聯合設備租賃 (URI) 2025 Q4 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.

請查閱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. Please go ahead sir.

現在我將把電話轉給弗蘭納裡先生。請繼續，先生。

Thank you, operator, and good morning, everyone. Thanks for joining our call. As you know, in 2025, we again committed to doubling down on being our customers' partner of choice. And this translates to working hand-in-hand with our customers to provide an unmatched experience across our one-stop shop of gen rent and specialty products, coupled with industry-leading technology and a world-class team.

謝謝接線員，大家早安。感謝您參與本次通話。如您所知，2025年，我們再次承諾加倍努力，成為客戶首選的合作夥伴。這意味著我們將與客戶攜手合作，透過我們的一站式發電機租賃和特色產品服務，提供無與倫比的體驗，並結合業界領先的技術和世界一流的團隊。

Ultimately, this all culminates in our value proposition. which not only improves the customers' productivity and efficiency, but also positions us to outperform the market. I'm pleased that our team's steadfast dedication to this commitment in addition to an unwavering focus on safety and operational excellence resulted in another year of record revenue and EBITDA, as you saw in our results reported yesterday afternoon.

最終，這一切都體現在我們的價值主張中。這不僅提高了客戶的生產力和效率，也使我們能夠超越市場。我很高興，我們的團隊堅定不移地致力於這項承諾，並始終專注於安全和卓越運營，這使得我們又一年的收入和 EBITDA 創下歷史新高，正如你們在昨天下午公佈的業績中所看到的那樣。

Today, I'll start with a recap of our fourth quarter and full year 2025 results, followed by our expectations for 2026, which we expect to be another year of profitable growth. I'll keep my remarks brief before Ted reviews the financials in detail, and then we'll open the lines for Q&A.

今天，我將首先回顧我們 2025 年第四季和全年的業績，然後展望一下我們對 2026 年的預期，我們預計 2026 年將是另一個獲利成長的年份。在泰德詳細審查財務數據之前，我將簡短發言，然後我們將開放問答環節。

So let's start with the quarter's results. Our total revenue grew by 2.8% year-over-year to $4.2 billion. Within this, rental revenue grew by 4.6% to $3.6 billion, both fourth quarter records.

那麼，讓我們先來看看本季的業績。我們的總營收年增 2.8%，達到 42 億美元。其中，租賃收入成長 4.6% 至 36 億美元，兩項數據均創下第四季紀錄。

Fleet productivity increased by 0.5%, contributing to OER growth of 3.5%. Adjusted EBITDA came in at $1.9 billion, resulting in a margin of 45.2%, and finally, adjusted EPS came in at $11.09. Now let's turn to customer activity.

機隊生產率提高了 0.5%，使 OER 增長了 3.5%。調整後的 EBITDA 為 19 億美元，利潤率為 45.2%，最終，調整後的每股盈餘為 11.09 美元。現在讓我們來看看客戶活動。

We again saw growth across both our gen rent and specialty businesses in the quarter. Specialty continues to exhibit healthy and broad-based growth. We remain focused on expanding our specialty footprint and capitalizing on the geographic white space available.

本季度，我們的一般租賃業務和特色租賃業務均再次成長。專業市場持續保持健康且廣泛的成長動能。我們將繼續專注於擴大我們的專業領域，並充分利用現有的地域空白。

In 2025, we opened an additional 60 cold starts, including 13 in the fourth quarter. Importantly, we remain confident that the combination of geographic expansion, the power of cross-sell and the addition of new products to our portfolio will enable us to continue growing our specialty business at a double-digit rate for the foreseeable future, while also expanding our competitive moats and providing attractive returns.

2025 年，我們新增了 60 個冷啟動項目，其中第四季有 13 個。重要的是，我們仍然相信，透過地理擴張、交叉銷售的力量以及在我們產品組合中添加新產品，我們將能夠在可預見的未來繼續以兩位數的速度增長我們的專業業務，同時擴大我們的競爭優勢並獲得可觀的回報。

By vertical, our construction end markets saw growth across both infrastructure and nonresidential construction, while our industrial end markets saw particular strength within power.

按垂直產業劃分，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成長，而我們的工業終端市場在電力領域表現尤為強勁。

Similar to last quarter. Data centers and power were drivers of growth, but certainly not the only ones. Our project pipeline is larger than ever. And we saw new projects kick off across healthcare, pharmaceuticals, and infrastructure to name a few.

與上季類似。資料中心和電力是成長的驅動力，但肯定不是唯一的驅動力。我們的專案儲備比以往任何時候都更加豐富。我們看到醫療保健、製藥和基礎設施等領域都啟動了新計畫。

Now turning to the used market. We sold $769 million of OEC in the fourth quarter at a 50% recovery rate. For the full year, we sold slightly less than we set than we originally forecast as we held on to some high-time assets to meet demand.

現在轉向二手市場。第四季度，我們售出了價值 7.69 億美元的 OEC，回收率為 50%。全年來看，由於我們保留了一些高價值資產以滿足需求，因此我們的銷售額略低於最初的預測。

Importantly, the demand for used equipment remains healthy. For the full year, we spent nearly $4.2 billion on a combination of maintenance and growth rental CapEx, which resulted in a free cash flow generation of $2.2 billion for a free cash flow margin of 14%.

重要的是，對二手設備的需求依然強勁。全年，我們在維護和成長租賃資本支出方面花費了近 42 億美元，由此產生了 22 億美元的自由現金流，自由現金流利潤率為 14%。

I'll say it again as I do every quarter. 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.

我會像每季一樣，再次重申。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。

In 2025 specifically, we allocated capital as we always do, first by funding organic growth and then complementing this with inorganic growth. We then return our remaining cash to shareholders. In 2025, we returned nearly $2.4 billion of excess cash flow to shareholders through a combination of our share buybacks and our dividend.

具體到 2025 年，我們像往常一樣分配資金，首先為有機成長提供資金，然後透過無機成長加以補充。然後，我們將剩餘現金回饋給股東。2025年，我們透過股票回購和分紅的方式，向股東返還了近24億美元的超額現金流。

Looking forward, I'm pleased to share that we plan to repurchase $1.5 billion of shares in 2026 and to increase our quarterly dividend by 10%, reflecting our third consecutive annual increase since introducing our dividend in 2023.

展望未來，我很高興地宣布，我們計劃在 2026 年回購 15 億美元的股票，並將季度股息提高 10%，這將是我們自 2023 年推出股息以來連續第三年提高股息。

Now let's turn to our 2026 guidance, which implies total revenue growth ex use of over 6%. This is supported by customer sentiment indicators, solid backlogs and most importantly, feedback from our field teams.

現在讓我們來看看 2026 年的業績指引，這意味著扣除使用量後的總收入成長將超過 6%。客戶情緒指標、充足的訂單以及最重要的，我們現場團隊的回饋都印證了這一點。

In many ways, we expect the construct of demand in '26 to be similar to last year with large projects and dispersed geographic demand, driving most of our growth.

在許多方面，我們預計 2026 年的需求結構將與去年類似，大型專案和分散的地理需求將推動我們的大部分成長。

We will remain focused on capital efficiency, but repositioning costs will likely remain elevated. Having said this, we're very aware of the importance of profitability and margins. Our guidance, which implies flat margins at the midpoint ex the benefit of the H&E termination fee last year, embeds cost actions were proactively taken to improve our efficiency and support profitability.

我們將繼續專注於資本效率，但資產重新配置成本可能仍將居高不下。話雖如此，我們也非常清楚獲利能力和利潤率的重要性。我們的業績指引（不包括去年 H&E 終止費的收益）意味著利潤率中點持平，其中體現了我們為提高效率和支持盈利能力而積極採取的成本控制措施。

We all know yesterday's touchdowns don't win tomorrow's games. Our culture have always wanted to do more and never being satisfied with the status quo is in our DNA. This was on full display a few weeks ago when we held our Annual Management Meeting in St. Louis. We brought together almost 3,000 team members to both celebrate our wins and to find new ways to be an even better partner to our customers as we look to outperform the end market, while having an even greater focus on efficiency and profitability.

我們都知道，昨天的達陣並不能贏得明天的比賽。我們的文化一直渴望做得更多，永不滿足於現狀已經融入了我們的基因。幾週前我們在聖路易斯召開年度管理會議時，這一點就充分體現了出來。我們召集了近 3000 名團隊成員，既是為了慶祝我們取得的勝利，也是為了尋找新的方法，以便更好地成為客戶的合作夥伴，力求超越終端市場，同時更加註重效率和盈利能力。

We have an incredible team at United Rentals with a culture that is unmatched in our industry. This is a real differentiator and gives me confidence we can take our momentum and continue to build the best-in-class company.

United Rentals 擁有一支非常優秀的團隊，其企業文化在業界首屈一指。這是一個真正的差異化優勢，也讓我有信心我們能夠保持目前的勢頭，繼續打造一流公司。

I'm proud to say that the team walked away from the meeting is energized and ready to deliver on the expectations our guidance reflects. In closing, I'm excited for what lies ahead for United Rentals. Our team puts customers at the center of everything we do, which positions us well in both the short and long term to capitalize on the opportunities ahead of us and to continue to outpace the industry.

我很自豪地說，團隊在會議結束後精神煥發，準備好實現我們指導方針所體現的期望。最後，我對聯合租賃公司未來的發展充滿期待。我們的團隊將客戶放在我們一切工作的中心，這使我們在短期和長期內都處於有利地位，能夠抓住未來的機遇，並繼續超越行業。

Our strategy, business model, competitive advantages and capital discipline allow us to generate compelling shareholder returns for the long term. And with that, I'll hand the call over to Ted, and then we'll take your questions. Ted, over to you.

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。接下來，我會把電話交給泰德，然後我們來回答大家的問題。泰德，該你了。

Thanks, Matt, and good morning, everyone. As Matt just shared, we were pleased with a number of our achievements in 2025, including full year records for total revenue, rental revenue and EBITDA, strong free cash flow and attractive returns. As we navigated through some of the unique dynamics woven into the current demand backdrop.

謝謝馬特，大家早安。正如 Matt 剛才分享的那樣，我們對 2025 年取得的多項成就感到滿意，包括全年總收入、租賃收入和 EBITDA 均創歷史新高，自由現金流強勁，回報可觀。當我們探索當前需求背景下一些獨特的動態因素時。

Looking more closely at the fourth quarter, we were pleased with our core results, which were partially offset by a shortfall in used volumes and some choppiness in our matting business which I'm sure we'll talk more about this morning. So with that said, let's dive into the numbers.

更仔細地觀察第四季度，我們對核心業績感到滿意，但二手貨銷量下降以及地墊業務出現一些波動部分抵消了這些業績，我相信我們今天上午會更多地討論這些問題。那麼，接下來我們就來深入分析一下數據。

Rental revenue increased $159 million year-over-year or 4.6% to a fourth quarter record of $3.58 billion, supported again by growth from large projects and key verticals. Within this, OER increased by $97 million or 3.5%, driven by 4.5% growth in our average fleet size and fleet productivity of 0.5%, partially offset by some fleet inflation of 1.5%.

租賃收入年增 1.59 億美元，增幅 4.6%，第四季創下 35.8 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。其中，OER 成長了 9,700 萬美元，增幅為 3.5%，主要得益於平均車隊規模成長 4.5% 和車隊生產力成長 0.5%，但部分被 1.5% 的車隊通膨所抵銷。

Also, within rental revenue, ancillary and re-rent grew by over 9%, adding a combined $62 million as ancillary growth continued to outpace OER.

此外，在租賃收入方面，輔助收入和轉租收入成長超過 9%，合計增加了 6,200 萬美元，輔助收入的成長持續超過 OER。

Moving to used, we generated $386 million of proceeds at an adjusted margin of 47.2% and a 50% recovery rate on $769 million of OEC sold. This brought our full year OEC sold to $2.73 billion, up slightly from 2024, but a bit below our guidance of $2.8 billion as we held on to high-time used fleet in certain categories.

轉而關註二手產品，我們售出了價值 7.69 億美元的 OEC，調整後利潤率為 47.2%，回收率為 50%，共獲得 3.86 億美元的收益。這使得我們全年 OEC 銷售額達到 27.3 億美元，比 2024 年略有增長，但略低於我們 28 億美元的預期，因為我們在某些​​類別中保留了高使用年限的車隊。

Taking a step back, at this point, we think the used market is normalized coming off the extremes we saw in 2022 and 2023, And we do expect 2026 to see healthy demand. Importantly, though, we're at recovery rates that will continue to support strong unit economics across the life cycle of our fleet.

退一步來看，我們認為二手車市場已經從 2022 年和 2023 年的極端情況中恢復正常，我們預計 2026 年的需求將保持健康成長。但重要的是，我們目前的回收率將繼續支撐我們機隊整個生命週期中強勁的單位經濟效益。

Turning to EBITDA. Adjusted EBITDA came in at $1.901 billion with a $33 million increase in our rental gross profit dollars more than offset by a $39 million decline in used gross profits due primarily to the shortfall in volumes that I mentioned.

接下來看 EBITDA。經過調整後的 EBITDA 為 19.01 億美元，其中租賃毛利增加了 3,300 萬美元，但二手毛利潤下降了 3,900 萬美元，這主要是由於我提到的銷量不足造成的。

On a dollar basis, SG&A ex stock comp was flat year-on-year, translating to a 20 basis points improvement as a percentage of revenue, while other non-rental lines of businesses added $7 million.

以美元計算，SG&A（不含股票）與去年持平，佔收入的百分比提高了 20 個基點，而其他非租賃業務線增加了 700 萬美元。

Looking at profitability. On an as-reported basis, our fourth quarter adjusted EBITDA margin was 45.2%, implying 120 basis points of compression or 110 basis points, excluding the impact of used. We continue to see the same market and margin dynamics play out in the fourth quarter that we experienced all year.

從獲利能力角度來看。以報告資料計算，我們在第四季度調整後的 EBITDA 利潤率為 45.2%，這意味著壓縮了 120 個基點，或者如果不計入已使用資產的影響，則壓縮了 110 個基點。第四季度，我們繼續看到與全年相同的市場和利潤動態發展。

From a cost perspective, the biggest disease was again elevated delivery expense, driven largely by fleet repositioning costs, which we'd estimate provided roughly 70 basis points of headwind in the quarter. Beyond that, growth in ancillary is roughly another 20 basis points of headwind, while we also continue to manage through above-trend inflation in a few notable areas, including facilities and insurance.

從成本角度來看，最大的問題仍然是高昂的配送費用，這主要是由於車隊重新部署成本造成的，我們估計這在本季度造成了約 70 個基點的不利影響。除此之外，輔助業務的成長大約會帶來 20 個基點的阻力，同時，我們也持續應對一些重要領域（包括設施和保險）高於趨勢水準的通膨。

As you heard from Matt, we expect the demand construct in 2026 to look similar to 2025. We expect that most of our growth will again be led by large projects at the same time that our strategy to provide products and services to our customers is likely to drive outgrowth in ancillary revenues.

正如你從 Matt 那裡聽到的，我們預計 2026 年的需求結構將與 2025 年類似。我們預計，我們的大部分成長仍將由大型專案引領，同時，我們為客戶提供產品和服務的策略可能會推動輔助收入的超額成長。

With that said, our entire team is working hard to mitigate the headwinds this presents to overall margins as strategically, we continue to believe that providing our customers with these additional services is an important competitive advantage and helps drive higher OER growth.

儘管如此，我們整個團隊正在努力減輕這對整體利潤率的不利影響，因為從策略上講，我們仍然相信，為客戶提供這些額外的服務是一項重要的競爭優勢，有助於推動更高的 OER 成長。

Shifting to CapEx, fourth quarter gross rental CapEx was $429 million, bringing our full year total to $4.19 billion.

轉而關注資本支出，第四季租賃資本支出總額為 4.29 億美元，使全年總額達到 41.9 億美元。

Moving to returns, our return on invested capital of 11.7% remained comfortably above our weighted average cost of capital. And turning to free cash flow, we generated $2.18 billion, translating to a healthy free cash flow margin of 13.5%.

從回報來看，我們的投資資本報酬率為 11.7%，遠高於我們的加權平均資本成本。再來看自由現金流，我們產生了 21.8 億美元，自由現金流利潤率達到 13.5%，相當健康。

Our balance sheet remains very strong with net leverage of 1.9 times at the end of December and total liquidity of over $3.3 billion. This was after returning $2.4 billion to shareholders during the year, including $464 million via dividends and $1.9 billion through repurchases. Combined, this equated to a little better than $37 per share.

截至 12 月底，我們的資產負債表依然非常強勁，淨槓桿比率為 1.9 倍，總流動資金超過 33 億美元。此前，該公司在一年內向股東返還了 24 億美元，其中包括透過股息支付的 4.64 億美元和透過股票回購支付的 19 億美元。合計下來，每股收益略高於 37 美元。

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

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。

Total revenue is expected in the range of $16.8 billion to $17.3 billion, implying full year growth of 5.9% at midpoint. Within this, I'll note that we're guiding use sales to roughly $1.45 billion on OEC sold of around $2.8 billion, implying total revenue growth ex use of 6.2% at midpoint. Our adjusted EBITDA range is $7.575 billion to $7.825 billion. Excluding the H&E benefit in 2025, this implies adjusted EBITDA margins of flat at midpoint year-on-year.

預計總收入將在 168 億美元至 173 億美元之間，這意味著全年成長率中位數為 5.9%。在此，我要指出，我們預計 OEC 銷售額約為 28 億美元，其中使用銷售額約為 14.5 億美元，這意味著扣除使用成本後的總收入增長率為 6.2%（取中間值）。我們調整後的 EBITDA 範圍為 75.75 億美元至 78.25 億美元。不考慮 2025 年的 H&E 收益，這意味著調整後的 EBITDA 利潤率與去年同期持平（年中）。

Importantly, this guidance embeds actions we will be taking in 2026 to offset the cost dynamics I mentioned earlier and speaks to our focus on protecting margins as we work through some of the unique factors facing us until local markets rebound. And from a cost perspective, we're better able to leverage the efficiencies that our network density will provide.

重要的是，該指導意見包含了我們將在 2026 年採取的行動，以抵消我之前提到的成本動態，並體現了我們在應對一些獨特的因素（直到當地市場復甦）時，將重點放在保護利潤率上。從成本角度來看，我們能夠更好地利用網路密度帶來的效率提升。

On the fleet side, our gross CapEx guidance is $4.3 billion to $4.7 billion, an increase from 2025 of approximately $300 million at midpoint. This reflects our confidence in the market in 2026 and beyond.

在車隊方面，我們的資本支出總額預計為 43 億美元至 47 億美元，比 2025 年的預期增加約 3 億美元（中位數）。這反映了我們對2026年及以後市場的信心。

Net CapEx is expected in the range of $2.85 billion to $3.25 billion. Now within all of this, we tag our 2026 maintenance CapEx at around $3.4 billion implying growth CapEx of roughly $1.1 billion at midpoint.

預計淨資本支出在 28.5 億美元至 32.5 億美元之間。在所有這些因素中，我們預計 2026 年的維護資本支出約為 34 億美元，這意味著成長資本支出中位數約為 11 億美元。

And finally, we're guiding to another year of strong free cash flow in the range of $2.15 billion to $2.45 billion. Shifting to capital allocation. As always, our priorities to fund profitable growth, whether it's organic or through M&A.

最後，我們預計今年的自由現金流將保持強勁，介於 21.5 億美元至 24.5 億美元之間。轉向資本配置。一如既往，我們的首要任務是為獲利成長提供資金，無論是透過內生成長或透過併購。

Following this, we focus on deploying surplus cash flow in ways to maximize shareholder returns. With that in mind, we are again increasing our quarterly dividend per share by 10% to $1.97, translating to an annualized dividend of $7.88.

接下來，我們將重點放在如何利用剩餘現金流來最大限度地提高股東回報。考慮到這一點，我們將季度每股股息再次提高 10%，至 1.97 美元，相當於年化股息 7.88 美元。

Additionally, we intend to repurchase $1.5 billion of common stock in 2026, supported in part through our new $5 billion share repurchase program that is intended to enable buybacks for the next several years.

此外，我們計劃在 2026 年回購 15 億美元的普通股，部分資金將來自我們新的 50 億美元股票回購計劃，該計劃旨在為未來幾年的股票回購提供支持。

So in total, we intend to return roughly $2 billion to shareholders this year, equating to approximately $32 per share or a return of capital yield of about 3.5% based on our current share price. So with that, let me turn the call over to the operator for Q&A. Operator, please open the line.

因此，我們今年計劃向股東返還約 20 億美元，相當於每股約 32 美元，或以我們目前的股價計算，資本回報率約為 3.5%。那麼，接下來我將把電話交給接線生進行問答環節。接線員，請接通線路。

(Operator Instructions) Steven Fisher, UBS.

（操作說明）史蒂文·費雪，瑞銀集團。

Thanks. Good morning. I wanted to just ask you, Matt, maybe a bigger picture question on ancillary services. Using the -- I guess, the baseball innings analogy, where do you think you are on the evolution of this? Is this sort of like the second or third inning where you have a much wider breadth of services left to offer here? Or are we more like kind of six to seventh inning and it's a more targeted list. And I guess what's the message around the ROIC on these additional sources of EBITDA and points of customer service.

謝謝。早安.馬特，我想問你一個關於輔助服務方面比較宏觀的問題。用棒球比賽局數來類比，你認為你目前處於這個發展進程的哪個階段？這就像比賽的第二局或第三局，你還有更廣泛的服務可以提供嗎？或者我們更像是第六局到第七局之間的比賽，這是一個更有針對性的名單。那麼，關於這些額外的 EBITDA 來源和客戶服務點的 ROIC，我想傳達的訊息是什麼呢？

Sure, Steve. It would be hard for me to characterize because I don't know what other products or services will add in the future, right? It depends on -- because we need to do them at scale. So it depends on finding if we're going to add additional services to the portfolio which usually come along with products, right, new products that we're offering, when or how fast that's going to happen.

當然可以，史蒂夫。我很難對其進行描述，因為我不知道未來還會增加哪些產品或服務，對嗎？這取決於情況——因為我們需要大規模地進行這些工作。所以，這取決於我們是否會在產品組合中添加其他服務（通常會伴隨產品推出），對吧，也就是我們正在提供的新產品，以及何時或以多快的速度實現這一點。

But I will say that our goal overall is to continue to have as many solutions for the customer as possible. We're a big believer in a one-stop shop. We know that our partners want someone that could do as much for them as possible to consolidate their vendor base and to have strong services throughout the network of what they need, and that's going to be our driver.

但我必須說，我們的總體目標是繼續為客戶提供盡可能多的解決方案。我們非常推崇一站式服務。我們知道，我們的合作夥伴希望找到能夠盡可能為他們提供全方位服務的人，以整合他們的供應商基礎，並在整個網路中提供他們所需的強大服務，而這正是我們的動力所在。

As far as the ROI on the -- just one thing to remember, although these may be margin dilutive, most of these services, if not all, are not capital intense.

至於投資回報率——需要記住一點，雖然這些服務可能會稀釋利潤，但即使不是全部，大多數此類服務也不是資本密集的。

So this net-net on a cash perspective, these are profitable. They just dilute margins. We're not doing work for free. But at the same time, it's very much connected to the fleet that we were in. So it's important that the more we separate ourselves by doing these extra services for the customer is a big important part of our strategy.

所以從現金流的角度來看，這些都是有獲利的。它們只會拉低利潤率。我們不是免費工作的。但同時，它又與我們當時所在的艦隊有著密切的聯繫。因此，透過為客戶提供這些額外服務來拉開我們與競爭對手之間的距離，是我們策略中非常重要的一部分。

Very helpful. And then maybe just on M&A and the pipeline. It looked like you did some smaller deals in the fourth quarter after a quiet few quarters. Can you just talk about kind of what you added in the quarter? And then just curious how active the pipeline is, did you continue any activity here in the first quarter?

很有幫助。然後或許可以談談併購和產品線方面。看起來你在經歷了幾個季度的平靜之後，在第四季度進行了一些小額交易。能簡單談談本季新增了哪些內容嗎？另外，我很好奇你們的研發專案進度如何，第一季你們這方面有繼續進行任何活動嗎？

And what's sort of the range of size of deals you consider here? Are there any chunkier deals that you could still do?

你們這裡考慮的交易規模範圍大概是多少？還有其他更划算的交易可以做嗎？

Yes. So on the latter part of your question, The pipeline is pretty robust. And there are some chunky deals in there, right, specifically when we're looking at opportunities in specialty.

是的。關於你問題的後半部分，流程相當穩健。而且其中還有一些大手筆的交易，對吧，尤其是當我們尋找專業領域的投資機會時。

But the deals that we did at the end of the year here in '25 were three small deals to your point. We did one trench deal. We did a portable sanitation deal, a very small one to help fill out the footprint. And we did fill out a -- we bought an aerial company in Australia to fill out that product offering, which will help those folks continue to serve more -- have more solutions for their customers there.

但正如你所說，我們在 2025 年底達成的三筆交易都是小交易。我們完成了一筆戰壕交易。我們做了一筆便攜式衛生設施的交易，規模很小，目的是為了填補場地面積。我們確實完成了一項收購——我們在澳洲收購了一家航空公司，以完善其產品線，這將有助於他們繼續為更多客戶提供服務——為他們在那裡的客戶提供更多解決方案。

But no impact -- not a large impact numerically, but strategically, they all tie in. And as far as what we're going to do in '26, we worked a very robust pipeline this year. We didn't get -- we got three over the transfer at the end. It's really more about finding the right fit, finding the right partner. And at the end of the day, the math's got to work.

但並沒有產生任何影響——從數量上看影響不大，但從戰略上看，它們都是相互關聯的。至於我們在 2026 年要做什麼，我們今年制定了一個非常完善的計劃。我們沒能——我們在最後時刻的轉會中只拿到了三個。其實更重要的是找到合適的人，找到合適的伴侶。歸根究底，數學必須行得通。

So we're pretty pick there, but there's plenty of opportunity. It just -- it's got to fit for us strategically and financially.

所以我們在這方面比較挑剔，但機會很多。它必須在策略和財務上都符合我們的需求。

Thank you.

謝謝。

Thanks Steve.

謝謝你，史蒂夫。

Jerry Revich, Wells Fargo.

傑瑞·雷維奇，富國銀行。

Hi, good morning, everyone. Ted, I'm wondering if you wouldn't mind unpacking the comments you made within specialty. You mentioned there's some variance in portfolio on matting. Can you just talk about the growth trajectory for the businesses, which ones are tracking better? And any additional color you want to provide on matting would be helpful. Thank you.

大家早安。泰德，我想請你詳細解釋一下你在專業領域發表的評論。您提到在墊子方面，作品集存在一些差異。您能否談談這些企業的成長軌跡，哪些企業的成長情況較好？如果您想在墊板上添加其他顏色，那就更好了。謝謝。

Yeah, absolutely. Thanks for the question. So we saw broad-based strength in specialty again, matting was affected in the quarter by pushout really one particular project that we'd expect it would benefit the fourth quarter. It's a large pipeline project that simply has been pushed out.

是的，絕對的。謝謝你的提問。因此，我們再次看到了特種產品的整體強勁勢頭，墊材在本季度受到了推出的影響，我們預計這將有利於第四季度的一個特定項目。這是一個大型管道項目，只是被推遲了。

So we've got the matting contract, we're going to be on it and the pipeline itself is moving forward. But that was certainly something that we had not expected, and that's just the nature of some of the large projects they do.

我們已經簽訂了墊材合同，我們將全力以赴，管道建設本身也在向前推進。但這確實是我們始料未及的，而這正是他們所承接的一些大型專案的本質。

I'd say, in their specific verticals that can move. Otherwise, every vertical is up in specialty, very pleased with the results. And going forward, just as you think about matting, on a pro forma basis, that business was up 30% for us in '25. It was up 55% as reported. When we bought that, we said our goal was to double the business within five years.

我認為，在他們特定的垂直領域，這是可以改變的。除此之外，各個垂直領域的專業水準都很高，對結果非常滿意。展望未來，就像您考慮地墊業務一樣，按預測，該業務在 2025 年為我們帶來了 30% 的成長。據報道，漲幅達55%。收購這家公司時，我們曾說過，我們的目標是在五年內將業務規模翻倍。

And we're very happy to report that we're ahead of plan, and we've been very happy with the business. It's going to be a little lumpier, right? And they can have just the effect of timing shifts. And that's really what you saw in the fourth quarter.

我們很高興地報告，我們的進度超前於計劃，我們對業務發展非常滿意。表面會有點凹凸不平，對吧？它們可能會造成時間上的錯位。而這正是你在第四節比賽中看到的情況。

But as I said, we've been super pleased with the acquisition and the growth, the returns that, that's providing and we're really optimistic with the outlook there. Both within their kind of core products or end markets, pipelines and transmission lines, but also as we extend those products into other verticals.

但正如我所說，我們對此次收購及其帶來的成長和回報感到非常滿意，我們對前景非常樂觀。無論是在其核心產品或終端市場（管道和輸電線路）內，還是在我們把這些產品擴展到其他垂直領域時。

Matt, would you add anything?

馬特，你還有什麼要補充的嗎？

No, well said. The team is doing a good job just a little lumpier than what you folks used to seeing from us.

沒錯，說得好。團隊表現不錯，只是比你們以前看到的我們稍微遜色一點。

Okay. Super. And then can I ask in general rental, we're seeing really strong demand for earthmoving equipment, but aerials really lagging. Is that a function of the large projects and data centers being less aerial intensive? And curious if you're seeing based on your customer checks and inflection in starts and retail and office that could be interesting as we head through '26. Curious what you're seeing on those fronts.

好的。極好的。那麼，我想問一下，就整體租賃而言，我們看到對土方設備的需求非常強勁，但高空作業車的需求卻非常落後。這是因為大型專案和資料中心對航空運輸的需求量較小嗎？我很好奇，根據客戶調查和零售、辦公領域的開工率和轉折點，隨著我們進入 2026 年，您是否看到了一些有趣的跡象。很好奇你在這些方面看到了什麼。

Yeah, we're actually not experiencing that, Jerry. We've been pretty strong in our aerial usage and growth and really the whole project product portfolio has been strong. So we're not seeing a delineation there separation between the dirt and the aerial may on the OEM side, there's some stuff going on that you're referring to, but we're not seeing it in our customers' demand needs.

是啊，我們實際上並沒有遇到這種情況，傑瑞。我們在空中應用和成長方面表現相當強勁，整個專案產品組合也一直很強勁。所以，我們並沒有看到灰塵和天線之間的界限，或許在 OEM 方面存在一些你提到的情況，但我們並沒有在客戶的需求中看到這一點。

And then, Jerry, in terms of your question about kind of office and retail, I can't -- I mean there are projects that kind of come across the transom. I don't think we've seen any inflection. I would say, overall, the outlook for commercial is probably going to be relatively muted. And it's other areas of the nonres that are really going to drive -- continue to drive what we think will be strong growth.

然後，傑瑞，關於你提出的辦公室和零售問題，我不能——我的意思是，有些項目會突然出現。我認為我們還沒有看到任何轉折點。總的來說，我認為商業前景可能相對平淡。而真正推動——並將繼續推動我們認為將會強勁成長的，是非住宅領域的其他方面。

I appreciate it. Thank you.

謝謝。謝謝。

Thanks, Jerry.

謝謝你，傑瑞。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Hi, good morning, guys. This is Oliver on for Angel today. I was just curious on fleet productivity. Can you guys talk about what drove the year-over-year improvement this quarter? And if it's possible at a high level, what your outlook implies directionally for those factors, rate and time for 2026?

大家好，早安。我是奧利佛，今天為大家帶來天使的報道。我只是對船隊生產效率感到好奇。各位能否談談是什麼因素促成了本季業績年增？如果可以從宏觀層面進行分析，您對這些因素、速度和時間在 2026 年的發展方向有何展望？

Sure, Oliver. So when we look at the 0.5 fleet productivity in Q4, there's a couple of things that I know we need to handhold here because some things that aren't apparent to you guys. So qualitatively, when we think about the construct of that, our full year fleet productivity was 2.2%. We're very pleased with that. That shows that we're outpacing the inflation.

當然可以，奧利佛。所以，當我們查看第四季度 0.5 車隊生產力時，我知道這裡有一些我們需要重點關注的事情，因為有些事情你們可能並不明顯。因此，從定性角度來看，當我們考慮這個結構時，我們全年的船隊生產力為 2.2%。我們對此非常滿意。這顯示我們的經濟成長速度超過了通貨膨脹速度。

And just in the most simple terms, we're growing our rent revenue faster than we're growing our fleet. That's really what we're measuring here.

簡單來說，我們的租金收入成長速度比車隊規模成長速度更快。這才是我們真正要衡量的。

In Q4, we had some impact. So if I think about the 2.0 that we had in Q3, which was more like a full year number versus the 0.5% in Q4, when I look at the factors, rate was positive. As a matter of fact, almost on top of each other of the benefit that we had from rate in Q3 versus Q4 in this were exactly the same.

第四季度，我們取得了一些成效。所以，如果我回顧第三季的 2.0%，這更像是全年的數字，而不是第四季的 0.5%，當我考慮各種因素時，利率是正的。事實上，第三季和第四季利率上漲帶來的收益幾乎完全一致。

Time was slightly less positive than we had in Q3. So that was a little bit of a drag. The big number here and why we're talking about it is mix.

時間指標略低於第三季。所以有點兒掃興。這裡的關鍵數字，也是我們討論它的原因，是混合。

So just the matting choppiness that Ted talked about, which is all bulk, that's why it shows up in mix. Those aren't serialized assets for those mats. That alone change from Q3 to Q4 was worth a point of fleet productivity. So that's the big mover there. We usually, frankly, wouldn't talk about an individual business segment.

所以，就像 Ted 提到的那種氈狀碎屑，都是因為體積大，所以才會出現在混合物中。這些不是這些墊子的序列化資產。單單這項變化（從第三季到第四季）就使車隊生產力提高了一個百分點。所以這就是那邊最大的變動。坦白說，我們通常不會談論某個特定的業務部門。

But we understand that this is unique and in such a needle mover that we wanted to talk about it. Once again, pleased with the Manabusiness, but that lumpiness and because it's all bulk had a big negative mix impact on our fleet productivity, Otherwise, we would look much more similar to our full year and our Q3 numbers.

但我們明白這是個特例，而且意義重大，所以我們想談談這件事。再次對 Manabusiness 的表現感到滿意，但由於貨物分佈不均且全部為散貨，對我們的船隊生產力產生了很大的負面影響。否則，我們的業績將與全年和第三季的數據更加接近。

Got it. Understood. That's really helpful. And then maybe just 1 more switching gears on competitive dynamics. I mean we were just curious, if you've seen or heard any changes on the ground in terms of having a competitor recently IPO, whether that's potentially a positive or negative impact for you guys now and also longer term?

知道了。明白了。這真的很有幫助。然後或許只需要再換個角度，談談競爭動態。我們只是好奇，您是否看到或聽說最近有競爭對手上市，這給您帶來了哪些變化？這對你們現在以及長遠來看，是潛在的正面影響還是負面影響？

Yes. So a little bit of different, right? As you can imagine, between Wall Street and Main Street here. That change of where they get their funding doesn't really change anything on the street. We think the supply-demand dynamics are good.

是的。所以有點不一樣，對吧？正如你所想，這裡介於華爾街和普通街道之間。資金來源的改變並不會真正改變街頭的任何事情。我們認為供需關係良好。

We think that's why you had asked earlier about what's implied. That's why we -- in our guidance. That's why we still expect to have positive fleet productivity. And next year, we understand the competitive nature of the industry, but we think the important part of it and probably be in public will help that even more. We think the most important part of it is that the industry needs to continue to be disciplined because we've all absorbed price increases on fleet for the past few years.

我們認為這就是你之前詢問其中隱含含義的原因。這就是我們——在我們的指導中——的原因。因此，我們仍然預期船隊生產力將保持正成長。明年，我們了解這個行業的競爭性質，但我們認為，公開露面對於這個行業來說至關重要，而且可能會更有幫助。我們認為最重要的是，整個產業需要繼續保持自律，因為過去幾年我們都承受了車隊價格上漲的壓力。

So the importance of the components of fleet productivity are still important, getting good utilization getting strong rate improvement. These are all things that are must for the rental industry and certainly something that we are focused on, and we believe the industry is as well.

因此，車隊生產力的各個組成部分仍然非常重要，良好的利用率能夠帶來顯著的費率提升。這些都是租賃業不可或缺的要素，也是我們關注的重點，我們相信整個產業也是如此。

Jamie Cook, Truist.

Jamie Cook，Truist。

Hey, good morning. This is actually Kevin Wilson on for Jamie. I wanted to ask about cold starts. I think you're expecting 40 specialty cold starts in 2026, which is healthy, but down a bit from the number you had 2025 and 2024.

嘿，早安。實際上，替補傑米上場的是凱文威爾森。我想問一下關於冷啟動的問題。我認為您預計 2026 年將有 40 次特殊冷啟動，這很健康，但比 2025 年和 2024 年的數量略有下降。

Wondering if you could speak the strategy there and just your strategy around the footprint over the medium term in the context of revenue growth coming from more geographically dispersed customer demand, maybe where you're finding the strongest opportunities for organic growth anything on the verticals within specialty you're targeting for those cold starts this year? Thanks.

想請您談談這方面的策略，以及您在中期內圍繞業務佈局的策略，尤其是在收入成長主要來自地域分散的客戶需求的情況下。您認為哪些領域最有可能實現有機成長？今年在哪些垂直領域或專業領域針對冷啟動階段採取了哪些策略？謝謝。

All right, Kevin. So I'll take them one piece at a time here, and you'll have to remind me later, if I forget. So the cold start specifically -- that's okay. The cold start specifically, we don't really look at these -- we tell you about them on a calendar year, but I wouldn't read anything into the 40 versus 60. I think we originally targeted 50 for 2025 and the team got ahead in the pipeline, but there continues to be a pipeline of markets they want to enter.

好的，凱文。所以我會一塊一塊地來，如果我忘記了，你之後得提醒我。所以，特別是冷啟動——沒問題。具體來說，對於冷啟動，我們並不真正關注這些——我們會按日曆年告訴你，但我不會對 40 和 60 這兩個數字做出任何解讀。我認為我們最初的目標是到 2025 年達到 50 個市場，團隊在專案推進方面取得了進展，但他們仍然有很多市場想要進入。

And where that number ends up has to do with where do they find the right real estate and talent to open it up. And most of this is continuing to expand our one-stop shop, right? So most of these cold starts are in specialty offerings, filling in the white space, specifically for one of the -- some of the new product lines. So we feel really good about that. As far as where is the organic growth coming from and we think about -- it's all the end markets we've talked about.

最終這個數字是多少，取決於他們在哪裡能找到合適的房地產和人才來開設這家店。而這大部分都是為了繼續擴大我們的一站式服務，對吧？因此，這些冷啟動大多是針對特色產品，填補空白市場，特別是針對某些新產品線。所以我們對這一點感到非常滿意。至於有機成長來自哪裡，我們認為──就是我們之前討論過的所有終端市場。

We believe that the construct, as Ted had said earlier, of demand in 2026 is going to be similar to what it was in '25 where the large projects and specialty are going to drive most of the growth.

我們認為，正如泰德之前所說，2026 年的需求結構將與 2025 年類似，大型專案和專業專案將推動大部分成長。

We think that plays into all of our product lines. That's the whole point about the one-stop shop offering, is that's going to create growth for gen rent and specialty. And outside of that in the verticals, it's the same stuff you guys would see ours still really strong. Nonres has been very resilient, strong even if you pull data centers out of nonres, it's still positive strong. So we feel really good about that.

我們認為這一點適用於我們所有的產品線。一站式服務的意義就在於此，它將為普通租賃和特色服務創造成長空間。除此之外，在垂直領域，你們會看到我們依然非常強勁。非資源一直非常具有韌性，即使將資料中心從非資源中移除，其表現依然強勁。所以我們對這一點感到非常滿意。

And the ones that are still dragging would be the residential, which is not a big part of our portfolio. And a little bit of petrochem, whereas I think you see the rig count in Q4, if I believe my memory is correct, was down 8%. So outside of that, there's nothing specific to call out.

而目前仍表現不佳的將是住宅業務，但這並非我們投資組合中的大部分。還有一點石油化工，而我認為，如果我沒記錯的話，第四季的鑽井平台數量下降了 8%。除此之外，沒有什麼特別需要指出的。

Thanks, that's helpful. And then just a follow-up on that with the growth coming from large projects. I guess like what can you -- what's embedded in the revenue guide in terms of local market demand? Can we still call that flattish, which is, I think, what you said last quarter? Or just what's your level of visibility.

謝謝，這很有幫助。然後，我想就此做個後續說明，那就是成長主要來自大型專案。我想問的是，收入指南中能反映出哪些本地市場需求？我們還能稱之為「平坦」嗎？我想，這應該是你上個季度所說的。或者，你的知名度如何？

Yeah, you're on it, Kevin. We still think that's -- it will vary market by market. But overall, in generality, we'll call that flattish and with most of the growth, as I said in my opening remarks, coming from the big projects, that pipeline is as big as it's ever been in my 35 years.

是的，你正在處理這件事，凱文。我們仍然認為——這會因市場而異。但總的來說，我們可以稱之為較為平穩，而且正如我在開場白中所說，大部分增長都來自大型項目，因此，該項目儲備規模在我35年的職業生涯中達到了前所未有的高度。

So it's going to be more of the projects and this is not contemplated a big rebound in the local markets. But to be fair, not the deterioration as well. We think steady as she goes in the local market.

所以，更多的是項目，而且預期本地市場不會大幅反彈。但公平地說，也不全然惡化。我們認為她在當地市場穩步前進。

Makes sense.

有道理。

Thanks, Kevin.

謝謝你，凱文。

Kyle Minguez, Citigroup.

凱爾·明格斯，花旗集團。

Hi. Good morning. This is Randy on for Kyle. You guys mentioned that you guys alluded to another strong year of growth in large projects. I mean, I'm just wondering, based on your recent conversations with customers and what you're seeing in the market. And your in mind what inning do you think we're in, in terms of this mega project spend? I mean it sounds like it's going to be strong this year is -- pretty strong this year. More of a longer-term outlook would be super helpful in terms of how spend could go over the next couple of years?

你好。早安.這裡是蘭迪替凱爾發言。你們提到過，你們暗示大型計畫今年將迎來另一個強勁成長年。我的意思是，我只是根據你最近與客戶的交流以及你在市場上觀察到的情況來思考這個問題。那麼，你認為就這項大型計畫的支出而言，我們現在處於哪個階段？我的意思是，聽起來今年會很強勁——確實非常強勁。如果能對未來幾年的支出走勢進行更長期的展望，將會非常有幫助？

Yeah, I'll start there, Randy. I'd say the outlook for the so-called mega projects is very healthy. It's certainly hard for us to judge what inning we're in, but we certainly don't think it's late earnings. And we base us on a lot of things. But frankly, we've got a pretty broad assortment of drivers within large projects.

好的，我就從這裡開始，蘭迪。我認為所謂大型專案的前景非常樂觀。我們當然很難判斷目前處於哪個階段，但我們肯定不認為這是接近結束的獲利階段。我們以許多因素為依據。但坦白說，大型專案中的驅動因素種類繁多。

So we've talked about infrastructure. We've talked about stuff within technology. We've talked about power, certainly data centers. But at this point, we're kind of following, call it, six, seven or eight tailwinds that we've been talking about for years. And when you aggregate the dollars that are expected to be invested in those areas, we think there's a very healthy amount of runway ahead of us.

我們已經討論了基礎設施問題。我們聊了一些科技方面的內容。我們已經討論過電力，當然也討論過資料中心。但目前，我們正順應著我們多年來一直在談論的六、七或八個順風。當我們把預計投入這些領域的資金加起來時，我們認為未來還有非常充裕的發展空間。

Got it. That's helpful. And then I guess just in reference to some of the cost actions that you mentioned in your prepared remarks offset some of the headwinds this year. Can you just give us some color on some of those actions you're taking and what you might expect us to contribute to margins this year?

知道了。那很有幫助。然後，我想，您在準備好的演講稿中提到的一些成本控制措施，可以抵消今年的一些不利因素。能否詳細介紹您正在採取的一些措施，以及您預計我們今年將為利潤率做出哪些貢獻？

Yeah, so we probably won't call it the contribution, but it's all embedded within the guidance. But what we're -- one of the areas you could imagine we're really focused on as we've talked all year about these repositioning costs.

是的，所以我們可能不會稱之為貢獻，但所有這些都包含在指導方針中。但是，正如我們全年一直在討論的，重新定位成本是我們真正關注的領域之一，您可以想像這一點。

Well, if large projects are going to keep driving the growth. We're still going to have those, but we've got a lot of actions in place, how can we mitigate those? How can we do it better? We can't eliminate them. It's part of driving great fleet efficiency and fleet productivity is moving those assets to places where the work is.

如果大型專案能夠繼續推動成長的話。這些問題依然存在，但我們已經採取了許多措施，我們該如何緩解這些問題？我們怎樣才能做得更好？我們無法消滅它們。這是提高車隊效率和車隊生產力的一部分，即將這些資產調配到有工作的地方。

But we're going to -- we've got more eyeballs on it and we've put some more tools in place. And then just any other hard cost actions we could take to help the team. So we'll talk about that as we achieve them as we go along.

但我們將會——我們投入了更多精力，也配備了更多工具。然後，我們還可以採取其他任何能真正降低成本的措施來幫助球隊。所以我們會邊做邊討論，逐步實現這些目標。

But we feel good that we've got an action plan in place to protect our margins and to make sure regardless how demand shows up. We -- as we said earlier, we believe in profitable growth, not growth for growth's sake, and we're going to make sure the team is focused on protecting margin here in '26.

但我們很高興已經制定了行動計劃來保護我們的利潤率，並確保無論需求如何變化都能得到保障。我們—正如我們之前所說，我們相信獲利成長，而不是為了成長而成長，我們將確保團隊在 2026 年專注於保護利潤率。

Tim Thein, Raymond James.

提姆泰恩，雷蒙詹姆斯。

Alrighty, thank you, Tim on for Tim here. So a question on the fleet productivity discussion earlier, I guess, kind of another reminder of the some of the challenges of interpreting that number from the outside. But just is it -- and maybe I missed it earlier, but in terms of the plan for '26, just in terms of how you see the year playing out. It still met the expectation that your ability or you have the ability to outgrow that assumed inflation. Is that within the targets for '26?

好的，謝謝，我是Tim，我是Tim。所以，先前關於艦隊生產力的討論中提出的一個問題，我想，也算是再次提醒我們，從外部解讀這個數字會面臨一些挑戰。但事實就是如此——也許我之前錯過了，但就 2026 年的計劃而言，就你對這一年的發展前景的展望而言。它仍然符合預期，即你的能力或你有能力克服假定的通貨膨脹。這是否在2026年的目標範圍內？

Yeah, embedded in that guidance is that expectation that we'll at least reach that one hurdle. And where we end up in the guidance and where we end up on that, will that deconstruct revenue will be the answer. We might have some lumpiness not hopefully, not as severe in Q1 still with the mix. And that's why we don't really forecast this because the mix is a wildcard, right?

是的，該指導方針中隱含著這樣的期望，即我們至少要克服這一個難關。最終，我們在指導意見中得出的結論，以及我們最終對收入的分解，將是答案。第一季可能會出現一些波動，但希望不會像之前那麼嚴重，因為成分仍然會比較複雜。所以，我們才不會對此進行預測，因為這種組合存在很大的不確定性，對吧？

That's the result of a lot of moving pieces there. So -- but the most important pieces of it, rate and time, we still feel good about.

這是很多因素共同作用的結果。所以——但最重要的部分，速度和時間，我們仍然感到滿足。

We may not have a huge time improvement, but we're running at really high levels of time utilization. So we'll stay tuned there, but we certainly continue to focus on rate and mix will be what it will be. And we think at the end of the day and embedded in this guidance so that will be positive fleet productivity to make sure we can offset that inflation.

我們可能沒有取得巨大的時間進步，但我們的時間利用率非常高。所以我們會繼續關注這方面的進展，但我們當然會繼續關注費率，而費率和組合將視情況而定。我們認為，最終目標是提高船隊生產力，從而抵消通貨膨脹的影響，這一點已納入指導方針中。

Got it. Okay. And then just in terms of the -- your plan on fleet loadings and just CapEx in '26 from a timing standpoint, just given pull forward a little bit more CapEx in the 4Q. Does that impact the timing in terms of how you expect to land that fleet in '26? Or is it more of a normal cadence --

知道了。好的。然後就——你們的 2026 年車隊裝載和資本支出計劃而言，從時間安排的角度來看，考慮到在第四季度提前投入更多資本支出，情況就是如此。這是否會影響您預計在 2026 年交付該艦隊的時間表？或者這更像是一種正常的節奏--

Yeah, I'd say more than normal cadence, Tim, I'd say the -- in that 15% to 20% range in Q1, in the middle quarters, it will vary depending on how fast we're getting deliveries and how good the team is doing, driving utilization, but we'll be in that 70%, 75% range and then the balance in Q4. So pretty similar to what we've been doing.

是的，蒂姆，我認為節奏會比正常情況更快，第一季大概在 15% 到 20% 的範圍內，中間幾個季度會根據我們交付的速度和團隊的表現以及利用率的提升而有所不同，但我們會保持在 70% 到 75% 的範圍內，剩下的部分在第四季度。所以跟我們一直在做的事情很像。

Ken Newman, KeyBanc Capital Markets.

Ken Newman，KeyBanc Capital Markets。

Maybe just start off, Ted, I think you mentioned in your prepared remarks having to hold on to some high time equipment, which impacted us sales volumes this quarter. Could you give a little more color on that? And just what exactly were those categories kind of reflecting?

泰德，或許我們可以先從頭說起。我想你在事先準備好的發言稿中提到過，我們不得不保留一些老舊設備，這影響了我們本季的銷售。能否再詳細解釋一下？那麼，這些分類究竟反映了什麼呢？

Yes, absolutely. So as you saw in our guidance, we initially expect or what we've consistently said is we expected to sell about $2.8 billion of OEC across the year, and we came in at about 2.73%. So you can see that shortfall really was in the fourth quarter specifically.

是的，絕對的。正如您在我們的指導方針中看到的那樣，我們最初預計，或者說我們一直所說的，我們預計全年OEC的銷售額約為28億美元，而我們實際的銷售額約為2.73%。所以你可以看出，短缺確實主要出現在第四季。

And we had a number of regions that just ran busier with certain high-time assets. So you would think things that might reach high in the air.

我們也發現有些地區因為某些高流量資產的使用而變得更加繁忙。所以你會想到那些能飛到高空的東西。

So it could be aerial products, telehandlers, things of that sort, would probably be the most notable categories. And so obviously, those things were on rent. We weren't going to pull them from customers to sell them. And so that really kind of explains the deviation in terms of the used mess.

因此，高空作業產品、伸縮臂堆高機之類的產品可能是最值得注意的類別。很顯然，那些東西都是租來的。我們不會從客戶那裡拿走這些東西去賣。所以，這其實解釋了所使用過的混亂程度的偏差。

Got it. Okay. And then maybe just for my follow-up, I just wanted to circle back to the margin guide. It sounds like you expect some of these cost actions that you're implementing to help offset the ancillary and delivery mix as we go through the year. Just any help on how to think about the margin progression?

知道了。好的。然後，為了補充說明，我只想再談頁邊距指南。聽起來您期望您實施的一些成本控制措施能夠幫助抵消今年期間輔助成本和交付組合的變化。請問如何看待利潤率遞增的問題？

Is that something that you expect to take in place more materially in the back half? Or just -- is this going to be something that you expect day one here in the first quarter?

你認為這是下半季會更實質落實的措施嗎？或者說——這是你預期在第一季第一天就能實現的嗎？

Yeah, to your point, it's something that will progress. This isn't going to be a light switch. And specifically, when you think about some of the mitigation and repositioning costs, just by definition, more of that will happen when we have more activity. So in our peak quarters of volume is when the opportunity is.

是的，你說得對，這件事會不斷發展。這可不是開關燈那麼簡單。具體來說，考慮到一些緩解和重新定位成本，根據定義，當我們有更多活動時，這些成本就會更多。因此，在我們銷售量最高的季度，就是機會所在。

But then even some of the other costs that we're taking out, it will build up along with when the costs are usually achieved, so to speak or actually not achieved. So we'll still have some noise here in Q1. And then as we work through the year, we believe we'll start to see the benefits of some of these actions.

但是，即使我們扣除了一些其他成本，這些成本也會隨著成本的通常實現（或實際上沒有實現）而累積起來。所以第一季我們這裡仍然會有一些波動。隨著一年的推進，我們相信我們將開始看到這些措施帶來的一些好處。

Steven Ramsey, Thompson Research.

Steven Ramsey，湯普森研究公司。

Hi, good morning. Wanted to touch on the growth CapEx number of $1.1 billion, I believe you said for the year. Maybe to remind us how that compared to 2025 and if the nature of the growth CapEx this year is similar to '25?

您好，早安。我想談談您提到的11億美元的年度資本支出成長數字。或許是為了提醒我們這與 2025 年相比如何，以及今年的成長資本支出性質是否與 2025 年類似？

Yeah. So if you look at what we did in 2025, total CapEx was, call it, with rounding $4.2 billion. Within that, there was probably something like $3.4 billion of what we could call maintenance. So that would imply something on the order of $800 million, $900 million of growth CapEx in the year.

是的。所以，如果你看看我們在 2025 年所做的事情，總資本支出大約是 42 億美元。其中，大概有 34 億美元可以稱之為維護費用。這意味著今年的成長資本支出將達到 8 億至 9 億美元左右。

So I think in my comments, I mentioned there's an additional $300 million of growth CapEx. That will really focus on two areas. One is continuing to drive the growth in specialty and then taking care of large projects where we're going to need more fleet. Matt, anything you'd add there?

所以我覺得我在評論中提到過，還有額外的 3 億美元成長資本支出。這將主要集中在兩個方面。一方面，我們將繼續推動專業領域的成長；另一方面，我們也需要處理一些需要更多車隊的大型專案。馬特，你還有什麼要補充的嗎？

No, I think that covers it.

不，我想這樣就夠了。

Okay. That's helpful. And then one other thing. I wanted to get some insights on the ancillary piece and if you are intentionally trying to drive this revenue on the ground and incentivizing it with the sales force or how much of that is a function of specialty having higher ancillary revenue that carries with it.

好的。那很有幫助。還有一件事。我想了解一下輔助收入方面的情況，以及您是否有意透過實際行動來推動這部分收入，並透過激勵銷售團隊來實現，還是說這其中有多少是由於專業領域本身就具有更高的輔助收入所致。

Yeah, no, this is much more of a response to what the customers' needs are. And for some of it, it's actually set up. So think about if we're doing setup for a job trailer or some kind of set up for a power or HVAC setup. So a lot of this stuff comes with products that we're supplying and it's just the need that the customer has where they'd like us to do it for them versus doing it themselves.

是的，這更多的是對客戶需求的回應。而其中一些實際上是已經安排好的。所以想想我們是在搭建工作拖車，還是建造電力或暖通空調系統之類的設施。所以很多這類東西都是我們提供的產品附帶的，只是客戶有這樣的需求：他們希望我們替他們做，而不是他們自己做。

So it's not really -- it's certainly not something that's driven by the sales team. This is driven by the needs of the customer, along with the products that we're serving them with.

所以這其實——這絕對不是銷售團隊推動的事情。這主要取決於客戶的需求，以及我們提供給他們的產品。

Neil Tyler, Rothschild & Co Redburn.

尼爾泰勒，羅斯柴爾德公司雷德伯恩分公司。

Yeah, thank you. Good morning. I wanted to come back to the margin drag from the transportation cost. And just so to think about that bigger picture, Ted, I think you said it was 70 basis points in the fourth quarter. And it's really started to feature more significantly in the second half.

是啊，謝謝。早安.我想再談談運輸成本對利潤率的拖累。泰德，從更宏觀的角度來看，我想你說過第四季是70個基點。而且它在下半場確實開始變得更加重要。

So there's two parts to the question. Firstly, is there any aspect of these additional costs that reflects the change in the fleet being more specialized and so perhaps less fungible. I think you're probably going to cover that one off quite quickly.

所以這個問題包含兩個部分。首先，這些額外成本中是否有任何方面反映了車隊更加專業化、因而可能不那麼容易互換的變化？我覺得你很快就能解決這個問題。

But the second part of the question is in the context of what you assume for flattish local small project growth, if that proves a little conservative in the back half of the year, particularly, would we -- should we expect the margin drag from transportation costs to disappear as a sort of natural effect of a pickup and a more broad-based acceleration in demand growth?

但問題的第二部分是，假設本地小專案成長較為平緩，如果下半年這種假設被證明有些保守，那麼我們是否應該預期運輸成本帶來的利潤拖累會隨著需求成長的回升和更廣泛的加速而自然消失？

Thank you.

謝謝。

Sure, Neil. So I'll take the first part first. From a fungibility of fleet, this is not a fleet composition dynamic. There may be some exceptions to that, right? Some specific assets that you might need to move for an LNG plant that's unique.

當然可以，尼爾。那我先回答第一部分。從艦隊可互換性的角度來看，這不是艦隊組成動態變化。或許也有一些例外情況，對吧？一些您可能需要搬遷的特殊資產，適用於獨特的液化天然氣工廠。

But for the most part, 95%-plus of our fleet is extremely fungible. And that's a big tenet of our business model and how we believe in. We don't really get into unique one-off kind of serving one end market products because the lack of fungibility and then, therefore, productivity you can drive out of it.

但總的來說，我們95%以上的機隊都是高度可互換的。這是我們商業模式的重要原則，也是我們所秉持的信念。我們不太會涉足那種服務於單一終端市場的獨特一次性產品，因為缺乏可替代性，因此也無法從中獲得生產力。

And your point about the local market is a great one. But I wouldn't call it conservative. The way we see today, we do not expect there to be a big growth in the local market. If that changes, we will react as always.

您對當地市場的觀點非常好。但我不會稱之為保守主義。以我們目前的觀察來看，我們預期本地市場不會大幅成長。如果情況發生變化，我們將一如既往地做出反應。

But when it does, that will allow us to use the density of our network, right, our entire cost structure to help drive growth, and it will be more efficient as opposed to having to reposition fleet and some of the stuff that comes with mobilizing to these large projects.

但當這種情況發生時，我們將能夠利用我們網路的密度，對吧，利用我們整個成本結構來幫助推動成長，這將比重新部署車隊以及為這些大型專案調動一些資源更有效率。

So your thesis, we agree with 100%. We don't expect that local market repair; it's not embedded in our guidance for 2026.

所以，我們百分之百同意你的論點。我們預計當地市場不會出現修復；這並未納入我們 2026 年的指導方針中。

All right, thank you. That's very clear. Thank you.

好的，謝謝。這一點很清楚。謝謝。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

Thanks. Good morning guys. Just a quick follow-up first on free productivity, you mentioned the matting was a whole point that impacted the fourth quarter on a delay. Is that something that's going to appear as like an outstanding or unique free productivity impact in first quarter? Or is it a push out a little bit farther? Just anything we should look at that would be abnormal in that first quarter.

謝謝。各位早安。首先，關於提高生產力，您提到墊子是影響第四季延遲的一個重要因素。這是否會成為第一季一項突出或獨特的、免費的生產力提升措施？或者說，是再往外推一點？我們應該關注第一季出現的任何異常情況。

(inaudible) It's abnormal. Could we get some of that in Q1? Yes, we could. It depends on when these projects actually mobilize right? It has some of these large projects do have a big impact.

（聽不清楚）這不正常。我們能在第一季拿到一些嗎？是的，我們可以。這取決於這些項目何時真正啟動，對吧？其中一些大型項目確實會產生重大影響。

But -- so once -- as I said earlier, we don't forecast the quarters because that mix component is so volatile. I think more importantly, for the full year, which is what we buy the fleet for and what we measure fleet productivity on, we do expect to have positive fleet productivity.

但是——所以——正如我之前所說，我們不預測季度業績，因為該組合成分波動性太大。我認為更重要的是，就全年而言（這是我們購買車隊的周期，也是我們衡量車隊生產力的周期），我們確實預期車隊生產力會是正的。

And I expect it to be positive in Q1 just may not meet to our expectations and time will tell we could get us priced, things mobilize quickly. So we're not as focused on the quarters there as much as we are making sure full year. The fleet that we're spending on the CapEx on is bringing us the returns, and we're utilizing it in an efficient, profitable way.

我預期第一季業績會是正面的，但可能不會達到我們的預期，時間會證明一切，我們可能會給出合理的價格，事情進展很快。所以我們並沒有像關注季度業績那樣關注全年業績，而是更注重全年業績。我們在資本支出上投入的車隊正在為我們帶來回報，我們正在以高效、有利可圖的方式利用它。

And thanks Matt. And then just on -- you guys speak often to technology investments often in the same breath as cold starts. Just curious, obviously, it's embedded in this guidance you provided for 2026. But what are some of the technology investment focuses that you've had in recent years? How is that going to look different in 2026? Is that budget going up or down within this implied guidance?

謝謝你，馬特。然後，你們經常把技術投資和冷啟動放在一起討論。只是好奇而已，顯然，這已經包含在您提供的 2026 年指導方針中了。那麼，近年來你們在技術投資上有哪些重點關注領域呢？到 2026 年，情況會有什麼不同？該預算是會依照上述隱含指引增加還是減少？

Yeah. Definitely, technology spend will be up in '26 versus '25, I think, like a lot of companies. We're investing in a lot of different opportunities and initiatives. Some I would describe as more elective and some are critical. So we continue to try to leverage more and more technology to drive greater operating efficiency.

是的。可以肯定的是，我認為像許多公司一樣，2026 年的技術支出將比 2025 年增加。我們正在投資許多不同的機會和項目。有些課程我認為是選修課，有些課程則是必修課。因此，我們將繼續嘗試利用越來越多的技術來提高營運效率。

So we've got a number of projects that would be designed to help with fleet efficiency, frankly, with repositioning costs and delivery costs. There's other things that are mandatory like cyber and protection. So there's a lot of stuff that we're investing on that all of which we're excited about the ROI on it? Or is critical like anything defensive like cyber. Matt, anything you'd add there?

因此，我們有一些項目旨在提高車隊效率，坦白說，降低重新定位成本和交付成本。還有其他一些強制性事項，例如網路安全和安全防護。所以，我們有很多投資項目，而且我們對所有這些項目的投資報酬率都感到興奮？或者說，它像網路安全等任何防禦性事物一樣至關重要。馬特，你還有什麼要補充的嗎？

No, no, I agree.

不，不，我同意。

And gentlemen, it appears we have no further questions today. Mr. Flannery, I'd like to turn the conference back to you, sir, for any closing comments.

先生們，今天似乎沒有其他問題了。弗蘭納裡先生，我想把會議交還給您，請您作總結發言。

Great. Thanks, operator, and thanks to everyone on the call. We appreciate your time. Glad you could join us today. Our Q4 investor deck has the latest update.

偉大的。謝謝接線員，也謝謝所有參與通話的人。感謝您抽出時間。很高興你今天能來。我們的第四季度投資者報告包含了最新資訊。

And as always, Elizabeth is available to answer any of your questions. So until we talk again in April, please stay safe. Operator, you can now end the call.

像往常一樣，伊麗莎白隨時準備回答您的任何問題。那麼，在我們四月再次聯繫之前，請注意安全。接線員，您可以結束通話了。

Thank you, Mr. Flannery, and thank you, Mr. Grace. Again, ladies and gentlemen, this brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝弗蘭納裡先生，也謝謝格雷斯先生。女士們、先生們，今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。