Herc Holdings Inc. (HRI) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Rebecca, and I will be your conference operator today. At this time, I would like to welcome everyone to the Herc Holdings Incorporated first quarter 2026 earnings call and webcast. (Operator Instructions)

感謝您耐心等候。我叫 Rebecca，今天將擔任各位的電話會議接線員。此刻，我謹代表公司歡迎各位參加 Herc Holdings Incorporated 2026 年第一季財報電話會議與網路直播。(接線員指示)

I will now turn the call over to Leslie Hunziker, Head of Investor Relations. Please go ahead.

現在我將把電話會議交給投資人關係主管 Leslie Hunziker。請開始。

Thank you, operator, and good morning, everyone. Today, we're reviewing our first quarter 2026 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 Q&A.

謝謝接線員，各位早安。今天我們將回顧 2026 年第一季的業績，並就營運與財務表現發表評論，包括我們對產業的看法以及策略展望。管理層預先準備的發言之後將進行問答。

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.

提醒各位，今天的電話會議將包含前瞻性陳述。這些陳述係基於我們目前所見的環境，並受各種風險與不確定性影響，可能導致實際結果與我們的預期與推估出現重大差異。

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 on Form 10-K as well as other filings with the SEC. In addition, we'll be discussing non-GAAP information that we believe is useful in evaluating the company's operating performance. Reconciliations to these non-GAAP measures to the closest GAAP equivalent can be found in the conference call materials.

這些風險與不確定性包括但不限於新聞稿、我們的 Form 10-Q 與最近一期 Form 10-K 年報，以及其他向美國證券交易委員會（SEC）提交之文件中所揭露的因素。此外，我們也將討論我們認為有助於評估公司營運表現的非 GAAP 資訊。非 GAAP 指標與最接近之 GAAP 對應項目的調節表可於本次電話會議資料中查閱。

Finally, please mark your calendars to join our second quarter management meetings at the Bank of America Industrials Conference in New York on May 12, the KeyBanc Industrials and Basic Materials Conference in Boston on May 27, and the Wells Fargo Industrials Conference in Chicago on June 9. This morning, I'm joined by Larry Silber, Chief Executive Officer; Aaron Birnbaum, President; and Mark Humphrey, Senior Vice President and Chief Financial Officer.

最後，請各位預留時間參加我們第二季的管理層會議：5 月 12 日於紐約舉行的美國銀行工業（Industrials）研討會、5 月 27 日於波士頓舉行的 KeyBanc 工業與基礎材料研討會，以及 6 月 9 日於芝加哥舉行的富國銀行工業研討會。今天早上與我一同出席的有：執行長 Larry Silber、總裁 Aaron Birnbaum，以及資深副總裁兼財務長 Mark Humphrey。

I'll now turn the call over to Larry.

現在我把電話會議交給 Larry。

Thank you, Leslie, and good morning, everyone. I'm pleased to report that with the completion of our branch optimization program, the integration of H&E Equipment Services the largest acquisition in our industry is now complete.

謝謝 Leslie，各位早安。我很高興向各位報告，隨著我們分公司優化計畫的完成，H&E Equipment Services（本產業史上最大的一筆併購案）的整合現已完成。

Integration was an enormous undertaking, and I could not be prouder of this team and the strength of our culture is what dismay confidence and what comes next. For the third consecutive year, Herc Rentals has earned a Great Place to Work certification based on independent employee survey results. What makes this recognition especially meaningful this year is the context.

整合是一項龐大的工程，我對這個團隊感到無比自豪；而我們文化的力量正是建立信心、並推動下一步的關鍵。連續第三年，Herc Rentals 依據獨立員工調查結果獲得「Great Place to Work」認證。今年這項肯定之所以格外有意義，在於其所處的背景。

Large acquisitions are disruptive by nature. We brought approximately 2,500 new employees into the Herc family, people facing new systems, new processes, and a new way of doing things. Based on the survey feedback, our new colleagues recognized our strong culture through change management support, peer mentoring and the extensive training and tools they received throughout the integration. And now they recognize the opportunity in front of them.

大型併購本質上具有干擾性。我們將約 2,500 名新員工納入 Herc 大家庭，他們需要面對新的系統、新的流程，以及新的做事方式。根據調查回饋，我們的新同仁在變革管理支援、同儕導師制度，以及整合期間所獲得的廣泛訓練與工具中，感受到我們強大的企業文化。而現在，他們也看見了眼前的機會。

With integration behind us, our focus shifts fully and decisively to leveraging our new scale to drive growth and efficiencies through execution. We have a larger platform, a stronger team and a broader set of capabilities than at any point in our history. The work ahead is about unlocking the full potential of our platform, winning more business, serving customers better, and delivering stronger returns for our shareholders.

整合告一段落後，我們的重點將全面且明確地轉向：運用新的規模，透過落實執行來推動成長與效率提升。我們擁有比歷史上任何時點都更大的平台、更強的團隊，以及更廣泛的能力組合。接下來的工作在於釋放平台的全部潛力、贏得更多業務、提供更好的客戶服務，並為股東帶來更強勁的報酬。

Now turning to slide number 5. With a 30% larger branch network, we are optimizing fleet mix by market, driving network density, and capturing the operating efficiency that come with scale, lead efficiency, employee productivity and margin improvement are the goals.

現在請看第 5 張投影片。隨著分公司網路擴大 30%，我們正按各市場優化車隊組合、提升網路密度，並掌握規模所帶來的營運效率；我們的目標是提升線索效率、員工生產力與利潤率。

Second, we are enhancing our fleet mix and specialty solutions as a standout area of focus. Double-digit specialty revenue growth in the quarter reflects targeted fleet investments, 25% more specialty locations and strong demand for mega projects cross-selling and the continued structural shift from equipment ownership to rental.

第二，我們將強化車隊組合與專業解決方案，作為突出的重點領域。本季專業業務營收達到雙位數成長，反映了有針對性的車隊投資、專業據點增加 25%，以及大型專案需求強勁、交叉銷售推進，並延續設備由自有轉向租賃的結構性趨勢。

Third, we are advancing our industry-leading digital capability through control by Herc Rentals. Advanced technology features from fleet utilization insights and equipment location tracking to our patented mobile access controls and remote operations gives customers the tools to run safer, more efficient job sites.

第三，我們透過 Herc Rentals Control 持續推進業界領先的數位能力。從車隊使用率洞察、設備位置追蹤，到我們具專利的行動存取控制與遠端操作等先進技術功能，為客戶提供工具，以打造更安全、更高效率的工地現場。

And our e-commerce platform continues to gain traction, delivering a seamless omnichannel experience with 24/7 self-service and personalized interactions. E-commerce revenue reached an all-time record high in the first quarter a clear signal that our customers value the flexibility to do business with us, however and whenever it works best for them.

同時，我們的電子商務平台持續取得進展，提供無縫的全通路體驗，包含 24/7 自助服務與個人化互動。第一季電子商務營收創下歷史新高，清楚顯示客戶重視與我們往來的彈性——以最適合他們的方式與時間進行交易。

As always, we lead through continuous improvement with our E3 operating systems built on a foundation of standardized processes, superior customer experiences and a relentless focus on execution across our expanded network.

一如既往，我們透過持續改善來引領前行；我們的 E3 營運系統建立在標準化流程、卓越的客戶體驗，以及在擴大後的網路中對執行力的堅持之上。

And finally, as prudent stewards of capital, we invest responsibly. We took on incremental debt to acquire H&E, a deliberate decision to accelerate our scale and long-term earnings power. We expect to return to the top of our targeted 2 to 3 times leverage ratio by year-end 2027. Our path to deleveraging is clear. As we capture the full run rate of our synergy targets, EBITDA growth, free cash flow build, and leverage comes down.

最後，作為審慎的資本管理者，我們負責任地投資。為收購 H&E，我們增加了額外負債；這是有意為之的決策，旨在加速擴大規模並提升長期獲利能力。我們預期在 2027 年底前回到目標槓桿比率 2 至 3 倍區間的上緣。我們的去槓桿路徑十分清晰。隨著我們完整實現協同效益目標的常態化貢獻，EBITDA 成長、自由現金流累積，槓桿也將隨之下降。

Now let me turn it over to Aaron to talk about our operational performance. Aaron?

現在我把時間交給 Aaron，請他談談我們的營運表現。Aaron？

Thanks, Larry, and good morning, everyone. With the integration behind us and our foundation set, this is the moment our team has been working toward. Investments we've made in people, fleet systems and culture are now fully in place. What you'll see from our operations team in 2026 is a relentless focus on putting all of it to work. We are executing with the larger network, a stronger bench and a sharp percent of where the opportunities are.

謝謝 Larry，各位早安。整合已完成、基礎也已就位，這正是我們團隊一直努力邁向的時刻。我們在人員、車隊系統與企業文化上的投資如今已全面到位。2026 年各位將從我們營運團隊看到的是：全力以赴、把這一切投入運作的堅定專注。我們將在更大的網路、更強的人才梯隊之下執行，並對機會所在有清晰的掌握。

The work ahead is straightforward, win business, serve customers exceptionally well and drive the performance this platform is built to deliver. In everything we do, every efficiency we drive every customer we serve every dollar of performance we deliver starts with one non-negotiable. The safety of our people and our customers. From the job site training we provide to the safe, well-maintained equipment we put in their hands, safety is how we show up every day. So let me start there.

接下來的工作很直接：贏得業務、以卓越水準服務客戶，並推動這個平台所能帶來的績效。在我們所做的一切中——每一項效率提升、每一位客戶服務、每一美元的績效交付——都始於一項不可妥協的原則。那就是我們員工與客戶的安全。從我們提供的工地訓練，到交付到客戶手上的安全且維護良好的設備，安全就是我們每天的行事方式。因此我先從這裡談起。

On slide 7, our major internal safety program focuses on perfect days, and we strive to 100% perfect days throughout the organization. In the first quarter, on a branch-by-branch measurement, all of our operations achieved over 96% of days as perfect. Also notable, our total reportable 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 our customers. Our safety foundation is what makes everything else possible.

請看第 7 張投影片，我們主要的內部安全計畫聚焦於「完美日」，並力求全組織達成 100% 完美日。第一季以分公司逐一衡量的結果顯示，我們所有營運單位的完美日占比均超過 96%。另外值得一提的是，我們的總可通報事故率仍優於產業 1.0 的基準，反映我們的高標準以及對員工與客戶安全的承諾。我們的安全基礎使其他一切成為可能。

On slide 8, you can see that what we're building on that foundation starts with one of our most important assets, our fleet. At $9.4 billion in original equipment costs, fleet is both our largest investment and our primary revenue growth engine.

請看第 8 張投影片，您可以看到我們在這個基礎之上所建構的內容，首先從我們最重要的資產之一——車隊——開始。以原始設備成本計算達 94 億美元，車隊既是我們最大的投資，也是我們主要的營收成長引擎。

We entered 2026 with pro forma fleet down nearly 2% by design. The integration priority was alignment, the right equipment in the right markets with the right mix, and we achieved that. By the end of the first quarter, average OEC was down approximately 1% on a pro forma basis versus last year, consistent with our focus on utilization improvement.

我們以按備考口徑計算、車隊規模按計畫縮減近2%的狀態進入2026年。整合的優先事項是對齊——在正確的市場配置正確的設備並搭配正確的組合——而我們已達成。截至第一季末，按備考口徑計算的平均OEC較去年約下降1%，符合我們提升使用率的重點。

While fleet expenditures were up 78% on a pro forma basis, this reflects a return to normal seasonal buying levels after deliberately reduced purchases in early 2025, when we're preparing to bring in the acquired H&E fleet in the second quarter. Our Q1 '26 investments of $183 million are directed toward growth opportunities and supporting our new specialty locations as they ramp up and be again contributing to revenue synergies.

雖然按備考口徑計算的車隊資本支出增加了78%，但這反映的是在2025年初刻意降低採購後，回到正常的季節性採購水準；當時我們正準備在第二季導入所收購的H&E車隊。我們2026年第一季的投資為1.83億美元，主要用於把握成長機會，並支援新設專業據點在爬坡期的營運，使其再次為營收協同效益做出貢獻。

Fleet disposals at OEC were 20% higher year over year, reflecting life cycle rotation and ongoing mix adjustments. For the $281 million of disposals in the first quarter realized proceeds were 49% of OEC, up from 45% in Q1 2025, reflecting a healthy [used equipment market] across almost every category as well as our focused selling into the higher return wholesale and retail channels.

以OEC計算的車隊處置金額年增20%，反映生命週期輪替與持續的組合調整。第一季處置金額為2.81億美元，實現的處置收入為OEC的49%，高於2025年第一季的45%；這反映幾乎各類別皆有健康的[二手設備市場]，以及我們聚焦於回報較高的批發與零售通路進行銷售。

As you know, the first quarter is our seasonally slowest demand period. Having strong fleet alignment right now before the seasonal ramp is critical. Disciplined fleet management and our sales team is executing with increasing effectiveness across the combined network, drove sequential monthly improvement in time and dollar utilization and employee productivity throughout the quarter. As utilization tightens into the peak season, we expect that discipline to translate directly into revenue growth and further improvement in fleet efficiency in the second half of the year.

如各位所知，第一季是我們季節性需求最疲弱的期間。在季節性拉升前，當下就把車隊對齊做好至關重要。嚴謹的車隊管理，加上我們的銷售團隊在整合後的網路中執行力持續提升，帶動本季時間與金額使用率以及員工生產力逐月環比改善。隨著使用率在旺季前趨於緊俏，我們預期這份紀律將直接轉化為營收成長，並在下半年進一步提升車隊效率。

Turning to slide 9. We will gain better visibility into seasonal trends over the next month or so, but today, the bifurcated markets remain relatively consistent with what we have seen over the past year. In the local market conditions remained stable overall, government, infrastructure, MRO and institutional construction demand are offsetting the still moderate commercial sector, consistent with what we expected coming into the year. On the national account side, large-scale project funding remains strong.

接著看第9頁。未來一個月左右我們將能更清楚掌握季節性趨勢，但就目前而言，市場的兩極分化仍大致與過去一年所見一致。在本地市場方面，整體狀況維持穩定；政府、基礎建設、MRO（維修、修理與營運）及機構型建築需求，抵消了仍偏溫和的商業部門，符合我們年初的預期。在全國性客戶（national account）方面，大型專案資金仍然強勁。

Mega project activity is centered around manufacturing, LNG, renewables and the continued surge in data center development. We are winning our targeted 10% to 15% share of these opportunities with new projects coming online and current projects still in ramp-up phase.

超大型專案活動主要集中在製造業、LNG（液化天然氣）、再生能源，以及資料中心開發持續激增。我們在這些機會中贏得了目標的10%至15%市占率，新專案陸續上線，現有專案仍處於爬坡階段。

Mega project activity was notably strong in the first quarter with project ramp-ups accelerating earlier than is typical for our seasonally slowest period, activity that was built into the full year guidance we provided just two months ago.

第一季超大型專案活動顯著強勁，專案爬坡加速的時間點早於我們季節性最淡期間的典型節奏；而這些活動已納入我們僅在兩個月前提供的全年指引之中。

In the first quarter, local accounts represented 47% of rental revenue compared with 53% of national accounts. As we have said, our long-term target is 60% local and 40% national and that provides for both growth and resiliency. The national weighing we are seeing today reflects the strength of our national accounts and mega project activity, and we expect the local mix to improve as the seasonal ramp build and eventually as local demand recovers.

第一季，本地客戶占租賃營收的47%，全國性客戶占53%。如我們所說，長期目標是本地60%、全國40%，以兼顧成長與韌性。目前全國性占比較高，反映我們全國性客戶與超大型專案活動的強勁；隨著季節性拉升推進，並最終隨本地需求復甦，我們預期本地占比將改善。

Turning to slide 10. Diversification is an important strategy for fostering sustainable growth and navigating economic cycles. As Herc diversified into new end markets, geographies and products and services over the last decade, we have reduced our reliance on any single industry or customer. We have become more resilient to downturns and more adaptable to emerging opportunities from mega project development and the continued surgeon data centers to technology advancements that support customer productivity and the secular shift from equipment ownership to rental.

接著看第10頁。多元化是促進永續成長並穿越經濟循環的重要策略。過去十年，隨著Herc拓展至新的終端市場、地理區域以及產品與服務，我們降低了對任何單一產業或客戶的依賴。我們對景氣下行更具韌性，也更能因應新興機會——從超大型專案開發、資料中心的持續激增，到支援客戶生產力的技術進步，以及設備由自有轉向租賃的長期結構性趨勢。

With our expanded scale, we are better positioned than at any point in our history to capitalize on this breadth of opportunity and to find growth even as individual markets ebb and flow. And the opportunity across end markets isn't just broad, it's deep.

隨著規模擴大，我們在公司歷史上從未像現在這樣，能夠把握這種廣泛的機會面，並在各個市場此消彼長之際仍能找到成長。而且，終端市場的機會不僅廣，還很深。

Turning to slide 11. Let's look at what the data tells us about the forward pipeline driving demand across our customer base. Here, you can see that despite the uncertainty of broader markets, whether around interest rates, freight policy or general economic sentiment, the fundamental drivers of our business remain intact. Industrial spending and nonresidential construction starts continue to show meaningful opportunity for growth built on a foundation of project development and infrastructure investment.

接著看第11頁。讓我們看看數據告訴我們什麼：關於推動我們客戶群需求的前瞻性案源管線。在此你可以看到，儘管更廣泛的市場存在不確定性——無論是利率、運輸政策或整體經濟情緒——我們業務的基本驅動因素仍然完好。工業支出與非住宅建築開工量，持續顯示出有意義的成長機會，其基礎來自專案開發與基礎建設投資。

Of course, there are some overlap across these four data sets but no matter how you look at it, for companies with the safety record, scale, product breadth, technologies, and capabilities to serve customers of the local, regional and national level. The opportunity for growth remains significant, and we believe Herc is well positioned to capture it.

當然，這四組數據之間存在部分重疊，但無論從哪個角度看，對於具備安全紀錄、規模、產品廣度、技術與能力，能服務本地、區域與全國層級客戶的公司而言，成長機會仍然顯著，我們相信Herc具備良好條件去把握。

Turning to slide 12. This is where we are in our near-term journey, and I want to be clear against our 2026 plan. We are exactly where we expected to be. The integration work is behind us, but we have now a 30% larger business, more fleet, more locations, more specialty capabilities and a larger maturing sales force. That's the foundation.

接著看第12頁。這是我們短期旅程目前所處的位置，我想就我們的2026年計畫說清楚。我們正處於我們預期的位置。整合工作已告一段落，但我們現在擁有規模大30%的業務、更大的車隊、更多據點、更多專業能力，以及一支更大且逐步成熟的銷售團隊。這就是基礎。

In the first half of 2026 is about converting that foundation into performance, tightening utilization as we move into the seasonal peak and sharpening sales effectiveness across the combined network, and we have seen that start to play out. First, fleet efficiency. After working through the integration and fleet optimization process, we saw sequential improvement in Herc supply and demand alignment through the quarter, something we have been building towards since last summer's acquisition.

2026年上半年重點在於把這個基礎轉化為績效：在邁向季節性高峰時收緊使用率，並在整合後的網路中提升銷售效能；我們已看到這些開始展現。第一，車隊效率。在完成整合與車隊最佳化流程後，我們看到本季Herc的供需對齊呈現連續改善，這也是自去年夏天收購以來我們一直努力的方向。

That's not a small thing. And while mega project demand provided a tailwind, even in our seasonally slowest first quarter, we are still early in the ramp of our specialty locations and sales force maturation, which is why Q1 played out right in line with our plan.

這不是小事。而且，雖然超大型專案需求帶來順風，即便在我們季節性最淡的第一季，我們在專業據點的爬坡與銷售團隊成熟度提升方面仍處於早期階段，這也是為什麼第一季的表現與我們的計畫完全一致。

It tells us that we move into the seasonally stronger second quarter, we have the right fleet and the right markets ready to work. In consuming all that improvement plan in Q2 is what gives us confidence in the utilization trajectory in the back half.

這告訴我們，當我們進入季節性更強的第二季時，我們已在正確的市場配置了正確的車隊，隨時可以投入運作。在第二季消化並落實所有這些改善計畫，正是讓我們對下半年使用率走勢有信心的原因。

Second, our specialty locations. The branch optimization program added 25% more specialty locations opening Q4 2025 and Q1 2026. These locations are now staffed, fleeted, and gaining momentum. New locations take time to mature and that maturation curve is playing out as we modeled.

第二，我們的專業據點。分公司最佳化計畫在2025年第四季與2026年第一季新增了25%更多的專業據點。這些據點目前已完成配置人力與車隊，並正逐步累積動能。新據點需要時間成熟，而其成熟曲線正如我們模型所預期地展開。

By Q3 and Q4, those locations will more meaningfully contribute to revenue and margin growth. If we get the first half right in the second half follows, revenue growth accelerates our fixed cost base works in our favor and margin improvement becomes increasingly visible. That's the progression we have mapped out. First half builds the foundation, second half delivers the growth. It's also the flywheel into 2027. Higher revenue, expanding margins and increasingly apparent deleveraging as synergy capture compounds. That's the path and we're on it.

到第三季與第四季，這些據點將更有意義地貢獻營收與毛利成長。如果我們把上半年做好，下半年就會跟上：營收成長加速，我們的固定成本基礎將對我們有利，利潤率改善也會愈來愈清晰可見。這就是我們規劃的進程。上半年打底，下半年交付成長。這也會形成推動我們邁向2027年的飛輪效應。更高的營收、擴張的利潤率，以及隨著協同效益捕捉累積而愈發明顯的去槓桿。這就是路徑，而我們正在其上。

Now Mark will go through the details. Mark?

現在 Mark 將說明細節。Mark？

Thanks, Aaron, and good morning, everyone. I'm starting on slide 14 with a summary of our key financial metrics. For the first quarter, on a GAAP basis, equipment rental revenue was up approximately 33% year over year, driven by the acquisition of H&E. On a pro forma basis, rental revenue declined 3%, representing a meaningful sequential improvement from the fourth quarter.

謝謝你，Aaron，大家早安。我從第 14 頁投影片開始，先總結我們的關鍵財務指標。第一季以 GAAP 基礎計算，設備租賃營收年增約 33%，主要由收購 H&E 所帶動。以備考（pro forma）基礎計算，租賃營收下滑 3%，相較第四季呈現顯著的季比改善。

To put that into context, the acquired business was experiencing revenue pressure prior to close, a trend we've been actively working to reverse through fleet optimization, sales force training, and network alignment. And while mega project tailwinds and specialty execution benefited us in Q1, the inflection of the combined platform into revenue growth is a second half event consistent with our plan.

補充一下背景，被收購的業務在交割前就面臨營收壓力；我們正透過車隊最佳化、銷售團隊訓練與網路佈局對齊，積極扭轉這個趨勢。雖然第一季受惠於大型專案的順風與專業品類的執行表現，但合併後平台轉為營收成長的拐點將發生在下半年，與我們的計畫一致。

Adjusted EBITDA increased 33% compared with last year's first quarter, benefiting from the higher equipment rental revenue as well as 31% more used equipment sales. Adjusted EBITDA on a pro forma basis was down approximately 5%. The increase in used equipment sales, which have a lower margin than the rental business, impacted the adjusted EBITDA margin.

調整後 EBITDA 較去年第一季成長 33%，受惠於更高的設備租賃營收以及二手設備銷售增加 31%。以備考基礎計算，調整後 EBITDA 約下滑 5%。二手設備銷售的毛利率低於租賃業務，其增加對調整後 EBITDA 利潤率造成影響。

Also affecting margin was the static demand in the local market and the impact from the lower-margin acquired business. EBITDA, which excludes used equipment sales, was up 30% during the first quarter. EBITDA margin was 40%, impacted year over year by the lower-margin acquired business. The path to margin improvement is clear.

同樣影響利潤率的還有本地市場需求持平，以及低毛利的併購業務帶來的影響。EBITDA（不含二手設備銷售）在第一季成長 30%。EBITDA 利潤率為 40%，年比受到低毛利併購業務影響。利潤率改善的路徑很清楚。

Rental revenue synergy contributions in the second half a shift toward a higher margin product mix, full realization of cost synergies and improved variable cost management at scale. We expect margins to continue to improve from here, especially as those drivers take hold in Q3 and Q4. Our net loss in the first quarter included $5 million of transaction costs primarily related to the H&E acquisition. On an adjusted basis, net income was $7 million.

下半年租賃營收協同效益的貢獻、產品組合轉向更高毛利、成本協同效益的全面實現，以及規模化後更佳的變動成本管理。我們預期利潤率將持續改善，尤其當這些驅動因素在第三季與第四季發揮作用時。第一季淨損包含 500 萬美元的交易成本，主要與收購 H&E 相關。以調整後口徑計算，淨利為 700 萬美元。

On slide 15, you can see we generated $94 million of free cash flow for the first quarter. Our current pro forma leverage ratio is 3.96 times which is in line with our expectations as H&E's stronger 2025 quarters roll out of the trailing 12-month calculation.

在第 15 頁投影片，你可以看到我們第一季產生了 9,400 萬美元的自由現金流。我們目前的備考槓桿比率為 3.96 倍，符合我們的預期，因為 H&E 在 2025 年較強的季度將逐步從過去 12 個月（TTM）的計算中退出。

The ratio will remain relatively consistent through the year before improving meaningfully at year-end when revenue synergies drive EBITDA growth in Q3 and Q4 and capital expenditures, which ramp in Q2 and Q3 to support the seasonal peak and new specialty locations began to provide greater EBITDA contribution.

該比率在全年將維持相對一致，直到年底才會顯著改善；屆時營收協同效益將在第三季與第四季推動 EBITDA 成長，而資本支出在第二季與第三季為支援季節性高峰與新增專業據點而提高後，這些據點也將開始帶來更大的 EBITDA 貢獻。

Leverage improvement is a year-end story, and we're managing to it deliberately. We still expect to return to the top of our target range of 2 to 3 times by year-end 2027 as revenue and cost synergies and drive higher EBITDA flow-through.

槓桿改善是年底的故事，我們正有計畫地加以管理。我們仍預期在 2027 年底回到目標區間上緣的 2 到 3 倍，因營收與成本協同效益將帶動更高的 EBITDA 流入（flow-through）。

Turning to slide 16. We are affirming our full year 2026 guidance across all metrics. Q1 came in as expected, rental revenue growth of 33% and on an actual basis reflects the contribution of the combined platform. Adjusted EBITDA margin held at 39.3%, consistent with last year despite the integration work that was still underway.

接著看第 16 頁投影片。我們確認 2026 全年指引在所有指標上維持不變。第一季表現符合預期；租賃營收成長 33%，以實際口徑反映合併平台的貢獻。調整後 EBITDA 利潤率維持在 39.3%，儘管整合作業仍在進行中，仍與去年一致。

The operational proof points Aaron walked you through, sequential monthly improvement in fleet efficiency and dollar utilization, specialty location maturation, sales force momentum are the leading indicators that give us confidence in the back half acceleration embedded in our guide.

Aaron 帶大家看到的營運驗證點——車隊效率與金額使用率的逐月季比改善、專業據點的成熟度提升、銷售團隊動能——都是領先指標，讓我們對指引中所隱含的下半年加速更有信心。

On synergies, cost synergies are running ahead of expectations and we remain on track to secure an incremental $90 million this year to fully realize the $125 million target by year-end. Revenue synergies are back-half weighted and the $100 million to $120 million incremental target for 2026 is intact. The guide assumes the business performs, as Aaron described. First half sets the foundation. Second half delivers the growth. Q1 is consistent with that plan.

在協同效益方面，成本協同效益的進度超出預期；我們仍按計畫在今年再取得額外 9,000 萬美元，以在年底前完全實現 1.25 億美元的目標。營收協同效益偏向下半年，2026 年新增 1 億至 1.2 億美元的目標維持不變。指引假設業務表現如 Aaron 所述。上半年打下基礎。下半年交付成長。第一季與該計畫一致。

Now let's open it up for questions. Operator?

現在我們開放提問。接線員？

(Operator Instructions)

（接線員指示）

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Hi, thanks. Good morning, everybody. Your slide 11 puts together a bunch of the different kind of ways to look at the end market, and you mentioned and there's others that are conflicting, let's say, but if you look at the top right, that mega project chart is a lot of money kind of flowing down the pike.

嗨，謝謝。各位早安。你們第 11 頁投影片把多種不同的方式彙整來看終端市場；你也提到其中一些（以及其他）指標可以說彼此有些矛盾，但如果看右上角，那張大型專案圖表顯示有大量資金正沿著管線往下流。

And what I'd like to ask is whether that step-up in '25, whether you saw that in customer conversations, et cetera, whether you see it today because actually $300 billion in starts or whatever and a $900 billion market a lot. I want to ground truth the data that are sometimes ambiguous.

我想問的是，2025 年的那個跳升，你們是否在與客戶的對話等方面也有看到？以及你們今天是否仍然看到？因為實際上 3,000 億美元的開工量（或類似數字）以及 9,000 億美元的市場規模都很大。我想把有時較為模糊的數據做一些實地驗證。

Yeah, Rob, it's Aaron. I'll take that one. So it's really both. When you build relationships with large general contractors, our national accounts, they guide you to what's coming down the pipeline. And often, you bid on a project and they let you know that you've been awarded it, and it's going to start or they've negotiated a contract and they want to bring you in as their trusted supplier. So that's one mechanism. But there's a lot of data around it.

是的，Rob，我是 Aaron。我來回答這題。所以其實兩者都有。當你與大型總承包商、我們的全國性客戶建立關係時，他們會引導你了解管線中即將到來的案子。而且很多時候，你投標後他們會告訴你已得標，專案即將開工；或是他們已談妥合約，希望把你納入成為他們信任的供應商。這是一種機制。但同時也有大量相關數據可供參考。

Dodge provides a lot of preview into what's coming. Now the pipeline of planned projects is pretty deep. I think we mentioned it's in the trillions of dollars. But it's really one that starts when they change from planning to start is when that data starts hitting a slide that we showed you there. And if you just look at 2026, April, May, June, July, August, September, you can see a lot more starts happening all across the board.

Dodge 提供了很多對未來案源的前瞻資訊。目前規劃中的專案管線相當深。我想我們提過，規模以兆美元計。但真正的關鍵是，當專案從規劃轉為開工時，相關數據才會開始反映在我們剛才給你看的那張投影片上。如果只看 2026 年，4 月、5 月、6 月、7 月、8 月、9 月，你可以看到各類別的開工都明顯增加。

So infrastructure, wastewater or bridges, rose, but also these big mega projects that you see coming out, a lot of renewables, you see obviously, a lot of data center activity and other projects. So you have to -- you get it from both ways. So you can use both data sets to kind of guide your fleet planning and where your year is going to go.

所以像基礎建設、污水處理或橋梁、道路都有上升；同時也有你看到的這些大型專案，很多是再生能源，當然也看到大量資料中心活動以及其他專案。所以你必須——你會從兩個面向取得資訊。你可以用這兩套數據來引導你的車隊規劃，以及判斷今年的走向。

And to you, that feels like better times ahead in the back half as these things ramp, I mean the time line feels great?

而對你來說，隨著這些案子爬坡，下半年看起來會是更好的時光？我的意思是，時間軸看起來很不錯？

As you can see, there's more starts happening. Now these -- they don't all start when they say they're going to start, right? Sometimes you've heard us talk that sometimes they start six months away. But it is building. And once these projects do start to last for two or three years, as you know. So they're already in our plan for the -- as we go through Q1 into Q2 and then the balance of the year. So we like where it is right now, but it's exactly the way we kind of planned out our year.

如你所見，確實有更多開工正在發生。當然，這些——並不會全部都在他們說的時間點開工，對吧？有時你也聽我們提過，可能會延後六個月才開始。但趨勢正在累積。而一旦這些專案開工，通常會持續兩到三年，如你所知。所以在我們的規劃中，從第一季進入第二季，並延伸到今年剩餘期間，這些都已納入。所以我們喜歡目前的狀況，但它也正是我們原本規劃今年的方式。

Thank you.

謝謝。

Mig Dobre, Baird.

Mig Dobre，Baird。

Yeah, thank you. Good morning. Thanks for taking my question. I guess -- good morning, where I would like to start is with maybe a bit of a spotlight on your dollar utilization. At least to me, it's looking like this metric came in a little bit better than what we normally see sequentially from a seasonal standpoint.

是的，謝謝。早安。謝謝讓我提問。我想——早安，我想先從你們的美元利用率稍微聚焦談起。至少在我看來，這個指標從季節性角度來看，似乎比我們通常看到的連續表現要好一些。

So I'm wondering if you can comment on that. Is it an indication of sort of activity itself and better fleet utilization or just the fact that maybe in Q4, we had a relatively easy comparison. And related to all of this, how would you advise us to think about the remainder of the year? How do we think about the seasonal ramp into Q2 and Q3 from here and out?

所以我想請你們評論一下。這是否代表活動本身有所改善、車隊利用率更好，還是只是因為第四季的比較基期相對容易？另外，與此相關的是，你們會建議我們如何看待今年剩餘時間？從現在起到第二季、第三季的季節性爬升，我們應該怎麼思考？

Yeah, great question. And I think, quite honestly, Mig, I would take the revenue conversation, the dollar conversation and the margin conversation all in the same direction. As Aaron mentioned, right, we saw fleet efficiency gains in the first quarter, which then sort of built through the dollar utilization, it improved sequentially as we walked our way through the quarter.

是的，這是個好問題。而且老實說，Mig，我會把營收的討論、美元的討論以及毛利的討論都放在同一個方向來看。如 Aaron 提到的，我們在第一季看到車隊效率提升，這也反映在美元利用率上；隨著季度推進，美元利用率呈現連續改善。

We spent the last 10 months, optimizing our fleet and optimizing branches, putting new specialty locations in. And so I would tell you that first quarter sort of plays the way that we thought it was going to play. But as you roll that forward, there's an inflection point inside of Q2. And once we hit that inflection point inside of Q2, then I think you'll see dollar revenue and margin expansion as we work our way through the back half of the year.

過去 10 個月，我們一直在優化車隊並優化分公司，並新增專業類別據點。所以我會說第一季的表現大致符合我們原先的預期。但往後看，在第二季內部會出現一個拐點。一旦在第二季達到那個拐點，我認為你們會看到美元營收與利潤率在下半年逐步擴張。

And maybe my follow-up on this. And I appreciate the sort of directional commentary. But if I'm thinking about normal seasonality here, right, is there reason to think, based on everything that you have that you're going on operationally that the improvement in dollar utilization can actually exceed that normal seasonality. And maybe you can put a finer point on how you think about the time utilization component of it, right, efficiency in your asset base relative to what's happening with maybe pricing or rates more broadly in the market.

那我追問一下。我也很感謝你們提供方向性的評論。但如果我以正常季節性來思考，基於你們目前在營運上的各項作為，是否有理由認為美元利用率的改善其實可以超過正常季節性？另外，你們能否更精準地說明你們如何看待「時間利用率」這個構成要素——也就是資產基礎的效率，相對於市場上更廣泛的定價或租金水準變化？

Yeah. I think that sort of normal isn't really this year. The reality is, is that we had a hole to climb out of entering this year, sort of down as we exited 4Q. And so there's a big efficiency play that we needed to see collectively as a business before investing growth CapEx into the business in the May, June, July time frame. And so I would tell you it's playing out the way that we thought it would.

是的。我認為今年所謂的「正常」其實不太適用。現實是，我們在今年初有一個需要補回的缺口，因為在第四季結束時的狀態相對偏弱。因此，在 5、6、7 月這段時間把成長性資本支出（growth CapEx）投入業務之前，我們需要先在整體業務層面看到一個顯著的效率改善。所以我會說，目前的發展正如我們所預期。

Now granted, it's early. May and June will be a much larger tell to sort of how the rest in the balance of the year plays out. But I think we're not necessarily looking at this as normal or abnormal. We just know where we have to go to get the fleet back to a healthy and efficient level.

當然，現在還早。5 月和 6 月會更能說明今年剩餘時間的走勢。但我想我們不一定把它視為正常或不正常。我們只是清楚知道，必須把車隊拉回到健康且有效率的水準。

Great. Thank you.

很好。謝謝。

Jerry Revich, Wells Fargo Securities.

Jerry Revich，Wells Fargo Securities。

Good morning, everyone.

各位早安。

Good morning.

早安。

Good morning. I'm wondering if we could just talk about overall pricing that you're seeing in the market? So an oversupply of aerials of particular pricing is pretty tough. Can we just talk about -- are we optimistic that pricing can outpace inflation this year? And as positively surprised by the realization and use values for you folks this quarter, it sounds like supply demand is improving. Can we just unpack that, please?

早安。我想請教一下你們在市場上看到的整體定價情況？由於高空作業設備（aerials）供給過剩，定價壓力相當大。我們能否談談——我們是否有信心今年定價能跑贏通膨？另外，這一季你們的實現價格與使用價值（use values）表現優於預期，聽起來供需正在改善。能否請你們拆解說明一下？

Yeah. I mean I'll unpack it to the level that I can. We don't comment, specifically on price. But I would say that we are encouraged by the fundamentals that we're seeing in the industry. The fleet in and fleet on dynamics are good, particularly as we sort of exit Q1 and I think that the market is being both rational and constructive. And so we look forward to taking advantage of such marketplace.

好的。我會在我能說的範圍內拆解。我們不會對價格做具體評論。但我會說，我們對目前在產業中看到的基本面感到鼓舞。車隊進出（fleet in 與 fleet on）的動態表現良好，特別是當我們逐步走出第一季時；我認為市場的行為既理性也具建設性。因此，我們期待能把握這樣的市場環境。

Super. I appreciate it. And then just to shift gears a little bit here. In terms of the performance of legacy H&E branches versus Herc, obviously, legacy H&E pricing and time you based on historical stats has been significantly higher. Has that gap closed at all, where are we in the process of driving the H&E branch performance towards legacy or performance today versus 12 months ago versus where we see it 12 to 18 months out?

很好。感謝。接著我想稍微換個話題。就傳統 H&E 分公司相對於 Herc 的表現而言，顯然依據歷史數據，傳統 H&E 的定價與時間利用率一直顯著較高。這個差距有縮小嗎？我們目前在推動 H&E 分公司表現的進程到哪裡了——相較於 12 個月前的表現如何，以及未來 12 到 18 個月你們預期會到什麼程度？

Yeah. I mean I think thankfully, Jerry, I can't really answer that question for you, and that was part of this integration was to integrate this business in such that there is no longer an H&E or Herc, right? And so I think if I could still answer that question, then I would say we probably haven't done our job. And so I think collectively, Q1 sort of played out the way that we planned Q1 to play out, and that's probably about as deep as I can go in terms of insights between H&E and Herc.

是的。老實說，Jerry，我很慶幸我不能直接回答你這個問題；而這也正是整合的一部分目的——把這個業務整合到不再有所謂的 H&E 或 Herc 之分，對吧？所以如果我現在還能回答這個問題，那我會說我們可能還沒把工作做好。因此，我認為整體而言，第一季的表現大致符合我們對第一季的規劃；至於 H&E 與 Herc 之間更細的洞見，我大概只能說到這裡。

Super. And lastly, I know you said in your prepared remarks that the quarter dollar was in line with your expectations. It was better than I think a lot of us had modeled when we saw the industry data, it looked like pricing accelerated in March, and it looks like (inaudible) inflected as well. I know you don't want to provide a ton of color, but can you just comment on demand cadence over the course of the quarter? And any other color you're willing to share on that point?

很好。最後一題，我知道你在準備好的發言中提到，本季的美元表現符合你們的預期。但當我們看到產業數據時，很多人模型預估可能沒你們這麼好；看起來 3 月定價加速，而且（聽不清）似乎也出現拐點。我知道你們不想提供太多細節，但能否評論一下本季期間需求節奏的變化？以及在這點上你們願意分享的任何其他資訊？

Yeah. I think from our vantage point, right, I mean, we are anticipating, Jerry, in an inflection point sometime inside of Q2. And then I think from that point forward, you should see growth/improvement depending upon which line item you're looking at dollar utilization improvement, revenue growth, and margin expansion as you sort of inflect out of Q2 and into the back half of the year.

好的。以我們的觀點來看，我們預期在第二季的某個時間點會出現一個拐點，Jerry。而從那個時間點往後，依你看的科目不同，你應該會看到成長／改善——包括美元利用率改善、營收成長，以及當你從第二季拐出並進入下半年時的利潤率擴張。

Thank you.

謝謝。

Welcome.

不客氣。

Kyle Menges, Citigroup.

Kyle Menges，Citigroup。

Great. Thank you. You had mentioned that pro forma fleet is down a little bit and by design, I would love to hear you unpack that a little bit and then just how you're thinking about pro forma fleet growth for the full year and maybe bifurcating between gen rent and specialty?

很好。謝謝。你提到按備考（pro forma）口徑來看，車隊規模小幅下降，而且是刻意為之；我很希望你能再拆解說明一下，並談談你們對全年備考車隊成長的看法，以及是否能在一般租賃（gen rent）與專業類別（specialty）之間做個區分？

Yeah. I mean, we walked into the year, as Aaron said, almost 2 points down fleet on a pro forma basis. I think as you exit Q1, you're still down a point, give or take. And so that, again, was part of the plan. And so I think as you start then taking sort of the guided CapEx from a gross perspective and the guided sort of dispositions, you can sort of play that through.

好的。如 Aaron 所說，我們在年初進入時，按備考口徑車隊大約下降了將近 2 個百分點。我想在第一季結束時，你仍然大概下降 1 個百分點上下。所以這同樣是計畫的一部分。因此，當你把指引中的資本支出（CapEx）以總額角度，以及指引中的處分（dispositions）一起納入，你就可以把這些因素推演出來。

I would tell you that the expectation is we'll probably load 65%, so that gross CapEx number into the business in between the back half of Q2 and Q3. So that should give you sort of the meaningful data points that you need to model.

我會告訴你，我們的預期是大概會投入 65%，也就是把那個總資本支出（CapEx）數字在第二季後半到第三季之間放進業務裡。所以這應該能提供你建模所需要的關鍵數據點。

I would add to, Mark, that as CapEx goes through the year, we'll be over-indexed to our specialty fleet to feed our branch optimization, our shift to grow the specialty side get back closer to what it was pre-acquisition.

Mark，我再補充一點，隨著資本支出在全年推進，我們會更偏重於我們的專業設備車隊，以支援分公司優化，以及我們轉向擴大專業業務的一側，讓它更接近收購前的水準。

Helpful. Thank you. And I know you've expanded the specialty locations quite a bit and working on cross-selling, which understandably the cross-sell is expected to be a bit back half weighted. So it'd just be helpful to hear about what the learning curve has been as you roll out specialty and more SKUs across the H&E network and just the visibility you feel like you have to actually hitting the revenue synergy targets as you get into the second half?

很有幫助。謝謝。我也知道你們已經大幅擴張專業據點並在推動交叉銷售，而交叉銷售如你所說，預期會比較偏向下半年。所以想請你談談，當你們在 H&E 網路中推行專業業務、導入更多 SKU 時，學習曲線是怎麼樣？以及當你們進入下半年時，對於實際達成營收協同目標的能見度如何？

Yeah. I would say that our revenue synergy for 2026, we're on the plan where we need to be as we exited Q1 and as we look towards the rest of the year, where we expect it to be for all of our revenue synergies as it relates to cross-selling.

是的。我會說，我們 2026 年的營收協同目前是按計畫推進；以第一季結束時的狀況，以及我們看向今年剩餘時間，我們在所有與交叉銷售相關的營收協同上，都在應有的位置。

It's cross-selling with the specialty business is really a two front exercise you got a bigger sales force. You got to make him comfortable with asking those types of questions of their customers. They don't have to be experts at the specialty products.

與專業業務的交叉銷售其實是雙線並進：你有更大的銷售團隊；你得讓他們更自在地向客戶提出這類問題。他們不需要成為專業產品的專家。

We have experts on the sales side that support them, and that's where the cross-selling goes hand-in-hand. But when you have a large customer base and we did a large acquisition and those customers weren't used to specialty products to the extent that Herc Rentals had.

我們在銷售端有專家來支援他們，交叉銷售就是在這裡相輔相成。但當你有龐大的客戶基礎，而且我們做了一筆大型收購，而那些客戶過去對專業產品的使用程度，沒有像 Herc Rentals 那麼高。

So that's where the cross-selling goes on those tens of thousands of customers introducing specialty solutions to them with the sales force that we onboarded from the H&E acquisition. So it's really two parts, but a lot of relationship building internally and we've been doing it for nine months, and we like where we are right now, and we feel real comfortable about what we're going to get done in this arena, Q2, Q3 and Q4.

所以交叉銷售就在於，針對那數以萬計的客戶，向他們導入專業解決方案，並由我們從 H&E 收購案中納入的銷售團隊來推動。因此它其實分成兩部分，但內部需要大量的關係建立；我們已經做了九個月，我們很喜歡目前的進展，也對於我們在這個領域於第二季、第三季與第四季要完成的事情感到非常有信心。

Great. Thank you.

很好。謝謝。

Thanks, Kyle.

謝謝你，Kyle。

Ken Newman, KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Ken Newman。

Hey, good morning, guys.

嘿，各位早安。

Good morning.

早安。

Good morning. Mark, maybe -- sorry if I missed this, but just going back to the cost synergies. I think you said that it was running ahead of schedule. Can you just maybe help us quantify how much you were able to capture this quarter? And just help us think about the revenue synergy capture progress through the rest of the year?

早安。Mark，或許——如果我漏聽了先說抱歉——但回到成本協同。我想你說過目前進度超前。你能否幫我們量化一下這一季你們大概捕捉到多少？另外也請幫我們思考一下，今年剩餘時間營收協同的實現進度？

Yeah. The intent of that comment was that the $125 million or the incremental $90 million will lay into 2026, which was ahead of the originally scheduled sort of synergy lay that was supposed to come in over a couple of years. So that was the intent there, and I appreciate you asking that question. It's relatively ratable. I would say slightly back half loaded, but it's coming in reasonably ratably over the four quarters, Ken.

好的。那段話的意思是，1.25 億美元或新增的 9,000 萬美元將會在 2026 年落地，這比原先排定的協同落地節奏更快——原本是預計在幾年內逐步實現。所以那是我當時的用意，也謝謝你問這個問題。整體來看相對平均。我會說稍微偏向下半年，但在四個季度之間是以相當平均的方式逐步進來的，Ken。

Understood. Okay. That's helpful. And then for a follow-up, I think we've been hearing some rumblings on improving oil and gas markets here in the states. I know H&E used to play a much larger role in those end markets. Curious if you could just maybe help us understand what the exposure to oil and gas is today with the H&E fleet? And how you think about that opportunity and whether you're seeing that kind of pop up as potential starts opportunities in the next, call it, 12 months to 24 months?

了解。好。這很有幫助。接著追問一下，我們最近聽到一些風聲，說美國的油氣市場正在改善。我知道 H&E 過去在那些終端市場的比重更大。想請你幫我們理解一下，目前 H&E 車隊對油氣的曝險有多少？以及你們如何看待這個機會，未來大概 12 到 24 個月內，你們是否看到那種回升，成為潛在的開工機會？

Yeah. A few points on that, Ken. First, our oil and gas mix of our business is less than 10%, alright, before the acquisition and after when you got $9 a barrel oil, you're going to have some surge in the upstream and some surge in the downstream. The downstream guys actually produce and make more margin. H&E had relationships with -- since they had a big footprint along the Gulf.

好的。Ken，這點我講幾個重點。第一，我們業務中油氣的占比不到 10%，好嗎？收購前與收購後都是如此；當油價到每桶 9 美元時，上游會有一些激增、下游也會有一些激增。下游業者其實產出並賺取更高的利潤率。H&E 因為在墨西哥灣沿岸有很大的據點布局，所以與一些客戶建立了關係。

They had a lot of relationships with contractors that were industrial contractors. They might have worked in all facets of the industrial complex, not just oil and gas, but it might have been the chemical complex. They didn't really have downstream contracts, so there were long-term contracts that we picked up with the acquisition.

他們與承包商有很多合作關係——那些是工業承包商。他們可能在工業體系的各個面向工作，不只油氣，也可能是化工產業。他們其實沒有真正的下游合約，因此我們透過這次收購取得了一些長期合約。

So our part of our business is still below 10%. However, we made relationships with a lot of healthy H&E contractors to work in that space, as I mentioned. So with (inaudible) oil, there's probably going to be an increased activity in the Permian Basin in Texas and down the ship channel. So we're well positioned for that. But our position in oil and gas didn't increase because of the acquisition. We like to think diversified. So we like where we're at.

所以我們這部分業務仍然低於 10%。不過，如我所提，我們也與許多體質健康的 H&E 承包商建立了關係，能在那個領域合作。因此在（聽不清）油價的情況下，德州二疊紀盆地以及船舶航道一帶的活動可能會增加。所以我們在那方面的布局很到位。但我們在油氣的部位並沒有因為收購而增加。我們希望維持多元化。所以我們對目前的位置很滿意。

Got it. Thanks, guys.

了解。謝謝各位。

Thank you.

謝謝。

Tami Zakaria, JPMorgan.

JPMorgan 的 Tami Zakaria。

Hi, good morning. Thank you so much, and congrats on the wonderful results. First question on fuel costs, that has been rising nationwide. Could you just remind us how you manage that with in terms of your own costs and how you pass it on to customers and whether there's any lag? And also, was the hedging difference for legacy Herc versus H&E? So any color would be helpful.

嗨，早安。非常感謝，也恭喜你們有很棒的成果。第一個問題關於燃料成本，近期全國都在上升。你能否提醒我們，你們如何在自身成本端管理，以及如何轉嫁給客戶、是否存在時間落差？另外，傳統 Herc 與 H&E 在避險上是否有差異？任何補充說明都很有幫助。

Yeah. The price of oil rising nearly $100. That's something that the business has to really focus on. We take the input of the price of fuel of three different ways: one, into our internal vehicle service vehicles that we use to conduct our business; second way is refueling of rental equipment; and the third way is the logistics of our delivery apparatus to deliver equipment and pick up equipment all day long.

好的。油價上升接近 100 美元。這是公司必須非常聚焦的一件事。我們從三個面向承受燃料價格的投入成本：第一，是我們用來營運的內部服務車輛；第二，是租賃設備的加油／補油；第三，是我們的配送物流體系——整天把設備送達並把設備收回。

So the first wave just our own assigned vehicles, there's not a much bunched buy better, right? By the gasoline at a favorable price point. The second piece is we do charge a fee to our customers if we have to refill the equipment when they rent it. So we give them the option, hey, bring it back full, no charge, bring him back less than full, there is a charge. So we have a fee for that.

所以第一塊就是我們自有配車，基本上沒有太多「大量採購就能買得更便宜」的空間，對吧？只能在相對有利的價位買汽油。第二塊是，如果客戶租用設備後需要我們把油補滿，我們會向客戶收取費用。我們給他們選擇：嘿，你把它加滿油還回來，就不收費；如果還回來時油量不足，就會收費。所以我們對此有一個費用。

And then the logistics piece is the more complicated one because you have a lot of transactions happening every day across the entire network and we recover that by the delivery fee we charge from picking up and delivering. And also there's a surcharge that's indexed that allows us to move with the price of oil per barrel as it moves through all cycles and all times and events macro geopolitically.

接著，物流這一塊就比較複雜，因為整個網路每天都有大量交易在發生，而我們是透過向取件與配送所收取的配送費來回收這些成本。另外還有一項與指數連動的附加費，讓我們能隨著每桶原油價格在各種循環、各個時期與宏觀地緣政治事件中的變動而調整。

Understood. That's very helpful. A similar question regarding freight rates, which have also been rising Again, could you remind us if that is a risk you hedge, if you have long-term contracts with third-party haulers or more real-time rates that you pay?

了解。這非常有幫助。關於運費費率也有個類似的問題，運費也在上升。能否再提醒我們，這是否是你們會避險的風險？你們與第三方承運商是簽長期合約，還是支付較即時的費率？

Yeah, we have a robust long haul process when we have to broker third-party freight. So we have a robust process there, and we built that over the last three years, and we know that we get a favorable price point compared to the market any day of the week.

是的，當我們需要委託第三方貨運時，我們有一套很完善的長途運輸流程。所以我們在那方面有很健全的流程，這是過去三年建立起來的，而且我們知道無論哪一天，我們拿到的價格點都比市場更有利。

So whether the price of oil is at $60 or $100 per barrel, we're getting a favorable price point as the price per barrel goes up, you just can't avoid those costs. You try to pass on as much as you possibly can and try to anticipate how long it will last for.

所以不管油價是每桶60美元或100美元，隨著每桶價格上升，我們仍能拿到有利的價格點；只是油價上去，這些成本你就是無法避免。你會盡可能多地轉嫁出去，並嘗試預判這種情況會持續多久。

Understood. Thank you.

了解。謝謝。

Thank you.

謝謝。

Steven Ramsey, Thompson Research Group.

Steven Ramsey，Thompson Research Group。

Good morning, everyone.

各位早安。

Good morning, Steven.

早安，Steven。

From a high level, I was wondering if you could parse the specialty performance a bit. Clearly, it was strong. But maybe if you could talk about specialty, excluding mega projects and if it's outpacing the local markets, and maybe specialty on a same-store basis when you exclude the new branches, just different ways of the strength of specialty in the quarter and as you look forward?

從較高層次來看，我想請你們稍微解析一下專業（specialty）業務的表現。顯然表現很強勁。但也許你們可以談談：若排除超大型專案（mega projects），專業業務是否仍跑贏當地市場；以及在排除新設分點後，以同店（same-store）口徑來看專業業務的表現。也就是用不同角度來看本季專業業務的強度，以及你們對未來的看法？

Yeah, Steven, we don't break it out in that kind of detail nor would we just -- because it's -- then you get into sort of segmentation, and we don't do that. But generally, the specialty business has been performing well. We saw double-digit growth in the quarter.

是的，Steven，我們不會把它拆到那麼細，也不會這麼做——因為那樣就會進入某種分部切分，而我們不做那種切分。但整體而言，專業業務一直表現良好。我們在本季看到兩位數成長。

We expect to continue to see that as it services all facets of our business. The mega project business, our national account and big industrial contracts as well as the local market activity where we're penetrating on a greater basis as a result of our increased location count into that. So specialty will continue to grow. We're excited on it, but we can't and won't break out individual areas.

我們預期這種趨勢會持續，因為它服務我們業務的各個面向。包括超大型專案業務、我們的全國性客戶與大型工業合約，以及本地市場活動——由於我們據點數增加，我們在當地市場的滲透也更深。因此專業業務會持續成長。我們對此感到振奮，但我們無法、也不會拆分個別領域來揭露。

Okay. Understood. That's helpful. And then on disposals going through retail and wholesale, clearly, a good story there. Can you talk about maybe on an innings basis or however it makes sense where you expect to be in '26 versus the prior year and where you hit maturity on that this year? Or is that something beyond?

好的。了解。這很有幫助。接著關於透過零售與批發通路進行處置（disposals），顯然這部分故事也很不錯。你們能否用「局數」（innings）或任何你覺得合適的方式談談：相較前一年，你們預期在2026年會到什麼位置？以及今年你們在這方面何時達到成熟期？還是這超出你們能談的範圍？

Maturity related to what, Steven? Just in terms of where the fleet sits as we exit the year?

你說的成熟期是指哪一部分，Steven？是指我們在年底退出時車隊（fleet）的狀態嗎？

More the fleet disposals that go through the higher-margin channels.

比較是指那些透過較高毛利通路進行的車隊處置。

I got you. I got you. Yeah, I mean, we've -- this has been a couple of year journey, right? Like we've been trying to flex these retail wholesale muscles and Q1 was a really good example of that, and it was approaching sort of 70% into the retail wholesale channel. That's a sweet spot for us. That's where we'd like to be.

我懂了。我懂了。是的，我的意思是——這其實是走了好幾年的旅程，對吧？我們一直在強化這些零售、批發的能力，而第一季就是很好的例子，透過零售與批發通路的比例接近約70%。那對我們來說是甜蜜點。那也是我們希望維持的位置。

And I think Q1, Q4 will be your heavy disposal quarters, Q2 and Q3 will be a little more moderated. So I would anticipate that that's our control and we'll probably sort of remain in or around as we sort of walk through the year.

而且我認為第一季、第四季會是你們處置量較大的季度，第二季和第三季會稍微溫和一些。所以我預期這部分在我們可控範圍內，接下來一年走下去，我們大概會維持在這個水準附近。

Alright. Thank you.

好。謝謝。

Thank you.

謝謝。

Neil Tyler, Rothchild & Company Redburn.

Neil Tyler，Rothchild & Company Redburn。

Hey, good morning. Thank you. Just wanted to ask you guys about the sort of different sort of flow-through dynamics in the second half associated with things like the ramp-up in mega projects, which might potentially, I guess, hold margins back a bit and the specialty growth because that seems -- those two in combination seem to be contributing a larger proportion of your anticipated sort of demand upside in the back half. So can you sort of maybe help me think about how you're thinking about those factors playing through on margin overall and flow-through and underlying that? What's happening? Thank you.

嗨，早安。謝謝。我想問一下你們關於下半年不同的「流轉率／落袋率」（flow-through）動態，例如超大型專案的爬坡（ramp-up）可能會在某種程度上壓抑毛利率，以及專業業務的成長——這兩者結合起來，似乎在你們預期下半年需求上行中占比更大。所以你們能否幫我理解一下：你們如何看待這些因素對整體毛利率、flow-through，以及其背後的影響？目前發生了什麼？謝謝。

Yeah. Sure, Neil. I think as I said earlier, right, we are anticipating margin expansion inside of Q3 and Q4. And so if you sort of look back to where margin was last year, Q3 and Q4 within this 45%, 46% sort of range from a rental EBITDA perspective. And so therefore, if I'm anticipating margin expansion in that incremental margin will certainly be greater than last year's 45% or 46%. And so I can't get too terribly pointed there, but we are anticipating margin expansion as sort of all of these initiatives come together and fuel revenue growth in the back half.

好的。當然可以，Neil。我想如同我先前提到的，我們預期在第三季與第四季會出現毛利率擴張。如果你回頭看去年，從租賃EBITDA的角度，第三季與第四季的毛利率大約在45%到46%的區間。因此，如果我預期毛利率擴張，那麼增量毛利率（incremental margin）肯定會高於去年的45%或46%。我沒辦法講得太精準，但我們確實預期毛利率會擴張，因為這些措施將逐步到位並在下半年共同推動營收成長。

That's great. Thanks a lot.

很好。非常感謝。

I will now turn the call back over to Leslie Hunziker for closing remarks.

我現在把電話交回給Leslie Hunziker做結語。

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 questions, please don't hesitate to reach out to us. Have a great day.

感謝各位今天參與本次電話會議。我們期待在接下來的季度向各位更新我們的進展。當然，如果您有任何問題，請隨時與我們聯繫。祝您有美好的一天。

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

各位女士先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。