FreightCar America Inc (RAIL) 2025 Q1 法說會逐字稿

Welcome to FreightCar America's first-quarter 2025 earnings conference call. (Operator Instructions) Please note 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. I would now like to turn the call over to Chris O'Dea with Riveron Investor Relations.

歡迎參加 FreightCar America 2025 年第一季財報電話會議。（操作員指示）請注意，本次會議正在錄音。電話會議的音訊回放將在會議結束後幾小時內在公司網站上提供。現在我想將電話轉給 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. I'd like to remind everyone that statements made during this 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.

謝謝，歡迎。今天與我一起出席的還有總裁兼首席執行官尼克·蘭德爾 (Nick Randall)、首席財務官邁克·裡奧丹 (Mike Riordan) 和首席商務官馬特·托恩 (Matt Tonn)。我想提醒大家，本次電話會議中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 the control of the company that 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.

參與者將被引導至 FreightCar America 的 10-K 表格以了解某些商業風險，其中一些風險可能超出公司的控制範圍，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更新前瞻性聲明的任何義務，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 first quarter of 2025 is posted on the company's website at freightcaramerica.com, along with our 8-K, which was filed premarket this morning. With that, I'll turn it over to Nick for his few opening remarks.

在今天的電話會議中，還將討論一些不符合美國公認會計原則或 GAAP 的項目。昨天下午發布的收益報告中包含了這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳。我們的 2025 年第一季財報以及我們今天早上上市前提交的 8-K 報告已發佈在公司網站 freightcaramerica.com 上。接下來，我會把時間交給尼克，請他發表一些開場白。

Thank you, Chris. Good morning, everyone, and thank you all for joining us today. I'm very pleased to share another quarter of exceptional performance for Freight Car America, driven by robust railcar orders, continued market share gains as the fastest growing rail car manufacturer in the industry, and significantly improved profitability with strong margin expansion.

謝謝你，克里斯。大家早安，感謝大家今天的參加。我很高興與大家分享 Freight Car America 又一個季度的出色表現，這得益於強勁的軌道車輛訂單、作為業內增長最快的軌道車輛製造商的市場份額持續增長，以及盈利能力的顯著提高和利潤率的強勁增長。

As we anticipated, our first quarter results reflect planned lower rail car production as we dedicated a portion of our manufacturing capacity to deliver large custom fabrications. This effort further showcases our operational flexibility and ability to manufacture large scale complex fabrications that are tailored to the unique needs of our customers.

正如我們預期的那樣，我們的第一季業績反映了計劃中的軌道車輛產量下降，因為我們將部分製造能力用於交付大型客製化產品。此項努力進一步展示了我們的營運靈活性和製造根據客戶獨特需求量身定制的大型複雜產品的能力。

Despite fewer deliveries during the quarter, we achieved strong profitability and met our expectations. In short, we executed exactly as planned and remained on track to achieve our four year goals for 2025. We saw significant marginal improvements during the quarter. Our gross margin expanded to 14.9%, up 780 basis points year over year, nearly doubling from the same period last year.

儘管本季交付量減少，但我們實現了強勁的利潤並達到了預期。簡而言之，我們完全按照計劃執行，並有望實現 2025 年的四年目標。我們在本季看到了顯著的邊際改善。我們的毛利率擴大至14.9%，年增780個基點，幾乎是去年同期的兩倍。

This margin strength clearly demonstrates the disciplined execution of our manufacturing presence. The improved margins translated directly to the bottom line, with adjusted EBITDA as $7.3 million, exceeding last year despite lower revenue and deliveries.

這種利潤率優勢清楚地表明了我們製造業的嚴格執行。利潤率的提高直接轉化為利潤，調整後的 EBITDA 為 730 萬美元，儘管收入和交付量有所下降，但仍超過了去年。

These results underscore our team's commitment to profitable growth and operational efficient efficiency. We have consistently emphasized profitable execution and our Q1 results reflect this commitment. Our commercial pipeline remains robust. We booked 1,250 new railcar orders valued at approximately $141 million in the first quarter, marking a strong start to the year. These orders drove our backlog to 3,337 rail cars totaling $318 million providing excellent visibility well into 2025.

這些結果強調了我們團隊對獲利成長和營運效率的承諾。我們一直強調獲利執行，我們的第一季業績反映了這一承諾。我們的商業通路依然強勁。我們在第一季獲得了 1,250 輛新火車車廂訂單，價值約 1.41 億美元，為今年開了個好頭。這些訂單使我們的積壓訂單達到 3,337 輛火車車廂，總額達 3.18 億美元，為 2025 年的良好前景提供了良好的可預見性。

Importantly, Freight Car America was the fastest growing railcar manufacturer in North America, according to published ARCI data expanding our addressable market share from 8% to 27% over the last 12 months. Despite lower industry-wide orders, more customers continue to choose us, validating our product quality, reliability, and value added solutions.

重要的是，根據 ARCI 發布的數據顯示，Freight Car America 是北美成長最快的軌道車輛製造商，過去 12 個月內我們的可尋址市場份額從 8% 擴大到 27%。儘管全行業訂單減少，但仍有更多客戶繼續選擇我們，證明了我們的產品品質、可靠性和增值解決方案。

Our strategic advantages underpin this success. Operating from a purpose-built facility may maintain an agile manufacturing platform that quickly responds to customers' needs. This vertically integrated campus enables rapid adjustments and seamless customization of product. Strategically positioned near the US border, our facility reduces supply chain delays and transit times, effectively minimizing industry bottlenecks.

我們的戰略優勢是這項成功的基礎。在專門建造的設施上運作可以維護一個靈活的製造平台，以快速回應客戶的需求。這個垂直整合的園區能夠實現產品的快速調整和無縫客製化。我們的工廠位於美國邊境附近的戰略位置，減少了供應鏈延遲和運輸時間，有效地最大限度地減少了產業瓶頸。

Additionally, our alignment with USMCA guidelines insulates our operations from current tariff uncertainties, all while providing with a with a distinct competitive edge through enhanced responsiveness, shorter lead times and operational adaptability.

此外，我們遵守 USMCA 準則，使我們的營運免受當前關稅不確定性的影響，同時透過增強的回應能力、更短的交貨時間和營運適應性，提供獨特的競爭優勢。

This unique blend of 120 year legacy as a pure plate railcar manufacturer with a startup agility continues to drive our rapid growth and market share gains.

作為一家純板材軌道車輛製造商，我們擁有 120 年的歷史，並具備新創企業的敏捷性，這種獨特的結合繼續推動著我們的快速成長和市場份額的成長。

Turning to the industry environment, we remain cautiously optimistic about the overall outlook for railcar equipment demand over the next 24 months. Fundamental market drivers such as consistent rail traffic levels and ongoing railcar replacement cycles continue to be healthy and supportive, while the timing of any orders might shift due to customer preferences or logistical considerations.

談到產業環境，我們對未來 24 個月軌道車輛設備需求的整體前景仍然持謹慎樂觀的態度。穩定的鐵路運輸水準和持續的軌道車輛更換週期等基本市場驅動因素繼續保持健康和支持作用，而任何訂單的時間都可能因客戶偏好或物流考慮而改變。

Looking ahead, our commercial pipeline remains very active. Customer inquiries continue at a strong pace, and our discussions for additional railcar orders are ongoing. We anticipate industry-wide deliveries will pick up momentum throughout the remainder of the year, and our robust backlog positions us exceptionally well to meet this growing demand.

展望未來，我們的商業通路依然非常活躍。客戶諮詢持續增多，我們正在就增加軌道車輛訂單進行討論。我們預計，今年剩餘時間內全行業的交付量將呈現成長勢頭，而我們充足的積壓訂單將使我們能夠很好地滿足這一日益增長的需求。

With this context, we reaffirm our full year 2025 guidance. Our Q1 performance and positive trends give us confidence in achieving our targets. We continue to expect full year deliveries of between 4,500 to 4,900 railcars, generating revenue of $530 million to $595 million.

在此背景下，我們重申 2025 年全年指引。我們第一季的業績和正面趨勢使我們有信心實現目標。我們繼續預計全年交付量將在 4,500 至 4,900 輛之間，產生 5.3 億至 5.95 億美元的收入。

Our adjusted EBA remains targeted between $43 million and $49 million. Notably, production deliveries will ramp up significantly in the second half of this year, supported by sequential quarterly growth as we convert backlog into sales.

我們的調整後 EBA 目標仍維持在 4,300 萬美元至 4,900 萬美元之間。值得注意的是，隨著我們將積壓訂單轉化為銷售額，受季度環比增長的支持，今年下半年生產交付量將大幅增加。

Our Mexico facility can produce over 5,000 rail cars annually, and our proven team can process and processors positioned as well to deliver these results. With that, I will now turn the call over to Matt to provide further insights on the market dynamics.

我們的墨西哥工廠每年可生產超過 5,000 輛軌道車，我們經驗豐富的團隊可以進行加工，處理器也定位正確以實現這些成果。現在，我將把電話轉給馬特，讓他對市場動態提供進一步的見解。

Thank you, Nick. I'm pleased to share that Freight Car America achieved its strongest quarterly market share performance in over 15 years, securing orders for 1,250 railcars valued at approximately $141 million. This represents 25% of all new rail cars ordered in the quarter and 36% within our addressable market. These exceptional results clearly demonstrate that our agile manufacturing capabilities and rapid responsiveness to shifting customer needs continue to resonate strongly in the marketplace.

謝謝你，尼克。我很高興地告訴大家，Freight Car America 取得了 15 年來最強勁的季度市佔率表現，獲得了 1,250 輛火車車廂的訂單，價值約 1.41 億美元。這佔本季訂購的所有新軌道車輛的 25%，占我們目標市場的 36%。這些卓越的業績清楚地表明，我們靈活的製造能力和對不斷變化的客戶需求的快速反應能力繼續在市場上引起強烈反響。

We concluded the first quarter with a robust backlog of 3,337 units valued at approximately $318 million marking a near 20% sequential increase from year end. Total industry orders over the trailing 12 months came in around 24,000 units, roughly 15,000 units below historical replacement levels.

第一季結束時，我們積壓訂單量達到 3,337 台，價值約 3.18 億美元，較去年年底環比成長近 20%。過去 12 個月，業界總訂單量約為 24,000 台，比歷史替換水準低約 15,000 台。

This shortfall in older activity has created pent up demand, which we anticipate will materialize beginning in the second half of the year, providing a meaningful tailwind as the fundamentals of rail car demand remain strong and steady.

舊業務活動的不足導致了被壓抑的需求，我們預計這種需求將在下半年開始顯現，並在鐵路車輛需求基本面保持強勁和穩定的情況下提供有意義的順風。

Despite the slower industry order environment early in the year, our trailing 12 month market share has expanded to 27% within our addressable market and 16% of the overall market. This clearly illustrates our ability to gain market share even in the challenging conditions positioning us favorably as order volumes normalize back to historical replacement rates.

儘管今年年初產業訂單環境放緩，但我們過去 12 個月的市佔率已擴大至目標市場的 27%，整體市場的 16%。這清楚地表明，即使在充滿挑戰的條件下，我們也有能力獲得市場份額，隨著訂單量恢復到歷史替代率，我們處於有利地位。

Our ability to win is driven by the strength of our broad and differentiated product portfolio and pure play manufacturing capabilities. The versatility of our products combined with our flexible manufacturing platform consistently enables us to meet diverse customer demands. Our proven ability to convert customer inquiries into firm orders highlights our strategic market position, customer relationships, and growing reputation for responsiveness and reliability.

我們獲勝的能力源自於我們廣泛且差異化的產品組合和純粹的製造能力。我們的產品的多功能性與靈活的製造平台相結合，使我們能夠始終滿足多樣化的客戶需求。我們已證明能夠將客戶詢問轉化為確定訂單，這凸顯了我們的策略市場地位、客戶關係以及日益增長的回應能力和可靠性聲譽。

Long-term industry demand remains healthy, supported by steady annual replacement cycles anticipated to range between 35,000 and 40,000 units. Given these positive market fundamentals, we are confident that our versatile operations. Strategic in our strategic capabilities position us well in the market. I'll turn the call over to Mike for comments on our financial performance. Mike.

長期產業需求依然健康，預計年更換週期將穩定在 35,000 至 40,000 台之間。鑑於這些正面的市場基本面，我們對我們的多元化營運充滿信心。我們的戰略能力使我們在市場上佔有有利地位。我將把電話轉給麥克，請他對我們的財務表現發表評論。麥克風。

Thanks, Matt. Good morning, everyone. I'd like to begin by sharing a few first quarter highlights. Consolidated revenues for the first quarter of 2025 totaled $96.3 million with deliveries of 710 rail cars compared to $161.1 million on deliveries of 1,223 rail cars in the first quarter of 2024.

謝謝，馬特。大家早安。首先，我想分享一些第一季的亮點。2025 年第一季的綜合收入總計 9,630 萬美元，交付了 710 輛火車車廂，而 2024 年第一季的綜合收入總計 1.611 億美元，交付了 1,223 輛火車車廂。

This was the result of lower deliveries in the quarter that we anticipated due to dedicating a portion of manufacturing capacity to deliver large custom fabrications.

這是因為我們將部分製造能力用於交付大型客製化產品，導致本季交付量低於我們的預期。

Additionally, the prior year period presented a challenging comparison due to a timing benefit associated with rail car deliveries delayed by the US-Mexico border closure in late December 2023, which subsequently shifted revenue recognition into early January 2024.

此外，由於 2023 年 12 月下旬美墨邊境關閉導致鐵路車輛交付延遲，從而帶來時間效益，因此與去年同期相比，收入確認也面臨挑戰，因此收入確認推遲至 2024 年 1 月初。

Gross profit in the first quarter of 2025 was $14.4 million with a gross margin of 14.9% compared to gross profit of $11.4 million and gross margin of 7.1% in the first quarter of last year. Higher gross margin performance was driven primarily by a favorable product mix and improved production efficiency.

2025 年第一季的毛利為 1,440 萬美元，毛利率為 14.9%，而去年第一季的毛利為 1,140 萬美元，毛利率為 7.1%。毛利率的提高主要得益於良好的產品組合和生產效率的提高。

SG&A for the first quarter of 2025 totaled $10.5 million, up from $7.5 million in the first quarter of 2024. Excluding stock-based compensation, SG&A as a percentage of revenue increased approximately 47 basis points. In the first quarter of 2025, we achieved adjusted EBITDA of $7.3 million compared to $6.1 million in the first quarter of 2024, driven primarily by favorable product mix and operational efficiencies.

2025 年第一季的銷售、一般及行政費用總計 1,050 萬美元，高於 2024 年第一季的 750 萬美元。不包括股票薪酬，銷售、一般及行政費用佔收入的百分比增加了約 47 個基點。2025 年第一季度，我們的調整後 EBITDA 為 730 萬美元，而 2024 年第一季為 610 萬美元，主要得益於有利的產品組合和營運效率。

Adjusted net income for the first quarter of 2025 was $1.6 million or $0.05 per diluted share compared to adjusted net income of $1.4 million or a loss of $0.10 per share in the first quarter of last year. During the quarter we had a $52.9 million dollar non-cash adjustment on our warrant liability.

2025 年第一季調整後淨收入為 160 萬美元，即每股攤薄收益 0.05 美元，而去年第一季調整後淨收入為 140 萬美元，即每股虧損 0.10 美元。本季度，我們對認股權證負債進行了 5,290 萬美元的非現金調整。

As a reminder, the warrant liability adjustment accounted for in adjusted net income is a non-cash item with no effect on shares outstanding or earnings per share calculations, reflecting only the valuation change of the warrant holder's investment.

提醒一下，調整後淨收入中核算的認股權證負債調整是非現金項目，對流通股或每股收益計算沒有影響，僅反映認股權證持有人投資的估值變化。

This quarter we generated $12.8 million in operating cash flow, marking our fourth consecutive quarter of positive cash flow from operations. Notably, this is a $38.1 million dollar swing from the first quarter of 2024 and we use $25.3 million of cash for operations.

本季度，我們產生了 1,280 萬美元的營運現金流，這是我們連續第四個季度實現營運現金流為正。值得注意的是，這與 2024 年第一季相比有 3,810 萬美元的變化，我們使用 2,530 萬美元的現金用於營運。

Additionally, our adjusted free cash flow for the first quarter of 2025 was approximately $12.5 million a $43 million dollar improvement compared to the first quarter of 2024 when we consume $30.5 million in adjusted free cash.

此外，我們 2025 年第一季的調整後自由現金流約為 1,250 萬美元，與 2024 年第一季消耗的 3,050 萬美元調整後自由現金相比增加了 4,300 萬美元。

This quarter's robust cash generation was driven by our strong commercial and operational pillars as well as our improved capital structure. As a result, we ended the quarter with cash holdings of $54.1 million and no outstanding borrowings on a revolving credit facility.

本季強勁的現金產生得益於我們強大的商業和營運支柱以及改善的資本結構。因此，本季結束時，我們的現金持有量為 5,410 萬美元，且循環信貸額度中沒有未償還的借款。

Capital expenditures for the first quarter totaled $0.3 million. For the full year 2025, we continue to expect capital expenditures in the range of $5 million to $6 million including approximately $1 million for our 11 car retrofit program.

第一季的資本支出總計 30 萬美元。對於 2025 年全年，我們預計資本支出仍將在 500 萬至 600 萬美元之間，其中包括用於 11 輛汽車改造計畫的約 100 萬美元。

As we consistently generate positive cash flow, we remain committed to our disciplined capital allocation priorities, which include reducing leverage to our normalized range of 1 to 2.5 X and further strengthening our financial position.

隨著我們持續產生正現金流，我們仍然致力於嚴格的資本配置優先事項，包括將槓桿率降低至 1 至 2.5 倍的正常範圍並進一步加強我們的財務狀況。

Supported by strong momentum and positive cash flow generation, we are well positioned to invest in future growth opportunities and access lower cost financing while maintaining confidence in our full year outlook. With that, we will now open the line for Q&A.

在強勁發展動能和正現金流的支持下，我們完全有能力投資未來的成長機會並獲得低成本融資，同時對全年前景保持信心。現在，我們將開放問答熱線。

(Operator Instructions) Mark Reichman, NOBLE Capital Markets.

（操作員指示）NOBLE Capital Markets 的 Mark Reichman。

Thank you. I just had two questions. The first is, would you just elaborate on which segments of your product suite are driving sales growth and in which products is the company picking up market share?

謝謝。我只有兩個問題。首先，您能否詳細說明您的哪些產品系列正在推動銷售成長，以及公司在哪些產品上獲得了市場份額？

Hey, Mark, it's Nick. I'll answer that one and then Matt can fill in some, additional details. So, when you think about, the segments, we, our current product portfolio, we're seeing orders in all the segments and the products that we offer. So, we've got cupboard hoppers, we've got open top hoppers, we've got Milons, we've got Aegons. You, we're seeing a reasonably nice mix across all product types. In those, and we don't really spread the segments and the products any further than that, outside.

嘿，馬克，我是尼克。我會回答這個問題，然後馬特可以補充一些額外的細節。因此，當您考慮各個細分市場、我們目前的產品組合時，我們會看到所有細分市場和我們提供的產品中的訂單。所以，我們有櫥櫃漏斗，有敞篷漏斗，有 Milons，有 Aegons。您，我們看到所有產品類型的組合都相當不錯。在這些領域中，我們實際上並沒有將細分市場和產品擴展到更遠的地方。

So, I think that's what you're asking is did we see the orders on any given product type, especially or was it across the board? It was really a nice healthy mix which allows us to utilize multiple VS lines for our product and you think about our planning process. Matt, anything that we missed on that? No.

所以，我想您要問的是，我們是否看到了針對任何特定產品類型的訂單，特別是針對所有產品類型的訂單，還是全面的訂單？這確實是一種很好的健康組合，它使我們能夠為我們的產品使用多條 VS 生產線，您可以考慮我們的規劃過程。馬特，我們遺漏了什麼嗎？不。

I think you covered it really well.

我認為你講得非常好。

Nick. That hopefully that answers your question, Mark.

缺口。希望這能回答你的問題，馬克。

Sure, and then the second question is, what are your considerations for putting one-fifth production line into service?

當然，那麼第二個問題是，您把五分之一的生產線投入使用是出於什麼考慮？

Oh, what a question. I'll answer that one. So you know we've always talked about our intentions to have around about 5,000 unit capacity in our facility. And we've always talked about, customer demand increased, then we have one-fifth line on the roof that is, we could turn on in under 90 days but probably less than $1 million a CapEx.

噢，這是什麼問題啊。我來回答這個問題。所以你知道，我們一直在談論我們的意圖，即在我們的工廠中實現約 5,000 個單位的產能。我們一直在談論，客戶需求增加，那麼我們在屋頂上有五分之一的生產線，也就是說，我們可以在 90 天內啟動，但資本支出可能不到 100 萬美元。

So pretty quickly we could turn that on and that would probably add another 1,000 to 1,200 unit capacity. So really we'll be looking for a trigger that we see a sustained customer demand over, let's say 5,200 a year. That would justify those.

因此我們很快就能啟動這個功能，這可能會再增加 1,000 到 1,200 個單位的容量。因此，我們實際上會尋找一個觸發因素，即看到持續的客戶需求超過每年 5,200 個。這就能證明這些。

Commissioning that fifth line, it's built, the roof is the building is built, the space is there under roof, but we wouldn't fully commission it, until we saw those triggers on market demand.

第五條生產線已經投入使用，它已經建成，建築的屋頂也已經建成，屋頂下的空間也已經存在，但我們不會全面投入使用，直到我們看到市場需求的觸發因素。

Well, here's the basis for my question. In the past, you've always talked about, that you probably would not do it unless the industry moved past replacement cycle. And that, if you were to enter the tank car market, which you plan to do, that you might squeeze out lower margin products, for that productive capacity. But here we are in the first quarter and we've seen that you use productive capacity for higher margin aftermarket parts versus rail cars.

嗯，這就是我提出這個問題的基礎。過去，您總是說，除非行業已經過了更換週期，否則您可能不會這樣做。而且，如果您打算進入油罐車市場，您可能會為了滿足生產能力而擠出利潤率較低的產品。但現在是第一季度，我們發現您將生產能力用於利潤率更高的售後零件而非軌道車輛。

So it just seems to me that if you're if you're going to get into tank cars that that perhaps they're watching the replacement cycle kind of the wrong signal. That you know that that I might expect, 1/5 line to be added sooner than later, maybe even ahead of the tank car entering the tank car market, so you don't have to, push out any other products, for that, so you don't have products competing for that productive capacity. So is that the right way to look at it, or are you still kind of pegged to the industry numbers?

所以在我看來，如果你要進入油罐車，那麼也許他們正在觀察更換週期的錯誤訊號。您知道，我預計，1/5 的生產線很快就會增加，甚至可能在油罐車進入油罐車市場之前，這樣您就不必推出任何其他產品，因此您沒有產品來爭奪生產能力。那麼，這是正確的看法嗎？還是您仍然局限於行業數據？

No, I think, it's aligned with the right way of it, but it's incomplete. So let me just add some more color to it. So when I answered the first question, it was purely simply on what would the trigger be on pure rail car demand? And if we just took that in isolation, then that's where the first answer comes to. It would be a sustained demand for us over, let's say 5,200 units a year. It would allow us to turn that commission that fifth line for additional rail car capacity, etc.

不，我認為，它符合正確的方式，但它並不完整。因此，讓我給它添加一些顏色。因此，當我回答第一個問題時，純粹是想知道什麼會引發純粹的鐵路車輛需求？如果我們孤立地看待這個問題，那麼這就是第一個答案。這對我們來說是一個持續的需求，比如說每年 5,200 台以上。它將使我們能夠將該第五條線路的委託轉化為額外的鐵路車輛容量等。

As we go into tank cars in future years, then that tipping point is, with additional product portfolio, additional products in our product portfolio, that tipping point becomes.

當我們在未來幾年進入油罐車領域時，隨著產品組合的增加，產品組合中的其他產品，這個轉捩點就會成為現實。

Arguably more ways of reaching that tipping point which tank cars could trigger that fifth line, but the last bit you talked about is non-rail car or new car products, so that could be conversion work which doesn't typically get reported through as a as a new rail car product.

可以說，達到臨界點的方式有很多，油罐車可以觸發第五條線路，但您最後談到的是非軌道車或新車產品，因此這可能是轉換工作，通常不會作為新軌道車產品進行報告。

In in orders, but it does in deliveries, so it could be conversion work. It could be adjacent manufacturing like these large subassemblies and large fabrications that we shipped in Q1 if they were sustainable. Typically the nature of those is they are highly commissioned for a given product, so predictability is a little bit off.

在訂單中，但在交付中，因此它可能是轉換工作。如果它們是可持續的，那麼它可能就是相鄰的製造，例如我們在第一季運送的這些大型子組件和大型製造品。通常情況下，他們對特定產品的委託量很大，因此可預測性有點偏差。

So but any of those could trigger that fifth line. And that fifth line may be used as space for manufacturing that's not particularly pure railcars, so that would be an option as well. We keep all those as an option, but my answer to the question was really about the pure railcar trigger would be about 5,200 new units.

但其中任何一個都可能觸發第五行。第五條生產線可能被用作製造非純軌道車輛的空間，所以這也是一種選擇。我們保留所有這些選項，但我對這個問題的回答實際上是關於純軌道車觸發因素大約是 5,200 個新單位。

But if, of course, if customers would like a large number of conversions, that's an option, a large number of ancillary products, that's an option. And typically because that fifh building is already under roof and that it's a relatively low volume of CapEx to commission it and relatively low proportion of time as in less than 90 days, that's always something that's available to us should the customer demand on any of that product or portfolio or adjacencies trigger it, and we would do that accordingly.

但是，如果客戶想要大量的轉換，那也是一種選擇，大量的輔助產品，那也是一種選擇。而且通常因為第五棟建築已經在屋頂下，並且調試它的資本支出量相對較低，時間比例也相對較低（少於 90 天），所以如果客戶對任何產品或產品組合或鄰接物的需求觸發了它，我們總是可以做到這一點，我們會相應地這樣做。

Oh, that's great. Thank you very much.

噢，那太好了。非常感謝。

Brendan McCarthy, Sidoti.

布倫丹·麥卡錫，西多蒂。

Great. Good morning, everyone. Thanks for taking my questions here. Wanted to start off on industry order flow. It looked like you had a very strong first quarter at about 25% share.

偉大的。大家早安。感謝您在這裡回答我的問題。想要開始行業訂單流。看起來你們第一季的表現非常強勁，市佔率約 25%。

We've seen commentary from other railcar manufacturers kind of highlighting the hesitancy from customers, that's kind of flowing through the order conversions. Just kind of wondering if you can differentiate what you're seeing, in your order flow, versus maybe the industry more broadly.

我們看到其他軌道車輛製造商的評論凸顯了客戶的猶豫，這在某種程度上影響了訂單轉換。我只是想知道您是否可以區分您在訂單流中看到的內容與更廣泛的行業內容。

Yeah, I'll take that, Brendan, and then if Matt has anything to add, he can add anything. So I'll step back to begin with, the drivers that drive the overall rail industries are still pretty consistent, the railroads utilizations, the railroads' consumptions, etc. So those high level macro drivers are still pretty resilient. Which then gets down to the replacement cycle that we talk about typically 40,000 units a year.

是的，我接受，布倫丹，然後如果馬特還有什麼要補充的，他可以添加任何內容。因此，首先我要退一步說，推動整個鐵路產業發展的驅動因素仍然相當一致，例如鐵路利用率、鐵路消耗等。因此，這些高水準的宏觀驅動因素仍然相當有彈性。然後就到了我們所說的更換週期，通常每年為 40,000 台。

I think we've been experiencing that there's some Transitional timing of which quarter those orders get placed in as opposed to we're not really seeing a significant overall drop from that 40,000 and timing from quarter to quarter, one year maybe 38,000, the following year maybe 42,000, but we still believe that if you took the next 24 months, the average, the replacement rates will still be about 40,000 plus or minus 5%, which is pretty consistent with where they've been. When you drill that down to the product portfolio we have.

我認為，我們已經經歷了訂單在哪個季度下達的過渡時間，而不是看到從 40,000 開始的總體顯著下降，並且每個季度的時間都不一樣，一年可能是 38,000，第二年可能是 42,000，但我們仍然相信，如果以接下來的 24 個月為單位，平均替代率仍將在 400 左右的水平相當。當您深入了解我們擁有的產品組合。

On different products we're seeing some pretty resilient. So on our open top hoppers, we believe we're number one in that product portfolio category with our versatile product. You know that's a consistent customer demand for that, which is great for us. We've recently last year talked about putting a line on cover hoppers which has seen great results, and they are typically.

在不同的產品上，我們看到一些產品相當有彈性。因此，就我們的敞頂料斗而言，我們相信憑藉我們多功能的產品，我們在該產品組合類別中位居第一。您知道這是客戶始終如一的需求，這對我們來說非常好。我們去年最近討論了在覆蓋料斗上放置一條生產線，這已經取得了很好的效果，而且它們通常都是如此。

40% of the market, so there's a large demand for those. So they are probably not quite 40%, more like 25% of the overall market, but we see a large demand for those. So it is a bit product type, but our overall experience is that our pipeline is strong.

40% 的市場份額，因此對這些產品的需求很大。因此，它們可能還不到 40%，更像是整個市場的 25%，但我們看到這些產品的需求很大。因此它有點像產品類型，但我們的整體經驗是我們的管道很強大。

Customers are still wanting to talk to us about orders in the pipeline. We've got a great value proposition, I believe, and that's what's creating this our ability to grow our market share regardless of whether the Broader market softens the quarter on quarter or not.

客戶仍然希望與我們討論正在進行的訂單。我相信，我們擁有巨大的價值主張，而這正是我們能夠擴大市場份額的原因，無論大盤是否出現季度環比疲軟。

We've got a good outlook for the rest of the year, which is why we are reaffirming our guidance, and we've got a healthy, what I would consider a healthy pipeline. So hopefully that answers your question, Brendan. If not, just feel free to refine it.

我們對今年剩餘時間的前景看好，這就是我們重申指導的原因，而且我們擁有健康的，我認為是健康的管道。希望這能回答你的問題，布倫丹。如果沒有，請隨意改進它。

No, that's great. Thanks, Nick. I appreciate the call. So just to clarify, have you seen order conversion rates slow or I guess, you hire your conversations with customers ultimately going throughout, through the, 1st 5 months of the year?

不，那太好了。謝謝，尼克。我很感謝你的來電。所以只是為了澄清一下，您是否發現訂單轉換率下降了，或者我猜您與客戶的對話最終會持續到今年的前 5 個月？

Q1 order intake was our highest proportion of intake for 15 years, I think Matt was so I think that answers that question. It was a strong order intake quarter for us, we've always talked about the process of working with customers on orders is anything from, 18 months to three year process from First concept of there's there's some sort of need whether it be a mining operation or an agricultural operation or you name it.

Q1 訂單量是我們 15 年來最高的訂單量，我想 Matt 就是這樣，所以我認為這回答了這個問題。對我們來說這是一個訂單量很大的季度，我們一直在談論與客戶合作處理訂單的過程，從第一種概念開始，需要 18 個月到三年的時間，因為存在某種需求，無論是採礦作業還是農業作業，或者其他什麼。

And then they get from a need of replacement of product to design so that whole gestation period is is is usually a year or more and then once you get into the final designs and the sort of trying to win the bids, that's the bit that sort of we record as our orders one in one, so. We have good visibility on all of our, all those steps in our in our pipeline.

然後他們從產品替換的需求開始設計，所以整個孕育期通常為一年或更長時間，然後一旦你進入最終設計並試圖贏得投標，這就是我們逐一記錄的訂單，所以。我們對我們流程中的所有步驟都有很好的了解。

There has been some nervousness of converting the pipeline into Or placement, which is, was nervousness behind us, but we've, I think we've crossed that bridge so much in in Q1. But hopefully that gives you some insight, we report orders as in orders booked, but there's a lot of pre-work that goes behind that that is that gestation of the project from concept through to winning an order and we're still seeing a healthy pipeline there.

在將管道轉換為或安置時，我們有些緊張，這種緊張感已經過去了，但我認為我們在第一季已經克服了這個問題。但希望這能給你一些啟發，我們報告的訂單是已預訂的訂單，但這背後還有很多前期工作，也就是從概念到贏得訂單的項目醞釀，我們仍然看到一個健康的管道。

That makes sense and and at the industry level, is it fair to say you still still expect industry deliveries to total somewhere between 35,000 and 40,000 for full year 2025?

這是有道理的，從行業層面來看，您是否仍然預計 2025 年全年行業交付總量將在 35,000 至 40,000 之間？

Yeah, I mean, I think last year the the most forecasts were sitting around 36,000 and the industry ended up 42,000. That's what 2024 ordered that. I don't think '25 will be as high as 2024 at the 42,000 units shipped. I think but somewhere between that range of probably 34 to 40 is probably accurate, and then I would expect. Any softening of deliveries in '25 would probably roll over into '26, so the average will probably be around that 38,000 to 40,000 units shipped delivered.

是的，我認為去年大多數預測是 36,000 左右，但該行業最終達到了 42,000。這就是 2024 年所要求的。我認為 2025 年的出貨量不會像 2024 年的 42,000 台那麼高。我認為，但大概在 34 到 40 之間的某個範圍可能是準確的，然後我就會預期。2025 年交付量的任何疲軟都可能延續到 2026 年，因此平均交付量可能在 38,000 到 40,000 台左右。

Got it, that's helpful. And can you provide any insight on. what you're looking for for quarterly delivery cadence for the rest of this year?

明白了，很有幫助。能否提供一些見解？您對今年剩餘時間的季度交付節奏有何期待？

Hey Brandon, it's Mike. Yeah, so Q2 we'll see, a step up from Q1, albeit it won't be, I'd say a significant step up as we changed from the large custom fabrications and have a number of changeovers happening in Q2. Then when you get to Q3 and the back half, which we've kind of talked about before, will be much more back half heavy. Q3 and Q4 really step up to get you to the guidance, but Q1 to Q2, you will see an uptick in Q2, but not dramatic uptick, just given the number of changeovers we have for the orders on the books, hopefully that helps a bit.

嘿，布蘭登，我是麥克。是的，所以我們將在第二季度看到，與第一季相比有所進步，儘管不會，但我想說這是一個顯著的進步，因為我們從大型定制製造轉變而來，並且在第二季度發生了許多轉變。然後，當你進入 Q3 和後半部分時，我們之前已經討論過，後半部分將會更加沉重。Q3 和 Q4 確實有助於您達到預期，但從 Q1 到 Q2，您會看到 Q2 有所上升，但不會大幅上升，只是考慮到我們帳面上訂單的轉換次數，希望這會有所幫助。

Yeah, that's helpful. Thanks, Mike and Nick, I know you mentioned there was a, nice mix across all product types, driving revenue growth this quarter, but when you look at gross margins.

是的，這很有幫助。謝謝，麥克和尼克，我知道你們提到所有產品類型的組合都很好，推動了本季度的收入成長，但是當你看看毛利率時。

Was there a specific, rail car type that really, I know you mentioned there was a favorable product mix that kind of drove the gross margin increase. Are you able to provide color on what specific rail car types you're referring to?

是否存在某種特定的軌道車輛類型，我知道您提到過，有一個有利的產品組合推動了毛利率的成長。您能提供您所指的特定軌道車輛類型的資訊嗎？

Oh, I'll ask Mike to break that down for us if you can. Yeah.

哦，如果可以的話，我會請麥克為我們解釋一下。是的。

So Brendan, when you look sequentially, our gross margins went down just slightly from Q4 to Q1. When you look year over year, it is a pretty dramatic difference, and that's largely driven by the product mix from last year and I can say from when we talked on the Q4 call last year and the Q1, one product we were making back then were boxcars, which is notoriously in the industry a pretty low margin car. A falling out of our backlog, so that's really what's driving that Q1 2024 margin rate to look low.

因此，布倫丹，當你連續查看時，我們的毛利率從第四季度到第一季略有下降。如果逐年回顧，就會發現差異非常顯著，這主要是由去年的產品組合所致，我可以說，從去年第四季和第一季度的電話會議中可以看出，當時我們生產的一種產品是棚車，眾所周知，棚車是業內利潤率相當低的汽車。我們的積壓訂單減少，這才是導致 2024 年第一季利潤率看起來很低的真正原因。

Understood. And one more question from me just on SG&A looks like a nice or large increase there and I think you mentioned there was a legal expense in that number. Can you provide additional color on that legal expense?

明白了。我還有一個問題，關於銷售、一般和行政費用，看起來有大幅增長，我記得您提到過這個數字中包含了法律費用。您能否提供有關該法律費用的更多詳細資訊？

Not recalling that piece, SG&A was just a little high in Q1 as we ramped up some of our spending in Q1, and it's really just timing for the full year. We expect SG&A to be pretty much in line with what you've seen last year, especially as SG&A is a percentage of revenue, just heavier in Q1 from a timing perspective, but you'll see that number fall off in Q2 and then be at a normal rate Q2, Q3, Q4.

我不記得那部分內容，由於我們在第一季增加了一些支出，因此第一季的銷售、一般及行政費用 (SG&A) 略高，而這實際上只是全年的時間安排。我們預期銷售、一般及行政費用將與去年的水平基本一致，特別是因為銷售、一般及行政費用佔收入的百分比，從時間角度來看，第一季的佔比更高，但你會看到這一數字在第二季度下降，然後在第二季度、第三季度、第四季度恢復正常。

Great, thanks everybody. Congrats on the quarter. That's all for me.

太好了，謝謝大家。恭喜本季取得佳績。對我來說就這些了。

Thanks Brendan.

謝謝布倫丹。

Aaron Reed, Northcoast Research.

亞倫·里德（Aaron Reed），Northcoast Research。

Hi Mike. Hi Nick, thanks for taking my call here. Just wanted to follow up on and figure out in terms of the new orders that you're able to, pick up, can you give me a little more color around, what types of cars that might be or the margin profile on it just so we can get an idea of what next year's starting to look like as well too since we're knocking on the door being halfway through this year.

你好，麥克。你好，尼克，謝謝你接聽我的電話。只是想跟進並弄清楚您能夠接到的新訂單，能否給我提供更多細節，可能是哪些類型的汽車或其利潤概況，以便我們能夠了解明年的情況，因為我們已經在今年中期敲響了大門。

Yeah, I'll do the product types that we're seeing and then there's any questions on margin that we haven't already answered. We'll try and square those ways. So the product types we typically talked about how we like to keep, we have the ability to build any product on any line.

是的，我會介紹我們看到的產品類型，然後回答有關保證金的任何問題，我們還沒有回答。我們將盡力解決這些問題。因此，我們通常談論的是我們希望保留的產品類型，我們有能力在任何生產線上生產任何產品。

But from the productivity perspective, we want to try and keep light products on the same line if that makes sense to avoid unnecessary changeovers. So, as I mentioned on our Q1 audit intake, we've seen product that falls on all of our lines, so that's different products across that spectrum in a nice mix that, we've we've got significant lumps of orders that go on each of our production lines. So that's, and if you think about our.

但從生產力的角度來看，如果有意義的話，我們希望嘗試將輕型產品保持在同一生產線上，以避免不必要的轉換。因此，正如我在第一季審計中提到的那樣，我們已經看到了涵蓋所有生產線的產品，因此，該範圍內的不同產品以良好的組合形式存在，我們在每條生產線上都有大量訂單。所以，如果你考慮一下我們的。

Product portfolio, it's everything in the rail car business. We currently don't have auto racks or tanks of shipping this year, tank cars for shipping this year, but tank cars in future years for sure. But this year we're seeing products being ordered for we're receiving orders for all the products we have in our portfolios for line.

產品組合是軌道車輛業務的一切。我們目前今年沒有運輸的汽車架或坦克，今年沒有運輸的油罐車，但未來幾年肯定有油罐車。但今年我們看到產品的訂單量很大，我們收到了我們產品線中所有產品的訂單。

So it's a nice mix from a supply chain operational perspective that keeps all those lines fully utilized. From a margin perspective, I think Mike answered it well when we look at some of the margins from prior years. There's a, notoriously in industry box cars are not the highest particular margins.

因此，從供應鏈營運的角度來看，這是一個很好的組合，可以讓所有這些生產線得到充分利用。從利潤率的角度來看，當我們看一下前幾年的一些利潤率時，我認為麥克回答得很好。眾所周知，箱式車的利潤率在業界並不是最高的。

We don't expect to have any box cars in this year so far. We don't have any in our pipeline at the moment. So I think that answers really. The what we've communicated consistently on our margin, the increase is the I guess the That no, not inclusion of boxcasts, it's just the healthy benefit, in our pipeline, but hopefully that answers your question, Aaron.

到目前為止，我們預計今年還不會有任何箱型車。目前我們還沒有正在籌備中的項目。所以我認為這確實回答了問題。我們一直在傳達利潤率方面的訊息，我想，增加的不是包括電視廣播，而是我們管道中的健康效益，但希望這能回答你的問題，Aaron。

Yeah, no, that's perfect. Another question was around, you're going to be spending money to bring that additional line online here so then you're going to be able to start working on the tank car. Do you have an idea of like, when that first tank car might roll off the line, just even a ballpark idea?

是的，不，那太完美了。另一個問題是，您將要花錢在這裡開通這條額外的生產線，然後您才能夠開始修理油罐車。您是否知道，第一輛油罐車什麼時候會下線，哪怕只是一個大概的估計？

So let me just break that into some clarifying points. So we have a couple of things we've mentioned. We've mentioned that we have one-fifth vs line, that's one-fifth manufacturing line. So that's independent of whether we do tanks. It may be used for tank cars, but it's independent. It doesn't need to be for tanks. So that's the conversation I had with Mark earlier, that 5th line will be triggered by any demand. That's one thing.

因此，讓我將其分解為幾個澄清點。我們已經提到了幾件事。我們提到過，我們有五分之一的生產線，也就是五分之一的生產線。所以這與我們是否生產坦克無關。它可能用於油罐車，但它是獨立的。它不一定適用於坦克。這就是我之前與馬克的對話，任何需求都會觸發第五行。這是一回事。

The second one is we have a tank car conversion program which we booked last year, which starts shipment starts sometime through the first half of 2026 on that, and we are this year we'll be spending CapEx to have all that up and ready.

第二個是我們有一個去年預訂的油罐車改裝計劃，該計劃將於 2026 年上半年某個時候開始發貨，今年我們將投入資本支出，讓所有計劃都準備就緒。

And running from into rev revenue in Late first half, second half of 2026. So that's the tank car, retrofit program we've talked about. And then we've also talked historically about our intention to move into new tank cars, and that would be a separate conversation on there's some CapEx and some preparations to do for that won't, that won't be in 2025. We are working to work on.

並將在 2026 年上半年末至下半年實現營業收入。這就是我們討論過的油罐車改造計畫。然後，我們也談到我們轉向新型油罐車的意圖，這將是一個單獨的討論，有一些資本支出和一些準備工作要做，但不會是在 2025 年。我們正在努力工作。

Landing orders probably for deliveries in the out years, future years, after 2026. So those 33 separate themes that 1/5 manufacturing line is not necessarily related to tank cars. That could be any trigger on demand. We put that in place. That would take less than a million dollars or less than 90 days. To configure and be production ready, so that's one item.

訂單可能在未來幾年，也就是 2026 年以後交付。因此，那 33 個獨立主題中的 1/5 生產線不一定與油罐車有關。這可以是任何按需觸發的。我們已將其落實到位。這將花費不到一百萬美元或不到90天的時間。配置並做好生產準備，所以這是一項。

The second one is the tank car retrofit program, which we've won. It's a contract. We are going full steam ahead of that. That will start shipping, call it roughly this time next year, 12 months from now, sometime in 2026, runs for about 18 months. And then the third theme is new tank cars. We have tank car approved designs by the AAR. And we will use the tank car retrofit program to, launch us into that new tank car space, as a new car, provider. Hopefully that clarifies those three things for you, Aaron.

第二個是油罐車改造項目，我們贏得了這個項目。這是一份合約。我們將全力以赴實現這一目標。它將開始發貨，大約在明年這個時候，從現在起 12 個月後，即 2026 年的某個時候，運行大約 18 個月。第三個主題是新型坦克車。我們的油罐車設計已獲得 AAR 批准。我們將利用油罐車改造計劃，作為新車供應商，進入新的油罐車領域。希望這能為你澄清這三件事，Aaron。

Yeah, absolutely, and one last follow up question to that, and I think part of it is I phrased it wrong or misunderstood it. So that fifth line that you're going to be bringing operational, is that because you have a specific need based on the orders that are coming in, or is that preemptive in anticipation of orders down the road I guess is really what I meant to ask.

是的，絕對是，最後一個後續問題，我認為部分原因是我的表達錯誤或誤解了。所以，您要投入營運的第五條生產線，是因為您根據收到的訂單有特定的需求，還是為了預先應對未來的訂單，我想這才是我真正想問的。

So currently we don't have a a mic or a committed plan to turn that fifth line on. Mark's question earlier was what would be the trigger points to turn it on or to commission it. So with the guidance we've put for 2025 in that guidance, the assumption is we will do all our.

因此，目前我們還沒有麥克風或具體的計劃來啟用第五條線路。馬克之前的問題是，啟動或調試它的觸發點是什麼。因此，根據我們在該指南中為 2025 年制定的指導方針，我們假設我們將盡一切努力。

We deliver that guidance without utilizing that fifth line. I think Mark's question was, what would be the trigger points or trigger points that would drive the utilize the the turning on of that fifth line, but currently in our guidance for this year.

我們提供該指導時無需使用第五行。我認為馬克的問題是，哪些觸發點或觸發點會推動第五條線的開啟，但目前這是我們今年的指導。

We don't have it. If customer demand rapidly changes and catches us, as in a positive surprise, we can revisit that and redress that but it's not in our current guidance for 2025.

我們沒有。如果客戶需求迅速變化並給我們帶來驚喜，我們可以重新審視並糾正，但這不在我們目前對 2025 年的指導範圍內。

Okay, I apologize. Thank you much. Makes sense.

好的，我很抱歉。非常感謝。有道理。

Mark Reichman, NOBLE Capital Markets.

NOBLE Capital Markets 的 Mark Reichman。

Thank you. Just a couple of follow-ups and you may have answered this, and I may have just missed it, but in terms of that fifth line, you've mentioned properly that you know that that that can be used for more than just tank cars and that the cost would be about, what did you say like a little over a million dollars. What would the cost be to make that line ready for the production of tank cars?

謝謝。再問幾個問題，你可能已經回答了這個問題，而我可能只是錯過了，但就第五行而言，你已經正確地提到，你知道它可以用於不僅僅是油罐車，而且成本大約是，你剛才說的一百多萬美元。使該生產線可用於生產油罐車需要花費多少錢？

I'm going to break that into two separate things if I can mark. So there's the fifth line to make it exactly the same as any of our existing existing four lines is less than a million dollars and less than 90 days.

如果可以的話，我將把它分成兩個獨立的事情。因此，第五條生產線與我們現有的四條生產線完全相同，成本不到一百萬美元，耗時不到 90 天。

So that's one thing that that would, that would replicate any one of the four lines we've got now. Then there's a separate step that if you wanted to add tank car manufacturing to our facility. You wouldn't have to do it on that new line. You could choose any line you want, and there's a series of gs, fixtures, and additional capital equipment to secure, install, etc.

所以這就是可以複製我們現在擁有的四條線路中的任何一條。然後還有一個單獨的步驟，如果您想在我們的工廠中添加油罐車製造。您不必在那條新線路上做這件事。您可以選擇任何您想要的線路，並且有一系列的 gs、固定裝置和額外的資本設備需要固定、安裝等。

And we would trigger that with a tank car order. Those two things are not connected. The fifth line for. General rail manufacturing, rail car manufacturing, or as we we demonstrated in Q1, applications, etc. Can be done for less than 90 days, less than a million dollars separate to that for our tank car manufacturing program.

我們將透過油罐車訂單來觸發這項舉措。這兩件事沒有連結。第五行。通用軌道製造、軌道車輛製造，或如我們在第一季所展示的應用等，可以在不到 90 天的時間內完成，與我們的油罐車製造計劃分開的花費不到一百萬美元。

There would be some additional investments to support that, and it's not, it doesn't happen on the 5th line, it can be on any line, but they will be independent of each other.

將會有一些額外的投資來支持這一點，但這不會發生在第五條線路上，它可以發生在任何一條線路上，但它們將彼此獨立。

And how much would it be and and and how much time does it take?

那要花多少錢？需要多長時間？

Hi Mark, this is Mike. At this point we're not going to comment specifically on that CapEx spend and timeline as we move closer to entering the tank car market, I will definitely provide the detail on the CapEx growth that would be needed for that as well as the timeline, but right now we're not prepared to provide that guidance.

嗨，馬克，我是麥克。目前，我們不會對資本支出和時間表發表具體評論，因為我們越來越接近進入油罐車市場，我肯定會提供有關所需資本支出增長的詳細信息以及時間表，但現在我們還沒有準備好提供該指導。

Okay, understandable.

好的，可以理解。

And then just the last question is. what I'm just looking at our model and I'm looking at gross margin as a percentage of revenue, back in 2022, I think it was 7.1%, 2023, 11.7%, 2024, 12%, and you saw, gross margin expand from the first to the fourth quarter of 2024. And here we are at 14.9% in the first quarter.

最後一個問題是，根據我們的模型，我將毛利率視為收入的百分比，2022 年是 7.1%，2023 年是 11.7%，2024 年是 12%，而且你會看到，毛利率從 2024 年第一季擴大到了第四季。第一季的成長率為 14.9%。

So I guess what I'm just kind of wondering, if we kind of hit a new, band or range for gross margin, I mean, would you continue, I guess maybe first quarter might be a little high, but in terms of kind of a normalized gross margin.

所以我想我只是有點好奇，如果我們達到一個新的毛利率區間或範圍，我的意思是，你會繼續嗎，我想也許第一季可能會有點高，但就正常化的毛利率而言。

What are your thoughts on that and how much does, products mix figure into that and have you kind of settled into kind of a normalized product mix or will we see continued kind of fluctuations, quarter to quarter, year to year in product mix? Kind of a long question, but I hope hopefully it makes makes sense.

您對此有何看法？產品組合在其中佔多大比重？您是否已經形成了標準化的產品組合？還是我們會看到產品組合持續波動，季度與季度之間，年度與年度之間？這個問題有點長，但我希望它有意義。

Hey Mark, this is Mike. Yeah, I'll take that one. So you're right, we've seen gross margin expansion annually each year in the past several years. I'd say if you look at our guidance and kind of work back, you'll see we are anticipating gross margin expansion again. In 2025, in 2024, we closed around 12%, so we'd expect that to go up in 2025. Product mix definitely plays in from a quarter to quarter perspective, but when you look over 12 months, it will tend to normalize itself.

嘿，馬克，我是麥克。是的，我要那個。你說得對，過去幾年我們每年都看到毛利率在擴大。我想說，如果你看看我們的指導和工作，你會發現我們預計毛利率將再次擴大。到 2025 年、2024 年，我們的銷售額將達到 12% 左右，因此我們預計 2025 年這一數字還會上升。從季度角度來看，產品組合肯定會發揮作用，但當你回顧 12 個月時，它會趨於正常化。

We had a pretty healthy mix across product types in 2024. I will say, as I mentioned earlier, to one of the answers, boxcars was in Q1, which was a weight down. Hence, you'd expect naturally a step up. This is going to be the first full year of running all four lines at full capacity, so we're going to be continuing to look for operational efficiencies and ways to gain margin expansion as we move forward.

2024 年，我們的產品類型組合相當健康。正如我之前提到的，對於其中一個答案，我想說的是，棚車處於第一季度，這是一個重量下降。因此，您自然會期望有所進步。這將是四條生產線滿載運行的第一個全年，因此我們將繼續尋求提高營運效率和擴大利潤的方法。

So you'll always have that focus on that product mix wise again I will caution quarter to quarter you can see fluctuations, but over a 12 month stretch it tends to normalize and the 12 month stretch last year absent Q1. Is a pretty good indication of where we can be if product mix stays at that, 9, 10 month average from 2024 and 2025.

因此，您將始終關注產品組合，我會再次提醒您，您可能會看到季度波動，但在 12 個月內它趨於正常化，而去年 12 個月內沒有出現第一季。如果產品組合保持這種狀態，即 2024 年和 2025 年的 9、10 個月平均值，那麼這是一個很好的跡象。

Okay, great, that's very helpful. Thank you very much.

好的，太好了，這非常有幫助。非常感謝。

Thank you. I am not showing any further questions at this time. I would now like to turn the call back over to Nick Randolph for any further remarks.

謝謝。我目前沒有提出任何其他問題。現在我想將電話轉回給尼克·蘭道夫，讓他發表進一步的評論。

Thank you. I'd just like to finish in summary with some comments. So Q1 2025 marks another quarter of disciplined execution and continued momentum, reflected in robust railcar orders, significant market share gains, and substantial margin expansion.

謝謝。最後，我想總結一下並發表一些評論。因此，2025 年第一季標誌著又一個嚴格執行、持續發展勢頭的季度，這體現在強勁的鐵路車輛訂單、顯著的市場份額增長和大幅的利潤率擴張上。

Strong financial performance highlighted by gross margin expansion to 14.9%, adjusted even our growth despite lower revenue, underscores our commitment to profitable growth. Enhanced operational advantages including agile manufacturing and commercial execution, position freight car America uniquely within the industry, and with our current backlog of $318 million in our robust inquiry pipeline, 2025 is set to deliver sequential growth and significant cash flow generation marking another strong financial year. And with that, my thanks to everyone.

強勁的財務表現突出，毛利率擴大至 14.9%，儘管收入較低，但調整後仍保持成長，彰顯了我們對獲利成長的承諾。增強的營運優勢，包括敏捷製造和商業執行，使美國貨運汽車公司在行業中佔據獨特地位，並且憑藉我們目前強大的詢價渠道中 3.18 億美元的積壓訂單，2025 年將實現連續增長和顯著的現金流產生，標誌著又一個強勁的財政年度。最後，我要向大家表達感謝。

And this concludes today's teleconference. You may disconnect your line at this time. Thank you for your participation and have a great day.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與並祝您有個愉快的一天。