聯合設備租賃 (URI) 2024 Q3 法說會逐字稿

Good morning and welcome to the United Rental’s investor conference call. Please be advised that this call is being recorded.

早上好，歡迎參加聯合租賃投資者電話會議。請注意，此通話正在錄音。

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. 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.

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。公司的業務和營運面臨各種風險和不確定性，其中許多風險和不確定性超出公司的控制範圍，因此實際結果可能與預測有重大差異。這些不確定性的摘要包含在該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準則術語，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.

今天，United Rentals 總裁兼執行長 Matt Flannery 和財務長 Ted Grace 發表演說。

I will now turn the call over to Mr. Flannery. Mr. Flannery, you may begin.

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.

謝謝接線員，大家早安。感謝您加入我們的通話。

As you saw yesterday afternoon, 2024 continues to play out as we expected. We were pleased with our third quarter results, which continued to reflect growth across both our construction and industrial end markets. Our updated guidance reaffirms our expectations for another year of profitable growth, which we were able to deliver thanks to our more than 27,000 team members. Their hard work enables us to support our customers with world-class service and innovative solutions, all while keeping safety as priority number one.

正如您昨天下午所看到的，2024 年將繼續按照我們的預期進行。我們對第三季的業績感到滿意，這繼續反映了我們的建築和工業終端市場的成長。我們更新後的指引重申了我們對另一年獲利成長的預期，這要歸功於我們超過 27,000 名團隊成員。他們的辛勤工作使我們能夠為客戶提供世界一流的服務和創新解決方案，同時將安全放在第一位。

As you’ve heard me talk about before, we continue to double down on being the partner of choice for our customers. We’re helping them solve for their goals across safety, productivity and sustainability through our compelling value proposition. Importantly, not only does our business model enable us to best serve our customers but it also generates strong shareholder value.

正如您之前聽我說過的那樣，我們將繼續加倍努力成為客戶的首選合作夥伴。我們透過令人信服的價值主張幫助他們實現安全、生產力和永續發展方面的目標。重要的是，我們的商業模式不僅使我們能夠為客戶提供最好的服務，而且還能產生強大的股東價值。

Today, I’ll discuss our third quarter results, our expectations for the rest of this year, and share some examples of how we continue to innovate and rapidly respond to customer needs, and then Ted will discuss the financial details before we open up the call for Q&A.

今天，我將討論我們第三季度的業績、我們對今年剩餘時間的預期，並分享一些我們如何繼續創新和快速響應客戶需求的示例，然後特德將在我們開放之前討論財務細節問答電話。

Let’s start with the third quarter results.

讓我們從第三季的業績開始。

Our total revenue grew by 6% year-over-year to almost $4 billion, and within this rental revenue grew by over 7% to $3.5 billion, both third quarter records. Fleet productivity increased by 3.5% supported by our focus on capital efficiency and continued industry discipline. Adjusted EBITDA increased to a third quarter record of $1.9 billion, translating to a margin of almost 48%; and adjusted EPS grew year-over-year to $11.80, another third quarter record.

我們的總營收年增 6%，達到近 40 億美元，其中租金收入成長超過 7%，達到 35 億美元，均創第三季紀錄。在我們對資本效率的關注和持續的行業紀律的支持下，車隊生產力提高了 3.5%。調整後 EBITDA 增至第三季創紀錄的 19 億美元，利潤率接近 48%；調整後每股盈餘年增至 11.80 美元，再創第三季紀錄。

Now let’s turn to customer activity. We saw growth in both our gen rent and specialty businesses. Specialty rental revenue grew an impressive 24% year-over-year and a strong 15% even if you exclude the benefits of the Yak acquisition. Our cross-selling efforts helped fuel growth across all of our product offerings, and furthermore we added 15 cold starts in the quarter, putting us at 57 year to date.

現在讓我們轉向客戶活動。我們的發電機租賃和特種業務均實現成長。專業租賃收入年增 24%，令人印象深刻，即使排除收購 Yak 帶來的好處，營收也強勁成長 15%。我們的交叉銷售努力幫助推動了我們所有產品的成長，此外，我們在本季度增加了 15 次冷啟動，使我們今年迄今的冷啟動次數達到 57 次。

By vertical, third quarter trends were similar to the second quarter. We saw growth in both construction led by non-res and our industrial end markets, with particular strength in manufacturing. It will come as no surprise that we again had multiple new projects in the quarter across data centers, airports, healthcare, and battery manufacturing, to name a few.

從縱向來看，第三季趨勢與第二季相似。我們看到了以非資源為主導的建築業和工業終端市場的成長，其中製造業尤其強勁。毫不奇怪，我們在本季再次擁有多個新項目，涉及資料中心、機場、醫療保健和電池製造等領域。

Now turning to the used market, which remains healthy, and as Ted will elaborate on, we sold a third quarter record amount of OEC, which speaks to the strength of demand, while our margins primarily reflected the ongoing normalization of the market. As we replace this equipment and buy additional fleet to meet our customer needs, we spent almost $1.3 billion on CapEx in the third quarter. We continue to see opportunity to put fleet on rent and our full-year guidance reflects a tightened CapEx range with the midpoint unchanged.

現在轉向仍然健康的二手市場，正如 Ted 將詳細闡述的那樣，我們第三季度銷售的 OEC 數量創歷史新高，這說明了需求的強勁，而我們的利潤率主要反映了市場的持續正常化。當我們更換這些設備並購買額外的機隊以滿足客戶需求時，我們第三季的資本支出支出近 13 億美元。我們繼續看到計程車隊的機會，我們的全年指導反映了資本支出範圍收緊，中點不變。

Year-to-date free cash flow is over $1.2 billion. We’re on track to hit our full-year goal, which translates to a free cash flow margin in the mid-teens. Our industry-leading profit margins, focus on capital efficiency, and flexible business model translates to strong free cash generation and ultimately provides us the ability to create long term value for our shareholders.

年初至今的自由現金流超過 12 億美元。我們有望實現全年目標，即自由現金流利潤率約為十幾歲。我們行業領先的利潤率、對資本效率的關注和靈活的商業模式轉化為強大的自由現金生成能力，並最終使我們有能力為股東創造長期價值。

Finally, capital allocation - we returned nearly $500 million to shareholders in the quarter via share buybacks and our dividend. Our balance sheet is in excellent shape, and we’re on track to return nearly $2 billion this year.

最後，資本配置－本季我們透過股票回購和股利向股東返還近 5 億美元。我們的資產負債表狀況良好，今年我們預計將實現近 20 億美元的回報。

As we wrap up 2024, we’re focused on continued execution and delivering another year of records across revenue, adjusted EBITDA and earnings. Our updated guidance, which maintains the midpoint for revenue, EBITDA, and rental CapEx, reflects just that.

在 2024 年即將結束之際，我們的重點是持續執行，並在收入、調整後 EBITDA 和收益方面再創歷史新高。我們更新後的指引維持了收入、息稅折舊攤提前利潤 (EBITDA) 和租賃資本支出的中點，反映了這一點。

We have good momentum heading into 2025, which is setting up to be another year of growth based on what we see and sense today. The tailwinds for a multitude of large, complex projects are still in the early innings, and we believe we’re uniquely positioned as the partner of choice with our customers.

進入 2025 年，我們勢頭良好，根據我們今天的所見所感，這將是另一個增長的一年。許多大型、複雜專案的推動力仍處於初期階段，我們相信我們作為客戶的首選合作夥伴具有獨特的定位。

To support these initiatives, we continue to make investments in optimizing operations for both ourselves and our customers. For example, we’re investing in our next generation telematics products which help customers gain new insights into their own operations and allows our technicians to prioritize their workflow and best manage our fleet.

為了支持這些舉措，我們繼續投資優化我們自己和客戶的營運。例如，我們正在投資下一代遠端資訊處理產品，這些產品可幫助客戶獲得對其自身營運的新見解，並允許我們的技術人員確定其工作流程的優先順序並最好地管理我們的車隊。

Elsewhere on the innovation front, we recently announced a great example of a customer supporting technology. Our ProBox OnDemand is a Bluetooth-enabled automated tool tracking system which ensures workers have the right tools where and when they need them, and tracks tools in real time to significantly reduce worksite loss.

在創新方面的其他方面，我們最近宣布了一個客戶支援技術的絕佳範例。我們的 ProBox OnDemand 是一款支援藍牙的自動化工具追蹤系統，可確保工人在需要的時間和地點擁有正確的工具，並即時追蹤工具以顯著減少工地損失。

Both of these examples demonstrate our culture of innovation and continuous improvement, but taking care of our people and helping our communities are also key elements of our culture. I was very pleased with how quickly our team reacted in the aftermath of the devastating damage caused by both Hurricanes Helene and Milton. In both instances, we were immediate to respond, putting our proven United Rentals playbook to work and providing our customers with the support needed to start the clean-up and rebuild process.

這兩個例子都展示了我們的創新和持續改進的文化，但照顧我們的員工和幫助我們的社區也是我們文化的關鍵要素。我對我們的團隊在颶風海倫和米爾頓造成毀滅性破壞後的反應速度感到非常滿意。在這兩種情況下，我們都立即做出回應，將我們經過驗證的聯合租賃手冊付諸實踐，並為我們的客戶提供啟動清理和重建過程所需的支援。

To wrap things up, 2024 remains on track with ’25 setting up to be another year of growth, which we’ll discuss in greater detail in January. We continue to deepen our relationships as we partner with our customers, not only providing them the equipment they require but also helping them solve their other challenges. The combination of our competitive advantages and flexible business model coupled with our focus on profitable growth, strong free cash flow, and smart capital allocation positions us to drive long term and sustainable shareholder value.

總而言之，2024 年仍將保持正軌，25 年後將成為另一個增長年，我們將在 1 月更詳細地討論這一點。我們在與客戶合作的過程中不斷深化我們的關係，不僅為他們提供所需的設備，還幫助他們解決其他挑戰。我們的競爭優勢和靈活的商業模式相結合，加上我們對獲利成長、強勁的自由現金流和明智的資本配置的關注，使我們能夠推動長期和可持續的股東價值。

With that, I’ll hand the call over to Ted before we take your questions. Ted, over to you.

這樣，在我們回答您的問題之前，我會將電話轉給 Ted。泰德，交給你了。

Thanks Matt, and good morning, everyone.

謝謝馬特，大家早安。

As Matt just highlighted, the year continues to play out as expected with third quarter records achieved in total revenue, rental revenue, EBITDA and EPS. Looking ahead, our reaffirmed guidance at the midpoint across all metrics 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 help maximize shareholder value.

正如馬特剛剛強調的那樣，今年繼續按預期進行，第三季總收入、租金收入、息稅折舊攤提前利潤 (EBITDA) 和每股盈餘 (EPS) 均創下新紀錄。展望未來，我們在所有指標的中點重申的指導反映了我們對實現新一年的穩健成長、強勁獲利能力、健康回報和大量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，以幫助實現股東價值最大化。

With that said, let’s jump into the numbers.

話雖如此，讓我們開始討論數字。

Third quarter rental revenue was a record $3.463 billion - that’s a year-on-year increase of $239 million or 7.4%, supported again by growth from large projects and key verticals. Within rental revenue, OER increased by $153 million or 5.8%. Growth in our average fleet size contributed 3.8% to OER while fleet productivity added 3.5%, partially offset by assumed fleet inflation of 1.5%. Also within rental, ancillary and re-rent revenues were higher by $86 million or 15%, resulting primarily from strong growth in our specialty businesses.

第三季租金收入達到創紀錄的 34.63 億美元，年增 2.39 億美元，即 7.4%，這再次受到大型項目和關鍵垂直行業增長的支撐。在租金收入中，OER 增加了 1.53 億美元，即 5.8%。我們平均機隊規模的成長為 OER 貢獻了 3.8%，而機隊生產力增加了 3.5%，部分被假設的機隊通貨膨脹 1.5% 所抵消。此外，在租賃方面，輔助和再租賃收入增加了 8,600 萬美元，即 15%，這主要歸功於我們專業業務的強勁成長。

Turning to our used results, we sold a record amount of fleet in the third quarter, generating proceeds of $321 million in a strong demand environment. While we continued to see a normalization of used pricing, our adjusted margin and recovery rate both remained high by historical standards at 49.5% and 54% respectively. It’s also worth noting that our recovery rate was impacted by the age of fleet we sold in the quarter, which increased roughly four months year-on-year to 95 months on average.

就我們使用的結果而言，我們在第三季銷售了創紀錄數量的機隊，在強勁的需求環境下產生了 3.21 億美元的收益。雖然我們繼續看到二手定價正常化，但根據歷史標準，我們的調整後利潤率和回收率仍分別保持在 49.5% 和 54% 的高點。還值得注意的是，我們的恢復率受到本季度出售的機隊機齡的影響，機隊機齡同比增加了大約四個月，達到平均 95 個月。

Moving to EBITDA, adjusted EBITDA was a third quarter record at just over $1.9 billion, translating to an increase of $54 million or 2.9%. Within this, rental contributed $132 million year-on-year. Outside of rental, used sales were a $43 million headwind to adjusted EBITDA, driven by the ongoing normalization of the used market.

說到 EBITDA，調整後的 EBITDA 第三季創歷史新高，略高於 19 億美元，相當於增加了 5,400 萬美元，即 2.9%。其中，租金較去年同期貢獻1.32億美元。除了租賃外，由於二手市場持續正常化，二手銷售對調整後的 EBITDA 產生 4,300 萬美元的阻力。

SG&A increased by $49 million year-on-year, primarily reflecting a larger business, including the addition of Yak and some discrete items in the quarter.

SG&A 年比增加 4,900 萬美元，主要反映業務規模擴大，包括本季增加了 Yak 和一些離散項目。

Finally, the EBITDA contribution from other non-rental lines of businesses increased $5 million year-on-year.

最後，其他非租賃業務的 EBITDA 貢獻年增了 500 萬美元。

Looking at third quarter profitability, our adjusted EBITDA margin was 47.7%, implying about 140 basis points of compression. Excluding the impact of used, however, our margin was down about 1-percentage-point, reflecting the impact of the investments we’ve talked about making this year, normal variability in costs, and the impact of roughly $15 million of discrete items in the quarter. Converting this to flow through, our incrementals would go from about 24% on an as-reported basis to 36% ex-used, and into the low 40s excluding the $15 million of discrete items I just mentioned. Finally, our adjusted earnings per share was a third quarter record of $11.80.

從第三季的獲利能力來看，我們調整後的 EBITDA 利潤率為 47.7%，意味著壓縮了約 140 個基點。然而，排除舊貨的影響，我們的利潤率下降了約 1 個百分點，反映了我們今年討論的投資的影響、成本的正常變化以及大約 1500 萬美元離散項目的影響在本季度。將其轉換為流通量，我們的增量將從報告的約 24% 增加到使用前的 36%，並進入 40 多歲左右，不包括我剛才提到的 1500 萬美元的離散項目。最後，我們的調整後每股收益達到第三季的最高記錄 11.80 美元。

Shifting to CapEx, gross rental CapEx was $1.3 billion, which was in line with expectations and within the range of historical seasonality. Moving to returns and free cash flow, our return on invested capital of 13.2% remained well above our weighted average cost of capital, while year-to-date free cash flow totaled over $1.2 billion.

轉向資本支出，總租金資本支出為 13 億美元，符合預期並在歷史季節性範圍內。在回報和自由現金流方面，我們 13.2% 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計超過 12 億美元。

Our balance sheet remains very strong with net leverage of 1.8 times at the end of September and total liquidity of almost $2.9 billion. I’ll note this was after returning a record of over $1.4 billion to shareholders year to date, including $326 million via dividends and $1.1 billion through repurchases, and have reduced our share count by almost 1.7 million year to date.

我們的資產負債表仍然非常強勁，截至 9 月底的淨槓桿率為 1.8 倍，總流動性接近 29 億美元。我要指出的是，今年迄今為止，我們向股東返還了超過14 億美元的創紀錄金額，其中包括3.26 億美元的股息和11 億美元的回購，並且今年迄今我們的股票數量減少了近170萬股。

Now let’s shift to the updated guidance we shared last night, which reflects our continued confidence in delivering another year of strong results.

現在讓我們轉向我們昨晚分享的更新指導，這反映了我們對在新一年取得強勁業績的持續信心。

As previously mentioned, we are maintaining the midpoints for all metrics and narrowing the ranges for total revenue, EBITDA, and gross and net CapEx, as we normally do at this point of the year. In terms of specifics, for total revenue we’ve narrowed our guidance to a range of $15.1 billion to $15.3 billion, implying total revenue full year growth of just over 6% at the midpoint. Within this, I’ll note that our used sale revenue guidance is unchanged at roughly $1.5 billion of proceeds on OEC sales that we now expect closer to $2.6 billion.

如前所述，我們將維持所有指標的中點，並縮小總收入、EBITDA、總資本支出和淨資本支出的範圍，就像我們通常在今年這個時候所做的那樣。具體而言，對於總收入，我們將指引縮小至 151 億美元至 153 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，我們的二手銷售收入指引保持不變，OEC 銷售收入約為 15 億美元，我們現在預計接近 26 億美元。

On adjusted EBITDA, we’ve narrowed the range to $7.115 billion to $7.215 billion. Our range for gross CapEx was narrowed to $3.55 billion to $3.75 billion, and our net CapEx was narrowed to $2.05 billion to $2.25 billion. We’re still on pace to return 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 3.6%.

就調整後 EBITDA 而言，我們已將範圍縮小至 71.15 億美元至 72.15 億美元。我們的總資本支出範圍縮小至 35.5 億美元至 37.5 億美元，淨資本支出範圍縮小至 20.5 億美元至 22.5 億美元。今年我們仍有望向股東返還創紀錄的 19 億美元，相當於每股近 30 美元，即當前資本收益率回報率約為 3.6%。

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

接下來，讓我將電話轉給接線生進行問答。接線員，請開通線路。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

David Raso, Evercore ISI.

大衛·拉索，Evercore ISI。

Hi, good morning. Thanks for the time. You made a comment, Matt, about good momentum into ’25, another year of growth. Can you give us at least how you’re thinking about that between specialty and gen rent growth, and also fleet productivity versus fleet growth? I’m not looking for exact numbers, but just how you think about the different contributors.

嗨，早安。謝謝你的時間。馬特，你對進入 25 年後的良好勢頭髮表了評論，這是另一個增長的一年。您能否至少告訴我們您如何看待專業租金成長和普通租金成長之間的關係，以及機隊生產力與機隊成長之間的關係？我不是在尋找確切的數字，而是在尋找您對不同貢獻者的看法。

Then I have a second question.

那我還有第二個問題。

Sure David. So when we think about how next year is playing out, and I’ll just talk about this qualitatively because we haven’t even finished our planning process, and that will inform what we actually think our growth will be. But we’re going to have a little bit of carryover in fleet, right, that we feel confident that we’ll put to work, and the on the demand perspective, there’s still a good pipeline of large projects. The wildcard as we get deep into with our customers and our field leaders is what’s that local market going to do, and we talked about that a lot this year.

當然，大衛。因此，當我們考慮明年的情況時，我只會定性地談論這個問題，因為我們甚至還沒有完成我們的規劃過程，這將告訴我們實際上認為我們的成長將會是什麼。但我們的車隊將會有一點結轉，對吧，我們對投入工作充滿信心，而且從需求的角度來看，仍然有大量的大型專案。當我們與客戶和領域領導者深入了解時，通配符是當地市場將做什麼，今年我們對此進行了許多討論。

Our assumption -- interest rates starting to show some give and possibly more coming, we think at least the emotional part of that step has been heard from our customers, so people are starting to feel a little more confident. What kind of activity that actually turns into is the part that we don’t have any quantitative way of feeling that out, but we’re going to figure out from our customers and our field leaders and then we’ll add that growth. But when you think about the ending fleet having a little bit of growth to it, we’ll continue to strive to drive fleet productivity. I’m not going to put a number out there or forecast it, but our goal is to always drive revenue growth more than fleet growth, which is all fleet productivity measures, so we’ll continue to do that.

我們的假設是——利率開始顯示出一些讓步，甚至可能會有更多的讓步，我們認為至少我們的客戶已經聽到了這一步驟的情感部分，所以人們開始感到更有信心了。實際上會變成什麼樣的活動是我們沒有任何定量方法來感受的部分，但我們將從我們的客戶和我們的領域領導者那裡弄清楚，然後我們將補充這一點生長。但當你想到最終的機隊會有一點成長時，我們將繼續努力提高機隊生產力。我不會給出一個數字或進行預測，但我們的目標是始終推動收入成長超過機隊成長，這是所有機隊生產力指標，因此我們將繼續這樣做。

We think specialty certainly has more headwind. I mean, we’ve been, I don’t know since when, but we’ve been eight, probably eight years-plus of specialty growing over 20% each year, and we continue to think that they have that kind of opportunity. And the tailwinds that we talk about in the mega projects, infrastructure and the like really plays to our one stop shop full value offering. That also helps specialty drive more growth.

我們認為專業化肯定有更多的阻力。我的意思是，我們，我不知道從什麼時候開始，但我們已經八年了，可能八年多了，專業每年增長超過 20%，我們仍然認為他們有這種能力的機會。我們在大型專案、基礎設施等方面談論的順風車確實對我們的一站式全價值產品發揮了作用。這也有助於專業推動更多成長。

So that’s the way we think about it, what kind of growth and what kind of growth CapEx we’ll put in, and we’ll talk about that in January after we’re done with our planning process.

這就是我們思考的方式，我們將投入什麼樣的成長和什麼樣的成長資本支出，我們將在一月份完成規劃過程後討論這個問題。

Also, you mentioned the strength of the balance sheet, the cash flow. As you’re aware, the sizeable acquisition in the mobile modular space recently broke apart, so I’ll just give you the platform here if you want to comment at all on the attractiveness of that space - obviously you became a player with Gen Finance. If you can just touch on that, and of course any other M&A landscape comments would be appreciated. Thank you.

此外，您也提到了資產負債表和現金流的實力。如您所知，行動模組化領域的大規模收購最近破裂了，因此，如果您想對該領域的吸引力發表評論，我將在這裡為您提供平台 - 顯然您已成為玩家創財。如果您能談談這一點，當然還有任何其他併購前景的評論，我們將不勝感激。謝謝。

Sure David. On the first part, we’re very pleased with the acquisition we did with General Finance. We talked about when we bought that, doubling the size of that business in five years. We’re probably ahead of schedule on that, but certainly on track. We feel really good about that.

當然，大衛。首先，我們對 General Finance 的收購感到非常滿意。當我們購買該公司時，我們談到了在五年內將業務規模擴大一倍的情況。我們可能比計劃提前了，但肯定步入正軌。我們對此感覺非常好。

For that space, we like the idea of growing off of that platform a lot, and we’re accomplishing that. We don’t necessarily need to be the biggest provider in that space overall, we just need to be the biggest with our customers, and that’s the way we look at a lot of our adjacent product lines, so pleased there.

對於這個領域，我們非常喜歡在該平台上發展的想法，並且我們正在實現這一目標。我們不一定需要成為整個領域最大的供應商，我們只需要成為客戶中最大的供應商，這就是我們看待許多相鄰產品線的方式，對此我們感到很高興。

As far as M&A, we continue to look at the pipeline, right? We’ve got a competency of integration and cross-selling that’s unique and something that really plays well with our customers and within our organization. But the bar’s high, so it’s not always easy to get the right dance partner. We can get the strategic fit, we can get cultural fit, and the last part’s financial, and our bar is high there.

就併購而言，我們會繼續關注管道，對嗎？我們擁有獨特的整合和交叉銷售能力，並且能夠真正與我們的客戶和我們的組織內部發揮良好的作用。但門檻很高，因此找到合適的舞伴並不總是那麼容易。我們可以獲得策略上的契合，我們可以獲得文化上的契合，最後一部分是財務上的，我們的標準很高。

I think one of the reasons we’re good integrators is because we’re smart buyers, so we continue to work the pipeline and when something is imminent, we’ll let you all know.

我認為我們成為優秀整合商的原因之一是因為我們是聰明的買家，因此我們會繼續開發管道，當事情迫在眉睫時，我們會讓大家知道。

All right, thank you.

好的，謝謝。

Thanks David.

謝謝大衛。

Michael Feniger, Bank of America.

麥可費尼格，美國銀行。

Yeah guys, thanks for taking my question. I just was curious, Matt, when we think of 2025, just the puts and takes, like the last few years rate has been a good guy as we’ve been in a backdrop of high inflation. You guys were clearly able to pass that along, the industry was able to. As we approach 2025, Matt, if equipment pricing is softening, can you guys still drive rate in that environment, even if we’re in a more deflationary environment? Just love to get your view on that.

是的，夥伴們，謝謝你們提出我的問題。馬特，我只是很好奇，當我們想到 2025 年時，只有看跌期權和看跌期權，就像過去幾年的利率一直很好，因為我們一直處於高通膨的背景下。你們顯然能夠傳遞這一點，整個產業也能夠做到。隨著 2025 年的臨近，Matt，如果設備價格走軟，即使我們處於更通貨緊縮的環境中，你們仍然可以在這種環境下提高價格嗎？只是想聽聽您對此的看法。

Yeah, absolutely we can continue to drive rate - that’s about what’s your value to the customer and you’ve got to try to offset inflation. Even if equipment pricing stayed flat to down this year for the next batch we buy, we still have to absorb the inflation that we’ve been paying for the last couple of years on the fleet, which was significant.

是的，我們絕對可以繼續提高利率 - 這關係到您對客戶的價值，並且您必須努力抵消通貨膨脹。即使今年我們購買的下一批設備的價格保持持平甚至下降，我們仍然必須吸收過去幾年我們為機隊支付的通貨膨脹，這是巨大的。

But additionally, there’s been inflation throughout the business, and we’re going to continue to give our employees raises, we continue to have cost inflation that we’ve been absorbing throughout the last couple of years, so the need to continue to drive rate is certainly there and, probably more importantly, the discipline in the industry is there, so everybody is in the same boat, where we have inflation that we’ve got to absorb. I think the industry is creating good value and giving a good output for the customer, which is the most important part of allowing yourself to get price increases.

但此外，整個企業都存在通貨膨脹，我們將繼續給員工加薪，我們繼續面臨過去幾年一直在吸收的成本通貨膨脹，因此需要繼續推動利率肯定是存在的，也許更重要的是，行業的紀律也存在，所以每個人都在同一條船上，我們必須吸收通貨膨脹。我認為這個行業正在創造良好的價值並為客戶提供良好的產出，這是讓自己獲得價格上漲的最重要的部分。

Fair enough, and Matt, if I could just follow up with my last question, how are you feeling with your fleet age, your fleet mix if we are in an environment where there’s a little bit more megas versus local, a little bit more specialty versus gen rent? Just curious if you could comment on whether you feel your fleet’s in position to still be able to have a growth year next year with where the age is today. Thank you.

很公平，馬特，如果我可以繼續我的最後一個問題，如果我們處於一個大型機隊比本地機隊多一點的環境中，您對您的機隊年齡和機隊組合有何感覺？租金相比，更專業？只是好奇您能否評論一下您是否認為您的機隊明年仍能以目前的機齡實現增長。謝謝。

Yeah, our fleet is a little over 50 months, I believe right now. It’s the lowest it’s been pre-COVID, and that’s even absorbing some longer lived assets that we’ve bought in the last five to seven years with General Finance and Tanks, so we feel really good about where it is. There is plenty of headroom if we ever had to lean on that, but that’s not our expectation. We’re in real good position. Like I said, we’re back to pre-COVID fleet age.

是的，我相信現在我們的機隊已經有 50 個月多了。這是新冠疫情之前的最低水平，甚至吸收了我們在過去五到七年里通過 General Finance 和 Tanks 購買的一些壽命較長的資產，所以我們感覺非常好關於它在哪裡。如果我們必須依賴的話，還有很大的空間，但這不是我們的期望。我們處於真正有利的位置。就像我說的，我們又回到了新冠疫情之前的機隊時代。

Thanks Mike.

謝謝邁克。

Tim Thein, Raymond James.

提姆泰恩，雷蒙詹姆斯。

Thank you, good morning. Maybe just Matt, on the topic of fleet productivity, I’m curious - I think the expectation coming into the year was to maybe hold serve on time. I’m just curious as we’re nine-plus months into the year, how you’re trending relative to that initial objective.

謝謝你，早安。也許只是馬特，關於機隊生產力的話題，我很好奇 - 我認為今年的期望可能是按時保持服務。我只是很好奇，今年已經過去九個多月了，相對於最初的目標，您的趨勢如何。

Yeah, as we’ve said, we’d be really pleased if we were able to repeat the kind of time utilization that we achieved in 2023, and I’m pleased to say that’s what the team’s doing, so when we talk about the components of fleet productivity qualitatively, rate’s still a good guy and let’s call time neutral, which is a good achievement. When we’re talking about, just to put it in perspective, I said this previously, these are time utilizations back to better than 2019 levels, back to pre-COVID levels, so we’re pleased with that.

是的，正如我們所說，如果我們能夠重複 2023 年實現的時間利用率，我們會非常高興，我很高興地說這就是團隊所做的因此，當我們定性地討論車隊生產力的組成部分時，費率仍然是一個好因素，我們可以稱之為時間中立，這是一項很好的成就。當我們談論時，只是為了正確地看待它，我之前說過，這些時間利用率回到了比 2019 年更好的水平，回到了新冠疫情之前的水平，所以我們對此感到滿意。

Then the last part is mix, which that’s the variant part. That’s the part that is an output of tens of thousands of transactions a month, and just to remind everybody, within that mix is any inflation that we’ve paid for the fleet that’s over and above the 1.5% pay, and we’ve talked to you earlier this year that that looks more to be like 2.5 to 3 this year, so when we think about that fleet productivity, even ex-Yak at 1.9, absorbing that extra inflation, we’re really pleased with the execution of the team.

最後一部分是混合，即變體部分。這部分是每月數萬筆交易的產出，只是提醒大家，在這個組合中，我們為機隊支付的通貨膨脹率超過了 1.5%工資，我們今年早些時候曾與您交談過，今年看起來更像是2.5 到3，所以當我們考慮船隊生產力時，即使前Yak 為1.9，吸收額外的通貨膨脹，我們—我們對團隊的執行力非常滿意。

Got it, okay. And safe to assume, obviously given how you layer in fleet, that that inflation even in mildly--if it were to play out where one year is equipment purchases layered in with seven, eight years, so that would still remain--that fleet inflation dynamic, that we should still think about that as a headwind in ’25, correct?

明白了，好吧。可以安全地假設，顯然考慮到您對機隊的分層方式，即使通膨是溫和的——如果要在一年的設備採購中分層七、八年，那麼仍然會存在——該機隊通貨膨脹動態，我們仍然應該將其視為25 世紀的逆風，對嗎？

Yeah. Oh, yeah. That tail is going to last a little bit, a couple more years.

是的。哦，是的。這條尾巴還會持續一段時間，甚至幾年。

Yeah, understood. Okay. And then just going back to thoughts around capital in ’25, you just brought in close to 30% more fleet in the third quarter year-over-year, and with fleet productivity, just call it 2% ex-Yak, and obviously you’ll typically de-fleet a bit in the fourth quarter, is the--if these trends kind of persist, would you maybe--would next year maybe lean a little bit lighter in terms of how you layer in that CapEcx, in terms of the first half? I know it’s early days, but just thinking about kind of the timing of how you may think about landing fleet in ’25, any thoughts on that.

是的，明白了。好的。然後回到 25 年關於資本的想法，第三季度您的機隊同比增加了近 30%，而機隊生產力，只需將其稱為 2%（不包括犛牛），並且顯然，你通常會在第四季稍微減少一些，如果這些趨勢持續下去，你可能會在明年在CapEcx 中的分層方式上稍微放鬆一點，就上半年而言？我知道現在還為時過早，但只是想一下您可能會如何考慮在 25 年登陸艦隊，對此有何想法。

Yes, without having done the work, I would just make the assumption of a similar cadence at this point, but we’ll talk about that a little more in January after we finish the budgeting process. I don’t think we’re going to be that far off the cadence that we typically run. We’re back to a more normalized cadence as the supply chain’s just about fully repaired - I mean, there’s just a handful of items that maybe have longer lead times than we’d like, but the supply chain, our partners have done a good job getting their business back in line and their suppliers back in line, so we’re in pretty good shape and I think we’ll return to more normalized cadence, similar to what you saw this year.

是的，在沒有完成這項工作的情況下，我現在只會假設類似的節奏，但我們將在一月份完成預算流程後再討論這一點。我認為我們不會偏離通常的節奏那麼遠。隨著供應鏈即將完全修復，我們回到了更正常化的節奏 - 我的意思是，只有少數商品的交貨時間可能比我們希望的要長，但供應在整個鏈條中，我們的合作夥伴在讓他們的業務恢復正常、供應商恢復正常方面做得很好，所以我們的狀況非常好，我認為我們將恢復到更正常化的節奏，類似於您所看到的年份。

Okay, thank you.

好的，謝謝。

Thanks, Tim.

謝謝，蒂姆。

Jerry Revich, Goldman Sachs.

傑瑞·雷維奇，高盛。

Hi, all. I am Jerry. You’ve talked about pockets of soft demand in some of the markets, particularly the local markets. How much more (inaudible) to optimize productivity?

大家好。我是傑瑞。您談到了某些市場（尤其是本地市場）的需求疲軟。還需要多少（聽不清楚）來優化生產力？

You broke up a little bit. Can you repeat that question, please?

你們分手了一點點。請您重複一下這個問題好嗎？

Yeah. So just on the--regarding the pockets of soft demand in some of the local markets, just curious how much more fleet you are moving geographically today versus last year to optimize productivity. Thanks.

是的。因此，就一些當地市場的軟需求而言，只是想知道與去年相比，您今天在地理上移動了多少車隊以優化生產力。謝謝。

Yeah, we have a very dense network, right, and we’re covered just about all of US and Canada, so we’re not--we’re not having any exorbitant costs or any extra efforts to have to move things more than maybe a state to state, at the most. We’re not doing coast-to-coast movements or anything like that. We were asked that question in Q2, and fortunately with our business model of fungible assets, we’re able to move stuff within districts, so really nothing to call out there.

是的，我們有一個非常密集的網絡，對吧，我們幾乎覆蓋了整個美國和加拿大，所以我們沒有——我們沒有任何過高的成本或任何額外的努力來移動事情最多不只是一個狀態來陳述。我們不會進行從東海岸到西海岸的運輸或類似的活動。我們在第二季度被問到這個問題，幸運的是，憑藉我們的可替代資產的商業模式，我們能夠在地區內移動物品，所以實際上沒有什麼可挑剔的。

Thanks, and then obviously really strong growth on the specialty side. Can you rank order (technical difficulty)

謝謝，然後顯然專業方面的成長非常強勁。可以排序一下嗎（技術難度）

I didn’t catch it all again, [Clay]. I think you were asking us to rank order our specialty growth?

我沒有再聽清楚這一切，[黏土]。我想你是在要求我們對我們的專業發展進行排序？

Yeah, just some color on what’s the stronger areas within specialty. Sorry about that.

是的，只是對專業中較強的領域進行一些描述。對此感到抱歉。

Sure. I mean, we don’t get too granular here, but certainly we’ve talked about power being a very strong region for us, and that has continued to be the case. Frankly, there’s growth across all segments of specialty. They each have different variances - some are less mature and we’re building out, so you’re kind of building off smaller numbers so you can have stronger growth rates as a result, but they all performed quite well in the quarter and have year-to-date. That’s really what you’ve seen in those numbers.

當然。我的意思是，我們在這裡沒有說得太細，但我們確實已經談到權力對我們來說是一個非常強大的領域，而且情況仍然如此。坦白說，所有專業領域都有成長。它們各自都有不同的差異 - 有些不太成熟，我們正在擴建，所以你可以建立較小的數量，這樣你就可以獲得更強的增長率，但它們在本季度的表現都很好，有年初至今。這確實是您在這些數字中所看到的。

Thanks.

謝謝。

Thank you.

謝謝。

Robert Wertheimer, Melius Research

羅伯特‧韋特海默，Melius 研究中心

Thanks, good morning, everybody. My question is going to be on costs, and I know it’s not the highest growth revenue quarter - I think we talked about that last quarter, where little-ish costs show up, and I don’t imagine you’re managing your strategy for a quarterly SG&A number anyway. The question is really around the IT investments that you’ve made. Are you doing anything different there? Do you have a sense of--you know, is there a payback, are you thinking about a payback in the next year? What’s interesting about that spend there, and what are you trying to do? Thank you.

謝謝大家早安。我的問題是關於成本，我知道這不是收入增長最高的季度 - 我想我們在上個季度討論過這個問題，其中出現了很少的成本，我不認為你會這樣做 -不管怎樣，你正在管理你的季度SG&A 數字的策略。問題實際上與您所做的 IT 投資有關。你在那裡做了什麼不同的事情嗎？你是否有一種感覺——你知道，有回報嗎？在那裡度過的時光有何有趣之處？謝謝。

Yeah, good question, Rob. As we’ve talked about all year, we are making, call it additional investments in various aspects of technology. We do each and every year, this year there’s probably a couple new programs we’ve talked about. Some of it would relate to, call it AI-related stuff, some of it would relate to the advanced telematics packages that we’re rolling out, all of which we think make the company more efficient and improve the customer experience.

是的，好問題，羅布。正如我們一整年所談論的那樣，我們正在對技術的各個方面進行額外投資。我們每年都會這樣做，今年我們可能討論過幾個新項目。其中一些與人工智慧相關，一些與我們正在推出的先進遠端資訊處理包有關，我們認為所有這些都可以提高公司效率並改善客戶體驗。

I’m not sure we’ve dimensionalized them, and one of the reasons we’ve called them out is just to bring up the fact that in the current environment, where you’re growing kind of in the single digits, not in the double digits as we had in prior years, it does have a relative impact on flow through, so as we’ve talked about kind of margin performance in ’24, flow through performance in ’24, that along with the cold starts are really the two underlying things that kind of bridge people to where we are and expect to be this year, versus maybe where they would have thought we would be in an otherwise different environment.

我不確定我們是否已經對它們進行了維度化，我們將它們剔除的原因之一隻是為了提出這樣一個事實：在當前環境中，您的增長速度是個位數，不像我們前幾年那樣是兩位數，它確實對流通量有相對的影響，所以正如我們討論的那樣，24年的利潤表現，24年的流通量表現，與冷啟動一起，實際上是兩個潛在的因素，可以將人們與我們今年所處的位置和預期的位置聯繫起來，而不是他們認為我們會在其他不同的環境中所處的位置。

But the investments, they’re across a broad range of things, certainly on the fleet side - sourcing, purchasing, there’s a lot of things we’re doing there that we think are exciting, that we’re very confident have very attractive ROI. You certainly get into proof of concepts and then pilots, and then you’ve proven out and you get ready to roll it out, and then you’ve got change management, so there’s a lot of considerations that take time to implement an example like that. Certainly we’ve got other examples across the business in aspects of HR, for example, but there’s a whole host of them that we think are really exciting - inventory management, R&M. I think we’ve talked about a few different examples.

但投資涉及廣泛的領域，當然是在車隊方面——採購、採購，我們正在做的很多事情我們認為是令人興奮的，我們非常自信有非常有吸引力的投資回報率。您當然會進行概念驗證，然後進行試點，然後您已經證明了這一點，並準備好推出它，然後您就進行了變革管理，因此有很多考慮因素需要時間來考慮實現一個這樣的例子。當然，我們在整個企業中還有人力資源方面的其他範例，但我們認為其中有很多真正令人興奮的範例 - 庫存管理、R&M。我想我們已經討論了幾個不同的例子。

They are all in varying stages and certainly some will prove to be very attractive returns, and some will prove to be not as attractive, and those are ones we probably won’t move forward with. But at the same time, we’ve talked about augmenting our current capabilities internally with third parties, and it’s quite a process. I think you’re probably well aware of this, Rob, but as you start embracing some of this technology, you’ve got to kind of go through your data, you’ve got to clean it up, you’ve got to reorganize it, restructure it so that you can lever it in these new models, and that’s certainly part of the foundational work that we’ve been focused on in the last year, that then puts us in a position to really get even more value out of the data.

它們都處於不同的階段，當然有些會被證明是非常有吸引力的回報，有些會被證明不那麼有吸引力，而這些是我們可能不會繼續前進的。但同時，我們已經討論過與第三方合作增強我們當前的內部能力，這是一個相當漫長的過程。我想你可能很清楚這一點，羅布，但是當你開始採用其中一些技術時，你必須仔細檢查你的數據，你必須清理它，你必須我們必須重新組織它，重組它，以便您可以在這些新模型中利用它，這當然是我們去年一直關注的基礎工作的一部分，這使我們處於有利的位置真正從數據中獲得更多價值。

Matt, I don’t know if you’d add anything?

馬特，我不知道你是否願意添加任何內容？

No, and I think Rob said it right in his question - we’re not managing for a specific flow-through number. We’re not going to put long term investments aside because maybe the growth is a little bit slower. I think that’s--that’s the way your question was phrased, and that’s the right way to think about it.

不，我認為羅佈在他的問題中說得對——我們沒有管理特定的流通量。我們不會因為成長速度稍微慢一點而放棄長期投資。我認為這就是你的問題的措辭方式，這也是思考問題的正確方式。

That’s fantastic, thank you.

太棒了，謝謝。

Thanks, Rob.

謝謝，羅布。

Jamie Cook, Truist Securities.

傑米庫克 (Jamie Cook)，Truist 證券公司。

Hey, good morning. I guess just piggybacking on Rob’s questions, I’m just trying to think through the path for potentially improved profit pull through or incremental margins next year. Ted, it sounds like it’s highly reliant just on you guys getting back to double digit growth in order to achieve that. I’m wondering if with improved visibility because of mega, more mix towards specialty, maybe some of these technology investments paying off, is there a path--I mean, not to get to your targeted 50% incremental margin, but at least a path towards improved incremental margins 2025 over 2024. Thank you.

嘿，早安。我想，只是順應羅布的問題，我只是想思考明年可能改善的利潤拉動或增量利潤的路徑。特德，聽起來要實現這一目標高度依賴你們恢復兩位數的成長。我想知道是否有一條路可以透過大規模、更多專業化的混合來提高知名度，也許其中一些技術投資會得到回報，是否有一條路——我的意思是，不是達到你的目標50% 的增量利潤，但至少2025 年比 2024 年提高增量利潤的道路。謝謝。

Yeah, I’ll certainly touch on that, Jamie. I don’t want to get ahead of ourselves. We’ll obviously give that guidance in January, but it’s dependent on a lot of things. Certainly growth is one we’ve talked about this year, and then call it the investments we’re making and/or other elements of cost. As you think about ’25, certainly there could be additional tech investments conceivably - I don’t want to forecast that at this point. The cold starts have been a drag - you know, we’ve talked about the impact that has as you start a branch and it’s fully burdened from a cost perspective, and yet it doesn’t really have revenue and it scales in over probably two years. You think about this year, we’re at 57 cold starts, so we’ve already exceeded the total we did in 2023. As we go through our 2025 plan, we’ll figure out what the game plan will be there.

是的，我肯定會談到這一點，傑米。我不想超越自己。顯然，我們會在一月份給出該指導，但這取決於許多因素。當然，成長是我們今年討論的問題，然後將其稱為我們正在進行的投資和/或其他成本要素。當你想到 25 美元時，當然可以想像會有額外的技術投資 - 我現在不想預測這一點。冷啟動一直是一個拖累 - 你知道，我們已經討論過建立分支機構時所產生的影響，從成本角度來看，它已經完全不堪重負，但它並沒有真正產生收入，而且規模可能需要兩年多的時間。想想今年，我們有 57 次冷啟動，所以我們已經超過了 2023 年的總數。當我們制定 2025 年計劃時，我們將弄清楚具體的計劃。

Certainly used is one of those other elements that you’ve got to be mindful when you think about flow-through, but when we kind of synthesize the whole thing back to the core margins and profitability, we’ve been really pleased with how 2024 has played out.

當然，使用的是您在考慮流通時必須注意的其他元素之一，但是當我們將整個事情綜合回核心利潤和盈利能力時，我們真的很滿意2024 年進展如何？

Thank you.

謝謝。

Thanks, Jamie.

謝謝，傑米。

Ken Newman, KeyBanc Capital Markets.

肯紐曼，KeyBanc 資本市場。

Hey, good morning, guys.

嘿，早上好，夥計們。

Morning.

早晨。

So Matt, just -- I wanted to touch back on the local accounts. Correct me if I’m wrong, but you do sound slightly more optimistic about the demand there in terms of stabilization. Is the expectation there that demand is stable from 3Q to 4Q, or just any color there on the local accounts specifically?

馬特，我想回顧一下本地帳戶。如果我錯了，請糾正我，但您聽起來確實對穩定方面的需求稍微樂觀一些。是否預期第三季至第四季需求穩定，或只是本地帳戶上有任何顏色？

Yeah, I would say the optimistic view would be supported by our customer confidence index, number one, so they remain positive. As I have said about the interest rates, there’s an emotional portion of that. The fact that that’s finally pivoted has got people thinking about what are we going to fund, what kind of projects are going to come back. The real question is when does that emotion, sentiment, and then future cuts turn into shovel-ready work? We don’t know that.

是的，我想說，樂觀的觀點將得到我們排名第一的客戶信心指數的支持，因此他們仍然保持積極態度。正如我在談到利率時所說的那樣，其中存在情感因素。這一最終轉變的事實讓人們思考我們將資助什麼，什麼樣的計畫將回歸。真正的問題是，這種情緒、感悟以及未來的削減什麼時候才能變成準備就緒的工作？我們不知道這一點。

The great news is we don’t need to know that. We have a business model where we can react quickly, so we’ll talk, like I said earlier, to our customers and our field team to put this plan together, and a big part of our internal investigation will be what does the local market look like for us next year. As we build that plan, we may be right to the upside, we may be--we might be wrong to the downside, but the supply chain is back intact and our flexible business model, I feel very confident will let us react to whatever the reality is.

好消息是我們不需要知道這一點。我們有一個可以快速反應的商業模式，所以就像我之前所說的那樣，我們將與我們的客戶和我們的現場團隊討論以製定該計劃，我們內部調查的很大一部分將是當地的情況明年的市場對我們來說是這樣的。當我們制定該計劃時，我們可能在上行方面是正確的，我們可能在下行方面是錯誤的，但供應鏈完好無損，而且我們靈活的商業模式，我非常有信心讓我們對任何情況做出反應現實是。

The truth is there’s no quantitative way to measure how fast these cuts will turn into revenue, but we are optimistic because of what we’re hearing from our customers.

事實上，沒有定量的方法來衡量這些削減將多快轉化為收入，但我們很樂觀，因為我們從客戶那裡聽到了這個消息。

Right, that makes sense.

是的，這是有道理的。

Just for my follow-up, Ted, obviously you’ve got a couple of moving pieces here in terms of the margin improvement, whether that’s [indiscernible] or specialty. You did touch on a little bit from disaster recovery and hurricanes - I know it’s still early days, but I’m curious if you can help us quantify what’s embedded into the implied 4Q margin at the midpoint at this point from hurricanes specifically.

就我的後續行動而言，特德，顯然，在利潤率改善方面，您有一些令人感動的事情，無論是[音頻不清晰]還是專業。您確實談到了災難復原和颶風方面的一些內容 - 我知道現在還為時過早，但我很好奇您是否可以幫助我們量化隱含的第四季度中點利潤率中包含的內容特別是從颶風來看。

There’s really nothing. I mean, there’s been no changes to the guidance, so we’ll see what the net impact of these two events is; but certainly as it relates to our guidance, there is no change.

真的什麼都沒有。我的意思是，指南沒有變化，所以我們將看看這兩個事件的淨影響是什麼；但肯定的是，因為它與我們的指導有關，所以沒有改變。

Yeah, I mean, the impact of those storms, although devastating to the folks there and we certainly are going to help out in any way we can, both our employees and the communities and customers that we work and live in, but at the scale of our business, we’re talking small numbers here in the big scheme of things, and probably more a ’25 event if there is some significant rebuild. But even within that, we’re talking small numbers in the big scale of things.

是的，我的意思是，這些風暴的影響雖然對那裡的人們造成了毀滅性的影響，但我們當然會盡我們所能提供幫助，無論是我們的員工、我們工作和生活的社區和客戶，但規模都很大就我們的業務而言，我們談論的是大計劃中的小數字，如果有一些重大重建，可能更多的是 25 美元的事件。但即便如此，我們談論的只是大範圍內的小數字。

Got it. Thanks.

知道了。謝謝。

Kyle Menges, Citi Group.

凱爾門格斯，花旗集團。

Thanks guys. It would be great if we could hear a little bit more color on just what you’re seeing in some of the industrial end markets, maybe if--I know you called out manufacturing, it sounds like that’s been strong, but anything else that’s perhaps been weak this year? I know we’ve heard from some other companies that industrial MRO hasn’t exactly been that strong this year, so maybe that starts to improve into next year as you get some improvement in PMIs. Just anything noteworthy on the industrial side of things to call out, that could maybe improve a little bit next year?

謝謝你們。如果我們能聽到更多有關您在某些工業終端市場所看到的情況的信息，那就太好了，也許如果——我知道您提到了製造業，聽起來很強大，但今年還有什麼可能疲軟的事情嗎？我知道我們從其他一些公司聽說，今年工業 MRO 的表現並不那麼強勁，所以隨著 PMI 的改善，這種情況可能會在明年開始改善。工業方面有什麼值得注意的事情，明年可能會有所改善嗎？

On our side, the one thing we’ve called out year to date, and it was again true in third quarter, was some of the headwinds we’ve got in petrochem, and it’s really across the board. Upstream has kind of mirrored what’s happened with the U.S. land rig count. We’ll see what happens with investment, upstream investment in North America next year, but that has continued to be a headwind. Midstream has kind of followed on - not a surprise there. If you’re not completing wells, there’s no need to tie them back. Then when you think about refining and chemical processing, those also year to date have been down a bit, so that to us is more likely timing.

就我們而言，我們今年迄今為止指出的一件事（第三季度再次如此）是我們在石化領域遇到的一些阻力，而且確實是全面的。上游在某種程度上反映了美國陸地鑽井平台數量的情況。我們將看看明年北美的投資、上游投資會發生什麼，但這仍然是一個阻力。中游也緊隨其後——這並不奇怪。如果您沒有完成完井，則無需將它們綁起來。然後，當你考慮煉油和化學加工時，今年迄今為止的數量也有所下降，因此對我們來說這是更有可能的時機。

Certainly if you look at things like gasoline demand, diesel demand, jet fuel demand, very strong. It’s our sense that a lot of refineries are postponing work to the degree they can, to take advantage of the margins they’re earning, so that to us is more of a timing issue, and certainly on the chemical processing side, it would seem to be similar to refining. Other than that, industrial manufacturing has continued to be very strong for us.

當然，如果你看看汽油需求、柴油需求、航空燃油需求等，都非常強勁。我們的感覺是，許多煉油廠都在盡可能地推遲工作，以利用他們賺取的利潤，因此對我們來說，這更多的是一個時間問題，當然是在化學加工方面，看起來和煉化差不多。除此之外，工業製造對我們來說仍然非常強勁。

That's helpful. Thanks. And then, and then certainly the revenue contribution from ancillary and Rerents has been a nice tailwind for this year, and it sounds like it's been driven by specialty. So just how should we be thinking about that into next year? Should we assume continued growth in ancillary? Rents just given, expected, expecting specialty growth as well next year?

這很有幫助。謝謝。然後，當然，輔助和租金的收入貢獻是今年的一個很好的推動力，而且聽起來它是由專業推動的。那麼明年我們該如何考慮這個問題呢？我們是否應該假設輔助業務持續成長？剛剛給的租金，預期的，預計明年專業也會成長？

Yeah, I mean, time will tell. If you look at that, I think it was up 15% in the quarter, so it certainly outpaced rental revenue. Part of that is Yak, the contribution they had, so as we anniversary Yak, you won’t have that component as a tailwind within ancillary. But otherwise, certainly the growth we’ve had in specialty is also contributing to it, whether it’s set up, break down, fueling, those sorts of things we do for customers.

是的，我的意思是，時間會證明一切。如果你看一下，我認為這個季度增長了 15%，所以它肯定超過了租金收入。其中一部分是犛牛，他們的貢獻，所以在我們週年紀念犛牛的時候，你不會把這個部分當作輔助的順風車。但除此之外，我們在專業領域的成長當然也對此做出了貢獻，無論是建立、分解、加油或我們為客戶所做的這些事情。

The thing to just remember is we will anniversary the impact Yak has on it, but it should certainly correlate to some of that specialty growth.

需要記住的是，我們將慶祝犛牛對其產生的影響週年紀念，但它肯定應該與某些專業的增長有關。

That’s helpful. Thanks guys.

這很有幫助。謝謝你們。

Thanks Kyle.

謝謝凱爾。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Good morning, guys and thanks for taking my question. Just wanted to go back to your comment about some of the discrete investments that you’re making, particularly on the sourcing side that you mentioned. Just curious if you could unpack that a little bit more as to what exactly you’re doing on the sourcing. In particular, I was hoping you could provide some color as well as it pertains to the equipment type that you need, perhaps between small and local markets versus what is needed in the mega projects, and any differences there and how that impacts your fleet management, your sourcing and CapEx.

早上好，夥計們，感謝您提出我的問題。只是想回到您對您正在進行的一些離散投資的評論，特別是您提到的採購方面。只是好奇您是否可以進一步了解一下您在採購方面到底做了什麼。特別是，我希望您能夠提供一些顏色以及與您需要的設備類型相關的信息，也許是小型和本地市場與大型項目所需的設備類型之間的差異，以及其中的任何差異以及它們如何影響您的車隊管理、您的採購和資本支出。

Sure, I’ll take the first part of that, and I think Matt will take the second part. On the sourcing side, there are two ways we think about sourcing. One is the way we manage fleet across our own network, and so certainly we’re leveraging technology, new aspects of technology and data analytics to more efficiently move fleet, to improve the customer experience, to make sure that that equipment availability is there; but also to reduce costs, and there are a couple of different ways that we think we can do that. Ultimately you come back to predictive analytics and the idea of trying to forecast where fleet is and where it needs to go across multiple iterations, so you’re thinking multiple steps. We think that’s an area where there’s a lot of opportunity for us to leverage technology. Certainly it can help with more efficient purchasing.

當然，我會接受第一部分，我認為馬特會接受第二部分。在採購方面，我們有兩種考慮採購的方式。其中之一是我們透過自己的網路管理車隊的方式，因此我們當然正在利用技術、技術和數據分析的新方面來更有效地移動車隊，改善客戶體驗，確保設備可用性;而且還可以降低成本，我們認為可以透過幾種不同的方法來做到這一點。最終，您將回到預測分析以及嘗試預測車隊所在位置以及需要經過多次迭代的位置的想法，因此您需要考慮多個步驟。我們認為，在這個領域，我們有許多利用科技的機會。當然，它可以幫助提高採購效率。

Internally the way we think about planning, not so much as it relates to the acquisition of fleet but the way we think about managing fleet internally, I think we’ve always done a very good job there and this, we think, could make us a little better. I think that was the first part.

在內部，我們考慮規劃的方式，與其說與收購​​機隊有關，不如說是我們考慮內部管理機隊的方式，我認為我們在這方面一直做得很好，我們認為，這可以使我們好一點。我認為這是第一部分。

The second part was on fleet by project size?

第二部分是依專案規模劃分的機隊？

Project size - yeah. We don’t expect to have any kind of large change or swing in any category. One of the things that’s key to our business model, and you guys hear me talk about it plenty, is the fungibility assets. We don’t get into niche items that are just for one specific vertical. That’s the exception, not the rule here, and we think that’s important because with our broad coverage and our broad customer needs, it’s important that we can move assets from one vertical to the other vertical in case one slows down, like we talked about oil and gas, and one picks up, like we talked about infrastructure. If we got through specialized, we think--we think it’d be a lot harder to have the resiliency that we have by different end markets.

專案規模 - 是的。我們預計任何類別都不會發生任何重大變化或波動。我們商業模式的關鍵之一是可替代資產，你們經常聽到我談論它。我們不會涉足僅針對某一特定垂直領域的利基產品。這是例外，而不是規則，我們認為這一點很重要，因為憑藉我們廣泛的覆蓋範圍和廣泛的客戶需求，重要的是我們可以將資產從一個垂直領域轉移到另一個垂直領域，以防萬一一種會減速，就像我們談論石油和天然氣一樣；一種會加速，就像我們談論基礎設施一樣。我們認為，如果我們完成了專業化，我們就很難擁有不同終端市場所擁有的彈性。

That’s helpful, thank you. Then maybe just if you could talk about the trends that you’re seeing, kind of in new equipment prices and supply. You talked about inflation a little bit earlier in the call, but maybe to the extent that trends you’re seeing there, and then if you could comment on just the discipline in rental rates that you’re seeing from independents across particularly your local markets.

這很有幫助，謝謝。那麼也許您可以談談您所看到的趨勢，例如新設備價格和供應方面的趨勢。您在電話會議的早期談到了通貨膨脹，但也許是您在那裡看到的趨勢，然後您是否可以評論一下您從獨立人士那裡看到的租金率紀律，尤其是您所在的當地市場。

Yeah, so first on the supply side, as I said earlier, we’re real pleased with our vendors, how hard they’ve worked to get their supply chain, which was severely disrupted, in line. As far as pricing, as I’ve said before, we won’t talk about our partnerships and the pricing negotiated on a public forum, but I think our vendors do realize the prices increases they had to push on over the past couple of years, and I think they value the steadiness of our demand and of our commitment to them, so we feel good about our position there.

是的，所以首先在供應方面，正如我之前所說，我們對我們的供應商非常滿意，他們為使嚴重中斷的供應鏈保持一致而付出了多大的努力。就定價而言，正如我之前所說，我們不會談論我們的合作夥伴關係以及在公共論壇上協商的定價，但我認為我們的供應商確實意識到他們在過去幾年中必須推動價格上漲多年來，我認為他們重視我們需求的穩定性以及我們對他們的承諾，因此我們對我們在那裡的地位感到滿意。

To the second part as far as--what was the second part of the question, Angel?

至於第二部分──問題的第二部分是什麼，天使？

Discipline--

紀律 -

Oh, yeah. So as far as the price [indiscernible], you see it in any data you look at, you see it--you hear it from our public peers. I mean, the industry has grown up, and we’ve been talking about this for a while. I’m just really pleased that people realize you can’t just keep absorbing inflation and absorbing these costs. You’re just going to--you’re going to hurt your business, so, and I think the value that rental brings overall, certainly we feel like we lead the way, but I think the industry overall gives better output, better value to the market. We’re a much more reliable channel, a much more flexible and responsive channel, so I think that’s part of the reasons why people are able to keep that discipline.

哦，是的。因此，就價格而言，你可以在你查看的任何數據中看到它，你可以從我們的公共同行那裡聽到它。我的意思是，這個行業已經成長起來，我們已經討論這個問題有一段時間了。我真的很高興人們意識到你不能只是繼續吸收通貨膨脹和吸收這些成本。你只會——你會損害你的業務，所以，我認為租賃帶來的整體價值，我們當然覺得我們處於領先地位，但我認為整個行業總體上提供了更好的產出，更好的市場價值。我們是一個更可靠的管道，一個更靈活、更有反應的管道，所以我認為這就是人們能夠遵守這項紀律的部分原因。

Very helpful, thank you.

非常有幫助，謝謝。

Yeah.

是的。

Neil Tyler, Redburn Atlantic.

尼爾泰勒，《雷德本大西洋月刊》。

Yeah, thanks. Good morning, Matt, Ted.

是的，謝謝。早安，馬特，泰德。

I wanted to come back to the cold starts and the pace of openings there. If we think about that in the context of what you said compared to ’23, what drives your planning outlook for how many and where to land those starts, and how should we think about the cold starts, particularly when I think about specialty and specialty branches within that number, and how should we think about where we are in, say, a five-year view on that journey? Are you trying to put a lot of branches in place in order to capture future growth, or do you think there’s a sort of more measured cadence over the next few years? If you could just sort of talk a little bit around that, that would be very helpful, thank you.

我想回到那裡的冷啟動和開放速度。如果我們在您所說的與 23 相比的背景下考慮這一點，是什麼推動了您對這些啟動的數量和著陸地點的規劃前景，以及我們應該如何考慮冷啟動，特別是當我考慮專業時以及這個數字內的專業分支，我們應該如何考慮我們在這個旅程中的位置，比如說，五年的旅程？您是否正在嘗試設立大量分支機構以抓住未來的成長，或者您認為未來幾年會有一種更有節制的節奏？如果您能圍繞這個問題稍微討論一下，那就非常有幫助了，謝謝。

Sure Neil. We don’t have multi-year goals that we put out. In the beginning of each year, we’ll go through the planning process, we’ll see who wants to fund what cold starts and who wants to fund organic growth in many different ways, and then we’ll go through it and we’ll communicate that in January.

當然，尼爾。我們沒有訂定多年目標。每年年初，我們都會完成規劃過程，我們會看看誰想要為冷啟動提供資金，誰想要以多種不同的方式為有機增長提供資金，然後我們會完成它我們將在一月份通報這一情況。

But just when you think about it, we still have white space, some products that are more mature, maybe not as much in geographic expansion as opposed to penetration, but in others we have a lot of new products lines that we’ve added over the last couple of years, whether that’s our Reliable onsite business, our acquisition of Yak, and still quite frankly the General Finance team, where in mobile storage we still have white space to fill in. That’s most of what it is - it’s new products and/or deeper geographic penetration, and we communicate that each year.

但仔細想想，我們仍然有空白，一些產品更加成熟，可能在地理擴張方面不如滲透率那麼多，但在其他方面，我們有很多新的產品線，我們已經添加了在過去的幾年裡，無論是我們可靠的現場業務、我們對Yak 的收購，還是坦白說，我們的財務團隊，在行動儲存方面我們仍然有空白需要填補。這就是大部分內容 - 新產品和/或更深入的地理滲透，我們每年都會傳達這一點。

We think there’s plenty of headroom in specialty overall as a team, and quite frankly one of our most mature in power still is showing tremendous growth, and they’re just doing it by penetration versus cold starts. We continue to see a lot of opportunity with our specialty business. We think we’ve built a unique value proposition for large projects, large plans and large customers throughout the U.S. and Canada. I won’t give you a forecast of future cold starts other than to say there’s lots of headroom for us there.

我們認為，作為一個團隊，整體上在專業方面還有很大的發展空間，而且坦率地說，我們最成熟的力量之一仍然顯示出巨大的增長，而他們只是通過滲透與冷啟動來做到這一點。我們繼續在我們的專業業務中看到很多機會。我們認為我們已經為美國和加拿大的大型專案、大型計劃和大型客戶建立了獨特的價值主張。我不會給你未來冷啟動的預測，只是說我們還有很大的空間。

Okay, great. Thanks, that’s helpful. I was really just trying to think about the margin impact that’s taken place this year and whether that’s something we need to think about as an ongoing, but I guess to some extent it is.

好的，太好了。謝謝，這很有幫助。我實際上只是想思考今年發生的利潤率影響，以及這是否是我們需要持續考慮的事情，但我想在某種程度上確實如此。

Can I follow up with perhaps picking up on your comment about power and the penetration there? Could you perhaps help us understand what’s driving that additional penetration, some of the market trends that you’re picking up on?

我可以跟進一下你對那裡的力量和滲透力的評論嗎？您能否幫助我們了解是什麼推動了這種額外的滲透，以及您正在關注的一些市場趨勢？

I think power overall is a growth space, right, as an end market vertical, and that’s not just for our business but also for the industry as a whole and our gen rent products as well. But within our power business, which is power HVAC, we’ve got a lot of additional products that we’ve added in. We’ve got a lot of penetration that’s through deeper product offerings to existing customers, and allowing us to get into new verticals because of some of the products that we’ve added. That’s really--you know, the team is very innovative, very creative and very growth minded, and I think they’ve done a great job deepening existing products and broadening with new products, and a lot of that in the HVAC part of the business. That’s about--without going any further on that, I don’t want to get into competitive opportunities, but we’re really pleased with the headroom there.

我認為電力作為一個垂直終端市場，整體來說是一個成長空間，這不僅對我們的業務而言，也對整個產業以及我們的發電產品而言。但在我們的電力業務（即電力暖通空調）中，我們增加了許多其他產品。透過向現有客戶提供更深入的產品，我們獲得了很大的滲透力​​，並透過我們添加的一些產品使我們能夠進入新的垂直領域。這確實是——你知道，這個團隊非常有創新精神、非常有創造力、非常具有成長性，我認為他們在深化現有產品和拓展新產品方面做得非常出色，其中許多都在暖通空調業務的一部分。就是這樣——無需進一步說明，我不想獲得競爭機會，但我們對那裡的空間非常滿意。

No, I understand that's helpful. Thank you. Thank you very Much.

不，我明白這很有幫助。謝謝。非常感謝。

Thanks Neil.

謝謝尼爾。

Stephen Volkmann, Jefferies.

史蒂芬‧福克曼，傑弗里斯。

Steve, you there?

史蒂夫，你在嗎？

Steve (Operator Instructions)\

史蒂夫（操作員說明）\

Can we move on? I’m guessing Steve’s--

我們可以繼續嗎？我猜史蒂夫是——

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thanks very much, good morning, guys. I have two kind of end of the call questions, one for Matt and then one for Ted. I’ll ask them both upfront.

非常感謝，早安，夥計們。我有兩種通話結束時的問題，一種是問 Matt，另一種是問 Ted。我會提前問他們兩個。

Matt, on M&A, is there a--you know, you have this long term initiative to grow specialty within the portfolio and mix. As you come into the new year, you’re done digesting Yak, how are you thinking about gen rent versus specialty rent acquisitions? I know part of your answer will be whatever is ripe and looks the best at the time, best cultural, financial fit. But are you looking at that mix when you make these considerations? Is that heavy consideration?

馬特，關於併購，有沒有一個——你知道，你有這個長期計劃來發展投資組合和組合中的專業。當你進入新的一年時，你已經消化完了犛牛，你如何考慮通用租金與專業租金收購？我知道你的部分答案將是任何成熟的、當時看起來最好的、最好的文化、財務契合度的東西。但當您考慮這些因素時，您是否考慮過這種組合？這麼重的考慮嗎？

Then also, you made a comment on--I think it was on David’s first question at the beginning of the call about not needing to be number one in the specialty category. I just was curious if you could elaborate on what you meant. You said in Gen Finance as a good building platform, but just curious if you could elaborate on what you meant.

然後，你還評論了——我認為這是大衛在電話會議開始時提出的第一個問題，即不需要成為專業類別的第一名。我只是好奇你能否詳細說明一下你的意思。您說 Gen Finance 是一個很好的建立平台，但只是好奇您能否詳細說明您的意思。

Then Ted, for you real quick, new sales were up a lot in the quarter, I think the biggest quarter in maybe three, four years. Just curious if there’s anything there unique - mega projects, a big [indiscernible]. Is that a trend, or was that a unique event?

然後特德，對你來說，很快，這個季度的新銷售額增長了很多，我認為這可能是三、四年來最大的季度。只是好奇那裡是否有什麼獨特之處——大型項目、大型項目[音頻不清晰]。這是一種趨勢，還是獨特的事件？

Thanks guys, appreciate allowing the time.

謝謝大家，謝謝您抽出時間。

Thanks Scott, I’m glad I wrote those down - you’d be testing my memory here. But as I go through the M&A prioritization, which is how I heard your first question, it’s wherever we’re going to need more value for the customer, whether that’s in a new product offering, which is mostly specialty, and we love--we would highly prioritize any kind of brand new offering to the business where we could take a reasonable good sized platform and then grow upon it through our very strong network, like we did with Yak, like we did with General Finance. I wouldn’t call it that it’s because it’s gen rent or specialty, just like anything additional. If we found a new gen rent product line that we didn’t carry, we would feel the same way.

謝謝斯科特，我很高興我把這些寫了下來——你會在這裡測試我的記憶力。但當我討論併購優先順序時，這就是我聽到你的第一個問題的方式，無論我們需要為客戶提供更多價值，無論是在新產品中，這主要是專業，我們喜歡——我們會高度優先考慮向企業提供任何類型的全新產品，在這些產品中，我們可以採用一個合理的、規模較大的平台，然後透過我們非常強大的網絡在其上發展，就像我們對Yak 所做的那樣，就像我們對Yak 所做的那樣一般財務。我不會這樣稱呼它，因為它是通用的或專業的，就像其他任何東西一樣。如果我們發現我們沒有的新一代租賃產品線，我們也會有同樣的感覺。

Then when I think about gen rent, it’s more like, where do we need more capacity, where do we need more density, where do we need more of an offering? When we have that opportunity, we certainly are very comfortable integrating our gen rent business, as we’ve done, as you can see in our history very thoroughly. There’s not as much white space geographically, but certainly a lot of opportunity to add more capacity and serve more of the marketplace.

然後，當我想到發電機租金時，它更像是，我們在哪裡需要更多的容量，我們在哪裡需要更多的密度，我們在哪裡需要更多的產品？當我們有這樣的機會時，我們當然非常樂意整合我們的發電機租賃業務，就像我們所做的那樣，正如您在我們的歷史中非常徹底地看到的那樣。從地理上看，沒有那麼多的空白空間，但肯定有很多機會來增加更多的容量並服務更多的市場。

When I talked about not being number one, just for clarity, I want us to be number one with our customers. Let’s use an example. For ROS, our Reliable Onsite, we don’t need to have port-a-johns at every wedding or every soccer field, but when you go into a major project or you go into a plant, we’re going to make sure we’re there to support our customer a full one-stop shop value. We want to be number one with our customers and those products.

當我談到不是第一時，為了清楚起見，我希望我們成為客戶的第一名。讓我們舉個例子。對於 ROS（我們的可靠現場服務），我們不需要在每次婚禮或每個足球場都配備盥洗室，但當您進入大型項目或進入工廠時，我們將讓我們確信我們會為客戶提供完整的一站式服務價值。我們希望成為我們的客戶和這些產品的第一名。

I used General Finance as an example - we don’t need to have modular classrooms in every school, right? That’s not the business we’re after. What we do need to do is make sure if our customers want a modular building or a storage container on a site for their needs, we want to be the number one in that space. That’s what I mean when I talk about that - not every product line do we need to be the largest in the industry, we need to be largest in our industry, so that’s the way we look at that.

我以普通金融為例 - 我們不需要在每所學校都有模組化教室，對吧？這不是我們所追求的業務。我們真正需要做的是確保如果我們的客戶想要一個模組化建築或一個儲存容器來滿足他們的需求，我們希望成為該領域的第一。這就是我談論這個問題時的意思 - 並不是每個產品線都需要成為行業中最大的，我們需要成為行業中最大的，所以這就是我們的看法。

Then Ted, I think new sales--?

那麼特德，我想新的銷售——？

Yeah, that’s an easy one, Scott. Yak had an impact there. I think Yak had new sales of something like $16 million, so while you see that number up 48% nominally, I think if you backed that out, we’re up about 15%, which is probably a little more in line with what you would have expected.

是的，這很簡單，斯科特。犛牛在那裡產生了影響。我認為Yak 的新銷售額約為1600 萬美元，所以雖然你看到這個數字名義上增長了48%，但我認為如果你支持這一點，我們的增長約為15%，這可能更符合實際情況。

Great. Thanks for the color, guys.

偉大的。謝謝你們的顏色。

Thanks Scott.

謝謝斯科特。

There are no further questions in queue at this time. I’ll return the call to Matt Flannery for any additional or closing remarks.

目前隊列中沒有其他問題。我會將電話回給馬特‧弗蘭納裡 (Matt Flannery)，詢問任何補充或結束語。

Great, thanks Operator, and thanks to everyone on the call. We appreciate your time, and I’m glad you could join us today.

太棒了，感謝接線員，也感謝通話中的每個人。感謝您抽出寶貴的時間，我很高興您今天能加入我們。

Our Q3 investor deck has the latest updates, so please take a look at that when you get a chance; and as always, Elizabeth is available to answer your questions. Until we speak again in January, stay safe, have a great holiday season, and we’ll talk to you soon.

我們的第三季投資者平台有最新更新，所以請有機會時查看一下；像往常一樣，伊麗莎白可以回答您的問題。在我們一月份再次交談之前，請保持安全，祝您假期愉快，我們很快就會與您聯繫。

Operator, you can end the call.

接線員，您可以結束通話了。

This does conclude today’s program. Thank you for your participation, and you may now disconnect.

今天的節目到此結束。感謝您的參與，您現在可以斷開連接。