<p>Custom Truck One Source, Inc. (CTOS) 已举行其第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>Custom Truck One Source, Inc. 在最新的财报电话会议上语气乐观，指出第一季度创纪录的业绩和显著提高的盈利能力。高管们在乐观的同时，坦诚讨论了杠杆、库存和供应链风险，但强调了在未来两年内提升自由现金流和降低资产负债表杠杆的具体措施。</p>
<h2>创纪录的第一季度收入和飙升的 EBITDA</h2>
<p>Custom Truck 第一季度实现收入 4.62 亿美元，调整后的 EBITDA 跃升至 9800 万美元。这代表着调整后 EBITDA 同比增长了惊人的 933%，突显出更强的需求和显著的运营效率提升。</p>
<h2>专业设备租赁推动盈利能力</h2>
<p>专业设备租赁部门仍然是盈利引擎，第三方收入同比增长 16% 达到 1.94 亿美元。该部门的调整后 EBITDA 增长 23% 达到 1.05 亿美元，利润率提升至令人印象深刻的 51.5%，展示了租赁模式的高回报和可持续性。</p>
<h2>租赁关键指标显示健康需求</h2>
<p>关键租赁指标持续改善，显示出终端市场的持续强劲。车队利用率在本季度平均为 81.4%，同比上升 370 个基点，而平均原始设备租赁成本上升 12% 达到 13.4 亿美元，总原始设备成本创下 16.6 亿美元的纪录。</p>
<h2>STEM 部门增长和利润率扩张</h2>
<p>在销售、卡车和设备及制造（STEM）部门，第三方收入同比增长 5% 达到 2.68 亿美元。零部件和服务收入增长约 17%，帮助该部门的调整后 EBITDA 达到 3300 万美元，利润率为 9%，得益于成本削减措施和生产力提升。</p>
<h2>扩大的订单积压支持未来销售</h2>
<p>订单趋势保持良好，新销售积压在本季度末达到 4.11 亿美元，环比增加 7600 万美元。管理层指出，积压在第二季度继续增加，目前已超过 4.25 亿美元，为未来设备销售提供了可见性。</p>
<h2>指导意见确认，EBITDA 前景上调</h2>
<p>公司重申其 2026 年合并收入展望为 20.05 亿至 21.2 亿美元，意味着 3% 至 9% 的顶线增长。同时将调整后的 EBITDA 指导上调至 4.15 亿至 4.4 亿美元，目标是实现 8% 至 15% 的年同比 EBITDA 增长，因为租赁表现和利润率措施逐渐见效。</p>
<h2>资本配置转向现金生成</h2>
<p>Custom Truck 计划将净租赁车队投资缩减至约 1.5 亿至 1.7 亿美元，低于 2025 年的 2.5 亿美元。随着资本支出的收紧，公司预计今年将产生超过 5000 万美元的杠杆自由现金流，并在年底前将净杠杆推低至 4 倍以下，目标在 2027 年达到约 3 倍。</p>
<h2>资产负债表强劲和流动性空间</h2>
<p>净债务为 16.5 亿美元，调整后的 EBITDA 超过 4.08 亿美元，净杠杆略高于 4 倍，但环比改善约 30 个基点。流动性看起来稳健，拥有 2.57 亿美元的资产基础循环信贷额度，并有潜力通过扩大规模增加约 1.9 亿美元的额外容量。</p>
<h2>年轻的车队为公司应对 EPA 改革做好准备</h2>
<p>公司强调其租赁车队的平均年龄不到三年，是行业中最年轻的。管理层认为，这支现代化的车队不仅支持更好的服务和可靠性，还使 Custom Truck 在 2027 年即将实施的更严格的环境保护署排放标准前处于有利位置。</p>
<h2>高杠杆仍然是关键风险</h2>
<p>尽管指标有所改善，管理层承认杠杆在短期内仍然较高。当前的战略依赖于实现自由现金流目标和执行营运资本减少，这对在未来两年内显著降低净杠杆至关重要。</p>
<h2>库存和营运资本承压</h2>
<p>库存水平仍然较高，约为 7 到 7.5 个月的库存，经过第一季度的典型季节性增长后。公司旨在在年底前将该比例降低至六个月以下，预计营运资本释放将成为自由现金流和资产负债表修复的主要驱动因素。</p>
<h2>困难的第二季度比较影响短期可见性</h2>
<p>管理层警告称，第二季度面临与去年非常强劲的第二季度的艰难比较，去年第二季度包括两个超过 1.1 亿美元的新销售月。这种背景使得对短期设备销售持谨慎态度，即使长期需求指标仍然积极。</p>
<h2>部门报告变更影响比较</h2>
<p>自 2026 年起，新部门报告规则和部门间定价调整意味着前一年的比较并不完全是可比的。附录中某些 2025 年的 STEM 数据也已被更正，投资者需要谨慎解读同比趋势。</p>
<h2>供应链和关税风险持续存在</h2>
<p>Custom Truck 继续面临对某些设备车身的关税风险，以及底盘和全轮驱动卡车等特殊单元的潜在供应瓶颈。管理层表示，任何供应商表现的恶化可能会减缓订单执行，尽管当前条件仍然可控。</p>
<h2>新设备的残余定价压力</h2>
<p>与去年相比，新设备的定价已经稳定，但在竞争投标中仍然存在一些压力。公司依靠成本措施和生产力提升来保护利润率，寻求抵消新设备市场中任何持续的折扣。</p>
<h2>指引与展望强调增长与去杠杆化</h2>
<p>展望未来，管理层预计 2026 年收入将在 20.05 亿美元至 21.2 亿美元之间，调整后的 EBITDA 将在 4.15 亿美元至 4.4 亿美元之间，这得益于租赁 OEC 的中个位数增长和 STEM 第三方销售的 3% 至 10% 增长。计划包括 1.5 亿至 1.7 亿美元的净租赁资本支出，4000 万至 5000 万美元的非租赁资本支出，超过 5000 万美元的杠杆自由现金流，以及随着库存减少而显著降低杠杆的路径。</p>
<p>Custom Truck 的财报电话会议描绘了一幅业务在大多数领域运转良好的图景，租赁强劲、利润率扩张以及深厚的订单积压抵消了宏观经济和资本结构的担忧。对于投资者而言，关键的关注点将是对营运资本的执行、供应链的韧性以及去杠杆化的速度，这三者将共同决定当前势头能持续多久。</p>

CTOS

<p>Custom Truck One Source, Inc. (CTOS) 报告了创纪录的第一季度业绩，收入为 4.62 亿美元，调整后的息税折旧摊销前利润（EBITDA）为 9800 万美元，同比增长 933%。专业设备租赁部门推动了盈利能力，而 STEM 部门也显示出增长。公司确认了 2026 年的收入展望为 20.05 亿至 21.2 亿美元，并将 EBITDA 指引上调至 4.15 亿至 4.4 亿美元。尽管杠杆率和库存水平较高，管理层仍专注于改善自由现金流和降低净杠杆。公司在未来的 EPA 标准方面处于良好位置，拥有年轻的租赁车队</p>

<p>Custom Truck One Source, Inc. ((CTOS)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Custom Truck One Source, Inc. (CTOS) 已举行其第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Custom Truck One Source, Inc. struck an upbeat tone on its latest earnings call, pointing to record first‑quarter results and sharply higher profitability. Executives balanced that optimism with a candid discussion of leverage, inventory and supply‑chain risks, but emphasized concrete steps to boost free cash flow and delever the balance sheet over the next two years.</p>
<div class="lb-trans"><p>Custom Truck One Source, Inc. 在最新的财报电话会议上语气乐观，指出第一季度创纪录的业绩和显著提高的盈利能力。高管们在乐观的同时，坦诚讨论了杠杆、库存和供应链风险，但强调了在未来两年内提升自由现金流和降低资产负债表杠杆的具体措施。</p>
</div><h2>Record Q1 Revenue and Soaring EBITDA</h2>
<div class="lb-trans"><h2>创纪录的第一季度收入和飙升的 EBITDA</h2>
</div><p>Custom Truck delivered first‑quarter revenue of $462.0 million, while adjusted EBITDA jumped to $98.0 million. That represented a staggering 933% year‑over‑year increase in adjusted EBITDA, underscoring both stronger demand and significant operational efficiency gains across the business.</p>
<div class="lb-trans"><p>Custom Truck 第一季度实现收入 4.62 亿美元，调整后的 EBITDA 跃升至 9800 万美元。这代表着调整后 EBITDA 同比增长了惊人的 933%，突显出更强的需求和显著的运营效率提升。</p>
</div><h2>Specialty Equipment Rentals Drives Profitability</h2>
<div class="lb-trans"><h2>专业设备租赁推动盈利能力</h2>
</div><p>The Specialty Equipment Rentals segment remained the profit engine, with third‑party revenue climbing 16% year over year to $194 million. Segment adjusted EBITDA rose 23% to $105 million, pushing margin to an impressive 51.5% and demonstrating the high‑return, recurring nature of the rental model.</p>
<div class="lb-trans"><p>专业设备租赁部门仍然是盈利引擎，第三方收入同比增长 16% 达到 1.94 亿美元。该部门的调整后 EBITDA 增长 23% 达到 1.05 亿美元，利润率提升至令人印象深刻的 51.5%，展示了租赁模式的高回报和可持续性。</p>
</div><h2>Rental KPIs Show Healthy Demand</h2>
<div class="lb-trans"><h2>租赁关键指标显示健康需求</h2>
</div><p>Key rental metrics continued to improve, signaling sustained end‑market strength. Fleet utilization averaged 81.4% in the quarter, up 370 basis points year over year, while average original equipment cost on rent rose 12% to $1.34 billion and total OEC hit a record $1.66 billion.</p>
<div class="lb-trans"><p>关键租赁指标持续改善，显示出终端市场的持续强劲。车队利用率在本季度平均为 81.4%，同比上升 370 个基点，而平均原始设备租赁成本上升 12% 达到 13.4 亿美元，总原始设备成本创下 16.6 亿美元的纪录。</p>
</div><h2>STEM Segment Growth and Margin Expansion</h2>
<div class="lb-trans"><h2>STEM 部门增长和利润率扩张</h2>
</div><p>In the Sales, Truck and Equipment, and Manufacturing (STEM) segment, third‑party revenue increased 5% year over year to $268 million. Parts and service revenue grew about 17%, helping segment adjusted EBITDA reach $33 million, with margin at 9% thanks to cost‑out initiatives and productivity improvements.</p>
<div class="lb-trans"><p>在销售、卡车和设备及制造（STEM）部门，第三方收入同比增长 5% 达到 2.68 亿美元。零部件和服务收入增长约 17%，帮助该部门的调整后 EBITDA 达到 3300 万美元，利润率为 9%，得益于成本削减措施和生产力提升。</p>
</div><h2>Expanding Backlog Supports Future Sales</h2>
<div class="lb-trans"><h2>扩大的订单积压支持未来销售</h2>
</div><p>Order trends remained favorable, with new sales backlog ending the quarter at $411 million, up $76 million sequentially. Management noted that backlog continued to build into the second quarter and now stands above $425 million, providing visibility into future equipment sales.</p>
<div class="lb-trans"><p>订单趋势保持良好，新销售积压在本季度末达到 4.11 亿美元，环比增加 7600 万美元。管理层指出，积压在第二季度继续增加，目前已超过 4.25 亿美元，为未来设备销售提供了可见性。</p>
</div><h2>Guidance Affirmed and EBITDA Outlook Raised</h2>
<div class="lb-trans"><h2>指导意见确认，EBITDA 前景上调</h2>
</div><p>The company reaffirmed its 2026 consolidated revenue outlook of $2.005 billion to $2.12 billion, implying 3% to 9% top‑line growth. It also raised adjusted EBITDA guidance to a range of $415 million to $440 million, targeting 8% to 15% year‑over‑year EBITDA growth as rental performance and margin initiatives gain traction.</p>
<div class="lb-trans"><p>公司重申其 2026 年合并收入展望为 20.05 亿至 21.2 亿美元，意味着 3% 至 9% 的顶线增长。同时将调整后的 EBITDA 指导上调至 4.15 亿至 4.4 亿美元，目标是实现 8% 至 15% 的年同比 EBITDA 增长，因为租赁表现和利润率措施逐渐见效。</p>
</div><h2>Capital Allocation Shifts Toward Cash Generation</h2>
<div class="lb-trans"><h2>资本配置转向现金生成</h2>
</div><p>Custom Truck plans to scale back net rental fleet investment to roughly $150 million to $170 million in 2026, down from $250 million in 2025. With tighter capital spending, the company expects to generate more than $50 million of levered free cash flow this year and to push net leverage below 4x by year‑end, on the way to about 3x in 2027.</p>
<div class="lb-trans"><p>Custom Truck 计划将净租赁车队投资缩减至约 1.5 亿至 1.7 亿美元，低于 2025 年的 2.5 亿美元。随着资本支出的收紧，公司预计今年将产生超过 5000 万美元的杠杆自由现金流，并在年底前将净杠杆推低至 4 倍以下，目标在 2027 年达到约 3 倍。</p>
</div><h2>Balance Sheet Strength and Liquidity Headroom</h2>
<div class="lb-trans"><h2>资产负债表强劲和流动性空间</h2>
</div><p>Net debt stood at $1.65 billion against trailing 12‑month adjusted EBITDA above $408 million, leaving net leverage just over 4x but improving about 30 basis points sequentially. Liquidity appears solid, with $257 million of asset‑based revolver availability and potential to add roughly $190 million of extra capacity through an upsizing.</p>
<div class="lb-trans"><p>净债务为 16.5 亿美元，调整后的 EBITDA 超过 4.08 亿美元，净杠杆略高于 4 倍，但环比改善约 30 个基点。流动性看起来稳健，拥有 2.57 亿美元的资产基础循环信贷额度，并有潜力通过扩大规模增加约 1.9 亿美元的额外容量。</p>
</div><h2>Young Fleet Positions Company for EPA Changes</h2>
<div class="lb-trans"><h2>年轻的车队为公司应对 EPA 改革做好准备</h2>
</div><p>The company highlighted that its rental fleet has an average age of under three years, among the youngest in the industry. Management believes this modern fleet not only supports better service and reliability but also positions Custom Truck favorably ahead of stricter Environmental Protection Agency emissions standards coming in 2027.</p>
<div class="lb-trans"><p>公司强调其租赁车队的平均年龄不到三年，是行业中最年轻的。管理层认为，这支现代化的车队不仅支持更好的服务和可靠性，还使 Custom Truck 在 2027 年即将实施的更严格的环境保护署排放标准前处于有利位置。</p>
</div><h2>High Leverage Still a Key Risk</h2>
<div class="lb-trans"><h2>高杠杆仍然是关键风险</h2>
</div><p>Despite the improving metrics, management acknowledged that leverage remains elevated in the near term. The strategy now hinges on meeting free cash flow targets and executing on working capital reductions, which are critical to bringing net leverage meaningfully lower over the next two years.</p>
<div class="lb-trans"><p>尽管指标有所改善，管理层承认杠杆在短期内仍然较高。当前的战略依赖于实现自由现金流目标和执行营运资本减少，这对在未来两年内显著降低净杠杆至关重要。</p>
</div><h2>Inventory and Working Capital Under Pressure</h2>
<div class="lb-trans"><h2>库存和营运资本承压</h2>
</div><p>Inventory levels remain high at roughly 7 to 7.5 months on hand after a typical seasonal build in the first quarter. The company aims to cut that ratio to below six months by year‑end, with working capital release expected to be a major driver of free cash flow and balance‑sheet repair.</p>
<div class="lb-trans"><p>库存水平仍然较高，约为 7 到 7.5 个月的库存，经过第一季度的典型季节性增长后。公司旨在在年底前将该比例降低至六个月以下，预计营运资本释放将成为自由现金流和资产负债表修复的主要驱动因素。</p>
</div><h2>Difficult Q2 Comparisons Temper Near‑Term Visibility</h2>
<div class="lb-trans"><h2>困难的第二季度比较影响短期可见性</h2>
</div><p>Management cautioned that the second quarter faces tough comparisons against a very strong Q2 last year, which included two months of new sales above $110 million. That backdrop contributes to a conservative stance on near‑term equipment sales, even as longer‑term demand indicators remain constructive.</p>
<div class="lb-trans"><p>管理层警告称，第二季度面临与去年非常强劲的第二季度的艰难比较，去年第二季度包括两个超过 1.1 亿美元的新销售月。这种背景使得对短期设备销售持谨慎态度，即使长期需求指标仍然积极。</p>
</div><h2>Segment Reporting Changes Cloud Comparisons</h2>
<div class="lb-trans"><h2>部门报告变更影响比较</h2>
</div><p>Starting in 2026, new segment reporting rules and intersegment pricing adjustments mean that prior‑year comparisons are not fully apples to apples. Certain 2025 STEM data in the appendix have also been corrected, leaving investors needing to interpret year‑over‑year trends with some caution.</p>
<div class="lb-trans"><p>自 2026 年起，新部门报告规则和部门间定价调整意味着前一年的比较并不完全是可比的。附录中某些 2025 年的 STEM 数据也已被更正，投资者需要谨慎解读同比趋势。</p>
</div><h2>Supply‑Chain and Tariff Exposure Persist</h2>
<div class="lb-trans"><h2>供应链和关税风险持续存在</h2>
</div><p>Custom Truck continues to face some exposure to tariffs on certain equipment bodies, as well as potential supply bottlenecks for chassis and specialized units like all‑wheel‑drive trucks. Management indicated that any deterioration in supplier performance could slow order execution, though current conditions remain manageable.</p>
<div class="lb-trans"><p>Custom Truck 继续面临对某些设备车身的关税风险，以及底盘和全轮驱动卡车等特殊单元的潜在供应瓶颈。管理层表示，任何供应商表现的恶化可能会减缓订单执行，尽管当前条件仍然可控。</p>
</div><h2>Residual Pricing Pressure on New Equipment</h2>
<div class="lb-trans"><h2>新设备的残余定价压力</h2>
</div><p>Pricing on new equipment has stabilized compared with last year, but some pressure still exists in competitive bids. The company is leaning on cost initiatives and productivity improvements to protect margins, seeking to offset any lingering discounting in new equipment markets.</p>
<div class="lb-trans"><p>与去年相比，新设备的定价已经稳定，但在竞争投标中仍然存在一些压力。公司依靠成本措施和生产力提升来保护利润率，寻求抵消新设备市场中任何持续的折扣。</p>
</div><h2>Guidance and Outlook Emphasize Growth and Deleveraging</h2>
<div class="lb-trans"><h2>指引与展望强调增长与去杠杆化</h2>
</div><p>Looking ahead, management expects 2026 revenue of $2.005 billion to $2.12 billion and adjusted EBITDA of $415 million to $440 million, underpinned by mid‑single‑digit growth in rental OEC and 3% to 10% growth in STEM third‑party sales. Plans include $150 million to $170 million of net rental CapEx, $40 million to $50 million of non‑rental CapEx, more than $50 million of levered free cash flow and a path to meaningfully lower leverage as inventory is reduced.</p>
<div class="lb-trans"><p>展望未来，管理层预计 2026 年收入将在 20.05 亿美元至 21.2 亿美元之间，调整后的 EBITDA 将在 4.15 亿美元至 4.4 亿美元之间，这得益于租赁 OEC 的中个位数增长和 STEM 第三方销售的 3% 至 10% 增长。计划包括 1.5 亿至 1.7 亿美元的净租赁资本支出，4000 万至 5000 万美元的非租赁资本支出，超过 5000 万美元的杠杆自由现金流，以及随着库存减少而显著降低杠杆的路径。</p>
</div><p>Custom Truck’s earnings call painted a picture of a business firing on most cylinders, with rental strength, margin expansion and a deep backlog offsetting macro and capital‑structure concerns. For investors, the key watchpoints will be execution on working capital, supply‑chain resilience and the pace of deleveraging, which together will determine how long the current momentum can last.</p>
<div class="lb-trans"><p>Custom Truck 的财报电话会议描绘了一幅业务在大多数领域运转良好的图景，租赁强劲、利润率扩张以及深厚的订单积压抵消了宏观经济和资本结构的担忧。对于投资者而言，关键的关注点将是对营运资本的执行、供应链的韧性以及去杠杆化的速度，这三者将共同决定当前势头能持续多久。</p>
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Custom Truck One Source 预示着未来将实现盈利增长