AutoNation Inc (AN) 2025 Q1 法說會逐字稿

Good morning and welcome to AutoNation Incorporated first quarter 2025 earnings call. My name is Harry, and I will be your operator today. (Operator Instructions) Derek Fiebig, Vice President of Investor Relations.

早安，歡迎參加 AutoNation Incorporated 2025 年第一季財報電話會議。我叫哈利，今天我將擔任您的接線生。（操作員指示）投資者關係副總裁 Derek Fiebig。

Thank you. The floor is yours.

謝謝。現在輪到你了。

Okay. Thank you, Harry, and good morning, everyone. Welcome to AutoNation's first quarter 2025 conference call. Leaving our call today will be Mike Manley, our Chief Executive Officer, and Tom Szlosek, our Chief Financial Officer. Following their remarks, we'll open up the call for questions.

好的。謝謝你，哈利，大家早安。歡迎參加 AutoNation 2025 年第一季電話會議。今天離開我們電話會議的將是我們的執行長 Mike Manley 和我們的財務長湯姆·斯洛塞克 (Tom Szlosek)。在他們發言之後，我們將開始提問。

Before beginning, I'd like to remind you that certain statements and information on this call, including any statements regarding our anticipated financial results and objectives, constitute forward-looking statements within the meaning of the Federal Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒您，本次電話會議中的某些聲明和信息，包括有關我們預期財務結果和目標的任何聲明，均構成《1995 年聯邦私人證券訴訟改革法案》所定義的前瞻性聲明。

Such forward-looking statements involve known and unknown risks that may cause our actual results or performance to differ materially from such forward-looking statements. Additional discussions of factors that could cause our actual results to differ materially are contained in our press release issued today and in our filings with the SEC.

此類前瞻性陳述涉及已知和未知的風險，可能導致我們的實際結果或績效與此類前瞻性陳述有重大差異。我們今天發布的新聞稿和向美國證券交易委員會提交的文件中包含了可能導致我們的實際結果大不相同的因素的更多討論。

Certain non-GAAP financial measures as defined under SEC rules will be discussed on this call. Reconciliations are provided in our materials and on our website located at investors.autonation.com. With that, I'll turn the call over to Mike.

本次電話會議將討論美國證券交易委員會 (SEC) 規則定義的某些非公認會計準則 (non-GAAP) 財務指標。我們的資料和網站 investors.autonation.com 上提供了對帳資訊。說完這些，我將把電話轉給麥克。

Thank you, Derek, and good morning, everyone and thank you for joining us today. I'm going to start on the third slide. So our results of the first quarter were strong across the board. We delivered outstanding new unit growth, expanded unit profitability both in used vehicles and customer financial services, and achieved record after sales profits.

謝謝你，德瑞克，大家早安，謝謝你們今天加入我們。我將從第三張投影片開始。因此，我們第一季的業績整體表現強勁。我們實現了出色的新車銷售成長，擴大了二手車和客戶金融服務的銷售獲利能力，並實現了創紀錄的售後利潤。

Our operating cash generation was solid, allowing us to deploy capital for both share repurchases and accretive acquisitions. Prior to the formal announcement of tariffs, new vehicle sales were performing well, tracking approximately 5% up year over year, and the strong pace accelerated following the tariff announcements in late March, adding to our pace resulting in same store new vehicle unit sales increase of 7% for the quarter from prior year.

我們的經營現金產生能力穩健，使我們能夠部署資本用於股票回購和增值收購。在正式宣布關稅之前，新車銷售表現良好，同比增長約 5%，而 3 月底宣布關稅後，強勁的增長勢頭進一步加快，這加速了我們的增長步伐，導致本季度同店新車銷量同比增長 7%。

Premium luxury increased 14%, domestic 6%, and import increased 2%. Now I'm pleased to say that during the quarter we increased our share both year over year and month over month in the markets we served. These vehicles continued to perform well as unit profitability increased 13% to $1,662 reflecting our focus on margin costs, inventory levels, and mix. Our total gross profit, included wholesale, increased 12% from the first quarter of 2024.

高端奢侈品成長 14%，國產奢侈品成長 6%，進口奢侈品成長 2%。現在我很高興地說，在本季度，我們在所服務的市場中的份額同比增長、環比增長。這些車輛繼續表現良好，單位盈利能力增長 13% 至 1,662 美元，反映了我們對利潤成本、庫存水平和產品組合的關注。我們的總毛利（包括批發）較 2024 年第一季成長了 12%。

Customer financial services continue to deliver strong results. Per unit profitability increased from a year ago on a sequential basis for the second consecutive quarter. The sequential performance is noteworthy considering the seasonal shift to used vehicles.

客戶金融服務持續取得強勁業績。單位獲利能力連續第二季較去年同期較上季成長。考慮到二手車的季節性轉變，連續表現值得關注。

Another highlight of the quarter was the performance of after sales, which once again delivered record gross profits and expanded margin by 140 basis points from the previous year. We continue to grow our technician workforce while promoting and developing them internally.

本季的另一個亮點是售後業務的表現，其毛利再次創下歷史新高，利潤率較上年同期擴大了 140 個基點。我們在內部提拔培養技術人員隊伍的同時，也不斷壯大他們的隊伍。

A finance also continued to develop and perform. Originations were $460 million during the quarter, and the business crossed over to profitability well ahead of when expected, and I would like to thank and congratulate the entire A&F team, as well as all of the dealerships that have helped them deliver that result.

A金融也持續發展並表現良好。本季度的起源金額為 4.6 億美元，業務超出預期地實現了盈利，我要感謝並祝賀整個 A&F 團隊以及幫助他們實現這一成果的所有經銷商。

And in addition, the credit quality of our portfolio continues to track favorably and as discussed on our year-end call, the sale of the last substantial portion of third-party legacy originations significantly reduced our credit risk exposure, which has resulted in a meaningful reduction in delinquencies.

此外，我們投資組合的信用品質繼續保持良好，正如我們在年終電話會議上所討論的那樣，出售最後一大部分第三方遺留發起的資產大大降低了我們的信用風險敞口，從而導致拖欠率大幅下降。

Cash flow generation for the quarter was strong, allowing us to deploy capital for both share repurchases and attractive acquisitions. During the quarter, we repurchased $225 million of shares at an average price of $165 per share. And as of yesterday's close, we've repurchased more than $250 million worth of shares, reducing our share count by 4% from January 1.

本季的現金流產生強勁，使我們能夠部署資本用於股票回購和有吸引力的收購。本季度，我們以每股 165 美元的平均價格回購了價值 2.25 億美元的股票。截至昨日收盤，我們已回購價值超過 2.5 億美元的股票，自 1 月 1 日起我們的股票數量減少了 4%。

Our Q1 performance combined with our share repurchases helped us to grow our adjusted EPS by 4% from a year ago. This was the first year over year increase in adjusted EPS in eight quarters as the post-COVID normalization trend is significantly moderated. On March 30, we acquired two stores in the Greater Denver, Colorado area, Ford Arapahoe, and Mazda Arapahoe, which together sold nearly 5,000 new and used vehicles in 2,094 and generated approximately $220 million of revenue. These acquisitions reflect our strategy to add store density into markets where we have a presence.

我們第一季的業績加上股票回購幫助我們的調整後每股盈餘比去年同期成長了 4%。由於新冠疫情後正常化趨勢明顯緩和，這是八個季度以來調整後每股收益首次同比增長。3 月 30 日，我們收購了科羅拉多州大丹佛地區的兩家商店，Ford Arapahoe 和 Mazda Arapahoe，這兩家商店在 2,094 年共銷售了近 5,000 輛新車和二手車，創造了約 2.2 億美元的收入。這些收購反映了我們在已有業務的市場增加門市密度的策略。

It allows us to rapidly bring significant scale synergies to the acquired dealerships, expanding on the current success of these stores and delivering strong returns to our shareholders. The acquisitions marked the first automation master and second automation forward in the state, bringing our footprint in Colorado to 13 domestic, six imports, and three AN USA dealerships concentrated in the greater Denver area.

它使我們能夠迅速為收購的經銷商帶來顯著的規模協同效應，擴大這些門市目前的成功，並為我們的股東帶來豐厚的回報。此次收購標誌著我們在該州首次實現自動化控制並取得第二次自動化進展，使我們在科羅拉多州的業務範圍擴大到 13 家國內經銷商、6 家進口經銷商和 3 家 AN USA 經銷商，主要集中在大丹佛地區。

Now before turning the call over to Tom to take you through the quarter in greater detail, I wanted to provide some color on some of our actions at alternation. Clearly in the quarter we benefited in March from a pool in effect as buyers accelerated their planned vehicle purchases to avoid the coming tariffs. This trend continued into April, albeit at an increasingly moderating pace. And as you can see from our current data supply, we have a level of ground inventory at pre-tariff rates that will for certain models sustain this momentum into mind.

現在，在將電話轉給湯姆，讓他更詳細地介紹本季的情況之前，我想先介紹一下我們在輪換中的一些行動。顯然，在本季度，我們受益於 3 月的池化效應，因為買家加快了他們的汽車購買計劃，以避免即將到來的關稅。這一趨勢持續到了四月份，儘管速度有所放緩。從我們目前的數據供應中可以看出，我們在關稅前擁有一定程度的地面庫存，對於某些型號來說，這將維持這種勢頭。

This provides time for the auto tariff structures to be more clearly defined, modified, and negotiated between our OEM partners and the US administration. It also enables each OEM to fully evaluate their supply chain footprint and understand what actions they can take to optimize the tariff efficiency and to establish the forward pricing structures.

這為我們的 OEM 合作夥伴和美國政府之間更明確地定義、修改和協商汽車關稅結構提供了時間。它還使每個 OEM 能夠充分評估其供應鏈足跡，並了解他們可以採取哪些行動來優化關稅效率並建立遠期定價結構。

As these actions progress towards finalization, the impact on new unit availability and pricing will become clearer, as will the effects on customer demand patterns. These factors combined will establish changes, if any, to the size of the new vehicle market.

隨著這些行動逐漸完成，對新設備供應和定價的影響將變得更加清晰，對客戶需求模式的影響也將變得更加清晰。這些因素結合起來將決定新車市場的規模是否會改變。

And in March, the light vehicle had risen to north of 17 million units with estimates that this would come down to somewhere between 15 million and 16 million units for the year.

3 月份，輕型汽車銷量已升至 1,700 萬輛以上，預計全年銷量將降至 1,500 萬至 1,600 萬輛之間。

We expect some of these predicted declines will be cushioned by a cross-shopping effect whereby demand for lesser impacted brands and models will supplant that for those more affected counterparts. In this situation, we often hold both sides of the trade, not always equally weighted, but our broad portfolio of brands and models gives us an advantage here. We're also confident that our OEM partners will be keen to protect their market share regardless of total size of the market.

我們預計，交叉購物效應將緩解部分預測的下降，即對受影響較小的品牌和型號的需求將取代對受影響較大的品牌和型號的需求。在這種情況下，我們通常會持有交易的雙方，並不總是同等權重，但我們廣泛的品牌和型號組合使我們在這裡具有優勢。我們也相信，無論市場總規模如何，我們的 OEM 合作夥伴都會熱衷於保護他們的市場份額。

There are a number of areas in our business that are less impacted by tariffs, including used cars, customer financial services, parts, and service, and we continue to focus and drive our performance in these areas. For example, we have made a concerted effort to increase our used car inventory and are now carrying the highest level of vehicles since December 2023. We are also continuing to drive service lane traffic and our momentum continues to improve as we get further into the year. We remain focused on controlling costs within the company, generating cash flow and deploying capital to generate shareholders' returns.

我們的業務中有許多領域受關稅的影響較小，包括二手車、客戶金融服務、零件和服務，我們將繼續關注並推動這些領域的表現。例如，我們齊心協力增加二手車庫存，目前的車輛庫存量達到了 2023 年 12 月以來的最高水準。我們也將繼續推動服務車道交通，隨著時間的推移，我們的勢頭將繼續改善。我們仍然專注於控制公司內部成本、產生現金流量和部署資本以創造股東回報。

And now with that, Tom, if you wouldn't mind taking the call.

現在，湯姆，如果你不介意接電話的話。

And going through our results, thank you, Mike. I'm turning the slide forward to discuss our first quarter P&O. Our total revenue for the quarter was $6.7 billion and increase of 3% from a year ago. That's 4% on the same store basis. This was driven by a 10% increase in same store and new vehicle revenue as we increased new unit volumes across all three segments.

並回顧我們的結果，謝謝你，麥克。我將幻燈片翻到前面討論我們第一季的 P&O。本季我們的總營收為 67 億美元，比去年同期成長 3%。以同一家商店計算，即 4%。這是由於我們增加了三個部門的新車銷量，導致同店和新車收入增加了 10%。

Sales gross profit of 1.2 billion increased by 3% from a year ago. This year-over-year performance included same store used vehicles growth of 12%, CFS growth of 6%, and after sales growth of 4%. The gross profit margin of 18.2% of revenue was down slightly from a year ago, reflecting improvements in margins for after sales, which was up 100 basis points or 140 basis points on the same store basis. And used vehicles including wholesale, which was up 90 basis points, and this was offset by the moderation of new vehicle unit profitability.

銷售毛利12億元，較上年成長3%。與去年同期相比，同店二手車銷量成長 12%，CFS 銷量成長 6%，售後銷量成長 4%。毛利率為18.2%，較去年同期略有下降，反映出售後利潤率的提高，售後利潤率上漲了100個基點，同店上漲了140個基點。包括批發在內的二手車銷售額上漲了 90 個基點，但這被新車單位獲利能力的下降所抵消。

Adjusted SG&A of 67.5% of girls' profit was in line with our first quarter expectations year over year, the rate was adversely impacted by some timing and non-recurring items. And going forward, we continue to expect SG&A as a percentage of girls' profit to be between the 66% to 67% range for the full year, reflecting our focus on driving operational efficiency.

調整後的銷售、一般及行政費用佔女孩利潤的 67.5%，與去年同期相比，符合我們第一季的預期，但該比率受到一些時間和非經常性項目的不利影響。展望未來，我們預計全年銷售、一般及行政費用佔女孩利潤的百分比將在 66% 至 67% 之間，這反映了我們對提高營運效率的關注。

Adjusted operating margin was flat from the fourth quarter at 5% of revenue. Below the operating line, the floor plan interest expense decreased by $3 million from a year ago, as average rates were down approximately 100 basis points, more than offsetting the higher average outstanding borrowings. Non-vehicle interest expense decreased $2 million from a year ago, reflecting lower average outstanding balances. As a reminder, we reflect floor plan assistance received from OEMs in gross margins. This assistance totaled $31 million compared to $32 million a year ago, and net of these OEM incentives.

調整後的營業利潤率與第四季持平，為營收的 5%。在營業線以下，樓層平面圖利息支出較一年前減少了 300 萬美元，因為平均利率下降了約 100 個基點，足以抵消較高的平均未償還借款。非車輛利息支出較去年同期減少了 200 萬美元，反映出平均未償餘額較低。提醒一下，我們在毛利率中反映了從 OEM 獲得的平面圖援助。扣除這些 OEM 激勵措施後，此援助總額為 3,100 萬美元，而去年同期為 3,200 萬美元。

New vehicle floor plan expenses totaled $13 million down from $15 million last year. All in all, this resulted in adjusted net income of $184 million compared to $190 million a year ago. This 3% year over year decrease itself is the smallest year over year decline in three years, again demonstrating that the post-COVID profit normalization trend has significantly moderated.

新車平面圖費用總計 1,300 萬美元，低於去年的 1,500 萬美元。總而言之，調整後的淨收入為 1.84 億美元，而去年同期為 1.9 億美元。這 3% 的同比降幅本身是三年來最小的同比降幅，再次表明後疫情時代利潤正常化趨勢已明顯緩和。

Total shares we purchased over the past 12 months decreased our average shares outstanding for the quarter by 7% to 39.4 million shares. Benefiting our adjusted earnings per share, which was $4.68 for the quarter, an increase of $0.19 or 4% from the first quarter of 2024.

過去 12 個月我們購買的股票總數導致本季平均流通股數減少了 7%，至 3,940 萬股。本季調整後每股收益為 4.68 美元，較 2024 年第一季增加 0.19 美元，增幅為 4%。

Slide 5 provides some color, more color for a new vehicles performance. New vehicle unit volumes were a strong point for the quarter, increasing more than 6% from a year ago on a total store basis and 7% on the same store basis.

幻燈片 5 為新車的性能提供了一些色彩和更多色彩。新車銷量是本季的一大亮點，以門市總數計算比去年同期成長了 6% 以上，以同一門市計算成長了 7%。

Total store unit sales were up across our three segments, with import units up 2%, premium luxury up 14%, and domestic up 6%, reflecting strong supply, better incentives, and good performance by our commercial teams.

我們三個部門的門市總銷售額均有所增長，其中進口商品銷售額增長 2%，高端奢侈品銷售額增長 14%，國內銷售額增長 6%，這反映出強勁的供應、更好的激勵措施以及我們商業團隊的良好表現。

By powertrain, hybrid vehicle unit sales were up approximately 50% from the first quarter of a year ago and represented approximately 20% of our unit sales and 10% of our ending inventory. BEB vehicle sales were also up nearly 50% from a year ago, reflecting OEM actions with incentives and uncertainty regarding the longevity of government incentives for DEVs.

按動力系統劃分，混合動力車銷量較去年第一季成長約 50%，約占我們銷量的 20% 和期末庫存的 10%。BEB 汽車銷售量也比去年同期成長了近 50%，這反映了原始設備製造商採取的激勵措施以及政府對 DEV 激勵措施持續時間的不確定性。

BEBs represented about 8% of our sales for the quarter and 8% of our ending inventory. Internal combustion engine unit sales were down 4% for the quarter. Our new vehicle unit profitability averaged $2,803 for the quarter, down seasonally from the fourth quarter, which is, as is a normal trend reflecting higher premium luxury waiting in the fourth quarter. Unit profitability was flat with the third quarter last year.

BEB 約占我們本季銷售額的 8% 和期末庫存的 8%。本季內燃機銷量下降了 4%。本季度，我們的新車部門盈利平均為 2,803 美元，較第四季度出現季節性下降，這是正常趨勢，反映了第四季度高檔豪華車等待時間的增加。單位獲利能力與去年第三季持平。

New vehicle inventory ended the quarter at 39,000 units up by about 1,000 units from a year ago. This represented 38 days of supply, down six days from the first quarter of last year, reflecting the strong new vehicle sales for the quarter.

本季末新車庫存為 39,000 輛，比去年同期增加約 1,000 輛。這意味著供應量為 38 天，比去年第一季減少了 6 天，反映出本季新車銷售強勁。

Looking ahead, as Mike indicated, the momentum we have seen in March has continued into April, albeit at a moderating pace. During slide 6, the used vehicle unit profitability was up 13% from a year ago and 8% from the fourth quarter. We are executing much better on vehicle acquisition, reconditioning inventory velocity, and pricing.

展望未來，正如麥克所指出的，我們在三月看到的勢頭將延續到四月份，儘管速度有所放緩。在投影片 6 中，二手車部門的獲利能力比去年同期成長了 13%，比第四季成長了 8%。我們在車輛採購、庫存修復速度和定價方面表現得更好。

Total uses gross profit was up 12%, reflecting this this retail unit profitability, as well as better wholesale results. Lower price vehicles continue to perform well with unit volume increasing in that band 10% from the fourth quarter in the sub $20,000 ban.

總使用毛利潤成長了 12%，反映了該零售單位的獲利能力以及更好的批發表現。低價汽車繼續表現良好，在 20,000 美元以下的禁令下，該區間的銷量較第四季度增長了 10%。

Supply availability remains a challenge, particularly for the mid and higher priced gears consistent with the past few quarters driven by lower new vehicle production during COVID. We continue to be competitive in securing trade-ins from new vehicle buyers and to source more than 90% of our vehicles internally, including through our We'll Buy Your Car program.

供應可用性仍然是一個挑戰，特別是對於中高價位的齒輪而言，這與過去幾季一致，受新冠疫情期間新車產量下降的影響。我們繼續在從新車買家那裡獲得以舊換新方面保持競爭力，並透過我們的「我們將購買您的汽車」計劃等方式從內部採購 90% 以上的車輛。

During the quarter, we opened two AN USA stores in Texas, adding density to the Houston and Dallas markets and bringing our AN USA store count to 26.

本季度，我們在德克薩斯州開設了兩家 AN USA 商店，增加了休士頓和達拉斯市場的密度，使我們的 AN USA 商店數量達到 26 家。

Moving to slide 7, customer financial services, the momentum and CSS performance continued during the quarter. Apart from the overall strength in vehicle sales, our product attachment rate was strong, remaining above two products per vehicle sold. More than 70% of our CFS income comes from product attachment. Also, our finance penetration rate for the first quarter continued north of 70%.

前往投影片 7，客戶金融服務、勢頭和 CSS 表現在本季持續。除了汽車銷售整體強勁之外，我們的產品附加率也很高，每售出一輛汽車，產品附加率保持在兩件以上。我們的CFS收入的70%以上來自於產品配件。此外，我們第一季的金融滲透率持續維持在70%以上。

Our CFS PVR of $2,703 for the quarter was up 3% from $2,615 a year ago due to increased profit for contracts sold in higher average amounts finance.

本季我們的 CFS PVR 為 2,703 美元，比去年同期的 2,615 美元上漲了 3%，這歸因於以較高平均融資額售出的合約的利潤增加。

The profitability growth in CFS is even more impressive considering the growth of a finance, which while superior in long-term profitability, dilutes our CFS PBR margins. Flight A provides an update on AN Finance, our captive finance company. The business' attractive offerings are driving strong customer take up, and we continue to expect strong ROEs in the business. During the first quarter, we originated $460 million in loans, up approximately $100 million from the fourth quarter, and $300 million from the first quarter of 2024. We had approximately $100 million in customer repayments in the quarter.

考慮到財務的成長，CFS 的獲利成長更加令人印象深刻，儘管財務在長期獲利能力方面更勝一籌，但卻稀釋了我們的 CFS PBR 利潤率。航班 A 提供了有關我們的專屬金融公司 AN Finance 的最新資訊。該業務的誘人產品正在推動強勁的客戶接受度，我們繼續預計該業務的淨資產收益率 (ROE) 將強勁。第一季度，我們發放了 4.6 億美元的貸款，比第四季增加了約 1 億美元，比 2024 年第一季增加了 3 億美元。本季我們有大約 1 億美元的客戶還款。

The quality of the portfolio continues to improve. Our credit and performance metrics are improving with average FICO scores on origination of 695 for the first quarter compared to 659 in the first quarter of 2024 and 684 in the fourth quarter of 2024.

投資組合的品質持續改善。我們的信用和績效指標正在改善，第一季的平均 FICO 發起分數為 695，而 2024 年第一季為 659，2024 年第四季為 684。

Delinquency rates at 2% are solid, reflecting the shift in our targeted borrower base, as well as the fourth quarter sale of the substantive remainder of the legacy subprime portfolio inherited with the CIG acquisition. AN Finance generated operating profitability in the first quarter, and it's our expectation that it will be profitable for the full year.

2% 的拖欠率較為穩定，反映了我們目標借款人群體的變化，以及第四季度出售了 CIG 收購後繼承的大部分遺留次級抵押貸款組合。AN Finance 在第一季實現了營業盈利，我們預計其全年都將實現盈利。

From a funding perspective, 74% of our portfolio balance is funded with non-recourse debt. This is up from 61% a year ago and it's freeing up capital for us to reinvest. We are getting great support from our warehouse lenders, and as we begin to establish a regular ABS funding cadence, we expect 74% funding level to continue increasing.

從資金角度來看，我們投資組合餘額的 74% 是由無追索權債務提供資金的。這一數字比一年前增加了 61%，這為我們釋放了再投資的資本。我們得到了倉庫貸款人的大力支持，隨著我們開始建立定期的 ABS 融資節奏，我們預計 74% 的融資水準將繼續增加。

We're actively preparing for our inaugural ABS funding program, which we expect to close in the next couple of quarters. Moving to slide 9 after sales representing nearly one half of our gross profits continued their revenue and marginal momentum, and gross profit was once again a record for automation. Same store gross profit increased by 4% from a year ago, with gross profit per day up 5% from a year ago. The increase was driven by an increase in gross per repair order and a modest increase in total repair orders.

我們正在積極準備我們的首個 ABS 融資計劃，預計該計劃將在未來幾季內完成。移至投影片 9，占我們毛利近一半的銷售額繼續保持其收入和邊際成長勢頭，毛利再次創下自動化紀錄。同店毛利較去年同期成長4%，日均毛利較去年同期成長5%。這一增長是由於每筆維修訂單總額的增加以及維修訂單總額的適度增加所致。

For the first quarter, our margin rate was 48.8%, up 140 basis points on the same store basis from a year ago, reflecting improved parts and labor rates, higher tech efficiency, scale benefits, and higher value orders. We continue to develop and promote our technician workforce. The quarter end technician headcount was up 3%, and our technician efficiency continues to improve. Looking ahead, we expect our after sales business will grow roughly mid-single digits each year.

第一季度，我們的利潤率為 48.8%，比去年同期同店利潤率高出 140 個基點，這反映了零件和人工成本的提高、技術效率的提高、規模效益以及訂單價值的提高。我們將繼續發展和提升我們的技術人員隊伍。本季末技術人員數量增加了 3%，並且我們的技術人員效率持續提高。展望未來，我們預計我們的售後業務每年將成長約個位數。

To slide 10, we continue to see a consistent and attractive conversion of income into cash. Adjusted free cash flow for the quarter totaled $237 million compared to $257 million a year ago, and our cash flow conversion remained robust at 129% of net income, adjusted net income. We're focused on sustaining this performance through the cycle time enhancement initiatives, as well as on prudent allocation of capital. To CapEx for the first quarter, our capital expenditures to depreciation ratio was 1.2x compared to 1.6x a year ago. And as a reminder, our second quarter cash flow is typically the lowest of the year, reflecting seasonal tax payments and other timing items. We continue to expect healthy free cash flow conversion for the full year.

在第 10 張投影片中，我們繼續看到收入持續且有吸引力地轉化為現金。本季調整後的自由現金流總計 2.37 億美元，而去年同期為 2.57 億美元，我們的現金流轉換率保持強勁，達到淨收入（調整後淨收入）的 129%。我們致力於透過週期時間增強計劃以及審慎的資本配置來維持這一績效。第一季的資本支出，我們的資本支出與折舊比率為 1.2 倍，而去年同期為 1.6 倍。提醒一下，我們的第二季現金流通常是一年中最低的，反映了季節性稅收和其他時間項目。我們繼續預計全年自由現金流轉換將保持健康。

Slide 11 capital allocation, as we've discussed in the past, we consider capital allocation an opportunity to either reinvest in the business in the form of CapEx or M&A or to return capital to our shareholders via share repurchase. CapEx is mostly maintenance related compulsory spending, totaled $75 million for the first quarter and was 20% lower than the first quarter of 2024.

投影片 11 資本配置，如我們過去所討論過的，我們認為資本配置是一個機會，可以透過資本支出或併購的形式對業務進行再投資，或透過股票回購向股東返還資本。資本支出主要是與維護相關的強制性支出，第一季總計 7,500 萬美元，比 2024 年第一季下降了 20%。

We continually continue to actively explore M&A opportunities, and as Mike mentioned, we acquired two stores in Colorado during the quarter for $70 million. These Mazda and Ford stores are located adjacent to our existing stores and increase our density within the market, as previously discussed. We are competitive buyers where we are confident in achieving three-year returns greater than our weighted average cost of capital for poor franchise opportunities. This hurdle is higher for non-franchise acquisitions.

我們將繼續積極探索併購機會，正如麥克所提到的，我們在本季以 7,000 萬美元收購了科羅拉多州的兩家商店。正如之前所討論的，這些馬自達和福特商店毗鄰我們現有的商店，增加了我們在市場的密度。我們是有競爭力的買家，我們有信心在特許經營機會不佳的情況下實現高於加權平均資本成本的三年回報。對於非特許經營收購來說，這個門檻更高。

Share repurchases have been and will continue to be an important part of our playbook. During the first quarter we purchased $225 million worth of shares at an average price of $165 per share. During April, we have made additional repurchases, bringing our year-to-date repurchases to the $254 million for 4% of shares outstanding at the end of shares outstanding at the end of 2024.

股票回購一直是並將繼續是我們策略的重要組成部分。第一季度，我們以平均每股 165 美元的價格購買了價值 2.25 億美元的股票。4 月份，我們進行了額外的回購，使我們年初至今的回購額達到 2.54 億美元，佔 2024 年底流通股數的 4%。

In our capital allocation decisions, we also continually consider our investment grade balance sheet and associated leverage levels. At quarter end, our leverage was 2.56 times EBITDA in the middle of our two to three times EBITDA long term target.

在我們的資本配置決策中，我們也會不斷考慮我們的投資等級資產負債表和相關的槓桿水準。在季度末，我們的槓桿率為 EBITDA 的 2.56 倍，處於我們兩到三倍 EBITDA 長期目標的中間。

Now let me turn the call back to Mike before we address your questions.

在回答您的問題之前，現在讓我把電話轉回給麥克。

Yeah, thank you, Tom. Obviously tariffs and their impact are going to continue to dominate the discussion in the coming weeks. And clearly get to a workable resolution is paramount, and we know all of our OEMs are working on that. But beyond the fact of tariffs, AutoNation delivered a great start to 2025 with robust performance across all business lines, which I think shows progress in key areas of our operation. And many of these areas are going to continue to deliver benefits to our company regardless of the resolution on tariffs.

是的，謝謝你，湯姆。顯然，關稅及其影響將在未來幾週繼續成為討論的焦點。顯然，找到可行的解決方案至關重要，我們知道我們所有的 OEM 都在為此努力。但除了關稅之外，AutoNation 在 2025 年取得了良好的開端，所有業務線都表現強勁，我認為這表明我們在營運的關鍵領域取得了進展。無論關稅決議如何，這些領域中的許多領域都將繼續為我們公司帶來利益。

And as a result, these initiatives combined with our day by day job of running our business well, it's going to continue to positively contribute to our cash generation, and Tom took you through that and through that enables us to focus on how we can use that cash for the benefit of our shareholders. And that's what we're going to continue to do going forward. So with that, let's open the lines of questions if there are any.

因此，這些舉措與我們日常經營業務的工作相結合，將繼續為我們的現金創造做出積極貢獻，湯姆向你們介紹了這一點，並透過這一點使我們能夠專注於如何利用這些現金為股東謀福利。這也是我們今後將繼續做的事情。那麼，如果有任何問題，我們就可以開始提問了。

Okay, thanks, Mike. Harry, if you could please remind the people how to ask questions?

好的，謝謝，麥克。哈利，你能提醒大家如何提問嗎？

Yes, of course. (Operator Instructions) John Murphy, Bank of America.

是的當然。（操作員指示）美國銀行的約翰·墨菲。

Good morning, guys. Just wanted to stay on the controllable side of things for a second here. Obviously FNI PVR was a real good guy. I think one of the highest levels we've ever seen, except maybe some real peaks in 22 and 23. Just curious in that context, and maybe Tom, you can give us some details on this. How much of a weight was the automation finance ramp to that number?

大家早安。我只是想在這裡停留片刻，並專注於事物的可控性。顯然，FNI PVR 是個真正的好人。我認為這是我們見過的最高水平之一，除了 22 和 23 的一些真正的高峰。只是對此感到好奇，也許湯姆，你可以給我們一些關於這方面的細節。自動化融資對這個數字有多大影響？

Because I mean, I know that's a little bit drag of a drag to the FNI PVR number at the moment is the book is building and as you think about that inaugural ABS. How much room and flexibility you have in the warehouse facility if marketing conditions remain a little bit wonky, over time I'm sure they'll be fine. You'll get something out there, but just curious how much flexibility you have and when you launch that inaugural ABS?

因為我的意思是，我知道這對 FNI PVR 數字來說是一個小小的拖累，目前這本書正在建立，當你想到那個首屆 ABS 時。如果市場條件仍然有點不穩定，那麼倉庫設施有多少空間和靈活性，隨著時間的推移，我相信它們會沒事的。你會得到一些東西，但只是好奇你有多大的靈活性以及你什麼時候推出首個 ABS？

Thanks. Thanks, John. Good to hear from you in terms of the PVR for CFS, you're right, the 3% growth was impressive as I pointed out in my commentary, we are overcoming the shift of some of our financing to our finance portfolio, which, as we've talked about, gives us a superior long term return. But it does have a short-term impact on CFS. It was roughly, say $150 for the quarter. So you can think of adding that to the 3% and get a real appreciation for the growth that we had there. In terms of the funding of the portfolio, until we have ABS, we're very comfortable with the capacity and availability of warehousing and in fact, we increased our capacity in the court for the warehousing facilities and we'll continue to do so. Not an issue at all.

謝謝。謝謝，約翰。很高興收到您關於 CFS 的 PVR 的意見，您說得對，3% 的增長率令人印象深刻，正如我在評論中指出的那樣，我們正在克服部分融資轉向金融組合的困難，正如我們所討論的，這給我們帶來了卓越的長期回報。但它確實對CFS有短期影響。本季的金額大約是 150 美元。因此，您可以考慮將其添加到 3% 中，並真正感受到我們在那裡所取得的成長。就投資組合的融資而言，在我們擁有 ABS 之前，我們對倉儲的容量和可用性非常滿意，事實上，我們增加了倉儲設施的容量，我們將繼續這樣做。根本不是問題。

And in terms of ABS it's exciting for us to be pursuing that. We're working diligently right now on that transaction. There's a lot that goes into it, as a lot of modeling, a lot of work with your rating agencies and your banks. We're at the pace where we thought we'd be. Markets seem to be co-operating reasonably well in the last few days.

就 ABS 而言，我們很高興能夠實現這一目標。我們現在正在努力完成該交易。這其中涉及很多工作，包括大量的建模、與評級機構和銀行的大量合作。我們正按照我們預想的速度前進。過去幾天，市場似乎合作得相當好。

And so we're looking forward to being successful in that. We are hoping to get something, north of $500 million, but we'll see how that plays out. Hopefully, that helps answer your question. And Mike.

因此我們期待能夠取得成功。我們希望獲得 5 億美元以上的資金，但我們會看看結果如何。希望這有助於回答您的問題。還有麥克。

Yeah, that's great, Mike. I just had one follow-up question on your commentary of what appears to be some pull forward demanding the end of March and into April and maybe in May.

是的，太棒了，麥克。我只是想針對您的評論提出一個後續問題，您說的似乎是要求將時間提前到 3 月底、4 月甚至 5 月。

There's more than 10 million units of pent up demand at least by our estimates out there. So I mean, although we may quote unquote have a little bit of pull forward in these kind of two to three months here as we get resolution on the tariffs. Do you think there's going to be significant payback in the months after that, or could we continue to ride at sort of the 16 to 165 we saw sort of the pre pre-tariff, dust up, and this could be a pretty solid year?

根據我們的估計，至少有超過 1000 萬台的被壓抑的需求。所以我的意思是，儘管我們可能會在這兩到三個月內稍微提前一點，因為我們會在關稅問題上解決。您是否認為在接下來的幾個月裡會有顯著的回報，或者我們能否繼續保持關稅前 16 至 165 左右的水平，今年可能會是相當穩健的一年？

I mean, there's a lot of opinions on this, a lot of people taking their numbers down significantly, but I think you made a very good point on there being some, substitution that, that might occur and keep sales going. So I'm just curious on sort of your thoughts on, is there -- are we staring down the barrel of big payback or maybe not just because there's so much pent up demand?

我的意思是，對此有很多意見，很多人都大幅降低了他們的數字，但我認為你說得非常正確，有一些替代品可能會出現並保持銷售持續增長。所以我只是好奇您的想法，我們是否面臨著巨大的回報，或者可能不僅僅是因為有太多被壓抑的需求？

So the way that I think about it is, I think that we saw, well, I believe we saw momentum in the marketplace, January through February, which we expected. So if I just put tariff to one side at this moment, I think that the market was headed for significant improvement year over year.

因此，我對此的看法是，我認為我們看到了，嗯，我相信我們看到了 1 月到 2 月的市場勢頭，正如我們所預期的那樣。因此，如果我現在先把關稅放在一邊，我認為市場將逐年顯著改善。

And to your point, therefore, what we saw and we call it a pull forward. We wouldn't necessarily have delivered a full payback in the balance of the year absent of tariffs anyway, because I think that there is pent up demand in the marketplace and I think that there was that momentum coming into it. I have, obviously, I have a very strong personal opinion on the what I think the impact of tariffs may well be.

因此，正如您所說，我們看到了什麼，我們稱之為向前拉動。無論如何，如果沒有關稅，我們不一定能在全年償還全部債務，因為我認為市場上存在被壓抑的需求，而且我認為這種勢頭正在形成。顯然，我對關稅可能產生的影響有非常強烈的個人看法。

And yeah, I do believe that because of the nature and the dynamics of the market and how tariffs will impact everybody in a different fashion, that there is going to be significant cushioning to the full impact on the total volume in the marketplace. I do think you're going to see a lot of market share swapping and moving. But just to summarize my answer, not everything that we saw come into the quarter was indeed pulled forward, and it's for sure, in my view, absent of tariffs will not be all given back in the back half of the year. We will never know, of course, because no one will be able to get a perfect science, but that's my view.

是的，我確實相信，由於市場的性質和動態，以及關稅將以不同的方式影響每個人，因此對市場總量的全面影響將得到顯著的緩衝。我確實認為你會看到大量的市場份額交換和流動。但總結我的回答，我們看到的並非本季度出現的所有情況都被提前了，而且在我看來，可以肯定的是，關稅的缺失不會在下半年全部恢復。當然，我們永遠不會知道，因為沒有人能夠獲得完美的科學，但這是我的觀點。

Extremely helpful. Thank you, guys.

非常有幫助。謝謝你們。

Thanks.

謝謝。

Rajat Gupta with JPMorgan.

摩根大通的 Rajat Gupta。

Great. Thanks for the question. I just want to follow up on John's question earlier around, I think some of the comments you made, Mike, earlier that you expect, the OEMs to remain competitive on pricing, competitive on market share. I was curious, like how do you think that manifests in terms of front-end grosses, for the dealers? Would the OEMs expect dealers to absorb some of this inflation, maybe in the form of higher invoice pricing versus MSRP or maybe more dealer discounting versus incentives? I'm just curious, how you see that might play out? And have a quick follow up on AN Finance.

偉大的。謝謝你的提問。我只是想跟進約翰之前提出的問題，我認為你之前發表的一些評論，邁克，你預計 OEM 將在定價和市場份額上保持競爭力。我很好奇，您認為這對經銷商的前端總收入有何反映？原始設備製造商是否希望經銷商吸收部分通膨，也許是以相對於製造商建議零售價更高的發票價格的形式，或者也許是以相對於激勵措施更多的經銷商折扣的形式？我只是好奇，您認為這會如何發展？並快速跟進 AN Finance。

But thanks for the question and it's great to have you on the call. So I state the obvious and by the way, I've read a number of the commentary from a lot of people on this call who I think have a very good perspective on this, but forgive me if what I say is just repetitive to certain things as we know.

但感謝您的提問，很高興您能來參加我們的電話會議。所以我說的是顯而易見的事情，順便說一句，我在這次電話會議上讀了很多人的留言，我認為他們對此有非常好的看法，但如果我所說的只是重複我們所知的某些事情，請原諒我。

The tariffs are not going to be -- not going to have a uniform impact across OEMs and they're not going to have a uniform impact within OEM's model ranges. And I think because of that, the key question is what is going to be the resulting competitive position of a vehicle in a segment against its competitive. So relevant competitive position becomes primary for all of the OEMs, and that's an obvious statement.

關稅不會對各個 OEM 產生統一的影響，也不會對 OEM 的車型系列產生統一的影響。我認為，正因為如此，關鍵問題在於一款汽車在某一細分市場中相對於競爭對手的競爭地位將會如何。因此，相關的競爭地位對於所有 OEM 來說都變得至關重要，這是一個顯而易見的說法。

But because that's true, and no OEM wants to give up market share, and every single vehicle sold has a cross shop counterpart, that alone is going to mean that in my view, the last lever that's pulled is net transaction price appreciation and because of that, I think clearly the impact on the market from some of the projections that I've seen is probably overstated.

但因為這是事實，而且沒有原始設備製造商願意放棄市場份額，而且每輛售出的汽車都有一個跨店對應者，僅憑這一點就意味著，在我看來，最後一個槓桿是淨交易價格升值，因此，我認為我所看到的一些預測對市場的影響可能被誇大了。

Not withstanding what I've said, what that's going to mean is there are some OEMs that are in a very difficult position compared to others, and there are some vehicles within OEM's ranges that are in difficult positions compared to others. So you are -- I think, going to see quite a degree of cross shopping activity which is going to be supported through the full value chain.

不管我怎麼說，這意味著有些 OEM 與其他 OEM 相比處於非常困難的境地，而且 OEM 範圍內的某些車輛與其他 OEM 相比處於困難的境地。所以我認為，你會看到相當程度的交叉購物活動，這些活動將透過整個價值鏈得到支持。

So OEMs are going to look for support from their dealers during this period of time and dealers quite rightly are going to give their OEM support because it's in their interest as well, and I am expecting that we are prepared for that. We are looking at what we need to do to support our OEMs in that, and I think that's natural and what's going to happen. It's a relationship and it's a partnership.

因此，OEM 將在這段時間內尋求經銷商的支持，而經銷商理所當然地會為 OEM 提供支持，因為這也符合他們的利益，我希望我們已經為此做好了準備。我們正在研究需要做些什麼來支持我們的 OEM，我認為這是自然而然的事情，也是將要發生的事情。這是一種關係，也是一種夥伴關係。

So they are going to be clear, regardless of the total industry, I think they're going to be clear segment by segment, vehicle by vehicle winners and losers based upon that relevant competitive position, as I mentioned at the beginning, obviously because of the broad portfolio that we have got to some extent we hold both sides of that trade, not in a fully weighted balanced weighted way, of course. But when I look individually across our relative positions, the stronger positions that we've had, and I look at the OEMs and we discuss with them what their plans are, I think if I was in their shoes, I would be doing exactly what most of them are doing.

因此，無論整個行業如何，他們都會很清楚，我認為他們會根據相關的競爭地位，逐個細分市場、逐個車型地確定贏家和輸家，正如我在開始時提到的那樣，顯然是因為我們擁有廣泛的投資組合，在某種程度上，我們持有該交易的雙方，當然不是以完全加權平衡的方式。但是，當我單獨審視我們的相對地位、我們所擁有的更強的地位，並觀察原始設備製造商 (OEM) 並與他們討論他們的計劃時，我想，如果我處於他們的位置，我會做他們大多數人正在做的事情。

So in answer to your question, I'm hoping I'm answering your question. If not, feel free to redirect. I think I think dealers will step into it as well. I think they should step into it as well. I think it will be proportionate and I think the payback will come in protection of their market share in their markets as well. Not all dealers are in this position that we're in and because of that, as I've said, you're going to see, I think net transaction price increase is the last lever that's pulled, but it will have to be pulled in certain circumstances to different degrees by different OEMs.

因此，在回答您的問題時，我希望我能回答您的問題。如果沒有，請隨意重定向。我認為經銷商也會介入這一領域。我認為他們也應該介入。我認為這將是相稱的，而且我認為回報也將保護他們在市場上的市場份額。並非所有經銷商都處於我們所處的這種境地，因此，正如我所說，您將會看到，我認為淨交易價格上漲是最後一個槓桿，但在某些情況下，不同的 OEM 必須以不同的程度來拉動它。

Understood that. That's great color and very clear. Thanks for the comments there. Just one follow up on AN Finance, you hit the breakeven, much sooner than expected. Curious, Tom, like what drove that? Was it just better loan performance? It seems like you're still -- your net interest margins are still pretty high, relative to the new book that you're rolling on.

明白了。顏色很棒，而且非常清晰。感謝您的評論。只需對 AN Finance 進行一次跟進，您就能達到收支平衡，比預期的要快得多。湯姆，我很好奇，是什麼導致了這樣的情況？只是貸款表現更好嗎？看起來您的淨利差仍然相當高，相對於您正在推出的新書而言。

Curious if, as that as some of the legacy loans still roll off, how might that play into the quarterly trajectory or given you already like achieved profitability here in the first quarter? Thanks.

好奇的是，由於一些遺留貸款仍在減少，這會對季度軌跡產生什麼影響，或者考慮到您已經在第一季實現了盈利？謝謝。

Hey Tom, before you answer that question, I'm just going to dive in it for a second. I'll tell you what delivered it was a great team of people doing a great job for us, being fully supported by our dealerships. If you look at the -- if you -- and congratulations to them, thank you for delivering that. And by the way, as I said to Jeff Butler, who runs that business for us, basically what he's done is just reset his budget for the rest of the year upwards. So congratulations, Jeff.

嘿，湯姆，在你回答這個問題之前，我想先深入探討一下。我可以告訴您，這歸功於一支優秀的團隊，他們為我們做了出色的工作，並得到了經銷商的全力支持。如果你看一下——如果你——並祝賀他們，感謝你們傳達了這一點。順便說一句，正如我對負責我們這項業務的傑夫巴特勒所說的那樣，他所做的基本上就是將今年剩餘時間的預算上調。所以恭喜你，傑夫。

But on a serious note, if you look at what's happened in that business, we all know that business relies heavily on SG&A leverage, and that relies on building a book with the lowest risk possible, and that's what they've been able to do and they've done it, I think, very well and very prudently and because of that they've maintained what I think is good interest margin, and we're now beginning to see two effects. One is strong SG&A leverage flow through, and secondly combined with much lower delinquency rates and some of that delinquency, a large portion of that delinquency is because of the significant reduction in the proportion of third-party originations that we have, which has now dropped to a very low number in terms of the overall book.

但嚴肅地說，如果你看看這個行業發生了什麼，我們都知道，這個行業嚴重依賴銷售、一般和行政費用槓桿，而這又依賴於以盡可能低的風險建立賬簿，這就是他們能夠做到的，而且我認為他們做得很好、很謹慎，正因為如此，他們保持了我認為良好的利息差，我們現在開始看到兩個影響。一是強勁的銷售、一般和行政費用槓桿流轉，其次，再加上低得多的拖欠率和部分拖欠，很大一部分拖欠是因為我們擁有的第三方發起比例大幅減少，就整體賬簿而言，現在已經下降到一個非常低的數字。

And secondly, because obviously what we're focused on as you can imagine, is making sure our processes and the discipline we have in place to service our customers and to service the collection of their payments continues to improve and continues to be a daily focus, and I think it's a combination of those things. That pull forward their break even and my expectation is that it continues but continues again in a disciplined way because we're very focused on the buy box we have.

其次，正如您所想像的，我們顯然關注的是確保我們為服務客戶和服務收取付款而製定的流程和紀律不斷改進，並繼續成為日常關注的重點，我認為這是這些因素的結合。這拉動了他們的盈虧平衡，我期望這種情況能夠持續下去，但會以一種有紀律的方式再次持續下去，因為我們非常關注我們擁有的購買框。

We don't want to go outside of that buy box because we're clear on the return on equity. We think that will deliver that return on equity will be improved as we get into the ABS market in more volume. And we think that we're going to continue that way. We have a overall portfolio growth pace that I think is right for us. It's right for the capital we have to deploy for it and we're going to continue on that pace and we will adjust and flex depending on what happens in the marketplace with tariffs. So Tom, do you want to answer?

我們不想超出購買範圍，因為我們清楚股本報酬率。我們認為，隨著我們進入 ABS 市場的規模不斷擴大，股本回報率將會提高。我們認為我們會繼續這樣做。我認為我們的整體投資組合成長速度適合我們。我們必須為此部署資本，這是正確的做法，我們將繼續保持這一步伐，並根據市場上關稅的情況進行調整和靈活變通。那麼湯姆，你想回答嗎？

I think that at all and also my congratulations to the team, but you had mentioned that the net income or -- sorry, the interest margin seems high, and you're asking whether it was related to legacy portfolio. Pretty much the portfolio we have now is completely clean of the portfolio or the book that we acquired back in 2022. I think it's probably $25 million or so or less than that.

我完全同意這一點，也祝賀團隊，但您提到淨收入或——抱歉，利息差似乎很高，您問的是這是否與遺留投資組合有關。我們現在的投資組合基本上已經完全擺脫了 2022 年獲得的投資組合或帳簿。我認為大概是 2500 萬美元左右，或者更少。

So, really the margin is being driven by all the business that we've written as AN Finance with Automation and it's 100% automation, captive, dealership book, we no longer do any of this. Third-party stuff and if you've seen the credit profile has continued to approve. So I attribute all of the performance on interest margin to what we've done and what we've underwritten since we acquired the company.

因此，利潤率的真正驅動力是我們作為 AN Finance 自動化部門所編寫的所有業務，它是 100% 自動化、專屬、經銷商帳簿，我們不再做這些了。第三方的東西，如果你已經看到信用狀況已經繼續批准。因此，我將利息保證金的所有表現都歸功於我們自收購該公司以來所做的工作和承保的工作。

Understood. So, I mean, it feels like you should -- I mean, it's hard to imagine it goes below breakeven and you're probably going to only improve profitability from these levels if these are the right level of net interest margins, irrespective of the fact that you're going to still like have new originations still increase. Is that a fair statement or you disagree?

明白了。所以，我的意思是，感覺你應該——我的意思是，很難想像它會低於盈虧平衡點，而且如果這些是合適的淨息差水平，你可能只會從這些水平提高盈利能力，不管你仍然會喜歡新發起的業務仍在增加。這是一個公平的說法嗎？或您不同意？

Absolutely. I would agree with that.

絕對地。我同意這一點。

Awesome. Great. Thanks for all the color and good luck.

驚人的。偉大的。感謝所有的色彩並祝你好運。

Michael Ward with Citi Research.

花旗研究部的邁克爾沃德 (Michael Ward) 說。

Thanks very much. Good morning, everyone. On the -- it sounds like one way or another, you have a demand pull forward to some extent, strong underlying demand, whatever it is, that should have positive implications on the cash flow side and take out some of that seasonality. Am I reading that rightly?

非常感謝。大家早安。聽起來，不管怎樣，你都會在某種程度上提前需求，強勁的潛在需求，無論是什麼，都會對現金流方面產生積極的影響，並消除一些季節性的影響。我理解得對嗎？

Yeah, I agree with that, Mike. As we have, well, first of all the first quarter cash was very strong, as we mentioned, close to 130% conversion, so it was reflective of our net income and our net income obviously was reflective of the full forward impact that we talked about. There's not a lot of timing differential in terms of cash flow, probably the last week of the quarter was probably more robust than any of our frequent or more recent quarter. So timing wise it could be a little bit of cash pent up that comes in the second quarter, but as I reminded everybody, the second quarters when we make our tax payments and some other things. So the benefit that we get from any first quarter residual will be netted into our normal second quarter case.

是的，我同意，麥克。首先，第一季的現金非常強勁，正如我們所提到的，轉換率接近 130%，所以它反映了我們的淨收入，而我們的淨收入顯然反映了我們談到的全面遠期影響。就現金流而言，時間差異並不大，本季的最後一周可能比我們任何一個常見或最近的季度都更為強勁。因此，從時間角度來看，這可能是第二季積壓的一點現金，但正如我提醒大家的那樣，第二季我們將繳納稅款並辦理其他一些事宜。因此，我們從第一季剩餘收益中獲得的收益將計入我們正常的第二季情況。

Okay, but then you get the --

好的，但是你得到了--

Sorry, yeah, carry on. I didn't mean to interrupt.

抱歉，是的，繼續。我不是有意打擾的。

You. No, go ahead, please.

你。不，請繼續。

The only thing I was going to mention on the pull forward is, obviously, you can look at the total number of days supplier that we finished the quarter with and that will decrease, but you're also what's in there as you think about how that continues. I talked about the fact that it obviously is going to moderate as you go forward as the mix changes in your residual ground stock. So when we think about cash generation, I agree with everything that Tom said, including the seasonal to tax payments, but clearly you need to just factor in mix for that ground stock that we close the second quarter with.

關於提前，我唯一想提到的是，顯然，你可以看看我們完成本季的供應商總天數，這個數字會減少，但當你思考這種情況如何持續時，你也會知道其中的內容。我談到了這樣一個事實，隨著殘餘地面庫存的混合發生變化，它顯然會隨著你的前進而緩和。因此，當我們考慮現金產生時，我同意湯姆所說的一切，包括季節性稅收，但顯然你只需要考慮我們在第二季末的庫存組合。

Yeah, but one way or another you're in a demand po environment and that's positive for pricing, right?

是的，但無論如何，您都處於需求採購環境中，這對定價有利，對嗎？

Yeah. For sure, usually a demandable environment is positive for pricing. I would agree entirely with that, but it is not, it doesn't have the same pricing dynamics that you saw in a COVID situation.

是的。當然，通常情況下，需求旺盛的環境對定價有利。我完全同意這一點，但事實並非如此，它的定價動態與你在 COVID 情況下看到的並不相同。

For example, the supply should be okay. Exactly, yeah, exactly.

比如說供應應該沒問題。確實如此，是的，確實如此。

Okay, so it just tying the piece together on the cash side. So the other missing link is as you get your ABS completed, that frees up some of your cash that we see on the operating side instead of that being a drain last year of almost $900 million offset by the debt, right? So that starts to turn positive. So on the operating cash flow side you see a positive delta call it $500 million from the ABS, right?

好的，所以它只是將現金方面的各個部分連結在一起。因此，另一個缺失的環節是，當您完成 ABS 時，這會釋放我們在營運方面看到的部分現金，而不是去年因債務而流失的近 9 億美元，對嗎？所以這開始變得積極了。因此，在經營現金流方面，您看到一個正的增量，即來自 ABS 的 5 億美元，對嗎？

Yeah, of course. I would consider it like to be a replacement of warehouse financing with ABS, but the point is that if -- and I'm just making up, numbers here but if I had a loan that was 80% funded under the warehouse that might be 95%.

是的，當然。我認為它可以用 ABS 來替代倉庫融資，但關鍵是——我只是在編造數字，但如果我有一筆 80% 由倉庫融資的貸款，那麼這個比例可能是 95%。

Right, so it does free up.

正確的，所以它確實釋放了。

Yeah, but it's like --

是的，但就像--

And just one last thing, give us a direction on for plan interest.

最後一件事，請給我們一個關於計劃興趣的方向。

Okay, Mike, this is Derek. Just we have a reconciliation in the deck which shows what the change in auto loans receivable net is. So you can see that we adjust our operating cash flow for that. So that's how we look at it internally because that's the cash that we have available to us.

好的，麥克，這是德里克。我們只是在甲板上有一份對帳單，顯示了汽車貸款應收淨額的變化。所以你可以看到我們為此調整了我們的營運現金流。這就是我們在內部看待這個問題的方式，因為這是我們可用的現金。

Thank you for that.

謝謝你。

But one bad things is important and this is again it frees up cash on a static book, in your net cash position has to take into account your growing book. Obvious statements just to close off that conversation.

但有一件壞事很重要，那就是它再次釋放了靜態帳簿上的現金，您的淨現金狀況必須考慮到您不斷增長的帳簿。明顯的陳述只是為了結束那場談話。

Yeah, thank you. And just lastly on the floor interest, it sounds like it goes down again in two year over year. Right?

是的，謝謝。最後，關於場內利息，聽起來它兩年來又下降了。正確的？

I think modeling it at a pace that's similar to Q1 is probably in order for now until we kind of see the impacts of whatever, yeah.

我認為，目前以類似於 Q1 的速度對其進行建模可能是合理的，直到我們看到任何影響，是的。

All right, fantastic. Thank you.

好的，太棒了。謝謝。

Daniela Haigian with Morgan Stanley.

摩根士丹利的 Daniela Haigian。

Hi, thanks. So what is your age mix in used look like with the newer used vehicle supply still tight, even with mitigating factors like you mentioned in-house sourcing and also a consumer pressured by affordability, do you see opportunity moving into older used vehicles to meet demand?

你好，謝謝。那麼，在較新的二手車供應仍然緊張的情況下，您的二手車年齡結構是怎樣的呢？即使有您提到的內部採購等緩解因素，以及消費者受到負擔能力壓力的影響，您是否看到轉向舊二手車來滿足需求的機會？

I think Tom talked about the fact that lower price, sometimes older, sometimes higher margin vehicles continues to be strong demand, and I think that for sure is going to continue.

我認為湯姆談到了這樣一個事實：價格較低、有時較舊、有時利潤較高的汽車仍然需求強勁，而且我認為這種情況肯定會持續下去。

The teams that look after our mix are modeling demand as far up the demand funnel that they can to try and make sure that they still maintain a balance, as we mentioned in the opening comments. We deliberately increased our used vehicle stock at (inaudible) as you can in this period because we think that it's an opportunity for us going forward and we can build on our Q1 results. So yeah, we think that, that will continue to be in demand some $20,000 vehicles, and it is a focus for us both in terms of self-sourced and other sourcing activities that we have.

正如我們在開場白中提到的那樣，負責我們產品組合的團隊正在盡可能地對需求漏斗進行建模，以嘗試確保它們仍然保持平衡。在此期間，我們盡可能刻意地增加了二手車庫存（聽不清楚），因為我們認為這是我們向前發展的一個機會，我們可以在第一季業績的基礎上再接再厲。所以，是的，我們認為，價值 20,000 美元左右的車輛仍將受到歡迎，這是我們在自營採購和其他採購活動方面的重點。

Thanks. And then just on after sales, you spoke to increased tax, increased productivity, what does capacity ex-accesses capacity look like today and how much room is there left? I know you got it to moderate growth over the next few years, but how much on top of that can you get to with the capacity that you have?

謝謝。然後就在售後服務方面，您談到了增加稅收、提高生產力，今天的產能（不包括訪問容量）情況如何，還剩下多少空間？我知道你們會讓它在未來幾年內適度成長，但是以你們現有的產能，你們還能達到多少成長呢？

So I can tell you in terms of physical installed capacity. On average every dealership is slightly different. On average, we have plenty of capacity in terms of installed ramps and we've added to that capacity in various fashions where it has been in use position.

因此我可以根據實體安裝容量來告訴你。平均而言，每家經銷商都略有不同。平均而言，我們在安裝的坡道方面擁有足夠的容量，並且我們以各種方式增加了使用位置的容量。

We continue to be added 4%. I think it was increasing technicians in Q1. That is a big focus for us because there are still productivity that we can unlock through training and development of our technicians, but we want to add physical labor resource into our net because one of the big areas for us, if you -- if I just break down our vehicle parks into 0 to 33 to 7, we continue to make progress and penetration of those aged vehicles in the vehicle park, the area that is traditionally more difficult to unlock is obviously seven-year plus vehicles.

我們繼續增加4%。我認為第一季技術人員的數量有所增加。這對我們來說是一個重點，因為我們仍然可以透過培訓和發展我們的技術人員來釋放生產力，但我們希望將體力勞動力資源添加到我們的網絡中，因為對我們來說，一個重要的領域是，如果你 - 如果我只是將我們的停車場分解為 0 到 33 到 7，我們會繼續取得進展並滲透到停車場中的那些老舊車輛中，顯然是傳統上七年以上的車輛。

There is plenty of opportunity for us to progressively unblock that and to do that we need to think about pricing. We need to think about convenience. We need to think about a whole host of things, one of which means we'll continue to need technicians.

我們有足夠的機會逐步解除這項障礙，為此我們需要考慮定價。我們需要考慮便利性。我們需要考慮很多事情，其中​​之一就是我們將繼續需要技術人員。

So installed capacity we have a lot of physical ramps, etc we have we have the headroom we require. We constantly are growing our technicians and in terms of work that's available with different degrees of addressability, there's opportunity to grow in the park.

因此，我們安裝的容量有很多物理坡道等，我們有所需的淨空。我們不斷培養我們的技術人員，就具有不同程度可處理性的工作而言，園區內有成長的機會。

Thank you.

謝謝。

Colin Langan with Wells Fargo.

富國銀行的科林‧蘭根 (Colin Langan)。

Oh great, thanks for taking my questions. I just want to clarify. I mean, so I think in your earlier Q&A you mentioned that you think the star kind of falls to [15, 16] pace. Is that your view for the full year or is that after April and we have the pull forward, that's where you think it settles in at?

哦，太好了，感謝您回答我的問題。我只是想澄清一下。我的意思是，我認為在您之前的問答中您提到您認為明星的速度會下降到 [15, 16]。這是您對全年的看法嗎？還是說，四月之後，我們會向前看，您認為情況會穩定下來？

And then you know I wasn't also sure your comments on pricing. You think I guess the numbers out there 9%, 10% would be needed to fully pass that on? You don't think that will be seen in the industry and that both the automakers would have to raise the price a little and you guys would take some on the GPU. Is that the right way to interpret all those comments?

然後你知道我也不確定你對定價的評論。您認為我猜測需要 9%、10% 的數字才能完全傳遞這一點嗎？您認為這在行業中不會發生，而且兩家汽車製造商都必須稍微提高價格，而您也會在 GPU 上花費一些。這是解讀所有這些評論的正確方法嗎？

It's the right way to interpret some of the comments. Firstly, what I said was that I think some of the forecasts in terms of impact on the TA were probably overstated because of the fact that different models and different segments will have different net transaction impacts and therefore cross shopping to some extent would soften the full impact on the total industry.

這是解讀一些評論的正確方法。首先，我想說的是，我認為對 TA 影響的一些預測可能被誇大了，因為不同的車型和不同的細分市場對淨交易的影響會有所不同，因此交叉購物在某種程度上會減輕對整個行業的整體影響。

That was my first point. I didn't give you a total industry forecast for the year, and I will not give you a total industry forecast for the year. And then secondly, what I said was I believe the last lever any of our OEMs will be one that affects that transaction price and therefore they're going to be looking at suppliers, their own cost base, their own infrastructure, including their dealers to develop a best strategy they can based upon the individual circumstances too, I think, really balance the impact on dealers, the impact on themselves, and of course, their market share.

這是我的第一點。我沒有給你今年的產業整體預測，而且我也不會給你今年的產業整體預測。其次，我說的是，我相信我們任何 OEM 的最後一個槓桿都會影響交易價格，因此他們會考慮供應商、他們自己的成本基礎、他們自己的基礎設施，包括他們的經銷商，以根據具體情況制定最佳策略，我認為，真正平衡對經銷商的影響、對他們自己的影響，當然還有他們的市場份額。

And in that instance there is no doubt in my mind that dealers will be asked to participate in that, but I think it will be in a balanced way, and I think the end result will be, as I said, that cushioning effect on the total industry. I do think the total sale will drop, but I think some of the numbers out there are overstated.

在這種情況下，我毫不懷疑經銷商會被要求參與其中，但我認為這將以平衡的方式進行，我認為最終的結果將如我所說的那樣，對整個行業產生緩衝作用。我確實認為總銷售額會下降，但我認為有些數字被誇大了。

Got it. Okay. And then just on the buyback pace, it seemed to sort of jump up a bit. I mean, how should we think about it with all the tariff uncertainty? Or are you going to continue with this kind of pace? How is the M&A market? Is that maybe where you want to pivot more or are you kind of on pause given there is so much uncertainty out there?

知道了。好的。然後，就回購速度而言，它似乎有所上升。我的意思是，面對如此多的關稅不確定性，我們該如何看待這個問題？或者說你打算繼續保持這樣的節奏？併購市場如何？這是否是您想要進一步轉變的地方？或者，考慮到目前存在太多的不確定性，您是否會暫停一下？

Yeah, thanks for calling the couple thoughts there. The first of all of our capital allocation is based on where we think we can develop the greatest returns, as it happened in the quarter, we identified some good acquisition opportunities.

是的，謝謝你提到這對夫婦的想法。首先，我們的資本配置是基於我們認為可以獲得最大回報的地方，正如本季發生的那樣，我們發現了一些很好的收購機會。

We also see our shares as the intrinsic value is higher than where we're trading and so we think that has continued to be a buying opportunity for us. And so we're deploying, capital to the extent we think prudent while managing our balance sheet leverage. And so those are the three factors. I don't see a material change in things that at our normal run rate.

我們也認為，我們的股票的內在價值高於我們的交易價格，因此我們認為這對我們來說仍然是一個買入機會。因此，我們在管理資產負債表槓桿的同時，以我們認為謹慎的程度部署資本。這就是三個因素。在我們的正常運行速度下，我沒有看到任何實質的變化。

We'll see how the tariffs play out, but we've done stress tests of our P&L and of our -- you know, our cash flows under different scenarios and feel pretty confident that we'll be able to continue to generate good cash flow and you know be able to have the opportunity to make those decisions on where to deploy the capital.

我們將觀察關稅如何發揮作用，但我們已經對我們的損益表和我們的現金流進行了壓力測試 - 你知道，我們在不同情況下的現金流，並且非常有信心我們將能夠繼續產生良好的現金流，你知道，我們能夠有機會做出關於在何處部署資本的決定。

Got it. All right, thanks for taking my questions.

知道了。好的，感謝您回答我的問題。

Thanks.

謝謝。

Bret Jordan with Jeffries.

布雷特喬丹和杰弗里斯。

Hey, good morning, guys. In after sales, could we get some color as price versus car count and did the mobile service initiative contribute to the after sales growth in the quarter?

嘿，大家早安。在售後服務方面，我們能否從價格與汽車數量方面獲得一些信息，以及移動服務計劃是否促進了本季度的售後服務增長？

There was volume increase, which was I -- and Tom just correct me. We have volume increase and a price increase about volume two-third price increase. Some of that was makeshift, by the way. It wasn't pure hours sold or part sold pricing. There was quite a bit of mixed shifting which helped us as well in that did contribute to the total hours sold. They did not contribute to our net income because it is still a business that we're investing in for growth, but it contributes at a gross level.

音量增加了，這是我——湯姆糾正了我。我們的銷量和價格都有所上漲，大約銷量上漲了三分之二，價格上漲了三分之二。順便說一句，其中一些是臨時的。這不是純粹的銷售小時數定價或部分銷售定價。有相當多的混合輪班，這對我們也有幫助，因為確實對總銷售小時數有所貢獻。它們沒有對我們的淨收入做出貢獻，因為這仍然是我們為成長而投資的業務，但它在總體水平上做出了貢獻。

Tom, did I get that right?

湯姆，我說得對嗎？

I think that's okay.

我認為沒關係。

And then a question -- and then it sort of gets back to tariffs and you think about the after sales business, the percentage of parts that you were selling either into a repair order or out the door in wholesale that are imported, obviously a few years back you guys went with a private label parts around the AN USA strategy, do you have a feeling for what percentage of your parts mix might see tariff exposure?

然後有一個問題——然後它又回到了關稅問題，您考慮一下售後業務，您銷售的維修訂單或批發零件中進口的百分比，顯然幾年前你們採用了圍繞 AN USA 戰略的自有品牌零件，您是否感覺到您的零件組合中有多少百分比可能會受到關稅影響？

Yeah, with the analysis that we've done is to look at the distinction between a captive part and a competitive part. It doesn't mean to say that competitive parts will not get price increases. I think because it isn't just OEM parts they're going to be affected. The vast majority of non-OEM parts have an import situation as well with them.

是的，我們所做的分析是為了找出專屬部分和競爭部分的差異。這並不意味著競爭性零件不會漲價。我認為，因為不僅僅是 OEM 零件會受到影響。絕大多數非 OEM 零件也存在進口情況。

So there is in terms of by the way of that analysis between captive and non-captive of our part sales, roughly 40% you can think of what OEMs consider to be captive and 60% are non-captive and therefore, they will have different situations in terms of the competitive nature of the marketplace and again you see very similar lever on parts that you will see on new vehicle sales.

因此，透過對我們的零件銷售中的自備和非自備部分的分析，您可以認為大約 40％ 是 OEM 認為的自備部分，而 60％ 是非自備部分，因此，就市場競爭性質而言，它們的情況會有所不同，而且您會看到零件的槓桿作用與新車銷售的槓桿作用非常相似。

What I would tell you on captive parts is it's not automatic that parts increases or costs flow through to the customer because there are consequential benefits of that. They may well be captive, but for example, we have seen pretty strong mitigation in collision business throughout the bulk of 2024 and coming into 2025 where we are seeing more total losses than repaired vehicles and part of that.

關於自備件，我想告訴你的是，零件價格上漲或成本轉嫁給客戶並不是自動的，因為這會帶來相應的好處。他們可能被俘虜了，但例如，我們看到在 2024 年的大部分時間和到 2025 年碰撞業務有相當強勁的緩解，我們看到的總損失比修復的車輛還多。

It is because of increases in captive parts and obviously changes in residual value. So even though it is a captive part, it isn't just say hey, this is a captive part, let's pass it on. That's not how it happens in my opinion and other considerations are in there, but that's how we think about it, and I think OEMs are probably thinking about it a similar way.

這是因為自備零件增加，殘值明顯改變。因此，即使它是一個被俘虜的部分，也不只是說，嘿，這是一個被俘虜的部分，讓我們把它傳遞下去。在我看來，事情並非如此，還有其他考慮因素，但我們就是這麼想的，而且我認為 OEM 可能也是這樣想的。

Great appreciate that. Thank you.

非常感謝。謝謝。

David Whiston with Morningstar.

晨星公司的戴維‧惠斯頓 (David Whiston)。

Thanks. Good morning. First, sticking with tariffs, as some German 3 production isn't USMCA compliant, and I'm just curious, do you think your customers at those stores have willingness to incur larger price increases than say a GM customer or Toyota customer does?

謝謝。早安.首先，堅持關稅，因為一些德國 3 生產不符合 USMCA 標準，我只是好奇，您是否認為這些商店的客戶願意比通用汽車客戶或豐田客戶承擔更大的價格上漲？

So let me just soak on that question for a second to try and give you a balanced answer to it. So obviously, the best answer I can give you is, it goes back to what I said. At the end of the day, there is always an alternative to what you want to buy.

因此，請允許我花一點時間來思考這個問題，試著給出一個平衡的答案。因此，顯然，我能給你的最好答案是，回到我所說的內容。歸根究底，你想買的東西總是會有替代品。

And it's going to be a decision, an individual customer by customer decision of whether they want to switch to an alternative in the marketplace that is to them a lesser price, and I think they're going to have that option.

這將是一個決定，由每個客戶自己決定是否要轉向市場上對他們來說價格更低的替代品，我認為他們會有這個選擇。

Typically, as a model line or a brand that has a premium is more able to gain pricing in the marketplace than let me say a much more competitive segment that's always been the case and will be the case going forward. That's the best I can give you off the top of my head.

通常情況下，作為具有溢價的車型系列或品牌，它更有能力在市場上獲得定價，而不是像我所說的那樣，在競爭更加激烈的市場中，情況一直如此，而且未來也將如此。這是我能給你的最好的答案。

Appreciate it. Just one question on buybacks, and it's a very long-term outlook question here, but I'm just curious, how low are you guys willing to take the share account 5, 10 years from now? And if there is a floor, would a regular dividend at that point get serious consideration?

非常感謝。關於回購我只有一個問題，這是一個非常長期的展望問題，但我只是好奇，你們願意在 5 年或 10 年後將股票帳戶的價格降到多低？如果有底線，那麼定期股息是否會被認真考慮？

Excellent question, David. Yeah, I think our management team and the board continue to want to drive returns, through balanced capital allocation. I mean, it just so happens that more the better opportunities have been in share repurchases, but you know we're confident that the M&A market itself will present opportunities for us, and particularly to take advantage of the footprint that we have and to drive synergies and to drive scale, I'd be hesitant to give you like what we think the golden number of shares is, does it go down to one?

非常好的問題，大衛。是的，我認為我們的管理團隊和董事會希望透過平衡的資本配置繼續推動回報。我的意思是，股票回購的機會越多越好，但你知道，我們相信併購市場本身將為我們提供機會，特別是利用我們現有的影響力，推動協同效應和擴大規模，我不太確定我們認為的黃金股票數量是多少，它會降到一股嗎？

Yeah, I couldn't tell you but you look at our shareholder base, we have a very liquid set of shares and we'll continue to pursue it. I don't think it's critical that we have an end target in mind in terms of shares outstanding. It will always be there as an opportunity for us given the quid.

是的，我無法告訴你，但看看我們的股東基礎，我們擁有一批流動性很強的股票，我們會繼續追求它。我認為，就流通股數量而言，我們不需要設定最終目標。只要有錢，這對我們來說永遠都是一個機會。

I think the end target we got in mind is absolutely the best. So the time we can deliver.

我認為我們心中的最終目標絕對是最好的。所以我們可以交貨的時間。

Thanks guys.

謝謝大家。

Thank you. This concludes Q&A, and I will now hand the call back to CEO, Mike Manley for closing remarks.

謝謝。問答環節到此結束，現在我將把電話交還給執行長 Mike Manley 進行結束語。

Yeah, thanks, Harry. As I mentioned as we finish the segment, obviously during this period of time it's completely natural a lot of discussions on tariffs and the potential impact in the next weeks are really going to be very helpful in terms of seeing what will actually transpire in the marketplace, but I do think and I'll repeat some of the things that I said during my opening comments.

是的，謝謝，哈利。正如我在結束本部分時提到的那樣，顯然在這段時間內，關於關稅和未來幾週的潛在影響的大量討論是完全自然的，這對於了解市場實際上會發生什麼非常有幫助，但我確實認為，我將重複我在開場白中所說的一些內容。

If you look at our quarter and you look at the way our business is developing, there are plenty of areas within our business that are less impacted by tariffs that continue to develop in a positive way, and many of those areas still have a lot of opportunity for us and the team to further develop, whether it's in after sales, for example or the continued growth and development of a finance, and there are areas that clearly regardless of the tariff situation the things the team's focused on and will remain focused on those things.

如果你看一下我們的季度業績，看看我們的業務發展方式，你會發現我們業務中有很多領域受關稅的影響較小，並且繼續以積極的方式發展，其中許多領域仍然有很多機會供我們和團隊進一步發展，例如在售後方面，還是在財務的持續增長和發展方面，而且無論關稅情況如何，有些領域顯然是團隊關注的重點，並且將繼續關注這些事情。

And as Tom said, clearly and naturally we look at different potential scenarios going forward to make sure that we are taking the appropriate steps in our view to position AutoNation in the best possible way we can despite the environment. And one thing that is true about this organization is this business was the first of this type of business, and they have proven in virtually every economic cycle that they've been in to have a robust business model that has consistently delivered and consistently grown. And with that, we'll end the call. I'd like to thank you all for your time and your questions today.

正如湯姆所說，我們清楚而自然地會考慮未來可能出現的各種情況，以確保我們採取適當的措施，讓 AutoNation 在各種環境下都能以最佳方式定位。關於這個組織的一個事實是，這個企業是這種類型企業中的首家，並且他們在幾乎每個經濟週期中都證明了自己擁有一個強大的商業模式，能夠持續交付並持續成長。就這樣，我們就結束通話了。我想感謝大家今天抽出時間和提出的問題。

Thank you. This concludes the AutoNation Incorporated first quarter 2025 earnings call. Thank you to everyone who's able to join us today. You may now disconnect your lines.

謝謝。AutoNation Incorporated 2025 年第一季財報電話會議到此結束。感謝今天能參加我們的所有人。現在您可以斷開線路了。