Dorman Products Inc (DORM) 2025 Q3 法說會逐字稿

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

早上好，感謝您的耐心等待。歡迎參加 Dorman Products 2025 年第三季財報電話會議。（操作員說明）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.

現在我將把會議交給投資者關係副總裁亞歷克斯懷特拉姆。謝謝您，先生。請繼續。

Thank you. Good morning, everyone. Welcome to Dorman's third-quarter 2025 earnings conference call. I'm joined by Kevin Olsen, Dorman's Chief Executive Officer; and David Hession, Dorman's Chief Financial Officer. Kevin will provide a quick overview, along with an update on each of our business segments and their respective markets. Then David will review the consolidated results and our guidance before turning it back over to Kevin for closing remarks. After that, we'll open the call for questions.

謝謝。各位早安。歡迎參加 Dorman 2025 年第三季財報電話會議。與我一同出席的有 Dorman 的執行長 Kevin Olsen 和 Dorman 的財務長 David Hession。Kevin 將簡要概述並介紹我們各個業務部門及其各自市場的最新情況。然後，David 將回顧合併後的業績和我們的預期，之後再交還給 Kevin 做總結發言。之後，我們將開放提問環節。

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

現在，所有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，這些內容可以在我們網站 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 release 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.

在開始之前，我想提醒大家，我們準備好的發言稿、收益報告和投資者簡報中包含聯邦證券法意義上的前瞻性陳述。我們建議聽眾查看我們最新的 10-Q、10-K 和收益報告中的風險因素和警示性聲明，以了解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的重要假設、預期和因素。

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 in the Investor Relations section of Dorman's website. 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.

我們也會參考一些非GAAP指標。這些非GAAP指標與最直接可比較的GAAP指標的調節表包含在我們的盈利報告附件和本次盈利電話會議演示文稿的附錄中，這兩份文件都可以在Dorman網站的投資者關係部分找到。最後，在今天電話會議的問答環節，我們要求參與者每人只提一個問題，並可追問一個後續問題；如果還有其他問題，請重新排隊。

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

那麼，我就把電話交給凱文了。

Thanks, Alex. Good morning, and thank you for joining our third quarter 2025 earnings call. As Alex mentioned, I'll start with a high-level review of the results along with an update on our segments and market observations for each before turning it over to David.

謝謝你，亞歷克斯。早安，感謝各位參加我們2025年第三季財報電話會議。正如 Alex 所提到的，我將首先對結果進行高層次的回顧，並更新我們各個細分市場和市場觀察情況，然後再交給 David。

Let me start on slide 3. First, I'd like to thank our contributors for all their hard work and dedication this year, which allowed us to execute exceptionally well and deliver for our customers. In the third quarter, we drove strong top and bottom line growth. Consolidated net sales were $544 million for Q3, up 7.9% year-over-year. This growth was primarily driven by tariff-related pricing actions that took effect in the quarter, which we covered in detail during our last earnings call. Additionally, we saw solid POS growth in the quarter which was up mid-single digits year-over-year.

讓我們從第三張投影片開始。首先，我要感謝所有貢獻者今年付出的辛勤努力和奉獻精神，正是因為有了他們的付出，我們才能出色地完成工作，為客戶提供優質服務。第三季度，我們的營收和利潤均實現了強勁成長。第三季綜合淨銷售額為 5.44 億美元，較去年同期成長 7.9%。這一增長主要由本季生效的關稅相關定價措施推動，我們在上次財報電話會議上對此進行了詳細介紹。此外，本季 POS 銷售額實現了穩健成長，年成長了中等個位數。

As we expected and discussed previously, we delivered strong margin growth in the quarter. This was largely driven by the timing dynamics of pricing and costs associated with tariffs. As a reminder, while the majority of our price increase went into effect in the third quarter, the inventory that we purchased in Q2 comes with higher tariff-related costs that will begin to impact our income statement in the fourth quarter of this year.

正如我們之前預期和討論的那樣，本季度我們實現了強勁的利潤成長。這主要是由關稅定價和成本的時間動態所驅動的。再次提醒大家，雖然我們的大部分價格上漲是在第三季生效的，但我們在第二季購買的庫存會產生更高的關稅相關成本，這將在今年第四季開始影響我們的損益表。

As a result, we expect a lower gross margin in Q4 compared to Q3. Adjusted operating margin for Q3 2025 was 20.5%, a 340 basis points increase over last year's third quarter. Adjusted diluted EPS grew 34% year-over-year to $2.62 which, again, was driven by our growth, margin expansion and the timing dynamics of pricing and costs related to tariffs.

因此，我們預計第四季的毛利率將低於第三季。2025 年第三季調整後營業利益率為 20.5%，比去年第三季成長 340 個基點。經調整後的稀釋每股盈餘年增 34% 至 2.62 美元，這再次得益於我們的成長、利潤率擴張以及與關稅相關的定價和成本的時間動態。

Finally, operating cash flow was $12 million, and free cash flow was $2 million in the quarter. While this is a slight improvement over Q2, our cash flow continues to be impacted by higher tariff costs. David will discuss this in more detail shortly. So while there were some timing subtleties within the quarter, we're pleased with our performance and expect to continue delivering strong year-over-year growth for our shareholders.

最後，本季經營現金流為 1,200 萬美元，自由現金流為 200 萬美元。雖然這比第二季度略有改善，但我們的現金流仍然受到關稅成本上漲的影響。大衛稍後會更詳細地討論這個問題。儘管本季出現了一些時間上的細微差別，但我們對業績感到滿意，並期待繼續為股東帶來強勁的同比增長。

Next, I'll provide our results for each of our business segments. I'll also dive into our market observations and share some highlights for each. Starting on slide 4, our Light Duty business had another strong quarter with net sales increasing 9% year-over-year in Q3. The growth was primarily driven by tariff-related pricing actions that took effect in the third quarter.

接下來，我將提供我們各個業務部門的業績報告。我也會深入探討我們的市場觀察結果，並分享一些亮點。從第 4 張投影片開始，我們的輕型車輛業務又迎來了一個強勁的季度，第三季淨銷售額年增 9%。成長主要由第三季生效的關稅相關定價措施推動。

POS more closely aligned with our net sales up mid-single digits year-over-year. And similar to last quarter, we're not seeing any significant oversupply in the inventory data we have from our largest customers. On the margin front, Light Duty delivered a 470 basis points gain in operating margin, driven primarily by tariff-related pricing as well as the impact of our supplier diversification initiatives.

POS 銷售額與我們的淨銷售額更加吻合，淨銷售額比去年同期成長了中等個位數。與上個季度類似，我們從最大客戶獲得的庫存數據顯示，沒有發現任何明顯的供應過剩。在利潤率方面，輕型貨車業務的營業利潤率提高了 470 個基點，這主要得益於關稅相關的定價以及我們供應商多元化舉措的影響。

Looking across the Light Duty market, macro trends continue to remain positive. The vehicle miles traveled increasing year-over-year. However, uncertainty in the market related to tariffs and trade dynamics continues to persist. We're closely monitoring the environment and continue to work with our suppliers and customers as part of our overall tariff mitigation strategy.

從輕型卡車市場整體來看，宏觀趨勢仍保持積極態勢。車輛行駛里程逐年增加。然而，與關稅和貿易動態相關的市場不確定性仍然存在。我們正在密切關注市場環境，並將繼續與供應商和客戶合作，作為我們整體關稅緩解策略的一部分。

And while it appears that inflationary pricing has started to reach our end users, we remain confident in our ability to drive long-term growth as nondiscretionary repair parts have historically performed well through various economic cycles.

雖然通貨膨脹的價格似乎已經開始影響到我們的最終用戶，但我們仍然對推動長期成長的能力充滿信心，因為非必需維修零件歷來在各種經濟週期中都表現良好。

We also thought it would be helpful to provide some business insights and highlight new products and updates across our segments. In the Light Duty business, we recently launched an electronic power steering rack for specific Ram truck models from 2013 to 2024. This is a first aftermarket part and the only available option in the independent aftermarket that is manufactured new. This product is a great example of our capabilities within complex electronics given the functionality and integration of various systems throughout the vehicle.

我們也認為，提供一些商業見解並重點介紹我們各個業務領域的新產品和最新動態會很有幫助。在輕型卡車業務方面，我們最近推出了一款適用於 2013 年至 2024 年特定 Ram 卡車車型的電子輔助轉向齒條。這是首款售後市場零件，也是獨立售後市場中唯一一款全新製造的零件。該產品充分體現了我們在複雜電子產品領域的能力，因為它整合了車輛中各種系統的功能和整合。

The EPS rack is an OE fixed component with significant upgrades compared to the original manufacturers part and designed to ensure a long, reliable service life. Electronics within have been redesigned with added service protection and an improved layout to reduce heat and electrical interference.

EPS 齒條是原廠固定零件，與原廠零件相比進行了重大升級，旨在確保長久可靠的使用壽命。內部電子元件經過重新設計，增加了維修保護措施，並改進了佈局，以減少發熱和電磁幹擾。

Additionally, protective coatings have been applied to resist contamination from water, salt dust and other harmful contaminants. It has also been designed for simple, seamless installation with no dealer programming needed. This product is a culmination of extensive complex cross-functional work with our engineering teams. So I'd like to congratulate everyone involved.

此外，還塗覆了保護塗層，以抵抗水、鹽塵和其他有害污染物的污染。它還採用了簡單、無縫的安裝設計，無需經銷商進行程式設計。本產品是我們工程團隊進行廣泛而複雜的跨職能工作的結晶。所以我想向所有參與其中的人表示祝賀。

Next, let me turn to slide 5 for updates on our Heavy Duty business. Net sales grew 6% year-over-year in the third quarter. While market conditions continue to pressure the segment, the team executed on the pricing front and drove volume through new business wins. The benefit of higher net sales growth in the quarter was offset by lower manufacturing productivity, impacting margins, which were flat year-over-year.

接下來，請看第 5 張投影片，了解我們重型設備業務的最新進展。第三季淨銷售額年增 6%。儘管市場環境持續給該領域帶來壓力，但團隊在定價方面執行得當，並透過贏得新業務推動了銷售成長。本季淨銷售額成長帶來的利好被生產效率下降所抵消，導致利潤率同比持平。

Longer term, we remain focused on driving a mid-teens operating margin profile for the Heavy Duty segment. Digging more into the broader trucking and freight market, it remains difficult to predict an inflection point.

從長遠來看，我們仍將專注於推動重型設備業務達到15%左右的營業利潤率。深入分析更廣泛的卡車運輸和貨運市場，仍然很難預測拐點。

While we're pleased with the recent net sales growth over the last two quarters, we continue to see mixed signals across our customer channels, but we're hopeful that the worst is behind us, we'll see a turn in the coming quarters.

儘管我們對最近兩個季度的淨銷售額成長感到滿意，但我們仍然在各個客戶管道看到喜憂參半的訊號，但我們希望最糟糕的時期已經過去，未來幾個季度情況會有所好轉。

Despite the headwinds, we continue to execute key initiatives to best position the business for the eventual rebound of the trucking and freight market. As an example, we just launched our redesigned website with an improved e-commerce platform that helps customers identify the right parts for the right applications and get our products to the right locations on time.

儘管面臨諸多不利因素，我們仍將繼續執行關鍵舉措，以使公司在卡車運輸和貨運市場最終復甦時處於最佳狀態。例如，我們剛剛推出了重新設計的網站，其中包含一個改進的電子商務平台，可以幫助客戶找到適合正確應用的正確零件，並按時將我們的產品送到正確的地點。

We expect a new site, which has been designed with the next generation of heavy-duty repair professionals in mind will enable us to scale and be even more competitive with the help of its user-friendly interface and modernize look and feel.

我們期望一個全新的網站能夠幫助我們擴大規模，並藉助其用戶友好的介面和現代化的外觀和感覺，使我們更具競爭力。該網站的設計充分考慮了下一代重型機械維修專業人員的需求。

On slide 6, I'll provide an overview of the Specialty Vehicle segment. Top line growth was relatively flat year-over-year with continued market pressures in the quarter, including weak consumer sentiment from tariffs and interest rates remaining at higher levels. Operating margin was impacted by lower manufacturing productivity in the quarter as we proactively reduced production in our Chinese manufacturing facility in Q1 following a ramp-up of production in Q4 of 2024 to get ahead of tariffs. Long term, we are targeting a high-teens margin profile for the business. We remain focused on our innovative strategy and continuing to develop new products for both the current park and next-generation vehicles.

在第 6 張投影片中，我將概述特種車輛領域。由於本季市場持續承壓，包括關稅導致消費者信心疲軟以及利率居高不下，營收年增率相對持平。由於我們在 2024 年第四季提高產量以應對關稅，並於第一季主動減少了中國製造工廠的產量，導致本季生產效率下降，營業利潤率受到影響。從長遠來看，我們的目標是使公司達到接近10%的利潤率。我們將繼續專注於創新策略，並持續為現有車輛和下一代車輛開發新產品。

Despite the challenging consumer sentiment during the quarter, UTV and ATV ridership remains strong, which is a continuation of the positive trends we've seen in prior quarters. We expect that as the economy continues to stabilize and interest rates further decline, riders will increase their spending on their vehicles. OEs have also commented that machine inventory is starting to normalize, which should bring stability to the end market. Speaking of new products, I wanted to highlight the 4-inch long travel kit that we introduced for Polaris XD 1500 models. This bundle widens the vehicle's wheelbase by a total of 8 inches, providing more stability and control on rough terrain.

儘管本季消費者情緒充滿挑戰，但UTV和ATV的騎乘人數依然強勁，延續了前幾季以來的正面趨勢。我們預計，隨著經濟持續穩定和利率進一步下降，騎士將增加在車輛上的支出。原始設備製造商也表示，機器庫存開始趨於正常化，這將為終端市場帶來穩定性。說到新產品，我想重點介紹一下我們為 Polaris XD 1500 車型推出的 4 英寸長旅行套件。該套件可將車輛的軸距加寬 8 英寸，從而在崎嶇地形上提供更好的穩定性和操控性。

The kit is designed for more of a utility application, allowing operators to improve the rides that fit the work they do on a daily basis. This is a great example of a solution design for those utilizing their vehicles for work, not just play. We continue to expand our portfolio of nondiscretionary utility-focused products to broaden our reach with new users. With that, I'll turn it over to David to cover our results in more detail. David?

該套件的設計更側重於實用性應用，使操作人員能夠改進適合他們日常工作的車輛。這是一個絕佳的解決方案設計範例，它不僅為娛樂，也為工作需要用車的人量身打造。我們將繼續擴大以非必需品為主的實用產品組合，以擴大我們的用戶群。接下來，我將把發言權交給大衛，讓他更詳細地介紹我們的結果。大衛？

Thanks, Kevin. Let me start with our consolidated results for the third quarter on Slide 7. Net sales in the third quarter were $544 million, up 7.9% year-over-year. As Kevin outlined, our net sales growth was driven primarily by tariff-related pricing initiatives. Positive macro trends in our Light Duty business and the success of our innovation strategy across all 3 segments remain foundational to the strong momentum of the overall business.

謝謝你，凱文。首先，請看投影片 7，了解我們第三季的綜合業績。第三季淨銷售額為 5.44 億美元，年增 7.9%。正如凱文所概述的那樣，我們的淨銷售成長主要得益於與關稅相關的定價舉措。輕型車輛業務的積極宏觀趨勢以及我們在所有三個細分市場中創新策略的成功，仍然是整體業務強勁發展勢頭的基礎。

Adjusted gross margin for the quarter was 44.4%, a 390 basis point increase compared to last year's third quarter.

本季調整後毛利率為 44.4%，比去年第三季成長 390 個基點。

As Kevin mentioned, this margin expansion was driven by the timing dynamics of when price and costs related to tariffs are recognized in our income statement. Additionally, our supplier diversification efforts contributed to margin improvement in the quarter. We remain on track to reach our goal of reducing our overall supply from China to 30% to 40% as we exit 2025. Adjusted SG&A expense as a percentage of net sales was 23.9%, up 50 basis points compared to the same period last year. Adjusted operating income was $111 million for the third quarter, up 30% compared to last year's third quarter.

正如凱文所提到的，利潤率的擴張是由價格和與關稅相關的成本在我們的損益表中確認的時間動態所驅動的。此外，我們供應商多元化的措施也促進了本季利潤率的提高。我們仍有望在 2025 年底前實現將來自中國的整體供應量減少到 30% 至 40% 的目標。經調整後的銷售、一般及行政費用佔淨銷售額的百分比為 23.9%，比去年同期成長 50 個基點。第三季調整後營業收入為 1.11 億美元，比去年同期成長 30%。

Adjusted operating margin expanded 340 basis points to 20.5%, primarily from the improvement in gross margin I just discussed. Finally, adjusted diluted EPS in the third quarter was $2.62, a 34% increase year-over-year. In addition to the increase in operating income, lower interest expense positively impacted our adjusted diluted EPS growth, offsetting a higher comparable effective tax rate, given favorable discrete items in last year's third quarter.

經調整後的營業利潤率成長了 340 個基點，達到 20.5%，主要得益於我剛才提到的毛利率的提高。最後，第三季調整後的稀釋每股收益為 2.62 美元，年增 34%。除了營業收入的成長外，較低的利息支出也對我們調整後的稀釋每股收益成長產生了積極影響，抵消了較高的可比實際稅率，這得益於去年第三季度有利的個別項目。

Turning to our cash flow on slide 8. For the third quarter, our cash flow was impacted by the higher cost inventory, affected by tariffs. This led to operating cash flow of $12 million and free cash flow of $2 million in the quarter, which was a decline from last year, but a modest improvement from last quarter.

接下來我們來看第 8 頁的現金流狀況。第三季度，由於關稅影響導致庫存成本上升，我們的現金流受到了影響。該季度經營現金流為 1,200 萬美元，自由現金流為 200 萬美元，較去年同期有所下降，但較上一季略有改善。

We expect that free cash flow will rebound in the coming quarters. With tariff and trade uncertainty impacting parts of our business, we maintained our pause on share repurchases through the quarter. As always, we'll continue to monitor market conditions, along with the cash needs of the business and opportunistically repurchase shares to return capital to our shareholders as part of our broader capital allocation strategy, which remains unchanged. We also believe we remain well positioned to fund our strategic growth initiatives, given our strong liquidity position, which I'll cover on the next slide.

我們預計未來幾季自由現金流將出現反彈。由於關稅和貿易的不確定性影響了我們部分業務，我們本季繼續暫停股票回購。我們將一如既往地密切關注市場狀況以及公司的現金需求，並根據實際情況回購股票，將資本返還給股東，這是我們更廣泛的資本配置策略的一部分，該策略保持不變。鑑於我們強勁的流動性狀況，我們相信我們仍然有能力為我們的策略成長計畫提供資金，我將在下一張投影片中詳細介紹這一點。

Slide 9 reiterates what we've been saying for a number of quarters now. Our asset-light nature and long track record of generating strong levels of cash flow have enabled the liquidity position and balance sheet capacity that allow us to manage higher cost inventory while still investing in strategic growth opportunities.

第 9 張投影片重申了我們幾個季度以來一直在強調的內容。我們輕資產的經營模式和長期以來創造強勁現金流的良好記錄，使我們能夠擁有充足的流動性和資產負債表能力，從而在管理較高成本庫存的同時，繼續投資於戰略增長機會。

As you can see, at the end of the quarter, net debt was $401 million and our net leverage ratio was 0.92 times adjusted EBITDA. Additionally, our total liquidity was $654 million at the end of September, up from $642 million at the end of 2024. Again, we expect the strength of our balance sheet will stand as a competitive advantage and a key driver of our success going forward.

如您所見，截至季度末，淨債務為 4.01 億美元，淨槓桿率為調整後 EBITDA 的 0.92 倍。此外，截至 9 月底，我們的總流動資金為 6.54 億美元，高於 2024 年底的 6.42 億美元。我們再次預計，我們穩健的資產負債表將成為我們的競爭優勢，並成為我們未來成功的關鍵驅動力。

Finally, let me discuss our guidance for 2025 on slide 10. With our strong performance through the first nine months, we have reaffirmed our net sales and EPS guidance ranges for the year. Our guidance for 2025 is based on the tariffs that are currently enacted. Should any material changes to tariffs or trade disruptions significantly impact our business or alter our expectations, we may look to update our guidance prior to year-end.

最後，請容許我在第 10 張投影片上討論我們對 2025 年的指導方針。憑藉前九個月的強勁業績，我們重申了全年的淨銷售額和每股盈餘預期範圍。我們對 2025 年的預測是基於目前已實施的關稅政策。如果關稅或貿易中斷發生任何重大變化，對我們的業務造成重大影響或改變我們的預期，我們可能會在年底前更新我們的業績指引。

Starting with top line. We expect net sales growth to be in the range of 7% to 9% over 2024. And for adjusted diluted EPS, we expect a range of $8.60 to $8.90 or an increase of 21% to 25% compared to last year.

首先從第一行開始。我們預計到 2024 年淨銷售額成長率將在 7% 至 9% 之間。對於調整後的稀釋每股收益，我們預計在 8.60 美元至 8.90 美元之間，比去年增長 21% 至 25%。

Finally, for modeling purposes and additional clarity on the final quarter of the year, we expect that Q4 will see a reduced gross margin percentage compared to this quarter as tariffs begin to impact our cost of goods sold. Also, we expect the full year tax rate will land at approximately 23.5%.

最後，為了便於建模並更清楚地了解今年最後一個季度的情況，我們預計第四季度的毛利率將比本季有所下降，因為關稅開始影響我們的銷售成本。此外，我們預計全年稅率約為 23.5%。

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

接下來，我將把發言權交還給凱文，讓他來總結。凱文？

Thanks, David. Just to finish up, I'd like to commend the team on delivering strong top and bottom line performance in the quarter and year-to-date. Our results reflect the hard work and dedication of our contributors all around the globe who are managing exceptionally well in the dynamic economic environment. Our business is well positioned to deliver strong performance in 2025 and we're pleased with the opportunities ahead.

謝謝你，大衛。最後，我要表揚團隊在本季和今年迄今都取得了強勁的營收和利潤表現。我們的成果體現了全球各地貢獻者的辛勤工作和奉獻精神，他們在瞬息萬變的經濟環境中表現出色。我們的業務已做好充分準備，將在 2025 年取得強勁的業績，我們對未來的機會感到滿意。

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

接下來，我想開放提問環節。

Operator?

操作員？

(Operator Instructions) Scott Stember, ROTH Capital.

（操作說明）Scott Stember，ROTH Capital。

Last week, one of your bigger customers commented that they were starting to see some elasticity issues, notably on the DIY side. Are you seeing any change in behavior, whether it's DIY or DIFM related to elasticity? Or is it too soon to say at this point?

上週，你們的一位大客戶反映，他們開始發現一些彈性問題，尤其是在 DIY 方面。你是否觀察到與彈性相關的行為變化，無論是 DIY 還是 DIFM？現在下結論是否為時過早？

Scott, it's Kevin. Good question. Look, I'm not going to comment on what our customers say. But I will tell you how we're looking at it, really solid quarter, growth up 9% in Light Duty, 8% overall. POS was solid in the quarter.

史考特，我是凱文。問得好。聽著，我不會對客戶的言論發表評論。但我可以告訴你我們是如何看待這個季度的，這是一個非常穩健的季度，輕型卡車業務增長了 9%，整體增長了 8%。本季POS表現穩健。

New continues to be a strong driver of growth. Macros continue to look solid in terms of the sweet spot of the vehicle, miles, age of the vehicle. But keep in mind that our portfolio differs quite a bit from a lot of our customers and a lot of our other folks in the supplier community, we have a heavy non-discretionary majority of our parts.

新產品仍然是強勁的成長動力。從車輛的最佳平衡點（里程數、車齡）來看，宏觀因素仍然十分有利。但請記住，我們的產品組合與我們的許多客戶以及供應商群體中的許多其他公司都大不相同，我們的大部分零件都是非自主性零件。

So either your car is not going to run or it's not going to run safely. So we have some benchmarks as well. We went through the 2018 and '19 time frame where we had some inflation. We went through the time period of 2023 and -- 2022, '23 when we had that inflationary period, and we raised prices and what we generally see over time is our portfolio is generally inelastic and performs pretty well because of the nondiscretionary nature of it.

所以你的車要嘛開不動，要嘛開起來不安全。所以我們也有一些基準指標。我們經歷了 2018 年和 2019 年的通貨膨脹時期。我們經歷了 2023 年和 2022 年、2023 年的通膨時期，我們提高了價格，隨著時間的推移，我們通常看到的是，我們的投資組合通常缺乏彈性，並且由於其非自主性而表現相當不錯。

Got it. And then last question before I jump back into the queue on margins. Typically, when price increases go through to cover tariffs, usually there's some optical distortion on the margin line. But it seems that you guys at least recently have been comfortable that you could keep margins relatively flat because of some of the self-help stuff that you have going on. Is that narrative still in play? And just trying to get a sense of where we should look at margins as we go forward in the next couple of quarters.

知道了。在我重新開始討論頁邊距問題之前，最後一個問題。通常情況下，當價格上漲是為了彌補關稅時，利潤率線上通常會出現一些視覺上的扭曲。但看起來你們最近似乎比較有信心，由於你們採取了一些自助措施，所以能夠保持利潤率相對穩定。這種說法現在還成立嗎？我們只是想了解在接下來的幾個季度裡，我們應該關注哪些利潤率指標。

Yes. Look, really strong quarter for margins. We've reached 20% operating margin. But as David said in his prepared remarks, we do expect some compression as we move into the fourth quarter with the dynamic of the tariffs coming through COGS, cost of goods sold.

是的。你看，本季利潤率表現非常強勁。我們已達到20%的營業利益率。但正如大衛在事先準備好的演講稿中所說，隨著關稅動態影響銷售成本（COGS），我們預計進入第四季後會出現一些壓縮。

But there are a lot of activities that we've also talked about that we anticipate reading through, whether that be cost initiatives, whether that be productivity improvements in our DCs and throughout the business, frankly. And longer term, we continue to see this business as a high-teens operating margin business.

但我們也討論過很多活動，我們預期會仔細閱讀相關文件，無論是成本控制舉措，還是提高我們配送中心和整個業務的生產力，坦白說。從長遠來看，我們仍然認為這項業務的營業利潤率將達到兩位數以上。

Jeff Lick, Stephens Inc.

Jeff Lick，Stephens 公司

Congrats on a nice quarter. Kevin, I was wondering if you could just maybe address the trajectory of Light Duty, up 9.3%, with price increases relative to the 10.1% and 13.8% it was up the previous two quarters. Just any additional color, clarity on what was driving that? That would be great.

恭喜你本季業績出色。凱文，我想請你談談輕型卡車銷量成長 9.3% 的走勢，以及相對於前兩季 10.1% 和 13.8% 的漲幅，價格上漲的情況。只是想增添一些色彩，或者更清楚地說明是什麼因素在驅動這一切？那太好了。

Look, it was -- Jeff, we view it as a very solid quarter in Light Duty, 9% sales growth. POS was very solid in the quarter. New products continue to drive exceptional growth there. We don't see that stopping. As I mentioned before, the macroeconomic environment still looks very good there in terms of the sweet spot of the 7 to 14 year-old vehicle continues to rise.

你看，傑夫，我們認為輕型卡車業務本季表現非常穩健，銷售額成長了 9%。本季POS表現非常穩健。新產品持續推動該地區的卓越成長。我們認為這種情況不會停止。正如我之前提到的，就7至14年車齡的車輛而言，那裡的宏觀經濟環境仍然非常好，車輛的最佳購買時機也持續提升。

Miles driven continue to increase. I think the age of the vehicle now is around 12.8 years old. So when we step back and we look at it, given the nondiscretionary nature of our portfolio there, we feel really good about driving future growth.

行駛里程持續增加。我認為這輛車現在的車齡大約是 12.8 年。所以當我們退後一步審視它時，考慮到我們投資組合的非自主性，我們對推動未來的成長感到非常樂觀。

And Jeff, to add a little color. I'm sorry, to add a little color there. The Q3 was 9.3% was real consistent with the second quarter, and it's pretty consistent with the first quarter as well because if you look at the first quarter, it had a very easy comp. So pretty consistent growth through the year on Light Duty business.

傑夫，來增添一些色彩。抱歉，我得稍微添點色彩。第三季為 9.3%，與第二季非常一致，也與第一季相當一致，因為第一季的年比基數非常低。輕型車輛業務全年保持了相當穩定的成長。

Just a quick follow-up on the kind of the dynamics of price increases. I was just curious as let's just say you guys decide, hey, you're going to take a 4% price increase, which obviously goes to your customer, who then, in turn, will pass that along in one way, shape or form to the end user. How does that dynamic play out? Is it typically that your customer is going to take your price increase and just pass that on percent -- at the same percentage? Or what's the dynamic there?

關於價格上漲的動態，我再補充一點。我只是好奇，假設你們決定漲價 4%，這顯然會轉嫁給你們的客戶，而客戶又會以某種方式將這部分成本轉嫁給最終用戶。這種動態會如何發展？通常情況下，您的客戶會接受您的價格上漲，然後以相同的比例將上漲轉嫁給客戶嗎？或者說，那裡的動態是什麼？

Yes. I mean, look, I really can't comment on how our customers are going to react to potential price increase from us or any other -- any other supplier. All I can tell you, Jeff, is kind of how we handle it. It's a multifaceted approach, right? I mean, -- and it's really in line with historical practices that I talked about earlier.

是的。我的意思是，我真的無法評論我們的客戶會對我們或其他任何供應商可能提高價格作何反應。傑夫，我只能告訴你我們是如何處理這件事的。這是一個多方面的方法，對吧？我的意思是，——這確實與我之前談到的歷史慣例相符。

We've been through this before in '18, '19 and '22, '23. First, we have a very defined strategy to diversify our supply chain, which we've made a lot of progress on over the years. We're a much different company than we were from that respect from six, seven years ago. We negotiate with our suppliers, right? I mean, obviously, these are our supply partners around the globe. And so we obviously look to get the best price value combination we can from our supply base.

我們在 2018 年、2019 年、2022 年和 2023 年都經歷過這種情況。首先，我們制定了非常明確的供應鏈多元化策略，多年來我們在這方面取得了巨大進展。從這個角度來看，我們現在的公司與六、七年前已經大不相同了。我們會和供應商進行談判，對吧？我的意思是，很顯然，這些是我們在全球各地的供應商合作夥伴。因此，我們顯然會尋求從供應商那裡獲得最佳的價格價值組合。

And then as I mentioned earlier, we continue to look at productivity initiatives across the company. And when that's all said and done, we'll work with our customers to strategically implement price increases. But beyond that, Jeff, I really can't comment on what our customers are going to do from that standpoint.

正如我之前提到的，我們將繼續專注於公司各方面的生產力提升措施。等一切塵埃落定，我們將與客戶合作，策略性地實施價格上漲。但除此之外，傑夫，我真的無法評論我們的客戶會從這個角度採取什麼行動。

Tristan Thomas-Martin, BMO Capital Markets.

Tristan Thomas-Martin，BMO資本市場。

First Brands has been all over the news. How should we think about kind of like product overlap or any other overlap? And then what could it be potentially in terms of the opportunity for you guys?

First Brands 一直是新聞熱點。我們應該如何看待產品重疊或其他類型的重疊問題？那麼，對你們來說，這可能意味著哪些機會呢？

Yes. Thanks for the question, Tristan. It's a good one. I'll start out by saying that we don't view ourselves as a comparison to First Brands. And then I'll also point out from the Dorman perspective, we have a very healthy balance sheet and liquidity.

是的。謝謝你的提問，特里斯坦。這是個好主意。首先我要說明的是，我們並不認為自己可以與 First Brands 相提並論。然後，我也想從多爾曼的角度來看指出，我們的資產負債表和流動性都非常健康。

And I think we're carrying less than 1 times leverage at this point. We don't engage in any off-balance sheet financing. We only participate in the customer-sponsored factoring programs with our largest customers, and frankly, we've been doing that for decades. We do have publicly secured debt, but we haven't speculatively financed our receivables or frankly, any other working capital assets.

我認為我們目前的槓桿率不到1倍。我們不進行任何表外融資。我們只與最大的客戶一起參與客戶贊助的保理計劃，坦白說，我們幾十年來一直都是這樣做的。我們確實有公開擔保的債務，但我們沒有對應收帳款或坦白說，任何其他營運資金資產進行投機性融資。

And to kind of address your question straight on. I mean, we do have some categories that overlap with First Brands, but not in a material way. It's really around the edges. And of course, we stand ready to help our customers that if they need help from this situation as we always do.

直接回答你的問題。我的意思是，我們的確有一些產品類別與 First Brands 重疊，但並不具有實質重疊。真的只是邊緣問題。當然，如果我們的客戶在這種情況下需要幫助，我們將一如既往地隨時準備提供協助。

Okay. And then just one on specialty vehicles. I was just wondering you introduced the new long travel suspension for the XD1500. Do you see any change in aftermarket attachment rate on newer vehicles, such as the XD 1500, that OEMs are focused a little bit more on factory accessories versus maybe some older more mature vehicles that don't have the same OEM kind of accessory split?

好的。然後還有一篇關於特種車輛的文章。我只是想問一下，你們為 XD1500 推出了新的長行程懸吊系統。您是否注意到，像XD 1500這樣的新車型，其售後配件的供應率發生了變化？與一些舊款車型相比，原廠配件的供應情況是否有所改善？

Yes. I mean, clearly, when you have less contented models, that's a good thing for us. And frankly, with price points being what they are, and they've increased so much over the years, we view that as a good dynamic going forward because I think we'll start to see a lot more entry price point models in the future. So I'd tell you that the specialty vehicle market continues.

是的。我的意思是，很顯然，當模特兒滿意度降低時，這對我們來說是件好事。坦白說，鑑於目前的物價水平，以及這些年來價格的大幅上漲，我們認為這是一個良好的發展趨勢，因為我認為未來我們將看到更多入門價格車型。所以我認為特種車輛市場依然存在。

Look, we're very -- we love the business. Rider enthusiasm continues to remain high. We do surveys of dealers and riders consistently. But the discretionary side of that business has definitely felt more impact, which is roughly half the business. And that's why we continue to double down on nondiscretionary repair parts in that business, which we've really expanded that portfolio since the acquisition a few years ago.

你看，我們非常——我們熱愛這個行業。騎行者的熱情依然高漲。我們定期對經銷商和騎士進行調查。但該業務中可自由支配的部分受到的影響更大，這部分業務約佔該業務的一半。因此，我們繼續加倍投入該業務中的非可選維修零件，自幾年前收購以來，我們已經真正擴大了該業務的產品組合。

Bret Jordan, Jefferies.

Bret Jordan，傑富瑞集團。

I think you said that your POS was up mid-single digits. Is that units or is that POS dollars out the door of the customer? I guess if we can sort of look at the Q3, how much of the growth was price versus pieces?

我想你說過你的POS機銷售額成長了個位數中段。這是銷量還是顧客實際支付的金額？我想，如果我們看一下第三季度，那麼成長中有多少是價格成長，又有多少是產品數量成長呢？

Yes, Bret, that's dollars. And we've always quoted POS in dollar terms. Hope you can appreciate that we don't and have never disclosed unit growth for competitive reasons. It could really put us in a situation with some customers that they could triangulate price increases. So we don't disclose that.

是的，布雷特，那是美元。我們一直都用美元來報價POS。希望您能理解，出於競爭原因，我們過去和現在都不會透露銷售成長。這真的可能會讓我們陷入一些客戶的困境，他們可能會利用各種手段來提高價格。所以我們不會透露這些資訊。

I'll only say that POS growth in the quarter was very solid, particularly as we look at it compared to Q2. And look, as I said before, the nondiscretionary nature of our portfolio bodes well in a period of increasing inflation. We've seen it before. It's not our first time going through a period like this.

我只想說，本季的 POS 成長非常穩健，特別是與第二季相比。正如我之前所說，我們投資組合的非自主性特徵在通貨膨脹加劇的時期是一個好兆頭。我們以前見過這種情況。這並非我們第一次經歷這樣的時期。

Yes. So I guess when you think about your customers have sort of thrown out same-SKU inflation between 2.5% -- at least 3% and then 4%, where do you sort of (technical difficulty) -- that low mid-single digit, is the right number?

是的。所以我想，當你考慮到你的客戶已經拋出了 2.5% 到 3% 甚至 4% 的同 SKU 價格通膨率時，你覺得（技術難題）——那個低個位數的中間值，才是正確的數字嗎？

You broke up a little bit there, Bret. I will -- I think I got the gist of your question though. I mean -- at the end of the day, I can't comment on what my -- our customers that are publicly out there have very different product offerings than we do in terms of DIY, and we tend to -- the majority of our portfolio is, as you know, hard parts, much more DIFM, professional content. So it's not a real good compare trying to compare some of our customers to our portfolio.

布雷特，你剛才有點情緒崩潰了。我會的——不過我想我已經明白你的問題大概意思了。我的意思是——說到底，我無法評論我的——我們那些公開的客戶在DIY方面提供的產品與我們截然不同，而且我們——正如你所知，我們的大部分產品組合都是硬部件，更多的是DIFM（自己動手完成）的專業內容。因此，將我們的一些客戶與我們的投資組合進行比較並不是一個好的比較方法。

Okay. And then a question on supply chain. I think you're saying you expect to be 30% to 40% China by year-end. What's the supply chain map going to look like? I mean a few years ago, you were 70% China. Are there other countries that are concentrated, I think, sort of how diverse (technical difficulty) too?

好的。然後是一個關於供應鏈的問題。我想你的意思是說，你預計到年底中國市場的份額將達到 30% 到 40%。供應鏈圖會是什麼樣子？我的意思是，幾年前，你們70%的人口來自中國。有其他國家也像這樣集中分佈嗎？我覺得，它們的技術難度也各不相同。

Look, right now, yes, I mean, we've said previously that right now, we're about 30% to 40% China depending on the mix, roughly 30% in the US and the balance is rest of the world. I think we're -- as we move forward, you'll probably see a little bit less than that indexing towards China. But to be honest, I think we feel pretty good about the nature of the footprint now. Even with regard to all these very fluid situation around tariffs, we're very diversified.

是的，目前，我的意思是，我們之前說過，目前我們的市佔率大約有 30% 到 40% 來自中國，取決於市場組成，大約 30% 來自美國，其餘部分來自世界其他地區。我認為，隨著我們不斷向前發展，你可能會看到對中國的依賴程度略低於目前的水平。但說實話，我覺得我們現在對足跡的性質相當滿意。即使在關稅情勢瞬息萬變的情況下，我們的業務也十分多元化。

And frankly, we have a very robust supply chain, much more robust than we did six, seven years ago. So I think we can handle anything that's thrown at us on the trade front, given where we are and frankly, if we need to pivot, we have the experience to do that. We have the know-how and the tools and the experience to do that.

坦白說，我們的供應鏈非常強大，比六、七年前強大得多。所以我覺得，鑑於我們目前的地位，我們可以應對貿易方面遇到的任何問題；坦白說，如果我們需要調整策略，我們也有經驗做到這一點。我們擁有完成這項工作所需的技術、工具和經驗。

It seems like some of your margin benefit has been sort of shifting the supply chain. Is the rest of the world cheaper than your prior average? Or is it -- where are you picking up this margin from sort of revamping the supply chain?

看來你們的部分利潤成長來自於供應鏈的轉移。世界其他地區的價格比你之前的平均價格低嗎？或者說——你打算透過某種方式改造供應鏈來獲得這部分利潤？

Well, I mean there's certainly been some of that as we've -- over the years, Bret, I mean, it seems like we've been in a constant flux since 2018, '19. But listen, we're never going to move to a region where we become uncompetitive. I mean, so that's always a part of the calculus in terms of the cost, but there's a lot of other things that factor in there, too, in terms of the quality, the value that the supplier offers, the lead times. So there's a lot that goes into that equation. But at the end of the day, the moves we made we feel comfortable that we can remain competitive in this environment.

嗯，我的意思是，這些年來，布雷特，確實經歷了一些這樣的變化，我的意思是，自從 2018 年、2019 年以來，我們似乎一直處於不斷變化之中。但是，聽著，我們永遠不會搬到一個讓我們失去競爭力的地區。我的意思是，這始終是成本考量的一部分，但還有很多其他因素也需要考慮，例如品質、供應商提供的價值、交貨時間等等。所以，這其中涉及很多因素。但歸根究底，我們採取的措施讓我們有信心在這種環境下保持競爭力。

David Lantz, Wells Fargo.

大衛‧蘭茨，富國銀行。

I guess considering strong Light Duty sales and a sequential improvement in Heavy Duty and Specialty Vehicle trends, curious if you could just talk about your share position across those segments in Q3.

考慮到輕型車輛銷售強勁，以及重型車輛和特種車輛趨勢的環比改善，我很想知道您能否談談您在第三季度在這些細分市場的份額情況。

Yes. Sure. I mean, listen, in Light Duty, we continue to believe we're taking share. If you look at the overall market growth statistics that we look at over the years, anywhere between 3% and 4% historically. We've consistently outperformed that.

是的。當然。我的意思是，聽著，在輕型車輛領域，我們仍然相信我們正在搶佔市場份額。如果你看一下我們多年來觀察的整體市場成長統計數據，歷史上的成長率在 3% 到 4% 之間。我們一直以來都做得比這更好。

And that's really driven by our new product efforts, particularly new to the aftermarket, where that part only exists in the OE channel the day before we launch it. And that's been a huge driver of growth. I'd say in Heavy Duty, we did see some nice growth in the quarter. So some positive signs. Some of that growth was driven by tariff pricing, but we also had some key customer wins. That -- we have a very small share in a large TAM and heavy duty. So we feel we have a lot of runway to go in that space.

這主要得益於我們的新產品研發，特別是針對售後市場的新產品，這類產品往往在上市前一天才出現在原廠配套通路。而這正是推動成長的巨大動力。我認為重型設備業務在本季確實實現了不錯的成長。所以有一些積極的跡象。部分成長是由關稅定價推動的，但我們也贏得了一些重要的客戶。也就是說——我們在龐大的TAM和重型設備市場中只佔很小的份額。因此，我們覺得在這個領域還有很大的發展空間。

And in specialty, again, when you look at our overall share position, it's pretty small in a fairly large market. So we like the runway. It's why we like the space. And I would tell you that just in terms of share performance, we believe we're outperforming the overall market, although we're not happy with flat sales growth, we believe that the rest of the market has been down.

再說，在特種化學品領域，當你看一下我們的整體市場份額時，你會發現它在一個相當大的市場中佔比很小。我們喜歡這條跑道。這就是我們喜歡這個地方的原因。我想告訴大家，就股票表現而言，我們認為我們跑贏了整體市場，雖然我們對銷售成長停滯不前並不滿意，但我們認為市場其他部分都在下滑。

So we do believe we're taking share. We think it's a combination of the initiatives that we've undertaken, whether that be expanding our nondiscretionary repair portfolio or geographic expansion. We've seen a lot of success in that regard.

所以我們相信我們正在搶佔市場份額。我們認為這是我們採取的各項舉措共同作用的結果，無論是擴大我們的非選擇性維修業務組合，還是拓展地域範圍。我們在這方面已經取得了巨大的成功。

Got it. That's helpful. And then the balance sheet is really healthy. So curious if you could talk about your appetite for M&A and what the pipeline looks like today?

知道了。那很有幫助。而且資產負債表也非常健康。所以，我很想知道您能否談談您對併購的興趣以及目前的併購專案儲備？

Yes. Great question. Look, we have different acquisition strategies across the different segments. I think if you look at -- and I'll just remind you what those are. In Light Duty, we're always looking for potential technology acquisition as the vehicles continue to technologically advance. We want to make sure we stay ahead of that curve as we have in years past.

是的。問得好。你看，我們在不同的市場區隔有不同的收購策略。我認為如果你看一下——我再提醒你那些是什麼。在輕型車輛領域，隨著車輛技術的不斷進步，我們一直在尋找潛在的技術收購機會。我們希望確保像往年一樣，繼續保持領先地位。

And geographic expansion remains a priority for that segment. If you look at Specialty Vehicle, a lot -- highly fragmented market. As you know, we have a fairly small share of that market. So we view that as right for brand and product portfolio acquisition plays.

地域擴張仍然是該領域的優先事項。如果你觀察特種車輛市場，你會發現這是一個高度分散的市場。如您所知，我們在該市場中所佔份額相當小。因此，我們認為這對於品牌和產品組合收購策略是正確的。

And in Heavy Duty, we're still a small player in a very large market. There are a lot of channel -- channel plays where today we have opportunity that acquisition will really help us penetrate some of those channels in a much greater way. I would tell you that the funnel looks very strong. We consistently work the funnel, but I will tell you that targets -- the amount of actionable targets has been a bit slowed.

在重型設備領域，我們仍然是這個龐大市場中的小公司。有很多管道——通路佈局方面，如今我們有機會透過收購來真正幫助我們以更大的方式滲透到其中一些管道中。我覺得這個漏斗看起來很結實。我們一直在努力推進銷售漏斗，但我必須告訴你，目標客戶的數量——可操作目標客戶的數量——已經有所放緩。

I think it's slowed by the tariff situation. I think a lot of potential sellers are probably waiting to see how the tariffs impact their business, whether that be for pricing or margins or demand, what have you. I think once that shakes out, I think there'll be a lot more activity on the other side of that.

我認為關稅問題減緩了這一進程。我認為許多潛在賣家可能都在觀望關稅對他們業務的影響，無論是對價格、利潤率或需求等方面的影響。我認為一旦事情塵埃落定，另一邊就會出現更多活動。

Yes. And just a little comment on the balance sheet. The leverage right now in the quarter was 0.92 times. So strong balance sheet. We view that we've got the dry powder to not only absorb the higher cost of inventory but also execute against the M&A program, which Kevin outlined.

是的。關於資產負債表，我還有一點要補充說明。本季目前的槓桿率為 0.92 倍。資產負債表非常穩健。我們認為我們有足夠的資金，不僅可以吸收更高的庫存成本，還可以執行凱文概述的併購計劃。

Justin Ages, CJS Securities.

賈斯汀·阿格斯，CJS證券。

I wanted to follow up on the comment about First Brands. So I think we're aware about the customer-sponsored factory. Have you seen any or had any conversations about terms that you guys -- the terms that might be changing as a result of that? Or completely unrelated and then the terms are pretty clear set?

我想就第一品牌公司（First Brands）的評論做個後續說明。所以我覺得我們應該要了解客戶贊助的工廠。你們有沒有看到或討論過一些術語，例如那些可能會因此而改變的術語？或完全無關，但條款卻非常明確？

Yes. Just the terms are pretty clear, and we don't see any indication that there's going to be any change in the terms.

是的。條款非常明確，我們沒有看到任何跡象表明條款會有任何改變。

Okay. That's helpful. And then on the Light Duty, can you give us some color on the amount of time, like the lead time for the power steering product that you outlined. Just want to get a sense of from idea to get to market how long that took?

好的。那很有幫助。那麼，關於輕型車輛，您能否詳細說明時間方面的情況，例如您提到的動力轉向產品的交貨週期？只是想了解從構思到產品上市大概多久？

Well, that's a loaded question, but it's also a great question. For that particular product, I mean, we have been in the market with an electronic power steering rack for a different making model, starting about 18 to 24 months ago. But if I look at total development time on a part like that, it's substantial.

嗯，這個問題問得好，但也頗具挑戰性。就這款產品而言，我的意思是，我們大約在 18 到 24 個月前開始向市場上銷售一款用於不同車型的電子輔助轉向齒條。但如果從整個零件的開發時間來看，那可是相當長的。

Certainly a lot longer than a purely mechanical part, as you can imagine. There's a safety component to that part, there's an electronic -- complex electronics component to that part. So it's a much longer cycle time on that part. And obviously, as a result, has a much higher selling price than a pure mechanical part.

正如你所想，它肯定比純粹的機械部件要長得多。該部件包含安全組件，還包含複雜的電子組件。所以這部分的周期時間要長很多。因此，很顯然，它的售價比純機械零件高得多。

Gary Prestopino, Barrington Research.

Gary Prestopino，巴林頓研究公司。

Could you guys give us some idea on specialty, what the mix is of nondiscretionary versus discretionary and at this point and how that has shifted since the acquisition?

你們能否介紹一下貴公司在專業領域的佈局，非自主性產品與自主性產品的比例是多少，以及自收購以來這一比例發生了怎樣的變化？

Gary, sure, absolutely. It's roughly about 50-50 right now, and it was materially less than that when we acquired the business. So it's moved up quite a bit. And I think we're very well positioned for when that market does recover. The pure accessory side and then the brake fix or nondiscretionary repair to drive oversized growth compared to market when we do start seeing the recovery and the geographic expansion, which I talked about before, too, we've seen some great progress there as well.

加里，當然，絕對沒問題。目前大概是五五開，而我們收購這家公司時，這個比例遠低於此。所以它上漲了不少。我認為我們已經做好了充分準備，迎接市場復甦的到來。純粹的配件市場，以及煞車維修或非選擇性維修，將推動市場相對於其他市場實現超額成長。當我們開始看到市場復甦和地理擴張時，我也談到了這一點，我們在這方面也取得了一些巨大的進展。

Yes, that's what I wanted to hit on, too. I mean the geographic expansion, as I recall, you said you were west of the Mississippi, you were pretty light with dealerships. Can you maybe help us out as to how that is going in terms of picking up new dealerships without getting too specific, I mean, overall growth in dealership would be helpful.

是的，那也是我想表達的意思。我的意思是地理擴張，我記得你說過你在密西西比河以西，經銷商數量很少。您能否幫我們介紹一下在拓展新經銷店方面進展如何，無需透露太多細節，我的意思是，經銷店的整體增長情況會很有幫助。

Yes, that's a great question, Gary. We have been very focused on that. And we've added -- I'll just -- I'll put it this way. We've added a significant amount of new dealer relationships out West. Now our focus is on driving more share of wallet within those dealerships. So first step, getting in the dealers, getting relationship established and now we're driving share of wallet gains there.

是的，加里，你問得好。我們一直非常關注這一點。我們還添加了——我就這麼說吧。我們在西部地區新增了大量經銷商合作關係。現在我們的重點是提高這些經銷商的消費者錢包份額。所以第一步，就是打入經銷商圈，建立關係，現在我們正在努力提高他們的錢包份額。

Scott Stember, ROTH Capital.

Scott Stember，ROTH Capital。

Just a quick follow-up on tariffs. Has there been any meaningful change to your exposure from a geographic standpoint, whether it's India, China or any other country, since the last time you guys gave an update?

關於關稅問題，我再補充一點。自上次更新以來，從地理角度來看，無論是印度、中國或其他國家，你們的業務拓展情況是否發生了任何實質變化？

Boy, Scott, that's a great question. I'm not -- I think the answer is yes. from last quarter. Certainly, we've seen some changes. But there's a lot of headline news around tariffs that actually haven't made their way into law or implementation. So it's hard for me to -- it's changed so much. It's been so fluid, Scott. It's hard for me to pinpoint an exact date.

斯科特，你問得好。我不是——我認為答案是肯定的。來自上個季度。當然，我們已經看到了一些變化。但圍繞關稅的大量新聞報導其實並未成為法律或實施措施。所以對我來說很難——變化太大了。斯科特，情況變化太快了。我很難確定一個確切的日期。

But look, I'll just summarize it this way. Where we sit right now, we feel well positioned to handle the current tariff environment or any other potential changes that might come down the pipe, particularly as we look at how we compare competitive set. We feel like we have a footprint that is as competitive as anyone else out there in the aftermarket. And so I think we can handle any changes that come our way. And I'll characterize it as manageable at this point.

不過，我簡單概括一下。就我們目前的情況而言，我們感覺已經做好了充分的準備來應對當前的關稅環境或任何其他可能出現的變化，尤其是在我們考慮如何與競爭對手進行比較時。我們感覺我們在售後市場上的市場份額與其他任何競爭對手一樣具有競爭力。所以我認為我們能夠應對任何變化。就目前而言，我認為它是可以控制的。

There are no further questions at this time. Ladies and gentlemen, this concludes today's earnings call. We thank you for participating. You may now disconnect.

目前沒有其他問題了。女士們、先生們，今天的財報電話會議到此結束。感謝您的參與。您現在可以斷開連線了。