WillScot Holdings Corp (WSC) 2025 Q3 法說會逐字稿

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

歡迎參加 WillScott 2025 年第三季財報電話會議。我叫加里，我將擔任您今天通話的接線生。（操作員說明）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查理沃爾胡特。查理，你可以開始了。

All right. Thank you, Gary. Good afternoon, everyone, and welcome to the WillScot third-quarter 2025 earnings call. Participants on today's call include Brad Soultz, Chief Executive Officer; Tim Boswell, President and Chief Operating Officer; Matt Jacobsen, Chief Financial Officer; and Worthing Jackman, Executive Chairman.

好的。謝謝你，加里。各位下午好，歡迎參加 WillScot 2025 年第三季財報電話會議。參加今天電話會議的有：執行長 Brad Soultz；總裁兼營運長 Tim Boswell；財務長 Matt Jacobsen；以及執行董事長 Worthing Jackman。

Today's presentation material may be found on our Investor Relations website at investors.willscot.com. Before we begin, 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 in our Q&A session. Our business and operations are subject to a variety of risks and uncertainties, many of which are beyond our control.

今天的簡報資料可在我們的投資者關係網站 investors.willscot.com 上找到。在開始之前，請大家注意第二頁投影片，其中包含我們的安全港聲明。我們將在演示過程中的問答環節發表一些前瞻性聲明。我們的業務和營運面臨各種風險和不確定因素，其中許多因素是我們無法控制的。

As a result, our actual results may differ materially from comments made on today's call. 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.

因此，我們的實際結果可能與今天電話會議上發表的評論有重大差異。有關可能導致實際結果出現差異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」聲明以及我們向美國證券交易委員會提交的文件。

With that, it's my pleasure to turn the call over to our Executive Chairman, Worthing Jackman.

接下來，我很高興將電話轉交給我們的執行主席沃辛·傑克曼。

Thank you, Charlie. Good afternoon. We appreciate you joining us for today's call, where we will discuss the current operating environment and strategic priorities, third-quarter results, and our updated outlook for 2025.

謝謝你，查理。午安.感謝您參加今天的電話會議，我們將討論當前的經營環境和策略重點、第三季業績以及我們對 2025 年的最新展望。

As many of you know, I joined the WillScot Board about a year ago, became Chairman this past June, and was named Executive Chairman in early September upon our announcement that Tim will be succeeding Brad as CEO effective January 1. My expanded role has been designed both to assist Tim and the senior leadership team in achieving our strategic plan, returning to growth, and driving shareholder value creation.

正如你們許多人所知，我大約一年前加入了 WillScot 董事會，今年 6 月成為董事長，並在 9 月初宣布 Tim 將於 1 月 1 日接替 Brad 擔任執行長後，被任命為執行董事長。我的角色擴大旨在協助蒂姆和高階領導團隊實現我們的策略計劃，恢復成長，並推動股東價值創造。

With ongoing cyclical headwinds and an intense competitive environment, we must compete differently and execute better to drive growth. With a focus on returning to growth, we expect that a mix shift in revenue to more differentiated, higher value offerings should create more consistent and predictable results while also reducing variability from more commoditized or transactional lines of business, such as dry storage.

面對持續週期性的不利因素和激烈的競爭環境，我們必須改變競爭方式，提高執行力，才能推動成長。為了重回成長軌道，我們預期營收結構向更具差異化、更高價值的產品轉變，將帶來更穩定、更可預測的業績，同時減少來自商品化或交易性業務（如乾貨倉儲）的波動性。

When revenue inflects back to positive growth, adjusted EBITDA growth should outpace top-line growth. We see the ability to drive adjusted EBITDA margins above 45% as units on rent trends begin to improve given the associated high incremental flow-through. That is in addition to initiatives underway to optimize our platform outlined at our investor day in March.

當營收恢復正成長時，調整後 EBITDA 的成長速度應超過營收的成長速度。鑑於相關的高增量收益，隨著租金趨勢的改善，我們認為有能力將調整後的 EBITDA 利潤率推高至 45% 以上。此外，我們還在三月的投資者日上概述了正在實施的平台優化計劃。

There are multiple aspects of our optimization plan, a new component of which is evaluating our branch network and fleet storage acreage needs following the integration last year of WillScot and Mobile Mini's field sales and operations teams. We see opportunity to reduce our real estate footprint and related expenses, along with eliminating excess fleet, which Matt will review in his remarks.

我們的優化計劃包含多個方面，其中一個新組成部分是評估我們的分支機構網路和車隊存儲面積需求，這是繼去年 WillScot 和 Mobile Mini 的現場銷售和營運團隊整合之後做出的決定。我們看到了減少房地產佔用空間和相關費用的機會，同時還有機會裁減過剩的車隊，馬特將在演講中對此進行闡述。

Together with continuing efforts to streamline corporate support functions and drive a more decentralized operating model, we see a pathway to help accelerate margin improvement. We believe we have the right strategy and team in place. But to earn credibility and build momentum, we must increase accountability across the organization and deliver on our commitments.

結合持續努力精簡公司支持職能和推動更分散的營運模式，我們認為這是加快利潤率提升的途徑。我們相信我們已經擁有了正確的策略和團隊。但要贏得信譽並建立勢頭，我們必須提高整個組織的責任感，並履行我們的承諾。

The company has fallen short over the last two years to deliver against expectations that it set and takes full responsibility. Guidance is a key focus for me. Management's previous approach relative to expectations exposed the company if activations did materialize when expected, and market demand was less than anticipated.

過去兩年，該公司未能達到其設定的預期目標，並對此負全部責任。指導是我工作的重點。管理階層先前的做法與預期不符，導致公司在預期活動如期舉行但市場需求低於預期時面臨風險。

Competition increased on more transactional lines of business where sales effectiveness and execution issues arose. I believe that expectations should be set against outcomes under our control, providing cushion to either exceed guidance or absorb the unknowns, and more importantly, to minimize the risk of surprising investors.

在交易性較強的業務領域，競爭加劇，銷售效率和執行也出現了問題。我認為，預期應該基於我們可控的結果，這樣既能為超出預期提供緩衝，也能應對未知情況，更重要的是，還能最大限度地降低讓投資者感到意外的風險。

Going forward, we'll be taking a more conservative approach to guidance to minimize the risk of negative surprises versus communicated expectations. It's important to emphasize, however, that our internal plan and incentive comp targets will always hold us accountable to deliver results above this more conservative guidance approach.

展望未來，我們將採取更保守的業績指引方式，以最大程度地降低業績與預期不符的負面意外風險。但需要強調的是，我們的內部計畫和激勵薪酬目標將始終要求我們取得高於這種較保守的指導方針所應達到的績效。

With that, I'd like to pass the call over to Brad for some brief remarks on this, his final earnings call. Matt and Tim will then review our current operating environment, third-quarter results, our updated outlook, and strategic priorities before heading into Q&A. Brad?

接下來，我想把電話交給布萊德，讓他就這次也是他最後一次財報電話會議做些簡短的發言。接下來，Matt 和 Tim 將回顧我們當前的營運環境、第三季業績、更新後的展望和策略重點，然後進入問答環節。布拉德？

Great. Thanks, Worthing. I'd like to underscore Worthing's comments and emphasize that we're fully aligned to deliver on our commitments and to drive profitability and returns higher. Accountability is paramount, and I firmly believe we have aligned the organization, and the team is well prepared to execute on our strategy.

偉大的。謝謝，沃辛。我想強調沃辛的評論，並重申我們完全一致地履行我們的承諾，提高盈利能力和回報。問責制至關重要，我堅信我們已經協調好組織架構，團隊也已做好充分準備來執行我們的策略。

Tim has been by my side throughout the evolution of the company, and he knows this company and this industry through and through. I have immense trust in his leadership and excited for what is to come. With the leadership we have in place and a well-defined strategic plan, I'm more confident than ever in our ability to achieve our top-line growth, operational excellence, and profitability goals.

在公司發展的各個階段，提姆一直陪伴在我身邊，他對這家公司和這個產業瞭如指掌。我非常信任他的領導能力，對未來充滿期待。憑藉我們現有的領導團隊和完善的策略計劃，我對我們實現營收成長、卓越營運和獲利目標的能力比以往任何時候都更有信心。

With that, I'll turn it over to Matt for a review of our third-quarter financial performance.

接下來，我將把時間交給馬特，讓他來回顧我們第三季的財務表現。

Thanks, Brad. Before I jump in, I just wanted to thank you for your leadership for the last 10 years and for all you've done for the company and for me, both professionally and personally. On behalf of the finance team, we wish you the best in your future endeavors.

謝謝你，布拉德。在正式開始之前，我只想感謝您過去 10 年的領導，以及您在職業和個人方面為公司和我個人所做的一切。財務團隊全體成員祝福您未來一切順利。

As noted in our earnings release, third-quarter 2025 financial results were mixed. We delivered strong cash flow, and leasing revenues were stable sequentially from Q2 to Q3 across both our modular and storage portfolio with favorable rate and mix offsetting volume headwinds.

正如我們在獲利報告中所述，2025 年第三季的財務表現喜憂參半。我們實現了強勁的現金流，從第二季度到第三季度，我們的模組化和儲存產品組合的租賃收入均保持穩定，有利的費率和產品組合抵消了銷售下滑的影響。

Looking at the results, revenue for the quarter was $567 million, down $34 million year over year, driven primarily by increased accounts receivable cleanup of approximately $20 million in the quarter as we continue to accelerate improvements in our order-to-cash process. And lower delivery and installation revenues related to our large project with the LA Rams in the prior year that we discussed in the Q2 call.

從業績來看，本季營收為 5.67 億美元，年減 3,400 萬美元，主要原因是本季應收帳款清理額增加了約 2,000 萬美元，因為我們繼續加快改進訂單到收款流程。還有與我們去年與洛杉磯公羊隊的大型項目相關的交付和安裝收入下降，我們在第二季度電話會議上討論過這個問題。

This accounts receivable clean up overshadowed what would otherwise have been a sequential quarter stability in our leasing revenues, which I'll jump into here shortly. Sales in new and rental units increased 10% year over year. Our ability to take out variable costs in the business supported a 42.9% margin on adjusted EBITDA of $243 million for the quarter, which was up 60 basis points sequentially from the second quarter.

這次應收帳款清理工作掩蓋了我們租賃收入原本可能出現的季度環比穩定，我稍後會詳細介紹這一點。新房和出租房的銷售額較去年同期成長10%。我們削減業務中可變成本的能力支撐了本季調整後 EBITDA 2.43 億美元的利潤率為 42.9%，比第二季度環比增長了 60 個基點。

Slide 5 is a new slide that takes a deeper look at leasing revenue trends with and without the impact of write-offs related to our order-to-cash improvement initiatives. In total, leasing revenues were $434 million in the quarter, a 5% year-over-year decline. However, Q3 year-over-year leasing revenues excluding write-offs were only down 1.3% year over year. This clean up is driving a bit of noise in the top-line results.

第 5 張投影片是一張新投影片，它深入研究了租賃收入趨勢，包括和不包括與我們的訂單到現金改進計劃相關的註銷的影響。本季租賃收入總計為 4.34 億美元，年減 5%。然而，第三季租賃收入（不包括減損損失）年減 1.3%。這次清理工作導致整體結果出現了一些波動。

The key takeaway here, however, is the underlying product leasing revenue across each of our modular, portable storage, and VAPS portfolios were stable sequentially. On a year-over-year basis, the 1.3% decline excluding write-offs is a result of favorable rate and mix, largely offsetting volume declines.

然而，關鍵在於，我們各個模組化、便攜式儲存和 VAPS 產品組合的基礎產品租賃收入季比保持穩定。與去年同期相比，不計核銷損失，1.3%的降幅是由於有利的利率和產品組合，基本上抵消了銷量的下降。

VAPS revenues were flat year-over-year despite volume headwinds. Within the storage portfolio, rate and mix improvements of 10% partially mitigated a 14% volume headwind. Within the modular portfolio, average monthly rates improved 5%, largely offsetting a 6% decline in volume.

儘管銷量面臨不利因素，但VAPS營收與去年同期持平。在儲存組合方面，10% 的費率和組合改進部分緩解了 14% 的銷量下滑。在模組化產品組合中，平均月租金上漲了 5%，基本上抵消了銷量 6% 的下降。

As you know, the sequential stability in leasing revenues is important since our revenue growth in this business is a factor of sequential trends that compound over time. We expect the year-over-year impact of the clean up efforts around accounts receivable to decrease as we get into 2026.

如您所知，租賃收入的連續穩定性非常重要，因為我們這項業務的收入成長取決於隨著時間推移而不斷累積的連續趨勢。我們預計，隨著進入 2026 年，應收帳款清理工作帶來的年比影響將會減少。

Importantly, the clean up work we've completed this year of aged receivables had largely already been reserved through the provision for credit losses in SG&A in prior years. And we're beginning to see real improvements in our collections experience, such as the net impact to EBITDA of write-offs and our bad debt within SG&A is a $4.3 million positive impact to adjusted EBITDA year over year.

重要的是，我們今年完成的逾期應收帳款的清理工作，大部分已經透過前幾年的銷售、一般及行政費用中的信用損失準備金提列了準備。我們開始看到收款情況有了真正的改善，例如，銷售、一般及行政費用中的壞帳和核銷對 EBITDA 的淨影響為調整後 EBITDA 帶來了 430 萬美元的正面影響，與去年同期相比。

Adjusted free cash flow in the quarter was $122 million, representing a 22% margin or $0.67 per share. Year to date, adjusted free cash flow was $397 million at a 23% margin. Free cash flow has remained stable through the recent revenue contraction, providing continued flexibility to reinvest in our business, further strengthen our balance sheet, and pursue M&A opportunities as they present themselves.

本季調整後的自由現金流為 1.22 億美元，利潤率為 22%，即每股 0.67 美元。今年迄今為止，調整後的自由現金流為 3.97 億美元，利潤率為 23%。儘管近期收入有所下降，但自由現金流仍保持穩定，這為我們繼續靈活地投資業務、進一步加強資產負債表以及抓住併購機會提供了保障。

We've invested about $206 million in net capex year to date for about a 16% increase over the prior year. This mainly reflects investments in high-demand categories such as Flex, Complexes, and continued fleet refurbishment, along with investment in our newer product categories.

今年迄今為止，我們的淨資本支出約為 2.06 億美元，比前一年增長了約 16%。這主要反映了對高需求類別（如 Flex、綜合設施和持續車隊翻新）的投資，以及對我們較新產品類別的投資。

During the quarter, we paid down $84 million in borrowings and returned $21 million to shareholders through both repurchases and our dividend distribution program. On October 16, we amended and extended our ABL Credit Facility, reducing our estimated annual cash borrowing costs by approximately $5 million, based on current debt levels and extending the maturity through October 16, 2030.

本季度，我們償還了 8,400 萬美元的借款，並透過股票回購和股息分配計劃向股東返還了 2,100 萬美元。10 月 16 日，我們修改並延長了我們的 ABL 信貸安排，根據目前的債務水平，將我們預計的年度現金借款成本減少了約 500 萬美元，並將到期日延長至 2030 年 10 月 16 日。

The new agreement reflects the quality of our borrowing base, enhances our financial flexibility, locks in more favorable rates and terms, and positions us to continue funding organic investments and targeted M&A opportunities.

新協議體現了我們借款基礎的質量，增強了我們的財務靈活性，鎖定了更優惠的利率和條款，並使我們能夠繼續為內部投資和有針對性的併購機會提供資金。

Once again, I'd like to thank our lending group for the long-standing commitment, support, and outsized commitments, which facilitated a successful process. After the amendment, we have no debt maturities until 2028 and ample optionality to fund our capital allocation priorities.

我再次感謝我們的貸款團隊長期以來的投入、支持和巨額捐款，而正是這些促成了貸款流程的成功。修訂後，我們在 2028 年之前沒有債務到期，並且有充足的選擇餘地來為我們的資本配置優先事項提供資金。

Before we move on to our updated outlook, as Worthing mentioned earlier this year, we began reviewing several of our real estate positions on a property-by-property basis as leases have expired with the intention of reducing our real estate footprint while maintaining market coverage. Over the past several years, our real estate costs have increased by 10% or more per year as long-term leases renewed at current market rates and as we've added additional properties through M&A and to store idle fleet.

在我們繼續討論更新後的展望之前，正如沃辛今年早些時候提到的那樣，隨著租約到期，我們開始逐一審查我們的一些房地產投資，目的是在保持市場覆蓋率的同時減少我們的房地產規模。過去幾年，由於長期租約按當前市場價格續簽，以及我們透過併購增加房產和存放閒置車隊，我們的房地產成本每年增長 10% 或更多。

To facilitate these exits, we've identified certain surplus fleet for disposal. For the nine months ended September 30, 2025, we had identified fleet with a net book value of $27 million for disposal and accelerated the depreciation on these units, essentially reducing the net book value to 0 or to a nominal scrap value. You would have seen this in our increased depreciation in the second and third quarter primarily.

為了方便這些車輛退出市場，我們已經確定了一些剩餘車輛需要處置。截至 2025 年 9 月 30 日的九個月內，我們確定了帳面淨值為 2,700 萬美元的待處置車隊，並加速了這些車輛的折舊，實際上將帳面淨值降至 0 或名義廢料價值。這一點主要體現在第二季和第三季折舊的增加。

Over the past few months, we've expanded these efforts into a multi-year network optimization plan aimed at enhancing operational efficiency and reducing structural costs. This effort builds on the integration of our field sales and operations teams last year and includes a strategic review of our network, including our total real estate footprint.

在過去的幾個月裡，我們擴大了這些努力，制定了一項多年網路優化計劃，旨在提高營運效率並降低結構性成本。這項工作建立在去年我們整合現場銷售和營運團隊的基礎上，包括對我們的網路進行策略性審查，包括我們全部的房地產覆蓋範圍。

As part of this initiative, we expect to continue to identify fleet for disposal to facilitate real estate exits while ensuring we maintain sufficient supply to meet future demand. And we estimate the net book value of rental fleet units that could be disposed as part of this optimization plan to be in the range of $250 million to $350 million.

作為這項計劃的一部分，我們預計將繼續確定待處置的車隊，以促進房地產退出，同時確保我們保持足夠的供應以滿足未來的需求。我們估計，作為此最佳化計畫的一部分，可以處置的租賃車隊單位的帳面淨值在 2.5 億美元至 3.5 億美元之間。

This plan could reduce leased acreage by more than 20% and avoid between $20 million to $30 million of annual real estate and facility cost increases over the next three to five years, reducing our annual real estate cost increases from over 10% per year to mid-single digits. To the extent we finalize the multi-year network optimization plan by the end of 2025 and that plan is approved by our Board of Directors, we may accelerate the recognition of the $250 million to $350 million of incremental depreciation expense into 2025 as a non-cash restructuring charge.

該計劃可減少租賃面積 20% 以上，並在未來三到五年內避免每年 2000 萬至 3000 萬美元的房地產和設施成本增長，從而將我們每年的房地產成本增長從 10% 以上降低到個位數。如果我們在 2025 年底前完成多年網路優化計劃，並且該計劃獲得董事會批准，我們可能會將 2.5 億美元至 3.5 億美元的增量折舊費用提前確認到 2025 年，作為非現金重組費用。

Now, turning to our updated outlook for 2025, we have revised full-year guidance to reflect the current operating environment and our updated, more conservative approach, as Worthing laid out in his opening comments. This outlook includes expectations on near-term demand and units on rent levels, factoring in the absence of a typical seasonal uplift as well as further progress on order-to-cash improvement initiatives and a slower-than-expected ramp within ClearSpan and Perimeter Solutions.

現在，讓我們來看看我們對 2025 年的最新展望。正如沃辛在開場白中所述，我們已修訂了全年業績指引，以反映當前的經營環境和我們更新後的、更加保守的方法。這項展望包括對近期需求和租金水準的預期，考慮到沒有典型的季節性成長，以及訂單到現金改善計畫的進一步進展，以及 ClearSpan 和 Perimeter Solutions 的成長速度低於預期。

For Q4 2025, we expect revenue of approximately $545 million and adjusted EBITDA of approximately $250 million. We believe this outlook is conservative and provides sufficient cushion to meet or exceed those levels while establishing an initial baseline for 2026. For the full-year 2025, this results in revenue of approximately $2.26 billion, adjusted EBITDA of roughly $970 million, and adjusted free cash flow of approximately $475 million, inclusive of about $275 million of net capex.

我們預計 2025 年第四季營收約 5.45 億美元，調整後 EBITDA 約為 2.5 億美元。我們認為這項展望較為保守，並提供了足夠的緩衝空間，以達到或超過這些水平，同時為 2026 年建立初步基準。預計到 2025 年全年，公司收入將達到約 22.6 億美元，調整後 EBITDA 約為 9.7 億美元，調整後自由現金流約為 4.75 億美元，其中包括約 2.75 億美元的淨資本支出。

With that, I'd like to pass it over to Tim to discuss our areas of focus looking ahead.

接下來，我想把發言權交給提姆，讓他來討論我們未來關注的重點領域。

Thanks, Matt, and good afternoon, everyone. Before opening the call for Q&A, I would like to elaborate more on WillScot's strategic priorities to better position us for growth, increase margins and returns, and ultimately drive shareholder value as we transition into 2026.

謝謝馬特，大家下午好。在正式開始問答環節之前，我想進一步闡述 WillScot 的策略重點，以便更好地實現成長、提高利潤率和回報，並最終在過渡到 2026 年的過程中提升股東價值。

First is reestablishing organic growth in the business through our local market initiatives, enterprise accounts, and our adjacency offerings. Historically, approximately 80% of our revenue is derived locally, and improving performance starts with ensuring consistent sales coverage across the network, then driving productivity.

首先，我們將透過本地市場措施、企業客戶和相關產品和服務，重新建立業務的有機成長。從歷史上看，我們約 80% 的收入來自本地，提高業績首先要確保整個網路的銷售覆蓋率一致，然後提高生產力。

Following last year's sales reorganization, we have implemented best-in-class sales enablement tools and consistent sales coverage and sales leadership such that we have a simplified structure with clear accountability for performance heading into 2026.

繼去年的銷售重組之後，我們實施了一流的銷售賦能工具，並實現了持續的銷售覆蓋和銷售領導，從而簡化了組織結構，明確了2026年的業績責任。

Our focus on enterprise accounts and new industry verticals continues to show great traction. We rebuilt and strengthened this team in Q2 and expect that enterprise accounts revenue in the second half will be up approximately 5% year over year, despite the seasonal storage headwind that Matt described.

我們對企業客戶和新興產業垂直領域的關注持續取得顯著成效。我們在第二季度重建並加強了這支團隊，預計儘管受到 Matt 所描述的季節性存儲不利因素的影響，下半年企業客戶收入仍將同比增長約 5%。

Data center and power generation infrastructure are very active subsectors for us right now across the United States. With expansion of existing relationships and more intentional focus on our non-construction verticals, we expect that our enterprise portfolio will carry a mid- to high single-digit growth rate into 2026.

目前，資料中心和發電基礎設施是我們在美國非常活躍的子行業。隨著現有關係的拓展以及對非建築垂直領域的更加重視，我們預計到 2026 年，我們的企業業務組合將保持中高個位數的成長率。

Value-added products and our newer product line additions remain compelling organic growth levers for us. VAPS revenues are up 5% year over year on a per-unit basis on modular units and approximately 22% on storage units. Climate-controlled storage units on rent were up 44% year over year at the end of October. Flex units were up 30% year over year, and we expect our Perimeter and ClearSpan offerings will continue ramping into 2026.

加值產品和我們新推出的產品線仍然是我們實現有機成長的有效動力。VAPS 收入以模組化單元計算年增 5%，以儲存單元計算年增約 22%。截至10月底，溫控儲物單位的租賃量年增44%。Flex 單元的銷量年增了 30%，我們預計我們的 Perimeter 和 ClearSpan 產品將在 2026 年繼續成長。

So as Worthing mentioned, there are some positive signs and a favorable mix shift within the portfolio and a significant amount of operating leverage in our traditional offerings and local markets when those stabilize and recover. This leads to our second area of focus, which is operational excellence in improving the customer experience.

正如沃辛所提到的，目前出現了一些積極的跡象，投資組合內部也出現了有利的組合變化，而且當我們的傳統產品和本地市場穩定和復甦時，我們將擁有相當大的經營槓桿。這就引出了我們的第二個重點領域，即透過卓越的營運來改善客戶體驗。

Continuous improvement is central to our culture, and we collect extensive customer feedback that tells us where we can improve service levels. Billing and collections have been great examples that we introduced at the March Investor Day. Through the course of the year, our shared services team has made meaningful gains through enhanced quality control and faster response times.

持續改進是我們企業文化的核心，我們收集廣泛的客戶回饋，以了解我們可以在哪些方面提高服務水準。我們在三月的投資者日上介紹了帳單和收款方面的很好的例子。在過去一年中，我們的共享服務團隊透過加強品質控制和加快反應速度，取得了顯著的進步。

These efforts have resulted in a roughly 10% year-over-year decline in day sales outstanding to the low 70s, very strong cash flow performance, and meaningfully improved customer satisfaction scores. We expect further improvements in the order-to-cash process resulting in continued working capital reductions and reduced bad debt and write-off expenses heading into 2026.

這些努力使得應收帳款週轉天數年減約 10%，降至 70 天左右，現金流表現非常強勁，顧客滿意度分數也顯著提高。我們預計到 2026 年，訂單到收款流程將進一步改善，從而持續減少營運資金，並減少壞帳和核銷費用。

Our network optimization initiative that Matt described is another example where we see an opportunity to reduce operating costs and increase efficiency in our network and fleet and move towards our 45% to 50% EBITDA margin range. Importantly, both of these opportunities were contingent on completing our integration of field operations last year.

Matt 所描述的我們的網路優化計劃是另一個例子，我們看到了降低營運成本、提高網路和車隊效率並向 45% 至 50% 的 EBITDA 利潤率目標邁進的機會。重要的是，這兩個機會都取決於我們去年完成現場營運的整合。

Combined with our ongoing focus on improvements to our transportation and logistics function, I expect that we will continue to find these types of synergies as we work to optimize the platform and focus on the customer experience.

結合我們持續改善運輸和物流職能的重點，我預計，隨著我們努力優化平台並專注於客戶體驗，我們將繼續發現這類綜效。

Developing human capital is a third pillar, which transcends every part of our operations. I've spent a significant portion of my time this year getting to know our talent at all levels in the organization. I am incredibly humbled and impressed by the quality of our team.

發展人力資本是第三大支柱，它貫穿我們營運的各個層面。今年我花了大量時間來了解我們公司各個層級的優秀人才。我對我們團隊的素質感到無比自豪和欽佩。

But we need more depth and stronger development pathways for our people. And we have been inserting external talent strategically in the areas where we need to operate differently. The structure to scale is in place, and driving this talent evolution over the next several years is a personal passion of mine and a critical ingredient for sustainable growth, as well as our employee experience and culture.

但我們需要為我們的人民提供更深入、更強大的發展途徑。我們一直在策略性地引進外部人才，以適應我們需要改變營運方式的領域。規模化發展的架構已經到位，在未來幾年推動人才發展是我個人的熱情所在，也是實現永續成長以及提升員工體驗和企業文化的關鍵因素。

And as we all know, sustainable growth and returns correlate with shareholder value creation. We're strengthening our ROIC focus across the organization and see multiple balance sheet and asset optimization opportunities across working capital, our fleet, and our real estate footprint, to name a few. We will continue to focus on reducing leverage into our updated leverage range over time.

我們都知道，永續成長和回報與股東價值創造息息相關。我們正在加強對整個組織的 ROIC 關注，並看到了在營運資本、車隊和房地產佈局等方面的多項資產負債表和資產優化機會。我們將繼續致力於逐步降低槓桿率，使其達到我們更新的槓桿範圍。

As Matt mentioned, that will include an increased allocation of capital to absolute debt reduction as we reinflect towards growth. But we do not feel constrained from pursuing high-return investments in the business given the strength of our cash flows.

正如 Matt 所提到的，隨著我們重新轉向成長，這將包括增加用於絕對減少債務的資本分配。但鑑於我們強勁的現金流，我們並不覺得在業務上追求高回報投資會受到限制。

Together, these initiatives represent our path to strengthen our financial position and deliver sustainable, higher returns. The platform that we have built under Brad's leadership is stronger and better positioned to compete in the market today than at any point in our history. We intend to execute with a high degree of urgency and accountability. And I believe we have the team to deliver on our growth ambitions and drive shareholder value.

這些舉措共同代表了我們加強財務狀況並實現可持續、更高回報的道路。在布拉德的領導下，我們建立的平台比以往任何時候都更加強大，更有能力在當今市場競爭。我們將以高度的緊迫感和責任感來執行這項任務。我相信我們擁有能夠實現成長目標並提升股東價值的團隊。

Lastly, I'd like to take a moment to thank Brad for his partnership over the nearly 12 years that we have worked together. It has truly been a pleasure working alongside you and learning from your leadership. Your guidance, your integrity, your collaborative spirit, and your unwavering commitment to excellence have made a lasting impact on me, the broader team, and the company.

最後，我想藉此機會感謝布拉德在過去近 12 年的合作中給予我的支持。能與您共事並向您學習領導才能，我感到非常榮幸。您的指導、您的正直、您的合作精神以及您對卓越的不懈追求，對我、整個團隊和公司都產生了深遠的影響。

I'm honored and humbled to lead our team in pursuit of the highest standards that you've set and that inspire us all to be better every day. And I know that I and so many others in the company will continue to draw upon your leadership lessons as we chart the path forward for WillScot. Thank you, Brad, and on behalf of the company, the best wishes to you and your family.

能夠帶領我們的團隊追求您所製定的最高標準，我深感榮幸和謙卑，這些標準激勵著我們所有人每天變得更好。我知道，我和公司裡的許多其他人將繼續借鑒您的領導經驗，為 WillScot 的未來發展規劃道路。謝謝你，布拉德，我謹代表公司向你和你的家人致以最美好的祝愿。

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

我們的發言稿到此結束。接線員，請問可以接通提問線路嗎？

(Operator Instructions) Tim Mulrooney, William Blair.

（操作說明）蒂姆·穆爾魯尼，威廉·布萊爾。

Yeah, good afternoon. First, I just want to say farewell to Brad. It's been a pleasure working with you these last few years, Brad, on your next chapter.

午安.首先，我想和布萊德道別。布萊德，過去幾年能與你一起開啟人生新篇章，我感到非常榮幸。

Thank you.

謝謝。

You bet. So on the revenue outlook, I just wanted to ask about the lower top top-line outlook.

當然。關於營收前景，我只想問一下較低的營收預期。

This year, if we set aside the seasonal retail headwind that you telegraphed earlier in the quarter, what other parts of the business underperformed relative to your revised guidance that you gave on the second quarter call?

今年，如果我們撇開您在本季度初提到的季節性零售業逆風不談，與您在第二季度電話會議上給出的修訂後的業績預期相比，還有哪些業務部門的表現不盡如人意？

Were there any other end markets or regions that you'd characterize as being a bit surprising on the softer side relative to where you were sitting a few months ago?

與幾個月前的情況相比，您認為還有哪些終端市場或地區表現得有些出乎意料地疲軟？

Hi, Tim. This is Tim Boswell. I'll take that one. Certainly, the seasonal storage component is one of the biggest contributors, circa $20 million or so of revenue relative to our original expectations. There's about another $20 million across the write-off activity that Matt talked about. And that's important because those are all out-of-period adjustments to kind of aged accounts.

嗨，提姆。這是蒂姆·博斯韋爾。我選那個。當然，季節性倉儲業務是最大的貢獻者之一，收入比我們最初的預期高出約 2000 萬美元。馬特提到的註銷活動還涉及約 2000 萬美元。這一點很重要，因為這些都是對一些較久遠的帳戶進行的期外調整。

On that page 5 in the presentation, which we can go back to, when you strip that impact out, you actually see very solid sequential stability of those lease revenue streams. So those are the two biggest components.

在簡報的第 5 頁（我們可以回到那裡），當你剔除這種影響後，你實際上可以看到這些租賃收入流具有非常穩健的連續穩定性。所以，以上就是兩個最重要的組成。

The only other pieces I'd call out relative to the guidance coming out of Q2 would be the Canadian market. That's roughly $130 million of total revenue for us. That economy has been hit hard since Q2, I think, for obvious reasons related to the trade posture here in the US. So we have seen a slowing in our Canadian market.

關於第二季業績指引，我唯一想特別指出的是加拿大市場。這為我們帶來了約 1.3 億美元的總收入。我認為，由於與美國貿易政策相關的顯而易見的原因，該國經濟自第二季以來遭受了重創。我們看到加拿大市場成長放緩。

And the the ramping of our ClearSpan and Perimeter businesses are still quite attractive in terms of the market opportunities that we see, but ramping slower into Q4 than we anticipated. As Worthing mentioned, we have built in some conservatism into this outlook so that we are exceeding these expectations going forward, so that is not an insignificant part of the overall message here.

就我們看到的市場機會而言，ClearSpan 和 Perimeter 業務的成長仍然相當有吸引力，但第四季的成長速度比我們預期的要慢。正如沃辛所提到的，我們在這種觀點中融入了一些保守主義，以便我們能夠超越這些預期，所以這並不是這裡整體訊息中無關緊要的一部分。

But certainly, the write-off activity accelerated. I am really happy with where the portfolio is from a clean up standpoint. And while it does create some noise in the top line, the customer experience side of that is really important for us. That is the area where we have probably gotten the most negative feedback in terms of NPS and customer satisfaction historically.

但可以肯定的是，壞帳核銷活動加快了。從清理的角度來看，我對目前的作品集狀態非常滿意。雖然這確實會對營收造成一些影響，但客戶體驗方面對我們來說真的非常重要。從歷史數據來看，我們在 NPS 和客戶滿意度方面收到的負面回饋可能最多。

And we definitely see that temperature coming down as we go into 2026, which is an important part of our strategy going forward to drive the customer experience positively.

我們預計到 2026 年氣溫將會下降，這是我們未來策略的重要組成部分，旨在積極提升客戶體驗。

Okay. Thanks, Tim. That's a lot of helpful additional color with the write-offs. And I hadn't given enough consideration to the Canada dynamic as well, though I probably should have. That's good color. Maybe sticking on this policy point, I wanted to ask about any potential impacts that you're seeing on your business from the federal government shutdowns.

好的。謝謝你，提姆。這些關於註銷的補充說明提供了很多有用的信息。而且，我也沒有充分考慮加拿大的實際情況，雖然我可能應該考慮一下。顏色真好看。或許可以繼續討論這個政策點，我想問聯邦政府停擺對您的業務可能造成的任何影響。

I know it's a smaller piece to your overall revenue stream. But I thought I'd ask because I know you've talked about government and other verticals tied to government like military, maybe education as being a growth vertical for your business moving forward.

我知道這在你整體收入中所佔比例較小。但我之所以問這個問題，是因為我知道您曾談到政府以及與政府相關的其他垂直領域，例如軍事、教育，這些都是您企業未來發展的成長點。

Yeah. Good news, bad news. They are growth verticals going forward, I guess, is the positive piece. As part of our enterprise portfolio, we have added dedicated resources to go after government opportunities at the federal, state, and local levels, both in the US and Canada.

是的。好消息，壞消息。我認為，它們都是未來成長的垂直領域，這是積極的一面。作為我們企業組合的一部分，我們增加了專門的資源，以尋求美國和加拿大聯邦、州和地方各級政府的機會。

Good news is that's not a huge part of our business today. We have seen negligible disruption across the either unit-on-rent portfolio today or the payment side of things, which is also important. So no material impact sitting here today and still enthusiastic about the ability to penetrate those sectors better going forward.

好消息是，這在當今我們的業務中佔比並不大。無論是目前的出租單位組合還是付款方面，我們幾乎沒有看到任何中斷，這一點也很重要。所以目前來看，沒有產生實質影響，我們仍然對未來更好地滲透這些領域充滿信心。

Andy Wittmann, Baird.

安迪‧維特曼，貝爾德。

Excuse me. Thanks for taking my questions. I wanted to ask about the fleet review that is ongoing here and sounds at least possible, if not likely, to be more explicitly defined by the end of the fourth quarter. But this $250 million to $350 million of fleet, basically write-down or impairment or scrap here. Do you think that this is actual scrap, like it's going to the junkyard because you mentioned the press release kind of tired, old, been sitting?

打擾一下。謝謝您回答我的問題。我想詢問一下目前正在進行的艦隊審查，聽起來至少有可能（如果不是很有可能的話）在第四季末會給出更明確的定義。但這筆價值 2.5 億至 3.5 億美元的船隊，基本上就是減記、減損或報廢。你覺得這真的是廢品嗎？就像要被送到垃圾場？因為你提到新聞稿有點老舊、過時，好像已經放了很久了。

Or do these get sold off and maybe wind up in your same markets as discounted units? I'm just kind of curious as to what the final disposition of this is going to be. And you talked about the book value here. I did some quick math. It looks like that's about 4% of your net book value.

或者這些商品會被賣掉，最後以折扣價出現在你們的市場？我只是有點好奇這件事最終會如何發展。你在這裡談到了帳面價值。我簡單算了一下。看起來這大約佔你帳面淨值的4%。

Is it fair to think that this would be then probably less than 4% of your fleet because these are kind of below average unit price? Maybe you could just comment on some of that, please.

那麼，考慮到這些車輛的單價低於平均水平，它們佔比可能不到您車隊的 4%，這種想法是否合理？您能否就其中的一些內容發表一下看法？

Yeah. Sure, Andy. This is Matt. I'll hit your questions. We do sell our fleet in the normal course of business as rental unit sales, as you know. What we kind of view this is as excess fleet that we've got. The intent there is to dispose and scrap of it.

是的。當然可以，安迪。這是馬特。我會回答你的問題。如您所知，我們在正常的業務過程中會以租賃單位銷售的形式出售我們的車隊。我們把這看作是我們多餘的艦隊。其目的是為了將其丟棄並銷毀。

As we look at the percentages, though, it's more than the 4% that you're talking about, kind of at the middle of that range. You're getting closer to probably 10% of kind of total, but it's excess fleet, right? The whole point here is we've got adequate fleet to service our customers in the market and to grow in the future.

但從百分比來看，它比你所說的 4% 要高，差不多在這個範圍的中間位置。你可能已經接近總數的 10% 了，但這只是多餘的船隊，對吧？關鍵在於我們擁有足夠的車隊來服務市場上的客戶，並滿足未來發展的需求。

And this is fleet that today we're paying to store on some excess acreage. And there are other indirect costs and things around that that we can optimize. We're taking action now to review this with the board, obviously.

而如今，我們卻要花錢把這些車隊停放在一些多餘的土地上。此外，還有其他一些間接成本和相關事項我們可以進行最佳化。顯然，我們現在正在採取行動，與董事會一起審查此事。

As you said, we'll give more of an update once that continues a bit more. It is probably more about 10% kind of around that midpoint. It's a big thing, but I think it's something that we should do. We know that there's cost savings associated to this in the future.

正如您所說，等情況繼續發展一段時間後，我們會提供更多最新消息。大概在10%左右，接近中間值。這是一件大事，但我認為我們應該去做。我們知道，這樣做將來可以節省成本。

Yeah. This is Tim. The only thing I'd add is if you look at that chart in the deck that looks at non-RES starts and the cycle that we've been through here, we're sitting here today in a position where non-RES square footage starts are off about 30% from the peak and appear to be stabilizing in line with 2017 or 2018 levels.

是的。這是蒂姆。我唯一要補充的是，如果你看一下簡報中關於非住宅項目開工量和我們經歷的周期的圖表，就會發現，目前非住宅項目的開工面積比峰值下降了約 30%，並且似乎正在穩定在 2017 年或 2018 年的水平。

So if you can think about the ramp of the company up through 2022 and 2023, we've got enough idle fleet in the business to support growth prospectively over the next couple of years, and we can do that. We can eliminate some of this excess, reduce the related real estate, still have adequate market coverage, still have adequate idle inventory to drive the business more efficiently. This is about tightening things up, moving back towards the 45% to 50% EBITDA margin range and allowing our team in the field to operate more efficiently.

因此，如果您考慮公司在 2022 年和 2023 年的成長情況，我們公司目前有足夠的閒置車隊來支持未來幾年的成長，而且我們能夠做到這一點。我們可以消除一些過剩的資源，減少相關的房地產，同時也能維持足夠的市場覆蓋率和足夠的閒置庫存，以便更有效地推動業務發展。這是為了收緊各項工作，使 EBITDA 利潤率回到 45% 到 50% 的水平，並讓我們的現場團隊能夠更有效率地運作。

Yeah. That's clear. I remember, obviously, Mobile Mini had a similar type of scale write-down when they did a kind of a clean up like this. That was a very good thing probably a decade ago.

是的。這一點很清楚。我記得，Mobile Mini 在進行類似的清理工作時，也做過類似的規模記錄。十年前，那或許是件好事。

Okay. Just for my follow-up question, I wanted to kind of ask about the fundamental trends in the business. It's often asked how your order book and your activations have evolved during the course of the quarter. Maybe, Tim or Matt, you could talk about that just to maybe give us a flavor of where we are in this kind of bottoming process. It's been elusive, and so I thought just getting kind of your latest thoughts on it would be helpful.

好的。我的後續問題是，我想了解這個行業的基本趨勢。人們經常會問，在本季中，您的訂單量和啟動量發生了怎樣的變化。或許，提姆或馬特，你們可以談談這個，讓我們了解一下我們目前在這種觸底反彈的過程中處於什麼階段。這個問題一直難以捉摸，所以我認為了解你最近的想法會很有幫助。

Yeah, Andy, this is Tim. It has been elusive. I won't deny that. If you look at the modular order book sitting here today, it's actually now down about 1% year over year relative to the pending order book in early November last year.

是的，安迪，我是提姆。它一直難以捉摸。我不會否認這一點。如果你看一下今天的模組化訂單簿，實際上它比去年 11 月初的待處理訂單簿下降了約 1%。

We actually converted a fair amount of it over the last 1.5 or 2 months, such that activations in modular have been up low single digits over the last month. I'm optimistic that we'll see growth of similar magnitude in November.

在過去的 1.5 到 2 個月裡，我們實際上轉化了相當一部分，因此模組化活化量在過去一個月中實現了個位數的低成長。我樂觀地認為，11月我們將看到類似幅度的成長。

So I view that as stable. It's good to see the order book converting, but I certainly wouldn't call that a victory or overall change in the trajectory of the business. I think that's the conversion of the order book that we've been hoping to see through the course of the year.

所以我認為這是穩定的。看到訂單轉換率上升固然是好事，但我肯定不會稱之為勝利，也不會稱之為公司發展軌跡的整體改變。我認為這正是我們今年一直希望看到的訂單轉換情況。

Storage is still quite weak, right? No real change in the trajectory of the traditional storage business. On the climate-controlled storage business, all signs are flashing green with orders and activations up circa 60% year over year. That initiative continues to show great traction. Modular is stable and consistent with what we've been seeing all year and continued weakness across the traditional storage business.

儲存能力仍然很弱，對吧？傳統倉儲業務的發展軌跡並沒有實質變化。在溫控倉儲業務方面，所有跡像都顯示市場一片大好，訂單和啟動量年增約 60%。此舉措持續展現出強勁勢頭。模組化儲存業務表現穩定，與我們今年以來所看到的趨勢一致，而傳統儲存業務則持續疲軟。

Okay, great, those are helpful. I have more but I'll pass it on. Thank you.

好的，太好了，這些資訊很有幫助。我還有一些，但我會轉交給別人。謝謝。

Thanks, Andy.

謝謝你，安迪。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Hi, good evening, and thanks for taking my question. Brad, I guess, first, just to start out, it's been a pleasure working with you and wish you all the best in a new chapter. And Worthing, welcome and looking forward to working with you in your new role.

您好，晚上好，感謝您回答我的問題。布拉德，我想首先說的是，與你共事非常愉快，祝你在新的篇章中一切順利。沃辛，歡迎你加入我們的團隊，期待與你在新的職位上共事。

I actually had a question for you. I guess I wanted to go back to your opening remarks. It just wasn't entirely clear to me, I guess, as you commented on the operational strategy or some of the changes that you're talking about here, whether this was indicative of kind of continuation of the initiatives the company laid out at Investor Day or whether based on what you've seen so far since taking over as Chairman, understanding that it's only been a couple of months.

我其實有個問題想問你。我想回到您開場白的話題。我不太明白，您在評論營運策略或您在這裡提到的一些變化時，是否表明公司在投資者日上提出的舉措是某種延續，還是根據您擔任董事長以來所看到的情況（要知道，這才幾個月而已）。

But just whether you believe that there's anything kind of incremental or more meaningful changes required, whether it's at a portfolio level or operational strategy than what's maybe already been laid out at Investor Day.

但你是否認為需要進行一些漸進式或更有意義的改變，無論是在投資組合層面還是營運策略層面，而這些改變可能已經在投資者日上公佈了。

Sure. Well, again, my remarks endorsed the initiatives that the company laid out at the Investor Day, but then went on to expand that portfolio of initiatives to include the asset optimization and network optimization that Matt and Tim referred to, and that's laid out in the press release.

當然。嗯，我的發言再次肯定了公司在投資者日上提出的各項舉措，但隨後又擴大了這些舉措的範圍，包括 Matt 和 Tim 提到的資產優化和網絡優化，這些都在新聞稿中有所闡述。

The company has also, since that Investor Day, made structural changes within the sales organization, within the field to help bring more decentralization and accountability to the field. I'd tell you the energy level I've seen throughout the organization has been fantastic.

自那次投資者日以來，該公司還對銷售組織和第一線銷售部門進行了結構性調整，以幫助實現一線銷售部門的權力下放和問責制。我可以告訴你，我在整個組織中看到的活力水平非常棒。

We've talked about green shoots in the past. I know people hate to hear green shoots. But I think today, you heard a lot about all the good things happening with regard to activations and rate, et cetera. But what I also found when I came here was just kind of a dark cloud of the impact that declines in traditional storage has over the business because it's basically masking all the good things that have been happening.

我們之前也討論過「萌芽」這個概念。我知道人們不喜歡聽到「萌芽」這個詞。但我認為今天，你們聽到了很多關於激活率等方面的好消息。但我來到這裡後也發現，傳統倉儲的衰退給企業帶來了一種陰霾，因為它基本上掩蓋了所有正在發生的好事。

I look back over about a three-year period, and the company has probably taken a $150 million hit, EBITDA hit from that more commoditized or transactional side of the business, but obviously has not fallen that much. They've clawed back about half of that through growth in other areas.

回顧過去三年左右的時間，該公司可能遭受了 1.5 億美元的損失，EBITDA 也因業務中更商品化或交易性的部分而受到打擊，但顯然並沒有下降那麼多。他們透過其他領域的成長，已經挽回了大約一半的損失。

And when we talk about this mix shift in the portfolio to more differentiated, higher value-added products and the success around enterprise accounts, et cetera. I mean it's truly a shift in the book that will insulate us going forward once this whole runout finishes on traditional storage to have a different higher margin, more predictable business, more defensible business.

當我們談到產品組合朝向更具差異化、更高附加價值的產品轉變，以及在企業客戶方面取得的成功等等。我的意思是，一旦傳統倉儲的全面衰退結束，這將真正改變我們的經營模式，使我們擁有利潤更高、更可預測、更具防禦性的業務，從而在未來更好地應對挑戰。

We're probably in the sixth or seventh inning of the decline in traditional storage that has -- we're 70% or 80% of the way through that. Once we get that behind us, obviously, what's happening beneath the surface, so to speak, will come to the time.

我們可能正處於傳統儲存衰落的第六或第七階段——我們已經完成了 70% 或 80% 的衰落。一旦我們解決了這個問題，顯然，表面之下發生的事情，或者說，就會有合適的時機呈現出來。

That's very helpful. And maybe just related to the disposals. Tim, you talked about, I think, 10% of the fleet essentially being reviewed here for potential disposal.

那很有幫助。或許只是與垃圾處理有關。提姆，我記得你提到過，目前大約有 10% 的船隊正在接受審查，以確定是否需要處置。

At the Investor Day, I think you had identified $600 million of kind of potential revenue growth that you could achieve, I think, at 20% of kind of new fleet cost, thanks to kind of your refurbishment capabilities overall. Is that still the right number? Or do these disposals imply a smaller opportunity kind of at that lower 20% of cost and kind of future growth?

在投資者日上，我認為您已經確定了 6 億美元的潛在收入成長，我認為這筆收入成長可以以新車隊成本的 20% 實現，這要歸功於您整體的翻新能力。這個數字仍然正確嗎？或者說，這些資產處置是否意味著以較低的 20% 成本獲得類似未來成長的機會較小？

Just kind of any implications of that to CapEx? Is there a requirement then if we grow? How does that change, I guess, the algorithm around the required CapEx to grow beyond this point? If you could touch on that, that would be helpful.

這會對資本支出產生什麼影響？如果我們發展壯大，是否有什麼要求？我想，這會如何改變實現更大成長所需的資本支出演算法呢？如果您能談談這方面，那就太好了。

Good question, Angel. And no, we would not dispose of any fleet that we thought would constrain us and constrain our ability to grow in the future. So we view this disposal as purely targeting surplus that we do not need over the next several years that allows us to tighten up both the branch network and the fleet without compromising ability to service customers either with product or with proximity to customer in our real estate footprint.

問得好，Angel。不，我們絕不會出售任何我們認為會限制我們未來發展能力的艦隊。因此，我們認為此次處置純粹是為了清除未來幾年內我們不需要的剩餘資產，從而使我們能夠在不影響我們為客戶提供產品或在我們的房地產覆蓋範圍內靠近客戶的能力的前提下，精簡分支機構網絡和車隊。

No, I don't think this materially changes that concept at all. We still absolutely have the lowest marginal cost in the industry. If we want to activate older fleet through our refurbishment process, we've got the capability to do so. I think that capability is differentiated. To the extent we're adding new fleet, which we are in certain pockets today, tends to be allocated more towards our complexes and flex, which are performing great.

不，我認為這並不會從根本上改變這個概念。我們仍然擁有業界最低的邊際成本。如果我們想透過翻新流程來啟動舊車隊，我們有能力做到這一點。我認為這種能力是有差異的。就我們目前在某些地區增加的新車隊而言，它們往往會更多地分配給我們的綜合設施和靈活設施，這些設施的運作狀況良好。

We obviously did a small regional acquisition in climate-controlled storage this year and got some excess capacity through that acquisition, which we are deploying. So that's how we're thinking about fleet investments going forward, and I don't see the disposal here as changing that narrative whatsoever.

今年我們顯然在溫控儲存領域進行了一次小規模的區域性收購，並透過這次收購獲得了一些剩餘容量，我們正在部署這些容量。所以這就是我們未來對艦隊投資的思考方式，而我認為這次處置並不會改變這個想法。

Very helpful, thank you.

非常有用，謝謝。

Kyle Menges, Citigroup.

凱爾門格斯，花旗集團。

Thank you. It'd be helpful to hear just trends you're seeing with local and regional customers, especially as you're looking into 2026. In your view, what do you think you need to see really in the markets to see some recovery within those local and regional accounts?

謝謝。如果您能分享您在本地和區域客戶中觀察到的趨勢，那就太好了，尤其是在您展望 2026 年的時候。您認為，要看到本地和區域市場出現復甦，市場真正需要哪些改變？

Hi, Kyle. This is Tim. I'll start and anybody else can jump here and jump in. Nice to meet you. We really haven't seen any change in market trends at the local level. As I mentioned in my remarks, our enterprise portfolio is going to be up approximately 5% year-over-year total revenue in the second half of the year.

嗨，凱爾。這是蒂姆。我先開始，其他人可以隨時加入。很高興見到你。我們並沒有看到本地市場趨勢有任何變化。正如我在演講中提到的，今年下半年，我們的企業產品組合總收入將年增約 5%。

That implies that the rest of that local market and regional exposure continues to be down. And I don't have any indicators right now, whether you look at the Architectural Billing Index or other third-party indicators that says that that underlying market trend is changing at the local level.

這意味著當地市場和區域市場的其他部分將繼續下滑。目前我沒有任何指標，無論是建築計費指數或其他第三方指標，都顯示當地的潛在市場趨勢正在改變。

I think what is changing, if you think about our structure is the stability of our field-based sales organization. Worthing just alluded to some structural changes we've made there in terms of how the sales leadership function is organized.

我認為，如果我們從組織結構的角度來看，正在改變的是我們以現場銷售為基礎的組織的穩定性。沃辛剛才提到了我們在銷售領導職能的組織方式上所做的一些結構性改變。

We've also added over 10% to the field sales organization through the course of this year, and there is a natural ramp time in those resources. So I've got some optimism that we'll see greater productivity out of those resources as we go into 2026.

今年，我們的現場銷售團隊也增加了 10% 以上，這些資源的投入使用需要一個自然的適應期。因此，我對2026年這些資源的生產力能夠得到更充分的利用持樂觀態度。

We've got our team in town in Scottsdale this week for budget meetings. And the message is irrespective of changes in those local market conditions. We know we weren't performing optimally over the last 18 months, and there's an opportunity here to outperform ourselves at the local level. And that's the challenge that we're pushing down to our local market teams as we go into 2026, and we're not sitting here holding our breath waiting for the market to rebound.

本週我們的團隊在斯科茨代爾參加預算會議。而且，無論當地市場狀況如何變化，這項訊息都保持不變。我們知道過去 18 個月我們的表現並不理想，現在有機會在本地層面超越自己。這就是我們在進入 2026 年時向本地市場團隊提出的挑戰，我們不會坐等市場反彈。

Got it. That's helpful. On the enterprise customer side, good to hear that you're expecting those customers to grow mid- to high single digits next year. I'm curious what your sense is. Is that growth in line with the market, maybe a little bit below or above? Would love to hear that.

知道了。那很有幫助。在企業客戶方面，很高興聽到你們預計這些客戶明年將實現中高個位數的成長。我很好奇你的看法。這種成長是否與市場水準一致，還是略低於或高於市場水準？真想聽聽這個消息。

And then my understanding is enterprise customers would have greater VAPS penetration. I am curious, though. It seems like maybe competition is heating up with others coming out with offerings that are comparable to your VAPS offerings in this space, just your confidence in maintaining market share with VAPS as well with the enterprise customers. Thank you.

我的理解是，企業客戶的加值服務滲透率會更高。我確實很好奇。看來競爭可能正在加劇，其他公司也推出了與貴公司 VAPS 產品類似的產品，您能否維持 VAPS 在企業客戶中的市場佔有率？謝謝。

This is another area where I think outperforming ourselves is step number one. This is a function that looking back over the last five years, just given the relative size of our company had been relatively immature. And going into really Q2 of this year, we took a step back, put some of our best field-based leadership into this function, reorganized the team by industry vertical across five or six high potential verticals, construction being the largest today.

我認為，在這個領域，超越自我才是第一步。回顧過去五年，考慮到我們公司的相對規模，這項功能還相對不成熟。進入今年第二季度，我們採取了退後一步的策略，將一些最優秀的現場領導人員調入這一職能部門，並按行業垂直領域對團隊進行了重組，涵蓋五到六個高潛力垂直領域，其中建築業是目前最大的領域。

But historically, we've never intentionally gone into federal government, which I talked about earlier. Retail, we've had some presence, but not with a lot of intentionality. Professional services, energy and industrial or other sectors where we see opportunities to grow our penetration in those markets. So step one is let's outperform our historical baseline, and we're absolutely doing that.

但從歷史上看，我們從未有意涉足聯邦政府，這一點我之前已經談過了。我們在零售領域有所涉足，但並非出於深思熟慮。在專業服務、能源和工業或其他我們認為有機會擴大市場滲透率的領域，我們都可以考慮這些產業。所以第一步就是要超越歷史基準線，而我們絕對做到了。

Your comment around value-added products and propensity to consume those at the enterprise level, I would just broaden and make a more general statement that when we're having enterprise-level RFPs, the ability to bundle not just value-added products, but climate controlled ClearSpan, Perimeter, and all aspects of this broader space solution offering that we're putting together is pretty attractive, right?

您提到了增值產品以及企業級消費這些產品的傾向，我想更廣泛地說明，當我們進行企業級 RFP 時，能夠將增值產品，以及我們正在整合的溫控 ClearSpan、Perimeter 和更廣泛的空間解決方案的所有方面捆綁在一起，是非常有吸引力的，對吧？

So I think it's cross-selling those products within the enterprise, not just value-added products is a big part of the opportunity that we see going forward.

所以我認為，在企業內部交叉銷售這些產品，而不僅僅是增值產品，是我們未來看到的巨大機會的一部分。

Phil Ng, Jefferies.

Phil Ng，傑富瑞集團。

Hey, guys. Well, Brad, thank you. I appreciate your partnership over the years. Tim, congratulations to the new role. And Worthing, looking forward to working with you.

嘿，夥計們。布拉德，謝謝你。感謝您多年來的合作。提姆，祝賀你榮任新職。沃辛，期待與你們合作。

I guess from a high level, you guys talked about how you want to shift your portfolio away from more commodity products to differentiated offerings, driving more of a decentralized model. Does that require a meaningful step-up in CapEx and SG&A?

我猜從宏觀層面來說，你們談到如何將投資組合從更多大宗商品轉向差異化產品，從而推動更加去中心化的模式。這是否需要大幅增加資本支出及銷售、管理及行政費用？

There was an element of holding management more accountable and you're kind of rebuilding the field-based structural changes. Are you realigned the KPI and incentive comp and having a higher portion of your comp tied to variable, especially on the sales side of things?

其中一項內容是加強對管理階層的問責，並且某種程度上是在重建以現場為基礎的結構性變革。你們是否調整了KPI和激勵薪酬，並將更高比例的薪酬與浮動業績掛鉤，尤其是在銷售方面？

Okay. I'll start, and anybody else who would like to jump in, please do so. So we had a question a minute ago about, hey, does this fleet disposal change -- fundamentally change the capital requirements in the business going forward? No, I don't think it does.

好的。我先開始，其他想加入的人也請隨意。剛才有人問我們，這種車隊處置是否會從根本上改變企業未來的資本需求？不，我不這麼認為。

I think the mix of that CapEx has absolutely changed. And that process started probably a year, 1.5 years ago. So I don't see a significant change in the overall magnitude of CapEx requirements in the business. I think the mix of where that capital is going is likely to be very different than it would have been over the last five years in some of the categories that I mentioned.

我認為資本支出的組合已經發生了徹底的變化。這個過程大概是從一年前，到一年半前開始的。因此，我認為公司整體資本支出需求規模不會有顯著變化。我認為，在我提到的某些類別中，這些資金的流向組合可能與過去五年大不相同。

Actually, see an SG&A opportunity in the business, not an incremental add, especially as we look across our corporate functions. And some of that efficiency, I think, is supported by the fact that we've completed a lot of the integration activities that were related to the Mobile Mini acquisition now almost five years ago. So I don't really see any fundamental changes to the cost structure or the CapEx requirements in the business based on those comments.

實際上，我們看到的是業務中的銷售、一般及行政費用 (SG&A) 調整機會，而不是新增費用，尤其是當我們審視公司各個職能部門時。我認為，這種效率的部分原因在於，我們已經完成了與近五年前收購 Mobile Mini 相關的許多整合活動。根據這些評論，我並沒有看到公司成本結構或資本支出需求有任何根本性變化。

Incentive comp and variable comp?

激勵性薪酬和浮動薪酬？

So we have always had a significant portion of our annual bonus plan that is tied to forward-looking revenue metrics in our business. As you're well aware, this is a sequentially compounding business. every period, we should be incentivized to put more units on rent at higher prices with more value-added products and services to drive that forward-looking lease revenue stream.

因此，我們年度獎金計畫中一直有很大一部分與公司未來的收入指標掛鉤。如您所知，這是一個逐期複利成長的業務。每個週期，我們都應該有動力以更高的價格出租更多單元，並提供更多增值產品和服務，以推動租賃收入的持續成長。

And that's roughly about 30% of our annual short-term incentive bonus plan. We will tweak that calculation methodology a little bit to be more closely aligned with the metrics that our sales force is compensated based on. And I think that's extremely healthy, but that's really a refinement rather than a significant change, Phil.

這大約占我們年度短期激勵獎金計畫的 30%。我們將對計算方法進行一些調整，使其與我們銷售團隊的薪酬指標更加一致。我認為這非常健康，但這實際上是一種改進，而不是重大改變，菲爾。

Okay. Super. And then in your prepared remarks, you mentioned reestablishing organic growth. What are like the one or two things you want to call out that will help accelerate that? Is there a big shift in terms of your go-to-market strategy?

好的。極好的。然後，在您事先準備好的演講稿中，您提到了恢復有機成長。您認為有哪些一、兩件事可以特別指出，有助於加速這項進程？您的市場推廣策略是否有重大轉變？

And if I heard you correctly, a pivot to some of these different end markets. How are you going to tackle that? Historically, there's been a big focus on M&A and AMR growth. Is there more of a pivot now towards organic growth on the volume side and just a big shift in terms of what markets you're going to really go after now?

如果我沒理解錯的話，你是說要轉向一些不同的終端市場。你打算如何解決這個問題？從歷史上看，併購和自主行動通訊技術（AMR）的成長一直是關注的重點。現在是否更多地轉向銷量方面的自然增長，以及在真正要瞄準的市場方面發生重大轉變？

Absolutely more of an emphasis on the organic volume side across all product lines. And in some cases, as Worthing alluded to, I think we need to compete a little bit differently, leveraging our service infrastructure and customer service capabilities in some of those more commoditized product lines where maybe the product itself isn't as differentiated.

絕對會更重視所有產品線的有機產品銷售量。在某些情況下，正如沃辛所暗示的那樣，我認為我們需要以不同的方式參與競爭，在一些商品化程度更高的產品線中，利用我們的服務基礎設施和客戶服務能力，因為這些產品本身可能沒有那麼大的差異化。

But through our scale and capabilities, we can actually offer a differentiated experience to the customer. So that's absolutely a big focus within the company right now in terms of ease of doing business, speed of delivery and consistency of execution across all our product lines. But I think it becomes even more important in some of those legacy more commoditized lines.

但憑藉我們的規模和能力，我們實際上可以為客戶提供差異化的體驗。因此，目前公司非常重視提高業務開展的便利性、加快交付速度以及確保所有產品線執行的一致性。但我認為，在一些較為傳統、商品化的產品線中，這一點變得更加重要。

Meanwhile, we are allocating capital and resources to grow in some of those more differentiated product lines like complexes, flex, climate controlled, et cetera, all the stuff that we've been talking about. So that's one of the three kind of commercial go-to-market pillars.

同時，我們正在分配資金和資源，以發展一些更具差異化的產品線，例如綜合設施、靈活設施、溫控設施等等，所有這些我們一直在談論的東西。這是商業進入市場的三大支柱之一。

A second would be everything that we've done in the field-based sales organization. I mentioned we've added over 10% to that population through the course of this year. That population is ramping up from a productivity standpoint in many cases, and we would expect to see benefits from that going into 2026.

第二點就是我們在現場銷售組織中所做的一切。我提到過，今年我們的人口增加了 10% 以上。從許多情況下來看，該人口的生產力正在提高，我們預計到 2026 年將從中受益。

And then the enterprise portfolio is the place where I'd say we are tapping into new verticals with more intentionality than we have in the past and also being more strategic with existing relationships and growing wallet share and deepening partnerships with existing contractors, especially in the construction vertical. So we've got three pillars to that go-to-market strategy across adjacencies, the field sales force and enterprise, and we're pushing hard across all three.

然後，在企業產品組合方面，我認為我們正在比以往更有意識地開拓新的垂直領域，同時也在與現有客戶建立更具策略性的關係，擴大市場份額，並深化與現有承包商的合作關係，尤其是在建築垂直領域。因此，我們的市場進入策略有三大支柱：鄰近領域、現場銷售團隊和企業，我們正在這三個方面大力推動。

I really appreciate the color, Tim, and that sounds like an excellent playbook.

提姆，我非常欣賞這種色彩搭配，聽起來這真是個絕妙的策略。

Manav Patnaik, Barclays.

馬納夫·帕特奈克，巴克萊銀行。

Hi. This is Ronan Kennedy on for Manav. As far as the rental footprint and fleet optimization and the ongoing evaluation as to whether you will do the further acceleration of the recognition of depreciation expense. I know we've talked about potential impacts on CapEx structure requirements and mix. But is there any potential change and lessons learned around capacity and utilization management into this initiative and out of it going forward?

你好。這裡是羅南甘迺迪，為您報道馬納夫。至於租賃規模和車隊優化，以及是否進一步加快確認折舊費用的持續評估。我知道我們已經討論過對資本支出結構要求和組合的潛在影響。但是，這項舉措能否為未來的產能和利用率管理帶來任何潛在的改變和經驗教訓呢？

Ronan, thanks this is Matt. Thanks for the question here. I think for us, it's kind of where we're at right now with the acreage that we've got and the fleet that we have. I mean, I think, we're always trying to manage the fleet, and we spend a lot of time planning the amount of CapEx and maintenance that needs to go into the fleet. And none of that has changed because of this.

羅南，謝謝，我是馬特。感謝您提出的這個問題。我認為對我們來說，這大概就是我們目前所處的境地，我們擁有的土地面積和船隊規模。我的意思是，我認為，我們一直在努力管理機隊，我們花費大量時間規劃機隊所需的資本支出和維護費用。而這一切並沒有因此而改變。

As we're just at a point where, as Tim spoke about, we're off about 30% from peak levels. And we have excess fleet that we need to get cleaned up right now, and now it's time to do it. So I think markets are going to ebb and flow over time. You always have to keep an eye on these things, but just kind of a point of where we are right now.

正如蒂姆所說，我們現在的情況是，距離峰值水平下降了大約 30%。我們有多餘的車隊需要立即清理，現在是時候採取行動了。所以我認為市場會隨著時間而波動。你必須時時注意這些事情，但這只是我們目前所處的階段。

Okay. And then just if you could shed some further light with regards to the changed approach and guiding. Obviously, there's an element if you are going to have that less transactional subject to the volatility around activations, et cetera.

好的。如果您能就改變後的方法和指導方面再做一些說明就太好了。顯然，如果你要減少交易量，就會受到啟動等因素的波動影響。

But was there anything else from philosophy or process or perhaps even anchoring to leading indicators that had good historical correlation, but has changed given the length and severity of the decline in non-resi or intensifying competition? How should we think about that?

但是，從哲學、流程，甚至是錨定領先指標的角度來看，是否有其他因素曾經具有良好的歷史相關性，但隨著非居民市場衰退的持續時間和嚴重程度，或者競爭的加劇，這些因素發生了變化呢？我們該如何看待這個問題？

No, I think it's just -- this is Matt again. It's just a change in approach, right? We want to make sure that we're setting guidance out there that's got a little bit of cushion to it so that we can beat it. That's really what it is. We've had some times where we haven't met those expectations, pretty quite a few here in the last couple of years, and we want to turn that around. That's it.

不，我覺得只是──這又是馬特。這只是方法上的改變，對吧？我們希望確保我們制定的指導方針留有一些緩衝空間，以便我們能夠戰勝它。事實的確如此。過去幾年裡，我們曾多次未能達到預期目標，我們希望扭轉這種局面。就是這樣。

Yeah. I'd also add -- it's Worthing. You mentioned a protracted decline. I think the historical approach basically set a range of expectations that could materialize based on whether it be execution, the competitive environment or recovery in the markets, in the end markets. And I think the decision now is just to make sure we're not making bets on things we don't control.

是的。我還要補充一點──這裡是沃辛。你提到了曠日持久的衰退。我認為歷史方法基本上設定了一系列預期，這些預期可能會根據執行情況、競爭環境或市場復甦情況，最終在市場中實現。我認為現在的決定是確保我們不會在自己無法控制的事情上做賭注。

And so let's let a lot of things be upside. Let's make sure we're guiding conservatively. But I think also going into it, look, the company has spent the last couple of months tightening up how they forecast the business. And I think you look at -- Matt, you didn't cover it, but I think you look at the October results and activations and units on rent.

所以，讓我們讓很多事情都朝著好的方向發展吧。讓我們確保採取保守的指導方針。但我認為，與此同時，你看，該公司在過去的幾個月裡一直在改進其業務預測方式。我認為你應該看看——馬特，你沒有提到，但我認為你應該看看十月份的業績、激活量和出租單元數。

I mean every metric that we forecasted for the month, we met or exceeded. And so it's just nice to see the effort the team has made throughout the organization to try to tighten down the forecasting to not try to call a turn and to keep a lot of things that are out of our control as upside.

我的意思是，我們預測的當月所有指標，都達到或超越了預期。因此，很高興看到整個團隊為加強預測所做的努力，以免預測趨勢走向，並將許多我們無法控制的因素視為有利因素。

(Operator Instructions) Scott Schneeberger, Oppenheimer.

（操作員說明）Scott Schneeberger，Oppenheimer。

Thanks very much. Good afternoon. Brad, I really enjoyed working with you, best wishes. I guess for the first question, it's going to play off of Ronan's discussion there on guidance. I know you're not going to provide 2026 guidance right now. We're not going to get that until probably February.

非常感謝。午安.布拉德，和你一起工作非常愉快，祝你一切順利。我想第一個問題應該會和羅南剛才關於指導的討論有關。我知道你現在不會提供 2026 年的指導。可能要到二月才能拿到。

However, with the trends you're seeing here into the end of the year across the primary asset classes, how should we think about volume and price on modulars and storage as we enter next year? And what type of influence would that have just kind of starting out next year as an endpoint of '25 into '26?

然而，根據您目前看到的各主要資產類別在今年年底的趨勢，當我們進入明年時，我們應該如何看待模組化建築和儲存的銷售和價格？如果從明年開始，以 2025 年結束到 2026 年結束，這會產生什麼樣的影響呢？

Hey, Scott, it's Tim. I'll give you my current view of the playing field here. And as I said a minute ago, I don't see anything sitting here right now in the third-party leading indicators that says that we found stability. I mean you track the ABI as closely as anyone and most recent reading was around 43%, which is pretty soft, and it's been that way for three years, right?

嘿，史考特，我是提姆。我將向你介紹我目前對局勢的看法。正如我剛才所說，目前第三方領先指標中沒有任何跡象表明我們已經趨於穩定。我的意思是，你像任何人一樣密切關注著ABI，而最近的讀數在43%左右，這相當低，而且這種情況已經持續了三年，對吧？

You have seen some slowing in the rate of decline of non-res square footage starts, which is encouraging. And that's definitely a precursor to a bottom, but there's nothing that says that that has actually occurred yet.

非住宅建築面積開工量的下降速度放緩，令人鼓舞。這無疑是觸底反彈的前兆，但目前還沒有任何跡象表明觸底反彈已經發生。

As I look across the portfolio right now, spot rates across most of our modular product line are really solid. Ground level offices are really the only category where we've made some strategic decisions to soften our pricing stance. But I see stability or opportunity across much of our modular portfolio going into 2026.

就我目前的產品組合來看，我們大多數模組化產品線的現貨價格都非常穩定。地面層辦公室是我們唯一採取策略性措施來緩和定價策略的類別。但我認為，到 2026 年，我們的模組化產品組合的大部分都將保持穩定或迎來發展機會。

Storage, I mentioned earlier; order book, if I exclude seasonal orders right now is down about 6%. So you've still got that mid- to high single-digit volume decline implicit in the current storage order book as we're going into 2026. And I've seen continued softening in the rate environment for traditional storage, and that's not just us. I think that's fairly well documented across the industry at this point.

如我之前提到的，目前庫存量下降了約 6%（如果排除季節性訂單的話）。因此，進入 2026 年，目前的儲存訂單簿仍然隱含著個位數中高段位的銷售下降趨勢。而且我看到傳統儲能的利率環境持續走軟，這不僅僅是我們遇到的情況。我認為這一點在業界已經得到了相當充分的證實。

So definitely some mixed trends as I look at the leasing KPIs across the legacy kind of product line. Climate-controlled storage, I mentioned, volumes, rates, value-added products associated with them are all trending very strongly. So that's a place where I think we can make some luck going into 2026.

所以，當我查看傳統產品線的租賃 KPI 時，確實發現了一些好壞參半的趨勢。正如我之前提到的，溫控儲存的儲存量、儲存費率以及與之相關的增值產品都呈現非常強勁的成長趨勢。所以我覺得我們可以在那方面取得一些好運，迎接2026年的到來。

And overall, if you just think about the volume trajectory in the business, we're trending down year over year across traditional modular and storage. If we were to see an inflection there, you're probably looking at the second half of the year sometime, but we don't have any crystal ball, and some of that's going to be dependent on the market environment.

總的來說，如果你只考慮業務的銷售軌跡，你會發現傳統模組化產品和儲存產品的銷售量逐年下降。如果出現轉折點，可能要等到下半年，但我們沒有水晶球，這在一定程度上取決於市場環境。

So as you well know, we typically give our full year guidance on the Q4 call. The reason for that is, at that point, you typically have better leading indicators and visibility for the US construction cycle, which tends to ramp up as you go from March and April into Q2. And we'll stick to that practice in terms of providing the formal guidance.

如您所知，我們通常會在第四季度財報電話會議上給出全年業績預期。原因在於，在那個時候，你通常會有更好的領先指標和對美國建築週期的可見性，而建築週期往往會從三月和四月開始，進入第二季度，並逐漸加速發展。在提供正式指導方面，我們將繼續沿用這種做法。

Thanks, Tim. I appreciate all that color. It's helpful. And prompts a few follow-ups, but I'll ask them later in a follow-up. I wanted to ask another question just on the optimization of the footprint and the assets. I guess on the assets portion of it, what -- are we going to see it more in modular? Are we going to see it more in traditional storage?

謝謝你，提姆。我喜歡這些色彩。這很有幫助。這引發了一些後續問題，但我會在後續跟進中詢問他們。我還想問一個關於優化佔地面積和資產配置的問題。我想，關於資產部分，我們會看到更多模組化的設計嗎？我們會在傳統儲存方式中看到更多這種現象嗎？

I know it's a little bit of everything, but can you give us a sense of where you're really going to focus in on? And this feels like it could potentially be a first step. Is this a tip of the iceberg, the $250 million, $350 million or -- and it could be more as you go because you do have a few years of utilization potential to grow into and you'll be coming at it from one angle. It just feels like there could be a little bit more. So what assets and what made you decide upon this size right now?

我知道它涉及方方面面，但您能否讓我們了解您真正會專注於的領域？這感覺像是踏出的第一步。這只是冰山一角嗎？ 2.5億美元、3.5億美元，還是更多？隨著時間的推移，它可能會更多，因為你還有幾年的利用潛力可以發展，而且你將從一個角度著手。感覺還可以再多一點。那麼，您目前選擇這個規模的原因是什麼？有哪些優勢？

Scott, I'd say -- this is Tim, and then Matt, jump in. We've actually approached this more from the real estate side of things, right? And the priority number one here is reduce operating costs and inefficiency in the system. And as you accumulate surplus fleet, you get drop lots and things like that and industrial real estate is expensive.

史考特，我想說──這是提姆，然後馬特，插話。實際上，我們更多是從房地產的角度來看這個問題，對吧？首要任務是降低營運成本和減少系統效率低下問題。隨著您累積多餘的車隊，您會需要卸貨場地之類的東西，而工業地產價格昂貴。

So what we've looked at are actionable real estate opportunities over the next couple of years where you actually have an actionable ability to reduce those costs. And where we see those cost reduction opportunities if we see surplus fleet associated with those locations that we can dispose of in order to take advantage of that savings, that's kind of the lens that we've used to approach this.

因此，我們著眼於未來幾年內切實可行的房地產投資機會，在這些機會中，您實際上有能力降低這些成本。如果我們發現某些地點存在可以處置的剩餘車隊，從而有機會降低成本，那麼這就是我們處理這個問題的視角。

Absolutely, yes, we'll keep an eye on changes in overall market activity. If markets ramped up, maybe you want to dispose less, although we're at pretty low utilization levels right now. If markets continue to decline, you might take a different approach. But we're using actionable real estate cost reduction as the guiding light in this initiative.

當然，我們會密切關注整體市場活動的變化。如果市場需求旺盛，你可能想要減少處置量，儘管我們目前的使用率水準相當低。如果市場持續下跌，你或許應該採取不同的策略。但我們在這項計劃中以切實可行的房地產成本削減為指導原則。

Yes, Scott, this is Matt. The only thing I would add is that we started this really kind of beginning of the year and did some property-by-property analysis, and you've seen us do some of these throughout the year. Given where we're -- what we've seen, we saw the opportunity to kind of look at all of this at once, everything we kind of see in the next three or four years to really try and pull it all together and have a multiyear plan. So that's what you're seeing right now.

是的，斯科特，這是馬特。我唯一要補充的是，我們其實在年初就開始了這項工作，對每個房產都進行了一些分析，你們也看到我們在這一年中做了一些這樣的分析。鑑於我們所處的位置——我們所看到的，我們看到了一個機會，可以一次性地審視所有這些，包括我們在未來三四年內看到的一切，真正嘗試將所有這些整合起來，制定一個多年計劃。這就是你現在看到的畫面。

From an asset perspective, I mean, think of this, it's very tied to forward-looking demand. Complexes and Flex and these newer products are high-demand products and differentiated products. It's not those, right? It's more going to be around the transactional type things where we've seen a real reduction in demand over the last few years as non-res has come down and the local smaller local projects have done.

從資產角度來看，我的意思是，想想看，它與前瞻性需求密切相關。Complexes、Flex 和這些新產品都是高需求產品和差異化產品。不是那些，對吧？更多的是圍繞交易型業務展開，過去幾年，隨著非住宅業務的減少和本地小型項目的減少，我們已經看到這類業務的需求大幅下降。

So it's some storage containers. It's going to be some single units, those single, smaller units typically, but any single. So it's not these differentiated products. It's stuff that we have ample supply of, and we know we can still meet the demand that we need to meet with remaining fleet.

所以這是一些儲物容器。將會是一些單一單元，通常是那些較小的單一單元，但任何單一單元都可能存在。所以問題不在於這些差異化產品。這些東西我們供應充足，而且我們知道，憑藉剩餘的船隊，我們仍然可以滿足所需的需求。

Got it. Thanks, guys. It's real estate first that you're going. And then when you're at a selected location, you're then assessing the assets at that location. That's the order process.

知道了。謝謝各位。你首先要去的是房地產。然後，當你到達選定的地點時，你就會評估該地點的資產。這就是訂購流程。

That's correct.

沒錯。

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

今天的電話會議到此結束。現在我將把電話轉回給查理。

This is Brad. I'll take the closing here. First, I'd just like to say I'm proud of and humbled to have been part of this fantastic team as we've navigated the initial chapters of this young and great company.

這是布拉德。我來負責收尾工作。首先，我想說，能夠成為這個優秀團隊的一員，與大家一起走過這家年輕而偉大的公司最初的發展階段，我感到無比自豪和榮幸。

In closing, I'd like to thank my family, our customers, shareholders, all of you on this phone and most importantly, this team for the support over the years. I remain an invested and exciting supporter of this company for the long future. Thanks.

最後，我要感謝我的家人、我們的客戶、股東、所有在座的各位，最重要的是，感謝我的團隊多年來的支持。我將繼續長期支持這家公司，並對其充滿熱情。謝謝。

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

謝謝各位女士、先生。今天的會議到此結束。現在您可以斷開線路了。