WillScot Holdings Corp (WSC) 2023 Q1 法說會逐字稿

Welcome to the First Quarter 2023 WillScot Mobile Mini Earnings Conference Call. My name is Amy, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded.

歡迎來到 2023 年第一季度 WillScot 移動迷你收益電話會議。我叫艾米，我將是您今天電話的接線員。 （操作員說明）請注意，正在錄製此會議。

I would now like to turn the call over to Nick Girardi, Senior Director of Treasury and Investor Relations. Nick, you may begin.

我現在想把電話轉給財政部和投資者關係高級總監尼克吉拉迪。尼克，你可以開始了。

Good morning, and welcome to the WillScot Mobile Mini First Quarter 2023 Earnings Call. Participants on today's call include Brad Soultz, Chief Executive Officer; and Tim Boswell, President and Chief Financial Officer.

早上好，歡迎來到 WillScot Mobile Mini 2023 年第一季度收益電話會議。今天電話會議的參與者包括首席執行官 Brad Soultz；總裁兼首席財務官 Tim Boswell。

Today's presentation material may be found on the Investor Relations section of the WillScot Mobile Mini website. Slide 2 contains our safe harbor statement.

今天的演示材料可以在 WillScot Mobile Mini 網站的投資者關係部分找到。幻燈片 2 包含我們的安全港聲明。

We will be making forward-looking statements during the presentation and our Q&A session. Our business and operations are subject to a variety of risks and uncertainties, many of which are beyond our control.

我們將在演示和問答環節中做出前瞻性陳述。我們的業務和運營受到各種風險和不確定性的影響，其中許多是我們無法控制的。

As a result, our actual results may differ materially from today's comments. For a more complete description of the factors that could cause actual results to differ and other possible risks, please refer to the safe harbor statement in our presentation and our filings with the SEC.

因此，我們的實際結果可能與今天的評論存在重大差異。有關可能導致實際結果不同的因素和其他可能風險的更完整描述，請參閱我們的演示文稿和我們提交給美國證券交易委員會的文件中的安全港聲明。

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

有了這個，我會把電話轉給 Brad Soultz。

Thanks, Nick. Good morning, everyone, and thank you for joining us today. I'm Brad Soultz, CEO of WillScot Mobile Mini. WillScot Mobile Mini is a North American leader in innovative and flexible total space solutions. In Q1 of 2023, we continued to execute our idiosyncratic growth levers combined with capital discipline and outstanding operational efficiency, which support our improved 2023 outlook of over $1 billion of adjusted EBITDA.

謝謝，尼克。大家早上好，感謝您今天加入我們。我是 WillScot Mobile Mini 的首席執行官 Brad Soultz。 WillScot Mobile Mini 是北美創新和靈活的整體空間解決方案的領導者。 2023 年第一季度，我們繼續執行我們的特殊增長槓桿，結合資本紀律和出色的運營效率，支持我們改善 2023 年調整後 EBITDA 超過 10 億美元的前景。

During the quarter, we grew revenue by 25% and adjusted EBITDA by 47%, driven by strong VAPS penetration and rate optimization. And with a company record of 17% return on invested capital over the last 12 months and a free cash flow margin of 18% in the quarter, we pursued our strategy with smart capital discipline, including acquisitions of up to $80 million and $216 million of share repurchases.

本季度，在強大的 VAPS 滲透率和費率優化的推動下，我們的收入增長了 25%，EBITDA 調整了 47%。憑藉過去 12 個月 17% 的投資資本回報率和本季度 18% 的自由現金流利潤率的公司記錄，我們以明智的資本紀律奉行我們的戰略，包括收購高達 8000 萬美元和 2.16 億美元的股份回購。

Turning to Slide 16, I'll share a quick growth lever update. Our value-added products initiatives represent over $500 million of $1 billion of idiosyncratic growth levers, and we made great progress across both segments. Our track record and modular has proven as well as over the last 10 years, we've delivered over an 18% compound annual growth in our VAPS average monthly rates.

轉到幻燈片 16，我將分享一個快速增長槓桿更新。我們的增值產品計劃代表了 10 億美元的特殊增長槓桿中的 5 億美元，我們在這兩個領域都取得了長足的進步。我們的業績記錄和模塊化已經證明，在過去 10 年中，我們的 VAPS 平均月費率實現了超過 18% 的複合年增長率。

We're also beginning to see benefits from VAPS in our Storage Solutions segment. VAPS revenue in this segment in the first quarter was $22 million, up 60% year-over-year, and we believe that this is just the beginning of a differentiated, long in duration and high-growth value driver that is entirely in our control.

我們也開始在我們的存儲解決方案領域看到 VAPS 帶來的好處。第一季度該細分市場的 VAPS 收入為 2200 萬美元，同比增長 60%，我們認為這只是差異化、持續時間長、高增長的價值驅動的開始，完全在我們的掌控之中.

Tim will unpack this a bit later in his section. Otherwise, the engineer in me could consume the entire call with my exuberance associated with our basic offering of lights, shelving and pipe racks for portable storage units as well as many new products under development.

Tim 稍後將在他的部分中對此進行解壓。否則，我這個工程師可能會在整個通話過程中沉浸在與我們為便攜式存儲單元提供的燈、架子和管架以及許多正在開發的新產品相關的基本產品中。

Those of you who visited us CONEXPO in March saw our new premium storage offering which will take this to a whole new level. Based upon robust testing and early customer feedback, we're on track for our planned to launch of this premium offering beginning in test markets this summer.

那些在 3 月份參觀過我們的 CONEXPO 的人看到了我們新的高級存儲產品，這將把它提升到一個全新的水平。基於可靠的測試和早期的客戶反饋，我們正按計劃於今年夏天在測試市場推出這一優質產品。

We're following an established playbook that we've developed over the last decade in Modular with exciting results, and our turnkey value proposition is obviously continuing to resonate with our customers.

我們正在遵循我們在過去十年中在模塊化領域開發的既定劇本，並取得了令人興奮的成果，而且我們的交鑰匙價值主張顯然繼續與我們的客戶產生共鳴。

Now pricing, supported by VAPS, continued to contribute meaningfully to our Q1 2023 results. Our modular products continue to drive an approximate 30% spread between the delivered rates on units over the last 12 months and the average of the portfolio.

現在，在 VAPS 的支持下，定價繼續對我們 2023 年第一季度的業績做出有意義的貢獻。我們的模塊化產品繼續推動過去 12 個月的單位交付率與投資組合平均值之間的差距約為 30%。

Our Storage segment continues to leverage our unique and expansive product offering, our in-house logistics capability, our price management tools and processes, and while still relatively small, a VAPS offering that will drive growth for years to come.

我們的存儲部門繼續利用我們獨特而廣泛的產品供應、我們的內部物流能力、我們的價格管理工具和流程，以及雖然仍然相對較小，但將推動未來幾年增長的 VAPS 產品。

Our confidence in delivering double-digit rate growth across both segments is not grounded in hope. Rather, it's largely embedded in the current spreads we enjoy between spot rates of recently delivered units and our portfolio average, and the spot markets continue to trend favorably. We're a very small spend for our customers, and we've transformed our value proposition to provide more value to them.

我們對這兩個細分市場實現兩位數增長率的信心並非基於希望。相反，它主要嵌入在我們最近交付的單位的即期匯率與我們的投資組合平均值之間的當前價差中，並且現貨市場繼續呈有利趨勢。我們對我們的客戶來說是一筆非常小的支出，我們已經改變了我們的價值主張，為他們提供更多價值。

We've been delivering double-digit rate growth in modular for well over 5 years. And while input and equipment costs have increased meaningfully over the last couple of years, they're not the driver for this trajectory. Rather, they will provide support for a continuation.

5 年多來，我們一直在模塊化領域實現兩位數的增長率。儘管在過去幾年中投入和設備成本顯著增加，但它們並不是這條軌蹟的驅動力。相反，他們將為延續提供支持。

And as discussed in our 2021 Investor Day, an important milestone in our strategy to improve organic market penetration with the optimization of our 2 disparate customer relationship management, or CRM, systems.

正如我們在 2021 年投資者日所討論的那樣，這是我們通過優化兩個不同的客戶關係管理或 CRM 系統來提高有機市場滲透率戰略的一個重要里程碑。

I'm excited to confirm that we achieved that milestone in early February. Our entire team, including 500 sales reps and many more customer service professionals, now have clear visibility into the activity of our more than 85,000 unique customers.

我很高興地確認我們在 2 月初實現了這一里程碑。我們的整個團隊，包括 500 名銷售代表和更多的客戶服務專業人員，現在可以清楚地了解我們超過 85,000 名獨特客戶的活動。

The combined CRM system will serve to further enhance sales productivity and cross-selling with better digital marketing and predictive analytics which will allow us to accelerate cross-selling, and most importantly, provide a seamless and efficient customer experience.

合併後的 CRM 系統將通過更好的數字營銷和預測分析進一步提高銷售效率和交叉銷售，這將使我們能夠加速交叉銷售，最重要的是，提供無縫和高效的客戶體驗。

Our team has clearly made demonstrate-able progress in the first quarter across each of the 5 aspects of our portfolio of the $1 billion of idiosyncratic growth levers, as evident in the continued VAPS price momentum, the successful CRM harmonization, Q1 logistics margins, EBITDA expansion and continued disciplined M&A activity.

我們的團隊在第一季度在我們 10 億美元的特殊增長槓桿的投資組合的 5 個方面中的每一個方面都取得了明顯的進展，這體現在持續的 VAPS 價格勢頭、成功的 CRM 協調、第一季度物流利潤率、EBITDA擴張和持續的有紀律的併購活動。

This team's execution, underpinned by long lease durations, is the basis for our confidence in our ability to continue to drive growth for years to come, which is certainly not dependent on end market expansions.

這個團隊的執行力，以長租期為支撐，是我們對未來幾年繼續推動增長的能力充滿信心的基礎，這當然不依賴於終端市場擴張。

Turning back to Slide 10. We provide our turnkey solutions across 15 diverse end markets across all of North America. It is critical to appreciate that units on rent do not move fast in our business, as units on rent are ultimately governed by 3-year lease durations, which correspond to product duration.

回到幻燈片 10。我們在整個北美 15 個不同的終端市場提供交鑰匙解決方案。至關重要的是要認識到出租單位在我們的業務中不會快速移動，因為出租單位最終受 3 年租賃期限的約束，這與產品期限相對應。

End market demand for the actual number of new units and storage units we deploy each month is the only aspect of our portfolio which we do not have full control over.

終端市場對我們每月部署的新單元和存儲單元的實際數量的需求是我們產品組合中我們無法完全控制的唯一方面。

We do operate a robust zero-based capital allocation process, through which, we systematically and routinely adjust fleet and people investments across our diverse end markets and geographies based on actual demand from new activations every 90 days. It's not a new playbook. Rather, it's what we do, and we are very good at it.

我們確實運行著一個強大的零基資本配置流程，通過該流程，我們每 90 天根據新激活的實際需求，系統地、定期地調整我們不同終端市場和地區的車隊和人員投資。這不是一本新劇本。相反，這是我們所做的，而且我們非常擅長。

You recall that we took a more cautious approach to our original 2023 volume outlook, citing uncertainty with respect to tightening finance conditions, our customers' labor constraints, ABI indicators, uncertainty with respect to the number of larger retail store remodels and continued softness in Canada. In short, not a lot has changed.

您還記得我們對最初的 2023 年銷量前景採取了更為謹慎的態度，理由是金融條件收緊、我們客戶的勞動力限制、ABI 指標、大型零售店改造數量的不確定性以及加拿大持續疲軟等方面的不確定性.簡而言之，變化不大。

While our consolidated units on rent in the first quarter were up year-over-year, and there's certainly no new concerns, we now have better visibility in the demand through the next couple of quarters, and it's apparent that our initial caution was both prudent and balanced. We'll stay focused on the top line and bottom line levers that are within our control and which are substantial.

雖然我們第一季度的綜合租金同比上漲，而且肯定沒有新的擔憂，但我們現在對接下來幾個季度的需求有了更好的了解，很明顯我們最初的謹慎是謹慎的和平衡。我們將繼續專注於我們控制範圍內且重要的頂線和底線槓桿。

I would offer the following update considering the underlying macroeconomic factors that influence our demand, as well as relative leading indicators, the most important of which is feedback from our customers.

考慮到影響我們需求的潛在宏觀經濟因素以及相關領先指標，我將提供以下更新，其中最重要的是來自客戶的反饋。

First, the ABI Index recently turned positive following 5 months below 50. The ABI, as a reminder, has been a good indication of modular activation 9 to 18 months out.

首先，ABI 指數在連續 5 個月低於 50 後最近轉為正值。作為提醒，ABI 一直是 9 到 18 個月後模塊激活的良好指示。

Second, our larger (inaudible) contractor's customer backlogs remain robust, although many are facing labor constraints which may slightly impact their ability to complete ongoing projects and start new projects according to original time lines.

其次，我們較大的（聽不清）承包商的客戶積壓情況仍然強勁，儘管許多人面臨勞動力限制，這可能會略微影響他們完成正在進行的項目並根據原定時間表啟動新項目的能力。

And third, consistent with our concerns earlier in the quarter, many of the retail store remodels have been deferred to 2024, such that we expect an approximate 10,000 portable storage unit owner a headwind and across the retail sector in Q2 and Q3 of this year versus prior year as well as a corresponding tailwind in 2024.

第三，與我們在本季度早些時候的擔憂一致，許多零售店改造已推遲到 2024 年，因此我們預計今年第二季度和第三季度整個零售行業將有大約 10,000 名便攜式存儲單元所有者遭遇逆風前一年以及 2024 年的相應順風。

So while we continue to maintain our balanced outlook with respect to end market demand through the balance of 2023. We're excited about the potential tailwinds associated with onshoring and reshoring infrastructure projects that we expect to further accelerate heading into 2024 and persist for several years to come.

因此，儘管我們在 2023 年剩餘時間內繼續保持對終端市場需求的平衡展望。我們對與回岸和回岸基礎設施項目相關的潛在順風感到興奮，我們預計這些項目將進一步加速進入 2024 年並持續數年來。

Large-scale reshoring projects have already been breaking ground across North America, which represent material and long-duration opportunities to deploy our expansive services.

大型回流項目已經在北美破土動工，這代表了部署我們廣泛服務的物質和長期機會。

We are actively participating and bidding on multi -- multiple billion-dollar projects in sectors such as advanced materials, chemicals, power gen, renewables, electric vehicles and semiconductors to name a few.

我們正在積極參與和競標先進材料、化學品、發電、可再生能源、電動汽車和半導體等領域的數十億美元項目。

We're already positioned -- we are uniquely positioned to provide complex value-added total space solutions to our customers with our unrivaled scale product offering and capabilities.

我們已經定位——我們具有獨特的定位，可以通過我們無與倫比的規模產品和能力為我們的客戶提供複雜的增值整體空間解決方案。

Now given this demand outlook, our long lease durations, our differentiated value prop and the $1 billion of idiosyncratic growth levers that are largely under our control, we'll easily eclipse our $1 billion adjusted EBITDA milestone in 2023, and we're on track to achieve all of the long-term financial goals that we established just 18 months ago.

現在，鑑於這種需求前景、我們的長期租賃期限、我們的差異化價值支撐以及在很大程度上由我們控制的 10 億美元的特殊增長槓桿，我們將在 2023 年輕鬆超過 10 億美元的調整後 EBITDA 里程碑，並且我們正在走上正軌實現我們 18 個月前製定的所有長期財務目標。

With that, I'll turn the call over to Tim for more detail on the Q1 results and our updated outlook.

有了這個，我會把電話轉給蒂姆，了解更多關於第一季度結果和我們更新的展望的細節。

Thank you, Brad, and good morning, everyone. Page 21 shows a high-level summary of the quarter. Before I jump in, I will remind everyone that the results from the divested Tank and Pump and U.K. Storage segments are reported as discontinued operations in all periods.

謝謝你，布拉德，大家早上好。第 21 頁顯示了該季度的高級摘要。在我開始之前，我會提醒大家，剝離的 Tank and Pump 和 U.K. Storage 部門的結果在所有期間都被報告為停產業務。

I will also point out that in Q1, we transferred approximately 6,000 ground level offices, or GLOs, from our Modular Solutions segment to our Storage Solutions segment. We have consolidated all of our containerized products within the legacy Mobile Mini branch infrastructure, which makes perfect sense, both operationally and commercially.

我還要指出，在第一季度，我們將大約 6,000 個地面辦公室或 GLO 從我們的模塊化解決方案部門轉移到我們的存儲解決方案部門。我們已將我們所有的容器化產品整合到遺留的 Mobile Mini 分支機構基礎設施中，這在運營和商業上都非常有意義。

We updated all historical segment financials and KPIs to reflect this integration. So you'll see some changes in the segment metrics, but the year-over-year comparisons are all meaningful, and it does not change the trajectory of either segment materially and obviously doesn't impact consolidated financial results.

我們更新了所有歷史分部財務和 KPI 以反映這種整合。所以你會看到細分指標的一些變化，但同比比較都是有意義的，它不會實質性地改變任何一個細分市場的軌跡，顯然不會影響綜合財務業績。

With that said, Q1 2023 was a great quarter. We saw consistent contributions from pricing, value-added products and volumes and frankly had superb results across all financial metrics.

話雖如此，2023 年第一季度是一個很棒的季度。我們看到了定價、增值產品和銷量的持續貢獻，坦率地說，在所有財務指標上都取得了出色的成績。

Modular unit average monthly rate increased 20% year-over-year and portable storage unit average monthly rate was up 30% on a consolidated basis. Rate is one of the areas where we see upside in the remainder of this year, which in turn creates multiyear tailwinds into 2024 and beyond.

模塊化單元平均月費率同比增長 20%，便攜式存儲單元平均月費率綜合增長 30%。利率是我們在今年剩餘時間內看到上漲的領域之一，這反過來又會在 2024 年及以後創造多年順風。

Value-added products support our ability to capture rate, differentiate us from our competitors and are an example of the powerful organic growth strategies that we are executing with clear and tangible results.

增值產品支持我們獲取利率的能力，使我們與競爭對手區分開來，並且是我們正在執行的強大有機增長戰略的一個例子，並取得了明確而切實的成果。

We updated Page 13 to show the VAPS revenue opportunity across both our modular segment and our ground level office fleets, which is new disclosure, and details $400 million of highly credible growth across these products. And growth from our recently introduced value-added products for containers will be incremental, bringing us closer to a $500 million prospective opportunity.

我們更新了第 13 頁以顯示 VAPS 在我們的模塊化部分和我們的地面辦公室車隊中的收入機會，這是新的披露，並詳細說明了這些產品的 4 億美元的高度可信增長。我們最近推出的容器增值產品的增長將是漸進的，使我們更接近 5 億美元的潛在機會。

If we just look at margin dollars from value-added products in our Storage segment back in 2020, at the time of acquisition, we were generating approximately $22 million annually. That doubled to $47 million in 2022 and will triple to over $65 million in 2023 in our guidance.

如果我們只看 2020 年存儲部門增值產品的利潤率，在收購時，我們每年產生大約 2200 萬美元。根據我們的指導，這一數字在 2022 年翻了一番，達到 4700 萬美元，到 2023 年將增加兩倍，超過 6500 萬美元。

As Brad mentioned, our Q1 VAPS revenue in the storage segment of $22 million was up 66% year-over-year. So the rate of change is both impressive and undeniable. This is a clear multiyear growth lever in our storage segment. It is a clear example of how we add value to our acquisitions, and we are clearly creating incremental value for our new customers in the process.

正如 Brad 所提到的，我們在存儲領域的第一季度 VAPS 收入為 2200 萬美元，同比增長 66%。因此，變化的速度既令人印象深刻又無可否認。這是我們存儲領域的一個明顯的多年增長槓桿。這是我們如何為收購增加價值的一個明顯例子，而且我們顯然正在為我們的新客戶在這個過程中創造增量價值。

Back to the financial metrics on Page 20. They're all incredibly strong. Leasing revenue was up 25% for all of the reasons I just mentioned. Adjusted EBITDA margins were up 650 basis points year-over-year. Free cash flow margins expanding into the high teens and return on invested capital is expanding to record levels, hitting 17% for the quarter, up 570 basis points versus prior year.

回到第 20 頁的財務指標。它們都非常強大。由於我剛才提到的所有原因，租賃收入增長了 25%。調整後的 EBITDA 利潤率同比增長 650 個基點。自由現金流利潤率擴大到十幾歲，投資資本回報率擴大到創紀錄的水平，本季度達到 17%，比去年同期高 570 個基點。

We've deleveraged to 3.0x net debt to adjusted EBITDA, and we bought back nearly 10% of our stock in the last 12 months given our confidence in both our short- and long-term outlooks. These results showcase the value of our predictable sequentially compounding reoccurring revenues, our idiosyncratic growth strategy, our cost discipline and our value-accretive capital allocation framework.

考慮到我們對短期和長期前景的信心，我們已將淨債務減至調整後 EBITDA 的 3.0 倍，並且在過去 12 個月中回購了近 10% 的股票。這些結果展示了我們可預測的連續複合經常性收入的價值、我們獨特的增長戰略、我們的成本紀律和我們的增值資本配置框架。

Page 22 lays out revenue and adjusted EBITDA for the quarter. We've already talked about the commercial KPIs which drove revenue up 25% to $565 million. In the bottom-right chart, you can see the normal seasonal decline sequentially from Q4 into Q1, driven by our seasonal retail business.

第 22 頁列出了本季度的收入和調整後的 EBITDA。我們已經討論了推動收入增長 25% 至 5.65 億美元的商業 KPI。在右下角的圖表中，您可以看到在我們的季節性零售業務的推動下，從第四季度到第一季度的正常季節性下降。

Leasing revenues will grow sequentially into Q2 and increased sequentially each quarter thereafter, in line with our guidance. Cost management and margin performance have been outstanding and better than we expected to start the year, and we're seeing favorability in 4 key areas that are causing margins to go up both in Q1 and in our guidance.

根據我們的指引，租賃收入將連續增長到第二季度，此後每個季度都將連續增長。成本管理和利潤率表現一直很出色，比我們今年年初的預期要好，我們看到 4 個關鍵領域的受歡迎程度導致第一季度和我們的指導中的利潤率上升。

First, now that we've been in SAP for almost 2 years, we've gotten much better visibility into the work orders and maintenance costs on our modular fleet. We're being more efficient with our spend and more consistent with that spend across our branch network. This is helping both gross margins and CapEx.

首先，既然我們已經在 SAP 工作了將近 2 年，我們對模塊化車隊的工作訂單和維護成本有了更好的了解。我們的支出效率更高，並且與整個分支機構網絡的支出更加一致。這有助於提高毛利率和資本支出。

Second, input inflation is easing on our maintenance materials. We have not yet seen input deflation, but inflation appears to have peaked in the second half of 2022. I said a year ago that we were incurring significant cost inflation and that the inflationary benefits from our rental rates would roll through the portfolio in time and that is exactly what's happening.

其次，我們的維護材料的投入通脹正在緩和。我們還沒有看到投入通縮，但通貨膨脹似乎在 2022 年下半年達到頂峰。我在一年前說過，我們正在經歷嚴重的成本通貨膨脹，我們的租金率帶來的通貨膨脹收益將及時通過投資組合滾動，這正是正在發生的事情。

Third, logistics margins have continued to improve and were up 1,200 basis points year-over-year in Q1. The gains are primarily driven by the value-based pricing strategies that we began in 2022 and we still have opportunities on the cost side, such as in-sourcing and route optimization, which we're actively working on and will have benefits in future periods.

第三，物流利潤率持續改善，第一季度同比增長 1,200 個基點。收益主要是由我們從 2022 年開始的基於價值的定價策略推動的，我們在成本方面仍有機會，例如內包和路線優化，我們正在積極開展這些工作並將在未來期間受益.

And lastly, SG&A is down 270 basis points as a percentage of revenue. So we're getting good operating leverage there. And looking forward, we have opportunity for further efficiencies now that we've consolidated both our ERP and our CRM systems.

最後，SG&A 佔收入的百分比下降了 270 個基點。所以我們在那裡獲得了良好的經營槓桿。展望未來，由於我們整合了 ERP 和 CRM 系統，我們有機會進一步提高效率。

All together, flow-through of revenue growth to EBITDA was 67% in the quarter, which is great. And most encouragingly, we can see quantifiable impact of our internal initiatives across every line in the P&L, all of which are within our control and give us a clear road map to deliver the guidance for 2023 and our run rate into 2024.

總之，本季度收入增長對 EBITDA 的影響為 67%，這非常好。最令人鼓舞的是，我們可以看到內部計劃對損益表中每一行的可量化影響，所有這些都在我們的控制範圍內，並為我們提供了一個清晰的路線圖，以提供 2023 年的指導和我們到 2024 年的運行率。

Turning to Page 23. Net cash provided by operating activities increased by 2% year-over-year to $149 million. These numbers are not adjusted for our 2 divestitures.

翻到第 23 頁。經營活動提供的現金淨額同比增長 2% 至 1.49 億美元。這些數字未針對我們的 2 次資產剝離進行調整。

So on a pro forma basis, cash from operating activities is growing significantly faster than 2% and should expand sequentially through the remainder of the year. Said another way, organic growth and acquisitions in our core segments have already replaced the prior year operating cash flows from our divested segments.

因此，在備考基礎上，來自經營活動的現金增長速度明顯快於 2%，並且應該會在今年餘下時間繼續擴大。換句話說，我們核心部門的有機增長和收購已經取代了上一年我們剝離部門的經營現金流。

I said on our Q3 call last year that capital expenditures would be down through at least Q1 just given the record investment levels in 2022 and the flexibility in our supply chain. At $46 million of net CapEx in Q1, we are basically operating at maintenance levels.

我在去年第三季度的電話會議上說過，考慮到 2022 年創紀錄的投資水平和我們供應鏈的靈活性，資本支出至少會在第一季度下降。第一季度的淨資本支出為 4600 萬美元，我們基本上處於維護水平。

Capital expenditures will, of course, go up into Q2 and Q3, though will be below both prior year levels and our original guidance given both the maintenance efficiencies I mentioned earlier and available capacity in the storage fleet resulting from the deferral of retail store remodels.

當然，資本支出將在第二季度和第三季度上升，但考慮到我之前提到的維護效率和零售店改造推遲導致的存儲車隊可用容量，將低於上年水平和我們最初的指導。

The implication, of course, is that this is going to be an outstanding year for free cash flow. Free cash flow of $103 million in Q1 was up 88% year-over-year.

當然，這意味著今年將是自由現金流出色的一年。第一季度的自由現金流為 1.03 億美元，同比增長 88%。

And again, that is not adjusted for the divestitures. So the Modular and Storage segments cash flowing extremely well heading into the remainder of the year. And in the current outlook, free cash flow should be north of $500 million.

同樣，這沒有針對資產剝離進行調整。因此，進入今年剩餘時間，模塊化和存儲部門的現金流非常好。在目前的展望中，自由現金流應該超過 5 億美元。

Turning to Page 24. We reduced leverage to 3.0x last 12 months adjusted EBITDA from continuing operations in Q1. As we said last quarter, we used the $418 million of U.K. divestiture proceeds to repay our ABL, creating capacity for other capital allocation opportunities. While the divestitures were onetime events, the bottom left chart illustrates the ability of our business to delever rapidly when we so choose.

翻到第 24 頁。我們將過去 12 個月的槓桿率從第一季度的持續經營業務調整後的 EBITDA 降低至 3.0 倍。正如我們上個季度所說，我們使用了 4.18 億美元的英國剝離收益來償還我們的 ABL，為其他資本配置機會創造了能力。雖然剝離是一次性事件，但左下方的圖表說明了我們的業務在我們選擇時迅速去槓桿化的能力。

Between free cash generation and predictable growth, we can reduce leverage by approximately a full turn in 12 months, which is one of the reasons we maintain the 3.0 to 3.5x target range. We're obviously at the very low end of that range. We're perfectly comfortable with the debt structure, and we have highly productive areas to deploy capital.

在產生自由現金和可預測的增長之間，我們可以在 12 個月內將槓桿率降低大約一整圈，這是我們維持 3.0 至 3.5 倍目標範圍的原因之一。我們顯然處於該範圍的低端。我們對債務結構非常滿意，而且我們擁有高產領域來部署資本。

Our weighted average pretax cost of debt is 5.7%. So increased cost of capital has not changed our capital allocation priorities at all. Our debt structure is 60% fixed rate accounting for the swap that we executed in January 2023, which got us back to our targeted fixed and floating mix. And our annualized cash interest run rate is approximately $168 million as of Q1 2023.

我們的加權平均稅前債務成本為 5.7%。因此，增加的資本成本根本沒有改變我們的資本分配優先順序。我們的債務結構是 60% 的固定利率占我們在 2023 年 1 月執行的掉期，這讓我們回到了我們的目標固定和浮動組合。截至 2023 年第一季度，我們的年化現金利率約為 1.68 億美元。

So we're at the bottom of our target leverage range. We have $1.1 billion of available liquidity in the ABL plus our internally generated cash flow, which is accelerating, and we have complete flexibility and appetite to pursue our capital allocation priorities.

因此，我們處於目標槓桿範圍的底部。我們在 ABL 中有 11 億美元的可用流動性，加上我們內部產生的現金流正在加速，我們有完全的靈活性和胃口來追求我們的資本配置優先事項。

Page 25 shows our capital allocation framework and our performance over the last 12 months. In the right-hand chart, our LTM capital deployment is very much in line with our framework with the divestitures driving additional deleveraging in the short term.

第 25 頁顯示了我們的資本配置框架和過去 12 個月的業績。在右側圖表中，我們的 LTM 資本部署與我們的框架非常一致，資產剝離在短期內推動了額外的去槓桿化。

I expect our results will revert back closer to the framework through the course of the year with no further deleveraging and likely stronger tuck-in acquisition volume.

我預計我們的結果將在今年恢復到更接近框架的水平，而不會進一步去槓桿化，並且收購量可能會增加。

During Q1, we closed 2 acquisitions for $80 million and expect to maintain or exceed that rate of reinvestment for the remainder of 2023. We also repurchased $216 million of our common stock, reducing our economic share count by 9.6% over the last 12 months, representing an extraordinary return to shareholders.

在第一季度，我們完成了 2 筆 8000 萬美元的收購，並預計在 2023 年剩餘時間內保持或超過該再投資率。我們還回購了 2.16 億美元的普通股，在過去 12 個月中我們的經濟份額減少了 9.6%，代表股東的超常回報。

Given the embedded earnings and cash flow growth in our portfolio, we are confident that the allocation of this capital will be significantly accretive to our long-term shareholders.

鑑於我們投資組合中的內含收益和現金流增長，我們相信這筆資本的分配將顯著增加我們的長期股東。

And Page 26 shows our updated guidance. Relative to prior expectations, we tightened our revenue outlook and are still centered on $2.4 billion of revenue for the year, which means that the business is compounding sequentially exactly as we expected it would.

第 26 頁顯示了我們更新後的指南。相對於之前的預期，我們收緊了收入前景，並且仍然以全年 24 億美元的收入為中心，這意味著該業務正按照我們的預期實現連續複合。

Most importantly, the guidance still implies a lease revenue run rate that is up 10% to 15% heading into 2024, which is what we primarily care about.

最重要的是，該指引仍然暗示到 2024 年租賃收入運行率將增長 10% 至 15%，這是我們最關心的。

We increased our adjusted EBITDA midpoint by $25 million to $1.025 billion to $1.075 billion, which is a function of our revenue performing as expected, combined with the cost and margin initiatives that I spoke about earlier.

我們將調整後的 EBITDA 中點增加了 2500 萬美元，達到 10.25 億美元，達到 10.75 億美元，這是我們收入表現符合預期，再加上我之前談到的成本和利潤計劃的結果。

And we do see margins running ahead of our original expectations through the remainder of the year, which gives us another strong tailwind for 2024.

我們確實看到在今年剩餘時間裡利潤率超過了我們最初的預期，這給了我們 2024 年的另一個強勁推動力。

We reduced our net CapEx range to $250 million to $300 million based on deferral of the storage segment retail remodels and the maintenance efficiencies in the Modular segment. We have not assumed any further acquisitions in our outlook. So M&A beyond that, which we closed in Q1, would be incremental.

基於存儲部門零售改造的推遲和模塊化部門的維護效率，我們將淨資本支出範圍減少到 2.5 億至 3 億美元。在我們的展望中，我們沒有假設任何進一步的收購。因此，我們在第一季度結束的除此之外的併購將是增量的。

Sequentially, I'd expect EBITDA to be relatively flat into Q2 and then accelerate into Q3 and Q4. Leasing costs will increase sequentially as delivery volumes increase into Q2 which should compress leasing margins, and delivery and installation margins could compress sequentially as we get a higher mix of delivery relative to return transportation revenue.

因此，我預計 EBITDA 將在第二季度相對持平，然後加速進入第三季度和第四季度。隨著交付量增加到第二季度，租賃成本將連續增加，這應該會壓縮租賃利潤率，並且交付和安裝利潤率可能會連續壓縮，因為我們獲得了相對於回程運輸收入的更高混合交付。

Overall, the midpoint of the EBITDA range implies 19% growth year-over-year and approximately 250 basis points of margin expansion which is on top of the 250 basis points of expansion that we delivered in 2022.

總體而言，EBITDA 範圍的中點意味著同比增長 19%，利潤率增加約 250 個基點，這是我們在 2022 年實現的 250 個基點的擴張。

And we'll deliver free cash flow in excess of the long-term milestone that we established 3 years ago when we underwrote the Mobile Mini acquisition, before COVID, before Ukraine and before this most recent round of recession fears.

我們將提供超過我們 3 年前建立的長期里程碑的自由現金流，當時我們承保了 Mobile Mini 的收購，在 COVID 之前，在烏克蘭之前以及在最近一輪的經濟衰退擔憂之前。

Most importantly, the guidance sets us up with a leasing revenue run rate that is up 10% to 15% heading into 2024 and with better margins given the forward visibility in our model, the business is compounding as expected.

最重要的是，該指南為我們設定了到 2024 年租賃收入運行率將增長 10% 至 15%，並且考慮到我們模型的前瞻性可見性，利潤率更高，業務正在按預期復合。

The fundamental drivers of this compounding are intentionally designed and within our control, and we will continue to execute our strategy to drive growth, expand return on invested capital and create value for our long-term shareholders.

這種複合的基本驅動力是有意設計的，並且在我們的控制範圍內，我們將繼續執行我們的戰略來推動增長，擴大投資資本回報並為我們的長期股東創造價值。

With that, Brad, I'll hand it back to you.

有了這個，布拉德，我會把它還給你。

Thanks, Tim. I would like to take a moment to thank our team for safely and frugally delivering yet another outstanding quarter and progressing each of our growth levers, all while successfully navigating our CRM system harmonization.

謝謝，蒂姆。我想花點時間感謝我們的團隊安全而節儉地交付了又一個出色的季度並推進了我們的每一個增長槓桿，同時成功地引導了我們的 CRM 系統協調。

We will easily eclipse our $1 billion adjusted EBITDA milestone in 2023, and we are on track to achieve all of the long-term financial targets that we established just 18 months ago.

我們將在 2023 年輕鬆超過 10 億美元的調整後 EBITDA 里程碑，我們有望實現我們在 18 個月前製定的所有長期財務目標。

I wish all of you listening today continued safety and good health. That concludes our prepared remarks. Operator, would you open the line for questions?

我祝愿今天聆聽的所有人繼續安全和身體健康。我們準備好的發言到此結束。接線員，你會打開問題嗎？

(Operator Instructions) And our first question is from Andy Wittmann with Baird.

（操作員說明）我們的第一個問題來自 Andy Wittmann 和 Baird。

I guess I would just start with trying to get a better sense of some of your leading indicators, in particular the order book, Brad. Obviously, the revenue line doesn't move very quickly at all in response to economic changes, but the order book is probably the best, I guess, derivative in terms of what you're seeing.

我想我會首先嘗試更好地了解您的一些領先指標，尤其是訂單簿，布拉德。顯然，收入線並沒有隨著經濟變化而變化得很快，但訂單可能是最好的，我想，就你所看到的而言，衍生品。

So I was hoping you could talk about what you're seeing? And if you could break it down a little bit, what you're seeing in Modular versus what you're seeing in Storage, and talk about some of the key cyclical end markets, including your construction-related customers.

所以我希望你能談談你所看到的？如果你能把它分解一點，你在模塊化中看到的與你在存儲中看到的，並談談一些關鍵的周期性終端市場，包括你的建築相關客戶。

Yes. As I said in my prepared comments, there's not a lot changed versus Q1. Our order book remains robust. Looking forward, we expect work order production, as an example in Modular, to be in line with our expectations 3 or 4 months ago.

是的。正如我在準備好的評論中所說，與第一季度相比變化不大。我們的訂單簿仍然強勁。展望未來，我們預計工單生產（以 Modular 為例）將符合我們 3 或 4 個月前的預期。

We are comping, as you mentioned, against record levels of 2022. The most notable change, if you will, Andy, is that attributed to the retail sector, primarily the store remodels.

正如您提到的，我們正在與 2022 年的創紀錄水平進行比較。安迪，如果您願意的話，最顯著的變化歸因於零售業，主要是商店改造。

And if you take the balance of the portfolio across Modular and Storage, non-resi construction in the commercial industrial sectors, we've been cautious.

而且，如果您在模塊化和存儲、商業工業領域的非電阻式建築之間取得投資組合的平衡，我們一直持謹慎態度。

I would not expect growth across the board in those sectors yet this year. Again, this is what we don't expect. We remain cautious. We've been very prudent here. We could see a bit, but we're well positioned irrespective of what these end markets present.

我預計今年這些行業不會全面增長。同樣，這是我們不期望的。我們保持謹慎。我們在這裡非常謹慎。我們可以看到一點，但無論這些終端市場呈現什麼，我們都處於有利地位。

Got it. And I thought maybe, just as a follow-up, I'd have you elaborate a little bit more on the comments about the EBITDA run rate trending up 10% to 15% in 2024. And I guess that's almost implicit in your guidance. You can kind of get there, that's what's included. But could you talk a little bit about what some of the puts and takes are regarding that?

知道了。我想也許，作為後續行動，我想讓你詳細說明一下關於 2024 年 EBITDA 運行率趨勢上升 10% 到 15% 的評論。我想這幾乎隱含在你的指導中。您可以到達那裡，這就是其中包含的內容。但是你能談談關於這方面的一些觀點嗎？

One of the things I heard, I think it was in Tim's comments, was that there was some rate upside that you're seeing. And so I was just wondering like how does that factor into your guidance, the rate upside for this year, as -- and is that included in how you're looking at 2024 at this early stage?

我聽到的其中一件事，我認為是在蒂姆的評論中，是你看到的利率有一些上升空間。所以我只是想知道這如何影響你的指導，今年的利率上升，以及 - 這是否包含在你對 2024 年早期階段的看法中？

Andy, this is Tim. It's a great question. And this is what we really spend our time managing, is how do we drive that sequential run rate into any future period? And to be clear, my comment was around the leasing revenue run rate.

安迪，這是蒂姆。這是一個很好的問題。這就是我們真正花時間管理的，我們如何將連續運行率推向任何未來時期？需要明確的是，我的評論是圍繞租賃收入運行率的。

So price times, volume times, value-added products across the combined business. As we get into Q4 going into next year, we see 10% to 15% growth going into 2024. And there aren't many businesses out there that I'm aware of that can say that with confidence. That's just a function of the lease duration and the predictability in our business model.

所以價格倍，量倍，增值產品跨越合併業務。隨著我們進入明年的第四季度，我們預計到 2024 年將增長 10% 到 15%。據我所知，沒有多少企業可以自信地說出這一點。這只是租賃期限和我們業務模型中可預測性的函數。

As Brad mentioned, the only real notable change in the guidance is the deferral of the retail store remodels in the Storage segment, for a variety of reasons, are pushing into 2024. And what we have seen in the Storage segment is offsetting benefits in pricing and value-added products, such that the midpoint of our revenue range on a consolidated basis has not changed.

正如 Brad 所提到的，指南中唯一真正顯著的變化是存儲部分零售店改造的推遲，出於各種原因，將推遲到 2024 年。我們在存儲部分看到的是抵消了定價方面的好處和增值產品，這樣我們在綜合基礎上的收入範圍的中點沒有改變。

Our delivery and work order expectations in the Modular segment are not materially different than in our original guidance. And of course, that original guidance had some conservatism in the back half of the year, which we maintain.

我們對模塊化部分的交付和工作訂單預期與我們最初的指導沒有實質性不同。當然，最初的指引在今年下半年有一些保守主義，我們堅持這一點。

So as you think about what could change in terms of where you end up in that 10% to 15% range. If pricing continues to progress ahead of our expectations, that could take you higher. If volumes improved materially from where they are today, that's not going to impact the 2023 results significantly, but it impacts the run rate for 2024, which is great.

因此，當您考慮最終在 10% 到 15% 範圍內的位置時會發生什麼變化。如果定價繼續超出我們的預期，那可能會讓你走得更高。如果銷量比現在有實質性改善，那不會對 2023 年的結果產生重大影響，但會影響 2024 年的運行率，這很好。

And then value-added products as well. We've baked in some growth on the Storage side of the segment and kind of a continuation of the trends we've had on the Modular side of the segment.

然後是增值產品。我們已經在該細分市場的存儲方面取得了一些增長，並且延續了我們在該細分市場的模塊化方面的趨勢。

So I think those assumptions are balanced. But upside or downside, either way, it takes you to the 10% or the 15% side of the range. And as I mentioned in the prepared remarks, M&A would be incremental.

所以我認為這些假設是平衡的。但無論是上行還是下行，它都會帶您到達範圍的 10% 或 15%。正如我在準備好的評論中提到的，併購將是漸進的。

(Operator Instructions) And our next question comes from Tim Mulrooney with William Blair.

（操作員說明）我們的下一個問題來自 Tim Mulrooney 和 William Blair。

As I'm thinking about your end market exposure to commercial real estate, more broadly, nonresidential construction. Can you just talk about how much your business is tied to nonresidential construction? That's all in, like with contractors, subcontractors, architects, whatever, like all in.

當我在考慮您對商業房地產的終端市場敞口時，更廣泛地說，是非住宅建築。您能談談您的業務與非住宅建築的關聯程度嗎？這就是全部，就像承包商、分包商、建築師等等一樣。

And how do you think about that piece of the business being impacted looking forward with tightening credit conditions, particularly with regional banks?

您如何看待這部分業務因信貸條件收緊而受到影響，尤其是區域銀行？

Tim, it's a good question. We break it out in our deck by customer SIC Code, and you see it's roughly 35% is going to be tied to non-res construction, and that's all the general contractors, big and small, that you just referred to. There's another component that's around 5-ish percent that's residential. We work with the larger homebuilders there.

蒂姆，這是個好問題。我們按客戶 SIC 代碼在甲板上將其分解，您會看到大約 35% 將與非資源建設相關，這就是您剛才提到的所有大小總承包商。還有另一個組件是住宅的，大約佔 5%。我們與那裡較大的房屋建築商合作。

And then the other 60% of our business are basically every other sector of the U.S. and Canadian economies. And that is one of the, I think, misconceptions in our business, is there is a segment approximately 40% that's directly tied to construction customers, and then there's another 60% that use our services as the most cost-effective and flexible alternative to construction. And we see that playing pretty well in this environment.

然後我們其他 60% 的業務基本上是美國和加拿大經濟的所有其他部門。我認為這是我們業務中的誤解之一，大約有 40% 的細分市場與建築客戶直接相關，然後還有 60% 的細分市場將我們的服務作為最具成本效益和最靈活的替代方案建造。我們看到它在這種環境下表現得很好。

Within the non-res sector itself, we see all the same forecasts that everybody else does. Nonresidential starts should probably be down this year. We focus more on the square footage starts, and we factored that into our guidance as we always would. Within that non-res mix, though, there are a lot of puts and takes, right?

在非資源部門本身，我們看到的預測與其他人所做的完全相同。今年非住宅開工率可能會下降。我們更關注開工面積，我們一如既往地將其納入我們的指導方針。但是，在非分辨率混合中，有很多 puts 和 takes，對吧？

We are absolutely benefiting from the megaproject, onshoring and manufacturing trends that everybody is talking about. It seems like every week, I'm getting a new multimillion-dollar long-duration customer contract that would fit that type of description.

我們絕對受益於每個人都在談論的大型項目、外包和製造趨勢。似乎每個星期，我都會收到一份新的價值數百萬美元的長期客戶合同，符合這種類型的描述。

And we clearly have infrastructure spending picking up in the United States. And we've always maintained that, that's likely a second half of 2023 and 2024 tailwind for the business.

很明顯，美國的基礎設施支出正在增加。我們一直認為，這可能是 2023 年下半年和 2024 年業務的順風。

Your question around the impacts of tightening of financial conditions is a good one. And this is something that we have seen in the business going back into the second half of last year.

你關於金融條件收緊的影響的問題是一個很好的問題。這是我們在業務中看到的事情，可以追溯到去年下半年。

Especially up in Canada, for example, I can think of a number of larger project opportunities that were not canceled because of tightening financial conditions, but budgets are being recalibrated based on elevated input prices, labor constraints, and then capital costs. We're actually seeing Canada now, a lot of that backlog start to flow back through the pipeline, which is pretty encouraging.

尤其是在加拿大，例如，我可以想到許多較大的項目機會，這些機會並沒有因為金融條件收緊而被取消，但預算正在根據投入價格上漲、勞動力限制和資本成本進行重新調整。我們現在實際上看到加拿大，很多積壓的工作開始通過管道回流，這非常令人鼓舞。

So going back into our budget process, we were already assuming some impacts in our non-resi markets related to tightening financial conditions. And I think some of the reactions to events in the last couple of months are probably overblown because that was happening for the last 12 or 18 months.

因此，回到我們的預算流程，我們已經假設了與收緊金融條件相關的非資源市場的一些影響。我認為過去幾個月對事件的一些反應可能被誇大了，因為過去 12 或 18 個月都在發生這種情況。

Right. And recalibration sounds very different than cancellation, right?

正確的。重新校準聽起來與取消非常不同，對吧？

Absolutely, it is. And remember, disruption and lengthening of project duration helps us. That's one of the mitigating factors in the churn of our portfolio, and we are seeing that in terms of return volumes that are lower than we would have forecasted to start the year.

絕對是。請記住，中斷和延長項目工期對我們有幫助。這是我們投資組合流失的緩解因素之一，我們看到，就回報量而言，回報量低於我們今年年初的預測。

Yes. The only thing -- for everyone, this is not a cyclic profile. I mean Tim just talked to Andrew through the 10% to 15% revenue growth to a highly confident in that next year.

是的。唯一的事情——對每個人來說，這不是一個循環的配置文件。我的意思是蒂姆剛剛通過 10% 到 15% 的收入增長與安德魯交談，對明年充滿信心。

If volumes change 1% or 2%, it's not meaningful, right? So the end markets are going to be what they are. We've shared our outlook. But irrespective of what they present, we're extremely bullish and will continue to be.

如果交易量變化 1% 或 2%，那是沒有意義的，對吧？因此，終端市場將保持現狀。我們已經分享了我們的觀點。但無論他們呈現什麼，我們都非常看好並將繼續如此。

Thank you for the clarification there for all the clarity on that answer. I'm just going to sneak my follow-up in real quick is on free cash flow. It's expected to be strong this year.

感謝您對該答案的所有澄清。我只是想快速地偷偷跟進一下自由現金流。預計今年會很強勁。

So just curious how you're thinking about deployment of that extra capital that you'll now have. If share repurchases are a priority right now, particularly given the pullback in the stock price over the last month or so, I'm wondering how you think about defending the stock at this valuation?

所以很好奇你是如何考慮部署你現在擁有的額外資本的。如果股票回購是目前的優先事項，特別是考慮到股價在過去一個月左右回落，我想知道你如何考慮以這個估值來捍衛股票？

Tim, yes, we love the stock, even at prior higher valuations. So yes, we do calibrate our repurchase activity in part based on valuation. But we've also said that we won't miss a good tuck-in acquisition that comes our way. So we do maintain a waterfall here.

蒂姆，是的，我們喜歡這隻股票，即使之前的估值更高。所以是的，我們確實在一定程度上根據估值來校准我們的回購活動。但我們也說過，我們不會錯過任何一次好的收購。所以我們確實在這里維護了一個瀑布。

We've given you what our organic investment plan is for the year. We've told you that, based on current pipeline, the tuck-in volume is likely a bit above 2022 levels. And you can infer that given the fact that we're at the low end of our leverage range, everything else is going to go to the repurchase, and we'll calibrate that based on valuation.

我們已經為您提供了我們今年的有機投資計劃。我們已經告訴過您，根據當前的管道，折疊量可能會略高於 2022 年的水平。你可以推斷，鑑於我們處於槓桿範圍的低端，其他一切都將用於回購，我們將根據估值對其進行校準。

(Operator Instructions) And our next question is from Kevin McVeigh with Credit Suisse.

（操作員說明）我們的下一個問題來自瑞士信貸的 Kevin McVeigh。

Great. I guess, Tim or Brad, you said it. I think I missed it. You talked about VAPS of $400 million of highly credible, and then an incremental $100 million in containers. Was -- I'm just -- I want to make sure I understand that comment because I think it's important.

偉大的。我想，蒂姆或布拉德，你說過了。我想我錯過了。你談到了 4 億美元的高度可信的 VAPS，然後是增量的 1 億美元的容器。是 - 我只是 - 我想確保我理解該評論，因為我認為它很重要。

Yes. And just in round numbers, right, we traditionally talked about what was our modular focus over the last 10 years, being that $300 million to $350 million.

是的。就整數而言，對，我們傳統上談論的是過去 10 年我們模塊化的重點，即 3 億至 3.5 億美元。

At the time of the merger, we talked about a $50 million incremental opportunity by putting furniture in the GLOs. That together now is about the $400 million, right? And there's another $100 million of opportunity we're very comfortable with on the Storage side.

在合併時，我們談到通過將家具放入 GLO 來增加 5000 萬美元的機會。現在加起來大約是 4 億美元，對嗎？在存儲方面還有另外 1 億美元的機會，我們對此非常滿意。

And remember, that's on top of the growth that's been delivered over the course of the last 2 years. So we've grown the business, we've grown value-added products and we've continued to extend both the magnitude and the duration of that growth opportunity through new product introduction and better penetration of the volume that we have.

請記住，這是在過去兩年中實現的增長之上。因此，我們發展了業務，發展了增值產品，並且我們通過推出新產品和更好地滲透我們擁有的數量，繼續擴大增長機會的規模和持續時間。

The original estimates for our container VAPS back in Investor Day were approximately $50 million, that's conservative. And we're comfortable rounding up from there to get to that $500 million prospective opportunity on top of everything we've already delivered.

在投資者日，我們對容器 VAPS 的最初估計約為 5000 萬美元，這是保守的。我們很樂意從那里四舍五入，在我們已經交付的一切之上獲得 5 億美元的潛在機會。

Makes sense. And then the 10,000 units that were pushed out, I mean, obviously, implicitly implies you increased the guidance. Can you maybe dimensionalize what the impact of the revenue on that would have been? And again, was that just timing of some store remodels? Or what drove that, the push-out of those 10,000 units?

說得通。然後推出的 10,000 個單位，我的意思是，顯然，隱含地暗示你增加了指導。您能否詳細說明收入對此的影響？再一次，這只是一些商店改造的時機嗎？或者是什麼推動了那 10,000 個單位的推出？

Tim can jump in here, but I would qualify, Kevin, that we were contemplating that in our original guidance, right? I mentioned in my commentary that there was uncertainty. So within the range of guidance, before, it was contemplated. Now it's just -- it's surfed.

蒂姆可以跳到這裡，但我會證明，凱文，我們在最初的指導中考慮過這一點，對嗎？我在評論中提到存在不確定性。所以在指導的範圍內，之前，也是考慮過的。現在它只是 - 它被沖浪了。

Yes. That's some of the challenges facing the retail sector are not -- this is not a secret, right? So you do have companies like Target saying, "Hey, we're not doing that activity this year to save on cost."

是的。這是零售業面臨的一些挑戰——這不是秘密，對吧？所以你確實有像 Target 這樣的公司說，“嘿，我們今年不做那項活動是為了節省成本。”

And there's also some store format considerations that they're going through. But this is not a matter of if it happens, it's just a matter of when. That's historically been a good recurring source of business for us.

他們還在考慮一些商店格式方面的考慮。但這不是會不會發生的問題，只是時間問題。從歷史上看，這對我們來說是一個很好的經常性業務來源。

And in terms of in-year impact to rental revenues, you're probably talking about something in the $12-ish million range, plus some transportation to and from on those.

就年內對租金收入的影響而言，您可能談論的是 12 萬美元左右的東西，再加上往返這些東西的一些交通。

(Operator Instructions) And our next question is from Dillon Cumming with Morgan Stanley.

（操作員說明）我們的下一個問題來自摩根士丹利的 Dillon Cumming。

Just wanted to see if you could talk through again the EBITDA opportunities you called out on Slide 15. I think the market still probably not giving you full credit for achievement of those in the long term. Even I think most investors are still confident in that longer term as well.

只是想看看您是否可以再次討論您在幻燈片 15 中提到的 EBITDA 機會。我認為市場可能仍然不會對您長期取得的成就給予充分的信任。即使我認為大多數投資者仍然對長期充滿信心。

Just curious if you can kind of talk through how resilient those are in a more choppier macro environment and a potential non-res recession. How confident do you feel kind of around hitting that $1 billion growth figure over the long term in such an environment?

只是好奇您是否可以談談在更加動蕩的宏觀環境和潛在的非資源性衰退中它們的彈性如何。在這樣的環境下，您對實現 10 億美元的長期增長數字有多大信心？

Yes. I'll start. Just working down the list on your -- on the value growth slide. Tim just talked about value-added products and service. We've pegged that at $500 million back in November of '21 Investor Day. We've been harvesting from that. It's apparent in our results, and we're saying it's still $500 million.

是的。我會開始。只需在您的價值增長幻燈片上列出清單。蒂姆剛剛談到了增值產品和服務。我們在'21 投資者日'的 11 月將其定為 5 億美元。我們一直在從中收穫。這在我們的結果中很明顯，我們說它仍然是 5 億美元。

So there's a fair bit of reloading here. Lease rate optimization of $200 million. That doesn't assume any volume expansion. We've already talked about the spread between the units we've delivered in the last 12 months, and the average of the portfolio, highly confident in that.

所以這裡有相當多的重新加載。租賃率優化 2 億美元。這不假設任何體積膨脹。我們已經討論了過去 12 個月交付的單位之間的價差，以及投資組合的平均值，對此我們非常有信心。

The VAPS are going to fall through, call it 75% to EBITDA, and the lease rate optimization, well over 90% once we pay commissions and such.

VAPS 將下降，稱其為 EBITDA 的 75%，而租賃率優化，一旦我們支付佣金等，將超過 90%。

Market penetration, that's when we've been waiting for the CRM project to conclude to really start to make traction there. So again, we're excited that we've successfully harmonized those 2 systems. And I think it's going to create operating efficiencies as well as customer satisfaction. That will drive cross-selling and market penetration over time.

市場滲透，那是我們一直在等待 CRM 項目結束以真正開始在那裡產生牽引力的時候。同樣，我們很高興我們已經成功地協調了這兩個系統。我認為這將提高運營效率和客戶滿意度。隨著時間的推移，這將推動交叉銷售和市場滲透。

That's logistics, Tim mentioned that was $50 million back in November of '21. We've harvested over $50 million since then. It's still $50 million looking forward. And that's primarily based upon the fact that we're just starting to get to work combining the 2 systems between the Mobile Mini platform and WillScot, and logistics which will really help with route optimization, continued in-sourcing in the sort.

那是物流，蒂姆在 2021 年 11 月提到這是 5000 萬美元。從那時起，我們已經收穫了超過 5000 萬美元。它仍然是 5000 萬美元的期待。這主要是基於這樣一個事實，即我們剛剛開始著手將 Mobile Mini 平台和 WillScot 之間的兩個系統以及真正有助於路線優化的物流結合起來，繼續進行此類內包。

And then the M&A and scale efficiencies. This includes the M&A that we know about. And then the scale efficiencies, again, are apparent in, call it, if nothing else, 650 basis points of EBITDA margin expansion year-over-year.

然後是併購和規模效率。這包括我們所知道的併購。然後，規模效率再次顯而易見，如果沒有別的，EBITDA 利潤率同比增長 650 個基點。

Got it. That's very clear. And if I can just ask a second one on the leverage range. So I think you've demonstrated clearly in terms of the free cash flow profile that you're comfortable and able to operate, in that 3 to 3.5x range pretty comfortably.

知道了。這很清楚。如果我可以再問一個關於槓桿範圍的問題。所以我認為你已經在自由現金流方面清楚地證明了你很舒服並且能夠在 3 到 3.5 倍的範圍內非常舒適地操作。

If there does become a bigger second [point] for the market, would you consider maybe reducing it by 0.5 turns, 1 turn or so if that would kind of open yourselves up to new investor classes? Or are you kind of, I think, more religious or just willing to stand fast on that 3 to 3.5x range?

如果市場確實出現了更大的第二個 [點]，您是否會考慮將其減少 0.5 圈、1 圈左右，如果這會讓您自己接受新的投資者類別？或者，我認為您是更虔誠還是願意堅持 3 到 3.5 倍的範圍？

Look, I think investors are very well educated on this point -- at this point, just given the stability of our leasing revenues and the predictability of the business and the churn in our in our top line. So yes, we always look at capital allocation holistically.

看，我認為投資者在這一點上受過很好的教育——在這一點上，只要考慮到我們租賃收入的穩定性和業務的可預測性以及我們收入的流失。所以是的，我們總是從整體上看待資本配置。

But to one of the questions earlier, strongly prefer to buy the stock at this level than to pay off pretax cost of debt at 5.7%, all right? So that's, in my investor discussions, this is not a sticking point that's come up for over 2 years, really.

但是對於前面的一個問題，強烈寧願在這個水平上購買股票，而不是以 5.7% 的利率還清債務的稅前成本，好嗎？所以，在我與投資者的討論中，這並不是 2 年多來的癥結所在，真的。

The business does have a very significant deleveraging capacity. I mentioned in my remarks, if we want to, we can take a turn out of a leverage in 12 months. And that is just a really profound luxury that we have in this business, and we're perfectly comfortable at the 3x level that we're currently operating at.

該業務確實具有非常顯著的去槓桿化能力。我在發言中提到，如果我們願意，我們可以在 12 個月內取消槓桿。這只是我們在這項業務中擁有的真正深刻的奢侈品，我們對目前運營的 3 倍水平非常滿意。

Very clear. And I'm going to sneak in one last quick clarification. The change in the milestone rate on Slide 13 for the modular VAPS from $600 million to $650 million. Does that just reflect the movement of the GLOs out of the segment or is that more of a conscious change on your part?

非常清楚。我將偷偷進行最後一次快速澄清。幻燈片 13 上模塊化 VAPS 的里程碑率從 6 億美元變為 6.5 億美元。這是否只是反映了 GLO 從細分市場中移出，或者這更多是您有意識的改變？

That is a very astute observation. That's really just the mix of pulling out smaller square footage, ground-level offices from the Modular segment, moving them into the Storage segment where they belong, which implies the remaining larger square footage modular equipment in the Modular segment has a higher capacity for value-added products.

這是一個非常敏銳的觀察。這實際上只是從模塊化部分中抽出較小面積的地面辦公室，將它們轉移到它們所屬的存儲部分，這意味著模塊化部分中剩餘的較大面積的模塊化設備具有更高的價值容量- 添加的產品。

(Operator Instructions) And our next question is from Scott Schneeberger with Oppenheimer.

（操作員說明）我們的下一個問題來自 Scott Schneeberger 和 Oppenheimer。

Covered a bit on the smaller customers, the financing concerns and then the quantifying on Kevin's question of retail, and appreciate that.

稍微介紹了較小的客戶、融資問題以及凱文零售問題的量化，對此表示讚賞。

Brad or Tim, could you guys address the megaprojects? I know you're not too open to sizing it as a percent of units or revenue. But could you provide some anecdotes? Or maybe give us a feel for how powerful these projects are?

Brad 或 Tim，你們能談談大型項目嗎？我知道您不太願意將其按單位或收入的百分比進行調整。但是你能提供一些軼事嗎？或者讓我們感受一下這些項目有多強大？

Tim, I heard you say earlier, it feels like every week, there's another one. So it sounds like these remain consistent. How competitive is this? Are you the only one that gets a look? Or are others -- the tale sounds good, but can you just speak about how powerful this is as an offset to concerns that are out there in the market?

蒂姆，我之前聽你說過，感覺每週都有一個。所以聽起來這些保持一致。這有多有競爭力？你是唯一看的人嗎？或者其他人 - 這個故事聽起來不錯，但你能談談這對抵消市場擔憂的影響有多大嗎？

It's extremely powerful (inaudible). And as we've mentioned in our prepared comments, our scale, our total value prop, et cetera, puts us in a very unique position to respond to these.

它非常強大（聽不清）。正如我們在準備好的評論中提到的那樣，我們的規模、我們的總價值支撐等等，使我們處於一個非常獨特的位置來回應這些。

I mean, a simple way of thinking about it. Roughly, 1/3 of our net book value is associated with large complexes. Most of those, if not all of those big projects, will have those assets deployed. So that is a space we're uniquely positioned.

我的意思是，一種簡單的思考方式。粗略地說，我們賬面淨值的 1/3 與大型綜合體有關。其中大部分（如果不是全部）大型項目都將部署這些資產。所以這是我們獨特定位的空間。

I mean, we've got in-house construction services team. I mean, if you're setting up 10,000, 20,000, 30,000 square foot, which many of those will require, sometimes, you need to stack 2 or 3 high, we're uniquely positioned to deliver on that aspect of the still relatively small percentage of total project spend.

我的意思是，我們有內部建築服務團隊。我的意思是，如果你要設置 10,000、20,000、30,000 平方英尺，其中許多需要，有時，你需要堆疊 2 或 3 層高，我們處於獨特的位置，可以在仍然相對較小的這方面實現佔項目總支出的百分比。

Scott, I think the opportunity for us prospectively on these, these are multiyear engagements, say, 3, 5, 7 years in some cases. .

斯科特，我認為我們在這些方面有前瞻性的機會，這些是多年的約定，在某些情況下，比如 3、5、7 年。 .

In an area where we can, I think, have a very significant advantage is owning that project over the life cycle, not only winning the national general contractor with whom we've clearly got the best relationships, but then all of the other subcontractors and trades that are coming on and off of that project over the course of its life cycle with the full suite of our offering.

我認為，在一個我們可以擁有非常重要優勢的領域是在整個生命週期內擁有該項目，不僅贏得了與我們顯然建立了最佳關係的國家總承包商，而且贏得了所有其他分包商和在項目的整個生命週期中使用我們的全套產品進行的交易。

And if there's one area where we're spending some time as a team. We're already confident we're going to get the main general contractor and the main project, it's owning everything else over the course of that multiyear cycle, which is the real opportunity here.

如果有一個領域我們作為一個團隊花費了一些時間。我們已經有信心我們將獲得主要的總承包商和主要項目，它在多年周期的過程中擁有其他一切，這是這裡真正的機會。

I appreciate that guys. On the CapEx, can you take us a level deeper on the initiatives focused on work order efficiency to improve vendor administration and material consumption? Maybe quantification of that in savings, how meaningful is that on your pullback on the guidance?

我很感激你們。在資本支出方面，您能否讓我們更深入地了解以工作訂單效率為重點的舉措，以改善供應商管理和材料消耗？也許可以量化儲蓄，這對您撤回指導有多大意義？

And then you did provide a little bit more color in the deck and in this discussion about reining in the CapEx this year. But maybe what you're doing with the decrease in container purchases and a little bit more color there to let us know where you are in the CapEx cycle?

然後你確實在甲板上和今年關於控制資本支出的討論中提供了更多的顏色。但是，也許您在減少集裝箱購買量和增加顏色方面做了什麼，讓我們知道您在資本支出週期中的位置？

Yes, Scott, this is Tim. And I'm super excited about this. This has been a bit of a long time coming, coming through the Mobile Mini integration. We basically got a $65 million reduction in the midpoint of the CapEx guidance.

是的，斯科特，這是蒂姆。我對此非常興奮。通過 Mobile Mini 集成，這已經有點漫長了。我們基本上在資本支出指導的中點減少了 6500 萬美元。

About $40 million of that is coming from the fact that, because we're not doing the retail store remodels and storage, we don't need to buy 7,000 containers, right? So that's the biggest chunk right there.

其中大約 4000 萬美元來自於這樣一個事實，因為我們不進行零售店改造和存儲，所以我們不需要購買 7,000 個集裝箱，對嗎？所以這是最大的一塊。

On the Modular side, we're getting about a $20 million benefit from roughly a 10% efficiency savings in our cost per refurbishment. And as you go back to the integration now 2 years ago with -- into SAP, one of the areas where we've gotten a lot better visibility, analytics and reporting, is around how much material is going on average into a certain type of refurb.

在模塊化方面，我們從每次翻新成本中大約 10% 的效率節省中獲得了大約 2000 萬美元的收益。當你回到 2 年前的集成——進入 SAP 時，我們獲得了更好的可見性、分析和報告的領域之一是關於平均有多少材料進入某種類型的翻新。

How much labor? Are we using in-house labor or subcontractor labor? And looking at variances on these types of metrics across the entire branch network, you see -- or you used to see extraordinary variability.

多少勞動力？我們使用的是內部勞動力還是分包商勞動力？查看整個分支機構網絡中這些類型指標的差異，您會看到——或者您曾經看到過異常的變化。

So step #1 is tighten that variability, reinforce those standards from a quality standpoint around what is our expectation for the quality of unit that's going out into the field?

因此，第一步是收緊這種可變性，從質量的角度加強這些標準，圍繞我們對進入現場的單位質量的期望是什麼？

And just by tightening that variability, we began to see significant CapEx savings in modular refurbs in the second half of last year. And those are being sustained in our bottoms-up reforecast heading into Q2 and Q3, which is really encouraging.

僅僅通過收緊這種可變性，我們在去年下半年就開始看到模塊化翻新的顯著資本支出節省。在我們進入第二季度和第三季度的自下而上的重新預測中，這些都得到了維持，這確實令人鼓舞。

As you know, there's been cost inflation in the business over the last couple of years. And this is really -- a really nice tailwind that's starting to offset that in a meaningful way.

如您所知，在過去幾年中，該行業的成本一直在上漲。這真的是 - 一個非常好的順風，開始以有意義的方式抵消它。

And the only other thing I'd call out is we are still integrating, like the branch network. And there, we do expect some proceeds from property sales in the forecast as well, which is going to be a further net CapEx opportunity. You can't do those every year. But we will still continue to see those types of proceeds as we optimize our real estate footprint.

我唯一要指出的是我們仍在整合，就像分支網絡一樣。在那裡，我們確實預計預測中也會有一些房地產銷售收益，這將是進一步的淨資本支出機會。你不能每年都這樣做。但隨著我們優化房地產足跡，我們仍將繼續看到這些類型的收益。

(Operator Instructions) And our next question comes from Manav Patnaik with Barclays.

（操作員說明）我們的下一個問題來自巴克萊銀行的 Manav Patnaik。

This is Ronan Kennedy on for Manav. Tim, could I just ask for your assessment of, and thoughts on, at a high level kind of pricing dynamics over the last few years through COVID with supply chain and inflationary dynamics, and what you're seeing now?

這是 Manav 的 Ronan Kennedy。蒂姆，我能否請您對過去幾年通過 COVID 與供應鍊和通貨膨脹動態在高水平上的定價動態進行評估和思考，以及您現在看到的情況？

We've got a lot of questions on what people are seeing with regards to surveys of storage prices, pricing on shipping containers, et cetera. So how that plays into versus your initiatives around pricing and you acting like a pricing leader within industry?

我們有很多關於人們在存儲價格調查、運輸集裝箱定價等方面看到的問題。那麼，這與您在定價方面的舉措以及您在行業內扮演定價領導者的角色有何關係？

And your outlook for how you think that will play out, and the assumptions around pricing for the remainder of the year and forward.

以及您對結果的看法，以及對今年剩餘時間和未來定價的假設。

Yes. Ronan, this is Tim. I'll start, and Brad, you can jump in. This is an area where we're both quite passionate, so we could spend the rest of the call talking about it. As you know, the double-digit rate growth in our modular business has been going on since Q4 of 2017, right? That's before we had less than 20% market share.

是的。羅南，這是蒂姆。我會開始，布拉德，你可以加入。這是一個我們都非常熱情的領域，所以我們可以在電話的剩餘時間裡討論它。如您所知，自 2017 年第四季度以來，我們的模塊化業務一直保持兩位數的增長率，對嗎？那是在我們的市場份額不到 20% 之前。

Value-added products have been a great contributor there. Dynamic price segmentation and technology has been a great contributor. Sure, we went through this period of supply constraint. But remember, COVID was a negative demand shock across our business, and we continued to drive price through that period.

增值產品在那裡做出了巨大貢獻。動態價格細分和技術一直是一個很大的貢獻者。當然，我們經歷了這段供應緊張時期。但請記住，COVID 對我們的業務造成了負面的需求衝擊，我們在那個時期繼續推動價格上漲。

I do think that driving pricing was incrementally easier during the peak inflation periods. And you saw that through some of the expansion in our delivery and installation margins.

我確實認為，在通貨膨脹高峰期，推動定價變得越來越容易。你通過我們的交付和安裝利潤率的一些擴張看到了這一點。

But the real momentum there is coming from things like our pricing process in the storage business, product positioning, where we're charging for patented premium features on certain products and offering a different price point for customers that just want a standard shipping container.

但真正的動力來自於我們在存儲業務中的定價過程、產品定位，我們對某些產品的專利高級功能收費，並為只想要標準運輸集裝箱的客戶提供不同的價格點。

That's one of the reasons we're moving the ground level office product into the Mobile Mini branch network. We've got other products that meet that need for a smaller square footage footprint, like our HQ product and our 8' wide mobile offices.

這就是我們將地面辦公產品轉移到 Mobile Mini 分支網絡的原因之一。我們還有其他產品可以滿足佔地面積更小的需求，例如我們的 HQ 產品和 8 英尺寬的移動辦公室。

So introducing structured products positioning with price differentiation, and pushing those everywhere we see opportunity in the market as a price leader. This is what we do. This is what we love doing as the leader in the marketplace.

因此引入具有價格差異化定位的結構性產品，並將那些我們在市場上看到機會的產品推向價格領先者。這就是我們所做的。這就是我們作為市場領導者喜歡做的事情。

So I'm not the least bit concerned about changes in maritime container pricing. It's one thing to have a container in the port of Los Angeles. It's quite another to have containers populated in Milwaukee, Wisconsin, Lexington, Kentucky and everywhere they need to be in order to service our captive customer base.

所以我一點也不擔心海運集裝箱定價的變化。在洛杉磯港有一個集裝箱是一回事。在密爾沃基、威斯康星州、列剋星敦、肯塔基州以及它們需要的任何地方裝滿集裝箱是另一回事，以便為我們的專屬客戶群提供服務。

That's very helpful. And then if I may, a follow-up on kind of competitive dynamics within the industry given some M&A by a competitor, some sizable M&A and entry, I don't know a focus on storage, also some portfolio moves, I think replicating along the lines that you have done with divestitures of the U.K., Tank and Pump, et cetera. .

這很有幫助。然後，如果可以的話，考慮到競爭對手的一些併購，一些大規模的併購和進入，我不知道對存儲的關注，還有一些投資組合的變動，我想複製您對英國、Tank 和 Pump 等資產的剝離所做的工作。 .

So broader industry competitive dynamics and your outlook for M&A, if that changes your stance or approach on M&A? Or does the current macro outlook change M&A priorities?

那麼更廣泛的行業競爭動態和您對併購的展望，是否會改變您對併購的立場或方法？或者當前的宏觀前景是否改變了併購優先事項？

Now we've said for a long time that we won't miss a good tuck-in that we like. And I think you can infer that we see everything that goes on in the industry. Very excited about the tuck-ins that we've executed over the course of the last 24 months.

現在我們已經說了很長時間了，我們不會錯過我們喜歡的好塞子。而且我認為您可以推斷出我們看到了行業中發生的一切。對我們在過去 24 個月中執行的收錄感到非常興奮。

We are the acquirer of choice in the market. I don't think anybody else offers a stronger value proposition to a prospective seller than we do. We can be very targeted in our due diligence.

我們是市場上首選的收購方。我認為沒有其他人比我們更能為潛在賣家提供更強大的價值主張。我們的盡職調查可以非常有針對性。

We know the assets that we're dealing with. We can diligence, close all cash in a very short window of time because we know what we're doing. And we know how to integrate efficiently, even with smaller portfolios, right?

我們知道我們正在處理的資產。我們可以盡職盡責，在很短的時間內關閉所有現金，因為我們知道我們在做什麼。而且我們知道如何有效地集成，即使是較小的產品組合，對嗎？

So no change in our appetite for M&A. It's always been there. We're more confident from an integration standpoint, just given all of the efficiencies that we're seeing in our business, the progress on pricing on value-added products as well as the margin expansion that we're seeing across our portfolio as all of these acquisitions are integrated into our network.

因此，我們對併購的興趣沒有改變。它一直在那裡。從整合的角度來看，我們更有信心，因為我們在業務中看到的所有效率、增值產品定價的進展以及我們在整個產品組合中看到的利潤率擴張這些收購被整合到我們的網絡中。

And we're also improving the talent level of the organization in so doing. So it really checks the boxes across all aspects of our strategy.

同時，我們也在提高組織的人才水平。所以它確實檢查了我們戰略各個方面的方框。

(Operator Instructions) And our next question is from Faiza Alwy with Deutsche Bank.

（操作員說明）我們的下一個問題來自德意志銀行的 Faiza Alwy。

I wanted to touch on Storage pricing again. What are the implications of the deferment of retail remodel into 2024 on pricing? And I think you mentioned that there was still a 30-point gap between realized pricing and spot pricing on Modular, but curious how you're seeing spot pricing trend on the Storage side of the business.

我想再次談談存儲定價。將零售改造推遲到 2024 年對定價有何影響？我想你提到模塊化的實際定價和現貨定價之間仍然存在 30 個點的差距，但很好奇你如何看待業務存儲方面的現貨定價趨勢。

Faiza, it's Tim. The remodels won't impact storage pricing at all. We were getting much higher rates on seasonal storage capacity with retailers, and that's because it's short duration, right?

Faiza，我是蒂姆。改造根本不會影響存儲定價。我們從零售商那裡獲得了更高的季節性存儲容量費率，那是因為它的持續時間很短，對吧？

That's typically just a September to January type rental contract, and it should have a much higher rate, which is why you saw very modest sequential AMR decline from Q4 into Q1.

這通常只是一份 9 月至 1 月的租賃合同，它的利率應該高得多，這就是為什麼你看到從第四季度到第一季度的 AMR 連續下降非常溫和。

The retail remodels are more like core business from a pricing standpoint. So there's no change to our pricing expectations. And I would expect that we see continued sequential improvements on storage pricing.

從定價的角度來看，零售改造更像是核心業務。因此，我們的定價預期沒有變化。我希望我們能看到存儲定價的持續改進。

Yes, we hadn't talked about the DSR, the spot spreads in the business. But they're as strong as they've ever been. In Modular, the spreads on most recent contracts are about 35% above the portfolio average.

是的，我們還沒有談到 DSR，業務中的現貨價差。但他們一如既往地堅強。在 Modular 中，最近合約的價差比投資組合平均水平高出約 35%。

It's just under 30% on the ground level office product and pushing 20% on our most recent contracts on the storage product. So pricing is extremely healthy. And to the question earlier, we're going to continue to do our part there as the market leader.

地面辦公產品的比例略低於 30%，而我們最近的存儲產品合同則提高了 20%。所以定價非常健康。對於之前的問題，我們將繼續作為市場領導者發揮我們的作用。

Great. And then just bringing it all together, sort of what's really changed over the last few months? When you first gave the fiscal '23 guidance, it sounds like 1Q came in better than how you had thought it might. And maybe these retail deferments is something new and that led to the CapEx decline. But what's really changed from your perspective?

偉大的。然後將它們放在一起，過去幾個月真正發生了什麼變化？當你第一次給出 23 財年的指導時，聽起來 1Q 的表現比你想像的要好。也許這些零售延遲是新事物，導致資本支出下降。但從你的角度來看，真正發生了什麼變化？

This is Brad, I'll go first. From my perspective, it was the outstanding margin, both EBITDA margins flow through as well as the free cash flow margins in the first quarter. .

我是布拉德，我先走了。在我看來，這是第一季度的未償利潤率、EBITDA 利潤率和自由現金流利潤率。 .

As I mentioned before, the store remodels were contemplated in the range before. They're kind of ascertained now. And then that's -- as Tim characterized in revenue terms, it's relatively insignificant when you're talking about over $2 billion of revenue.

正如我之前提到的，商店改造是在之前的範圍內考慮的。他們現在有點確定了。然後就是——正如蒂姆在收入方面所描述的那樣，當你談論超過 20 億美元的收入時，它相對微不足道。

Yes. Faiza, the beauty of this business is not much changes quickly. The strategy has been very consistent. The execution has been I think phenomenal. I agree with Brad, the margin performance across the board is really exciting. And I think whether it's in logistics or SG&A, as I talked about, there continue to be opportunities there.

是的。 Faiza，這項業務的美麗變化並不大。該戰略一直非常一致。我認為執行是驚人的。我同意布拉德的觀點，全面的利潤率表現非常令人興奮。而且我認為無論是物流還是 SG&A，正如我所說，那裡仍然有機會。

We're not doing any cost cutting or anything like that. That's not what we're talking about. We're talking about just managing the business more efficiently. And there's a lot of flexibility we have in the overall cost structure. So very pleased with that.

我們沒有做任何削減成本或類似的事情。那不是我們要說的。我們談論的只是更有效地管理業務。我們在整體成本結構中有很大的靈活性。對此非常滿意。

And based on what we've seen, it's sustainable well into 2024. So I think we're set up for another year of consistent margin expansion, which we've been doing ever since we went public. So not much has changed there.

根據我們所看到的情況，它可以持續到 2024 年。因此，我認為我們已經為又一年的利潤率持續擴張做好了準備，這是我們自上市以來一直在做的事情。所以那裡沒有太大變化。

And again, appetite for M&A is still there. And the growth opportunities that Brad ticked through very thoroughly, are all, frankly, bigger and longer in duration than we would have expected certainly back at Investor Day.

再次強調，併購的意願依然存在。坦率地說，布拉德非常徹底地抓住了增長機會，這些機會比我們在投資者日所預期的更大、持續時間更長。

(Operator Instructions) And our next question is from Steven Ramsey with Thompson Research.

（操作員說明）我們的下一個問題來自 Thompson Research 的 Steven Ramsey。

This is actually Kathryn Thompson with TRG. Just a follow-up on megaprojects. Just bigger picture, how much of megaprojects are embedded in your Investor Day long-term guidance? And does this meaningfully improve your leasing revenue outlook for '23 and '24?

這實際上是 TRG 的 Kathryn Thompson。只是對大型項目的跟進。更大的圖景，您的投資者日長期指導中嵌入了多少大型項目？這是否會顯著改善您對 23 年和 24 年的租賃收入前景？

I know you touched on going after megaprojects earlier in the call. But maybe a little bit more color on just what specific steps are being taken to take advantage of this? And do you prefer this type of business versus some of the legacy day-to-day work?

我知道你在電話會議的早些時候談到了追求大型項目。但是，也許有更多關於正在採取哪些具體步驟來利用這一點的顏色？與一些遺留的日常工作相比，您更喜歡這種類型的業務嗎？

Kathryn, this is Tim. I'm going to start by just talking about what has kind of been in versus not in our long-term outlook. I think that's a very interesting question. And then Brad, you can maybe follow up on the question around how we go to market and the unique advantages we have on these types of projects.

凱瑟琳，這是蒂姆。我將首先談談我們的長期前景中已經出現的和沒有出現的情況。我認為這是一個非常有趣的問題。然後布拉德，你可以跟進關於我們如何進入市場以及我們在這些類型的項目中擁有的獨特優勢的問題。

But if you go back to November of 2021, the only thing we knew about back then was the infrastructure build, right? And that was relatively new news at the time. So we didn't really include any market-based expansion in our Investor Day targets.

但如果你回到 2021 年 11 月，我們當時唯一知道的就是基礎設施建設，對吧？這在當時是相對較新的消息。因此，我們並沒有真正將任何基於市場的擴張納入我們的投資者日目標。

The whole point of that presentation was that we're talking about the things that are within our control. And now what we have is better visibility into that, projects directly funded from the infrastructure stimulus, and that's great. And we've always said that those will start to ramp up in the second half of this year going into 2024, and we maintain that perspective.

該演示文稿的重點是我們正在談論我們控制範圍內的事情。現在我們擁有的是更好的可見性，直接由基礎設施刺激計劃資助的項目，這很棒。我們一直說這些將在今年下半年進入 2024 年開始增加，我們保持這種觀點。

We certainly did not anticipate the magnitude of the reshoring that's happening in the United States, manufacturing expansion, renewable energy investment. We're seeing opportunities across all of these things, right?

我們當然沒有預料到美國正在發生的回流、製造業擴張、可再生能源投資的規模。我們在所有這些方面都看到了機會，對吧？

And the confidence in our ability to win is one of the reasons that the revenue guidance isn't changing in light of maybe a net greater concern around the impact of a tightening in the financial system here, right?

對我們獲勝能力的信心是收入指導沒有改變的原因之一，因為人們可能更擔心這里金融體系收緊的影響，對吧？

So this is the nature of the business. There are always puts and takes in terms of the end markets that we serve. Our job is to be there. And I think we've got a disproportionately strong competitive footing on these bigger, more complex projects.

所以這就是業務的本質。就我們服務的終端市場而言，總有看跌期權。我們的工作是在那裡。而且我認為我們在這些更大、更複雜的項目上擁有不成比例的強大競爭基礎。

Yes. And I think, Kathryn, Tim characterized this extremely well. If we just use a couple of cases, a specific example. So we've done a large project near Austin. It's a chip plant well before the CHIPS Act was actually in place. We'll typically supply anywhere from 10,000 to 20,000 square foot of, we'll call it, anchor turnkey space solutions.

是的。我認為，凱瑟琳，蒂姆對這一點的描述非常好。如果我們只使用幾個案例，一個具體的例子。所以我們在奧斯汀附近做了一個大項目。早在 CHIPS 法案實際實施之前，它就是一家芯片廠。我們通常會提供 10,000 到 20,000 平方英尺的任何地方，我們稱之為錨定交鑰匙空間解決方案。

Oftentimes, that will be half for the general contractor that's building the new facility, right? And then half for the customer themselves that are bringing their early engineers on site, et cetera, that will run the facility once it's up and running. These are 3- to 4-year duration projects.

通常，這將是建造新設施的總承包商的一半，對嗎？然後一半給客戶自己，他們將他們的早期工程師帶到現場，等等，一旦設施啟動並運行，他們將運行該設施。這些是 3 到 4 年期限的項目。

And it's not just our fleet that puts us in a very unique position to supply those. It's our capability to set that size of a building up, right, maintain it over the course of the 3- to 5-year project duration, and bring it back and redeploy it.

不僅僅是我們的艦隊讓我們處於一個非常獨特的位置來提供這些。我們有能力設定建築的規模，在 3 到 5 年的項目持續時間內維護它，並將其帶回並重新部署。

I think what's also quite interesting, Tim referred to in one of the earlier responses, is we've been very good and very unique in our capability to win that anchor tenant, if you will. We have a massive opportunity to make sure we win every subcontractor, every single-wide unit, every storage unit, again, in a full turnkey scenario as we go forward.

蒂姆在之前的一個回應中提到，我認為同樣非常有趣的是，如果您願意的話，我們在贏得主力租戶的能力方面一直非常出色且非常獨特。在我們前進的過程中，我們有一個巨大的機會來確保我們在一個完整的交鑰匙方案中再次贏得每個分包商、每個單寬單元、每個存儲單元。

So I couldn't be more bullish with respect to the next 3 to 5 years here. And I think it's a very unique scenario, both in our position as well as the market set up here.

因此，對於未來 3 到 5 年，我再樂觀不過了。而且我認為這是一個非常獨特的場景，無論是在我們的位置還是在這裡建立的市場。

Yes. I assume that you're referencing the Samsung build-out in the Austin market.

是的。我假設您指的是三星在奧斯汀市場的擴建。

Exactly.

確切地。

Yes, we had a heavy material producer at our private company conference, say that it's essentially bringing 45,000 jobs just for that one project eventually. So this is like a multiple-year construction project. How are you in -- and just to wrap it up, how do you get the subs? Because you have the main producer, Samsung. But what is your strategy for getting the subs? And can you scale that to other markets in the U.S.?

是的，在我們的私人公司會議上，我們有一家重型材料生產商，說它最終為那個項目帶來了 45,000 個工作崗位。所以這就像一個多年的建設項目。你好嗎——總結一下，你是如何獲得潛艇的？因為你有主要生產商三星。但是你獲得潛艇的策略是什麼？你能把它擴展到美國的其他市場嗎？

For sure. And the CRM harmonization was a key enabler for that. If you use the Samsung project as an example that's large enough in scale. Everyone on our team's mobilized and aware, right, and talking to each other. That was quite manual prior to the CRM cutover.

一定。 CRM 協調是實現這一目標的關鍵推動因素。如果您使用三星項目作為規模足夠大的示例。我們團隊中的每個人都被動員起來並意識到，正確的，並且互相交談。在 CRM 切換之前，這是相當手動的。

So whether it's that Samsung project, data center projects that have been of similar magnitude kind of all over the U.S. over the last several years, we're moving that from a phone a friend to our team being fully enabled.

因此，無論是三星項目，還是過去幾年在美國各地規模相似的數據中心項目，我們都在將其從朋友的手機轉移到我們的團隊，使其得到充分支持。

I talked about the marketing and analytics that we're capable of leveraging now with the new CRM harmonization to make sure, over the life of the 3- to 5-year project, we're potentially touching every person that comes on and off of that job site.

我談到了我們現在能夠通過新的 CRM 協調來利用的營銷和分析，以確保在 3 到 5 年的項目生命週期中，我們有可能接觸到每一位來來去去的人。那個工作地點。

(Operator Instructions) And our final question comes from Phil Ng with Jefferies.

（操作員說明）我們的最後一個問題來自 Jefferies 的 Phil Ng。

It's Maggie on for Phil. I guess, first, starting on the lower CapEx guide, I mean, all the areas you're pulling back makes sense. And Tim, I think you mentioned 1Q CapEx levels were kind of maintenance level for the business.

瑪吉替菲爾上場。我想，首先，從較低的資本支出指南開始，我的意思是，你撤回的所有領域都是有道理的。蒂姆，我想你提到過 1Q 資本支出水平是業務的一種維護水平。

The $250 million to $300 million guide for the year, is that how we should think of maintenance levels for the current fleet? And then that should be a nice tailwind for free cash flow this year. Can you just kind of remind us how you think about free cash flow in maybe a softer macro backdrop?

今年 2.5 億至 3 億美元的指南，我們應該如何考慮當前機隊的維護水平？然後這應該是今年自由現金流的一個很好的順風。您能否提醒我們您如何看待可能在較疲軟的宏觀背景下的自由現金流？

Yes, Maggie, this is Tim. We talked about this a bit, I think it was on the Q2 call last year, and kind of pegged maintenance in that $175 million to $200 million of net CapEx range. And I'd say that $200 million level is a very good proxy for just a unit on rent-neutral investment level.

是的，瑪吉，這是蒂姆。我們談了一點，我想這是在去年第二季度的電話會議上，並且在 1.75 億美元至 2 億美元的淨資本支出範圍內進行了某種固定的維護。我想說 2 億美元的水平是一個非常好的代理，僅代表一個單元的租金中性投資水平。

What takes us into the kind of midpoint of our current range is a fair amount of growth CapEx going into value-added products and services, right? We're continuing to see no slowdown in penetration in our Modular business.

使我們進入當前範圍的中點的是相當數量的資本支出增長進入增值產品和服務，對嗎？我們繼續看到我們模塊化業務的滲透率沒有放緩。

And growth in the Storage segment is, as I said, undeniable and starting to ramp up. So we will continue to fund that initiative wherever we see opportunity. It is arguably -- it is the fastest growing and arguably the most profitable part of the business from an ROIC standpoint.

正如我所說，存儲領域的增長是不可否認的，並且開始加速。因此，只要我們看到機會，我們就會繼續資助該計劃。從 ROIC 的角度來看，它可以說是增長最快，可以說是業務中最賺錢的部分。

So it's really that simple, investing around $200 million on maintenance. The majority of that is going into modular refurbishment in a given year. And as we ramp up growth, we're either buying containers, increasing modular refurbishments to put more units on rent or investing in value-added products and services. And that's the formula we've been running for a long time. And we reassess it using a zero-based process every 90 days.

所以它真的很簡單，投資約 2 億美元用於維護。其中大部分將在特定年份進行模塊化翻新。隨著我們加速增長，我們要么購買集裝箱，增加模塊化翻新以出租更多單元，要么投資於增值產品和服務。這就是我們長期以來一直在運行的公式。我們每 90 天使用從零開始的流程對其進行重新評估。

Having just gone through that process, that's the foundation for the guidance and the forecast that we gave you every quarter.

剛剛經歷了這個過程，這是我們每個季度給你的指導和預測的基礎。

Okay. Okay. Got it. And then on the CRM integration, maybe if you could just kind of dig in a little deeper to the both near-term opportunities you're seeing there and what you're thinking long term? Is that more on pricing, volumes, logistics, new customer groups? Maybe just walk through how you're thinking about the opportunities there?

好的。好的。知道了。然後在 CRM 集成方面，也許您可以更深入地挖掘您在那裡看到的近期機會以及您的長期想法？更多關於定價、數量、物流、新客戶群嗎？也許只是介紹一下您是如何考慮那裡的機會的？

It's really all of the above. And I'll use a couple of quick analogies. So as Tim mentioned, we went live with the ERP back in May of '21. It took us about a year to really get fully optimized reporting in place to really leverage to the power of that. And you're seeing it in the margins and the free cash flow margins.

真的就是以上所有。我將使用幾個快速類比。因此，正如 Tim 所提到的，我們在 2021 年 5 月開始使用 ERP。我們花了大約一年的時間才真正獲得完全優化的報告，以真正利用它的力量。你會在利潤率和自由現金流利潤率中看到它。

So I'll put that out there as kind of a time expectation. We're just live with the CRM, we're going to follow the same process. We'll put advanced analytics in place for our team. We're going to leverage the Marketing Cloud and all the tools of the salesforce.com platform.

所以我會把它作為一種時間期望放在那裡。我們只是使用 CRM，我們將遵循相同的流程。我們將為我們的團隊實施高級分析。我們將利用 Marketing Cloud 和 salesforce.com 平台的所有工具。

And going back to the discussion we're having with Kathryn with respect to that Samsung project, it doesn't have to be a person that calls every potential customer, right, and says, "do you need a storage container? And by the way, you need lights, ramps and shelves with that," right? That can be highly automated, still leveraging the core team we have.

回到我們與 Kathryn 就三星項目進行的討論，不必是一個人給每個潛在客戶打電話，對吧，然後說，“你需要一個存儲容器嗎？通過方式，你需要燈、坡道和架子，”對吧？這可以高度自動化，仍然利用我們擁有的核心團隊。

So something we're super excited about. I think this year, this successful cutover give us the year to really build out all of the reporting and analytics. You leverage all the automation that -- it's not rocket science that's in place, but it needs to be tuned and customized to all of our end market segments. And then this is a clear accelerant in 2024, 2025 and beyond.

所以我們非常興奮。我認為今年，這次成功的切換讓我們能夠真正構建所有報告和分析。你利用了所有的自動化——這不是火箭科學，但它需要針對我們所有的終端市場細分進行調整和定制。然後這是 2024 年、2025 年及以後的明顯促進劑。

We have now reached the end of today's call. I will now turn the call back over to Nick.

今天的電話會議到此結束。我現在將把電話轉回給尼克。

Thank you, Amy. Thank you all for your interest in WillScot Mobile Mini. If you have additional questions after today's call, please contact me. Thanks.

謝謝你，艾米。感謝大家對 WillScot Mobile Mini 的關注。如果您在今天的電話會議後還有其他問題，請與我聯繫。謝謝。

Thank you, ladies and gentlemen. This concludes today's conference. You may now disconnect.

謝謝你們，女士們，先生們。今天的會議到此結束。您現在可以斷開連接。