Arko Corp. (ARKO) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Arko Corp. first quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Arko Corp. 2026 年第一季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Jordan Mann, Senior Vice President, Corporate Strategy and Investor Relations. Please go ahead.

現在我很榮幸介紹 Jordan Mann，企業策略與投資人關係資深副總裁。請開始。

Thank you. Good morning, and welcome to Arko's first quarter 2026 earnings conference call and webcast. On today's call are Arie Kotler, Chairman, President and Chief Executive Officer; and Gallagher Jeff, Chief Financial Officer. Our earnings press release and quarterly report on Form 10-Q for the first quarter of 2026 as filed with the SEC are available on Arko's website at www.arkocorp.com. During our call today, unless otherwise stated, management will compare results to the same period in 2025.

謝謝。各位早安，歡迎參加 Arko 2026 年第一季財報電話會議與網路直播。今天與會者包括：董事長、總裁暨執行長 Arie Kotler；以及財務長 Gallagher Jeff。我們的財報新聞稿，以及已向美國證券交易委員會（SEC）提交的 2026 年第一季 Form 10-Q 季報，可於 Arko 官網 www.arkocorp.com 取得。除非另有說明，管理層在今天的電話會議中將把本期結果與 2025 年同期進行比較。

Before we begin, please note that all first quarter 2026 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 2026 earnings press release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. All 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.

在開始之前，請注意 2026 年第一季所有財務資訊均未經審計。在本次電話會議中，管理層可能會在《1995 年私人證券訴訟改革法案》所定義的範圍內作出前瞻性陳述。請查閱我們 2026 年第一季財報新聞稿末尾的前瞻性與警示性聲明章節，其中列示了可能導致實際結果與今日電話會議中所作前瞻性陳述出現重大差異的各項因素。本次電話會議中所作的所有前瞻性陳述均反映我們目前對未來事件的看法；除法律要求外，Arko 無義務因新資訊、未來事件或其他原因更新或修訂本次電話會議中的任何前瞻性陳述。

On this call, management will share operating results on both a GAAP and on a non-GAAP basis. Descriptions of the non-GAAP financial measures that we use, such as adjusted EBITDA and reconciliations of those numbers to our results as reported in accordance with GAAP are detailed in our earnings press release or in our quarterly report on Form 10-Q for the quarter ended March 31, 2026. 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 GP&P segment.

在本次電話會議中，管理層將同時以 GAAP 與非 GAAP 基礎分享營運結果。我們所使用的非 GAAP 財務衡量指標（例如調整後 EBITDA）的說明，以及這些數字與依 GAAP 報告之結果的調節表，已詳載於我們的財報新聞稿或截至 2026 年 3 月 31 日止季度的 Form 10-Q 季報中。此外，管理層也將分享各個業務分部的獲利衡量指標，以及燃油貢獻（fuel contribution）；燃油貢獻係以燃油收入減燃油成本計算，並排除我們 GP&P 分部的公司間費用。

And now I'd like to turn the call over to Arie.

接下來我想把電話會議交給 Arie。

Thank you, Jordan, and good morning, everyone. Q1 marked a clear inflection point for Arko. The momentum we built late last year accelerated into 2026, and the results this quarter show meaningful progress across the business. Adjusted EBITDA increased approximately 65% year over year to $51 million, driven by strong execution across retail, wholesale, and fleet fueling, coupled with disciplined cost control and strong fuel contribution. Importantly, this performance was broad-based and structural, not driven by any single lever.

謝謝你，Jordan，各位早安。第一季對 Arko 而言是一個明確的轉折點。我們在去年年底建立的動能在 2026 年持續加速，而本季的結果顯示公司各面向都取得了實質進展。在零售、批發與車隊加油業務的強勁執行力、嚴謹的成本控管以及強勁的燃油貢獻帶動下，調整後 EBITDA 年增約 65% 至 5,100 萬美元。重要的是，這項表現是廣泛且具結構性的，並非由單一因素所驅動。

In retail, same-store merchandise sales, excluding cigarettes, returned to growth for the first time in two years, reflecting improved execution, sharper promotions, our Fueling Americas campaign and stronger customer engagement. Same-store fuel gallons had the strongest year-over-year trends we've seen in two years and outperformed the OPIS US average by roughly a full point.

在零售方面，排除香菸後的同店商品銷售在兩年來首次恢復成長，反映出執行力提升、更精準的促銷、「Fueling Americas」行銷活動以及更強的顧客互動。同店燃油加侖數呈現兩年來最強的年對年趨勢，並較 OPIS 美國平均水準高出約 1 個百分點。

In fuel, we have navigated a volatile pricing environment effectively, delivering strong cents per gallon that more than offset lower volumes early in the quarter. Notably, fuel transactions and gallon trends strength materially in March, even as retail prices increased. We believe that this is evidence that our value messaging and promotional strategy are resonating with customers.

在燃油方面，我們有效因應波動的定價環境，實現強勁的每加侖毛利（cents per gallon），足以抵消本季初期較低的銷量。值得注意的是，即使零售價格上升，燃油交易筆數與加侖數的趨勢在 3 月仍明顯轉強。我們認為，這顯示我們的價值訴求與促銷策略正與顧客產生共鳴。

Across the organization, we stayed sharply focused on costs. G&A declined 4% year over year, reflecting a leaner structure and continued operating discipline. Despite weather disruption from the significant number and intensity of storms in January and early February, the takeaway from the quarter is straightforward. The operational and strategic work we've been executing dealerization, loyalty, fuel pricing discipline, merchandising focus and capital allocation is showing up in our financial results.

在整個組織中，我們始終高度聚焦於成本。一般與管理費用（G&A）年減 4%，反映出更精實的組織架構與持續的營運紀律。儘管 1 月與 2 月上旬因多起且強度顯著的風暴造成天候干擾，本季的重點結論很明確。我們一直在推動的營運與策略工作——dealerization（門市經銷化）、會員忠誠計畫、燃油定價紀律、商品經營聚焦與資本配置——已反映在我們的財務結果中。

The initial public offering of minority interest in our subsidiary, Arko Petroleum Corp. in February 2026 was an important milestone in our story and we believe that it gives investors a clear view of the strength and value of our wholesale, fleet fueling and GP&P businesses, their attractive margins and its cash flow attributes.

我們於 2026 年 2 月對子公司 Arko Petroleum Corp.（APC）少數股權進行首次公開發行（IPO），是我們發展歷程中的重要里程碑；我們相信，這讓投資人能清楚看見我們批發、車隊加油與 GP&P 業務的實力與價值、其具吸引力的利潤率，以及其現金流特性。

We believe that Arko is currently positioned with strong growth opportunities across both operating channels, the retail on the one hand and the wholesale and fleet fueling on the other end. As of March 31, 2026, Arko owns 35 million shares of APC, representing an implied value today of roughly $650 million based on APC's market capitalization of approximately $900 million. We'll keep the APC discussion short, but it's important investors recognize both the transparency and the embedded value that APC structure provides.

我們相信，Arko 目前在兩大營運通路——一方面的零售，以及另一方面的批發與車隊加油——都具備強勁的成長機會。截至 2026 年 3 月 31 日，Arko 持有 APC 3,500 萬股；以 APC 約 9 億美元的市值計算，該持股目前隱含價值約 6.5 億美元。我們將簡要說明 APC，但投資人理解 APC 架構所帶來的透明度與內含價值非常重要。

Turning to the operating environment. The consumer remains value focused and deliberate, especially in this elevated fuel cost environment. We continue to see customers taking advantage of promotions and actively using our app for savings on both fuel and merchandise. That reinforces the importance of sharp pricing, clear value communication, and compelling in-store offers. Importantly, underlying trends improved as we moved through the quarter.

接著談營運環境。在燃油成本居高的環境下，消費者仍以價值為導向且更為審慎。我們持續看到顧客把握促銷活動，並積極使用我們的 App 以在燃油與商品上節省支出。這再次凸顯精準定價、清楚的價值溝通，以及具吸引力的店內優惠的重要性。重要的是，隨著季度推進，基本面趨勢有所改善。

After weather-related disruptions early on, traffic, transactions and gallons all improved in March, reinforcing our confidence in the trajectory of the business. Dealerizations continue to be one of the most powerful levers reshaping Arko. We converted 41 retail stores to dealer locations in the first quarter, bringing total converted locations to 450 since we adopted our transformation plan in 2024, with approximately 75 additional stores committed either under letter of intent, under contract or already converted since quarter end.

在前期天候相關干擾之後，3 月的來客量、交易筆數與加侖數皆有所改善，進一步強化我們對業務走勢的信心。dealerization（門市經銷化）仍是重塑 Arko 的最有力槓桿之一。第一季我們將 41 家零售門市轉為經銷據點；自 2024 年採行轉型計畫以來，累計已轉換 450 個據點，且截至季末後，另有約 75 家門市已透過意向書、簽約或已完成轉換而承諾進行轉換。

We expect to complete those plus additional conversions by the end of 2026. The benefits are increasingly evident, lower operating costs, reduced maintenance CapEx, stronger cash flow generation and a more focused retail portfolio that is positioned for growth. As we progress through 2026, we believe our reported KPIs will increasingly reflect the quality of the remaining portfolio, something that is already apparent in our Q1 performance.

我們預期將在 2026 年底前完成上述轉換以及額外的轉換。其效益愈發明顯：更低的營運成本、較少的維護性資本支出（CapEx）、更強的現金流創造能力，以及更聚焦、具成長定位的零售組合。隨著我們在 2026 年持續推進，我們相信所揭露的 KPI 將愈來愈能反映剩餘組合的品質，而這點在第一季表現中已可見端倪。

Retail performance clearly improved this quarter. Same-store merchandise sales, excluding cigarettes, returned to growth, marking our strongest results in two years. This was driven by better execution across promotions, pricing and customer engagement. Merchandise margin grew 70 basis points year over year and finished Q1 at 33.9%. This 70 basis points margin improvement is on top of the 70 basis points we grew margin in Q1 of last year.

本季零售表現明顯改善。排除香菸後的同店商品銷售恢復成長，創下兩年來最佳表現。這主要由促銷、定價與顧客互動等面向的執行力提升所帶動。商品毛利率年增 70 個基點，第一季達 33.9%。這 70 個基點的毛利率提升，是在去年第一季毛利率已提升 70 個基點的基礎上再度提升。

Cigarette sales performed better than expected due to promotional pricing and manufacturer support, while other tobacco products continue to grow strongly, supporting traffic and transactions without undermining margin integrity. Overall, our retail performance reflects a healthier business with improving trends and a more productive store base. We are not trading margin for volume.

由於促銷定價與製造商支援，香菸銷售表現優於預期；同時，其他菸草產品仍持續強勁成長，在不損及毛利率完整性的情況下，支撐了來客量與交易筆數。整體而言，我們的零售表現反映出更健康的業務狀況，趨勢持續改善，且門市基礎更具生產力。我們不會以犧牲毛利率來換取銷量。

Fuel was a significant earnings contributor in the quarter. We operated through a highly volatile fuel environment and executed effectively, delivering retail cents per gallon of $47.9 and driving same-store fuel contribution up approximately 20%, while gallons were pressured early in the quarter by the weather, they improved throughout the quarter, even in a higher price environment and fuel transaction increased approximately 7% in March.

本季燃油是獲利的重要貢獻來源。我們在高度波動的燃油環境中營運並有效執行，零售每加侖毛利（cents per gallon）達到47.9美分，帶動同店燃油貢獻提升約20%；雖然本季初期加侖數受天候影響承壓，但在整季期間逐步改善，即使在較高價格環境下亦然，且3月燃油交易筆數年增約7%。

While fuel volatility was supportive this quarter for CPG, it was not the only driver of improved results. Higher fuel prices can lead smaller fill-ups, but it can also drive more frequent visits. This reinforced our strategy, being competitive to drive traffic and offering promotions like the Fueling America's Future discount fuel campaign to give dollars back to the consumer. In honor of America's 250th birthday, Fueling America's Future is now offering $2.50 off per gallon up to 20 gallons. We remain focused on delivering value as we head into the summer driving season.

雖然本季燃油波動對CPG（消費性包裝商品）有所助益，但並非改善成果的唯一驅動因素。較高的燃油價格可能導致每次加油量變小，但也可能帶動更頻繁的到訪。這進一步強化了我們的策略：以具競爭力的價格帶動來客量，並透過如「Fueling America's Future」折扣加油活動等促銷，將金額回饋給消費者。為紀念美國250週年生日，「Fueling America's Future」目前提供每加侖折抵2.50美元，最多可折抵20加侖。在進入夏季駕車旺季之際，我們仍專注於提供價值。

That brings me to loyalty. Our Fueling America's Future campaign and Fast Rewards platform remains central to our growth strategy in trip frequency, customer engagement and basket size. Enrollment increased 98% in the first quarter compared to the same period last year with approximately 53,000 new members. Notably, almost half of new enrollees joined since the launch of the new app and $10 enrollment program in early March. We believe that these programs are importantly in any environment, but especially in one where customers are actively looking for value.

接著談忠誠度。我們的「Fueling America's Future」活動與Fast Rewards平台，仍是我們在提升到訪頻率、客戶互動與客單價成長策略的核心。第一季註冊人數較去年同期增加98%，新增會員約53,000人。值得注意的是，近一半的新註冊者是在3月初新App上線與「註冊送10美元」方案推出後加入。我們相信，這些方案在任何環境下都很重要，尤其是在客戶積極尋找價值的環境中更是如此。

Our relaunched loyalty app on new technology platform position us to better personalize offers, improve communication and more deliberately use loyalty as traffic and retention engine, especially as we add into our 100 days of summer promotional season. Remodels and new-to-industry locations also remain key components of our long-term growth strategy. In the first quarter, we opened 2 NTIs retail stores and 1 NTI cardlock location, and we remain on track for 3 new Dunkin' stores and 1 NTI retail store, 20 NTI cardlocks, and 25 remodels in 2026.

我們以新技術平台重新上線的忠誠度App，使我們能更好地個人化優惠、改善溝通，並更有策略地將忠誠度作為帶動來客與留存的引擎，尤其是在我們加入「夏季100天」促銷季之際。改裝（remodels）與新進入產業（NTI）的據點也仍是我們長期成長策略的關鍵組成。第一季我們開設2家NTI零售門市與1處NTI卡鎖（cardlock）據點；我們仍按計畫於2026年開設3家新的Dunkin'門市與1家NTI零售門市、20處NTI卡鎖據點，以及完成25項改裝。

Early performance from recent remodels has been encouraging, reinforcing our conviction that modern put forward formats can drive higher sales, stronger fuel performance and improved store level economics. On the fleet fueling side, building new cargos continue to represent one of our most attractive uses of capital given the low investment, modest labor model and compelling returns.

近期改裝門市的早期表現令人鼓舞，進一步強化我們的信念：現代化的前場（forecourt）新式店型可帶動更高銷售、更強燃油表現與更佳的單店經濟效益。在車隊加油（fleet fueling）方面，持續建置新的卡鎖據點仍是我們最具吸引力的資本運用之一，因其投資額低、用工模式精簡且報酬具吸引力。

Before I turn it over to Gallagher, let me leave you with this. The first quarter was not driven by onetime margin event or a single metric. It reflected structural progress across fuel pricing, dealerization, cost discipline, portfolio quality and retail execution. We are not going to overstate one quarter, but we are encouraged by what we are seeing. Our transformation plan has been gaining traction and promotions are driving sales and loyalty program enrollment, which is visible in our financial performance.

在我把電話交給Gallagher之前，最後想留給各位這點。第一季的表現並非由一次性的毛利事件或單一指標所驅動。它反映了我們在燃油定價、dealerization（經銷化）、成本紀律、資產組合品質與零售執行等方面的結構性進展。我們不會誇大單一季度的成果，但對目前所見感到鼓舞。我們的轉型計畫正逐步取得成效，促銷活動帶動銷售與忠誠度方案註冊，並已在財務表現中清楚反映。

With that, I will turn the call over to Gallagher.

接下來，我把電話交給Gallagher。

Thank you, Arie. We continue to be encouraged by the broad-based performance we are seeing across the business. In Q1, we saw improvement in retail trends, strong fuel margin execution, continued benefit from dealerization and meaningful cost discipline at both the store and corporate levels. We remain focused on investing growth capital to drive strong returns in remodels, NTI retail stores and cardlocks.

謝謝你，Arie。我們持續對全公司廣泛且全面的表現感到鼓舞。在第一季，我們看到零售趨勢改善、燃油毛利執行強勁、dealerization持續帶來效益，以及門市與公司層級皆展現顯著的成本紀律。我們仍專注於投入成長資本，以在改裝、NTI零售門市與卡鎖據點上取得強勁報酬。

Turning to our first quarter results. Net loss of $5.6 million compared with $12.7 million for the prior year period, and adjusted EBITDA was approximately $51 million, up roughly 65% from the prior year period, as Arie mentioned. In our Retail segment, same-store merchandising sales were down 0.5% for the quarter, while same-store merchandising sales, excluding cigarettes, increased 0.4%, representing the strongest ex-cigarette performance we have seen in two years, and we achieved these results even with disruptions caused by winter storms in our footprint.

接著說明第一季業績。淨損為560萬美元，較去年同期的1,270萬美元收斂；調整後EBITDA約為5,100萬美元，較去年同期約成長65%，如Arie所提。在零售事業部門，同店商品銷售額本季下滑0.5%；若排除香菸，同店商品銷售額成長0.4%，為我們兩年來最強的「不含香菸」表現；即便我們營運版圖遭遇冬季風暴干擾，仍達成上述成果。

Merchandising margin was 33.9%, up 70 basis points from the prior year, driven by product mix and targeted customer promotions. This 70 basis points improvement in margin is on top of the 70 basis points improvement we had last year in Q1, as Arie mentioned. On retail fuel, same-store gallons were down 3.2% year-over-year, but improved sequentially through the quarter with fuel transactions increasing approximately 7% in March year over year.

商品毛利率為33.9%，較去年同期提升70個基點，主要受產品組合與針對性客戶促銷帶動。如Arie所提，這70個基點的毛利率提升，是建立在去年第一季已提升70個基點的基礎之上。在零售燃油方面，同店加侖數年減3.2%，但在本季期間逐步改善，3月燃油交易筆數年增約7%。

Same-store fuel contribution increased 20% and retail cents per gallon increased by approximately $0.10 to $0.479 per gallon. That result reflects efficient pricing and strong execution in a volatile market. As mentioned, our merchandising and fuel trends were affected by the winter storms in Q1 across our core footprint.

同店燃油貢獻提升20%，零售每加侖毛利約增加0.10美元至每加侖0.479美元。此結果反映出在波動市場中有效率的定價與強勁的執行力。如前所述，我們的商品與燃油趨勢在第一季於核心營運版圖受到冬季風暴影響。

While difficult to quantify, we estimate same-store merchandising sales volumes would have been approximately 80 basis points stronger absent weather disruptions, reflecting the underlying strength of our base business. Similarly, we estimate the storm-related impact to total company fuel gallons was approximately 160 basis points. While we can't control the weather, we do feel the normalized performance of the business is even stronger than shown, and we expect to build on this momentum.

雖然難以精確量化，但我們估計若無天候干擾，同店商品銷售量本可再強約80個基點，反映我們基礎業務的內在韌性。同樣地，我們估計風暴對全公司燃油總加侖數的影響約為160個基點。雖然我們無法控制天氣，但我們認為在常態化情境下的業務表現甚至比目前呈現的更強，並預期將在此動能上持續推進。

Turning to expenses. We remain focused on disciplined cost management across the business. Total retail site level operating expenses were down 12% at $155.9 million compared with $177.2 million for the prior year period, primarily driven by our dealerization strategy. Same-store operating expenses increased 3.3% versus Q1 2025, driven by slightly higher labor rates, utilities and higher credit card fees as retail fuel prices increased in March.

接著談費用。我們仍專注於全公司範圍內的嚴謹成本管理。零售據點層級的營運費用合計為1.559億美元，較去年同期的1.772億美元下降12%，主要由我們的dealerization策略所驅動。同店營運費用較2025年第一季增加3.3%，主因為勞動費率略升、公用事業費用上升，以及3月零售燃油價格上漲帶動信用卡手續費提高。

On a consolidated basis, G&A expenses were down 4% from the prior year. This is consistent with our transformation plan and reflects a leaner cost structure and tighter operating discipline that we expect to continue.

在合併基礎上，G&A（一般及行政）費用較去年同期下降4%。這與我們的轉型計畫一致，反映出更精實的成本結構與更嚴格的營運紀律，我們預期此趨勢將持續。

In our Wholesale segment, operating income was approximately $23 million. Performance continued to benefit from dealerization and the related expansion of wholesale volume and profit contribution. Gallons were approximately 234 million gallons. Fuel margin was $0.098 per gallon, and we continue to expect dealerization to support both earnings quality and cash flow generation over time.

在我們的批發（Wholesale）部門，營業利益約為2,300萬美元。績效持續受惠於經銷商化（dealerization）以及相關的批發銷量與利潤貢獻擴張。銷售加侖數約為2.34億加侖。燃料毛利為每加侖0.098美元，我們仍預期經銷商化將隨時間推進，同時支撐獲利品質與現金流量創造。

In our Fleet Fueling segment, operating income was approximately $12 million, an increase of 9% year-over-year from the strong margin environment. Fleet fuel margin was $0.493 per gallon, while gallons declined 3.2% and were also impacted by weather events in the quarter.

在我們的車隊加油（Fleet Fueling）部門，營業利益約為1,200萬美元，受強勁的毛利環境帶動，較去年同期成長9%。車隊燃料毛利為每加侖0.493美元，而加侖數下滑3.2%，且本季亦受到天候事件影響。

Fleet fuel remains a durable cash flow business and with around 20 cardlocks targeted in 2026, we believe that cardlock expansion continues to represent an attractive capital deployment opportunity given the return profile and modest labor model.

車隊燃料仍是具韌性的現金流業務；且在2026年目標約20座卡鎖站（cardlock），我們認為在報酬特性與相對精簡的人力模式之下，擴張卡鎖站仍代表具吸引力的資本配置機會。

On the balance sheet, we ended the quarter with cash of $272 million and total liquidity of approximately $1.1 billion. In Q1, we paid down $206.7 million in debt using the net proceeds from the APC IPO, with long-term debt now at $704 million, excluding lease-related financing liabilities.

在資產負債表方面，我們於本季末的現金為2.72億美元，總流動性約為11億美元。在第一季，我們使用APC IPO的淨募資款償還2.067億美元債務，使長期負債降至7.04億美元（不含與租賃相關的融資負債）。

On capital allocation, our priorities remain clear. We will continue to execute on dealerization, invest in retail initiatives and remodels, support NTI and high-return cardlock growth, all while we maintain balance sheet discipline and a focus on returns. Capital expenditures were approximately $31 million in the first quarter, primarily focused on growth capital as we have 17 cardlocks and 25 remodels underway. The APC IPO has improved our financial flexibility, but our framework has not changed. We are focused on the highest return opportunities across the business and on improving cash flow over time.

在資本配置方面，我們的優先順序依然明確。我們將持續推進經銷商化、投資零售計畫與門市改裝、支持NTI以及高報酬的卡鎖站成長，同時維持資產負債表紀律並聚焦報酬。第一季資本支出約為3,100萬美元，主要投入成長型資本，因為我們目前有17座卡鎖站與25項改裝工程在進行中。APC IPO提升了我們的財務彈性，但我們的框架並未改變。我們專注於全公司範圍內報酬最高的機會，並在時間推移中改善現金流。

As we progress through 2026, we are encouraged by the momentum in the business. First quarter results reflected strong execution and improving underlying trends, particularly as the quarter progressed. While we are happy with our Q1 performance and strong start to 2026, we believe there is too much uncertainty in the market now to update our full year guidance at this point. Looking ahead, we remain focused on continuing to execute, capturing the structural benefits of dealerization and allocating capital to deliver strong returns.

隨著我們邁入2026年，我們對業務動能感到鼓舞。第一季結果反映了強勁的執行力與改善中的基本趨勢，尤其是在本季進行到後段時更為明顯。雖然我們對第一季表現與2026年的強勁開局感到滿意，但我們認為目前市場不確定性過高，因此此時不更新全年財測指引。展望未來，我們仍將專注於持續執行、掌握經銷商化帶來的結構性效益，並配置資本以交付強勁報酬。

With that, I'll hand the call back to Arie.

接下來，我把電話交回給Arie。

Thank you, Gallagher. We are encouraged by the first quarter results, and our mindset remain the same. April has continued the year-to-date trends across the business. We plan to stay disciplined, keep executing and continue building on the progress we made through the end of last year and into 2026.

謝謝你，Gallagher。我們對第一季結果感到鼓舞，而我們的心態保持不變。4月延續了今年迄今在各項業務上的趨勢。我們計畫保持紀律、持續執行，並在去年底至2026年期間所取得的進展基礎上繼續深化。

Operator, please open the line for questions.

接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Bobby Griffin, Raymond James.

Bobby Griffin，Raymond James。

Hey, guys. Thanks for taking the questions this morning. Congrats on some of the progress showing up in the business. Good to see. I guess, first, I wanted to maybe just touch on the dealerization aspect and now that we really are starting to see the inflection point in the operations on a consolidated basis. Does the end kind of pie of savings still look the same from a G&A standpoint that we've talked about in the past and from the SG&A standpoint? Or are you actually now kind of getting in the weeds and seeing that there might be more low-hanging fruit or more upside to some of those original estimates?

嗨，各位。謝謝今天早上讓我提問。恭喜你們在業務上看到一些進展浮現。很高興看到。我想，首先我想談談經銷商化（dealerization）這一塊，現在我們確實開始在合併基礎上看到營運的拐點。從我們過去談過的G&A角度以及SG&A角度來看，節省的最終「拼圖」是否仍然相同？或者你們現在更深入細節後，是否看到可能有更多唾手可得的成果，或相較於原先估計有更大的上行空間？

Good morning, Bobby. Thank you for this question. Thank you for participating. So as we mentioned before, Bobby, the transformation plan that we put together in 2024, we kept talking about a $20 million upside over there when actually -- when this transaction is actually going to take place. So far, as you can see over here, and as we disclosed, approximately $30 million benefit already is in place given the trailing 12 months. As I mentioned, we have 75 additional locations that we are about to basically to execute.

早安，Bobby。謝謝你的問題。也謝謝你參與。如同我們先前提到的，Bobby，我們在2024年制定的轉型計畫中，一直談到當這筆交易真正發生時，將有2,000萬美元的上行空間。到目前為止，如你在這裡看到的、以及我們所揭露的，依過去12個月（TTM）計算，約3,000萬美元的效益已經到位。如我所提到的，我們還有另外75個據點即將基本上要去執行。

Some of them are under LOI. Some of them are under basically contracts already. So I think the goal is really to complete that with maybe some additional others between now and the end of the year. And I think that's really the plan at the moment. If things will actually come later on and we see additional opportunities, of course, we will execute on them. That's something that we always take into account. But I think we're going to stick to our plan at the moment.

其中一些已在意向書（LOI）階段。有些基本上已經在合約之下。所以我認為目標確實是完成這些，並且在現在到年底之間，可能再加上一些其他據點。我想這就是目前的計畫。如果之後真的出現其他機會、我們看到額外的機會，當然我們會去執行。這是我們一直會納入考量的事情。但我認為目前我們會先按既定計畫推進。

Okay. And then Arie, that puts you -- round numbers, put you call it, 1,000 stores at retail. When you get to that level, then kind of what's the go-forward, call it -- I don't know if I want to call it a plan, but the go-forward kind of initiatives. You got the remodels that are starting to accelerate. You got some of the merchandising work, you've got loyalty.

好的。然後Arie，這樣算下來——用整數來說——你們零售門市大概會到1,000家。當你們到達那個規模後，接下來的方向——我不知道是否要稱之為計畫——但接下來的推動項目會是什麼？你們的改裝（remodels）開始加速。你們也有一些商品陳列（merchandising）工作，還有會員忠誠（loyalty）。

So maybe help us think about once we kind of get to this 1,000 store base at retail with those additional 75 stores to go, what is the moving parts or the initiatives that will be the focus point going forward there for us to grade the business on?

所以也許請你協助我們思考：當我們在零售端達到約1,000家門市的基礎、且還有那額外75家門市要完成時，未來我們用來評估你們零售業務表現的關鍵變數或推動項目，會聚焦在哪些？

Sure. So first of all, what we did, like I said, going back to the transformation in 2024, when we actually put the plan together, the goal was to basically to move approximately 500-plus stores from -- basically from the retail business to the wholesale business, concentrate on areas that we are -- we have economy of scale, concentrate on areas that we can win, concentrate in areas that it's, I'll call it, more competitive for us in terms of scale, in terms of basically where we operate, concentrate on promotions.

當然。首先，如我所說，回到2024年的轉型計畫，當我們制定計畫時，目標基本上是把約500多家門市——基本上從零售業務移轉到批發業務——並聚焦在我們具規模經濟的區域，聚焦在我們能夠取勝的區域，聚焦在對我們而言在規模與營運據點分布上更具競爭力的區域，並聚焦於促銷。

And as you can see right now, you mentioned the 1,000 stores, as you can see right now, the portfolio that we actually kept are the jewel of the jewel of the jewel when it comes to those stores. The goal will be moving forward to continue to grow and to continue to invest in those stores. As you can see, we are basically remodeling an additional 25 stores this year.

而如你現在所看到的，你提到1,000家門市——如你現在所看到的，我們保留下來的門市組合，就這些門市而言可說是「精華中的精華中的精華」。接下來的目標將是持續成長，並持續投資這些門市。如你所見，我們今年基本上還會再改裝另外25家門市。

The goal will be to build MTI around those stores. And the goal will be to continue to actually to execute around those stores. I can tell you that if you think about that, the majority of the portfolio or a large portion of the portfolio is basically East Coast, Mid Atlantic states, Southeast, and Southwest.

目標將是圍繞這些門店打造 MTI。而目標也將是持續圍繞這些門店真正落實執行。我可以告訴你，如果你這樣想的話，投資組合中的大多數或很大一部分基本上位於美國東岸、中大西洋各州、東南部以及西南部。

And that's basically the concentration, and that's where we would like probably to continue moving forward and just build around that. There is no question about that. We are very well capitalized when it's come to it, as Gallagher mentioned, over $270 million, basically just cash on hand and we have plenty of liquidity up to $1.1 billion to continue to actually grow the business.

這基本上就是我們的集中區域，而這也是我們大概希望持續推進的方向，並在此基礎上擴張。這點毫無疑問。在資本方面我們非常充足，正如 Gallagher 提到的，超過 2.7 億美元，基本上就是手上現金，而且我們還有高達 11 億美元的充裕流動性，能夠持續推動業務成長。

Go ahead, Gallagher. Sorry about that.

你繼續吧，Gallagher。不好意思。

Very quickly. No, it's okay. And already covered it well. There's three big benefits we're starting to see in the business. One is operating expenses.As those stores get dealerized, it lowers operating expenses. Second is G&A. As you mentioned, we are more focused, lean organization in G&A.

很快補充一下。不，沒關係。你已經講得很完整了。我們開始在業務上看到三個主要好處。第一是營運費用。隨著那些門店完成 dealerization（改為經銷商/加盟商模式），營運費用會下降。第二是 G&A（一般及行政費用）。如你所提到的，我們在 G&A 上更聚焦、組織更精簡。

But the third, which I think you hit on with Arie is it focuses our investments on retail stores that are positioned to win. So whether it's remodels, merchandising initiatives, the loyalty program, the approximately 1,000 stores that are left can focus the capital on those and hopefully return very quickly to growth. We're almost there this quarter, but it really allows us to focus the investments to drive growth in those retail stores.

但第三點，我認為你和 Arie 談到的，是它讓我們把投資聚焦在具備勝出條件的零售門店上。因此不論是翻新、商品陳列（merchandising）計畫、會員忠誠度方案，剩下約 1,000 家門店都能把資本集中投入在這些項目上，並希望很快回到成長軌道。我們這一季幾乎就到了，但這確實讓我們能把投資聚焦，用以帶動這些零售門店的成長。

That's helpful. And then that's actually a dovetail into my final two questions. I mean on the remodels, I think we took that number up a little of what we're targeting to now do. Can you share any of the early stats you're seeing as the lift from these remodels? We've talked in the past about the capital for kind of a soft remodel versus a hard remodel. So I'd imagine that's roughly about the same. But what about just the lifts now that you got maybe a little bit more data on what you're seeing?

這很有幫助。接著這也剛好銜接到我最後兩個問題。關於翻新，我想我們把目前目標要做的數量稍微上調了一點。你能分享一下目前看到的、這些翻新帶來的早期提升數據嗎？我們過去談過「輕度翻新」相對於「重度翻新」所需的資本支出。所以我猜大致上差不多。但就提升幅度而言，現在你們有更多數據後，看到的情況如何？

Sure. So I can just talk about the early performance from the recent remodel. Like we mentioned, we are very, very encouraged with -- it's -- of course, it's proved that the minute you actually invest in foodservice and you put food service formats forward, that drive higher sales, stronger basically fuel performance. As a matter of fact, when people come into the stores, they're actually leaving the stores and going to the pump. And it just helps us with better store level economics. There is no question.

當然。我可以先談談近期翻新的早期表現。如我們提到的，我們非常、非常受到鼓舞——當然，這也證明了一點：你一旦投資餐飲服務（foodservice），並把餐飲服務的店型導入，就會帶動更高的銷售，以及更強勁的燃油表現。事實上，顧客進店之後，會離店去加油機加油。這也幫助我們改善門店層級的經濟效益。毫無疑問。

Now the plan for 2026, which we mentioned approximately 25 stores remodeled, the whole idea is that to continue concentrating on adding food service into those stores because the minute you invest in food service and you add food service into those stores, you're bringing more traffic -- you have better customer engagement.

至於 2026 年的計畫，我們提到大約翻新 25 家門店，整體構想就是持續把重點放在為這些門店加入餐飲服務，因為你一旦投資餐飲服務、把餐飲服務導入門店，就能帶來更多人流——也能提升顧客互動與黏著度。

And there is other items that are actually being attached to basically to the food service when people are actually coming to the store. So that's really going to be the goal moving forward to make sure that in all of those stores that we are touching right now and we are remodeling right now, we're going to be adding food service. In addition to all of those promotions that we mentioned earlier, I mean, all of those promotions are very, very, very beneficial for us, especially in this environment when fuel prices are actually going up.

而且當顧客進店購買餐飲時，還會連帶帶動其他品項的銷售。所以這將是我們接下來的目標：確保我們目前正在接觸、正在翻新的所有門店，都會加入餐飲服務。此外，還有我們先前提到的各項促銷；我的意思是，這些促銷對我們非常、非常、非常有利，尤其是在燃油價格上升的環境下。

All of those promotions attached to (inaudible) for example, when you purchase food, we talked about filling America. Think about it, Bobby. When you buy 2 Gatorade right now and get $0.50 per gallon, in this environment, you're talking about $10 off when you purchase 20 gallons over here. This is really, really important. So again, all of those things will be very beneficial for us into 2026.

例如，所有這些與（聽不清）相關、並與餐飲購買綁定的促銷，我們談過「填飽美國（filling America）」。Bobby，你想想看。你現在買兩瓶 Gatorade 就能每加侖折 0.50 美元，在這種環境下，如果你在這裡加 20 加侖，就等於省 10 美元。這真的、真的很重要。所以再說一次，這些事情在 2026 年都會對我們非常有利。

And I'm going to try to pin you down a little more. But on -- so basically, when you remodel a store, you put in the fast grades and that stuff you're working on, you see a lift in merchandise same-store merchandise sales as well as same-store merchandise gallons?

我再試著把你問得更具體一點。所以基本上，當你翻新一家門店、導入你們正在推進的 fast grades 之類的內容時，你會看到商品同店銷售額的提升，以及同店的商品銷售加侖數也提升嗎？

Absolutely. Bobby, I'll jump in on that one. Yeah. The first ones we did last year, we saw about 12% increase in merchandising sales overall and 14% in gallons versus the pre period. Some categories were up 20%, 30%. So we continue to see really good results, which is why we're accelerating the program. Every store is different. The level of remodels are different, but we're very happy with what we're seeing, which is why we're trying to do even more.

絕對會。Bobby，我來回答這題。是的。我們去年做的第一批門店，與翻新前期間相比，整體商品銷售大約提升 12%，加侖數提升 14%。有些品類成長 20%、30%。所以我們持續看到非常好的成果，這也是我們加速推進這個計畫的原因。每家門店都不同。翻新的程度也不同，但我們對目前看到的結果非常滿意，因此才希望做得更多。

Very good. I've taken enough time. I appreciate it.

非常好。我占用你們太多時間了。謝謝。

And one more thing, Bobby, one more thing since you got me excited about that. When we talk about food service, it's not just the word food service. It's also to make sure that we have delicious value meal. I mean we launched in Q1, we launched meals at $3, $4, $5, $6. I mean think about it.

還有一點，Bobby，還有一點，既然你讓我談到這個就更有興致了。當我們談餐飲服務時，不只是「餐飲服務」這個詞而已。也要確保我們提供美味、超值的套餐。我的意思是，我們在第一季推出了 3、4、5、6 美元的套餐。你想想看。

You come to our stores in the afternoon to buy a chicken sandwich and a drink for $5. I mean you can actually come to our stores and buy a drink like coffee or cold drink and a sandwich, breakfast sandwich for $4. So those are very, very important components. It's not just to add food service, it's also to make sure that you actually bring value to the consumers.

你下午來我們門店，花 5 美元就能買到一個雞肉三明治加一杯飲料。你也可以來我們門店，花 4 美元買到像咖啡或冷飲這樣的飲料，再加一個三明治、早餐三明治。所以這些都是非常、非常重要的組成部分。不只是增加餐飲服務而已，也要確保你確實為消費者帶來價值。

Thank you. I appreciate the details. Best of luck here and to you guys.

謝謝。我很感謝這些細節。祝你們一切順利。

Thank you very much, Bobby.

非常感謝你，Bobby。

Thanks, Bobby.

謝謝你，Bobby。

Daniel Gugliomo, Capital One Securities.

Daniel Gugliomo，第一資本證券（Capital One Securities）。

Hi, everyone. Thank you for taking my questions. Broader consumer trends have been mixed in this kind of complex macro environment. Can you just dig in a little more into your retail customer trends? Are you seeing strength in certain regions? And do you have any additional insights on April trends?

各位好。感謝讓我提問。在這種複雜的總體環境下，更廣泛的消費者趨勢好壞參半。能否請你再更深入談談你們零售客戶的趨勢？你們是否在某些地區看到較強的表現？另外，對於4月的趨勢你們是否有更多洞見？

Sure. So let me start with the first one about consumer, basically trend. So I'm putting the weather aside for a second, I can tell you that before the volatility in price and gas prices, January started very, very strong. Sales excluding cigarettes, were basically above 5% and then, of course, we got impacted by the weather. And then going into March, with the volatility of fuel pricing, we actually see customers' trips actually increasing because of that, just because the price of fuel is up.

當然。我先從消費者的整體趨勢談起。先把天氣因素暫時放一邊，在價格與油價出現波動之前，1月一開始表現非常、非常強勁。扣除香菸的銷售基本上超過5%，然後當然我們受到天氣影響。接著進入3月，隨著燃油價格波動，我們其實看到顧客到店次數增加，主要是因為油價上漲。

And customer trips are up. We see basically increasing penetration inside the stores because customers are coming more often because of that. And that brings me to basically the consumer and Fueling America promotions and all of the promotional activities that we are doing over here when it comes to cigarettes and OTP and everything.

而且顧客到店次數確實上升。我們基本上看到店內滲透率提高，因為顧客因此更常來店。這也帶到我們所做的「Fueling America」促銷，以及我們在香菸、OTP（其他菸草產品）等各方面所進行的所有促銷活動。

I mean I mentioned earlier today that cigarettes trends are actually up. I believe this is the first time for a long period of time that cigarettes actually trends are up. Cigarette trends are actually down. So I believe the promotional activity, Daniel, that we are actually having over here in our stores, along with all of the other promotions that we are doing actually bring traffic.

我的意思是，我今天稍早提到香菸的趨勢其實在上升。我相信這是很長一段時間以來第一次香菸趨勢回升。香菸趨勢其實是下滑的。所以我認為，Daniel，我們在門市所做的促銷活動，加上我們正在進行的其他所有促銷，確實帶來了人流。

And for me, traffic means that we are grabbing market share from somewhere else. The same thing goes to fuel. We mentioned that, that fuel for -- this is like first time for a long period of time, we've been trending even a little bit better than basically the OPIS average. So again, I just think that, that's a mix of all of the other things and all of the initiatives that we are doing in the stores to bring those customers in while everybody feels the pressure.

對我而言，人流代表我們正在從其他地方取得市占。燃油也是同樣的情況。我們提到過，燃油方面——這也是很長一段時間以來第一次——我們的趨勢甚至略優於OPIS平均。所以我再次認為，這是各種因素的綜合結果，以及我們在門市推動的所有措施與計畫，在大家都感受到壓力的同時，把顧客帶進來。

Dan, let me just jump in a little bit. And the customers are under pressure. And I think we are having to take action to keep that traffic up, if I mentioned, provide promotions to provide discounts that they can get in the store and using fuel. But you do see, especially as gas retail price elevates, we need to differentiate, and we're continuing to put our promotions out there that will continue to drive the traffic. Hopefully, in-store and with fuel through Fueling America.

Dan，我補充一下。顧客確實承受壓力。我認為我們必須採取行動來維持人流，如我提到的，提供促銷、提供折扣，讓他們能在店內取得優惠，並透過Fueling America在加油上受惠。但你確實會看到，尤其當汽油零售價格走高時，我們需要做出差異化；我們也持續推出促銷，來持續帶動人流。希望能在店內以及透過Fueling America的燃油端一起帶動。

And we had some really strong pockets of geography. We did have that weather noise, but some Indiana, Kentucky, parts of Ohio were very strong. Our Southeast continues to be very strong. And some of what we call our Texarkana regions, which is Arkansas, Louisiana, are also continuing to be performing. So we had a lot of very positive parts of the country and some that are a little more sluggish. But like I said, we're taking action now and not waiting on the customer. We're trying to drive value for them. They continue to bring their trips, both gallon and merchandise to [ARCA].

而且我們在某些地理區域有非常強勁的表現。雖然有天氣干擾，但印第安納、肯塔基、俄亥俄部分地區表現非常強。我們的東南部地區持續非常強勁。另外一些我們稱為Texarkana的區域，也就是阿肯色、路易斯安那，也持續有表現。所以全國有很多非常正面的區域，也有一些稍微疲弱的。但如我所說，我們現在就採取行動，而不是等顧客自己回來。我們正努力為他們創造價值。他們持續帶來到店次數，無論是加侖數還是商品銷售，都來到[ARCA]。

That's great. I really appreciate all that color. That's really helpful. And just as, I guess, a follow-up to that, can you talk about how the dealers have been able to navigate this complex environment? I know they're kind of smaller entrepreneurs with less resources. So I'm curious if they've seen more headwinds in their businesses this year.

太好了。非常感謝你提供這些細節。這真的很有幫助。另外作為追問，你能談談經銷商如何在這種複雜環境中應對嗎？我知道他們多半是規模較小、資源較少的創業者。所以我想了解，他們今年的業務是否面臨更多逆風。

There is no question that those dealers are having the same challenge like everybody else. But remember, the environment that we are living with that almost 65%, 70% of the stores in America are operated by -- basically by those dealers. So I think all of those guys are just basically in the same boat. And when price goes up and we see volatility, there is no question that they're probably going to have a little of a decline in gallons, but that's going to be offset by an increase in CPG.

毫無疑問，這些經銷商面臨的挑戰和其他人一樣。但請記得，我們所處的環境是：美國將近65%、70%的門市是由——基本上由這些經銷商經營。所以我認為這些人基本上都在同一條船上。當價格上升、波動加劇時，毫無疑問他們的加侖數可能會有些下滑，但這會被CPG（包裝消費品）的成長所抵銷。

So that's the way they're managing the business, and this is the way they've been managing the business for the last probably 50 years. But there is no question, Daniel, that prices of fuel have to come down at some point. We saw that for the past -- we are here for a public company for the past five years. I've been around the block for over 20 years. It's a cycle. It's a cycle and at some point, the price will come down and consumers and basically and those dealers are going to continue to drive gallon and drive sales as they have before.

所以他們就是用這種方式在管理業務，而這也是他們過去大概50年來一直在用的管理方式。但毫無疑問，Daniel，燃油價格終究必須在某個時點回落。過去——我們作為上市公司已經五年了——我們也看過這種情況。我在這個產業打滾超過20年。這是一個循環。這是循環，而在某個時點價格會下來，消費者以及這些經銷商將會像以前一樣，持續帶動加侖數並推動銷售。

Great. I appreciate all that insight. Thank you.

很好。感謝你提供這些見解。謝謝。

Thank you, Daniel.

謝謝你，Daniel。

This concludes the question-and-answer session. I'd like to turn the call back over to Arie Kotler for closing remarks.

問答環節到此結束。我想把電話交回給Arie Kotler作結語。

Thank you, everyone, for participating this morning. It was a great talking to you guys and hope to see you in our stores. Have a great morning.

感謝各位今天早上參與。很高興與各位交流，也希望在我們的門市見到大家。祝各位早安愉快。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您現在可以掛斷電話線，感謝您的參與。