Arko Corp. (ARKO) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Arko Corp., first quarter 2025 earnings conference call. (Operator Instructions) This call is being recorded on Thursday, May 8, 2025.

女士們、先生們，下午好，歡迎參加 Arko Corp. 2025 年第一季財報電話會議。（操作員指示）本次通話於 2025 年 5 月 8 日星期四錄製。

I would now like to turn the conference over to Jordan Mann, Senior Vice President, Corporate Strategy and Capital Markets, Investor Relations. Please go ahead.

現在，我想將會議交給企業策略和資本市場、投資者關係高級副總裁喬丹·曼恩 (Jordan Mann)。請繼續。

Thank you. Good afternoon, and welcome to Arko's first-quarter 2025 earnings conference call and webcast. On today's call are Arie Kotler, Chairman, President and Chief Executive Officer; and Rob Giammatteo, Executive Vice President and Chief Financial Officer. Our earnings press release and quarterly report on Form 10-Q for the first quarter of 2025 as filed with the SEC are available on Arko's website at www.arcocorp.com. During our call today, unless otherwise stated, management will compare results to the same period in 2024.

謝謝。下午好，歡迎參加 Arko 2025 年第一季財報電話會議和網路廣播。參加今天電話會議的有董事長、總裁兼執行長阿里·科特勒 (Arie Kotler)；以及執行副總裁兼財務長 Rob Giammatteo。我們向美國證券交易委員會提交的 2025 年第一季財報新聞稿和 10-Q 表季報告可在 Arko 的網站 www.arcocorp.com 上查閱。在我們今天的電話會議中，除非另有說明，管理層將把結果與 2024 年同期進行比較。

Before we begin, please note that all first quarter 2025 financial information is unaudited. During this call, management may make forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please review the forward-looking and cautionary statements section at the end of our first quarter 2025 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. Any forward-looking statements made during this call reflect our current views with respect to future events, and Arko is under no obligation to update or revise forward-looking statements made on this call, whether as a result of new information, future events or otherwise, except as required by law. On this call, management will share operating results on both a GAAP basis and on a non-GAAP basis.

在我們開始之前，請注意，所有 2025 年第一季的財務資訊均未經審計。在本次電話會議中，管理階層可能會根據 1995 年《私人證券訴訟改革法案》做出前瞻性陳述。請查看我們 2025 年第一季財報末尾的前瞻性和警示性聲明部分，以了解可能導致實際結果與我們今天電話會議上所作的前瞻性聲明有重大差異的各種因素。本次電話會議中所做的任何前瞻性陳述均反映了我們對未來事件的當前看法，Arko 沒有義務更新或修改本次電話會議中所做的前瞻性陳述，無論是由於新資訊、未來事件還是其他原因，除非法律要求。在本次電話會議上，管理層將分享基於 GAAP 和非 GAAP 的經營業績。

Descriptions of those non-GAAP financial measures that we use, such as adjusted EBITDA and reconciliations of these measures to our results as reported in accordance with GAAP are detailed in our earnings release or in our quarterly report on Form 10-Q for the quarter ended March 31, 2025. Additionally, management will share profit measures for our individual business segments along with fuel contribution, which is calculated as fuel revenue less fuel costs and exclude intercompany charges by our subsidiary, GPMP.

我們使用的非 GAAP 財務指標的描述，例如調整後的 EBITDA 以及這些指標與我們根據 GAAP 報告的結果的對賬，在我們的收益報告或截至 2025 年 3 月 31 日季度的 10-Q 表季度報告中有詳細說明。此外，管理層將分享我們各個業務部門的利潤指標以及燃料貢獻，其計算方法是燃料收入減去燃料成本，但不包括我們子公司 GPMP 的內部公司費用。

And now, I would like to turn the call over to Arie.

現在，我想把電話交給 Arie。

Thank you, Jordan, and thank you all for joining. This quarter, the company and our industry faced headwinds from lower traffic and consumer spending to severe weather. Even though we managed the business effectively and deliver results above the midpoint of our guidance, I have higher expectations for the business. We continue to demonstrate that even in a tough environment, we are executing with discipline and remaining focused on what we can control.

謝謝你，喬丹，也謝謝大家的加入。本季度，公司和我們的行業面臨客流量和消費者支出下降以及惡劣天氣等不利因素。儘管我們有效地管理了業務並取得了高於預期中位數的業績，但我對業務抱有更高的期望。我們繼續證明，即使在艱難的環境中，我們仍能嚴格執行紀律，並專注於我們能夠控制的事情。

This quarter, persistently high inflation and high consumer debt put increased financial pressure on lower and middle-income households, especially in the communities where many of our stores are located. Further, the currently unpredictable tariff environment has created uncertainty around spending as customers try to manage their expenses. However, we believe we are well positioned to deliver on the value that our customer is seeking through our promotional and merchandising efforts.

本季度，持續的高通膨和高消費債務給中低收入家庭帶來了更大的財務壓力，尤其是在我們許多門市所在的社區。此外，由於客戶試圖管理支出，目前不可預測的關稅環境為支出帶來了不確定性。然而，我們相信，透過我們的促銷和行銷努力，我們有能力實現客戶所尋求的價值。

Like many in our industry, we're seeing consumers stretch their dollars further, increasingly shifting their purchases towards value-oriented options and exhibiting more price sensitivity. This quarter also brought a unique set of external challenges that compounded these macroeconomic pressures. The combination of persistent cold weather and widespread winter storms across several key geographies reduced customers' mobility and constrained store visits.

與我們行業中的許多人一樣，我們看到消費者更加精打細算，越來越多地將購買重點轉向價值導向選擇，並且對價格更加敏感。本季也帶來了一系列獨特的外部挑戰，加劇了宏觀經濟壓力。持續的寒冷天氣和席捲多個主要地區的大範圍冬季風暴降低了顧客的流動性並限制了商店的訪問量。

In addition to pressure on gallons and merchandise sales trends, the unfavorable weather drove an incremental $1.7 million in operating costs related to snow and ice removal. While inclement weather is expected in the first quarter, the range and intensity of adverse event this year, especially in February, were notably greater than typical seasonal norms.

除了對加侖和商品銷售趨勢造成壓力之外，惡劣的天氣還導致與除冰除雪相關的營運成本增加了 170 萬美元。雖然預計第一季會出現惡劣天氣，但今年惡劣天氣的範圍和強度，尤其是二月份，明顯高於典型的季節性標準。

Looking behind external factors, our team is committed to the company's transformation strategy, including the ongoing deal erization program, the expansion of high-margin categories like other tobacco products and food service and targeted promotional initiatives, both in the stores and at the pump, which we have designed to deepen customer engagement. These actions are helping us navigate the current environment, and we believe they position the business for long-term growth.

縱觀外部因素，我們的團隊致力於公司的轉型策略，包括正在進行的交易化計劃、其他菸草產品和食品服務等高利潤類別的擴張以及在商店和加油站的有針對性的促銷活動，旨在深化客戶參與度。這些舉措有助於我們應對當前環境，我們相信它們將為業務的長期成長奠定基礎。

Our strategies are driven by experienced leadership and executed daily by a committed operation team that prioritize the customer experience. These strategies are optimizing our retail footprint by deal erizing stores that don't fit within our go-forward operating model, driving value and relevance to our consumers through innovative promotional activities.

我們的策略由經驗豐富的領導層推動，並由一支致力於優先考慮客戶體驗的營運團隊每天執行。這些策略透過對不符合我們未來營運模式的商店進行交易來優化我們的零售足跡，並透過創新的促銷活動為我們的消費者帶來價值和相關性。

One example is our Fueling America Future campaign, which provides discounts on fuel up to $2 off per gallon for up to 20 gallons. Another example is our investment in the tobacco back bar to support shifting consumer demand to OTP products, which we are supporting with elevated value promotion. OTP and cigarettes together represent approximately 39% of sales.

其中一個例子就是我們的「為美國未來加油」活動，該活動為最多 20 加侖的燃油提供每加侖最高 2 美元的折扣。另一個例子是我們對菸草後吧的投資，以支持消費者需求轉向 OTP 產品，我們正透過提升價值的促銷來支持這項轉變。OTP 和香菸合計佔銷售額的約 39%。

Implementing a new consumer-centric remodel centered around a delicious menu of app and cold grab-and-go food and dispense beverages. We will be introducing a new brand for this strategy called Fast Craves. Our first store will be in a Fastmart in Richmond, Virginia, advancing our store remodel program with our first pilot store starting construction this week, filling the pipeline for the new-to-industry stores in our existing markets and increasing customer trips and spend through our Fast Rewards loyalty program by offering the best deals to our best customers.

實施以消費者為中心的新模式，以美味的應用程式菜單、冷食和飲料為中心。我們將為此策略推出一個名為「Fast Craves」的新品牌。我們的第一家店將位於弗吉尼亞州里士滿的 Fastmart，我們的第一家試點店將於本週開始建設，這將推進我們的商店改造計劃，為我們現有市場中的新入行商店填補渠道空白，並通過我們的 Fast Rewards 忠誠度計劃增加顧客的訪問量和消費，為我們最好的客戶提供最好的優惠。

Now, let me provide a high-level update for each of these core strategies. On our transformation plan, we continue to execute our strategy to convert company-operated stores into dealer sites where we believe the long-term economics are more favorable for those stores under our dealer segment. Year to date, as of the end of April, we converted 77 stores to our wholesale network, and we have more than 130 stores under contract for conversion with a meaningful number still on our list to convert.

現在，讓我對每個核心策略進行高層次的更新。在我們的轉型計劃中，我們繼續執行我們的策略，將公司經營的商店轉變為經銷商站點，我們相信，對於我們經銷商部門下的商店來說，長期經濟效益更為有利。今年迄今為止，截至 4 月底，我們已將 77 家商店轉換為我們的批發網絡，並且我們已與 130 多家商店簽訂了轉換合同，還有相當數量的商店仍在我們的轉換名單上。

As we previously disclosed, at full scale, we continue to expect this initiative to deliver a cumulative annualized operating income benefit in excess of $20 million. Our high-value Fueling America Future campaign kicked off in stores on March 12. This campaign is centered around providing enrolled loyalty customers with both value promotions inside the store and significant discounts at the pump.

正如我們之前所揭露的那樣，我們仍然預計，全面實施這項措施將帶來超過 2,000 萬美元的累積年化營業收入效益。我們的高價值「為美國未來加油」活動於 3 月 12 日在商店拉開序幕。此次活動主要為已註冊的忠誠客戶提供店內價值促銷和加油站大幅折扣。

In partnership with many of our supplier partners, we are offering our loyalty members up to $2 off per gallon up to 20 gallons when they purchase select products in store. While the campaign just started, we have seen an increase in our average enrollment per day by 35% and an increase in gallons for previously enrolled loyalty members taking advantage of this great offer from approximately 6.8 gallons to 9.8 gallons per transaction with an average basket increase of approximately $2.38 or 16%.

我們與許多供應商夥伴合作，為忠誠會員在店內購買指定產品時提供每加侖最高 2 美元（最多 20 加侖）的折扣。雖然活動剛剛開始，但我們已經看到每天的平均註冊人數增加了 35%，並且之前註冊的忠誠會員利用這一優惠的加侖數從每筆交易約 6.8 加侖增加到 9.8 加侖，平均購物籃增加了約 2.38 美元或 16%。

Turning to our cigarette and OTP back bar refresh. To date, we have completed these projects in more than 900 stores, which is driving improvement in merchandising and assortment for total nicotine. When combined with our expanded promotional efforts, we're capturing market share across select OTP categories, creating momentum for in-store performance as we broaden our assortment and fine-tune our promotional strategy to drive growth. Of the approximately 675 stores where we believe we have enough new resorts to draw conclusions, we are seeing that these resets are starting to improve our total nicotine performance.

轉向我們的香菸和 OTP 後吧刷新。迄今為止，我們已經在 900 多家商店完成了這些項目，從而推動了尼古丁商品銷售和分類的改善。結合我們擴大的促銷力度，我們正在佔領精選 OTP 類別的市場份額，為店內業績創造動力，因為我們擴大了產品種類並微調了促銷策略以推動成長。在約 675 家商店中，我們認為有足夠的新度假村可以得出結論，我們看到這些重置開始改善我們的整體尼古丁表現。

We have implemented very strong monthly OTP promotions supplemented by a store manager and district manager sales contest to assist in driving OTP sales. Our OTP mix continues to evolve to meet customer demand, and we view it as a lever to drive basket growth amid challenging macro backdrop.

我們實施了非常強大的每月 OTP 促銷活動，並輔以店長和區域經理銷售競賽來幫助推動 OTP 銷售。我們的 OTP 組合不斷發展以滿足客戶需求，我們將其視為在充滿挑戰的宏觀背景下推動籃子成長的槓桿。

Turning to our remodel program. We started construction on the first of our seven pilot remodels this week and expect to start work on the second remodel in the middle of May. As a reminder, the pilot store are expected to include an expanded and refined merchandise assortment with an enhanced in-store experience and focus on food centered on hot and fresh grab-and-go food, bakery, pizza, roller grill, and other prepared foods, including our new branded food offering, Fast Grade.

轉向我們的改造計劃。我們本週開始進行七個試點改造中的第一個，並預計將於 5 月中旬開始第二個改造工作。提醒一下，試點商店預計將包括更多、更精緻的商品種類，增強店內體驗，並專注於以熱的和新鮮的即食食品、烘焙食品、披薩、滾筒烤架和其他預製食品為中心的食品，包括我們新推出的品牌食品 Fast Grade。

The intent is to take learnings from the pilot stores and implement the right remodels across a larger portion of our retail locations through targeted capital deployment. This initiative are fundamental to our long-term retail transformation strategy and represent our commitment to organic growth and store level reinvestment. In addition to our remodel program, in the first quarter, we opened a new Dunkin' store in a fast market location.

目的是從試點商店中吸取經驗，並透過有針對性的資本部署，在我們更多的零售店中實施正確的改造。這項措施對於我們的長期零售轉型策略至關重要，體現了我們對有機成長和門市層面再投資的承諾。除了改造計劃外，第一季我們還在快速市場開設了一家新的 Dunkin' 商店。

Additionally, we currently have four NTIs in development, three have started construction and one store is awaiting a final permit. These NTIs are expected to open in the second half of the year. These four stores will the pilot remodel concept I discussed moments ago.

此外，我們目前有四個 NTI 正在開發中，三個已經開始建設，一個商店正在等待最終許可。這些NTI預計將於今年下半年開放。這四家店將採用我剛才討論的試點改造理念。

We are pleased with the results of our Fast Rewards loyalty program. Our loyal customers continue to make more trips and spend more per month than our non-enrolled members. In the first quarter of 2025, enrolled Fast Rewards members spend approximately 47% more and visited 2.5 times more per month than non-enrolled members. Enrolled loyalty OTP sales now account for 18.5% of OTP sales versus 18.1% in Q4 2024. Enrolled loyalty members are purchasing 23% more gallons per transaction than non-enrolled members.

我們對「快速獎勵」忠誠度計畫的成果感到非常滿意。與非註冊會員相比，我們的忠實客戶出遊次數更多，每月消費也更多。2025 年第一季度，已註冊的 Fast Rewards 會員每月消費額比未註冊會員高出約 47%，造訪次數高出 2.5 倍。註冊忠誠度 OTP 銷售額目前佔 OTP 銷售額的 18.5%，而 2024 年第四季為 18.1%。已註冊的忠誠會員每次交易的購買量比未註冊的會員多 23%。

Overall, we added approximately 27,000 enrolled members in Q1, reaching over 2.3 million enrolled members in total, which was up 11% from the end of Q1 2024. We continue to learn and evaluate the rich customer data and adjust our tactics to ensure we provide meaningful value to our most loyal customers. As adoption grows, we believe loyalty will continue to be an increasingly powerful lever to improve same-store performance over time. The team is executing many initiatives in our retail segment to drive results despite the current macroeconomic headwinds.

總體而言，我們在第一季增加了約 27,000 名註冊會員，總註冊會員數超過 230 萬，比 2024 年第一季末成長了 11%。我們不斷學習和評估豐富的客戶數據並調整我們的策略，以確保我們為最忠實的客戶提供有意義的價值。隨著採用率的提高，我們相信忠誠度將繼續成為提高同店業績的強大槓桿。儘管當前宏觀經濟面臨逆風，但我們的團隊仍在零售領域實施多項措施以推動績效。

Outside of retail, our wholesale and fleet segments have delivered stable and reliable cash flows, providing meaningful support as we navigate ongoing macro and consumer pressures.

在零售之外，我們的批發和車隊部門提供了穩定可靠的現金流，為我們應對持續的宏觀和消費者壓力提供了有意義的支援。

Over the past four quarters, these segments have generated approximately $130 million in operating income. Combining all of the positive and the negatives this quarter, we again delivered results above the midpoint of our quarterly guidance. Much of this performance was driven by controlling the things we can control, especially on the expense side as we mitigate higher costs related to snow removal through disciplined management and execution. Turning to capital allocation. We remain committed to a strategic and thoughtful approach.

過去四個季度，這些部門創造了約 1.3 億美元的營業收入。綜合本季的所有正面因素和負面因素，我們的業績再次高於季度預期的中點。這種業績的取得很大程度上得益於對可以控制的事情的控制，特別是在費用方面，我們透過嚴格的管理和執行來降低與除雪相關的較高成本。轉向資本配置。我們將繼續致力於採取策略性和深思熟慮的方法。

Based on our stock price in the first quarter, we repurchased approximately 1.3 million shares during the quarter at an average price of $4.01 per share with almost all of those repurchases executed in March. Additionally, we repurchased approximately 1.3 million additional shares in April. We believe our current market valuation reflects discounts for a scale convenience stores retailer with a diversified revenue across merchandise, retail fuel and wholesale and fleet fueling.

根據我們第一季的股價，我們在本季以每股 4.01 美元的平均價格回購了約 130 萬股，幾乎所有回購都是在 3 月執行的。此外，我們在 4 月又回購了約 130 萬股。我們認為，我們目前的市場估值反映了一家規模便利商店零售商的折扣，該零售商的收入多元化，涵蓋商品、零售燃料以及批發和車隊加油。

Our approach to capital allocation will continue to focus on long-term value creation and disciplined capital deployment. We believe in the strength of our plan, the capabilities of our team and the transformation path ahead and remain committed to executing step by step to unlock value for our shareholders.

我們的資本配置方法將繼續專注於長期價值創造和嚴格的資本部署。我們相信我們的計劃的力量、我們團隊的能力以及未來的轉型道路，並將繼續致力於逐步執行，為我們的股東釋放價值。

With that, I will hand it over to Rob.

說完這些，我就把它交給 Rob。

Thank you, Arie. Good afternoon, everyone. Turning to first-quarter 2025 results. Adjusted EBITDA was $30.9 million for the quarter compared to $33.2 million in the year-ago period, with the decrease caused primarily by lower retail fuel and merchandise contribution.

謝謝你，阿里。大家下午好。展望 2025 年第一季的業績。本季調整後 EBITDA 為 3,090 萬美元，而去年同期為 3,320 萬美元，下降主要由於零售燃料和商品貢獻下降。

At the segment level, our Retail segment contributed approximately $40.2 million compared to $46.5 million in the year-ago period.

在細分市場層面，我們的零售部門貢獻了約 4,020 萬美元，而去年同期為 4,650 萬美元。

Same-store merchandise sales, excluding cigarettes, were down 5.2% versus the year-ago period, while total same-store merchandise sales were down 6.9%. Same-store margin rate was up approximately 50 basis points versus the prior year. Same-store fuel contribution was down approximately $3.2 million for the quarter, caused by a 6.2% decline in gallons. Same-store fuel margin of $0.379 per gallon was up $0.01 per gallon year over year. Same-store operating expenses were down approximately 1.4% for the quarter.

除香菸外的同店商品銷售額較去年同期下降 5.2%，而同店商品總銷售額下降 6.9%。同店利潤率較上年同期上升約50個基點。本季同店燃料貢獻下降約 320 萬美元，原因是加侖數下降了 6.2%。同店燃油利潤率為每加侖 0.379 美元，年比上漲每加侖 0.01 美元。本季同店營業費用下降約1.4%。

Moving on to our Wholesale segment. Operating income was $18.6 million for the quarter versus $18.3 million in the year ago period. Fuel margin was $0.088 per gallon versus $0.092 per gallon in the year ago period. Gallons were up modestly to the year-ago period, driven by our channel optimization program, which contributed close to 14 million gallons for the quarter. Gallons from channel optimization more than offset a gallon decline from comparable sites, which were down 4.6% from the year-ago period, reflecting similar trends experienced in our retail segment.

繼續我們的批發部門。本季營業收入為 1,860 萬美元，去年同期為 1,830 萬美元。燃油利潤率為每加侖 0.088 美元，而去年同期為每加侖 0.092 美元。受我們通路優化計畫的推動，加侖數較去年同期略有增加，該計畫為本季貢獻了近 1,400 萬加侖。通路優化帶來的加侖數成長足以抵消可比站點加侖數的下降，可比站點加侖數較去年同期下降了 4.6%，這反映了我們零售部門經歷的類似趨勢。

For our Fleet segment, operating income was $11 million for the quarter versus $9.8 million in the year ago period, with total gallons down 4.2% to the prior year. Fuel margin for the quarter was $0.436 per gallon, up from $0.38 per gallon in the year ago period. Total company general and administrative expense for the quarter was $41.6 million versus $42.2 million in the year-ago period.

對於我們的車隊部門來說，本季的營業收入為 1,100 萬美元，而去年同期為 980 萬美元，總加侖數比上年下降 4.2%。本季燃油利潤率為每加侖 0.436 美元，高於去年同期的每加侖 0.38 美元。本季公司總務及行政開支為 4,160 萬美元，去年同期為 4,220 萬美元。

Net interest and other financial expenses for the quarter were $13.9 million compared to $2.5 million in the year-ago period, with the increase primarily related to roughly $9 million in recorded income in the year ago period related to settlement of deferred purchase price obligations for our TEG acquisition on favorable terms. Net loss for the quarter was $12.7 million compared to a net loss of $0.6 million for the year-ago period. Please reference our press release for a detailed reconciliation from total company net income to adjusted EBITDA.

本季淨利息和其他財務支出為 1,390 萬美元，而去年同期為 250 萬美元，成長主要與去年同期記錄的約 900 萬美元收入有關，該收入與我們以優惠條件結算 TEG 收購的遞延購買價格義務有關。本季淨虧損為 1,270 萬美元，去年同期淨虧損為 60 萬美元。請參閱我們的新聞稿，以了解公司淨收入總額與調整後 EBITDA 的詳細對帳。

Turning to the balance sheet. Excluding lease-related financing liabilities, we ended the first quarter with $880 million in long-term debt. We maintained substantial liquidity of approximately $847 million, including $265 million in cash on hand at quarter end, along with remaining availability on our lines of credit. Total capital expenditures for the quarter were $27.4 million.

轉向資產負債表。不包括租賃相關融資負債，我們第一季末的長期債務為 8.8 億美元。我們維持了約 8.47 億美元的大量流動性，包括季度末的 2.65 億美元現金，以及我們信用額度的剩餘可用性。本季總資本支出為 2,740 萬美元。

Turning to forward guidance. For our second quarter, we expect total company adjusted EBITDA to be in the range of $70 million to $80 million. This guidance is based on the following key segment assumptions.

轉向前瞻性指引。對於第二季度，我們預計公司調整後的 EBITDA 總額將在 7,000 萬至 8,000 萬美元之間。本指引基於以下關鍵部分假設。

First, for our Retail segment. We are estimating our Q2 2025 average retail store count to be approximately 1,300 sites. We expect merchandise sales per average store to be flat to up low single digits, reflecting the higher productivity of retained stores versus the year-ago period, partially offset by same-store merchandise sales performance, which is positioned down low- to mid-single digits.

首先，對於我們的零售部門。我們估計 2025 年第二季的平均零售店數量約為 1,300 家。我們預計平均每家店的商品銷售額將持平或上漲低個位數，這反映出保留門市的生產率較去年同期有所提高，但同店商品銷售業績將下降低至中個位數，從而部分抵消了這一影響。

We expect gallons per average store to be up low single digits, reflecting the higher productivity of retained stores versus the year ago period, partially offset by same-store gallon performance, which is positioned down mid-single digits.

我們預計每家門市的平均加侖數將上漲低個位數，這反映了保留門市的生產率較去年同期有所提高，但同店加侖數表現（下降中個位數）部分抵消了這一影響。

And finally, we are modeling total retail fuel margin in a range of $0.425 to $0.445 per gallon.

最後，我們模擬的零售燃料總利潤範圍為每加侖 0.425 美元至 0.445 美元。

Moving to our Wholesale segment. We expect mid- to high single-digit operating income growth driven by our ongoing channel optimization work.

轉向我們的批發部門。我們預計，在正在進行的通路優化工作的推動下，營業收入將實現中高個位數成長。

And for our Fleet segment, we expect operating income to be up modestly as we begin to cycle prior year fuel margin cents per gallon in the mid-40 range.

對於我們的車隊部門，隨著我們開始將上年的燃油利潤率調整至每加侖 40 美分左右，我們預計營業收入將小幅上漲。

I'll wrap up with our full year total company adjusted EBITDA guidance, which we are maintaining in a range of $233 million to $253 million. This outlook is based on an average retail fuel margin of $0.40 per gallon on the lower end and $0.42 per gallon on the higher end of our guidance range.

我將總結我們全年公司調整後的 EBITDA 整體預測，我們將其維持在 2.33 億美元至 2.53 億美元之間。這項展望是基於我們指導範圍的平均零售燃油利潤率，即低端每加侖 0.40 美元和高端每加侖 0.42 美元。

With that, I'll hand it back to Arie for closing remarks.

最後，我將把發言權交還給 Arie，請他做最後的總結發言。

Thanks, Rob. To our team members, customers, and investors, we appreciate your continued support. As we head into our historically strongest season of the year, the 100th day of summer, we're energized by the opportunities ahead. We know the journey requires discipline and transparency, and that's exactly how we plan to lead. While the environment remains dynamic, we remain focused on execution and are optimistic about the path forward.

謝謝，羅布。對於我們的團隊成員、客戶和投資者，我們感謝你們一直以來的支持。當我們進入一年中歷史上最強勁的季節——夏季的第 100 天時，我們對未來的機會充滿信心。我們知道這趟旅程需要紀律和透明度，而這正是我們計劃領導的方式。儘管環境依然充滿活力，但我們仍然專注於執行，並對未來的道路充滿樂觀。

Through consistent, deliberate action, we are committed to creating long-term value for our customers and shareholders.

透過持續、深思熟慮的行動，我們致力於為客戶和股東創造長期價值。

We will now open it up to questions.

我們現在開始回答問題。

(Operator Instructions) Bobby Griffin, Raymond James.

（操作員指示）Bobby Griffin，Raymond James。

I guess, Arie and Rob, first, maybe just touch a little bit on how the business has performed of late once we got by some of the winter weather. I think the weather issues that impacted the convenience store space are pretty well known by a few different companies that have talked about it. So what have you seen kind of maybe more in April in May? And have you seen anything get better as we've approached normal weather conditions again?

我想，首先，Arie 和 Rob 也許可以稍微談談我們度過冬季天氣後最近的業務表現如何。我認為影響便利商店空間的天氣問題已被幾家不同的公司所熟知並討論過。那麼，您在四月和五月看到了什麼呢？隨著天氣狀況恢復正常，您是否看到情況有所改善？

Sure, Bob. I will start maybe with the recap for first quarter and then maybe talk a little bit about what we see moving forward. So as we started the year, we reported right now that the sales were down 6.9% for the quarter and 5.2% ex cigarettes. When we started the quarter, the January results were actually 5.8% on total sales, but 3.8% negative on sales, excluding cigarettes.

當然，鮑伯。我可能會先回顧第一季的情況，然後再談談我們對未來的展望。因此，在年初，我們報告本季銷售額下降了 6.9%，不包括香菸的銷售額下降了 5.2%。當我們開始本季時，1 月的業績實際上是總銷售額成長了 5.8%，但不包括香菸的銷售額卻下降了 3.8%。

That was January. When you go into March, excluding sales excluding cigarettes in March, were minus 3.9%. So you're talking 3.8% negative in January, minus 3.9% in March. And then all of a sudden, February hit with a severe weather, the sales excluding cigarettes in February were minus 9.3%. And that's really the story of the quarter.

那是一月。進入三月份，不包括香菸在內的銷售額為負3.9%。所以你說的是一月負3.8%，三月負3.9%。然後突然間，2月遭遇了惡劣天氣，2月不包括香菸的銷售額下降了9.3%。這就是本季的真實情況。

So the weather -- we believe that the weather was probably 2% to 3% drag just because of that. As we move behind March going into April, we see a slightly improvement inside sales. And of course, we see elevated fuel margin that, of course, offset some of those sales decline that we see over here. So overall, I'm very optimistic in Q2. And as I said, we see slightly improvement in April.

因此，我們認為天氣因素可能只會造成 2% 到 3% 的拖累。隨著三月逐漸進入四月，我們看到內部銷售略有改善。當然，我們看到燃料利潤率上升，這當然抵消了我們在這裡看到的部分銷售下滑。所以總的來說，我對第二季非常樂觀。正如我所說，我們看到四月略有改善。

That's helpful. And then maybe switching gears into the dealerization network, the work you guys have been doing. Just honestly, two questions. One, is the savings starting to flow through the P&L as we look at the results today, so in 1Q? Or is that still to come?

這很有幫助。然後也許會轉向經銷商網絡，這是你們一直在做的工作。說實話，我有兩個問題。首先，當我們查看今天的結果時，節省的資金是否開始流入損益表，那麼在第一季呢？還是這仍未發生？

And then, Rob, that $20 million number that you're referencing on an annualized basis, what does that assume for the total number of stores? Is that the number of stores that you -- is that the savings from the number of stores you've already done or that are under contract or ultimately, the entire program, which I don't think we know the full number of stores you guys have identified yet?

那麼，羅布，您提到的 2000 萬美元的年化數字，對於商店總數來說意味著什麼？這是你們已經開設的商店數量，還是已經簽訂了合約的商店數量，或者最終整個計劃節省下來的金額？我認為我們還不知道你們已經確定的商店總數嗎？

Yeah, that's right, Bobby. So the $20 million is going to be at scale when we're done. And as you know, we've not shared that total. But as Arie mentioned in his prepared remarks, we do have a meaningful number that is still continued in addition to the sites that we have under contract today. So that is certainly a total program amount.

是的，沒錯，鮑比。因此，當我們完成時，2000 萬美元將會達到一定規模。如您所知，我們尚未分享該總數。但正如阿里在準備好的發言中提到的那樣，除了我們今天簽訂合約的站點之外，我們確實還有相當數量的站點仍在繼續。所以這肯定是一個總的計劃金額。

If you think about this quarter, the channel optimization delivered about $2.4 million, the sites that were transitioned over. So on an annualized basis, that's about $10 million at the run rate. So we're pretty much roughly halfway through the program. But again, I wouldn't attribute that necessarily to store counts, but more in terms of the financials that we talked about. But this quarter was $2.4 million.

如果你考慮這個季度，通路優化帶來了約 240 萬美元的收入，這些網站已經轉型。因此，以年率計算，這大約是 1000 萬美元。因此，我們基本上已經完成了該計劃的一半。但同樣，我不會將其歸因於商店數量，而更多地取決於我們所討論的財務狀況。但本季的銷售額為 240 萬美元。

The last quarter was $2 million on a quarterly basis. So that's -- you can see the accretion starting there. And obviously, the wholesale channel, the base business, as I mentioned before, the gallons were down mid-single digits. So we're hoping to kind of get that base a little bit closer to that flat number and have the channel optimization be accretive on top of it, but still seeing growth out of that channel even with some of the headwinds in gallons.

上一季的季度營收為 200 萬美元。所以——你可以看到從那裡開始的增生。顯然，正如我之前提到的，批發通路、基礎業務的加侖數下降了中等個位數。因此，我們希望使這個基數稍微接近那個固定數字，並在此基礎上實現渠道優化，但即使在加侖方面面臨一些阻力，仍然可以看到該渠道的增長。

Yeah. That's helpful. And then I guess, lastly, Arie, you touched a little bit on the remodel initiative, kind of making a little progress there. When does that potentially get accelerated? Is that more 2026 where we can see that actually rolled out across a large portion of your fleet?

是的。這很有幫助。最後，我想，阿里，您稍微談到了改造計劃，在這方面取得了一些進展。什麼時候這個進程才有可能加速？到 2026 年，我們是否可以看到該技術實際應用於大部分船隊？

And what is the CapEx that will require on a per store basis just where we can think about that on a multiyear kind of impact to the model?

那麼，每家商店所需的資本支出是多少，我們可以考慮一下這對模型的多年影響嗎？

Sure. Our plan really right now with respect to those seven pilot stores, our plan is really to finish the seven pilot stores -- as I mentioned, we started this week the first store started construction.

當然。我們目前的計劃實際上是針對這七家試點商店，我們的計劃實際上是完成這七家試點商店 - 正如我所提到的，我們本週開始建造第一家商店。

We have the second store starting mid-May. We hope to basically to continue to see progress over here probably towards the third quarter of 2025. And again, subject to results, we're probably going to start to increase the pace on the regional level, of course, subject to results.

我們將於五月中旬開設第二家店。我們希望在 2025 年第三季能繼續看到進展。再次，根據結果，我們可能會開始在區域層面加快步伐，當然，這取決於結果。

For your benefit today, the investment in a remodel store is anywhere between, I would call it, $700,000 to $1 million, $1.1 million. That's probably the cost per location. But again, it's all about how we feel about those pilots, if we need to tweak anything with respect to those pilots.

為了您今天的利益，我認為改造商店的投資在 70 萬美元到 100 萬美元、110 萬美元之間。這大概就是每個地點的成本。但同樣，這完全取決於我們對這些飛行員的感受，我們是否需要對這些飛行員進行任何調整。

But the idea is really to take the initial learning and then basically apply them across a full region and then we're going to continue to go. So I think with your question, I think the assumption is that probably towards the end of 2025, we'll have better results, and we will probably see this uptick in, assuming we enjoy from the results and happy with the results, probably going to see an uptick in 2026.

但我們的想法實際上是將最初的學習成果應用到整個地區，然後我們將繼續前進。所以我認為對於你的問題，我認為假設是，可能到 2025 年底，我們會取得更好的結果，我們可能會看到這種上升趨勢，假設我們對結果感到滿意，那麼可能就會在 2026 年看到上升趨勢。

Anthony Bonadio, Wells Fargo.

富國銀行的安東尼·博納迪奧。

Thanks for taking our questions. I want to start with fuel margins. It seems like you guys are seeing quite a bit of strength into Q2, just given your guidance and some of your comments in response to Bobby's question. I guess, one, is that reflective of what you guys are seeing out there today?

感謝您回答我們的問題。我想從燃料利潤開始。看起來你們在第二季度看到了相當大的優勢，這只是給出了你們的指導和對 Bobby 的問題的一些評論。我想，首先，這是否反映了你們今天所看到的情況？

And then two, can you just talk about what's driving those fuel margins as we think about price dynamics, break evens, that kind of thing?

其次，當我們考慮價格動態、損益平衡等因素時，您能否談談推動燃料利潤率上升的因素是什麼？

Sure. Well, what's driving the fuel margin, I think the number one, of course, is the volatility in the market. As you saw what happened in the last probably four, five weeks. prices of fuel drop and they drop all the way to -- at some point, I think it was like $57 or $55, which, of course, reflects. So volatility is the first thing that, of course, reflects those things.

當然。那麼，推動燃料利潤率的因素是什麼呢？我認為，首要因素當然是市場的波動性。正如你所看到的，過去四、五週發生的事情。燃料價格一路下跌——我認為在某個時候跌到了 57 美元或 55 美元，這當然反映了這一點。因此，波動性當然是反映這些因素的第一件事。

And the second thing, besides volatility that increased fuel margin, my belief, this is Arie's belief, I believe that the pressure that everybody is seeing inside the store, they're going to have to -- they're going to need to pay for their expenses. People are going to need to run their businesses, and this is what we're doing over here. And everybody is trying to be, of course, competitive as much as we could. And given that 63% of this industry is mom-and-pop, and we are also selling fuel to many of them. We have almost 2,000 locations, including digitalization that we're doing right now.

第二件事，除了波動性增加了燃料利潤率之外，我的看法，也是 Arie 的看法，我認為每個人在商店裡看到的壓力，他們將不得不——他們將需要支付他們的費用。人們需要經營自己的生意，這就是我們在這裡所做的事情。當然，每個人都在盡力保持競爭力。鑑於該行業 63% 都是夫妻店，我們也向其中許多家庭銷售燃料。我們有近 2,000 個地點，包括我們現在正在進行的數位化。

I believe that some of it is just shifting basically cost. I mean when you have soft sales inside the stores given the macroeconomic pressure and the weather, et cetera, et cetera, I believe that people need to figure out a way how to make changes in order for them basically to be profitable and changing the price at the pump is probably the fastest and the easiest way to do so. And we saw something very similar to that, if you remember during COVID, it was very, very similar. So that's really my belief.

我認為其中一部分只是基本成本的轉移。我的意思是，當宏觀經濟壓力、天氣等因素導致商店銷售疲軟時，我相信人們需要想辦法做出改變，才能從根本上獲利，而改變油價可能是最快、最簡單的方法。我們看到的情況非常相似，如果你還記得在 COVID 期間的情況，情況非常非常相似。這確實是我的信念。

I think those two components are the ones that are driving basically fuel margin.

我認為這兩個因素是決定燃油利潤率的根本因素。

Anthony, just for reference, we've seen $0.46 per gallon in April and May week one has kind of been sticky. So I'm pleased with that so far.

安東尼，僅供參考，我們看到 4 月份的價格為每加侖 0.46 美元，而 5 月份第一周的價格一直比較堅挺。到目前為止我對此感到滿意。

Got it. Super helpful. And then just on the repo, you guys bought back quite a bit of stock in the quarter. You're still sitting on a lot of cash. I think you've got another $20 million under the authorization.

知道了。超有幫助。然後就在回購方面，你們在本季回購了相當多的股票。你仍然擁有大量現金。我認為您還獲得了另外 2000 萬美元的授權。

But can you just talk about how you're thinking about the cadence of buybacks at this point? And just maybe more broadly, how you're thinking about capital allocation?

但是您能否談談您目前如何考慮回購的節奏？或許更廣泛地說，您如何考慮資本配置？

Yeah. So we repurchased, like you mentioned, 1.3 million shares in May. We repurchased something similar to that. But at this time, I can't really comment on the cadence of the stock repurchase at this time.

是的。因此，正如您所說，我們在 5 月回購了 130 萬股。我們重新購買了類似的東西。但目前，我無法真正評論股票回購的節奏。

Ben Wood, BMO.

本·伍德（BMO）。

This is Ben on behalf of Kelly and BMO. I wanted to do two follow-ups on Bobby's line of questioning. Just the first on the deal erization. It seems like the language you guys are using is pretty consistent to 4Q, but can you talk about the pace of deal erizations in 1Q and how that tracked relative to internal plans? What's kind of the visibility on the pace that these could happen? And is there anything in the current environment that might make it harder to progress through kind of the outlined targeted numbers?

我是代表凱利和 BMO 的本。我想對 Bobby 的提問做兩次跟進。這只是交易驗證的第一步。看起來你們使用的語言與第四季度非常一致，但您能談談第一季交易完成的速度以及相對於內部計劃的跟踪情況嗎？這些事情發生的速度有多快？在當前環境下是否存在什麼因素，使得實現既定目標變得更加困難？

Sure. Thank you for being over here, Ben. And hello to Kelly, of course. So we are actually moving in accordance to our plan over here.

當然。謝謝你來這裡，本。當然，我也向凱利問好。所以我們實際上是按照我們的計劃行事的。

We closed in Q1, 59 locations and additional 18 up until May 1. And the reason that we closed 77 versus 100 that were on our plan, it's really all subject to licensing and permits that some of those dealers. As a matter of fact, we have 130 stores under contract right now. And it's just a matter of those dealers getting licenses and permits. It's very, very important for us, given that we are moving some of those stores from our company-operated stores to dealers, it's very important for us that those guys are going to continue to maintain the sales.

我們在第一季關閉了 59 家門市，截至 5 月 1 日又關閉了 18 家門市。我們關閉了 77 家門市，而我們計劃關閉 100 家門市，原因在於其中一些經銷商需要獲得許可和許可證。事實上，我們目前已與 130 家商店簽訂了合約。這只是經銷商取得執照和許可證的問題。這對我們來說非常非常重要，因為我們正在將一些商店從公司經營的商店轉移到經銷商處，這些人將繼續維持銷售對我們來說非常重要。

We're going to continue to be profitable. And in order for that to happen, they must have leak licenses, for example, that usually will take a little a little bit longer to get leak licenses from different municipality. And of course, some of those guys are interested to close even earlier. But for us, it's very, very important that the minute they take over, they will have all of their licenses and permits in place, so they will not leave basically any sales on the table. So it's really just a matter of permits and just a matter of licenses that I believe because of the winter and because of the bad weather in February, some of those municipalities will probably close or something like that.

我們將繼續獲利。為了實現這一點，他們必須擁有洩漏許可證，例如，通常需要更長的時間才能從不同的市政當局獲得洩漏許可證。當然，其中一些人甚至有興趣更早結束交易。但對我們來說，非常非常重要的一點是，一旦他們接手，就要拿到所有的執照和許可證，這樣他們就不會放棄任何銷售機會。所以這實際上只是一個許可證和執照的問題，我相信由於冬季和二月的惡劣天氣，其中一些市政當局可能會關閉或類似情況。

But everything is moving along in accordance to plan. And as I mentioned, behind the 77 locations that we closed up until May 1, we have another 130 locations under contract already, and they're going to continue to close as soon as they receive permits and licenses.

但一切都按照計畫進行。正如我所提到的，除了截至 5 月 1 日我們關閉的 77 家門店之外，我們還有另外 130 家門市已簽訂了合同，這些門市將在獲得許可證和執照後繼續關閉。

Ben, in terms of like possible cadence, I mean, I think you saw in Q4, we did 100 sites, right? So to Arie's point, there's counterparties we're dealing with, there's licenses or states that are involved. So that number is going to ebb and flow. But if you're saying, hey, what's possible, we've done 100 in Q4. So again, ranging up to that level, I think, is reasonable.

本，就可能的節奏而言，我的意思是，我認為你在第四季度看到我們做了 100 個站點，對嗎？所以正如 Arie 所說，我們正在與交易對手打交道，涉及許可證或州。所以這個數字將會時漲時落。但如果你說，嘿，有什麼可能，我們在第四季度已經完成了 100 個。所以，我認為，達到這個水平是合理的。

No, that's very helpful. And then just kind of going back to the remodel initiative conversation we were having. Is there -- between now and when you start to get feedback on those and think about rolling them out more aggressively, what's the pipeline of maybe some smaller initiatives that you guys can take on and spread throughout the store base?

不，這非常有幫助。然後我們再回到我們正在進行的關於改造計劃的對話。從現在開始到您開始收到有關這些措施的反饋並考慮更積極地推廣這些措施時，您可以採取哪些較小的舉措並在整個商店範圍內推廣？

And is the idea once we get a remodel that we like that we'll stick with the remodels, or is there an opportunity to pull bits and pieces of that pilot program and spread them to the base a little bit faster? Just trying to get a sense of kind of your pipeline of different organic growth initiatives you guys have.

一旦我們獲得了喜歡的改造方案，我們是否會堅持下去，或者是否有機會將該試點計劃的點點滴滴提取出來並更快地推廣到基地？只是想了解你們所擁有的不同有機增長計劃的管道。

Sure. No, that's a great question. So the seven pilot stores should have everything from soup to nuts. That's, I think, what we're trying to basically to explain over here. But for example, every one of those stores need to have an improved back bar.

當然。不，這是一個很好的問題。因此，這七家試點商店應該提供一切所需設施。我想，這就是我們在這裡試圖解釋的內容。但是例如，每一家商店都需要有一個改良的後台吧台。

So I'll give you an example. The back bar is just an example of the things that we are not waiting. We are basically getting very heavily into the OTP category -- we believe that in this environment, when the consumer has a lot of pressures when consumption of cigarettes are down, we believe that OTP is one of growing categories. And as you remember, we mentioned that we invested in 900 stores in the back bar. So this is just one lever that we already start to move forward.

我給你舉個例子。後面的酒吧只是我們不等待的事情的一個例子。我們基本上非常重視 OTP 類別——我們相信，在這種環境下，當消費者在香菸消費下降時面臨很大壓力時，我們相信 OTP 是一個不斷增長的類別。您還記得，我們​​提到過，我們在後台投資了 900 家商店。這只是我們已經開始向前邁進的一個槓桿。

The second thing, of course, is Fueling America campaign that we started. And that campaign, of course, involved between the beverage promotion that we're putting out there -- at the same time, we continue to add food service features, for example, grab and go as and cold in stores that we basically know that we're going to need to invest in that when the minute we finish the remodel. So there are small things that we are doing. There are big things that we're doing. But as I said, the largest one was really the back bar that it was very important for us to finish as we're moving into 100 days of summer.

第二件事當然是我們發起的「加油美國」運動。當然，這項活動涉及我們正在推出的飲料促銷活動——同時，我們繼續增加食品服務功能，例如，在商店中提供即拿即走的冷藏服務，我們基本上知道，一旦我們完成改造，我們就需要在這方面進行投資。所以我們正在做一些小事。我們正在做一些大事。但正如我所說，最大的一個實際上是後面的酒吧，對我們來說，完成它非常重要，因為我們即將進入 100 天的夏天。

Daniel Guglielmo, Capital One.

丹尼爾·古列爾莫（Daniel Guglielmo），Capital One 的總裁。

As a part of the transformation plan, you all mentioned targeted capital allocation towards strategic retail stores. What are some of the characteristics of retail stores that are in that strategic bucket? Is there anything from a quantitative or a qualitative standpoint?

作為轉型計畫的一部分，你們都提到了針對策略性零售店的目標資本配置。屬於此策略類別的零售店有哪些特色？從定量或定性的角度看有什麼嗎？

Can you explain a little bit more your question?

能否進一步解釋一下您的問題？

Yeah. Arie, I'll take that one. Sorry. So we look at sites that are in what we consider strategic markets, so markets where obviously, there's favorable demographics, favorable competitive and favorable physical plant that's existing, Daniel. So again, for markets that are heavily competitive where our physical plant may not be as competitive currently and where there's subpart demographics. That's the way we look at this.

是的。阿里，我要這個。對不起。因此，我們會考察那些我們認為具有戰略意義的市場，這些市場顯然擁有有利的人口結構、有利的競爭優勢以及有利的現有實體工廠，丹尼爾。因此，對於競爭激烈的市場，我們的實體工廠目前可能沒有那麼大的競爭力，而且人口統計數據也存在差異。這就是我們看待這個問題的方式。

We had a strategic engagement with a consulting leader beginning of last year. We looked at this market by market, where physically we think markets are growing, where our physical plant with location and existing physical plan has a right to win, where we think it makes sense to invest. That's how we've broken this down and why how we determine which stores we would be investing in and which would behave more appropriately in our wholesale channel.

去年年初，我們與一位諮詢領導者進行了策略合作。我們逐一檢視了這個市場，我們認為哪些市場在實際中正在成長，哪些市場是我們擁有地理位置和現有實體計畫的實體工廠有權取勝，哪些市場是我們認為值得投資的。這就是我們如何分解這個問題以及我們如何確定要投資哪些商店以及哪些商店在我們的批發管道中表現更合適。

Okay. That's really helpful. I appreciate that. And then one more on the transformation plan. A risk that you all have laid out was the ability to realize benefits from the new dealer fuel supply contracts. Now that it's been another quarter, can you talk about how that benefit realization has played out versus your expectations?

好的。這真的很有幫助。我很感激。然後再談轉型計劃。你們所列出的一個風險是從新的經銷商燃料供應合約中獲得利益的能力。現在已經過去一個季度了，您能談談收益實現情況與您的預期相比如何嗎？

Yeah. I think the -- again, as we talked about before, there are going to be some puts and takes with the timing of deal erization, right, based on counterparties and some state regulations. But in terms of the expectations, the stores that we pushed the wholesale channel are performing in line with our expectations. As I mentioned in my prepared remarks, there's about 14 million incremental gallons. So a significant amount of volume that's starting to come over to this channel, performing in line generally with our expectations.

是的。我認為——正如我們之前談到的，根據交易對手和一些國家法規，交易完成的時間會有一些優點和缺點。但就預期而言，我們推動批發管道的商店的表現符合我們的預期。正如我在準備好的演講中提到的那樣，增量約為 1400 萬加侖。因此，大量的交易量開始湧入該管道，其表現基本上符合我們的預期。

And what we're hoping to see again is that baseline prior year business, comparable accounts getting closer to zero versus the negative mid-single digits. But we're pleased with what channel optimization has been doing so far. I mean that's one of the reasons, Daniel, before you covered us, why we significantly expanded the count that we were looking at for that channel because we've been very pleased with the performance to date.

我們希望再次看到的是，基線上年業務、可比較帳戶越來越接近零，而不是負的中等個位數。但我們對通路優化迄今為止所取得的成果感到滿意。丹尼爾，我的意思是，這就是你報道我們之前我們大幅擴大該頻道數量的原因之一，因為我們對迄今為止的表現非常滿意。

Yeah. Just to add one more thing for what Rob just said, which is everything is accurate. Every one of those deals that we did was accretive from day one. So we didn't have to change something and wait a period of time to see if this is going to change anything. All of those deals were accretive for the minute we actually convert them into dealers, just to be clear.

是的。我再補充一點，羅布剛才說的一切都是正確的。我們進行的每一筆交易從第一天起就具有增值作用。所以我們不必改變某些東西，然後等待一段時間來看看這是否會改變任何事情。需要明確的是，當我們真正將他們轉化為經銷商時，所有這些交易都是增值的。

Karru Martinson, Jefferies.

卡魯·馬丁森（Karru Martinson），傑富瑞集團。

This might be simplistic, but just a housekeeping. When you do the deal erization, does that loyalty member stay within the program? Are they still able to access the program's benefits?

這可能過於簡單，但只是家事。當您進行交易授權時，忠誠會員是否會留在計劃內？他們還能享受該計劃的福利嗎？

Yes. So when we actually dealerize a store, the loyalty program do not stay with the store that we dealerize. They don't have the systems and the bands. But usually, those customers will travel or will move to some other locations that we basically have the loyalty program. The loyalty program is only beneficial in our retail stores.

是的。因此，當我們真正成為一家經銷店時，忠誠度計劃並不會停留在我們經銷的這家商店。他們沒有這樣的系統和樂團。但通常情況下，這些顧客會旅行或轉移到我們基本上有忠誠度計劃的其他地方。忠誠度計劃僅對我們的零售店有益。

Okay. So it is with you because I was just wondering like you're growing, but you're also taking customers in theory out from locations from that perspective. In terms of liquidity here, your bonds are kind of in the high-70s, 11%, 12%. How do you balance kind of the share buybacks versus the potential for bond buybacks here?

好的。所以你的情況也是如此，因為我只是想知道你是否在發展，但從這個角度來看，理論上你也在從各個地點吸引客戶。就流動性而言，你們的債券利率大約在 70% 左右，11% 到 12%。您如何平衡股票回購和債券回購的可能性？

Like I mentioned earlier, everything is being analyzed by the company, by our Board, and this is not something that I'm prepared to answer at the moment.

正如我之前提到的，公司和董事會正在分析一切，目前我還沒有準備好回答這個問題。

Hale Holden, Barclays.

巴克萊銀行的黑爾霍爾頓。

I just had one big picture question, which is since you gave your guidance on the fourth-quarter call, the one thing that's changed is the price of crude has come down a lot and the price of retail fuel has come down a lot. So I was wondering how that flows into the guide that you gave that you just reaffirmed and puts and takes around that in terms of positives or negatives.

我只想問一個大問題，自從您在第四季度電話會議上給出指導以來，唯一發生的變化是原油價格大幅下降，零售燃料價格也大幅下降。所以我想知道這與你剛才重申的指南有何關聯，以及從積極或消極的角度對此進行了闡述。

Yeah, sure. So as you mentioned, we have taken a more constructive view on fuel margin for the year. As I mentioned, we're running $0.46 from April through first week of May. So that is obviously something we factored in.

是的，當然。正如您所說，我們對今年的燃料利潤率持更具建設性的看法。正如我所提到的，從 4 月到 5 月第一周我們的營運成本為 0.46 美元。所以這顯然是我們考慮的一個因素。

We've taken a step back a little bit in terms of some of the expectations for inside sales and gallons. So we've taken those down a bit from our prior view. And we've also taken down OpEx. As you might imagine, we're being very, very careful with OpEx in this environment as well as G&A. One of the things we haven't spoken about in detail yet is our G&A attached to the dealerization program.

就內部銷售和加侖數的一些預期而言，我們已經稍微退後了一步。因此，我們將其從先前的觀點中略微降低了一些。我們也降低了營運支出。正如您可能想像的那樣，在這種環境下，我們對營運支出以及一般和行政費用非常非常謹慎。我們尚未詳細討論的事情之一是與經銷商計劃相關的一般及行政費用 (G&A)。

Arie hinted about this in prior quarters that we do intend to lean out the G&A structure as we push more retail sites to the wholesale channel. If you look at our press release, you'll see that the G&A, excluding an accrual on legal was down a couple of million dollars year on year.

Arie 在前幾季暗示過這一點，隨著我們將更多的零售網站推向批發管道，我們確實打算精簡 G&A 結構。如果您看我們的新聞稿，您會發現，不包括法律費用的應計費用，一般及行政費用比去年同期下降了幾百萬美元。

So again, not -- I don't want you to be taking that specific number, but you should be expecting us to be a little more aggressive on G&A as well. So a little bit back on gallons and merch sales, more constructive on CPG and more aggressive on OpEx and G&A.

所以再說一次，我不希望你採用那個具體的數字，但你應該期待我們在 G&A 方面也更加積極主動一些。因此，加侖和商品銷售略有回落，CPG 更具建設性，OpEx 和 G&A 更具積極性。

So just as a follow-up, the inside sale and gallons, that's more like a weaker consumer view. And then the G&A is something as you get further into the dealerization plan, maybe that gets a little bit more heavy in terms of cutting there?

因此，作為後續行動，內部銷售和加侖銷售更像是一種較弱的消費者觀點。那麼，隨著經銷商化計劃的深入，G&A 費用可能會在削減方面變得更加沉重嗎？

I think that's a fair way to look about it, yes.

是的，我認為這是公平的看待這個問題的方式。

There are no further questions at this time. I will now turn the call over to Arie Kotler. Please proceed.

目前沒有其他問題。現在我將把電話轉給 Arie Kotler。請繼續。

Thank you very much, everybody, for participating this afternoon. I really appreciate that.

非常感謝大家今天下午的參與。我真的很感激。

As I mentioned earlier, Fueling America campaign that we started in stores on March 12. This is a big initiative for us, especially as we go -- as we move into 100 days of summer. And as I said, with those promos and with those campaigns, we hope to see more customers in our stores at the pump, and we hope to see you guys soon. Thank you very much. Have a good evening.

正如我之前提到的，我們於 3 月 12 日在商店啟動了「為美國加油」活動。這對我們來說是一項重大舉措，特別是當我們即將進入 100 天的夏季時。正如我所說，透過這些促銷和活動，我們希望看到更多的顧客來到我們的加油站，我們希望很快見到你們。非常感謝。祝您晚上愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。