McGrath RentCorp (MGRC) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the McGrath RentCorp fourth-quarter 2024 earnings call. (Operator Instructions)

女士們、先生們，感謝你們的支持。歡迎參加 McGrath RentCorp 2024 年第四季財報電話會議。（操作員指令）

This conference call is being recorded today, Wednesday, February 19, 2025. Before we begin, note that the matters the company management will be discussing today that are not statements of historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company's expectations, strategies, prospects, backlog or targets.

本次電話會議於今天（2025 年 2 月 19 日，星期三）錄製。在我們開始之前，請注意，公司管理階層今天將討論的非歷史事實陳述都是 1995 年私人證券訴訟改革法案所定義的前瞻性陳述，包括與公司預期、策略、前景、積壓或目標有關的陳述。

These forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties that could cause our actual results to differ materially from those projected. Important factors that could cause actual results to differ materially from the company's expectations are disclosed under Risk Factors in the company's Form 10-K and other SEC filings.

這些前瞻性陳述並不能保證未來的業績，並且涉及重大風險和不確定性，可能導致我們的實際結果與預測結果有重大差異。可能導致實際結果與公司預期存在重大差異的重要因素已在公司的 10-K 表格和其他 SEC 文件中的「風險因素」部分披露。

Forward-looking statements are made only as of the date hereof. Except as otherwise required by law, we assume no obligation to update any forward-looking statements. In addition to the press release issued today, the company also filed with the SEC the earnings release on Form 8-K in its Form 10-K for the year ended December 31, 2024.

前瞻性陳述僅截至本文發布之日有效。除非法律另有規定，我們不承擔更新任何前瞻性陳述的義務。除了今天發布的新聞稿外，該公司還向美國證券交易委員會提交了截至 2024 年 12 月 31 日的 10-K 表 8-K 表收益報告。

Speaking today will be Joe Hanna, Chief Executive Officer; and Keith Pratt, Chief Financial Officer. I will now turn the call over to Mr. Hanna. Please go ahead, sir.

今天發言的將是執行長喬漢納 (Joe Hanna)；以及財務長 Keith Pratt。現在我將電話轉給漢納先生。先生，請繼續。

Thank you, Jeff. Good afternoon, everyone, and thank you for joining us today for McGrath RentCorp's fourth-quarter 2024 earnings call. I am pleased to report on our performance over the past quarter and full year and to provide insight into our outlook for 2025.

謝謝你，傑夫。大家下午好，感謝您今天參加 McGrath RentCorp 的 2024 年第四季財報電話會議。我很高興報告我們過去一個季度和全年的業績，並對 2025 年的展望提供見解。

Before we dive into the details of our results, I want to start by acknowledging that 2024 was a year with some challenges, but also one where we were able to demonstrate resilience and our commitment to long-term growth. We navigated some tough market demand conditions and the distractions of the terminated merger with WillScot. Throughout it all, we executed solidly and are well positioned for future growth and success.

在深入了解我們的業績細節之前，我首先要承認，2024 年是充滿挑戰的一年，但也是我們可以展現韌性和對長期成長的承諾的一年。我們克服了一些嚴峻的市場需求條件以及與 WillScot 終止合併所帶來的干擾。在整個過程中，我們執行得非常紮實，為未來的發展和成功做好了準備。

For the fourth quarter, total company revenues increased 10% and adjusted EBITDA increased 5% compared to a year earlier. I was pleased with this performance which was driven by continued progress from our modular strategic growth initiatives. Mobile Modular had a strong quarter, with rental revenues growing 8% and sales revenues growing 32%.

第四季度，公司總營收較去年同期成長 10%，調整後 EBITDA 成長 5%。我對這項業績感到滿意，這得益於我們的模組化策略成長計畫的持續進展。Mobile Modular 本季表現強勁，租賃收入成長 8%，銷售收入成長 32%。

Both our commercial business and our education rentals grew during the quarter. The commercial wins we experienced were geographically broad-based and in a wide variety of market verticals, including government and technology.

本季度，我們的商業業務和教育租賃均實現成長。我們取得的商業勝利遍布各地，涉及政府和技術等各種垂直市場。

Our Education business benefited from modernization and growth projects and encompassed both public and private school customers. Consistent with recent ABI data and other macro indicators of construction-related demand, we continue to experience some delays and softness in the demand environment. Utilization dipped year-over-year and ended the quarter at 75.1%.

我們的教育業務受益於現代化和發展項目，涵蓋公立和私立學校客戶。與最近的 ABI 數據和其他建築相關需求的宏觀指標一致，我們繼續經歷需求環境的一些延遲和疲軟。利用率年減，本季末為 75.1%。

Rental revenue gains from pricing optimization and growth in Mobile Modular Plus services more than offset lower units on rent for the quarter. Mobile Modular's strong sales growth reflects further progress with our new modular sales initiative providing additional value to our customers and benefiting from increasing interest in new modular units as an attractive solution for construction projects.

定價優化和 Mobile Modular Plus 服務成長帶來的租金收入成長足以抵銷本季租金下降的影響。Mobile Modular 強勁的銷售成長反映了我們新的模組化銷售計劃的進一步進步，該計劃為我們的客戶提供了額外的價值，並受益於人們對新模組化單元作為建築項目有吸引力的解決方案的興趣日益濃厚。

Turning to our portable storage business. Rental revenues declined by 15%, less activity in commercial construction, driven by high interest rates appears to be a primary factor driving our portable storage decrease. Weaker demand, market demand conditions were widespread and not concentrated in any one geographic area.

轉向我們的便攜式儲存業務。租金收入下降了 15%，高利率導致商業建築活動減少似乎是導致我們的便攜式儲存下降的主要因素。需求較弱，市場需求狀況普遍存在，並未集中在任何一個地理區域。

At TRS-RenTelco, rental revenues declined by 9% and with both our general purpose and communications rental revenues impacted. This reflected the industry-wide slowdown in test and measurement equipment markets, both at OEM and rental equipment providers. The rental revenues for TRS held relatively steady in the fourth quarter as they did throughout 2024, which was encouraging.

在 TRS-RenTelco，租金收入下降了 9%，我們的通用和通訊租金收入都受到了影響。這反映了整個行業測試和測量設備市場（包括 OEM 和租賃設備供應商）的放緩。TRS 的租金收入在第四季和整個 2024 年都保持相對穩定，這令人鼓舞。

Shifting now to the full year. I'm very proud of the results we delivered in 2024. Our full year 10% growth in both revenue and adjusted EBITDA reflects diligent focus on execution. The modular business had a good year and we made solid progress with our modular growth initiatives for additional services and new equipment sales. Our performance was driven by the strong focus, drive and care for customers and fellow team members.

現在轉向全年。我對我們在 2024 年所取得的成果感到非常自豪。我們全年營收和調整後 EBITDA 均成長 10%，體現了我們對執行的認真關注。模組化業務今年表現良好，我們在附加服務和新設備銷售方面的模組化成長計畫取得了堅實的進展。我們的業績源自於對客戶和團隊成員的高度關注、動力和關懷。

Our teams demonstrated their ability to adapt, execute on our strategies and remain focused on the long-term health of the business. I would like to express my heartfelt appreciation to all of our team members for your consistent desire to provide an exceptional customer experience. Well done, and thank you for all your efforts throughout 2024.

我們的團隊展現了他們的適應能力、執行我們的策略並專注於業務的長期健康。我想向我們所有的團隊成員表示衷心的感謝，感謝你們始終如一地致力於提供卓越的客戶體驗。做得好，感謝您在 2024 年所做的一切努力。

Now let's look at the year ahead. The key driver for our performance in 2025 will be the demand conditions across our business segments. We've seen some stabilization in certain areas, but it is early in the year, and we need to see how customer activity plays out in the next few months. January quote activity was stronger across all our businesses compared to the same time last year. We are encouraged by this and hopeful that it is a positive indicator of future orders.

現在讓我們展望一下未來的一年。我們 2025 年業績的關鍵驅動因素將是我們各個業務部門的需求狀況。我們已經看到某些地區的情況有所穩定，但現在還只是年初，我們需要觀察未來幾個月客戶活動的進展。與去年同期相比，我們所有業務的一月份報價活動均更為強勁。我們對此感到鼓舞，並希望這能夠成為未來訂單的積極指標。

We will be closely monitoring market trends and customer demand to ensure we are making the right decisions to meet customer needs as the year unfolds.

我們將密切關注市場趨勢和客戶需求，以確保我們做出正確的決策，並滿足客戶在未來的需求。

Now let me provide a bit more detail on how we're thinking about each of our business segments as we enter the year. We started the year at Mobile Modular with good momentum driven by the ongoing success of our initiatives as well as favorable activity in several important market verticals. We anticipate commercial activity, such as large industrial projects, data centers and government work to be positive drivers for the year.

現在，讓我更詳細地介紹一下我們在進入新的一年時對各個業務部門的看法。今年以來，Mobile Modular 的發展勢頭良好，這得益於我們各項舉措的持續成功以及在多個重要垂直市場的良好表現。我們預計大型工業項目、資料中心和政府工作等商業活動將成為今年的積極推動力。

Our Education business is continuing to see good funding in our markets and modernization backlogs are healthy. In California, [voters] passed a $10 billion bond in November for school facilities, there is already a considerable list of projects that district wants to move forward. The pricing tailwind we have seen over the last few years should continue with a sizable gap between our fleet average pricing and current new order pricing contributing to revenue growth as the fleet turns.

我們的教育業務在市場上繼續獲得良好的資金支持，現代化積壓訂單也很充足。在加州，[選民] 11 月通過了一項 100 億美元的學校設施債券，該學區已經有大量希望推進的計畫。我們在過去幾年看到的價格順風應該會持續下去，隨著船隊的轉向，我們的船隊平均價格和當前新訂單價格之間存在相當大的差距，從而促進收入成長。

We also have opportunities for additional long-term growth in several regional markets where we gained an initial foothold through our modular acquisitions. We are investing in increased sales team coverage and will be accompanying that with prudent equipment purchases to meet order volumes. Despite softness in the broader commercial construction market, Mobile Modular has been a strong performer and we believe that our focus on our core business augmented by our initiatives will help drive continued growth.

透過模組化收購，我們在多個區域市場獲得了初步立足點，同時也有機會實現額外的長期成長。我們正在投資擴大銷售團隊覆蓋範圍，並將謹慎購買設備以滿足訂單量。儘管整體商業建築市場表現疲軟，但 Mobile Modular 表現強勁，我們相信，我們對核心業務的關注加上我們的舉措將有助於推動持續成長。

Turning to portable storage. We are starting 2025 with a lower rental revenue run rate than we had at the beginning of 2024. For January, we have seen quote volumes and shipments improve and returning equipment has slowed. We are hopeful that market demand stabilization may be materializing. Long term, we believe strongly in the horsepower of this business.

轉向便攜式儲存。2025 年初，我們的租金收入運行率將低於 2024 年初。一月份，我們看到報價量和出貨量有所改善，設備退貨速度也有所放緩。我們希望市場需求能夠穩定下來。從長遠來看，我們堅信這項業務的強勁動力。

We will continue to invest in growing the locations we are in, entering new locations and looking for attractive tuck-in acquisitions to augment our growth.

我們將繼續投資擴大現有門市，進入新門市，並尋找有吸引力的附加收購來促進我們的成長。

TRS is entering 2025 with more momentum than we had at this time last year, in terms of customer activity levels. We are seeing some early positive signs across both our general purpose and our wired communications equipment rentals. If overall market demand continues to pick up in 2025 and we are confident that TRS will be in a good position to capitalize on that momentum.

就客戶活動水準而言，TRS 邁入 2025 年時的發展動能將比去年同期更加強勁。我們在通用和有線通訊設備租賃方面都看到了一些早期積極跡象。如果整體市場需求在 2025 年繼續回升，我們相信 TRS 將處於有利位置來利用這一勢頭。

Across McGrath, we are entering 2025, confident that our strategy is sound, and we are well positioned to execute. To further support our growth efforts, on January 16, we announced the promotion of Phil Hawkins to Chief Operating Officer. Phil has been a strong leader for our modular business since 2011, and he led our TRS business prior to that. His experience makes him ideal for the role.

在麥格拉斯，我們即將邁入 2025 年，我們相信我們的策略是合理的，而且我們已做好充分的執行準備。為了進一步支持我們的成長努力，1 月 16 日，我們宣布提升菲爾霍金斯為營運長。自 2011 年以來，Phil 一直是我們模組化業務的強大領導者，在此之前，他曾領導我們的 TRS 業務。他的經驗使他成為這個職位的理想人選。

As we grow the company, he will help us execute our strategy and ensure that we continue to hone the critical operational rigor and cultural dynamics that have enabled McGrath to deliver results and to be so well respected by our customers.

隨著公司的發展，他將幫助我們執行策略，並確保我們繼續磨練關鍵的營運嚴謹性和文化活力，正是這些使得 McGrath 能夠取得成果並受到客戶的尊重。

I'm pleased to have Phil's partnership in this new role. Finally, before I turn the call over to Keith, I would like to highlight two important company milestones that we are very proud of. Last week, McGrath's 40th anniversary as a Nasdaq-listed company was acknowledged on the Nasdaq tower display in Times Square, New York.

我很高興能與菲爾合作擔任這項新職位。最後，在我將電話轉給 Keith 之前，我想先強調我們非常自豪的兩個重要公司里程碑。上週，麥格拉斯作為納斯達克上市公司成立 40 週年，在紐約時代廣場的納斯達克大樓顯示器上進行了慶祝。

Today, we announced an increase in the company's dividend for the 34th consecutive year. Both these items demonstrate McGrath's impressive longevity and shareholder focus as a public company. We continue to focus on the long-term success of McGrath and remain committed to executing our strategy with discipline for the benefit of our customers, team members and shareholders.

今天，我們宣布連續第34年增加公司股利。這兩項都證明了麥格拉斯作為一家上市公司令人印象深刻的長久生命力和對股東的關注。我們將繼續關注 McGrath 的長期成功，並將繼續致力於嚴格執行我們的策略，以造福我們的客戶、團隊成員和股東。

With that, I will turn the call over to Keith, who will take you through the financial details of our quarter and our outlook for the full year.

說完這些，我將把電話轉給 Keith，他將向您介紹我們本季的財務細節以及全年的展望。

Thank you, Joe, and good afternoon, everyone. As Joe highlighted, we delivered good results in the fourth quarter, driven by the performance of our Mobile Modular business. Looking at the overall corporate results for the fourth quarter. Total revenues from continuing operations increased 10% to $244 million, and adjusted EBITDA increased 5% to $92 million.

謝謝你，喬，大家下午好。正如喬所強調的，在行動模組化業務的推動下，我們在第四季度取得了良好的業績。縱觀第四季的整體公司業績。持續經營總收入成長 10% 至 2.44 億美元，調整後 EBITDA 成長 5% 至 9,200 萬美元。

Reviewing Mobile Modular's operating performance as compared to the fourth quarter of 2023, Mobile Modular had a strong quarter as we continue to make progress delivering on our mobile modular business growth strategy. Adjusted EBITDA increased 13% to $61 million and total revenues increased 14% to $171.8 million. There were increases across all key operational revenue streams, including 8% higher rental revenues, 5% higher rental-related services revenues and 32% higher sales revenues.

回顧 Mobile Modular 的營運表現與 2023 年第四季相比，Mobile Modular 本季表現強勁，因為我們在實施行動模組化業務成長策略方面持續取得進展。調整後 EBITDA 成長 13% 至 6,100 萬美元，總營收成長 14% 至 1.718 億美元。所有主要營運收入來源均增加，其中租金收入成長 8%，租賃相關服務收入成長 5%，銷售收入成長 32%。

The sales revenues increase was primarily due to higher new equipment sales and demonstrated continued good progress with our initiative to grow modular sales projects. Rental margins were 65%, up from 63% a year ago, primarily because of the rental revenue growth and lower inventory center costs.

銷售收入的成長主要歸因於新設備銷售額的增加，並表明我們發展模組化銷售項目的措施繼續取得良好進展。租金利潤率為 65%，高於一年前的 63%，主要原因是租金收入成長和庫存中心成本降低。

Average fleet utilization was 76% compared to 79.7% a year ago. Fourth quarter monthly revenue per unit on rent increased 11% year over year to $828. For new shipments over the last 12 months, the average monthly revenue per unit increased 15% to $1,220. Continued progress with Mobile Modular Plus is embedded in these data points as an additional growth driver.

平均車隊利用率為 76%，而一年前為 79.7%。第四季每單位月租金收入年增 11% 至 828 美元。就過去 12 個月的新出貨量而言，每台產品的平均月收入成長了 15%，達到 1,220 美元。Mobile Modular Plus 的持續進步被嵌入到這些數據點中，成為額外的成長動力。

For the fourth quarter, Mobile Modular Plus revenues increased to $8.4 million from $7.6 million a year earlier and site-related services increased to $6.9 million, up from $6.2 million.

第四季度，Mobile Modular Plus 營收從去年同期的 760 萬美元增至 840 萬美元，站點相關服務收入從 620 萬美元增至 690 萬美元。

Turning to the review of portable storage. Adjusted EBITDA for portable storage was $9.9 million, a decrease of 22% compared to the prior year. Demand conditions during the quarter were weaker than a year ago, primarily because of lower commercial construction project activity.

轉向對便攜式儲存的評價。便攜式儲存的調整後 EBITDA 為 990 萬美元，較上年下降 22%。本季的需求狀況比一年前更弱，主要原因是商業建築專案活動減少。

Rental revenues for the quarter decreased 15% to [$60.7 million], and rental margins were 85% and compared to 87% a year ago. Average rental equipment on rent decreased 14%, while average utilization for the quarter was 61.2% and compared to 74.8% a year ago. We responded to the softer market demand conditions by reducing new equipment capital spending and carefully managing operating costs.

本季租金收入下降 15% 至 [6,070 萬美元]，租金利潤率為 85%，而去年同期為 87%。平均租賃設備租金下降了 14%，而本季的平均利用率為 61.2%，而去年同期為 74.8%。我們透過減少新設備資本支出和謹慎管理營運成本來應對疲軟的市場需求條件。

Turning now to the review of TRS-RenTelco. Adjusted EBITDA was $19.1 million, a decrease of 8% compared to last year and total revenues decreased 3% to $34 million. Rental revenues for the quarter decreased 9% as the industry experienced continued end market weakness. Average utilization for the quarter was 59.1% compared to 58.9% a year ago. and rental margins were 40% compared to 41% a year ago.

現在來談談對 TRS-RenTelco 的評論。調整後 EBITDA 為 1,910 萬美元，較去年下降 8%，總營收下降 3% 至 3,400 萬美元。由於產業持續遭遇終端市場疲軟，本季租金收入下降 9%。本季的平均利用率為 59.1%，去年同期為 58.9%。租金利潤率為 40%，而一年前為 41%。

Sales revenues increased 26% to $7.3 million, and gross margins were 58% compared to 55% a year ago. To address the softer business conditions, we continue to reduce new equipment capital spending, focused on sales of used equipment, reduced fleet size and [carefully] managed operating costs. Total fleet value based on original cost of equipment was $344 million at the end of December, down $13 million from the third quarter and down $34 million from a year ago.

銷售收入成長 26%，達到 730 萬美元，毛利率為 58%，而一年前為 55%。為了因應疲軟的商業環境，我們繼續減少新設備的資本支出，專注於二手設備的銷售，減少車隊規模並[謹慎地]管理營運成本。截至 12 月底，基於設備原始成本的總機隊價值為 3.44 億美元，較第三季下降 1,300 萬美元，較去年同期下降 3,400 萬美元。

The remainder of my comments will be on a total company basis from continuing operations. Fourth quarter selling and administrative expenses decreased $2.8 million to $51.7 million. Interest expense was $8.9 million, a decrease of $3.3 million as a result of lower average interest rates and a reduction in average debt levels during the quarter when compared to a year ago. The fourth quarter provision for income taxes was based on an effective tax rate of 25% compared to 26.7% a year earlier.

我其餘的評論將基於公司持續經營的整體情況。第四季銷售和管理費用減少 280 萬美元至 5,170 萬美元。利息支出為 890 萬美元，與去年同期相比減少了 330 萬美元，原因是本季平均利率較低且平均債務水準減少。第四季的所得稅準備金是基於25%的有效稅率，而去年同期為26.7%。

Turning to our year-to-date cash flow highlights. Net cash provided by operating activities was $374 million compared to $95 million in the prior year. The decrease was primarily attributed to the $180 million merger termination payment received from WillScot, net of $63 million McGrath merger transaction costs. Rental equipment purchases were $191 million compared to $230 million in the prior year.

談談我們今年迄今為止的現金流亮點。經營活動產生的淨現金為 3.74 億美元，而去年同期為 9,500 萬美元。下降主要歸因於從 WillScot 收到的 1.8 億美元合併終止付款，扣除 6,300 萬美元的 McGrath 合併交易成本。租賃設備採購額為 1.91 億美元，而去年同期為 2.3 億美元。

New equipment purchases were primarily for the modular business, while spending at TRS and portable storage was reduced in response to softer demand conditions. In addition to investments in new fleet, healthy cash generation allowed us to pay $47 million in shareholder dividends. At quarter end, we had net borrowings of $590 million and the ratio of funded debt to the last 12 months actual adjusted EBITDA was 1.68:1.

新設備採購主要用於模組化業務，而由於需求疲軟，TRS 和便攜式儲存方面的支出減少。除了對新機隊的投資外，健康的現金產生也使我們能夠支付 4,700 萬美元的股東紅利。截至季末，我們的淨借款為 5.9 億美元，已償債務與過去 12 個月實際調整後 EBITDA 的比例為 1.68:1。

Finally, our 2025 financial outlook. For the full year, we currently expect total revenue between $920 million and $970 million. Adjusted EBITDA between $345 million and $360 million; gross rental equipment capital expenditures between $120 million and $130 million. Our current assessment of the outlook for each rental segment, given where our businesses ended 2024 and how 2025 has started is as follows: we see good momentum at Mobile Modular, where we have multiple growth initiatives in progress, and we expect this business to be the primary driver of adjusted EBITDA growth for 2025.

最後，我們對 2025 年的財務展望。我們目前預計全年總收入在 9.2 億美元至 9.7 億美元之間。調整後 EBITDA 在 3.45 億美元至 3.6 億美元之間；總租賃設備資本支出在 1.2 億美元至 1.3 億美元之間。考慮到我們業務在 2024 年的結束情況以及 2025 年的開始情況，我們目前對每個租賃部門前景的評估如下：我們看到 Mobile Modular 勢頭良好，我們正在進行多項增長計劃，我們預計這項業務將成為 2025 年調整後 EBITDA 增長的主要驅動力。

We ended 2024 with fleet utilization at 75%, which means we enter 2025 with more fleet available to meet rental demand than a year ago. Consequently, our plans for 2025 include a shift from capital spending to operating expense as we fulfill customer orders. We expect to spend approximately $9 million to $13 million higher operating expenses in 2025, preparing available fleet to meet customer orders. This expense is an increase in our direct cost of rental operations, which reduces adjusted EBITDA. As we incur these expenses, we will have a significant offsetting reduction to our capital budget for new rental equipment purchases compared to last year.

截至 2024 年，我們的車隊利用率達到 75%，這意味著進入 2025 年，我們將擁有比一年前更多的車隊來滿足租賃需求。因此，我們 2025 年的計畫包括隨著我們滿足客戶訂單，從資本支出轉向營運支出。我們預計 2025 年將增加約 900 萬至 1,300 萬美元的營運費用，準備可用機隊來滿足客戶訂單。這筆費用增加了我們的租賃業務的直接成本，從而減少了調整後的 EBITDA。由於我們承擔了這些費用，與去年相比，我們購買新租賃設備的資本預算將大幅減少。

At portable storage, we ended with our lowest adjusted EBITDA run rate of the year. As a result, we start 2025 in a challenging position, and we currently expect portable storage adjusted EBITDA to be lower in 2025 than 2024.

在便攜式儲存領域，我們最終實現了今年最低的調整後 EBITDA 運作率。因此，我們在 2025 年面臨挑戰，目前我們預計 2025 年便攜式儲存調整後的 EBITDA 將低於 2024 年。

At TRS, after two challenging years of softening market demand conditions, we believe we are seeing some signs of bottoming out and stabilization in the business performance. which we expect will result in 2025 adjusted EBITDA comparable to 2024. Our outlook also includes the following expectations for the company overall for the year.

在 TRS，在經歷了兩年市場需求疲軟的艱難時期後，我們相信我們看到了業務表現觸底和穩定的一些跡象。我們預計這將導致 2025 年的調整後 EBITDA 與 2024 年相當。我們對公司全年的展望也包括以下期望。

Rental equipment depreciation expense of $85 million to $89 million, direct cost of rental operations of $119 million to $123 million. SG&A expense of $213 million to $217 million and interest expense of approximately $36 million to $38 million. In summary, we remain committed to building long-term shareholder value through [signs] strategic focus, disciplined capital allocation and consistent execution. That concludes our prepared remarks.

租賃設備折舊費用為 8,500 萬至 8,900 萬美元，租賃營運直接成本為 1.19 億至 1.23 億美元。銷售、一般及行政開支為 2.13 億美元至 2.17 億美元，利息開支約 3,600 萬美元至 3,800 萬美元。總之，我們仍然致力於透過策略重點、嚴格的資本配置和持續的執行來創造長期股東價值。我們的準備好的演講到此結束。

Jeff, you may now open the lines for questions.

傑夫，你現在可以開始提問了。

(Operator Instructions) Scott Schneeberger, Oppenheimer.

（操作員指令） Scott Schneeberger，奧本海默。

I guess I'd like to start in the Modular segment. on the commercial offices versus education. I think the press release mentioned you all mentioned that both segments grew. Could you talk about that growth in the fourth quarter and for the full year on an each segment basis, education versus commercial? And then thoughts on those two and it sounds like you have a very optimistic outlook for Modular for relative to the conditions for 2025, but if you could speak to each of those segments for '25 as well.

我想從模組化部分開始。商業辦公室與教育辦公室。我認為新聞稿中提到你們都提到兩個部分都在成長。您能否談談第四季以及全年各部門（教育和商業）的成長？然後從這兩個角度考慮，聽起來您對 2025 年的模組化前景非常樂觀，但如果您也可以分別談談 25 年的每個部分。

Sure. Scott, I'll start. This is Keith. If you look at the rental revenue growth in the fourth quarter for modulars, that was 8% growth and similar to the third quarter, I'd characterize the growth is balanced across commercial and education. For the fourth quarter, commercial grew 9%.

當然。史考特，我先開始。這是基斯。如果您看看第四季度模組化租金收入的成長，那是 8% 的成長，與第三季類似，我認為商業和教育之間的成長是平衡的。第四季度，商業成長了 9%。

Education grew 7%. So I think on a full year basis, fairly consistent view, both have been good contributors to the modular growth story.

教育成長了7%。因此，我認為從全年來看，相當一致的觀點是，兩者都為模組化成長做出了良好的貢獻。

And Keith, looking ahead, this time of year, I guess it's a little early yet in mid-February, but you get a taste for what the order book is for the classroom rentals -- a, do you have a feel for that yet? Or do you need another month or 2? And b, do you anticipate that mix to be balanced again next year of growth being pretty equal of these two segments?

基思，展望未來，今年這個時候，我想現在才二月中旬，有點早，​​但你已經可以預感到教室租賃的訂單情況了——你有這種感覺了嗎？還是你還需要一兩個月的時間？b，您是否預期明年這兩個部分的成長結構將再次達到平衡？

Scott, this is Joe. Yes, I presume we believe that it will be relatively balanced. What I can say at this point is that our it feels like customer activity is better than it was this time last year. When I mean activity, I mean quote volumes are up. And actually, they're up across all the businesses.

斯科特，這是喬。是的，我推測我們相信它會相對平衡。我現在可以說的是，我們感覺客戶活動比去年同期要好。當我說活動時，我的意思是報價量上升。事實上，所有業務領域的利潤都在上漲。

So in particular, Mobile Modular, that's a good sign. School districts are in the process of booking orders now. Don't know exactly how that's going to pan out because it's a little bit early, but the signs are good. The funding is good. And so we're positive on next year.

因此，對於行動模組化來說，這是一個好兆頭。各學區目前正在進行預約訂單。不知道具體結果會如何，因為現在還為時過早，但跡像是好的。資金狀況良好。因此我們對明年充滿信心。

Just a quick summary, Joe. It sounds like -- so just each of your three major segments: modular, affordable storage and TRS-RenTelco, just speak a little bit to up same or down, I guess, qualifications of each one, '25 versus '24 as far as how you feel about the end markets?

只是一個簡短的總結，喬。聽起來——所以只是您的三個主要細分市場：模組化、經濟實惠的存儲和 TRS-RenTelco，我想，每個細分市場的資質，'25 與 '24 相比，您如何看待終端市場？

Sure. Well, overall, I would say we're positive on the business outlook for 2025. Obviously, there's a lot of unknowns in terms of how things will pan out. But I believe that less regulations, hopefully some lower interest rates. We'll see if that happens.

當然。總的來說，我對 2025 年的業務前景持樂觀態度。顯然，事情將如何發展仍有許多未知數。但我相信，監管減少，利率有望降低。我們將拭目以待。

I think it will -- there's potential there for it to unlock business in all of the segments that we operate in. So I think for modulars, we're coming into the year with good momentum. And I think that's going to continue.

我認為它會——它有潛力解鎖我們經營的所有領域的業務。因此我認為，對於模組化而言，我們今年將迎來良好的發展勢頭。我認為這種情況將會持續下去。

As we stated with portable storage, we are at a lower run rate than we were at the same time last year, and that's something that we need to work out of and work through and so it's going to take a little bit of time for us to do that. But overall, I think we'll -- even though I think business will pick up, I think it will be a challenge for us to deliver better results than we had in 2024 in that business.

正如我們之前提到的，對於便​​攜式存儲，我們的運行率低於去年同期，這是我們需要解決的問題，所以我們需要花一點時間來實現這一點。但總的來說，儘管我認為業務會回暖，但我認為要取得比 2024 年更好的業績對我們來說仍是一個挑戰。

And then you look over at TRS, we've been really consistent quarter over quarter. It's been relatively flat for all 2024 and we're starting to see more momentum, better quote volumes, billings -- I'm sorry, bookings that we're getting on a daily basis are stronger than returns and have been consistently so well into this year so far. So I think the businesses should do better in 2025. So hopefully, that gives you kind of a brief run down.

然後您看一下 TRS，我們每個季度都保持著非常一致的表現。在整個 2024 年，它都相對平穩，我們開始看到更多的勢頭、更好的報價量、賬單——對不起，我們每天收到的預訂量都比回報要高，而且到目前為止，今年一直保持著良好的勢頭。所以我認為企業在 2025 年應該會做得更好。希望這能讓您有一個簡要的了解。

I appreciate that summary. I think it's helpful. I have one on pricing and then I want to dig in a little bit on margin guidance. So on pricing, it would be in Mobile Modular. Keith, I guess, for you, could you speak to the convergence tailwind of pricing?

我很欣賞這個總結。我認為這很有幫助。我有一個關於定價的問題，然後我想深入了解利潤指導。因此在定價方面，它將採用行動模組化。基思，我想，您能談談定價的趨同順風嗎？

Just elaborate on that, it seems pretty powerful. So I know you have some interesting margin movements, we'll talk about in a moment. But absent that, just the power on margin of this pricing conversions you have in Mobile module.

詳細說明一下，它看起來非常強大。所以我知道你有一些有趣的保證金變動，我們稍後再討論。但除此之外，您在行動模組中還擁有此定價轉換的邊際能力。

Sure. And you'll see in our investor slides that are published today where we elaborate in a little bit more detail. But if you look at the average unit on rent, the revenue per month, we get $828. If you compare that to new shipments over the last 12 months, we're at $1,220. So that's a sizable gap.

當然。您可以在我們今天發布的投資者幻燈片中看到，我們在其中進行了更詳細的闡述。但如果你看看平均租金單位，每個月的收入是 828 美元。如果將其與過去 12 個月的新出貨量進行比較，則價格為 1,220 美元。這是一個相當大的差距。

It's about 47%. And Clearly, mix can play a role here, which region, what type of units. But at a high level, it does indicate that there is a gap between average pricing on the fleet that's installed compared with new orders that we're shipping. That gap has been in place now for well over a year or two and as the fleet is rotating, you're seeing that unit on rent average revenue increase. It was up 11% for the most recent quarter compared to a year earlier.

大約是47%。顯然，混合可以在這裡發揮作用，哪個地區、什麼類型的單位。但從較高層面來看，這確實表明已安裝的船隊的平均價格與我們正在運送的新訂單之間存在差距。這種差距已經存在了一兩年多了，隨著車隊的輪換，你會看到租賃單位的平均收入增加。與去年同期相比，最近一個季度上漲了 11%。

And we think that's a positive tailwind over the next several years. So that's in place. We're seeing continued evidence of it. I think it speaks to good work by the business in terms of how we look for revenue opportunities, how we price very carefully. And so that's encouraging.

我們認為這將是未來幾年的一個積極推動力。這就是它的意義。我們不斷看到這項證據。我認為這說明我們在尋找收入機會、如何謹慎定價等方面做得很好。這是令人鼓舞的。

Thanks, Keith. And it's safe to -- and for that, it is a powerful margin driver, correct that natural pricing lift.

謝謝，基斯。而且它是安全的—而且因此，它是一個強大的利潤驅動因素，可以糾正自然的價格上漲。

Yes. I think the way to look at margin is on the revenue side, it helps. And then in any particular quarter or any particular year, you've then got to look at the rental cost structure. And that rental cost structure is driven by how many of the units you put on rent from existing owned inventory where you essentially spend an operating expense to get the rental ready as opposed to whether you're satisfying new demand with brand-new fleet that is purchased new. And in any particular year, that balance can move around.

是的。我認為看待利潤的方式是從收入方面，這是有幫助的。然後在任何特定季度或特定年份，您都必須查看租賃成本結構。而租賃成本結構取決於您從現有自有庫存中出租了多少輛車，您本質上是花費了營運費用來準備租賃，而不是取決於您是否透過購買全新車隊來滿足新需求。在任何特定年份，這種平衡都會改變。

Obviously, as I indicated, with some of the prepared remarks on the outlook, we'll be preparing a lot more units for rent that we already own and incurring more expenses. So it's sort of good news, bad news scenario.

顯然，正如我指出的那樣，根據一些關於前景的準備好的評論，我們將準備更多我們已經擁有的出租單位並產生更多費用。這是一種有好消息、有壞消息的情況。

Good news is we want to be satisfying customer orders near term, that does pressure margin a little bit if we're spending heavily in our inventory centers. This is all something we see over the years. It's not uncommon. It's that interplay between OpEx and CapEx. And so the mix shifts a little bit for 2025.

好消息是我們希望在短期內滿足客戶訂單，如果我們在庫存中心投入大量資金，這確實會給利潤帶來一點壓力。這些都是我們多年來所看到的。這並不罕見。這就是營運支出 (OpEx) 和資本支出 (CapEx) 之間的相互作用。因此到 2025 年，這種組合將略有變化。

That's our current expectation.

這是我們目前的期望。

And that covers where I wanted to go next. I guess two final ones. Is there -- that sounds like that's the big contributor to a a pretty solid total company revenue guide in the low to mid-single digits. You had a flattish EBITDA guide. It sounds like that represents that delta of why it's not more and it's somewhat of an eye class problem, but not more ambitious on the EBITDA line.

這就是我下一步想去的地方。我想是最後兩個了。有沒有——這聽起來像是對公司總收入指南中低到中等個位數的穩健貢獻者。您的 EBITDA 指引比較平緩。這聽起來像是代表了為什麼它不是更多的增量，而且有點像眼部問題，但在 EBITDA 線上並不是更雄心勃勃。

Is there a rental sales mix, do you anticipate more sales this year? Is that contributing? Or is it purely this OpEx CapEx dynamic?

是否有租賃銷售組合，您預計今年的銷售量會更多嗎？這樣有貢獻嗎？還是這純粹是 OpEx CapEx 的動態？

Yes. I'd say there's three things I'd look at, Scott. The first would be, as you noted, this shift in the mobile modular business with more operating expense to get units ready to go out on rent. And we do that every year, and we're happy to do that. It's a very good use of our cash to satisfy demand that way.

是的。我想說的是，我要考慮三件事，史考特。首先，正如你所提到的，行動模組化業務將會轉變，需要更多的營運費用來為出租做好準備。我們每年都這樣做，並且我們很高興這樣做。以這種方式利用我們的現金來滿足需求是非常好的。

And you'll see that our guide for capital spending is down by about one-third consistent with my remarks that we'll satisfy more demand from the fleet we already own. That's the first thing.

您會發現，我們的資本支出指南下降了約三分之一，這與我的言論一致，即我們將滿足現有船隊的更多需求。這是第一件事。

Second thing I would say is, again, we noted this in the prepared remarks, portable storage has had a tough year in 2024. It has started 2025, really at a low run rate from a rental revenue point of view, EBITDA point of view, so the question is how much can we improve from that position over the course of the year. And I think our initial view is even if we make progress in growing the business, that's going to be a headwind in terms of EBITDA contribution. So keep that in mind as well. That's our view currently for what it can contribute in 2025, less EBITDA than it contributed in 2024.

我想說的第二件事是，我們再次在準備好的評論中指出了這一點，便攜式儲存在 2024 年經歷了艱難的一年。2025 年伊始，從租金收入和 EBITDA 的角度來看，其運行率確實很低，因此問題是，在這一年中，我們能從這一水平上取得多大的進步。我認為，我們最初的觀點是，即使我們在業務成長方面取得了進展，但這對於 EBITDA 貢獻來說仍將是一個阻力。所以也請記住這一點。這是我們目前對其 2025 年貢獻的看法，EBITDA 將低於 2024 年的貢獻。

And then I'd say the last comment would be, as you mentioned, what about the mix between rents and sales. If you look at the overall revenue guide, here's how it looks today. I would characterize the growth in rental operations for the company as a whole, probably in the low to mid-single-digit range in that neighborhood.

然後我想說的最後一點是，正如你提到的，租金和銷售額之間的組合如何。如果你看一下整體收入指南，今天的情況就是這樣的。我認為整個公司的租賃業務的成長大概處於低點到中位數個位數範圍內。

If I look at the sales portion I would say that can be in the high single digit up to 10%, possibly even slightly better if we have a very good sales year. But that's how we're looking at that. So if you look at the two revenue streams, the sales revenue stream is growing faster. It tends to have a lower EBITDA contribution than the rental side. So that's another factor that if you look at the year as a whole, it pressurizes the EBITDA margin a bit.

如果我看銷售部分，我會說這個比例可能會達到高達 10% 的高個位數，如果今年的銷售情況非常好，甚至可能會更好一些。但我們就是這樣看待這個問題的。因此，如果你看這兩個收入來源，你會發現銷售收入來源成長更快。它的 EBITDA 貢獻往往低於租賃方面。因此，如果從全年來看，這是另一個因素，它會給 EBITDA 利潤率帶來一定壓力。

And that was a rank order that you just gave those three?

這就是您剛才給這三個人列出的排名順序嗎？

Not deliberately, but I would say it probably is as I reflect on it. In fact, yes, I would say it is -- it was the top three in order.

雖然不是故意的，但仔細想想，可能確實如此。事實上，是的，我想說它是——按順序它是前三名。

And then last for me, yes, that CapEx guide is significantly lower than what you've been running at, and you've done a good job on this call explaining why that is. You would you have the breakup fee from the acquisition this past year that didn't consummate.

最後，對我來說，是的，該資本支出指南明顯低於您一直以來的水平，並且您在這次電話會議上很好地解釋了原因。您是否會因去年未完成的收購而獲得分手費？

So you're heading into 2025 in a -- with a very strong balance sheet, ample cash just increase the dividend as you guys noted, for however many years in a row, it's been 30 something. What is going to be the use of capital this year? Just how are you thinking about that? It sounds like you certainly have it to spend.

因此，您將在 2025 年擁有非常強勁的資產負債表和充足的現金，只需增加股息，正如您所說，無論連續多少年，它都是 30 多年了。今年的資金用途打算怎麼做？您對此有何看法？聽起來你確實有錢可以花。

Yes. Well, the good news is we're very well positioned. We're very comfortable. Leverage is [ 1.6 ] at the end of the year. That's a very comfortable number.

是的。嗯，好消息是我們的定位非常有利。我們很舒服。年末槓桿率為 [ 1.6 ]。這是一個非常令人舒服的數字。

We've got options. That's the important thing to really stress here, lots of options. If demand plays out better, we can always throttle up the CapEx a little bit, but that's not how we're starting the year. You've heard our views on where we're starting the year, but that's an option.

我們還有其他選擇。這是需要真正強調的重要一點，有很多選擇。如果需求好轉，我們可以稍微增加資本支出，但這不是我們開始新一年的方式。您已經聽到了我們對新年伊始的看法，但這只是一種選擇。

Obviously, we talked about getting the M&A pipeline active again. That has been a tool in our toolkit over the last few years whether it's smaller tuck-ins or other opportunities we see. We're open to doing the right deals at the right price that we think are valuable and fit well with our strategy. So that's another thing. We're not going to be in a rush but we are actively getting the pipeline moving again, looking at opportunities, and that's another avenue for deploying cash.

顯然，我們談論的是讓併購管道再次活躍起來。過去幾年來，這一直是我們工具箱中的一個工具，無論是小型餐廳還是我們看到的其他機會。我們願意以合適的價格進行我們認為有價值且符合我們策略的正確交易。所以這是另一回事。我們不會著急，但我們會積極地重新啟動管道，尋找機會，這是部署現金的另一種方式。

Great. Appreciate you taking them all. Best of luck.

偉大的。感謝您接受所有這些。祝你好運。

Thank you.

謝謝。

(Operator Instructions) Marc Riddick, Sidoti.

（操作員指示）Marc Riddick，Sidoti。

So I was wondering if you could spend -- thanks for all the detail that you've already provided. I was wondering if you spend a little time talking about California. You mentioned in prepared remarks around the bond in November and sort of maybe what we're seeing there. Are you seeing anything that is particularly related to any of the weather challenges and the fires and the like? Is there anything that we should be thinking about from those situations?

所以我想知道您是否可以花費——感謝您提供的所有詳細資訊。我想知道您是否能花點時間談談加州。您在 11 月債券的準備好的發言中提到了我們當時看到的情況。您是否看到任何與天氣挑戰、火災等特別相關的情況？從這些情況來看，我們是否應該思考一些事情？

Sure. Well, first of all, that always good news when voters passed a bond here. And so we were very happy to see the $10 billion bond for facilities that was passed in November. That's augmented, of course, by a lot of local bonds that also passed. And so there's plenty of money that should be available for education projects in the state.

當然。首先，當選民通過債券時，這總是一個好消息。因此，我們很高興看到11月通過的100億美元設施債券。當然，大量地方債券的通過也促進了這個過程。因此有足夠的資金可用於該州的教育計畫。

So that's good news there. Concerning the weather and the fires, a little bit early for us to comment on what that's going to mean for the business. We are very well positioned to help customers, both in the portable storage part of the business and the modular part of the business, there's been a number of schools that have been completely destroyed and we're just well positioned to help them if they need it.

這是個好消息。至於天氣和火災，我們現在評論這對業務意味著什麼還為時過早。我們有能力為客戶提供幫助，無論是在業務的便攜式存儲部分還是在業務的模組化部分，已經有許多學校被徹底摧毀，如果他們需要的話，我們有能力幫助他們。

But I really don't think, Marc, that's going to be a huge needle mover for us. We're happy to be there when these events occur. But -- and we'll get some orders, I'm sure we will, but I don't think it will be anything really significant that will make a huge difference in the year for us.

但是馬克，我真的不認為這會為我們帶來巨大的改變。當這些事件發生時我們很高興在場。但是——我們會接到一些訂單，我確信會，但我不認為這會是什麼真正重要的事情，不會對我們今年產生巨大的影響。

Okay. And then I was wondering if you could talk a little bit about the potential for the acquisition pipeline, particularly around and filling in the U.S. and maybe what you're seeing both as far as availability and valuations? And forgive me if I -- if you touched on this already and I missed it, but I was sort of curious as to whether or not that's loosened up at all or changed any since the election or how we should be thinking about what the pipeline might look like with the domestic expansion?

好的。然後我想知道您是否可以稍微談談收購管道的潛力，特別是在美國週邊和填補美國市場，以及您對可用性和估值的看法？如果您已經提到了這一點而我錯過了，請原諒我，但我很好奇，自大選以來，這方面是否有所放鬆或有所改變，或者我們應該如何思考隨著國內擴張，管道可能會是什麼樣子？

Sure. I wouldn't say that there's -- the opportunity count has changed. There has been consolidation as we know in the industry, particularly in the modular business, but there are still folks out there that are potentially available. We'd be very interested in them.

當然。我不會說機會數量已經改變了。我們知道，業界已經出現了整合，特別是在模組化業務領域，但仍有一些潛在的參與者。我們對它們非常感興趣。

Same with the portable storage business. that being much more fragmented. There are more opportunities for tuck-ins. And typically, those businesses end up becoming available on the market due to a life event. The owner wants to retire or cash out, monetize their investment, pass it down to and pass the investment funds down to other members of their families or something like that.

便攜式儲存業務也是如此。變得更加分散。有更多的機會可以享用美食。通常情況下，這些企業最終會因為生活中的某個事件而進入市場。所有者希望退休或套現，將他們的投資貨幣化，並將其傳遞給家庭的其他成員或諸如此類的人。

So those things don't necessarily get tied to how the economy is performing. We see there's opportunities when there's a weaker economy, and we see it when there's a stronger economy. So we're just out there, and we'll be looking at those carefully as the year progresses.

因此這些因素並不一定與經濟表現有關。當經濟較弱時，我們會看到機會；當經濟較強時，我們也會發現機會。所以我們只是在那裡，隨著時間的推移，我們會仔細研究這些問題。

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

Maybe start with mobile modular pricing, clearly, a meaningful tailwind as we've just talked about. And I realize this is a little bit of a crystal ball, but when you look at utilization, would you expect utilization to level off and perhaps begin to grow again sometime over the course of fiscal '25, particularly with a little bit lower capital spending? Or is it just too early to tell at this point?

也許從行動模組化定價開始，顯然，正如我們剛才談到的，這是一個有意義的順風。我知道這有點像水晶球，但是當你看利用率時，你是否預計利用率會趨於平穩，並且可能在 25 財年的某個時候再次開始增長，特別是在資本支出略有下降的情況下？或者說現在說這些還太早？

Yes. That would be the objective. Since we're going to be pulling more units out of the yard because utilization is -- has made those units available, we hope to push that number up during the year. So definitely an objective for us.

是的。這就是我們的目標。由於我們將從院子里拉出更多的單元，因為利用率已經使這些單元可用，我們希望在今年內提高這個數字。所以這對我們而言絕對是一個目標。

And probably more than the second half of the year, Dan, as the year progresses, we generally see the activity levels increase, and so there's more movement in the fleet. And as we explained, our goal is to satisfy more of those new shipments from fleet we already own.

丹，可能不只是在今年下半年，隨著時間的推移，我們通常會看到活動水準的提高，因此船隊的活動也會增加。正如我們所解釋的，我們的目標是利用我們現有的船隊來滿足更多新貨物的需求。

Makes sense. Perfect. In terms of the revenue growth guide, obviously, it's a wide range given the environment, understandable. 4% of the midpoint. Wondering if you have any thoughts on cadence of growth overall on a year-over-year basis kind of H1 versus H2

有道理。完美的。就收入成長指南而言，顯然，考慮到環境，這是一個很大的範圍，這是可以理解的。中點的4%。想知道您對上半年和下半年同比整體成長節奏有何看法

Yes. I would say typically, second half is stronger than the first half with a little bit more sales in the modular business of new equipment in the mix that has the potential to have a little bit more volatility because when projects happen, they happen when they get completed, they get completed. So if you look at a typical year, I would say second half is bigger than the first half but with the overlay of some ups and downs on the sales piece as we go through the year.

是的。我想說，通常情況下，下半年會比上半年強勁，新設備模組化業務的銷售額會稍微多一些，這可能會產生更大的波動，因為專案發生時，它們就會發生，完成時，它們就會完成。因此，如果看一下典型的一年，我會說下半年比上半年大，但隨著一年的過去，銷售部分會有一些起伏。

And we'll be happy to comment on that as we learn more. This early in the year, it's just really hard to tell. But by midyear, we have a pretty good sense what that cadence is looking like.

當我們了解更多資訊後，我們會很樂意對此發表評論。今年還這麼早，真的很難說。但到了年中，我們就會對這個節奏有相當清楚的認知。

Helpful. Portable storage, obviously, appreciate the commentary and the math makes all the sense in the world, but it will be down a little bit year-on-year just based on where we're starting. When would you need to see things start to turn in order to be more confident about, say, a return to growth in '26.

很有幫助。顯然，便攜式儲存值得讚賞的評論和數學在世界上是有意義的，但僅基於我們的起點，它將逐年下降一點。你需要什麼時候看到事態開始好轉才能更有信心，比如說，26 年恢復成長。

Yes. We would need to see them start to turn now, and it is. So it just takes a little while for that to flow through the business. And starting in the quarter, in fourth quarter and into this year, we've definitely seen more activity and higher quote volumes than we did for the first three quarters of 2024. So we believe that this is the momentum that we're talking about and that momentum is good as we go into this year.

是的。我們需要看到它們現在開始轉變，事實也確實如此。所以這個過程只​​需要一點時間就可以在業務中完成。從本季開始，到第四季以及今年，我們確實看到了比 2024 年前三個季度更多的活動和更高的報價量。因此，我們相信這就是我們所談論的勢頭，而且今年的勢頭很好。

And I think if it continues, which I think it will, it will help us more in the second half of the year as order flow volume and we get shipments out in the first half of the year, it should help us in results for the second half.

我認為如果這種情況持續下去，這將對我們下半年的訂單量和上半年的出貨量有所幫助，這應該有助於我們下半年的業績。

Helpful. And maybe just talk a little bit more about the green shoots you're seeing for TRS-RenTelco, what you're hearing from your customers and when you have a better sense of maybe a sustained turn versus moderate improvement versus easier comps?

很有幫助。或許您可以再多談談您看到的 TRS-RenTelco 的復甦跡象，您從客戶那裡聽到了什麼，以及您何時能更好地了解它是持續的好轉、適度的改善還是更容易的競爭？

Yes. A similar situation there. As I commented before, our rental revenues were flat for the year. And I think what's changed now for us is we're seeing -- at least coming into this year, we're seeing consistent bookings that are outpacing returns. And so when you have that momentum in the beginning of the year, that's a very good sign -- sign for us.

是的。那裡也有類似的情況。正如我之前所說，今年我們的租金收入持平。我認為現在對我們來說發生的變化是，至少進入今年以來，我們的預訂量一直超過回報量。因此，當你在年初擁有這樣的勢頭時，這對我們來說是一個非常好的跡象。

And so that's been a positive indicator for us. I think in two segments of the business, general purpose and our wired communications rentals we're seeing strength there and particularly in R&D for general purpose.

這對我們來說是一個積極的信號。我認為，在業務的兩個領域，即通用領域和有線通訊租賃領域，我們看到了優勢，特別是在通用領域的研發方面。

And then in the data centers for our wired communications, there is a lot of work going on there to put fiber optic capacity and everything in for the data centers. And we're very well positioned to serve that market. So those are green shoots, and we're happy to see them. And we're going to really continue to chase after those orders.

然後，在用於有線通訊的資料中心，我們正在進行大量的工作，為資料中心提供光纖容量和一切設備。我們已做好充分準備來服務該市場。這些都是綠芽，我們很高興看到它們。我們將繼續追逐這些訂單。

All right. Really helpful. Last one, I'll jump back. But I appreciate the color, OpEx versus CapEx. So sounds like you're spending an incremental kind of $9 million to $13 million in OpEx to prepare the fleet.

好的。真的很有幫助。最後一個，我會跳回來。但我很欣賞顏色，OpEx 與 CapEx。所以聽起來你正在花費 900 萬到 1300 萬美元的營運支出來準備艦隊。

If it weren't for that mix change, would that be the amount that EBITDA guide would be higher? Or is it kind of a one-to-one just kind of making sure I understand the dynamic there.

如果不是因為這種組合變化，EBITDA 指引的金額會更高嗎？或者這是一種一對一的方式，只是為了確保我了解那裡的動態。

Yes. I think that's a reasonable way to look at it. And as I tried to say earlier, in any particular year, we're going to have the option of supplying new orders through inventory we own where we spend some OpEx to get the equipment ready or we're supplying from fleet that we're buying new from the factory.

是的。我認為這是一個合理的看待這個問題的方式。正如我之前所說，在任何一年，我們都可以選擇透過我們擁有的庫存來供應新訂單，我們花費一些營運支出來準備好設備，或者我們從工廠購買新產品的車隊中供應。

So if you look back let's say, at 2023 and 2024 as utilization became higher of the modular fleet, we were deploying more shipments from new equipment bought at the factory. That's typical when utilization is high. And then when you're in the other situation where utilization is a bit lower as it currently is, we can satisfy more orders from, again, some fleet we already own, but we do incur incrementally higher costs in the inventory center. So I'd say that $9 million to $13 million range, the majority of that you can think of as a sort of one-for-one deduct to EBITDA. Again, we're probably comparing two almost bookend cases.

因此，如果回顧一下，比如說，在 2023 年和 2024 年，隨著模組化車隊的利用率越來越高，我們將從工廠購買的新設備中部署更多的出貨量。當利用率較高時，這是很常見的情況。然後，當您處於另一種情況時，即利用率比現在低一點，我們可以再次從我們已經擁有的一些車隊中滿足更多的訂單，但我們在庫存中心的成本確實會逐漸增加。所以我認為，900 萬美元到 1300 萬美元的範圍內，其中大部分可以視為對 EBITDA 的一對一扣除。再次，我們可能正在比較兩個幾乎截然相反的案例。

Last year was high on the capital lower on the OpEx. This year, it's really flipped the other way, high on the OpEx, low on the CapEx. So you might argue a typical year might be somewhere between the 2, but that's how we're looking at 2025.

去年的資本較高，而營運支出較低。今年，情況確實發生了相反的變化，營運支出較高，資本支出較低。因此，您可能會認為典型年份可能介於兩者之間，但這就是我們對 2025 年的看法。

And Dan, let me add really quick there. That's consistent with our long-term view on how we run the business, more responsible, we feel to pull units out of the yard and spend capital to get them ready then to put new capital into the business. I mean it's just consistent with our responsible way to run the business. And we could make EBITDA look better by buying new equipment, but we're not going to do that.

丹，讓我快速補充一下。這與我們經營業務的長期觀點是一致的，我們認為更負責任的做法是將車輛從院子裡拉出來，投入資金進行準備，然後再將新資本投入到業務中。我的意思是這與我們負責任地經營業務的方式一致。我們可以透過購買新設備來使 EBITDA 看起來更好，但我們不會這樣做。

I couldn't agree more. And then you asked the capital allocation question, but cash flow is going to accelerate here with less a little bit with lesser CapEx and the balance sheet is already in great shape. So are you seeing much in the M&A pipeline that gets you excited? And if not, or buybacks opportunity that to maybe ramp up a little bit depending on share price, et cetera.

我非常同意。然後你問了資本配置問題，但這裡的現金流將會加速，資本支出會減少一點，資產負債表已經處於良好狀態。那麼，您是否看到許多令您興奮的併購交易？如果不是，或者回購機會可能會根據股價等而略有增加。

Yes. We stay flexible on all those items. I would say we pay attention to all the choices we have with capital allocation. We'll continue to monitor all of them, but we're well positioned. That's the important takeaway.

是的。我們對所有這些項目都保持靈活性。我想說，我們會關注資本配置方面的所有選擇。我們將繼續監視所有這些，但我們已做好準備。這是重要的一點。

Thank you. Ladies and gentlemen, that appears to be our last question. Let me now turn the call back over to Mr. Hanna for any closing remarks.

謝謝。女士們、先生們，這似乎是我們的最後一個問題。現在，請允許我把電話轉回給漢納先生，請他做最後發言。

I'd like to thank everyone for joining us on the call today and for your continuing interest in our company. We look forward to speaking with you again in late April to review our first quarter results.

我想感謝大家今天的電話會議以及對我們公司的持續關注。我們期待在四月下旬再次與您交談，以回顧我們的第一季業績。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。