Wabash National Corp (WNC) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Ian and I will be your conference operator today. At this time, I would like to welcome everyone to the Wabash 1st quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star, follow by the number one on your telephone keypad to enter the question queue. Once again, that is, followed by the number one. If you'd like to withdraw your question again press 1.

感謝您的支持。我叫伊恩，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Wabash 2025 年第一季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。如果您想在此期間提問，只需按星號，然後按電話鍵盤上的數字 1 即可進入提問佇列。再一次，即其後緊接數字 1。如果您想再次撤回您的問題，請按 1。

Thank you. I would like to hand the call over to Ryan Reed, Vice President, Investor Relations. You may begin your conference.

謝謝。我想把電話交給投資人關係副總裁 Ryan Reed。您可以開始您的會議了。

Thank you and good morning, everyone. We appreciate you joining us on this call. With me today are Brent L Yeagy, President and Chief Executive Officer, Patrick Keslin, Chief Financial Officer, and Mike Pettit, Chief Growth Officer. Before we get started, please note this call is being recorded. I'd also like to point out that our earnings release, this live presentation supplementing today's call, and any non-gas reconciliations are available at ir.onewabash.com.

謝謝大家，早安。感謝您參加本次電話會議。今天與我一起的有總裁兼執行長 Brent L Yeagy、財務長 Patrick Keslin 和首席成長長 Mike Pettit。在我們開始之前，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現場演示以及任何非天然氣對帳資訊都可以在 ir.onewabash.com 上找到。

Please refer to slide 2 on our earnings deck for the company's Safe Harbor disclosure, addressing forward-looking statements. I'll hand it off now to Brent.

請參閱我們收益簡報中的投影片 2，以了解公司的安全港揭露，其中涉及前瞻性陳述。我現在將其交給布倫特。

Thank you, Ryan. Let me start by level setting where we are in terms of the business environment. Compared to what we expected at the beginning of the year, there's no question that conditions have softened. We're seeing it across the board. Our customers are sharing that their own customers are delaying decision making, which is creating a cascading effect that slows activity across our business.

謝謝你，瑞安。首先，我要說明一下我們所處的商業環境水準。與我們年初的預期相比，毫無疑問情況已經有所緩和。我們看到這種情況普遍存在。我們的客戶表示，他們自己的客戶正在推遲決策，這產生了連鎖反應，減緩了我們整個業務的活動。

As a result, third party industry forecasts for 2025 have been steadily revised downward over the past several months, and we've seen recent confirmation during this earnings cycle, with many carriers reducing their cap CapEx estimates for the year.

因此，過去幾個月來，第三方行業對 2025 年的預測一直在穩步下調，並且我們在本盈利週期中看到了最近的確認，許多運營商都降低了今年的資本支出預期。

This isn't isolated to any one product or market. It's a broader macro-driven slowdown. And while the situation certainly presents a fresh set of challenges, in some ways it's reinforcing the strategic importance of how we're organized Wabash over the last few years. One of the key benefits of our work structure is that it allows us to be agile.

這並不局限於任何一種產品或市場。這是宏觀因素引發的更廣泛的經濟放緩。儘管這種情況確實帶來了一系列新的挑戰，但從某種程度上來說，它強化了我們在過去幾年中組織沃巴什的戰略重要性。我們的工作結構的一個主要優點是它讓我們變得敏捷。

While we're running our downturn playbook on transportation solutions to take costs out where necessary to align with near-term demand conditions, we're continuing to execute without distraction on growth opportunities within the parts and services side of the business, which achieved positive year-on-year revenue growth during the first quarter.

在我們針對運輸解決方案實施經濟低迷策略以降低必要成本以適應短期需求狀況的同時，我們仍將全心全意地把握零件和服務業務的成長機會，該業務在第一季度實現了收入同比增長。

We expect our sustained efforts to grow parts and services and strategically integrate these offerings across our equipment solutions portfolio to play a key role in helping us achieve greater balance over cyclicality as we move forward. As I mentioned during a difficult quarter regarding equipment demand, we were able to grow revenue in our parts and service business. I'd like to call out a couple of highlights from the quarter. First off, I'd like to congratulate our UIT team for their efforts to lead a doubling in year over year Upfit volumes in Q1.

我們期望透過持續努力增加零件和服務，並在我們的設備解決方案組合中策略性地整合這些產品，以發揮關鍵作用，幫助我們在未來實現更大的周期性平衡。正如我在設備需求困難的季度中提到的那樣，我們的零件和服務業務的收入有所增長。我想講一下本季的幾個亮點。首先，我要祝賀我們的 UIT 團隊的努力，使第一季 Upfit 銷量年增了一倍。

Another exciting development within parts and services during the 1st quarter is the continued expansion of our trailers as a service initiative. Mike will give more color on these topics in a few minutes, but these are both accomplishments that give us a sense of parts and services' ability to contribute enhanced stability within our overall portfolio as we continue to scale our offerings.

第一季零件和服務領域的另一個令人興奮的發展是我們的拖車即服務計劃的持續擴展。麥克將在幾分鐘內對這些主題進行更詳細的闡述，但這兩項成就讓我們感受到零件和服務能夠在我們繼續擴大產品範圍的同時，為我們的整體產品組合提供增強的穩定性。

During the first quarter, our team appreciated the opportunity to connect with customers at a couple of important industry events. TMC and Work Truck Week both provided valuable opportunities to reinforce Wabash's position as a technology forward leader. At TMC, we connected with industry professionals to show off our capabilities and innovation. We showcased our new, more efficient drive-van manufacturing capacity, which increases line rates while driving enhanced consistency and build quality. We also use the event to highlight our 40 year history of innovation and partnership.

在第一季度，我們的團隊很高興有機會在幾個重要的行業活動中與客戶建立聯繫。TMC 和 Work Truck Week 都提供了寶貴的機會來鞏固 Wabash 作為技術前沿領導者的地位。在 TMC，我們與行業專業人士建立聯繫，展示我們的能力和創新。我們展示了我們新的、更有效率的廂型車製造能力，這提高了生產線速率，同時提高了一致性和製造品質。我們也利用這次活動來強調我們40年的創新和合作歷史。

At NTEA's Work Truck Week, we showcase our Accutherm refrigerated truck body with Ecoex technology. These units deliver 25% better thermal efficiency compared to conventional refrigerated products, which translates directly to lower fuel costs and reduced maintenance. We also promoted a ready to mount program which provides our Wabash competitive advantage within the truck buy space by allowing customers to get pre-configured fleet equipment faster than ever before.

在 NTEA 的工作卡車週上，我們展示了採用 Ecoex 技術的 Accutherm 冷藏卡車車身。與傳統冷藏產品相比，這些裝置的熱效率提高了 25%，這直接意味著燃料成本的降低和維護的減少。我們還推廣了即裝即用計劃，該計劃使客戶能夠比以往更快地獲得預先配置的車隊設備，從而為我們的 Wabash 在卡車購買領域提供了競爭優勢。

At the end of the day, the time we invest in building and strengthening relationships during down years like this will pay dividends as the demand environment recovers. Even in the face of a transportation market characterized by near-term unprecedented uncertainty, we find that customers at these recent events may remain remarkably upbeat and resilient. Their optimism about the future provided an interesting contrast to the current softness and equipment demand, and that contrast serves a reminder that sentiment often leads to fundamentals. Let me pivot to tariffs now.

最終，隨著需求環境的復甦，我們在低迷時期投入建立和加強關係的時間將獲得回報。即使面對近期前所未有的不確定性的運輸市場，我們發現最近這些活動中的客戶可能仍然保持著非常樂觀和堅韌的態度。他們對未來的樂觀態度與當前的疲軟和設備需求形成了有趣的對比，這種對比提醒我們，情緒往往會導致基本面的變化。現在讓我來談談關稅。

This has been obviously a frequent market topic with everyone from suppliers to customers to investors alike, so allow me to unpack how we think about these both in the short term and the longer-term implications. Our exposure is very limited from a manufacturing perspective. Outside of one small tank trailer facility in Mexico, our manufacturing footprint is distributed entirely throughout the United States. Additionally, about 95% of our materials are sourced domestically. That proximity not only shields us from potential volatility and trade barriers, but also allows us to manufacture with speed and reliability.

顯然，這是從供應商到客戶再到投資者等每個人都經常討論的市場主題，所以請允許我來闡述我們如何看待這個問題的短期和長期影響。從製造角度來看，我們的曝光度非常有限。除了墨西哥的一個小型油罐拖車工廠外，我們的製造足跡遍布整個美國。此外，我們約 95% 的材料均來自國內。這種接近性不僅使我們免受潛在的波動和貿易壁壘的影響，而且使我們能夠快速、可靠地進行生產。

That said, we're not completely immune from secondary impacts. Tariffs on raw materials like steel and aluminum can create pricing pressure even from domestic suppliers, and more impactfully, uncertainty tends to inhibit our customers' ability to deploy capital for equipment.

話雖如此，我們並不能完全免受二次撞擊的影響。對鋼鐵和鋁等原材料徵收關稅甚至會對國內供應商造成價格壓力，更重要的是，不確定性往往會抑制我們的客戶為設備配置資本的能力。

In our recent experience, companies aren't posturing to make speculative bets in this environment. There's an increased willingness to preserve cash until we have greater clarity. Still, we see a bright spot. It seems clear that the current administration has a goal of revitalization of the US manufacturing sector. That would be a significant structural tailwind for us because manufacturing carries an outsized impact on freight activity. More domestic production means a multiplier on freight moves, more trailers, and more demand for exactly the kinds of solutions Wabash offers.

根據我們最近的經驗，公司並沒有在這種環境下做出投機投資的姿態。在情況更加明朗之前，人們更願意保留現金。儘管如此，我們還是看到了一絲曙光。很明顯，現任政府的目標是振興美國製造業。這對我們來說將是一個重要的結構性順風，因為製造業對貨運活動的影響很大。國內產量增加意味著貨運量增加、拖車數量增加，對 Wabash 所提供的解決方案的需求也會增加。

Because we've been consistent in calling out the long-term benefits of near shoring on our business, it's important to draw a comparison between near shoring and revitalization of American manufacturing that has recently become a part of the discussion. On the surface, they may appear to be similar concepts, but the implications differ in meaningful ways. Nearshoring suggests a growing role for Mexico in a broader North American manufacturing strategy.

因為我們一直在強調近岸外包對我們業務的長期好處，所以將近岸外包與最近成為討論一部分的美國製造業振興進行比較是很重要的。從表面上看，它們似乎是相似的概念，但其含義卻有顯著差異。近岸外包顯示墨西哥在更廣泛的北美製造業策略中發揮越來越重要的作用。

What we're hearing from the current administration, however, Indicates a major emphasis on rebuilding domestic US manufacturing capacity that distinction matters. A US focused manufacturing resurgence changes logistics patterns, supply chain dynamics, and freight flows in a way that more directly impacts our customers and ultimately demand for trailers and equipment solutions.

然而，我們從現任政府聽到的消息表明，美國政府非常重視重建國內製造業能力，這一區別很重要。以美國為中心的製造業復甦改變了物流模式、供應鏈動態和貨運流，更直接影響了我們的客戶，並最終影響了拖車和設備解決方案的需求。

Now, continue with initiatives from the current administration. On the regulatory front, the EPA recently announced a review of their 2027 Phase 3 emission standards for heavy trucks. This initiative is part of a broader reassessment of regulations generally viewed as burdensome. While these changes targeted a reduction in CO2 emissions, they did so at the expense of a significant increase in truck cost, which has led to a short-term prioritization of truck refreshment relative to trailers.

現在，繼續執行現任政府的措施。在監管方面，美國環保署最近宣布對2027年重型卡車第三階段排放標準進行審查。這項措施是對普遍被視為繁瑣的法規進行更廣泛重新評估的一部分。雖然這些變化的目的是減少二氧化碳排放，但卻是以大幅增加卡車成本為代價的，這導致短期內卡車更新優先於拖車更新。

I believe it's a consensus view that assuming the implementation of these standards, some diversion of CapEx is set to act as a headwind for trailer demand in 25 and 26. While no decisions regarding the review have been announced, we'll continue to monitor the situation as removal of these regulations would be a near term positive for trailer demand. I also want to briefly touch on the ongoing legal matters stemming from the 2019 motor vehicle accident.

我認為大家一致認為，假設這些標準得以實施，一些資本支出的轉移將對 25 年和 26 年的拖車需求造成阻力。雖然尚未宣布有關審查的決定，但我們將繼續關注情況，因為取消這些規定將在短期內對拖車需求產生積極影響。我還想簡單談談 2019 年機動車事故引發的持續法律問題。

As many of a jury in St. Louis originally returned a verdict of $462 million in damages against Wabash, but in March, the trial court amended the judgment down to $119.5 million. We stand firmly behind the safety and integrity of our products and remain confident in our ultimate legal position as such. We filed notice of appeal and obtained the necessary appeal bond in April as we continue to pursue all available legal options to achieve a more reasonable outcome.

聖路易斯陪審團最初判決沃巴什公司賠償 4.62 億美元，但今年 3 月，審判法院將判決金額下調至 1.195 億美元。我們堅定地支持我們產品的安全性和完整性，並對我們最終的法律地位充滿信心。我們在四月提交了上訴通知並獲得了必要的上訴保證金，同時我們將繼續尋求所有可用的法律途徑以獲得更合理的結果。

Turning back to market conditions and our outlook in terms of demand, we've seen a notable shift in customer behavior recently that coincides with the step up and uncertainty created by tariffs.

回顧市場狀況和我們對需求的展望，我們最近看到客戶行為發生了顯著變化，這與關稅的提高和不確定性相吻合。

Although there's a lot of noise in the environment right now, I think it's fair to say that the signal is clear. The trailer industry has already experienced 8 consecutive quarters of contraction and orders. Our total backlog ending Q1 was approximately $1.2 billion and while this showed a slight sequential step up like most data through March, we believe there is a level of retrenchment happening now, given the uncertainty being generated by tariffs.

儘管現在環境中有很多噪音，但我認為可以公平地說訊號是清晰的。拖車業已經經歷了連續8個季度的萎縮和訂單下滑。我們第一季末的總積壓訂單約為 12 億美元，雖然與 3 月份的大多數數據一樣，這一數字環比略有上升，但考慮到關稅帶來的不確定性，我們認為現在出現了一定程度的緊縮。

Forecasts for trailer volumes this year indicate shipments will undercut basic replacement demand resulting in the aging of fleets across the industry. The last time we saw this dynamic play out was in 2020 when pent up demand built and was later unleashed as the freight market recovered. There are similarities between the two time periods where an external shock causes CapEx retrenchment that results in a building of pent-up demand. For now, we've undertaken a reassessment of 2025 and now expect the midpoints of $1.8 billion in revenue and negative $0.60 of adjusted EPS.

今年的拖車數量預測表明，運輸量將削弱基本更換需求，導致整個行業的車隊老化。我們上次看到這種動態表現是在 2020 年，當時被壓抑的需求逐漸增加，後來隨著貨運市場的復甦而釋放出來。這兩個時期有相似之處，外在衝擊導致資本支出縮減，進而引發被壓抑的需求。目前，我們對 2025 年進行了重新評估，預計中間值為 18 億美元收入和-0.60 美元調整後每股收益。

And I'll turn a call over to Mike for additional comments.

我會將電話轉給麥克以徵求更多意見。

Thanks, Brian. I'd like to take a moment to expand on how we're continuing to move Wabash toward being a more durable, resilient, and higher margin business. Central to that work is our strategic initiative to grow our parts and services revenue, generating greater recurring revenue to reduce the company's exposure to cyclicality. Our parts and services offerings sit at the intersection of seamlessly serving our customers, our first to final mile portfolio, and connected services that deliver life cycle solutions. During the quarter, we were able to demonstrate tangible progress in all these areas through organic and strategic growth, coupled with some nice technological accelerators.

謝謝，布萊恩。我想花點時間來詳細說明我們如何繼續推動 Wabash 成為更持久、更有彈性、更有利可圖的企業。這項工作的核心是我們的策略性舉措，即增加零件和服務收入，產​​生更大的經常性收入，以減少公司受週期性影響。我們的零件和服務產品處於無縫服務客戶、從第一英里到最後一英里的產品組合以及提供生命週期解決方案的連接服務的交匯處。在本季度，我們能夠透過有機和戰略成長以及一些良好的技術加速器在所有這些領域取得切實進展。

I'd like to personally thank Dave Hill and his parts and services team for the Q1 sequential and year over year growth in the face of a very challenging industry and macroeconomic backdrop.

我要親自感謝戴夫·希爾和他的零件和服務團隊，在極具挑戰性的行業和宏觀經濟背景下，實現了第一季的連續和同比增長。

One area where we've seen outside growth is in our upfit value stream. In the first quarter, we doubled the volume of units moving through this business, which includes shelving systems, lift gates, partitions, roof racks, thermal solutions, and most recently, ready to mount truck bodies. These offerings allow customers to tailor their equipment to their specific operational needs and our growing competency in this space is allowing customers to increasingly see Wabash not just as an equipment provider, but as a solutions partner.

我們看到外部成長的一個領域是我們的升級價值流。在第一季度，我們將該業務的銷量增加了一倍，其中包括貨架系統、升降門、隔板、車頂行李架、散熱解決方案以及最近準備安裝的卡車車身。這些產品使客戶能夠根據其特定的營運需求客製化設備，而我們在這一領域不斷增強的能力使客戶越來越多地將 Wabash 視為不僅僅是設備提供商，而且是解決方案合作夥伴。

As demand for outfit solutions grows, Wabash is building a national network that delivers faster turnaround times and brings deep industry expertise to customers. With the support of our national dealer network, our momentum is being driven by an expanding footprint of parts and services locations underscored by a new Chicagoland upfit location opening in Q2 of this year and in an Atlanta location opening in the second half of 2025.

隨著對裝備解決方案的需求不斷增長，Wabash 正在建立一個全國性網絡，以提供更快的周轉時間並為客戶提供深厚的行業專業知識。在我們全國經銷商網路的支持下，我們不斷擴大的零件和服務網點覆蓋範圍推動著我們的發展勢頭，其中最突出的是今年第二季度在芝加哥地區開設的新的改裝網點和 2025 年下半年在亞特蘭大開設的網點。

We recognize that potential for meaningful valley creation sits at the intersection of where we can wrap services around our industry leading equipment portfolio, as we demonstrated in Q1, Upfit Services is a good example of this. In leveraging our integration skills to coordinate between our equipment, multiple suppliers, and value-added components and the end customer, our Upfit service is a microcosm of our broader parts and services goals. Turning now to trailers as a service, we're excited to have added customers to our offering in Q1. Shippers, carriers, and brokers are seeing the value of using our task solution to access capacity on demand across the US.

我們認識到，創造有意義的山谷的潛力在於我們可以將服務融入我們行業領先的設備組合中，正如我們在第一季所展示的那樣，Upfit Services 就是一個很好的例子。透過利用我們的整合技能來協調我們的設備、多個供應商、增值組件和最終客戶，我們的 Upfit 服務是我們更廣泛的零件和服務目標的縮影。現在轉向拖車服務，我們很高興在第一季增加了客戶。托運人、承運人和經紀人都看到了使用我們的任務解決方案來按需獲取美國各地運力的價值。

They're not just gaining trailer units, but a comprehensive bundle that includes maintenance, repair, telematics, and national uptime support. It's both a capital li and capital efficient way for them to expand their network while maintaining flexibility. We have over 1,000 trailers deployed into our fleet and are increasing our operational capabilities by the day.

他們獲得的不僅僅是拖車單元，還獲得了包括維護、維修、遠端資訊處理和全國正常運行時間支援在內的綜合套餐。對他們來說，這是一種既節省資本又高效的方式，可以在保持靈活性的同時擴展他們的網路。我們的車隊已部署了 1,000 多輛拖車，並且我們的營運能力正在日益增強。

And we're not just expanding our capabilities organically with our acquisition of Trailer Hawk, we're working to embed cargo security technology directly into our platform and ultimately across our product portfolio. This allows customers to monitor freight conditions in real time, manage trailer access digitally, and validate the entire custody chain from origin to delivery. These aren't just bells and whistles, they're mission critical tools in today's supply chain where cargo theft is a significant and growing problem that needs to be addressed.

我們不僅透過收購 Trailer Hawk 來有機地擴展我們的能力，我們還致力於將貨物安全技術直接嵌入到我們的平台中，並最終嵌入到我們的整個產品組合中。這使得客戶能夠即時監控貨運狀況，以數位方式管理拖車訪問，並驗證從原產地到交付的整個保管鏈。這些不僅僅是花哨的東西，它們是當今供應鏈中的關鍵工具，貨物盜竊是一個嚴重且日益嚴重的問題，需要解決。

We're also fortunate to have Brett Suma, Trailer Hawk's founder, joined us as part of the acquisition. Having spent years in numerous logistics roles, including as the founder of Loadsmith, a freight brokerage that was an early task customer, his experience, as well as that of his team and insight, will be instrumental as we scale this offering.

我們也非常榮幸 Trailer Hawk 的創辦人 Brett Suma 作為收購的一部分加入我們。他曾在多個物流職位任職多年，包括擔任 Loadsmith（一家早期任務客戶的貨運經紀公司）的創始人，他的經驗以及他的團隊和洞察力將在我們擴大這一服務規模的過程中發揮重要作用。

We're also advancing our capabilities through a partnership with Up Labs, a pioneering corporate venture studio. We're collaborating to build two high impact startups that will simultaneously create value within Wabash's operations. The first is an AI powered equipment configuration tool that simplifies how customers choose equipment specifications and powerfully enables Wabash to execute faster and more efficiently. Instead of a slow manual process, users will be able to generate real-time proposals that clearly lay out tradeoffs in cost, time, and performance. Wabash keeps the customer at the center of how we structure our organization, and we expect this tool to enhance our customers' experience and continue to elevate Wabash's ease of doing business.

我們也透過與先鋒企業創投工作室 Up Labs 合作來提升我們的能力。我們正在合作創建兩家具有高影響力的新創公司，它們將同時在 Wabash 的營運中創造價值。第一個是人工智慧驅動的設備配置工具，它簡化了客戶選擇設備規格的方式，並有力地使 Wabash 能夠更快、更有效率地執行。使用者無需經過緩慢的手動流程，而是能夠產生即時提案，明確列出成本、時間和效能方面的權衡。Wabash 將客戶置於我們組織架構的中心，我們希望此工具能增強客戶體驗並持續提升 Wabash 的營運便利性。

The second venture is focused on parts intelligence. This tool uses predictive analytics to optimize inventory levels through the channel, ensuring the right part is in the right place at the right time. It helps reduce downtime, improve customer satisfaction, and eliminate excess capital tied up in part stock. This enables breakthrough ability to meet customer demand across our aftermarket, our supply chain, and our distribution operations. Together these two initiatives represent a big step forward in how we serve our customers and enable our dealers and service partner network.

第二個項目專注於零件智慧。該工具使用預測分析來優化通路中的庫存水平，確保正確的零件在正確的時間出現在正確的位置。它有助於減少停機時間、提高客戶滿意度並消除零件庫存中佔用的多餘資金。這使得我們在售後市場、供應鏈和分銷業務中滿足客戶需求的能力有了突破。這兩項舉措代表著我們在服務客戶以及支援經銷商和服務合作夥伴網路方面邁出了一大步。

2025 is the year we will show the full breadth of capabilities and growth potential within parts and services. So whether it's through internal initiatives, partnerships, or acquisitions, our focus is clear. We're building parts and services capabilities that deliver for our customers regardless of what's happening in the broader economy. Surrounding our industry leading equipment with a growing set of capabilities and offerings is a model that brings value, scale, and enhances the power of our portfolio, and we're just getting started. With that, I'll hand it over to Pat for his comments.

2025 年是我們在零件和服務領域全面展示能力和成長潛力的一年。因此，無論是透過內部措施、合作夥伴關係或收購，我們的重點都很明確。我們正在建立零件和服務能力，無論整體經濟狀況如何，我們都能為客戶提供服務。圍繞著我們行業領先的設備，提供不斷增長的功能和產品，是一種能夠帶來價值、規模並增強我們產品組合實力的模式，而我們才剛剛起步。說完這些，我將把它交給帕特來徵求他的意見。

Thanks, Mike. Beginning with the review of our quarterly financial results in the first quarter, our consolidated revenue was $381 million. During the quarter, we shipped approximately 6,290 new trailers and 3,000 truck bodies. First quarter shipments were below our prior expectations and resulted in a revenue shortfall of about $55 million. While the weaker than anticipated volumes resulted in less fixed cost absorption, leading to lower-than-expected gross margins of 5%, and adjusted operating margins of negative 7.2% during the quarter. In the first quarter, adjusted EBITDA was $9 million or 2.4% of sales.

謝謝，麥克。從第一季的季度財務業績回顧開始，我們的綜合收入為 3.81 億美元。本季度，我們運送了約 6,290 輛新拖車和 3,000 個卡車車身。第一季的出貨量低於我們先前的預期，導致收入短缺約 5,500 萬美元。而低於預期的銷售量導致固定成本吸收減少，導致本季毛利率低於預期的 5%，調整後的營業利潤率為負 7.2%。第一季度，調整後的 EBITDA 為 900 萬美元，佔銷售額的 2.4%。

Finally, for the quarter, adjusted net income attributable to common stockholders was $24.8 million or negative $0.58 per diluted share. Moving on to our reporting segments, transportation solutions generated revenue of $347 million and the operating loss of negative $10 million. Overall demand did not fill in as expected in some of our equipment businesses that experienced quick turnarounds from order to shipping, leaving us overexposed to labor costs in those areas during the quarter. We have taken action to right size direct labor and production support costs going forward. Parts and services generated revenue of $52 million and operating income of $6.9 million.

最後，本季調整後歸屬於普通股股東的淨收入為 2,480 萬美元，即每股攤薄收益為負 0.58 美元。轉到我們的報告部門，運輸解決方案產生了 3.47 億美元的收入和負 1000 萬美元的營運虧損。我們的一些設備業務從訂單到發貨的周轉速度較快，整體需求沒有達到預期，導致我們在本季度過度暴露於這些領域的勞動成本。我們已採取行動，以適當調整未來的直接勞動力和生產支援成本。零件和服務創造了 5,200 萬美元的收入和 690 萬美元的營業收入。

While parts and services are certainly less cyclical, it's also not immune from freight market conditions. So, we view the year over year revenue growth in this segment as a particularly positive sign.

雖然零件和服務的周期性較弱，但也無法免受貨運市場狀況的影響。因此，我們認為該部門收入同比增長是一個特別積極的信號。

Year-to-date, operating cash flow was flat, with sequential working capital trends in Q1 being incrementally helpful to operating cash, driven primarily by widening out of accounts payable during the quarter. Additionally, the increase in inventory experienced during the first quarter was due to a GAAP between equipment production and shipments during the quarter.

年初至今，經營現金流量持平，第一季連續營運資本趨勢對經營現金有逐步幫助，主要由於本季應付帳款擴大。此外，第一季庫存的增加是由於本季度設備生產和出貨量之間的 GAAP 造成的。

Regarding our balance sheet, our liquidity, which comprises both cash and available borrowings, was $310 million as of March 31st. We finished Q1 with a net debt leverage ratio of 3.2 times. On capital allocation during the first quarter, we directed $9 million to traditional CapEx, invested $20.1 million in revenue generating assets to support our trailers as a service initiative, utilized $13.7 million to repurchase shares, and returned $3.9 million to shareholders via our quarterly dividend.

關於我們的資產負債表，截至 3 月 31 日，我們的流動資金（包括現金和可用借款）為 3.1 億美元。我們第一季的淨負債槓桿率為 3.2 倍。在第一季的資本配置方面，我們向傳統資本支出投入了 900 萬美元，投資了 2,010 萬美元用於創收資產以支持我們的拖車即服務計劃，利用 1,370 萬美元回購股票，並透過季度股息向股東返還 390 萬美元。

Our capital allocation priorities continue to focus on capital expenditure above and beyond our annual maintenance cap expend of $20 to $25 million in order to support our organic growth initiatives. We are committed to maintaining our dividend, and we will continue to evaluate opportunities for share repurchase alongside of bolt on M&A. I'll provide a bit more on our capital allocation outlook more specific to 2025 in a few minutes.

我們的資本配置重點繼續放在超出年度維護上限支出 2000 萬至 2500 萬美元的資本支出上，以支持我們的有機增長計劃。我們致力於維持股息，並將繼續評估股票回購和附加併購的機會。幾分鐘後，我將更詳細地介紹我們對 2025 年資本配置的展望。

Moving on to our guidance for 2025, we are reducing our revenue outlook to approximately $1.8 billion and EPS to a range of neg $0.85 to negative $0.35. From previous midpoints, this represents a reduction of roughly $200 million in revenue and $1.55 of EPS. As Brent mentioned, the level of tariff-related uncertainty in the business environment. Has been a constraint on our customers' capital expenditure plans in the short term, and we're updating our guidance to fully read through the impact of this heightened uncertainty on our financial outlook. But more plainly, we have not seen the level of order flow we had previously anticipated and given prevailing uncertainty combined with the importance of seasonal timing to annual order flows, we believe it's prudent to adjust our outlook accordingly.

繼續討論 2025 年的指引，我們將營收預期下調至約 18 億美元，並將每股盈餘下調至負 0.85 美元至負 0.35 美元的範圍。與先前的中點相比，這意味著收入減少約 2 億美元，每股收益減少 1.55 美元。正如布倫特所提到的，商業環境中與關稅相關的不確定性程度很高。對我們客戶的短期資本支出計畫造成了限制，我們正在更新我們的指導方針，以充分了解這種高度不確定性對我們財務前景的影響。但更直白地說，我們還沒有看到先前預期的訂單流水平，考慮到普遍存在的不確定性，再加上季節性時機對年度訂單流的重要性，我們認為相應地調整我們的前景是明智之舉。

The most significant changes from our prior outlook come from a reduction in volumes within transportation solutions flowing through to a decrease in gross profit equivalent to $1 70s in EPS versus our prior guidance. This is partially offset by cost containment actions taken within SGNA that recoup approximately $0.15 of EPS. As I mentioned, the weakness and demand flow through. During the first quarter resulted in a higher cost structure, an issue that has been addressed. We believe that the organization is now better situated to manage through the remainder of 2025, and we do not anticipate the weakness seen in first quarter financial performance to reoccur without significant macro degradation.

與我們先前的預測相比，最顯著的變化來自於運輸解決方案業務量的減少，這導致毛利與我們先前的預測相比減少了 1.7 美元。這部分被 SGNA 內部採取的成本控制措施所抵消，收回了約 0.15 美元的每股盈餘。正如我所提到的，弱點和需求都會隨之而來。第一季導致成本結構上升，這一問題目前已解決。我們相信，該組織現在能夠更好地應對 2025 年剩餘的時間，並且我們預計，如果沒有重大的宏觀惡化，第一季財務業績的疲軟不會再次出現。

Our updated guidance implies 2nd quarter revenue of $420 million to $460 million and EPS of negative 25 cents to negative 35 cents. This guidance implies modestly positive EPS during the second half of the year as we anticipate volumes to stabilize at lower levels paired with a right size cost structure.

我們的最新預測顯示，第二季營收為 4.2 億美元至 4.6 億美元，每股盈餘為負 25 美分至負 35 美分。由於我們預期銷售量將穩定在較低水平，且成本結構規模合適，因此指引意味著下半年每股收益將略有正成長。

Moving on to capital deployment expectations for 2025, we continue to anticipate traditional capital investment to be between $50 and $60 million. That said, given the heightened uncertainty in 2025, our capital expenditure plans are flexible. While it would not be our preference, we do have room to bring down capital outlays if the outlook dictates. The same goes for the rest of our capital allocation priorities. I would say that generally we do have quite a bit of flexibility with regard to how we allocate capital in 2025 depending on how market conditions evolve.

談到 2025 年的資本部署預期，我們繼續預期傳統資本投資將在 5,000 萬至 6,000 萬美元之間。話雖如此，鑑於 2025 年的不確定性加劇，我們的資本支出計畫是靈活的。雖然這不是我們的偏好，但如果前景需要，我們確實有降低資本支出的空間。我們其餘的資本配置優先事項也是如此。我想說的是，總體而言，根據市場狀況的發展，我們在 2025 年如何分配資本方面確實具有相當大的靈活性。

While 2025 is shaping up to be a more difficult year than anyone assumed during our last earnings call, we've been through cycle troughs before, and we're taking the necessary actions to reduce costs, and we structure our liquidity position to be able to withstand these experiences. We've also seen what follows cycle trough, which is typically an up cycle that exceeds expectations, and we will be ready to capitalize on this once tariff uncertainty eventually clears way for freight markets to improve and, more importantly, businesses to regain the necessary level of clarity to increase capital investments.

雖然 2025 年看起來會比我們上次收益電話會議上任何人預想的都要艱難，但我們之前已經經歷過週期低谷，我們正在採取必要的措施來降低成本，並且我們正在構建我們的流動性狀況以承受這些經歷。我們也看到了周期低谷之後的情況，這通常是一個超出預期的上升週期，一旦關稅不確定性最終為貨運市場的改善掃清道路，我們將準備利用這一點，更重要的是，企業將重新獲得增加資本投資所需的清晰度。

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，我們將開始回答問題。

Thank you. At this time, I would like to remind everybody that in order to ask a question, please press star, follow the number one on your telephone keypad to enter the question queue. Once again, that is followed by the number one.

謝謝。此時，我想提醒大家，要問，請按星號，依照電話鍵盤上的數字 1 進入提問隊列。再次強調，其後緊接著的是數字 1。

Our first question comes from the line of Mike Schwsky with DA Davidson.

我們的第一個問題來自 DA Davidson 的 Mike Schwsky。

Opened.

已開啟。

Good afternoon and thanks for taking my questions here. So, you're updated for your outlook seems to imply direct mail martins is about 75% and when I look back to previous downturns prior to the pandemic, things are kind of similar back then. I mean, you There's now an EPS loss coming up here in 2025. I thought you had made quite a few strides.

下午好，感謝您在這裡回答我的問題。因此，您的最新展望似乎暗示直郵馬丁斯的比例約為 75%，而當我回顧疫情之前的經濟衰退時，當時的情況有點類似。我的意思是，2025 年每股盈餘將出現虧損。我以為你已經有很大進步了。

Since those last down cycles to avoid. Such a big decline in the EPS. I'm kind of just curious if you had any problems or issues with purchasing steel, pricing of steel, or anything else that kind of throwing off the margin profile very temporarily here other than trailer volumes.

因為要避免那些最後的下滑週期。EPS 下降如此之大。我只是有點好奇，除了拖車數量之外，您在購買鋼材、鋼材定價或任何其他暫時影響利潤狀況的事情上是否遇到過任何問題。

Yeah.

是的。

So we'll have to reconcile those detrimental margins with you, Mike. We don't quite have that big of a drop, but as it pertains to your specific question, all of the pricing pressure around commodities is built into our fuller guide, as well as the price that we're going to see in our backlog right now. From the end sale, so I wouldn't say that there we expect an oversized reduction in our profitability. Certainly, over the past three quarters from the first half of 2024, we've seen some pricing pressure relative to that period. But as it plays out for the rest of the year, we should see Q2 through Q4 being in a similar position to what we saw in the first quarter in terms of price and profitability.

因此，我們必須與您協調這些不利的利潤，麥克。我們的降幅並沒有那麼大，但就您的具體問題而言，所有圍繞大宗商品的定價壓力都已納入我們的完整指南中，以及我們現在將在積壓訂單中看到的價格。從最終銷售來看，我不會說我們預計獲利能力會大幅下降。當然，從 2024 年上半年開始的過去三個季度中，我們看到了相對於該時期的一些定價壓力。但隨著今年剩餘時間的進展，我們應該會看到第二季至第四季在價格和獲利能力方面與第一季的情況類似。

Yeah, I think just in the in the quarter we reported on one of the issues is the we had a we had aspects of our business that were still, in the end of February, beginning of March in an expansion mode with still receiving feedback post tariff, call it saber rattling that we're still moving forward in that direction from a customer standpoint. And that that precipitously dropped over the last 3 to 4 weeks, really probably by the mid March time frame was starting to come out.

是的，我認為就在本季度，我們報告的一個問題是，我們的某些業務在 2 月底、3 月初仍處於擴張模式，仍在收到關稅後的反饋，我們可以稱之為劍拔弩張，從客戶的角度來看，我們仍在朝著這個方向前進。並且在過去 3 到 4 週內急劇下降，實際上很可能在 3 月中旬就開始顯現。

And so there's a level of labor imbalance that was created very quickly both in truck bodies and vans that had a hangover through the balance of the quarter. That's less about what structural changes we've made and much more about a short period of time where a substantial amount of labor was ineffective and had to be quickly right-sized with changing market dynamics.

因此，卡車車身和貨車行業迅速出現了一定程度的勞動力不平衡，這種不平衡一直持續到本季結束。這與我們所做的結構性改變關係不大，而更多的是，在短時期內，大量勞動力效率低下，必須根據不斷變化的市場動態迅速調整規模。

Okay, thanks for that color. I also wanted to just ask about parts and parts and service as well. Concerns about new volumes coming in. I can understand that. Does that imply that maybe the outlook for partner service actually may have improved for the rest of the year, given if people are being asked to maintain their old trailer fleets a little bit longer or have things kind of stabilized from where you thought they were last quarter?

好的，謝謝你的顏色。我也想詢問有關零件、零件和服務的問題。對新卷的到來感到擔憂。我能理解。這是否意味著，考慮到人們被要求將舊拖車車隊維護更長時間，或者情況是否比上個季度的情況穩定下來，合作夥伴服務的前景在今年剩餘時間內實際上可能有所改善？

Yeah.

是的。

They haven't, hasn't gone up, Mike, but what we're, what we are really excited about is the fact that we're able to maintain what that implied level of growth was in parts and services, even though we've seen some weakness in the OE side of the of the business, and that's what we've always thought could happen and we're seeing that in real time and we do continue to sell most of those parts into the same in market, so, there's cyclicality there, but it's much less, and we've got some growth to offset some of the cyclicality that exists. So, it's a really good story. We think that we can grow the business and continue to grow. We expect to see sequential growth indicates Q3, and 4Q. So, it's not going up from what we said at the at the year-end call, but it's we're able to maintain it.

它們沒有上漲，麥克，但我們真正感到興奮的是，我們能夠維持零部件和服務的隱含增長水平，儘管我們看到業務的 OE 方面存在一些弱點，而這正是我們一直認為可能會發生的事情，我們實時看到了這一點，我們確實繼續將大部分零部件賣到同一個市場，所以，那裡有周期性，但要小得多，而且我們的一些增長可以抵消存在的一些週期性。所以，這真是一個好故事。我們認為我們可以發展業務並持續成長。我們預計第三季和第四季將出現連續成長。因此，它不會比我們在年底會議上所說的有所上升，但我們能夠維持這一水平。

Just to follow up there on the on the profitability. I know there was tough cops, but it was down quite a bit over the prior year in the parking service segment from an operating marketing standpoint. Can you maybe share what might have been going on there? I mean you had higher sales. What would be the reason for a decline in the profitability.

只是為了跟進獲利能力。我知道警察很嚴厲，但從營運行銷的角度來看，停車服務部門的表現比前一年下降了不少。能分享一下那裡可能發生的情況嗎？我的意思是你的銷售額更高了。獲利能力下降的原因是什麼？

Now you hit on it. We had a really strong Q1 2024. We did expect to see a year over year step down. I've said pretty consistently we think this business will be a high 10s EIA business across the full year. We expect still to be that high 10s, so we're a little below that in Q1, a little bit of mix in Q1 2025 that causes that to be a little lower, we hope, but we came up from Q424, which we expected. We expect the step margins. Up into the second half of 2025. So, we expect to finish the year in the high 10s EA level for parts and services in.

現在你成功了。我們的 2024 年第一季業績非常強勁。我們確實預計會看到同比下降。我一直都說，我們認為這項業務全年的 EIA 業務收入將達到 10 多億美元。我們預計仍將達到 10% 的高位，因此第一季的水平略低於這一水平，我們希望 2025 年第一季的混合情況能使這一水平略低一些，但我們從 2024 第四季度開始有所上升，這是我們預期的。我們預計會有階躍利潤。到 2025 年下半年。因此，我們預計今年的零件和服務價格將達到 10 多美元的 EA 水準。

2025.

2025年。

Great, thanks for that information. I'll pass it along. Appreciate it. Thanks.

太好了，謝謝提供的資訊。我會傳達的。非常感謝。謝謝。

Mike. Thanks.

麥克風。謝謝。

Our next question comes from the line of Jeff Kaufman with Vertical Research Partners. Your line is opened.

我們的下一個問題來自 Vertical Research Partners 的 Jeff Kaufman。您的線路已開通。

Hey guys, thank you. So, a couple of questions, Mike, you mentioned you were still growing.

嘿夥計們，謝謝你們。所以，麥克，我有幾個問題，你提到你還在成長。

To despite the environment.

無論環境如何。

Where are totalOS.

totalOS 在哪裡？

Units today?

今天單位？

So there are just over 1,000, Jeff, they were, I commented they're between 500 and 1,000, at the year end call now they're just over 1,000. We, we're actually seeing some demand for that product, even beyond some of the weakness you see on the. Called the asset sale trailer. So we think we can grow that business throughout this year. We're trying to really evaluate the market. We don't know exactly how that's going to perform through the rest of the year, but we do think we can see growth in tasks through 2025.

所以人數剛好超過 1,000 人，傑夫，我評論說他們在 500 到 1,000 之間，到年底打電話時，他們剛好超過 1,000 人。我們實際上看到了對該產品的一些需求，甚至超出了您看到的一些弱點。稱為資產出售預告。因此我們認為今年可以發展這項業務。我們正在嘗試真實地評估市場。我們不知道今年剩餘時間的具體表現如何，但我們確實認為到 2025 年我們可以看到任務的成長。

Yeah, I would add that the unit, just as Brent, the from a unit standpoint I alluded to that, but I think the other piece to it is that if you were to look back, 6 months ago, we had a handful of prospective customers that were working through the process of getting business agreements in place, comfortable starting to experience the service. When you sit here today, we have, between 20 and 25 customers that are engaged in understanding how they will use the product. They're using the product, they're sampling the product, they are putting the business. A contract in place receiving pricing so that they are poised and ready to use it in a scaled manner as the market decides what the market's going to do.

是的，我想補充一點，就像布倫特一樣，從單位的角度我提到了這一點，但我認為另一點是，如果你回顧一下，6 個月前，我們有少數潛在客戶正在努力達成業務協議，並開始舒適地體驗服務。當您今天坐在這裡時，我們有 20 到 25 位客戶正在了解如何使用產品。他們正在使用該產品，他們正在試用該產品，他們正在進行業務。簽訂一份已定價的合同，以便他們能夠按照市場決定的行動，以規模化的方式使用它。

So when we think about the positioning of this from a growth standpoint, all the right things are happening to put it in the right position.

因此，當我們從成長的角度考慮它的定位時，所有正確的事情都在發生，以將其置於正確的位置。

Yeah, and the capability that is increasing as well. So, as customers become more interested, we're developing the capabilities necessary to support.

是的，而且能力也不斷增強。因此，隨著客戶興趣的增加，我們正在開發必要的支援功能。

That was helpful. Thank you. Also, it kind of looks like the earnings forecast is kind of flat from this point to the rest of the year, give or take and I know you talked about costs in the first quarter and how you flushed out some of those excess costs and there's going to be more GNA to match the environment, but I guess I was wondering, you gave it a revenue outlook of about $420 to $460 million for the second quarter, about $1.8 billion on the year. What kind of deliveries, whether they be trailering deliveries or final mile deliveries are kind of underlying those revenue forecasts?

這很有幫助。謝謝。此外，從現在到今年剩餘時間，獲利預測似乎都比較平穩，我知道您談到了第一季的成本以及如何消除一些超額成本，並且將會有更多的 GNA 來適應環境，但我想知道，您給出的第二季度收入預期約為 4.2 億至 4.6 億美元，全年約為 18 億美元。這些收入預測的基礎是哪種類型的交付，無論是拖車交付還是最後一英里交付？

Yeah Jeff, we've got a slight step up in trailer shipments in Q2, and we've got, again a slight step up in truck body shipments, so really not looking for anything heroic in Q2.

是的，傑夫，我們第二季的拖車出貨量略有增加，卡車車身出貨量也略有增加，所以我們真的不希望第二季出現什麼驚人的成長。

And then, for the full year I'm assuming that you're not undercutting the AResearch forecast at this point, which has come down, I think, to about 205 on the year, give or take.

然後，對於全年而言，我假設您目前沒有低估 AResearch 的預測，我認為該預測已下降到全年 205 左右。

If I look at the market share that you had in the first quarter and who knows if that's the right way to think about it, about 13.3% in the first quarter. Are we thinking kind of use that as a guide to similar percentage for the year so we can kind of I'm in the 28,000 range on trailer deliveries based on that, how should I think about, 6,290 in the first quarter, slight step up in the second, is that the right way to think about it?

如果我看一下你們在第一季的市場份額，誰知道這是不是正確的思考方式，第一季的市佔率約為 13.3%。我們是否考慮將其作為全年類似百分比的指導，以便我們能夠根據此預測拖車交付量在 28,000 輛左右，我應該如何考慮，第一季度為 6,290 輛，第二季度略有增加，這是正確的思考方式嗎？

It is, yeah, so I think all of your inputs there are going to be certainly in the right ballpark, yeah.

是的，所以我認為你們所有人的意見肯定都是正確的，是的。

Okay, good enough for me. Thank you also for giving the liquidity update because I think with the shares trading where they are, we're shifting from valuing you on earnings to valuing on liquidity. So, could you kind of walk through that liquidity? I see the cash on the balance sheet, and I see the total liquidity number, but if this environment's a worse than expected, I know there's levers you can pull, but how should we think about access to liquidity if needed?

好的，對我來說已經足夠了。也感謝您提供流動性更新，因為我認為，隨著股票交易的進行，我們正在從根據收益評估轉向根據流動性評估。那麼，您能詳細解釋一下這種流動性嗎？我在資產負債表上看到了現金，也看到了總流動性數字，但如果這種環境比預期的更糟糕，我知道你可以採取一些措施，但如果需要，我們應該如何考慮獲得流動性？

Yeah, so we have the high yield bonds of $400 million that matured in 2028. And then on top of that we have our revolver, which provides additional liquidity. So, the $310 million that I mentioned as of the end of the first quarter includes a cash on the balance sheet plus the availability on the revolver as we think about capital allocation. I'll say that we're going to weigh our options, and a lot of our investment decisions will depend on the way that the markets evolve over time.

是的，我們有 4 億美元的高收益債券，將於 2028 年到期。除此之外，我們還有循環信貸，可以提供額外的流動性。因此，我提到的截至第一季末的 3.1 億美元包括資產負債表上的現金以及我們考慮資本配置時的循環信貸額度。我想說的是，我們將權衡我們的選擇，我們的許多投資決策將取決於市場隨著時間的推移而發展的方式。

So, we right now have a plan to that capital number that I mentioned of $50 million. We also pay the dividend, just like we always do, we will continue to do that. But then as it pertains to share repurchase, traditional CapEx investments, more investment in cash, all of those items we will evaluate, on an as needed basis, certainly to, what our liquidity position looks like and what we expect the future markets to look like.

所以，我們現在有一個計劃，實現我提到的 5000 萬美元的資本數額。我們也會支付股息，就像我們一直以來所做的那樣，我們將繼續這樣做。但是，當涉及股票回購、傳統資本支出投資、更多現金投資時，我們將根據需要評估所有這些項目，當然還要評估我們的流動性狀況以及我們對未來市場的預期。

All right, and then just kind of a swag question and who knows the right answer, but I'm asking you for your best guess. We had a weird first quarter, right? I mean, weather was a factor. We didn't talk much about it, but, it did affect the manufacturing facilities and the number of days they worked. The, there was probably not an alignment of costs relative to volume. It was a function of kind of how the market surprised in the quarter and you talked about how we, we've got that. Back to where it should be as of quarter end. So I think we got this surprising operating loss relative to the units you delivered, and I think Mike Schlisky kind of hinted at it, how did margins do this because we thought margins were stronger than this. If you wouldn't have had the weather.

好的，這只是一個有趣的問題，誰知道正確答案，但我要求您給出最好的猜測。我們的第一季過得很奇怪，對吧？我的意思是，天氣是一個因素。我們對此沒有進行過多的討論，但是，它確實影響了製造設施及其工作天數。那麼，成本和數量可能並不一致。這取決於本季市場表現的意外程度，您也談到了我們如何實現這一目標。回到季度末應有的狀態。因此，我認為相對於您交付的單位而言，我們出現了令人驚訝的營業虧損，而且我認為 Mike Schlisky 暗示了這一點，利潤率是如何做到這一點的，因為我們認為利潤率比這更高。如果沒有這樣的天氣。

Right, so let's figure out the weather impact as best we can, and you had your cost structure in the right place, from the beginning of the quarter. What might this quarter have looked like?

好的，讓我們盡可能地弄清楚天氣的影響，並且從本季開始，您的成本結構就處於正確的位置。本季的前景如何？

So, I think a good way to attack that, Jeff, is, we feel like in Q2 here we do have the cost stack in better condition, and we're guiding a quarter that looks roughly like a $0.30 loss for Q2 just given where volumes are at. And again, they're not exactly the same, but I think volumes from Q1 to Q2 are going to be in a similar ballpark. So, I think that's probably a good way to think about what Q1 could have looked like. With maybe better information. Yeah.

因此，傑夫，我認為解決這個問題的一個好方法是，我們覺得在第二季度，我們的成本堆疊狀況確實更好，而且考慮到交易量的情況，我們預計第二季度的虧損約為 0.30 美元。再說一次，它們並不完全相同，但我認為第一季和第二季的交易量將大致相同。所以，我認為這可能是思考 Q1 可能會是什麼樣子的好方法。也許還有更好的資訊。是的。

11 aspect I would add to that, Jeff, is that even looking at everything that that Ryan said absolutely is correct, but I say in additional when you, when we think about Q2 and Q3 specifically. We are still navigating through a period of whether the uncertainty increase or uncertainty reduction, and That's a crystal ball that we're all trying to search for. There is still some level of assumption built in even to that level of projected Q2 earnings that estimates that we're still saddled with, I'll just call it.

傑夫，我想補充的第 11 個方面是，即使看一下瑞恩所說的一切，他也絕對正確，但我還要補充一點，當我們具體考慮 Q2 和 Q3 時。我們仍在經歷不確定性增加還是減少的時期，這是我們都在努力尋找的水晶球。即使對於預期的第二季收益水平，仍然存在一定程度的假設，我們仍然背負著這樣的估計，我只是這麼稱呼它。

The disruptive nature of the uncertainty movement within the schedule, just noise that weighs on the profitability of the business is to take that into account. So, even with what Ryan said, if magically. Executive policy changed and some level of stability was obtained, that would be positive relative to how we would operate in Q2 and Q3, which would dramatically both improve the cost.

時間表內的不確定性變動的破壞性，以及對企業獲利能力產生影響的噪音，都需要考慮到這一點。所以，即使 Ryan 說過什麼，如果是魔法的話。執行政策發生了變化，獲得了一定程度的穩定性，這對於我們在第二季和第三季的營運方式來說是積極的，這將極大地改善成本。

And absolutely in Q3 improved the volume that we're seeing right now. So this is the noise is affecting us in a very non-traditional way and how you would think about the normal execution of cost and execution inside the business.

第三季的銷量確實有所提高，這是我們目前看到的。因此，這種噪音正在以一種非常非傳統的方式影響著我們，以及您如何看待業務內部成本和執行的正常執行。

No, that's helpful. Last follow up, so you lost $0.58 in the first quarter. The midpoint of the guidance is $0.60 for the whole year. You've guided to a midpoint of $0.30 loss for the second quarter. So, the implication there is the net of 3Q and 4Q are going to be positive $0.30, however that plays out. Is that based on the idea that at some point we get clarity? In the next couple of months, and that clarity drives better industry volume in the second half of the year, kind of what's driving that that expectation that we're going to make $0.30 in the second half of 2025.

不，這很有幫助。最後一次跟踪，所以你在第一季度損失了 0.58 美元。全年指導價的中間值為 0.60 美元。您預計第二季的中點虧損為 0.30 美元。因此，這意味著 3Q 和 4Q 的淨額將為正 0.30 美元，無論結果如何。這是基於我們在某些​​時候會變得清晰的想法嗎？在接下來的幾個月裡，這種清晰度將推動下半年產業銷售的提高，這也是我們預期在 2025 年下半年獲利 0.30 美元的原因。

It is, I would say it is an assumption that uncertainty does not go up. And therefore it doesn't worsen. It is not necessarily assuming that we get a near term meaningful improvement in demand and operating conditions. That, that's how I would frame it right now because I, we can't necessarily know how to predict that. So, we're assuming there's a level of noise, that perpetuates the year at this point. And so, it's based on what we know, not what we need it to be.

是的，我想說這是一個不確定性不會增加的假設。因此情況不會惡化。這並不一定意味著我們在短期內就能獲得需求和營運條件的顯著改善。這就是我現在的想法，因為我們不一定知道如何預測這一點。因此，我們假設存在一定程度的噪音，並且這種噪音會持續一年之久。因此，它是基於我們已知的知識，而不是我們需要的知識。

Okay.

好的。

Theory that at some point we will have an up cycle, and we will go back to buying trailers. I get that. Well, good luck and, yeah, good luck and thank you, Great.

理論上，在某個時候我們會進入一個上升週期，然後我們會重新購買拖車。我明白。好吧，祝你好運，是的，祝你好運，謝謝你，太好了。

Thank you.

謝謝。

There are no further questions at this time. I'll hand things back over to Ryan Reed for closing remarks.

目前沒有其他問題。我將把發言權交還給 Ryan Reed，請他做最後發言。

Thanks, Ian, and thanks everybody for joining us today. We'll look forward to following up during the quarter.

謝謝，伊恩，也謝謝大家今天的參加。我們期待在本季度進行跟進。