨勢而言，我們看不到任何稀釋效應。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通。

Hi, good morning. Thank you so much. My first question is on the comment you made about combining some of the gen rent locations. I think you said you're going to have 50 additional specialty. Is it the right way to think about it that about 100 of the general rental locations would close and those would sort of merge and become 50 specialty? How should I think about the interchange between the two?

您好，早安。太感謝了。我的第一個問題是關於您之前提到的合併一些普通出租房源的評論。我想你說過你會增加50個專業方向。認為大約 100 家普通租賃店會關閉，然後這些店會合併成 50 家特色租賃店，這種想法是否正確？我該如何看待這兩者之間的互動？

No, not at all, actually. Our branch count increased dramatically as a result of the acquisition. The way we want you to think about it is there were, hopefully, in two buckets. One, we have a strategy where we typically do a branch and branch, right? So that's how we kind of scale the business.

不，完全不是。收購完成後，我們的分行數量大幅增加。我們希望你這樣理解：它們（希望）被裝在兩個桶子裡。第一，我們通常會採取分支再分支的策略，對吧？這就是我們擴大業務規模的方式。

We'll open a specialty business inside of a general rental branch and let it mature. And when it gets enough scale, then we'll pop it off and have its own stand-alone location. That's really what's the fuel with the 50 new locations as we go through next year's period.

我們將在一家綜合租賃分公司內開設一家特色業務部門，並讓它成長。當它達到足夠大的規模時，我們就會把它獨立出來，擁有自己的獨立場所。這就是我們明年新增 50 個地點的真正動力。

There were just a handful of locations that H&E where they're like 1 mile away from our brand, so we could consolidate those. And in those cases, we're turning those into another specialty branch right away sooner than we typically would. But we're not closing branches from H&E. That would be dilutive to what our strategy is. So we like the scale and it gives us a bigger footprint, which allows us to solve the market needs better.

H&E 只有少數地點距離我們的品牌只有 1 英里左右，所以我們可以把這些地點合併起來。在這種情況下，我們會比通常更快地將它們轉變為另一個專業分支。但我們不會關閉 H&E 的分店。那樣會削弱我們的戰略。我們喜歡這種規模，它讓我們擁有更大的影響力，以便更能滿足市場需求。

Understood. That's super helpful. And my second question is now that your -- the two businesses are on the same platform, it gives you more visibility into the combined business. Would you consider revisiting some of the cost synergies and any -- the revenue synergy targets you had at the start of the journey?

明白了。這太有幫助了。我的第二個問題是，既然你們的兩家企業都在同一個平台上，這是否會讓你們對合併後的業務有更清楚的了解？您是否考慮重新審視您在專案開始時設定的成本綜效和任何收入綜效目標？

Yeah, I mean, I think, Tami, I mean, that's an ongoing process, right? I mean, I think that from a cost synergy perspective, we originally laid out $125 million into buckets. So those buckets look the same today as they did yesterday? No. Will they continue to change and evolve? Yes.

是的，我的意思是，塔米，我認為，那是一個持續的過程，對吧？我的意思是，我認為從成本協同效應的角度來看，我們最初將 1.25 億美元分成了幾個部分。所以這些桶子今天看起來就跟昨天一樣？不。它們會繼續變化和發展嗎？是的。

And then I think -- and probably good news here, as I mentioned in my prepared remarks, there's also efficiency reviews taking place now that we're on the same platform. And so whether you want to call that synergy or efficiency, I don't care. Ultimately, it's incremental margin and efficiency that we're going to gain. So that's how we're looking at it, and I think it will continue to evolve as we move forward.

然後我想——這可能是個好消息，正如我在準備好的發言稿中提到的，既然我們現在處於同一平台，那麼效率審查也正在進行中。所以，無論你稱之為協同效應還是效率，我都不在乎。最終，我們將獲得的是利潤率的提升和效率的提升。這就是我們看待這個問題的方式，我認為隨著我們不斷前進，它還會繼續發展演變。

Kyle Menges, Citigroup.

凱爾門格斯，花旗集團。

Thank you. Yeah, maybe following up on that. I guess, is there anything noteworthy or unexpected incremental coming from these efficiency reviews that are taking place now, now that you're on the same platform?

謝謝。是的，或許可以跟進一下。我想問，既然你們都在同一平台上，那麼現在進行的這些效率評估是否會帶來任何值得注意或意想不到的改進？

Again, I mean, it's early innings, right? I mean, it's just sort of completed at the end of Q3. I guess the way I would respond to that, Kyle, is that Herc has a fair number of operational KPIs. And so as we sort of rolled ourselves out of Q3 and had clear visibility really for the first time, right, now it's about aligning our KPIs and our expectations to these newly formed, or redevised territories on the consolidated platform.

我的意思是，現在還只是比賽初期，對吧？我的意思是，它基本上在第三季末就完成了。凱爾，我想我的回答是，Herc 有很多營運 KPI。因此，隨著我們逐步走出第三季度，並且第一次真正擁有了清晰的視野，現在的重點是將我們的關鍵績效指標和預期與整合平台上這些新形成或重新劃分的領域保持一致。

So I don't think there's anything of a surprise nature in that. I think it's just us running our playbook and our game plan and looking for efficiency along the way, and that's exactly what we'll do.

所以我覺得沒什麼好驚訝的。我認為我們只是按照既定的戰術和計劃執行，並在過程中尋求效率，而這正是我們將要做的。

Yeah. And keep in mind that we still -- while we have the IT integration completed, we still have a fair amount of training and education and development of people and aligning resources that needs to happen here in Q4 to prepare the organization as it goes into Q1. And we have a fair amount of work ahead of us still in addition to the movement of these branches that Aaron talked about a moment ago. So a lot of work ahead, and we'll continue to look for opportunities for improvement.

是的。請記住，雖然 IT 整合已經完成，但我們仍需要在第四季度進行大量的人員培訓、教育和發展，並調整資源，以便為組織進入第一季做好準備。除了亞倫剛才提到的這些分支的變動之外，我們還有很多工作要做。所以前面還有很多工作要做，我們會繼續尋找改進的機會。

Makes sense. And then it would be helpful just to hear an update on dissynergies and synergies. I guess, just what's giving you guys confidence that dissynergies are behind you? Are you continuing to see that stabilization in the sales force? Any success bringing people back? And then just it would be helpful to hear an update on some of the earlier -- early revenue synergies that you're seeing as well.

有道理。如果能了解一下協同效應和不協同效應的最新情況就更好了。我想問的是，是什麼讓你們如此自信地認為所有不協同效應都已經過去了？銷售團隊的這種穩定趨勢是否仍在持續？把人接回來的行動有進展嗎？此外，如果您能了解目前看到的早期收入綜效的最新情況，那就太好了。

Yeah, I'll take the first part of that and saying, yeah, look, we've been able to stabilize the sales organization. Now attrition is happening at or below normalized Herc levels that we've seen in the past. And a lot of that is behind us.

是的，我同意第一部分，那就是，是的，我們已經能夠穩定銷售組織。現在，赫拉克勒斯的損耗程度已經達到或低於我們過去所見的正常水平。很多事情都已成為過去。

There have been a couple of folks that we brought back into the organization. But we fill the vast majority of those holes with our team, with our Black and Gold team that have been in training in preparation for sales territories.

我們把幾個人重新招回了組織。但是，我們用我們的團隊，用我們經過訓練、準備負責銷售區域的黑金團隊，填補了絕大多數的空缺。

And we're looking to continue to keep with the training, with the education, with the introduction to our technology platform. That's an enabler for these salespeople to earn more money, and it's also a retention device. So we're excited about that being behind us for the most part.

我們將繼續進行培訓、教育，並介紹我們的技術平台。這既能幫助銷售人員賺更多錢，也是留住客戶的手段。所以我們很高興這件事基本上已經過去了。

Aaron, do you want to --?

亞倫，你想…——？

Yeah, we're seeing on the revenue synergy side, we're seeing -- it's early innings. We're just getting started with it. We're introducing some of the specialty products to customers that were on the H&E side, regional-type customers, and we're getting some good traction, right?

是的，從所得綜效方面來看，目前還處於早期階段。我們才剛起步。我們正在向 H&E 領域的客戶、區域性客戶推出一些特色產品，而且反應不錯，對吧？

So it's -- some of the products we offer weren't offered at H&E and the customers were able to kind of move their share of wallet our direction. So it's -- we're happy where the progress is, but we've got a lot more work to do.

所以，我們提供的一些產品在 H&E 沒有提供，顧客們也因此把一部分錢花在了我們這裡。所以——我們對目前的進展感到滿意，但我們還有很多工作要做。

Kenneth Newman, KeyBanc Capital Markets.

Kenneth Newman，KeyBanc Capital Markets。

Hey, good morning, guys. Maybe for my first question, Mark, it seems like gross margins in the quarter came in a bit lower than I would have expected, but you did leverage SG&A a little bit stronger than my model.

嘿，大家早安。馬克，關於我的第一個問題，本季的毛利率似乎比我預期的要低一些，但你對銷售、一般及行政費用的利用力度確實比我的模型要強一些。

Is there any way you could help us just dimensionalize how to think about gross margin sequentially, third quarter to fourth quarter, just given all the moving pieces? Maybe also a little bit of help on how we think about SG&A dollars going forward.

鑑於各種不確定因素，您能否幫助我們理清從第三季到第四季毛利率的連續變動規律？或許還能對我們未來如何看待銷售、管理及行政費用提供一些幫助。

Yeah, I guess, look, there was a little bit of noise, quite honestly, in the original view, at least the way that I was looking at this. And we couldn't know the answers until we finished all of the mapping of their expenses into our general ledger structure.

是的，我想，說實話，在最初的視圖中，至少在我看來，確實存在一些噪音。在我們完成將他們的所有支出映射到我們的總帳結構之前，我們無法知道答案。

And so I think what -- and the way that I would sort of guide you here is that in totality, you probably had somewhere in the order of magnitude of 55% between DOE and SG&A in the quarter. And I think that that's a reasonable proximity into the fourth quarter, recognizing that there's probably a little less coming through the funnel in the fourth quarter shoulder period.

所以我認為——我在這裡想引導你們的是——總的來說，本季能源支出和銷售、管理及行政費用加起來可能占到 55% 左右。我認為這是一個比較合理的第四節開局時間，考慮到第四節過渡期可能會有較少的球員進入比賽。

So I don't think that there'll be a ton of movement. But I think, generally speaking, you're probably a little less efficient in the fourth quarter just from an overall revenue sort of downtick as you get into the November and December time frame.

所以我認為不會有太大的改變。但我認為，總的來說，由於11月和12月期間整體收入有所下降，第四季的效率可能會略低一些。

Okay, no, that's very helpful. I'm sorry if I missed it, but did you disclose how much (inaudible) contributed to rental revenue and EBITDA in the quarter? I'm just trying to get a sense of what core dollar you was like in the quarter.

好的，這很有幫助。如果我錯過了，請見諒，請問您是否揭露了本季（聽不清楚）對租賃收入和 EBITDA 的貢獻？我只是想了解一下你本季的核心美元業務情況如何。

You didn't hear that because I can't give it. We wouldn't be doing our job, Ken, if I could still sort of pull apart and tell you the performance of H&E and Herc. I can't, and therefore, I won't. But I would tell you that sort of overall, the business on hold performed about the way that we thought it would inside of Q3.

你沒聽到是因為我無法提供。肯，如果我還能像現在這樣把 H&E 和 Herc 拆開來告訴你它們的性能，那我們就失職了。我不能，因此，我不會。但我可以告訴你，整體而言，第三季暫停的業務表現基本上符合我們的預期。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Yeah, hi, thanks. Good morning. A couple of questions. Larry, you touched on it -- if I didn't mishear, you touched on employee retention and you're kind of going in the positive direction now with hiring, rehiring, and then attrition has stopped. Customer attrition, can you talk about that on H&E kind of former accounts if we come through all the dissynergies as you kind of thought in recent quarters?

嗨，謝謝。早安.幾個問題。拉里，你剛才也提到了這一點——如果我沒聽錯的話，你提到了員工留任問題，而且現在你們在招聘、重新招聘方面正朝著積極的方向發展，員工流失已經停止了。客戶流失問題，您能否談談 H&E 以前客戶的流失情況，如果我們能夠像您最近幾季所認為的那樣克服所有協同效應不足的問題？

And then I'll just bolt on my second one. When you've had a chance to look at the business more closely now, how does rental rates stack up in what you need to do if it's below? What do you need to do and what time frame to kind of improve service levels or broaden out service levels and improve that? Thank you.

然後我再把第二個裝上去。現在，當你有機會更仔細地審視這項業務時，如果租金低於預期，你需要採取哪些措施？你需要做些什麼，以及在什麼時間範圍內才能提高服務水準或擴大服務範圍並加以改善？謝謝。

Yeah. Look, what I said and what I hope came through is that we've stabilized the attrition that had happened prior to close. And we feel that is now at a normalized level with no further significant attrition that we're expecting that would be any different from what we would experience with Herc on a normalized basis.

是的。你看，我剛才說的，也是我希望大家能理解的，就是我們已經穩定了之前在關門前發生的人員流動。我們認為目前已達到正常水平，不會再出現重大損耗，我們預期這與 Herc 在正常情況下所經歷的情況沒有任何不同。

So I think we're okay there. But remember, we have backfilled a lot of those positions with folks that have been in our Black and Gold, what we call our PSA program, professional sales associate program. So they're going into new territories. They're on a learning curve, picking up new responsibilities. And we'll have some training and education to do over the course of the balance of the year and into early next year.

所以我覺得我們在這方面沒問題。但請記住，我們已經用我們「黑金計畫」（我們稱之為 PSA 計劃，即專業銷售助理計畫）中的人員填補了許多這些職缺。所以他們正在進軍新的領域。他們正處於學習階段，承擔新的責任。在今年剩餘的時間以及明年年初，我們還需要進行一些培訓和教育工作。

But it will have to ramp up probably into Q2 when we see them become fully effective. And as you know, that usually takes over a two- to three-year period for a sales person to sort of really understand their territories and really perform at the levels we'd like them to perform at.

但可能要到第二季才能真正見效，屆時我們才能看到它們完全發揮作用。如您所知，銷售人員通常需要兩到三年的時間才能真正了解自己的銷售區域，並達到我們希望他們達到的績效水準。

I'll pass the other side over to Aaron relative to your comment on pricing and where it was, and what we're doing to get back to the overall Herc average.

關於你對定價及其水平的評論，以及我們正在採取哪些措施使 Herc 的整體平均水平恢復正常，我將把另一邊的問題交給 Aaron 來回答。

Yeah, Rob, so I'd say to Larry's point, the attrition and all that stabilized. As Q3 went through, we focused a lot on integration. We got the reorganization all done. And now we're back to kind of like performance management and developing our sales team with the go-to-market strategies we already have.

是的，羅布，所以我同意拉里的觀點，人員損耗等等情況都穩定下來了。第三季度，我們把很多精力放在了整合上。重組工作已經全部完成。現在我們又回到了績效管理和利用我們現有的市場推廣策略來發展銷售團隊的階段。

When H&E came into the business, their pricing was lower than the Herc. So we're working on moving that to the needle upward with our tools and systems that we have. We talk about some of our pricing tools that are proprietary to Herc. So they're learning the tools. Our sales management is working with them. That's not going to happen overnight, right? That's a bridge that's going to happen over time to get them back to the Herc historical, kind of, rental rate performance.

H&E進入市場時，他們的定價低於Herc。所以我們正在利用現有的工具和系統，努力推動這趨勢向上發展。讓我們來談談 Herc 的一些專有定價工具。所以他們正在學習使用這些工具。我們的銷售管理團隊正在與他們合作。這不會一夜之間發生，對吧？這是一個需要時間才能完成的過渡，目的是讓他們的租金表現恢復到大力士直升機的歷史水平。

But we've done a good job with the customers. We've negotiated all the contracts H&E had into the Herc system. And the regional type H&E customers, as I mentioned earlier, have really embraced some of the extra fleet breadth that we have. And then the local customers where the market is not as strong and there were some disruptions with some leading up to the closing of the acquisition.

但我們對客戶做得很好。我們已經將 H&E 的所有合約併入了 Herc 系統。正如我之前提到的，區域型 H&E 客戶已經真正接受了我們額外的車隊規模。然後是本地客戶，因為當地市場不太強勁，在收購完成之前，部分客戶出現了一些業務中斷。

Maybe that was because they weren't as busy, or maybe because their sales rep moved on. So we've got all the data. We're moving forward with our CRM and our sales efforts to engage with those customers. And some of those engagements take three or four different -- five different cycles of connection. But we know that we've got a great rental operation, and we're confident those customers will come back over time. But we're happy where we are in the process right now.

或許是因為他們沒那麼忙，或許是因為他們的銷售代表離職了。我們已經收集到所有數據了。我們正在推進客戶關係管理（CRM）和銷售工作，以便更好地與這些客戶互動。有些互動需要三到四個不同的——甚至五個不同的溝通週期。但我們知道我們的租賃業務非常出色，我們相信這些客戶會隨著時間的推移再次光顧。但我們對目前進展順利的狀態感到滿意。

Okay, thank you.

好的，謝謝。

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

我們的問答環節到此結束。現在我將把電話轉回給萊斯利·亨齊克，請她作總結發言。萊斯利？

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.

感謝您今天參加我們的電話會議。我們期待在接下來的幾個季度向您報告我們的進展。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。

That concludes our question-and-answer session. This concludes today's call. You may now disconnect.

我們的問答環節到此結束。今天的電話會議到此結束。您現在可以斷開連線了。