聯合設備租賃 (URI) 2024 Q4 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，歡迎參加聯合租賃投資者電話會議。請注意，本次通話正在錄音。在我們開始之前，請注意，本公司在今天的電話會議上發表的新聞稿以及對您的問題的回答包含前瞻性陳述。

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.

公司的業務和營運面臨各種風險和不確定因素，其中許多因素超出其控制範圍，因此實際結果可能與預測結果有重大差異。

A summary of these uncertainties is included in the safe harbor statement contained in the company's press release. 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, 2024, as well as to subsequent filings with the SEC.

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。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 2024 年 12 月 31 日的 10-K 表年度報告以及隨後向美國證券交易委員會提交的文件。

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. 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.

您可以在公司網站 www.unitedrentals.com 上存取這些文件。請注意，聯合租賃沒有義務也不承諾更新或公開發布前瞻性陳述的任何修訂以反映新資訊或後續事件、情況或預期的變更。您還應該注意，該公司的新聞稿和今天的電話會議中提到了非 GAAP 術語，例如自由現金流、調整後的每股收益、EBITDA 和調整後的 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. Speaking today for United Rentals is Matt Flannery, President and Chief Executive Officer; and Ted Grace, Chief Financial Officer.

請參閱公司最近的投資者報告的背面，查看每個非 GAAP 財務指標與最具可比性的 GAAP 財務指標的對帳情況。今天代表聯合租賃公司發言的是總裁兼執行長 Matt Flannery；以及財務長 Ted Grace。

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

現在我將電話轉給弗蘭納裡先生。弗蘭納裡先生，您可以開始啦。

Thank you, operator and good morning everyone. Thanks for joining our call. We were pleased to report our solid fourth quarter results yesterday as the year culminated with record revenue, EBITDA and EPS. We again saw growth across our construction and industrial end markets as well as continued strong demand for used equipment.

謝謝接線員，大家早安。感謝您加入我們的電話會議。昨天，我們很高興地報告了我們第四季度的穩健業績，今年的營收、EBITDA 和 EPS 均創下了歷史新高。我們再次看到建築和工業終端市場的成長以及對二手設備持續強勁的需求。

Our team doubled down on being the best partner of choice for our customers. Our diligence on safety coupled with unmatched service, technology and operational excellence translated into the results we reported. Importantly, all of this sets the foundation for our future growth.

我們的團隊加倍努力，致力於成為客戶的最佳合作夥伴。我們對安全的嚴格把控，加上無與倫比的服務、技術和卓越的運營，轉化為我們報告的成果。重要的是，所有這些都為我們未來的發展奠定了基礎。

Today, I'll discuss our fourth quarter results followed by our expectations for 2025, and finally recap why we are excited about the H&E acquisition we announced a few weeks ago. And then Ted will discuss the financials in detail, before we open up the call for Q&A, which we will keep focused on United Rentals as a standalone company.

今天，我將討論我們第四季度的業績，以及我們對 2025 年的預期，最後回顧一下我們為何對幾週前宣布的 H&E 收購感到興奮。然後，泰德將詳細討論財務狀況，然後我們開始問答環節，我們將繼續關注聯合租賃作為獨立公司的情況。

Our plan remains to update the investment community on the combined companies after the transaction closes, which is still expected by the end of our first quarter. So with that, let's start with the fourth-quarter results.

我們的計劃仍然是在交易完成後向投資界通報合併後公司的情況，預計交易仍將在第一季末公佈。因此，讓我們從第四季的業績開始。

Our total revenue grew 9.8% year over year to almost $4.1 billion, and within this rental revenue grew by 9.7% to $3.4 billion, both fourth quarter records. Fleet productivity increased by 4.3% as reported and 2% Yak. Adjusted EBITDA increased to the fourth quarter record of $1.9 billion translating to a margin of over 46%. And finally adjusted EPS grew year over year to $11.59 another fourth quarter record.

我們的總營收年增 9.8%，達到近 41 億美元，其中租金收入成長 9.7%，達到 34 億美元，均創下第四季的最高紀錄。據報道，船隊生產率增加了 4.3%，Yak 生產率增加了 2%。調整後 EBITDA 增至第四季創紀錄的 19 億美元，利潤率超過 46%。最後，調整後的每股盈餘年增至 11.59 美元，再創第四季紀錄。

Now let's turn to customer activity. We saw growth in both our generate and specialty businesses. Specialty rental revenue impressively grew more than 30% year over year and even without Yak, a strong 18%. These results were driven by rental revenue across all businesses with a combination of solid same store sales growth and an additional 15 cold starts putting us at 72 for the full year.

現在讓我們來談談客戶活動。我們的發電業務和特種業務均實現了成長。特種租賃收入年增超過 30％，即使沒有 Yak，也增長了 18％。這些業績是由所有業務的租金收入、穩健的同店銷售額增長和額外 15 次冷啟動共同推動的，使我們全年的冷啟動達到了 72 次。

And as a reminder, these specialty cold starts are a key element to accelerating our growth in this high return segment. By vertical, we continue to see similar trends to the rest of last year with non-residential growth helping to fuel construction and industrial growth driven by manufacturing and power.

提醒一下，這些特殊冷啟動是加速我們在這個高回報領域成長的關鍵因素。從垂直角度來看，我們繼續看到與去年剩餘時間類似的趨勢，非住宅成長推動了製造業和電力驅動的建築和工業成長。

We saw new projects across data centers, chip manufacturing, sports stadiums and power to name a few. Now, turning to the used market which continues to exhibit strong demand. We sold over $850 million of OEC in the quarter which was a record for any quarter in our history.

我們看到了資料中心、晶片製造、體育場和電力等領域的新項目。現在，轉向繼續表現出強勁需求的二手市場。本季度，我們銷售了價值超過 8.5 億美元的 OEC，創下了我們歷史上任何季度的最高紀錄。

The depth and health of demand in the used market is allowing us to rotate our existing fleet to ensure we could serve our customers' needs efficiently. This is evident through our full-year CapEx of over $3.7 billion. And as a result, we drove free cash flow of nearly $2.1 billion which translated to a very healthy free cash flow margin of over 13%.

二手市場的需求深度和健康狀況使我們能夠輪換現有車隊，以確保我們能夠有效地滿足客戶的需求。我們全年資本支出超過 37 億美元就證明了這一點。結果，我們實現了近 21 億美元的自由現金流，這意味著自由現金流利潤率超過 13%，非常健康。

The combination of our industry leading profitability, capital efficiency and the flexibility of our business model enables us to generate meaningful free cash flow throughout the cycle. And in turn, create long term shareholder value. To that end, we returned over $1.9 billion to shareholders last year through a combination of share buybacks and our dividend.

我們在業界領先的獲利能力、資本效率和業務模式的靈活性使我們能夠在整個週期內產生有意義的自由現金流。進而創造長期股東價值。為此，我們去年透過股票回購和股利的方式向股東返還了超過 19 億美元。

And while we paused our share repurchase plan ahead of the H&E closing, I'm pleased to announce we'll be raising our quarterly dividend by 10% year over year to a $1.79 per share.

雖然我們在 H&E 收盤前暫停了股票回購計劃，但我很高興地宣布，我們將把季度股息同比提高 10% 至每股 1.79 美元。

Now, let's turn to 2025 which we expect to be another year of growth again, led by large project growth. Customer optimism, backlogs and feedback from our field team combined with the demand we're carrying into the new year all support our guides. This was reinforced at our annual management meeting which we held earlier this month in Houston, Texas. We've discussed how a key element of our culture is the quality people who work for United Rentals.

現在，讓我們展望 2025 年，我們預計這又將是一個成長之年，由大型專案成長引領。客戶的樂觀態度、積壓訂單和我們現場團隊的回饋，加上我們在新的一年所承擔的需求，都為我們的指南提供了支持。我們在本月稍早在德州休士頓舉行的年度管理會議上重申了這一點。我們討論過，我們文化的關鍵要素就是為共同租賃工作的高素質員工。

And this was on full display in Houston, as over 2,600 team members came together to focus and engage on being the partners of choice for our customers through our differentiated value proposition.

這一點在休士頓得到了充分展示，超過 2,600 名團隊成員齊聚一堂，致力於透過我們差異化的價值主張成為客戶的首選合作夥伴。

Finally, I'd like to reiterate what I said two weeks ago, when we announced our intent to acquire H&E, we're very excited to combine two complementary businesses. The transaction checks all three boxes we require when evaluating M&A, strategic financial and cultural. Growing the core is a key component of our strategy and I'm really thrilled to have the opportunity to add high quality capacity, meaning people, fleet and real estate to the United Rentals team.

最後，我想重申我兩週前所說的話，當我們宣布收購 H&E 的意圖時，我們非常高興能夠將兩家互補的企業合併在一起。該交易滿足了我們評估併購時要求的所有三個條件，即策略、財務和文化。擴大核心業務是我們策略的關鍵組成部分，我很高興有機會為聯合租賃團隊增添高品質的人才、車隊和房地產。

This will allow us to better serve customer demand over the long term. It will also accelerate our growth all while generating compelling returns for our shareholders. It's really a win, win outcome and things remain on track for a first quarter close and there are no further updates to provide you today.

這將使我們能夠長期更好地滿足客戶需求。它還將加速我們的成長，同時為我們的股東創造可觀的回報。這確實是一個雙贏的結果，事情仍按計劃進行，第一季即將結束，今天沒有進一步的更新資訊可以提供給您。

In closing and building upon what I just discussed with our latest acquisition announcement, we remain focused on being the best rental company in the industry. Our unique value offering industry leading technology and our go to market approach combined with our capital discipline, give me confidence that we're well positioned for both customers and shareholders for the long term.

最後，基於我剛才討論的最新收購公告，我們將繼續致力於成為業界最好的租賃公司。我們獨特的價值、提供領先業界的技術、以及我們以市場為導向的方法，再加上我們的資本紀律，使我相信，我們能夠長期為客戶和股東做好充分的準備。

We continue to progress towards our 2028 aspirational financial goals, which we laid out in May of '23 and look forward to delivering on these results as we continue to execute our strategy.

我們將繼續朝著 2023 年 5 月制定的 2028 年理想財務目標邁進，並期待在繼續執行我們的策略的同時實現這些成果。

With that, I'll hand the call over to Ted and then we'll take your questions. Ted, over to you.

說完這些，我將把電話交給泰德，然後我們來回答你們的問題。泰德，交給你了。

Thanks Matt and good morning everyone. As Matt just shared, we had a strong finish to the year setting both fourth quarter and full year records for total revenue rental revenue, EBITDA and EPS, which supported the attractive returns and significant free cash flow we also generated in 2024.

謝謝馬特，大家早安。正如馬特剛才分享的那樣，我們今年取得了強勁的收官，創下了第四季度和全年的總收入、租金收入、EBITDA 和EPS 的最高紀錄，這支持了我們在2024 年創造的可觀的回報和可觀的自由現金流。

So with that said, let's jump into the numbers. Fourth quarter rental revenue was a record at $3.42 billion. That's a year on year increase of $303 million or 9.7% supported again by growth from large projects and key verticals. Within rental revenue OER increased by $177 million or 6.9%.

既然如此，就讓我們來看看數字吧。第四季租金收入創下 34.2 億美元的紀錄。與去年同期相比，這一數字增加了 3.03 億美元，增幅為 9.7%，這得益於大型項目和關鍵垂直行業的成長。租金收入中 OER 增加了 1.77 億美元，即 6.9%。

Breaking this down, growth in our average fleet size contributed 4.1% to OER, while fleet productivity added another 4.3% partially offset by assumed fleet inflation of 1.5%.

具體來說，我們平均船隊規模的成長為 OER 貢獻了 4.1%，而船隊生產率又增加了 4.3%，但被假設的 1.5% 的船隊通膨率部分抵消。

Also within rental, ancillary and re-rent grew by 22% and 30% respectively, adding a combined $126 million to revenue driven primarily by strong growth and specialty and hurricane related work in the quarter.

此外，租賃、輔助和轉租分別成長了 22％ 和 30％，共增加 1.26 億美元的收入，主要得益於本季度的強勁增長以及專業和颶風相關工作。

Turning into our used results. As Matt mentioned, we took advantage of a strong market to sell a record amount of fleet in the fourth quarter, generating proceeds of $452 million at an adjusted margin of 48.9% at a recovery rate of 53% on assets that were almost eight years old on average.

轉化為我們使用的結果。正如Matt 所提到的，我們利用強勁的市場在第四季度出售了創紀錄數量的船隊，收益為4.52 億美元，調整後的利潤率為48.9%，資產回收率為53%，這些資產的使用年限接近八年平均而言。

Moving to EBITDA, as I mentioned adjusted EBITDA was fourth quarter record at $1.9 billion translating to an increase of $91 million or 5%. Within this rental gross profit increased 7% contributing an additional $136 million year on year.

談到 EBITDA，正如我所提到的，調整後的 EBITDA 第四季達到創紀錄的 19 億美元，增幅為 9,100 萬美元，增幅為 5%。其中租金毛利年增7%，額外貢獻了1.36億美元。

This was partially offset by used where the ongoing normalization of the market drove a 9% decline in used gross profit dollars translating to a $21 million headwind to adjusted EBITDA in the quarter. SG&A increased by $36 billion year over year, which was in line with revenue growth, so good efficiency there.

這被二手產品的部分抵消，因為市場的持續正常化導致二手產品毛利下降 9%，導致本季度調整後 EBITDA 遭受 2,100 萬美元的阻力。銷售、一般及行政開支年增了 360 億美元，與收入成長一致，因此效率較高。

And finally, the EBITDA contribution from other non-rental lines of businesses increased $12 million driven largely by strong new equipment sales. Looking at profitability, our fourth quarter adjusted EBITDA margin was 46.4% implying 210 basis points of compression.

最後，其他非租賃業務線的 EBITDA 貢獻增加了 1,200 萬美元，主要得益於新設備銷售強勁。從獲利能力來看，我們在第四季度調整後的 EBITDA 利潤率為 46.4%，意味著壓縮了 210 個基點。

I'm sure we'll dig into this during Q&A, so I thought it might be helpful to frame some of the key factors here.

我相信我們會在問答環節深入探討這個問題，所以我認為在這裡概括一些關鍵因素可能會有所幫助。

The combination of used and stronger than expected new equipment sales were together about 80 basis points of year-on-year headwinds. Said another way, excluding these two factors, our adjusted EBITDA margin would have been down about 130 basis points with flow through a little better than 33%.

二手設備銷售和強於預期的新設備銷售合計比去年同期下降約 80 個基點。換句話說，如果不考慮這兩個因素，我們的調整後 EBITDA 利潤率將下降約 130 個基點，流量略高於 33%。

Closer to the core and as you just heard me highlight, we had higher growth in ancillary and re-rent revenue that, as you know, come with lower margins. If we also adjust for these, our EBITDA margin would have been down about 60 basis points with implied flow through of roughly 40%.

更接近核心的是，正如您剛才聽到我強調的那樣，我們的輔助收入和轉租收入增長更快，但正如您所知，利潤率較低。如果我們也對此進行調整，我們的 EBITDA 利潤率將下降約 60 個基點，隱含流通量約為 40%。

While this is modestly below our long-term goal, it reflects our continued investment in key aspects of our strategy, including specialty, technology and capacity to support the long-term growth of our business during what we view as a slower phase of the cycle. And lastly, our adjusted earnings per share was a fourth quarter record at $11.59. Shifting to CapEx.

雖然這略低於我們的長期目標，但它反映了我們對策略關鍵方面的持續投資，包括專業性、技術和能力，以支持我們業務在週期較慢階段的長期成長。最後，我們第四季的調整後每股盈餘創下了 11.59 美元的歷史新高。轉向資本支出。

Fourth quarter gross rental CapEx was $469 million. Moving to returns and free cash flow. Our return on invested capital of 13% remained well above our weighted average cost of capital, while full-year free cash flow totaled a robust $2.06 billion.

第四季總租賃資本支出為 4.69 億美元。轉向回報和自由現金流。我們的投資資本報酬率為 13%，遠高於我們的加權平均資本成本，而全年自由現金流總計高達 20.6 億美元。

Our balance sheet remains very strong with net leverage of 1.8x at the end of December and total liquidity of over $2.8 billion. I'll note, this was after returning a record of over $1.9 billion to shareholders in 2024, including $434 million via dividend and $1.5 billion through repurchases that reduced our share count by over 2.1 million shares.

我們的資產負債表依然強勁，12 月底的淨槓桿率為 1.8 倍，總流動資金超過 28 億美元。我要指出的是，這是在2024 年向股東返還超過19 億美元的創紀錄之後，其中包括透過股息返還4.34 億美元和透過回購返還15 億美元，這使我們的股票數量減少了超過210萬股。

So to wrap up both the quarter and the full year, we were very pleased with the results our team achieved in 2024. Now let's look forward and talk about our 2025 guidance, which I'll remind you, is standalone, meaning it does not include any contribution from H&E.

因此，總結本季和全年，我們對團隊在 2024 年所取得的成績感到非常滿意。現在讓我們展望未來，並討論我們的 2025 年指引，我要提醒您，它是獨立的，這意味著它不包括 H&E 的任何貢獻。

As you've seen from the press release, we anticipate another record year. Total revenue is expected in the range of $15.6 billion to $16.1 billion, implying full-year growth of 3.3% at midpoint. Within total revenue, I'll note that our used sales guidance is implied at roughly $1.5 billion or a mid-single-digit year-on-year decline on a percentage basis.

正如您從新聞稿中看到的，我們預計今年將是另一個創紀錄的一年。預計總收入在 156 億美元至 161 億美元之間，意味著全年成長率為 3.3%。在總收入中，我要指出的是，我們的二手車銷售指引約為 15 億美元，或以百分比計算同比下降中等個位數。

This, in turn, implies a little faster growth within our core rental revenue, call it, mid-single digit on a percentage basis. Within used, I'll add that we expect to sell around $2.8 billion of OEC translating to recovery rate in the low -50s versus the mid-50s in 2024, but in line with pre-pandemic norms.

這反過來意味著我們的核心租金收入將略微增長，按百分比計算可以達到中等個位數。在二手產品方面，我要補充一點，我們預計將銷售約28 億美元的OEC，這意味著2024 年的回收率將在-50% 出頭，而回收率將在50% 中期，但與大流行前的標準一致。

Our adjusted EBITDA range of $7.2 billion to $7.45 billion. At the midpoint, excluding the impact of used, this implies flow-through in the 40s and flattish adjusted EBITDA margins versus as reported flow-through of around 30% and approximately 50 basis points of margin compression at the midpoint of guidance. On the fleet side, our gross CapEx guidance is $3.65 billion to $3.95 billion with net CapEx of $2.2 billion to $2.5 billion.

我們的調整後 EBITDA 範圍為 72 億美元至 74.5 億美元。在中間點，排除使用的影響，這意味著流通量在 40% 左右，調整後的 EBITDA 利潤率持平，而報告的流通量約為 30%，指導中點的利潤率壓縮約為 50 個基點。在船隊方面，我們的總資本支出預期為 36.5 億美元至 39.5 億美元，淨資本支出預期為 22 億美元至 25 億美元。

Within this, we (inaudible) our 2025 maintenance CapEx at around $3.3 billion, implying growth CapEx of roughly $500 million at midpoint. And finally, we are guiding to another year of strong free cash flow in the range of $2 billion to $2.2 billion.

在此之內，我們（聽不清楚）預計 2025 年的維護資本支出約為 33 億美元，這意味著中期成長資本支出約為 5 億美元。最後，我們預計今年的自由現金流將保持強勁，預計在 20 億至 22 億美元之間。

Turning to capital allocation. One of the benefits of our balance sheet strategy and free cash generation are the flexibility they provide to invest in growth opportunities when they arise. As you know, we intend to capitalize on this through the pending acquisition of H&E where we will invest almost $5 billion at targeted returns well above our cost of capital.

轉向資本配置。我們的資產負債表策略和自由現金產生的好處之一是，它們能夠靈活地投資於出現的成長機會。如您所知，我們打算透過即將收購 H&E 來利用這一點，我們將在收購中投資近 50 億美元，目標回報遠高於我們的資本成本。

As previously shared, we are pausing our buyback program ahead of H&E, and we intend to utilize our free cash flow in 2025 to reduce our leverage from roughly 2.3 times on a pro forma basis to a goal of around 2 times within 12 months of close.

正如之前所分享的，我們將在 H&E 之前暫停回購計劃，並打算利用 2025 年的自由現金流將我們的槓桿率從預計的約 2.3 倍降低到交易完成後 12 個月內約 2 倍的目標。

Finally, consistent with our strategy to return excess capital to our shareholders, I am very pleased to reiterate that we are increasing our quarterly dividend by 10% to $1.79 per share, translating to an annualized dividend of $7.16.

最後，根據我們向股東返還多餘資本的策略，我很高興重申，我們將把季度股息提高 10% 至每股 1.79 美元，相當於年度股息為 7.16 美元。

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

因此，讓我將電話轉給接線員進行問答。接線員，請接通線路。

(Operator Instructions) Steven Fisher, UBS.

（操作員指示） 瑞銀（UBS）的史蒂文費雪（Steven Fisher）。

Thank you and congratulations on a nice year. Maybe you can just touch upon the bigger than on -- bigger than usual ancillary and re-rent. What -- what's the main activity driving that was that sort of more shifting of equipment around that you got fees on, and maybe what's the next -- the expectation for the next few quarters on that if you could even forecast it?

謝謝您並祝賀您度過美好的一年。也許您可以談談比平常更大的輔助業務和再租賃業務。推動這種設備轉移的主要活動是什麼？

And I suppose the bigger picture question here is, what, on the margin side, what would you have to see in order to get flow through back into the kind of 50%-plus range?

我想這裡更大的問題是，在利潤方面，你必須看到什麼才能讓流量回到 50％ 以上的範圍？

I'll start, Steve, and then Matt can jump in. So on ancillary and re-rent, I think there are a couple of things. Certainly, the storm-related opportunities were a big part of both, probably more so in re-rent than ancillary, although there was definitely a benefit in ancillary. And then within ancillary, the other thing we've talked about all year is some of the benefits we've had in Specialty.

我先開始，史蒂夫，然後馬特加入。因此，關於輔助和轉租，我認為有幾件事。當然，與風暴相關的機會在兩者中都佔了很大一部分，可能在轉租方面比在輔助方面更為重要，儘管在輔助方面肯定有好處。然後在輔助領域，我們全年談論的另一件事是我們在專業領域中獲得的一些好處。

So in terms of setting things up, breaking them down and those kinds of services that relate to some of the new businesses we're in, those obviously have seen kind of sharp growth in '24, and that's contributed to that outperformance versus, call it, OER. Does that help on the first question?

因此，就設置、分解和與我們從事的一些新業務相關的服務而言，這些服務在 24 年顯然出現了大幅增長，這也是我們取得優異表現的原因之一。這對第一個問題有幫助嗎？

Yes.

是的。

On the second question, I think there are a couple of things, I mean, certainly relative growth rates matter. We, I think I made the comment just a couple of minutes ago that we think we're in the slower growth phase of the cycle.

關於第二個問題，我認為有幾件事，我的意思是，相對成長率當然很重要。我想我幾分鐘前就說過，我們認為我們正處於週期較慢的成長階段。

And the reason that's important is it drives, relative fixed cost absorption. So, as we get through '25, and we do expect to accelerate thereafter that obviously drives good absorption that helps drive better flow through. At the same time in this environment, we've talked about making very intentional investments and things like cold starts and technology that have been marginal drags.

這很重要的原因是它推動了相對固定成本的吸收。因此，當我們度過 25 歲時，我們確實期望此後加速，這顯然會推動良好的吸收，有助於推動更好的流通。同時，在這種環境下，我們討論了進行有針對性的投資，以及諸如冷啟動和技術等只會造成邊際拖累的事情。

We think those have been excellent investments with great ROI, that's why we've called them out and been pretty clear that we don't want to forego those opportunities just for the sake of an arbitrary flower gold. So Matt, anything you'd add there?

我們認為這些都是非常好的投資，具有很高的投資回報率，這就是為什麼我們要呼籲他們，並明確表示，我們不想僅僅為了任意的花金而放棄這些機會。那麼 Matt，您還有什麼要補充嗎？

No, I just, we still always drive towards, holding strong margins and Ted could take you through it. But within, this guide, right, ex used sales, we expect to have margins, right, similar to year over year comps.

不，我只是，我們仍然一直努力，保持強勁的利潤率，而 Ted 可以帶你度過難關。但是，在此指南中，對吧，除二手銷售外，我們預計利潤率將與去年同期相似。

Yeah, and that's a good point. Just I'm not sure you asked it specifically. But if you -- in my comments, I made the point that if you back out use flow through would be -- in the mid-40s, we have flat margins which we view as very good performance in this environment.

是的，這是一個很好的觀點。只是我不確定您是否具體問過這個問題。但是如果你 - 在我的評論中，我指出如果你退出使用流量將是 - 在 40 年代中期，我們的利潤率持平，我們認為在這種環境下表現得非常好。

I'll remind people as much as inflation has subsided, it's certainly not going backwards. So, we still have a decent amount of inflation we're absorbing. So to deliver these kinds of results does take hard work.

我要提醒人們，通貨膨脹雖然已經消退，但絕對不會倒退。因此，我們仍在吸收相當數量的通貨膨脹。所以要取得這樣的成果確實需要努力。

Great, that's helpful. And then just maybe on the pipeline of large projects, I'm curious how that looks today relative to a year ago. What do you see as the differences in the large project landscape this year versus last year.

很好，很有幫助。然後也許只是在大型專案的頻道上，我很好奇今天相對於一年前的情況如何。您認為今年的大型專案狀況與去年相比有何不同。

Yeah, I call it very similar with the addition of that we're carrying in demand from projects that are ongoing. So when you add that to some of the newer projects that are planned to come out of the ground, we feel good about this segment and certainly feel good about, our alignment serving that part of the business. So I would call it overall really the whole demand environment very similar to what we experienced in '24 and our guide, right, so we feel good about the year going forward.

是的，我認為它非常相似，另外我們還承擔著正在進行的專案的需求。因此，當您將其添加到一些計劃啟動的新項目中時，我們對這一部分感到很滿意，並且對我們為該部分業務服務的協調感到滿意。因此，我認為總體而言，整個需求環境與我們在 24 年經歷的以及我們的指南非常相似，對吧，所以我們對今年的前景感到樂觀。

Terrific. Thank you very much.

了不起。非常感謝。

Thanks.

謝謝。

Thank you. Blake Greenhalgh, Bank of America.

謝謝。美國銀行的布萊克‧格林哈爾格 (Blake Greenhalgh)。

Yeah. First one would be cadence of growth in '25 (technical difficulty) Are you guys baking anything that's more second half weighted?

是的。第一個是 '25 的成長節奏（技術難度）你們是否正在烘焙任何更注重後半部分的東西？

So we won't get into quarterly guidance. But if you just think about CapEx as a starting point, right. We expect to spend CapEx on a similar cadence, more historically normal cadence that we did in '24. From there -- there's nothing that I would call out, certainly not back weighted. We think it'll flow with normal seasonality of our business and more importantly, our customers demand, right?

因此我們不會涉及季度指引。但如果您只是將 CapEx 視為一個起點，那麼就對了。我們預期資本支出的節奏將與24年類似，更為歷史正常。從那裡 —— 我沒有什麼可說的，當然也不會有後置加權。我們認為它會隨著我們業務的正常季節性而變化，更重要的是，我們的客戶需求會變化，對嗎？

Great. And then on power, there's been a lot of discussion this week about renewables, grid data centers. Can you remind us how big that business is for you guys. And anything you're hearing for '25 that you want to talk about?

偉大的。關於電力，本周有很多關於再生能源、電網資料中心的討論。你能提醒我們一下這項業務對你們來說有多大嗎？您聽說了什麼關於 25 年的事情想要跟大家討論嗎？

Yeah. So in its entirety, power is called about 10% of our total revenue within that solar and wind are, are a relatively small fraction. So those are not markets that move the needle terribly in our power business. So hopefully that helps give you some sense.

是的。因此，從總體上看，電力約占我們總收入的 10%，而太陽能和風能只佔相對較小的部分。因此，這些市場不會對我們的電力業務產生重大影響。希望這能給你一些幫助。

Yeah, regardless of the political environment and all the pontificating or what's going to happen. There's a need for that grid to continue to be upgraded. There was long before chips and data centers and there's going to be going forward with or without the same level of chips and data centers. We're not concerned about this. This is a segment we focused on and we feel really good about it.

是的，無論政治環境如何，無論發表什麼樣的言論，無論將會發生什麼事。該電網需要繼續升級。在晶片和資料中心出現之前就已經存在了，而且無論有沒有相同等級的晶片和資料中心，它們都將繼續發展。我們並不擔心這個。這是我們重點關注的一個部分，我們對此感到非常滿意。

Thank you. Jerry Revich, Goldman Sachs.

謝謝。高盛的傑瑞·雷維奇（Jerry Revich）。

Hi, this is Clay on for Jerry. First question here, what was the specialty organic growth in the quarter? And if you could talk to, the color on the dispersion between the individual business lines within specialty, that'd be great. Thanks.

大家好，我是 Clay，代表 Jerry 發言。第一個問題是，本季的專業有機成長是多少？如果您能談談專業領域內各個業務線之間的分佈情況，那就太好了。謝謝。

We don't really get into the individual business lines too much. I'll say specialty, as you saw, showed great growth of 30%. But as I said in my opening remarks, even ex Yak, 18%. And that would be -- what we call organic growth. Admittedly, there's some cold starts in there.

我們實際上並不會過度涉足單一業務線。我想說的是，正如您所看到的，專業領域表現出了 30% 的大幅成長。但正如我在開場白中所說的那樣，即使除去 Yak，也有 18%。這就是我們所說的有機成長。不可否認，其中存在一些冷啟動。

So that's inclusive of that. But really strong growth that we feel good about. And this has been going up for quite a few years, just double-digit growth in specialty and as we add new products, as we have in the last couple of years through acquisitions, getting further dispersion of that footprint is another big driver of growth. And we think that will continue on and we'll probably do another 50-plus cold starts in 2025 to add to that opportunity.

其中包括這個。但真正強勁的成長令我們感到高興。這一數字已經持續上升了好幾年，特種化學品的成長率只有兩位數，隨著我們透過收購增加新產品，以及近幾年的收購，進一步分散這一業務範圍是成長的另一大動力。我們認為這種情況將會持續下去，我們可能會在 2025 年再進行 50 多次冷啟動，以增加這一機會。

Great, super helpful. And then I guess, yeah, just expanded on the options for 2025 and not wanting to speak directly to the individual product lines. But it's just curious if there's, which ones are performing stronger, relative to that to that average?

太棒了，超級有幫助。然後我想，是的，只是擴大了 2025 年的選擇，而不想直接談論單一產品線。但只是好奇，相對於平均水平，哪些表現更強？

Well, I wouldn't say performing stronger, they are all growing strong. I would say that you can think about where the growth is more pronounced, specifically in the cold starts is the products that we've added over the last couple of years.

嗯，我不會說表現更強，他們都在成長得更強。我想說的是，你可以想想哪裡的成長更為明顯，特別是在冷啟動方面，這是我們在過去幾年增加的產品。

So think about the General Finance acquisition and specifically here in the US with Pac-Van, we continue to exceed those goals that we had to double that business in five years. And cold starts will be a part of that as well, continue and expand their footprint.

所以想想對 General Finance 的收購，特別是與美國 Pac-Van 的收購，我們繼續超越我們在五年內將業務翻一番的目標。冷啟動也將成為其中的一部分，並將繼續擴大其影響力。

With Yak, our most recent new product line, they're ahead of schedule on our goals to double their business in five years.

憑藉我們最新推出的新產品系列 Yak，他們提前實現了我們設定的五年內業務翻番的目標。

So they're really doing well. And that's been a lot of organic growth. We haven't even broadly gotten to growing the footprint. So that's future opportunity that we're going to do there. And our ROS business, right, our reliable on-site business continues to grow organically and through cold starts.

所以他們確實做得很好。這已經是很大的有機成長了。我們甚至還沒有廣泛地擴大影響力。這就是我們未來將要在那裡實現的機會。我們的 ROS 業務，對吧，我們可靠的現場業務透過冷啟動繼續有機成長。

So those are the three I'd point out. But with all that being said, one of our most mature ones is power, and they're growing tremendously by adding new products and just continuing to grow their footprint. So it's pretty much across the board, Clay.

這就是我要指出的三點。但話雖如此，我們最成熟的業務之一是電力，他們透過增加新產品和繼續擴大影響力而實現了巨大的成長。所以，克萊，這幾乎是全面的。

Thanks. I really appreciate the color.

謝謝。我非常欣賞這個顏色。

No worries. Thanks.

不用擔心。謝謝。

Thank you. Tim Thein, Raymond James.

謝謝。提姆泰恩、雷蒙詹姆斯。

Good, good morning, Matt. Maybe just on starting on fleet productivity. The target that outlined in terms of the ability to outrun inflate -- inflation of 1.5% (technical difficulty) still believe in that in terms of realistic target for '25.

早安，馬特。或許只是開始提升車隊生產力。就超越通貨膨脹的能力而言所概述的目標——通貨膨脹率為 1.5%（技術難度），但就 25 年的現實目標而言，我們仍然相信這一點。

And then maybe, as part of that, is there an area where maybe the there's a, I don't know better opportunity in terms of whether it's time or rate. And maybe just speak to that in terms of how you're thinking about just the broader fleet, productivity set up for '25.

然後也許，作為其中的一部分，是否存在一個領域，也許存在一個我不知道的更好的機會，無論是時間還是速度。或許您可以就如何考慮更廣泛的船隊、為 25 年設定的生產力來談談這個問題。

Yeah. So we feel really good about the performance of the team and, we won't do it quantitatively. But qualitatively, we talked about back this time last year. If we were able to repeat 2023 time utilization, we'd feel really good and we were able to do that. And so the team executed well and that's embedded in our expectations for 2025 in this guidance.

是的。因此，我們對團隊的表現非常滿意，而且我們不會進行量化的評估。但從品質上講，我們去年這個時候就討論過了。如果我們能夠重複 2023 年的時間利用率，我們會感覺非常好，而且我們能夠做到這一點。因此，團隊表現良好，這也包含在我們對 2025 年的預期中。

And then from there, you look at the other two variables, we still believe this is a constructive rate environment really out of necessity. When you think about the amount of fleet inflation that we've all absorbed, the whole industry is absorbed over the last couple of years, the industry needs to get price to continue to eat into that.

然後從那裡，你再看看另外兩個變量，我們仍然相信這是一個真正出於必要而產生的建設性利率環境。當你考慮到我們已經吸收的船隊通膨量時，整個產業在過去幾年都吸收了這些通膨量，產業需要獲得價格來繼續消化這些通膨量。

So I think you've seen that and I think that will continue on and then the variable is mix, which is really an output depending on the amount of products that grow faster, you know what we do in different business lines, and there's a whole bunch of things in there, but you guys have gone over them before, but that will be the variable.

所以我想你已經看到了這一點，我認為這會繼續下去，然後變數是混合，這實際上是一個輸出，取決於成長更快的產品數量，你知道我們在不同的業務線上做什麼，而且有一個這裡面有很多東西，但是你們之前已經討論過了，但那將是變數。

And, we do believe it will be positive, meaning we will be able to exceed that inflation, in its simplest form, fleet productivity is can you grow your rent revenue faster than you can grow your fleet growth, and that's embedded in our guidance, that we will do that again this year.

而且，我們確實相信這將是積極的，這意味著我們將能夠超過通貨膨脹，最簡單的形式是，車隊生產力是您增加租金收入的速度是否可以快於增加車隊增長的速度，而這已包含在我們的指導中，今年我們還會繼續這樣做。

Got it. Okay. And then just with the impact of M&A obviously, as the company has grown up a couple $100 million isn't what it used to be United? But is there a way to just to think about that in terms of the contribution as to what we can expect from the deals done in the back half of the year, presumably that's driving some benefit any way to help us in terms of what that may translate from a revenue perspective in '25. Do you analyze that?

知道了。好的。然後顯然，隨著併購的影響，隨著公司規模的成長，價值已達數億美元，難道聯合航空不再是原來的聯合航空了嗎？但有沒有辦法只考慮一下我們對下半年達成的交易的貢獻，大概這會帶來一些好處，以任何可能的方式幫助我們從'25年的收入角度進行翻譯。您分析一下嗎？

So we don't get too specific, breaking out obviously, the smaller deals, but you would have seen there was something on the order of $300 million of deals we did most hit late in the quarter. So there really wasn't much benefit in the fourth in terms of, rolling forward, it was a combination of gen rent and specialty. So, you can think about what multiple you'd want to apply to EBITDA, and figure out what kind of margin that would imply. It's not a huge part of the growth. It contribute, these are nice deals, we're excited about them, but it's not going to be very impactful in the scheme of our guidance.

因此，我們不會太具體地討論那些較小的交易，但你會看到，我們在本季末達成了大約 3 億美元的交易。因此，從滾動發展的角度來看，第四版確實沒有太多好處，它是一般租金和專業的結合。因此，您可以考慮要將什麼倍數應用於 EBITDA，並計算出這意味著什麼樣的利潤率。這並不是成長的很大一部分。它有所貢獻，這些都是很好的交易，我們對此感到興奮，但它不會對我們的指導計劃產生很大影響。

More important. It's all embedded within our guidance. So, yeah.

更重要。這一切都包含在我們的指導中。是的。

Yeah. Okay. All right. Thanks for the time.

是的。好的。好的。感謝您的時間。

Thanks, Tim.

謝謝，蒂姆。

Thank you. Kyle Menges, Citigroup.

謝謝。花旗集團的凱爾·孟格斯（Kyle Menges）。

Hi, good morning. This is Randy on for Kyle. Looking at the guy with gross cap -- gross CapEx back up a little in 2025. Could you give some color on what areas you're growing OEC during the year and any areas you plan to pull back a little bit?

嗨，早安。這是蘭迪 (Randy) 代替凱爾 (Kyle)。看看這個擁有總資本的人——到 2025 年，總資本支出將會略有回升。您能否詳細說明今年您在哪些領域擴大了 OEC，以及在哪些領域您計劃稍微縮減？

Yeah. So we're not really expecting to pull back on any, Randy. As we told you, we had really strong utilization of our fleet. And we think the demand environment is going to remain similar, so nobody is going to pull back on anything.

是的。所以我們實際上並不期望撤回任何行動，蘭迪。正如我們所說的，我們的車隊利用率非常高。我們認為需求環境將保持相似，因此沒有人會減少任何措施。

You could imagine when you think about our growth CapEx, we talked about specialty growth and specifically the cold starts, they'll get an overweighted amount of the growth CapEx, which just to take you through that math since we haven't talked about it yet, we plan to sell about $2.8 billion worth of OEC this year.

你可以想像，當你考慮我們的成長資本支出時，我們談到了專業成長，特別是冷啟動，他們會得到一個超額的成長資本支出，這只是讓你了解這個數學問題，因為我們還沒有談論它然而，我們計劃今年出售價值約 28 億美元的 OEC。

The replacement on an add, if you think about the stuff that we bought eight years ago, it is about 20% more now, will be about $3.3 billion. That leaves at the midpoint, about $500 million of growth CapEx. And you could imagine as we think about it, more than its fair share of that will go to support our specialty growth.

如果您想想我們八年前購買的東西，那麼附加替換品現在增加了約 20%，約 33 億美元。這樣，中間值就約為 5 億美元的成長資本支出。你可以想像，當我們思考這個問題時，其中的大部分將用於支持我們的專業成長。

Got it. And then another quick one, can you just give some color on what kind of changes you've seen in customer behavior and sentiment following the election? And then maybe more recently on some of Trump's executive voters.

知道了。然後再問一個簡單的問題，您能否具體介紹選舉後您看到的客戶行為和情緒發生了哪些變化？或許最近還牽涉到川普的一些行政選民。

So we -- I'll take the first part, Ted could take the second. We could -- we had strong customer sentiment and more importantly, our field teams have been feeling good about the year all throughout '24. That's why we came out with the guide we did even though maybe there were winds blowing the other way for some folks. We see the same thing coming into this year. So our customers feel good about it.

因此，我負責第一部分，泰德負責第二部分。我們可以－我們擁有強烈的客戶情緒，更重要的是，我們的現場團隊對整個24年都感覺很好。這就是為什麼我們帶著這份指南出來了，儘管對某些人來說，風向可能與預期相反。我們今年也看到同樣的事情發生。因此我們的客戶對此感覺很好。

Our leadership team feels good about it. And we're really not going to overreact to the new cycle of the day. I think having that extra touches into the customer really gives us confidence to -- in our guide and what our plans are. Ted, you could touch on the other part, if you'd like?

我們的領導團隊對此感到很滿意。我們確實不會對當今的新周期反應過度。我認為，為客戶提供這些額外的服務確實讓我們對我們的指南和計劃充滿信心。泰德，如果你願意的話，你可以談談另一部分嗎？

Yes. In terms of any impact of executive orders, I mean aside from people may have whiplash, I don't think there's been too much. I do think at the end of the day, you look at our customers, you look at their sentiment, I would say it's improved since the election. And I think that people's perception that you've got a government that's going to be pro-growth, wanting to invest in America. They've been pretty clear about that.

是的。就行政命令的影響而言，除了人們可能會受到鞭傷之外，我認為不會有太大影響。我確實認為，歸根結底，看看我們的客戶，看看他們的情緒，我會說自選舉以來情況有所改善。我認為人們認為你的政府會支持成長，願意在美國投資。他們對此已經非常清楚了。

Certainly, our customers are well positioned to support that growth and we're well positioned to support them in that endeavor. So whether it's areas of infrastructure, onshoring, certainly power, energy, obviously, Stargate was a big announcement, there's a lot of different things that will continue and or be incremental that we think are going to be exciting opportunities in '25 and beyond. So Matt, I don't know if you share anything?

當然，我們的客戶完全有能力支持這種成長，我們也完全有能力支持他們的這項努力。因此，無論是基礎設施、在岸外包、電力、能源領域，顯然，星際之門都是一個重大公告，有很多不同的事情將會繼續或逐步發展，我們認為這些將會是2025年及以後令人興奮的機會。那麼馬特，我不知道你是否分享了什麼？

No, you covered it well.

不，你掩蓋得很好。

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

知道了。這很有幫助。謝謝你們。

You got it Randy.

你明白了，蘭迪。

Thank you. Angel Castillo, Morgan Stanley.

謝謝。摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

Hi, thanks. This is Brendan on for Angel. In your press release, right, just diving more into that customer optimism. So you noted that in your press release, we've talked about it here today on the call. Just curious how much of that's actually translating to greater activity today, and then in any areas where it hasn't resulted in an uptick in activity yet. Can you describe maybe what customers are waiting for whether it's greater certainty around interest rates, policy, labor availability or just anything else that you would like to call out, please?

嗨，謝謝。這是 Brendan 代替 Angel 上場。在您的新聞稿中，對的，只是更深入地探討客戶的樂觀情緒。所以您在新聞稿中註意到，我們今天的電話會議上已經討論過這個問題。只是好奇其中有多少實際上轉化為今天的更大活動，以及在任何尚未導致活動增加的領域。您能否描述一下客戶可能在等待什麼，是有關利率、政策、勞動力可用性的更大確定性，還是其他您想說的？

Yeah, I'll do my best there. But to be clear, it's a sentiment-based measurement, right? So it's not measuring kind of what they're doing today. What it asks is on a forward 12-month basis, what are your expectations for your own growth. From that standpoint, you've got an improvement in net responses, right?

是的，我會盡力的。但要明確的是，這是一種基於情緒的測量，對嗎？所以這並不是衡量他們今天所做的事情。它詢問的是，在未來 12 個月內，你對自己的成長有何期望。從這個角度來看，網路回應有所改善，對嗎？

It's a defusion-based index. So it's certainly something that would support the guidance we've introduced. It's hard to say too much more because we don't get granular beyond that in that kind of survey -- (multiple speakers)

這是一個基於解離的指數。所以這肯定會支持我們提出的指導方針。很難說得更多，因為我們在這種調查中無法獲得更詳細的信息——（多位發言者）

But I guess the other thing is people feel good about, I think, just the broader environment. I mean you're beyond the election, I think people are expecting more accommodative monetary policy out of the Fed, that will be good for the economy.

但我想另一件事是人們對更廣泛的環境感覺良好。我的意思是，選舉結束後，我認為人們期待聯準會採取更寬鬆的貨幣政策，這將有利於經濟。

A lot of the things that people have been positive on remain on track. And so it's that -- I guess it's the culmination of all those things coming together that drive the economy, but certainly feels like things are heading in a positive direction.

許多人們一直持正面態度的事情仍處於正軌上。所以就是這樣——我想這是所有這些因素共同作用的結果，推動了經濟發展，但確實感覺事情正在朝著積極的方向發展。

Okay. Thank you. I guess dovetailing on that. So you notice that rather noted that you have a similar pipeline for the new large projects. What does your guidance contemplate for the small kind of local markets that have been more interest rate challenged?

好的。謝謝。我想這與此相吻合。因此您會注意到，對於新的大型項目，您有一個類似的管道。您對受到更大利率挑戰的小型本地市場有何指導考慮？

I would say generally, right speaking, generally similar, some markets have more growth opportunities, the others no different than in '24, whereas the previous years we had talked so much about broad based, we're really selecting who we wanted to send the fleet to not who didn't need it.

我想說的是，總體而言，總體而言，一些市場有更多的成長機會，其他市場與24 年沒有什麼不同，而前幾年我們談論了很多關於廣泛的基礎，我們實際上是在選擇我們想要發送的人艦隊不再向那些不需要它的人開放。

So this the great thing about our model and really the rental model overall is the fungibility of these assets to move them, not just from vertical but from geography. And that's what we're doing. And I think we do it pretty effectively, which is why we were able to keep those these high levels of time utilization over the past two years and we expect to do the same this year.

因此，我們的模型以及整個租賃模型的優點在於這些資產的可互換性，不僅可以從垂直方向移動，還可以從地理位置移動。這正是我們正在做的事情。我認為我們做得非常有效，這就是為什麼我們能夠在過去兩年中保持如此高的時間利用率，並且我們希望今年也能做到這一點。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Thank you. Ken Newman, Keybanc Capital Markets.

謝謝。肯‧紐曼 (Ken Newman)，Keybanc 資本市場。

Good morning guys. (multiple speakers) hey morning, I know you guys don't want to talk too deep on the segments in particular. But, 2024 was a bit of a softer rental revenue growth here for GenRent.

大家早安。 （多位發言者）大家早安，我知道你們不想就特定片段討論得太深入。不過，2024 年 GenRent 的租金收入成長將會稍微疲軟。

I'm curious, the guide assumes a similar growth profile in '25. And I guess additionally, on top of that, if there's any way to quantify what you think the impacts from mix are that's implied in the margin guide.

我很好奇，該指南假設'25 年會出現類似的成長狀況。另外，我想，除此之外，如果有任何方法可以量化您認為的混合影響，那麼這在利潤指南中是隱含的。

So when we think about GenRent for specialty growth, I mean, you guys have seen the numbers and we talked about '25 being similar. So yeah, at the outset, you could assume similar. The great news is we have flexibility within our -- let's call it 3.8 at the midpoint within that CapEx, not just the $500 million of growth, but even the rest of it, the 3.3 modeled replacement.

因此，當我們考慮 GenRent 的專業成長時，我的意思是，你們已經看到了數字，並且我們談到了 25 年的情況類似。是的，一開始，你可以假設類似。好消息是，我們具有靈活性 - 我們將其稱為資本支出中點的 3.8，不僅是 5 億美元的增長，還包括其餘部分，即 3.3 模型替換。

So we can move the appropriate assets to the appropriate markets to feed whatever growth there is. And that's really about all the color I can give you. Other than that, we will continue to feed the specialty footprint growth and cold start growth and really, they're double digit growth they've had for 10 years plus.

因此，我們可以將適當的資產轉移到適當的市場來滿足任何成長需求。這就是我能給你的全部資訊了。除此之外，我們將繼續推動專業足跡成長和冷啟動成長，事實上，10 多年來，它們一直保持著兩位數的成長。

I think on the second part of your question, Ken, I think from a mix standpoint to Matt's point, '25 is likely to look similar to '24. So I don't think we're looking for an appreciable shift in mix. If that helps answer the question.

肯，關於你問題的第二部分，我認為從混合角度來看，正如馬特所說，'25 可能看起來與 '24 相似。因此，我認為我們並不期待有明顯的組合轉變。如果這有助於回答這個問題。

Yeah, that's very helpful. And then maybe just, dovetailing off the prior question here right before me. Is there a way to talk about the magnitude of demand between the national and the local accounts? Particularly as I think about just the rate differential between those two.

是的，這很有幫助。然後也許只是與我面前的先前問題相吻合。有沒有辦法談論國家帳戶和地方帳戶之間的需求？特別是當我想到這兩者之間的利率差異時。

Obviously, I know you don't want to talk about fees, but they've had a little bit more challenges on the rate side, curious if you're kind of seeing a similar dynamic?

顯然，我知道您不想談論費用，但他們在利率方面面臨更多挑戰，好奇您是否看到了類似的動態？

Yeah. As you know, we don't get into the specific components of rate time and mix, but, we've had -- we've driven positively productivity and that's really why we put them all together because it shows up in different ways with different products and with different customers.

是的。如你所知，我們不會深入討論時間和組合的具體組成部分，但我們已經積極推動了生產力，這就是為什麼我們把它們放在一起，因為它以不同的方式表現出來。的客戶。

We've talked about, do national accounts have -- do they leverage your spend? Of course they do. But the truth is everybody, it's a competitive market out there and we participate actively in it, and appropriately for each level. So there's nothing I call out specifically to any customer segment. It's just not something that's differentiated as many people think about on the outside.

我們已經討論過了，國家帳戶是否有——它們會利用你的支出嗎？當然會。但事實是，這是一個競爭激烈的市場，我們積極參與其中，並根據每個層面進行適當調整。所以我沒有特別針對任何客戶群提出任何要求。它並不是像許多人想像的那樣在外部有區別的東西。

Understood. Very helpful guys. Thanks.

明白了。非常有幫助的人。謝謝。

Thanks.

謝謝。

Thank you. Scott Schneberger, Oppenheimer.

謝謝。奧本海默的斯科特·施內伯格。

Thanks very much. Hey guys. On infrastructure bill, and those funds flowing, we talked to high level about large projects, and I think that would be in both, but more large. What are you seeing there? Are you seeing those funds flow? It sounds like you're expecting the same in '25 as you were in '24, but I want to carve out that piece specifically out of away from mega projects away from small local projects? Thanks.

非常感謝。嘿，大家好。關於基礎設施法案和資金流動，我們與高層討論了大型項目，我認為兩者都有，但規模更大。你在那看到了什麼？您看到這些資金流動了嗎？聽起來你對 25 年的期望與 24 年是一樣的，但我想將這一部分從大型專案和小型本地專案中具體分離出來？謝謝。

Yeah, Scott, I'll take a crack at that. Certainly, we continue to see nice growth in infrastructure in terms of figuring out where the funding is coming from. That's a much more difficult process. I think if you look at some of the information that have been released right ahead of the change of administration, I think there was still something like $300 billion from IIJA that had yet to be allocated. So there's $200 billion that has been allocated.

是的，斯科特，我會嘗試一下。當然，從資金來源來看，我們繼續看到基礎設施建設的良好成長。這是一個更困難的過程。我認為，如果你看看政府換屆前發布的一些信息，你會發現 IIJA 仍有大約 3000 億美元的資金尚未分配。因此已經分配了 2000 億美元。

I think it's a fraction of that -- that's actually been spent. So we continue to feel really good about the opportunity that's underpinned by a lot of that spending that, god knows the country needs the investment and it certainly had bipartisan support. So our expectation that will continue to be a good area for us.

我認為這只是實際上已經花掉的一小部分。因此，我們繼續對大量支出所帶來的機會感到非常高興，上帝知道國家需要投資，而且它肯定得到了兩黨的支持。因此我們預期這對我們來說仍將是一個好的領域。

Thanks, appreciate that. And just to the extent you can answer what, I assume you just made a large acquisition, there's going to be integration time on that, should we not, and you said what you want to do with leverage and everything and pause the stock buyback.

謝謝，很感激。就您能夠回答的程度而言，我假設您剛剛進行了一次大規模收購，應該會有整合時間，您說過您想利用槓桿等做什麼，並暫停股票回購。

Could we assume that you there won't be any more sizable activity prior to the end of the year? And just maybe some commentary on what the pipeline look like for M&A obviously with H&E, but with -- do you have a very, still a very large and existing pipeline and any additional thoughts on that? Thanks.

我們是否可以假設在年底之前不會再有任何大規模的活動？也許只是對 H&E 的併購管道情況進行一些評論，但是——您是否仍然擁有非常龐大的現有管道以及對此還有其他想法？謝謝。

Yeah, I mean, we have, we have a very strong team that's constantly working that pipeline and I would say it's been consistently strong right for a couple of years now. And as you see, we only execute on a few of them. You could imagine this is a pretty big deal. We'll have a lot to absorb here and that'll be our focus.

是的，我的意思是，我們有一個非常強大的團隊，一直在努力實現這個目標，而且我想說的是，這幾年來，我們的團隊一直保持著強勁勢頭。正如您所看到的，我們僅執行了其中的幾個。你可以想像這是一件大事。我們需要吸收很多知識，這也是我們的重點。

And as Ted mentioned, we're going to focus on getting that leverage back to the midpoint. So that'll be the priority if a nice, deal tucking comes in, that's with a new product line, then we'll have to look at that and see how that fits into the overall strategy and what we want to do that.

正如泰德所提到的，我們將致力於將槓桿率恢復到中點。因此，如果達成一項不錯的交易，即一條新的產品線，這將是優先事項，然後我們必須研究它，看看它如何融入整體策略，以及我們想要做什麼。

We'll always work the pipeline, and then we'll make the appropriate decision that what makes sense for our business at that given time. And there certainly is, a period here where we're going to absorb, we're going to be focused on absorbing this large acquisition.

我們將始終遵循流程，然後做出適當的決定，確定在特定時間什麼對我們的業務最有意義。當然，在這段時期內，我們將專注於吸收這筆大型收購。

Thanks a lot. Thanks Matt.

多謝。謝謝馬特。

Yeah.

是的。

Thank you. And at this time, it appears we have no further questions in queue. I will now turn the call back to Matt Flannery for any additional or closing remarks.

謝謝。目前，看來我們沒有其他問題了。現在我將把電話轉回給馬特‧弗蘭納裡 (Matt Flannery)，請他發表任何補充意見或結束語。

Well, thank you operator, and everyone on the call. We appreciate your time (technical difficulty) -- Glad you could join us today. Our Q4 investor deck has the latest and greatest updates. And as always, Elizabeth is available to answer your questions. So until we talk again in April, stay safe. Operator, you can now end the call.

好吧，謝謝接線員，以及通話中的每個人。我們非常感謝您抽出時間（技術難題）—很高興您今天能加入我們。我們的第四季投資者平台擁有最新和最重要的更新。像往常一樣，伊麗莎白隨時可以回答您的問題。因此，在我們四月再次交談之前，請保持安全。接線員，您現在可以結束通話了。

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

今天的電話會議到此結束。感謝您的參與。您可以隨時斷開連線。