AutoNation Inc (AN) 2025 Q4 法說會逐字稿

Good morning, everyone. Welcome to AutoNation's fourth-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. And I'll now hand the call over to Derek Liebig, Vice President of Investor Relations, to begin.

各位早安。歡迎參加 AutoNation 2025 年第四季電話會議。今天主持我們電話會議的將是我們的執行長麥克·曼利和我們的財務長湯姆·斯洛塞克。在他們發言結束後，我們將開放提問環節。現在我將把電話交給投資者關係副總裁德里克·利比格，由他開始發言。

Thanks, Adam, and good morning, everyone. Welcome to AutoNation's fourth-quarter conference call. Before we begin, 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.

謝謝亞當，大家早安。歡迎參加AutoNation第四季財報電話會議。在開始之前，我想提醒各位，本次電話會議中的某些陳述和信息，包括任何關於我們預期財務業績和目標的陳述，均構成 1995 年《聯邦私人證券訴訟改革法案》意義上的前瞻性陳述。

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。有關可能導致我們實際業績與預期業績有重大差異的因素的更多討論，請參閱我們今天發布的新聞稿以及我們向美國證券交易委員會提交的文件。

Certain non-GAAP financial measures, as defined under SEC rules, will be discussed on this call. Reconciliation (technical difficulty) and on the 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一些根據美國證券交易委員會規則定義的非GAAP財務指標。（因技術問題）對帳事宜可在 investors.autonation.com 網站上查詢。接下來，我將把電話交給麥克。

Yeah. Thank you, Derek. Good morning, everybody, and thank you for joining us today. I'm on the third slide. We're pleased to report a solid fourth-quarter and full-year results for AutoNation. During a turbulent year, we delivered 3% revenue growth and 8% adjusted net income growth, and four consecutive quarters of year-over-year EPS growth, ultimately leading to an increase in adjusted earnings per share of 16%.

是的。謝謝你，德里克。各位早安，感謝大家今天收看我們的節目。我看到第三張投影片了。我們很高興地宣布 AutoNation 第四季和全年業績表現穩健。在動盪的一年中，我們實現了 3% 的收入增長和 8% 的調整後淨收入增長，以及連續四個季度的每股收益同比增長，最終使調整後每股收益增長了 16%。

Adjusted free cash flow exceeded $1 billion, up approximately 39% from 2025, and we deployed over $1.5 billion in capital, half of which went to share repurchases, which resulted in a 10% reduction of the shares in circulation, with the remainder invested in the business, including $460 million in M&A to acquire some strong brand assets. Our balance sheet remains extremely healthy with year-end leverage largely unchanged from the prior year.

經調整後的自由現金流超過 10 億美元，比 2025 年增長約 39%，我們投入了超過 15 億美元的資本，其中一半用於股票回購，導致流通股減少了 10%，其餘部分投資於業務，包括 4.6 億美元用於併購，以收購一些強大的品牌資產。我們的資產負債表依然非常健康，年末槓桿比率與前一年基本持平。

2025 was the first year that AutoNation delivered earnings and EPS growth since 2022. And as I said, it was a solid year of growth and performance by the group. Relative to the fourth quarter, the industry faced tougher sales comparisons to last year when post-election sales surged, driving a Q4 2024 light vehicle SAAR of $16.7 million.

2025 年是 AutoNation 自 2022 年以來首次實現盈利和每股收益成長的一年。正如我所說，對於集團而言，這是穩定成長和業績表現良好的一年。與第四季度相比，該行業面臨比去年更嚴峻的銷售形勢，去年大選後的銷售額激增，推動 2024 年第四季輕型汽車 SAAR 達到 1,670 萬美元。

Also, sales in this year's fourth quarter were negatively impacted by the strong pull ahead earlier in the year as consumers reacted to the tariff announcements and purchased vehicles prior to the expiration of government incentives for electric-related power trains. We felt these impacts across most brands with the biggest impact in Premium Luxury.

此外，由於消費者對關稅公告做出反應，並在政府對電動動力總成的激勵措施到期前購買車輛，導致今年第四季的銷售額受到年初強勁增長的負面影響。我們發現大多數品牌都受到了這些影響，其中高端奢侈品牌受到的影響最大。

In the fourth quarter, our same store unit sales of new vehicles decreased by 10%, including declines of 60% in battery electric vehicles and 10% in hybrid powertrain vehicles. For the year, however, our new unit growth was 2%, largely in line with the overall industry.

第四季度，我們同店新車銷量下降了 10%，其中純電動車銷量下降了 60%，混合動力車銷量下降了 10%。然而，本年度我們的新單位成長率為 2%，與整個產業基本一致。

With regard to new unit profitability, we delivered a sequential increase from Q3 to Q4 and ended up approximately $2,400 per unit. In the fourth quarter, we improved our used-to-new ratio from a year ago as used sales tracked more favorably than new. Although used unit sales decreased 5% from 2024 on the same store basis, with growth in units higher in the $40,000 price point, more than offset by declines in the lower price due (technical difficulty) to the used unit sales increased by 1%.

就新單位獲利能力而言，我們實現了從第三季到第四季的環比成長，最終每單位獲利約為 2400 美元。第四季度，由於二手車銷售情況比新車銷售情況更好，我們的二手車與新車比率比去年同期有所改善。儘管二手商品銷量較 2024 年同店銷售下降了 5%，但 40,000 美元價位的商品銷量有所增長，這被低價商品銷量下降所抵消（由於技術困難），二手商品銷量仍增長了 1%。

Used selling prices held up well in 2025 across all price spans. For the full year, our used vehicle gross profit increased 5%, reflecting improved gross profit on the retail side and strong results in used vehicle wholesale. Retail profitability per unit for the year was in line with 2024, but modestly lower in the fourth quarter, reflecting a tightening supply market.

2025年，所有價格區間的二手車售價均保持良好。全年來看，我們的二手車毛利潤成長了 5%，這反映了零售業務毛利的提高以及二手車批發業務的強勁表現。全年零售單位利潤與 2024 年持平，但第四季略有下降，反映出供應市場趨緊。

Notwithstanding this, our team continues to demonstrate strong performance in acquiring vehicles through trade-ins and directly from the consumer through our We'll Buy Your Car efforts, with more than 90% of our sourcing of vehicles through internal channels. And naturally, we're focused on continuing this discipline, but also improving our purchase and sales unit pricing discipline and cycle times. We end of December with 25,700 used vehicles and inventory and expect this number to increase as we progress towards a stronger March and summer selling periods.

儘管如此，我們的團隊在透過以舊換新和直接從消費者處購買車輛方面，仍然表現出色，並透過我們的「我們收購你的汽車」計劃，超過 90% 的車輛來源都是透過內部管道。當然，我們不僅致力於繼續保持這種嚴謹的作風，還致力於改善採購和銷售的單位定價紀律和週期時間。截至 12 月底，我們擁有 25,700 輛二手車庫存，預計隨著 3 月和夏季銷售旺季的到來，這一數字將會增加。

Customer financial services had an excellent quarter, growing unit profitability by 8% from the prior year and 4% sequentially. Fourth-quarter and full-year gross profit per unit for CFS were the highest we have had in the history of AutoNation. Our customers continue to purchase more than two products per vehicle with extended service contracts continuing to be the top offering, which is, of course, fantastic for our future After-Sales revenue and customer retention. Our finance penetration continues to grow, with around three-quarters of units being sold with financing.

客戶金融服務部門本季表現出色，單位獲利能力較上年成長 8%，季增 4%。CFS 第四季和全年的單位毛利都創下 AutoNation 史上的最高紀錄。我們的客戶每輛車購買的產品數量仍然超過兩件，其中延長服務合約仍然是最受歡迎的產品，這當然對我們未來的售後收入和客戶留存率來說是件好事。我們的金融滲透率持續成長，約四分之三的房屋都是透過融資售出的。

The momentum in After-Sales maintained and we delivered record fourth-quarter and full-year revenue and gross profit. For the quarter, total gross profit increased by 6% or 4% on a same store basis. Our growth was led by customer pay, which increased 8% on a same store basis; and warranty, which increased 6% on the same store basis.

售後服務保持了強勁的成長勢頭，我們實現了第四季度和全年創紀錄的收入和毛利。本季總毛利成長了 6%，同店毛利成長了 4%。我們的成長主要得益於客戶付費（同店銷售額成長 8%）和保固（同店銷售額成長 6%）。

Improvements in our after-sales performance were not restricted to just revenue. We also improved our total gross margin for the year by 80 basis points to 48.7%. We continue to focus on our technician workforce by recruiting, retaining, and developing our technicians, and I think the efforts are certainly paying off.

售後服務業績的提升不僅限於收入。我們全年的總毛利率也提高了 80 個基點，達到 48.7%。我們繼續專注於技術人員隊伍建設，透過招募、留住和培養技術人員，我認為這些努力肯定會取得成效。

Turnover has decreased. Franchise technician headcount increased more than 3% from a year ago on a same store basis, and is up more than 5% on a total store basis. The strong momentum at (technical difficulty) AN Finance was maintained, including a $19 million year-over-year swing in profitability to $10 million.

營業額下降了。與去年同期相比，加盟店技術人員數量在同店基礎上成長超過 3%，在所有門市基礎上成長超過 5%。（技術困難）AN Finance 維持了強勁的成長勢頭，獲利能力較去年同期下降 1,900 萬美元，達到 1,000 萬美元。

Originations for the year increased by $700 million from 2024, with the portfolio now exceeding $2.2 billion. The portfolio continues to perform in line with our expectations from a delinquency and a loss perspective, and the business' base costs have remained stable, enabling attractive profit scaling from portfolio growth. As I mentioned earlier, this was the fourth consecutive quarter of year-over-year increases in adjusted EPS with our full-year adjusted EPS growing by 16% from 2024.

今年新增貸款金額比 2024 年增加了 7 億美元，貸款組合目前已超過 22 億美元。從違約率和損失的角度來看，該投資組合的表現繼續符合我們的預期，並且業務的基本成本保持穩定，從而能夠從投資組合的成長中獲得可觀的利潤成長。正如我之前提到的，這是我們調整後每股收益連續第四個季度同比增長，預計到 2024 年，全年調整後每股收益將增長 16%。

Cash flow for the quarter and the full year was also strong. Fully adjusted free cash flow was up 39% in 2024, and our investment grade credit rating and balance sheet, anchored on a low net capital, high free cash flow model, enabled us to once again deploy significant capital for CapEx, M&A, and share repurchases.

本季和全年的現金流狀況也十分強勁。2024 年，經過全面調整後的自由現金流成長了 39%，我們擁有投資等級信用評等和資產負債表，以低淨資本、高自由現金流模式為基礎，使我們能夠再次投入大量資金用於資本支出、併購和股票回購。

During 2025 we expanded our presence in three key markets including acquisition of a Ford and Mazda store in Denver, as well as an Audi and Mercedes store in Chicago, and a Toyota store in Baltimore. All in all, great results. I think good progress, and a solid performance by the AutoNation team.

2025 年，我們在三個主要市場擴大了業務，包括收購丹佛的福特和馬自達經銷店、芝加哥的一家奧迪和梅賽德斯經銷店以及巴爾的摩的一家豐田經銷店。總的來說，效果很好。我認為這是一個很好的進展，AutoNation 團隊表現出色。

Now Tom, I'm going to hand the call over to you to take everyone through the results in more detail.

現在湯姆，我將把電話交給你，請你更詳細地向大家介紹結果。

Thanks, Mike. I'm turning to slide forward to discuss our third quarter P&L. Mike explained the factors that impacted our fourth-quarter vehicle unit sales and revenues. Total revenue for the quarter was $6.9 billion compared to $7.2 billion a year ago, driven by a decline in revenues from new vehicle sales of approximately 9%.

謝謝你，麥克。接下來，我將切換到投影片，討論我們第三季的損益。麥克解釋了影響我們第四季汽車銷售和收入的因素。本季總收入為 69 億美元，而去年同期為 72 億美元，主要原因是新車銷售收入下降了約 9%。

New revenue per unit retail was stable year over year. As Mike mentioned, our CFS and After-Sales businesses delivered strong top-line results with the highlight being the 6% growth in After-Sales. Fourth-quarter revenues from sales of used vehicles were essentially flat year-over-year.

每單位零售新收入與去年同期相比保持穩定。正如麥克所提到的，我們的 CFS 和售後業務都取得了強勁的營收業績，其中售後業務成長了 6%，表現尤為突出。第四季二手車銷售收入與去年同期基本持平。

For the full year, revenue increased 3% to $27.6 billion, including our CFS and After-Sales, which were up 8% and 5%, respectively, from 2024. Revenue for new vehicles was up approximately 3% and for used vehicles 1%. Revenue per unit retail increased modestly year-over-year for both new and used.

全年營收成長 3% 至 276 億美元，其中包括我們的 CFS 和售後服務，這兩項收入分別比 2024 年成長 8% 和 5%。新車收入成長約 3%，二手車收入成長約 1%。新車和二手車的單車零售收入均較去年同期略有成長。

Fourth-quarter gross profit of $1.2 billion increased by -- decreased by 2% from a from a year ago for the quarter, so only half of the rate (technical difficulty) decline in revenue. The positive outcome reflects declines in new vehicle gross profit being significantly offset by 6% growth in After-Sales. For the year, gross profit was up 3% led by our CFS and After-Sales, which were up 8% and 7% respectively from 2024.

第四季毛利為 12 億美元，較去年同期下降 2%，因此僅下降了一半（技術難題）營收下降。這項正面結果反映出，新車毛利的下降被售後服務6%的成長大幅抵銷。本年度毛利成長 3%，主要得益於我們的 CFS 和售後服務，這兩項業務分別比 2024 年成長了 8% 和 7%。

Our adjusted SG&A expenses were flat in the quarter and 68% of gross profit. During the quarter, we increased our advertising expenditures, specifically targeting upper funnel demand creation activities, and had higher expenses for our service loaner fleet to support the growth in our After-Sales business.

本季調整後的銷售、一般及行政費用與上一季持平，佔毛利的 68%。本季度，我們增加了廣告支出，特別是針對漏斗上部需求創造活動，並提高了服務代步車隊的支出，以支持售後業務的成長。

This also will help bolster used inventory levels. Full-year SG&A was 67.3% of gross profit. Absent the fourth-quarter investments I just mentioned, our SG&A as a percentage of gross profit would have been in line with our targeted range for both the quarter and the full year.

這也將有助於提升二手庫存水準。全年銷售、管理及行政費用佔毛利的 67.3%。如果不考慮我剛才提到的第四季投資，我們的銷售、一般及行政費用佔毛利潤的百分比將符合我們本季和全年的目標範圍。

Adjusted operating income, which decreased 7% from the fourth quarter last year, increased 3% for the full year. Below the operating line of the fourth-quarter floorplan, interest expense decreased by $6 million or 10% from a year ago, as our disciplines around inventory continued and average interest rates moderated, reflecting the movement in short-term interest rates in 2025.

經調整後的營業收入較去年第四季下降了 7%，但全年成長了 3%。在第四季庫存計畫的營運線以下，利息支出比去年同期減少了 600 萬美元，降幅達 10%，因為我們繼續嚴格控制庫存，並且平均利率有所緩和，反映了 2025 年短期利率的走勢。

For the full year, floorplan interest expense decreased by $30 million or 14%, reflecting the same factors. Fourth-quarter non-vehicle interest expense increased $3 million or 7% from a year ago, reflecting higher average balances and slightly higher blended interest rates stemming from our debt refinancings in 2025.

全年來看，庫存融資利息支出減少了 3,000 萬美元，減少了 14%，反映了相同的因素。第四季非車輛利息支出比去年同期增加 300 萬美元，增幅為 7%，反映出平均餘額增加以及由於我們在 2025 年進行的債務再融資而導致的綜合利率略有上升。

Now as a reminder, we reflect floorplan assistance received from OEMs in gross margin. This assistance totaled $35 million in line with a year ago. Net of these OEM incentives, the net new vehicle floorplan expense for the fourth quarter totaled $13 million, down from $18 million, a year ago.

再次提醒大家，我們將從原始設備製造商獲得的佈局設計協助計入毛利率。這項援助總額為3500萬美元，與去年同期持平。扣除這些 OEM 激勵措施後，第四季新車融資計畫淨支出總計 1,300 萬美元，低於去年同期的 1,800 萬美元。

For the full year, new vehicle floorplan expense totaled $46 million down from $74 million in 2024. And all this resulted in fourth-quarter adjusted net income of $186 million, compared to $199 million a year ago. For the full year, adjusted net income increased 8% to [$7 million].

全年新車庫存融資支出總計 4,600 萬美元，低於 2024 年的 7,400 萬美元。所有這些因素導致第四季度調整後淨收入為 1.86 億美元，而去年同期為 1.99 億美元。全年調整後淨利成長8%[700萬美元]

I'll get into the details a bit, but adjusted free cash flow for the year was outstanding, as Mike mentioned, and enabled share repurchases that reduce share count by 10% year over year. Adjusted EPS was $5.08 for the quarter, an increase of 2% from a year ago, and was $20.22 for the full year, an increase of 16% from 2024.

我會詳細介紹一下，但正如麥克所提到的，本年度調整後的自由現金流非常出色，這使得公司能夠進行股票回購，從而將股票數量同比減少了 10%。本季調整後每股收益為 5.08 美元，比去年同期成長 2%；全年調整後每股收益為 20.22 美元，比 2024 年成長 16%。

Adjusted earnings per share excludes the business interruption insurance recoveries related to the second-quarter 2024 CDK business incident. This amounted to $40 million on a pre-tax basis for the quarter and $80 million for the full year. Adjusted earnings per share also excludes charges for severance expenses and asset impairments.

調整後的每股盈餘不包括與 2024 年第二季 CDK 業務事件相關的業務中斷保險賠償。該季度稅前收入為 4,000 萬美元，全年稅前收入為 8,000 萬美元。調整後的每股盈餘也不包括遣散費和資產減損費用。

Slide 5 provides some color for vehicle performance. We've covered the market conditions leading to the fourth quarter's new unit sales decline of 9% or 10% on the same store basis for the quarter. The decline in sales of electric vehicles contributed half of the unit sales decline. Sequentially, internal combustion engines were up 8% from the third quarter, which is in line with historical norms. Our market share also improved from the third quarter.

幻燈片 5 展示了車輛性能的一些細節。我們已經分析了導致第四季度新單位銷售（以同店計算）下降 9% 或 10% 的市場狀況。電動車銷量下滑導致了總銷量下降的一半。與第三季相比，內燃機銷量較上季成長 8%，這與歷史正常水準相符。我們的市佔率也比第三季有所提高。

For the year, unit sales were up 2%, as I mentioned, average sales prices were stable for the quarter and the year. New vehicle unit profitability averaged approximately $2,400 for the quarter, increasing more than $100 or 5% from the third quarter. This sequential increase was consistent with prior years and reflects strong commercial performance in the face of declining OEM dealer incentives.

正如我之前提到的，本年度銷量成長了 2%，季度和年度平均售價保持穩定。本季新車單位平均獲利約 2,400 美元，比第三季成長超過 100 美元，增幅達 5%。這一環比成長與往年一致，反映出在 OEM 經銷商激勵措施下降的情況下，公司依然保持了強勁的商業表現。

New vehicle inventory amounted to 45 days of supply, up six days from the fourth quarter of last year and down from two days at the end of September.

新車庫存相當於 45 天的供應量，比去年第四季增加了 6 天，比 9 月底的 2 天有所下降。

Turning to slide 6. Used vehicle fourth-quarter retail unit sales decreased by 5% on the same store basis and 3% on a total store basis. Average retail prices were up about 3% for the quarter and 1% for the year. And for the full year, used unit sales increased by 1%. Overall, used vehicle profit was down 6% for the quarter, but up 5% for the year, reflecting increases in used retail and used wholesale.

翻到第6張投影片。二手車第四季零售銷售量以同店計算下降了 5%，以總門市計算下降了 3%。本季平均零售價格上漲約 3%，全年上漲約 1%。全年二手車銷量成長了 1%。總體而言，二手車利潤本季下降了 6%，但全年增長了 5%，反映出二手車零售和二手車批發業務的成長。

Q4 used vehicle profit per unit of $1,438 was lower than a year ago, reflecting higher acquisition costs as Mike mentioned. For the full-year, used profit per unit of $1,555 was flat from a year ago. We remain focused on optimizing vehicle acquisition, reconditioning inventory velocity, and acquisition pricing, and we're also investing in creating a better customer experience.

第四季二手車單價為 1,438 美元，低於去年同期，正如 Mike 所提到的，這反映出購置成本較高。全年來看，每單位二手商品利潤為 1,555 美元，與前一年持平。我們將繼續專注於優化車輛採購、翻新庫存週轉率和採購定價，同時我們也投資以創造更好的客戶體驗。

Overall, industry supply of used vehicles remains tight. We continue to be competitive in securing used vehicles from our own retail operations, including trade-ins, We'll Buy Your Car, services loaner conversions, and lease returns, and we continue to source more than 90% of our vehicles through these internal sources.

整體而言，二手車產業供應依然緊張。我們持續保持競爭力，透過我們自己的零售業務（包括以舊換新、我們收購您的汽車、服務代步車改裝和租賃歸還）獲取二手車，並且我們繼續透過這些內部管道採購超過 90% 的車輛。

Then move to slide 7 on customer financial services. The momentum in CFS performance continues. Unit profitability was up 8% in the fourth quarter and 6% for the full year, reflecting improved margins on vehicle service contracts, consistent product attachment, and higher penetration of finance products.

然後前往第 7 張投影片，了解客戶金融服務。CFS業績成長動能持續。第四季度單位獲利能力成長 8%，全年成長 6%，反映出車輛服務合約利潤率的提高、產品附加率的穩定以及金融產品滲透率的提高。

The continued strong unit profitability performance at CFS is even more impressive considering the growth of AN Finance, which while superior, in long-term profitability diluted our CFS PBR unit profitability in the fourth quarter by approximately $130 per unit. Absent this impact, our CFS unit profitability of $2,891 that you see on the slide for the fourth quarter would have been greater than $3,000. CFS total profit grew at a rate lower than our historical norms in the fourth quarter, given the new and used volumes, but we're still up 8% for the full year.

考慮到 AN Finance 的成長，CFS 持續強勁的單位獲利能力表現更加令人印象深刻。雖然 AN Finance 表現優異，但其長期獲利能力在第四季度稀釋了我們 CFS PBR 的單位獲利能力，每單位約 130 美元。如果沒有這種影響，您在幻燈片上看到的第四季度 CFS 單位盈利為 2,891 美元，這將超過 3,000 美元。鑑於新舊貨物的銷量，CFS 第四季度的總利潤增長速度低於歷史平均水平，但全年仍增長了 8%。

Slide 8 provides an update on AN Finance, our captive finance company, and its excellent performance. As expected, the profitability of AN Finance is gaining meaningful traction as the portfolio matures, and we get leverage of the fixed cost structure from the outstanding growth. For the full year, we improved from $9 million operating loss in 2024 to a $10 million operating profit, including $6 million profit in the fourth quarter.

第 8 頁介紹了我們的專屬金融公司 AN Finance 的最新情況及其優異的表現。正如預期的那樣，隨著投資組合的成熟，AN Finance 的獲利能力正在獲得顯著提升，並且我們從卓越的成長中獲得了固定成本結構的槓桿作用。全年來看，我們的經營業績從 2024 年的 900 萬美元虧損轉為 1,000 萬美元的營業利潤，其中第四季獲利 600 萬美元。

During the quarter, we originated $400 million in loans bringing the full-year originations to $1.76 billion up from $1.06 billion in 2024. We had approximately $170 million in customer repayments in the corner. The AN finance portfolio ended the year at $2.2 billion and has more than doubled since last year.

本季度，我們發放了 4 億美元的貸款，使全年發放貸款總額達到 17.6 億美元，高於 2024 年的 10.6 億美元。我們當時積壓了約 1.7 億美元的客戶還款。AN 金融投資組合年底達到 22 億美元，比去年翻了一番還多。

The quality of the portfolio continues to improve. Our credit and performance metrics are improving, with average FICO scores on originations of 696 for the full year of 2025 compared to 678 a year ago and 623 in 2023. 30 days delinquency at the year end of 2.7% were largely stable as a percentage of the portfolio and in line with our expectations.

投資組合的品質持續提升。我們的信用和績效指標正在改善，2025 年全年貸款發放的平均 FICO 評分達到 696 分，而一年前為 678 分，2023 年為 623 分。年末 30 天逾期率為 2.7%，佔貸款組合的比例基本上穩定，符合我們的預期。

And as we've discussed in the past, we do expect delinquency rates to continue to normalize as the portfolio continues toward full maturity with delinquency rates migrating to the 3 percentage range. Our loss preserving methodology incorporates this expectation.

正如我們過去討論過的，我們預計隨著投資組合繼續走向完全到期，違約率將繼續正常化，違約率將趨於 3% 左右。我們的損失規避方法論考慮了這個預期。

The non-recourse debt funded status of the portfolio also continued to improve as we have improved advance rates for our warehouse facilities and are benefiting from higher non-recourse debt funding levels from our $700 million ABS issuance completed during the second quarter. Our debt funded status at December was 88% compared to 75% a year ago, and 59% in 2023. And this improved funding has freed up over $140 million of equity funding that we have used for other capital allocation opportunities.

由於我們提高了倉儲設施的預付款率，並且受益於第二季度完成的 7 億美元資產支持證券發行帶來的更高無追索權債務融資水平，投資組合的無追索權債務融資狀況也繼續改善。截至 12 月，我們的債務融資率為 88%，而一年前為 75%，2023 年為 59%。資金的改善釋放了超過 1.4 億美元的股權資金，我們已將其用於其他資本配置機會。

In January of this year, we completed our second ABS offering for AN Finance for just under $750 million at a blended interest rate of 4.25% with an advanced rate of 98.7%, both improvements from our second quarter 2025 ABS offer. On a pro forma basis, this new offer will increase the funded status of the portfolio to more than 90%.

今年 1 月，我們完成了為 AN Finance 提供的第二筆 ABS 發行，金額略低於 7.5 億美元，綜合利率為 4.25%，高級利率為 98.7%，這兩項指標均比我們 2025 年第二季的 ABS 發行有所提高。以形式計算，這項新提議將使投資組合的資金充足率提高到 90% 以上。

Closing off on AN Finance, the business's attractive offerings are driving strong customer take up, and we continue to expect attractive ROEs in the business driven by profitability growth and moderating equity requirements.

就 AN Finance 而言，該公司極具吸引力的產品和服務正在推動客戶積極參與，我們繼續預期該公司將獲得可觀的 ROE，這主要得益於盈利能力的增長和股權需求的緩和。

Moving to slide 9. After sales represents nearly one-half of our gross profits, continued its impressive revenue in growth profit momentum. Gross profit for the quarter of close to $600 million was an AutoNation record. Our results reflect higher repair order count, higher value repair order, and improved labor productivity.

切換到第9張投影片。售後服務占我們毛利的近一半，持續保持著令人矚目的營收成長和利潤成長動能。該季度毛利接近 6 億美元，創下 AutoNation 的歷史新高。我們的結果反映出維修訂單數量增加、維修訂單價值提高以及勞動生產力提高。

For the quarter, same store revenue increased 5% and gross profit was up 4%. And for the full year, same store revenue increased 6% and gross profit increased 7%. The improvement in fourth quarter's gross profit was led by Customer Pay, which increased by 8%, and warranty, which increased 6%. Internal reconditioning was modestly lower in the corridor, reflecting lower used vehicle sales as we've discussed.

本季同店營收成長 5%，毛利成長 4%。全年來看，同店營收成長了 6%，毛利成長了 7%。第四季毛利的成長主要得益於客戶付費業務成長 8% 和保固業務成長 6%。正如我們之前討論過的，走廊內部的車輛翻新量略有下降，這反映出二手車銷售量較低。

Our fourth quarter gross margin was stable versus 2024 at 48.3%. Now this reflects higher growth in the wholesale parts business, which has more modest margins than the rest of the After-Sales business, but it was offset by improvements in growth rates and customer pay which were up 70 basis points.

我們第四季的毛利率與 2024 年相比保持穩定，為 48.3%。這反映出批發零件業務的成長更為顯著，儘管其利潤率比其他售後業務要低，但成長率和客戶支付率的提高（上升了 70 個基點）抵消了這一影響。

We remain focused on deploying technology to drive additional volume and productivity -- and on hiring, developing, and retaining our technicians. As Mike mentioned, these efforts have helped to increase our franchise technician headcount by more than 3% from a year ago on the same store basis, reflecting better, technician retention. The increase technician workforce is key to consistently delivering mid-single-digit growth and After-Sales gross profit.

我們將繼續專注於運用技術來提高產量和生產力，並致力於招募、培養和留住我們的技術人員。正如麥克所提到的，這些努力使我們的加盟店技術人員數量比一年前在同一家門市增加了 3% 以上，反映出技術人員的留存率有所提高。增加技術人員隊伍是持續實現個位數中段成長和售後毛利的關鍵。

To slide 10, adjusted free cash flow for the year was $1.05 billion or 125% of our adjusted net income. Adjusted free cash flow increased by nearly $300 million a year ago, and free cash flow conversion improved by 20 basis points. The increased cash flow represents stronger operational performance, including our continued focus on working capital and cycle times, CapEx management and prioritization, resulting in $20 million less CapEx in 2025 and the recovery from the CDK outage, including the $80 million in business interruption related insurance receipts I mentioned earlier. We excluded the CDK recovery from the 125% free cash flow conversion calculation. Our capital expenditures depreciation ratio was 1.25 compared to 1.4 a year ago. We continue to focus on driving free cash flow to improve-- or to provide maximum capital deployment capacity.

根據第 10 頁投影片顯示，本年度調整後的自由現金流為 10.5 億美元，占我們調整後淨收入的 125%。經過調整後的自由現金流比去年同期增加了近 3 億美元，自由現金流轉換率提高了 20 個基點。現金流的增加代表了更強勁的營運業績，包括我們持續關注營運資本和週期時間、資本支出管理和優先排序，從而在 2025 年減少了 2000 萬美元的資本支出，以及從 CDK 中斷中恢復過來，包括我之前提到的 8000 萬美元的業務中斷相關保險收入。我們在 125% 自由現金流轉換率的計算中排除了 CDK 回收。我們的資本支出折舊率為 1.25，而一年前為 1.4。我們將繼續專注於推動自由現金流，以改善—或提供最大的資本部署能力。

Turning to slide 11, for the full year, we deployed over $1.5 billion in capital, with half of it being reinvested in the business in the form of CapEx and M&A, and half returned to our shareholders. We remain prudent in our CapEx methodology, which is mostly maintenance-related compulsory spending and total $309 million for 2025.

翻到第 11 張投影片，全年我們投入了超過 15 億美元的資金，其中一半以資本支出和併購的形式再投資於業務，另一半返還給了我們的股東。我們在資本支出方法上仍然保持謹慎，主要包括與維護相關的強制性支出，到 2025 年總額為 3.09 億美元。

We continue to actively explore M&A opportunities to add scale and density to our existing markets. In 2025, we invested $460 million closing on transactions in Baltimore, Denver, and Chicago, as Mike discussed. Share repurchases are an important part of our playbook. For the full-year, we repurchase $785 million or 10% of shares at the beginning of the year at an average price of $193 per share.

我們將繼續積極探索併購機會，以擴大現有市場的規模和密度。正如麥克所說，2025 年，我們投資了 4.6 億美元，完成了在巴爾的摩、丹佛和芝加哥的交易。股票回購是我們策略的重要組成部分。在全年計畫中，我們在年初以每股 193 美元的平均價格回購了 7.85 億美元或 10% 的股份。

In the last three years, we've repurchased a total of $2.1 billion, representing 36% share account reduction. At an average price of $170 a share. In our capital allocation to decisioning, we also consider our investment grade balance sheet and the associated leverage levels.

過去三年，我們共回購了 21 億美元的股票，相當於股票帳戶減少了 36%。平均股價為每股 170 美元。在進行資本配置決策時，我們也會考慮我們投資層級的資產負債表和相關的槓桿水準。

At quarter end, our leverage was 2.44 times EBITDA , almost identical with the 2.45 times EBITDA at the end of last year and well within our 2 to 3 times long-term target, giving us additional dry powder for capital allocation going forward.

截至季末，我們的槓桿率為 EBITDA 的 2.44 倍，與去年年底的 EBITDA 的 2.45 倍幾乎相同，並且完全在我們 2 到 3 倍的長期目標範圍內，這為我們未來的資本配置提供了額外的資金。

Now let me turn the call back to Mike before we go into question-and-answer.

現在，在進入問答環節之前，我先把電話轉回給麥克。

Thanks, Tom. So in summary, 2025 was a year of growth for AutoNation. Organic growth was volume up, revenue up and After-Sales margin up. Acquisition growth with the addition of five dealerships with great brands.

謝謝你，湯姆。總而言之，2025 年是 AutoNation 的成長之年。有機成長體現在銷量成長、收入成長和售後利潤率成長。透過收購五家知名品牌經銷商，實現了業務成長。

Cash flow growth, as Tom mentioned, with adjusted free cash flow over $1 billion, up 39%. Capital allocation, I think, in the year was very balanced and disciplined. And all of this in combination resulted in the increase in adjusted net income and improvements in adjusted EPS of over 16% that both Tom and I have been talking about and I think capped off a very solid year of growth for AutoNation. And I'd like to thank all of our colleagues and associates in the business for everything that they did.

正如湯姆所提到的那樣，現金流成長，調整後的自由現金流超過 10 億美元，成長了 39%。我認為，今年的資本配置非常均衡且嚴謹。所有這些因素加在一起，使得調整後的淨收入增長了 16% 以上，調整後的每股收益也提高了 16% 以上，這正是 Tom 和我一直在談論的，我認為這為 AutoNation 非常穩健的增長年畫上了圓滿的句號。我還要感謝公司所有同事和合作夥伴所做的一切。

So just briefly turning and looking ahead to 2026 and just some of the commentary that we have. We obviously expect to move in line with the market, and we think the market will be slightly down in 2026 compared to 2025. But there could be some benefits from known tailwinds around withholding tax rates, refunds, and bonus depreciation. But that's our expectation as we sit here today.

那麼，讓我們簡單地展望一下 2026 年，並談談我們的一些看法。我們顯然希望與市場同步發展，我們認為2026年市場將比2025年略有下滑。但預扣稅率、退稅和額外折舊等已知利好因素可能會帶來一些好處。但這就是我們今天坐在這裡所期待的。

From a new unit profitability, we think it will remain fairly stable with the second half of 2025 levels. That's our expectation, at least for the coming few months. And we believe that the used vehicle market is going to still remain constrained, to some extent, but we think it will show improvements year over year.

從新的單位獲利能力來看，我們認為到 2025 年下半年將保持相當穩定，維持在目前水準。至少在未來幾個月內，這是我們的預期。我們認為二手車市場在某種程度上仍將受到限制，但我們認為它會逐年改善。

From our CFS business, we spent some time talking about that on the call. What's important for us is to maintain the performance that we have and that's a big, big focus for all of us, but then very aware of customer sensitivity to monthly payments, which clearly, is a key topic for the business and for us going forward.

在電話會議上，我們花了一些時間討論與 CFS 業務相關的問題。對我們來說，重要的是保持我們現有的業績，這是我們所有人的首要關注點，但我們也非常清楚客戶對每月付款的敏感性，這顯然是公司和我們未來發展的關鍵議題。

We're going to continue to expand AN Finance portfolio and grow its profitability. That will drive more SG&A leverage that Tom mentioned in his commentary. And then just finally turning to After-Sales. I'd like to thank our After-Sales colleagues across the entire business for the record that they delivered in Q4.

我們將繼續擴大 AN Finance 的業務組合，並提高其獲利能力。這將推動湯姆在評論中提到的銷售、一般及行政費用槓桿作用的進一步提升。最後才談到售後服務。我要感謝公司所有售後同事在第四季取得的優異成績。

We think we're well positioned, frankly, to continue that growth in mid-single-digit growth numbers. And I think we have the levers, and we're certainly putting the resources in place to help facilitate that. I think all of that will enable us to continue to deliver strong cash flow and, obviously, be able to deploy significant capital.

坦白說，我們認為我們有能力繼續保持中等個位數的成長速度。我認為我們擁有實現這一目標的手段，而我們也正在投入資源來促進這一目標的實現。我認為所有這些都將使我們能夠繼續提供強勁的現金流，並且顯然能夠部署大量資本。

We've got a strong financial position. Tom mentioned our investment-grade balance sheet. I think our operations are disciplined. I think we can continue to do that and continue to improve productivity. Ultimately, the aim is to continue the growth that I mentioned before.

我們擁有雄厚的財務實力。湯姆提到了我們符合投資標準的資產負債表。我認為我們的操作規範有序。我認為我們可以繼續這樣做，並不斷提高生產力。最終目標是繼續保持我之前提到的成長勢頭。

So with that, I'm going to open it up for questions, if I may.

那麼，接下來我將開放式提問環節，請容許我回答一些問題。

Yeah. Adam, if you could please remind the audience how to get in queue?

是的。亞當，請你提醒觀眾如何排隊？

(Operator Instructions) Rajat Gupta, JPMorgan.

（操作說明）拉賈特古普塔，摩根大通。

Great. I just had a couple. Just first on the new car business. The unit numbers seem a little weaker than some of the peers, some of the industry metrics, although the profitability was better. I'm curious was there a temporary trade-off decision that you made in the quarter around profitability versus sales? Or was it just a function of comparisons and just your regional and brand mix that might have driven that 10% same-store decline? And I have a quick follow-up.

偉大的。我剛吃了兩顆。在新車業務方面，我們先行一步。雖然獲利能力較好，但銷售量似乎比一些同業和一些產業指標略遜一籌。我很好奇，在本季度，您是否在盈利能力和銷售額之間做出了暫時的權衡決定？或者，這僅僅是由於比較以及您的區域和品牌組合造成的，才導致了同店銷售額下降 10%？我還有一個後續問題。

Hi, Rajat. This is Mike. I think there are a number of things that we were taking into consideration. Firstly, we mentioned that we saw year-over-year ramp, in fact, quarter-over-quarter, a reduction in OEM dealer-facing incentives. We offset some of that with margin because, obviously, it impacts net transaction price.

你好，拉賈特。這是麥克。我認為我們當時考慮了很多因素。首先，我們提到，我們看到 OEM 經銷商的激勵措施逐年減少，實際上，是環比減少。我們透過利潤率來抵銷一部分影響，因為這顯然會影響淨交易價格。

But particularly year-over-year, that reduction in dealer price spend, we had to be very careful in our consideration and balance between volume and margin. In fact, the largest drop, by the way, was OEM dealer's support for hybrid and battery electric vehicles, as you can imagine. So that was the one dynamic that we saw in the quarter.

但尤其考慮到經銷商價格支出較去年同期下降，我們必須非常謹慎地考慮和平衡銷售和利潤率。事實上，正如你所料，降幅最大的是OEM經銷商對混合動力車和純電動車的支援。這就是我們在本季觀察到的一個動態。

The second one was, if you think about where the key reduction came from us, EVs and BEVs represented about 30% of our mix Q4 2024. That dropped to 20% in Q4 2025. That's a 60% reduction in EV volume. So the biggest impact on that 10% that you referenced by far came from electrified powertrains.

第二個問題是，如果你想想關鍵的減少來自哪裡，電動車和純電動車在 2024 年第四季約占我們產品組合的 30%。到 2025 年第四季度，這一比例將降至 20%。這意味著電動車銷量減少了60%。所以，你提到的 10% 的影響最大的，遠遠來自電動動力系統。

And I think the combination of those things and the way that we were trying to make sure we had a good balance between our market share performance, but also margin, led to what we delivered, which was, I think, a good sequential improvement in new vehicle margin and also reflective of some of the things we were trying to do in the business. And it was those two things really that resulted in the position that we ended up with.

我認為，這些因素的結合，以及我們努力確保市場份額表現與利潤率之間取得良好平衡的方式，促成了我們所取得的成果，我認為，新車利潤率實現了良好的環比增長，也反映了我們在業務中努力實現的一些目標。正是這兩件事最終導致了我們目前的處境。

Understood. That's helpful. And then just maybe for Tom, on AutoNation Finance, really, really quick and good progress there in terms of the maturity of that portfolio. I'm curious, how should we think about the cadence of profitability here over the next year or maybe the year beyond?

明白了。那很有幫助。然後，或許對於 Tom 來說，AutoNation Finance 的投資組合成熟度方面，確實取得了非常迅速和良好的進展。我很好奇，我們該如何看待未來一年甚至更長時間內的獲利節奏？

I mean, are we at a point in your trade-off between penetration base versus portfolio maturity that it's safe to expect a continued inflection in the profitability here? I'm curious like how you balance that? Any guardrails you can give us maybe even around net interest margin or loss ratios also would be helpful.

我的意思是，在市場滲透率和投資組合成熟度之間的權衡中，我們是否已經到了可以預期獲利能力將繼續成長的階段？我很好奇你是如何平衡這兩者的？如果您能提供一些指導原則，例如淨利差或損失率方面的建議，那就太好了。

Thanks, Rajat. Yeah, we're really happy with the growth that we're seeing in the portfolio. I mean the growth rates -- I mean, let's put it this way, the doubling of the portfolio is a real harbinger for the future. And we don't realize all those benefits in the year it doubles as you realize, because of the charges -- the upfront charges for CECL and so forth.

謝謝你，拉賈特。是的，我們對投資組合的成長非常滿意。我的意思是成長率——我的意思是，這麼說吧，投資組合翻倍是未來發展的真正預兆。而且，由於費用（例如 CECL 的預付費用等），我們無法在一年內獲得所有這些好處，因為一年內它就會翻倍。

As we mentioned, $6 million we achieved in the fourth quarter. And I think that's probably a decent starting point as you look on a quarterly basis through 2026. So that will give you some -- a nice starting point for what the P&L will look like for ANF. .I think we're reasonably confident on net interest margin. The portfolio from a delinquency perspective and risk perspective is well managed by the team.

正如我們之前提到的，我們在第四季度實現了 600 萬美元的收入。我認為，從季度角度來看，到 2026 年，這可能是個不錯的起點。這樣就能給你一些－一個了解 ANF 損益情況的好起點。我認為我們對淨利差相當有信心。從違約率和風險角度來看，該投資組合由團隊管理得很好。

The delinquency, as I said, will grow as it's mostly a brand-new portfolio. So you start to see delinquencies as it matures, but we've got that factored in. So I believe that our performance trajectory and the income improvement will continue. We'll get a good position throughout 2026.

正如我所說，由於這基本上是一個全新的投資組合，因此違約率將會上升。隨著專案成熟，你會開始看到一些違約情況，但我們已經考慮到了這一點。所以我相信我們的業績成長動能和營收提升將會持續下去。我們將在2026年保持良好的發展勢頭。

Got it. Do you expect to maintain these? What's the upper end you have in mind on penetration for the portfolio or in medium term --?

知道了。你打算維持這些嗎？您對投資組合或中期滲透率的上限預期是多少？——？

I think, I mean it's really strong on the used side, as you know. I mean on the new side, we're partnering with our OEMs as well, from a financing perspective. So as we grow -- continue to grow our used business, we do see opportunity to drive further penetration. We've got great partnerships. It's been great programs with our lending partners outside of ANF that I think are going to help continue the trajectory.

我覺得，我的意思是，它的二手市場非常強勁，你也知道。我的意思是，在新的方面，我們也從融資的角度與我們的原始設備製造商 (OEM) 建立了合作關係。因此，隨著我們的發展—我們二手車業務的持續成長，我們看到了進一步擴大市場滲透率的機會。我們擁有非常棒的合作關係。與 ANF 以外的貸款合作夥伴開展的優秀項目，我認為將有助於我們繼續保持這一發展勢頭。

And let me just add just some color to it, Tom. I think Tom is exactly right. There are a few things that are important to us. One is, we work in partnership with all of our OEM captives, which means we're very, very clear with our teams about that relationship. And frankly, we cannot compete with an OEM captive because of the way that they subsidize either their leases, obviously, or their finance rates. And that is not our job to do.

湯姆，讓我再補充一些細節。我覺得湯姆說得完全正確。對我們來說，有幾件事很重要。一方面，我們與所有 OEM 合作方保持合作關係，這意味著我們對團隊與 OEM 合作方的關係非常清楚。坦白說，我們無法與 OEM 專屬車隊競爭，因為他們會補貼租賃費用（顯然）或融資利率。那不是我們的職責。

We've improved our penetration in what we call the market that is open for us to be competitive in, and that is those new vehicles, those few new vehicles that don't qualify wouldn't benefit -- our customers wouldn't benefit from subsidized finance. And obviously, all of our used vehicle volume that falls within the buy box that we've established for the company.

我們提高了在所謂「我們可以參與競爭的市場」的滲透率，而那些不符合條件的新車，也就是少數新車，將無法從補貼融資中受益——我們的客戶將無法從補貼融資中受益。顯然，所有符合公司設定的購買範圍的二手車銷售都屬於我們公司設定的購買範圍。

We're very, very disciplined in that buy box and our penetration has improved over the years, but we still have headroom to improve even further. The constraint really on our growth, even though it was very good, it was well balanced within Jeff Butler, who is our CEO of that business, and Tom to make sure that in terms of the way we're thinking about allocation of resources in the business, we had balance, but it could have grown faster than it did. But I was very pleased with the discipline that they said.

我們在購買框架方面非常自律，多年來我們的滲透率有所提高，但我們仍有進一步提高的空間。雖然我們的成長非常好，但限制因素在於，我們公司在執行長 Jeff Butler 和 Tom 的共同努力下，在資源分配方面保持了平衡，儘管如此，我們的成長速度本可以更快。但我對他們所說的紀律非常滿意。

So I do think that there is opportunity from a penetration point of view. And as we mentioned earlier, our penetration mainly is coming from the used car market. And as I said, we think there will be some stability in volumes in that area.

所以我認為從市場滲透的角度來看，存在著機會。正如我們之前提到的，我們的市場滲透主要來自二手車市場。正如我所說，我們認為該地區的交易量會保持穩定。

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

明白了。偉大的。感謝你們帶來的繽紛色彩，祝你們好運。

John Babcock, Barclays.

約翰·巴布科克，巴克萊銀行。

I guess just quickly, just on capital spending. Is there any reason to think that '26 would be any different from '25? And then also, if you could just talk about the M&A market, how that looks right now and how you plan to balance? How do share buybacks in the area, that would be great.

我猜就簡單說說資本支出方面吧。有什麼理由認為 2026 年會和 2025 年有所不同嗎？另外，您能否談談併購市場現狀以及您計劃如何平衡兩者之間的關係？如果該地區有股票回購計劃，那就太好了。

Yeah. Thanks, John. Thanks for the question. From a CapEx perspective, I think we're -- I think 2025 levels are a reasonable starting point for 2026. I mean, it's pretty locked down in terms of the spending that we do. As you know, it's mostly maintaining our properties and then keeping up with OEM requirements on the latest models to the stores. We've got some service growth as well that we're supporting. But I think the levels that we spent at in '25 are sustainable for 2026.

是的。謝謝你，約翰。謝謝你的提問。從資本支出角度來看，我認為──我認為 2025 年的水準是 2026 年一個合理的起點。我的意思是，我們的支出受到了相當嚴格的限制。如您所知，我們的主要工作是維護我們的物業，並滿足原始設備製造商 (OEM) 對門市最新型號的要求。我們還有一些服務成長需要支援。但我認為，我們在 2025 年的支出水準在 2026 年是可持續的。

In terms of M&A and Mike is involved in this as I am. So it'd be good to hear his commentary as well. But we had a really strong year. We saw a number of opportunities across all four quarters in 2025 in terms of opportunities. I think we were selective. I think you saw where we spend our money in terms of regions and brands.

就併購而言，麥克和我一樣都參與其中。所以，如果能聽到他的評論就更好了。但我們今年的表現非常出色。我們看到，在 2025 年的四個季度中，都存在著許多機會。我認為我們是有選擇性的。我想你已經看到了我們在地區和品牌方面的資金投入。

And as Mike said, we've got -- we ended up with some very high-quality brands in territories where we have density, where we think we can create operating synergies. And I'm confident that 2026, there will be continued opportunities for us in the dealership space. And we'll remain disciplined. I mean, we'll go for the ones that pencil out for us and then allow us to take advantage of where we're present and where we can drive operating synergies.

正如麥克所說，我們最終在人口密度較高的地區擁有了一些非常高品質的品牌，我們認為在這些地區我們可以創造營運協同效應。我相信到 2026 年，我們在經銷商領域仍將擁有許多機會。我們將繼續保持自律。我的意思是，我們會選擇那些對我們來說有利可圖的項目，這樣我們就能利用我們現有的優勢，並在我們能夠實現營運協同效應的地方發揮作用。

Well, I think it's a pretty complete answer but just to add some color on the process that we have. Like all organizations, when we think about the capital deployed, we have a number of hurdle rates, but the key one for us is on a per shareholder basis. And what are we able to return thinking about it from individual shareholder perspective? Which, to a large extent, can be an interesting hurdle to have when you think about M&A.

嗯，我覺得這個回答已經相當完整了，不過還是想補充一些關於我們流程的細節。與所有組織一樣，當我們考慮投入的資本時，我們有很多門檻收益率，但對我們來說最關鍵的是按每位股東計算的收益率。那麼，從個人股東的角度來看，我們能從中獲得什麼回報呢？從很大程度上說，這可以成為併購過程中一個有趣的障礙。

The good news is there are opportunities where not only does the business that we're interested in deliver reasonably that we can bring significant synergies to it. And obviously, that's not something that is usually or very easily apparent when you first think about purchase prices of some of these assets.

好消息是，我們感興趣的企業不僅能夠提供合理的業績，而且我們還可以為其帶來顯著的協同效應。顯然，當你第一次考慮這些資產的購買價格時，這通常不會很明顯。

But it is clearly a big consideration for us because we have significant invested resources and capabilities that we obviously get leverage in the businesses that we're adding so long as we're adding them into geographies and densities that make sense. And that is a big part of the calculation.

但這顯然是我們需要考慮的重要因素，因為我們投入了大量資源和能力，只要我們把業務拓展到合理的地域和密度範圍內，我們顯然就能在新增業務中獲得優勢。這是計算中非常重要的一部分。

We're also thinking about the incremental EBITDA that is delivered from these acquisitions and how we can leverage that in the business for further return to our shareholders, whether it is through revenue or net income growth or whether it is in terms of share repurchases. So I think there are opportunities that are coming to the market. It is reasonably buoyant in my view. We are, like everybody would tell you, very selective and very clear on the hurdles of what makes an attractive target or not. I think that's the best I can add to what Tom said.

我們也考慮這些收購帶來的增量 EBITDA，以及如何利用這些增量 EBITDA 為股東帶來更多回報，無論是透過營收或淨利成長，或是透過股票回購。所以我認為市場上會出現一些機會。在我看來，它的浮力相當不錯。正如大家會告訴你的那樣，我們非常挑剔，並且非常清楚什麼樣的目標才算有吸引力的目標。我想這就是我能補充湯姆所說內容的最好補充了。

Thanks for that color. And then just one follow-on. I am just kind of curious, how did hybrid GPUs trend in the quarter? And then also, what are your expectations on when electric vehicle GPUs might start to normalize with typical combustion engine vehicles? Any color on that would be helpful.

謝謝你提供的顏色。然後就只剩下一個後續問題了。我只是有點好奇，混合型GPU在本季的發展趨勢如何？另外，您預期電動車的GPU何時才能與傳統燃油汽車的GPU達到同等級？如果能加上任何顏色就更好了。

Yes. Well, as I already mentioned on (technical difficulty) comments. We saw quite a significant pullback in terms of incentive contribution from our OEMs in terms of dealer support incentives. So let me get the exact numbers for you so that I can be completely accurate with you.

是的。嗯，正如我在（技術難題）評論中已經提到的那樣。我們看到，在經銷商支援激勵措施方面，我們的原始設備製造商 (OEM) 的激勵投入出現了相當大的縮減。所以，讓我先給你弄到準確的數字，這樣我才能完全準確地告訴你。

So from overall GPUs on hybrids reduced on battery electric vehicles in Q4 and were largely flat, Tom check our numbers on AGVs. But we obviously benefited from a very significant mix change in the quarter. From a stabilization of [margins], I think if the industry stabilizes around 2% to 3% penetration, that will be based upon a proper demand and supply balance, then I think you will begin to see some improvement in margins, both on battery electric vehicles, in particular.

因此，從第四季度混合動力車的整體GPU數量來看，電池電動車的GPU數量有所下降，並且基本上持平，Tom，請查看我們關於AGV的數據。但顯然，我們受益於本季產品組合的重大變化。我認為，如果行業滲透率穩定在 2% 到 3% 左右（這將基於適當的供需平衡），那麼利潤率將會開始有所改善，尤其是在電池電動車領域。

But that, in my view, is not going to happen in 2026. I think it will take longer for that. But I do think you will see improvement in hybrid margins throughout 2026 with a better balance because many people find that a much more attractive powertrain combination than just battery electric vehicles. Tom, just --

但我認為，這種情況在 2026 年不會發生。我認為這需要更長時間。但我認為，隨著動力系統平衡的改善，到 2026 年混合動力車的利潤率將會提高，因為許多人發現，與純電動車相比，混合動力車的動力系統組合更具吸引力。湯姆，就--

Yeah. On the sequential, we've been very stable in terms of hybrid electrics as -- relative to total revenues or total unit sales on new roughly 20% a quarter. And that has remained very stable. We have seen a decline in BEVs themselves in favor of ICE engines probably to the extent of 5% to 6% from first quarter to fourth quarter.

是的。從季度來看，我們在混合動力汽車方面一直非常穩定——相對於新車總收入或總銷量而言，每季大約成長 20%。而且這種情況一直非常穩定。我們看到，從第一季到第四季度，純電動車的銷量下降了 5% 到 6%，而內燃機汽車的銷量則有所下降。

Jeff Lick, Stephens.

傑夫·利克，史蒂芬斯。

Mike, as you pointed out in your -- several times in the prepared remarks, obviously, there was a lot of extraordinary items this year in terms of pull forwards and obviously, the compare from last year after the election. I was just wondering if you could just break down the year, thinking of 2025 as the base and now you're -- as you go in, is there any particular call-outs in terms of parts of the year or items that you would kind of call it, hey, this is going to be a particularly more challenging compare or how things get a little easier here or there. Just wondering your perspective there just thinking of an extraordinary year of 2025 is not what you're comparing against?

麥克，正如你在準備好的演講稿中多次指出的那樣，顯然，今年有很多非同尋常的事情發生，例如提前完成任務，以及與去年大選後的比較。我只是想問您能否把這一年分解一下，以 2025 年為基準，然後——在您深入分析的過程中，對於一年中的某些部分或某些事項，您有什麼特別需要指出的地方，比如“嘿，這將是一個特別具有挑戰性的比較”，或者“有些地方會變得容易一些”。我只是好奇你的看法，你認為僅僅把2025年視為非凡的一年，並不是和它比較嗎？

Yeah, I think it's a great question. We obviously saw the dynamics of various different announcements impact in March, April. For example, when the tariffs really became very much front of mind. And then as we approached for those electrified powertrains, the end of incentives, the two key points where I think when we think about comps, we just need to be mindful of that.

是的，我覺得這是一個很好的問題。很明顯，我們在三月和四月看到了各種不同公告的影響。例如，當關稅問題真正成為人們關注的焦點時。然後，隨著電動動力系統即將普及，激勵措施即將結束，我認為在考慮比較時，我們需要注意這兩個關鍵點。

I do think that -- when I review the year, what I feel we did well was really to navigate those events. Obviously, you feel good when you're in a period of pullback. But when that goes away, you try and make sure that you fill that vacuum as effectively as you can to continue the performance and the momentum in the business.

我確實認為——當我回顧這一年時，我覺得我們做得比較好的一點就是成功應對了這些事件。顯然，在市場回檔時期，你會感覺很好。但當這種情況消失時，你要盡力確保盡可能有效地填補這個空缺，以維持業務的業績和發展勢頭。

And I think the demonstration from us and our results over the full year showed that even in a turbulent year, we can continue to perform at a reasonable level and deliver the results to our shareholders. And I'm pleased about that because as we came into 2025, I think none of us had the expectations of how it would actually play out.

我認為，我們全年的表現和業績表明，即使在動盪的一年中，我們也能繼續保持合理的業績水平，並為股東帶來回報。我對此感到高興，因為進入 2025 年時，我想我們誰也沒有預料到事情會如何發展。

We obviously think 2026 will be more stable, but I'm -- there's no way I can call that. What I can tell you is that we have a business model that I think is robust, a business model that is disciplined. And what gets thrown at us, we'll not only navigate, but we'll try and find those areas where we can maximize the opportunities that come.

我們當然認為 2026 年會更加穩定，但我——我根本無法預測。我可以告訴你們的是，我們擁有一個我認為非常穩健、非常嚴謹的商業模式。無論遇到什麼困難，我們不僅要應對，還要努力尋找能夠最大化機會的領域。

I think this year, we're going to be, as we have always done, focused on affordability, frankly. We all know what's happened with net transaction prices over the last few years and how that's impacted monthly payments. And it's been a topic of discussion both on our calls, but with other people's calls as well.

坦白說，我認為今年我們將一如既往地專注於價格可負擔性。我們都知道過去幾年淨交易價格發生了什麼變化，以及這對每月付款產生了怎樣的影響。這不僅是我們通話中的討論話題，也是其他人通話中的討論話題。

And I think we're going to be -- everybody will be very mindful of that and seeing how that may move through the year as really an indicator of whatever strength is in the new retail market and used market as well. So that's my top of mind thoughts in response to your question.

我認為大家都會非常關注這一點，並觀察它在今年的發展趨勢，以真正反映新零售市場和二手零售市場的強弱。以上就是我對你問題的第一個反應。

And then just a quick follow-up. I was wondering maybe you could put your OEM hat back on. As we get into the second half of this year, there's going to be a sizable year-over-year increase in lease returns. Just thinking about what that -- how that might impact the dealership business, but also some of these lease returns are going to be deeply underwater, specifically the EV ones. Just wondering how you see that dynamic of how the OEMs will handle that and how that will affect the franchise business?

然後還有一個簡短的後續問題。我想問你是不是可以把原帽子戴回去。今年下半年，租賃收益將出現年比大幅成長。想想這可能會對經銷商業務產生怎樣的影響，而且其中一些租賃車輛的歸還款項將會大幅低於市場價，特別是電動車的租賃車輛。我想知道您如何看待OEM廠商將如何應對這種情況，以及這將如何影響特許經營業務？

Well, I would imagine every single OEM has already provided for that, frankly, because I don't think it's -- we don't need to get there and it suddenly be a surprise. I think it is very well forecasted, and I think it's very evident from some of the early signs that we are seeing and any OEM should have assessed that in their portfolio and should have provided for it. There have been a number of very large provisions that have been announced. And I'm sure it also would cover forward-looking liabilities such as residual values.

坦白說，我估計每個原始設備製造商都已經考慮到了這一點，因為我覺得——我們不需要等到那時才突然感到驚訝。我認為預測非常準確，從我們目前看到的一些早期跡象來看，這一點非常明顯，任何原始設備製造商都應該在其產品組合中評估這一點並做好應對準備。已經公佈了一系列數額巨大的條款。而且我相信它也能涵蓋諸如殘值之類的前瞻性負債。

I think increased lease returns into the business is a very, very good thing. I think the important part of that is that they return to market at a correct market price and that the OEMs work with the dealers to try and make sure that that is a stable price in the marketplace and not transfer some of the liabilities that may be there in terms of actual residual values on to the dealers and ultimately, to some extent, on to consumers.

我認為提高租賃收益對企業來說是一件非常好的事情。我認為重要的是，它們要以正確的市場價格重返市場，並且汽車製造商要與經銷商合作，努力確保市場價格穩定，而不是將實際殘值方面的某些責任轉嫁給經銷商，最終在某種程度上轉嫁給消費者。

So firstly, in summary, it's well known that there are certain models, certain powertrains where the original residual value estimates are incorrect. I think they're well known. They should be provided for. And I think the dealers will benefit from those lease returns and work with their OEMs to try and get a reasonable fair price for those vehicles in the marketplace. We're certainly looking forward to the benefits that come from improved lease returns in our business.

所以首先，總而言之，眾所周知，某些車型、某些動力總成的原始殘值估計是不正確的。我認為他們是知名人士。應該為他們提供生活所需。我認為經銷商將從這些租賃車輛的歸還中受益，並與他們的汽車製造商合作，努力在市場上為這些車輛爭取一個合理的價格。我們非常期待租賃收益的提高能為我們的業務帶來好處。

Daniela Haigian, Morgan Stanley.

丹妮拉‧海吉安，摩根士丹利。

So you touched on this a little bit in the prior question. But how are you viewing affordability pressures as it relates to consumer credit availability as we enter this new year? You also mentioned consumer sensitivity to monthly payments. Have you seen any change in consumer behavior in the After-Sales business, whether it's willingness to pay for certain repair orders or otherwise?

你在上一個問題中已經稍微提過這一點。但隨著我們進入新的一年，您如何看待消費者信貸可用性的支付能力壓力？您也提到了消費者對每月付款方式的敏感度。您是否觀察到售後服務業務中消費者行為的任何變化，例如他們是否願意為某些維修訂單付費或其他方面？

Yeah. As I said earlier, obviously, it depends how far you want to go back, but people still referring back six years now it's a pre-pandemic, but we've seen significant compound growth in monthly payments that we basically been driven by a combination of average transaction price, but also some differences in charge APR.

是的。正如我之前所說，顯然，這取決於你想追溯到多久以前，但人們仍然會追溯到六年前，也就是疫情爆發之前，但我們已經看到每月付款額出現了顯著的複合增長，這主要是由平均交易價格以及一些費用年利率的差異共同推動的。

I think there will be some relief in charge APR as we get into this year, further into this year, particularly towards the back end. But there's no doubt that affordability is front of mind. I think the OEMs are going to look at how they can provide more affordable models in the marketplace, either through decontenting because they are also absorbing, as you know, whatever the residual tariff impact will be on their cost of goods sold as well. So I think that they're going to try and manage that without significantly impacting net transaction price and maybe with some -- maybe with some repackaging.

我認為隨著今年的深入，尤其是在年底，APR（年利率）將會有所緩解。但毫無疑問，價格實惠是首要考慮因素。我認為汽車製造商會考慮如何在市場上提供更經濟實惠的車型，要么通過減少配置，因為正如你所知，他們也要承擔剩餘關稅對其銷售成本的影響。所以我認為他們會嘗試在不顯著影響淨交易價格的情況下解決這個問題，也許會透過一些重新包裝的方式來解決。

I think as a result of that, that's one of the reasons why we think the new car market, in particular, will probably be down somewhere between 2% and 5% for the year. We anticipate that that's in our view. We think that we will perform a minimum in line with that, maybe slightly better, but we think that there is pent-up demand that will hold the used car market relatively stable, albeit there may well be some shifting down to slightly lower prices in there.

我認為，正因如此，我們認為今年新車市場，尤其是新車市場，可能會下降 2% 到 5% 的原因之一。我們預計在我們看來就是如此。我們認為我們的業績至少會與此相符，或許會略好一些，但我們認為被壓抑的需求將使二手車市場保持相對穩定，儘管其中可能會出現一些價格略微下降的情況。

In terms of consumer behavior, we haven't really seen much behavior in the After-Sales business. It's very competitive. We have seen over the last few years, and Christian tracks this religiously with his team, we have seen much, much more attention to the cost and pricing of service and parts within the business. And we know we compete with non-franchise providers of service and parts because our growth really is targeted on improving our penetration in the three-year-old plus After-Sales market.

就消費者行為而言，我們在售後業務中還沒有真正看到太多行為變化。競爭非常激烈。在過去的幾年裡，我們看到（克里斯蒂安和他的團隊一直密切關注著這一點），企業對服務和零件的成本和定價給予了更多的關注。我們知道，我們與非特許經營的服務和零件供應商競爭，因為我們的成長真正目標是提高我們在三年以上售後市場的滲透率。

And to do that, you obviously have to provide great convenience, great service, but you've got to be very competitive on price. So (technical difficulty) where we can achieve that without an impact on our margin. And the After-Sales team, I think, did a good job. We talked about the improvement in After-Sales margin.

要做到這一點，你顯然必須提供極大的便利性和優質的服務，但你也必須在價格上極具競爭力。所以（技術難題）我們可以在不影響利潤率的情況下實現這一點。我認為售後團隊做得很好。我們討論了售後利潤率的提高。

We just got to keep doing that. There is no right to that business. We have to conquest it and to do that, it's the combination of price and service. So they're much, much more price sensitive, particularly as the vehicle gets a bit older, and you just have to be aware of it and respond accordingly.

我們只需要繼續這樣做。你沒有權利做那件生意。我們必須征服它，而要做到這一點，關鍵在於價格和服務的結合。所以他們對價格更加敏感，尤其是當車輛使用年限較長時，你必須意識到這一點並做出相應的反應。

That's helpful. And then digging more into the used market, have you seen any mix shift? Or do you expect to see your strategy evolve in terms of older or newer within that segment especially as off-lease volumes begin to return later this year? And then you also spoke to an opportunity to acquire more competitively in that market. So any commentary or color there would be helpful.

那很有幫助。然後，深入研究二手市場，您是否發現任何成分變化？或者，您是否預期該細分市場中的策略會隨著租賃到期車輛數量的恢復而發生變化，尤其是在老舊車輛和新車輛方面？然後，您還談到了在該市場中更具競爭力的收購機會。所以任何評論或見解都會很有幫助。

Yeah. So firstly, if you just take our results, I think we performed really well in $40,000-plus vehicles. We saw growth in that segment. And it's a segment that I think we're very strong in. Where we did not perform really to market was in that -- particularly that sub-$20,000 price range.

是的。首先，如果只看我們的結果，我認為我們在售價超過 4 萬美元的車輛中表現非常出色。我們看到該領域實現了成長。我認為這是我們非常擅長的領域。我們在市場上的表現並不盡如人意——尤其是在 2 萬美元以下的價格區間。

And some of that is because when we think about vehicles we want to sell to our customers, many of those vehicles don't fit the profile that we want to put in the marketplace. And I think chasing volume of a poor used car is not what we want to do for the brand.

部分原因是，當我們考慮要賣給客戶的車輛時，許多車輛並不符合我們想要在市場上推廣的車款定位。我認為，追求劣質二手車的銷售並不是我們想要為品牌做的事情。

But notwithstanding that, we are looking very, very carefully at how we can achieve a slightly different balance in terms of price segments if our used vehicles, which would naturally mean stocking vehicles of a lower-priced band, say, sub for the purpose of this discussion, $30,000. But how do we do that and get the right inventory?

儘管如此，我們正在非常仔細地研究如何才能在二手車的價格區間內實現略有不同的平衡，這自然意味著要儲備價格較低的車輛，例如，為了便於討論，價格低於 30,000 美元的車輛。但是我們如何才能做到這一點並獲得合適的庫存呢？

That is a very, very competitive at a very, very competitive marketplace, as you can imagine, and this is where we've got to leverage our scale and our reach. And the way we would do that is our ability to respond to customers very quickly when they're looking for values, our ability to be flexible in terms of how we can go and get those vehicles or have those vehicles dropped off the speed of our payment and the fact that when you sell a vehicle to AutoNation, you're selling it to an investment-grade company, and you get certainty with that.

正如你所想，這是一個競爭非常激烈的市場，而這正是我們必須利用自身規模和影響力的地方。我們實現這一目標的方式是：當客戶尋求價值時，我們能夠非常迅速地做出回應；我們能夠靈活地獲取車輛或安排車輛交付；我們能夠快速付款；而且，當您將車輛出售給 AutoNation 時，您是將其出售給投資級公司，這能讓您獲得保障。

So I think we've got to leverage the infrastructure and the teams we have. So in summary, I think there is mix shifting that we should be aware of, and we should also make sure that we are playing in that, which is, say, sub-$30,000 vehicles, and we've got to leverage our strength to be more successful at acquiring inventory in that area. And that's what Christian's team is focused on.

所以我認為我們必須充分利用我們現有的基礎設施和團隊。總而言之，我認為我們應該意識到產品組合正在發生變化，我們也應該確保我們參與其中，比如說，3萬美元以下的汽車市場，我們必須利用我們的優勢，更成功地獲取該領域的庫存。這就是克里斯蒂安的團隊目前的重點。

John Saager, Evercore ISI.

John Saager，Evercore ISI。

I was hoping you could just answer some of the dig deeper into the used market. The GPUs in the second half were down versus the previous six quarters, more at the $1,600 level. Do you think this is more of a demand or a supply issue? And how should we think about that heading into 2026?

我希望你能解答一些關於深入挖掘二手市場的問題。下半年GPU價格較前六季下降，1,600美元價位的GPU價格更低。你認為這比較是需求問題還是供給問題？那麼，展望2026年，我們該如何看待這個問題呢？

So Tom, do you want to answer this, and then I'll add some color or would you like me to answer it?

湯姆，你是想先回答這個問題，然後我再補充一些細節，還是想讓我來回答？

No, I'm happy to do it. I'll build off of what you said earlier. I mean, you're right, John. The fourth quarter was the low mark for the year in terms of used GPU. We were disappointed. We know that some actions that we can take, and we'll get us back to the norms that we had in first and second quarters. We -- eventually, we expect to be in target on a longer-term basis, $2,000 per unit.

不，我很樂意這麼做。我會在你之前所說的基礎上繼續闡述。我的意思是，你說得對，約翰。第四季GPU使用量創下全年新低。我們很失望。我們知道我們可以採取一些行動，讓我們恢復到第一季和第二季的正常水平。我們——最終，我們預計長期目標是每單位 2000 美元。

Some of it is the basics Mike mentioned, acquiring at the right price, reconditioning properly, not excessively, and getting the day one pricing, correct. The market is tighter. So it's important to move with speed when we're doing acquisitions.

其中一些是麥克提到的基本要素，例如以合適的價格購入，進行適當的翻新（不要過度翻新），並確保首發價格正確。市場趨緊。所以，在進行收購時，速度至關重要。

But we do have opportunity. I mean, in the short term, getting the right mix, as Mike mentioned, calibrating brands, price points, and the like, aging, managing our funnel, our commercial funnel of opportunities all the way through to closure, the second shorter-term opportunity we have. And as we said, doing reconditioning efficiently and quickly and getting the vehicles out to the floor.

但我們確實有機會。我的意思是，短期內，正如麥克提到的，找到合適的組合，調整品牌、價格點等等，讓產品老化，管理我們的銷售管道，我們的商業機會管道，直到最終成交，這是我們的第二個短期機會。正如我們所說，高效快速地完成車輛翻新，並將車輛運送到車間。

Longer term, we're really encouraged by the business. We'll be making some investments in it. We do want to improve the customer journey, as you know. It's become much more virtual and digital, and we're putting that capability in place. And we'll continue to work on what we're going to do, that's an investment we want to make. So in summary, we're paying a lot of attention to the business and know that we'll be driving unit profitability and overall profitability higher.

從長遠來看，我們對公司的發展前景感到非常鼓舞。我們將對其進行一些投資。如您所知，我們確實希望改善客戶體驗。它變得越來越虛擬化和數位化，我們正在落實這項能力。我們將繼續推進我們的計劃，這是我們想要進行的投資。總而言之，我們非常關注業務，並且知道我們將提高單位獲利能力和整體獲利能力。

I think that was a really comprehensive answer. There's not much that I can add. But one thing I think that is going to show us the strength of being a new car retailer. And that is, if you look at sourcing channels, there has been increased competition really across all sourcing channels, not just tradings, We'll Buy Your Car, obvious the auction, and that's going to continue.

我認為這是一個非常全面的回答。我沒什麼好補充的了。但我認為有一件事將會展現出我們作為新車零售商的優勢。也就是說，如果你觀察採購管道，你會發現所有採購管道的競爭都加劇了，不僅僅是交易管道，例如「我們會買你的車」和拍賣，而且這種情況還會繼續下去。

We've been able to offset some of that cost pressure through mix changes as well in terms of how we source vehicles. And I think that's something that we have the ability to do because we operate a very, very sizable new car sales organization. And that is a great and, often, undervalued channel because it is still the best channel to source excellent used car vehicles.

我們也透過改變車輛購買方式的組合變化來抵銷部分成本壓力。我認為我們有能力做到這一點，因為我們經營著一個規模非常龐大的新車銷售機構。這是一個非常棒且常常被低估的管道，因為它仍然是尋找優質二手車的最佳管道。

And I think it will play -- I think there will be more competition, and I think that will be part -- that channel will partially offset that, partially, not completely because you also get price pressure in that channel, which is knock on price pressure for more visible channels. But it will partially offset some of that price pressure. And I think Tom answered the rest really well.

我認為這將會產生影響——我認為競爭會更加激烈，我認為這將起到一定作用——該渠道將在一定程度上抵消這種影響，只是部分抵消，而不是完全抵消，因為該渠道也會面臨價格壓力，而這種壓力又會波及到更顯眼的渠道，從而導致價格壓力。但這將在一定程度上緩解價格壓力。我覺得湯姆對剩下的問題回答得也很好。

Okay. Great. That's a really good answer. And then on new GPUs, can you give us a sense of what you're seeing in the marketplace? You mentioned that you're seeing continued stabilization and I think the market is really very encouraged if we see that continue.

好的。偉大的。這真是個很好的答案。那麼，關於新的GPU，您能否為我們介紹一下您在市場上觀察到的情況？您提到市場持續企穩，我認為如果這種趨勢能夠持續下去，市場將會受到極大的鼓舞。

Yeah. Thanks, John. I mean the third quarter to fourth quarter, Mike talked through the improvement in the overall weighted GPU, notwithstanding the pressure we've got on OEM dealer incentives. We're encouraged as we built our plan for 2026 that the reactions that we can take to continue that stabilization, so far so good. (technical difficulty) So certainly, we haven't closed to January we expect to see stable December to January (technical difficulty) So off to a good start, I'd say on that front, it takes discipline.

是的。謝謝你，約翰。我的意思是，從第三季度到第四季度，Mike 詳細討論了整體加權 GPU 的改進情況，儘管我們在 OEM 經銷商激勵方面面臨壓力。我們在製定 2026 年計畫時感到鼓舞，因為我們可以採取的應對措施能夠繼續保持這種穩定，到目前為止，一切進展順利。（技術故障）所以，我們當然還沒結束到1月份的市場，我們預計12月到1月市場將保持穩定。 （技術故障）所以，開局不錯，我認為在這方面，這需要自律。

Apologies. Please stand by.

抱歉。請稍候。

Adam, can you hear us now?

亞當，你現在聽得到我們說話嗎？

We can hear you loud and clear.

我們聽得很清楚。

Are we live with all of our guests?

我們和所有客人都住在一起嗎？

Yeah. We're good.

是的。我們很好。

We are.

我們是。

Sorry about that guys. I don't know what happened from a technology point of view, but I will just repeat what I said. I was referencing Rajat question, right, at the very beginning about the balances of puts and takes in our business. And I think that's an important one to know as we get into this year.

抱歉各位。我不知道從技術角度發生了什麼，但我只會重複我剛才說過的話。我指的是 Rajat 最開始提出的問題，關於我們業務中買賣雙方的平衡問題。我認為，隨著今年的到來，了解這一點非常重要。

I think what we're trying to build is obviously, a growing After-Sales base, a pool of customers that we can continue to serve and drive up our loyalty. And that means that we want to make sure that we don't lose pace with the marketplace. And to do that, we obviously have to be competitive to make sure that we stay at a minimum in line with market.

我認為我們正在努力建立的顯然是一個不斷成長的售後服務基礎，一個我們可以持續服務並提高客戶忠誠度的客戶群。這意味著我們要確保不會落後於市場步伐。為此，我們顯然必須保持競爭力，以確保至少與市場保持同步。

And we do try and balance it where we can balance it. So as that market develops and we see what happens, there may well be more or less pressure on margins. But as Tom said, we have seen stability from third quarter to fourth quarter. And our expectation, particularly in H1 is that we think, to a large extent, that will continue in '26.

我們會盡力在力所能及的範圍內保持平衡。因此，隨著市場的發展，我們會看到利潤率可能會面臨或大或小的壓力。但正如湯姆所說，我們看到從第三季到第四季度，市場趨於穩定。我們預計，尤其是在上半年，這種情況在很大程度上將持續到 2026 年。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Just want to ask on After-Sales growth was 6% on a same-store basis, which I think historically, it's -- go back many years, it was 3% or 4%. I mean should we think about staying at the higher end of mid-single? Or do you think there's just some maybe good news this year, some catch-up this year from some of the issues last year? And then also on the margin there, margins also have been actually quite strong, much higher than they were five years ago. Is that sustainable or does that moderate a little bit into '26?

我想問一下，售後服務成長率是 6%（以同店銷售額計算），而從歷史數據來看——回溯很多年前，這個數字是 3% 或 4%。我的意思是，我們是否應該考慮保持在中高端單身狀態？或者你認為今年或許會有一些好消息，今年能彌補去年的一些不足？而且，利潤率也相當強勁，比五年前高出許多。這種趨勢能否持續，還是到了 2026 年會有所放緩？

So my view on that, we talked about the competitive nature of After-Sales and the fact that what we want to do is to conquest, in particular, vehicle parking for three-year-old vehicles. I think what that means is that hourly rate, obviously, needs to be competitive. So the fact that, by its very nature, says that we -- the margins that we delivered are going to be constrained to some extent, albeit still incredibly healthy, and we're very pleased with them.

所以我的看法是，我們討論了售後服務的競爭性質，以及我們想要征服的，特別是三年車齡車輛的停車市場。我認為這意味著，小時工資顯然需要具有競爭力。因此，從本質上講，這意味著我們所取得的利潤率將在某種程度上受到限制，儘管仍然非常健康，我們對此感到非常滿意。

We do think that there's opportunity for us with different products that we can offer and different ways of communicating with the customer that we can provide more work on a per RO basis. That doesn't necessarily drive up margin per se, but it does help us a lot with regard to the productivity that we have in our business. So there may be some incremental opportunity on the margin side, but that's not what we bake into our plans. What we baked into our plans is more sustainable growth, not margin growth per se. Tom?

我們認為，透過提供不同的產品和不同的與客戶溝通的方式，我們可以獲得更多的工作機會，從而提高每個 RO 的工作量。這本身不一定會提高利潤率，但確實對我們業務的生產力有很大的幫助。因此，利潤方面可能存在一些增量機會，但這並不是我們計劃中考慮的因素。我們的計劃中融入的是更永續的成長，而不是利潤率的成長本身。湯姆？

Yeah. I guess the other thing is we have plenty of capacity to support more repair orders, physical capacity. And as Mike said, our -- we've been able to grow our technician workforce. But if we can continue that with minimal additional investment and we have the plan in place to support more business, which itself will drive higher margin rates as well, better absorption. So I think we're positioned with -- to sustain the trends we've had. And we'll continue to -- Christian and the team to continue to manage this very closely.

是的。我想另一點是，我們有足夠的產能來處理更多的維修訂單，包括實體產能。正如麥克所說，我們已經能夠擴大我們的技術人員隊伍。但是，如果我們能夠以最小的額外投資繼續這樣做，並且我們已經制定了支持更多業務的計劃，這本身也會推動更高的利潤率和更好的吸收率。所以我認為我們有能力維持我們已經取得的進步趨勢。我們將繼續——克里斯蒂安和他的團隊將繼續密切關注此事。

Yeah. I think the other thing that you mentioned earlier in your commentary that you just remind calling of between Christian and John Luca, we have, I think, been successful at growing our wholesale business. And wholesale, as we know, is much, much more competitive and the margin is dilutive. So I think that is, for us, a big area, again, of opportunity of growth, and that will have, from a headline perspective, downward pressure on the margin.

是的。我認為你之前在評論中提到的另一件事，也就是你剛才提到的克里斯蒂安和約翰·盧卡之間的對話，我認為我們在發展批發業務方面取得了成功。眾所周知，批發市場的競爭要激烈得多，利潤空間也更小。所以我認為這對我們來說又是一個巨大的成長機會領域，但從總體上看，這將對利潤率造成下行壓力。

So when we talk about After-Sales margin, I think we need to be clear that you may see a moderation in the margin that we report and that may well be a mix-driven thing. It may not be margin per se through our workshops. So Colin, please just bear that in mind when you're thinking about the future and what Tom and I just said.

所以，當我們談到售後利潤率時，我認為我們需要明確一點，您可能會看到我們報告的利潤率下降，這很可能是產品組合變化所致。這可能並非我們研討會本身帶來的利潤。所以科林，當你思考未來以及我和湯姆剛才說的話時，請記住這一點。

Got it. And just secondly, any thoughts on SG&A? I think in the past, you've talked about 66% to 67% being the right target. Is that still a long-term target and any actions that might help reduce costs into next year that gets you closer to 66%?

知道了。其次，您對銷售、管理及行政費用（SG&A）有何看法？我認為你過去曾說過，66%到67%才是正確的目標。這仍然是長期目標嗎？明年有哪些措施可以幫助降低成本，讓目標更接近 66%？

Good question, Colin. Yeah, first of all, reaffirm 66% to 67% is our intended target. We were a bit higher in the fourth quarter and probably will be a little bit higher as we go forward here at least in the early part of the year. We've made some upfront investments on advertising.

問得好，科林。首先，再次確認 66% 到 67% 是我們的目標。我們在第四季度略高一些，隨著賽季的推進，至少在今年年初，我們的業績可能會略高一些。我們在廣告方面進行了一些前期投資。

And it's really to -- in the upper funnel, which for us means creating demand as opposed to lower funnel where you're actually trying to capitalize on known demand. And we feel like we've got some opportunity to drive better upper funnel activity. So that's requiring a little bit of a incremental investment here.

這實際上是在漏斗的上層，對我們來說，這意味著創造需求，而不是在漏斗的下層，在漏斗下層，你實際上是在試圖利用已知的需求。我們覺得我們有機會提升漏斗上層的轉換率。所以這就需要一些額外的投資。

And we also talked about our lower pool, we made some conscious investments in. It helps you on the used vehicle side when they come out of the pool. So -- and we've talked about a tight market, but that gives us a little bit of a relief valve in terms of supply. But importantly, it's also helping us support the service business in its totality.

我們也談到了我們較低的泳池，我們對此進行了一些有意識的投資。它能幫助你從二手車市場淘到心儀的車輛。所以——我們已經討論過市場供應緊張的問題，但這在供應方面給了我們一個小小的緩解閥。但更重要的是，它也正在幫助我們全面支持服務業的發展。

So apart from those two incremental things, I expect us to continue to drive towards the lower end of that range we talked about over the long term. And we've got a number of different initiatives in place. As you know, the biggest component of SG&A is compensation. And it's important for us to have good productivity when it comes to both sales and service. We feel like we've got excellent training programs and standard procedures that we've got in the cycle thanks to drive productivity and comp and benefits.

所以除了這兩個漸進式措施之外，我預計從長遠來看，我們將繼續朝著我們之前討論過的那個範圍的下限邁進。我們已經制定了一系列不同的措施。如您所知，銷售、一般及行政費用中最大的組成部分是薪酬。對我們來說，在銷售和服務方面保持良好的效率非常重要。我們認為，我們擁有優秀的培訓計畫和標準流程，這些都有助於提高生產力、薪資和福利。

And then I talked about advertising and the other big category is just other SG&A. We've got a number of good initiatives to manage through some of these inflationary things that we're seeing like energy costs as an example. We're trying to standardize our usage model around the utilities to offset some of that. So it's an effort that we're heavily focused on and just reiterating where we are in terms of the range. Hopefully, that helps, Colin.

然後我談到了廣告，另一個大類就是其他銷售、一般及行政費用。我們有許多很好的措施來應對目前出現的一些通貨膨脹問題，例如能源成本上漲。我們正在努力規範公用事業的使用模式，以抵消部分成本。所以這是我們目前重點關注的一項工作，我們只是想重申我們目前在產品範圍方面的位置。希望這對你有幫助，科林。

We'll now hand back to the management team for any closing comments.

現在我們把鏡頭交還給管理團隊，請他們做總結發言。

Yeah. Thanks, Adam. Again, thank you very much for joining the call today and all of your questions. And just finally, as I mentioned earlier, I just want to thank the AutoNation team for what we delivered. And as usual, then you all know this, that's behind us now. We've got '26 out of us, so let's get to it.

是的。謝謝你，亞當。再次感謝您今天參加電話會議並提出所有問題。最後，正如我之前提到的，我要感謝 AutoNation 團隊為我們所做的一切。像往常一樣，你們都知道，那件事已經過去了。我們已經完成了26年，所以讓我們開始吧。

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

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路了。