純正零件 (GPC) 2024 Q3 法說會逐字稿

Good day. Ladies and gentlemen, welcome to the Genuine Parts Company third-quarter 2024 earnings conference call. (Operator Instructions) This call is being recorded on Tuesday, October 22, 2024.

再會。女士們、先生們，歡迎參加原廠零件公司 2024 年第三季財報電話會議。（操作員說明）此通話錄音時間為 2024 年 10 月 22 日星期二。

I would now like to turn the conference over to Tim Walsh, Senior Director, Investor Relations. Please go ahead, sir.

我現在想將會議交給投資者關係高級總監 Tim Walsh。請繼續，先生。

Thank you and good morning everyone. Welcome to Genuine Parts Company's third quarter 2024 earnings call. Joining us on the call today are Will Stengel, President and Chief Executive Officer; and Bert Nappier, your Executive Vice President and Chief Financial Officer.

謝謝大家，早安。歡迎參加原廠零件公司 2024 年第三季財報電話會議。今天加入我們電話會議的還有總裁兼執行長 Will Stengel；以及你們的執行副總裁兼財務長 Bert Nappier。

In addition to this morning's press release, a supplemental slide presentation can be found on the investors page, the Genuine Parts Company's website.

除了今天早上的新聞稿外，還可以在投資者頁面（即原廠配件公司網站）上找到補充幻燈片簡報。

Today's call is being webcast and a replay will also be made available on the company's website after the call. Following our prepared remarks, the call will be open for questions, the responses to which will reflect management views as of today, October 22, 2024. If we're unable to get to your questions, please contact our Investor Relations department.

今天的電話會議正在網路直播，電話會議結束後也將在公司網站上提供重播。在我們準備好的發言之後，電話會議將開放提問，其答覆將反映截至今天（2024 年 10 月 22 日）管理層的觀點。如果我們無法解答您的問題，請聯絡我們的投資者關係部門。

Please be advised that this call may include certain non-GAAP financial measures which may be referred to during today's discussion of our results as reported under Generally Accepted Accounting Principles. A reconciliation of these measures is provided in the earnings press release.

請注意，本次電話會議可能包括某些非公認會計準則財務指標，在今天討論我們根據公認會計原則報告的結果時可能會提到這些指標。收益新聞稿中提供了這些措施的協調表。

Today's call may also involve forward-looking statements regarding the company and its businesses as defined in the Private Securities Litigation Reform Act of 1995.

今天的電話會議也可能涉及有關 1995 年《私人證券訴訟改革法案》中定義的公司及其業務的前瞻性陳述。

The company's actual results could differ materially from any forward-looking statements. These are several important factors described in the company's latest sec filings, including this morning's press release. The company assumes no obligation to update any forward-looking statements made during the call.

本公司的實際結果可能與任何前瞻性陳述有重大差異。這些是該公司最新的美國證券交易委員會文件（包括今天上午的新聞稿）中描述的幾個重要因素。該公司不承擔更新電話會議期間所做的任何前瞻性陳述的義務。

Now let me turn it over to Will.

現在讓我把它交給威爾。

Thank you, Tim, and good morning, everyone. Welcome to our third quarter 2024 earnings call. As always, I'd like to start by thanking our global teammates for their hard work serving our customers. And I'd also like to acknowledge all those who were negatively impacted by the devastating hurricanes in the US.

謝謝蒂姆，大家早安。歡迎參加我們的 2024 年第三季財報電話會議。像往常一樣，我首先要感謝我們的全球團隊成員為我們的客戶服務所做的辛勤工作。我還要感謝所有受到美國毀滅性颶風負面影響的人們。

I'm proud of our teams as they rally together to take care of each other and our customers. Our culture shine through with our teammates going above and beyond to navigate the challenge. Taking care of our communities is a pillar of our mission at GPC and we'll continue to support impacted communities through our partners at the American Red Cross.

我為我們的團隊感到自豪，因為他們團結在一起互相照顧和照顧我們的客戶。我們的文化閃耀著我們的團隊成員超越自我應對挑戰的精神。照顧我們的社區是 GPC 使命的支柱，我們將繼續透過美國紅十字會的合作夥伴支持受影響的社區。

Let me also welcome Jenn Hulett to GPC. Jenn joined GPC in August as our new Executive Vice President and Chief People Officer, responsible for advancing the company's global talent and culture initiatives. This is a critical area of focus as we continuously strive to be an employer of choice. We look forward to Jenn's many contributions.

我還要歡迎 Jenn Hulett 加入 GPC。Jenn 於 8 月加入 GPC，擔任新任執行副總裁兼首席人才官，負責推動公司的全球人才和文化計劃。這是我們不斷努力成為首選雇主的關鍵關注領域。我們期待 Jenn 做出許多貢獻。

Before I get into the results for the quarter, I'd like to take a few moments to provide an update on the business, and share my perspective after nearly six months in the role of CEO. GPC has a great legacy. NAPA will celebrate its 100th anniversary next year.

在介紹本季的業績之前，我想花一些時間介紹業務的最新情況，並分享我擔任執行長近六個月後的看法。GPC 有著偉大的遺產。NAPA 將於明年慶祝成立 100 週年。

Motion is a market leading, value added industrial solutions business founded in 1946, and our international automotive businesses in Europe, Asia Pacific, and Canada, have similar long proud histories. Together, GPC is a differentiated business, with compelling opportunities individually and collectively as one GPC team in each of the global markets.

Motion 是一家市場領先的增值工業解決方案企業，成立於 1946 年，我們在歐洲、亞太地區和加​​拿大的國際汽車業務也擁有類似的悠久歷史。總的來說，GPC 是一家差異化企業，無論是作為一個 GPC 團隊，還是在每個全球市場中，無論個人還是集體都擁有令人矚目的機會。

As we serve as we leverage the size, scale, and strength of our company and our fragmented industries, we're intensely focused on evolving the business and leaning into the initiatives around talent and culture, technology, supply chain, and sales effectiveness that we shared in our last Investor Day.

當我們利用公司和分散行業的規模、規模和實力時，我們高度關注業務發展，並致力於圍繞人才和文化、技術、供應鏈和銷售效率的舉措，我們我們在上一次投資者日分享了這一點。

Transformation and investment across all industries is critical as customers' needs and markets continue to evolve at increasing speeds. I'm confident that we're doing the right hard work for GPC's long term benefit as we look to not only extend our existing competitive advantages, but also create new ones.

隨著客戶需求和市場不斷加速發展，所有產業的轉型和投資都至關重要。我相信，我們正在為 GPC 的長期利益做出正確的努力，因為我們不僅希望擴大現有的競爭優勢，而且還希望創造新的競爭優勢。

Most importantly, our legacy has created financial strength, both in terms of our cash flow and our balance sheet, to thoughtfully pursue these actions through business cycles. Our capital allocation discipline is elevated as we work to methodically balance foundational, growth, and innovative investments, across the most attractive and strategic GPC opportunities. In parallel, we're committed to growing our long standing dividend.

最重要的是，我們的遺產創造了財務實力，無論是在現金流還是資產負債表方面，都可以在整個商業週期中深思熟慮地採取這些行動。我們努力在最具吸引力和策略性的 GPC 機會之間有條不紊地平衡基礎投資、成長性投資和創新投資，從而提高了我們的資本配置紀律。同時，我們致力於增加我們的長期股息。

We acknowledge that these strategic investments come with near term trade-offs, including higher costs that are amplified by sluggish market conditions and an underlying inflationary cost environment, in turn pressuring results as seen in the third quarter.

我們承認，這些策略投資會帶來短期的權衡，包括因市場狀況低迷和潛在的通膨成本環境而放大的成本上升，進而給第三季的業績帶來壓力。

We're balancing the medium and long term by offsetting current headwinds with a back to basics customer and operational excellence mindset, which is gaining traction as evidenced by improved internal operating metrics.

我們透過回歸基礎的客戶和卓越營運思維來抵消當前的不利因素，從而平衡中長期，這種思維正在獲得牽引力，正如內部營運指標的改善所證明的那樣。

We're also managing core operating costs through global restructuring activities, which are on track to deliver the intended impact. And we continuously pursue initiatives to simplify the business and further enhance our productivity.

我們也透過全球重組活動來管理核心營運成本，這些活動可望實現預期的影響。我們不斷尋求簡化業務並進一步提高生產力的措施。

As we close out 2024 and look ahead to 2025, I want to highlight select examples of actions that reinforce our enthusiasm for GPC's future. At Motion, we continue to extend our value proposition with our customers, with tools, technology and expertise to drive embedded solutions that create value and efficiency for our customers.

在我們結束 2024 年並展望 2025 年之際，我想重點介紹一些精選的行動範例，這些行動增強了我們對 GPC 未來的熱情。在 Motion，我們繼續利用工具、技術和專業知識來擴展我們與客戶的價值主張，推動嵌入式解決方案為客戶創造價值和效率。

Further, our investments in automation to address customers' productivity needs, and mobilizing our technical sales expertise to capitalize on reshoring and near shoring activity present meaningful new opportunities for us.

此外，我們對自動化的投資旨在滿足客戶的生產力需求，並利用我們的技術銷售專業知識來利用回流和近岸活動，這為我們帶來了有意義的新機會。

At our US automotive business, we've invested in inventory to drive better availability by broadening our assortment while simultaneously improving operational productivity. These investments combined with actions to improve our delivery times from stores have strengthened our daily value proposition.

在我們的美國汽車業務中，我們對庫存進行了投資，透過擴大我們的產品種類來提高可用性，同時提高營運效率。這些投資與改善商店送貨時間的行動相結合，增強了我們的日常價值主張。

The quality of the NAPA brand is differentiated, and our long standing local relationships, geographic footprint, and expertise, position us to continue to lead in the do it for me segment.

NAPA 品牌的品質與眾不同，我們長期的本地關係、地理足跡和專業知識使我們能夠繼續在「為我做」細分市場中保持領先地位。

The recently announced refinement to the US automotive operating model will drive greater commercial opportunities in key markets across the US, improving revenue growth and profitability over time. Underpinning these activities are critical investments in technology, that include automation of [DCs] with next generation robotics, enhancements to the customer digital experience, including better search and catalog capabilities, and modernization of our store systems.

最近宣布的美國汽車營運模式的改進將為美國主要市場帶來更多商業機會，隨著時間的推移提高收入成長和獲利能力。支援這些活動的是對技術的關鍵投資，包括使用下一代機器人技術實現 [DC] 自動化、增強客戶數位體驗（包括更好的搜尋和目錄功能）以及我們商店系統的現代化。

These investments will position us to deliver a better customer experience and capture growth moving forward. We're also leveraging 250 world class engineers at our Global Tech Center in Kraków, Poland, to build software for global initiatives, including innovative products with emerging technology.

這些投資將使我們能夠提供更好的客戶體驗並實現未來的成長。我們也在波蘭克拉科夫的全球技術中心利用 250 名世界級工程師為全球計畫建立軟體，包括採用新興技術的創新產品。

And finally, by leaning into our one GPC operating philosophy, we're unlocking the synergies that exist between our automotive and industrial businesses globally, with meaningful value creation opportunities ahead as we implement as an example, a re-energized approach to IT collaboration across the globe to simplify and harmonize our operations.

最後，透過依靠我們的同一個 GPC 營運理念，我們正在釋放全球汽車和工業業務之間存在的協同效應，並透過實施一種重新註入活力的跨領域 IT 協作方法來實現有意義的價值創造機會。全球範圍內簡化和協調我們的營運。

In total, our initiatives are designed to create a better customer experience and generate growth in excess of the market, reduce costs, and deliver attractive returns. All our efforts are at different levels of maturity but all have exciting runway.

總的來說，我們的措施旨在創造更好的客戶體驗，實現超過市場的成長，降低成本，並提供有吸引力的回報。我們所有的努力都處於不同的成熟度，但都有令人興奮的跑道。

Our operating cadence as a global leadership team is designed to challenge ourselves and each other, each day, to be faster, smarter, and better. The decisions to pursue long term investment are difficult in the face of near term market headwinds.

作為全球領導團隊，我們的運作節奏旨在每天挑戰自己和彼此，變得更快、更聰明、更好。面對近期市場逆風，做出長期投資的決定很困難。

But we believe that these investments will increase the intrinsic value of GPC over time. Our financial results were obviously below our expectations in the third quarter, driven by various market factors that we expect to be temporary in nature. But we are confident that we're doing the right body of work to make the company better.

但我們相信，隨著時間的推移，這些投資將增加 GPC 的內在價值。在我們預期本質上是暫時的各種市場因素的推動下，我們第三季的財務表現明顯低於我們的預期。但我們相信，我們正在做正確的工作，讓公司變得更好。

Now, turning to the third quarter. Note that our results include the impacts of two major hurricanes, Beryl and Helene, and the start of the fourth quarter has been affected by Hurricane Milton. For the third quarter, total GPC sales were approximately $6 billion, an increase of 2.5% year-over-year due to the benefits of an extra selling day in the US and acquisitions, particularly in US automotive.

現在，轉向第三季。請注意，我們的結果包括貝裡爾和海倫這兩個主要颶風的影響，第四季度初受到颶風米爾頓的影響。第三季度，GPC 總銷售額約為 60 億美元，年增 2.5%，這得益於美國額外的銷售日和收購（尤其是美國汽車領域的收購）。

However, continued softness in market conditions across our global geographies negatively impacted our sales growth in the quarter relative to our expectations, with the most pronounced impacts in Europe and our global industrial business.

然而，全球地區市場狀況的持續疲軟對我們本季的銷售成長（相對於我們的預期）產生了負面影響，其中歐洲和我們的全球工業業務受到的影響最為明顯。

The weaker demand environment continues to be impacted by interest rates, combined with persistent cost, inflation, and election, and geopolitical uncertainty. These factors are impacting our customers, most notably with tightened budgets and reduced spending for capital projects in our industrial business, and reduced spending in general maintenance and discretionary categories across our automotive segment.

疲軟的需求環境持續受到利率、持續成本、通貨膨脹、選舉以及地緣政治不確定性的影響。這些因素正在影響我們的客戶，最明顯的是我們工業業務的預算緊縮和資本項目支出減少，以及我們汽車領域的一般維護和非必需類別的支出減少。

The weak sales environment along with cost pressure and wages and rent expense plus anticipated headwinds from depreciation and interest expense resulted in adjusted earnings being down year over year. Adjusted diluted earnings per share in the third quarter was $1.88, down from $2.49 last year.

銷售環境疲軟，加上成本壓力、薪資和租金支出，加上折舊和利息支出的預期阻力，導致調整後收益較去年同期下降。第三季調整後攤薄每股收益為 1.88 美元，低於去年的 2.49 美元。

Our results for the third quarter missed our expectations. Our outlook in July included anticipated improvements in market conditions in Europe and global industrial activity, neither of which materialized.

我們第三季的業績未達到我們的預期。我們對 7 月的展望包括歐洲市場狀況和全球工業活動的預期改善，但這些都沒有實現。

Our original expectation for the third quarter included flat industrial sales growth. Actual reported results ended up down low single digits. In Europe, we expected low single digit organic growth. Actual results ended up flat.

我們對第三季的最初預期包括工業銷售成長持平。實際報告的結果最終下降了低個位數。在歐洲，我們預期有機成長較低。實際結果最終持平。

The combination of these market headwinds contributed to over $140 million in lower sales in the quarter versus our expectations. Given our results to date and our expectation that these weaker market conditions will likely persist for the balance of the year, we've adjusted our 2024 outlook accordingly.

這些市場逆風共同導致本季銷售額比我們的預期下降超過 1.4 億美元。鑑於我們迄今為止的業績以及我們對今年餘下時間可能持續疲軟的市場狀況的預期，我們相應調整了 2024 年的前景。

While many of these factors are outside of our control, we remain focused on controlling what we can and we're confident in eventual market tailwinds. Bert will provide a clear explanation of the impact of hurricanes, variation drivers versus prior year, and our third quarter expectations, as well as our updated outlook in his prepared comments shortly.

雖然其中許多因素超出了我們的控制範圍，但我們仍然專注於盡我們所能進行控制，並且我們對最終的市場順風充滿信心。伯特將在他準備好的評論中明確解釋颶風的影響、與去年相比的變化驅動因素、我們第三季度的預期以及我們的最新前景。

Looking at our results by business segment, during the third quarter, total sales for global industrial were $2.2 billion, a decrease of approximately 1% versus the same period last year. And comparable sales were down 2% during the quarter. We had one extra selling day compared to the third quarter of last year which positively impacted total sales growth by approximately 140 basis points.

以業務分部來看，第三季全球工業總銷售額為22億美元，較去年同期下降約1%。該季度的可比銷售額下降了 2%。與去年第三季相比，我們多了一個銷售日，這對總銷售成長產生了約 140 個基點的正面影響。

Looking at the cadence for the quarter, average daily sales were down mid-single digits in July, relatively flat in August, and down mid-single digits in September. Lagging industrial production activity continues to be the main headwind for our industrial business, as we're now in the longest period of contraction for PMI in over 33 years.

從本季的節奏來看，7 月日均銷售額下降了個位數左右，8 月相對持平，9 月則下降了個位數左右。工業生產活動落後仍是我們工業業務的主要阻力，因為我們目前正處於 PMI 33 年來最長的收縮期。

While this period of contraction has lasted longer than many expected, history does show us that we typically see a long period of attractive growth once the index inflects into expansion territory. During the third quarter, 3 of our 14 end markets we track showed positive average daily sales growth year-over-year.

雖然這段收縮期的持續時間比許多人預期的要長，但歷史確實告訴我們，一旦指數進入擴張區間，我們通常會看到一段較長時期的有吸引力的增長。第三季度，我們追蹤的 14 個終端市場中有 3 個市場的日均銷售額較去年同期出現正成長。

We saw relative strength coming from pulp and paper, and our distribution and logistics segment which was offset by weakness in equipment and machinery, lumber and wood and iron and steel. Within industrial, our core MRO business has remained relatively flat year over year, with continued strength across corporate accounts through the year.

我們看到紙漿和造紙以及分銷和物流部門的相對優勢被設備和機械、木材和鋼鐵的疲軟所抵消。在工業領域，我們的核心 MRO 業務較去年同期保持相對平穩，而企業客戶全年持續強勁。

However, customer spending related to capital projects which represents approximately 20% of sales has been down mid-single digits versus prior year. We continue to hear from customers considering capital projects that they are pausing not canceling these plans until they have better visibility into the interest rate environment and the outcome of the election in the US.

然而，與資本項目相關的客戶支出（約佔銷售額的 20%）與去年相比下降了中個位數。我們不斷聽到正在考慮資本項目的客戶表示，他們正在暫停而不是取消這些計劃，直到他們對利率環境和美國選舉結果有了更好的了解。

As the market leader, Motion is well positioned to capitalize on the eventual improvement in the manufacturing economy near and long term, to expand our customer base and profitably grow share of wallet in this highly fragmented market.

作為市場領導者，Motion 處於有利地位，能夠利用近期和長期製造業經濟的最終改善，擴大我們的客戶群，並在這個高度分散的市場中盈利地增加錢包份額。

As a testament to Motion's value proposition and customer service, Motion has already received Supplier of the Year awards from 6 of its largest 25 customers in 2024, surpassing the total it received in the previous four years combined.

作為 Motion 價值主張和客戶服務的證明，Motion 已在 2024 年從其最大的 25 個客戶中的 6 個獲得了年度供應商獎，超過了過去四年獲得的總和。

Industrial segment profit in the third quarter was $259 million, down approximately 8% versus prior year and 11.9% of sales, representing an approximate 100 basis point decrease from the same period last year, driven by sales leverage combined with wage inflation and higher depreciation expense.

第三季工業部門利潤為 2.59 億美元，較上年同期下降約 8%，佔銷售額的 11.9%，較去年同期下降約 100 個基點，受銷售槓桿、工資上漲和折舊費用增加的推動。

Turning to the global automotive segment, sales in the third quarter were $3.8 billion an increase of approximately 5%, with comparable store sales up slightly. During the quarter, we had one extra selling day in the US compared to prior year, which positively impacted global automotive sales growth by approximately 90 basis points.

轉向全球汽車領域，第三季銷售額為 38 億美元，成長約 5%，可比商店銷售額略有成長。本季度，我們在美國的銷售日比去年增加了一個，這對全球汽車銷售成長產生了約 90 個基點的正面影響。

Similar to the first half of the year, the global automotive sales benefit from inflation remain less than 1% in the third quarter, and expect the same in the fourth quarter. Global automotive segment profit in the third quarter was $262 million, down approximately 19% versus prior year, and 6.9% of sales, down from 8.9% of sales in the same period last year.

與上半年類似，第三季全球汽車銷售受益通膨率仍低於1%，預計第四季也是如此。第三季全球汽車細分市場利潤為2.62億美元，較上年同期下降約19%，佔銷售額的6.9%，較去年同期的8.9%下降。

Our third quarter results for global automotive segment reflect ongoing pressures from a soft sales environment and cost pressures, particularly in Europe and the US.

我們全球汽車領域第三季的業績反映了疲軟的銷售環境和成本壓力帶來的持續壓力，特別是在歐洲和美國。

Now let's turn to our automotive business performance by geography. Starting in Europe, our team delivered total sales growth of approximately 6% in local currency, with comparable sales flat. During the third quarter, overall market growth remains muted, down low single digits, which was consistent with the second quarter.

現在讓我們來看看我們按地理位置劃分的汽車業務表現。從歐洲開始，我們的團隊以當地貨幣計算的總銷售額成長了約 6%，而可比銷售額持平。第三季度，整體市場成長依然疲軟，下降至低個位數，這與第二季的情況一致。

The weak economic backdrop in Europe is being driven by an elevated level of deferred maintenance, attributable to real wage declines, unemployment, higher interest rates, and uncertain political and geopolitical situations. In addition, the benefit from same SKU inflation was less than 1%, while the prior year benefit was mid-single digits.

歐洲疲軟的經濟背景是由實際工資下降、失業、利率上升以及不確定的政治和地緣政治局勢導致的延期維護水平升高造成的。此外，相同 SKU 通膨帶來的收益不到 1%，而上一年的收益為中個位數。

As we look at the economic backdrop in three key European markets, Germany, France, and the UK, higher interest rates continue to negatively impact consumer purchasing power across these three geographies. Furthermore, higher unemployment rates and real wage declines in France and Germany have contributed to softer spending at the consumer level. Collectively, these factors are driving weak consumer confidence across the three markets.

當我們審視德國、法國和英國這三個主要歐洲市場的經濟背景時，利率上升繼續對這三個地區的消費者購買力產生負面影響。此外，法國和德國失業率上升和實質薪資下降導致消費者支出疲軟。總的來說，這些因素導致三個市場的消費者信心疲軟。

Despite this challenging environment, our team continues to outpace the market growth and win share, driven in part by our initiatives with key accounts and the rollout of the NAPA brand, which is a competitive differentiator.

儘管環境充滿挑戰，我們的團隊仍繼續超越市場成長並贏得份額，部分原因是我們針對大客戶的舉措以及 NAPA 品牌的推出，這是一個競爭優勢。

In the Asia PAC automotive business, sales in the third quarter increased approximately 7% in local currency, with comparable sales growth of 4%. Sales for both commercial and retail increased in the third quarter with continued strength in retail, particularly in Australia.

在亞太區汽車業務中，以當地貨幣計算，第三季銷售額成長約 7%，可比銷售額成長 4%。第三季商業和零售銷售均有所成長，零售業持續強勁，尤其是在澳洲。

The macro environment is also challenging in the region, with Australia experiencing the weakest economic growth in nearly three decades, and New Zealand currently is in its second recession in 18 months. However, our teams are executing well, extending our industry leading position, and taking market share.

該地區的宏觀環境也充滿挑戰，澳洲經歷了近三十年來最疲弱的經濟成長，紐西蘭目前正處於 18 個月內的第二次衰退。然而，我們的團隊執行力良好，擴大了我們的行業領先地位，並佔據了市場份額。

In Canada, sales increased 1% in local currency during the third quarter with comparable sales decreasing 1%. Our Canadian team continues to perform despite ongoing pressure from a more cautious consumer and difficult macro environment. Sales in automotive and heavy vehicle perform similar in during the quarter, with both having positive growth.

在加拿大，第三季以當地貨幣計算的銷售額成長了 1%，而可比銷售額下降了 1%。儘管來自更謹慎的消費者和困難的宏觀環境的持續壓力，我們的加拿大團隊仍繼續表現出色。本季汽車和重型車輛的銷售表現相似，均實現正成長。

Lastly in the US, automotive sales increased 4% during the third quarter, with comparable sales essentially flat. The extra day versus the same quarter last year positively impacted sales growth by approximately 160 basis points. Our growth was also driven by acquisitions, most notably, the acquisition of MPEC that we completed in May.

最後，在美國，第三季汽車銷量成長了 4%，而可比銷量基本持平。與去年同期相比，多一天對銷售成長產生了約 160 個基點的正面影響。我們的成長也受到收購的推動，最引人注目的是我們在 5 月完成的對 MPEC 的收購。

The sales results were broadly in line with our expectation, as we believe we're benefiting from the actions that we've detailed over the last few quarters to improve our execution. And we're seeing a positive impact in the marketplace.

銷售結果與我們的預期基本一致，因為我們相信我們正在從過去幾季為提高執行力而詳細採取的行動中受益。我們看到了市場的正面影響。

Our average daily sales cadence through the quarter was positive in all three months, with July being the softest month. Sales to our commercial customers increased low single digits in the quarter, while sales to do it yourself customers was down mid-single digits.

我們整個季度的平均每日銷售節奏在所有三個月中都是積極的，其中 7 月是最疲軟的月份。本季對商業客戶的銷售額成長了低個位數，而對自己動手的客戶的銷售額則下降了中個位數。

Within commercial, fleet and government, auto care, and other wholesale were all positive, while major accounts underperform the group but improved sequentially as we remain focused on profitable growth within the major accounts segment.

在商業、車隊和政府、汽車護理和其他批發領域均表現積極，雖然主要客戶表現不佳，但由於我們仍專注於主要客戶領域的獲利成長，因此連續有所改善。

On a comparable basis, sales from company owned stores were slightly positive, while comparable sales into our independent stores were down slightly. More broadly, for US automotive to provide additional perspective on the cautious consumer, on a year-to-date basis, our non-discretionary repair categories which accounts for approximately 50% of NAPA's business we're up low to mid-single digits.

在可比較基礎上，公司自有商店的銷售額略有成長，而我們獨立商店的可比銷售額略有下降。更廣泛地說，為了讓美國汽車業為謹慎的消費者提供更多視角，從年初至今來看，我們的非全權維修類別約佔NAPA 業務的50%，我們的成長率為低至中個位數。

Our general maintenance categories which represents approximately 35% of our business were flat year over year driven by continued cautious and consumer who's deferring certain service and maintenance related purchases. Discretionary categories representing approximately 15% of the business were down mid-single digits.

我們的一般維護類別約占我們業務的 35%，由於持續謹慎以及消費者推遲某些服務和維護相關的購買，與去年同期持平。約佔該業務 15% 的非必需品類別下降了中個位數。

We continue to invest in our US automotive business for growth and build on significant improvements in service over the past year. During the quarter, we further invested in inventory, increasing the skew coverage in our company owned stores by approximately 10% while driving further productivity in our DCs, which resulted in a more than 8% increase in our internal DC service metrics.

我們繼續投資美國汽車業務以實現成長，並在過去一年中顯著改善服務。本季度，我們進一步投資於庫存，將公司自有商店的偏差覆蓋率提高了約 10%，同時進一步提高了配送中心的生產力，從而使我們的內部配送中心服務指標提高了 8% 以上。

We're encouraged with the continued progress and have seen a material improvement in our customer service and store delivery metrics. We will obviously continue to stay focused on this important effort. Going forward, we see the commercial customer is the growth engine of our industry, and we benefit from the fact that 80% of NAPA's business serves this segment.

我們對持續的進步感到鼓舞，並看到我們的客戶服務和商店交付指標有了實質的改進。顯然，我們將繼續專注於這項重要的努力。展望未來，我們認為商業客戶是我們行業的成長引擎，我們受益於 NAPA 80% 的業務服務於這一領域的事實。

Our continuous improvement on inventory availability, service and product quality position us well to win in the markets that we serve.

我們在庫存可用性、服務和產品品質方面的不斷改進使我們能夠在我們所服務的市場中獲勝。

Following our successful acquisition of the MPEC business in the second quarter, we completed the acquisition of our next largest owner, Walker Automotive Supply in August, furthering our plan to own more of our stores in strategic priority markets.

繼第二季成功收購 MPEC 業務後，我們於 8 月完成了對下一個最大所有者 Walker Automotive Supply 的收購，進一步推進了我們在策略優先市場擁有更多門市的計劃。

We added approximately 70 NAPA stores across North Carolina. Year-to-date, we've made strategic acquisitions of more than 450 NAPA stores from our independent owners as well as competitive stores in key markets, including approximately 160 in the third quarter.

我們在北卡羅來納州新增了約 70 家 NAPA 商店。今年迄今為止，我們已從獨立所有者手中策略收購了 450 多家 NAPA 商店以及主要市場上的競爭性商店，其中第三季度收購了約 160 家。

Our store network in the US is now comprised of over 6,000 stores of which approximately 35% are company owned, up from approximately 25% at the end of 2022. Over time, we see a path to bring our network closer to a 50%, 50% mix, with our independent owners continuing to play a critical role in our network.

我們在美國的商店網路目前由 6,000 多家商店組成，其中約 35% 為公司所有，高於 2022 年底的約 25%。隨著時間的推移，我們看到了一條讓我們的網路更接近 50%、50% 混合的道路，而我們的獨立所有者將繼續在我們的網路中發揮關鍵作用。

While our quarterly financial results were below our expectations, we are confident that we are investing in the right areas to better position GPC and we're experiencing traction across numerous efforts. We believe the current market softness is temporary and will eventually serve as a tail end. The long term fundamentals of our industries are attractive and our businesses are well established with leadership positions.

雖然我們的季度財務表現低於我們的預期，但我們相信我們正在正確的領域進行投資，以更好地定位 GPC，並且我們在眾多努力中感受到了牽引力。我們認為當前的市場疲軟是暫時的，最終將成為尾聲。我們行業的長期基本面具有吸引力，我們的業務已確立並處於領先地位。

We're balancing near term actions and medium and long term investments, disciplined and consistent investment in our business, particularly during temporary periods of broad weaker industry dynamics will strengthen our leadership positions and earn profitable market share and create value.

我們正在平衡短期行動和中長期投資，對我們的業務進行嚴格和持續的投資，特別是在行業動態普遍疲軟的暫時時期，將加強我們的領導地位，贏得有利可圖的市場份額並創造價值。

In closing, thank you again to our global teams for the leadership and hard work. And with that, I'll turn the call over to Bert.

最後，再次感謝我們全球團隊的領導和辛勤工作。然後，我會將電話轉給伯特。

Thanks Will, and thanks to everyone for joining the call this morning. Our results for the quarter reflect the impact of several factors, weak market conditions, the cost impact of investments we're making in the business, and disruptions from the CrowdStrike outage in July and two major hurricanes.

謝謝威爾，也謝謝大家今天早上加入電話會議。我們本季的業績反映了多種因素的影響：疲軟的市場狀況、我們在業務中進行的投資的成本影響，以及 7 月份 CrowdStrike 中斷和兩次重大颶風造成的干擾。

The third quarter was challenging, and in evaluating our financial results and to provide additional transparency, we reflected on three key themes, which I will address along with an update on our cash flows and capital allocation.

第三季充滿挑戰，在評估我們的財務表現並提供額外的透明度時，我們反思了三個關鍵主題，我將討論這些主題以及我們現金流和資本配置的最新情況。

Those themes are what drove our profitability down year over year, how did the quarter differ from our expectations, and what is our outlook for the remainder of 2024.

這些主題是導致我們的獲利能力年減的原因、該季度與我們的預期有何不同，以及我們對 2024 年剩餘時間的展望。

My comments this morning will focus primarily on adjusted results, which exclude the non-recurring costs related to our previously announced global restructuring program and costs related to the acquisition of MPEC and Walker.

我今天早上的評論將主要集中在調整後的業績上，其中不包括與我們之前宣布的全球重組計劃相關的非經常性成本以及與收購 MPEC 和 Walker 相關的成本。

During the third quarter, we incurred a total of $45 million of pre-tax costs or $36 million after tax, related to the restructuring efforts and integration activities. Before I review our three key themes in detail, let me share some high level context for our results starting with sales.

第三季度，我們與重組工作和整合活動相關的稅前成本總計為 4,500 萬美元，稅後成本為 3,600 萬美元。在詳細回顧我們的三個關鍵主題之前，讓我先分享一些我們的業績的高層背景，從銷售開始。

Total sales were up 2.5% in the third quarter, which included a benefit from acquisitions of 320 basis points and the benefit of an additional selling day in the US, totaling 110 basis points. Sales in the third quarter were negatively impacted by disruptions from Hurricanes Helene and Beryl as well as the CrowdStrike outage, totaling approximately 70 basis points.

第三季總銷售額成長 2.5%，其中包括 320 個基點的收購收益以及美國額外銷售日的收益，總計 110 個基點。第三季的銷售受到颶風 Helene 和 Beryl 以及 CrowdStrike 中斷的負面影響，總計約 70 個基點。

For the quarter, our gross margin was 36.8%, an increase of 60 basis points from last year. The improvement in our gross margin was driven by acquisitions, primarily at US automotive, which drove approximately 60 basis points of gross margin expansion.

本季度，我們的毛利率為 36.8%，比去年增長 60 個基點。我們毛利率的改善是由收購推動的，主要是在美國汽車產業，這推動了毛利率約 60 個基點的擴張。

Turning to costs, our SG&A as a percentage of sales for the third quarter was 28.8%, up 220 basis points year-over-year, the impact of acquired businesses, investments in IT and cost pressures contributed to the year-over-year deleverage. More specifically, our MPEC and Walker acquisitions negatively impacted SG&A by approximately 50 basis points.

成本方面，第三季SG&A佔銷售額的比例為28.8%，較去年同期成長220個基點，收購業務的影響、IT投資和成本壓力推動了年比去槓桿。更具體地說，我們的 MPEC 和 Walker 收購對 SG&A 產生了約 50 個基點的負面影響。

The incremental SG&A from acquired businesses will abate over time as we execute on our integration plans and capture synergies. We are now five months and two months post close of our MPEC and Walker transactions respectively, and expect each respective integration to take approximately 24 months from start to finish.

隨著我們執行整合計畫並取得綜效，所收購業務的增量銷售及管理費用將隨著時間的推移而減少。我們的 MPEC 和 Walker 交易現在分別完成後 5 個月和 2 個月，預計每次整合從開始到完成大約需要 24 個月。

Our integration efforts are on track, with respect to timing and synergy capture. Both acquisitions contributed positively to our EBITDA margin in the third quarter. Inflation driven increases in rent expense and salaries and wages, including increased minimum wages in certain international markets, along with service improvement investments and freight expense resulted in approximately 120 basis points of SG&A deleverage versus the prior year.

在時機和綜效方面，我們的整合工作正步入正軌。兩項收購都對我們第三季的 EBITDA 利潤率做出了積極貢獻。通貨膨脹導致租金支出、薪水和工資增加，包括某些國際市場最低工資的提高，加上服務改善投資和貨運費用，導致 SG&A 去槓桿化較前一年約 120 個基點。

In addition, our planned investments in technology to modernize our business resulted in a 20 basis points headwind in SG&A in the third quarter. Our global restructuring initiative remains on track. Our restructuring efforts are a key element of our work to offset the headwinds of current market conditions and cost inflation across the business.

此外，我們計劃對技術進行投資以實現業務現代化，導致第三季的 SG&A 下降 20 個基點。我們的全球重組計劃仍在按計劃進行。我們的重組工作是我們抵銷當前市場狀況和整個業務成本通膨的不利因素的關鍵因素。

Year-to-date, we've incurred approximately $160 million of costs related to our restructuring efforts in line with the top end of our range of $100 million to $200 million of costs. During the third quarter, we realized approximately $16 million in benefits from our restructuring efforts, and expect to deliver a benefit of between $30 million to $40 million in 2024 and $45 million to $90 million on an annualized basis in line with our expectations.

今年迄今為止，我們已經產生了大約 1.6 億美元與重組工作相關的成本，這與我們 1 億至 2 億美元成本範圍的上限一致。第三季度，我們從重組工作中實現了約 1,600 萬美元的收益，預計 2024 年將實現 3,000 萬至 4,000 萬美元的收益，年化收益將達到 4,500 萬至 9,000 萬美元，符合我們的預期。

With that context, let's turn to the first theme, our third quarter profitability. Our third quarter results were down year over year, from an adjusted EPS of $2.49 to an adjusted EPS of $1.88, a decline of $0.61.

在此背景下，讓我們轉向第一個主題，即我們第三季的獲利能力。我們第三季的業績年減，調整後每股收益為 2.49 美元，調整後每股收益為 1.88 美元，下降了 0.61 美元。

As we look at the details, I will describe the major drivers of our year over year decline in terms of impact to EPS, and you can see these illustrated in our earnings presentation. First, as we expected, higher depreciation and interest expense, combined with IT costs I referenced in my SG&A comments drove approximately $0.25 of the year-over-year decline in earnings.

當我們查看細節時，我將描述我們對每股盈餘的影響同比下降的主要驅動因素，您可以在我們的收益報告中看到這些說明。首先，正如我們預期的那樣，較高的折舊和利息支出，加上我在 SG&A 評論中提到的 IT 成本，導致收益同比下降約 0.25 美元。

Our initiatives come with cost headwinds, which we anticipated and planned for in 2024. These costs are in the form of higher depreciation expense as we depreciate new investments, higher SG&A, as our efforts to modernize IT show up in operating expense, and higher interest expense from borrowing to fund investments, particularly in this higher interest rate environment.

我們的措施會帶來成本阻力，這是我們在 2024 年預計和規劃的。這些成本表現為更高的折舊費用（因為我們對新投資進行折舊）、更高的銷售和管理費用（因為我們的IT 現代化努力體現在營運費用中）以及更高的利息費用（尤其是在利率較高的環境下）。

As I mentioned, core cost inflation is negatively impacting salaries and wages along with rent expense. And we are making investments to improve service that are contributing to higher freight expense. For the quarter, these higher costs combined with the leverage on lower sales reduced our year-over-year earnings by an estimated $0.38. These negative impacts were partially offset by benefits of our global restructuring actions totaling $0.08.

正如我所提到的，核心成本通膨對工資和租金以及租金支出產生了負面影響。我們正在投資改善服務，從而導致運費上漲。本季度，這些較高的成本加上銷售額下降的影響，導致我們的年比收入預計減少了 0.38 美元。這些負面影響被我們全球重組行動帶來的總計 0.08 美元的收益所部分抵消。

Finally, the quarter was negatively impacted by lost revenues as a result of the impacts of disruptions from the hurricanes and the CrowdStrike outage, which translated into an estimated $0.06 reduction in earnings for the quarter.

最後，由於颶風和 CrowdStrike 中斷的影響，本季收入損失受到負面影響，預計本季收入減少 0.06 美元。

With respect to hurricane Helene, we closed September with approximately 200 locations across NAPA and Motion impacted by power outages and storm damage. Many of these locations have come back online, but we continue to operate with closed stores and disrupted customers.

就颶風海倫而言，截至 9 月份，NAPA 和 Motion 地區約有 200 個地點受到停電和風暴破壞的影響。其中許多地點已經恢復上線，但我們繼續在商店關閉和客戶中斷的情況下運作。

With respect to the second theme, related to our expectations, we underperformed, but we expect it to be in the third quarter. As we shared in our second quarter earnings call, we expected weak market conditions and headwinds from depreciation, IT investments, and interest, to result in lower third quarter earnings. And we were targeting an adjusted EPS range of $2.20 to $2.25.

關於第二個主題，與我們的預期相關，我們表現不佳，但我們預計會在第三季出現。正如我們在第二季財報電話會議上所分享的那樣，我們預計疲軟的市場狀況以及折舊、IT 投資和利息帶來的不利因素將導致第三季收益下降。我們的調整後每股盈餘目標為 2.20 美元至 2.25 美元。

Our adjusted results for the quarter with EPS of $1.88 came in below our expectations driven by two key factors, weaker result in Europe and our industrial business, and the impact of CrowdStrike and the hurricanes.

我們本季的調整後業績為每股收益 1.88 美元，低於我們的預期，這是由兩個關鍵因素推動的：歐洲和我們工業業務的業績疲軟，以及 CrowdStrike 和颶風的影響。

When we gave guidance in July, our outlook assumes sequential improvement in market conditions in the second half of 2024, and tail winds from easing comparisons. More specifically, our original expectations for the third quarter included industrial sales growth coming in flat, and low single digit organic European growth.

當我們在 7 月給予指引時，我們的前景假設 2024 年下半年市場狀況將持續改善，並且比較寬鬆將帶來順風。更具體地說，我們對第三季的最初預期包括工業銷售成長持平，以及歐洲有機成長較低的個位數。

Underlying European market conditions did not inflect in the quarter, and remained negative on a sequential basis from the second quarter. For industrial, PMI closed June at 48.5%, nearly flat to May, and then turned sharply negative in July at 46.8%, rebounding slightly to 47.2% in both August and September.

歐洲市場的基本狀況在本季沒有變化，並且從第二季開始仍處於負值狀態。工業PMI 6 月收在48.5%，與5 月基本持平，7 月大幅轉負至46.8%，8 月和9 月均小幅反彈至47.2%。

Along with negative industrial production manufacturer readings in September, this backdrop resulted in our sales for industrial in the third quarter being down. As Will shared, the underperformance of our European and industrial businesses versus our expectations translated into $140 million in reduced sales or an estimated $0.30 of earnings. When combined with a $0.06 impact from CrowdStrike and the hurricanes, this led to an approximate $0.36 earnings shortfall versus our expectations.

加上 9 月工業生產製造商讀數為負，這一背景導致我們第三季的工業銷售下降。正如威爾所分享的，我們的歐洲和工業業務的表現低於我們的預期，導致銷售額減少 1.4 億美元，或預期收益減少 0.30 美元。加上 CrowdStrike 和颶風帶來的 0.06 美元的影響，這導致收益比我們的預期少了約 0.36 美元。

Our third quarter performance which was largely driven by ongoing weak market conditions, led us to the third theme, our outlook for the remainder of 2024. Based on the trends we are seeing in our business including our lower than expected third quarter performance, we are adjusting our 2024 outlook.

我們第三季的業績主要是由持續疲軟的市場狀況所推動的，這讓我們想到了第三個主題，即我們對 2024 年剩餘時間的展望。根據我們在業務中看到的趨勢，包括低於預期的第三季業績，我們正在調整 2024 年的前景。

With no sequential improvement in market conditions in the third quarter from the second quarter, our revised outlook reflects our view that the demand environment for the balance of the year will remain consistent with the third quarter.

由於第三季市場狀況與第二季相比沒有連續改善，我們修訂後的前景反映了我們的觀點，即今年剩餘時間的需求環境將與第三季保持一致。

We now expect that diluted earnings per share, which includes the expenses related to our restructuring efforts will be in the range of $6.60 to $6.80 compared to our previous outlook of $8.55 to $8.75. We now expect adjusted diluted earnings per share to be in a range of $8 to $8.20. This compares to our previous outlook of a range of $9.30 to $9.50.

我們現在預計稀釋後每股收益（包括與重組工作相關的費用）將在 6.60 美元至 6.80 美元之間，而我們先前的預期為 8.55 美元至 8.75 美元。我們目前預計調整後攤薄每股收益將在 8 美元至 8.20 美元之間。相比之下，我們之前的預期範圍為 9.30 美元至 9.50 美元。

Our earnings presentation includes an illustration of the key business drivers impacting our revised outlook for 2024. Let me take a moment and walk you through the details of these components starting with sales. We now expect total sales growth in a range of up 1% to 2% versus our previous outlook of up 1% to 3%, which includes the benefit of acquisitions we've made year-to-date.

我們的收益演示包括影響我們修訂後的 2024 年展望的關鍵業務驅動因素的說明。讓我花一點時間向您介紹這些組件的詳細信息，從銷售開始。我們現在預計總銷售額將成長 1% 至 2%，而先前的預期為 1% 至 3%，其中包括我們今年迄今進行的收購帶來的收益。

By business segment, we are now guiding to the following, 3% to 4% total sales growth for the automotive segment which includes the benefit of acquisitions made year-to-date. We anticipate comparable sales growth to be approximately flat. And for the industrial segment, we expect total sales growth to be down 1% to 2%, with comparable sales growth also down 1% to 2%.

按業務部門劃分，我們現在的目標是汽車部門的總銷售額成長 3% 至 4%，其中包括年初至今進行的收購帶來的好處。我們預計可比銷售額成長將大致持平。對於工業領域，我們預計總銷售額增速將下降 1% 至 2%，可比銷售額增速也將下降 1% 至 2%。

Our reduced sales outlook for the year driven by updated expectations around market conditions. For the balance of 2024, we do not expect any improvement in market conditions across our geographies. Our expectations are informed by third party data as well as the trends we experienced in the third quarter, which have persisted into the start of the fourth quarter.

由於對市場狀況的預期更新，我們下調了今年的銷售前景。到 2024 年剩餘時間，我們預期各地區的市場狀況不會有任何改善。我們的預期是根據第三方數據以及我們在第三季度經歷的趨勢得出的，這些趨勢一直持續到第四季度初。

Further, the beginning of the quarter has been compounded by the impacts of Hurricane Milton across Florida, as well as the continuing effects of Hurricane Helene. While we've made good progress on restoring our operations, uncertainty remains around our customers and their ability to resume operations, which makes the ultimate impact on our business difficult to predict.

此外，颶風米爾頓對佛羅裡達州的影響以及颶風海倫的持續影響使本季初的情況更加複雜。雖然我們在恢復營運方面取得了良好進展，但我們的客戶及其恢復營運的能力仍然存在不確定性，這使得對我們業務的最終影響難以預測。

Our updated guidance includes our estimated impact of these storms on our results for the remainder of the year. Within industrial, the weak industrial production activity remains a headwind for the business. As Will mentioned, we are now in the longest period of contraction for PMI in over 33 years.

我們更新的指導包括我們對這些風暴對今年剩餘時間業績的估計影響。在工業領域，工業生產活動疲軟仍然是該業務的一個阻力。正如威爾所提到的，我們現在正處於 PMI 33 年來最長的收縮期。

We now believe that improvement won't come in 2024 as we wait for PMI to inflect into expansionary territory, and for the benefit of initial interest rate cuts to have a positive impact on our customers. In our international and US automotive businesses, market conditions continue to remain soft as consumers are impacted by a wide range of factors including inflation, interest rates, and geopolitical election uncertainty.

現在，我們認為 2024 年不會出現改善，因為我們等待 PMI 進入擴張區域，並等待初始降息對我們的客戶產生正面影響。在我們的國際和美國汽車業務中，由於消費者受到通貨膨脹、利率和地緣政治選舉不確定性等多種因素的影響，市場狀況持續疲軟。

In the US, while our independent owners continue to gain strength, high interest rates remain a headwind for the small and medium business owners. The gross margin, we continue to expect 40 to 60 basis points of full year gross margin expansion, primarily driven by the acquisitions in US automotive and our strategic sourcing and pricing initiatives.

在美國，雖然我們的獨立業主不斷增強實力，但高利率仍然是中小型企業主的阻力。在毛利率方面，我們繼續預期全年毛利率將成長 40 至 60 個基點，這主要是由美國汽車產業的收購以及我們的策略採購和定價舉措所推動的。

Our outlook assumes that SG&A will deleverage between 140 and 150 basis points, which includes SG&A deleverage on our reduced sales outlook, ongoing cost inflation, and the impact of incremental SG&A from acquisitions in the US automotive business. Our views include the expected benefits from our global restructuring activities.

我們的前景假設 SG&A 去槓桿化將在 140 至 150 個基點之間，其中包括我們下調的銷售前景、持續的成本通膨以及美國汽車業務收購帶來的增量 SG&A 影響的 SG&A 去槓桿化。我們的觀點包括我們全球重組活動的預期效益。

For global automotive segment margin, we now expect to be down approximately 90 to 100 basis points versus last year, given the softer organic sales growth and corresponding pressure on SG&A. For 2024, we expect global industrial segment margin to be down approximately 40 to 50 basis points year-over-year.

鑑於有機銷售成長疲軟以及銷售、管理和行政費用 (SG&A) 的相應壓力，我們目前預計全球汽車細分市場的利潤率將比去年下降約 90 至 100 個基點。2024 年，我們預計全球工業細分市場利潤率將年減約 40 至 50 個基點。

For the first nine months of 2024, we generated $1.1 billion in cash from operations and $700 million in free cash flow. We are confident in the strength of our cash flows in 2024 and continue to expect cash from operations to be in a range of $1.3 billion to $1.5 billion with free cash flow of $800 million to $1 billion.

2024 年前 9 個月，我們從營運中產生了 11 億美元的現金，以及 7 億美元的自由現金流。我們對 2024 年的現金流實力充滿信心，並繼續預計營運現金將在 13 億至 15 億美元之間，自由現金流為 8 億至 10 億美元。

Delivering consistent cash flows in all business cycles combined with our liquidity, a strong balance sheet and disciplined capital allocation philosophy positions us to grow the business long term. In 2024, we have invested approximately $386 million back into the business in the form of capital expenditures, including $126 million in the third quarter.

在所有商業週期中提供一致的現金流，加上我們的流動性、強大的資產負債表和嚴格的資本配置概念，使我們能夠長期發展業務。2024 年，我們以資本支出的形式向業務投資約 3.86 億美元，其中第三季的 1.26 億美元。

With respect to capital expenditures as we shared at our Investor Day in 2023, our historical investment rate in our business hovered at around 1% or less of revenue. Over the past two years to drive the needed transformation of our business, this has moved to 2% of our revenue, and we continue to expect an investment rate of 2% of revenue or approximately $500 million in spending in 2024.

至於我們在 2023 年投資者日分享的資本支出，我們對業務的歷史投資率徘徊在收入的 1% 左右或更低。在過去兩年中，為了推動我們業務所需的轉型，該投資已占我們收入的 2%，我們仍然預計 2024 年的投資率為收入的 2%，即支出約為 5 億美元。

The growth capital we are deploying, which represents approximately 55% of our total 2024 CapEx will drive modernization of our supply chain including new DCs and automation, that when partnered with technology, enhances our customer experience and positions us for long term growth.

我們正在部署的成長資本約佔 2024 年資本支出總額的 55%，將推動我們供應鏈的現代化，包括新的配送中心和自動化，與技術合作，增強我們的客戶體驗，並使我們實現長期成長。

Further, disciplined M&A has been a key element of our growth, as we take advantage of value creation opportunities in our fragmented markets globally. In 2024, our M&A strategy has evolved with respect to our operating model at NAPA.

此外，隨著我們利用全球分散市場中的價值創造機會，嚴格的併購一直是我們成長的關鍵要素。2024 年，我們的併購策略隨著 NAPA 的營運模式而不斷發展。

And our new approach to having a more balanced mix of company owned and independently owned stores will improve our revenue growth and profitability over the long term. We have invested $954 million globally year-to-date in the form of strategic acquisitions, including the acquisition of our now largest independent owner, Walker Automotive Supply.

從長遠來看，我們對公司自有商店和獨立商店進行更平衡組合的新方法將提高我們的收入成長和獲利能力。今年迄今為止，我們已以策略性收購的形式在全球投資了 9.54 億美元，其中包括收購我們目前最大的獨立所有者 Walker Automotive Supply。

As we acquire these businesses, we have a disciplined integration playbook where we extract value through incremental sales opportunities, capture the full gross margin and optimize the SG&A of the acquired business.

當我們收購這些業務時，我們有一個嚴格的整合策略，透過增加銷售機會來提取價值，取得全部毛利率並優化所收購業務的銷售、管理和行政費用。

During the third quarter, we further strengthened our balance sheet by initiating the transition of our US pension plan to a third party insurance company, which we expect to complete in the fourth quarter of 2025. This is a continuation of our pension derisking strategy that began in 2013 when the plan was frozen and does not impact the benefits of the plan participants.

第三季度，我們開始將美國退休金計畫向第三方保險公司過渡，進一步強化了我們的資產負債表，預計將於 2025 年第四季完成。這是我們自 2013 年開始的退休金去風險策略的延續，當時該計劃被凍結，不會影響計劃參與者的福祉。

Our pension plan is well funded and we took this step to reduce balance sheet and income statement volatility and protect us from future potential cash flow contributions. We anticipate a one-time non-cash charge in the fourth quarter of 2025 and do not expect any impact to our 2024 financial results.

我們的退休金計畫資金充足，我們採取這一步驟是為了減少資產負債表和損益表的波動性，並保護我們免受未來潛在現金流貢獻的影響。我們預計 2025 年第四季將收取一次性非現金費用，預計不會對我們 2024 年的財務業績產生任何影響。

Further, we do not expect any cash payments associated with the transfer of the plan to the third party insurance company in 2025. In closing, we continue to operate in challenging market conditions, and are taking actions including advancing our global restructuring activities to ensure the long term profitability of the business.

此外，我們預計 2025 年不會有任何與將該計畫轉讓給第三方保險公司相關的現金支付。最後，我們繼續在充滿挑戰的市場條件下運營，並採取行動，包括推進我們的全球重組活動，以確保業務的長期盈利能力。

We believe the backdrop of lower growth is market driven, not specific to our business and we stand well positioned for growth once the cycle turns more favorable. As we look ahead, we are encouraged by the recent reduction in interest rates in the US, and are optimistic that lower rates will create a more constructive market backdrop moving forward, although we recognize that this will take time to result in improved activity.

我們認為，成長放緩的背景是市場驅動的，而不是特定於我們的業務，一旦週期變得更加有利，我們就處於成長的有利位置。展望未來，我們對美國近期降息感到鼓舞，並樂觀地認為較低的利率將創造一個更具建設性的市場背景，儘管我們認識到這需要時間才能改善經濟活動。

We remain confident in the underlying fundamentals of our businesses and we'll continue to invest in the business with a long term focus. Thank you. And we will now turn it back to the operator for your questions.

我們對業務的基本面仍然充滿信心，並將繼續以長期為重點投資業務。謝謝。我們現在會將其轉回給運營商以解答您的問題。

(Operator Instructions) Kate McShane, Goldman Sachs.

（操作員指示）Kate McShane，高盛。

Hi, good morning. Thanks for taking our question. Thanks for all the detail on the call today. One area that we wanted to learn a little bit more was just the details around the inventory increase you saw during the quarter, and if you could maybe drill down into some of the investments that you're making in freight.

嗨，早安。感謝您提出我們的問題。感謝您今天在電話中提供的所有詳細資訊。我們想多了解一點的一個領域就是您在本季度看到的庫存增加的詳細信息，以及您是否可以深入了解您在貨運方面進行的一些投資。

Sure, Kate, good morning. Look on the inventory side, I think that goes back to really some of what Will touched on, and positioning us in the marketplace on the NAPA side. We've made some great strides on getting inventory availability where it needs to be. That's a year over year kind of effort.

當然，凱特，早安。從庫存方面來看，我認為這實際上可以追溯到 Will 提到的一些內容，以及將我們定位在 NAPA 方面的市場中。我們在滿足需求的庫存可用性方面取得了一些重大進展。這是一年又一年的努力。

And we started that this time last year as you recall. And I think we've really made some nice moves to increase depth, increase queue count, and do the things that matter in the field. We know that inventory availability is the deciding factor in being successful.

你還記得，我們​​去年的這個時候就開始這麼做了。我認為我們確實採取了一些不錯的舉措來增加深度、增加隊列數量以及做現場重要的事情。我們知道庫存可用性是成功的決定因素。

NAPA has got a great legacy, it's got a great brand, it's got a great footprint. And so when we put that inventory power behind it, I think it really positions us well in the marketplace. That's the biggest driver of the change there.

NAPA 擁有偉大的遺產，擁有偉大的品牌，擁有偉大的足跡。因此，當我們將庫存能力置於其背後時，我認為它確實使我們在市場中佔據了有利地位。這是那裡發生變化的最大驅動力。

We also have some acquired inventory from the acquisitions we've made. So that'll show up in the balance sheet as well. In terms of investments that create, some of those are bit competitively sensitive. I would just leave it at the fact that we're really leaning into making sure that we've got on the other side of the equation that store excellence, make sure we have the driver availability and consistency of experience that we want to make sure we're meeting the needs of our customers.

我們也透過收購獲得了一些庫存。所以這也會顯示在資產負債表中。就創造的投資而言，其中一些對競爭有點敏感。我想說的是，我們確實傾向於確保我們在等式的另一邊存儲卓越，確保我們擁有我們想要確保的駕駛員可用性和體驗的一致性我們正在滿足客戶的需求。

Kate, I might just add, as we look at all the internal operating metrics that we use to run the business, in particular, in NAPA, we continue to be very bullish about the progress that we've made. So whether it's service levels from deliveries to stores, from DCs, from stores to customers, those are at all-time highs and getting better every day.

Kate，我想補充一點，當我們審視用於營運業務的所有內部營運指標時，特別是在 NAPA 中，我們仍然對我們所取得的進展非常樂觀。因此，無論是從送貨到商店、從配送中心、從商店到客戶的服務水平，這些都處於歷史最高水平，並且每天都在進步。

As Bert said, the inventory strategy was all about making sure that we had the right vendor alignment with the right availability in the local markets. And those have seen material improvement year over year safety is better in our DCs, inventory breadth and depth as Bert alluded to has never been better.

正如伯特所說，庫存策略的目的是確保我們擁有合適的供應商，並在當地市場上提供合適的可用性。我們的配送中心的安全性逐年得到實質改善，正如伯特所提到的那樣，庫存的廣度和深度從未如此好過。

So we've added deeper and wider inventory while using our existing supply chain. Voluntary turnover is down 30%-plus year over year. And importantly, we're seeing about 100 basis point improvement in our customer metrics in terms of their satisfaction. So as we're running the business and putting these investments in, we feel good about the returns that are associated with them.

因此，我們在利用現有供應鏈的同時增加了更深、更廣的庫存。自願營業額較去年同期下降 30% 以上。重要的是，我們發現客戶滿意度指標提高了約 100 個基點。因此，當我們經營業務並進行這些投資時，我們對與之相關的回報感到滿意。

Thanks, Kate.

謝謝，凱特。

Scot Ciccarelli, Truist.

斯科特·西卡雷利，真理論者。

Yes. So you did not call out US auto as a primary source of profit disappointment in the quarter. Does that mean US margins held up, and the total margin decline was really due to the international business, or does that mean you just had subdued expectations for US auto?

是的。因此，您並沒有將美國汽車產業視為本季利潤令人失望的主要根源。這是否意味著美國的利潤率保持不變，而總利潤率的下降實際上是由於國際業務造成的，或者這是否意味著您只是對美國汽車的預期下降了？

And then secondly, obviously '24 is going to fall well below initial expectations, without providing any specific guidance, can you give us a general feel for how you're thinking about '25, meaning the sequential trends continue a weekend, but your comparisons get easier, et cetera. Thank you.

其次，顯然「24」將遠低於最初的預期，在沒有提供任何具體指導的情況下，您能否讓我們大致了解您對「25」的看法，這意味著連續趨勢會持續一個週末，但您的比較變得更容易，等等。謝謝。

Thanks Scot, Bert. Look on the margin side for US automotive, we don't really get into the details by the individual regions. I will say that the pressure we felt at the consolidated level was consistent across all the markets.

謝謝斯科特，伯特。看看美國汽車業的利潤率，我們並沒有真正了解各個地區的細節。我想說的是，我們在綜合層面感受到的壓力在所有市場上都是一致的。

And so we were disappointed in total with where we were, it came in underneath our expectations as we've outlined. But I wouldn't isolate the pressure in any one market regionally around the world versus the other. They're all feeling the same kind of pressure, interest rate pressure in all of our markets on the automotive side, cost inflation are both present and in all of those markets.

因此，我們對自己的處境感到非常失望，正如我們所概述的那樣，它低於我們的預期。但我不會將世界各地任何一個市場的壓力與另一個市場的壓力區分開來。他們都感受到了同樣的壓力，汽車方面所有市場的利率壓力，所有這些市場都存在著成本通膨。

And so when we think about the factors that drove SG&A that I outlined in my prepared comments, those would be true for each of the regions individually. In terms of how we're looking ahead, and as you said, we don't want to get too specific, but look, I mean, I think the bottom line on 2025 is that we're going to continue to watch all the same data that you all are.

因此，當我們考慮我在準備好的評論中概述的推動 SG&A 的因素時，這些因素對於每個地區來說都是正確的。就我們如何展望未來而言，正如您所說，我們不想太具體，但我的意思是，我認為 2025 年的底線是我們將繼續關注所有和你們一樣的數據。

And at this point as we exit the third quarter and start the fourth quarter and start to look into 2025, those conditions remain pretty stagnant quarter over quarter. And so market conditions are going to be a big factor in how we look at things.

此時，當我們退出第三季並開始第四季並開始展望 2025 年時，這些情況每季仍然相當停滯。因此，市場狀況將成為我們如何看待事物的重要因素。

The bottom line though is we're very encouraged by the long term fundamentals for both segments, and we're in break fix industries. I think those are beneficial to us in the long term. Our size and scale is a benefit there as well.

但最重要的是，我們對這兩個細分市場的長期基本面感到非常鼓舞，而且我們處於故障修復產業。我認為從長遠來看，這些對我們是有利的。我們的規模和規模也是一個優勢。

We have leadership positions in fragmented markets around the globe, and we're bullish on the execution of our strategic initiatives as we outline. But the biggest wildcard moving ahead with that positive backdrop is the pace and timing of recovery of market conditions.

我們在全球分散的市場中擁有領導地位，並且我們對我們概述的策略計劃的執行持樂觀態度。但在這正面背景下，最大的變數是市場狀況復甦的速度和時機。

And so we'll take the fourth quarter to see what we think the market will give us for next year, plus our own actions, and the things that we think we're going to be able to do and we'll update that and, and share that with you in February.

因此，我們將在第四季度看看我們認為市場明年會為我們帶來什麼，加上我們自己的行動，以及我們認為我們將能夠做的事情，我們將更新它， ，並在二月份與您分享。

Scot, I might just add in the same way that we've articulated that higher interest rates have had the intended effect, muting and slowing down overall growth. We are encouraged obviously by the start of an easing scenario around the world.

史考特，我可能會以與我們所闡明的相同的方式補充一下，即更高的利率已經產生了預期的效果，抑制並減緩了整體成長。顯然，我們對全球寬鬆局面的開始感到鼓舞。

The UK has reduced rates once in the last, call it six months, US once, Eurozone 3 times, Canada 3 times. So obviously there'll be a lag benefit to that, but we would hope as we move forward those types of policy decisions provide a tailwind as opposed to a headwind.

英國最近降息一次，稱之為六個月，美國降息一次，歐元區降息3次，加拿大降息3次。顯然，這會帶來滯後效益，但我們希望隨著我們的前進，這些類型的政策決定能夠提供順風而不是逆風。

Great. Thanks guys.

偉大的。謝謝你們。

Good. Thank you.

好的。謝謝。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good morning. Thank you so much for taking my question. Your SGA dollars were up about $166 million in the quarter versus the same year ago. Can you outline a bit more, what drove that increase? And should we expect the pace of increase to continue for the next several quarters given the investments that you're making?

早安.非常感謝您回答我的問題。本季您的 SGA 美元與去年同期相比增加了約 1.66 億美元。您能否詳細說明一下是什麼推動了這種成長？考慮到您正在進行的投資，我們是否應該預期未來幾季的成長速度會持續下去？

Hey Michael, good morning. Look a big part of the dollar increase in SG&A is going to come from acquired businesses. So I think that's an isolated activity, particularly here as you look in the second half of 2024 with the acquisition of our two largest independent owners on the NAPA side of the house.

嘿邁克爾，早安。看起來，SG&A 的美元成長很大一部分將來自收購的企業。因此，我認為這是一項孤立的活動，尤其是在 2024 年下半年，我們收購了 NAPA 一側最大的兩個獨立業主。

So I kind of outlined that in detail that in my prepared remarks. On that particular point, we would expect that SG&A to abate over time as we continue to integrate those businesses and capture synergies. The great news is we're on track on that front.

因此，我在準備好的發言中詳細概述了這一點。在這一點上，隨著我們繼續整合這些業務並獲得協同效應，我們預計SG&A會隨著時間的推移而減少。好消息是我們在這方面正步入正軌。

We're seeing our synergy capture come in consistent with our business case. And as I shared, both of those acquisitions contributed positively to our third quarter. As we look ahead on some of those other elements, I think we'll continue to see pressure here in the near term on the cost side of things, with inflationary impacts on wages and rent. I don't expect those to abate in the fourth quarter.

我們看到我們的協同效應與我們的業務案例是一致的。正如我所分享的，這兩項收購都對我們第三季做出了積極貢獻。當我們展望其他一些因素時，我認為短期內我們將繼續看到成本的壓力，通貨膨脹對工資和租金的影響。我預計這些情況不會在第四季減弱。

And likewise, we're going to continue to invest in IT, that's an important part of our transformation going forward. And there's some positive things there. Unfortunately, as we modernize systems, many of those are cloud based platforms, that transition expense out of capital into operating expense, which is why we're highlighting that for you.

同樣，我們將繼續投資 IT，這是我們未來轉型的重要組成部分。那裡有一些積極的事情。不幸的是，隨著我們對系統進行現代化改造，其中許多都是基於雲端的平台，它們將資本費用轉變為營運費用，這就是我們為您強調這一點的原因。

But we're also making some great investments in the business in particular with our Global Technology Center in Poland. And we benefit from exceptional talent, high productivity. And these teams are doing amazing work on some of our initiatives around catalog and search, which is clearly making a difference with our customers.

但我們也在業務方面進行了一些重大投資，特別是在波蘭的全球技術中心。我們受益於傑出的人才和高生產力。這些團隊在我們圍繞目錄和搜尋的一些舉措上做了令人驚嘆的工作，這顯然對我們的客戶產生了影響。

So when we think about investment, that's an example of the thing I think you'll continue to see. But at the same time, we're also trying to be very thoughtful about offsetting some of this with our global restructuring which remains on track.

因此，當我們考慮投資時，我認為您會繼續看到這個例子。但同時，我們也在努力深思熟慮地透過我們仍在軌道上的全球重組來抵消其中的一些影響。

We saw a benefit in the quarter as we've discussed, and we're continuing to control head count. The restructuring is helping with that, most of that has come from voluntary retirement in the US. But if we look at our global head count, we're down somewhere between 3% and 5% in 2024 excluding acquisitions.

正如我們所討論的，我們在本季度看到了好處，並且我們將繼續控制員工數量。重組正在幫助解決這個問題，其中大部分來自美國的自願退休。但如果我們看看我們的全球員工人數，不包括收購，到 2024 年我們的員工數量將減少 3% 到 5%。

And we're continuing to do hard work across the network with engineering standards and engineering productivity and our DCs that's reducing overtime and allowing us to be more thoughtful about head count there as well.

我們將繼續在整個網路中努力提高工程標準和工程生產力，以及我們的資料中心，這減少了加班時間，並使我們能夠更加考慮那裡的人員數量。

Okay. My follow up question is your decision to make incremental investments in the decision in the business was inevitably prompted by something. You outlined your view that the US auto business was down, your business was flattish. So what is motivating the decision to make these investments? And how do you expect the return on these investments to play out in the next few quarters in terms of market share? Thank you.

好的。我的後續問題是，您在業務決策中進行增量投資的決定不可避免地受到某些因素的推動。您概述了您的觀點，即美國汽車業務正在下滑，您的業務表現平平。那麼是什麼促使我們做出這些投資的決定呢？您預計這些投資的回報在未來幾季的市場佔有率方面會如何？謝謝。

Yeah, look, Michael, I think it's super important for any business to be investing in itself. And so I think as you know, the management team organized their strategic plan in particular dating back to our Investor Day in 2023, we had a lot of compelling opportunities to invest back in the business in a different way, which I think is a function of the market realities, the changing technology landscape, the competitive dynamic. And so all those things put together set the stage for putting capital to work around the world in an accelerated way.

是的，邁克爾，我認為對任何企業來說，自我投資都非常重要。因此，我認為正如您所知，管理團隊組織了他們的策略計劃，特別是可以追溯到2023 年投資者日，我們有很多令人信服的機會以不同的方式投資回業務，我認為這是一個功能市場現實、不斷變化的技術格局、競爭動態。因此，所有這些因素加在一起，為資本在全球加速運作奠定了基礎。

And Michael, I'll just add that I believe that if you looked prior to Investor Day in 2023, you would have seen the GPC business in totality spending about 1% of revenue in terms of investment in the business. And so that's across all of our business segments.

邁克爾，我想補充一點，我相信，如果您在 2023 年投資者日之前查看，您會發現 GPC 業務總共花費了約 1% 的收入用於業務投資。我們所有的業務部門都是如此。

And that quite frankly I think is not the level of investment we needed to stay at pace and grow this business and keep it on its front foot going forward. We think the technology work that we're doing and leading with technology is going to be a differentiator.

坦白說，我認為這不是我們保持步伐、發展這項業務並保持其領先地位所需的投資水平。我們認為我們正在做的技術工作以及以技術為主導的技術將成為一個差異化因素。

And we think investing in our supply chains which will make a difference for our customers and as we know, having that part and having it at the right place and the right time, both on the automotive and the industrial side is critical to being successful.

我們認為投資我們的供應鏈將為我們的客戶帶來改變，正如我們所知，在汽車和工業方面擁有該零件並在正確的地點和正確的時間擁有它對成功至關重要。

And as we make these enhancements across DCs, which we've mentioned, we're doing that in the UK and France. Here in the US, we have a new DC in Melbourne. We're doing this all over the world, and you combine that with the technology, I think that's going to position us for a much stronger growth particularly as we come out of this weaker economic cycle.

正如我們所提到的，當我們在各個資料中心進行這些增強時，我們正在英國和法國這樣做。在美國，我們在墨爾本設立了一個新的配送中心。我們在世界各地都這樣做，並將其與技術結合起來，我認為這將使我們實現更強勁的成長，特別是當我們走出疲軟的經濟週期時。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Chris Horvers, JPMorgan.

克里斯霍弗斯，摩根大通。

Thanks. Good morning. So my first question, I just want to be clear. So was there a decision to step up investments above the original plan for this year or is it really just the acquisitions and as we think about moving forward, do the acquisitions that you made during this quarter, during the third quarter, take sort of the underlying dollar run rate higher as we look at the fourth quarter, obviously relative to revenues.

謝謝。早安.所以我的第一個問題，我只想說清楚。那麼，今年是否決定在原計劃之上加大投資力度，或者這實際上只是收購，當我們考慮向前推進時，你們在本季度、第三季度進行的收購是否採取了某種方式？第四季時，基礎美元運行率走高，顯然與收入有關。

Yeah, Chris, we haven't changed our view on investment level on CapEx for 2024. We're still going to come in right around that 2% level. And as I commented in my prepared remarks, that's going to be around $500 million of investment.

是的，克里斯，我們並沒有改變對 2024 年資本支出投資水準的看法。我們仍將保持在 2% 左右的水平。正如我在準備好的演講中所說，這將是大約 5 億美元的投資。

So there's no step up on the CapEx side of the house. We really think the 2% number is the right proxy. We did that last year. We'll do that again this year, and we'll be thoughtful about how we look ahead to 2025. In terms of run rate on acquisition, I think I would tell you that we expect that to -- that was never going to be linear, I think it's the best way to say it when you think about the independent owner strategy.

因此，資本支出方面沒有任何進步。我們確實認為 2% 的數字是正確的代表。我們去年就這麼做了。今年我們將再次這樣做，我們將認真思考如何展望 2025 年。就收購的運行率而言，我想我會告訴你，我們期望這永遠不會是線性的，我認為當你考慮獨立所有者策略時，這是最好的表達方式。

As you've seen this year, we've acquired the two largest. And from there, acquiring 180 plus stores in May, as we've announced with Walker, 75 stores. The next levels of independent owners drop pretty significantly in terms of store count size.

正如您今年所看到的，我們收購了最大的兩家公司。從那時起，5 月收購 180 多家商店，正如我們與 Walker 宣布的那樣，收購 75 家商店。下一級別的獨立業主在商店數量方面大幅下降。

And so I think you'll see while we continue to March to maybe a more 50%, 50% target, the pace and timing of that will slow. So I think we get the first two big ones which were important to do in the queue first and then we'll move at pace, but the pace will decelerate from what you've seen here over the last two quarters.

因此，我認為您會看到，當我們繼續 3 月實現 50%、50% 的目標時，其速度和時間將會放緩。因此，我認為我們先完成了前兩個重要的任務，這些任務在隊列中非常重要，然後我們將加快步伐，但與您在過去兩個季度中看到的速度相比，速度將會放緩。

Got it. And then as you think about just what are we expecting, what are like implied same store sales and organic growth in NAPA, in Motion. And as you look out, you know, and you think about the industrial side of the business, does the election sort of like -- is that a clearing event or do we have to wait for these capital budgets to come through for your customers in in 2025, such that this actually could prolong to perhaps the second quarter when that capital gets deployed.

知道了。然後，當你思考我們的預期是什麼時，NAPA 和 Motion 中的同店銷售和有機成長意味著什麼。當你觀察時，你知道，你會想到業務的工業方面，選舉是否有點像 - 是一個清算事件，還是我們必須等待這些資本預算為你的客戶完成到2025 年，這實際上可能會延續到第二季度，屆時資本將得到部署。

Chris, I would say the election is a clearing event with a lag. So by the time you turn the calendar year, the election flips and there's at least kind of clarity on the margin relative to where we stand today, especially with the backdrop of lower rates. And I think that helps.

克里斯，我想說，選舉是個有滯後性的清算事件。因此，當你翻過日曆年時，選舉就會發生翻轉，相對於我們今天的立場，至少有一定程度的明確性，特別是在利率較低的背景下。我認為這有幫助。

And the implied comps for the fourth quarter?

第四季的隱含業績如何？

Not for the fourth quarter. I would say the lag is coming into 2025. I don't think the election clarity in November creates a business impact immediately in November and December.

不是第四季。我想說，這種滯後是在 2025 年到來時出現的。我認為 11 月選舉的明確性不會立即對 11 月和 12 月產生業務影響。

And look, Chris, we don't give quarterly guidance. So the quarter comps, we haven't provided, but I would just say I'd go back to my thoughts in the prepared remarks. We really don't expect the fourth quarter thematically to look much different than the third quarter in terms of the underlying performance of the business, given the market conditions.

克里斯，你看，我們不提供季度指導。因此，我們還沒有提供季度比較，但我只想說我會在準備好的發言中回到我的想法。考慮到市場狀況，我們確實預計第四季的業務基本表現與第三季不會有太大不同。

Got it. And I just want to ask one clarification question. So I think you talked about a $0.30 EPS headwind on $140 million shortfall in sales. Is that right? Because that's like a 40% operating margin, I guess, ask the other way if you know, if you expected sales up 2.5% next year, you would expect 40% flow through on that.

知道了。我只想問一個澄清問題。因此，我認為您談到了 1.4 億美元的銷售額缺口導致每股收益 0.30 美元的逆風。是這樣嗎？因為這就像 40% 的營業利潤率，我想，換個方式問你是否知道，如果你預計明年的銷售額成長 2.5%，你會預期 40% 的流量會通過。

No, I wouldn't take it that way, Chris. I mean, I think we're trying to give you a reasonable proxy of what we felt like the sales loss was. I mean, given that the gross margin rate, impact of that and the lost sales in the quarter. So I wouldn't overread into that in terms of operating margin.

不，我不會這麼認為，克里斯。我的意思是，我認為我們正在努力為您提供一個合理的代理，以說明我們認為銷售損失的情況。我的意思是，考慮到毛利率、其影響以及該季度的銷售損失。因此，我不會過度解讀營業利潤率。

Got it. Thank you.

知道了。謝謝。

Greg Melich, Evercore.

格雷格·梅里奇，Evercore。

Hi, thanks guys, a couple questions. I want to start maybe at a high level given that I think you described the investments, ramping up to 2% now versus 1%. When we think about the growth algo that you outlined at the Analyst Day in '23, should we be thinking about this year as a new base to build that off of or should we still go back to where we were a couple of years ago and have the growth off of that base?

你好，謝謝大家，有幾個問題。鑑於我認為您描述了投資，我想從較高的水平開始，現在從 1% 上升到 2%。當我們思考您在 23 年分析師日概述的成長演算法時，我們是否應該將今年視為建立這項成長演算法的新基礎，還是應該回到幾年前的狀態在這個基礎上有成長嗎？

I think this year is a tough year to use as a proxy, Greg, is my kind of initial response to that. We've had a lot of moving pieces. Market conditions have moved backwards. I think if you look historically, we've said that the growth algorithm is in that 3% to 4% top line range in a long, long term for the business, in terms of top line, and that we can lever off of that.

我認為今年是很難用作代理的一年，格雷格，這是我對此的初步回應。我們有很多令人感動的事。市場狀況已經倒退。我認為，如果你回顧歷史，我們說過，從業務的長期來看，就營收而言，成長演算法是在 3% 到 4% 的營收範圍內，我們可以利用這一點。

This year with market conditions, particularly on the industrial side moving negative is not a year I would use as a proxy. So I don't think we're ready to move off of what we think are long term algorithms, but obviously, we reserve the right to kind of update you as we get into 2025, and the 2025 guidance, particularly as we see with what the fourth quarter presents and how we think that the beginning of 2025 will start.

今年的市場狀況，特別是工業方面的負面變化，我不會用它作為代理的一年。因此，我認為我們還沒有準備好放棄我們認為的長期演算法，但顯然，我們保留在進入 2025 年和 2025 年指南時向您更新的權利，特別是正如我們所看到的第四季度的情況以及我們認為2025 年初將如何開始。

So let's not deviate from how we think about the health of this business on a long term basis, as Will just said, I think we're very bullish on what the long term can be and the investments we're making in the business.

因此，我們不要偏離我們對這項業務的長期健康狀況的看法，正如威爾剛才所說，我認為我們非常看好長期前景以及我們在該業務中所做的投資。

Those have stepped up from a 1% historical rate, but that 2% is the same level of investment we shared with you in Investor Day. So we think that does set a little bit of a new proxy there. But again, we'll come back to you with some more thoughtful outlook when we get to February.

這些已經從 1% 的歷史利率上升，但這 2% 與我們在投資者日與您分享的投資水平相同。所以我們認為這確實在那裡設置了一些新的代理。但同樣，當我們到二月時，我們會向您提供一些更深思熟慮的展望。

Got it. And then my follow up was you mentioned how this inflation has brought inflation down in both industrial and auto to sub 1%. You remind us of how that cycles if you think about the comparisons from a year ago and should that -- should we expect that to normalize back at maybe the long term 2% to 3% or do you think we're sort of stuck at this flattish position?

知道了。然後我的後續行動是你提到這種通貨膨脹如何將工業和汽車領域的通貨膨脹率降至 1% 以下。如果你考慮一年前的比較，你會提醒我們這個週期是如何循環的，我們是否應該期望長期正常化到 2% 到 3%，或者你認為我們有點陷入困境這個平坦的位置？

Look again, I'll always reserve my right to update you. When we build our models for 2025 and share those in February, but I think we're coming out of the period that we all expected. We saw this start last year in 2023 in the US, and we're seeing it now in Europe.

再看一遍，我將永遠保留向您更新資訊的權利。當我們為 2025 年建立模型並在 2 月分享這些模型時，但我認為我們已經走出了我們所有人預期的時期。去年 2023 年我們在美國看到了這種情況的開始，現在我們在歐洲也看到了這種情況。

We expected those high benefits of inflation in the top line to cool off and they have. We're going through what I think is the unwinding of all that now, and again, if I go back to the first question about the long term, if you think the long term is a 3% to 4%, embedded in that long term is a 0.5% to 1% range of price benefit.

我們預期通膨帶來的高收益將會降溫，事實確實如此。我們正在經歷我認為現在所有這一切的解除，如果我回到關於長期的第一個問題，如果你認為長期是 3% 到 4%，嵌入到那個長期期限是0.5% 至1% 範圍內的價格優惠。

And we would expect in the long term, absent something else coming to light that changes our view on the health of the markets fundamentally that that would be the case, then we would vert to something more normalized as we move ahead.

我們預計，從長遠來看，如果沒有其他事情出現，從根本上改變我們對市場健康狀況的看法，那麼我們將在前進過程中轉向更正常化的事情。

And then last, I would just say, how would you look -- how would you describe your market share position right now in US auto and industrial. I mean, I know there's a lot of macro headwinds. Do you think you're gaining shareholding share, still slipping a little bit?

最後，我只想說，您會如何看待 - 您如何描述您目前在美國汽車和工業領域的市場份額地位。我的意思是，我知道存在著許多宏觀阻力。您是否認為您的持股比例增加，但仍略有下滑？

No, we feel really good about it. And we use on the NAPA side a third party independent data that's got everybody's information in it, and it's never been stronger, always opportunities. There's 120 categories that you have to look at to study skew level share.

不，我們對此感覺非常好。我們在 NAPA 方面使用第三方獨立數據，其中包含每個人的信息，而且它從未如此強大，始終是機會。要研究偏斜水平份額，您必須查看 120 個類別。

And we've made incredible progress there. So and then on the industrial side, we're right there or better than the market. There's some data points out there from peers and obviously the PMI, so down a little bit in this market is at or better than market performance.

我們在那裡取得了令人難以置信的進展。因此，在工業方面，我們就在那裡，或比市場更好。有一些來自同業的數據指出，顯然還有 PMI，所以這個市場的小幅下跌相當於或好於市場表現。

That's great. Thanks and good luck guys.

那太棒了。謝謝，祝大家好運。

Thanks.

謝謝。

Seth Basham, Wedbush Securities.

塞思‧巴沙姆 (Seth Basham)，韋德布希證券公司。

Thanks a lot and good morning, just following up on Greg's last question, thinking about the US market. Your comps were fly extra day sequentially and slow materially on to your stack basis. Do you think that market conditions got worse or do you think that the competitive environment got more difficult this quarter relative to last?

非常感謝，早安，繼續格雷格的最後一個問題，思考美國市場。你的比賽會按順序多飛一天，並且在你的籌碼基礎上會大幅減慢。您認為本季市場狀況是否變得更糟，或者競爭環境相對於上一季變得更加困難？

I think the market's got worse and the hurricane impact put noise into the data. So a flattish market feels about right to us, a plus or minus a point.

我認為市場變得更糟，颶風的影響給數據帶來了噪音。因此，平淡的市場對我們來說是正確的，無論是加分或減分。

And on the second part of that set on the competitive set, I mean, I wouldn't say that the competitive sets changed much. We have great competitors. We compete day to day with a competitive landscape that thankfully remains very rational on pricing. And so we're encouraged by NAPA's position in the market, as I said earlier with its great footprint, legacy, availability, and quality.

在比賽的第二部分，我的意思是，我不會說比賽有太大變化。我們有很棒的競爭對手。我們每天都在競爭格局中競爭，值得慶幸的是，定價仍然非常理性。因此，我們對 NAPA 的市場地位感到鼓舞，正如我之前所說的那樣，它具有巨大的足跡、傳統、可用性和品質。

And specific to the major account segment that you talked about getting a little bit better this quarter, what's driving that? Do you think it's the end markets, do you think it's some of your initiatives? Any color there would be appreciated.

具體到您談到的本季有所改善的主要客戶部分，是什麼推動了這一情況？您認為這是終端市場嗎？任何顏色都會受到讚賞。

Yeah. So we were really pleased with the sequential improvement in major accounts. As I think we've talked about publicly before inside our major accounts, we have four or five different folks of business. And each have their own specific initiatives, and those initiatives are gaining traction specifically around some of our priorities in our regional quote unquote major accounts and our independent affiliates.

是的。因此，我們對主要客戶的連續改善感到非常滿意。正如我認為我們之前在我們的主要客戶中公開談論過的那樣，我們有四到五個不同的業務人員。每個人都有自己的具體舉措，這些舉措特別圍繞著我們區域主要客戶和獨立附屬公司的一些優先事項而受到關注。

So we're focused intentionally there to make sure that we're doing business that makes sense for our customers and for us, and we'll continue to be very thoughtful there.

因此，我們有意識地專注於確保我們所做的業務對我們的客戶和我們都有意義，並且我們將繼續在這方面非常周到。

Great. Thank you so much.

偉大的。太感謝了。

Bret Jordan, Jefferies.

布雷特·喬丹，杰弗里斯。

Hey, good morning guys.

嘿，早上好，夥計們。

Hey Bret.

嘿布雷特。

A lot of it has been covered, but I guess extra hurricanes, you see any meaningful regional dispersion in US NAPA.

其中許多內容都已被涵蓋，但我猜是額外的颶風，你會在美國 NAPA 中看到任何有意義的區域分散。

We have -- we haven't seen any dispersion X the hurricanes and then X the M&A benefit. Everybody was around the same level of performance, no material difference.

我們沒有看到任何颶風和併購收益的分散。每個人的表現水準都差不多，沒有實質差異。

Okay. And then I think of the prepared remarks you talked about either near shoring or reshoring some of your supply chain. Could you give us a little more color on that? And is that -- is there a margin impact one way or the other?

好的。然後我想到您談到的關於近岸或回流部分供應鏈的準備好的評論。您能為我們提供更多資訊嗎？那是否會以某種方式影響利潤率？

Yeah, look, I think we had a great update with the Motion team. A few weeks ago, we detailed this deeply and we've got a lot of great sales leads and traction for that matter around specific projects. I think on one of the calls, somebody asked us what that opportunity set is and if you just look at the US business by itself for Motion, we're tracking somewhere over 150 different projects between now and 2030, that represent about $2.5 billion of MRO spend for us.

是的，看，我認為我們與 Motion 團隊進行了重大更新。幾週前，我們對此進行了深入的詳細介紹，並且我們圍繞特定項目獲得了許多出色的銷售線索和吸引力。我認為在一次電話會議上，有人問我們機會集是什麼，如果你只看Motion 的美國業務本身，我們會跟踪從現在到2030 年之間的150 多個不同項目，這些項目代表了約25 億美元的收入。

So some small portion of that is a pretty attractive incremental headwind or a tailwind for us. And we put some resources to it and seen some nice traction by vertical. That's what we refer to as our new sales verticals. So definitely in focus, we see it in Canada, and we've got the same chart in Mexico, all with exciting opportunities.

因此，其中一小部分對我們來說是相當有吸引力的增量逆風或順風。我們投入了一些資源，並看到了垂直領域的一些不錯的吸引力。這就是我們所說的新銷售垂直領域。因此，我們在加拿大看到了這一點，在墨西哥也看到了同樣的圖表，所有這些都充滿了令人興奮的機會。

Okay. Thank you.

好的。謝謝。

Thanks, Bret.

謝謝，布雷特。

Thanks Bret.

謝謝布雷特。

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。我們感謝您的參與，並請您斷開線路。