聯合設備租賃 (URI) 2025 Q2 法說會逐字稿

Good morning, and welcome to the United Rentals Investor conference call. Please be advised 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 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.

公司的業務和營運受到各種風險和不確定因素的影響，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 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.

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。

You should also note that the company's press release and today's call include references to non-GAAP terms such as free cash flow, adjusted EPS, EBITDA and adjusted EBITDA. Please refer to the back of the company's recent investor presentation 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.

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。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 和財務長泰德格雷斯 (Ted Grace)。

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

現在我將把電話轉給弗蘭納裡先生。弗蘭納裡先生，你可以開始了。

Thank you, operator, and good morning, everyone. Thanks for joining our call. Yesterday afternoon, we were pleased to report solid second quarter results, which reflected a continuation of the momentum we reported last quarter.

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穩健的第二季業績，這反映了我們上個季度報告的勢頭的延續。

More importantly, our updated guidance speaks to the confidence both we and our customers have in the remainder of the year. Critical to the success is our team of over 27,000 individuals who focus on being the partner of choice for our customers and live our one culture every day.

更重要的是，我們更新的指引顯示了我們和我們的客戶對今年剩餘時間的信心。我們的成功取決於我們超過 27,000 名員工的團隊，他們致力於成為客戶的首選合作夥伴，並每天實踐我們的文化。

This includes putting safety at the forefront of everything we do to enable us to deliver a superior value proposition and ultimately, the results our shareholders have come to expect. In the second quarter specifically, we again saw growth across both our industrial and construction end markets, healthy demand for used equipment and ongoing optimism from the field, which is reinforced by our customer confidence index.

這包括將安全放在我們所做的一切事情的首位，以使我們能夠提供卓越的價值主張，並最終實現股東所期望的結果。具體來說，在第二季度，我們再次看到工業和建築終端市場的成長，二手設備的需求旺盛，該領域的樂觀情緒持續增強，而我們的客戶信心指數也強化了這一點。

So having said all this, today I'll review our second quarter results and touch on our updated 2025 guidance. Then I'll discuss a recent win, which illustrates our strategy in the utility vertical, followed by a look into how our best in class telematics is helping our customers improve their own productivity. Afterwards, Ted will review the financials in detail before we open up the call to Q&A.

說了這麼多，今天我將回顧我們的第二季業績，並談談我們更新後的 2025 年指引。然後，我將討論最近的勝利，這說明了我們在公用事業垂直領域的策略，然後介紹我們一流的遠端資訊處理技術如何幫助我們的客戶提高自身的生產力。之後，Ted 將詳細審查財務狀況，然後我們再開始問答環節。

So with that, let's start with the second quarter results. Our total rental revenue grew by 4.5% year-over-year to $3.9 billion and within this, rental revenue grew by $6.2 billion to $3.4 billion both second quarter records. Fleet productivity increased by 3.3% supported by disciplined execution. Adjusted EBITDA increased to a second quarter record of $1.8 billion translating to a margin of nearly 46%. And finally, adjusted EPS came in at $10.47 Now let's turn to customer activity.

那麼，讓我們從第二季的業績開始。我們的總租賃收入年增 4.5% 至 39 億美元，其中第二季租賃收入成長 62 億美元至 34 億美元，均創下歷史新高。在嚴格執行的支持下，船隊生產力提高了 3.3%。調整後的 EBITDA 增至第二季創紀錄的 18 億美元，利潤率接近 46%。最後，調整後的每股收益為 10.47 美元現在讓我們來看看客戶活動。

We continue to see growth in both our GenRent and Specialty businesses. Specialty rental revenue grew 14% year-over-year, while opening 21 cold starts in the second quarter. We remain on track to open at least 50 this year. By vertical, our construction end market saw impressive growth across both infrastructure and non residential construction, while our industrial end market saw particular strength within power, metals and minerals and chemical process. We continue to see new projects kicking off with a few recent examples, including data centers, hospitals, and airports.

我們的 GenRent 和 Specialty 業務持續保持成長。專業租賃收入年增 14%，同時第二季開設了 21 個冷啟動點。我們今年仍有望開設至少 50 家門市。從垂直角度來看，我們的建築終端市場在基礎設施和非住宅建築領域都取得了令人矚目的成長，而我們的工業終端市場在電力、金屬和礦物以及化學工藝領域尤其強勁。我們不斷看到新計畫啟動，最近有幾個例子，包括資料中心、醫院和機場。

Now turning to the used market, we sold $600 million of OEC in line with our expectations. The demand for used equipment remains healthy and we're on track to sell approximately $2.8 billion of fleet this year. In response to the continued customer demand I discussed earlier, we spent nearly $1.6 billion on rental CapEx in the quarter, also in line with our expectations.

現在轉向二手市場，我們按照預期銷售了價值 6 億美元的 OEC。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。為了滿足我之前討論過的持續的客戶需求，我們在本季花費了近 16 億美元的租賃資本支出，這也符合我們的預期。

Specialty and large projects continue to fuel growth, and we feel that we're well positioned to serve these based on our go to market approach and our one stop shop value proposition. Subsequently, year to date, we've generated free cash flow of $1.2 billion with the expectation to now generate between $2.4 billion and $2.6 billion for the full year, which includes the benefit from the recent changes in federal tax policy.

專業專案和大型專案繼續推動成長，我們認為，憑藉我們的行銷方式和一站式服務價值主張，我們有能力為這些專案提供服務。隨後，今年迄今為止，我們已產生 12 億美元的自由現金流，預計全年將產生 24 億美元至 26 億美元的自由現金流，其中包括最近聯邦稅收政策變化的好處。

Our ability to generate free cash flow remains a distinguishing feature of the company. As you've heard me say repeatedly, 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.

我們產生自由現金流的能力仍然是公司的顯著特徵。正如您反覆聽到我所說的那樣，我們行業領先的盈利能力、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。

In regards to capital allocation, our balance sheet is in excellent shape. This quarter, after funding organic growth, we returned $534 million to shareholders through a combination of share buybacks and our dividend. And for the full year, we now expect to return nearly $2.4 billion to shareholders and Ted will get into more details in a bit.

就資本配置而言，我們的資產負債表狀況良好。本季度，在為有機成長提供資金後，我們透過股票回購和股息的方式向股東返還了 5.34 億美元。就全年而言，我們預計向股東返還近 24 億美元，Ted 稍後會詳細介紹。

Our leverage of 1.8 times remains towards the lower end of our targeted range, leaving plenty of dry powder to support growth and return excess capital to our shareholders. And M&A remains a core element of our strategy with the team focused on finding opportunities to put capital to work at attractive returns.

我們的槓桿率為 1.8 倍，仍然處於目標範圍的低端，有足夠的資金來支持成長並將多餘的資本返還給股東。併購仍然是我們策略的核心要素，團隊專注於尋找機會讓資本獲得可觀的回報。

Now let's turn to the rest of 2025. As evidenced by our updated guidance, our expectations for the year at the midpoint are total revenue growth of 4% or 5% ex use with EBITDA margins north of 46%. Our CapEx expectations are unchanged, while we do expect higher free cash flow as I discussed earlier.

現在讓我們展望2025年剩餘的時間。正如我們最新的指導意見所顯示的，我們對今年中期的預期是總收入成長率為 4% 或 5%，EBITDA 利潤率將超過 46%。我們的資本支出預期保持不變，但正如我之前所討論的，我們確實預期自由現金流會更高。

Looking beyond 2025, we continue to focus on driving profitable growth. Key to this is partnering with our customers, so we're able to meet their demands and improve their own productivity. Through our one stop shop offering, supported by unmatched technological capabilities, we're able to serve our customers and drive repeat business. The rental business is very much based on trust and we're diligent in our approach to building this by delivering on our commitments. Our value proposition to the customer goes beyond just equipment.

展望 2025 年以後，我們將持續致力於推動獲利成長。關鍵在於與客戶合作，這樣我們才能滿足他們的需求並提高自己的生產力。透過我們的一站式服務，加上無與倫比的技術能力，我們能夠為客戶提供服務並推動回頭業務。租賃業務很大程度上建立在信任的基礎上，我們透過履行承諾來勤勉地建立信任。我們對客戶的價值主張不僅限於設備。

We have a large and reliable fleet, enabled with technology to further customer productivity, all of which is supported by the best team in the industry. One of the vertical strategies we focus on since 2016 is utilities. The acquisition of Yak last year was the perfect opportunity to marry this strategy with an additional product.

我們擁有龐大而可靠的車隊，並採用技術來進一步提高客戶的生產力，所有這些都由業內最好的團隊提供支援。自 2016 年以來，我們關注的垂直策略之一是公用事業。去年收購 Yak 是將這項策略與附加產品結合的絕佳機會。

Case in point, the utility vertical is now north of 10% of our revenue versus 4% fewer than ten years ago. Just recently, a large utility customer awarded us a five year agreement because we took the time to work with operators across their business, functioning like we were part of their company.

舉個例子，公用事業垂直市場現在占我們收入的 10% 以上，而十年前這一比例還不到 4%。就在最近，一家大型公用事業客戶授予我們一份為期五年的協議，因為我們花時間與他們業務範圍內的營運商合作，就像我們是他們公司的一部分一樣。

We offered a wide range of solutions the customer needed and through the power of cross sell, now rent them products across every specialty business we have. Furthermore, they're now asking how else can we partner together, which is exactly where you want to be as a value added service provider.

我們為客戶提供了廣泛的解決方案，並透過交叉銷售的力量，現在向他們出租我們所有專業業務範圍內的產品。此外，他們現在詢問我們還能如何合作，這正是您作為加值服務提供者所希望的。

On the technology front, this year we continue to enhance our advanced telematics offering, which helps customers operate even more efficiently. By utilizing the unique functionality of our telematics and total control software, customers can realize meaningful savings across all their fleet needs. With complete visibility to their rental fleet and aggregated information across multiple projects, optimizing consumption and productivity becomes a reality.

在技術方面，今年我們持續增強先進的遠端資訊處理服務，幫助客戶更有效率地運作。透過利用我們遠端資訊處理和全面控制軟體的獨特功能，客戶可以在所有車隊需求上實現顯著的節省。透過全面了解租賃車隊並彙總多個項目的信息，優化消耗和生產力成為現實。

Our capabilities also help customers reduce unauthorized equipment use and subsequent fuel consumption and overage fees. Instances such as these, where we help boost productivity and budget efficiency, make us a better partner to our customers and enable repeat business. And while these are just a few examples of the things we're doing to be the partners of choice for our customers, I think they provide concrete examples of how our strategy is allowing us to win.

我們的能力還可以幫助客戶減少未經授權的設備使用以及隨之而來的燃料消耗和超額費用。在這些情況下，我們幫助提高生產力和預算效率，使我們成為客戶更好的合作夥伴並實現重複業務。雖然這些只是我們為了成為客戶的首選合作夥伴而採取的一些措施的幾個例子，但我認為它們提供了具體的例子，說明了我們的策略如何讓我們取得成功。

In closing, the year continues to play out as expected with our team doing an outstanding job supporting customers to drive profitable growth. Our business model, strategy, competitive advantages and capital discipline will allow us to generate compelling returns for shareholders in the long term.

最後，今年的進展如預期，我們的團隊出色地支持了客戶，推動了獲利成長。我們的商業模式、策略、競爭優勢和資本紀律將使我們能夠長期為股東創造豐厚的回報。

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

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。謝謝，

Thanks Matt and good morning everyone. As much as shared, 2025 continues to progress as expected, with the second quarter records across total revenue, rental revenue, and EBITDA.

謝謝馬特，大家早安。如同所分享的，2025 年將繼續按預期進展，第二季的總收入、租金收入和 EBITDA 均創下紀錄。

Looking ahead, our updated guidance reflects the demand we see across our end markets supported by our differentiated strategy and strong execution. So with that said, let's jump into the numbers. Rental revenue increased $200 billion year over year, or 6.2% to a second quarter record of over $3.4 billion supported again by growth from large projects and key verticals.

展望未來，我們更新後的指引反映了我們在差異化策略和強大執行力的支持下在終端市場看到的需求。既然如此，讓我們來看看數字。租金收入年增 2,000 億美元，增幅 6.2%，達到第二季創紀錄的 34 億美元以上，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 $141 million or 5.4%, driven by 3.6% growth in our average fleet size and fleet productivity of 3.3%, partially upset by assumed fleet inflation of 1.5%. Also within rental, ancillary and re-rent grew by roughly 10% year on year, adding a combined $59 million of revenue.

其中，OER 增加了 1.41 億美元，即 5.4%，這得益於我們的平均船隊規模增長了 3.6%，船隊生產率增長了 3.3%，部分原因是假設的船隊通膨率為 1.5%。此外，租賃、附加和轉租收入年增約 10%，共增加 5,900 萬美元的收入。

Similar to Q1, ancillary growth continues to outpace OER by a healthy margin, driven largely by specialty where value added services are a key element of our strategy to be the partner of choice for our customers. According to our used results, we generated $317 million of proceeds at an adjusted margin of 48.3% and a 53% recovery rate, both of which reflect sequential improvements. Underpinning these results, we sold $600 million of OEC in the quarter, which is essentially flat year on year.

與第一季類似，輔助業務的成長持續以健康的幅度超過 OER，這主要得益於專業業務的成長，其中加值服務是我們成為客戶首選合作夥伴策略的關鍵要素。根據我們使用的結果，我們產生了 3.17 億美元的收益，調整後的利潤率為 48.3%，回收率為 53%，這兩項都反映了連續的改善。支撐這些業績的是，我們在本季銷售了價值 6 億美元的 OEC，與去年同期基本持平。

Moving to EBITDA. As I mentioned, adjusted EBITDA was a second quarter record at $1.81 billion translating to an increase of $41 million. Within this, rental gross profit contributed $86 million. This was partially offset by used where the normalization of the used market drove the majority of the $36 million decline in used gross profit dollars.

轉向 EBITDA。正如我所提到的，調整後的 EBITDA 創下第二季的新高，達到 18.1 億美元，相當於增加了 4,100 萬美元。其中，租金毛利貢獻了8,600萬美元。這被二手業務部分抵消，二手市場的正常化是二手業務毛利下降 3,600 萬美元的主要原因。

SG&A increased $18 million every year but was flat as a percent of sales at 10.7%. And finally, the EBITDA contribution from other non-rental lines of businesses increased $9 million. Looking at profitability, our second quarter, adjusted EBITDA margin was 45.9%, implying 100 basis points of compression, including the impact of normalizing these margins.

銷售、一般及行政費用每年增加 1,800 萬美元，但佔銷售額的百分比保持不變，為 10.7%。最後，其他非租賃業務的 EBITDA 貢獻增加了 900 萬美元。從獲利能力來看，我們第二季調整後的 EBITDA 利潤率為 45.9%，這意味著壓縮了 100 個基點，其中包括將這些利潤率正常化的影響。

Excluding the impact of used, our second corner margin compression was a bit better at 70 basis points. With the usual caveat that year over year quarterly comparisons are always going to be subject to normal variability. In general, we continue to see the same margin dynamics that we discussed in April.

排除使用的影響，我們的第二個角邊距壓縮效果略好，為 70 個基點。通常要注意的是，逐年季度比較總是會受到正常波動的影響。總體而言，我們繼續看到與四月討論的相同的利潤率動態。

The biggest of these includes the relative outgrowth of lower margin ancillary revenue versus core rental growth, which obviously has a dilutive impact on our rental margins as we've discussed the last several quarters.

其中最大的因素包括利潤率較低的輔助收入相對於核心租金成長的相對成長，正如我們在過去幾個季度所討論的那樣，這顯然對我們的租金利潤率產生了稀釋作用。

Our second quarter profitability was also impacted by higher delivery costs, driven largely by strong growth in our matting business and the ongoing fleet repositioning tied to the increased dispersion of growth across our footprint.

我們第二季度的獲利能力也受到交付成本上升的影響，這主要是由於我們的地墊業務強勁增長，以及與我們業務範圍增長分散性增加相關的持續的車隊重新定位。

Finally, and more generally, it remains a relatively inflationary environment while we continue to make important investments in areas like especially cold starts and technology. And while these decisions do drag on margins, we view them as smart choices that both support future growth and provide attractive returns.

最後，更普遍的是，在我們繼續對冷啟動和技術等領域進行重要投資的同時，通膨環境仍然相對高漲。雖然這些決定確實會拖累利潤率，但我們認為它們是明智的選擇，既支持未來的成長，又能提供可觀的回報。

The last thing I'll mention on the P&L side of things is our adjusted earnings per share of $10.47. Shifting to CapEx, second quarter gross rental CapEx was $1.57 billion consistent with normal seasonality. Moving to returns of free cash flow, our return on invested capital, 12.4%, remained well above our weighted average cost of capital, while year-to-date free cash flow of $1.2 billion keeps us on track to hit our full year target.

關於損益表，我最後要提到的是，我們的調整後每股盈餘為10.47美元。談到資本支出，第二季總租金資本支出為15.7億美元，符合正常的季節性。轉向自由現金流回報，我們的投資資本回報率為 12.4%，遠高於我們的加權平均資本成本，而年初至今 12 億美元的自由現金流使我們有望實現全年目標。

Our balance sheet remains very strong with net leverage of 1.8 times at the end of June and total liquidity of $3 billion. I'll note this was after returning $902 million to shareholders year-to-date, including $235 million via dividends and $667 million through share repurchases.

我們的資產負債表依然強勁，6 月底淨槓桿率為 1.8 倍，總流動資金為 30 億美元。我要指出的是，這是在年初至今向股東返還 9.02 億美元之後，其中包括透過股息返還 2.35 億美元和透過股票回購返還 6.67 億美元。

As you saw in our press release, supported by the strength of our underlying business and the benefits from recent tax reform, we have increased our planned share repurchases for the year by $400 million to $1.9 billion. This represents roughly 3.8% of our current market capitalization.

正如您在我們的新聞稿中看到的，在我們基礎業務實力和最近稅收改革帶來的好處的支持下，我們已將今年的計劃股票回購額增加了 4 億美元，達到 19 億美元。這約占我們目前市值的 3.8%。

In total, between dividends and share repurchases, we now intend to return almost $2.4 billion in cash to shareholders in 2025, equating to close to $37 per share or a return of capital yield of about 4.7%. Now, let's shift to the updated guidance we shared last night, which reflects our confidence in delivering another year of solid results.

總體而言，透過股息和股票回購，我們現在計劃在 2025 年向股東返還近 24 億美元現金，相當於每股近 37 美元或資本收益率約為 4.7%。現在，讓我們轉到昨晚分享的最新指南，這反映了我們對在新的一年中取得穩健業績的信心。

As previously mentioned, we are raising the midpoints of the guidance for total revenue, adjusted EBITDA and free cash flow while narrowing the ranges for both revenue and EBITDA as we normally do at this point of the year.

如前所述，我們正在提高總收入、調整後 EBITDA 和自由現金流指引的中點，同時縮小收入和 EBITDA 的範圍，就像我們通常在每年這個時候做的那樣。

In terms of specifics, for total revenue, we're increasing the midpoint by $100 million while narrowing the range to $15.8 billion to $16.1 billion implying full year growth of roughly 4% at midpoint. Within this, I'll note that our used sales guidance is unchanged at $1.45 billion on approximately $2.8 billion of OEC sold, implying total revenue growth ex used of about 5%.

具體而言，對於總收入，我們將中間值提高了 1 億美元，同時將範圍縮小到 158 億美元至 161 億美元，這意味著全年中間值成長率約為 4%。在此，我要指出的是，我們的二手車銷售指引保持不變，仍為 14.5 億美元，OEC 銷量約為 28 億美元，這意味著除二手車外的總收入增長約 5%。

Importantly, the increase of total revenue guidance is primarily due to stronger growth from lower margin ancillary, with our underlying expectations largely unchanged as years continue to play out as expected. On adjusted EBITDA, we increased the midpoint by $50 million while narrowing the range to $7.3 billion to $7.45 billion. Notably, this primarily reflects the net impact of the H&E termination benefit.

重要的是，總收入指引的增加主要歸因於利潤率較低的輔助業務的更強勁增長，而隨著未來幾年情況繼續按預期發展，我們的基本預期基本上沒有變化。對於調整後的 EBITDA，我們將中點提高了 5,000 萬美元，同時將範圍縮小至 73 億美元至 74.5 億美元。值得注意的是，這主要反映了 H&E 終止福利的淨影響。

As was the case of revenue, our underlying expectation for EBITDA is largely unchanged, as again, the year has continued to play out as expected. On the CapEx side, no changes with the year still expected in the range of $3.65 billion to $3.95 billion. And finally, we are raising our free cash flow guidance by $400 million to $2.4 billion to $2.6 billion translating to a free cash flow margin of 15.7% at the midpoint of updated guidance.

與收入情況一樣，我們對 EBITDA 的基本預期基本上保持不變，因為今年的情況繼續符合預期。資本支出方面，沒有變化，預計今年的資本支出仍在 36.5 億美元至 39.5 億美元之間。最後，我們將自由現金流指引提高 4 億美元，達到 24 億美元至 26 億美元，相當於更新後的指引中點的自由現金流利潤率為 15.7%。

The increase in free cash flow primarily reflects the benefits of recently enacted tax reform which reinstated full expensing of CapEx and thus will reduce our cash taxes. As was the case with both revenue and EBITDA, our core expectations for free cash flow are largely unchanged. So to wrap up my prepared remarks, overall, another solid quarter width, and I promise this is the last time I'll say it before Q&A, the year playing out in line with our expectations.

自由現金流的增加主要反映了最近實施的稅收改革的好處，該改革恢復了資本支出的全額費用化，從而將減少我們的現金稅。與收入和 EBITDA 的情況一樣，我們對自由現金流的核心預期基本上沒有變化。因此，總結我準備好的發言，總的來說，又是一個堅實的四分之一寬度，我保證這是我在問答之前最後一次說這句話，今年的進展符合我們的預期。

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)

（操作員指示）

David Raso, Evercore ISI.

大衛·拉索（David Raso），Evercore ISI。

Hi, thank you for the time. I mean, it appears that the time utilization year to date is probably a little better than you'd say was feared six months ago. But the kind of capturing of inflation, the price cost as well as the ancillary mix is sort of maybe a little disappointing on the drop through on the margins.

你好，謝謝你抽出時間。我的意思是，看起來今年迄今為止的時間利用率可能比你六個月前擔心的要好一些。但是，通貨膨脹、價格成本以及輔助組合的捕捉對於利潤率的下降可能有點令人失望。

Can you help us how you're thinking about price cost for the second half of the year? Any actions you're taking on the cost side, some of the moving equipment between branches, how to maybe minimize those costs and how you think about ancillary growth versus the growth in owned equipment fleet in the second half versus as you mentioned, right, the first half ancillary has grown a lot faster than the OER fleet?

能否幫忙介紹一下對於下半年的價格成本是怎麼考慮的？您在成本方面採取了什麼措施，在分支機構之間移動一些設備，如何盡量減少這些成本，以及您如何看待下半年輔助設備的增長與自有設備隊的增長，正如您所提到的，上半年輔助設備的增長速度比 OER 設備隊快得多？

Sure, David, this is Matt. I'll the latter part of that question, right, and talk about the ancillary. So when you think about everything that's in ancillaries, whether that's fuel, whether that's setup and breakdown of engineered solutions, anything from power solutions to job trailers and mobile storage. Right? Those those would all fall in the ancillary bucket.

當然，大衛，這是馬特。對，我將回答該問題的後半部分，並討論輔助內容。因此，當您考慮輔助設備中的所有東西時，無論是燃料，還是工程解決方案的設置和故障，從電源解決方案到工作拖車和移動存儲的任何東西。正確的？這些都屬於輔助類。

The one that we're pointing to as outsized, for lack of a better word, is a delivery, which is also an ancillary. And when you think about the first half of the year, one of the big movers there is the acquisition that we lapped in March.

由於缺乏更好的詞彙，我們所說的超大尺寸是一種交付，它也是輔助的。當你回顧今年上半年時，最大的推動因素之一就是我們在三月完成的收購。

That business comes with a lot of ancillary and specifically a lot of delivery costs. And that's really a pass through. So when we think about that impact, not just on the top line revenue, but also why you don't get a lot of margin for it, it's because it's not the way it's not intended for that.

這項業務需要很多輔助成本，特別是許多運輸成本。這確實是一種通過。因此，當我們考慮這種影響時，不僅要考慮對營業收入的影響，還要考慮為什麼你沒有獲得很多利潤，這是因為它不是按照預期的方式進行的。

So it's something we're going to do for our customers and we continue to do. But you saw a deceleration of that from Q1 to Q2 as we lapped Yak. And we expect as that becomes less prevalent that we won't have that same level of impact and drag of ancillary in the back half of the year. That's in our expectation. And then we'll update you guys how that's come along in October. As far as price cost, I'll let --

所以這是我們要為客戶做的事情，而且我們會繼續這樣做。但是當我們超越 Yak 時，你會看到從 Q1 到 Q2 速度有所減慢。我們預計，隨著這種情況變得不那麼普遍，我們在下半年將不會再受到同樣程度的影響和拖累。這符合我們的預期。然後我們會在十月向大家通報進度。至於價格成本，我會讓--

Yeah, thanks, David. So I'd say overall we've been pleased with how both price, which is French for rages played out, and costs in line with expectations, we continue to see very good discipline across the market, so that that's one of the things that's critical.

是的，謝謝，大衛。所以我想說，總的來說，我們對價格（法語中意為憤怒）的走勢和符合預期的成本感到滿意，我們繼續看到整個市場紀律非常好，所以這是至關重要的事情之一。

When you think about kind of how costs have played out again in line with expectations, there are a couple of things that go into this. Matt touched on the ancillary and certainly that's something we've talked about the last few quarters.

當你思考成本如何再次按照預期發揮作用時，有幾件事與此有關。馬特談到了輔助設備，當然這也是我們在過去幾個季度討論過的事情。

That is dilutive to the margin that you see. And that kind of is what it is from the standpoint of taking care of our customers, and it doesn't quote unquote cost us dollars, right? It's a pass through in many regards, but you do see that manifest in both margins and flow through.

這會稀釋您所看到的利潤率。這就是從照顧客戶的角度考慮的，而且它不會花我們多少錢，對嗎？從很多方面來說，它都是一種傳遞，但你確實會看到它在利潤和流通方面都有所體現。

Beyond that, the one cost that, we have called out more discreetly consistently has been delivery, and I'd say within that again it gets to ancillary. The other part has been that repositioning of fleet in the quarter, we think that was probably another $15 million a moving fleet across our network.

除此之外，我們一直謹慎提及的一項成本是運輸成本，我想說，在這其中，運輸成本又屬於輔助成本。另一部分是本季車隊的重新定位，我們認為這可能意味著我們網路中車隊的移動成本又增加了 1500 萬美元。

To ensure high high utilization and efficient capital utilization that to us is smart spending, but it does obviously, kind of provide something like $15 million of drag on EBITDA. Beyond that, really, we continue to be in a pretty inflationary environment. We've talked about that.

確保高利用率和高效的資本利用率，對我們來說這是明智的支出，但顯然，這會對 EBITDA 造成約 1500 萬美元的拖累。除此之外，我們確實仍然處於相當通膨的環境。我們已經討論過這個了。

We're managing through that really well, and we've talked about the investments we continue to make that we think are smart investments that we don't want to forego. Simply for the sake of chasing some arbitrary margin, and I'm not suggesting that you're saying we should do that, but that's why we've gone as far as calling these out and helping people understand what's going on.

我們正在很好地管理這個問題，我們已經討論了我們將繼續進行的投資，我們認為這些投資是明智的，我們不想放棄。只是為了追求一些任意的利潤，我並不是建議你說我們應該這樣做，但這就是為什麼我們要大聲疾呼並幫助人們了解發生了什麼。

So we do think we're managing price cost very effectively as we continue to manage both of those cost dynamics I talked about and the investments we continue to make, and we can dig into any of that if you want.

因此，我們確實認為我們正在非常有效地管理價格成本，因為我們繼續管理我談到的這兩種成本動態以及我們繼續進行的投資，如果您願意，我們可以深入研究其中任何一個。

Yeah. It sounds like the second half of the year, the reason the year over year incrementals ex used are going to improve is more that ancillary growth getting more in line with owned fleet, not necessarily a better price cost. Is that a fair comment?

是的。聽起來，下半年，同比增量（不包括已使用量）將會改善的原因更多的是輔助增長與自有船隊的增長更加一致，而不一定是更好的價格成本。這是一個公正的評論嗎？

So I was just fishing if there was any maybe less equipment being moved second half versus the first half, whatever maybe, I was just curious on that price cost dynamic. It sounds like it's more ancillary back in line is really why?

所以我只是想知道下半年運輸的設備是否會比上半年少，不管怎樣，我只是對價格成本動態感到好奇。聽起來它比較像是輔助性的，到底是為什麼？

Yes, that's fair. That's fair. That will be the biggest mover. But I mean, we'll never stop going after the cost and the price cost balance. That's what we do every day. But that's a fair characterization.

是的，這很公平。這很公平。這將是最大的推動力。但我的意思是，我們永遠不會停止追求成本和價格成本平衡。這就是我們每天所做的事情。但這是一個公平的描述。

I would agree. I mean certainly we've talked about that increased dispersion of growth, and that's really what's driving the repositioning of fleet, we do expect that. Continue and frankly that was a normal dynamic, prior to, that kind of really high growth period where it was so broad based that we didn't have to kind of move fleet, but just to kind of help with the numbers, if you think about, how roughly $100 million of higher ancillary in the first half than OER might have otherwise suggested.

我同意。我的意思是，我們當然已經討論過成長分散性的增加，而這才是推動船隊重新定位的真正原因，我們確實預料到了這一點。繼續，坦白說，這是一種正常的動態，在那種真正高增長期之前，它的基礎如此廣泛，我們不必移動船隊，而只是為了幫助數字，如果你想想，上半年的輔助費用比 OER 可能建議的高出大約 1 億美元。

If people just want to play with sensitivity, start applying a margin to that and back it out, and that'll give you a sense for how that margin performed ex-ancillary, right? And so we've talked about, ancillary being maybe on the order of 20% contribution margin. It does depend what that composition looks like.

如果人們只是想玩弄敏感度，開始對此應用一個利潤率並將其撤回，這將讓你了解該利潤率在輔助業務外的表現如何，對嗎？我們已經討論過，輔助產品的貢獻利潤率可能在 20% 左右。這確實取決於構圖是什麼樣子的。

Delivery frankly, is going to be at the lower end of that because that's really a path that is not, I think mentioned. So at least that'll allow people to start playing with sensitivities to understand. How two half versus [one half], we expect to play out.

坦白說，交付將處於較低水平，因為我認為這確實是一條尚未提及的道路。所以至少這會讓人們開始以敏感的態度去理解。我們預計兩個半場對陣[一個半場]的結果會如何。

Yes, I guess at 17%, 18% of rental revenue, ancillary is large enough. I just wasn't sure if maybe there's a way to start pricing for that better, right? It's a service, I know it's stickiness for the customer, but I was just wondering if you saw it as now core enough to the business, do we try to get paid for it a little bit more? I mean, that's sort of what I was fishing for on the. But no, I appreciate the growth rates getting closer to each other is going to be a help on the year over year drag.

是的，我認為輔助收入佔租金收入的 17% 到 18% 已經夠大了。我只是不確定是否有更好的定價方法，對嗎？這是一項服務，我知道它對客戶來說具有黏性，但我只是想知道，您是否認為它現在對業務來說已經足夠核心，我們是否會嘗試為此獲得更多的報酬？我的意思是，這正是我所尋找的。但不，我很欣賞成長率越來越接近將有助於緩解同比拖累。

And then last real quick, the comment about 26 profitable growth, given your mix today is a little more toward larger projects than say in the past years, How would you describe your visibility on '26 versus say this time last year looking at '25?

最後，關於 26 年盈利增長的評論，考慮到您今天的組合比過去幾年更傾向於大型項目，您如何描述 26 年與去年同期相比 25 年的可見性？

And I'm not looking for a big macro view on interest rates or tariffs, just kind of broadly, truly what do you have in conversations with customers, maybe even things already booked for spring delivery of '26 versus the visibility you had this time last year? Thank you. That's it for me.

我並不是想了解利率或關稅的宏觀情況，只是想從廣義上了解一下，您在與客戶交談時究竟了解了什麼，甚至可能了解已經預訂了 26 年春季交付的貨物與去年同期相比的情況如何？謝謝。對我來說就是這樣。

Sure, David. I would just say outside of large projects, right, the bigger the project, the more planning takes place. Outside of those large projects, we don't have any comments on visibility to '26. But that being said, we do expect the tailwinds that we've been talking about, whether that's the mega projects, whether that's power, whether that's infrastructure, continue to be tailwinds. And then we'll update as we get through our planning process in the fourth quarter and update you guys on that.

當然，大衛。我只想說，除了大型專案之外，專案越大，需要的規劃就越多。除了這些大型項目之外，我們對 26 年的可見性沒有任何評論。但話雖如此，我們確實預計，我們一直在談論的順風因素，無論是大型項目、電力還是基礎設施，都將繼續成為順風。然後，我們將在第四季完成規劃過程後向大家更新狀況。

Michael Feniger, Bank of America.

美國銀行的麥可費尼格。

Good morning, thanks for taking my questions. Ted, you raised the free cash flow outlook. I understand it's the big beautiful bill act. You're targeting now to deliver a record free cash flow level of $2.5 billion. Two to three years ago, we were kind of discussing that $2 billion was the baseline free cash flow of the business. Is $2.5 billion now your new baseline free cash flow going forward?

早上好，感謝您回答我的問題。泰德，你提出了自由現金流前景。我理解這是一項偉大的美麗法案。您現在的目標是實現創紀錄的 25 億美元自由現金流水準。兩三年前，我們討論過 20 億美元是業務的基準自由現金流。25 億美元是您未來的新基準自由現金流嗎？

And what are you think the moving pieces that we should think about for free cash flow growth in 2026? I'm thinking of fleet age on CapEx, disposal of used, maybe even shifts within that CapEx as specialty continues to grow. Just what are some of the moving pieces there if this is our new baseline free cash flow going forward?

您認為我們應該考慮哪些因素來促進 2026 年的自由現金流成長？我正在考慮資本支出中的車隊年齡、二手車輛的處理，甚至可能隨著專業化的不斷發展而在資本支出中發生變化。如果這是我們未來新的基準自由現金流，那麼其中有哪些變動因素呢？

Yeah, so you're right, Mike, we did talk about $2 billion as kind of a normalized free cash flow number, and this is additive, at least in the foreseeable future, based on what we've got from this new tax bill. So I do think it's fair all else equal that you can kind of tack it on and assume that, that number's gone up on the order of $400 million.

是的，麥克，你說得對，我們確實談到了 20 億美元作為一種標準化的自由現金流數字，而且根據我們從這項新稅法中獲得的信息，這是可以增加的，至少在可預見的未來是這樣。因此，我確實認為，在其他條件相同的情況下，你可以將其加上並假設，這個數字已經上升到 4 億美元左右，這是公平的。

The benefit obviously is immediately accrues the cash flow from operations, and the reason I bring that up is that net free cash flow is obviously dependent on a lot of factors, so it is inherently assumptive. So if and as, you see ebbs and flows in CapEx. Based on different growth rates, we assume that would be something you'd have to think about. But I'd say is it relates to kind of a normalized expectation calling it [2.4], something like that is not unreasonable.

其好處顯然是立即產生經營現金流，我之所以提出這一點是因為淨自由現金流顯然取決於許多因素，因此它本質上是假設性的。因此，如果您看到資本支出出現起伏。根據不同的成長率，我們假設這是你必須考慮的事情。但我想說的是，這和一種標準化的期望值有關，稱之為 [2.4]，這樣的數字並不不合理。

Yeah, and I think that capture it right that would be with similar levels of growth CapEx, the more organic growth you're going to achieve, obviously you're going to spend more on CapEx, that'll have some impact on the cash flow, but it certainly would be a good business decision.

是的，我認為正確的是，如果資本支出成長水準相似，那麼你實現的有機成長就越多，顯然你會在資本支出上花費更多，這會對現金流產生一定影響，但這肯定是一個很好的商業決策。

Fair enough. And Matt, just with these data centers that we keep seeing the headlines and CapEx on the AI side that should be breaking ground in the next few years, I believe 40% of your rental budget there is specialty.

很公平。馬特，就我們不斷看到的頭條新聞和人工智慧方面的資本支出而言，這些資料中心應該會在未來幾年取得突破，我相信你們 40% 的租賃預算是用於專業用途的。

Just as we see this theme continue to evolve this year, next year, just how does this drive. Your mix going forward, how does this drive your mix we think of your business, in terms of -- and your CapEx spend, how those budgets work? And when you talk about the power of vertical specifically, is that -- are you seeing a tighter market there? Is that better condition for rate and is that where incremental dollars have to go? Thank you.

正如我們看到這個主題今年會繼續演變，明年又會如何發展。您未來的組合，這將如何推動我們對您的業務的看法，就您的資本支出而言，這些預算如何運作？當您具體談論垂直行業的力量時，您是否看到那裡的市場更加緊張？這對於利率來說是否是更好的條件？增量資金是否該流向這裡？謝謝。

So as we've talked to you guys about for a while, we continue to invest in specialty at a faster pace of growth CapEx in the overall business for a couple of reasons. They have white space and then specifically in these major projects and cold starts as well.

正如我們之前與你們討論過的，基於以下幾個原因，我們將繼續以更快的速度投資於專業領域，以增加整體業務的資本支出。他們有空白，特別是在這些主要項目和冷啟動中。

And in these major projects the more complex the project the more opportunity we have to cross. So it certainly is a bigger opportunity than in the general market on these major projects and with these major customers.

在這些重大專案中，專案越複雜，我們跨越的機會就越多。因此，這些重大項目和這些主要客戶無疑比一般市場有更大的機會。

That's why it's a big part of our go to market strategy. Outside of that, I wouldn't call out any uniqueness to the data centers versus other projects. It is a big chunk of work right now and one that we feel really good about both currently and forward-looking, but I wouldn't say there's going to be any change.

這就是為什麼它是我們市場策略的重要組成部分。除此之外，我不會指出資料中心與其他專案相比有什麼獨特之處。這是目前的一項大工程，我們對目前和未來都感到非常滿意，但我不會說會有任何改變。

And as far as for the CapEx and any change of the spend because we do believe we have white space and strong growth opportunity for specialty both existing and maybe getting to find new products as well, we will continue -- we expect to continue to outpace our CapEx. Outside of that I wouldn't call it anything specific for data centers.

至於資本支出和任何支出變化，因為我們確實相信我們在現有產品和可能找到新產品方面擁有空白空間和強勁的成長機會，我們將繼續 - 我們預計將繼續超過我們的資本支出。除此之外，我不會稱它為資料中心的任何特定名稱。

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. Just wanted to ask just on the conversation of the one big beautiful bill, curious, understand what the implications are for your cash flow, but are you hearing, as you have your kind of customer confidence index and conversations. Are you seeing any step change or difference in behavior of kind of projects, how quickly they might be moving forward or kind of the appetite to move forward with things on kind of CapEx projects given the OPP perform?

嗨，早安。感謝您回答我的問題。只是想問一下關於這張漂亮大鈔的談話，很好奇，了解這對你的現金流有什麼影響，但是你聽到了嗎，因為你有客戶信心指數和談話。您是否看到專案類型行為有任何階躍變化或差異，它們可能進展得有多快，或者考慮到 OPP 的表現，是否有意願推進 CapEx 專案？

Yeah, I'll take that one. I guess what I'd say is we always caution people from confusing correlation and causation, but certainly we've seen our customer confidence feedback stay high levels and probably get fractionally better, versus where we would have been in April. And that certainly -- that trend has continued since early July, so we feel really good about it. Our customers obviously feel very good about their own prospects and in terms of what that translates to, time will tell. But all sequel, you would say that, some of these tax policies obviously should be advantageous to project economics.

是的，我要那個。我想說的是，我們總是告誡人們不要混淆相關性和因果關係，但可以肯定的是，我們的客戶信心回饋保持在高水平，並且可能比 4 月的情況略有好轉。確實如此——這種趨勢自 7 月初以來一直持續，所以我們對此感到非常高興。我們的客戶顯然對自己的前景感到非常樂觀，至於這意味著什麼，時間會證明一切。但接下來你會說，其中一些稅收政策顯然對專案經濟有利。

Understood. And then maybe a little bit of a bigger or longer timeframe type of question. In your slides, you have the rent versus buy kind of benefits to your customers and you show how kind of rental market has kind of steadily exceeded the non resi market and essentially kind of gaining share here of the customer's wallet. But some of the data, I guess, the slides only go through 2022.

明白了。然後也許會有一個更大或更長的時間範圍類型的問題。在您的幻燈片中，您向客戶展示了租賃相對於購買的優勢，並展示了租賃市場如何穩步超越非住宅市場，並從本質上贏得了客戶的錢包份額。但我猜幻燈片上的一些數據只到 2022 年。

So just given a lot of the kind of big changes we've seen due to inflation or the varying challenges around macro geopolitics and that project space today as well as the benefits we just talked about with OVBB or even your telematics kind of benefits that you now provide the customer.

因此，考慮到我們所看到的由於通貨膨脹或宏觀地緣政治和當今專案空間的各種挑戰而產生的許多重大變化，以及我們剛才談到的 OVBB 帶來的好處，甚至是您現在為客戶提供的遠端資訊處理方面的好處。

Can you talk about what you're seeing on the ground today in terms of rental equipment penetration of the market in equipment? And just kind of any anecdotal or data evidence as to how is that trending? Is it accelerating in terms of the customer's appetite to buy versus rent? Particularly thinking about specialty and the heavier kind of construction equipment outside of areas. So anything you can share there?

您能否談談目前租賃設備在設備市場滲透方面的實際情況？有沒有什麼軼事或數據證據表明這種趨勢如何？相對於租賃，客戶的購買意願是否正在加速成長？特別考慮區域外的專業和較重型的建築設備。有啥可以分享的嗎？

Yeah, I'll start and then Matt can kind of jump in after. But so just speak to speak specifically to that chart, the American Rental Association restated the market. And so the reason we cut that off at 2022 is you could no longer have an apples to apples comparison and I hope that's footnoted, it was previously. To the core of your question, however, we do absolutely think penetration continues to improve and we think there's a lot of runway there. That to us is very clear.

是的，我先開始，然後馬特可以接著講。但是，只是具體地針對該圖表說，美國租賃協會重申了市場。因此，我們將其截止於 2022 年的原因是您無法再進行蘋果與蘋果的比較，我希望這是腳註，以前是這樣的。然而，對於您問題的核心，我們確實認為滲透率會繼續提高，我們認為還有很大的發展空間。對我們來說，這一點非常清楚。

I think for a lot of reasons, which we've talked about and we can get into specifics, it's just so much more appealing at so many levels for the vast majority of customers to rent over own. And as we just do more and more for them and consolidate kind of that one stop shopping value proposition and deliver for them every day, we're just going to continue to be a better partner. And I think that's going to continue to drive that secular penetration in the outgrowth.

我認為基於很多原因，我們已經討論過這些原因，我們可以具體說明，對於絕大多數客戶來說，租房在許多層面上都比買房更有吸引力。隨著我們為他們做越來越多的事情，鞏固一站式購物價值主張並每天為他們提供服務，我們將繼續成為更好的合作夥伴。我認為這將繼續推動長期滲透。

And Angle, I would just add that at the end of the day, the industry has matured and become a much more reliable partner, which was one of the reasons people would have owned in the past. But we're also here to drive safety and productivity.

安格爾，我只想補充一點，最終，這個行業已經成熟，並成為一個更可靠的合作夥伴，這也是人們過去願意購買的原因之一。但我們在這裡也是為了提高安全性和生產力。

So even penetration from self or non compliance, self performance or non compliance, like we do in our Trent Safety business, is another opportunity. So I think awareness, increased and improved product offerings will continue to drive penetration to TensPoint.

因此，即使是透過自我合規或不合規、自我表現或不合規進行滲透，就像我們在 Trent Safety 業務中所做的那樣，也是另一個機會。因此我認為知名度、增加和改進的產品供應將繼續推動 TensPoint 的滲透。

Jerry Revich, Goldman Sachs.

高盛的傑瑞·雷維奇。

Hi. This is Clay on for Jerry. Quick one for me. Your fleet productivity growth accelerated year over year and we estimate sequentially as well. Can you expand on the drivers of the acceleration? And also, how do you view the disconnect with some of the slowing non res construction indicators over the quarter?

你好。這是 Clay 代替 Jerry 上場的。對我來說很快。您的船隊生產力成長逐年加快，我們估計也是如此。能否詳細說明加速的驅動因素？此外，您如何看待本季一些非住宅建築指標放緩的現象？

Sure, Clay. So we feel really good about the fleet productivity to your point. We had committed to the beginning of year that we expected to drive positive fleet productivity this year, which in its basic form means we're going to have rent revenue growth greater than fleet growth. And that's happening. I would say, qualitatively, the industry continues to get positive rate that to happen.

當然，克萊。因此，就您的觀點而言，我們對船隊的生產力感到非常滿意。我們在年初就承諾，預計今年的車隊生產力將實現正成長，這基本上意味著我們的租金收入成長將高於車隊成長。而這正在發生。我想說，從品質上講，該行業繼續獲得積極進展。

We specifically have been continuing to drive very high levels of time utilization for a couple of years now. So we're really pleased with that and that's taken a lot of focus and admittedly some costs as Ted pointed to on the delivery, on the outside hauling costs. But that's a smart capital decision. We continue to do that.

具體來說，幾年來我們一直在持續推動非常高的時間利用率。因此，我們對此感到非常高興，這需要我們投入大量的精力，而且正如 Ted 指出的那樣，我們需要在運輸和外部運輸成本方面投入一些成本。但這是一個明智的資本決策。我們將繼續這樣做。

And then the rest of it was mix, fell in our favor this quarter. That's a variable that frankly is a result of a lot of different decisions customers make, where they rent, what they rent, how long they rent, so to name a few. And to absorb any extra inflation over and above the 1.5 peg that we put out there. So we feel really good about that output and we expect to drive positive productivity for the full year.

其餘部分都是混合的，本季對我們有利。坦白說，這是一個變量，它是客戶做出的許多不同決定的結果，例如他們在哪裡租房、租什麼房、租多長時間等等。並吸收超出我們設定的 1.5 掛鉤水平的任何額外通貨膨脹。因此，我們對這一產出感到非常滿意，並期望全年能夠實現積極的生產力。

So thank you. Maybe on the second part, tying it to those non res indicators, look we pay attention to them. There's an ebb and flow, certainly we see a lot of things that are quite positive. You can look at our results, probably first and foremost, you can look at our customer confidence. So those are the things that really are going to be to us more important and more indicative than kind of looking at a mosaic of data points.

所以謝謝你。也許在第二部分，將其與那些非房地產指標聯繫起來，我們會關注它們。雖然有起有落，但我們當然也看到很多非常正面的事情。您可以看看我們的成果，可能首先也是最重要的，您可以看看我們的客戶信心。因此，這些事情對我們來說確實比查看一堆數據點更重要、更有指導意義。

Got it thanks thanks for that and then quick follow up for me on the -- just how you guys are viewing the the M&A pipeline currently and how that evolved over the year. Thanks.

明白了，謝謝，然後快速跟進一下——你們目前如何看待併購管道，以及它在過去一年中是如何發展的。謝謝。

Sure, yeah, we continue to work pretty robust pipeline, as we proved with this in the first quarter, we're still very disciplined. So it has to get to that last hurdle of financial after we find the strategic partners and the ones that we think will fit in the organization well.

當然，是的，我們繼續保持相當強勁的營運勢頭，正如我們在第一季所證明的那樣，我們仍然非常自律。因此，在我們找到策略夥伴和我們認為適合該組織的合作夥伴之後，就必須克服財務的最後障礙。

So this is not a lack of opportunity, it's just making sure that, we cross all three of those hurdles on our three-legged stool and find the right dance partners. So we continue to work the pipeline. We've, this is a capability we've built and and one that we expect to utilize. It's just we're we're not gonna force it. We're gonna make sure we've got we get a lot of credit for being smart integrators.

所以這並不是缺乏機會，而只是確保我們能夠跨越三條腿凳子上的所有三個障礙並找到合適的舞伴。因此我們繼續進行管道工作。這是我們已經建立並期望利用的能力。只是我們不會強迫它。我們要確保我們作為智慧整合商獲得廣泛讚譽。

I think it starts on the front end where we're smart buyers. So we'll continue to work the pipeline.

我認為一切始於前端，因為我們是精明的買家。因此我們將繼續推進管道建設。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Hi, good morning. I guess two questions for me. Ted, sorry, getting back to the ancillary business. Just thinking about it from a long term perspective, this and re rent, it's becoming a bigger part of your business. I'm just wondering, given the importance of the business and the value that it adds to customers, it's lower margin, to what degree should we start to think about United Rentals as more of an EBITDA story and sort of take the 50% to 60% incremental margin target off the table because it's not relevant anymore and maybe you're not incremental profit story anymore. Just trying to think how you're thinking about that longer term. I guess, so why don't we start there and then I'll ask my second question?

嗨，早安。我想問兩個問題。泰德，抱歉，我要回到輔助業務。從長遠角度考慮，這和重新租賃一樣，正在成為您業務中更重要的一部分。我只是想知道，考慮到業務的重要性及其為客戶增加的價值，它的利潤率較低，我們應該在多大程度上開始將聯合租賃視為一個 EBITDA 故事，並將 50% 到 60% 的增量利潤率目標從考慮範圍中剔除，因為它不再相關，也許你不再是一個增量利潤故事。只是想思考一下您如何看待這個長期問題。我想，那我們為什麼不從那裡開始，然後我再問第二個問題呢？

Yeah, and it's something you and I have talked about a bunch, Jamie. I mean, I do think at the end of the day, EBITDA generation is critical to us. How you get there matters a ton. Obviously we need to be efficient in every regard, but the mixed dynamic that you're getting at is something that, we need to make sure people do understand.

是的，傑米，這是我們經常談論的事情。我的意思是，我確實認為，歸根結底，EBITDA 的產生對我們來說至關重要。如何到達那裡非常重要。顯然，我們需要在各方面都提高效率，但你所提到的混合動態是我們需要確保人們能夠理解的。

So our goal, always has been and always will be driving margin expansion on an underlying basis. Sometimes that's a little easier, sometimes it's more challenging for a number of reasons. In this case and most recently, obviously this ancillary dynamic has been kind of the biggest headwind and and I think I touched on this with one of David's questions, but.

因此，我們的目標一直是、並且永遠是推動利潤率的根本擴張。有時這會比較容易一些，但有時由於多種原因會更具挑戰性。在這種情況下，以及最近，顯然這種輔助動態已經成為最大的阻力，我想我在大衛的一個問題中提到了這一點，但是。

At the end of the day, like we need to serve our customers. That is the most important thing, and we need to make sure we're doing it in a profitable fashion and then explaining the results to the investment community and anybody else.

歸根結底，我們需要為客戶提供服務。這是最重要的事情，我們需要確保以有利可圖的方式進行，然後向投資界和其他人解釋結果。

So I would say going forward our goals are always going to be driving margin expansion. What that flow through looks like will be dependent on a host of factors, but ultimately, you're driving underlying margin improvement, and we do think. That the team's done a great job managing costs over the last several years in this kind of higher inflationary slower growth environment, and once we kind of start moving forward, we do think we'll get more positive absorption of fixed costs that will support kind of driving margin expansion.

所以我想說，我們的未來目標始終是推動利潤率的擴大。這種流動情況將取決於一系列因素，但最終，您將推動潛在利潤率的提高，我們確實這麼認為。在過去幾年中，在這種高通膨、低成長的環境中，團隊在成本管理方面做得非常出色，一旦我們開始向前邁進，我們確實認為我們將獲得更積極的固定成本吸收，這將有助於推動利潤率的擴大。

Thanks. And then I guess my second question, understanding you again, don't want to talk too much about 2026, but one of your peers put out a CapEx guide understanding it's not calendar year but implied, CapEx for for next year, down, I think in the high teens. Just trying to think about how you're Thinking about the setup, I mean, you tend to replace your equipment more regularly, you're growing in specialty, and we have some positive dynamics from the bill just wondering as you think about things, would that be something more specific to a competitor and do you still think the environment is robust enough that, CapEx as we look to 2026, could be I guess healthier than than what your peers are talking about. Thank you.

謝謝。然後我想我的第二個問題，再次理解你，不想談論太多關於 2026 年的事情，但你的一位同行發布了一份資本支出指南，了解它不是日曆年，而是隱含的，明年的資本支出會下降，我認為在十幾歲左右。只是想想你是如何考慮設定的，我的意思是，你傾向於更定期地更換設備，你在專業領域不斷成長，我們從法案中獲得了一些積極的動力，只是想知道當你思考事情時，這是否會對競爭對手更具針對性，你是否仍然認為環境足夠強勁，以至於我們展望 2026 年的資本支出可能比你的同行談論的更健康。謝謝。

Yeah. I'm not going to get into forecasting 2026, but I will say that we feel good about the environment that we're in right now. I talked about how we believe some of the tailwinds we've been pointing to for a couple of years are going to continue.

是的。我不會對 2026 年進行預測，但我要說的是，我們對目前所處的環境感到滿意。我談到了我們如何相信幾年來我們一直指出的一些順風將會持續下去。

And the local markets maybe not growing, but we don't think it's retreating. So that narrative kind of tells you where we are with it. We don't have to make that decision today. But that would be -- I would be surprised if we were to cut forward looking, because to your point, the biggest spend is replacing fleet, and we -- we're very, very diligent about that.

當地市場也許沒有成長，但我們認為它並沒有衰退。所以這種敘述可以告訴你我們現在處於什麼位置。我們今天不必做出這個決定。但那將是——如果我們削減前瞻性，我會感到驚訝，因為正如你所說，最大的開支是更換機隊，而我們——我們對此非常非常勤勉。

So we can keep the fleet refreshed and and and give a good value prop to our customers. And the end markets are good for used sales, as you see in our results. So there's nothing that tells me that we would lean that direction. We'll stay tuned. We'll tell you in January.

因此，我們可以保持車隊的更新，並為客戶提供良好的價值支援。正如您在我們的結果中所看到的，終端市場對二手車銷售有利。所以沒有任何跡象表明我們會傾向於那個方向。我們將持續關注。我們將在一月告訴你。

Kyle Mengus, Citigroup.

花旗集團的凱爾·孟格斯（Kyle Mengus）。

Thank you, I was hoping if you could talk about the -- used recovery a little bit and actually improved sequentially in the quarter, so I guess does that signal that we're through this period of normalization for the used sales, recovery and then just, you know what's driving some of the maybe tightness in in supply versus demand sequentially.

謝謝，我希望您能談談二手車的復甦情況，實際上本季度二手車的復甦情況比上一季度有所改善，所以我想這是否表明我們已經度過了二手車銷售的正常化、復甦期，然後您知道是什麼導致了供需關係的連續緊張。

Yeah, Kyle, I would say that, well, I think Jamie just pointed to as far as supply demand, some other folks had extra capacity coming into this year that they were going to utilize, and that's great. We think that shows the discipline of the industry. You'd rather see people absorb the capacity they have versus add to that pile and therefore have unnatural actions to put it into the market.

是的，凱爾，我想說，嗯，我認為傑米剛才指出，就供應需求而言，其他一些人今年有多餘的產能，他們將利用這些產能，這很好。我們認為這體現了業界的紀律性。你寧願看到人們吸收他們所擁有的產能，而不是增加產能，從而採取不自然的行動將其投入市場。

So that's great news, and that's part of the supplydemand dynamic. The other part of the recovery is we've built an engine where we do a lot of retail. That's also a sign that the end markets are good because customers don't buy equipment to sit on it.

這是個好消息，也是供需動態的一部分。復甦的另一部分是我們建立了一個引擎，可以進行大量零售。這也顯示終端市場良好，因為客戶不會購買設備來閒置。

And I would say that after the adjustments post COVID, and if you wanna take Q1 to Q2 sequential improvement in recovery, I think went from '51 to '53, we are seeing seeing it stabilize. Where that ends up, I think our full year guide is somewhere in the middle of that.

我想說的是，在 COVID 疫情後的調整之後，如果你想讓第一季和第二季的復甦取得連續改善，我認為從 51 年到 53 年，我們會看到它趨於穩定。至於最終結果如何，我認為我們的全年指南應該處於這個水平的中間位置。

What we kind of inferred, where we'd be on that, I would say we feel it has stabilized and we'll continue mix will have some impact on that, how much you do in retail in a quarter. But for the full year, we think we've targeted the right area, the right ballpark.

我們推斷，我們會處於什麼位置，我想說，我們覺得它已經穩定下來，我們將繼續混合，這將對此產生一些影響，你在一個季度內在零售業做了多少。但就全年而言，我們認為我們已經瞄準了正確的領域、正確的範圍。

Got it, thank you. And then just on the guide and taking the adjusted EBITDA $50 million for that H&E termination fee and just trying to understand that. I thought that was, that you guys got that in Q1. So I guess just, why was that not included in the guide in Q1 and not until this quarter just just trying to understand that dynamic thanks.

知道了，謝謝。然後根據指南，將調整後的 EBITDA 定為 5000 萬美元，作為 H&E 的終止費，並嘗試理解這一點。我以為你們在第一季就實現了這個目標。所以我想，為什麼這沒有包括在第一季的指南中，直到本季才包括，只是想了解這種動態，謝謝。

Yeah, obviously you saw us kind of reaffirm the guidance in April and at that stage of the year it's very unusual for us to kind of update guidance, right? So those ranges were maintained versus what we introduced in January as we get to the second quarter in July, we start tightening those ranges and so, it was really we felt more appropriate to call it out in the context of that updated range which is just tighter, but I think you know that that explains it.

是的，顯然您看到我們在四月重申了指導意見，而在一年中的那個階段，我們很少更新指導意見，對嗎？因此，與我們在 1 月份推出的範圍相比，這些範圍得到了維持，但到了 7 月份進入第二季度時，我們開始收緊這些範圍，因此，我們覺得在更新後的範圍更適合將其稱為更合適的範圍，因為更新後的範圍更緊，但我想你知道這解釋了這一點。

Yeah, and if I remember. Correctly, on the April call, did tell everybody wasn't in there and that we would be updating it. So obviously, we'll live up to the commitment that we made.

是的，如果我沒記錯的話。正確地說，在四月的電話會議上，確實告訴了不在場的所有人，並且我們將會更新它。顯然，我們會履行我們所做的承諾。

Got it. Thank you.

知道了。謝謝。

Steven Fisher, UBS.

瑞銀的史蒂文·費雪。

Well thanks, good morning. Just thinking about the unchanged CapEx guidance for the year, does that include any higher costs for whatever reason, be it tariffs or surcharges or whatever other price increases, you may, be asked to incur from any suppliers relative to what you had in your initial expectations at the beginning of the year. I guess I'm sort of just asking like do you still have the same number of units planned for the year as you had earlier.

好的，謝謝，早安。想想今年不變的資本支出指引，這是否包括任何因任何原因而產生的更高成本，無論是關稅或附加費還是任何其他價格上漲，相對於您在年初的初步預期，您可能會被要求從任何供應商處承擔這些成本。我想我只是想問一下，您今年計劃的單位數量是否與之前一樣。

The short answer is yes. We do have the same number of units. We don't expect any price increases. We've all our of our partners know where we stand on our 2025 negotiations being a full year negotiation and that's where we're ending up. So we feel good about that.

簡短的回答是肯定的。我們的單位數量確實相同。我們預計價格不會上漲。我們所有的合作夥伴都知道，2025 年談判是一場全年談判，我們的立場就是如此，這就是我們的最終結果。因此我們對此感到很高興。

And we'll move forward with '26 once things settle down, but we feel we're in a really good position. Our partners have done a great job replacing their supply chain and we feel like we're in as good a place as we are with our partners as we've been since pre COVID, where they're able to respond and we've been able to be a nice constant for them in spend and in reliability.

一旦事情穩定下來，我們將繼續推進 26 年的工作，但我們感覺我們處於非常有利的位置。我們的合作夥伴在更換供應鏈方面做得非常出色，我們感覺我們與合作夥伴的處境與新冠疫情爆發之前一樣好，他們能夠做出回應，而我們能夠在支出和可靠性方面為他們提供良好的支持。

And then I guess bigger picture here, you guys have talked about being in a bit of a slower phase of growth here. I know you don't have a crystal ball, but maybe just based on some of the visibility that you have at the moment, what do you think is the most likely driver of acceleration from here? Is it more. Of the large projects coming to market, does it have to be, from the more you need to see, the more interest rate sensitive kind of commercial and developer markets come back around, does it have to be M&A driven? Obviously, there's a lot of theoretical paths, but based on sort of the visibility that you have, what do you see as the most likely path to re-acceleration?

然後我想從更大的角度來看，你們已經談到了這裡正處於一個較慢的成長階段。我知道您沒有水晶球，但也許僅基於您目前所掌握的一些信息，您認為從現在開始最有可能推動加速發展的因素是什麼？還有更多嗎？對於進入市場的大型項目，是否必須如此？從您需要看到的情況來看，對利率越敏感的商業和開發商市場復甦，是否必須由併購驅動？顯然，有很多理論路徑，但根據您所掌握的洞察力，您認為最有可能重新加速的路徑是什麼？

I think all of the above are on the table, right? The only ones I'd point to is what we said earlier is that we do feel the tailwinds we've discussed for the last couple of years will continue on. We spent a lot of time in infrastructure, power. I talked a little bit about utilities in areas that we understand the need is there So that regardless of the macro, there's just gonna be work in these areas. And that's why we focused on them strategically.

我認為以上所有情況都已擺在桌面上，對嗎？我唯一要指出的就是我們之前所說的，我們確實感覺到過去幾年討論過的順風將會持續下去。我們在基礎設施和電力方面花費了大量時間。我談了一些我們了解有需求的領域的實用性，因此無論宏觀如何，這些領域都會有工作。這就是我們在策略上重點關注他們的原因。

So we also continue to look at M&A whether we end up we don't budget or plan for m and a because we don't want any unnatural decisions, but we do work the pipeline. So I find it unlikely that over the next year, we won't do any deals. And it's just a matter of finding the right partner. But we I think there's multiple paths to growth. And we'll once we do our planning process, which will be mostly organic driven, we'll update everybody in January.

因此，我們也會繼續關注併購，無論我們最終是否沒有為併購制定預算或計劃，因為我們不希望做出任何不自然的決定，但我們確實在進行通路工作。因此，我認為我們明年不太可能不會達成任何交易。這只是尋找合適合作夥伴的問題。但我認為，成長途徑有多種。一旦我們完成了規劃過程（主要是有機驅動），我們將在一月向所有人通報最新情況。

Steve, the thing I might add to that, I think, we've talked about those tailwinds, but obviously we've come to an election this year. I think you've found kind of stability kind of post-election in the world. People have a better sense for what, the ground rules are. I think obviously the passage of tax reform in July is a positive for the business community in the US and obviously the prospect that the Fed may be becoming more accommodative and certainly that's what the market continues to discount.

史蒂夫，我想補充一點，我想，我們已經討論過這些順風，但顯然我們今年要進行選舉。我認為選舉之後世界會變得比較穩定。人們對基本規則有了更好的認識。我認為，7 月稅收改革的通過顯然對美國商界來說是一個利好，而且聯準會可能採取更寬鬆的政策，而這正是市場繼續低估的。

I mean, all these come back supporting. Good sentiment that I think drives the willingness to kind of reinvest in America and frankly in North America. So those are kind of also I think really important considerations that, at least from a top-down perspective we think should continue to benefit our markets and our opportunity.

我的意思是，所有這些都得到了支持。我認為這種良好的情緒推動了人們對美國，坦白說是北美進行再投資的意願。因此，我認為這些也是非常重要的考慮因素，至少從自上而下的角度來看，我們認為這些因素應該繼續有利於我們的市場和機會。

Thank you very much. Thank you.

非常感謝。謝謝。

Newman, KeyBanc Capital Markets.

紐曼，KeyBanc 資本市場。

Hey, so for my first question, I know it's a smaller piece of your customer mix, but I'm curious if you just talk about the smaller local accounts, what those have done sequentially from the first quarter to second quarter, was that stable sequentially? Are you seeing any initial signs of modest improvement there? And then also if you have an updated thought on when those local accounts start to reaccelerate.

嘿，對於我的第一個問題，我知道這只是你們客戶群中較小的一部分，但我很好奇，如果您只談論較小的本地帳戶，那麼從第一季度到第二季度，這些帳戶的表現如何，是否連續穩定？您是否看到那裡出現任何輕微改善的初步跡象？另外，如果您對這些本機帳戶何時開始重新加速有最新的想法。

Well, if you just take the to to your ancillary question, if you just take the conversation we had about Yak and the matting business so heavily, delivery burdens, you'd say yes, right, just from that factor alone. But it's still part of our gen rent delivery system.

好吧，如果您只是回答您的輔助問題，如果您只是認真考慮我們關於 Yak 和墊子業務的討論，那麼交付負擔，您會說是的，對，僅從這個因素來看。但它仍然是我們的發電租金交付系統的一部分。

I would say that we in source almost all, if not all of our gen rent, which makes that a little more consistent. But we'd also have to move around gen rent equipment. So there's costs that may not be delivery related but repositioning related. But overall, I think the construct of your question is accurate just from the Yakmat acquisition alone.

我想說的是，我們的幾乎所有（如果不是全部的話）租金都是來自來源，這使得情況更加一致。但我們還得挪動租賃設備。所以，這些成本可能與交付無關，而是與重新定位有關。但總的來說，我認為僅從雅克馬特的收購來看，你的問題結構就很準確。

Yes, I agree with everything Matt said. Stephen, just to be clear, were you asking kind of about that acceleration in growth to call it 3% from call it one ish and what drove that as well? Correct.

是的，我同意馬特所說的一切。史蒂芬，只是想明確一點，你問的是成長加速從 1% 左右到 3% 的原因嗎？是什麼推動了這項成長？正確的。

Okay. Think it's broad based demand. We've talked about the market really holding in well and customers feeling good. And so the gen rent business obviously saw that acceleration consistent with what we would have expected. And I think it again comes back to kind of what gives us confidence about the full year and kind of where we sit in the macro.

好的。認為這是廣泛的需求。我們談到市場確實保持良好並且客戶感覺良好。因此，gen rent 業務顯然出現了與我們預期一致的加速成長。我認為這又回到了什麼讓我們對全年充滿信心以及我們在宏觀上所處的位置。

Yeah, that's very helpful. Maybe for my follow-up here, I do want to go back to the tax bill implications. Ted, I think you mentioned some fractional improvements in the customer confidence index. There's a thought out there that the accelerated phase outs for renewable tax credits could drive some pull forward on the construction timelines for the power projects. I know it's around 10% of your rental revenue. Do you have any specific color on power project timelines as it relates to that those conversations you're having with your customers?

是的，這非常有幫助。也許為了跟進這個問題，我確實想回到稅務法案的影響。泰德，我認為您提到了客戶信心指數的一些小幅改善。有一種觀點認為，再生能源稅收抵免的加速取消可能會提前推動電力項目的建設時間表。我知道這大約佔你租金收入的 10%。與您和客戶進行的對話相關的電力項目時間表上是否有任何特定的顏色？

So I guess what I'd say is power on the whole is, call it a little more than 10% of our mix. Within that renewables is a relatively small fraction, right? The core of that opportunity is in the conventional generation transmission distribution.

所以我想說的是，總體而言，我們的權力只占我們權力組合的 10% 多一點。其中再生能源只佔很小的比例，對嗎？這項機會的核心在於傳統的發電輸電分配。

So truthfully, I don't personally have any great insight into, if there may be a pull forward demand. I think we feel really good about the opportunity on the whole. But in terms of what specifically may happen within solar in particular, I don't have any great insight. Matt. I don't know if you've seen any --

所以說實話，我個人並不清楚是否有提前需求。我認為我們總體上對這個機會感到非常滿意。但對於太陽能領域具體會發生什麼，我還沒有任何深刻的見解。馬特。我不知道你是否見過--

No, I mean, where we have had solar farms and projects, we've done very well. So, but as far as future, I mean, we'll be responsive to the customer's request and we're not reliant upon that either happening or not happening. And I wouldn't think it changed our forward looking plans much.

不，我的意思是，我們在有太陽能發電場和專案的地方做得非常好。所以，但就未來而言，我的意思是，我們將回應客戶的要求，我們並不依賴這種情況是否發生。而我認為這不會對我們的前瞻性計劃產生太大的改變。

Plans much. Yeah, and I think that's a really important point because I mean there is, there has been this ongoing debate about This administration versus the prior administration and the focus on clean energy and renewables and all these sorts of things at the end of the day, the bet we've made is that, demand for power in the United States will continue to go up as a function of electrification, onshoring, investment, etc.

計劃很多。是的，我認為這是一個非常重要的觀點，因為我的意思是，關於本屆政府與前任政府的爭論一直在持續，而且都關注清潔能源和可再生能源等所有這類事情，最終，我們打賭，由於電氣化、在岸化、投資等因素的影響，美國的電力需求將繼續上升。

And we're going to serve that customer however they, generate that electricity. So whether it is solar or wind or nuclear or hydro or gas or coal, whatever that ends up being, our business really is, indifferent to what that generation source is. It's making sure we're there to be the best partner, to that customer. I think that's, a story about that utility customer is a great illustration of the value we offer customers in this vertical and many others.

無論客戶如何發電，我們都會為他們提供服務。因此，無論最終是太陽能、風能、核能、水力發電、天然氣或煤炭，我們的業務實際上與發電源無關。這確保我們成為客戶的最佳合作夥伴。我認為，有關那位公用事業客戶的故事很好地說明了我們為這個垂直行業以及其他許多行業的客戶提供的價值。

Very helpful. Thanks guys.

非常有幫助。謝謝大家。

Thanks, Ken.

謝謝，肯。

Steven Ramsey, Thompson Research Group.

史蒂文·拉姆齊，湯普森研究小組。

Hey, good morning. Gen rent had a better year over year comp than the prior four quarters. Can you talk about what's happening there? And is it a correct assumption that ancillary is less of a benefit to the gen rent line than it is specialty?

嘿，早安。與前四個季度相比，綜合租金的年比表現更好。你能談談那裡發生的事情嗎？那麼，輔助設備對傳統租賃線的益處小於專業設備對傳統租賃線的益處，這個假設正確嗎？

Well, if you just take the to to your ancillary question, if you just take the conversation we had about Yak and the matting business so heavily, delivery burdens, you'd you'd say yes, right, just from that factor alone. But it's still part of our gen rent delivery system. I would say that we in source almost all, if not all of our gen rent, which makes that a little more consistent. But we'd also have to move around gen rent equipment. So there's costs that may not be delivery related but repositioning related.

好吧，如果您只是回答您的輔助問題，如果您只是認真考慮我們關於犛牛和墊子業務的談話，那麼交付負擔，您會說是的，對，僅從這個因素來看。但它仍然是我們的發電租金交付系統的一部分。我想說的是，我們的幾乎所有（如果不是全部的話）租金都是來自來源，這使得情況更加一致。但我們還必須移動原來的租賃設備。因此，成本可能與交付無關，但與重新定位有關。

Yes, I agree with everything Matt said. Stephen, just to be clear, were you asking kind of about that acceleration in growth to call it 3% from call it one ish and what drove that as well? Correct.

是的，我同意馬特所說的一切。史蒂芬，只是想明確一點，你問的是成長加速從 1% 左右到 3% 的原因嗎？是什麼推動了這項成長？正確的。

Yes, that's what I'm asking.

是的，這就是我所問的。

Okay. Think it's broad based demand. We've talked about the market really holding in well and customers feeling good. And so the gen rent business obviously saw that acceleration consistent with what we would have expected. And I think it again comes back to kind of what gives us confidence about the full year and kind of where we sit in the macro.

好的。認為這是廣泛的需求。我們談到市場確實保持良好並且客戶感覺良好。因此，gen rent 業務顯然出現了與我們預期一致的加速成長。我認為這又回到了什麼讓我們對全年充滿信心以及我們在宏觀中所處的位置。

Okay, that's helpful. And then to add on to the utility topic being a long term grower, can you talk about how is helping you make fundamental progress there? Is it adding customers? Is it going deeper with customers? If you think about the next couple of years, maybe which way it leans between wallet share and customer addition.

好的，這很有幫助。然後，補充一下作為長期種植者的實用性主題，您能談談它是如何幫助您在那裡取得根本性進展的嗎？是在增加客戶嗎？它是否與客戶建立了更深的連結？如果你考慮未來幾年，也許錢包份額和客戶增加之間會傾向於哪一種方式。

Yeah. It's cross it's both. But obviously, the cross selling to our existing customers has really been the initial take off here. They were already the leader in that space, and and they didn't have access to the network that we had. So broadening their capabilities to our network has really driven a lot of growth.

是的。這是交叉的，也是兩者兼而有之。但顯然，向現有客戶進行交叉銷售才是真正的最初起飛。他們已經是該領域的領導者，但他們無法訪問我們擁有的網路。因此，將其能力擴展到我們的網路確實推動了許多成長。

But there's opportunity the other way, where they've had great relationships and we've been able to cross sell. I would say the first is is probably more of it because of the size and scale of our network. And that's one of the reasons we felt comfortable making the acquisition, because we have been testing this ourselves by having doing some matting on our own. And then once we saw that we had a right of way to supply the customer with that, gave us confidence to add a real quality team to the fold here. Okay.

但另一方面也有機會，他們與我們有著良好的關係，我們能夠進行交叉銷售。我想說的是，首先，由於我們網路的規模和範圍，這種情況可能更多。這也是我們安心進行收購的原因之一，因為我們自己也一直在透過做一些準備工作來測試這一點。然後，當我們發現我們有權向客戶提供這些產品時，我們就有信心在這裡增加一支真正優質的團隊。好的。

[Neil Tyler with Rothschild Redburn]

[Neil Tyler 與 Rothschild Redburn 合作]

Yeah, good morning. Thank you. A couple of follow-ups really, please, guys. Firstly, on the comments that you made about, the shift away from ownership, I guess we've had a little bit more water under the bridge Since the tariff, announcements, have you, do you have any sort of anecdotes or specific thoughts in the last three or four months, with, examples with customers having, broken away from perhaps historic trends to own or proportions of their fleet that they might own. I wonder if you could just expand a little bit on that. And equally on, and on the expansion of your previous comments, you mentioned.

是的，早安。謝謝。各位，請跟進幾則訊息。首先，關於您提到的關於所有權轉移的評論，我想，自從關稅公告發布以來，我們已經經歷了一些波折，在過去的三四個月裡，您是否有任何軼事或具體想法，例如客戶是否已經擺脫歷史趨勢，擁有自己可能擁有的船隊或部分自己可能擁有的船隊。我想知道您是否可以對此進行稍微詳細說明。同樣，關於您之前所提到的評論的擴展。

Rate discipline, and CapEx discipline across the market. Could you talk a little bit more about, whether that's, broad-based, whether there are exceptions to that in any, any verticals or regions. Thank you.

整個市場的利率紀律和資本支出紀律。您能否再多談一下，這是否具有廣泛的基礎，以及在任何垂直行業或地區是否存在例外。謝謝。

Yeah, I'll take the latter part first because that's real easy. We don't talk about our rate, so I'm certainly not going to talk about our competitors' rate. But I think the proof is in the pudding, right? When you look at the supply demand dynamics and you look at how people are managing their business and you look at the inflation that we've all had that the industry has had to absorb on the fleet, it's I think that gives you the answer there, so to speak. And I wouldn't talk about any gaps in any specific industries or sectors or end markets.

是的，我會先討論後一部分，因為那真的很容易。我們不談論我們的費率，所以我當然也不會談論我們競爭對手的費率。但我認為事實勝於雄辯，對吧？當你觀察供需動態、觀察人們如何管理他們的業務以及觀察我們都經歷過的、該行業必須在船隊上吸收的通貨膨脹時，我認為這就給了你答案。我不會談論任何特定行業、部門或終端市場的差距。

And then, so the first part of your question, the ship from ownership, it doesn't move in that manner. There's no recent examples. But I think this is a steady drumbeat to what the industry has been doing for secular penetration for years. And it starts with, as I said earlier, number one, being more reliable. The industry, not just us, I mean, think we've kind of led from the front, but I think the industry has become more reliable to customers, which gives them that confidence.

那麼，你問題的第一部分，從所有權來看，船並不是這樣移動的。沒有最近的例子。但我認為這是對該行業多年來為長期滲透所做的努力的穩定肯定。正如我之前所說，首先，要更加可靠。我的意思是，整個行業，不僅僅是我們，都認為我們已經處於領先地位，但我認為整個行業對客戶來說已經變得更加可靠，這給了他們信心。

And then the widening of our offerings, right, and the depth of our offerings alone. We're offering matting, we just talked about matting for a minute. That's a product that we didn't offer a lot of our customers before. That helps penetration. But even the information and technology that now with telematics is embedded in the fleet can help drive more productivity for the customer.

然後，我們的奉獻範圍就擴大了，對，而且我們的奉獻深度也增加了。我們提供墊子，我們剛剛討論了墊子。這是我們以前沒有向很多客戶提供的產品。這有助於滲透。但即使是現在透過遠端資訊處理嵌入到車隊中的資訊和技術也可以幫助客戶提高生產力。

And I talked about that in my opening comments. And that's a big part of the pull for us to be a better option than for people to self perform and to deal with all the soft costs and the hard costs of owning their own equipment. We could take that burden for them and once they trust the supply chain from rental, the math is always going to work that rental is a better decision for them.

我在開場白中談到了這一點。這對我們來說是一個很大的吸引力，因為我們比人們自己操作並處理擁有自己的設備的所有軟成本和硬成本更好的選擇。我們可以為他們承擔這個負擔，一旦他們信任租賃的供應鏈，從數學上講，租賃對他們來說是一個更好的決定。

Yeah, maybe I'll just tack on there and I don't know if this is woven into your question deal, but if you rewind to 2017, there was kind of this question with full expensing, would that change the relative economics and make The case for ownership more appealing, and I would say, well, it's hard to test if you went back to that period of time, secular penetration continued to improve.

是的，也許我只是補充一下，我不知道這是否與您的問題有關，但如果您回顧 2017 年，就會出現這種完全費用化的問題，這會改變相對經濟狀況並使所有權案例更具吸引力嗎？我想說，很難測試如果您回到那段時間，長期滲透率是否會繼續提高。

It certainly did not go backwards. And so, when we think about, basically the reintroduction of full expensing, we certainly wouldn't expect to see anything different. I mean, I think the secular forces that have driven that are very clear and been very steady to that point, and we expect that to continue, so.

它當然沒有倒退。因此，當我們考慮重新引入全額費用時，我們當然不會期望看到任何不同的事情。我的意思是，我認為推動這一趨勢的長期力量非常明顯，而且到目前為止一直非常穩定，我們預計這種情況將繼續下去。

Yeah, we would not expect to see any shift there, frankly.

是的，坦白說，我們不希望看到任何轉變。

Great, that's super clear. Thank you.

太好了，非常清楚。謝謝。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thanks. Good morning, guys. I think largely over a series of questions you've answered this, but I ask it a little bit more directly, Ted, you mentioned we kind of had a step function higher now with this new federal tax bill, maybe $400 million more of of cash available. So directly to the M&A.

謝謝。大家早安。我認為您已經通過一系列問題回答了這個問題，但我問得更直接一些，泰德，您提到，有了這個新的聯邦稅法案，我們的稅收功能現在有了進一步的提升，可能增加了 4 億美元的可用現金。所以直接進行併購。

It just sounds like just where you are in your leverage obviously Matt you've mentioned, hey, we're looking for the right deal we have an active pipeline, and you guys addressed it this this ex says hey, let's use it for repurchases. How married are you to the repurchases? Just, is this very beneficial for your propensity to, enact M&A.

這聽起來就像是你的槓桿作用，顯然馬特你提到過，嘿，我們正在尋找合適的交易，我們有一個活躍的管道，你們解決了這個問題，這個前任說，嘿，讓我們用它來回購。您對回購的重視程度如何？只是，這對您實施併購的傾向非常有利。

So let me just touch on the the M&A piece. I mean, it's, we're going to Evaluate every deal on its own merits and do them when they make sense. I'd almost, take a step back and remind everybody of what our capital allocation framework is because it dictates how we think about deploying ex access free cash flow.

因此，讓我簡單談談併購部分。我的意思是，我們將根據每筆交易的優點進行評估，並在合理的情況下進行交易。我幾乎要退一步，提醒大家我們的資本配置框架是什麼，因為它決定了我們如何考慮部署自由現金流以外的自由現金流。

So we always start with the balance sheet, right? Are we confident we've got the balance sheet where we want it? And if you look at it where it is today, current leverage, obviously, kind of certainly in the lower half of the range we've talked about, we feel really good about that. We look at where's the liquidity, we look at maturities and all those sorts of things, and make sure we feel like we've got a rock solid underpinning to the whole business.

所以我們總是從資產負債表開始，對嗎？我們是否有信心獲得我們想要的資產負債表？如果你看一下現在的情況，目前的槓桿率顯然處於我們討論過的範圍的下半部分，我們對此感到非常滿意。我們會關注流動性在哪裡，專注於到期日以及諸如此類的事情，並確保我們感覺到整個業務有著堅如磐石的基礎。

So we're there. After that, it's allocating capital to fund growth, profitable growth being the key thing there. And so organic, again check that box this year, M&A that when it when it comes along and it kind of checks all three, boxes, then yeah, we feel really good about moving forward. Once you get beyond that, you're then talking about what we internally call discretionary excess free cash flow, and that is what we want to return to our shareholders.

所以我們到了那裡。之後，它會分配資本來資助成長，其中獲利成長是關鍵。所以有機的，今年再次檢查這個框，當併購出現時，它會檢查所有三個框，那麼是的，我們對繼續前進感到非常高興。一旦超越了這個目標，你就會談論我們內部所說的可自由支配的超額自由現金流，這就是我們想要回報給股東的。

The first part is obviously going to be committed to the dividend. So it's that residual piece that comes through buybacks. So when you think about, the benefits of tax, that's really kind of that cascading approach that that dictates how do we manage that windfall if you will. So certainly the, you can see what we're doing with the buyback and that will be kind of how we think about allocating.

第一部分顯然將用於分紅。所以它是透過回購產生的剩餘部分。因此，當您考慮稅收的好處時，這實際上是一種級聯方法，它決定了我們如何管理這筆意外之財。所以當然，你可以看到我們在回購方面所做的事情，這也是我們考慮分配的方式。

Excess free cash flow going forward. It is that residual piece, but if and as we can find opportunities to invest capital, attractive returns, and benefit our customers by adding capabilities or augmenting capabilities, we're of course going to want to do that as long as they make that strategic sense, make financial sense, and we're comfortable with the cultural considerations. So Matt, I don't know if you'd add anything there, but I think.

未來將有過多的自由現金流。這是剩餘的部分，但如果我們能夠找到投資資本、獲得有吸引力的回報的機會，並透過增加或增強能力使我們的客戶受益，我們當然會願意這樣做，只要它們具有戰略意義、財務意義，並且我們對文化考慮感到滿意。所以馬特，我不知道你是否會添加任何內容，但我認為。

That was a great.

那真是太棒了。

I think that was a great summation of how we think about capital allocation. Perfect.

我認為這是對我們如何考慮資本配置的一個很好的總結。完美的。

Thanks, appreciate that, Ted. And just as a follow-up, I think Ted, you specifically at the start of your part spoke about value added services, the important role, and you all press released the introduction of Workplace Ready Solutions at the end of the quarter. Maybe you just want to elaborate on where you see the opportunity there and kind of where you are in that process? Thanks.

謝謝，非常感謝，泰德。作為後續問題，我想 Ted，您在開始時特別談到了增值服務及其重要作用，並且您都在本季度末發布了 Workplace Ready Solutions 的推出。也許您只是想詳細說明您在哪裡看到了機會以及您在過程中處於什麼位置？謝謝。

So without getting too much into what we would call proprietary detail, I would just say that we continue to talk to our customers and learn more and more, and I said this in my opening remarks example, about how can we be a better partner for them. And it 'doesn't all have to, as we talked about with the ancillaries, it doesn't all have to be high margin business and it all doesn't have to be capital intense, which is a great part of that ancillaries as well.

因此，我們不會過多地談論所謂的專有細節，我只想說，我們會繼續與客戶交談並學習越來越多的知識，我在開場白中就說過，我們如何才能成為他們更好的合作夥伴。正如我們在談到輔助設備時所討論的那樣，並非所有設備都必須是高利潤業務，也並非所有設備都必須是資本密集的，而這也是輔助設備的重要組成部分。

But if it's going to add more value to the customer, we're going to be a more consistent partner with that. And that's really how I would think about any of these value added, including anything we can do in technology investments to help them drive more safety and productivity in their business. If we're helping them achieve that, we're not going to have to live in a world of three bids and a buy.

但如果它能為客戶增加更多價值，我們就會成為更穩定的合作夥伴。這就是我對這些附加價值的看法，包括我們在技術投資方面可以做的任何事情，以幫助他們在業務中提高安全性和生產力。如果我們幫助他們實現這一目標，我們就不必生活在三次出價和一次購買的世界中。

And that's not the world we want to live in. We want to live in, we're a partner with our customers and a value added partner where we can make them more productive. And I would just say overall, we continue to look for opportunities to drive more value for them in that matter.

這不是我們想要生活的世界。我們希望成為客戶的合作夥伴和增值合作夥伴，進而提高客戶的生產力。我想說的是，總的來說，我們會繼續尋找機會為他們創造更多價值。

Great thanks I appreciate.

非常感謝。

And this does conclude the Q&A session. I'll turn the program back to Matt Flannery for any additional or closing remarks.

問答環節到此結束。我將把節目交還給馬特·弗蘭納裡 (Matt Flannery)，請他發表任何補充或結束語。

Thank you, operator, and thanks to everyone on the call. We appreciate your time, and I'm glad you could join us today. As always, our Q2 investor deck has the latest updates, and Elizabeth is available to answer any of your questions. So until we talk again in October, stay safe and have a great rest of your summer. Take care. Operator, you can now end the call.

謝謝接線員，也謝謝通話中的每個人。感謝您抽出時間，很高興您今天能加入我們。像往常一樣，我們的 Q2 投資者簡報有最新更新，Elizabeth 可以回答您的任何問題。因此，在我們十月再次交談之前，請保持安全並度過愉快的夏天。小心。接線員，您現在可以結束通話了。

This does conclude the United Rentals second-quarter 2025 earnings call. Thank you for your participation and you may now disconnect.

這確實結束了聯合租賃 2025 年第二季財報電話會議。感謝您的參與，您現在可以斷開連接。