萊德系統 (R) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Ryder System second quarter 2025 earnings release conference call. (Operator Instructions) Today's call is being recorded. If you have any objections, please disconnect at this time.

早上好，歡迎參加萊德系統 2025 年第二季財報發布電話會議。（操作員指示）今天的通話正在錄音。如果您有任何異議，請立即斷開連接。

I would now like to introduce Ms. Calene Candela, Vice President, Investor Relations for Ryder. Ms. Candela, you may begin.

現在我想介紹 Ryder 投資者關係副總裁 Calene Candela 女士。坎德拉女士，您可以開始。

Thank you. Good morning, and welcome to Ryder's second quarter 2025 earnings conference call.

謝謝。早安，歡迎參加 Ryder 2025 年第二季財報電話會議。

I'd like to remind you that during this presentation, you'll hear some forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in economic, business, competitive, market, political and regulatory factors.

我想提醒您，在本次演示中，您將聽到 1995 年《私人證券訴訟改革法案》所定義的一些前瞻性陳述。這些聲明是基於管理層目前的預期，並受不確定性和情況變化的影響。由於經濟、商業、競爭、市場、政治和監管因素的變化，實際結果可能與這些預期有重大差異。

More detailed information about these factors and a reconciliation of each non-GAAP financial measure to the nearest GAAP measure is contained in this morning's earnings release, earnings call presentation and in Ryder's filings with the Securities and Exchange Commission, which are available on Ryder's website.

有關這些因素的更多詳細資訊以及每個非 GAAP 財務指標與最接近的 GAAP 指標的對照表包含在今天上午的收益報告、收益電話會議演示文稿以及 Ryder 向美國證券交易委員會提交的文件中，這些文件可在 Ryder 的網站上查閱。

Presenting on today's call are Robert Sanchez, Chairman and Chief Executive Officer; John Diez, President and Chief Operating Officer; and Cristy Gallo-Aquino, Executive Vice President and Chief Financial Officer. Additionally, Tom Havens, President of Fleet Management Solutions; and Steve Sensing, President of Supply Chain Solutions and Dedicated Transportation Solutions, are on the call today and available for questions following the presentation.

出席今天電話會議的有董事長兼首席執行官羅伯特·桑切斯 (Robert Sanchez)、總裁兼首席營運官約翰·迪茲 (John Diez) 和執行副總裁兼首席財務官克里斯蒂·加洛·阿基諾 (Cristy Gallo-Aquino)。此外，車隊管理解決方案總裁湯姆·海文斯 (Tom Havens) 和供應鏈解決方案及專用運輸解決方案總裁史蒂夫·森辛 (Steve Sensing) 今天也出席了電話會議，並在演講結束後回答問題。

At this time, I'll turn the call over to Robert.

現在，我將把電話轉給羅伯特。

Good morning, everyone, and thanks for joining us. I'm proud of the Ryder team for delivering our third consecutive quarter of double-digit earnings per share growth.

大家早安，感謝大家的參與。我為萊德團隊連續第三個季度實現兩位數每股收益成長而感到自豪。

Second quarter results were above our expectations, driven by outperformance in our Supply Chain segment. This benefit was partially offset by increased used vehicle wholesale volumes to manage aged inventory levels. The business continues to outperform prior cycles, driven by our resilient contractual portfolio that reflects the actions we've taken under our balanced growth strategy to derisk the business, increase the return profile, and accelerate growth in our asset-light Supply Chain and Dedicated businesses.

由於供應鏈部門的出色表現，第二季的業績超出了我們的預期。為了管理老化庫存水平，二手車批發量增加，部分抵消了這項收益。業務表現持續優於前幾個週期，這得益於我們富有彈性的合約組合，這反映了我們根據平衡成長策略採取的行動，以降低業務風險、提高回報水平並加速輕資產供應鍊和專用業務的成長。

I'll begin today's call by providing you a strategic update. Cristy will then take you through our second quarter results and John will review capital expenditures and our increasing capital deployment capacity. I'll then review our updated outlook for 2025 and discuss how we expect to leverage the momentum of our transformed business model. Let's begin on slide 4.

在今天的電話會議上，我將首先向您提供策略更新。克里斯蒂 (Cristy) 將帶您了解我們的第二季業績，約翰 (John) 將回顧資本支出和我們不斷增加的資本部署能力。然後，我將回顧我們對 2025 年的最新展望，並討論我們如何利用轉型商業模式的動力。我們從第 4 張投影片開始。

Turning to slide 4. The structurally higher earnings profile of our transformed business model and execution on our strategic initiatives continue to drive earnings growth. We remain on track to realize the benefits from the strategic initiatives outlined during the February earnings call. These benefits are the key drivers of the year-over-year earnings growth we are expecting.

翻到幻燈片 4。我們轉型後的商業模式和策略舉措的執行所帶來的結構性更高的獲利狀況將繼續推動獲利成長。我們仍有望實現二月份收益電話會議上概述的策略性舉措所帶來的收益。這些好處是我們預期的獲利年增的主要驅動力。

Long-term secular trends that favor transportation and logistics outsourcing remains strong. The value that our solutions bring to our customers remains compelling. We are also well positioned to benefit from increased industrial manufacturing in the US as 93% of our revenue is generated here.

有利於運輸和物流外包的長期趨勢仍然強勁。我們的解決方案為客戶帶來的價值仍然引人注目。由於我們 93% 的收入來自美國，因此我們也能夠從美國工業製造業的成長中受益。

We delivered return on equity of 17% for the trailing 12-month period which is in line with our expectations during a freight cycle downturn and continues to demonstrate the resilience of our transformed business model. Earnings growth from our high-performing contractual portfolio reflects our value proposition as well as our pricing discipline. Over 90% of our operating revenue is generated by multiyear contracts. We expect our transformed and cycle-tested business model to continue to outperform prior cycles.

過去 12 個月，我們實現了 17% 的股本回報率，這符合我們在貨運週期低迷時期的預期，並繼續證明了我們轉型業務模式的韌性。我們高績效合約組合的獲利成長反映了我們的價值主張以及定價紀律。我們 90% 以上的營業收入來自多年期合約。我們預計，我們轉型並經過週期考驗的商業模式將繼續優於先前的周期。

In addition to increasing the return profile of our business, the earnings power of our contractual portfolio continues to provide us with increased capital deployment capacity, which we expect to use to support profitable growth and return capital to shareholders.

除了提高我們業務的回報率之外，我們合約組合的獲利能力還繼續為我們提供更高的資本配置能力，我們期望利用這些能力來支持獲利成長並向股東返還資本。

Earlier this month, we announced a 12% annualized increase to our quarterly dividend, reflecting higher profitability and improved returns over the cycle. In 2025, we returned $330 million to shareholders by repurchasing approximately 1.7 million shares and paying our dividend.

本月初，我們宣布季度股息以年率計算增加 12%，反映出獲利能力的提高和週期內回報率的提高。2025 年，我們透過回購約 170 萬股股票並支付股息，向股東返還了 3.3 億美元。

Since 2021, we have repurchased approximately 21% of our shares outstanding and increased the quarterly dividend by 57%. We increased our 2025 forecast for free cash flow by approximately $500 million to a range of $900 million to $1 billion due to lower expected capital spending and the estimated cash flow benefit of approximately $200 million from the permanent reinstatement of tax bonus depreciation.

自 2021 年以來，我們已回購了約 21% 的流通股，並將季度股息提高了 57%。由於預期資本支出降低，以及永久恢復稅收獎勵折舊將帶來約 2 億美元的現金流收益，我們將 2025 年自由現金流預測上調約 5 億美元，至 9 億至 10 億美元之間。

Slide 5 illustrates how key financial and operating metrics have improved since 2018, reflecting the execution of our strategy. In 2018, prior to the implementation of our balanced growth strategy, the majority of our $8.4 billion of revenue was from FMS. Ryder generated comparable earnings per share of $5.95 with an ROE of 13%. Operating cash flow was $1.7 billion. This was during peak freight cycle conditions.

投影片 5 展示了自 2018 年以來關鍵財務和營運指標的改善情況，反映了我們策略的執行情況。2018 年，在實施平衡成長策略之前，我們 84 億美元的營收大部分來自 FMS。萊德每股收益為 5.95 美元，淨資產收益率為 13%。經營現金流為17億美元。這是在貨運高峰期。

Now let's look at what we're expecting from Ryder today. In 2025, a year in which freight market conditions are expected to remain near trough levels, our transformed business model is expected to generate meaningfully higher earnings and returns than it did during the 2018 peak. Through organic growth, strategic acquisitions, and innovative technology, we have shifted our revenue mix towards Supply Chain and Dedicated with 60% of 2025 revenue expected to come from these asset-light businesses compared to 44% in 2018.

現在讓我們看看今天我們對萊德的期望。2025 年，貨運市場狀況預計將維持在低谷水準附近，我們轉型後的商業模式預計將產生比 2018 年高峰期更高的收益和回報。透過有機成長、策略性收購和創新技術，我們已將收入結構轉向供應鏈和專用業務，預計 2025 年 60% 的收入將來自這些輕資產業務，而 2018 年這一比例為 44%。

2025 comparable earnings per share is expected to be between $12.85 and $13.30, more than double 2018 comparable earnings per share of $5.95 million. ROE is expected to be approximately 17%, up from 13% generated during the 2018 cycle peak. As a result of profitable growth in our contractual lease, Dedicated and Supply Chain businesses, operating cash flow is expected to increase to $2.8 billion, up approximately 65% from 2018.

預計2025年每股可比收益將在12.85美元至13.30美元之間，是2018年每股可比收益595萬美元的兩倍多。股本報酬率預計約 17%，高於 2018 年周期峰值期間的 13%。由於我們的合約租賃、專用和供應鏈業務的獲利成長，預計營運現金流將增至 28 億美元，較 2018 年成長約 65%。

As shown here, in 2025, the business is expected to continue to outperform prior cycles, even when comparing the pre-transformation peak to the current market environment. We're proud of the strong performance of our transformed business model and believe that executing on our balanced growth strategy will continue to deliver higher highs and higher lows over the cycle.

如圖所示，到 2025 年，即使將轉型前的高峰與當前的市場環境進行比較，該業務預計仍將繼續超越先前的週期。我們為轉型後的商業模式的強勁表現感到自豪，並相信執行我們的平衡成長策略將在整個週期內繼續實現更高的高點和更高的低點。

I'll now turn the call over to Cristy to review our second quarter performance.

現在我將把電話轉給克里斯蒂來回顧我們第二季度的表現。

Thanks, Robert. Total company results for the second quarter are on page 6. Operating revenue of $2.6 billion in the second quarter, up 2% from prior year primarily reflects contractual revenue growth in SCS and FMS. Comparable earnings per share from continuing operations were $3.32 in the second quarter up 11% from $3 in the prior year. The increase reflects higher contractual earnings and share purchases.

謝謝，羅伯特。第二季的公司整體表現請見第 6 頁。第二季營業收入為 26 億美元，比上年成長 2%，主要反映了 SCS 和 FMS 的合約收入成長。第二季持續經營每股可比收益為 3.32 美元，較去年同期的 3 美元成長 11%。這一增長反映了合約收益和股票購買量的增加。

Return on equity, as Robert previously mentioned, our primary financial metric was 17%, up from prior year, primarily reflecting higher contractual earnings. The ROE benefit from share repurchases was offset by used vehicle sales and rental performance. Year-to-date free cash flow increased to $461 million from $71 million in the prior year, reflecting lower working capital needs and reduced capital expenditures. The benefit in working capital reflects lower tax payments and the timing of vendor payments.

股本回報率，正如羅伯特之前提到的，我們的主要財務指標為 17%，高於上一年，主要反映了更高的合約收益。股票回購帶來的 ROE 收益被二手車銷售和租賃業績所抵銷。年初至今的自由現金流從去年的 7,100 萬美元增加到 4.61 億美元，反映出營運資本需求降低和資本支出減少。營運資本的收益反映了較低的稅費和供應商付款的時間。

Turning to Fleet Management results on page 7. Fleet Management Solutions operating revenue increased 1%, driven by ChoiceLease revenue, which was up 2%. Pretax earnings in Fleet Management were $126 million, down year-over-year, reflecting weaker freight market conditions. Higher ChoiceLease performance driven by pricing and maintenance cost savings initiatives partially offset lower used vehicle sales results.

轉到第 7 頁的車隊管理結果。車隊管理解決方案營業收入成長 1%，其中 ChoiceLease 收入成長 2%。車隊管理的稅前收益為 1.26 億美元，較去年同期下降，反映出貨運市場狀況較弱。受定價和維護成本節約措施推動的 ChoiceLease 業績上漲，部分抵銷了二手車銷售業績的下滑。

We continue to see progress on our pricing and maintenance cost initiatives and remain on track to achieve the benefits targeted for this year. Used vehicle sales results in the second quarter were negatively impacted by the decisions we made to exit out of some aged inventory by utilizing our wholesale channels. We do not plan on executing this level of wholesale trades going forward.

我們的定價和維護成本計劃繼續取得進展，並有望實現今年的目標效益。我們決定利用批發管道清理部分老舊庫存，這對第二季的二手車銷售業績產生了負面影響。我們不打算繼續進行這種級別的批發交易。

And given that we are not expecting any significant change to market conditions for the second half, we expect used vehicle sales results to be in line with first quarter levels for the next two quarters.

鑑於我們預計下半年市場狀況不會發生任何重大變化，我們預計未來兩季二手車銷售業績將與第一季的水平持平。

Rental results for the quarter reflect market conditions that remain weak. The sequential increase in rental demand for the quarter was in line with prior year and below historical trends as contemplated in our prior forecast. Rental utilization on the power fleet was 70%, up from 69% in the prior year on an average active power fleet that was 7% smaller. Although utilization remains below our target range of mid-70s, year-over-year comparisons improved for the first time since the third quarter of 2022.

本季的租賃結果反映出市場狀況依然疲軟。本季租賃需求的環比成長與去年同期持平，且低於我們先前預測的歷史趨勢。發電機組的租賃利用率為 70%，高於前一年平均現役發電機組的 69%，且規模縮小了 7%。儘管利用率仍低於我們 70 年代中期的目標範圍，但自 2022 年第三季以來，年比首次有所改善。

Rental power fleet pricing was up 4% year-over-year. Fleet Management EBT as a percent of operating revenue was 9.7% in the second quarter below our long-term target of low teens over the cycle.

租賃電力車隊價格較去年同期上漲 4%。車隊管理 EBT 佔營業收入的百分比在第二季為 9.7%，低於我們整個週期內低十幾個百分點的長期目標。

Page 8 highlights used vehicle sales results for the quarter. Year-over-year, used tractor and truck pricing both declined 17%. On a sequential basis, pricing for tractors increased 3% and pricing for trucks decreased 10%. Pricing in the second quarter reflects increased wholesale volumes to manage aged inventory.

第 8 頁重點介紹本季二手車銷售結果。與去年同期相比，二手拖拉機和卡車的價格均下降了 17%。與上一季相比，拖拉機價格上漲 3%，卡車價格下降 10%。第二季的定價反映了為管理老化庫存而增加的批發量。

Approximately 50% of our sales volume went through retail sales channels this quarter compared to 65% in the prior year. Pricing in our retail sales channel increased sequentially with tractor retail pricing up 10% and truck retail pricing up 4%.

本季度，我們約有 50% 的銷售額來自零售通路，而去年同期這一比例為 65%。我們零售通路的價格連續上漲，其中拖拉機零售價上漲 10%，卡車零售價上漲 4%。

During the quarter, we sold 6,200 used vehicles, up sequentially and versus prior year. Used vehicle inventory of 9,600 vehicles was slightly above our targeted inventory range. Used vehicle pricing remained above residual value estimates used for depreciation purposes. Slide 19 in the appendix provides historical sales proceeds and current residual value estimates for used tractors and trucks, for your information.

本季度，我們銷售了 6,200 輛二手車，較上季和去年同期均有成長。二手車庫存量為 9,600 輛，略高於我們的目標庫存範圍。二手車定價仍高於用於折舊目的的殘值估算。附錄中的幻燈片 19 提供了二手拖拉機和卡車的歷史銷售收益和當前剩餘價值估算，供您參考。

Although used vehicle sales results were negatively impacted by higher wholesale volumes, lower levels of aged inventory position us to increase our use of the retail sales channel where we realize higher pricing. As such, we expect a higher retail sales mix in the balance of the year compared to current levels.

儘管二手車銷售業績受到批發量增加的負面影響，但較低的庫存水準使我們能夠增加對零售銷售管道的使用，從而實現更高的定價。因此，我們預計今年剩餘時間的零售銷售組合將比目前水準更高。

Turning to Supply Chain on page 9. Operating revenue increased 3%, driven by new business as well as higher customer volumes and pricing. Supply Chain earnings increased 16% from prior year, reflecting operating revenue growth and improved performance from our initiative to optimize our omnichannel retail network. Supply Chain EBT as a percent of operating revenue was 9.7% in the quarter, at the high end of the segment's long-term target of high single digits.

翻到第 9 頁的供應鏈。受新業務以及客戶數量和價格上漲的推動，營業收入增加了 3%。供應鏈收益較上年增長 16%，反映了營業收入的成長以及我們優化全通路零售網路措施帶來的業績提升。本季度，供應鏈 EBT 佔營業收入的百分比為 9.7%，處於該部門長期目標（高個位數）的高端。

Moving to Dedicated on page 10. Operating revenue decreased 3% due to lower fleet count, reflecting the prolonged freight downturn. Dedicated EBT increased 1% year-over-year, reflecting acquisition synergies and prior year integration costs that were partially offset by lower operating revenue.

移至第 10 頁的「專用」。由於船隊數量減少，營業收入下降了 3%，反映了貨運市場的長期低迷。專用 EBT 年成長 1%，反映了收購綜效和前一年的整合成本，但被較低的營業收入部分抵銷。

DTS results continue to benefit from strong performance of our legacy Dedicated business, reflecting pricing discipline as well as favorable market conditions for recruiting and retaining professional drivers. Dedicated EBT as a percent of operating revenue was 7.9% in the quarter at the segment's long-term high single-digit target.

DTS 的業績繼續受益於我們傳統的專用業務的強勁表現，這反映了定價紀律以及招募和留住專業司機的有利市場條件。本季專用 EBT 佔營業收入的百分比為 7.9%，達到了該部門的長期高個位數目標。

I'll now turn the call over to John to review capital spending and capital deployment capacity.

現在我將把電話轉給約翰來審查資本支出和資本部署能力。

Turning to slide 11. Year-to-date, lease capital spending of $832 million was below prior year, reflecting delayed OEM deliveries in the prior year. Rental capital spending of $268 million was also below prior year levels.

翻到第 11 張投影片。年初至今，租賃資本支出為 8.32 億美元，低於去年，反映出去年 OEM 交付延遲。2.68 億美元的租賃資本支出也低於去年同期水準。

For full year 2025, lease spending is now expected to be $1.8 billion, down $300 million from our prior forecast, reflecting lower lease sales activity. Lease spending is expected to be down $200 million from prior year, reflecting delayed OEM deliveries in 2024. We expect the ending lease fleet to remain fairly consistent with current levels by year-end.

就 2025 年全年而言，租賃支出預計為 18 億美元，比我們先前的預測下降 3 億美元，反映出租賃銷售活動的減少。租賃支出預計將比前一年減少 2 億美元，反映出 2024 年 OEM 交付延遲。我們預計，到年底，期末租賃船隊規模將與目前水準基本保持一致。

Forecasted rental capital spending remains at approximately $300 million, down from prior year. Our ending rental fleet is expected to decrease 2% by year-end, and our average rental fleet is expected to be down 5%. The rental fleet remains well below peak levels as we manage through an extended market downturn. In rental, we've continued to shift capital spending to trucks versus tractors. As of the second quarter, trucks represented approximately 60% of our rental fleet.

預計租賃資本支出仍約 3 億美元，低於去年。預計到年底，我們的期末租賃車隊數量將減少 2%，平均租賃車隊數量預計將減少 5%。由於我們努力應對長期的市場低迷，租賃車隊數量仍遠低於峰值。在租賃方面，我們繼續將資本支出從拖拉機轉向卡車。截至第二季度，卡車約占我們租賃車隊的 60%。

Our full year 2025 gross capital expenditures forecast of approximately $2.3 billion is below prior year. We expect approximately $500 million in proceeds from the sale of used vehicles in 2025 and full year 2025 net capital expenditures are expected to be approximately $1.8 billion.

我們預測 2025 年全年總資本支出約 23 億美元，低於前一年。我們預計 2025 年二手車銷售收益約為 5 億美元，2025 年全年淨資本支出預計約為 18 億美元。

Turning to page 12. In addition to increasing the earnings and return profile of the business, our transformed contractual portfolio is also generating significant operating cash flow. Improving the overall cash generation profile of business is one of the essential elements of our balanced growth strategy.

翻到第 12 頁。除了提高業務的獲利和回報狀況之外，我們轉型後的合約組合還產生了大量的經營現金流。改善企業整體現金產生狀況是我們平衡成長策略的重要要素之一。

Better earnings performance is driving higher cash flow generation and in turn, is delevering our balance sheet at a more rapid pace. This momentum is creating incremental debt capacity given our target leverage range of between 2.5x and 3x.

更好的獲利表現正在推動更高的現金流產生，進而以更快的速度降低我們的資產負債表槓桿率。鑑於我們的目標槓桿範圍在 2.5 倍至 3 倍之間，這種勢頭正在創造增量債務能力。

As shown on the slide, over a three-year period, we now expect to generate approximately $10.5 billion from operating cash flow and used vehicle sales proceeds. Our operating cash flow will benefit from the permanent reinstatement of tax bonus depreciation and improving contractual earnings. This creates approximately $3.5 billion of incremental debt capacity, resulting in $14 billion available for capital deployment.

如幻燈片所示，在三年內，我們預計從經營現金流和二手車銷售收益中產生約 105 億美元的收入。我們的經營現金流將受益於稅收獎金折舊的永久恢復和合約收益的提高。這將創造約 35 億美元的增量債務能力，從而有 140 億美元可用於資本部署。

Over the same three-year period, we estimate approximately $9 billion will be deployed for the replacement of lease and rental vehicles and for dividends, leaving around $5 billion of capital available for flexible deployment to support growth and return capital to shareholders.

在同一三年期間，我們估計將部署約 90 億美元用於更換租賃車輛和支付股息，剩餘約 50 億美元的資本可靈活部署，以支持增長並向股東返還資本。

We estimate about half of this capacity will be used for growth CapEx and the remaining to be available for discretionary share repurchases and strategic acquisitions and investments. Our capital allocation priorities remain unchanged and are focused on supporting our strategy to drive long-term profitable growth and return capital to shareholders.

我們估計，其中約一半產能將用於成長資本支出，其餘產能將用於自由股票回購與策略性收購與投資。我們的資本配置重點保持不變，專注於支持我們的策略，推動長期獲利成長並向股東返還資本。

Our top priority is to invest in organic growth. We've taken a balanced approach to investing and since 2021, have invested approximately $1.1 billion in strategic M&A and have deployed approximately $1.1 billion for discretionary share repurchases, reducing our share count by 21%.

我們的首要任務是投資有機成長。我們採取了均衡的投資方式，自 2021 年以來，已在策略併購方面投資了約 11 億美元，並已部署約 11 億美元用於自由支配的股票回購，從而將我們的股票數量減少了 21%。

Our balance sheet remains strong with leverage of 251% at quarter end at the low end of our target range and continues to provide ample capacity to fund our capital allocation priorities.

我們的資產負債表依然強勁，季度末的槓桿率為 251%，處於目標範圍的低端，並繼續提供充足的能力來資助我們的資本配置重點。

With that, I'll turn the call back over to Robert to discuss our outlook.

說完這些，我將把電話轉回給羅伯特，討論我們的前景。

Turning to our outlook on page 13. Our full year 2025 comparable EPS forecast is updated to a range of $12.85 to $13.30 above prior year of $12 as higher contractual earnings and the benefits from our strategic initiatives more than offset the impact from market conditions in rental and used vehicle sales. Our updated forecast continues to reflect contractual earnings growth with a more muted second half recovery in used vehicle sales.

翻到第 13 頁的展望。我們對 2025 年全年可比每股收益的預測已更新為 12.85 美元至 13.30 美元，高於上年的 12 美元，因為更高的合約收益和我們戰略舉措帶來的好處足以抵消租賃和二手車銷售市場狀況的影響。我們最新的預測持續反映合約獲利成長，而下半年二手車銷售復甦則較為溫和。

Although sales pipelines remain strong, the prolonged freight downturn and economic uncertainty continue to cause some customers and prospects in Lease and Dedicated to delay decisions. These near-term contractual sales headwinds are consistent with current market conditions. We are, however, encouraged by robust sales and pipeline activity in SCS.

儘管銷售管道依然強勁，但長期的貨運低迷和經濟不確定性繼續導致租賃和專用領域的一些客戶和潛在客戶推遲做出決定。這些近期合約銷售逆風與當前市場狀況一致。然而，SCS 強勁的銷售和通路活動令我們感到鼓舞。

Our 2025 ROE forecast is revised to 17% from a range of 16.5% to 17.5%. The revised forecast remains in line with our expectations given current market conditions. As mentioned earlier, we increased our free cash flow forecast by $500 million to a range of $900 million to $1 billion to reflect lower capital expenditures and the permanent reinstatement of tax bonus depreciation. Our third quarter comparable EPS forecast range is $3.45 to $3.65 versus the prior year of $3.44.

我們對 2025 年 ROE 預測從 16.5% 至 17.5% 的範圍修正為 17%。鑑於當前的市場狀況，修訂後的預測仍然符合我們的預期。如前所述，我們將自由現金流預測提高了 5 億美元，達到 9 億至 10 億美元之間，以反映較低的資本支出和永久恢復稅收獎金折舊。我們對第三季每股收益的預測範圍為 3.45 美元至 3.65 美元，而去年同期為 3.44 美元。

Turning to page 14. The key driver of expected earnings growth in 2025 is incremental benefits from multiyear strategic initiatives that are well underway and related to our contractual Lease, Dedicated and Supply Chain businesses. We have good visibility to these initiatives. They represent structural changes that we're making to the business and are not dependent on a cycle upturn.

翻到第 14 頁。2025 年預期獲利成長的主要驅動力是與我們的合約租賃、專用和供應鏈業務相關的多年期策略計畫帶來的增量收益。我們對這些舉措有很好的了解。它們代表了我們對業務的結構性變革，並不依賴週期性的改善。

Upon completion, we expect these initiatives to generate annual pretax earnings benefits of approximately $150 million, which will be a key component to achieving our long-term ROE target of low 20s over the cycle.

完成後，我們預計這些舉措將產生約 1.5 億美元的年度稅前收益，這將是我們在整個週期中實現 20% 以下長期 ROE 目標的關鍵因素。

In FMS, we expect to realize an incremental annual benefit of approximately $20 million in 2025 from our lease pricing initiative. This results in a total of $125 million benefit relative to our 2018 run rate, reflecting portfolio pricing under the new model. We expect $50 million in benefits over multiple years from our maintenance cost savings initiative announced in mid-2024.

在 FMS 中，我們預計到 2025 年，我們的租賃定價計畫將帶來每年約 2,000 萬美元的增量收益。相對於我們 2018 年的運行率，這總共帶來了 1.25 億美元的收益，反映了新模式下的投資組合定價。我們預計，2024 年中期宣布的維護成本節約計畫將在多年內帶來 5,000 萬美元的收益。

In DTS, we expect to realize $40 million to $60 million in annual synergies from the Cardinal acquisition at full implementation. The majority of these synergies are related to maintenance efficiencies and replacing third-party operating leases with the benefits from Ryder ownership and asset management.

在 DTS 中，我們預計全面實施 Cardinal 收購後每年將實現 4,000 萬至 6,000 萬美元的綜效。這些綜效主要與維護效率以及利用萊德所有權和資產管理帶來的優勢取代第三方經營租賃有關。

In SCS, we are focused on optimizing our omnichannel retail warehouse network through continuous improvement efforts, driving operational efficiencies and better aligning our footprint with the demand environment.

在 SCS，我們專注於透過持續改進努力來優化我們的全通路零售倉庫網絡，提高營運效率並使我們的業務範圍更好地與需求環境保持一致。

Since the second half of 2024, we have seen improved productivity in this vertical as a result of these actions and expect incremental benefits throughout 2025. By year-end 2025, we expect to realize approximately $100 million from these initiatives benefiting all three business segments. Approximately $70 million of these benefits are incremental to 2024.

自 2024 年下半年以來，由於這些行動，我們看到該垂直產業的生產力有所提高，並預計在 2025 年全年將獲得增量收益。到 2025 年底，我們預計這些措施將帶來約 1 億美元的收益，惠及所有三個業務部門。其中約 7,000 萬美元的福利將持續增加至 2024 年。

In addition to continuing to increase the return profile of our contractual businesses, we are also focused on ensuring the business is well positioned to benefit from the eventual cycle upturn. As such, we expect an annual pretax earnings benefit of approximately $200 million by the next cycle peak and expect to begin to realize these benefits during the upturn.

除了繼續提高合約業務的回報率之外，我們還致力於確保業務能夠從最終的周期好轉中受益。因此，我們預計到下一個週期高峰時，年度稅前收益將達到約 2 億美元，並預計在經濟改善期間開始實現這些收益。

Although over 90% of our operating revenue is supported by long-term contracts that generate relatively stable and predictable operating cash flows over the cycle, each business segment has meaningful opportunities to benefit from the cycle upturn.

儘管我們 90% 以上的營業收入都來自長期合同，這些合約在整個週期內產生相對穩定和可預測的營業現金流，但每個業務部門都有從週期好轉中獲益的重要機會。

We expect the majority of the $200 million benefit to come from the cyclical recovery of rental and used vehicle sales in FMS. In Dedicated, improved driver availability and lower recruiting and turnover costs are benefiting earnings but have been a headwind to new sales and revenue growth. As freight capacity tightens and driver availability becomes more challenging, we expect to see incremental sales opportunities and improved revenue growth in DTS as private fleets seek solutions to address this pain point.

我們預計，這 2 億美元收益中的大部分將來自 FMS 租賃和二手車銷售的周期性復甦。在專用車輛領域，駕駛員可用性的提高以及招募和人員流動成本的降低有利於盈利，但卻阻礙了新的銷售和收入成長。隨著貨運能力收緊和司機可用性變得更具挑戰性，隨著私人車隊尋求解決方案來解決這一痛點，我們預計 DTS 將出現增量銷售機會和收入成長。

In Supply Chain, muted volumes in our omnichannel retail vertical have been a headwind to revenue and earnings. We expect Supply Chain results to benefit as volumes from these services recover and our optimized warehouse footprint is leveraged. We've been pleased by the business's resilience and performance during the prolonged freight market downturn and are confident each of our business segments is appropriately positioned to benefit from the cycle upturn.

在供應鏈中，全通路零售垂直領域的銷售低迷一直是營收和獲利的阻力。我們預計，隨著這些服務業務量的恢復以及我們優化的倉庫空間得到利用，供應鏈績效將受益。我們對業務在長期貨運市場低迷時期的韌性和表現感到滿意，並相信我們的每個業務部門都已做好充分準備，可以從週期性好轉中受益。

Turning to page 15. Our transformed business model continues to deliver value to our customers and our shareholders. We continue to outperform prior cycles, and our results are benefiting from consistent execution and the strength of our contractual portfolio.

翻到第 15 頁。我們轉變後的商業模式持續為我們的客戶和股東創造價值。我們的表現繼續超越前幾個週期，我們的業績得益於持續的執行和合約組合的實力。

We continue to see significant opportunities for profitable growth supported by secular trends, our operational expertise and ongoing momentum from multiyear strategic initiatives. We remain committed to investing in products, capabilities and technologies that will deliver value to our customers and our shareholders.

我們繼續看到巨大的獲利成長機會，這得益於長期趨勢、我們的營運專業知識以及多年策略舉措的持續動力。我們始終致力於投資能夠為我們的客戶和股東創造價值的產品、能力和技術。

That concludes our prepared remarks. Please note that we expect to file our 10-Q later today. At this time, I'll turn it over to the operator to open the call for questions.

我們的準備好的演講到此結束。請注意，我們預計將於今天晚些時候提交 10-Q 表。現在，我將把電話交給接線員，開始提問。

(Operator Instructions)

（操作員指示）

Ravi Shanker, Morgan Stanley.

摩根士丹利的拉維·尚克（Ravi Shanker）。

So great to the dry powder on the balance sheet here. Are you confident kind of deploying that now? Or do you think you need to wait for the up cycle and maybe a little more clarity before you decide where is up there?

這裡的資產負債表上的乾粉非常好。現在您有信心部署它嗎？或者您認為您需要等待上升週期，也許還需要等待更清晰的訊息，才能決定哪裡是上升的？

Ravi. Yes, look, I think -- obviously, we feel really good about the dry powder. We've got repurchase programs in place already. We are always looking for acquisition opportunities. And then obviously, as we get into the freight up cycle, we're going to be investing organically in vehicles not only for lease, but for rental. So we feel really good about where we're at. We think we've got a great balance as you saw in that page that John took us through and really feel we've got the dry powder we need to do all of the things that we want to do across each of those areas.

拉維。是的，看，我認為——顯然，我們對乾粉感覺非常好。我們已經實施了回購計劃。我們一直在尋找收購機會。顯然，隨著我們進入貨運上升週期，我們將對車輛進行有機投資，不僅用於租賃，還用於出租。因此，我們對目前的狀況感到非常滿意。我們認為我們已經取得了很好的平衡，正如您在約翰帶我們瀏覽的頁面中所看到的那樣，並且我們真的覺得我們已經擁有了完成我們想要在各個領域做的所有事情所需的乾粉。

If I can squeeze a quick follow-up here. Noted on the retail versus wholesale mix in the back half, but how are you thinking about the different scenarios on residual truck values in the back half of the year, just given the uncertainty around the cycle?

如果我可以在這裡快速跟進。注意到下半年零售與批發的組合，但考慮到週期的不確定性，您如何看待下半年剩餘卡車價值的不同情景？

What we're thinking about on the pricing?

我們對定價有何考慮？

Yes, correct.

是的，正確。

Yes. Look, as we look at the back half, what we've seen and what probably many of you have seen is that tractor pricing has begun to move up. Our tractor pricing, as we showed, even with the additional wholesaling activity we did was still up 3%. If you look at retail only, it was up 10%. So we would expect that trend to continue.

是的。瞧，當我們看後半部分時，我們看到的以及你們中的許多人可能已經看到的是拖拉機價格已經開始上漲。正如我們所展示的，即使我們進行了額外的批發活動，我們的拖拉機價格仍然上漲了 3%。如果只看零售業，則成長了 10%。因此我們預計這種趨勢將會持續下去。

We did bring down the top end of our guidance, primarily because we don't expect the increase to be as significant as we originally did, so a more muted increase. But we would expect a steady increase, especially in the fourth quarter, as we get into the fourth quarter in terms of trucking, but we're very encouraged by what we're seeing in the used tractor market.

我們確實下調了預期的最高值，主要是因為我們預期增幅不會像最初那麼大，因此增幅會比較溫和。但我們預計會穩定成長，特別是在第四季度，因為卡車運輸方面我們進入了第四季度，但我們對二手拖拉機市場的表現感到非常鼓舞。

(Operator Instructions)

（操作員指示）

Scott Group, Wolfe Research.

斯科特集團、沃爾夫研究公司。

Just a follow-up there. So just maybe a little bit more on why the -- we went to losses on sales in Q2 and why it goes back to gains right away in Q3? I don't know that -- we've seen it in flex so quickly in the past? And then just maybe if that's right, though, that we get this uplift from $0.20 or so of games, we typically see just the core earnings get a little bit better Q2 to Q3. So are there other offsets to think about in the guide for Q3?

這只是後續行動。那麼，也許可以再多解釋為什麼──我們在第二季的銷售額出現虧損，而在第三季又立即回升？我不知道——我們過去曾見過它如此迅速地彎曲嗎？那麼，如果這是正確的，那麼我們從 0.20 美元左右的遊戲中獲得提升，我們通常會看到核心收益在第二季度到第三季度會有所改善。那麼 Q3 指南中還有其他需要考慮的偏移嗎？

Yes. I think the reason we went to a loss was really driven by the fact that we had this incremental wholesaling activity of aged inventory. We talked about it on the last call, we said we were going to do what we did. We actually did a little more than we had originally expected. So that probably cost us about $10 million in the quarter.

是的。我認為我們虧損的真正原因是我們進行了大量的陳舊庫存批發活動。我們在上次通話中討論了這個問題，我們說我們會採取我們所採取的行動。事實上，我們做的比我們最初預期的要多一些。因此本季我們的成本可能約為 1000 萬美元。

There was about 1,000 units that we did there, incremental to what we had done in the first quarter. So that's really why we know is going forward, we still have some wholesaling to do, but we don't expect to do anywhere near that magnitude of it, and that's what would get us back to more of the gains levels that you saw in Q1.

我們在那裡生產了大約 1,000 個單位，比第一季的生產數量增加。所以這就是我們真正知道未來發展的原因，我們仍然有一些批發業務要做，但我們預計不會做那麼多，而這正是讓我們回到第一季看到的收益水平的原因。

I don't know if you had other thoughts on, like, the other part of the question just about if we get that $10 million or whatever uplift in used, are there other offsets to think about in the guidance for Q3?

我不知道您是否還有其他想法，例如，問題的另一部分，如果我們獲得 1000 萬美元或任何增加的資金，在第三季度的指導中是否還有其他抵消措施需要考慮？

No, I think we're expecting -- if you think about towards the high end of our guidance, we said at the beginning of the year, we had about $70 million in earnings improvement from initiatives. That comes out to like $1.20. So we were at $12 last year, with the initiatives that we have, that gets us to $13.20. I guess it's pretty close to the high end.

不，我認為我們預計——如果你考慮一下我們指引的高端，我們在年初就說過，我們從這些舉措中獲得了約 7000 萬美元的收益增長。算下來大概是1.20美元。所以去年我們的預算是12美元，加上我們採取的措施，現在達到了13.20美元。我想這已經相當接近最高限額了。

The incremental earnings are really coming from the contractual parts of the business more than offsetting some incremental challenges that we have in rental and used vehicle sales, right? We lowered our range last quarter because of rental. We lowered it a little bit. And this year -- this quarter, we're lowering a little bit because of used vehicle sales. So those transactional parts just haven't really come back.

增量收益實際上來自業務的合約部分，足以抵消我們在租賃和二手車銷售方面遇到的一些增量挑戰，對嗎？由於租賃原因，我們上個季度降低了價格範圍。我們把它降低了一點。今年本季度，由於二手車銷售，我們的價格略有降低。因此那些交易部分實際上還沒有回來。

As you know, the market hasn't come back with all the uncertainty. I think this quarter is a little less uncertainty than there was a quarter ago. And hopefully, next quarter, there's a little less uncertainty than this quarter, and things continue to improve.

正如你們所知，市場尚未復甦，而且充滿不確定性。我認為本季的不確定性比上一季有所減少。希望下個季度的不確定性比本季少一些，情況繼續改善。

But those are really -- I would tell you the only other headwind is just obviously contractual sales. Contractual sales with the uncertainty has been more muted, especially in our Lease and Dedicated businesses. So we need that business. We need customers to get to the point where they're making decisions, and we get that -- those sales back on track. That does create some headwind in terms of the growth of earnings as that comes back.

但這些確實是——我想告訴你，唯一的其他阻力顯然就是合約銷售。由於存在不確定性，合約銷售一直比較低迷，尤其是在我們的租賃和專用業務中。所以我們需要這項業務。我們需要讓客戶做出決定，而我們做到了這一點——銷售重回正軌。這確實會為獲利成長帶來一些阻力。

We are pleased, though, we have seen a pickup in sales on the Supply Chain side. We got some larger customers that are making decisions, and we're very pleased with what's going on there. But we haven't seen that yet on the Dedicated and Leasing side.

不過，我們很高興看到供應鏈的銷售額回升。我們有一些較大的客戶正在做出決策，我們對目前的情況感到非常滿意。但我們還沒有在專用和租賃方面看到這種情況。

And maybe just if I can ask one more, just to that point, like I get the cash flow benefit to you from the bill, but how do you think it changes customer behavior? Is there more buying instead of leasing? Is it a risk to you? Is it -- are you seeing -- because of the cash flow benefit maybe -- is there any sort of reason why your leasing activity would pick up? Just any thoughts there?

也許我可以再問一個問題，就這一點而言，就像我從帳單中獲得了現金流收益，但您認為它如何改變客戶行為？購買量是否大於租賃量？這對你來說有風險嗎？您是否看到，可能是因為現金流收益，有什麼原因導致您的租賃活動回升？有什麼想法嗎？

I think historically, when you've seen -- I mean, I feel like we've had bonus depreciation for a long time, but you go way back when bonus appreciation would get turned on and off. Typically, you would see an increase in overall business spending. And that is good for us because that means there's more activity in the marketplace. We get more opportunities to pitch our leases and our services.

我認為從歷史上看，當你看到——我的意思是，我覺得我們已經有獎金貶值很長時間了，但你可以追溯到獎金升值開始和結束的時期。通常，你會看到整體商業支出的增加。這對我們來說是好事，因為這意味著市場上會有更多的活動。我們獲得了更多機會來推銷我們的租約和服務。

So yes, it does provide a free cash flow benefit for us going forward, at least for the next several years. But it also, more importantly, stimulates the economy and get our customers to feel better about making investments, whether it's buying additional equipment or leasing and signing contracts for additional equipment.

所以是的，它確實為我們未來的自由現金流帶來了好處，至少在未來幾年是如此。但更重要的是，它還能刺激經濟，讓我們的客戶對投資更有信心，無論是購買額外的設備還是租賃和簽訂額外設備的合約。

David Zazula, Barclays.

巴克萊銀行的戴維‧扎祖拉 (David Zazula)。

I guess, we've talked a little bit about the three key portion of the guide. Given 3Q and full year, we can back into what is going on in 4Q. Can you maybe talk early assumptions on what you're expecting in 4Q from an FMS perspective, leasing environment? Any thoughts you have into that portion of the guide?

我想，我們已經談論了指南的三個關鍵部分。鑑於第三季和全年的情況，我們可以回顧第四季度的情況。您能否從 FMS 的角度談談對第四季租賃環境的預期？您對指南的該部分有什麼看法？

So if you look at the range of the guide, on the top end of the range, it's primarily we're expecting historical sequential trends in rental. And then on the used vehicle side, we're expecting some increase or kind of flattish in Q3 and then some increase -- mild, increase, modest increase, if you will, used vehicle pricing in Q4.

因此，如果您查看指南的範圍，在範圍的頂端，我們主要預期的是租賃的歷史連續趨勢。然後在二手車方面，我們預計第三季二手車價格會上漲或持平，然後在第四季二手車價格會上漲——溫和上漲，適度上漲。

On the low end of the range, however, we're expecting flat rental with no seasonal pickup and actually continued declines in used vehicle pricing in Q3 and Q4. So that gives you kind of an idea of the goalpost that we've got out there in terms of what could happen. The contractual businesses is more consistent. We're expecting that to continue to perform the way it has been. And then obviously, we expect to continue to execute well on our initiatives, and we're certainly on track with achieving the $70 million we originally targeted.

然而，在低端，我們預計租金將持平，沒有季節性上漲，第三季和第四季二手車價格實際上將繼續下降。這樣您就可以大致了解我們為可能發生的事情設定的目標。合約業務更加一致。我們期望它能繼續保持目前的表現。顯然，我們希望繼續順利執行我們的計劃，並且我們肯定有望實現最初設定的 7000 萬美元目標。

And if I just could ask about OEM delays and some of the drivers behind the CapEx change, are those things that you're expecting to kind of reverse in 2026? And yes, early, do you expect an environment that would warrant increase capital spending on your part in '26?

如果我可以問一下 OEM 延遲和資本支出變化背後的一些驅動因素，您是否預計這些因素會在 2026 年逆轉？是的，早期，您是否預期環境會保證您在 26 年增加資本支出？

Yes. Look, I think the tax bill is certainly going to be helpful. We need the freight market to finish correcting. I keep saying, we're closer to the end of the beginning. I still think we're way closer to the end than the beginning after three years of this.

是的。聽著，我認為稅收法案肯定會有所幫助。我們需要貨運市場完成調整。我一直在說，我們正接近開始的結束。經過三年的努力，我仍然認為我們距離結束比開始更近。

We are seeing an early sight just with what's happening with used tractor pricing. We're still seeing rental those soft and it's kind of flattish. And then we're the least miles per unit or kind of bumping along flattish, too. So we still haven't seen the big pickup.

我們對二手拖拉機定價的現況有了初步了解。我們仍然看到租賃市場疲軟且略顯平淡。然後我們每單位行駛的里程數最少，或者說行駛軌跡也比較平坦。所以我們還沒看到大的回升。

I think there's still certainly lingering uncertainty around tariffs. And hopefully, that gets resolved here in the next month or so. Mostly resolved. And then it's a matter of that freight market rebalancing and we're back off to the races. So yes, that could turn around certainly next year.

我認為關稅問題仍然存在不確定性。希望這個問題能在下個月左右解決。大部分已解決。然後就是貨運市場再平衡的問題，我們又重新回到競爭中。是的，明年情況一定會好轉。

The CapEx decline is primarily just not having the lease and rental CapEx that we would normally see as we start building the business back up. So yes, some of that you should start to see that come back in 2026.

資本支出的下降主要是因為我們開始重建業務時沒有通常看到的租賃和租金資本支出。所以是的，你應該會在 2026 年開始看到其中一些現象的回歸。

Harrison Bauer, Susquehanna.

哈里森鮑爾，薩斯奎漢納。

Great. Maybe could you walk us through about how you're thinking about the margin cadence in the back half of the year? Really across your different segments and for FMS maybe on an X gain basis.

偉大的。您能否向我們介紹一下您對今年下半年利潤節奏的看法？確實跨越了您的不同細分市場，並且對於 FMS 來說可能基於 X 增益。

And then as you take a step back, considering all your segment margins, including FMS X gains are at or approaching their long-term guides, in 2026, as you pivot to growth more, do you think there might be some margin pressure that comes with that?

然後，當您退一步考慮時，考慮到所有部門的利潤率，包括 FMS X 的收益都達到或接近其長期指導水平，到 2026 年，當您更多地轉向增長時，您是否認為可能會帶來一些利潤壓力？

Let me hand it over to Cristy, she could give you a little color around the margin expectations. And then we can talk about what would happen as we start to grow.

讓我把它交給克里斯蒂，她可以給你一些有關利潤預期的資訊。然後我們可以討論當我們開始成長時會發生什麼。

Yes. So on the -- Harrison, on the margin side, for the FMS business, we are expecting Q3 and Q4 to have growth in those periods also because we're catching the tail on some of the deterioration that we saw last year from rental and now with rental stabilizing, that should get better. But regardless of that, we're obviously benefiting from the initiatives in FMS related to pricing and maintenance. So that is continuing to provide benefit in our margins for those periods.

是的。因此，就利潤率而言，對於 FMS 業務，哈里森，我們預計第三季和第四季也會實現成長，因為我們正在趕上去年租金下降的一些趨勢，現在隨著租金穩定，情況應該會好轉。但無論如何，我們顯然受益於 FMS 中與定價和維護相關的措施。因此，這將持續為我們的利潤率帶來好處。

On the Supply Chain side, it's more of the same of what you've seen. We've had good growth there as well as our initiative around the omnichannel retail network. So we are also expecting margin growth in those periods.

在供應鏈方面，它與您所看到的大致相同。我們在那裡取得了良好的成長，並且在全通路零售網路方面也取得了進展。因此，我們也預期這些時期的利潤率將會成長。

And then with Dedicated, we've talked about that. One, we do have the benefits from the Cardinal synergies, but we are seeing lower fleet count, and that will impact our comparable earnings comparisons year-over-year. So that will put some pressure on that. But overall, as we said, we expect earnings growth, and we should continue to benefit from these initiatives, and all the stuff we've done to the contractual business to really make it as resilient as it can be.

然後，關於 Dedicated，我們已經討論過了。首先，我們確實受益於 Cardinal 的協同效應，但我們看到機隊數量正在減少，這將影響我們同比可比收益的比較。所以這會造成一些壓力。但總體而言，正如我們所說，我們預計盈利將會成長，並且我們應該繼續受益於這些舉措，以及我們為合約業務所做的一切努力，使其盡可能具有彈性。

Yes. Look, and I think you mentioned that the segments are all at or near there, target margins, yes. If you look at Supply Chain and Dedicated or after target margins, FMS is not at the target margins right now, they're at the high single digits, low double digits. We want it to be in the low teens. And that's going to be -- it's going to get to the low teens as we start to see the market recover.

是的。你看，我想你提到過，所有的部分都達到或接近目標利潤率，是的。如果您查看供應鏈和專用利潤率或目標利潤率之後，您會發現 FMS 目前尚未達到目標利潤率，而是處於高個位數或低兩位數。我們希望它處於十度以下。隨著市場開始復甦，這一數字將會降至十幾個百分點。

As you start to get rental and used vehicle sales really contributing. That's how you start to see that come back. So hopefully, that's happening already next year, and we start to see that improvement. But that's really the missing piece, if you will, to the puzzle.

當您開始獲得租賃和二手車銷售的真正貢獻時。這就是你開始看到它回歸的方式。所以希望明年就能實現這一點，並且我們開始看到這種改善。但如果你願意的話，這確實是謎題中缺少的一塊。

The only other thing I would add to what Cristy said is on the Supply Chain side, you will -- as we go into the second half of the year, they've really been on a tear in terms of the growth and the consecutive quarters of earnings growth. We're going to expect -- we expect to see that in 3 or 4. However, you do catch the tail of some of the earnings improvement that we had last year.

除了克里斯蒂所說的之外，我唯一想補充的是供應鏈方面，隨著我們進入下半年，他們在增長和連續幾個季度的盈利增長方面確實取得了長足的進步。我們預計——我們預計在 3 或 4 中看到這一點。然而，你確實看到了我們去年獲利改善的一些跡象。

And then you also could have some -- we've got a lot of new business that has been signed, and you could have some lumpiness around when that starts to come in. But as we get into the fourth quarter, we expect to really start to see growth on the top line accelerate and then the bottom line also begin to grow.

然後你也可能有一些——我們已經簽署了很多新業務，當這些業務開始進來時，你可能會遇到一些不順暢的情況。但隨著進入第四季度，我們預計營收成長將真正開始加速，然後利潤也開始成長。

Great. And then maybe just a quick follow-up on your truck and tractor mix as John alluded to in the rental business. But maybe could you update us on the differences you're seeing in demand in your lease and rental on tractors versus trucks?

偉大的。然後也許只是對您的卡車和拖拉機組合進行快速跟進，正如約翰在租賃業務中提到的那樣。但是，您能否向我們介紹一下您在拖拉機和卡車租賃需求方面所看到的差異？

Let me hand that over to Tom.

讓我把它交給湯姆。

Well, I can -- I'll start with lease. I know you can see that we've had some headwinds on the lease fleet growth year-over-year. But when you strip that out and look at the different classes, trucks are actually up year-over-year about 2,000 units and the business headwinds are in the tractor trailer classes, which is where you might expect it to be with the transport challenges that we're seeing in the market in general.

好吧，我可以——我將從租賃開始。我知道您已經看到，我們的租賃機隊同比增長遇到了一些阻力。但是當你剔除這些因素並查看不同的類別時，卡車的數量實際上同比增長了約 2,000 輛，而業務阻力則出現在拖拉機拖車類別中，考慮到我們在市場上普遍看到的運輸挑戰，你可能會認為這種情況會發生。

So I think that's a generally good trend from a truck perspective, and we expect tractor trailers to come back at some point, as Robert's mentioned, as the market improves.

因此，我認為從卡車的角度來看，這是一個總體良好的趨勢，正如羅伯特所提到的，隨著市場的改善，我們預計拖拉機拖車將在某個時候回歸。

On rental, I think John hit it in his opening comments. We have continued to invest in the truck fleets and it sits at about 60% of the rental fleet today. We expect that to continue through this year. As the market does improve, I would expect that we would invest in some tractors in the rental fleet, probably in 2026, but we'll wait to see as the market improves before we do that and grow that tractor fleet again.

關於租賃，我認為約翰在開場白中就提到了這一點。我們持續對卡車車隊進行投資，目前卡車車隊約佔租賃車隊的 60%。我們預計這種情況將持續到今年。隨著市場確實好轉，我預計我們會在租賃車隊中投資一些拖拉機，大概是在 2026 年，但我們會等待市場好轉後再這樣做，並再次擴大拖拉機車隊。

Jordan Alliger, Goldman Sachs.

喬丹·阿利格，高盛。

I'm just sort of curious on the used truck markets, it's great. We're seeing the sequential increase. You indicated you expect that trend to continue. What underpins that? Is it more a function of new truck prices are higher, orders are down, but people still need high-quality trucks? Or is it a function perhaps of maybe supply getting a little firmer in the overall trucking market?

我只是對二手卡車市場有點好奇，它很棒。我們看到了連續的成長。您表示您預計這種趨勢將會持續下去。其依據是什麼？這是否更多的是因為新卡車價格上漲，訂單減少，但人們仍然需要高品質的卡車？或者這可能是由於整個卡車運輸市場的供應變得更加強勁？

Yes. I think that it's probably all of those things that you mentioned. We are getting to a point where this freight recession has been going on for a while, and you're starting to see some other people, I guess, that are looking to replace vehicles that they have, used vehicles and the vehicles that we have are truck at that.

是的。我認為這可能就是您提到的所有那些事情。我們正處於貨運衰退持續了一段時間的階段，我想，你開始看到其他人正在尋找替換現有車輛的二手車，而我們擁有的車輛是卡車。

I don't know, Tom, if you want to give them --

我不知道，湯姆，你是否想給他們--

The only thing I might add is, you look at the sleeper classes, in particular, is where you're seeing the most price uplift in used vehicle sales. And I think our inventory probably mirrors the overall general inventory of used vehicles. Our sleeper inventory is actually relatively low. And I think that's what's driving the pricing. So it's, I think, an indication that you're getting closer to equilibrium at least on that class. Hopefully, the others will follow soon.

我唯一想補充的是，你看看臥舖車廂，你會發現二手車銷售價格漲幅最大。我認為我們的庫存可能反映了二手車的整體庫存。我們的臥舖庫存實際上相對較低。我認為這就是推動定價的因素。所以，我認為，這表明至少在那個類別上你正在接近平衡。希望其他人也能盡快跟進。

And these are -- I mean, these are high-quality vehicles that are -- really the pricing. If you look at the historical charts that we have, they've come down to pretty low levels. And that's where you start to see some folks coming in to replace units.

這些都是——我的意思是，這些都是高品質的車輛，而且價格確實合理。如果你看一下我們的歷史圖表，你會發現它們已經降到了相當低的水平。從那時起，你會看到一些人來替換單位。

And then just as a follow-up, the Supply Chain margins continue to be at target despite the difficulty in closing deals and maybe revenue growth being -- operating revenue growth below target. I mean is that how it should work like going forward? What underpins the strength in the margins despite perhaps the less than optimal revenue growth?

然後作為後續行動，儘管達成交易存在困難，且收入成長可能低於目標，但供應鏈利潤率仍達到目標。我的意思是，它以後該如何運作？儘管收入成長可能不太理想，但是什麼支撐了利潤率的強勁？

Yes. Look, I think it's an indication of the value prop of the work that we do in Supply Chain. But let me hand it over to Steve to give you a little more color.

是的。看，我認為這表明了我們在供應鏈中所做工作的價值主張。但請讓我把它交給史蒂夫，讓他給你更多細節。

Yes, Jordan, I think first of all, I wanted to thank the team for focusing on the business and our customers. There's three or four things that we've been focused on. You remember a few years ago, we focused on investing in our start-up effectiveness teams. We continue to do that.

是的，喬丹，我想首先，我要感謝團隊對業務和客戶的關注。我們一直關註三、四件事。您記得幾年前，我們專注於投資我們的新創企業效能團隊。我們將繼續這樣做。

So as Robert said, as we bring on new business, we've got the right approach and execution on that. Team is also focused on continuous improvement in the business. We've been very disciplined, I think, on the overhead structure and our pricing on new contracts.

正如羅伯特所說，當我們開展新業務時，我們採取了正確的方法和執行方式。團隊也致力於業務的持續改善。我認為，我們對管理費用結構和新合約的定價非常嚴格。

And I think the diversification of the port-to-door capabilities and service offerings is attractive to our customers. So as Robert said, we're off to a good start. We should expect as we exit Q4 to be in that mid-single-digit range.

我認為，門到港能力和服務產品的多樣化對我們的客戶很有吸引力。正如羅伯特所說，我們已經有了一個好的開始。我們預計，在第四季結束時，銷售額將處於中等個位數範圍內。

Yes. And the only thing I'd add to that is that as we get through this uncertainty, I think it was really holding up decisions in Supply Chain has been the uncertainty because it's not all just tied to the freight market, and we're starting to see some of that loosen up now.

是的。我唯一要補充的是，當我們克服這種不確定性時，我認為真正阻礙供應鏈決策的是不確定性，因為它不僅僅與貨運市場相關，而且我們現在開始看到其中一些因素有所放鬆。

We're really encouraged about the opportunities to continue to grow that business, especially as if you start to see more industrial manufacturing pick up in the US and more industrial manufacturing come to the US. I think we're really well positioned to play in that space.

我們對繼續發展該業務的機會感到非常鼓舞，特別是當你開始看到美國越來越多的工業製造業復甦，越來越多的工業製造業進入美國時。我認為我們確實有能力在該領域開展業務。

Jeff Kauffman, Vertical Research Partners.

傑夫·考夫曼（Jeff Kauffman），Vertical Research Partners 的合夥人。

Congratulations. Bigger picture thought question on maintenance. Some years ago, we thought outsourced maintenance was a strategic growth weapon. It's been kind of stagnant for the last few years. We can blame the environment fleet, maybe some of it has to do with the mix where you're focusing more on trucks versus tractors.

恭喜。關於維護的更大思考問題。幾年前，我們認為外包維護是一種策略性成長武器。過去幾年來，情況一直處於停滯狀態。我們可以將此歸咎於環境車隊，也許部分原因與您更關注卡車而不是拖拉機的組合有關。

But I just kind of wanted to think about maintenance because in theory, in an environment like this, when nobody is buying trucks, maintenance should become really important, and a lot of fleets are complaining to me that their maintenance costs are rising.

但我只是想考慮一下維護問題，因為從理論上講，在這樣的環境下，當沒有人購買卡車時，維護應該變得非常重要，而且很多車隊都向我抱怨他們的維護成本正在上升。

What's going on with maintenance? I mean, why hasn't it grown the last couple of years? Is it a strategic decision? Is it a customer decision? Is it a mix decision? And where do we think the outlook for maintenance -- outsourced maintenance is in the long run?

維護情況怎麼樣？我的意思是，為什麼過去幾年它沒有成長？這是一個戰略決策嗎？這是客戶的決定嗎？這是一個混合決定嗎？從長遠來看，我們認為維護──外包維護的前景如何？

Yes. I'll let Tom give you more of an answer there, but I'll tell you that we haven't given up on it. I mean we've got an initiative around mobile maintenance that we're trying to grow with our Torque product where we're going on into mobile maintenance.

是的。我會讓湯姆給你更多的答案，但我要告訴你，我們還沒有放棄。我的意思是，我們在行動維護方面有一項計劃，我們正試圖透過我們的 Torque 產品來發展這項計劃，我們將涉足行動維護領域。

I think the real opportunity may be there is retail as opposed to these contractual of multiyear agreements for kind of a guaranteed maintenance. We're finding these customers that don't want to do full-service lease. Many of them just want to do retail maintenance. They want to pay by the trunk, and they want to pay retail.

我認為真正的機會可能在於零售，而不是這些用於保證維護的多年合約。我們發現這些客戶不想進行全方位服務租賃。他們中的許多人只是想做零售維護。他們想按貨物數量付款，而且他們想以零售價付款。

So that type, along with the mobile service seems to really have some good prospects. So we're focused on getting that initiative off the ground and really getting -- growing it. But no, we haven't given up. And by the way, any of those customers that you run into who are having trouble with maintenance, make sure you send them all away. So let me give that over to Tom.

因此，這種類型以及行動服務似乎確實具有良好的前景。因此，我們專注於讓該計劃付諸實施並真正發展它。但不，我們沒有放棄。順便說一句，如果你遇到任何在維護方面遇到困難的客戶，一定要把他們全部送走。那麼就讓我把這個任務交給湯姆。

Yes, let me make a couple of more comments on Torque. And I think Robert's right, there's -- we haven't had that product historically in the past, where it's a straight kind of retail pay-by-the-drink and pay-as-you-go product, our traditional maintenance offering is contractual. And we do think that there is a good market for that out there today, as you mentioned, Jeff.

是的，讓我對 Torque 再發表幾點評論。我認為羅伯特是對的，我們過去從來沒有推出過這種產品，它是一種直接的零售按飲料付費和現收現付的產品，我們傳統的維護服務是合約制的。正如傑夫您所提到的，我們確實認為，目前這個市場非常良好。

But because it's a new business for us, it's still a startup for us, I would call it. The revenue is up about 75% year-over-year, which is good growth, but not meaningful for us yet. But we're certainly continue to invest in that. We've got about 200 techs doing that today, and we're expecting to grow that quite a bit. We're looking in that space in terms of acquisitions as well. Hopefully, we'll find something there.

但因為這對我們來說是一項新業務，所以我稱之為新創企業。營收年增約 75%，這是一個不錯的成長，但對我們來說還不具意義。但我們肯定會繼續在這方面投資。目前，我們有大約 200 名技術人員從事這項工作，我們預計這一數字還會大幅成長。我們也在考慮該領域的收購。希望我們能在那裡找到一些東西。

And then on our traditional SelectCare fleet. I know it's down quite a bit year-over-year. We've talked about that in previous earnings calls as to why that happened. But sequentially here, we've seen some growth in that fleet. You can see that in the numbers. Our revenue is up, our margins are up in SelectCare. So we certainly haven't abandoned it, and we expect growth in that select care fleet for the balance of the year as well. I think that, along with what we're doing with Torque, we're trying to grow in that maintenance space, as you mentioned.

然後是我們的傳統的 SelectCare 車隊。我知道與去年同期相比下降了不少。我們在先前的收益電話會議上已經討論過為什麼會發生這種情況。但隨後，我們看到該船隊有所成長。您可以從數字中看到這一點。我們的收入增加了，SelectCare 的利潤也增加了。因此，我們當然不會放棄它，並且我們預計在今年剩餘時間內精選護理車隊的數量也會有所增長。我認為，正如您所說，除了我們在 Torque 上所做的工作之外，我們還在嘗試在維護領域取得發展。

And just kind of following up on that. If I think about some of the projects you have going on in RyderVentures, what's going on there? And is this excess free cash flow and opportunity to come into markets that may be weak and maybe look for strategic opportunities?

這只是對此的後續跟進。如果我考慮一下您在 RyderVentures 正在進行的一些項目，那裡發生了什麼？這是否是過剩的自由現金流和進入可能疲軟的市場並尋求戰略機會的機會？

Yes. We -- remember, you step back, first of all, I want to buy companies that are well-run. We're not looking for turnaround situations and we want to buy companies that are certainly within our core businesses. So we're in the market always, you know we did several of them over the last few years. We did IFS and Cardinal last year. We want to -- we're looking for the right one. So we have -- we're patient. We've got plenty of dry powder now to do, and we're going to continue to look until we find the right ones.

是的。我們－記住，你退一步，首先，我想收購經營良好的公司。我們不尋求扭轉局面，我們想收購那些肯定屬於我們核心業務的公司。所以我們一直在市場上，你知道我們在過去幾年裡做了其中的幾個。我們去年做了 IFS 和 Cardinal。我們想要—我們正在尋找合適的人選。所以我們有耐心。我們現在有充足的資源可用，我們會繼續尋找，直到我們找到合適的資源。

Around RyderVentures, that's been more an avenue for us to see what technology is coming to market that could help our customers, what technology is coming to market that we may want to acquire as we did with Baton. But yes, I don't see that being a huge draw of capital for us unless we find, again, the right acquisition candidates for us.

圍繞著 RyderVentures，這更像是一條途徑，讓我們了解市場上有哪些技術可以幫助我們的客戶，以及市場上有哪些技術是我們可能想要收購的，就像我們收購 Baton 一樣。但是的，我認為這不會為我們帶來巨大的資本吸引力，除非我們再次找到合適的收購對象。

Brian Ossenbeck, JPMorgan.

摩根大通的 Brian Ossenbeck。

So just on the residual slide. I know you talked about tractors start to pick back up, and you can kind of see that inflection going to the midpoint than out of the range, but it looks like truck is getting closer. I don't know if that's anything you would expect to across that line.

所以只是在殘留的投影片上。我知道您談到了拖拉機開始回升，您可以看到拐點正在走向中點而不是超出範圍，但看起來卡車越來越近了。我不知道這是否是你所期望跨越的界限。

Could you just give us an update in terms of what you do think and what might happen if you -- are there any actions you sort of have to take if you cross that? Obviously, we watch this closely, but we haven't really seen the truck one come down to that level just yet?

您能否向我們介紹一下您的想法以及如果發生這種情況可能會發生什麼—如果您遇到這種情況，您需要採取什麼行動？顯然，我們密切關注著這一點，但我們還沒有真正看到卡車的價格降到那個水平？

Yes. Just as a reminder, Brian, this quarter's numbers and those end points of those lines include all the extra wholesaling that we did in the quarter. So that's why it's gone to where it is. Without that, it would be up certainly higher than it is now. But I'll let Cristy to give you a little more color around that.

是的。布萊恩，提醒一下，本季的數字和這些線的端點包括我們在本季度進行的所有額外批發業務。這就是它到達現在位置的原因。如果沒有那件事，它的價格肯定會比現在更高。但我會讓克里斯蒂給你更多有關這方面的資訊。

Yes, Brian. So basically, on the trucks, what you're seeing there is the impact of the aged inventory, which was primarily in the truck space. That is where we took those actions. So what you're seeing here is the trucks regardless of, if you look at retail activity, did have a sequential price increase. So as Robert had mentioned earlier, we're still happy to see that the retail pricing is holding and improving slightly.

是的，布萊恩。因此，基本上，對於卡車而言，您看到的是老化庫存的影響，這主要發生在卡車領域。這就是我們採取這些行動的地方。因此，如果您查看零售活動，您會看到卡車的價格無論如何都會連續上漲。正如羅伯特之前提到的，我們仍然很高興看到零售價格保持穩定並略有改善。

So with that said, on your question, anything that's happening in the market right now is really just as a result of this prolonged freight environment. And we wouldn't think that, that would be something that would be for an extended period of time. So there would be no impact or clearly not a material impact on our results if that were to continue. So we're not concerned. Our residuals are reasonable at this time, and we don't have any concerns on that end.

所以，關於你的問題，目前市場上發生的任何事情實際上都是這種長期貨運環境的結果。我們不會認為這會是持續很長一段時間的事情。因此，如果這種情況持續下去，對我們的結果不會產生影響，或者顯然不會產生重大影響。所以我們並不擔心。目前我們的殘差是合理的，我們對此沒有任何擔憂。

And Cristy, even if it were to go lower for whatever reason, like it doesn't trigger anything right? Like we've seen the tractor go in that range before. But I don't know on the truck side, if they were to go below that line, it doesn't really trigger anything, if that's -- my understanding is correct in terms of like adjustments sort of things you need to do. Is that correct?

還有克里斯蒂，即使它因為某種原因而下降，也不會引發任何問題，對吧？就像我們以前見過拖拉機進入那個範圍一樣。但我不知道在卡車方面，如果他們低於那條線，它實際上不會觸發任何事情，如果那是 - 我的理解是正確的，就像你需要做的調整之類的事情一樣。對嗎？

That's correct. Like I said, if it were to go below that line, we don't think that it would be for a prolonged period of time. It would be a temporary -- something happened in the market. And so we're not concerned. And again, if you go back to our history, what we're seeing right now is the lowest levels we've seen in over 25 years. And every time that, that has hit these levels, we've seen a rebound. So we don't believe that this is permanent or longer term and by anything.

沒錯。就像我說的，如果跌破該線，我們認為這種情況不會持續很久。這只是暫時的——市場上發生了一些事情。所以我們並不擔心。再說一次，如果你回顧我們的歷史，我們現在看到的是 25 年來最低的水平。每當達到這些水平時，我們就會看到反彈。因此，我們不認為這是永久的或長期的。

I mean, Brian, this really highlights the benefit of having brought our residuals down to where we have both from a pricing standpoint and an accounting standpoint because even in these low -- in these trough level market conditions, we're still not at a point where we're having to do anything else around residual values. We feel really comfortable with where they're at.

我的意思是，布萊恩，這確實凸顯了將我們的殘值降低到我們現在的水平的好處，無論是從定價角度還是從會計角度來看，因為即使在這些低谷市場條件下，我們仍然不需要對殘值做任何其他事情。我們對他們目前的狀況感到非常滿意。

Understood. Just one quick follow-up on the bonus depreciation for Ryder. Is that -- obviously the benefit for this year, but does that structurally improve the free cash flow conversion going forward? Is it all just more of a catch-up that you're seeing now? I'd assume it is permanent, but just to clarify that.

明白了。萊德的獎金折舊只需進行一次快速跟進。這顯然是今年的福利，但這是否會從結構上改善未來的自由現金流轉換？現在您看到的只是一種追趕嗎？我認為它是永久的，但只是為了澄清這一點。

Yes, that's correct. We do expect to continue to have that cash benefit for the next several years.

是的，正確。我們確實希望在未來幾年繼續獲得這種現金收益。

Daniel Imbro, Stephens Inc.

丹尼爾·伊姆布羅（Daniel Imbro），史蒂芬斯公司

At the end of prepared remarks, you talked a little bit about the contractual sales delays, I think on the Dedicated side as well. I guess I'm curious, did those -- did that improve at all through the second quarter? I would have thought we started 2Q at maybe peak uncertainty and maybe that would have caused the delays. But it feels like we've gotten some more business certainty since then. So have you seen any of those initially delayed kind of Dedicated contracts come back?

在準備好的演講結束時，您談到了合約銷售延遲的問題，我認為在專用方面也是如此。我想我很好奇，這些在第二季有改善嗎？我原本以為我們在第二季開始時可能處於不確定性的頂峰，也許這會導致延遲。但感覺從那時起我們就獲得了更多的業務確定性。那麼，您是否看到那些最初被推遲的專用合約又回來了？

Has the pace of delays gotten worse? Just what's going to happening as we look forward in the back half of the year? And what are you assuming for conversions in the back half of the year on that side given the slower kind of business there?

延誤的速度是否變得更糟了？展望下半年，究竟會發生什麼事？考慮到那裡的業務成長放緩，您對那裡下半年的轉換率有何預期？

Yes. To be honest, we have not seen it. We didn't see it improve. We did see the improvement in Supply Chain. Now our Supply Chain customers are more the larger call it, the Fortune 500 type companies and we did see more decision-making in that segment. But around a smaller and midsized customers that are most of our dedicated Supply Chain customers, still seeing more hesitation. That could change quickly if you start to get more clarity.

是的。說實話，我們沒看過。我們沒有看到它有所改善。我們確實看到了供應鏈的改善。現在，我們的供應鏈客戶更多的是財富 500 強類型的大公司，我們確實看到該領域的決策能力更強。但對於大多數專注於供應鏈的小型和中型客戶來說，仍然存在更多的猶豫。如果你開始更清晰地了解情況，這種情況可能很快就會改變。

Again, I think with the bill being passed, that helped clarify some, but we still have, I think, a lot of uncertainty tied to still some of the tariffs. And I think once we get clarity on that, I would expect we would begin to see some more decision-making and start to see some more points being put on the board in terms of sales.

再次，我認為隨著法案的通過，這有助於澄清一些問題，但我認為，我們仍然對一些關稅存在許多不確定性。我認為，一旦我們明確了這一點，我們就會開始看到更多的決策，並開始看到董事會在銷售方面提出更多的要點。

Now the other thing I'd tell you is the pipelines are really solid. Our lease pipeline, I think, is at a record level, and that's just a reflection of the fact that we've got a lot of customers that are out there in the market but haven't pulled the trigger again. So that could bode very well when uncertainty clears that we would expect to really start to see a lot of activity there.

現在我想告訴你的另一件事是管道確實堅固。我認為，我們的租賃管道處於創紀錄的水平，這只是反映了這樣一個事實：我們有很多客戶在市場上，但還沒有再次採取行動。因此，當不確定性消除時，這可能預示著我們將真正開始看到那裡出現大量活動。

And on the second part of that question, is there any improved -- any improvement in that baked into the guide for the back half?

關於該問題的第二部分，後半部分的指南中是否有任何改進？

Not a lot. No. No, we haven't built in a lot of improvement there. We're kind of assuming that this continues. Obviously, if it doesn't prove based on lead times, it's probably more likely to be a benefit as we get into '26, maybe a little bit in Q4, but more into '26. So the top end of the range is really still assuming there's not much of a pickup.

不多。不。不，我們並沒有在這方面做出太多的改進。我們假設這種情況會持續下去。顯然，如果它不能根據交貨時間得到證明，那麼當我們進入 26 年時，它更有可能帶來好處，也許在第四季度會有一點好處，但在 26 年會更多。因此，該範圍的最高端實際上仍然假設沒有太多的回升。

That's helpful. And then just to follow up on Scott's question earlier and a few around the truck pricing assumptions. It sounds like you're embedding some gain on sale. And I think, Cristy, if I've heard you right, part of that is just mix because you're going to wholesale less in the back half of the year. But are you actually making a directional bet that truck pricing improves baked into that back half guidance?

這很有幫助。然後，我們來跟進一下斯科特之前提出的問題以及一些有關卡車定價假設的問題。聽起來你好像在銷售中嵌入了一些收益。克里斯蒂，如果我沒聽錯的話，我想部分原因在於混合，因為你在下半年的批發量會減少。但是，您是否真的做出了方向性押注，認為卡車定價的改善已經融入了後半部分指導中？

There's a slight improvement primarily in the fourth quarter, but it's a small improvement, not a -- in the market, not a significant one, really more of the -- improvement is just the fact we're going to wholesale less and your retail percentage will go up.

主要是在第四季度略有改善，但改善幅度很小，在市場上並不是一個顯著的改善，實際上更多的改善只是我們減少批發，零售百分比會上升。

At this time, there are no additional questions. I'd like to turn the call back over to Mr. Robert Sanchez for closing remarks.

目前沒有其他問題。我想將電話轉回給羅伯特·桑切斯先生，請他作最後發言。

Okay. Thanks, everyone. Thanks for your continued interest.

好的。謝謝大家。感謝您一直以來的關注。

And that does conclude today's conference. We thank you all for your participation. You may now disconnect.

今天的會議到此結束。我們感謝大家的參與。您現在可以斷開連線。