聯合設備租賃 (URI) 2025 Q1 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，公司的新聞稿、今天的電話會議上發表的評論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. A summary of these uncertainties is included in the safe harbor statement contained in the company's press release.

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

For a more complete description of these and other possible risks, please refer to the company's annual report on Form 10-K for the year ended December 31, 2024, as well as to subsequent filings with the SEC. You can access these filings on the company's website at www.unitedrentals.com.

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 表格年度報告，以及隨後向美國證券交易委員會提交的文件。您可以在公司網站 www.unitedrentals.com 上存取這些文件。

Please note that United Rentals 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.

請注意，聯合租賃不承諾更新或公開發布前瞻性聲明的任何修訂，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、調整後每股收益、EBITDA 和調整後 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. I will now turn the call over to Mr. Flannery. Please go ahead, sir.

請參閱公司最近的投資者簡報的背面，以了解每個非 GAAP 財務指標與最可比較的 GAAP 財務指標的對帳。今天代表聯合租賃公司發言的是總裁兼執行長 Matt Flannery；以及財務長泰德格雷斯 (Ted Grace)。現在我將把電話轉給弗蘭納裡先生。先生，請繼續。

Thank you, operator, and good morning, everyone. Thanks for joining our call. Yesterday afternoon, we were pleased to report our first quarter results, which reflected a solid start to the year. We saw growth across both our industrial and construction end markets. Demand for used equipment remains healthy and importantly, our customers continue to feel good about their own outlooks.

謝謝接線員，大家早安。感謝您加入我們的電話會議。昨天下午，我們很高興地報告了第一季的業績，這反映了今年的良好開端。我們的工業和建築終端市場均實現了成長。二手設備的需求依然健康，重要的是，我們的客戶繼續對自己的前景感到樂觀。

As you've heard me, a key element of our strategy is being the partner of choice for our customers. Thanks to the team's steadfast commitment to this, which always includes putting safety first, we delivered first quarter records across revenue and adjusted EBITDA.

正如您所聽到的，我們策略的關鍵要素是成為客戶的首選合作夥伴。感謝團隊對此的堅定承諾，始終將安全放在第一位，我們在第一季創下了收入和調整後 EBITDA 的記錄。

This is facilitated by our focus on operational excellence and innovation. And as you saw through our reaffirmed guidance, 2025 is on track to be another year of profitable growth, reinforced by the momentum we've carried into our busy season.

這得益於我們對卓越營運和創新的關注。正如您在我們重申的指導意見中所看到的，2025 年有望成為又一個盈利增長的一年，而我們在繁忙季節所保持的勢頭將進一步鞏固這一增長勢頭。

Today, I'll review our first quarter results followed by why we feel confident in our 2025 guidance. And finally, I'll discuss how we think about managing this business for the long-term success. And then Ted will discuss financials in detail before we open up the call to Q&A. So with that, let's start with the first quarter results.

今天，我將回顧我們的第一季業績，然後說明我們對 2025 年指引充滿信心的原因。最後，我將討論我們如何考慮管理這項業務以實現長期成功。然後，在我們開始問答環節之前，Ted 將詳細討論財務問題。那麼，讓我們從第一季的業績開始吧。

Our total revenue grew by 6.7% year-over-year to $3.7 billion. And within this, Rental revenue grew by 7.4% to $3.1 billion, both first quarter records. Fleet productivity increased to 3.1% as reported and 1.9% pro forma for Yak, which we've now lapped. Adjusted EBITDA increased to a first quarter record of $1 million, translating to a margin of nearly 45%. And finally, adjusted EPS came in at $8.86.

我們的總營收年增6.7%，達到37億美元。其中，租賃收入成長7.4%，達到31億美元，均創下第一季新高。車隊生產率據報告增長至 3.1%，而 Yak 的預計生產率則增長至 1.9%，我們現在已經達到了這一水平。調整後的 EBITDA 增至第一季創紀錄的 100 萬美元，利潤率接近 45%。最後，調整後的每股盈餘為 8.86 美元。

Now, let's turn to customer activity. We continue to see growth in both our Gen Rent and Specialty businesses. In fact, Specialty rental revenue grew 22% year-over-year and 15% pro forma for Yak. We opened eight Specialty cold starts in the first quarter and expect to open at least 50 this year.

現在，讓我們來談談客戶活動。我們的 Gen Rent 和 Specialty 業務持續保持成長。事實上，專業租賃收入年增 22%，Yak 的預測成長 15%。我們在第一季開設了 8 家專業冷啟動工廠，預計今年將開設至少 50 家。

By vertical, our construction end markets saw solid growth across both infrastructure and non-res while our industrial end markets saw particular strength within power and chemical process. We continue to see new projects kicking off with a few recent examples, including data centers, pharmaceuticals, airports and industrial manufacturing facilities.

從垂直角度來看，我們的建築終端市場在基礎設施和非房地產領域均實現了穩健成長，而我們的工業終端市場在電力和化學製程領域尤其強勁。我們不斷看到新項目啟動，最近的例子包括資料中心、製藥廠、機場和工業製造設施。

Now turning to the used market. We sold over $740 million of OEC, which was a first quarter record. The demand for used equipment remains healthy, and we're on track to sell an estimated $2.8 billion of fleet this year. We spent over $700 million on rental CapEx in the quarter in response to solid customer demand. As you'd expect, growth continues to be led by large projects where all elements of our strategy position us to be the partner of choice. We grow free cash flow of nearly $1.1 billion, setting us up for another year of strong cash generation, which we view as a hallmark of the company.

現在轉向二手市場。我們銷售了價值超過 7.4 億美元的 OEC，創下了第一季的最高紀錄。二手設備的需求依然強勁，今年我們可望銷售價值約 28 億美元的設備。為了滿足強勁的客戶需求，我們本季在租賃資本支出上花費了超過 7 億美元。正如您所期望的，成長仍然由大型專案引領，我們策略的所有要素使我們成為首選合作夥伴。我們的自由現金流成長了近 11 億美元，為我們接下來一年強勁的現金創造奠定了基礎，我們將其視為公司的標誌。

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, allocate that capital in ways that allow us to create long-term shareholder value.

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相結合，使我們能夠在整個週期內產生有意義的自由現金流，進而以允許我們創造長期股東價值的方式分配資本。

Finally, capital allocation. Priority number 1 for us is funding growth while maintaining a healthy balance sheet. After the organic growth we supported in the quarter, we returned nearly $370 million to shareholders through a combination of share buybacks and our dividend.

最後，資本配置。我們的首要任務是在保持健康資產負債表的同時為成長提供資金。在本季實現有機成長之後，我們透過股票回購和股息等方式向股東返還了近 3.7 億美元。

Our leverage of 1.7 times remains towards the lower end of our targeted range, leaving plenty of dry powders to support both inorganic growth and to return excess capital to our shareholders. And to this point, following the completion of our prior share repurchase authorization last month, I'm pleased to share that our Board has approved a new $1.5 billion program, as Ted will discuss shortly.

我們的槓桿率為 1.7 倍，仍然處於目標範圍的低端，留下了充足的資金來支持無機增長並將多餘的資本返還給股東。到目前為止，繼上個月完成之前的股票回購授權之後，我很高興地告訴大家，我們的董事會已經批准了一項新的 15 億美元計劃，泰德很快就會討論這一點。

Now let's turn to the rest of 2025. As evidenced by our reiterated guidance, our expectations for the year are unchanged. The year is off to a start we anticipated, while feedback from the field continues to be optimistic, particularly for large projects. The momentum we're carrying into our busy season, along with backlogs and our customer confidence index are all supportive of our outlook.

現在讓我們展望2025年剩餘的時間。正如我們重申的指導意見所表明的，我們對今年的預期保持不變。今年的開局正如我們預期的那樣，而來自現場的反饋仍然樂觀，特別是對於大型專案。我們在繁忙季節所保持的勢頭、積壓訂單和客戶信心指數都支持我們的前景。

I'll note, we've not seen a change in customer outlooks for the balance of 2025. But with all that said, we understand the recent concerns around the macro uncertainty. And if things change, we feel confident in our ability to react to best support both our customers and our stakeholders. And as we think about the long term, our strategy is built on how we can competitively differentiate ourselves and outpace the market.

我要指出的是，我們還沒有看到 2025 年客戶前景改變。但儘管如此，我們理解最近對宏觀不確定性的擔憂。如果情況發生變化，我們有信心做出反應，為我們的客戶和利害關係人提供最佳支援。從長遠角度考慮，我們的策略是建立在如何在競爭中脫穎而出並超越市場的基礎上的。

When we listen to the voice of the customer, we gain additional conviction that our one-stop shop offering is critically important. The power of cross-selling lets us take our long-established relationships and accelerate our growth by meeting our customer demands with both our Gen Rent and Specialty products.

當我們傾聽客戶的聲音時，我們更加確信我們的一站式服務至關重要。交叉銷售的力量使我們能夠利用長期建立的關係，並透過 Gen Rent 和 Specialty 產品滿足客戶需求，從而加速我們的成長。

And when we layer on our technology offerings, we're able to provide our customers a truly unique experience. And while we've had Specialty as part of our business mix for many years, we believe this growth engine has a lot of runway ahead, supported by both geographic white space and additional products that we can add to our portfolio to continue to better serve our customers.

當我們分層提供技術產品時，我們能夠為客戶提供真正獨特的體驗。雖然多年來我們一直將專業產品作為業務組合的一部分，但我們相信，這款成長引擎還有很大的發展空間，這得益於地理空白和我們可以添加到產品組合中的其他產品，以便繼續更好地服務我們的客戶。

To bring this to light, we have a large national account customer with a long-standing relationship, primarily with our Gen Rent team. And as we dug into how we could better serve the customers' needs, we learned we had the opportunity to be a better partner. This included not just providing additional products, but also innovating together, such as feeding information directly into their own internal tracking systems.

為了說明這一點，我們有一個大型的國家帳戶客戶，主要與我們的 Gen Rent 團隊保持著長期的合作關係。當我們深入研究如何更好地滿足客戶需求時，我們了解到我們有機會成為更好的合作夥伴。這不僅包括提供額外的產品，還包括共同創新，例如將資訊直接輸入自己的內部追蹤系統。

And through our partnership, we learned more about the customers' requirements and added Specialty products to fit the bill. Well, to make a long story short, over just two years, we've increased their spend with us by 12 times. By becoming an enterprise solution, Specialty has increased from 10% of their spend with us to 40%. And this example is another strong go-to-market strategy.

透過合作，我們更了解了客戶的需求，並增加了滿足要求的特色產品。長話短說，在短短兩年內，他們在我們這裡的消費增加了 12 倍。透過成為企業解決方案，Specialty 在我們這裡的支出從 10% 增加到了 40%。這個例子是另一個強而有力的市場進入策略。

In closing, we remain focused on being the best partner to our customers. We're on track for another year of profitable growth, and we believe the longer-term outlook we see, combined with our business model, strategy, capital discipline and our competitive advantages will allow us to generate compelling shareholder returns.

最後，我們將繼續致力於成為客戶的最佳合作夥伴。我們有望實現另一年的獲利成長，我們相信，我們所看到的長期前景，加上我們的商業模式、策略、資本紀律和競爭優勢，將使我們能夠產生可觀的股東回報。

And 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. Good morning, everyone. As Matt just shared, 2025 is off to a good start with first quarter records across total revenue, rental revenue and EBITDA, which combined with the momentum we're carrying into our busy season and encouraging customer sentiment is enabling us to reaffirm our full year guidance. So with that said, let's jump into the numbers. First quarter rental revenue was a record at $3.15 billion. That's a year-on-year increase of $216 million or 7.4%, supported again by growth from large projects and key verticals.

謝謝，馬特。大家早安。正如馬特剛才分享的那樣，2025 年開局良好，第一季總收入、租金收入和 EBITDA 均創下新高，再加上我們進入繁忙季節的勢頭和令人鼓舞的客戶情緒，使我們能夠重申全年指導。既然如此，讓我們來看看數字。第一季租金收入創歷史新高，達到 31.5 億美元。與去年同期相比，這一數字增加了 2.16 億美元，增幅為 7.4%，這再次得益於大型項目和關鍵垂直行業的成長。

Within this, OER increased by $118 million or 4.9%, driven by 3.3% growth in our average fleet size and fleet productivity of 3.1%, partially offset by assumed fleet inflation of 1.5%. Also, within rental, ancillary and re-rent grew by 19% and 15% respectively, guiding a combined $98 million of revenue. This outsized growth relative to OER was primarily driven by Specialty where delivery represents a bigger portion of revenue from our Matting business and where our other Specialty businesses support customers with value-added services like fueling and installation as part of our one-stop shop strategy.

其中，OER 增加了 1.18 億美元，即 4.9%，這得益於我們的平均船隊規模增長 3.3%，船隊生產率增長 3.1%，但部分被假設的 1.5% 的船隊通膨率所抵消。此外，租賃、附加和轉租分別成長了 19% 和 15%，總收入達到 9,800 萬美元。相對於 OER 而言，這種超額成長主要得益於專業業務，其中配送佔了我們 Matting 業務收入的很大一部分，而我們的其他專業業務則透過加油和安裝等增值服務為客戶提供支持，這是我們一站式購物策略的一部分。

Turning to our used results. As Matt mentioned, we took advantage of strong demand to sell a first quarter record amount of OEC generating $377 million of proceeds at an adjusted margin of 47.2% and a 51% recovery rate. Moving to EBITDA. As I mentioned, adjusted EBITDA was a first quarter record of $1.67 billion. translating to an increase of $84 million or 5%.

轉向我們使用的結果。正如馬特所提到的，我們利用強勁的需求，在第一季創下了 OEC 銷售量的記錄，獲得了 3.77 億美元的收益，調整後的利潤率為 47.2%，回收率為 51%。轉向 EBITDA。正如我所提到的，調整後的 EBITDA 創下了第一季 16.7 億美元的紀錄。這意味著增加了 8,400 萬美元，即 5%。

Within this, rental gross profit contributed $89 million. This was partially offset by used where the continuing normalization of the market drove a 13% decline in used gross profit dollars translating to a $26 million headwind to adjusted EBITDA. SG&A increased by $47 million year-over-year, including $12 million of H&E related merger costs.

其中，租金毛利貢獻了8,900萬美元。這被二手產品所部分抵消，因為市場的持續正常化導致二手產品毛利下降 13%，對調整後的 EBITDA 造成 2,600 萬美元的不利影響。銷售、一般及行政費用年增 4,700 萬美元，其中包括 1,200 萬美元的 H&E 相關合併費用。

Excluding these costs, our growth in SG&A was roughly in line with growth in rental revenue. And finally, the EBITDA contribution from other non-rental lines of businesses increased $68 million primarily due to the $64 million breakup fee we received from the termination of the H&E deal.

除去這些成本，我們的銷售、一般及行政費用的成長與租金收入的成長大致一致。最後，其他非租賃業務線的 EBITDA 貢獻增加了 6,800 萬美元，這主要是因為我們從終止 H&E 交易中收到了 6,400 萬美元的分手費。

Looking at profitability. Our first quarter adjusted EBITDA margin was 44.9%, implying 60 basis points of compression. Notably, and as our press release highlighted, this includes a $52 million net benefit related to the breakup fee, which is the $64 million less the $12 million of related SG&A costs.

看看獲利能力。我們第一季調整後的 EBITDA 利潤率為 44.9%，這意味著壓縮了 60 個基點。值得注意的是，正如我們的新聞稿所強調的，這包括與分手費相關的 5,200 萬美元淨收益，即 6,400 萬美元減去 1,200 萬美元的相關銷售、一般和行政費用。

Although it doesn't impact EBITDA, we also absorbed roughly $13 million of bridge financing fees related to the deal that are included in our net interest expense. Taken together, our first quarter results included a net pretax benefit of $39 million. Bringing us back to margins, excluding the H&E benefit and the impact of used sales, our EBITDA margin compressed 150 basis points year-over-year.

雖然這不會影響 EBITDA，但我們也吸收了與該交易相關的約 1,300 萬美元的過橋融資費用，這些費用包含在我們的淨利息支出中。總體而言，我們的第一季業績包括 3,900 萬美元的稅前淨收益。回到利潤率，不包括 H&E 收益和二手銷售的影響，我們的 EBITDA 利潤率比去年同期壓縮了 150 個基點。

Similar to last quarter, I thought it would be helpful to talk through a few of the key factors here ahead of Q&A. Now of course, margins in any given quarter will fluctuate with normal variability. But at a high level, several of the dynamics in Q1 were consistent with what we talked about in January.

與上一季類似，我認為在問答之前討論這裡的幾個關鍵因素會很有幫助。當然，任何一個季度的利潤率都會隨著正常的變化而波動。但從整體來看，第一季的幾個動態與我們一月份討論的情況一致。

First, Ancillary revenue again significantly outpaced our core rental growth. These are core elements of our service offering, particularly within Specialty that come at a lower margin than our core rental business but have attractive returns as they don't employ much capital. As importantly, they provide a unique aspect to customer service that both differentiates United Rentals and helps drive deeper customer engagement.

首先，輔助收入再次大幅超過我們的核心租金成長。這些是我們提供服務的核心要素，特別是在專業領域，其利潤率低於我們的核心租賃業務，但由於不需要太多資本，因此具有可觀的回報。同樣重要的是，他們為客戶服務提供了獨特的方面，既使聯合租賃與眾不同，又有助於推動更深入的客戶參與。

So from this perspective, we view this as good business, but it does have a dilutive impact on margins that we'd estimate at about 50 basis points in Q1 or about a third of the 150-basis point decline. Secondly, first quarter delivery costs were up, driven by a few dynamics, including our growth in matting and the increased dispersion of growth across our footprint. A byproduct of the latter is the greater need to reposition fleet in support of high time utilization. Said differently, these are choices we make between costs and capital efficiency with the idea of supporting returns.

因此，從這個角度來看，我們認為這是一筆好生意，但它確實會對利潤率產生稀釋作用，我們估計第一季的利潤率將下降約 50 個基點，或佔 150 個基點降幅的三分之一左右。其次，第一季的交付成本有所上升，這受到一些因素的影響，包括我們在墊層方面的成長以及我們業務範圍的成長分散性增加。後者的副產品是需要重新部署車隊以支援高時間利用率。換句話說，這些是我們在成本和資本效率之間的選擇，目的是支持回報。

For the quarter, these additional repositioning cost impacted our margin by about 30 basis points. And finally, given where we sit in the current cycle, our OER growth remains relatively low in a still fairly inflationary environment. At the same time, we continue to make long-term strategic investments in important areas like Specialty cold starts and technology, both of which enable to be the partner of choice to customers and provide attractive returns.

本季度，這些額外的重新定位成本對我們的利潤率產生了約 30 個基點的影響。最後，考慮到我們目前所處的周期，在通膨仍然相當嚴重的環境下，我們的 OER 成長仍然相對較低。同時，我們繼續在專業冷啟動和技術等重要領域進行長期策略性投資，這使我們能夠成為客戶的首選合作夥伴並提供豐厚的回報。

The combination of these factors and normal variability in our costs accounted for the balance of the decline, so call it about 70 basis points. Importantly, these are all contemplated within the ranges provided in our guidance.

這些因素加上我們成本的正常波動導致了下降，所以稱之為約 70 個基點。重要的是，這些都在我們的指導提供的範圍內。

And lastly, on the P&L side of things, our adjusted earnings per share was $8.86, including a $0.45 benefit from H&E. Shifting to CapEx. First quarter gross rental CapEx was $707 million, in line with normal seasonality. Moving to returns and free cash flow. Our return on invested capital of 12.6% remained well above our weighted average cost of capital, while free cash flow totaled a robust $1.08 billion. Our balance sheet rate is quite strong with net leverage of 1.7 times a quarter and total liquidity of over $3.3 billion.

最後，在損益表方面，我們的調整後每股收益為 8.86 美元，其中包括 H&E 的 0.45 美元收益。轉向資本支出。第一季總租賃資本支出為 7.07 億美元，與正常季節性相符。轉向回報和自由現金流。我們的投資資本回報率為 12.6%，遠高於我們的加權平均資本成本，而自由現金流總額則達到了 10.8 億美元。我們的資產負債比率相當強勁，淨槓桿比率為每季 1.7 倍，總流動性超過 33 億美元。

I'll note, this was after returning $368 million to shareholders in the first quarter, including $118 million via dividend and $250 million via repurchases. Looking forward, following the completion of our repurchase program last month, we are pleased to share that our Board approved a new $1.5 billion program supported by our continued strong free cash flow generation and healthy balance sheet.

我要指出的是，這是在第一季向股東返還 3.68 億美元之後，其中包括透過股息返還 1.18 億美元和透過回購返還 2.5 億美元。展望未來，繼上個月完成回購計劃後，我們很高興地宣布，董事會批准了一項新的 15 億美元計劃，該計劃由我們持續強勁的自由現金流產生和健康的資產負債表支持。

The new program will begin this quarter and is expected to be completed by the end of the first quarter of 2026. For the year, it is our intent to repurchase a total of $1.5 billion of common stock, including the shares we repurchased in the first quarter. At our current share price, this represents about 4% of our market capitalization. In total, we intend to return roughly $2 billion in cash to shareholders in 2025 equating to over $30 per share or a return of capital yield of better than 5%.

新計劃將於本季啟動，預計將於 2026 年第一季末完成。今年，我們計劃回購總計 15 億美元的普通股，包括第一季回購的股票。以我們目前的股價計算，這約占我們市值的 4%。總體而言，我們計劃在 2025 年向股東返還約 20 億美元現金，相當於每股 30 美元以上，或資本回報率超過 5%。

So to wrap up my prepared remarks, overall, another solid quarter that puts us in a position to reaffirm guidance on total revenue, EBITDA, CapEx and free cash flow. The balance sheet remains in great shape, providing strong optionality for the business while our commitment to capital discipline keeps us positioned to support long-term shareholder value.

因此，總結我準備好的發言，總體而言，這是一個穩健的季度，使我們能夠重申對總收入、EBITDA、資本支出和自由現金流的指導。資產負債表仍然保持良好狀態，為業務提供了強大的選擇性，同時我們對資本紀律的承諾使我們能夠支持長期股東價值。

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

說完這些，讓我把電話轉給接線生進行問答。接線員，請接通線路。

(Operator Instructions)

（操作員指示）

David Raso, Evercore ISI.

大衛·拉索（David Raso），Evercore ISI。

Hi, thank you for the time. I'll let others sort of dig into the margin question. I was curious about two things. The implied revenue growth the rest of the year and how tariffs are impacting conversations with your customers. So first, on the revenue growth, if you pull out the used equipment sales, the rest of the year the sales guide is implying up about 3%.

你好，謝謝你抽出時間。我會讓其他人深入研究利潤問題。我對兩件事感到好奇。今年剩餘時間的隱含收入成長以及關稅如何影響與客戶的對話。首先，就營收成長而言，如果剔除二手設備銷售，今年剩餘時間的銷售指導價將上漲約 3%。

When you look at the CapEx and the used sales and the OEC you're looking to sell, it seems like the average fleet size growth is going to be 3%. So that one implies no meaningful help at all from fleet productivity. Is that conservatism or something else you're trying to signal, especially you noted in the first quarter, the time it was still fairly healthy that you were moving equipment. So I was just curious how that dovetails into the fleet productivity guide.

當您查看資本支出、二手車銷售和您想要銷售的 OEC 時，似乎平均車隊規模成長率將達到 3%。因此，這意味著船隊生產力根本無法提供任何有意義的幫助。這是保守主義還是您想要表達的其他訊號，尤其是您在第一季指出的，當時設備移動仍然相當健康。所以我只是好奇這與車隊生產力指南是如何符合的。

And then to follow up on the tariff, how does the potential inflation from tariffs, on new equipment sales, right, meaning for an OEM raising price, does your customer then look at rental as a better alternative right now or particularly does it give you maybe an umbrella to maybe raise rates or you just had conversations leaning that way versus maybe some negative inflation impacting the level of construction activity, be it lumber or whatever may be impacting construction project decisions? Thank you.

然後跟進關稅問題，關稅對新設備銷售的潛在通膨有何影響，對嗎？對於 OEM 來說，這意味著提高價格，您的客戶現在是否將租賃視為更好的選擇，或者特別是它是否為您提供了提高價格的保護傘，或者您只是在談話中傾向於這種做法，而不是一些負面通膨影響建築活動水平，無論是木材還是其他可能影響建築項目決策的東西？謝謝。

Sure, David. This is Matt. I'll take the tariff part first and then both Ted and I can discuss the revenue -- back half revenue growth back to two-thirds. When we think about the tariffs, first of all, our 2025 CapEx is fully negotiated and over 80% of it already has POs and is -- should -- will not be impacted by tariffs in any way.

當然，大衛。這是馬特。我將首先討論關稅部分，然後我和特德可以討論收入——將收入成長的一半恢復到三分之二。當我們考慮關稅時，首先，我們的 2025 年資本支出已經完全協商，其中 80% 以上已經有採購訂單，並且 - 應該 - 不會受到關稅的任何影響。

In the future, to your point about what would happen if our partners did have to drop significant tariffs and did have to make some changes in the future. Well, a couple of points. To your comment, we probably have to pass it on, like happened post-COVID when we all had to enjoy some pretty healthy increases. And then secondly, there'd be some decisions to make. There's -- we've got vendors -- a couple of vendors in every category of equipment we buy, and there is not a product category that I could think of that doesn't have a non-tariff impacted partners.

未來，關於您所提到的如果我們的合作夥伴確實必須取消大量關稅並且必須在未來做出一些改變，會發生什麼情況。嗯，有幾點。對於您的評論，我們可能必須將其傳遞下去，就像 COVID 之後發生的那樣，當時我們都必須享受一些相當健康的增長。其次，需要做一些決定。我們購買的每一類設備都有供應商，都有幾家供應商，而且我認為沒有一個產品類別沒有受到非關稅影響的合作夥伴。

So there'll be a way for us to manage through it and whatever we did have to absorb would be something the whole industry absorbed and, to your point, could be an umbrella coverage for maybe some increased productivity. Not our preference, but certainly something we have the ability to do. From the growth perspective, Ted, do you want to take.

因此，我們會找到一種方法來解決這個問題，我們所吸收的一切都會被整個產業吸收，正如您所說，這可能會成為提高生產力的保護傘。這不是我們的偏好，但肯定是我們有能力做到的。從成長的角度來看，泰德，你想採取什麼措施？

Yeah. The one thing I might add on tariffs. And certainly, any time there's uncertainty, that tends to favor rental over ownership, and we never advocate for uncertainty, but we are in a period of time where there obviously is a couple of things that the macro is trying to struggle with. So I'd say at the margin, that's also going to benefit rental even more than we think some of the other advantages we have over ownership.

是的。我想補充一點關於關稅的問題。當然，任何時候都存在不確定性，人們往往更傾向於租賃而不是購買，我們從不提倡不確定性，但我們正處於一個宏觀經濟顯然正在努力應對的時期。因此我想說，從邊際上來說，這對租賃的益處甚至會超過我們所認為的相對於所有權的其他一些優勢。

On the implied revenue side, I guess the one piece you didn't really weave into that question, David, was the impact of inflation. And so when we think about that OEC growth, that's in nominal terms. And so I think when you do the math, you'd see that -- adjusting for that, we'd want to make sure that we are contemplating the effect of inflation, which obviously ties us back to fleet productivity. And in terms of just the growth rate kind of what you saw in the first quarter versus what would be implied in the back three quarters.

在隱含收入方面，我想您在這個問題中沒有真正考慮到的一個方面，大衛，就是通貨膨脹的影響。因此，當我們考慮 OEC 成長時，這是名義上的。因此，我認為，當你進行計算時，你會看到——對此進行調整，我們要確保我們正在考慮通貨膨脹的影響，這顯然將我們與船隊生產力聯繫起來。就第一季的成長率而言，可以與後三個季度的成長率進行比較。

Obviously, we've now lapped Yak. So as people think about that relative -- there's relative growth rates. They just want to be mindful of that shift as well. And we could dig in if you want to touch on any part of that?

顯然，我們現在已經超越了 Yak。因此，當人們考慮相對時——就有相對成長率。他們只是也想留意這種轉變。如果您想談論及其中的任何部分，我們可以深入探討嗎？

Well, at the end of the day, when you look at the size of the average OEC growth implied from a fairly normal cadence of what you're going to sell the OEC being sold and of course, the gross landed fleet per quarter. Just to level set a little bit. It sounds like the fleet productivity, which was 1.9% in the first quarter, ex-Yak, right, pro forma, let's call it. The rest of the year, those fleet productivity numbers implied or at least level set, they're lower than the 1.9%. Is that fair?

好吧，歸根結底，當您查看平均 OEC 增長規模時，該規模是從您要出售的 OEC 的相當正常的節奏中隱含的，當然還有每季度的總登陸船隊數量。只需稍微調整一下水平即可。這聽起來像是船隊生產率，第一季為 1.9%，不包括雅克，對，我們稱之為準備數據。今年剩餘時間，這些船隊生產率數字暗示或至少是水平設定，低於 1.9%。這樣公平嗎？

Like the first quarter --

就像第一季一樣--

Not really. I'd say it'd be pretty steady, David, is what our -- listen, we're not in the game of forecasting them because there's a big portion of it is just an output of what our revenue construct looks like, specifically in mix. But generally, what's embedded in the guide, especially if you're using the midpoint, is a continuation of that type of positive fleet productivity. And that's what our expectation is, and that's what is embedded in the guidance.

並不真地。我想說它會非常穩定，大衛，這就是我們的 - 聽著，我們不參與預測，因為其中很大一部分只是我們的收入結構的輸出，特別是在組合方面。但一般來說，指南中所包含的內容（特別是如果使用中點）是這種積極的車隊生產力的延續。這就是我們的期望，也是指導中所包含的內容。

All right, that's very helpful. Thank you so much.

好的，這非常有幫助。太感謝了。

Rob Wertheimer, Melius.

羅伯·沃特海默（Rob Wertheimer），Melius。

Hi, thank you. I'd like to dig into a couple of the margin drivers that you guys called out, which was helpful, and basically trying to figure out how temporary they are, fleet repositioning. I wonder if you could kind of expand on what the dynamics were that led to that? I think you said maybe broadening out of growth. Is that repositioning done and thus that kind of headwind fades? And maybe the same question just on mix, maybe that's your Specialty, whether that reverse continuation of that mix, profitable ROIC, but lower margin drag? Thanks.

你好，謝謝。我想深入研究你們提到的幾個利潤驅動因素，這很有幫助，基本上是想弄清楚它們是多麼暫時，車隊重新定位。我想知道您是否可以詳細說明導致這種情況的動力是什麼？我認為您說的可能是擴大成長。重新定位是否已經完成，這種逆風是否已經消退？也許同樣的問題只是關於組合，也許這是你的專長，這種組合的反向延續，是否有盈利的 ROIC，但利潤率的拖累較低？謝謝。

Hey, Rob, I'll talk about the repositioning a little bit, and Ted can touch on the mix. So just think about the past couple of years before '24 when we had such broad-based growth, we really didn't pull any equipment from any market. Everybody had the opportunity to put the fleet they had to work and in some instances, even more, right? So when we think about now where major projects are really driving a big part of our growth, and the local markets are varied depending on where you are.

嘿，羅布，我會稍微談論一下重新定位，泰德可以談談混合。想想 2024 年之前的幾年，當我們實現瞭如此廣泛的成長時，我們實際上並沒有從任何市場撤出任何設備。每個人都有機會讓自己的艦隊投入工作，在某些情況下，甚至更多，對嗎？因此，當我們思考現在哪些重大項目真正推動了我們很大一部分的成長時，當地的市場因所在地而異。

Now instead of just sending new equipment to manage these new projects, right, which was a much more cost-effective wage just coming right from the manufacturer, we're relocating equipment, right? So we're staging equipment. We're bringing it in from other places to serve these large projects. So I think that fleet balancing is what we're referring to that's driving a little bit of extra cost when you think about what we were able to do historically. And then, Ted, on the mix.

現在，我們不再只是發送新設備來管理這些新項目，而是重新安置設備，對吧，這是直接從製造商獲得的更具成本效益的工資，對吧？所以我們正在準備設備。我們從其他地方引進它來服務這些大型專案。因此，我認為，當你考慮到我們過去能夠做的事情時，我們所指的車隊平衡就會產生一點額外的成本。然後，泰德 (Ted) 開始混音。

Yeah. Rob, in terms of thinking about Specialty in the quarter itself, the mix, certainly, the ancillary grew there at a healthy pace relative to OER, still had very healthy OER growth. but we had an uptick in delivery and for a couple of different reasons. Part of that would have been Yak, and part of it would have been the repositioning the fleet just given the nature of projects ending and starting and just the greater dispersal in growth we've talked about all year.

是的。羅布，就本季度的專業化考慮而言，毫無疑問，輔助產品組合相對於 OER 而言以健康的速度增長，OER 仍然保持非常健康的增長。但由於一些不同的原因，我們的交付量有所上升。其中一部分可能是雅克，一部分可能是重新定位船隊，因為考慮到項目結束和開始的性質以及我們全年談論的成長分散性。

So that would have been about 150 basis points of the 600-basis point decline in gross margins. That will really depend on how the year itself plays out. Elsewhere within that margin construct, we probably had about 50 basis points of impact from higher subcontract labor. Those are value-added services we're providing to customers to really help them with their projects and alleviate pain points in their business processes. So that, again, is really driven by serving our customers.

因此，這相當於毛利率下降 600 個基點中的 150 個基點。這實際上取決於今年的情況如何。在該利潤率結構的其他部分，我們可能受到更高分包勞動力的影響約 50 個基點。這些是我們為客戶提供的增值服務，能夠真正幫助他們完成專案並減輕業務流程中的痛點。所以，這確實是為了服務我們的客戶。

And there's another 30 basis points related to fuel services, again, one of those ancillary services we do at the request of customers. So when you add that up, you'd be looking at the better part of 230 basis points or so, I think, related to that mix. Depreciation, just to dimensionalize that because that was another important part of that revenue bridge. That was about 330 basis points of the 600 basis points in Specialty gross margins, all of which related to Yak.

另外還有 30 個基點與燃料服務有關，這也是我們根據客戶要求提供的輔助服務之一。因此，當您將這些加起來時，您會看到與該組合相關的大約 230 個基點。折舊，只是為了將其具體化，因為這是收入橋樑的另一個重要部分。這大約佔特種產品毛利率 600 個基點中的 330 個基點，全部與 Yak 有關。

Okay. That makes perfect sense. And then just as a minor follow-up. I know repositioning will continue as the market continues to shift. But when you say it's lumpy, the work you did in 1Q is the bulk of it? Or does that continue on through the year? And I'll stop. Thanks.

好的。這很有道理。然後只是作為一個小小的後續行動。我知道隨著市場不斷變化，重新定位仍將持續。但是當您說它是塊狀的時候，您在第一季所做的工作就是其中的大部分嗎？或者這種情況會持續一整年嗎？我就停下來。謝謝。

The honest answer is we're on top of it, but we're not sure. We certainly did a deep dive when we saw the drag on the margins and looked at it. We're pretty confident with what the decisions the team made. But I would say this is really an output of where the demand shows up and where we have to put the fleet. We are on top of it. We've got a pretty good system to make sure we're making the right decisions and bidding out to third-party haulers in an effective manner. And if there is an anomaly, we'll report it out to you guys as it comes along.

誠實的回答是，我們已經掌握了它，但我們不確定。當我們看到邊緣的阻力並對其進行研究時，我們確實進行了深入的研究。我們對團隊所做的決定非常有信心。但我想說，這實際上是需求出現的地方以及我們必須將船隊部署到哪裡的結果。我們已經掌握了它。我們有一個非常好的系統來確保我們做出正確的決定並以有效的方式向第三方運輸商投標。如果出現異常，我們會立即向你們報告。

Thank you.

謝謝。

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

Hi, good morning. Thanks for taking my question. Maybe just to kind of continue on that. Ted, I was wondering if you could expand just on the kind of uncertainty of whether some of these headwinds maybe persist or not. What does that kind of imply in terms of your ability to kind of deliver either on the low end or the high end of the guide, just kind of any implications there would be helpful.

嗨，早安。感謝您回答我的問題。也許只是繼續這樣做。泰德，我想知道您是否可以詳細說明這些不利因素是否會持續存在的不確定性。就您實現指南中低端或高端的能力而言，這意味著什麼？任何暗示都會有所幫助。

Yeah. And I'm going to jump in here, Angel, just to be clear, so no one misconstrues my answer to Rob's last question. We're not implying that the -- all these costs are going to persist or not. When you think about the ancillary, that's really an output in what customers needs are. It's a good decision. It's going to bring us more EBITDA dollars. It's just if the revenue construct gets higher than the midpoint, the EBITDA might not move along with it at the same pace as our OER rental.

是的。安吉爾，我要在這裡插話，只是為了清楚起見，這樣就不會有人誤解我對羅布最後一個問題的回答。我們並不是暗示所有這些成本是否會持續存在。當你考慮輔助設備時，這其實就是客戶需求的輸出。這是個很好的決定。它將為我們帶來更多的 EBITDA 美元。只是，如果收入結構高於中點，EBITDA 可能不會以與我們的 OER 租金相同的速度成長。

So -- but it's still the right decision. Not doing it isn't an option. We're putting money in the till, so to speak, and taking care of our customer. What I was speaking to Rob about was that whatever it is $10 million to $15 million of repositioning. We don't really know how much of that will repeat because it's going to be responsive to where they equipment needs are. And Ted, please?

所以——但這仍然是正確的決定。不這樣做不是一個選擇。可以這麼說，我們把錢放進收銀機，並照顧我們的客戶。我和羅布談論的是，無論重新定位需要花費 1000 萬到 1500 萬美元。我們確實不知道其中有多少會重複，因為它將根據設備需求做出回應。還有泰德，可以嗎？

I think that answers the question.

我想這回答了這個問題。

That's very helpful.

這非常有幫助。

I'm sorry, to the last part of your question. All contemplated, this isn't a big enough number to move us anywhere within the guide. We feel very comfortable. about reiterating the guidance.

抱歉，對於您問題的最後一部分。從各方面考慮，這個數字還不足以讓我們在指南中取得任何進展。我們感覺非常舒服。關於重申指導意見。

Got it. That's helpful. Thank you. And maybe could you expand a little bit more on underlying demand trends? It sounds like your customers remain pretty optimistic here. Just curious, how did you see utilization or general overall demand kind of shift or change between January and February versus maybe March and more recently, April and what you're seeing there?

知道了。這很有幫助。謝謝。您能否進一步闡述潛在的需求趨勢？聽起來您的客戶仍然非常樂觀。只是好奇，您如何看待 1 月和 2 月與 3 月以及最近的 4 月之間的利用率或整體需求的變化？

Yeah. We don't really talk about monthly sequential in any way, shape or form, but the year is playing out as expected. And we talked about it being very similar to '24 when we came out with the guidance in January, and that's what we're seeing. We don't talk about whether we were big enough now and diverse enough that we don't have those type of issues to have to call out. And I would say that the year is playing out in a standard seasonal growth pattern and gives us a lot of confidence that there will be the demand to meet our goals here, and that's why we reiterated our guidance.

是的。我們實際上並沒有以任何方式、形式談論月度連續情況，但這一年的情況正如預期的那樣。當我們在一月份發布指導意見時，我們談到它與 24 年非常相似，這就是我們所看到的。我們不會談論我們現在是否足夠大、足夠多樣化，以至於我們沒有那些需要呼籲的問題。我想說的是，今年正處於標準的季節性成長模式中，這讓我們非常有信心，會有需求來實現我們的目標，這就是我們重申指導的原因。

Understood. Thank you.

明白了。謝謝。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning. I guess two questions. One, Ted, just for you. Understanding the puts and takes of the margins in the quarter and the incremental margins in the quarter. I'm just wondering your confidence in the 50% to 60% throughcycle incremental margin for United Rentals, just given where the incrementals have been. It seems (inaudible) gross like the top line just had to grow to double-digit rate in order for you to achieve that. But just your confidence there, maybe we should start thinking about EBITDA growth versus incremental. So that's my first question.

嗨，早安。我想問兩個問題。泰德，只給你一個。了解本季的利潤投入和收益以及本季的增量利潤。我只是想知道，考慮到增量的情況，您對聯合租賃 50% 至 60% 的周期增量利潤率是否有信心。看起來（聽不清楚）很噁心，好像為了實現這個目標，營業額必須成長到兩位數。但只是您的信心，也許我們應該開始考慮 EBITDA 成長與增量。這是我的第一個問題。

And then my second question, obviously, the cash flow is strong. The increased authorization is a positive. But just what you're seeing on the M&A front with the H&E deal falling through, wondering given the uncertainty in the market, is there opportunities for you guys to sort of be more opportunistic and your preference for Specialty versus Gen Rent? Thanks.

我的第二個問題是，顯然現金流強勁。授權的增加是積極的。但是，就您在併購方面看到的 H&E 交易失敗而言，考慮到市場的不確定性，您是否有機會採取更多機會主義的行動，並且您更傾向於選擇 Specialty 而不是 Gen Rent？謝謝。

Yeah, Jamie, I'll take that first one. I think Matt will probably take the second. Nothing has changed in our view of our ability to drive margin expansion over the course of the cycle. One of the things we've talked about over really 2024 and now 2025 is the fact that we're in a relatively slower growth phase of the cycle, that's still relatively inflationary. It's not our expectation that these kinds of conditions will last for a multiyear period. Our expectation is that the economy and our markets do obviously accelerate as you get more accommodative Fed and better interest rate policies that support overall economic growth.

是的，傑米，我第一個選擇這個。我認為馬特可能會獲得第二名。我們對於在整個週期中推動利潤率擴張的能力的看法沒有任何改變。我們在 2024 年和現在 2025 年談論的事情之一是，我們正處於週期中相對較慢的增長階段，通膨仍然相對較高。我們並不期望這種情況會持續多年。我們的預期是，隨著聯準會採取更寬鬆的政策和更好的利率政策來支持整體經濟成長，經濟和市場顯然會加速發展。

And as we get there, that obviously gives us the ability to leverage fixed cost more efficiently. And so nothing has changed from that perspective. The other thing that's just something we highlighted today was obviously this revenue construct and the impact we've had from providing more ancillary which we view as a good thing. It has the effect on margins and flow-through we've talked about but it's a very good business that supports customers and adds EBITDA dollars, just not in the same margin we would in our core business. So we can -- if there's any follow-up on that side, let me know, otherwise, I'll hand it over to Matt.

當我們實現這一目標時，這顯然使我們能夠更有效地利用固定成本。從這個角度來看，一切都沒有改變。我們今天強調的另一件事顯然是這種收入結構以及我們提供更多輔助服務所帶來的影響，我們認為這是一件好事。它會對我們討論過的利潤率和流通量產生影響，但這是一項非常好的業務，可以支持客戶並增加 EBITDA 美元，只是利潤率與我們的核心業務不同。所以我們可以 - 如果那方面有任何後續行動，請告訴我，否則，我會將其交給馬特。

Yeah. So from the M&A front, we had a pretty robust pipeline before the H&E deal, and that pipeline remains. So to the focus areas that we really like to hone in on. Certainly, it's adding any new products and services to our customer base. We've done very well with that. When you think about Yak and General Finance before that.

是的。因此，從併購方面來看，我們在 H&E 交易之前就擁有相當強大的管道，並且該管道仍然存在。因此，對於我們真正想關注的重點領域。當然，它會為我們的客戶群增加新的產品和服務。我們在這方面做得很好。當您在此之前考慮 Yak 和 General Finance 時。

So that's our primary focus. But adding more capacity within Specialty, where we still have white space and penetration opportunities to support this double-digit growth trend that we're on would be another area of focus. And there's still a pretty good pipeline that the team is working through. We have plenty of dry powder as we talked about earlier, a 1.7 times leverage and a strong balance sheet, and we have the capability. So we certainly are still in the M&A game. We just have to find the right dance partner and make sure it meets our very high bar.

這是我們的主要關注點。但是在專業領域增加更多產能，我們仍然擁有空白和滲透機會來支持我們所處的兩位數成長趨勢，這將是另一個重點領域。目前團隊仍在努力建立一個相當完善的管道。正如我們之前提到的，我們擁有充足的資金、1.7 倍的槓桿率和強勁的資產負債表，而且我們有能力。所以我們當然仍處於併購遊戲中。我們只需要找到合適的舞伴並確保其符合我們的高標準。

Thank you very much.

非常感謝。

Michael Feniger, Bank of America.

美國銀行的麥可費尼格。

Hey, guys. Thanks for taking my question. Just on the Specialty growth, even ex-M&A, up 15%, I know you touched on it earlier, but is there anything you can flesh out in terms of what's driving that in terms of end markets product lines? Is it gaining more customer share wallet. Is it the cold starts, just your confidence on that kind of double-digit growth rate that we've kind of seen from Specialty so far for the rest of this year?

嘿，大家好。感謝您回答我的問題。僅就專業成長而言，即使不包括併購，也成長了 15%，我知道您之前提到過這一點，但您能否詳細說明一下，就終端市場產品線而言，推動這一增長的因素是什麼？它是否贏得了更多的客戶份額？這是冷啟動嗎？您對今年剩餘時間內 Specialty 的兩位數成長率有信心嗎？

Well, I think it's all of the above, right? So -- and when you think about the example I gave in the opening remarks about even with long-standing relationships, we could -- as we continue to add more products and services to our portfolio even with long-standing relationships, we find we have opportunities. And also, they have to have the demand. So the kind of projects that specifically our larger customers tend to have are more complex and need more support, and we're there to meet that support. I think that's Specialty growth.

嗯，我想以上都是，對嗎？所以——當你想到我在開場白中舉的例子時，即使有長期的關係，我們也可以——隨著我們繼續向我們的產品組合中添加更多的產品和服務，即使有長期的關係，我們也會發現我們有機會。而且，他們必須有需求。因此，特別是我們的大客戶所擁有的專案類型往往更為複雜，需要更多的支持，而我們會提供這種支持。我認為這就是專業成長。

But then also as we add these new products to our platform and the ability to scale them up is another big opportunity, and we still have white space there. And that would be dismissive of what's happened in one of our most established ones, which is Power. Our HVAC team still growing double digits and one of our strongest growers in the company as they not only get more penetration but add more products to their portfolio. So it's really across the board, which is why you hear the confidence in our voice, a double-digit growth for Specialty for the foreseeable future.

但是，當我們將這些新產品添加到我們的平台並擴大其規模時，這將是另一個巨大的機遇，而我們在那裡仍然存在空白。這會忽略我們最成熟的領域之一，也就是 Power 所發生的事情。我們的 HVAC 團隊仍然保持兩位數的成長速度，並且是公司成長最強勁的團隊之一，因為他們不僅獲得了更高的滲透率，還在其產品組合中添加了更多產品。所以這確實是全面的，這就是為什麼你能從我們的聲音中聽到信心，在可預見的未來，專業業務將實現兩位數的成長。

Great. And Matt, just a follow-up, just like Gen Rent is still positive, but clearly in a slow growth phase right now. Just in terms of the cycle, how to think about it. Do you have to go negative first before we see a reacceleration? Based on the conversations in the field, what would be that catalyst for reacceleration. Is it more de-escalation of tariffs? Is it Fed rate cuts? Is it deregulation?

偉大的。馬特，接下來我想問一下，就像 Gen Rent 仍然是積極的，但顯然目前處於緩慢增長階段。就週期而言，該如何去思考。在我們看到重新加速之前，是否必須先走向消極？根據現場對話，什麼將成為重新加速的催化劑。這是否意味著關稅進一步降低？是聯準會降息嗎？這是放鬆管制嗎？

I mean if you look back in 2009, obviously, that was a very severe recession. There was just a very long lag for non-res to recover. Do you think that is the case, this go around when we're kind of talking about maybe a reacceleration in some areas like the local markets or some areas that have been soft. Thank you.

我的意思是，如果你回顧 2009 年，顯然那是一場非常嚴重的經濟衰退。非資源恢復需要很長的延遲時間。當我們談論某些領域（例如當地市場或一些疲軟的領域）可能會重新加速時，您是否認為情況確實如此？謝謝。

Yeah. So we certainly don't think it needs to go negative. We feel like we're in the slow part of the cycle, and we're not going negative. But to your point about the local market, we're much more highly penetrated in the local market Gen Rent, and that's a needle mover for them. But they still have some of the opportunities that we have in large projects to help offset that.

是的。所以我們當然不認為它需要變成負值。我們感覺我們正處於週期的緩慢階段，並且不會出現負面情況。但就您提到的本地市場而言，我們在本地市場 Gen Rent 的滲透率更高，這對他們來說是一個推動力。但他們仍然有機會利用我們在大型專案中提供的一些機會來彌補這一缺陷。

And I think although most of our growth is coming from Specialty, I think our Gen Rent team is well positioned as the market picks back up, as the local market repairs, whether that's driven by interest rates, just overall stronger economy, whatever, we're very well positioned.

我認為，儘管我們的大部分成長來自專業領域，但我認為，隨著市場回暖，隨著當地市場的修復，我們的 Gen Rent 團隊處於有利地位，無論是受利率推動，還是整體經濟走強，無論如何，我們都處於非常有利的地位。

We've kept our capacity. We didn't overreact to the slower growth, which although maybe it drags on margins a little bit, it's the right long-term decision. So we feel really good about where we're positioned. We don't think we have to turn negative for an acceleration.

我們保持了我們的產能。我們對成長放緩並沒有反應過度，儘管這也許會稍微拖累利潤率，但從長期來看這是正確的決定。因此，我們對自己的定位感到非常滿意。我們認為我們不必為了加速而轉向負面。

And Mike, I might just add from a vertical perspective, the two areas that have been most challenging there. have been residential and residential related and kind of, call it, the oil patch. So I think those are verticals that people understand have had kind of unique challenges. But to the degree you saw those inflect, that would be a positive for the Gen Rent growth.

麥克，我想從垂直角度補充那裡最具挑戰性的兩個領域。一直是住宅區，與住宅有關，可以稱之為油田。所以我認為人們知道這些垂直產業面臨獨特的挑戰。但就您所看到的這些變化的程度而言，這將對 Gen Rent 的成長產生積極影響。

Thank you.

謝謝。

Tim Thein, Raymond James.

提姆泰恩、雷蒙詹姆斯。

Great. Thanks. Just wanted to circle back as a follow-up on the earlier question on tariffs. And Ted, you covered it with respect to the CapEx impact from new equipment. But I was just curious from an OpEx perspective, to the extent we were to see parts pricing change or be impacted by tariffs. Is there a protection there? Or how would we think about that? I guess it's hypothetical at this point, but can you maybe just update us on that point?

偉大的。謝謝。我只是想再次回答之前關於關稅的問題。泰德，您談到了新設備對資本支出的影響。但我只是從營運支出的角度感到好奇，我們會看到零件價格在多大程度上改變或受到關稅的影響。那裡有保護嗎？或者我們會如何看待這個問題？我想目前這只是假設，但您能否就這一點向我們更新一下？

Yeah. It's a fair point, Tim, but still all negotiated for '25. So we're locked in for '25. But it's no different than the fleet cost. We negotiate our parts and our fleet costs with our partners annually. And in '26, if there's some stuff there, we're going to have to make sure we're aligned with the folks that can either bypass having to push them on or avoid them altogether, and that will be part of our '26 negotiation. But nothing that we see in '25.

是的。這是一個公平的觀點，提姆，但一切談判仍需以 25 年為基準。因此我們已鎖定 25 年。但這與車隊成本沒有什麼不同。我們每年與合作夥伴協商零件和車隊成本。在 26 年，如果出現某些問題，我們必須確保與那些可以繞過推動這些問題或完全避免這些問題的人保持一致，這將是我們 26 年談判的一部分。但我們在 25 年沒有看到任何變化。

Okay. And then, Matt, just you highlighted it as several others, the strength of the larger national account business and how we've been dealing with this softness in the local account business, which is a market for some time, which is -- it seems to be continuing. But I'm just curious if that -- A, is that create sort of a mix headwind for United? And I guess, if so, it would -- could it be more pronounced in what is a seasonally softer quarter, just normally slower activity in the first quarter. Is that more pronounced or none of the above? I'm just curious from a mix impact. Is there any sort of headwind there?

好的。然後，馬特，你強調了其他幾個方面，即更大的全國帳戶業務的優勢，以及我們如何應對本地帳戶業務的疲軟，這是一個市場已經存在一段時間了，而且似乎還在持續。但我只是好奇──這是否會為美聯航帶來某種不利因素？我想，如果是這樣的話，這種現像在季節性疲軟的季度會更加明顯，而第一季的活動通常較慢。這是更明顯還是以上都不明顯？我只是對混合影響感到好奇。那裡有逆風嗎？

Yeah. I don't think there'll be any further headwind. To your point about Q1 being part of the year and not the part of the year we bring in more CapEx, that could have some impact on that repositioning costs that we talked about. From an ancillary perspective, it's really mostly driven by the very high level of growth in Specialty and the extra products and services we provide with that offering.

是的。我認為不會再有任何逆風。關於您所說第一季是全年的一部分，而不是我們增加資本支出的部分，這可能會對我們討論的重新定位成本產生一些影響。從輔助角度來看，這實際上主要是由專業領域的高成長以及我們透過該產品提供的額外產品和服務所推動的。

So nothing that I think is going to change seasonally. It will depend. I think we'll continue to see the demand, and therefore, where we put our fleet to play out similar to '24. I guess the one difference would be as we continue to grow the Yak business, as we continue to grow the Specialty footprint through cold starts. I think that's driving some of the ancillary for all -- for good reasons, really for good cross-sell growth.

所以我認為一切都不會隨著季節而改變。這得看情況。我認為我們會繼續看到需求，因此，我們將把我們的船隊部署到類似 24 年的地方。我想唯一的區別在於，隨著我們繼續發展犛牛業務，隨著我們繼續透過冷啟動擴大專業業務的足跡。我認為這對所有輔助業務都有推動作用——有充分的理由，確實有利於交叉銷售的成長。

Okay. All right. We'll leave it there. Thank you for the time.

好的。好的。我們就把它留在那裡。感謝您抽出時間。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Yes. Hi, good morning, everyone. I'm wondering if we could just pull on the M&A thread, one of the hallmarks of where you folks added value over the years has been just the M&A and the ability to improve those operations. And so as you sit here today, given the size of the company, can you just talk about how active the runway is on a multiyear basis on the M&A pipeline. There is some concern that the magnitude of acquisitions that you folks have been able to deliver in the past that opportunities that might be slowing. So I wonder if you could just talk about what that looks like on a multiyear basis as you sit here today?

是的。大家好，早安。我想知道我們是否可以繼續討論併購話題，多年來你們增加價值的標誌之一就是併購和改善這些營運的能力。那麼，今天您坐在這裡，考慮到公司的規模，您能否談談多年來該公司在併購管道上的活躍程度。有人擔心，你們過去能夠完成的收購規模可能會使機會減少。所以我想知道，您今天坐在這裡是否可以談談多年來的情況？

We don't really forecast that or plan like any kind of budgetary goals for M&A. We think that it's a bad behavior. As far as we're thinking about what the pipeline looks like, we don't have the expectation that we don't have enough runway on M&A, whether it may be more like a string of pearls or even big pearls when we think about where can we fit out some of the Specialty offerings.

我們實際上並沒有對此進行預測或規劃任何有關併購的預算目標。我們認為這是一種不良行為。就我們對管道形態的思考而言，我們不認為我們在併購方面沒有足夠的跑道，當我們考慮在哪裡可以安裝一些專業產品時，它可能更像一串珍珠，甚至是大珍珠。

But I don't think we sat here couple of years ago and said, wow, matting would be a great thing to add. So we're continually investigating new opportunities, but there's still some chunky deals out there, certainly not as much on the Gen Rent space as what the other opportunities are, but we still think there's plenty of M&A runway. We don't really put a target on it, Jerry, because that's not the way we think about it. We're just constantly working the pipeline and see what meets our threshold and what could be a good use of capital and strategically beneficial.

但我不認為幾年前我們坐在這裡說，哇，添加墊子是一件很棒的事。因此，我們一直在尋找新的機會，但仍然有一些大額交易，當然在 Gen Rent 領域的交易不如其他機會那麼多，但我們仍然認為有足夠的併購空間。傑瑞，我們其實並沒有為此設定目標，因為我們不是這樣思考的。我們只是不斷地努力，看看什麼符合我們的門檻，什麼可以很好地利用資本並具有戰略利益。

I appreciate the color, Matt. And separately, obviously, you folks pulled cost levers really well in recessions. As we think recession scenario, can you just talk about the levers that you could pull in this coming cycle. So you just spoke about ancillary revenues, subcontractor costs, et cetera, to what extent if we were to see a negative economic outlook, could we see greater margin opportunities for you folks, similar to what you folks were able to deliver most recently in 2020?

我很欣賞這個顏色，馬特。另外，顯然，你們在經濟衰退期間確實很好地控制了成本。當我們考慮經濟衰退情景時，您能否談談在即將到來的周期中可以採取的措施。所以你剛才談到了輔助收入、分包商成本等等，如果我們看到負面的經濟前景，我們能在多大程度上為你們看到更大的利潤機會，類似於你們最近在 2020 年所能實現的利潤機會？

Yeah, I'll take that one and Matt, jump in if there's anything you want to add. At the end of the day, I think both from an OpEx and a CapEx standpoint, we've got a lot of flexibility. I feel like your question was more oriented towards margins. And so when you think about the nature of our cost structure and really our -- the core operating cost, something on the order of about 50% is going to be highly correlated to volume.

是的，我會接受這個，馬特，如果你還有什麼要補充的話，請加入。總而言之，我認為無論從營運支出或資本支出的角度來看，我們都有很大的靈活性。我覺得你的問題更多的是關於利潤。因此，當您考慮我們的成本結構性質以及我們的核心營運成本時，大約 50％ 的量與數量高度相關。

So it's going to be things like pickup and delivery and repair and maintenance, discretionary items like T&E or overtime, those we can flex very readily, and they move with demand. So that part of it, we feel very good about modulating in the downturn. You certainly saw that during COVID as an example.

因此，諸如提貨、送貨、維修和保養之類的事情，以及差旅費用或加班等可自由支配的項目，這些都可以隨時靈活調整，並且會隨著需求而變化。因此，就這部分而言，我們對在經濟低迷時期進行調節感到非常滿意。你肯定在 COVID 期間就看到過這種情況。

There's a relatively small part of our cost structure that we would view as fixed. It's probably in the order at the very low double digits. In between it's really a function of labor and benefits. And that is as flexible as you're willing to make tough decisions on teammates, and that's something we want to protect at all costs when we're able to. So it's really going to be the interplay of how does volume perform versus how do we manage those costs. Certainly, we feel very good about what we demonstrated in 2020. We've only gotten better at managing the cost structure, but a lot of this would obviously depend on the nature of a downturn.

我們認為我們的成本結構中只有相對較小的部分是固定的。它可能處於非常低的兩位數的順序。在這兩者之間，它實際上是勞動和福利的函數。這取決於你願意為隊友做出艱難決定的彈性，而這正是我們想要不惜一切代價保護的。因此，這實際上將是銷售表現與我們如何管理這些成本之間的相互作用。當然，我們對 2020 年所取得的成績感到非常滿意。我們在管理成本結構方面已經做得更好了，但這顯然很大程度上取決於經濟衰退的本質。

Yeah. I would just add to Ted's point, how deep and how long would make the decisions on that middle 30%, let's call it, for lack of a better term of our costs. And just to remind people outside of '08, '09 when we had to do significant layoffs. During COVID, we made the opposite decision. And holding on to that capacity really paid off coming out of that. So that would be what our future outlook would be in a downturn, and we're certainly not trying to speak that into our future, would depend on how aggressively we get.

是的。我只是想補充 Ted 的觀點，對於中間的 30% 做出決策需要多深、多長時間，我們姑且這麼稱呼它吧，因為我們沒有更好的術語來描述我們的成本。只是想提醒大家，2008、2009 年我們曾經進行過大規模裁員。在新冠疫情期間，我們做出了相反的決定。而堅持這種能力確實帶來了回報。這就是我們在經濟低迷時期的未來前景，我們當然不會試圖談論我們的未來，這取決於我們採取的積極措施。

Appreciate it. Thank you.

非常感謝。謝謝。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Thank you, good morning. I just wanted to come back to the ancillary pickup. And I know you gave us some good color on the fact that it was the Yak inclusion and some of the fueling services. I guess I'm just kind of curious if there's any other sort of broader reason kind of why now? Why this is all happening? Obviously, Yak is new, so that would make sense. But are you implementing specifically new initiatives to target the fueling operations? Are there any other particular services that you're kind of trying to bring forth to client's and to your customers' attention that they can kind of roll this out.

謝謝，早安。我只是想回到輔助拾音器。我知道您為我們提供了有關犛牛和一些加油服務等事實的良好資訊。我想我只是有點好奇現在是否還有其他更廣泛的原因？為什麼會發生這一切？顯然，Yak 是新產品，所以這是有道理的。但是，您是否正在實施專門針對加油作業的新措施？您是否也想向客戶和顧客推薦其他特定服務，以便他們能夠推出這些服務？

Yeah. To your latter part of your question, the answer is yes, we're continuing to look at ways where we can solve more problems for our customers, right, and in an effective and profitable way. So Yak certainly was a big driver for it. But even when you think about as we're growing our mobile storage and modular business, the setup for that falls into this category. Fueling, whether it be not just for generators, but for equipment overall, is another pain point for the customers that if we can continue to increase that touch point, we'll do that.

是的。對於您問題的後半部分，答案是肯定的，我們正在繼續尋找能夠為我們的客戶解決更多問題的方法，對，而且是以有效且有利可圖的方式。因此，Yak 無疑是推動這一進程的重要因素。但即使考慮到我們正在發展行動儲存和模組化業務，其設定也屬於這一類別。加油，無論是否僅適用於發電機，還是適用於所有設備，都是客戶的另一個痛點，如果我們可以繼續增加這個接觸點，我們就會這樣做。

So it's a little bit of both. It's the growth of the platforms like matting and modular and mobile storage. That's driving a lot of it, but also some additional services that we're offering.

所以兩者都有一點。這是諸如墊子、模組化和行動儲存等平台的成長。這在很大程度上推動了這一進程，同時也推動了我們提供的一些附加服務。

Okay. That's helpful. And then just to come back to the margins for a second, just so I'm totally clear on this. Obviously, the incrementals are implied to be higher for Q2 to Q4. Can you just remind me kind of what the reason is that -- what's going to drive that improvement in the second part of the year? What's going to be different relative to the first quarter? Thank you.

好的。這很有幫助。然後回到邊緣一秒鐘，這樣我就可以完全清楚這一點。顯然，第二季至第四季的增量預計會更高。您能否提醒我一下原因是什麼－是什麼將推動今年下半年的改善？與第一季相比會有什麼不同？謝謝。

Well, I think this is where it's important to decompose kind of what happened in the first quarter, right? And so you can look at -- you said flow through, we look at margins but being down nominally 150 basis points ex-H&E termination fee and ex-used. But when you cut through kind of the ancillary and dynamics we talked around repositioning, down 70%. And that's really how we think about that core performance.

嗯，我認為這裡對第一季發生的事情進行分解很重要，對吧？因此，您可以看看 - 您說的是流通，我們看看利潤率，但名義上下降了 150 個基點，不包括 H&E 終止費和使用費。但是，當你削減我們討論的有關重新定位的輔助和動態時，下降了 70%。這確實是我們對核心表現的看法。

So certainly, as we get into the busier season, and you lap some of these costs, some of which were transient, we would expect it to perform as expected. Now, the degree to where we land is going to depend on how that revenue ends up working out from the standpoint of ancillary probably as much as anything.

因此，當然，隨著我們進入繁忙季節，你會承擔一些成本，其中一些是暫時的，我們預計它的表現會達到預期。現在，我們最終能達到的程度將取決於從輔助業務的角度來看，收入最終如何發揮作用。

Okay. Thank you very much.

好的。非常感謝。

Kyle Menges, Citi.

花旗銀行的凱爾孟格斯 (Kyle Menges)。

Thank you. Could you guys just touch on just the level of confidence in the backlog for the rest of the year? And I understand visibility might normally be about six months out. Could you just talk about maybe level of visibility? And is there more visibility in the backlog now, just given more mega projects in the pipeline? And do you have any sort of sense on what percentage of your backlog is mega projects at this point versus maybe last year or kind of, I guess, in a more normal year?

謝謝。你們能否簡單談談今年剩餘時間積壓訂單的信心程度？據我了解，可見性通常可能需要六個月左右的時間。您能談談可見度水平嗎？鑑於正在籌備的大型專案越來越多，現在積壓專案是否更加清晰了？您是否知道，與去年或更正常的年份相比，目前您的積壓專案中有多少比例是大型專案？

Yeah, sure, Kyle. So I think as far as the profile of the demand for major projects to the rest of the business is pretty similar to what it was last year. Maybe ticked up towards major projects maybe a hair, but pretty similar. I think as far as the forward-looking visibility, certainly higher than the six months on the projects because we got a plan with our partners. So we have more visibility there. And I think the backlog data is supporting six months plus of backlog.

是的，當然，凱爾。因此，我認為就重大項目對其他業務的需求而言，其情況與去年非常相似。也許對重大項目來說可能略有提升，但非常相似。我認為就前瞻性而言，肯定比專案的六個月要高，因為我們與合作夥伴制定了計劃。因此我們在那裡有更高的知名度。我認為積壓數據可以支持六個月以上的積壓。

But more importantly, our customer confidence index continues to give us confidence about the balance of the year. Our leadership team, sales teams thar are connecting with our customer on a daily basis out in the field is continuing to give us solid feedback. And then our metrics, our actual execution of what we're doing with fleet on rent and utilization rates. We have confidence that for the balance of 2025, we see the runway ahead, and that's why we reiterated our guidance.

但更重要的是，我們的客戶信心指數持續讓我們對今年的平衡充滿信心。我們的領導團隊和銷售團隊每天都在現場與客戶保持聯繫，並持續為我們提供可靠的回饋。然後是我們的指標，我們對租賃車隊和使用率的實際執行情況。我們有信心，到 2025 年，我們將看到未來的發展方向，這就是我們重申指導的原因。

Got it. Makes sense. And then just another tariff question more related to the value of your used fleet. Just how should we be thinking about maybe the value of the used fleet and the overall used market, just given maybe some tariffs on new equipment? And are you seeing any early signs of that just in the used market related to tariffs?

知道了。有道理。然後是另一個與您使用的車隊的價值更相關的關稅問題。考慮到新設備可能徵收的一些關稅，我們應該如何考慮二手車隊和整個二手市場的價值？您是否看到二手市場上與關稅相關的任何早期跡象？

No, it's way too soon. I mean I don't even know if people have finalized what their costs are going to be for most of these vendors. But theoretically, to what you're talking about, like it did post-COVID, if the new equipment pricing were to increase out of the ordinary that would act as an umbrella on used pricing values. We certainly have seen that in the past, and we would expect that to happen.

不，還太早了。我的意思是，我什至不知道人們是否已經確定了大多數供應商的成本是多少。但從理論上講，就您所說的情況而言，就像新冠疫情之後的情況一樣，如果新設備的價格出現異常上漲，那麼二手設備的價格就會受到保護。我們過去確實見過這種情況，我們預計這種情況會發生。

We don't feel at all that's what happened yet or is what driven the volume that we experience and demand we've experienced in Q1. It's similar to what we had planned for and what we expected. I think it's more about the demand out there in the end market.

我們根本不認為這是發生了什麼，或者這是導致我們在第一季經歷的交易量和需求的原因。這與我們的計劃和預期類似。我認為這更多的與終端市場的需求有關。

And to your first question you asked earlier, it's another area of confidence for the outlook for the rest of '25. We sold a record level of OEC, and I don't think people are buying equipment to park it in yards. So there's still a good amount of work going on out there.

對於您之前提出的第一個問題，這是對 25 年剩餘時間前景的另一個信心領域。我們的 OEC 銷售達到了創紀錄的水平，我認為人們不會購買設備並將其停放在院子裡。所以，仍有大量工作要做。

Helpful. Thank you.

很有幫助。謝謝。

Tami Zakaria, JPMorgan.

摩根大通的塔米·扎卡里亞。

Hey, good morning. Thanks for all the comments so far. I have only one question. I think I heard you mention that local markets are more indexed to your Gen Rent offering right now. I'm curious, is there a structural barrier or reason why Specialty maybe could not become a bigger part in local markets, meaning is there not a scalable market for Specialty at the local level? Or could over time, Specialty could become as big at the local level as it could be for the national accounts?

嘿，早安。感謝迄今為止的所有評論。我只有一個問題。我想我聽到您提到過，目前當地市場與您的 Gen Rent 產品更加掛鉤。我很好奇，是否存在結構性障礙或原因導致 Specialty 可能無法在當地市場中佔據更大的份額，這意味著在當地層面上 Specialty 沒有可擴展的市場？或者隨著時間的推移，專業服務在地方層面上能否變得和在國家帳戶上一樣大？

Yeah. I think as our Specialty businesses mature, they'll get more penetration locally. But I think the one big part of our one-stop shop strategy is cross-selling. So we prioritize overall as a company, our larger half of our customer set, which tend to be more on projects and with bigger customers. So when we get new offerings, we really focus on that part of the cross-sell because they tend to do more complex projects.

是的。我認為，隨著我們的專業業務的成熟，它們將在當地獲得更大的滲透。但我認為我們的一站式購物策略的一個重要部分是交叉銷售。因此，作為一家公司，我們總體上優先考慮我們大部分的客戶群，他們往往更注重專案和更大的客戶。因此，當我們獲得新產品時，我們真正關注的是交叉銷售的部分，因為他們傾向於做更複雜的項目。

So this is a decision for us. It doesn't mean that people -- that there's not local trench work, that there's not local temporary power work. It's just our profile and the way we go to market. The maturity of Gen Rent is so much further down the road and also through a lot of acquisitions that they're just -- the reality is they're just more penetrated. We do have that opportunity in the future for Specialty to continue to get more penetrated locally.

所以這是我們的決定。這並不意味著人們——沒有當地溝渠工作，沒有當地臨時電力工作。這只是我們的形象和我們進入市場的方式。Gen Rent 的成熟度還有很長的路要走，而且透過大量的收購，他們的滲透率更高了。未來我們確實有機會讓專業產品繼續在當地得到更廣泛的滲透。

Great. Thank you.

偉大的。謝謝。

Ken Newman, KeyBanc Capital Markets.

肯‧紐曼 (Ken Newman)，KeyBanc 資本市場。

Hey, good morning, guys. Thanks for squeezing me in. I know it's a smaller part of your mix, but I was curious, can you just talk about what you're seeing in the smaller local accounts and just the expectation for that through the rest of the year. I'm just trying to get a sense of how much padding there is in the guide if that does get incrementally softer as the year progresses?

嘿，大家早安。謝謝你把我擠進來。我知道這只是您們業務組合中較小的一部分，但我很好奇，您能否談談您在較小的本地帳戶中看到的情況以及對今年剩餘時間的預期。我只是想知道指南中有多少填充內容，隨著時間的推移，填充內容是否會逐漸減少？

It's really the area that we have the least visibility to. But when you take the aggregate of whether you're looking at a branch, a district or region of the activity in there, or where the field is very close to the local market and then they do their forecast, we feel confident that we have enough visibility through that ground-up mechanism to stay within the ranges of our guidance and certainly you hear the confidence in our voice of reiterating. So we don't expect that.

這確實是我們能見度最低的區域。但是，當您綜合考慮某個分支機構、某個地區或區域的活動，或者該領域非常接近當地市場，然後他們進行預測時，我們相信，透過自下而上的機制，我們有足夠的能見度，可以保持在我們的指導範圍內，當然，您也能從我們重申的聲音中聽到信心。所以我們並不期待這一點。

With that being said, it is still a smaller part of our business. So therefore, the impact of that variability would be a little bit less than if something happened in a macro that impacted our national accounts. And remember, for people that remember years ago, when we moved to larger customers' national accounts, it wasn't because mega projects. We didn't know this was going to be a thing or these tailwinds that we talked about. It was because when work does slow down, we do feel that larger contractors sell deeper into the pipeline, and we needed to be aligned with those.

話雖如此，它仍然只是我們業務中較小的一部分。因此，這種變化的影響會比宏觀經濟中發生的某些事件影響我們的國民帳戶時的影響要小一些。請記住，對於那些記得幾年前我們轉向更大客戶的全國帳戶的人來說，這並不是因為大型專案。我們不知道這會成為現實，也不知道我們談論的這些順風。這是因為當工作放緩時，我們確實感覺到較大的承包商會更深入地銷售，我們需要與他們保持一致。

And we learned that through the '08, '09 recession. And I think that, that would also be a buffer to any kind of change. I think we're better positioned with those customers.

我們在 2008、2009 年的經濟衰退中認識到了這一點。我認為，這也將成為任何類型變化的緩衝。我認為我們更適合這些客戶。

Right. Okay. That makes sense. And then just quickly for my follow-up. I just had a clarification question on Yak. I know there's already been a lot of talk about inflation and tariffs. I know you depreciate those assets at Yak to 0, I think over a two- or three-year period. Obviously, lumber is much higher on a year-over-year basis. Can you remind us how margins in that business could or maybe it doesn't fluctuate with spot lumber prices?

正確的。好的。這很有道理。然後我快速跟進。我剛剛對 Yak 有一個澄清問題。我知道關於通貨膨脹和關稅的討論已經很多了。我知道您將 Yak 的這些資產折舊至 0，我想這需要兩到三年的時間。顯然，木材價格比去年同期上漲很多。您能否提醒我們該業務的利潤率如何隨著現貨木材價格波動？或可能不會波動？

I don't think we've experienced much of that ourselves in the kind of woods we're buying. But certainly, we feel comfortable that they can maintain their margins. And I'll just leave it at that.

我認為，在我們購買的木材中，我們自己並沒有經歷過太多這樣的情況。但當然，我們確信他們可以保持利潤率。我就不多說了。

Wonderful. Thanks.

精彩的。謝謝。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thanks, guys. Good morning. Just on Specialty rental, curious, it's come up a few times, but this -- your confidence in continued double-digit growth, very impressive. Just curious, could you delve in -- you have seven product categories. Is everything growing? Is there a disparity or some carrying the weights and others not keeping up? Just kind of discussing across all seven platforms? And is it cold starts that's really driving it? Are you getting market share gains, pricing? Just curious to go in a level or two deeper on how you think you are differentiating in those markets. Thanks.

謝謝大家。早安.僅就專業租賃而言，我很好奇，它已經出現過幾次了，但是這 - 你對持續兩位數增長的信心非常令人印象深刻。只是好奇，您能否深入了解一下——您有七個產品類別。一切都在生長嗎？是否存在差距，或有些人承擔重擔而其他人卻跟不上？只是在所有七個平台上討論？冷啟動才是真正的驅動因素嗎？您的市場佔有率和定價是否得到了提升？我只是好奇想更深入地了解您認為自己如何在這些市場中脫穎而出。謝謝。

Yes. No, it's pretty broad, and we've talked about that in the past, how even some of our more mature Specialty businesses, we're growing double digits. So each quarter, it may be a little more choppy, but you'd have to think about the newer platforms with more white space and more cold starts, you're going to grow faster. But Power being, I think, one of our most mature, continues to be one of the leaders in the pack on growth. So it's across the board.

是的。不，它的範圍很廣泛，我們過去也討論過這個問題，即使是一些更成熟的專業業務，我們也實現了兩位數的成長。因此，每個季度可能會有點波動，但你必須考慮擁有更多空白和更多冷啟動的新平台，你將會成長得更快。但我認為，Power 是我們最成熟的公司之一，在成長方面繼續處於領先地位。所以這是全面的。

It's partly driven by penetration and a big part of it driven by our go-to-market, right? So between the white space and our go-to-market are continuing to sell into our targeted customers, we're probably taking share as they maybe were using a myriad of smaller type providers. And I think the fact that we can bundle it's a big advantage for us and why we're seeing that growth and have confidence in that future growth.

這部分是由滲透率驅動的，很大一部分是由我們的市場進入率驅動的，對嗎？因此，在空白區域和我們的市場進入之間，我們繼續向目標客戶銷售產品，我們可能會佔據市場份額，因為他們可能正在使用大量較小類型的供應商。我認為，我們可以將其捆綁在一起，這對我們來說是一個很大的優勢，也是我們看到這種成長並對未來成長充滿信心的原因。

Thanks. And just one more on Specialty and ancillary kind of following up a bunch of questions there, too. But it seems like you all maybe have more to say there. It sounds like you're digging in perhaps acquisitions can help in that space or maybe some internalization delivery or set up of maybe less outsourcing, and maybe we hear from this from you all in the future, but I got the sense on earlier questions, there's more you could and would be open to saying, so that's why I'm asking it now.

謝謝。另外還有一個關於專業和輔助的後續問題。但看起來你們可能還有更多話要說。聽起來你正在深入研究，也許收購可以在這個領域有所幫助，或者也許一些內部化交付或建立可能更少的外包，也許我們將來會聽到你們所有人對此的看法，但我從之前的問題中感覺到，你可以而且願意說更多，所以這就是我現在問的原因。

Yeah. I mean, certainly, we're always looking at ways that we can be more efficient, and insourcing is one of the ways that we'll do that. And we'll always balance what we think we are a better provider at versus what we can do. And even within the fueling, we'll use some outside party stuff, that's certainly depending on the need.

是的。我的意思是，當然，我們一直在尋找提高效率的方法，而內部採購就是我們實現這一目標的方法之一。我們將始終在我們認為自己能夠提供更好的服務與我們能夠提供的服務之間取得平衡。即使在加油過程中，我們也會使用一些外部的東西，這當然取決於需求。

So it is going to be a mix. We do look at in some of our businesses, how can we be a better provider of these ancillary services, but I wouldn't point to any specific targets right now for a couple of reasons, but it's a good thought that you're having and consistent with our continuous improvement mindset of how can we do better from a service and margin perspective.

所以這將是一個混合體。我們確實在某些業務中考慮如何才能更好地提供這些輔助服務，但由於一些原因，我現在不會指出任何具體的目標，但你的想法很好，並且與我們持續改進的思維方式相一致，即我們如何才能從服務和利潤的角度做得更好。

Got it. Thanks, Matt. Appreciate it.

知道了。謝謝，馬特。非常感謝。

Steven Ramsey, Thompson Research Group.

史蒂文·拉姆齊，湯普森研究小組。

Hi, good morning. I wanted to think about cross-selling. You've done well going from Gen Rent to Specialty. I'm curious if there's any color on cross-selling within Specialty with these more mature categories and then being able to add on some of the less mature groups within that segment?

嗨，早安。我想考慮交叉銷售。從 Gen Rent 到 Specialty，您做得很好。我很好奇，在專業領域中，這些比較成熟的類別是否有交叉銷售的可能性，然後能否在該領域中添加一些不太成熟的群體？

Yeah. It's a great point. It's something that focused on with our teams and something that we're working on actively. Some of these actions naturally go together, right? And when we think about how we've organized our ROS business, right, which was our restroom trailers and porta johns along with our modular business, you would think set up some job sites. So that's one of the areas where we've really focused on putting those together.

是的。這是一個很好的觀點。這是我們的團隊重點關注的事情，也是我們正在積極努力的事情。其中一些動作自然而然地結合在一起，對嗎？當我們思考如何組織我們的 ROS 業務時，對吧，也就是我們的衛生間拖車和移動廁所以及模組化業務，您會想到建立一些工作站點。因此，這是我們真正致力於整合這些內容的領域之一。

When we think about what we did with our pump business when we bought Baker and make a full fluid solutions. Now we've made it a whole separate region of fluid solutions, right, to treat transfer and contain. So there's many examples of us doing that, and we continue to try to find as many opportunities we can to make it seamless for the customer. And that's really what the bundling is all about. If we make it easier for them to streamline their vendors and to have one solution provider, it's a win-win situation.

當我們思考收購 Baker 並製造全套流體解決方案時，我們對泵浦業務做了哪些改進時。現在我們已經將其變成了一個完全獨立的流體解決方案區域，用於處理傳輸和容納。我們有很多這樣做的例子，我們將繼續嘗試尋找盡可能多的機會，為客戶提供無縫的服務。這就是捆綁的真正意義。如果我們讓他們更容易精簡供應商並擁有一個解決方案提供商，這將是一個雙贏的局面。

Okay. That's helpful. And then one other thing on the ancillary re-rent, comp getting relatively tough for the last four quarters, 2% to 3% benefit on top of -- into rental revenue. Do you expect that same level of benefit in the rest of the year?

好的。這很有幫助。另外還有關於輔助再租賃的事情，過去四個季度的競爭變得相對艱難，租金收入中額外增加了 2% 到 3% 的收益。您預計今年剩餘時間的收益水準會是同樣的嗎？

That's a great question, Steven. And that's something we're trying to figure out at the end of the day. It is being responsive to what customers are asking of us. And if we just look at that in the first quarter, we grew 19% ancillary versus 5% OER. So call it a 4 times relative rate. Part of that was, of course, Yak. But last year, we grew at about, I want to say, 2 times the rate overall.

史蒂文，這個問題問得真好。這是我們最終要弄清楚的事情。它正在回應客戶對我們的要求。如果我們只看第一季度，輔助業務成長了 19%，而 OER 成長了 5%。所以稱為4倍相對利率。當然，其中一部分是犛牛。但去年，我們的整體成長率大約是2倍。

So we've seen an acceleration thus far, but it's hard to predict exactly how this will play out. It is part of our strategy. You heard Matt talk about that. This is being that partner of choice to our customers and making their life as easy possible. So time will tell and we'll have an update in July, obviously, about how this progressed in the second quarter.

因此，到目前為止我們已經看到了加速的跡象，但很難準確預測其將如何發展。這是我們戰略的一部分。您聽到馬特談論過這個話題。這就是我們成為客戶首選的合作夥伴並讓他們的生活盡可能輕鬆。所以時間會證明一切，顯然，我們會在 7 月更新第二季的進展。

That's excellent. THanks.

太棒了。謝謝。

Thank you. And gentlemen, that's all the questions we have this morning. Mr. Flannery, I'll turn things back to you, sir, for any closing comments.

謝謝。先生們，這就是我們今天早上的所有問題。弗蘭納裡先生，先生，我將把話題轉回給您，請您做最後的評論。

Thank you, operator. And to everyone on the call, we appreciate your time. I'm glad you could join us today. As always, our Q1 investor deck has the latest updates, and Elizabeth is available to answer your questions. So please stay safe, and we look forward to speaking to you all in July. Operator, you can now end the call.

謝謝您，接線生。對於電話會議中的每個人，我們感謝你們的時間。我很高興您今天能加入我們。像往常一樣，我們的 Q1 投資者簡報有最新更新，Elizabeth 可以回答您的問題。所以請注意安全，我們期待七月與大家交談。接線員，您現在可以結束通話了。

Thank you again, ladies and gentlemen, that will conclude today's United Rentals' earnings conference call. Again, thanks so much for joining us, everyone, and we wish you all a great day. Goodbye.

女士們、先生們，再次感謝大家，今天的聯合租賃收益電話會議到此結束。再次感謝大家的參與，祝福大家有個愉快的一天。再見。