McGrath RentCorp (MGRC) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the McGrath RentCorp first-quarter 2025 earnings call.

女士們、先生們，感謝你們的支持。歡迎參加 McGrath RentCorp 2025 年第一季財報電話會議。

(Operator Instructions) This conference call is being recorded today, Thursday, April 24, 2025.

（操作員指示）本次電話會議於今天（2025 年 4 月 24 日，星期四）進行錄製。

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 or targets.

在我們開始之前，請注意，公司管理階層今天將要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.

這些前瞻性陳述並非對未來績效的保證，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。

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. Forward-looking statements are made only as the date hereof, except as otherwise required by law. We assume no obligation to update any forward-looking statements.

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 10-K 表格和其他 SEC 文件中的「風險因素」部分披露。前瞻性陳述僅在本文發布之日作出，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。

In addition to the press release issued today, the company also filed with the SEC the earnings release on Form 8-K and its Form 10-Q for the quarter ended March 31, 2025.

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 2025 年 3 月 31 日的季度的 8-K 表和 10-Q 表收益報告。

Speaking, today, will be Joe Hanna, Chief Executive Officer; and Keith Pratt, Chief Financial Officer.

今天發言的是執行長喬漢納 (Joe Hanna)；以及財務長 Keith Pratt。

I will now turn the call over to Mr. Hanna. Please go ahead, sir.

現在我將把電話轉給漢納先生。先生，請繼續。

Thank you, Jess. Good afternoon, everyone. Thank you for joining us today for McGrath RentCorp's first-quarter 2025 earnings call.

謝謝你，傑西。大家下午好。感謝您今天參加 McGrath RentCorp 2025 年第一季財報電話會議。

I am pleased to report on our performance over the past quarter and to provide an update on our outlook for this year. I will also address current economic conditions and the possible effects of tariffs on the business.

我很高興地報告我們過去一個季度的業績，並提供我們今年的展望。我還將討論當前的經濟狀況以及關稅對企業可能產生的影響。

First, I will review our quarterly results.

首先，我將回顧我們的季度業績。

For the quarter, total company revenues increased 4% and adjusted EBITDA increased 3% compared to a year earlier. This performance was driven by continued progress from our modular strategic growth initiatives as well as some recovery at TRS.

本季度，公司總營收較去年同期成長 4%，調整後 EBITDA 成長 3%。這一業績得益於我們的模組化策略成長計劃的持續進展以及 TRS 的一些復甦。

Mobile Modular's rental revenues grew 3%. Both commercial and education rentals were positive. The commercial wins we experienced were geographically broad-based and in a wide variety of market verticals, including government, technology and healthcare.

Mobile Modular 的租賃收入成長了 3%。商業和教育租賃均表現良好。我們取得的商業勝利遍布地域廣泛，涉及各種垂直市場，包括政府、技術和醫療保健。

We continue to win education business in both public and private schools across all our geographies. The Architecture Billings Index data and other macro indicators of construction-related demand continue to indicate some weakness and some project delays.

我們繼續在所有地區贏得公立和私立學校的教育業務。建築業營業額指數數據和其他建築相關需求的宏觀指標繼續顯示出一些疲軟和一些專案延遲。

Our quote activity was up for the quarter, while new rental bookings were below the prior year due to the softer construction market. This reflects longer close cycles and some mix shift. Sales revenues were lower for the quarter, reflecting typical quarter-to-quarter variability.

本季我們的報價活動增加，但由於建築市場疲軟，新的租賃預訂量低於去年。這反映了更長的關閉週期和一些混合轉變。本季銷售收入較低，反映出典型的季度間差異。

Our new modular sales growth initiative continued to be on a positive trajectory as we see more acceptance of modular solutions for construction projects across many market segments. Mobile Modular Plus and site-related services performed well and saw healthy increases in the quarter, helping to offset lower units on rent.

隨著我們看到許多細分市場的建築項目對模組化解決方案的接受度越來越高，我們的新模組化銷售成長計​​劃繼續呈現積極的趨勢。Mobile Modular Plus 和現場相關服務表現良好，本季實現了健康成長，有助於抵消租金下降的影響。

Turning to our Portable Storage business. Rental revenues declined by 13%, in line with what we expected and reflecting ongoing commercial construction softness. We entered the year with a rental revenue run rate that was below the start of 2024, and it will take some time for it to recover.

轉向我們的便攜式儲存業務。租金收入下降了 13%，符合我們的預期，反映了商業建築持續疲軟。今年我們的租金收入運行率低於 2024 年初，並且需要一段時間才能恢復。

At TRS-RenTelco, rental revenues grew slightly. We had an encouraging start to the year with broad-based improvement across multiple equipment categories. Our rental pipeline is up from the prior year and some previously delayed projects were started.

TRS-RenTelco 的租金收入略有成長。今年我們有一個令人鼓舞的開端，多個設備類別都取得了廣泛的改進。我們的租賃專案比前一年有所增加，一些先前被推遲的專案也已啟動。

We have been effectively managing the fleet to maximize opportunities to sell unutilized equipment. Utilization improved substantially to end the quarter at 65%, up from 59% in the fourth quarter.

我們一直在有效地管理車隊，以最大限度地增加出售未使用設備的機會。利用率大幅提高，本季末達 65%，高於第四季的 59%。

Now, let's look at how 2025 is unfolding amidst the uncertainty present in the broader economy. Overall, we expect the impact of tariffs in 2025 to be a limited headwind to the business.

現在，讓我們看看在整體經濟存在不確定性的情況下，2025 年將如何發展。總體而言，我們預計 2025 年關稅對業務的影響將有限。

As a reminder, we own our fleet, so the investments generating our revenue are substantially made.

提醒一下，我們擁有自己的船隊，因此我們產生收入的投資是實質的。

Cost increases for materials we use to operate the business for repair and maintenance that are subject to tariffs are not significant cost drivers. And in some cases, we have purchased ahead, so the 2025 exposure is limited.

我們用於經營維修和保養業務的材料成本增加，這些材料受關稅影響，並不是重要的成本驅動因素。在某些情況下，我們已經提前購買，因此 2025 年的風險敞口有限。

Our exposure to China tariffs is also limited. At TRS, only 4% of our current rental fleet was sourced from China. At portable storage, China is the primary source of new containers, but with current fleet utilization at 60%, we do not expect to make significant new equipment purchases in the near to medium term.

我們對中國關稅的影響也有限。在 TRS，我們目前的租賃車隊中只有 4% 來自中國。在便攜式儲存方面，中國是新貨櫃的主要來源，但目前車隊利用率為 60%，我們預計短期至中期內不會購買大量新設備。

We shared on our fourth quarter call that the key driver for our performance in 2025 will be the demand conditions across all our business segments. At present, we have good activity levels in the field related to current projects.

我們在第四季電話會議上表示，2025 年業績的關鍵驅動力將是我們所有業務部門的需求狀況。目前，我們在目前專案相關領域的活動水準良好。

As we look further ahead and into the second half of the year, we have concerns that in the overall market, some companies may be slowing new project starts due to uncertainty around the impact of tariffs, costs, overall economic growth and possible government spending cuts.

展望下半年，我們擔心，在整體市場中，由於關稅、成本、整體經濟成長和可能的政府削減開支的影響存在不確定性，一些公司可能會放慢新專案的啟動速度。

We have been very clear in past quarters that our strategic focus is on the modular business and on the implementation of our plans to be a solutions provider to our customers. None of that has changed nor will it change due to current economic uncertainty.

在過去的幾個季度中，我們已經非常明確地表示，我們的策略重點是模組化業務以及實施我們成為客戶解決方案提供者的計畫。由於當前的經濟不確定性，這些都沒有改變，也不會改變。

Our Mobile Modular Plus, site-related services and custom sales have been good revenue contributors since their launch, and we will continue to work on growing them. Our efforts at increasing revenue per unit are still yielding results, and we believe we have more room to continue that progress.

我們的 Mobile Modular Plus、網站相關服務和客製化銷售自推出以來一直是良好的收入貢獻者，我們將繼續努力發展它們。我們為提高單位收入所做的努力仍在取得成效，我們相信我們還有更多的空間來繼續取得進展。

Our expansion into new geographies will continue as we invest to grow the top line responsibly. And finally, we have a robust M&A pipeline that should yield results in future quarters. In looking at the total company, McGrath has a resilient business model.

我們將繼續向新的地區擴張，同時負責任地進行投資以增加營業收入。最後，我們擁有強大的併購管道，應該會在未來幾季產生成果。從整個公司來看，麥格拉斯擁有一個有彈性的商業模式。

Our broad base of customers and the recurring rental revenues that they drive provide some stability if economic conditions soften. Additionally, if demand declines, we generally incur lower expenses to satisfy customer orders, and we can reduce rental equipment capital spending, which improves cash flow.

當經濟狀況疲軟時，我們廣泛的客戶群和他們帶來的經常性租金收入可以提供一定的穩定性。此外，如果需求下降，我們通常會降低費用來滿足客戶訂單，並且我們可以減少租賃設備資本支出，從而改善現金流。

These dynamics were evident in 2020 as we navigated the COVID pandemic and enabled McGrath to finish 2020 in a healthy financial state despite the unprecedented market disruptions.

這些動態在 2020 年得到了充分體現，因為我們成功應對了新冠疫情，儘管市場遭遇了前所未有的混亂，但 McGrath 仍能以健康的財務狀況結束 2020 年。

In closing, McGrath has successfully managed through all sorts of economic challenges for more than 40 years, always with a focus on returning value to our shareholders and on our company's sustainability. We have an experienced leadership team, management continuity and a long-tenured base of team members throughout the company.

最後，40 多年來，麥格拉斯成功應對了各種經濟挑戰，並始終專注於為股東創造價值以及公司的永續發展。我們擁有經驗豐富的領導團隊、連續的管理以及遍布整個公司的長期團隊成員基礎。

While the exact economic impact of the current tariff and trade disruptions are not completely clear, I am confident we have the skill set to continue to manage through this latest economic challenge and execute our strategy effectively.

雖然當前關稅和貿易中斷的具體經濟影響尚不完全清楚，但我相信我們有能力繼續應對這一最新的經濟挑戰並有效執行我們的策略。

As always, we will be working diligently to maximize opportunities to keep the business strong and deliver results for our shareholders.

像往常一樣，我們將努力工作，最大限度地利用機會，保持業務強勁，為股東帶來成果。

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

接下來，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最新展望。

Thank you, Joe. Good afternoon, everyone.

謝謝你，喬。大家下午好。

As Joe highlighted, we delivered solid results in the first quarter, driven primarily by the performance of our Mobile Modular business.

正如喬所強調的，我們在第一季取得了穩健的業績，這主要得益於我們的行動模組化業務的表現。

Looking at the overall corporate results for the first quarter, total revenues increased 4% to $195.4 million and adjusted EBITDA increased 3% to $74.5 million.

縱觀第一季的整體公司業績，總營收成長 4% 至 1.954 億美元，調整後 EBITDA 成長 3% 至 7,450 萬美元。

Reviewing Mobile Modular's operating performance as compared to the first quarter of 2024, Mobile Modular had a strong quarter with adjusted EBITDA increasing 10% to $47.6 million. Total revenues increased 3% to $131.9 million.

回顧 Mobile Modular 與 2024 年第一季相比的營運表現，Mobile Modular 本季表現強勁，調整後的 EBITDA 成長 10% 至 4,760 萬美元。總營收成長 3% 至 1.319 億美元。

3% higher rental revenues and 22% higher rental-related services revenues were partly offset by 11% lower sales revenues. Rental margins were 60%, up from 57% a year ago, primarily because of the rental revenue growth and lower inventory center costs.

3%租金收入增加以及租賃相關服務收入增加 22% 被銷售收入減少 11% 部分抵銷。租金利潤率為 60%，高於一年前的 57%，主要原因是租金收入成長和庫存中心成本降低。

Sales revenues decreased $2.8 million to $22.5 million as a result of lower new and used sales projects during the quarter. Average fleet utilization was 74.6% compared to 78.7% a year ago. First-quarter monthly revenue per unit on rent increased 8% to $831.

由於本季新舊銷售項目減少，銷售收入減少 280 萬美元至 2,250 萬美元。平均車隊利用率為 74.6%，去年同期為 78.7%。第一季每套公寓的月租金收入成長 8%，達到 831 美元。

For new shipments over the last 12 months, the average monthly revenue per unit increased 12% to $1,194. There is still a positive pricing tailwind opportunity as our fleet churns. We continue to make progress with our modular services offerings.

對於過去 12 個月的新出貨量，每單位的平均月收入增加了 12%，達到 1,194 美元。隨著我們的船隊不斷變動，仍然存在著積極的定價順風機會。我們在模組化服務產品方面不斷取得進展。

Mobile Modular Plus revenues increased to $8.6 million from $7.2 million a year earlier, and site-related services increased to $4.1 million, up from $3.2 million. Turning to the review of Portable Storage in the first quarter.

Mobile Modular Plus 的營收從去年同期的 720 萬美元增至 860 萬美元，現場相關服務的收入從 320 萬美元增至 410 萬美元。轉向第一季便攜式儲存的回顧。

Adjusted EBITDA for Portable Storage was $8.6 million, a decrease of 25% compared to the prior year. Weak demand conditions continued, primarily because of low commercial construction project activity.

便攜式儲存的調整後 EBITDA 為 860 萬美元，較上年下降 25%。需求疲軟狀況持續，主要原因是商業建築項目活動較少。

Rental revenues for the quarter decreased 13% to $16.1 million, and rental margins were 84%, down from 87% a year earlier. Average rental equipment on rent decreased 10%, while average utilization for the quarter was 60.2% compared to 69.8% a year ago.

本季租金收入下降 13% 至 1,610 萬美元，租金利潤率為 84%，低於去年同期的 87%。平均租賃設備租金下降了 10%，而本季平均利用率為 60.2%，而去年同期為 69.8%。

Turning, now, to a review of TRS-RenTelco.

現在，我們來回顧一下 TRS-RenTelco。

Adjusted EBITDA was $17.9 million, a decrease of 3% compared to last year. Total revenues increased $1.3 million or 4% to $35 million.

調整後EBITDA為1,790萬美元，較去年同期下降3%。總收入增加了 130 萬美元，即 4%，達到 3500 萬美元。

Rental revenues for the quarter were up slightly at $25.5 million, which was the first quarterly increase since the first quarter of 2023. Average utilization for the quarter was 61.6% compared to 56.5% a year ago, reflecting improved demand conditions and our continued focus on fleet management. Rental margins were 40% compared to 36% a year ago.

本季租金收入小幅上漲至 2,550 萬美元，這是自 2023 年第一季以來的首次季度增長。本季平均利用率為 61.6%，而去年同期為 56.5%，反映出需求狀況的改善以及我們對車隊管理的持續關注。租金利潤率為 40%，而一年前為 36%。

Sales revenues increased 17% to $8 million with gross profit of $3.7 million. The remainder of my comments will be on a total company basis. First-quarter selling and administrative expenses increased 1% to $50.9 million.

銷售收入成長 17%，達到 800 萬美元，毛利達到 370 萬美元。我的其餘評論將以整個公司為基礎。第一季銷售和管理費用成長 1% 至 5,090 萬美元。

Interest expense was $8.2 million, a decrease of $4.5 million as a result of lower average interest rates and lower average debt levels during the quarter. The first-quarter provision for income taxes was based on an effective tax rate of 24.6% compared to 23.6% a year earlier.

利息支出為 820 萬美元，減少了 450 萬美元，原因是本季平均利率較低且平均債務水準較低。第一季所得稅準備金是基於 24.6% 的有效稅率，而去年同期為 23.6%。

Turning to our year-to-date cash flow highlights. Net cash provided by operating activities was $54 million compared to $59 million in the prior year.

談談我們今年迄今為止的現金流亮點。經營活動提供的淨現金為 5,400 萬美元，而去年同期為 5,900 萬美元。

Rental equipment purchases were $12 million compared to $79 million in the prior year, consistent with lower fleet utilization and our plans to use available fleet to satisfy customer orders. Healthy cash generation allowed us to pay $12 million in shareholder dividends and reduced debt by $31 million.

租賃設備採購金額為 1,200 萬美元，而去年同期為 7,900 萬美元，這與車隊利用率較低以及我們計劃使用可用車隊來滿足客戶訂單的情況一致。健康的現金產生使我們能夠支付 1200 萬美元的股東紅利並減少 3,100 萬美元的債務。

At quarter end, we had net borrowings of $559 million, comprised of $175 million notes outstanding and $384 million under our credit facility, and the ratio of funded debt to the last 12 months actual adjusted EBITDA was 1.58:1.

截至本季末，我們的淨借款為 5.59 億美元，其中包括 1.75 億美元未償還票據和 3.84 億美元的信貸額度，已償債務與過去 12 個月實際調整後 EBITDA 的比例為 1.58:1。

While it is difficult to accurately assess the impacts of the tariff and trade policy developments, I will provide several additional comments on the potential impact on McGrath.

雖然很難準確評估關稅和貿易政策發展的影響，但我將就其對麥格拉斯的潛在影響提供一些補充評論。

First, some comments on the demand outlook, starting with domestic revenues, which account for over 95% of our business. We are more cautious regarding the potential demand strength and upsides for the second half of this year.

首先，對需求前景發表一些評論，首先從國內收入開始，國內收入占我們業務的 95% 以上。我們對今年下半年的潛在需求強度和上行空間更加謹慎。

There are certain examples of construction industry project delays and cancellations that are surfacing in the overall market. And if this becomes more widespread, it could negatively impact our modular and portable storage businesses.

整個市場中出現了一些建築業項目延期或取消的例子。如果這種情況變得更加普遍，可能會對我們的模組化和便攜式儲存業務產生負面影響。

Total McGrath international revenues have ranged between 2% and 4% over the past three years and occur in our TRS business. Tariffs may erode the economic attractiveness of some of our international transactions at TRS.

過去三年，McGrath 的國際總收入一直在 2% 至 4% 之間，主要來自我們的 TRS 業務。關稅可能會削弱 TRS 部分國際交易的經濟吸引力。

Next, some comments on capital spending. Given current utilization levels, we have less need to add new rental equipment this year. Some suppliers of rental equipment are beginning to contemplate tariff-driven price increases with some estimates in the 5% to 15% range. However, some of our spending on rental equipment for 2025 has already been secured, which should limit any negative tariff impact this year.

接下來，關於資本支出的一些評論。鑑於目前的利用率水平，我們今年不需要增加新的租賃設備。一些租賃設備供應商開始考慮透過關稅提高價格，有人估計漲幅在 5% 至 15% 之間。不過，我們在 2025 年租賃設備方面的部分支出已經得到保障，這應該會限制今年關稅帶來的任何負面影響。

Lastly, operating costs incurred as we maintain our rental fleets may also experience some tariff-driven increases. We're still working to determine the scope and size of increases and how much can be passed along to customers or offset by efficiency and cost management initiatives at McGrath.

最後，我們維護租賃車隊所產生的營運成本也可能因關稅而上漲。我們仍在努力確定漲價的範圍和幅度，以及可以將多少漲價轉嫁給客戶，或透過 McGrath 的效率和成本管理措施來抵銷。

All of these comments are based on limited information and our views may change going forward. In summary, our business performance was solid in the first quarter and looks positive for the second quarter.

所有這些評論都是基於有限的信息，我們的觀點可能會在未來發生變化。整體而言，我們第一季的業務表現穩健，第二季的業務表現樂觀。

Based on what we know today, we currently expect tariff and trade policy disruptions to have a relatively limited impact on 2025 financial performance. Our primary concern is that the overall economic uncertainty could result in some delays or fewer rental and sales projects in the second half of the year.

根據我們目前所了解的情況，我們目前預期關稅和貿易政策中斷對 2025 年財務表現的影響相對有限。我們主要擔心的是，整體經濟的不確定性可能會導致下半年租賃和銷售項目出現一些延遲或減少。

So we have updated our full-year financial outlook to reflect this. We currently expect total revenue between $920 million and $960 million, adjusted EBITDA between $343 million and $355 million, gross rental equipment capital expenditures between $115 million and $125 million.

因此，我們更新了全年財務展望以反映這一點。我們目前預計總收入在 9.2 億美元至 9.6 億美元之間，調整後的 EBITDA 在 3.43 億美元至 3.55 億美元之間，租賃設備總資本支出在 1.15 億美元至 1.25 億美元之間。

We are proud of McGrath's first-quarter performance, and we are fully focused on solid execution for the remainder of 2025.

我們為 McGrath 第一季的表現感到自豪，我們將全力專注於 2025 年剩餘時間的穩健執行。

That concludes our prepared remarks. Jess, you may now open the lines for questions.

我們的準備好的演講到此結束。傑西，現在你可以開始提問了。

(Operator Instructions)

（操作員指示）

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Joe and Keith, I'll focus my first question in Mobile Modular. The education, you mentioned growth in rental revenue in both categories of commercial and education rentals.

喬和基思，我的第一個問題將集中在行動模組化上。關於教育，您提到了商業和教育租賃兩類租金收入的成長。

On education, what are you seeing as far as order flow for the year? I know this is the time of year where you start to see it for activity later in the year. So just curious in that one category, what indications are you getting thus far?

關於教育，您認為今年的訂單流情況如何？我知道現在是一年中你可以開始看到它在今年晚些時候活動的時間。所以我只是好奇，在這個類別中，到目前為止你得到了什麼跡象？

Sure. I can answer that, Scott. We -- bookings were just a little bit light for education in the first quarter. But in April, we're starting to see more orders. So the funding dynamics really haven't changed.

當然。我可以回答這個問題，斯科特。我們——第一季教育方面的預訂量有點少。但到了四月份，我們開始看到更多的訂單。因此，資金動態其實並沒有改變。

The demand situation really hasn't changed. And I would say that our education opportunities are really don't run concurrently or in conjunction with the general construction-related activity that you see in the market.

需求情況確實沒有改變。我想說的是，我們的教育機會實際上並不與您在市場上看到的一般建築相關活動同時或結合。

It's a separate entity because it relies on funding from local bond measures and state bonds and things like that. None of that's changed. We're expecting to have a good year in education, and the bookings are not yet fully realized yet.

它是一個獨立的實體，因為它依賴地方債券措施和國家債券等的資金。這一切都沒有改變。我們期待教育領域迎來豐收的一年，目前預訂量尚未完全實現。

So we'll see -- we'll have more to report in the next quarter on that.

所以我們會看到——我們將在下個季度報告更多相關內容。

All right. Thanks on that.

好的。謝謝。

Could you speak a little bit to project size in the commercial category in Mobile Modular? I imagine the larger projects are where you're seeing the strength, smaller, maybe not so much.

您能否談談行動模組化商業類別的專案規模？我想，較大的項目才是您看到優勢的地方，較小的項目可能就沒那麼明顯了。

But could you just frame that for us since we're seeing indications of a softer macro from third parties? And just wondering what you're seeing out there and speaking with your customers.

但是，由於我們看到第三方宏觀經濟趨於疲軟的跡象，您能否為我們解釋一下這一點？我只是想知道您在那裡看到了什麼並與您的客戶交談。

Yes. I would say what you said is accurate, Scott. The larger projects that have been underway are pretty solid. It's the smaller ones that are more -- we're getting just more uncertainty from those folks. What's interesting is the activity level is good.

是的。我想說你所說的是正確的，斯科特。正在進行的大型專案進展相當順利。規模較小的企業則更加——我們從這些人那裡得到了更多的不確定性。有趣的是活動量很好。

There's a lot of inquiries into projects. We're just seeing that some people may be hesitant to pull the trigger on some things, particularly as things go into the second half of the year. So that's where things stand.

對專案有很多詢問。我們只是看到有些人可能對某些事情猶豫不決，尤其是進入下半年。事情就是這樣的。

So you see demand, you see a pipeline there. You just think that the hesitancy could occur in this environment potentially?

所以你看到了需求，你看到了那裡的管道。您只是認為在這種環境下可能會出現猶豫嗎？

Absolutely. The pipelines are really good. Activity is really good. Our quoting activity is good.

絕對地。這些管道確實很好。活動確實不錯。我們的報價活動很好。

And, as we said in our prepared remarks, the order sizes are a little bit smaller. And that's due to some factors like mix shift as an example.

而且，正如我們在準備好的發言中所說的那樣，訂單規模稍微小一些。這是由於一些因素造成的，例如混合轉變。

But overall activity is pretty good, right now.

但目前整體活動相當不錯。

Thanks.

謝謝。

And then, on pricing, on new shipments, over the last 12 months, your monthly revenue per unit, up 12% year-over-year, that's good. I know as recent as fourth quarter, it was up 15%, slight deceleration, but that number is up, I think, significantly versus a year ago.

然後，就定價和新出貨量而言，過去 12 個月，你們每單位的月收入年增了 12%，這很好。我知道就在第四季度，它成長了 15%，略有減速，但我認為，與一年前相比，這個數字已經大幅上升。

I'm just looking at it was plus 9%. So I mean, all very nice numbers. You're still seeing that pricing lift.

我只是看到它增加了 9%。所以我的意思是，所有數字都非常好。您仍然會看到價格上漲。

Any -- I mean, we're seeing a slight deceleration. Any comment on that? My takeaway is it's pretty strong overall. So just if you could dig in a little bit on the pricing environment specifically.

任何——我的意思是，我們看到了輕微的減速。對此有何評論？我的看法是，它總體來說相當強勁。因此，如果您可以具體地深入了解定價環境的話。

Sure. Well, I think you've summed it up. I think we're doing very well in this area. As you know, pricing can be influenced by many factors, the type of unit, the region you are in, the length of the contract.

當然。嗯，我想你已經總結清楚了。我認為我們在這個領域做得很好。如您所知，定價會受到許多因素的影響，包括單位類型、您所在的地區、合約期限。

And what you're looking at is a very aggregated number, but it does indicate a couple of things.

你所看到的是一個非常匯總的數字，但它確實表明了幾件事。

One is that number has increased over time on new shipments. It reflects healthy movement in base unit pricing and in addition, adding more services to the contracts. Those are things Joe's talked about extensively.

一是新出貨量的數量隨著時間的推移而增加。它反映了基本單位定價的健康變動，此外，還增加了合約中的更多服務。這些都是喬廣泛談論的事情。

We've been working on for the last couple of years. I think every year, we're making more progress in that area, and it will continue to be a focus.

過去幾年我們一直在努力。我認為每年我們都在該領域取得更多進展，並且它將繼續成為關注的重點。

So that's really positive. And then the other thing that we've noted in the past is newer units are going out at a rate that is well above the legacy installed base average unit on rent number.

這確實是積極的。我們過去注意到的另一件事是，新設備的出貨速度遠高於傳統安裝基數的平均租金。

And so, there -- we absolutely believe there's a positive pricing tailwind there that over time, as the fleet churns, there's an opportunity to get more revenue per unit from our fleet, and that's something we're very focused on.

因此，我們絕對相信，隨著時間的推移，隨著機隊的變動，定價將呈現正面趨勢，我們有機會從機隊中獲得更多單位收入，而這正是我們非常關注的事情。

Brilliant. And Keith, would you agree? I think the difference between new shipments over the last 12 months, monthly revenue per unit versus your total fleet units on rent, monthly revenue per unit, it's over 40% higher, the recent deliveries.

傑出的。基思，你同意嗎？我認為，過去 12 個月新出貨量、每單位月收入與租賃的總車隊單位、每單位月收入之間的差異，比最近的交付量高出 40% 以上。

So even if you made no more deliveries going forward, you would still have an implied double-digit pricing lift on conversion. Is that an accurate way to talk about that?

因此，即使您今後不再進行交付，您仍將獲得隱含的兩位數的轉換價格提升。這是準確的說法嗎？

Yes. I think that's a reasonable way to look at it. There's a big gap. It is over 40% and churn causes us to reset pricing. And in that way, churn gives us a revenue lift.

是的。我認為這是一個合理的觀察方式。差距很大。客戶流失率超過 40% 導致我們重新設定價格。這樣，客戶流失就會增加我們的收入。

And I think it's only fair to point out, as we noted in the prepared remarks, I mean, the offset here is fewer units on rent, and we have seen some pressure. You'll see our utilization has drifted slightly lower, and that reflects 4% lower units on rent in the first quarter.

我認為公平地指出，正如我們在準備好的評論中所指出的，這裡的抵消是租賃單位的減少，我們已經看到了一些壓力。您會發現我們的使用率略有下降，這反映出第一季租金下降了 4%。

So making really nice progress on the revenue per unit. The headwind is that in the current more sluggish commercial construction environment, we're seeing fewer units on rent. And again, that's something we've been dealing with now for multiple quarters, and we've commented on last year as well as this year.

因此，單位收入確實取得了良好的進展。不利因素在於，在目前較低迷的商業建築環境下，我們看到出租的房屋數量正在減少。再說一次，這是我們多個季度以來一直在處理的問題，我們對去年和今年都發表了評論。

So that's just the one challenge area that I think many players are dealing with, but we're very pleased with what we're accomplishing in terms of revenue per unit on rent and with the revenue for new shipments.

所以我認為這只是許多參與者面臨的一個挑戰領域，但我們對每單位租金收入和新出貨收入的成就感到非常滿意。

Understood. I'm going to spin over to TRS and then move on. A nice step-up in rental revenue, I think, the first time in a couple of years.

明白了。我將旋轉至 TRS 然後繼續前進。我認為，這是幾年來租金收入首次大幅成長。

Can you just elaborate on what you're seeing with regard to the demand trends and what you're hearing? Is this a potential hiccup or head fake? Or do you feel that there's maybe something behind this?

您能否詳細說明您所看到的需求趨勢和所聽到的情況？這是一個潛在的失誤還是假動作？或者您覺得這背後可能有什麼事情？

Yes. I don't think it's a blip or anything. One of the things that we commented on in prior quarters was the weakness in the semiconductor and computer part of the business.

是的。我不認為這只是一個小插曲。我們在前幾季評論過的事情之一是半導體和電腦業務部分的疲軟。

That was actually up very nicely in the quarter. And the reason is that customers are telling us that the projects that have been delayed are actually starting.

本季度這一數字實際上增長得非常好。原因是客戶告訴我們，那些被延後的專案其實已經開始了。

And so we're really glad to see that, and we think that trend will continue.

我們很高興看到這一點，我們認為這種趨勢將會持續下去。

And then just be remiss if I didn't ask on the guidance overall. I mean just you trimmed it slightly. And I heard a lot of cautionary discussion about uncertainty in the back half of the year. It doesn't sound like you have much direct exposure to tariffs. It doesn't sound like that's a concern.

如果我沒有詢問整體指導，那就太失禮了。我的意思是你只是稍微修剪了一下。我聽到了很多關於下半年不確定性的警告性討論。聽起來你並沒有受到太多直接的關稅影響。這聽起來不像是個值得擔心的問題。

And with your utilization levels, you don't need to tap market spending CapEx right now. So it's really just your customers that you're worried about. Is this a get ahead of it cut? Or is this because you're hearing a lot from your customers about, hey, yes, we're really nervous. And is that what's prompting it?

而且，以您的使用率水平，您現在不需要利用市場支出資本支出。所以你真正擔心的只是你的客戶。這是提前削減嗎？或者這是因為您從客戶那裡聽到了很多關於“嘿，是的，我們真的很緊張”的說法。這就是促使它發生的原因嗎？

Yes. It's a really good question, Scott. And probably the way to answer it is we're dealing here with a very fluid situation. There's a lot we don't know. But the way I would frame it is as follows.

是的。這是一個非常好的問題，斯科特。可能的回答方式是，我們目前面臨的是一個非常不穩定的情況。還有很多我們不知道的事。但我會這樣表述它。

If we looked at the world in February, we felt pretty good about our start to the year. You may recall, we had good quoting activity in the month of January all across the business.

如果我們回顧二月的世界，我們會對今年的開始感到非常滿意。您可能還記得，一月份我們整個業務的報價活動都很好。

And here we are, it's April and particularly in the last handful of weeks, both the speculation around tariff policy and then some of the announcements and then some of the churning, all of that we're concerned about creating more uncertainty.

現在是四月，特別是最近幾週，圍繞關稅政策的猜測、一些公告以及一些動盪，我們都擔心這些會造成更多的不確定性。

And when we look at where we're finding our data, a lot of this is in the trade press. It's some things you can go out and find and read.

當我們查看數據來源時，發現許多數據都來自產業媒體。這是一些你可以出去尋找和閱讀的東西。

It's not so much directly our business experiencing really any cancellations that we're aware of and really no major delays that any different from what we've seen over the last year or so. I think the difference is we are concerned that customers who are planning things, they may take longer to take action.

我們的業務並沒有直接遭遇任何我們所知的取消，也沒有出現重大延誤，與我們在過去一年左右看到的情況沒有什麼不同。我認為不同之處在於，我們擔心正在計劃事情的客戶可能需要更長的時間才能採取行動。

And as you appreciate in any rental business, it makes a difference to us whether a rental project begins in June or gets pushed to September because it limits how much rental revenue we're going to earn this year on that transaction.

正如您在任何租賃業務中所了解的那樣，租賃項目是在 6 月開始還是推遲到 9 月對我們來說都很重要，因為它限制了我們今年在該交易中獲得的租金收入。

And in a similar vein, if we take a sales project where there may be a lot of work that goes into the planning of that project and a lot of back and forth with the customer, we know those projects, especially the larger ones, take many months to bring to fruition.

同樣，如果我們進行一個銷售項目，該項目的規劃可能需要投入大量的工作，並且需要與客戶進行大量的溝通，我們知道這些項目，特別是較大的項目，需要花費數月的時間才能取得成果。

So if we lose a few months in this early part of the year with people hesitating or holding back, then projects we might have thought would happen in September, October of this year, they might get pushed into the first quarter of next year.

因此，如果由於人們猶豫或退縮而導致我們在今年年初損失了幾個月的時間，那麼我們原本認為會在今年 9 月或 10 月完成的項目可能會被推遲到明年第一季。

So all of that could have some impact on our results. As you can tell from the shift in the guide, it's a very minor shift, but it's more an acknowledgment on our part that the journey this year is just a little bit more uncertain and probably a little bit more challenging than what we thought a couple of months ago.

所有這些都可能對我們的結果產生一定的影響。從指南的變化可以看出，這是一個非常小的變化，但它更表明我們承認，今年的旅程比我們幾個月前想像的更加不確定，可能更具挑戰性。

That's really the net of it.

這確實就是它的本質。

Thanks. Appreciate that answer. I'll turn it over, guys. Thanks very much.

謝謝。感謝您的回答。夥計們，我會把它翻過來。非常感謝。

Daniel Moore, CJS Securities.

丹尼爾·摩爾（Daniel Moore），CJS 證券。

I want to just go in through and see which we're not covered yet. So TRS, great to see uptick year over year in Q1.

我只是想深入了解我們尚未涉及的內容。因此，很高興看到 TRS 第一季同比增長。

Is that sustainable given your modestly more cautious outlook overall? Do you expect that maybe things to revert a little bit back given in H2 from a year-over-year perspective? Any color there?

鑑於您整體上採取較為謹慎的態度，這種做法是否可持續？從年比來看，您是否預計下半年情況可能會回升？有顏色嗎？

Yes. I think -- yes, go ahead, Keith. Do you want to take this one?

是的。我認為——是的，繼續吧，基斯。你想拿這個嗎？

Yes, sure. Just a couple of thoughts, Dan. And here's the way I'd paint the picture with our journey so far. And in all of this, what I'd really stress is it's April, and so there's still a long way to go.

是的，當然。只是一些想法，丹。以下是我為我們迄今為止的旅程所描繪的畫面。在這一切中，我真正要強調的是，現在是四月，所以還有很長的路要走。

But I think in looking at that business, if we looked at how things went in January to February to March and even into this quarter or month-to-date in April, there has been a really nice solid progression with the business momentum.

但我認為，如果我們回顧一下該業務從一月到二月到三月，甚至從本季到四月份的進展情況，就會發現業務勢頭確實取得了穩步進展。

And as we shared in some of our disclosure, pretty broad-based as well. It's not relying on one single thing. So that is really, really encouraging.

正如我們在部分披露中分享的那樣，其範圍也相當廣泛。它並不依賴單一的事物。這真的非常令人鼓舞。

And I think under normal circumstances, we'd look at that business, and you'll recall back in February, that's a business where we just thought adjusted EBITDA this year is probably going to be comparable to what it was last year. Absent all of this turbulence that we're going through, I'd be feeling like that business can do better for 2025 than we thought.

我認為在正常情況下，我們會關注這項業務，你會記得在二月份，我們認為這項業務今年的調整後 EBITDA 可能與去年相當。如果沒有我們正在經歷的所有這些動盪，我感覺 2025 年的業務表現會比我們想像的更好。

However, when we look at where we are today, I just think we're curbing our enthusiasm just a little despite those really good things that have happened in the first 3.5 months and just acknowledging that, well, second half of the year could just throw a couple of unexpected or unknown impacts on us.

然而，當我們回顧目前的狀況時，我認為儘管前 3.5 個月發生了一些非常好的事情，但我們還是稍微抑制了我們的熱情，並承認，下半年可能會給我們帶來一些意想不到或未知的影響。

So there's just a little bit of caution there. But that's a great example where we're going to be tracking that one. We may have a different view in July, but we're trying to give us or trying to give you a sense of our thinking as it stands today. Great start, really also starting nicely in the second quarter.

因此，我們需要稍微謹慎一點。但這是一個很好的例子，我們將對其進行追蹤。我們可能在七月有不同的觀點，但我們正試圖讓您了解我們今天的想法。開局不錯，第二節的開局也確實不錯。

Second half of the year, there's more unknowns. And just as a reminder, that is a business which churns very quickly, shorter rentals, shorter terms.

下半年，未知數較多。需要提醒的是，這是一個快速流動的行業，租期較短，期限較短。

So the business is recreating itself every few months. And so really, second half of the year, it's just too early to tell. We'll know more in July.

因此，業務每隔幾個月就會重新恢復。所以實際上，現在談論下半年還為時過早。我們將在七月得知更多資訊。

That's great color. Very helpful.

顏色真棒。非常有幫助。

I'll jump over to Portable Storage. Given the lingering pressure on revenue, you've done -- if we look at the back half of last year, a remarkable job maintaining margins this quarter, a little bit more pressure.

我將跳到便攜式儲存。考慮到持續的收入壓力，如果我們回顧去年下半年，你會發現本季在維持利潤率方面做得非常出色，但壓力還是有點大。

So help me think about how do you expect to be able to hold the line on margins for the next few quarters, more thinking more year-over-year rather than Q1 as a comp? Or does it get more difficult if the conditions in revenue deteriorate further?

那麼，請幫我想想，您認為如何在未來幾季保持利潤率，更多地考慮同比而不是第一季的同比？或者如果收入狀況進一步惡化，情況是否會變得更加困難？

Yes. And again, just big picture on that part of the business, as we pointed out, and Joe said it in his remarks, we started this year with a much lower run rate than we had at the beginning of 2024.

是的。再次強調，正如我們所指出的，就業務的這一部分而言，喬在他的演講中也說過，我們今年的運行率比 2024 年初低得多。

So that's the big challenge area. I think Q1 played out as we expected. I think if you look at the detail in terms of margins, you'll see some pressure on rental-related services.

所以這是一個巨大的挑戰領域。我認為第一季的進展正如我們預期的那樣。我認為，如果你從利潤角度來看細節，你會發現租賃相關服務面臨一些壓力。

That's an area where -- we've looked at it hard. We see some people in the industry are using not rental rate on the unit, but delivery fees and other items to sharpen their pencil on completing transactions. I think we're looking at ways to recover some of the lost margin there ourselves.

這是我們認真研究過的一個領域。我們看到一些業內人士不是使用單位租金，而是使用運費和其他項目來提高完成交易的速度。我認為我們正在尋找方法來恢復部分損失的利潤。

We can do things -- some things operationally, but looking to protect the overall rental rate pricing as best we can and be smart about how we handle the delivery and pickup side of things as well. So looking at the big picture, I don't think there's going to be more margin pressure there.

我們可以做一些事情——一些營運上的事情，但我們希望盡可能地保護整體租金定價，並明智地處理交付和提貨方面的事情。因此從整體來看，我認為利潤壓力不會更大。

I think we're pricing smartly in this environment, and we're looking at the delivery side and the pickup side to be efficient and smart about how we minimize any loss of margin in that area. So what you've seen is probably in line with what we're going to see for the next couple of quarters. We'll be working hard to try and improve upon it, but it's going to be gradual.

我認為我們在這種環境下定價很明智，我們正在研究如何高效、明智地在送貨和提貨方面盡量減少該領域的利潤損失。因此，您所看到的情況可能與我們在接下來的幾個季度中將看到的情況一致。我們將努力嘗試改進它，但這將是一個漸進的過程。

Helpful. In that vein, are you looking to step up sales or divestments of portable storage units given -- or you intend to hold on to what we have now? How do you think about managing utilization going forward? And is there a market for them, right now?

很有幫助。從這個角度來看，您是否希望加強便攜式儲存設備的銷售或剝離力度——或者您打算保留現有的設備？您如何看待未來的使用率管理？那麼現在它們有市場嗎？

Yes. Sure. Well, a couple of things I'd point out. Number one, we've got a really high-quality fleet. A lot of the fleet originated is what in the industry we call one trippers, mostly from China.

是的。當然。嗯，我想指出幾點。首先，我們擁有一支真正高品質的艦隊。很多船隊都是我們業內所說的一次性旅行船，主要來自中國。

And so they are great pieces of equipment, and they have a very long useful life. So the real distinction here is it's an asset class that should age gracefully.

所以它們是很棒的設備，而且使用壽命很長。因此，這裡真正的區別在於，它是一種應該優雅地老化的資產類別。

And so there's no pressing need to take urgent action in the next 6 months or this year. Very different from our electronics business where you've got all the technology changes that mean you have to actively manage that fleet. So there's -- just to give you a really contrasting way to look at it.

因此，未來 6 個月或今年沒有必要採取緊急行動。這與我們的電子業務截然不同，因為我們的電子業務面臨各種技術變革，這意味著我們必須積極管理這些產品線。所以這只是給你一個真正對比的方式來看待它。

And just as in electronics, where we saw some challenges, our team did a really fantastic job over multiple quarters of shrinking the fleet while they continue to do well in the market winning business. It's different in portable storage.

就像我們在電子領域遇到了一些挑戰一樣，我們的團隊在多個季度內做得非常出色，縮減了車隊規模，同時繼續在市場制勝業務中表現出色。便攜式儲存則有所不同。

We probably have more units than we need across multiple geographies, but we're working hard to put them to work. It may take more than a year, but that's not a reason to sell fleet today and then in a couple of years, need to buy it all back.

我們在多個地區擁有的單位數量可能超出了我們的需要，但我們正在努力讓它們投入工作。這可能需要一年多的時間，但這並不是今天出售車隊，然後在幾年後再將其全部買回來的理由。

And another example of an area where we have some insulation from tariff risk because we own the fleet, and we have some spare capacity.

另一個例子是，由於我們擁有自己的船隊，並且擁有一些閒置產能，因此我們可以在一定程度上規避關稅風險。

So that's where we stand today, and that's how we're looking at it.

這就是我們今天的立場，也是我們看待這個問題的方式。

Yeah. I'll just add in there, too. We're happy to sell units if we have the opportunity.

是的。我也會加進去。如果有機會，我們很樂意出售產品。

So where utilization is low, we'll sell fleet if we need to or have the chance to do it.

因此，在利用率較低的情況下，如果需要或有機會，我們就會出售車隊。

Makes sense. One or two more. You're already leaning into refurbishing more existing units rather than acquiring new ones.

有道理。還有一兩個。您已經傾向於翻新更多現有單元，而不是購買新單元。

And it sounds -- in your prepared remarks, it certainly sounds like you're continuing to move in that direction. Is that something you likely accelerate?

聽起來——從您準備好的發言來看，您確實在繼續朝著這個方向前進。您是否有可能加速這一進程？

The CapEx guide ticked a little bit lower, but how are you thinking that beyond the next quarter or two?

資本支出指南略有下降，但您認為未來一兩個季度之後的情況如何？

Yeah. I think similar to what we said in February, it's a good way for us to meet demand. It's our preferred way from a free cash flow point of view. It's a very smart way to operate the business.

是的。我認為與我們二月所說的類似，這是我們滿足需求的好方法。從自由現金流的角度來看，這是我們首選的方式。這是一種非常聰明的業務經營方式。

So no real change in our general approach there from what we said back in February.

因此，我們的總體方針與我們二月份所說的相比沒有真正的改變。

Helpful. Last one, similar to Scott's question, you gave great color, so maybe it's beating dead horse. But you mentioned a limited impact from tariffs.

很有幫助。最後一個問題，與斯科特的問題類似，你給出了很好的解釋，所以也許這只是無用之談。但您提到關稅的影響有限。

And then, you also mentioned if the weakness becomes more widespread, it could -- I guess the question is, if it does, would that likely drag on lower end of guidance? Or are you already contemplating some incremental weakness in the revised ranges?

然後，您還提到，如果這種疲軟現象變得更加普遍，那麼——我想問題是，如果確實如此，這是否可能會拖累指導的下限？或者您已經考慮到修改後的範圍中一些漸進的弱點？

Yes. Again, I'll go back to all the comments that we made earlier. We tried to step you through all the moving parts of demand, reminding everyone that we're primarily domestic and where the cost impact could be.

是的。再次，我將回顧我們之前提出的所有評論。我們試著引導您了解需求的所有變化部分，提醒大家我們主要是國內市場，並且成本影響可能在哪裡。

There could be a little bit in CapEx. But on the other hand, this is not a big CapEx year for us given where utilization is at.

資本支出可能會有一點點。但另一方面，考慮到利用率，今年對我們來說並不是一個資本支出很大的年份。

And then, on the operating expense side, there's certainly rumblings of paying a bit more for certain grades of steel or certain types of lumber. But again, that's limited impact, I think, in 2025. Some of those materials we have on hand or we've placed orders for, I think any impact comes later in the year.

然後，在營運費用方面，肯定會有人抱怨某些等級的鋼材或某些類型的木材需要支付更多費用。但我認為，到 2025 年，其影響仍然有限。我認為，對於我們手頭上現有或已訂購的一些材料，其影響將在今年稍後顯現。

And really, the big picture here is just a little bit more caution or concern that customers may move more slowly in their decision-making and their initiation of projects given this backdrop of macro uncertainty. Hopefully, there's very little of it.

實際上，整體情況是需要多加謹慎或擔心，在宏觀不確定性的背景下，客戶在決策和啟動專案時可能會行動得更慢。但願這種情況很少發生。

We'd be delighted and we'd love to have a great year. But again, our view today compared to two months ago, there is a bit more caution. It's an issue for the second half of the year, not the first half of the year.

我們很高興並且希望度過美好的一年。但與兩個月前相比，我們今天的觀點更加謹慎。這是下半年的問題，不是上半年的問題。

No. That frames it well. Thanks, again, for the color.

不。這很好地概括了這一點。再次感謝您的顏色。

Steven Ramsey, Thompson Research Group.

史蒂文·拉姆齊，湯普森研究小組。

Good evening.

晚安.

Maybe, to start with on Mobile Modular Plus, it continues to be strong and the growth on a percentage basis outpacing revenue per unit and new shipment growth rate.

也許，首先從 Mobile Modular Plus 開始，它繼續保持強勁勢頭，並且百分比增長超過了每單位收入和新出貨量的增長率。

Can you talk about operational progress here that the sales team is making and market acceptance and customers wanting more of what you're offering?

您能否談談銷售團隊所取得的營運進度、市場接受度以及客戶對您提供的更多產品的需求？

Sure. Yeah. Our customers like our offerings. We're very flexible with them in terms of the different offerings that we give them, because we don't actually own the equipment and we can -- we re-rent it, and we are able to get them specifically what they need for each of their applications. So the acceptance is good.

當然。是的。我們的客戶喜歡我們提供的產品。我們在向他們提供不同產品方面非常靈活，因為我們實際上並不擁有設備，但我們可以——我們將其重新出租，並且我們能夠為他們提供針對每個應用的具體需求。因此接受度很好。

We're doing a much better job with our sales team in terms of integrating those offerings in with each of our rentals. It's a priority in the business, and we're making traction with that as each quarter progresses.

在將這些產品與我們的每項租賃產品結合方面，我們的銷售團隊做得更好了。這是業務的首要任務，隨著每季的進展，我們正在努力實現這一目標。

So I've been very pleased with how things are going, and we're going to continue on that trajectory.

所以我對事情的進展感到非常滿意，我們將繼續沿著這樣的軌跡前進。

Okay. That's helpful. And then thinking about the market slower local projects, but then bigger projects being better at least relative to local.

好的。這很有幫助。然後考慮市場較慢的本地項目，但至少相對於本地項目而言，更大的項目更好。

How are sales -- how is the sales team adapting its approach to capture that opportunity? And does it heighten the focus even to grow Modular Plus or site related in this environment?

銷售情況如何－銷售團隊如何調整方法來抓住這個機會？在這種環境下，Modular Plus 或網站相關產品的成長是否會更加受到關注？

Yes, absolutely. I mean we're -- fortunately, we have folks that are in close proximity to our customers. So if it's a large project, we're all over it. If it's a smaller project, we're also all over it.

是的，絕對是。我的意思是，幸運的是，我們的員工與客戶距離很近。所以，如果這是一個大項目，我們就會全力以赴。如果專案較小，我們也會全力以赴。

So I don't see any problems there with getting the sales force motivated to go after either one of those types of projects.

因此，我認為激勵銷售人員去追求這兩類項目沒有任何問題。

So we've got all our folks who are highly motivated to make their commissions, and they're out there knocking on the doors and in front of the customer. So I think we're doing a pretty good job of that.

因此，我們所有的員工都積極主動地賺取佣金，他們在外面挨家挨戶地敲門，在客戶面前推銷產品。所以我認為我們在這方面做得非常好。

Okay. That's helpful. And then on modular RRS reflects modular units going on and off rent, but site-related services is mostly tied to units starting a contract, if my understanding there is correct.

好的。這很有幫助。然後，模組化 RRS 反映了模組化單元的出租和停租，但如果我的理解正確的話，現場相關服務主要與開始簽訂合約的單位相關。

But can you talk about how site-related is growing at such a strong rate despite the volume headwind in the modular segment?

但是，您能否談談，儘管模組化領域存在產量阻力，但場地相關業務為何仍能保持如此強勁的成長速度？

Yeah. Our site-related services actually can be a pretty substantial part of a project. And so right now, they're more lumpy as we continue to get traction there. But we're -- you could have a $1 million sale project that has $1 million with site-related services that accompany it.

是的。我們的現場相關服務實際上可以成為專案相當重要的一部分。因此現在，隨著我們繼續在那裡取得進展，它們變得更加不穩定。但是我們——您可以有一個價值 100 萬美元的銷售項目，其中包含 100 萬美元的現場相關服務。

So that is, as you said, it's correctly is revenues that we recognize in our rental-related services line.

正如您所說，這是我們在租賃相關服務業務中確認的正確收入。

And actually, some of those site-related services could be on a dismantle. A lot of them are when the project goes in, but sometimes there's things that need to happen when a project comes out.

實際上，一些與站點相關的服務可能會被拆除。很多事情都是在專案開始時發生的，但有時有些事情需要在專案結束時發生。

And so, we can book revenues for those for the ending of the project, too.

因此，我們也可以為專案結束時的收入記帳。

Okay. And then, when you think about customer hesitation or general customer sentiment and how it impacts the balance of the year potentially being negative, do you expect this lowered sentiment to bring down the potential growth rate of the Modular Plus and the site-related revenue through the balance of the year?

好的。然後，當您考慮客戶的猶豫或整體客戶情緒以及它如何影響今年的餘額可能產生的負面影響時，您是否預計這種情緒降低會降低 Modular Plus 的潛在增長率以及今年餘額與網站相關的收入？

Are those two revenue components being moderated? Or would you say it's in other parts of the business?

這兩個收入組成部分是否受到調節？或者您認為它存在於業務的其他部分？

Yeah. It's a good question. And here's the way I'd think about it. This is all about how many new activations we get.

是的。這是個好問題。以下是我對此的看法。這完全取決於我們獲得了多少新的激活。

So if we were to experience customers moving more slowly or more deliberately and the pacing of new shipments slowing down relative to maybe what we saw a year ago or two years ago, I think that makes it more challenging to grow things like MM Plus and site-related services. And to some extent, we've already been there.

因此，如果我們發現客戶的行動變得更慢或更謹慎，並且新貨物的發貨速度相對於一年前或兩年前有所放緩，我認為這會使 MM Plus 和站點相關服務等業務的增長變得更具挑戰性。從某種程度上來說，我們已經到達那裡了。

If you look back at the last few quarters, the construction industry backdrop has been one with some challenges. So the issue is, does it incrementally become a little tougher? It could.

如果回顧過去幾個季度，建築業背景一直面臨一些挑戰。那麼問題是，它是否會逐漸變得更困難？有可能。

And if it did, it would make growing those items a little bit harder. But I think it's important to zoom out and say these are longer-term initiatives.

如果真是這樣，那麼種植這些作物就會變得更加困難。但我認為，重要的是要放眼長遠，這些都是長期舉措。

And the battle is neither won or lost at December 31 of this year. It's really a multiyear journey where these are things we do because we think they provide value to customers.

截至今年 12 月 31 日，這場戰鬥尚未分出勝負。這確實是一個多年的歷程，我們做這些事情是因為我們認為它們能為客戶帶來價值。

We think that we can do them well, and we think we're on a journey that's going to be a positive one over the long haul. So that's the way we think about it internally, okay?

我們相信我們能夠做好這些事情，我們相信從長遠來看，我們的旅程將會是正面的。這就是我們內在思考的方式，好嗎？

That's helpful. And then last one for me. You talked about geographic expansion being a priority. Maybe can you clarify some of the nuances for that in 2025, your priorities between geographic focus, customer focus, product between storage and modular?

這很有幫助。這是我的最後一個。您談到地理擴張是優先事項。也許您能澄清一下 2025 年的一些細微差別，即您在地理重點、客戶重點、儲存和模組化產品之間的優先考慮事項嗎？

And then, maybe, high level, how much of that is organic driven versus M&A driven?

然後，也許，從高層次來看，其中有多少是由有機驅動，有多少是由併購驅動？

Sure. It's a good question. Our geographic expansion opportunity and focus this year is important. We're not going to see a whole lot of revenue gains this year because we're putting some of that infrastructure in place.

當然。這是個好問題。我們今年的地理擴張機會和重點非常重要。由於我們正在建造一些基礎設施，因此今年我們的收入不會大幅增加。

But when you populate markets with new sales reps and additional sales power and infrastructure, that's something that is important to us.

但是，當你向市場注入新的銷售代表、增加銷售能力和基礎設施時，這對我們來說很重要。

It's a focus, and we'll see some results this year, but more in future years as we continue to get traction there. So -- and most of that is the geographic expansion. I mean, most of our -- that we can control, of course, is organic.

這是一個重點，今年我們會看到一些成果，但隨著我們繼續在該領域取得進展，未來幾年我們將看到更多成果。所以——其中大部分是地理擴張。我的意思是，我們能夠控制的大部分當然是有機的。

But if we can backfill or add or further densify a market by doing an M&A transaction, we'll absolutely do that. So I would say they're both important to us, and we're excited to see progress this year in both of those categories.

但如果我們可以透過併購交易來填補、增加或進一步強化市場，我們絕對會這樣做。所以我想說它們對我們都很重要，我們很高興看到今年這兩個類別都取得了進展。

Thank you for all the color.

謝謝你帶來的所有色彩。

Marc Riddick, Sidoti.

馬克·里迪克、西多蒂。

So I wanted to follow up on that because in your prepared remarks, you had made some mention or commentary around some of the -- around acquisition pipeline. Maybe you can talk a little bit about how that's going and maybe how you might be looking at that and tie that into cash usage.

所以我想跟進這一點，因為在您準備好的發言中，您已經提到或評論了一些關於收購管道的問題。也許您可以稍微談談事情進展如何，以及您如何看待這件事並將其與現金使用聯繫起來。

I mean with the -- it's a good time to have a lower debt level, of course, you're now below 1.6x on leverage. So maybe you could marry those two and talk about the types of opportunities that may have come to fruition over the last few months and maybe what drove that?

我的意思是——現在是降低債務水平的好時機，當然，現在你的槓桿率低於 1.6 倍。所以也許您可以將這兩者結合起來，討論一下過去幾個月可能出現的機會類型，以及推動這些機會的因素是什麼？

Yeah. There are some larger opportunities that are out there. We are -- we have dialogue and relationships with folks in the industry that we think would be good potential transactions for us not only on the larger side, but also in terms of our tuck-in activity, too.

是的。還有一些更大的機會存在。我們與業內人士進行了對話並建立了聯繫，我們認為這對我們來說不僅是大局上的潛在好交易，而且對我們的內部活動也是如此。

So we're out in the market. We're talking to people.

所以我們就進入市場了。我們正在和人們交談。

We have a pipeline of folks that are -- that we're talking to that are showing interest. We hope to close some of those in 2025. And so it's been an active market and one where we want to be at the table to add to our rental revenues and add to our offerings that we have.

我們擁有一群對此感興趣的人，我們正在與他們交談。我們希望在 2025 年關閉其中一些。因此，這是一個活躍的市場，我們希望參與其中，以增加我們的租賃收入並增加我們提供的產品。

So an important part of the business for us. And Marc, you touched on it.

所以這對我們業務來說很重要的一部分。馬克，你提到了這一點。

Our leverage is really appropriate for us to do smart M&A, and we have some dry powder to do that. So we're really happy about that.

我們的槓桿率確實適合我們進行明智的併購，而且我們有一些乾粉來做到這一點。所以我們對此感到非常高興。

Excellent. And then, last one for me. I was curious as to maybe where you -- comfort level as to talent that do you see yourself needing to do much in the way of hiring? How comfortable are you with talent levels? Are there any areas that you would like to add to or maybe we should be keeping an eye out for?

出色的。然後，對我來說是最後一個。我很好奇，您對人才的舒適度如何，您是否認為自己需要在招募方面做很多事情？您對人才水平感覺如何？您是否還有想要補充或我們應該關注的領域？

Sure. I mean we've been hiring. We put off a number of hires last year due to the merger, the pending merger. When that was terminated, we started right back in again, and we have not had problems hiring people. So the market has been pretty good.

當然。我的意思是我們一直在招募。由於合併，即將發生的合併，我們去年推遲了一些招募。當計劃終止後，我們馬上又重新開始，並且在招募人員方面沒有遇到任何問題。所以市場表現相當不錯。

We're getting the talent that we need, and we're very pleased with the quality and type of candidates that are available out there. So it's been a good opportunity for us.

我們正在尋找所需的人才，並且對現有的候選人的素質和類型感到非常滿意。所以這對我們來說是一個很好的機會。

It's encouraging to hear. Thank you very much.

聽到這個消息令人鼓舞。非常感謝。

Thank you, Marc.

謝謝你，馬克。

(Operator Instructions) Ladies and gentlemen, that appears to be the last question. Let me now turn the call back over to Mr. Hanna for any closing remarks.

（操作員指示）女士們，先生們，這似乎是最後一個問題。現在，請允許我將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 the company.

我想感謝大家今天參加我們的電話會議，並感謝你們對公司的持續關注。

Thank you, sir.

謝謝您，先生。

Ladies and gentlemen, that concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

We thank you for your participation. You may disconnect at any time.

我們感謝您的參與。您可以隨時斷開連線。