Wabash National Corp (WNC) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Wabash third quarter 2025 earnings conference call.

您好，感謝您的耐心等待。我叫雷吉娜，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Wabash 公司歡迎各位參加 2025 年第三季財報電話會議。

(Operator Instructions) I would now like to turn the conference over to Jacob Page. Please go ahead.

（操作員指示）現在我將把會議交給雅各·佩奇。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; Pat Keslin, Chief Financial Officer; and Mike Pettit, Chief Growth Officer. Before we get started, please note that this call is being recorded.

謝謝大家，大家早安。感謝您參加本次電話會議。今天陪同我出席的有總裁兼執行長 Brent Yeagy；財務長 Pat Keslin；以及首席成長長 Mike Pettit。在開始之前，請注意本次通話將被錄音。

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. I'll hand it off now to Brent.

我還想指出，我們的獲利報告、今天電話會議的補充幻燈片以及所有非GAAP財務報表調節表均可在ir.onewabash.com上查閱。請參閱我們獲利報告幻燈片中的第2頁，以了解公司關於前瞻性陳述的安全港揭露。我現在把它交給布倫特。

Thanks, Jake. As we look back on the third quarter, it's clear that the softer market conditions we've been navigating through the year persisted and, in some cases, intensified. Demand across the transportation industry remained below expectations as customers continue to delay capital spending decisions, creating further pressure on order activity. This environment contributed to our Q3 performance coming in below plan.

謝謝你，傑克。回顧第三季度，很明顯，我們今年以來一直面臨的疲軟市場環境持續存在，並且在某些情況下甚至加劇。由於客戶繼續推遲資本支出決策，整個運輸業的需求仍然低於預期，這進一步抑制了訂單活動。這種環境導致我們第三季的業績低於預期。

Turning to our truck body business. Market conditions remain difficult through the third quarter, evidenced by continued softness across medium-duty chassis production. Demand continued to ease across most end markets as freight activity, construction and industrial sectors slowed further.

接下來談談我們的卡車車身業務。第三季市場環境依然艱難，中型底盤生產持續疲軟便是明證。隨著貨運活動、建築業和工業部門進一步放緩，大多數終端市場的需求持續疲軟。

Larger fleets have also pulled back, influenced by ongoing housing market stagnation, a sharp reduction in household relocations and persistent uncertainty around consumer confidence. While these dynamics have weighed on near-term demand, they're also setting a stage for a potential snapback in truck body orders once replacement needs and end market confidence begin to rebuild.

受持續的房屋市場停滯、家庭搬遷大幅減少以及消費者信心持續不確定性的影響，大型車隊也紛紛撤離。雖然這些因素對近期需求造成了壓力，但一旦更換需求和終端市場信心開始恢復，卡車車身訂單也可能出現反彈。

More broadly, the industry continues to work through the effects of prolonged freight recession and an extended replacement cycle following the elevated purchasing that occurred post pandemic. As a result, order intake and backlog came in below expectations and revenue finished below our guidance range.

更廣泛地說，該行業仍在努力克服長期貨運衰退的影響，以及疫情後採購量激增導致的長期更換週期。因此，訂單量和積壓訂單量都低於預期，收入也低於我們的預期範圍。

Looking ahead, we anticipate market conditions will remain soft in the near term, especially through the fourth quarter. In the meantime, we're focused on what we can control, maintaining cost discipline, pursuing share gains and strengthening our service and distribution capabilities so that we're well positioned to capture growth when demand begins to recover.

展望未來，我們預期短期內市場狀況將保持疲軟，尤其是在第四季。同時，我們專注於我們能夠控制的事情，保持成本控制，追求市場份額的成長，並加強我們的服務和分銷能力，以便在需求開始復甦時，我們能夠更好地抓住成長機會。

While near-term headwinds have intensified, they also underscore the importance of the steps we've taken to strengthen Wabash's foundation. Our organizational structure and diversified portfolio enable us to respond quickly and align costs with demand. Within Transportation Solutions, we're executing additional actions to further adjust to the current environment.

雖然短期內的不利因素有所加劇，但也凸顯了我們為加強瓦巴什學院基礎所採取的措施的重要性。我們的組織結構和多元化的產品組合使我們能夠快速回應並使成本與需求保持一致。在交通運輸解決方案領域，我們正在採取額外措施，以進一步適應當前環境。

At the same time, our parts and service business once again delivered both sequential and year-over-year revenue growth in Q3, demonstrating its resilience and critical role it plays in providing stability to our overall performance. We recognize that the coming quarter will remain challenging, and we revised our guidance accordingly.

同時，我們的零件和服務業務在第三季度再次實現了環比和同比增長，證明了其韌性以及在為我們整體業績提供穩定性方面發揮的關鍵作用。我們意識到下一季仍將充滿挑戰，因此我們相應地調整了業績預期。

However, our long-term view remains unchanged. We're confident that the structural progress we've made, particularly the continued expansion of parts and services, positions Wabash to emerge stronger when demand normalizes and capital spending resumes. With the recent inclusion of dry van and refrigerated trailers in the Section 232 steel and aluminum derivative tariffs, we expect to see gradual effects on the competitive landscape as the industry adjusts over the coming quarters.

然而，我們的長期觀點依然不變。我們相信，我們取得的結構性進展，特別是零件和服務的持續擴張，將使 Wabash 在需求正常化和資本支出恢復時變得更加強大。隨著最近乾貨車廂和冷藏拖車被納入第 232 條款鋼鐵和鋁衍生關稅，我們預計隨著行業在未來幾季進行調整，競爭格局將逐漸受到影響。

This development may ultimately serve as a catalyst for improved market share dynamics as the cycle strengthens through 2026. However, we recognize that these effects may take time to materialize as competitors evaluate their sourcing strategies and pricing responses. Our focus remains on maintaining cost stability and supply chain resiliency, areas where Wabash holds a clear structural advantage.

隨著經濟週期在 2026 年持續增強，這項發展最終可能成為改善市場份額動態的催化劑。然而，我們也意識到，這些影響可能需要一段時間才能顯現，因為競爭對手需要評估他們的採購策略和定價應對措施。我們將繼續專注於保持成本穩定和供應鏈彈性，而這正是瓦巴什擁有明顯結構優勢的領域。

Through our long-term agreements with partners such as Hydro and Ryerson, our 95% domestically sourced supply chain and our vertically integrated composite panel production, we are far better positioned than our peers to manage input cost volatility. As the full impact of the 232 tariff action unfolds over the coming months, it's important that we continue to educate our customers on the growing risk of pricing instability within the market.

透過與Hydro和Ryerson等合作夥伴的長期協議、95%的國內採購供應鏈以及垂直整合的複合面板生產，我們比同行更有能力應對投入成本的波動。隨著 232 號關稅措施的全面影響在未來幾個月內逐漸顯現，我們必須繼續向客戶普及市場價格不穩定風險日益加劇的相關知識。

Wabash's consistent and reliable supply chain represents a distinct value differentiator, particularly as customers prepare for the next freight up cycle and look to manage profitability in the early stages of recovery. We remain disciplined and focused on execution, maintaining cost rigor and operational control while avoiding premature assumptions about pricing benefits.

Wabash 穩定可靠的供應鏈代表著一項獨特的價值差異化優勢，尤其是在客戶為下一個貨運量增長週期做準備，並尋求在復甦初期管理盈利能力之際。我們保持嚴謹的紀律和對執行的專注，在控製成本和營運的同時，避免過早對定價收益做出假設。

Our structural advantages position us to respond quickly and capture value as market pricing strengthens naturally over time. During the third quarter, we finalized a settlement related to the 2019 legal matter involving one of our trailers. The case had previously resulted in a jury verdict that included punitive damages exceeding $450 million, along with approximately $12 million in compensatory damages.

我們的結構性優勢使我們能夠快速回應並隨著市場價格隨時間自然走強而獲取價值。第三季度，我們最終解決了與 2019 年涉及我們其中一輛拖車的法律案件相關的和解事宜。該案先前已由陪審團裁定，懲罰性賠償金超過 4.5 億美元，補償性賠償約 1,200 萬美元。

Following post-trial motions, the court substantially reduced the verdict amount prior to the settlement. Under the terms of the settlement, Wabash payment obligation is approximately $30 million, with the remaining amount covered by insurance. As a result of this resolution, we recorded a net adjustment of approximately $81 million in the third quarter.

經過審後動議，法院在和解前大幅降低了判決金額。根據和解協議條款，Wabash 的付款義務約為 3000 萬美元，剩餘部分由保險公司承擔。由於這項決議，我們在第三季錄得約 8,100 萬美元的淨調整。

The evidence in the product liability matter was undisputed that the trailer fully complied with all applicable regulations. Despite precedent to the contrary, the jury was prevented from hearing critical evidence in the case, including that the driver's alcohol level was over the legal limit at the time of the accident and the fact that neither the driver nor the passenger were wearing seatbelts.

產品責任案件中的證據無可爭議地表明，該拖車完全符合所有適用的法規。儘管有相反的先例，陪審團卻被阻止聽取案件中的關鍵證據，包括事故發生時駕駛員的酒精含量超過法定限值，以及駕駛員和乘客都沒有係安全帶的事實。

Unfortunately, this case reflects a troubling trend in America's courts, where aggressive plaintiffs' attorneys target reputable companies regardless of the facts. Verdicts like this threat not only innovation, but the stability of manufacturing and transportation companies that serve as economic anchors in communities across the country. While this matter has a significant overhang on the business, its resolution provides meaningful clarity and removes a source of uncertainty from our financial outlook.

不幸的是，此案反映了美國法院一個令人擔憂的趨勢，即咄咄逼人的原告律師不顧事實，將目標對準信譽良好的公司。這樣的判決不僅威脅創新，也威脅到製造業和運輸業公司的穩定，而這些公司是全國各地社區的經濟支柱。雖然此事對公司業務造成了重大影響，但其解決帶來了清晰的前景，消除了財務前景中的一個不確定因素。

Wabash remains committed to maintaining rigorous safety, quality and compliance standards across our operations as well as a disciplined approach to risk management. We continue to manage our balance sheet prudently and prioritize capital allocation decisions that drive long-term shareholder value.

沃巴什始終致力於在所有營運環節中保持嚴格的安全、品質和合規標準，並採取嚴謹的風險管理方法。我們將繼續審慎管理資產負債表，並優先考慮能夠提升股東長期價值的資本配置決策。

Turning to the broader market environment. Demand across both the trailer and truck body industries remain soft with limited signs of near-term improvement. This slowdown is reflected in our own business with backlog declining to about $800 million at the end of the third quarter. Given these conditions, we're lowering our full year 2025 guidance to midpoints of $1.5 billion in revenue and approximately negative $2 in adjusted EPS.

轉而關注更廣泛的市場環境。拖車和卡車車身行業的需求仍然疲軟，短期內改善的跡像有限。這種放緩也反映在我們自身的業務中，第三季末的積壓訂單下降至約 8 億美元。有鑑於這些情況，我們將 2025 年全年業績預期下調至營收 15 億美元和調整後每股盈餘約負 2 美元的中位數。

We expect the fourth quarter to be the weakest of the year, both in terms of revenue and operating margins. As a result, we're taking this opportunity to evaluate our cost structure to better align with near-term market demand and expect to share more on this topic in the quarters ahead. Even with this revised outlook, we still expect to be near cash flow breakeven for the year, including approximately $40 million of investment related to our Trailers as a Service initiative.

我們預計第四季將是今年最疲軟的季度，無論從營收或營業利潤率來看都是如此。因此，我們將藉此機會評估我們的成本結構，以更好地適應近期市場需求，並期待在未來幾季分享更多相關資訊。即使根據這項修正後的預期，我們仍預計今年現金流將接近損益平衡，其中包括與我們的「拖車即服務」計畫相關的約 4,000 萬美元投資。

Looking ahead, our 2026 order book is now open, and we're already seeing a few early wins in the fourth quarter. The bulk of larger fleet orders typically comes together between now and year's end, which will give us much better visibility into next year's demand profile. Based on early customer discussions and the most recent forecast, we remain cautiously optimistic that 2026 could mark the beginning of a gradual recovery, supported by pent-up replacement needs and improving freight conditions.

展望未來，我們 2026 年的訂單現已開放，並且在第四季度已經取得了一些早期的成功。大部分大型車隊訂單通常會在現在到年底之間集中完成，這將使我們更了解明年的需求情況。根據早期與客戶的討論和最新的預測，我們仍然謹慎樂觀地認為，在被壓抑的替換需求和貨運條件改善的支持下，2026 年可能標誌著逐步復甦的開始。

Additionally, we're beginning to see signs of capacity exiting the market at an accelerating rate, driven in part by new driver qualification standards such as the English proficiency requirements that are reducing available labor supply. Over time, this tightening capacity should rebalance the freight market, setting the stage for a healthier demand environment as conditions stabilize.

此外，我們開始看到產能以加速的速度退出市場，部分原因是新的駕駛員資格標準（例如英語能力要求）減少了可用的勞動力供應。隨著時間的推移，運力收緊應該能夠重新平衡貨運市場，為市場穩定後更健康的需求環境奠定基礎。

As always, we stay disciplined, aligned with our customers and ready to capture profitable growth as the market finds its footing. I'll now turn the call over to Mike for his comments.

一如既往，我們將保持嚴謹的作風，與客戶保持一致，並隨時準備在市場穩定後抓住獲利成長的機會。現在我將把電話交給麥克，請他發表評論。

Thanks, Brent. Dating back to when we formed this segment four years ago, we discussed how we would be able to use a parts and service network to become an enterprise that can provide more value add to our customers as well as produce higher margins with a more predictable revenue stream. It was validating to see a revenue number in the third quarter that was among the best we've recorded in a very challenging freight environment.

謝謝你，布倫特。早在四年前我們成立這個部門時，我們就討論過如何利用零件和服務網絡，使公司能夠為客戶提供更多增值服務，並透過更可預測的收入流產生更高的利潤率。在貨運環境充滿挑戰的情況下，第三季的收入數字是我們有史以來取得的最佳成績之一，這令人欣慰。

We believe this continues to prove we have established a revenue stream that will prove more resilient in all phases of the freight cycle. Third quarter margins were lower than what we would have expected to see on an ongoing basis as we are experiencing some soft demand in our high-margin OE parts supply business as well as some start-up costs at upfit as we successfully opened two new upfit centers in the quarter.

我們相信，這進一步證明我們已經建立了一種收入來源，這種收入來源在貨運週期的各個階段都將更具韌性。第三季利潤率低於我們預期，因為我們高利潤率的 OE 零件供應業務需求疲軟，而且由於我們在本季成功開設了兩家新的改裝中心，改裝業務也產生了一些啟動成本。

We would expect margins in Q4 to be higher than Q3, but still below our longer-term expectation of high teens EBITDA. In the third quarter, the segment grew 16% year-over-year and about 2% sequentially. We have seen this growth in a market that is down over 40% in OE equipment from the peak in 2023, and that gives us confidence that we are seeing structural growth.

我們預計第四季度的利潤率將高於第三季度，但仍低於我們長期預期的 EBITDA 高位數。第三季度，該業務類股年增 16%，季增約 2%。我們看到，在 OE 設備市場比 2023 年的峰值下降了 40% 以上的情況下，市場依然實現了成長，這讓我們相信，我們正在見證結構性成長。

One of the clearest proof points behind the parts and services momentum sits in our upfit business. Our upfit offerings let us deliver fully tailored equipment in just a couple of weeks, combining the scale of truck body production with the deep customer intimacy that defines parts and services. This is also a business where we are introducing some of our latest cutting-edge digital tools.

零件和服務業務蓬勃發展的最明顯證明之一，就體現在我們的改裝業務中。我們的改裝服務使我們能夠在短短幾週內交付完全客製化的設備，將卡車車身生產的規模與零件和服務所體現的與客戶的深度密切聯繫相結合。我們還在這項業務中引入了一些我們最新的尖端數位工具。

Using AI, we are now able to quote and upfit a truck body almost instantaneously, allowing our customers to make pricing decisions in real time and place orders for their chassis and truck body together. This process has historically taken days or weeks in the truck body market. We shipped over 540 units in Q3 and about 1,500 units year-to-date.

利用人工智慧，我們現在幾乎可以立即對卡車車身進行報價和改裝，使我們的客戶能夠即時做出價格決定，並同時訂購底盤和卡車車身。在卡車車身市場，這個過程歷來需要幾天甚至幾週的時間。第三季我們出貨超過 540 台，今年迄今出貨約 1500 台。

As discussed on the Q2 call, we did open two new upfit centers in Q3, one in Northwest Indiana and another in Atlanta, giving us capability in two strategic markets and keeping us on pace to exceed 2,000 units in 2025. We would expect to open another new location in Phoenix in the fourth quarter.

正如我們在第二季度電話會議上討論的那樣，我們在第三季度開設了兩個新的改裝中心，一個在印第安納州西北部，另一個在亞特蘭大，這使我們在兩個戰略市場擁有了能力，並使我們有望在 2025 年超過 2,000 台。我們預計將於第四季在鳳凰城開設另一家新店。

These 3 new sites established in the second half of 2025 will set the stage for continued growth in this business into 2026 and beyond. We expect to do over 2,500 updated truck bodies in 2026. Trailers as a Service or TaaS, continues to help Wabash extend our manufacturing and distribution leadership through business model innovation.

2025 年下半年建立的這 3 個新站點將為該業務在 2026 年及以後的持續成長奠定基礎。我們預計在 2026 年完成超過 2500 輛卡車車身的升級。拖車即服務 (TaaS) 繼續幫助 Wabash 透過商業模式創新擴大其在製造和分銷領域的領先地位。

We continue to sign shippers, carriers and brokers across North America, many of whom bundle the trailer with preventative maintenance, telematics, nationwide uptime support and repair management. Wabash continues to redefine trailer accessibility with new trailers as a service offerings that have expanded to include TaaS pools.

我們繼續與北美各地的托運人、承運人和經紀人簽約，其中許多客戶將拖車與預防性維護、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。Wabash 不斷重新定義拖車的可近性，推出了新的拖車即服務產品，並擴展到包括 TaaS 池。

With pools, we continue to develop solutions that enable logistics providers to grow with flexible, scalable trailer solutions. TAS pools provide shippers with a universal trailer pool that replaces the complexity of managing fragmented pools across different partners.

透過共享資源池，我們不斷開發解決方案，使物流供應商能夠透過靈活、可擴展的拖車解決方案實現成長。TAS 池為托運人提供了一個通用的拖車池，取代了管理不同合作夥伴之間分散拖車池的複雜性。

Shippers gain access to a nationwide pool of trailers positioned to support their operations. Every trailer in the pool is supported by Wabash Fleet Care for maintenance and compliance, giving customers confidence that equipment is always road ready. We continue to accelerate the technology road map inside TAS and have either launched or will soon be launching predictive analytics, alerts and automated tracking and billing, capabilities that turn raw data into actionable, measurable savings.

托運人可以使用遍布全國的拖車資源，以支持他們的營運。車隊中的每輛拖車都由 Wabash Fleet Care 提供維護和合規支持，讓客戶確信設備始終處於可上路狀態。我們繼續加快 TAS 內部的技術路線圖，並且已經推出或即將推出預測分析、警報和自動追蹤及計費功能，這些功能可以將原始數據轉化為可操作、可衡量的節省。

We have continued to prepare our physical and digital capabilities for the eventual market upturn, and we'll be ready to ramp TaaS when our customers require it. We believe access to the flexible capacity that TaaS offers will become even more attractive as the market rebounds.

我們一直在不斷提升我們的實體和數位能力，以應對最終的市場回暖，當我們的客戶需要時，我們將隨時準備好擴大 TaaS 服務。我們相信，隨著市場復甦，TaaS提供的彈性運力將變得更具吸引力。

We also continue to expand our aftermarket parts and service offerings in both physical locations and digital solutions. With our world-class dealer groups at the backbone, the parts network is extending our reach for our customers as well as providing a nationwide service network that underpins TaaS and fleet care.

我們將繼續擴大售後零件和服務產品供應，包括實體店和數位化解決方案。憑藉我們世界一流的經銷商集團作為支柱，零件網絡正在擴大我們為客戶提供的服務範圍，並提供覆蓋全國的服務網絡，為 TaaS 和車隊維護提供支援。

We've continued to expand our PPN network to over 115 locations, and each new location broadens our network and extends our reach and continues to fulfill our aim of providing more holistic aftersales support for our customers.

我們不斷擴大 PPN 網絡，目前已覆蓋 115 多個地點，每個新地點都擴大了我們的網絡，延伸了我們的覆蓋範圍，並繼續實現我們為客戶提供更全面的售後支援的目標。

In conclusion, parts and services provides our customers with connected support that keeps assets running day in and day out. We continue to layer entirely new forms of customer value, creating improvements with our parts and services offerings. From TaaS to upfit to aftermarket parts, these initiatives are closely linked to provide value for our customer.

總而言之，零件和服務為我們的客戶提供互聯互通的支持，確保資產日復一日地持續運作。我們不斷創造全新的客戶價值形式，透過改進我們的零件和服務產品來提升客戶體驗。從 TaaS 到改裝再到售後零件，這些措施緊密相關，旨在為我們的客戶創造價值。

Importantly, we have been able to continue to develop these capabilities in a tough market, ensuring we'll be able to scale quickly as demand returns. The rationale behind scaling parts and services continues to be clear. While the freight market has continued to put pressure on equipment orders in Transportation Solutions, parts and services deliver secular growth and helps in stabilizing earnings through the cycle.

重要的是，我們能夠在艱難的市場環境下繼續發展這些能力，確保我們能夠在需求回升時迅速擴大規模。擴大零件和服務規模的理由依然明確。儘管貨運市場持續給運輸解決方案的設備訂單帶來壓力，但零件和服務帶來了長期成長，並有助於在整個週期中穩定收益。

As this segment expands, its higher margins will play an ever larger role in Wabash's bottom line and cash flow generation. We continue to grow because we found innovative ways to serve customers, solutions that extend value beyond the original equipment sale and well into the life of the asset.

隨著該業務板塊的擴張，其更高的利潤率將在 Wabash 的盈利和現金流產生中發揮越來越重要的作用。我們之所以能夠持續發展，是因為我們找到了服務客戶的創新方法，這些解決方案不僅在原始設備銷售的基礎上，而且在資產的整個生命週期內都能創造價值。

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

接下來，我將把電話交給帕特，請他發表評論。

Thanks, Mike. Starting with our third quarter financial results. Consolidated revenue was $382 million. During the quarter, we shipped approximately 6,940 new trailers and 3,065 truck bodies. Challenging market conditions, particularly in our truck body business, led to softer-than-expected demand and revenue coming in below our guidance range of $390 million to $430 million.

謝謝你，麥克。首先，我們先來看看第三季的財務表現。合併收入為3.82億美元。本季度，我們交付了約 6,940 輛新拖車和 3,065 個卡車車身。充滿挑戰的市場環境，尤其是我們的卡車車身業務，導致需求疲軟，收入低於我們先前預測的 3.9 億美元至 4.3 億美元。

The lower production volumes also created operational inefficiencies, which contributed to a gross margin of 4.1% and an adjusted operating margin of negative 6.2%, both below our expectations for the quarter. As a reminder, our adjusted non-GAAP results exclude the impact of items related to the settlement of the Missouri legal verdict.

產量下降也造成了營運效率低下，導致毛利率為 4.1%，調整後營業利潤率為 -6.2%，兩者都低於我們對該季度的預期。再次提醒，我們調整後的非GAAP表現不包括與密蘇裡州法律判決和解相關的項目的影響。

In the third quarter, adjusted EBITDA was negative $5 million or negative 1.4% of sales. Adjusted net income attributable to common stockholders was negative $21.2 million or negative $0.51 per diluted share, below expectations, primarily due to lower volumes.

第三季調整後 EBITDA 為負 500 萬美元，佔銷售額的 -1.4%。歸屬於普通股股東的調整後淨利為負 2,120 萬美元，即每股攤薄虧損 0.51 美元，低於預期，主要原因是銷售下降。

Moving on to our reporting segments. Transportation Solutions generated $334 million in revenue and negative $13 million in operating income. Parts and services delivered $61 million in revenue and $6.6 million in operating income, marking our third consecutive quarter of both sequential and year-over-year revenue growth.

接下來進入我們的報道環節。運輸解決方案業務創造了 3.34 億美元的收入，但營業收入卻為負 1,300 萬美元。零件和服務業務實現了 6,100 萬美元的收入和 660 萬美元的營業收入，標誌著我們連續第三個季度實現了環比和同比收入的成長。

Despite the challenging market backdrop, we continue to execute on our strategy to build more resilient and recurring revenue streams through our parts and services business. This performance reinforces the stabilizing role of parts and services in our portfolio and highlights the value of a balanced business model as we navigate this down cycle and prepare for recovery.

儘管市場環境充滿挑戰，但我們仍將繼續執行我們的策略，透過我們的零件和服務業務建立更具韌性和經常性的收入來源。這項績效鞏固了零件和服務在我們產品組合中的穩定作用，並凸顯了在我們應對當前經濟下行週期並為復甦做準備時，保持平衡的商業模式的價值。

Year-to-date operating cash flow totaled $69.1 million with $60.6 million of free cash flow generated in the third quarter, reflecting strong execution and disciplined working capital management.

今年迄今的經營現金流總計 6,910 萬美元，其中第三季產生的自由現金流為 6,060 萬美元，這反映了強勁的執行力和嚴格的營運資本管理。

Turning to the balance sheet. Total liquidity, including cash and available borrowings stood at $356 million as of September 30. On capital allocation, during the third quarter, we invested $5 million in traditional CapEx, $19.3 million in revenue-generating assets to support our Trailers as a Service initiative, repurchased $6.2 million of shares and returned $3.3 million to shareholders through our quarterly dividend. I'll provide additional commentary on our future capital deployment plans shortly.

接下來看一下資產負債表。截至9月30日，包括現金和可用借款在內的總流動資金為3.56億美元。在資本配置方面，第三季度，我們投資了 500 萬美元用於傳統資本支出，投資了 1,930 萬美元用於創收資產以支持我們的「拖車即服務」計劃，回購了 620 萬美元的股票，並透過季度股息向股東返還了 330 萬美元。我稍後將就我們未來的資本部署計劃提供更多說明。

Turning to guidance. Our outlook for the fourth quarter includes revenue in the range of $300 million to $340 million and EPS between negative $0.70 and negative $0.80. This brings our full year 2025 outlook to approximately $1.5 billion in revenue and EPS between minus $1.95 and minus $2.05.

尋求指導。我們對第四季的展望包括營收在3億美元至3.4億美元之間，每股收益介於-0.70美元至-0.80美元之間。這使得我們對2025年全年的展望達到約15億美元的營收和-1.95美元至-2.05美元的每股盈餘。

From previous midpoints, this represents a reduction of roughly $100 million in revenue and $0.85 in EPS. The most significant changes from our prior outlook stem from lower volumes in Transportation Solutions, driven primarily by the truck body business, which Brent discussed earlier.

與先前的中間值相比，這意味著收入減少了約 1 億美元，每股收益減少了 0.85 美元。與我們先前的展望相比，最顯著的變化源於運輸解決方案業務量的下降，這主要是由於卡車車身業務的下滑，布倫特之前已經討論過這一點。

In addition, the pricing required to fill our remaining Q4 backlog came in lower than anticipated. Combined, these factors have resulted in a gross profit reduction of roughly $0.85 per share versus our prior guidance. As Brent highlighted, this environment underscores the importance of being responsive and disciplined.

此外，填補我們第四季剩餘積壓訂單所需的價格低於預期。綜合以上因素，導致每股毛利較我們先前的預期減少了約 0.85 美元。正如布倫特所強調的，這種環境凸顯了積極回應和嚴於律己的重要性。

With much of our 2025 cost structure already set, our focus in the fourth quarter is on realigning costs to current market realities while preserving flexibility to capture opportunities amid continued uncertainty. Looking ahead to 2025 capital deployment, we've adjusted our plans to reflect the current environment. We now expect traditional capital investment in the range of $25 million to $30 million.

由於我們 2025 年的大部分成本結構已經確定，因此我們在第四季度的重點是調整成本以適應當前的市場實際情況，同時保持靈活性，以便在持續的不確定性中抓住機會。展望 2025 年的資本部署，我們已調整計劃以適應當前環境。我們現在預計傳統資本投資額將在 2,500 萬美元至 3,000 萬美元之間。

As you recall, our initial guidance for traditional capital spending for the year was in the range of $50 million to $60 million. We now expect to spend approximately half of that amount as we are managing our cash and balance sheet to reflect market conditions. Year-to-date free cash flow is $9 million, and we now expect to be near breakeven for the full year, including approximately $40 million of investment to support our Trailers as a Service initiative.

如您所知，我們最初對本年度傳統資本支出的預期在 5,000 萬美元至 6,000 萬美元之間。由於我們正在調整現金和資產負債表以反映市場狀況，因此我們預計目前將支出約一半的金額。今年迄今的自由現金流為 900 萬美元，我們現在預計全年將接近盈虧平衡，其中包括約 4000 萬美元的投資，以支持我們的「拖車即服務」計劃。

We're taking a prudent and conservative approach to cash management as we move through this period of uncertainty. Until we have greater clarity on how 2026 shapes up, our focus will be on preserving liquidity and maintaining financial flexibility while positioning ourselves to act quickly when demand begins to recover.

在當前充滿不確定性的時期，我們將採取謹慎保守的現金管理方式。在我們對 2026 年的發展前景有更清晰的了解之前，我們的重點將是保持流動性和財務靈活性，同時做好準備，以便在需求開始復甦時迅速採取行動。

With that, I'll turn it back to Brent for closing comments.

接下來，我將把發言權交還給布倫特，讓他做總結發言。

As we close out the third quarter, I want to emphasize that we stay true to our values while making the prudent but sometimes difficult decisions needed to manage the cost basis of our business in this environment. Our balance sheet is working, and our liquidity provides the flexibility we need to both navigate near-term headwinds and invest in long-term growth.

在第三季即將結束之際，我想強調，在當前環境下，我們始終堅持我們的價值觀，同時做出審慎但有時艱難的決定，以控制我們業務的成本基礎。我們的資產負債表運作良好，流動性充足，這為我們提供了應對短期不利因素和投資長期成長所需的靈活性。

We remain active in advancing our strategic growth initiatives, building capability and scale even as we align our operations to current demand. We're growing share in dry vans, driven by improved on-time performance and higher customer satisfaction. And our new dry van manufacturing capacity is now fully online, delivering efficiency benefits today and ready to scale as demand improves.

我們將繼續積極推動策略成長計劃，不斷提升能力和規模，同時調整營運以適應當前需求。在準時交貨率提高和客戶滿意度提升的推動下，我們在乾貨車運輸領域的市場份額不斷增長。我們新的乾貨車製造產能現已全面投入運營，立即帶來效率提升，並可隨著需求的增長而擴大規模。

Across the organization, we continue to work on the business, strengthening our systems and processes, developing our talent and driving continuous improvement to position Wabash for the future. We will continue to align our structure and strategy with the environment we face today while also preparing for the inevitable freight recovery ahead, one that we believe will allow us to create outsized value for our shareholders, our customers and our people. We are not standing still.

在整個組織內，我們繼續致力於業務發展，加強我們的系統和流程，培養我們的人才，並推動持續改進，以使瓦巴什學院為未來做好準備。我們將繼續調整我們的結構和策略以適應我們今天面臨的環境，同時為即將到來的貨運復甦做好準備，我們相信這將使我們能夠為我們的股東、客戶和員工創造巨大的價值。我們並未停滯不前。

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

現在我將把電話轉回給接線生，我們來回答大家的問題。

(Operator Instructions) Jeff Kauffman, Vertical Research Partners.

（操作說明）Jeff Kauffman，Vertical Research Partners。

So Brent, can we dive into the tariff question because now we have the Section 232, which I guess is supposed to level the playing field for domestic OEMs versus the OEMs that produce in Mexico. Can you talk a little bit about how you were hit by tariffs in your third quarter, whether it was steel and aluminum on the trailers or parts or things like that?

布倫特，我們能深入探討關稅問題嗎？因為現在有了第 232 條款，我猜它的目的是為了給國內 OEM 廠商和在墨西哥生產的 OEM 廠商創造一個公平的競爭環境。您能否談談第三季關稅對您造成的影響，例如拖車或零件上的鋼鐵和鋁材是否受到影響？

And then you mentioned that the Section 232 is going to help a little more in '26. I assume that's because you have to kind of register different parts or different aspects of your costs with Department of Commerce and get it approved before you can get the rebate. And kind of walk us through how that's going to level the playing field or level margins and maybe address competition your product versus your competitors that build in Mexico.

然後你提到第 232 條將在 2026 年發揮更大的作用。我猜是因為你必須向商務部登記你成本的不同部分或不同方面，並獲得批准後才能獲得退稅。請您詳細介紹一下，這將如何創造公平的競爭環境或平衡利潤空間，並解決您的產品與在墨西哥生產的競爭對手之間的競爭問題。

Sure. Let me talk about the larger question about how the 232 tariff works and what specifically it's intended to do. And then I'll let Pat talk about what was the Q3 specific tariff impact to Wabash. So the 232 finding from the federal government was specifically framed around the steel and aluminum that is purchased and then incorporated into our non-US domestic competitors.

當然。讓我來談談關於232關稅如何運作以及其具體目的是什麼這個更大的問題。然後我會讓帕特談談第三季關稅對沃巴什的具體影響。因此，聯邦政府的第 232 條調查結果專門針對購買並用於我們非美國國內競爭對手的鋼鐵和鋁材。

So it doesn't take into account the full trailer cost structure. It's just the specific steel and aluminum content, both the base metal and then the aluminum and steel incorporated into the procured subassemblies as applicable.

所以它沒有考慮拖車的全部成本結構。指的是特定的鋼和鋁含量，包括基材以及採購的子組件中適用的鋁和鋼。

So the way we think about it is that once that ruling is done, and so we're roughly about 45 days old on that, you go through a period of language writing that makes up the literal tariff structure that will then be put in place. That typically takes multiple months to occur and then gets put in place over the course and for us, that would primarily be -- or for the industry in the first and somewhat second quarter.

所以我們的想法是，一旦裁決完成（目前大約還有 45 天），就會進入一段語言編寫期，這段編寫期將構成實際的關稅結構，然後實施。這通常需要幾個月的時間才能實現，然後逐步實施。對我們來說，這主要是在第一季度，或者對整個行業來說，主要是在第二季度。

That's when it starts to become real for the industry and for our competitors. And then you'll see a period of their decisions after that on how they manage it, in terms of how they look at pricing, how much they pass along to their customers, and then we'll respond accordingly. The 232, in this case, specifically, again, deals with steel and aluminum, it does not exactly level the playing field in all aspects that we're looking at in terms of the reality of how our competitors play in the marketplace.

那時，產業和我們的競爭對手才開始真正感受到問題的嚴重性。接下來，你會看到他們在一段時間內如何管理，包括他們如何看待定價，以及他們將多少成本轉嫁給客戶，然後我們會做出相應的反應。就此而言，第 232 條具體涉及鋼鐵和鋁，它並不能在我們所考察的各個方面，即我們的競爭對手在市場上的實際表現方面，完全創造一個公平的競爭環境。

Those are ongoing conversations that we're having on how best to deal with that going forward, specifically in the climate that we're in right now. That's why we say that the 232 will primarily have an impact to a degree in the latter half of 2026, really setting up primarily for the 2027 buying season.

這些都是我們正在進行的對話，旨在探討如何最好地應對未來的挑戰，尤其是在我們目前所處的這種環境下。這就是為什麼我們說 232 將在 2026 年下半年產生一定程度的影響，真正為 2027 年的購買季做好準備。

So Brent, quick question. Maybe it applies differently to trailers than the truck OEs. But I thought there was a rebate component of the 232 that could be used to offset the steel and aluminum tariff cost to US-based production or, let's say, the component of the parts that may come from outside the US that are tariff. I thought that was supposed to also help the US-based producing guys.

布倫特，問你個問題。或許它對拖車和卡車原廠製造商的適用情況有所不同。但我認為 232 號法令中有一項退稅條款，可以用來抵消美國本土生產的鋼鐵和鋁關稅成本，或者，比如說，抵消來自美國境外的零件的關稅成本。我以為這也有助於美國的製作人員。

That is a very unique construct that is specific to the steel and aluminum related tariffs that were part of the heavy-duty tractor-related, 232 binding. That is not applicable to the specific trailer 232 binding. Those are two different things. Our 232 binding is a much more traditional methodology and application.

這是一個非常獨特的結構，專門針對與重型拖拉機相關的 232 號約束條款中涉及的鋼鐵和鋁相關關稅。這並不適用於特定的 232 型拖車綁定。這是兩碼事。我們的 232 裝訂方式是一種更傳統的裝訂方法和應用。

Okay. So the real benefit to you is just leveling the playing field to some degree versus your competition that builds trailers in Mexico and around the US.

好的。因此，對你而言真正的好處在於，在某種程度上與在墨西哥和美國各地製造拖車的競爭對手相比，創造了一個公平的競爭環境。

And flipping follow up on your question about the third quarter.

還有，關於您提出的第三季的問題，我想做個後續跟進。

Yeah. So we've talked about it in the past couple of quarters about our ability to insulate Wabash from direct impact of tariffs because of our mostly domestic sourced position. That doesn't mean there isn't the secondary impacts where our vendors, some of our vendors are getting hit with tariffs and then passing those along to us or engaging in negotiations with our team to pass those along.

是的。因此，在過去的幾個季度裡，我們一直在討論，由於我們主要依靠國內採購，我們有能力使 Wabash 免受關稅的直接影響。但這並不意味著不會產生次要影響，我們的一些供應商可能會受到關稅的影響，然後他們將這些關稅轉嫁給我們，或與我們的團隊進行談判，將這些關稅轉嫁給我們。

So the estimate that we have for the Q3 actual results is about $1 million, but those would be not from direct tariffs to Wabash, but price increases from our vendors that were passed through to us related to tariffs that are being imposed on them. So that's a fairly minimal number for the third quarter. We would expect to see a similar number in the fourth quarter.

因此，我們對第三季實際業績的估計約為 100 萬美元，但這並非來自 Wabash 直接徵收的關稅，而是供應商因關稅而轉嫁給我們的價格上漲。所以第三季這個數字相當低。我們預計第四季的數據也將與之類似。

But then as we turn to 2026, we would expect those sorts of increases coming from our suppliers to increase into '26, and we're pricing our trailers and truck bodies accordingly with the anticipation of those second derivative tariffs coming to us get baked into our finished good price as well.

但到了 2026 年，我們預計供應商的這類漲幅會持續到 2026 年，因此我們也相應地調整了拖車和卡車車身的價格，預計這些二階導數關稅也計入我們的成品價格中。

Okay. And then one last follow-up. Just based on the guidance you're giving for fourth quarter on a revenue basis, $320 million at the midpoint, can you give us a rough idea of what the implied shipment count is beneath that in terms of you did 69-40 this quarter. What level in the fourth quarter would underlie that, that $320 million midpoint?

好的。最後還有一個後續問題。僅根據您對第四季度營收的預期（中位數為 3.2 億美元），您能否大致估算一下，如果本季您的出貨量為 69-40，那麼隱含的出貨量是多少？第四季達到什麼水準才能支撐3.2億美元的中點？

That is just the trailers, Jeff?

傑夫，那隻是預告片嗎？

Yeah, trailers and truck bodies, whatever you're comfortable.

是的，拖車和卡車車身，只要你覺得舒服就好。

Yeah. Truck bodies will be less than Q3, significantly less. We did roughly 3,000. We're looking at probably around 2,000 in the fourth quarter. That will be the biggest impact sequentially from Q3 to Q4.

是的。卡車車身數量將少於第三季度，而且會大幅減少。我們大約做了3000次。我們預計第四季可能會達到 2000 人左右。從第三季到第四季度，這將是影響最大的一個季度。

Okay. And then for trailer deliveries?

好的。那麼，拖車運輸呢？

It will be slightly lower. I don't have an exact number that I could give you right now.

會略低一些。我現在無法給你一個確切的數字。

No, that's fine. I was just looking for a little ballpark there.

不，沒關係。我當時只是想找個小棒球場。

Mike Shlisky, D.A. Davidson.

麥克‧施利斯基，D.A.戴維森。

As I look to some of the data in the market and talk to some folks, if there's a bright spot in the trailer market right now, it's in platform trailers. I'm not exactly sure, Brent, if you have any commentary as to what's behind that, whether it's either under construction and some of the large components needed to ship or people are anticipating an off-highway machinery improvement next year that would need more of these kind of trailers or what?

當我查看一些市場數據並與一些人交談後，我發現，如果說目前拖車市場有什麼亮點的話，那就是平台拖車了。布倫特，我不太確定，你對此有什麼看法？是正在建設中，需要運輸一些大型零件，還是人們預計明年非公路機械會有改進，需要更多這類拖車？

I'd be curious whether you're participating in that kind of upside, if that's been a bright spot for you as well. I know it's a somewhat small size of the business, but any commentary you can tell us about how you might be able to find some growth in platforms in the near term, that would be helpful.

我很想知道你是否也享受到了這種好處，如果這對你來說也是一大亮點的話。我知道這家公司規模比較小，但如果您能就如何在短期內透過平台成長提供一些見解，那將對我們很有幫助。

Sure. So for the platform business, that was a business that led into the freight recession almost 2.5, three years ago. It has been stable. There are absolutely some tailwinds that are starting to form, and there is a significant amount of customer rhetoric. We just got back from ATA, and it was there. There is some belief across that customer base that we could see a meaningful uptick in freight demand within the Platform segment.

當然。所以對於平台業務而言，這項業務在大約2.5到3年前的貨運衰退中發揮了重要作用。它一直很穩定。確實有一些有利因素正在形成，而且客戶的聲音也相當多。我們剛從ATA回來，它就在那裡。該客戶群中有些人認為，平台領域的貨運需求可能會顯著成長。

Hopefully, that results, right, in trailer purchases. A big part of it is the AI data center alcohol-related infrastructure actions that are coming to fruition. You're seeing a further increase in just general infrastructure spending as permits, building permits that were issued 18, 24 months ago are now becoming actionable. And so we see those types of activities kind of coming into the forecast for that specific segment. We look for --

希望這能帶來拖車銷售的成長。其中很大一部分是人工智慧資料中心與酒精相關的基礎設施行動正在取得成果。你會看到一般基礎設施支出進一步增加，因為 18、24 個月前簽發的建築許可證現在都已生效。因此，我們看到這類活動逐漸出現在該特定細分市場的預測中。我們尋找--

Hello? Did I lose you guys? Can you hear me?

你好？我跟你們走散了嗎？你聽得到我嗎？

This is the operator. I apologize but there will be a slight delay in today's call.

這是操作員。很抱歉，今天的電話會議會稍微延遲。

So I'm not sure where we got cut off, but let me follow up and ask that we fully address your question.

我不太確定我們在哪裡被中斷了，但請允許我跟進一下，確保我們能夠完整地回答您的問題。

Yeah, I sound like, hey, is going well in platforms. There's some specifics there on data centers and infrastructure. All sounds great. What I did want to just get the final part of the answer was how is Wabash capitalizing? Are you seeing the orders increase at least for that part of the business currently? And maybe --

是的，聽起來好像，嘿，在平台上發展得很好。其中包含一些關於資料中心和基礎設施的具體資訊。聽起來都很棒。我想知道的最後一個問題是：Wabash 如何利用這項優勢？目前您是否看到至少該部分業務的訂單量增加？或許--

Where we're at right now is that we absolutely see it stabilizing the momentum that we've relatively had throughout 2025. I would say right now, we are in the quoting and discussion phase of how our customers are interpreting where they think the market is going, specifically in platforms in 2026. Those look to be, we'll call it, beneficial at this point, but we have to work those through the actual sales process to get those back into the backlog.

就目前的情況來看，我們完全可以看到它正在穩定我們在 2025 年所取得的相對良好的發展勢頭。我認為目前我們正處於報價和討論階段，了解我們的客戶如何解讀他們認為市場的發展方向，特別是 2026 年的平台發展方向。目前看來，這些產品似乎是有益的，但我們必須透過實際的銷售流程才能將它們重新納入待辦事項清單。

Got you. Great. And then I just wanted to touch on the orders you've gotten so far last month or the last few weeks here in the fourth quarter. Pricing-wise, are you seeing any major trends there? Are people really asking -- are you getting a lot of pushback on price and you even raise price, et cetera? Just get a sense for the kind of environment there.

抓到你了。偉大的。然後，我想簡單談談你們上個月或最近幾週，也就是第四季度，所收到的訂單狀況。從價格方面來看，你觀察到什麼主要趨勢嗎？人們真的會問——你是不是在價格方面遇到了很多阻力，甚至還提高了價格等等？感受一下那裡的環境就行了。

Yeah, I would say the pricing environment is exactly what we thought it would be going into 2026. There are aspects of the market, certain products with I'll call it, certain industry niches that there are opportunities to have some level of, we'll call positive pricing influence.

是的，我認為目前的定價環境與我們預期的2026年情況完全一致。市場中存在一些方面，某些產品，我稱之為某些行業細分領域，在這些方面存在著一定程度的，我們稱之為積極的定價影響力的機會。

There are absolutely areas that there is a holding of serve in terms of just generally lower ASPs as compared to maybe where we were 18 months ago, but it is appropriate for what we would expect for the market as forecasted in 2026 sitting here right now.

確實有一些領域存在服務水準下降的情況，例如與 18 個月前相比，平均售價普遍較低，但這與我們目前對 2026 年市場的預測相符。

Got you. And then maybe one last one. I guess I was curious, you touched on it in your comments about some fleet some fleets kind of winding down business. I know some of these are beloved customers or long-time customers. I've been seeing a little bit of that, too, just looking at social media, people kind of starting off, things of that nature. But can you quantify -- I mean, if you can ballpark what percent of maybe the national trailer fleet has maybe taken a step back? And how far along do you think we are as far as what inning we're in or what quarter we're in to seeing the correct national fleet go forward?

抓到你了。然後，或許還有最後一個。我猜我只是好奇，你在評論中提到了一些車隊正在逐步停止運作。我知道其中一些是我們非常喜愛的老顧客或長期顧客。我也看到了一些類似的情況，看看社群媒體，人們開始創業，諸如此類的事情。但是你能量化一下嗎——我的意思是，你能大致估算一下全國拖車車隊中可能有多少百分比的拖車數量有所下降嗎？那麼，您認為我們距離看到正確的國家艦隊向前發展還有多遠？大概處於哪個階段或哪個季度？

I want to make sure I'm perfectly clear on your question. You're talking about where are we at in terms of the ongoing, we'll call it, fleet construct as capacity comes out of the market?

我想確認一下我是否完全理解了你的問題。您指的是隨著市場產能的減少，我們目前在進行所謂的「車隊建設」方面處於什麼階段？

Yes. I hate to use the word fleet bankruptcies, but I just want to make sure is how far along are we to find the correct national fleet size?

是的。我不太喜歡用「艦隊破產」這個詞，但我只是想確認一下，我們在確定正確的國家艦隊規模方面進展到什麼程度了？

We'll call it fleet rightsizing. So I think we are going to see a fairly measurable -- I don't want to necessarily use the word substantial because it's relative, but a meaningful level of capacity come out of the market over the next six months at a faster rate than what we have seen over the previous six, which was faster than the six before that. And I think we are right at that level where we can break through a level of equilibrium and begin to create some positive influences in the overall freight pricing dynamics, which our customers desperately need, and we'd be very thankful for.

我們姑且稱之為車隊規模調整。所以我認為，在接下來的六個月裡，我們將看到相當可衡量的——我不想一定要用「實質」這個詞，因為它是相對的——但確實會有相當數量的產能從市場上退出，其速度比過去六個月更快，而過去六個月的速度又比再前六個月更快。我認為我們正處於能夠突破平衡狀態並開始對整體貨運定價動態產生一些積極影響的階段，這是我們的客戶迫切需要的，我們將對此感到非常感激。

The -- we'll call it, underlying information and data is showing this. We see through the data that we talked to. And again, we just came from ATA we somewhat got it from the horse's mouth that the data that they track is also creating some optimism on their part that if sustained, can absolutely begin to tilt the market in the first half of -- begin to tilt the market meaningfully in the first half of 2026, changing the freight lands into the latter half of '26.

——我們姑且稱之為——底層資訊和數據表明了這一點。我們透過我們所接觸的數據看到了這一點。而且，我們剛從美國航空運輸協會 (ATA) 那裡了解到，他們追蹤的數據也讓他們感到樂觀，如果這種樂觀情緒能夠持續下去，絕對可以在 2026 年上半年開始顯著地改變市場格局，並在 2026 年下半年改變貨運格局。

If we start seeing fleets file do you anticipate a period of transition where there's asset liquidation has to take place first of some generally used units prior to new?

如果我們開始看到車隊提交報廢申請，您是否預計會出現一個過渡期，在此期間，一些常用車輛必須先進行資產清算，然後再購買新車？

No. Because I mean, there can be some, I won't call it reconciliation of assets. But honestly, most of the carriers that tend to fall out at this stage are already -- they're past the first and second level use of these assets. So they play within a different market that we are very much arm's distance away from. So we see much less of an impact.

不。因為我的意思是，可能會有一些，我不會稱之為資產核對。但說實話，在這個階段退出的大多數營運商已經——他們已經過了使用這些資產的第一級和第二級階段。所以他們所處的市場與我們相距甚遠。因此，我們看到的影響要小得多。

What will primarily be the case is that as they see that meaningful level of capacity come out, our customers are just on the level of anxiety in terms of their lack of keeping up with replacement and cost per mile management is significant. They just need to know that they -- that it is a solid investment to begin to replace and to make up for the gap in replacement for them to begin to meaningfully come to the table with asset purchases as early as mid-year 2026.

主要情況是，隨著產能顯著提升，我們的客戶會因為無法及時更換車輛而感到焦慮，每英里的成本管理也至關重要。他們只需要知道，這是一項穩健的投資，可以開始替換現有資產，彌補替換方面的差距，以便他們最早在 2026 年年中開始有意義地參與資產購買。

That's all we're looking for right now. And I think that's where most of the, we'll call it, precipitated activity will be for us when we see this capacity come out. And that's before we even get into a growth conversation. Let's say that for 2027, just coming back to replacement and beginning to chew into replacement has very meaningful impact for us in terms of volume, not only now for vans, but for truck bodies, tanks and platforms. So it really serves itself up for a very interesting point acceleration as this capacity comes out.

這就是我們目前所需要的全部。我認為，當我們看到這種產能釋放出來時，大部分的，我們姑且稱之為，突發性活動將會發生在這裡。而這還沒涉及到成長方面的討論。假設到 2027 年，重新開始進行替換並著手處理替換工作，對我們而言，無論從數量上看，都將產生非常有意義的影響，不僅是現在的貨車，還有卡車車身、罐體和平台。因此，隨著這種能力的展現，它確實為一次非常有趣的加速提供了可能。

And that will conclude our question-and-answer session. I'll hand the call back to Jacob Page for any closing comments.

我們的問答環節到此結束。我將把電話轉回給雅各·佩奇，讓他做最後的總結發言。

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

感謝各位今天蒞臨。我們期待在本季內繼續跟進。祝你有美好的一天。謝謝。

This concludes today's call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。