Asbury Automotive Group Inc (ABG) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Asbury Automotive Group fourth quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Asbury Automotive Group 2025 年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to introduce Chris Reeves, Vice President, Finance and Treasurer.

現在我榮幸地向大家介紹克里斯·里夫斯，財務副總裁兼司庫。

Thanks, operator, and good morning. As noted, today's call is being recorded and will be available for replay later this afternoon. Welcome to Asbury Automotive Group's fourth quarter 2025 earnings call. The press release detailing Asbury's fourth quarter results was issued earlier this morning and is posted on our website at investors.asburyauto.com.

謝謝接線員，早安。如前所述，今天的電話會議正在錄音，並將於今天下午晚些時候提供重播。歡迎參加 Asbury Automotive Group 2025 年第四季財報電話會議。詳細介紹 Asbury 第四季業績的新聞稿已於今天早上早些時候發布，並已發佈在我們的網站 investors.asburyauto.com 上。

Participating with me today are David Hult, our President and Chief Executive Officer; Dan Clara, our Chief Operations Officer; and Michael Welch, our Senior Vice President and Chief Financial Officer. At the conclusion of our remarks, we will open up the call for questions and will be available later for any follow-up questions.

今天與我一同出席的有：我們的總裁兼執行長大衛‧霍爾特；我們的營運長丹‧克拉拉；以及我們的高級副總裁兼財務長麥可‧韋爾奇。發言結束後，我們將開放提問環節，稍後也會解答任何後續問題。

Before we begin, we must remind you that the discussion during the call today is likely to contain forward-looking statements. Forward-looking statements are statements other than those which are historical in nature, which may include financial projections, forecasts and current expectations, each of which are subject to significant uncertainties.

在開始之前，我們必須提醒各位，今天電話會議的討論內容可能包含前瞻性陳述。前瞻性陳述是指除歷史事實陳述之外的陳述，可能包括財務預測、預期和當前期望，而這些陳述都存在很大的不確定性。

For information regarding certain of the risks that may cause actual results to differ materially from these statements, please see our filings with the SEC from time to time, including our upcoming Form 10-K for the year ended December 31, 2025, and any subsequently filed quarterly reports on Form 10-Q and our earnings release issued earlier today. We expressly disclaim any responsibility to update forward-looking statements.

有關可能導致實際結果與這些聲明存在重大差異的某些風險的信息，請參閱我們不時向美國證券交易委員會提交的文件，包括我們即將提交的截至 2025 年 12 月 31 日止年度的 10-K 表格，以及隨後提交的任何 10-Q 表格季度報告和我們今天早些時候發布的收益報告。我們明確聲明不承擔任何前瞻性陳述的責任。

In addition, certain non-GAAP financial measures as defined under SEC rules may be discussed on the call. As required by applicable SEC rules, we provide reconciliations of any such non-GAAP financial measures to the most directly comparable GAAP measures on our website. Comparisons will be made on a year-over-year basis unless we indicate otherwise. We have also posted an updated Investor Relation presentation on our website, investors.asburyauto.com highlighting our fourth quarter results.

此外，電話會議中可能會討論一些根據美國證券交易委員會規則定義的非GAAP財務指標。根據適用的美國證券交易委員會規則，我們在網站上提供任何此類非GAAP財務指標與最直接可比較的GAAP指標的調節表。除非另有說明，否則所有比較均以同比計算。我們也在其網站 investors.asburyauto.com 上發布了更新的投資者關係演示文稿，重點介紹了我們第四季度的業績。

It is now my pleasure to hand the call over to our CEO, David Hult. David?

現在我很高興將電話交給我們的執行長大衛霍爾特。大衛？

Thank you, Chris, and good morning, everyone. Welcome to our fourth quarter earnings call. As I said in our earnings release, 2025 was a productive year for Asbury. We grew the size of our business both in terms of revenue and in the geographic areas of the country in which we operate, acquiring $2.9 billion in revenue.

謝謝你，克里斯，大家早安。歡迎參加我們第四季財報電話會議。正如我在獲利報告中所說，2025 年對 Asbury 來說是碩果累累的一年。我們在收入和經營範圍方面都擴大了業務規模，並獲得了 29 億美元的收入。

More importantly, the composition of our portfolio continued to improve through strategic divestitures. Because of the discipline in running our business, we were ahead of where we thought we would be from a leverage perspective at 3.2 times versus our forecast of 3.5 times.

更重要的是，透過策略性剝離，我們的投資組合構成持續改善。由於我們在經營業務方面嚴謹自律，從槓桿率的角度來看，我們的槓桿率達到了 3.2 倍，高於我們預測的 3.5 倍，比我們預想的要高。

We deployed $186 million in CapEx and continued our share repurchase efforts, buying back $50 million in shares for the quarter and $100 million for the full year. We transitioned 15 additional stores onto Tekion during the quarter. Ending the year with 38 stores operating on our new DMS.

我們在資本支出方面投入了 1.86 億美元，並繼續進行股票回購，本季回購了 5,000 萬美元的股票，全年回購了 1 億美元。本季我們又有 15 家門市過渡到了 Tekion 系統。截至年底，已有 38 家門市採用我們新的 DMS 系統。

Managing our portfolio and allocating capital to areas that generate the greatest returns for the business and our shareholders has long been a core pillar of Asbury's strategic plan. And I am proud of the team's efforts to both grow the company and maintain our focus on expense control.

管理我們的投資組合並將資本分配到能為公司和股東帶來最大回報的領域，一直是 Asbury 策略計畫的核心支柱。我為團隊在發展公司和保持成本控制方面所做的努力感到自豪。

Moving into 2026, we are confident these collective investments and the strength of our team position us to win, delivering value to our guests and returns to our shareholders.

展望 2026 年，我們有信心憑藉這些集合投資和我們團隊的實力，贏得勝利，為我們的客人創造價值，為我們的股東帶來回報。

Next, I'd like to highlight some same store operating metrics for the quarter. New vehicle sales volume were a reflection of prior year post-election surge. PVRs on new vehicles continue to normalize, and we reiterate our view that new vehicle profitability will eventually stabilize in the $2,500 to $3,000 range.

接下來，我想重點介紹本季的一些同店營運指標。新車銷量反映了前一年選舉後的銷量激增。新車的PVR（每輛車行駛里程）繼續趨於正常化，我們重申我們的觀點，即新車的獲利能力最終將穩定在2500美元至3000美元的範圍內。

In used vehicles, we are beginning to see the results of our efforts to improve our performance, and while volumes continue to reflect a supply constrained environment, gross profit rose 6% year-over-year with used vehicle retail PVRs up 18%.

在二手車領域，我們開始看到我們為改善業績所做的努力的成果，雖然銷量仍然反映出供應受限的環境，但毛利同比增長了 6%，二手車零售 PVR 增長了 18%。

On the ground, we noticed a pullback in consumer spending in parts and service. However, we are optimistic about the outlook and positioning of our fixed operations business. Later in the call, Dan will provide additional details on our operational performance.

在實際操作中，我們注意到消費者在零件和服務方面的支出有所減少。但是，我們對固定營運業務的前景和市場地位持樂觀態度。在稍後的通話中，丹將提供有關我們營運業績的更多細節。

Our same store adjusted SG&A as a percentage of gross profit was up 162 basis points for its prior year. Reflecting the impact of lower new vehicle profitability. We remain committed to operating our business in the most efficient way possible and we'll continue to adjust our cost structure as business conditions change.

同店調整後的銷售、一般及行政費用佔毛利潤的百分比比上年增長了 162 個基點。反映了新車獲利能力下降的影響。我們將繼續致力於以最高效的方式經營業務，並隨著業務環境的變化不斷調整成本結構。

Moving to capital allocation. We divested four stores in the quarter and are on track to divest another nine stores by the end of the first quarter. These 13 transactions collectively representing $750 million of annualized revenue are at attractive multiples and will further accelerate our path to reducing our leverage, giving us additional flexibility to pursue share repurchases.

接下來討論資本配置。本季我們剝離了四家門市，並預計在第一季末再剝離九家門市。這 13 筆交易合計代表 7.5 億美元的年化收入，估值倍數很有吸引力，將進一步加快我們降低槓桿率的步伐，使我們有更大的靈活性進行股票回購。

We expect to continue our repurchasing activity in 2026. The pace of which will be dictated by our share price, leverage profile, economic conditions, and trade-offs with strategic tuck and acquisition opportunities.

我們預計在 2026 年繼續進行回購活動。其速度將取決於我們的股價、槓桿水平、經濟狀況以及策略整合和收購機會的權衡取捨。

And now for our consolidated results for the fourth quarter. We generated a fourth quarter record of $4.7 billion in revenue. At a gross profit of $793 million also a fourth quarter record. A gross profit margin of 17%, and expansion of 31 basis points.

接下來公佈我們第四季的綜合業績。我們第四季營收創下歷史新高，達到 47 億美元。毛利達7.93億美元，也創下第四季紀錄。毛利率為 17%，成長 31 個基點。

We delivered an adjusted operating margin of 5.4% in our adjusted earnings per share was $6.67. Our adjusted EBITDA was $250 million.

我們實現了5.4%的調整後營業利潤率，調整後每股收益為6.67美元。調整後EBITDA為2.5億美元。

I'm proud of what the team accomplished in 2025, and with the foundational investments we've made in our business, I'm excited about the path ahead for 2026.

我為團隊在 2025 年的成就感到自豪，並且憑藉我們對業務的基礎性投資，我對 2026 年的發展前景感到興奮。

Now Dan will discuss our operational performance in more detail, Dan.

現在丹將更詳細地討論我們的營運績效。

Thank you, David, and good morning, everyone. I would like to start off with a thank you to the team for the positive momentum going into this year as we undertook a number of growth objectives in 2025. Thank you.

謝謝你，大衛，大家早安。首先，我要感謝團隊在今年伊始所展現出的正面勢頭，我們制定了 2025 年的多項成長目標。謝謝。

Looking back at the fourth quarter, we increased our same store used gross profit thanks to our continued progress and execution by our team members.

回顧第四季度，由於我們團隊成員的持續進步和執行，我們的同店毛利有所增長。

We also rolled out Tekion to an additional 15 stores during the quarter and in January added eight more stores which brings our current count to 46, or more than 25% of our portfolio. And on an all-store basis we can see the positive lift from the Chambers group in our new and used PBRs.

本季度，我們還在另外 15 家門市推廣了 Tekion，1 月又增加了 8 家門市，使我們目前的門市數量達到 46 家，占我們門市總數的 25% 以上。從所有門市來看，Chambers 集團為我們的新舊 PBR 帶來了積極的提升。

And now I'm going to provide some updates on our same store performance, which includes dealerships and TCA on a year-over-year basis unless stated otherwise. Starting with new vehicles, same store revenue year-over-year was down 6%, which followed the store contraction of 5%.

現在我將提供一些關於我們同店業績的最新信息，其中包括經銷商和TCA的同比業績（除非另有說明）。從新車銷售來看，同店銷售額年減了 6%，此前門市數量減少了 5%。

We faced a tough comparable from last year's post-election surge and the pull forward effect of demand earlier in the year. We did see some disruptions in our DC market as expected. New average gross profit per vehicle was $3,135, a slight decrease sequentially as import brand PBRs gave some ground but were offset by the seasonal strength in luxury.

我們面臨去年大選後需求激增以及年初需求提前釋放帶來的嚴峻挑戰。正如預期的那樣，我們的DC市場確實出現了一些波動。每輛車的新平均毛利潤為 3,135 美元，環比略有下降，原因是進口品牌 PBR 的銷量有所下滑，但被豪華車的季節性強勁表現所抵消。

Across all brands our same store new day supply was 49 days at the end of December versus 58 days at the end of the third quarter. All three segments were at lower day supply versus the previous quarter, led by several luxury brands in the domestics.

截至 12 月底，所有品牌的同店新品供應天數為 49 天，而第三季末為 58 天。與上一季相比，所有三個細分市場的庫存天數均有所下降，其中國內幾個奢侈品牌的庫存下降最為顯著。

Through 2026 we will manage our business based on what we're seeing in our market and execute accordingly.

到 2026 年，我們將根據我們對市場的觀察來管理我們的業務，並採取相應的行動。

Turning to used vehicles. Fourth quarter total use gross profit was up 6% year-by-year. Used retail gross profit per unit was up 18% at $1,749 a $271 increase over the prior year, and a $198 increase over a reported third quarter 2025 number.

轉而購買二手車。第四季總使用毛利潤年增 6%。二手零售每單位毛利成長 18%，達到 1,749 美元，比去年同期成長 271 美元，比 2025 年第三季報告的數據成長 198 美元。

Our same store use DSI was 35 days at the end of the quarter in line with our DSI at the end of the third quarter.

本季末，我們同店使用 DSI 為 35 天，與第三季末的 DSI 一致。

Shifting to F&I. We earned an F&I PVR of $2,335. The non-cash deferral impact of TCA was $105. So, without the year-over-year impact, the PVR would have been $2,440. We plan to implement TCA to the Chamber stores by year end to complete our rollout across all platforms.

轉向金融和保險。我們獲得了 2,335 美元的 F&I PVR。TCA 的非現金遞延影響為 105 美元。因此，如果不考慮同比影響，PVR 將是 2,440 美元。我們計劃在年底前將 TCA 系統推廣到商會門市，以完成所有平台上的全面推廣。

And finally, in the fourth quarter, our total front-end yield per vehicle was $4,897 up $259 sequentially.

最後，在第四季度，我們每輛車的前端總收益為 4,897 美元，比上一季成長了 259 美元。

Now moving to parts and service. Our same store parts and service gross profit was up 2% year-over-year. When looking at our customer pay and warranty performance, customer pay gross profit was up 3%, with warranty gross profit higher by 6%.

現在轉到零件和服務部分。我們同店零件和服務毛利年增 2%。從客戶付費和保固績效來看，客戶付費毛利成長了 3%，保固毛利成長了 6%。

We lapped tough double-digit comps in both customer pay and warranty, which in 2024 were up 13% and up 26% respectively. For the quarter we generated a gross profit margin of 58.1%, an expansion of 13 basis points.

我們在客戶付費和保固方面都超越了兩位數的強勁競爭對手，2024 年這兩項分別成長了 13% 和 26%。本季毛利率為 58.1%，成長了 13 個基點。

On an all-store basis, this was a record fourth quarter for our parts and service business as total revenue grew 12% to $658 million. We remain optimistic about the trends we see supporting the long tail of parts and services operations.

從所有門市來看，這是我們零件和服務業務創紀錄的第四季度，總收入成長了 12%，達到 6.58 億美元。我們對支援零件和服務業務長尾發展的趨勢仍然保持樂觀。

The average age of the car on the road combined with the increasing complexity of technology and vehicles positions us to reap the benefits of this large addressable market. We believe we're well positioned to unlock meaningful efficiencies as we navigate in our journey to becoming the most guest centric automotive retailer enabled by the hard work of our team members and continued investment in technology. Thank you.

在道路上行駛的汽車平均車齡，加上技術和車輛的日益複雜化，使我們能夠從這個龐大的潛在市場中獲益。我們相信，憑藉團隊成員的辛勤工作和對科技的持續投入，我們有能力在成為最以客戶為中心的汽車零售商的道路上，實現有意義的效率提升。謝謝。

And with that, I will now hand the call over to Michael to discuss our financial performance, Michael.

接下來，我將把電話交給邁克爾，讓他來討論我們的財務表現。

Thank you, Dan, and good morning to our team members, analysts, investors, and other participants on the call. For our financial performance in the fourth quarter, adjusted net income was $129 million. Adjusted EPS was $6.67 for the quarter.

謝謝丹，也祝福我們的團隊成員、分析師、投資者以及其他參加電話會議的人員早安。第四季財務業績方面，調整後淨收入為 1.29 億美元。本季調整後每股收益為 6.67 美元。

In addition, the non-cash deferral headwind due to TCA this quarter was $0.31 per share. Our adjusted EPS would have been $6.98 without the deferral impact.

此外，本季因 TCA 造成的非現金遞延不利影響為每股 0.31 美元。如果不計遞延影響，我們調整後的每股盈餘將為 6.98 美元。

Adjusted net income for the fourth quarter of 2025 excludes net of tax, non-cash asset impairments of $87 million. Net gain on divestures of $26 million and $5 million related to the Tekion implementation expenses. $3 million related to the non-cash fixed asset write-offs and $1 million professional fees related to the acquisition of Herb Chambers Automotive Group.

2025 年第四季調整後淨收入不包括稅後非現金資產減損 8,700 萬美元。出售資產淨收益為 2,600 萬美元，與 Tekion 實施費用相關的淨收益為 500 萬美元。非現金固定資產減損相關的淨收益為 300 萬美元，收購 Herb Chambers 汽車集團相關的專業費用為 100 萬美元。

We divested four stores in the quarter which generated an estimated annualized revenue of $150 million. Adjusted SG&A as a percentage of gross profit on the same store basis came in at 64.1%. We feel confident in our ability to manage overall cost over the next few quarters as we progress the Tekion implantation across our stores and navigate normalizing new vehicle unit profitability.

本季我們剝離了四家門市，預計年化收入為 1.5 億美元。以同店經營調整後的銷售、管理及行政費用佔毛利的百分比為 64.1%。我們有信心在接下來的幾個季度內控制整體成本，因為我們將在我們的門市推進 Tekion 系統的實施，並努力使新車單位盈利能力恢復正常。

The adjusted tax rate for the quarter was 25.8%. We estimate the full year 2026 effective tax rate to be approximately 25.5%. TCA generated $12 million of pre-tax income in the fourth quarter. The negative non-cash deferral impact for the quarter was $8 million.

本季調整後的稅率為25.8%。我們估計 2026 年全年實際稅率約為 25.5%。TCA第四季稅前收入為1200萬美元。本季非現金遞延影響為 800 萬美元。

Our updated TCA site in our presentation reflects the rollout to Chambers during 2026, the disposal of our held for sale assets, and revised our estimates based on external forecasts.

我們在簡報中更新的 TCA 網站反映了 2026 年向 Chambers 的推廣、我們持有待售資產的處置，以及根據外部預測修訂的估計。

Now moving back to our results, we generated $651 million for just operating cash flow during 2025, excluding real estate purchases, we spent $186 million in capital expenditures this year. The assets we sold and haven't held for sale allow us to avoid some low return CapEx to deploy cash for more strategic capital decisions. We anticipate approximately $250 million in CapEx spent for both 2026 and 2027.

現在回到我們的業績，光是2025年我們的營運現金流就產生了6.51億美元，不包括房地產購買，我們今年的資本支出為1.86億美元。我們出售且未持有待售的資產使我們能夠避免一些低迴報的資本支出，從而將現金用於更具策略性的資本決策。我們預計 2026 年和 2027 年的資本支出約為 2.5 億美元。

Adjusted free cash flow was $465 million for the year. We ended the year with $927 million of liquidity comprised of four plan offset accounts, availability on both our use line and revolving credit facility, and cash excluding the cash of Total Car Auto.

經調整後的年度自由現金流為 4.65 億美元。年底，我們擁有 9.27 億美元的流動資金，其中包括四個計劃抵消帳戶、可用額度和循環信貸額度，以及現金（不包括 Total Car Auto 的現金）。

Our transaction adjusted net leverage ratio was 3.2 times at the end of the year. Our results were better than expected from a leverage standpoint, which we believe gives us room to continue with our path of discipline, strategic capital decisioning.

截至年底，我們的交易調整後淨槓桿率為 3.2 倍。從槓桿角度來看，我們的業績好於預期，我們相信這給了我們繼續堅持紀律嚴明、策略性資本決策的空間。

And finally, before I finish our prepared remarks on behalf of everyone, I want to thank our team members for their hard work in 2025 and we look forward to 2026.

最後，在我代表大家結束準備好的發言之前，我要感謝我們團隊成員在 2025 年的辛勤工作，我們期待著 2026 年。

With that, this concludes our prepared remarks. We will now turn the call over to the operator to take questions, operator.

至此，我們準備好的發言就結束了。現在我們將把電話轉交給接線員回答問題，接線員。

(Operator Instructions) Jeff Lick, Stephens Inc.

（操作說明）傑夫·利克，史蒂芬斯公司

Good morning, everyone. Thanks for taking the question. This is maybe for David and Daniel, I kind of pack a few questions into one, I guess if you look at 2025 is your base year, obviously it's like three or four years inside of that year.

各位早安。感謝您回答這個問題。這或許是給大衛和丹尼爾的，我把幾個問題放在一起問了，我想如果你把 2025 年作為基準年，顯然它就像是在那一年內的三到四年。

As you now look at 2026 lapping tariffs, lapping the EV credit, you got lease returns, potentially maybe there's, you guys have highlighted some more GPU normalization.

現在展望 2026 年，考慮到關稅下調、電動車補貼下調、租賃收益等因素，你們可能也強調了一些 GPU 正常化的問題。

If you could just kind of give us a little road map to, how you see things playing out and maybe, if you could give some granularity in terms of the first half and the second half, just to -- kind of the qualitative path of travel, what we should look for as the year progresses.

如果您能為我們提供一份路線圖，說明您認為事情將如何發展，並且如果您能具體說明一下上半年和下半年的情況，就讓我們了解一下——大致的發展方向，以及隨著這一年的推進，我們應該關注哪些方面。

Thanks Jeff, this is David. I'll start and Dan can jump in if he wants. I think we're forecasting to go slightly backwards in [SAR], but SAR is an overall number that includes fleet and wholesale, and I think it's going to vary by brands. We have a lot of Stellantis stores that were -- a percentage of our business that were challenging for us in '25.

謝謝傑夫，我是大衛。我先開始，丹如果想加入也可以。我認為我們預測[SAR]會略有下降，但SAR是一個包含車隊和批發在內的總體數字，我認為它會因品牌而異。我們有很多 Stellantis 門市——這些門市占我們業務的很大一部分，在 2025 年給我們帶來了挑戰。

All brands are cyclical and we believe the Stellantis will come back. So hopefully that'll turn into a tailwind for us in '26. You know we have over 50 stores now in the Northeast. January's been ridiculously tough with weather, so it's been a challenge starting off the year and we've even had a challenging weather in the southeast as well.

所有品牌都有周期性，我們相信Stellantis會捲土重來。所以希望這能在2026年成為我們的順風。你知道我們現在在東北地區有超過50家門市嗎？一月份的天氣異常惡劣，所以今年開局充滿挑戰，連東南部的天氣也十分惡劣。

I would say the first half will probably be a little bit more of a struggle and the second half should start to free up a little bit. I don't know that the tariffs are fully settled across all brands. There's still movement on pricing and it's yet to be known what incentives will look like in the future.

我認為上半場可能會比較艱難，下半場應該會輕鬆一些。我不知道所有品牌的關稅是否都已完全確定。價格方面仍有變動，未來會有哪些激勵措施還有待觀察。

We're optimistic about our parts and service business and where that's headed. We've had a lot of distractions in '25 between the acquisition and rolling out Tekion.

我們對我們的零件和服務業務及其發展方向持樂觀態度。2025 年，我們經歷了許多幹擾，從收購到推出 Tekion，各種事情讓我們分心。

Now having a third of the company on Tekion and the rest of the company being rolled out by the fall, we think that's going to really bode well for us not only from a cost perspective but an efficiency perspective going into '27. We will have some headwind in '26 paying for both DMSs and as you can imagine when you transition a store into a new DMS, other than the excessive cost for a period of time.

現在公司已有三分之一的業務採用 Tekion 系統，其餘業務也將在秋季前完成部署，我們認為這不僅對成本有利，而且對 2027 年的效率提升也將大有裨益。2026 年我們將面臨一些阻力，因為我們需要同時支付兩個 DMS 的費用。您可以想像，當您將商店過渡到新的 DMS 時，除了短期內過高的成本之外，還會產生其他問題。

There's a transition getting everyone comfortable with the software and efficient on it. So, we think all this blocking and tackling and the heavy lifting we're doing is going to pay dividends going into the future, for us we probably got, five-, six-, seven-months of bumpiness and distraction and going through all of it. But we know the outcome will be very beneficial for Asbury.

需要一段時間讓每個人都熟悉並有效率地使用該軟體。所以，我們認為我們所做的所有這些阻撓、努力和艱苦的工作，將來都會得到回報。對我們來說，我們可能經歷了五、六、七個月的坎坷和乾擾，並克服了所有這些困難。但我們知道，這個結果對阿斯伯里來說將非常有利。

And then maybe just a quick -- Hi Daniel thank you go ahead no go ahead, no.

然後也許只是簡單地說一句——嗨，丹尼爾，謝謝你，請便，不，請便，不。

I was just going to add to David's comments on the -- when you think about from a used car standpoint what we're expecting in the second half with least turnings coming in you can see the results of our renewed strategy and execution by the team.

我正要補充大衛的評論——當你從二手車的角度來看待我們下半年的預期，考慮到流入的車輛最少，你可以看到我們團隊重新制定的戰略和執行的成果。

So, we are very confident, that it is working and that has paved the way for lack of a better term to when that influx of inventory coming in that we can pull that lever and execute accordingly, while still remaining disciplined to maximizing the gross profit per unit.

因此，我們非常有信心，它正在發揮作用，這為（暫且這麼說吧）當大量庫存湧入時，我們可以採取相應的措施並執行，同時仍然保持紀律，最大限度地提高每單位的毛利潤。

And then just a quick follow-up. I mean, because your GPUs are still north of that 2,500 to 3,000 kind of settling range you've talked about.

然後還有一個簡短的後續問題。我的意思是，因為你的 GPU 仍然高於你所說的 2500 到 3000 的穩定範圍。

I guess, where do you see -- let's say you get to the middle of that range, 2,750, where does that come from? How does that decline in GPU manifest itself? Is that more inventory, finally getting 3 million units on the ground? Is that because Toyota gives a little back? I'm just curious, what -- because you guys have been pretty steadfast to that 2,500 to 3,000 mark, I'm just curious, where do you see that further adjustment to come?

我想，假設你到達這個範圍的中間值，2750，那麼這個值是從哪裡來的呢？GPU效能下降會如何表現？這是更多庫存，終於要實現300萬台的交貨量了嗎？是因為豐田會做一些回饋社會的事嗎？我只是好奇，因為你們一直堅持將目標價維持在 2500 到 3000 這個區間，所以我很好奇，你們認為接下來的調整幅度會是多少？

It -- it's a great question, Jeff. I think as long as the inventory stays somewhat balanced the way they are, we kind of look at our brand mix, and the way the incentives have been tracking with the divestitures we've had and the several that are coming, our percentage of luxury goes up from 32% to probably about 36% which benefits us overall.

這——這是一個很好的問題，傑夫。我認為，只要庫存保持目前的平衡狀態，我們就會審視我們的品牌組合，以及激勵措施與我們已經完成和即將進行的資產剝離之間的關聯性，我們的奢侈品比例將從 32% 上升到大約 36%，這對我們整體來說是有利的。

I would say if the SAR was going to stretch and the inventories were going to grow, that puts the most pressure on margins, but where most OEMs are predicting a flat or a little bit backwards here, we don't anticipate sitting on a high day supply.

我認為，如果 SAR 值上升，庫存增加，這將對利潤率造成最大壓力，但大多數 OEM 廠商預測 SAR 值將持平或略有下降，因此我們預計不會出現高庫存日供應量。

Now the winter months, you tend to sit on a high day supply because you're coming off a busy fourth quarter and things slow down. But that should normalize over the next quarter or two. I think we're conservative in our approach, when we give estimates of 2,500 to 3,000 based upon our brand mix.

現在到了冬季，由於第四季業務繁忙，業務逐漸放緩，所以庫存日數往往會比較高。但這種情況應該會在未來一、兩個季度內恢復正常。我認為我們的做法比較保守，根據我們的品牌組合，我們給出的估計是 2,500 到 3,000。

But it's also difficult to predict the future. I think the biggest thing that's going to govern the volume this year is what we've all been talking about is the high cost of sale for new we're over 52,000 in the quarter. And you know that's a stretch. So, when people are stretching into purchasing, it tends to put pressure on margins as well to try and consummate the deal.

但預測未來也並非易事。我認為今年影響銷售的最大因素是我們一直在討論的新車銷售成本過高，本季銷量已超過 52,000 輛。你知道這有點牽強。因此，當人們為了完成交易而勉強購買時，往往也會對利潤率造成壓力。

And I don't know if you have anything you want to add.

我不知道你還有什麼要補充的。

No. Nothing to add, thank you.

不。沒什麼要補充的，謝謝。

Well, thank you for taking my question and best of luck in 2026.

感謝您回答我的問題，祝您2026年一切順利。

Thank you.

謝謝。

Rajat Gupta, JP Morgan.

Rajat Gupta，摩根大通。

Hey, thanks for taking the question, and I just wanted to follow-up on parts and service. The customer pay growth was a little weaker than we would have expected. I understand the warranty comes.

嘿，謝謝你回答我的問題，我只是想跟進一下零件和服務方面的問題。客戶付費成長速度略低於我們的預期。我知道保固期到了。

I know you mentioned like it had a tough com, but I also felt fourth quarter of '24 had some easy comparison from fourth quarter of '23 because of the DMS transition. So, I'm curious if the customer pay number is satisfactory.

我知道你提到過，這似乎是一個艱難的比較，但我也覺得由於 DMS 的過渡，2024 年第四季與 2023 年第四季有一些容易比較的情況。所以，我想知道顧客支付金額是否令人滿意。

Do you -- I mean is there more opportunity there? Any sense you can give us around the Outlook for '26, have a quick follow-up. Thanks.

我的意思是，那裡有更多機會嗎？如果您對 2026 年的前景有任何看法，請盡快回覆。謝謝。

Yeah, good morning, Rajat. This is Dan. No, we're not satisfied with the customer pay growth. We -- just as it is with used cars, we have a renewed strategy in fixed operations, that we feel very confident in executing there, when you look at the age of the car on the road, and then you look at all the technology enhancement that is coming with the new product.

早上好，拉賈特。這是丹。不，我們對客戶付費成長並不滿意。就像二手車一樣，我們在固定營運方面也制定了新的策略，我們對此充滿信心，因為我們考慮到路上行駛的車輛的車齡，以及新產品帶來的所有技術改進。

We know, and we're ready to take advantage of that part of the market, so our forecast remains the same as it's been in the mid-single digit in customer pay like we have been talking about over the last few quarters.

我們知道這一點，並且已經準備好利用這部分市場，因此我們的預測與過去幾個季度以來我們一直在談論的客戶付費成長率保持中等個位數不變。

Rajat, this is David. I would add in previous quarters, and I think it's the case for our peers, but I'm not confident, the growth in parts and service has been more top heavy on dollars than actual cars coming through the service drive or repair orders.

拉賈特，這位是大衛。我想補充的是，在前幾個季度，我認為我們的同行也是如此，但我並不確定，零件和服務業務的增長更多地體現在金額上，而不是實際到店維修或維修訂單的車輛數量上。

And I made the comment in my remarks, the traffic counts were okay and normal for us and based upon that we should have been higher on the dollars. We saw less dollars being spent for the consumer, so it wasn't so much the traffic that took a hit as much as it did what the consumers were willing to spend.

我在發言中也提到過，客流量對我們來說是正常的，照理說我們的收入應該更高才對。我們發現消費者的支出減少了，所以受到衝擊的與其說是流量減少，不如說是消費者願意花的錢減少了。

And as you can see because I think we have it in our IR deck, when we talk about, how much we're generating per ticket, a combustible engine is over $550.

正如你所看到的，因為我認為我們在 IR 簡報中已經提到過，當我們談到每張票能產生多少收益時，一台內燃機的收益超過 550 美元。

These numbers keep going up, which is great, but it also puts a limit a little bit on customers. But I was shocked to see the pullback in October and November with the dollars being spent. It rebounded in December, in January starting off, the dollars are pretty good again. So, I can't explain what happened in October and November. The biggest headwind we have in January is the traffic because of all the weather.

這些數字持續成長，這固然是好事，但也對顧客造成了一定的限制。但令我震驚的是，10 月和 11 月的消費支出出現了回落。美元在12月開始反彈，1月初又走強了。所以，我無法解釋十月和十一月發生的事情。一月我們面臨的最大不利因素是由於天氣原因造成的交通擁堵。

Got it. Any preview on the renewed strategy for parking services that you can give us going forward?

知道了。您能否提前透露一下未來停車服務新策略的大致內容？

I would tell you Rajat, the biggest thing is there's a massive difference between our current DMS and Tekion, and there's a learning curve there. And our original stores that went on it a year ago are performing better than most of our stores in our company because of the efficiencies and benefits of the software. But when these stores transition to the new software and now, we're up to over 40 stores.

Rajat，我想告訴你，最大的問題是我們目前的DMS和Tekion之間存在著巨大的差異，而且學習起來也比較困難。由於該軟體的效率和優勢，我們一年前率先使用該軟體的門市的業績比我們公司的大多數門市都要好。但當這些門市過渡到新軟體後，現在我們已經有超過 40 家門市了。

It takes them a few months. We actually become less efficient for the first couple months as they're trying to get used to the software and work out the kinks.

他們需要幾個月的時間。實際上，在最初的幾個月裡，我們的效率會降低，因為他們需要時間來熟悉軟體並解決其中的問題。

So, we'll finish the Tekion rollout, late in the fall. I look at '27 as a really efficient, productive year for us that you'll notice in both our production with Tekion but our cost control with Tekion as well.

所以，我們將在秋末完成 Tekion 的推廣。我認為 2027 年對我們來說是一個非常高效、多產的一年，你會在我們與 Tekion 的合作生產以及我們與 Tekion 的成本控制方面都注意到這一點。

Understood, that's helpful, and maybe just follow-up question, maybe for Mike around the leverage, good to see the progress there.

明白了，這很有幫助。或許還有一個後續問題，是關於麥克在槓桿作用方面的情況，很高興看到這方面取得了進展。

I believe you do have a few more divestitures in the pipeline, that you're looking to execute, any update on that. And how soon can you get below 3 times, is it earlier than '26, any timeline around that, that would be helpful. And then just related to that, how should we think about free cash flow deployment priorities as well in '26.

我相信你們還有一些資產剝離計劃正在籌備中，希望能夠執行，請問這方面有什麼最新進展嗎？多久能達到 3 倍以下？會早於 2026 年嗎？能否提供一些時間表？如果能提供就太好了。與此相關的是，我們應該如何考慮 2026 年的自由現金流部署優先事項呢？

Yeah, so for -- we talked about the nine divestitures that we have out there, that will close in first quarter. And that will free up some cash to get our leverage down, some more. So, we think here kind of about the summer will be below 3 times. The only caveat to that would be, with where our share price is, we think there's some opportunities to deploy some cash for share buybacks.

是的，我們談到了我們正在進行的九項資產剝離，這些剝離將在第一季完成。這樣就能騰出一些資金，進一步降低我們的槓桿。所以，我們認為今年夏天的狀況大概會是現在的3倍以下。唯一需要注意的是，鑑於我們目前的股價，我們認為存在一些機會，可以利用部分現金進行股票回購。

And so our goal is still to get below 3 times by the end of the year. And if we can do that and buy some shares back along the way, we'll kind of balance that as we go throughout the year. But if we just took the cash from the disposals and the free cash flow and put that toward the leverage, we'd be able to get there by the summer of this year.

因此，我們的目標仍然是到年底將這一數字降至 3 倍以下。如果我們能做到這一點，並在過程中回購一些股票，我們就能在一年中逐步達到收支平衡。但是，如果我們把處置所得的現金和自由現金流都用來償還槓桿，那麼到今年夏天我們就能實現這個目標。

Understood. Great. Thanks for all the color and good luck and best of luck, David, Dan. Thanks.

明白了。偉大的。感謝你們帶來的所有美好，祝你們好運，大衛，丹。謝謝。

Thank you, Rajat.

謝謝你，拉賈特。

Glenn Chin, Seaport Research Partners.

Glenn Chin，Seaport Research Partners。

Good morning. Thanks folks. Can you just clarify for us the path forward for Tekion? How many more storage you have to transition? It sounds like it'll be done by fall of this year. And then to what extent you will incur these double expenses for running two DNSs simultaneously.

早安.謝謝大家。您能否為我們闡明Tekion未來的發展方向？您還有多少儲存空間需要遷移？聽起來應該會在今年秋天完成。那麼，同時執行兩台 DNS 伺服器會產生多少雙倍費用呢？

Good morning, Glenn. This is Dan. So, we have 125 more stores to roll out. We have eight more going out -- being rolled out this weekend and then another eight following, the following week. But like David stated, we'll be done by the third quarter of this year, as far as the expense, I'll let Michael give clarity on that.

早安，格倫。這是丹。所以，我們還有125家門市要開。我們還有 8 個產品即將推出——本週末推出，然後下週還會推出另外 8 個。但正如大衛所說，我們將在今年第三季完成，至於費用，我會讓麥可來解釋清楚。

Yeah, so once we roll out a store you have to kind of. -- you can't cancel it right away. You have to kind of roll it out, make sure everything's working, all the data comes across, and then we can go cancel the other products. So there's a couple of months of duplicated cost, and then when we roll it out, so the first half of this year you'll see kind of a hit on SG&A for this duplicated cost plus the implantation fees.

是的，所以一旦我們推出一家門市，你就不能馬上取消它。你需要先逐步推廣，確保一切正常，所有資料都能傳輸過來，然後我們才能取消其他產品。因此，會有幾個月的重複成本，然後當我們全面推廣時，今年上半年你會看到銷售、一般及行政費用（SG&A）因這些重複成本加上實施費用而受到一定影響。

By the time we get to kind of mid-year, we'll roll over and the savings from Tekion will more than offset the duplicated cost. So, it's -- I'll call it a front half hit to SG&A and then a back half benefit to SG&A.

到年中左右，我們將完成結算，Tekion 節省的費用將足以抵消重複的成本。所以，我稱之為──前半部對銷售、一般及行政費用的打擊，後半部對銷售、一般及行政費用的收益。

And then to David's point, we get a '27, the efficiency that we're going to see from it, you'll start seeing those as well. So it's -- that's kind of the paces duplicate cost first half of savings from the software in the second half and then those efficiencies will come in during 2027.

然後，正如大衛所說，我們得到了 27 款車型，我們將會看到它的效率，你們也會開始看到這些。所以，這就是進度安排——前半段是重複成本，後半段是軟體帶來的節省，然後這些效率將在 2027 年體現出來。

Okay, but then, Michael, to clarify it looks like you adjusted it out for the dual expense you adjusted it out this quarter. I guess --

好的，但是邁克爾，為了澄清一下，看起來你已經把這筆費用從本季度的雙重支出中扣除了。我猜--

We only adjust out the implement we only adjust out the implementation cost, the cost of having to pay to do the implementations, and then also in third and fourth quarter of '25. Because of the SOX requirements from internal controls around the Tekion software, we had a pretty heavy lift on just -- you all call it auditors and all those type of IT folks, third parties to help us get over the hump with the initial year of SOX compliance on Tekion.

我們只調整實施成本，即支付實施費用的成本，然後在 2025 年第三季和第四季也進行調整。由於 Tekion 軟體內部控制方面的 SOX 要求，我們不得不投入大量精力——你們都稱之為審計人員和所有這類 IT 人員，以及第三方來幫助我們克服 Tekion 軟體 SOX 合規第一年的難關。

So those Tekion cost is heavy SOX control, and then the implementation cost. We have not been adjusting out the duplicated cost of the software.

所以，Tekion 的成本包括嚴格的 SOX 控制，以及實施成本。我們尚未調整軟體的重複成本。

Okay, so it sounds like we should expect it to hit. Even adjusted numbers in the first half, and can you quantify for us how much that might be?

好的，看來我們應該預料到它會發生。即使是上半年的調整後數據，您能為我們量化一下具體數字嗎？

We have not quantified that number, but we can -- we'll work on that for first quarter to give you guys an insight into the first quarter. It wasn't that material for fourth quarter because we didn't roll out a ton of stores, and we only rolled them out the very end of December. But in 1st quarter we'll kind of give you how much that -- how much of an impact that was.

我們還沒有量化這個數字，但我們可以——我們會在第一季努力完成這項工作，以便讓大家對第一季的情況有所了解。第四季並沒有太多實質內容，因為我們沒有開設很多門市，而且我們只是在 12 月底才開始開設。但在第一季度，我們會告訴大家這究竟產生了多大的影響。

Okay, yeah, that would be helpful, thank you. Okay, and David, will you be on future earnings calls?

好的，那很有幫助，謝謝。好的，David，你以後還會參加財報電話會議嗎？

I think, I'll be on the next earnings call, and that'll probably be it for me.

我想，我會參加下一次財報電話會議，那可能就是我離開公司的日子了。

Okay, very good. Well, hope you're doing well there.

好的，很好。希望你那邊一切都好​​。

I appreciate it thank you.

非常感謝。

Alright, that's it for me thank you.

好了，我的話就說到這裡，謝謝。

(Operator Instructions) John Babcock, Barclays.

（操作說明）約翰·巴布科克，巴克萊銀行。

Thanks, for taking my question. I did want to ask, I know it's still early in the Tekion roll out here. But with some of the first stores that were put on the system, are you starting to see benefits, or is it still too early to tell?

謝謝您回答我的問題。我確實想問一下，我知道現在Tekion在這裡的推廣還處於早期階段。但是，對於首批接入該系統的商店來說，您是否開始看到成效，還是現在下結論還為時過早？

Yeah, good morning, John. This is Dan. Yeah, we had the first four stores where we rolled that out, they were here in Atlanta, and we are seeing the benefits from an efficiency standpoint, from a productivity standpoint, from a guest experience standpoint.

早安，約翰。這是丹。是的，我們首批推出這項服務的四家門市都在亞特蘭大，我們已經從效率、生產力和顧客體驗等方面看到了好處。

And then, you can also see the flexibility that it gives us because it is a cloud-based DMS, when you're talking about enhancing technology and AI in conjunction with our internal development team, you get rid of all the bolt-owns and it's a lot easier to enhance the technology to improve the guest experience and efficiencies across the store. So yes, we are --

此外，您還可以看到它為我們帶來的靈活性，因為它是一個基於雲端的DMS，當您談到與我們的內部開發團隊一起增強技術和人工智慧時，您可以擺脫所有bolt-owns，並且更容易增強技術，從而改善顧客體驗和提高整個商店的效率。是的，我們是--

I’m sorry, Dan. John, one thing I would add, every store we roll out, technicians don't like change. They hate the new software. It's a lot of key changes and difficult, but if you went back to the original four stores, they would tell you they wouldn't work at a store that didn't have Tekion.

對不起，丹。約翰，我還要補充一點，我們每推出一家新店，技術人員都不喜歡改變。他們討厭這款新軟體。這其中有很多關鍵性的變化，而且很困難，但如果你回到最初的四家門市，他們會告訴你，如果沒有 Tekion，他們是不會去那裡工作的。

So, it makes the employees more productive, increases the transparency between departments, and it also increases the transparency with consumers, which you can visually share with them. So there's a lot of benefits. There's cost savings for sure, but there's productivity benefits as well, human behavior takes a little while to change and get used to a new software, new language for lack of a better term.

因此，它能提高員工的工作效率，增強部門間的透明度，也能提高與消費者之間的透明度，你可以以視覺化的方式與他們分享這些資訊。所以有很多好處。成本節約是肯定的，但生產力提升也是有好處的，人的行為需要一段時間來改變和適應新的軟體，或者用一個更恰當的詞來說，是新的語言。

But the early adopting stores that we have are really running efficiently well on it costs to lower productivity is up, which is everything we anticipated.

但是，我們早期採用這種方式的門市營運效率很高，降低成本提高了生產力，這完全符合我們的預期。

Okay, thanks. And then just next question, I was wondering if you could talk about the, how just broadly how the demand environment feels right now, both for new and used if there's any discrepancy between the two, just generally want to get a sense for what you're hearing from the dealership.

好的，謝謝。下一個問題，我想請您談談目前新車和二手車的整體需求環境，以及兩者之間是否存在任何差異。我只是想大致了解您從經銷商那裡聽到的情況。

Yeah, John, I'll start and David can, add if he wants to. I'll tell you, for January, the beginning of January was good, until we got hit by the weather. And so that pullback that we saw October, November, was not there the first few weeks in January, but after the weather hit us, it impacted us pretty big because, that storm came in through Texas. And they basically just follow our path of where we are, where we have stores all the way to the northeast.

好的，約翰，我先開始，大衛如果願意的話可以補充。我跟你說，一月的開頭還不錯，直到我們遭遇了惡劣天氣。因此，我們在 10 月、11 月看到的這種回調，在 1 月的前幾週並沒有出現，但在天氣襲擊我們之後，它對我們產生了相當大的影響，因為那場風暴是從德克薩斯州來的。他們基本上就是沿著我們的路線，沿著我們開設商店的路線一直延伸到東北方向。

Okay, thanks for the call. That's all I have.

好的，謝謝你的來電。這就是我全部的資料了。

Ryan Sigdahl, Craig.

瑞安·西格達爾，克雷格。

Hey, great, thanks. This is Matthew Raab on for Ryan. Just quick on TCA. Looks like the SAR assumptions were changed very slightly in '26 and '27, and then non-cash deferral was raised a little bit in -- through 2029. Just what drove that change and just talk about where TCA stands today. Any color there would be great.

嘿，太好了，謝謝。這裡是馬修·拉布，替瑞恩為您報道。簡單說說TCA。看起來 2026 年和 2027 年的 SAR 假設略有變化，然後非現金遞延也略有提高——直至 2029 年。究竟是什麼促成了這種變化？ TCA如今的狀況如何？任何顏色都行。

Yeah, so on that one we just looked at the third-party kind of different, you guys' assessments and the other third-party providers out there for their SAR projections.

是的，所以我們在那件事上參考了第三方機構的不同評估，包括你們的評估以及其他第三方供應商的 SAR 預測。

And you know most of the people were coming up you know 15.8, kind of 16.2, and we originally had that forecast in there based on those third parties at 15.7, so we just bumped it a little bit to 15.9 to reflect kind of the additional color out there from the third parties. And also that you know that's what we use kind of to base our budget off of, for '26 is that 15.9 number so small adjustment there just as kind of our projections came up a little bit, during the fourth quarter.

你知道，大多數人預測的都是 15.8，或 16.2，而我們最初根據第三方的預測是 15.7，所以我們稍微提高了一點，到 15.9，以反映第三方提供的額外資訊。而且您也知道，我們以此為基礎制定 2026 年的預算，這個數字是 15.9，所以這裡做了一些小調整，因為我們的預測在第四季度略有上升。

And the TCA, we talked about it on the earlier in our comments, our last platform to roll out is Herb Chambers. We're going to roll them out on Tekion, and then following the Tekion roll out, we'll roll them out on TCA. So sometime this, late summer probably, and that will complete the rollout to all the stores, and then you'll -- we'll be done with kind of TCA roll outside of it.

至於 TCA，我們在先前的評論中已經提到過，我們最後一個推出的平台是 Herb Chambers。我們將首先在 Tekion 上推出這些功能，然後在 Tekion 推出後，我們將在 TCA 上推出這些功能。所以大概在今年夏末的時候，這將完成對所有商店的推廣，然後——我們將完成TCA推廣之外的工作。

Understood. Thank you very.

明白了。非常感謝。

Daniela Hagen, Morgan Stanley.

丹妮拉‧哈根，摩根士丹利。

Hi, thanks for taking the question. So, kind of on that point of adjusting SAR forecasts, we also saw that you made a comment about supply remains tight.

您好，感謝您回答這個問題。所以，關於調整SAR預測這一點，我們也看到您提到供應仍然緊張。

How are -- what kind of assumptions are you baking in on affordability, what the consumer is facing this year, consumer credit availability, and how does that flow through into used? We definitely saw stronger used margin, and then a bit weaker on the volume side. So how does that play out into '26 in your view?

你們在考慮可負擔性、消費者今年面臨的挑戰、消費信貸的可近性以及這些因素如何影響二手車市場時，都做了哪些假設？我們看到二手利潤率明顯提高，但銷量方面略有下降。那麼在你看來，這會對 2026 年產生怎樣的影響呢？

Yeah Daniela, good morning. This is Dan. We continue to stick to our strategy of not chasing volume and maximizing gross profit. There's several items that we have been executing on really limiting the number of acquisitions, through the auction and improving the number of cars that we take through the trades or that we purchase from -- directly from our guests and that is working well.

是的，丹妮拉，早安。這是丹。我們繼續堅持不追求銷量、追求毛利最大化的策略。我們已經執行了幾項措施，旨在限制透過拍賣收購車輛的數量，並提高我們透過交易或直接向顧客購買車輛的數量，這些措施效果很好。

That's where you see how we're maximizing the PDRs, and the impact that it had in the fourth quarter there, the average cost of a used car being over $30,000 is definitely something that we're focused to bring down because we know that the lower the cost of sale, the faster that inventory turns.

由此可見，我們正在最大限度地利用 PDR，而這在第四季度產生了影響。二手車的平均成本超過 30,000 美元，這絕對是我們努力降低的目標，因為我們知道銷售成本越低，庫存週轉速度就越快。

As we -- and we believe that the opportunity to do that is going to be on the second half of the year as lease turnings start to come in, we have better availability of inventory flowing, and then we can really pull the lever, if the availability of inventory is there we can pull the lever of going after the volume while still maintaining our strict discipline on the gross profit per unit.

我們相信，下半年租賃合約到期後，庫存週轉更加順暢，屆時我們將迎來實現這一目標的良機。如果庫存充足，我們就可以放手一搏，在維持單位毛利嚴格控制的同時，追求銷售成長。

Got it, thank you. And then second is just on your EV outlook for the year. Obviously, there's a big deceleration following the removal of the tax credits. Do you believe your inventory levels here are sufficiently right size or is there more room for that to play out?

明白了，謝謝。其次，我想談談您對今年電動車市場的展望。顯然，取消稅收抵免後，經濟成長大幅放緩。您認為您目前的庫存水準是否足夠合適，還是還有提升空間？

I will tell you that overall companywide I would like -- I would say our EVs, inventory is right size there. We have pockets, specifically Colorado where there was a high demand for EVs that we have a little bit more inventory than I would like to. But overall, it's been right size and in the fourth quarter of '24 our EV sales were like 5% of the total sales and in the fourth quarter of '25 it was about 2%. So -- and I would expect that to continue as we go into '26.

我會告訴你，就公司整體而言，我希望——我認為我們的電動車庫存規模合適。在某些地區，特別是科羅拉多州，電動車的需求量很高，我們的庫存比我希望的要多一些。但整體而言，規模合適，2024 年第四季我們的電動車銷量約佔總銷量的 5%，2025 年第四季約佔 2%。所以——而且我預計這種情況會持續到 2026 年。

Thank you. There are no further questions at this time. I would like to turn the floor back over to David Hult for any closing comments.

謝謝。目前沒有其他問題了。我想把發言權交還給大衛·赫爾特，讓他做最後的總結發言。

Thank you. We appreciate everyone joining our fourth quarter earnings call. We look forward to speaking with you after the first quarter. Have a great day.

謝謝。感謝各位參加我們第四季財報電話會議。我們期待在第一季結束後與您溝通。祝你有美好的一天。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation.

謝謝。今天的會議到此結束。您可以在此時斷開線路。再次感謝您的參與。