Dorman Products Inc (DORM) 2025 Q2 法說會逐字稿

Good morning, and thank you for standing by. Welcome to the Dorman Products second-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded.

早安，感謝您的支持。歡迎參加 Dorman Products 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I'd now like to turn the conference over to Alex Whitelam, Vice President of Investor Relations. Thank you, sir. Please go ahead.

現在我想將會議交給投資人關係副總裁 Alex Whitelam。謝謝您，先生。請繼續。

Thank you. Good morning, everyone. Welcome to Dorman's second-quarter 2025 earnings conference call. I'm joined by Kevin Olsen, Dorman's Chief Executive Officer; and David Hession, Dorman's Chief Financial Officer.

謝謝。大家早安。歡迎參加 Dorman 2025 年第二季財報電話會議。與我一起出席的還有 Dorman 執行長 Kevin Olsen 和 Dorman 財務長 David Hession。

Kevin will provide a quick overview of our recent performance, share our views across the business, and provide our updated guidance. Then David will review the quarterly results, and Kevin will then provide closing remarks before opening the call for questions.

Kevin 將簡要概述我們最近的表現，分享我們對整個業務的看法，並提供我們最新的指導。然後，David 將回顧季度業績，然後 Kevin 將在開始提問之前發表結束語。

By now, everyone should have access to our earnings release and earnings call presentations, which are available on the Investor Relations portion of our website at dormanproducts.com.

現在，每個人都應該可以存取我們的收益報告和收益電話會議演示文稿，這些都可以在我們網站 dormanproducts.com 的投資者關係部分找到。

Before we begin, I'd like to remind everyone that our prepared remarks, earnings release, and investor presentation include forward-looking statements within the meaning of federal securities laws. We advise listeners to review the risk factors and cautionary statements in our most recent 10-Q, 10-K, and earnings relief for important material assumptions, expectations, and factors that may cause actual results to differ materially from those anticipated and described in such forward-looking statements.

在我們開始之前，我想提醒大家，我們準備好的評論、收益報告和投資者介紹包括聯邦證券法所定義的前瞻性陳述。我們建議聽眾查看我們最近的 10-Q、10-K 和收益減免中的風險因素和警告聲明，以了解重要的實質假設、預期和因素，這些假設、預期和因素可能導致實際結果與此類前瞻性聲明中預期和描述的結果存在重大差異。

We'll also reference certain non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are contained in the schedules attached to our earnings release and in the appendix to this earnings call presentation, both of which can be found on the Investor Relations section of Dorman's website.

我們也將參考某些非公認會計準則指標。這些非 GAAP 指標與最直接可比較的 GAAP 指標的對帳表包含在我們收益報告所附的時間表和本收益電話會議報告的附錄中，這兩份文件都可以在 Dorman 網站的投資者關係部分找到。

Finally, during the Q&A portion of today's call, we ask that participants limit themselves to one question with one follow-up and to rejoin the queue if they have additional questions.

最後，在今天電話會議的問答環節，我們要求參與者只提出一個問題並進行一次後續提問，如果有其他問題，請重新加入隊列。

And with that, I'll turn the call over to Kevin.

說完這些，我會把電話轉給凱文。

Thanks, Alex. Good morning, and thank you for joining our second-quarter 2025 earnings call. As Alex mentioned, I'll start with a high-level review of the results, along with observations within each of our segments, and then provide our updated guidance for 2025.

謝謝，亞歷克斯。早安，感謝您參加我們的 2025 年第二季財報電話會議。正如亞歷克斯所提到的，我將首先對結果進行高層次的審查，並結合我們每個部門的觀察，然後提供我們對 2025 年的最新指導。

Turning to slide 3, I would like to briefly discuss our recent performance. David will provide more detail, but we had another outstanding quarter, with top- and bottom-line results that exceeded our expectations.

翻到投影片 3，我想簡單討論一下我們最近的表現。David 將提供更多細節，但我們又度過了一個出色的季度，頂線和底線業績都超出了我們的預期。

Consolidated net sales for the second quarter grew 8% year over year to $541 million. Strong volume growth and increased customer demand, especially within the Light Duty business, led our top-line growth. We also saw positive signs in our Heavy Duty business, the slight year-over-year growth resulting from new business wins.

第二季綜合淨銷售額年增 8%，達到 5.41 億美元。強勁的銷售成長和不斷增長的客戶需求（尤其是輕型車業務）帶動了我們的營收成長。我們的重型業務也出現了積極跡象，由於新業務的勝利，我們的重型業務同比增長了一點點。

Weak consumer sentiment persisted through the second quarter, impacting our Specialty Vehicle business, but the team continues to do an excellent job managing through this downturn and positioning the business to future sales growth.

疲軟的消費者情緒持續整個第二季度，影響了我們的專用車輛業務，但團隊繼續出色地應對這一低迷時期，並為未來的銷售成長做好了準備。

We also delivered solid margin expansion in the quarter. Adjusted operating margin for Q2 2025 was 16.3%, 70-basis-point increase over last year's second quarter. Light Duty business was also the primary driver behind this margin improvement, largely due to strong demand in the quarter as well as ongoing supplier diversification, productivity, and automation initiatives.

本季度，我們的利潤率也實現了穩定成長。 2025年第二季調整後營業利益率為16.3%，較去年第二季成長了70個基點。輕型業務也是利潤率提升的主要驅動力，這主要歸功於本季強勁的需求以及持續的供應商多樣化、生產力和自動化舉措。

The net sales growth and margin expansion we've achieved resulted in a 23% year-over-year increase in adjusted diluted EPS, which was $2.06 for the quarter. And finally, operating cash flow in Q2 was $9 million which was impacted by higher tariff costs and additional investments in inventory to support demand. David will discuss this in more detail shortly.

我們實現的淨銷售額成長和利潤率擴大導致調整後稀釋每股收益年增 23%，本季為 2.06 美元。最後，第二季的營運現金流為 900 萬美元，受到關稅成本上升和為滿足需求而增加的庫存投資的影響。David 很快就會更詳細地討論這個問題。

So overall, we're pleased with our results in the second quarter and through the first half of 2025. It helped shape our expectations for continued momentum through the full year. Let me take a few minutes to cover our observations across each of our segments.

整體而言，我們對第二季和 2025 年上半年的業績感到滿意。它幫助我們形成了對全年持續成長勢頭的預期。請容許我花幾分鐘來介紹我們對各個部分的觀察。

I'll start with the Light Duty business on slide 4. As I mentioned, the underlying macro trends remain positive. Vehicle miles traveled climbed higher year over year. And according to the latest industry reports, the average age of light duty vehicles has increased to 12.8 years. These underlying factors led to strong volume growth year over year.

我將從幻燈片 4 上的輕型業務開始。正如我所提到的，潛在的宏觀趨勢仍然是正面的。車輛行駛里程逐年增加。而根據最新的產業報告，輕型車輛的平均使用年資已增加至12.8年。這些潛在因素導致銷售量逐年強勁成長。

We continue to see strong performance out of the new products that we've recently launched, especially those that are new to the aftermarket or address flaws in OE parts. These products typically drive higher sales and margins and, in some cases, include patented features that provide a competitive advantage.

我們繼續看到最近推出的新產品表現強勁，特別是那些售後市場的新產品或解決 OE 零件缺陷的產品。這些產品通常能帶來更高的銷售額和利潤，在某些情況下，還包含可提供競爭優勢的專利功能。

Also, keep in mind that the majority of our product portfolio is non-discretionary in nature which has enabled us to perform well throughout various economic cycles. Additionally, we view our asset-light model and the flexibility of our diversified supply chain to be key competitive advantages as we navigate through uncertainty in various trade and economic environments.

另外，請記住，我們的大部分產品組合本質上都是非自由支配的，這使我們能夠在各種經濟週期中表現良好。此外，我們認為輕資產模式和多元化供應鏈的靈活性是我們應對各種貿易和經濟環境不確定性的關鍵競爭優勢。

In our Heavy Duty segment, market pressures impacting the trucking and freight industry continued through the second quarter, especially as tariffs created uncertainty in the broader economy. Despite these market pressures, we achieved positive net sales growth in the quarter with new business wins.

在我們的重型車輛領域，影響卡車運輸和貨運行業的市場壓力持續整個第二季度，特別是關稅給整體經濟帶來了不確定性。儘管面臨這些市場壓力，我們仍憑藉新業務在本季實現了淨銷售額的正成長。

Looking forward, we remain cautious as market indicators continue to fluctuate and the trucking and freight industry remains somewhat unpredictable. That said, we believe the long-term investments we've made in our product portfolio and productivity initiatives, as well as improvements we're making in the customer's front-end experience, will help drive sales growth and margin expansion when the sector begins to stabilize.

展望未來，我們仍保持謹慎，因為市場指標持續波動，卡車運輸和貨運業仍然有些難以預測。儘管如此，我們相信，我們在產品組合和生產力計劃方面所做的長期投資，以及我們在客戶前端體驗方面所做的改進，將有助於在該行業開始穩定時推動銷售成長和利潤率擴大。

In Specialty Vehicle, reluctant consumer spending continues to impact our performance to the second quarter. However, as we saw in the first quarter, we continue to see strong engagement with our UTV and ATV ridership, especially at the enthusiast events across the country we attend throughout the year.

在專用車輛領域，消費者支出減少持續影響我們第二季的業績。然而，正如我們在第一季看到的那樣，我們繼續看到 UTV 和 ATV 乘客的強烈參與度，特別是在我們全年參加的全國各地的愛好者活動中。

We expect that as the broader economy strengthens over time, the Specialty Vehicle business will continue to outpace the market of our expanded product portfolio, including non-discretionary parts and new dealer relationships.

我們預計，隨著整體經濟逐漸增強，專用車輛業務將繼續超越我們擴大的產品組合（包括非必需零件和新的經銷商關係）的市場。

Next, let's move on to slide 5. I'll spend some time talking about our updated guidance for 2025. Considering the impact of tariffs on our financials, we are covering guidance up front in our discussion today.

接下來，我們來看投影片 5。我將花一些時間談論我們 2025 年的最新指導。考慮到關稅對我們財務的影響，我們在今天的討論中首先提供了指導。

Before we get into the numbers, we felt it was important that we reiterate the actions we're taking to mitigate tariffs. As we discussed on our last call, our approach to managing tariffs is multifaceted and largely in line with the approach we've taken when faced with inflationary environments in the past.

在討論數字之前，我們認為有必要重申我們為降低關稅而採取的行動。正如我們在上次電話會議上討論的那樣，我們管理關稅的方法是多方面的，並且與我們過去面對通膨環境時採取的方法基本一致。

First, we continue to diversify our supplier base, accelerate tariff cost reductions to our sourcing strategies. Second, we're driving solid savings by leveraging our scale and the deep relationships we have with our suppliers around the globe.

首先，我們持續多元化我們的供應商基礎，加速降低關稅成本，以適應我們的採購策略。其次，我們利用我們的規模以及與全球供應商的深厚關係來實現大幅節約。

Third, we're continuing to drive cost savings internally through automation and productivity initiatives. And finally, we've been deliberate in our approach to implementing price increases to cover the net remaining cost from tariffs.

第三，我們將繼續透過自動化和生產力措施來推動內部成本節約。最後，我們經過深思熟慮，採取了提高價格的措施，以彌補關稅造成的淨剩餘成本。

We've been surgical on this front, keeping in mind the impact such price increases could have on our customers, their business, and our end users. These price increases will go into effect in the third quarter.

我們在這方面採取了嚴厲措施，牢記價格上漲可能對我們的客戶、他們的業務以及我們的最終用戶造成的影響。此次價格上調將於第三季生效。

In light of our strong performance through the first half of the year, our improved outlook for the remainder of 2025, and the expected impact of pricing and costs resulting from tariffs, we have increased our net sales and EPS guidance for the year.

鑑於我們今年上半年的強勁表現、對 2025 年剩餘時間的展望改善以及關稅對定價和成本的預期影響，我們提高了今年的淨銷售額和每股收益預期。

Please keep in mind that while we stand on more solid ground today compared to our earnings call last quarter, the trade situation remains fluid. Our updated guidance for 2025 is based on the tariffs that are currently enacted. We may update our annual guidance in the future should any material changes to tariffs or trade disruptions significantly impact our business or alter our expectations.

請記住，雖然與上個季度的財報電話會議相比，我們今天的立場更加穩固，但貿易狀況仍然不穩定。我們對 2025 年的最新指導是基於目前頒布的關稅。如果關稅或貿易中斷的任何重大變化對我們的業務產生重大影響或改變我們的預期，我們可能會在未來更新我們的年度指導。

Starting with the top line, we now expect net sales growth to be in the range of 7% to 9% over 2024. This is an increase from our previous growth guidance of 3% to 5%. The increase in the range is comprised of three factors.

從營收來看，我們現在預計 2024 年淨銷售額成長率將在 7% 至 9% 之間。這比我們之前預測的 3% 至 5% 的成長有所增加。範圍的增加由三個因素組成。

First, our performance through the first half of the year has outpaced our original expectations, driven by strong volume demand from the positive underlying Light Duty macro trends. Second, we are expecting incremental year over year volume growth for the remainder of the year based on continuing positive market conditions for our Light Duty business.

首先，受輕型卡車宏觀趨勢向好帶來的強勁需求的推動，我們上半年的業績超出了最初的預期。其次，基於輕型車業務持續良好的市場狀況，我們預計今年剩餘時間的銷售量將年增。

Finally, as I just mentioned, part of our approach to mitigating the impact of higher tariff costs is working directly with our customers on pricing. This was a critical step in the process to help maintain our high level of service and fund the higher cost of inventory that was capitalized on our balance sheet immediately at purchase.

最後，正如我剛才提到的，我們減輕關稅成本上升影響的方法之一是直接與客戶就定價進行合作。這是流程中的關鍵一步，有助於維持我們的高水準服務並為購買時立即在資產負債表上資本化的較高庫存成本提供資金。

Keep in mind, there are customer notification periods when a price increase goes into effect. So we'll see the contribution of higher prices begin to make an impact in the third quarter 2025.

請記住，價格上漲生效時會有客戶通知期。因此，我們將看到價格上漲的影響在 2025 年第三季開始產生。

Next, on the earnings front, we now expect adjusted diluted EPS to be in the range of $8.60 to $8.90 an increase from our previous guide of $7.55 to $7.85. Let me spend a few minutes on the nuances around this increase, including the timing dynamics and the role tariffs play in the change.

接下來，在獲利方面，我們目前預計調整後稀釋每股收益將在 8.60 美元至 8.90 美元之間，高於我們先前預測的 7.55 美元至 7.85 美元。請容許我花幾分鐘時間詳細分析這次上調的細微差別，包括時間因素以及關稅在此次調整中扮演的角色。

As a reminder, we utilize a FIFO accounting methodology in our inventory terms approximately twice a year. This generally results in a six-month timing lag between when cash is used to pay for inventory and when the higher cost is recognized in a profit and loss statement.

提醒一下，我們大約每年兩次在庫存方面採用先進先出 (FIFO) 會計方法。這通常會導致使用現金支付庫存和在損益表中確認更高成本之間存在六個月的時間差。

As it relates to this year, while the increase in tariff costs on the inventory we purchased in Q2 had an immediate impact on our cash flow and balance sheet, the increase in cost of goods sold for this inventory isn't expected to start impacting our P&L until Q4. Unlike cost of goods sold, net sales are recognized when incurred.

就今年而言，雖然我們在第二季度購買的庫存的關稅成本增加對我們的現金流和資產負債表產生了直接影響，但該庫存的銷售成本增加預計要到第四季度才會開始影響我們的損益表。與銷售成本不同，淨銷售額在發生時確認。

As we mentioned, new pricing on tariffs will go into effect in Q3. Therefore, we expect tariff pricing to have a positive effect on net sales in Q3 without the impact of tariffs on cost of goods sold, resulting in a higher than normal gross margin level.

正如我們所提到的，新的關稅定價將於第三季生效。因此，我們預期關稅定價將對第三季的淨銷售額產生正面影響，而關稅不會對銷售成本產生影響，導致毛利率水準高於正常水準。

Then in Q4, we expect to see gross margin come back down as we begin to recognize tariff costs and cost of goods sold to counter the effect of tariff pricing. As a result, we expect that the increase in our EPS range will be slightly weighted more to Q3 than Q4.

然後，在第四季度，我們預計毛利率將回落，因為我們開始認識到關稅成本和銷售成本以抵消關稅定價的影響。因此，我們預計每股收益範圍的成長將更多地體現在第三季而非第四季。

Please note this additional colors that help align our view of the next two quarters with our analysts and investors for clarity, given the highly nuanced nature of tariffs in our current situation.

請注意，考慮到我們當前情況下關稅的高度微妙性，這些額外的顏色有助於使我們對未來兩個季度的看法與我們的分析師和投資者保持一致。

With that, I'll turn it over to David to cover our results in more detail, David.

有了這些，我將把它交給大衛，大衛來更詳細地介紹我們的結果。

Thanks, Kevin. Let me kick off with our results for the second quarter on slide 6.

謝謝，凱文。讓我從第 6 張投影片開始介紹我們第二季的業績。

Consolidated net sales in the second quarter was $541 million, up 8% year over year. As Kevin mentioned, our net sales growth was driven by solid customer demand in our Light Duty business, fueled by continuing positive macro trends and the strength of new products.

第二季綜合淨銷售額為 5.41 億美元，較去年同期成長 8%。正如凱文所提到的，我們的淨銷售額成長是由輕型卡車業務的強勁客戶需求推動的，這得益於持續積極的宏觀趨勢和新產品的強勁表現。

Adjusted gross margin for the quarter was 40.6%, a 100-basis-point increase compared to last year's second quarter. This margin expansion was a result of higher sales and a favorable mix of new products, along with our cost savings across the enterprise, driven by our supplier diversification, productivity, and automation initiatives.

本季調整後毛利率為40.6%，較去年第二季增加100個基點。利潤率的擴大是由於銷售額的增加和新產品的良好組合，以及我們整個企業的成本節約，這得益於我們的供應商多樣化、生產力和自動化舉措。

Adjusted SG&A expense as a percentage of net sales was 24.3%, up 30 basis points compared to the same period last year. Adjusted operating income was $88 million for the second quarter, up 12% compared to the second quarter of 2024. Adjusted operating margin expanded 70 basis points to 16.3%, largely from the gross margin improvement I just discussed.

調整後的銷售、一般及行政費用佔淨銷售額的百分比為 24.3%，比去年同期上升了 30 個基點。第二季調整後營業收入為 8,800 萬美元，較 2024 年第二季成長 12%。調整後的營業利潤率擴大了 70 個基點，達到 16.3%，這主要得益於我剛才討論的毛利率提高。

Finally, adjusted diluted EPS in the second quarter was $2.06, up 23% compared to last year's second quarter. In addition to our operating income expansion, lower debt, a slightly favorable tax rate, and share count reduction from share repurchases over the last 12 months have all positively contributed to our adjusted diluted EPS growth.

最後，第二季調整後稀釋每股收益為 2.06 美元，較去年第二季成長 23%。除了營業收入的成長之外，較低的債務、略微優惠的稅率以及過去 12 個月股票回購導致的股票數量減少都對我們的調整後稀釋每股收益成長做出了積極貢獻。

Next, let me provide updates on each of our business segments starting with Light Duty on slide 7. Our Light Duty business had another strong quarter, with net sales increasing 10% year over year in Q2. The growth was driven by strong customer demand, especially for our new products, with positive macro trends continuing through the second quarter.

接下來，讓我從第 7 張投影片上的輕型業務開始，介紹我們各個業務部門的最新情況。我們的輕型卡車業務又迎來了一個強勁的季度，第二季度淨銷售額年增 10%。成長的動力來自於強勁的客戶需求，尤其是對我們新產品的需求，而積極的宏觀趨勢則持續到第二季​​。

During the quarter, we delivered on certain customer programs which resulted in higher shipment growth in the quarter compared to POS. That said, we're not seeing any significant overstocking from the inventory stock level data we receive from our top customers.

在本季度，我們完成了某些客戶計劃，這使得本季的出貨量增幅高於 POS。也就是說，從我們從主要客戶收到的庫存水準資料來看，我們並沒有發現任何嚴重的庫存過剩現象。

On the margin front, Light Duty did a nice job expanding margins. Segment operating margin increased to 18.5% for the quarter, a 140-basis-point improvement over last year's Q2. This margin improvement was driven by supplier diversification, new product mix, and cost savings from our ongoing automation and productivity initiatives, along with higher leverage from our net sales growth.

在利潤方面，Light Duty 在擴大利潤方面做得很好。本季分部營業利益率增至 18.5%，比去年第二季提高了 140 個基點。利潤率的提高得益於供應商多樣化、新產品組合、我們正在進行的自動化和生產力計劃帶來的成本節約，以及淨銷售額成長帶來的更高槓桿率。

Now I'll turn to Heavy Duty on slide 8. Market conditions broadly remain soft across the freight and trucking industry as tariffs continue to prolong the economic uncertainty that has weighed on the Heavy Duty sector. Despite these market pressures, our business grew 1% for the quarter. This growth was largely the result of new business wins in categories where we believe we're gaining share.

現在我將轉到第 8 張投影片上的「重型任務」。由於關稅持續延長對重型車輛產業造成壓力的經濟不確定性，貨運和卡車運輸業的市場狀況總體上依然疲軟。儘管面臨這些市場壓力，我們的業務本季仍成長了 1%。這一增長很大程度上得益於我們認為正在獲得市場份額的類別中新業務的成功。

While we've seen positive signs within our customer base, uncertainty remains in the broader freight and trucking industry. Segment operating margin was slightly positive in the quarter at 80 basis points, down year over year, largely on lower volume from the trucking and freight recession, along with the investments we've made in the business to drive long-term growth.

雖然我們在客戶群中看到了積極的跡象，但更廣泛的貨運和卡車運輸行業仍然存在不確定性。本季分部營業利潤率略為正值 80 個基點，年減，主要是因為卡車運輸和貨運衰退導致運輸量下降，以及我們為推動長期成長而對業務進行的投資。

While we were pleased with the new business wins in the second quarter, we expect we will see more significant margin improvement once higher level of sales return as the market rebounds. We believe the investments we've made in new product development, productivity initiatives, and enhancing the front end experience for our customers position us well to drive market share gains and margin expansion as the business operates with greater efficiency.

雖然我們對第二季新業務的勝利感到高興，但我們預計，隨著市場反彈，一旦銷售額水準回升，利潤率將有更顯著的提高。我們相信，我們在新產品開發、生產力計劃和增強客戶前端體驗方面所做的投資使我們能夠在業務運營效率更高的情況下推動市場份額的成長和利潤率的擴大。

Moving to slide 9, the Specialty Vehicle team did a nice job managing market challenges with weakened consumer sentiment from tariffs and economic uncertainty. While net sales declined 3% compared to last year's second quarter, we continue to see participation at various enthusiast events, and UTB and ATV ridership activity and engagement remaining strong overall.

轉到投影片 9，特種車輛團隊在應對關稅和經濟不確定性導致的消費者信心減弱等市場挑戰方面做得很好。雖然淨銷售額與去年第二季相比下降了 3%，但我們仍然看到各種愛好者活動的參與度，並且 UTB 和 ATV 的騎行活動和參與度總體保持強勁。

We expect that as the broader economy stabilizes and as consumer borrowing rates improve, riders will come off the sidelines to invest in new machines requiring upgrades and retooling and repairing their existing machines. We also expect our expanded portfolio of new products, along with our broader access across the dealer channel, will help us better reach our customers and continue to capture market share.

我們預計，隨著整體經濟的穩定和消費者藉貸利率的提高，騎士將轉而投資需要升級的新機器以及改造和修理現有機器。我們還希望，我們擴大的新產品組合以及我們在經銷商通路的更廣泛的訪問將幫助我們更好地接觸客戶並繼續佔領市場份額。

Despite market pressures in the quarter, the Specialty Vehicle team did an excellent job on the margin front. We remain focused on continuing to drive higher volume, diversifying our supply chain, and executing on our productivity initiatives to expand our margins in this business.

儘管本季面臨市場壓力，但特種車輛團隊在利潤方面表現出色。我們將繼續致力於提高產量、實現供應鏈多元化以及執行生產力計劃，以擴大該業務的利潤率。

Turning the cash flow on slide 10. During the quarter, our cash flow was impacted by the investment we made in additional inventory to support our customers along with higher costs resulting from tariffs. As Kevin mentioned, higher tariff costs that started in April were immediately capitalized on our balance sheet. This led to operating cash flow of $9 million compared with $63 million in Q2 2024 and $51 million in Q1 2025.

在第 10 張投影片上展示現金流。在本季度，我們的現金流受到了為支持客戶而進行的額外庫存投資以及關稅導致的成本上升的影響。正如凱文所提到的，從四月開始的更高的關稅成本立即在我們的資產負債表上資本化。這導致營業現金流為 900 萬美元，而 2024 年第二季為 6,300 萬美元，2025 年第一季為 5,100 萬美元。

Given the uncertainty created in the market at the beginning of the quarter due to tariffs, we paused share repurchases to preserve our cash position. We also saw slightly reduced capital expenditures in the quarter as a result of timing, which led to slightly positive free cash flow. I think it's important to note that the liquidity position that we've built up over the last several years has positioned us well to manage this significant cost increase while maintaining our ability to fund the business.

鑑於本季初關稅為市場帶來的不確定性，我們暫停了股票回購以維持我們的現金狀況。由於時間因素，我們也看到本季資本支出略有減少，導致自由現金流略微為正。我認為值得注意的是，我們在過去幾年中建立的流動性狀況使我們能夠很好地管理這一顯著的成本增長，同時保持為業務提供資金的能力。

Please note that our long-term capital allocation strategy has not changed. We'll continue to manage our debt levels and leverage ratio, then look to invest internally; and that is where we get our greatest returns. We will also continue to pursue strategic growth through mergers and acquisitions. And finally, we'll continue to opportunistically repurchase shares to return capital to our investors.

請注意，我們的長期資本配置策略並沒有改變。我們將繼續管理我們的債務水平和槓桿率，然後尋求內部投資；這是我們獲得最大回報的地方。我們也將繼續透過併購實現策略性成長。最後，我們將繼續適時回購股票，以向投資者返還資本。

On slide 11, we highlight much of what we've already covered over the last two quarters, which is that we believe we have the balance sheet capacity and liquidity to manage higher tariff costs and continue to invest in strategic growth opportunities.

在第 11 張投影片上，我們重點介紹了過去兩個季度已經涵蓋的大部分內容，即我們相信我們擁有資產負債表能力和流動性來管理更高的關稅成本並繼續投資於策略成長機會。

As you can see, net debt was $406 million and our net leverage ratio was 1 times adjusted EBITDA at the end of the quarter. Additionally, our total liquidity was $656 million at the end of the quarter, up from $642 million at the end of 2024. Again, we expect the strength of our balance sheet will prove to be a competitive advantage and a key driver of our success as we work our way through this current cycle.

如您所見，本季末的淨債務為 4.06 億美元，我們的淨槓桿率為調整後 EBITDA 的 1 倍。此外，本季末我們的總流動資金為 6.56 億美元，高於 2024 年底的 6.42 億美元。我們再次預計，在我們努力度過當前週期的過程中，我們資產負債表的強勁實力將被證明是一種競爭優勢，也是我們成功的關鍵驅動力。

With that, I'll now turn it back over to Kevin to conclude, Kevin?

說完這些，我現在將話題交還給凱文來總結，凱文？

Thanks, David. I'll finish up on slide 12 before we move into Q&A, just to reiterate what has already been said.

謝謝，大衛。在我們進入問答環節之前，我將完成第 12 張投影片，只是為了重申已經說過的內容。

We had a strong second quarter and we're pleased with our performance through the first half of the year. While uncertainty exists, we believe our business is well positioned to deliver significant growth in 2025, and we're excited for what lies ahead.

我們第二季表現強勁，對上半年的表現感到滿意。儘管存在不確定性，但我們相信我們的業務已做好準備，並將在 2025 年實現顯著成長，我們對未來充滿期待。

With a more diversified supply base, strong relationships with our customers and end users, a leading product portfolio, and a strong financial profile, we feel as though Dorman has never been better positioned for the future. We'll continue focusing on what we can control and driving long term growth.

憑藉更多樣化的供應基礎、與客戶和最終用戶的牢固關係、領先的產品組合以及強大的財務狀況，我們感到 Dorman 的未來發展處於前所未有的有利地位。我們將繼續專注於我們能夠控制的事情並推動長期成長。

With that, I would now like to open up the call for questions. Operator?

好了，現在我想開始提問。操作員？

(Operator Instructions) Scott Stember, Roth Capital Partners.

（操作員指示）羅斯資本合夥公司 (Roth Capital Partners) 的 Scott Stember。

This is Jack on for Scott. I wanted to ask about the Heavy Duty segment, specifically about -- what are the incremental margins for every $1 of sales recovery? As I see it, it turned positive this quarter. And also, like, what are normalized Heavy Duty margins? When do you expect this to get back to the normalized level?

這是傑克代替斯科特。我想問一下重型車輛領域的情況，特別是——每恢復 1 美元的銷售額，其增量利潤是多少？在我看來，本季情況已轉為積極。還有，標準化的重型利潤率是多少？您預計什麼時候會恢復到正常水平？

It's Kevin. Great question. I believe we've talked a little bit about this in the past. But in our Heavy Duty business, we're weighted more on the manufacturing side versus being much more asset-like in the other two segments. So when volume is challenged and Heavy Duty, we do face more absorption issues.

我是凱文。好問題。我相信我們過去已經談論過這個問題了。但在我們的重型業務中，我們更注重製造方面，而其他兩個部門則更注重資產方面。因此，當音量受到挑戰並且負荷過重時，我們確實面臨更多的吸收問題。

So when we do have growth, like you mentioned, in the quarter, we will leverage that very well. When we get back to normalized levels, we expect this business to be a mid-teen operating profit business. And we have -- before the downturn, we were demonstrating those levels.

因此，正如您所說，當我們在本季度確實實現成長時，我們將很好地利用這一點。當我們恢復正常水平時，我們預計這項業務的營業利潤將達到十幾歲。在經濟衰退之前，我們就展現了這些水準。

Great. And then just on tariffs, what do you see as the impact by segment, if you can break that out, I guess notably in Specialty and Heavy Duty? Has that been more difficult to get prices -- price increases through more than Light Duty?

偉大的。那麼就關稅而言，您認為對各個細分領域的影響是什麼，如果您能細分的話，我想尤其是在特種和重型領域？要獲得價格是否更加困難—透過輕型車輛提高價格？

Let me just -- it's Kevin again, Jack. I'll just characterize the tariff impacts by the segments. We're not disclosing the specific impacts by segment.

讓我——又是凱文，傑克。我僅按細分來描述關稅的影響。我們不會揭露各個細分市場的具體影響。

I would say that on the Light Duty side, we have a very diversified supply chain there. So we believe we have less exposure than the overall aftermarket in general. So we think compared to a comp set, we were at a competitive advantage because of that.

我想說，在輕型卡車方面，我們擁有非常多樣化的供應鏈。因此，我們認為，與整個售後市場相比，我們的曝光度較低。因此我們認為，與競爭對手相比，我們因此具有競爭優勢。

Heavy Duty, really is a very modest impact from tariffs. So when we look at around the industry and who we compare to, we believe we're very well positioned.

重型產品確實受到關稅的影響非常小。因此，當我們縱觀整個行業並與其他公司進行比較時，我們相信我們處於非常有利的地位。

And similar situation in Specialty Vehicle segment. We do have exposure to China, but we also have a large manufacturing footprint in Madison, Indiana. And when we look at that industry, it's very heavily weighted to China, so we think we're in a good competitive situation there as well.

專用車輛領域的情況也類似。我們確實在中國有業務，但我們在印第安納州麥迪遜也擁有大量製造基地。當我們審視這個產業時，我們發現它很大程度上依賴中國，因此我們認為我們在那裡也處於良好的競爭態勢。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Could you talk a little bit more about Light Duty customer POS sell in versus sell out? I think you said it wasn't dramatically different. But was there any bias to buy inventory ahead of price increases?

您能否再多談談輕型客戶 POS 銷售與銷售的情況？我認為您說過這並沒有什麼太大的不同。但在價格上漲之前是否存在購買庫存的偏見？

So overall, Brett, POS in the quarter, we did have a gap in terms of sell-in and sell-out. Sell-out or POS, as we talked about in the past, was actually low-single digit in the quarter, but there was a lot of nuance to that.

因此，總體而言，布雷特，本季的 POS 銷售量和銷售量方面確實存在差距。正如我們過去所討論的，本季的銷售量或 POS 實際上是低個位數，但其中有許多細微差別。

We had a very difficult comp as we look at last year. It was very strong in the second quarter last year. But when you look at it at a sequential basis, POS is very similar in dollars to where it's been the last few quarters. When you adjust for that comp issue, Bret, POS was more in line with the selling growth, which has been obviously very strong.

回顧去年，我們經歷了一場非常艱難的比賽。去年第二季表現非常強勁。但當你以連續基礎來看時，POS 的美元收入與過去幾季非常相似。當你調整該補償問題時，布雷特，POS 與銷售成長更加一致，這顯然非常強勁。

You mentioned inventory. As you know, we do receive customer inventory data. And it really tells us it's in line with historical levels, particularly when you look at the inventory terms. So we haven't seen any major changes there. We haven't seen any significant buy ahead of the tariffs so far.

您提到了庫存。如您所知，我們確實收到了客戶庫存數據。它確實告訴我們它與歷史水平一致，特別是當你查看庫存條款時。因此我們沒有看到任何重大變化。到目前為止，我們還沒有看到關稅前出現任何大規模的買盤。

Okay, great. And then I think you commented on new to the aftermarket product launch. I mean, talk about (technical difficulty) there.

好的，太好了。然後我認為您對售後產品發布的新產品發表了評論。我的意思是，談論那裡的（技術難題）。

We lost you, Bret. I missed that question.

我們失去了你，布雷特。我錯過了那個問題。

Yeah. The cadence (technical difficulty) electronics.

是的。節奏（技術難度）電子設備。

Yeah. Bret, still -- could you try repeating that again? We're -- you're not coming through.

是的。布雷特，你能再說一次嗎？我們——你不會來。

Okay. These Starlink systems don't work as well. We should talk to Elon. The new to the aftermarket -- can you hear me okay?

好的。這些 Starlink 系統運作得不好。我們應該和伊隆談談。售後市場的新品－你聽得到我說話嗎？

A little bit. Yeah, go ahead. Try it again.

有一點點。是的，繼續吧。再試一次。

The pipeline of new to the aftermarket, the OE fix product, and complex electronics.

售後市場、OE 修復產品和複雜電子產品的新產品線。

All right, great question. When we look ahead, the funnel of new products is very robust. It's as strong as we've seen it. And when we look at the composition of that funnel, obviously, as we've talked many times in the past, the composition of that funnel is becoming more and more complex -- a lot more complex, a lot of electronic components -- which for us, we obviously like to see.

好的，好問題。展望未來，新產品的通路非常強勁。它和我們所見過的一樣強大。當我們觀察這個漏斗的組成時，顯然，正如我們過去多次談到的那樣，這個漏斗的組成變得越來越複雜——更加複雜，有很多電子元件——對於我們來說，我們顯然喜歡看到這種情況。

We believe that is a significant competitive advantage for us. So it remains a big part of our strategy to go after complex electronic components.

我們相信這對我們來說是一個顯著的競爭優勢。因此，追求複雜的電子元件仍然是我們策略的重要組成部分。

Justin Ages, CJS Securities.

賈斯汀·阿格斯（Justin Ages），CJS 證券公司。

It's actually Jeremy on for Justin. Another solid quarter and margin growth for Light Duty. I know you guys touched on it briefly, but can you elaborate a little more on some of the initiatives that continue to drive this margin growth?

實際上是傑里米代替賈斯汀。輕型車輛又一個季度表現穩健，利潤率也實現成長。我知道你們已經簡單談過這個問題，但你能否更詳細地介紹一下繼續推動利潤成長的一些舉措？

Yeah. Hey, it's David. Yeah, the margin growth for the business has been a strong focus over the last several years, and we've had great progress.

是的。嘿，我是大衛。是的，過去幾年來，我們一直高度重視業務利潤的成長，並且取得了巨大的進步。

The drivers of it are supply chain diversification. It's diversifying our supply chain, productivity in our distribution centers and across the organization, as well as automation effort, pretty consistent with what we've been talking about the last several quarters. And we continue to drive solid results.

其驅動因素是供應鏈多樣化。它使我們的供應鏈、配送中心和整個組織的生產力以及自動化工作多樣化，這與我們過去幾季所談論的情況非常一致。我們將繼續取得穩健的成果。

Yeah. I'll also add that new product has been a significant driver. It's a huge focus for us, particularly new to the aftermarket parts which again are only available through Dorman and the OE dealer network. Those typically are our higher -- highest-margin products when we bring them to market.

是的。我還要補充一點，新產品是重要的推動力。這對我們來說是一個很大的關注點，特別是售後零件市場，這些零件只能透過 Dorman 和 OE 經銷商網路獲得。當我們將這些產品推向市場時，它們通常是利潤率最高的產品。

Or it can be OE fix where we're actually designing out the original flaw in the OE part. So that continued focus and the continued growth of the sweet spot, which is the 8 -- 7- to 14-year-old vehicle has continued to be able to drive accretive margins for us.

或者它可以是 OE 修復，我們實際上正在設計消除 OE 零件中的原始缺陷。因此，持續關注和持續成長的最佳點，即 8 至 7 至 14 年車齡的車輛，繼續能夠為我們帶來利潤的成長。

I appreciate it. And then switching gears a little, would you just talk and give us some more detail on how you guys are thinking about the capital allocation strategy?

我很感激。然後稍微轉換一下主題，您能否詳細談談並向我們介紹一下你們如何考慮資本配置策略？

Yeah, it's a great question. So the capital allocation strategy is consistent with what it's been over the last several years. Yeah, the first thing we do is look to manage our debt, our leverage targets, up against our internal target of 2 times, 3 times in the first year following an acquisition.

是的，這是一個很好的問題。因此，資本配置策略與過去幾年的策略一致。是的，我們要做的第一件事就是管理我們的債務、我們的槓桿目標，以實現收購後第一年 2 倍、3 倍的內部目標。

So after we look at that, the first place we'll look at is internal investments where we get our greatest returns. Second is strategic and M&A, mergers and acquisitions. And then third, opportunistically, we look to get shares, to buy back shares, and get capital back to our shareholders. So like I said, the allocation strategy is pretty consistent with what it's been.

因此，在我們了解了這一點之後，我們首先要考慮的是內部投資，我們可以從中獲得最大的回報。第二是策略併購、併購和收購。第三，從機會主義的角度來看，我們希望獲得股票，回購股票，並將資本回饋給股東。所以就像我說的，分配策略與以往的策略非常一致。

Ladies and gentlemen, we have reached the end of the question-and-answer session. This will conclude today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，問答環節已經結束。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。