FreightCar America Inc (RAIL) 2024 Q2 法說會逐字稿

Welcome to FreightCar America's second quarter 2024 earnings conference call.

歡迎參加 FreightCar America 2024 年第二季財報電話會議。

(Operator Instructions) Please note that this conference is being recorded. An audio replay of the conference call will be available on the company's website within a few hours after this call.

（操作員說明）請注意，本次會議正在錄製中。電話會議的音訊重播將在電話會議結束後幾個小時內在公司網站上提供。

I would now like to turn the call over to Chris O'Dea with Riveron Investor Relations.

我現在想將電話轉給 Riveron 投資者關係部的 Chris O'Dea。

Thank you, and welcome. Joining me today are Nick Randall, President and Chief Executive Officer; Mike Riordan, Chief Financial Officer; and Matt Tonn, Chief Commercial Officer.

謝謝你，也歡迎你。今天與我一起出席的有總裁兼執行長尼克·蘭德爾 (Nick Randall)；麥克‧賴爾丹 (Mike Riordan)，財務長；和首席商務官馬特·托恩(Matt Tonn)。

I'd like to remind everyone that statements made during the conference call relating to the company's expected future performance, future business prospects or future events or plans may include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.

我想提醒大家，電話會議期間發表的有關公司預期未來業績、未來業務前景或未來事件或計劃的陳述可能包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。

Participants are directed to FreightCar America's Form 10-K for a description of certain business risks, some of which may be outside of control of the company and may cause actual results to materially differ from those expressed in the forward-looking statements. We expressly disclaim any duty to provide updates to our forward-looking statements, whether as a result of new information, future events or otherwise.

參與者需查看 FreightCar America 的 10-K 表格，以了解某些業務風險的描述，其中一些風險可能超出公司的控制範圍，並可能導致實際結果與前瞻性陳述中表達的結果有重大差異。我們明確表示不承擔對前瞻性陳述進行更新的義務，無論是由於新資訊、未來事件或其他原因。

During today's call, there will also be a discussion of some items that do not conform to US generally accepted accounting principles, or GAAP. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the earnings release issued yesterday afternoon. Our earnings release for the second quarter of 2024 is posted on the company's website at freightcaramerica.com, along with 8-K, which was filed yesterday after market.

在今天的電話會議中，還將討論一些不符合美國公認會計準則（GAAP）的項目。這些非公認會計準則衡量標準與其最直接可比較的公認會計準則衡量標準的對帳已包含在昨天下午發布的收益報告中。我們的 2024 年第二季財報與昨天盤後提交的 8-K 一起發佈在公司網站 Freightcaramerica.com 上。

With that, let me now turn the call over to Nick for a few opening remarks.

現在，讓我將電話轉給尼克，讓他做一些開場白。

Thank you, Chris. Good morning, everyone, and thank you all for joining us today.

謝謝你，克里斯。大家早安，感謝大家今天加入我們。

As you may recall, over the past five years, we have undergone substantial transformative initiatives to diversify our product offering and deepen our existing customer relationships, all while strategically repositioning our operations at a significantly reduced cost base.

您可能還記得，在過去五年中，我們進行了重大變革舉措，以實現產品供應多元化並深化現有客戶關係，同時以顯著降低的成本基礎策略性地重新定位我們的營運。

Through the first half of the fiscal year, we are showcasing just that, as we reap the benefits from our comprehensive transformation. We are delivering world-class operations and commercial excellence as we meet the needs of our customers' requirements. Additionally, we are further developing our presence as a premier manufacturer of railcars, with a proven runway for growth as we continue to execute on our strong momentum.

在本財年上半年，我們正在展示這一點，因為我們從全面轉型中獲益。當我們滿足客戶的需求時，我們正在提供世界一流的營運和卓越的商業服務。此外，我們正在進一步發展我們作為領先的軌道車製造商的地位，隨著我們繼續保持強勁的勢頭，我們擁有經過驗證的成長跑道。

In terms of our second quarter results, revenues grew 66% over the prior year on deliveries of 1,159 railcars, and we achieved a record adjusted EBITDA of $12.1 million at our new facility. As a reminder, this comes off the heels of a strong first quarter in which we achieved a record 99% growth in revenue and 192% growth in adjusted EBITDA.

就我們第二季的業績而言，交付了 1,159 輛軌道車，收入比上年增長了 66%，新工廠的調整後 EBITDA 達到創紀錄的 1,210 萬美元。提醒一下，這是繼第一季強勁的表現之後，我們實現了創紀錄的 99% 收入增長和 192% 調整後 EBITDA 增長。

Through the first half of the year, we have captured historically high levels of orders and inquiries as well as made advancements in expanding our market share in line with our ongoing commitment to driving profitable growth.

今年上半年，我們獲得了歷史最高水準的訂單和詢盤，並在擴大市場份額方面取得了進展，這符合我們對推動利潤成長的持續承諾。

Industry data confirms that we are growing our market presence in the railcar segments that we operate in, including covered hoppers, which represents the largest product segment of car types in the space. We have also made significant progress in broadening our product offerings with a major multiyear tank car conversion order, which is a vital component of our next phase of growth.

行業數據證實，我們正在擴大我們所運營的軌道車輛領域的市場份額，其中包括有蓋料斗，它代表了該領域最大的車輛類型產品領域。我們還透過一項重要的多年罐車改裝訂單在擴大產品範圍方面取得了重大進展，這是我們下一階段成長的重要組成部分。

Finally, we recently celebrated the milestone of shipping our 10,000th railcar out of our Castanos facility, a remarkable milestone that highlights our vision to be the premier manufacturer in the industry.

最後，我們最近慶祝了從卡斯塔諾斯工廠運出第 10,000 輛軌道車的里程碑，這是一個非凡的里程碑，凸顯了我們成為業界領先製造商的願景。

As we have discussed before, rail equipment demand remains healthy, with stable industry dynamics providing confidence in our ability to capture consistent inquiries and orders within our target market. This spans across our diversified portfolio and flexible production lines that provide us with the ability to execute in any market environment.

正如我們之前所討論的，鐵路設備需求保持健康，穩定的行業動態使我們對我們在目標市場內獲得一致的詢價和訂單的能力充滿信心。這涵蓋了我們多元化的產品組合和靈活的生產線，使我們能夠在任何市場環境中執行任務。

In terms of order activity for the quarter, we received net orders of 2,916 units valued at $285 million, the highest we have seen since the fourth quarter of 2014. With replacement rates projected to be close to 40,000 cars for the full year, as stable industry demand outlook gives us continued confidence in our business model and our ability to further grow our pipeline.

就本季的訂單活動而言，我們收到了 2,916 個單位的淨訂單，價值 2.85 億美元，這是自 2014 年第四季以來的最高水準。預計全年汽車更換率接近 40,000 輛，穩定的產業需求前景使我們對我們的業務模式和進一步擴大通路的能力充滿信心。

I would like to now expand on an exciting update that I mentioned earlier regarding our product offerings. With our long legacy in the railcar conversion space and expanded manufacturing capabilities, we were able to secure a significant multiyear tank car conversion order. This expands our portfolio of offerings even further and establishes our footing within the tank car space.

我現在想詳細介紹我之前提到的有關我們產品的令人興奮的更新。憑藉我們在軌道車改裝領域的悠久歷史和不斷擴大的製造能力，我們能夠獲得一份重要的多年罐車改裝訂單。這進一步擴大了我們的產品組合，並在油罐車領域奠定了基礎。

This multiyear contract is a significant steppingstone for us and aligned with our strategic vision to further elevate our market presence, meet our customers' needs and further optimize our production capacity for large-scale projects.

這份多年合約對我們來說是一個重要的墊腳石，符合我們的策略願景，即進一步提升我們的市場影響力、滿足客戶的需求並進一步優化我們大型專案的生產能力。

The second quarter also marks the third consecutive quarter of shipping over 1,000 units from our Castanos facility. This demonstrates that the strategy and effectiveness of our operations are in full effect and provides confidence in our ability to realize our capacity thresholds to produce between 4,000 and 6,000 railcars per year.

第二季也標誌著我們的卡斯塔諾斯工廠連續第三個季度出貨超過 1,000 件。這表明我們的營運策略和有效性已充分發揮作用，並讓我們對實現每年生產 4,000 至 6,000 輛軌道車的產能閾值充滿信心。

Looking ahead, we remain committed to sustaining this momentum by capturing quality orders with a sharp focus on maintaining our commercial discipline. This means delivering the best value proposition tailored to individual customer needs, providing exceptional attention and service, while striking the right balance of backlog, quality of earnings and order quantity.

展望未來，我們仍然致力於透過獲取優質訂單來維持這一勢頭，並專注於維持我們的商業紀律。這意味著提供適合個人客戶需求的最佳價值主張，提供卓越的關注和服務，同時在積壓訂單、收入品質和訂單數量之間取得適當的平衡。

I would like to conclude my comments by touching on our outlook for the remainder of the year 2024. With this quarter's impressive performance and strong order momentum, we are confident in our market position through the back half of the year and are raising our guidance accordingly.

我想透過談談我們對 2024 年剩餘時間的展望來結束我的評論。憑藉本季令人印象深刻的業績和強勁的訂單勢頭，我們對今年下半年的市場地位充滿信心，並相應提高了我們的指導。

We are raising our forecasted revenue to between $560 million and $600 million, up approximately 62% year over year at the midpoint of the range. This expectation is based on expected deliveries, which we are also raising to between 4,300 to 4,700 railcars, an increase of approximately 48.9% at the midpoint of the range. We are also raising our forecasted adjusted EBITDA guidance to between $35 million and $39 million for the full year. This representing a year-over-year increase of 84.1% at the midpoint.

我們將預測營收提高至 5.6 億美元至 6 億美元之間，年增約 62%，處於該範圍的中點。這項預期基於預期交付量，我們還將鐵路車交付量提高到 4,300 至 4,700 輛，在該範圍的中點增加了約 48.9%。我們也將全年預測調整後 EBITDA 指引提高至 3,500 萬至 3,900 萬美元。中間值年增 84.1%。

Finally, we continue to expect positive operating cash flow for the third consecutive year.

最後，我們繼續預計連續第三年實現正營運現金流。

As we move forward, our focus remains on enhancing our robust product portfolio, gaining market share, both with new and existing customers, and in continuing to leverage our proven manufacturing platform to drive sustained growth. We are well positioned to benefit from the current industry trends and executing our strategic initiatives with precision.

在我們前進的過程中，我們的重點仍然是增強我們強大的產品組合，贏得新舊客戶的市場份額，並繼續利用我們成熟的製造平台來推動持續成長。我們處於有利地位，可以從當前的行業趨勢中受益，並精確執行我們的策略舉措。

With the solid foundation we have built, I am confident in our ability to scale and seize new opportunities in the market. Our unwavering commitment to innovation, quality and customer satisfaction will guide us as we create value through continued growth.

憑藉我們所建立的堅實基礎，我對我們擴大規模並抓住市場新機會的能力充滿信心。我們對創新、品質和客戶滿意度的堅定承諾將引導我們透過持續成長創造價值。

With that, I will next turn the call over to Matt to discuss the market and then to Mike for a more detail on our financial results.

接下來，我將把電話轉給馬特，討論市場，然後轉給麥克，以了解有關我們財務表現的更多詳細資訊。

Thank you, Nick, and good morning, everyone. We continue to see improved rail service metrics, contributing to an overall healthy industry environment in the second quarter. As Nick mentioned earlier, we are aligned with the industry's forecast of railcar deliveries to be in the range of 40,000 to 42,000 railcars in 2024. Overall, we see a continuation of demand closely tied to replacements and in the range of 40,000 railcars annually for the foreseeable future.

謝謝你，尼克，大家早安。我們繼續看到鐵路服務指標的改善，為第二季整體健康的產業環境做出了貢獻。正如尼克之前提到的，我們與行業預測一致，即 2024 年軌道車交付量將在 40,000 至 42,000 輛之間。總體而言，我們認為與更換密切相關的需求將持續存在，在可預見的未來，每年的鐵路車需求將達到 40,000 輛。

For the second quarter 2024, we closed net orders for 2,916 railcars valued at approximately $285 million. The first half of the year has shown robust activity as we experienced the highest level of orders since our transformation in Mexico, along with substantial growth in both our backlog and shipments. As expected, for many freight segments, customers are still taking longer to fully analyze the timing of their new railcar purchases. But overall, we are seeing consistent inquiries as a result of our flexible commercialization strategy.

2024 年第二季度，我們完成了 2,916 輛軌道車的淨訂單，價值約 2.85 億美元。今年上半年，我們的活動表現強勁，我們的訂單達到了自墨西哥轉型以來的最高水平，而且我們的積壓訂單和發貨量均大幅增長。正如預期的那樣，對於許多貨運領域，客戶仍然需要更長的時間來全面分析購買新鐵路車的時間。但總的來說，由於我們靈活的商業化策略，我們看到了一致的詢問。

With the strong momentum in the first half of the year, our production line is essentially sold out, and we are positioned well to close out the remainder of the fiscal year within our expected range. Additionally, our portfolio remains a healthy mix of car types ensuring we meet diverse customer needs. We ended the second quarter with a backlog of 3,833 railcars valued at approximately $382 million, representing the second highest level we have seen since 2016.

憑藉著上半年的強勁勢頭，我們的生產線基本上已售罄，我們有能力在我們的預期範圍內結束本財年剩餘時間。此外，我們的產品組合仍然是汽車類型的健康組合，確保我們滿足不同的客戶需求。第二季末，我們積壓了 3,833 輛軌道車，價值約 3.82 億美元，這是自 2016 年以來的第二高水準。

Within our North American addressable market of existing car types, we have realized market share gains during the quarter for orders across gondolas, flat cars and open-top hoppers. These car types serve a diversified customer base, are regularly in demand and critical to industrial and agricultural market segments of our economy. Our improved market share is a testament to our team executing the commercial strategy, focused on delivering value in every step of the process.

在我們北美現有車型的潛在市場中，我們在本季實現了敞車、平板車和開頂料斗訂單的市場份額成長。這些車型服務於多元化的客戶群，需求量大，對我們經濟的工業和農業市場至關重要。我們提高的市場份額證明了我們的團隊執行商業策略，專注於在流程的每個步驟中提供價值。

In addition to maintaining strong momentum within our existing car types, as part of our plans to grow our product portfolio, we have recently secured a significant multiyear deal to convert over 1,000 existing DOT-111 tank cars to the federally mandated DOT-117R tank cars over a two-year period.

除了保持現有車型的強勁勢頭之外，作為我們擴大產品組合計劃的一部分，我們最近還達成了一項重要的多年期協議，將1,000 多輛現有的DOT-111 坦克車改裝為聯邦政府規定的DOT-117R 坦克車兩年多的時間裡。

Railcar conversions have been core to our business over our storied history, including the delivery of over 15,000 conversions and rebodied railcars. This new agreement showcases one of our key competencies, while also expanding our capability as a reliable partner within the tank car market segment.

在我們悠久的歷史中，軌道車改裝一直是我們業務的核心，包括交付超過 15,000 輛改裝和改裝的軌道車。這項新協議展示了我們的一項關鍵能力，同時也擴大了我們作為油罐車市場領域可靠合作夥伴的能力。

Our Castanos facility is equipped to handle large sale conversion projects efficiently and our historical presence and expertise in railcar modifications were among the primary factors that helped us secure this win.

我們的卡斯塔諾斯工廠具備高效處理大型銷售改裝項目的能力，我們在軌道車改裝方面的歷史影響力和專業知識是幫助我們贏得這場勝利的主要因素之一。

By entering into the tank car space, we are not only expanding our addressable market and customer base, but demonstrating our ability to deliver tank car upgrades, engineered for optimal safety and performance. I am pleased by our demonstrated capabilities to operate at higher capacity levels and meet customer demands.

透過進入罐車領域，我們不僅擴大了我們的潛在市場和客戶群，而且展示了我們提供罐車升級的能力，這些升級旨在實現最佳的安全性和性能。我對我們所展示的以更高產能水平運作和滿足客戶需求的能力感到高興。

Our facility was purpose-built to maintain the agility needed to meet customer requirements, and we are executing on these priorities, while our sales team focuses on growing our pipeline to meet our expanded capacity for various car types.

我們的設施是專門為保持滿足客戶要求所需的敏捷性而建造的，我們正在執行這些優先事項，而我們的銷售團隊則專注於擴大我們的管道，以滿足我們擴大的各種車型的產能。

I'll now turn the call over to Mike for comments related to our financial performance. Mike?

我現在將把電話轉給麥克，徵求有關我們財務業績的評論。麥克風？

Thanks, Matt, and good morning, everyone. I'll begin with an overview of the second quarter's financial results. We are extremely pleased with our second-quarter results as we delivered year-over-year revenue growth, record quarterly profitability and record orders at our Mexico facility.

謝謝馬特，大家早安。我首先概述第二季的財務表現。我們對第二季度的業績非常滿意，因為我們的墨西哥工廠實現了同比收入增長、創紀錄的季度盈利能力和創紀錄的訂單。

Consolidated revenues for the second quarter of 2024 totaled $147.4 million, with deliveries of 1,159 railcars, compared to $88.6 million on deliveries of 760 railcars in the second quarter of 2023. Gross profit in the second quarter of 2024 was $18.4 million, with a gross margin of 12.5%, compared to gross profit of $13 million and gross margin of 14.6% in the second quarter of last year.

2024 年第二季的合併收入總計 1.474 億美元，交付了 1,159 輛鐵路車，而 2023 年第二季的合併收入為 8,860 萬美元，交付了 760 輛鐵路車。2024年第二季毛利為1,840萬美元，毛利率為12.5%，而去年第二季毛利為1,300萬美元，毛利率為14.6%。

Lower gross margin performance as compared to the prior year was primarily driven by the second quarter of 2024 delivering all new cars versus the prior year comparable period, including deliveries of car conversions.

與去年同期相比，毛利率表現較低，主要是由於 2024 年第二季所有新車的交車量與去年同期相比，包括汽車改裝的交車量。

Additionally, we saw a sequential improvement of 550 basis points from the first quarter of 2024 as we saw a favorable mix in car types delivery, coupled with our fourth production line running at full capacity for the entire quarter. We expect our freight car gross margin will remain the industry-leading levels for the full year as we continue to realize the operational efficiencies of our facility running at full capacity.

此外，我們看到與 2024 年第一季相比連續改善了 550 個基點，因為我們看到了車型交付的有利組合，加上我們的第四條生產線在整個季度滿載運行。隨著我們繼續實現設施滿載運作的營運效率，我們預計全年貨車毛利率將保持在業界領先水準。

SG&A for the second quarter of 2024 totaled $8.5 million, up from $5.9 million in the second quarter of 2023, primarily due to the second quarter of last year having a favorable mark-to-market adjustment on certain stock-based compensation awards.

2024 年第二季的銷售管理及管理費用總計850 萬美元，高於2023 年第二季的590 萬美元，這主要是由於去年第二季對某些基於股票的薪酬獎勵進行了有利的按市價調整。

Excluding stock-based compensation, SG&A as a percentage of revenue decreased to 150 basis points from the prior year as we continue to maintain disciplined SG&A spend. As a result of the business model we designed, this creates significant operating leverage to our bottom line as our production output reaches full capacity.

不包括以股票為基礎的薪酬，由於我們繼續保持嚴格的 SG&A 支出，SG&A 在收入中所佔的百分比較上一年下降至 150 個基點。由於我們設計的業務模式，當我們的產量達到滿載時，這為我們的利潤創造了巨大的營運槓桿。

In the second quarter of 2024, we achieved adjusted EBITDA of $12.1 million compared to $8 million in the second quarter of 2023, primarily driven by increased railcar deliveries between the comparable periods. For the second quarter of 2024, our adjusted net income was $6.3 million or $0.05 per diluted share compared to adjusted net income of $2.1 million or $0.02 per share in the second quarter of last year.

2024 年第二季度，我們實現調整後 EBITDA 為 1,210 萬美元，而 2023 年第二季為 800 萬美元，這主要是由於同期鐵路車交付量增加所致。2024 年第二季度，我們的調整後淨利潤為 630 萬美元，即每股攤薄收益 0.05 美元，而去年第二季度調整後淨利潤為 210 萬美元，即每股 0.02 美元。

Adjusted net income accounts for the impact of certain non-cash items and non-recurring items such as the change in fair market value of our warrant liability and a favorable nonrecurring cash item during the second quarter of this year associated with the litigation settlement related to our former lease fleet. Capital expenditures for the second quarter of 2024 were approximately $1.3 million, and our full-year forecast of capital spend remains unchanged at $5 million to $7 million.

調整後淨利潤考慮了某些非現金項目和非經常性項目的影響，例如我們的認股權證負債的公平市場價值的變化以及今年第二季度與訴訟和解相關的有利的非經常性現金項目我們以前的租賃船隊。2024 年第二季的資本支出約為 130 萬美元，我們對全年資本支出的預測維持在 500 萬至 700 萬美元不變。

Finally, I'm pleased to report the progress on one of our primary strategic objectives: strengthening our cash flow generation capabilities, which we have made remarkable progress on during the quarter. We currently hold $39.4 million in cash, no outstanding borrowings on our revolving credit facility and generate robust operating cash flow.

最後，我很高興地報告我們的主要策略目標之一的進展：加強我們的現金流產生能力，我們在本季度取得了顯著的進展。我們目前持有 3,940 萬美元現金，循環信貸額度沒有未償還借款，並產生強勁的營運現金流。

The working capital headwinds we incurred in the fourth quarter of last year fully resolved themselves in the first quarter, resulting in the normalization of our working capital and the generation of $31.9 million in operating cash flow during the first half of 2024.

我們去年第四季遇到的營運資本逆風在第一季完全解決，導致我們的營運資本正常化，並在 2024 年上半年產生 3,190 萬美元的營運現金流。

With our balance sheet in a healthy position and the continued execution on commercial and operational excellence initiatives, our business is poised to efficiently service the debt we incurred to support our transformation and ultimately, positions us favorably for continued growth and value creation for our shareholders.

由於我們的資產負債表處於健康狀態，並且持續執行商業和卓越營運計劃，我們的業務有望有效償還為支持轉型而產生的債務，並最終為我們的股東提供持續增長和價值創造的有利條件。

With that financial overview, I'd like to now open the line for Q&A.

了解了財務概況後，我現在想開通問答熱線。

(Operator Instructions) Mark Reichman, Noble Capital Markets.

（操作員說明）Mark Reichman，Noble Capital Markets。

Yes. So I was curious, when will your inventory numbers begin to reflect the tank car conversion order that's reflected in the backlog? Or maybe ask another way, when will the revenue get recognized from the order?

是的。所以我很好奇，你們的庫存數字什麼時候開始反映積壓中反映的油罐車轉換訂單？或是換個方式問，訂單收入什麼時候能確認？

From the inventory perspective, Mike, I'll let you address that. But on the timing of the order is really tied to our customers' demand. They're looking for delivery of the cars to be completed by the 2029-time frame, which is the mandate -- the federally mandated time frame, we look to start that program up substantially in 2026. Mike, do you want to set a piece?

從庫存的角度來看，麥克，我會讓你解決這個問題。但訂單的時間確實與客戶的需求有關。他們希望在 2029 年的時間範圍內完成汽車的交付，這是聯邦政府規定的時間範圍，我們希望在 2026 年大幅啟動該計劃。麥克，你想擺一塊嗎？

Yeah. So 2026, as we noted, it's a two-year program. So you'd be modeling that '26 and '27. So you won't see any inventory build in the near term. You won't really see anything of that nature until very early '26.

是的。因此，正如我們所指出的，2026 年是一個為期兩年的計劃。所以你會為'26和'27建模。因此，短期內您不會看到任何庫存增加。直到 26 年初你才會真正看到任何這種性質的東西。

And then could you just elaborate on the path towards producing new tank cars? I mean, do you think you would be ready by 2028?

那麼您能詳細介紹一下新型坦克車的生產之路嗎？我的意思是，你認為到 2028 年你準備好了嗎？

Well, let me answer that in two steps. One is the market for tank cars is around about 8,000 units a year. We have design approval for -- covers about half of that, it's about 4,000 of the 8,000 addressable market. So we are approved to take receive orders at any time a customer wishes to place them. There's a period of work to be done to configure the plant for it, but that can be aligned with when customers want to place them. But we would expect that simply due to the conversion work in 2026. And then in parallel, be prepared to take on new tank cars after that period.

好吧，讓我分兩步驟來回答這個問題。一是罐車市場每年約8000輛左右。我們的設計批准涵蓋了其中的大約一半，即 8,000 個目標市場中的大約 4,000 個。因此，我們有權在客戶希望下訂單的任何時間接受訂單。為此配置工廠需要一段時間的工作，但這可以與客戶想要放置它們的時間保持一致。但我們預期這只是由於 2026 年的轉換工作。同時，準備在那段時間之後採用新的坦克車。

Okay. And then my final question is, Michael, are you able to provide any details on plans to recapitalize the balance sheet?

好的。我的最後一個問題是，邁克爾，您能否提供有關資產負債表資本重組計劃的任何細節？

Yes. So I'll say that, that is still one of our primary strategic objectives for this year is to complete that this year, which will be very beneficial to our free cash flow generation going forward.

是的。所以我想說，今年完成這個目標仍然是我們今年的主要策略目標之一，這將非常有利於我們未來自由現金流的產生。

Thank you very much.

非常感謝。

(Operator Instructions) At this time, this concludes our question-and-answer session. This also concludes today's conference. Thank you for your participation. You may now disconnect your lines at this time, and have a great day.

（操作員說明） 至此，我們的問答環節就結束了。今天的會議也到此結束。感謝您的參與。現在您可以斷開線路，祝您有美好的一天。