聯合設備租賃 (URI) 2024 Q2 法說會逐字稿

Good morning and welcome to the United Rentals' investor conference call. Please be advised that this call is being recorded. Before we begin, please note that the company's press release, comments made on today's call and responses to your questions contain forward-looking statements.

早上好，歡迎參加聯合租賃公司的投資者電話會議。請注意，此通話正在錄音。在我們開始之前，請注意，該公司的新聞稿、對今天電話會議的評論以及對您問題的答复均包含前瞻性陳述。

The company's business and operations are subject to a variety of risks and uncertainties, many of which are beyond its control. And consequently, actual results may differ materially from those projected. A summary of these uncertainties is included in the Safe Harbor statement contained in the company's press release.

公司的業務和營運面臨各種風險和不確定因素，其中許多風險和不確定因素超出了公司的控制範圍。因此，實際結果可能與預測結果有重大差異。這些不確定性的摘要包含在公司新聞稿中的安全港聲明中。

For a more complete description of these and other possible risks, please refer to the company's annual report on Form 10-K for the year ended December 31, 2023, as well as to subsequent filings with the SEC. You can access these filings on the company's website at www.unitedrentals.com. Please note that United Rentals has no obligation and makes no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations.

有關這些風險和其他可能風險的更完整描述，請參閱本公司截至 2023 年 12 月 31 日的 10-K 表格年度報告以及隨後向 SEC 提交的文件。您可以在公司網站 www.unitedrentals.com 上存取這些文件。請注意，United Rentals 沒有義務也不承諾更新或公開發布對前瞻性陳述的任何修訂，以反映新資訊或後續事件、情況或預期變更。

You should also note that the company's press release and today's call include references to non-GAAP terms such as free cash flow, adjusted EPS, EBITDA and adjusted EBITDA. Please refer to the back of the company's recent investor presentations to see the reconciliation from each non-GAAP financial measure to the most comparable GAAP financial measure.

您還應該注意到，該公司的新聞稿和今天的電話會議引用了非公認會計原則術語，例如自由現金流、調整後每股收益、息稅折舊攤銷前利潤和調整後息稅折舊攤銷前利潤。請參閱公司最近的投資者簡報的背面，以了解每項非 GAAP 財務指標與最具可比性 GAAP 財務指標的對帳情況。

Speaking today for United Rentals is Matt Flannery, President and Chief Executive Officer; and Ted Grace, Chief Financial Officer. I will now turn the call over to Mr. Flannery. Mr. Flannery, you may begin.

今天，United Rentals 總裁兼執行長 Matt Flannery 發表講話。財務長泰德‧格雷斯 (Ted Grace)。我現在將把電話轉給弗蘭納裡先生。弗蘭納裡先生，您可以開始了。

Thank you, operator, and good morning, everyone. Thanks for joining our call. As you saw yesterday afternoon, we built upon our strong start to 2024 with another solid quarter. We're pleased with the growth, profitability, returns and free cash flow in the second quarter as the year continues to unfold in line with our expectations. Our reiterated guidance is further proof of this.

謝謝接線員，大家早安。感謝您加入我們的通話。正如您昨天下午所看到的，我們在 2024 年強勁開局的基礎上又實現了一個穩健的季度。我們對第二季的成長、獲利能力、回報和自由現金流感到滿意，因為這一年的發展繼續符合我們的預期。我們重申的指導意見進一步證明了這一點。

And of course, the key to these results is our team's diligence in providing our full offering across GenRent and specialty, coupled with a steadfast commitment to safety, operational excellence and innovation. Without the hard work of our 27,000-plus employees, the results we'll be discussing this morning would not have been possible.

當然，取得這些成果的關鍵在於我們的團隊努力提供 GenRent 和專業領域的全套產品，以及對安全、卓越營運和創新的堅定承諾。如果沒有我們 27,000 多名員工的辛勤工作，我們今天早上討論的結果就不可能實現。

On our first-quarter call, we discussed that we've doubled down on being the best partner for our customers. And this unwavering focus on the customer is critical and drives our strategy every day, whether in our go-to-market approach, our value proposition or in our investment decisions.

在第一季的電話會議上，我們討論了我們已加倍努力成為客戶的最佳合作夥伴。這種對客戶堅定不移的關注至關重要，無論是在我們的市場進入方法、價值主張或投資決策中，它每天都推動著我們的策略。

We've built a diversified business model that enables us to serve our customers with broadened relationships and generate shareholder value. I'm pleased with how far we've come as a company over the last decade and for the opportunities ahead.

我們建立了多元化的業務模式，使我們能夠透過擴大關係來服務客戶並創造股東價值。我對我們公司在過去十年中所取得的進步以及未來的機會感到滿意。

Today, I'll discuss our second-quarter results, our expectations for 2024 and what gives me confidence that United Rentals will continue to win in the marketplace. And then Ted will discuss the financials in detail before we open up the call for Q&A. So let's start with the second-quarter results.

今天，我將討論我們的第二季業績、我們對 2024 年的預期，以及是什麼讓我對 United Rentals 將繼續在市場上獲勝充滿信心。然後，在我們開始問答之前，特德將詳細討論財務狀況。讓我們從第二季的業績開始。

Our total revenue grew by 6% year over year to $3.8 billion. And within this, rental revenue grew 8% to $3.2 billion, both second-quarter records. Fleet productivity increased by 4.6%, supported by continued industry discipline.

我們的總收入年增 6%，達到 38 億美元。其中，租金收入成長 8%，達到 32 億美元，均創第二季紀錄。在持續的行業紀律的支持下，車隊生產力提高了 4.6%。

Adjusted EBITDA increased to a second-quarter record of almost $1.8 billion, translating to a margin of nearly 47%. And adjusted EPS grew by 8% to $10.70, another second-quarter record. Now let's turn to customer activity.

第二季調整後 EBITDA 增至近 18 億美元，創歷史新高，利潤率接近 47%。調整後每股收益成長 8%，達到 10.70 美元，再創第二季紀錄。現在讓我們轉向客戶活動。

We saw growth in both our GenRent and specialty businesses. And within specialty, we continue to see growth across all product offerings. In fact, even excluding the benefit of Yak, specialty rental grew 18% year over year. Additionally, we opened 27 specialty cold starts, which puts us at 42 year-to-date, and we remain on track to open at least 50 this year.

我們看到了 GenRent 和專業業務的成長。在專業領域，我們繼續看到所有產品的成長。事實上，即使排除犛牛的好處，專業租金也比去年同期成長了 18%。此外，我們還開設了 27 家專業冷啟動店，今年迄今已開設 42 家，今年我們仍有望開設至少 50 家。

By vertical, we saw growth across both construction led by non-res and our industrial end markets, with particular strength in manufacturing. It will come as no surprise that we saw multiple new projects in the quarter across data centers, utilities, healthcare, battery manufacturing and infrastructure. And if you're a soccer fan, you'll be excited to know that Freedom Park in Miami kicked off as well.

從垂直方向來看，我們看到非資源主導的建築業和工業終端市場均出現成長，其中製造業尤其強勁。毫不奇怪，我們在本季看到了資料中心、公用事業、醫療保健、電池製造和基礎設施領域的多個新項目。如果您是足球迷，您會很高興知道邁阿密自由公園也開幕了。

Additionally, the used market remains healthy, allowing us to sell a second-quarter record amount of OEC. We believe the demand for used equipment will remain strong and still expect to generate around $1.5 billion of proceeds this year.

此外，二手市場保持健康，使我們能夠在第二季度銷售創紀錄的 OEC 數量。我們相信對二手設備的需求將保持強勁，預計今年仍將產生約 15 億美元的收益。

Turning to CapEx, we spent $1.4 billion in the second quarter in line with our expectations as we added fleet to meet the seasonal uptick in customer activity. For the full year, our CapEx guide remains unchanged.

談到資本支出，我們在第二季度支出了 14 億美元，符合我們的預期，因為我們增加了機隊以滿足客戶活動的季節性成長。全年來看，我們的資本支出指南保持不變。

Subsequently, year-to-date free cash flow was nearly $1.1 billion. We continue to see our strong cash generation as a key differentiator and remain confident in our ability to produce over $2 billion this year. And as you've heard me say before, our flexible business model, coupled with our industry-leading profitability, enables us to drive positive free cash flow throughout a cycle and support long-term value creation for our shareholders.

隨後，年初至今的自由現金流接近 11 億美元。我們仍然將強勁的現金產生視為關鍵的差異化因素，並對我們今年創造超過 20 億美元的能力充滿信心。正如您之前聽我說過的，我們靈活的商業模式，加上行業領先的盈利能力，使我們能夠在整個週期內推動積極的自由現金流，並支持為股東創造長期價值。

Now turning to capital allocation, we returned $484 million to shareholders in the quarter via share buybacks and our dividend. Our balance sheet is in excellent shape, and we continue to plan to return nearly $2 billion to shareholders this year.

現在轉向資本配置，本季我們透過股票回購和股利向股東返還 4.84 億美元。我們的資產負債表狀況良好，今年我們繼續計劃向股東返還近 20 億美元。

The theme you've heard consistently so far today is that 2024 is playing out as we originally expected. As you saw from our updated guidance, we narrowed the range of expectations for revenue and EBITDA with the midpoint unchanged while keeping CapEx and free cash flow intact.

今天到目前為止，您一直聽到的主題是 2024 年正在如我們最初預期的那樣發展。正如您從我們更新的指導中看到的那樣，我們縮小了收入和 EBITDA 的預期範圍，中點不變，同時保持資本支出和自由現金流不變。

But let's step back from the remainder of this year and look at what gives us conviction in our business even further out. First, we remain diligent in leveraging our unique value proposition as we work through the myriad of tailwinds we've discussed many times.

但讓我們回顧一下今年剩餘的時間，看看是什麼讓我們對未來的業務充滿信心。首先，在克服我們多次討論過的無數不利因素的同時，我們仍然努力利用我們獨特的價值主張。

In fact, we've been successful in each area. The outlook for large infrastructure projects, ship manufacturing, autos and energy and power all remain positive. Data center construction has also been an area of focus, and we will continue to win in this vertical as well.

事實上，我們在每個領域都取得了成功。大型基礎設施項目、船舶製造、汽車以及能源和電力的前景仍然樂觀。資料中心建置也是我們關注的領域，我們也將繼續在這個垂直領域中取得勝利。

All of these type of projects play into our one-stop shop offering and are great examples of United Rentals having all business units accounted for as we help solve more of our customers' problems. As an example, last month, I visited a large data center project we had recently won.

所有這些類型的專案都參與我們的一站式服務，並且是 United Rentals 考慮所有業務部門的很好例子，因為我們幫助解決更多客戶的問題。舉個例子，上個月，我參觀了我們最近贏得的一個大型資料中心計畫。

Beyond providing the core GenRent and specialty products that might immediately jump to your mind, whether that be dirt, aerial, power or trench, we're also supporting their safety and security requirements. We're providing secured access to the site with our advanced turnstiles and access control systems, in addition to educating workers with our United Academy safety training.

除了提供您可能會立即想到的核心 GenRent 和專業產品（無論是泥土、空中、電力還是溝渠）之外，我們還支持他們的安全和安保要求。除了透過聯合學院安全培訓對工人進行教育外，我們還利用先進的十字轉門和門禁系統提供安全的現場存取。

Our experience and ability to help them solve their logistics from soup to nuts, differentiate us in the marketplace and allow us to further strengthen our customer relationship. Second, we continue to grow with new products. Our acquisition of Yak, which has now been part of the United Rentals family for over four months, is a perfect example of this.

我們的經驗和能力幫助他們解決從頭到尾的物流問題，使我們在市場上脫穎而出，並使我們能夠進一步加強我們的客戶關係。其次，我們透過新產品不斷成長。我們對 Yak 的收購就是一個完美的例子，它現在已成為 United Rentals 家族的一部分已有四個多月了。

The integration is well underway and progressing on track. And this is a textbook example of how we can leverage our existing customer relationships to accelerate growth for the new product. And finally, we work with our customers to ensure we are their partner of choice.

整合工作正在順利進行，並且步入正軌。這是我們如何利用現有客戶關係來加速新產品成長的教科書範例。最後，我們與客戶合作，確保我們成為他們的首選合作夥伴。

This is enabled by our 1UR culture and is augmented by the investments we continue to make in technology. Our size and scale allow us to invest aggressively in both customer-facing technology, such as telematics and Total Control, as well as internal technology that drives operating efficiencies across logistics, fleet management and repair and maintenance. And when put to task and working together, these investments allow us to further entangle ourselves with our customers, thus enabling future growth.

這得益於我們的 1UR 文化，並透過我們持續進行的技術投資而加強。我們的規模和規模使我們能夠積極投資於面向客戶的技術，例如遠端資訊處理和全面控制，以及提高物流、車隊管理以及維修和維護營運效率的內部技術。當我們投入任務並共同努力時，這些投資使我們能夠進一步與客戶建立聯繫，從而實現未來的成長。

So to wrap things up, we're happy with how 2024 is playing out. And we're confident that our extensive competitive advantages, combined with our flexible and resilient business model, allow us to drive profitable growth, strong free cash flow and compelling shareholder value.

總而言之，我們對 2024 年的進展感到滿意。我們相信，我們廣泛的競爭優勢，加上靈活且有彈性的業務模式，使我們能夠推動獲利成長、強勁的自由現金流和引人注目的股東價值。

And with that, I'll hand the call over to Ted before we take your questions. Ted, over to you.

在我們回答你的問題之前，我會將電話轉給特德。泰德，交給你了。

Thanks, Matt, and good morning, everyone. As Matt highlighted, Q2 played out as expected, with healthy demand and strong execution, driving record second -quarter revenue, EBITDA and EPS.

謝謝馬特，大家早安。正如馬特所強調的那樣，第二季度的表現符合預期，健康的需求和強勁的執行力推動第二季度收入、息稅折舊攤銷前利潤 (EBITDA) 和每股收益 (EPS) 創歷史新高。

Looking forward, our reaffirmed guidance at the midpoint for total revenue, EBITDA, CapEx and free cash flow reflects our continued confidence in delivering another year of solid growth, strong profitability, healthy returns and significant free cash flow. As importantly, we remain focused on prudently allocating capital to drive shareholder value.

展望未來，我們重申總收入、息稅折舊攤銷前利潤、資本支出和自由現金流處於中點的指導反映了我們對實現又一年的穩健增長、強勁盈利能力、健康回報和可觀自由現金流的持續信心。同樣重要的是，我們仍然專注於審慎分配資本以提高股東價值。

So with that, let's jump into the numbers. Second-quarter rental revenue was a record $3.215 billion. That's a year-on-year increase of $234 million or 7.8%, supported by growth in key verticals and large projects. Within rental revenue, OER increased by $143 million or 5.8%.

那麼，讓我們開始討論數字。第二季租金收入達到創紀錄的 32.15 億美元。得益於關鍵垂直產業和大型專案的成長，年增 2.34 億美元，即 7.8%。在租金收入中，OER 增加了 1.43 億美元，即 5.8%。

Growth in our average fleet size contributed 2.7% to OER, while fleet productivity added 4.6%, partially offset by assumed fleet inflation of 1.5%. Also within rental, ancillary and re-rent revenues were higher by $91 million or 17.5%.

我們平均機隊規模的成長為 OER 貢獻了 2.7%，而機隊生產力增加了 4.6%，部分被假設的機隊通膨 1.5% 所抵消。同樣在租金方面，輔助和再租金收入增加了 9,100 萬美元，即 17.5%。

Turning to our used results, second-quarter proceeds of $365 million were in line with expectations at a healthy adjusted margin of 51.8%. The strength and depth of the market were evident in the fact that we sold a second-quarter record amount of OEC at a robust recovery rate of 59%, in line with first-quarter levels.

就我們使用的結果而言，第二季收益為 3.65 億美元，符合預期，調整後利潤率為 51.8%。市場的實力和深度顯而易見，第二季 OEC 銷量創歷史新高，回收率高達 59%，與第一季水準一致。

Moving to EBITDA, adjusted EBITDA was a second-quarter record at $1.77 billion, translating to an increase of $74 million or 4.4%. Within this, rental contributed $127 million year on year. Outside of rental and similar to the first quarter, used sales were a $30 million headwind to adjusted EBITDA driven by the ongoing normalization of the used market that we've discussed over the last several quarters.

至於 EBITDA，第二季調整後 EBITDA 達到 17.7 億美元，創歷史新高，增加 7,400 萬美元，成長 4.4%。其中，租金較去年同期貢獻1.27億美元。除了租賃之外，與第一季類似，由於我們在過去幾季討論過的二手市場持續正常化的推動，二手銷售對調整後的 EBITDA 造成了 3000 萬美元的阻力。

SG&A increased $23 million year on year, reflecting a larger business but was consistent with year-ago levels as a percentage of sales. And finally, the EBITDA contribution from other lines of nonrental business were flat year on year. Looking at second-quarter profitability, our adjusted EBITDA margin was in line with expectations at 46.9%.

SG&A 年增 2,300 萬美元，反映業務規模擴大，但佔銷售額的百分比與去年同期水準一致。最後，其他非租賃業務線的 EBITDA 貢獻較去年同期持平。從第二季的獲利能力來看，我們調整後的 EBITDA 利潤率為 46.9%，符合預期。

The 80 basis points of year-on-year compression was almost entirely due to the used dynamics I just discussed. Excluding the impact of used, our second-quarter margin was down just 10 basis points with implied flow-through of 44%. And finally, our adjusted earnings per share increased 8% to a second-quarter record of $10.70.

同比壓縮 80 個基點幾乎完全歸因於我剛才討論的所使用的動態。排除二手貨的影響，我們第二季的利潤率僅下降了 10 個基點，隱含流量為 44%。最後，我們的調整後每股收益成長了 8%，達到第二季最高的記錄 10.70 美元。

Shifting to CapEx, gross rental CapEx was $1.4 billion, which is in line with our forecast and historical seasonality. Turning to returns and free cash flow, our return on invested capital of 13.5% remained well above our weighted average cost of capital, while year-to-date free cash flow totaled $1.065 billion.

轉向資本支出，總租金資本支出為 14 億美元，符合我們的預測和歷史季節性。就回報和自由現金流而言，我們 13.5% 的投資資本回報率仍遠高於加權平均資本成本，而年初至今的自由現金流總額為 10.65 億美元。

Our balance sheet remains very strong with net leverage of 1.8 times at the end of June and total liquidity of almost $3.3 billion. I'll add that we continue to have no long-term note maturities until 2027 and a very distributed tower thereafter.

我們的資產負債表仍然非常強勁，截至 6 月底的淨槓桿率為 1.8 倍，總流動性接近 33 億美元。我要補充的是，直到 2027 年，我們仍然沒有長期票據到期日，此後將有一個非常分散的塔。

And all of this was after returning a record $969 million to shareholders year to date, including $219 million via dividends and $750 million through repurchases. I'll add, this has reduced our share count by over 1.1 million shares since January.

所有這一切都是在年初至今向股東返還創紀錄的 9.69 億美元之後實現的，其中包括 2.19 億美元的股息和 7.5 億美元的回購。我要補充一點，自 1 月以來，這已使我們的股票數量減少了超過 110 萬股。

Now let's shift to the updated guidance we shared last night, which reflects our confidence in delivering another year of solid results. As previously mentioned, we are maintaining the midpoints for all metrics while narrowing the ranges for both revenue and EBITDA as we normally do at this time of the year.

現在讓我們轉向昨晚分享的更新指導，這反映了我們對在新一年取得紮實成果的信心。如前所述，我們將維持所有指標的中點，同時縮小收入和 EBITDA 的範圍，就像我們通常在每年這個時候所做的那樣。

In terms of specifics, for total revenue, we've narrowed our guidance to a range of $15.05 billion to $15.35 billion, implying total revenue full-year growth of just over 6% at midpoint. Within this, I'll note that our used sales guidance is unchanged at roughly $1.5 billion of proceeds on approximately $2.5 billion of OEC sold.

具體而言，對於總收入，我們將指引縮小至 150.5 億美元至 153.5 億美元，這意味著全年總收入中點成長率略高於 6%。其中，我要指出的是，我們的二手銷售指引保持不變，即出售約 25 億美元的 OEC 後收益約為 15 億美元。

On adjusted EBITDA, we've narrowed the range to $7.09 billion to $7.24 billion. I'll note that our guidance for gross CapEx, net CapEx and free cash flow are all unchanged. And importantly, we are still committed to returning a record $1.9 billion to shareholders this year, which translates to almost $30 per share or a current return of capital yield of about 4%.

就調整後 EBITDA 而言，我們將範圍縮小至 70.9 億美元至 72.4 億美元。我要指出的是，我們對總資本支出、淨資本支出和自由現金流的指導都保持不變。重要的是，我們仍然致力於今年向股東返還創紀錄的 19 億美元，相當於每股近 30 美元，或當前資本收益率約為 4%。

So with that, let me turn the call over to the operator for Q&A. Operator, please open the line.

那麼，讓我把電話轉給接線生進行問答。接線員，請開通線路。

(Operator Instructions) David Raso, Evercore ISI.

（操作員說明）David Raso，Evercore ISI。

Hi, thank you for the time. The question relates sort of to the interplay between GenRent rental revenue growth versus specialty. It caught my ear when you said thinking about growth further out, right, kind of beyond this year.

你好，謝謝你的時間。這個問題在某種程度上與 GenRent 租金收入成長與專業服務之間的互動有關。當你說考慮進一步增長時，我聽到了，對吧，有點超越今年。

So just thinking about specialty has gone just in the last five years from 20% of total rental revenues to now over 30%, right? And GenRent this quarter, even year to date, right, it's pretty much flatlining. So I'm just trying to think about how much GenRent could fall, and specialty can offset it, right? The simple math of, if GenRent is 70%, specialty is 30%.

因此，僅考慮專業服務就在過去五年中從佔總租金收入的 20% 上升到現在的 30% 以上，對嗎？GenRent 這個季度，甚至今年迄今為止，幾乎持平。所以我只是想考慮 GenRent 可能會下跌多少，而專業可以抵消它，對嗎？簡單計算一下，如果 GenRent 是 70%，那麼專業就是 30%。

GenRent can fall 5%, as long as specialty is growing 10%; we're still flat, right? So that's sort of the spirit of the question. So I guess, directly, GenRent rental revenues, do we expect those to go negative in the second half of the year now that we're sort of flatlining in 2Q and specialty is the offset?

GenRent 可以下跌 5%，只要專業成長 10%；我們仍然持平，對吧？這就是問題的實質所在。因此，我直接猜測 GenRent 的租金收入，既然我們在第二季度趨於平緩，而專業業務則抵消了這一收入，那麼我們是否預計下半年這些收入將出現負數？

I know specialty has some Yak in it, but even just kind of thinking of it organically, right? Because you have implied in the second-half rental revenues probably still growing, call it, 7.5%, 8% in the context of the whole company growing 6% revenues in the back half.

我知道特色菜中有一些犛牛，但即使只是有機地思考它，對嗎？因為你暗示下半年租金收入可能仍在成長，在整個公司下半年營收成長 6% 的背景下，可以稱之為 7.5%、8%。

So can you speak to GenRent trends? Should we expect those to go negative, and specialty kind of carries the ship? Just curious how you're thinking about that. Thank you.

能談談 GenRent 的趨勢嗎？我們是否應該期望這些結果為負，專業類型會帶來影響？只是好奇你怎麼想的。謝謝。

Sure, Dave. This is Matt. So we certainly -- it's not our goal, and we're not going to predict quarters by segment. But it's certainly not our goal for our GenRent to go negative. That being said, our GenRent business is much more impacted by the local market dynamics, right, as opposed to specialty, where we don't have that local market penetration for those products.

當然，戴夫。這是馬特。所以我們當然——這不是我們的目標，我們不會按細分市場預測季度。但我們的目標絕對不是讓 GenRent 變成負值。話雖這麼說，我們的 GenRent 業務受當地市場動態的影響更大，對吧，而不是專業業務，因為我們在這些產品上沒有本地市場滲透率。

And think about our specialty business -- and we're very pleased with the growth of specialty, both organically and with Yak with the M&A -- that they are really tailored to broader needs. So when we can sell our one-stop shop to a customer, think about that advantage that we have on big jobs and big customers, which is a but much higher profile of specialty's overall revenue.

想想我們的特種業務——我們對特種業務的成長感到非常高興，無論是有機成長還是 Yak 的併購——它們確實是針對更廣泛的需求量身定制的。因此，當我們可以將一站式商店出售給客戶時，請考慮我們在大工作和大客戶方面的優勢，這是專業整體收入的更高比例。

So I think that's really the dynamic that's playing through and not unexpected for us. We put most of our growth CapEx into specialty this year, and you could see our cold starts. So we know we have more room for penetration for specialty.

所以我認為這確實是正在發生的動態，對我們來說並不令人意外。今年我們將大部分成長資本支出投入專業領域，你可以看到我們的冷啟動。所以我們知道我們在專業領域有更大的滲透空間。

And it's just supported even more so by the major project work and the tailwinds that we've talked about. Really backfilling some of the challenges in certain local markets where that local activity is just not as high as it was and certainly impacting GenRent and specialty.

我們所討論的主要項目工作和順風車也為它提供了更多支持。確實填補了某些當地市場的一些挑戰，這些市場的當地活動並不像以前那麼頻繁，並且肯定會影響 GenRent 和專業服務。

Well, that's what I'm trying to think through, right? Everybody is just trying to figure out, Matt, like how much does the sort of softness in the underbelly of the market from typical rate impact lag now starting to slow some general projects and how large you are now in specialty.

嗯，這就是我正在思考的問題，對嗎？馬特，每個人都想弄清楚，市場底部的那種疲軟程度，從典型的利率影響滯後開始減緩一些一般項目，以及你現在在專業領域的規模有多大。

The visibility on specialty, I assume, is also pretty tethered as well to some of the mega projects. Your confidence in your visibility in specialty can kind of carry the show. And at the same time, the gross margins are a lot higher in specialty, right?

我認為，專業的知名度也與一些大型專案息息相關。你對自己在專業領域的知名度的信心可以在某種程度上推動這場演出。同時，特種產品的毛利率要高得多，對嗎？

Could we actually see a mix shift that helps your gross margin? So it's sort of a -- like you're lined up better to serve the mega projects; specialty, it's bigger. So that's how you can kind of offset GenRent being down. And does that actually translate into a better mix just given the gross margin profile?

我們真的能看到有助於提高毛利率的混合轉變嗎？所以這有點像——就像你更好地為大型專案服務一樣；專業，規模更大。這就是你可以抵消 GenRent 下滑的影響。考慮到毛利率狀況，這實際上是否會轉化為更好的組合？

Theoretically, absolutely, right? And there's -- one of the reasons why we continue to focus on specialty and why we started this journey almost 15 years ago now, right, when we first started our first trench business units.

理論上，絕對是這樣，對嗎？這就是我們繼續專注於專業以及為什麼我們在大約 15 年前開始這一旅程的原因之一，對吧，當我們第一次開始我們的第一個溝槽業務部門時。

So we're -- you're thinking about it in the right way. The only thing I wanted to clarify is we still need to respond to our customers and what the demand is and make sure we have the right fleet in all of our businesses, GenRent as well, for what demand is coming. So we do feel this is a transient year.

所以我們——你正在以正確的方式思考這個問題。我唯一想澄清的是，我們仍然需要對客戶和需求做出回應，並確保我們的所有業務（包括 GenRent）擁有合適的車隊來滿足即將到來的需求。所以我們確實覺得今年是短暫的一年。

We'll worry about the future as we get to the tail end of this year. But if you remember, when we gave our guidance in January, we expected this local market challenge to be there. And so there was a bit of a transition year that we were feeling that was going to be coming in the local market.

當我們到今年年底時，我們會擔心未來。但如果您還記得，當我們在一月份給出指導時，我們預計會出現本地市場挑戰。因此，我們感覺本地市場將迎來一個過渡年。

And we'll react to the demands that our customers have. And specialty can, certainly, be a boon to not just margins, but more customer entanglement.

我們將對客戶的需求做出反應。當然，專業化不僅可以增加利潤，還可以增加更多的客戶關係。

All right. I appreciate the conversation. Thank you.

好的。我很欣賞這次談話。謝謝。

Thanks, Dave.

謝謝，戴夫。

Rob Wertheimer, Melius Research.

羅布‧韋特海默，Melius 研究中心。

Hey, everybody. And thanks for the comments, Matt, on GenRent. I guess, you sort of saw it was coming, and it's coming. I had a couple of questions around that as well.

嘿，大家。感謝 Matt 對 GenRent 的評論。我想，你已經看到它即將到來，而且它即將到來。我也有幾個問題。

And one is, just big picture, what's your strategy around -- are you still gaining share? Are you looking to gain share in a market that's a little bit flattening? Is the smaller end of the market actually down? You guys are flattish. Is the smaller end of the market down?

一是，從大局來看，你的策略是什麼──你還在獲得份額嗎？您是否希望在一個趨於平緩的市場中獲得份額？市場規模較小的一端真的在下降嗎？你們都是扁人啊市場規模較小的一端是否正在下滑？

So just sort of thinking about, historically, you've outgrown flat markets. Is that kind of what's going on now, and is that the desire?

所以想想，從歷史上看，你已經超越了平坦的市場。這就是現在正在發生的事情嗎？

Yeah. We certainly don't believe that we're giving up any market share. But frankly, we don't set market share goals. But just by definition, you'd have to believe that we think there are certainly some markets that are down in the local market business.

是的。我們當然不認為我們會放棄任何市場份額。但坦白說，我們沒有設定市場佔有率目標。但根據定義，您必須相信我們認為本地市場業務肯定有一些市場正在下滑。

Fortunately, because we saw this in advance, we didn't burden those branches with extra fleet. And I actually think the industry is doing a good job managing through this. And I think you see that in the metrics that are playing through.

幸運的是，因為我們提前看到了這一點，所以我們沒有給這些分支機構增加額外的機隊負擔。事實上，我認為該行業在這方面做得很好。我認為您可以從正在執行的指標中看到這一點。

So we're really pleased with our level of support for the work that is there in every market, including some local markets that are growing. The fungibility of our assets allows us to flex that, which has really been good. So we don't set market share goals, but we certainly don't think we're ceding any market share. And the most important thing is, with the targeted customers that we focus on, we do feel we're gaining share.

因此，我們對每個市場（包括一些正在成長的本地市場）的工作支援水準感到非常滿意。我們資產的可替代性使我們能夠靈活運用這一點，這確實很好。因此，我們沒有設定市場佔有率目標，但我們當然不認為我們正在放棄任何市場佔有率。最重要的是，對於我們關注的目標客戶，我們確實感覺我們正在獲得份額。

Perfect. And then if I could just follow up, I mean, the local market is part of the GenRent. But I guess, it includes some megas and everything else as well.

完美的。如果我可以跟進的話，我的意思是，本地市場是 GenRent 的一部分。但我想，它還包括一些巨型和其他一切。

So is the curve of mega projects still going within that segment? And the lull that you kind of talked about this year, does that get offset by the wave that's still flowing in from those megas or by normal interest rate dynamics, lower rates, and more project starts, and so forth? I'll stop there.

那麼大型專案的曲線是否仍在該細分市場內？你提到的今年的平靜是否會被那些大型企業仍在湧入的浪潮或正常的利率動態、較低的利率和更多的專案啟動等所抵消？我就到此為止。

Yeah. So when we think about local market growth, we're not including the mega projects in that, right, so as we're talking about that dynamic. But as you can imagine, where there's lots of activity going on, there's going to be feeder plants, there's going to be other work going on around there, which supports it.

是的。因此，當我們考慮本地市場成長時，我們並沒有將大型專案納入，對吧，所以當我們談論這種動態時。但正如你可以想像的那樣，哪裡有很多活動正在進行，哪裡就會有飼養場，那裡就會有其他工作正在進行，以支持它。

And then the opposite, if you're in an oil and gas market right now, there's probably not a lot of activity, extra activity going around the local market. Because we all know oil and gas is one of the examples of an area that continues to struggle. So it ties, Rob, but the way we look at it, we look at our large projects and large customers in a different segmentation than we do the local market.

相反，如果你現在處於石油​​和天然氣市場，當地市場可能沒有太多活動、額外活動。因為我們都知道石油和天然氣是持續陷入困境的領域的例子之一。所以，羅布，這是有聯繫的，但我們看待它的方式是，我們以與本地市場不同的細分來看待我們的大型專案和大客戶。

Thanks.

謝謝。

Thanks.

謝謝。

Tim Thein, Raymond James.

提姆泰恩，雷蒙詹姆斯。

Thank you. Good morning. Matt, maybe I'll start with the kind of thinking about the components of fleet productivity and specifically, the expectation coming into the year that maybe you could hold time flat. And I don't remember if that was on a pro forma or an as reported comp versus '23.

謝謝。早安.馬特，也許我會先考慮車隊生產力的組成部分，特別是進入這一年的預期，也許你可以保持時間不變。我不記得那是在備考中還是在報道中與 23 相比。

But just going back to the comments on GenRent and if GenRent revenues were up just under 1%, but the fleet grew in total, closer to 3%, obviously, that suggests some component of time, rate and/or inflation acting as a headwind. So maybe just your -- any change to the expectation for the full year, again, just given the -- a little bit of softness on the local market dynamics that we've discussed.

但回到對 GenRent 的評論，如果 GenRent 收入增長略低於 1%，但車隊總數增長，接近 3%，顯然，這表明時間、費率和/或通貨膨脹的某些組成部分起到了逆風作用。因此，也許只是你對全年預期的任何改變，再次考慮到我們已經討論過的當地市場動態的一點疲軟。

Yeah. Sure, Tim. So your memory is correct, right? We did talk about trying to match last year's time utilization with this year, which would make the time component of the fleet productivity neutral. And that's what we've been able to do. And that's kind of -- that expectation is embedded in our guidance as we look forward.

是的。當然，提姆。那麼你的記憶是正確的，對嗎？我們確實談到了嘗試將去年的時間利用率與今年相匹配，這將使車隊生產力的時間組成部分保持中性。這就是我們已經能夠做到的。在我們展望未來的過程中，這種期望已融入我們的指導中。

So when you think about qualitatively -- we won't give them quantitatively -- but qualitatively, the other components are -- we said in January, that rate would be a good guide, would be positive. And we continue to see that, and we continue to see that through our peers, which is great news that shows that industry discipline.

因此，當你考慮定性時 - 我們不會定量地給出它們 - 但定性地講，其他組成部分 - 我們在一月份說過，該比率將是一個很好的指導，將是積極的。我們繼續看到這一點，並且我們繼續透過同行看到這一點，這是表明行業紀律的好消息。

And then the variability being in mix, so that's an output of a lot of different things. So we don't forecast it. But I would call time neutral, meaning we were able to achieve last year's level of time utilization, which we are pleased about. Rate, a good guide; and the variability to where we end up with fleet productivity will be more in the mix component.

然後混合中存在可變性，因此這是許多不同事物的輸出。所以我們不預測它。但我認為時間是中立的，這意味著我們能夠達到去年的時間利用率水平，對此我們感到很高興。評分，好指南；我們最終車隊生產力的可變性將更多地體現在混合部分。

Okay, got it. And then maybe just a comment on the M&A pipeline. And just given the prospects of some potential change in tax policy on the horizon, I'm just curious, A, domestically, what you've seen in terms of discussions and how the M&A pipeline is shaping up here.

好，知道了。然後也許只是對併購管道的評論。考慮到稅收政策即將發生一些潛在變化的前景，我只是好奇，A，在國內，你們在討論中看到了什麼，以及這裡的併購管道是如何形成的。

And then the international story has never been one of significance, but I've noticed two smaller deals in the last couple of months. Has the thought process changed around international growth more broadly?

然後，國際故事從來就不具有重要意義，但我注意到過去幾個月發生了兩筆較小的交易。關於國際成長的思考過程是否發生了更廣泛的變化？

Yeah. So I'll take the first part first. The pipeline remains robust, right? I mean, we've been -- and has been for a couple of years. There's plenty of activity both for specialty and GenRent businesses.

是的。所以我先講第一部分。管道仍然強勁，對吧？我的意思是，我們已經這樣了，而且已經這樣好幾年了。專業企業和 GenRent 企業都有大量活動。

And you guys know what our prioritization is. If we get to see a new product offering like we did with Yak, right, that's in our sweet spot, that's primary. We think we can really be a better owner of businesses like that and selling it through our network.

你們知道我們的優先事項是什麼。如果我們看到像 Yak 那樣的新產品，那麼這就是我們的最佳選擇，這是首要的。我們認為我們確實可以成為此類企業的更好所有者，並透過我們的網路進行銷售。

And then specialty, overall, we continue to look for more growth, more penetration there because we do have more opportunity for -- to build density there. And then -- but even in our GenRent, if we need capacity in a certain market and there's a good deal to be had, we've shown in the past that we'll strike there. So that pipeline continues to be broad and robust.

然後是專業，總的來說，我們繼續在那裡尋求更多的成長、更多的滲透，因為我們確實有更多的機會在那裡建立密度。然後 - 但即使在我們的 GenRent 中，如果我們需要某個市場的容量並且有很好的交易，我們過去已經表明我們會在那裡出擊。因此，該管道仍然廣泛且強大。

And thinking about the international, we did recently close a deal in Australia. We have an international toehold right now, right? We have a business in Europe that we added a small tool business to at the end of last year. That dynamic was just strictly a tuck-in to the existing business we have there, selling into the same niche industrial markets and customers that we were selling into.

考慮到國際市場，我們最近確實在澳洲達成了一項協議。我們現在已經有了國際立足點，對嗎？我們在歐洲有一個業務，去年年底我們在其中增加了一個小型工具業務。這種動態只是嚴格融入我們現有的業務，向與我們銷售產品相同的利基工業市場和客戶銷售產品。

And our team there earned that, right, to get some of the support for their growth, and that was great. Australia is a little bit of a different story. I was able to spend some time there earlier this year, and the team there is doing a great job.

我們的團隊贏得了這一點，是的，為他們的成長獲得了一些支持，這很棒。澳洲的情況略有不同。今年早些時候我在那裡待了一段時間，那裡的團隊做得很好。

And we saw some opportunity to broaden our product offering there. And there may be the opportunity one day to run more of the United Rentals play in Australia. We're not all the way there yet. But this is definitely a jump into supporting the growth of that business there with some M&A and with a target that we think is a really good fit for the organization.

我們在那裡看到了一些擴大我們產品範圍的機會。有一天，聯合租賃公司可能有機會在澳洲經營更多的比賽。我們還沒有完全實現這一目標。但這絕對是透過一些併購和我們認為非常適合該組織的目標來支持該業務成長的一個跳躍。

Got it. Thank you, Matt.

知道了。謝謝你，馬特。

Thanks, Tim.

謝謝，蒂姆。

Jamie Cook, Truist Securities.

傑米庫克 (Jamie Cook)，Truist 證券公司。

Hi, good morning. I guess, my first question, Ted, just sort of longer term, your incremental margins for 2024 are below your targeted range, which we understand why, with some of the spend and used headwinds. But what type of environment do we need to see for United Rentals to get back to its targeted incrementals? I mean, do we need a double-digit top line?

早安.我想，我的第一個問題，特德，從長遠來看，您 2024 年的增量利潤低於您的目標範圍，我們理解原因，因為存在一些支出和使用的不利因素。但聯合租賃公司需要什麼樣的環境才能恢復其目標增量呢？我的意思是，我們需要兩位數的頂線嗎？

I'm wondering if we have single-digit growth next year with sort of used headwinds, easing to the point of specialty becomes a larger versus the GenRent that's a positive and with some of these acquisitions getting integrated. I'm just wondering what we need to see there to get the -- a more normalized -- can we get back to the targeted incremental? Thanks.

我想知道明年我們是否會在遇到逆風的情況下實現個位數增長，與 GenRent 相比，放鬆到專業化的程度會變得更大，這是積極的，而且其中一些收購正在整合。我只是想知道我們需要在那裡看到什麼才能獲得——更加規範化——我們可以回到目標增量嗎？謝謝。

Sure. Thanks for the question, Jamie. So there's obviously a lot that goes into incrementals. So without saying the obvious or stating the obvious, obviously, relative growth does matter, right; growing, whether you want to say, 5, 10 or 15 drives different levels of fixed cost absorption. But obviously, the composition of that growth matters a lot if you think about rate versus volume.

當然。謝謝你的提問，傑米。顯然，增量涉及很多內容。因此，不用說顯而易見的事情，也不必說顯而易見的事情，很明顯，相對增長確實很重要，對吧；成長，無論你想說 5、10 或 15，都會推動不同程度的固定成本吸收。但顯然，如果你考慮成長率與數量，那麼成長的組成就非常重要。

And so it's hard to say what kind of growth you need to kind of drive lift in flow-through. And there's obviously the consideration of costs on top of that. If you think about this year, we're looking at what we think is healthy growth, mid-single digits overall.

因此，很難說你需要什麼樣的成長來推動流通量的提升。除此之外，顯然還需要考慮成本。如果您考慮今年，我們將看到我們認為的健康成長，總體為中個位數。

You'd point to flat margins in a year where, frankly, we're making some important investments that we've talked about, both on the cold start side and technology. So that kind of illustrates the importance of how you think about costs.

你會指出這一年的利潤率持平，坦白說，我們正在進行一些我們已經討論過的重要投資，無論是在冷啟動方面還是在技術方面。這說明如何看待成本的重要性。

So we absolutely task ourselves to driving kind of strong cost discipline, margin lift in some environments and under some conditions depending on where you're making investments, that can be easier or not as easy.

因此，我們絕對要求自己在某些環境和某些條件下推動嚴格的成本控制和利潤提升，這取決於您在哪裡進行投資，這可能更容易，也可能不那麼容易。

So I don't know that we want to get pinned down on what kind of top-line growth you need to see for all the reasons I just went through. But what I can say is we have and we'll always have an incredible focus on driving as efficient operations as possible to drive attractive profitability.

因此，出於我剛剛經歷過的所有原因，我不知道我們是否想要確定您需要看到什麼樣的營收成長。但我可以說的是，我們已經並將永遠專注於推動盡可能高效的運營，以提高有吸引力的盈利能力。

Okay. Thank you very much.

好的。非常感謝。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Yes, hi. Good morning, everyone.

是的，嗨。大家，早安。

Hey, good morning, Jerry.

嘿，早上好，傑瑞。

Hi. I'm wondering if you can talk about the 18% organic growth in specialty, Matt. How broad-based is that? And what are the stronger parts of the portfolio that's above that average, if you're willing to comment? And is it fair to assume that specialty as a mix of the CapEx plan has moved up over the course of the year?

你好。馬特，我想知道您是否可以談談專業領域 18% 的有機成長。其基礎有多廣？如果您願意發表評論，那麼投資組合中高於平均的較強部分是什麼？假設專業作為資本支出計畫的組合在這一年中有所上升，是否公平？

Yeah. Sure, Jerry. We're pleased -- and I said in my opening remarks -- we saw growth across all the product offerings in specialty, right? You can imagine the couple that have been the largest growers -- let's leave the Yak aside for now, right?

是的。當然，傑瑞。我們很高興——我在開場白中說過——我們看到了所有專業產品的成長，對嗎？你可以想像這對夫婦是最大的種植者——我們暫時把犛牛放在一邊，對吧？

But even the 18% standalone growth without the Yak influence, mobile storage, where we talked about our commitment to doubling the size of that business within five years, is growing strong. Power continues to be strong growth.

但即使在沒有 Yak 影響的情況下，行動儲存的獨立成長率為 18%，我們承諾在五年內將業務規模擴大一倍，但行動儲存仍在強勁成長。動力持續強勁成長。

But we're seeing it in our trench and fluid businesses as well. So it's across the board. And I think that's really important. And I think it also points to the cross-sell opportunities that we have on large projects and large customers.

但我們在我們的戰壕和流動業務中也看到了這一點。所以這是全面的。我認為這非常重要。我認為這也顯示了我們在大型專案和大客戶上擁有的交叉銷售機會。

Like I said in the opening remarks, every business unit is accounted for on these big jobs. And we do a really good job making sure we're selling that full value prop. And I think that's helped drive a lot of this growth.

正如我在開場白中所說，每個業務部門都承擔這些重大工作。我們做得非常好，確保我們出售的是全值道具。我認為這在很大程度上推動了這種成長。

Super. And on Yak, can you just talk about what the developments have been under your ownership? Obviously, you folks have advanced pricing tools and logistics tools. Can you just talk about how that integration has gone, and any surprises and opportunities as you've owned the business for a number of months now?

極好的。關於 Yak，您能談談您所擁有的開發案嗎？顯然，你們擁有先進的定價工具和物流工具。您能否談談整合的進展情況，以及您擁有該公司幾個月後遇到的任何驚喜和機會？

Yeah. So the first surprise -- not really surprise but great -- pleased to acknowledge that this was a really strong team. We understand why they were a leader in the space of this product. And we believe what we really bring to the table is our network, right, our ability to fund their growth, distribute their growth across our network and our customer base.

是的。所以第一個驚喜——不是真正的驚喜，而是很棒——很高興地承認這是一支非常強大的團隊。我們理解為什麼他們是該產品領域的領導者。我們相信，我們真正帶來的是我們的網絡，對吧，我們為他們的成長提供資金、在我們的網絡和客戶群中分配他們的成長的能力。

So they were -- they're a little bit capital constrained for their growth. And frankly, really good, have a lot of technology built in to support the customer already in that business in logistics. And we think bringing in some of our tools and our network and help grow that business.

所以他們的成長受到了一些資本的限制。坦白說，真的很好，內建了很多技術來支援物流業務中的客戶。我們認為引入我們的一些工具和網路有助於發展該業務。

So -- but I don't want to -- this was not a broken business. Actually, they're quite good at what they do. They just need more support, and we're looking forward to doubling this business over the next five years as well.

所以——但我不想——這並不是一家破產的公司。事實上，他們很擅長他們所做的事情。他們只是需要更多的支持，我們期待在未來五年內將這項業務翻倍。

Great. Thanks, Matt.

偉大的。謝謝，馬特。

Thanks, Jerry.

謝謝，傑瑞。

Michael Feniger, Bank of America.

麥可費尼格，美國銀行。

Yeah. Hey, good morning, everyone. Thanks for taking my question. Just, Matt, obviously, the last few weeks, there's been some incremental negative data points around non-res construction in the industrial economy.

是的。嘿，大家早安。感謝您提出我的問題。只是，馬特，顯然，過去幾週，工業經濟中的非資源建設出現了一些增量負面數據點。

You guys have kept the midpoint of your guide. Some of your peers had to revise their outlook. Are you guys observing that incremental weakness? Or are you guys just being more nimble, kind of moving fleet from weak areas to stronger areas? Is that fleet movement higher than normal than you guys have seen in the past?

你們已經保持了指南的中點。你的一些同行不得不改變他們的觀點。你們注意到這種逐漸增加的弱點了嗎？或者你們只是變得更加靈活，將艦隊從薄弱地區轉移到更強地區？艦隊的活動比你們過去看到的還要高嗎？

No, we're seeing -- as we said, we're seeing the year play out as expected. So we're not really seeing any concerns. And I know there's been concerns and questions we've been getting about the mega project flow. Large projects come and go.

不，我們看到——正如我們所說，我們看到今年的情況如預期一樣。所以我們並沒有真正看到任何擔憂。我知道我們一直對大型專案流程有擔憂和疑問。大型專案來來去去。

You heard me talk about the Miami soccer stadium in my opening remarks. Remember, last year, we were talking about that was one of the, quote-unquote, cancellations or holds. So there's an ebb and flow to these projects that is normal for us. We've been doing major projects for a long time. So maybe we already had a little bit of that expectation built in.

你聽到我在開場白中談到了邁阿密足球場。請記住，去年，我們談論的是取消或保留之一。因此，這些項目的潮起潮落對我們來說是正常的。我們長期以來一直在做重大專案。所以也許我們已經有了一點這樣的期望。

But we're very pleased with the pipeline. And we think the back half of the year is going to look very similar to what we had here in Q2. The other part of the fleet movement, once again, we've been moving -- we've been supporting projects like this for a while.

但我們對管道非常滿意。我們認為今年下半年的情況將與第二季非常相似。艦隊運動的另一部分，我們再次一直在行動——我們支持這樣的計畫已經有一段時間了。

But this is an area where I think our density actually helps. The fact that we have a lot of fungible assets and a broadly distributed network means we've probably got most of the fleet we're going to need for any project somewhere within a reasonable distance of the area. So I do think that helps us on logistics, and it's a great part of the business model and why scale matters.

但我認為我們的密度確實在這個領域有所幫助。事實上，我們擁有大量可替代資產和廣泛分佈的網絡，這意味著我們可能在該區域合理距離內的某個地方擁有任何項目所需的大部分車隊。所以我確實認為這對我們的物流有幫助，這是商業模式的重要組成部分，也是規模為何如此重要的原因。

And Mike, the one thing I might add is, obviously, there are data points that everybody is looking at. And I know people struggle to make heads or tails with them. When we think about what our customers are telling us, they continue to be positive, right?

麥克，我要補充的一件事是，顯然，每個人都在關註一些數據點。我知道人們很難用它們來做出正確的判斷。當我們思考客戶告訴我們的內容時，他們仍然保持積極態度，對吧？

And to us, that's much more telling than a given data point that tends to have a lot of volatility. So when we talk to our customers and we talk to the field, that's really what underpins kind of our outlook.

對我們來說，這比往往波動很大的給定數據點更能說明問題。因此，當我們與客戶和現場交談時，這確實是我們前景的基礎。

And maybe just a follow-up with that, Ted, just when you speak to your customers, I'm curious -- as we're potentially going into a rate-easing cycle, there's been some downturns where an easing cycle takes quite a few -- takes time to really see that pipeline fill.

也許只是後續行動，特德，當你與你的客戶交談時，我很好奇——因為我們可能會進入利率寬鬆週期，所以出現了一些經濟低迷，寬鬆週期需要相當長的時間很少——需要時間才能真正看到管道填充。

I'm curious with this backdrop right now, with some of these mega projects, with what you're seeing already with the competition and your customers, what do you think an easing cycle starts to look like in terms of really seeing that sensitivity to filling that pipeline up in the local markets or continuing that momentum on the mega project side? Thank you.

我對現在的背景很好奇，對於其中一些大型項目，以及您已經在競爭對手和客戶中看到的情況，您認為寬鬆週期開始是什麼樣子，真正看到對填補當地市場的管道，還是在大型專案方面繼續這種勢頭？謝謝。

I think -- our thought is sentiment matters as much as anything. And so the anticipation of a more constructive rate environment likely helps spur activity. In terms of trying to calculate a lag, I'm not sure anybody has got to model it, does that effectively.

我認為——我們的想法是情緒比任何事情都重要。因此，對更具建設性的利率環境的預期可能有助於刺激經濟活動。在嘗試計算滯後方面，我不確定是否有人必須對其進行建模，並有效地做到這一點。

But certainly, if you look at how equity and credit markets have traded the last month or so, there's certainly the expectation that the Fed is going to start easing, right? If you think about how the market started to discount rate cuts, in the US, you're looking at about 2.7 cuts between now and year-end. That number was probably 1.6, even 1.5 months ago.

但當然，如果你看看上個月左右股票和信貸市場的交易情況，肯定會預期聯準會將開始寬鬆，對吧？如果您考慮市場如何開始對美國降息貼現，那麼從現在到年底，您會看到大約 2.7 次降息。這個數字可能是 1.6，甚至 1.5 個月前。

And if you look at next year, the expectation is you're going to get north of 1 point of cuts in Fed funds. And obviously, in Canada -- I'm sure everybody has seen -- but Canada has now started to cut. They've cut 0.5 point in the last two months. So I think when you think about customers thinking about cost of capital and the direction of the economy, they're becoming more encouraged. And that to us is a positive.

如果你看看明年，預計聯邦基金將削減 1 個百分點。顯然，在加拿大——我相信每個人都已經看到了——但加拿大現在已經開始削減開支。他們在過去兩個月降低了 0.5 個百分點。所以我認為，當你想到客戶考慮資本成本和經濟方向時，他們會變得更加受到鼓舞。這對我們來說是積極的。

Yeah. And I would add that, remember, these tailwinds that we've talked about that we always expected would backfill any softness in some of the verticals within non-res, are multiyear tailwinds.

是的。我想補充一點，請記住，我們一直期望的這些順風將填補非資源中某些垂直領域的任何疲軟，這是多年的順風。

So you could see this type of -- regardless to how long it takes for the local business to start building up and showing more green shoots again, and we do think that Fed cuts will assist that. We've got a good pipeline of work in the tailwinds that we've talked about.

所以你可以看到這種類型——無論當地企業需要多長時間才能開始建立並再次出現更多的萌芽，我們確實認為聯準會的降息將有助於這一點。正如我們所討論的，我們已經在順風順水的情況下開展了一系列良好的工作。

Thank you.

謝謝。

Tami Zakaria, JPMorgan.

塔米·扎卡里亞，摩根大通。

Hi, good morning; Tami Zakaria. Great to be on the call, and thanks for the time. So I just wanted to confirm. I know you discussed time utilization rate and mix to Tim's question earlier.

早安;塔米·扎卡里亞.很高興接到電話，感謝您抽空。所以我只是想確認一下。我知道您之前討論過時間利用率和混合蒂姆的問題。

But overall fleet productivity, do you still expect that to remain positive for the year? And related to that, should we expect Yak to be adding about 160 basis points to productivity for the rest of the year? Or is there seasonality to think about?

但整體機隊生產力，您仍預計今年將維持正值嗎？與此相關的是，我們是否應該預期 Yak 在今年剩餘時間內將生產力提高約 160 個基點？或是否有季節性需要考慮？

Yes, Tami, this is Matt. So we -- to the latter part of your question, there could be some seasonality there. It could be a little more. We're going to -- you're not going to have to do a lot of work on that. We're going to call that out separately each quarter until we lap Yak. So we'll let you know what it is with or without Yak.

是的，塔米，這是馬特。所以，對於你問題的後半部分，可能會有一些季節性。可能會多一點。我們將會——你不需要為此做很多工作。我們將每個季度單獨宣布這一點，直到我們圈住犛牛。所以我們會讓你知道有或沒有犛牛的情況。

And as far as to your first question, we do expect fleet productivity to be positive in every quarter this year. That was something we committed to in January, and I'm really pleased to see the team executing on that. And we still have that expectation, and that's what's embedded in our guidance.

至於你的第一個問題，我們確實預期今年每季的車隊生產力都會保持正值。這是我們在一月份做出的承諾，我很高興看到團隊正在執行這項任務。我們仍然抱持這種期望，這就是我們的指導方針中所包含的內容。

Got it. One more question. Thank you for the answer. For used equipment margin weakness this quarter, can you speak to what you're seeing in the third quarter, quarter to date? Have things stabilized or remained sort of under pressure? And how much headwind should we think about from this in the second half versus the $30 million you called out in 2Q?

知道了。還有一個問題。謝謝你的回答。對於本季二手設備利潤率疲軟的情況，您能談談您在第三季、本季迄今所看到的情況嗎？事情已經穩定下來還是仍然處於壓力之下？與您在第二季度呼籲的 3000 萬美元相比，我們下半年應該考慮多少阻力？

Yeah. So I don't think we've characterized the margin weakness as a function of the market. This is just ongoing normalization coming out of the really extraordinary period, '22, that started to normalize in '23 and is continuing in '24.

是的。因此，我認為我們並未將利潤率疲軟描述為市場的函數。這只是真正的非同尋常時期「22」帶來的持續正常化，該時期在「23」開始正常化，並在「24」繼續正常化。

So Tami, just as a reminder, historically, we've recovered about $0.50 to $0.55 on the dollar selling assets. In 2022, that got as high as $0.74. At the time, we said that that was unsustainable and really a function of the perfect storm with much better-than-expected demand and, obviously, supply chain challenges.

塔米，提醒一下，從歷史上看，我們透過出售美元資產收回了約 0.50 至 0.55 美元。2022 年，這一數字高達 0.74 美元。當時，我們說這是不可持續的，實際上是完美風暴的結果，需求遠好於預期，而且顯然還面臨供應鏈挑戰。

We then said we thought that would start the process of normalizing in '23. You saw that kind of mean revert a little bit. We got $0.66 on the dollar last year. And this year, we think we'll get something around $0.60. That's where we've kind of been in the last two quarters.

然後我們說我們認為這將在 23 年開始正常化。你看到那種均值回歸了一點。去年我們每美元兌換 0.66 美元。今年，我們認為我們會得到 0.60 美元左右的價格。這就是我們過去兩個季度的情況。

So we don't think it's rate pressure per se. We think it's this ongoing normalization. Those margins also remain well above historical norms. So we feel very good about that. We don't comment intra-quarter. But certainly, you can see in our guidance, in my prepared remarks, we talked about $1.5 billion of proceeds and about $2.5 billion of OEC, which would underpin that $0.60 on the dollar.

因此，我們認為這本身並不是利率壓力。我們認為這是持續的正常化。這些利潤率也仍遠高於歷史正常水準。所以我們對此感覺非常好。我們不對季度內發表評論。但當然，你可以在我們的指導中看到，在我準備好的演講中，我們談到了 15 億美元的收益和約 25 億美元的 OEC，這將支撐 0.60 美元的美元匯率。

So demand has been very strong there. And frankly, we'd say those recovery rates have held in very well and reflect the strength of that demand. And I think that's another sign of the health of our customer. We had a second-quarter record amount of OEC we sold into the market.

所以那裡的需求非常強勁。坦白說，我們認為這些回收率保持得很好，反映了需求的強度。我認為這是我們客戶健康狀況的另一個跡象。我們在第二季向市場銷售的 OEC 數量創歷史新高。

Got it. That's very helpful. Thank you.

知道了。這非常有幫助。謝謝。

Thanks, Tami.

謝謝，塔米。

Kyle Menges, Citigroup.

凱爾門格斯，花旗集團。

Thank you. Following up on Tami's question on the used market, just what's giving you confidence that the used market will remain strong for the remainder of this year?

謝謝。繼塔米關於二手市場的問題之後，是什麼讓您相信二手市場將在今年剩餘時間內保持強勁？

And then, second part of the question, I noticed that the mix of specialty as a percentage of the new and used sales picked up in this quarter. So should we expect that to continue for the remainder of the year and maybe even into 2025? And should we assume that that's a positive mix impact to the used and new sales margins?

然後，在問題的第二部分，我注意到本季專業產品佔新銷售和二手銷售的百分比有所上升。那麼我們是否應該預期這種情況會持續到今年剩餘時間，甚至可能持續到 2025 年？我們是否應該假設這對舊的和新的銷售利潤產生正面的綜合影響？

So taking the first question, Kyle, I think a big part of business confidence is obviously that year-to-date resulting in line with our expectations, knowing kind of what customer activity is. And so there's nothing that would suggest we're kind of deviating from our expectations.

因此，關於第一個問題，凱爾，我認為商業信心的很大一部分顯然是今年迄今為止的結果符合我們的預期，了解客戶活動是什麼。因此，沒有任何跡象表明我們偏離了我們的期望。

And you come back to customer confidence in their own expectations looking out as we ask them. So certainly, if we saw a deviation there, we'd start to ask questions why we're not. And so I think those things come together to support our views of the used market.

當我們提出要求時，您就會回到客戶對自己期望的信心。所以當然，如果我們發現其中有偏差，我們就會開始問為什麼我們沒有。因此，我認為這些因素結合在一起可以支持我們對二手市場的看法。

In terms of the mix, there's just a natural ebb and flow. I don't know that we want to get into kind of trying to forecast one variable or another. But obviously, we've been very pleased with the results.

就混合而言，只有自然的潮起潮落。我不知道我們是否想要嘗試預測一個或另一個變數。但顯然，我們對結果非常滿意。

Makes sense. Thanks. And then could you just talk a little bit about where your fleet age is at the end of the quarter and if you'd still like to bring that down a little bit? Like what's a comfortable target range for the fleet age?

說得通。謝謝。然後您能否談談您的機隊年齡在本季度末的情況以及您是否仍想將其降低一點？例如機隊時代的舒適目標範圍是多少？

Sure. So I think we're a little over 51 months in the quarter. So that's -- from the peak during COVID, it's probably down four months. I'll remind people that when you look at that 51, there are a couple of structural changes there versus pre-COVID levels.

當然。所以我認為本季已經超過 51 個月了。也就是說，與新冠疫情期間的高峰相比，它可能下降了四個月。我要提醒人們，當你查看這 51 個數字時，會發現與新冠疫情之前的水平相比，存在一些結構性變化。

One was the acquisition of General Finance, which added about two months. And the other was the acquisition of Baker right ahead of the COVID period that added about 1 month, 1.5 months. So if you were to adjust for structural changes to product mix, that average age is probably something in the 47, 48 months, which is very comfortable.

其中之一是收購了 General Finance，這增加了大約兩個月的時間。另一個是在新冠疫情爆發之前收購了 Baker，這使得時間增加了約 1 個月、1.5 個月。因此，如果根據產品組合的結構性變化進行調整，平均年齡可能在 47、48 個月左右，這是非常舒適的。

We've long talked about fleet age as really more of a risk management strategy. In a prospective downturn, we'd want to be able to age the fleet 12 months, right? It's just kind of a way to hedge ourselves and protect cash flow.

我們長期以來一直將機隊年齡視為一種風險管理策略。在預期的經濟低迷時期，我們希望能夠使機隊老化 12 個月，對吧？這只是對沖自己和保護現金流的一種方式。

So we are now at the point where we feel like we could very comfortably age the fleet 12 months in that kind of scenario, not the plan. But we're not trying to engineer for a given fleet age. It's really an output of decisions we make. So I don't know if that helps, Kyle. We can dig in deeper there, if you'd like.

因此，我們現在認為，在這種情況下，我們可以輕鬆地將機隊老化 12 個月，而不是按照計劃。但我們並不是要針對給定的機隊年齡進行設計。這其實是我們所做的決定的結果。所以我不知道這是否有幫助，凱爾。如果您願意，我們可以在那裡進行更深入的研究。

That's helpful. Thank you.

這很有幫助。謝謝。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Thanks for taking my question. Matt, I just wanted to kind of follow up with that and also on some comments you made earlier about just your fleet, I guess, that you have and your ability to kind of move product around maybe away from some of the local markets.

感謝您提出我的問題。馬特，我只是想跟進這一點，以及您之前對您的車隊發表的一些評論，我想您有能力將產品從一些當地市場轉移出去。

Just -- you left your CapEx unchanged. And as you think about having the fleet age at a place where you can essentially kind of age it a little bit or in a good spot, plus the fact that you have the ability to move product from other areas, I guess, can you talk about the decision to perhaps keep CapEx unchanged in the -- versus perhaps kind of lowering that and utilizing what's maybe being impacted in the local markets?

只是——你的資本支出保持不變。當你考慮讓機隊老化在一個地方，你基本上可以稍微老化一點或在一個好地方，加上你有能力從其他地區轉移產品的事實，我想，你能談談嗎關於可能保持資本支出不變的決定—而不是降低資本支出並利用當地市場可能受到影響的因素？

Yeah. So first, let me clarify. We have no goal to age our fleet. What Ted was pointing to is we have that opportunity when thinking about is your fleet age at the right place. We always like to leave that dry powder. We have no expectation of needing to use that dry powder any time soon.

是的。首先，讓我澄清一下。我們沒有讓機隊老化的目標。泰德指出的是，當考慮到您的機隊年齡處於正確的位置時，我們就有機會。我們總是喜歡留下乾粉。我們預計不會很快需要使用這種乾粉。

And the reason that we're continuing on with our CapEx is because the team is putting it to work. As we've stated earlier, our fleet productivity is positive. We -- the demand, as you can see from our guide, we expect to be as expected.

我們繼續進行資本支出的原因是團隊正在將其付諸實踐。正如我們之前所說，我們的機隊生產力是正面的。正如您從我們的指南中看到的那樣，我們預計需求將達到預期。

So there's really not a reason why we would then try to age our fleet forcefully and cut CapEx. Because we believe in the future growth prospects of the business. And the CapEx is warranted because that's what the customers' demand is.

因此，我們確實沒有理由嘗試強制老化我們的機隊並削減資本支出。因為我們相信企業未來的成長前景。資本支出是有保證的，因為這就是客戶的需求。

As you can imagine, a big portion of that is replacement CapEx, right? And we talked about that. About $3 billion of the CapEx is inflation adjusted to replace a 2.5 we expect to sell. And then on top of that, you can imagine within the growth CapEx that's really feeding the cold starts and the growth of specialty primarily, which is -- continues to be a good story for us.

正如您可以想像的那樣，其中很大一部分是替換資本支出，對吧？我們談到了這一點。大約 30 億美元的資本支出經過通貨膨脹調整，以取代我們預計出售的 2.5 美元。最重要的是，你可以想像在成長的資本支出中，這確實促進了冷啟動和專業成長，這對我們來說仍然是一個好故事。

Very helpful. Thank you. And maybe just to kind of clarify, there was a discussion around the neutral utilization for the year.

很有幫助。謝謝。也許只是為了澄清一下，圍繞今年的中性利用率進行了討論。

Could you just talk about that on the second-half versus first-half basis? And also kind of putting it in context of kind of longer term, I believe you've kind of essentially normalized to where you think it will kind of remain, so just in the dynamic of where we were in the first half versus second half.

能談談下半場和上半場的情況嗎？而且從更長遠的角度來看，我相信你基本上已經正常化到你認為它將保持的位置，所以只是在我們上半場與下半場的動態中。

Yeah, what we said in January maintained. We expect time utilization -- our goal is to match last year's time utilization, which got to a good strong rate and at a healthy level. And that will remain our goal. We don't really see -- we're not going to forecast it numerically by half. But we don't see any need to adjust our thoughts. And therefore, that's why we're able to reiterate our guidance.

是的，我們一月份所說的仍然有效。我們預計時間利用率——我們的目標是與去年的時間利用率相匹配，去年的時間利用率達到了良好的強勁水平並處於健康的水平。這仍然是我們的目標。我們並沒有真正看到——我們不會在數字上預測它的一半。但我們認為沒有必要調整我們的想法。因此，這就是我們能夠重申我們的指導的原因。

Understood. Thank you.

明白了。謝謝。

Thanks, Angel.

謝謝，天使。

Steven Fisher, UBS.

史蒂文費雪，瑞銀。

Thanks. Good morning. So your positioning on large projects is clearly providing a variety of benefits this year. I'm just curious, how active is the bid pipeline for the next round of large projects?

謝謝。早安.因此，今年您對大型專案的定位顯然會帶來多種好處。我只是好奇，下一輪大型專案的投標管道有多活躍？

Wondering how much visibility you have on those projects for the next year or so at this point? And how do you think those next projects are going to be different from what we've seen so far in terms of maybe the verticals or the size or duration or anything like that? Thanks.

想知道您對明年左右的這些項目有多少了解？您認為接下來的項目在垂直方向、規模、持續時間或類似方面與我們迄今為止所看到的項目有何不同？謝謝。

Yeah, Steve. So I think one of the key things to remind people is these large -- we have equipment on projects right now that started in 2022. So these are long-lived projects, the mega projects that are going on. So we expect this to be a multiyear tailwind.

是的，史蒂夫。因此，我認為要提醒人們的關鍵事情之一是這些大型專案——我們現在在 2022 年啟動的專案上擁有設備。所以這些都是長期項目，是正在進行的大型項目。因此，我們預計這將是多年的順風車。

We're not really getting into bid pipelines or all that. We view some of that as competitive information. But I think you guys all see and hear what's coming out of the ground and what's expected. And we feel good that this is a multiyear tailwind. That's probably the way that I would characterize that.

我們並沒有真正進入投標管道之類的。我們將其中一些視為競爭資訊。但我想你們都看到並聽到了正在發生的事情以及所期待的事情。我們很高興這是一輛多年的順風車。這可能就是我的描述方式。

And I think we're well positioned, with the history of our relationships with the customers that are doing this type of work and the broad product offering, to take advantage of this. And once again, I see this as a multiyear tailwind.

我認為，憑藉我們與從事此類工作的客戶的關係歷史以及廣泛的產品供應，我們處於有利地位，可以利用這一點。我再次將其視為多年的順風車。

Okay. That's helpful. And then the 44% flow-through ex-used, I think, compared to about 54% in Q1, just curious what drove the reduction in that flow-through in Q2 versus Q1?

好的。這很有幫助。然後，我認為與第一季的約 54% 相比，44% 的流通量已被使用，只是好奇是什麼導致第二季度與第一季的流通量減少？

Was it the impact of going from 15 cold starts in Q1 to 27, or are there extra logistics costs to redirect fleet around? And how should we think about the kind of the flow-through that you have implied embedded in the second half of the year relative to the 44% in Q2?

是因為冷啟動從第一季的 15 次增加到 27 次的影響，還是需要額外的物流成本來重新調整車隊？我們應該如何看待您所暗示的下半年的流量（相對於第二季的 44%）？

Sure. Steve, I'll take that one. So, one, I'll just remind you, quarter to quarter, there's a lot of sensitivity to these calculations. And certainly, in this kind of growth environment, that's very true. You saw we delivered kind of in-line profitability this quarter and the first quarter. We reaffirmed guidance. So all this is playing out as expected. I think it's important to start there.

當然。史蒂夫，我要那個。因此，我只想提醒您，每個季度，這些計算都非常敏感。當然，在這種成長環境中，這是非常正確的。您看到我們在本季和第一季實現了一定的獲利能力。我們重申了指導意見。所以這一切都在預期中進行。我認為從這裡開始很重要。

If you look at what's implied in the back half, it's kind of not dissimilar to what we did in the second quarter, right? You're going to have flow-through in that mid-40s ex-used. We've talked about ex-used having -- targeting flat margins for the year. That was the expectation; that remains the expectations.

如果你看看後半部分的含義，你會發現這與我們在第二季度所做的並沒有什麼不同，對吧？你將會在 40 多歲的時候經歷過流經。我們已經討論過以前的目標是今年的利潤率持平。這正是我們的期望；這仍然是期望。

In terms of sequentially, cold starts are part of it. We talked about those investments we're making. We talked about technology investments we're making. And so it is that kind of making progress on those two programs, specifically, that continues in the back half.

就順序而言，冷啟動是其中的一部分。我們討論了我們正在進行的那些投資。我們討論了我們正在進行的技術投資。因此，這兩個項目取得的進展，特別是在後半段仍在繼續。

Perfect. Thank you.

完美的。謝謝。

Thanks, Steve.

謝謝，史蒂夫。

Neil Tyler, Redburn.

尼爾泰勒，雷德伯恩。

Yes, thank you. Good morning. A couple left, please. Just I suppose touching on the previous question around the cadence of cold starts, was it always the intention to front-load those, or has that altered slightly?

是的，謝謝。早安.剩下一對夫婦，請。我想觸及之前關於冷啟動節奏的問題，是否總是有意提前加載這些，或者是否略有改變？

And then the second question, just coming back to the used comments you made, Ted, is there anything to be done or being done in terms of channel shift that you've been able to achieve or intend to achieve to maximize the return on that used fleet? Thank you.

然後是第二個問題，回到你所發表的評論，特德，在渠道轉變方面，你已經能夠實現或打算實現哪些工作可以做或正在做，以最大化回報二手艦隊？謝謝。

Neil, I'll take the cold start question, and Ted can talk of used sale some more. But a little bit accelerated, right? So whether they fell in Q3 or Q2 was probably more a function of, were they able to find the right real estate?

尼爾，我來回答冷啟動問題，泰德可以再談二手銷售。但有點加速了，對吧？因此，他們是否在第三季或第二季下跌可能更多地取決於他們是否能夠找到合適的房地產？

So we were pleased we were able to co-locate a couple in existing real estate that helped accelerate that. So we had some real estate capacity that probably accelerated that a little bit, not tremendously so, but certainly a little bit more.

因此，我們很高興能夠在現有房地產中安置幾個人，這有助於加速這一進程。因此，我們擁有一些房地產產能，可能會稍微加速這一速度，雖然不是很大，但肯定會加速一點。

And that's not something we really try to manage by quarter. We don't manage the business really by quarter. It's not the way we look at it. So we are pleased that the team is a little bit ahead of schedule on cold starts and feel good about our target for the year.

這並不是我們真正試圖按季度管理的事情。我們並不真正按季度管理業務。這不是我們看待它的方式。因此，我們很高興團隊在冷啟動方面比計劃提前了一點，並對我們今年的目標感到滿意。

Yeah. On the channel mix for used sales, there's probably a little less retail this year than last year. I think last year, we averaged about 70%, thereabouts. This year, we'll probably be closer to two-thirds. That's really just taking advantage of capacity in other channels as we ramp the amount of OEC we're selling.

是的。在二手銷售的通路組合中，今年的零售量可能比去年少一些。我想去年我們的平均值約為 70% 左右。今年，我們可能會接近三分之二。這實際上只是在我們增加 OEC 銷售量時利用其他管道的產能。

I think last year, we sold something in the order of $2.3 billion of OEC. This year will be, call it, in that $2.5 billion vicinity. So we'll take advantage of some other channels that we've held back on in prior years. But ultimately, what you're seeing in 2024 is really getting back to that normal distribution of about two-thirds coming through retail.

我想去年我們出售了價值 23 億美元的 OEC。今年，可以說是在 25 億美元附近。因此，我們將利用前幾年我們保留的一些其他管道。但最終，到 2024 年，您將看到真正恢復到約三分之二來自零售的常態分佈。

All right. That's helpful. Thank you very much.

好的。這很有幫助。非常感謝。

Thanks, Neil.

謝謝，尼爾。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thanks very much. Good morning, guys. I guess, Matt, for you, on -- we've talked about mega projects. That's obviously a nice tailwind for you. Interest rate sensitive kind of smaller project, end of the market, a little bit more challenging.

非常感謝。早上好傢伙。我想，馬特，對你來說，我們已經討論過大型專案。這顯然對你來說是一個很好的順風。利率敏感的小型項目，市場末端，更具挑戰性。

We haven't really discussed the Infrastructure Bill and the funds flowing from that. Have you -- are you seeing a pickup year over year from that to the degree you can sense that from your customers? And how is that influencing large and small projects? And how do you anticipate that improving in '25 or kind of a status quo flow year over year? Thanks.

我們還沒有真正討論基礎設施法案以及由此產生的資金。您是否看到了逐年回升的程度，可以從客戶那裡感受到這一點？這對大型和小型專案有何影響？您如何預期 25 年的改善或現況逐年變化？謝謝。

Yeah. So our infrastructure business has been growing for a while, right? I think the first time we started talking about it was the Neff acquisition in 2016, when we talked about we needed to bolster our fleet to start -- to serve the infrastructure needs.

是的。那麼我們的基礎設施業務已經成長了一段時間了，對嗎？我認為我們第一次開始談論它是在 2016 年收購 Neff，當時我們談到我們需要加強我們的機隊來啟動——以滿足基礎設施需求。

So we are long on this. We do think that there's more work to be coming. Some of the funding is hard to track about when it's coming out. And I think it's almost more postmortem than predictable, in my opinion.

所以我們對此很期待。我們確實認為還有更多工作要做。有些資金的發放時間很難追蹤。在我看來，這幾乎是事後分析而不是可預測的。

But we are seeing -- continuing to see green shoots in infrastructure opportunities. I drove around this weekend, and I was pleased to see a lot of our gear around on road and bridge projects. So -- and I think we all see about the airport work that's been going on as you travel.

但我們正在看到——繼續看到基礎設施機會的萌芽。這個週末我開車到處轉，我很高興看到我們的許多裝備都用於道路和橋樑工程。所以——我想我們都看到了旅行時正在進行的機場工作。

So we do feel good about infrastructure. I'd still say we're in the early innings of this. I do think there's more opportunity ahead than funding that's been -- that's gone on up to date.

所以我們確實對基礎設施感覺良好。我仍然想說我們還處於早期階段。我確實認為未來的機會比迄今為止的資金更多。

Thanks. Appreciate that. And then, Ted, real quick -- this may be a real simple question. But contribution from ancillary and re-rent 2% year over year, nice in the second quarter, kind of real easy comp from last year. It might be just as simple; that might just be the answer. But is there anything special going on, or is it more of the comp? Thanks.

謝謝。感謝。然後，特德，快點——這可能是一個非常簡單的問題。但輔助和再租的貢獻年增 2%，第二季表現不錯，與去年相比確實很容易比較。可能就這麼簡單；這可能就是答案。但是有什麼特別的事情發生嗎，還是更多的補償？謝謝。

In terms of the growth from ancillary and re-rent?

就輔助租金和再租金的成長而言？

Yeah.

是的。

Yeah, the biggest thing is Yak, right? So when we bought Yak, we talked about they've got a slightly different kind of composition of revenue. They've got the OER piece, which is the more traditional rental revenue, and then a bigger portion of the revenue coming from ancillary and re-rent, and ancillary more specifically. You heard that in my prepared remarks; being up 17.5%, that substantially reflects the impact of Yak.

是啊，最大的就是犛牛，對吧？因此，當我們購買 Yak 時，我們談到他們的收入組成略有不同。他們有開放教育資源（OER）部分，這是更傳統的租賃收入，然後很大一部分收入來自輔助和再出租，更具體地說是輔助。你在我準備好的發言中聽到了這一點；上漲 17.5%，充分反映了犛牛的影響。

Got it. Okay. Thanks.

知道了。好的。謝謝。

Thanks, Scott.

謝謝，斯科特。

Ken Newman, KeyBank Capital Markets.

肯‧紐曼 (Ken Newman)，KeyBank 資本市場部。

Hey, good morning, guys. Thanks for squeezing me in. Maybe just real quickly, I mean, I know you don't give time ut, but we can back into dollar utilization. I think the maintained guide implies we're getting back to dollar ut high in the back half that we haven't seen since 2014.

嘿，早上好，夥計們。謝謝你把我擠進去。也許很快，我的意思是，我知道你沒有時間，但我們可以重新利用美元。我認為維持的指導意味著美元將在下半年回到 2014 年以來從未見過的高位。

And obviously, I know that mix from specialty has been a positive driver here for the last, call it, decade now. But I am curious just on how much more headroom you think there is for dollar utilization expansion from here?

顯然，我知道專業的混合在過去十年中一直是這裡的積極驅動力。但我很好奇，您認為從現在開始美元利用率擴張還有多少空間？

To be honest with you, Ken, we don't really focus on dollar utilization, right? So it's the combination of rate and time, which we do manage very aggressively on a daily basis. So we don't really look at it that way. But we do think mix certainly is a component both ways, by the way.

老實說，肯，我們並不真正關注美元的利用率，對嗎？所以這是速率和時間的結合，我們每天都非常積極地管理。所以我們並不是真的這麼看。但順便說一句，我們確實認為混合肯定是雙向的一個組成部分。

We have summer assets that are high return, but not necessarily as high as dollar ut. The Yak acquisition, the revenue we got from that would certainly help dollar ut well, so similar to how it helped fleet productivity. So that's been a lift.

我們擁有高回報的夏季資產，但不一定與美元一樣高。收購 Yak，我們從中獲得的收入肯定會對美元有很大幫助，就像它對車隊生產力的幫助一樣。所以這是一個提升。

But it's really not the way we manage the business as opposed to the individual components of it. But we certainly think there's opportunity to continue to drive returns, and that should help out here.

但這實際上不是我們管理業務的方式，而是管理業務的各個組成部分的方式。但我們當然認為有機會繼續推動回報，這應該會有所幫助。

Got it. Maybe just to -- as my follow-up, I just want to clarify a question that was asked at the beginning of the Q&A session. The GenRent growth for the second half is kind of expected.

知道了。也許只是為了——作為我的後續行動，我只想澄清問答環節開始時提出的問題。GenRent 下半年的成長在意料之中。

To clarify, I mean, I know you're not expecting that growth to be necessarily negative year over year. But is it -- is the expectation that the decoupling that we've seen between specialty and GenRent is probably going to be similar that we see in the second half versus the first half?

澄清一下，我的意思是，我知道您不認為成長一定會逐年出現負成長。但是，我們是否期望我們看到專業服務和 GenRent 之間的脫鉤可能會與我們在下半年和上半年看到的類似？

It has been for a while, right? So our specialty has been growing faster than the overall business for a while. Part of that is added products and services. And the other part of it is the maturation of many of these businesses. So -- and our ability to continue to improve and cross-sell to our existing customer base.

已經有一段時間了，對吧？因此，一段時間以來，我們的專業業務成長速度快於整體業務。其中一部分是增加的產品和服務。另一方面是許多此類業務的成熟。所以——以及我們持續改進並向現有客戶群進行交叉銷售的能力。

So I would say that's been the driver of it, and we would expect specialty to continue to outpace the overall company growth. And even if you look out to our long-term goals, we state that. So we feel really good about our ability to serve customers broadly and cross-sell. And we'd expect that to continue to show these type of results.

所以我想說這是它的驅動力，我們預期專業業務將繼續超過公司整體成長。即使您關注我們的長期目標，我們也會聲明這一點。因此，我們對我們廣泛服務客戶和交叉銷售的能力感到非常滿意。我們預計會繼續顯示這些類型的結果。

Understood. Thank you.

明白了。謝謝。

Thanks, Ken.

謝謝，肯。

Thank you. At this time, I would like to turn the call back to Matt Flannery for any additional or closing remarks.

謝謝。此時，我想將電話轉回馬特·弗蘭納裡（Matt Flannery），詢問任何補充或結束語。

Great. Thank you, operator. And to everyone on the call, we appreciate your time. I'm glad you could join us today. Our Q2 investor deck has the latest update. So please take a look at it. And as always, Elizabeth is available to answer any questions you have.

偉大的。謝謝你，接線生。對於所有參與通話的人，我們感謝您抽出時間。我很高興你今天能加入我們。我們的第二季投資者平台有最新更新。所以請看一下。像往常一樣，伊麗莎白可以回答您的任何問題。

So until we talk again in October, stay safe and take care.

因此，在我們十月再次交談之前，請保持安全並小心。

This does conclude today's call. We thank you for your participation. You may disconnect at any time.

今天的電話會議到此結束。我們感謝您的參與。您可以隨時斷開連線。