Verra Mobility Corp (VRRM) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Verra Mobility Third Quarter 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mark Zindler, Vice President of Investor Relations. Thank you. You may begin.

您好，歡迎參加 Verra Mobility 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係副總裁馬克辛德勒 (Mark Zindler)。謝謝。你可以開始了。

Thank you. Good afternoon, and welcome to Verra Mobility's Third Quarter 2023 Earnings Call. Today, we'll be discussing the results announced in our press release issued after the market closed along with our earnings presentation, which is available on the Investor Relations section of our website at ir.verramobility.com.

謝謝。下午好，歡迎參加 Verra Mobility 的 2023 年第三季財報電話會議。今天，我們將討論收盤後發布的新聞稿中公佈的結果以及我們的收益報告，該報告可在我們網站 ir.verramobility.com 的投資者關係部分查看。

With me on the call are David Roberts, Verra Mobility's Chief Executive Officer; and Craig Conti, our Chief Financial Officer. David will begin with prepared remarks, followed by Craig, and then we'll open up the call for Q&A.

和我一起參加電話會議的是 Verra Mobility 執行長 David Roberts；以及我們的財務長 Craig Conti。大衛將首先發表準備好的講話，然後是克雷格，然後我們將開始問答環節。

Management may make forward-looking statements during the call regarding future events, anticipated future trends and the anticipated future performance of the company. We caution you that such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Actual results may differ materially from those projected in the forward-looking statements due to a variety of factors. These factors are described in our SEC filings. Please refer to our earnings presentation -- or, excuse me, please refer to our earnings press release for Verra Mobility's complete forward-looking statement disclosure. We do not undertake any obligation to update forward-looking statements.

管理層可能在電話會議期間就未來事件、預期未來趨勢和公司預期未來業績發表前瞻性聲明。我們提醒您，此類聲明並不是對未來業績的保證，並且涉及難以預測的風險和不確定性。由於多種因素，實際結果可能與前瞻性聲明中的預測有重大差異。我們向 SEC 提交的文件中描述了這些因素。請參閱我們的收益報告——或者，對不起，請參閱我們的收益新聞稿，以了解 Verra Mobility 完整的前瞻性聲明揭露。我們不承擔任何更新前瞻性陳述的義務。

Finally, during today's call, we'll refer to certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measure is included in our earnings release, which can be found on our website at ir.verramobility.com and on the SEC's website at sec.gov.

最後，在今天的電話會議中，我們將提及某些非公認會計準則財務指標。這些非 GAAP 衡量標準與最直接可比較的 GAAP 衡量標準的對帳已包含在我們的收益報告中，您可以在我們的網站 ir.verramobility.com 和 SEC 網站 sec.gov 上找到該報告。

With that, I'll turn the call over to David.

這樣，我就把電話轉給大衛。

Thank you, Mark, and thanks, everyone, for joining us. we delivered a strong third quarter, highlighted by 11% year-over-year recurring service revenue growth. Moreover, we delivered adjusted EBITDA growth of 7% over last year and converted 53% of adjusted EBITDA to free cash flow for the quarter. Additionally, we are pleased to report we renewed the tolling contract with Enterprise Mobility for a 3-year term with terms and conditions that are materially consistent with the prior agreement. Enterprise has been a terrific longtime partner, and we look forward to continued shared success in the future.

謝謝你，馬克，也謝謝大家加入我們。我們第三季的業績表現強勁，經常性服務營收年增 11%。此外，我們的調整後 EBITDA 比去年增長了 7%，並將本季調整後 EBITDA 的 53% 轉化為自由現金流。此外，我們很高興地報告，我們與 Enterprise Mobility 續簽了為期 3 年的收費合同，其條款和條件與先前的協議基本一致。 Enterprise 是優秀的長期合作夥伴，我們期待未來能繼續共同成功。

I'm incredibly pleased to point out that we are 100% fully de-SPAC-ed with all warrants now exercised and all earn-out shares issued. This comes as we celebrate our 5-year anniversary as a publicly traded company, a significant milestone in our incredible journey to become a leader in smart mobility solutions. Additionally, we executed our previously authorized $100 million share repurchase program, the details of which Craig will further elaborate in his remarks and, our Board of Directors has also authorized a new 18-month $100 million share repurchase program. Lastly, we are again increasing our financial guidance due to our strong year-to-date performance and our outlook for the fourth quarter.

我非常高興地指出，我們已 100% 完全解除 SPAC，所有認股權證現已行使，所有獲利股票均已發行。值此之際，我們正在慶祝上市公司成立 5 週年，這是我們成為智慧行動解決方案領導者的非凡歷程中的一個重要里程碑。此外，我們執行了先前授權的1 億美元股票回購計劃，克雷格將在他的演講中進一步詳細說明該計劃的細節，並且我們的董事會還授權了一項新的為期18 個月的1億美元股票回購計畫。最後，由於我們今年迄今為止的強勁業績和對第四季度的展望，我們再次提高了我們的財務指導。

Moving on to our operations and starting with Commercial Services. We delivered 14% revenue growth, driven in large part by an exceptionally strong summer travel season. Year-to-date, TSA volume is about 101% of 2019 and about 113% of 2022 volume. RAC tolling revenue increased 18% over the prior year quarter due to increases in adopted rental agreements, the increased adoption of all-inclusive pricing plans, a durable trend of longer rentals, and the secular tailwinds related to increased toll roads and cashless toll lanes.

繼續我們的運營，從商業服務開始。我們的營收成長了 14%，這在很大程度上得益於夏季旅遊旺季的異常強勁。今年迄今為止，TSA 數量約為 2019 年的 101%，約為 2022 年的 113%。由於採用的租賃協議的增加、全包定價計劃的增加、長期租賃的持久趨勢以及與收費公路和無現金收費車道增加相關的長期利好，RAC 通行費收入比去年同期增長了 18%。

We believe the sentiment from the major airlines, hotel chains and rental car companies suggest no signs of slowing domestic travel demand through the remainder of this year. And as we head into 2024, in the near to midterm, we believe sentiment and bookings suggest that domestic travel demand will see steady growth underpinned by an increase in business travel driven by return-to-office mandates and hybrid work schedules increasing weekend leisure travel.

我們認為，主要航空公司、連鎖飯店和租車公司的情緒表明，今年剩餘時間內國內旅遊需求沒有放緩的跡象。進入 2024 年，在中短期內，我們認為情緒和預訂量表明，國內旅行需求將實現穩定增長，這得益於返崗規定和混合工作安排增加的周末休閒旅行推動的商務旅行增加。

We continue to experience strong growth from the FMC business generating 20% over the same period last year. This was higher than our internal expectations, driven by several factors: the expansion of our sales team and the purposeful intent and focus in this market area; second, we are enhancing brand awareness outside of our core customer base and building new distribution channels; and lastly, we have capitalized on the near-term opportunity to market the value of our solutions to a customer base that has historically performed these activities internally.

FMC 業務持續強勁成長，較去年同期成長 20%。這高於我們的內部預期，這是由以下幾個因素推動的：我們銷售團隊的擴張以及對該市場領域的有目的的意圖和關注；其次，我們正在增強核心客戶群以外的品牌知名度並建立新的分銷管道；最後，我們利用近期機會向歷史上在內部執行這些活動的客戶群推銷我們的解決方案的價值。

On a go-forward basis, we expect the FMC business growth to moderate and to grow in line with the overall Commercial Services growth rate. The key factors influencing our conviction in the high single-digit growth rate are low market penetration levels, particularly among small and medium-sized fleets, and the value-added tools we offer that reduce costs and improve the customer experience.

展望未來，我們預期 FMC 業務成長將放緩，並與整體商業服務成長率保持一致。影響我們對高個位數成長率的信念的關鍵因素是市場滲透率較低，特別是在中小型車隊中，以及我們提供的可降低成本和改善客戶體驗的增值工具。

Moving on to Government Solutions. Recurring service revenue, which reflects 94% of the total revenue for the quarter, grew 10% over the same period last year. Government Solutions sales growth is benefiting from the prior year completion of the New York City build-out and the city's decision to transition to 24/7 monitoring as well as program expansion with existing customers and new camera installations with new customers. As we look toward the future, we are anticipating significant growth in our Government Solutions TAM. We continue to experience a favorable legislative environment as states are increasingly turning toward enhanced automated enforcement to increase traffic safety for their citizens.

轉向政府解決方案。經常性服務收入佔本季總營收的 94%，較去年同期成長 10%。政府解決方案的銷售增長得益於去年紐約市擴建的完成、該市決定過渡到 24/7 監控、現有客戶的項目擴展以及新客戶的新攝影機安裝。展望未來，我們預計政府解決方案 TAM 將顯著成長。隨著各州越來越多地轉向加強自動化執法以提高公民的交通安全，我們將繼續經歷有利的立法環境。

In October, California signed into law legislation for a speed safety pilot program in 6 major cities including Los Angeles, San Jose, Oakland, Glendale, Long Beach and the city and county of San Francisco. We currently estimate the potential annual recurring revenue opportunity associated with this pilot program to be greater than $10 million per year. However, as the program demonstrates its efficacy, we anticipate that additional legislative authority may expand the scope of the speed program in future years. We estimate the total recurring revenue opportunity could be greater than $100 million annually within the next few years if legislation allows.

10月，加州在洛杉磯、聖荷西、奧克蘭、格倫代爾、長灘以及舊金山市縣等6個主要城市簽署了速度安全試點計畫法律。目前，我們估計與該試點計畫相關的潛在年度經常性收入機會每年超過 1,000 萬美元。然而，隨著該計劃證明了其有效性，我們預計未來幾年將有更多的立法權力可能會擴大該速度計劃的範圍。我們估計，如果立法允許，未來幾年內每年的經常性收入總額可能會超過 1 億美元。

Additionally, in Pennsylvania, we're seeing continued positive momentum for the automated enforcement. The legislation is seeking to enable new use cases, including school zone speed and school bus stop arm as well as extend and expand existing use cases for work zone speed and highway speed enforcement.

此外，在賓州，我們看到自動化執法的持續積極勢頭。該立法正在尋求啟用新的用例，包括學區速度和校車停靠站臂，以及擴展和擴展工作區速度和高速公路速度執法的現有用例。

As we previously discussed, Florida passed school zone speed and school bus stop arm legislation in May, and we are actively monitoring how cities seek to operationalize the new legislation and subsequent RFP announcements. We continue to anticipate generating -- we continue to anticipate generating revenue from initial awards and deployments in the back half of 2024, and we'll provide more color when we provide 2024 guidance on our fourth quarter earnings call.

正如我們之前所討論的，佛羅裡達州於 5 月通過了學區限速和校車停靠臂立法，我們正在積極監測各城市如何尋求實施新立法和隨後的 RFP 公告。我們繼續預計將在 2024 年下半年透過初始獎勵和部署產生收入，並且當我們在第四季度財報電話會議上提供 2024 年指導時，我們將提供更多資訊。

I'm also pleased to report that we were awarded a contract with the city of Yonkers, New York and the Yonkers Public School System in which nearly 500 school buses will be equipped with our school bus stop arm safety cameras. This is a great example of purpose-built safety program that will protect our children in the spirit of Vision Zero.

我還很高興地報告，我們獲得了與紐約州揚克斯市和揚克斯公立學校系統的合同，其中近 500 輛校車將配備我們的校車停靠臂安全攝影機。這是專門製定的安全計劃的一個很好的例子，它將本著「零願景」的精神保護我們的孩子。

We see a continued demand nationwide for our solutions and according to NHTSA, an estimated 19,500 people died in motor vehicle traffic crashes in the first half of this year, which represents a 3% decrease compared to over 20,000 fatalities in the first half of 2022. At the same time, people are driving more, and preliminary data shows vehicle miles traveled in the first half of 2023 increased by more than 35 billion miles, roughly 2% higher than the same time last year. While it's promising to see some safety improvements, there's still much work to do to make our roads safer. We are confident that our technology can play a key role in addressing public safety.

我們看到全國範圍內對我們的解決方案的持續需求，根據NHTSA 的數據，今年上半年估計有19,500 人死於機動車交通事故，與2022 年上半年的20,000 多人死亡人數相比，下降了3%。同時，人們開車的次數也越來越多，初步數據顯示，2023年上半年車輛行駛里程增加了超過350億英里，比去年同期增長了約2%。儘管有望看到一些安全改進，但要使我們的道路更安全，仍有許多工作要做。我們相信，我們的技術可以在解決公共安全方面發揮關鍵作用。

Moving on to T2 Systems. Total revenue was effectively flat year-over-year. SaaS and services revenue, the key value driver, was up 4% over the prior year quarter, slightly ahead of expectations. However, onetime hardware sales were down about $1 million compared to last year due to customer-requested installation timing considerations. We anticipate solid sequential revenue growth in the fourth quarter due to continued strength in recurring SaaS and services.

轉向 T2 系統。總收入實際上與去年同期持平。作為關鍵價值驅動因素的 SaaS 和服務收入比去年同期成長 4%，略高於預期。然而，由於客戶要求的安裝時間考慮，一次性硬體銷售額比去年下降了約 100 萬美元。由於經常性 SaaS 和服務的持續強勁，我們預計第四季度營收將實現穩健的連續成長。

In summary, this was an incredible quarter highlighted by a key customer contract renewal, exciting new enabling legislation, executing our capital allocation initiatives, strong financial performance and increasing our financial guidance.

總而言之，這是一個令人難以置信的季度，重點是關鍵客戶合約續約、令人興奮的新授權立法、執行我們的資本配置計劃、強勁的財務業績和增加我們的財務指導。

With that, Craig, I'll turn it over to you to guide us through our financial results and our revised current year outlook.

克雷格，我將把它交給你來指導我們完成我們的財務表現和修訂後的本年度展望。

Thanks, David. Good afternoon, and thanks to everyone for joining us on the call. I'll start out today by providing an overview of our third quarter results followed by our updated 2023 financial guidance, and I'll conclude with a discussion on capital allocation.

謝謝，大衛。下午好，感謝大家加入我們的電話會議。今天，我將首先概述我們的第三季業績，然後是更新的 2023 年財務指引，最後我將討論資本配置。

Before I dive into third quarter results, I want to briefly mention that we appointed Deloitte as our independent registered public accounting firm during the third quarter. The move to a new public accounting firm requires tremendous effort, and I'm pleased to report the transition is going well. I want to personally thank the teams of Verra Mobility and Deloitte who are all hard at work making this happen.

在深入討論第三季業績之前，我想簡單提一下，我們在第三季任命了德勤作為我們的獨立註冊會計師事務所。遷移到新的公共會計師事務所需要付出巨大的努力，我很高興地報告過渡進展順利。我個人要感謝 Verra Mobility 和德勤的團隊，他們為實現這一目標而付出了辛勤的努力。

Now let's turn to our operating results, beginning on Slide 4, which outlines revenue and adjusted EBITDA performance for the consolidated business. Total revenue increased more than 6% year-over-year to $210 million for the quarter, driven by strong recurring service revenue growth. Excluding domestic Government Solutions product sales in the third quarter of last year, total revenue grew 11% year-over-year. Recurring service revenue grew 11% over the prior year quarter, driven by a strong summer travel season and the prior year expansion of the New York City school zone speed program.

現在讓我們轉向我們的營運業績，從幻燈片 4 開始，其中概述了合併業務的收入和調整後的 EBITDA 業績。在強勁的經常性服務收入成長的推動下，本季總營收年增超過 6%，達到 2.1 億美元。剔除去年第三季國內政府解決方案產品銷售額，總營收年增11%。受強勁的夏季旅遊旺季和去年紐約市學區速度計畫擴張的推動，經常性服務收入比去年同期成長了 11%。

At the segment level, Commercial Services revenue grew 14% year-over-year. Government Solutions service revenue increased by 10% over the prior year, and T2 Systems SaaS and services revenue grew 4% over the third quarter of last year. Product revenue was $9 million for the quarter. About $4 million of this total was from T2 Systems, while $5 million was from Government Solutions, the majority of which were international product sales.

在細分市場層面，商業服務收入較去年同期成長 14%。政府解決方案服務營收比去年同期成長10%，T2 Systems SaaS 和服務營收比去年第三季成長4%。該季度產品收入為 900 萬美元。其中約 400 萬美元來自 T2 Systems，500 萬美元來自政府解決方案，其中大部分是國際產品銷售。

From a total profit standpoint, consolidated adjusted EBITDA of $97 million increased by approximately 7% over last year. The core business, defined as excluding onetime domestic Government Solutions product sales, generated adjusted EBITDA growth of approximately 11% versus the third quarter of 2022.

從總利潤來看，綜合調整後 EBITDA 為 9,700 萬美元，比去年增長約 7%。核心業務（不包括曾經的國內政府解決方案產品銷售）的調整後 EBITDA 較 2022 年第三季成長約 11%。

Turning to Slide 5. We've generated about $364 million of adjusted EBITDA on approximately $792 million of revenue on a trailing 12-month basis, representing a 46% adjusted EBITDA margin. Over the same term, we've generated about $187 million of free cash flow or a 51% conversion of adjusted EBITDA, representing $1.19 of free cash flow per share.

轉投投影片 5。過去 12 個月的營收約為 7.92 億美元，調整後 EBITDA 約為 3.64 億美元，調整後 EBITDA 利潤率為 46%。同期，我們產生了約 1.87 億美元的自由現金流，即調整後 EBITDA 的 51% 轉換率，相當於每股自由現金流 1.19 美元。

Moving to Commercial Services on Slide 6. We delivered revenue of $98 million in the third quarter, which is a 14% year-over-year increase. RAC tolling revenue increased 18% over the same period last year, driven by robust travel volume and increased rental volume. Additionally, our FMC business grew 20% year-over-year as our growth initiatives continue to produce the intended results. As David mentioned, FMC revenue exceeded internal expectations driven by the success we've experienced in rolling small- and medium-sized business fleets.

轉到投影片 6 上的商業服務。第三季我們實現了 9,800 萬美元的收入，年增 14%。在強勁的出行量和租賃量增加的推動下，RAC 通行費收入比去年同期成長了 18%。此外，隨著我們的成長計畫繼續產生預期結果，我們的 FMC 業務年增 20%。正如 David 所提到的，由於我們在中小型企業車隊方面取得的成功，FMC 的收入超出了內部預期。

Third quarter adjusted EBITDA in Commercial Services was $65 million, representing 16% year-over-year growth. Adjusted EBITDA margins of about 67% reflected normal seasonality and were up about 1% compared to the third quarter of last year due primarily to the strength of RAC tolling.

第三季商業服務調整後 EBITDA 為 6,500 萬美元，年增 16%。調整後的 EBITDA 利潤率約為 67%，反映了正常的季節性因素，與去年第三季度相比增長了約 1%，這主要是由於 RAC 收費的強勁。

Let's turn to Slide 7, and we'll take a look at the results of the Government Solutions business. Driven primarily by New York City's photo enforcement expansion efforts, service revenue increased by $8 million or 10% over the same period last year to $85 million for the quarter. Product revenue was about $5 million for the quarter and was driven primarily by international programs. Adjusted EBITDA was $29 million for the quarter, representing margins of 32%. The reduction in margins versus the prior year is primarily due to increased spending on platform investments and business development efforts.

讓我們轉向投影片 7，我們將看一下政府解決方案業務的結果。主要受紐約市照片執法擴張努力的推動，本季服務收入比去年同期增長了 800 萬美元，即 10%，達到 8500 萬美元。該季度的產品收入約為 500 萬美元，主要由國際項目推動。該季度調整後 EBITDA 為 2,900 萬美元，利潤率為 32%。利潤率較前一年下降的主要原因是平台投資和業務開發工作的支出增加。

Now turning to Slide 8. We have mixed results for Parking Solutions. Revenue of $21.5 million and adjusted EBITDA of about $3.6 million were slightly below internal expectations. SaaS and services revenue slightly exceeded expectations, which is the primary value driver, but approximately $2 million in onetime product sales shifted into the fourth quarter. We have made several process improvements in our forecasting process, but we'll need to continue to evaluate given the choppiness of the university purchasing cycle.

現在轉向幻燈片 8。我們對停車解決方案的結果好壞參半。營收為 2,150 萬美元，調整後 EBITDA 約為 360 萬美元，略低於內部預期。 SaaS 和服務收入略超預期，這是主要的價值驅動因素，但約 200 萬美元的一次性產品銷售轉移到了第四季度。我們在預測過程中進行了多項流程改進，但鑑於大學採購週期的波動性，我們需要繼續進行評估。

Moving to Slide 9. We'll take a look at reported income and leverage. We've reported net income of $30 million for the quarter, including a tax provision of about $11 million, representing an effective tax rate of 28%. Having fully de-SPAC-ed this quarter, this will be the last quarter that our tax rate is impacted by permanent differences related to mark-to-market adjustments for our private placement warrants.

轉向投影片 9。我們將看一下報告的收入和槓桿率。我們報告的本季淨利潤為 3,000 萬美元，其中包括約 1,100 萬美元的稅收撥備，相當於 28% 的有效稅率。本季完全取消 SPAC 後，這將是我們的稅率受到與私募認股權證按市價調整相關的永久性差異影響的最後一個季度。

Adjusted EPS, which excludes amortization, stock-based compensation and other nonrecurring items, was $0.29 per share for the current quarter, which is $0.02 per share higher than the third quarter of 2022. On the right-hand side of the page, you can see that we ended the third quarter with a net debt balance of $942 million, resulting in net leverage of 2.6x for the third quarter. The primary drivers were strong free cash flow, debt repayments and the cash exercise of warrants, which yielded approximately $56 million of cash proceeds during the third quarter.

本季調整後每股盈餘（不包括攤銷、股票薪酬和其他非經常性項目）為 0.29 美元，比 2022 年第三季每股增加 0.02 美元。在頁面右側，您可以看到我們第三季末的淨債務餘額為9.42 億美元，導致第三季的淨槓桿率為2.6 倍。主要驅動因素是強勁的自由現金流、債務償還和認股權證的現金行使，第三季產生了約 5,600 萬美元的現金收益。

As of the end of the third quarter, we have paid down approximately $180 million of floating rate term loan debt on a year-to-date basis. Our gross debt balance at quarter end stands at about $1.1 billion, of which approximately $700 million is floating rate debt. With a notional hedge of approximately $675 million, we have hedged about 95% of our current floating debt total with a float for fixed rate swap. This hedging instrument fixes the SOFR portion of our SOFR plus 325 basis point Term Loan B at a rate of 5.2% for 3 years with a monthly option to cancel beginning in December of this year that we can execute in the event that interest rates move in our favor.

截至第三季末，我們已償還年初至今約 1.8 億美元的浮動利率定期貸款債務。季度末我們的總債務餘額約為 11 億美元，其中約 7 億美元是浮動利率債務。我們的名目對沖金額約為 6.75 億美元，透過固定利率掉期浮動利率對沖了當前浮動債務總額的約 95%。該對沖工具將我們的 SOFR 加上 325 個基點定期貸款 B 的 SOFR 部分固定為 5.2%，為期 3 年，並提供從今年 12 月開始每月取消的選項，如果利率變動，我們可以執行該選項我們的青睞。

From a cash standpoint, we generated approximately $62 million in cash flow from operating activities, resulting in $52 million of free cash flow for the quarter.

從現金角度來看，我們從經營活動中產生了約 6,200 萬美元的現金流，導致本季自由現金流達到 5,200 萬美元。

Okay. Let's turn to Slide 10 and have a look at full year 2023 guidance. Based on our year-to-date results and our outlook for the remainder of the year, we are increasing our revenue guidance from the prior range of $800 million to $810 million to the higher end of that range. We are increasing our adjusted EBITDA guidance from the prior range of $365 million to $370 million to the higher end of that range. We are increasing our guidance for adjusted EPS to an updated range of $1.05 to $1.10 per share despite our increased share count. And lastly, there is no change to our prior free cash flow guidance of $145 million to $155 million.

好的。讓我們轉向幻燈片 10，看看 2023 年全年指引。根據我們今年迄今的業績和對今年剩餘時間的展望，我們將收入指引從先前的 8 億美元提高到 8.1 億美元，上調至該範圍的高端。我們將調整後的 EBITDA 指引從先前的 3.65 億美元提高到 3.7 億美元，達到該範圍的高端。儘管我們的股票數量有所增加，但我們仍將調整後每股盈餘指引提高至每股 1.05 美元至 1.10 美元的更新範圍。最後，我們先前 1.45 億至 1.55 億美元的自由現金流指引沒有改變。

Our revenue guidance incorporates a modest reduction in RAC tolling that we typically experience in the fourth quarter, which is consistent with historical trends. Government Solutions service revenue is expected to be up slightly in the fourth quarter, representing a lower rate of year-over-year growth due to the anniversary of the completion of the New York City camera installs and the transition to 24/7 monitoring. In addition, our Parking Solutions business is expected to generate solid sequential revenue growth due to the normal university spending cycles and continued strength in SaaS and services revenue.

我們的收入指引包括我們通常在第四季度經歷的 RAC 通行費的適度減少，這與歷史趨勢一致。政府解決方案服務收入預計第四季度將小幅增長，但由於紐約市攝影機安裝完成周年紀念日和向 24/7 監控過渡，同比增長率較低。此外，由於正常的大學支出週期以及 SaaS 和服務收入的持續強勁，我們的停車解決方案業務預計將產生穩健的連續收入成長。

Additionally, based on achieving the adjusted EBITDA and free cash flow guidance ranges, we expect net leverage to be around 2.5x by year-end 2023. The expected net leverage target reflects a reduction of nearly a full turn of net leverage over the past year, driven by the strong free cash flow generation capabilities of our company, along with the year-to-date proceeds from the exercise of warrants.

此外，在實現調整後 EBITDA 和自由現金流指引範圍的基礎上，我們預計到 2023 年底淨槓桿率將達到 2.5 倍左右。預期淨槓桿率目標反映了過去一年淨槓桿率減少近一整圈，受到我們公司強大的自由現金流產生能力以及今年迄今行使認股權證所得收益的推動。

Moving now to our capital allocation plans for the remainder of the year. As David and I previously mentioned, we are now fully de-SPAC-ed with the remaining warrants converted to shares on a cashless basis during the third quarter. In addition, as we discussed on our second quarter call, we paid down an additional $100 million of floating rate debt in the third quarter, bringing our total debt paydown for the year to about $180 million.

現在討論我們今年剩餘時間的資本分配計劃。正如大衛和我之前提到的，我們現在已完全取消 SPAC，剩餘的認股權證將在第三季以非現金方式轉換為股票。此外，正如我們在第二季電話會議上討論的那樣，我們在第三季額外償還了 1 億美元的浮動利率債務，使我們全年的債務償還總額達到約 1.8 億美元。

Next, I'd like to give you a brief update on the share repurchase program the company's Board of Directors authorized in November of last year for up to an aggregate amount of $100 million over an 18-month period. Primarily using an accelerated share repurchase program, we've repurchased about 4.5 million shares through the end of the third quarter. The final settlement of the ASR is expected to occur during the first quarter of 2024 at which time a volume-weighted average price calculation over the term of the ASR agreement will be used to determine the final number and average price of the shares repurchased and retired. At this time, we expect the final outcome of the full $100 million share buyback program to result in the repurchase of approximately 5 million shares.

接下來，我想向大家簡要介紹一下公司董事會去年 11 月批准的股票回購計畫的最新情況，該計畫在 18 個月內回購總額最高可達 1 億美元。截至第三季末，我們主要利用加速股票回購計畫回購了約 450 萬股股票。 ASR 的最終結算預計將於 2024 年第一季進行，屆時將使用 ASR 協議期限內的成交量加權平均價格計算來確定回購和退役股票的最終數量和平均價格。目前，我們預計 1 億美元的全部股票回購計畫的最終結果將導致回購約 500 萬股股票。

As David briefly mentioned, our Board of Directors also authorized a new 18-month $100 million share buyback program. We remain committed to delivering value to our shareholders through a disciplined and flexible capital allocation strategy. This new buyback authorization highlights our balanced capital allocation approach focused on the tremendous cash flow capacity of our business.

正如 David 簡要提到的，我們的董事會也批准了一項新的 18 個月 1 億美元股票回購計畫。我們仍然致力於透過嚴格且靈活的資本配置策略為股東創造價值。這項新的回購授權凸顯了我們平衡的資本配置方法，並專注於我們業務的巨大現金流能力。

In summary, we are in a fantastic financial position, and we believe the operating trends in our business are favorable and durable.

總而言之，我們的財務狀況良好，我們相信我們業務的經營趨勢是有利且持久的。

This concludes our prepared remarks. Thank you for your time and attention today. At this time, I'd like to invite Irene to open the line for any questions. Take it away, Irene.

我們準備好的演講到此結束。感謝您今天的時間和關注。現在，我想邀請艾琳打開電話詢問任何問題。把它拿走，艾琳。

(Operator Instructions) The first question we have is from Faiza Alwy of Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Faiza Alwy。

So I first actually wanted to talk about the California legislation that you referenced. I think I heard you say that it can drive incremental annual revenues of $10 million that can then go up to $100 million over time. So just curious if you can give a bit more color around that. Do you need incremental legislation? Or are there certain outcomes that would drive that increase? And just that $10 million just seems a bit low, so curious in terms of what your assumptions are there.

所以我首先想談談你提到的加州立法。我想我聽到你說過，它可以推動年收入增加 1000 萬美元，然後隨著時間的推移可以增加到 1 億美元。所以只是好奇你是否可以為此提供更多的色彩。您需要增量立法嗎？或者是否有某些結果會推動這種成長？只是那 1000 萬美元似乎有點低，所以很好奇你的假設是什麼。

Yes. This is David. Great question. The way to think about it was similar to other states, the state of California decided to do a pilot program with a fixed number of cameras that they would allow. So it's dispersed across the cities that I mentioned on the call, but they decided to start with a fixed number. And what I -- in terms of milestones, what I would anticipate is they'll look for proof from the program in terms of how is it impacting speed in certain sites, certain school zones and different areas within the state. And then based upon that and the benefits we anticipate from that, that's when the -- they would go back to the legislation or go back to the legislative body rather and look for an expansion and a more permanent status of the legislation. We have had other states that started in the same way.

是的。這是大衛。很好的問題。考慮這個問題的方式與其他州類似，加州決定進行一個試點計劃，使用他們允許的固定數量的攝影機。所以它分散在我在電話中提到的城市中，但他們決定從固定號碼開始。就里程碑而言，我預計他們將從該計劃中尋找證據，證明該計劃如何影響某些地點、某些學區和州內不同地區的速度。然後基於這一點以及我們預期從中獲得的好處，那時他們將回到立法或回到立法機構，並尋求立法的擴展和更永久的地位。我們還有其他州以同樣的方式開始。

Got it. Okay. Understood. And then secondly, you made some comments around 2024. We're at the point in the year where we're looking at refining our models for '24. So I'm curious if -- I know you're probably still in your planning process, but how should -- what are some of the things that we should keep in mind as we look ahead to 2024?

知道了。好的。明白了。其次，您在 2024 年左右發表了一些評論。我們正處於這一年，我們正在考慮完善 24 世紀的模型。所以我很好奇，我知道您可能仍在計劃過程中，但是在展望 2024 年時，我們應該牢記哪些事情？

Yes, Faiza, it's Craig. Thanks. And you're right. We are still in the planning process, but it's starting to become at least a little clearer as we get deeper into the fourth quarter here. I think for the total company level, organic revenue, I expect to land in the same range that we talked about at Investor Day, right? So I expect to see that organic growth year-over-year in that same range.

是的，法伊扎，我是克雷格。謝謝。你是對的。我們仍處於規劃過程中，但隨著我們進入第四季度，它至少開始變得更加清晰。我認為對於公司整體水平，有機收入，我預計會達到我們在投資者日討論的同一範圍，對吧？因此，我預計有機成長將在同一範圍內逐年成長。

If I look at it from a margin standpoint, my best guess today is that we would be flattish to have a modest margin growth next year, still doing a little bit of investment, and I think that will be clear when I talk about how we're thinking about cash and notably how we're thinking about CapEx.

如果我從利潤率的角度來看，我今天最好的猜測是，我們明年的利潤率成長將持平，仍然進行一點投資，我認為當我談論我們如何進行投資時，這一點將會很清楚。我們正在考慮現金，尤其是我們如何考慮資本支出。

So if you take what David said in his prepared remarks, and I think what we've been talking about for quite some time, the expansion in TAM in the Government Solutions space domestically is kind of unprecedented. So in order for us to play our part, we have to lead with CapEx, right? So we will see the draw on our CapEx, which will be all growth CapEx next year. I'm expecting it to be somewhere in the range of $25 million to $30 million of additional CapEx year-over-year as we look to capitalize on that growth.

因此，如果你聽聽 David 在他準備好的演講中所說的話，我認為我們已經討論了相當長一段時間了，TAM 在國內政府解決方案領域的擴張是前所未有的。因此，為了讓我們發揮自己的作用，我們必須以資本支出為主導，對嗎？因此，我們將看到資本支出的減少，明年將全部是成長資本支出。我預計，隨著我們希望利用這一成長，每年的額外資本支出將在 2,500 萬美元至 3,000 萬美元之間。

So in summary, I expect the organic growth will look a lot like Investor Day. I do expect margins. I'd love to say it's going to be a bit accretive but flattish to a bit accretive, and we will have increased CapEx. And again, the majority of the thrust of that is going to -- in Government Solutions where you'd hope it would.

總而言之，我預計有機成長將很像投資者日。我確實期望利潤。我想說的是，這將會增加，但會趨於平緩，甚至會增加，而且我們將增加資本支出。再說一次，其中大部分的推動力將在政府解決方案中，正如你所希望的那樣。

The next question we have is from Nik Cremo of UBS.

我們的下一個問題來自瑞銀集團的 Nik Cremo。

Congrats on the strong quarter. First, I just wanted to ask about what's driving the continued outperformance in the FMC business, such as the new distribution channels you're building out and the types of new customer bases that you're gaining traction with.

恭喜季度表現強勁。首先，我只想問一下是什麼推動了 FMC 業務持續出色的表現，例如您正在建立的新分銷管道以及您正在吸引的新客戶群類型。

Yes, sure. So traditionally, we have looked at really -- if you look at commercial fleet as a whole, we've obviously focused a lot on rental car and then through channel distribution through FMC. One is we sort of -- what I would say is we've doubled our efforts to an increased amount of sales resources into that traditional channel with FMC. And then in addition, we've been working on looking at smaller fleets outside of those that don't necessarily have a fleet management company. And that's an area that we're looking to continue to grow. And we're investing this year, and we would anticipate growth from that, what you might call a small fleet view, going into next year. So I would just call it a real commercial execution and traction within the core and then some expansion as we look at a different channel distribution.

是的，當然。所以傳統上，我們確實——如果你把商業車隊作為一個整體來看，我們顯然非常關注租賃汽車，然後透過 FMC 進行通路分銷。一是我們——我想說的是，我們加倍努力，將更多的銷售資源投入 FMC 的傳統管道。此外，我們一直在努力尋找那些不一定擁有車隊管理公司的小型車隊之外的車隊。這是我們希望繼續發展的領域。我們今年正在投資，我們預計明年會出現成長，你可以稱之為小型機隊視圖。因此，我將其稱為核心內真正的商業執行和牽引力，然後當我們考慮不同的通路分銷時進行一些擴展。

Yes. Just to add on to that, the growth this quarter surprised us. When we talked about this last quarter, we said we thought the back half of the year would look a lot like the overall consolidated growth rate. So -- and if you break this business down, it's somewhere between $12 million and $15 million a quarter. So 10% more growth, while it's material, it's not exactly huge. We do expect that growth to look more like the consolidated Commercial Services growth rate here in the fourth quarter, but we're really, really pleased with the performance.

是的。除此之外，本季的成長令我們感到驚訝。當我們談論上個季度時，我們表示我們認為今年下半年的整體綜合成長率將非常相似。所以，如果你把這個業務細分一下，你會發現每季的收入在 1,200 萬美元到 1,500 萬美元之間。因此，成長 10% 雖然很重要，但並不是很大。我們確實預計這種成長看起來更像是第四季的綜合商業服務成長率，但我們對這一表現真的非常滿意。

The next question we have is from Daniel Moore of CJS Securities.

我們的下一個問題來自 CJS 證券的 Daniel Moore。

Maybe start with -- on the Government Solutions side. As you just described, margins ticked a little bit lower, increased operating expenses associated with enhancing customer-facing programs. It sounds like, David, that's -- or Craig, that's maybe some of the expenses that linger into fiscal '24, keeping margins a little bit flatter. Maybe any additional color on sort of what's onetime versus recurring there would be really helpful.

也許可以從政府解決方案方面開始。正如您剛才所描述的，利潤率略有下降，與增強面向客戶的計劃相關的營運費用增加。聽起來，大衛，或者克雷格，這可能是 24 財年持續存在的一些費用，使利潤率保持穩定。也許對一次性的和重複出現的任何額外的顏色會非常有幫助。

Yes. Great question. So let's talk myopically about 2023 just for a second here. So you're right. In Q3, the margins came down quite a bit. And this is some of the platform investments that we were making in the back half of this year. They are really -- they were centered on Q3. So that -- I'm going to -- you're going to see that margin grow into Q4, right? And I still think we're going to land somewhere in the 34% to 34.5% range for Government Solutions like I've been saying all year. So that's a little bit of geography between the back half of the year.

是的。很好的問題。因此，讓我們短視地談談 2023 年。所以你是對的。第三季度，利潤率大幅下降。這是我們今年下半年進行的一些平台投資。他們確實——他們以第三季為中心。因此，我將看到第四季度的利潤率會成長，對嗎？我仍然認為我們的政府解決方案將落在 34% 到 34.5% 的範圍內，就像我全年所說的那樣。這是今年下半年的一些地理因素。

As we look towards next year, you're right. I think that it all comes down -- and the reason why I can't give you a precise number yet is it comes down to timing. As these new TAMs are opening, it depends how soon we can get our product in the ground, right? If it's going to be towards the back half of the year, we're going to be running some expense to get that done. If it's towards the front half of the year, we won't have to run some of that expense. So when we talk about being flattish year-over-year to slightly accretive in 2024, I would expect that same rubric to apply to the GS business, and that's where the investment is.

當我們展望明年時，你是對的。我認為這一切都會歸結起來——而我之所以無法給你一個準確的數字，是因為這取決於時間。隨著這些新 TAM 的開放，這取決於我們多久可以將我們的產品投入使用，對吧？如果是在今年下半年，我們將花費一些費用來完成這項工作。如果是在今年上半年，我們就不必花部分費用。因此，當我們談論 2024 年同比持平到略有成長時，我預計同樣的規則也適用於 GS 業務，而這就是投資所在。

Got it. Makes sense. On the parking side, T2, maybe just talk about the pipeline of RFPs and opportunities as we look into '24. And more generally, where do most of the opportunities come from? Is it customers that have typically been managed in-house or competing with incumbents and just how you see the growth in that business in '24 and beyond?

知道了。說得通。在停車方面，T2，也許只是談論我們在 24 世紀展望時的 RFP 和機會。更一般地說，大多數機會來自哪裡？客戶是通常由內部管理的客戶還是與現有客戶競爭的客戶，您如何看待該業務在 24 世紀及以後的成長？

Yes, in particular on the SaaS, the software side of the business, as we look at our products, we focus on universities and then the ones for small municipalities for permits and enforcement, I would say both of those have strong pipelines. The market is still -- I think, actually continue going to be strong for those markets. Typically, we will -- parking has been around a while, so obviously, people are -- more often than not, they are either considering moving to something that they've been managing themselves where they're already using a competitor. I would say it depends on which market you're talking about as to which is 50-50 or 60-40 or what have you.

是的，特別是在 SaaS、業務的軟體方面，當我們審視我們的產品時，我們關注的是大學，然後是小城市的許可和執法，我想說這兩者都有強大的管道。我認為，這些市場實際上仍然會持續強勁。通常情況下，我們會——停車已經存在了一段時間，所以很明顯，人們——通常情況下，他們要么考慮轉向他們一直在使用競爭對手的地方管理自己的東西。我想說這取決於你所談論的市場是 50-50 還是 60-40 或你有什麼。

But the good news is, especially in university, we have such a strong reputation, and that's a customer base that really talks to one another. So we feel really good about, as we're going into next year, just kind of really focusing in on that university segment and expanding share of wallet with the portfolio of new products as well.

但好消息是，尤其是在大學裡，我們擁有如此強大的聲譽，這是一個真正能夠相互交談的客戶群。因此，我們感覺非常好，因為我們即將進入明年，我們將真正專注於大學領域，並透過新產品組合擴大錢包份額。

Got it. And last for me, between the ASR and obviously the new authorization clearly being aggressive around these levels, is the plan to continue to be aggressive or maybe be a little bit more opportunistic as it relates to the new authorization?

知道了。最後對我來說，在 ASR 和顯然在這些水平上明顯激進的新授權之間，計劃是繼續激進還是可能會更加機會主義，因為它與新授權有關？

Yes. Thanks, Dan. You've noticed for a while and I think the great aspect of Verra Mobility is our ability to sort of reevaluate capital allocation on a pretty -- almost on a quarter by quarter but certainly every 6 months. And what we do is we sort of, every single time, we go and look at the landscape. We look at our M&A pipeline. We look at our cost of capital, our debt, and then we look at our -- the share price related to our calculation of intrinsic value, and then we make a determination. So our history shows that we've been very opportunistic on all of the above, and I would anticipate we would continue to do so.

是的。謝謝，丹。你已經注意到了一段時間了，我認為 Verra Mobility 的偉大之處在於我們能夠對資本配置進行相當程度的重新評估——幾乎每個季度一次，但肯定每 6 個月一次。我們所做的就是，每次都會去看風景。我們審視我們的併購管道。我們來看看我們的資本成本、我們的債務，然後我們看看我們的——與我們計算內在價值相關的股價，然後我們做出決定。因此，我們的歷史表明，我們在上述所有方面都非常機會主義，我預計我們將繼續這樣做。

The next question we have is from Keith Housum of Northcoast Research.

我們的下一個問題來自 Northcoast Research 的 Keith Housum。

Congratulations on the quarter. It's been obviously an active year in terms of the state legislature is adopting favorable legislation for traffic enforcement cameras. Is there 1 or 2 more states that perhaps are in your -- I guess your focus that perhaps there's going to be active legislation going forward over the next few months as well? Or do you think we're in a hiatus here where we just absorb what's been going on?

恭喜本季。州立法機構通過了對交通執法攝影機有利的立法，這顯然是積極的一年。是否還有 1 或 2 個州可能在您的關注範圍內——我想您關注的焦點是，未來幾個月可能也會有積極的立法？還是你認為我們正處於一個間歇期，我們只是吸收正在發生的事情？

Well, there's no such thing as hiatus. We don't believe in that for sure. What I would say is we have so much incredible opportunity in front of us. We are really focused on maximizing the opportunities that our teams have done such a great job of creating in places like Florida and California and others. We will continue to obviously be on offense in some of the key states and really look to do kind of what we did in Florida, which is we took a state that was only red light and then, through a lot of hard work, added other products to it, so expanding sort of -- think of it as a legislative share of wallet if you will. And I would anticipate we'll continue to do that. But between the opportunities that we have here in the U.S. plus some of the emerging opportunities we see in Canada and in Australia and New Zealand, I think we've got so much in front of us. That's where we're going to focus our efforts.

嗯，不存在中斷這樣的事情。我們不確定這一點。我想說的是，我們面前有這麼多令人難以置信的機會。我們真正專注於最大化我們的團隊在佛羅裡達州、加利福尼亞州等地創造的出色工作的機會。我們將繼續在一些關鍵州採取進攻行動，並真正希望做我們在佛羅裡達州所做的事情，即我們採取了一個只有紅燈的州，然後通過大量的努力，增加了其他州如果你願意的話，可以將其視為錢包的立法份額。我預計我們將繼續這樣做。但考慮到我們在美國擁有的機會，加上我們在加拿大、澳洲和紐西蘭看到的一些新興機會，我認為我們面前有很多機會。這就是我們要集中精力的地方。

Got you. And just expanding on that. In terms of states that perhaps had red light and they're adding speed or vice versa, I guess [no one got] red light these days. But how important is that for you guys to be able to leverage your red light relationship already? I mean is it almost like a surety that you get that business? Or is it perhaps open, like someone else can walk in there?

明白你了。並在此基礎上進行擴充。就那些可能有紅燈並且他們正在增加速度的州而言，反之亦然，我想這些天[沒有人得到]紅燈。但是，對你們來說，能夠利用你們的紅燈關係有多重要呢？我的意思是，這幾乎可以保證您獲得該業務嗎？或者它可能是開放的，就像其他人可以走進去一樣？

It will sometimes depend -- oftentimes because more -- the people that are making decisions on red light may not be the ones that are making decisions as an example on school bus stop arm. That's a totally different set and even could be different on speed depending on the deployment, meaning if it's school zone speed or work zone speed, that might be a different decision-maker. So certainly, we are able to leverage and point to the success we've had with other clients. It doesn't necessarily mean that they're just saying, oh, let's add this to the contract where you have them. That would be great, but more often than not, it doesn't occur that way.

有時，這取決於——通常是因為更多——在紅燈時做出決定的人可能不是在校車停靠站做出決定的人。這是一個完全不同的集合，甚至根據部署的不同，速度可能會有所不同，這意味著如果是學校區域速度或工作區域速度，則可能是不同的決策者。當然，我們能夠利用並借鑒我們與其他客戶取得的成功。這並不一定意味著他們只是說，哦，讓我們將其添加到您擁有的合約中。那就太好了，但通常情況下，情況並非如此。

The next question we have is from James Faucette of Morgan Stanley.

我們的下一個問題來自摩根士丹利的詹姆斯·福賽特。

I wanted to follow up on a couple of questions. On the trial in California, so that could be up to $10 million if you're able to win those pilots. Like what's the time to pilot award and then potential time to revenue from your perspective at least?

我想跟進幾個問題。在加州的試驗中，如果你能贏得這些飛行員，獎金可能高達 1000 萬美元。例如，從您的角度來看，試辦獎勵的時間是什麼時候，然後是潛在的收入時間？

I would anticipate we -- there's still -- typically, there's a period of time between the final -- governor signing a bill and then city's really working through the details of how to deploy it. I would anticipate probably sometime in the mid to late next year when we start to see some awards coming through. They won't -- meaning that all $10 million won't sort of turn on. There's multiple decision-makers. There's multiple municipalities that are making those determinations. So that's what I would anticipate from a timing standpoint.

我預計，從最終州長簽署法案到市政府真正研究如何部署法案的細節之間，通常仍然需要一段時間。我預計可能會在明年中後期的某個時候我們開始看到一些獎項的頒發。他們不會——這意味著所有 1000 萬美元都不會發揮作用。有多個決策者。有多個市政府正在做出這些決定。從時間的角度來看，這就是我的預期。

Got it. And then you highlighted some of the school bus and arm-related wins. I'm wondering how we should think about like the revenue curves associated with those. I know a lot of times in speed cameras or even red light cameras, you'll see an initial pickup in revenue. And then as people get used to and conditioned to that enforcement mechanism that it will come down and level off at some point. Is that a similar curve description? And how should we think about that as particularly on some of these new wins?

知道了。然後你強調了一些校車和手臂相關的勝利。我想知道我們應該如何思考與這些相關的收入曲線。我知道很多時候，在超速攝影機甚至闖紅燈攝影機中，你會看到收入的最初回升。然後，隨著人們習慣並適應這種執行機制，它會在某個時候下降並趨於平穩。這是類似的曲線描述嗎？我們應該如何看待這一點，特別是對於其中一些新的勝利？

Yes. We don't really -- it's different for school bus stop arms. So it's typically more of a fixed fee arrangement with the customer per camera per bus given the high levels of variability because these things are moving around. So it's a little bit -- we actually used to do that many years ago. We no longer do that. But -- so think of it more of a fixed fee per camera per month.

是的。我們真的不知道——校車停靠臂的情況有所不同。因此，考慮到這些東西會四處移動，因此，考慮到高度的可變性，通常更多的是對每輛巴士上的每個攝影機的客戶進行固定費用安排。所以這有點——我們實際上在很多年前就這樣做過。我們不再這樣做了。但是 - 因此，可以將其更多地視為每個相機每月的固定費用。

The next question we have is from Louie DiPalma of William Blair.

我們的下一個問題來自威廉布萊爾的路易迪帕爾瑪。

Craig, did you say that there is an additional $25 million of expected success-based CapEx for 2024?

克雷格，您是否說過 2024 年預計會增加 2500 萬美元的基於成功的資本支出？

Yes. Growth CapEx, I expect $25 million to $30 million additionally over and above what we'll do this year, Louie. And again, almost all of that increase and a large part of the base, not just the increase, is in the Government Solutions business as we continue to expand into these new markets.

是的。成長資本支出，我預計在我們今年所做的基礎上額外增加 2500 萬至 3000 萬美元，Louie。再說一遍，隨著我們繼續擴展到這些新市場，幾乎所有的成長和很大一部分基礎（而不僅僅是成長）都來自政府解決方案業務。

Awesome. And are those -- is that success-based CapEx, is that generally tied to specific contract wins that you may have won thus far this year?

驚人的。這些是基於成功的資本支出嗎？這通常與您今年迄今為止可能贏得的特定合約掛鉤嗎？

We have some indications on a little bit of it. Some of that, I think, is certainly going to be on the come. But I think there's also some platform investment in that number as well, but that is revenue-generating platform investment that isn't necessarily tied to one specific customer, right? So the answer -- the direct answer to your question, Louie, is some of that is already won. Some of that is also in the pipeline as we speak.

我們有一些跡象。我認為其中一些肯定會出現。但我認為這個數字中也有一些平台投資，但這是創收平台投資，不一定與某個特定客戶掛鉤，對吧？所以，路易，你的問題的直接答案是其中一些已經贏得了。正如我們所說，其中一些也在醞釀中。

Great. And one final one for me. In terms of the all-inclusive plans, are there still a large number of the RAC brand that haven't yet offered all inclusive? And is this an opportunity for you?

偉大的。最後一張是給我的。在全包計畫方面，是否還有大量RAC品牌尚未提供全包？這對你來說是一個機會嗎？

I would say -- we don't want to get too specific about that, but what I would say is it is not fully penetrated. And so yes, there's still opportunity to grow that as we look at our portfolio across our RAC customers.

我想說——我們不想對此說得太具體，但我想說的是它還沒有完全滲透。因此，是的，當我們審視 RAC 客戶的產品組合時，仍然有機會發展這一點。

The last question we have is from Dave Koning of Robert W. Baird.

我們的最後一個問題來自 Robert W. Baird 的 Dave Koning。

Nice job as always. In -- maybe my first question, it looked in the 10-Q like Enterprise kind of crushed it this quarter. It was up a ton, like 25% sequentially, give or take, and up 20% year-over-year, something in that range. Was that -- is that one starting to pick up all inclusive? Or is there something else to Enterprise right now?

一如既往的干得好。也許是我的第一個問題，在 10-Q 中，Enterprise 似乎在本季碾壓了它。它上漲了很多，比上一季上漲了 25%，比去年同期上漲了 20%，在這個範圍內。是不是－是不是開始選擇全包服務？或者 Enterprise 現在還有其他事情嗎？

Yes. So that's off airport volume. That is purely volume, what you're seeing. That is not a new commercial contract or a new way to contract with the customer, David.

是的。所以這還不算機場容量。這純粹是你所看到的體積。這不是新的商業合同，也不是與客戶簽訂合約的新方式，大衛。

Wow. So that's just a lot of rental then. That's great.

哇。所以這只是很多租金。那太棒了。

Yes.

是的。

We'll take it, right? And then we just -- on the share count, because of all the warrant complexity and now the buyback and stuff, what should we figure for Q4? And then Q1 is probably going to have some residual impact to like what's the best way to think about those 2 quarters for diluted share count?

我們會接受它，對嗎？然後我們只是 - 在股票數量上，由於所有認股權證的複雜性以及現在的回購等，我們應該為第四季度計算什麼？然後，第一季可能會產生一些殘餘影響，例如考慮這兩個季度稀釋股票數量的最佳方法是什麼？

Yes. Okay. I was waiting for that one, David. So thank you. So I should have put it in my comments. That's what that tells me. So at year-end, I expect that share count to be 160 million shares. Okay? That's year-end 2023.

是的。好的。我在等那個人，大衛。所以謝謝。所以我應該把它放在我的評論中。這就是它告訴我的。因此，到年底，我預計股票數量將達到 1.6 億股。好的？那是2023年底。

Weighted average.

加權平均。

Weighted average. That's a weighted average. So the number I'm giving you is going to be the base for adjusted EPS. Is that the number you're after?

加權平均。這是加權平均值。所以我給你的數字將作為調整後每股盈餘的基礎。這是你要找的號碼嗎？

Well, yes, I was -- I mean that's very helpful but also the Q4 average, just so we've got that because that's kind of what we're going to use for going forward, too.

嗯，是的，我是——我的意思是這非常有幫助，而且還有第四季度的平均值，所以我們得到了這個，因為這也是我們未來將使用的東西。

Okay. Well, why don't I move over to just -- go ahead, Mark. You're better at this one.

好的。好吧，我為什麼不直接——繼續，馬克。你更擅長這一點。

For Q4, weighted average should be about 168 million.

對於第四季度，加權平均數應該約為 1.68 億。

Yes. That's helpful. And then a little lower going forward because you're doing some buybacks now that will kind of fall into next year, the average and stuff.

是的。這很有幫助。然後會稍微低一點，因為你現在正在進行一些回購，這些回購將屬於明年的平均水平等。

That is correct. And let's take it all the way forward to 2024. When we get to the end of the year 2024, again, that weighted share count that we would expect for the full year is about 168 million shares.

那是對的。讓我們一直展望到 2024 年。當我們到 2024 年底時，我們預計全年的加權股票數量約為 1.68 億股。

There are no further questions at this time. And with that, this concludes today's conference. Thank you for joining us. You may now disconnect your lines.

目前沒有其他問題。今天的會議到此結束。感謝您加入我們。現在您可以斷開線路。