FreightCar America Inc (RAIL) 2026 Q1 法說會逐字稿

Welcome to the FreightCar America First Quarter 2026 Earnings Conference Call.

歡迎參加 FreightCar America 2026 年第一季財報電話會議。

At this time, all participant lines are in a listen-only mode.

此時，所有與會者線路皆為僅收聽模式。

(Operator Instructions).

(接線員指示)。

Please note, this conference is being recorded.

請注意，本次會議將被錄音。

An audio replay of the conference call will be available on the company's website within a few hours after this call.

本次電話會議的音訊重播將於會後數小時內在公司網站提供。

I would now like to turn the call over to Chris Oden with Reverend Investor Relations. Over to you, Chris.

現在我想把電話交給 Reverend Investor Relations 的 Chris Oden。交給你了，Chris。

Thank you and welcome. Joining me today are Nic 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 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 1,995. Participants are directed to Freight Car America's Form 10-K for description of certain business risks. Some of which may be outside of 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.

謝謝，歡迎各位。今天與我一同出席的有：總裁兼執行長 Nic Randall；財務長 Mike Riordan；以及商務長 Matt Tonn。我想提醒各位，在本次電話會議中，凡涉及公司預期未來表現、未來業務前景，或未來事件或計畫的陳述，可能包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。請與會者參閱 FreightCar America 的 Form 10-K，以了解特定業務風險之說明。其中部分風險可能超出公司控制範圍，並可能導致實際結果與前瞻性陳述所表達者出現重大差異。我們明確聲明不負有更新前瞻性陳述之義務，無論係因新資訊、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 U.S. Generally Accepted Accounting Principles or GAAP. Reconciliation 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 2026 is posted on the company's website at freightcaramerica.com, along with the 8-K, which was filed at market close yesterday. With that, I will now turn the call over to Nic for a few opening remarks.

在今天的電話會議中，也將討論一些不符合美國一般公認會計原則（GAAP）的項目。這些非 GAAP 指標與其最直接可比較之 GAAP 指標的調節表，已包含於昨天下午發布的財報新聞稿中。我們 2026 年第一季的財報新聞稿已發布於公司網站 freightcaramerica.com，並附有 8-K（已於昨日收盤時提交）。接下來，我將把電話交給 Nic，請他先做幾點開場說明。

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

謝謝你，Chris。各位早安，感謝大家今天加入我們。

Our first-quarter results were in line with expectations and remain consistent with the operating cadence we expect for 2026.

我們第一季的業績符合預期，並且與我們對 2026 年的營運節奏預期一致。

At the same time, our commercial differentiation and expanding aftermarket business, which grew 86% year-over-year, continues to distinguish FreightCar America and reinforces the resilience of our business model across market cycles.

同時，我們的商業差異化與持續擴張的售後市場業務（年增 86%）仍持續凸顯 FreightCar America 的特色，並強化我們商業模式在不同市場循環中的韌性。

Our ability to serve specialized customer needs through not only new car builds, but also retrofits, conversions, and our expanding aftermarket platform all play a key role in growing our addressable revenue opportunities and allowing us to fulfill a broader set of customer programs.

我們不僅能提供新車製造，也能透過改裝、轉換，以及持續擴張的售後平台來滿足客戶的專業需求；這些能力在擴大我們可觸及的營收機會、並讓我們能承接更廣泛的客戶專案方面，都扮演關鍵角色。

In short, FreightCar America is a truly diversified railcar platform, and that remains central to our strategy.

簡而言之，FreightCar America 是一個真正多元化的鐵路貨車平台，而這仍是我們策略的核心。

Supported by our manufacturing expertise and strong productivity improvements, we realized one of the highest gross margin quarters in over a decade, with 17% gross margin in the quarter.

在我們的製造專業與強勁的生產力改善支持下，本季我們實現了十多年來最高的毛利率季度之一，季度毛利率達 17%。

This represents an expansion of 190 basis points year-over-year. What is especially encouraging is that we achieved this performance on lower land utilization, highlighting the operational agility and variable cost structure of the business.

這代表毛利率年增 190 個基點。特別令人鼓舞的是，我們是在較低的產能利用率下達成此表現，凸顯公司營運的敏捷性與可變成本結構。

Commercial activity was also encouraging in the quarter, which significantly improved pipeline activity amongst key accounts and solid order intake, including demand for our conversion and retrofit work.

本季的商務活動同樣令人鼓舞，主要客戶的商機管道活動明顯改善，訂單承接也相當穩健，其中包括對我們轉換與改裝業務的需求。

We increased our backlog by $19 million sequentially, and together with the expected contribution from retrofit and aftermarket activity, we continue to expect performance to be weighted towards the back half of the year.

我們的在手訂單金額較前一季增加 1,900 萬美元；加上改裝與售後活動的預期貢獻，我們仍預期業績將偏重於下半年。

Internally, as we have scaled our manufacturing footprint, we have been on a continuous improvement journey focused on enhancing productivity and strengthening execution across our manufacturing operations.

在內部方面，隨著我們擴大製造版圖，我們持續推動精實改善旅程，聚焦提升生產力並強化製造營運的執行力。

During that time, we have successfully established four fully operational production lines and have taken a relentless approach in driving efficient manufacturing practices.

在此期間，我們已成功建立四條完全投入運作的生產線，並以不懈的態度推動高效率的製造實務。

We are extremely pleased with our progress to date, noting that we have increased productivity by approximately 50% over the last 24 months.

我們對迄今的進展感到非常滿意；值得一提的是，過去 24 個月我們的生產力已提升約 50%。

In addition, we remain agile and are able to remain flexible as needed, giving us additional operating capability as demand evolves.

此外，我們仍保持敏捷，並可視需要維持彈性，讓我們在需求變化時具備額外的營運能力。

Together, these actions and capabilities provide additional support to drive consistent margin performance over the long-term.

綜合而言，這些行動與能力為我們長期推動穩定的毛利表現提供了額外支撐。

At the same time, programs like TruTrack are helping reinforce accountability, real-time build visibility, and quality throughout the production process, driving greater consistency, reducing rework, and strengthening production discipline across our operations.

同時，像 TruTrack 這類計畫有助於強化責任歸屬、即時的製造可視性，以及整個生產流程的品質管理，進而提升一致性、降低返工，並強化我們營運中的生產紀律。

We also remain focused on the continued expansion of our aftermarket platform, an important part of our strategy to build a broader and more balanced rail business over time.

我們也持續聚焦擴張售後平台；這是我們策略的重要一環，旨在隨時間建立更廣泛且更均衡的鐵路業務。

We are excited with the progress we have seen so far with our recent acquisition, which represents an important step in expanding our aftermarket capabilities.

我們對近期收購案迄今所見的進展感到振奮，該收購是擴大我們售後能力的重要一步。

We remain disciplined in how we invest behind that strategy, with a focus on selective, adjacent opportunities that strengthen our position in core rail markets, expand our capabilities, and support attractive long-term returns.

在推動該策略的投資上，我們仍維持紀律，聚焦於具選擇性、相鄰領域的機會，以強化我們在核心鐵路市場的地位、擴充能力，並支持具吸引力的長期報酬。

Overall, we remain mindful of the current new-build environment, where industry order activity has remained relatively consistent with last year's levels.

整體而言，我們仍留意目前新造車市場環境；產業訂單活動大致維持在與去年相近的水準。

Importantly, that dynamic continues to point to the underlying pent-up demand as fleets age and deferred replacement needs build over time.

重要的是，這樣的態勢持續指向一項基本面：隨著車隊老化與延後汰換需求逐步累積，潛在的遞延需求正在形成。

As those fleets reach retirement age, customers are increasingly likely to place orders closer to the required delivering timing, which tends to favor more agile manufacturers by creating a shorter lead time environment.

當這些車隊接近汰役年限時，客戶愈來愈可能在接近所需交付時點才下單；這通常有利於更敏捷的製造商，因為會形成較短交期的環境。

FreightCar America is well-positioned in that regard. With our improved productivity, stronger operating discipline, and a flexible manufacturing model with scalable capacity, we are well-equipped to respond efficiently and capitalize on opportunities as replacement demand returns over time.

FreightCar America 在這方面具備良好定位。憑藉我們提升的生產力、更強的營運紀律，以及具可擴充產能的彈性製造模式，我們已具備有效回應並把握機會的能力，隨著汰換需求在時間推移中回升而受益。

With that, I'll turn it over to Matt to discuss the market environment in more detail.

接下來，我把電話交給 Matt，請他更詳細說明市場環境。

Thanks, Nic, and good morning, everyone.

謝謝你，Nic，各位早安。

I'll start with a brief update on the market and our commercial activity during the quarter.

我先簡要更新本季的市場狀況與我們的商務活動。

Industry conditions for new railcar builds remain relatively consistent with the prior year, with expected annual deliveries tied to replacement demand.

新造鐵路貨車的產業狀況仍與前一年大致一致，預期年度交付量主要與汰換需求連動。

This dynamic reflects underlying demand as fleets continue to age and replacement needs build over time.

這樣的態勢反映出基本需求：車隊持續老化，汰換需求隨時間逐步累積。

Order activity during the quarter was also consistent with this environment. With industry orders totaling 5,654 units compared to 5,085 units in the prior year period.

本季的訂單活動也與此環境一致。產業訂單總量為 5,654 輛，相較於去年同期的 5,085 輛。

Railroad service metrics continue to trend positively across the industry. Key indicators, like reductions in dwell time and increased velocity, speak to improved rail service, customer confidence in rail operations, and support long-term rail demand.

全產業的鐵路服務指標持續呈現正向趨勢。關鍵指標（例如停留時間縮短與運行速度提升）顯示鐵路服務改善、客戶對鐵路營運的信心提升，並支撐長期鐵路需求。

Through the first quarter, U.S. Car load traffic was up over 4% year-over-year, with 13 of the 20 car load segments showing growth. Grain and chemical car loads posted the strongest growth, which has also been reflected in our pipeline for new covered hopper cars.

截至第一季，美國車載運量年增超過 4%，20 個車載運量分項中有 13 個呈現成長。穀物與化學品車載量成長最為強勁，這也反映在我們新造有蓋漏斗車的商機管道中。

Overall, first-quarter car loadings, excluding coal, were the highest since 2015 and indicate that despite softness in some sectors, underlying rail demand remains resilient.

整體而言，第一季車載量（不含煤炭）為 2015 年以來最高，顯示儘管部分產業仍偏弱，鐵路的基本需求仍具韌性。

During the quarter, we saw strong commercial activity, including growth of our sales pipeline across our broad product portfolio of new-build and conversion rail cars. Further, we continue to see increasing interest in our aftermarket business as customers look to extend the useful lives of their aging. Railcar fleets through scheduled maintenance activity.

本季期間，我們看到強勁的商業活動，包括我們涵蓋新造與改裝鐵路車輛之廣泛產品組合的銷售管線成長。此外，隨著客戶希望延長其老舊鐵路車隊的使用壽命，我們持續看到對售後市場業務的興趣提升。透過排程性的維護活動。

Backlog at the end of the quarter totaled 2058 units valued at approximately $156 million with a diversified mix across new builds, conversions and retrofit programs that support a balanced revenue profile. Importantly, we are beginning to see customers who are evaluating new car orders moving forward with purchase decisions.

本季末在手訂單合計為 2,058 輛，價值約 1.56 億美元，且在新造、改裝與翻新計畫之間具備多元組合，有助於維持均衡的營收結構。重要的是，我們開始看到正在評估新車訂單的客戶，正推進並做出採購決策。

In those instances, our flexible manufacturing footprint and ability to pivot quickly positions us well to meet customer-specific delivery timing requirements.

在這些情況下，我們具彈性的製造佈局以及快速調整的能力，使我們能夠很好地滿足客戶特定的交付時程需求。

From a market share perspective, we estimate our addressable share of industry new railcars, excluding tank cars, was approximately 17% for the quarter, which is in line with our typical market share. Importantly, this metric does not include our work outside of new railcars, including railcar conversions, retrofits, and rebodies, which further diversifies our revenue base and expands our participation across the broader railcar market.

從市占率角度來看，我們估計本季我們在產業新造鐵路車輛（不含槽車）的可服務市占約為 17%，與我們一貫的市占水準一致。重要的是，該指標未包含我們在新造鐵路車輛以外的工作，包括鐵路車輛改裝、翻新與車體重建（rebody），這些業務進一步分散我們的營收基礎，並擴大我們在更廣泛鐵路車輛市場的參與度。

Looking ahead, as Nic mentioned, we remain on track to begin shipments under our tank car retrofit program in the second half of the year, with initial activity expected in the third quarter and more meaningful contribution in the fourth quarter.

展望未來，如 Nic 所提，我們仍按計畫在今年下半年開始依槽車翻新計畫出貨，預期第三季開始有初步進展，並在第四季帶來更具實質性的貢獻。

Overall, while near-term market conditions remain measured, we are encouraged by the level of commercial activity, the strength of our pipeline, and the continued diversification of our backlog.

整體而言，儘管短期市場狀況仍偏審慎，我們對商業活動的水準、管線的強度，以及在手訂單持續多元化感到鼓舞。

With that, I'll turn the call over to Mike to walk through the financials in more detail.

接下來，我把電話交給 Mike，請他更詳細說明財務表現。

Thanks, Matt, and good morning, everyone. I'd like to begin with a few first-quarter highlights.

謝謝你，Matt，各位早安。我想先從第一季的幾項重點開始。

Revenue for the quarter was $64.3 million, compared to $96.3 million in the first quarter of 2025. The year-over-year decline primarily reflects lower railcar deliveries with 577 units delivered in the quarter for 710 units in the prior-year period. As noted, this was largely driven by underlying demand and expected timing. While production timing impacted first-quarter deliveries, we were encouraged by the momentum in our aftermarket business, where sales grew 86% compared to the prior-year period.

本季營收為 6,430 萬美元，相較於 2025 年第一季的 9,630 萬美元。年減主要反映鐵路車輛交付量較低，本季交付 577 輛，而去年同期為 710 輛。如前所述，這主要由基礎需求與預期時程所驅動。雖然生產時程影響了第一季交付量，但我們對售後市場業務的動能感到鼓舞，該業務銷售額較去年同期成長 86%。

This growth reflects the progress we are making in expanding our presence in the aftermarket, driving further diversification to our business over time.

此成長反映我們在擴大售後市場布局方面所取得的進展，並隨時間推進進一步提升業務多元化。

Gross profit for the quarter was $10.8 million, compared to $14.4 million in the prior-year period.

本季毛利為 1,080 萬美元，相較於去年同期的 1,440 萬美元。

Gross margin was 16.8%, up 190 basis points from 14.9% last year. The improvement in margin was driven primarily by a more favorable product mix that expands beyond new railcars, as well as the productivity gains and operational efficiencies across our manufacturing operations that Nic mentioned earlier.

毛利率為 16.8%，較去年的 14.9% 提升 190 個基點。毛利率改善主要由更有利的產品組合所帶動，該組合擴展至新造鐵路車輛以外；同時也受益於 Nic 先前提到的製造營運之生產力提升與作業效率改善。

Importantly, we delivered this margin improvement despite lower production volumes, underscoring the benefits of our mix, productivity, and cost discipline.

重要的是，即使生產量較低，我們仍實現了毛利率改善，凸顯我們在產品組合、生產力與成本紀律方面的效益。

This improvement reflects the progress we've made in strengthening execution, improving throughput, and driving a more disciplined operating model.

此改善反映我們在強化執行力、提升產出效率（throughput），以及推動更具紀律的營運模式方面所取得的進展。

Selling general and administrative expenses as a percentage of revenue increased to 17.7% from 10.9% in the prior-year period. Primarily reflecting lower revenue in the quarter rather than a meaningful increase in absolute SG&A expense.

銷售、一般及行政費用（SG&A）占營收比重由去年同期的 10.9% 上升至 17.7%。這主要反映本季營收較低，而非 SG&A 絕對金額有顯著增加。

On the bottom line, we reported net income of $41.6 million, or $1.15 per share, compared to $50.4 million, or $1.52 per share in the prior-year period.

在損益表底線方面，我們報告淨利 4,160 萬美元，或每股 1.15 美元；相較於去年同期淨利 5,040 萬美元，或每股 1.52 美元。

Results for the quarter include a $49.1 million non-cash gain related to the remeasurement of our warrant liabilities.

本季結果包含一筆與重新衡量認股權證負債相關的 4,910 萬美元非現金收益。

Excluding non-cash items, adjusted net loss was $0.5 million, or $0.04 per share, compared to adjusted net income of $1.6 million, or $0.05 per share, in the first quarter of 2025. This change primarily reflects lower volumes in the quarter.

排除非現金項目後，調整後淨損為 50 萬美元，或每股 0.04 美元；相較於 2025 年第一季調整後淨利 160 萬美元，或每股 0.05 美元。此變動主要反映本季出貨量較低。

Adjusted EBITDA for the quarter was $3.2 million, representing a margin of 4.9%, compared to $6.4 million and a margin of 6.7% in the prior-year period.

本季調整後 EBITDA 為 320 萬美元，對應利潤率 4.9%；相較於去年同期 640 萬美元與 6.7% 的利潤率。

The year-over-year decline in adjusted EBITDA was primarily driven by lower deliveries, consistent with the expected quarterly cadence, partially offset by the margin improvements mentioned earlier.

調整後 EBITDA 年減主要由交付量較低所致，符合預期的季度節奏；部分被前述毛利率改善所抵銷。

We continued to execute a disciplined and measured capital allocation strategy, balancing targeted investment in the business with a continued focus on liquidity and financial flexibility.

我們持續執行具紀律且審慎的資本配置策略，在對業務進行重點投資的同時，持續聚焦流動性與財務彈性。

From a balance sheet perspective, we further reduced debt in the quarter and ended with $52.8 million in cash and cash equivalents.

從資產負債表角度來看，我們本季進一步降低負債，期末現金及約當現金為 5,280 萬美元。

Capital expenditures for the first quarter totaled $147,000. Moving forward, we continue to expect 2026 capital spending of $7million to $10 million, including approximately $4million to $5 million of maintenance spending, as well as targeted investments to complete our previously announced tank car manufacturing initiatives.

第一季資本支出合計為 14.7 萬美元。展望未來，我們仍預期 2026 年資本支出為 700 萬至 1,000 萬美元，其中約 400 萬至 500 萬美元為維護性支出，並包含用於完成先前公告之槽車製造相關計畫的重點投資。

The productivity improvements we have made, together with our flexible manufacturing footprint and existing production lines, gives us the capacity to support higher production levels as demand improves without significant additional capital investment.

我們已取得的生產力改善，加上具彈性的製造佈局與既有產線，使我們在需求改善時，無需大量額外資本投資即可支援更高的產量水準。

Because that capacity is already in place within our current footprint, we can scale production as needed while continuing to direct capital towards opportunities that strengthen the business over the long-term, including expanding our aftermarket platform and pursuing selective opportunities that enhance the stability and durability of our revenue and cash flow profile.

由於該產能已在我們現有廠區內到位，我們可視需要擴大生產，同時持續將資本導向能在長期強化業務的機會，包括擴展售後市場平台，以及把握可提升營收與現金流結構之穩定性與耐久性的選擇性機會。

Overall, first-quarter results were in line with our expectations and reflect the planned production cadence for the year.

整體而言，第一季結果符合我們的預期，並反映本年度規劃的生產節奏。

We're reaffirming our full-year 2026 guidance, and our expectations for a stronger second-half remain intact, supported by backlog visibility, scheduled program activity, aftermarket momentum, and continued productivity improvements.

我們重申 2026 全年財測指引，且對下半年更強勁表現的預期仍維持不變，並由在手訂單能見度、既定計畫活動、售後市場動能，以及持續的生產力改善所支撐。

We'll now open the line for questions and answers.

接下來我們將開放提問與回答。

Thank you.

謝謝。

(Operator Instructions).

（接線員指示）。

Our first question comes from Mark Reichman with Noble Capital Markets. Please state your question.

我們的第一個問題來自 Noble Capital Markets 的 Mark Reichman。請提出您的問題。

Thank you. So, if I look at railcar sales revenue divided by railcars delivered, it was about a little under $92,000 for the first quarter.

謝謝。所以，如果我用鐵路車輛銷售營收除以交付的鐵路車輛數量來看，第一季大約略低於 92,000 美元。

That number drifted down throughout 2025, and also the same was true really for the backlog value per railcar.

這個數字在 2025 年全年逐步下滑，而每輛在手訂單的價值其實也是同樣的情況。

So I was just wondering, could you talk a little bit about the product mix.

所以我想請你們談談產品組合的情況。

Changes throughout the year, would you expect that number to get above $100,000?

在一年當中的變化，你們是否預期這個數字會回到 100,000 美元以上？

Hi, Mark, this is Mike. Yeah, you're right. In the back half of 2025, we talked about mix shifted more towards conversions and rebody opportunities we had. The same thing in Q1. It was a heavier conversion quarter. And I would expect, as we move into the back half, to see that number go above $100,000 as the mix will shift back towards new car activity in the second-half of the year.

嗨，Mark，我是 Mike。是的，你說得沒錯。在 2025 年下半年，我們談到產品組合更多轉向我們所掌握的改裝與車體重建（rebody）機會。第一季也是同樣情況。第一季改裝占比更高。我預期隨著我們進入下半年，該數字會回到 100,000 美元以上，因為產品組合將在下半年轉回以新車業務為主。

Does that answer your question, Mark?

這有回答你的問題嗎，Mark？

It does.

有。

The Second quarter, would you expect an improvement from the first quarter in that regard as well?

第二季，在這方面你是否也預期會較第一季有所改善？

From the average selling price, we should see that go up from where we were in Q1 as well and then built throughout the year, yeah.

就平均售價而言，我們應該也會看到它比第一季的水準上升，然後在全年逐步走高，是的。

Okay. And then just my next question is, I think you kind of.

好的。接著我的下一個問題是，我覺得你有點……

Expectations were for a much stronger second-half, but with rail deliveries at 577 in the first quarter, it seems like there might be a little catching up to do to get within guidance.

市場預期下半年會強很多，但第一季鐵路車輛交付量只有577輛，看起來要追趕一下才能落在指引區間內。

Could you maybe just talk a little bit about the cadence of railcar deliveries, and do you think your net railcar orders received, I mean, I think it was 709 in the first quarter, that that's going to fuel strength into the second half of the year?

你能否談談鐵路車輛交付的節奏？以及你認為第一季收到的鐵路車輛淨訂單（我的意思是，我想是709輛）是否會帶動今年下半年的強勁表現？

Mark, I'll start answering that question then. It's really a. An order pipeline question that I'm going to phrase in and then that will drive the delivery cadence in the second half. So this time last year, we talked about how improving our agility in manufacturing, which is effectively shortening our lead time and improving our response time, would favor people in a market where the number of orders being placed is lower than the replacement average.

Mark，我先來回答這個問題。這其實是……我會把它表述為一個訂單管線的問題，而這將驅動下半年的交付節奏。所以在去年這個時候，我們談到提升製造敏捷性，也就是有效縮短交期並提升回應速度，將有利於在一個下單量低於汰換平均水準的市場中競爭。

So that's what we're seeing again, we're able to we drove a lot of productivity improvements, and we've shortened our or improved our velocity, shortened our dwell time in the manufacturing plant. Which allows us to keep capacity open in the near term for customers as they place it.

所以我們再次看到同樣的情況：我們推動了大量生產力改善，並提升了速度、縮短了製造廠內的停滯時間。這讓我們能在短期內為客戶保留產能，隨著他們下單即可承接。

And then what we get is visibility into the full pipeline of our commercial opportunities. So we've got an increase in the pipeline activity, those customers talking to us about orders in the 2026 timeframe and our ability to fulfill those orders still within the 2026 timeframe. So we're able to have more insights. Then we do talk about pure booked orders. On the pipeline activity, the type of product, what the product is waiting for to become a live order, et cetera. So that's why, yes, it is going to be weighted towards the second half. We said that last year, and it was. We're committing to that will be the same this year.

接著我們就能掌握我們商業機會完整管線的能見度。因此我們看到管線活動增加，客戶正與我們洽談2026年時點的訂單，以及我們仍能在2026年時點內履行這些訂單的能力。所以我們能獲得更多洞察。然後我們也會談到純粹已簽訂（booked）的訂單。就管線活動而言，包含產品類型、產品是什麼、產品還在等待什麼條件才會成為正式訂單，等等。所以這就是為什麼，是的，它會偏重在下半年。我們去年就這麼說了，而且確實如此。我們承諾今年也會是同樣的情況。

With a lot of the work we did both in our scalable manufacturing and our ability to ramp up from what we did in Q1. To significantly higher numbers without introducing risks is going to be -- is key to our success in that as well.

我們在可擴展製造（scalable manufacturing）以及從第一季的水準拉升的能力上做了很多工作。能在不引入風險的情況下把數量提升到顯著更高，將會——這也是我們成功的關鍵。

But the order activity -- I'll pass it on to Matt.

至於訂單活動——我把問題交給Matt。

He can talk a bit more about that. But yes, it is heavyweighted to the second-half. We knew that going in, and we designed our plan around that.

他可以再多談一些。但沒錯，它確實偏重在下半年。我們一開始就知道這點，也據此設計了我們的計畫。

And we're still confident we can deliver on that.

而且我們仍有信心能達成。

Yeah, I'll just add that we've been adept at being able to convert orders with very short lead times, customers have been on the sidelines, now moving into the order stage and our ability with our efficient footprint has allowed us to convert those orders very quickly and deliver. So that's been executed multiple times within the quarter. And just to comment on the pipeline is continuing to grow, it's been quite active in the latter part of the first quarter and into Q2. I won't speak to order activity in the quarter. We'll save that for the next earnings call. But overall, we have a high level of confidence in the strength of the pipeline for 2026 and even pipeline activity that is into '27 and beyond.

是的，我補充一下：我們一直很擅長把交期很短的訂單轉換成實單；客戶之前觀望，現在開始進入下單階段，而我們憑藉高效率的產能配置（footprint），能非常快速地轉換這些訂單並交付。所以這在本季已多次執行。另外就管線而言，它持續成長，在第一季後段到第二季都相當活躍。我不會談本季的訂單活動。我們會留到下一次財報電話會議再說。但整體而言，我們對2026年的管線強度，以及延伸到2027年及之後的管線活動，都有很高的信心。

That's great. That's very helpful.

太好了。這非常有幫助。

Thank you very much.

非常感謝。

Our next question comes from Aaron Reed with North Coast Research. Please state your question.

我們的下一個問題來自North Coast Research的Aaron Reed。請提出你的問題。

Thank you.

謝謝。

Yeah, a little bit of a follow-on to that comment on the lower deliveries. I was wondering if you could shed a little light around, were deliveries impacted at all by preparing for the tank car deliveries in the back half of this year? Because you're not going to be operating on that fifth line, but that fourth line, so did that have any impact on that as well?

是的，延續剛才關於交付量較低的評論。我想請教你能否說明一下：交付是否有受到任何影響，是因為在為今年下半年油罐車（tank car）的交付做準備？因為你們不會在第五條產線上運作，而是用第四條產線，所以這是否也對交付造成了影響？

No, Aaron, quite the opposite, we've historically talked about we would we we have a fifth line on the roof and we can open that fifth line pretty quickly as in the 90 days, but with our productivity improvements, what we're finding is we're raising the capacity on those first four lines.

沒有，Aaron，恰恰相反。我們過去一直提到，我們屋頂上有第五條產線，需要的話可以很快啟用，大約90天內；但隨著生產力改善，我們發現我們正在提升前四條產線的產能。

In our ability to convert more cars on those four in a more productive manner. And what that means is our installed capacity on those first four is increasing quite significantly compared to what we originally intended with those productivities and velocity improvements. So, yes, we will more than likely do the conversions, as you mentioned, some tank car conversions on the footprint we have, possibly not even needing the fifth line for that.

我們能以更高的生產效率在這四條產線上轉換（convert）更多車輛。這意味著，與我們原先對這些生產力與速度改善的預期相比，前四條產線的既有產能正在顯著提升。所以，是的，我們很可能會如你所說，在現有的產能配置上進行一些油罐車轉換，甚至可能不需要第五條產線。

It's available to our use should we need it, but I would rather sweat the assets as much as possible before we commit to expanded capacity. So in short, no, the volume wasn't impacted negatively because of some preparation work.

如果需要，第五條產線可供我們使用，但在承諾擴充產能之前，我更希望盡可能把既有資產的效益發揮到最大。所以簡而言之，產量並沒有因為一些準備工作而受到負面影響。

The preparation work has gone to plan. We've got the certification as required.

準備工作都按計畫進行。我們也已取得所需的認證。

But that hasn't impeded our freightCar business or our freight car capacity, we were simply responding to customer demand profiles during the quarter.

但這並未妨礙我們的貨運車（freightCar）業務或貨運車產能；我們只是依據本季客戶需求型態做出回應。

And then the follow-up question of that is, last year, I think overall deliveries across the industry around $30,000.

接著追問一下，去年我記得整個產業的總交付量大約是30,000輛。

Do you have any more insights about what you might expect for the total number of deliveries for the remainder of '26? And have you gotten any indication out of a little further along what '27 might look like?

你對2026年剩餘期間的總交付量可能會是多少，有沒有更多洞察？另外，你是否已經得到一些跡象，顯示2027年可能會是什麼樣子？

I'm not going to try and do a quarter year-to-date plus a bit more. We're doing full years because it's just easier to do the math that way. So typically, when we look at deliveries are going to lag behind order activity.

我不打算用「年初至今加上一點」的方式去推算。我們以全年來看，因為用那種方式算比較容易。一般來說，我們看交付量會落後於訂單活動。

So we look at the order activity for 2025, which would suggest that the deliveries in 2026 are going to be somewhere between $25,000 to $30,000, give a wide range there, given that some can still convert in 2026.

所以我們看2025年的訂單活動，這會顯示2026年的交付量大概會落在25,000到30,000輛之間；我給一個較寬的區間，因為仍有一些訂單可能在2026年內轉換（convert）。

So that would be kind of consistent. But then I'd expect the orders in 2026 to be about that range or slightly higher as they start receiving orders in the back end of '26 that go into 2027. So there's a lag time. Traditionally, if you look in the rail industry, that lag time between order placement and delivery has been as far as 18 months or longer.

所以這大致上會是一致的。但我也預期2026年的訂單量會在那個區間或略高一些，因為他們會在2026年後段開始接到一些會延伸到2027年的訂單。所以存在一個時間落差。傳統上，如果你看鐵路產業，下單到交付之間的落差時間最長可達18個月甚至更久。

Typically, now, certainly with our agile manufacturing platform, that timing from order placement to delivery can be as short as 9 to 12 weeks in some cases. So.

一般來說，現在，當然在我們的敏捷製造平台之下，從下單到交付的時間在某些情況下最短可縮至 9 到 12 週。所以。

What we're seeing is a compression of that order cycle from order placement to delivery. And we've structurally aligned sort of our operations and supply chain and support and engineering roles so that we are very agile in that process, which allows us to capitalize on that shortened lead time that the market and the customers are beginning to look for.

我們看到的是，從下單到交付的訂單週期正在被壓縮。而且我們在營運、供應鏈、支援與工程等職能上做了結構性的對齊，使我們在這個流程中非常敏捷，讓我們能夠把握市場與客戶開始尋求的更短交期。

Super helpful. And then I guess I'm going to take one last question on is when you look at the total overall number of deliveries throughout the year and your overall market share, even as the industry is kind of seeing, deliveries fall a little bit, you're continuing to take market share. Have you seen any of the competitors take any competitive pricing action to combat the market share you're taking, or is it pretty much the same as it was before?

非常有幫助。接著我想最後再問一個問題：當你看全年總交付量以及你們的整體市占率時，即便整個產業的交付量似乎略有下滑，你們仍持續提升市占。你們有看到任何競爭對手採取具競爭性的降價行動來對抗你們正在取得的市占嗎？還是基本上跟以前差不多？

I'm going to, I'll answer it at a very high level and then I'll try and get some more specific. I think in a free market economy, competitors always respond in some way, whether it be pricing or value proposition or some of the way, so I would expect that to always be true with a general income competitors in the rail space.

我會先用比較高層次來回答，然後再試著補充一些更具體的內容。我認為在自由市場經濟中，競爭對手總會以某種方式回應，不論是價格、價值主張或其他做法，所以我預期在鐵路領域的一般競爭態勢下，這點一直都會成立。

But really what that means for us is, we are very conscious that we have to earn the right to win our work and earn the right to win our market share, and we take that very serious. We've never said we're going to be the lowest-cost producer, but we will be the most valuable producer, and we'll look at making sure that we deliver exactly what our customers want and what they need. And enhance our value proposition that way. And we truly believe in our products, we truly believe in our services, and we truly believe in our relationships that we build. And when we combine all that together, we win work on our own right. Now, competitors can judge that and respond to that how they see fit.

但對我們而言，這真正代表的是：我們非常清楚，我們必須贏得承接業務的資格、贏得市占的資格，我們非常認真看待這件事。我們從未說過要成為最低成本的生產者，但我們會成為最有價值的生產者；我們會確保交付的內容完全符合客戶想要與需要的。並以此方式強化我們的價值主張。我們真心相信我們的產品、真心相信我們的服務，也真心相信我們所建立的關係。當我們把這些結合在一起時，我們就能憑自身實力贏得訂單。至於競爭對手如何評估並回應，那就看他們自己的判斷。

We keep an eye on it, but we've grown both in actual in account and in market share, as you said.

我們會持續關注，但如你所說，我們在實際帳戶數與市占率上都成長了。

And we fully expect to sustain those gains, in fact, build upon it.

而且我們完全預期能維持這些成果，甚至在此基礎上再成長。

And as the market deliveries respond back to the normal sort of 38,000 to 40,000 years here, we truly expect you to protect that market share gain through that growth cycle as well.

當市場交付量回到較正常的水準、也就是每年大約 38,000 到 40,000 輛時，我們也確實預期能在那個成長循環中守住這次提升的市占。

Super helpful.

非常有幫助。

Thank you.

謝謝。

Our next question comes from Brendan McCarty with Sidoti. Please state your question.

下一個問題來自 Sidoti 的 Brendan McCarty。請提出你的問題。

Great. Good morning, everybody. Thanks for taking my questions here. I just wanted to start off on the Q1 gross margin, see if we could dissect that a little bit more.

好的。各位早安。謝謝讓我提問。我想先從第一季毛利率開始，看看能否再更細部拆解一下。

How much of that was structural in nature or was that more so driven by higher retrofit deliveries in the quarter?

其中有多少是結構性因素？還是主要是因為本季改裝交付量較高所帶動？

Hey, Brendan, this is Mike. I would call the majority of that structural. We didn't have any retrofits, but as alluded to, with the average selling price being down because we had more conversions, you'll naturally see the gross margin up. As we've kind of mentioned, typically the bottom line gross profit on a per unit basis is relatively similar between conversions and new cars, but you have a lower price tag on a conversion, so you see the margin a little higher.

嗨，Brendan，我是 Mike。我會說其中大多數是結構性的。我們沒有任何 retrofit（加裝改造）案，但如同先前提到的，因為轉換（conversion）較多導致平均售價下降，你自然會看到毛利率上升。如我們提過，通常以每單位來看，轉換與新車的最終毛利金額相對接近，但轉換的售價較低，因此毛利率看起來會高一些。

Got it. That makes sense. That makes sense. Yeah, I meant to say conversions, actually, because I think the retrofits are more back half-weighted in the year.

了解。有道理。有道理。對，我其實是想說 conversions（轉換），因為我認為 retrofits（加裝改造）會比較集中在下半年。

That's correct. Yeah, that's right.

沒錯。對，就是這樣。

Okay.

好的。

Got it. And on that point, with the retrofits in the back half of the year, but I think you mentioned you're still expecting to see the average sales price kind of step up throughout the year.

了解。那在這個點上，既然 retrofits 在下半年，但我記得你提到仍預期平均售價會在全年逐步上升。

Can you kind of, differentiate that between the two?

你能否把兩者之間的差異說明一下？

Just in terms of delivery cadence?

就交付節奏而言？

Sure. So, I think we've mentioned that the retrofit program we have is a two-year program. It kicks off in Q3 for us and really starts going in Q4.

當然可以。我想我們提過，我們的 retrofit 計畫是一個為期兩年的計畫。對我們而言會在第三季啟動，並且在第四季真正開始放量。

Probably about a quarter of that total order will take place in calendar year '26 with the balance going through 2027. So, the retrofits will have a lower impact on ASP this year compared to next year where the bulk of them are taking place.

大概約四分之一的總訂單會發生在 2026 年曆年，其餘則會延續到 2027 年。因此，相較於明年（大部分 retrofit 會在明年進行），今年 retrofits 對 ASP（平均售價）的影響會較小。

Okay, that makes sense. That's helpful.

好的，這就說得通了。很有幫助。

And then last question for me, just on the guidance affirmation, are you, I guess, how confident are you that you can really hit the midpoint there?

那我最後一個問題是關於重申財測指引：我想問，你們對於能夠達到中位數有多大信心？

And how much of that is really backed by, I guess, are you banking on a recovery in industry order flow in the back half of the year and really capitalizing on those short lead times? I guess what's really underpinning the confidence there?

而這有多少是建立在你們預期下半年產業訂單流量復甦、並且利用那些較短交期來放大成果？也就是說，這份信心的主要支撐是什麼？

So I'll walk through that first, and then Matt can probably put some color around some of the order activities. So the first question is, so yes, the year is back half loaded. We know that. We planned around that.

我先說明這部分，然後 Matt 可能可以補充一些訂單活動的細節。第一個問題是：是的，今年的出貨會偏向下半年。我們知道這點。我們也已經依此做了規劃。

That back half isn't really requiring the industry to get back to normal. We've always planned on that if the industry order quantity is somewhere around to $30,000 similar to what it was last year, then that's what our guidance is based on. So if there's a sooner than expected return to normal replacement levels, then that would probably support a stronger result. But the assumptions we've got in that is based on less about industry dynamics, which are good to look at. But obviously, we really base ours on our relationships and our insights with our actual customers and the orders they're actually working through and the projects that those orders are going to be delivered for. So we really be able to base it on the facts of the, I guess, the order pipeline and gestation process.

而下半年的表現其實不需要整個產業回到正常水準。我們一直以來的規劃是：如果產業訂單量大約在 30,000 左右、與去年相近，那我們的指引就是以此為基礎。所以如果回到正常汰換水準的時間比預期更早，那可能會支持更強的結果。但我們的假設較少建立在產業動態上（雖然這些確實值得觀察）。更重要的是，我們的基礎來自我們與實際客戶的關係與洞察、他們正在推進的實際訂單，以及這些訂單所對應的專案將要交付的用途。因此我們能更依據事實，也就是訂單管線與孕育（gestation）流程來做判斷。

And be able to risk adjust from that. So whilst the industry level is a background that helps us just sort of set the main scene, when we look at our guidance and our forecast, we're really looking at our own pipeline with a lot more detail and be able to risk assess against the orders and the projects we're working on and what may or may not influence, accelerating or deferring any of those projects.

並且在此基礎上做風險調整。所以，雖然產業層級的資訊是背景，有助於我們掌握大方向，但在看我們的指引與預測時，我們會更細緻地檢視自身管線，並針對正在進行的訂單與專案做風險評估，判斷哪些因素可能會影響專案加速或延後。

So it's. It's not always fully reflective. Last year, we grew market share and we grew unit count, even though the order industry counts went down significantly quite a lot.

所以就是這樣。它並不總是能完全反映實際情況。去年，即使整個訂單產業的數量大幅下滑、下降很多，我們仍然提升了市占率，也增加了台數。

So, it's kind of a rinse and repeat for us this year, similar dynamics still a lot to do, clearly, but I'm confident that we're not just mapping it simply to a.

所以，今年對我們來說有點像是重複同樣的節奏，類似的動態仍然有很多工作要做，這點很明顯，但我有信心我們不是把它簡單地對應到某個。

Here's what the industry does, so therefore, here's what we do. We truly believe we have to earn the right for every order, and we work on it on an order-by-order basis with our customers and our projects.

產業怎麼做，所以我們就怎麼做。我們確實相信，每一筆訂單都必須靠自己去爭取，我們會和客戶以及各個專案逐筆訂單地推進。

Just a couple of comments, Brendan.

Brendan，我補充幾點。

So the back-to-back years of order activity have averaged 23,000 units. We're scrapping more cars than are being ordered.

連續兩年的訂單活動平均為23,000台。我們報廢的車輛比新下訂的還多。

When you talk, when we have conversations with customers about their needs, we're getting to an inflection point where we can't keep this low level of order activity and high level of car scrapping and not start replacing railcars. And I think you've heard us speak in the past about an impending demand push as we approach the end of the decade.

當我們和客戶談他們的需求時，我們正走到一個拐點：如果訂單活動持續維持在這麼低的水準、而車輛報廢又維持在高水準，就不可能不開始進行鐵路車輛的汰換。而且我想你們過去也聽我們提過，隨著我們接近本十年末，需求推升即將到來。

And customers are starting to get, I won't say more serious, but certainly focused on their demand for railcar needs now.

客戶也開始對目前的鐵路車輛需求更聚焦——我不會說更嚴肅，但確實更專注。

This is what we refer to as a high-quality pipeline. So we're seeing much more activity in terms of permitting funding for railcar builds. So when we talk about how the outlook is for the remainder of the year, it's based upon good order activity that we've seen so far in the quarter, but I think there's also solid high-quality pipeline activity that gives us high confidence in meeting our guidance.

這就是我們所說的高品質管線。因此，我們看到在鐵路車輛建造的許可與資金到位方面，活動明顯更活躍。所以當我們談到今年剩餘期間的展望時，是基於本季迄今看到的良好訂單活動；同時也有扎實的高品質管線活動，讓我們對達成指引非常有信心。

That makes sense. I appreciate the detail there. That's all from me.

了解。謝謝你提供這些細節。我這邊沒有其他問題了。

Our next question comes from Mark Reichman with Noble Capital Markets. Please state your question.

下一個問題來自 Noble Capital Markets 的 Mark Reichman。請提出您的問題。

Thank you. Well, just a follow-up. So, you can imagine, I mean, 577 deliveries in the first quarter, the guidance is between $4,000 and $4,500. So, that does certainly, people are going to be a little skeptical about meeting that guidance.

謝謝。我再追問一下。所以，你可以想像，第一季交付577台，而全年指引是4,000到4,500台。因此，大家確實會對能否達成該指引有些懷疑。

But on the other hand, you had that ABL facility, and that gave you a lot more product, production flexibility. And so we can't really see what's going on behind the scenes, but do you, have some deliveries kind of already in the bag that we're going to get delivered in that third and fourth quarters? I guess what I'm asking is know your kind of your recent flexibility in terms of being able to produce and deliver is that is that part of the what's kind of behind the lumpiness in the in the delivery schedule this year so I'll.

但另一方面，你們有那個ABL融資額度，這讓你們在產品與生產上更有彈性。我們看不到幕後的情況，但你們是否已經有一些交付其實已經「十拿九穩」，會在第三、第四季交付？我想問的是，你們近期在生產與交付能力上的彈性，是否也是造成今年交付時程不均勻（lumpiness）背後的因素之一，所以我會……

Try and there's a couple of questions wrapped up in that one so I'll try and break them down and then Matt and Mike can add some so first of all on the.

我試著回答——這個問題其實包含了幾個小問題，我會先拆開來講，然後Matt和Mike也可以補充。首先，關於……

So if you just look at our guidance, just the entry level, as you said, it's just over $3,450 or so still to do at the end of Q1 to ship in the year. That would say on a level-loaded basis, call it 1,200 units a year -- sorry, a quarter or about 90-something units a week.

如果你只看我們的指引，以你說的下緣來看，在第一季結束後，今年剩下要出貨的量大約還有3,450台左右。若以平均分配來看，大概是每季1,200台——抱歉，是每季約1,200台，或每週大約90多台。

That is well within our capacity. We've demonstrated much higher shipment profiles than that before, so I don't think there's a.

這完全在我們的產能範圍內。我們過去已經展現過比這更高的出貨節奏，所以我不認為有……

The capacity concern, our ability to flex, we drove the productivity improvements so that we can handle a lot of those delivery commitments in a sometimes in a single shift as opposed to a double shift, so we've got a lot of improvements that have baked into that, so I don't think we have a...

產能方面的疑慮。我們的彈性能力也很強；我們推動了生產力改善，使我們能在某些情況下用單班而不是雙班來完成許多交付承諾。我們已經把很多改善內化進流程裡，所以我不認為我們有……

Arisma capacity perspective, we can flex our volume and throughput very high.

從 Arisma 的產能角度來看，我們可以把產量與產出吞吐量拉得很高。

The second bit you talked about is timing, where we may build cars ahead of schedule, so we may do a build sequence in the prior quarter, but then you have been finished goods or on the ABL or some of the financial mechanics. Then gets the revenue recognition in the later quarter. We do sometimes do that. There's not a lot of that in Q1, but you'll see some of those in Q2 builds that will ship in Q3 and Q4.

第二點你提到的是時點：我們可能會提前建造車輛，所以可能在前一季就完成某個建造順序，但之後會以成品庫存、或在ABL之下、或一些財務機制的方式處理。然後在後一季才進行收入認列。我們有時確實會這麼做。第一季這種情況不多，但你會看到第二季的一些建造會在第三、第四季出貨。

That's normal for us as we smooth out that process. So those things do happen and will happen, but they allow us to buffer supply chain variability and maintain consistent output. So that usually works better for us. And then. From a pipeline perspective, there is a higher customer demand in the second half than there was in the there -there was in the first half or second in the first quarter.

這對我們來說很正常，因為我們會把流程平滑化。所以這些情況確實會發生、也會繼續發生，但它們能讓我們緩衝供應鏈的波動，並維持穩定的產出。因此通常對我們更有利。另外，從管線角度來看，下半年客戶需求高於上半年——也高於第一季的需求。

And there's only so much of pre-build ahead of time you can do, because then you got to pay the storage fees, the movement fees, and a whole bunch of things. So, without flexible manufacturing, we're able to deliver when our customers need them, rather than having the customer make compromises on shipment timing and storage, et cetera.

而且你能提前預製的量也有限，因為之後就得支付倉儲費、運輸移動費，以及一大堆其他費用。因此，透過彈性製造，我們能在客戶需要的時候交付，而不是讓客戶在出貨時點與倉儲等方面做出妥協。

So that's where, you roll all these things together between our scalable manufacturing, our operational excellence, our true track, and our deep relationships with our customers. We're able to flex our delivery times so that our customers don't have to make compromises, and that allows us to have another edge as to why we are a supplier of choice for most of our customers.

所以，把這些因素綜合起來——我們可擴展的製造能力、營運卓越、我們真正的 track（實績/紀錄），以及與客戶的深厚關係——我們能彈性調整交付時間，讓客戶不必妥協；這也讓我們更具優勢，成為多數客戶的首選供應商。

That's great. That's a very helpful detail, Nic.

太好了。Nic，這些細節非常有幫助。

Thank you.

謝謝。

That was the last question for today, and it concludes the teleconference call. You may now disconnect your lines at this time.

以上是今天最後一個問題，本次電話會議到此結束。您現在可以掛斷電話線。

Thank you for your participation, and have a great day.

感謝您的參與，祝您有美好的一天。