WillScot Holdings Corp (WSC) 2025 Q2 法說會逐字稿

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

歡迎參加 2025 年第二季 WillScot 收益電話會議。我叫 Cherie，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.

現在我將把電話轉給 Charlie Wohlhuter。查理，你可以開始了。

All right. Thank you, Cherie. Good afternoon, and welcome to the WillScot second-quarter 2025 earnings call. Participants on today's call include Brad Soultz chief Executive Officer; Tim Boswell, President and Chief Operating Officer; and Matthew Jacobsen, Chief Financial Officer.

好的。謝謝你，雪莉。下午好，歡迎參加 WillScot 2025 年第二季財報電話會議。參加今天電話會議的人員包括執行長布拉德·索爾茨 (Brad Soultz)、總裁兼營運長 Tim Boswell 和財務長馬修·雅各布森 (Matthew Jacobsen)。

Today's presentation material may be found on our Investor Relations website at investors.willscot.com. I'd like to direct your attention to slide 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. Therefore, our actual results may differ materially from comments made on today's call.

今天的簡報資料可以在我們的投資者關係網站 investors.willscot.com 上找到。請您關注幻燈片2，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電話會議上的評論有重大差異。

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.

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。

And with that, it's my pleasure to turn the call over to Brad Soultz to begin.

現在，我很高興將發言權交給布拉德·索爾茨 (Brad Soultz)。

Thanks, Charlie. Good afternoon, everyone, and thank you for joining us today. I'm Brad Soultz, Chief Executive Officer of WillScot.

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。

Please turn to slide 7 in our Q2 earnings release deck. Our second-quarter financial results were broadly in line with our expectations. We delivered adjusted EBITDA of $249 million, representing a 42.3% margin or an increase of 140 basis points sequentially. On a trailing 12-month basis, our adjusted EBITDA margin stand 43.8%.

請翻到我們第二季財報發布稿的第 7 張投影片。我們第二季的財務表現基本上符合我們的預期。我們實現的調整後 EBITDA 為 2.49 億美元，利潤率為 42.3%，季增 140 個基點。在過去 12 個月中，我們的調整後 EBITDA 利潤率為 43.8%。

I was pleased with both the sequential improvement in lease revenues and our continued robust adjusted free cash flow performance of $130 million at 22.1% margin in the quarter and 23.6% margin over the past 12 months, which will continue to be supported by the impact of recent legislation changes, which Matt will discuss later.

我對租賃收入的連續改善和我們持續強勁的調整後自由現金流表現感到滿意，本季度自由現金流達到 1.3 億美元，利潤率為 22.1%，過去 12 個月的利潤率為 23.6%，這將繼續受到近期立法變化的影響，馬特稍後將對此進行討論。

During the quarter, we continued to execute against our long-term capital allocation framework, funding growth CapEx investments in our FLEX complex fleet and new adjacencies, and we deployed $134 million towards tuck-in acquisitions, which included the addition of a leading regional climate-controlled temporary storage business. Customer demand for this product is high and fits well with our portfolio and service capabilities. We also continue to return value to shareholders through share repurchases and dividends.

在本季度，我們繼續執行長期資本配置框架，為我們的 FLEX 綜合車隊和新鄰接專案的成長資本支出投資提供資金，並部署了 1.34 億美元用於補充收購，其中包括增加一家領先的區域氣候控制臨時儲存業務。客戶對該產品的需求很高，並且與我們的產品組合和服務能力非常契合。我們也繼續透過股票回購和股利向股東回報價值。

Our focus on further advancing service excellence is also showing positive signs in customer satisfaction as we optimize our platform. Addressing feedback from our customer base has been a major focal point for us and is being recognized through higher Net Promoter Scores, particularly in the work we're doing to improve our order to cash, which Tim will further expand upon.

隨著我們平台的優化，我們專注於進一步提高服務卓越性，這也在客戶滿意度方面顯示出積極的跡象。解決來自客戶群的回饋一直是我們關注的重點，並透過更高的淨推薦值得到認可，特別是我們為改善訂單到現金所做的工作，蒂姆將進一步闡述這一點。

Both process-driven and technological enhancements are elevating the customer experience, increasing the ease of doing business with us and beginning to unlock some of our working capital opportunities we previously highlighted. This is just one of the many internal opportunities we have that set us up for achieving the milestones we outlined at our March 2025 Investor Day, achieving $3 billion in revenue, $1.5 billion in adjusted EBITDA and $700 million in adjusted free cash flow all in the next three to five years.

流程驅動和技術改進都在提升客戶體驗，增加與我們開展業務的便利性，並開始釋放我們先前強調的一些營運資金機會。這只是我們擁有的眾多內部機會之一，這些機會為我們實現 2025 年 3 月投資者日所概述的里程碑奠定了基礎，即在未來三到五年內實現 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。

Now, turning to the broader macroeconomic environment. Although large projects to continue to remain robust, we're expecting second half demand to be below our prior expectations, giving lingering questions around the ultimate implications from trade and US monetary policies, resulting in ongoing certainty in many of our end markets.

現在，我們來談談更廣泛的宏觀經濟環境。儘管大型專案將繼續保持強勁，但我們預計下半年的需求將低於我們先前的預期，這給貿易和美國貨幣政策的最終影響帶來了揮之不去的疑問，導致我們的許多終端市場持續存在確定性。

Many customers are continuing to take a wait-and-see approach, which is influencing current and near-term demand. This is generally contained among the smaller projects, which tend to be more interest rate and economic sensitive, unlike the larger projects where demand remains strong and our ability to serve is unmatched. Looking ahead, I'm very excited about how our strategic initiatives are evolving and set us up for continued success.

許多客戶繼續採取觀望態度，這影響了當前和近期的需求。這通常包含在較小的專案中，這些專案往往對利率和經濟更加敏感，而大型專案則不同，大型專案的需求仍然強勁，我們的服務能力無與倫比。展望未來，我對我們的策略舉措如何發展以及為我們持續取得成功做好準備感到非常興奮。

I'll now turn it over to Tim to discuss these initiatives in more detail.

現在我將把時間交給提姆來更詳細地討論這些舉措。

Thanks, Brad, and hello, everybody. I will pick up where Brad left off and provide a bit more color on commercial activity since that's probably the biggest variable impacting near-term results. The mix of end market activity favoring larger scale projects and larger customers has continued for some time now and remain consistent through Q2. So there's nothing new there to highlight.

謝謝，布拉德，大家好。我將繼續布拉德的發言，並提供更多關於商業活動的細節，因為這可能是影響近期結果的最大變數。終端市場活動傾向於更大規模的專案和更大的客戶，這種趨勢已經持續了一段時間，並持續到第二季​​。因此，並沒有什麼新東西值得強調。

In terms of the things that are within our control and which we talked about in March, we're taking specific actions to build our enterprise account relationships, improved execution across our field sales team and reposition our offering in favor of higher value-added services.

就我們能控制的事情以及我們在三月討論過的事情而言，我們正在採取具體行動來建立我們的企業帳戶關係，提高整個現場銷售團隊的執行力，並重新定位我們的產品以支援更高附加價值的服務。

Starting with enterprise accounts, we added new leadership to the team in Q2 and made significant progress building out the organization to focus on developing underpenetrated industry verticals. The enterprise portfolio has been outperforming the overall business simply based on the mix of end market activity, and we expect to build on this strength by reallocating resources here.

從企業帳戶開始，我們在第二季度為團隊增加了新的領導，並在組織建設方面取得了重大進展，專注於開發滲透不足的垂直行業。僅從終端市場活動組合來看，企業投資組合的表現一直優於整體業務，我們希望透過重新分配資源來鞏固這一優勢。

Modular units on rent were up 4% year over year and storage units on rent were down only 1% year over year as of the end of Q2, which gives you a feel for the relative strength we see in the enterprise portfolio. Our value proposition resonates very well with these customers. And we announced deals with organizations like Penske and the FIFA Club World Cup in the quarter, just as examples of the success we see when we target these opportunities more proactively.

截至第二季末，模組化單元租金年增 4%，儲存單元租金年增 1%，這讓您感受到我們在企業投資組合中看到的相對優勢。我們的價值主張與這些客戶產生了強烈共鳴。我們在本季宣布與 Penske 和國際足總俱樂部世界盃等組織達成協議，這只是我們更積極主動抓住這些機會所取得的成功的例子。

Execution across our field sales organization is improving, although not yet to our target productivity levels. Overall, organizational stability and turnover has improved meaningfully into Q2, which is a good and necessary first step.

儘管尚未達到我們的目標生產力水平，但我們整個現場銷售組織的執行力正在提高。總體而言，組織穩定性和營業額在第二季有了顯著改善，這是一個很好且必要的第一步。

As we talked about in March, we rolled out our AI-enabled pricing engine as well as our enhanced Sales HQ platform in Q2 as planned. As we talked about in March, these are best-in-class tools to drive sales productivity, and our team is in the early stages of adopting and optimizing these.

正如我們在三月所討論的那樣，我們按計劃在第二季度推出了支援人工智慧的定價引擎以及增強型銷售總部平台。正如我們在三月所討論的，這些是提高銷售效率的最佳工具，我們的團隊正處於採用和優化這些工具的早期階段。

Sales staffing increased by approximately 9% sequentially from Q1 to Q2, which is a somewhat slower pace than we originally planned for the year, just given we're still taking a cautious view on end markets. Whether or not we drive towards budgeted levels will be a function of both end market activity and our own productivity levels, all of which are contemplated in the guidance range that Matt will talk about.

從第一季到第二季度，銷售人員數量較上季增加了約 9%，這比我們最初計劃的年度成長速度要慢一些，因為我們仍然對終端市場持謹慎態度。我們是否努力達到預算水平將取決於終端市場活動和我們自己的生產力水平，所有這些都在馬特將要談論的指導範圍內考慮。

Within the offering itself, we see some pockets of very strong performance within each of our core product categories, which validates our focus on our higher value-added offerings. Within storage, our climate-controlled units on rent are up 30% year over year, both organically and through the acquisition of Portable in April. We have very strong conviction in this area and are continuing to deploy capital across the network to build this portfolio.

在產品本身中，我們看到每個核心產品類別中都有一些非常強勁的表現，這證明了我們對更高附加價值產品的關注。在倉儲方面，我們的氣候控制單元租賃量年增 30%，這既包括自然成長，也包括 4 月收購 Portable 帶來的成長。我們對這一領域抱持著非常堅定的信念，並將繼續在整個網路中部署資本來建構這個投資組合。

Similarly, within Modular, our FLEX units on rent are also up by 30% year over year as of the end of June, primarily supporting large-scale longer-duration projects where we have a truly unrivaled value proposition. So within both the storage and modular categories, we are driving mix changes that are positive, both strategically and financially.

同樣，在模組化領域，截至 6 月底，我們的 FLEX 租賃單位數量也同比增長了 30%，主要支持我們擁有真正無與倫比的價值主張的大型長期項目。因此，在儲存和模組化類別中，我們正在推動策略和財務上積極的組合變化。

And Value-Added Products and Services remain an opportunity. VAPS revenues are up approximately 7% year-over-year on a per unit basis on modular units and about 12% on storage units, although slightly behind our plans for the year. So this remains an area of focus for the sales team.

增值產品和服務仍然是一個機會。VAPS 模組化單元每單位營收年增約 7%，儲存單元每單位營收年增約 12%，儘管略微落後於我們今年的計畫。因此這仍然是銷售團隊關注的領域。

And I'll highlight several of the other operational initiatives that are ongoing under the hood, and that are supporting margins and cash flows, both of which are outperforming our original plans through Q2.

我將重點介紹正在進行的其他幾項營運舉措，這些舉措正在支持利潤率和現金流，到第二季度，這兩項舉措的表現都超出了我們最初的計劃。

In our field operations, we have a focus across our network on optimizing our logistics and field service resources, service call management and billing, and cross-training and dispatching of our drivers all support gross profit margins and the customer experience. We're making significant investments in these team members given the critical role they play in our business, especially relative to the competition who largely outsource these activities.

在我們的現場營運中，我們專注於優化整個網路的物流和現場服務資源、服務呼叫管理和計費以及司機的交叉培訓和調度，所有這些都支援毛利率和客戶體驗。鑑於這些團隊成員在我們的業務中發揮的關鍵作用，我們對他們進行了大量投資，特別是相對於主要將這些活動外包的競爭對手而言。

And in our centralized operations, we're seeing the impact of the organizational and operational changes that we made to start the year with an initial focus on the order-to-cash process. You will note modest improvement in days sales outstanding, progressing towards the low 70s and achieving an 18-month low as of June. If sustained, this will drive reductions in bad debt expense in the P&L as we head into 2026. So we're on track to unlock the working capital and margin opportunities that we highlighted in March.

在我們的集中營運中，我們看到了年初進行的組織和營運變革的影響，最初的重點是訂單到現金流程。您會注意到應收帳款週轉天數略有改善，接近 70 多天，截至 6 月已達到 18 個月來的最低水準。如果這種趨勢持續下去，到 2026 年，這將推動損益表中壞帳支出的減少。因此，我們有望釋放我們在三月強調的營運資金和利潤機會。

You can see the impact in cash flow from operations, which were up 17% year over year in the second quarter despite a flat revenue environment. And you can see the impact in our Net Promoter and customer satisfaction scores which are up sequentially since we met in March, with the biggest improvements in our billing and collections functions.

您可以看到經營現金流的影響，儘管收入環境持平，但第二季經營現金流年增了 17%。您可以看到我們的淨推薦值和客戶滿意度得分自我們三月開會以來連續上升，其中計費和收款功能的改進最大。

So overall, we'll remain focused on executing the plans we articulated in March, the team is aligned and energized around these plans. I'm humbled by the passion and urgency that the team brings to WillScot every day. And as we execute these building blocks, they put us on track to achieve the longer-term milestones that we have committed to.

因此總體而言，我們將繼續專注於執行我們在三月闡明的計劃，團隊將圍繞這些計劃進行協調和激勵。團隊每天為 WillScot 帶來的熱情和緊迫感讓我感到謙卑。當我們執行這些基本步驟時，它們將使我們走上實現我們所承諾的長期里程碑的軌道。

With that, I'll pass it over to Matt to talk about Q2 financials and the outlook. Matt?

說完這些，我會把話題交給馬特談談第二季的財務狀況和前景。馬特？

Thanks, Tim. Hello, everyone. Before we dive in, I'll cover just a few highlights for the quarter.

謝謝，蒂姆。大家好。在我們深入探討之前，我將先介紹本季的一些亮點。

Revenue and adjusted EBITDA performed just as we expected, and we continue to return to revenue growth. Our cash from operations was up 17% year over year, as Tim noted, with free cash flow in the quarter of $130 million, which were both above our expectations and reaffirm the strength and stability of our business model.

收入和調整後的 EBITDA 表現符合我們的預期，我們繼續恢復收入成長。正如提姆所說，我們的經營現金流年增 17%，本季自由現金流為 1.3 億美元，這既超出了我們的預期，也再次證明了我們商業模式的實力和穩定性。

I'll begin my more detailed remarks on slide 22. Total revenue of $589 million and leasing revenues of $403 million were both in line with the expectations we laid out in our Q1 call. This represented a 3% year-over-year decline in revenues and both delivery and installation and sales revenues were flat.

我將從第 22 張投影片開始進行更詳細的發言。總收入 5.89 億美元，租賃收入 4.03 億美元，均符合我們在第一季電話會議上提出的預期。這意味著收入年減 3%，而送貨安裝和銷售收入均持平。

However, on a sequential basis, leasing revenues grew 2% in the second quarter versus a sequential decline of 0.4% in 2024. Importantly, this is the first quarter since Q3 of '23 of sequential leasing revenue growth, excluding Q4 seasonal impacts. So we're seeing our rental revenues beginning to inflect positive sequentially, which is an important first step in returning to year-over-year revenue growth.

然而，以環比計算，第二季租賃收入成長了 2%，而 2024 年則較上季下降了 0.4%。重要的是，這是自 23 年第三季以來，租賃收入首次連續成長（不包括第四季的季節性影響）。因此，我們看到我們的租金收入開始逐年呈現正成長，這是恢復年成長的重要第一步。

Looking to our KPIs. Positive contributions from pricing in VAPS drove average monthly rental rate up 5% year-over-year for modular products and up 7% for storage products, driven by favorable mix from growth in our climate-controlled storage business.

看看我們的 KPI。受氣候控制儲存業務成長帶來的良好組合推動，VAPS 定價的積極貢獻推動模組化產品的平均月租金率年增 5%，儲存產品的平均月租金率年增 7%。

That said, average monthly run rates for steel containers have held steady with growth in average monthly rental rate of approximately 2%, both year over year and sequentially. These benefits offset much of the impact from lower volumes as average units on rent for modular products were down 5.6% year over year and down 3.8% for storage.

儘管如此，鋼製貨櫃的平均每月運行率保持穩定，平均月租金率年增約 2%，環比增長也達 2%。這些好處抵消了銷量下降的大部分影響，因為模組化產品的平均租金年減 5.6%，儲存的平均租金下降 3.8%。

Adjusted EBITDA was $249 million and in line with our expectations and down 6% year over year. Adjusted EBITDA margin was 42.3%, an increase of 140 basis points sequentially from the first quarter as we had guided, with sequential improvements to delivery and installation margins, sales margins, and reductions in SG&A. Versus prior year, EBITDA margin was down 130 basis points, which is primarily driven by our delivery and installation margins.

調整後的 EBITDA 為 2.49 億美元，符合我們的預期，年減 6%。調整後的 EBITDA 利潤率為 42.3%，與第一季相比季增 140 個基點，符合我們的預期，交付和安裝利潤率、銷售利潤率均環比提高，銷售、一般及行政費用 (SG&A) 有所減少。與前一年相比，EBITDA 利潤率下降了 130 個基點，這主要是由於我們的交付和安裝利潤率。

As Tim touched on in his comments, we've been progressing our insourcing initiative, and there is up-front investment required to drive margin expansion in the medium term. But that investment, along with negative operating leverage in the business due to lower activity is creating some near-term margin compression year over year as we expected, though improving sequentially.

正如蒂姆在評論中提到的那樣，我們一直在推進內部採購計劃，並且需要前期投資來推動中期利潤率的擴大。但正如我們預期的那樣，這項投資以及由於活動減少而導致的業務負營運槓桿正在造成近期利潤率同比下降，儘管環比有所改善。

Flipping quickly back to slide 20. Our contributions from Value Added Products and Services in the quarter represented 17% of total revenue, with the last 12 months at 16.9%. VAPS as a percentage of revenue both in the quarter and over the last 12 months increased by 40 basis points year over year, underscoring the growing demand for VAPS and the opportunity that we see for this category going forward.

快速翻回第 20 張投影片。本季度，加值產品和服務貢獻了我們總收入的 17%，過去 12 個月的貢獻為 16.9%。本季度和過去 12 個月，VAPS 佔收入的百分比同比增長了 40 個基點，凸顯了對 VAPS 日益增長的需求以及我們看到的這一類別未來的機會。

On slide 23, you'll see several charts detailing our cash flows for the quarter. Q2 was another strong quarter, with cash from operations increasing 17% year over year to $205 million, including some early benefits from the increased focus on back-office productivity and working capital management, as Tim noted.

在第 23 張投影片上，您將看到幾張詳細說明我們本季現金流的圖表。第二季度又是一個強勁的季度，經營現金流年增 17%，達到 2.05 億美元，正如蒂姆所指出的，其中包括對後台生產力和營運資本管理更加關注所帶來的一些早期收益。

We continue to fund planned increases in net CapEx, which I'll touch on a bit more in a minute, and we delivered adjusted free cash flow of $130 million in the quarter and an adjusted free cash flow margin of 22.1%, which was 80 basis points higher than the previous year.

我們繼續為計劃中的淨資本支出增加提供資金，稍後我將對此進行更詳細的介紹，我們在本季度實現了 1.3 億美元的調整後自由現金流，調整後自由現金流利潤率為 22.1%，比上一年高出 80 個基點。

Adjusted free cash flow per share was $0.72 for the quarter. And over the past 12 months, we generated $555 million of adjusted free cash flow, achieving a 24% margin and $3.05 per share.

本季調整後的每股自由現金流為 0.72 美元。在過去的 12 個月中，我們產生了 5.55 億美元的調整後自由現金流，實現了 24% 的利潤率和每股 3.05 美元的收益。

The recent tax legislation is another positive development for our business as well, which I'll touch on in a bit more detail in our outlook. The consistency of our cash flows remains a key strength of our business model, providing us with meaningful flexibility to deploy capital and reinvest at attractive returns.

最近的稅收立法對我們的業務來說也是另一個積極的發展，我將在我們的展望中更詳細地談到這一點。現金流的一致性仍然是我們商業模式的關鍵優勢，為我們提供了部署資本和以可觀的回報進行再投資的靈活性。

Moving on to slide 25. We invested $75 million in net CapEx in Q2, representing a 37% increase over the $55 million invested in the prior year, driven largely by continued refurbishments and investments in our FLEX and larger complexes to support the strength in large projects that we're seeing and organic investments in VAPS, namely perimeter solutions and our new solar offering.

翻到第 25 張投影片。我們在第二季度投資了 7500 萬美元的淨資本支出，比上一年投資的 5500 萬美元增長了 37%，這主要得益於我們對 FLEX 和大型綜合設施的持續翻新和投資，以支持我們所看到的大型項目的實力，以及對 VAPS（即周邊解決方案和我們的新太陽能產品）的有機投資。

We completed two tuck-in acquisitions this quarter, Portable, a climate controlled storage provider serving the Eastern US and Gulf region and a local market clear span provider to support our strategy around bringing more adjacent offerings to new and existing customers.

本季度，我們完成了兩項補充收購，分別是 Portable（一家為美國東部和墨西哥灣地區提供服務的氣候控制儲存供應商）和一家本地市場淨跨度供應商，以支持我們為新舊客戶提供更多相鄰產品的策略。

We continue to work the pipeline with a number of tuck-in opportunities that can still be actioned in the year. We returned $53 million to shareholders during the quarter through share repurchases and our dividend. We repurchased approximately 1.5 million shares for $40 million in Q2 and have reduced our share count by 3.4% over the last 12 months. Lastly, we issued $13 million in dividends.

我們將繼續努力，提供一些今年內仍可實施的優惠機會。本季度，我們透過股票回購和股利向股東返還了 5,300 萬美元。我們在第二季以 4,000 萬美元回購了約 150 萬股股票，並在過去 12 個月內將股票數量減少了 3.4%。最後，我們發放了 1300 萬美元的股息。

Given the M&A activity of $134 million in the quarter, our leverage exiting Q2 was up slightly at 3.6x, and we're comfortable progressing gradually into our three- to five-year target range as the business inflects.

鑑於本季的併購活動金額為 1.34 億美元，我們第二季的槓桿率略微上升至 3.6 倍，隨著業務的變化，我們有望逐步進入三至五年的目標範圍。

Now turning to our updated full year 2025 outlook on slide 27. As we said in previous this year and with last quarter's results, we deliberately maintained wider guidance ranges for the year to account for the macroeconomic uncertainty and noted that non-residential construction starts activity remained a getting factor to near-term volume growth and a key factor in determining where results would fall within the range.

現在轉到第 27 張投影片，查看我們更新後的 2025 年全年展望。正如我們在今年早些時候以及上個季度的業績中所說的那樣，我們特意維持了今年更廣泛的指導範圍，以應對宏觀經濟的不確定性，並指出非住宅建築開工活動仍然是近期數量增長的一個因素，也是決定業績在哪個範圍內的關鍵因素。

As Tim noted in his comments, demand from large projects continues to perform well, and we continue to see strong activity on our large complex product types. However, we have not seen improvement in small projects, and our smaller modular units and containers continue to face end market demand headwinds. This has resulted in lower units on rent back in the second quarter than what was implied at the midpoint of our prior full year outlook.

正如蒂姆在評論中指出的那樣，大型項目的需求繼續表現良好，我們繼續看到大型複雜產品類型的強勁活動。然而，我們並沒有看到小型專案的改善，我們的小型模組化單元和貨櫃繼續面臨終端市場需求的逆風。這導致第二季的租金低於我們先前全年展望中期所暗示的水平。

Due to the macroeconomic outlook, we do not expect an inflection in units on rent to occur by the end of the year, and have narrowed our revenue outlook to a range of $2.3 billion to $2.35 billion and adjusted EBITDA to a range of $1 billion to $1.02 billion.

由於宏觀經濟前景，我們預計到今年年底租金不會出現拐點，並將收入預期縮小至 23 億美元至 23.5 億美元，調整後的 EBITDA 範圍為 10 億美元至 10.2 億美元。

As I noted earlier, we were pleased to see sequential leasing revenue inflect positively in the second quarter by 2%, which is the first step in a return to year-over-year revenue growth. We anticipate modest sequential rental revenue growth to continue in the third quarter as the headwinds continue to subside and expect total revenue in the third quarter to be down around 3% year over year.

正如我之前提到的，我們很高興看到第二季租賃收入較上季成長 2%，這是恢復年成長的第一步。隨著不利因素持續減弱，我們預計第三季租金收入將繼續保持溫和的環比成長，並預計第三季總收入將年減約 3%。

It's important to note that we did have a very large project with the Rams last year in the third quarter that elevated our delivery and installation revenues pretty significantly. This project won't recur this year, and this accounts for a large portion of the year-over-year change in total revenues expected in Q3.

值得注意的是，去年第三季我們確實與公羊隊合作了一個非常大的項目，這大大提高了我們的交付和安裝收入。該項目今年不會再次出現，這佔了第三季預計總收入同比變化的很大一部分。

And for margins, we expect to see continued progress on a sequential basis of 50 to 100 basis points of expansion compared to Q2 as we continue our focus on optimizing our logistics and field service resources including further cross-training of our drivers and adjusting other variable costs in the business in line with demand.

就利潤率而言，我們預計利潤率將環比增長 50 至 100 個基點，因為我們將繼續專注於優化我們的物流和現場服務資源，包括進一步對司機進行交叉培訓，並根據需求調整業務中的其他變動成本。

And finally, year-to-date cash from operations of $412 million and adjusted free cash flow of $275 million have been continued strength of the business, supported in part by modest improvements in days sales outstanding and working capital as our central operations team drives continued improvements.

最後，年初至今的營運現金流為 4.12 億美元，調整後的自由現金流為 2.75 億美元，這繼續保持著業務的強勁勢頭，部分原因是我們的中央營運團隊推動持續改進，使應收帳款週轉天數和營運資金略有改善。

Additionally, as a result of the corporate tax legislation enacted on July 4 that permanently extended 100% bonus depreciation and modified interest expense deductibility to EBITDA from EBIT, we no longer expect to pay meaningful US federal cash taxes this year. All of this together gives us confidence in raising our expectations for free cash flow for the year to a range of $500 million to $550 million.

此外，由於 7 月 4 日頒布的公司稅法永久延長了 100% 的獎金折舊，並將利息費用扣除額從 EBIT 修改為 EBITDA，我們預計今年不再需要繳納有意義的美國聯邦現金稅。所有這些使我們有信心將今年的自由現金流預期提高到 5 億至 5.5 億美元之間。

Before I hand it back to Brad, I want to close and thank our team for a solid quarter performance in a tough economic environment. I'm encouraged by the sequential rental revenue growth that we delivered in the second quarter. Additionally, our adjusted free cash flow continues to be a positive attribute of the business, and we'll continue to drive the margin-enhancing initiatives that we laid out at our Investor Day to support margin expansion into our 45% to 50% EBITDA margin range.

在將主席職務交還給布拉德之前，我想最後感謝我們的團隊在艱難的經濟環境下取得了穩健的季度業績。我們第二季實現的租金收入連續成長令我感到鼓舞。此外，我們調整後的自由現金流繼續成為業務的積極因素，我們將繼續推動在投資者日提出的提高利潤率的舉措，以支持利潤率擴大到 45% 至 50% 的 EBITDA 利潤率範圍。

I'll 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, Charlie, Tim and Matt. Thank you to our customers for their continued business. Thank you to our team for their focus on each other safety and customer satisfaction and thank you to our shareholders for their trust in their capital. I wish all of you listening today continued safety and good health. This concludes our prepared remarks.

謝謝你，查理、提姆和馬特。感謝我們的客戶一直以來的惠顧。感謝我們團隊對彼此安全和客戶滿意度的關注，也感謝我們股東對其資本的信任。我祝福今天在座的各位平安、健康。我們的準備好的演講到此結束。

Operator, would you please open the line for questions?

接線員，請打開熱線回答問題好嗎？

(Operator Instructions) Angel Castillo, Morgan Stanley.

（操作員指示）摩根士丹利的 Angel Castillo。

Hi, good evening. Thanks for taking my questions. Just wanted to touch base a little bit more, I guess, on the modular side. There were some kind of subtle improvements in the data there, both the rental rate and utilization on a sequential basis. Can you just help us unpack that a little bit or just what drove that? Was it just kind of seasonality mix? Or are there any other kind of inflections in what you're seeing?

嗨，晚上好。感謝您回答我的問題。我想，只是想在模組化方面多了解一點。那裡的數據有一些微妙的改善，無論是租金率還是利用率都是連續的。您能否幫助我們稍微解釋一下這個問題或解釋一下導致這個問題的原因？這僅僅是季節性的混合嗎？或者您所看到的還有其他類型的變化嗎？

And I thought it was notable, I think you called out 7% growth in VAPS. If I'm not mistaken, that's kind of the best we've seen in several quarters. So just, yes, if you could just kind of unpack that a little bit more, maybe why that doesn't give you maybe a little bit more confidence for the second half.

我認為這很值得注意，我認為您提到了 VAPS 增長了 7%。如果我沒記錯的話，這是我們幾個季度以來看到的最好的成績。所以，是的，如果你能再進一步解釋一下，也許你就會明白為什麼這並不能讓你對下半場更有信心。

Angel, this is Tim. And I'll let my colleagues jump in with anything they'd like to add. But this has been going on for some time now where we've seen kind of a bifurcation of performance within the overall portfolio with modular outperforming storage. And within the lari portfolio, I commented in my remarks that FLEX units on rent, for example, were up 30% year over year.

安吉爾，這是蒂姆。我會讓我的同事隨意添加任何他們想補充的內容。但這種情況已經持續了一段時間，我們看到整體產品組合的效能出現了分歧，模組化儲存的效能優於其他儲存。在拉里投資組合中，我在我的評論中指出，例如，FLEX 單位的租金年增了 30%。

We've had very solid performance across all of the complex product line within the modular category. So there is an underlying mix shift in that category that is helpful in many ways, and that's a reflection of the nature of the project activity that we see in our end markets, and it's also highly levered to our enterprise accounts. And I noted that those modular units on rent are up 4% year over year as of June. So there is quite a bit of nuance in there.

我們在模組化類別的所有複雜產品線上都擁有非常穩健的表現。因此，該類別中存在潛在的組合轉變，這在許多方面都有幫助，這反映了我們在終端市場中看到的專案活動的性質，而且它也高度依賴我們的企業帳戶。我注意到，截至 6 月份，這些模組化單位的租金年增了 4%。這其中有相當多的細微差別。

If we break the modular portfolio down and just look at pricing and VAPS performance, largely flat from pricing in terms on new contracts. And when I was talking about Value-Added Products per modular unit on rent, that was up 7%. And we have kind of renewed our focus there across the sales organization to get that back on track.

如果我們將模組化投資組合分解開來，只看定價和 VAPS 效能，則新合約的定價基本上持平。當我談到租賃的每個模組化單位的增值產品時，這個數字上漲了 7%。我們已經重新關注整個銷售組織，以使情況重回正軌。

So overall, I'm actually really happy with the modular trajectory. Sitting here today, the overall order book up about 1% year over year, and it's been up all year really since we met together in March.

所以總的來說，我對模組化軌跡非常滿意。今天坐在這裡，整體訂單量年增約 1%，而且自從我們三月開會以來，全年訂單量一直在增加。

The order rates in the business did plateau in kind of the April, May timeframe kind of going into June, but have stabilized, in modular. So overall, that's a bright spot in the business, and we've kind of extrapolated that trend, I would say, in Matt's guidance.

進入 6 月份，4 月、5 月期間該業務的訂單率確實處於穩定狀態，但模組化方面已趨於穩定。所以總的來說，這是業務中的一個亮點，我想說，在馬特的指導下，我們已經推斷了這個趨勢。

That's very helpful. And then could you help us understand, I guess, the second half, I think, just maybe to what degree that's some amount of just kind of conservatism given, again, what we've seen thus far. You mentioned some of the kind of exit rate out of the second quarter. Because as we talk to other companies, you also hear, for instance, the One Big Beautiful Bill and potential and higher kind of in construction. So are you just -- is it simply you're not assuming any of that improvement happens?

這非常有幫助。然後，您能否幫助我們理解下半部分，我想，考慮到我們迄今為止所看到的情況，這可能在多大程度上只是某種程度的保守主義。您提到了第二季的一些退出率。因為當我們與其他公司交談時，您還會聽到例如“一項偉大的美麗法案”以及建築業的潛力和更高水平。那麼，您只是——您只是沒有假設會發生任何改進嗎？

Or is there something about the Portable storage business or other aspects of your business that maybe kind of makes it more of a muted impact the second half?

或者，便攜式儲存業務或您業務的其他方面是否存在一些問題，可能會對下半年產生較小的影響？

Yes. No, Andrew, this is Matt. I think that's some of the points you hit there are right on. Tim talked about the strength in the larger complexes. We're not seeing the same strength on the smaller projects and smaller units that we have in the modular business.

是的。不，安德魯，這是馬特。我認為您提到的一些觀點是正確的。提姆談到了大型建築群的實力。我們在小型專案和小型單位上沒有看到與模組化業務相同的優勢。

And so in aggregate, exiting the second quarter, modular units on rent were down a little bit from where we had anticipated in that original outlook. And so as you look at the second half, that's really bringing in kind of that change in the exit point.

因此，總體而言，第二季結束時，模組化單元的租金比我們最初預期的水平略有下降。因此，當你看下半場時，這確實帶來了退出點的變化。

But to your point around the Big Beautiful Bill and some of the investments there, similar to what could happen with changes in interest rates, those are all things that could stimulate incremental small project activity, which is very important to help drive the demand on some of our smaller projects.

但就您提到的《大美麗法案》及其中的一些投資而言，類似於利率變化可能產生的影響，這些都可以刺激增量小型專案活動，這對於推動我們一些小型專案的需求非常重要。

So I would say that we've probably got some of that within the full range that we've anticipated. If that were to accelerate more quickly. Could that change something potentially? But right now, we don't see an immediate near-term impact of that.

所以我想說，我們可能已經實現了我們預期範圍內的一些目標。如果加速得更快的話。這有可能改變一些事情嗎？但目前，我們還沒有看到其立即產生的短期影響。

Angel, probably this is Brad. The only thing I would add just on the margin is, remember, there's a seasonality aspect of the modular. So you're typically not going to see improvements in demand until March, April of next year time frame, if you don't see it in the third quarter. So I am pretty optimistic in terms of the outlook going forward. I just think now we're not going to see much of it this year.

安吉爾，這可能是布拉德。我唯一要補充的是，請記住，模組化具有季節性。因此，如果第三季沒有看到需求改善，那麼通常要到明年三月、四月才會看到需求改善。因此，我對未來的前景非常樂觀。我只是認為今年我們不會看到太多這樣的情況。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼、D.A.戴維森。

Matt, I was hoping to get a little more color or clarification on the drivers behind mutual margin expansion you're looking for in the third quarter, just given some of the sustaining demand pressures that you're seeing on the business?

馬特，考慮到您在業務中看到的一些持續的需求壓力，我希望對您在第三季度尋求的共同利潤率擴張背後的驅動因素進行更詳細的說明？

Yes. So Q2 to Q3, you're asking, Brent?

是的。那麼，布倫特，你問的是 Q2 到 Q3 嗎？

Yes, yes.

是的，是的。

Yes. No, I think that's, typically, it's pretty similar to what we actually saw from the first quarter to the second quarter. So as we went from Q1 to Q2, there's a little bit of seasonality in that as well. But the 140 basis point expansion we saw there. A good chunk of that was coming from our delivery and installation margins, so our logistics and like we talked about, the investments we've made up-front to in-source more of that activity to cross-train drivers.

是的。不，我認為，通常來說，這與我們從第一季到第二季實際看到的情況非常相似。因此，從第一季到第二季度，其中也存在一些季節性因素。但我們在那裡看到的是 140 個基點的擴張。其中很大一部分來自我們的交付和安裝利潤，所以我們的物流以及我們談到的，我們前期進行的投資是為了將更多的活動外包給交叉培訓司機。

That is a continued process. We're not done with that. And as we look forward in each quarter, that is an area we expect to continue to expand margins. So that's probably the first one I would point to. And there's a little bit of SG&A leverage as well that occurs here in the third quarter.

這是一個持續的過程。我們還沒有完成這件事。展望每個季度，我們預計該領域的利潤率將繼續擴大。這可能是我要指出的第一個。第三季也出現了少量銷售、一般及行政費用槓桿。

going into it. So those are the 2 big that I would point to that kind of get you that 50 to 100 basis points of expansion that I talked about for Q3.

進入它。所以，我要指出的這兩個重要因素將使第三季的經濟成長達到我所說的 50 到 100 個基點。

Okay. And then in context of some of the more I guess, complex solutions you offer? I mean you mentioned climate controlled up 30%. I think FLEX up 30%. Are those sort of sustaining run rates for those solutions into the second half of the year, even against this sort of backdrop of end markets?

好的。那麼，我猜您提供的一些解決方案會更加複雜嗎？我的意思是您提到氣候控制高達 30%。我認為 FLEX 上漲了 30%。即使在這樣的終端市場背景下，這些解決方案的運作率是否能夠持續到下半年？

Just curious because it's impressive growth there.

只是好奇，因為那裡的成長令人印象深刻。

There are smaller and newer categories. This is Tim, and whether we sustain 30%, I don't know. I can say the pending order book for FLEX and just the backlog of larger project activity that's on the radar going into second half is very encouraging and supportive of continued FLEX unit on rent growth. I'm not going to estimate the exact magnitude. And sitting here right now, looking at order rates, for example, in our climate-controlled storage business, they're up about 60% year-over-year and an interesting level of seasonal demand for that product category as well in Q4.

還有更小和更新的類別。我是提姆，我不知道我們是否能維持 30%。我可以說，FLEX 的待處理訂單以及下半年即將開始的大型專案活動的積壓非常令人鼓舞，並支持 FLEX 單位繼續保持租金成長。我不會估計確切的幅度。例如，現在坐在這裡，看看我們的氣候控制儲存業務的訂單率，它們同比增長了約 60%，並且第四季度該產品類別的季節性需求也達到了有趣的水平。

So whether it stays at exactly that trajectory, Brent, I don't know, but we are seeing strong trends across those categories.

因此，布倫特，我不知道它是否會保持這一軌跡，但我們看到這些類別都呈現強勁趨勢。

Steven Ramsey, Thompson Research Group.

史蒂文·拉姆齊，湯普森研究小組。

I wanted to dig in on enterprise leasing revenue up 4% First, can you clarify if that's Q2 or year-to-date? And then secondly, can you dissect the drivers of that, the units on rent and the pricing dynamics that support that result?

我想深入了解企業租賃收入成長 4% 首先，您能否澄清這是第二季還是年初至今的數據？其次，您能否分析一下造成此結果的驅動因素、租賃單位以及支持此結果的定價動態？

Steven, this is Tim. My comments in the prepared remarks was specific to volumes within the portfolio. And I mentioned that modular units on rent as of the end of June in the enterprise portfolio were up 4% year-over-year. And storage units on rent were down just 1% year-over-year. So I was just trying to contrast the activity levels that we're seeing among our enterprise customers with the rest of the portfolio.

史蒂文，這是提姆。我在準備好的評論中的評論是針對投資組合內的交易量。我提到，截至 6 月底，企業投資組合中租賃的模組化單位年增了 4%。而倉儲單位的租金較去年同期僅下降了 1%。所以我只是想將我們在企業客戶中看到的活動水平與其他投資組合進行比較。

And those enterprise customers tend to be focused on larger or longer-duration projects. They tend to be biased towards our modular complex fleet, and there are associated pricing and value-added products opportunities when you see projects of those -- of that nature. So just trying to compare and contrast a little bit where we're seeing strength in the business versus relative weakness.

這些企業客戶往往專注於更大或更長期的專案。他們往往對我們的模組化複雜車隊有偏見，當你看到這類專案時，就會有相關的定價和增值產品機會。因此，我們只是嘗試進行一些比較和對比，看看我們在業務方面的優勢和相對劣勢。

And as we talked about in March, we're putting a lot of effort behind our enterprise strategy. This is something that we had kind of built out and developed through the second half of last year, and we've moved into execution mode in kind of the April, May time frame, bolstering kind of the leadership team there, adding resources.

正如我們在三月談到的那樣，我們正在為企業策略投入大量精力。這是我們在去年下半年建造和開發的東西，我們在四月、五月左右進入了執行模式，加強了那裡的領導團隊，增加了資源。

So that's not just an account management function, but we actually have a proactive business development capability within each of our target verticals focused on penetrating sectors outside of construction and outside of the legacy retail relationships where the current enterprise portfolio is heavily weighted today. We see very interesting opportunities in energy and industrial, government, professional services and special events.

因此，這不僅僅是一個帳戶管理功能，而且我們實際上在每個目標垂直領域都擁有主動的業務開發能力，專注於滲透建築業以外的行業以及當前企業投資組合佔比很大的傳統零售關係以外的行業。我們在能源和工業、政府、專業服務和特殊活動領域看到了非常有趣的機會。

I mentioned FIFA, for example, is just one example of that, where we're serving a dozen locations across North America, all at once with all of our product offering, a very sophisticated way in terms of the logistics and service capabilities that are involved. So those are examples of areas where I think we've got opportunity over the next 3 to 5 years.

例如，我提到的 FIFA 只是其中一個例子，我們同時為北美十幾個地區提供所有產品，所涉及的物流和服務能力非常複雜。這些就是我認為在未來 3 到 5 年內我們有機會的領域的例子。

That's helpful. Super helpful. And then wanted to continue that line of thought on enterprise and large projects, which have been a good guy for now a couple of years while local markets have been weak now for a couple of years. Are you nearing a crossover point where that dynamic alone could stabilize the revenue base? Or do you really need local markets to come back to shift the units on rent upwards?

這很有幫助。超有幫助。然後想繼續這種思路，在企業和大型專案上，這些專案在過去幾年裡表現良好，而本地市場在過去幾年裡一直很疲軟。您是否已經接近一個交叉點，僅憑此動態就能夠穩定收入基礎？或者你真的需要當地市場回歸來提高租金嗎？

I mean I would look at it more from a revenue perspective, and we saw at least sequentially, right, we saw in the second quarter, that 2% increase sequentially. And that is our first step to get to year-over-year revenue growth. So I think we are seeing some of that stability here. We just got to sustain that going forward, and we'll flip to year-over-year growth here. So that's been going on, as you said, in the sense for quite some time and continues to be where we see the strength.

我的意思是，我會更多地從收入的角度來看待這個問題，我們至少看到了連續的成長，對吧，我們在第二季度看到了連續 2% 的成長。這是我們實現營收年增的第一步。所以我認為我們在這裡看到了一些穩定性。我們只需要保持這種勢頭，我們就能實現同比成長。正如您所說，這種情況已經持續了相當長一段時間，並且仍然是我們看到的優勢。

So if some of the local market stuff can increase as well that maybe gets us there quicker.

因此，如果一些本地市場的東西也能增加，我們或許就能更快達成這個目標。

Philip Ng, Jefferies.

Philip Ng，傑富瑞集團。

It's Maggie on for Phil. I wanted to first dig into the storage side of the business. In the last few years, that retail remodel activity piece has been a little noisy. So just wondering if there's any update on what your conversations with those customers are like for the outlook? I think we're kind of past the plan in '25 where that would be a big impact, but maybe planning assumptions for '26, how that could factor into volumes next year.

瑪姬代替菲爾上場。我想先深入研究業務的儲存方面。在過去的幾年裡，零售改造活動有點吵鬧。所以我想知道您與這些客戶的對話中是否有關於前景的最新消息？我認為我們已經完成了 25 年的計劃，這將產生很大的影響，但也許可以規劃 26 年的假設，看看這會如何影響明年的銷售。

Maggie, it's Tim. I'll start. Matt, you can jump in. We have been seeing some of that activity this year. I wouldn't say not at the same scale that we may have experienced going back a few years.

瑪吉，我是提姆。我先開始了。馬特，你可以加入了。今年我們已經看到了一些這樣的活動。我不會說這次的規模與我們幾年前所經歷的不一樣。

Those tend to be shorter duration, right? They can be less than six months in duration. So at least the activity that we're seeing so far this year, we did have meaningful remodel demand in Q1, but a lot of that also cycled out in Q2 and heading into Q3, so it's generating revenue, right? It's not necessarily building the unit on rent base given the duration of that activity, but we're definitely seeing some of that come back. I can't really comment on remodel specifically for 2026.

這些持續時間往往較短，對嗎？持續時間可能少於六個月。因此，至少就我們今年迄今為止看到的活動而言，我們在第一季確實有有意義的改造需求，但其中許多也在第二季和第三季循環消失，所以它正在產生收入，對嗎？考慮到該活動的持續時間，它不一定是在租金基礎上建造單位，但我們肯定看到了其中一些的回歸。我無法具體評論 2026 年的改造。

I did mention in the remarks, we are engaged with many of the larger retailers right now as it relates to the seasonal storage demand, and that seems to be shaping up reasonably well, but there's definitely a range of potential outcomes around that given we're still pretty early in the order taking process as it relates to seasonal storage demand.

我在評論中確實提到過，我們目前正在與許多大型零售商合作，因為它涉及季節性存儲需求，而且看起來進展得相當順利，但肯定會有一系列潛在的結果，因為我們在與季節性存儲需求相關的訂單處理過程中還處於相當早期的階段。

Yes. I don't think I have much else to add there, Maggie, other than we haven't heard any change for '26 at this point regarding retail remodel activity. So that's when we'll just have to keep an eye on as we get later into the year.

是的。瑪吉，我想我沒有什麼可補充的，除了我們目前還沒有聽說 26 年零售改造活動有任何變化。因此，隨著時間進入今年晚些時候，我們只需要密切關注。

Okay. Okay. That's helpful. And then you've talked for several quarters now about the larger projects outperforming kind of that smaller transactional activity. And I think you talked about customers taking more of a wait-and-see approach on those transactional units.

好的。好的。這很有幫助。然後你已經討論了幾個季度，大型專案的表現優於小型交易活動。我認為您談到了客戶對這些交易單位採取更多的觀望態度。

Maybe (inaudible) context around what they're looking for? Is it tariff uncertainty? Is it interest rates? What could happen that would, I guess, give them more clarity to make that decision? And how we should think about maybe that factoring into the back half of this year?

也許（聽不清楚）他們正在尋找什麼？是關稅不確定性嗎？是利率嗎？我想，會發生什麼事會讓他們更清楚地做出這個決定呢？我們應該如何考慮將其納入今年下半年的考量？

Yes, Maggie, this is Brad. I'll start. I think there's three factors that play with those smaller regional projects, and that's certainly clarity around voluntary policy and interest rates, clarity around trade policy and such. And then as we've said, there's always an interplay of labor constraints here. So I think it's those 3 factors, and we see it as something that's kind of moving sideways, at a high level right now.

是的，瑪吉，這是布萊德。我先開始了。我認為有三個因素會影響這些較小的區域項目，那就是自願政策和利率的明確性、貿易政策的明確性等等。正如我們所說的，這裡總是存在著勞動力限制的相互作用。所以我認為這是這三個因素，我們認為它目前正處於高水準的橫向移動之中。

Scott Schneeberger, Oppenheimer.

史考特‧施內伯格，奧本海默。

I'm going to be asking first one on generation of cash and then second one on the use of capital. So first off, thanks, Matt, for the color on the new federal tax legislation. How much of that is driving the improved guidance and how much of it is the working capital? And then kind of the follow-up to that part is how much of that federal tax legislation benefit is going to carry over in the '26 and '27 that you can tell thus far?

我將首先詢問現金的產生情況，然後詢問資本的使用情況。首先，感謝馬特對新聯邦稅法的闡述。其中有多少推動了指導的改善，又有多少是營運資金？那麼，這部分的後續問題是，到目前為止，您能說出有多少聯邦稅收立法福利將在 26 年和 27 年延續下去？

Yes, I'll start with the tax legislation, Scott. Yes, so the, as you, if you recall back to our year-end call, in kind of our guidance at the end of the year, we did expect about $50 million of federal cash taxes in the year. The 100% depreciation as well as some of the changes in the interest deductions, et cetera, is basically going to push all that out of 2025. So we don't expect any meaningful federal -- remaining federal cash taxes in 2025.

是的，我將從稅收立法開始，斯科特。是的，所以，如果您還記得我們的年終電話會議，在年底的指導中，我們確實預計今年的聯邦現金稅將約為 5000 萬美元。100% 的折舊以及利息扣除等方面的一些變化基本上會將所有這些都推遲到 2025 年。因此，我們預計 2025 年不會有任何有意義的聯邦——剩餘的聯邦現金稅。

And we're still -- I got to work, there's still a lot of assumptions around this with and those types of things. But I think we probably see a similar type of benefit next year and even potentially for the next couple of years after that. So it does meaningfully push us to the right from a tax payment perspective, Scott. So I think there's kind of a three-, four-year impact of this for us to the net positive, which is great to see from a cash flow perspective.

我們仍然——我必須工作，圍繞這個和諸如此類的事情仍然有很多假設。但我認為我們明年可能會看到類似的好處，甚至在接下來的幾年也有可能看到類似的好處。因此，從納稅的角度來看，它確實有意義地推動我們向右發展，斯科特。因此我認為這會為我們帶來三到四年的淨正收益，從現金流的角度來看這是件好事。

On the working capital piece, if I look at kind of where we've gone here from the end of the year, I think we're down around $12 million-or-so in AR, and we've been working through some of the cleanup as well, right? We've had a reserve that's bigger. We've kept it open for longer than we would have if we hadn't had as much of the system changes that we've had. The team is really working through that. So we're making great progress there.

關於營運資金部分，如果我看一下我們從年底以來的進展情況，我認為我們的應收帳款下降了大約 1200 萬美元，而且我們也一直在進行一些清理工作，對嗎？我們的儲備量更大。如果我們沒有進行如此多的系統變更，我們保持開放的時間會比現在更長。團隊正在努力解決這個問題。所以我們在這方面取得了巨大的進展。

It's contributing somewhere in that kind of $10 million to $15 million, I think, in working cap on that piece, Scott, but it's one that also probably leaves our range of the $500 million to $550 million a little bit wider than it might have otherwise because I think there's really good potential for that to accelerate. But it's still early in that process, and we've got some other things that we're doing there with systems that will help us. So both very positive things for us are really driving cash from the business, and we're excited about what we can continue to do there over the next coming years.

斯科特，我認為，它對這部分資金的貢獻在 1000 萬到 1500 萬美元之間，但這也可能使我們 5 億到 5.5 億美元的範圍比其他情況下稍微寬一些，因為我認為這確實有加速的潛力。但這個過程還處於早期階段，我們還在利用一些可以幫助我們的系統做一些其他的事情。因此，對我們來說，這兩件非常積極的事情確實為業務帶來了現金流，我們對未來幾年能夠繼續開展的業務感到興奮。

And on the follow-up on the use of capital. The M&A, it was big in the quarter, the largest in about a couple of years. So a couple of parts to this. One, what multiple -- it looks like you did two acquisitions and it looks like the climate controlled storage was probably the bigger, but could you give us a sense of size of each and then kind of multiple paid, which I'm, what I'm getting at is what is going to be the EBITDA contribution from those in this year and going forward? And then just as a follow-up to all of this is just, are we going to see a lot more M&A over the balance of the year? Or is it going to be buybacks? What's the decision products there?

以及後續資金使用情況。本季的併購規模很大，是近年來最大的併購。因此，這有幾個部分。第一，倍數是多少——看起來您進行了兩次收購，而且氣候控制存儲的規模似乎更大，但是您能否告訴我們每次收購的規模以及支付的倍數，我的意思是，今年和未來的 EBITDA 貢獻是多少？那麼，作為所有這些的後續問題，我們是否將在今年餘下時間看到更多的併​​購？還是會回購？那裡的決策產品是什麼？

Yes. A couple of pieces to unpack there. So I'll just talk, portable was the bigger of the two by quite a bit. I'm not going to get into the specific multiple. But I can't say in the quarter, it was about $3 million of revenue contribution and maybe $1 million, but that was only of EBITDA, but that was only a partial piece.

是的。那裡有幾件東西要拆開。所以我只想說，便攜式的要大得多。我不會談論具體的倍數。但我不能說本季的營收貢獻約為 300 萬美元，也許是 100 萬美元，但這只是 EBITDA，只是其中的一部分。

And similar to A&M, so we talked about this at Investor Day, right, this product category is one where typically, logistic margins are kind of at a 0 breakeven margin. And we see really big opportunities here using our internal logistics network, to be able to really expand the margins in this business.

與 A&M 類似，我們在投資者日討論過這個問題，對吧，這個產品類別的物流利潤率通常為 0 盈虧平衡利潤率。我們看到了利用內部物流網路的巨大機遇，能夠真正擴大該業務的利潤率。

So it might be a little bit more than that average of 8. But when you take the whole thing into consideration and you know what that synergies, what you can do from a margin perspective, it kind of gets you back into a range that we've been comfortable with here in the past.

所以它可能比平均值 8 多一點。但是，當你把整件事情考慮進去，並且知道協同效應是什麼，從利潤角度你可以做什麼時，它就會讓你回到我們過去感到舒適的範圍。

Related to, I'm trying, Scott, I'm sorry, I'm missing the second quarter...

相關，我正在嘗試，斯科特，對不起，我錯過了第二季度......

No worries. Just, are we going to see a lot more acquisitions in the back half or buyback just use of capital for me.

不用擔心。只是，對我來說，我們是否會看到下半年出現更多的收購或回購，這只是資本的使用。

Yes. I think we'll look at all those capital allocation priorities. I mean I mentioned in my prepared comments, we continue to have a pipeline there, and there's several of those that could happen in the back half, but these things are never 100% predictable from a timing perspective. So we continue to look at all the options.

是的。我認為我們會考慮所有這些資本配置優先事項。我的意思是，我在準備好的評論中提到過，我們繼續在那裡建立管道，其中有幾個可能會在後半段發生，但從時間角度來看，這些事情永遠無法 100% 預測。因此我們繼續研究所有的選擇。

Andrew Wittmann, Baird.

安德魯威特曼，貝爾德。

I guess I wanted to drill in on the order book because I think this was one of the things that last quarter was seemed as a positive. I think you were saying at the time that the order book was like plus 7%. And if I didn't hear you incorrectly, I think this quarter, you said it's plus 1%. So I guess, is this just a sign that the economy has given us kind of fits and starts? Or was there a seasonal dynamic going on there?

我想深入研究訂單簿，因為我認為這是上個季度看起來積極的事情之一。我想您當時說的是訂單量增加了 7%。如果我沒聽錯的話，我認為您說的這個季度是成長 1%。所以我想，這是否只是經濟出現波動的一個跡象？或者那裡是否存在季節性動態？

I guess it's probably just touching people a little bit off guard about kind of the change that happened there. And so I thought maybe I'd give you a form to talk about that a little bit.

我想這可能只是讓人們對那裡發生的變化有點措手不及。所以我想也許我可以給你一個表格來稍微討論一下這個問題。

Andy, it's Tim. I actually would tend to agree with Scott's first start comment. As we look at how the order book has trended through the course of the year. it actually built quite rapidly to start the year from January through March. And in the modular business, we saw those order rates kind of plateau in the April and May time frame.

安迪，我是提姆。我實際上傾向於同意斯科特的第一個評論。當我們觀察全年訂單量的變化趨勢時，我們發現從一月到三月，訂單量實際上增長得相當快。在模組化業務中，我們發現訂單率在 4 月和 5 月期間趨於平穩。

So no deceleration, but no continued acceleration that you would typically expect in a seasonal construction season in our business. So a little unusual, but still, as I zoom out in aggregate, strong and remaining up year-over-year, again, with strength on the complex side, which we've already talked about.

因此，沒有減速，但也沒有像我們業務的季節性建築季節那樣持續加速。因此，這有點不尋常，但從總體來看，它仍然強勁，並且保持同比增長，而且複雜方面也表現強勁，我們已經討論過了。

Storage, a little bit different. You had the same acceleration to start the year. We did see the order rates decline from April into May, but have kind of stabilized from May into June. There's some noise in the storage side of the business, Andy, just due to the timing of seasonal orders, which last year would have started coming in throughout the course of July, is when they really started to build, and we're probably a few weeks behind that this year just based on some changes in the procurement process at a couple of the larger retailers, but I'm not really concerned about that just given the engagement level is super high there. So overall, yes, the magnitude of the difference versus prior year has come down a bit, but that's a function of kind of how the order rates have sequentially trended from January through July here.

存儲，有點不同。您在年初也擁有同樣的加速度。我們確實看到訂單率從 4 月到 5 月有所下降，但從 5 月到 6 月有所穩定。安迪，由於季節性訂單的時間安排，存儲業務方面存在一些噪音，去年的訂單會在 7 月份開始到來，這是他們真正開始建設的時候，而今年我們可能落後了幾週，這僅僅是基於幾家大型零售商的採購流程的一些變化，但考慮到那裡的參與度非常高，我並不擔心這一點。因此，總體而言，與去年相比，差異的幅度確實有所下降，但這取決於 1 月至 7 月訂單率的連續趨勢。

Got it. I guess the other thing I wanted to talk about a little bit or have you talked about a little bit was this idea of the large projects. And there's been a lot of questions on it, but I want to ask it this way. It is now several years that the large projects have been the area of strength. And in fact, you said this quarter, they're still up.

知道了。我想談的另一件事或您談過的另一件事是關於大型專案的想法。對此有很多疑問，但我想這樣問。幾年來，大型專案一直是我們的強項。事實上，您說本季它們仍然在上漲。

But as you look at the phasing of these large projects, which you said are typically longer in duration, where are these in the large project cycle? Are we -- are they starting to ramp down? Or is the total number of units on rent for large projects still going up in total? Or are they starting to -- have they been in process long enough that some of these large projects are starting to roll off? I'm just trying to get a sense of where those are in the overall, I guess, you'd say cycle or I'd say, cycle.

但是，當您查看這些大型專案的分階段時，您說這些專案的持續時間通常較長，它們在大型專案週期中處於什麼位置？我們──他們開始減少了嗎？或者大型專案的出租單位總數是否仍在增加？或者他們已經開始——他們是否已經進行了足夠長的時間，以至於其中一些大型專案開始順利進行？我只是想了解它們在總體上處於什麼位置，我想，你會說是周期，或者我會說是周期。

Yes. It's hard to put a fine point on it, Andy. This is Tim. I would point to the enterprise book that we've talked about with modular units on rent still up 4% year-over-year. So yes, these projects are churning but there has been enough new project activity in that 20-ish percent of our book that is the enterprise portfolio to drive not only volume growth but overall revenue growth among those projects.

是的。安迪，很難對此做出準確的評價。這是蒂姆。我想指出的是，我們討論過的企業帳簿中模組化單位的租金年比仍然上漲了 4%。是的，這些項目正在進行中，但在我們的帳簿中，即企業投資組合中，已經有足夠多的新項目活動，不僅可以推動數量增長，還可以推動這些項目的整體收入增長。

And as we go through our quarterly forecasting process that goes down to the region and market level, the point of strength that we see in the business persisting into the second half is still being drawn by these types of larger opportunities. So we haven't seen a deceleration there. We haven't seen a unit on rent inflection downwards there, and it's a stronger part of the outlook as we look into the second half of the year.

當我們進行深入到地區和市場層面的季度預測過程時，我們看到業務持續到下半年的優勢點仍然受到這些更大機會的吸引。因此我們還沒有看到那裡出現減速。我們還沒有看到那裡的租金出現下降趨勢，展望下半年，這是前景更強勁的一部分。

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. The updated guide referenced more clarity on interest rate policy and trade, but interest rate policy is still pretty uncertain in trade policy volatile, I mean rate path policy is likely dependent on the effects of tariffs. I'm not asking you for a precise prognostication as to rates, but a two-part question, if I may.

這是羅南肯尼迪 (Ronan Kennedy) 代替馬納夫 (Manav) 上場。更新後的指南對利率政策和貿易進行了更清晰的闡述，但在貿易政策波動的情況下，利率政策仍然相當不確定，我的意思是利率路徑政策可能取決於關稅的影響。我並不是要求您對利率做出精確的預測，而是一個分成兩部分的問題，如果可以的話。

What does your outlook contemplate, and what does your data tell you about the historical correlation between interest rates and demand? I guess third part, Matt said, if I'm not mistaken, rates could help stimulate some incremental project activity that was contemplated to a certain extent, but how should we think about it as we get outlook for a rate cut and more off to the races on the local projects? Or is there a lag? Just some help with that, please?

您的前景如何？您的數據告訴您有關利率和需求之間的歷史相關性的什麼？馬特說，如果我沒記錯的話，我想第三部分是利率可能有助於刺激一些在一定程度上預期的增量項目活動，但是當我們看到利率下調和更多本地項目競爭的前景時，我們應該如何看待它？或存在滯後？能幫上忙嗎？

I think there's, there's -- Ronan, thanks for the question. There's quite a bit of, some are saying one cut this year, some are saying, no cuts. I mean, I think it's, we'll see what it is. But I think the reality for this year is nobody -- not a huge change from a rate perspective. It's probably more into 2026, where some forecasts have 6, some have maybe more than that of rate cuts.

我認為有，有－羅南，謝謝你的提問。有相當多的人說今年會減產一次，也有人說不會減產。我的意思是，我認為，我們會看到它是什麼。但我認為今年的現實情況是沒有人——從利率角度來看不會發生巨大的變化。可能要到 2026 年才會出現這種情況，有些預測是降息 6 次，有些預測是降息 6 次以上。

So it's not something, I think, that this year there might have been earlier in the year some thought that rates could come down, but it's not seeming like it's going to be a significant impact to some of those smaller projects. So we're looking more into next year probably where that's a stimulus.

因此，我認為，今年早些時候有些人認為利率可能會下降，但這似乎不會對一些較小的項目產生重大影響。因此，我們正在更多地關註明年，這可能是一個刺激因素。

But the tax piece is one that we don't know yet, right? But how quickly can the project start? I don't know if you have a shovel-ready project that you're just waiting for something, maybe that could go quickly, but that's probably not typically the case. I think these both probably take a few quarters to stimulate some of that smaller project demand if things keep moving in that direction.

但稅收部分我們還不知道，對嗎？但該計畫多快能啟動？我不知道您是否有一個準備就緒的項目，只是在等待某些事情，也許它可以很快完成，但通常情況並非如此。我認為，如果事情繼續朝著這個方向發展，這兩個項目可能需要幾個季度才能刺激一些小型專案的需求。

Yes. And the only bit I would add is back to my earlier comment about seasonality, right? We're already setting into the third quarter here, right? And we have the visibility or lack thereof that we have. So I think any improvement is likely to benefit 2026, potentially starting in kind of that March, April time frame, just given the normal kind of winter slowdown, if you will, with the construction starts.

是的。我唯一想補充的是回到我之前關於季節性的評論，對嗎？我們已經進入第三季了，對嗎？我們有可見性，或者說缺乏可見性。因此，我認為任何改進都可能使 2026 年受益，可能從 3 月、4 月的時間範圍內開始，考慮到正常的冬季放緩，隨著施工開始。

Got it. And then I think it was indicated you no longer expect the positive inflection in UR. So part on this, if I may as well. If I'm not mistaken, there's a new chart with what looks like a forecasted non-resi square footage starts for 2H, what informed forecast. Is that straight from Dodge's forecast? Is it a consensus?

知道了。然後我認為這表明你不再期待 UR 出現積極的變化。如果可以的話，我也可以就此進行分享。如果我沒記錯的話，有一張新圖表，上面看起來像是預測了下半年非住宅建築面積的開工情況，這是一個有根據的預測。這是道奇的預測嗎？這是共識嗎？

That's right.

這是正確的。

Okay. And so when would you contemplate a potential inflection to positive or UR?.

好的。那麼，何時會考慮向正方向或 UR 方向轉變的潛在可能性？

Yes. Ronan, I don't think we have, not in the forecasting game related to nonres starts. And we know that these are forecasts. This is not necessarily exactly what's going to happen. But if you look at the 2025 levels, the second half is relatively consistent, at least from a forecast perspective from the last couple of years.

是的。羅南，我認為我們還沒有，在與非再生能源開始相關的預測遊戲中還沒有。我們知道這些都是預測。這並不一定就是即將發生的事情。但如果你看一下 2025 年的水平，下半年相對一致，至少從過去幾年的預測角度來看是如此。

and we haven't yet seen that turn. So we don't think it's -- based on what we know now, we're pretty sure it probably doesn't happen by the end of the year this year. but we're going to have to wait and see until we have a bit more clarity into 2026 on some of the things we just talked about and if those will drive us to inflection.

但我們還沒有看到這種轉變。因此，根據我們目前所了解的情況，我們非常肯定它可能不會在今年年底前發生。但我們必須拭目以待，直到我們對 2026 年剛才談到的一些事情有了更清晰的認識，看看這些事情是否會推動我們實現轉折點。

(Operator Instructions) Tim Mulrooney, William Blair.

（操作員指示）蒂姆·穆爾羅尼、威廉·布萊爾。

One on storage, Portable storage, we recently heard from another larger player in the space that shipment volumes on Portable storage units were up think they set up meaningfully in June and showing positive trends heading into the second half of the year. I'm curious if you noticed similar trends in your own storage business in the latter half of the quarter and how we should think about UR sequentially and at the third quarter here? I'm talking specifically about portable storage.

一個是存儲，即便攜式存儲，我們最近從該領域的另一家大型企業那裡聽說，便攜式存儲設備的出貨量有所上升，認為它們在 6 月份出現了有意義的增長，並顯示出下半年的積極趨勢。我很好奇，您是否注意到本季後半段您自己的儲存業務也出現了類似的趨勢，以及我們應該如何看待 UR 的連續性以及第三季的情況？我特別談論的是便攜式存儲。

Tim, this is Tim Boswell, we did see sequential improvement in unit on rent across the storage portfolio within Q2. Order rates year-over-year are still down, right? So I'm not assuming that we see significant continued sequential growth in Q3 but it's a shorter sales cycle in that business. So it's certainly possible.

蒂姆，我是蒂姆·博斯韋爾，我們確實看到第二季度整個存儲組合的租賃單位數量連續改善。訂單率同比仍然下降，對嗎？因此，我並不認為我們會在第三季看到顯著的持續成長，但該業務的銷售週期較短。所以這當然是有可能的。

And Matt can take through kind of the puts and takes in the outlook if that's helpful, but -- and we saw a modest sequential unit on rent improvement in, up through June in the storage portfolio. So that not knowing exactly who you're referring to, that could be correlated.

如果有幫助的話，馬特可以透過看跌期權和看漲期權來分析前景，但是 - 我們看到，截至 6 月份，存儲投資組合的租金出現了適度的連續改善。因此，雖然不知道您具體指的是誰，但這可能有關聯。

Yes. Okay. Yes. No, that's helpful, Tim. And Tim, while I got you, just for my follow-up, bouncing around calls here. But I thought I heard you say in your prepared remarks or in your response to somebody else, something about pricing flat on new contracts.

是的。好的。是的。不，這很有幫助，蒂姆。提姆，當我聯絡你時，只是為了跟進一下情況，我在這裡打了很多電話。但我想我聽到您在準備好的發言中或在對其他人的回應中提到了有關新合約定價的事情。

And I didn't know if you were referring specifically to modular or new modular units on rent. Do you remember saying something along those lines, pricing flat on new contracts? And can you remind me what you were referring to, maybe flesh that out a little bit?

我不知道您是否具體指的是模組化或新型模組化租賃單位。您是否記得說過類似這樣的話，新合約的定價是固定的？您能否提醒我您指的是什麼，或稍微補充一下？

I remember it very clearly. I was referring to the pricing on new contracts in the modular business being flat year over year, right, and actually Value-Added Products on new contracts are roughly flat as well. So I see that as stable for sure. There are some puts and takes as you zoom in by product category as there always are. FLEX, for example, volumes and spot rates are all up year-over-year.

我記得很清楚。我指的是模組化業務新合約的定價與去年同期持平，對吧，實際上新合約中的加值產品也大致持平。所以我認為這肯定是穩定的。當你按產品類別放大時，總是會發現一些得失。例如，FLEX 的交易量和現貨價格均較去年同期上漲。

ground level offices. For example, we've got a little more spot rate pressure there. But when you mix all of the modular category together, you're in a flat spot rate environment, which is fine given the focus on driving organic volume across the business right now. So that's what we were referring to. And honestly, it's largely similar on the container side of the business also.

地面辦公室。例如，我們面臨的現貨匯率壓力略有增加。但是，當你將所有模組化類別混合在一起時，你就處於一個固定的現貨價格環境中，考慮到目前的重點是推動整個業務的有機銷量，這是很好的。這就是我們所指的。老實說，貨櫃業務方面的情況也大致相似。

I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Charlie Wohlhuter 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 Charlie Wohlhuter 做最後發言。

All right. Thank you, Cherie. We appreciate your interest in WillScot and participation in today's call. If you have additional questions, please feel free to contact me. We look forward to connecting with you at upcoming investor conferences or on our next earnings call.

好的。謝謝你，雪莉。感謝您對 WillScot 的關注以及參加今天的電話會議。如果您還有其他問題，請隨時與我聯絡。我們期待在即將舉行的投資者會議或下一次財報電話會議上與您聯繫。

Thanks, and have a great day.

謝謝，祝您有愉快的一天。

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

今天的節目到此結束。感謝大家的參與。您現在可以斷開連線。