Trinity Industries Inc (TRN) 2023 Q4 法說會逐字稿

Good day and welcome to the Trinity Industries Fourth Quarter and Full Year 2023 Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. If you ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star then two. Please note today's event is being recorded.

美好的一天，歡迎參加 Trinity Industries 2023 年第四季和全年業績電話會議。所有參與者將處於僅聽模式。如果您需要協助，請按星號鍵和零向會議專家發出訊號。今天的演講結束後，將有機會提問。如果您提出問題，可以按星號，然後按電話鍵盤上的一個。若要撤回您的問題，請按星號然後按兩顆。請注意今天的活動正在錄製中。

Before we get started, let me remind you that today's conference call contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 and includes statements as to estimates, expectations, intentions and predictions of future financial performance. Statements that are not historical facts are forward-looking permitted participants that are directed to Trinity's Form 10 K and other SEC filings for a description of certain of the business issues and risks a change in any of which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements.

在我們開始之前，讓我提醒您，今天的電話會議包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述，包括有關未來財務業績的估計、預期、意圖和預測的陳述。非歷史事實的陳述是前瞻性的，允許參與者參考 Trinity 的 10 K 表格和其他 SEC 文件，以描述某些業務問題和風險，其中任何一項的變化都可能導致實際結果或結果產生重大差異來自前瞻性陳述中所表達的內容。

I would now like to turn the conference over to Lee Inman, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給投資者關係副總裁 Lee Inman。請繼續。

Thank you, operator. Good morning, everyone. We appreciate you joining us for the Company's fourth quarter 2023 financial results conference call. Our prepared remarks will include comments from Jean Savage, Trinity's Chief Executive Officer and President, and Eric Marketo, the company's Chief Financial. We will hold a Q&A session following the prepared remarks.

謝謝你，接線生。大家，早安。我們感謝您參加本公司 2023 年第四季財務業績電話會議。我們準備好的演講將包括 Trinity 執行長兼總裁 Jean Savage 和公司財務長 Eric Marketo 的評論。我們將在準備好的演講後舉行問答環節。

From our leaders.

來自我們的領導人。

During the call today, we will reference certain non-GAAP financial metrics. The reconciliations of the non-GAAP metrics to comparable GAAP measures are provided in the appendix of the supplemental slides, which are accessible on our Investor Relations website at www.trin.net. These slides are under the Events and Presentations portion of the website, along with the fourth quarter earnings conference call. A replay of today's call will be available after 10.30 A.M. Eastern Time through midnight on February 29th, 2024. For Replay information is available under the Events and Presentations page on our Investor Relations. It is now my pleasure to turn the call over to Gene.

在今天的電話會議中，我們將參考某些非公認會計準則財務指標。補充投影片的附錄中提供了非 GAAP 指標與可比較 GAAP 衡量指標的調整表，可在我們的投資者關係網站 www.trin.net 上存取該投影片。這些幻燈片位於網站的「活動和簡報」部分，以及第四季度收益電話會議。今天的電話會議重播將於上午 10.30 點後提供。東部時間至 2024 年 2 月 29 日午夜。如需重播訊息，請參閱我們投資者關係的「活動和演示」頁面。現在我很高興將電話轉給吉恩。

Thank you, Leanne, and good morning, everyone. We ended 2023 on a strong note and proved our ability to deliver results despite unexpected challenges throughout the year, our 2023 revenue of $3 billion was up 51% year over year. Full year GAAP EPS was $1.43 per diluted share and adjusted EPS was $1.38, up 47% year over year. Segment margins excluding railcar sales were up year over year and both the Rail Products Group and the Railcar Leasing and Management Services Group.

謝謝你，莉安，大家早安。我們以強勁的勢頭結束了 2023 年，並證明了我們有能力在全年遇到意想不到的挑戰的情況下交付成果，我們 2023 年的收入為 30 億美元，同比增長 51%。全年 GAAP 攤薄每股收益為 1.43 美元，調整後每股收益為 1.38 美元，較去年同期成長 47%。不包括軌道車銷售的部門利潤率較去年同期成長，軌道產品集團和軌道車租賃和管理服務集團均實現成長。

While our 2023 results show significant progress, I'm also encouraged by the forward metrics that are positioning our operations for an even stronger 2024 future lease rate differential or FLRD. is currently 23.7%, and our fleet utilization remained high at 97.5%. These indicators show continued strength in the lease fleet and our ability to increase lease rates on the rail product side of the business. The backlog of $3.2 billion gives us production visibility and allows us to efficiently plan our operations and compete for business that maximizes our platform's returns in the current market.

雖然我們 2023 年的業績顯示出重大進展，但我也對前瞻性指標感到鼓舞，這些指標使我們的業務能夠在 2024 年實現更強勁的未來租賃利率差（FLRD）。目前為 23.7%，我們的機隊利用率仍維持在 97.5% 的高點。這些指標顯示了租賃車隊的持續實力以及我們提高鐵路產品業務租賃率的能力。32 億美元的積壓訂單為我們提供了生產可見性，使我們能夠有效地規劃我們的營運並競爭業務，從而最大限度地提高我們平台在當前市場的回報。

Eric will discuss our financial expectations for 2024, but we are well positioned to execute a solid year. We also believe we are well positioned in sustainability, safety and diversity, and I would like to share a few notable updates from these initiatives in the fourth quarter.

艾瑞克（Eric）將討論我們對 2024 年的財務預期，但我們已做好充分準備，以實現穩健的一年。我們也相信，我們在永續性、安全性和多樣性方面處於有利地位，我想在第四季度分享這些舉措的一些值得注意的更新。

Trinity was pleased to receive Union Pacific's first ever sustainability Partner Award, we were recognized based on multiple sustainability initiatives. One of the initiatives was our collaboration with UP to deliver the 50 to 39 covered hopper, which utilizes thinner and lighter materials to maximize the car's capacity. Additionally, as part of its E-Co connections partnership program see and recognize Trinity for our efforts and commitment to sustainability in Mexico, we are in the ESR. badge, again, highlighting our work to promote employee well-being, sustainability, environmental stewardship, philanthropy and community involvement.

Trinity 很高興獲得聯合太平洋公司有史以來第一個永續發展合作夥伴獎，我們因多項永續發展措施而獲得認可。其中一項舉措是我們與 UP 合作提供 50 至 39 個有蓋料斗，它採用更薄、更輕的材料來最大限度地提高汽車的容量。此外，作為其 E-Co 連結合作夥伴計畫的一部分，我們看到並認可了 Trinity 在墨西哥對永續發展所做的努力和承諾，我們也加入了 ESR。徽章再次強調了我們在促進員工福祉、永續發展、環境管理、慈善事業和社區參與方面所做的工作。

Finally, Newsweek recently named us one of the greatest Workplaces for Diversity, highlighting our steadfast commitment to cultivating an inclusive environment where diverse perspectives, coexist and thrive. We strongly believe these awards are recognition of hard work and dedication. I want to congratulate our team for keeping our core values at the forefront of our minds.

最後，《新聞週刊》最近將我們評為最偉大的多元化工作場所之一，突顯了我們對培育包容性環境的堅定承諾，讓不同觀點共存並蓬勃發展。我們堅信這些獎項是對辛勤工作和奉獻精神的認可。我要祝賀我們的團隊始終牢記我們的核心價值。

Before discussing specifics from the quarter and the year, I'd like to discuss what we're seeing in the market carloads improved sequentially and year over year in the fourth quarter, with improvements in chemicals, certain energy markets and key ag markets like Greenville products, fertilizer and biofuels. Automotive demand has remained strong as supply chain issues continue to improve. This is despite consumers' perceived headwinds due to the recent high inflation levels and higher borrowing costs. These are favorable trends for tank cars and on Iran, railroad service is improving in December. Train speeds were the fastest since January 2021, with dwell times also showing faster service among the Class one railroads this improvement has contributed to lower active railcar needs, despite Carlo gains with just over 20,000 more railcars in storage at the beginning of February than a year ago. Nevertheless, we continue to view fluid rail service as a positive and believe better rail service will drive modal share growth and ultimately a stronger rail industry coupling better rail service with our emerging logistics platform incentivizes customers to increase rail usage in their supply chain plan.

在討論本季和本年度的具體情況之前，我想先討論一下我們在第四季度看到的市場載貨量連續和同比改善的情況，其中化學品、某些能源市場和格林維爾等關鍵農業市場的改善產品、化學肥料和生物燃料。隨著供應鏈問題持續改善，汽車需求依然強勁。儘管消費者認為近期通膨水準較高和借貸成本上升帶來了阻力，但情況還是如此。這些都是對油罐車有利的趨勢，而伊朗的鐵路服務在 12 月正在改善。火車速度是2021 年1 月以來最快的，停留時間也顯示一級鐵路的服務速度加快，這一改進有助於降低活躍的鐵路車需求，儘管卡羅公司在2 月初的庫存鐵路車數量比一年多了20,000 多輛，但仍取得了成長前。儘管如此，我們仍然認為流體鐵路服務是積極的，並相信更好的鐵路服務將推動模式份額的成長，最終更強大的鐵路行業將更好的鐵路服務與我們新興的物流平台相結合，激勵客戶在其供應鏈計劃中增加鐵路的使用。

Now I want to provide some segment level highlights, starting with the Railcar Leasing and Management Services segment. In the fourth quarter, our leasing group earned $222 million in revenue and $136 million in operating profit. As foreshadowed earlier this year, fourth quarter results included railcar sales proceeds of $136 million and a gain of $36 million in the full year, Leasing segment revenues were up 13% year over year, driven by favorable FLRD. all year, higher lease rates and net additions to the fleet. Furthermore, our 2023 revenue includes RSI logistics, which we acquired in the first quarter of 2023. As mentioned at the beginning of the call, the FLRD. was 23.7% in the fourth quarter and fleet utilization remained favorable and 97.5%. For the full year, our renewal rates were approximately 30% higher than expiring rates, and our average renewal lease term was 54 months, allowing us to lock in the higher rates longer, while the operating margin of 49.2%, which includes secondary market railcar sales is down year over year this is driven by significantly more gains in railcar sales in 2022 when removing the impact of the gains. The segment margin is up year over year and reflects the impact of higher lease rates, improving performance in the sector. Trinity delivered 17,355 railcars in 2023 and 4,000 in the fourth quarter. Fourth quarter deliveries were approximately 1,300 units below our projections, primarily as a result of the border closures. In addition to the previous border closure that affected us in Q 3, the U.S. Customs and Border Protection Agency, close the international railway crossing bridges at Eagle Pass and El Paso, Texas on December 18th, and they remain fully closed until December 22nd, equal passes Trinity's primary border crossing for railcar deliveries from our subpoenas among Clover, Mexico manufacturing facility. The financial impact of the border closure and related congestion primarily includes lost revenue on delayed units, increased freight and storage expenses, reduced efficiency and increased overtime pay. In the fourth quarter, Trinity booked 840 new railcar orders, or about 20% of the quarterly industry orders, which demonstrates the lumpiness of order activity from quarter to quarter. For the full year, our share of industry orders within our normal range of 30% to 40% and we still hold about half of the industry backlog with long lead times on most new orders. This allows us to be disciplined in the orders we accept into our backlog. We have seen inquiry activity pick up substantially in the first quarter and continue to view our backlog and our order volume favorably. And the fourth quarter segment revenue of $674 million was slightly down sequentially, primarily due to the border closing preventing us from getting finished railcars across the border by year-end. This also affected the segment's operating margin, which was 6.1%. Fourth quarter results included gains from insurance recoveries. The margin would be 5.9%, excluding the gain up 70 basis points sequentially. The border closure affects our efficiency, which results in lower margins. Margin impact from the border closure was approximately 150 basis points and the fourth quarter on the full year basis, the Rail Products group showed significant improvement year over year. Deliveries were 30% higher year over year, driving revenue improvement of 30% and operating profit improvement of 119% in the segment. This is especially impressive when you remember the headwinds we faced in 2023, including challenges with labor in Mexico as well as external challenges, including a strengthening peso at the beginning of the year, border closures and related supply chain challenges in the back half of the year. Our full year operating margin of 4.8% is up 200 basis points from 2022, and we expect to see continued improvement in 2024 over the last several years. External headwinds have negatively impacted the manufacturing business's performance. We will remain disciplined in our pricing and production decisions to account for our current external limitations, allowing us to drive consistent and efficient operations. We have conducted our annual make-versus-buy review and have found opportunities to bring some capabilities in-house. We're also working in tandem with our logistics partners to ease constraints at the border, and we'll continue to evolve our manufacturing footprint and product portfolio in order to maximize returns for our entire platform. I feel confident this is a necessary step for Trinity and expect to see the positive effects in 2024.

現在我想提供一些細分市場的亮點，首先是軌道車租賃和管理服務細分市場。第四季度，我們的租賃集團營收為 2.22 億美元，營業利潤為 1.36 億美元。正如今年稍早所預示的那樣，第四季度業績包括軌道車銷售收益 1.36 億美元和全年收益 3,600 萬美元，在有利的 FLRD 的推動下，租賃部門收入同比增長 13%。全年，租賃率和機隊淨增加量均上升。此外，我們 2023 年的營收包括我們在 2023 年第一季收購的 RSI 物流。正如通話開始時所提到的，FLRD。第四季為 23.7%，機隊利用率依然良好，為 97.5%。全年而言，我們的續約率比到期率高出約30%，平均續約租期為54 個月，使我們能夠更長時間地鎖定較高的利率，而營運利潤率為49.2% （其中包括二級市場軌道車）銷量較去年同期下降，這是由於在消除收益影響後，2022 年軌道車銷量將大幅增長。該部門利潤率逐年上升，反映了租賃率上升的影響，並改善了該行業的業績。Trinity 於 2023 年交付了 17,355 輛軌道車，第四季度交付了 4,000 輛。第四季的交付量比我們的預測低約 1,300 輛，主要是由於邊境關閉。除了先前在第三季影響我們的邊境關閉外，美國海關和邊境保護局於12 月18 日關閉了位於德克薩斯州伊格爾帕斯和埃爾帕索的國際鐵路過境橋，並保持完全關閉狀態直至12 月22 日，等於通過 Trinity 的主要過境點，根據我們在墨西哥 Clover 製造工廠的傳票進行鐵路車交付。邊境關閉和相關擁擠的財務影響主要包括延誤單位的收入損失、貨運和倉儲費用增加、效率降低和加班費增加。第四季度，Trinity新訂了840輛軌道車訂單，約佔季度產業訂單的20%，顯示訂單活動逐季波動。全年而言，我們的行業訂單份額在30%至40%的正常範圍內，我們仍然持有該行業約一半的積壓訂單，大多數新訂單的交貨時間較長。這使我們能夠嚴格遵守積壓訂單接受的訂單。我們看到第一季的詢價活動大幅增加，我們的積壓訂單和訂單量持續保持樂觀。第四季度部門收入為 6.74 億美元，比上一季略有下降，主要是由於邊境關閉導致我們無法在年底前將成品鐵路車運出邊境。這也影響了該部門的營業利益率為 6.1%。第四季業績包括保險追償收益。不包括連續上漲 70 個基點的漲幅，利潤率為 5.9%。邊境關閉影響了我們的效率，導致利潤率下降。邊境關閉對利潤率的影響約為 150 個基點，第四季全年鐵路產品集團的利潤率較去年同期出現顯著改善。交付量年增 30%，推動該部門營收成長 30%，營業利益成長 119%。當您還記得我們在 2023 年面臨的逆風時，這一點尤其令人印象深刻，包括墨西哥勞動力方面的挑戰以及外部挑戰，包括年初比索走強、下半年邊境關閉和相關供應鏈挑戰。年。我們的全年營業利潤率為 4.8%，比 2022 年提高了 200 個基點，我們預計 2024 年將繼續改善過去幾年。外部不利因素對製造業的績效產生了負面影響。我們將在定價和生產決策中保持嚴格，以考慮到我們當前的外部限制，從而使我們能夠推動一致和高效的營運。我們進行了年度自製與外購審查，並發現了在內部引入一些功能的機會。我們也與物流合作夥伴合作，緩解邊境限制，我們將繼續發展我們的製造足跡和產品組合，以最大限度地提高整個平台的回報。我相信這對 Trinity 來說是必要的一步，並期望在 2024 年看到積極的影響。

Before I turn the call over to Eric, I would like to take a minute to review some highlights from 2023. I already mentioned some of the challenging headwinds we face, and I'm so proud of our employees and their willingness to work hard to find creative solutions that drove results with considerable year-over-year growth despite an unexpected operating environment. As mentioned, we completed our acquisition of RSI logistics in the first quarter. We are very pleased with the performance of this business and our prior acquisitions as we work to integrate them into Trinity. Ultimately, our goal is to make rail shipping an easy choice for shippers across North America. We are focused on expanding our offerings to include digitally enabled logistics services. As our customers work to modernize their supply chain. We are working to enhance our large diversified lease fleet and better serve our customers. We believe Trinity has a growing strategic value to our customers. Because of these services, continued focus on service expansion will make Trinity and the rail industry as a whole more appealing to customers on a related note as you may have seen previewed in our press release this morning, we have moved our maintenance business into our railcar leasing segment effective January first. Trinity is a leasing company enabled by manufacturing and services. And this change reflects that organizational structure and allows us to better leverage our maintenance services capabilities to support lease fleet optimization and to grow our services business as a result, we will rename this segment, the Railcar Leasing & Services Group. We will recast all prior segment results starting with our first quarter filings, which will change the margin makeup of both segments. Eric will give some guidance on how to think about these segments in 2024 and going forward.

在將電話轉給 Eric 之前，我想花一點時間回顧一下 2023 年的一些亮點。我已經提到了我們面臨的一些具有挑戰性的逆風，我為我們的員工感到非常自豪，他們願意努力尋找創造性的解決方案，儘管經營環境出人意料，但這些解決方案推動了業績的同比大幅增長。如前所述，我們在第一季完成了對 RSI 物流的收購。我們對這項業務的表現以及我們先前的收購感到非常滿意，因為我們正在努力將它們整合到 Trinity 中。最終，我們的目標是讓鐵路運輸成為北美托運人的輕鬆選擇。我們致力於擴大我們的產品範圍，包括數位化物流服務。我們的客戶致力於實現供應鏈現代化。我們正在努力增強我們龐大的多元化租賃機隊並更好地為我們的客戶服務。我們相信 Trinity 對我們的客戶具有不斷增長的策略價值。由於這些服務，繼續關注服務擴展將使 Trinity 和整個鐵路行業對客戶更具吸引力，正如您今天早上在我們的新聞稿中預覽的那樣，我們已將維護業務轉移到我們的軌道車中租賃部分於1 月1 日生效。Trinity 是一家以製造和服務為基礎的租賃公司。這項變更反映了組織結構，使我們能夠更好地利用我們的維護服務能力來支援租賃車隊優化並發展我們的服務業務，因此，我們將把這個部門重新命名為軌道車租賃和服務集團。我們將從第一季的文件開始重新調整先前的所有部門業績，這將改變兩個部門的利潤組成。Eric 將就 2024 年及未來如何思考這些細分市場提供一些指導。

Finally, as we look forward strategically as a company I'm excited to announce that we will host an Investor Day in Dallas on Tuesday, June 25th, reach out to Leann For information on the event and accommodation. We look forward to hosting you in Texas and sharing our vision for Trinity. And now I'll turn the call over to Eric to review the financial statements, discuss the fourth quarter results and share our expectations for 2024.

最後，當我們作為一家公司進行策略展望時，我很高興地宣布，我們將於 6 月 25 日星期二在達拉斯舉辦投資者日活動，請聯繫 Leann，以了解有關活動和住宿的資訊。我們期待在德克薩斯州接待您並分享我們對 Trinity 的願景。現在我將把電話轉給 Eric，讓他審查財務報表、討論第四季的業績並分享我們對 2024 年的預期。

Thank you, Gene, and good morning, everyone. I'll start by discussing our fourth quarter and full year financial statements and conclude with high-level guidance for 2024, including a reconciliation to our new segment reporting structure.

謝謝你，吉恩，大家早安。我將首先討論我們的第四季度和全年財務報表，並以 2024 年的高層指導結束，包括對我們新的分部報告結構的調節。

Starting with the income statement on a consolidated basis, fourth quarter revenue was $798 million, representing a 35% improvement year over year. Company revenues were $3 billion for the full year, 51% higher than 2022, with improved margins in both segments, excluding second market railcar sales. We ended the year with GAAP EPS of $1.43 and adjusted EPS of $1.38, which was above our previously issued guidance range of $1.20 to $1.35. We benefited in the fourth quarter and full year from a lower than expected tax rate, driven primarily by the release of residual taxes changes in state apportionment and state rate changes in 2023 and changes in valuation allowances with a normalized tax rate, we would have completed the year in the lower portion of our guidance range. For the full year, we completed $382 million in secondary market railcar sales for a gain of $83 million, which also benefited our 2023 results. Net interest expense in the year was $266 million, up significantly over 2022, driven by higher interest rates and overall and higher overall average debt, we expect a similar run rate in 2024 to the fourth quarter.

從合併損益表開始，第四季營收為 7.98 億美元，年增 35%。該公司全年營收為 30 億美元，比 2022 年成長 51%，兩個細分市場的利潤率均有所提高（不包括第二市場軌道車銷售）。我們年底的 GAAP 每股收益為 1.43 美元，調整後每股收益為 1.38 美元，高於我們先前發布的 1.20 美元至 1.35 美元的指導範圍。我們在第四季度和全年受益於低於預期的稅率，這主要是由於 2023 年國家分配中的剩餘稅款變化和國家稅率變化的發布，以及標準化稅率下估價津貼的變化，我們本可以完成今年處於我們指導範圍的較低部分。全年，我們完成了二級市場軌道車銷售 3.82 億美元，收益 8,300 萬美元，這也有利於我們 2023 年的業績。受利率上升和整體平均債務上升的推動，全年淨利息支出為 2.66 億美元，較 2022 年大幅增加，我們預計 2024 年第四季的運行率將類似。

Moving to the cash flow statement, full year net cash from operations was $309 million, up significantly year over year due primarily to stabilize inventory levels and production. Adjusted free cash flow for the year was $29 million. This was driven by higher cash flow from operations offset by lower lease portfolio sales and the timing of railcar financing. Our full year net lease fleet investment was two or $87 million in line with our guidance and the fourth quarter proceeds from the secondary market. Railcar sales were $136 million for a gain of $36 million, in line with our expectations. In December, we increased our quarterly dividend by approximately 8% to $0.28 per share. This dividend, our 239th consecutive paid dividend was paid in January, we remain committed to returning capital to shareholders through our dividend.

轉向現金流量表，全年營運淨現金為 3.09 億美元，較去年同期大幅成長，主要是由於庫存水準和產量的穩定。本年度調整後自由現金流為 2,900 萬美元。這是由於營運現金流增加，但被租賃組合銷售減少和軌道車融資時機所抵消。我們的全年淨租賃機隊投資為 2 美元，即 8,700 萬美元，符合我們的指導方針，第四季的收益來自二級市場。軌道車銷售額為 1.36 億美元，收益為 3,600 萬美元，符合我們的預期。12 月，我們將季度股息提高了約 8%，達到每股 0.28 美元。此次股息是我們在 1 月連續第 239 次支付股息，我們仍然致力於透過股息向股東返還資本。

I'll close my comments with high-level guidance for 2024. As Jean noted, we entered 2024 with a strong backlog, which gives us good visibility for the Rail Products segment 2020 for production. I would like to note that in the fourth quarter, we had two adjustments to our backlog and removed 365 railcars were $33.4 million. One was based on a mutual decision with the customer as we've not come to an agreement on a delivery date. Second was a reduction in order size from a customer for which we received compensation for the accommodation. We continue to view our backlog favorably as Jean mentioned, we are moving our maintenance services business out of the Rail Products segment and into the leasing and services segments. We believe our railcar maintenance business primarily exists to service our own lease fleet and internally view maintenance as an enabler of the leasing business. Therefore, we think it is logical to include that business as part of the Leasing & Services segment all 2024 reporting to reflect this change. This will not change our financial reporting below the operating profit line of our two reporting segments. The change will have no effect on consolidated operating results. A reconciliation of 2023 segments as reported to recast segments is included in the appendix of today's supplemental slides.

我將以 2024 年的高層指導來結束我的評論。正如 Jean 指出的那樣，我們在進入 2024 年時積壓了大量訂單，這使我們對 2020 年鐵路產品部門的生產有了良好的了解。我想指出的是，在第四季度，我們對積壓訂單進行了兩次調整，刪除了 365 節車廂，價值 3,340 萬美元。其中一項是基於與客戶的共同決定，因為我們尚未就交貨日期達成協議。其次是顧客的訂單量減少，我們因此獲得了住宿補償。正如吉恩所提到的，我們繼續看好我們的積壓訂單，我們正在將維修服務業務從鐵路產品部門轉移到租賃和服務部門。我們相信，我們的軌道車維修業務主要是為我們自己的租賃車隊提供服務，並在內部將維修視為租賃業務的推動者。因此，我們認為將該業務納入所有 2024 年報告中的租賃和服務部門以反映此變更是合乎邏輯的。這不會改變我們的財務報告低於我們兩個報告分部的營業利潤線。此變更不會對合併經營業績產生影響。今天補充投影片的附錄中包含了報告的 2023 個片段與重鑄片段的調節。

It is slide 18 for reference in the Leasing & Services segment, we expect improvement in 2024 as we continue to reprice our fleet and push lease rates higher. Cynthia LRD. turn double digit positive in the second quarter of 2022, we've repriced approximately 37% of our fleet, giving us plenty of opportunity to renew leases at significantly higher market rates than expiring rates. We expect the authority to remain strong through 2024 because we're seeing absolute lease rates rising with a favorable mix of railcars renewing, excluding the impact of second market RevPAR sales, we expect margin improvement above the 2023 recast margin of 34.1%, which includes the railcar maintenance business. We anticipate fleet maintenance expenses remain elevated in 2024 due to the current tank car compliance cycle. For 2024, we expect gains on railcar sales to be approximately half what they were in 2023 and expect minimal railcar sales in the first quarter.

這是幻燈片 18，供租賃和服務領域參考，我們預計 2024 年會有所改善，因為我們將繼續重新定價我們的機隊並推高租賃費率。辛西亞·LRD。到 2022 年第二季度，我們的租金將達到兩位數正值，我們對大約 37% 的機隊重新定價，這讓我們有足夠的機會以遠高於到期價格的市場價格續租。我們預計該機構將在2024 年保持強勁，因為我們看到絕對租賃率隨著鐵路車輛更新的有利組合而上升，排除第二市場RevPAR 銷售的影響，我們預計利潤率將高於2023 年34.1% 的重訂利潤率，其中包括鐵路車輛維修業務。由於目前的油罐車合規週期，我們預計 2024 年車隊維護費用仍將保持在較高水準。2024 年，我們預計軌道車銷量增幅約為 2023 年的一半，並預計第一季軌道車銷售量將降至最低。

In the Rail Products segment. Given the anticipated stable production levels, we expect 2024 for margins to be significantly improved from the recast 2023 operating margin of 4.5%, which excludes the maintenance business. We forecast a 2024 margin in a range of 6% to 8% improve relief through the year, which reflects better efficiency, complexity reduction and a more stable for Q1. Margins will be impacted by increased freight and storage costs and the seasonality of our business. We expect industry deliveries of approximately 40,000 railcars in 2024, which is consistent with our long-term view of replacement level demand and supportive of our rationalized capacity in Mexico, we anticipate net lease fleet investment of $300 to $400 million for the year. So we see plenty of opportunity in the second market as both buyers and sellers, we expect lower railcar sales as compared to 2023. We expect to deliver 53% of our total backlog in 2024 for those deliveries in the year, we expect 20% to 25% will be internal. We expect our manufacturing and general capital expenditures to be approximately $50 million to $60 million for 2024 for these expenditures are generally supported automation, technology and modernization of our facilities and processes. And finally, we are announcing our 2024 EPS guidance at a range of $1.30 to $1.50. As mentioned, this guidance reflects higher deliveries and better efficiency in our manufacturing business in 2020 for driving higher margins and continuing improvement in average lease rates. The major year-over-year EPS headwinds are higher eliminations, significantly lower gains on railcar sales and a more normalized tax provision, which generally we define as 25% to 27% in 2024.

在鐵路產品領域。鑑於預期的穩定生產水平，我們預計 2024 年的利潤率將比 2023 年重新調整的 4.5% 的營運利潤率（不包括維護業務）顯著提高。我們預測 2024 年利潤率將在 6% 至 8% 範圍內，全年緩解壓力，這反映出第一季效率更高、複雜性降低以及更加穩定。利潤率將受到貨運和倉儲成本增加以及我們業務季節性的影響。我們預計 2024 年行業交付約 40,000 輛軌道車，這與我們對更換水平需求的長期看法一致，並支持我們在墨西哥的合理化產能，我們預計今年的淨租賃車隊投資為 300 至 4 億美元。因此，無論是買家還是賣家，我們都認為第二市場存在大量機會，我們預計軌道車銷售量將低於 2023 年。我們預計 2024 年交貨量將占到 2024 年總訂單量的 53%，其中 20% 至 25% 將由內部交付。我們預計 2024 年我們的製造和一般資本支出約為 5000 萬至 6000 萬美元，因為這些支出通常支持我們設施和流程的自動化、技術和現代化。最後，我們宣布 2024 年 EPS 指導範圍為 1.30 美元至 1.50 美元。如前所述，該指引反映了 2020 年我們製造業務的更高交付量和更高效率，從而推動了更高的利潤率和平均租賃率的持續改善。與去年同期相比，每股收益的主要阻力是消除量增加、軌道車銷售收益大幅下降以及稅收撥備更加規範化，我們通常將 2024 年的稅收撥備定義為 25% 至 27%。

In closing, 2024 is off to a strong start. And we believe the plan we have in motion is achievable and reflects the work we have done across our business to improve our financial performance. We have learned from the challenges of 2023 and believe we are better positioned as a Company to remain disciplined and deliver improved returns for our business, and we look forward to sharing some longer-term targets at our Investor Day next quarter.

最後，2024 年有了一個好的開始。我們相信我們正在實施的計劃是可以實現的，並且反映了我們在整個業務中為改善財務表現所做的工作。我們從 2023 年的挑戰中吸取了教訓，相信我們作為一家公司能夠更好地保持紀律並為我們的業務帶來更高的回報，我們期待在下個季度的投資者日分享一些長期目標。

We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys to withdraw your question, please press star then two. Our first question comes from Allison Poliniak with Wells Fargo. Please go ahead.

我們現在開始問答環節。要提問，您可以按下電話鍵盤上的星號，然後按一個。如果您使用免持電話，請在按按鍵撤回問題之前拿起聽筒，請按星號然後按兩個。我們的第一個問題來自富國銀行的艾莉森‧波利尼亞克。請繼續。

Good morning. Just a touch to the leasing business. Obviously, rates are going to move higher for you guys. Utilization is being picky dropped a little bit. Could you maybe talk about kind of your view for this year? Is that utilization just sort of a one-time thing where we could see it pick back up, like how are those conversations going on a regional fleet from 24.

早安.只是接觸一下租賃業務。顯然，你們的利率將會更高。利用率略有下降。能談談您對今年的看法嗎？這種利用率是否只是一次性的事情，我們可以看到它回升，就像 24 日的區域艦隊中的對話如何進行一樣。

Great question. Thanks, Allison. And I'll start on that. When we look at 2024, we're really excited, as you saw for the full year. And in the fourth quarter, we had a renewal versus expiring rates up over 30% as amidst vast majority of the markets that these cars serve are improving and utilization, sometimes they'll go up and down depending on the timing. We did have some cars come back. Sometimes you have to put them through the shop to get them ready to go back into service. So we still see utilization being strong, excited about that FLRD., the mix of cars that are going to be expiring this year and then our ability to increase the rate now going on with those cars.

很好的問題。謝謝，艾莉森。我將從這個開始。當我們展望 2024 年時，我們非常興奮，正如您所看到的全年。在第四季度，我們的續訂率與到期率相比上升了 30% 以上，因為這些汽車所服務的絕大多數市場都在改善和利用率，有時它們會根據時間上下波動。我們確實有一些車回來了。有時您必須將它們送到商店才能準備好重新投入使用。因此，我們仍然看到利用率很高，對 FLRD 感到興奮。今年將到期的汽車組合，然後我們有能力提高這些汽車的費率。

The last thing is our churn. We've been increasing the term for these cars in 22 with an average of 47 months on renewals and 23 that went up to 54 months. So all of our forward-looking metrics are going in the right direction.

最後一件事是我們的流失。我們延長了這些汽車的期限，其中 22 款汽車的平均續保期限為 47 個月，其中 23 款汽車的續保期限延長至 54 個月。因此，我們所有的前瞻性指標都在朝著正確的方向發展。

Great.

偉大的。

And then just on the maintenance side, I guess a little bit more color on the decision to move it over? Was it being underutilized at this point? And then I know, Eric, you mentioned maintenance still elevated. Is it going to be up relative two, what it was in 23.

然後就維護方面而言，我想在決定將其移過來時應該有更多的色彩？此時它是否未被充分利用？然後我知道，艾瑞克，你提到維護費用仍然很高。相對於 23 時的情況，它是否會上漲？

Sure.

當然。

So when you look at the maintenance to move it over into the leasing company, the reason we did that is it gives us a very strong linkage when we look at our total cost of ownership for customers in the lease fleet. We have great quality and our new cars that we're producing and through that we have less shopping but when we do shop, we can control the costs better. We can also look at the industry-leading turn times we have for those cars. So all those are benefits and want to drive that throughout our receipts to get as many calls of our own cars through those shops as possible.

因此，當您考慮將其轉移到租賃公司的維護工作時，我們這樣做的原因是，當我們考慮租賃車隊客戶的總擁有成本時，它為我們提供了非常強大的聯繫。我們擁有出色的品質和我們正在生產的新車，因此我們的購物次數較少，但當我們購物時，我們可以更好地控製成本。我們還可以看看這些汽車的行業領先的周轉時間。因此，所有這些都是好處，我們希望在我們的收據中體現這一點，以便盡可能多地透過這些商店接到我們自己的汽車的電話。

The other thing that we've added over the last year or two has been our mobile repair units. And again, that's to benefit us and our customers because if you have a mobile repair unit, you don't have the freight costs, freight costs associated with moving it to a shop, you also don't have the time associated with getting to that. So the cars are in service more for those customers and gives us a benefit when you look at the maintenance headwinds that we're seeing for the next couple of years, I think you've heard that throughout the industry that's really to do with a 10 to 16. So mandated compliance work that has to be done over the next several years. And so we're facing that the way we're looking at trying to mitigate some of those costs are putting more cars through our own shops using those mobile repair units. So it all goes in concert. And I would say the final thing is it should allow you to compare us very easily with other leasing companies.

過去一兩年我們增加的另一件事是我們的行動維修單位。再說一次，這對我們和我們的客戶都有好處，因為如果您有行動維修設備，您就沒有運費，將其移動到商店的運費，您也沒有時間前往商店那。因此，這些汽車更多地為這些客戶提供服務，並為我們帶來好處，當你看到我們在未來幾年看到的維護逆風時，我想你已經聽說整個行業這確實與10 至16 。因此，強制要求在未來幾年內必須完成合規工作。因此，我們面臨的問題是，我們正在尋求降低部分成本的方法，即使用這些行動維修設備將更多汽車放入我們自己的商店。所以這一切都是一致的。我想說的最後一件事是，它應該讓您可以輕鬆地將我們與其他租賃公司進行比較。

Now we have everything in that segment.

現在我們擁有該領域的一切。

That compares us directly with other data.

這將我們直接與其他數據進行比較。

Thank you.

謝謝。

Our next question comes from Justin Long with Stephens. Please go ahead.

我們的下一個問題來自賈斯汀·朗和史蒂芬斯。請繼續。

Thanks and good morning. So maybe to start with the question on Rail Products Group margins, it was helpful to get the guidance for the full year, but could you give us a sense for where you're expecting to start the year as we move into the first quarter? I know there recently then that the issues that Eagle Pass But curious if that's something that will linger into 1Q and then maybe get us give us a sense of where you're expecting to exit the year as well.

謝謝，早安。因此，也許從鐵路產品集團利潤率的問題開始，獲得全年指導是有幫助的，但您能否讓我們了解一下，當我們進入第一季時，您預計今年會從哪裡開始？我知道最近 Eagle Pass 的問題，但很好奇這是否會持續到第一季度，然後可能會讓我們了解您預計今年會在哪裡退出。

Just thinking about that progression suggestion, I'm going to start releasing just to say again, very strong FLRD. utilization and great renewal rates versus expiring. So very stable, very strong improvement area with only 37% of that fleet being repriced so far when we go to look at the operations or manufacturing, some of the headwinds that we saw in Q4 at the border will carry over into the first quarter, along with the fact that we expect to deliver the majority of those 1,300 units that did not cross the border in the fourth quarter in the first quarter of 2024. And those units did have some compression on the margin because of the extra freight that was incurred. The extra storage costs, the inefficiencies due to some of that congestion and the supply chain issues that we have. So that carries in I don't give quarterly guidance, but I think I've given you enough looking at the fact that we expect some compression at the beginning, and we expect to improve typically in our business as we go throughout the year.

考慮到這個進展建議，我將開始發布，只是再說一遍，非常強大的 FLRD。與到期相比，利用率和續約率較高。因此，非常穩定、非常強勁的改進領域，當我們考察營運或製造時，到目前為止，只有37% 的機隊重新定價，我們在第四季度在邊境看到的一些不利因素將延續到第一季度，此外，我們預計將在 2024 年第一季交付未在第四季度跨境的 1,300 套公寓中的大部分。由於產生了額外的運費，這些單位的利潤確實受到了一些壓縮。額外的儲存成本、由於擁塞造成的效率低下以及我們遇到的供應鏈問題。因此，我不會給出季度指導，但我認為我已經給了你們足夠多的信息，我們預計一開始會出現一些壓縮，並且我們預計隨著全年的發展，我們的業務通常會得到改善。

Okay.

好的。

Well, maybe to ask it this way you gave that range 6% to 8%. Are you expecting to remain in that range throughout the year?

好吧，也許這樣問你就會給出 6% 到 8% 的範圍。您預計全年都保持在這個範圍內嗎？

We would expect based off the headwinds at the first quarter for the fourth quarter to be higher, but we're not giving quarterly guidance.

基於第一季的不利因素，我們預計第四季會更高，但我們不會給出季度指引。

So that's just right now looking at the numbers and doing the math.

所以現在就是看數字並做數學計算。

Okay, understood. And maybe secondly, I think there was a comment around inquiries picking up substantially as we've moved here into the first quarter. I was wondering if you could provide a little bit more color on what's driving? And as we think about that pickup, could you just kind of give us a frame of reference? Do you think it's enough to support growth in the backlog the next quarter or two after seeing backlog taper here the past year or so.

好的，明白了。也許其次，我認為隨著我們進入第一季度，有關查詢的評論大幅增加。我想知道您是否可以提供更多關於驅動因素的資訊？當我們考慮這個皮卡時，您能給我們一個參考框架嗎？在看到過去一年左右的積壓逐漸減少之後，您認為這足以支持下一兩季積壓的成長嗎？

So I'm going to go ahead and start out with the backlog. We've got about half the industry backlog in our books. And in our script, we said we expect to deliver about 53% of that this year.

所以我要從積壓的工作開始。我們的帳簿中大約有一半的行業積壓訂單。在我們的劇本中，我們表示預計今年將實現其中的 53% 左右。

So looking at the order entry rate for the industry.

因此，請看看該行業的訂單輸入率。

We think that solidly supports the 40,000 industry deliveries that we talked about for the year in the last year was closer to the 45, but we're still within that range. When you look at the inquiry levels, what's so exciting about those are we're starting to see more on tank cars, especially specialty tank cars. And so that's a movement that we haven't been hearing about.

我們認為，這有力地支持了我們去年談到的 40,000 份行業交付量，接近 45 份，但我們仍然在這個範圍內。當您查看詢價水平時，令人興奮的是我們開始看到更多有關罐車的信息，尤其是特種罐車。所以這是一個我們還沒聽過的運動。

It's been a freight car lead increase in the order entry and seeing tank cars come back is great.

貨運汽車的訂單量大幅增加，看到油罐車的回歸真是太好了。

The other part of that is covered hoppers. We've seen some improvement there in the orders and also other apps remains strong. And that's really driven by the mandatory requirement are aging out of some of those other assets but if you start at the beginning of 2020 and go through the end of 2023, the industry is at a deficit of about 25,000 cars. So more cars have been retired that have been built. So we still see a strong need there overall for the cars and then the inquiry level supporting that 40,000 industry level deliveries for this year.

另一部分是有蓋料斗。我們看到訂單有所改善，其他應用程式也仍然強勁。這實際上是由強制要求推動的，其他一些資​​產正在老化，但如果從 2020 年初開始一直到 2023 年底，該行業的汽車缺口約為 25,000 輛。因此，更多已生產的汽車已經退役。因此，我們仍然看到總體上對汽車的強烈需求，以及支持今年 40,000 輛行業級交付的詢價水準。

Okay.

好的。

Thanks for the time.

謝謝你的時間。

Thank you.

謝謝。

Our next question comes from Matt Elkott with TD Cowen. Please go ahead.

我們的下一個問題來自 Matt Elkott 和 TD Cowen。請繼續。

Good morning.

早安.

Thank you.

謝謝。

First, a quick clarification on the guide on the magnitude of the three headwinds reflected in it? Is it in the order you guys listed, meaning railcar sales is the biggest headwind followed by eliminations and tax?

首先，快速澄清一下指引中所體現的三大逆風的大小？是按照你們列出的順序嗎，這意味著軌道車銷售是最大的阻力，其次是消除和稅收？

And secondly, on, did you give the percentage of cars you expect to build for your own lease fleet and how it compares compares to last year?

其次，您是否給出了您預計為自己的租賃車隊製造的汽車百分比以及與去年相比如何？

So yes, that was there. We take the second part of that. We talked about 20% to 25% of our deliveries this year go into the lease fleet. And so that's similar range that was in 23, certainly down from what it was in previous years for easily now closer to 30% to 35%. And when you look at I'm sorry to revise down that the order of the headwind we have the order yet. So the gains we did quantify the gains at about approximately half the gains in terms of the other two we didn't quantify it, but I think the order kind of does speak for itself in terms of what we're looking at in terms of signage and yes, okay.

所以是的，那就在那裡。我們來看第二部分。我們談到今年我們交付的 20% 到 25% 進入了租賃機隊。所以這個範圍與 23 類似，肯定比前幾年有所下降，現在很容易接近 30% 到 35%。當你看到我很抱歉修改逆風的順序時，我們還沒有順序。因此，我們量化的收益大約是我們沒有量化的其他兩個收益的一半，但我認為，就我們所看到的而言，順序確實不言而喻。標牌，是的，好的。

And Eric, the the lower expected sales? Is it a function of secondary market valuations using an overall demand moderating or is it more specific factors?

埃里克，預期銷售額越低？它是二級市場估值的整體需求放緩的函數還是更具體的因素？

We are not at all the sort of end market?

我們根本不是那種終端市場？

Yes. When you look at the secondary market, the second market for us is demonstrated in the fourth quarter is still remains very strong. We're seeing a lot of activity both breadth and depth when it comes down to specifically our numbers, as we look at our leasing backlog and the planned additions we have in our fleet for a little bit back-end weighted on the year. And so it just doesn't matter of timing. I talked about 3 to $400 million of net fleet investment. We've been averaging about $3.1 billion. So it's up a little bit. And a lot of that is due to timing. We really look at that more over a multiyear, our multi-year view. And so it's a little bit higher than normal. But the other side of it is the returns are good. And so that lease originations that we are booking, we're very happy with those lease rates especially in light of a higher interest rate environment there well above our hurdle. And so we feel good about what we're originating and but then it gets in the timing of when we if we were going to monetize that effect.

是的。當你看二級市場時，我們的二級市場在第四季度表現出仍然非常強勁。當具體到我們的數字時，我們看到了很多廣度和深度的活動，當我們查看我們的租賃積壓以及我們機隊中計劃增加的後端加權年度時。所以時間並不重要。我談到了 3 至 4 億美元的機隊淨投資。我們平均約為 31 億美元。所以漲了一點點。這很大程度是由於時機的原因。我們確實會從多年的角度來看這個問題。所以它比正常情況高一點。但另一方面，回報也不錯。因此，我們正在預訂的租賃起始，我們對這些租賃利率非常滿意，特別是考慮到那裡的利率環境遠高於我們的障礙。因此，我們對自己的原創內容感到滿意，但接下來就到了我們是否要將這種效果貨幣化的時機了。

And then I will say that we do reserve the right to be opportunistic if something comes up. So this is our plan right now.

然後我會說，如果出現問題，我們確實保留機會主義的權利。這就是我們現在的計劃。

Yes, that makes sense. And just one last question.

是的，這是有道理的。還有最後一個問題。

Thanks, Jean.

謝謝，讓。

Eric, you mentioned I think you mentioned briefly spot absolute spot lease rates. Can you maybe give some more insight on how they've trended in the fourth quarter and where you see them trending in the first quarter, maybe some more granularity by car type as well as overall by total fleet?

艾瑞克，你提到過，我想你簡單地提到過現貨絕對現貨租賃率。您能否更深入地了解它們在第四季度的趨勢以及您認為它們在第一季的趨勢，也許按汽車類型以及整體車隊總數提供更詳細的資訊？

Yes. So I don't know that I mentioned anything about spot rates, but we can go there anyway. And I thought you said they are still solid, but maybe yes, the Raytheon's, okay. Direct lease rates are still very strong. When you look at we look at the trends in lease rates, we're still seeing average lease rates across the portfolio still increasing when you drill down on the car types, we're seeing that in most of the car types. So we're seeing really strong and effectively the yield on assets is still increasing which is a good indicator that as we look at the supply demand dynamics going forward, as we look at our expiring rates for this year, that's why we're pretty bullish on our FLRD. that we see, it's kind of maintain a very positive number. And so we feel good about that's why we feel good about the leasing fleet that's why we feel good about our outlook.

是的。所以我不知道我是否提到任何有關即期匯率的內容，但無論如何我們都可以去那裡。我以為你說它們仍然很堅固，但也許是的，雷神公司的，好吧。直接租賃率仍然非常強勁。當您查看租賃率的趨勢時，我們仍然看到整個投資組合的平均租賃率仍在增加，當您深入研究汽車類型時，我們在大多數汽車類型中都看到了這一點。因此，我們看到資產收益率非常強勁且有效地仍在增加，這是一個很好的指標，當我們考慮未來的供需動態時，當我們考慮今年的到期利率時，這就是為什麼我們相當不錯的原因。看好我們的 FLRD。我們看到，它保持著一個非常正的數字。因此，我們對此感覺良好，這就是為什麼我們對租賃機隊感覺良好，這就是為什麼我們對我們的前景感覺良好。

So quarter over quarter spot lease rates are still trending positively?

那麼季度環比現貨租賃率仍然呈現正面趨勢嗎？

Yes.

是的。

Yes, that's yes, you get

是的，就是這樣，你明白了

Are you guys surprised by that given the fact that there are none on the table.

鑑於桌子上沒有任何東西，你們對此感到驚訝嗎？

When you look at when you look at new car lease rates, new car prices are still are much higher, marginal cost of capital or higher. There's still, you know, to invest in a new railcar still requires a very high lease rate. When you compare that to fleet averages, there's a big gap there. And so we still see a lot of room for upward pricing on the yield of assets and the fleet to fleet is tight.

當你看新車租賃率時，新車價格仍然高很多，邊際資本成本還是更高。你知道，投資新的電車仍然需要非常高的租賃率。當你將其與機隊平均值進行比較時，你會發現存在很大差距。因此，我們仍然看到資產收益率有很大的上調空間，而且船隊之間的關係也很緊張。

When you look at railcar loadings you look at cars and storage, and we look more detailed at that. We see most of the markets in a very solid demand supply environment. And so we're not only seeing it because other lessors are pushing rates as well.

當您查看軌道車負載時，您會查看車廂和存儲，我們會對此進行更詳細的研究。我們看到大多數市場都處於非常穩定的需求供應環境。因此，我們看到這種情況不僅是因為其他出租人也在推高利率。

Great.

偉大的。

Thank you so much and thanks you.

非常感謝你，謝謝你。

And thank our next question comes from Steve Barger with KeyBanc Capital Markets. Please go ahead.

感謝我們的下一個問題來自 KeyBanc Capital Markets 的 Steve Barger。請繼續。

Good morning, everyone.

大家，早安。

This is Christian on for Steve Barger. Thanks for taking the questions. First question on what percentage of the total fleet is now owned by lessors and what do you think the upper limit on that might be?

這是克里斯蒂安為史蒂夫·巴格做的發言。感謝您提出問題。第一個問題是現在出租人擁有的船隊總數的百分比是多少？您認為該比例的上限可能是多少？

Do you see a day where lessors own most of the active cars or just any

您是否會看到有一天，出租人擁有大部分現役汽車或只是任何一輛

So about 55% of the overall cars are owned by lessors now, and it really depends the railroads continue to keep some in their own fleet, mainly box cars, auto racks, things like Harsha and green cars. And we do have end customers who would like to have their own fleet also. But 55% is definitely it's a big shift from when the railroads owned the majority of the cars.

因此，現在大約 55% 的車輛歸出租人所有，這實際上取決於鐵路公司是否繼續在自己的車隊中保留一些車輛，主要是棚車、汽車架、Harsha 和綠皮車等。我們確實有最終客戶也希望擁有自己的車隊。但 55% 絕對是與鐵路擁有大部分車輛時相比的一個巨大轉變。

Great, thank you. And then last quarter you made the comment that 40% of your backlog will be delivered in 24. I think the most recent one was 53%. Are those additional deliveries primarily driven by the cars impacted by the border issue? Or can you just walk through what changed quarter to quarter?

太好了謝謝。上個季度您曾評論 40% 的積壓訂單將在 24 天內交付。我認為最近的一個是 53%。這些額外的交付主要是由受邊境問題影響的汽車推動的嗎？或者您能簡單介紹一下每季發生的變化嗎？

What change quarter by quarter is just the natural roll-off and changes from one quarter into that. We delivered railcars. We took orders, you add another quarter deliveries. And so I don't know that there's any doubt that a trend to that. It's just that's just kind of how the math works.

每個季度的變化只是自然的滾降，從一個季度到另一個季度的變化。我們交付了有軌電車。我們接受了訂單，您再增加一個季度的交貨量。所以我不知道這種趨勢是否有任何疑問。這就是數學的運作方式。

Got it.

知道了。

And then if I could just sneak one more in for the railcar margins. I guess can you just walk through the actions that you guys are planning or contained just two?

然後我是否可以再偷偷溜進一輛以獲得有軌電車的利潤。我想你們能簡單介紹一下你們正在計劃的行動或只包含兩個行動嗎？

I think the commentary is to improve margins, but there will be lower deliveries. So just can you just walk through what actions you guys are going to take?

我認為評論是為了提高利潤率，但交付量將會降低。那麼您能簡單介紹一下你們將要採取的行動嗎？

I think Sure.

我想當然可以。

And when you look at it, we're actually expecting higher deliveries this year. We have the 1,300 carrying over from the prior year. We also talked about the headwinds in the first quarter due to the border issues flowing over into first quarter from fourth quarter and the margins that were impacted by some other freight storage efficiencies that occurred in 2023 in the fourth quarter due to that border constraint, the other things that we look at is we're continuing to work on automation on every quarter. Our employees are getting stronger in their training and we're seeing the efficiency pick up. And so the initiatives, the actions, the training all lead to improvements throughout the year.

當你看到它時，我們實際上預計今年的交付量會更高。我們有上一年結轉的 1,300 美元。我們還討論了由於邊境問題從第四季度流入第一季度而導致第一季度的不利因素，以及由於邊境限製而在 2023 年第四季度發生的一些其他貨運存儲效率對利潤率的影響，我們關注的其他事情是我們每個季度都會繼續致力於自動化。我們的員工在培訓中變得越來越強，我們看到效率也在提高。因此，這些舉措、行動和培訓都會帶來全年的改進。

And then I guess the last thing I will add to it is changeovers. So I would expect our changeovers to be closer to the second half of 23 and 2024. So we do have less of those without causing a headwind too towards this margin.

然後我想我要添加的最後一件事就是轉換。因此，我預計我們的轉換將在 23 月和 2024 年下半年進行。因此，我們的數量確實較少，但不會對此利潤率造成不利影響。

This concludes our question and answer session. I would like to turn the conference back over to Jean Savage for any closing remarks.

我們的問答環節到此結束。我想將會議轉回讓·薩維奇（Jean Savage）發表閉幕詞。

But thank you for joining us this morning for every unexpected challenge in 2023, Trinity found a unique solution.

但感謝您今天早上加入我們，面對 2023 年的每一個意想不到的挑戰，Trinity 找到了獨特的解決方案。

As we look to 2024, we anticipate continued margin growth, consistent operations and a focus on improving the returns of our business.

展望 2024 年，我們預期利潤率將持續成長，營運將保持穩定，並專注於提高業務回報。

Thank you for your support of Trinity. We look forward to speaking again in May and seeing you in Dallas in June for the Investor Day, the conference has now concluded.

感謝您對三一的支持。我們期待在五月再次發言，並在六月的投資者日在達拉斯見到您，會議現已結束。

Thank you for attending today's presentation. You may now.

感謝您參加今天的演講。你現在可以了。

Yes.

是的。