聯合設備租賃 (URI) 2026 Q2 法說會逐字稿

Good morning, everyone, and welcome to the United Rentals Investor conference call. Please be advised that this call is being recorded. Before we begin, please note that the company’s press release comments made on today’s call and responses to your questions contain forward-looking statements. The company’s business and operations are subject to a variety of risks and uncertainties, many of which are beyond its control.

各位早安，歡迎參加 United Rentals 投資人電話會議。請注意，本次通話將被錄音。在我們開始之前，請注意，公司新聞稿中對今日通話所作的評論以及對各位提問的回覆，均包含前瞻性陳述。公司的業務與營運面臨各種風險與不確定性，其中許多超出公司可控制範圍。

Consequently, actual results may differ materially from those projected. A summary of these uncertainties is included in the safe harbor statement contained in the company’s press release. 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, 2025, as well as the subsequent filings with the SEC. You can access these filings on the company’s website at www.unitedrentals.com.

因此，實際結果可能與預測存在重大差異。上述不確定性的摘要載於公司新聞稿中的安全港聲明。如需更完整了解這些及其他可能風險，請參閱公司截至 2025 年 12 月 31 日止年度的 Form 10-K 年報，以及其後向美國證券交易委員會（SEC）提交的文件。您可於公司網站 www.unitedrentals.com 查閱上述申報文件。

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.

另請注意，United Rentals 無義務亦不承諾更新或公開發布任何前瞻性陳述之修訂，以反映新資訊或後續事件、情況或預期變化。您也應注意，公司新聞稿與今日通話中包含對非 GAAP 指標的引用，例如自由現金流、調整後 EPS、EBITDA 與調整後 EBITDA。

Please refer to the back of the company’s recent investor presentation to see the reconciliation from each non-GAAP financial measure to the most comparable GAAP financial measure. Speaking today for United Rentals is Matt Flannery, President and Chief Executive Officer, and Ted Grace, Chief Financial Officer.

請參閱公司近期投資人簡報的最後部分，以查看各項非 GAAP 財務衡量指標與最可比 GAAP 財務衡量指標之調節表。今日代表 United Rentals 發言者為總裁暨執行長 Matt Flannery，以及財務長 Ted Grace。

I will now turn the call over to Mr. Flannery. Please go ahead, sir.

接下來我將把電話交給 Flannery 先生。先生，請開始。

Thank you, operator, and good morning, everyone. Thanks for joining our call. As evidenced in our second quarter results, 2026 is on track to be a great year for Team United as we continue to execute our strategy and prove ourselves as a partner of choice for our customers. Our growth accelerated in the quarter. Customers remain optimistic, particularly around large projects, and we continue to exhibit strong cost discipline.

謝謝接線員，各位早安。感謝各位參加我們的電話會議。從我們第二季的業績可見，2026 年正朝著成為 Team United 表現出色的一年邁進；我們持續執行策略，並證明自己是客戶首選的合作夥伴。本季成長動能加速。客戶仍保持樂觀，尤其是在大型專案方面；同時我們也持續展現強勁的成本紀律。

Our one-stop shop value proposition, coupled with our technology, service levels and an unwavering focus on safety and customer productivity continue to differentiate us in the industry. Coming into the year, we set the bar high for the team, and our results are a testament to both their collective efforts and the strategy we've been laser-focused on for the better part of 20 years. As we enter the second half of the year, I'm pleased to raise guidance as we provide our customers a best-in-class partnership while generating strong shareholder returns.

我們的一站式服務價值主張，結合科技、服務水準，以及對安全與客戶生產力的堅定聚焦，持續使我們在產業中脫穎而出。在年初，我們為團隊設定了很高的目標，而成果證明了他們的共同努力，也印證了我們近 20 年來高度聚焦的策略。隨著我們進入下半年，我很高興上調財測；我們在為客戶提供同級最佳的合作夥伴關係之際，也將創造強勁的股東報酬。

So let's get into the details of our second quarter results and our updated full year guidance, and then Ted will get into more details around the numbers before we open up the call to Q&A.

接下來我們將深入說明第二季業績與更新後的全年財測，之後 Ted 會就數字提供更多細節，接著我們將開放問答。

Starting with the quarter's results. Total revenue grew by 12% year-over-year to $4.4 billion. Within this, rental revenue grew by almost 13% to $3.8 billion, both quarterly records. Fleet productivity of 3.4% contributed to OER growth of 9%. Adjusted EBITDA was just over $2 billion, resulting in a margin of 46.6%.

先從本季業績開始。總營收年增 12%，達 44 億美元。其中，租賃營收成長近 13%，至 38 億美元，兩者皆創單季新高。設備隊（fleet）生產力提升 3.4%，帶動 OER 成長 9%。調整後 EBITDA 略高於 20 億美元，對應利潤率為 46.6%。

And finally, adjusted EPS came in at $12.76, up 22% year-over-year and another quarterly record.

最後，調整後 EPS 為 12.76 美元，年增 22%，並再創單季新高。

Now let's discuss customer activity. We continue to see growth across both our gen rent and specialty businesses. Specialty saw exceptional rental revenue growth of 25% year-over-year, including 11 cold starts and with growth across all lines of business. By vertical, the trends of the first quarter carried into the second, namely construction posted strong growth led by nonresidential and infrastructure. And on the industrial side, power continues to post double-digit growth, while metals and minerals also grew at a healthy rate.

接著談談客戶活動。我們在一般租賃（gen rent）與專業租賃（specialty）業務上皆持續成長。專業租賃的租賃營收年增 25%，表現亮眼，其中包含 11 個冷啟動（cold starts），且各業務線皆有成長。按產業別來看，第一季的趨勢延續至第二季；其中，營建業在非住宅與基礎建設帶動下呈現強勁成長。在工業端方面，電力（power）持續維持雙位數成長，而金屬與礦物也以健康的速度成長。

As you know, critical to our strategy is diversified exposure across end markets. In the quarter, we saw projects kick off in a variety of end markets, including hospitals, airports and LNG terminals to name a few, while data centers continue to be a source of growth.

如各位所知，我們策略的關鍵在於終端市場曝險的多元化。本季我們看到多個終端市場的專案陸續啟動，包括醫院、機場與 LNG（液化天然氣）接收站等；同時，資料中心仍是成長來源。

Now turning to the used market. We sold $624 million of OEC at a 53% recovery rate. We're on track to sell approximately $2.8 billion of fleet this year, supported by strong demand for used equipment. As we replace this fleet and grow to meet customer demand, we spent nearly $2.1 billion on gross rental CapEx in the quarter. Year-to-date, we spent $2.9 billion, which exceeded our expectations coming into the year.

接著談二手機市場。我們出售了 6.24 億美元的 OEC（原始設備成本），回收率為 53%。在二手設備需求強勁的支撐下，我們今年有望出售約 28 億美元的設備隊。為了汰換設備隊並擴充以滿足客戶需求，我們本季租賃設備總資本支出（gross rental CapEx）接近 21 億美元。年初至今我們已支出 29 億美元，超出我們年初的預期。

The demand environment continues to outpace our original expectations, and we're well positioned to support our customers' needs while continuing to focus on capital efficiency.

需求環境持續優於我們原先的預期；我們已做好充分準備，在持續聚焦資本效率的同時，支援客戶需求。

After funding our year-to-date growth, free cash flow remained strong at nearly $1.2 billion. And as you've heard me say before, this is a critical feature of our company. The combination of our industry-leading profitability, capital efficiency and the flexibility of our business model enables us to generate meaningful free cash flow through the cycle, which can then be redeployed in ways that allow us to augment shareholder value.

在為年初至今的成長提供資金後，自由現金流仍維持強勁，接近 12 億美元。正如我先前多次提到，這是我們公司的關鍵特質。我們結合產業領先的獲利能力、資本效率與商業模式的彈性，使我們能在景氣循環中持續產生可觀的自由現金流，並可再部署於有助提升股東價值的用途。

Finally, our capital allocation in the quarter reflects the disciplined framework we employ. Our balance sheet is in a great spot, allowing us to support both organic and inorganic growth and to also return nearly $500 million to shareholders during the quarter through a combination of share buybacks and our dividend. Our leverage of 1.8x remains well within our targeted range of 1.5 times to 2.5 times, leaving plenty of dry powder to support growth and to return excess capital to our shareholders.

最後，本季的資本配置反映了我們所採行的嚴謹紀律框架。我們的資產負債表狀況極佳，使我們得以同時支持有機與非有機成長，並透過股票回購與股利的組合，在本季向股東回饋近 5 億美元。我們的槓桿倍數為 1.8 倍，仍明顯落在目標區間 1.5 倍至 2.5 倍之內，保留充足的資金餘裕以支持成長，並將多餘資本回饋股東。

Now let's discuss our raised 2026 guidance, which reflects total revenue growth of almost 10% at the midpoint. When we spoke in April, we said the year was playing out better than we had initially expected. As we started to progress through our busy season, demand outpaced even our revised expectations. The large projects drove this demand in the first half of the year, and we expect that will continue through the second half. Our increased EBITDA guidance embeds the cost actions we outlined coming into the year as we proactively look to improve our efficiency and support profitability.

接著談我們上調後的 2026 年財測；以中位數計算，反映總營收成長接近 10%。我們在 4 月溝通時曾表示，今年的表現優於我們最初的預期。隨著我們進入繁忙旺季，需求甚至超越我們上修後的預期。上半年需求主要由大型專案帶動，我們預期此趨勢將延續至下半年。我們提高的 EBITDA 指引已納入我們在年初所提出的成本行動；我們主動提升效率並支撐獲利能力。

And last but not least, we increased our CapEx guidance as we are running at historically high time utilizations and need additional fleet to support the stronger demand.

最後但同樣重要的是，我們上調了資本支出（CapEx）指引，因為目前設備使用時間率（time utilization）處於歷史高檔，需要增加設備隊以支援更強勁的需求。

So in conclusion, we're executing on our long-held strategy, and it's delivering the results we want. Our differentiated business model is truly unique in our industry and is enhanced by the implementation of cutting-edge technology across the business. We remain focused on leveraging innovation to support our customers' productivity and to drive internal efficiency gains. We are winning in the marketplace as our customers know they can depend on us not just to deliver the fleet they need when they need it, but to also provide an unmatched level of service.

總結而言，我們正持續執行長期以來的策略，並帶來我們想要的成果。我們差異化的商業模式在本產業中確實獨一無二，並透過在全公司導入尖端科技而進一步強化。我們仍專注於運用創新來支持客戶生產力，並推動內部效率提升。我們在市場上持續勝出，因為客戶知道他們不僅能依賴我們在需要時提供所需設備隊，也能獲得無可匹敵的服務水準。

As we look forward over the longer term, we believe our relentless focus on what we do best, being the preeminent rental company, will continue to translate to profitable growth as enabled by our prudent capital allocation and balance sheet strength, strong free cash flow and compelling returns to our investors.

展望更長期，我們相信，我們對自身最擅長之事——成為首屈一指的租賃公司——的持續專注，將在審慎的資本配置與強健的資產負債表、強勁的自由現金流以及對投資人具吸引力的報酬所支持下，持續轉化為獲利性成長。

And with that, I'll hand it over to Ted to review our financial results, and then we'll take your questions. Ted, over to you.

接下來，我把時間交給 Ted 來回顧我們的財務結果，之後我們將回答各位的問題。Ted，交給你。

Thanks, Matt, and good morning, everyone. As Matt just shared, the year has continued to progress better than expected as we set all-time second quarter records for total revenue, rental revenue, EBITDA and EPS. More importantly, the increases to our 2026 guidance reflect our confidence that both the strength of demand and our team's discipline will continue in the back half of the year. But before we get into the details of the outlook, let's dive into the second quarter's results.

謝謝你，Matt，各位早安。如同 Matt 剛才分享的，今年以來的進展持續優於預期，我們在第二季創下總營收、租賃營收、EBITDA 與 EPS 的歷史新高紀錄。更重要的是，我們上調 2026 年指引，反映我們有信心需求強勁與團隊的紀律性將在下半年持續延續。不過在深入展望細節之前，先來看第二季的業績表現。

As you saw in our press release, rental revenue increased $434 million year-over-year or 12.7% to a record of over $3.8 billion, supported again by strong execution across large projects and key verticals. Within this, OER increased by $246 million or 9%, driven by 7.1% growth in our average fleet size and fleet productivity of 3.4%, partially offset by assumed fleet inflation of 1.5%. Also within rental revenue, ancillary and re-rent grew nearly 28% or roughly 3 times the rate of OER, adding a combined $188 million. Pivoting to used, we sold $624 million of OEC in the quarter, generating $330 million of proceeds at an adjusted margin of 47.3% and a 52.9% recovery rate. So another solid quarter there.

如各位在新聞稿中所見，租賃營收年增 4.34 億美元、增幅 12.7%，達到超過 38 億美元的歷史新高，再次受惠於大型專案與關鍵垂直領域的強勁執行力。其中，OER 年增 2.46 億美元、增幅 9%，主要由平均車隊規模成長 7.1% 與車隊生產力 3.4% 所帶動，部分被假設的車隊通膨 1.5% 抵銷。同樣在租賃營收中，附屬服務與再租（re-rent）成長近 28%，約為 OER 成長率的 3 倍，合計增加 1.88 億美元。轉到二手（used）方面，本季我們出售了 6.24 億美元的 OEC，產生 3.30 億美元的收入，調整後毛利率為 47.3%，回收率為 52.9%。因此二手業務同樣交出穩健的一季。

Next, let's turn to EBITDA. Excluding the $49 million net benefit we realized this quarter from the sale of our scaffolding business, EBITDA increased $197 million to a second quarter record of just over $2 billion. This was primarily driven by a $231 million increase in rental gross profit and a $3 million increase in used gross profits. SG&A increased $39 million year-on-year, which was flat as a percent of revenue, while gross profits from other lines of businesses increased $2 million.

接著來看 EBITDA。若排除本季出售鷹架（scaffolding）業務所帶來的 4,900 萬美元淨利益，EBITDA 增加 1.97 億美元，達到略高於 20 億美元的第二季歷史新高。這主要由租賃毛利增加 2.31 億美元，以及二手毛利增加 300 萬美元所驅動。SG&A 年增 3,900 萬美元，占營收比重持平；其他業務線的毛利增加 200 萬美元。

Looking at profitability. On an as-reported basis, our second quarter adjusted EBITDA margin increased 70 basis points year-over-year. Excluding both the gain on the sale of our scaffolding business and the outsized growth in ancillary and re-rent revenues, which I think gives a better insight into our core cost performance, our second quarter margins increased 40 basis points year-over-year. Within ancillary, I'll note that we've been successful in passing through both higher fuel and delivery cost increases, which have driven revenue growth but brought limited incremental margin dollars. More broadly, our team continues to execute well on cost, which is helping us offset some of the ancillary impact I just mentioned as well as overall cost inflation.

再看獲利能力。以公告口徑（as-reported）計算，我們第二季調整後 EBITDA 利潤率年增 70 個基點。若同時排除出售鷹架業務的處分利益，以及附屬服務與再租營收的超常成長（我認為這能更清楚反映核心成本表現），我們第二季利潤率年增 40 個基點。在附屬服務方面，我要補充的是，我們已成功將較高的燃料與配送成本上漲轉嫁出去，這推動了營收成長，但帶來的新增利潤金額有限。更廣泛而言，我們團隊持續在成本端執行到位，這有助於抵銷我剛提到的部分附屬服務影響，以及整體成本通膨。

Shifting to CapEx. We've responded to robust customer demand by investing over $2.9 billion in gross rental CapEx year-to-date, which is an increase of more than $650 million year-over-year. Moving to returns and free cash flow. Our return on invested capital of 11.8% remained comfortably above our weighted average cost of capital, while free cash flow has totaled roughly $1.15 billion year-to-date.

接著談資本支出（CapEx）。因應強勁的客戶需求，我們年初至今已投入超過 29 億美元的租賃總資本支出（gross rental CapEx），較去年同期增加超過 6.5 億美元。再看報酬與自由現金流。我們的投入資本報酬率（ROIC）為 11.8%，仍明顯高於加權平均資本成本（WACC）；而自由現金流年初至今合計約 11.5 億美元。

Turning to our balance sheet. Net leverage remained very comfortable at 1.8 times at the end of June with total liquidity of almost $3 billion. As most of you know, a key element of our capital allocation strategy has been ensuring that we have a strong balance sheet supported by conservative financial policies, think leverage, liquidity and maturity management and consistent operating performance, particularly excess free cash flow. Along these lines, we were very pleased to see S&P recently acknowledged our progress on this front by raising our credit outlook to positive from stable with the potential to upgrade our credit rating from high yield to investment grade within the next 12 months.

再看資產負債表。截至 6 月底，淨槓桿倍數仍維持在非常舒適的 1.8 倍，總流動性接近 30 億美元。如各位所知，我們資本配置策略的一個關鍵要素，是確保在保守的財務政策支持下維持強健的資產負債表——包括槓桿、流動性與到期結構管理，以及穩健且一致的營運表現，特別是超額自由現金流。在此方面，我們很高興看到標普（S&P）近期肯定我們的進展，將我們的信用展望由「穩定」上調至「正向」，並指出未來 12 個月內有機會將我們的信用評等由高收益（high yield）上調至投資等級（investment grade）。

Turning to capital allocation. We have returned $998 million to shareholders year-to-date, including $750 million through repurchases and $248 million via dividend.

接著談資本配置。年初至今我們已回饋股東 9.98 億美元，其中 7.50 億美元來自庫藏股回購，2.48 億美元透過股利發放。

Now let's shift to the guidance we shared last night, which reflects our confidence in delivering a record year. Total revenue is now expected in the range of $17.5 billion to $17.8 billion, an increase of $500 million versus our prior guidance, while used sales are still expected at around $1.45 billion. At midpoint, this now implies full year growth ex-used of over 10% versus our original guidance of closer to 6%. In turn, we've also raised our adjusted EBITDA guidance by $300 million to a range of $7.975 billion to $8.125 billion, reflecting our continued expectation to bring the revenue growth to the bottom line by maintaining flat margins year-over-year.

現在來看我們昨晚分享的財測指引，這反映我們對於交出創紀錄年度表現的信心。總營收目前預期落在 175 億至 178 億美元區間，較先前指引上調 5 億美元；二手銷售仍預期約 14.5 億美元。以中位數計算，這意味著全年（不含二手）成長率超過 10%，相較我們原先指引約接近 6%。因此，我們也將調整後 EBITDA 指引上調 3 億美元至 79.75 億至 81.25 億美元區間，反映我們仍預期在年對年利潤率持平的情況下，將營收成長有效轉化至獲利端。

On the fleet side, we've increased our gross CapEx guidance by $450 million to a range of $4.85 billion to $5.25 billion in response to the stronger demand we see. This now implies net CapEx of $3.4 billion to $3.8 billion. And finally, we are reaffirming another year of strong free cash flow in the range of $2.15 billion to $2.45 billion, with the increase in rental CapEx offset by higher cash flow from operations. On the capital allocation front, we still intend to repurchase $1.5 billion of shares in 2026. Combined with our dividend, this will return roughly $2 billion to our shareholders this year, equating to approximately $32 per share or a return of capital yield of approximately 3% based on our current share price.

在車隊方面，因應我們所見更強勁的需求，我們將總資本支出（gross CapEx）指引上調 4.5 億美元至 48.5 億至 52.5 億美元區間。這意味著淨資本支出（net CapEx）為 34 億至 38 億美元。最後，我們重申今年仍將有強勁的自由現金流，預估區間為 21.5 億至 24.5 億美元；租賃資本支出增加將由更高的營運現金流所抵銷。在資本配置方面，我們仍計畫於 2026 年回購 15 億美元股票。加上股利，今年將合計回饋股東約 20 億美元，約當每股 32 美元，依目前股價計算的資本回饋殖利率約為 3%。

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

那麼接下來，我把電話會議交給接線員進行問答。接線員，請開放線路。

(Operator Instructions)

（接線員指示）

David Raso, Evercore ISI.

David Raso，Evercore ISI。

A question on margins and a question on end demand. First, on the margins, the second quarter margins ex the gain were down about 40 bps year-over-year. The implied second half margins are up year-over-year 10, 20 bps. What are the swing factors when you think about labor absorption, delivery repositioning costs, some of the restructuring savings to think about that swing from the down margins to up a bit in the second half of the year.

我有一個關於利潤率的問題，以及一個關於終端需求的問題。首先談利潤率，第二季若不含處分利益，利潤率年對年約下降 40 個基點。而隱含的下半年利潤率則是年對年上升 10 到 20 個基點。當你們思考從利潤率下滑到下半年小幅回升的這個擺動時，主要的驅動因素是什麼？例如人力吸收（labor absorption）、配送調度/重置（delivery repositioning）成本，以及部分重整（restructuring）節省等，哪些因素在其中扮演關鍵角色？

And then for the end demand, I was intrigued by the comment historically high time utilization, right? We're starting to see the industry add capacity again, and you always wonder about supply-demand balances when we get a recovery in the CapEx numbers. That historically high time you comment, given the nature of large projects, right, more long-dated, is some of the CapEx increase being provided confidence to do it to given the visibility on '27? Are you starting to get a better look at '27 on the demand at this high time you can stay at a pretty high level even as you're adding CapEx?

另外關於終端需求，我對你們提到「時間利用率（time utilization）處於歷史高位」的評論很感興趣。我們開始看到產業再次增加產能，而當資本支出數字回升時，大家總會擔心供需平衡。你們提到時間利用率處於歷史高位，考量大型專案的特性（通常期限更長），這次資本支出增加是否有一部分是因為對 2027 年能見度提高而更有信心？在時間利用率已經很高的情況下，即便你們增加 CapEx，你們是否開始對 2027 年的需求有更清楚的掌握，並認為時間利用率仍能維持在相當高的水準？

Yes, David, this is Matt. I'll take the demand part first and then let Ted walk you through the margin. So we certainly feel good about the demand. And to your point, we wouldn't be bringing in this more fleet just to chase the last dollars of revenue here in the back half of '26. We feel good about the pipeline of the large projects.

是的，David，我是 Matt。我先回答需求的部分，接著再請 Ted 帶你看毛利。所以我們對需求確實感到很有信心。而且如你所說，我們不會只是為了在 26 年下半年去追逐最後那幾塊錢的營收，就把更多車隊引進來。我們對大型專案的案源管線很有信心。

We're not going to go as far as give '27 guidance, but we certainly think these tailwinds that we've been talking about for a while will carry into next year. And that gives us the confidence to bring in more fleet as well as the combination of really strong fleet productivity at record time utilization. So there would be no reason for us not to feed that type of performance unless to your point, we thought demand was coming to an end, and that's not in our sight at all.

我們不會進一步提供 '27 年的指引，但我們確實認為，我們談了好一段時間的這些順風因素會延續到明年。這也讓我們有信心引進更多車隊，同時結合非常強勁的車隊生產力，以及創紀錄的時間利用率。所以除非如你所說，我們認為需求即將結束，否則我們沒有理由不去延續這種表現；而需求見頂這件事完全不在我們的視野之內。

Ted, do you want to touch on the margins?

Ted，你要不要談一下毛利？

Yes. On the margin side, David, I'd say a couple of things. I mean, certainly, if we look at how we started the first half of the year, we're up about 10 basis points on an underlying basis. So the team is doing a great job of managing that. Certainly, we would expect that kind of performance to continue in the back half.

好的。在毛利方面，David，我想說幾點。如果看我們今年上半年的起步情況，以基礎口徑來看，我們大約提升了 10 個基點。所以團隊在管理這方面做得非常好。我們也確實預期這樣的表現會在下半年延續。

There's always going to be normal quarter-to-quarter variability if you think about just the second quarter in the context of your question. But certainly, we feel confident that the team is doing everything we've asked them and has us in a good position to achieve our goal for the year, which is flat margins, excluding the impact of H&E last year.

如果把第二季放在你問題的脈絡下來看，季度之間總會有正常的波動。但我們確信團隊正在做我們要求的一切，並讓我們處於良好位置以達成今年的目標，也就是在排除去年 H&E 影響後，毛利持平。

Would you mind just a little more color, do you see the spread that it widened in the second quarter, ancillary outgrowth versus OER growth? Do you see that spread narrowing to take a little pressure off that mix? Is there delivery repositioning costs? Maybe some quantification of how to think about that? Again, just trying to think of a few building blocks on that.

你介意再多補充一點細節嗎？你看到第二季的差距擴大了，也就是附加收入（ancillary）成長相對於 OER 成長。你覺得這個差距會收斂，讓組合壓力稍微減輕嗎？是交付與調度（repositioning）成本嗎？能否量化一下該怎麼看？我只是想把這件事拆成幾個構成要素來理解。

I know the volume improvement there.

我知道那邊的量有改善。

Yes, absolutely. It won't surprise anybody to know that it has been difficult to kind of forecast ancillary. We did see kind of another outsized growth in the second quarter. In terms of the third quarter, we'll see what happens there. Certainly, fuel is part of that.

是的，當然。不會讓任何人意外的是，附加收入其實一直很難預測。我們確實看到第二季又出現一次相對偏高的成長。至於第三季，我們就看看會怎麼發展。當然，燃油是其中一部分。

Our expectation is that fuel prices probably remain constant 2Q versus 3Q. And certainly, that will have some impact on where we fall within the range. But otherwise, we expect to have another strong quarter of growth, solid fleet productivity and good cost execution that we think puts us in a good position to hit our goals.

我們的預期是燃油價格在 2Q 相較 3Q 可能大致持平。而這確實會影響我們落在區間內的哪個位置。除此之外，我們預期仍會有另一個強勁的成長季度、穩健的車隊生產力，以及良好的成本執行，我們認為這讓我們處於良好位置以達成目標。

Rob Wertheimer, Melius Research.

Rob Wertheimer，Melius Research。

Question is a little bit on, and I know you don't want to disaggregate fleet productivity. I get it. But the decision to add CapEx seems like there's a lot of demand. Is rate where you kind of want it to be? Or is it getting there fast?

我的問題有點關於——我知道你們不想把車隊生產力拆得太細。我理解。但增加資本支出（CapEx）的決策看起來代表需求很強。費率（rate）是在你們想要的水準嗎？還是正在快速接近？

Your margins actually are quite good, not quite at peak. So I don't know if you have an ambition of growing off where peak was. Just that balance between, I guess, rate and CapEx is my first question.

你們的毛利其實相當不錯，但還沒到峰值。所以我不確定你們是否有意圖在峰值之上再成長。我第一個問題就是：費率與資本支出之間的平衡。

Yeah. And that's the right question to ask, Rob, because we need to get rate to further fund the business, and the team did a great job executing on that. So the way we view it is they earned this extra CapEx by driving great fleet productivity. And even though we don't talk about rate numerically, we certainly focus on rate a lot as a team, and we need to because we have to offset the inflation that's obviously impacting everybody in the business. So the team has done a great job continuing to drive price for the value that we offer as well as utilizing the fleet.

是的。Rob，你問得很對，因為我們需要把費率拉上來，才能進一步支撐業務，而團隊在這方面執行得非常好。我們的看法是：他們透過推動出色的車隊生產力，為這筆額外的資本支出「賺到」了正當性。即使我們不以數字方式談費率，但我們團隊確實非常重視費率，而且必須如此，因為我們得抵消顯然正在影響所有企業的通膨。因此，團隊在持續推動價格以反映我們提供的價值，以及提升車隊利用方面，都做得非常好。

So it certainly is part of our decision, and the team did a great job of earning the right to get more fleet.

所以這確實是我們決策的一部分，而團隊也做得很好，贏得了配置更多車隊的資格。

Perfect. And just the other one is just on margin. It's obviously, from our side of the table, hard to forecast some of the transportation costs, et cetera, that come as the industry has evolved to serve a little bit more bigger projects. With the rise in demand, does that risk fall further back because for one, you're kind of comping some of those issues. And for two, you can kind of ship more fleet to new projects?

很好。另一個問題是關於毛利。從我們這邊來看，隨著產業演進、服務更多大型專案，某些運輸成本等項目其實很難預測。在需求上升的情況下，這個風險是否會更往後移，因為第一，你們在比較基期上已經消化了一些問題；第二，你們也能把更多車隊運到新專案上？

Or should I think about that as being an ongoing minor unpredictability? I'll stop there.

還是我應該把它視為一個持續存在、但幅度不大的不確定性？我先問到這裡。

Certainly, I'd say our ability to predict it is challenged just given the nature of these projects, right, some of the timing dynamics we've talked about. That being said, we've talked about the initiatives and the effort we've really kind of leaned into this year. And I think if you were to look at the delivery costs, the team has done a great job. If you look across our big 3 costs within core, so labor, delivery and R&M, and this is all in the segment disclosure, you can see we're actually ahead of the curve on all three. We were in the second quarter, and we are year-to-date.

我會說，我們在預測上的確有挑戰，主要是因為這些專案的性質——也就是我們談過的一些時程動態。話雖如此，我們也談過今年我們真正加大投入的各項措施與努力。如果你看交付成本，團隊做得非常好。如果看我們核心業務中三大成本——人力、交付，以及維修與保養（R&M）——這些都在分部揭露裡，你可以看到我們在這三項上其實都跑在趨勢之前。第二季是如此，年初至今也是如此。

So from that perspective, it takes a lot of effort. The team is finding ways to be more efficient in the face of ongoing repositioning costs. We expect to continue to see good results there, Rob. But in fairness, that was kind of the one, the biggest, probably the biggest point of variability we've thought about at the beginning of the year, and we talked about the need to offset it through some of the cost actions we're taking.

所以從這個角度來看，這需要很大的努力。面對持續的調度／移機（repositioning）成本，團隊正在找方法提升效率。我們預期在這方面會持續看到良好成果，Rob。但坦白說，這大概是我們在年初思考過的最大、也可能是最大的波動來源之一；我們也談過需要透過一些成本行動來抵消它。

Michael Feniger, Bank of America.

Michael Feniger，美國銀行（Bank of America）。

Matt and Ted, I know we talked about the margins. Just you obviously saw headwinds last year on ancillary and delivery costs. You made some adjustments this year. You have cost savings. Is there anything you're observing this year that you guys are highlighting that there's more levers to pull to think about that for 2027.

Matt 和 Ted，我知道我們談過毛利。你們去年在附加收入和交付成本上顯然遇到逆風。你們今年做了一些調整。你們也有成本節省。今年你們有觀察到什麼，是你們特別想強調、並且認為到了 2027 年還有更多槓桿可以拉動的嗎？

Ted, maybe you can kind of outline the headwind you're absorbing this year or in the quarter just on fuel alone. It doesn't seem like that would be there next year. Just trying to see if this absorption on labor and R&M can keep improving as we look forward into next year.

Ted，也許你可以概述一下你們今年或本季僅就燃油所吸收的逆風。看起來明年可能就不會有這個因素。我想了解的是，當我們展望明年時，人力與 R&M 的吸收（效率）是否還能持續改善。

Yeah. So in the quarter itself, if you just think about the incremental fuel cost that we absorbed running the business, so this would be fuel used in service trucks, sales vehicles, managed vehicles, et cetera. That was probably, in isolation, 20 or 30 basis points of additional headwind year-on-year versus what you would have seen even in the first quarter where there was very little fuel effect. We'll see, obviously, how geopolitics play out and what happens with oil markets and diesel and gasoline prices. But certainly, that would be one thing.

是的。所以就該季度本身來看，如果你只考慮我們在營運業務時所吸收的增量燃料成本，也就是用於服務卡車、銷售車輛、受管理車輛等等的燃料。單就這一項而言，與去年同期相比，這大概帶來了額外20到30個基點的不利因素；即便相較於第一季（當時燃料影響很小）也是如此。當然，我們也會觀察地緣政治如何發展，以及油市、柴油與汽油價格會怎麼走。但這確實是其中一個因素。

And the other thing we've talked about, at some point, local markets come back and then we're better able to leverage the network. And that should help us on the delivery cost side, specifically that repositioning cost that certainly was something we talked about a lot in 2025, and it's something we're still managing through in '26. So Matt, I don't know if you'd add anything.

另外一件我們談過的事是，某個時間點地方市場會回溫，屆時我們就能更好地槓桿化（發揮）整個網路的效益。這應該會在交付成本端幫到我們，特別是那個調度／重新配置成本；這確實是我們在2025年談了很多的事情，而在'26年我們仍在持續管理。所以，Matt，我不知道你是否要補充。

I would just say, in addition to the work that we've put in here in the first half of this year, where you see delivery is positive absorption here for us as opposed to rent revenue. And you could assume with the cost of fuel that our outside hauling cost per mile has got to be up. And to be able to have that kind of positive relationship between the cost of delivery and the revenue growth, we will continue to grow upon that baseline and execute.

我只想說，除了我們今年上半年在這裡投入的工作之外，你會看到對我們而言，交付呈現正向吸收（positive absorption），相對於租賃收入而言。而且你可以假設，隨著燃料成本上升，我們的外包運輸每英里成本一定是上升的。能夠在交付成本與收入成長之間維持這種正向關係，我們會在這個基礎上持續擴大並執行到位。

And Matt, just a follow-up. Just the verticals like utilities and, let's say, power, what type of growth are you seeing there today? How big is this for you? Is there any way for us to size that? Are you one of the biggest basically power rental fleets out there?

Matt，再追問一下。像公用事業（utilities）以及比如說電力（power）這些垂直領域，你們目前看到的成長是什麼樣子？這對你們來說規模有多大？有沒有什麼方式讓我們估算一下？你們算是市場上最大的電力租賃車隊之一嗎？

And when you think of M&A with your leverage, is this an area that you're looking at to get bigger in? Just kind of curious what you're seeing there on these verticals and adjacencies and how we could think about sizing that up?

另外，考量你們的槓桿水準，在做併購（M&A）時，這會是你們想要加碼做大的領域嗎？只是想了解你們在這些垂直領域與相鄰市場（adjacencies）看到什麼，以及我們該如何思考其規模化的可能性？

Yes. So two different things, Michael. As far as the power vertical end market, we've talked about that, and that's growing well and is in excess of 10% of our business, really pleased with that. If you're talking about power as a product, this business organically has been growing double digits for us for the past 10 years. So it's, we don't necessarily talk about how big it is, but this is a real important part of our business.

是的。Michael，這裡有兩件不同的事。就電力這個垂直終端市場而言，我們談過，它成長表現很好，且占我們業務比重超過10%，我們對此非常滿意。如果你談的是電力作為一項產品，這個業務在過去10年對我們而言一直是有機的雙位數成長。所以，我們不一定會談它到底有多大，但這確實是我們業務中非常重要的一部分。

It's one of our largest asset categories, and we're very pleased with not only the previous growth, but the headroom that we have ahead. And the footprint is built out. So now we're just feeding the organic growth in that business, and they're doing quite well.

它是我們最大的資產類別之一，我們不僅對過去的成長感到非常滿意，也對未來可成長空間（headroom）感到樂觀。而且據點版圖已經建置完成。所以現在我們只是持續供給該業務的有機成長，他們做得相當不錯。

Steve Fisher, UBS.

Steve Fisher，瑞銀（UBS）。

Just a bigger picture question about repositioning costs relative to CapEx. I think part of the margin headwind you've had to deal with over the last 18 months or so is incurring cost to reposition compared to what you're actually shipping from the OEM factories to projects. And you can correct me if I'm wrong on that. But now that you're ramping up CapEx again, I guess I'm curious to what extent does that help the relative impact of repositioning on margins? Maybe it depends on whether we're talking about gross margins or EBITDA margins here, but just wondering if you can get some margin help from ramping up CapEx versus repositioning?

我有一個比較宏觀的問題，關於重新配置成本（repositioning costs）相對於資本支出（CapEx）。我認為你們過去大約18個月需要面對的部分毛利率逆風，是因為你們在承擔重新配置的成本，相較於你們實際從OEM工廠運到專案現場的出貨。如果我理解有誤你可以糾正我。但現在你們又開始提高CapEx，我想了解這在多大程度上能改善重新配置對利潤率的相對影響？也許要看我們談的是毛利率還是EBITDA利潤率，但想請問提高CapEx相對於重新配置，是否能帶來一些利潤率上的幫助？

And then when do you think we could get to a point where we really don't need to call out the repositioning impact anymore. It's sort of more normalized?

另外，你們認為什麼時候可以到一個程度，我們就不需要再特別點出重新配置的影響了，因為它已經比較正常化？

Yeah. I'll start and let Ted give you some numbers to it. But we're actually not calling out the repositioning cost too much right now other than the cost of fuel. We're having positive absorption in that. So I think we are already right at the ship, so to speak.

是的。我先回答，然後讓Ted給你一些數字。但我們現在其實不太特別點出重新配置成本，除了燃料成本之外。在這方面我們呈現正向吸收。所以我認為我們已經算是把船拉回正軌了。

As Ted mentioned earlier, as the work demand gets more broad, we'll be able to leverage the broader network. So just by definition, that will give some relief to that area. But we found a way to work through the repositioning after being challenged with it last year.

如Ted先前提到的，當工作需求變得更廣泛時，我們就能更好地槓桿化更大的網路。所以按定義來說，這會在那個領域帶來一些緩解。但在去年受到挑戰之後，我們已經找到方法把重新配置這件事處理過來。

I wouldn't say that this CapEx, philosophically, I get your point about the CapEx given relief there. That would be more true if we weren't running at higher time utilization. So it's really about the availability of the fleet where you need it that would help that. So I wouldn't call that as the reason why we're having positive delivery absorption. This is really more about feeding more demand because we're running so hot from a time utilization perspective.

我不會說這次CapEx在理念上——我理解你提到CapEx能帶來緩解的觀點。如果我們不是在較高的時間利用率（time utilization）下運行，這個說法會更成立。所以真正的關鍵在於：你需要的地方是否有足夠的車隊可用性，這才會有幫助。因此我不會把這當作我們交付呈現正向吸收的原因。這更多是因為從時間利用率角度來看我們運行得很滿，所以是在供給更多需求。

Yes. To Matt's point, I think it's hard to quantify kind of that repositioning cost this year. Last year was easier because that relationship between delivery growth and rental revenue growth was obviously unusual in the fact that we had 20% growth in delivery costs versus 6% or 7% growth in rental revenue, and that implied something like $115 million of excess cost that we absorbed. When you do that math now, you'd see that in the second quarter, for example, rental revenue up 12.7%, delivery up 11.7%. So we do have, that repositioning cost continues to be something we're working through.

是的。呼應Matt的觀點，我認為今年要量化那種重新配置成本其實很難。去年比較容易，因為交付成本成長與租賃收入成長之間的關係顯然不尋常：我們的交付成本成長20%，但租賃收入只成長6%或7%，這意味著我們吸收了大約1.15億美元的超額成本。現在你用同樣方式計算，例如第二季，租賃收入成長12.7%，交付成長11.7%。所以我們確實仍在處理重新配置成本這件事。

We have found ways elsewhere to absorb it, right?

我們也在其他地方找到方法把它吸收掉，對吧？

And we talked a lot about kind of like behavioral changes across the team to make sure that we are emphasized on balancing customer service with efficiency, and they've done a great job year-to-date. We've got to keep it up, right? This is something we've got to maintain in the back half of the year to hit our goals.

我們也談了很多，像是團隊在行為上的改變，確保我們在客戶服務與效率之間取得平衡並加以強調，而他們今年以來做得非常好。我們必須持續維持下去，對吧？這是我們在下半年為了達成目標必須維持的事情。

But Steve, otherwise, it's hard to quantify. And I think as Matt kind of alluded to, certainly, CapEx is one way you can address it, but you've got to do it in a capital-efficient manner. And when you decompose fleet productivity, you can see that time was a positive good guy again. So we continue to do that quite effectively as well.

但Steve，除此之外，確實很難量化。而且我想如Matt剛才暗示的，CapEx當然是一種可以處理的方法，但你必須以資本效率高的方式來做。當你拆解車隊生產力（fleet productivity）時，你會看到時間（time）又再次成為正向因素。所以我們也持續相當有效地做到這一點。

Really helpful. And just curious how hard is it for suppliers to react to more of the demand you're asking this year? Is it, is the challenge that they're getting more broad demand across the rental industry? Or is it just sort of larger projects that they're able to serve it because it's really just larger projects they need to serve? Or is it broadly across the industry?

非常有幫助。另外我也好奇，供應商要對你們今年提出的更多需求做出反應有多難？挑戰是在於租賃產業整體的需求變得更廣泛嗎？還是只是因為專案規模更大，他們能夠服務是因為他們主要需要服務更大型的專案？或者是整個產業普遍如此？

Yes. I would say that it's certainly certain categories are pretty tight. Fortunately, we do a pretty large APO, so advanced purchase orders. So we plan 80% of our spend is done well in advance. And we're pleased that they were able to react enough to give this increase.

是的。我會說，某些類別確實相當吃緊。幸運的是，我們做了相當大量的 APO，也就是預先採購訂單（advanced purchase orders）。因此，我們約 80% 的支出都會在很早之前就規劃完成。而且我們很高興他們能夠反應得夠快，讓我們得以提高這個增量。

If we wanted another, throw a number out there, $1 billion worth of fleet, we wouldn't be able to get it. So it really is just working with the team, trying to plan in advance, pull orders up where we can, and that's allowed us to support this extra demand.

如果我們還想再要一批，隨便舉個數字，比如價值 10 億美元的車隊設備，我們是拿不到的。所以這真的就是和團隊一起合作，盡量提前規劃，在可行之處把訂單往前拉，這也讓我們得以支援這額外的需求。

Jerry Revich, Wells Fargo.

Jerry Revich，富國銀行（Wells Fargo）。

Nice to see the specialty asset grow by about $1 billion plus and really nice growth in the branch count. I'm wondering, can you just unpack that for us what part of the specialty portfolio have grown the fastest over the past 6 to 12 months? And then the CapEx outlook in the back half of the year, how much more can we grow the asset base within specialty specifically with the CapEx raise?

很高興看到專業資產（specialty asset）成長了約 10 億美元以上，分公司數量的成長也非常不錯。我想請你們幫我們拆解一下：過去 6 到 12 個月，專業產品組合（specialty portfolio）中哪一部分成長最快？另外，下半年資本支出（CapEx）展望方面，隨著 CapEx 上調，專業業務的資產基礎還能再成長多少？

Yes, I'll do my best to help with some of that, and Matt can jump in. Certainly, we've talked about all 7 parts of the specialty business growing well this year. I'll tell you, they're all in the double digits. It's hard to compare and contrast them on an apples-to-apples basis because some are younger and we're building out scale. So would you think about mobile modular and mobile storage.

好的，我會盡力就其中一些部分提供協助，Matt 也可以補充。我們當然已經談過，今年專業業務的 7 個板塊都成長得很好。我可以告訴你，它們全都是雙位數成長。但要用完全可比的基礎去比較其實不容易，因為有些業務比較新，我們仍在擴大規模。所以你可以想想行動模組化（mobile modular）和行動儲存（mobile storage）。

Would you think about ROS in that context? Yes, absolutely. Those are, I'd say, statistically putting up probably the strongest growth, but they're also the smallest in the context of the business.

在那個脈絡下，你會怎麼看 ROS？是的，完全同意。我會說，從數據上看它們可能呈現最強的成長，但在整體業務的脈絡下，它們的規模也相對最小。

To Matt's prior point, if you think about the power and HVAC business, that is also putting up very strong growth. Team is doing a great job executing strong end market demand and everything in between. So certainly, Fluid Solutions is doing a great job. Trench and safety is doing a great job and tools. So really, and matting, I should absolutely include matting.

呼應 Matt 先前的觀點，如果你看電力與 HVAC 業務，那也呈現非常強勁的成長。團隊在強勁的終端市場需求以及各個環節之間的執行都做得很出色。所以，流體解決方案（Fluid Solutions）表現非常好。溝槽與安全（Trench and safety）做得很棒，工具（tools）也是。所以整體來說，還有地墊（matting），我也一定要把地墊算進去。

So I would just say we've been really pleased with the growth we're seeing across the board. It is not one segment. It is all 7 that are really pulling in the right direction and obviously contributing to that really nice 25% growth you saw year-on-year.

總之，我會說我們對各方面看到的成長都非常滿意。不是某一個單一板塊。而是全部 7 個板塊都在朝正確方向拉動，並且顯然共同貢獻了你看到的那個非常亮眼的年增 25%。

And when you think about our go-to-market strategy, we should expect that, right? Because large projects are more complex, our customers need more service. And we feel like we're outpacing our growth expectations because of that one-stop shop capability we have. So we need all of those specialty business units to support those needs and that value proposition. So it makes all the sense in the world to us that they're all growing significantly.

而且當你想到我們的市場進入策略（go-to-market strategy），你應該會預期會是這樣，對吧？因為大型專案更複雜，我們的客戶需要更多服務。我們覺得我們之所以能超越成長預期，是因為我們具備一站式服務（one-stop shop）的能力。因此，我們需要所有這些專業事業單位來支援那些需求與價值主張。所以對我們而言，它們全部都顯著成長是再合理不過的事。

Super. And can I just ask from an end market standpoint, you mentioned large projects really strong. Semis and electronics have been one end market that's been in decline since '24 now inflecting positively. Are you starting to deliver more equipment onto the next round of semi fab sites? Is that an uptick in the business this year?

很好。我想再從終端市場的角度問一下：你提到大型專案非常強勁。半導體與電子一直是自 2024 年以來下滑的一個終端市場，現在開始轉為正向。你們是否開始向下一輪半導體晶圓廠（semi fab）工地交付更多設備？這是否帶動了今年業務的上升？

Is that still in front of us? And a similar question in power, the big behind-the-meter data center actually construction plans are set to accelerate next year. I'm wondering, have you already started delivering equipment on sites there? Has that accelerated in your mix?

還是說那仍在未來？另外在電力方面也有類似問題：大型表後（behind-the-meter）資料中心的實際施工計畫預計明年加速。我想了解你們是否已經開始在那些工地交付設備？這在你們的組合中是否已經加速？

Both of those have accelerated here in the second quarter. So you're dead-on it, Jerry. The semis in that sector has grown and power continues to be a strong end market for us.

這兩者在第二季都加速了。所以你說得非常準，Jerry。半導體那個領域已經成長，而電力仍然是我們非常強勁的終端市場。

Kyle Menges, Citigroup.

Kyle Menges，花旗集團（Citigroup）。

You're now growing revenue 10% this year with pretty much no help from local markets. So I'm curious in your mind, just with the pipeline of mega projects out there and that visibility you have, how you think you can grow maybe in the next couple of years if, sorry, if local markets do come back and would be helpful to hear an update on what you're seeing in local markets this year as well.

你們今年營收成長 10%，幾乎完全沒有來自本地市場（local markets）的助力。所以我很好奇：以你們對外面超大型專案（mega projects）管線以及可見度的掌握，你們認為未來幾年如果——抱歉——如果本地市場回來並提供助力，你們可以如何成長？也希望你們更新一下今年在本地市場看到的情況。

Sure, Kyle. So local markets, we've been talking about since January has stabilized and they have. And I'd say net-net, our local customers, which we use as a proxy for the aggregate of local markets have grown low single digits. So we are seeing stabilization with some very modest growth. That's good news because we're able to drive this kind of growth on the major projects.

好的，Kyle。所以本地市場，我們從 1 月以來一直在說已經趨於穩定，而確實如此。整體而言，我們的本地客戶（我們把它作為本地市場總體的代理指標）成長了低個位數。所以我們看到的是穩定，並伴隨非常溫和的成長。這是好消息，因為我們能夠在大型專案上推動這樣的成長。

To your point, you want to know what's in the future. But it's not just needing to rely on local market growth whenever the large project pipeline slows down a few years from now. There's also other major sectors that are not growing right now, whether that be petrochem, right? That's a good opportunity for us. Industrial manufacturing is not really hot right now.

就你提到的，你想知道未來會怎樣。但並不只是當幾年後大型專案管線放緩時，才需要依賴本地市場成長。還有其他目前尚未成長的主要產業板塊，例如石化（petrochem），對吧？那對我們來說是個很好的機會。工業製造（industrial manufacturing）目前也不算熱絡。

So, and we're not even talking about residential and then the knock-on effect as residential picks up of all the infrastructure around it to support that residential growth. So we feel good about the growth prospects. The last part I talked about, about residential and the knock-on would probably be the more local related growth opportunities for us.

此外，我們甚至還沒談到住宅（residential），以及當住宅回升時，為支援住宅成長所帶動的周邊基礎建設連鎖效應（knock-on effect）。所以我們對成長前景感到樂觀。我最後提到的住宅與連鎖效應，可能會是對我們而言更偏向本地相關的成長機會。

Got you. And then would also just be helpful to hear your latest thoughts on the M&A pipeline, how strong it is and assuming you're still targeting specialty deals. Curious if there's any of size in the existing pipeline.

了解。另外也希望聽聽你們對併購（M&A）管線的最新看法：目前有多強？以及假設你們仍以專業領域的交易為目標。也想知道現有管線中是否有任何具一定規模的案子。

Yes, the pipeline continues to be robust. We continue to work it. Obviously, this growth here is primarily like 90% plus organic. But we do have the dry powder. We have the capability, and we have the expertise to integrate well.

是的，管線仍然相當強勁。我們持續在推進。顯然，這裡的成長主要是 90% 以上來自內生成長（organic）。但我們確實有充足的資金火力（dry powder）。我們具備能力，也具備良好整合的專業。

So we are definitely working the pipeline. There are opportunities of all shapes and sizes. To your point, any time we get to add a new product or enhance one of our specialty offerings, that's first and foremost, top of mind. But we're really looking at deals of all shapes and sizes, and we'll continue to do so. And stay tuned.

所以我們確實在積極推進這條管線。機會各種形態與規模都有。如你所說，任何時候只要能新增一項產品或強化我們某一項專業產品供給，那都是我們首先、最優先考量的。但我們確實在看各種形態與規模的交易，並且會持續如此。敬請期待。

Ken Newman with KeyBanc Capital Markets.

Ken Newman，KeyBanc Capital Markets。

Congrats on the nice quarter. Yes. Maybe first, just a clarification on the rate question from earlier in the call. I know you guys don't quantify all the components of fleet productivity. But just given where we've seen used prices in the secondary market, is it fair to assume that you'd expect some improvement in sequential rental rates into the back half?

恭喜這一季表現亮眼。是的。也許先針對剛才電話會議前面提到的費率問題做個釐清。我知道你們不會量化車隊生產力（fleet productivity）的所有組成要素。但考量到我們在二級市場看到的二手價格走勢，是否可以合理假設你們預期下半年租賃費率（rental rates）在季比（sequential）上會有所改善？

Or just how do you think about the opportunity for rental rate improvement to go forward?

或者你如何看待未來租金費率提升的機會？

Yes. We feel that the supply-demand dynamics are positive to drive fleet productivity. We've talked a little bit how time was up and a little bit of a surprise for us. But rate is a good guy, and we expect it to continue. And in this kind of demand environment, that should be the case, especially when you're offsetting inflation.

是的。我們認為供需動態是正向的，能夠推動車隊生產力提升。我們之前也提到過，時間利用率上升對我們來說有點意外。但費率表現不錯，我們預期會延續。在這樣的需求環境下應該會如此，尤其是在你需要抵消通膨的時候。

So we do feel good about the opportunity to drive all components of fleet productivity positive.

因此，我們確實對推動車隊生產力各個組成項目轉為正向的機會感到樂觀。

Very helpful. Okay. And then for my follow-up here, if I remember from your Analyst Day a few years ago, you had mentioned maybe some new product opportunities in specialty. I think you had multiple pilot programs for new specialty applications. Any comments or commentary just about how those pilots are progressing or if you're seeing any traction in something where you feel like you can maybe lever up and do an acquisition to gain some more scale there?

非常有幫助。好的。接著我想追問一下，如果我沒記錯，幾年前你們在分析師日提到過，特種業務可能有一些新產品機會。我記得你們針對新的特種應用做了多個試點計畫。能否談談這些試點進展如何，或你們是否看到任何動能，讓你們覺得可以加大槓桿、透過併購來取得更大規模？

Yes. We don't talk about, we don't foreshadow it publicly. We certainly don't want the targets to get more expensive. We continue to look at anything that you would consider temporary on a project or a plant, right? If it's temporary, we see that as a right of way of us having an opportunity to support it.

是的。我們不會公開談論或預告這些事情。我們當然也不希望標的變得更貴。我們持續關注任何你會認為是在專案或工廠上屬於臨時性的需求，對吧？如果是臨時性的，我們就把它視為我們有機會提供支援的切入點。

You can assume that we're looking at everything that we don't already have and some of what we already have just accentuate, whether it's gaps in the portfolio from a geography perspective or in a product perspective. So we're certainly focused on that, Ken, and looking at targets constantly.

你可以假設我們正在看所有我們目前還沒有的項目，以及我們已經有的一些項目如何再強化，不論是從地理覆蓋的角度，或是產品面的組合缺口。所以我們確實很專注在這上面，Ken，也一直在持續尋找標的。

Seth Weber, BNP Paribas.

Seth Weber，法國巴黎銀行。

I wanted to go back to your rate comment. I know we're not getting specifics around rate, but can you just highlight, I know you've talked about implementing some AI into your pricing and rate calculus. Can you talk about where we're at with that and whether that's contributing at this point to the rate progression or if that's really more still on the come?

我想回到你對費率的評論。我知道我們不會談費率的具體數字，但你能否重點說明一下：我知道你們提過在定價與費率計算中導入一些 AI。能談談目前進展到哪裡，以及這是否已經在此刻對費率走勢有所貢獻，或其實還是更多在未來才會顯現？

Yes. I guess what I'd say is that the team has a lot of tools to try to maximize the rates we're realizing on any given transaction. Certainly, there are some things that we're working that are really in pilot mode. But I think when we really take a step back and we think about kind of the environment today, we've long talked about a very constructive environment where you're seeing good discipline across the industry on the supply-demand front. And that is probably the biggest factor currently driving success in rates across the industry, in my opinion.

是的。我想我會這麼說：團隊有很多工具，試圖在任何一筆交易上把我們實現的費率最大化。當然，有些我們正在做的事情仍處於試點階段。但當我們真正退一步看、思考當前的環境時，我們長期以來一直在談一個非常具建設性的環境，也就是你會看到整個產業在供需面維持良好的紀律。而在我看來，這可能是目前推動全產業費率成功的最大因素。

It's not to say the tools aren't important. They are. And we think incrementally, they'll be more and more valuable to us. But right now, what you've seen is kind of that discipline that is critical. So Matt, I don't know if you'd add anything there.

這並不是說這些工具不重要。它們很重要。而且我們認為，隨著時間推進，它們對我們的價值會越來越大。但就目前而言，你看到的是那種至關重要的紀律性。所以 Matt，我不知道你是否要補充？

No, I would just say to your point, as we, Seth, as we continue to enhance tools with AI and continue to update the opportunities, you could certainly think that would only be helpful down the road.

沒有，我只是想呼應你的觀點：Seth，隨著我們持續用 AI 強化工具、並持續更新各種機會，你可以認為這在未來只會更有幫助。

Got it. Okay. And then just going back to, I think David asked the question just on the cost savings. I think it was, you kind of ring-fenced around $10 million in the first quarter. Is that a similar number here for the second quarter?

了解。好的。再回到我想 David 問過的成本節省問題。我記得你們在第一季大概圈定了約 1,000 萬美元。第二季也是類似的數字嗎？

And should we just think about that as kind of ratable through the year, $10 million, $15 million a quarter in savings? Or does it accelerate or...

我們是否可以把它視為全年按季平均分攤，例如每季節省 1,000 萬到 1,500 萬美元？還是會加速或……

Yes. That's a reasonable way to think about it. I would say we'd estimate internally the second quarter benefit was on the order of about $12 million, which is effectively that annualized run rate. We talked about achieving $45 million to $50 million of realized savings in 2026. And so we're basically at that run rate.

是的。這樣想是合理的。我會說我們內部估計第二季的效益大約在 1,200 萬美元左右，基本上就是那個年化的運行水準。我們談過在 2026 年實現 4,500 萬到 5,000 萬美元的已落地節省。所以我們基本上已經在那個運行水準上。

You saw in the quarter, we took another $6 million of charges. So we're now running at $51 million year-to-date. And for the full year, we thought those charges would be $55 million to $65 million, still our expectation. So everything really is going to plan on all those restructuring activities. Matt, anything you'd add there?

你在本季也看到我們又認列了 600 萬美元的費用。因此年初至今我們的費用累計為 5,100 萬美元。而對於全年，我們原先預期這些費用會是 5,500 萬到 6,500 萬美元，這仍然是我們的預期。所以所有這些重整活動基本上都按計畫進行。Matt，你還要補充什麼嗎？

No. No, I think you covered it.

沒有。沒有，我想你已經涵蓋了。

Mig Dobre, Baird.

Mig Dobre，Baird。

Going back to your comment about record time utilization, I mean, congrats on that. I'm sort of curious, based on everything that you know competitively about the industry, the benchmarking that you do, is this record time utilization condition just specific to your business, certain things that you guys are doing that are just sort of idiosyncratic? Or would you say that the industry as a whole is in a position where equipment supply versus demand is just kind of reaching this balance where you're getting good broad utilization?

回到你提到創紀錄的時間利用率，我是說，恭喜。我有點好奇，基於你們對產業競爭態勢的了解以及你們做的標竿比較，這種創紀錄的時間利用率狀況是你們公司特有的、你們做了某些比較獨特的事情所致？還是你會說整個產業的設備供給相對需求正逐步達到某種平衡，因此整體利用率都不錯？

Well, I think it's both. I think we have some, our scale gives us some inherent advantages, the tools we utilize and the major project work helps drive our time utilization, we believe, at a premium to the industry. But I do think the industry overall is driving higher time utilization on a year-over-year basis right now. And as the other public companies and we use that as a proxy, report, I would expect to hear that would be surprised if you didn't hear that. So we think it's a little bit of both.

我認為兩者都有。我想我們的規模帶來一些先天優勢，我們使用的工具以及大型專案工作，讓我們相信我們的時間利用率能高於產業平均、維持溢價。但我也確實認為，整個產業目前的時間利用率相較去年同期正在提高。而且當其他上市公司（我們把它們當作一個代理指標）公布時，我預期也會聽到類似的情況；如果你沒聽到，我反而會覺得意外。所以我們認為兩者兼具。

We continue to want our premium, but we think the supply-demand dynamics in the industry overall are really good right now.

我們仍希望維持我們的溢價，但我們認為整體產業的供需動態目前真的非常好。

That's helpful. And maybe to ask Kyle's question a little bit different, if this is the case, and we're seeing just utilization more broadly in the industry get better, if at a point in time, we do have, say, for instance, a little bit of help from lower rates, some recovery in local markets, how do you think about the capacity of the industry and your suppliers to be able to kind of scale up to meet that incremental demand?

這很有幫助。也許用不同方式問一下 Kyle 的問題：如果確實如此，而且我們看到整個產業的利用率更普遍地改善，那麼若在某個時間點，例如利率下降帶來一些助力、地方市場出現復甦，你如何看待產業以及你們供應商的產能，是否能夠擴張以滿足那個新增需求？

Yes, it's something that we'll think about. If I had to guess, I would say some of the more localized smaller players in the space will probably have some time utilization to fill some of that gap, but we certainly feel good about our opportunity to source future demand. We think that our distributed footprint and all those data points that are out there in the field for us would give us a little bit of a leg up on planning ahead. But it is something if everything, if we had strong local market right now with this type of major project work, it would be challenging today. So it's not even a bad thing that we don't have that.

是的，這是我們會思考的事情。如果要我猜，我會說這個領域裡一些更在地化、規模較小的業者，可能還有一些時間利用率可以用來填補那個缺口，但我們對於取得未來需求的供應來源機會仍然很有信心。我們認為我們分散式的據點布局，以及我們在現場掌握的所有數據點，會讓我們在提前規劃上略占優勢。但如果一切條件都具備——也就是在目前這種大型專案工作量之下，同時地方市場又很強——那在今天確實會很具挑戰。所以我們現在沒有那種情況，甚至也不算壞事。

But I, all I could say is I think that with all the data and all the information and touch points that we have throughout our network, we should be able to get ahead of that curve.

但我能說的就是，我認為憑藉我們在整個網路中掌握的所有數據、資訊與接觸點，我們應該能夠提前掌握那條曲線的變化。

Jamie Cook with Truist.

Truist 的 Jamie Cook。

Nice quarter. I guess two questions. Ted, clearly, now with markets and recovery, trying to think about if you could update us on your thoughts on setup for incremental margins this cycle. Obviously, we have ancillary, which is a headwind. We don't have noise from acquisitions.

本季表現不錯。我想有兩個問題。Ted，很明顯，隨著市場與復甦的進展，想請你更新一下你對於本輪週期增量利潤率（incremental margins）布局的看法。顯然，我們有附加服務（ancillary），這是一個逆風。我們也沒有併購帶來的雜訊。

It sounds like the bear case on rental really shouldn't be there anymore. Your, I don't know if investing on tech goes up or if that's a positive relative to the aspirational targets you laid out in, at your Analyst Day of the 50% to 60%.

聽起來租賃（rental）的熊市論點應該不太成立了。你們在科技上的投資，我不確定是否會增加，或是相對於你們在分析師日提出的 50% 到 60% 的目標，這是否是一個正面因素。

And then my second question, with markets in recovery, and it sounds like suppliers can ramp, but only to a certain degree, to what degree do you think that the industry would look to use acquisitions or consolidate,, what I mean just in order to get fleet?

第二個問題是，隨著市場復甦，聽起來供應商可以提升產能，但也只能到某種程度；你認為產業在多大程度上會尋求透過併購或整合——我的意思是，主要是為了取得車隊（fleet）？

I'll take the first part, Jamie, and Matt can take the second. On the margins, we've long said our goal is to drive margin expansion. And I think if you look at our year-to-date results and certainly the second quarter results included within that, we're doing that on an underlying basis. And that to us is the most important way to measure our business internally. So just to kind of like go through a bridge, you'd see the as-reported margins being up 70 basis points year-on-year.

Jamie，第一部分我先回答，第二部分 Matt 可以回答。關於利潤率，我們長期以來一直說，我們的目標是推動利潤率擴張。我認為如果你看我們年初至今的結果，尤其是包含在其中的第二季結果，我們在基本面上確實正在做到這點。而對我們而言，這是內部衡量業務最重要的方式。所以簡單用一個橋接來看，你會看到按報表口徑（as-reported）的利潤率年增 70 個基點。

When you back out the gain, they're down 40. I think David made that point. That includes that outsized growth from ancillary and re-rent. If we adjust for that, just that outsized growth, the margins were up 40 basis points year-on-year, even while we included or absorbed, excuse me, 20 to 30 basis points from the higher fuel price. Again, that's the internal consumption piece.

把那筆收益（gain）扣除後，利潤率是下降 40 個基點。我想 David 已經提到這點。其中包含了附加服務與轉租（re-rent）的超常增長。如果我們就那個超常增長做調整，利潤率其實年增 40 個基點，即便我們也納入或吸收了——抱歉——因燃油價格較高帶來的 20 到 30 個基點影響。同樣地，那是內部消耗（internal consumption）的部分。

So that to us is indicative for the underlying cost performance of the business and gets to kind of that goal we've talked about. And when you look at those big 3 metrics across cost of rental, here again, labor, delivery, R&M, all showing positive absorption year-to-date and in the second quarter. So as we roll that forward, again, we think the core should continue to drive margin expansion, things that are, to some degree, outside our control, like how we serve customers with ancillary will be impactful. That said, these are things customers are asking us to do. And frankly, they're part of what's driving the, I would say that strong growth, right?

所以對我們來說，這反映了業務在底層成本表現上的狀況，也呼應了我們談過的那個目標。而當你看租賃成本的三大指標時，再次可以看到：勞動力、交付、維修與保養（R&M）在年初至今以及第二季都呈現正向吸收（positive absorption）。因此往後推進，我們仍認為核心業務應該會持續推動利潤率擴張；而某種程度上不在我們控制範圍內的因素，例如我們如何以附加服務來服務客戶，會產生影響。話雖如此，這些都是客戶要求我們做的事。坦白說，它們也是推動強勁成長的一部分，我會這麼說，對吧？

If you look at ancillary being up, or sorry, specialty being up 25%, the underlying market is not up 25%. We are certainly outpacing the market. And we think to some degree, that's driven by the fact that we are being selected as a partner of choice, a key part of our strategy for doing these small things. So we're not going to shy away from them. We're going to support customers.

如果你看附加服務上升——抱歉，是專業設備（specialty）上升 25%，整體市場並沒有上升 25%。我們確實正在超越市場。我們認為某種程度上，這是因為我們被選為首選合作夥伴（partner of choice），而這正是我們策略的一個關鍵部分：把這些小事做好。所以我們不會迴避這些。我們會支持客戶。

We're going to take advantage of that strategic focus and then explain to people what that ultimate impact may be on margins. So we can dig into any of that, but hopefully, that gives you at least a sense for how we're thinking about the business going forward.

我們會把握這個策略重點，然後向大家說明這對利潤率最終可能造成的影響。所以我們可以深入討論任何一部分，但希望這至少能讓你了解我們對未來業務的思考方向。

And as far as the acquisitions and consolidation, I think that will continue in the industry. I've said it for a while. The bigs will continue to get bigger. I think consolidation is part of that. Even those that had very aggressive cold start models have turned to realize it's just faster, more complete, a better way to fill some of your gaps if the math makes sense.

至於併購與整合，我認為這在產業中會持續發生。我已經講了一段時間。大型業者會繼續變得更大。我認為整合是其中一部分。即便是那些曾經採取非常積極的冷啟動（cold start）模式的業者，也逐漸意識到：如果數學算得通，併購只是更快、更完整、也更好的方式來補足一些缺口。

So I think that will continue to be a part of the industry's growth.

所以我認為這將會持續成為產業成長的一部分。

And sorry, one quick one of the CapEx increase, what was gen rent versus specialty implied in the increase in forecast?

另外很快補問一個關於資本支出（CapEx）上調的問題：在上調的預測中，一般租賃（gen rent）相對於專業設備（specialty）各自隱含了多少？

We haven't broken that out, but you could assume you see the growth of each of those. You could assume that there's a lot of specialty growth within that CapEx number.

我們沒有把它拆得那麼細，但你可以根據各自的成長來推估。你可以假設那個 CapEx 數字裡面包含了相當多的專業設備成長。

Angel Castillo, Morgan Stanley.

Morgan Stanley 的 Angel Castillo。

A little bit of a bigger picture. I guess just wanted to go back to the comment that you could potentially get upgraded to investment grade over the next 12 months. Can you just talk about, I guess, how important that is to your capital allocation strategy? Just the reason I ask is your leverage at this point is kind of near historical lows and continue to decline with this very strong kind of fundamental performance. So just I'm curious how you perhaps kind of weigh that investment-grade opportunity versus, or opportunity to get upgraded versus opportunities of M&A or more buybacks?

從更宏觀的角度來看。我想回到你提到的評論：你們在未來 12 個月內可能被上調至投資級（investment grade）。你能談談這對你們的資本配置策略有多重要嗎？我之所以這樣問，是因為你們目前的槓桿水準接近歷史低點，並且在非常強勁的基本面表現下持續下降。所以我很好奇，你們如何權衡這個投資級上調的機會（或取得上調的機會）與併購（M&A）或更多回購之間的取捨？

Honestly, it's a great question. Thanks for asking, Angel. I don't think it really affects our capital allocation strategy at all. I mean we're clearly comfortable with the idea of moving to IG at this point of our evolution. If you look at our credit metrics, we've screened IG for many years, and it's really been our internal financial policy that kept us in the high-yield realm.

老實說，這是個很好的問題。謝謝你提問，Angel。我不認為這會對我們的資本配置策略造成任何影響。我的意思是，在我們發展到目前這個階段，我們顯然對轉向投資級（IG）的想法感到很自在。如果你看我們的信用指標，我們多年來都符合投資級的篩選標準，真正讓我們留在高收益（high-yield）領域的是我們內部的財務政策。

And the idea there was to ensure we have the balance sheet capacity to support that inorganic growth if and as we saw opportunities. But as we've grown, we've organically essentially sourced all that M&A capacity we would need with, frankly, just looking at the EBITDA we have in absolute dollars and what that would allow us to do on a purely debt-funded basis.

其背後的想法，是確保我們的資產負債表有足夠的承載能力，以便在看到機會時能支持非有機成長。但隨著我們成長，我們基本上已經透過有機方式取得了我們所需的全部併購能力——坦白說，只要看我們以絕對金額計的 EBITDA，以及在純粹以舉債融資的情況下它能讓我們做什麼。

So as we took a step back and really assessed kind of like what our existing capabilities are, where we think reasonably we might deploy capital and then compare that against cost-benefit of staying high yield, we just feel like we're at the point where we're very comfortable with the idea of migrating into IG and taking advantage of a lower spread for the simple reason, doing so does not constrain us in any way, shape or form from M&A strategy. So Matt, I don't know if you'd...

因此，當我們退一步真正評估我們現有的能力、我們認為合理可能部署資本的方向，並將其與維持高收益狀態的成本效益做比較後，我們覺得自己已經到了非常能接受轉向投資級、並利用較低利差的階段；原因很簡單，這麼做不會以任何方式限制我們的併購策略。所以 Matt，我不知道你是否要……

I think you just hit it. It has no other side of the coin cost to us. So why not take the opportunity.

我想你已經說到重點了。對我們而言，這沒有任何另一面的成本。所以何不把握這個機會。

Amazing. Super helpful. And then I wanted to ask just on the CapEx front. You mentioned if you wanted another $1 billion worth of fleet, you probably would be a little bit challenged in getting that. So just curious, one, can you talk about maybe where, in particular, in your fleet or the type of products that you might be sourcing, there is a little bit more tightness, I think, over the last couple, over the last year or so, you've generally talked about more availability of fleet from the supplier.

太好了。非常有幫助。接著我想問資本支出（CapEx）方面。你提到如果你們想再增加 10 億美元規模的車隊，你們可能會在取得上有些挑戰。所以我想了解：第一，你能否談談具體而言，在你們的車隊中或在你們可能採購的產品類型上，哪些地方的供應更吃緊？我想在過去幾季、或過去一年左右，你們一般都談到供應商提供車隊的可得性更高。

And then a little bit of a preliminary into '27.

接著稍微先初步談一下 27 年。

Just curious, as you see this demand backdrop, the backlog, I believe you've talked in the past about mega projects giving you more like a 12- to 18-month kind of visibility. So as you see all of that and this tightening in the supply base, how are you thinking about your CapEx needs, at least at a high level for next year versus perhaps some of this increased CapEx this year being able to kind of set you up for that growth next year?

我只是好奇，當你看到這樣的需求背景、在手訂單（backlog），我記得你過去談過大型專案能讓你有大約 12 到 18 個月的能見度。所以當你看到這一切，以及供應端的收緊，你們在思考資本支出（CapEx）需求時是怎麼看的？至少從高層次來看，明年相較於今年增加的部分 CapEx 是否能在某種程度上為明年的成長做好準備？

Yes. So the carryover of the growth this year certainly helps. It will help for the growth next year. And it's way too early for us, Angel, to get into forecasting CapEx next year other than to say you could expect we'll sell a little bit more used based on the bigger base of rotating our fleet and the correlating replacement CapEx from there. And then when we get into our planning process, which is ground up, very robust, we'll have a better idea of what the growth needs are over and above the carryover.

是的。所以今年成長的延續效應確實有幫助。它會有助於明年的成長。而且現在對我們來說還太早了，Angel，要去預測明年的 CapEx；只能說你可以預期，基於我們車隊輪替的基礎更大，我們會賣出更多二手機具，並由此帶來相對應的汰換 CapEx。然後等我們進入規劃流程（自下而上、非常扎實且健全），我們就能更清楚了解在延續效應之外，額外的成長需求是什麼。

So nothing to really say there other than we do expect next year to certainly be another year of growth. And what level of growth it is, well, we got to do all the work before we get ahead of our skis there.

所以除了我們確實預期明年仍會是成長的一年之外，沒有太多可以補充的。至於成長幅度是多少，嗯，我們得把所有工作做完，才不會操之過急。

And then just in the $1 billion of the fleet, like where there's maybe tightness?

那在車隊的 10 億美元那部分，哪些地方可能比較吃緊？

The areas that you can imagine, it's pretty broad because the major projects are using everything. So it's specialty products and think about the aerial, the reach forks. The stuff that usually run at high time utilization continue to run at high time utilization.

你可以想像得到的那些領域，其實相當廣泛，因為大型專案什麼設備都在用。所以包含特殊產品，像是高空作業平台（aerial）、伸縮臂叉車（reach forks）。那些通常時間利用率很高的設備，現在仍然維持高時間利用率。

Sabahat Khan, RBC Capital Markets.

Sabahat Khan，RBC Capital Markets。

So just, I guess, on the H2 guidance, obviously, the numbers are moving higher versus your initial expectations. Was this maybe a little bit of you waiting to see how the demand backdrop evolved? Or did something really inflect? And I know you talked a little bit about some of the non-data center markets, but it does look like fleet productivity comps are getting easier in the back half. Was it you just waiting for some confidence in the market before sort of kicking that up?

我想就下半年（H2）指引來問一下，顯然數字相較於你們最初的預期在上修。這是不是因為你們想先觀察需求背景如何演變？還是說真的出現了某種拐點？我知道你們稍早提到一些非資料中心市場，但看起來下半年車隊生產力的比較基期（comps）也變得更容易。所以這是你們在把指引往上調之前，先等市場信心更明確嗎？

And then maybe if you can just share some thoughts around just kind of the expected cadence for the numbers, if you can, based on the comp last year.

另外，如果可以的話，能否分享一下基於去年比較基期，你們對數字走勢（cadence）的預期節奏？

Yes. So we had confidence in April. We usually wouldn't do a raise in April because we, to your point, we want to see how the year is shaping out. But we had a lot of confidence that it was going to shape out strongly. we just exceeded our expectations.

是的。我們在 4 月就有信心。通常我們不會在 4 月就上修，因為如你所說，我們想先看看全年走勢會如何發展。但我們當時很有信心全年會走得很強，只是實際結果又超出我們的預期。

The pipeline of projects moved faster and got deeper. So I would just say a combination of more demand, strong execution from the team gave us, gives us even more confidence for what we'll see in the back half than our original expectations even on our increased guide in April. So, and the ability to pull some more CapEx in. So it's that.

專案管線推進得更快、也更深。所以我會說，更多的需求加上團隊強勁的執行，讓我們對下半年的表現比原先預期更有信心——甚至是在 4 月上修後的指引之上。另外也包括能夠再多提前拉一些 CapEx。大概就是這些因素。

And so the second part of your question was cadence. I assume if that's CapEx cadence, you would just think about we'll bring in against the new guide, somewhere around 30% to 35% in Q3, balance in Q4, not dissimilar to how we usually bring in capital.

至於你問題的第二部分是節奏。我假設你指的是 CapEx 的投入節奏；你可以這樣想：依照新的指引，我們會在第三季（Q3）投入大約 30% 到 35%，其餘在第四季（Q4），這和我們通常的資本投入方式差不多。

Great. And then there was a bit of discussion earlier in the call around just how some of the incremental costs around repositioning are being absorbed. If we bring it all together, is that just a function of, look, at this point, given it's been going on for a while, you've been able to adjust your business, reduce costs and get customers to sort of take some of those increases? Or is it just the demand backdrop is so strong, you're able to maybe price for it better? Just trying to think through how we should expect that sort of the transportation kind of cost evolution for the next few quarters?

很好。另外，剛才電話會議前面有討論到一些因重新調度（repositioning）而產生的增量成本是如何被吸收的。如果把這些綜合起來看，這是否只是因為——你看，事情已經持續一段時間了，你們已經能調整業務、降低成本，並讓客戶在某種程度上承擔部分漲幅？還是說只是需求背景太強，所以你們能更好地把它反映在定價上？我只是想釐清，未來幾季我們應該如何看待運輸成本的演變？

Or is that built in now, the rates are in a good place and you're comfortable with sort of the margin outlook?

或者說，這些現在已經反映進去了，費率處在不錯的位置，你們對毛利率展望也感到安心？

Yes. I would say it's the former. It's a lot of hard work, right? So it's really deep diving on our processes. I mean, let's face it, when something gets away from you, so to speak, you got to look at it differently.

是的。我會說是前者。這需要很多苦功，對吧？所以我們會非常深入地檢視流程。我的意思是，坦白說，當某件事有點失控時，你就得用不同的方式來看待它。

So I would say it's just a lot of change in how we address it, a lot of coordination and frankly, more eyeballs and elbow grease on it. So the team has done a really good job offsetting it. And as I said earlier, you'd have to assume, I don't have the math directly behind it, but with fuel increases alone, our cost per mile has to be up. So to get that kind of positive absorption is really more process change and execution from the field.

所以我會說，我們在處理方式上做了很多改變，需要大量協調，坦白講也投入更多人力與更多實作上的努力。團隊在抵銷這些成本方面做得非常好。而且如我先前所說，你必須假設——雖然我手上沒有直接的精算數字——光是燃料上漲，我們的每英里成本就一定上升。因此能做到這種正向吸收，更多是流程改變與前線執行力的成果。

Tami Zakaria, JPMorgan.

Tami Zakaria，JPMorgan。

I have a follow-up question on your rental revenue. Its growth accelerated to 13%. And year-to-date, it's up almost 11%. So is there a reason to expect rental revenue growth to slow down from the year-to-date double-digit rate? Or asked another way, what is your expectation of rental revenue growth for the next 2 quarters?

我有一個關於你們租賃收入的追問。其成長加速到 13%。而年初至今（year-to-date）幾乎成長了 11%。所以，有什麼理由預期租賃收入成長會從年初至今的雙位數增速放緩嗎？或者換個問法，你們對未來兩季租賃收入成長的預期是什麼？

So thanks for the question, Tami. And you can kind of see the range of growth that's implied across our range. So on the one hand, we always encourage people not to anchor at the midpoint. On the other hand, we, inevitably, these conversations start there, but we would point people towards the range, which points to, we think, any reasonable set of outcomes. Certainly, if you think about kind of like the back half and probably the parts that could most reasonably drive the greatest part of volatility, it's probably things around ancillary and re-rent, where you saw that accelerate, obviously, in the second quarter.

謝謝你的問題，Tami。你可以從我們指引區間中看出所隱含的成長範圍。一方面，我們一向鼓勵大家不要把焦點鎖定在中位數（midpoint）。另一方面，這類對話不可避免會從中位數開始，但我們會引導大家看整個區間，因為那代表我們認為任何合理的結果組合。當然，如果你看下半年，以及最可能帶來最大波動的部分，可能是附加項目（ancillary）與轉租（re-rent）相關的因素；你也看到第二季那部分明顯加速。

That has proven very difficult to predict as we talked about earlier in the call.

如同我們在電話會議前面談到的，那一直都非常難以預測。

So we did see a nice acceleration in OER, and that's important. And certainly, we see strong demand backdrop in the back half. So we're optimistic about that. But in terms of kind of where we fall out in the range, I hate to say we'll have an update for you in October, but we will.

所以我們確實看到 OER 有不錯的加速，這很重要。而且我們也看到下半年需求背景強勁。因此我們對此感到樂觀。但至於我們最後會落在區間的哪個位置，我不太想說「10 月再更新給你」，但我們確實會。

Got it. Another question on your local market demand or the industry local market demand. In your view, what's holding it back from materially strengthening after staying stable for several quarters. Is it housing that needs to come back? Is it interest rates?

了解。再問一個關於你們本地市場需求或產業本地市場需求的問題。以你們的觀點，在連續幾季維持穩定之後，是什麼因素讓它無法顯著轉強？是住宅市場需要回溫嗎？還是利率？

Is it inflation that needs to come down? So what can spark up this end market?

是通膨需要降下來嗎？那麼，什麼能帶動這個終端市場回溫？

So admittedly, it's all theoretical, but you could imagine interest rates has been topical and one of the drivers in that coming down. Residential growth, right, would then feed other necessities, whether it be municipal works, retail, supermarkets, schools, all the stuff that goes on as you see residential growth in an end market would all be things that would certainly assist. But then small businesses, right? We're still in an inflationary environment. Small businesses starting to invest back into their business, whether it be local manufacturing, local retail, all that is just kind of bouncing along right now.

所以坦白說，這一切都只是理論推演，但你可以想像利率一直是熱門話題，也是促使其下降的驅動因素之一。住宅成長，對吧，接著會帶動其他必需項目，不論是市政工程、零售、超市、學校，以及你在終端市場看到住宅成長時所伴隨的所有事情，這些都肯定會有所助益。但接著是小型企業，對吧？我們仍處於通膨環境。小型企業開始回頭投資自己的業務，不論是本地製造、本地零售，這些目前都只是有點起起伏伏地進行著。

Those are the things that we think would really spur some growth in the local markets.

這些就是我們認為會真正帶動本地市場成長的因素。

Chad Dillard, Bernstein.

Chad Dillard，Bernstein。

So Matt, in your prepared remarks, you talked about demand outpacing original expectations. And I was hoping you could talk about the pockets of surprise on two axes. So first of all, maybe by business segment and then second, by end market.

所以 Matt，在你事先準備的發言中，你提到需求超出原先預期。我想請你談談在兩個面向上有哪些出乎意料的亮點。第一，或許按業務部門；第二，按終端市場。

So I would really just say it's the project pipelines, right? So if you wanted to say a little bit, maybe the local market growth of low single digits helped a little. But the big driver here is the major project pipeline. And it's across the board. And as I had said in my opening remarks, there's a lot of noise about data centers, but we're seeing LNG terminals.

我會說主要就是專案管線，對吧？如果你要說一點的話，也許本地市場低個位數的成長有些幫助。但這裡最大的驅動因素是大型專案管線。而且是全面性的。正如我在開場發言提到的，外界對資料中心有很多雜音，但我們也看到 LNG 終端。

We're seeing infrastructure, airports. We're seeing stadiums. I mean, pharmaceuticals. So it's really quite broad in the major project work, Chad, but I would say it's major projects certainly tied to power, certainly tied to, semis are picking up. And this is without seeing, as I said earlier, petrochem picking up.

我們看到基礎建設、機場。我們看到體育場館。我是說，製藥也是。所以 Chad，大型專案工作面向其實相當廣泛，但我會說大型專案確實與電力高度相關，也確實與……半導體正在回升相關。而且這還是在如我先前所說，石化尚未回升的情況下。

And even the downstream side where those folks are so busy, you can imagine they're putting off any kind of turnarounds or other things that we usually participate in. So generally, major projects across the board are just stronger and deeper.

甚至在下游端，那些客戶忙到不可開交，你可以想像他們正在延後任何形式的歲修或其他我們通常會參與的事項。所以整體而言，各類大型專案都更強勁、也更有深度。

Great. That's helpful. And then just a second question on your return on invested capital. Can you talk about the path to improving it? And let's just leave aside just the market, but talk about what United can do itself.

很好。這很有幫助。接著第二個問題是關於你們的投入資本報酬率（ROIC）。你能談談改善它的路徑嗎？我們先不談市場因素，而是談 United 自身能做些什麼。

Maybe you can break down your efforts by gen versus specialty.

也許你可以按一般（gen）與專業（specialty）來拆解你們的努力方向。

Yes. So I guess I'll address it overall just because we don't get into specific segments. But one of the things we've talked about, obviously, on this call has been driving underlying margin expansion in the business. Now when you think about the way ROIC is calculated, it's NOPAT over invested capital. So the NOPAT obviously includes whatever the effect is of ancillary and re-rent.

可以。所以我想我會從整體來回答，因為我們不會深入到特定部門。但我們在這通電話中談到的一件事，顯然就是推動業務的基礎利潤率擴張。當你思考 ROIC 的計算方式，它是 NOPAT 除以投入資本。因此 NOPAT 顯然包含附加收入（ancillary）與再出租（re-rent）的影響。

But fundamentally, our goal is obviously to drive margin expansion that when you think about the impact that has on ROIC, it's positive.

但從根本上說，我們的目標顯然是推動利潤率擴張；當你思考這對 ROIC 的影響時，它是正面的。

And then the second thing you've heard us talk a lot about today and over the last many years is driving positive fleet productivity. So when you think about that as a proxy for capital velocity and driving better capital turns, that should contribute. So that is the goal. You've heard us talk about being as efficient with fleet as possible. You can see what we've done in fleet productivity this quarter and some of the comments we've had on time.

第二件你今天以及過去多年常聽到我們談的事，是推動車隊生產力的正向提升。所以當你把這視為資本周轉速度的替代指標、並推動更好的資本周轉率時，這應該會有所貢獻。這就是目標。你也聽到我們談到要盡可能提高車隊效率。你可以看到我們本季在車隊生產力上的成果，以及我們對時間安排的一些評論。

We will continue doing those things and expect that, that should continue to drive improving returns on the business.

我們會持續做這些事情，並預期這將持續推動公司報酬率的改善。

And then obviously, making sure that M&A we do is value additive. Admittedly, that can have a short-term dilutive impact on ROIC given acquisition accounting. And that's why we frame the deals really as cash-on-cash returns, so people can see that discipline across our capital allocation strategies.

另外，當然也要確保我們進行的併購（M&A）能創造價值。坦白說，鑑於收購會計處理，短期內可能對 ROIC 造成稀釋影響。這也是為什麼我們在界定交易時，會以現金對現金報酬（cash-on-cash returns）來呈現，讓大家能看到我們在資本配置策略上的紀律。

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

各位女士先生，今天上午的提問時間就到這裡。此刻，Flannery 先生，我把時間交還給您，請您做任何結語。

Thank you, operator, and thanks to everyone on the call. We appreciate your time, and I'm glad you could join us today. Our Q2 investor deck has the latest updates. And as always, Elizabeth is available to answer your questions. So until we speak again in October, stay safe.

謝謝主持人，也謝謝所有參與電話會議的各位。感謝你們撥冗，我也很高興你們今天能加入。我們的 Q2 投資人簡報（investor deck）有最新更新。一如往常，Elizabeth 也可以回答你們的問題。那麼在我們 10 月再次通話之前，請保重。

Operator, you can now end the call.

主持人，您現在可以結束電話會議。

Thank you, Mr. Flannery. Thank you, Mr. Grace. Again, ladies and gentlemen, this will conclude today's United Rentals conference call. Again, thanks so much for joining us, everyone. We wish you all a great day. Goodbye.

謝謝您，Flannery 先生。謝謝您，Grace 先生。再次提醒各位女士先生，今天的 United Rentals 電話法說會到此結束。再次非常感謝各位的參與。祝各位有美好的一天。再見。