Rush Enterprises Inc (RUSHB) 2023 Q1 法說會逐字稿

And welcome to our first quarter 2023 earnings release conference call. On the call from Mike McRoberts, Chief Operating Officer; Steve Keller, Chief Financial Officer; Jay Hazelwood, Vice President and Controller; and Michael Goldstone, Senior Vice President, General Counsel and Corporate Secretary.

歡迎參加我們的 2023 年第一季度收益發布電話會議。接到首席運營官 Mike McRoberts 的電話；史蒂夫·凱勒，首席財務官； Jay Hazelwood，副總裁兼財務總監；邁克爾·戈德斯通 (Michael Goldstone)，高級副總裁、總法律顧問兼公司秘書。

Now Steve will say a few words regarding forward-looking statements.

現在史蒂夫將就前瞻性陳述說幾句話。

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 risks and uncertainties, our actual results may differ materially from those expressed or implied by such forward-looking statements.

我們今天做出的某些聲明被視為 1995 年《私人證券訴訟改革法案》中定義的前瞻性聲明。由於這些聲明包含風險和不確定性，因此我們的實際結果可能與此類前瞻性聲明所明示或暗示的結果存在重大差異。

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 10-K for the year ended December 31, 2022, and in our other filings with the Securities and Exchange Commission.

可能導致實際結果與此類前瞻性陳述明示或暗示的結果存在重大差異的重要因素包括但不限於我們截至 2022 年 12 月 31 日的 10-K 表格年度報告以及我們向美國證券交易委員會提交的其他文件中討論的因素。

As indicated in our news release, we achieved first quarter revenues of $1.9 billion and net income of $90.5 million or $1.60 per diluted share. We are proud to declare a cash dividend of $0.21 per common share. In the first quarter, we experienced strong demand for new Class 8 and Class 4-7 trucks largely due to limited new truck production over the past few years. There was a healthy widespread demand for aftermarket parts and services as well, and we maintained our focus on strategic initiatives, support to large national fleets and operational excellence.

正如我們的新聞稿所示，我們第一季度的收入為 19 億美元，淨利潤為 9050 萬美元，即稀釋後每股收益 1.60 美元。我們很自豪地宣布每股普通股現金股息為 0.21 美元。第一季度，我們對新 8 級和 4-7 級卡車的需求強勁，主要是由於過去幾年新卡車產量有限。對售後零件和服務也有廣泛的健康需求，我們繼續關注戰略舉措、對大型國家車隊的支持和卓越運營。

We significantly outpaced the industry in medium-duty truck sales as well as aftermarket sales, and we are proud of our results in the first quarter. In the aftermarket, our parts, service and body shop revenues were $648 million, up 19.3%, and our absorption ratio was 136.5%. In the first quarter, we experienced strong demand for parts and service for most of the customer segments we support. We continue to add service technicians to our workforce, notably mobile technicians, which supports our long-term strategy to expand our mobile presence across the country.

我們在中型卡車銷售和售後市場銷售方面顯著超過行業，我們對第一季度的業績感到自豪。在售後市場，我們的零部件、服務和車身車間收入為 6.48 億美元，增長 19.3%，吸收率為 136.5%。在第一季度，我們支持的大多數客戶群體對零件和服務的需求強勁。我們繼續在我們的員工隊伍中增加服務技術人員，特別是移動技術人員，這支持我們在全國范圍內擴大移動業務的長期戰略。

Looking ahead, we anticipate the rate of inflation to continue to slow, and the parts revenue growth will moderate throughout the year when compared to our first quarter results. However, with our continued focus on long-term initiatives, including strategically expanding our workforce to support mobile service efforts and national accounts, we believe our after quarter -- aftermarket revenues will remain strong this year.

展望未來，我們預計通脹率將繼續放緩，與第一季度業績相比，全年零部件收入增長將放緩。然而，隨著我們繼續關注長期計劃，包括戰略性地擴大我們的員工隊伍以支持移動服務工作和國民賬戶，我們相信今年後季度的售後收入將保持強勁。

Turning to truck sales. We sold 4,365 new Class 8 trucks, accounting for 6.4% of the total U.S. market and 2.2% in the Canada market. While there's still pent-up demand, for new Class 8 trucks, we experienced healthy demand for most market segments, particularly over-the-road vocational, call hours, energy customers and large national fleets. ACT Research forecasts U.S. class retail sales to be 259,000 units in 2023, essentially flat compared to 2022. While continued truck allocation may limit our growth potential, our backlog remains strong, and we believe our second quarter Class 8 truck sales will align with our first quarter results.

轉向卡車銷售。我們銷售了 4,365 輛新 8 級卡車，占美國市場總量的 6.4%，佔加拿大市場總量的 2.2%。儘管對新型 8 級卡車的需求仍然被壓抑，但我們在大多數細分市場都經歷了健康的需求，特別是公路職業、通話時間、能源客戶和大型國家車隊。 ACT Research 預測 2023 年美國級零售量將為 259,000 輛，與 2022 年相比基本持平。雖然持續的卡車配置可能會限制我們的增長潛力，但我們的積壓訂單仍然強勁，我們相信我們第二季度的 8 級卡車銷量將與我們第一季度的業績保持一致。

Overall, we expect our results will be consistent with the industry this year. Our Class 4-7 new truck sales reached 3,038 units in the first quarter, accounting for 5.3% of the U.S. market and 3.2% in the Canadian market. We experienced healthy demand from a variety of market segments. Further, while supply does not get caught up with the needs of the market, we began to see truck manufacturers shift more resources back to producing medium-duty trucks. ACT Research forecasts U.S. Class 4-7 retail sales to be 253,600 units in 2023, up 8.6% from 2022.

總體而言，我們預計今年的業績將與行業保持一致。一季度我們的4-7級新卡車銷量達到3,038輛，占美國市場的5.3%，加拿大市場的3.2%。我們經歷了來自各個細分市場的健康需求。此外，雖然供應沒有跟上市場的需求，但我們開始看到卡車製造商將更多資源轉回生產中型卡車。 ACT Research 預測，2023 年美國 4-7 類汽車零售量將達到 253,600 輛，比 2022 年增長 8.6%。

As production continues to improve, and as customers prepare for upcoming emission regulations, we believe there will continue to be strong demand for medium-duty commercial vehicles for the remainder of 2023. Our used truck sales reached 1,684 units in the first quarter, down 29.7% year-over-year. Demand for used trucks remained low, largely due to the continuing increase in new drug production.

隨著產量持續改善，以及客戶為即將出台的排放法規做好準備，我們相信在 2023 年剩餘時間內，對中型商用車的需求將繼續強勁。第一季度我們的二手卡車銷量達到 1,684 輛，同比下降 29.7%。二手卡車的需求仍然較低，很大程度上是由於新藥產量的持續增加。

As new truck production continues to improve, we expect further deterioration in used truck pricing, and we plan to carefully manage our used truck inventory levels until demand begins to increase and value stabilize.

隨著新卡車產量的不斷提高，我們預計二手卡車價格將進一步惡化，我們計劃仔細管理二手卡車庫存水平，直到需求開始增加且價值穩定。

Our lease and rental revenue was up 21.5% compared to the first quarter of '22. We continue to experience strong demand for leased vehicles and our rental utilization rates were solid in the first quarter. We expect our lease and rental operations to continue to make significant contributions to our overall profitability for the remainder of 2023.

與 2022 年第一季度相比，我們的租賃收入增長了 21.5%。我們對租賃車輛的需求繼續強勁，第一季度的租賃利用率也很穩定。我們預計我們的租賃業務將在 2023 年剩餘時間內繼續為我們的整體盈利能力做出重大貢獻。

Looking ahead, we will continue to monitor economic factors, which may impact our industry, but we believe our overall financial results will remain strong through the rest of 2023. Before closing, I would like to thank our employees for their great work and for their dedication to our company's goals as well as providing superior service to our customers.

展望未來，我們將繼續監控可能影響我們行業的經濟因素，但我們相信我們的整體財務業績將在 2023 年剩餘時間內保持強勁。在結束之前，我要感謝我們的員工所做的出色工作、對我們公司目標的奉獻以及為我們的客戶提供優質服務。

With that, I will take any questions.

有了這個，我將回答任何問題。

(Operator Instructions)

（操作員說明）

And our first question is from Justin Long with Stephens.

我們的第一個問題是賈斯汀·朗和斯蒂芬斯提出的。

Congrats on the quarter. I'll start with parts and service. Rusty, would love to get your thoughts on parts and service growth over the remainder of the year. And obviously, we're going to see some moderation just given what's happen or happening with inflation. But is there anything else that's driving that moderation? Or would you say your parts and service growth going forward, kind of ex inflation is remaining pretty consistent.

恭喜本季度。我將從零件和服務開始。 Rusty，很想了解您對今年剩餘時間內零件和服務增長的想法。顯然，鑑於通貨膨脹正在發生或正在發生的事情，我們將看到一些溫和的政策。但還有其他因素在推動這種適度嗎？或者你會說你的零件和服務未來的增長，扣除通貨膨脹因素保持相當穩定。

No, no, I don't see anything out there. We continue to execute on all the strategic conditions that we have been implementing rather consistently over the last 6 or 7 years, to be honest. I would tell you, while it may moderate somewhat given -- plus, given some pretty large comps coming forward, we still believe we are going to close the year in double digits, okay? I would expect the next few quarters to slightly moderate some, also the 19-plus percent, understanding that, yes, there were some acquisition stuff in there, the Canadian stuff, but we were still well over 17% from a same-store score perspective in Q1.

不，不，我沒有看到外面有任何東西。老實說，我們將繼續執行過去六七年以來一直在實施的所有戰略條件。我想告訴你，雖然它可能會有所放緩，但考慮到一些相當大的競爭即將到來，我們仍然相信我們將以兩位數結束今年，好嗎？我預計接下來的幾個季度會稍微緩和一些，也就是 19% 以上，因為我明白，是的，其中有一些收購的東西，加拿大的東西，但從第一季度同店得分的角度來看，我們仍然遠遠超過 17%。

So with that got to start, we're talking high singles and low double later this year. We'll just have to see how it plays out. I can't predict it exactly, but we will still see overall growth well outside of inflation. So we just -- we feel very good, again, about I think it's important. I was -- you see that absorption rate number there. I believe everybody -- I hope folks know absorption rate number. It's the calculation of parts, service and body shop gross profit versus the G&A of a dealership, right?

因此，從這開始，我們將在今年晚些時候討論高單打和低雙打。我們只需要看看結果如何。我無法準確預測，但我們仍然會看到通脹之外的整體增長。所以我們再次感覺非常好，我認為這很重要。我是——你看到那裡的吸收率數字。我相信大家——我希望大家知道吸收率的數字。這是零件、服務和車身修理廠毛利潤與經銷商總費用的計算，對吧？

Well, we put out, it's 136.5%. Now I think it's important to note that if you take our new acquisitions from last year, and that would be the Canadian acquisition, along with our acquisition of Summit. They are well below that number.

嗯，我們得出的結果是 136.5%。現在我認為重要的是要注意，如果你看一下我們去年的新收購，那就是加拿大的收購，以及我們對 Summit 的收購。他們遠低於這個數字。

If you looked at prior stores that we had prior to those 2 acquisitions, that number would be into the almost mid-140s number. I would have never ever thought we could ever achieve. So what that really explains to you is the fact that there's plenty of upside in these other stores. Over last year, we just brought them on to our business system really between March and August.

如果你看看我們在這兩次收購之前擁有的商店，這個數字將接近 140 年代中期。我從來沒有想過我們能夠取得這樣的成就。因此，這真正向您解釋的是，這些其他商店還有很多優勢。去年，我們只是在三月到八月之間將它們引入我們的業務系統。

Well, just getting on the system and bringing your regimented way of going to market to them is not an add water and stir thing. So those numbers, for sure, have room for growth in the coming years as they grow to catch up with the rest of our locations, right? So I feel very good about the overall parts and service outlook for us going forward regardless where the market is.

好吧，只是進入系統並將您嚴格的市場營銷方式帶給他們，這並不是加水和攪拌的事情。因此，這些數字在未來幾年肯定會有增長空間，因為它們會趕上我們其他地點，對吧？因此，無論市場在哪裡，我對我們未來的整體零部件和服務前景都感到非常滿意。

You got to understand, we go to the market very diversified. We're not just hitting at one segment, I always try to explain that to people. We're not just doing over-the-road business. we're varied in many different market segments in the location side. So the vocational business is not -- it's pretty good out there right now.

你必須明白，我們進入的市場非常多元化。我們不只是針對某個細分市場，我總是試圖向人們解釋這一點。我們不只是做公路業務。我們在位置方面的許多不同細分市場都有所不同。所以，職業行業現在還不錯。

So I mean I can go on and on, Justin. The quality of what I see, the quality of earnings that are out there. But that's a little bit, but touching on it from a parts and services perspective there.

所以我的意思是我可以繼續說下去，賈斯汀。我所看到的質量，以及那裡的收入質量。但這是一點點，但從零件和服務的角度來談。

Okay. Got it. That's helpful. And my next one is probably for Steve, but is there anything you can share on the expected trend in SG&A as we move into the second quarter relative to what we saw in the first quarter? And then maybe thoughts on interest expense going forward as well given it's come up a good bit the last couple of quarters.

好的。知道了。這很有幫助。我的下一篇文章可能是寫給 Steve 的，但是當我們進入第二季度時，相對於第一季度的情況，您是否可以分享一下 SG&A 的預期趨勢？然後考慮到利息支出在過去幾個季度有所上升，也許還會考慮未來的利息支出。

Well, as you see, G&A was sequentially up significantly from Q4, and that's pretty normal for us. In Q1 compared to Q4, we incur a lot of what we'll categorize as benefit -- employee-type benefit cost. We issue our options, payroll taxes kick back in, which had falloff as the year goes as people hit earnings amounts. We -- typically, in Q2, that will stabilize. You won't see another sequential jump. You'll see it pretty flat, maybe even slightly down.

嗯，正如您所看到的，一般行政費用比第四季度連續大幅上升，這對我們來說很正常。與第四季度相比，第一季度我們產生了很多我們將其歸類為福利的內容——員工型福利成本。我們發行期權，工資稅重新開始，隨著人們達到收入水平，工資稅隨著時間的推移而下降。通常情況下，在第二季度，情況將會穩定下來。您將不會看到另一個順序跳轉。你會看到它非常平坦，甚至可能稍微向下。

On the interest front, you'll -- I would expect Q2 to be very similar to Q1. Inventory levels are elevated versus last year. I think it was up about, whatever, $8 million, $9 million, $10 million versus Q1 last year. That's what you believe it to be. It's a product of interest rates on our floor plan and carrying amounts of inventory. You got to remember, even though we're on allocation, we're turning them quick. They sit in inventory a while, while we bought them up and do things like that. So I think the remainder of the year, you're going to see the run rate similar to what it is, depending on your outlook for interest rates, I think maybe there's another [0.25-point] bump. I'm not sure if there's much more than that. So that probably going to be very similar to Q1 for the remainder of the year.

在利息方面，我預計第二季度與第一季度非常相似。庫存水平較去年有所上升。我認為與去年第一季度相比，它上漲了約 800 萬美元、900 萬美元、1000 萬美元。這就是你所相信的。它是我們的平面圖利率和庫存賬面金額的乘積。您必須記住，即使我們正在分配，我們也會很快將其周轉。當我們把它們買下來並做類似的事情時，它們會在庫存中停留一段時間。所以我認為今年剩下的時間裡，你會看到運行利率與實際情況相似，這取決於你對利率的前景，我認為也許還會有另一個 [0.25 點] 的上漲。我不確定是否還有更多。因此，今年剩餘時間的情況可能與第一季度非常相似。

Got it. That's helpful. And maybe I'll close with the high-level question for Rusty. When I think about the business going forward, it feels like we're going to see higher highs and higher lows and I look at valuation multiples today and they're still very compressed relative to what we've seen historically. What do you think the market is missing?

知道了。這很有幫助。也許我會向 Rusty 提出一個高級問題來結束。當我考慮未來的業務時，感覺我們將看到更高的高點和更高的低點，我看看今天的估值倍數，相對於我們歷史上看到的估值倍數，它們仍然非常壓縮。您認為市場缺少什麼？

Well, I'm going to step out a little bit here, Justin. But a good question, right, especially when you're sitting in my chair. Based upon our current multiple, and where it has been in the last couple of years. I do not believe the market fully understands how our strategic execution has improved our quality of earnings. The aftermarket growth and the expense management that resulted from executing our strategic initiatives have increased our absorption rate, as I mentioned earlier, to 136 but well above that in the old stores. Combined, we have the acquisitions in.

好吧，賈斯汀，我要稍微離開一下。但這是一個好問題，對吧，尤其是當你坐在我的椅子上時。基於我們當前的倍數以及過去幾年的情況。我不認為市場完全理解我們的戰略執行如何提高了我們的盈利質量。正如我之前提到的，售後市場的增長和執行戰略舉措帶來的費用管理將我們的吸收率提高到了 136，但遠高於老店的吸收率。合併後，我們進行了收購。

I also believe the market to realize that the normal replacement cycle for Class 8 in the U.S. when you take the last 10-year average has increased to over 225,000 units per year.

我還相信市場會意識到，按照過去 10 年的平均水平計算，美國 8 級汽車的正常更換週期已增加到每年 225,000 輛以上。

I think if the commercial market performance, how we and other industry experts, such as ACT Research expected to, we believe that we've significantly improved both our trough and big earnings since the last down cycle in 2020. So ACT from operative perspective, the ACT's current forecast for Class 8 is correct, which trough, they've got it at 217,000 units in [24] at a peak of 311,000 units, [26], I've got to believe that our trough earnings would be pretty far north of $4 a share and peak earnings could be north of $8 a share. That's -- for me, that's stepping out.

我認為，如果商業市場表現如何，我們和其他行業專家（例如 ACT Research）預期的那樣，我們相信自 2020 年上一次下行週期以來，我們的低谷和大收益都得到了顯著改善。因此，從 ACT 的操作角度來看，ACT 目前對 8 類的預測是正確的，他們在 [24] 中的低谷數量為 217,000 台，峰值為 311,000 台，[26]，我必須相信我們的低谷收益將遠高於每股 4 美元，而峰值收益可能會高於每股 8 美元。對我來說，這就是走出去。

I usually don't say that. But I don't think people truly understand the company sometimes. When you talk about those multiples and I've been looking at it for the last couple of years, and it could be a little frustrating from my perspective. So I think if someone digs deep into the model and looks at it and lays out the forecast of most industry experts, we use ACT. That's what you're going to come up with. So I mean, I don't know a better way to explain it to you than that.

我通常不這麼說。但我認為有時人們並不真正了解公司。當你談論這些倍數時，我在過去幾年裡一直在研究它，從我的角度來看，這可能有點令人沮喪。所以我認為，如果有人深入研究模型並研究它並列出大多數行業專家的預測，我們就會使用 ACT。這就是你會想到的。所以我的意思是，我不知道有比這更好的方式向你解釋了。

Our next question comes from Andrew Obin with Bank of America.

我們的下一個問題來自美國銀行的安德魯·奧賓。

So the question for you, and I think you and I have had this debate for a while. You guys are generating more and more cash flow. You -- it seems there's a level of frustration with where the stock is. And I know you are buying back stock, but why not get more aggressive on stock buyback in this environment? Particularly because a couple of years ago, we were talking about a $4 as your peak earnings number, and now it's your trough earnings number. If the market is missing so much, why not just buy back more?

所以這個問題是給你的，我想你和我已經爭論了一段時間了。你們正在產生越來越多的現金流。你——似乎對股票的現狀感到某種程度的沮喪。我知道你正在回購股票，但在這種環境下為什麼不更積極地回購股票呢？特別是因為幾年前，我們談論 4 美元作為你的收入峰值，而現在它是你的收入谷值。如果市場缺失這麼多，為什麼不回購更多呢？

Well, Andrew, everything is on the table, how about that. I'm not going to get that specific about it right here. As you know, we are consistent. We did continue to buy back stock in the quarter, I give out $26 million or so back in the quarter. I look exactly. We got $150 million approved and we've bought back about $40 million of that since approval. And we plan on continuing that pace through the end of the year, if not accelerating, and I hear you. So everything is on the table, as I said to your buddy. I'm not going to sit here right here on this call and say this is the -- we increased our buyback to $150 million from the last few years of $100 million when we really didn't even execute on it, but we plan on doing -- on probably execute pretty close to what we've got out there as far as approval right now, I can tell you that.

好吧，安德魯，一切都在桌面上，怎麼樣？我不會在這裡詳細說明這一點。如您所知，我們是一致的。我們確實在本季度繼續回購股票，我在本季度回購了 2600 萬美元左右。我看起來確實如此。我們獲得了 1.5 億美元的批准，自批准以來我們已經回購了其中約 4000 萬美元。我們計劃在今年年底繼續保持這一步伐（如果不加快的話），我聽到了。所以一切都在桌面上，正如我對你的朋友所說的那樣。我不會坐在這裡參加這次電話會議並說這是——我們將回購額從過去幾年的 1 億美元增加到了 1.5 億美元，當時我們實際上甚至沒有執行它，但我們計劃這樣做——我可以告訴你，執行的速度可能非常接近我們目前獲得的批准。

No, I appreciate that. Can you talk about just sort of the progression of your parts and service business? Because I think relative to my expectation, it has been holding up better than expected. What's driving that? What do you expect the exit rate for the year to be particularly as the comps get tougher?

不，我很欣賞這一點。您能談談您的零部件和服務業務的進展情況嗎？因為我認為相對於我的預期，它的表現比預期要好。是什麼推動了這一點？隨著競爭變得更加艱難，您預計今年的退出率會是多少？

And what do you say about sort of the underlying economy and how much of it -- we know that you're changing your business model. We know that you're going after larger customers, right? We know that in some cases, people who drive your parts and service business have out even your large new truck customers, a lot of things happening below the surface, but maybe just sort of unpack this business for us a little bit.

您對基本經濟的類型以及其中的程度有何看法 - 我們知道您正在改變您的商業模式。我們知道您正在追求更大的客戶，對嗎？我們知道，在某些情況下，驅動您的零部件和服務業務的人甚至會趕走您的大型新卡車客戶，很多事情發生在表面之下，但也許只是為我們稍微解開這項業務。

Yes. That's a big question. I think I touched on some of it a little bit earlier. We feel great about our parts and service business, okay? It continues to grow. I mean, look back if you just take the last 2, 3 years, and it has been a very consistent. We've been outperforming our expectations even over the last couple of years when it comes to growth. And sometimes we even underestimate. I mean without getting into numbers. We even underestimate the power of the network, okay? When you do have a network our size, which is, by far, the largest commercial network in the United States. And you represent as many manufacturers as we do and you're able to also go after other brands of trucks and for a large customer because nobody really runs one brand anymore, okay?

是的。這是一個大問題。我想我之前已經談到過其中的一些內容。我們對我們的零部件和服務業務感覺很好，好嗎？它繼續增長。我的意思是，回顧一下過去的兩三年，你會發現情況非常穩定。即使在過去幾年中，我們的增長表現也一直超出了我們的預期。有時我們甚至低估了。我的意思是不涉及數字。我們甚至低估了網絡的力量，好嗎？當你確實擁有我們規模的網絡時，這是迄今為止美國最大的商業網絡。你們代表的製造商和我們一樣多，你們也可以追求其他品牌的卡車和大客戶，因為沒有人真正經營一個品牌了，好嗎？

And you're equipped to do that. I think -- and you take the approach we do by leveraging off that network and our people and you have strategic initiatives like we've put in the last few years, whether I might get too specific because some of that, we believe, is proprietary to us, around the parts business, around the service business, you set goals to double your mobile service footprint in the next 3 to 4 years and then you continue to execute on that.

你有能力做到這一點。我認為，你採取我們所做的方法，利用該網絡和我們的員工，你有像我們在過去幾年中所採取的戰略舉措，我是否可能會說得太具體，因為我們相信其中一些是我們專有的，圍繞零部件業務，圍繞服務業務，你設定目標在未來 3 到 4 年內將你的移動服務足跡增加一倍，然後繼續執行。

You get the numbers we're talking about. I mean when I first knew you, Andrew, if we had started talking about. Now this is stores. This isn't -- when you look at dealership locations running over 140%, I would have never ever believed we could do that, but we do. And we continue to find what we continue to attract more customers, again, given how we go to market, our facilities, our people, everything and what customers are wanting.

你得到了我們正在談論的數字。我的意思是當我第一次認識你的時候，安德魯，如果我們開始談論的話。現在這是商店。這不是——當你看到經銷商地點的運行率超過 140% 時，我永遠不會相信我們可以做到這一點，但我們做到了。考慮到我們進入市場的方式、我們的設施、我們的員工、一切以及客戶的需求，我們不斷尋找能夠繼續吸引更多客戶的東西。

They're not only a bunch of hodgepodge mixed up performance from their service networks. They want one consistent consolidated answer. And I do believe that we provide the best in the marketplace. And it's all I can -- I can get into the numbers, but we're going to consistently continue to grow it. We feel very good about that. And even like I said, the world is evolving. I don't know what -- going to customers.

它們不僅僅是服務網絡性能的一堆大雜燴。他們想要一個一致的綜合答案。我確實相信我們提供市場上最好的產品。這是我所能做的——我可以了解這些數字，但我們將持續不斷地增長它。我們對此感覺非常好。正如我所說，世界正在不斷發展。我不知道什麼——去見客戶。

That's why we're big on this mobile thing, reaching out and going to customers, providing more -- better service, big cities continue to get more cogged up the point of taking a truck driving into dealership, dropping it off, having to pick it up again. Those are all inhibitors to a person taking trucks and producing revenue. So that's why the mobile thing makes a lot of sense. And I can't get into all the drivers, Andrew, but the performance speaks for itself in the last few years, and I don't see anything that's going to change that.

這就是為什麼我們熱衷於移動設備，接觸客戶，提供更多更好的服務，大城市越來越重視將卡車駛入經銷店，將其放下，然後必須再次取貨。這些都是阻礙人們駕駛卡車並創造收入的因素。這就是為什麼移動設備很有意義。我無法了解所有車手，安德魯，但過去幾年的表現不言而喻，我看不出有什麼會改變這一點。

So I mean those are just without getting into numbers and telling you this much growth here, I already did that. Those are the things that we believe set us support when it comes to taking care of customers. And at the end of the day, as the coin. Every one of our employees (inaudible) says the customer is the boss.

所以我的意思是，這些只是沒有涉及數字並告訴你這裡有這麼多的增長，我已經這樣做了。我們相信這些是我們在照顧客戶方面給予我們支持的因素。歸根結底，就像硬幣一樣。我們的每一位員工（聽不清）都說客戶就是老闆。

And just the last question. Can you just walk -- that's my usual question. Can you just walk us from a macro standpoint, to your point, you have a lot of exposure, vocational, you're in Florida, you're in Texas, you're in California, you're in mid-Atlantic, you're up in Midwest. Can you just tell us, in terms of the economy, what are you seeing? Because you really have a uniquely informed view of the economy?

還有最後一個問題。你能走路嗎——這是我經常問的問題。您能否從宏觀角度向我們介紹一下您的觀點，您有很多職業機會，您在佛羅里達州，您在德克薩斯州，您在加利福尼亞州，您在大西洋中部，您在中西部。您能告訴我們，就經濟而言，您看到了什麼嗎？因為您確實對經濟有獨特的見解？

I would tell you, let's start on the East Coast, right, Florida, still strong. I was just in Florida 2 weeks ago, like that's about our largest mobile group. That is over 60 mobile technicians working throughout the state of Florida and lower and lower, Alabama. So -- but their business continues to be strong. And we expect a year no less, if not greater than last year out of Florida. You move up then further into the Southeast in Georgia, continuing to grow and strong also.

我會告訴你，讓我們從東海岸開始，對吧，佛羅里達州，仍然很強大。兩週前我剛剛在佛羅里達州，那是我們最大的移動團隊的事。超過 60 名移動技術人員在佛羅里達州和阿拉巴馬州各地工作。所以——但他們的業務仍然強勁。我們預計佛羅里達州的今年不會比去年少，甚至更多。然後你進一步向佐治亞州東南部移動，繼續成長和強大。

I really am not going to give you any bad reports. I would tell you, Florida is extremely strong. I would tell you that South Texas is extremely strong. The Houston market is growing. Colorado seems to be doing a little bit better. Southern California, I don't want to miss anybody.

我真的不會給你任何不好的報告。我告訴你，佛羅里達非常強大。我會告訴你，南德克薩斯州非常強大。休斯頓市場正在增長。科羅拉多州似乎做得更好一些。南加州，我不想錯過任何人。

I'm telling you it's broad-based -- and it goes back to -- it goes back to our customer mix to our market segment mix. I say it all the time, but I don't -- I mean, talks on (inaudible) in the face. But we don't just go to 1 market segment. It's interesting that if you say, I can tell you something like this to try to geographically, everything is solid.

我告訴你，它的基礎廣泛——它可以追溯到——它可以追溯到我們的客戶組合和我們的細分市場組合。我一直這麼說，但我不——我的意思是，當面談論（聽不清）。但我們不只是進入一個細分市場。有趣的是，如果你說，我可以告訴你類似這樣的事情，嘗試從地理角度來看，一切都是可靠的。

Some better than others. The Mountain of West is doing really well right now. When I say that that's Utah and Idaho. I mean -- but there are no weak spots that I can see on the map currently. There are some that are a little stronger than others. But the best thing to say when I talk about the power of the company and the power of whatever is 2 of the 3 largest customers on the international side of my business from parts and service, don't even buy trucks from the international side.

有些比其他更好。西山現在的表現確實不錯。當我這麼說時，指的是猶他州和愛達荷州。我的意思是——但目前我在地圖上看不到任何弱點。有些比其他的稍微強一些。但是，當我談論公司的實力以及我的業務國際方面的 3 個最大客戶中的 2 個在零部件和服務方面的實力時，最好說的是，甚至不要從國際方面購買卡車。

And I'm not going to get into names, specific names, but that tells you how we're able to take a customer and leverage across our whole network, whether he buys trucks from one side or the other or whether they buy trucks from us at all. We have many large customers that don't even buy trucks from us, but we service by leveraging off that network. So I'm getting a little (technical difficulty) still hanging in there. The Midwest was (inaudible) where we're doing still well in the Chicago area. So again, I can ramble off ever, as you know, Andrew, about the business because I'm very proud of what our people have been able to accomplish.

我不會談論名字，具體名字，但這會告訴你我們如何能夠吸引客戶並在我們的整個網絡中發揮作用，無論他從一側還是另一側購買卡車，或者他們是否從我們這裡購買卡車。我們有許多大客戶甚至不從我們這裡購買卡車，但我們通過利用該網絡提供服務。所以我仍然有一點（技術困難）。中西部（聽不清）是我們在芝加哥地區做得仍然很好的地方。安德魯，正如你所知，我可以再一次滔滔不絕地談論這項業務，因為我對我們的員工所取得的成就感到非常自豪。

And I'm showing no further questions at this time. I would like to turn it back over to Rusty Rush for closing remarks.

目前我不會再提出任何問題。我想把它轉回給拉斯蒂·拉什（Rusty Rush）做結束語。

Well, we appreciate I think it was a big earnings day today. So I think everyone of all the analysts were loaded with companies reporting today. But for those who participated, we thank you, and we will talk to you in July.

好吧，我們很感激，我認為今天是一個重要的收益日。因此，我認為所有分析師都對今天的公司報告充滿了興趣。但對於那些參與的人，我們感謝你們，我們將在七月與你們交談。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。