McGrath RentCorp (MGRC) 2025 Q2 法說會逐字稿

Please stand by. Your program is about to begin. (Operator Instructions)

請稍候。您的程式即將開始。（操作員指示）

Ladies and gentlemen, thank you for standing by. Welcome to the McGrath RentCorp second-quarter 2025 earnings call. (Operator Instructions) This conference call is being recorded today, Thursday, July 24, 2025.

女士們、先生們，感謝你們的支持。歡迎參加 McGrath RentCorp 2025 年第二季財報電話會議。（操作員指示）本次電話會議將於今天（2025 年 7 月 24 日，星期四）進行錄製。

Before we begin, note that the matters that 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. 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.

在我們開始之前，請注意，公司管理階層今天將要討論的不是歷史事實陳述的問題，而是《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、戰略、前景、積壓或目標有關的陳述。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 that are made only as of 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 表格和其他美國證券交易委員會文件中的「風險因素」部分披露。前瞻性陳述僅截至本文發布之日。除非法律另有規定，否則我們不承擔更新任何前瞻性聲明的義務。

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 June 30, 2025. Speaking today will be Joe Hanna, Chief Executive Officer; and Keith Pratt, Chief Financial Officer.

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 6 月 30 日的季度收益報告 8-K 表和 10-Q 表。今天發言的將是執行長喬漢納 (Joe Hanna) 和財務長基斯普拉特 (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, and thank you for joining us today for McGrath RentCorp's second-quarter 2025 earnings call. We are pleased to be together today and look forward to providing additional perspective on our results. I will start with some overall comments on the quarter, and Keith will provide additional detail in his financial review before we open the call up for questions.

謝謝你，傑西。大家下午好，感謝您今天參加 McGrath RentCorp 2025 年第二季財報電話會議。我們很高興今天能聚在一起，並期待對我們的成果提供更多的看法。我將首先對本季度進行一些總體評論，在我們開始提問之前，Keith 將在他的財務評論中提供更多細節。

The company delivered solid second quarter results. Rental operations grew by 5% and adjusted EBITDA grew by 3%. We continue to execute well across all our business units with our overall strategy of being a modular solutions provider at the core of our efforts. I would like to thank all of our team members for their steadfast attention to our customers and their consistent focus on excellent project execution during the quarter. Our Mobile Modular division continued to perform well with total revenues increasing by 8%.

該公司第二季業績穩健。租賃業務成長了 5%，調整後的 EBITDA 成長了 3%。我們所有業務部門繼續表現良好，我們的整體策略是成為模組化解決方案提供商，這是我們努力的核心。我要感謝我們所有團隊成員對客戶的堅定關注以及本季對出色專案執行的一貫關注。我們的行動模組化部門持續表現良好，總收入成長了 8%。

We realized rental revenue growth in both our commercial and education sectors. With uncertainty in the macro environment, we have seen some customers move more cautiously in starting planned projects. While some of our customers were slow to initiate projects, quote activity was healthy, and our June rental revenue backlog was up year-over-year.

我們在商業和教育領域都實現了租金收入的成長。由於宏觀環境的不確定性，我們看到一些客戶在啟動計劃專案時更加謹慎。雖然我們的一些客戶啟動專案的速度較慢，但報價活動仍然很健康，而且我們 6 月份的租金收入積壓同比增長。

We continue to have strong customer interest in our product and service offerings despite ongoing softness in indicators like the Architecture Billings Index, or ABI. Commercial wins continue to be centered around larger infrastructure projects across all our geographies. We also saw more activity in the general construction market with several different market verticals growing in the quarter.

儘管建築業營業額指數（ABI）等指標持續疲軟，但客戶對我們的產品和服務仍保持著濃厚的興趣。商業勝利繼續集中在我們所有地區的大型基礎設施項目上。我們也看到一般建築市場活動增多，本季多個不同的垂直市場都在成長。

Funding for the education business remains solid as the need for classroom modernization and growth in select areas remains consistent. We had good order flow during the quarter for education rental projects and are now busy completing deliveries for our customers. Modular sales revenues were higher for the quarter, up 13%.

由於課堂現代化和特定領域成長的需求始終保持一致，教育業務的資金依然穩健。本季度，我們的教育租賃專案訂單流程良好，目前正忙於為客戶完成交付。本季模組化銷售收入更高，成長了 13%。

Our new modular sales growth initiative continued to be on a positive trajectory from increasing interest in 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.

我們的新模組化銷售成長計​​畫繼續呈現積極的軌跡，因為許多細分市場對建築項目的模組化解決方案的興趣日益增加。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。

Enviroplex, our classroom manufacturing business in California had a good quarter. Sales revenues and margins were strong for the quarter, and the team executed well to efficiently complete projects for our customers.

Enviroplex，我們在加州的教室製造業務本季表現良好。本季的銷售收入和利潤率強勁，團隊表現出色，有效率地為客戶完成了專案。

At Portable Storage, rental revenues decreased 5% year-over-year, but sequentially improved 5% from the first quarter of this year. Recent shipment trends have been encouraging. All our market verticals showed improvement in the quarter, and we are encouraged by the levels of quote activity we are seeing. Close ratios and rental rates are holding steady, and we are maintaining our discipline on winning new orders.

便攜式儲存的租賃收入年減 5%，但比今年第一季環比成長 5%。最近的出貨趨勢令人鼓舞。我們所有的垂直市場在本季度都出現了改善，我們對所看到的報價活動水平感到鼓舞。成交率和租賃率保持穩定，我們也在堅持贏得新訂單的紀律。

Turning to TRS-RenTelco. Rental revenues grew by 7%. Both our general purpose and communications rental revenues increased and the start -- positive start to the year continued through the second quarter. Utilization improved both sequentially and year-over-year, and we ended the quarter at 65%. Our rental pipeline is stronger than a year ago, giving us further confidence that this rebound appears sustainable.

轉向 TRS-RenTelco。租金收入成長了7%。我們的通用和通訊租賃收入均有所增加，年初的良好動能一直持續到第二季​​。利用率比上一季和去年同期均有所提高，本季末利用率達 65%。我們的租賃管道比一年前更加強勁，這讓我們更有信心，這種反彈似乎是可持續的。

On the M&A front, we have an active pipeline to support our modular growth strategy. During the quarter, we closed two tuck-in acquisitions, one, a modular company in the Midwest and the other a portable storage company in the Southeast. These acquisitions provide additional fleet, team members and customer relationships which help accelerate our pace of growth.

在併購方面，我們擁有活躍的管道來支援我們的模組化成長策略。本季度，我們完成了兩項小型收購，一項是中西部的模組化公司，另一項是東南部的便攜式儲存公司。這些收購提供了額外的車隊、團隊成員和客戶關係，有助於加快我們的成長步伐。

We have a capable team and are working to close more opportunities. Tuck-ins help us achieve scale and improve margins more quickly in markets where we do not have a footprint or where we are small and have growth potential. We are also able to leverage Mobile Modular Plus and site-related services with these new additions as smaller operators typically don't provide such services.

我們擁有一支能力強的團隊，正在努力爭取更多機會。在那些我們尚未涉足的市場，或規模較小但具有成長潛力的市場中，Tuck-ins 幫助我們更快地實現規模化並提高利潤率。我們也能夠利用這些新功能來利用 Mobile Modular Plus 和網站相關服務，因為小型業者通常不提供此類服務。

I will now turn from second quarter performance highlights to provide some additional insight into our outlook for the remainder of 2025. Now that we have completed half of the year, we are encouraged that the uncertain market conditions earlier in the year have not deteriorated significantly and currently, we are seeing slight improvements. The ABI has improved somewhat. Construction backlogs also grew slightly in June. At present, we have good activity levels in the field related to current projects.

現在，我將從第二季的業績亮點轉向 2025 年剩餘時間的展望提供一些額外的見解。今年已過一半，令人欣慰的是，年初不確定的市場狀況並未顯著惡化，目前，市場狀況略有改善。ABI 有所改善。6月建築積壓訂單也略有增加。目前，我們在目前專案相關領域的活動水準良好。

This gives us more confidence going into the second half of 2025, and therefore, we are upwardly adjusting our outlook. We have been clear in the past quarters that our strategic focus is on the modular business and expanding the value of our modular solutions capabilities.

這使我們對 2025 年下半年更有信心，因此，我們正在上調我們的展望。在過去的幾個季度中，我們已經明確表示，我們的策略重點是模組化業務以及擴大模組化解決方案能力的價值。

Geographic expansion allows us to bring these solutions to customers in metro areas where we don't currently have rental fleet or a dedicated sales presence. In the first half of this year, we added new sales representatives in several markets. The hires were completed ahead of schedule, and we now have more horsepower in the field. This larger team will yield results in future quarters and years, and we have been very pleased with the quality and capabilities of the people we have brought on board.

地理擴張使我們能夠將這些解決方案帶給目前沒有租賃車隊或專門銷售點的大都市地區的客戶。今年上半年，我們在幾個市場增加了新的銷售代表。招募工作提前完成，現在我們在該領域擁有了更強大的實力。這個更大的團隊將在未來的幾個季度和幾年裡取得成果，我們對所招募人員的素質和能力感到非常滿意。

We also continue to enhance our capabilities for larger and more complex modular building rentals and sales. This allows us to engage with the customer early in the project life cycle and deliver value in more areas from project design through installation. We believe this is an expanding part of the market, and we have the ability to meet customer demand across the full spectrum of modular building needs from single-wide units to large multi-floor and multistory facilities for a wide swath of market verticals.

我們也將持續增強更大、更複雜的模組化建築租賃和銷售能力。這使我們能夠在專案生命週期的早期與客戶接觸，並在從專案設計到安裝的更多領域提供價值。我們相信這是市場不斷擴大的一部分，我們有能力滿足客戶對模組化建築全方位的需求，從單寬單元到大型多層和多層設施，適用於廣泛的垂直市場。

In closing, we are successfully navigating an uncertain economic environment as we continue to deliver value to our customers this year. We are in our summer months, and this is our most active time of the year. Our teams in the office and in the field are fully engaged and working hard to complete projects safely, on time and with great customer service.

最後，我們成功應對了不確定的經濟環境，今年我們將繼續為客戶提供價值。我們現在正處於夏季，這是一年中最活躍的時期。我們辦公室和現場的團隊全力投入並努力工作，以安全、按時地完成專案並提供優質的客戶服務。

We are cautiously optimistic that economic conditions will improve as we move through the next two quarters. As always, we will be working diligently to maximize opportunities to keep the business strong and deliver results for our shareholders.

我們謹慎樂觀地認為，隨著接下來兩季的到來，經濟狀況將會改善。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 our 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我們對全年的最新展望。

Thank you, Joe, and good afternoon, everyone. As Joe highlighted, we delivered solid results in the second quarter. Total revenues increased 11% to $235.6 million, and adjusted EBITDA increased 3% to $86.5 million. Reviewing Mobile Modular's operating performance as compared to the second quarter of 2024, Mobile Modular total revenues increased 8% to $156 million. All operational revenue streams grew with 5% higher rental revenues, 11% higher rental-related services revenues and 13% higher sales revenues.

謝謝你，喬，大家下午好。正如喬所強調的，我們在第二季度取得了穩健的業績。總營收成長 11% 至 2.356 億美元，調整後 EBITDA 成長 3% 至 8,650 萬美元。回顧 Mobile Modular 的營運表現，與 2024 年第二季相比，Mobile Modular 的總營收成長了 8%，達到 1.56 億美元。所有營運收入均有所成長，其中租金收入成長 5%，租賃相關服務收入成長 11%，銷售收入成長 13%。

The quarter included higher inventory center expenses to prepare available fleet for new shipment demand, which allowed us to minimize rental equipment capital spending. We also incurred higher SG&A expenses as we completed strategic hiring for broader sales coverage and long-term growth, as Joe described earlier.

本季庫存中心支出增加，為新的裝運需求準備可用車隊，這使我們能夠最大限度地減少租賃設備資本支出。正如喬之前所描述的，由於我們完成了為擴大銷售覆蓋範圍和實現長期增長而進行的策略性招聘，我們的銷售、一般和行政費用也隨之增加。

As a result, adjusted EBITDA decreased 1% to $53.1 million despite the revenue growth. With softer demand conditions, we saw lower average fleet utilization of 73.7% compared to 78.4% a year earlier. Despite the softer market demand, second quarter monthly revenue per unit on rent increased 6% year-over-year to $840.

因此，儘管收入成長，但調整後的 EBITDA 下降 1% 至 5,310 萬美元。由於需求疲軟，平均機隊利用率降至 73.7%，低於去年同期的 78.4%。儘管市場需求疲軟，但第二季每套公寓的月租金收入年增 6%，達到 840 美元。

For new shipments over the last 12 months, the average monthly revenue per unit increased 4% to $1,168. We continue to make progress with our modular services offerings. Mobile Modular Plus revenues increased to $9.2 million from $7.5 million a year earlier and site-related services increased to $6.5 million, up from $5.8 million.

對於過去 12 個月的新出貨量，每單位的平均月收入增加了 4%，達到 1,168 美元。我們在模組化服務產品方面不斷取得進展。Mobile Modular Plus 的營收從去年同期的 750 萬美元增至 920 萬美元，而現場相關服務的收入則從 580 萬美元增至 650 萬美元。

Turning to the review of Portable Storage. Adjusted EBITDA for Portable Storage was $9.8 million, a decrease of 11% compared to the prior year, but an increase of 15% sequentially from the first quarter of this year.

轉向對便攜式存儲的審查。便攜式儲存的調整後 EBITDA 為 980 萬美元，比上年下降 11%，但比今年第一季環比成長 15%。

During the quarter, we saw lower rental and rental-related services revenues compared to a year ago. Lower commercial construction project activity continued to make demand conditions challenging. Higher sales revenues partly offset rental weakness, resulting in a total revenue decrease of 3% to $23.3 million. Rental revenues for the quarter decreased 5% to $16.9 million, but grew 5% sequentially from the first quarter. Rental margins were 83% compared to 86% a year earlier, and average utilization for the quarter was 61.1% compared to 66.1% a year ago.

本季度，我們的租賃和租賃相關服務收入與去年同期相比有所下降。商業建築專案活動減少持續為需求狀況帶來挑戰。銷售收入增加部分抵消了租賃疲軟的影響，導致總收入下降 3% 至 2,330 萬美元。本季租賃收入下降 5% 至 1,690 萬美元，但環比第一季成長 5%。租金利潤率為 83%，去年同期為 86%，本季平均利用率為 61.1%，去年同期為 66.1%。

Turning now to the review of TRS-RenTelco. TRS had a strong quarter with adjusted EBITDA of $19.3 million, an increase of 7% compared to last year. Total revenues increased $3.7 million or 11% to $36.4 million, primarily driven by higher sales revenues and higher rental revenues. Rental revenues for the quarter increased by 7% as the industry experienced improved demand conditions from end markets.

現在來談談對 TRS-RenTelco 的評論。TRS 本季表現強勁，調整後 EBITDA 為 1,930 萬美元，較去年同期成長 7%。總收入增加 370 萬美元（11%），達到 3,640 萬美元，主要得益於銷售收入和租賃收入的增加。由於行業終端市場需求狀況改善，本季租金收入增加了 7%。

Average utilization for the quarter was 64.8% compared to 56.5% a year ago, and rental margins improved to 44% from 36% a year ago. The remainder of my comments will be on a total company basis. Second quarter selling and administrative expenses increased $4.5 million to $53.5 million as we completed planned strategic hiring for long-term business growth and invested in information technology projects. Interest expense was $7.8 million, a decrease of $5.2 million as the result of lower average interest rates and lower average debt levels during the quarter.

本季平均利用率為 64.8%，而去年同期為 56.5%，租金利潤率從去年同期的 36% 提高到 44%。我的其餘評論將以整個公司為基礎。由於我們完成了為長期業務成長而規劃的策略性招聘並投資於資訊科技項目，第二季銷售和管理費用增加了 450 萬美元，達到 5,350 萬美元。利息支出為 780 萬美元，減少了 520 萬美元，原因是本季平均利率較低且平均債務水準較低。

The second quarter provision for income taxes was based on an effective tax rate of 27.3% compared to 28.8% a year earlier.

第二季所得稅準備金是基於 27.3% 的有效稅率，而去年同期為 28.8%。

Turning to our year-to-date cash flow highlights. Net cash provided by operating activities was $110 million compared to $139 million in the prior year as higher net income was offset by working capital changes. Rental equipment purchases were $50 million, down from $145 million last year, consistent with lower fleet utilization and our plans to use available fleet to satisfy customer orders.

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 1.1 億美元，而上年為 1.39 億美元，因為淨收入增加被營運資本變動所抵銷。租賃設備採購額為 5,000 萬美元，低於去年的 1.45 億美元，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相一致。

We paid $22 million during the second quarter for the two tuck-in acquisitions Joe discussed. These small acquisitions will support the long-term growth of our modular and portable storage businesses. At quarter end, we had net borrowings of $573 million, and the ratio of funded debt to the last 12 months actual adjusted EBITDA was 1.6:1.

我們在第二季為喬討論的兩項收購支付了 2,200 萬美元。這些小型收購將支持我們的模組化和便攜式儲存業務的長期成長。截至季末，我們的淨借款為 5.73 億美元，已償債務與過去 12 個月實際調整後 EBITDA 的比例為 1.6:1。

Wrapping up the financial review, while there is still uncertainty in the demand environment, we are pleased with the results for the first half of the year, and we have seen some encouraging positive trends as we enter the second half.

總結財務回顧，雖然需求環境仍然存在不確定性，但我們對上半年的業績感到滿意，並且在進入下半年時我們看到了一些令人鼓舞的正面趨勢。

As a result, we have upwardly revised our full year financial outlook, and we currently expect total revenue between $925 million and $960 million, adjusted EBITDA between $347 million and $356 million and gross rental equipment capital expenditures between $115 million and $125 million. For the remainder of this year, we expect adjusted EBITDA to be at a similar level in the third and fourth quarters.

因此，我們上調了全年財務預期，目前預計總收入在 9.25 億美元至 9.6 億美元之間，調整後的 EBITDA 在 3.47 億美元至 3.56 億美元之間，總租賃設備資本支出在 1.15 億美元至 1.25 億美元之間。對於今年剩餘時間，我們預計調整後的 EBITDA 在第三季和第四季將處於相似水準。

This outlook is largely driven by the expected timing of sales revenues and related gross profit in the second half of this year. We are proud of McGrath's second quarter performance, and we are fully focused on solid execution for the remainder of the year. That concludes our prepared remarks.

這一前景很大程度上受到今年下半年銷售收入和相關毛利的預期時間所驅動。我們為麥格拉斯第二季的表現感到自豪，我們將全力專注於今年剩餘時間的穩健執行。我們的準備好的演講到此結束。

Jess, you may now open the lines for questions.

傑西，你現在可以開始提問了。

(Operator Instructions)

（操作員指示）

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thanks very much. Good afternoon. I've got a few questions, guys. First off, just on the last thing you said there, Keith, about the balance, the third and fourth quarter and the EBITDA. It sounds like you have a little bit more to share there on sale timing. Could you just take us a little bit deeper on what you're alluding to? Thanks.

非常感謝。午安.夥計們，我有幾個問題。首先，基思，關於你最後說的關於餘額、第三季和第四季以及 EBITDA 的事情。聽起來您還有更多關於銷售時機的資訊可以分享。您能否更深入地解釋一下您所暗示的內容？謝謝。

Sure. Scott, if you look at last year, we had a big third quarter. If you look at the primary driver of that, we had a lot of sales gross profit in the third quarter. And then we sort of saw a drop off when we went to Q4 of last year. When we look at this year, I think it's going to be more balanced and that contribution of sales gross profit is going to be somewhat similar in the third and fourth quarter.

當然。史考特，如果你回顧去年，你會發現我們第三季表現十分出色。如果你看一下其主要驅動因素，你會發現我們在第三季獲得了大量的銷售毛利。然後，當我們進入去年第四季時，我們看到了下降趨勢。當我們展望今年時，我認為情況會更加平衡，第三季和第四季的銷售毛利貢獻將有些相似。

So it's just a sort of timing issue. The other thing I'd point out is we've actually had very good sales contributions already in the first half of the year. But specifically, the comment was, when you look at Q3 and Q4, adjusted EBITDA, we expect will be broadly similar in each of those two quarters.

所以這只是一個時間問題。我想指出的另一件事是，我們在今年上半年實際上已經取得了非常好的銷售貢獻。但具體來說，當你查看第三季和第四季時，調整後的 EBITDA 預計在這兩個季度中將大致相似。

Thanks. And you're speaking specifically in the Mobile Modular segment, and how far out do you have visibility? Do you at this point have visibility through your end or is it a little bit fluid at this point?

謝謝。您特別談到了行動模組化領域，您對該領域的了解程度如何？此時您是否能夠清楚地看到自己的終端，還是說此時終端有點不穩定？

It's a bit fluid. This is one of the areas we've mentioned with the current demand environment, there can be delays, there can be uncertainty. We spend a lot of time accessing the pipeline and assessing what we think will get realized before the end of the year. And that's all part of our normal forecasting process.

有點流暢。這是我們提到的當前需求環境的領域之一，可能會出現延遲，可能會存在不確定性。我們花費大量時間考察渠道並評估我們認為在年底前能夠實現的目標。這都是我們正常預測過程的一部分。

Thanks. And then that was the question on sales, which is I think how you answered it and clarify if not. But switching over real quick, just on rentals, I think with classrooms, now you have full visibility to what this year is going to look like. Could you speak to that? And then any other relevant comments on commercial modular effects.

謝謝。然後是關於銷售的問題，我想這就是你如何回答的，如果沒有，請澄清。但是，只要快速轉換一下，就租賃而言，我認為有了教室，現在您就可以完全了解今年的情況。你能談談這個嗎？然後是有關商業模組化效果的任何其他相關評論。

Sure. Scott, I think our education year this year is going to be -- that's going to be good. We realized orders a little bit later in the year because sometimes districts just take longer in certain years. Every year is different. And this year, we got orders a little bit later, but we're happy with the volume of orders we got.

當然。斯科特，我認為我們今年的教育年將會很好。我們在今年稍後才實現訂單，因為有時某些地區在某些年份需要更長的時間。每年都不一樣。今年，我們收到的訂單稍晚一些，但我們對收到的訂單量感到滿意。

And I think we're going to finish the year in a good space there. As far as commercial business, we're seeing increases in a number of different market verticals. Of course, there's large projects like data centers and industrial projects. There's been some petrochem business, government, health care. I mean all these verticals are -- were pretty vibrant in the quarter, and I don't see that changing for the remainder of the year.

我認為我們將會以良好的狀態結束今年。就商業業務而言，我們看到許多不同垂直市場都在成長。當然，還有資料中心和工業專案等大型專案。其中涉及一些石化業務、政府、醫療保健。我的意思是，所有這些垂直行業在本季度都相當活躍，而且我認為在今年剩餘時間內這種情況不會改變。

Thanks, Joe. I have a lot more, but I'll leave some for others. So just -- I think just a couple more here for now. One is, just the outperformance in the quarter on EBITDA was meaningful. The increase to adjusted EBITDA guidance less meaningful.

謝謝喬。我還有很多，不過我會留一些給其他人。所以只是──我想現在這裡就只有幾個了。一是，本季 EBITDA 的優異表現意義重大。調整後的 EBITDA 指引的增加意義不大。

I think you all were also very cautious back in the first quarter with your guidance, probably overly cautious in retrospect now, and that was tariff uncertainty related. Could you just speak to what would put you at the high end or the low end of this current guidance range and how you came to it? Thanks

我認為你們在第一季的指導中也都非常謹慎，現在回想起來可能過於謹慎了，這與關稅不確定性有關。您能否談談目前指導範圍的高端或低端是多少，以及您是如何得出這個結論的？謝謝

Yeah. A lot of moving parts, Scott. I think, first of all, the sales piece of the business can always move around a lot more than the rental revenue piece. That tends to move a little bit more steadily. So that's the first comment. You can have some positive or negative impact from sales activity in the second half of any year, and that's always a given.

是的。有很多活動部件，斯科特。我認為，首先，業務的銷售部分總是比租金​​收入部分變動得更大。這往往會進展得更平穩一些。這是第一條評論。每年下半年的銷售活動都可能帶來一些正面或負面的影響，這是必然的。

If you look really across the lines of business, we've had a really encouraging start with TRS. It looked pretty good in the first quarter of the year. We were feeling good as we exited the first quarter. That has really continued through the second quarter. I would say we're not being aggressive in what we're assuming for the second half of the year there. So if things go well, we might do better than we're currently expecting and sort of factoring into our outlook.

如果你認真審視整個業務線，你會發現我們在 TRS 方面有一個非常令人鼓舞的開始。今年第一季的情況看起來相當不錯。當我們結束第一節比賽時，我們感覺很好。這種情況確實一直持續到第二季​​。我想說的是，我們對今年下半年的預測並不正面。因此，如果一切順利，我們可能會做得比我們目前預期的更好，並在某種程度上影響我們的前景。

Similarly, I would say with portable storage, it had a very tough year last year. First quarter, it was hard to really get any conclusive signs of a recovery. I feel in the second quarter, as Joe mentioned, we felt more encouraged. There's still a long way to go, and it's still a tricky environment, but that's another area where I think we're realistic in what we've got in the guide. If things break a little bit more in our favor, we might do better there. And then modular, which, as you know, has the characteristic of the longest rental terms, that tends to move more gradually.

同樣，我想說，對於便攜式儲存而言，去年是十分艱難的一年。第一季度，很難真正看到任何復甦的確鑿跡象。我覺得在第二季度，正如喬所提到的，我們感到更加鼓舞。我們還有很長的路要走，而且環境仍然是棘手的，但這是我認為我們對指南中所提到的內容持現實態度的另一個領域。如果事情稍微對我們有利一點，我們可能會做得更好。然後是模組化，正如你所知，它具有最長的租賃期限，並且往往移動得更慢。

We've had a good first half given the backdrop of the demand environment. I think we'll see rental revenue growing in the second half of the year. And I think we've, at this point, got a realistic view around that based on what we know today. But we try to think it through carefully. You've sort of seen all the moving parts there. We're trying to manage expenses prudently.

在需求環境的背景下，我們上半年表現良好。我認為下半年租金收入將會成長。我認為，根據我們今天所了解的情況，我們已經對此有了現實的看法。但我們會盡力仔細考慮。您大概已經看到那裡所有的活動部件了。我們正在努力謹慎地管理開支。

But at the same time, as Joe highlighted, we're investing for growth for beyond this year as we look at building the company's presence, particularly in more geographic regions over time and also using opportunities for tuck-in M&A and other initiatives to help bring that to fruition. So that's sort of a long-winded way to say, I think we've got the right outlook at this point in the year. We always try to do better, but we have to be cognizant of the environment, which is still mixed in some areas.

但同時，正如喬所強調的，我們正在為今年以後的成長進行投資，因為我們希望建立公司的影響力，特別是隨著時間的推移在更多的地理區域建立影響力，同時利用內部併購和其他舉措的機會來幫助實現這一目標。所以，這是一種冗長的說法，我認為我們在今年這個時候有了正確的展望。我們總是試著做得更好，但我們必須意識到環境在某些領域仍然存在著混亂。

And that was really comprehensive, Keith, and I think very helpful as well. The last one for me right now will be just on this new federal tax legislation, the -- I imagine it will have a favorable impact on your free cash flow. Have you all done the work on it and come out with any quantification of that, that you can share with us right now? Thanks.

基思，這真的很全面，而且我認為也很有幫助。我現在要問的最後一個問題是關於這項新的聯邦稅法，我想它會對你們的自由現金流產生有利的影響。你們都完成了這項工作並得出了量化結論嗎？現在可以與我們分享嗎？謝謝。

Yeah, very preliminary. But let me start by saying, as you know, Scott, at the beginning of the year, we highlighted for everyone in this environment where fleet utilization is a bit lower at modulars and portable storage. We're not spending as much money on new capital for new rental equipment. So it's a lower year in that regard. So some of the benefits with the new treatment on the rental equipment depreciation for tax purposes, some of that benefit is less pronounced this year. We have run some numbers, the benefit to free cash flow for us this year is probably somewhere in the $10 million to $15 million range. So it is a positive, but it's not a massive needle mover for us this year.

是的，非常初步。但首先我要說的是，正如你所知，斯科特，在今年年初，我們向大家強調，在這種環境下，模組化和便攜式存儲的車隊利用率略低。我們不會在新租賃設備上花費太多資金。因此從這方面來看，今年是較低的一年。因此，出於稅收目的對租賃設備折舊採用新處理方式的一些好處，今年不那麼明顯了。我們計算了一下，今年我們的自由現金流收益大概在 1000 萬美元到 1500 萬美元之間。所以這是一件正面的事，但對我們今年來說並不是一個巨大的推動力。

Thanks. And just a follow-on on that. Probably another full two years after this current year. It's -- there's a need to step up the CapEx that a similar type of tax benefit will be in place. Is that fair?

謝謝。這只是對此的後續。今年之後可能還要整整兩年。有必要增加資本支出，以便實施類似的稅收優惠。這樣公平嗎？

Should be or perhaps greater if we're spending more heavily.

如果我們花費更多的話，這個數字應該是或可能更大。

Thanks, I'll turn it over. Thanks so much, guys.

謝謝，我會轉過來的。非常感謝大家。

Dan Moore, CJS Securities.

丹·摩爾（Dan Moore），CJS 證券。

Hi, this is Will on for Dan. Can you provide an update on the pricing gap between current spot rates for new modular rentals versus the average rate on existing contracts? Is it still 40% or more? Does it begin to narrow? And how spot rates been trending more generally thus far year-to-date?

大家好，我是威爾，代替丹。您能否提供有關新模組化租賃的當前現貨價格與現有合約的平均價格之間的價格差距的最新資訊？還是40%或更多？它開始變窄了嗎？今年迄今現貨匯率的整體趨勢如何？

Sure. And I highlighted some of those metrics as we went through the presentation. I'll try and cover all your topics and do a follow-up if I don't hit them all. I think for modular spot rates are generally fairly stable overall. Again, with all the variety of regional branches that we have, the different types of product offering in certain regions.

當然。在演示過程中，我強調了其中的一些指標。我會盡力涵蓋您的所有主題，如果沒有涵蓋所有主題，我會進行跟進。我認為模組化現貨價格總體上是相當穩定的。同樣，由於我們擁有各種各樣的地區分支機構，因此特定地區提供不同類型的產品。

There's a lot of moving parts and a lot of impact from mix. So when I make that overall blanket statement, it is a generality, but that's based on the data that we review and sort of trends that we see in the market. If you look at the gap between the dollars per unit on rent that we quoted, and that would be $840 up 6% from the same quarter a year ago. That is still about 39% lower than the LTM rate on new shipments that was $1,168. So the gap is slightly different. I think it was 41% when we looked at the same statistics a quarter ago, but order of magnitude still similar.

有很多活動部件，混合會產生很大的影響。因此，當我做出整體概括性陳述時，這是一個概括性的說法，但這是基於我們審查的數據和我們在市場上看到的趨勢。如果您看一下我們引用的每單位租金之間的差距，那將是 840 美元，比去年同期上漲 6%。這仍然比新船運的 LTM 利率 1,168 美元低約 39%。所以差距略有不同。我認為，當我們一個季度前查看相同的統計數據時，這個數字是 41%，但數量級仍然相似。

That is super helpful. Thank you. And then just one more. Could you add some more color to portable storage, would you describe demand is bouncing along the bottom? Or are you seeing really meaningful signs of improvement?

這非常有幫助。謝謝。然後再來一個。您能否為便攜式儲存添加更多細節，您會描述需求在底部反彈嗎？還是您看到了真正有意義的改善跡象？

Yeah. We're definitely seeing signs of improvement. And as we shared, even though rents were down 5% year-over-year sequentially, they were up, quote volumes are up. We actually shipped the most units in June that we had done since January 24. So we're seeing improvements in the business. I think it's -- I think we're on an upward trajectory, and we're very pleased about that.

是的。我們確實看到了改善的跡象。正如我們所分享的，儘管租金與去年同期相比下降了 5%，但價格還是上漲了，報價量也上漲了。事實上，我們 6 月的出貨量是自 1 月 24 日以來最多的。因此，我們看到業務正在改善。我認為——我認為我們正處於上升軌道，我們對此感到非常高興。

Thank you.

謝謝。

Steven Ramsey, Thompson Research.

史蒂文‧拉姆齊，湯普森研究公司。

Hi, good evening. On modular, good to hear that you're adding sales folks. Can you maybe talk about some of the geographical focus of the new hires or if it's more project or vertical focus kind of what you're trying to achieve? And if this is a focal point for you guys through the rest of this year?

嗨，晚上好。關於模組化，很高興聽到您正在增加銷售人員。您能否談談新員工的一些地理重點，或者您是否想要實現更多的專案或垂直重點？這是否是你們今年剩餘時間的重點？

Sure. Very important initiative in the company. We -- through the acquisitions that we've done over the last several years, that has opened up locations for us where we have a small presence. And what we like to do in some of those locations and in some new locations that are adjacent, we want to have additional sales power. And those sales assets would be selling either the commercial business or the education business or both.

當然。這是公司中非常重要的舉措。透過過去幾年的收購，我們開拓了小規模業務的市場。我們喜歡在其中一些地點以及一些相鄰的新地點做的事情是，我們希望擁有額外的銷售能力。這些銷售資產可以是商業業務，也可以是教育業務，或是兩者兼具。

It just depends on what our focus is in each of those markets. But very interested in adding that sales power and increasing our geographic coverage. And we've been making fleet investments to support that growth, so important to the company.

這取決於我們在每個市場關注的重點。但我們非常有興趣增加銷售能力並擴大我們的地理覆蓋範圍。我們一直在進行車隊投資以支持這一成長，這對公司來說非常重要。

Okay, helpful, And then maybe somewhat related, Modular Plus continues to show very strong growth. Can you talk about what's driving that if this type of 20% year-over-year growth is embedded in the second half or something lower is embedded? And maybe on the people side of this equation, how are you training folks and the adoption of your own sales team pushing the Modular Plus solution to customers?

好的，很有幫助，然後可能有點相關，Modular Plus 繼續顯示出非常強勁的成長。您能否談談推動這一成長的原因是什麼？是下半年實現了 20% 的年成長，還是實現了更低的成長率？也許從人員角度來看，您如何培訓員工以及如何讓您自己的銷售團隊向客戶推廣 Modular Plus 解決方案？

Yeah. That's also an important initiative for us and training is a key part of that. We've been consistently doing that over time to get the sales force comfortable with selling those products to our customers. We've been adding to the available list of products that we can provide to our customers. And so we're glad to see that the year-over-year growth that we realized it was up 22%, as you had mentioned, it was healthy growth. So we anticipate being able to keep up that pace. We've got a lot of ground to cover still. We've got a lot of customers that appreciate those services, and we're working in earnest to keep that momentum up.

是的。這對我們來說也是一項重要舉措，而培訓是其中的關鍵部分。我們一直在這樣做，以使銷售人員樂於向客戶銷售這些產品。我們一直在增加可以為客戶提供的產品清單。因此，我們很高興地看到，年成長率達到了 22%，正如您所說，這是健康的成長。因此我們預計能夠保持這一速度。我們還有很多工作要做。很多客戶都對這些服務表示讚賞，我們也在努力保持這種勢頭。

Okay. That's helpful. And then maybe going back to the guidance, this has been brought up a couple of times. But when you think about the stabilization and growth now in TRS, some firming up in storage, modular being consistent and due backlogs, Enviroplex doing well. I put that all together, the guide raise seems pretty modest. Maybe what I'm thinking about is, does some of this support 2026, and it's just a timing issue of when some of the pipelines convert to rental starts?

好的。這很有幫助。然後也許回到指導，這個問題已經被提出過幾次了。但是當您考慮到 TRS 目前的穩定性和成長、儲存方面的一些穩固性、模組化的一致性和應有的積壓時，Enviroplex 表現良好。綜合考慮所有這些因素，指導性加薪似乎相當適度。也許我在想的是，其中的一些是否支持 2026 年，而這只是一些管道轉換為租賃開始的時間問題？

Yeah. I think that's a good observation. And I would just remind you, as we commented at the start of the year, two investment areas. One is in that direct cost of rental operations, particularly for the Modular business, where we expect to spend more readying existing fleet that's available to meet rental orders and not really using as much new fleet, and that's reflected in a substantial drop in the new equipment capital spending for the year. So that's an expense increase for the year that does hurt EBITDA, but it's absolutely the right thing to do for running the business.

是的。我認為這是一個很好的觀察。我只是想提醒大家，正如我們在今年年初所評論的那樣，有兩個投資領域。一是租賃營運的直接成本，特別是對於模組化業務，我們預計將花費更多資金來準備可用於滿足租賃訂單的現有車隊，而不是真正使用那麼多新車隊，這反映在當年新設備資本支出的大幅下降上。因此，這確實會增加年度費用，損害 EBITDA，但對於經營企業來說，這絕對是正確的做法。

And then in parallel with that, we do have more elevated SG&A. You'll see that in the current run rate. That will continue and edge up slightly in the second half of the year. That's running with a bigger team where we've made some of these strategic hires that support long-term growth and support initiatives in the company like some of our IT projects.

同時，我們的銷售、一般及行政費用也確實有所增加。您會在當前運行率中看到這一點。這一趨勢將持續下去，並在下半年略有上升。這是與一個更大的團隊一起運作的，我們在這個團隊中做出了一些策略性聘用，以支持公司的長期成長和支援計劃，例如我們的一些 IT 專案。

These are all things that we planned on doing. They're important. They're going to pay dividends beyond 2025, but there are things that we have to absorb in terms of -- in the cost structure, and it pressures the EBITDA just a little in a year like this where the demand environment is, as we've said, a little mixed in some areas. But overall, I think we're doing well, and we're always striving to deliver the absolute most that we can in future quarters.

這些都是我們計劃要做的事。它們很重要。他們將在 2025 年以後支付股息，但在成本結構方面，我們必須吸收一些因素，而且在像今年這樣的需求環境（正如我們所說，在某些領域有點複雜）的情況下，這會對 EBITDA 造成一點壓力。但總體而言，我認為我們做得很好，並且我們始終致力於在未來幾季中實現最大的目標。

Understood. And then last one for me. I know it's a small part of the business, but Enviroplex continues to show very strong growth on top of strong growth and the EBITDA margin profile in the quarter was very strong. Can you talk about the operating leverage in that business? Are you operating at max capacity when you're performing at this type of run rate? And is this something that is embedded in the guidance, the success of it? Or are you trying to be conservative on that segment?

明白了。這是我的最後一個。我知道這只是業務的一小部分，但 Enviroplex 在強勁成長的基礎上繼續表現出非常強勁的成長，本季的 EBITDA 利潤率狀況非常強勁。您能談談該業務的經營槓桿嗎？當您以這種運行率運行時，您是否以最大容量運行？這是指導中蘊含的某種東西嗎？它是否成功？或者您想在該領域採取保守態度？

Yeah. I would say it's embedded in the guidance. We're happy to see our margins actually in a good place in that business. It's improved over time. And a lot of that has to do with the project mix. There could be projects in a given quarter that have more features and requested customer features that they might want to have in the buildings that they order that allow us to actually pricing additional margin in the job.

是的。我想說它已嵌入指導中。我們很高興看到我們的利潤率在該業務中處於良好水平。隨著時間的推移，它得到了改善。這很大程度上與項目組合有關。在特定季度內，專案可能會具有更多功能和客戶要求的功能，他們可能希望在所訂購的建築物中擁有這些功能，這使我們能夠在工作中實際定價額外的利潤。

So you have that and then you have the fact that the plant is full. We're moving a lot of product through the plant. It gets more efficient, the more product that we get online, and I think that's just reflective in our performance at this point. And we're -- we've been very happy with how that business has performed so far this year.

所以，您知道了這一點，並且知道了工廠已經滿了。我們正在透過工廠運送大量產品。它變得越來越高效，我們在網路上獲得的產品就越多，我認為這反映了我們目前的表現。我們對今年迄今的業務表現非常滿意。

And Steven, if I could give just add, I think you're spot on by observing that Enviroplex was a good contributor to the quarter and its metrics look very positive. That's a business where, just as Joe said, when we're very busy, we're actually in a position where the picking of deliveries is more balanced by quarter. And so if you look at the first half of this year, we had two good quarters of contribution from Enviroplex and I would think that the second half of the year in a similar way, more balanced across the quarters in the past, in certain years, it's been a big spike in the third quarter and much softer demand levels or activity levels in the other quarters. Here, we're very busy. The business is having a good year. and we're seeing it as a smoother contribution by quarter. It sort of relates to some of my comments earlier about the outlook for the second half.

史蒂文，如果我可以補充一點，我認為你觀察到 Enviroplex 對本季度做出了很好的貢獻，而且其指標看起來非常積極，這一點非常正確。正如喬所說，當我們非常忙碌時，我們實際上可以按季度平衡挑選貨物。因此，如果你看一下今年上半年，你會發現 Enviroplex 有兩個季度的貢獻都很好，我認為下半年的情況也類似，過去各個季度的貢獻更加均衡，在某些年份，第三季度出現了大幅增長，而其他季度的需求水平或活動水平則要弱得多。我們這裡很忙。今年的業務表現良好。我們看到每季的貢獻都更加平穩。這和我之前對下半年前景的一些評論有點相關。

That's all very helpful. Thank you for the color.

這一切都非常有幫助。謝謝你的顏色。

(Operator Instructions)

（操作員指示）

Marc Riddick, Sidoti.

馬克·里迪克、西多蒂。

Hey, good afternoon. I wanted to touch a little bit -- maybe you could shine a little time on the commentary around the technology -- technology investments that you've mentioned. You mentioned some of the hiring, but maybe talk a little bit about some of the focus areas that you have there and what that might look like.

嘿，下午好。我想稍微談談——也許您可以花一點時間談談您提到的有關技術——技術投資的評論。您提到了一些招聘事宜，但也許可以談談您在那裡關注的一些重點領域以及這些領域可能會是什麼樣子的。

Sure. Marc, technology continues to refresh and advance all the time. We always work to be a customer -- I'm sorry, a supplier that is easy to do business with that requires us to have the latest technology in terms of our IT systems. They need to be upgraded. They need to be moved from on-premise capabilities to cloud systems.

當然。馬克，科技一直在不斷更新和進步。我們始終致力於成為客戶——對不起，是易於合作的供應商，要求我們的 IT 系統採用最新技術。它們需要升級。它們需要從內部部署功能轉移到雲端系統。

Last year, we put in a new CRM. I mean there's AI things that are important that we pay attention to and incorporate in the business. So you combine all those things together, and it's just an expense that is there and that we're going to make sure that we are a relevant player in the industry. And in order to do that, we need to have up-to-date IT systems. And so we just continue to make those investments as each quarter passes.

去年，我們引進了新的 CRM。我的意思是，人工智慧非常重要，值得我們關注並融入業務中。所以，把所有這些因素結合起來，這只是一筆費用，我們要確保我們是這個行業的重要參與者。為了做到這一點，我們需要擁有最新的 IT 系統。因此，每個季度我們都會繼續進行這些投資。

Okay. Great. And then I was wondering if you could talk a little bit about the -- I touched briefly on some of the tuck-in opportunities. Maybe you could talk a little bit about the overall pipeline, what it looks like currently? And has that changed much over the last six months or so?

好的。偉大的。然後我想知道您是否可以稍微談一下——我簡要地談到了一些補充機會。也許您可以稍微談談整體流程，目前它看起來怎麼樣？在過去六個月左右的時間裡，情況有很大變化嗎？

Sure. We have an active pipeline. It's something that we're paying close attention to. And whether these businesses come up for sale, typically depends on whether there's a seller that has a life-changing event or they want to monetize their business or something and you can't always plan those things to take place on a regular cadence. But what we try to do is to be in front of these folks and have relationships with them.

當然。我們有一個活躍的管道。這是我們密切關注的事情。這些企業是否​​會出售，通常取決於賣家是否遇到了改變生活的事件，或者他們是否想將自己的企業貨幣化，而你無法總是計劃定期進行這些事情。但我們試圖做的是站在這些人面前並與他們建立關係。

And so when those businesses come up for sale and come on the market, we want to be at the table. And we've got a nice pipeline of opportunities, a lot of conversations going on and we're looking forward to being able to close more of these in future quarters.

因此，當這些企業出售並進入市場時，我們希望參與其中。我們擁有大量良好的機會，正在進行許多對話，我們期待在未來幾季能夠達成更多這樣的交易。

Okay. So only a couple of more from me. One, I was sort of curious about the commentary around Portable Storage. Maybe you talk a little bit about sort of the pacing there, is that something that sort of improved through the quarter? Or how should we think about it from a monthly basis perspective?

好的。我只想再說幾句。首先，我對有關便攜式儲存的評論感到好奇。也許您可以稍微談論一下那裡的節奏，這在本季度是否有所改善？或者我們應該如何從月度角度來考慮這個問題？

Yeah. I think, Marc, I tried to touch on this earlier. Encouraging signs in the second quarter, we don't want to get ahead of ourselves. It's still an environment where commercial construction is softer than a year ago. And so even though we've seen a few positive signs, we're sort of measured in our enthusiasm.

是的。馬克，我想我之前曾嘗試談及這一點。第二季出現了令人鼓舞的跡象，我們不想操之過急。目前的商業建築環境仍比一年前疲軟。因此，儘管我們看到了一些正面的跡象，但我們的熱情還是比較克制。

I think things will progress a little better from here and we'd be delighted if it was even stronger than that. But that's sort of the way we're looking at the outlook, and I think it's appropriate because, one, pretty good quarter after everything we've been through over the last five or six quarters, it's appropriate to be measured and see further evidence of a build and an improvement in utilization, demand and overall revenue and profitability. That's what we're working hard to achieve, but it's going to be gradual.

我認為事情會從現在開始取得更好的進展，如果情況比現在更好的話我們會很高興。但這就是我們看待前景的方式，我認為這是合適的，因為在經歷了過去五六個季度的一切之後，這是一個相當不錯的季度，值得衡量並看到利用率、需求、總體收入和盈利能力的進一步建設和改善的證據。這就是我們正在努力實現的目標，但這將是一個漸進的過程。

Okay. And then the last for me. I sort of -- I'm not sure -- I think the interest expense was a little lower than I thought it would be for the quarter. Maybe you could touch a little bit on maybe what you're looking at there for a run rate or through the remainder of the year and debt reduction efforts, that would be helpful. Thanks.

好的。這對我來說是最後一次了。我有點——我不確定——我認為本季的利息支出比我預想的要低一點。也許您可以稍微談談您對運行率或今年剩餘時間和減債措施的關注，這將會有所幫助。謝謝。

Sure. We benefited from lower rates. Rates a year ago were about 6.6%, this year more like 5.6%, and we had $232 million of less debt in the quarter. So both those things were a substantial benefit, and it led the interest expense come in just below $8 million for the quarter, and that's down from $13 million a year ago. So that was definitely a good easing of the burden.

當然。較低的利率為我們帶來了好處。一年前利率約 6.6%，今年利率更接近 5.6%，本季我們的債務減少了 2.32 億美元。因此，這兩件事都帶來了巨大的好處，並導致本季的利息支出略低於 800 萬美元，低於一年前的 1,300 萬美元。所以這確實減輕了負擔。

I think if you look at the current run rate, that's a pretty good indicator of what we're seeing. Obviously, it depends with any investments in the business in the second half where the debt level ends up at the end of the year. But the current run rate is indicative of the neighborhood we expect to be in.

我認為如果你看一下目前的運行率，這是一個很好的指標，可以表明我們所看到的情況。顯然，這取決於下半年對業務的任何投資，以及年底的債務水準。但目前的運作率表明了我們預期的社區狀況。

Great, thank you very much.

太好了，非常感謝。

(Operator Instructions)

（操作員指示）

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

女士們、先生們，這似乎是我們的最後一個問題。現在，請允許我將電話轉回給漢納先生，請他發表任何補充意見或結束語。

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 October to review our third quarter results.

我要感謝大家今天參加我們的電話會議，並感謝大家對我們公司的持續關注。我們期待在十月下旬再次與您交談，以回顧我們的第三季業績。

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

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。