U-Haul Holding Company (UHAL) 2026 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the U-Haul Holding Company fourth quarter and fiscal year end 2026 investor call. (Operator Instructions) This call is being recorded on Thursday, May 28, 2026.

各位女士、各位先生，早安，歡迎參加 U-Haul Holding Company 2026 會計年度第四季暨年度結束投資人電話會議。(接線員指示) 本通話於 2026 年 5 月 28 日（星期四）錄音。

I would now like to turn the conference over to Sebastien Reyes. Please go ahead.

現在我想將會議交給 Sebastien Reyes。請開始。

Good morning, everyone. Thank you for joining us today. Welcome to the U-Haul Holding Company fourth quarter fiscal year-end 2026 investor call.

各位早安。感謝各位今天加入我們。歡迎參加 U-Haul Holding Company 2026 會計年度第四季暨年度結束投資人電話會議。

Before we begin, I'd like to remind everyone that certain of the statements during this call, including, without limitation, statements regarding revenue, expenses, income and general growth of our business may constitute forward-looking statements within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Certain factors could cause actual results to differ materially from those projected. For a discussion of the risks and uncertainties that may affect the company's business and future operating results, please refer to the company's public SEC filings and Form 10-K for the year ended March 31, 2026, which is on file with the US Securities and Exchange Commission.

在開始之前，我想提醒各位，本次通話中的某些陳述，包括但不限於關於營收、費用、收益以及我們業務整體成長的陳述，可能構成前瞻性陳述，符合經修訂之 1933 年《證券法》第 27A 條及經修訂之 1934 年《證券交易法》第 21E 條安全港條款之定義。前瞻性陳述本質上受到風險與不確定性影響，其中部分無法預測或量化。某些因素可能導致實際結果與預期結果出現重大差異。關於可能影響公司業務及未來營運結果之風險與不確定性的討論，請參閱公司向 SEC 公開提交之文件，以及截至 2026 年 3 月 31 日止年度的 Form 10-K，該文件已向美國證券交易委員會申報在案。

I'll now turn the call over to Jason Berg, Chief Financial Officer of U-Haul Holding Company.

接下來我把電話交給 U-Haul Holding Company 財務長 Jason Berg。

Thanks, Sebastien. Good morning. I'm speaking to you today from our offices here in Phoenix. Yesterday, we reported a fourth quarter loss of $128 million compared to a fourth quarter loss of $82 million a year before. Our full year fiscal 2026 earnings were $83 million, down from $367 million the previous year.

謝謝你，Sebastien。早安。我今天在鳳凰城的辦公室與各位通話。昨天，我們公布第四季虧損 1.28 億美元，相較於前一年第四季虧損 8,200 萬美元。我們 2026 會計年度全年獲利為 8,300 萬美元，較前一年的 3.67 億美元下降。

In terms of earnings per share, the fourth quarter of this year was a loss of $0.65 per nonvoting share compared to $0.41 per nonvoting share fourth quarter of the previous year. Earnings before interest, taxes and depreciation, which we refer to as adjusted EBITDA, at our moving and storage segment increased $6 million for the quarter to $223 million. And for the full year fiscal 2026 adjusted EBITDA increased $26 million to $1.646 billion. Included in our release and the financial supplement is a reconciliation of how you get from GAAP earnings to adjusted EBITDA or vice versa.

就每股盈餘而言，今年第四季每股無表決權股份虧損 0.65 美元，較前一年第四季每股無表決權股份虧損 0.41 美元擴大。我們搬家與倉儲事業部門的息前稅前折舊攤銷前盈餘（我們稱之為調整後 EBITDA）本季增加 600 萬美元至 2.23 億美元。而 2026 會計年度全年調整後 EBITDA 增加 2,600 萬美元至 16.46 億美元。我們的新聞稿與財務補充資料中包含 GAAP 盈利與調整後 EBITDA 之間（或反向）的調節表。

Approximately half of the fourth quarter's decline in EPS came from depreciation on the truck fleet, which went from $181 million in the fourth quarter of last year to $221 million this year. For the full fiscal year, it was $879 million compared to $693 million the year before. We began to materially increase the depreciation rate on our cargo van fleet in the first quarter of fiscal [2006], when we began selling the higher cost 2023 and '24 model year vans into a resale market that frankly just didn't recognize that increased price. Additionally, depreciation has been increasing on box trucks. We grew the box truck fleet by over 14,000 units, if you compare March -- end of March of '25 to March '26.

第四季每股盈餘下滑約有一半來自卡車車隊折舊，該項折舊由去年第四季的 1.81 億美元增加至今年的 2.21 億美元。就全年而言，折舊為 8.79 億美元，較前一年的 6.93 億美元增加。我們在 2026 會計年度第一季開始大幅提高廂型貨車（cargo van）車隊的折舊率，當時我們開始將成本較高的 2023 與 2024 年式廂型貨車出售至二手轉售市場，而坦白說，該市場並未反映這個上漲的價格。此外，箱型卡車（box truck）的折舊也在增加。若比較 2025 年 3 月底與 2026 年 3 月，我們的箱型卡車車隊增加了超過 14,000 輛。

A few positive signals, though. The rate of change, we'll call it, the second derivative of fleet depreciation growth has been slowing. In fact, we've seen sequential declines in the last two quarters. For box trucks, the upcoming year of no planned growth will lead to a natural decline in depreciation over the course of the year even if we don't shrink the fleet. On the cargo van front, April and May resale results have been steady, albeit that's in relation to units that had a much higher depreciation rate over the last 12 months. Also, the step down in what we're paying for model year '25 units and '26 units will be beneficial, but not likely enough to be the sole solution to issue.

不過也有一些正面訊號。我們稱之為變化率的變化率（第二階導數）——車隊折舊成長的加速度正在放緩。事實上，過去兩季我們看到連續性的下降。就箱型卡車而言，未來一年沒有規劃成長，將使折舊在一年內自然下降，即使我們不縮減車隊亦然。在廂型貨車方面，4 月與 5 月的轉售結果維持穩定，儘管這是相對於過去 12 個月折舊率高得多的車輛而言。此外，我們對 2025 年式與 2026 年式車輛的採購價格下調將帶來助益，但不太可能單靠這一點就能解決問題。

Looking forward, utilization of the expanded box truck fleet during this summer will inform us of what actions that we should take going into next year. And on the cargo van side, it's going to be the resale market and manufacturer pricing that are going to guide us as to whether we need to extend the holding period next year for those trucks and reduce future purchases.

展望未來，今年夏季擴增後箱型卡車車隊的使用率，將讓我們判斷在進入明年時應採取哪些行動。而在廂型貨車方面，將由轉售市場與製造商定價來引導我們，判斷明年是否需要延長這些車輛的持有期間並降低未來採購量。

For the fourth quarter, our equipment rental revenue results increased $12 million compared to the same quarter of the year before. And for the full year, we finished up $86 million, which is just over 2%. Revenue growth for both our In-Town and One-Way markets for both the quarter and the full year increased. In-Town growth was more robust. Comparing the end of March of this year to the end of March last year, we had 55 new company-operated locations, and we had a net increase of 1,400 independent dealers.

第四季我們的設備租賃營收較去年同期增加 1,200 萬美元。全年則增加 8,600 萬美元，略高於 2%。無論是 In-Town 或 One-Way 市場，本季與全年營收皆呈成長。其中 In-Town 的成長更為強勁。比較今年 3 月底與去年 3 月底，我們新增 55 個公司自營據點，並且獨立經銷商淨增加 1,400 家。

Our goal of increasing the number of dealers by several thousand and then productively dispersing equipment to them has been taking shape. April and May revenue has trended in line with what we saw in the fourth quarter. Capital expenditures for new rental equipment in fiscal 2026 were $2.81 billion. That was a $218 million increase compared to the year before, while proceeds from the sale of retired rental equipment that we sold increased by $48 million to $700 million. That nets out to net equipment purchases of $1.381 billion. I estimate that close to $780 million of the total spend was growth related.

我們將經銷商數量增加數千家，並將設備有效分配給他們的目標，正在逐步成形。4 月與 5 月營收走勢與我們在第四季看到的情況一致。2026 會計年度用於新增租賃設備的資本支出為 28.1 億美元。較前一年增加 2.18 億美元；同時，我們出售汰役租賃設備的處分收入增加 4,800 萬美元至 7.00 億美元。兩者相抵後，淨設備採購為 13.81 億美元。我估計總支出中接近 7.80 億美元與成長相關。

Our projections for this coming fiscal year include growth of the U-Box container fleet and our new toy hauler trailer, but do not include growth of the truck fleet. We estimate for next fiscal year a decrease in new purchases, net of sales somewhere around $560 million. Storage revenues were up $16 million. That's a 7% increase for the quarter, and our 12-month results were up 8% or a little over $74 million. Average revenue per occupied foot for both our same-store and for the nonstabilized total portfolio improved by over 6%.

我們對即將到來的會計年度之預測包含 U-Box 貨櫃車隊與我們新的玩具拖運拖車（toy hauler trailer）的成長，但不包含卡車車隊的成長。我們估計下一會計年度的新購（扣除出售）將減少約 5.60 億美元。倉儲營收增加 1,600 萬美元。本季增幅為 7%，而過去 12 個月的結果增加 8%，約略超過 7,400 萬美元。同店與未穩定（nonstabilized）之整體投資組合的每已出租英尺平均收入均提升超過 6%。

Our average new customer rental rates have increased by about 3% year-over-year, and rates for customers leaving are still a couple of percentage points lower than customers moving in. Same-store occupancy was down 540 basis points to 86.1%. I continue to highlight the portion that was due to our cleanup of delinquent rooms. And for this quarter, it was about 450 basis points of that decline. If you recall, we instituted the cleanup program in the second quarter of fiscal '26. Since then, delinquency has not been a problem, but we're still dealing with the year-over-year comparisons.

我們新客戶的平均租金費率年增約 3%，而退租客戶的費率仍比新入住客戶低約幾個百分點。同店入住率下降 540 個基點至 86.1%。我持續強調，其中一部分是因為我們清理逾期未繳的儲物間。而就本季而言，該因素約占這次下降的 450 個基點。如各位所記得，我們在 2026 會計年度第二季啟動了清理計畫。自那之後，逾期未繳已不再是問題，但我們仍在面對年對年的比較基期影響。

Net tenant move-ins remained slower than in recent years, but we're seeing some incremental improvement. Our strategy of straightforward pricing, which includes the one-year price lock guarantee that Joe announced earlier this year is strengthening our team's resolve and beginning to resonate with customers. During fiscal 2026, we invested $966 million in real estate acquisitions along with self-storage and U-Box warehouse development at the $541 million decrease over fiscal '25.

淨租戶入住（move-ins）仍較近年偏慢，但我們看到一些逐步改善。我們採取的透明定價策略，包括 Joe 今年稍早宣布的一年期價格鎖定保證，正在強化團隊的決心，並開始引起客戶共鳴。在 2026 會計年度，我們在不動產收購以及自助倉儲與 U-Box 倉庫開發方面投資 9.66 億美元，較 2025 會計年度減少 5.41 億美元。

For the full year, we added 66 locations with storage totaling 5.3 million net rentable square feet. We have approximately 5.5 million new square feet under development right now across 99 projects and another 6.2 million square feet of potential development behind that in properties that we own, but we haven't started. To put that into context, last year at those times -- at this time, those figures were, respectively, 6.9 million and 8.1 million square feet. My projections have us continuing to see spending on self-storage growth decline.

就全年而言，我們新增了 66 個據點，新增儲存面積合計 530 萬淨可出租平方英尺。目前我們在 99 個專案中約有 550 萬平方英尺正在開發中，此外在我們已持有但尚未動工的物業中，還有另外 620 萬平方英尺的潛在開發量。作為對照，去年同一時間，這兩個數字分別為 690 萬與 810 萬平方英尺。依我的預測，我們將持續看到自助倉儲成長相關支出下滑。

Moving on storage operating expenses increased $17 million for the fourth quarter. Compared to the fourth quarter of last year, our adjusted EBITDA margin saw a slight improvement with our all-in operating margin worsening due to the fleet depreciation that we discussed. Personnel increased $13 million for the quarter. Fleet maintenance and repair was up $1 million. And our self-insurance liability decreased by $2 million, largely due to a rough fourth quarter last year. We've made progress on this front over the course of fiscal '26, we've increased our reserves by about $93 million. At the end of March, our cash and availability in moving in storage totaled $8.479 billion.

接著談倉儲營運費用，第四季增加了 1,700 萬美元。與去年第四季相比，我們的調整後 EBITDA 利潤率略有改善，但由於我們先前討論的車隊折舊因素，我們的整體營運利潤率反而惡化。本季人事費用增加了 1,300 萬美元。車隊維護與修理費用增加了 100 萬美元。而我們的自保責任準備減少了 200 萬美元，主要是因為去年第四季表現較為艱難。在 2026 會計年度期間，我們在這方面已有所進展，準備金增加約 9,300 萬美元。截至 3 月底，我們在搬家與倉儲業務的現金與可用額度合計為 84.79 億美元。

A couple of last items. I wanted to highlight that the U-Haul Holding Company Board of Directors authorized a $350 million share repurchase plan. The plan stands across both our UHAL and UHAL.B share classes. The planned decreases in our growth CapEx this coming year allow us to allocate capital to this program. We firmly believe that the investments that we've made in the business over the last several years, while they're having near-term downside effect on our earnings, they will mature under the productive assets and yield expected returns.

最後還有幾點。我想特別強調，U-Haul Holding Company 董事會已核准一項 3.5 億美元的庫藏股回購計畫。該計畫適用於我們 UHAL 與 UHAL.B 兩種股票類別。我們預計在來年降低成長型資本支出（CapEx），使我們得以將資本配置到此計畫上。我們堅信，過去幾年對業務所做的投資，雖然在短期內對獲利造成下行影響，但這些投資將隨著生產性資產成熟而帶來預期報酬。

If you haven't visited yet, although I assume, I guess everyone has if you're listening to this call on the Internet, visit investors.uhaul.com. We've relaunched the site, just trying to make it a little bit easier for people to access information. We'd always appreciate any feedback that you have on that.

如果你還沒造訪過——雖然我想，若你正在網路上收聽這通電話，應該都已經去過——請造訪 investors.uhaul.com。我們已重新上線該網站，只是希望讓大家更容易取得資訊。我們也一向非常歡迎你對此提供任何回饋。

With that, I'd like to hand the call back to our operator, John, to begin the question-and-answer portion of the call.

接下來，我想把電話交回給我們的接線員 John，開始本次電話會議的問答環節。

(Operator Instructions) Steven Ramsey, Thompson Research Group.

（接線員指示）Steven Ramsey，Thompson Research Group。

On the U-Box revenue per transaction being down, I believe, for the second consecutive quarter, if I remember correctly. Can you talk about the trends there and how volume is playing out within just overall U-Box?

關於 U-Box 每筆交易收入下滑，我記得這應該是連續第二季了。你能談談那邊的趨勢，以及在整體 U-Box 之中，量的表現如何嗎？

Thanks for the question, Steven. Actual activity, and I'll define activity as moves and also boxes in storage, both of those are up. I would say the boxes and storage is up on a percentage basis a little bit heavier than the actual transaction activity, but both are up.

謝謝你的提問，Steven。實際活動量——我把活動定義為搬運以及箱體在倉儲中的數量——這兩者都在上升。我會說，箱體與倉儲的增幅（以百分比計）比實際交易活動略高一些，但兩者都在成長。

As far as the revenue per transaction issues, we're seeing a couple of things. One would be the same thing we're seeing on some of the One-Way moves, and that is shorter moves, right? Shorter moves combined with whatever we've seen on the freight side, which for most of the year has been down. And then the last item I would like to highlight would be that competitively, I think the market appears to be a little bit more competitive than, say, it was a year ago, and we're going to be competitive right along with it.

至於每筆交易收入的問題，我們看到幾個因素。其中之一與我們在部分單程（One-Way）搬運看到的情況相同，也就是搬運距離變短，對吧？較短的搬運距離，再加上我們在貨運端看到的情況——今年大部分時間都在下滑。最後我想強調的是，就競爭而言，我認為市場看起來比一年前更具競爭性，而我們也會同樣保持競爭力。

Okay. That's helpful, Jason. And then the cross usage of moving and storage at around the 50% mark, that's good to see. Do you think that's a natural peak on that front?

了解。這很有幫助，Jason。另外，搬家與倉儲的交叉使用率大約在 50% 左右，這點很不錯。你認為這在這方面算是自然的高點嗎？

And then when you compare U-Box moves with U-Box storage, it sounds like that cross usage is increasing. Do you think over time that it could reach that 50% level as well?

另外，當你比較 U-Box 搬運與 U-Box 倉儲時，聽起來那個交叉使用率正在提高。你認為長期來看，它也可能達到 50% 的水準嗎？

Great question. The first one, I think the 50% is more of a baseline. I think there's -- I continue to believe it's one of the things that's frustrating but also it gives you optimism for the future. And that is, I think there's so much more that we can harvest on cross-selling. And so I think the 50% is a low part. If you were to flip it and try to analyze how many truck transactions have storage, that number is significantly lower. And I think we have a lot of people within the system that believe that number can be increased.

好問題。第一個，我認為 50% 更像是基準線。我想還有——我仍然相信這是一件既令人挫折、但也讓你對未來抱持樂觀的事。也就是，我認為我們在交叉銷售上還有非常多可以收割的空間。所以我認為 50% 是偏低的水準。如果反過來分析有多少卡車交易同時包含倉儲，那個數字明顯更低。而我認為系統內有很多人相信那個數字是可以提高的。

On the U-Box side, yes, I don't see why we can't increase the storage penetration there. It's a major goal of our -- our team is on it right now. Part of that is increasing the number of moving transactions. But part of that, which is a unique opportunity for us that the other portable storage providers don't have is that we have the ability to convert self-storage customers into these containers, right? So I think there's an opportunity there for us. The folks in our system who are best at that are the ones that have run out of storage space, right? They filled their facilities. And then they find ways to serve the customers, and U-Box is a fantastic way of getting people into storage. So both of those, I would say, on the U-Box we're in the early innings of that.

至於 U-Box 這邊，是的，我看不出我們為什麼不能提高倉儲滲透率。這是我們——我們團隊目前正在全力推進的一個主要目標。其中一部分是增加搬運交易的數量。但另一部分——這是我們獨有的機會，其他可攜式倉儲供應商沒有——是我們有能力把自助倉儲客戶轉換成使用這些貨櫃，對吧？所以我認為我們在那裡有機會。我們系統裡最擅長這件事的人，是那些倉儲空間已經用完的人，對吧？他們把設施都填滿了。然後他們會想辦法服務客戶，而 U-Box 是讓客戶進入倉儲的一個非常棒的方法。所以這兩點，我會說，在 U-Box 方面我們還在早期階段。

That's excellent. And can you talk about the uptake of toy hauler trailers in the quarter and more recently, given that you're investing more into it this next fiscal year, it sounds like it is going well. And maybe can you elaborate on the diverse usage of the product, given it seems to be more non-moving oriented?

太好了。另外，你能談談本季以及近期玩具拖運拖車（toy hauler trailers）的採用情況嗎？因為聽起來你們在下一個會計年度會加大投資，似乎進展得很順利。也許你也可以進一步說明這個產品的多元使用情境，因為看起來它更偏向非搬家用途？

Yes. The first group of people that we expected to use it were the people that traditionally use our auto transports, but then with larger vehicles, weren't able to use it. Now I think what we're seeing is the usage scenarios have expanded dramatically.

可以。我們原本預期第一批使用者會是傳統上使用我們汽車運輸拖車（auto transports）的人，但因為車輛更大而無法使用。現在我認為我們看到的是，使用情境已大幅擴展。

A few months ago, I was up in North Dakota and our location up there was using them for smaller tractors, right? And I think we're going to continue to see that grow from a CapEx perspective. I think the plan going into this next year is maybe half the spending to maybe 2/3 of the spending that we did on the initial rollout. And then we'll just see where that goes. The only planned growth that we have for next year would be adding U-Box containers and these trailers at a slower clip than we did this last year.

幾個月前我在北達科他州，我們那邊的據點正在用它們來運送較小型的拖拉機，對吧？我認為從資本支出（CapEx）的角度來看，這種使用會持續成長。我認為明年的計畫，支出可能是初始推廣時的一半到約 2/3。然後我們再看看後續發展。我們明年唯一規劃的成長，是增加 U-Box 貨櫃與這些拖車，但速度會比去年更慢。

Okay. Great. And last quick one for me. I'm sure there could be other questions on this on the call. But the buyback authorization, can you just describe the eagerness to deploy it or is it more of a perspective that let's have this ready to go just in case the stock gets low enough.

了解。很好。我最後一個快問。我確定電話會議上可能還會有人問到。但關於回購授權，你能描述一下你們動用它的急迫性嗎？還是比較像是先把它準備好，以防股價跌到夠低時再啟動？

Well, we think the stock is low enough. We're eager to deploy it. So they officially approved it last week. My team is setting up the trading account. I'm working on proposed instructions, then I'll sit down with Joe and we've got the corporate resolutions. Everything you have to do behind the scenes is going, so I don't think this is something that we're going to wait too long on, no.

嗯，我們認為這檔股票的價格已經夠低了。我們很想把資金投入進去。所以他們上週正式核准了。我的團隊正在設立交易帳戶。我正在擬定建議的指示，接著我會和 Joe 坐下來，我們也已經有公司決議。所有你在幕後必須做的事情都在進行中，所以我不認為這會是我們要等很久的事，不會。

Steven Ralston, Zacks.

Steven Ralston，Zacks。

To me, the big news is the announcement of the share repurchase program. So I'm going to dwell on it a little more. It not only states that the Board has determined the stock's price is cheap, but also at the present time, it implies that further expansion of the fleet is not in the company's best interest given the over-fleeting and depreciation implications. It also implies the strength of the company's balance sheet. Could you speak to these and any other nuances about the rationale of the share repurchase program?

對我來說，最大的消息是宣布股票回購計畫。所以我想再多談一點。這不僅表示董事會認定股價偏便宜，同時在目前的情況下，也暗示在車隊過度擴張以及折舊影響之下，進一步擴張車隊並不符合公司的最佳利益。這也暗示公司資產負債表的強勁。你能談談這些，以及股票回購計畫背後理由的其他細微之處嗎？

Sure. I appreciate the question, Steve. On the first front, yes, the Board of Directors thinks that the stock is trading at a discount today and that there's an opportunity to acquire it. Our view on that really hasn't changed too much. What I'll say has changed is the availability of capital. And for those who've been around a long time as you have, you know that our first instinct and what we typically do is we want to reinvest back into the business.

當然。Steve，謝謝你的提問。第一點，是的，董事會認為目前股價以折價交易，存在買回的機會。我們對此的看法其實沒有太大改變。我會說改變的是資本的可得性。而像你這樣長期關注我們的人都知道，我們的第一直覺、也是我們通常會做的，是把資金再投回業務。

I would say that the pace at which we've grown over the last several years has now afforded us the opportunity today to do this because we've added so much capacity that under normal circumstances, it would take about this much time in order to soak up that with demand. So now we can take a year off at least of some of that growth, and it frees up the capital here without -- we don't believe it's going to materially affect our leverage levels. We think that there will be a certain amount, certainly on the fleet side, a certain amount of deleveraging taking place on that front. So it gives us that opportunity.

我會說，過去幾年我們成長的速度，讓我們今天有機會這麼做，因為我們增加了大量產能；在正常情況下，大概需要差不多這麼長的時間，需求才會把這些產能消化掉。所以現在我們至少可以在部分成長上休息一年，這就能釋放資本，同時——我們不認為這會對我們的槓桿水準造成實質影響。我們認為會有一定程度的去槓桿，尤其是在車隊端會發生一些去槓桿。因此這給了我們這個機會。

So look, ideally, at the end of the year, we've fully utilized these assets. We go back to a little bit of growth. But I think where we're at for what we want to accomplish, we have the most storage capacity that we've ever had. So I don't view that as a weakness. I view it as a huge opportunity. And while we're waiting for us to get caught up on filling that up, we're going to go out and do other things that we think are wise allocation of capital. And so we've finally been able to hit this program, and we appreciate everyone's patience.

所以你看，理想情況下，到年底我們已經把這些資產充分利用。然後我們再回到一些成長。但我認為就我們想達成的目標而言，我們擁有史上最大的儲存容量。所以我不把這視為弱點。我把它視為巨大的機會。而在等待我們把這些容量填滿的同時，我們會去做其他我們認為是明智的資本配置。因此我們終於能啟動這個計畫，也感謝大家的耐心。

Now just turning to the tone of business. I noticed in the fourth fiscal quarter, the rate of year-over-year growth in the self-moving equipment rental revenue line improved somewhat over the flattish growth in the third fiscal quarter. Even though the fourth fiscal quarter is seasonally the company's weakest, what were the drivers of that fourth quarter's growth? And what do you glean about the future tone of revenues in the self-moving rental segment going forward into fiscal 2027?

接著談談業務景氣的氛圍。我注意到在第四財季，自助搬家設備租賃收入這一項的年增率，相較第三財季較為持平的成長，有所改善。即使第四財季在季節性上是公司最弱的一季，第四季成長的驅動因素是什麼？以及你對自助搬家租賃部門在邁向 2027 財年時，未來收入景氣的走向有何觀察？

Yes. In the third quarter, we saw kind of a mix of an increase in In-Town revenue, a decrease in One-Way revenue. Fourth quarter both managed to increase. And of note, in the fourth quarter, we did see an increase in One-Way transactions.

是的。在第三季，我們看到的有點像是：市內（In-Town）收入增加、單程（One-Way）收入下降的組合。第四季兩者都設法增加。值得注意的是，第四季我們確實看到單程交易量增加。

Now I think part of that, there's a little bit of a trade-off with revenue per transaction or rate. I think that there was a little bit of a hand off there. But we were able to increase the transactions. For the first three quarters of the year, One-Way transactions have kind of been up and down month-over-month, it was hard to get any sort of trend. So the fourth quarter was welcome on that front.

我想其中一部分是，單筆交易收入或費率之間有一點取捨。我認為那裡有一些交接／轉換。但我們確實能提高交易量。在今年前三季，單程交易量月對月起伏不定，很難看出任何趨勢。所以第四季在這方面是令人樂見的。

But we're still seeing small declines in miles per transaction. I think I've been saying now for over a year that I expect that to bottom out. The actual mild decreases are getting much smaller, but that continues to be a little bit of a headwind, and that's probably not going to turn around until consumer confidence gets better.

但我們仍看到每筆交易的里程數小幅下滑。我想我已經說了一年多，我預期這會觸底。實際上，這些輕微的降幅正在變得更小，但這仍然是些許逆風，而這可能要等到消費者信心改善才會扭轉。

What we've seen through the April and the first couple of weeks of May has been growth fairly similar to what we saw in the fourth quarter. So we would like to get back to the 4.5%, 5% growth. The initiative that Joe was pressing on expanding the dealer network, we're maybe 1/3 of the way there and trying to get the equipment out there. So I think some amount of those new dealers are going to be available to help to row the boat in the -- from Memorial Day to Labor Day here in the busy season. And if that all works out, I think there's more in store for us on this revenue line.

我們在 4 月以及 5 月前幾週看到的成長，與第四季相當接近。所以我們希望回到 4.5%、5% 的成長。Joe 一直在推動擴大經銷商網路的計畫，我們大概完成了 1/3，並努力把設備鋪出去。因此我認為其中一些新經銷商，會在這個旺季（從陣亡將士紀念日到勞動節）期間加入、幫忙一起推動。如果一切順利，我認為這條收入線還有更多成長空間。

And just one last question, which is just something that occurred to me concerning retired rental equipment and the depreciation of -- one of the factors has been that the rate of depreciation has been underestimated. But it occurs to me that another factor could be that the realized prices from selling off the retired fleet dropped. Since these are older trucks, you held them longer than you expected to. And so the use was overextended, and the normal replacement cycle is stretched out. How much do you think the lower realized pricing account for the, I guess, pressure on profitability versus the underestimated depreciation that is mentioned more often.

最後再問一個問題，是我想到關於退役租賃設備與折舊的——其中一個因素是折舊率被低估了。但我想到另一個因素可能是：出售退役車隊的實現售價下滑。由於這些是較舊的卡車，你們持有的時間比預期更久。因此使用年限被拉長，正常的汰換週期也被延後。你認為較低的實現售價，對獲利能力造成的壓力有多少，是相較於更常被提到的折舊低估？

The dynamic that you referenced is true. I just don't think it's applicable to this last 12 months as it has been in other years. We are back to about a 12-month replacement cycle for our cargo van fleet. So last year, we increased the amount that we spent on cargo vans without growing the fleet because we sold more. And the resale prices were fairly resilient over last year.

你提到的那個動態確實存在。只是我不認為它在過去 12 個月裡像其他年度那樣適用。我們的貨運廂型車（cargo van）車隊已回到大約 12 個月的汰換週期。所以去年我們在貨運廂型車上的支出增加了，但車隊規模沒有成長，因為我們賣得更多。而去年轉售價格相當有韌性。

As far as -- there wasn't a big decrease in average price per unit. I think in many cases, we may have seen increases for some models. The bigger issue was it was not enough to cover the increased price that we paid for those units two to three years ago. And what we're seeing so far this year is pricing improving a little bit. We had a couple of good weeks in April, a little bit of a step back. So I'm not going to say that there's a trend yet. But we're selling newer units and it's looking better.

就——平均每台的價格並沒有大幅下滑。我想在很多情況下，某些車型我們甚至看到價格上升。更大的問題是，這些價格不足以彌補我們在兩到三年前為那些車輛支付的較高成本。而我們目前看到今年到目前為止，價格有些微改善。4 月我們有幾週表現不錯，之後又稍微回落。所以我不會說現在已經形成趨勢。但我們正在賣較新的車輛，情況看起來更好。

But I'm not -- we're not ready to declare victory because that's still comparing it at a pretty elevated depreciation rate. So we need a couple of things to happen. One, we need buy the units cheaper. Two, we need to sell them for more. And then three, we need to -- that will allow us to do three, which is reduce the monthly depreciation on those so that we can get back to making some money on the actual rentals. And a couple of those things are falling into place.

但我不——我們還沒準備宣告勝利，因為那仍是在相當偏高的折舊率下做比較。所以我們需要幾件事發生。第一，我們需要用更便宜的價格買進車輛。第二，我們需要以更高的價格賣出。第三，我們需要——前兩點會讓我們能做到第三點，也就是降低這些車輛的每月折舊，讓我們能回到在實際租賃業務上賺到一些錢。而其中幾件事正在逐步到位。

The prices for model year '26 have come down more than they came down in '25. But I mentioned in the prepared remarks, is that on that portion of the fleet, if we don't see -- we're going to compare the resale market this year versus what the manufacturers want to sell those for last year. And now we have built in for next year the optionality to not have to buy, right? We can sit out a year of buying vans or buying as many as we would normally buy. If we just don't feel like the resale market is there in relation to what they want to charge us for new trucks. Sorry, I went a little long there.

26 年款的價格下滑幅度，比 25 年款當時的下滑幅度還要更大。但我在事先準備的發言中提到的是，就那一部分車隊而言，如果我們沒有看到——我們會把今年的二手轉售市場，拿來和製造商去年希望以那個價格賣給我們的新車做比較。而且我們也在明年的規劃中納入了「可選擇性」，也就是不一定非買不可，對吧？我們可以選擇一年不買廂型車，或是不像以往那樣買那麼多。如果我們就是覺得二手轉售市場的狀況，和他們想對新卡車向我們收取的價格相比不夠合理。抱歉，我講得有點久。

Andy Liu, Wolfe Research.

Andy Liu，Wolfe Research。

We covered good ground here. So I'll start on the storage side. So since you guys started the initiative to address the delinquencies here, seems like there's still some amount that you're working through in the quarter. So that's on the move-out side. But on the move-in side, I see kind of industry headline as well as some of the pure-play storage REITs kind of calling out that spring leasing season as it gained momentum. So I just want to get some color on what your thoughts are around how much of the evictions on the delinquency side that you have left here and when you can get back to kind of gaining occupancy from the momentum that we're seeing.

我們這裡已經談得很充分了。那我先從倉儲業務這邊開始。自從你們啟動這項用來處理逾期欠款的措施以來，看起來本季你們仍在消化一部分的案件。這是在退租（move-out）端。但在入住（move-in）端，我看到一些產業面的新聞標題，以及一些純倉儲 REIT 也提到春季租賃旺季正在增溫、動能在加速。所以我想請你們多分享一下：你們在逾期欠款這邊，還剩下多少需要透過驅離（evictions）來處理？以及你們何時能回到、從我們看到的這股動能中重新提升入住率（occupancy）？

Yes. The delinquency issue now is really an idiosyncratic issue to specific locations. System-wide, we're back to the system expectation, the system standard. So we went -- we took all of our pain in one quarter, cleaned every one out, had a little bit of an amnesty program for folks that we're letting that go on. And then now we're on program. So if I still see individual locations that are running higher than they should, but system-wide, our percentages are in line with our expectations.

是的。目前的逾期欠款問題，其實主要是特定據點的個別（idiosyncratic）問題。以全系統來看，我們已經回到系統的預期水準、系統標準。所以我們——我們把所有的痛一次集中在一個季度承擔，把每一個都清掉，並且對一些人做了小幅的寬限（amnesty）方案，讓那段時間的狀況先過去。而現在我們已經回到既定流程上了。所以如果我仍看到個別據點的比率高於應有水準，但以全系統來看，我們的百分比是符合我們的預期。

On the rent-up period, it's better year-over-year. But to give you a sense, I'm talking about a few thousand rooms. The pace has improved a few thousand rooms year-over-year. I'm not talking about $10,000 or $20,000 increase in pace. So we're still filling rooms. If you look at the locations that are rent up right now, we're probably depending upon the cohort, either year 1, year 2, or year 3 or somewhere between 5 to maybe 10 percentage occupancy points behind what we would normally expect. So we still have some ground to make up.

在出租爬坡期（rent-up period）方面，年對年是有改善的。但讓你有個概念，我講的是幾千間房（units）。年對年速度改善的是幾千間房的量級。我不是在講速度增加了 10,000 或 20,000 的那種幅度。所以我們仍在持續填補空房。如果你看目前正在爬坡出租的據點，可能依不同批次（cohort），在第 1 年、第 2 年、第 3 年，或介於其間，我們的入住率大概仍比正常預期落後 5 到可能 10 個百分點。所以我們還有一些差距需要補回來。

Got it. That's very helpful. And I think one thing that I wanted to appreciate is really, right, as you move out these delinquencies, I see it as the as a headwind of physical occupancy. That's reported, but if they weren't paying to begin with, right, I guess on a -- from an economic standpoint, you look to move someone out who wasn't paying to begin with, does it really impact as much? So I want to get a sense of how I should think about it as I look at the physical occupancy number that you report versus kind of maybe like an economic occupancy number because if you're moving out people who aren't paying and you're seeing improvement on the moving side, I guess, economically, I think it sheds a better picture than just the physical occupancy side, right?

了解。這很有幫助。另外我想確認的一點是：當你把這些逾期欠款的租戶移出時，我把它視為對「實體入住率」（physical occupancy）的逆風。這會反映在你們報告的數字上，但如果他們本來就沒在付錢，對吧，我想從——從經濟角度來看，把一個本來就不付錢的人移出，實際影響有那麼大嗎？所以我想了解：我應該如何看待你們報告的實體入住率數字，相對於某種「經濟入住率」（economic occupancy）的概念？因為如果你移出的是不付錢的人、同時入住端又在改善，我想在經濟上看起來會比單看實體入住率更好，對吧？

It's for customers that want to run storage from us, it's fantastic, right? They now have a whole bunch of more rooms, I forget the exact number, but 35,000 more units available to them to rent. So yes, some of our folks were fooling themselves looking at physical occupancy versus economic occupancy. We've now made sure that everyone is on what our program was, which was economic occupancy all along. And so I think we're in a much better spot with people not trying to fool themselves with the physical occupancy.

對於想跟我們租倉儲的客戶來說，這是非常棒的，對吧？他們現在有更多房間可租，我忘了確切數字，但大概多了 35,000 個單位可供出租。所以是的，我們有些人以前是在用實體入住率去自我安慰，忽略了經濟入住率。我們現在已經確保所有人都依照我們的制度運作，而那個制度從一開始就是以經濟入住率為準。因此我認為我們現在的狀況好很多，大家不再試圖用實體入住率來自我欺騙。

No, for sure, for sure. And then just one last one on kind of on the U-Box. I noticed that you guys report quarterly the number of U-Box colocations you have. I think it's been going up every quarter. But I'm looking for this quarter, it seems to be down. So I'm curious if there's anything interesting of note there.

沒錯，當然，當然。最後一個問題，關於 U-Box。我注意到你們每季都會披露 U-Box 的共置點（colocations）數量。我覺得它每季都在上升。但我看這一季，似乎是下降的。所以我想知道這裡是否有什麼值得注意的原因。

I still appreciate that you're going through our investor supplement and looking at that closely. Thank you. Yes, actually, it's a good question, and it's actually a sign of progress, and I'll explain why. So I'll break apart that number, which is our warehouse count versus what the customers see. So the U-Box availability for our customers is still near ubiquitous across all company-operated locations. They can pretty much get a U-Box at any company location, pick up and drop off.

我仍然很感謝你有仔細看我們的投資人補充資料（investor supplement）並且關注這些細節。謝謝。是的，這其實是個好問題，而且它其實是進展的跡象，我解釋一下原因。我先把那個數字拆開來看：一個是我們的倉庫數量，另一個是客戶實際感受到的可用性。對客戶而言，U-Box 的可用性在所有公司自營據點仍然幾乎是無所不在的。他們基本上在任何公司據點都可以取得 U-Box，並且取件與還件。

What we've been doing is we've been consolidating warehouse space. So when we first got into this business, we were kind of finally trying to find anywhere we could to store these containers. As you look at our supplement, you can see these new warehouses that we're building, they're storing 1,000 to maybe 2,000 containers. So what's happened is from -- I'll go from March of last year to March of this year, we've added 49 warehouses that have more than a 500-box capacity.

我們一直在做的是整併倉庫空間。所以當我們剛進入這個業務時，我們有點像是到處找任何能放這些箱體（containers）的地方。你看我們的補充資料就會看到我們正在興建的新倉庫，它們可以存放 1,000 到可能 2,000 個箱體。所以發生的情況是——我用去年 3 月到今年 3 月來說，我們新增了 49 個倉庫，而這些倉庫的容量都超過 500 個箱。

And then at the same time, we've reduced the number of warehouses that have less than 100 box capacity by, say, [160]. It's not that we're not serving any markets or pulling back, it's that we're trying to become a little bit more efficient with the storing and the shipping of these containers We've increased -- over that same time frame, I mentioned the number of containers that we can store inside warehouses has increased 53,000, maybe 52,000. So that's the story behind that number.

同時，我們把容量少於 100 個箱的倉庫數量減少了，大概[160] 個。這不是說我們不服務某些市場或在縮減，而是我們希望在存放與運輸這些箱體上更有效率。我們也增加了——在同一段期間內，我剛提到我們能在倉庫內存放的箱體數量增加了 53,000，可能是 52,000。所以這就是那個數字背後的故事。

Jeff Kauffman, Citizens Bank.

Jeff Kauffman，Citizens Bank。

Just a quick question. I was looking at the supplement, and you had a terrific slide in there talking about how, geez, if we could just get the occupancy up in storage, here's what can happen to operating profits. And I think the point here is you don't really need the market so much to improve is just kind of get back to where you want to be in some of these businesses. Can you talk about kind of the core businesses? And how tough is it to get 100 basis points of occupancy back? You were talking about being 500 basis points to 1,000 basis points off.

我有個簡短的問題。我在看補充資料時，你們裡面有一張很棒的投影片在談：天啊，如果我們能把倉儲的入住率拉上來，營業利益會變成什麼樣子。我想重點是：你們其實不太需要市場大幅改善，只要把某些業務拉回你們想要的水準就可以了。你能談談核心業務（core businesses）嗎？以及要把入住率拉回 100 個基點（basis points）有多難？你剛才提到你們落後了 500 個基點到 1,000 個基點。

And then on the moving and storage side, we know a lot of this issue is the depreciation and the losses on sale. It looks like you're going to anniversary the negative effect of the losses in this next quarter, that's different than generating a gain on sale. I understand that. But maybe talk about how far margins are off in that business once you get to a more normalized level in the market on depreciation levels and gain loss on sale as well.

另外在搬家與倉儲（moving and storage）這邊，我們知道很多問題來自折舊（depreciation）以及出售損失（losses on sale）。看起來你們在下一季就會進入「周年比較」（anniversary）而使出售損失的負面影響消退，但那和產生出售利益（gain on sale）是不同的，我理解。我明白。但也請談談：當市場在折舊水準以及出售損益回到較正常的狀態後，該業務的利潤率（margins）相較於正常水準仍差多少？

Great questions. You're probably going to have to refresh my memory on some of this. I'm sure I'm going to forget one of them. The first one was on storage revenue I think today, just a rough rule of thumb is for every 1% increase in occupied rooms for a 12-month period, it's just under a $14 million increase in revenue. So our year-over-year increase in occupied rooms, excluding the effect of this whole delinquency issue has been I think, around 25,000 -- plus 25,000 to 27,000 rooms, I think. So at that rate, it's going to take us a while. I should have the exact number, but I don't.

很好的問題。你可能得幫我喚起一下我對其中一些內容的記憶。我確定我會漏掉其中一個。第一個我想是關於倉儲營收；以一個粗略的經驗法則來看，在 12 個月期間內，已出租房間數每增加 1%，營收就會增加略低於 1,400 萬美元。因此，我們已出租房間數的年增（排除這整個逾期問題的影響）我想大約是 25,000 間——大概 25,000 到 27,000 間左右。所以以那個速度來看，我們還需要一段時間。我應該有確切數字，但我沒有。

What I'll say is we certainly should be capable of doubling that pace, plus 50,000 rooms. And on the margin question if nothing else were to get that much better, we would at least look better next year because from a comparable standpoint, it hasn't been a great year in fiscal '26.

我要說的是，我們當然應該有能力把那個速度加倍，也就是增加到 50,000 間以上。至於你問的利潤率（margin）問題，即使其他方面都沒有變得更好，從可比基期的角度來看，我們明年至少會看起來更好，因為 2026 財年並不是一個很好的年度。

So on the -- I mentioned the delinquency issue. We're going to lap that. So then the occupancy -- year-over-year occupancy numbers will look comparable and we won't have to try to explain that part. On the depreciation, we're going to -- we're on track to see the fleet depreciation decrease the second half of this year.

所以關於——我提到的逾期問題。我們會把那段影響「跨過去」（lap）。因此入住率——年對年入住率數字就會變得可比，我們也不必再試著解釋那一部分。至於折舊，我們——我們正按計畫在今年下半年看到車隊折舊下降。

On the disposal on equipment, I really don't want to prognosticate on whether or not we're going to get back to a gain this year. But what I will say is everything is set up for us to do better than we did last year. And then when you combine the 2, depreciation plus the gain, which we do in the financial statements, that should be a headwind -- a tailwind going into next year.

關於設備處分，我真的不想預測今年是否會回到處分收益（gain）。但我要說的是，一切都已就位，讓我們表現得比去年更好。然後當你把兩者結合起來——折舊加上處分收益（我們在財務報表中會合併呈現）——這應該會成為明年的一股阻力——一股順風（tailwind）。

On the repair and maintenance side of the equation, the fleet is in good shape. We certainly are in a position where we can prune some of the oldest part of the fleet, and that would have the biggest effect on the maintenance number next year or the year that we're in now coming up. And on liability costs, we've got a lot of people here focused on trying to manage that number. From our claims units to our general counsel team, everyone is focused on making sure that not only do we seize the growth in that, but we also start to try to reduce it.

在維修與保養這一塊，車隊狀況良好。我們確實處於可以修剪（汰換）車隊中最老舊部分的位置，而這將對明年或我們即將進入的這一年之維修數字產生最大影響。至於責任成本（liability costs），我們這裡有很多人專注在試著管理這個數字。從理賠單位到我們的總法律顧問團隊，每個人都專注於確保我們不僅抑制其成長，也開始嘗試降低它。

And we finally got back to the point where we think we're well reserved on that front. So I would be surprised if I saw next year get much worse outside of maybe an inflation number. So our EBITDA margin for last year for fiscal '26 was, I think, 29%. That's still probably 350 basis points off. And that -- so that's not even affected by depreciation. So we still have a ways to go and the majority of that being revenue.

而且我們終於回到我們認為在這方面準備金提列充足的狀態。所以除非可能出現通膨因素，否則如果我看到明年變得更糟，我會感到意外。所以我們去年的 EBITDA 利潤率（2026 財年）我想是 29%。這大概仍落後約 350 個基點。而且——這甚至還沒受到折舊影響。所以我們還有一段路要走，其中大部分在於營收。

Jamie Wilen, Wilen Company.

Jamie Wilen，Wilen Company。

Jason, I want to flag the shift in the capital allocation strategy. But I hope it's not a short-term thing. I mean Joe has always said that the key measure for the truck rental business is fleet utilization. And if we can reduce that denominator, that will help that there. And also if we can slow down the very fast build-out of self-storage for a while, which starts at 0% occupancy and obviously doesn't make any money for a few years, that would help the overall number. So I hope it's not just a short-term thing and like it was COVID induced and then we'll go back to overspending for a while.

Jason，我想提醒一下資本配置策略的轉變。但我希望這不是短期作法。我的意思是，Joe 一直說卡車租賃業務的關鍵衡量指標是車隊使用率（fleet utilization）。如果我們能降低那個分母，會有助於改善。另外，如果我們能暫時放慢自助倉儲非常快速的擴建速度——那是從 0% 入住率開始，而且顯然要好幾年才賺錢——也會有助於整體數字。所以我希望這不只是短期作法，不是像 COVID 造成的，然後我們又回到一段時間的過度支出。

I appreciate the feedback.

感謝你的回饋。

Secondly, I would wonder if we could revisit the idea of selling advertising on the side panels of our trucks. We have a couple of hundred thousand vehicles. And there's a lot of other companies out there. I mean, you can see the Waymo cars going around and they have ads on their fleet, which teams put the little logo for $1 million a year on New Jersey. We have a couple of hundred thousand trucks out there.

第二，我想知道我們是否可以重新檢視在我們卡車側板上販售廣告的想法。我們有幾十萬輛車。外面也有很多其他公司。我的意思是，你可以看到 Waymo 的車在路上跑，他們的車隊上就有廣告；有些球隊在新澤西放個小標誌一年就要 100 萬美元。我們有幾十萬輛卡車在外面。

And if we could just sell the side panels, I would think we could -- for $100 a month, we could rent them to a Coca-Cola, McDonald's or Wendy's or 7-Eleven. And if you wrap those numbers around the size of our truck fleet, we're looking at incremental profits of around $0.5 billion a year. And I would hope you could relook at it. I mean any time I would see $1 billion laying in the street, I think the thing is to go down and pick it up.

如果我們能把側板拿來賣，我想我們可以——以每月 100 美元的價格，把它們租給可口可樂、麥當勞、Wendy's 或 7-Eleven。如果把這些數字套用到我們車隊規模上，我們每年可望增加約 5 億美元的增量利潤。我希望你們能再看一次。我的意思是，任何時候我看到地上有 10 億美元，我覺得就該走過去把它撿起來。

Jamie, it's an interesting idea that obviously, we've thought about in the past and we tried to weigh the pros and the cons of that. Our view on that is that it would be a gain likely in the short term. Our challenge now is customer awareness of our product offerings. And we have excellent awareness of the rental equipment because people see it everywhere, and it's a clear brand imaging. What is less clear to customers is self-storage, moving supplies, U-Box and how all of those can be used together.

Jamie，這是個有趣的想法，我們過去顯然也想過，並且試著權衡其利弊。我們的看法是，短期內它可能會帶來收益。但我們現在的挑戰是讓客戶了解我們的產品組合。我們在租賃設備方面的知名度非常高，因為大家到處都看得到，而且品牌形象很清楚。但客戶比較不清楚的是自助倉儲、搬家用品、U-Box，以及這些如何一起搭配使用。

And I would say before we introduce something that could potentially confuse customers, irritate local communities and their zoning boards, I think we're trying to find ways to use the equipment in a better way to inform our customers of every other product offering that we have.

我會說，在我們導入可能讓客戶困惑、惹惱在地社區及其分區（zoning）委員會的東西之前，我想我們正試著找方法更好地利用這些設備，去告知客戶我們其他所有的產品服務。

I see that on the backs of the trucks, but on the side, it still says Cape Cod or visit wherever, and it's beautiful for the local company -- local communities, but we're spending millions of dollars a year just putting details, not promoting our product but promoting some city in this country.

我在卡車後面有看到，但在側面，仍然寫著 Cape Cod 或「造訪某某地方」，對在地公司——在地社區來說很漂亮，但我們每年花了數百萬美元只是放這些細節，並不是在推廣我們的產品，而是在推廣這個國家的某個城市。

Yes. We have a limited, very limited program where trucks that are transitioning into the for-sale fleet are used as advertisements, right, small businesses typically can use them out in front of their business as a billboard and storage inside, right? And that program has had limited success. But we've at least attempted to go down that path and look into it. Now that's full imaging, that's not partial imaging. I would be a little concerned about the confusion that it would cause customers and the potential issues that we'd have turning these into rolling billboards for everyone else and trying to explain that.

是的。我們有一個有限、非常有限的計畫：把正在轉入待售車隊的卡車用作廣告；對，小型企業通常可以把它們停在店門口當作看板，裡面也能用來儲物，對吧？而那個計畫的成效有限。但我們至少嘗試走過那條路並加以研究。不過那是全車包膜（full imaging），不是部分包膜。我會有點擔心這會讓客戶困惑，以及我們把這些車變成替所有其他人做的行動看板後，可能產生的問題，還有我們要如何解釋這件事。

I like rolling billboards. I think it's a nice profit business for us, but that's your decision. Okay. Appreciate the switching capital allocation. I think it's a wonderful room for the company. Thanks, Jason.

我喜歡行動看板。我覺得對我們來說是個不錯的獲利生意，但那是你們的決定。好的。感謝你們調整資本配置。我覺得這對公司是很棒的空間。謝謝你，Jason。

There are no further questions at this time. I will now turn the call over to the management team. Please continue.

目前沒有其他問題。我現在把電話交回管理團隊。請繼續。

Well, I appreciate everyone joining us for the call. I hope you enjoy the new website and the investor supplement. And we will speak to you again on August 6 for our first quarter earnings call. Thank you very much.

好的，感謝各位參加這通電話會議。希望各位喜歡新的網站和投資人補充資料。我們將在 8 月 6 日的第一季財報電話會議再與各位交流。非常感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。