WillScot Holdings Corp (WSC) 2025 Q1 法說會逐字稿

Welcome to the first-quarter 2025 WillScot earnings conference call. My name is Sherri, and I will be your operator for today's call. (Operator Instructions) Please note this conference is being recorded.

歡迎參加 2025 年第一季 WillScot 收益電話會議。我叫謝裡 (Sherri)，今天我將擔任您的電話接線生。（操作員指示）請注意，本次會議正在錄音。

I will now turn the call over to Charlie Wohlhuter. Charlie, you may begin.

現在我將電話轉給 Charlie Wohlhuter。查理，你可以開始了。

All right. Thank you, Sherri. Good afternoon, everyone, and welcome to the WillScot First Quarter 2025 Earnings Call. Participants on today's call include Brad Soultz, Chief Executive Officer; Tim Boswell, President and Chief Operating Officer; and Matt Jacobsen, Chief Financial Officer. Today's presentation material may be found on the Investor Relations section of the WillScot website.

好的。謝謝你，謝裡。大家下午好，歡迎參加 WillScot 2025 年第一季財報電話會議。今天參加電話會議的人員包括執行長布拉德‧蘇爾茨 (Brad Soultz)；總裁兼營運長 Tim Boswell；以及財務長 Matt Jacobsen。今天的演示材料可以在 WillScot 網站的投資者關係部分找到。

I'd like now to direct your attention to slide number 2 containing our safe harbor statements. 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. 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 statements in our presentation and our filings with the SEC.

現在我想請大家注意第二張投影片，其中包含我們的安全港聲明。我們將在演示和問答環節中做出前瞻性陳述。我們的業務和營運面臨各種風險和不確定性，其中許多是我們無法控制的。因此，我們的實際結果可能與今天的評論有重大差異。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，請參閱我們簡報中的安全港聲明和我們向美國證券交易委員會提交的文件中。

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

現在，我將把電話交給布拉德·索爾茨 (Brad Soultz) 開始發言。

Thanks, Charlie. Good afternoon, everyone, and thank you for joining us today. I'm Brad Soultz, CEO of WillScot. Please turn to slide 7 of our Q1 earnings release deck.

謝謝，查理。大家下午好，感謝大家今天的參與。我是 WillScot 的執行長 Brad Soultz。請翻到我們第一季財報的第 7 張投影片。

Our first quarter financial results were consistent with our expectation and support, reaffirming our full year 2025 outlook. While there remains macro-related end market uncertainty, our current pending order book is up 7% year-over-year for both modular and storage products. These pending order levels should support our expected new lease activation levels in the second quarter.

我們第一季的財務表現與我們的預期和支持一致，重申了我們對 2025 年全年的展望。儘管宏觀相關的終端市場仍存在不確定性，但我們目前的模組化和儲存產品待處理訂單已年增了 7%。這些待定訂單水準應該能夠支援我們預期的第二季新租賃啟動水準。

In Q1, our team delivered adjusted EBITDA margins of 41%, yielding $145 million of adjusted free cash flow at a 26% margin. We returned $45 million to shareholders, and we progressed our acquisition pipeline. On an LTM basis, our adjusted EBITDA margins are 44%; adjusted free cash flow margins are 23%; ROIC is at 16%, yielding a $3 of free cash flow per share. We expect to build on these metrics to drive shareholder value through our margin expansion initiatives in our portfolio of $2.5 billion of growth levers. Importantly, we believe our portfolio of growth levers provides multiple paths to achieve our goals through different end market backdrops.

在第一季度，我們的團隊實現了 41% 的調整後 EBITDA 利潤率，產生了 1.45 億美元的調整後自由現金流，利潤率為 26%。我們向股東返還了 4,500 萬美元，並推進了收購進程。以 LTM 計算，我們的調整後 EBITDA 利潤率為 44%；調整後的自由現金流利潤率為23%；ROIC 為 16%，每股產生 3 美元的自由現金流。我們希望在這些指標的基礎上，透過我們 25 億美元成長槓桿投資組合中的利潤擴張措施來推動股東價值的提升。重要的是，我們相信我們的成長槓桿組合可以透過不同的終端市場背景提供多種途徑來實現我們的目標。

The Board and I have confidence in our team's ability to achieve our 3- to 5-year financial milestones of $3 billion in revenue, $1.5 billion in adjusted EBITDA and $700 million in adjusted free cash flow. Additionally, we have multiple paths to drive free cash flow per share from $3 today to the top end of our revised 3- to 5-year range of $4 to $6 per share. Now before I turn it over to Tim and Matt for additional context, I'd like to thank our team for their steadfast commitment to our customers, to each other and to our business. On behalf of our Board of Directors, I'd like to thank [Eric Olson] for his years of stewardship and [Worthing Jackman], as he succeeds Eric is our non-Executive Independent Chairman. And finally, I would like to welcome [Nick Zarcone], who, in June, will represent the fourth new independent director added to the Board in the past 3 years and is indicative of our commitment to enhance our large-scale industrial operational expertise.

董事會和我相信我們的團隊有能力實現我們 3 至 5 年的財務里程碑，即 30 億美元的收入、15 億美元的調整後 EBITDA 和 7 億美元的調整後自由現金流。此外，我們還有多種途徑將每股自由現金流從目前的 3 美元提高到我們修訂後的 3 至 5 年每股 4 至 6 美元的最高水準。現在，在我把主題交給蒂姆和馬特來了解更多背景信息之前，我想感謝我們的團隊對我們的客戶、對彼此以及對我們業務的堅定承諾。我謹代表董事會感謝 [Eric Olson] 多年的管理，並感謝 [Worthing Jackman] 接替 Eric 擔任我們的非執行獨立董事長。最後，我要歡迎 [Nick Zarcone]，他將於 6 月加入董事會，成為過去 3 年內新增的第四位獨立董事，這表明我們致力於提升大規模工業運營專業知識。

We collectively believe that we have the right strategy and, as important, the right team to achieve our goals for 2025 and beyond, creating multiple paths to shareholder value creation along the way. Tim?

我們共同相信，我們擁有正確的策略，同樣重要的是，我們擁有合適的團隊來實現我們 2025 年及以後的目標，並在此過程中開闢出多種途徑來為股東創造價值。提姆？

Thanks, Brad, and good afternoon and good evening, everybody. We, of course, just met to discuss strategy and operations in detail at the March Investor Day. So thank you again to those of you who made the trip and hopefully enjoyed what is our peak tourism season here in Phoenix.

謝謝，布拉德，大家下午好，晚上好。當然，我們剛剛在三月的投資者日上開會詳細討論了策略和營運。再次感謝參加這次旅行的人，希望你們能享受鳳凰城的旅遊旺季。

Relative to what we discussed in March, we continue to see stability commercially and progress across all of the internal initiatives that we prioritized. So altogether, on track with what we presented at Investor Day, with a variety of levers to improve growth and returns in our business.

相對於我們三月討論的情況，我們繼續看到商業上的穩定性以及我們優先考慮的所有內部舉措的進展。總而言之，我們在投資者日上提出了各種措施來提高業務成長和回報。

Let's start commercially. When we met in March, our total pending order book was up 6% year-over-year, and that has remained consistent through the end of April and is up 7% year-over-year today, as Brad mentioned, so progressing generally in line with our original volume expectations for the year. That order growth is coming entirely from our larger accounts, offsetting continued weakness in our local accounts, which is consistent with the mix of end market activity that we've been discussing for some time.

讓我們從商業開始。當我們在 3 月開會時，我們的待處理訂單總額同比增長了 6%，並且一直保持到 4 月底，並且正如布拉德提到的那樣，今天同比增長了 7%，因此總體上符合我們對今年最初交易量的預期。訂單成長完全來自我們的大客戶，抵消了我們本地客戶持續疲軟的影響，這與我們一段時間以來一直在討論的終端市場活動組合一致。

Headlines related to trade policy change daily, creating a level of uncertainty that is greater than we expected 2 months ago. The Architectural Billings Index was 44% in March, and Q1 nonresidential construction square footage starts were down 17% year-over-year. So we remain cautious for all of those reasons. That said, we also have internal initiatives in flight to drive performance across our local and enterprise accounts, which we think can allow the order book to continue to outperform those market data points, and we're pleased with the build in the order book year-to-date.

與貿易政策相關的頭條新聞每天都在變化，造成的不確定性程度比我們兩個月前預期的要大。3 月建築業營業額指數為 44%，第一季非住宅建築開工面積較去年同期下降 17%。因此，基於所有這些原因，我們仍保持謹慎。也就是說，我們也正在採取內部舉措來推動本地和企業帳戶的業績，我們認為這可以讓訂單繼續超越那些市場數據點，我們對今年迄今為止的訂單增長感到滿意。

We are actively adding sales resources across our local and enterprise teams, increasing sales headcount sequentially by 4% in the quarter, and still expecting to increase the sales team by 10% to 20% overall through the course of the year. And in May, we're rolling out both our enhanced sales HQ workbench in our CRM and our new pricing engine as planned. Those of you in Phoenix got a glimpse of these tools in March. So we expect to have both greater overall resources and productivity levers in place heading into the second half of the year.

我們正在積極為本地和企業團隊增加銷售資源，本季銷售人員數量較上季增加 4%，並且預計全年銷售團隊整體規模將增加 10% 至 20%。五月份，我們將按計劃在 CRM 中推出增強型銷售總部工作台和新的定價引擎。鳳凰城的各位在三月就已經看過這些工具了。因此，我們預計今年下半年我們將擁有更多的整體資源和生產力槓桿。

Unit pricing on new contracts across all product categories has been stable for several quarters now. We have deployed enhanced segmentation methodologies for our out-of-term pricing and expect targeted increases on new contracts once we've stabilized in the new pricing engine. And value-added products and services continue to grow relative to the overall business, representing over 17% of revenue in the quarter, which Matt will touch on later.

目前，所有產品類別的新合約單位價格已連續幾季保持穩定。我們已經為我們的期外定價部署了增強的細分方法，並預計一旦我們在新的定價引擎中穩定下來，新合約的價格就會有針對性地上漲。加值產品和服務相對於整體業務持續成長，佔本季營收的 17% 以上，Matt 稍後會談到這一點。

In terms of field operations, logistics continue to be our biggest area of focus, with delivery and installation margins contracting year-over-year in Q1 driven by a combination of lower margin, seasonal transportation activity and in-sourcing initiatives that are not yet at full productivity. As we discussed in March, this is an area where we see opportunity for significant margin expansion and competitive differentiation.

在現場營運方面，物流仍然是我們最關注的領域，由於利潤率較低、季節性運輸活動以及尚未充分發揮生產力的內部採購計劃等多種因素，第一季的交付和安裝利潤率同比下降。正如我們在三月所討論的那樣，我們認為這是一個大幅擴大利潤率和實現競爭差異化的機會。

Fleet availability and production continue to be key advantages for WillScot, especially in all of the larger project activity that we're seeing, and we saw solid expansion in year-over-year leasing margins in the quarter. We know that our in-house production, transportation, setup and service capabilities are best-in-class in the market and will become more valuable by the day with continued uncertainty around labor and inputs. We are uniquely positioned without any significant supply chain constraints while ready to unlock significant operating leverage within our fleet and field operations.

車隊可用性和產量仍然是 WillScot 的關鍵優勢，尤其是在我們看到的所有大型專案活動中，我們看到本季租賃利潤率較去年同期穩定成長。我們知道，我們的內部生產、運輸、設置和服務能力是市場上最好的，隨著勞動力和投入的不確定性持續增加，我們的價值將日益提升。我們擁有獨特的優勢，沒有任何重大的供應鏈限制，同時準備在我們的車隊和現場營運中釋放巨大的營運槓桿。

And in our centralized operations, we saw encouraging improvements in performance levels by the team and a $30 million reduction of accounts receivable in the quarter, which is a good first step towards realizing the longer-term working capital and earnings opportunities that we discussed in March. So overall, we have clear initiatives and performance levers that are within our control and give us confidence in the outlook for the year. So we're staying focused on those, and I'd like to thank the entire team for their solid execution in Q1. Matt?

在我們的集中營運中，我們看到團隊績效水準令人鼓舞的提高，本季度應收帳款減少了 3000 萬美元，這是實現我們 3 月份討論的長期營運資本和盈利機會的良好第一步。因此，總體而言，我們有明確的舉措和績效槓桿，這些都在我們的掌控之中，讓我們對今年的前景充滿信心。因此，我們會繼續關注這些問題，我要感謝整個團隊在第一季的出色表現。馬特？

Thank you, Jim. Turning to slide 22, I'll provide a brief overview of the quarter. As Brad noted, Q1 results were in line with our expectations to begin the year and support our reaffirmed full year outlook for 2025.

謝謝你，吉姆。翻到第 22 張投影片，我將簡要概述本季的情況。正如布拉德所指出的，第一季的業績符合我們年初的預期，並支持我們對 2025 年全年前景的重申。

Looking at the first quarter, total revenue of $560 million declined 5% year-over-year or mid-single digits as we had expected due to lower volumes. Average units on rent were down 5% year-over-year for modular and down 16% year-over-year for storage, broadly in line with our expectations. Pricing in VAPS continue to help mitigate some of the impact from the volume declines in the quarter. Average monthly rental rates were up 5% year-over-year for modular and up 2% year-over-year for storage. I'll touch on VAPS in a bit more detail shortly.

縱觀第一季度，由於銷量下降，總收入 5.6 億美元與去年同期相比下降 5% 或中等個位數，正如我們預期的那樣。模組化平均租金年減 5%，儲存平均租金年減 16%，基本上符合我們的預期。VAPS 的定價持續幫助減輕本季銷售下降帶來的部分影響。模組化建築的平均月租金年增 5%，儲存建築的平均月租金年增 2%。我很快會更詳細地介紹 VAPS。

Total leasing revenue was down $26 million or 6% year-over-year, while delivery and installation revenue was down $12 million or 12%. This was partially offset by higher sales, which increased $10 million or 39%, most of which was driven by increased new sales activity.

總租賃收入年減 2,600 萬美元，降幅 6%，而交付和安裝收入下降 1,200 萬美元，降幅 12%。這被更高的銷售額部分抵消，銷售額增加了 1000 萬美元，即 39%，其中大部分是由新銷售活動的增加所推動的。

Adjusted EBITDA for the quarter amounted to $229 million at a margin of 40.9%. The margin decline year-over-year of 130 basis points was generally in line with our expectations but impacted slightly more due to a greater mix of new sales in the quarter versus 2024. The increase in sales mix drove approximately 40 basis points of the margin compression year-over-year in the quarter.

本季調整後的 EBITDA 為 2.29 億美元，利潤率為 40.9%。利潤率年減 130 個基點，基本上符合我們的預期，但由於本季新銷售額與 2024 年相比有所增加，因此影響略大。銷售組合的增加導致本季利潤率年減約 40 個基點。

Turning back up to slide 20. This is a new addition to our quarterly earnings presentation, introduced to align the discussion we had during our March 2025 Investor Day. Tim mentioned VAPS briefly in his remarks, but this slide highlights the percentage of revenue contributed by value-added products and services on a quarterly basis back to 2022. This quarter, we surpassed the 17% mark, moving steadily towards our long-term goal of generating 20% to 25% of total revenue for VAPS over a 3- to 5-year horizon. This achievement is particularly noteworthy given the 11.5% decline in consolidated units on rent, underscoring the strength and the resilience of our VAPS portfolio.

翻回第 20 張投影片。這是我們季度收益報告的新內容，旨在與我們在 2025 年 3 月投資者日期間進行的討論保持一致。提姆在演講中簡要提到了 VAPS，但這張投影片重點介紹了截至 2022 年每季對增值產品和服務貢獻的收入百分比。本季度，我們突破了 17% 的大關，並穩步朝著我們的長期目標邁進，在未來 3 至 5 年內為 VAPS 創造 20% 至 25% 的總收入。鑑於合併租金單位下降 11.5%，這項成就尤其值得注意，凸顯了我們的 VAPS 投資組合的實力和彈性。

It reflects deeper penetration of these offerings across our core product lines and reinforces our ability to drive growth through levers within our control.

它反映了這些產品在我們的核心產品線中的更深層次的滲透，並增強了我們透過可控的槓桿推動成長的能力。

Turning to cash flows on slide 23. We generated $145 million of adjusted free cash flow at a 26% margin in the quarter, which was 120 basis points higher year-over-year. This equates to adjusted free cash flow per share of $0.79 at our current share count or $3.02 over the last 12 months. The stability of our cash flows continues to be a compelling part of our business model and afford great optionality to allocate our capital, allowing us to reinvest at strong returns for continued value creation.

轉向幻燈片 23 上的現金流。本季度，我們產生了 1.45 億美元的調整後自由現金流，利潤率為 26%，比去年同期高出 120 個基點。這相當於以當前股票數量計算的每股調整後自由現金流為 0.79 美元，或過去 12 個月的每股調整後自由現金流為 3.02 美元。現金流的穩定性仍然是我們商業模式中引人注目的一部分，並為我們的資本配置提供了很大的選擇性，使我們能夠以豐厚的回報進行再投資，從而持續創造價值。

Moving on to slide 24. We successfully refinanced our 2025 senior secured notes during the quarter, extending the maturity to 2030 at a fixed interest rate of 6.625%. Given the current interest rate environment, we view this as a proactive step to further strengthen our balance sheet to preserve ample liquidity in our ABL, which remained at over $1.6 billion as of March 31. It also increases our flexible -- our financial flexibility, allowing us to allocate capital towards accretive investments and future growth initiatives, including both organic growth and potential M&A opportunities. We appreciate the continued support and confidence of our debt investors in our long-term strategy and our operational execution.

翻到第 24 張投影片。我們在本季成功對 2025 年優先擔保票據進行了再融資，將期限延長至 2030 年，固定利率為 6.625%。鑑於當前的利率環境，我們認為這是進一步加強資產負債表的積極舉措，以保持 ABL 的充足流動性，截至 3 月 31 日，ABL 的流動性仍超過 16 億美元。它還增加了我們的靈活性——我們的財務靈活性，使我們能夠將資本分配給增值投資和未來成長計劃，包括有機成長和潛在的併購機會。我們感謝債務投資者對我們的長期策略和營運執行的持續支持和信任。

Moving on to slide 25. We continue to prioritize our capital investments first towards organic growth, and we invested $62 million of net CapEx in the quarter, which was down just slightly to the prior year of $65 million. We continue to invest in fleet refurbishments and new fleet in select categories to meet demand, including office complexes, FLEX, VAPS and also into growth CapEx into our newer product categories such as climate controlled units, clearspan and perimeter solutions. We also -- we will also continue pursuing acquisitions that fit our criteria, and that pipeline continues to develop.

翻到第 25 張投影片。我們繼續優先考慮資本投資以實現有機成長，本季我們投資了 6,200 萬美元的淨資本支出，略低於去年的 6,500 萬美元。我們繼續投資於特定類別的車隊翻新和新車隊以滿足需求，包括辦公大樓、FLEX、VAPS，並將成長資本支出投入到我們的新產品類別中，例如氣候控制單元、clearspan 和周邊解決方案。我們也將繼續尋求符合我們標準的收購，並且該管道將繼續發展。

Lastly, in Q1, we returned $45 million to shareholders by repurchasing approximately 1.1 million shares of common stock and paying our first quarterly cash dividend of $13 million. Given the recent trading activity, we continue to be opportunistic with repurchases and repurchased an additional 741,000 shares for $18.1 million during April. Our leverage during the quarter remained flat at 3.5x. We expect our leverage to naturally decrease largely through earnings growth from 3.5x currently into our 3- to 5-year target range of 2.5 to 3.5x.

最後，在第一季度，我們透過回購約 110 萬股普通股並支付 1,300 萬美元的首季度現金股息，向股東返還了 4,500 萬美元。鑑於最近的交易活動，我們繼續抓住回購機會，並在 4 月以 1,810 萬美元的價格回購了額外的 741,000 股。本季我們的槓桿率保持在 3.5 倍不變。我們預計，透過獲利成長，我們的槓桿率將自然大幅下降，從目前的 3.5 倍降至 3 至 5 年目標範圍的 2.5 至 3.5 倍。

And finally, on slide 27, as Brad mentioned, we are reaffirming our 2025 financial outlook. As discussed during our Investor Day on March 7, we anticipate year-over-year unit-on-rent headwinds would persist into the first quarter before beginning to ease over the remainder of the fiscal year. First quarter results were consistent with those expectations, and our current pending orders support the underlying volume assumptions in our second quarter outlook.

最後，在第 27 張投影片上，正如布拉德所提到的，我們重申了 2025 年的財務展望。正如我們在 3 月 7 日的投資者日上所討論的那樣，我們預計同比單位租金逆風將持續到第一季度，然後在本財年剩餘時間內開始緩解。第一季的業績與這些預期一致，我們目前的待處理訂單支持我們第二季展望中的基本數量假設。

Looking ahead to the rest of the year, we expect continued easing of volume headwinds such that rate and VAPS growth, along with our expanded product offerings, will drive modest top year -- top line year-over-year growth in the second half of the year.

展望今年剩餘時間，我們預計銷售逆風將繼續緩解，利率和 VAPS 成長以及我們擴大的產品供應將推動下半年營收年比溫和成長。

What that means for the second quarter is that we expect total revenues to improve sequentially such that revenue will be down approximately 2.5% year-over-year rather than nearly 5% as they were in the first quarter. From an EBITDA margin perspective, we expect margins in the second quarter to expand sequentially similar to or slightly better than they did in the prior year, and we expect flattish adjusted EBITDA margins year-over-year in the second half of the year.

對於第二季而言，這意味著我們預計總收入將環比改善，營收將年減約 2.5%，而不是像第一季那樣下降近 5%。從 EBITDA 利潤率的角度來看，我們預計第二季的利潤率將環比增長，與去年同期相似或略有改善，並且我們預計下半年調整後的 EBITDA 利潤率將與去年同期持平。

We remain poised to invest in our fleet, which will drive higher net CapEx versus last year as we continue fleet refurbishments and fleet repurchases in select categories to meet demand, including, again, some of our newer product categories that are driving the incremental spend year-over-year. At the midpoint of our guidance, we still expect to deliver $2.375 billion in revenue, $1.045 billion in adjusted EBITDA, and $265 million in net CapEx for full year 2025. This is no change to the base case of our 2025 outlook from when we first provided back in late February, and we continue to have opportunities that could take us up in the range and additional risks that could take us lower in the range.

我們仍準備投資於我們的機隊，這將推動淨資本支出比去年更高，因為我們將繼續在特定類別中進行機隊翻新和機隊回購以滿足需求，其中再次包括一些推動逐年增加支出的較新產品類別。在我們的指導中點，我們仍然預計 2025 年全年的收入為 23.75 億美元，調整後 EBITDA 為 10.45 億美元，淨資本支出為 2.65 億美元。這與我們 2 月底首次提出的 2025 年展望的基本情況沒有任何變化，我們仍然有機會讓我們進入該範圍，同時也有額外的風險讓我們進入該範圍以下。

We're cognizant of concerns over the broader market right now, driven by tariffs, labor and other evolving policies. We're closely monitoring these trends and the potential impact on the broader American economy and the indirect impact on our business. The midpoint of our revenue guidance assumes that demand remains consistent with our original expectations for the year, supported by our first quarter results and by our current pending order book, which is up 7% versus last year, as Brad noted earlier.

我們意識到目前對大盤的擔憂，這是由關稅、勞動力和其他不斷變化的政策所驅動的。我們正在密切關注這些趨勢及其對美國整體經濟的潛在影響以及對我們業務的間接影響。我們的營收預期中點假設需求與我們對今年的最初預期保持一致，這受到我們第一季業績和當前待處理訂單的支持，正如布拉德之前指出的那樣，待處理訂單比去年增長了 7%。

We see little direct impact from tariffs within our P&L, but there remains some certainty about how these could influence demand in the second half of the year. As a result, we've maintained a wider revenue outlook range than we generally would sitting here on March 1. To move up from the midpoint of the revenue range, we would expect to see a combination of increased demand, incremental pricing performance and/or greater VAPS penetration. Downside risks primarily include unit-on-rent deterioration in the second half of the year should customer demand reduce meaningfully due to economic uncertainty, which could move revenues below the midpoint. Should the demand environment change, we can quickly adapt by flexing our variable cost base to match demand levels as we have in the past to support margins while still supporting our customers.

我們認為關稅對我們的損益表的直接影響很小，但對於關稅將如何影響下半年的需求，我們仍然可以確定。因此，我們維持的收入預期範圍比 3 月 1 日通常的預期範圍要寬泛。為了從收入範圍的中點上升，我們預計會看到需求增加、定價表現增加和/或 VAPS 滲透率提高的組合。下行風險主要包括下半年單位租金的下降，如果客戶需求因經濟不確定性而大幅減少，這可能導致收入低於中點。如果需求環境發生變化，我們可以像過去一樣，透過調整可變成本基礎來快速適應需求水平，以支持利潤率，同時仍然支持我們的客戶。

But as of today, we continue to see an order book that supports continued investment both in the form of our fleet and our sales organization, as Tim noted earlier.

但正如蒂姆之前提到的，截至今天，我們仍然看到訂單簿支持我們以車隊和銷售組織的形式繼續投資。

As a reminder, 95% of our revenues are generated by maintaining and re-leasing our existing owned assets. Our views related to the direct impact from tariffs haven't changed much from when we spoke at Investor Day back in March. Based on our supply chain across our entire expense base, both in the P&L within CapEx, we estimate about a 2% to 4% annual direct impact from tariffs with the vast majority of the increase in costs impacting our net CapEx.

提醒一下，我們 95% 的收入來自維護和重新租賃我們現有的資產。我們對關稅直接影響的看法與我們三月在投資者日發表演說時相比沒有太大變化。根據我們整個費用基礎的供應鏈，包括資本支出中的損益表，我們估計關稅每年直接影響約為 2% 至 4%，其中絕大部分成本增加會影響我們的淨資本支出。

Generally, these pressures will impact competitors as well. And as such, and as we have historically, we've been able to price through cost increases to help mitigate the impact. Based on all of this, we expect the direct tariff-related impacts to be quite manageable.

一般來說，這些壓力也會影響競爭對手。因此，正如我們過去所做的那樣，我們能夠透過提高成本來定價，以幫助減輕影響。基於所有這些，我們預期與關稅相關的直接影響是相當可控的。

While tariffs might create demand uncertainty in the near term, if the intended impacts are successful balancing trade and spurring increased investment in domestic manufacturing and other industries, our businesses -- sorry, our business could benefit from the multiyear tailwinds as we partner with our customers to transition their operations in the future. Transition is generally good for our business and supportive of increased demand for our solutions.

雖然關稅可能會在短期內造成需求不確定性，但如果預期影響能夠成功平衡貿易並刺激國內製造業和其他行業的投資增加，我們的業務——抱歉，我們的業務可能會受益於多年的順風，因為我們將與客戶合作，在未來轉變他們的業務。過渡通常對我們的業務有利，並有助於增加對我們解決方案的需求。

Wrapping things up, our start to the year was in line with our expectations, and our pending order book should support our expected new lease activation levels in the second quarter. Customer demand will continue to guide our 90-day zero-based planning process, including appropriate adjustments in our cost structure and our capital spending, and we have great flexibility to adjust to changing demand, which leaves us very comfortable with our current outlook ranges.

總而言之，我們今年的開局符合我們的預期，我們的待處理訂單應該可以支援我們預期的第二季新租賃啟用水準。客戶需求將繼續指導我們的 90 天零基計畫流程，包括適當調整我們的成本結構和資本支出，並且我們具有很大的靈活性來適應不斷變化的需求，這使我們對當前的展望範圍非常滿意。

I will now hand it back to Brad for some closing remarks.

現在我將把發言權交還給布拉德，請他發表一些結束語。

Thank you, Tim and Matt. Thank you to our customers for your continued business, and thank you to our team for their focus on safety and customer satisfaction. And thank you to our shareholders for your trust with your capital. We look forward to connecting with you over the course of the quarter at various conferences and meetings. I wish all of you listening today continued safety and good health.

謝謝你，提姆和馬特。感謝我們的客戶一直以來的惠顧，也感謝我們的團隊對安全和客戶滿意度的關注。並感謝我們的股東對我們的資本的信任。我們期待在本季度的各種會議中與您聯繫。我祝福今天在座的各位平安、健康。

This concludes our prepared remarks. Operator, would you please open the line for questions? .

我們的準備好的演講到此結束。接線員，請打開熱線回答問題好嗎？。

(Operator Instructions) Andrew Wittmann, Baird.

（操作員指示）安德魯·威特曼，貝爾德。

I guess just on the order book, plus 7%, I think good result considering everything that's going on out there. These are the order book. And so I was just wondering if you would comment a little bit about the conversion time. Are things -- is the order to delivery time expanding given some of the economic uncertainty? Are there positives delays, cancellations?

我想只在訂單簿上加上 7%，考慮到正在發生的一切，我認為這是一個不錯的結果。這些是訂單簿。所以我只是想知道您是否可以對轉換時間發表一些評論。考慮到一些經濟不確定性，訂單到交貨的時間是否會延長？是否有延誤、取消的情況？

Are things coming in and out of the order book and netting to plus 7%? Maybe just some of the characteristics that underpin that that might give us a flavor for the overall demand environment that resides under that nice 7% level that you're highlighting today.

訂單簿中的進出商品是否淨增加 7%？也許，這些基本特徵可能會讓我們感受到您今天強調的 7% 水準以下的整體需求環境。

Andy, this is Tim. It's a great question. It might be a little bit too soon to observe some of the concerns that you're raising. So we're watching it carefully. I can say that quoting activity, for example, over the last 30 days since Liberation Day has been up -- it's about 10% year-over-year across all product categories.

安迪，這是提姆。這是一個很好的問題。現在觀察您提出的一些擔憂可能還為時過早。因此我們正在密切關注。我可以說，例如，自解放日以來的過去 30 天裡，所有產品類別的報價活動都比去年同期成長了約 10%。

So you're continuing to see healthy new customer inquiries coming into the funnel. We have not observed any change in conversion rates or cancellation rates. I mean, cancellation rates through Q2 so far are actually down slightly relative to prior year, [facing] the logical concerns that we're also in our mind, but we just haven't observed any data yet that tells us those things are happening.

因此，您將繼續看到健康的新客戶諮詢進入管道。我們沒有觀察到轉換率或取消率有任何變化。我的意思是，到目前為止，第二季度的取消率實際上與去年相比略有下降，[面臨]我們也在考慮的合理擔憂，但我們還沒有觀察到任何數據告訴我們這些事情正在發生。

And in terms of the progress through the course of the year, as long as we see this type of progress in our leading indicators, we have added to the sales force. We've got some productivity tools in the CRM and the pricing engine that should allow our teams to be more effective in the field. But to the extent we see any slowdowns or changes in customer behavior, those things are all levers that we can pull in the other direction, if necessary. So we're watching it carefully, though, encouraged with the order book build year-to-date.

就全年的進展而言，只要我們看到領先指標出現這種進展，我們就會增加銷售團隊。我們在 CRM 和定價引擎中擁有一些生產力工具，可以讓我們的團隊在這個領域更有效率。但如果我們看到客戶行為出現任何放緩或變化，那麼在必要時，這些都是我們可以朝另一個方向拉動的槓桿。因此，我們正在密切關注，並對今年迄今為止的訂單增長感到鼓舞。

Great. That's really helpful color. And then for my follow-up question, I guess it's probably for Matt. Matt, I wanted to ask about the VAPS. Just historically, you've provided kind of average and spot VAPS and kind of use that to talk about your goal of getting up to $600 per unit per month, at least on the modular side there.

偉大的。這顏色確實很有幫助。然後對於我的後續問題，我想可能是問馬特的問題。馬特，我想問一下有關 VAPS 的問題。從歷史上看，您提供的是平均和現貨 VAPS，並利用它來談論您的目標，即每月每台設備的收入高達 600 美元，至少在模組化方面是如此。

I didn't see that here, so I thought I would ask if you could provide the average and spot VAPs for modular and the portable storage segments so we can understand the underpinning dynamics to that 7% -- 17% of total revenue that you articulated here already.

我在這裡沒有看到這一點，所以我想問您是否可以提供模組化和便攜式存儲部分的平均和現貨 VAP，以便我們能夠了解您在這裡已經闡明的 7% - 17% 總收入的潛在動態。

Yes. Sure, Andy. So I think the biggest reason for that, and we went through this a little bit at the Investor Day, was more around as we've expanded the overall portfolio of that, we've added in perimeter solutions, we've -- you guys saw -- you would have seen some of the solar product that's out there and some of these other products, it's just not -- it's -- those orders go out kind of separately now.

是的。當然，安迪。所以我認為最大的原因是，我們在投資者日稍微討論了這一點，更多的是因為我們擴大了整體產品組合，我們增加了周邊解決方案，我們——你們看到了——你會看到一些現有的太陽能產品和一些其他產品，但現在這些訂單已經分開發出了。

Sometimes the timing is different than our modular and our storage and attributing those to one or the other just doesn't really work anymore with the overall product portfolio that we're operating. That's why we've moved to this percentage of revenue because, ultimately, what matters is that as we grow this, as we put more units on rent, as we drive rate, we're also loading each of those customers to (inaudible) up with a full site solution.

有時時間與我們的模組和存儲不同，並且將它們歸因於其中一個或另一個對於我們正在運營的整體產品組合來說不再起作用。這就是我們轉向這一收入百分比的原因，因為最終重要的是，隨著我們的增長，隨著我們出租更多單元，隨著我們提高費率，我們還為每位客戶提供（聽不清楚）完整的站點解決方案。

And that's where the percentage kind of came in. It's a much better way to capture all that.

這就是百分比的由來。這是捕捉所有這些的更好方法。

Sherif El-Sabbahy, Bank of America.

美國銀行謝里夫·埃爾-薩巴希。

I just wanted to touch on the Q2 top line outlook. Obviously, with the guidance down 2.5%, it's improving sequentially notably. Within that, historically, Q2 volumes have come down sequentially, is that do you still expect to happen in the second quarter?

我只是想談談第二季的營收前景。顯然，隨著指導價下降 2.5%，情況比去年同期明顯改善。從歷史上看，第二季的銷售量會連續下降，您是否仍預期第二季會出現這種情況？

Generally, no. That's typically in a normal seasonal -- because of the normal seasonal cadence of our business, you do bottom typically in kind of -- in Q1 time frame, and things start to build through the busier Q2, Q3 season. So no, our outlook would not expect that as we continue to see the orders in our book moving forward, especially in modular, right? That's the typical busy season for modular. There's those different seasonal patterns within storage with the Q4 piece. So that is a little bit different. But modular definitely not. That should drive forward as we go forward, and we expect stable kind of through the year.

一般來說，不會。這通常處於正常的季節性 - 由於我們業務的正常季節性節奏，通常會在第一季的時間範圍內觸底，然後在繁忙的第二季、第三季開始復甦。所以不，我們的前景不會預期到這一點，因為我們會繼續看到訂單向前發展，特別是模組化的，對嗎？這是模組化的典型繁忙季節。第四季的儲存存在不同的季節性模式。所以這有點不同。但模組化肯定不行。隨著我們不斷前進，這將推動我們不斷前進，我們預計全年將會保持穩定。

Understood. And looking just at the modular delivery installation, obviously, it's varied a little bit with the change in volumes. Could you give us an idea of what cadence you expect for that side of the business?

明白了。僅從模組化交付安裝來看，顯然它會隨著數量的變化而略有不同。您能否告訴我們您對該業務方面的節奏有何期望？

Sorry, for the delivery and installation you're asking about?

抱歉，您詢問的是送貨和安裝問題嗎？

Correct.

正確的。

Yes. So it'll grow with that increase in activity, right? In the second quarter, we would expect growth, I don't know, maybe somewhere in that 10-ish percentage range as you start to get more activity there in the second quarter. So not to nail down maybe specific numbers. But yes, definitely, the DNI will grow into the second quarter as we have more activity.

是的。所以它會隨著活動的增加而成長，對嗎？在第二季度，我們預計會有成長，我不知道，也許在 10% 左右的範圍內，因為第二季度開始有更多的活動。因此可能無法確定具體的數字。但是的，隨著我們開展更多活動，DNI 肯定會在第二季度成長。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

I guess to start, I'm curious, I want to talk about the end markets served. And there's, on slide 13, a quote about retail. And I just wanted to delve in there. It's anticipating improvement in retail customer segment this year. And I think you've been speaking about that, the Liberation Day updates or anything like, affected your view for the back half of the season on that, midyear and back half.

我想首先，我很好奇，我想談談所服務的終端市場。第 13 張投影片上有一段關於零售業的引言。我只是想深入研究一下。預計今年零售客戶市場將會有所改善。我認為您一直在談論解放日更新或類似的事情，影響了您對賽季後半段、年中和後半段的看法。

Scott, this is Tim. I think the short answer is no, there hasn't been a real change in our view as to retail-related demand over the last 30 days. We've had [3] in-depth conversations with some of the larger accounts within that sector, and those conversations predate Liberation Day, and they're ongoing.

斯科特，這是蒂姆。我認為簡短的回答是否定的，在過去 30 天裡，我們對零售相關需求的看法並沒有真正的改變。我們已經與該領域的一些較大客戶進行了 [3] 次深入對話，這些對話在解放日之前就已開始，並且仍在繼續。

And they're certainly contributing to the year-over-year growth in the order book, particularly in the storage side of the business, which we're very encouraged about, and some of that we expected, if you rewind where we were maybe a year ago, given the pause in some of the store remodel activity among some of the larger retailers, which we do see coming back. So we haven't seen any incremental or decrement specific to the tariff policy. But again, we're deeply engaged in those conversations.

而且它們確實為訂單量的同比增長做出了貢獻，特別是在業務的存儲方面，我們對此感到非常鼓舞，並且其中一些是我們預料到的，如果你回顧一下一年前的情況，考慮到一些大型零售商的部分門店改造活動暫停，我們確實看到這些活動正在恢復。因此，我們還沒有看到關稅政策有任何具體的增加或減少。但再次強調，我們深入參與了這些對話。

Encouragingly, in the retail sector. Historically, as you'll know, that's primarily been a storage clientele. You are seeing better cross-selling activity with climate-controlled storage and some of the rest of the offering as we engage those accounts a bit more strategically.

令人鼓舞的是，在零售領域。從歷史上看，正如您所知，這主要是儲存客戶。隨著我們以更具策略性的方式與這些帳戶互動，您會看到氣候控制儲存和其他一些產品的交叉銷售活動有所改善。

Appreciate that, Tim. And then you guys were active with share repurchases in the quarter and that there used to be a very logical move. Just curious, I guess, Matt, for you, with -- or any of you, how are you thinking about continued stock buybacks assuming current levels versus M&A, maybe a little bit of discussion about what you're looking at there and the rights of such a pipeline.

非常感謝，提姆。然後你們在本季積極進行股票回購，這是一個非常合乎邏輯的舉措。我只是好奇，馬特，對於你，或者你們中的任何人，你如何看待在當前水平上繼續股票回購與併購，也許可以稍微討論一下你在那裡看到的內容以及這種管道的權利。

Yes, Scott, I don't think it's any different than the way we've approached it the last few years. As you know, M&A can be -- it's going to transact when it transacts. So that can be a little bit bumpy, but we'll continue to work that pipeline. And for those deals that come to us and make sense, we'll absolutely transact.

是的，斯科特，我認為這與我們過去幾年的處理方式沒有什麼不同。如您所知，併購可以—交易時就會進行。所以這可能會有點坎坷，但我們會繼續努力。對於那些我們找到的、有意義的交易，我們絕對會進行交易。

And then we'll continue to be active with our -- or consistent with our kind of long-term capital allocation framework, sorry, as it relates to repurchases. And you saw again today that we announced the second dividend -- the dividend for Q2, which will be another way -- is another way for us to return capital to shareholders.

然後，我們將繼續積極地——或者說與我們的長期資本配置框架保持一致，抱歉，因為它與回購有關。今天您再次看到，我們宣布了第二次股息——第二季度的股息，這將是另一種方式——是我們向股東返還資本的另一種方式。

Manav Patnaik, Barclays.

巴克萊銀行的馬納夫·帕特奈克（Manav Patnaik）。

This is Ronan Kennedy, on for Manav. Can I just dive a little deeper in relation to the quote on the pending orders as follow-up to Andy's question? How is that -- what's the historic correlation there, say, to activations, actual delivery and installation and, ultimately, UOR? How should we think that as for the reliability of that as a leading indicator?

我是羅南甘迺迪 (Ronan Kennedy)，代替馬納夫 (Manav)。作為對安迪問題的後續回答，我能否更深入地了解待處理訂單的報價？這是怎麼回事——比如說，與啟動、實際交付和安裝以及最終的 UOR 之間，它們的歷史關聯是什麼？我們該如何看待其作為領先指標的可靠性？

Ronan, this is Tim. So we're talking about net orders, right? So that'll take out cancellations, right? When we're thinking about the net order rates that we're seeing in the business, there can be a timing element. So depending on how much lead time a customer is giving us between the time of order and delivery.

羅南，這是蒂姆。所以我們談論的是淨訂單，對嗎？那麼這樣就可以消除取消的情況了，對嗎？當我們考慮業務中看到的淨訂單率時，可能會有一個時間因素。因此，這取決於客戶在訂購和交貨之間給我們多少準備時間。

It does appear if you look at the order book that the timing weighting is shorter or near term this year relative to last year, which is just more confidence in the activation levels that we're expecting for Q2 specific to that guidance. So relative to last year, all else equal, the book is (inaudible) a little bit more towards the next 4 or 5 weeks relative to where we would have been last year. Flip side of that is maybe not as much visibility into the second half. But as you know, with our lead times, that's almost always the case. And we're kind of forecasting 90 days out on a rolling basis.

如果你查看訂單簿，你會發現今年的時間權重相對於去年來說更短或更短期，這只是對我們根據該指導對第二季度的激活水平的預期更有信心。因此，相對於去年，在其他條件相同的情況下，與去年相比，這本書（聽不清楚）更傾向於未來 4 或 5 週的內容。另一方面，下半年的前景可能不那麼明朗。但正如您所知，考慮到我們的交貨時間，情況幾乎總是如此。我們是在滾動基礎上預測 90 天後的情況。

So yes, absent any change in cancellation rate or a project time line, those orders convert to deliveries. And as you know, given you've got about 3-year lease duration in the business, you need several quarters of sustained year-over-year delivery growth to cause a unit-on-rent portfolio to inflect.

所以是的，如果取消率或專案時間表沒有任何變化，這些訂單就會轉換為交付。而且如您所知，考慮到您的業務租賃期限約為 3 年，您需要幾個季度的持續年比交付成長才能使租賃單位組合發生變化。

Okay. And then for the guidance at the midpoint, can I confirm what the underlying expectation is with regards to volume inflection, if and when that's expected to happen? And if you're able to give a reminder on the contemplated AMR growth for -- and UOR growth for both segments to the extent possible, please?

好的。然後，對於中點的指導，我能否確認有關交易量拐點的潛在預期是什麼，如果預計會發生以及何時發生？並且，如果您能夠盡可能提醒這兩個細分市場的預期 AMR 成長和 UOR 成長，可以嗎？

Yes, Ronan, just maybe I'll just hit it kind of broadly. I think consistent with the outlook we would have given at the beginning of the year, not a whole lot has really changed. We're expecting to continue to kind of eat into that volume headwind as we move throughout the year sequentially. And so by the end of the year, you're kind of maybe getting close to flattish, right, pick your point. That's kind of the way that we view the volume side of things.

是的，羅南，也許我只是廣泛地談論它。我認為，與我們年初給出的展望一致，並沒有太大的變化。我們預計，隨著全年的推進，我們將繼續消除這種銷售逆風。因此，到今年年底，你可能會接近持平，對吧，選擇你的觀點。這就是我們看待事物數量方面的方式。

On rates, I think it's consistent with what we've been seeing here recently. So if you're looking at our modular units, you're starting to grow that a little bit more as you get a bit more contribution from some of the expansions we're doing in VAPS and those things. So you might start to move up in that range that we provided, the [5 to 10]. And then on storage, you'll see a similar move from where we are today, the 2% in the first quarter. As mix moves a little bit more again to the cold storage or temperature-controlled storage, you'll continue to see positive contributions from that as you move throughout the year.

就利率而言，我認為這與我們最近看到的情況一致。因此，如果您查看我們的模組化單元，您會發現它開始進一步發展，因為您可以從我們在 VAPS 和那些東西中所做的某些擴展中獲得更多貢獻。因此，您可能會開始在我們提供的範圍內向上移動，[5至10]。然後在儲存方面，你會看到與今天類似的變化，即第一季的 2%。隨著混合物再次稍微轉移到冷藏或溫控儲存中，您將在全年的移動中繼續看到其積極的貢獻。

So we expect some further progress there, I guess, is what I'm saying.

因此，我想說的是，我們期待在那裡取得進一步的進展。

Faiza Alwy, Deutsche Bank.

德意志銀行的 Faiza Alwy。

Yes. Tim, you talked about logistics is the biggest area of focus, and we did see delivery and installation margins contracting. You mentioned sort of lower-margin seasonal transportation activity. So just talk a little bit more of that, sort of what does that really mean and how quickly do you think we can see margins improve in that sort of area.

是的。提姆，您說物流是最大的關注領域，我們確實看到交付和安裝利潤率正在萎縮。您提到了利潤較低的季節性運輸活動。所以請再多談一點，這到底意味著什麼，以及您認為我們能多快看到該領域的利潤率提高。

Yes, Faiza, a couple of different things going on there. And I do think these margins can move relatively quickly. We did have a stronger seasonal storage quarter in Q4 last year than in recent years, which is a good thing. And the return activity on much of that volume did stretch into January and February.

是的，Faiza，那裡發生了幾件不同的事情。我確實認為這些利潤可以相對快速地變化。去年第四季的季節性儲存量確實比近年來更強，這是一件好事。大部分的回報活動確實延續到了一月和二月。

And on certain of those contracts, we did have flat mileage-based pricing, which, in some cases, came in at a lower margin. Overall, from a cash contribution on that business, we were actually really, really happy with the season, but it was a -- put some pressure on the margin in the quarter.

在某些合約中，我們確實採用基於里程的固定定價，在某些情況下，利潤率較低。總體而言，從該業務的現金貢獻來看，我們對這個季度的表現確實非常滿意，但這給本季的利潤率帶來了一些壓力。

You also have heard us talk about in-sourcing activity, and we are bringing more of that fixed cost in-house to eliminate third-party trucking. That is a work in progress. And I'd say we added more of that -- those resources in the quarter in anticipation of volume pickups going into Q2 and Q3. So maybe a temporary burden in the quarter that we expect to get some operating leverage out of as we progress into the second half of the year.

您也聽過我們談論內部採購活動，我們正在將更多的固定成本轉移到內部，以消除第三方貨運。這是一項正在進行的工作。我想說的是，我們在本季增加了更多此類資源，以期在第二季和第三季實現銷售回升。因此，這也許是本季的一個暫時負擔，我們預計隨著進入下半年，我們將獲得一些營運槓桿。

So across logistics, the types of initiatives that we have in place once you have those resources in-house, we talked about it in March, the cross-training of those resources to work across both the storage and modular product lines as well as climate controlled storage, we are actively pursuing a new scheduling ability that will allow our dispatchers to utilize those resources more efficiently. And then route optimization is kind of the last piece of that puzzle as we look forward into 2026. So those are all things that the team is working on to drive profitability at the delivery and installation level.

因此，在物流領域，一旦您在內部擁有這些資源，我們就會採取各種舉措，我們在三月份討論過這個問題，對這些資源進行交叉培訓，以便在存儲和模組化產品線以及氣候控制存儲方面開展工作，我們正在積極尋求一種新的調度能力，使我們的調度員能夠更有效地利用這些資源。當我們展望 2026 年時，路線優化就是這個難題的最後一塊拼圖。因此，這些都是團隊正在努力提高交付和安裝層面的獲利能力的事情。

Great. And then I wanted to follow up on pricing. I know you usually give us the difference or the gap between LTM delivered and reported pricing for storage and modular, if you could just give us that, that would be really helpful. But then more broadly, I wanted to ask about, if we do go into a more inflationary environment, like historically, what we saw last time, post-COVID, like you really benefited from that.

偉大的。然後我想跟進定價。我知道您通常會向我們提供 LTM 交付的存儲和模組化報告價格之間的差異或差距，如果您能提供這些信息，那將非常有幫助。但從更廣泛的角度來看，我想問的是，如果我們確實進入一個通膨更高的環境，就像歷史上我們上次看到的那樣，也就是疫情之後，你真的從中受益了嗎？

And we saw much higher pricing from you, but I'm curious if we should think about that differently this time just given -- I'm wondering if that was more a function of higher demand and just some of the early initiatives that you have taken on pricing as opposed to inflation, yes, as opposed to just more broad inflation. So just would love your big-picture thoughts on that.

我們看到你們的定價要高得多，但我很好奇，這次我們是否應該以不同的方式思考這個問題——我想知道這是否更多地是由於需求增加以及你們在定價方面採取的一些早期舉措，而不是通貨膨脹，是的，而不是更廣泛的通貨膨脹。所以我很想聽聽你對此的宏觀看法。

Faiza, this is Tim. I'll start, and then I'll look to the rest of the team here to jump in. And I would tend to agree with you that inflationary environment used to be supportive for our business. Obviously, many input costs continue to inflate in this environment. When it comes to our biggest cost, which is a fleet, we already own it, and that's the nice thing about how we're positioned.

法伊莎，這是提姆。我先開始，然後我會請這裡的其他團隊成員加入。我傾向於同意你的觀點，通膨環境曾經對我們的業務有利。顯然，在這種環境下，許多投入成本持續膨脹。說到我們最大的成本，也就是一支艦隊，我們已經擁有它了，這就是我們的定位的優點。

On top of that, we have the in-house capability to ready, remanufacture, deliver, install, which is pretty unique in our industry. So we feel like we've got our piece of the cost puzzle under control, which I think is a relative advantage in the marketplace for others who might need to either source new equipment or use third parties to deploy that equipment.

最重要的是，我們擁有內部準備、再製造、交付和安裝的能力，這在我們的行業中是相當獨特的。因此，我們覺得我們已經控制住了成本難題，我認為這對於可能需要採購新設備或使用第三方部署該設備的其他公司來說是一個相對優勢。

The analysis is maybe a little bit different on the container side of the business. But certainly, at a high level, I think we've demonstrated in the past that we can take advantage of the inflationary environments and pass those costs through.

對於集裝箱業務的分析可能有些不同。但可以肯定的是，從高層來看，我認為我們過去已經證明，我們可以利用通膨環境並轉嫁這些成本。

As I said at the outset, unclear what the limitations are from a demand standpoint. And ultimately, that's where the rubber meets the road, and that's where we're being most vigilant. But activity year-to-date has been encouraging.

正如我在一開始所說的，從需求的角度來看，限制是什麼尚不清楚。最終，這就是輪胎與道路接觸的地方，也是我們最警覺的地方。但今年迄今的活動令人鼓舞。

All right. If you don't mind, Tim or Matt, if you could just give us a difference between the...

好的。如果您不介意的話，蒂姆或馬特，您能否告訴我們...之間的區別？

Yes. On the VAPS side, Faiza, I don't think I have anything really to add from what Andy had asked. I mean, given the portfolio that we've expanded, it's just you can't attribute everything to 1 unit or the other, and that's why we provided the update the way that we're reporting it so that everybody can understand how that grows as the business grows.

是的。在 VAPS 方面，Faiza，我認為對於 Andy 所問的問題我沒有什麼可以補充的。我的意思是，考慮到我們已經擴大的產品組合，你不能把所有東西都歸因於一個單位或另一個單位，這就是我們以報告的方式提供更新的原因，以便每個人都能理解隨著業務的增長，產品組合是如何增長的。

I'll give you a good example on that one, Faiza. So think about climate-controlled storage. The majority of the value-added services that we build on climate-controlled storages actually come either during the course of the rental or towards the end, not at the outset, in the form of a delivery. So think about run time charges on refrigeration equipment or telematics services and things like that. So it's really just not conducive to thinking about, okay, what's the VAPS billing at the activation of a contract versus the overall portfolio average, which is how we've talked about it in the past.

關於這一點，我會給你一個很好的例子，Faiza。因此，請考慮氣候控制儲存。我們在氣候控制儲存上建構的大部分增值服務實際上都是在租賃過程中或租賃結束時以交付的形式提供的，而不是在租賃開始時。因此，請考慮一下冷凍設備或遠端資訊處理服務的運行時間費用以及諸如此類的事情。因此，這實際上不利於思考，好吧，合約啟動時的 VAPS 計費與整體投資組合平均值相比是多少，這就是我們過去所討論的。

In the past, we would have said we don't have the ability to deploy value-added services after the delivery of a unit. Well, it's just not true anymore. We actually do, and that's a good thing, and that's the reason to look at it a bit differently.

過去，我們會說我們沒有能力在交付一個單元後部署增值服務。嗯，現在情況已經不再如此了。我們確實這樣做了，這是一件好事，這也是我們以不同方式看待這個問題的原因。

Phil Ng, Jefferies.

傑富瑞的 Phil Ng。

Any color on new activations in the quarter for modular and storage? And any full data point on the pending order being up 7% in the quarter? Any color on how that has progressed? Last few quarters, has it been generally positive? Has it been negative? Directionally, it'd would be helpful.

本季模組化和儲存方面的新啟動情況如何？本季待處理訂單量上漲 7% 有任何完整數據嗎？有沒有跡象顯示事情進展如何？過去幾個季度，整體情況是積極的嗎？結果是負面的嗎？從方向上看，這將會有所幫助。

Yes, Phil, this is Matt. I can hit that. I think we gave some of that information through February, at the Investor Day. I think modular was kind of low single digits down, and storage was higher single digits down. What's been nice to see is over the last couple of months, modular activations have really been flat year-over-year, so very, very stable there and encouraging.

是的，菲爾，這是馬特。我可以打到它。我認為我們在二月份的投資者日上提供了一些資訊。我認為模組化是低個位數下降，而儲存是高個位數下降。令人高興的是，在過去的幾個月裡，模組化活化確實與去年同期持平，非常穩定且令人鼓舞。

And then on storage, up about 3% collectively between March and April. So we have seen an uptick there. And obviously, given where the current order book is, we are feeling good about our Q2 outlook and what that looks like. But some positive results here in the last couple of months since we last spoke.

然後就儲存而言，3 月至 4 月期間總體上漲了約 3%。因此我們看到了那裡的上漲。顯然，考慮到目前的訂單情況，我們對第二季的前景感到樂觀。但自從我們上次談話以來的幾個月裡，我們取得了一些正面的成果。

And in the order book, how that's trended in the last few quarters?

在訂單簿中，過去幾季的趨勢如何？

The order book has been very consistent since March, the 6% as of end of March and 7% as we kind of sit here today.

自 3 月以來，訂單量一直非常穩定，截至 3 月底為 6%，而截至目前為止為 7%。

It really fell off towards the end of last year. I mean, the build year-to-date has been certainly steeper than it would have been to start last year. So that piece has been encouraging.

去年年底，這一數字確實下降了。我的意思是，今年迄今的建設規模肯定比去年年初更大。因此這篇文章令人鼓舞。

That's great. And then you guys talked about how perhaps you're seeing broader strength or -- your order book, particularly, for some of these larger customers relative to smaller customers. Can you expand on that? And what's driving that? Is that some of the go-to-market strategy you guys have talked about that's a WillScot initiative or just your scale or just the customer mix is a little different in terms of liquidity?

那太棒了。然後你們談到了你們如何看到更廣泛的實力或——你們的訂單，特別是對於一些較大的客戶相對於較小的客戶而言。能詳細闡述嗎？是什麼推動了這現象？這是你們談到的 WillScot 計劃的市場進入策略嗎？或者只是你們的規模或客戶組合在流動性方面略有不同？

Phil, I think this has been going on for the better part of the last 18 months in terms of the composition of end market activity and the nonres construction sector, whether it's large mega projects, reshoring, things like that, that we've been talking about for a while now. And I think the larger the project, generally, those are going to go to the larger Pan-North American general contractors who, in all cases, are enterprise accounts of us, and we're disproportionately well positioned to compete and win for that -- win that business. And that's really all we're seeing right now.

菲爾，我認為，就終端市場活動和非住宅建築行業的組成而言，這種情況在過去 18 個月的大部分時間裡一直在持續，無論是大型項目、回流，還是諸如此類的事情，我們已經談論了一段時間了。我認為，專案越大，通常就越傾向於選擇較大的泛北美總承包商，而這些承包商在所有情況下都是我們的企業客戶，我們擁有極強的競爭優勢，可以贏得這項業務。這就是我們現在所看到的一切。

As we talked about in March when we were together, we are taking a fresh look, our approach to enterprise accounts and really allocating talent and resources in that area. I think it's a great growth opportunity for the company. I can't say that any of those efforts have manifested themselves yet in the results. But certainly, as we look through to the end of the year and into 2026, I think that's an area where we can really drive some traction.

正如我們三月在一起時談到的那樣，我們正在重新審視我們對企業帳戶的態度，並真正在該領域分配人才和資源。我認為這對公司來說是一個很好的發展機會。我不能說這些努力已經有成果了。但可以肯定的是，當我們展望今年年底和 2026 年時，我認為這是我們真正能夠取得一些進展的領域。

Is there any nuance in terms of the margins between these bigger customers versus smaller customers?

這些大客戶和小客戶之間的利潤率是否有細微差別？

On the margins, the larger the customer, the longer the duration, the fewer turns you've got on your equipment. Pricing, it's hard to really generalize. This is not a business where your largest customers necessarily get best price, right? Sometimes the larger customers have other purchasing criteria like being on time, being on budget, no project delays, product quality, service levels, et cetera. So we do see pricing and VAPS opportunity on these larger projects. So it's a bit hard to make that generalization, Phil.

從利潤率來看，客戶越大，持續時間越長，設備的周轉次數就越少。定價確實很難概括。這不是一個最大的客戶一定能獲得最優惠價格的產業，對嗎？有時，較大的客戶還有其他購買標準，例如準時、符合預算、專案無延誤、產品品質、服務水準等等。因此，我們確實看到了這些大型專案的定價和 VAPS 機會。所以菲爾，做出這樣的概括有點困難。

Angel Castillo, Morgan Stanley.

摩根士丹利的安吉爾‧卡斯蒂略 (Angel Castillo)。

Just wanted to ask a little bit about maybe some of the divergence that you're seeing with good quoting activity, good levels of kind of pending orders, and yet you kind of talked about ABI earlier, how that's kind of ticked lower, and we've seen some of the construction-type data remaining a little bit more hesitant, but it doesn't seem to be showing up in terms of your quoting and what you're seeing from your customers.

我只是想問一下，也許您在良好的報價活動、良好的待處理訂單水平方面看到了一些分歧，但您之前談到過 ABI，它是如何走低的，我們看到一些建築類型的數據仍然有些猶豫，但從您的報價和您從客戶那裡看到的情況來看，這似乎並沒有顯​​現出來。

So just curious, anything you can kind of glean from your conversations as to maybe what's driving that divergence? Is it just level of expectations, kind of near term or -- improvement? Or is it more the kind of verticals that you might be exposed to, where you're seeing kind of that demand offset other areas?

所以只是好奇，你能從你們的談話中了解到什麼原因導致了這種分歧嗎？這僅僅是預期水平，還是短期或改善？或者它更像是您可能接觸到的垂直行業，您是否看到這種需求抵消了其他領域？

Angel, it's Tim. Certainly, the larger project activity that you're very familiar with continues to drive the order book. I said in my prepared remarks, all of the year-over-year growth in the order book is coming from our enterprise accounts. So we still see weakness across local accounts. We're trying to attack both sides of the market.

安吉爾，我是蒂姆。當然，您非常熟悉的大型專案活動將繼續推動訂單。我在準備好的發言中說過，訂單的所有同比增長都來自我們的企業帳戶。因此，我們仍然看到本地帳戶的疲軟。我們正試圖進攻市場的兩端。

I talked about sales resources and productivity tools, those are largely directed at local market penetration, which we talked about when we were together in March. And I just mentioned efforts that we're putting behind the enterprise side of the business. So I think these dynamics have been going on for some time. We haven't seen any significant changes yet. But as I mentioned earlier, we're quite vigilant given all the data points that you just referenced and which we watch carefully.

我談到了銷售資源和生產力工具，這些主要針對本地市場滲透，這是我們三月在一起時討論過的。我剛才提到了我們在企業業務方面所做的努力。所以我認為這些動態已經持續了一段時間。我們尚未看到任何重大變化。但正如我之前提到的，考慮到您剛才提到的所有數據點，我們都非常警惕，並且我們會密切關注。

Maybe just one quick clarifier and then a follow-up just on the local markets. I guess is the right way to read that is that it's not getting worse, you're just not seeing maybe an improvement? And then maybe on the follow-up side, you noted some improvement there on the accounts receivable. That was one area that I think really gone into a little bit more detail at the Investor Day. Just -- could you just talk about kind of the progress that you're seeing there towards your kind of [65] days sales outstanding and just how that's kind of progressing overall?

也許只需快速澄清一下，然後針對當地市場進行跟進。我想正確的理解方式是，情況並沒有變得更糟，只是沒有看到改善？然後也許在後續方面，您會注意到應收帳款有所改善。我認為這是投資者日上真正深入探討的領域。您能否談談您在 [65] 天應收帳款週轉率方面所看到的進展情況以及整體進展情況？

I'll talk about the local account piece. We haven't seen any market data points that tell us that the local market segments are getting any better. To the extent we get any traction there, I think it's going to be through our own internal initiatives and just frankly being better organized going into 2025 than we were going into 2024. And we talked about sales coverage and roles at the Investor Day. We talked about the productivity tools.

我來談談本地帳戶部分。我們還沒有看到任何市場數據點告訴我們當地市場正在變得更好。就我們在那裡取得的任何進展而言，我認為這將透過我們自己的內部舉措來實現，坦白說，到 2025 年，我們的組織將比 2024 年更好。我們在投資者日討論了銷售範圍和角色。我們討論了生產力工具。

And frankly, just old -- good old-fashioned performance management, that's another lever that's being pulled pretty strongly here. So we haven't assumed any recovery of any type in terms of the local market conditions and the guidance. And I'll let Matt maybe talk about working capital and back office more broadly.

坦白說，只是老式的績效管理，這是另一個在這裡被強力拉動的槓桿。因此，就當地市場狀況和指導而言，我們尚未假設任何類型的復甦。我會讓馬特更廣泛地談論營運資金和後台辦公室。

Yes. I think on the working capital side, it's early days, right, but definitely saw some progress here in the first quarter as the team's got to organize and being -- and started to really work through some of these things. And it's something that obviously is a focus for this year. So we'll continue to see progress as we go. But we did see a $30 million reduction in into AR during the period, which were -- this is an encouraging start.

是的。我認為在營運資金方面，現在還處於早期階段，但第一季肯定取得了一些進展，因為團隊必須組織起來並開始真正解決其中的一些問題。這顯然是今年的重點。因此，我們將繼續看到進步。但我們確實看到在此期間應收帳款減少了 3000 萬美元，這是一個令人鼓舞的開始。

So it'll continue to be a focus for us as we go forward, and we look forward to providing continued updates as we move along.

因此，它將繼續成為我們今後關注的重點，並且我們期待在前進的過程中提供持續的更新。

Tim Mulrooney, William Blair.

提姆·馬爾羅尼、威廉·布萊爾。

I've been bouncing around conference call, so I apologize if you answered this already. But your comments on the order book are helpful, but I was wondering if you could comment on how actual activations have trended in recent months, if it's been following a normal level of seasonality that you'd expect for March and April, better or worse?

我一直在參加電話會議，所以如果您已經回答了這個問題，我深表歉意。但是您對訂單簿的評論很有幫助，但我想知道您是否可以評論一下最近幾個月的實際激活趨勢，它是否遵循了您預期的 3 月和 4 月的正常季節性水平，是好是壞？

Yes. Tim, I think what we've seen is -- I'll talk maybe first order book. We have seen order book kind of ramp up a bit more this year towards normal seasonality than last year. Last year, didn't really see the normal Q2 ramp that we had historically seen. So that part has been normal.

是的。提姆，我想我們所看到的是——我可能會談論第一份訂單。我們發現今年的訂單量比去年略有增加，更接近正常的季節性。去年，我們並沒有真正看到歷史上見過的正常的第二季成長。所以那部分是正常的。

I'm not sure if you caught this piece or not. But when we spoke last in March, we had said that modular activations had been down kind of low single digits year-over-year, and storage was higher single digits year-over-year. In March and April, modular activations were roughly flat with last year, so that's encouraging. And for storage, it was up 3%, March and April combined over last year. So progress from where we were beginning of March and kind of consistent with what we're seeing as the order book has improved here from the beginning of the year.

我不確定你是否注意到了這一點。但是，當我們在三月最後一次談話時，我們說過模組化激活量同比下降了個位數，而存儲量同比上升了個位數。三月和四月，模組化活化量與去年基本持平，這是令人鼓舞的。就儲存量而言，3 月和 4 月合計比去年同期成長了 3%。因此，從 3 月初開始，我們的進展與我們看到的情況一致，因為訂單量從年初就有所改善。

Okay. So seeing some improvement from earlier. That's cool. And then just real quick on pricing. As I look at average modular monthly rental rate that we have here in the model, it looks like in the first quarter, both modular and storage a little bit lower in the first quarter relative to what you at in the fourth quarter.

好的。因此比之前有所改善。這很酷。然後快速定價。當我查看模型中我們這裡的平均模組化月租金率時，看起來第一季的模組化和儲存相對於第四季來說都略低一些。

And I'm used to that number just compounding and going up every quarter. And I think this might be the first quarter where we've kind of seen it tick down a little bit sequentially. But I also know there's noise in the numbers, right? There's seasonality, there's mix, there's VAPs, there's a lot of things here. But I was just wondering if you could help us understand, like did you lower prices on your base units?

我已經習慣了這個數字每季都在成長。我認為這可能是我們看到其環比略有下降的第一個季度。但我也知道數字中存在噪音，對嗎？有季節性，有混合性，有 VAP，這裡有很多東西。但我只是想知道您是否可以幫助我們了解，例如您是否降低了基本單位的價格？

Is it lower spot pricing that's driving it? Or is it activation, returns, mix, other things that I may be thinking about? And how should we think about pricing particularly in storage as you move through the year?

是現貨價格較低導致了這現象嗎？還是我可能正在考慮的激活、回報、混合等事情？那麼，隨著一年的推進，我們應該如何考慮定價，特別是儲存定價？

Yes, Tim, this is Tim Boswell. It's a fair observation. If you just think about spot rates across all major product categories, single-wide mobile offices, ground-level offices, complexes, FLEX, dry storage, climate-controlled storage, they're sequentially flat effectively for the last several quarters with a little variation here and there, but there's been no meaningful reductions of spots as we've progressed through the last couple of quarters. And we do see some targeted opportunities to be a bit more aggressive there as we progress through 2025, which we will get after once we're stabilized in the new pricing engine.

是的，提姆，我是提姆‧博斯威爾。這是一個合理的觀察。如果您只考慮所有主要產品類別的現貨價格，單寬移動辦公室、地面辦公室、綜合體、FLEX、乾式倉儲、氣候控制倉儲，它們在過去幾個季度中實際上保持平穩，只是偶爾會有一點變化，但在過去幾個季度中，現貨價格並沒有出現有意義的減少。隨著我們進入 2025 年，我們確實看到了一些有針對性的機會，我們將在新的定價引擎穩定下來後獲得這些機會。

Certainly, in terms of the sequential progression of storage, you have a fairly pronounced impact of climate-controlled storage in Q4 of 2024, just because the percentage unit on rent growth in climate controlled relative to dry was much higher. And as these (inaudible) business came off in Q1, it results in that change in AMR and storage.

當然，就儲存的連續進展而言，氣候控制儲存對 2024 年第四季的影響相當明顯，只是因為氣候控制相對於乾燥的租金成長百分比單位要高得多。由於這些（聽不清楚）業務在第一季停止，導致了 AMR 和儲存的變化。

I think the best way to think about pricing through the course of 2025 is to assume that we can deliver kind of modest sequential gains across both of those major product categories as we progress through the year in modular. That'll be driven by just the fact that spots continue to be comfortably above the portfolio average. And in storage, that'll be more driven by the ongoing mix benefit of climate controlled as that portfolio actually continues to perform quite well.

我認為，思考 2025 年定價的最佳方式是假設，隨著模組化在全年的發展，我們可以在這兩個主要產品類別中實現適度的連續成長。這是因為現貨價格繼續遠高於投資組合平均值。在儲存方面，這將更多地受到氣候控制的持續混合優勢的推動，因為該產品組合實際上繼續表現良好。

Brent Thielman with D.A. Davidson.

布倫特·蒂爾曼 (Brent Thielman) 與 D.A.戴維森。

This is (inaudible) for Brent. Regarding your initiatives, can you talk about your ability to stay on the construction side or, as you spoke, I think, in the Analyst Day, being able to capture more momentum and stay at a -- beyond Phase 1 and 2. Yes, could you talk about that both at the local regional level and at the enterprise level?

這是（聽不清楚）給布倫特的。關於您的舉措，您能否談談您留在建設方面的能力，或者，正如您在分析師日所說的那樣，能夠抓住更多的動力並保持在第一階段和第二階段之後的能力。是的，您能從地方區域層級和企業層級來談談這個問題嗎？

Yes, this is Tim. It's an important opportunity that we need to get better at as a commercial team. We are excellent at winning these larger projects, and that's just a testament to the relationships that we have with the larger North American general contractors who are most likely to be leading these projects. But to your point, these tend to be a long duration. We're seeing [3-, 5-], 7-year mega projects, and the challenge to our team is how do we be present through the course of that project situation and to ensure that our local sales teams are incentivized to capture all of that subcontractor activity, all of that transactional activity rather than just being satisfied with the large GC relationship.

是的，這是蒂姆。作為一個商業團隊，這是一個需要我們做得更好的重要機會。我們非常擅長贏得這些大型項目，這只是證明了我們與最有可能領導這些項目的北美大型總承包商之間的關係。但正如您所說，這些過程往往持續很長時間。我們看到的是 [3 年、5 年]、7 年的大型項目，我們團隊面臨的挑戰是如何在整個項目過程中保持參與，並確保我們的本地銷售團隊有動力去捕捉所有分包商活動、所有交易活動，而不是僅僅滿足於與大型 GC 的關係。

So that's an ongoing focus and initiative here. It requires close collaboration between our enterprise accounts team, the local leadership and sales team. And it's a certain opportunity for us given mix of activity that we're seeing in the end markets.

所以這是我們持續關注的重點和舉措。這需要我們的企業客戶團隊、當地領導層和銷售團隊之間的密切合作。鑑於我們在終端市場看到的活動組合，這對我們來說是一個一定的機會。

And as a follow-up, given with what's going on at the commercial level and private being down and all the noise that's going on, are you guys able to increase your market share given at the local or regional level perhaps as some of your competitors might not have the balance sheet or maybe the capacity to withstand some of these headwinds? Yes, any color on that, that would be helpful.

作為後續問題，考慮到商業層面的情況、私人層面的低迷以及所有正在發生的噪音，你們是否能夠在地方或區域層面增加市場份額，因為你們的一些競爭對手可能沒有資產負債表或沒有能力抵禦其中的一些不利因素？是的，任何顏色都有幫助。

I'll start. This is Tim. I think the build in the order book relative to some of the third-party market data points that we pointed to, I think, tells us that we are more than holding our own when it comes to market share. And I think that's, again, the mix of activity favoring the larger projects and larger GCs works in our favor in this environment.

我先開始。這是蒂姆。我認為，相對於我們所指出的一些第三方市場數據點，訂單簿的構建告訴我們，在市場份額方面，我們不僅僅是保持了自己的份額。我認為，在這種環境下，有利於大型專案和大型 GC 的活動組合對我們有利。

Certainly, in terms of the ability to deploy incremental capacity into the market, nobody is better positioned than WillScot, and nobody has a lower marginal cost than WillScot. And that's just an advantage of having the largest fleet in the industry and having all of the in-house capabilities to deploy that fleet efficiently into the market.

當然，就向市場部署增量容量的能力而言，沒有人比 WillScot 更有利，也沒有人比 WillScot 的邊際成本更低。這只是擁有業內最大船隊和擁有所有內部能力以高效地將該船隊部署到市場的優勢。

I can't say sitting here today that the supply side of the industry has seen meaningful incremental constraints since Liberation Day, but that's certainly a possibility if inputs, labor, materials, et cetera, get more constrained due to the trade environment as we progress through the year, but that's more of a hypothetical right now.

今天坐在這裡，我不能說自解放日以來，該行業的供應方已經看到了有意義的增量限制，但如果隨著時間的推移，投入、勞動力、材料等由於貿易環境而受到更多限制，那肯定是有可能的，但這現在更像是一個假設。

The only thing I would add to that for folks, this is Brad, is Tim mentioned the leverage we have in our operating platform as volumes come back, that's absolutely the case locally on the commercial side. So the team has never been better equipped with tools and technology and never more stable. So as and when those markets come back, we're going to be equally well positioned to outperform locally as we're already seeing at the enterprise level.

我唯一想補充的是，布拉德，蒂姆提到了隨著交易量的回升，我們在營運平台中擁有的槓桿作用，這在商業方面絕對是本地情況。因此，團隊從未擁有過如此好的工具和技術，也從未如此穩定。因此，當這些市場復甦時，我們將同樣處於有利地位，在本地市場表現優異，就像我們在企業層面已經看到的那樣。

And if I could sneak one more, and I apologize if perhaps you already touched on it, but among the different categories, which vertical is providing the -- your ability to withstand some of these headwinds between construction, energy and so forth?

如果您已經提到了這一點，我深感抱歉，如果我可以再問一個問題，那麼在不同的類別中，哪個垂直行業能夠提供——您抵禦建築、能源等行業逆風的能力？

I think were -- this is Matt speaking. Just as we look at kind of year-over-year revenues from that perspective, it's pretty consistent with what we've said. We've seen increases from our GCs. We've seen some increases in infrastructure, a little bit manufacturing actually. And then as we talked about earlier, we do expect sequential growth in the retail and wholesale side related to some of the retail remodels we've been talking about.

我想是的——我是馬特。正如我們從這個角度看待同比收入一樣，它與我們所說的非常一致。我們已經看到 GC 有所增加。我們看到基礎建設有所成長，實際上製造業也有所成長。正如我們之前所討論的，我們確實預計零售和批發方面將持續成長，這與我們所談論的一些零售改造有關。

And some of the areas like subcontractors, which are some of the smaller projects, we've continued to see that be a bit more challenged. So no different than kind of what we've said from the incoming demand that we're seeing.

而對於某些領域，例如分包商，也就是一些較小的項目，我們繼續看到它們面臨更大的挑戰。因此，這與我們從所看到的需求來看的情況沒有什麼不同。

Steven Ramsey, Thompson Research Group.

史蒂文·拉姆齊，湯普森研究小組。

With the order book ramping up given it's totally large projects driving that, does it reflect any improvement of cross-selling a larger portfolio of your products into these projects? Or is there any way to think about WillScot's density on large projects and if there's a long-term upward trend now maybe compared to the last 1 or 2 years?

由於訂單量不斷增加，而且完全是由大型項目推動的，這是否反映了將你們的更多產品組合交叉銷售到這些項目中的進展？或者有沒有辦法考慮 WillScot 在大型專案中的密度，以及與過去 1 或 2 年相比是否有長期上升趨勢？

Steven, this is Tim. It's an outstanding question because this is one of the primary commercial strategies that we are focused on across the sales organization right now. I think we've got a pretty good system in place where we've got clear visibility across all project activity in North America. We're absolutely looking at product penetration across all of those projects. And when we go out to do market visits or branch visits, project penetration and then cross-selling within those projects is a core focus at the market level.

史蒂文，這是提姆。這是一個懸而未決的問題，因為這是我們目前在整個銷售組織中關注的主要商業策略之一。我認為我們已經建立了一個非常好的系統，可以清楚地了解北美的所有專案活動。我們絕對會關注產品在所有這些項目中的滲透率。當我們出去進行市場訪問或分支機構訪問時，項目滲透以及在這些項目內的交叉銷售是市場層面的核心關注點。

I will not say that we're satisfied with where we're at, right? So I think that this is a prospective opportunity for the company and not reflected in the activity that we've seen to date, but we are laser-focused on it.

我不會說我們對現狀感到滿意，對嗎？因此我認為這對公司來說是一個潛在的機會，雖然尚未反映在我們迄今為止所看到的活動中，但我們會全神貫注於此。

Okay. That's helpful. And maybe if there's another way to think about this topic, your VAPS as a percentage of revenue for the company, can you isolate VAPS as a percentage of revenue on these large projects? Basically, the VAPS penetration on large projects, is it better than local market projects?

好的。這很有幫助。也許，如果換一種方式來思考這個問題，即您的 VAPS 占公司收入的百分比，您能否將 VAPS 分離為這些大型專案收入的百分比？基本上，VAPS在大型專案的滲透率，是否比本地市場專案更好？

I can't say that, Steven. If you look at VAPS penetration by product, that's another way to think about it. And this is where mix starts to come into play. Again, we actually have some of our best VAPS penetration on a per square foot basis on our FLEX product, which is the fastest-growing product within our modular portfolio and highly conducive to these larger sites that require complexes. On the flip side, single-wide mobile offices are an area where historically, they're a transactional category, they're very common for local (inaudible), we get very good VAPS penetration on those, and that category has been struggling just given the end market mix.

我不能這麼說，史蒂文。如果您按產品來觀察 VAPS 滲透率，那麼這是另一種思考方式。這就是混合開始發揮作用的地方。再次，我們的 FLEX 產品實際上在每平方英尺的基礎上實現了最佳的 VAPS 滲透率，這是我們模組化產品組合中增長最快的產品，非常有利於這些需要綜合設施的大型場地。另一方面，從歷史上看，單寬行動辦公室屬於交易類別，在本地（聽不清楚）中非常常見，我們在這些領域獲得了非常好的 VAPS 滲透率，但考慮到最終市場組合，該類別一直在苦苦掙扎。

So during the Investor Day, we talked about selling value and the different levers that we have to pull there. Pricing engine has been deployed. FLEX, a differentiated product, fastest-growing in our modular portfolio with the highest per square foot VAPS penetration than some of the newer categories like temperature-controlled storage also performing quite well. So we're seeing we're seeing momentum across a number of those levers.

因此，在投資者日期間，我們討論了銷售價值以及我們必須採取的不同手段。定價引擎已部署。FLEX 是一種差異化產品，是我們模組化產品組合中成長最快的產品，其每平方英尺 VAPS 滲透率比溫控儲存等一些較新的類別更高，而且表現也相當不錯。因此，我們看到許多槓桿都出現了成長勢頭。

I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Charlie for any closing remarks.

目前隊列中沒有其他問題。現在我想將電話轉回給查理，請他做最後發言。

All right. Well, thank you very much, everyone, for your interest and participation in the call today. As Brad said, we look forward to connecting with you over the course of the quarter at various conferences and meetings. Hope you have a good night, and we'll talk soon.

好的。好吧，非常感謝大家對今天電話會議的關注和參與。正如布拉德所說，我們期待在本季的各種會議中與您聯繫。希望您度過愉快的夜晚，我們很快再聊。

This concludes today's program. Thank you, all, for participating. You may now disconnect.

今天的節目到此結束。謝謝大家的參與。您現在可以斷開連線。