Wabash National Corp (WNC) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Jeanie and I will be your conference operator today. At this time, I would like to welcome everyone to the Wabash second-quarter 2025 earnings call. (Operator Instructions)

感謝您的支持。我叫 Jeanie，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Wabash 2025 年第二季財報電話會議。（操作員指示）

Thank you. I would now like to turn the call over to Jake Page. Please go ahead.

謝謝。現在我想把電話轉給傑克佩琪。請繼續。

Thank you and good morning, everyone. We appreciate you joining us on this call. With me today are Brent Yeagy, President and Chief Executive Officer; Patrick Keslin, Chief Financial Officer; and Mike Pettit, Chief Growth Officer.

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首席執行官布倫特·耶吉 (Brent Yeagy)、首席財務官帕特里克·凱斯林 (Patrick Keslin) 和首席增長官邁克·佩蒂特 (Mike Pettit)。

Before we get started, 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 in our earnings deck for the company's safe harbor disclosure, addressing forward-looking statements.

在我們開始之前，請注意本次通話正在錄音。我還想指出，我們的財報、今天電話會議的補充幻燈片以及任何非公認會計準則 (Non-GAAP) 對帳表均可在 ir.onewabash.com 取得。請參閱我們財報簡報中的投影片 2，以了解公司關於前瞻性聲明的安全港揭露規定。

I'll now hand it off to Brent.

我現在將其交給布倫特。

Thanks, Jake. Before we dive into the quarter, I want to take a moment to thank our incredible team. These continue to be challenging times across the industry, and I'm continually inspired by the dedication, resilience, and heart our employees bring to their work. Whether it's supporting our customers, helping each other, or finding new ways to move the business forward, their efforts are what keep Wabash strong, and we're truly grateful.

謝謝，傑克。在我們深入討論本季之前，我想花點時間感謝我們出色的團隊。整個產業仍然面臨挑戰，而我們的員工對工作的奉獻精神、韌性和熱情不斷激勵著我。無論是支持我們的客戶、互相幫助，還是尋找推動業務發展的新方法，他們的努力都是 Wabash 保持強大的動力，我們對此深表感謝。

As we reflect on the second quarter, the broader market dynamics we observed earlier in the year have largely persisted. Economic conditions remain softer than anticipated at the start of 2025, with customers continuing to report increased hesitation in capital (technical difficulty).

回顧第二季度，我們發現今年稍早觀察到的更廣泛的市場動態基本上持續存在。2025 年初的經濟狀況仍比預期的要疲軟，客戶繼續報告資本的猶豫加劇（技術難度）。

The slowdown is creating a ripple effect across the industry, contributing to more cautious behavior and temper activity levels. Industry analysts have continued to lower their forecasts for the remainder of the year, and for this quarter we saw additional confirmation as several carriers revised their CapEx plans downward.

經濟放緩正在整個產業產生連鎖反應，導致行為更加謹慎，脾氣活動量也更高。產業分析師繼續下調了今年剩餘時間的預測，而本季我們看到了進一步的確認，因為幾家營運商下調了其資本支出計畫。

These trends reflect a transportation market environment that remains under pressure rather than any product-specific or segment-driven softness. While the current climate brings headwinds, it also highlights the strategic foresight behind the way we have reshaped Wabash over the past several years.

這些趨勢反映出運輸市場環境仍面臨壓力，而不是任何特定產品或細分市場驅動的疲軟。雖然當前的情況帶來了阻力，但它也凸顯了我們過去幾年重塑沃巴什的戰略遠見。

Our organizational structure was intentionally designed to support agility and resiliency through the economic cycles. In our Transportation Solutions business, we're proactively managing costs to align with reduced demand. At the same time, we're maintaining momentum in Parts & Services, which once again delivered year-over-year revenue growth this quarter. This continued outperformance in Parts & Services reinforces our confidence in its role as a key driver of long-term stability and growth.

我們的組織結構旨在支援經濟週期中的敏捷性和彈性。在我們的運輸解決方案業務中，我們正在積極管理成本以適應減少的需求。同時，我們保持了零件和服務業務的成長勢頭，本季該業務的收入再次實現了同比增長。零件和服務業務的持續優異表現增強了我們對其作為長期穩定和成長關鍵驅動力的作用的信心。

By integrating these offerings more deeply with our equipment solutions, we believe we're laying the foundation for a more balanced business that can perform through varying market conditions. Even in a software environment for equipment demand, our Parts & Services business continued to deliver growth in Q2.

透過將這些產品與我們的設備解決方案更深入地結合起來，我們相信我們正在為能夠在不同的市場條件下表現更平衡的業務奠定基礎。即使在設備需求的軟體環境下，我們的零件和服務業務在第二季仍持續成長。

I want to highlight a couple of wins from the quarter that speak to the momentum we're building. First, congratulations to our [FA] team for another record quarter. Their efforts continue to drive significant growth as we are on pace to almost double units year over year.

我想強調本季取得的幾項勝利，這些勝利體現了我們正在建立的勢頭。首先，恭喜我們的[FA]團隊又創下了一個創紀錄的季度。他們的努力繼續推動我們的顯著成長，使我們的銷量比去年同期幾乎翻了一番。

We also made meaningful progress with our trailers as a service and preferred parts network initiatives, both of which continue to gain traction as we expand our offerings. Mike will share more details shortly, but these developments are strong indicators of how Parts & Services is helping bring greater balance and resilience to the broader Wabash portfolio as we scale.

我們的拖車即服務和首選零件網路計劃也取得了有意義的進展，隨著我們擴大產品範圍，這兩項計劃將繼續獲得關注。Mike 很快就會分享更多細節，但這些發展有力地表明了零件與服務部門如何在我們擴大規模的同時幫助為更廣泛的 Wabash 產品組合帶來更大的平衡和彈性。

We continue to monitor inflationary pressures across our supply chain. While our 95% domestic sourcing and US-based manufacturing footprint have helped insulate us from some of the volatility others are experiencing, we're not entirely immune to cost increases, particularly in key [Parts & Services].

我們持續監測整個供應鏈的通膨壓力。雖然我們 95% 的國內採購和美國製造足跡幫助我們免受其他公司正在經歷的一些波動的影響，但我們並不能完全免受成本上漲的影響，特別是在關鍵[零件和服務]。

To date, we've been successful in holding off on price adjustments, and we remain focused on operational efficiency and cost discipline to offset as much pressure as possible. However, based on the current trajectory, we expect that pricing for 2026 orders will need to be adjusted to reflect the rising cost environment.

到目前為止，我們已經成功推遲了價格調整，我們仍然專注於營運效率和成本控制，以盡可能地抵消壓力。然而，根據目前的發展軌跡，我們預計 2026 年訂單的定價將需要進行調整，以反映不斷上升的成本環境。

As always, we're committed to communicating transparently with customers and providing as much lead time as possible. We're continuing to deliver the value and reliability they've come to expect from Wabash. Now to briefly touch on the ongoing legal matters stemming from a 2019 motor vehicle accident.

像往常一樣，我們致力於與客戶進行透明的溝通，並提供盡可能多的交貨時間。我們將繼續提供他們期望從 Wabash 獲得的價值和可靠性。現在簡單談談 2019 年機動車事故引發的持續法律問題。

In April, we filed a notice of appeal and posted the necessary appeal bond as we continue to pursue all available legal options to achieve a more reasonable outcome. We want to reiterate that we stand firmly behind the safety and integrity of our products and remain confident in our ultimate legal position.

4 月份，我們提交了上訴通知並支付了必要的上訴保證金，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。我們想重申，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。

Turning to the broader market environment, demand remains muted across the trailer industry. Industry forecasters have continued to revise their outlook downward, and recent updates now suggest that 2025 shipment volumes will fall well below basic replacement demand.

展望更廣泛的市場環境，整個拖車產業的需求仍然低迷。產業預測者繼續下調其預測，最近的更新表明，2025 年的出貨量將遠低於基本替代需求。

This prolonged softness is reflected in our own backlog, which declined to approximately $1 billion at the end of Q2. While that's not unexpected given the current landscape, it's clear that customers continue to take a wait and see approach to capital spending.

這種長期的疲軟反映在我們自己的積壓訂單上，到第二季末，積壓訂單已下降至約 10 億美元。儘管從目前的情況來看這並不意外，但很明顯客戶在資本支出方面仍然採取觀望態度。

For now, we've undertaken a reassessment of 2025 and now expect midpoints of $1.6 billion in revenue and negative USD1.15 of adjusted EPS. Even with the revised guidance, we still expect to be near free cash flow breakeven for 2025, excluding our capital investments in trailers as a service.

目前，我們對 2025 年進行了重新評估，預計中位數收入為 16 億美元，調整後每股收益為負 1.15 美元。即使修訂了指引，我們仍預期 2025 年的自由現金流將接近損益兩平（不包括拖車即服務的資本投資）。

While our order book for 2026 is not yet open, we're actively engaged in conversations with customers and preparing quotes for next year's demand. Based on those early discussions and current industry forecasts, we're cautiously optimistic that 2026 will reflect a return to growth.

雖然我們 2026 年的訂單尚未開放，但我們正在積極與客戶對話並為明年的需求準備報價。根據早期討論和當前行業預測，我們謹慎樂觀地認為 2026 年將恢復成長。

Of course, that outlook assumes relative stability in the broader environment. If we avoid further deterioration in business and consumer sentiment, we believe 2026 has the potential to align with current growth expectations. As always, we'll continue to monitor market signals closely and stay in close alignment with our customers as planning progresses.

當然，這種前景假設大環境相對穩定。如果我們避免商業和消費者情緒進一步惡化，我們相信 2026 年有可能與當前的成長預期保持一致。與往常一樣，我們將繼續密切關注市場訊號，並在規劃進度中與客戶保持密切聯繫。

I'll now turn the call over to Mike for his comments.

我現在將電話轉給麥克，請他發表評論。

Thanks, Brent. Over the past couple of years, we've talked about turning Parts & Services into a steadier, higher margin engine within Wabash. The first half of 2025 proves we are continuing to deliver on that strategy.

謝謝，布倫特。在過去幾年裡，我們一直在討論如何將零件和服務業務轉變為 Wabash 內部更穩定、利潤更高的引擎。2025 年上半年證明我們將繼續實施這項策略。

Parts & Services sit squarely between our first to final mile equipment portfolio and the connected support that keeps those assets running day in and day out. Think of this expanding Parts & Services segment as the connective tissue that combines our equipment portfolio with best-in-class partners across distribution, digital, maintenance, and repair.

零件和服務恰好位於我們第一英里到最後一英里的設備組合和保持這些資產日復一日運行的相關支援之間。可以將這個不斷擴大的零件和服務部門視為將我們的設備組合與分銷、數位、維護和維修領域的一流合作夥伴結合在一起的連接組織。

Together we're not only moving faster, we're layering in entirely new forms of customer value, creating durable improvements in Wabash's financial performance. In the second quarter alone, the segment grew 15% sequentially and 8.8% year over year, while seeing EBITDA margins return to the high teens, right where we believe this business can perform on a sustainable basis.

我們攜手合作，不僅進展更快，而且還創造了全新形式的客戶價值，為 Wabash 的財務表現帶來了持久的改善。僅在第二季度，該部門就環比增長 15%，同比增長 8.8%，同時 EBITDA 利潤率回升至高位，我們相信該業務能夠保持可持續的表現。

Keep in mind this has all been done right into the teeth of a very difficult market backdrop, showing this growth is indeed structural and will provide stability for the enterprise for years to come. One of the clearest proof points behind the Parts & Services momentum is our Upfit business.

請記住，這一切都是在非常困難的市場背景下完成的，表明這種成長確實是結構性的，並將為企業未來幾年提供穩定性。零件和服務業務強勁發展勢頭的最明顯證明點之一就是我們的 Upfit 業務。

Our Upfit offerings let us deliver fully tailored equipment in just a couple of weeks, combining the scale of truck buying production with the deep customer intimacy that defines Parts & Services. To put hard numbers around that, last year we completed approximately 1,100 Upfit units. This year we doubled the first-quarter throughput to 406 units and added another 556 in the second quarter, bringing the year-to-date unit count to 962 units.

我們的 Upfit 服務讓我們能夠在短短幾週內交付完全客製化的設備，將卡車購買生產的規模與零件和服務所定義的深厚客戶親密度相結合。確切的數字是，去年我們完成了大約 1,100 個 Upfit 單元。今年，我們第一季的吞吐量翻了一番，達到 406 輛，第二季又增加了 556 輛，使年初至今的吞吐量達到 962 輛。

On top of that, we are opening two new Upfit centers, one in Northwest Indiana and another in Atlanta, giving us capability in two strategic markets and putting us on pace to exceed 2,000 units in 2025 while setting the stage for significantly more growth in 2026.

除此之外，我們還將開設兩個新的 Upfit 中心，一個位於印第安納州西北部，另一個位於亞特蘭大，這將使我們在兩個戰略市場中擁有競爭力，並有望在 2025 年超過 2,000 個單位，同時為 2026 年的顯著增長奠定基礎。

Trailers as a service or TaaS is another example of Wabash extending our manufacturing and distribution leadership through business model innovation. We continue to [thank] shippers, carriers, and brokers across North America, many of whom bundle the trailer itself with preventive maintenance, telematics, nationwide uptime support, and repair management. The result: customers focused on moving freight while Wabash handles the trailer which maximizes customer value and efficiency.

拖車即服務 (TaaS) 是 Wabash 透過商業模式創新擴展其製造和分銷領導地位的另一個例子。我們繼續[感謝]北美各地的托運人、承運人和經紀人，他們中的許多人將拖車本身與預防性維護、遠端資訊處理、全國正常運行時間支援和維修管理捆綁在一起。結果是：客戶專注於運輸貨物，而 Wabash 負責處理拖車，從而最大限度地提高客戶價值和效率。

As mentioned in the first quarter, our acquisition of TrailerHawk accelerated the technology roadmap inside [the past]. In June, we rolled out version 1.2 of the TrailerHawk app, enabling shippers to reserve capacity directly on the platform while tracking assets in real time. Coming in the back half of the year are predictive analytics, alerts and automated tracking and billing, capabilities that turn raw data into actionable, measurable savings. We have been continuing to prepare our physical and digital capabilities for the eventual market upturn, and we'll be ready to [grant] past when our customers require it.

正如第一季所提到的，我們對 TrailerHawk 的收購加速了內部技術路線圖[過去]。6 月，我們推出了 TrailerHawk 應用程式 1.2 版，使托運人能夠直接在平台上預訂運力，同時即時追蹤資產。今年下半年將推出預測分析、警報和自動追蹤和計費等功能，這些功能可以將原始數據轉化為可操作、可衡量的節省。我們一直在為最終的市場好轉做好物理和數位能力的準備，並且我們將隨時準備在客戶需要時提供幫助。

Over the past year we've also pushed hard on expanding our preferred partner network, or PPN. We brought Dan Millar on board to lead this effort in September of 2024, a parts industry veteran with over 25 years of experience. And in less than a year, we're already seeing significant results. With our world class dealer group as the backbone, the network is extending our reach so that we can grow parts distribution, accelerate, repair turnaround, and provide the services and infrastructure that underpins TaaS.

在過去的一年裡，我們也大力拓展我們的首選合作夥伴網路（PPN）。2024 年 9 月，我們聘請了 Dan Millar 來領導這項工作，他是一位擁有超過 25 年經驗的零件行業資深人士。在不到一年的時間裡，我們已經看到了顯著的成果。以我們世界一流的經銷商集團為骨幹，網路正在擴大我們的覆蓋範圍，以便我們能夠擴大零件分銷、加速、修復週轉，並提供支援 TaaS 的服務和基礎設施。

Our North Star target is to render points of Service & Parts distribution, and today we're well on our way. The addition of 29 locations in the first half of 2025 has grown our network to over 110 locations, with more coming online every month. Each new location strengthens our network and provides after sale support for our customers.

我們的北極星目標是提供服務和零件分銷點，今天我們已經進展順利。2025 年上半年新增了 29 個地點，使我們的網路擴展到 110 多個地點，每月都會有更多的地點上線。每個新地點都加強了我們的網路並為我們的客戶提供售後支援。

Financially, the rationale behind scaling parts and services couldn't be clearer. While the freight market has continued to put pressure on equipment orders and transportation solutions, Parts & Services continues to deliver secular growth, stabilizing earnings through the cycle. As this segment expands, its higher margins will play an ever larger role in Wabash's bottom line and cash flow generation.

從財務角度來看，擴大零件和服務規模背後的理由再清楚不過了。儘管貨運市場持續對設備訂單和運輸解決方案施加壓力，但零件和服務業務繼續實現長期成長，在整個週期中穩定獲利。隨著該部門的擴張，其更高的利潤率將在 Wabash 的底線和現金流產生中發揮更大的作用。

But more importantly, we're winning because we found new ways to serve our customers: innovative solutions that extend value far beyond the original equipment sale and well into the life of the asset.

但更重要的是，我們之所以能取得成功，是因為我們找到了服務客戶的新方法：創新的解決方案將價值延伸到原始設備銷售之外，並延伸到資產的整個使用壽命。

With that, I'll hand the call back to Pat for his comments.

說完這些，我將把電話轉回給帕特，徵求他的意見。

Thanks, Mike. Beginning with a review of our quarterly financial results, in the second quarter, our consolidated revenue was $459 million.

謝謝，麥克。從回顧我們的季度財務表現開始，第二季度，我們的綜合收入為 4.59 億美元。

During the quarter, we shipped approximately 8,640 new trailers and 3,190 truck bodies, slightly better than expectations, resulting in a revenue on the top end of our $420 million to $460 million guidance range, gross margins of 9% and break even adjusted operating margins. As a reminder, the adjusted non-gap numbers reflect the removal of items related to the Missouri legal verdict.

本季度，我們出貨了約 8,640 輛新拖車和 3,190 輛卡車車身，略好於預期，導致收入達到我們 4.2 億美元至 4.6 億美元的指導範圍上限，毛利率為 9%，調整後的營業利潤率達到盈虧平衡。提醒一下，調整後的非差距數字反映了與密蘇裡州法律判決相關的項目的刪除。

In the second quarter, adjusted EBITDA was $16 million or 3.6% of sales. Finally, adjusted net income attributable to common stockholders was negative $6.1 million or negative $0.15 per diluted share, beating expectations due to slightly higher revenue and cost containment actions throughout the quarter.

第二季度，調整後的 EBITDA 為 1,600 萬美元，佔銷售額的 3.6%。最後，歸屬於普通股股東的調整後淨收入為負 610 萬美元，即每股攤薄收益負 0.15 美元，由於整個季度收入略有增加以及成本控制措施，該結果超出預期。

Moving on to our reporting segments, transportation solutions generated revenue of $400 million and operating income of $13 million. Parts & Services generated revenue of $60 million and operating income of $9.1 million. We view the sequential and year-over-year revenue growth in the Parts & Services segment as particularly positive.

談到我們的報告部門，運輸解決方案創造了 4 億美元的收入和 1,300 萬美元的營業收入。零件和服務業務創造了 6000 萬美元的收入和 910 萬美元的營業收入。我們認為零件和服務部門的環比和年比收入成長尤為正面。

Despite challenging market conditions, we have been able to execute on our strategy of building out more resilience and recurring revenue streams through our Parts & Services segments. Year-to-date operating cash flow was negative $16.1 million as timing of revenue within the quarter created a drag on working capital in Q2.

儘管市場環境充滿挑戰，我們仍然能夠執行我們的策略，透過我們的零件和服務部門建立更強的彈性和經常性收入來源。由於本季的營收時間拖累了第二季的營運資金，年初至今的營運現金流為負 1,610 萬美元。

Regarding our balance sheet, our liquidity, which comprises both cash and available borrowings, was $312 million as of June 30. We finished Q2 with a net debt leverage ratio of 6.2 times. On capital allocation during the second quarter, we directed $6 million to traditional CapEx, invested $0.7 million in revenue generating assets to support our trailers as a service initiative, utilized $10.4 million to repurchase shares, and returned 3.4 million to shareholders via our quarterly dividends.

關於我們的資產負債表，截至 6 月 30 日，我們的流動資金（包括現金和可用借款）為 3.12 億美元。我們第二季的淨負債槓桿率為 6.2 倍。在第二季的資本配置方面，我們向傳統資本支出投入了 600 萬美元，投資了 70 萬美元用於創收資產以支持我們的拖車即服務計劃，利用 1040 萬美元回購股票，並透過季度股息向股東返還 340 萬美元。

Our capital allocation priorities remain disciplined and growth oriented. We continue to invest above our $20 million to $25 million annual maintenance cap back to support organic growth initiatives. At the same time, we remain committed to our dividend and will evaluate share repurchases and strategic bolt on M&A opportunities in a balanced return-driven framework. I'll provide additional color on our 2025 capital deployment plan shortly.

我們的資本配置重點依然是嚴謹的並以成長為導向。我們將繼續投資超過 2,000 萬至 2,500 萬美元的年度維護上限，以支持有機成長計畫。同時，我們仍然致力於派發股息，並將在平衡的回報驅動框架內評估股票回購和策略性併購機會。我將很快提供有關我們 2025 年資本部署計劃的更多詳細資訊。

Moving on to our guidance for 2025, we are reducing our revenue outlook to approximately $1.6 billion and EPS to a range of minus $1 to minus $1.30. From previous midpoints, this represents a reduction of roughly $200 million in revenue and $0.55 of EPS.

展望2025年的業績指引，我們將營收預期下調至約16億美元，每股盈餘預期下調至-1美元至-1.30美元之間。與先前預期的中位數相比，這意味著營收減少約2億美元，每股盈餘減少0.55美元。

Ongoing economic uncertainty continued to weigh on our customers' capital expenditure plans and contribute to a softer overall market environment. In Q2, third-party trailer forecasts dropped by roughly 13% for 2025, and our updated guidance reflects this sentiment.

持續的經濟不確定性持續影響我們客戶的資本支出計劃，並導致整體市場環境疲軟。在第二季度，第三方對 2025 年拖車的預測下降了約 13%，我們更新的指引也反映了這種情緒。

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 about $0.80 in EPS versus our prior guidance. This is partially offset by continued cost containment actions taken that recoup approximately $0.25 of EPS.

與我們先前的預測相比，最顯著的變化是運輸解決方案數量的減少，導致毛利下降，相當於每股收益下降約 0.80 美元，而我們先前的預期則不然。透過採取持續的成本控制措施，收回了約 0.25 美元的每股收益，從而部分抵消了這一損失。

In a continued environment of soft demand, our ability to stay agile and disciplined in cost management remains critical. I'm proud of how our teams executing Q2. They responded quickly and effectively, delivering strong progress on our cost containment initiatives. We expect the same level of focus and execution to carry on in the second half of the year.

在需求持續疲軟的環境下，我們在成本管理方面保持靈活和嚴謹的能力仍然至關重要。我為我們的團隊第二季的執行感到自豪。他們的反應迅速而有效，為我們的成本控制措施帶來了巨大的進展。我們預計今年下半年仍將維持同樣的關注度和執行力。

As for the third quarter, our updated guidance implies third-quarter revenue of $390 million to $430 million and EPS of minus $0.20 to minus $0.30. Moving on to capital deployment expectations for 2025, given the updated outlook, we have reduced our anticipated traditional capital investment to be between $30 million and $40 million.

至於第三季度，我們最新的業績指引顯示，第三季營收預計為3.9億美元至4.3億美元，每股盈餘預計為-0.20美元至-0.30美元。關於2025年的資本配置預期，鑑於最新的展望，我們已將預期的傳統資本投資下調至3,000萬美元至4,000萬美元之間。

As mentioned on previous calls, our capital expenditure plans are flexible, and capital outlays will continue to adjust as the market dictates. The same goes for the rest of our capital allocation priorities. I would say that, generally, we have flexibility with regard to how we allocate capital in 2025, depending on how market conditions evolve.

正如先前的電話會議中所提到的，我們的資本支出計劃是靈活的，資本支出將根據市場需求不斷調整。我們其餘的資本配置優先事項也是如此。我想說，總的來說，我們在 2025 年如何分配資本方面具有靈活性，這取決於市場狀況如何發展。

While our first half free cash flow, excluding investment and trailers as a service, was negative $31 million we expect to be near break even by the end of the year as we right size working capital to the current needs of the business. While 2025 has brought its share of challenges, we remain focused on disciplined execution and advancing our long-term strategy.

雖然我們上半年的自由現金流（不包括投資和拖車服務）為負 3,100 萬美元，但我們預計到今年年底將接近收支平衡，因為我們會根據當前業務需求調整營運資本。儘管 2025 年帶來了許多挑戰，但我們仍將專注於嚴格執行並推進我們的長期策略。

Our teams have shown strong resilience and sound judgment, particularly in managing costs and maintaining a healthy liquidity position to navigate the current environment. As we work through the cyclical trough, history reminds us that the rebound often comes stronger than expected. We're positioning the business to be ready when that inflection point arrives, when market conditions stabilize, and businesses regain the confidence to reinvest.

我們的團隊表現出了強大的韌性和合理的判斷力，特別是在管理成本和維持健康的流動性狀況以應對當前環境方面。當我們走出週期性低潮時，歷史提醒我們，反彈往往比預期更強勁。當轉捩點到來、市場狀況穩定、企業重拾再投資信心時，我們正在為企業做好準備。

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。

(Operator Instructions) Mike Shlisky, DA Davidson.

（操作員指示）Mike Shlisky，DA Davidson。

Brent, just looking at 2026 with the overall trailer cycle, just update us on what you're watching today, what has to happen for order rates to kind of pick up.

布倫特，就 2026 年的整體拖車週期而言，請告訴我們您今天所關注的情況，以及訂單率要上升需要發生什麼。

Are you hoping that or thinking that folks might be [engineering the trailer] market and making the market a little smaller for those who are left, just better rates and volumes? Just give us a sense maybe the two or three key things that you're watching for currently.

您是否希望或認為人們可能會[設計拖車]市場，並使剩下的人的市場規模稍微縮小一些，從而獲得更好的價格和銷售？請讓我們了解您目前正在關注的兩三件關鍵事項。

Yeah, so great question. So when we think about 2026, I think it really comes down to capacity coming out of the market being the -- they're really the only factor right at this moment that we would be looking at in the context of the, I would say, the forecast that the third parties are putting out there at this moment in time.

是的，這個問題問得真好。因此，當我們考慮 2026 年時，我認為這實際上取決於市場產能——這是目前我們根據第三方目前發布的預測所考慮的唯一因素。

Now that's echoed by our customers as well, who, if you -- when you really talk around the horn with them, they believe that enough is starting to exit. As long as nothing else changes in the environment to see where they can look at, we'll call it, directional capital deployment in line with those expectations, which is really nothing more than getting back to at replacement level of capital deployment and then eating into slightly the deficit that they've created by the underbody over the last couple of years.

我們的客戶也表達了同樣的看法，如果你與他們進行深入交談，他們會認為我們已經開始有足夠的庫存了。只要環境沒有其他變化，我們就可以看看他們能關注的地方，我們稱之為符合這些預期的方向性資本部署，這實際上只不過是回到資本部署的替代水平，然後稍微彌補他們在過去幾年中由車身底部造成的赤字。

So I think that is the main thing that we're looking at right now. And then the secondary thing that we'd be looking at is the fundamental freight producing subsectors of the market, which is really what would be the -- truly the more positive precipitating event that we're all looking for that really changed the game going forward.

所以我認為這是我們現在關注的主要問題。然後，我們要關注的第二個因素是市場中基本的貨運生產子產業，這才是我們真正期待的、真正改變未來遊戲規則的更積極的促成事件。

I'll ask off of that question, Brent, just asking a little more broadly. Do you sense that the industry is quietly being able to do a bit more with fewer assets these days? Has the industry gotten more efficient over the last couple of years? You said (inaudible) efficient load boards. Anything you can tell us there? Is the national fleet just shrinking because of technology and not due to volumes of (inaudible)

布倫特，我將就這個問題進行更寬泛的詢問。您是否感覺到，如今該行業正在悄悄地用更少的資產做更多的事情？過去幾年裡，該產業的效率是否提高了？您說的是（聽不清楚）高效率的負載板。您能告訴我們什麼嗎？國家船隊的縮減只是因為技術進步，而不是因為數量減少嗎？（聽不清楚）

I don't have any -- there's nothing that I see at this moment that would say there's anything happening at scale around substantial efficiency that's moving into the market through technology deployment right at this moment.

我沒有——目前我所看到的任何東西都表明，目前透過技術部署正在進入市場，從而實現大規模的效率提升。

I would say the net inefficiency is still greater than efficiency being created. Now that doesn't mean that there's not inroads happening at the fleets, and it doesn't mean that they're not building platforms that ultimately show promise.

我想說的是，淨效率低仍然高於正在創造的效率。但這並不意味著艦隊沒有取得進展，也不意味著他們沒有建造最終有希望的平台。

But when you integrate, right, all of it happening right now, plus the disruption that's happening in logistics, I think it is much more of a market-related situation as we sit here today. So I would not expect to see, as the market unfolds over the next three, four, five years, a depressing element relative to efficiency gains, not my calculus right now.

但是當你整合所有現在發生的一切，再加上物流領域正在發生的混亂時，我認為就像我們今天坐在這裡一樣，這更多的是一種與市場相關的情況。因此，隨著未來三、四、五年市場的發展，我預計不會看到相對於效率提升而言令人沮喪的因素，這不是我現在的計算結果。

Got it. Thanks. And maybe just lastly. Can you give just a little bit more detail on the Parts & Service growth. That was pretty impressive. I am curious. Do you think the trajectory that that business is on that you've still got growth tailwinds into 2026? And what might be behind that, whether it's offerings or expanding the network, et cetera?

知道了。謝謝。也許只是最後。能否詳細介紹一下零件和服務的成長？這真是令人印象深刻。我很好奇。您是否認為該業務的發展軌跡能夠讓您在 2026 年仍保持成長動能？這背後的原因是什麼呢？是產品還是擴充網路等等？

Yeah, I think we hit on that a little bit, but it's up. It's a big piece of it. Obviously, our parts initiative that we've been doing now for about three years is starting to get some traction with our PPN expansion. We believe second half can be 20% better in the first half which we can see on the top-line revenue. We think we can grow in the '26 as well.

是的，我想我們已經談到了這一點，但它已經出現了。這是其中很大的一部分。顯然，我們已經進行了大約三年的零件計劃開始隨著 PPN 的擴展而獲得一些發展。我們相信下半年的業績會比上半年好 20%，這點從營業收入就可以看出來。我們認為我們在 26 年也能實現成長。

So we don't -- we expect there's a long runway ahead of us. We're just getting started. So we're coming off of a lower base, but we're now hitting some levels that I think are meaningful from the top and bottom line that are starting to move the enterprise and that's just going to keep going as we go forward.

所以我們不認為——我們預計前面還有很長的路要走。我們才剛開始。因此，我們是從較低的基數開始的，但現在我們已達到一些我認為對頂線和底線而言都有意義的水平，這些水平開始推動企業的發展，而且隨著我們不斷前進，這種趨勢將繼續下去。

And so we re-segmented in '21. We're at this point now where I think we're finally starting to see that sustainable growth and at levels that really will start to move the needle.

因此我們在 21 年重新進行了細分。我們現在正處於這個階段，我認為我們終於開始看到可持續的成長，並且達到真正開始推動發展的水平。

Jeff Kauffman, Vertical Research Partners.

傑夫·考夫曼（Jeff Kauffman），Vertical Research Partners 的合夥人。

A couple of questions. That $30 million to $40 million in CapEx, does that include the investment in trailers as a service?

有幾個問題。3000 萬到 4000 萬美元的資本支出是否包括拖車服務的投資？

It does not. So that would be just our traditional CapEx.

但事實並非如此。所以這只是我們的傳統資本支出。

Okay. And so where is the TaaS fleet right now and how much incremental investment went in in 2025 to TaaS?

好的。那麼，目前 TaaS 車隊的情況如何？ 2025 年 TaaS 的增量投資有多少？

So in terms of dollars that we've spent through the first half of the year, it's roughly $20 million, $21 million. I'll let Mike expand on the -- where we're at in terms of total trailers and deployment, but the spend right now is about $21 million through the first half of the year.

因此，就我們今年上半年花費的金額而言，大約為 2000 萬美元至 2100 萬美元。我請麥克詳細說明一下——我們在總拖車和部署方面的現狀，但目前的支出在今年上半年約為 2,100 萬美元。

Yeah, the total fleet is still directly in line with what we said it was in Q1, it's over 1,000. We've added a few in total. And I would say that we would expect it to grow second half. I would say that's market driven but we would expect to see a move up in the second half from where we've been in the last two quarters in terms of our [total fleeting test].

是的，飛機總數仍然與我們第一季所說的數量一致，超過 1,000 架。我們總共添加了一些。我想說我們預計下半年它會成長。我想說這是市場驅動的，但我們預計下半年我們的業績會比過去兩個季度有所上升。[完全短暫的測試]。

Okay, thank you. But in your comments, you talked about the need for price increase in 2026 to handle inflation. At least on my numbers, I'm calculating average sales price in the transportation business dropped by about 9% sequentially from 1Q to 2Q and is down about 13% year on year.

好的，謝謝。但在您的評論中，您談到了 2026 年需要提高價格以應對通貨膨脹。至少根據我的數據，我計算出運輸業務的平均銷售價格從第一季到第二季較上季下降了約 9%，年減了約 13%。

What is driving that? Is that a mixed change? Is that because of the way the contracts are structured? How should I think about that? And then how should I think about that moving forward to 3Q, 4Q?

是什麼原因導致的呢？這是混合變化嗎？這是因為合約的結構方式嗎？我該如何考慮這個問題？那我該如何考慮推進第三季、第四季呢？

Yeah, I'll let Pat start and then I'll follow up.

是的，我會讓帕特開始，然後我會跟進。

Yeah. The sequential ASP is almost entirely mixed driven, Jeff. So if you were to do the percentage of the total trailers that are drive-ins first quarter, second quarter with the increase in that percentage, it's a drag on our at ASP across the Transportation Solutions group. If you were to look at it on a like-for-like basis and exclude that mix, ASP would be relatively flat to what it was in the first quarter.

是的。順序 ASP 幾乎完全由混合驅動，傑夫。因此，如果您要計算第一季、第二季汽車劇院拖車總數的百分比，並且該百分比有所增加，那麼這將拖累我們整個運輸解決方案集團的平均銷售價格。如果以同類基礎來看並排除該組合，平均售價將與第一季持平。

Okay, so less tanks, more drives. It's kind of more or less driving it. Okay, and then the delivery number, for 2Q, [86, 40] congratulations, it was a lot higher than I thought it would be. You mentioned in your comments a timing issue. Is that what happened here? Did we have more trailers that went in 2Q that maybe won't go in 3Q, 4Q?

好的，坦克少了，驅動器多了。這或多或少起到了推動作用。好的，然後是第二季的交付數量，[86，40] 恭喜，這比我想像的要高得多。您在評論中提到了時間問題。這就是這裡發生的事情嗎？我們是否有更多在第二季上映但可能不會在第三季或第四季上映的預告片？

Yeah. So the timing issue, specifically that we mentioned, was just around cash collections. So we did -- we had a very big June shipments. So yeah, as you know, that you could [straddle] between, June, July and Q2 and Q3, but that comment was specifically related to where our networking capital was at the end of the second quarter, because we did have higher shipments in the quarter in that third month.

是的。因此，我們提到的時間問題只是與現金收集有關。所以我們確實做到了——六月我們的發貨量非常大。是的，如你所知，你可以在 6 月、7 月和第二季和第三季之間進行調整，但該評論具體與第二季末我們的網路資本狀況有關，因為我們在第三個月的季度出貨量確實更高。

Yeah. I'll get a little qualitative feedback on that, Jeff. I was overall pretty happy, all things being considered, with second-quarter revenue. And specifically in the context of all of the, we'll call it, tariff noise that jumped into the mix at the end of the first quarter, right?

是的。我會對此得到一些定性的回饋，傑夫。綜合考慮各方面因素，我對第二季的收入整體感到滿意。具體來說，在第一季末出現的所有關稅噪音的背景下，對嗎？

So think about that affecting everything from incoming orders, pushouts, and cancellation risk. When I step back and look at what the industry did through what was called feedback on the Street and through our supply chain, Wabash weathered that extremely well, extremely well.

因此，請考慮這會影響到一切，包括收到的訂單、延遲出貨以及取消風險。當我退一步看看這個行業透過所謂的華爾街回饋和我們的供應鏈所做的事情時，我發現沃巴什非常好地度過了這一切。

Let me say that again, extremely well, in terms of continuity of production and not having maybe the disruption that others had seen. And I think that's going to show in market share numbers when the year's all said and done. Helped us dramatically in being able to leverage also cost reduction efforts because we've managed a much, again, relatively more stable platform than maybe some of the rest.

讓我再說一遍，就生產的連續性而言，做得非常好，而且沒有其他人所看到的中斷。我認為，當這一年結束時，這將在市場份額數字上得到體現。因為我們管理的平台比其他一些平台更穩定，所以這大大幫助我們降低了成本。

We hope maybe that we can take advantage of that when we go into 2026 as well. So, hey, the big numbers are not what we'd like, but pretty happy with the way we're running the show right now when it comes to running the shop floor and making choices on how best to navigate this thing.

我們希望，當我們進入 2026 年時，我們也許能夠利用這一點。所以，嘿，大數字並不是我們想要的，但是對於我們現在運行車間和選擇如何最好地處理這件事的方式，我們感到非常滿意。

All right. Can I follow that point because you did have a great quarter and the delivery is above what I expected, profit's better than expected. As I look to the '25 guide of a loss of $1.15 at the midpoint or $1.6 billion in revenues. How much of that is the operations of the business that's coming through? And how much of that is a drag on the P&L because of some of these new projects and new businesses that you're funding?

好的。我能否理解這一點，因為你們確實度過了一個很棒的季度，交付量超出了我的預期，利潤也比預期的要好。當我看到 25 年的指導方針時，中間的虧損為 1.15 美元，收入為 16 億美元。其中有多少是正在進行的業務運作？由於您資助的一些新項目和新業務，其中有多少對損益表造成了拖累？

Yeah. So I would say it's market driven, for sure. We do have some SG&A expenses related to our investments that we're still going to continue to invest in the future growth of the business, but for the most part, I mean, you could do the math on the top line drop from guide to guide that's entirely market driven.

是的。所以我會說這肯定是由市場驅動的。我們確實有一些與投資相關的銷售、一般和行政費用，我們仍將繼續投資於未來的業務成長，但在大多數情況下，我的意思是，你可以計算出從一個指南到另一個指南的營收下降，這完全是由市場驅動的。

And we've taken actions on the cost side that we feel are prudent given the market reality of what our top line's going to look like, and that's what's implied in the guide that we gave you.

我們在成本方面採取了行動，我們認為這些行動是謹慎的，因為市場現實表明我們的營收情況將會如此，這也是我們給您的指南中所暗示的。

All right, so one final question and I'll pass it on. So year-to-date, we're looking at an operating earnings number of about a $0.73 loss. The guidance is for, let's say, $1.15 for the full year. So we're implying about a $0.40 loss for the second half of the year.

好的，最後一個問題，我會傳達給您。因此，今年迄今為止，我們看到的營業利潤損失約為 0.73 美元。預計全年獲利為 1.15 美元。因此我們預計今年下半年的損失約為 0.40 美元。

As I turn to the discussions for the new year, as I turn to the benefits from the Big Beautiful Bill and what that might mean for the industry, is your sense that we're in the darkest part of the trailer cycle right now and that we -- you had mentioned in your comments you're hoping for a better '26. Until the orders come in, we don't know, but can you talk about this new activity and what gives you enthusiasm that maybe we're seeing the darkest days right now?

當我開始討論新年事宜時，當我開始討論《美麗大法案》帶來的好處以及這對行業可能意味著什麼時，您是否覺得我們現在正處於預告片週期中最黑暗的時期，並且我們——您在評論中提到您希望 26 年會更好。在訂單到來之前，我們不知道，但您能談談這項新活動嗎？是什麼讓您感到熱情，也許我們現在正經歷著最黑暗的日子？

Yeah. Well, Jeff, I would like to say we're in the darkest days. There's nothing that says that we're not. The only thing that changes that statement is what happens in the future that we don't know. Something has to act. We're probably on the market for that to change the outlook of that. And your guess is as good as mine of what that may or may not be.

是的。好吧，傑夫，我想說我們正處於最黑暗的日子。沒有任何證據表明我們不是。唯一能改變這說法的是我們不知道未來會發生什麼事。必須採取一些行動。我們可能正在市場上尋找機會來改變這一前景。而對於這可能是什麼或可能不是什麼，你的猜測和我一樣少。

When I talk to customers right now -- I just had a discussion yesterday with one of the big ones, and being below replacement is a big deal now. And the more prominent, well-managed carriers are doing the best they can so that they can maintain -- so they can leverage margins going forward, right, when this thing goes, right?

當我現在與客戶交談時——我昨天剛與其中一位大客戶進行了討論，現在員工人數不足是一件大事。而那些更知名、管理更完善的航空公司正在盡最大努力維持——這樣當這種情況發生時，他們就可以利用未來的利潤率，對吧？

They're not getting behind the curve too much right now, but they don't have much further they can go before they are going to have to spend, not only to get to replacement, which will be a bump from 2015 -- I'm sorry, 2025, but they've also got to start catching up some, which I'm kind of repeating myself. But that's a very broad discussion that's happening out there right now.

他們現在並沒有落後太多，但是他們沒有多少可以走的了，之後他們就必須花錢，不僅要達到替換水平，這將是從 2015 年到 2025 年的一個突破，但他們也必須開始迎頭趕上，我有點重複了。但這是目前正在發生的非常廣泛的討論。

And the general consensus that I've gotten is, hey, if they can just [hold] what's going on right now and it just gets -- a couple 10s of a percent of spot rate right now is not a bad thing. Like, you go to go, that's not very much. In the world we're living in, if they can just knock off a few of those, that's enough from what I'm getting for them to have to and want to spend a little more in 2026.

我得到的普遍共識是，如果他們能夠維持目前的狀況，而現貨匯率能夠上漲百分之幾十，這並不是什麼壞事。就像，你去那裡，那不是很多。在我們生活的世界裡，如果他們能夠減少其中的幾個，那麼從我得到的資訊來看，這就足以讓他們不得不並且願意在 2026 年多花一點錢。

And I think that's how I think about it. And from where we're at, hey, that's a good story from being, like you said, in the darkest days, because all you got to then have happen is the next shoe to drop and this thing will take off again.

我想這就是我的想法。從我們現在的情況來看，嘿，這是一個好故事，就像你說的，在最黑暗的日子裡，因為你所要發生的只是下一隻鞋子掉下來，這件事就會再次起飛。

There are no further questions at this time. I will now turn the call back over to Jake Page for closing remarks.

目前沒有其他問題。現在我將把電話轉回給傑克佩奇 (Jake Page) 做結束語。

Thank you, everyone, for joining us today. We'll look forward to following up during the quarter. Have a great day.

感謝大家今天加入我們。我們期待在本季度進行跟進。祝你有美好的一天。

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

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