Rush Enterprises Inc (RUSHA) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Rush Enterprises reports fourth quarter 2024 earning results. (Operator Instructions)

您好，感謝您的支持。歡迎閱讀 Rush Enterprises 2024 年第四季獲利報告。（操作員指令）

I'll now like to hand the conference over to your first speaker today. Rusty Rush, Chairman of board Chief Executive Officer and President. Please go ahead.

現在，我想將會議交給今天的第一位發言者。Rusty Rush，董事會主席、執行長兼總裁。請繼續。

Well, good morning, everyone. Thanks for joining our fourth quarter and you're in 2024 conference call. I have with me today, Jason Wilder, Chief Operating Officer; Steve Keller, Chief Financial Officer; Jay Hazelwood, Vice President Controller, and Michael Goldstone, Senior Vice President, General Counsel, and Corporate Secretary. Now Steve Keller will say a few words regarding forward-looking statements.

大家早安。感謝您參加我們的第四季及 2024 年電話會議。今天和我一起的是營運長 Jason Wilder；史蒂夫‧凱勒 (Steve Keller)，財務長；財務主管副總裁傑伊·黑澤爾伍德 (Jay Hazelwood) 和高級副總裁、總法律顧問兼公司秘書邁克爾·戈德斯通 (Michael Goldstone)。現在史蒂夫凱勒將就前瞻性陳述講幾句話。

Certain statements we will make today are considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Because these statements include risk and uncertainties, our actual results may differ materially from those expressed or implied by such forward-looking statements.

我們今天所做的某些聲明被視為《1995 年私人證券訴訟改革法案》中定義的前瞻性聲明。由於這些陳述包含風險和不確定性，我們的實際結果可能與這些前瞻性陳述所表達或暗示的結果有重大差異。

Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include but are not limited to those discussed in our annual report on Form 10K for the year into December 31, 2023, and in other filings of the Securities and Exchange Commission.

可能導致實際結果與此類前瞻性陳述表達或暗示的結果有重大差異的重要因素包括但不限於我們截至 2023 年 12 月 31 日的年度 10K 表年度報告以及美國證券交易委員會的其他文件中討論的因素。

As we mentioned in our news release, we had $7.8 billion in annual revenues for 2024, and our net income was $304.2 million or $3.72 per diluted share for the fourth quarter. Our revenues were $2 billion and our net income was $74.7 million $0.91 per diluted share. We are also happy to announce a cash dividend of $0.18 per common share.

正如我們在新聞稿中提到的，我們 2024 年的年收入為 78 億美元，第四季的淨收入為 3.042 億美元，即每股攤薄收益 3.72 美元。我們的營收為 20 億美元，淨收入為 7,470 萬美元，每股攤薄收益 0.91 美元。我們也很高興地宣布每股普通股派發 0.18 美元的現金股利。

2024 was a challenging year for the industry, which faced persistent headwinds, including the ongoing freight recession, high interest rates, and economic uncertainty. These factors hit over the road carrier's heart, leading to weak demand for new Class A trucks from that customer segment.

2024 年對該行業來說是充滿挑戰的一年，它面臨著持續的阻力，包括持續的貨運衰退、高利率和經濟不確定性。這些因素嚴重打擊了公路運輸企業，導致該客戶群對新型 A 級卡車的需求疲軟。

However, our strength in public sector and vocational markets helped balance things out, and we managed to hold our ground in a tough class A. Our Class 4 to 7 truck sales were strong across various customer segments, and we outperformed the market in the medium ty truck sales.

然而，我們在公共部門和職業市場的優勢幫助我們平衡了局面，我們成功地在激烈的 A 級市場中站穩了腳跟。

The truck market remains challenging, but we continue to execute well on our sales strategy, and we're able to deliver strong profits.

卡車市場仍然充滿挑戰，但我們繼續良好地執行我們的銷售策略，並能夠實現強勁的利潤。

The same challenging operating conditions that impact new Class A truck sales also impacted the aftermarket industry, but our sales force's dedication to our strategic initiatives helped us to slightly outperform the industry despite the difficult operating environment that we faced in 2024. I am very proud of our financial results.

影響新款 A 級卡車銷售的同樣嚴峻的經營條件也影響了售後市場，但儘管我們在 2024 年面臨艱難的經營環境，但我們銷售團隊對戰略計劃的奉獻精神幫助我們略微超越行業。我對我們的財務表現感到非常自豪。

Focusing on the aftermarket, our parts service and body shop revenue $2.5 billion last year, down 1.8% from 2023. Our absorption ratio was 132.2% compared to 135.3% in 2023. Even though our aftermarket revenues were slightly down, we grew our market share by expanding our national account sales force, which allowed us to enhance our car our service to large strategic accounts.

專注於售後市場，去年我們的零件服務和車身修理廠收入為 25 億美元，比 2023 年下降 1.8%。我們的吸收率為 132.2%，而 2023 年為 135.3%。儘管我們的售後市場收入略有下降，但我們透過擴大全國客戶銷售隊伍增加了市場份額，這使我們能夠增強對大型策略客戶的汽車服務。

Demand was sluggish for the over the road, energy and wholesale customers. But we saw strong sales to vocational, public sector, and medium duty leasing customers. In 2025, we expect aftermarket demand to remain soft the first few months due to the freight market continuing to struggle, which results in lower over the road fleet utilization rates.

公路、能源和批發客戶的需求低迷。但我們看到職業、公共部門和中型租賃客戶的銷售強勁。到 2025 年，我們預計售後市場需求將在前幾個月保持疲軟，因為貨運市場持續低迷，導致公路車隊利用率下降。

However, we are optimistic that that demand will pick up as the year goes on and the freight market improves, and we believe that our focus on growing our national account customer base, and our other aftermarket strategic initiatives will result in revenue growth this year.

然而，我們樂觀地認為，隨著時間的推移和貨運市場的改善，這種需求將會回升，並且我們相信，我們對擴大全國客戶群的關注以及其他售後市場戰略舉措將帶來今年的收入增長。

We are also committed to expanding our technician workforce in 2025, particularly mobile technicians, which will allow us to reduce vehicle dwell time in our shops, better serve our customers, increase back counterparts sales, and grow market share.

我們也致力於在 2025 年擴大我們的技術人員隊伍，特別是行動技術人員，這將使我們能夠減少車輛在車間停留的時間，更好地服務我們的客戶，增加同行銷售額並擴大市場份額。

Regarding truck sales, we sold 15,465 new Class A trucks in 2024, down 11.4% year over year, representing 6.1% of the US market and 1.7% of the Canadian market. Market conditions were tough with high inventory levels and competitive price. However, our sales to specialty market customers help offset weak demand from our over the road customers.

在卡車銷售方面，我們在 2024 年銷售了 15,465 輛新的 A 級卡車，年減 11.4%，占美國市場的 6.1% 和加拿大市場的 1.7%。市場環境嚴峻，庫存水準高，價格競爭激烈。然而，我們針對專業市場客戶的銷售有助於抵消公路客戶的疲軟需求。

ACT research forecast US and Canadian sales of new Class A trucks to be 277,200 units in 2025, basically flat with 2024, and we expect sales to be challenging in the first half of 2025. We anticipate the demand will improve in the second half of the year as freight rates recover.

ACT 研究預測，2025 年美國和加拿大新 A 級卡車的銷量將為 277,200 輛，與 2024 年基本持平，我們預計 2025 年上半年的銷售將面​​臨挑戰。我們預計，隨著運費回升，下半年需求將會改善。

In addition, despite uncertainty around engine emissions regulations, we believe the EPA's clean diesel regulations will drive some pre-buy activity later this year. We are optimistic that previse along with strong vocational sales, will allow us to achieve strong new Class A truck sales and keep pace with the market in 2025.

此外，儘管引擎排放法規存在不確定性，但我們相信美國環保署的清潔柴油法規將在今年稍後推動一些預購活動。我們樂觀地認為，憑藉良好的職業銷售業績，我們將在 2025 年實現新型 A 級卡車的強勁銷售，並與市場保持同步。

Our class 4 to 7 new truck sales were up 5.1% year over year, with 13,935 units sold in 2024, representing 5.3% of the US market and 3.1% of the Canadian market. Medium duty vehicle production stabilized, and delivery lead times improved throughout the year.

我們的 4 至 7 級新卡車銷量年增 5.1%，2024 年售出 13,935 輛，占美國市場的 5.3% 和加拿大市場的 3.1%。中型車生產趨於穩定，全年交貨時間有所改善。

Our strategic focus on diversifying our customer base and focusing on large national accounts paid off. And we outperform the market in new class 4 to 7 truck sales. ACT research forecast US and Canadian sales. A new class 4 to 7 trucks to be 282,250 units in 2025, up 5.3% from 2024.

我們的策略重點是實現客戶群多元化，並專注於大型國家客戶，這項策略已獲得成功。我們的 4 至 7 級新型卡車銷售表現優於市場。ACT 研究預測美國和加拿大的銷售情況。2025年新型4至7級卡車將達到282,250輛，比2024年成長5.3%。

However, supply has caught up with demand, and we believe the medium duty market may begin to slow in 2025. Nevertheless, we believe that our expertise in the medium beauty sector and our ready to roll program will help us achieve strong medium duty commercial sales in 2025.

然而，供應已經趕上了需求，我們認為中型市場可能在 2025 年開始放緩。儘管如此，我們相信，我們在中型美容領域的專業知識和隨時可用的計劃將幫助我們在 2025 年實現強勁的中型商業銷售。

We sold 7,110 used trucks in 2024, basically flat year over year. The used drug market was challenging due to values continuing to default and tight credit, but our disciplined inventory and pricing strategies helped us deliver strong results. With freight rates showing signs of improvement and used drug values stabilizing, we are cautiously optimistic about 2025.

2024年，我們銷售了7,110輛二手卡車，與去年基本持平。由於價值持續違約和信貸緊縮，二手藥市場充滿挑戰，但我們嚴謹的庫存和定價策略幫助我們取得了強勁的業績。隨著運費出現改善跡象且二手藥物價值趨於穩定，我們對 2025 年持謹慎樂觀態度。

Leasing and rental revenue was $354.9 million, basically flat for 2023. A restaurant leasing division continues to be a key contributor to our overall performance. While rental revenue was slightly down in the fourth quarter, leasing revenue increased as we replaced 1,500 units in our fleet.

租賃和租金收入為 3.549 億美元，與 2023 年基本持平。餐廳租賃部門持續成為我們整體業績的關鍵貢獻者。雖然第四季度租賃收入略有下降，但由於我們更換了 1,500 輛汽車，租賃收入有所增加。

At the age of our leasing and rental fleet decreases, we should recognize higher revenue and lower maintenance and operating costs going forward. We expect our leasing and rental business to remain strong in 2025.

隨著我們的租賃和計程車隊的年限減少，我們應該實現更高的收入和更低的維護和營運成本。我們預計我們的租賃業務在 2025 年將保持強勁。

I wanted to remind everyone that due to seasonal increases in employee benefits and payroll taxes that occur in the first quarter of every year, we expect our G&A expenses to be sequentially higher in the first quarter of 2025 compared to the fourth quarter of 2024.

我想提醒大家，由於每年第一季員工福利和工資稅的季節性增長，我們預計 2025 年第一季的 G&A 費用將比 2024 年第四季連續增加。

Lastly, I want to make a final comment on the proposed tariffs that may impact vehicles and component parts manufactured in Canada, Mexico, or China. We are currently monitoring this situation closely. If such tariffs are enacted and significantly increase the aggregate price of new commercial vehicles or parts, we believe the demand for new truck commercial vehicles and parts could decrease in 2025.

最後，我想對可能影響加拿大、墨西哥或中國生產的汽車和零件的擬議關稅發表最後的評論。我們目前正在密切監視這一情況。如果此類關稅實施並大幅提高新商用車或零件的總價格，我們認為 2025 年對新卡車商用車和零件的需求可能會下降。

Before we wrap up, I want to thank our employees for their hard work and dedication in 2024. Despite the challenges, they stayed focused on our strategic initiatives and expense reduction goals, helping us achieve strong financial results. With that, I will take your questions.

在結束之前，我想感謝我們的員工在 2024 年的辛勤工作和奉獻精神。儘管面臨挑戰，他們仍專注於我們的策略舉措和削減費用目標，幫助我們取得強勁的財務表現。現在我將回答你們的提問。

Thank you. At this time, we'll conduct the question answer session. (Operator Instructions)

謝謝。現在，我們將進行問答環節。（操作員指令）

And our first question comes from a line of Andrew Owen of Bank of America. Your line is now open.

我們的第一個問題來自美國銀行的安德魯歐文 (Andrew Owen)。您的線路現已開通。

Yes, good morning. Can you hear me?

是的，早安。你聽得到我嗎？

Yes, we've got you, Andrew.

是的，我們抓住你了，安德魯。

Excellent, Rusty, your commentary about second half recovery, how should we think about earning seasonality in 2025 versus a normal seasonal pattern? And I'll just throw in and specifically, when does parts and service turn positive again? So, two-part question. Thank you.

非常好，Rusty，你對下半年復甦的評論，我們該如何看待 2025 年的獲利季節性與正常季節性模式？我只是想具體說一下，什麼時候零件和服務才能再轉好？所以，這個問題分成兩個部分。謝謝。

You got it. No, Andrew, it's going to be an interesting year. The first half of the year we're still the lingering effects of the freight recession, okay, without question here in the first quarter, we do expect though, but we are seeing signs of activity, right, regardless of what the numbers showed like in December, and then they order numbers were down in January.

你明白了。不，安德魯，這將是有趣的一年。今年上半年我們仍然受到貨運衰退的持續影響，好吧，毫無疑問，在第一季度，我們確實預計會出現這種情況，但我們看到了活動的跡象，對的，不管 12 月份的數字如何，然後 1 月份的訂單數量下降了。

We are seeing in the last few weeks signs of activity. That don't tell me that, we're going to get better in the over the road business in the back. Vocational businesses are still strong, but we believe that. You're getting, I think if you check with the larger over the road guys, they're starting to get low single to, maybe up to try to get maybe the mid-single digits on the contracts that are coming up.

我們在過去幾週看到了活動的跡象。但這並不意味著我們的公路運輸業務會變得更好。職業業務依然強勁，但我們相信這一點。我認為，如果你去和那些規模較大的公路運輸公司核實一下，你會發現他們即將簽訂的合約的報價開始處於低個位數到高個位數的區間，甚至可能達到中等個位數。

So that has to take hold, right? That has to take effect, right? And it just doesn't happen overnight, but it shows, it breached confidence in the over the road terriers and the fact that, okay, we are, we sure bottomed out in the back half of last year like we talked about it prior.

所以這必須堅持下去，對嗎？這一定會生效，對吧？這不會在一夜之間發生，但事實證明，它破壞了人們對公路運輸的信心，事實上，就像我們之前談到的那樣，我們確實在去年下半年觸底了。

Well now we start getting confidence going forward and where we're at going into, going on into later into this year, and then I'll talk a little more in a minute if someone would like me to about what we see when it comes to the government regulations and all with everything up in the air right now.

好吧，現在我們開始對未來充滿信心，也知道今年晚些時候我們將如何發展，然後如果有人想讓我談談我們對政府監管的看法以及目前所有懸而未決的問題，我稍後會再多談一點。

But I do believe, I'll get to the parts of service here in a second. I do believe that when you ask about what the year is going to look like, the year's going to wrap up from the beginning to the end, okay? A tough, a tougher start, but I do see and believe that by the time we get into the back half of the year, we're definitely going to be on the upswing, again, when it comes to, I looked at the overall deliveries and retail in the US.

但我相信，我馬上就會講到這裡的服務部分。我相信，當你問起這一年會是什麼樣子時，這一年將會從頭到尾結束，好嗎？這是一個艱難的開始，但我確實看到並相信，到今年下半年時，我們肯定會處於上升趨勢，再者，我看了看美國的整體交付和零售情況。

In January we're down 2000 units from last January. So it's only a couple 1,000 you are starting being a little softer in January from where you were last year, but we do firmly believe that the back half of the year will continue to ramp up, and I think that you're still, it's hard to talk about [pre bisonol] and all because we've got too many regulation uncertainties out there which I don't mind getting into if someone would like in a minute.

與去年 1 月相比，今年 1 月我們減少了 2000 個單位。因此，與去年相比，1 月份的銷量只有幾千輛，但我們堅信，今年下半年的銷量將繼續上升，我認為現在還很難談論 [pre bisonol]，因為我們有太多的監管不確定性，如果有人願意的話，我不介意在一分鐘內談論它。

That are still to be, there's still we've got to figure them out. We're going to see what the government does right after the administration. It's only been in office what, 30 days now, the new administration, and obviously I don't have to tell everyone that there's a lot of uncertainty as to a lot of things, whether it's tariffs or EPA regulations or any of this stuff are going to shake out right now. We've got thoughts about it, but not sure, but I do.

這些都還存在，我們還需要弄清楚。我們將看看政府執政後會採取什麼行動。新政府上任才 30 天，顯然我不需要告訴每個人，很多事情都存在很大的不確定性，無論是關稅還是環保署法規，或者任何這些東西現在都會改變。我們對此有一些想法，但不確定，但我知道。

That overall, it's going to be a ramp up throughout the year from beginning to end. Maybe, with, a better close than what we had in 2024, that would be my plan. The back half will definitely should be stronger than the 2024 back half front half. We're just going to work our way through it.

總的來說，從年初到年末，這一趨勢都會呈現上升趨勢。也許，與 2024 年相比，這是一個更好的結局，這就是我的計劃。2024 年的後半部肯定會比前半部更強。我們只是要想辦法解決這個問題。

Look we had to work last year extremely hard. If you remember, I was called it hand to mouth, man. We were back in normal regular times where you could get a, you didn't have allocation, right? You were working to get trucks, and you could get them in 60 to 90 days. Well, guess what? That's still the environment we're in right now. From a parts and service perspective, it's going to it goes right along with what I see.

你看，去年我們必須極度努力工作。如果你還記得的話，我被稱為勉強糊口的人。我們回到了正常的時間，您可以獲得，您沒有分配，對嗎？您正在努力獲得卡車，並且可以在 60 到 90 天內獲得它們。嗯，猜猜怎麼著？這仍然是我們現在所處的環境。從零件和服務的角度來看，這與我所看到的完全一致。

From when I talk about where we're at, there's a lot wrong with trust sales, to be honest with ramping up throughout the year. I think we may get a little bit more inflation, which will have, can have a sometimes a positive effect on parts and service, totals when you get through them all, but we'll have to see how that all shakes out again.

從我談論的目前情況來看，信託銷售存在許多問題，老實說，信託銷售全年都在增加。我認為我們可能會遇到更多的通貨膨脹，有時會對零件和服務產生積極影響，但我們必須看看這一切將如何再次發生。

But we do believe that it will wrap up. We will get up into maybe not the first half of the year. I look for, like I said, the first few months fairly flat, but ramping up to mid-single digits and, growth when we get into the back half of the year is how I'd look at it.

但我們堅信這一切都會結束。我們可能不會進入上半年。正如我所說的，我預計頭幾個月會比較平穩，但到下半年會上升到中等個位數並實現成長。

You don't want to do more, but right now I don't want to get you to be conservative in my outlook. I'm not wanting to really get out over my skis too far. And if you've known me a lot for 28 years. So, but we have confidence that we'll be all over the market as it begins to ramp back up and we'll continue to, dry.

你不想做更多，但現在我不想讓你對我的觀點持保守態度。我並不想滑雪太遠。如果你在這 28 年裡已經很了解我了。所以，但是我們有信心，隨著市場開始回升，我們將遍布整個市場，並將繼續乾燥。

We've still got, there's still runway left in a lot of our strategic initiatives and we're always working on others at the same time behind the scenes that I mean I talk about. So anyway, that would be my take on the year and it's pretty similar both sides ramping up, especially once we get settled out with all these uncertainties that are out there right now.

我們仍然有很多戰略舉措有待實現，同時我們也在幕後致力於其他舉措，這就是我所說的。無論如何，這就是我對今年的看法，雙方的勢頭非常相似，尤其是在我們解決了目前存在的所有不確定性之後。

And just a follow up question, as things ramp up, how should we think about, SG&A was one of the sources of upside in the quarter? How do we think about SG&A control as you ramp into the next cycle? Will it look similar to the prior cycle or are there any incremental savings as you get efficiency, and that will be it from me. Thank you.

還有一個後續問題，隨著事態的發展，我們該如何看待銷售、一般及行政費用是本季獲利來源之一？當您進入下一個週期時，我們如何考慮銷售、一般及行政開支的控制？它是否看起來與前一個週期相似，或者隨著效率的提高是否會有任何增量節省，這就是我要說的。謝謝。

There you go, put the heat on me on G&A. Remember one thing, S is S is directly tied to the sale of drugs, okay. So, we run the business off the G&A. Our S is going to be, at 25% range or so all the time related to the gross profit of trucks. The G&A piece is what we manage on a daily basis.

你看，在 G&A 上對我施加壓力吧。記住一件事，S 是 S，與藥品銷售直接相關，好嗎。所以，我們是根據一般及行政開支來經營業務。我們的 S 將始終保持在 25% 左右的範圍內，與卡車的毛利相關。G&A 部分是我們日常管理的內容。

I mean, you can look back at, that was a big contributor this last year, big contributor. We were down almost 5%. We're down 4.9% year over year in Q4. If I'm not mistaken, it was similar, I feel like seven in Q3, and it was sequentially, we were sequentially flat with three and four, but three was down like [5.2] if I remember right over two.

我的意思是，你可以回顧一下，這是去年的一個巨大貢獻者，巨大的貢獻者。我們下降了近5%。第四季年減 4.9%。如果我沒記錯的話，情況是相似的，我覺得 Q3 是第七，並且是連續的，我們與第三和第四持平，但如果我記得沒錯的話，第三比第二下降了 [5.2]。

So, we did an outstanding job from my perspective in managing that G&A as it ramps up, if you ramp up parts and service, it's not like loaning cash or loaning money to someone.

因此，從我的角度來看，我們在管理不斷增加的 G&A 方面做得非常出色，如果您增加零件和服務，這並不像借給某人現金或借錢那樣。

It does come with a G&A expense and our goals will be to try to keep the gross profit dollar recreated on the back ends, we're going to try to keep 40% or so of that, I've got a goal to keep 50% or more, but typically it averages out if you go in the ramp up period over a 3 year cycle we average out in that 40% range, 50% because we're handling parts. We're doing this, we're doing that.

它確實帶有一般及行政費用，我們的目標是嘗試保持後端毛利潤的重新創造，我們將嘗試保留其中的 40％ 左右，我的目標是保留 50％ 或更多，但通常情況下，如果您在 3 年周期的上升期內，我們平均會在 40％ 的範圍內，50％ 是因為我們處理的是零件。我們正在做這做那。

We're working with Whole goods, right? So, it takes people to do all that work, but that's a great situation to be in. And if we can stay close to that 50% number in a ramp up period, then I will be very happy about it and we'll continue to, we're looking for that, okay, I'm looking to get back, we were 135 down to 132 in absorption.

我們正在與 Whole Goods 合作，對嗎？所以，需要有人來完成所有這些工作，但這是一個很好的情況。如果我們能在上升期內保持接近 50% 的數字，那麼我會對此感到非常高興，我們會繼續努力，我們正在尋求這一點，好的，我希望回到原來的狀態，我們的吸收量從 135 下降到 132。

And that's a direct correlation obviously with gross propping on parts and gross profit and expenses, we lost some gross profit last year, but we managed our expenses well to keep it that tight of a number to produce a year like that when you're going negative on your parts of service, and that's not easy. Okay, so I would expect us to even do a better job. I'm not going to get into specifics as to why I believe that.

這顯然與零件總收入、毛利潤和費用有直接關係，去年我們損失了一些毛利潤，但我們很好地管理了費用，把數字控制得這麼緊，在零部件服務收入為負數的情況下，能夠實現這樣的年度目標，這並不容易。好的，我希望我們能做得更好。我不會詳細闡述我為什麼會這麼認為。

But the world continues to evolve, e-commerce continues to evolve, which actually helps when it comes to expenses. It's not all the way there, but it's only going one direction. So, these we should be able to do business hopefully cheaper, okay, in the future, it's not all the way there yet.

但世界不斷發展，電子商務也在不斷發展，這實際上對費用有幫助。它並沒有完全到達那裡，但它只朝著一個方向前進。所以，我們希望能夠以更便宜的價格做生意，好吧，在未來，還沒有完全實現這一點。

We're in the truck business. We're not in the most highly technical business in the world. So, but it is evolving, and I think there will be opportunities for us to take some of that normal what we see in expenses when the cycle ramps up.

我們從事卡車生意。我們並不是從事世界上技術含量最高的行業。所以，但它正在不斷發展，我認為當週期加速時，我們將有機會利用一些我們在費用中看到的正常現象。

Hopefully we'll be able to take some of that out, with technology as we move forward. It's not ever going to go all the way, but at the same time we ought to be able to do a better job. Of trying to squeeze those expenses, but it's still, we still have 390 outside salespeople right on the parts and service side. So, they're not going away.

希望隨著技術的進步，我們能夠消除其中的一些問題。它永遠不會完全實現，但同時我們應該能夠做得更好。我們試圖壓縮這些開支，但我們在零件和服務方面仍然有 390 名外部銷售人員。所以，他們不會離開。

But business, I can see a shift in our business. Now this is over a longer period, to get it continues to shift right now more. Towards e-commerce, etc. Which you would hope you could take some cost out, but it can also bring in, make it a more competitive landscape too.

但在業務方面，我可以看到我們的業務發生了轉變。現在這已經是一個較長的時期了，而且現在還在繼續發生轉變。走向電子商務等。

So, there's a yin and a yang there that you've got going with it. But I know I'm giving you a long-winded answer, but you're used to my long-winded answers. So, trust me, we'll, I think we'll do a better job on G&A and the wrap up than we have.

因此，這裡有陰和陽。但我知道我給你的答案很冗長，但你已經習慣我冗長的答案了。所以，相信我，我認為我們會在 G&A 和總結方面做得比現在更好。

Thanks So much.

非常感謝。

Thank You.

謝謝。

Thank you one moment for our next question. Our next question comes from a line of Daniel Imbro of Stephens line is not open.

謝謝您，請回答我們的下一個問題。我們的下一個問題來自丹尼爾·伊姆布羅 (Daniel Imbro)，史蒂芬斯 (Stephens) 的線路沒有開放。

Yeah, thanks. Morning, everyone. This is Brady on for Daniel. Rusty, I wanted to start by asking about your different in markets. You've talked about how resilient vocational has been for you in recent years.

是的，謝謝。大家早安。這是布雷迪代替丹尼爾上場。拉斯蒂，我想先問一下你們在市場中的不同之處。您談到了近年來職業生活對您來說有多富有彈性。

How did that market in the year, while we've talked about how Class A fleet sales, probably likely take until the back half to recover, how are you thinking about that vocational side of the business in 2025?

我們談到了 A 級車隊的銷售情況，可能要到下半年才能恢復，那麼您如何看待 2025 年的職業業務？

Okay, yeah, no, we believe it's new remain strong. I mean, we haven't seen I would say we're starting to fulfill some of that, but there is still strength and vocational, I mean, our construction business, I could possibly see, I can't believe I'm saying this, a little more in the oil field pick up, which we haven't had to help offset anything else. The refuse business is still strong in 2025.

好的，是的，不，我們相信它是新的，保持強勁。我的意思是，我們還沒有看到，我想說我們已經開始實現其中的一些目標，但仍然有實力和職業，我的意思是，我們的建築業務，我可能看到，我不敢相信我會這麼說，油田業務的增長有點快，我們沒有必要用其他任何東西來幫助抵消。2025 年垃圾處理業務依然強勁。

So, I mean, I see locations remaining small, maybe not as deep or as big a backlog right at the moment, but still strength and demand, right? So, because you had a, you like you had a transmission issue for a while a year ago that actually pushed and we weren't able to get to all of it.

所以，我的意思是，我認為地點仍然很小，也許目前積壓的訂單沒有那麼深，但仍然有實力和需求，對嗎？所以，因為你有一個，就像你在一年前遇到傳輸問題一樣，實際上我們無法解決所有問題。

Now we're chewing away at that, but we still got good demand, and you never know like I said. It's crazy for me to think, well, with oil and gas, what the last four years, that was a bad word but you obviously within Denver administration there you're seeing some activity around that sector too, which we haven't had.

現在我們正在努力解決這個問題，但我們仍然有很好的需求，而且就像我說的，你永遠不知道會發生什麼。我覺得這太瘋狂了，好吧，對於石油和天然氣來說，過去四年，這是一個壞詞，但顯然在丹佛政府內部，你也看到該領域的一些活動，這是我們以前沒有的。

So, I feel pretty good about it, it's again though, look, we're not backlog but you can, I can build yourself in 60 days if you wanted. Okay, it's not like we've got these huge one-year backlogs like we had in 23. Okay, that's not the case at all. So, there's no such thing as allocation.

所以，我對此感覺很好，不過，看，我們並沒有積壓，但是你可以，如果你願意的話，我可以在 60 天內完成你自己的構建。好吧，我們並沒有像 23 年那樣有大量的一年期積壓訂單。好吧，事實並非如此。因此，不存在分配之類的事情。

There's plenty of opportunity to build trucks out there right now because most factories, I don't believe are running at full tilt at the moment. I mean, they're running shutdown days and things like that, but they could ramp up build.

目前有很多機會製造卡車，因為我認為大多數工廠目前都沒有全力運作。我的意思是，他們正在停工幾天之類的，但他們可以加強建設。

A man came in line, which is something remember in this industry when demand hits that over the roadside, it happens fast, and it happens really quick. So, as we get into the back half of the year, I wouldn't be surprised to see, I'm not going to call for allocation in 2026 yet.

一名男子排起了隊，這是這個行業中值得記住的一件事，當需求到達路邊時，這種情況發生得很快，而且發生得非常快。因此，當我們進入下半年時，我不會感到驚訝，我不會在 2026 年要求分配。

But it, I could see it getting there. A lot has to do with regulations and things, but back to your original question, vocational skills wrong, man, and so we feel good about it.

但我能看到它到達那裡。很多事情與法規和其他事項有關，但回到你最初的問題，職業技能是錯誤的，所以我們對此感覺良好。

Okay, great, thanks for that color. I wanted to switch gears a bit for my second question, see if we could touch on medium duty. Medium duty has been very strong for you guys in recent years. Can you just talk a little bit about what's driving that strength and what you're expecting from median duty in 2025?

好的，太好了，謝謝你這個顏色。我想稍微轉換一下話題來談談我的第二個問題，看看我們是否可以談談中等任務。近年來，你們在中型任務方面表現非常出色。您能否稍微談談推動這種實力的因素以及您對 2025 年平均稅率的期望？

Sure. Well, what drove that strength now? Listen, we went into the year medium duty was had a big backlog, right? They chewed away at it. It all happened. You have to go back when we had supply issues in 2022 and 2023 because Manufacturers that built both medium and heavy chose to take componentry and put it towards heavy because they make more money on it.

當然。那麼，現在是什麼推動了這種力量呢？聽著，我們進入中期任務積壓嚴重，對嗎？他們把它啃得粉碎。一切都發生了。你必須回想一下 2022 年和 2023 年我們遇到供應問題的時候，因為生產中型和重型產品的製造商選擇採用零件並將其用於重型產品，因為他們可以從中賺更多的錢。

Well, that had that gave the medium duty we, so you had pent up demand. We medium duty was really stretched out. They weren't running them as fast and hard to manufacturers to do both. Well, guess what? Once Class 8 slowed down last year, though. They shoot out the medium duty backlog.

好吧，我們已經給了中等職責，所以你有被壓抑的需求。我們的中等任務確實捉襟見肘。他們沒有像製造商那樣快速而努力地完成這兩項工作。嗯，猜猜怎麼著？然而，去年 8 班的學習進度慢了下來。他們射出了中等強度的積壓貨物。

So medium duty right now is just like Class 8. I can get you one in 60 days, okay? It's not that hard to get a medium duty truck at the moment. So while we expect, I mentioned in the call, I know that an ACT has medium duty at 5%. I'm Kenny's a great friend of mine. I'm not sold on all that right at the moment. For 2025, to be honest, that's just a personal opinion, but I do expect, we're going to have a good year.

所以現在的中型任務就相當於 8 級。我可以在 60 天內幫你弄一個，可以嗎？目前，買一輛中型卡車並不是那麼難。因此，正如我在電話會議中提到的那樣，我們預期，ACT 的稅率為 5%，屬於中等水平。我是我的好朋友肯尼。我目前還不太相信這些。對於 2025 年，說實話，這只是個人觀點，但我確實預計我們將會度過美好的一年。

We've got some, I know in the back half we've got some good stuff in the fourth quarter, but that's a particular transaction, and but we're still should remain. I expect to be flat if you want to know the truth and medium throughout the year. That would be about where I would think our medium would be. So that's strong.

我知道我們在後半段第四季取得了一些好成績，但這是一個特殊的交易，但我們仍然應該保持下去。如果您想知道全年的真相和中位數，我預計它會持平。我認為我們的媒介就應該在那裡。所以很強。

Like you said, we've got strong results. I expect it to rainstorm. Is there a lot more to get this year there? I don't think so. I don't see it right now, but because we caught up with a pent up demand that was created by Medium duty not being the focus, but Class A being the focus of the supply side, the supply side's caught up. So medium duty is caught up. So, but there's still good demands out there.

正如您所說，我們取得了顯著的成果。我預計將會有暴雨。今年還有很多事情要做嗎？我不這麼認為。我現在還沒有看到這一點，但是因為我們趕上了被壓抑的需求，而這種需求是由中型卡車不是重點而 A 級卡車成為供應方的重點而產生的，所以供應方已經趕上了。因此中等負荷被追趕了。但仍然存在著良好的需求。

And it's just you don't have these pinned up big backlogs like you used to have. So I hope that sheds a little color on it. So I'm just, I personally, I'm thinking it's going to be probably flat. I think, both sides of it, but I do expect.

而且您不再像以前那樣有這些積壓的大任務。我希望這能為這件事帶來一些啟發。所以，就我個人而言，我認為它可能會持平。我認為，雙方都是如此，但我確實期待。

To be somewhat backloaded, okay, especially in eights. I'm not sure about medium. I can say that for sure, but I, but for sure on the backlogs in the back half, back to the eight, that's what we talked about to ramping up quite hopefully ramping up throughout the back half of the year, and medium booty probably pretty constant through the year. But looking at a flat here over here.

稍微有點後載，好的，特別是在八人中。我不太確定媒介。我可以肯定地說，但是我可以肯定地說，下半年的積壓訂單會回到八個，這就是我們所談論的，希望在下半年能夠增加訂單，並且全年的中等訂單可能會保持相當穩定。但看看這邊的一間公寓。

Okay great. thanks.

好的，太好了。謝謝。

Yeah.

是的。

Go-ahead Rusty.

加油，Rusty。

No, I mean, as I said, and I'd like to talk about it in a minute, I think there's another call. I'm going to, I'll ramble on here in a minute about some of the uncertainties and things that are out there that will really dictate the year right now, but I have confidence in the year, but there are things surrounding our environment just like there have been in the last 30 days that we're all waiting to get clarity on.

不，我的意思是，正如我所說的，我想在一分鐘內談論它，我想還有其他電話。我馬上就要開始談論一些不確定因素和真正決定今年情況的事情了，我對今年充滿信心，但是就像過去 30 天一樣，我們周圍的環境也有一些事情需要澄清，我們都在等待答案。

So, with regulations, tariffs, and all that wonderful stuff. Which can create a little bit of hesitation for folks out there, but I did say, as I mentioned earlier, we're seeing some activity better in the last couple or three weeks in spite of all the non-clarity.

所以，有法規、關稅以及所有那些美妙的東西。這可能會讓人們有些猶豫，但正如我之前提到的，儘管存在許多不明確之處，但過去兩三週我們看到一些活動有所改善。

It's not real clear to me outside of the uncertainty about where rules and regs and how things are going to fall out here, which have a very direct correlation on the decisions that, the businesspeople make inside their drug business.

除了不確定規則和法規以及事情將如何發展之外，我並不是很清楚，但這些與商人在製藥業務中做出的決策有非常直接的相關性。

Maybe if I could just add one quick one quick final one, you built a lot of cash on the balance sheet in recent quarters. Can you just talk about uses of cash, Rusty? Are you seeing anything in the M&A pipeline? Kind of what are you seeing there for 2025?

也許我可以快速補充一點，最後，你在最近幾季的資產負債表上累積了大量現金。拉斯蒂，你能談談現金的用途嗎？您在併購通路中看到什麼了嗎？您認為 2025 年會是什麼樣子的？

Well, M&A is always my first option to spend money, right? We have a committed for seven, eight years, nine years we've committed to return 35%, 40% and back to shareholders, which we've been doing some years might be 50%, some might be 30%. It just depends; we try to be opportunistic in repurchasing.

嗯，併購永遠是我花錢的首選，對嗎？我們承諾在未來七、八、九年內為股東帶來 35%、40% 的回報，有些年份可能是 50%，有些年份可能是 30%。這取決於情況；我們嘗試抓住機會進行回購。

We've been consistently raising our Oh, I think our dividend, 8%, 9%, 10% or somewhere in that range, we raise it the second dividend, the second in Q2, we take a look at it.

我們一直在不斷提高我們的股息，我想我們的股息是 8%、9%、10% 或在這個範圍內的某個比例，我們提高第二次股息，第二季度的第二次，我們會看看。

Yeah, we're in pretty good shape, I've been I've got we get for your information, we redid all our credit lines, in December and got a five-year run on all that that has got to set up if we need, we can pull cash. We got to get cash on the balance sheet, and I have great structure to get cash if needed quickly.

是的，我們的狀況非常好，我已經得到您的信息，我們在 12 月重新安排了所有信用額度，並獲得了為期五年的貸款，如果需要，我們可以提取現金。我們必須在資產負債表上獲得現金，並且我有很好的結構來在需要時快速獲得現金。

So, we're set up to do him and they just got to find it, right? And trust me, that responsibility falls on me. And I probably need to get a find a couple of deals that do work for us. I don't have anything imminent. I wouldn't tell you if I did.

所以，我們已經準備好對付他了，他們只需要找到它，對嗎？相信我，這個責任在我身上。我可能需要找到一些對我們有利的交易。我並沒有什麼緊急的事。就算我知道，我也不會告訴你。

So, but I mean, when I say that, am I always looking, am I talking to other people? You better believe it. But there's nothing huge. There's some small deals, we've added a store up in Nebraska, a couple of stores in Nebraska back in the summer, really haven't added anything but Greenfield since a couple of little greenfield places. But yeah, I'm always in conversations.

所以，但是我的意思是，當我這麼說的時候，我是否一直在看，我在和其他人交談嗎？你最好相信它。但沒有什麼大不了的事。有一些小交易，我們在內布拉斯加州增加了一家商店，夏天在內布拉斯加州開設了幾家商店，自從開設了幾家小綠地店之後，除了綠地之外，實際上沒有增加任何東西。但是是的，我總是在談話中。

But as I said, even if it was imminent, I probably wouldn't tell you. So that is the first choice of cash and then the second choice is to return to shareholders. We didn't, we purchased as much last year as we did the prior year, but I understand our approval is we approved it on the December 1.

但正如我所說，即使它即將發生，我可能也不會告訴你。因此，第一選擇是現金，第二選擇是回饋給股東。我們沒有，去年我們購買的數量與前年一樣多，但我知道我們的批准是在 12 月 1 日批准的。

So, I, when I look at what we repurchased last year, I throw in a $65 million repurchase that we had in December 23, and really after that prior, when we approved a new $150 million. December 1, so we are repurchasing currently every day. We do our [105], so you know we repurchase it quite very consistently all the time right now.

因此，當我回顧我們去年回購的股票時，我會把 12 月 23 日的 6500 萬美元回購算進去，在此之前，我們批准了 1.5 億美元的新回購。12月1日，所以我們目前每天都在回購。我們確實在做[105]，所以你知道我們現在一直都在非常持續地回購它。

So, I would expect our repurchase unless I spend it on M&A, will be more than the calendar year 24 should probably end up being more. I'm pretty sure I know it will in 2025 because we still believe, I. I'm giving you.

因此，我預計，除非我把錢花在併購上，否則我們的回購金額將超過 24 日曆年的金額，可能最終會更多。我很確定它會在 2025 年實現，因為我們仍然相信，我給你。

Handing shareholders a dividend, but repurchasing our stock is a clear, direction from management and the belief in this organization, and we've shown that throughout the last eight or nine years, consistently doing it, and we will consistently do it and continue because I still believe we're a great value and we've got a lot in front of us and there you go. There's your cash answer.

向股東派發股息，但回購我們的股票是一個明確的方向，是管理層的方向，也是對這個組織的信心，我們已經在過去的八、九年裡表明了這一點，我們一直在這樣做，我們會始終如一地這樣做，並繼續下去，因為我仍然相信我們有很大的價值，我們面前有很多事情要做，就是這樣。這是你的現金答案。

Okay, great. Thanks for all the time this morning, Rusty. I'll pass.

好的，太好了。感謝你今天早上的陪伴，Rusty。我會通過。

Thank you, my friend you bet.

謝謝你，我的朋友。

Thank you one moment for our next question.

謝謝您，請回答我們的下一個問題。

Our next question comes from a line of Yuri Youssefowicz of UBS. Your line is not open.

我們的下一個問題來自瑞銀的 Yuri Youssefowicz。您的線路未開通。

Hey, good morning, sounds like you're interested in talking about some of the policy uncertainty, so interested in unpacking some of that.

嘿，早上好，聽起來你有興趣談論一些政策的不確定性，所以有興趣解開其中的一些問題。

So, starting with the emissions regulations and the engine changeover, what are the latest costs like conversations with customers looking like around the pre-buy? Are you hearing any more uncertainty or less?

那麼，從排放法規和引擎更換開始，最新的成本（例如在購買前與客戶交談時的成本）是什麼樣的？您聽到的不確定性是增加了還是減少了？

Yeah, well, I mean, it's interesting, right, because you got to know a map, right? When you go someplace and you're going into unknown territories, it's always good to have a map where you're going.

是的，嗯，我的意思是，這很有趣，對吧，因為你必須了解地圖，對吧？當你去某個地方並進入未知領域時，手頭上有一張目的地地圖總是好的。

Well, we thought we had a very clear map as to where things were heading, as clear as mud is anyway, as to what was going to happen and what happened in 2024 in California, what was going to happen in 2027. Well, the new, and I'm going to tell you, I'm going to speak like I'm a customer because I am a customer.

好吧，我們以為我們對事態的發展方向有一張非常清晰的地圖，不管怎樣，我們對將要發生的事情、2024 年加州將會發生什麼、2027 年將會發生什麼有著非常清晰的認識。嗯，新的，我要告訴你，我會像顧客一樣說話，因為我就是顧客。

Okay. I'm the middle guy. I am a customer also. So clarity, not right now. If you look back in the last Oh, back in prior to the new administration coming on ACF clean trucks, that was for our customer base where they were going to have to roll in electric, BEV trucks and stuff over a time frame that was thrown out.

好的。我是中間人。我也是顧客。因此，現在還不清楚。如果您回顧一下，在新政府推出 ACF 清潔卡車之前，那是為我們的客戶群準備的，他們將不得不在一段時間內使用被丟棄的電動、BEV 卡車和其他東西。

Okay, right now as of last Friday for Valentine's Day, the EPA is challenging ACT or clean truck. Which affects all the OEMs, which is how they're going to have to sell this many electric and do this much, all these rules and regs. I'm not going to get into all the detail, or I got a lot of people.

好的，從上週五情人節開始，EPA 正在對 ACT 或清潔卡車發起挑戰。這會影響所有的 OEM，他們必須銷售這麼多電動車，做這麼多事情，遵守這麼多規則和法規。我不會講到所有細節，否則會有很多的人擔心。

I got three or four people on my staff that are way more intelligent about it than I am. I know just that. To be dangerous, okay, so that is up in the air because it got approved outside of Congress. They're saying it should have been approved in Congress, so they're taking it to Congress.

我的員工中有三、四個人在這方面比我聰明得多。我就是知道這個。是危險的，好吧，這還不確定，因為它是在國會外獲得批准的。他們說這應該得到國會的批准，所以他們將其提交給國會。

Now how it all sorts itself out, that's the new administration, which is obviously totally different than the prior administration, okay? They're promoting, big promoters while still we understand there's an environment issue, but they're staying with carbon fuels for longer, right, while we still work on the technology piece which in truth is the right thing. So, I don't know how it's going to shake out. I don't expect.

現在一切都如何解決呢，這就是新政府，它顯然與前政府完全不同，好嗎？他們正在大力推廣，雖然我們知道這其中存在環境問題，但是他們仍在繼續使用碳燃料，對吧，而我們仍在致力於技術研究，事實上這是正確的事情。所以，我不知道結果會怎樣。我不指望。

The diesel emissions regs that are in place to go into place in 2027 to change. I think it could line up; you had a 0.2 and a [0.035]. I personally think, and I could be wrong, they'll probably end up settling and this is just my personal opinion, and they go lining it at [035]. Well, that's still, you've got to clean it up more, okay? Remember. We're just talking about diesel.

現行的柴油排放法規將於 2027 年生效。我認為它可以排隊；你有一個 0.2 和一個[0.035]。我個人認為，我可能是錯的，他們可能最終會和解，這只是我個人的看法，他們會把它排在[035]。嗯，那還是算了，你得再清理一下，好嗎？記住。我們只談論柴油。

It's still diesel. We're taking the BEV piece and taking the electric piece and pushing it out. That's what's going to happen. That and taking some of your greenhouse gas stuff and which is tied to the BEV in 2030 and all these other years, I expect all that to get stretched out. That's my opinion, okay? I do expect the new rules of regs around diesel to stay now.

它仍然是柴油。我們正在將 BEV 部分和電動部分結合起來並將其推出。這就是將要發生的事情。再加上一些溫室氣體，以及與 2030 年和所有其他年份的 BEV 相關的氣體，我預計所有這些都會延長。這是我的看法，可以嗎？我確實希望有關柴油的新法規現在能夠繼續實施。

Are they going to stay in the same context the way they're written now where you've got these huge, long warranties on after treatment that have never existed, they take up a lot of the cost, you're talking nobody's really given a price of it. They're like all manufacturers wait and then surprise you, but we're talking about $15,000 to $20,000.

它們是否會保持與現在相同的寫作風格，即您獲得從未存在過的長期售後服務保修，它們佔用了大量成本，您說的是，沒有人真正給出它的價格。他們就像所有製造商一樣等待然後給你驚喜，但我們談論的是 15,000 到 20,000 美元。

And with after the treatment. Now a lot of that is around is written in is because of the warranties. Could those change? I hear rumors all the time that they might change a lot of that cost. So that would change some of the costing of it. I don't know that it will or it won't, but all those types of issues are what are going to be vetted here pretty quickly. We are still look.

並配合後續治療。現在，很多內容都是因為保固而寫入的。這些能改變嗎？我經常聽到傳言說他們可能會改變很多成本。所以這會改變一些成本。我不知道它是否會這樣，但所有這些類型的問題都會很快在這裡審查。我們仍在觀察。

We've been cleaning diesel up for a long time. I mean, go back to 1988. 60, I say 60 trucks today produced what one truck produced back then when it comes to knocks and things like that. That's a crazy number to me.

我們清理柴油已經很久了。我的意思是回到 1988 年。60，我說的是，就撞擊等而言，今天 60 輛卡車的產量相當於當年 1 輛卡車的產量。對我來說這是一個瘋狂的數字。

We cleaned it up in '04, we cleaned it up in '07, we cleaned it up in 2010, so we're going to clean it up again. I don't, but we're going to slow down what those numbers turn out to be, what those warnings. I can't tell you yet because, that was Friday. It was happy Valentine's Day.

我們在 2004 年清理過，我們在 2007 年清理過，我們在 2010 年清理過，所以我們會再次清理。我不知道，但我們會放慢速度，看看這些數字會變成什麼樣，看看這些警告會是什麼樣子。我還不能告訴你，因為那是星期五。這是一個快樂的情人節。

Later they just announced the EPA did that they're going, try to run this all back to Congress, and I, but the OEMs have spent way too much money. On this after treatment stuff, preparing for this. So I don't see it going away. That's just my, all we're doing is cleaning up decent, man.

後來他們剛剛宣布，環保署將試圖將這一切提交給國會，但原始設備製造商已經花了太多錢。關於這個治療後的事情，正在為此做準備。所以我認為它不會消失。那隻是我的，我們所做的只是清理乾淨，夥計。

We've done it a lot. We've done it for decades, okay? So, there's nothing that's the right thing to do. The right thing to do is to do that, push out. Some of these bed requirements because they're way ahead. I mean, look, we've got 10, I'm sorry, I'm just talking plain, we've got 120 years of infrastructure around internal combustion, and we're going to change it in six, seven years.

我們已經做了很多次了。我們已經這樣做了幾十年，好嗎？所以，沒有什麼是正確的事情要做。正確的做法是這樣做，推開。其中一些床位要求是因為他們遙遙領先。我的意思是，你看，我們有 10 年，對不起，我只是說得簡單，我們擁有 120 年的內燃機基礎設施，我們將在六、七年內改變它。

Give me a break. Okay, we don't have a grid. We don't have the infrastructure. There are so many. Is it the right thing probably to do long term? Yes, but also doing it with automotive is different than trucks. Trucks do so many different applications. You know what a car does? I don't care if it's a KIA or Ferrari. It goes from point A to point B, okay? That's what a car does.

饒了我吧。好的，我們沒有網格。我們沒有基礎建設。有很多。長遠來看這可能是正確的做法嗎？是的，但汽車的做法與卡車的做法不同。卡車有許多不同的用途。你知道汽車是做什麼的嗎？我不在乎它是起亞還是法拉利。它從 A 點到達 B 點，好嗎？這就是汽車的作用。

Trucks, I don't care if they're picking up garbage, pouring concrete, hanging signs. In the oil field over the road. They do so many different applications that I expected to be a multi-pronged answer when we get there, but to get done and get done in this short period of time.

卡車，我不在乎它們是在撿垃圾、澆築混凝土還是懸掛標誌。在路那邊的油田。他們有如此多不同的應用，我期望當我們到達那裡時會有一個多管齊下的答案，但要在這麼短的時間內完成。

So, there you get [russ] is scrambling on about his own thoughts. We'll get it done in 20 years. We'll get that will be more, that will be for a lot of applications, around town and this, that and the other, but we don't have the necessary components. I mean, I use this in my simple way.

所以，你看 [russ] 正在忙著講述他自己的想法。我們將在20年內完成它。我們將會得到更多，這將適用於城鎮周圍的許多應用，但是我們沒有必要的組件。我的意思是，我以簡單的方式使用它。

Some people think it's like plugging in a hairdryer. Let me tell you something, it's not, okay, it's way more complicated than that because of the grid of infrastructure and everything else. We can't even catch up on the cars, right? And automobiles would be way easier to do than trucks because of all the different applications. So, you're getting along.

有些人認為這就像插上吹風機一樣。讓我告訴你，事實並非如此，好吧，由於基礎設施網格和其他一切，事實要復雜得多。我們甚至趕不上汽車，對嗎？由於應用範圍廣泛，汽車比卡車更容易製造。嗯，你們相處得很好。

Rambling answer as I always say, but I expect we're going to go through with the diesel changes. They could tweak them, but if we could tweak the warranties, but we're not going to change flipping the diesel switch again in 2017 because there's been too much spent, too much prepped. We will go through in some form or fashion, but what will happen is the other stuff will get.

正如我常說的，我的回答很漫無邊際，但我希望我們能完成柴油的改變。他們可以對其進行調整，但如果我們可以調整保修，我們不會在 2017 年再次改變柴油開關，因為已經花費太多，準備太多。我們將以某種形式或方式進行，但其他的事情仍將發生。

Pushed out to give our industries time to refine the technology and the things that are needed to do it properly, okay, we're not there, man, and to do all that we were trying to do it was I get I understand we've got to do a better job of cleaning the environment up, but we've got to do it within the bounds of reality.

我們被迫給工業時間來改進技術和做好相關工作所需的一切，好吧，我們還沒有達到那個程度，夥計，為了完成我們所有試圖做的事情，我明白我們必須更好地清理環境，但我們必須在現實的範圍內去做。

There's your answer. I think there'll be a free buy. I don't know how it all shake out to how much because anytime you come with new after treatment and stuff, boy do I remember 2010. Okay everything was all the GPS clogged everywhere, etc.

這就是你的答案。我認為會有免費購買。我不知道這一切會造成多大的影響，因為任何時候你帶著新的治療和其他東西來，我都記得 2010 年。好吧，所有的 GPS 都被堵塞了，等等。

I'm not saying that that'll be the case, but I'm saying there's always these issues. We'll be dealing with issues with all the new diesel technology, which is typical, okay, when you Do things like this. That's how it works, but it's something we can work on and do, something we've got 100 plus years dealing with, right?

我並不是說情況一定會如此，但我認為這些問題總是存在的。我們將處理所有新柴油技術的問題，當你做這樣的事情時，這是很典型的。事情就是這樣的，但這是我們可以努力去做的事情，也是我們已經處理了 100 多年的事情，對吧？

So, we'll figure all that while behind the scenes we do the right things to get into these other technologies, whether it is not everything's going to be electric and hydrogen and fuel cell and all this other, while that continues to progress and then, it'll take its place over the next 20 years.

所以，我們會弄清楚，我們在幕後做正確的事情來進入這些其他技術，不管是不是一切都將是電動的、氫能的、燃料電池的還是其他的，只要這些技術繼續進步，然後，它將在未來 20 年內取代原來的位置。

That makes sense to me, and I appreciate the perspective there shifting over to tariffs, so I know you noticed that the uncertainty around that and the prospect that it could really increase the price of trucks and squeeze demand.

這對我來說是有道理的，我很欣賞轉向關稅的觀點，所以我知道你注意到了圍繞關稅的不確定性以及它可能真正提高卡車價格並擠壓需求的前景。

So, I guess two things there one, just could you help frame for us what that impact be on the cost of a new truck. And also, with the certainty, are you doing anything differently this year in terms of managing your inventory to try to mitigate that risk?

所以，我想有兩件事，第一，您能否幫助我們概括一下這對新卡車成本的影響。而且，可以確定的是，今年您在庫存管理方面會採取什麼不同的措施來降低風險嗎？

Well, first off, about 17 days ago, maybe 18, on a Saturday, I'm going, are you kidding me? Okay, we're really going to put 25% tariffs on Mexico and Canada. I understand the Chinese part, but the automotive sector, and I'm not just talking drugs, there is nothing more tied to Mexico than the automotive sector, okay.

嗯，首先，大約 17 天前，或是 18 天前的一個星期六，我要走了，你在開玩笑嗎？好的，我們確實要對墨西哥和加拿大徵收 25% 的關稅。我理解中國的部分，但是汽車行業，我不僅僅是在談論毒品，沒有什麼比汽車行業與墨西哥更緊密相關了，好吧。

I mean, all the suppliers, all the manufacturers, everybody's got plants down there and stuff. And it's like, you got to be kidding me, I understand, I don't understand fentanyl, but I read about it and I understand the immigration issues, but you're messing with an economy now, let me tell you, you're for, you're talking if it's manufactured down there, you're talking $30,000 to $40,000 in a truck.

我的意思是，所有供應商、所有製造商，每個人都在那裡有工廠等等。這就像，你一定是在開玩笑，我明白，我不懂芬太尼，但我讀過相關報道，我了解移民問題，但你現在正在搞亂經濟，讓我告訴你，你是說如果它在那裡生產，你說的是一輛卡車要花 3 萬到 4 萬美元。

And even if trucks that are manufactured in the US, they'll have components for you in them. If you put a 25% tariff on there, that'll probably be another $10,000. Automobiles will be $6,000 to $8,000 depending on who and where and what. I mean, it because it's always remembered the devils in the detail on the fine print, right?

即使是在美國生產的卡車，裡面也會有適合您的零件。如果對其徵收 25% 的關稅，那可能還需要 10,000 美元。汽車的價格將在 6,000 美元到 8,000 美元之間，具體取決於誰、在哪裡和什麼。我的意思是，因為它總是記住細節中的魔鬼，對嗎？

So, I'm not the expert on all of that. But I got to tell you, that makes absolutely zero sense to me. I believe I've told everybody since, new administration was announced back in November that, it's a negotiation. I cannot believe that we would go do that. Look, those factories, it's not like China.

所以，我並不是這方面的專家。但我得告訴你，這對我來說完全沒有意義。我想自從去年 11 月新政府宣布上任以來我就一直告訴大家，這是一場談判。我真不敢相信我們會這麼做。看看那些工廠，它不像中國。

Those are our factories. I'm on the border. I've been on the border. I'm born and raised in Texas, okay. I have the whole border from Peterbilt all the way from Tijuana to Brownsville. I understand we built those Maquiladora plants back in the 80s, okay, they're our stuff and more and more and more. I cannot see.

那些是我們的工廠。我在邊境。我一直處於邊境。我出生在德克薩斯州，並在那裡長大。我擁有從彼得比爾特一直到蒂華納到布朗斯維爾的整個邊境。我知道我們早在 80 年代就建造了那些 Maquiladora 工廠，好吧，它們是我們的東西，而且越來越多。我看不見。

Doing that, I just truly can't see that we own them. It's not like it's got to buy a vagina. We own those factories, okay? It just makes absolutely zero sense to me. We need a strong, a solid neighbor on the south, and it's just a labor position we build all that stuff down there, but it's all our stuff, man.

這樣做的話，我真的看不出我們擁有它們。這並不是說必須買一個陰道。這些工廠是我們自己的，好嗎？對我來說這根本毫無意義。我們需要一個強大、堅實的南方鄰居，我們在那裡建造所有的東西，這只是一個勞動力的位置，但這些都是我們的東西，夥計。

So, it really doesn't make any sense to me. Would there be disruption? Yes. Is there something I can do? Well, first, somebody tell me a date. I got 2 weeks. Okay, no, I can't do anything in 2 weeks. We would just deal with it. But you talk about cripple, and you've got to realize like Laredo, Texas, that's the biggest port in the United States.

所以，對我來說這真的沒有任何意義。會造成混亂嗎？是的。我能做些什麼嗎？好吧，首先，有人告訴我一個日期。我有兩個星期的時間。好的，不，我兩週內就什麼都做不了。我們只會處理它。但是當你談到殘疾時，你必須意識到，像德克薩斯州的拉雷多，那是美國最大的港口。

I don't care about these ocean ports. There's more freight going through out of Mexico than you. I'm on I-35. I look out my window right now. Over half the vehicles are trucks going up and down the highway, okay? And it's all, from manufacturing that goes on in the South.

我不關心這些海港。從墨西哥運出的貨物比你們的貨物還多。我在 I-35 上。我現在正向窗外望去。超過一半的車輛都是在高速公路上行駛的卡車，好嗎？而這一切都源自於南方的製造業。

And I don't we come up with a workforce to do it all anyway, as we work our way through it, but I'm getting into my own personal views here about all that, but you're going to know because I don't mind telling them. So it just makes no sense to me. I've got to believe it's saber rattling in negotiations.

而且我不認為我們會組建一支勞動力隊伍來完成所有工作，因為我們正在努力完成所有工作，但是我在這裡要表達我對這一切的個人看法，但你會知道的，因為我不介意告訴他們。所以對我來說這毫無意義。我必須相信這是談判中的武力威脅。

Maybe there will be some hand slaps and things like that on the wrist or something. I'm not close enough to the government to really know what they're thinking. But I don't see doing that with your two bordering neighbors, one to the north and one to the south, the only ones you border.

或許還會有一些拍手和類似手腕的動作。我和政府的關係不夠密切，所以無法真正了解他們在想什麼。但我不認為你們應該與兩個相鄰的鄰國這樣做，一個在北邊，一個在南邊，你們只與這兩個鄰國接壤。

Okay, I don't, I have a hard time making sense out of that personally, especially when we build it all, okay. So, I think we drove all that ourselves wasn't driven by how over the people have plans? Yeah, OEMs have patent contingency plans around how they would get around it.

好的，我不知道，我個人很難理解這一點，特別是當我們建造這一切的時候，好吧。所以，我認為我們自己推動了這一切，而不是由人們的計劃來推動的？是的，OEM 有專利應急計劃來解決這個問題。

But it would be costly, and it would be cumbersome to implement and take time, but sure they do. When you, OEMs are thinking about it, they have to, I have to, yes, I thought about it, but I have a hard time believing we're really going to do this with Mexico and Canada.

但這樣做成本高昂，而且實施起來很麻煩、費時，但他們肯定會這麼做。當你們，OEM 廠商考慮這個問題時，他們必須這樣做，我也必須這樣做，是的，我也考慮過這個問題，但我很難相信我們真的會與墨西哥和加拿大這樣做。

That's just my opinion. I could be dead ass wrongs, excuse me, dead wrong, but don't worry that we've thought about it. We're behind the scenes. Yes, there are plans as to what we would do, how we would react. I just have a hard time believing we do it.

這只是我的看法。我可能大錯特錯，對不起，大錯特錯，但別擔心，我們已經考慮過了。我們在幕後。是的，我們有計劃，知道要做什麼、如何應對。我只是很難相信我們能做到。

That makes sense. I guess moving a little bit away from the uncertainty, towards what we're seeing today. So, I know second half of last year there was a bit of discounting on new truck pricing and so just wondering if that's something that we should be expecting here for the first half of 2025 as well.

這很有道理。我想，我們應該遠離不確定性，走向我們今天所看到的狀態。所以，我知道去年下半年新卡車的價格有一些折扣，所以我想我想知道這是否也是 2025 年上半年我們應該期待的事情。

No, I expect most of the stuff that we're doing right now is pretty flat. Slight, I mean slight, maybe increase. I don't see a lot of discounting, maybe a one-off deal here or there, but there's not broad-based discounting going on. I mean, we'd already taken margin out last year, okay.

不，我預計我們現在做的大部分事情都進展得相當平淡。輕微，我的意思是輕微，也許會增加。我沒有看到太多的折扣，也許這裡或那裡有一次性的交易，但並沒有出現大規模的折扣。我的意思是，我們去年已經提取了保證金，好的。

So, when I say that the manufacturers, and then through us and we've managed to maintain a good, blended margin that's what I always tell folks, remember, we don't sell just a dude, we sell meat, we still used, so we've done that a pretty good job.

所以，當我說製造商，然後透過我們，我們設法保持良好的混合利潤率時，這就是我總是告訴人們的，記住，我們不只是賣東西，我們賣肉，我們仍然用過，所以我們做得很好。

I'll keep it over 9% or better of blended margin. So was new compressed a little bit, yes. Do I see it getting compressed a whole lot more? No. I think we'll be pretty, we've already been, a little bit compressed on it, so I don't, I think most OEMs, what we've been planning on having a prebuy, right? So, they were trying to maintain what they felt their margins are awesome.

我會將其混合利潤保持在 9% 以上或更高。是的，所以稍微壓縮了一點。我是否看到它被進一步壓縮了？不。我認為我們會非常緊張，我們已經對此有點緊張了，所以我認為大多數 OEM 都計劃進行預購，對嗎？所以，他們試圖維持他們認為可觀的利潤率。

You can look at it later in the back half of last year. There's no question, but I don't know how much more there is to take out of that. I think there'll be enough demand to keep things pretty flat, to be honestly with you, without getting any increases in anything, I don't I expect everything to stay pretty flat.

您可以在去年下半年晚些時候查看它。毫無疑問，但我不知道還能得到多少。我認為會有足夠的需求來讓事情保持平穩，老實說，如果任何東西都沒有任何增加，我並不指望一切都保持平穩。

All right, very helpful. That's it for me. Appreciate the time thank you.

好的，很有幫助。對我來說就是這樣了。感謝您的時間。

You bet. Thank you, sir.

當然。謝謝您，先生。

Thank you. I'm showing no further questions at this time, and I'd like to turn back to Rusty Rush for closing remarks.

謝謝。我現在沒有其他問題了，我想請 Rusty Rush 作最後發言。

Okay, I guess I look forward to talking to everybody in April. This is the shortest time between calls. I'm about to talk to everybody in about two months and thank you for your participation today.

好的，我想我期待著四月與大家交談。這是兩次通話之間的最短時間。我將在大約兩個月後與大家進行交流，並感謝大家今天的參與。

Thank you for your participation today this conference. This does conclude the program. You may now disconnect.

非常感謝大家參加今天的會議。該計劃確實結束了。您現在可以斷開連線。