聯合設備租賃 (URI) 2025 Q3 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. 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.

早上好，歡迎參加聯合租賃公司投資者電話會議。請注意，本次通話正在錄音。在開始之前，請注意，公司的新聞稿、今天電話會議上的評論以及對您問題的回答都包含前瞻性陳述。公司的業務和營運面臨各種風險和不確定因素，其中許多因素是公司無法控制的。因此，實際結果可能與預期結果有重大差異。

A summary of these uncertainties is included in the safe harbor statement contained in the company's press release. For a more complete description of these and other possible risks, please refer to the company's annual report on Form 10-K for the year ended December 31, 2024, as well as the subsequent filings with the SEC. You can access these filings on the company's website at www.unitedrentals.com.

公司新聞稿中的安全港聲明對這些不確定因素進行了概述。有關這些及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 日止年度的 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 上查閱這些文件。

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. 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，聯合租賃公司沒有義務也沒有承諾更新或公開發布任何前瞻性聲明的修訂，以反映新的資訊或後續事件、情況或預期變化。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自由現金流、調整後每股收益、EBITDA 和調整後 EBITDA 等非 GAAP 術語。

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.

請參考公司近期投資人簡報的背面，查看各項非GAAP財務指標與最可比較GAAP財務指標的調節表。今天代表聯合租賃公司發言的是總裁兼執行長馬特·弗蘭納里和財務長泰德·格雷斯。

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 today. I apologize in advance for my voice. As I'm fighting through a little cold here, but I'm sure we'll get through it okay. Yesterday afternoon, we were pleased to report our third quarter results. The hard work of our nearly 28,000 employees enabled record revenue and adjusted EBITDA. The year is playing out better than we originally expected our updated guidance reflects the demand environment we continue to successfully serve.

謝謝接線員，大家早安。感謝您今天參加我們的電話會議。我的聲音可能不太好，請大家提前見諒。我有點感冒，但我相信我們都能撐過去。昨天下午，我們很高興地公佈了第三季業績。近 28,000 名員工的辛勤工作使公司實現了創紀錄的收入和調整後 EBITDA。今年的業績比我們最初預期的要好，我們更新後的業績指引反映了我們持續成功服務的市場需求環境。

In short, our unique value proposition, experience, and ability to support a broad range of our customers' needs distinguishes us from the competition. Last quarter, I spent a lot of time on the road visiting branches, job sites and meeting with customers.

簡而言之，我們獨特的價值主張、經驗以及滿足客戶廣泛需求的能力使我們從競爭對手中脫穎而出。上個季度，我花了很多時間在路上，走訪各個分公司、工地，並與客戶會面。

And while this is nothing new. It did make the quarter's results and our subsequent guidance update, no surprise from my perspective. Our branches are very busy, and the team is working hard to serve customer demand.

但這並非什麼新鮮事。這確實影響了本季的業績以及我們隨後的業績指引更新，在我看來，這並不令人意外。我們的分行業務非常繁忙，團隊正在努力滿足客戶的需求。

Our people are true differentiators in the rental industry and their professionalism and knowledge, their expertise and their commitment day in and day out shows. We often talk about putting the customer at the center of everything we do as it feeds our flywheel of growth.

我們的人員是租賃行業的真正差異化因素，他們的專業、知識、專業技能和敬業精神日復一日地展現出來。我們經常談到將客戶放在我們一切工作的中心，因為這能推動我們實現持續成長。

Without the dedicated United Rentals team members safely executing our customer-centric model, we could not generate the success we continue to deliver. And from where I sit today, I expect this momentum to carry into 2026.

如果沒有敬業的共同租賃團隊成員安全地執行我們以客戶為中心的模式，我們就無法取得我們持續取得的成功。就我目前所見，我預計這種勢頭將延續到 2026 年。

In the third quarter specifically, we again saw growth across both our General Rental and Specialty businesses with optimism from the field and our customer confidence index, reinforcing our expectations going forward. The demand for used equipment also remains healthy.

具體來說，在第三季度，我們的一般租賃和專業租賃業務再次實現成長，市場情緒樂觀，客戶信心指數也上升，這增強了我們對未來的預期。二手設備的需求依然強勁。

Now with that said, let me get into the review of our third quarter results and our updated 2025 guidance. And then Ted will review the financials in detail before we open the line for Q&A. Let's start with the quarter's results.

接下來，我將回顧我們第三季的業績以及我們更新後的 2025 年業績指引。然後，泰德將詳細審查財務數據，之後我們將開放問答環節。我們先來看本季的業績。

Our total revenue grew by 5.9% year-over-year to $4.2 billion. And within this, rental revenue grew by 5.8% to $3.7 billion, both third quarter records. Fleet productivity increased 2%, contributing to OER growth of 4.7%. Adjusted EBITDA increased to a third quarter record of over $1.9 billion, resulting in a margin of 46%.

我們的總營收年增 5.9%，達到 42 億美元。其中，租賃收入成長了 5.8%，達到 37 億美元，這兩項數據均創下第三季紀錄。機隊生產力提高了 2%，推動 OER 成長了 4.7%。經調整的 EBITDA 增至第三季創紀錄的 19 億美元以上，利潤率為 46%。

And finally, adjusted EPS came in at $11.70. Now turning to customer activity. And as I mentioned, we saw growth across both our Gen Rent and Specialty businesses in the quarter. Specialty continues to post double-digit increases with rental revenue up 11% year-over-year driven by growth across all our product offerings and an additional 18 cold starts. Year-to-date, we've opened 47 cold starts as we continue to fill out our specialty footprint.

最後，調整後的每股盈餘為 11.70 美元。現在來看客戶活動。正如我之前提到的，本季我們的普通租賃業務和專業租賃業務都實現了成長。專業業務持續保持兩位數成長，租賃收入年增 11%，這得益於我們所有產品供應的成長以及新增的 18 次冷啟動。今年迄今為止，我們已經開設了 47 個冷啟動項目，我們將繼續擴大我們的專業業務版圖。

We see this combined with the power of cross-sell and the addition of new products to our portfolio as critical points of competitive differentiation, which benefit our customers while also providing important drivers of long-term growth.

我們認為，將這一點與交叉銷售的力量以及在我們產品組合中添加新產品相結合，是實現競爭差異化的關鍵點，這不僅有利於我們的客戶，也為長期成長提供了重要的驅動力。

By vertical, our construction end markets saw strong growth across both infrastructure and nonresidential construction, while our industrial end markets saw particular strength within power. We continue to see new projects kicking off.

按垂直行業劃分，我們的建築終端市場在基礎設施和非住宅建築領域均實現了強勁增長，而我們的工業終端市場在電力領域表現尤為強勁。我們不斷看到新項目啟動。

And while data centers are certainly one area of growth, we also saw new projects across infrastructure, semis, hospitals, LNG facilities and airports to name just a few. Our end market exposure by vertical is intentionally diversified and our equipment is fungible to ensure we can serve demand no matter where it presents itself.

雖然資料中心無疑是成長領域之一，但我們也看到了基礎設施、拖車、醫院、液化天然氣設施和機場等領域的新項目，僅舉幾例。我們有意分散終端市場垂直領域的業務，並且我們的設備具有可替代性，以確保無論需求出現在何處，我們都能滿足需求。

Now turning to the used market. We sold $619 million of OEC at a recovery rate of 54%. The demand for used equipment is healthy, and we're on track to sell approximately $2.8 billion of fleet this year. As I mentioned in my opening remarks, the year is playing out better than we initially expected.

現在轉向二手市場。我們售出了價值 6.19 億美元的 OEC，回收率為 54%。二手設備需求旺盛，我們今年可望售出價值約 28 億美元的設備。正如我在開場白中提到的，今年的情況比我們最初預期的要好。

To meet this demand, we spent nearly $1.5 billion of CapEx in the quarter and now expect to spend over $4 billion on fleet this year. This positions us not only to capitalize on the current environment, but also for the anticipated growth in 2026.

為了滿足這一需求，我們本季投入了近 15 億美元的資本支出，預計今年將在車隊方面投入超過 40 億美元。這不僅使我們能夠利用當前的有利環境，而且還能為 2026 年的預期成長做好準備。

Our customers and the field remain optimistic, particularly around large projects and key verticals. And thanks to our go-to-market approach and one-stop shop value proposition, we believe we're well positioned to be the partner of choice for these projects.

我們的客戶和業界人士依然保持樂觀，尤其是在大型專案和關鍵垂直領域。憑藉我們的市場推廣策略和一站式服務價值主張，我們相信我們有能力成為這些項目的首選合作夥伴。

Year-to-date, we've generated free cash flow of $1.2 billion, with the expectation to generate between $2.1 billion and $2.3 billion for the full year, including the impact of our higher CapEx spend. As a reminder, 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.

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 21 億美元至 23 億美元的自由現金流，其中包括我們更高的資本支出帶來的影響。再次提醒大家，我們憑藉著業界領先的獲利能力、資本效率和靈活的商業模式，能夠在整個週期內產生可觀的自由現金流，進而以創造長期股東價值的方式配置這些資本。

Speaking of capital allocation, we always start with ensuring the balance sheet is in a good place, and it is. We then fund organic growth reflected through our CapEx and complement this with inorganic growth that makes financial and strategic sense. In the remainder, we returned to shareholders.

說到資本配置，我們總是先確保資產負債表狀況良好，而事實也的確如此。然後，我們透過資本支出為有機成長提供資金，並輔以在財務和策略上都合理的無機成長。剩餘部分，我們返還給了股東。

This quarter specifically, we returned over $730 million to shareholders through a combination of share buybacks and our dividend. For the full year, we remain on track to return nearly $2.4 billion to shareholders. Our leverage of less than 1.9 times leaves plenty of dry powder to support disciplined M&A, where we continue to pursue opportunities to put capital to work and attractive returns.

本季度，我們透過股票回購和分紅的方式向股東返還了超過 7.3 億美元。全年來看，我們仍有望向股東返還近 24 億美元。我們不到 1.9 倍的槓桿率使我們擁有充足的資金來支持穩健的併購活動，我們將繼續尋求機會讓資本發揮作用並獲得可觀的回報。

Our M&A pipeline remains robust within both Gen Rent and Specialty and across the spectrum of deal sizes. And while it's difficult to predict the timing of M&A, this is an important capability we've built over our company's history. And we'll continue to use it to enhance our business and drive shareholder value.

我們的併購專案儲備在一般租賃和專業領域以及各種規模的交易中都保持強勁。雖然很難預測併購的時機，但這是我們公司發展歷程中建立起來的重要能力。我們將繼續利用它來提升業務並提高股東價值。

As we enter the final months of 2025, we're focused on execution, and delivering the results outlined in our updated guidance, including total revenue growth of 5% or 6% ex use, strong profitability, robust free cash flow and returns above our cost of capital. Although our growth is coming with some additional costs, which Ted will cover in his remarks, we're working through these challenges and are taking proactive measures, including bringing in additional fleet to help mitigate fleet movement costs.

隨著我們進入 2025 年的最後幾個月，我們專注於執行，並實現我們更新後的指導方針中概述的結果，包括總收入增長 5% 或 6%（不包括使用量）、強勁的盈利能力、穩健的自由現金流以及高於我們資本成本的回報。儘管我們的發展帶來了一些額外的成本（泰德將在演講中提及），但我們正在努力克服這些挑戰，並採取積極措施，包括引進更多車隊以幫助降低車隊運輸成本。

I'm very pleased with 2025 and how it's playing out ahead of our initial expectations and see good momentum heading into next year. Based on what we see today, 2026 will be another year of healthy growth.

我對 2025 年的進展非常滿意，它比我們最初的預期還要順利，我看到明年將保持良好的發展勢頭。根據我們目前所看到的，2026年將是另一個健康成長的年份。

We believe the tailwinds we've discussed throughout this year will carry over and our unrelenting focus on being the partner of choice for our customers, positions us very well to win this business and to outperform the industry. For now, we won't get into the specifics about '26 as we're in the middle of our planning process, but we will share more details in January as we always do.

我們相信，今年以來我們討論過的各種利好因素將會延續下去，而我們始終堅持成為客戶首選合作夥伴的決心，將使我們處於非常有利的地位，贏得這項業務並超越行業平均水平。目前，由於我們正處於規劃過程中，所以暫時不會透露 2026 年的具體細節，但我們會像往常一樣在 1 月分享更多細節。

In closing, I'm pleased with the outstanding job the United Rentals team is doing to support our customers. And that's the starting point for everything we do. Not only do we have the scale, technology and value proposition to make us the preferred partner, but we have a history of execution our customers can rely on.

最後，我對聯合租賃團隊在支持我們的客戶方面所做的出色工作感到非常滿意。這就是我們一切工作的出發點。我們不僅擁有成為首選合作夥伴的規模、技術和價值主張，而且我們還有客戶可以信賴的執行力。

By working together with our customers to meet their goals to drive safety, productivity and efficiency, we ensure we build a relationship with trust that positions us to win in the marketplace. Subsequently, our strategy, business model, competitive advantages and capital discipline allow us to generate compelling shareholder returns for the long term.

透過與客戶攜手合作，實現他們在安全、生產力和效率方面的目標，我們確保建立起互信關係，從而在市場競爭中取得成功。因此，我們的策略、商業模式、競爭優勢和資本紀律使我們能夠為股東創造長期可觀的回報。

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

那麼，接下來我將把電話交給泰德，然後我們來回答大家的問題。泰德，該你了。

Thanks, Matt, and good morning, everyone. As you just heard, the year continues to progress well with third quarter records across total revenue, rental revenue and EBITDA. More importantly, based both on what we're seeing and hearing from customers, we expect the strong demand to continue, which is supporting our increases in both rental revenue and CapEx guidance.

謝謝馬特，大家早安。正如你剛才聽到的，今年以來進展順利，第三季總收入、租賃收入和 EBITDA 均創歷史新高。更重要的是，根據我們從客戶那裡看到和聽到的情況，我們預計強勁的需求將持續下去，這支撐了我們提高租賃收入和資本支出預期。

More on that in a minute, but first, let's go through this quarter's numbers. As you saw in our press release, rental revenue increased $202 million year-over-year or 5.8% to a third quarter record of $3.67 billion supported again by growth from large projects and key verticals.

稍後會詳細介紹，但首先，讓我們來看看本季的數據。正如您在我們新聞稿中看到的，租賃收入年增 2.02 億美元，增幅達 5.8%，第三季創下 36.7 億美元的紀錄，這再次得益於大型項目和關鍵垂直領域的成長。

Within this, OER increased by $133 million or 4.7%, driven by 4.2% growth in our average fleet size and fleet productivity of 2%, partially offset by some fleet inflation of 1.5%. Also within rental, ancillary and re-rent grew over 10%, adding a combined $69 million of revenue. Consistent with our first half results, third quarter ancillary growth again outpaced OER as we continue to focus on supporting our customers.

其中，OER 成長了 1.33 億美元，增幅為 4.7%，主要得益於平均車隊規模成長 4.2% 和車隊生產力成長 2%，但部分被 1.5% 的車隊通膨所抵銷。租賃、附屬和轉租業務也成長了 10% 以上，總計增加了 6,900 萬美元的收入。與上半年業績一致，第三季輔助業務成長再次超過營運效率，我們將繼續專注於為客戶提供支援。

Moving to used, we generated $333 million of proceeds at an adjusted margin of 45.9% and a 54% recovery rate, while OEC sold set a third quarter record at $619 million. Combined, these results speak to the continued strength and health of the used equipment market.

轉而關註二手產品，我們獲得了 3.33 億美元的收益，調整後的利潤率為 45.9%，回收率為 54%；同時，OEC 的銷售額創下了第三季 6.19 億美元的紀錄。綜合來看，這些結果顯示二手設備市場持續保持強勁勢頭和健康發展。

Turning to EBITDA. Adjusted EBITDA increased $42 million year-on-year to an all-time record of $1.95 billion. Within this, a $69 million increase in rental gross profits was partially offset by a $6 million decline in used gross profit dollars. SG&A increased $23 million, which is in line with revenue growth, while other non-rental lines of businesses added $2 million.

接下來看 EBITDA。經調整的 EBITDA 年成長 4,200 萬美元，創歷史新高，達到 19.5 億美元。其中，租賃毛利增加 6,900 萬美元，但二手車毛利減少 600 萬美元，部分抵銷了租賃毛利的成長。銷售、一般及行政費用增加了 2,300 萬美元，與收入成長一致，而其他非租賃業務線增加了 200 萬美元。

Looking at profitability. Our third quarter adjusted EBITDA margin was 46.0% implying 170 basis points of compression on an as-reported basis and 150 basis points ex used. At a high level, margin dynamics in the third quarter were similar to what we've discussed the last several quarters.

從獲利能力角度來看。我們第三季調整後的 EBITDA 利潤率為 46.0%，這意味著按報告基準計算壓縮了 170 個基點，按扣除使用量計算壓縮了 150 個基點。從總體上看，第三季的利潤率動態與我們過去幾季討論的情況類似。

This includes the impact of ancillary, the strategic investments we're making in the business and still relatively elevated inflation. An area I might call out again this quarter was delivery, which was impacted both by higher fleet repositioning costs in support of large projects and our use of third-party outside haul to serve the stronger-than-expected demand seen during our seasonal peak.

這包括輔助業務的影響、我們對業務的策略性投資以及仍然相對較高的通貨膨脹。本季度我可能再次提到的一個領域是交付，它受到了兩方面的影響：一是為支持大型項目而增加的車隊重新部署成本；二是我們在季節性高峰期為了滿足比預期更強的需求而使用第三方外部運輸。

To try to put this in perspective, our third quarter delivery costs increased 20% year-on-year versus a roughly 6% increase in rental revenue. Simply assuming that these costs increase proportional to revenue. This gap implies over $30 million of additional cost year-on-year and translates to an almost 80 basis points drag in our EBITDA margins.

為了更清楚地說明這一點，我們第三季的配送成本年增了 20%，而租賃收入僅成長了約 6%。簡單地假設這些成本與收入成正比增長。這一差距意味著每年將增加超過 3000 萬美元的成本，並使我們的 EBITDA 利潤率下降近 80 個基點。

Now I'm sure we'll talk more about this during Q&A. But this provides a great example of the balance we are constantly managing between capital in the form of fleet and costs, both fixed and variable with the goal of serving customers as efficiently as possible.

我相信我們會在問答環節進一步討論這個問題。但這很好地說明了我們如何在車隊形式的資本和固定成本、可變成本之間不斷尋求平衡，以盡可能有效地服務客戶。

Shifting to CapEx. Third quarter gross rental CapEx was $1.49 billion. I'll speak more to this in a moment, but this included the acceleration of some purchases to help us support the stronger-than-expected demand we are experiencing.

轉向資本支出。第三季租賃資本支出總額為14.9億美元。我稍後會詳細談談這一點，但這其中包括加快一些採購，以幫助我們應對超出預期的強勁需求。

Moving to returns and free cash flow. Our return on invested capital of 12% remains comfortably above our weighted average cost of capital, while year-to-date free cash flow was $1.19 billion. Our balance sheet remains very strong with net leverage of 1.86 times at the end of September and total liquidity of over $2.45 billion.

接下來討論回報率和自由現金流。我們的投資資本報酬率為 12%，遠高於我們的加權平均資本成本，而年初至今的自由現金流為 11.9 億美元。截至9月底，我們的資產負債表依然非常強勁，淨槓桿比率為1.86倍，總流動資金超過24.5億美元。

All note, this was after returning $1.63 billion to shareholders year-to-date including $350 million via dividends and $1.28 billion through repurchases. In total, between dividends and share repurchases, we still plan to return almost $2.4 billion in cash to our shareholders this year. This equates to a little better than $37 per share or a return of capital yield of almost 4%.

值得注意的是，這是在該公司今年迄今已向股東返還 16.3 億美元之後取得的，其中包括透過股息返還的 3.5 億美元和透過股票回購返還的 12.8 億美元。今年，我們計劃透過分紅和股票回購，向股東返還近 24 億美元的現金。這相當於每股略高於 37 美元，或資本回報率接近 4%。

Now let's shift to the updated guidance we shared last night, which reflects our confidence in delivering another year of solid results. As you've heard us say a few times this morning, we are seeing stronger-than-expected demand.

現在讓我們來看看昨晚分享的最新業績指引，這反映了我們對再一年取得穩健業績的信心。正如我們今天早上多次提到的，我們看到的需求比預期更強勁。

In response, we accelerated the landing of some fleet into Q3 while also raising our full year CapEx guidance by $300 million at midpoint to a range of $4 billion to $4.2 billion. In turn, we are increasing our total revenue guidance by $150 million at midpoint, while narrowing the range to $16 billion to $16.2 billion, implying full year growth of roughly 5% at midpoint. Within this, our used sales guidance is unchanged at around $1.45 billion, which implies total revenue growth ex used of 6% at midpoint.

為此，我們加快了部分機隊的交付速度，提前至第三季度，同時將全年資本支出預期中位數提高了 3 億美元，達到 40 億至 42 億美元。相應地，我們將總收入預期中位數上調 1.5 億美元，同時將預期範圍縮小至 160 億美元至 162 億美元，這意味著全年增長率中位數約為 5%。其中，我們對二手車銷售的預期保持不變，約為 14.5 億美元，這意味著除二手車外，總收入成長中位數為 6%。

I'll note that the additional CapEx accounts for roughly half of the increase to our revenue guidance, given we'll only realize a partial year of OER benefit with the balance coming from ancillary. On the EBITDA side, we are narrowing our range to $7.325 billion to $7.425 billion while maintaining the midpoint of $7.375 billion.

需要指出的是，由於我們只能實現部分年度的營運效率收益，其餘部分將來自輔助收入，因此額外的資本支出約占我們收入預期成長的一半。在 EBITDA 方面，我們將預期範圍縮小至 73.25 億美元至 74.25 億美元，同時維持 73.75 億美元的中點不變。

Ahead of Q&A, I'll quickly mention that the lack of implied pull-through from this additional revenue reflects our expectation that, as I just mentioned, a portion of the increase will come from lower-margin ancillary while we also expect to manage through similar cost dynamics in Q4 and especially delivery.

在問答環節之前，我想快速提一下，這部分額外收入未能帶來預期的拉動效應，反映了我們之前的預期，正如我剛才提到的，部分增長將來自利潤率較低的輔助業務，同時我們也預計在第四季度，特別是交付方面，能夠應對類似的成本動態。

Turning to cash flow. We reaffirm the midpoint of our guidance for cash flow from operations at $5.2 billion, while our revised free cash flow guidance of $2.1 billion to $2.3 billion simply reflects the additional investment in CapEx that we plan to make.

接下來談談現金流。我們重申對經營活動現金流的預期中位數為 52 億美元，而我們修訂後的自由現金流預期為 21 億美元至 23 億美元，這僅反映了我們計劃進行的額外資本支出投資。

Importantly, our updated free cash flow guidance does not impact our share repurchase program. I'll remind you that we intend to repurchase $1.9 billion of shares this year, which highlights our strategy of both investing in growth and returning access capital to our shareholders.

重要的是，我們更新後的自由現金流預期不會影響我們的股票回購計畫。我在此提醒各位，我們計劃今年回購價值 19 億美元的股票，這凸顯了我們既投資於成長又向股東返還可用資本的策略。

So to wrap up my prepared remarks, overall, we were pleased with how the quarter played out, especially on the demand side. And while our margins were burdened by the cost mentioned, we remain focused on supporting our customers' growth as efficiently as possible as we lean into their demand.

最後總結我準備好的發言，總的來說，我們對本季的表現感到滿意，尤其是在需求方面。雖然上述成本對我們的利潤造成了影響，但我們仍將專注於盡可能有效地支援客戶的成長，並積極滿足他們的需求。

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

那麼，接下來我將把電話交給接線員回答問題。接線員，請接通線路。

(Operator Instructions)

（操作員指示）

David Raso, Evercore ISI.

David Raso，Evercore ISI。

Hi. Thank you for the time. Obviously, we have the demand positive and the cost negative here. So I just wanted to dive into the demand side first. The cadence of the CapEx, when I think about '26, and the comment you accelerated equipment for the third quarter. But just so we're clear, when you're thinking of the demand profile that you said was better than you expected, is any of this '25 CapEx increase pulling forward 2026.

你好。感謝您抽出時間。顯然，這裡需求為正，成本為負。所以我只想先深入了解需求方。當我想到 2026 年時，資本支出的節奏，以及你加快第三季設備投入的評論。但為了避免誤解，您所說的需求狀況比預期好，那麼 2025 年的資本支出成長是否會提前到 2026 年？

And if not, just thinking about the cadence of sort of the CapEx for '26, obviously, when you bring this much fleet on the third quarter, people wonder how do we go into '26 with a level of fleet just given the seasonal weakness? So that's a demand question. I'll follow up with a quick cost question.

如果不是這樣，僅僅考慮一下 2026 年的資本支出節奏，顯然，當你在第三季度投入如此多的船隊時，人們會想知道，考慮到季節性疲軟，我們如何在 2026 年保持這樣的船隊規模？所以這是一個需求問題。我再問一個關於費用的問題。

Sure, David. I'll take that. This was not a pull forward from 2026. This accelerated CapEx in Q3 was to meet the demand that we were already seeing and to be responsive to specifically some large project wins throughout the year, but that put a little more need for fleet here in the back half. Then we let the Q4 CapEx flow through as normally would.

當然，大衛。我會接受的。這並非將原定日期從 2026 年提前。第三季加速資本支出是為了滿足我們已經看到的需求，並回應全年一些大型專案的中標，但這導致下半年對車隊的需求略有增加。然後我們讓第四季的資本支出像往常一樣順利進行。

Some of that's seasonal. And to your point about '26, all of this, although not a pull forward, is supported by being very comfortable that we expect 2026 to be a growth year, which is why we felt comfortable raising this full year CapEx.

其中一些是季節性的。至於您所提到的 2026 年，雖然這並非提前實現，但我們非常有信心 2026 年將是成長之年，因此我們才放心地提高了這一年的資本支出。

As far as CapEx cadence for next year, we haven't finished our planning process, but you can expect there to be the standard, let's say, we're going to sell $2.8 billion, maybe a little bit more in CapEx next year. The replacement for that is going to be [$3 billion], [$4 billion] plus depending on how much more we sell. And then there'll be growth on top of that.

至於明年的資本支出節奏，我們還沒有完成規劃流程，但你可以期待的是標準的，比如說，我們明年將實現 28 億美元的銷售額，也許還會略微增加一些資本支出。替代成本將為 30 億美元、40 億美元，具體金額取決於我們還能賣出多少。而且在此基礎上還會有成長。

That's the part that we're going to work through in the planning process this year. But to be clear, we certainly expect to have some growth CapEx here in 2026. And then we'll let you know about the cadence of that as we see how the demand plays out.

這是我們今年在規劃過程中要著重解決的部分。但需要明確的是，我們預計在 2026 年這裡會有一些增長性資本支出。然後我們會根據市場需求的變化情況，及時告知您具體的節奏。

Okay. Thank you. And then on the cost side, I mean, it's easier for me to say, but ancillary revenues are up to close to 18% of total rental revenue. How do we think about pricing for those services? I know -- I appreciate the comment, providing those services is partly why you win more than your fair share, let's say, of the major projects. But it's it went from sort of an afterthought to, again, if you want to throw in a re-rent, it's 20% of rental revenue.

好的。謝謝。至於成本方面，我的意思是，雖然這麼說比較容易，但輔助收入已經接近總租賃收入的 18%。我們應該如何考慮這些服務的定價？我知道——我感謝你的評論，提供這些服務也是你贏得比你應得的份額更多的重大項目的部分原因。但它已經從事後考慮的因素，變成了，如果你想加上重新出租的費用，它將佔租金收入的 20%。

So is there a way to rethink that pricing, some kind of annual contracts, something where it doesn't continue to be a drag. And related to that, the fleet productivity number, I know you don't like going into the details, but can you give us some sense of the components of fleet productivity. Were both utilization rate up one up, one down. Just trying to get a sense of those components as we sort of push against the cost. Thank you.

那麼有沒有辦法重新考慮定價策略，例如簽訂年度合約之類的，這樣就不會繼續成為一種負擔了。與此相關的是車隊生產力數據，我知道你不喜歡深入細節，但你能為我們介紹一下車隊生產力的組成要素嗎？兩者的利用率都上升了，一個上升，一個下降。我們只是想了解這些組成部分，因為我們還要努力控製成本。謝謝。

Yeah, I'll take the latter part there, David, on fleet productivity, and then Ted can add some color on the ancillary. But on the ancillary, I do want to remind you that A big portion of this is delivery, which is basically a pass-through fuel, which is not a large markup.

是的，大衛，我來負責後半部分，關於車隊生產力，然後泰德可以補充一些關於輔助方面的內容。但關於附加費用，我想提醒各位，其中很大一部分是配送費，基本上只是過路費，也就是燃油費，加價幅度並不大。

So there's just some things there that have historically been. And it's a fair point about the pricing. But as we think about that, and Ted can get into the detail of the math of how that impacts us, there's nothing new other than we're doing more of it as we continue to serve more products and services.

所以，有些東西是歷史上一直存在的。關於定價的問題，你說的很有道理。但當我們思考這個問題時，泰德可以詳細解釋這對我們的影響，除了隨著我們不斷提供更多產品和服務，我們在這方面投入更多精力之外，並沒有什麼新情況。

And the fleet productivity, as I stayed true to telling you qualitatively. We're very pleased with how rate and time have performed throughout the year and specifically in Q3. I would say the gap, the difference between what you saw in Q2 at 3.3% fleet productivity, and Q3 at 2% was mix. Mix was a good guide for us in Q2 and not in Q3. So we would see that as normal variability.

至於艦隊生產力，正如我之前定性地告訴你們的。我們對全年的費率和時間表現，特別是第三季的表現，非常滿意。我認為差距，也就是第二季車隊生產力 3.3% 與第三季 2% 之間的差異，是產品組合造成的。Mix 指標在第二季對我們來說是一個很好的參考指標，但在第三季則不是。所以我們會將其視為正常的波動。

And it's important for us to remind you all that mix is just -- we're catching that. We're not driving that. That's a result of who you rent to, how you went to, what your rent, how long, what geography. So it's not anything that we have any capability to predict, quite frankly, because it's reactive and responsive to where the demand is. And then we just let you know that. But to be clear, rate and time are both up this year, and we feel good about it.

我們必須提醒大家，混合就是──我們正在努力做到這一點。我們不負責開車。這取決於你把房子租給誰、你是怎麼租的、租金是多少、租期多長、地理位置等等。坦白說，我們根本無法預測它，因為它會根據需求做出反應。然後我們就會通知您。但要明確說明的是，今年的利率和時間都提高了，我們對此感到滿意。

And on the margin side within ancillary, David, obviously, the thought there is you want to be responsive to the customers all kind of ties back to this concept of being the partner of choice. Frankly, it's hard for us to predict what that mix will look like between something like pickup and delivery or installation breakdown, setup, fueling, et cetera.

至於輔助業務的利潤方面，David，很顯然，你的想法是要對客戶做出快速反應，這都與成為首選合作夥伴的概念息息相關。坦白說，我們很難預測取貨和送貨或安裝拆卸、設定、加油等環節的組合會是什麼樣子。

The margins themselves don't fluctuate a tremendous amount, but they are what they are. So delivery to Matt's point is probably the thinnest of that. That's really kind of just the convention of the industry. Others are certainly not going to have the kind of margins that we have in rental. But as we've said, they're definitely positive and they add GP dollars with very little capital coming along with that. So we think they benefit us both strategically and financially, but it's going to drive kind of variability depending on what that composition looks like.

利潤率本身波動不大，但它就是那樣。所以，對於馬特的觀點，其論證可能最薄弱。這其實只是行業慣例而已。其他行業肯定不會像我們租賃業一樣擁有如此高的利潤率。但正如我們所說，它們肯定是正面的，而且它們增加了普通合夥人的資金，而隨之而來的資本卻很少。所以我們認為它們在策略和財務上都對我們有利，但根據這種組成如何，將會帶來一定的波動性。

Alright. I appreciate that. Thank you.

好吧。我很感激。謝謝。

Thanks, David.

謝謝，大衛。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Yes. Thank you. Good morning, everybody. You've mentioned a few times across the call solid demand indicators kind of driving some of the CapEx move. Could you talk a little bit qualitatively about what that looks like in the field? Is this mega projects that we all knew about but are probably coming online? Is the share gain as people appreciate? Is this interest rate intensive construction having what's kind of going on? Thank you.

是的。謝謝。大家早安。您在通話中多次提到，強勁的需求指標在一定程度上推動了資本支出的增加。您能否定性地談談這在實際應用上的具體情況？這是我們都知道但可能即將上線的那些大型專案嗎？隨著人們的欣賞，股價是否會上漲？這種高利率的建築業是否與目前的情況有關？謝謝。

Sure, Rob. As we've talked about really for the past year plus -- there's some feedback there from somebody. But as we talk about large projects are really carrying the ball here. So we feel really good about that. And when we asked, what surprised us, we had a higher win rate than maybe we had originally planned for, and that's what the additional CapEx was for.

當然可以，羅布。正如我們過去一年多來一直在討論的那樣——有人提出了一些反饋意見。但當我們談到大型專案時，它們才是真正發揮關鍵作用的。所以我們對這一點感到非常滿意。當我們問到最令我們感到意外的是什麼時，我們表示勝率比我們最初計劃的要高，而這正是額外資本支出的用途。

As far as the local markets, the local markets, we would call flattish. It's very choppy in certain markets. There's a little bit more opportunity than others, but I'd call it net across the network probably flat on the local and really the growth coming from major projects, which are robust and we expect to do well, and I'm glad to see the teams executing on it.

至於當地市場，我們可以稱之為平坦的市場。某些市場波動非常劇烈。雖然機會比其他地方稍微多一些，但我認為整個網路整體上可能持平，本地市場的成長主要來自大型項目，這些項目都很穩健，我們預計會取得好成績，我很高興看到團隊正在執行這些項目。

Thank you. And then the fleet repositioning that's been there this quarter and before, that's -- related to that shift in demand. Does that have an end date to it? Where you've kind of got stuff moved around where you want it? Or is that just a new world where projects are bigger and in different places? I'll stop there. Thanks.

謝謝。此外，本季及之前進行的艦隊重新部署，也與需求的這種變化有關。這項計劃有截止日期嗎？你已經把東西擺放到你想要的位置了嗎？或者這只是一個項目規模更大、地點更多樣化的新世界？我就到此為止。謝謝。

So part of that is think about the disbursement of revenue, right? Think about a couple of years ago when we talked about broad-based demand and our network was a real advantage for us because we could just serve more demand out of our same cost basis basically with some variable costs.

所以其中一部分需要考慮收入的分配，對吧？想想幾年前，我們討論的是廣泛的需求，而我們的網路對我們來說是一個真正的優勢，因為我們基本上可以用相同的成本基礎（加上一些可變成本）來滿足更多的需求。

Now as these major projects are throughout our network, but there are chunks of revenue that we have to move fleet to from certain places. And in many instances, has some additional cost with these mega projects of building an on-site and a support team there. So I'd say that's a dynamic and the part that surprised us the most, and we've been very upfront about this is the delivery of mobilizing that fleet to these sites.

現在，這些重大項目遍布我們的網絡，但我們必須將車隊從某些地方調往某些地區，以獲得相應的收入。而且在許多情況下，這些大型專案還需要一些額外的成本，例如建造現場設施和組建支援團隊。所以我覺得這是一個動態變化，最讓我們感到驚訝的部分，也是我們一直坦誠面對的部分，就是將這支車隊調動到這些地點。

Whether they be remote or not, it's -- you're mobilizing it from multiple areas. So that's a little bit different cost that we have to absorb that when we were spreading it throughout the network in the local markets just didn't have that additional cost burden. Outside of that, I wouldn't call out anything different. When you look at these decisions on their own, the math makes sense. They're good decisions. It's just some additional costs that you don't have to incur when you're not so weighted on the large projects.

無論他們身處何地，你都是從多個地區調動資源。所以，這是我們需要承擔的略有不同的成本；而當我們在本地市場透過網路進行分銷時，並沒有這種額外的成本負擔。除此之外，我不會指出任何不同之處。單看這些決定，從數學角度來看是合理的。這些都是明智的決定。如果你沒有承擔那麼多大型項目，就無需承擔這些額外的成本。

Thank you.

謝謝。

Sure. Thanks, Rob.

當然。謝謝，羅布。

Michael Feniger, Bank of America.

麥可費尼格，美國銀行。

Great. Thanks, guys, for squeezing me in. Matt, just on the local market, it seems like you're signaling 2026 as a growth year. Is that inclusive of the local market? Or is that more on the larger progress? And if we see rate cuts, is that alone get the local markets back.

偉大的。謝謝各位，擠出時間讓我來。馬特，就本地市場而言，你似乎認為 2026 年將是成長之年。這是否包括本地市場？或者，這更關乎整體進展？如果利率下調，是否就能讓本地市場恢復正常？

Historically, there's been a delay between rate cuts and construction picking up, but those rate cuts happen in deep recession. So I'm curious if you feel the feedback loop from rate cuts is a little shorter than normal in terms of when that pipeline might fill up. That's more of the second half next year type of event.

從歷史上看，降息和建築業復甦之間總是存在時間差，但降息通常發生在經濟深度衰退時期。所以我很好奇，你是否覺得降價帶來的回饋週期比正常情況要短一些，因為這意味著供應管道可能很快就會被填滿。那更像是明年下半年才會發生的事。

Yeah. We don't pretend to know, right, how that -- and I think if you look at history, there's different outputs. So if you can't even look at history and hope it will repeat itself because it's been different during different cycles. But sentiment feels a little bit better with there being a rate cut and talk of more rate cuts, but you don't take sentiment to the bank.

是的。我們不假裝知道，對吧，這是怎麼回事——而且我認為，如果你看看歷史，你會發現有不同的結果。所以，如果你連歷史都不能藉鑑，就指望它會重演，因為在不同的周期中情況都不一樣。但隨著降息和更多降息的傳聞，市場情緒似乎有所好轉，但你不能把市場情緒當真。

Right now, we call local markets flat. We're going to go through our planning process for the balance of this quarter. That will inform our guidance. And we'll get a little bit closer to the local market as we talk to the branch managers and the district managers that are much closer to that and they'll give us their feedback on what do they think their growth potential is locally, outside of large projects.

目前，我們認為本地市場處於平穩狀態。我們將繼續推進本季剩餘時間的規劃流程。這將為我們的指導提供依據。我們將與分公司經理和區域經理進行交流，從而更深入地了解當地市場。他們會給我們回饋，在大型專案之外，他們認為當地的成長潛力如何。

And then we'll have a better idea, but I agree with the tone of the sentiment. We just got to see does our team think when that's going to manifest and how we're going to capitalize that growth. But we'll be excited for that to happen. We do think it's potential upside, whether that's to '26. The back half, '26, '27, we're not even sure yet. So it's something that we'll communicate when we give out guidance.

到那時我們會有更清楚的認識，但我同意這種說法的語氣。我們只需要看看我們的團隊認為這種情況何時會發生，以及我們將如何利用這種成長。但我們會為此感到興奮。我們認為它有上漲潛力，無論到 2026 年。後半段，2026年、2027年，我們還不確定。所以，這是我們在發布指導意見時會談到的內容。

Perfect. And Matt, you mentioned accelerated the CapEx to meet the demand. Did large projects -- did you see anything that got green lit that maybe was on the fence? Or are you seeing your typical win rate starting to inch up versus prior years? And just a tag on that, Ted, if there's any way you could help quantify where you think that power vertical for you guys? How big you think that is today for you guys versus maybe where it was a few years ago? Thanks, everyone.

完美的。馬特，你提到加快資本支出以滿足需求。做過大型專案嗎？有沒有看到一些原本懸而未決但最終獲得批准的項目？或者，您發現您的平均勝率開始比往年略有上升？泰德，最後再問一個問題，你能否幫忙量化一下你認為你們的權力垂直領域在哪裡？你們覺得對你們來說，這在今天有多大影響？跟幾年前相比又如何？謝謝大家。

Yeah, I would just say it's -- we just had greater success and the customers that rely on us have had greater success in these large projects, and the pipeline is robust. So I would say that's what drove the extra demand. It's really just good execution from the team, and I'll let Ted talk to the power vert.

是的，我只想說——我們取得了更大的成功，依賴我們的客戶在這些大型專案中也取得了更大的成功，而且專案儲備充足。所以我認為這就是額外需求的驅動因素。這完全是團隊執行力的體現，我會讓泰德和強力直立球員談談。

Yeah, Mike, thanks for the question. So it's currently in low double digits, say, 11%, 12%. It's probably a reasonable area. And if you go back to when we introduced what we called our power vertical strategy. And just to be clear, this is really a focus on investor-owned utilities, whether it's generation, transmission, distribution.

是的，麥克，謝謝你的提問。所以目前是兩位數的低位，比如說 11%、12%。這大概是個不錯的區域。回顧我們推出所謂的垂直整合策略的時候。需要明確的是，這實際上是指投資者所有的公用事業公司，無論是發電、輸電還是配電。

At the time in 2016, it was probably 4%. So we're probably coming up on nearly tripling that relative exposure to what we think is, at the time, we thought it would be a very large stable business it's very large. It's obviously seen a lot of investment, and we expect that to certainly continue for the long foreseeable future. So I feel like we're really well positioned there. and we've spent the better part of a decade building what we think is a lot of competitive advantages to serve those customers in that market uniquely.

2016 年的時候，這個數字可能是 4%。因此，我們可能即將把對這部分業務的相對敞口增加近三倍，而我們當時認為這將是一個規模非常大、非常穩定的業務，它現在確實非常龐大。顯然，該地區已經獲得了大量投資，我們預計這種情況在可預見的未來肯定會繼續下去。所以我覺得我們在那裡佔據了非常有利的地位。我們花了近十年時間，打造了我們認為能夠獨特地服務該市場客戶的許多競爭優勢。

Thank you.

謝謝。

Steven Fisher, UBS.

史蒂文費雪，瑞銀集團。

Thanks. Good morning. I just wanted to ask about the come back to the margin dynamics here. Just looking at the Q2 versus Q3 year-over-year specialty going from 220 basis points to 490 basis points headwind. It sounded like qualitatively, the drivers weren't really that different categorically, but just curious what accounts for that difference in year-over-year? Was there sort of faster growth in Yak that was driving more of that delivery impact? Or what just accounts for the 220 versus 490. Thanks.

謝謝。早安.我只是想問一下關於利潤率動態回歸的問題。僅從第二季與第三季同比來看，特殊商品的不利因素從 220 個基點增加到 490 個基點。聽起來從定性角度來看，這些駕駛員在本質上並沒有太大區別，但我很好奇是什麼導致了每年的差異？Yak 的成長速度是否更快，從而對配送業務產生了更大的影響？或者，是什麼原因導致了 220 與 490 之間的差異？謝謝。

Yeah, absolutely, Steve. Thanks for the question. So overall, I would say the cost dynamics within specialty and frankly, the whole business has been pretty consistent across the year. When you look specifically at specialty 2Q versus 3Q, the big difference was the increase in depreciation we had in that, and that spoke to kind of the aggressive investment we're making in Yak more than anything in matting.

是的，當然，史蒂夫。謝謝你的提問。總的來說，我認為專業領域的成本動態，坦白說，整個業務的成本動態在過去一年中相當穩定。具體來看第二季和第三季的特種產品，最大的差別在於折舊的增加，這反映了我們對犛牛的積極投資，而不是對墊子的投入。

I mean those assets get depreciated at a far faster pace than any other asset class we have in that business. So when you look at kind of the 490 basis point decline, 200 basis points of that was depreciation, so call it 40%. The other pieces were the same things we've talked about like delivery and really ancillary being the other big piece.

我的意思是，這些資產的折舊速度比我們在這個行業中的任何其他資產類別都要快得多。所以，當你看到這 490 個基點的下降時，其中 200 個基點是折舊，所以算 40%。其他部分和我們之前討論過的一樣，例如配送，而輔助性工作也是非常重要的一環。

Okay. That's helpful. And I think you are on track or planning to do 50-ish cold starts this year. I think you're pretty close to that already. Do you think that momentum is likely to kind of continue into the fourth quarter? And any sense of having done 70-plus last year and maybe on track for 50-plus this year, directionally, where you see the cold starts heading for next year?

好的。這很有幫助。我認為你今年應該能完成大約 50 次冷啟動。我覺得你已經很接近那個目標了。你認為這種勢頭有可能延續到第四季嗎？去年完成了 70 多場，今年預計會達到 50 多場，從方向上看，您認為明年的冷車啟動會走向何方？

So we haven't finished the planning process yet, as I said earlier, and that's where we'll make those decisions. As far as with the balance of the year, we're in a small period here in Q4. Maybe there'll be another 10 to a dozen in Q4. It really depends on the timing of if the team finds the real estate and the bodies to be able to do it. So as far as '26, stay tuned. They've executed. The teams executed real well on cold starts here in '25, and they'll propose the plans for '26 in the next six weeks.

正如我之前所說，我們還沒有完成規劃過程，我們將在這個過程中做出這些決定。至於今年剩餘的時間，我們現在正處於第四季這個短暫的時期。或許第四季還會再有 10 到 12 家。這真的取決於團隊能否及時找到合適的場地和人手來完成這項工作。至於2026年，敬請期待。他們已經執行完畢。各隊在 2025 年的冷啟動階段表現非常出色，他們將在接下來的六週內提出 2026 年的計畫。

Terrific. Congratulations.

了不起。恭喜。

Thanks.

謝謝。

Jamie Cook, Trust Securities.

Jamie Cook，Trust Securities。

Hi. Good morning. I guess just two questions. The setup for 2026. Obviously, ancillary is just becoming a larger part of the business, it just sounds like structurally, that will be a headwind on margins. But I guess, Matt or Ted, I'm just trying to think about, obviously, you're seeing demand or demand is starting to improve or maybe your share is just improving. But I'm just wondering, the setup in 2026 with a lot of the inflationary pressures in particular with tariffs and Section 232.

你好。早安.我想問兩個問題。2026 年的規劃。顯然，輔助業務在企業中所佔的比重越來越大，從結構上看，這似乎會對利潤率造成不利影響。但我想，馬特或泰德，我只是想弄清楚，顯然，你們是否看到了需求，或者需求是否開始改善，或者你們的市場份額是否正在提高。但我只是在想，2026 年的情況會如何，尤其是在關稅和第 232 條款等諸多通膨壓力下。

And you have the ancillary business becoming larger. To what degree do you think we can start to push through higher rental rates. Is the market strong enough that they could absorb that just given some of the cost headwinds that we could see continuing into 2026? Thank you.

而且輔助業務也在不斷壯大。你認為我們可以在多大程度上開始推動提高租金？考慮到一些成本方面的不利因素可能會持續到 2026 年，市場是否足夠強勁，能夠消化這些成本？謝謝。

Yeah, good question, Jamie. We don't want to get too far ahead of ourselves. But certainly, if you just take a step back and you decompose what's happened in 2025 as a starting point. A lot of the margin dynamics have been being responsive to customers. You touched on ancillary, but obviously, that is dilutive.

嗯，問得好，傑米。我們不想操之過急。但當然，如果你退後一步，以 2025 年發生的事情為起點進行分析，就會發現這一點。利潤率的許多變化都取決於對客戶需求的回應。你提到了輔助性因素，但顯然，這會稀釋重點。

And you could ask yourself why are you doing that? And again, it's to really be this partner of choice and be responsive and frankly, use that as a tool to be a better partner and take share. We think that's absolutely worked out. And while it is dilutive to margins, as we've talked about, there are a lot of benefits to it. So how does that play out next year?

你可以問自己，為什麼要這樣做？再次強調，關鍵在於真正成為客戶的首選合作夥伴，積極回應客戶需求，坦白說，要利用這一點作為工具，成為更好的合作夥伴，並贏得市場份額。我們認為這絕對奏效了。雖然這會稀釋利潤率，但正如我們之前討論過的，它也有很多好處。那麼明年情況會如何發展呢？

Time will tell. We don't think that's a bad business. But we'll have a sense for what that's going to look like over the next six weeks as we get through the business planning process. Then you think about things like cold starts and investments, and I don't think anybody would dispute the logic, strategic or financial of the cold starts we're doing in specialty.

時間會證明一切。我們認為這並非糟​​糕的生意。但在接下來的六週裡，隨著我們完成業務規劃流程，我們將對最終結果有所了解。然後你會想到冷啟動和投資之類的事情，我認為沒有人會質疑我們在專業領域進行的冷啟動的邏輯、戰略或財務意義。

To your question on inflation, broader inflation, it's still elevated, as I said in my prepared remarks, is it going to subside in '26? Time will tell, but certainly, we are very aggressively managing our costs in any environment, but certainly in this one.

關於你提出的通貨膨脹，更廣泛意義上的通貨膨脹，正如我在準備好的演講稿中所說，它仍然處於高位，那麼它在 2026 年會下降嗎？時間會證明一切，但可以肯定的是，無論在任何環境下，我們都在積極控製成本，尤其是在當前這種環境下。

So then you come to the delivery piece. And that's obviously been kind of the biggest discrete challenge we faced this year, and that's driven a lot by being responsive to customers. That's what just helped support the demand and the growth you've seen. We're trying to figure out that piece next year, what is the growth? What does it look like from a physical footprint standpoint? And then how do we most effectively serve it.

接下來就是配送環節了。顯然，這是我們今年面臨的最大挑戰，而這很大程度上是由於需要對客戶的需求做出快速回應。正是這些因素支撐了你所看到的需求和成長。我們正在努力弄清楚明年這個問題，即成長目標是什麼？從物理佔地面積的角度來看，它是什麼樣子的？那麼，我們如何才能最有效地服務它呢？

Matt talked about the idea of managing CapEx differently such that you could mitigate some of that incurred cost moving fleet. We're working through that, but that again is being responsive to where demand is and supporting our customers. So all that is to say that we're looking at those things, they will all affect 2026 margins and flow-through. But the focus, as always, is on profitable growth. And from that standpoint, we think the team is managing the business really well.

Matt 談到了以不同的方式管理資本支出的想法，這樣就可以減輕搬遷車隊所產生的一些成本。我們正在努力解決這個問題，但這再次表明我們要對市場需求做出快速回應，並為客戶提供支援。所以，總而言之，我們正在關注這些因素，它們都會影響 2026 年的利潤率和傳遞效應。但一如既往，重點仍然是獲利成長。從這個角度來看，我們認為團隊對業務的管理非常出色。

Thank you.

謝謝。

Ken Newman, KeyBanc Capital Markets.

Ken Newman，KeyBanc Capital Markets。

Hey, thanks. Good morning, guys.

嘿，謝謝。各位早安。

Good morning.

早安.

Good morning. So maybe to follow up on that answer, that response now, Ted. I think, Matt, you mentioned growing the fleet for both stronger demand, but also maybe to better address the fleet movements. I know you don't want to talk about '26 yet, but just higher level, how do you think about balancing those two dynamics, right, to keep time yet strong into next year?

早安.所以，泰德，也許現在我想就你剛才的回答、你的回應做個後續說明。馬特，我想你提到擴大船隊規模既是為了滿足更強勁的需求，也可能是為了更好地應對船隊調動。我知道你現在還不想談論 2026 年的事情，但從更高的層面來說，你認為應該如何平衡這兩種動態，才能既保持時間優勢，又能保持強勁勢頭延續到明年？

And just how long do you think it takes to tackle some of these cost inefficiencies. And maybe to that point, do you need to accelerate cold starts in order to tackle the movements or the fleet repositioning costs?

那麼，你認為解決這些成本效率低下的問題需要多長時間？或許到了那個地步，你需要加快冷啟動速度，以應對運輸或車隊重新部署的成本嗎？

Yeah, it's a great point, Ken. And one that we're talking about. First off, and getting together with our partners, our customers and fleet planning, right, a little more accurately. But to be fair to them, these big jobs are dynamic and all of a sudden, any 50 units that we weren't given a heads up on and they need to make up. So we have a choice to make in that -- to give you that example in that instance.

沒錯，肯，你說得很有道理。而我們正在討論的就是其中之一。首先，我們要與合作夥伴、客戶以及車隊規劃部門溝通，更精確地說，是要進行更詳細的溝通。但公平地說，這些大項目瞬息萬變，突然之間，可能就會有 50 個單元的訂單需要他們補上，而我們事先並沒有收到任何通知。所以，在這種情況下，我們需要做出選擇──我舉個例子來說明這一點。

So first, it starts with me challenging our team in the field, hey, let's make sure we're communicating. The earlier we know, the more efficient we could be. And then there is a component of why there are some categories in our desire to drive high time -- high fleet productivity, we've been running hot for a while, for quite a few years. There's certainly some categories that we're going hand to mouth again. And we just got to be careful about that.

首先，我要向我們現場的團隊提出挑戰，嘿，讓我們確保溝通順暢。我們越早知道，效率就越高。此外，我們之所以追求高效率——高車隊生產力——也是因為我們已經高速運轉了一段時間，好幾年了。當然，在某些方面，我們又得靠微薄的收入勉強維持了。我們必須在這方面格外小心。

So we are going to look at that. There's a balance between operational efficiency and that capital efficiency. But both are important. So that's something we'll look at as we're going through the planning process. So these are all, like I said earlier, individually, when you look at the decisions to ship this stuff through third parties, it's the right decision, mathematically.

所以我們要研究一下這個問題。營運效率和資本效率之間需要取得平衡。但兩者都很重要。所以這是我們在規劃過程中需要考慮的問題。所以，就像我之前說的，單獨來看，當你考慮透過第三方運送這些東西的決定時，從數學角度來看，這是一個正確的決定。

It's just how can we avoid that incremental cost? How can we minimize it as best we can. And that's something that we'll have some learnings from this year, and we'll work on it. But that will all be embedded in our guidance for 2026. Because I don't think the dynamic of big projects carry and evolve is going to change a lot in '26. We'll see if the local market gets some more growth. But big jobs, we already have that visibility. We know that's going to be a big part of the opportunity.

問題在於我們如何避免這部分額外成本？我們如何才能最大限度地減少這種情況？這是我們今年需要學習的一些教訓，我們會努力改進的地方。但這些都將納入我們2026年的指導方針中。因為我認為大型專案持續發展演變的動態在 2026 年不會有太大變化。我們將拭目以待，看看本地市場能否持續成長。但對於大型項目，我們已經有了明確的訊息。我們知道這將是這次機會的重要組成部分。

Right. No, that makes sense. And then just for my follow-up, I appreciate all the color around the drags on the fleet repositioning costs. When we think about core profitability, ex some of these higher ancillary and delivery mix, is there anything -- is there any reason to think that you can't drive flow-through kind of in line with your more normalized type of margins, right? Because you're kind of signaling a growth year for next year ex some of these more volatile mix impacts. Anything to suggest that you can't kind of get back to that 40% plus type of flow-through ex those items?

正確的。不，這很有道理。最後，我想補充一點，我很欣賞文中對艦隊重新部署成本拖累因素的詳細分析。當我們考慮核心獲利能力時，例如一些較高的輔助和交付組合，是否有任何理由認為你不能推動利潤率與你更正常的利潤率保持一致，對嗎？因為你某種程度上是在暗示明年將會是個成長年，儘管這些波動性較大的組合影響仍然存在。有什麼跡象顯示你無法恢復到之前那種40%以上的流通率（例如那些商品）嗎？

I guess what I'd say is the core profitability of the business, we think, is performing well, right? And we've talked about the impact of delivery this year, which is just a function of serving our customers as efficiently as we can.

我想說的是，我們認為公司的核心獲利能力表現良好，對吧？我們已經討論過今年的配送影響，這完全取決於我們能否盡可能有效率地服務客戶。

And to Matt's point, it's balancing operating efficiency with cost efficiency or call it capital efficiency with margin. So we think we're doing those things well, and we think the underlying business is actually performing as expected. In terms of what it looks like going forward, again, we would expect the core to perform well.

正如 Matt 所說，關鍵在於平衡營運效率和成本效率，或資本效率和利潤率。所以我們認為我們在這方面做得很好，而且我們認為公司的基本業務實際上也達到了預期表現。展望未來，我們預期核心性能將表現良好。

A lot of this, and I hate to repeat myself, but it is being responsive to what customers ask of us and how demand is evolving. And so when you think about it, that again explains a lot of what we're doing with ancillary, what we're doing with cold starts.

很多時候，我必須重複一遍，那就是對客戶的要求以及需求的改變做出回應。所以仔細想想，這又解釋了我們為什麼要做輔助設備，為什麼要做冷啟動。

And so I come back to what I just said to Jamie, we feel really good about that core profitability, and our goal is always to be as efficient as possible serving demand. That doesn't change. But when you look at kind of what those margins look like when we talk about updated guidance or whatever, we would say that this is really being responsive to the market itself.

所以，我又回到了剛才跟傑米說的話，我們對核心獲利能力感到非常滿意，我們的目標始終是盡可能有效率地滿足需求。這並沒有改變。但是，當我們談到更新後的業績指引或其他情況時，看看這些利潤率的情況，我們會說，這實際上是對市場本身的積極回應。

Understood. Thanks.

明白了。謝謝。

Tami Zakaria, JPMorgan.

Tami Zakaria，摩根大通。

Hey, good morning. Thank you so much. I have just one question. It sounds like customer demand has accelerated on the large project side. So is it fair to assume your raised equipment purchase plans would be across Gen Rent and Specialty equipment? Or is there -- are there any specific categories where you're seeing better demand?

嘿，早安。太感謝了。我只有一個問題。聽起來，大型專案的客戶需求已經加速成長。那麼，是否可以合理地假設您提高的設備採購計劃將涵蓋一般租賃和專業設備？或者說，有沒有哪些特定類別的需求比較旺盛？

No. I think you raised a good point. It is -- historically, we've been putting a lot more growth into specialty. And you see that in the results. This -- think about these large projects are taking our full portfolio. So the incremental investments would be more broad than maybe our earlier growth expectations of mix.

不。我認為你提出的觀點很好。從歷史上看，我們一直將更多成長投入專業領域。從結果中也可以看出這一點。想想看，這些大型專案正在佔用我們全部的資金。因此，新增投資的範圍可能比我們先前預期的成長組合更為廣泛。

So we know where the high time categories are and we'll continue to make sure that we're running a good balance of capital efficiency and responsiveness in those. So I'd say it's more looks like our overall portfolio. It's what these investments look like.

所以我們知道哪些是高週期類別，我們將繼續確保在這些類別中保持良好的資本效率和反應速度平衡。所以我覺得它更像是我們整體的投資組合。這就是這些投資的現況。

Wonderful. Thank you.

精彩的。謝謝。

Thank you, Tami.

謝謝你，塔米。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，加拿大皇家銀行資本市場。

Great. Thanks, and good morning. So your earlier commentary indicated that the larger project side of the business is continuing to trend well. Some of these really took on as the IIJA really got going. I guess when you look ahead one, two years, three years, do you think the business or the industry needs some sort of a renewal to that IIJA program? Or is the industry just generally inflecting towards these larger mega projects, just some thoughts there.

偉大的。謝謝，早安。所以你之前的評論表明，公司的大型專案業務方面繼續保持良好的發展趨勢。隨著 IIJA 的真正發展，其中一些內容也得到了極大的發展。我想，展望未來一、兩年、三年，您認為企業或產業是否需要對 IIJA 專案進行某種形式的更新？或者說，整個產業都在朝著這些規模更大的超級專案發展？這只是我的一些想法。

Yeah, absolutely. Certainly, infrastructure broadly has been a very strong market for us. And certainly, the IIJA has helped support that. Our best sense is there's still a healthy amount of that initial or that money left. So that should support it.

是的，絕對是如此。當然，基礎建設一直是我們非常強勁的市場。當然，國際青少年司法協會也為此提供了支持。我們感覺，最初的那筆錢或投資還有相當一部分剩餘。這樣應該可以佐證這一點。

The thing we've always talked about infrastructure, there's certainly not a lack of demand in the sense of the need to reinvest in infrastructure, we certainly expect that, that will continue, whether it's funded by state initiatives or local initiatives or federal dollars.

我們一直在談論基礎設施，當然不存在對基礎設施再投資的需求不足的問題，我們預計這種情況將會持續下去，無論是由州政府、地方政府還是聯邦政府出資。

So we'll see ultimately what that funding looks like. But there's no question that the country on the whole needs to continue investing aggressively in reinvigorating infrastructure. And the other thing we've talked about, just maybe as a corollary to that question is, infrastructure has been a great market for us. It's an important part of our business, but we've got a lot of these tailwinds.

所以最終我們會看到這筆資金的具體金額。但毫無疑問，整個國家需要繼續大力投資，振興基礎建設。我們之前也談過一點，或許可以作為這個問題的推論，那就是基礎建設一直是我們的重要市場。這是我們業務的重要組成部分，但我們有很多有利因素。

And certainly, we're writing a lot more than just one wave of infrastructure. When you think about a lot of the onshoring, a lot of the remanufacturing in the US and power and other things in technology, all those come together to give us a really optimistic outlook for the foreseeable future on demand.

當然，我們正在建造的遠不止一波基礎設施。當你考慮到美國的大量生產回流、大量的再製造以及電力和其他技術領域，所有這些因素加在一起，讓我們對可預見的未來需求前景非常樂觀。

Great. And then just as a follow-up, I think there's been commentary in the past that it may not necessarily be a larger project, lower margin type of a setup. But as you think about larger projects becoming a bigger part of your mix, and it sounds like you're ramping up that side, you're moving fleet around to meet these large projects.

偉大的。另外，我認為過去曾有人評論說，這可能不一定會是規模較大、利潤較低的項目。但隨著大型專案在你的業務組合中佔據越來越大的比例，而且聽起來你正在加大這方面的投入，你也在調動車隊來滿足這些大型專案的需求。

Is there sort of an inflection point that you see in your business at which, look, larger projects are going to be stable at this space and now we'll get operating leverage on the sort of the cost base that we install to perhaps meet that demand that the larger customers looking for? Just any view on how -- as that business grows, is there a view on sort of an inflection point on overall margins and operating leverage? Thanks.

您認為您的業務是否存在某種轉折點，在這個轉折點上，大型專案將在這個領域保持穩定，而我們將能夠利用成本基礎的營運槓桿來滿足大型客戶的需求？大家對隨著業務成長，整體利潤率和經營槓桿是否有轉折點有什麼看法？謝謝。

Yeah, it's a good point. What we've talked about historically is when you think about large projects versus our base margins, we have always. And still believe, by the way, that although some of those large projects do get some discount as they leverage the bulk spend with us, that we get to serve it more efficiently on site versus spreading that overall.

是的，這是一個很好的觀點。我們過去一直在討論的是，當你考慮到大型專案與我們的基本利潤率時，我們一直都是這樣。順便說一句，我仍然認為，雖然一些大型專案由於在我們這裡集中採購而獲得了一些折扣，但我們可以在現場更有效地提供服務，而不是將成本分散到整體上。

The one area that has changed as it's become a bigger part of the portfolio that, quite frankly, we didn't anticipate was the repositioning of the fleet. So it's a little bit of where the jobs are, where you're positioned, and what I said earlier, how well you can plan with the customers to position the fleet, that's going to decide that.

隨著業務組合的擴大，其中一個改變的領域，坦白說，是我們始料未及的，那就是船隊的重新定位。所以，這取決於工作機會在哪裡，你的定位在哪裡，以及我之前提到的，你與客戶一起制定車隊部署計劃的能力如何，這些都會決定最終結果。

Just to put it in context, in the relative scheme of things, we're talking about small numbers, right? You're talking about 1% of your operating costs, but it does make noise within the metrics, which is why we explain it to you all.

為了讓大家更理解，從相對的角度來看，我們討論的是很小的數字，對吧？你說的只是營運成本的 1%，但這確實會對各項指標產生影響，所以我們才要跟大家解釋一下。

So even with this extra burden transportation costs, it's still relatively close to the same. It's just the challenges where the fleet is versus where the need is and how you continue to improve that operating efficiency is what will make that decision. But I wouldn't see it as terribly different even in its current environment with these extra costs because in the scheme of a $15 billion company and the cost base we have, it's not a big number.

所以即使加上額外的運輸成本，最終價格仍然相對接近。關鍵在於如何平衡現有車隊與實際需求之間的差距，以及如何持續提高營運效率，這才是做出最終決定的關鍵。但即使在目前的環境下，考慮到這些額外的成本，我也不認為情況會有太大的不同，因為對於一家市值 150 億美元的公司和我們現有的成本基礎來說，這並不是一個很大的數字。

Thanks so much.

非常感謝。

Tim Thein, Raymond James.

提姆泰恩，雷蒙詹姆斯。

Thank you. Good morning. Maybe just the first question is maybe for you, Matt, just in terms of the customer dialogue and what you're hearing from -- in terms of some of the national account customers, it's been a couple of months since we've had the tax reform passed.

謝謝。早安.或許第一個問題對你來說，馬特，就客戶對話以及你從一些全國性客戶那裡聽到的反饋而言，自從稅改法案通過以來已經過去幾個月了。

And if you -- and some of the sentiment readings have kind of been all over the board, but it doesn't seem to be much change in terms of kind of forward-looking CapEx and other growth plans. But I'm just curious, have you detected or seen any change in terms of -- again, just kind of thoughts around big project spending and now that some time has elapsed since the OBBBA has passed?

而且，有些情緒讀數似乎五花八門，但就前瞻性資本支出和其他成長計畫而言，似乎並沒有太大變化。但我很好奇，您是否察覺或看到任何變化——再次強調，只是關於大型項目支出的一些想法，尤其是在 OBBBA 法案通過後的這段時間？

Yeah. Our customers remain optimistic. And when we look at our customer confidence index, we get that feedback when we talk to our national account teams which are dealing with the largest contractors in North America, we get positive feedback, and we're getting it from the field as they're asking for more support from a fleet perspective throughout the year. So we don't see any negative trend there at all or any kind of need for a reboot of any kind of spending. And the pipeline that we have visibility to it looks pretty good for '26. And the feedback from our customers and our field teams matches that sentiment.

是的。我們的客戶依然保持樂觀。當我們查看客戶信心指數時，我們與負責北美最大承包商的全國客戶團隊交談後，得到了積極的反饋；我們也從第一線員工那裡得到了反饋，他們全年都在車隊方面尋求更多支持。因此，我們完全沒有看到任何負面趨勢，也沒有任何重啟任何形式支出的必要。就我們目前掌握的情況來看，2026 年的管線狀況相當不錯。來自客戶和現場團隊的回饋也印證了這一點。

Okay. And maybe looking a little bit further out, the 2028 goals that you outlined at the Investor Day back in '23, you obviously wouldn't have kept it in the slides if you didn't think it was still realistic. But the elements of it is, specifically around what the implied flow-through look to be a bit more challenging. Does that -- do those targets maybe rely a bit more on M&A from here? Or maybe just kind of an update as to how we're tracking towards those.

好的。再展望一下未來，您在 2023 年投資者日上提出的 2028 年目標，如果您不認為它仍然現實，顯然就不會保留在幻燈片中了。但其中的一些要素，特別是關於隱含的流程，看起來更具挑戰性。也就是說，這些目標公司今後可能會更依賴併購嗎？或者，也可以簡單回報一下我們實現這些目標的進展。

Again aspirational -- go ahead.

再次強調，這只是一個美好的願望－加油！

Yeah, absolutely. So starting with the growth. I mean we feel like we're tracking well, right? We talked about this aspirational goal of $20 billion by '28. And I think if you do the simple math, you need to keep compounding something like 7%. And so we feel like that is still very much in play, I feel good with that.

是的，絕對是如此。那麼，就從成長開始說起吧。我的意思是，我們覺得目前進展順利，對吧？我們討論了在 2028 年實現 200 億美元的宏偉目標。我認為，如果你簡單計算一下，你會發現你需要持續複利，例如7%。所以我們認為這仍然很有可能，我對此感到很滿意。

The margins, frankly, will be more challenging to hit that kind of roughly implied margin and the corollary to flow-through. But when we look at kind of why, there are a few things that we point to. You mentioned about acquisitions. Frankly, acquisitions tend to pull us in the opposite direction to getting there.

坦白說，要達到那種大致隱含的利潤率以及由此推導出的流通利潤率，將會更具挑戰性。但當我們探究原因時，我們會發現以下幾點。你提到了收購。坦白說，收購往往會讓我們朝著與目標相反的方向發展。

We've long talked about this Tim, you and I have talked about this and probably Matt and I have talked to the entire investment community about this, but acquisitions tend to be dilutive to our margins. And that's why we take the time to explain what that margin profile looks like, but we really talk about the returns and most specifically, those cash-on-cash returns because that's how we think about allocating capital.

提姆，我們早就討論過這個問題了，你和我討論過這個問題，可能我和馬特也跟整個投資界討論過這個問題，但收購往往會稀釋我們的利潤率。所以，我們會花時間解釋利潤率情況，但我們真正關注的是回報，尤其是現金回報率，因為這就是我們考慮資本配置的方式。

But if you look at the acquisitions we've done since '22, they've virtually all been dilutive. That doesn't mean they weren't good deals. We would say strategically, they were all 10s, and I'd say financially, they've all been 10s but they're going to have that dilutive effect.

但如果你看看我們自 2022 年以來進行的收購，它們幾乎都稀釋了股權。但這並不意味著它們不是划算的交易。從策略角度來看，它們都是十分優秀的股票；從財務角度來看，它們也都是十分優秀的股票，但它們都會產生稀釋效應。

So just to put some numbers around that, I've looked at the math. The acquisitions probably account for 70 or 80 basis points of margin dilution since 2022 in isolation. I think if Matt and I could go back in time, we would have done every one of those deals. And frankly, we probably would have done -- we would have loved to do twice as many deals if they had the same financial profile. But the margins are also impacted by the ancillary.

為了更直觀地說明這一點，我計算了一下。單就收購而言，自 2022 年以來，這些收購可能導致利潤率下降 70 或 80 個基點。我想，如果我和馬特能回到過去，我們會把那些交易全部完成。坦白說，如果交易雙方的財務狀況相同，我們很可能會——我們很樂意達成兩倍數量的交易。但利潤率也會受到輔助成本的影響。

This is -- if you think about that evolution of being responsive to customers and how ancillary has grown from, let's say, 15% of our rental revenue mix to now approaching the very high teens. That's probably not something we would have anticipated back then. It's had this dilutive effect. We've talked about it today. We've talked about it for a while.

想想看，在回應客戶需求方面，輔助業務是如何從租賃收入佔比的 15% 成長到如今接近 10% 的。這大概是我們當時沒有預料到的。它產生了這種稀釋效應。我們今天已經討論過這件事了。我們已經討論這個問題一段時間了。

But again, these are really beneficial things we're doing to take care of customers to frankly use its competitive advantages over incumbents, and they've helped support the growth you've seen us achieve. So there, again, like we would not go back and do things any differently with ancillary.

但話說回來，這些都是我們為了照顧客戶而採取的真正有益的措施，坦白說，這些措施也利用了我們相對於現有企業的競爭優勢，並幫助支持了你們所看到的我們所取得的成長。所以，再一次，就像我們不會回到過去，對輔助設備採取任何不同的做法一樣。

And certainly, I would just say the broader inflationary environment has been worse than probably anybody expected since '22. That being said, we feel like we've managed it really well on an underlying basis. And so again, the margins, it will be a stretch.

當然，我只想說，自 2022 年以來，整體通膨環境可能比任何人預期的都要糟糕。也就是說，我們感覺從根本上來說，我們已經處理得非常好了。所以，利潤空間依然有限。

I'll say that. I don't think that surprises anybody. That doesn't mean we're not going to keep pushing for it. And it doesn't mean we're not incredibly focused on driving better core profitability of the business. So Matt, I don't know if you'd add anything.

我會這麼說。我想這並不令人意外。但這並不意味著我們會停止努力爭取。但這並不代表我們不非常重視提高公司的核心獲利能力。馬特，我不知道你是否還有什麼要補充的。

No. I think that's right. It was an aspirational plan, and I think it was the right one. There's been some dynamics that have changed in the construct of the business. And we'll keep informing everybody as it goes along. So -- but we do feel good about basically the core profitability of this.

不。我認為那是對的。這是一個充滿抱負的計劃，我認為這是正確的計劃。商業結構中出現了一些變化。我們會隨時向大家通報最新進展。所以——但我們對這項業務的核心獲利能力基本上感到滿意。

Thank you.

謝謝。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thanks very much, guys. A couple from me. First one is just if you could speak to -- I know it's early and you're not giving guidance for next year. But your conversations right now, it's that time of year where you're speaking with the OEMs on pricing looking forward. Just with tariffs hovering, what are the conversations like is it's going to be anticipated as a normal pace of rate increases for the upcoming year? Or might there be something that could surprise us? Thanks.

非常感謝大家。我這裡也有一對。第一個問題是，如果您能談談——我知道現在還早，您也沒有給出明年的指導意見。但你現在正在和汽車製造商討論未來的定價策略，因為這是每年的這個時候。在關稅問題懸而未決的情況下，各方討論的焦點是什麼？人們是否預期來年的關稅漲幅將維持正常水準？或者，會不會有什麼事情會讓我們感到驚訝？謝謝。

Yeah, Scott. As I said before, we try not to share information with our partners and suppliers on open mic, but we feel like we're in a good position. The consistency of the scale of spend that we've shown just to support our partners with, I think it's valued as much today as it ever has been, specifically in this past year.

是的，斯科特。正如我之前所說，我們盡量不在公開場合與合作夥伴和供應商分享訊息，但我們感覺我們目前處境良好。我認為，我們一直以來持續投入大量資金支持合作夥伴，這種做法在今天仍然具有重要的價值，尤其是在過去一年。

And we think we'll be in pretty good shape for purchases in '26, both from a cost perspective and from being able to support perspective. And our partners have done a really good job when you go back a few years ago when supply chain disruption. Getting back to normalized expectations, and we're very pleased with how they've responded.

我們認為，無論從成本角度或支援角度來看，我們在 2026 年的採購方面都會處於相當有利的地位。回顧幾年前供應鏈中斷的情況，我們的合作夥伴做得非常好。一切恢復正常預期，我們對他們的反應非常滿意。

Thanks, Matt. And then on the theme of the day, just want to ask the question kind of in a different way. If you have a strong demand, the seasonal uptick next year, which it looks like you are expecting with the elevated level of re-rent, ancillary and large projects and need for probably still delivery, you're addressing it with some CapEx. But -- and it's -- you guys have mentioned on these earlier questions, hey, we're going to look and see what we can do to improve. But are there some ideas with regard to relationships with transportation providers on the outside, maybe where you can get some bulk pricing?

謝謝，馬特。然後，就今天的主題而言，我想換個方式問這個問題。如果需求強勁，預計明年將出現季節性成長（從重新出租、輔助和大型專案以及可能仍需要交付的情況來看，您似乎已經預料到了這一點），那麼您可以透過一些資本支出來應對。但是——而且——正如你們在之前的問題中提到的，我們會看看我們能做些什麼來改進。但是，關於與外部運輸供應商建立關係，是否有一些想法，例如如何獲得批量價格？

Are there operational execution initiatives that you're looking at, is one part of this question. And then the second part of the question is, you haven't done -- obviously, H&E stepped away, but haven't done an acquisition in a while. What is the appetite there? I just heard Ted's response to Tim's question, but curious on where that may be applicable on this issue or just general appetite for M&A overall? Thanks.

這個問題的一部分是：您正在考慮哪些營運執行方面的措施？問題的第二部分是，你們顯然沒有進行過收購——H&E 已經退出了，但你們已經有一段時間沒有進行收購了。那裡的食慾如何？我剛剛聽到了泰德對蒂姆問題的回答，但我很好奇這個回答在這個問題上適用範圍如何，或者它是否適用於對併購的整體興趣？謝謝。

Sure. So on the outsourcing, we obviously already do a lot of outsourcing. And we do have some partnerships within that spend. It is something we look about -- look at, whether it's in-sourcing or outsourcing more for that flexibility. I think we lean more towards -- we seem to do things more efficiently when we can in-source, but that's a little bit harder when you're talking about some of these longer hauls. So that is something that we're wrestling with, and it's a great point, something that we're talking to people about in the space.

當然。所以，在業務外包方面，我們顯然已經做了很多外包工作。而且我們確實在這支出範圍內建立了一些合作關係。這是我們需要考慮的問題——看看應該更多地採用內部生產還是外包的方式來提高靈活性。我認為我們更傾向於——當我們能夠內部完成工作時，我們似乎效率更高，但當涉及到一些長期專案時，這有點困難。所以這是我們正在努力解決的問題，也是一個很好的觀點，是我們正在與業內人士討論的問題。

As far as M&A, listen, we've built a great capability throughout our history as good purchasers and good integrators. And we do feel one of our mantras is can we make this business better, when we make that decision. So we continue to work a pretty robust pipeline. We just haven't found the right deals yet. I think we did $20 million of M&A this year.

至於併購方面，聽著，我們憑藉著自身的發展歷程，已經建立了強大的能力，成為優秀的收購者和整合方。而且，我們始終認為，當我們做決定時，我們會考慮如何讓這項業務變得更好。因此，我們持續打造一個相當穩健的人才儲備庫。我們還沒找到合適的交易。我認為我們今年完成了2000萬美元的併購交易。

We did one small deal. We don't predict forecast or even planned M&A because I think that's how people end up doing bad deals. So we talk about our organic growth and we look at M&A as opportunistic. But to be clear, if we are always work in the pipeline, both in Specialty and Gen Rent, and if we find something that fills out our footprint better or a new product that our customers can rely on us for, like we've done in the last couple of big deals, matting and mobile storage, we're going to lean in. It's just a matter of finding that right deal where the -- where it meets all three legs of that stool we talk about of cultural, strategic and most importantly, financial.

我們做了一筆小交易。我們不做併購預測，甚至不做併購計劃，因為我認為那樣做反而會導致糟糕的交易。所以我們談論的是內生成長，並將併購視為一種機會主義行為。但需要明確的是，如果我們在專業租賃和一般租賃領域始終有工作在進行中，如果我們發現一些能夠更好地完善我們業務範圍的東西，或者一些我們的客戶可以信賴我們的新產品，就像我們在最近幾筆大交易中所做的那樣，比如地墊和移動存儲，我們就會全力以赴。關鍵在於找到合適的交易，讓它滿足我們所說的文化、策略以及最重要的財務這三個面向。

Thanks.

謝謝。

Thanks, Scott.

謝謝，斯科特。

And there are no further questions on the line. I'll turn the program back to Matt Flannery for any additional or closing remarks.

目前電話線上沒有其他問題了。我將把發言權交還給馬特·弗蘭納裡，讓他作補充或總結發言。

Thank you, operator. And to everyone on the call, I appreciate your time. I'm glad you could join us today. Our Q3 investor deck has the latest updates. And as always, Elizabeth is available to answer your questions. So until we speak again in January. I hope you all have a safe and happy holiday season and a happy new year, and we'll talk soon. Take care. Operator, you can now end the call.

謝謝您，接線生。感謝所有參加電話會議的人抽出時間。很高興你今天能來。我們的第三季投資者報告包含了最新進展。像往常一樣，伊麗莎白隨時準備回答您的問題。那麼，我們一月再見。祝大家假期平安快樂，新年快樂，我們很快再聊。小心。接線員，您可以結束通話了。

Thank you. This does conclude today's program. We appreciate your patience. We appreciate your attendance. You may now disconnect.

謝謝。今天的節目到此結束。感謝您的耐心。感謝您的出席。您現在可以斷開連線。