Wabash National Corp (WNC) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the Wabash Fourth Quarter 2020 Earnings Call. (Operator Instructions)

感謝您的支持。我叫凱特，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Wabash 2020 年第四季財報電話會議。（操作員指令）

I would now like to turn the call over to Ryan Reed, VP of Investor Relations. Please go ahead.

現在，我想將電話轉給投資者關係副總裁 Ryan Reed。請繼續。

Thank you. Good morning, everyone, and thanks for joining us on this call. With me today are Brent Yeagy, President and Chief Executive Officer; Pat Keslin, Chief Financial Officer; and Mike Pettit, Chief Growth Officer.

謝謝。大家早安，感謝大家參加本次電話會議。今天與我在一起的有總裁兼執行長布倫特·耶吉 (Brent Yeagy)；帕特‧凱斯林 (Pat Keslin)，財務長；以及首席成長長 Mike Pettit。

A couple of items before we get started. First, please note that this call is being recorded. I'd also like to point out that our earnings release, the slide presentation supplementing today's call and any non-GAAP reconciliations are available at ir.onewabash.com. Please refer to slide 2 on our earnings deck for the company's safe harbor disclosure addressing forward-looking statements. (Event Instructions)

在我們開始之前，有幾件事要說一下。首先，請注意本次通話正在錄音。我還想指出，我們的收益報告、今天電話會議的補充幻燈片演示以及任何非 GAAP 對帳表均可在 ir.onewabash.com 上找到。請參閱我們的收益報告中的第 2 張投影片，以了解公司針對前瞻性陳述的安全港揭露。(活動須知)

I'll now hand it off to Brent.

我現在將其交給布倫特。

Thanks, Ryan. Good morning, everyone, and thanks for joining us today. As we reflect on 2024, it's clear that this has been a pivotal year for Wabash. Building on the record-setting financial and strategic accomplishments of 2023, we continue to demonstrate the improved resilience of our business portfolio during the industry down cycle, and more importantly, we've continued to innovate and invest in a manner that's unprecedented relative to the market conditions. Our ability to maintain a strong balance sheet and stay focused on long-term value creation while navigating short-term challenges has positioned us exceptionally well for 2025 and beyond.

謝謝，瑞安。大家早安，感謝大家今天的參與。當我們回顧 2024 年時，顯然這對 Wabash 來說是關鍵的一年。在 2023 年創紀錄的財務和策略成就的基礎上，我們繼續展示業務組合在行業下行週期中增強的韌性，更重要的是，我們繼續以前所未有的方式進行創新和投資。我們能夠保持強勁的資產負債表，並在應對短期挑戰的同時專注於創造長期價值，這為我們在 2025 年及以後的發展做好了充分準備。

We've seen the benefits of a more diversified portfolio of first-to-final mile solutions, which has been instrumental in stabilizing performance during the challenging market environment. While demand for dry bands has been impacted by freight market weakness, the stability of our truck-buying business has bolstered our broader portfolio. This diversity ensures that Wabash is less exposed to cyclical swings and better positioned to continue executing our strategy across a broad range of market conditions.

我們已經看到了更多樣化的「從頭到尾」解決方案組合帶來的好處，這對於在充滿挑戰的市場環境中穩定業績起到了重要作用。雖然乾貨帶的需求受到貨運市場疲軟的影響，但我們卡車購買業務的穩定性增強了我們更廣泛的產品組合。這種多樣性確保了 Wabash 不太容易受到週期性波動的影響，並且能夠更好地在廣泛的市場條件下繼續執行我們的策略。

In 2024, we made significant strides in laying out the strategic groundwork to grow our more recurring parts and services revenue streams. A key part of this has been the ongoing development of our Wabash Parts joint venture from -- with HDI, our Wabash Marketplace joint venture with Turnway Group, and the continued broadening of our ecosystem, which includes customers, suppliers, dealers, and technology partners.

2024 年，我們在奠定策略基礎以增加經常性零件和服務收入來源方面取得了重大進展。其中一個關鍵部分是我們與 HDI 的 Wabash Parts 合資企業的不斷發展，與 Turnway Group 的 Wabash Marketplace 合資企業的不斷發展，以及我們生態系統的不斷擴大，其中包括客戶、供應商、經銷商和技術合作夥伴。

As these initiatives mature, they will allow us to better balance the cyclicality profile of our business portfolio, and they will also transform how we deliver value to our customers from our trailers-as-a-service offering to the seamless digital integration of parts and services. Together, these initiatives form a foundation for scalable growth as we move toward an exciting future for Wabash.

隨著這些舉措日趨成熟，它們將使我們能夠更好地平衡業務組合的周期性特徵，還將改變我們為客戶提供價值的方式，從拖車即服務轉變為零件和運輸的無縫數位整合。 。隨著我們邁向 Wabash 令人興奮的未來，這些舉措共同構成了可擴展成長的基礎。

The growth of collaboration across our ecosystem has been a key theme in 2024. By leveraging our ecosystem to navigate shifts and seeing emerging opportunities, we're in the early innings of using our competencies as an integrator to develop innovative solutions to industry challenges.

我們生態系統中協作的成長已成為 2024 年的關鍵主題。透過利用我們的生態系統來應對變化和發現新興機遇，我們正處於利用我們作為整合商的能力來開發創新解決方案以應對行業挑戰的早期階段。

As we think about notable examples, I would like to highlight our trailers-as-a-service partnership with Kodiak, which is redefining the role of trailer solutions and autonomous logistics. This specific example goes well beyond Wabash to bring together dealer service capabilities and our managed care network to ensure uptime for this differentiated technology partner to focus on making advancements in autonomous trucking. Strategic relationships with key suppliers have secured an access to critical components for high-demand periods and positions Wabash as a leader in supply reliability and operational excellence.

當我們思考值得注意的例子時，我想強調我們與科迪亞克的拖車即服務合作夥伴關係，它正在重新定義拖車解決方案和自動物流的作用。這個具體的例子遠遠超出了Wabash 的範圍，它將經銷商的服務能力和我們的託管服務網絡整合在一起，以確保這個差異化技術合作夥伴的正常運行時間，從而專注於在自動駕駛卡車領域取得進步。與關鍵供應商建立策略關係確保了公司在高需求時期能夠獲得關鍵零件，並使 Wabash 在供應可靠性和卓越營運方面處於領先地位。

Additionally, Wabash is working with Purdue University on an initiative called Smart Crossroads, which is our joint effort to bring transparency to a fragmented logistics ecosystem and rethink how technology in collaboration across our ecosystem can drive systemic improvements. By creating a form of diverse stakeholders to share insights and drive innovation, Smart Crossroads is working to address challenges ranging from data connectivity to operational inefficiencies. As we rethink how business gets done, this initiative lays the foundation for the kind of bold solutions the industry needs. Our goal across these ecosystem partnerships is to move beyond transactional relationships to enable networks of stakeholders to co-create innovations larger than any one organization could achieve alone.

此外，Wabash 正在與普渡大學合作開展一項名為「智慧十字路口」的計劃，這是我們共同的努力，旨在為分散的物流生態系統帶來透明度，並重新思考如何通過整個生態系統中的技術協作來推動系統改進。透過創造一種多元化利害關係人形式來分享見解、推動創新，智慧十字路口正在努力解決從數據連接到營運效率等各種挑戰。當我們重新思考如何開展業務時，這項舉措為業界所需的大膽解決方案奠定了基礎。我們透過這些生態系統合作夥伴關係的目標是超越交易關係，使利害關係人網絡能夠共同創造出比任何一個組織單獨能夠實現的更大的創新。

But just as important as having the right strategy is ensuring that our employees are engaged and understand how their role supports our strategic focus. We believe that a culture based on respect for people is the foundation of sustained success, and we've taken meaningful steps to empower our team to drive with a spirit of innovation throughout the organization. This commitment is reflected in key personnel appointments such as moving Mike Pettit to Chief Growth Officer and internally filling that role by promoting Pat Keslin to CFO.

但與制定正確的策略同樣重要的是確保我們的員工參與其中並了解他們的角色如何支持我們的策略重點。我們相信，以尊重人為基礎的文化是持續成功的基礎，我們已經採取了有意義的措施來授權我們的團隊在整個組織內推動創新精神。這項承諾體現在關鍵人事任命上，例如將 Mike Pettit 調任為首席成長官，並透過提拔 Pat Keslin 為財務長來填補該職位。

I'd also like to take this opportunity to thank our outgoing Chief Commercial Officer, Kevin Page, for his meaningful contributions to leadership and strategic vision during this time with Wabash as he moves on to retirement. Specifically, Kevin's passion for building process that prioritizes greater levels of customer engagement and ease of doing business will lead a lasting impact on our organization.

我還想藉此機會感謝即將離任的首席商務官凱文·佩奇 (Kevin Page)，感謝他在瓦巴什 (Wabash) 退休期間對領導力和戰略願景做出的有意義的貢獻。具體來說，Kevin 熱衷於建立優先考慮更高水準的客戶參與度和更輕鬆的業務開展的流程，這將對我們的組織產生持久的影響。

Again, we're fortunate to have built a deep bench of leadership talent over the years, and we have been able to promote Drew Schwartzhoff to succeed Kevin as Chief Commercial Officer. Drew brings exceptional transportation industry expertise from his time in senior roles at C.H. Robinson. Additionally, we have promoted Donald Winston the Chief Operating Officer. Donald brings more than 25 years of manufacturing leadership experience to the role. These are both exceptional leaders who enhance our strategic perspective and strengthen our overall operational expertise and continuous improvement mindset.

再次，我們很幸運能夠在這些年裡建立起一支深厚的領導人才隊伍，並且我們能夠提拔德魯·施瓦茨霍夫 (Drew Schwartzhoff) 接替凱文 (Kevin) 擔任首席商務官。Drew 在 C.H. 擔任高階職務期間，累積了豐富的運輸業專業知識。羅賓遜。此外，我們也提升唐納德溫斯頓 (Donald Winston) 為營運長。唐納德為該職位帶來了超過 25 年的製造業領導經驗。他們都是傑出的領導者，增強了我們的策略視野、加強了我們的整體營運專業知識和持續改進思維。

While these leadership changes will be critical to realizing our strategic path forward, this cannot be achieved without the efforts of every one of our employees doing a part of something bigger by being connected to a sense of unity and strategic purpose to more digital and physical technologies to serve our customers through a connected ecosystem of partners. The path forward is not about small incremental product improvements. It's about rethinking how logistics ecosystems can work together to transform a fragmented inefficient system into a responsive, sustainable and interconnected global network.

雖然這些領導層變動對於實現我們的策略前進道路至關重要，但如果沒有我們每一位員工的努力，這一目標就不可能實現。物理技術，為更大的目標做出貢獻。前進的道路不在於小幅漸進的產品改良。它是關於重新思考物流生態系統如何協同工作，將分散低效的系統轉變為響應迅速、可持續且互聯的全球網絡。

With that, I'll turn it over to Mike for his comments.

接下來，我將把話題交給麥克，聽聽他的意見。

Thanks, Brent. I'm pleased to be able to share some key updates on Wabash's growth initiatives and how we are positioning the company for long-term success. Our parts and services offerings often sit at the intersection of seamlessly serving our customers, our first-to-final mile portfolio and our digital transformation.

謝謝，布倫特。我很高興能夠分享有關 Wabash 成長計劃的一些重要更新以及我們如何定位公司以實現長期成功。我們的零件和服務產品通常處於無縫服務客戶、從首到末英里的產品組合和數位轉型的交匯處。

One example of this is our truck body upfitting initiative. In 2024, we upfitted over 1,100 bodies for customers, which provides them with a quick equipment turnaround, combined with location proximity advantages versus a traditional OE sale. This initiative has grown double digits over the past few years, and we expect that will continue in 2025. I'd like to thank the team that is making this growth possible, and I believe this will be a big part of a significant growth year in 2025 for parts and services.

我們的卡車車身改裝計畫就是一個例子。2024 年，我們為客戶改裝了超過 1,100 個車身，為他們提供了快速的設備週轉，並且與傳統的 OE 銷售相比具有地理位置接近的優勢。該計劃在過去幾年中實現了兩位數的成長，我們預計這一趨勢將持續到 2025 年。我要感謝使這一成長成為可能的團隊，我相信這將是 2025 年零件和服務實現顯著增長的重要組成部分。

One of the most significant areas of progress is the continued expansion of our preferred partner network, or PPN. During Q4, we announced the addition of 14 locations, extending their reach of Wabash genuine parts and services to regions not previously covered by our van trailer dealers. Our PPN now includes partners such as Blaine Brothers, Great Western Trailer, North American Trailer and US Trailer Parts. These partnerships strengthen our aftermarket support, ensuring our customers have access to expert service and maintenance wherever they operate. The Wabash dealer network has always been an incredible competitive advantage for us, and these additions as well as more to be announced in 2025 will simply strengthen a very capable parts and service network.

其中一個最重要的進展是我們的首選合作夥伴網路（PPN）的持續擴展。在第四季度，我們宣布新增 14 個銷售點，將 Wabash 原廠零件和服務的覆蓋範圍擴展到我們的廂式拖車經銷商之前未覆蓋的地區。我們的 PPN 現在包括 Blaine Brothers、Great Western Trailer、North American Trailer 和 US Trailer Parts 等合作夥伴。這些合作關係加強了我們的售後支持，確保我們的客戶無論身在何處都能獲得專業的服務和維護。Wabash 經銷商網路一直以來都是我們不可思議的競爭優勢，這些新增內容以及 2025 年即將宣布的更多內容將進一步增強我們非常強大的零件和服務網路。

In 2022, we launched Wabash Parts to unify and enhance our parts distribution capabilities. This initiative supports all transportation solutions product lines, including van trailers, platform trailers, tank trailers and truck bodies. By leveraging a single distribution channel with multiple centers across the US and Canada, we've built a scalable system that ensures superior parts availability and rapid delivery. Our network of service partners locations, underpinned by our parts distribution joint venture, is designed to maximize uptime for our customers, providing quick and reliable access to parts and services. Additionally, the network is being leveraged to perform maintenance and repair activities for our TaaS program, which I'm happy to say is showing strong momentum in 2025 with the onboarding of new customers.

2022 年，我們推出了 Wabash Parts，以統一和增強我們的零件分銷能力。該計劃支援所有運輸解決方案產品線，包括廂式拖車、平台拖車、油罐拖車和卡車車身。透過利用遍佈美國和加拿大的多個中心的單一分銷管道，我們建立了一個可擴展的系統，確保卓越的零件可用性和快速交付。我們的服務合作夥伴網路以我們的零件分銷合資企業為基礎，旨在最大限度地延長客戶的正常運行時間，提供快速可靠的零件和服務。此外，我們還利用該網絡來執行我們的 TaaS 計劃的維護和維修活動，我很高興地說，隨著新客戶的加入，該計劃將在 2025 年展現出強勁勢頭。

Looking ahead, we're excited about the development of the Wabash Marketplace, an end-to-end digital platform launched in 2024. The platform connects our customers, dealers and suppliers through a network designed to transform their experience by streamlining access to parts, services and trailers. This includes expanding our trailers-as-a-service capabilities to include on-demand trailer capacity at locations throughout the US and a mobile inspection app to aid in damage and expense attribution. Our strategic initiatives in the marketplace and our parts distribution capabilities will enable us to scale rapidly, position Wabash to serve customers at the intersection of physical and digital technologies.

展望未來，我們對 2024 年推出的端到端數位平台 Wabash Marketplace 的發展感到非常興奮。該平台透過網路連接我們的客戶、經銷商和供應商，旨在透過簡化零件、服務和拖車的取得來改變他們的體驗。這包括擴展我們的拖車即服務功能，包括美國各地按需拖車容量和移動檢查應用程序，以幫助確定損壞和費用歸因。我們在市場上的策略性舉措和零件分銷能力將使我們能夠迅速擴大規模，使 Wabash 能夠在實體和數位技術交匯處為客戶提供服務。

While our digital transformation journey prioritizes ease of doing business for our customers, we are also mindful of leveraging digital tools to enhance our employee experience. We believe this positive engagement loop is critical in employee engagement, strategic advancement and customer experience.

雖然我們的數位轉型之旅優先考慮為客戶提供便利的業務發展，但我們也注意利用數位工具來提升員工體驗。我們相信這種積極的參與循環對於員工參與、策略進步和客戶體驗至關重要。

In closing, we're excited about our progress within parts and service business and the development work that has taken place in 2024. These emerging capabilities to digitally enable TaaS through our Wabash Marketplace also provide Wabash with the platform to offer customer access to our growing set of value-added services.

最後，我們對零件和服務業務的進展以及 2024 年進行的開發工作感到非常興奮。這些透過我們的 Wabash 市場以數位化方式實現 TaaS 的新興功能也為 Wabash 提供了平台，使客戶能夠存取我們不斷增長的增值服務。

Additionally, our expanding preferred partner network enhances our capacity for after-sale support of our equipment via streamlined maintenance and repair with a full assortment of parts fulfilled by our Wabash Parts joint venture. With our parts and services initiative building momentum into 2025, we believe we're on the cusp of meaningful value creation by building a more significant base of recurring revenue.

此外，我們不斷擴大的首選合作夥伴網路透過由我們的 Wabash Parts 合資企業提供的全套零件進行精簡的維護和維修，增強了我們設備售後支援的能力。隨著我們的零件和服務計劃在 2025 年不斷發展，我們相信，透過建立更重要的經常性收入基礎，我們即將實現有意義的價值創造。

I'll now hand the call back to Brent.

我現在將電話交還給布倫特。

Thanks, Mike. Looking ahead to 2025, we are entering the year with unparalleled strength and readiness. Our continued investments will create new opportunities for our customers and partners. Combined with our balanced and more resilient portfolio, we are poised to capitalize on what the industry environment gives us to further expand our leadership in the transportation, logistics and infrastructure markets.

謝謝，麥克。展望 2025 年，我們正以無與倫比的實力和準備迎接這一年。我們持續的投資將為我們的客戶和合作夥伴創造新的機會。結合我們均衡且更具彈性的投資組合，我們準備好利用產業環境為我們提供的優勢進一步擴大我們在運輸、物流和基礎設施市場的領導地位。

In the short term, the industry may need to contend with some incremental complexity in the form of tariffs. I believe it's important to mention that the actions we took as an organization in response to the first round of Trump tariffs has held over the past four years and we feel that our supply chain is very well positioned to insulate Wabash from any direct impacts stemming from tariffs on components manufactured abroad.

短期內，該行業可能需要應對關稅等日益複雜的變化。我認為值得一提的是，我們作為一個組織針對第一輪川普關稅採取的行動在過去四年中一直有效，我們認為我們的供應鏈非常適合保護 Wabash 免受任何直接影響對國外生產的零件徵收關稅。

Thinking more broadly about the potential impact of US tariffs, we've already seen near-shoring activity ramp up for multiple reasons in recent years. To the extent that tariffs act as an accelerant to the nearshore in trend, we believe that foreign imports of goods being replaced by North American manufacturing activity has an outside positive impact on dry van trailer utilization.

更廣泛地思考美國關稅的潛在影響，我們已經看到近年來近岸外包活動因多種原因而增加。我們認為，就關稅對離岸趨勢起到加速作用的程度而言，北美製造業活動取代外國進口商品，對乾貨車拖車的利用率產生了外部正面影響。

Looking at our backlog generally, I would describe bookings across most of our businesses and aligning well with our expectations. Industry reports have shown slow 2025 dry van order season thus far. This coincides with customers indicating freight market conditions are likely to follow normal seasonal patterns in 2025 with a modest degree of inflection during the second half of the year.

整體來看我們的積壓訂單，我會描述我們大多數業務的預訂情況並且與我們的預期相符。產業報告顯示，迄今為止，2025 年乾貨車訂單季節進展緩慢。這與客戶表示相吻合，他們表示，2025 年貨運市場狀況可能遵循正常的季節性模式，並在下半年出現適度的變化。

Based on this outlook, the feedback we received from our customers is that they are interested in communicating throughout the year as our dry van needs become more clear rather than booking orders in a lump-sum manner that's traditional for the industry. This is significant because dry van specifically tend to be the largest driver of our backlog, particularly during the fourth quarter. We do anticipate dry van orders for 2025 to continue to accrue throughout the year. When it comes to our financial outlook, our initial guidance is for EPS in the range of $0.85 to $1.05.

基於這種前景，我們從客戶那裡得到的反饋是，隨著我們的乾貨車需求變得更加明確，他們有興趣全年進行溝通，而不是像行業傳統那樣以一次性預訂訂單的方式。這很重要，因為乾貨車往往是我們積壓訂單的最大驅動因素，尤其是在第四季。我們確實預計 2025 年乾貨車訂單將在全年持續增加。對於我們的財務前景，我們初步預期每股收益在 0.85 美元至 1.05 美元之間。

That said, I'd like to be clear about what this outlook embeds and what it does. Generally, we anticipate a year of either stability or growth across most of our businesses. We do perceive more intra-year dry van orders than normal when analyzing industry demand forecasts. This activity focuses heavily on replacement as opposed to fleet growth. We take those industry demand forecasts and compare where our backlog sits currently and assume a conservative fill rate through the course of 2025.

話雖如此，我想清楚地了解這種觀點的含義和作用。總體而言，我們預計今年大部分業務都會保持穩定或成長。在分析產業需求預測時，我們確實發現年內乾貨車訂單比正常情況下要多。這項活動主要側重於替換而不是船隊增長。我們根據這些產業需求預測，與目前的積壓訂單情況進行比較，並假設 2025 年期間的填充率是保守的。

Additionally, when it comes to backlog, we have line of sights to positive trends in businesses like parts and services as well as truck bodies. Both businesses that typically carry very modest backlogs at any point of the cycle. We're embedding a level of cautious optimism for these businesses and our guidance. While it's easy to understand the greater levels of stability within parts and service demand, truck body specifically is benefiting from the accelerated demand for replacement of power equipment ahead of the 2027 EPA mandates. As such, customers are signaling very healthy flow of truck body orders throughout 2025.

此外，談到積壓訂單，我們關注的是零件和服務以及卡車車身等業務的積極趨勢。這兩家企業在周期的任何階段通常都擁有非常適量的積壓訂單。我們對這些業務和我們的指導持一定程度的謹慎樂觀態度。雖然很容易理解零件和服務需求的更高穩定性，但卡車車身尤其受益於 2027 年 EPA 強制要求之前動力設備更換需求的加速成長。因此，客戶表示，2025 年卡車車身訂單量將非常可觀。

To conclude, 2024 has been a year of both resilience and transformation for Wabash. We've demonstrated our ability to perform through market headwinds while building the foundation for sustained long-term growth. As we move into 2025, I am confident that our strategy, focus and execution driven by our enhanced leadership team will enable us to continue our pursuits of new levels of long-term value creation for our employees, customers and stakeholders.

總而言之，2024 年對 Wabash 來說既是復原力的一年，也是轉型的一年。我們已經證明了我們有能力克服市場逆風，同時為長期持續成長奠定基礎。隨著我們邁入 2025 年，我相信，在我們增強的領導團隊的推動下，我們的策略、重點和執行力將使我們能夠繼續追求為員工、客戶和利害關係人創造長期價值的新水平。

With that, I'll turn it over to Pat for his comments.

說完這些，我將把話題轉交給帕特，請他發表評論。

Thanks, Brent. Beginning with a review of our quarterly financial results. In the fourth quarter, consolidated revenue was $417 million. During the quarter, we shipped approximately 6,770 new trailers and 3,010 truck bodies. Gross margin was 10.3% of sales during the quarter, while operating margin came in at 0.9%. In the fourth quarter, adjusted EBITDA was $21.1 million or 5.1% of sales. Finally, for the quarter, net loss was $1 million or negative $0.02 per diluted share.

謝謝，布倫特。首先回顧一下我們的季度財務表現。第四季，綜合營收為4.17億美元。本季度，我們運送了約 6,770 輛新拖車和 3,010 個卡車車身。本季毛利率為銷售額的 10.3%，營業利益率為 0.9%。第四季度，調整後的 EBITDA 為 2,110 萬美元，佔銷售額的 5.1%。最後，本季淨虧損為 100 萬美元，即每股虧損 0.02 美元。

Moving on to our reporting segments. Transportation solutions generated revenue of $370 million and operating income of $17.9 million or 4.8% of sales. Parts and services generated revenue of $48.6 million and operating income of $4.5 million or 9.2% of sales. Full year operating cash generation amounted to $117 million, aided by working capital released during the year. Free cash flow for 2024 was $38 million as traditional capital expenditure reduced from peak levels in 2023, a trend we anticipate continuing in 2025.

繼續討論我們的報告部分。運輸解決方案創造了 3.7 億美元的收入和 1,790 萬美元的營業收入，佔銷售額的 4.8%。零件和服務創造了 4,860 萬美元的收入和 450 萬美元的營業收入，佔銷售額的 9.2%。由於年內釋放的營運資金，全年營運現金產生額為 1.17 億美元。2024 年的自由現金流為 3,800 萬美元，因為傳統資本支出從 2023 年的峰值水準下降，我們預計這一趨勢將持續到 2025 年。

Regarding our balance sheet, our liquidity, which comprises both cash and available borrowings was $422 million ending December 31. We finished Q4 with a net debt leverage ratio of 1.7 times.

關於我們的資產負債表，截至 12 月 31 日，我們的流動性（包括現金和可用借款）為 4.22 億美元。我們第四季的淨債務槓桿率為 1.7 倍。

Turning to capital allocation during the fourth quarter, we invested $21 million via capital expenditure and invested $6 million in revenue-generating assets for our trailers-as-a-service initiative. We utilized $8.6 million to repurchase shares and paid our quarterly dividend of $3.5 million. For the full year, we invested $72 million in traditional capital expenditures, invested $7 million in revenue-generating assets, allocated $64 million to repurchase shares and returned $14.8 million to shareholders via our dividend.

談到第四季度的資本配置，我們透過資本支出投資了 2,100 萬美元，並為我們的拖車即服務計畫投資了 600 萬美元的創收資產。我們利用 860 萬美元回購股票並支付 350 萬美元的季度股息。全年，我們在傳統資本支出上投資了 7,200 萬美元，在創收資產上投資了 700 萬美元，撥出 6,400 萬美元用於回購股票，並透過股息向股東返還了 1,480 萬美元。

I'd like to take a moment to drill down on share repurchases as we're proud of our consistent track record of repurchase activity. We took out approximately 2.9 million shares during 2024, which equates to a reduction of about 6% of diluted shares. Coming out further, over the last five years, we've repurchased over 12 million shares, which has reduced our share count by 22%.

我想花點時間深入探討股票回購情況，因為我們對一貫的回購活動記錄感到自豪。我們在 2024 年出售了約 290 萬股，相當於減少了約 6% 的稀釋股份。進一步說，在過去五年裡，我們回購了超過 1,200 萬股股票，這使我們的股票數量減少了 22%。

Our capital allocation framework will continue to prioritize capital expenditure above and beyond our annual maintenance CapEx spend of $20 million to $25 million in order to support our organic growth initiatives. We are also committed to maintaining our dividend, and we'll continue to evaluate opportunities for share repurchase alongside of bolt-on M&A.

我們的資本配置框架將繼續優先考慮資本支出，超過每年 2,000 萬至 2,500 萬美元的維護資本支出，以支持我們的有機成長計畫。我們也致力於維持股息，並將繼續評估股票回購和附加併購的機會。

As you may recall, we recognized an aggregate liability of $462 million in Q3 2024, after a jury ruled against us in the product liability trial in St. Louis. The trial related to a 2019 motor vehicle accident in which a passenger vehicle traveling at least 45 miles per hour struck the back of a near stationary 2004 Wabash trailer. The plaintiff claims that the rear impact card on the trailer was defective even though the rear impact guard was designed and developed in full compliance with applicable federal regulations. Among other errors committed at trial, the judge erroneously excluded all evidence regarding the driver's intoxication in plaintiff's failure to wear seatbelts at the time of the accident.

您可能還記得，在聖路易斯的產品責任審判中陪審團對我們作出不利裁決後，我們在 2024 年第三季確認了 4.62 億美元的總負債。該審判涉及 2019 年的一起機動車事故，其中一輛以至少每小時 45 英里的速度行駛的乘用車撞上了一輛幾乎靜止的 2004 年 Wabash 拖車的後部。原告聲稱，儘管後部碰撞防護裝置的設計和開發完全符合適用的聯邦法規，但拖車上的後部碰撞卡有缺陷。除了在審判中犯下的其他錯誤之外，法官還錯誤地排除了有關原告在事故發生時未係安全帶且司機醉酒的所有證據。

For these and other reasons, Wabash maintains that the verdict in this case is not supported by the facts or the law. The company has filed post-trial motions available on the public docket and we continue to evaluate all legal options.

基於這些和其他原因，瓦巴什堅持認為該案的判決沒有事實和法律的支持。該公司已將審判後動議提交公開審理，我們將繼續評估所有法律選項。

We did incur an incremental $1 million of legal spend relative to our prior guidance within fourth quarter SG&A related to our activities around this verdict. And we are baking in continued elevated legal spend in our 2025 SG&A outlook. We'll continue to provide regular updates as they become relevant for this verdict as well as call out any deviations in anticipated legal expense.

與先前我們對第四季度銷售、一般及行政開支的預期相比，我們圍繞該判決開展的活動的法律支出確實增加了 100 萬美元。我們在 2025 年銷售、一般及行政開支展望中考慮了法律支出持續增加的情況。我們將繼續定期提供與該判決相關的更新信息，並指出預期法律費用的任何偏差。

Moving on to our outlook for 2025, we expect revenue of $1.9 billion to $2.1 billion with a midpoint of $2 billion. We continue to expect truck body tank trailers and parts and services to serve as sources of relative strength in 2025. We expect meaningful revenue growth in our parts and services segment as freight market conditions stabilize. Additionally, it's worth calling out that our truck body business is poised to benefit over the coming two years from 2027 EPA mandates that will impact engine economics.

展望 2025 年，我們預期營收為 19 億美元至 21 億美元，中間值為 20 億美元。我們繼續預計卡車車身油罐拖車以及零件和服務將成為 2025 年相對強勢的來源。隨著貨運市場狀況穩定，我們預計零件和服務部門的收入將大幅成長。此外，值得一提的是，未來兩年，我們的卡車車身業務將受益於 2027 年 EPA 強制要求，這將影響引擎經濟性。

From an operating income perspective, we expect to generate $80 million at the midpoint or approximately 4% operating margins. We expect to see about $5 million of expense for our Wabash Marketplace joint venture run below operating income during 2025. Assuming a tax rate of roughly 25%, this results in an EPS outlook of $0.85 to $1.05 with a midpoint of $0.95.

從營業收入的角度來看，我們預計中間值將產生 8,000 萬美元或約 4% 的營業利潤率。我們預計，2025 年 Wabash Marketplace 合資企業的支出將低於營業收入約 500 萬美元。假設稅率約為 25%，則每股盈餘預期為 0.85 美元至 1.05 美元，中間值為 0.95 美元。

Moving on to capital deployment expectations for 2025, we anticipate traditional capital investments to be between $50 million and $60 million in 2025 as a result of planned expenditures to support our strategic growth initiatives. We anticipate that investment in our cash fleet will increase from 2024, and we'll give further granularity as that figure comes into focus.

談到 2025 年的資本部署預期，我們預計 2025 年傳統資本投資將在 5,000 萬美元至 6,000 萬美元之間，這是為支持我們的策略成長計畫而規劃的支出。我們預計，從 2024 年開始，對現金車隊的投資將會增加，隨著這個數字逐漸明朗，我們將提供進一步的詳細資訊。

As a reminder, it's typical for Q1 to be our lowest quarter in terms of revenue and EPS generation. In addition to some SG&A expense that runs through the P&L in Q1, we believe that seasonality will be more pronounced this year as you've likely heard commentary from carriers related to relatively modest first quarter expectations. We believe our demand patterns in 2025 are likely to play out in a similar fashion and we expect first quarter revenue to come in between $420 million to $450 million and EPS to be in the range of negative $0.20 to negative $0.30.

提醒一下，從營收和每股盈餘來看，第一季通常是我們業績最低的一個季度。除了第一季損益表中的一些銷售、一般及行政費用外，我們認為今年的季節性將更加明顯，因為您可能已經聽過營運商對相對溫和的第一季預期的評論。我們相信，2025 年的需求模式可能會以類似的方式發揮作用，我們預計第一季的營收將在4.2 億美元至4.5 億美元之間，每股收益將在負0.20 美元至負0.30 美元之間。

As Brent mentioned, 2024 has been an important year for Wabash, both in demonstrating the improved resilience of our business portfolio as well as continuing to generate strategic progress that will allow Wabash to deliver value to customers by combining innovative equipment offerings with a growing set of value-added services. By executing against our strategy, we believe we will be able to enhance the company's financial performance at cycle trough, cycle peak and all phases in between.

正如 Brent 所說，2024 年對 Wabash 來說是重要的一年，這不僅展示了我們業務組合的增強彈性，也繼續取得戰略進展，使 Wabash 能夠透過將創新設備產品與不斷增長的增值服務。透過執行我們的策略，我們相信我們將能夠提高公司在週期低谷、週期高峰以及其間所有階段的財務表現。

I'll now turn the call back to the operator, and we'll open it up for questions.

我現在將電話轉回給接線員，然後我們將開始回答問題。

(Operator Instructions) Mike Shlisky, D.A. Davidson.

（操作員指令）Mike Shlisky，D.A.戴維森。

I wanted to maybe start off by just a quick thought about the guidance that you just provided. It looks like you've got potentially at the midpoint at least a small increase in the revenue side, but then a decline in the margin. And I'm curious if you could just give us a little more granular, can you tell us to why that might be taking place in some of the investments that you're making ongoing in '25 or mix changes or what might be behind that phenomenon?

我想先快速思考一下您剛剛提供的指導。看起來中間點的收入至少可能會有小幅成長，但利潤率可能會下降。我很好奇，您是否可以給我們提供更詳細的信息，您能否告訴我們為什麼在 25 年您正在進行的一些投資或組合變化中可能會發生這種情況，或者背後的原因是什麼現象？

Mike, Pat here. I will say, if you were to peel back the expense side, and take a look at our SG&A guide there is going to be a delta year-over-year related to variable compensation expenses. And then as I just alluded to, legal expenses related to the verdict will also be a headwind for us in 2025 as it relates to margins.

麥克，我是帕特。我想說的是，如果你剝離費用方面，並查看我們的銷售、一般及行政費用指南，你會發現與去年同期相比，可變薪酬費用會增加。正如我剛才提到的，與判決相關的法律費用也將成為我們 2025 年利潤的阻力。

Okay. Great. And then Brent, as you discussed the freight market being still at a challenging moment, maybe talk about some of the KPIs that you and the team track on a regular basis. I know you're always given us kind of your view, but what KPIs look the most promising right now? And which KPIs or maybe the least promising and what should we be kind of watching for to see when we will start seeing a true inflection in trailer orders.

好的。偉大的。然後布倫特，正如您所說，貨運市場仍然處於充滿挑戰的時刻，也許可以談談您和您的團隊定期追蹤的一些 KPI。我知道您總是向我們提供您的看法，但是目前哪些 KPI 看起來最有希望？哪些 KPI 可能是最不具前景的，我們應該關注什麼才能知道何時才能開始看到拖車訂單的真正拐點。

Yes, it's a great question. As you can imagine, over the last, I'll just say a decade, we've had a lot of opportunities to think about what are leading indicators and things that we can look at to try to be better predictors of what the future brings.

是的，這是一個很好的問題。你可以想像，在過去的十年裡，我們有很多機會去思考什麼是領先指標，以及我們可以參考哪些因素來更好地預測未來。

As we sit here today, Mike, I would say one of the things we're really focused on is the underlying subsegment generators of freight within the overall carrier landscape. So what I mean by that is there are arguably 40-plus different subsectors of freight generating activity in the United States. Some are much more important than others in terms of where it creates, we'll call it overall freight volume, regional fleet volume and its effect on rates in general.

麥克，今天我們坐在這裡，我想說我們真正關注的事情之一是整個承運商格局中貨運的底層細分生成器。我的意思是，美國有 40 多個不同的貨運活動子產業。就其產生的影響而言，有些因素比其他因素更為重要，我們稱之為總貨運量、區域車隊數量及其對整體費率的影響。

And what you're seeing right now and what we're looking for is that there should be a subset of those subsegment freight drivers that are beginning to move in a positive direction, and we're seeing that. Those were not moving. They actually were going in the opposite direction this time last year, right? And that was -- that's a fundamental difference from where we're at today than where we were a year ago.

而您現在所看到的以及我們所期待的是，這些細分貨運驅動因素中應該有一部分開始朝著積極的方向發展，而我們正在看到這一點。那些都沒動。事實上，去年這個時候他們正朝著相反的方向前進，對嗎？這就是──我們今天所處的境況與一年前有著根本的差異。

So that gives us underlying what I want to say, we'll call it conservative optimism in terms of the market beginning to turn because that's really where the market starts to turn is there. And then those carriers that are more exposed to those subsectors will tend to do better first.

所以，這就給了我想說的根本內容，我們稱之為對市場開始轉變的保守樂觀情緒，因為那確實是市場開始轉變的地方。然後，那些更多地接觸這些子行業的運營商將會首先表現得更好。

And we can somewhat see that by the conversations that we're having with our customers. And we think that's a more straight-line linkage to what really drives the market than some of the lagging indicators that we have tended to use that we would see like tonnage numbers and even the rates themselves are a tail wagging dog in terms of what really gives you first indication of the market moving. I hope that helps.

透過與客戶的對話我們可以略微看到這一點。我們認為，與真正推動市場的因素相比，這種聯繫更為直接，而不是我們傾​​向於使用的一些滯後指標，例如噸位數字，甚至運費本身，都只是真正推動市場發展的因素。市場動向的第一個跡象。我希望這能有所幫助。

Absolutely. I appreciate those comments. Maybe one last one for me. I appreciate, Pat, your comments about the seasonality in the first quarter. Can you give us a little bit more granularity about the rest of the year, specifically what just took place in the fourth quarter? It was one of the lowest quarters for the industry in quite some time.

絕對地。我很感謝這些評論。對我來說這也許只是最後一個了。帕特，我很欣賞你對第一季季節性的評論。您能否向我們詳細介紹今年剩餘時間的情況，特別是第四季的情況？這是該行業相當長一段時間以來最低的季度。

You also had a challenging quarter on your shipments too. Do you think at least you can see a positive quarter in the fourth quarter and would you anticipate potentially other quarters of the year being up at this time.

你們的出貨量也經歷了一個充滿挑戰的季度。您是否認為至少可以看到第四季出現正面的成長勢頭？

Yes, let me try that one. I would say, in general, yes, we absolutely see that we'll call it air being put in the balloon over the course of 2025 as the market begins to gradually pick up steam. And so I'm not going to go as far as trying to do year-over-year at this point. But I would just say momentum should build throughout the year.

是的，讓我試試那個。我想說，總的來說，是的，我們絕對可以看到，隨著市場開始逐漸升溫，我們稱之為在 2025 年期間向氣球中註入空氣。因此，我現在還不打算嘗試進行同比分析。但我只想說，這種勢頭將在全年不斷增強。

The fourth quarter of 2024, so let me reiterate 2024 was a very specific event relative to a declining market that just could not sustain itself moving into the fourth quarter. We should be at a different place going into 2025 for the reasons we just talked about. So I would not anticipate the amount of tail off or tail off in general that we saw in 2024. That should not happen.

2024 年第四季度，讓我重申一下，2024 年是一個非常特殊的事件，相對於一個無法持續進入第四季度的下滑市場而言。由於我們剛才談到的原因，我們在進入 2025 年時應該處於不同的境地。因此，我預計 2024 年不會有如此大的下降幅度或整體下降幅度。這種事情不應該發生。

And so just kind of to the previous statement, I think it's just a -- is a general glide up throughout 2025, and then it's all setting itself up for 2026 as people begin to move into full replacement and incremental growth based on what we see starting to show in proverbial green shoes that we really do see right now and there's a real dichotomy going on out there between what carriers are saying and doing. They want to be very positive. Many of them know it's more positive than it was this time last year, but they don't really want to say it because they got burned so hard last year. And believe me, I understand that one. But there really is a level of quiet optimism that we're seeing the right things turning.

因此，就像之前的說法一樣，我認為這只是2025 年的總體下滑趨勢，然後一切都為2026 年做好了準備，因為根據我們所看到的情況，人們將開始進入全面替代和增量增長階段我們現在確實看到，運營商的言論和做法確實有矛盾。他們希望變得非常積極。他們中的許多人都知道，現在的情況比去年這個時候要積極得多，但他們並不想這麼說，因為去年他們受到了太大的打擊。相信我，我明白這一點。但我們確實保持著一定程度的平靜樂觀，相信事情正在朝著好的方向轉變。

Jeff Kauffman, Vertical Research Partners.

傑夫·考夫曼（Jeff Kauffman），垂直研究夥伴。

I was wondering if we could get a deeper dive on the fourth quarter and what happened to profit margins because not just in the core trailer business, but also in the parts business. It just seemed like a much weaker fourth quarter than one would have expected given the revenues you put on the board.

我想知道我們是否可以更深入地了解第四季度的情況以及利潤率的變化，因為不僅僅是核心拖車業務，還有零件業務。考慮到董事會列出的收入，第四季的表現似乎比人們預期的要疲軟得多。

On part specifically, Jeff, we had a couple, I'll call it, onetime activity event that happened in Q4 that won't repeat. And as I think about the full year, I have been talking for the last year about we would expect parts and services to be high-teens EBITDA margins. I think we're about 18.5% full year EBITDA. I expect that rate to pick back up in 2025. So it was -- there was a couple of things that happened towards the end of the year that we would not expect to roll in 25%. So it -- we'd be back on that high-teens type glide path for '25 path for parts and services as far as the whole.

具體來說，傑夫，我們在第四季度發生了一些我稱之為一次性活動的事件，這些事件不會重複。當我思考全年時，我去年一直在談論我們預計零件和服務的 EBITDA 利潤率將達到十幾歲的高點。我認為我們的全年 EBITDA 約為 18.5%。我預計該比率將在 2025 年回升。所以，年底發生了一些事情，我們預期這些事情的成長率不會達到 25%。所以，就整體而言，我們將回到 25 年零件和服務的十幾歲高位下滑路徑上。

Yes. Just overall, it really does come down to the volume leverage there, where fourth quarter was our lowest in the transportation solutions segment, both in trailers and in truck bodies. So that certainly impacts margins.

是的。總體而言，這確實歸結於那裡的銷售槓桿，其中第四季度是我們的運輸解決方案領域（包括拖車和卡車車身）的最低點。這肯定會影響利潤。

Well, yes, actually I would think as new units aren't being purchased as much older units would need a little more parts. So I was just a little surprised by that. Mike, how big is the cost fleet right now? And where do you expect that to be at the end of next year?

嗯，是的，實際上我認為由於新設備沒有被購買，所以很多舊設備需要更多的零件。所以我對此感到有點驚訝。麥克，現在成本艦隊規模有多大？您預計明年年底這數字會達到什麼水準？

Yes. So right now, it's still -- it's -- I'd say it's in between 500 and 1,000, it's in different phases of full service capabilities that we've been rolling out for the last couple of years. It will grow, we believe, relatively significantly this year. It's going to trend, obviously, with some of the dynamics that Brent was talking about. In terms of the early indications are that they're going to need -- if our customers use capacity, we would expect, past due on the first levers they pull.

是的。所以現在，我認為它的數量在 500 到 1,000 之間，它處於我們在過去幾年推出的全方位服務能力的不同階段。我們相信，今年它將實現相對大幅成長。顯然，它將會隨著布倫特談到的一些動態而呈現趨勢。就早期跡象而言，他們將需要 - 如果我們的客戶使用產能，我們預計他們拉動的第一次槓桿已經過期。

And we've got several customers now that have a small number of cash units in their fleet, but what we're excited about, we have a growing customer base that has some cash units in their fleet. So as they see the capabilities of those, we could see that hit an inflection point mid-year. We're not giving official guidance on unit count for 2025, but we would expect to update that as we see the market unfold in Q1 and Q2. We'll give -- we'll provide a little greater guidance on the next couple of calls what we think that will be.

現在我們有幾個客戶，他們的現金設備數量很少，但讓我們興奮的是，我們擁有越來越多擁有一些現金設備的客戶。因此，當他們看到這些功能時，我們可以看到它在年中達到一個轉折點。我們不會對 2025 年的單位數量提供官方指導，但我們希望隨著第一季和第二季的市場發展對此指導進行更新。我們將在接下來的幾次電話會議中提供更多指導，說明我們所認為的情況。

Mike, maybe you can give some insight just into, I'll call it, new customer acquisition and early-stage onboarding just in the last 45 days.

麥克，也許您可以就過去 45 天內的新客戶獲取和早期入職情況提供一些見解。

Yes. Just -- yes. So it trends with what we've seen in the markets, little, maybe seeing some early signs of life. We have brought on several new customers just in the last 45 days. Again, it's a small unit count, but new customers that we believe could be much larger users of TaaS.

是的。只是--是的。因此，它的趨勢與我們在市場上看到的情況一樣，可能只是看到了一些早期的生命跡象。光是在過去 45 天裡，我們就吸引了幾位新客戶。再次強調，雖然單位數量較少，但我們相信新客戶可能會成為 TaaS 的更大用戶。

And we're also developing some capabilities and look for some -- potentially some announcements in the next couple of weeks to have additional capabilities that we think will be key to the TaaS offering longer term, how we can help our customers with some of their logistics needs around security and surety of load. So that's -- it's all happen -- happening pretty quickly, and we think that will -- it's going to be a positive trend throughout '25.

我們也正在開發一些功能，並期待在未來幾週內發布一些額外的功能，我們認為這些功能對於 TaaS 的長期發展至關重要，我們如何幫助客戶解決他們的一些問題圍繞貨物安全和保障的物流需求。所以這一切都發生得相當快，我們認為這將成為整個25年的正面趨勢。

One more question for Brent. Kind of go back to 10,000 feet and look at what's going around in the market. Will we tariff, will we not tariff, not 100% sure, but don't you have less of a footprint in Mexico than most of your competitors that build trailers for a living?

還有一個問題要問布倫特。回到 10,000 英尺高空看看市場正在發生什麼。我們會徵收關稅嗎？

And I guess the second part of that is trailer pools were a big deal a few years ago. That talk went away in the downturn, but listening to some of the trucking companies, they're talking about trailer pools still being a thing. So separate from kind of what happens if we tariff Mexico and does that change your competitive position, what customers saying to you about tariff or trailer pools right now?

我想第二部分是幾年前拖車池很流行。這種說法在經濟低迷時期消失了，但聽一些卡車運輸公司說，他們談論的拖車共享聯盟仍然存在。那麼，除瞭如果我們對墨西哥徵收關稅會發生什麼以及這是否會改變您的競爭地位之外，客戶現在對您說了有關關稅或拖車聯營隊什麼？

Great. Those are two good questions. So let's start with tariffs. Yes, Wabash on two different fronts are extremely well positioned relative to whatever happens from a tariff standpoint. So let's go supply chain side first. We made substantial strategic changes in our supply chain construct, coming out of the 2018 truck tariff onslaught. And so we have dramatically, dramatically reduced our exposure to that to make it almost de minimis at this stage. So we are -- we have built quite a moat around the incoming supply tariff risk. We know our competitors are still substantially exposed to that tariff risk across many different dimensions. So we feel pretty good about that.

偉大的。這兩個問題很好。那我們就先從關稅開始吧。是的，無論從關稅角度發生什麼，沃巴什在兩個不同方面都處於極其有利的地位。因此我們先來看看供應鏈方面。為了應對2018年卡車關稅衝擊，我們對供應鏈結構進行了重大策略調整。因此，我們大幅減少了這方面的風險敞口，使其在現階段幾乎處於最低水準。所以，我們已經為即將到來的供應關稅風險建立了相當好的護城河。我們知道，我們的競爭對手在許多不同方面仍然面臨巨大的關稅風險。因此我們對此感覺非常好。

From a manufacturing location standpoint, we have one facility that has some leveled exposure to potential tariffs on Mexico, our competitors have substantially more exposure than we do and we have available capacity in our domestic operations to shift production as needed to minimize those tariff impacts if they were to occur. So we watch them very closely. We don't know exactly how they will or in a construct or how long. But we know that we have put the right pieces in place to manage it one way or the other. So we're not overly concerned at this point.

從製造地點的角度來看，我們有一個工廠在一定程度上受到墨西哥潛在關稅的影響，我們的競爭對手受到的影響比我們大得多，而且我們在國內業務中有足夠的產能，可以根據需要轉移生產，以盡量減少這些關稅的影響。因此我們非常密切地關注它們。我們並不確切知道它們將會如何構建，或構建多長時間。但我們知道，我們已經做好了正確的準備，以某種方式來應對這個問題。因此我們現在並不太擔心。

All right. And then trailer pools customer discussions. I'm just a little surprised to hear a couple of truckers actually talking about trailer pool and they call it powered by the hour, I guess, but, trailer pool is a growth concept, yes.

好的。然後拖吊池客戶討論。我只是有點驚訝地聽到幾個卡車司機實際上在談論拖車池，並且他們稱之為按小時計費，但是，拖車池是一個增長概念，是的。

Yes. So trailer pools as a concept are absolutely still in play, you're right, the rhetoric and kind of the momentum of it stalled as the market began to constrict, but the concept is still there because it's extremely valid in remaking up the, call the asset management model and cost model and the flexibility for these fleets. That's going to continue to go forward. And what we're finding is it is changing the way that we can position the TaaS fleet going forward as many of the inquiries that we're having are from larger shippers and carriers that are seeing now different ways in which they can construct layers of a trailer pool concept.

是的。因此，拖車池作為一個概念絕對仍然在發揮作用，你說得對，隨著市場開始收縮，它的言論和勢頭停滯了，但這個概念仍然存在，因為它在重塑呼叫方面非常有效資產管理模型和成本模型以及這些車隊的彈性。這將會繼續向前發展。我們發現，這正在改變我們未來定位 TaaS 車隊的方式，因為我們收到的許多諮詢都來自大型托運人和承運人，他們現在正在尋找構建層級的不同方式。

So we see that still -- we'll see that -- we believe we will see that trend/concept grow and become much more publicly talked about once the market kind of gets into full swing as we approach second half of '25 going in the $26 million. And that's a lot of the inquiries again, we've had our people are wanting to experiment around the edges because they see a more efficient model for them, possibly layering in TaaS as part of that solution. Mike, do you want to --

因此，我們仍然會看到——我們會看到——我們相信，一旦市場進入全面復甦階段，隨著2025 年下半年的到來，我們將看到這種趨勢/概念的增長，並得到更多公開討論。再次，我們收到了很多詢問，我們的員工希望在邊緣進行實驗，因為他們看到了對他們來說更有效的模型，可能將 TaaS 作為該解決方案的一部分進行分層。麥克，你想--

Yes. Yes. I just going to add. So TaaS consolidate a lot of our customers' needs, carriers and shippers, but fundamentally, it really plays well as a solution for a customer that wants to deploy a trailer pool. And that's a place where we think it will continue to grow and scale. And I think some of the same things you're hearing, Jeff, are some of the reasons why I have optimism is we had capabilities to TaaS, it will drive demand for that product to our customers that are looking to deploy.

是的。是的。我只是想補充一下。因此，TaaS 整合了我們許多客戶、承運人和托運人的需求，但從根本上說，它對於想要部署拖車池的客戶來說確實是一個很好的解決方案。我們認為它將繼續在那裡成長和擴大。傑夫，我認為你所聽到的一些同樣的事情也是我感到樂觀的原因之一，那就是我們擁有 TaaS 的能力，它將推動那些希望部署的客戶對該產品的需求。

When Mike talks about things that will drop and capabilities we're creating, just providing a physical trailer in a pool concept what we're finding is not enough. And what you have to do is think about every barrier that it takes to seamlessly agilely, high flexibility and with speed being able to get that asset upon you call it, declaration of need to revenue producing. So the ecosystem in the marketplace, what we're doing is constructing this landscape of all pieces that make it easy, frictionless to say, I can create revenue if I just had, and then we can provide the rest of the equation to get them making more money.

當麥克談到將會下降的事物和我們正在創造的能力時，我們發現僅在游泳池概念中提供實體拖車是不夠的。您要做的是考慮需要克服的每一個障礙，以便能夠無縫、敏捷、高度靈活地快速獲得您所說的資產，聲明需要創造收入。因此，在市場生態系統中，我們正在做的是建立一個由所有部分組成的格局，使人們能夠輕鬆、無摩擦地說，如果我有的話，我可以創造收入，然後我們可以提供方程式的其餘部分來獲得它們賺更多的錢。

That concludes our Q&A session. I will now turn the call back over to Ryan Reed for closing remarks.

我們的問答環節到此結束。現在我將電話轉回給瑞安·里德 (Ryan Reed)，請他作結束語。

Thanks, Kate, and thanks for everyone joining us today. We look forward to following up during the quarter.

謝謝，凱特，也感謝今天與我們一起的每個人。我們期待本季的跟進。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。