Sunbelt Rentals Holdings Inc (SUNB) 2026 Q4 法說會逐字稿

Greetings, and welcome to the Sunbelt Rentals fiscal fourth quarter 2026 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Sunbelt Rentals 2026 會計年度第四季財報電話會議與網路直播。(接線員指示) 提醒各位，本次會議將被錄音。

It's now my pleasure to turn the call over to Kevin Powers, Senior Vice President, Investor Relations. Kevin, please go ahead.

現在我很榮幸將電話交給資深副總裁、投資人關係主管 Kevin Powers。Kevin，請開始。

Great. Thank you, operator, and good morning, everyone. Today, we're reviewing our fourth quarter and year-end results ended April 30, 2026, with comments on operations and our financials, including our view of the industry and our strategic outlook. The prepared remarks will be followed by an open Q&A.

好的。謝謝接線員，各位早安。今天我們將回顧截至 2026 年 4 月 30 日止的第四季與全年業績，並就營運與財務表現發表評論，包括我們對產業的看法以及策略展望。事先準備的發言之後將進行開放式問答。

Let me remind you that today's call will include forward-looking statements. These statements are based on the environment as we see it today and are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections.

提醒各位，今天的電話會議將包含前瞻性陳述。這些陳述係基於我們目前所見的環境，並受風險與不確定性影響，可能導致實際結果與我們的預期與推估出現重大差異。

These risks and uncertainties include, but are not limited to, the factors identified in the press release as well as other filings with the SEC.

這些風險與不確定性包括但不限於新聞稿中所列因素，以及我們向美國證券交易委員會（SEC）提交的其他文件中所揭露的因素。

Today, we're reporting financial results on a US GAAP basis. In addition, we'll be discussing our non-GAAP information that we believe is useful in evaluating the company's operating performance. Reconciliations to these non-GAAP measures to the closest GAAP equivalent can be found in the earnings release and the conference call materials.

今天我們以美國一般公認會計原則（US GAAP）基礎報告財務結果。此外，我們也將討論我們認為有助於評估公司營運表現的非 GAAP 資訊。這些非 GAAP 指標與最接近 GAAP 對應項目的調節表，可在財報新聞稿與電話會議資料中查閱。

This morning, I'm joined by Brendan Horgan, our Chief Executive Officer; and Alex Pease, our Chief Financial Officer. I'll now turn the call over to Brendan.

今天早上與我一同出席的有我們的執行長 Brendan Horgan，以及財務長 Alex Pease。接下來我把電話交給 Brendan。

Thanks, Kevin, and good morning, everyone. As always, we'll kick off the call with a safety update before we move on to the strategic and operational highlights for the year. So beginning on Slide 5. Safety remains foundational to our success and is central to our culture at Sunbelt Rentals.

謝謝你，Kevin，各位早安。如同往常，在進入年度策略與營運重點之前，我們會先進行安全更新。請看第 5 張投影片。安全仍是我們成功的基石，也是 Sunbelt Rentals 文化的核心。

For me, one of the more powerful reminders of this is our annual Safety Week, which we hosted last month.

對我而言，最有力的提醒之一是我們上個月舉辦的年度安全週（Safety Week）。

As I visited branches across the business and saw firsthand the deep commitment our teams have to not only protecting one another, but our customers, it's clear to see how our engagement continues to translate into measurable results -- world-class safety program and the ownership of Engage for Life by teams throughout the business.

當我走訪各地分公司，親眼看到團隊不僅致力於彼此的安全，也致力於保護客戶時，很清楚地看到我們的投入持續轉化為可衡量的成果——世界級的安全計畫，以及全公司團隊對「Engage for Life」的主人翁精神。

These results reflect sustained investment in training, technology-enabled safety monitoring and a culture of standards and accountability across all of our locations. World-class safety performance not only protects our people, but also drives operational efficiencies and strengthens customer confidence in our brand. So to our Sunbelt team members listening in, thank you for your efforts to date and your ongoing commitment to engage for life.

這些成果反映了我們在訓練、科技賦能的安全監測，以及在所有據點推動標準與問責文化上的持續投資。世界級的安全表現不僅保護我們的同仁，也提升營運效率並強化客戶對我們品牌的信心。因此，對正在收聽的 Sunbelt 團隊成員，我要感謝各位迄今的努力，以及持續投入「Engage for Life」的承諾。

Turning now to Slide 6 to highlight key messages for fiscal year '26.

接著請看第 6 張投影片，重點說明 2026 會計年度的關鍵訊息。

The business delivered record Q4 and full year revenues of $2.8 billion and $11.2 billion, growing 8.9% and 3.4%, respectively, over last year, which came in above the top end of our March guidance.

本業務在第四季與全年分別創下 28 億美元與 112 億美元的營收新高，較去年分別成長 8.9% 與 3.4%，高於我們 3 月指引區間的上緣。

This revenue produced $4.7 billion adjusted EBITDA, drove a record free cash flow of $2.1 billion, contributing to record returns to shareholders of $1.9 billion through share repurchases and dividends.

這些營收帶來 47 億美元的調整後 EBITDA，並推動自由現金流創下 21 億美元新高，進而透過庫藏股回購與股利，對股東回饋達到創紀錄的 19 億美元。

Momentum accelerated through the end of the year with 8% fourth quarter rental revenue growth, led by Specialty growth of 15% and General Tool growth of 4%. This performance demonstrates the continued strength, resilience and diversity of our business and end markets.

年末動能加速，第四季租賃營收成長 8%，其中專業（Specialty）成長 15% 領先，一般工具（General Tool）成長 4%。此表現展現我們業務與終端市場持續的強勁、韌性與多元性。

In addition, rental rates remained resilient, reflecting structural progression and disciplined investments. We continue to expand our footprint through 51 greenfield openings and 24 locations via bolt-on.

此外，租賃價格仍具韌性，反映結構性進展與紀律性的投資。我們持續擴張版圖，新增 51 個綠地據點（greenfield openings），並透過補強式併購（bolt-on）新增 24 個據點。

Our top line momentum built throughout the year with mega project strength both in starts and pipeline, demand for energy solutions, significant live events and large strategic account activity.

我們的營收動能在全年逐步增強，受惠於超大型專案在開工與案源管線（pipeline）上的強勁表現、能源解決方案需求、重大現場活動，以及大型策略客戶的活躍度。

In addition, we continue to experience what we call equilibrium between completions and starts in our local non-residential construction markets, meaning in essence that starts and completions are in balance and, importantly, our leading indicators remain positive, perhaps illustrated best by our significant fourth quarter momentum gains.

此外，我們在本地非住宅建築市場持續看到我們所稱的「完工與開工的均衡」，也就是開工與完工大致平衡；更重要的是，我們的領先指標仍然正向，或許最能由第四季顯著的動能提升來說明。

Lastly, we're pleased to have announced a strategic transaction expanding our specialty offering, that we believe will aid in the delivery of strong returns to shareholders.

最後，我們很高興宣布一項擴大專業產品組合的策略性交易，我們相信這將有助於為股東帶來強勁回報。

Let's turn to Slide 7 for some added color on this transaction.

接著請看第 7 張投影片，進一步說明這筆交易。

So I'll spend just a few minutes on the acquisition we announced this morning, which aligns with our capital allocation priorities, advances our Sunbelt 4.0 strategy and further positions Sunbelt for long-term growth.

我將用幾分鐘談談我們今天早上宣布的收購案；該案符合我們的資本配置優先順序，推進 Sunbelt 4.0 策略，並進一步讓 Sunbelt 站上長期成長的有利位置。

We're excited to announce the acquisition of Reliant Asset Management, which creates our 13th Specialty business line, Sunbelt Rentals Modular Solutions.

我們很興奮宣布收購 Reliant Asset Management，這將打造我們第 13 條專業業務線——Sunbelt Rentals Modular Solutions。

Reliant, which trades under the Aries brand, serves as a foundational entry point into the attractive modular solutions market. This will be a core part of the Sunbelt formula for driving complementary growth in Specialty and General Tool while growing our addressable markets.

Reliant 以 Aries 品牌營運，作為我們切入具吸引力的模組化解決方案市場的基礎入口。這將成為 Sunbelt 公式的核心一環，推動專業與一般工具的互補成長，同時擴大我們可服務的市場範圍（addressable markets）。

Modular is a highly complementary vertical to our other site services-related offerings such as graft protection, temporary structures, temporary walls and temporary fencing, which entirely aligns with our Sunbelt 4.0 strategy.

模組化（Modular）與我們其他與工地服務相關的產品高度互補，例如防護（graft protection）、臨時結構、臨時隔牆與臨時圍籬，完全符合我們的 Sunbelt 4.0 策略。

Aries brings national reach, a strong management team and a meaningful backlog with a significant cross-selling opportunity through Sunbelt's strategic sales coverage and existing customer relationships.

Aries 具備全國性覆蓋、強大的管理團隊，以及具規模的在手訂單（backlog）；並可透過 Sunbelt 的策略性銷售覆蓋與既有客戶關係，帶來顯著的交叉銷售機會。

Today, Aries is in just 14 of Sunbelt's top 50 markets, which clearly gives us substantial runway to grow density over time through both greenfields and additional bolt-on M&A.

目前 Aries 僅在 Sunbelt 前 50 大市場中的 14 個市場布局，這清楚顯示我們可透過綠地拓點與額外的補強式併購（bolt-on M&A），在未來逐步提升市場密度，具備相當大的成長跑道。

Portable storage is also underpenetrated in the existing fleet, which is another area for further investment, customer and revenue gains. We look forward to capitalizing on the natural synergies Modular Solutions brings as we continue to integrate its offering into the power of Sunbelt.

可攜式儲存（Portable storage）在現有設備機隊中的滲透率也偏低，這是另一個可進一步投資、帶動客戶與營收成長的領域。我們期待把握 Modular Solutions 所帶來的自然綜效，並持續將其產品整合進 Sunbelt 的平台優勢之中。

Let's now take a look at some of the construction industry trends and forecasts on Slide 8. This is our usual presentation of Dodge Starts, Dodge Momentum Index, the Architectural Billing Index and the Fed funds rate.

接下來請看第 8 張投影片，檢視建築產業趨勢與預測。這是我們慣例呈現的 Dodge 開工數（Dodge Starts）、Dodge 動能指數（Dodge Momentum Index）、建築師帳單指數（Architectural Billing Index）以及聯準會基金利率（Fed funds rate）。

The US Dodge Momentum Index continues to signal strength in construction demand, providing a positive backdrop for our business. This leading indicator tracks commercial projects with projected starts values of less than $500 million as they first enter the planning stage and serves as a predictor therefore of construction starts to come over the next 12 to 18 months.

美國 Dodge 動能指數持續顯示建築需求強勁，為我們的業務提供正向背景。此領先指標追蹤預估開工金額低於 5 億美元的商業專案在進入規劃階段時的情況，因此可用來預測未來 12 至 18 個月的建築開工。

This best represents an indicator for what we commonly refer to as local non-residential construction. The Momentum figures and starts on this slide feed into the put in place figures on Slide 9.

這最能代表我們通常所稱的本地非住宅建築的指標。本投影片中的動能數據與開工數，將反映到第 9 張投影片的「實際投入建設金額」（put in place）數據中。

Providing a broader view of the US construction markets and North American rental market outlook, according to Dodge, total US construction put in place, excluding residential is expected to reach approximately $1.3 trillion in 2027, with continued growth through the end of the decade.

為了更廣泛地呈現美國建築市場與北美租賃市場展望，根據 Dodge 的資料，排除住宅後的美國建築「實際投入建設金額」預計在 2027 年達到約 1.3 兆美元，並在本十年末之前持續成長。

Our construction markets are highly diversified across local non-residential, large and a broad sector range of mega projects and infrastructure.

我們的建築市場高度多元，涵蓋本地非住宅、大型與跨多元產業的超大型專案，以及基礎建設。

As you saw in our fiscal 2026 results, and you will see in our fiscal '27 guide, our business growth continues to outpace the North American construction market. This is driven by our scale, end market diversity, breadth of solutions and the continued structural progression of our business and industry.

如同各位在我們 2026 會計年度的結果中所見，以及各位將在我們 2027 會計年度指引中看到的，我們的業務成長持續超越北美建築市場。這主要由我們的規模、終端市場多元性、解決方案廣度，以及我們業務與產業持續的結構性進展所驅動。

Now turning to our full year results in more detail on Slide 10.

現在讓我們在第10頁投影片更詳細地說明我們的全年業績。

Total revenue and rental revenue both grew 3.4% to a record $11.2 billion and $10.3 billion, respectively, with General Tool and Specialty sequentially strengthening throughout the year. Adjusted EBITDA declined 2% year-over-year with margins compressing 200 basis points to 41.9%.

總營收與租賃營收皆成長3.4%，分別達到創新高的112億美元與103億美元；其中一般工具（General Tool）與專業（Specialty）業務在全年呈現逐季走強。調整後EBITDA年減2%，利潤率收縮200個基點至41.9%。

Margins were impacted by three factors. First, and consistent with what we experienced and detailed throughout the year, our growth in the year was largely volume-led, carrying costs such as asset fleet repositioning to drive utilization and unlock pockets of market opportunities and growth.

利潤率受到三項因素影響。第一，且與我們全年所經歷並持續說明的一致，我們今年的成長主要由量帶動，並伴隨成本，例如為提升使用率、釋放部分市場機會與成長而進行的資產車隊重新配置成本。

Second, particularly related to the fourth quarter, margins reflected a greater contribution from Specialty, which carries, as you know, a lower EBITDA margin than General Tool, but delivers extremely attractive returns on investment and runway for growth.

第二，特別與第四季相關，利潤率反映了專業（Specialty）業務貢獻提高；如各位所知，其EBITDA利潤率低於一般工具（General Tool），但能帶來極具吸引力的投資報酬與成長跑道。

Margin mix was also impacted by a higher contribution from ancillary revenues in areas such as E&D, fuel and rerent.

利潤率組合也受到附屬收入（ancillary revenues）貢獻提高的影響，這些收入來自E&D、燃料與轉租（rerent）等領域。

When these profitable revenues outpace pure rental revenues, they'll impact margins. Third and also specific to Q4, we lapsed the previously communicated reversal of a $28 million receivables provision recognized in the fourth quarter last year related to a customer Chapter 11 filing in the fourth quarter of 2024. Excluding the reversal benefit recognized in the prior year, adjusted EBITDA margin in the quarter declined 290 basis points.

當這些高獲利收入的成長速度超過純租賃收入時，將會影響利潤率。第三，且同樣是第四季特有因素，我們去年第四季曾認列一筆2,800萬美元應收帳款備抵（receivables provision）回轉利益，該備抵與某客戶於2024年第四季申請第11章破產保護（Chapter 11）相關；本季則已不再有該回轉利益。若排除前一年認列的回轉利益，本季調整後EBITDA利潤率下滑290個基點。

We invested $2.2 billion in CapEx as we maintained discipline in capital deployment, focusing on fleet replacement and targeted growth areas.

我們投資22億美元資本支出（CapEx），在資本配置上維持紀律，聚焦於車隊汰換與具針對性的成長領域。

Finally, we generated record free cash flow of $2.1 billion, which was up 23% year-over-year, demonstrating our ability to fund growth while returning significant capital to shareholders which, in fiscal year 2026, we returned nearly $1.9 billion through share buybacks and dividends, demonstrating the resilience of our business and continued ability to invest in growth.

最後，我們創下21億美元的自由現金流新高，年增23%，展現我們在回饋股東大量資本的同時仍能支應成長；在2026會計年度，我們透過庫藏股回購與股利合計回饋近19億美元，顯示我們業務的韌性以及持續投資成長的能力。

Slide 11 illustrates our North America fleet on rent trends, where we are experiencing continued strength and momentum.

第11頁投影片呈現我們北美在租車隊（fleet on rent）趨勢，我們正持續感受到強勁動能。

Large strategic customers and mega project activity is fuelling growth, and we continue to see positive leading indicators. And importantly, the industry supply and demand dynamics are healthy, which when combined with structural progression, continues to support a resilient rate environment.

大型策略客戶與超大型專案（mega project）活動正推動成長，我們也持續看到正向的領先指標。更重要的是，產業供需動態健康，結合結構性進展，持續支撐具韌性的租金費率環境。

Our diversified business model and deep customer relationships are driving increased cross selling between North America General Tool and Specialty segments.

我們多元化的商業模式與深厚的客戶關係，正推動北美一般工具（General Tool）與專業（Specialty）部門之間的交叉銷售增加。

We also continue to build momentum through the network of 537 locations that have been added during 3.0 and thus far in Sunbelt 4.0, which are maturing and contributing to our growth. As you see here, our fleet on rent growth momentum has continued in May and June.

我們也持續透過在3.0期間以及迄今於Sunbelt 4.0新增的537個據點網路累積動能；這些據點正逐步成熟並為成長做出貢獻。如各位所見，我們在租車隊成長動能在5月與6月仍持續。

Moving to Slide 12, which shows equipment rental revenue growth on a billings per day basis across our segments. North America General Tool delivered consistent low single-digit growth throughout the year, accelerating to 4% in Q4.

接著看第12頁投影片，顯示我們各部門以「每日開單金額」（billings per day）為基礎的設備租賃營收成長。北美一般工具（General Tool）全年維持穩定的低個位數成長，並在第四季加速至4%。

This was driven by positive volume momentum and resilient rates in end markets which continue to be mixed, Local non-residential construction markets, which I've mentioned, remained in this equilibrium state, where we believe starts are generally in balance with completions.

這主要由正向的量的動能與終端市場具韌性的費率所帶動；終端市場仍呈現分化。我先前提到的在地非住宅建築市場維持在一種均衡狀態，我們認為開工量大致與完工量平衡。

Therefore, growth is being driven by the ongoing strength of mega project landscape and the broader construction markets.

因此，成長主要由超大型專案版圖的持續強勁，以及更廣泛的建築市場所驅動。

North America Specialty delivered a strong 14% growth in Q4 and 6% for the full year. Growth was driven by broad-based project demand across markets, from mega projects to live events, to demand for energy solutions.

北美專業（Specialty）第四季強勁成長14%，全年成長6%。成長來自各市場廣泛的專案需求，從超大型專案到現場活動（live events），以及對能源解決方案的需求。

This performance was broad across multiple specialty lines, including Power & HVAC, load banks, scaffolding, temporary fencing, structures, trench safety and ground protection.

此表現涵蓋多條專業產品線，包含電力與HVAC、負載箱（load banks）、鷹架、臨時圍籬、結構物、溝槽安全（trench safety）與地面防護（ground protection）。

So when comparing Q4 rental revenue growth to Q1 by segment, General Tool exited the year to pace 4 times its entry and Specialty nearly 3 times. This momentum in Q4 gives us confidence in the trajectory for fiscal year 2027.

因此，若以部門別比較第四季與第一季的租賃營收成長，一般工具（General Tool）在年底的成長速度是年初的4倍，而專業（Specialty）接近3倍。第四季的這股動能讓我們對2027會計年度的走勢更具信心。

And with that, I'll hand the call over to Alex to review the financials in more detail. Alex?

接下來我把電話交給Alex，請他更詳細地回顧財務表現。Alex？

Thank you, Brendan, and good morning to everyone. Our fourth quarter results for the company are set out on Slide 14.

謝謝你，Brendan，也向各位道早安。公司第四季的業績列示於第14頁投影片。

Total revenue grew 8.9%, driven by higher sales of used and new rental equipment, alongside 8% rental revenue growth. We ended the year with strong momentum, driven by volume growth and higher utilization across most geographies, with stable rates.

總營收成長8.9%，主要由二手與新租賃設備銷售增加所帶動，同時租賃營收成長8%。我們以強勁動能結束本年度，主要由量的成長與多數地區使用率提升所驅動，費率則維持穩定。

As Brendan has already explained, our adjusted EBITDA margin cost factors impacting our fourth quarter results were similar to our nine month results, with Q4 also reflecting the lapping of an approximately $28 million receivables provision reversal recognized in Q4 of fiscal '25 and a higher mix of ancillary revenues.

如Brendan先前已說明，影響我們第四季調整後EBITDA利潤率的成本因素與前九個月相似；此外，第四季也反映了2025會計年度第四季認列、約2,800萬美元應收帳款備抵回轉利益的基期效應，以及附屬收入占比提高。

CapEx increased 76% in the quarter, reflecting funding for ongoing Specialty growth, recent mega project wins and replacement timing between Q4 of fiscal 2026 and Q1 of fiscal 2027.

本季資本支出（CapEx）增加76%，反映對專業（Specialty）持續成長的資金投入、近期超大型專案得標，以及2026會計年度第四季與2027會計年度第一季之間的汰換時點差異。

Finally, free cash flow was $627 million, reflecting the ramp-up in CapEx in the quarter. This table on Slide 15 provides a comprehensive view of our Q4 and full year financial results.

最後，自由現金流為6.27億美元，反映本季資本支出加速拉升。第15頁投影片的表格提供我們第四季與全年財務結果的完整視圖。

Full year total revenue reached a record $11.2 billion, up 3.4%, with equipment rental revenue of $10.3 billion also growing 3.4%.

全年總營收達到創新高的112億美元，成長3.4%；設備租賃營收為103億美元，同樣成長3.4%。

Adjusted EBITDA was $4.7 billion, with the full year margin at 41.9%. Absent the UK business, North America margins were 43.4%, inclusive of all company overheads. Depreciation for the year was unchanged at $2.2 billion, reflecting disciplined fleet management alongside improved time utilization.

調整後EBITDA為47億美元，全年利潤率為41.9%。若不含英國業務，北美利潤率為43.4%，並已包含公司所有管理費用（overheads）。全年折舊維持在22億美元不變，反映在提升時間使用率的同時，我們仍維持嚴謹的車隊管理。

After an interest expense of $387 million, full year adjusted pretax profit was $2.1 billion. Adjusted EPS was $3.72 for the year, while trailing 12-month return on investment was 14%.

在3.87億美元利息費用之後，全年調整後稅前利潤為21億美元。全年調整後每股盈餘（Adjusted EPS）為3.72美元，而過去12個月投資報酬率為14%。

In the fourth quarter, below adjusted EBITDA, depreciation declined 2.8%, significantly less than revenue growth, while interest expense was broadly in line with the prior year. Adjusted EPS was $0.74, down year-over-year, primarily reflecting the lapping of the receivables position reversal discussed earlier as well as a higher effective tax rate.

在第四季，於調整後EBITDA以下項目中，折舊下降2.8%，明顯低於營收成長幅度；利息費用則大致與前一年持平。調整後每股盈餘為0.74美元，年減，主要反映先前提到的應收帳款備抵回轉利益基期效應，以及較高的有效稅率。

The increase in the tax rate was largely due to the nonrecurrence of a favourable state tax adjustment recorded in the prior year period.

稅率上升主要是因為前一年期間所認列的一項有利州稅調整並未在本期重複發生。

The combination of these two line items added $0.07 to the fourth quarter of 2025 that did not repeat in 2026.

這兩個損益項目的合計，使2025年第四季增加了0.07美元，但在2026年未再出現。

Turning to North America General Tool on Slide 16.

接著看第16頁投影片的北美一般工具（General Tool）。

We delivered full year total revenue of $6.5 billion, up 1.7%, with rental revenue growth of 2.1%. In Q4, rental revenue growth accelerated to 4.4% led by volume improvement and stable rates. Strength in mega projects helped mitigate moderated conditions in the local non-residential construction market.

我們全年總營收為65億美元，成長1.7%，其中租賃營收成長2.1%。第四季租賃營收成長加速至4.4%，主要由量的改善與穩定費率帶動。超大型專案的強勁表現有助於抵銷在地非住宅建築市場趨緩的情況。

In Q4, the adjusted EBITDA margin performance was the result of volume-led growth driving costs higher, most notably cost to reposition the fleet to growth markets.

第四季調整後EBITDA利潤率表現，主要是量帶動的成長推升成本所致，最顯著的是為將車隊重新配置至成長市場而產生的成本。

Additionally, the higher mix of ancillary revenues coinciding with the sharp rise in fuel prices had a negative mix impact on segment margin. We do expect these margin dynamics to improve in fiscal 2027. Lastly, dollar utilization was 47% for the full year.

此外，附加收入占比提高且與燃油價格大幅上漲同時發生，對分部利潤率造成了不利的組合影響。我們確實預期這些利潤率動態將在2027財年改善。最後，全年美元利用率為47%。

North American Specialty continues to be our strongest growth engine, with full year total revenue of $3.7 billion, up 6.5%, and rental revenue growth of 5.8%. Q4 was particularly strong with rental revenue accelerating to 15.1% growth driven by continued demand in project-related activity and expanded scope of our value-added services. Our Power & HVAC business increased by nearly 30%, led by load banks.

北美專業業務仍是我們最強勁的成長引擎，全年總營收為37億美元，成長6.5%，租賃營收成長5.8%。第四季表現尤其強勁，租賃營收成長加速至15.1%，主要受專案相關活動需求持續以及我們加值服務範疇擴大所帶動。我們的電力與HVAC業務成長近30%，其中以負載箱（load banks）為主要帶動因素。

Adjusted EBITDA margin of 45% declined compared to last year, mainly due to the onetime lapping of the receivable provision reversal that was booked within our Specialty segment.

調整後EBITDA利潤率為45%，較去年下滑，主要原因是去年在我們的專業分部中入帳了一次性的應收款項備抵回轉（provision reversal）所致。

When you adjust for the prior year benefit, Specialty adjusted EBITDA margins increased 20 basis points and adjusted operating profit margin increased 160 basis points. Dollar utilization improved 75% from 73% in the prior year, reflecting our ability to deploy Specialty assets more productively as the fleet matures and cross-sell opportunities expand.

若調整去年該項利益，專業業務調整後EBITDA利潤率提高20個基點，調整後營業利益率提高160個基點。美元利用率由前一年的73%提升至75%，反映隨著車隊日益成熟及交叉銷售機會擴大，我們能更有效率地部署專業資產。

Turning to the UK segment on Slide 18.

接著看第18頁的英國分部。

Full year total revenue was $932 million, up 2.8%, with rental revenue growth of 3.1%. The UK team has been focused on delivering operational efficiency and improving long-term returns on capital.

全年總營收為9.32億美元，成長2.8%，租賃營收成長3.1%。英國團隊一直專注於提升營運效率並改善長期資本報酬。

Restructuring actions were taken during the year to unlock value, drive stronger free cash flow and better serve our customers.

我們在年度期間採取重組措施以釋放價值、推動更強勁的自由現金流，並更好地服務客戶。

Moving on to CapEx and free cash flow on Slide 19.

接下來看第19頁的資本支出與自由現金流。

This slide shows our capital expenditure discipline and strong free cash flow generation. Full year total CapEx declined 18.5% year-over-year to $2.2 billion, reflecting our focus on fleet replacement and supporting targeted pockets of growth, primarily in Specialty.

本頁顯示我們在資本支出上的紀律，以及強勁的自由現金流創造能力。全年總資本支出（CapEx）年減18.5%至22億美元，反映我們聚焦於車隊汰換並支援特定成長區塊，主要在專業業務。

We dynamically allocate capital based on market conditions, ensuring we maintain fleet quality while capturing the best return opportunities.

我們會依市場狀況動態配置資本，確保維持車隊品質的同時，掌握最佳報酬機會。

To that end and consistent with our capital allocation priorities to first focus on growth, we invested to open 51 new greenfields, a mix of 31 Specialty locations and 20 General Tool locations. In addition to that, we spent $238 million on 13 bolt-on acquisitions, adding 24 new Sunbelt locations.

為此，並依循我們的資本配置優先順序（首先聚焦成長），我們投資開設51個新綠地據點，包含31個專業據點與20個一般工具據點。此外，我們以2.38億美元進行13項補強式併購（bolt-on acquisitions），新增24個Sunbelt據點。

Lastly, free cash flow grew 22.7% to $2.1 billion, a new record for the company. This demonstrates that our cash from operations are fully capable of funding volume growth while returning meaningful capital to shareholders.

最後，自由現金流成長22.7%至21億美元，創公司新高。這顯示我們的營運現金流完全有能力在支應量的成長之餘，仍能向股東回饋可觀資本。

Next, looking at our balance sheet on Slide 20. Net debt at period-end was $7.6 billion, consisting of $1.4 billion of first-lien senior secured bank debt and $6.2 billion in senior notes.

接著看第20頁的資產負債表。期末淨負債為76億美元，其中包含14億美元的第一順位優先擔保銀行債務，以及62億美元的優先票據。

Net debt-to-EBITDA leverage stood at 1.6 times, well within our stated target range of 1 times to 2 times. This conservative leverage positioning provides significant flexibility to fund both organic growth investments and strategic M&A while maintaining our commitment to returning capital to shareholders through dividends and buybacks.

淨負債對EBITDA槓桿倍數為1.6倍，遠低於我們所述的目標區間1倍至2倍。這樣保守的槓桿水位，讓我們在維持透過股利與庫藏股回購回饋股東承諾的同時，仍具備充足彈性以支應有機成長投資與策略性併購。

Following the Aries acquisition, we continue to remain comfortably within our targeted range. During the year, we've returned approximately $1.9 billion to shareholders through share buybacks of $1.4 billion and dividends paid for $464 million.

在完成Aries收購後，我們仍然舒適地維持在目標區間內。年度期間，我們透過14億美元的股票回購與4.64億美元的股利發放，合計向股東回饋約19億美元。

For the final dividend of the year, our $0.75 per share will be paid on July 24, resulting in a full year dividend of $1.125 per share, which represents 4% growth year-over-year. Looking forward, given our new US listing construct, we intend to transition to a quarterly dividend.

就年度最後一次股利而言，我們每股0.75美元將於7月24日支付，使全年股利達每股1.125美元，年增4%。展望未來，鑑於我們新的美國上市架構，我們計畫轉為按季配息。

The timing and amount of our Q1 dividend will be announced in conjunction with our Q1 results. Now turning to Slide 21. We're introducing our guidance for fiscal year full year 2027, which reflects the continuation of strong demand alongside a disciplined focus on converting growth into improved returns over time.

第一季股利的時間與金額將在公布第一季業績時一併宣布。現在轉到第21頁。我們將提出2027財年全年指引，反映在強勁需求延續的同時，亦將以紀律性方式把成長逐步轉化為更佳報酬。

For fiscal 2027, we expect total revenue growth of between 4.5% to 7.5% and rental revenue growth between 5% and 8%, led by Specialty and supported by steady growth in General Tool.

就2027財年而言，我們預期總營收成長介於4.5%至7.5%，租賃營收成長介於5%至8%，由專業業務領軍，並由一般工具業務的穩健成長支撐。

We expect mega projects to remain an important driver and assume local non-residential construction markets remain stable as our internal indicators continue to trend positively.

我們預期大型專案仍將是重要驅動因素，並假設在地非住宅建築市場維持穩定，因為我們的內部指標持續呈現正向趨勢。

In terms of profitability, we expect adjusted EBITDA between $4.85 billion to $5.05 billion, representing solid year-over-year growth, with margins broadly flat, reflecting what we have so thoroughly covered in today's call related to revenue mix as well as the first year of Aries in our consolidated results.

在獲利能力方面，我們預期調整後EBITDA介於48.5億至50.5億美元，代表穩健的年增成長；利潤率大致持平，反映我們在今日電話會議中已充分說明的營收組合因素，以及Aries併入合併報表的第一年影響。

This flattish margin profile in 2027 reflects the continuation of stronger relative Specialty growth and higher ancillary revenues.

2027年這種較為持平的利潤率走勢，反映專業業務相對更強的成長，以及較高的附加收入。

In terms of margin expectations as the year proceeds, we expect to see an improvement in the back half of the year as our operational excellence drivers gain more traction. Of course, if we are also able to gain greater traction and velocity through our dynamic customer pricing initiatives, this could provide some upside for the year as well.

就年度進行中的利潤率展望而言，隨著我們的營運卓越驅動因素逐步發揮更大成效，我們預期下半年將有所改善。當然，若我們也能透過動態客戶定價措施取得更大的推進力與速度，全年也可能帶來一些上行空間。

Finally, we expect net rental equipment CapEx of between $2.05 billion and $2.45 billion, and gross rental CapEx of between $2.45 billion and $2.85 billion. The increase reflects higher growth investments across both General Tool and Specialty as well as the incremental capital required to grow Aries.

最後，我們預期淨租賃設備資本支出介於20.5億至24.5億美元，租賃資本支出總額介於24.5億至28.5億美元。增加主要反映一般工具與專業業務的更高成長投資，以及擴張Aries所需的新增資本。

In addition, we are planning to open 55 greenfield locations, with 15 coming from General Tool and 40 coming from Specialty. Looking ahead, our focus remains on converting continued volume growth into margin stabilization and improvement over time.

此外，我們計畫開設55個綠地據點，其中15個來自一般工具，40個來自專業業務。展望未來，我們的重點仍是將持續的量成長轉化為利潤率的穩定，並隨時間推進而改善。

And with that, I'll turn the call back over to Brendan to close us out.

以上，我把電話會議交回Brendan作結。

Thanks, Alex. And before we open it up for questions, I'll take just a moment to look ahead at fiscal '27 and share why we're confident in the momentum we're carrying into the new year.\

謝謝，Alex。在我們開放提問之前，我先花一點時間展望2027財年，並分享為何我們對帶入新年度的動能充滿信心。\

The market backdrop remains constructive and our strategic positioning has never been stronger. On Slide 23, and as always, our guidance for this year reflects our clear and disciplined capital allocation priorities.

市場大環境仍具建設性，而我們的策略定位從未如此強勁。在第23頁，一如往常，我們今年的指引反映了清晰且具紀律的資本配置優先順序。

Our first priorities are organic investments; next, we focus on disciplined bolt-on M&A.; and finally, we return capital to shareholders through a progressive dividend and share buybacks, while staying within our long-term leverage range of 1 times to 2 times.

我們的首要優先事項是有機投資；其次，聚焦於具紀律的補強式併購；最後，在維持長期槓桿區間1倍至2倍的前提下，透過逐步提高的股利與股票回購向股東回饋資本。

Turning to Slide 24.

接著看第24頁。

We will continue to execute against our well-known Sunbelt 4.0 strategic growth plan as we advance our five actionable components, of which: customer, growth, performance, sustainability and investment. Our leadership team gave an in-depth update about our progress across each of these actual components during our March Investor Day, and we look forward to continuing the momentum in fiscal year '27.

我們將持續推進眾所周知的Sunbelt 4.0策略成長計畫，並推動五大可執行構面：客戶、成長、績效、永續與投資。我們的領導團隊已在3月投資人日就上述各構面進展提供深入更新，我們也期待在2027財年延續這股動能。

To close on Slide 25, I want to reinforce the core investment thesis for Sunbelt Rentals, which were clearly demonstrated in today's results and our guide for fiscal year '27.

最後在第25頁作結，我想再次強調Sunbelt Rentals的核心投資論點，這在今天的業績表現以及我們對2027財年的指引中都已清楚展現。

We operate a large, structurally growing rental industry where long-term trends create significant opportunity for well-positioned leaders. Our distinct competitive advantage, scale, network density, specialty breadth, technology-enabled systems, safety platform and execution-driven culture compound over time and deliver superior outcomes.

我們營運於一個規模龐大且結構性成長的租賃產業，長期趨勢為具備良好定位的領導者創造顯著機會。我們獨特的競爭優勢、規模、網路密度、專業品類廣度、科技賦能系統、安全平台以及以執行為導向的文化，會隨時間累積並帶來更優異的成果。

We have clear growth paths through share gains, specialty expansion and cluster market strategy, driving sustained revenue growth and durable margins.

我們透過市占提升、專業品類擴張與叢集市場策略，具備清晰的成長路徑，推動營收持續成長並維持穩健的利潤率。

Our strong balance sheet and through-the-cycle free cash flow enable flexible capital deployment and our disciplined capital allocation priorities within our stated leverage range provide a foundation for long-term shareholder value creation.

我們強健的資產負債表與穿越景氣循環的自由現金流，使我們能靈活配置資本；而在既定槓桿區間內、遵循紀律的資本配置優先順序，為長期股東價值創造奠定基礎。

And with that, operator, I think we're ready to open the call for questions.

那麼，接線員，我想我們已準備好開放提問。

Certainly, we're now be conducting a question-and-answer session. (Operator Instructions) Rob Werkheimer, Melius Research.

當然，我們現在將進行問答環節。(接線員指示) Rob Werkheimer，Melius Research。

Thanks, and good morning, everybody. You talked about the margin drivers on the call, and I heard it, but I wonder if you could just sort of, in a general sense, talk about what it would take to get back to margin growth in the upcoming year. And I know you mentioned a couple of factors on narrow pricing and so forth. Are you seeing drag from mega projects in the margin? I mean, what's the biggest kind of hold up to growth there?

謝謝，大家早安。你們在電話會議中談到利潤率的驅動因素，我有聽到，但我想請你們從更概括的角度談談，明年要如何才能回到利潤率成長。我知道你們提到幾個因素，例如定價收斂等等。你們是否看到大型專案對利潤率造成拖累？也就是說，利潤率成長最大的卡點是什麼？

Yes, good morning, Rob. I'll start with that. And to begin with in terms of mega projects, as we said, across the life cycle of a mega project, margin profile is essentially the same as the business as a whole.

是的，Rob，早安。我先回答這個問題。首先就大型專案而言，正如我們所說，在大型專案的整個生命週期中，其利潤率輪廓基本上與整體業務相同。

There are periods of time when we have more early mega project wins where we have significant load-ins, et cetera, where there will be a slight or momentary couple-of-quarters degradation from an overall margin standpoint.

在某些時期，我們會有較多處於早期階段的大型專案得標，伴隨大量設備進場（load-ins）等情況，從整體利潤率角度來看，可能會出現輕微或短暫、約一兩個季度的下滑。

I would say that we're in one of those periods now given the volume of mega project wins that we've experienced, and that will carry on through the first half of the year.

我會說，鑑於我們近期取得的大型專案得標量，我們現在正處於這樣的時期，而且這種情況會延續到上半年。

I think you heard Alex in his prepared remarks talk about this being a back half year opportunity from a margin standpoint.

我想你也聽到 Alex 在事先準備的發言中提到，從利潤率角度來看，這會是下半年才有機會的年度。

The other thing, of course, is we've got a bit of rate and pricing momentum. But as we gain more of that, of course, we will see margin impact there, not just in gen rents, which is probably most pronounced at the moment, but across the business overall.

另外，當然，我們在費率與定價方面也有一些動能。但隨著我們取得更多這方面的成果，我們也會看到利潤率的影響，不僅在一般租金（gen rents）上目前最為明顯，整體業務也都會反映。

And then the other one I just want to point to, Rob, and maybe it was a bit in your question, but not entirely, it's just this mix effect. First things first just being Specialty, right?

還有一點我想提醒你，Rob，也許你的問題有部分涵蓋但不完全，就是組合效應（mix effect）。首先最重要的是專業業務（Specialty），對吧？

This is a high margin, particularly operating profit and high ROI business. It's got great opportunity for growth and a great quarter that it posted with 15% growth.

這是一個高利潤率的業務，尤其在營業利益方面，且投資報酬率（ROI）很高。它有很好的成長機會，本季也交出非常好的表現，成長 15%。

But if you look at Specialty for the quarter, as for instance, our pure rental revenue, so just what you charge for the rental rate of whatever the assets are, was -- were up 8% in the quarter, where the ancillary revenues, E&D, fuel, re-rental were up 32%, 33%. And therefore, you're going to have some compression overall on margin.

但如果你看本季的專業業務，例如我們的純租賃收入（pure rental revenue），也就是僅就資產租金費率所收取的收入，本季成長 8%；而附屬收入（ancillary revenues）—E&D、燃料、轉租（re-rental）—則成長 32%、33%。因此，整體利潤率就會出現一些壓縮。

Let me just give you one additional color, point, on the mega projects. I think it's a really good question, and that actually points to the strength in the business and why we're so optimistic about 2027.

我再補充一點關於大型專案的細節。我覺得這是個很好的問題，也確實指出了業務的強勁之處，以及為什麼我們對 2027 年如此樂觀。

If you look quarter 1, quarter 2, quarter 3 of this year, the valuation of the projects in the funnel was around $10 billion. If you look in quarter 4, that valuation jumped to around $25 billion.

如果你看今年第 1 季、第 2 季、第 3 季，漏斗（funnel）中的專案估值大約是 100 億美元。如果你看第 4 季，該估值跳升到約 250 億美元。

So more than 2 times the valuation of projects in the funnel, which points exactly to the effect that Brendan mentioned.

也就是漏斗中的專案估值增加到 2 倍以上，這正好印證 Brendan 提到的影響。

As we load in those projects, before we're invoicing revenue, you will see some margin compression. But boy, it sure speaks to a really healthy pipeline.

當我們讓這些專案進場（load in）時，在我們開始開立發票認列收入之前，你會看到一些利潤率壓縮。但這也充分說明我們的案源管線非常健康。

That's fantastic. And just for clarity, that's projects in Europe. That's not like Dodge data at this point, that's kind of projects you're looking at specifically, right? And I'll stop there

太棒了。我想確認一下，那是歐洲的專案。那不是此時的 Dodge 數據，而是你們正在具體評估的專案，對吧？我就問到這裡。

That's projects that we have actually won.

那是我們實際已經得標的專案。

That's our pipeline. Those are awards. That's not the typical slide you're used to seeing that shows the Dodge backlog.

那是我們的案源管線。那些是得標案（awards）。不是你通常看到、顯示 Dodge 在手訂單（backlog）的那種投影片。

Perfect, thank you.

了解，謝謝。

Great. Thanks, Rob.

好的。謝謝你，Rob。

Annelies Vermeulen, Morgan Stanley.

Annelies Vermeulen，Morgan Stanley。

Hi, good afternoon, sorry, good morning, Brendan and Alex. So firstly, on your guidance for rental revenue growth, 5% to 8%. So just trying to unpack it a bit here. You've done 8% in Q4. The comp is pretty undemanding through your fiscal '27. You've done quite a large acquisition as well more recently.

嗨，午安，抱歉，早安，Brendan 和 Alex。首先，關於你們對租賃收入成長 5% 到 8% 的指引。我想稍微拆解一下。你們在第 4 季做到 8%。一直到你們 2027 財年的比較基期看起來也不算嚴苛。你們最近也做了一筆相當大的收購。

So within that guide, could you talk a little bit about how much is already locked in by that acquisition and other deals that you've done and how much is sort of underlying organic growth?

所以在這個指引之內，你們能否談談其中有多少已經由該收購與其他交易鎖定，還有多少是基礎的內生成長（organic growth）？

And then as a follow-up to that, on rate, you talked about rates being stable over the year. I'd be curious to hear how that trended in Q4 relative to the first nine months of the year given some of the cost inflation and so on and given all these internal initiatives you've spoken about.

接著追問一下關於費率（rate）：你們提到全年費率將維持穩定。我想了解在第 4 季相較於今年前九個月的趨勢如何，考量到成本通膨等因素，以及你們提到的各項內部措施。

It sounds like you're pretty confident on positive rate growth in 2027. Is that right? Thank you.

聽起來你們對 2027 年費率正向成長相當有信心。是這樣嗎？謝謝。

Yeah. So I'll take a stab at it and Brendan will add some additional color. As it relates to the guide relative to the exit point on Q4.

是的。我先嘗試回答，Brendan 會再補充一些說明。關於指引相對於第 4 季的退出水準（exit point）。

I think it's really important to mention that we have a lot of onetime activity related to nonconstruction events, particularly around things like FIFA, the World Cup event, that's around the $70 million or so kind of onetime effect.

我認為很重要的一點是，我們有不少與非建築活動相關的一次性因素，特別是像 FIFA、世界盃這類活動，約有 7,000 萬美元左右的一次性影響。

I also think it's important, as we've said, the local non-residential construction markets, which are so critical to our business, remain in equilibrium, so are certainly stable, but we're not ready to call an inflection point against that. And so that's really what's underpinning the guidance for the year.

我也認為很重要的是，正如我們所說，對我們業務至關重要的本地非住宅建築市場仍處於均衡狀態，因此確實穩定，但我們還不準備判定其出現拐點。因此，這就是今年指引的主要支撐因素。

But rest assured, we feel really good about the momentum in the business and are pretty confident in the guidance that we're putting forward as it relates to rental revenue growth.

但請放心，我們對業務動能感到非常樂觀，並且對我們提出的租賃收入成長指引相當有信心。

As it relates to rate, which I think was the second piece of your question, we're now active with our dynamic customer pricing in 15 markets.

至於費率，我想這是你問題的第二部分，我們目前已在 15 個市場啟用動態客戶定價（dynamic customer pricing）。

So we're beginning to scale that. It's still early days, which is why we sort of highlighted there's tailwinds as it relates to rates, but that's not embedded in the guidance. And that would be consistent to how we spoke about it during the Capital Markets Day. But again, rest assured, rates have been stable, and we're starting to see some green shoots that are positive trends.

所以我們正開始擴大規模。目前仍在早期階段，這也是為什麼我們強調費率方面存在順風，但這尚未納入指引之中。這也與我們在資本市場日（Capital Markets Day）時的說法一致。不過同樣請放心，費率一直維持穩定，我們也開始看到一些正向趨勢的初步跡象（green shoots）。

Last point you mentioned on cost, there are things that we're doing around cost to sort of mitigate some of the margin headwinds.

你提到的成本最後一點，我們在成本面其實有做一些事情，來在某種程度上緩解毛利率的逆風。

There's always the inflationary effect on salaries and wages. That's around 3%. That's a big line item on the P&L. So obviously, rate becomes very important to offset that.

薪資與工資一直都會受到通膨影響。大約是 3%。這在損益表上是一個很大的科目。所以很明顯，費率就變得非常重要，用來抵消這部分。

We're taking some initiatives on improving the reimbursement rates that we get for transportation expense. Obviously, as we see more broad-based growth across the footprint, some of that fleet repositioning cost should begin to mitigate as our utilization rates improve. So there's a lot of things that we're doing.

我們正在推動一些措施，以提高我們在運輸費用上取得的補償費率。很顯然，隨著我們在整個營運版圖看到更廣泛的成長，當我們的使用率提升時，部分車隊重新配置的成本應該會開始被抵消。所以我們正在做很多事情。

But I think it's really important to emphasize the point that Brendan made in response to an earlier question and in some of the prepared remarks.

但我認為非常重要的是，要強調 Brendan 在回應先前問題以及在部分事先準備的發言中提到的觀點。

Mix is such a big driver of what our margin profile looks like. So when you see Specialty growth at the extremely exciting levels that it's at relative to General Tool, you're always going to see a slight level of margin compression, but then you're also going to see ROI expansion because that segment comes with higher ROI.

組合（mix）是驅動我們利潤率輪廓的關鍵因素。因此，當你看到 Specialty 相對於 General Tool 以極其令人振奮的水準成長時，你總是會看到些微的利潤率壓縮，但同時你也會看到投資報酬率（ROI）擴張，因為該事業部門帶來更高的 ROI。

So that's just sort of where the mix lands and last point on mix would be the high ancillary growth. So in the quarter, ancillaries in

所以這就是組合落點的大致情況，而關於組合的最後一點是：高附屬（ancillary）業務成長。所以在本季，Specialty 的附屬業務在

Specialty grew north of 30% relative to pure rental growing just under 10%. So that's things like rerent, it's fuel surcharges, its erection and dismantling revenue.

Specialty 的成長超過 30%，相較之下，純租賃（pure rental）的成長略低於 10%。這些包括轉租（rerent）、燃油附加費（fuel surcharges）、以及搭設與拆除（erection and dismantling）收入。

So all of those are very attractive high-ROI revenues but come at 10% to 15% margin as opposed to double this strong sort of 50% or so margins in the pure rental side. So hopefully, that helps explain some of the dynamics.

所以這些都是非常具吸引力、ROI 很高的收入，但毛利率大約是 10% 到 15%，而不是純租賃端那種強勁、約 50% 左右、幾乎是其兩倍的毛利率。希望這能幫助解釋其中一些動態。

Just to point, Annelies, on your question on Aries in terms of contribution, that's about 1% of that guide, actually just a touch under 1%. And it's also worth mentioning there, year one, that's going to be a drag on margin, even more so than Specialty typically would have.

Annelies，針對你問到 Aries 的貢獻度，那大約占我們指引的 1%，其實略低於 1%。另外也值得一提的是，第一年它會對利潤率造成拖累，甚至比 Specialty 一般情況下的拖累更大。

Aries actually had quite a large portion of their revenues that stem from sales. And you'll see over the quarters and years to come as we significantly expand that business and it generates more and more contribution for us, you'll see that shift to virtually exclusively rental revenues with just a bit of sales. Did we get everything you were looking for there, Annelies?

Aries 的收入中其實有相當大一部分來自銷售。而你會在接下來的季度與年度看到，隨著我們大幅擴張該業務、它為我們帶來越來越多的貢獻，收入結構會轉向幾乎完全以租賃收入為主，只保留少量銷售。Annelies，我們有回答到你想了解的重點嗎？

Yes, I think it covered all of it. Thank you very much, both.

是的，我想已經都涵蓋了。非常感謝你們兩位。

Thank you.

謝謝。

Kyle Menges, Citi.

Kyle Menges，花旗。

Thanks for taking the question, and good morning, guys. I was hoping if we could dig into the rental revenue guidance a little bit more especially in light of the CapEx that you're guiding. I mean it would seem like you're adding roughly 10% to your fleet and then growing 5% to 8% off of that added OEC.

謝謝讓我提問，大家早安。我想更深入了解一下租賃收入指引，特別是考量你們所給的資本支出（CapEx）指引。我的意思是，看起來你們大概會讓車隊增加約 10%，然後在新增的原始設備成本（OEC）基礎上成長 5% 到 8%。

So I'm just trying to understand the underlying dollar UT that's being assumed in the guidance? I mean, just on the surface, it would seem maybe like dollar UT could actually be flat to maybe negative year-over-year in 2027. And I just want to make sure that I'm thinking about that the right way.

所以我只是想了解，指引中假設的基礎「美元使用率」（dollar UT）是多少？因為表面上看起來，2027 年的美元使用率可能會年對年持平，甚至轉為負成長。我只是想確認我這樣理解是否正確。

Sure. Thanks, Kyle, and good morning. The actual -- actually, you can't quite tell from the guide what the average is because you don't have the phasing of that. But the average fleet growth, in essence, in our plan is just shy of the midpoint of the rental revenue guidance.

當然。謝謝你，Kyle，早安。其實——你無法單從指引看出平均值，因為你不知道其中的時點分布（phasing）。但就本質而言，我們計畫中的平均車隊成長率，略低於租賃收入指引區間的中點。

So therefore, we would anticipate a slight progression from a dollar utilization standpoint. And as you would have heard Alex talk about in prepared remarks and some of the questions, of course, there's opportunity there from a pricing standpoint.

因此，從美元使用率的角度，我們預期會有些微的進展。而且如同你在 Alex 的事先準備發言以及一些問答中聽到的，當然在定價方面也有機會。

If we can get a bit more momentum, which actually reminds me to another point of Annelies' question there, and I'll mix this into yours as well, Kyle, we did see a bit of momentum there in rate when we look at Q4 versus Qs 1 and 3. And we do have some positive rate embedded in that guide overall.

如果我們能取得更多動能——這也讓我想到 Annelies 那個問題的另一點，我也把它一併帶到你的問題裡，Kyle——當我們比較 Q4 與第 1 季和第 3 季時，確實看到費率（rate）有一些動能。而且在整體指引中，我們也已經納入一些正向的費率成長。

So therefore, you come out to a bit what you were thinking, but again, certainly not the 10% growth that you were doing the quick math on.

所以最後算出來會有點接近你所想的方向，但同樣地，肯定不是你快速心算得到的 10% 成長。

That makes sense. That's helpful. And then I would just love to hear more about Reliant and the expansion opportunity you see. You talked about reliant being in 14 of your top 50 markets. I'm curious how quickly you think you can scale that, what's the pace of scaling that into additional markets out of your top 50 could look like?

了解。這很有幫助。另外我也很想多聽一些關於 Reliant，以及你們看到的擴張機會。你們提到 Reliant 已經在你們前 50 大市場中的 14 個市場。我很好奇你們認為可以多快把它規模化？把它擴展到前 50 大市場中更多市場的節奏會是什麼樣子？

Yeah, sure. I mean, Kyle, this is what as we said, we are remarkably excited about this addition of a specialty line of business.

好的，當然。Kyle，正如我們所說，我們對於新增這條 Specialty 業務線感到非常、非常興奮。

It's been a clear solution for customers that's been lacking out of our lineup for years. And not only from an expansion standpoint, I'll say this gently, but Aries only has 17 locations. It's a nice spread across the country, mostly the eastern seaboard, a bit in the upper Midwest and then Washington and California.

這一直是客戶明確需要、但多年來在我們產品組合中缺乏的解決方案。而且不只是從擴張角度來看，我會委婉地說，Aries 目前只有 17 個據點。它在全國有不錯的分布，主要在東岸，上中西部有一些，另外在華盛頓州與加州也有。

So there will be a significant greenfield expansion with the team, which the team has in the plans for the year. I think it will be a bit higher than what we've expressed in terms of overall greenfields as it relates to Aries -- as a result of Aries as we just closed on the deal May 1.

因此，團隊今年的計畫中會有相當顯著的綠地（greenfield）擴張。我認為，因為我們是在 5 月 1 日才完成交易，與 Aries 相關的整體綠地數量，可能會比我們先前所表達的略高一些。

But this will range from mega projects where we have so much request and demand. Think back to the Investor Day in March, you would have heard from Kyle talk about that Slide 55 from the deck that talks so much about the Specialty verticals that we have and the clear opportunity for adding a few there that we don't quite yet represent.

但這會涵蓋從大型（mega）專案——我們收到非常多的詢問與需求——到其他機會。回想 3 月的投資人日，你應該聽到 Kyle 提到簡報中的第 55 頁，談到我們現有的 Specialty 垂直領域，以及明確的機會去新增幾個我們目前尚未涵蓋的領域。

And you would have remembered in the very early part of that presentation in March where we talked about the typical structural drivers of the structural growth engine that we're leading.

你也會記得在 3 月那場簡報非常前段的部分，我們談到我們所引領的結構性成長引擎的典型結構性驅動因素。

And one of the nuances or newer realities of that structural growth is customers are looking for a solutions provider with increased scale, increased breadth, increased depth, increased expertise in the offerings that we have.

而這種結構性成長的一個細節或較新的現實是：客戶正在尋找能提供解決方案的供應商，具備更大的規模、更廣的廣度、更深的深度，以及在我們所提供項目上更高的專業度。

And Aries is a perfect example of that. We think there are a lot of opportunities in that market to simply leverage our cross-selling platform.

Aries 就是這樣的完美例子。我們認為在那個市場有很多機會，可以單純透過我們的交叉銷售平台來放大。

You've kind of worked out now what the revenue is since we said it's about 1% of the guide. And that is a business that we have a clear line of sight to double in just a few years' time by way of expansion, as I said, also some nice little tuck-ins that will go along with that as our platform acquisition.

既然我們說它大約占指引的 1%，你現在大概也推算得出它的營收規模。而這是一個我們有非常清晰能見度、可透過擴張在短短幾年內把規模翻倍的業務；如我所說，另外也會搭配一些不錯的小型併購（tuck-ins），作為我們平台式併購的一部分。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通。

Hey, good morning. Thank you so much for taking my questions. I wanted to get some color on the rental revenue growth guide of 5% to 8% for the year. Could you give us some insights on what that means in terms of specialty versus general rental?

嗨，早安。非常感謝讓我提問。我想更了解一下你們對今年租賃營收成長 5% 到 8% 的指引。能否分享一下，這在專業租賃（Specialty）相較於一般租賃（General rental）方面，代表什麼意涵？

So I think as we indicated, we don't guide to the individual segment. But as we indicated, really the strong growth that we see in Specialty will likely continue driven by nonconstruction and mega project activity.

我想如同我們所指出的，我們不會對單一事業部門提供指引。但如同我們所說，我們在專業租賃看到的強勁成長，很可能會延續，主要由非建築（nonconstruction）以及大型專案（mega project）活動所帶動。

And so GT will continue to grow, so there's solid stable growth in GT. But remember, in terms of the mix of business, GT is really where that exposure to the local non-residential construction piece plays out. So GT will continue to face a bit of a mixed market.

因此，一般工具（GT）也會持續成長，GT 會有穩健且穩定的成長。但請記得，就業務組合而言，GT 真正反映的是對本地非住宅建築（local non-residential construction）這一塊的曝險。所以 GT 仍將面臨較為分歧的市場環境。

Its mega project activity will remain strong. Its large national and strategic accounts will remain strong. But it's local non-residential construction market where anticipating remains stable but not back into growth mode.

其大型專案活動將維持強勁。其大型全國性與策略性客戶也將維持強勁。但在本地非住宅建築市場方面，我們預期將維持穩定，但尚未回到成長模式。

So you'll see a relative weighting towards Specialty, which just to reemphasize the point, that will also impact the margin profile as we start talking about next year.

因此你會看到相對上更偏向專業租賃的權重；我再強調一次，當我們開始談明年時，這也會影響毛利率/利潤率結構（margin profile）。

Understood. That's very helpful. And my second question is, I was hoping to get some comments on the first quarter revenue and margin performance. Should we expect first quarter revenue growth and margin to be in the realm of the full year guide which is 4.5% to 7.5% revenue growth, and EBITDA margin flattish?

了解。這非常有幫助。第二個問題，我想請你們評論一下第一季的營收與利潤率表現。我們是否應預期第一季的營收成長與利潤率大致落在全年指引的範圍內，也就是營收成長 4.5% 到 7.5%，EBITDA 利潤率大致持平？

So let me sort of explain how we expect the year to unfold. So in terms of top line growth, I think it's fair to say we continue to expect growth in the quarterly sequence in line with the growth that we experienced for the growth that we're guiding to, with normal seasonality taken into effect.

我來說明一下我們預期今年會如何展開。就營收成長而言，我認為可以說，我們仍預期在季度序列上呈現成長，與我們所經歷的成長、以及我們所給出的成長指引一致，並將正常季節性因素納入考量。

In terms of margin progression, we expect margin progression to advance as we get into the back half of the year.

就利潤率走勢而言，我們預期利潤率的改善會在下半年更為明顯。

And that really is going to be bolstered by some of the cost sort of operating excellence initiatives that we have in place as well as an anticipation that General Tool growth will accelerate as we get into the back half of the year. So some of this mix effect that we've been talking about will likely mitigate.

這主要會受惠於我們已推動的一些成本與營運卓越（operating excellence）計畫，同時也預期一般工具（General Tool）的成長在下半年會加速。因此，我們一直在談的部分組合效應（mix effect）可能會有所緩解。

But I'll draw your attention, to give you some confidence behind the guide, I'll draw your attention to the slide in the deck which is the fleet on rent slide. And you'll see the first couple of months of this year are certainly trending positive, which gives us some level of confidence, again, not only for the year but for the quarter.

不過，為了讓你對指引更有信心，我想請你注意簡報中的一張投放租賃機隊（fleet on rent）投影片。你會看到今年前幾個月的趨勢確實偏正向，這也讓我們對全年、以及對本季，都有一定程度的信心。

Katie Fleischer, KeyBanc Capital Markets.

Katie Fleischer，KeyBanc Capital Markets。

Hey, good morning, guys. I heard you mention it sounds like you're assuming pretty stable growth in the local accounts within the 2027 outlook. So we've talked about this at length on other earnings calls, but now that we're in an environment where rates are likely coming up rather than coming down, what do you think it will take to finally see an inflection with those customers?

嗨，早安，各位。我聽到你提到，聽起來你們在 2027 年展望中，假設本地客戶（local accounts）會是相當穩定的成長。我們在其他法說會已經深入討論過，但現在在利率可能是上升而非下降的環境下，你認為要看到這些客戶最終出現轉折（inflection），需要什麼條件？

Katie, first of all, I think you -- in your question, you may have said that we're expecting growth in that, or some moderate growth in that throughout the year. Let's be clear, we're expecting it really to remain benign. So therefore, it's in the sort of stable but flat environment for the year. If there were a surprise, that would be great. It's not reflected in our rental revenue guide.

Katie，首先，我想你在問題中可能提到我們預期那部分會成長，或全年會有一些溫和成長。我們要說清楚：我們預期它基本上會維持溫和、沒有明顯變化。因此，今年會是在穩定但持平的環境。如果有意外驚喜，那當然很好。但這並未反映在我們的租賃營收指引中。

But you're right. That's why we put the Fed funds rate on the leading indicator slide. We do see interest rates higher for longer, is what it feels, at least at the moment.

不過你說得對。這也是為什麼我們在領先指標那張投影片上放了聯邦基金利率（Fed funds rate）。至少就目前的感受而言，我們確實看到利率「更高、更久」（higher for longer）。

But at the same time, we are seeing really encouraging demand by way of these projects and dream planning. And our experience has been over time, there is a very high correlation between that the momentum index and what ultimately translates into starts.

但同時，我們也透過這些專案與前期規劃（dream planning）看到相當令人鼓舞的需求。而我們長期的經驗顯示，動能指數（momentum index）與最終轉化為開工（starts）之間，有非常高的相關性。

What you'll see, of course, in the starts forecast and to put in place forecast from Dodge, they're not flipping that over into those put in place figures, but it's something that we'll be watching very closely.

當然，你會在 Dodge 的開工預測與實際投入（put in place）預測中看到，他們尚未把這些轉化到投入數據裡，但這會是我們密切關注的事情。

But I will add, and Alex just talked about, the strengths really and the resilience of the General Tool business that is most reliant on that end market.

另外我也要補充，Alex 剛剛談到，一般工具業務在最依賴該終端市場的情況下，仍展現出強勁與韌性。

And what that tells us is the business, the team, they're just winning more. They're winning more in sort of a flattish local non res environment. And I also pointed out during the prepared remarks of what our view is of a very stable, good -- a healthy supply and demand mix, which is also contributing.

這告訴我們的是：這個業務、這個團隊，就是贏得更多訂單。他們在本地非住宅市場偏持平的環境下，仍然拿到更多。我在事先準備的發言中也提到，我們認為供需結構非常穩定、良好——而且是健康的供需組合，這也在貢獻成長。

And then another thing just pointing out in terms of where some of that growth is coming from, because even when you look at local non res, it's not all created equal. And if you look at, for instance, we always -- we have, for a long time, always tracked our top 200 customers.

另外再指出一點，關於部分成長來源：即使看本地非住宅市場，也不是每一塊都一樣。例如，我們一直以來都會追蹤我們的前 200 大客戶。

Our top 200 customers these days make up about 25% of our rental revenue and our top 200 customers are growing in the 13%, 14% range year-over-year in 2026, as compared to, obviously, the overall growth that we saw in the business and also in General Tools.

我們目前的前 200 大客戶約占租賃營收的 25%，而在 2026 年，我們前 200 大客戶的年增率約在 13%、14% 的區間，相較之下，整體業務以及一般工具（General Tools）的成長率則如你所見。

So look, we will be the first to let you know if we see any sort of inflection point in that local non reset. But for time being in our guide, it is status quo.

所以你看，如果我們在本地非住宅市場看到任何轉折點，我們會第一時間告訴你。但就目前在我們的指引中，仍是維持現狀（status quo）。

Okay. Thanks for the color there. And then turning to M&A. Can you just talk about some of the other areas for growth in the business that you could potentially target? I know Power & HVAC has been really strong, some of the other Specialty solutions that you showed off at your Analyst Day. Just give us a sense of what you're looking towards as you think about more growth through acquisitions.

好的。謝謝你提供這些補充說明。接著談併購（M&A）。你能否談談業務中其他可能鎖定的成長領域？我知道電力與暖通空調（Power & HVAC）表現很強，還有你們在分析師日展示的其他一些專業解決方案（Specialty solutions）。請讓我們了解一下，當你們思考透過收購來取得更多成長時，主要會看向哪些方向。

Well, sure. I mean I'll refer you back to that Slide 55 from the Investor Day. And if you look at all of those lines of business, virtually every single one of those, we look for additional bolt-ons to add to that overall geographic solutions that we're providing for our customers, density and, in some cases, a nuanced line that they have.

當然。我的意思是，我會請你回去看投資人日的第 55 張投影片。如果你看那些業務線，幾乎每一條我們都會尋找額外的補強型併購（bolt-ons），以增加我們為客戶提供的整體地理覆蓋解決方案、提升密度，並在某些情況下補上他們擁有的較具特色的產品線。

If you take, for instance, some of the live events that Alex referred to, we did this great deal last year called Arcs Perimeters, and that has been a significant add-on to some of these live events that we've talked about and even into the mega project space. That is a great contributor to what ultimately falls into one of those other specialty lines.

例如，Alex 提到的一些現場活動（live events），我們去年做了一筆很棒的交易，叫做 Arcs Perimeters，這對我們談到的部分現場活動，甚至延伸到大型專案領域，都是重要的加值。這也對最終歸類在「其他專業」業務線中的某一項，做出了很大的貢獻。

I don't want to give away too much here. I think you can use your imagination and know that there is still a segment or two out there that we don't have as part of our overall portfolio that ourselves and business development team are always exploring what those opportunities are.

我不想在這裡透露太多。我想你可以發揮想像力，也知道市場上仍有一兩個我們尚未納入整體產品組合的領域；我們與業務開發團隊一直都在探索這些機會是什麼。

But rest assured, there is a robust pipeline that remains in terms of M&A landscape and our people are actively seeking additions that fold into one of our now lines of business or creates a complementary new line of business.

但請放心，就併購（M&A）版圖而言，我們仍有強勁的案源管線，我們的團隊也正積極尋找可納入我們現有業務線之一、或能創造互補性新業務線的併購標的。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

Hi, thank you for the time. Just trying to think about the margin structurally really in the whole industry, but you in particular as well with the ancillary revenue growth. I'm just trying to think about I know the return on capital, the return on investment on those services are -- it is high, I appreciate that.

嗨，感謝撥冗。我想從整個產業、以及你們公司本身的角度，思考一下結構性的利潤率問題，尤其是在附加收入成長的情況下。我只是想釐清，我知道這些服務的資本回報、投資回報——確實很高，我理解。

But the ability to push price or raise the margins on those revenues, because the more Specialty is going to outgrow gen rent, Gen Tools, and I'm generalizing, but especially also brings with probably more ancillary revenues, it's hard to see when we're going to not have a negative

但在這些收入上推動價格或提高利潤率的能力，因為 Specialty 的成長會超過一般租賃、Gen Tools（我是在概括），而且 Specialty 可能也會帶來更多附加收入；因此很難看出在利潤率上，何時我們不會再面臨負面的

headwind with that when it comes to the margin. And I'm just trying to understand the ability to raise price on those ancillary revenues to improve the margin, or is it just the return on capital is just so strong, the industry is just accepting that's all we can charge for ancillary revenue because everybody wants a higher return on capital?

逆風。我想了解的是：你們是否有能力提高這些附加收入的價格來改善利潤率？還是說資本回報實在太強，以致於產業普遍接受「附加收入就只能收這個價」，因為大家都想要更高的資本回報？

I'm just trying to understand because it just feels like it's a trend that would just take a really strong local construction market recovery to not continue to have this negative mix unless we raise price

我只是想弄清楚，因為感覺這是一個趨勢；除非地方建築市場非常強勁地復甦，否則在組合上似乎會持續有這種負面影響，除非我們能提高價格。

So let me open it up and then Brendan will add some color if I miss anything. First, I want to underscore, we mentioned it at least a dozen times in the call, but I think it's important there is a significant reversal of a provision from the balance sheet. So that number is around $28 million.

那我先回答，若我有遺漏，Brendan 會再補充一些說明。首先我想強調，我們在電話會議中至少提了十幾次，但我認為很重要：資產負債表上有一項準備金的重大回轉。那個金額大約是 2,800 萬美元。

That explains a bit around one-third of the margin compression. So I think it's -- as you're thinking about it, you need to take that out of the equation.

這解釋了利潤率壓縮大約三分之一的原因。所以我認為——在你思考這件事時，需要先把這個因素排除在外。

About another one-third of the margin compression was driven by this activity volume-related costs, which, again, as we get into higher growth and higher utilization, some of those volume-related costs should mitigate as well. So really the mix effect, you're talking to keep it simple, you're talking about one-third of the overall compression. So let's just calibrate on that point first.

另外大約三分之一的利潤率壓縮，是由與活動量相關的成本所驅動；同樣地，當我們進入更高成長、更高使用率時，其中一些與量相關的成本也應該會緩解。所以真正你所說的組合效應，為了簡化來看，大約只占整體壓縮的三分之一。所以我們先在這一點上校準一下。

Second of all, the ancillary piece, let's break that down a little bit. So the largest portion of that is erection and dismantling revenue. And that will always be kind of lumpy.

第二，關於附加收入這一塊，我們把它拆開來看。其中最大的一部分是搭設與拆除（E&D）收入。而這一塊一向會比較不均勻、呈現波動。

If you get a really big refinery overhaul as an example, where you have a lot of scaffolding, that's going to carry with it a lot of E&D revenue. When we had a lot of these live events with big Power & HVAC contracts and you're pulling a lot of cable and you're moving a lot of stuff in, that's going to have a lot of E&D revenue.

舉例來說，如果遇到非常大型的煉油廠大修，需要大量鷹架，就會帶來很多 E&D 收入。當我們有很多大型的現場活動、搭配大型的電力與 HVAC 合約，你需要拉很多電纜、搬運很多設備進場，那也會帶來很多 E&D 收入。

That's really attractive. There's no capital associated with that at all. And so it's a great ROI business. But it is a lower margin, call it 10%, 15% or so.

這非常有吸引力。因為它完全不需要資本投入。所以這是一門投資報酬率（ROI）很好的業務。但它的利潤率較低，大概 10% 到 15% 左右。

Next big bucket is going to be re-rental expense. So re-rental the easiest way to think about this is, again, in the Power and HVAC example, would be switchgear, where we don't actually own that.

下一個大項會是轉租費用（re-rental expense）。最簡單的理解方式是：同樣以電力與 HVAC 的例子來說，像是開關設備（switchgear），我們其實並不擁有那套設備。

We have a third party that we have a relationship with. And we obviously can't charge the same margins that we would if we owned the equipment. Now that's really attractive stuff, because to the prior question on M&A, where do you think our -- one of our big fishing tools is as we think about businesses we'd like to own?

我們有合作的第三方。而且很明顯地，我們無法像自有設備那樣收取同等的利潤率。不過這其實很有吸引力，因為回到前一題關於併購（M&A），你覺得我們——在思考想要擁有哪些業務時，我們的一個重要「釣魚工具」是什麼？

It's businesses where we have a high level of re-rental expense. So that is sort of one of the ways we see the funnel. So that is the next bucket.

就是那些我們轉租費用占比很高的業務。所以這算是我們看待案源漏斗的一種方式。這就是下一個大項。

And then really the last big bucket is around fuel surcharges. So as you would expect, when you have very elevated fuel expense, as we've seen over the last six months since the war in Iran has sort of unfolded and in the Strait of Hormuz, you would anticipate you have a lot higher a lot higher revenue because you're passing on that fuel expense, but you're again not able to charge quite as much.

然後最後一個主要大項是燃油附加費。如你所預期，當燃油費用非常高——就像我們在過去六個月看到的那樣，因為伊朗戰爭的發展以及荷姆茲海峽的情勢——你會預期收入會高很多，因為你把燃油費用轉嫁出去，但同樣地，你也無法收取那麼高的加成。

Now it doesn't degrade margins. It's just a narrower margin because of the high fuel expense. So all of that to say, there's nothing structural that's going on.

這並不會讓利潤率惡化。只是因為燃油費用高，所以利潤率區間會比較窄。總之，這裡沒有任何結構性問題正在發生。

No structural degradation in the margin profile. Some of it's a function of growth coming more from Specialty than GT. That's a good thing. That's a high ROI business.

利潤率輪廓沒有結構性惡化。其中一部分是因為成長更多來自 Specialty 而非 GT。這是好事。那是投資報酬率很高的業務。

It's a high solution-oriented business. It's a business that we can pass on rate and some of it is some of these other factors that I pointed to.

那也是一個高度以解決方案為導向的業務。我們在這個業務上能夠轉嫁費率；另外也有一些是我剛才提到的其他因素所造成。

Okay, no, I appreciate it. Yeah, go ahead. I would just add, I would encourage you to -- let's pay attention as we go through the year the segments themselves, in terms of the margin. So as we improve upon the compression we experienced in this current year, the year just gone by -- and I'll remind you that in the year prior, we actually progressed margins.

好的，不，我很感謝。是的，請繼續。我只想補充，我會建議你——在今年接下來的時間裡，關注各個事業部本身的利潤率走勢。所以當我們改善今年（剛結束的年度）所經歷的壓縮時——我也提醒你，前一年我們其實是推升了利潤率。

So we progressed margins, give or take, 140 basis points in FY25. We gave up 210 basis points in the current year. But let's watch those segments as they move because that's probably the more important part.

也就是說，在 FY25 我們的利潤率提升了約 140 個基點（上下些微差異）。而在本年度我們下滑了 210 個基點。但讓我們觀察各事業部如何變動，因為那可能才是更重要的部分。

When we win one of these projects that Alex is referring to, we celebrate that win. It's good, profitable growth.

當我們贏得 Alex 所提到的這類專案時，我們會慶祝這個勝利。這是良好且具獲利性的成長。

However, to your point, our ability to be able to, which is actually part of this dynamic customer pricing program that we now have in 15 of our markets, it's not just the rental rate, it is also some of those ancillary lines such as transport, et cetera.

不過，回到你提到的重點，我們能夠做到的——而這其實也是我們目前已在 15 個市場導入的動態客戶定價計畫的一部分——不只是租賃費率，還包括一些附加項目，例如運輸等等。

So the more momentum we gain around that, certainly, that will be accretive to margin and then of course, the operational excellence initiatives that you would have seen in New York.

因此，這方面的動能越強，當然就越能增厚利潤率；此外，還有你在紐約看到的營運卓越（operational excellence）各項倡議。

I appreciate the conversation. Thank you so much.

感謝這段交流。非常謝謝。

Neil Tyler, Rothschild & Co. Redburn.

Neil Tyler，Rothschild & Co. Redburn。

Good morning, guys. Thank you. Perhaps first question to pick up on your comments just then, Brendan, specifically within General Tool over the next 12 months. I appreciate you don't guide at either revenue or margin by segment.

各位早安。謝謝。第一個問題想接續你剛才的評論，Brendan，特別是未來 12 個月 General Tool 內部的情況。我理解你們不會按事業部分別提供營收或利潤率指引。

But should we assume the same sort of margin dynamics that you're describing for the group within General Tool and namely by the end of the year that margin should be sort of flat to up compared to this year? And I guess, are we therefore sort of through the trough when it comes to the year-on-year margin dynamics? That's the first question, please, in General Tools specifically.

但我們是否應該假設，在 General Tool 內部也會出現你對集團所描述的那種利潤率動態？也就是到年底時，利潤率相較今年大致持平到略升？那麼，我們是否可以說，在年對年利潤率動態方面，我們大致已經度過谷底？這是第一個問題，請就 General Tools 特別說明。

Yes, Neil, I think we would expect an inflection point as we progress through the year up for margins with General Tool as well. So, yes.

是的，Neil，我認為隨著我們在今年推進，General Tool 的利潤率也會如預期出現一個拐點、往上走。所以，是的。

Great., thank you. And then just coming back to your comment on the funnel and the fact that that sort of increased by 2.5 times in the space of a quarter. Can you just go back to perhaps how much -- the timing difference between those sort of large projects?

很好，謝謝。接著回到你對漏斗（funnel）的評論，以及它在一個季度內增加了約 2.5 倍這件事。你能否再回頭談談，這些大型專案之間在時點上的差異大概有多大？

And what sort of level of costs you're booking in Q4 compared to sort of quarterly run rate that you were booking previously? And what typically would be the delay between those costs and the revenues coming through?

以及你們在第四季入帳的成本水準，相較於先前你們每季入帳的常態 run rate 是多少？另外，這些成本與營收開始反映出來之間，通常會有多長的延遲？

Right. I mean, just to be clear, as we load in, there are the costs you would expect associated with that. But the real dynamic is this. We will load in, let's just pick a mega project as a, for instance, sort of a midsized mega project where we may be targeting $45 million to $50 million of fleet cost on that project.

好的。我的意思是，先說清楚，當我們進行 load-in（進場/導入）時，會有你所預期的相關成本。但真正的動態是這樣。我們會進行 load-in——舉例來說，挑一個超大型專案（mega project），算是中等規模的 mega project，我們可能在該專案上鎖定約 4,500 萬到 5,000 萬美元的車隊（fleet）成本。

And let's just say we're doing that with those seven or eight team members, mostly field service technicians and equipment rental specialists that go along with those projects.

假設我們是由那七、八位團隊成員來執行，主要是現場服務技術人員（field service technicians）以及隨專案配置的設備租賃專員（equipment rental specialists）。

Early on, you will begin putting some of those assets on rent, and you'll drive some billing revenue with that. However, it will be at a lower utilization appreciably than you will be at about month three, month four as you start to reach the crest of that project after our load-in.

在初期，你會開始把其中一些資產出租，並帶動一些開立帳單的營收。然而，相較於在 load-in 之後大約第三個月、第四個月、當你開始到達該專案高峰（crest）時，初期的使用率會明顯較低。

So then you'll go from, say, 30%, 40% time utilization early on to 70%, 80% time utilization as you reach that crest. That crest will last you two to three years, depending on the project. And you're still going to have the same seven or eight people or so on that site, so you really start to get some leverage from that.

因此，你會從一開始例如 30%、40% 的時間使用率，提升到到達高峰時的 70%、80% 時間使用率。這個高峰會持續兩到三年，視專案而定。而你在該工地仍然大致是同樣那七、八個人，所以你就會開始從中取得一些槓桿效益。

So you will have some early on compression there. And we would have seen that in Q4. And as we've just spoken to in terms of the way we think the margin dynamic plays through the year, we'll see that improve as we get later in the year.

所以初期會有一些利潤率被壓縮的情況。而我們在第四季確實看到了這點。並且如同我們剛才談到的、就我們看待利潤率動態在全年如何演進而言，隨著進入年內後段，我們會看到它改善。

And then I think it's also worth mentioning in part with your first question, remember these initiatives around market logistics, that you've got so much color on during our Investor Day, and our market field services and market service operations.

另外我也認為，呼應你第一個問題的一部分，值得一提的是，記得那些關於市場物流（market logistics）的倡議——你在我們投資人日（Investor Day）已經聽到很多細節——以及我們的市場現場服務（market field services）與市場服務營運（market service operations）。

We have the ability to actually deliver, for every 1% improvement, we have a $100 million opportunity to unlock from a revenue standpoint at really attractive margins. So that incremental that we unlock comes at even better margins.

我們實際上有能力做到：每提升 1%，就能從營收角度解鎖 1 億美元的機會，而且利潤率非常吸引人。因此，我們解鎖的那部分增量，會以更好的利潤率落袋。

So those are initiatives where we're playing the long game and improving our processes, improving the service that we're bringing to our customers and ultimately make that turn from a margin standpoint.

所以這些都是我們在打長期戰的倡議：改善流程、提升我們帶給客戶的服務，並最終在利潤率角度實現那個轉折。

Thank you.

謝謝。

Allen Wells, Jefferies.

Allen Wells，Jefferies。

Hey Good morning, Brendan. Good morning, Alex. Most of my question has been answered, so just 2 quick clarification ones from me.

嗨，早安，Brendan。早安，Alex。我的大部分問題都已經被回答了，所以我這邊只有兩個很快的釐清問題。

Can I just check in on the event revenue? I think you called out $70 million. Can you confirm that was all in Q4 and largely kind of deemed as exceptional in nature? And given I think you called out things like the World Cup, I'm assuming that there will be some impact in Q1 as well.

我想確認一下活動（event）營收。我記得你提到 7,000 萬美元。你能否確認那全部都在第四季，而且大致被視為一次性/例外性質？另外，鑑於你提到像世界盃之類的活動，我猜第一季也會有一些影響。

If you potentially could quantify what you know there. That's my first question and then secondly, just on the acquisition side, the comments you made on Reliant, you said it'd be about 1% impact on the revenue number in 2027, so call it about $100-plus million of revenue if you've paid $650 million for that 6.5 times sales. Is that the normal type of valuation for this type of type of business? And maybe just talk a little bit about how you think about valuation on these types of assets Thank you.

如果你能量化一下你目前所掌握的部分。這是我的第一個問題；第二個是關於併購，你對 Reliant 的評論，你說到 2027 年對營收數字大約有 1% 的影響，也就是說如果你們花了 6.5 億美元，約等於帶來 1 億多美元的營收，等於約 6.5 倍銷售額。這是這類業務常見的估值水準嗎？也請談談你們如何看待這類資產的估值。謝謝。

Yes. Let me take your second first. That is the -- I quoted you total rental revenue not total revenue. So it's a much higher total revenue number, as I would have explained, so it's not the sort of rent to revenue multiple that you alluded to and just for sake of a follow-on question there, as you know, we don't quote individual deal multiples, instead every few years when we do an Investor Day, we unpack a few years' worth of M&A and give the average multiple.

是的。我先回答你第二個問題。我剛才引用的是總租賃營收（total rental revenue），不是總營收（total revenue）。所以總營收數字會高得多，正如我先前解釋的，因此並不是你所提到的那種「租金對營收」倍數。再補充一點，正如你所知，我們不會公布單一交易的倍數；相反地，每隔幾年在我們舉辦投資人日時，我們會拆解過去幾年的併購（M&A），並提供平均倍數。

Because all specialties and all businesses are not created equally, and therefore, we value them differently from one to the next.

因為各個專業領域與各種業務並不相同，因此我們會依不同標的而採用不同的估值方式。

I think that Alex is a bit -- thinking "I shouldn't have said the $70 million number." If for no other reason that he was not talking about Q4, to be clear, more anticipated revenue from series of FIFAs, UFC fights and other things that we are very active in, in Q1.

我想 Alex 有點——在想「我不該講 7,000 萬美元那個數字。」如果沒有別的原因，主要是因為他講的不是第四季；澄清一下，那是指第一季我們非常積極參與的一系列 FIFA、UFC 賽事以及其他活動所預期的營收。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節到此結束。我想把時間交回去，看看是否有任何補充或結語。

Great. Thank you, operator, and thank you all for joining this morning. We look forward to speaking with you and give you an update after our Q1 results. So we will look forward to speaking with you in September.

很好。謝謝主持人，也謝謝各位今天早上參與。我們期待在第一季結果出爐後與各位交流並提供最新進展。因此，我們期待在九月與各位再度對話。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time. And have a wonderful day. We thank you for your participation today

謝謝。今天的電話會議與網路直播到此結束。您現在可以掛斷電話線。祝您有美好的一天。感謝您今天的參與。