AutoNation Inc (AN) 2025 Q2 法說會逐字稿

Hello, everyone, and thank you for joining the AutoNation Inc. Q2 earnings call. My name is Harry, and I'll be your operator today (Operator Instructions)

大家好，感謝您參加 AutoNation Inc. 第二季財報電話會議。我叫 Harry，今天我將擔任您的接線生（操作員指示）

I will now hand the call over to Derek Fiebig, VP of Investor Relations. Please go ahead.

我現在將電話交給投資者關係副總裁 Derek Fiebig。請繼續。

Thank you, Harry, and good morning, everyone, and welcome to AutoNation's second quarter 2025 conference call. Leading our call today will be Mike Manley, our Chief Executive Officer; and Tom Szlosek, our Chief Financial Officer. Following their remarks, we will open the call to questions.

謝謝你，哈利，大家早安，歡迎參加 AutoNation 2025 年第二季電話會議。今天主持我們電話會議的將是我們的執行長 Mike Manley 和我們的財務長 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. 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.

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出現重大差異的因素的更多討論。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。

With that, I'll turn the call over to Mike.

說完這些，我將把電話轉給麥克。

Thanks, Derek, and good morning, everyone. Thank you for joining us today. I'm going to start on Slide 3. Obviously, we're very pleased to report an outstanding second quarter. We delivered material improvements compared to the second quarter last year, and the numbers were strong even after removing the year-over-year impact from last year's CDK outage.

謝謝，德里克，大家早安。感謝您今天加入我們。我將從幻燈片 3 開始。顯然，我們非常高興地報告第二季的出色表現。與去年第二季相比，我們取得了實質的改進，即使排除了去年 CDK 中斷造成的年比影響，業績仍然強勁。

Our sales of new vehicles increased 8%, and we gained share in the markets we serve and grew sales by more than 5% on a sequential basis. This performance was led by our Domestic segment, which increased 19% from a year ago and 14% from the first quarter on a same-store basis. We also increased new unit profitability on a sequential basis across all segments.

我們的新車銷量成長了 8%，我們在所服務的市場中的份額也增加了，銷量環比增長了 5% 以上。這項業績主要由我們的國內部門帶動，該部門的同店銷售額較去年同期成長 19%，較第一季成長 14%。我們也在所有部門中連續提高了新單位獲利能力。

As was the case with the industry, our unit sales growth was strongest at the start of the quarter and moderated in May and June. And clearly, there was a pull ahead of sales in late March and April in reaction to the tariff announcement, and it stands to reason that some portion of that demand was pulled ahead from the latter part of the second quarter.

與行業情況一樣，我們的單位銷售額成長在本季度初最為強勁，但在 5 月和 6 月有所放緩。顯然，由於關稅公告的影響，3 月底和 4 月份的銷售額有所增加，有理由認為，部分需求是從第二季後半段開始增加的。

Used vehicle gross profit increased 13% year- over-year as we benefited from stronger unit sales, stable unit profitability and improved performance in wholesale. Our unit sales increased 6% from a year ago with stronger performances for the over $40,000 and under $20,000 price points.

二手車毛利潤年增 13%，這得益於更強勁的單位銷售額、穩定的單位盈利能力以及批發業績的改善。我們的單位銷售額比去年同期增長了 6%，其中 40,000 美元以上和 20,000 美元以下價格段的業績更為強勁。

The team continued to do a great job acquiring vehicles through trade-ins and directly from the consumer through our We'll Buy Your Car effort. These channels accounted for over 90% of the vehicles acquired in the quarter. We ended June with over 28,000 used vehicles and inventory, which I believe positions us well for the second half of 2025.

團隊繼續出色地完成了透過以舊換新和透過「我們將購買您的汽車」活動直接從消費者手中收購汽車的工作。這些管道佔本季收購車輛的 90% 以上。截至 6 月底，我們擁有超過 28,000 輛二手車和庫存，我相信這為我們在 2025 年下半年奠定了良好的基礎。

Customer Financial Services gross profit also increased 13%, increasing on a per unit basis sequentially and year-over-year. We continue to attach more than two products per vehicle, with extended service contracts continuing to be the top offering. Our finance penetration is stable with around three by four of units being sold with financing.

客戶金融服務毛利潤也增加了 13%，按單位計算比上一季和去年同期均有所增長。我們繼續為每輛車安裝兩種以上的產品，其中延長服務合約仍然是最主要的服務。我們的融資滲透率穩定，大約有四分之三的單位是透過融資出售的。

The momentum in After-Sales continued. We delivered record revenue and grew our gross profit by more than 12%, with gross profit margins expanding by 100 basis points to record levels. And Tom will take you through the details, but the results were strong on both the sequential and year-over-year basis. The sequential increase reflects one additional service day as well as improvements for our internal reconditioning, customer pay and warranty was about flat.

售後服務的動能持續維持。我們實現了創紀錄的收入，毛利成長了 12% 以上，毛利率擴大了 100 個基點，達到創紀錄的水平。湯姆將向您介紹細節，但無論是環比還是同比，結果都很強勁。連續的成長反映了一個額外的服務日以及我們內部修復的改善，客戶支付和保固基本上持平。

Now we continue to focus on our technician workforce by recruiting, retaining and of course, developing our technicians. And I do think the efforts are paying off. Our turnover has decreased, and technician headcount increased by about 3% from a year ago on a

現在，我們繼續關注我們的技術人員隊伍，招募、留住並培養我們的技術人員。我確實認為這些努力正在獲得回報。我們的營業額有所下降，技術人員數量較上年同期增加了約 3%。

same-store basis. The strong momentum at AN Finance continued. Originations doubled from a year prior. And as the portfolio has grown, the team is delivering on leveraging its fixed cost base, enabled continued growth and profitability.

同店基礎。AN Finance 的強勁勢頭仍在持續。發起量比去年同期增加了一倍。隨著投資組合的成長，該團隊正在利用其固定成本基礎，實現持續成長和獲利。

During the quarter, we completed our inaugural AN Finance asset-backed securitization, and the transaction was very well received. We expect to regularly access this market as the portfolio grows. Our Q2 performance, combined with our share repurchases, helped us to grow our adjusted EPS by 37% from a year ago. This was the second consecutive year-over-year increase in adjusted EPS. Excluding the estimated impact from the CDK outage, adjusted EPS was still up mid-teens from 2024. All in all, a great result and great performance by the AutoNation team.

本季度，我們完成了首次 AN Finance 資產支援證券化，交易獲得了熱烈反響。隨著投資組合的成長，我們期望定期進入這個市場。我們第二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 37%。這是調整後每股收益連續第二次年增。排除 CDK 中斷預計帶來的影響，調整後的每股盈餘仍比 2024 年高出十幾個百分點。總而言之，AutoNation 團隊取得了出色的成績並表現出色。

Now I know tariffs continue to be top of mind. And apart from the volume shifting I mentioned earlier, we saw limited additional impact in our Q2 results from tariffs. MSRP and invoice prices have been stable, and the June CPI report showed continued modest month-over-month declines in new and used vehicle pricing. We do expect the ongoing dialogue between our OEM partners and the US administration to result in clarification and of course, finalization of the auto tariff structures in the coming periods.

現在我知道關稅仍然是人們最關心的問題。除了我之前提到的交易量變化之外，我們發現關稅對我們第二季業績的額外影響有限。廠商建議零售價和發票價格一直保持穩定，6 月消費者物價指數報告顯示，新車和二手車價格較上季持續小幅下降。我們確實希望我們的 OEM 合作夥伴和美國政府之間正在進行的對話能夠在未來一段時間內澄清並最終確定汽車關稅結構。

Now this process also includes our OEM partners' full evaluation of supply chain footprints and planning to optimize tariff efficiency and to establish their forward pricing structures. We believe the objective of maintaining market share, particularly in critical segments, will will equally with the desire to offset any new tariffs.

現在，這個過程還包括我們的 OEM 合作夥伴對供應鏈足跡的全面評估，以及優化關稅效率和建立其遠期定價結構的計劃。我們相信，保持市場份額（特別是在關鍵領域）的目標與抵消任何新關稅的願望是同等重要的。

And as I said previously, we expect that AutoNation, to some extent, will be cushioned from many new tariffs by a cross-shopping effect, whereby demand for non-impacted or lesser impacted brands and models will potentially supplant those for more effective counterparts. And naturally, in this situation, we hold both sides of the trade with our broad portfolio of brands and models, which I think gives us a distinct advantage.

正如我之前所說，我們預計 AutoNation 在某種程度上將透過交叉購物效應來緩解許多新關稅的影響，即對不受影響或影響較小的品牌和型號的需求可能會取代對更有效的同類產品的需求。當然，在這種情況下，我們憑藉廣泛的品牌和車型組合佔據了交易的雙方，我認為這給了我們明顯的優勢。

Now to close, we're encouraged by some of the provisions contained in the recently enacted U.S. federal statute, which includes interest rate deductibility in auto loans and bonus depreciation for commercial enterprise. Although we're not forecasting a bonanza of new demand. But as you'll appreciate, every incremental actions to encourage vehicle purchases is very welcomed by me and the team.

最後，我們對最近頒布的美國聯邦法規中的一些條款感到鼓舞，其中包括汽車貸款的利率扣除和商業企業的獎金折舊。儘管我們並沒有預測會出現大量新需求。但如您所知，我和團隊非常歡迎每一項鼓勵購買汽車的漸進式舉措。

Now I'll turn the call over to Tom to take you through our results.

現在我將把電話轉給湯姆，讓他向您介紹我們的結果。

Thank you, Mike. Let me kick off with a quick reminder that our second quarter 2024 operating results were adversely impacted by the CDK outage and that our second quarter 2025 operating results were adversely impacted by the tariff-related shift of volume into the first quarter.

謝謝你，麥克。首先，我要快速提醒一下，我們 2024 年第二季的營運表現受到了 CDK 中斷的不利影響，而我們 2025 年第二季的營運表現受到了與關稅相關的交易量轉移到第一季的不利影響。

So with that, I'm on Slide 4 to discuss our second quarter 2025 P&L. Our total revenue for the quarter was $7 billion, an increase of 8% from a year ago on both the total and same-store basis. We achieved attractive same-store growth across the entire business, including double-digit growth in After-Sales and Customer Financial Services. We also achieved a 9% increase in same-store new vehicle revenue as we increased new unit volumes across all three segments.

因此，我將在投影片 4 上討論我們 2025 年第二季的損益表。本季我們的總營收為 70 億美元，總營收和同店營收均比去年同期成長 8%。我們整個業務都實現了可觀的同店成長，其中售後服務和客戶金融服務均實現了兩位數的成長。由於我們增加了三個部門的新車銷量，同店新車收入也成長了 9%。

The same-store gross profit of $1.3 billion increased by 10% from a year ago. The year-over-year gross profit performance included same-store After-Sales growth of 13%, CFS growth of 13% and used vehicle growth of 12%. The reported gross profit margin of 18.3% of revenue was up 40 basis points from a year ago, including a 100 basis point increase in After-Sales and a 50 basis point improvement for used vehicles, offset by the moderation of new vehicle unit profitability.

同店毛利13億美元，較上年同期成長10%。年比毛利表現包括同店售後成長 13%，CFS 成長 13%，二手車成長 12%。報告的毛利率為收入的 18.3%，比去年同期增長了 40 個基點，其中售後業務增長了 100 個基點，二手車業務增長了 50 個基點，但新車單位盈利能力的下降抵消了這一增長。

Adjusted SG&A, 66.2%, improved as expected and was at the lower end of the 66% to 67% range for our ongoing expectations. Adjusted operating income margin of 5.3% increased from a year ago and from the first quarter. Below the operating line, floorplan interest expense increased by $9 million from a year ago sorry, decreased by $9 million from a year ago, as average rates were down approximately 100 basis points, combined with lower average outstanding borrowings. Non-vehicle interest expense was approximately flat from a year ago.

調整後的銷售、一般及行政費用為 66.2%，如預期般改善，處於我們持續預期的 66% 至 67% 範圍的低端。調整後的營業收入利潤率為 5.3%，較去年同期和第一季有所成長。在營業線以下，建築平面圖利息支出比去年同期增加了 900 萬美元（抱歉，比去年同期減少了 900 萬美元），因為平均利率下降了約 100 個基點，加上平均未償還借款減少。非車輛利息支出與一年前基本持平。

And as a reminder, we reflect floorplan assistance received from OEMs in gross margin. This assistance totaled $35 million compared to $32 million a year ago. So including these OEM incentives, net new vehicle floorplan expense totaled $9 million, which was down from $21 million a year ago. All in, this resulted in adjusted net income of $209 million compared to $163 million a year ago, up 29%.

提醒一下，我們在毛利率中反映了從 OEM 獲得的佈局規劃援助。此次援助總額為 3,500 萬美元，而一年前為 3,200 萬美元。因此，包括這些 OEM 激勵措施在內，新車淨佈局費用總計 900 萬美元，低於一年前的 2,100 萬美元。總體而言，調整後的淨收入為 2.09 億美元，而去年同期為 1.63 億美元，成長了 29%。

Total shares repurchased over the past 12 months decreased our year-over-year share count by 6% to 38.3 million shares, benefiting our adjusted EPS, which was $5.46 for the quarter, an increase of $1.47 or 37% from a year ago and $0.78 or 17% from the first quarter of 2025.

過去 12 個月回購的股票總數使我們的股票數量比去年同期減少了 6%，至 3,830 萬股，這使我們的調整後每股收益受益，本季為 5.46 美元，比去年同期增加 1.47 美元或 37%，比 2025 年第一季增加 0.78 美元或 17%。

Before I get into new vehicles commentary, I wanted to point out that our GAAP reported numbers included a noncash impairment charge of $123 million after tax or $3.21 per share. Our accounting policies require that we test our goodwill and intangible assets for impairment as of April 30 each year. The charge includes $65 million for our Mobile Service business and $54 million for our franchise rights related to nine stores, with 90% of that charge relating to a single domestic brand.

在我開始評論新車之前，我想指出的是，我們的 GAAP 報告數字包括稅後 1.23 億美元的非現金減損費用或每股 3.21 美元。我們的會計政策要求我們每年 4 月 30 日對商譽和無形資產進行減損測試。這筆費用包括用於我們行動服務業務的 6,500 萬美元和用於我們與九家商店相關的特許經營權的 5,400 萬美元，其中 90% 的費用與單一國內品牌有關。

Slide 5 provides some more color for new vehicle performance. New vehicle unit volumes were a strong point for the quarter, increasing 7% from a year ago on a total store and 8% on a same-store basis. Full store unit sales were up across our three segments with Import units up 4%, Premium Luxury up 5% and Domestic up 17%, reflecting favorable supply, better incentives and good performance by our commercial teams.

幻燈片 5 為新車性能提供了更多色彩。新車銷量是本季的一大亮點，全店銷量較去年同期成長 7%，同店銷量較去年同期成長 8%。我們三個部門的全店單位銷售額均有所增長，其中進口單位銷售額增長 4%，高端奢侈品銷售額增長 5%，國內銷售額增長 17%，這反映了良好的供應、更好的激勵措施以及我們商業團隊的良好表現。

By powertrain, hybrid new vehicle unit sales, which is about 20% of our volume, were up more than 40% from the second quarter of a year ago. Battery electric new vehicle sales, which is about 7% of our volume, were up nearly 20% from a year ago, reflecting OEM actions with incentives and some pre-buying ahead of the termination of government incentives. Internal combustion engine new vehicle sales were up about 1%.

按動力系統劃分，混合動力新車銷量約占我們銷量的 20%，較去年第二季成長了 40% 以上。電池電動新車銷量約占我們銷量的 7%，比去年同期增長了近 20%，這反映了原始設備製造商採取的激勵措施以及在政府激勵措施終止之前的一些預購行為。內燃機新車銷量成長約1%。

Our new vehicle unit profitability averaged $2,785 for the quarter, in line with the first quarter. And unit profitability increased for all three segments on a sequential basis. New vehicle inventory ended the quarter at 41,000 units compared to about 44,000 units a year ago.

本季度，我們新車部門的平均利潤為 2,785 美元，與第一季持平。所有三個部門的單位獲利能力均較上季成長。本季末新車庫存為 41,000 輛，而去年同期約為 44,000 輛。

This represents 49 days of supply, down 18 days from the second quarter of last year and up from 38 days at the end of March. While we don't expect the first quarter and second quarter same-store unit growth of 7% and 8%, respectively, to continue into the second half, we are encouraged by the last couple of weeks of new vehicle sales activity after a slow start to July.

這意味著供應量為 49 天，比去年第二季減少了 18 天，但比 3 月底的 38 天增加。雖然我們預計第一季和第二季同店銷售將分別成長 7% 和 8% 的動能不會持續到下半年，但在 7 月緩慢開局後，最近幾週新車銷售活動令我們感到鼓舞。

Turning to Slide 6. Used vehicle retail unit sales improved on a year-over-year same-store basis by 6%, which was fueled by double- digit growth in lower-priced, i.e., less than $20,000 and higher priced, i.e., greater than $40,000 vehicles along with more modest growth in our mid-priced vehicles. On a sequential basis, the number of used vehicle retail units increased by 3%. Average retail prices were stable.

翻到幻燈片 6。二手車零售單位銷售額與去年同期相比增長了 6%，這得益於低價車（即低於 20,000 美元）和高價車（即高於 40,000 美元）的兩位數增長以及中價位車的溫和增長。與上一季相比，二手車零售單位數量增加了 3%。平均零售價格穩定。

Used vehicle retail unit profitability remained stable versus last year and sequentially at $1,622 per unit. We remain focused on optimizing vehicle acquisition, reconditioning, inventory velocity and pricing. Total used gross profit was up 13% from last year, reflecting the retail unit sales growth, stable retail unit profitability and better wholesale results.

二手車零售單位獲利能力與去年同期相比保持穩定，季增至每輛 1,622 美元。我們仍然專注於優化車輛採購、修復、庫存速度和定價。總使用毛利潤較去年同期成長 13%，反映出零售單位銷售額的成長、零售單位獲利能力的穩定以及批發業績的改善。

Although our supply of used vehicles has been at its highest level since June 2022, supply availability remains a constant challenge relative to our sales ambitions, driven by lower new vehicle production during COVID. Thankfully, we continue to be competitive in securing used vehicles from our retail operations, including trade-ins, We'll Buy Your Car, service loaner conversions and lease returns. We source more than 90% of our vehicles from these channels and are encouraged by our used vehicle inventories heading into the second half of the year, as Mike mentioned.

儘管我們的二手車供應量已達到 2022 年 6 月以來的最高水平，但由於新冠疫情期間新車產量下降，相對於我們的銷售目標而言，供應可用性仍然是一個持續的挑戰。值得慶幸的是，我們在從零售業務中獲得二手車方面繼續保持競爭力，包括以舊換新、我們將購買您的汽車、服務借用轉換和租賃回報。正如 Mike 所提到的，我們的 90% 以上的車輛都來自這些管道，下半年我們的二手車庫存也讓我們感到鼓舞。

I'm now on Slide 7, Customer Financial Services. The momentum in CFS performance continued once again during the second quarter. Gross profit was up 13% on a same-store basis, reflecting an approximate 7% same-store increase in retail vehicle sales and a 6% increase in unit profitability. More than 70% of our CFS revenue and profit comes from product attachment, which remains strong at about two products per vehicle sold.

我現在看到投影片 7，客戶金融服務。CFS 業績的良好勢頭在第二季度再次延續。同店毛利成長 13%，反映同店零售汽車銷售額成長約 7%，單位獲利能力成長 6%。我們 70% 以上的 CFS 收入和利潤來自產品配件，每售出一輛車就大約有兩件產品，這一比例仍然很高。

Our finance penetration rate for the second quarter continued to be nearly 75% of vehicles sold. The 6% increase in unit profitability which I mentioned reflects increased profit per product contracts sold and higher product penetration.

我們第二季的金融滲透率持續接近銷售車輛的 75%。我提到的單位獲利能力提高 6% 反映了每份銷售產品合約的利潤增加和產品滲透率提高。

The continued unit profitability performance in CFS is even more impressive if you consider the growth of AN Finance, which, while superior in long-term profitability, dilutes our CFS unit profitability in the short term. Without this AN Finance dilution, our CFS unit profitability would have been approximately $140 per unit higher this quarter.

如果考慮到 AN Finance 的成長，CFS 的持續單位獲利表現就更加令人印象深刻，儘管 AN Finance 在長期獲利能力方面更勝一籌，但在短期內削弱了我們 CFS 單位的獲利能力。如果沒有 AN Finance 的稀釋，本季我們的 CFS 單位獲利能力將提高約每單位 140 美元。

Slide 8 provides an update on AutoNation 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 second quarter, we originated $464 million in loans, bringing the year-to-date originations to $924 million, which is up more than $0.5 billion from the first half of 2024. We had approximately $150 million in customer repayments.

投影片 8 提供了我們的專屬金融公司 AutoNation Finance 的最新動態。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。第二季度，我們發放了 4.64 億美元的貸款，使年初至今的貸款發放額達到 9.24 億美元，比 2024 年上半年增加了 5 億美元以上。我們有大約 1.5 億美元的客戶還款。

The portfolio delivered interest income of $48.6 million in the second quarter, which is more than 80% higher than 2024, and operating income more than doubled. The quality of the portfolio continues to improve. Our credit and performance metrics are improving with average FICO scores on originations of 698 for the second quarter of 2025 compared to 675 in the second quarter of 2024.

該投資組合第二季的利息收入為 4,860 萬美元，比 2024 年高出 80% 以上，營業收入增加了一倍以上。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，2025 年第二季的平均 FICO 評分為 698，而 2024 年第二季為 675。

Delinquency rates, so 30-day plus at quarter end of 2.4% are solid, down from 3.8% a year ago. That benefited from the sale of the mostly subprime legacy CIG portfolio. As the new portfolio continues towards full maturity, we do expect the delinquency rates to normalize to the 3%-ish range.

拖欠率，即季度末 30 天以上的拖欠率為 2.4%，較一年前的 3.8% 下降。這得益於主要出售次級抵押貸款遺留的 CIG 投資組合。隨著新投資組合逐漸成熟，我們預期拖欠率將正常化至 3% 左右的範圍。

As Mike mentioned, we completed our inaugural ABS issuance in the quarter. Demand was very strong. We were seeking $500 million in financing, and we actually received $3.5 billion of confirmed offers, so 7 times oversubscribed. This allowed us to upsize the offering by $200 million to $700 million. We're also pleased with the 4.9% weighted average coupon rate. Fixed rate securitization also removes floating rate exposure for a substantial portion of our fixed rate loan portfolio.

正如麥克所提到的，我們在本季完成了首次 ABS 發行。需求非常強勁。我們尋求 5 億美元的融資，但實際上收到了 35 億美元的確認報價，超額認購 7 倍。這使得我們能夠將發行規模從 2 億美元增加到 7 億美元。我們對 4.9% 的加權平均票面利率也感到滿意。固定利率證券化也消除了我們相當一部分固定利率貸款組合的浮動利率風險。

Equally as important is the debt funding rate, meaning the portion of the portfolio that is funded with debt as opposed to buy our own retained earnings. Higher debt funding rates lead to higher overall returns for AutoNation shareholders. The debt funding rate for the ABS transaction was 98%, which helped to bring the debt funding rate for the overall $1.8 billion portfolio from 74% at the end of the first quarter to 83% at the end of the second quarter.

同樣重要的是債務融資利率，即投資組合中以債務而不是購買我們自己的留存收益來融資的部分。更高的債務融資利率將為 AutoNation 股東帶來更高的整體回報。ABS 交易的債務融資率為 98%，這有助於將整個 18 億美元投資組合的債務融資率從第一季末的 74% 提高到第二季末的 83%。

As we become a more regular issuer of ABS securities, we expect to further increase the debt funding levels of the overall portfolio, and we're planning for another ABS transaction later this year. We expect to continue using ABS funding as a portfolio financing vehicle, not a true sale of assets. So the finance assets will continue to be included in our consolidated financial statement.

隨著我們成為 ABS 證券的更常規發行人，我們預計將進一步提高整體投資組合的債務融資水平，並且我們計劃在今年稍後進行另一筆 ABS 交易。我們預計將繼續使用 ABS 融資作為投資組合融資工具，而不是真正的資產出售。因此，金融資產將繼續納入我們的合併財務報表。

Moving to Slide 9, After-Sales, representing nearly one by two of our gross profit. The business continued its revenue and margin momentum, and gross profit was once again a record for AutoNation. Revenues were up 12% year-over-year on a same-store basis with increases in customer pay, which was up 10%, warranty, up 25%; internal work, up 14% and wholesale, up 8%, all offsetting a 6% decline in collision revenue as that industry has struggled to offset a declining proportion of repair to replace insurance decisioning.

轉到投影片 9，售後服務，占我們毛利的近一半。該業務繼續保持其收入和利潤成長勢頭，毛利再次創下 AutoNation 的最高紀錄。同店營收年增 12%，其中客戶支付成長 10%，保固成長 25%，內部工作成長 14%，批發成長 8%，均抵銷了碰撞收入 6% 的下降，因為該產業一直在努力抵銷維修以取代保險決策的比例下降。

After-Sales gross profit increased by 13% on a same-store basis from a year ago. The increase was driven by a 7% increase in the volume and content of repair orders and a 5% increase in the gross profit per repair order. For the second quarter, our reported After- Sales gross margin rate was 49%, up 100 basis points on a total store basis from a year ago, reflecting improved parts and labor rates, higher tech efficiency, scale benefits and higher value orders.

售後毛利較去年同店成長13%。這一增長是由於維修訂單數量和內容增加了 7%，以及每個維修訂單的毛利增加了 5%。第二季度，我們報告的售後毛利率為 49%，以全店計算比去年同期上升了 100 個基點，反映了零件和人工費率的提高、技術效率的提高、規模效益和訂單價值的提高。

We continue to develop and promote our technician workforce. As Mike mentioned, the year-end technician headcount was up 3% from a year ago. I should say the quarter end headcount was up 3% from a year ago on a same-store basis, and our technician efficiency continues to improve. We expect our After-Sales business will grow roughly mid-single digits each year.

我們將繼續發展和提升我們的技術人員隊伍。正如麥克所提到的，年末技術人員數量比去年同期增加了 3%。我應該說，本季末同店員工人數比去年同期增加了 3%，而且我們的技術人員效率也不斷提高。我們預計我們的售後業務每年將成長約個位數。

To Slide 10, adjusted free cash flow for the first half totaled $394 million or 100% of adjusted net income. And that's compared to $519 million and 140% conversion 147% conversion a year ago. As we mentioned last year, the CDK outage impacted the timing of certain payments in the second quarter of 2024, which resulted in higher adjusted free cash flow and conversion. We view conversion greater than 100% as a healthy performance and remain focused on sustaining this level through cycle time enhancement initiatives as well as by prudent allocation of capital to CapEx.

截至第 10 張投影片，上半年調整後的自由現金流總計 3.94 億美元，佔調整後淨收入的 100%。相比之下，一年前這一數字為 5.19 億美元，轉換率為 140% 至 147%。正如我們去年提到的，CDK 中斷影響了 2024 年第二季某些付款的時間，從而導致調整後的自由現金流量和轉換率更高。我們認為轉換率超過 100% 是一種健康的表現，並將繼續致力於透過週期時間增強計劃以及審慎地分配資本支出來維持這一水平。

For the first quarter sorry, for the first orry, for the second quarter, our capital expenditures to depreciation ratio was 1.2 times compared to 1.5 times a year ago. We continue to expect healthy free cash flow conversion for the full year.

第一季度，抱歉，第一季度，第二季度，我們的資本支出與折舊比率為 1.2 倍，而去年同期為 1.5 倍。我們繼續預計全年自由現金流轉換將保持健康。

And as previously disclosed, we submitted claims under our cyber insurance policy seeking recovery for estimated business interruption and related losses caused by last year's CDK outage. Earlier this month, we received insurance recoveries of $10 million related to these claims. We expect to receive additional insurance recoveries in connection with this matter during the second half of 2025, and we're accounting for these recoveries as income when they are received.

正如先前披露的那樣，我們根據網路保險政策提交了索賠，尋求賠償去年 CDK 中斷造成的預計業務中斷和相關損失。本月初，我們收到了與這些索賠相關的 1000 萬美元保險賠償。我們預計將在 2025 年下半年收到與此事相關的額外保險賠償，並在收到這些賠償時將其計入收入。

On Slide 11, as we've discussed in the past, we consider capital allocation to be 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, and it totaled $154 million for the first half of 2025, which was 15% lower than 2024.

在投影片 11 上，正如我們過去所討論的，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，或者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，2025 年上半年總額為 1.54 億美元，比 2024 年低 15%。

We continue to actively explore M&A opportunities to add scale and density in our existing markets. So far this year, we've closed on one transaction constituting two franchise stores, and we expect additional activity in the second half of the year.

我們繼續積極探索併購機會，以擴大現有市場的規模和密度。今年到目前為止，我們已經完成了一項涉及兩家特許經營店的交易，我們預計下半年還會有更多活動。

Share repurchases have been and will continue to be an important part of our playbook. Year-to-date, we purchased $254 million or 4% of shares outstanding at the beginning of 2024 at an average price of $164 per share. In our capital allocation decisioning, we also consider our investment-grade balance sheet and the associated leverage levels.

股票回購一直是並將繼續是我們策略的重要組成部分。年初至今，我們在 2024 年初以每股 164 美元的平均價格購買了價值 2.54 億美元的股票，佔流通股的 4%。在我們的資本配置決策中，我們也考慮了投資等級資產負債表和相關的槓桿水準。

At quarter end, our leverage was 2.33 times EBITDA, which was down from 2.56 times EBITDA at the end of March, and well within our 2 times to 3 times EBITDA long-term target, which gives us additional dry powder for capital allocation in the back half of the year.

截至季末，我們的槓桿率為 EBITDA 的 2.33 倍，低於 3 月底的 EBITDA 的 2.56 倍，並且遠低於我們 2 倍至 3 倍 EBITDA 的長期目標，這為我們下半年的資本配置提供了額外的資金。

Now let me turn the call back to Mike before we address questions you might have.

現在，在回答您可能有的問題之前，請允許我把電話轉回給麥克。

Yeah thank you, Tom. So we got off to a great start in the first half of 2025. And I think our quarter performance was strong both on a year-over-year and sequential basis. And I think we're enjoying strong performance across all of the business lines, as Tom just took you through. And I think the work the teams are doing focused on both growth and efficiency are paying off. And you can see the results in our operating performance and the cash generation.

是的，謝謝你，湯姆。因此，我們在 2025 年上半年取得了良好的開端。我認為我們的季度業績無論是同比還是環比都表現強勁。我認為我們所有業務線都表現強勁，正如湯姆剛才向您介紹的那樣。我認為團隊在成長和效率方面所做的工作正在取得成效。您可以從我們的經營業績和現金創造中看到結果。

I do just want to make a couple of comments on the impairment that Tom mentioned, specifically around our Mobile Service business. Developing an independent mobile service offering has given us the ability to provide incredibly convenient service options to our customers.

我只是想就湯姆提到的損害發表幾點評論，特別是圍繞我們的行動服務業務。開發獨立的行動服務產品使我們能夠為客戶提供極其便利的服務選項。

And there is no doubt that it is and will continue to be very additive to our brand. But it is also clear that it has to be done in an efficient and effective way. If not, particularly with a scarce and valuable resource such as technician labor, we will find better uses for that resource. And frankly, over the last year or so, it's been both the challenge and the learning.

毫無疑問，它現在和將來都會對我們的品牌產生很大的附加作用。但同樣明顯的是，這必須以高效和有效的方式完成。如果沒有，特別是對於科技勞動力等稀缺且寶貴的資源，我們將找到更好的利用方式。坦白說，在過去一年左右的時間裡，這既是挑戰，也是學習。

I do think now that we have a very clear understanding of how to run Mobile Service effectively in a way that we'll retain the majority of the convenience that we offer but contribute much more effectively to our income. Because of this, it's going to have a different growth profile than our original expectation, hence the technical accounting treatment.

我確實認為，現在我們已經非常清楚地了解如何有效地運行行動服務，以便我們能夠保留我們提供的大部分便利，但更有效地為我們的收入做出貢獻。因此，它的成長情況與我們最初的預期不同，因此需要技術會計處理。

But I do want to be clear, I have no doubt this business has the potential to bring significant benefits to our organization. I'm very pleased that it's part of our portfolio. It's already helping to facilitate the growth of our emerging free service business. And it is now providing flexible labor resource to our dealerships. And of course, it's allowed us to in-source a number of products and services that previously we had to subcontract.

但我確實想明確一點，我毫不懷疑這項業務有可能為我們的組織帶來巨大的利益。我很高興它是我們產品組合的一部分。它已經幫助促進了我們新興的免費服務業務的成長。現在它正在為我們的經銷商提供靈活的勞動力資源。當然，它使我們能夠內部採購許多以前必須分包的產品和服務。

Excuse me, Derek. Not enough tea this morning so far. So as you can imagine, from my point of view and from the team's point of view, it remains a very important part of our growth, and the expectation now is that it will deliver a positive contribution as we progress into 2026. And I'm really also confident that we have the right team in place to do that. We've got some excellent people working in this area.

對不起，德瑞克。到目前為止，今天早上的茶還不夠。因此，你可以想像，從我的角度和團隊的角度來看，它仍然是我們成長的一個非常重要的部分，現在的期望是，隨著我們進入 2026 年，它將帶來積極的貢獻。我也確實相信我們有合適的團隊來完成這項工作。我們有一些優秀的人才在這個領域工作。

So with that, I am going to, Derek, hand it over to you for Q&A. Thank you.

因此，德里克，我將把時間交給你進行問答。謝謝。

Yeah, Harry, if you could please remind people how to get in queue for questions.

是的，哈利，請你提醒大家如何排隊提問。

Yes, of course (Operator Instructions)

是的當然（操作員指示）

Michael Ward with Citi Research.

花旗研究部的麥可沃德 (Michael Ward)。

Thank you very much. Good morning, everyone. AN in the past has been less active than the other dealers on the acquisition side. But some of your comments, it sounds like maybe there might be some more opportunities.

非常感謝。大家早安。過去，AN 在收購方面的活躍程度不如其他經銷商。但從您的一些評論來看，可能還有更多機會。

Could you just talk a little bit about what kind of flexibility you have, what kind of size you might be looking at, what the market is like, what your priorities would be? Would you consider going overseas into the U.K. or some of those markets? What is going on in the M&A landscape from your perspective?

您能否簡單談談您擁有什麼樣的靈活性、您可能考慮的規模、市場狀況如何以及您的優先事項是什麼？您會考慮進軍英國或其中一些海外市場嗎？從您的角度來看，併購情況如何？

Yeah, Mike, thanks for the question. I just have a couple of quick comments and then let Mike share his thoughts. But between M&A and repo, we've spent similar amounts in the first half of '24 versus first half of '25, roughly $325 million to $350 million. On repurchases, given the environment and particularly with the tariff uncertainty, we're a little cautious post the tariff announcement. But as I said, that remains a huge part of our playbook.

是的，麥克，謝謝你的提問。我只想簡短地發表幾點評論，然後讓麥克分享他的想法。但在併購和回購之間，我們在 24 年上半年和 25 年上半年花費的金額相似，約為 3.25 億美元至 3.5 億美元。對於回購，考慮到環境，特別是關稅的不確定性，我們在關稅公告發布後有些謹慎。但正如我所說，這仍然是我們劇本的重要組成部分。

We have seen improvement in the M&A pipeline. And consequently, we built up a little bit of dry powder over the quarter and the residual effect, as I said, was an improvement in our leverage by 0.25 basis points, but we're committed to both share repurchases and M&A. It is a strong pipeline. Mike, is there anything else you want to add to that in terms of Mike's question?

我們看到併購通路有所改善。因此，我們在本季度積累了一些資金，其殘餘效應，正如我所說，是我們的槓桿率提高了 0.25 個基點，但我們致力於股票回購和併購。這是一條強大的管道。麥克，對於麥克的問題，您還有什麼要補充的嗎？

Well,I just think I'll just add some clarity as Michael also asked about I think, scale and territory as well. I think we talked about this a little bit in the past, Mike. We have a very clear picture of the density we want in marketplaces where we can really subtract the biggest benefit from the processes and the scale that we bring.

好吧，我只是認為我應該補充一些說明，因為邁克爾也問了規模和領土問題。麥克，我想我們以前討論過這個問題。我們非常清楚我們想要的市場密度，我們可以從流程和規模中獲得最大的利益。

So we're very, very focused on, if you like, tuck-ins in those marketplaces to continue to unlock those synergies, but I think are much, much more reliable in terms of delivery after M&A. That doesn't mean we wouldn't look at a market outside of the US, But I think that our anchor is always what happens to the earnings per share that we deliver to our shareholders. And that has been our guiding capital allocation principle, really understanding the impact of that over time.

因此，我們非常非常專注於在這些市場中進行整合，以繼續釋放這些協同效應，但我認為，就併購後的交付而言，這些整合要可靠得多。這並不意味著我們不會關注美國以外的市場，但我認為我們的基準始終是我們向股東提供的每股盈餘。這一直是我們指導資本配置的原則，我們真正了解其長期影響。

So on the M&A, we obviously benefit from additional cash, and that gives us implications for leverage. So we take that into account, but very, very focused on what is the most benefit we can deliver, not immediately, but over the medium, long term to our shareholders from an EPS perspective. So outside of that, Tom, I have nothing else to add.

因此，在併購方面，我們顯然受益於額外的現金，這對我們的槓桿作用有影響。因此，我們會考慮到這一點，但非常非常關注我們能為股東帶來的最大利益，不是立即的，而是從每股收益的角度來看，在中長期內。除此之外，湯姆，我沒有什麼好補充的。

Nothing out of that for everything thank you.

沒有什麼特別的，謝謝。

Thank you very much.

非常感謝。

Rajat Gupta with JPMorgan.

摩根大通的 Rajat Gupta。

Great. I wanted to follow up on Tom's comments on just the July pickup after a slow start to the month. Curious to get a thought, Mike, why that might be happening? What are you seeing out there in terms of just the consumer landscape?

偉大的。我想跟進湯姆關於 7 月開局緩慢之後 7 月經濟回升的評論。麥克，我很好奇，為什麼會發生這種事？就消費者狀況而言，您看到了什麼？

As we're also getting some certainty around the tariffs like with the Japan deal, hopefully, you'll get some more deals. How do you see the demand outlook playing out for the next few months? And relatedly, how do you see the OEMs reacting to these costs and what the implications could be for dealer margins in the second half? And I have a quick follow-up. Thanks.

由於我們也對與日本達成的協議等關稅問題有了一定的確定性，希望您能獲得更多協議。您如何看待未來幾個月的需求前景？與此相關的是，您認為 OEM 對這些成本有何反應，以及這對下半年經銷商利潤率有何影響？我有一個快速的後續行動。謝謝。

First, good to hear from you. I'm going to go first and then, Tom, you can obviously talk about your comment. I thought as we came into this year, I was kind of thinking a 5 to 10 improvement in size. I still think that I think that we have seen fluctuations around that trajectory, but I still believe that's where we can end up. It's good to see that we're certainly in some tariff deals, that's obviously

首先，很高興收到您的來信。我先說，然後，湯姆，你顯然可以談談你的評論。我認為，當我們進入今年時，規模將會有 5 到 10 的改善。我仍然認為我們已經看到了圍繞該軌蹟的波動，但我仍然相信那就是我們最終能夠達到的目標。很高興看到我們確實達成了一些關稅協議，這顯然

going to continue and the major trading partners are still out there. But I'm certain that they understand the importance of getting to a conclusion.

將繼續下去，主要貿易夥伴仍然存在。但我確信他們明白得出結論的重要性。

That will translate to more transparency in terms of the OEMs' actions and what they're doing. We're still a little bit uncertain in that area, particularly as we go into model year changeover, not just on new vehicle prices but also on parts prices.

這將使 OEM 的行動和所做的事情更加透明。我們在這方面仍然有點不確定，特別是當我們進入車型年轉換期時，不僅是新車價格，還有零件價格。

But I think what we've seen already and what we've discussed in the past will be the prevailing approach, and that is to try and maintain their competitive position in the marketplace on their critical models. And I think because of that, you will see price increases in the marketplace, but very, very measured and very, very deliberate. I think you'll also see adjustments over time to OEMs' portfolios.

但我認為我們已經看到的以及我們過去討論過的將是主流方法，那就是嘗試在關鍵模型上保持其在市場上的競爭地位。我認為正因為如此，你會看到市場價格上漲，但價格上漲是非常有節制和非常謹慎的。我認為您還會看到 OEM 產品組合隨著時間的推移而進行調整。

From a margin point of view, I think the quarter is very interesting. We saw sequential improvements in our margin. But I do think that you're going to see stability for the balance of the year. That doesn't mean to say that we're not going to see periodic changes. For example, we know that the best stimulus, for example, is going to come out in the marketplace. That is going to alter sales patterns and margin patterns for a period of time. It's inevitable.

從利潤率的角度來看，我認為這個季度非常有趣。我們的利潤率連續提高。但我確實認為，今年餘下的時間裡，情況將保持穩定。這並不意味著我們不會看到週期性的變化。例如，我們知道最好的刺激措施將會在市場上出現。這將在一段時間內改變銷售模式和利潤模式。這是不可避免的。

So there's going to be periods where, as we've seen before, you may see a slight improvement in run rate and volume followed by a slight decrease in run rate in volume, but I am optimistic for the full year. I also believe that, as I said, there's going to be some margin stability for the year. But I do think that there will be still even though, to your point, and it's very accurate, I still think there are going to be fluctuations around that general trajectory in both of those areas.

因此，正如我們之前所看到的，在某些時期，您可能會看到運行率和銷量略有提高，隨後運行率和銷量略有下降，但我對全年持樂觀態度。我還相信，正如我所說的，今年的利潤率將會保持穩定。但我確實認為，儘管如此，正如你所說，而且非常準確，我仍然認為這兩個領域的整體軌跡都會出現波動。

I think from an inventory position, we're positioned well. I thought towards the end of last year, we may be too low in our day supply, and I think the team have looked at that and managed really quite well, particularly on new vehicle inventory. And I think our used team and our general managers and our regional operators build inventory on used because they are bullish on the used car market. And I don't think I'm talking about the overall market because we don't have an influence on that.

我認為從庫存情況來看，我們的定位很好。我認為去年年底我們的日供應量可能太低了，我認為團隊已經考慮到了這個問題並且管理得很好，特別是在新車庫存方面。我認為我們的二手車團隊、總經理和區域運營商建立二手車庫存是因為他們看好二手車市場。我認為我不是說整個市場，因為我們對此沒有影響力。

But we're a relatively small player, and I think they have aspirations to grow that. And we're going to support them and see how well they do and give them the resources. And we saw as Tom went through in the results, I think a good result in the used side. And I think that's going to be their focus. So that's kind of how I'm viewing the back half. And I think Tom may want to just add a couple of things.

但我們是一個相對較小的參與者，我認為他們有志於發展我們。我們將支持他們，觀察他們的表現並為他們提供資源。正如我們在結果中所看到的，我認為在使用方面取得了不錯的結果。我認為這將是他們的重點。這就是我對後半部的看法。我認為湯姆可能只想補充幾點。

Yeah, just on July specifically. I mean, if you look at the first half of the year, it's really robust. I mean, 7% in the first quarter, 8% in the second quarter in terms of unit growth. And April was also very strong. As Mike mentioned, we gave back some of that pull in, in May and I think also a bit in July. And as a result, I think the first half may have felt that impact. But it seems to be settling into the mode that Mike mentioned. It's going to take a few more weeks to get under our belt, but it does seem to have turned in a good direction for us.

是的，具體是在七月。我的意思是，如果你看一下今年上半年，你會發現它確實非常強勁。我的意思是，就單位成長率而言，第一季為 7%，第二季為 8%。四月也表現得非常強勁。正如麥克所提到的，我們在五月回饋了部分收入，我想七月也回饋了一部分。因此，我認為上半年可能已經感受到了這種影響。但它似乎正在適應麥克提到的模式。我們還需要幾週的時間才能取得成果，但看起來事情已經朝著好的方向發展。

Understood. That's helpful. And obviously, great execution on the used car side. Just a quick follow-up on AN Finance portfolio ramp. Any updated thoughts on just penetration targets for the rest of the year? How should we think about just the cadence there? And any changes to the outlook around the rest of your profitability in that segment?

明白了。這很有幫助。顯然，二手車的執行非常出色。這只是對 AN Finance 投資組合坡道的快速跟進。對於今年剩餘時間的滲透目標您有什麼最新的想法嗎？我們該如何思考那裡的節奏？該部門其他獲利能力的前景有何變化？

No, I think the we do fully expect the business to continue growing its penetration. We've got some new internal initiatives that are in place to drive that even higher mostly on the used side, but also were applicable on the new side. And I think the profitability of that business continues. I mean, we were year ago, first half, we were like minus 6 in terms of loss.

不，我認為我們確實完全希望該業務能夠繼續擴大其滲透率。我們已採取一些新的內部措施來進一步提高這一水平，主要針對二手車市場，但也適用於新車市場。我認為該業務的獲利能力將會持續下去。我的意思是，去年上半年我們的虧損是-6。

And we're actually, we improved by $6 million year-over-year from a loss position to where we are year-to-date. I expect that trend to continue as this portfolio grows and we get some of these upfront required accounting losses behind us. It's going to scale very nicely. Pretty stable fixed base of cost. Also, we can manage that portfolio well, which the business is doing, as I mentioned, with delinquency. It should be a nice grower for us.

事實上，從年初至今的虧損狀態來看，我們的利潤比去年同期成長了 600 萬美元。我預計，隨著投資組合的成長以及我們擺脫部分前期必要的會計損失，這一趨勢將會持續下去。它的規模將會非常大。成本固定基礎相當穩定。此外，我們可以很好地管理該投資組合，正如我所提到的，業務正在透過拖欠來做到這一點。對我們來說，它應該是一個很好的種植者。

Yes. But I think you that's also compounded by the results that you and Jeff and the team delivered in terms of their view. I mean it released equity. And I think added to the confidence in terms of how the market's viewing that portfolio and viewing the credit risk

是的。但我認為，從他們的觀點來看，你和傑夫以及團隊所取得的成果也讓情況變得更加複雜。我的意思是它釋放了股權。我認為，這增強了市場對投資組合和信用風險的看法的信心

in that portfolio. So I would agree with what you said. And I think that because the demand was so good. It actually gave you more flexibility from a capital point of view than we were thinking. Yes, I agree.

在該投資組合中。所以我同意你的說法。我認為這是因為需求非常好。從資本角度來看，它實際上給了你比我們想像的更多的靈活性。是的，我同意。

Understood great thanks for all the color.

非常理解，感謝所有的顏色。

Thanks, Rajat.

謝謝，拉賈特。

The next question today will be from the line of Douglas Dutton with Evercore ISI. My apologies, Doug. We were getting some background noise on your line. I'll just try opening it once more. Apologies, Doug. We are getting a lot of background noise on your line. If you're able to dial back in, that would be great, and we will get you back in the queue.

今天的下一個問題來自 Evercore ISI 的 Douglas Dutton。我很抱歉，道格。我們在您的線路上聽到了一些背景噪音。我會再嘗試打開它一次。抱歉，道格。您的線路上有很多背景噪音。如果您能夠重新撥號，那就太好了，我們會讓您回到隊列中。

The next question today will be from the line of Bret Jordan with Jefferies.

今天的下一個問題來自 Jefferies 的 Bret Jordan。

In the After-Sales business, could you talk about car count versus price and maybe what you see in pricing in the second half or you start to see parts inflation passing through in the ticket?

在售後業務中，您能否談談汽車數量與價格的關係，以及您在下半年看到的定價情況，或者您是否開始看到零件價格上漲在票價中體現出來？

Yeah, So when I think about our performance in After-Sales, broadly, we saw both increase in volume and increase in price and different ratios, obviously, dependent on the segment where we are. But one of the big things that Christian is focused on is to balance the penetration of the vehicle parts that we're responsible for in a very, very sensible way with pricing.

是的，所以當我考慮我們在售後方面的表現時，總體而言，我們看到銷量和價格都在增加，而且比例也不同，顯然，這取決於我們所處的細分市場。但克里斯蒂安關注的重點之一是以非常合理的方式平衡我們負責的汽車零件的滲透率和定價。

So from our point of view, as we think about pricing, that's more in our control, which is clearly our labor. It is constantly checking the marketplace to make sure that we are priced fairly and represent good value for what we provide as well as maintaining a competitive position.

因此，從我們的角度來看，當我們考慮定價時，這更多是在我們的控制範圍內，這顯然是我們的勞動。它不斷地檢查市場，以確保我們的定價公平、所提供的產品具有良好的價值，並保持競爭地位。

So I think that you're going to see from us, a limited pricing on average. Remember, we have 300 different pricing dynamics going on at any given time out there. So sometimes when you talk about the average, you lose you obviously lose the context of what's happening in each market, and that's how it has to be managed. He's managing it with his team, each market.

所以我認為您將從我們這裡看到平均有限的定價。請記住，我們隨時都有 300 種不同的定價動態。因此，有時當你談論平均值時，你顯然會失去對每個市場正在發生的事情的背景的了解，這就是必須管理的方式。他和他的團隊管理每個市場。

From an OEM point of view, we have seen obviously some pricing, some of that is their normal midyear pricing that they've taken. Some of it, they've been more explicit than it is pricing that they're taking in general as a result of inflationary increases on their side. We're not that is not clear across all of the OEMs at this moment in time.

從 OEM 的角度來看，我們顯然看到了一些定價，其中一些是他們採取的正常年中定價。其中有些價格比他們因通貨膨脹而採取的一般定價更為明確。目前我們並不清楚所有 OEM 的情況。

Reference our earlier conversation, we are beginning they are beginning to get more certainty of their trading conditions, which ultimately they then have to decide how strategically they're going to play it out. But some have shown us that they have taken pricing. I would say that it's, in my view, is limited and in my view, the ones that have moved have been very targeted, and they're clearly thinking about their competitive position, particularly around those non-captive parts in the marketplace.

參考我們先前的談話，我們開始讓他們對自己的交易條件更加確定，最終他們必須決定如何從策略上實施這項交易條件。但有些公司向我們表明他們已經採取了定價措施。我想說的是，在我看來，這是有限的，而且在我看來，那些採取行動的公司都是非常有針對性的，他們顯然在考慮自己的競爭地位，特別是在市場上那些非專屬部分。

And I think for us, our big focus is around that penetration that I alluded to. Broadly, one in two of the vehicles in a seven-year part come back to a franchise dealership. And I think that represents a significant marketplace that is addressable from us.

我認為，對我們來說，我們的重點是我所提到的滲透。總體而言，七年內每兩輛汽車中就有一輛會回到特許經銷商處。我認為這代表著我們可以開拓的重要市場。

So, Tom talked about focus on retaining, growing the technician base. Obviously, that's a highly competitive market, a big focus for the team there, but also making sure that, as I've said, we are appropriately priced so that we can reconquest some of those customers back into our business. So I would say less on the price, hopefully, more on the volume, but we'll see how the market plays out.

因此，湯姆談到了重點保留和擴大技術人員隊伍。顯然，這是一個競爭激烈的市場，也是那裡的團隊關注的重點，但同時也要確保，正如我所說的，我們的定價合理，以便我們可以重新贏得一些客戶。因此，我希望少談價格，多談數量，但我們會看看市場如何發展。

I spent some time talking about expectation for the industry. Obviously, if my expectation was as I said, and you saw a big first half, it means there may be some pressure on new volume in the second half. And there's no doubt that from a macro point of view, I think you're going to see an inflationary impact, to some extent, I think, is inevitable.

我花了一些時間談論對這個行業的期望。顯然，如果我的期望如我所說的那樣，並且你看到上半年銷量很大，那麼這意味著下半年新銷售可能會面臨一些壓力。毫無疑問，從宏觀角度來看，我認為你會看到通膨的影響，在某種程度上，我認為這是不可避免的。

And what that has done in the past is it helped you in terms of velocity on the After-Sales side. So we're trying to make sure that we have the resources, we increase our resources. That will help us in both those situations should it happen. So better flexibility, but to sum it up again, I'm hoping that what we see is continued volume and pricing where it's appropriate in the marketplace. Tom, do you want to add anything to that?

過去，它幫助您提高了售後速度。因此，我們正在努力確保我們擁有資源，並增加我們的資源。如果發生這種情況，這將對我們有所幫助。因此靈活性更好，但總而言之，我希望我們看到的是市場上持續的適當的銷售和定價。湯姆，你還有什麼要補充的嗎？

No.

不。

Just a quick follow-up. Can you give us an update on AutoNation USA, sort of obviously, there's a scarcity of good used inventory. But how do you see that strategy going forward in the next year or two?

只是一個快速的跟進。您能否向我們介紹 AutoNation USA 的最新情況？顯然，二手優質庫存較為稀缺。但是您認為該策略在未來一兩年內會如何發展呢？

Well, it's it goes back to what I talked about in terms of market and densification in the market. We know AN USA is additive once we've got a certain amount of density. And we know that if we have an AN USA, that's a long way away from any supporting businesses, it's a very, very tough business.

嗯，這又回到了我之前談到的市場和市場密度的問題。我們知道，一旦達到一定密度，AN USA 就會具有可加性。我們知道，如果我們有一個 AN USA，那麼它距離任何支持性企業都還有很長的路要走，這是一個非常非常艱難的企業。

So what we've done now, many years ago, we had this big growth forecast, which I talked about in the past, and we've moderated that. You're going to see additional openings of AN USA businesses this year. For sure, they're already planned. They're already in development. It's going to be much, much more deliberate. And you will see from where they are opening that it fits into that pattern that I talked about.

所以我們現在所做的是，許多年前，我們就有了這個大的成長預測，我過去也談到過這個預測，而我們已經對此進行了調整。今年您將會看到更多 AN USA 企業開幕。可以肯定的是，他們已經計劃好了。它們已在開發中。這會變得更加慎重。您將從他們的開場看到，它符合我所說的模式。

What the team is working on is obviously to minimize the overlap in terms of what these businesses offer to the marketplace. We're not fully optimized there, to be perfectly frank. I think they're doing a lot of work to make sure that there is any unnecessary overlap in terms of product offering, warranties and those things as eradicated because that doesn't make a lot of sense. And as I said, we've done a lot of work there, but more work to come. But as I said, it's very additive when it goes into a market that already has density, it's going to continue to grow, but it's going to be very methodical growth.

該團隊正在努力的目標顯然是盡量減少這些企業向市場提供的產品的重疊。坦白說，我們還沒有完全優化。我認為他們正在做大量工作，以確保在產品供應、保固等方面不存在任何不必要的重疊，因為這沒有什麼意義。正如我所說，我們已經在那裡做了很多工作，但還會有更多的工作要做。但正如我所說，當它進入一個已經具有密度的市場時，它具有很強的附加性，它將繼續增長，但這將是非常有條理的增長。

Great thank you.

非常感謝。

Daniela Haigian with Morgan Stanley.

摩根士丹利的丹妮拉‧海吉安 (Daniela Haigian)。

Hi, good morning you spoke to uplift to parts and service, investments in tech productivity. What does capacity and availability look like to continue to grow the segment? And then thinking out next 1 to 3 years, what are the puts and takes for the top line? On one hand, you have vehicle and affordability weighing on SAAR that could create demand for reconditioning but at the same time, could limit the origination of newer cars that have that stickiness on the service side. So what are you looking out for? And what's the outlook on that top line?

您好，早安，您談到了零件和服務的提升以及技術生產力的投資。容量和可用性如何繼續擴大該領域？然後思考未來 1 到 3 年，營業收入的投入與產出是什麼？一方面，車輛和負擔能力對 SAAR 產生影響，這可能會產生對修復的需求，但同時，可能會限制在服務方面具有黏性的新型汽車的產生。那麼你在尋找什麼？那麼，這項收入前景如何？

Well, I think you're exactly right. I mean whether you talk about new vehicle, used vehicle service or parts, the primary focus for us in the areas that we can influence is affordability. So make sure that what's not happening is demand getting stifled or snuffed out purely because it's been priced out of the marketplace. We don't have full control of that, as you know, but it's also top of mind for every OEM. Every time we talk to our partners, they're very, very focused on that. And you know the challenges that they're working through at this moment in time.

嗯，我認為你說得完全正確。我的意思是，無論您談論的是新車、二手車服務還是零件，在我們能夠影響的領域中，我們主要關注的是可負擔性。因此，要確保不會發生這樣的情況：需求僅僅因為價格過高而被抑製或消滅。如您所知，我們無法完全控制這一點，但這也是每個 OEM 最關心的問題。每次我們與合作夥伴交談時，他們都非常非常注意這一點。你知道他們此刻正在努力克服的挑戰。

So as I think about the marketplace and the broad set of products and services that we offer, the reality is, firstly, from a new volume point of view, there's still pent-up demand. I have 0 doubt about that. How that gets released is going to the governor on that is obviously going to be the economic environment and how new vehicle affordability plays out in the coming months and years. If it doesn't manifest itself in new vehicles, some of it tends to move into used vehicles.

因此，當我思考市場和我們提供的廣泛產品和服務時，現實情況是，首先，從新的數量角度來看，仍然存在著被壓抑的需求。我對此毫不懷疑。如何發布該數據將由州長決定，這顯然將取決於經濟環境以及未來幾個月和幾年新車的可負擔性。如果它沒有在新車中體現出來，那麼其中一些就會轉移到二手車中。

So you have to be agile, I think, in terms of how you move between the segments and how you're thinking about that development. But there is no doubt that there is and will remain our opportunity in the After-Sales side of the business. And it comes with multiple benefits that we've discussed on plenty of occasions.

因此，我認為，你必須在如何在各個細分市場之間移動以及如何思考發展方面保持敏捷。但毫無疑問，我們在售後業務方面仍然有機會，而且仍將有機會。它具有多種好處，我們已經多次討論過。

And therefore, I think if we can continue to build our internal resource and at the same time, convert some of that market that originally came from us back to our service departments, whether it is our physical service departments or our Mobile Service departments, then there's still going to be opportunity for us to go into the future. Hopefully, that's touched most of the points you wanted us to discuss.

因此，我認為如果我們能夠繼續建立我們的內部資源，同時將原本來自我們的部分市場轉換回我們的服務部門，無論是我們的實體服務部門還是我們的行動服務部門，那麼我們仍然有機會走向未來。希望這已經觸及了您希望我們討論的大部分要點。

Yes, absolutely. And then one thing.

是的，絕對是。然後還有一件事。

Sorry, you had also mentioned capacity. As we've said in the past, there's we have plenty of physical capacity. And we're continuing to drive the technician workforce up as well.

抱歉，您也提到了容量。正如我們過去所說的那樣，我們擁有充足的實體容量。我們也持續提陞技術人員隊伍的素質。

Great. And then one follow-up on the used side. You spoke to last quarter seeing greater opportunity in lower-priced vehicles. And in this quarter, you definitely saw that with the barbell of strength from sub-$20,000 over $40,000 vehicles. How do you view the competition? Or are you seeing much competition in the marketplace from the likes of the online pure-play retailers? And is there a greater opportunity for AutoNation to grow and consolidate in this market?

偉大的。然後對二手貨進行一次跟進。您上個季度談到低價汽車的更大機會。在本季度，您肯定看到了 20,000 美元以下和 40,000 美元以上車輛的強勁表現。您如何看待這次競爭？或者您看到市場上存在來自線上純零售商等的激烈競爭？AutoNation 是否還有更大的機會在這個市場上發展和鞏固？

Yeah, firstly, the market is so large and our share is so small, there's plenty of opportunity for us to grow, whether that is to increase the turn rate of our display base that physically our dealerships or whether it is to continue to invest in both the processes and the technology to be able to remove the geography constraints of a physical dealer infrastructure. And there's no doubt that we are seeing advances from our competitors in different areas, whether it is improving their turn rate and holding their margins or whether it is through digital sales channel.

是的，首先，市場如此之大，而我們的份額卻如此之小，我們有足夠的成長機會，無論是提高我們實體經銷店的展示基地的周轉率，還是繼續投資流程和技術，以消除實體經銷商基礎設施的地理限制。毫無疑問，我們看到競爭對手在不同領域取得了進步，無論是提高週轉率和維持利潤率，還是透過數位銷售管道。

But I think the market is so large and they combined, if you like, public retailers, whether they are digital technology play or they're technology and physical play, market share is so small that there's plenty of room for all of us to grow. And I think that's regardless of the CEOs you speak to, I think their answer is going to be almost cut and paste of what I've said. I think we all view it as an area that there's opportunity to grow, and we're all looking at different ways to try and grow.

但我認為市場如此之大，如果你願意的話，它們結合起來，公共零售商，無論是數位技術遊戲還是技術和實體遊戲，市場份額都很小，我們所有人都有足夠的成長空間。我認為，無論你與哪位執行長交談，他們的回答幾乎都是對我所說內容的複製和貼上。我認為我們都將其視為一個有發展機會的領域，並且我們都在尋找不同的方式來嘗試和發展。

The advantage we have that I think is often overlooked is when you have and the privilege of representing a manufacturer in a marketplace and you are selling a late used vehicle of the same brand, it adds tremendously to the customers' confidence, in my view, if it comes from a franchise dealership with the same OEM brand above their door.

我認為我們擁有的一個優勢經常被忽視，那就是當您擁有在市場上代表製造商的特權並且您正在銷售同一品牌的二手車時，如果它來自擁有相同 OEM 品牌的特許經銷商，那麼在我看來，這將極大地增加客戶的信心。

And that's where we are working increasingly with our OEM partners because they offer franchise dealers, I think, a phenomenal advantage in their certified preowned programs. And frankly, we need to do a better job there. And the teams are really focused on that because what comes with that is also a higher propensity to use our service departments.

我們正在與 OEM 合作夥伴加強合作，因為我認為，他們為特許經銷商提供了其認證二手車計劃中的巨大優勢。坦白說，我們需要在這方面做得更好。團隊確實非常關注這一點，因為這也意味著他們更傾向於使用我們的服務部門。

So again, probably a longer, more wandering answer than ideal, but there is opportunity. Clearly, there's a lot of competition out there, but it's a very, very big market, and it's one that we're focused on. And it's one that is much more in our control than maybe some of the other things. So yes.

所以，這可能是一個比理想答案更長、更模糊的答案，但還是有機會的。顯然，競爭非常激烈，但這是一個非常大的市場，也是我們關注的重點。與其他一些事情相比，它更受我們控制。是的。

Absolutely. Competition makes us all better. Thank you.

絕對地。競爭使我們所有人變得更好。謝謝。

Jeff Lick with Stephens.

傑夫·利克 (Jeff Lick) 和史蒂芬斯 (Stephens)。

Good morning. Thanks for taking my question and congrats on a great quarter. I just wanted to ask on the SG&A percent of growth, that's a pretty strong performance. I was wondering if you maybe can parse out the parts where there was kind of true real cost efficiencies, operational improvements, where you're seeing benefits versus the stuff that may be caused by just the increase in growth, taking the percent of growth down?

早安.感謝您回答我的問題，並祝賀您本季取得了出色的成績。我只是想問一下銷售、一般及行政費用的成長百分比，這是一個相當強勁的表現。我想知道您是否可以分析哪些部分真正實現了成本效率和營運改進，哪些部分您看到了好處，哪些部分可能只是由於成長增加、成長率下降而造成的？

And then a follow-up question. I was wondering if you could also talk about AutoNation Finance and just how the business lives with the legacy business. And do I know about 80% or so is used. But I'm just curious how those two businesses are kind of as they're growing, living with one another.

然後是一個後續問題。我想知道您是否可以談談 AutoNation Finance 以及該業務如何與傳統業務共存。我是否知道大約 80% 左右已被使用。但我只是好奇這兩家企業在發展過程中是如何共存的。

Yes. Thanks, Jeff. On the SG&A piece, as you know, our SG&A is comprised of the marketing expense, comp and ben as well as other SG&A to run the dealerships. Each of those areas has extreme degree of focus in terms of how the spending plans work. We

是的。謝謝，傑夫。關於銷售、一般和行政費用部分，如您所知，我們的銷售、一般和行政費用包括行銷費用、補償和本金以及經營經銷店的其他銷售、一般和行政費用。在支出計劃如何運作方面，每個領域都受到高度關注。我們

sit down every month and reset our expectations on marketing as an example. We have a new CMO in place. It's bringing a lot of interesting new channels for us to explore, but with the idea of being more productive in that area.

例如，每個月坐下來重新設定我們對行銷的期望。我們有一位新的首席行銷長。它為我們帶來了許多有趣的新管道供我們探索，但同時也是為了在該領域提高生產力。

Compensation, we try and maintain as much variability and incentive structure in place as we can. We think that is working well for us. And then on the other SG&A, a number of different categories there that are a big focus for us. For example, we have a number of initiatives in our physical plant, whether it's to standardize on the HVAC side, the equipment and the thermostats and the set points that we have across the landscape or to install LED lighting, which is much more efficient in terms of the physical plant. And so those are the types of examples of things that we've got that we're working with, and we'll continue to make and drive productivity in other SG&A.

對於薪酬，我們盡力保持盡可能多的可變性和激勵結構。我們認為這對我們來說很有效。然後，在其他銷售、一般和行政費用方面，有許多不同的類別是我們關注的重點。例如，我們在實體工廠中採取了許多舉措，無論是在暖通空調方面實現標準化，還是在整個景觀中對設備和恆溫器以及設定點進行標準化，還是安裝 LED 照明，這對於實體工廠來說效率更高。這些都是我們正在處理的事情的例子，我們將繼續創造並提高其他銷售、一般和行政費用的生產力。

In terms of ANF or AutoNation Finance in terms of its coexistence with the business, I mean, it is I mean Jeff Butler, who runs the business for us, is part of Mike's leadership team. He's involved in every single discussion. They really do an excellent job of driving growth, not just in AutoNation Finance, but in other areas of our business. A perfect example is in CFS, where we talk about 70% of CFS being product attach rates.

就 ANF 或 AutoNation Finance 與業務的共存而言，我的意思是，為我們經營業務的 Jeff Butler 是 Mike 領導團隊的一部分。他參與了每一次討論。他們確實在推動成長方面做得非常出色，不僅在 AutoNation Finance，而且在我們業務的其他領域。一個很好的例子就是 CFS，我們說 70% 的 CFS 是產品附加率。

AutoNation Finance has a superior attach rate relative to other potential lenders. And it's because of that knowledge that they bring to the business and what the customer needs are. So in addition to being good holders of the company's capital and driving growth in that portfolio and performance of that portfolio, they have an eye towards influencing outcomes in the office and you know. It is working well. So not only are they delivering results in their P&L, but they're helping to influence the rest of the business.

與其他潛在貸款機構相比，AutoNation Finance 擁有更高的附加利率。正是由於這些知識，他們才能夠為企業帶來知識並了解客戶的需求。因此，除了成為公司資本的良好持有者並推動投資組合的成長和投資組合的表現之外，他們還著眼於影響辦公室的結果等等。它運行良好。因此，他們不僅在損益表中取得了成果，而且還幫助影響了其他業務。

I'll just add a little bit to that. But I thought that was good. I think one of the things that we established at a very early stage with our finance company is that it was a competitive environment out there. And we wanted to establish that as a cultural issue. Now that doesn't mean to say we can't obviously put them in a prime position. Clearly, that's there. But I think from a mindset point of view, they have to recognize that the service levels that they provide to our customers and to the dealerships by their customers is fundamental.

我只想補充一點。但我認為這很好。我認為，我們在金融公司成立初期就確定的一點就是，外面的環境是競爭性的。我們希望將其確立為文化問題。但這並不意味著我們不能把他們放在首要位置。顯然，它就在那裡。但我認為，從思維方式的角度來看，他們必須認識到，他們為我們的客戶以及客戶為經銷商提供的服務水準是至關重要的。

So whether it's the response rate, the time of response, whether it's their book to look, whether it's their flexibility in terms of structuring deals or their contracts in transit, Jeff holds his team to very, very high standards, above the standards that are being produced by our other partners in that area.

因此，無論是回應率、回應時間、還是他們的帳簿、還是他們在建立交易或運輸合約方面的靈活性，傑夫都對他的團隊有非常高的標準，高於我們其他合作夥伴在該領域的標準。

And over time, that level of service to our CFS directors in-store, the General Manager in- store means they are a valuable partner. And it takes time to build up, but I think Jeff's really establishing that with his team. There is from my point of view, obviously, there's right to business, but the way they behave, there is no right to business. It's earned, and that has already yielded great results and remains the cornerstone of their focus.

隨著時間的推移，我們為店內 CFS 主管、店內總經理提供的這種服務水準意味著他們是寶貴的合作夥伴。這需要時間來建立，但我認為傑夫正在和他的團隊一起建立這一點。從我的觀點來看，顯然，他們有做生意的權利，但是從他們的行為來看，他們沒有做生意的權利。這是他們應得的，而且已經取得了巨大的成果，並且仍然是他們關注的基石。

I appreciate all the color thanks very much.

我很欣賞所有的顏色，非常感謝。

Our final question today will be from the line of Doug Dutton with Evercore ISI.

我們今天的最後一個問題來自 Evercore ISI 的 Doug Dutton。

Hey, team. Apologies for the connection issue earlier. If this doesn't work, you can feel free to just kick me off. I'm going to ask one quick one here.

嘿，團隊。對於先前出現的連線問題，我們深表歉意。如果這不起作用，你可以直接把我踢出去。我要在這裡快速問一個問題。

It sounded like you're running your vacuum or something.

聽起來就像你正在使用吸塵器或別的東西。

Believe it or not, I wasn't. I'm locked in on the model here. But just first question or my only question is just on PP&E CapEx. It looks like it's come down quarter-over-quarter for the last few quarters, with the exception of Q4 last year. Is that by design? Is there some reason that we should expect a lower run rate going forward? Can you maybe just talk through that?

不管你信不信，我不是。我被這裡的模型鎖定。但第一個問題或我唯一的問題是關於 PP&E CapEx。看起來，除了去年第四季外，過去幾季的環比成長均有所下降。這是設計好的嗎？是否有理由讓我們預期未來的運行率會降低？能簡單談談這個嗎？

Yeah, Great question, Doug. We've I don't think it's like a concerted effort to reduce CapEx, and it can be cyclical. Most of it, as I was saying, has to do with our franchise stores. And it depends on where you are in each OEM's cycle in terms of putting out their the models of their stores. And sometimes you get in lulls and sometimes you get in peaks.

是的，問得好，道格。我不認為這像是一項減少資本支出的協同努力，而且它可能是週期性的。正如我所說，其中大部分與我們的特許經營店有關。並且，這取決於您在每個 OEM 的周期中處於什麼位置，即在其商店中推出其模型。有時你會陷入低谷，有時你會進入高峰。

I will say that we on top of that is a variable. We have tightened the overall CapEx process internally, trying to be as focused on returns as we can, trying to prioritize the cash flows and to sequence the spending in a way that we can absorb.

我想說的是，我們最重要的是變數。我們在內部加強了整體資本支出流程，試圖盡可能地專注於回報，嘗試優先考慮現金流，並以我們能夠吸收的方式對支出進行排序。

There's a lot of mouths to feed when it comes to CapEx, and I think we're prioritizing in the best way we know, which is return focus where you can and where it's compulsory, making sure you're supporting it in a way that can be smooth and over time as is allowed. That's kind of what I would characterize.

當涉及資本支出時，需要養活的人很多，我認為我們正在以我們所知的最佳方式確定優先順序，即在可能的情況下以及在強制要求的情況下關注回報，確保您以允許的平穩和長期的方式支持它。這就是我所描述的。

Yeah just going to add something to it because I don't think you reflected the stuff that you and the team are doing. I mean, the it's very easy, isn't it under this banner of maintenance capital for people to put projects through that, frankly, are not additive to the returns that we deliver just consume capital. And I think Tom and the team have put in place progressively the right level of oversight and the right level of rigor to make sure that even if it is so-called maintenance CapEx, that it comes with the same return that you'd expect from dollars invested in other parts of the business.

是的，我只是想補充一些內容，因為我認為你沒有反映出你和團隊正在做的事情。我的意思是，這很容易，難道不是人們打著維護資本的旗號來進行專案嗎？坦白說，這些項目不會增加我們提供的回報，只會消耗資本。我認為湯姆和他的團隊已經逐步建立了適當的監督和嚴格程度，以確保即使是所謂的維護資本支出，也能帶來與投資於業務其他部分的資金相同的回報。

It isn't always easy to identify that with the same fidelity that you would, for example, the share repurchase or with M&A, but that is certainly the discipline that's in place. And to your point, I don't know whether we are in a down cycle at the moment. I know all of the projects that are coming through, but there's no doubt that rigor means that people are thinking very carefully before they just ask for capital in this company. And congratulations to you and the team for that.

並不總是能夠像股票回購或併購那樣準確地識別這一點，但這無疑是現行的紀律。至於你提到的，我不知道我們目前是否處於下行週期。我知道所有正在進行的項目，但毫無疑問，嚴謹意味著人們在向這家公司尋求資金之前會非常仔細地考慮。我向您和您的團隊表示祝賀。

Yes. Thanks, Mike.

是的。謝謝，麥克。

I think that's helpful color. And that's all I've got, guys. Congrats on a great quarter.

我認為那是有用的顏色。夥計們，這就是我所知道的全部了。恭喜本季取得優異成績。

Thanks, Doug.

謝謝，道格。

This concludes the Q&A session. So Mike, I would like to leave the floor to you for any closing remarks.

問答環節到此結束。所以麥克，我想把結束語留給你。

Yeah, Thank you. Firstly, I'd like to thank all of you coming on the call and for your questions. It is definitely appreciated by the team and I. And often, we finish this call with as much insight from you as hopefully we give to you. And the idea here is to give you as much insight as we can and as reasonable for the running of the business.

是的，謝謝。首先，我要感謝各位的來電和提問。我和團隊對此非常感激。通常，我們在通話結束時會從您那裡得到盡可能多的見解，希望我們能將這些見解分享給您。我們的目的是盡可能為您提供對業務運營合理的見解。

I'm just going to end simply today to say that, obviously, as I mentioned at the beginning, the first half was a good half for us, but it is only half. We obviously have the balance to go. And as always, it's as much as Tom and I are the ones sat in the room taking the calls, it is all of the people in the business, and I don't say it with any flippancy at all. I think we have some of the most amazing people in this industry, and I'm very pleased to be part of the team with them, and I want to thank them for H1 and just remind them, let's try and do it all again for H2. So thank you, everybody.

今天我只想簡單地說，顯然，正如我在開始時提到的，上半場對我們來說是好的一半，但這只是一半。顯然，我們還需要保持平衡。像往常一樣，坐在房間裡接電話的只有湯姆和我，所有從事這個行業的人都是如此，我這樣說絕非輕率。我認為我們擁有這個行業中最出色的人才，我很高興能與他們一起成為團隊的一員，我想感謝他們為 H1 所做的努力，並提醒他們，讓我們為 H2 再次努力。謝謝大家。

This concludes the AutoNation Inc. Q2 earnings call. Thank you for joining. You may now disconnect your lines.

AutoNation Inc. 第二季財報電話會議到此結束。感謝您的加入。現在您可以斷開線路了。