萊德系統 (R) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Ryder System fourth quarter 2025 earnings release conference call. (Operator Instructions) Today's call is being recorded. (Operator Instructions) I would now like to introduce Ms. Calene Candela, Vice President, Investor Relations for Ryder. Ms. Candela, you may begin.

早安，歡迎參加Ryder System 2025年第四季財報電話會議。 （操作說明）本次電話會議正在錄音。 （操作說明）現在我謹介紹Ryder公司投資人關係副總裁Calene Candela女士。坎德拉女士，你可以開始了。

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

謝謝。早安，歡迎參加Ryder公司2025年第四季財報電話會議。我想提醒各位，在本次演講中，你們將會聽到一些符合 1995 年《私人證券訴訟改革法案》定義的前瞻性陳述。

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.

這些聲明是基於管理層目前的預期，但會受到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.

有關這些因素的更詳細資訊以及每個非 GAAP 財務指標與最接近的 GAAP 指標的調節表，請參閱今天早上發布的收益報告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，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.

出席今天電話會議的有：董事長兼執行長羅伯特·桑切斯；總裁兼營運長約翰·迪茲；以及執行副總裁兼財務長克里斯蒂·加洛-阿基諾。

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

此外，車隊管理解決方案總裁 Tom Havens 和供應鏈解決方案及專用運輸解決方案總裁 Steve Sensing 今天也參加了電話會議，並在演講結束後回答問題。現在，我將把電話轉給羅伯特。

Good morning, everyone, and thanks for joining us. Today, I'll begin by providing you with an update on our balanced growth strategy and share some highlights from our 2025 performance.

各位早安，感謝各位的收看。今天，我將首先向大家介紹我們均衡成長策略的最新進展，並分享我們 2025 年業績的一些亮點。

Cristy will provide you with an overview of our fourth quarter results, which were in line with our expectations, and we'll also discuss our capital spending and capital deployment capacity. John will then provide you with our outlook for 2026 and discuss the strategic initiatives that are the key drivers of expected earnings growth in 2026.

Cristy 將為大家概述我們第四季的業績，該業績符合我們的預期，我們也將討論我們的資本支出和資本部署能力。接下來，John 將向您介紹我們對 2026 年的展望，並討論推動 2026 年預期獲利成長的關鍵策略舉措。

Before I get started, I'd like to provide a quick overview of our CEO succession plan that was announced in December. Effective March 31st, I will retire, and John Diez will assume the role of Chief Executive Officer.

在正式開始之前，我想先簡單概述一下我們在 12 月宣布的 CEO 繼任計畫。自3月31日起，我將退休，John Diez將接任執行長一職。

I will remain on Ryder's Board as Executive Chair. Many of you have had the opportunity to interact with John during his 20 plus year career at Ryder, where he has held various leadership roles across the organization, including Chief Financial Officer as well as President of FMS and President of DTS.

我將繼續留在萊德公司董事會擔任執行主席。在約翰於 Ryder 工作 20 多年的時間裡，你們中的許多人都有機會與他互動。他曾在 Ryder 擔任過各種領導職務，包括財務長、FMS 總裁和 DTS 總裁。

John has been a key player in the development, execution and success of our balanced growth strategy, and I am confident that he is the right leader to build upon the strength of our Transformed Business Model and create incremental value for our customers, employees and shareholders.

John 是我們均衡成長策略的發展、執行和成功的關鍵人物，我相信他是能夠鞏固我們轉型後的商業模式優勢，並為我們的客戶、員工和股東創造更多價值的合適領導者。

So with that, let's move to the strategic update on slide 4. We've made remarkable progress on our balanced growth strategy, and I continue to be extremely proud of the Ryder team for their consistent execution.

那麼，接下來讓我們來看第 4 頁的策略更新。我們在均衡成長策略方面取得了顯著進展，我對 Ryder 團隊的持續執行感到非常自豪。

Our journey has been transformative, enabling us to outperform prior cycles even during this prolonged freight downturn and providing us with a solid foundation for future growth.

我們的歷程具有變革性意義，使我們能夠在當前長期的貨運低迷時期超越以往的周期，並為未來的成長奠定堅實的基礎。

In order to establish our transform foundation, we derisk the business model by significantly reducing our reliance on used vehicle proceeds to achieve our target returns. We also exited underperforming geographies and services.

為了奠定轉型基礎，我們透過大幅減少對二手車收益的依賴來實現目標回報，從而降低商業模式的風險。我們也退出了業績不佳的地區和服務領域。

Our multiyear lease pricing and initial maintenance cost savings initiatives meaningfully contributed to increasing our return profile by delivering a combined annual pretax earnings benefit of over $225 million and also contributing to positive free cash flow over the cycle.

我們多年租賃定價和初始維護成本節約舉措，顯著提高了我們的回報水平，每年稅前收益合計超過 2.25 億美元，並在整個週期內實現了正自由現金流。

In addition, we accelerated growth in our asset-light supply chain and dedicated businesses resulting in a more resilient business mix that is less capital intensive.

此外，我們加快了輕資產供應鏈和專用業務的成長，從而形成了更具韌性、資本密集度更低的業務組合。

We continue to evolve our transform foundation by executing on strategic priorities focused on operational excellence, customer-centric innovation and profitable growth. We're expecting another $50 million in benefits from the next phase of our maintenance cost savings initiatives.

我們透過執行以卓越營運、以客戶為中心的創新和獲利成長為重點的策略重點，不斷完善我們的轉型基礎。我們預計下一階段的維護成本節約計畫將帶來 5,000 萬美元的收益。

We're optimizing our omnichannel retail warehouse network through continuous improvement and are better aligning our footprint with the demand environment. We're also taking cost actions to increase efficiency.

我們正在透過持續改進來優化我們的全通路零售倉儲網絡，並更好地使我們的業務佈局與需求環境保持一致。我們也在採取降低成本的措施來提高效率。

We're investing in customer-centric technology aimed at delivering our customers a proactive supply chain that gives them a competitive advantage. We're enhancing proprietary technologies such as RyderShare and RyderGyde by embedding AI to increase functionality and effectiveness.

我們正投資於以客戶為中心的技術，旨在為客戶提供積極主動的供應鏈，從而賦予他們競爭優勢。我們正在透過嵌入人工智慧來增強 RyderShare 和 RyderGyde 等專有技術，以提高其功能和效率。

Baton, a rider technology lab is developing an AI-enabled software and data platform that will power next-generation customer-facing technology at Ryder. We're leveraging AI from leading technology partners in various use cases, including increasing the effectiveness of our customer call centers.

Baton 是一家騎士技術實驗室，正在開發一個人工智慧軟體和數據平台，該平台將為 Ryder 的下一代面向客戶的技術提供支援。我們正在利用領先技術合作夥伴的人工智慧技術，應用於各種用例，包括提高客戶呼叫中心的效率。

We continue to deploy automation and robotics in our warehouses to drive operating efficiencies. Technology and innovation, including how we deploy AI is a key component of our strategy, and we'll provide you with updates as our journey progresses.

我們持續在倉庫部署自動化和機器人技術，以提高營運效率。技術和創新，包括我們如何部署人工智慧，是我們策略的關鍵組成部分，我們將隨著專案的進展向您提供最新資訊。

We continue to pursue profitable growth opportunities and are focused on higher-return segments and verticals, increasing our share of wallet with port-to-door solutions and generating acquisition synergies.

我們將繼續尋求獲利成長機會，專注於高回報的細分市場和垂直產業，透過港口到門解決方案提高市場份額，並產生收購綜效。

Our transform model has demonstrated the effectiveness of our balanced growth strategy by outperforming prior cycles. The earnings power and resiliency of our business continues to be supported by our high-quality contractual portfolio that generates over 90% of our revenue.

我們的轉型模型已經證明了我們均衡成長策略的有效性，其表現優於以往的周期。我們高品質的合約組合持續支撐著我們業務的盈利能力和韌性，這些合約組合貢獻了我們 90% 以上的收入。

Our significant flexible capital deployment capacity further strengthens our position and ability to pursue strategic opportunities.

我們強大的彈性資本部署能力進一步鞏固了我們的地位和掌握策略機會的能力。

We're proud of the strong performance of our Transform Business Model and believe that executing on our balanced growth strategy will continue to deliver higher highs and higher lows over the cycle.

我們為轉型業務模式的強勁表現感到自豪，並相信執行我們均衡的成長策略將在本週期中持續帶來更高的高峰和更高的低谷。

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.

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，在我們實施均衡成長策略之前，我們 84 億美元的營收大部分來自 FMS。

Ryder generated comparable earnings per share of $5.95 and ROE of 13%. Operating cash flow was $1.7 billion. This was during peak freight cycle conditions.

Ryder 的每股收益為 5.95 美元，淨資產收益率為 13%。經營現金流為17億美元。當時正值貨運高峰期。

Now let's look at Ryder today. In 2025, a year in which freight market conditions remain at or near trough levels. Our Transformed Business Model has once again delivered meaningfully higher earnings and returns that it did during the 2018 peak.

現在我們來看看萊德今天的情況。2025年，貨運市場狀況仍處於或接近谷底水準。我們轉型後的商業模式再次帶來了比 2018 年高峰更高的收益和回報。

Through organic growth, strategic acquisitions and innovative technology, we have shifted our revenue mix towards supply chain and dedicated with 62% of our 2025 revenue generated by these asset-light businesses compared to 44% in 2018.

透過內生成長、策略性收購和創新技術，我們已將營收結構轉向供應鏈和專用業務，預計到 2025 年，這些輕資產業務將貢獻 62% 的收入，而 2018 年這一比例為 44%。

2025 comparable earnings per share of $12.92 are more than double 2018 comparable earnings per share of $5.95. ROE of 17% is well above the 13% generated during the 2018 cycle peak.

2025 年可比每股收益為 12.92 美元，是 2018 年可比每股收益 5.95 美元的兩倍多。 17% 的淨資產收益率遠高於 2018 年週期高峰期間的 13%。

As a result of profitable growth in our contractual lease, dedicated and supply chain businesses, operating cash flow of $2.6 billion is up more than 50% from 2018. As shown here, in 2025, the business outperformed prior cycles even when comparing the pre-transformation peak to the current market environment.

由於我們的合約租賃、專用和供應鏈業務實現了獲利成長，營運現金流為 26 億美元，比 2018 年成長了 50% 以上。如圖所示，即使將轉型前的峰值與當前的市場環境進行比較，2025 年的業務表現也優於先前的週期。

Turning to slide 6. I'll share key performance highlights for full year 2025. First, our resilient business model and benefits from our strategic initiatives delivered higher year-over-year earnings and solid returns in 2025.

翻到第6張投影片。我將分享2025年全年的關鍵業績亮點。首先，我們穩健的商業模式和策略措施帶來的效益，在 2025 年實現了逐年成長的收益和穩健的回報。

Comparable earnings per share was up 8% and ROE was solid at 17% in line with our expectations given where we are in the freight cycle. Next, consistent execution on multiyear strategic initiatives delivered $100 million in cumulative benefits through 2025.

同業每股收益成長 8%，淨資產收益率穩健，達到 17%，符合我們目前在貨運週期中所處的階段的預期。接下來，持續執行多年策略舉措，到 2025 年累積帶來了 1 億美元的收益。

We now expect to outperform our initial estimate by $20 million and expect to realize another $70 million in incremental benefits in 2026. This takes the total expected annual benefit to $170 million.

我們現在預計實際收益將比最初的估計高出 2,000 萬美元，並預計在 2026 年實現另外 7,000 萬美元的增量收益。這樣一來，預計年度總收益將達到 1.7 億美元。

Finally, the earnings power of our high-quality contractual portfolio is driving higher operating cash flow which continued to increase our capital deployment capacity in 2025.

最後，我們高品質合約組合的獲利能力正在推動更高的經營現金流，從而繼續提高我們在 2025 年的資本部署能力。

Our strong balance sheet and capital deployment capacity provide us with ample resources to support strategic growth opportunities while returning capital to shareholders.

我們強大的資產負債表和資本部署能力為我們提供了充足的資源，以支持策略成長機會，同時為股東帶來資本回報。

Since 2021, Ryder has generated $3 billion in free cash flow, repurchased 24% of shares outstanding and increased the quarterly dividend by 57%. I'll now turn the call over to Cristy to review our fourth quarter performance.

自 2021 年以來，Ryder 已產生 30 億美元的自由現金流，回購了 24% 的流通股，並將季度股息提高了 57%。現在我將把電話交給克里斯蒂，讓她回顧我們第四季的業績。

Thanks, Robert. An overview of total company results for the fourth quarter is on page 7. Operating revenue of $2.6 billion in the fourth quarter was in line with prior year as contractual revenue growth in SCS was offset by lower revenue in DTS and FMS.

謝謝你，羅伯特。公司第四季整體業績概覽見第 7 頁。第四季營業收入為 26 億美元，與去年同期持平，SCS 的合約收入成長被 DTS 和 FMS 的收入下降所抵消。

Comparable earnings per share from continuing operations were $3.59 in the fourth quarter, up 4% from the prior year, reflecting benefits from share repurchases. Return on equity, our primary financial metric was 17%, up from prior year as benefits from share repurchases and dividends were partially offset by lower rental demand and used vehicle sales results.

第四季持續經營業務的每股收益為 3.59 美元，比上年同期成長 4%，反映了股票回購帶來的收益。股本回報率是我們的主要財務指標，達到 17%，高於上一年，原因是股票回購和分紅帶來的收益部分被租賃需求下降和二手車銷售業績不佳所抵消。

Year-to-date free cash flow increased to $946 million from $133 million in the prior year, reflecting reduced capital expenditures lower income tax payments due to the permanent reinstatement of tax bonus depreciation as well as lower working capital needs.

今年迄今的自由現金流從上年的 1.33 億美元增加到 9.46 億美元，這反映出資本支出減少、由於永久恢復稅收優惠折舊而導致的所得稅支出減少以及營運資金需求降低。

Turning to fleet management results on page 8. Fleet Management Solutions operating revenue was down 1%, reflecting lower rental demand, partially offset by higher ChoiceLease revenue.

請翻到第 8 頁查看車隊管理結果。車隊管理解決方案的營業收入下降了 1%，反映出租賃需求下降，但 ChoiceLease 收入的成長部分抵消了這種影響。

Pretax earnings in Fleet Management were $136 million, down versus prior year, reflecting weaker market conditions in rental and used vehicle sales. Our pricing and maintenance cost savings initiatives continue to benefit ChoiceLease performance.

車隊管理業務的稅前利潤為 1.36 億美元，較上年下降，反映出租賃和二手車銷售的市場狀況疲軟。我們的定價和維護成本節約措施持續提升 ChoiceLease 的績效。

Rental results for the quarter reflect market conditions that remain weak. Rental demand increased sequentially, but only in line with historical seasonal trends and not indicating any improvement in market conditions.

本季的租賃業績反映了市場狀況依然疲軟。租賃需求較上季成長，但這僅符合歷史季節性趨勢，並未表示市場狀況有任何改善。

Rental demand this quarter was below prior year. Lower rental activity was partially offset by higher rental power fleet pricing, which was up 5% year-over-year. Rental utilization on the power fleet was 72%, down slightly from prior year of 73% on an average fleet that was 8% smaller.

本季租賃需求低於去年同期。租賃活動的減少被租賃電力車隊價格的上漲部分抵消，租賃電力車隊價格年增了 5%。動力車隊的租賃利用率為 72%，略低於去年的 73%，而平均車隊規模縮小了 8%。

Fleet management EBT as a percent of operating revenue was 10.5% in the fourth quarter below our long-term target of low teens over the cycle. Page 9 highlights used vehicle sales results for the quarter. Year-over-year, used tractor pricing increased 1% and truck pricing declined 9%.

第四季車隊管理 EBT 佔營業收入的百分比為 10.5%，低於我們本週期內約 10% 的長期目標。第 9 頁重點介紹了本季二手車銷售業績。與去年同期相比，二手拖拉機價格上漲了 1%，卡車價格下降了 9%。

On a sequential basis, pricing increased for both tractors and trucks, with tractors up 6% and trucks up 4%. Sequential pricing benefited from a higher retail mix as we realize better proceeds using the retail sales channel versus the wholesale channel.

從環比來看，拖拉機和卡車的價格均有所上漲，其中拖拉機價格上漲 6%，卡車價格上漲 4%。由於零售通路比批發通路能帶來更高的收益，因此順序定價受益於更高的零售組合。

In the fourth quarter, of our sales volume went through our retail sales channel, up from 54% in the third quarter. Our retail mix was also above prior year levels of 64%.

第四季度，我們透過零售通路實現的銷售額佔總銷售額的 54%，高於第三季的 54%。我們的零售組合也高於去年同期的 64%。

Pricing in our retail sales channel declined 2% sequentially for tractors and declined 8% for trucks. During the quarter, we sold 3,600 used vehicles, down sequentially and versus prior year.

在我們的零售通路中，拖拉機的價格較上季下降了 2%，卡車的價格較上季下降了 8%。本季我們售出了 3,600 輛二手車，季減，年減。

Used vehicle inventory of 9,500 vehicles is slightly above our targeted inventory range. Used vehicle pricing remained above residual value estimates used for depreciation purposes.

二手車庫存量為 9,500 輛，略高於我們的目標庫存範圍。二手車價格持續高於用於折舊目的的殘值估算值。

Slide 23 in the appendix provides historical sales proceeds and current residual value estimates for used tractors and trucks for your information. Turning to supply chain on page 10. Operating revenue increased 3%, driven by new business and volumes in omnichannel retail.

附錄中的第 23 張投影片提供了二手拖拉機和卡車的歷史銷售收入和當前殘值估算，供您參考。請參閱第 10 頁的供應鏈部分。營業收入成長 3%，主要得益於全通路零售的新業務和銷售成長。

Supply chain earnings decreased 8% from prior year as the benefits from operating revenue growth were more than offset by both lost business and extended customer production shutdowns in automotive.

由於汽車業業務損失和客戶停產時間延長，供應鏈收益較前一年下降 8%，營業收入成長帶來的收益被業務損失和停產時間延長所抵銷。

Supply chain EBT as a percent of operating revenue was 8% in the quarter at the segment's long-term target of high single digits. Moving to dedicated on page 11. Operating revenue decreased 4% due to lower fleet count, reflecting the prolonged freight downturn.

本季供應鏈 EBT 佔營業收入的百分比為 8%，達到了該部門長期高個位數目標。移至第 11 頁的專用頁面。由於車隊數量減少，營業收入下降了 4%，反映出貨運量持續低迷。

Dedicated EBT was above prior year, reflecting lower bad debt and benefits from acquisition synergies, partially offset by lower operating revenue. DTS results continue to benefit from pricing discipline as well as favorable market conditions for recruiting and retaining our professional drivers.

專案稅額高於上年，反映出壞帳減少和收購綜效帶來的收益，但部分被營業收入下降所抵銷。DTS 的業績持續受益於定價策略以及有利於招募和留住專業駕駛員的市場條件。

Dedicated EBT as a percent of operating revenue was 8.9% in the quarter at the segment's long-term high single-digit target. Turning to slide 12. 2025 lease capital spending of $1.5 billion was below prior year, reflecting lower lease sales activity.

本季專用 EBT 佔營業收入的百分比為 8.9%，達到了該業務板塊長期高個位數目標。翻到第 12 張投影片。 2025 年租賃資本支出為 15 億美元，低於去年，反映租賃銷售活動減少。

In 2026, we are forecasting lease spending to increase to $1.9 billion, reflecting higher replacement activity. We expect the ending lease fleet to modestly decline in 2026.

我們預測，到 2026 年，租賃支出將增加到 19 億美元，反映出更高的設備更換活動。我們預計到 2026 年，租賃期滿的船隊規模將略有下降。

2025 rental capital spending of $300 million was below prior year as expected. In 2026, we're forecasting lower rental capital spending of $100 million, reflecting lower planned replacement activity.

2025 年租賃資本支出為 3 億美元，低於上年預期。預計 2026 年租賃資本支出將減少 1 億美元，反映出計畫中的更換活動減少。

Our ending rental fleet is expected to decrease 7%, and our average rental fleet is expected to be down 13%. The rental fleet remains well below peak levels as we manage through an extended market slowdown.

預計我們期末租賃車隊規模將減少 7%，平均租賃車隊規模將減少 13%。由於市場長期低迷，租賃車隊規模仍遠低於高峰水準。

In rental, in recent years, we shifted capital spending to trucks versus tractors as trucks have historically benefited from relatively stable demand and pricing trends. At year-end 2025, trucks represented approximately 60% of our rental fleet.

在租賃方面，近年來，我們將資本支出從拖拉機轉向卡車，因為卡車歷來受益於相對穩定的需求和價格趨勢。到 2025 年底，卡車約占我們租賃車隊的 60%。

Our full year 2026 capital expenditures forecast of approximately $2.4 billion is above prior year. We expect approximately $500 million in proceeds from the sale of used vehicles in 2026, in line with prior year as we do not anticipate a meaningful recovery in market conditions.

我們預計 2026 年全年資本支出約 24 億美元，高於前一年。我們預計 2026 年二手車銷售收入約為 5 億美元，與前一年持平，因為我們預計市場狀況不會出現實質復甦。

Full year 2026 net capital expenditures are expected to be approximately $1.9 billion. Turning to page 13. In addition to increasing the earnings and return profile of the business, our transformed contractual portfolio is also generating significant operating cash flow.

預計 2026 年全年淨資本支出約 19 億美元。翻到第13頁。除了提高業務的收益和回報水準外，我們改造後的合約組合也產生了可觀的經營現金流。

Improving the overall cash generation profile of the business is one of the essential elements of our balanced growth strategy. Better earnings performance is driving higher cash flow generation and, in turn, is delevering our balance sheet at a more rapid pace.

改善企業的整體現金流狀況是我們均衡成長策略的關鍵要素之一。獲利能力的提升帶動了現金流的增加，進而加快了我們資產負債表的去槓桿化。

This momentum is creating incremental debt capacity given our target leverage range of between 2.5 and 3 times. As shown on the slide, over a three year period, we expect to generate approximately $10.5 billion from operating cash flow and used vehicle sales proceeds.

鑑於我們目標槓桿率範圍在 2.5 倍至 3 倍之間，這種勢頭將創造額外的債務融資能力。如幻燈片所示，我們預計在三年內，將透過經營現金流和二手車銷售收入產生約 105 億美元。

Our operating cash flow will benefit from improving contractual earnings. This creates approximately $3.5 billion of incremental debt capacity, resulting in $14 billion available for capital deployment.

我們的經營現金流將受益於合約收益的提高。這將新增約 35 億美元的債務融資能力，產生 140 億美元的可用資本部署資金。

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.

在同一三年期間，我們預計將投入約 90 億美元用於更換租賃車輛和支付股息。

This leaves around $5 billion, which equates to more than 60% of our year-end market cap available for flexible deployment to support growth and return capital to shareholders. We estimate about half of our flexible deployment capacity will be used for growth CapEx and the remaining will be available for discretionary share repurchases and strategic acquisitions and investments.

這樣一來，我們還有大約 50 億美元（相當於我們年底市值的 60% 以上）可以靈活部署，以支持成長並向股東返還資本。我們估計，我們靈活部署能力的大約一半將用於成長資本支出，其餘部分將可用於酌情股票回購、策略性收購和投資。

Our capital allocation priorities remain focused on profitable growth, strategic investments and returning capital to our shareholders. Our top priority is to invest in organic growth. Aligned with these priorities in 2025, we funded replacement CapEx of $1.8 billion and returned $664 million to shareholders through buybacks and dividends.

我們的資本配置重點仍是獲利成長、策略性投資和向股東返還資本。我們的首要任務是投資內生成長。為配合這些優先事項，我們在 2025 年投入了 18 億美元的替換資本支出，並透過股票回購和分紅向股東返還了 6.64 億美元。

In addition, earlier this year, we raised our quarterly dividend 12%, marking our third consecutive year with a double-digit increase. We also authorized a new discretionary repurchase program in the fourth quarter and approved our 198th consecutive dividend payment last week.

此外，今年早些時候，我們將季度股息提高了 12%，這是我們連續第三年實現兩位數成長。我們在第四季度批准了一項新的酌情回購計劃，並在上週批准了連續第 198 次派發股息。

Our balance sheet remains strong with leverage of 250% at year-end at the lower end of our target range and continues to provide ample capacity to fund our capital allocation priorities. With that, I'll turn the call over to John to discuss our outlook.

我們的資產負債表依然穩健，年底槓桿率為 250%，處於目標範圍的下限，並繼續為我們的資本配置優先事項提供充足的資金。接下來，我會把電話交給約翰，讓他來討論我們的展望。

Thanks, Cristy. Slide 14 highlights key aspects of our 2026 outlook. In terms of market assumptions, we're expecting modest US economic growth in 2026 and no meaningful change in free market conditions. Our outlook also assumes US Class 8 production declined 4% in 2026.

謝謝你，克里斯蒂。第 14 張投影片重點介紹了我們 2026 年展望的關鍵面向。就市場假設而言，我們預期2026年美國經濟成長溫和，自由市場狀況不會發生實質變化。我們的預測也假設美國 8 級柴油機車產量在 2026 年下降 4%。

We remain confident that secular trends will continue to favor transportation and logistics outsourcing and that our operational expertise and strategic investments will continue to enable us to deliver increasing value to customers and shareholders.

我們仍然相信，長期趨勢將繼續有利於運輸和物流外包，而我們的營運專長和策略投資將繼續使我們能夠為客戶和股東創造更大的價值。

In terms of our financial forecast for 2026, operating revenue is expected to grow approximately 3% as revenue growth from new business and supply chain is offset by near-term pressures in dedicated and fleet management, reflective of the freight cycle.

就我們對 2026 年的財務預測而言，由於新業務和供應鏈的收入成長被專用和車隊管理的近期壓力所抵消（反映了貨運週期），預計營業收入將成長約 3%。

2026 comparable EPS is expected to increase by 12% at the high end of our $13.45 to $14.45 forecast range driven by $70 million of benefits from our strategic initiatives. Return on equity is expected to increase to a range between 17% and 18%, reflecting earnings growth and share repurchase activity.

預計 2026 年可比每股收益將成長 12%，達到我們預測範圍 13.45 美元至 14.45 美元的高端，這主要得益於我們策略性舉措帶來的 7,000 萬美元收益。預計股本回報率將提高至 17% 至 18% 之間，反映出獲利成長和股票回購活動。

We expect our transformed business model to deliver ROE in the low to mid-20s when market conditions improve for our transactional rental and used vehicle sales businesses, which will enable us to achieve our over-the-cycle ROE target of low 20s.

我們預計，隨著交易租賃和二手車銷售業務的市場狀況改善，我們轉型後的商業模式將實現 20% 左右的淨資產收益率，這將使我們能夠實現週期內淨資產收益率 20% 左右的目標。

Free cash flow is expected to be between $700 million to $800 million, down from prior year primarily reflecting higher lease vehicle replacement CapEx.

預計自由現金流在 7 億美元至 8 億美元之間，低於去年水平，主要反映租賃車輛更換資本支出增加。

Overall, we expect to deliver earnings growth and increased returns in 2026, reflecting our upside strategic initiatives, and the strength and durability of our transform and cycle-tested business model.

整體而言，我們預計 2026 年將實現獲利成長和回報增加，這反映了我們積極的策略舉措，以及我們經過轉型和週期檢驗的商業模式的實力和持久性。

Slide 15 provides outlook highlights for each of our business segments. In Fleet Management, operating revenue growth is expected to be below the segment's mid-single-digit target, reflecting freight market conditions.

第 15 頁提供了我們各個業務部門的展望亮點。在車隊管理方面，營業收入成長預計將低於該業務板塊的中個位數目標，這反映了貨運市場的狀況。

FMS EBT as a percent of operating revenue is expected to be up year-over-year, reflecting benefits from strategic initiatives, but remains below the segment's low teens target, reflecting weak rental and used vehicle sales conditions.

FMS EBT 佔營業收入的百分比預計將同比增長，反映出戰略舉措帶來的益處，但仍低於該部門十幾個百分點的目標，反映出租賃和二手車銷售狀況疲軟。

We're confident in our ability to reach our long-term EBT target and FMS over time, based on the demonstrated earnings power of our contractual portfolio and benefits from strategic initiatives as well as the earnings uplift we expect when market conditions in rental and used vehicle sales normalize.

我們有信心隨著時間的推移實現我們的長期 EBT 目標和 FMS，這基於我們合約組合已證明的盈利能力和戰略舉措帶來的收益，以及我們預期在租賃和二手車銷售市場狀況正常化時實現的盈利增長。

Supply chain operating revenue growth is expected to accelerate throughout the year, reflecting the timing of new sales, which will begin to benefit results midyear. SES is expected to exit 2026 and with an operating revenue growth rate approaching the segment's low double-digit target.

預計供應鏈營運收入成長將在全年加速，這反映了新銷售的時機，並將於年中開始對業績產生積極影響。預計 SES 將在 2026 年底實現營業收入成長率，並接近該業務板塊兩位數低位的目標。

Supply chain EBT percent is expected to be at the segment's high single-digit target, reflecting revenue growth as well as benefits from incremental operating efficiencies in our omnichannel retail network.

供應鏈 EBT 百分比預計將達到該部門的高個位數目標，反映出營收成長以及全通路零售網路營運效率提升所帶來的收益。

In dedicated, operating revenue growth is expected to be muted and below its high single-digit target reflecting freight market conditions.

專線運輸方面，預計營運收入成長將較為平緩，低於其高個位數目標，這反映了貨運市場的狀況。

DTS EBT as a percent of operating revenue is expected to be in the segment's high single-digit target range in 2026, reflecting the strength of the contractual dedicated portfolio, which we expect will continue to benefit from pricing discipline and our strategic initiatives.

預計到 2026 年，DTS EBT 佔營業收入的百分比將達到該部門高個位數的目標範圍，這反映了合約專屬投資組合的強勁勢頭，我們預計該投資組合將繼續受益於定價紀律和我們的策略舉措。

We expect to continue share repurchase activity and are leveraging our zero-based budgeting process to manage discretionary spending and mitigate inflationary costs. Supply chain is expected to be the key driver of our operating revenue growth.

我們預計將繼續進行股票回購活動，並利用我們的零基預算流程來管理可自由支配支出和降低通膨成本。供應鏈預計將成為我們營業收入成長的關鍵驅動力。

Overall, we expect the ongoing momentum from our strategic initiatives and high-quality contractual portfolio to drive 2026 earnings growth with segment earnings in line with our expectations. Slide 16 outlines the key changes from 2025 to reach the high end of our 2026 comparable EPS forecast.

整體而言，我們預期策略性舉措和高品質合約組合的持續發展動能將推動 2026 年獲利成長，各業務部門獲利將符合我們的預期。第 16 頁概述了從 2025 年到 2026 年實現我們 2026 年可比較每股收益預測上限的關鍵變化。

As previously noted, benefits from our strategic initiatives are the key driver of higher comparable EPS. Fleet management contractual businesses are expected to contribute $0.70 in incremental EPS, primarily reflecting benefits from our lease pricing and maintenance cost saving initiatives.

如前所述，我們的策略舉措帶來的收益是提高可比較每股收益的關鍵驅動因素。預計車隊管理合約業務將貢獻 0.70 美元的增量每股收益，主要反映了我們租賃定價和維護成本節約計畫帶來的收益。

Supply chain and dedicated are expected to contribute $0.55 in incremental EPS reflecting improved performance in omnichannel retail and the initial benefits from the flex operating structure and dedicated.

供應鏈和專用業務預計將貢獻 0.55 美元的增量每股收益，反映出全通路零售業績的改善以及靈活營運結構和專用業務帶來的初步效益。

Our transactional used vehicle sales and rental businesses are expected to deliver a net $0.05 EPS benefit due to improved rental performance partially offset by lower used vehicle sales results.

由於租賃業績改善，我們的二手車交易銷售和租賃業務預計將帶來每股淨收益 0.05 美元，但部分被二手車銷售業績下降所抵銷。

In rental, we expect utilization to be higher than prior year on a 13% smaller average fleet. We also expect sequential demand to return to historical seasonal trends. 2026 used vehicle gains are expected to be slightly below 2025 levels.

在租賃方面，我們預計利用率將高於前一年，儘管平均車隊規模縮小了 13%。我們也預計，環比需求將恢復到歷史季節性趨勢。預計2026年二手車銷量增幅將略低於2025年的水準。

Our full year forecast assumes used vehicle prices begin to modestly improve in the second half of the year. We expect used vehicle prices to remain above residual value estimates used for depreciation purposes.

我們全年的預測假設二手車價格在下半年開始小幅回升。我們預計二手車價格將繼續高於用於折舊目的的殘值估算值。

A $0.23 EPS net benefit is expected from a reduced share count, partially offset by a higher tax rate. This brings the high end of our 2026 comparable EPS forecast to $14.45 with a range of $13.45 to $14.45.

預計減少流通股數量將帶來每股收益 0.23 美元的淨收益，但部分收益將被更高的稅率所抵消。這使得我們對 2026 年可比每股收益預測的上限達到 14.45 美元，範圍為 13.45 美元至 14.45 美元。

The transformative changes we've made to the business model continued to deliver strong results. The earnings power of our contractual businesses and our strategic initiatives are more than offsetting near-term headwinds in the transactional parts of our business.

我們對商業模式的變革性調整持續取得了顯著成效。我們合約業務的獲利能力和策略舉措足以抵銷我們交易業務部分近期面臨的不利因素。

Turning to page 17. We expect 2026 earnings growth to be driven by incremental benefits from multiyear strategic initiatives, which began in 2024. These initiatives represent structural changes we're making to the business and are not dependent on a cycle upturn.

翻到第17頁。我們預計 2026 年的獲利成長將由 2024 年開始實施的多年策略措施所帶來的逐步收益所推動。這些舉措代表了我們對業務的結構性變革，並不取決於經濟週期的改善。

We now expect to surpass our initial target of $150 million in annual pretax earnings benefits from these initiatives and have upsized our target to $170 million upon completion. To date, we've realized $100 million in benefits, leaving $70 million of incremental benefits expected in 2026.

我們現在預計，這些措施將超過我們最初設定的每年稅前收益 1.5 億美元的目標，並將目標提高到完成後的 1.7 億美元。迄今為止，我們已經實現了 1 億美元的收益，預計到 2026 年還將實現 7,000 萬美元的增量收益。

In fleet management, we expect our multiyear lease pricing and maintenance cost saving initiatives to benefit 2026 results. In dedicated, we expect incremental benefits from acquisition synergies as well as initial cost savings from our flex operating structure.

在車隊管理方面，我們預計多年租賃定價和維護成本節約計劃將有利於 2026 年的業績。在專案營運方面，我們預期從收購綜效中獲得增量收益，以及從我們靈活的營運結構中獲得初始成本節約。

In supply chain, we continue to focus on optimizing our omnichannel retail warehouse network through continuous improvement efforts and better aligning our warehouse footprint with the demand environment. In 2025, we downsized and exited select locations and expect to recognize incremental savings from these actions in 2026.

在供應鏈方面，我們將繼續專注於透過持續改進來優化我們的全通路零售倉儲網絡，並更好地使我們的倉儲佈局與需求環境相匹配。2025 年，我們縮減了規模並退出了部分地區，預計 2026 年將從這些舉措中實現增量節省。

In addition to driving our outperformance relative to prior cycles, our transformed business model also provides a solid foundation for the business to meaningfully benefit from the eventual cycle upturn.

除了推動我們相對於以往週期取得優異業績外，我們轉型後的商業模式也為企業從最終的周期回升中獲益奠定了堅實的基礎。

We've increased our initial estimate for the annual pretax earnings benefit we expect to realize by the next cycle peak to at least $250 million, up from our prior estimate of at least $200 million.

我們已將預計在下一個週期高峰期實現的年度稅前收益收益的初步估計值提高到至少 2.5 億美元，高於我們先前估計的至少 2 億美元。

The majority of the $250 million benefit is expected to come from the cyclical recovery of rental and used vehicle sales in FMS with additional benefits from higher omnichannel retail volumes, leveraging our rationalized footprint.

預計 2.5 億美元的收益大部分將來自 FMS 租賃和二手車銷售的周期性復甦，此外，透過合理化佈局，全通路零售量的成長也將帶來額外收益。

We expect to recognize these benefits over time as freight market conditions normalize. In addition to benefiting our transactional businesses, we also expect additional opportunities for profitable contractual growth as freight conditions normalize.

我們預期隨著貨運市場狀況的正常化，這些益處將逐漸顯現。除了有利於我們的交易業務外，隨著貨運條件的正常化，我們也預計會有更多獲利性合約成長的機會。

Supply chain achieved record sales in 2025, which is benefiting revenue and earnings in 2026. On the other hand, Lease and dedicated have faced revenue growth headwinds as a result of the extended freight downturn.

供應鏈在 2025 年實現了創紀錄的銷售額，這將有利於 2026 年的收入和利潤。另一方面，由於貨運業務長期低迷，租賃和專用運輸業務的收入成長面臨阻力。

We expect contractual sales trends for these offerings to improve when the freight cycle recovers. We've been pleased by our resilience and performance during the prolonged freight market downturn and are confident each of our business segments is well positioned to benefit from the cycle upturn.

我們預計，隨著貨運週期的復甦，這些產品的合約銷售趨勢將會改善。在貨運市場長期低迷期間，我們對自身的韌性和業績感到滿意，並相信我們的每個業務部門都已做好充分準備，能夠從週期性回暖中受益。

Turning to page 18. We're forecasting a comparable EPS range of $13.45 to $14.45 versus $12.92 and 2025. We're also providing a first quarter comparable EPS forecast range of $2.10 to $2.35 versus the prior year of $2.46.

翻到第18頁。我們預測，到 2025 年，每股盈餘 (EPS) 將達到 13.45 美元至 14.45 美元，而去年同期為 12.92 美元。我們還提供了第一季可比每股收益預測範圍為 2.10 美元至 2.35 美元，而去年同期為 2.46 美元。

As a reminder, the first quarter has historically been our lowest earnings quarter. And in 2026, we expect it will represent the most difficult year-over-year comparison.

需要提醒的是，第一季歷來是我們獲利最低的季度。我們預計，2026 年將是年比數據最難比較的一年。

Expected first quarter results reflect used vehicle sales and rental market conditions that remain weak and did not show improvement in January. Supply chain comparisons will also be challenged due to record first quarter performance in 2025.

預計第一季業績將反映二手車銷售和租賃市場狀況依然疲軟，且1月並未出現改善。由於 2025 年第一季業績創歷史新高，供應鏈比較也將面臨挑戰。

We remain focused on our initiatives and expect to deliver another year of earnings growth and higher returns. We're confident that our transformed business model remains capable of performing across a range of business environments. At this time, I'll turn the call back over to Robert.

我們將繼續專注於各項舉措，並期待在新的一年中實現盈利成長和更高的回報。我們相信，轉型後的商業模式仍能在各種商業環境中有效運作。此時，我將把電話轉回給羅伯特。

Thanks, John. Turning to page 19. Our transport 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.

謝謝你，約翰。翻到第19頁。我們的運輸業務模式持續為我們的客戶和股東創造價值。我們持續超越以往週期，我們的表現得益於持續的執行和強大的合約組合。

We continue to see significant opportunity for profitable growth supported by secular trends, our operational expertise and ongoing momentum from multiyear strategic initiatives.

我們持續看到巨大的獲利成長機會，這得益於長期趨勢、我們的營運專長以及多年策略舉措帶來的持續動能。

We remain committed to investing in products, capabilities and technologies that will deliver value to our customers and our shareholders. That concludes our prepared remarks. Please note that we expect to file our 10-K later today.

我們將繼續致力於投資能夠為客戶和股東創造價值的產品、能力和技術。我們的發言稿到此結束。請注意，我們預計將於今天晚些時候提交 10-K 表格。

At this time, I'll turn it over to the operator to open the call for questions.

此時，我將把電話交給接線員，由她來接受提問。

(Operator Instructions) Jordan Alliger with Goldman Sachs.

（操作說明）喬丹·艾利格，高盛集團。

It's Andre on for Jordan. Helpful earnings walk on slide 16 to get to the high end of your EPS guide for 2026. Just curious between the buckets you lay out in terms of the year-over-year earnings tailwind.

安德烈替補喬丹上場。第 16 頁提供了有用的收益預測，幫助您達到 2026 年 EPS 指導的上限。我只是好奇你列出的這些類別中，哪些對同比盈利增長有利。

If you could just share where the largest variability lies within those buckets with respect to getting to the low end versus the high end? And then maybe what's driving that variability just the puts and takes there would be really helpful.

您能否分享一下，在這些區間內，達到低端和高端時，最大的變異性分別體現在哪些方面？那麼，究竟是什麼原因導致了這種波動呢？光是買賣操作就可能非常有幫助。

Sure. Andre, it's John here. If you look at '16, I would say the biggest favorability there is really tied to our transactional business. When you look at the improved earnings of the businesses on the FMS side. A lot of it is coming from lease pricing and another year of maintenance strategic initiatives, I would say.

當然。安德烈，我是約翰。如果看看 2016 年的數據，我認為最大的利好因素實際上與我們的交易業務有關。當你觀察FMS方面各業務的獲利成長情況。我認為，其中很大一部分原因是租賃價格上漲以及另一年的維護策略舉措。

We feel really confident in our lease pricing based on the momentum we saw at the end of last year, and that will carry over into this year. Maintenance, there is some variability there, but we see that the business continues to execute at a better level than we were previously.

基於去年底的成長勢頭，我們對租賃定價非常有信心，而且這種勢頭將延續到今年。維護方面雖然存在一些波動，但我們看到業務的執行水準比以前有所提高。

If you look at supply chain, clearly there, you do have the omnichannel optimization. And you heard in our prepared remarks, we took some actions last year that really set us up to deliver incremental benefits from both the omnichannel as well as the dedicated flex structure activity that we made.

如果你看一下供應鏈，很明顯，那裡確實存在全通路優化。正如你們在我們事先準備好的發言稿中聽到的，我們去年採取了一些行動，這些行動確實為我們帶來了全通路和我們開展的專門靈活結構活動帶來的增量收益。

So overall, I would say probably the biggest variability in our strategic initiatives is probably tied to our maintenance organization and some of it tied to our omnichannel optimization activity. Clearly, (inaudible) UBS, we have no meaningful improvement in those transactional businesses.

所以總的來說，我認為我們策略性舉措中最大的變數可能與我們的維護組織有關，部分變數與我們的全通路優化活動有關。顯然，（聽不清楚）瑞銀，我們在這些交易業務上並沒有任何實質的改善。

The low end of our range does contemplate deterioration, further deterioration from Q4, if rental and UBS were to pull back, and that's what's contemplated in the $13.45 at the low end, but we feel really good about the strong contractual portfolio performance and obviously the confidence we have in executing again on our strategic initiatives.

我們預期區間的下限確實考慮到了第四季度業績的進一步惡化，如果租賃和瑞銀集團撤資，情況可能會更糟，這就是我們預期區間下限 13.45 美元所考慮的情況，但我們對強勁的合約投資組合表現感到非常滿意，顯然，我們對再次執行戰略舉措也充滿信心。

Ben Mohr with Citibank.

本·莫爾，花旗銀行。

Great print on the used gain of $12 million in 4Q. Wanted to ask what's your view on cadence for that? You mentioned 1Q should be softer. Should we be looking at a step down, not too much from that $12 million?

第四季二手資產收益1200萬美元的業績報告非常精彩。我想問您對這種節奏有什麼看法？你提到1Q應該比較軟一些。我們是否應該考慮降低一些標準，但不要比1200萬美元低太多？

And then gradually improving beyond that top mill throughout the year, or what's your view on kind of 1Q through '26 for used gain lease?

然後，在整個年度中逐步超越最高水平，或者您對 2026 年第一季及以後的二手租賃收益有何看法？

Yeah, Ben, let me make a few remarks, and then I'll turn it over to Tom. We do see the environment on the used vehicle sales side kind of gradually improving as we get through the year.

好的，本，讓我先說幾句，然後我把麥克風交給湯姆。我們看到，隨著時間的推移，二手車銷售方面的環境正在逐漸改善。

We do expect Q1 to be kind of consistent with what we saw in Q4. We are expecting tractor pricing to improve as a lot of capacity keeps coming out of the market, and that will bode well for tractor pricing going into second half of the year.

我們預計第一季的情況將與第四季的情況基本保持一致。我們預計隨著大量產能退出市場，拖拉機價格將會改善，這對下半年的拖拉機價格來說將是一個好兆頭。

Trucks, which is the majority of our inventory today, we do expect trucks to continue to be kind of depressed at the current fourth quarter levels, which, as you recall, year-over-year, truck pricing was declining all of last year, so it's going to make the comparables a little bit more difficult.

卡車是我們目前庫存的大部分，我們預計卡車價格將繼續在目前的第四季度水平保持低迷，正如您所知，去年卡車價格同比一直在下降，因此這將使可比性分析變得更加困難。

We do expect to improve retail mix next year, but I'll let Tom talk about kind of what he's seeing in the business.

我們預計明年零售組合會有所改善，但還是讓湯姆來談談他對業務的看法。

John, thank you. Your initial read on that was right. So what we saw in the fourth quarter, and I think you see it in the gain numbers where we did a lot less wholesaling in Q4. But Cristy also mentioned that the, in her opening comments, that the retail pricing in Q4 actually fell a little bit.

約翰，謝謝你。你最初的理解是正確的。所以我們在第四季度看到了這一點，我想你可以從收益數據中看出，我們在第四季度的批發業務量大大減少了。但克里斯蒂在開場白中也提到，第四季的零售價格實際上略有下降。

We're expecting that to continue into Q1. So the kind of first part of the year, you see a little bit of decline in the pricing of retail. And then in the in the second quarter and beyond, you start to see that pricing improve, which then leaves you a full year that looks kind of flat in gains year-over-year.

我們預計這種情況會持續到第一季。所以，在今年上半年，你會看到零售價格略有下降。然後到了第二季及以後，你會發現價格開始改善，這樣一來，全年的同比增幅看起來就比較平緩了。

So that's what we're seeing. We're certainly not seeing any pickup in volumes or pickup in activity yet at our UTCs. We'll see how that develops throughout the quarter and the rest of the year, obviously.

這就是我們看到的情況。我們目前尚未看到 UTC 的交易量或業務活動有任何回升。我們當然要看看這種情況在本季以及今年剩餘時間會如何發展。

Great, I really appreciate that. And maybe just a follow-up on what you mentioned with capacity coming out of the market.

太好了，非常感謝。或許可以就您剛才提到的市場產能下降問題補充一點。

The kind of the sense from the market is with government enforcement of non-domiciled CDLs, English language proficiency, ELD devices, trucker schools, we may see the capacity exiting drivers, exiting, driving more used trucks flooding the market, depressing used truck pricing, but it seems like maybe there's kind of puts and takes there.

市場普遍認為，隨著政府加強對非本地居民商業駕駛執照 (CDL)、英語語言能力、電子記錄設備 (ELD) 和卡車司機學校的監管，我們可能會看到司機流失，導致更多二手卡車湧入市場，壓低二手卡車價格，但這似乎也存在某種利弊權衡。

And then maybe going into the second order effect, where for private and private fleets for hire carriers and private fleets would be buying trucks to pick up the associated freight from the operators who left, which could lift used truck prices.

然後，可能會出現二階效應，即私人和私人車隊需要購買卡車來從離開的營運商那裡回收相關貨物，這可能會推高二手卡車的價格。

Could we get a sense of your views on that kind of tying in with the cadence through '26, tied in with this policy change?

我們能否了解一下您對這種與 2026 年的節奏相銜接，以及與這項政策變化相銜接的看法？

Yeah, Ben. I would say, look, broadly, we do see evidence that capacity is coming out of the market. And we think even independent of those macro factors you talked about, we do expect that the capacity is going to get tighter as we look at 2026.

是的，本。我認為，總的來說，我們確實看到有證據表明產能正在退出市場。即使不考慮您提到的那些宏觀因素，我們也預計到 2026 年產能將會更加緊張。

As far as what we're seeing on the driver side with immigration and some of the rules that have come out, I would just say that primarily impacts the for-hire carrier market, which is primarily impacting our sleeper tractor class.

就目前我們看到的移民政策和一些新規則對司機的影響而言，我認為這主要影響的是營運運輸市場，也就是我們所謂的臥舖牽引車市場。

And if you look at our inventory use vehicles today, it's predominantly a truck inventory. So the impact to used vehicles, even if we see a slight blip down, is going to be, I would say, minimal for Ryder going forward.

如果你看一下我們目前的庫存車輛，你會發現它主要以卡車為主。因此，即使二手車銷量略有下降，我認為對 Ryder 未來發展的影響將微乎其微。

Clearly, for us, we continue to look for sites that the market will take an upturn. We think overall capacity exiting the market will be good for us long term to not only impact our transactional businesses, but also help grow our contractual businesses in both lease and dedicated service.

顯然，對我們來說，我們會繼續尋找市場將會好轉的網站。我們認為，從長遠來看，市場整體產能的減少對我們有利，不僅會影響我們的交易業務，還有助於發展我們的租賃和專屬服務等合約業務。

Great. Appreciate that. And maybe if I can just squeeze one more in related for your SCS division, you've noted having signed new SCS business starting to Q3 this year.

偉大的。謝謝。另外，如果我可以再補充一點關於貴公司 SCS 部門的信息，您提到今年第三季開始簽署了新的 SCS 業務。

Can you talk to the magnitude of that business dollar-wise or a percentage of revenue growth wise? And any new signings on for 1Q or 4Q or 2Q or 3Q since then?

您能否談談這項業務的規模（以美元計）或營收成長百分比？自那以後，第一季、第四季、第二季或第三季是否有新的簽約？

Ben, this is Robert. Look, I think the good news is we had a very strong sales year in 2025 in supply chain. It was a record year, considering all the challenges in the economy. It's a great story. Those business, those new wins start getting layered in throughout the year, and you'll start to see the benefits of that more.

本，這位是羅伯特。好消息是，我們在 2025 年的供應鏈銷售業績非常強勁。考慮到經濟面臨的種種挑戰，這仍然是創紀錄的一年。這是一個很棒的故事。這些業務，這些新的勝利，將在一年中不斷積累，你會開始更多地看到它們帶來的好處。

And as I had mentioned in the last earnings call, probably more end of Q2, Q3 is where you really start to see more of that layer. But Steve, you can give additional color there.

正如我在上次財報電話會議上提到的那樣，可能在第二季末或第三季度，你才會真正開始看到更多這樣的情況。但是史蒂夫，你可以在那裡添加一些色彩。

Yeah, I think as you think about it, think about omnichannel retail where we're seeing an increase in sales. I think we're off to a really good start this year. At the end of the day, it's all about our people.

是的，我覺得仔細想想，想想全通路零售，我們看到銷售額正在成長。我認為我們今年的開局非常好。歸根結底，一切都取決於我們的人。

The relationships that we've built, not only from the vertical leads and our sales team to the frontline operators because as we execute that gains confidence from our customers. About 80% of our sales this year was expansion sales.

我們建立的關係，不僅包括垂直行業領導者和我們的銷售團隊，還包括第一線營運人員，因為我們執行這些關係能夠贏得客戶的信任。今年我們約有 80% 的銷售額來自擴張性銷售。

So I think that drives to that execution, continuous improvement and innovation that we bring to our customers. So and on the backbone of our port-to-door strategy, you're seeing a good expansion across many of our service offerings.

所以我認為這推動了我們為客戶帶來的執行力、持續改進和創新。因此，在我們港口到門策略的支撐下，我們的許多服務產品都得到了良好的擴展。

Jeff Kaufman with Vertical Research Partners.

Jeff Kaufman，來自 Vertical Research Partners。

Well, first of all, congratulations, Robert, on a tremendous run you really transformed the company. And also congratulations, John. We look forward to your leadership. So I guess two questions. All these trucking equities are going up and spot rates are up and people are enthusiastic that maybe we're starting to see a bit of a turn.

首先，恭喜羅伯特，你取得了巨大的成功，你真的改變了公司。也恭喜你，約翰。我們期待您的領導。那我問兩個問題吧。所有這些卡車運輸股都在上漲，現貨運費也在上漲，人們都很興奮，認為我們可能開始看到一些轉機了。

And I know they're more focused on pricing and driver constriction as opposed to vehicle demand that's actually shown signs of increasing yet. But it seems like your forecast is a little more dour than that.

我知道他們更關注的是定價和限制駕駛員數量，而不是車輛需求，而車輛需求實際上還沒有成長跡象。但你的預測似乎比這悲觀。

And particularly when I look at the ratio of rental equipment to lease normally, you have like 25% rental trucks to lease trucks because you're going to need full service lease support, but you guys are down to 22%, and it looks like you're headed towards 20% just based on the guidance.

尤其是當我查看租賃設備與租賃車輛的比例時，通常情況下，租賃卡車與租賃卡車的比例約為 25%，因為你需要全方位的租賃服務支持，但你們的比例已經下降到 22%，而且根據目前的指導意見來看，似乎還會進一步下降到 20%。

So I guess kind of what are you seeing differently than the optimism that some of the free carriers are seeing out there?

所以我想問的是，你看到的和一些自由經營者所看到的樂觀情緒有什麼不同？

I'll let John give you a little more color. I'll just start by telling you that clearly the range that we've given for the year, the top end of the range does not assume any significant pickup in the market. That's not because we have a different crystal ball than the rest of the market.

我請約翰再給你補充一些細節。首先我要說明的是，我們給出的年度預期範圍，尤其是最高預期範圍，並沒有假設市場會出現任何顯著回升。那並不是因為我們擁有與市場上其他公司不同的預知能力。

We just haven't seen evidence of that yet in our business. So clearly, if things got better, there's an opportunity for things to get above that number. But given what we're seeing today, that's the guidance we're giving, but I'll let John give you color on that.

我們目前還沒有在業務中看到這方面的證據。所以很明顯，如果情況好轉，就有機會超過這個數字。但鑑於我們今天看到的情況，這就是我們給出的指導意見，不過我會讓約翰來詳細解釋一下。

Yeah. Jeff, if you look at rental for us and we made mention of it, we looked at January even. We have seen the spot market tighten up a little bit. We've seen capacity. I said you saw the PMI print come out a few days back, which was fairly positive.

是的。傑夫，如果你幫我們看看租房的事，我們之前也提過，我們甚至還考慮過一月份的租房。我們看到現貨市場略有收緊。我們已經看到了產能。我說過，你幾天前看到了 PMI 數據，數據相當樂觀。

We just haven't seen it as of yet. We typically see about a six month lag before really market conditions improve, show up in rental. So clearly, our guidance you heard from Robert just now does not reflect that. But if market conditions do show signs of improvement.

我們目前還沒有看到它。通常情況下，市場狀況真正改善並反映在租賃市場之前，會有大約六個月的延遲。所以很顯然，你剛才從羅伯特那裡聽到的指導意見並沒有反映出這一點。但如果市場狀況確實出現改善跡象的話。

We will see that in the second half at earliest. The strength of that improvement also will dictate what we could see come through to the bottom line.

最早也要到下半年才能看到這種情況。這項改善的力道也將決定最終的獲利情況。

What we have done back to your question on the fleet and rental in particular is we are looking to time the fleet as we get through the first half of the year and then in the second half with no meaningful improvement you should see us return back to historical utilization levels of high 70s.

針對您提出的關於車隊和租賃的問題，我們採取的措施是，我們將在今年上半年調整車隊營運節奏，如果下半年情況沒有顯著改善，您應該會看到我們的利用率恢復到歷史水平，即 70% 以上。

And that's kind of where that self-improvement plan comes into play here. Clearly, if things, if we see demand picking up, we could slow down some of that activity of de-fleeting and extend that equipment. And clearly, we could go out and buy and look to buy additional equipment to introduce into the fleet.

這就是自我提升計劃發揮作用的地方。顯然，如果情況好轉，如果我們看到需求回升，我們可以放慢一些退役車輛的活動，並延長這些設備的使用壽命。顯然，我們可以外出購買並尋找購買更多設備來擴充我們的車隊。

And just one follow-up, if I can. You guys talk about Baton from time to time. I'm not so sure the rest of us really understand what differentiates it versus going out into the market and just looking for AI solutions and tech solutions. Can you talk a little bit about the advantage of Baton, and what it means to the company?

如果可以的話，我還有一個後續問題。你們時不時會談到接力棒。我不太確定我們其他人是否真正理解它與直接在市場上尋找人工智慧解決方案和技術解決方案之間的差異。您能談談 Baton 的優勢以及它對公司的意義嗎？

Yeah. Baton was initially a rider ventures investment we made, working with them for a few years. We realized those significant value for them to really be the catalyst for us to optimize and create solutions for our customers through digital technologies and optimize fleets.

是的。Baton 最初是我們對騎士創投公司的投資，我們與他們合作了幾年。我們意識到這些對他們來說具有重大價值，可以真正成為我們透過數位技術優化並為客戶創造解決方案和優化車隊的催化劑。

So they had that business know-how and some of the technology underpinnings. We bought them. We've obviously had them look at our RyderShare platform and really improve on that platform from being just a visibility and event management tool to being an optimization, transportation optimization tool.

所以他們具備商業知識和一些技術基礎。我們買下了它們。我們顯然讓他們研究了我們的 RyderShare 平台，並真正改進了該平台，使其從一個單純的可見性和活動管理工具轉變為最佳化、運輸優化工具。

With their capabilities, the Baton Group's capabilities, we feel we have not only the skills to take advantage of even some of the emerging technologies in AI, so that we could deliver greater value into the future for our transportation costs.

憑藉巴頓集團的能力，我們覺得我們不僅有能力利用人工智慧領域的一些新興技術，還能在未來為我們的運輸成本創造更大的價值。

Rob Salmon with Wells Fargo.

羅布‧薩爾蒙，來自富國銀行。

Clearly, to piggyback on what was just being asked with regard to rental, clearly, we're seeing some elevated spot rates in the market.

顯然，接續剛才關於租賃的問題，顯然，我們看到市場上的現貨價格上漲。

It would be helpful if you provide just a little bit more context of what you're seeing across your rental customers, i.e., the FMS customers that traditionally are, have equipment down, or they're having surge business and operating in the rental versus your stand-alone rental customers just to get a sense of how that business is trending here?

如果您能提供更多關於您租賃客戶情況的背景信息，例如，傳統的FMS客戶、設備故障客戶或業務激增並轉為租賃運營的客戶，以及您的獨立租賃客戶，以便我們了解該業務目前的趨勢，那就太好了？

I'll let Tom give you some color. I'll just tell you that three, we would call more like leading-type indicators in our business are used vehicle sales, rental and our lease power miles. And we haven't really seen a meaningful move in those yet.

我請湯姆來幫你描述一下。我只想告訴你們，我們業務中最重要的三個指標是二手車銷售、租賃和租賃里程。我們還沒有看到這些方面有任何實質的進展。

Our used vehicle retail pricing was actually sequentially down a bit, as Tom had mentioned. Rental utilization is stable but really not improving so far. And our lease models were flattish. So that kind of gives you a bit of color on what we're seeing today.

正如湯姆所提到的那樣，我們的二手車零售價格實際上比去年同期略有下降。租賃利用率保持穩定，但迄今為止並沒有真正改善。我們的租賃模式比較平淡。這樣就能讓你對我們今天所看到的情況有個大致的了解。

Obviously, with some of the early indicators around PMI and the tightening of the for-hire market, you could see some improvement later on in the year, but that's what we're seeing out. But Tom, do you want to give more color around rental?

顯然，根據 PMI 的一些早期指標和僱傭市場的收緊情況來看，今年稍後可能會出現一些改善，但這就是我們目前看到的情況。但是湯姆，你想更詳細地介紹一下租賃業嗎？

Yeah, I'll give you a little color on the utilization that we're seeing and the demand. I know you guys can see the year-over-year comp, but we were down on utilization on a smaller fleet. So the demand in total was down.

是的，我會簡單介紹一下我們目前看到的利用率和需求狀況。我知道你們可以看到同比數據，但我們的車隊規模較小，利用率也下降了。因此，總需求下降了。

The December utilization landed at about 74%. And as we stepped off and rolled into January, that went down to 66%, which is pretty typical to what we see, but down a little bit worse than our historical seasonal trends.

12 月份的利用率約為 74%。進入一月後，這一比例下降到 66%，這與我們通常看到的趨勢相當吻合，但比我們歷史上的季節性趨勢略有下降。

So what we've put in this forecast is a little bit lower seasonal trend in the first quarter and then for the balance of the year, a very normal seasonal trend that we would see.

因此，我們在預測中設定的是，第一季季節性趨勢略低，而今年剩餘時間則呈現我們預期的非常正常的季節性趨勢。

And then directly answer your question on the type of customers that we're seeing, I would say that our pure business were the non-lease customer down slightly year-over-year. So I would say that business has been somewhat stable throughout 2025.

然後直接回答你關於我們目前客戶類型的問題，我會說，我們純粹的業務（非租賃客戶）同比略有下降。所以我認為，2025年全年業務都比較穩定。

But really, what's been impacting our demand is our lease customers have not had the need for lease extras like we've historically seen. That's a trend that we've had for a couple of years here.

但實際上，影響我們需求的原因是，我們的租賃客戶不再像以往那樣需要租賃附加服務。這種趨勢我們已經持續好幾年了。

I think I've mentioned it on previous earnings calls, where the biggest impact to our lease fleet is, customers have been downsizing their fleets and not growing their fleets. That trend was the same in Q4.

我想我在之前的財報電話會議上提到過，對我們租賃車隊影響最大的問題是，客戶一直在縮減車隊規模，而不是擴大車隊規模。第四季也出現了同樣的趨勢。

And of course, if they're downsizing their lease fleet, there's certainly no need for rental. So those are the trends we've been seeing for quite some time, and we haven't seen any change to that yet. Hopefully, at some point this year, that will change, but we have not seen it yet.

當然，如果他們要縮減租賃車隊的規模，那就肯定不需要租賃車輛了。所以，這些是我們一段時間以來觀察到的趨勢，目前還沒有看到任何變化。希望今年某個時候情況會有所改變，但我們目前還沒有看到改變發生。

And just a quick follow-up. I think you guys measure your rental on just total days. Was January, do we have an outsized impact in January because of storms driving that kind of worse than normal seasonality, or was it, are you looking at on a weather-adjusted basis?

還有一個後續問題。我認為你們計算租金時只考慮了總天數。一月份的情況是，由於風暴導致季節性影響比正常情況更嚴重，我們是否受到了異常大的影響？或者，你們是從天氣調整後的角度來看這個問題？

We didn't look at it as a weather-adjusted basis, but it didn't seem that the weather impacted the utilization at all.

我們沒有考慮天氣因素，但天氣似乎對利用率沒有任何影響。

Helpful context there. And I guess taking a step back, right now kind of at the bottom of the market, DTS margins are at your target range over the cycle, same without, yes.

這裡提供了有用的背景資訊。我想退一步講，現在市場處於底部，DTS 利潤率在周期內處於你的目標範圍內，沒有 DTS 也是如此，是的。

Should we be thinking that there is potential upside here relative to the longer-term targets given some of the internal initiatives and acquisition cost-outs you guys have been executing on.

鑑於你們一直在執行的一些內部措施和收購成本削減措施，我們是否應該認為相對於長期目標而言，這裡存在潛在的上漲空間？

Or are there offsets that we should be thinking about as we get into a better demand environment where maybe we're seeing higher turnover, higher investment that we should be kind of cognizant of? Just your perspective on those two segments, longer-term margin opportunities.

或者，隨著需求環境好轉，我們可能會看到更高的營業額和更高的投資，我們是否應該考慮一些抵消因素？您對這兩個細分市場以及長期利潤機會有何看法？

Yeah, Rob. For now, our long-term targets, I think, are still appropriate. We have seen margin even within that high single-digit target within the supply chain business, that business is scaled and continue to grow. Dedicated is the one part of the business that does flow depending on where we're at in the cycle.

是的，羅布。我認為，就目前而言，我們的長期目標仍然是合適的。我們看到，即使在供應鏈業務中，利潤率也達到了個位數的高目標，而且該業務規模不斷擴大，並持續成長。專線業務是業務中唯一會隨著週期變化而波動的部分。

And as you called out, typically, as we're growing that business initially, we're going to see some pressures and headwinds with higher driver costs because the level of turnover and cost to acquire drivers goes up typically.

正如您所指出的，通常情況下，在我們最初發展這項業務時，我們會面臨一些壓力和阻力，例如司機成本上升，因為司機的流動率和獲取司機的成本通常會增加。

But that will oscillate between the low end of the high single digits and then in a weak environment, you'll see us climb up to the high single digits.

但這個數字會在個位數高位的低端波動，而在疲軟的環境下，你會看到我們攀升至個位數高點。

So what you should expect is kind of more of that movement that we've seen historically on dedicated and supply chain continues to really perform and we're seeing that it consistently has been performing at that high single-digit level for the open as of late.

所以，你應該期待的是，我們過去在專用和供應鏈方面看到的那種趨勢會繼續發展，而且我們看到，最近開盤價一直穩定在個位數高位。

David Zazula with Barclays.

David Zazula，巴克萊銀行員工。

Can I just ask about the flex operating structure and the benefits you're expecting to see from that in dedicated, and if dedicated sales ramp up, and you start seeing some new contracts?

我可以問一下關於靈活營運結構的問題嗎？您預計這種結構在專用領域會帶來哪些好處？如果專用業務的銷售額成長，並且您開始看到一些新合同，情況又會如何？

Could some of that structure offset some of the margin headwinds we might normally expect in an upswing in the dedicated business.

這種結構能否抵銷專用業務成長期我們通常會預期的一些利潤率不利因素？

Yeah, David, I think right now, what we've seen is really optimization in the back-office resources. As John talked a little bit a bit ago about the time, we are implementing some AI technology into the flex model that should allow us to reduce driver dwell time and better allocate drivers to the right operations.

是的，David，我認為目前我們看到的確實是後台資源的最佳化。正如約翰剛才提到的，我們正在將一些人工智慧技術應用到靈活模式中，這將使我們能夠減少駕駛員的停留時間，並更好地將駕駛員分配到合適的作業中。

So certainly, as the market comes back up, density comes into the flex model, and there should be some upside growth on the top line.

因此，隨著市場回暖，密度將成為靈活模式的一部分，營收也應該會有一些成長空間。

Awesome, very helpful. And then with respect specifically, I mean we can see the global numbers, but to your auto customers, what does the conversation been like in trying to reduce the negative auto component to SCS in 2026?

太棒了，很有幫助。具體來說，我們可以看到全球數據，但對於您的汽車客戶而言，在努力減少 2026 年 SCS 的汽車負面影響方面，您的對話是怎樣的？

Yeah. I think if you look at the diversity of our portfolio, five, six years ago, we really focused on growing CPG and omnichannel retail, and we've done that. I think the diversity in our OEMs that we serve is very well balanced.

是的。我認為，如果你看看我們投資組合的多樣性，五、六年前，我們真正專注於發展消費品和全通路零售，而我們也做到了這一點。我認為我們服務的OEM廠商的多樣性非常均衡。

What we're challenged with in Q4 was a microchip shortage that impacted a few of our customers. And we're going through a retooling effort right now with many OEMs as they're converting away from EV vehicles into more ICE vehicles.

第四季我們面臨的挑戰是微晶片短缺，這影響了我們的一些客戶。目前，許多汽車製造商正在轉型，從生產電動車轉向生產內燃機汽車。

So we expect that to kind of get back to normal in the back half of the year.

所以我們預計這種情況會在今年下半年逐漸恢復正常。

Ravi Shanker with Morgan Stanley.

拉維·香克爾與摩根士丹利合作。

This is Nancy on for Ravi. I just wanted to touch on your January commentary a bit more. Is sort of the lackluster January you've seen so far just because you're going to see you seeing a delayed impact from the cycle?

這裡是南希替拉維報道。我想再就您一月份的評論做一些補充說明。你看到的1月市場表現平淡，是不是因為經濟週期的影響有所落後？

Just trying to hammer down the difference between what you're seeing and maybe others in the market.

我只是想弄清楚你現在看到的東西和市場上其他產品之間的差異。

Yeah. I think, Nancy, it's really more the service offerings and the products that we have. We're not in the spot truckload business. So there is a lag when there's a tightening of the market between when you start to see that and you start to see an increase in our rental business in our used vehicle business.

是的。南希，我認為，真正重要的是我們提供的服務和產品。我們不做零散的整車運輸業務。因此，當市場趨緊時，從開始看到市場趨緊到我們的二手車租賃業務開始成長之間存在一定的延遲時間。

So part of it could just be that, that we're just not seeing it yet. We did, that's one of the reasons why we did not build into our full year guidance.

所以，部分原因可能就在於此，我們只是還沒看到而已。確實如此，這也是我們沒有將其納入全年業績預期的原因之一。

Any meaningful improvement in the market. Obviously, if that holds and it continues to move in that direction, that could give us some benefits in the back half of the year.

市場出現任何實質改善。顯然，如果這種情況持續下去，並且繼續朝著這個方向發展，那麼今年下半年我們可能會獲得一些好處。

Got it. And then in regards to the full year guidance, how do you think Ryder will perform if any inflection is predominantly supply-side driven rather than demand and rates go up because of supply rather than demand, sort of helpful to hear your expectations if that's the case.

知道了。至於全年業績指引，如果任何轉折點主要由供應側驅動而不是需求側驅動，而利率上漲是因為供應而不是需求，您認為 Ryder 的表現會如何？如果是這種情況，聽聽您的預期會很有幫助。

Yeah, Nancy, we're still going to benefit whether it's supply driven or demand driven. I would say, especially on the used vehicle sales side, if there's less vehicles out there to be had, you should see kind of a lift in used vehicle pricing over time.

是的，南希，無論是由供給驅動還是需求驅動，我們都將從中受益。我認為，尤其是在二手車銷售方面，如果市場上可供購買的車輛減少，隨著時間的推移，二手車價格應該會有所上漲。

Clearly, the catalyst to the 250 will be dictated primarily by demand-driven improvement. But certainly, supply continues to time up will also be helpful for us and really start driving hopefully sales activity in both our leased and dedicated space.

顯然，推動250輛汽車上市的主要因素將是需求驅動型改善。但可以肯定的是，供應持續增加也將對我們有所幫助，並有望真正推動我們租賃和自有空間的銷售活動。

Harrison Bauer with Susquehanna.

哈里森鮑爾與薩斯奎哈納。

Robert, John, congrats on the upcoming transition here. I wanted to revisit UBS, but maybe in the context of what some of your fleet strategy is for the year. You discussed the dynamic where both your lease and rental fleet are likely to come down throughout or end the year, to end of the year with maybe a little bit more punitive coming down in the beginning part of the year.

羅伯特、約翰，祝賀你們即將迎來新的過渡時期。我想再了解一次瑞銀集團，但或許可以結合你們今年的車隊策略來談談。您討論了租賃和計程車隊的動態，預計全年或年底都會有所下降，而年初可能會有更嚴厲的懲罰性措施。

And we've seen some other freight companies take some decisive actions through large impairments on some underutilized assets.

我們也看到一些其他貨運公司採取了果斷措施，對一些未充分利用的資產進行大幅減損。

Is your UBS certainly being negative and the upside of your case, does that include the potential for maybe Ryder taking some more decisive actions on moving some of that underutilized fleet into the wholesale channel in the first half of this year? And if we can potentially see something similar to the losses that we saw in 2Q of 2025.

瑞銀集團的預期確實很負面，而你這邊的利多因素是否包括萊德車隊可能會在今年上半年採取更果斷的措施，將部分未充分利用的車隊轉移到批發管道？如果我們有可能看到類似 2025 年第二季的虧損情況。

Yeah, Harrison. On the UBS environment, as we look forward, we do see a stabilizing environment. And as I mentioned earlier, we do expect actually tractor pricing to improve. So we're not expecting any sort of dramatic downturn on the upper end of our guidance.

是的，哈里森。展望未來，瑞銀環境將趨於穩定。正如我之前提到的，我們預計拖拉機價格實際上會有所改善。因此，我們預計預期上限不會出現任何大幅下滑。

Clearly, if there is some pullback and pricing does continue to move downward. We do not expect to have to take any sort of impairment charges. We think our residual values are appropriately set.

顯然，如果出現回調，價格繼續下跌。我們預計無需承擔任何減損費用。我們認為殘差值設定得比較適合。

So any level of pullback that's out there will be, in our opinion, will be low single digits. That being said, we do expect UBS to kind of, I would say, perform in line with what we saw in 2025.

因此，我們認為，任何程度的回檔都將是低個位數。也就是說，我們預期瑞銀集團的表現將與我們在 2025 年看到的水平基本一致。

And yes, you may see some unevenness as we go through the year, depending on the retail wholesale mix that we implement in any one quarter. But you're going to see some performance similar to what you saw in 2025. That's what's in the guide that we put out.

是的，隨著年數的推移，您可能會看到一些不均衡的情況，這取決於我們在每個季度實施的零售批發組合。但你會看到一些類似 2025 年的表現。這就是我們發布的指南裡的內容。

And maybe as a quick follow-up. Curious if maybe you can answer this, that you participated in bidding for one of your dedicated competitors made a pretty recent sizable acquisition in first fleet. I know you guys have been hunting or considering more opportunities on M&A as a way to deploy capital?

或許可以作為後續的簡要說明。我很好奇您是否能回答這個問題：您參與競標的其中一家競爭對手最近在First Felection公司進行了一筆相當大的收購。我知道你們一直在尋找或考慮更多併購機會，以此作為部署資本的一種方式？

Curious if that's a process that you participated in? And just maybe an updated appetite on where you might see M&A and the size of that as a potential way to deploy capital from all the cash you're driving.

很好奇你是否參與過這個過程？或許可以更新您對併購的興趣，以及併購的規模，以此作為利用您目前擁有的所有現金進行資本部署的一種潛在方式。

Yeah, we don't comment on any particular deal. But obviously, we're in the market, and we're going to continue to be looking for well-run companies in the target areas that we've outlined.

是的，我們不對任何具體交易發表評論。但很顯然，我們已經進入市場，並將繼續在我們劃定的目標區域內尋找運作良好的公司。

And when we find the right ones, as you know, based on our balance sheet, we've got plenty of capacity to do the types of acquisitions that we're looking for.

如您所知，根據我們的資產負債表，當我們找到合適的收購目標時，我們有足夠的實力進行我們正在尋找的那種收購。

Scott Group with Wolfe Research.

Scott Group 與 Wolfe Research 合作。

We've seen a pickup in the Class 8 orders the last couple of months. Are you seeing a pickup in leasing demand leasing activity? What's your sense? Is this sort of just replacement, or is there some growth? Do you think there's a big prebuy coming this year?

過去幾個月，我們看到8級卡車的訂單增加。您是否觀察到租賃需求和租賃活動回升？你的感覺如何？這僅僅是替代，還是有所成長？你認為今年會有大規模的預購嗎？

So that was the first question. And then just secondly, the comment on the bridge about lease pricing increases. Is that sort of, is that an incremental tailwind this year, or is that more so carryover from last year?

這是第一個問題。其次，關於橋樑租賃價格上漲的評論。這是今年的一個小利好因素，還是更延續了去年的趨勢？

Okay. Scott, let me answer the second question. I'll make remark on the first question, I turn it over to Tom. The lease pricing and the reason for the upside from the $150 million to the $170 million, it's largely due to the pricing initiative where we've seen that has come in stronger.

好的。史考特，讓我來回答第二個問題。我先就第一個問題發表一下看法，現在把問題交給湯姆。租賃價格從 1.5 億美元上漲到 1.7 億美元的原因，主要是由於定價策略的加強，我們已經看到這項策略更加有效。

And obviously, the replacement cycle of our existing portfolio has extended out to 2026. So the $20 million is predominantly the pricing initiative as being incremental. And that's the reason for the upside from $150 to $170 million.

顯然，我們現有投資組合的更新週期已延長至 2026 年。因此，這 2000 萬美元主要用於價格調整，屬於增量式調整。這就是股價從 1.5 億美元上漲到 1.7 億美元的原因。

As far as what we're seeing in the Class 8 sales numbers, most of that, as we understand it, is coming from the four hired carriers that are, for the first time, kind of coming back into the market and planning ahead for 2026, they may be getting their orders in.

就我們從 8 級卡車銷售數據中看到的情況來看，據我們了解，大部分銷量來自四家租賃運輸公司，這些公司是第一次重返市場，並為 2026 年制定計劃，他們可能正在下訂單。

We're not seeing any sort of prebuy activity from our customers on our lease side. So I'll let Tom maybe provide a little bit more color, but that's kind of what we're seeing.

我們沒有看到租賃客戶有任何預購活動。所以，我請湯姆來補充一些細節，但這就是我們目前看到的情況。

Yeah, not much more to add, really not seeing any meaningful change in customer behavior out there that maybe the only thing I could say is that our sales pipeline is at near record levels, which might suggest some pent-up activity could be coming.

是的，沒什麼好補充的了，真的沒看到客戶行為有任何實質性的變化，我唯一能說的就是我們的銷售管道接近歷史最高水平，這可能預示著一些被壓抑的銷售活動即將到來。

But other than that, I would say no change to customer behavior and no change to incremental demand or activity at this point.

但除此之外，我認為目前顧客行為沒有變化，增量需求或活動也沒有改變。

At the 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。我謹將電話交還給羅伯特·桑切斯先生，請他作總結發言。

Okay. The only thing I'll bring you back to is clear as we did in 2025, 2026 is another year of initiatives-based earnings growth.

好的。我唯一要強調的是，就像我們在 2025 年一樣，2026 年將是另一個以各項舉措為基礎的獲利成長之年。

If we get help from the market, that will be an upside positive, but we're certainly focusing on the things that we can control, continue to do that and continue to execute on that. So thank you all for your interest in Ryder. Have a great day.

如果能得到市場的幫助，那當然會有利好，但我們目前主要關注的是我們能夠控制的事情，我們會繼續做好這些事情，並且繼續執行下去。感謝大家對萊德的關注。祝你有美好的一天。

That concludes today's conference. We thank you for your participation.

今天的會議到此結束。感謝您的參與。