Boyd Group Services Inc (BGSI) 2025 Q3 法說會逐字稿

Good morning, everyone. Welcome to the Boyd Group Services, Inc., third-quarter 2025 results conference call.

各位早安。歡迎參加博伊德集團服務公司2025年第三季業績電話會議。

Listeners are reminded that certain matters discussed in today's conference call or answers that may be given to questions asked could constitute forward-looking statements that are subject to risks and uncertainties related to Boyd's future financial or business performance. Actual results could differ materially from those anticipated in these forward-looking statements.

提醒各位聽眾，今天電話會議中討論的某些事項或對所提問題的回答可能構成前瞻性陳述，這些陳述受到與博伊德未來財務或業務表現相關的風險和不確定性的影響。實際結果可能與這些前瞻性聲明中預期的結果有重大差異。

The risk factors that may affect results are detailed in Boyd's annual information form and other periodic filings and registration statements, and you can access these documents at SEDAR's database found at sedarplus.ca and on EDGAR at sec.gov.

可能影響績效的風險因素在博伊德的年度資訊表和其他定期申報文件和註冊聲明中有詳細說明，您可以在 SEDAR 資料庫（網址為 sedarplus.ca）和 EDGAR（網址為 sec.gov）上存取這些文件。

I'd like to remind everyone that this conference call is being recorded today, Wednesday, November 12, 2025.

我想提醒大家，本次電話會議將於今天（2025年11月12日，星期三）進行錄音。

I would now like to introduce Mr. Brian Kaner, President and Chief Executive Officer of Boyd Group Services, Inc. Please go ahead, Mr. Kaner.

現在我謹向大家介紹博伊德集團服務公司總裁兼執行長布萊恩‧卡納先生。卡納先生，請開始吧。

Thank you, operator. Good morning, everyone, and I apologize for my voice. I'm fighting off a bit of a cold, but thank you for joining us for today's call. On the call with me today is Jeff Murray, our Executive Vice President and Chief Financial Officer. We released our third quarter results before market opened today.

謝謝接線生。各位早安，我的嗓子不太好，請大家見諒。我有點感冒，但還是要感謝各位參加今天的電話會議。今天和我一起通話的是我們的執行副總裁兼財務長傑夫·莫瑞。我們今天在股市開盤前發布了第三季業績報告。

You can access our news release as well as our complete financial statements and management discussion and analysis on our website at boydgroup.com. Our news release, financial statements and MD&A have also been filed on SEDAR+ and EDGAR this morning. On today's call, we'll discuss the financial results for the quarter ended September 30, 2025, and provide a general business update. We will then open the call for questions.

您可以在boydgroup.com網站上查閱我們的新聞稿、完整財務報表以及管理層討論與分析。我們的新聞稿、財務報表和管理層討論與分析也已於今天上午在SEDAR+和EDGAR上提交。在今天的電話會議上，我們將討論截至 2025 年 9 月 30 日的季度財務業績，並提供一般業務最新情況。接下來我們將開放提問環節。

It's great to be here today to discuss our third quarter results and what has truly been one of the most exciting and transformative periods in Boyd's history. Since the beginning of the third quarter, we've made significant strides across our business. We announced a return to positive same-store sales on the back of improved industry conditions, executed well on our margin initiatives and reached several exciting milestones, including surpassing our 1,000th location, announcing a definitive agreement to acquire Joe Hudson's Collision Center and listing our stock on the New York Stock Exchange. It's been an exciting quarter, and I'm proud of what the team has accomplished.

今天很高興能在這裡和大家討論我們第三季的業績，這確實是博伊德歷史上最激動人心、最具變革性的時期之一。自第三季開始以來，我們的業務在各個方面都取得了顯著進展。由於行業狀況改善，我們宣布同店銷售額恢復正增長，我們的利潤率提升計劃也執行良好，並取得了幾個令人興奮的里程碑，包括門市數量超過 1000 家、宣布與 Joe Hudson's Collision Center 達成最終收購協議以及在紐約證券交易所上市。這是一個令人興奮的季度，我為團隊的成就感到自豪。

Turning to our third-quarter results. I'm excited to report that the momentum we experienced in our business in July was sustained throughout the quarter and early into the fourth quarter. For the third quarter, we generated positive same-store sales growth of 2.4%, with growth coming from continued market share gains as well as an improvement in industry conditions. While it remains early in the fourth quarter, same-store sales for October continued to show positive growth, delivering further improvement compared to the third quarter, falling within the range outlined in our five-year plan.

接下來來看看我們第三季的業績。我很高興地報告，我們在 7 月取得的業務成長勢頭在整個季度以及第四季度初都得以維持。第三季度，我們實現了2.4%的同店銷售額成長，成長主要得益於市場佔有率的持續提升以及產業狀況的改善。雖然目前仍處於第四季度初期，但10月份的同店銷售額繼續呈現積極增長，與第三季度相比進一步改善，並達到了我們五年計劃中概述的範圍。

Over the past year, we've seen an improvement in several headwinds that have been negatively impacting repairable claims. These include a moderation in insurance premium increases, which are now back in line with historical levels as well as a return to growth in used vehicle prices. Most recently, we've begun to see some insurance carriers in the United States seek regulatory approval to decrease insurance premiums. These trends combined with our return to same-store -- positive same-store sales and support our view that the industry conditions are normalizing and that Boyd is well positioned to continue to outperform.

過去一年，我們看到一些不利因素有所改善，這些不利因素曾對可修復索賠產生負面影響。其中包括保費漲幅放緩，目前已恢復到歷史水平，以及二手車價格恢復成長。最近，我們開始看到美國的一些保險公司尋求監管部門的批准，以降低保險費。這些趨勢，加上我們恢復了同店銷售——同店銷售額為正，支持了我們關於行業狀況正在正常化以及博伊德已做好充分準備繼續取得優異成績的觀點。

In addition to the top line growth, we generated strong adjusted EBITDA margin improvement during the third quarter, with margins increasing 170 basis points over a year -- on a year-over-year basis to 12.4%. As a result, adjusted EBITDA grew by 22.8% in the third quarter. The margin improvement came from both gross margins and positive operating leverage as we continue to make headway on our Project 360 initiatives, our cost transformation plan and achieved positive operating leverage from the return to same stores -- from the return to positive same-store sales. With Project 360, we've achieved over $30 million in annualized run rate savings and are on track to reach a $70 million run rate by the end of 2026 with the full $100 million of savings expected by 2029.

除了營收成長外，我們在第三季還實現了強勁的調整後 EBITDA 利潤率提升，利潤率比去年同期提高了 170 個基點，達到 12.4%。因此，第三季調整後 EBITDA 成長了 22.8%。利潤率的提高得益於毛利率和積極的經營槓桿效應，因為我們在推進「360 項目」計劃、成本轉型計劃以及恢復同店銷售（即恢復正向同店銷售額）方面取得了進展，並實現了積極的經營槓桿效應。透過“360 項目”，我們已實現超過 3000 萬美元的年化運行率節省，並預計在 2026 年底達到 7000 萬美元的運行率，預計到 2029 年將實現全部 1 億美元的節省。

With the indirect staffing model now fully implemented, we continue to focus on direct and indirect procurement savings through centralization of our procurement spending to fully leverage the benefit of Boyd's scale. We also had a busy quarter with new location growth, adding 24 locations with 17 coming from acquisitions, including the acquisition of L&M Autobody in August as well as seven new start-up locations. In addition, earlier this week, we completed a five-location multi-store operator acquisition in Nova Scotia, Canada, which marks our initial entry into this province. We continue to target the opening of an average of approximately 8 to 10 new start-up locations per quarter and currently expect to open 13 start-up locations in the fourth quarter with an additional 18 currently in development through the end of September 2026.

隨著間接人員配備模式的全面實施，我們將繼續專注於透過集中採購支出來節省直接和間接採購成本，以充分發揮博伊德的規模優勢。本季我們也迎來了繁忙的新店擴張，新增了 24 家分店，其中 17 家來自收購，包括 8 月收購的 L&M Autobody，以及 7 家新開張的分店。此外，本週早些時候，我們完成了對加拿大新斯科細亞省一家擁有五家門市的多店營運商的收購，這標誌著我們首次進入該省市場。我們繼續以每季平均開設約 8 至 10 個新創業地點為目標，目前預計在第四季度開設 13 個創業地點，另有 18 個正在開發中，預計將於 2026 年 9 月底前完成。

I'd like to take some time on today's call to discuss our definitive agreement to acquire Joe Hudson's Collision Center and the related financing as they mark a significant milestone in our company. Joe Hudson's is a company we've long respected for its strong operational performance, disciplined growth strategy, culture and concentrated regional footprint in the Southeastern portion of the US. With 258 locations, Joe Hudson's brings scale, operational excellence and strong local presence to complement our existing footprint. As we've mentioned in previous calls, we've been patient in waiting for the right complementary MSO to come along, one that made sense strategically and financially, and Joe Hudson's checks both boxes.

我想在今天的電話會議上花點時間討論我們收購喬·哈德森碰撞中心的最終協議以及相關的融資事宜，因為這標誌著我們公司的一個重要里程碑。喬·哈德森公司是一家我們一直非常尊敬的公司，因為它擁有強大的營運績效、嚴謹的成長策略、企業文化以及在美國東南部地區集中的區域佈局。Joe Hudson's 擁有 258 家門市，其規模、卓越的營運和強大的本地影響力，能夠與我們現有的業務佈局形成互補。正如我們在先前的電話會議中提到的，我們一直在耐心等待合適的互補型 MSO 出現，一個在戰略和財務上都合理的 MSO，而 Joe Hudson 正好滿足了這兩個條件。

This acquisition accelerates our growth, solidifies our position as one of the leading players in the highly fragmented North American collision industry and generates meaningful synergies. The anticipated synergies will benefit both Boyd and Joe Hudson's as we look to achieve direct and indirect procurement savings from the combined business as well as achieve operational benefits from our enhanced density. We estimate that these synergies will be between $35 million and $45 million with approximately 50% in the near term and the remainder by 2028. To support the deal, we successfully implemented an $897 million bought deal initial public offering in the US and a CAD525 million senior unsecured notes offering, which together secured the financing we needed to complete the acquisition.

此次收購加速了我們的成長，鞏固了我們在高度分散的北美碰撞行業中作為領先企業之一的地位，並產生了有意義的協同效應。預計協同效應將使 Boyd 和 Joe Hudson's 雙方受益，我們將從合併後的業務中實現直接和間接的採購節省，並從我們提高的密度中獲得營運效益。我們估計這些協同效應將達到 3,500 萬美元至 4,500 萬美元，其中約 50% 將在近期實現，其餘部分將在 2028 年實現。為了支持這筆交易，我們在美國成功實施了 8.97 億美元的包銷首次公開募股和 5.25 億加元的高級無擔保債券發行，這兩項舉措共同確保了我們完成收購所需的融資。

We also completed a CAD275 million bond offering to refinance existing debt and strengthen our balance sheet earlier in the third quarter. Through these initiatives and based on the exercise in full by the underwriters of their option to purchase additional common shares as part of the public offering, we have maintained a disciplined financial approach and expect our pre-IFRS debt-to-EBITDA ratio to be at 3.1 times at the closing of the acquisition, returning to levels -- returning to current levels as early as the end of 2026.

第三季初，我們還完成了 2.75 億加元的債券發行，用於為現有債務進行再融資並加強我們的資產負債表。透過這些舉措，並基於承銷商在公開發行中全面行使購買額外普通股的選擇權，我們一直保持著嚴謹的財務方法，預計在收購完成時，我們的 IFRS 前債務與 EBITDA 比率將為 3.1 倍，最早在 2026 年底恢復到目前的水平。

Lastly, the listing of our shares on the New York Stock Exchange marks a major milestone in Boyd's journey, increasing our visibility and giving us access to a broader pool of investors as we continue to execute our long-standing growth strategy.

最後，我們的股票在紐約證券交易所上市標誌著博伊德發展歷程中的一個重要里程碑，提高了我們的知名度，並讓我們能夠接觸到更廣泛的投資者群體，從而繼續執行我們長期的成長策略。

I'll now turn it over to Jeff to go through our third quarter financial results in more detail. Jeff?

現在我將把發言權交給傑夫，讓他更詳細地介紹我們第三季的財務表現。傑夫？

Thanks, Brian. As Brian highlighted, we had a strong third quarter with positive same-store sales growth and solid margin improvement as we continue to execute on Project 360. During the third quarter, our sales increased by 5% to $790.2 million with same-store sales, excluding foreign exchange, increasing by 2.4%. In addition, $22.2 million in incremental sales were generated from 64 new locations that were not in operation for the full comparative period. As these stores mature over the next two to three years, we expect that they will contribute meaningfully to sales.

謝謝你，布萊恩。正如布萊恩所強調的，隨著我們繼續執行“360 項目”，我們第三季度業績強勁，同店銷售額實現正增長，利潤率也穩步提高。第三季度，我們的銷售額成長了 5%，達到 7.902 億美元，其中同店銷售額（不計外匯影響）成長了 2.4%。此外，64 個新地點（這些地點在整個比較期間並未投入營運）帶來了 2,220 萬美元的增量銷售額。隨著這些門市在未來兩到三年內日趨成熟，我們預計它們將對銷售額做出顯著貢獻。

Over the past two quarters, we have begun to see an improvement in industry conditions. Based on claims processing platform data for the third quarter, we estimate that repairable claims were down in the range of 3% to 5%. This represents a meaningful improvement from both the second quarter of 2025, which experienced an estimated decline of 6% to 8% and the first quarter of 2025 during which claims were down an estimated 9% to 10%. As Brian highlighted, we have seen this strength continue in the early part of the fourth quarter and our same-store sales delivering further improvement when compared to the third quarter, falling within the range outlined in our five-year plan. Gross margin was 46.3% in the third quarter of 2025, up 60 basis points from the 45.7% achieved in the same period of 2024.

過去兩個季度，我們已經開始看到行業狀況有所改善。根據第三季的理賠處理平台數據，我們估計可修復的理賠數量下降了 3% 到 5%。這比 2025 年第二季（預計將下降 6% 至 8%）和 2025 年第一季（預計下降 9% 至 10%）的情況有了顯著改善。正如布萊恩所強調的，我們在第四季度初看到了這種強勁勢頭，與第三季度相比，我們的同店銷售額進一步改善，並達到了我們五年計劃中概述的範圍。2025 年第三季毛利率為 46.3%，比 2024 年同期的 45.7% 提高了 60 個基點。

Gross margin percentage increased due to several factors, including the benefits of internalization of scanning and calibration and an increase in parts margins. Improvement in parts margin was a result of Project 360 initiatives to enhance parts procurement to drive cost efficiencies.

毛利率成長是由於多種因素造成的，包括掃描和校準內部化帶來的好處以及零件利潤率的提高。零件利潤率的提高是「360 項目」各項措施的結果，這些措施旨在加強零件採購，從而提高成本效益。

Now turning to operating expenses. For the third quarter of 2025, they were $267.6 million compared to $263.4 million in the same period of 2024. As a percentage of sales, operating expenses declined 110 basis points to 33.9% from 35% last year. Operating expenses as a percentage of sales were positively impacted by the indirect staffing model, which was introduced in the second quarter of 2025 as part of our Project 360 initiative. The full cost savings from the indirect staffing model were successfully realized during the third quarter.

現在來看營運費用。2025 年第三季度，這一數字為 2.676 億美元，而 2024 年同期為 2.634 億美元。營業費用佔銷售額的百分比從去年的 35% 下降了 110 個基點，至 33.9%。間接人員配備模式對營業費用佔銷售額的百分比產生了積極影響，該模式於 2025 年第二季度作為我們 360 項目計劃的一部分推出。第三季已成功實現間接人員配置模式所帶來的全部成本節約。

Future savings are expected to include additional direct and indirect procurement savings as we focus on a more centralized approach to purchasing in order to fully leverage Boyd's scale. In addition to Project 360, the decrease in operating expenses as a percentage of sales was positively impacted by our return to positive same-store sales growth, which provided improved operating leverage on certain operating costs. Offsetting some of the benefits to operating expenses were incremental costs associated with the internalization of scanning and calibration and new location growth. While the internalization of scanning and calibration contributes positively to gross profit and adjusted EBITDA, it does not contribute incremental sales and therefore, increases operating expenses as a percentage of sales.

預計未來的節省將包括額外的直接和間接採購節省，因為我們將專注於更集中化的採購方式，以便充分利用博伊德的規模優勢。除了 Project 360 之外，營業費用佔銷售額百分比的下降也得益於同店銷售恢復正成長，這提高了某些營業成本的營運槓桿。營運費用方面的一些收益被掃描和校準內部化以及新地點擴張帶來的增量成本所抵消。雖然掃描和校準的內部化對毛利和調整後的 EBITDA 有積極貢獻，但它並沒有帶來增量銷售額，因此，營運費用佔銷售額的百分比有所增加。

Adjusted EBITDA or EBITDA adjusted for fair value adjustments to financial instruments and costs related to acquisitions and transformational cost initiatives was $98.4 million, an increase of 22.8% over the same period of 2024. Adjusted EBITDA margins improved 170 basis points to 12.4% in the third quarter, up from 10.7% in the third quarter of 2024. The year-over-year increase in adjusted EBITDA was the result of improvements in gross margin, realization of the cost savings from the indirect staffing model and direct and indirect procurement cost savings.

經調整的 EBITDA（或根據金融工具的公允價值調整以及與收購和轉型成本計劃相關的成本進行調整的 EBITDA）為 9,840 萬美元，比 2024 年同期增長 22.8%。第三季調整後 EBITDA 利潤率提高了 170 個基點，達到 12.4%，高於 2024 年第三季的 10.7%。經調整的 EBITDA 年成長，是由於毛利率提高、間接人員配置模式的成本節約以及直接和間接採購成本節約所致。

Net earnings for the third quarter of 2025 was $10.8 million compared to $2.9 million in the same period of 2024. Excluding fair value adjustments and acquisition and transformational cost initiatives, adjusted net earnings for the third quarter of 2025 was $13.3 million or $0.62 per share compared to $3.2 million or $0.15 per share in the same period of the prior year. Net earnings and adjusted net earnings for the period benefited from higher adjusted EBITDA, which was partially offset by increased depreciation expense and increased finance costs. The increase in depreciation expense was primarily due to the growth in new locations, investments in network technology upgrades as well as growth related to the calibration business.

2025 年第三季淨利為 1,080 萬美元，而 2024 年同期淨利為 290 萬美元。剔除公允價值調整以及收購和轉型成本計劃，2025 年第三季調整後淨收益為 1,330 萬美元，即每股 0.62 美元，而去年同期為 320 萬美元，即每股 0.15 美元。本期淨利潤和調整後淨利潤受益於調整後 EBITDA 的增加，但部分被折舊費用增加和財務成本增加所抵銷。折舊費用的增加主要是由於新地點的成長、網路技術升級的投資以及與校準業務相關的成長。

At the end of the period, we had total debt net of cash of $1.3 billion. Debt net of cash before lease liabilities increased from $487 million at December 31, 2024, to $521 million at September 30, 2025. Debt net of cash before lease liabilities increased as a result of new location growth. During the third quarter of 2025, the company successfully closed a private placement offering of CAD275 million senior unsecured notes. The net proceeds of the offering were used to repay existing indebtedness.

期末，我們的淨債務（扣除現金）為 13 億美元。扣除租賃負債前的現金淨債務從 2024 年 12 月 31 日的 4.87 億美元增加到 2025 年 9 月 30 日的 5.21 億美元。由於新址擴張，扣除現金後（不計租賃負債）的淨債務增加。2025 年第三季度，該公司成功完成了 2.75 億加元優先無擔保票據的私募發行。此次發行所得淨收益用於償還現有債務。

During 2025, the company plans to make cash capital expenditures, excluding those related to network technology upgrades and acquisition and development of new locations within the range of 1.6% and 1.8% of sales.

2025 年，該公司計劃進行現金資本支出（不包括與網路技術升級以及收購和開發新地點相關的支出），支出佔銷售額的 1.6% 至 1.8%。

In addition to these capital expenditures, the company plans to invest in network technology upgrades to further strengthen our technology and security infrastructure and prepare for advanced technology needs in the future. Excluding expenditures related to network technology upgrades and acquisition and development, the company spent approximately $16.2 million or 2% of sales on capital expenditures during the third quarter of 2025. The company spent $20.5 million or 2.7% of sales on capital expenditures, excluding expenditures related to acquisition development during the same period of 2024.

除了這些資本支出外，該公司還計劃投資網路技術升級，以進一步加強我們的技術和安全基礎設施，並為未來更先進的技術需求做好準備。除網路技術升級、收購和開發相關的支出外，該公司在 2025 年第三季資本支出約為 1,620 萬美元，佔銷售額的 2%。該公司在 2024 年同期資本支出中花費了 2,050 萬美元，佔銷售額的 2.7%，不包括與收購開發相關的支出。

I will now pass it back to Brian for closing remarks.

現在我將把發言權交還給布萊恩，請他作總結發言。

Thanks, Jeff. Looking forward, our outlook remains strong. With a return to positive same-store sales growth on the back of improved industry conditions, a positive start to the fourth quarter, continued progress on Project 360 and a transformative acquisition, Boyd is well positioned for sustainable growth and continued value creation in the coming years.

謝謝你，傑夫。展望未來，我們的前景依然樂觀。隨著行業環境改善，同店銷售額恢復正增長，第四季度開局良好，360 項目持續推進，以及一項具有變革意義的收購，博伊德已做好充分準備，在未來幾年實現可持續增長和持續創造價值。

Before I conclude, I want to thank our entire team from technicians and frontline staff to regional leaders and support teams for their hard work and dedication. It's their commitment and collaboration that makes achievements like this possible.

在結束演講之前，我要感謝我們整個團隊，從技術人員和第一線員工到區域領導和支援團隊，感謝他們的辛勤工作和奉獻精神。正是他們的投入和協作才使得這樣的成就成為可能。

With that, I'd now like to turn the call over to the operator for questions.

接下來，我將把電話轉交給接線員，回答大家的問題。

(Operator Instructions) Chris Murray, ATB Capital Markets.

（操作員說明）克里斯·莫瑞，ATB 資本市場。

Maybe turning back to the outlook a little bit. Can you maybe give us some more color on what you're starting to see in the industry in terms of the turn? And you talked about same-store sales growth in line with your historical average, but that's kind of -- that 3% to 5% range is a bit wide. I was wondering if you could maybe help us understand kind of the magnitude of the uplift you're seeing and anything that we should be aware of in terms of thinking about how this might extend into 2026.

或許應該稍微重新檢視一下前景。能否再詳細談談您目前在產業轉型方面觀察到的趨勢？您提到同店銷售成長與歷史平均水平一致，但這 3% 到 5% 的範圍有點寬泛。我想請您幫我們了解您所看到的成長幅度，以及在考慮這種成長可能會持續到 2026 年時，我們應該注意些什麼。

Sure. Yes. Thanks, Chris. Yes, in terms of what we're seeing, we're really commenting on the fact that the conditions that are improving in terms of seeing the diminishment in the inflation around insurance premiums, stabilization of used car pricing, and those are the dynamics that are helping to -- that we're seeing affect our business. We did see an improvement in the first month of Q4 compared to the Q3, pushing us into that range.

當然。是的。謝謝你，克里斯。是的，就我們目前所看到的，我們確實在評論這樣一個事實：保費通膨有所下降，二手車價格趨於穩定，這些因素正在改善市場狀況，並對我們的業務產生影響。與第三季度相比，第四季度第一個月的業績有所改善，使我們達到了該區間。

And so Q3 was 2.4%. The range -- our long-term outlook range is kind of in that 3% to 5%. So it was only one month. It's hard to necessarily provide much clearer guidance than that for just 1 month results. But essentially, we're moving into that 3% to 5% long-term range, which is obviously incredibly positive.

因此，第三季成長率為 2.4%。範圍－我們的長期展望範圍大概在 3% 到 5% 之間。所以只有一個月的時間。僅憑一個月的結果，很難提供比這更清晰的指導。但從本質上講，我們正在進入 3% 到 5% 的長期區間，這顯然是非常積極的。

Okay. And any thoughts around anything you're hearing around industry trends as we extend into 2026?

好的。對於您聽到的有關2026年行業趨勢的任何想法？

Yes, I'll take that. I mean, look, I think as we've said, the industry drivers around what's happening with used car prices that are up to kind of flat to slightly up, certainly helping the total loss situation. And then I think as insurance premiums come down, our expectation is that people will better insure themselves and put themselves in a better coverage position, which will ultimately result in them being able to file a claim should they get into an accident.

是的，我要了。我的意思是，你看，我認為正如我們所說，行業驅動因素圍繞著二手車價格的走勢，二手車價格基本上持平或略有上漲，這肯定有助於減少全損情況。我認為，隨著保險費的下降，我們預期人們會更好地為自己投保，讓自己處於更好的保障狀態，最終使他們在發生事故時能夠提出索賠。

Okay. That's helpful. One question I just wanted to maybe get some explanation on is with the Joe Hudson's acquisition. You talked about it was about a $1.3 billion purchase price, but then you also mentioned briefly that it was kind of net of tax, it's more like $1.15 billion. Can you just walk us through how that delta works and how we should be thinking about your tax rates and kind of like for what duration or how structural is this going to be on a go-forward basis?

好的。那很有幫助。我有一個問題想請教一下，那就是關於喬·哈德森的收購。你之前提到收購價格約 13 億美元，但後來你又簡單提到，扣除稅金後，實際價格約 11.5 億美元。您能否為我們解釋一下這個差額是如何運作的，以及我們應該如何考慮您的稅率，還有，從長遠來看，這將如何發展或具有結構性影響？

And I guess the cash tax impact of all that would be helpful, too.

我想，所有這些對現金稅的影響也會有所幫助。

Sure. Yes. Thanks, Chris. So really, what we're talking about is the fact that through the structuring of this transaction, we're able to get full tax shield or tax shelter on approximately $1 billion worth of the purchase price. And so we're going to be able to have tax amortization that's going to shelter not only what we expect to be Joe Hudson's net income, for a period of time to use up that shelter, but also some of Boyd's taxable income as well.

當然。是的。謝謝你，克里斯。所以，我們真正要討論的是，透過這筆交易的結構設計，我們可以獲得約 10 億美元的收購價的全額稅收優惠或避稅優惠。因此，我們將能夠進行稅收攤銷，這不僅可以在一段時間內抵扣我們預期的喬·哈德森的淨收入，還可以抵扣博伊德的部分應稅收入。

So there's going to be this opportunity where from an accounting perspective, we'll still be recognizing tax -- income tax expense at the same level, but it won't be on current tax. We will actually have cash tax savings. And so we'll pay very little cash taxes as long as we have those deductions over the next period of time. And we've essentially done a DCF on those savings to determine that the $1 billion of shelter, it's approximately $250 million, $260 million of actual tax deductions. And when you present value that, it results in $150 million current benefit.

因此，從會計角度來看，我們將有機會確認稅款——所得稅費用仍將維持在相同水平，但它將不再是當期稅款。我們實際上可以節省現金稅。因此，只要我們在接下來的這段時間內能夠享受這些扣除，我們就只需繳納很少的現金稅。我們基本上對這些節省金額進行了現金流量折現法 (DCF) 分析，以確定這 10 億美元的住房補貼，實際可抵扣的稅款約為 2.5 億美元至 2.6 億美元。當你把這些價值體現出來時，它會帶來1.5億美元的直接收益。

Derek Lessard, TD Cowen.

Derek Lessard，TD Cowen。

Congrats all around. Just a couple of questions for me. Outside of the Joe Hudson's acquisition, it does look like sort of your bread and butter type SSO, MSO acquisitions have picked up the pace in the last couple of quarters. Just wondering if you can maybe talk about the drivers behind that and sort of the outlook going forward.

恭喜大家！我還有幾個問題想問一下。除了 Joe Hudson 的收購案之外，看起來確實像你常見的 SSO、MSO 類型的收購在過去幾個季度加快了步伐。想問問您能否談談背後的驅動因素以及未來的展望。

Yes. Well, I think, first of all, we've always suggested that we'd get back to a level where we had been historically, where we're planning for 80 to 100 units a year. We did have a slower start to the quarter or to the first half of the year. That was primarily driven by just what was happening in the market itself, tougher to put new locations in the ground when the market backdrop is soft. It's just tougher to get insurance carrier support when we're doing that.

是的。嗯，我認為，首先，我們一直都表示，我們會恢復到我們過去達到的水平，也就是我們計劃每年生產 80 到 100 套單元房。本季或上半年開局較為緩慢。這主要是由市場本身的狀況所驅動的，當市場環境疲軟時，開發新地點就更加困難。這樣做的話，就更難獲得保險公司的支持。

So as the market starts to come back, it comes back to the larger players first. And so what we're seeing is probably a bit of an influx in the pipeline of those kind of smaller MSOs and single shops that are more willing to sell that, coupled with then our confidence in the ability to get those locations ramped to a level that we would expect them to ramp to over our normal maturity curve. That gives us the confidence to be able to turn on the acquisition pipeline a little bit more aggressively. In addition to that, we're starting to see the -- what we've also talked about is half of our growth coming from greenfield locations -- greenfield, brownfield locations, you're starting to see that pipeline mature.

因此，當市場開始復甦時，首先恢復的是大型企業的份額。因此，我們看到的情況可能是，規模較小的 MSO 和單店客戶數量有所增加，他們更願意出售這類產品，再加上我們有信心將這些門市的產能提升到我們預期的水平，使其符合我們正常的成熟曲線。這讓我們更有信心，可以更積極地啟動收購流程。除此之外，我們開始看到——我們也談到過——我們一半的成長來自新建項目——新建項目、改建項目，你開始看到這些項目正在成熟。

And as that pipeline matures to that 8 to 10 locations a quarter, it gives us that insulation that we need to really have almost a guaranteed number of new units opening every single quarter and then really the toggle becomes how are we going to do on the M&A side. And so far, the pipeline remains very robust. As we've outlined in the commentary with Joe Hudson's, we still expect -- even with Joe Hudson's, we still expect to acquire 80 to 100 or acquire or open 80 to 100 new locations every single year as part of our five-year plan. And the leverage positions that we referenced in the material include us continuing to open 80 to 100 new locations every single year.

隨著這條發展路徑成熟到每季 8 到 10 個地點，它為我們提供了所需的保障，幾乎可以保證每個季度都有一定數量的新店開業，然後真正的關鍵就變成了我們在併購方面會如何表現。目前來看，該管道系統依然非常穩健。正如我們在與 Joe Hudson's 的評論中所概述的那樣，我們仍然期望——即使有 Joe Hudson's，我們仍然期望每年收購 80 到 100 家門店，或者收購或開設 80 到 100 家新店，作為我們五年計劃的一部分。我們在資料中提到的槓桿優勢包括我們每年繼續開設 80 至 100 個新地點。

Great color, Brian. And then one final one for me. Just in terms of returning capital to shareholders, 2% dividend bump. Just how do you think about -- how do you think about that and the balance between growth and acquisitions and buybacks and dividend raises versus your leverage?

顏色真棒，布萊恩。最後，我還要再問一個。僅就向股東返還資本而言，股息提高了 2%。您是如何看待這個問題的？您是如何看待成長、收購、股票回購和提高股息與槓桿率之間的平衡的？

Yes, Derek. So we've obviously had a very, very conservative dividend payout ratio for a long time, and we've had a history of a very nominal increase annually really to help support the inclusion in certain funds. And so the vast majority of our free cash flow gets reinvested in the business because there's just lots of really attractive investments to be made to grow the business and expand EBITDA. And we think that, that is still our best use of capital, but this notional dividend and the notional increase are just there as part of inclusion in some funds.

是的，德里克。因此，我們長期以來一直保持著非常非常保守的股息支付率，而且我們歷來每年只進行非常小幅的增長，這實際上是為了支持被納入某些基金。因此，我們絕大部分的自由現金流都重新投資於業務，因為有許多非常有吸引力的投資可以促進業務成長和擴大 EBITDA。我們認為，這仍然是我們對資本的最佳利用方式，但這種名義股息和名目增長只是作為某些基金的一部分而存在的。

Mark Jordan, Goldman Sachs.

馬克喬丹，高盛集團。

As we think about the impact of tariffs, I'm wondering if you could give us some insight as to what you're seeing in terms of parts price inflation, maybe how much, if any, of it was a benefit to your same-store sales growth during 3Q? And I guess, how should we think about it going forward?

在考慮關稅的影響時，我想知道您能否就零件價格上漲方面給我們一些見解，例如，在第三季度，這些上漲對貴公司同店銷售成長產生了多大影響（如果有的話）？那麼，我們接下來該如何看待這個問題呢？

Yes. So look, I think parts price inflation continues to kind of creep up. If you look at it over the past -- if you look at a run from July to August, it's 2.9% up in July, 3.4% in August, 3.1% in September. As it relates to how much that's actually helping our same-store sales growth, I would tell you that the average cost of repair continues to be much lower or the average -- the increase in the average cost of repair continues to be much lower than it's been historically. If you look at the first half of the year, it's only up 0.9% and we only talk about the first half because it's the mature data that's out there.

是的。所以你看，我認為零件價格通膨仍在緩慢上升。如果回顧過去一段時間——例如從 7 月到 8 月，7 月上漲了 2.9%，8 月上漲了 3.4%，9 月上漲了 3.1%。至於這對我們同店銷售成長有多大幫助，我想說的是，平均維修成本仍然遠低於歷史水平，或者說平均維修成本的成長仍然遠低於歷史水平。如果只看上半年，只成長了 0.9%，我們只討論上半年的數據，因為目前只有上半年的數據比較成熟。

And that's coming off of '24 that was 3.7%, a '23 that was 7.4%. So I would tell you right now, what we're benefiting from is taking some market share in a down environment. We're taking market share because we're really focused on the success of our clients. Our stores are really dialed into making sure that they understand how to win with the clients, and that's putting us in a much better position to be able to take share in a down environment.

而 2024 年的增幅為 3.7%，2023 年的增幅為 7.4%。所以我現在可以告訴你，我們所受益的是，在市場低迷的環境下，我們搶佔了一些市場份額。我們之所以能夠搶佔市場份額，是因為我們真正專注於客戶的成功。我們的門市非常注重了解如何贏得客戶的青睞，這使我們能夠在低迷的市場環境中更好地搶佔市場份額。

Perfect. And I guess kind of thinking about that in terms of the repair costs you mentioned, how should we view that going forward in terms of total loss rates? Do you expect used vehicle values to be an offset there to raise the pre-collision values? Or how do you expect the repair costs to increase going forward?

完美的。我想，考慮到您提到的維修成本，我們該如何看待未來的全損率？您是否認為二手車價值會抵銷部分成本，從而提高碰撞前車輛的價值？或者，您預計未來的維修成本將如何成長？

Yes. I mean I think there's no reason to expect that it won't return back to kind of those normal levels where we always say that our growth algorithm contemplates an average repair cost -- our average repair cost growing at 3% to 5% with the market backdrop from a claims perspective that's down roughly 1%. I think we're headed towards a claims environment where we're now starting to see that 3% to 5%. That's coming off a down 6% to 8% and a down 9% to 10% in Q1 and -- Q2 and Q1, respectively. So we're seeing the claims environment start to come back closer to that down 1% to 2%.

是的。我的意思是，我認為沒有理由認為它不會恢復到我們一直所說的正常水平，我們的成長演算法考慮的是平均維修成本——我們的平均維修成本增加了 3% 到 5%，而從理賠角度來看，市場背景下降了大約 1%。我認為我們正走向一個索賠率達到 3% 到 5% 的環境。此前第一季下降了 6% 至 8%，第二季下降了 9% 至 10%。因此，我們看到索賠環境開始回落到接近下降 1% 到 2% 的水平。

I would expect as total loss rates start to react accordingly because used car prices are going up. And I don't think we've seen yet the influx of used car price increases to the extent that I think they will. But as they do continue to go up, I would expect total losses to come down. I'd expect those tickets, those larger tickets to come back into our repair facilities. And as that happens, I'd expect the overall to continue to increase. When you look at what CCC reports the increase in labor rates, that's still up around 4%, 4.5%.

我預計隨著二手車價格上漲，全損率也會隨之做出相應反應。而且我認為我們還沒有看到二手車價格上漲的幅度達到我預期的程度。但隨著虧損額持續上升，我預期總虧損額將會下降。我預計那些罰單，那些金額較大的罰單，都會送回我們的維修中心。隨著這種情況的發生，我預計整體水準將繼續上升。根據 CCC 的報告，勞動成本上漲了 4% 到 4.5%。

So the rates themselves are increasing. The part prices, as I referenced earlier, are still continuing to increase. What's really offsetting that is the larger tickets coming out of the shop and the mix effect of that going backwards.

所以利率本身也在上升。正如我之前提到的，零件價格仍在持續上漲。真正抵消這種影響的是商店裡更大的訂單金額以及由此產生的反向混合效應。

Steve Hansen, Raymond James.

史蒂夫漢森，雷蒙德詹姆斯。

Brian and Jeff, your outlook commentary on same-store growth momentum carrying into Q4 is certainly encouraging. I'm just curious if there's any soft spots buried within that just insofar that the weather was a bit slow to emerge through October. It seems to be showing up finally now, but it's still encouraging nonetheless. But do you have any disparity in the regional performance on that recovery?

Brian 和 Jeff，你們對同店成長動能延續到第四季的展望評論確實令人鼓舞。我只是好奇，如果十月天氣轉暖的速度比較慢，會不會有什麼隱憂。現在看來終於顯現出來了，但這仍然令人鼓舞。但您認為各地區在經濟復甦上是否有差異？

Nothing that's different than what we've seen even historically. I mean, the West still remains a little depressed versus the rest of the country, which -- but it has been depressed. But as the markets returned, we see it returning to the same pace as the rest of the country. And to your point, we got a pretty good snowstorm here across much of the Midwest over the last couple of days, which is quite early in the year for us. So we would hope that some of that actually even provides some incremental tailwind to the business in the fourth quarter.

沒有什麼特別之處，即使是歷史上我們也從未見過這種情況。我的意思是，與美國其他地區相比，西部地區仍然有些蕭條，但西部地區一直都很蕭條。但隨著市場回暖，我們看到它正以與全國其他地區相同的速度恢復發展。正如你所說，過去幾天，中西部大部分地區都遭遇了一場相當大的暴風雪，這對我們來說是相當早的季節。因此，我們希望其中一些因素實際上能在第四季度為業務帶來一些額外的利好。

Very helpful. And just wanted to go back to an enterprise agreement you signed with Mitchell back in October, at least for the Gerber side of your platform. Can you maybe just elaborate on the motivation there and how you think that impacts sort of some of the volume pull into 2026 as you stand that agreement up?

很有幫助。我只是想回顧一下您去年十月與 Mitchell 簽署的企業協議，至少是針對您平台上的 Gerber 部分。您能否詳細說明背後的動機，以及您認為這項協議將如何影響 2026 年的銷售成長？

Yes. Yes. Well, a couple of things there. I mean you also saw earlier in the -- I think it was in the third quarter that the largest insurance carrier came out and said that they've agreed to allow for -- to allow service providers to use either platform, CCC or Mitchell. And as you well know, the second largest carrier in the US actually exclusively uses Mitchell.

是的。是的。嗯，有兩件事。我的意思是，你也看到了，早些時候——我想是在第三季度——最大的保險公司表示，他們已經同意允許——允許服務提供者使用CCC或Mitchell這兩個平台。如你所知，美國第二大航空公司實際上只使用 Mitchell 的服務。

So our agreement with Mitchell is really to make sure that we're continuing to position ourselves to meet our customers where they're at regardless of what platform they want to use, we're going to be amenable to that. And I think this just opens up the possibility for us to continue to grow with both of those carriers.

因此，我們與 Mitchell 達成的協議是，確保我們能夠持續調整自身定位，以滿足客戶的需求，無論他們想使用什麼平台，我們都會配合。我認為這為我們與這兩家運營商繼續發展壯大創造了可能性。

Daryl Young, Stifel.

達裡爾·楊，斯蒂費爾。

I just wanted to follow on that Mitchell line of thinking and questioning. Is there any added complexity or cost that's going to be associated with running dual systems going forward?

我只是想沿著米切爾的思路和提問方式繼續探討。未來運行雙系統是否會增加任何複雜性或成本？

Complexity, yes. I mean, it does create a little bit of complexity. But when we have -- when -- typically, when we have dual platforms in the shops like that, we're really only talking about the estimatics platform, not the shop management. So -- and we do have proficiency in the shop right now to write in Mitchell. We write in Mitchell for other customers as well.

確實很複雜。我的意思是，這確實會增加一些複雜性。但是，當我們在這樣的商店使用雙平台時，我們通常只談論估價平台，而不是商店管理平台。所以——而且我們現在店裡確實有人能熟練地用米切爾的語言寫作。我們也為其他客戶撰寫米切爾的文章。

And so I don't see that it being an inhibitor to that. And look, at the end of the day, we need to build the proficiency in the shops to make sure that they can write in either platform.

所以我認為這不會成為阻礙因素。歸根究底，我們需要提升門市員工的熟練程度，確保他們能夠使用這兩個平台進行寫作。

I tell our shops, I don't -- it doesn't matter to me if carriers want us to write estimates in Crayon, we have to be in a position where we can meet the customers where they're at and take care of the volume that comes to us. So complexity, a little bit. From a cost perspective, not substantial. We don't expect to see a lot of incremental costs associated with running both platforms.

我告訴我們的店員，我不在乎承運商是否要求我們用 Crayon 字體編寫估價單，我們必須能夠滿足客戶的需求，並處理好送到我們這裡的業務量。所以，複雜程度有點高。從成本角度來看，並不算高。我們預計運行這兩個平台不會產生太多額外成本。

Got it. And then one more on margins. The Joe Hudson's platform obviously has very strong margins, and you called out density as a key component. That's also -- density also seems to be a key part of your five-year plan. Does Joe Hudson's basically lay out the road map for you in terms of what we should expect to see on margins for the Gerber platform in the US?

知道了。然後還有一篇關於邊際效益的文章。Joe Hudson 的平台顯然利潤率非常高，而你指出密度是關鍵因素。密度似乎也是你們五年計畫的關鍵部分。Joe Hudson 基本上是否為你描繪了 Gerber 平台在美國的利潤率預期路線圖？

And does this give you optimism you could maybe deliver faster or higher than the five-year plan on your consolidated margin?

這是否讓您樂觀地認為，您或許能夠比五年計畫更快或更高地實現合併利潤率目標？

Yes. I would -- I mean, look, we have the roadmap inside of Boyd as well. We talked about on the -- during the Joe Hudson's calls, the one thing that we see in our own business is if you were to look at our North division, which is where we have the most density, particularly around Illinois, Michigan and in markets like that. We have a similar profit profile as Joe Hudson's. So we have the road map.

是的。我的意思是，你看，博伊德內部也有路線圖。我們在喬·哈德森的電話會議上談到，在我們自己的業務中，我們看到的一件事是，如果你看看我們的北部地區，那裡是我們人口密度最高的地方，尤其是在伊利諾伊州、密西根州以及類似的市場。我們的獲利模式與喬·哈德森的類似。所以我們有了路線圖。

That's why when we came out with our five-year plan, we talked a lot about building density because we know that density matters both -- it matters to our relationships with carriers and their reliance on us in the marketplace.

這就是為什麼我們在製定五年計畫時，著重強調了提高密度的重要性，因為我們知道密度至關重要——它關係到我們與營運商的關係，也關係到他們在市場上對我們的依賴。

It matters to us with our dealer relationships where we buy our OE parts from. The denser we are, the bigger we are in the marketplace, the more profitable our parts relationships become. And then we're much more stable from a workforce perspective when we're one of the larger players. So those were the drivers of us acknowledging that in our five-year plan. Joe Hudson's just happens to be a shining example of when you stay disciplined, what happens.

我們與經銷商之間的關係對我們至關重要，因為我們需要從哪裡採購原廠配件。我們的密度越高，我們在市場上的規模就越大，我們的零件合作關係就越有利可圖。而且，當我們成為規模較大的公司之一時，從員工團隊的角度來看，我們會更加穩定。所以，這些就是我們在五年計畫中承認這一點的驅動因素。喬·哈德森恰好就是一個保持自律就能取得成功的絕佳例子。

And so I think we have the road map internally. We now have the roadmap with Joe Hudson's as well or we have another point of validation with Joe Hudson's.

所以我認為我們內部已經有路線圖了。我們現在也有了喬·哈德森的路線圖，或者說，我們有了喬·哈德森的另一個驗證點。

Certainly, you would expect that as we blend in 258 new sites at what was reported in the financials at 14.4%, you'd expect that to accelerate our path to -- the timing of our path to 14% because we're blending in a very healthy business and actually have profit to go on top -- have synergies to go on top of that. So yes, I would expect that to be the case.

當然，正如財務報告所顯示的那樣，隨著我們整合 258 個新站點，佔比達到 14.4%，你會期望這將加快我們實現 14% 目標的步伐，因為我們正在整合一個非常健康的業務，並且實際上還有利潤可以疊加——還有協同效應可以疊加。是的，我預計情況就是這樣。

Gary Ho, Desjardins Capital Markets.

Gary Ho，德斯賈丁資本市場。

Yes. So a couple of questions on my side. First, just maybe just go back to the -- put a finer point on the Mitchell question. So I know in your annual filings, you disclosed the top two in terms of contribution to revenue. I'm assuming that's neither of them is kind of related to kind of the Progressive that you kind of mentioned in the past.

是的。我這邊有幾個問題。首先，或許應該回到——更詳細地闡述米切爾的問題。我知道在你們的年度報告中，你們揭露了兩個對收入貢獻最大的項目。我猜想他們倆都和您之前提到的進步派人士沒有關係。

Can you maybe give us a sense its contribution today, it's the third largest player, where would that be? And how quickly can you ramp up to get to that natural penetration do you think? Is it relatively quick? Is it 12 or 24 months? I just want to pick your brain on that.

您能否簡要介紹一下它目前的貢獻？它是第三大玩家，具體貢獻在哪裡？你認為要多快才能達到自然滲透的效果？速度相對較快嗎？是12個月還是24個月？我只是想就這個問題請教你一下。

Yes. Well, look, we're not going to disclose anything more than what we've already disclosed in terms of top carrier relationships. Again, I would just reiterate the point that as one of the larger players in the space, we need to be able to serve our customers the way they want to be served. Opening up Mitchell just gives us the opportunity to do that with -- on a much more broad scale with the second largest -- certainly with the second largest carrier in the US.

是的。嗯，你看，關於與頂級運營商的關係，我們不會透露比我們已經透露的更多的資訊。我再次重申，作為該領域規模較大的企業之一，我們需要能夠以客戶希望的方式為他們提供服務。開放米切爾航空讓我們有機會與美國第二大航空公司——當然是美國第二大航空公司——在更廣泛的範圍內合作。

And as it relates to then the first largest carrier in the US their openness and willingness to be able to use both platforms gives us the ability and the confidence then to be able to leverage that platform in our stores and start to build the proficiency on Mitchell that allows us to then be able to -- regardless of platform, be able to take care of customers. So I think I'll leave it at that. I don't -- there's really nothing more to say than we're making sure that we're being responsive to our customers' needs, and we're going to continue to do that, and we're going to continue to train and educate the organization as fast as we possibly can to make sure that's happening.

至於當時美國最大的營運商，他們開放的態度和使用這兩個平台的意願，使我們有能力和信心在我們的門市中利用該平台，並開始培養 Mitchell 的熟練度，從而使我們能夠——無論使用哪個平台——都能照顧好客戶。所以我想我就說到這裡吧。我沒什麼好說的了——我們一直在努力確保能夠回應客戶的需求，我們將繼續這樣做，並且我們會盡快對組織進行培訓和教育，以確保這一點得以實現。

Okay. Got it. Okay. And then my next question, I know in your Joe Hudson's kind of presentation, you talked about a pro forma 9.3 times multiple that kind of bakes in $19 million of EBITDA for mature store contribution. That does seem sizable to me just relative to the $63 million of EBITDA after rent on an LTM basis.

好的。知道了。好的。接下來我的問題是，我知道在您關於喬·哈德森的演講中，您談到了 9.3 倍的備考倍數，其中包含了成熟門市貢獻的 1900 萬美元 EBITDA。在我看來，相對於過去 12 個月扣除租金後的 6,300 萬美元 EBITDA 而言，這確實相當可觀。

So what has to happen for you to hit that $19 million of contribution?

那麼，要達到1900萬美元的捐款目標，需要發生什麼事呢？

Yes. Well, look, it's really more reflective of the fact that Joe Hudson's has bought 140 locations in the last three years. So when you think about 140 of the 258 coming in the last three years, there's just a lot of locations that are maturing. So nothing, I think, special needs to happen other than that those locations need to reach their full scale. The one benefit I would think we have right now is it feels like the market is kind of at a bit of an inflection point.

是的。其實，這更反映了喬·哈德森在過去三年裡收購了 140 家門市的事實。所以，考慮到 258 個專案中有 140 個是在過去三年內開發的，這意味著很多地方都已經成熟了。所以，我認為，除了這些場所需要達到全部規模之外，不需要發生任何特別的事情。我認為我們現在擁有的一個好處是，感覺市場正處於一個轉捩點。

So it might be that we've actually been able to procure or to buy this business with a set of maturing stores that might be able to accelerate in a much more expedient fashion than we were anticipating. So I think that it's nothing more than just the size, the sheer number of locations that are maturing.

因此，我們或許已經能夠收購或購買這家企業，它擁有一系列日漸成熟的門市，這些門市的發展速度可能會比我們預期的要快得多。所以我認為這只是規模的問題，是成熟地點的數量太多了。

Okay. Great. Maybe I can sneak in a quick numbers question for Jeff. Just on your slide on pro forma leverage, 3.4 times post close, expected to return to 2.7 times as early as '27. Correct me if I'm wrong.

好的。偉大的。或許我可以偷偷問傑夫一個關於數字的問題。僅就您關於備考槓桿率的幻燈片而言，收盤後為 3.4 倍，預計最早在 2027 年將回落至 2.7 倍。如果我錯了，請指正。

I don't believe that takes into account kind of the overallotment of the equity raise. So now you have all the final pieces in place and the debt deal, does that change the 3.4 times and the timing to get back to the 2.7 times?

我認為這並沒有考慮到股權融資的超額分配問題。現在所有細節都已到位，債務協議也已達成，那麼3.4倍的周期以及回到2.7倍的周期時間會改變嗎？

Yes, that's a great pickup, Gary. Yes, we've rerun those numbers based on the overallotment that we executed recently. And so yes, now we believe that at closing, we'd be at 3.1 times and believe that we would get to approximately 2.6 times within the end of 2026.

是的，加里，你這筆交易很棒。是的，我們已經根據最近執行的超額配售重新計算了這些數據。所以，是的，我們現在相信，在交易完成時，我們的本益比將達到 3.1 倍，並且相信到 2026 年底，我們將達到大約 2.6 倍。

Bret Jordan, Jefferies.

Bret Jordan，傑富瑞集團。

I guess when you think about the comps being within the 3% to 5% range, is it realistic to think about them being above that range in the first half of '26, just given the low bar? Or is what you're seeing in a ramp still pretty modest?

我想，考慮到同業比較的成長率在 3% 到 5% 的範圍內，考慮到較低的基準，認為 2026 年上半年的成長率會高於這個範圍現實嗎？或者說，你看到的坡道還是相當簡陋？

Yes. I think it's certainly conceivable given that we're basing it off a lower -- sort of a more challenged environment as a low comp period. A normal level of growth with a low comp could see us exceeding that 3% to 5% for a period of time. We haven't seen that yet. So we're only commenting on what we're seeing thus far this quarter.

是的。我認為這是完全有可能的，因為我們是以一個較低的——某種程度上更具挑戰性的環境——作為低競爭時期的基準。在較低的同業競爭水準下，正常的成長速度可能會讓我們在一段時間內超過 3% 到 5% 的成長率。我們還沒看到這種情況。所以我們目前只對本季迄今所看到的情況進行評論。

But we have seen some low comps. And if you look at our history, when you see periods of low comps, they typically are followed by periods of higher same-store sales naturally. But as I said, we can't tell that for sure, but it's a reasonable thing to be considering.

但我們看到一些比較數據較低。如果你回顧我們的歷史，你會發現，當同店銷售額出現低迷時期時，通常隨後就會出現同店銷售額自然上升的時期。但正如我所說，我們不能肯定這一點，但這確實是一個值得考慮的合理因素。

Do you have any color on the Joe Hudson's comp, their relative performance versus yours in the period?

您能否提供一些關於喬·哈德森的比較數據，以及他們同期與您相比的相對錶現？

Yes. We think they were slightly behind where we were at in the current period.

是的。我們認為他們在當前階段的進度略微落後於我們。

And then --

進而--

I think they had been stronger, though. I think they had been stronger throughout the first part of the year.

但我認為他們曾經更強大。我認為他們在今年上半年表現更強。

Yes. They were actually up in the first part of the year and then slightly behind where we finished in the third quarter. But I think, look, I mean, there is obviously going through a lot of distractions and a lot of activity in the third quarter as well. So nothing to really read into that.

是的。他們實際上在年初的時候領先，然後在第三季結束時略微落後於我們。但我覺得，你看，我的意思是，很明顯，第三季也有很多幹擾因素和很多活動。所以沒什麼好過度解讀的。

And then a quick question on the insurance pricing that you were commented on. Do policies need to actually come down on an absolute basis or just moderating or going up less to get the consumer to be either putting deductibles lower or putting comprehensive back on?

然後，我想快速問一下您之前提到的保險定價問題。保費真的需要大幅下降，還是只需要適當降低漲幅，就能促使消費者降低自付額或重新購買綜合保險？

Well, I think there's a couple of things that will happen. One, there's a tremendous amount of switching that's happening. So as people switch, I think there's going to be a higher propensity to better position themselves from a coverage perspective. There have been two of the large carriers have -- State Farm actually filed to -- with the regulatory environment -- regulatory group to put a 10% premium decrease in the state of Florida. And then you also saw that Progressive announced that they were going to put $1 billion, which is roughly $300 a vehicle into the state of Florida as a decrease.

嗯，我覺得會有兩件事發生。第一，現在發生了大量的轉換。因此，隨著人們的轉變，我認為他們會更傾向於從覆蓋範圍的角度更好地定位自己。兩家大型保險公司——其中 State Farm——已向監管機構提交申請，要求在佛羅裡達州降低 10% 的保費。然後，你還看到 Progressive 宣布他們將向佛羅裡達州投入 10 億美元，這大約相當於每輛車 300 美元，作為減免。

So our thought is if you can't afford the insurance coverage that you're in, people need to start -- and we saw this. We saw this coming out of the recession as well. People better insure themselves when they start making switches or they start to see the carrier or the pricing decreases, and that's what we're expecting.

所以我們的想法是，如果你負擔不起你現在的保險，人們就需要開始購買保險——而我們也看到了這一點。我們在經濟衰退後也看到了這種情況。人們在開始更換運營商或發現運營商或價格下降時，最好為自己購買保險，而這正是我們所預期的。

Nathan Po, National Bank Capital Markets.

Nathan Po，國家銀行資本市場部。

I just want to pull on that thread a bit more regarding what you saw in the last recession and talk about or ask about kind of the time line that you might expect between insurance companies decreasing rates, people noticing this, better insuring themselves and how that finally translates into more volumes in your repair facilities?

我想就您在上次經濟衰退期間的觀察再深入探討一下，談談或詢問一下，您認為保險公司降低費率、人們注意到這一點、更好地為自己投保，以及最終如何轉化為您維修設施業務量的增加，這之間大概存在怎樣的時間線？

Yes. Well, look, I'd start off by saying the reasons for the softness in those two periods was very different. During the recession, people were out of work, unemployment was high. And what really brought it back in line was people actually getting back to work and then kind of getting themselves back into a better financial position in order to be able to better insure themselves. So that took a longer period of time.

是的。嗯，首先我要說的是，這兩個時期經濟疲軟的原因截然不同。經濟衰退期間，人們失業，失業率很高。真正讓情況好轉的是人們重返工作崗位，然後讓自己恢復到更好的財務狀況，以便更好地為自己投保。所以這花了更長的時間。

It took roughly two to three years for that to really work itself out of the system. And what we've talked about historically is what you see when that's working itself out as you see collision claims, which is the first-party claim, the one that's the at-fault party go down disproportionate to the liability claims, liability claims being the best indication of accident frequency.

大約花了兩到三年時間，這個問題才真正從系統中徹底解決。我們過去討論過的是，當這種情況發生時，你會看到碰撞索賠（即第一方索賠，也就是有過錯的一方的索賠）與責任索賠相比下降得不成比例，而責任索賠是事故頻率的最佳指標。

So as liability claims have been much more stable in that kind of down 3%-ish even through this period, the same thing we saw was happening on collision claims, which leads us to believe that when collision claims are filed, it's because the at-fault party can't afford their deductible or they don't have collision coverage. So as the second part of the question, when does it return? The immediacy of nobody would take the premium decrease and then go back later on and add the coverage. So my suspicion is that what's happening is as people go to switch their insurance, the carriers are having conversations around I can save you a couple of hundred dollars.

因此，儘管責任索賠在此期間一直保持著大約 3% 的下降幅度，相對穩定，但碰撞索賠也出現了同樣的情況，這讓我們相信，當碰撞索賠被提出時，是因為過錯方付不起免賠額，或者他們沒有碰撞保險。那麼，問題的第二部分是：它何時回歸？沒有人會先降低保費，然後再回來添加保險。所以我懷疑，現在的情況是，當人們準備更換保險公司時，保險公司之間會進行一些談判，例如「我可以幫你省下幾百美元」。

And at the same time, I can actually put you in a lower deductible plan, and I can add back collision coverage and the consumers are generally making decisions at that point in time. When they get a premium decrease, probably -- look, the point of having insurance is to be able to use it if you need it. So if you have insurance and you put yourself in a position where you can't afford the deductible should you get into an accident, it's kind of pointless to have it. So I think, generally speaking, I would assume that people are trying to educate the agents and the insurance carriers are educating consumers around get yourself in a position to where if something did happen, you can actually use it.

同時，我還可以幫您選擇較低的免賠額計劃，並重新增加碰撞險，而消費者通常會在這個時候做出決定。當他們獲得保費降低時，可能——你看，買保險的意義就在於能夠在需要時使用它。所以，如果你買了保險，但又讓自己陷入一旦發生事故就無力支付自付額的境地，那麼買保險就有點毫無意義了。所以總的來說，我認為人們正在努力教育保險代理人，而保險公司也在教育消費者，讓他們做好準備，以便在發生意外時真正利用保險。

And I think when they've got the ability to have that conversation with decreases coming in, obviously, their objective is going to be to preserve the amount of premium that they can. The way they can preserve some premium is to increase the coverage.

我認為，當他們有機會就保費下降的問題進行討論時，很顯然，他們的目標將是盡可能地保留保費收入。他們可以透過增加保險範圍來節省部分保費。

Got you. I'll swap over to M&A. So with Joe Hudson's padding out your Southeastern presence, where does your focus now shift geographically after that's been integrated or in the books?

抓到你了。我將轉職到併購領域。喬·哈德森的加入壯大了你們在東南部的業務，那麼在業務整合或完成之後，你們的地理重心將轉移到哪裡呢？

Yes. Look, I don't see any meaningful shift. There's still plenty of -- given how fragmented the market is, there's still plenty of growth opportunities for us across the Southeast as well as the rest of the United States. So I would expect us to continue to be active in the Southeast. We pick up two new states with Joe Hudson's, West Virginia, and Mississippi.

是的。你看，我沒看到任何實質的改變。鑑於市場分散程度，我們在東南部以及美國其他地區仍然有很多成長機會。因此，我預計我們將繼續在東南部地區活動。我們新增了兩個州，分別是喬·哈德森所在的西維吉尼亞州和密西西比州。

So I'd expect to see continued growth. It just really opens up a lot more white space for us to be able to build out density. So it puts us in -- as we talked about on the call, it puts us in the number one position in 14 new markets and the number two position in two new markets continuing to build out those markets and fill in any white space really is part of our market planning initiative that we kicked off earlier this year.

所以我預計會繼續成長。這確實為我們提供了更多的空白空間，使我們能夠增加建築密度。因此，正如我們在電話會議上談到的那樣，這使我們在 14 個新市場中處於第一的位置，在 2 個新市場中處於第二的位置，繼續拓展這些市場並填補任何空白實際上是我們今年早些時候啟動的市場規劃計劃的一部分。

Excellent. And with Joe Hudson's now out of the MSO pool, are you able to describe what the MSO pipeline looks like now in terms of size?

出色的。鑑於 Joe Hudson 已退出 MSO 池，您能否描述一下目前 MSO 管道的規模？

Yes. Well, I mean, Joe Hudson was one of the assets that was longer in their hold period with private equity. So the pipeline of larger transactions, most of them are fairly immature in their hold period. So the pipeline of larger deals like that is probably pushed out to the, call it, the two- to five-year period of time. But there are still plenty of, call it, 3 to 10 store locations that are out there that you're seeing us be a lot more active in right now.

是的。嗯，我的意思是，喬·哈德森是私募股權公司持有時間較長的資產之一。因此，在較大交易的流程中，大多數交易的持有期還相當不成熟。因此，像這樣的大型交易的推進可能會推遲到兩到五年的時間。但是，目前我們仍然在許多規模較小的門市（例如 3 到 10 家）開展業務，而且我們在這方面也更加活躍。

Obviously, the L&M transaction gave us eight new locations. The new -- the business in Nova Scotia gave us five locations.

顯然，L&M 的交易為我們帶來了八個新的營業地點。新業務－新斯科細亞省的業務使我們有了五個營業地點。

So we're starting to get a lot more active, and they're starting to see a lot more activity in that kind of, call it, smaller MSO, smaller regional MSO category that we're going to continue to be very active in while the other ones get longer in their hold period and come back to the market again. And if they make sense for us, then we'll continue to be participative at that point in time.

所以我們開始變得更加活躍，他們也開始看到在所謂的較小MSO、較小區域MSO類別中出現更多活動，我們將繼續在這個類別中保持非常活躍的狀態，而其他類別則會延長持有期，然後再次回到市場。如果這些提議對我們有意義，那麼屆時我們將繼續參與。

Got you. And one last one for me. With the new entry into Nova Scotia, if you take a step back, are you seeing any major valuation differentials between Canada and the US between like single stores or multi-stores?

抓到你了。最後，我還要再問一個。隨著新業務進入新斯科細亞省，從另一個角度來看，您是否發現加拿大和美國在單店或多店等估值方面有任何重大差異？

Well, I mean, no. And we haven't been as active in Canada recently. But I think as our leader in Canada has really gotten that business back on track, we've seen the Canadian marketplace emerge the same way we've seen some of the benefits we've seen in the US, we're really refocusing in on continuing to build out the Canadian market. And I'm really happy that we open up a new province with a lot of white space for us to be able to go build out.

嗯，我的意思是，不是。而且我們最近在加拿大的活動也不像以前那麼頻繁了。但我認為，隨著我們在加拿大的領導層真正讓這項業務重回正軌，我們看到加拿大市場以同樣的方式復甦，並獲得了我們在美國看到的一些好處，我們正在重新聚焦於繼續發展加拿大市場。我很高興我們開拓了一個擁有廣闊發展空間的新省份。

Tristan Thomas-Martin, BMO Capital Markets.

Tristan Thomas-Martin，BMO資本市場。

I think it's kind of been asked in a couple of ways. I was just curious, is there any -- outside of insurance pricing and used car values, is there any correlation between consumer confidence levels and claims volumes?

我覺得這個問題已經被問過好幾種方式了。我只是好奇，除了保險定價和二手車價值之外，消費者信心水平和索賠量之間是否存在任何相關性？

Probably, but harder to -- certainly harder to quantify. I mean the one thing that we can correlate and we have seen move as the drivers have moved is those drivers being what's happening with premiums and what's happening with used car prices. We've said those were the two kind of cyclical things that were happening that were driving the claims softness. And as those things have started to show signs of improvement, so have the claims environment. So I think it gives us a fairly high degree of confidence in the correlation between those two drivers and what's happening in the industry.

或許如此，但更難──當然也更難量化。我的意思是，我們可以將駕駛員的出行與保費和二手車價格的變動聯繫起來，而且我們已經看到這些駕駛員的出行也影響著二手車價格的變動。我們說過，正是這兩個週期性因素導致了理賠疲軟。隨著這些情況開始出現好轉跡象，理賠環境也隨之改善。所以我認為這讓我們對這兩個驅動因素與產業現狀的相關性有了相當高的信心。

Does it -- is there some incremental positive or negative associated with consumer sentiment, as I said, probably, but much harder to quantify.

是否如此——正如我所說，消費者情緒是否會產生一些正面的或負面的影響？可能存在，但很難量化。

Okay. And then just one more. The $35 million to $45 million of potential synergies, my understanding is it's all operational. Is there any way to think about maybe potential top line synergies or market share from this densification?

好的。然後，就再來一個。據我了解，3500萬至4500萬美元的潛在協同效應全部都與營運有關。能否考慮透過這種高密度化生產方式，或許能帶來潛在的營收綜效或市佔率提升？

There certainly is probably synergy opportunity as it relates to revenue. We haven't baked any of that into our thinking at this point. But we certainly believe that there's a benefit to densification and would anticipate that being upside to the transaction.

就收入而言，這很可能存在協同效應的機會。目前我們還沒有將這些因素納入考慮範圍。但我們堅信，提高密度是有益的，並預期這將是這筆交易的加分項。

Razi Hasan, Paradigm Capital.

Razi Hasan，Paradigm Capital。

Could you maybe just highlight the added relationships with insurance carriers that Joe Hudson's brings and the net new opportunities for Boyd? Is there much overlap between the two companies?

您能否重點介紹一下喬·哈德森為博伊德帶來的與保險公司的新增合作關係以及由此產生的新機會？這兩家公司之間有許多業務重疊嗎？

There's -- from an overlap of insurance carrier relationships, I mean, they're doing business with all the same carriers that we do business with. So there's no meaningful difference in the carrier makeup. So we don't see anything kind of anomalous there.

——從保險公司關係的重疊來看，我的意思是，他們與我們合作的所有保險公司都有業務往來。所以載體構成上沒有實質區別。所以我們沒有發現任何異常情況。

Okay. Great. And then just moving on to operating expenses as a percentage of sales. You mentioned indirect and direct procurement savings going forward. Could you maybe quantify that a bit just in terms of the impact in the coming quarters?

好的。偉大的。接下來，我們來看看營運費用佔銷售額的百分比。您提到了未來在間接和直接採購方面可以節省成本。您能否稍微量化一下，就未來幾季的影響而言？

Yes. I guess we'll stick to our -- the guidance that we've been providing all along that we sort of expect to get to $70 million worth of run rate benefit by the end of 2026. The indirect staffing model that we put through in Q2 of 2025 resulted in approximately $30 million of that $70 million. So we are expecting to be factoring another $40 million between the end of Q2 of 2025 and the end of 2026 is kind of the way we're thinking kind of in a ratable way is how we're modeling out so that by the end of 2026, you've got a run rate of $70 million.

是的。我想我們會堅持我們一直以來提供的指導，即我們預計到 2026 年底將實現 7000 萬美元的運行效益。我們在 2025 年第二季實施的間接人員配備模式，帶來了約 3,000 萬美元的收入，佔 7,000 萬美元的近一半。因此，我們預計在 2025 年第二季末到 2026 年底之間，還將增加 4,000 萬美元，我們是這樣考慮的，也是這樣以可分配的方式建模的，這樣到 2026 年底，運行率將達到 7,000 萬美元。

Okay. And that would impact the operating expense line, right?

好的。那會影響營運費用項，對吧？

Yes, primarily. There'll still be a little bit of wins on the gross margin side as well, but the majority of it would be coming from the OpEx line.

是的，主要是這樣。毛利率方面也會有一些成長，但大部分成長將來自營運支出方面。

Okay. Great. And maybe just lastly, I think on your presentation deck, you mentioned with Joe Hudson's acquisition, market share in the US close to 7.6%. Do I have that number right?

好的。偉大的。最後，我想在你的簡報中，你提到了喬·哈德森的收購，使得美國市場份額接近 7.6%。我記的號碼對嗎？

Yes, that is what we referenced in the materials.

是的，我們在資料中也提到了這一點。

(Operator Instructions) Sabahat Khan, RBC Capital Markets.

（操作員說明）Sabahat Khan，RBC Capital Markets。

Just on the Project 360 kind of the execution and as you look ahead to the integration of Joe Hudson's, I think there were some comments that it could be similar teams that execute this. Can you maybe just talk about the team that's going to deliver the synergies? Will you just sort of beef up your existing team? Will it be a separate integration team as we sort of work through 2026 to deliver on these targets and the synergies?

就 Project 360 的執行情況而言，展望未來 Joe Hudson 的整合，我認為有一些評論指出，可能會由類似的團隊來執行這項工作。您能否談談負責實現綜效的團隊？你們打算擴充現有團隊嗎？是否會成立一個獨立的整合團隊，以便我們在 2026 年實現這些目標和綜效？

Yes. So there are two things I'd add to that. One is, as part of Project 360, we opened up what's called a results delivery office to execute on those initiatives. What we're doing with Joe Hudson's is we're combining the results delivery office with an integration management office, and we're going to have that team responsible for going after now not just the $100 million that we committed to from a Project 360 perspective, but now the incremental $35 million to $45 million of synergies that we're anticipating from the Joe Hudson's transaction.

是的。所以，我還要補充兩點。其中之一是，作為「360 計畫」的一部分，我們開設了所謂的成果交付辦公室來執行這些措施。我們正在對 Joe Hudson's 進行的工作是，將成果交付辦公室與整合管理辦公室合併，我們將讓該團隊負責爭取的不僅是我們從 Project 360 的角度承諾的 1 億美元，還有我們預計從 Joe Hudson's 交易中產生的 3500 萬至 4500 萬美元的額外協同效應。

So that team and that process is very, very robust. The results delivery office, obviously, has proven that we can get the type of traction that we need. So many of the same resources that we're working on that are going to be what's now helping us with the actual synergy realization of the Joe Hudson's transaction. The leader of that, which is Kim Morin, who's done a phenomenal job of managing through the RDO process is also going to lead the IMO process now. That will be a much more fulsome approach to not just synergy realization, but making sure that we integrate the Joe Hudson's transaction properly.

所以這個團隊和這個流程非常非常穩健。顯然，成果交付辦公室已經證明，我們可以獲得我們需要的那種動力。我們正在努力利用的許多資源，也將幫助我們實現喬哈德森交易的實際綜效。該機構的負責人金莫林（Kim Morin）在 RDO 流程的管理方面做得非常出色，現在他也將領導 IMO 流程。這將是一種更全面的方法，不僅能實現協同效應，還能確保我們妥善整合 Joe Hudson 的交易。

The most important thing that we need to do in the short term is preserve the base business that we just bought and make sure that we keep the team stable in that organization because really our desire is to put the best of the best people on the field when we're done with the transaction. So the team has really dialed into making sure that happens. And I couldn't have any -- I couldn't be more confident in the leader that we have running it.

短期內我們最重要的事情是保住我們剛剛收購的基礎業務，並確保該組織內的團隊保持穩定，因為我們真正的願望是在交易完成後，將最優秀的人才派上賽場。所以團隊已經全力以赴確保這一點實現。我完全沒有後顧之憂——我對我們現任的領導人充滿信心。

Great. And then just continuing on that discussion, particularly as it relates to the procurement savings and maybe consolidating some of the purchasing, are the agreements with your vendors and the suppliers? Is there sort of a time line to these? Is it something you can following a major transaction, sort of call them all to the table? Understanding the Project 360 savings are quite front-end loaded.

偉大的。然後繼續討論這個主題，特別是關於採購節省以及可能整合一些採購方面，你們與供應商達成的協議是什麼？這些項目有時間安排嗎？在完成一筆重大交易後，是否可以把所有人都召集到談判桌前討論？了解 Project 360 的節省主要集中在前期投入。

Just wondering if the procurement savings related to Joe Hudson's could also maybe come a bit sooner than the rest of the synergies.

我只是想知道，與喬·哈德森公司相關的採購節省是否也能比其他協同效應更早實現。

Yes. I mean we've talked about slightly more than 50% of the savings coming in the first year when we talked about the Joe Hudson's transaction and our confidence in that really comes from the fact that we know that some of those procurement relationships will have an immediate benefit. So yes, you're right. We do expect some of that to be front-end loaded, and we expect the kind of more of the back-end synergies to be really more realized at the -- towards the tail end of the integration process.

是的。我的意思是，我們在談到喬·哈德森的交易時提到，第一年就能節省略多於 50% 的費用，我們對此充滿信心，是因為我們知道其中一些採購關係將立即帶來好處。是的，你說得對。我們預期其中一些成果會在前期得到體現，而後端協同效應則會在整合過程的後期階段得到更充分的實現。

There are no further questions at this time. I will now turn the call over to Brian for closing remarks.

目前沒有其他問題了。現在我將把電話交給布萊恩，請他作總結發言。

All right. Well, thank you, operator, and thank you all once again for joining our call today, and we look forward to reporting our fourth quarter results in March. Thanks again, and have a great day.

好的。好的，謝謝接線員，也再次感謝各位今天參加我們的電話會議，我們期待在三月公佈第四季業績。再次感謝，祝您今天過得愉快。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。