領先汽車配件 (AAP) 2025 Q4 法說會逐字稿

Welcome to the Advance Auto Parts fourth-quarter and full-year 2025 earnings conference call. I would now like to turn it over to Lavesh Hemnani, Vice President of Investor Relations.

歡迎參加 Advance Auto Parts 2025 年第四季及全年業績電話會議。現在我將把發言權交給投資人關係副總裁拉維什‧赫姆納尼。

Good morning, and thank you for participating in today's call. I'm joined by Shane O'Kelly, President and Chief Executive Officer; and Ryan Grimsland, Executive Vice President and Chief Financial Officer.

早安，感謝各位參加今天的電話會議。與我一同出席的還有總裁兼執行長 Shane O'Kelly，以及執行副總裁兼財務長 Ryan Grimsland。

During today's call, we will be referencing slides which have been posted to the Investor Relations website. Before we begin, please be advised that management's remarks today will contain forward-looking statements. All statements other than statements of historical fact, are forward-looking statements, including, but not limited to, statements regarding initiatives, plans, projections, goals, guidance, and expectations for the future. Actual results could differ materially from those projected or implied by the forward-looking statements.

在今天的電話會議中，我們將參考已發佈在投資者關係網站上的幻燈片。在開始之前，請注意，管理層今天的演講將包含前瞻性陳述。除歷史事實陳述外，所有其他陳述均為前瞻性陳述，包括但不限於有關未來舉措、計劃、預測、目標、指導和期望的陳述。實際結果可能與前瞻性聲明中預測或暗示的結果有重大差異。

Additional information can be found under forward-looking statements in our earnings release and risk factors in our most recent Form 10-K and subsequent filings made with the SEC. Shane will begin today's call with an update on the business and our strategic priorities. Later, Ryan will discuss results for the fourth-quarter and full-year 2025 and provide guidance for 2026. Following management's prepared remarks, we will open the line for questions.

有關更多信息，請參閱我們盈利報告中的前瞻性聲明以及我們最新提交給美國證券交易委員會的 10-K 表格和後續文件中的風險因素部分。Shane 將在今天的電話會議上首先介紹公司業務的最新進展和我們的策略重點。稍後，瑞安將討論 2025 年第四季和全年業績，並對 2026 年做出展望。在管理階層發表完準備好的演講後，我們將開放提問環節。

Now let me turn the call over to our CEO, Shane O'Kelly.

現在讓我把電話交給我們的執行長肖恩·奧凱利。

Thank you, Lavesh, and good morning, everyone. I want to begin today's call by thanking our frontline team for all of their hard work in 2025. During the year, we laid the foundation to build a better future for the company and create long-term value for our shareholders. We are undergoing a significant transformation focused on the fundamentals of selling auto parts through initiatives guided by the voice of our customer. These efforts are beginning to improve our competitive position and are translating to stronger financial performance.

謝謝你，拉維什，大家早安。首先，我要感謝我們的第一線團隊在 2025 年付出的所有辛勤努力。今年，我們為公司的未來發展奠定了基礎，並為股東創造了長期價值。我們正在進行重大轉型，重點是透過以客戶意見為導向的舉措，從根本上改進汽車零件的銷售。這些努力已開始提升我們的競爭地位，並轉化為更強勁的財務表現。

In 2025, we returned to positive comparable sales growth after three consecutive years of negative results. We also expanded adjusted operating income margin by over 200 basis points from near breakeven levels while also navigating a volatile external environment. Our journey has just begun, and the early progress is being recognized by vendor partners, customers, and team members.

2025年，在連續三年業績下滑後，我們恢復了同店銷售額正成長。在應對動盪的外部環境的同時，我們也實現了調整後營業利潤率從接近損益平衡點提升了 200 多個基點。我們的旅程才剛開始，初步進展已經得到了供應商合作夥伴、客戶和團隊成員的認可。

During 2026, we will continue to execute actions aimed at enhancing parts availability and customer service by building on the foundation established in 2025. We expect these efforts to deliver stronger financial performance in 2026, including an acceleration in comparable sales growth to the 1% to 2% range and expansion in adjusted operating income margin to the 3.8% to 4.5% range and a return to positive free cash flow.

2026 年，我們將繼續在 2025 年奠定的基礎上，採取措施提高零件供應和客戶服務水準。我們預計這些努力將在 2026 年帶來更強勁的財務業績，包括同店銷售成長加速至 1% 至 2% 的區間，調整後營業利潤率擴大至 3.8% 至 4.5% 的區間，以及恢復正自由現金流。

We expect to generate approximately $100 million in free cash flow in 2026 while allocating more capital to strategic projects and store investments. The progress made by our team in 2025 has created positive momentum that we are carrying into this year, and I am confident in our ability to succeed in 2026. Before I provide an overview of our strategic priorities for this year, let's recap 2025.

我們預計在 2026 年將產生約 1 億美元的自由現金流，同時將更多資金分配給策略性項目和門市投資。我們團隊在 2025 年取得的進展為我們帶來了積極的勢頭，並將這種勢頭延續到今年，我對我們在 2026 年取得成功充滿信心。在概述我們今年的策略重點之前，讓我們先回顧一下 2025 年。

We entered the year with a renewed emphasis on the blended box and establishing advance as a consistent, reliable auto parts provider for both Pro and DIY customers. Our team is already driving results through comprehensive actions taken last year.

今年年初，我們更加重視混合包裝盒，並致力於將 Advance 打造成一家為專業客戶和 DIY 客戶始終如一、值得信賴的汽車零件供應商。我們的團隊透過去年採取的全面措施，已經取得了一些成果。

For example, number one, we rationalized our asset footprint by exiting underperforming locations, including over 500 corporate stores and 200 independents. We achieved this with minimal disruption to our day-to-day operations and saved approximately $70 million in operating costs.

例如，第一，我們透過退出業績不佳的地點，合理化了我們的資產佈局，其中包括 500 多家公司直營店和 200 家獨立門市。我們在盡量減少對日常營運幹擾的情況下實現了這一目標，並節省了約 7000 萬美元的營運成本。

Number two, we expanded our assortment by 100,000 new SKUs, we improved store availability to the high 90% range from the low 90% range at the start of 2025, and we also reduced product costs by more than 70 basis points. Number three, we increased our average speed of delivery to Pro customers by cutting more than 10 minutes in delivery time from an average of over 50 minutes at the start of 2025.

第二，我們增加了 10 萬個新的 SKU，將門市供貨率從 2025 年初的 90% 左右提高到 90% 左右，並將產品成本降低了 70 多個基點。第三，我們提高了 Pro 客戶的平均交付速度，將交付時間從 2025 年初的平均 50 分鐘以上縮短了 10 分鐘以上。

Number four, we moved with speed to substantially complete the consolidation of our distribution center network. We now operate 16 distribution centers in the US compared to nearly 40 DCs at the end of 2023. And number five, we opened 14 new market hubs and now operate 33 market hub locations. We also opened 35 new stores to further enhance density in our strongest markets, and we invested nearly $90 million in-store infrastructure upgrades at more than 1,600 stores.

第四，我們迅速推進，基本上完成了配送中心網路的整合。目前我們在美國經營 16 個配送中心，而到 2023 年底，配送中心數量將接近 40 個。第五，我們開設了 14 個新的市場中心，目前經營 33 個市場中心。我們還開設了 35 家新店，以進一步提高我們最強勁市場的密度，並在 1600 多家門市投資了近 9,000 萬美元進行店內基礎設施升級。

Throughout the year, we also navigated a series of external challenges, including a volatile tariff and consumer spending environment. We maintain focus on executing actions to improve availability and service. This enabled us to deliver positive performance in the Pro channel, which strengthened throughout the year. We are progressing on our strategic plan with a stronger balance sheet, having proactively accessed the capital markets during 2025.

在這一年中，我們也應對了一系列外部挑戰，包括不穩定的關稅和消費者支出環境。我們將繼續專注於採取措施來提高可用性和服務品質。這使我們能夠在專業管道中取得積極的業績，而這一業績在全年持續增強。我們正積極推動策略計劃，資產負債表更加穩健，並在 2025 年積極進入資本市場。

As we move forward, we will continue to prioritize actions within our control to improve operational performance. In recent months, we have also strengthened key leadership positions through internal promotions and the addition of talented external expertise. These include Anthony Sarlanis, former Regional Vice President of our Northeast operations. He was promoted to Senior Vice President of the Pro business. He has been with Advance for over 15 years and brings more than two decades of automotive experience to the role.

展望未來，我們將繼續優先採取我們可控範圍內的措施來提高營運績效。近幾個月來，我們也透過內部晉升和引進外部優秀人才，加強了關鍵領導。其中包括我們東北業務的前區域副總裁 Anthony Sarranis。他被晉升為專業業務高級副總裁。他在 Advance 工作超過 15 年，為該職位帶來了超過 20 年的汽車行業經驗。

Kunal Das, our former Chief Data Officer, now promoted to Chief Technology Officer, His team has led the development of proprietary AI tools to improve our day-to-day execution. Ron Gilbert, Ron joined Advance in December as Senior Vice President of Supply Chain. He brings more than 20 years of experience in supply chain logistics with a track record of delivering operational efficiencies in complex supply chain systems.

我們前首席數據官 Kunal Das 現已晉升為首席技術官，他的團隊領導開發了專有的 AI 工具，以改善我們的日常執行。Ron Gilbert，Ron於12月加入Advance公司，擔任供應鏈資深副總裁。他在供應鏈物流領域擁有超過 20 年的經驗，並在複雜的供應鏈系統中實現了營運效率的提升。

And Tony Hurst. Tony joined Advance in January as Senior Vice President of US Stores. He brings more than 25 years of field leadership and store transformation experience across Pro and DIY with a proven record of simplifying work for the frontline.

還有托尼·赫斯特。Tony1月加入Advance公司，擔任美國門市資深副總裁。他擁有超過 25 年的專業和 DIY 領域現場領導和門市轉型經驗，並有簡化第一線員工工作的良好記錄。

The caliber of our leadership team reinforces my confidence in our ability to grow transaction volumes through strong customer service and to deliver greater productivity in our store and distribution center operations. Since late 2023, we have acted decisively to stabilize the business, conduct a comprehensive review of operational productivity, sell noncore assets, and develop a strategic plan.

我們領導團隊的素質增強了我對我們的信心，相信我們能夠透過強大的客戶服務來提高交易量，並在我們的門市和配送中心營運中實現更高的生產力。自 2023 年底以來，我們採取了果斷措施來穩定業務，對營運效率進行全面審查，出售非核心資產，並制定策略計畫。

To date, this team has delivered approximately 500 basis points of adjusted operating margin expansion. We continue to believe that our goal of 7% adjusted operating income margin with a mid-40% gross margin are appropriate medium-term targets for the company. As a reminder, about half of our identified margin opportunity is tied to merchandising excellence with the balance being driven by supply chain and store operations. I am pleased with the progress being made in unlocking this margin opportunity.

迄今為止，該團隊已實現了約 500 個基點的調整後營業利潤率成長。我們仍認為，公司調整後的營業利潤率達到 7%，毛利率達到 40% 左右，是適當的中期目標。需要提醒的是，我們發現的利潤空間中，大約一半與商品銷售的卓越性有關，其餘部分則由供應鏈和門市營運驅動。我對目前在挖掘這一利潤空間方面取得的進展感到滿意。

We concluded 2025 with an adjusted operating income margin of 2.5%. And for 2026, we are targeting an additional 130 to 200 basis points of expansion to the 3.8% to 4.5% range. This guidance includes an approximate 45% gross margin rate, which showcases success against our initiatives on the path to a 7% operating margin target. Our goal is to deliver consistent progress on our plan to narrow our margin gap to the industry.

2025 年調整後營業利益率為 2.5%。對於 2026 年，我們的目標是再擴大 130 至 200 個基點，達到 3.8% 至 4.5% 的區間。該指導意見包括約 45% 的毛利率，這表明我們在實現 7% 營業利潤率目標的道路上取得了成功。我們的目標是持續推進縮小與產業利潤差距的計畫。

We currently believe that we can deliver at least another 100 basis points of margin expansion in 2027, which would mark the third straight year of 100 basis points or more of expansion. Although this pace would imply an outcome below our previous target of achieving 7% in 2027, it is important to note that this is not the result of any change to the execution of our strategic plan, rather, we are being prudent about two factors as we consider the expected time frame for achieving our goals.

我們目前相信，到 2027 年，我們至少還能實現 100 個基點的利潤率成長，這將是連續第三年實現 100 個基點或更多的成長。儘管這一速度意味著結果將低於我們先前設定的 2027 年 7% 的目標，但需要指出的是，這並非我們策略計畫執行方式發生任何改變的結果，而是我們在考慮實現目標的預期時間框架時，對兩個因素採取了謹慎的態度。

First, initiatives across our three strategic pillars are progressing at varying rates. We have made strong progress in merchandising and completed the consolidation of distribution centers. We are now in the early stages of implementing supply chain and store labor productivity initiatives. I'm excited to welcome new leaders overseeing the implementation of these activities. We expect our investments in 2026 to enable further margin expansion in 2027 and beyond.

首先，我們三大策略支柱領域的各項措施進展速度各不相同。我們在商品銷售方面取得了顯著進展，並完成了配送中心的整合。我們目前正處於實施供應鏈和門市勞動生產力提升計畫的初期階段。我很高興歡迎新的領導者來負責監督這些活動的實施。我們預計 2026 年的投資將使 2027 年及以後的利潤率進一步提高。

And second, top-line momentum has lagged original expectations. Our pace of same-store sales growth has been impacted in part by external economic factors that have resulted in a softer consumer spending environment. While we are pleased with the strong positive comps in our Pro business including traction with Main Street Pros, we still have a lot of opportunity ahead as we continue to improve availability and service metrics.

其次，營收成長動能落後於最初的預期。我們的同店銷售成長速度受到外部經濟因素的影響，導致消費者支出環境疲軟。雖然我們對專業業務的強勁成長感到滿意，包括與 Main Street Pros 的合作進展，但隨著我們不斷提高可用性和服務指標，我們仍有許多發展機會。

I want to reiterate, I am pleased with the progress being made on our strategic plan. I remain confident in the ability of our team to deliver against our operational and financial goals. Our quality of execution is improving, and we expect 2026 to be a pivotal year on the path of long-term value creation.

我想重申，我對我們戰略計劃的進展感到滿意。我對我們的團隊實現營運和財務目標的能力仍然充滿信心。我們的執行品質正在提高，我們預計 2026 年將是實現長期價值創造的關鍵一年。

Next, let's turn to an update on our strategic plan. As I've indicated previously, our strategy is unchanged and built on three pillars that are supported by targeted initiatives to deliver long-term profitable growth. Turning to our key priorities for 2026, which build on the foundational improvements achieved in 2025.

接下來，我們來看看戰略計劃的最新進展。正如我之前所指出的，我們的策略沒有改變，它建立在三大支柱之上，並透過有針對性的措施來實現長期獲利成長。接下來，我們展望 2026 年的重點工作，這些工作建立在 2025 年所取得的基礎性改進之上。

Merchandising excellence is expected to be the largest contributor of margin expansion during the year, and our four merchandising initiatives for the year include: first, in 2025, we began repositioning Advance as a trusted long-term growth partner. Our focus on operational excellence and streamlining legacy processes has signaled to the vendors that advances here for the long term.

預計商品銷售的卓越表現將成為今年利潤成長的最大貢獻者，我們今年的四項商品銷售舉措包括：首先，從 2025 年開始，我們將 Advance 重新定位為值得信賴的長期成長夥伴。我們專注於卓越營運和簡化傳統流程，這向供應商表明，我們在這方面取得的進步是長期的。

In 2026, we expect to further deepen our vendor partnerships to jointly grow our businesses. We are doing this through strategic business planning, exploring supply consolidation, eliminating non-value-add supply chain costs, engaging and training opportunities for the field, and collaborating on joint marketing efforts. We expect this to translate to better cost opportunities and stronger part margins in the year.

2026年，我們預期進一步深化與供應商的合作關係，共同發展業務。我們正在透過策略性業務規劃、探索供應整合、消除非增值供應鏈成本、為第一線員工提供參與和培訓機會以及合作開展聯合行銷活動來實現這一目標。我們預計這將轉化為今年更好的成本優勢和更高的零件利潤率。

Second, in 2025, our pricing decisions were made largely in reaction to new tariff programs. However, we still focused on offering compelling value to our customers through fewer, bigger, and bolder promotions. During 2026, we expect to deploy a new pricing matrix which provides our team better intelligence of market-based pricing by channel and by SKU.

其次，在 2025 年，我們的定價決策很大程度上是對新的關稅方案的回應。但是，我們仍然專注於透過更少、更大、更大膽的促銷活動，為客戶提供極具吸引力的價值。2026 年，我們計劃部署一個新的定價矩陣，以便我們的團隊能夠更好地了解按通路和 SKU 劃分的市場定價情況。

Our goal is to offer competitive pricing while continuing to operate rationally in the marketplace. We expect the combination of smarter pricing supplemented with seasonally relevant promotions to drive stronger customer engagement and support repeat purchases.

我們的目標是在保持理性市場運作的同時，提供具有競爭力的價格。我們預計，更聰明的定價策略加上當季促銷活動將增強客戶參與度，並促進重複購買。

Third, 2025 was an important year for our assortment. We address product gaps and also improve brand coverage and application job [fundees] for parts in our stores. We did this by using a specialized data-driven approach, as well as improving internal processes and incorporating feedback from customers to develop a new assortment framework that was fully rolled out to all stores last year. This work has expanded parts coverage for brands we carried previously and also enabled us to introduce new brands. Our success with the brake category is a great example of this.

第三，2025 年對我們的產品系列來說是一個重要的年份。我們解決產品缺口，並提高品牌覆蓋率，並為門市零件申請工作[資助者]。我們採用了專門的數據驅動方法，並改進了內部流程，同時融入了客戶的回饋，從而開發出一個新的商品組合框架，該框架已於去年全面推廣到所有門市。這項工作擴大了我們先前代理品牌的零件覆蓋範圍，也使我們能夠引進新品牌。我們在煞車產品領域的成功就是一個很好的例子。

Entering 2025, we were running negative comps and brakes and we finished the year with strong positive comp growth, showing how deep vendor relationships, targeted SKU placements, and thorough market planning can help win market share. While we moved fast in 2025 to address parts coverage, we believe we have additional opportunities to amplify our efforts.

進入 2025 年，我們的同店銷售額出現負增長，並且出現了下滑，但我們最終實現了強勁的同店銷售額正增長，這表明深厚的供應商關係、有針對性的 SKU 定位和周密的市場規劃如何能夠幫助贏得市場份額。雖然我們在 2025 年迅速採取行動解決零件覆蓋問題，但我們相信我們還有機會加強。

In 2026, we plan to invest in systems that help us dynamically balance inventory across the network to support stronger financial returns on inventory. We will also continue to expand the universe of parts carried in our network and optimize the presentation of SKUs in our stores. This includes accessing opportunities to provide more value for our customers.

2026 年，我們計劃投資於能夠幫助我們動態平衡整個網路庫存的系統，以支援更高的庫存財務回報。我們將繼續擴大我們網路中供應的零件範圍，並優化我們商店中 SKU 的展示方式。這包括尋找機會，為我們的客戶提供更多價值。

We are excited to launch our new owned oil and fluids brand, ARGOS. As a 94-year-old company, we are pleased to back our legacy with a new own brand in a top maintenance category. This brand was born out of extensive research. Customers ranked affordability, reliability, and strength as top product attributes they value. ARGOS offers engine protection and performance comparable to national brands at a price that provides meaningful savings, which will be valued by both Pro and DIY customers.

我們很高興推出我們全新的自有油液品牌 ARGOS。作為一家擁有 94 年歷史的公司，我們很高興能在頂級維修保養類別中推出全新的自有品牌，以此來傳承我們的輝煌歷史。這個品牌是經過廣泛調查後誕生的。顧客將價格實惠、可靠性和強度列為他們最重視的產品屬性。ARGOS 提供與全國知名品牌相媲美的引擎保護和性能，價格卻能帶來顯著的節省，專業用戶和 DIY 用戶都會對此表示讚賞。

And fourth, earlier this month, we modernized our DIY loyalty program with the launch of Advance Rewards to replace the prior Speed Perks program, approximately 60% of our DIY transactions are driven by our loyal customer base of approximately 16 million active members.

第四，本月初，我們推出了 Advance Rewards，對 DIY 會員忠誠度計劃進行了現代化改造，以取代先前的 Speed Perks 計劃。我們 DIY 交易中約 60% 是由我們約 1,600 萬活躍會員的忠實客戶群推動的。

The new program now provides a refreshed tiered point structure that rewards customers as they spend more with us. With Advanced rewards, members will be able to experience exclusive vendor offers, bonus points promotions, sweepstakes, and other exciting new features.

新計畫採用全新的分級積分結構，顧客消費越多，獲得的獎勵就越多。高級會員將能夠享受專屬商家優惠、積分獎勵促銷、抽獎活動和其他令人興奮的新功能。

Based on customer feedback, we've discontinued unproductive offers like fuel rewards and enhance the flexibility to redeem coupons, which are very frequently used for purchases in key maintenance categories. The new Advanced Rewards also gives us more tools to engage with our customers which we believe will help drive transaction growth in the DIY channel.

根據客戶回饋，我們已停止燃油獎勵等效率低下的優惠活動，並提高了優惠券兌換的靈活性，這些優惠券經常用於購買關鍵的維護類別產品。新的高級獎勵計劃也為我們提供了更多與客戶互動的工具，我們相信這將有助於推動 DIY 管道的交易成長。

Turning to supply chain. We are on track to complete the consolidation of our distribution centers and expect to operate a total of 15 DCs in the US by the end of this year. We believe our DC network is well positioned to support strong service levels and the continued growth of our multi-echelon network. Consolidating DCs is a difficult undertaking and we've done so without major disruption to our 4,000-plus store network.

轉向供應鏈。我們正按計畫完成配送中心的整合，預計今年底將在美國營運總共 15 個配送中心。我們相信，我們的資料中心網路能夠很好地支援高水準的服務以及我們多層級網路的持續成長。整合配送中心是一項艱鉅的任務，但我們成功地完成了這項任務，沒有對我們 4000 多家門市的網路造成重大干擾。

Over the past two years, we have gone from operating 38 DCs in the US to 16 DCs currently. And I want to thank our supply chain team for their efforts over the last two years. Throughout 2026, we are going to be focused on simplifying and standardizing DC operations along with testing and launching labor performance and transportation management tools. We expect our supply chain productivity initiatives to support gross margin expansion in 2027 and beyond.

過去兩年，我們在美國營運的配送中心數量已從 38 個減少到目前的 16 個。我還要感謝我們的供應鏈團隊在過去兩年所付出的努力。2026 年全年，我們將專注於簡化和規範配送中心運營，同時測試和推出勞動力績效和運輸管理工具。我們預計，我們的供應鏈生產力提升措施將有助於在 2027 年及以後實現毛利率的成長。

While consolidating the DCs over the past two years, we have also accelerated our pace of market hub openings, which serve as an additional distribution node in our network with the retail storefront. A market hub typically carries between 75,000 and 85,000 SKUs and expand same-day parts availability for a service area of about 60 to 90 stores.

在過去兩年整合配送中心的同時，我們也加快了市場中心的開設速度，這些市場中心作為我們網路中與零售店面相連的額外配送節點。市場中心通常擁有 75,000 至 85,000 個 SKU，並擴大了服務區域內約 60 至 90 家門市的當日零件供應範圍。

At the end of 2025, we had 33 market hubs, and we currently plan to add 10 to 15 market hubs in 2026. Most of these openings will be greenfield buildings serving as new points of distribution in markets where they open. We believe that this strategic expansion will enhance our ability to provide additional hard parts coverage in the previously underserved regions while creating incremental opportunities to gain market share.

截至 2025 年底，我們擁有 33 個市場中心，目前我們計劃在 2026 年新增 10 至 15 個市場中心。這些新開業的門市大多是新建的，將作為其所在市場的新分銷點。我們相信，此次策略擴張將增強我們在先前服務不足的地區提供更多零件的能力，同時創造更多機會來獲得市場份額。

Next, I will provide an update on key priorities for store operations. We are elevating the experience for our team members through training and simplification of tasks. We have launched targeted programs to provide customized short duration training that combines product knowledge and sales behaviors to better serve customers. Our analysis shows a positive correlation in sales performance for stores following the completion of the training programs.

接下來，我將報告門市營運的關鍵優先事項。我們透過訓練和簡化任務來提升團隊成員的體驗。我們推出了有針對性的計劃，提供客製化的短期培訓，將產品知識和銷售技巧相結合，以更好地服務客戶。我們的分析表明，培訓項目完成後，門市的銷售表現與培訓項目之間呈正相關。

We are also beginning to simplify store tasks and streamline communication with stores to help our team members prioritize only the most critical activities. We are investing in industry-leading tools like Zebra devices to increase team member efficiency while allocating payroll hours to support market-specific customer needs. In addition to these resources, we are continuing to allocate capital to store infrastructure upgrades as part of a multiyear asset management plan.

我們也開始簡化門市任務，並簡化與門市的溝通，以幫助我們的團隊成員優先處理最關鍵的活動。我們正在投資業界領先的工具，例如 Zebra 設備，以提高團隊成員的效率，同時合理分配薪資工時，以滿足特定市場的客戶需求。除了這些資源外，我們還將繼續投入資金用於門市基礎設施升級，這是多年資產管理計畫的一部分。

In 2026, we plan to upgrade more than 1,000 stores. We are also improving service standards in our stores. We launched our new store operating model across all stores in Q4. We believe that this operating model supports better allocation of labor hours and vehicles while strengthening collaboration between our customer-facing outside sales team and our internal store teams. To drive consistency and service, our teams are being held accountable to two primary metrics.

2026年，我們計劃升級改造1,000多家門市。我們也不斷提升門市的服務標準。我們在第四季在所有門市推出了新的門市營運模式。我們相信，這種營運模式有助於更好地分配工時和車輛，同時加強面向客戶的外部銷售團隊和內部門店團隊之間的協作。為了確保服務的一致性和質量，我們的團隊需要對兩個主要指標負責。

The first one is NPS, which strives for continuous improvement in customer service and the second is time to serve where we target under 40 minutes for delivery time for Pro orders. With the right training, service standards and clear metrics for tracking performance, we expect to improve labor utilization and grow our business. While it is still early in the implementation of newer operating standards in our stores, we are seeing signs of improved performance.

第一個指標是 NPS，旨在不斷改善客戶服務；第二個指標是服務時間，我們的目標是專業訂單的交付時間控制在 40 分鐘以內。透過正確的培訓、服務標準和明確的績效追蹤指標，我們期望提高勞動力利用率並發展業務。雖然我們門市實施新的營運標準還處於早期階段，但我們已經看到業績改善的跡象。

For example, our efforts to gain share across Main Street Pro is translating to stronger positive comps in that segment. Within DIY, our focus on selling behaviors is driving greater unit productivity with a sequential acceleration in DIY units per transaction in Q4. While we still have considerable work ahead of us, we are pleased with the direction in which we are moving. We believe that an improvement in service standards will also support enhanced productivity of new stores.

例如，我們在 Main Street Pro 領域努力爭取市場份額，正在轉化為該細分市場更強勁的同店銷售成長。在 DIY 領域，我們對銷售行為的關注正在推動更高的單位生產力，第四季度每筆交易的 DIY 單位數量呈現逐年加速成長。雖然我們面前還有大量工作要做，但我們對目前的發展方向感到滿意。我們相信，服務標準的提升也將有助於提高新店的生產力。

In 2026, we plan to open 40 to 45 stores and 10 to 15 market hubs as we march towards our goal of opening more than 100 new distribution points over the next two years. In closing, I want to recognize the Advanced team once again for their hard work and commitment to delivering progress. We remain focused on prioritizing actions to drive sustained improvement over the long term.

到 2026 年，我們計劃開設 40 至 45 家門市和 10 至 15 個市場中心，朝著未來兩年開設 100 多個新配送點的目標邁進。最後，我要再次感謝高階團隊的辛勤工作和為取得進展所做的貢獻。我們將繼續專注於優先採取行動，以推動長期持續改善。

I'll now hand the call over to Ryan to discuss our financials. Ryan?

現在我將把電話交給瑞恩，讓他來討論我們的財務狀況。瑞恩？

Thank you, Shane, and good morning, everyone. I want to begin by thanking our frontline associates for their commitment to serving our customers and delivering a strong finish to 2025. For the fourth quarter, net sales from continuing operations were approximately $2 billion, which declined 1% compared to last year. This is mainly attributable to the store optimization activity completed in Q1 of 2025.

謝謝你，肖恩，大家早安。首先，我要感謝我們的第一線員工，感謝他們致力於服務我們的客戶，並為2025年圓滿結束。第四季度，持續經營業務的淨銷售額約為 20 億美元，比去年同期下降了 1%。這主要歸功於 2025 年第一季完成的門市優化活動。

Comparable sales grew 1.1% in the fourth quarter. Following a softer start to the quarter, transactions improved during the last eight weeks resulted in positive comparable sales growth over that time frame. In fact, outside of weather-related comparisons, our business has been averaging low-single-digit positive comps over the last six months, reflecting operational stability as we execute our strategic plan.

第四季同店銷售額成長1.1%。本季開局疲軟，但後八週交易情況有所改善，在此期間同店銷售額實現了正增長。事實上，撇開天氣因素不談，過去六個月我們的業務平均實現了個位數百分比的成長，這反映了我們在執行策略規劃過程中營運的穩定性。

Brakes, under car components, and engine management led performance, indicating progress in improving coverage and availability of hard parts. Ticket was positive for the quarter and driven by a combination of better unit productivity and higher average prices. Our frontline team has been focused on providing complete job solutions to our customers and I want to thank them as their efforts have translated to an acceleration in units per transaction on a one- and two-year basis.

煞車、汽車底盤零件和引擎管理系統的性能表現突出，顯示在提高硬體零件的覆蓋範圍和可用性方面取得了進展。本季客單價為正，主要得益於單位生產力提高和平均價格上漲。我們的第一線團隊一直致力於為客戶提供完整的就業解決方案，我要感謝他們，因為他們的努力使得每筆交易的單位數量在一年和兩年內都有所增長。

Overall, average ticket was still below expectations due to some discrete factors. First, same SKU inflation came in just under 3%. This was about 100 basis points lighter than expected due to successful tariff-related negotiations, which were still underway at the start of the quarter.

整體而言，由於一些特殊因素，平均票價仍低於預期。首先，同SKU價格通膨率略低於3%。由於關稅相關談判取得成功（該談判在本季度初仍在進行中），這一數字比預期低了約 100 個基點。

And second, during Q4, we accelerated the transition of some front-room assortment to introduce new brands following recent supplier changes and to support the planned launch of our new own brand, ARGOS. These transitions led to a higher-than-expected markdown headwind of about 50 basis points, which impacted comps. This activity has been completed. It is not expected to impact Q1 results.

其次，在第四季度，我們加快了部分客廳商品的過渡，以引入新品牌，以應對最近的供應商變更，並支持我們計劃推出的新自有品牌 ARGOS。這些變化導致降價幅度比預期高出約 50 個基點，對同店銷售產生了影響。這項活動已完成。預計不會影響第一季業績。

Looking at channel performance, our Pro business grew by nearly 4% during the quarter, with sales strengthening throughout the quarter on both a one- and two-year basis. Trends in DIY remain volatile, leading to a low-single-digit percent decline in comps. We believe this is largely a continuation of the market trends we have experienced all year. Our core consumer group has been adjusting purchasing habits in response to rising prices.

從通路表現來看，我們的專業業務在本季成長了近 4%，銷售額在本季無論從一年或兩年的角度來看都持續走強。DIY 趨勢仍波動不定，導致同類產品銷售出現個位數百分比的下滑。我們認為這在很大程度上延續了我們今年以來所經歷的市場趨勢。我們的核心消費群已經調整了購買習慣，以應對物價上漲。

Moving to margins. Adjusted gross profit from continuing operations was $873 million or 44.2% of net sales resulting in nearly 530 basis points of gross margin expansion compared to the same period last year. During the quarter, we cycled through approximately 280 basis points of atypical margin headwinds related to our restructuring activity last year. The balance of margin expansion was driven by savings associated with our footprint optimization activity and benefits from our strategic sourcing initiatives.

移至邊緣。經調整後，持續經營業務的毛利為 8.73 億美元，佔淨銷售額的 44.2%，與去年同期相比，毛利率提高了近 530 個基點。本季度，我們經歷了與去年重組活動相關的約 280 個基點的非典型利潤率不利因素。利潤率擴張的平衡是由我們優化佈局活動帶來的成本節約以及策略採購措施帶來的收益所驅動的。

Additionally, LIFO expense came in at $56 million for the quarter, which was lower than previously expected. Adjusted SG&A from continuing operations was $800 million or 40.5% of net sales, resulting in nearly 340 basis points leverage. This was consistent with expectations for a high-single-digit percent expense decline and driven by a reduction in stores compared to last year.

此外，本季後進先出法 (LIFO) 支出為 5,600 萬美元，低於先前預期。持續經營業務的調整後銷售、一般及行政費用為 8 億美元，佔淨銷售額的 40.5%，槓桿率接近 340 個基點。這與預期的高個位數百分比支出下降相符，主要原因是與去年相比門市數量減少。

As a result, adjusted operating income from continuing operations was $73 million or 3.7% of net sales resulting in nearly 870 basis points of year-over-year operating margin expansion. Our Q4 results also include an extra operating week, which contributed $132 million in net sales and $9 million in adjusted operating income. Adjusted diluted earnings per share from continuing operations for the quarter was $0.86 compared to a loss of $1.18 last year. The extra week added $0.08 to fourth quarter EPS.

因此，持續經營業務的調整後營業收入為 7,300 萬美元，佔淨銷售額的 3.7%，年比營業利益成長近 870 個基點。我們的第四季業績還包括額外一週的營業時間，這貢獻了 1.32 億美元的淨銷售額和 900 萬美元的調整後營業收入。本季持續經營業務調整後稀釋每股收益為 0.86 美元，去年同期虧損 1.18 美元。多出的一周使第四季每股收益增加了 0.08 美元。

Moving to an update on full-year 2025 results. Net sales from continuing operations declined 5% to $8.6 billion, primarily due to store optimization activity that was completed during Q1 2025. Comparable sales grew just under 1% for the year, marking our return to positive comparable sales growth. Both channels improved compared to last year. Our Pro business grew in the low-single-digit range, while DIY declined in the low single-digit range.

接下來更新2025年全年業績。持續經營業務的淨銷售額下降 5% 至 86 億美元，主要原因是 2025 年第一季完成的門市優化活動。本年度同店銷售額成長略低於 1%，標誌著我們恢復了同店銷售額的正成長。兩個頻道都比去年有所改善。我們的專業業務實現了個位數低成長，而 DIY 業務則出現了個位數低下降。

Same SKU inflation contributed about 140 basis points to ticket growth for the year. Adjusted gross profit from continuing operations was $3.8 billion or 43.9% of net sales resulting in about 165 basis points of gross margin expansion compared to last year.

同店商品價格上漲導致全年客單價成長約 140 個基點。經調整後，持續經營業務的毛利為 38 億美元，佔淨銷售額的 43.9%，毛利率較上年增長約 165 個基點。

During the year, we cycled through approximately 90 basis points of atypical margin headwinds related to our restructuring activity from last year. Adjusted SG&A from continuing operations was $3.6 billion or 41.4% of net sales resulting in about 50 basis points of leverage, driven by operating fewer stores compared to last year. As a result, adjusted operating income from continuing operations was $216 million or 2.5% of net sales, resulted in 210 basis points of year-over-year operating margin expansion.

今年，我們經歷了大約 90 個基點的非典型利潤率逆風，這與我們去年的重組活動有關。經調整後，持續經營業務的銷售、一般及行政費用為 36 億美元，佔淨銷售額的 41.4%，槓桿率約為 50 個基點，這是由於與去年相比，門市數量減少所致。因此，持續經營業務的調整後營業收入為 2.16 億美元，佔淨銷售額的 2.5%，營業利潤率年增了 210 個基點。

Adjusted diluted earnings per share from continuing operations was $2.26 for the full-year 2025 compared with a loss of $0.29 for full-year 2024. We ended the year with free cash flow of negative $298 million, which included approximately $140 million in cash expenses associated with our store optimization activity.

2025 年全年持續經營業務的調整後稀釋每股收益為 2.26 美元，而 2024 年全年虧損 0.29 美元。我們年底的自由現金流為負 2.98 億美元，其中包括與門市優化活動相關的約 1.4 億美元現金支出。

The remaining outflow of approximately $160 million impacted our ability to generate positive free cash flow. About half of the variance compared to our expectations was related to a combination of Q4 business performance, timing of certain cash obligations, and the delay in receipt of tax refunds. The other half was associated with variances relative to our expectations for timing of certain inventory payables that drove approximately $80 million of cash outflow and reduced our payables balance at the end of the year.

剩餘的約 1.6 億美元資金流出影響了我們產生正自由現金流的能力。與預期相比，約有一半的差異與第四季度業務表現、某些現金義務的履行時間以及稅款退還延遲到賬等因素有關。另一半與某些庫存應付款項的時間預期有偏差有關，導致約 8,000 萬美元的現金流出，並減少了我們年底的應付帳款餘額。

Separately, we also lowered the usage of our supplier financing program to $2.5 billion from $2.7 billion last quarter. We entered 2026 with a solid balance sheet, including more than $3 billion in cash and $1 billion undrawn revolving facility, which is more than sufficient to support approximately $2.5 billion in supplier financing payables over the long term. Our net debt leverage improved to 2.4 times at the end of the year compared to 2.6 times last quarter and is in line with our targeted range of 2 to 2.5 times.

另外，我們也將供應商融資計畫的使用額從上季的 27 億美元降至 25 億美元。進入 2026 年，我們擁有穩健的資產負債表，包括超過 30 億美元的現金和 10 億美元的未提取循環信貸額度，這足以在長期內支持約 25 億美元的供應商融資應付款項。年底，我們的淨負債槓桿率改善至 2.4 倍，而上一季為 2.6 倍，符合我們 2 至 2.5 倍的目標範圍。

Turning to 2026 guidance. We expect net sales to decline slightly year over year, mainly driven by two nonrecurring items from 2025. First, we generated $51 million in liquidation sales in Q1 last year. And second, Q4 included an extra week, which generated $132 million in net sales. In aggregate, both items drive over 200 basis points of headwind to sales growth.

接下來展望2026年的發展方向。我們預期淨銷售額將年比略有下降，主要原因是2025年起有兩個非經常性項目。首先，我們去年第一季透過清算銷售獲得了 5,100 萬美元的收入。其次，第四季多出了一周，淨銷售額為 1.32 億美元。綜合來看，這兩項因素將對銷售成長造成超過 200 個基點的不利影響。

Excluding these nonrecurring items, we expect underlying net sales to grow in the range of approximately 1% to 2%. This includes comparable sales growth of 1% to 2% and about 10 to 20 basis points of pressure related to sales normalization at independent locations following a reduction in locations last year.

在剔除這些非經常性項目後，我們預期基本淨銷售額將成長約 1% 至 2%。這包括 1% 至 2% 的可比銷售成長，以及由於去年門市數量減少，獨立門市銷售正常化帶來的約 10 至 20 個基點的壓力。

We expect positive comp growth in each quarter with a stronger first half owing to easier comparisons. Same-SKU inflation is currently planned in the 2% to 3% range for the full year and assumes no change in the current tariff environment. In terms of channel performance, we expect Pro to outperform DIY with both channels contributing positively to comp growth.

我們預期每季同店銷售額都將實現正成長，由於上半年基數較低，預計上半年成長速度將更為強勁。同產品價格通膨率目前計劃全年維持在 2% 至 3% 的範圍內，並假設當前的關稅環境不會改變。就頻道表現而言，我們預計 Pro 頻道將優於 DIY 頻道，這兩個頻道都將對競爭對手的成長做出積極貢獻。

This is expected to be driven by gradual improvement in transactions with initiatives focused on enhancing availability and service levels. We are excited to get back on the path of consistently delivering positive comparable sales growth and expect our strategic plan to ultimately position us to gain market share in the future.

預計這將得益於交易的逐步改善，以及旨在提高可用性和服務水準的各項措施。我們很高興能夠重回正軌，持續實現同店銷售成長，並期望我們的策略計畫最終能夠幫助我們在未來獲得市場份額。

Moving to margins. We expect adjusted operating income margin between 3.8% and 4.5% for 2026 resulting in 130 to 200 basis points of year-over-year margin expansion. We are forecasting gross margin expansion in the range of 110 to 150 basis points to approximately 45%. This margin expansion includes about 20 basis points of year-over-year favorability from cycling nonrecurring items from 2025. The balance of the expansion is expected to be driven by merchandising initiatives related to strategic vendor sourcing and optimization of pricing and promotions.

移至邊緣。我們預計 2026 年調整後的營業利潤率將在 3.8% 至 4.5% 之間，年增 130 至 200 個基點。我們預測毛利率將成長 110 至 150 個基點，達到約 45%。此次利潤率擴張包括從 2025 年開始週期性非經常性項目帶來的約 20 個基點的同比利好。預計此次擴張的其餘部分將由與策略供應商採購和定價及促銷優化相關的商品銷售措施所驅動。

The benefits from merchandising initiatives will be partially offset by investments to improve productivity in our supply chain operations following completion of the consolidation phase of our DC network. Based on the progress of our initiatives, we expect gross margin rate to build throughout the year. Starting with Q1 gross margin in the 44% to 45% range.

商品推廣活動帶來的收益將部分被供應鏈營運生產力提升方面的投資所抵消，這些投資將在配送中心網路整合階段完成後進行。根據我們各項舉措的進展情況，我們預計毛利率將在全年穩步提升。第一季毛利率預計在 44% 至 45% 之間。

Regarding SG&A, we expect reported full year expenses to be down year over year, contributing 20 to 50 basis points of leverage. Specifically regarding Q1, SG&A expense is planned to be down in the 3% to 4% range as we cycle through the store closure activity from last year.

關於銷售、一般及行政費用，我們預計全年報告費用將年減，從而貢獻 20 至 50 個基點的槓桿率。具體到第一季度，由於我們正在逐步結束去年的門市關閉活動，預計銷售、一般及行政費用將下降 3% 至 4%。

Full-year 2025 SG&A expense included about $90 million of nonrecurring items that support liquidation sales in the extra week, which is expected to drive about 20 basis points of favorability in 2026. Adjusting for the nonrecurring expense, SG&A is planned to be higher year-over-year with modest leverage driven by positive comp sales growth. We expect to deploy savings generated from better in-store task management, better resource allocation, and a reduction in indirect spending to fund general wage inflation, store opening expenses, and strategic labor investments in priority markets.

2025 年全年銷售、管理及行政費用包括約 9,000 萬美元的非經常性項目，用於支援額外一週的清算銷售，預計將使 2026 年的業績有利約 20 個基點。扣除非經常性支出後，由於同店銷售額的正面成長，SG&A 預計將較去年同期增加，槓桿作用適中。我們預計，透過改善店內任務管理、優化資源分配和減少間接支出所節省的資金，將用於支付一般工資上漲、商店開業費用以及在重點市場進行策略性勞動力投資。

As Shane indicated, we have completed the rollout of our new store operating model, which has enabled us to position labor and truck resources based on volume. As we move forward, we will continue to look for opportunities to further optimize payroll hours to enable our team members to dedicate more time to customer service by minimizing time spent on tasking.

正如 Shane 所指出的，我們已經完成了新門市營運模式的推廣，這使我們能夠根據銷售量來調配勞動力和卡車資源。展望未來，我們將繼續尋找機會，進一步優化員工工時，從而減少團隊成員在任何處理上花費的時間，使他們能夠將更多的時間投入到客戶服務中。

Moving to other items in our guidance. We expect adjusted diluted EPS in the range of $2.40 to $3.10. Pretax interest expense for full-year 2026 is planned at approximately $210 million, which is expected to be partially offset by interest income of approximately $80 million. We expect to increase capital expenditures in 2026 to approximately $300 million with spending allocated to new stores and greenfield market hub growth, store infrastructure upgrades, and strategic investments.

接下來請參閱指南中的其他項目。我們預計調整後攤薄每股收益在 2.40 美元至 3.10 美元之間。 2026 年全年稅前利息支出計畫約為 2.1 億美元，預計將被約 8,000 萬美元的利息收入部分抵銷。我們預計 2026 年資本支出將增加到約 3 億美元，支出將用於新店和新建市場中心、門市基礎設施升級和策略投資。

Finally, with respect to cash flow, we expect to generate approximately $100 million in free cash flow for the year, supported by stronger comp sales and profitability. Our free cash flow guidance includes modest carryover spending of $10 million to $20 million related to our store optimization activity.

最後，關於現金流，我們預計在同店銷售額和盈利能力的強勁增長的支持下，今年將產生約 1 億美元的自由現金流。我們的自由現金流預期包括與門市優化活動相關的適度結轉支出 1,000 萬至 2,000 萬美元。

To conclude, I want to thank the frontline team for their contributions, which supported solid financial results in 2025. During 2026, we expect our initiatives to provide added financial momentum to narrow our operating margin gap to the industry.

最後，我要感謝第一線團隊的貢獻，正是他們的努力使得公司在 2025 年取得了穩健的財務表現。預計到 2026 年，我們的各項舉措將帶來額外的財務動力，從而縮小我們與產業之間的營業利潤率差距。

I will now hand the call back to Shane.

現在我將把電話轉回給肖恩。

Thank you, Ryan. During 2026, we are building on the foundation established last year with a clear focus on executing our strategy to deliver improved operational performance. I'd like to close by thanking the Advanced Auto Parts team for all of their hard work and commitment to serving our customers. Thank you.

謝謝你，瑞恩。2026年，我們將以去年奠定的基礎為基礎，明確地重點在於執行我們的策略，以提高營運績效。最後，我要感謝 Advanced Auto Parts 團隊的辛勤工作和對服務客戶的奉獻精神。謝謝。

Operator, we can now open the line for questions.

接線員，現在可以開始接受提問了。

(Operator Instructions) Chris Horvers, JPMorgan.

（操作說明）克里斯‧霍弗斯，摩根大通。

Thanks, and good morning, guys. So my first question is, why is your inflation so much lower than what your peers have reported specifically Zone and O'Reilly. One could interpret this two ways: a, where you're pricing below the market, which I don't think that's what's happening, or perhaps simply your prices were too high before all this inflation came in and when you came into the company and you were forced to narrow the gap.

謝謝，各位早安。所以我的第一個問題是，為什麼你們的通膨率比你們的同行，特別是Zone和O'Reilly報告的通膨率低這麼多？對此有兩種解釋：a，你的定價低於市場價，但我認為事實並非如此；或者，也許只是在通貨膨脹之前你的定價過高，當你加入公司後，你被迫縮小了價格差距。

I guess it could also be sourcing differences, but again, sort of the market price, market price. So if you could help us out there.

我猜也可能是貨源差異造成的，但歸根究底，還是市場價格的問題。所以，如果您能幫我們一把就太好了。

Yeah, Chris, I appreciate that. It's Ryan. So our SKU inflation, I think, is consistent with peers, but we have some -- if you look at '25, we have some comparison issues, we were wrapping some price investments that we made in the prior year that wrapped in. So in '25, we still have reported around 3% for Q3 and Q4, which I think is somewhat consistent with them.

是的，克里斯，我很感激。是瑞恩。所以我認為，我們的 SKU 通膨與同行一致，但我們有一些——如果你看一下 2025 年，我們有一些比較問題，我們把前一年進行的一些價格投資計入了其中。所以，在 2025 年，我們第三季和第四季的報告成長率仍然在 3% 左右，我認為這與他們的情況基本一致。

It was a little bit lower than we expected going in Q4, really it had to do with -- we're still negotiating some of the tariffs. So that wrap, the 1.4% inflation in 2025 is really impacted by the ramp of price investments we made in the prior year.

第四季比我們預期的要低一些，這主要是因為我們仍在就一些關稅問題進行談判​​。綜上所述，2025 年 1.4% 的通貨膨脹率實際上受到了我們前一年進行的價格投資成長的影響。

Hey, Chris, Shane. Just to add, you mentioned, first, are we pricing below the market and your hypothesis is that we're not. That's not our strategy. We're -- it's a competitive market, but a rational market, and we participate in that way. we are using AI to do better with our promotions as to when we do a promotion and on what products and where we do it. So that can help us a bit, but we're a rational player in the market.

嘿，克里斯，肖恩。補充一點，您首先提到，我們的定價是否低於市價，而您的假設是我們沒有。那不是我們的策略。這是一個競爭激烈的市場，但也是一個理性的市場，我們以理性的方式參與其中。我們正在利用人工智慧來改善我們的促銷活動，包括何時進行促銷、針對哪些產品以及在哪裡進行促銷。所以這可能對我們有幫助，但我們是市場上的理性參與者。

Yeah. We monitor our pricing relative to everyone else and we want to make sure we're competitive every day. We're not doing anything inconsistent with that.

是的。我們會密切注意自身價格與同業的比較情況，確保每天都保持競爭力。我們並沒有做任何與此相矛盾的事情。

And then my follow-up question is on the decision to reduce your supply chain financing in the fourth quarter, I guess, one of the hallmarks of this industry is that the vendors finance essentially all of the inventory. So what drove that decision?

那麼，我的後續問題是關於你們決定在第四季減少供應鏈融資的問題。我想，這個行業的一個顯著特徵是供應商基本上為所有庫存提供融資。那麼，是什麼促使他們做出這個決定呢？

Was there anything on the other side because your free cash flow did come in lower than expected because of the reasons that you laid out, Ryan, was there any sort of push from the other side because of the free cash flow dynamics or is it something to do with perhaps the sort of the margin versus rate negotiation that's implicit in these arrangements.

Ryan，由於你提出的原因，你的自由現金流低於預期，那麼對方是否有其他因素？自由現金流的動態變化是否給對方帶來了壓力？或者這與這些安排中隱含的利潤率與利率談判有關？

Yeah, good question. So about half that change in free cash flow from anticipation was due to lower the payables, as we mentioned earlier, and not -- we're always going to look to see if it makes sense from an economic standpoint to reduce supply chain finance, but only when it makes sense, we're really happy with our program. Especially after the structure we put in place this past summer.

嗯，問得好。因此，正如我們之前提到的，預期自由現金流變動的大約一半是由於應付帳款減少，而不是——我們總是會從經濟角度考慮減少供應鏈融資是否合理，但只有在合理的情況下，我們才會這樣做，我們對我們的計劃非常滿意。尤其是在我們去年夏天建立起相應的機制之後。

It's a very stable program, significant capacity in that program. But it was more about leveling the payables based on the new purchases that we have based on the sourcing of those and the negotiations we've had.

這是一個非常穩定的項目，該項目擁有相當大的容量。但更重要的是，要根據我們新採購的商品來源和我們進行的談判結果，來平衡應付帳款。

As a reminder, this past year, we've had 500 stores we've closed. We accelerated purchases on inventory for -- ahead of the tariffs. We accelerated our assortment work into our top 50 DMAs. So a lot of moving pieces. On top of that, the merchant organization has been transitioning and working through many PLRs with different vendors as we've executed our strategic sourcing work and we've yielded really good progress on the margin side.

再次提醒大家，去年我們關閉了 500 家門市。我們加快了庫存採購——趕在關稅生效之前。我們加快了對前 50 個 DMA 區域的商品組合優化工作。所以牽涉的環節很多。除此之外，隨著我們執行策略採購工作，商家組織一直在與不同的供應商合作，進行許多PLR（私人標籤版權）的過渡和調整，並在利潤方面取得了非常好的進展。

All of that mixes differently sometimes from a payables balance. And I think it's more about the mix of our purchases and where the true payables balance should be that caused a reduction in Q4. And we'll continue to look for opportunities there if it makes economic sense in our P&L to do that. But we're still sitting close to 80% of our COGS is on supply chain finance. We think right now, where we are with our vendors we're in a good position, 2.4 to 2.6 is the right target range to ebb and flow on supply chain finance.

所有這些因素有時與應付帳款餘額的構成方式不同。我認為第四季出現下降，更多的是因為我們採購的組合以及實際應付帳款餘額應該是多少。如果這樣做對我們的損益表有經濟意義，我們將繼續在那裡尋找機會。但我們仍有近 80% 的銷售成本用於供應鏈金融。我們認為，就目前我們與供應商的關係而言，我們處於一個良好的位置，2.4 到 2.6 是供應鏈金融波動的合適目標範圍。

Last point there. Just on a big picture level. We had our annual conference accelerate down in Orlando this year. Then I would submit that our vendor relations are the best they've ever been. I continually meet with senior leaders from vendors who are behind our comeback and supporting us and the degree to which we're now working on innovative programs to help us grow. Feel great about the vendor community and Advanced Auto Parts.

最後一點。僅從大局來看。今年我們的年度大會在奧蘭多舉行，規模更大。那麼我認為，我們與供應商的關係正處於歷史最佳狀態。我不斷與支持我們復甦和幫助我們的供應商的高級領導會面，了解我們目前正在進行的創新項目，以幫助我們成長。我對供應商群體和Advanced Auto Parts公司感到非常滿意。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Nice progress. I wanted to ask first about the real estate. Can you talk about the impact that the store closings had on comps and margins in 2025? And then I guess how are you thinking about the opportunity to optimize the store portfolio further from here? And maybe just in general, what are you seeing in terms of the gap in performance across the store base?

進展不錯。我想先問問房地產方面的狀況。您能否談談門市關閉對 2025 年同店銷售額和利潤率的影響？那麼，您是如何考慮從現在開始進一步優化門市組合的呢？整體而言，您認為各門市之間的業績差距如何？

Yeah, a good question. The liquidation impact was about $51 million on the year. So we've kind of talked the bridge to walk that back off of there to give you a sense of what that looks like. So a little bit of an impact there. We also cycled over that -- we had some liquidation impact in '24 in Q4 as well that had a little bit of a drag on that.

嗯，問得好。清算對當年的影響約為 5,100 萬美元。所以我們已經大致描述了一下這座橋，以便讓你們了解一下它的樣子。所以還是產生了一點影響。我們也經歷了那段時期——2024 年第四季我們也受到了一些清算的影響，這對那段時期造成了一些拖累。

No further closures we expect. So growing our new stores. We're significantly growing those new stores. Shane, you might want to --

預計不會再有進一步的停工。因此，我們正在拓展新店業務。我們正在大幅增加新店的數量。肖恩，你可能想…--

Yeah. So when I came to the company, we had multiple real estate departments. Worldpac had a real estate department independent, supply chain stores. And so we were cohesive about how and where we thought about building out in a market and opening a store, you think about everything from construction or leases to fixtures to grand opening protocols, and so we've had a lot of effort going on. We've got a unified real estate program under a single leader.

是的。所以當我加入公司時，我們有多個房地產部門。Worldpac 擁有獨立的房地產部門和供應鏈商店。因此，我們在考慮如何在市場中擴張和開設門市方面，思路非常一致。從建築或租賃到固定裝置，再到盛大開幕的流程，我們都會考慮在內，所以我們投入了很多精力。我們有一個由一位領導者領導的統一房地產項目。

In '25, we opened a total of 35 NSOs. This year, we'll do 40 to 45. And by the way, we're opening NSOs in both the US and Canada. And as we do that, think about in the wake of the closures. We think store density is important. So in the wake of the closures, we're number one or number two in 75% of our markets. So we want to expand concentrically in those markets where we have existing density and move down the road to the next part of the market.

2025年，我們共開設了35家國家銷售辦公室。今年，我們將達到 40 到 45 人。順便一提，我們將在美國和加拿大開設國家銷售辦公室 (NSO)。當我們這樣做的時候，也要思考一下停業之後會發生什麼事。我們認為門市密度很重要。因此，在疫情封鎖之後，我們在 75% 的市場中排名第一或第二。所以我們希望在那些我們已經擁有一定密度的市場中進行同心圓擴張，然後逐步擴展到市場的下一個部分。

And we think that's a good play because it leverages the existing store base, the outside sales, the Pro customer relationships, the DC connectivity. And so we're getting better at it, and we're pleased with where we're going.

我們認為這是一個不錯的策略，因為它利用了現有的門市基礎、外部銷售、專業客戶關係以及資料中心連接。因此，我們在這方面做得越來越好，我們對目前的成就感到滿意。

And Seth, just to make sure we clarify, the closing stores were not in our comp numbers that we reported out. They are in our year over year. So that's why just giving you the dollar impact versus the comp impact.

塞思，為了確保我們澄清清楚，關閉的門市並不在我們公佈的同店銷售數據中。它們在我們每年的數據中都有體現。所以這就是為什麼我只提供美元影響與薪酬影響對比的原因。

Was there a meaningful impact to the rest of the store base from closing those stores in terms of sales transfer?

關閉這些門市是否對其他門市的銷售轉移產生了實質影響？

Yeah. Pro comps did benefit, but still positive even after the benefit. So we did have transfer sales from the Pro business that transferred to the new stores. Actually outperformed our original expectations going into that work, but still Pro was positive even if you back that out.

是的。職業比賽確實受益了，但即便受益之後，結果仍然是正的。因此，我們確實有一些從專業業務轉移到新商店的銷售。實際上，它的表現超出了我們最初的預期，但即使扣除這部分，Pro 的表現仍然是積極的。

Okay. And my other follow up was just thinking about the 7% margin target. The prior guidance was for a lot of the margin progression to be back-end weighted, and the annual gains would ramp really in the out years. Guidance now seems to imply bigger gains maybe upfront, and it's great that you're executing what you laid out for '25 and it seems like for '26 as well, but maybe more gradual margin gains going forward.

好的。我的另一個後續問題是，7%的利潤率目標該如何實現。先前的指導意見是，利潤成長主要集中在後期，年度收益將在後期真正加速成長。目前的指引似乎暗示著短期內可能會有更大的收益，很高興你們正在執行為 2025 年制定的計劃，而且看起來 2026 年的計劃也是如此，但未來利潤率的增長可能會更加緩慢。

I guess, what really drives that difference in the cadence? And I'm just wondering, is there any indication that maybe there's more reinvestment that's required here or is it just harder than you thought?

我想，究竟是什麼因素導致了節奏上的差異呢？我只是想知道，是否有任何跡象表明這裡可能需要更多的再投資，或者這只是比你想像的要困難得多？

No, I appreciate the question. So I still think 7% is the right medium-term target, and we're actually pleased with the progress so far, especially in merchandising excellence and being able to get to a 45% gross profit margin really driven in large part by the work the merchandising organization has done.

不，我很感謝你的提問。所以我仍然認為 7% 是正確的中期目標，而且我們對目前的進展感到滿意，尤其是在商品銷售卓越性方面，以及能夠達到 45% 的毛利率，這在很大程度上要歸功於商品銷售部門所做的工作。

And as a reminder, we talked about 500 basis points that we're going after here, and about half of that was merchandise and excellence. And that work started in earnest underway this past year. There is two other pieces. And when we talked about it kind of being back-end weighted a little bit there was in supply chain was the biggest one back-end weighted, and that's because we had to get through the consolidation work. So we're working on getting the consolidation of supply chain down.

再次提醒大家，我們之前討論過要爭取 500 個基點，其中大約一半是商品和卓越品質的提升。這項工作從去年開始正式啟動。還有另外兩件。當我們談到後端權重略高的問題時，供應鏈是後端權重最大的部分，這是因為我們必須完成整合工作。所以我們正在努力推進供應鏈整合。

We're now down to 16 DCs. We expect to be 15 by the end of next year. And once we get them consolidated, then we start working on the productivity within those boxes. And [Ron] on board is diving in. And so that takes a little bit of time to work through.

我們現在只剩下 16 個資料中心了。我們預計到明年年底將達到15人。一旦我們把它們整合起來，我們就可以開始提高這些部門的生產力了。而船上的羅恩正在縱身躍入水中。所以這需要花點時間來解決。

And then the store operations pillar, those are the primary -- right now, '26 is a primary investment year for both of those supply chain and store operations that yield the benefit that will come out of it.

然後是門市營運支柱，這些是主要的——目前，2026 年是供應鏈和門市營運的主要投資年，這將帶來相應的收益。

Yeah. Just touching on the pillars. As Ryan mentioned, pleased with the progress. We're controlling what we could control and moving forward on all three of those areas: merchandising, supply chain and store operations. A lot of great stuff coming on the store side as it relates to labor productivity, task simplification.

是的。只是輕輕碰了碰柱子。正如瑞恩所說，他對目前的進展感到滿意。我們正在控制我們能夠控制的方面，並在商品銷售、供應鏈和門市經營這三個領域取得進展。在提高勞動生產力和簡化任務方面，門市方面有許多很棒的新措施即將推出。

We're investing in store technology and think about that as servers and POS and Zebra devices. And then for many of our stores, just basic store appearance improvement. So we touched 1,600 stores last year. Think about that as paint, HVAC, parking lots, signage, racking, so feel good about that.

我們正在投資門市技術，例如伺服器、POS機和斑馬設備。然後，對於我們許多門市來說，只是進行了基本的門市外觀改善。去年我們接觸了 1600 家門市。想想油漆、暖通空調、停車場、標誌、貨架等等，所以為此感到自豪吧。

And we'll touch another 1,000 stores this year, so making a better environment for our team members and for our customers. So all of that goes into creating progress that I would just say it's been -- we're looking to be incrementally better every year in the business.

今年我們還將涵蓋另外 1000 家門市，為我們的團隊成員和顧客創造更好的環境。所以所有這些都促成了進步，我只想說，我們每年都在努力讓業務有所進步。

And since those two big pillars, the supply chain and store operations is a big investment year, a lot going on in those areas, '26 will really help inform what we really believe that cadence to be going forward, but we want to see '26 play out a little bit, so we can have a better informed perspective. And if you look at the bridge we put out around our guidance, we're being very specific.

由於供應鏈和門市營運這兩大支柱在2026年是投資大年，這些領域有很多事情正在發生，2026年將真正幫助我們了解未來發展的節奏，但我們希望看到2026年的發展情況，以便我們能夠有更明智的視角。如果你看看我們圍繞指導方針所製定的框架，就會發現我們非常具體。

We know we have line of sight to those numbers. That's why we gave a little more detail on that bridge, and we want to be able to continue to do that as we march towards 7%.

我們知道我們能夠看到這些數字。這就是為什麼我們對那座橋做了更詳細的介紹，我們希望在朝 7% 的目標邁進的過程中能夠繼續這樣做。

Great. Thanks so much, guys.

偉大的。非常感謝各位。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Nice job on the margin gain so far. My question -- first question is on margin. So thinking about the gross margin gains and even some of the SG&A leverage, can you talk about the execution risk in getting there? Do you have line of sight with the strategic sourcing. These are deals that are already made or is there a degree of which you have to execute in order to gain that level of gross margin throughout the year?

目前來看，利潤率提升得不錯。我的問題——第一個問題是關於邊際效益的。考慮到毛利率的成長，甚至包括一些銷售、管理及行政費用槓桿效應，您能否談談實現這些目標的執行風險？您是否了解戰略採購方面的資訊？這些交易是已經達成的，還是需要執行一定程度的交易才能在全年獲得該水準的毛利率？

Same question with SG&A. How do you both achieve this better service and availability with SG&A up so modestly for '26?

銷售、一般及行政費用也存在同樣的問題。你們是如何在 2026 年銷售、管理及行政費用漲幅不大的情況下，實現更好的服務和更高的可用性的？

Yeah, Simeon, Great. I'll start and let Shane chime in. On the merch side, we've got really good line of sight. We've made a lot of good progress this year. Some of that benefit is wrapping into next year.

是的，西蒙，太好了。我先開始，然後請肖恩插話。在周邊商品方面，我們的視野非常好。今年我們取得了許多良好的進展。部分收益將延續到明年。

There's still some work to be done, but our merchandising organization led by Bruce Starnes has just done a phenomenal job this year executing against that. It's meeting expectations we had. So some of it is already baked going into the year. Some of it still work to be done.

雖然還有一些工作要做，但今年由布魯斯·斯塔恩斯領導的商品銷售部門在執行這些工作方面做得非常出色。它符合我們的預期。所以，有些事情在年初就已經定型了。有些工作仍待完成。

In fact, some of those conversations are already starting to work on 2027. So the execution has been solid and we like seeing what's going on there. As far as the other two pillars we talked about, that's work that's being done this year, progress on the consolidation in supply chain has been great. And the reason I bring up supply chains, that's going to have a COGS benefit as well long term as we get more productive in that space.

事實上，其中一些對話已經開始著手進行，目標是到 2027 年。所以執行情況很穩健，我們很高興看到那裡正在發生的事情。至於我們談到的其他兩個支柱，那是今年正在進行的工作，供應鏈整合方面取得了巨大進展。我之所以提到供應鏈，是因為隨著我們在該領域生產效率的提高，從長遠來看，這也會對銷售成本產生好處。

Yeah, I would just say it's a mix. There are vendor contracts that we've signed that will create benefits. So that's not just line of sight, but we think we can tuck that in the run rate. But then we have discussions with the vendor where we haven't signed it, but feel good about it. I would highlight Smriti's assortment work where last year, we improved backroom availability, and we made sure we had left in rights that were matching brands, and we had full kits for different products.

是的，我覺得是兩者兼具。我們已經簽署了一些供應商合同，這些合約將會帶來好處。所以這不僅僅是視線問題，但我們認為我們可以把它納入跑動率中。但是，我們和供應商進行了一些討論，雖然還沒有正式簽約，但我們感覺很好。我想重點介紹 Smriti 的產品組合工作，去年我們提高了後台庫存的可用性，確保我們保留了與品牌匹配的庫存，並且我們為不同的產品準備了完整的套裝。

She's going to continue doing that. We're doing a better job as it relates to planograms and price changes. So there are certainly things that we have that we feel we can count on as it relates to going forward, but there are also things that we still have to achieve, but we have a plan against how we're going to go about it. And I'll just touch on it. You heard it from Ryan, we feel good about the leaders who sit in the seats.

她會繼續這樣做。我們在商品陳列圖和價格調整方面做得更好了。所以，對於未來的發展，我們確實有一些可以依靠的事情，但也有一些事情我們仍然需要實現，不過我們已經制定了實現這些目標的計劃。我只會簡單提一下。瑞安說得沒錯，我們對現在坐在領導職位上的領導人感到滿意。

And from my perspective, we are done making changes on the core leadership team. And if you look at the executives that we now have in place, you'll see a mix, you see some internal promotions. You see some external hires, but they're each focused on those fundamentals in their particular area. And that gives me confidence around where we're going on your line of sight question.

在我看來，我們已經完成了核心領導團隊的調整。如果你看看我們現在的管理階層，你會發現人員組成比較多元化，也包括一些內部晉升。你會看到一些外部招募人員，但他們每個人都專注於各自領域的基本技能。這讓我對我們關於視線方向的問題的解答更有信心。

And Simeon, just to talk about the SG&A question. So a lot of the SG&A reduction, one has come from the rationalization of our store footprint in DCs, but also indirect spend. We went through an initiative and really worked through in their expense. So an example would be we're able to mitigate not all, but a good portion of inflation seen in their general liabilities, our health insurance and also getting more productive in the spend. So the spend has not been all that productive.

還有西蒙，我想談談銷售、管理及行政費用的問題。因此，銷售、一般及行政費用的減少很大一部分來自於配送中心門市佈置的合理化，但也來自於間接支出。我們開展了一項計劃，並且真的不計成本地完成了這項工作。例如，我們能夠緩解（雖然不是全部），但可以緩解很大一部分通貨膨脹對他們一般負債、醫療保險的影響，並且提高支出效率。所以，這筆支出並沒有產生太多效益。

We talked about reallocating our trucks to make sure they meet the right volume base. And we've talked about how we walked into a store and they've got three trucks, two of them haven't been started in months and don't start. They just need to get reallocated or reduced.

我們討論了重新分配卡車，以確保它們能夠滿足正確的貨運量要求。我們也談到，我們走進一家商店，發現他們有三輛卡車，其中兩輛已經幾個月沒啟動了，現在也啟動不了。他們只需要重新分配資源或減少資源。

So we found opportunities to reduce SG&A where it wasn't being productive. Now if you look on a like for like, so we move the cost of SG&A to support the liquidation sales, it's about $90 million. We're actually slightly increasing SG&A next year, and we're investing in labor, we're investing in new stores, we're investing in training. We're investing in the service element and reduction of tasks within our stores.

因此，我們找到了降低未產生效益的銷售、一般及行政費用的機會。現在，如果我們以同等條件來看，將銷售、一般及行政費用轉移到支援清算銷售上，大約是 9,000 萬美元。明年我們實際上會略微增加銷售、管理及行政費用，同時我們也會投資勞動力、投資新店、投資培訓。我們正在增加對門市服務環節的投入，並減少門市內的工作量。

So if we can reduce the tasks that our associates are working on that are not productive and we could put more hours in front of a customer, that will be a benefit for us. So that's where we're investing SG&A next year.

因此，如果我們能夠減少員工從事的非生產性工作，從而增加服務客戶的時間，這對我們來說將是一件好事。所以這就是我們明年銷售、管理及行政費用的投資方向。

Okay. Quick follow up. The $100 million of free cash expected with the $300 million of CapEx, so roughly $400 million of operating cash. I'm sorry if I missed it, but can you just bridge your net income to get to that operating cash?

好的。快速跟進。預計自由現金流為 1 億美元，資本支出為 3 億美元，因此營運現金流約為 4 億美元。如果我錯過了什麼，我很抱歉，但是您能否透過調整淨收入來達到所需的營運現金流？

Yeah. So we are increasing -- so it is net income and your operating cash flow, you're about spot on. You're doing the math right. It's about $350 million is operating income driven out of that. Payables working capital should be about neutral. What you would expect though, just given timing and seasonality of our free cash flow is our typical free cash flow seasonality, you'll see in Q1, a cash outflow. I think you'll see Q2 through Q4, you see the cash inflow.

是的。所以我們正在增加——也就是淨收入和你的經營現金流，你說的很對。你的計算沒錯。其中約有 3.5 億美元是由此產生的營業收入。應付帳款營運資金應維持中性水準。不過，考慮到我們自由現金流的時間和季節性，正如你所預期的那樣，我們典型的自由現金流季節性會在第一季出現現金流出。我認為你會看到第二季到第四季的現金流入。

And then remember, there's like $10 million to $20 million of closure expenses that from our previous restructuring that will flow into next year. So that will be in there because we initially had said about $150 million of cash outflow for the strategic initiatives and store closures. About $10 million to $20 million is shifting over. We realized about $140 million this past year.

此外，別忘了，我們先前的重組還會產生約 1,000 萬到 2,000 萬美元的關閉費用，這些費用將計入明年。所以這筆費用也會包含在內，因為我們最初說過，戰略舉措和門市關閉將導致約 1.5 億美元的現金流出。大約有1000萬至2000萬美元正在轉移。我們去年實現了約1.4億美元的收入。

So you see about $10 million to $20 million shifting. And that's really related to the leases and getting out of the old stores. But you should expect less volatility than we saw last year.

所以你會看到大約有1000萬到2000萬美元的資金轉移。這其實與租約和搬離舊店面有關。但您應該會發現，今年的市場波動性會比去年降低。

Thanks and good luck.

謝謝，祝你好運。

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

This is [Shervin] on for Scot. You mentioned external macro factors acting as a headwind to sales. Can you quantify the sales headwind from DIY in your guidance. Like outside of smarter pricing, are there other initiatives you are helping like you're taking to help materialize what I would think is pent-up demand from past maintenance deferrals?

這是[Shervin]替補Scot上場。您提到外部宏觀因素對銷售構成不利影響。您能否在指導意見中量化DIY帶來的銷售阻力？除了更聰明的定價之外，您是否還採取了其他措施來幫助實現我認為是由於過去維護延期而積壓的需求？

Yeah. So let me touch on -- Brian can talk about the numbers. But let me talk macro and what we're doing. So if you look at the health of the consumer, first, we're in a great industry, right, number of cars, miles-driven, age of fleet. So I think that's a good backdrop. But it has been interesting to watch the low-income consumer and to some degree, the mid-income consumer in recent weeks where there has been sort of negative general merchandise spending.

是的。那麼讓我簡單說說——布萊恩可以談談數字。但讓我談談宏觀層面以及我們正在做的事情。所以，如果你看看消費者的健康狀況，首先，我們身處在一個很棒的產業，對吧，汽車數量、行駛里程、車隊年齡。所以我覺得這是一個很好的背景。但最近幾週，低收入消費者以及在某種程度上中等收入消費者的一般商品支出出現負成長，這很有意思。

Now the good news is 90% of our industry is kind of break fix. And so that's helpful. But the overall consumer sentiment in those two tranches has been negative, and I think it's manifesting in general merchandising spend. Now for us on DIY, we have a number of key things going up.

好消息是，我們產業90%的問題都屬於故障維修型。所以這很有幫助。但這兩批消費者的整體情緒都是負面的，我認為這已經反映在一般商品支出上。現在，對於我們這些DIY愛好者來說，我們有很多重要的項目正在進行中。

First, we changed and improved our loyalty program. We have 16 million members in Advanced Rewards, formerly Speed Perks. And we ditched parts of that program that were expensive for us that weren't creating loyalty or sales. And think about that as the fuel rewards component. We also improved usability. And we issued coupons when you reach certain tiers and we made it easy for redemptions to occur.

首先，我們改變並改善了我們的會員忠誠度計劃。我們擁有 1,600 萬高級獎勵計畫會員（原名 Speed Perks）。我們放棄了該計劃中那些成本高昂但無法帶來客戶忠誠度或銷售額的部分。可以把它看作是燃料獎勵的一部分。我們也提升了易用性。當您達到特定等級時，我們會發放優惠券，並且讓兌換過程變得非常簡單。

Second, we introduced our own brand of oil and performance fluids, ARGOS. Really excited about this. I spent a number of years in the oil business, and they understand both the quality of how you need to manufacture the products and how having your own brand can be very compelling. In the past, we had a different brand.

其次，我們推出了自己的潤滑油和性能液品牌—ARGOS。對此我感到非常興奮。我在石油業工作多年，他們既了解產品品質需要如何保證，也了解擁有自己的品牌有多重要。過去，我們用的是另一個品牌。

By the way, there were royalties for that brand. That brand was in other retailers. That brand is associated with the parent company that's in financial difficulty, so the idea that we move to our own brand that we can control, and we pulse the consumer in terms of what they wanted. They wanted the reliability, the value, the strength of the product. So that is going to be great.

順便一提，那個品牌是有版稅的。其他零售商也有銷售該品牌的產品。該品牌與陷入財務困境的母公司有關，因此我們的想法是轉向我們自己的品牌，我們可以控制它，並根據消費者的需求來調整我們的品牌。他們想要的是產品的可靠性、價值和強度。那真是太好了。

By the way, combine that with our other private brands. We've got Carquest, we've got DieHard. So we have a great portfolio of private brands that are about half of our sales. We've got stuff going on in marketing. E-commerce, assortment improvements, training and store experience, all of these things geared towards having us do better with the DIY customer going forward.

順便一提，還要把它和我們其他的自有品牌結合在一起。我們有《Carq​​uest》，我們有《虎膽龍威》。因此，我們擁有非常出色的自有品牌組合，約占我們銷售額的一半。我們在行銷方面有一些項目正在進行。電子商務、產品種類改進、培訓和門市體驗，所有這些都是為了讓我們在未來更好地服務 DIY 客戶。

And I'll just add a couple of data points as we think about it, both Pro and DIY, we expect to contribute positively to comp growth with Pro outpacing DIY. A couple of things as we think about trends going into the year, first, last year, we spent a lot of time focusing on the Pro in the assortment, right?

我再補充幾個數據點，我們預期專業版和 DIY 版都會對競爭格局的成長做出正面貢獻，其中專業版的成長速度將超過 DIY 版。在展望今年的趨勢時，有幾點需要考慮。首先，去年我們花了很多時間專注於產品系列中的專業版，對吧？

You are now seeing us start to do and execute initiatives that we believe will have a positive impact on DIY. Just coming out of the quarter into Q1, DIY trends have remained stable to what we saw in Q4 and Q1 specifically. And we did see improvement sequentially throughout the quarter in our comp performance. In fact, the last period of P13 in Q4 was our highest pro comp of the year.

現在，您將看到我們開始實施和執行我們認為會對 DIY 產生正面影響的各項措施。從上一季進入第一季度，DIY 趨勢與第四季度和第一季相比保持穩定。而且，我們整個季度的同業表現確實逐週改善。事實上，第四季的 P13 最後一個賽季是我們全年最高的職業比賽成績。

So some of the work that we're doing, the initiatives around assortment, we're seeing that take hold. So we're excited about the performance in Pro, but we also want to make traction on DIY in the year.

所以，我們正在進行的一些工作，以及圍繞產品組合的舉措，我們已經看到這些工作開始奏效。所以我們對 Pro 版的表現感到興奮，但我們也希望今年在 DIY 版方面取得進展。

That's all helpful. Thanks. And really quickly, you also mentioned on the call you could see another 100 basis points of operating income expansion in '27. Just curious what comp assumption that's on? Just trying to better understand the sales and earnings leverage relationship.

這些都很有幫助。謝謝。而且很快，您在電話會議上也提到，您預計 2027 年營業收入將再成長 100 個基點。我只是好奇這個假設是基於什麼薪酬方案的？我只是想更好地理解銷售額和獲利之間的槓桿關係。

Yeah, not necessarily giving guidance on the comp percent for that, but I would expect low-single digits that we've given in the past.

是的，我不一定能給出具體的薪酬百分比指導，但我預計會像我們過去給出的那樣，是較低的個位數。

All right. Thank you so much.

好的。太感謝了。

Bret Jordan, Jefferies.

Bret Jordan，傑富瑞集團。

The private label strategy, given the fact you're rolling out ARGOS. Are you expecting to drive private label higher than that 50% of your sales mix?

鑑於您正在推出 ARGOS，自有品牌策略是可行的。您是否預期自有品牌產品在銷售額中的佔比超過 50%？

No, Bret. I would say it should remain consistent. I mean, with replacing a brand that we kind of considered to private label, so kind of within that, it may end up a little bit higher because we actually think this is a really good brand that can get some penetration. We think it's the right value offering in there. I think we'll be more competitive in that space.

不，布雷特。我認為應該保持一致。我的意思是，由於我們之前考慮過用這個品牌來替代自有品牌，所以價格可能會略高一些，因為我們確實認為這是一個非常好的品牌，能夠獲得一定的市場滲透率。我們認為它提供了合適的價值。我認為我們在這個領域會更有競爭力。

So maybe some minor movement, but we don't have any plans necessarily to significantly increase private penetration. We go category by category and what makes sense for the consumer and having the right assortment of brands for them.

所以可能會有一些小幅調整，但我們並沒有任何計畫大幅提高私人領域的滲透率。我們逐一類別進行分析，考慮消費者的需求，並提供他們合適的品牌組合。

Great. And then on market hubs, could you remind us how many of your hubs that you have today were converted Carquest DCs versus Greenfield? And maybe what the pipeline of Greenfield looks like? I think you said you're going to add 10, but maybe give us some sort of feeling as far as timing and what these things look like physically.

偉大的。關於市場樞紐，您能否提醒我們一下，您目前擁有的樞紐中有多少是由 Carquest 資料中心改造而來，又有多少是新建的？或許格林菲爾德的管道系統會是什麼樣子？我想你說過你會增加 10 個，但或許可以給我們一些關於時間安排以及這些東西實際上看起來是什麼樣子的感覺。

Yeah. Bret, more than 20 of our market hubs are conversions. So a good portion of them. We just started opening up our first greenfield this year. Really excited about the greenfield. Going forward, the majority of those market hubs will be greenfield locations.

是的。Bret，我們超過 20 個市場中心都是改造而成的。所以很大一部分人是這樣。我們今年才開始開發第一塊綠地。對這片綠地感到非常興奮。展望未來，這些市場中心的大部分都將是新建案。

Okay. And I guess when you think about the pipeline, which you have for identified properties and sort of you talked about 75,000 to 85,000 SKUs, what do we think about for like a square footage and what kind of capital goes into this box?

好的。我想，當你考慮你為已確定的物業制定的計劃時，你剛才提到了 75,000 到 85,000 個 SKU，那麼我們該如何考慮每平方英尺的成本以及投入到這個項目中的資金呢？

Yeah. The market hubs on average are roughly $2 million, but that does vary depending on whether that's like a build or a lease or takeover so varies. But right now, they average about $2 million for a market hub from a CapEx standpoint.

是的。市場中心的平均投資額約為 200 萬美元，但具體金額會根據建造方式（例如建設、租賃或收購）而有所不同。但就目前而言，從資本支出角度來看，一個市場中心的平均成本約為 200 萬美元。

Great. Thank you.

偉大的。謝謝。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

This is Mark Jordan on for Kate McShane. As we think about the comp guidance of 1% to 2% for the year, can you break down how you think about ticket and transactions? Because I think if we look at the expectations for same SKU inflation to be 2% to 3%, I think that suggests either other impacts to ticket or some transaction pressure in the year?

這裡是馬克喬丹，替凱特麥克沙恩為您報道。考慮到今年同業拆借收入預計將成長 1% 至 2%，您能否詳細解釋一下您是如何看待票務和交易的？因為我認為，如果我們預計同店商品價格上漲幅度在 2% 到 3% 之間，這表明今年的票價或交易量要么會受到其他因素的影響，要么會面臨一些壓力？

Yeah. I mean, for the most part, the DIY transactions, we'd expect to be pressured and continued. Obviously, there's inflation embedded in this. So we talked about inflation. So there is a negative DIY transaction, not inconsistent with what we've seen in 2025, but we'd like to see and continue to drive positive transactions. We want to drive transaction growth in the Pro as well.

是的。我的意思是，在大多數情況下，對於自助交易，我們預計會面臨壓力並繼續進行。顯然，這裡麵包含了通貨膨脹的因素。所以我們討論了通貨膨脹。因此，DIY交易呈負成長，這與我們2025年所看到的情況並不矛盾，但我們希望看到並繼續推動正成長。我們也希望推動專業版交易量的成長。

But I would expect that this is a slightly low-single-digit transaction and inflation driving it positive. So really, the pressure is on the DIY side there. Nothing significantly different from the trends that we see today.

但我預期這筆交易的金額會略低於個位數，通貨膨脹是推動其上漲的主要因素。所以說，DIY方面確實壓力很大。與我們今天看到的趨勢並無顯著差異。

Okay. Perfect. And then as you think about the cadence through the year, obviously, first half is stronger to the inflation benefits. But how should we think about maybe some tailwinds from the recent weather events. Are you seeing anything quarter to date on transactions that maybe looks encouraging?

好的。完美的。然後，當你考慮全年的節奏時，很明顯，上半年受通膨的影響更大。但是，我們應該如何看待近期天氣事件可能帶來的一些有利因素呢？本季迄今的交易情況是否有任何令人鼓舞的跡象？

So, I mean, it's -- the weather is interesting. We are seeing weather category is positive. But then also, there's the offset of those categories that are impacted negatively by weather. So it's been fairly neutral so far. Our current trends within the quarter are within our guidance.

所以，我的意思是，這天氣挺有趣的。我們看到天氣狀況大致良好。但同時，還有一些類別會受到天氣的負面影響，造成抵消。所以到目前為止，市場情緒還算中立。本季目前的趨勢符合我們的預期。

So we are seeing some good performance there. Failure items like batteries, those are doing well, but maintenance items, cooler weathers that has an impact. We do expect trends to improve as weather kind of normalizes.

所以我們看到那裡的表現不錯。電池等易損件目前運作良好，但維護保養用品會受到天氣轉冷的影響。我們預計隨著天氣逐漸恢復正常，趨勢將會改善。

The Northeast, Mid-Atlantic, those have been impacted by the storms. I'd say prior to storm burn, if you guys remember the storm burn, big deal, we did have an initial buildup of sales. But post the storm, a portion of our stores were closed. So there's that mix.

美國東北部和大西洋中部地區都受到了風暴的影響。我想說，在暴風雪之前（如果你們還記得暴風雪的話，其實也沒什麼大不了的），我們的銷售額確實出現了初步增長。但風暴過後，我們部分門市關閉了。所以，這就是其中的混合情況。

So you got to get past the store closures and you see some of the weather rebound. But right now, we're tracking in line with our guidance range.

所以你得先度過商店關門的這段時間，然後才能看到天氣回暖。但目前來看，我們的進展符合預期範圍。

Great. Thank you very much.

偉大的。非常感謝。

Zach Fadem, Wells Fargo.

札克法德姆，富國銀行。

I want to make sure I understand your vendor finance commentary is. It sounds like you're taking suppliers off the program and generating better gross margins from those vendors, but that also translates to a weaker free cash flow due to the impact of payables. So first of all, is that right? And is that the game plan going forward from here?

我想確認一下我是否理解了您對供應商財務方面的評論。聽起來你們正在將供應商從該計劃中移除，並從這些供應商那裡獲得更高的毛利率，但這也會因為應付帳款的影響而導致自由現金流減弱。首先，是這樣嗎？這就是接下來的計畫嗎？

Yeah. No impact to gross margin just yet. We don't have a specific target or game plan to go do that. We like our supply chain finance program. Our vendors like it. It's very stable after what we've done this past year with the new structure.

是的。目前尚未對毛利率產生影響。我們沒有具體的目標或行動計劃來實現這一點。我們很喜歡我們的供應鏈金融項目。我們的供應商很喜歡。經過過去一年我們對新架構的調整，現在非常穩定。

This is more of -- it is a lever and an option that we could pull as we're talking to vendors, and we evaluate that, but we would evaluate any other negotiation. The supply chain finance program is stable. It's in place. We like it, but there's no concerted effort that says we are going to reduce it any further. The vendors like that program.

這更像是一種槓桿和選擇，我們可以在與供應商談判時使用，我們會對此進行評估，但我們也會評估任何其他談判。供應鏈金融項目運作穩定。已經就位。我們喜歡它，但目前還沒有任何一致的努力表明我們會進一步減少它。供應商們喜歡這個方案。

If they do come off the program, we would fully expect a positive improvement to our cost of goods, right? Because they're paying to be on the program, we would want a positive impact for us. That's an investment of working capital. And so we do the math. We want to make sure it makes economic sense to our P&L.

如果他們退出該計劃，我們完全可以預期我們的商品成本會得到積極的改善，對嗎？因為他們付費參加這個項目，我們希望它能為我們帶來正面的影響。這是對營運資金的投資。於是我們開始計算。我們希望確保它對我們的損益表來說是經濟合理的。

If we do move them off that program at a greater rate, it would be -- we would expect a P&L positive impact from it. But right now, we think it's stable, and the program at 2.5, so anywhere between 2.4 and 2.6 based on payables throughout the year is where we expect it to be. There's nothing in the works right now that would indicate a difference in approach.

如果我們能以更快的速度將他們從該計劃中移除，我們預計這將對損益產生積極影響。但就目前而言，我們認為它很穩定，該計劃的收益率為 2.5，因此根據全年的應付帳款，我們預計收益率將在 2.4 到 2.6 之間。目前沒有任何跡象表明方法會有所不同。

Got it. And then a couple of clarifications or housekeeping items. First of all, any expectation for LIFO capitalized inventory costs in Q1 in '26? Same thing with restructuring costs in Q1 or '26. And it also sounds like pro comps benefited in '25 from store closures. Any quantification there as we think about '26?

知道了。然後還有一些需要澄清或交代的事項。首先，對於2026年第一季採用後進先出法（LIFO）計算的資本化存貨成本，您有什麼預期？2026 年第一季的重組成本也是如此。而且聽起來，職業比賽在 2025 年也受益於商店的關閉。考慮到2026年的情況，有什麼量化數據可以參考嗎？

Yeah. So I'll hit the first one on LIFO. On LIFO, in '25, we had about 40 basis points of headwind. In '26 in our guidance, it's in our guidance, we expect about 50 basis points of headwind. And in Q1, specifically, we're expecting about $30 million of headwind related to LIFO.

是的。所以我先照後進先出原則拿第一個。2025 年，在後進先出法（LIFO）下，我們遇到了約 40 個基點的不利因素。在我們的預測中，2026 年預計將面臨約 50 個基點的不利因素。具體來說，在第一季度，我們預計與後進先出法 (LIFO) 相關的阻力將達到約 3,000 萬美元。

Now the warehouse capitalization cost in there, we expect to be flat as we expect inventory to be roughly flat year over year, so I don't expect an impact on that. But LIFO expense, the '26, which is in our guidance, about 50 basis points of headwind that we'll see.

現在，我們預計倉庫資本化成本將保持不變，因為我們預計庫存將與去年同期大致持平，所以我預計不會對此產生影響。但根據我們的指導意見，2026 年的 LIFO 費用將面臨約 50 個基點的阻力。

On the other one, we haven't quantified externally what it is. What I'd just say is that we did get Pro transfer sales in our comps past year. Pro would still have been positive net of that transfer sales. So we like how the team executed moving those accounts to the new sister stores. They did a great job in maintaining the service levels of those Pro customers and actually overdelivered our expectation on it, and they're servicing those Pros really strongly.

另一方面，我們還沒有從外部量化它是什麼。我只想說的是，去年我們的比賽中確實出現了職業球員轉會的情況。扣除轉會費後，Pro 的淨收益仍將為正。我們很滿意團隊將這些帳戶轉移到新的姊妹店的執行方式。他們在維持專業客戶的服務水準方面做得非常出色，實際上超出了我們的預期，他們為這些專業客戶提供的服務非常出色。

I think the initiatives we have, the new assortment, the service level improvement really helps drive our Pro comps even above that. And we like how that's positioning us during the year.

我認為我們推出的各項舉措，包括新的產品系列、服務水準的提升，確實有助於推動我們的專業競爭對手業績更上一層樓。我們很喜歡這種定位，它讓我們在一年中佔據有利位置。

Thanks, Ryan. Appreciate the time.

謝謝你，瑞恩。感謝您抽出時間。

This concludes today's Q&A session and go back to CEO, Shane O'Kelly for any closing comments.

今天的問答環節到此結束，接下來請執行長 Shane O'Kelly 做最後的總結發言。

Thank you, everybody, for participating in today's call. More importantly, thank you to all of the Advanced Auto Parts team members. It's their hard work that we rely on to deliver the results. We appreciate everything that they do. We look forward to sharing our Q1 results in May and stay tuned for those when they come.

感謝各位參加今天的電話會議。更重要的是，感謝Advanced Auto Parts團隊的所有成員。正是他們的辛勤工作才讓我們取得了成果。我們感謝他們所做的一切。我們期待在五月公佈第一季業績，敬請關注。

Thanks, everybody. Take care. Bye-bye.

謝謝大家。小心。再見。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路了。