純正零件 (GPC) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Genuine Parts Company first-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，大家好。歡迎參加 Genuine Parts Company 2025 年第一季財報電話會議。（操作員指示）

This call is being recorded on Tuesday, April 22, 2025. At this time, I would like to turn the conference over to Tim Walsh, Senior Director, Investor Relations. Please go ahead, sir.

該通話於 2025 年 4 月 22 日星期二錄製。現在，我想將會議交給投資者關係高級總監 Tim Walsh。先生，請繼續。

Thank you, and good morning, everyone. Welcome to Genuine Parts Company's first-quarter 2025 earnings call. Joining us on the call today are Will Stengel, President and Chief Executive Officer; and Bert Nappier, Executive Vice President and Chief Financial Officer.

謝謝大家，早安。歡迎參加 Genuine Parts Company 2025 年第一季財報電話會議。今天參加電話會議的有總裁兼執行長 Will Stengel；以及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 of the Genuine Parts Company website. Today's call is being webcast, and a replay will also be made available on the company's website after the call.

除了今天早上的新聞稿外，您還可以在 Genuine Parts Company 網站的投資者頁面上找到補充幻燈片簡報。今天的電話會議正在進行網路直播，會議結束後，公司網站上也將提供重播。

Following our prepared remarks, the call will be open for questions. The responses to which will reflect management's views as of today, April 22, 2025. If we're unable to get to your questions, please contact our Investor Relations Department.

在我們準備好發言之後，電話會議將開放提問。答覆將反映管理階層截至 2025 年 4 月 22 日的觀點。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 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，這些指標可能會在今天討論我們根據公認會計原則報告的績效時提及。收益新聞稿中提供了這些措施的對帳。

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. The company's actual results could differ materially from any forward-looking statements due to 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 this call.

今天的電話會議也可能涉及 1995 年《私人證券訴訟改革法案》所定義的有關公司及其業務的前瞻性陳述。由於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，公司的實際結果可能與任何前瞻性陳述有重大差異。本公司不承擔更新本次電話會議中所做的任何前瞻性陳述的義務。

With that, let me turn the call over to Will.

說完這些，讓我把電話轉給威爾。

Good morning, everyone, and thanks for joining us for our first-quarter 2025 earnings call. Before we get into the details of our results, I always want to start by thanking our over 63,000 GPC teammates around the globe. Your dedication and commitment to serving our customers remain the core of our success. And I'm so proud of the team's continued focus and hard work.

大家早安，感謝您參加我們的 2025 年第一季財報電話會議。在我們詳細了解結果之前，我總是想先感謝我們遍布全球的 63,000 多名 GPC 隊友。您對服務客戶的奉獻和承諾仍然是我們成功的核心。我為團隊的持續專注和努力感到非常自豪。

We had a solid quarter in line with our expectations, but we're obviously working in a dynamic external environment. Tariffs, trade, and geopolitics are impacting the operating landscape for all companies. These factors, combined with inflation and interest rates, are adding to an already cautious demand backdrop. Despite this, we remain focused on what we can control, providing excellent customer service and executing on our strategic initiatives to make the business smarter, faster, and better.

本季我們的業績表現穩健，符合我們的預期，但顯然我們的外部環境是動態的。關稅、貿易和地緣政治正在影響所有公司的經營格局。這些因素，加上通貨膨脹和利率，使得原本就謹慎的需求環境進一步惡化。儘管如此，我們仍然專注於我們能夠控制的事情，提供優質的客戶服務並執行我們的策略計劃，使業務更聰明、更快速、更好。

The teams have navigated multiple market environments over the past five years, and we've used those moments to drive positive change across our company and advance our strategic priorities. We're committed to this approach as we navigate the current environment and are confident that we have the relevant playbooks to remain agile.

過去五年來，團隊經歷了多種市場環境，我們利用這些機會推動整個公司的積極變革，並推進我們的策略重點。在應對當前環境時，我們致力於採用這種方法，並相信我們擁有保持敏捷的相關策略。

I experienced our focus on serving our customers firsthand last week at the NAPA National Ownership Workshop Event, where we celebrated NAPA's 100-year anniversary. The event highlighted NAPA's status as a global leader and pioneer of the automotive aftermarket industry. Joined by thousands of our repair shop customers, independent owners, and field teammates, we reflected on this significant milestone and reinforced our commitment to delivering outstanding customer service together for the next 100 years.

上週，在 NAPA 全國所有權研討會活動上，我親身體驗了我們專注於服務客戶，並慶祝了 NAPA 成立 100 週年。這項活動彰顯了NAPA作為汽車售後市場產業全球領導者和先驅的地位。我們與數千名維修店客戶、獨立業主和現場隊友一起回顧了這一重要里程碑，並加強了我們在未來 100 年共同提供卓越客戶服務的承諾。

Not only was this event an opportunity to celebrate our history, it was also a chance to detail the in-flight work that's shaping our future. Our working session showcase details around talent and culture, sales effectiveness, operational excellence, and technology initiatives, all designed to enhance our customer experience.

這次活動不僅是慶祝我們歷史的機會，也是詳細介紹塑造我們未來的飛行工作的機會。我們的工作會議展示了有關人才和文化、銷售效率、卓越營運和技術舉措的細節，所有這些都是為了提升我們的客戶體驗。

As an example, we highlighted the recent rollout of our modernized e-commerce platform, NAPA PROLink, built specifically for our commercial customers. Developed in partnership with Google, this platform features proprietary search capabilities that are faster and more reliable. The platform offers improved functionality with 10% more product coverage and leverages a more comprehensive and accurate catalog.

例如，我們重點介紹了最近推出的專為商業客戶打造的現代化電子商務平台 NAPA PROLink。該平台與 Google 合作開發，具有更快、更可靠的專有搜尋功能。該平台提供了改進的功能，產品覆蓋率提高了 10%，並利用了更全面、更準確的目錄。

In 2025, NAPA B2B e-sales are growing mid-single digits and capturing new business. The customer feedback on the modernized platform is overwhelmingly positive, and we're excited about the benefits this will deliver to the NAPA business and our customers as we move forward.

2025 年，NAPA B2B 電子銷售將實現中等個位數成長並獲得新業務。客戶對現代化平台的回饋非常積極，我們很高興看到它將在未來為 NAPA 業務和我們的客戶帶來好處。

Now, turning to our business results. I'll walk you through highlights of our first-quarter performance, which were in line with our expectations. Following my remarks, Bert will provide some additional color on our financial results and touch on our 2025 outlook, which we're maintaining today despite the evolving trade policies.

現在，談談我們的業務成果。我將向您介紹我們第一季業績的亮點，這些業績符合我們的預期。在我發言之後，伯特將對我們的財務業績提供一些額外的說明，並談到我們的 2025 年展望，儘管貿易政策不斷變化，但我們今天仍堅持這一展望。

A few highlights from the first quarter include total GPC sales of $5.9 billion, up 1.4% versus the same period in the prior year. Our sales growth was primarily driven by acquisitions and improving sales in our industrial business, which was partially offset by one less selling day impacting sales growth in the quarter by 110 basis points.

第一季的一些亮點包括 GPC 總銷售額為 59 億美元，比去年同期成長 1.4%。我們的銷售成長主要受到收購和工業業務銷售成長的推動，但由於銷售日減少一天，導致本季銷售成長減少 110 個基點，部分抵銷了這一成長。

Gross margin expansion of 120 basis points versus the same period last year, reflecting the benefits from acquisitions and our strategic pricing and sourcing initiatives. And solid progress with our productivity initiatives to manage and optimize expenses.

毛利率較去年同期擴大 120 個基點，反映了收購以及我們的策略定價和採購措施帶來的好處。我們在管理和優化費用方面的生產力措施取得了堅實進展。

Turning to our results by business segment. During the first quarter, total sales for Global Industrial were $2.2 billion, approximately flat versus the same period in the prior year with comparable sales decreasing less than 1%. The one less selling day negatively impacted Global Industrial sales by 150 basis points. While we continue to navigate sluggish market conditions, we saw a sequential improvement from the fourth quarter, driven by increased customer activity and merchants-defined sales initiatives.

按業務部門劃分我們的業績。第一季度，全球工業總銷售額為 22 億美元，與去年同期基本持平，可比銷售額下降不到 1%。銷售量減少一天對全球工業銷售產生了 150 個基點的負面影響。儘管我們繼續應對低迷的市場環境，但受客戶活動增加和商家定義的銷售計劃的推動，我們看到第四季度出現了環比改善。

From a cadence perspective, average daily sales were positive in all three months of the first quarter. Looking at the performance across our 14 end markets, we saw growth in pulp and paper, aggregate and cement, and DC and logistics; while iron and steel, automotive and oil and gas remained pressured.

從節奏來看，第一季三個月的平均每日銷售額均為正值。綜觀我們 14 個終端市場的表現，我們看到紙漿和造紙、骨材和水泥以及 DC 和物流均實現了成長；鋼鐵、汽車、石油和天然氣產業仍承壓。

During the quarter, 9 of our 14 end markets saw a sequential improvement from the fourth quarter. Our performance by customer type saw continued outperformance with our national account customers. We also saw sequential improvement in our local MRO accounts and value-added services compared to 2024. Sales from value-added services, like automation solutions and fluid power were flat to slightly down, which represents a notable improvement relative to last year.

本季度，我們 14 個終端市場中有 9 個市場較第四季有所改善。按客戶類型劃分，我們的全國客戶表現持續優於其他客戶。與 2024 年相比，我們的本地 MRO 帳戶和增值服務也取得了連續改善。自動化解決方案和流體動力等增值服務的銷售額持平或略有下降，與去年相比有顯著改善。

Switching to Industrial profit. During the first quarter, segment EBITDA was approximately $279 million and 12.7% of sales, representing a 10 basis point increase from the same period last year. Overall, the Motion team continues to make progress on its profitable growth, category management, and supply chain productivity initiatives. The team is managing the business with discipline to deliver profitability despite a persistent soft market environment.

轉向工業利潤。第一季度，該部門的 EBITDA 約為 2.79 億美元，佔銷售額的 12.7%，比去年同期增加了 10 個基點。總體而言，Motion 團隊在獲利成長、品類管理和供應鏈生產力計劃方面持續取得進展。儘管市場環境持續疲軟，團隊仍嚴格管理業務，以實現盈利。

While industrial activity metrics like PMI and industrial production have been depressed for the longest period in over three decades, we were encouraged to see PMI start the year with some momentum with two consecutive months above 50 before slipping back to 49 in March. Motion size and scale, diverse end markets, and strong customer value proposition position us well in a highly fragmented industry and across all market environments.

儘管 PMI 和工業生產等工業活動指標已經歷了 30 多年來持續時間最長的低迷期，但我們很高興看到 PMI 在年初表現出一定勢頭，連續兩個月超過 50，然後在 3 月份回落至 49。運動的大小和規模、多樣化的終端市場以及強大的客戶價值主張使我們在高度分散的產業和所有市場環境中佔據有利地位。

Turning to Global Automotive segment. Sales in the first quarter increased 2.5% with comparable sales decreasing 0.8%, in line with our expectations. The first quarter included one less selling day compared to last year, which negatively impacted sales and comparable sales growth by an estimated 90 basis points.

轉向全球汽車領域。第一季銷售額成長 2.5%，可比銷售額下降 0.8%，符合我們的預期。與去年同期相比，第一季的銷售日減少了一天，這對銷售額和可比銷售額成長產生了約 90 個基點的負面影響。

Global Automotive segment EBITDA in the first quarter was $285 million, which was 7.8% of sales, representing a 110 basis point decrease from the same period last year. Our first-quarter results for the Global Automotive segment reflect ongoing pressure from softer organic sales in the US and Europe and the one less selling day.

第一季全球汽車部門 EBITDA 為 2.85 億美元，佔銷售額的 7.8%，比去年同期下降 110 個基點。我們全球汽車部門第一季的業績反映出美國和歐洲有機銷售疲軟以及銷售日數減少的持續壓力。

Now, let's turn to our Automotive business performance by geography. Starting in the US, total sales for the first quarter were up approximately 4% while comparable sales declined approximately 3%. During the quarter, the one less selling day negatively impacted sales and comparable sales growth by approximately 160 basis points.

現在，讓我們來看看按地區劃分的汽車業務表現。從美國開始，第一季的總銷售額成長了約 4%，而可比銷售額下降了約 3%。本季度，減少一天的銷售日對銷售額和可比較銷售額成長產生了約 160 個基點的負面影響。

Looking at average daily sales across the business, sales in the quarter were positive in all three months, with March being the strongest. Comparable sales for our company-owned stores were up low-single digits while independent purchases were down low-single digits.

從整個企業的平均每日銷售額來看，本季三個月的銷售額均為正值，其中三月份的銷售額最為強勁。我們公司自有商店的可比銷售額成長了低個位數，而獨立購買量則下降了低個位數。

By customer type, total sales to our commercial customers were up low-single digits with all four customer segments being positive in the quarter, while sales to our retail customers decreased mid-single digits. Our performance by category is consistent with the prior two quarters with nondiscretionary repair categories up low-single digits, and maintenance and service categories flat in the first quarter. The pressure remains in our discretionary categories, which represent approximately 15% of sales and were down mid-single digits.

按客戶類型劃分，本季我們對商業客戶的總銷售額成長了低個位數，所有四個客戶群均實現正成長，而我們對零售客戶的銷售額則下降了中等個位數。我們的類別表現與前兩季一致，第一季非自由裁量維修類別成長低個位數，維護和服務類別持平。我們的非必需品類別依然面臨壓力，這些類別約佔銷售額的 15%，並下降了中等個位數。

Additionally, we acquired 44 stores from independent owners and competitors, further strengthening our footprint in our priority markets. The integration of our recent acquisitions, including MPEC and Walker acquired in mid-2024 are progressing well and remain on plan. Both acquisitions are positively contributing to NAPA's EBITDA margin.

此外，我們也從獨立業主和競爭對手手中收購了 44 家商店，進一步加強了我們在重點市場的影響力。我們最近收購的公司（包括 2024 年中期收購的 MPEC 和 Walker）的整合進展順利，並且仍在按計劃進行。兩次收購都對 NAPA 的 EBITDA 利潤率產生了積極貢獻。

Turning to Canada. Total sales increased approximately 5% in local currency versus the same period last year with comparable sales increasing approximately 4%. These results are a testament to the exceptional work of our Canadian team who delivered strong results despite a softer macroeconomic environment. In Europe, total sales increased approximately 3% in local currency with comparable sales essentially flat. The team in Europe continues its expansion of the NAPA brand and its wins with key accounts.

轉向加拿大。以當地貨幣計算，總銷售額與去年同期相比增長了約 5%，可比銷售額增長了約 4%。這些結果證明了我們加拿大團隊的出色工作，儘管宏觀經濟環境較弱，他們仍然取得了強勁的業績。在歐洲，以當地貨幣計算，總銷售額成長約 3%，而可比銷售額基本持平。歐洲團隊持續擴大 NAPA 品牌並贏得大客戶。

Underlying market demand remains soft across our geographies driven by macro challenges. Despite these headwinds, our ongoing strategic initiatives, including upgrades to our supply chain infrastructure, are expected to improve productivity efficiencies and support future profitable growth in our geographies.

受宏觀挑戰的影響，我們各地區的潛在市場需求依然疲軟。儘管面臨這些不利因素，我們正在進行的策略性舉措（包括升級我們的供應鏈基礎設施）預計將提高生產效率並支持我們所在地區未來的獲利成長。

Rounding out Automotive, our team in Asia Pac delivered another quarter of double-digit growth in local currency driven by both organic initiatives and contributions from recent acquisitions. Total sales increased approximately 12% with comparable sales growth of approximately 3%. Continued strength from our retail business is notable in the market. This sustained performance underscores the strength of our team in the region and their ability to execute effectively in the market.

在汽車業務方面，我們的亞太團隊在本土貨幣上再創佳績，實現了兩位數成長，這得益於公司內部的舉措以及近期收購的貢獻。總銷售額成長約 12%，可比銷售額成長約 3%。我們的零售業務持續強勁表現在市場上引人注目。這種持續的表現凸顯了我們團隊在該地區的優勢以及他們在市場上有效執行的能力。

As we look ahead to the second quarter and the rest of the year, we remain focused on what we can control. We believe our diversified global geographies and business mix creates differentiation as we leverage our global relationships to navigate the market. Our scale creates an advantage relative to many other small players in our industries.

展望第二季和今年剩餘時間，我們仍將專注於我們能夠控制的事情。我們相信，當我們利用全球關係來引導市場時，我們多元化的全球地域和業務組合會創造差異化。我們的規模相對於我們行業中的許多其他小公司而言具有優勢。

We've got a battle-tested team in place with required expertise to navigate uncertain markets. We've invested in the business over the recent past to provide tools to help us analyze the business with more granularity. We have a long-standing history of financial strength characterized by attractive cash generation. Importantly, we also have a team culture defined by an action bias, agility, and a passion for serving customers in every market environment.

我們擁有一支久經考驗的團隊，具備應對不確定的市場所需的專業知識。我們最近對該業務進行了投資，以提供工具來幫助我們更細緻地分析業務。我們擁有長期雄厚的財務實力，以可觀的現金產生能力為特色。重要的是，我們還擁有一種團隊文化，其特點是行動偏見、敏捷性和在各種市場環境中為客戶服務的熱情。

I want to conclude by thanking our shareholders, customers, and suppliers for their trust and continued support. Most of all, thanks again to our GPC teammates for your dedication and hard work.

最後，我要感謝我們的股東、客戶和供應商的信任和持續支持。最重要的是，再次感謝我們的 GPC 隊友的奉獻和辛勤工作。

I'll now turn the call over to Bert.

我現在將電話轉給伯特。

Thanks, Will, and thanks to everyone for joining the call. Our first-quarter performance was in line with our expectations, despite a dynamic external backdrop, which is a reflection of the resiliency and agility of our teams as we continue to navigate through challenging conditions.

謝謝，威爾，也謝謝大家參加電話會議。儘管外部環境充滿活力，但我們第一季的業績符合預期，這反映了我們團隊在繼續應對挑戰時所表現出的韌性和敏捷性。

Our discussion today of our first-quarter performance and our outlook will focus primarily on adjusted results, which exclude the non-recurring costs related to our global restructuring program and costs related to the acquisition of MPEC and Walker.

我們今天對第一季業績和展望的討論將主要集中於調整後的結果，其中不包括與我們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 first quarter, these costs totaled $69 million of pre-tax adjustments, or $49 million after tax. As expected, earnings were down in the first quarter as our profitability was negatively impacted by one less selling day, lower pension income, higher depreciation in interest expense, and foreign currency headwinds, which cumulatively totaled a $0.48 negative impact.

第一季度，這些成本總計為稅前調整後 6,900 萬美元，稅後調整後 4,900 萬美元。正如預期的那樣，第一季收益下降，因為我們的獲利能力受到銷售日減少一天、退休金收入減少、利息支出折舊增加以及外匯逆風的負面影響，累計負面影響為 0.48 美元。

As we shared in February, we expected these factors to drive first-quarter earnings down by 20% to 30%, and we finished the quarter with adjusted EPS of $1.75 down 21% the prior year. While certain new tariffs took effect during the quarter, the financial impact of GPC for Q1 was immaterial.

正如我們在二月所分享的，我們預計這些因素將導致第一季收益下降 20% 至 30%，而本季結束時我們的調整後每股收益為 1.75 美元，較上年同期下降 21%。儘管本季某些新關稅生效，但 GPC 對第一季的財務影響並不大。

Let's turn to the details of the quarter starting with sales. Total GPC sales increased 1.4% in the first quarter, which included a benefit from acquisitions of 300 basis points. These items were partially offset by foreign currency headwinds and an 80 basis point decrease in comparable sales as our businesses continue to operate in soft market conditions. Both total sales and comp sales were negatively impacted by 110 basis points from one less selling day.

讓我們從銷售額開始了解本季的詳細資訊。第一季 GPC 總銷售額成長 1.4%，其中包括 300 個基點的收購收益。由於我們的業務繼續在疲軟的市場條件下運營，這些項目的部分收益被外匯逆風和可比銷售額下降 80 個基點所抵消。由於銷售日減少一天，總銷售額和可比較銷售額均受到 110 個基點的負面影響。

Our gross margin was 37.1% in the first quarter, an increase of 120 basis points from last year, relatively in line with our expectations. The improvement in our gross margin was driven by acquisitions, along with some favorability in vendor rebates. Recall that we will begin to cycle these acquisitions through 2025 and as a result, would expect the rate of gross margin expansion in subsequent quarters in 2025 to be below what we reported in the first quarter.

我們第一季的毛利率為37.1%，比去年同期增加了120個基點，相對符合我們的預期。我們的毛利率提高是由於收購以及供應商回饋的優惠。回想一下，我們將在 2025 年開始循環這些收購，因此，預計 2025 年後續季度的毛利率擴張率將低於我們在第一季報告的水平。

Our adjusted SG&A as a percentage of sales for the first quarter was 28.9%, up 170 basis points year over year, sequentially improving from the fourth quarter. On an [as] adjusted basis, our SG&A grew in absolute dollars by $120 million year over year, including approximately $80 million from acquired businesses. The SG&A impact of acquired businesses will diminish over time as we anniversary the acquisitions and continue to realize the anticipated synergies from the integration of these businesses.

我們第一季調整後的銷售、一般及行政費用佔銷售額的百分比為 28.9%，較去年同期成長 170 個基點，較第四季有所改善。經調整後，我們的銷售、一般及行政費用（SG&A）絕對金額年增 1.2 億美元，其中包括來自收購業務的約 8,000 萬美元。隨著我們完成收購並繼續實現這些業務整合所預期的協同效應，收購業務的銷售、一般及行政費用 (SG&A) 的影響將隨著時間的推移而減少。

Our core SG&A grew $40 million or 2.5% in the quarter, as we curbed the rate of growth of core SG&A significantly on a sequential basis from the fourth quarter of 2024 when we experienced core SG&A growth of approximately 4%.

本季度，我們的核心銷售、一般及行政費用增長了 4,000 萬美元，即 2.5%，因為自 2024 年第四季度以來，我們連續大幅抑制了核心銷售、一般及行政費用的增長率，當時我們的核心銷售、一般及行政費用增長了約 4%。

We continue to do the hard work to improve our cost structure, aligning to market realities, and ultimately getting to our expectation for leverage in SG&A. Within our core SG&A, we experience an increase of approximately $45 million related to salaries and merit adjustments and rent expense due to lease renewals occurring in a higher rate environment.

我們將繼續努力改善我們的成本結構，以適應市場現實，並最終實現我們對銷售、一般和行政費用槓桿的期望。在我們的核心銷售、一般及行政費用中，由於在較高利率環境下發生租約續約，與工資和績效調整以及租金費用相關的費用增加了約 4500 萬美元。

Over the past year, we've taken extensive actions to adjust our cost structure and our efforts remain in flight and on track. In the first quarter, we incurred restructuring costs of $55 million and realized approximately $27 million of cost savings for a benefit of $0.14 per share.

在過去的一年裡，我們採取了廣泛的行動來調整我們的成本結構，我們的努力仍在順利進行中。第一季度，我們發生了 5,500 萬美元的重組成本，並實現了約 2,700 萬美元的成本節約，每股收益為 0.14 美元。

For the quarter, total adjusted EBITDA margin was 8.1%, down 80 basis points year over year. The decrease was driven by the impact of one less selling day and the leverage from lower organic sales growth and cost inflation, partially offset by benefits from our acquisitions and restructuring efforts.

本季度，調整後 EBITDA 總利潤率為 8.1%，年減 80 個基點。銷售額下降的原因是銷售日減少一天、有機銷售額成長放緩和成本上漲的影響，但被收購和重組工作帶來的好處部分抵消。

Turning to our cash flows. For the quarter, cash from operations was down $41 million and free cash flow was down approximately $160 million. While we continue to benefit from favorable terms within payables, our investments in inventory, including our MPEC and Walker acquisitions, created timing headwinds in working capital in the first quarter, which is typically our lowest cash generation quarter of the year.

轉向我們的現金流。本季，經營現金減少 4,100 萬美元，自由現金流減少約 1.6 億美元。雖然我們繼續受益於應付帳款的優惠條款，但我們在庫存方面的投資（包括對 MPEC 和 Walker 的收購）在第一季造成了營運資本的時間阻力，這通常是我們一年中現金產生率最低的季度。

During the first quarter, we invested approximately $120 million back into the business in the form of capital expenditures as we continued our investment in our supply chain and IT systems. In addition, we invested approximately $75 million in the form of strategic acquisitions. And finally, during the quarter, we returned approximately $135 million to our shareholders through our dividend.

在第一季度，我們繼續對供應鏈和 IT 系統進行投資，並以資本支出的形式向業務重新投資了約 1.2 億美元。此外，我們也以策略性收購的形式投資了約 7,500 萬美元。最後，在本季度，我們透過股息向股東返還了約 1.35 億美元。

Now turning to our outlook. As we detailed in our press release this morning, we are reaffirming our outlook for 2025. For the full year, we continue to expect diluted earnings per share, which includes the expenses related to our restructuring efforts, to be in a range of $6.95 to $7.45 and adjusted diluted earnings per share to be in the range of $7.75 to $8.25.

現在轉向我們的展望。正如我們今天早上在新聞稿中詳細說明的那樣，我們重申了對 2025 年的展望。就全年而言，我們繼續預期每股攤薄收益（包括與重組工作相關的費用）將在 6.95 美元至 7.45 美元之間，調整後每股攤薄收益將在 7.75 美元至 8.25 美元之間。

As further detailed in our earnings release, our outlook excludes the previously announced one-time non-cash charge we expect to record when our US pension plan termination settles, expected for late 2025 or early 2026.

正如我們在收益報告中進一步詳細說明的那樣，我們的展望不包括先前宣布的一次性非現金費用，我們預計將在美國退休金計劃終止結算時記錄該費用，預計在 2025 年底或 2026 年初。

On slide 11 of our earnings presentation, we've included an illustration of the key business drivers impacting our 2025 outlook. Recall that our outlook includes an expected headwind from a loss of pension income, higher depreciation and interest expense, as well as a headwind from foreign exchange conversion. Collectively, these headwinds produced approximately $1 of EPS headwind in 2025 when compared to 2024. Our current outlook assumes foreign currency rates at current levels.

在我們的收益報告的第 11 張投影片中，我們說明了影響我們 2025 年展望的關鍵業務驅動因素。回想一下，我們的前景包括退休金收入損失、折舊和利息支出增加以及外匯兌換帶來的預期阻力。總體而言，與 2024 年相比，這些不利因素將在 2025 年產生約 1 美元的每股盈餘不利影響。我們目前的展望假設外匯匯率維持在目前水準。

While we have reaffirmed our outlook for the full year, the fluid external backdrop makes visibility into the rest of the year, particularly in the second half, more complex. We believe we can meet our expectations for the year. However, it is important to share the assumptions embedded in our outlook given the lack of clarity in the current external landscape.

雖然我們重申了對全年的展望，但不穩定的外部背景使得今年剩餘時間，特別是下半年的前景更加複雜。我們相信我們能夠實現今年的預期目標。然而，鑑於當前外部情況不夠明朗，分享我們展望中的假設非常重要。

First, consistent with February, our outlook does not include any impact from tariffs in 2025. The potential implications of the US administration shifting policies on tariffs is unclear, and the tariffs could impact us across multiple prisms.

首先，與二月的預測一致，我們的展望不包括 2025 年關稅的任何影響。美國政府改變關稅政策的潛在影響尚不明確，但關稅可能對我們產生多方面的影響。

As we evaluate the implications of the tariffs on our business, we will be considering the following factors: impact to our revenue, including the pace and timing of potential same SKU price adjustments; overall market conditions and fluctuations in underlying demand for parts and services; increases in product costs as we engage with our supplier partners; adjustments to our supply chains, including operational impacts with inventory availability and suitable substitutes, as well as higher freight costs associated with movement of goods; inflationary cost increases in SG&A as the tariffs have the potential to drive higher salaries, wages, and rent; and volatility in interest rates and foreign currency rates, which could have negative impacts.

在評估關稅對我們業務的影響時，我們將考慮以下因素：對收入的影響，包括潛在的相同 SKU價格調整的速度和時間；整體市場狀況以及零組件和服務潛在需求的波動；隨著我們與供應商合作夥伴的合作，產品成本增加；對我們的供應鏈進行調整，包括對庫存可用性和合適替代品的運營影響，以及與貨物運輸相關的更高的運費；由於關稅有可能推高工資、薪金和租金，銷售、一般波動率和行政費用（SG&A）的回報

Given the shifting environment, the recent 90-day pause to delay the effective date of the announced tariffs for many countries and the complexity of applying the tariffs I just outlined, we believe it is prudent to exclude any impact of potential tariffs from our outlook as we await greater clarity from the US administration on the path forward.

鑑於不斷變化的環境、最近許多國家宣布的關稅生效日期被推遲了 90 天以及應用我剛才概述的關稅的複雜性，我們認為，在等待美國政府對未來道路做出更明確的說明時，將潛在關稅的任何影響排除在我們的展望之外是明智之舉。

While we don't guide to the quarter, I would like to provide some additional color regarding expectations for the second quarter, where we believe we have the most visibility into our forecast given the recent delay in the effective date for the proposed tariffs on many countries. Our trends in April have held consistent with March. And while market conditions remain soft, we've seen no appreciable downturn over the past two weeks despite the tariff environment.

雖然我們沒有對本季度做出預測，但我想提供一些有關第二季度預期的額外信息，鑑於最近許多國家擬議的關稅生效日期被推遲，我們認為我們的預測最具有可視性。我們四月份的趨勢與三月保持一致。儘管市場狀況依然疲軟，但儘管存在關稅環境，過去兩週我們並未看到明顯的下滑。

With first quarter earnings falling in line with our expectations, we continue to expect first-half earnings to be down 15% to 20%, and second-half earnings to be up 15% to 20%, consistent with the view we shared with you in February. For the second quarter, we expect adjusted earnings to be down 15% to 20% from the prior year, primarily driven by lower pension income, higher depreciation and interest expense, and the negative impact of foreign currency.

由於第一季的收益符合我們的預期，我們繼續預計上半年收益將下降 15% 至 20%，下半年收益將增長 15% 至 20%，這與我們在二月份與您分享的觀點一致。對於第二季度，我們預計調整後收益將比上年下降 15% 至 20%，主要原因是退休金收入減少、折舊和利息支出增加以及外匯的負面影響。

As we look more broadly beyond the tariffs, recall that our outlook for 2025 is based on softer market conditions improving as we move throughout the year with a pace and timing of the recovery in both of our segments, leading to a more robust second-half growth environment. However, many companies have limited information at this point as to what the full year will bring, and we are modeling multiple scenarios, many of which are incomplete given the lack of data.

當我們將眼光投向關稅以外的更廣闊領域時，請記住，我們對 2025 年的展望是基於疲軟的市場條件的改善，隨著我們全年兩個部門的複蘇速度和時機的推進，這將帶來更強勁的下半年增長環境。然而，目前許多公司對於全年業績的預測資訊有限，我們正在模擬多種情景，但由於缺乏數據，其中許多情景並不完整。

Despite the lack of clarity, for context, we can see at least two downside scenarios, which I'd like to share with you. The first scenario would be that the next 90 days brings clarity around the tariff environment, but the current uncertainty produces a more prolonged softness and lack of recovery in trading conditions beyond our current expectations extending into the early stages of the second half of the year. In this case, we would expect to conclude 2025 in the lower end of our guidance range.

儘管缺乏明確的背景，我們可以看到至少兩種不利的情況，我想與大家分享。第一種情況是，未來 90 天關稅環境將逐漸明朗，但當前的不確定性將導致貿易條件的疲軟和復甦持續時間更長，超出我們目前的預期，並將持續到下半年初期。在這種情況下，我們預計 2025 年的業績將處於指導範圍的下限。

In the second downside scenario, the tariff environment could persist for an extended period beyond the next 90 days and well into the balance of 2025. And in this case, our assumptions around the second-half recovery may not materialize, which would make our current guidance difficult to achieve. Given the incomplete nature of the second downside scenario, we are not able to reforecast the year, but we will pivot based on the backdrop and provide additional updates as needed.

在第二種下行情境中，關稅環境可能會持續到未來 90 天之後，甚至 2025 年底。在這種情況下，我們對下半年復甦的假設可能不會實現，這將使我們當前的指導難以實現。鑑於第二種下行情境的不完整性，我們無法重新預測今年的情況，但我們將根據背景進行調整，並根據需要提供額外的更新。

With that, our current guidance assumes total sales growth in the range of 2% to 4% for 2025. Our outlook assumes that market growth will be roughly flat and that the benefit from inflation will be approximately 1%. It also assumes a benefit from M&A carryover and about 1 point of growth from our strategic initiatives.

因此，我們目前的指導假設是 2025 年的總銷售額成長率將在 2% 至 4% 之間。我們的展望假設市場成長將大致持平，通膨帶來的好處約為 1%。它還假設從併購結轉中獲得收益，並從我們的策略舉措中獲得約 1 個百分點的成長。

These benefits are partially offset by the one less selling day in the first quarter and about 1 point of headwind from foreign exchange. For gross margin, we continue to expect 40 to 60 basis points of full-year gross margin expansion, driven by our continuous focus on our strategic sourcing and pricing initiatives as well as a benefit from the independent store acquisition in US Automotive.

但這些好處被第一季少一個的銷售日和約1個百分點的外匯逆風部分抵銷。就毛利率而言，我們繼續預期全年毛利率將成長 40 至 60 個基點，這得益於我們持續專注於策略採購和定價舉措，以及收購美國汽車獨立門市帶來的好處。

Our outlook assumes that SG&A will deleverage between 20 and 40 basis points. Our SG&A outlook is driven by continued cost inflation pressures and the impact of incremental SG&A from acquisitions in the US Automotive business. These impacts are partially offset by the expected benefits from our global restructuring activities.

我們的展望假設銷售、一般及行政費用將去槓桿 20 至 40 個基點。我們對銷售、一般及行政費用 (SG&A) 的展望受到持續的成本通膨壓力以及美國汽車業務收購帶來的增量銷售、一般及行政費用 (SG&A) 的影響。這些影響被我們全球重組活動預期帶來的收益部分抵銷。

For 2025, we expect to incur restructuring expenses in the range of $150 million to $180 million associated with these activities with an expected benefit of $100 million to $125 million. When fully annualized in 2026, we expect our 2024 and 2025 restructuring efforts and cost actions will deliver approximately $200 million of cost savings.

到 2025 年，我們預計與這些活動相關的重組費用將在 1.5 億美元至 1.8 億美元之間，預期收益將在 1 億美元至 1.25 億美元之間。當 2026 年完全年化時，我們預計 2024 年和 2025 年的重組工作和成本行動將帶來約 2 億美元的成本節約。

By business segment, we are guiding to the following: 2% to 4% total sales growth for the Automotive segment with comparable sales growth in the flat to up 2% range. We expect the Automotive segment EBITDA margin to be flat to up 10 basis points from last year. And for the Industrial segment, we expect total sales growth of 2% to 4% with comparable sales growth in the 1% to 3% range. We expect Global Industrial segment EBITDA margin to expand by approximately 20 to 40 basis points year over year.

按業務部門劃分，我們預期：汽車部門總銷售額成長 2% 至 4%，可比銷售額成長率在持平至上漲 2% 之間。我們預計汽車部門的 EBITDA 利潤率將與去年持平或上升 10 個基點。對於工業部門，我們預計總銷售額將成長 2% 至 4%，可比銷售額將成長 1% 至 3%。我們預計全球工業部門 EBITDA 利潤率將年增約 20 至 40 個基點。

Turning to a few other items of interest. We expect to generate cash from operations in a range of $1.2 billion to $1.4 billion and free cash flow of $800 million to $1 billion. The strength of our balance sheet continues to give us the confidence in our ability to execute in the face of the ongoing uncertainty of the external landscape. As detailed in our earnings release, our outlook for CapEx and M&A remain in line with the expectations we shared with you in February.

轉向其他一些有趣的項目。我們預計營運現金流將在 12 億美元至 14 億美元之間，自由現金流將在 8 億美元至 10 億美元之間。面對外部環境持續的不確定性，我們強勁的資產負債表持續給予我們執行能力的信心。正如我們的收益報告中所詳述的那樣，我們對資本支出和併購的展望與我們在二月與您分享的預期一致。

In closing, the external environment has become increasingly complex with the tariff landscape driving heightened uncertainty across many prisms. As we look ahead to the remainder of the year, we remain confident in the underlying fundamentals of our businesses and the strategic investments we are making to improve our position for the long term. Our near-term focus remains on operating with agility and discipline while we continue to serve our customers around the world.

最後，外部環境變得越來越複雜，關稅格局在許多方面加劇了不確定性。展望今年剩餘時間，我們仍然對我們業務的基本面以及為長期改善地位而進行的策略投資充滿信心。我們近期的重點仍然是靈活、規範地運營，同時繼續為全球客戶提供服務。

Thank you, and we will now turn it back to the operator for your questions.

謝謝，現在我們將把問題轉回給接線生。

(Operator Instructions)

（操作員指示）

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Did you talk a little bit about what you saw for inflation in the first quarter, both Motion and the Automotive business, obviously, we're not going to address the tariff potential.

您是否談論第一季通膨的情況，包括運動和汽車業務，顯然，我們不會討論關稅潛力。

Yeah, sure. Look, for inflation, really came in line with what we thought, about just a little bit less than 1 point across both businesses. So on the top line, getting a little bit of benefit but not a ton, really right in line with our expectations. I would tell you on the inflation side, we're really still feeling it more on the SG&A. So a little bit upside down when you compare the point or so on the top line to somewhere in the 2% range on SG&A costs really in salaries and wages and a little bit in rent as well.

是的，當然。你看，就通貨膨脹而言，確實與我們想像的一致，兩家企業的通膨率都略低於 1 個百分點。因此，從營收來看，我們獲得了一點好處，但不是很多，這完全符合我們的預期。我想告訴你，在通貨膨脹方面，我們確實仍然對銷售、一般和行政費用 (SG&A) 有更深刻的感受。因此，當你將頂線上的點數與銷售、一般和行政費用（SG&A）成本（主要是工資和薪金）的 2% 左右的某個點數進行比較時，就會出現一些顛倒的情況，還有一點租金。

Now that's declining, which is nice. So we're seeing the monetary policy across the world have its intended effect of pulling it back and landing in a place that's a little bit more normalized than we've seen in the last two years, but something that's still a little bit stubborn in the cost side of the P&L and something we're still working on pretty hard, particularly when you think about our global restructuring.

現在這種情況正在減少，這很好。因此，我們看到世界各地的貨幣政策都達到了預期的效果，即貨幣政策回落到比過去兩年更加正常化的位置，但在損益表的成本方面，有些問題仍然有些頑固，我們仍在努力解決這些問題，特別是當你考慮到我們的全球重組時。

Okay. And then a question on Europe Automotive. Ex the day, you would have been -- you were comping up a bit, but you described the market as soft. Are you seeing share gain over there? Is this leverage of the private label program? I guess how do you see your performance relative to the underlying market there?

好的。然後是關於歐洲汽車的問題。例如，那天，你可能已經 - 你正在做一些補償，但你形容市場疲軟。您看到那裡的市場佔有率成長了嗎？這是自有品牌計畫的槓桿作用嗎？我想您如何看待自己相對於在地基礎市場的表現？

Yeah, Bret, we're really pleased with the performance over in Europe. We're seeing really nice, outsized growth in our NAPA-branded products over there. Our share is, in our estimation, kind of in line with the market to slightly better. We're doing a lot of work around the cost structure over there as well under the prism of harmonizing and optimizing all of the different geographies in Europe working together to get benefits.

是的，布雷特，我們對歐洲的表現非常滿意。我們看到 NAPA 品牌產品在那裡實現了非常好的、超乎尋常的成長。根據我們的估計，我們的份額與市場持平，甚至略好一些。我們也在成本結構方面做了很多工作，旨在協調和優化歐洲所有不同地區的共同努力以獲得利益。

So there's a lot to like over there. That NAPA-branded product, especially in a tough market, has been a differentiator. It's about 15% of our revenue with a big runway. So obviously, it's a margin -- a good guy for us. So we're going to continue to push on that as an important strategic initiative as we move forward.

所以那裡有很多值得喜歡的東西。NAPA 品牌產品，尤其是在競爭激烈的市場中，已成為一種差異化優勢。有了大型跑道，我們的收入約佔 15%。顯然，這對我們來說是一個優勢——一個好人。因此，我們將繼續推動這項重要策略舉措。

Great. Appreciate it. Thank you.

偉大的。非常感謝。謝謝。

Gregory Melich, Evercore.

格雷戈里·梅利奇（Gregory Melich），Evercore。

I wanted to follow up on -- can you just level set us on where we are with the North American Auto? You bought in more independents. I know you have a strategy to get to, I guess, half. Just sort of where are we on that? And anything on initiatives to reaccelerate the share there and turn the comps for the overall business?

我想跟進一下——您能否告訴我們北美汽車目前的狀況？您購買了更多獨立公司。我知道你有一個策略可以達到我猜的一半。我們目前處於什麼階段？有什麼舉措可以重新提高市場佔有率並改變整個業務的局面嗎？

Yeah, Greg, I'll take that one. As we said in the script, we continued our momentum with adding to our store count about 40, 45 stores through the quarter. Last year obviously was a big effort with the acquisition of MPEC and Walker, which added materially to our footprint. We're going to continue to pursue that strategy. It's important to note that the independent owner model will always be an important part of who we are.

是的，格雷格，我會接受這個。正如我們在腳本中所說，我們繼續保持這一勢頭，本季我們的門市數量增加了約 40 到 45 家。去年我們顯然付出了巨大的努力，收購了 MPEC 和 Walker，這大大擴大了我們的影響力。我們將繼續推行這項戰略。值得注意的是，獨立所有者模式永遠是我們的重要組成部分。

The owners, as I saw firsthand in my time in Vegas, they're really important, powerful player in these local rural markets with a great service proposition. And so we're going to continue to lean into that and make sure that they're positioned for success.

正如我在拉斯維加斯期間親眼所見，這些店主是當地農村市場中非常重要、有影響力的參與者，並且提供優質的服務。因此，我們將繼續依靠這一點並確保他們獲得成功。

As we look forward to 2025, our acquisition of new stores will slow and moderate. Obviously, 2024 was an unusually high amount of stores that we acquired. And we're turning our attention to really running great stores, which goes to your second point. And pleased with the progress.

展望 2025 年，我們對新店的收購將會放緩和適度。顯然，2024 年我們收購的商店數量異常多。我們將把注意力轉向真正經營優秀的商店，這與你的第二點有關。並對進展感到滿意。

We've talked a lot over the last couple of years about the areas of emphasis as it relates to winning and earning share by delivering great service. It starts with store operations, sales excellence, we're doing some things out in the field to make sure that our sales organization is aligned and focused on taking care of customers, and our store operations professionals are working on making sure that the parts are getting out of the stores quickly and efficiently.

在過去幾年中，我們多次討論透過提供優質服務贏得和獲取市場份額的重點領域。它從商店運營、卓越銷售開始，我們在現場做了一些事情，以確保我們的銷售組織協調一致並專注於照顧客戶，我們的商店運營專業人員正在努力確保零件能夠快速高效地從商店中發出。

So we're doing inventory work. We're doing all the right work, and we're making slow and steady progress. Pleased with the progress but never satisfied.

所以我們正在進行庫存盤點工作。我們正在做所有正確的工作，並且正在取得緩慢而穩定的進展。對進步感到滿意但永不滿足。

Got it. And then I'd love to pivot and follow up on tariffs a little bit. Not specifically understand on the -- not changing the guides for it, but you gave us a couple scenarios that could make things worse. Is there a scenario that could make things better, particularly given the nature of the product and the potential to pass through pricing?

知道了。然後我很樂意稍微改變話題並跟進關稅問題。不是特別了解——沒有改變它的指南，但你給了我們一些可能會使事情變得更糟的情況。是否存在可以讓事情變得更好的情況，特別是考慮到產品的性質和透過定價的可能性？

Yeah, Greg, that's an interesting question. And we've had a lot of conversations in the last few weeks around what are the downsides. We have had a few conversations on the upside. Look, I think when you think about how this could be better or maybe we'll just say how could things return to what feels a little bit more normal, and that's why I think we kept our guide where we saw it.

是的，格雷格，這是一個有趣的問題。過去幾週，我們就其不利之處進行了大量討論。我們就積極的方面進行了幾次交談。聽著，我認為當你思考如何讓情況變得更好時，或者也許我們只會說如何讓事情恢復到感覺更正常一點的狀態，這就是為什麼我認為我們將指南保留在我們看到的地方。

The guidance range is wide enough to give us some latitude to see an upside case. And that would be, I think, in the sense that things get resolved here in short order, this current period of dislocation and disruption doesn't blunt what we would see as a more robust second half. And in that environment with a little bit of price is probably not baked into what we're thinking, you could see some upside.

指導範圍足夠廣泛，讓我們有一定的空間來看到上行情況。我認為，如果問題能在短時間內解決，當前的混亂和混亂時期不會削弱我們所看到的更強勁的下半年。在這種環境下，價格可能沒有達到我們想像的水平，但你可能會看到一些上漲空間。

But I would just tell you that for right now, we're kind of sitting here in a wait-and-see mode. We had a good first quarter in terms of our expectations. They were in line with what we thought. We've had a decent start to April. And that gives us a view that with so many moving pieces and no new information, and I think we're all in the same camp of trying to understand what's happening.

但我只想告訴你，目前我們處於觀望狀態。根據我們的預期，第一季我們表現良好。它們與我們的想法一致。四月我們有一個不錯的開始。這讓我們看到，儘管有這麼多變動，卻沒有新的訊息，但我認為我們都在試圖了解正在發生的事情。

We have a lot of data points that would just point us to, let's stay in a wait-and-see and hold it. And hopefully, we can get past this 90-day period with a lot of good outcomes. And in that case, I think everyone, not just GPC, but everyone will feel better about the rest of the year.

我們有很多數據點可以告訴我們，讓我們保持觀望並堅持下去。希望我們能夠順利度過這 90 天並取得許多良好的成果。在這種情況下，我認為每個人，不僅僅是 GPC，而是每個人都會對今年剩餘的時間感到更加滿意。

Greg, I would just add a couple of other thoughts. One is these industries are rational markets. And we've had history proved to us that in inflationary periods, we're able to pass through price as we're delivering a service proposition to our customers. And so, to the extent that that is steady, measured, and under control consistently through the forward coming quarters, that's a good guide.

格雷格，我只想補充幾點其他想法。一是這些產業是理性的市場。歷史經驗證明，在通貨膨脹時期，我們能夠透過價格傳導，為客戶提供服務。因此，只要這一水準在未來幾季內保持穩定、有節制且持續受控，那麼這是一個很好的指導。

The other thing I would tell you is we've seen sequential improvement in the industrial business over the last couple of quarters as we had hoped as we came out of this contraction cycle that's been the longest in history. As we saw in the first quarter, we saw sequential improvement as we moved through January, February, March. And optimistic that -- cautiously optimistic that in an upside scenario, we continue on that trajectory, and it turns into the second half recovery that we had planned at the beginning of the year.

我想告訴你的另一件事是，正如我們所希望的那樣，過去幾個季度，我們看到工業業務連續改善，因為我們已經走出了歷史上最長的收縮週期。正如我們在第一季看到的那樣，我們在一月、二月和三月看到了連續的改善。我們樂觀地認為——謹慎地樂觀地認為，在好的情景下，我們將繼續沿著這一軌跡發展，並實現我們年初計劃的下半年復甦。

So lots of moving pieces, lots to consider. And as I think we said pretty clearly in our scripts, we're going to be very agile and make sure that we're reacting accordingly to seize the moment.

因此有很多活動部件，有很多需要考慮。我認為我們在腳本中已經說得很清楚了，我們將非常靈活，並確保做出相應的反應以抓住時機。

That's great. Congrats, and good luck.

那太棒了。恭喜，祝你好運。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

It's Christian Carlino on for Chris. Excluding some of the calendar noise, you saw a real step-up in comps for Motion. So could you talk a bit more about what drove that and what you're hearing from those customers? Are they pausing that 20% of demand that is bigger capital projects given the uncertainty? Or are they accelerating projects they had already started? And to what degree do you think you maybe saw any pull-forward of demand given the tariffs that might have benefited in the first quarter?

克里斯蒂安·卡利諾 (Christian Carlino) 代替克里斯上場。排除一些日曆噪音，你會看到 Motion 的業績確實有所提升。那麼，您能否進一步談談推動這項舉措的原因以及您從這些客戶那裡聽到了什麼？考慮到不確定性，他們是否會暫停那 20% 的更大資本項目需求？或者他們正在加速已經開始的專案？考慮到第一季可能受益的關稅，您認為需求將在多大程度上提前？

Christian, thanks for the question. I'll take it. We were very encouraged as we started the year at Motion. The performance was in line or slightly better than what we had planned internally. And we were encouraged by seeing the activity with customers on some of these capital-related projects, which was an area of softness as we've gone through the last couple of years. So that's a really positive indicator.

克里斯蒂安，謝謝你的提問。我要買它。在 Motion 開始新的一年時，我們感到非常鼓舞。業績表現與我們內部計劃的一致或略好。看到客戶在一些資本相關項目上的積極活動，我們感到很受鼓舞，這是我們過去幾年經歷的一個疲軟領域。這是一個非常積極的指標。

We continue to see good strength with our corporate account business. Our smaller local MRO business strengthened through the quarter. And I think you put all those pieces together and it's a function of the industrial economy feeling like we were getting to a 2025 where rates were going lower, you had election certainty in the fall of 2024 and people were energized to do work.

我們的公司帳戶業務持續保持強勁勢頭。我們規模較小的本地 MRO 業務在本季度得到了加強。我認為，把所有這些因素綜合起來，就會發現工業經濟正在發揮作用，感覺我們即將進入 2025 年，利率將會降低，2024 年秋季的選舉將會確定，人們將有活力去工作。

There's been a lot of destocking happening in the industrial complex over the last couple of years. And eventually, our customers need to make sure that they've got the right parts and solutions to move forward with a healthy economy. So we're -- as I said in my previous answer, we're hoping that the upside scenarios, that continues to progress as we move through 2025. And Motion is really well positioned to take advantage of it as it turns.

過去幾年，工業園區內出現了大量去庫存現象。最終，我們的客戶需要確保他們擁有正確的零件和解決方案，以推動經濟的健康發展。因此，正如我在先前的回答中所說，我們希望到 2025 年，好轉的局面能夠繼續發展。並且 Motion 確實處於有利位置，可以在轉動時利用它。

Got it. That's really helpful. And then on the US NAPA business, are you seeing a difference in trends in markets where one of your competitors are closing stores versus the balance of the country? And then on the independents, is that slower trend there due to simply the markets that the independents tend to be in, more rural markets growing more slowly? Or are the independent owners destocking just given the rate backdrop and the degree of uncertainty?

知道了。這真的很有幫助。那麼，就美國 NAPA 業務而言，您是否發現您的某個競爭對手關閉門市的市場趨勢與全國其他市場趨勢有差異？那麼對於獨立企業來說，這種成長放緩的趨勢是否只是因為獨立企業往往處於農村市場，而農村市場的成長速度較慢？或者獨立業主只是在利率背景和不確定性程度下才去庫存？

We've heard about them buying lower for maybe some time now. So maybe could you give us a sense of what cumulative -- the cumulative impact to like channel inventory levels and what that looks like given you can only destock for so long without impacting share?

我們可能已經聽說他們以較低的價格購買了一段時間了。那麼，您能否讓我們了解累積影響——對通路庫存水準的累積影響，以及考慮到您只能在一段時間內去庫存而不會影響份額，這種影響會是什麼樣子？

Yeah. Let me try and tackle that one. On the first one, in terms of the kind of micro-market dynamics for markets where there's competitive changes, it depends. We have seen some strength. Each market has its own dynamics. We consider all of the local dynamics as we evaluate what's happening.

是的。讓我嘗試解決這個問題。第一個問題，就存在競爭變化的市場中的微觀市場動態而言，這取決於具體情況。我們已經看到了一些力量。每個市場都有自己的動態。在評估正在發生的事情時，我們會考慮所有的當地動態。

I would tell you that our Midwest Mid-Atlantic region showed strength -- outside strength relative to the balance of the country, largely driven by the great work that's happening with our recent acquisitions. The west, where we had the most customer disruption, we saw good strength but not anything outsized. So I think we're attacking the right opportunities and being thoughtful about the business that we're taking on to make sure that we can take care of our customers.

我想告訴你們，我們的中西部中大西洋地區展現了實力——相對於全國其他地區而言，這是外部實力，這主要是由於我們最近的收購所產生的巨大成果。在客戶中斷最嚴重的西部，我們看到了良好的成長勢頭，但並未出現過大的規模。因此我認為我們正在抓住正確的機會，並認真考慮我們正在進行的業務，以確保我們能夠照顧好我們的客戶。

As it relates to the independent owners relative to company-owned stores, I would tell you, and I saw this firsthand during my time last week with all the owners, we saw sequential improvement with the owners through the fourth quarter of last year. That kind of got choppy to start the year, driven by lots of different things, weather, et cetera, new backdrop.

至於獨立業主相對於公司自營商店的關係，我想告訴你，我上週與所有業主見面時親眼目睹了這一點，我們看到去年第四季度業主的情況不斷改善。今年年初的情況有點不穩定，受到許多不同因素的影響，包括天氣、新背景等。

And we saw really nice strength coming into the end of the quarter in March with continued strength into the first part of April. So company-owned stores are performing a little bit better. That's probably a function of the continued dynamic environment that the owners are working in. But I'm really proud of the work that the teams are doing to work with the owners to make sure that they're well positioned to capture the market.

我們看到 3 月季度末的強勁表現，並且這種強勁勢頭在 4 月上半月持續保持。因此，公司自營商店的表現會更好一些。這可能是業主所處的持續動態環境的功能。但我真的為球隊與球隊老闆所做的工作感到自豪，他們與球隊合作確保自己能夠佔據有利地位以佔領市場。

So lots of noise in the quarter, but feel good about the fundamentals as we move forward.

因此本季有很多噪音，但隨著我們向前發展，對基本面感覺良好。

Got it. Thank you very much. Best of luck.

知道了。非常感謝。祝你好運。

Michael Lasser, UBS Securities.

瑞銀證券的麥可‧拉瑟 (Michael Lasser)。

Thank you so much for taking my question. Understanding that there's a lot of uncertainty in the tariff situation, but if you put aside both the potential top-line impact as well as your mitigation efforts, can you simply size the cost impact to your cost of goods if the current tariff regime were to remain in place for the rest of the year? This way, the market and shareholders can come up with their own assumptions about the other factors, and at least those impacts could be priced into the model.

非常感謝您回答我的問題。我們理解關稅情況存在許多不確定性，但如果您拋開潛在的營收影響以及緩解措施，如果現行關稅制度在今年剩餘時間內繼續實施，您能否簡單地衡量對商品成本的成本影響？這樣，市場和股東就可以對其他因素提出自己的假設，並且至少這些影響可以納入模型的價格。

Michael, that's a good question and a tough one. I think we tried to give you guys some downside scenarios at the broadest context. But just to the more specific of your question, I think maybe a little bit of context is the actual application of a tariff to a single good. And we've been studying this quite closely over the last few weeks as this landscape has evolved.

邁克爾，這是一個好問題，也是一個難題。我想我們試圖在最廣泛的背景下向你們提供一些不利的情況。但為了更具體回答你的問題，我認為也許需要一點背景知識，即對單一商品實際徵收關稅。過去幾週，隨著情況的發展，我們一直在密切研究這個問題。

And to give you some color on that, we looked at one SKU the other day that has the potential to have nine different tariff permutations applied against it. And so that's just one particular SKU coming in from one country of origin that would have nine possible cost adders as you move through the clearance process.

為了讓您對此有所了解，前幾天我們研究了一個 SKU，它有可能適用九種不同的關稅排列。因此，對於來自原產國的一個特定 SKU，在清關過程中可能會產生九種成本增加。

The net result of that particular application of that tariff is about 30%, which I think is consistent with what a lot of folks are looking at in the wind of the blended tariff rate is somewhere in the mid-20s to high 30s and as high as from the 1900s.

該關稅的具體應用的淨結果約為 30%，我認為這與許多人所關注的混合關稅稅率一致，該稅率在 20 多歲到 30 多歲之間，最高可達 20 世紀的水平。

So if that were your only data point, then that hopefully is a little bit of color. Now that is an unmitigated strategy of just letting the tide wash over it and letting that be the case. Obviously, we would be doing things to mitigate that and doing mitigation strategies against it. It also would not consider any other elements of the P&L for which there might be other changes. It also wouldn't consider, as you said, you were looking at gross margin or cost of goods sold in isolation, pricing actions we may take or may have the ability to take.

因此，如果那是您唯一的數據點，那麼希望它有一點顏色。現在，這是一個毫不留情的策略，只是讓潮水沖刷它，讓事情就這樣過去。顯然，我們會採取措施來緩解這種情況並制定緩解策略。它也不會考慮損益表中可能發生其他變化的任何其他要素。正如您所說，它也不會考慮您單獨考慮毛利率或銷售成本、我們可能採取或可能有能力採取的定價行動。

So that's really why we viewed trying to quantify the most draconian scenario as an incomplete homework assignment at this point. We're all calling balls and strikes on what's happening. But when you really think about this and the impact of GPC, and that's why I outlined it in my prepared remarks, we are going to be looking at same SKU price inflation, price adjustments.

所以這就是為什麼我們認為試圖量化最嚴酷的情況是一項未完成的家庭作業。我們都在對正在發生的事情做出判斷。但是當你真正考慮這一點以及 GPC 的影響時，這就是我在準備好的演講中概述這一點的原因，我們將關注相同的 SKU 價格上漲和價格調整。

We will be looking at cost of goods sold. We'll be looking at demand impacts. So there could be fluctuations in demand as well. Operating costs could be in the form of higher salaries and wages. We could have more freight costs as we think about the movement of goods. And the other thing that doesn't get really considered in this is all of us, not just GPC, all of us have in-flight capital projects for which the capital input cost of a DC that's currently being constructed is going to have a different profile.

我們將專注於銷售成本。我們將關注需求影響。因此需求也可能出現波動。營運成本可能以更高的工資和薪水的形式出現。當我們考慮貨物運輸時，我們可能會有更多的運費。另一件沒有真正考慮到的事情是，我們所有人，不僅僅是 GPC，我們所有人都有正在進行的資本項目，而這些項目目前正在建造的 DC 的資本投入成本將會有不同的情況。

So the complexity of the landscape is quite high and the degree of forecasting difficulty is also quite high. But hopefully, that gives you a bit of color on just the application of one particular tariff on one particular good. And we would have to do that on tens of thousands of SKUs. And so that's the work we're looking at. That's why we seek more clarity over the next 90 days, and I think everyone is seeking more clarity.

因此景觀的複雜程度相當高，預測難度也相當高。但希望這能讓你對針對某一特定商品徵收某一特定關稅有所了解。我們必須對數萬個 SKU 進行同樣的操作。這就是我們正在研究的工作。這就是為什麼我們尋求在接下來的 90 天內獲得更多清晰度，而且我認為每個人都在尋求更多清晰度。

And as we get more of that, I'll be able to give you guys a more precise view.

隨著我們獲得更多這方面的信息，我將能夠為你們提供更精確的觀點。

Michael, I would just add just as a reminder for everybody, about 70% of Genuine Parts Company's purchases globally are either in the US or Europe. So we articulated about 14% from China which, if you do all of the math, our NAPA business is really the outsized exposure with China, Mexico, Canada, 20% to 15% to 5%, respectively.

邁克爾，我只是想提醒大家，Genuine Parts Company 在全球的採購量約有 70% 是在美國或歐洲。因此，我們明確表示約有 14% 來自中國，如果進行全面計算，我們的 NAPA 業務實際上是對中國、墨西哥、加拿大的超額敞口，分別為 20%、15% 和 5%。

So we think the diversification of the business is an advantage. Having said that, it doesn't -- the diversification adds to the complexity because we've got trade partners around the world. And while they might not be tariff-impacted, it just adds to the complexity of how all of our geographies interact with their manufacturing base.

因此我們認為業務多元化是個優勢。話雖如此，但事實並非如此——由於我們的貿易夥伴遍布世界各地，因此多樣化增加了複雜性。雖然它們可能不會受到關稅的影響，但這只會增加我們所有地區與其製造基地互動的複雜性。

Thank you, Will and Bert. That's very helpful. Now just to clarify, would it be appropriate for us to apply an average of 30% to 14% of your cost of goods? Or would that 30% be applied more broadly? Because while only a portion of the goods that you're selling, for example, in the United States are going to be brought in from across the border, there will be some indirect impact to those goods from raw materials or other non-finished goods that could play into this tariff situation.

謝謝你，威爾和伯特。這非常有幫助。現在只是為了澄清一下，我們將您的商品成本平均應用到 30% 到 14% 是否合適？或者這 30% 可以更廣泛地應用嗎？因為雖然你在美國銷售的商品中只有一部分是從邊境進口的，但原材料或其他非成品會對這些商品產生一些間接影響，這可能導致這種關稅情況。

Yeah, Michael, I don't think you can use it as a rule of thumb to just apply 30% to the 14%. It's way more complex than that. And that's why I tried to give you a little color just on one SKU. We would have to do that on tens of thousands of SKUs based on country of origin. And the one I was thinking of and the one I was quoting to you, the country of origin was China. But that's not our only exposure point.

是的，邁克爾，我認為你不能用將 30% 應用於 14% 的經驗法則。實際情況比這複雜得多。這就是為什麼我嘗試只在一個 SKU 上給你一點顏色。我們必須根據原產國對數萬個 SKU 進行此操作。而我所想到的以及我向您引用的那個，其原產國是中國。但這不是我們唯一的曝光點。

So I don't think I can give you a rule of thumb, that it's that simple. I wish I could. Because actually, if I could, I might be able to give you a more precise view on forecasting on some of the downside scenarios we shared this morning. But I think we just have to try to really think about this as a wait-and-see mentality. We've given you some color around what we think downside could be. We had a nice question earlier on what the upside could be.

所以我認為我無法給你一個經驗法則，就這麼簡單。我希望我能。因為實際上，如果可以的話，我可能能夠對我們今天早上分享的一些不利情景的預測給出更精確的看法。但我認為我們必須嘗試以一種觀望的心態來看待這個問題。我們已經向您介紹了我們認為可能出現的不利因素。我們之前提出了一個很好的問題，關於其好處是什麼。

Look, the bottom line here is what will the resiliency of the underlying demand for two businesses that are break-fix be in a tariff world, and how long will the tariff world continue to persist? And so the landscape shifted on us in the last 90 days with us talking about China, Mexico, and Canada in February. Now we're talking about China at a much more elevated level, and we're talking about rest of world. And Will just gave you some color on the rest of the world.

瞧，這裡的底線是，在關稅世界中，兩家企業的潛在需求的彈性將會如何，以及關稅世界將持續多久？因此，在過去的 90 天裡，我們的情況發生了變化，2 月我們談論的是中國、墨西哥和加拿大。現在我們在更高層次上談論中國，也在談論世界其他地區。威爾只是給你介紹了一些關於世界其他地方的色彩。

So look, we're going to continue to be transparent. We're going to continue to give you the right color to be able to understand how you can model this business. We're trying to model the business as well through multiple scenarios, as I'm sure you can appreciate. And look, like many, I think we're in a wait-and-see mode and relying on our teams. And we have a lot of confidence in our teams to go execute in this environment given our past practice in this space and some of the lessons learned from COVID.

所以，我們將繼續保持透明。我們將繼續為您提供正確的色彩，以便您了解如何模擬這項業務。我們正在嘗試透過多種場景來模擬業務，我相信您能夠理解。和許多人一樣，我認為我們處於觀望狀態並依賴我們的團隊。鑑於我們過去在該領域的實踐以及從 COVID 中學到的一些教訓，我們對我們的團隊在這種環境中執行任務非常有信心。

Understood. And your analogy about unfinished homework was very appropriate given my moniker in high school was unfinished homework. So I get it. Thank you very much for the answer.

明白了。考慮到我在高中時的綽號是“未完成的作業”，你關於未完成的作業的比喻非常恰當。我明白了。非常感謝您的回答。

With that being said, my last question is what are you hearing from your independents on how they're navigating through this environment? Is there any evidence that they are trying to buy as much inventory as possible at the current time in order to get ahead of what could be some cost increases down the road? And once they -- if and when the tariffs do start to show up in the form of higher prices, how do you expect them to react on the independents side?

話雖如此，我的最後一個問題是，您從獨立人士那裡聽說了他們如何應對這種環境嗎？是否有證據表明他們目前正在嘗試購買盡可能多的庫存，以便應對未來可能出現的成本增加？一旦關稅確實開始以價格上漲的形式體現出來，您認為獨立公司方面會作何反應？

Michael, I think it depends. It depends on the owner and it depends on the owner's situation. And so I had a mixed series of discussions with owners over the last week about how they were thinking about the tariff world.

邁克爾，我認為這要視情況而定。這取決於主人，也取決於主人的狀況。因此，過去一周我與船東進行了一系列討論，以了解他們對關稅的看法。

I would say we have not seen a pull forward rush to put in product associated in the aggregate across the ownership group associated with tariffs. We are always working with our owners to make sure that they're appropriately inventoried. We're helping them with the analytics to understand parts and products that they should have relative to the market. So I would say we haven't seen anything materially different in that strategy over the recent 90 days.

我想說的是，我們還沒有看到與關稅相關的所有權群體在整體上急於投入相關產品。我們始終與業主合作，確保他們的庫存得到適當的管理。我們正在透過分析幫助他們了解他們相對於市場應該擁有的零件和產品。所以我想說，在過去的 90 天裡，我們沒有看到該策略有任何實質的變化。

How will they operate in a tariff world? I think it depends. Look, I think we're all -- all small businesses are trying to navigate the environment. Big corporations that are publicly traded are trying to navigate the environment. And I think we owe it to our owners to work with them like we've worked with them for many decades to make sure that they're successful and navigate the market as an important partner to us to take care of our customers.

在關稅世界中他們將如何運作？我認為這取決於情況。看，我認為我們所有小企業都在努力適應環境。大型上市公司正在努力適應環境。我認為，我們有責任與業主合作，就像我們與他們合作了幾十年一樣，確保他們取得成功，並作為我們的重要合作夥伴引導市場，照顧我們的客戶。

Understood. Thank you very much, and good luck.

明白了。非常感謝，祝你好運。

Chris Dankert, Loop Capital.

克里斯·丹克特（Chris Dankert），Loop Capital。

Thanks for taking the questions. Fully appreciate the uncertainty. I guess just to beat a dead horse on pricing and tariffs. I understand there's the pause, there's the major tariffs that were all kind of sitting, waiting about. But we've seen tariffs go into effect. We've seen price increase announcements from multiple vendors to deal with the earlier March tariffs.

感謝您回答這些問題。充分認識到不確定性。我猜這只是在定價和關稅問題上做無用功。我知道存在暫停，主要的關稅都在等待中。但我們已經看到關稅生效。我們看到多家供應商宣布提高價格，以應對早期的三月關稅。

If we just look at that smaller subset that is in effect today that have already announced actual price increases, not some kind of contingent plan, is there any way you would have sized what that impact is from a sequential 1Q to 2Q basis here? Or if we're waiting, what's the risk to gross margin from waiting because those increases have been announced?

如果我們只看今天生效的、已經宣布實際價格上漲的較小子集，而不是某種應急計劃，您是否有辦法根據第一季到第二季的連續基礎來衡量其影響？或者，如果我們正在等待，那麼由於已經宣布了這些增加，等待會對毛利率帶來什麼風險？

Yeah, Chris, it's a good question. And so I would give you a couple of thoughts. One is in every year at this time of year, we have ongoing discussions with our suppliers about how prices are going up or down into the market. Usually, they're going up. And that's the ordinary course process. You get a letter or have a discussion with a vendor. It starts a 90-day discussion back and forth about the logic and the facts behind the rationale why prices are going up, and then that kind of gets put into the market, so to speak.

是的，克里斯，這是個好問題。因此我想給你幾點想法。一是每年這個時候，我們都會與供應商持續討論市場價格如何上漲或下跌。通常情況下，它們都會上漲。這就是正常的流程。您收到一封信件或與供應商進行討論。它開始了為期 90 天的反覆討論，探討價格上漲背後的邏輯和事實，然後將其推向市場。

That process happened like it does every single year, and those discussions flow in different weeks in different months as the discussions get resolved. And so we've seen that activity happen. We've also seen an elevated number of those discussions just based on the world in which we're operating in. And so over the next 90 days or so, there will be resulting actions that are taken as a result of those discussions.

這個過程每年都會發生，隨著討論的解決，這些討論會在不同的月份、不同的星期進行。所以我們看到了這種活動的發生。我們也發現，基於我們所處的世界，此類討論的數量有所增加。因此，在接下來的 90 天左右，我們將根據這些討論採取相應的行動。

So to your point, has there been activity already put into the market? The answer is yes. Is it driven specifically by a tariff world? Unclear. But we're not waiting to see what happens in the world to manage the business, make sure that we're doing the right thing for gross margin rate, gross profit dollars, and same SKU inflation.

那麼就您的觀點而言，市場上是否已經出現了一些活動？答案是肯定的。它是由關稅世界特別推動的嗎？不清楚。但我們不會等著看世界上會發生什麼來管理業務，確保我們在毛利率、毛利和相同 SKU 通膨方面做正確的事情。

So we're actively working on it. I think to your point, there's more news to unfold as we go. But we're not watching the clock, waiting to see what's happening before we're going to manage the business.

因此我們正在積極努力。我認為正如你所說，隨著我們的進展，將會有更多新聞揭曉。但我們不會一直盯著時鐘，等著看發生了什麼事後再去管理業務。

And Chris, I'd just add to Will's point that it did have an impact in the first quarter. We stated on our prepared remarks that it was immaterial. So not only are things happening and we've had an impact, the impact was largely immaterial in the first quarter. And we've factored the current set of circumstances into our updated outlook, which we've reaffirmed. And so I would tell you that the only thing that we're waiting on when I say wait and see is what we do with the full picture of the tariffs as they move beyond what we've already experienced. So I just want to be very clear about that.

克里斯，我只是想補充威爾的觀點，它確實對第一季產生了影響。我們在準備好的發言中表示，這並不重要。因此，事情不僅發生了，而且我們也產生了影響，但這種影響在第一季基本上是微不足道的。我們已將當前的情況納入我們更新後的展望中，並重申了這一點。因此，我想告訴你們，當我說觀望時，我們唯一在等待的是，隨著關稅超出我們已經經歷的範圍，我們將如何應對關稅的全面變化。所以我只是想非常清楚地說明這一點。

We're not sitting on our back foot on the current environment. We're sitting and waiting and seeing around reforecasting a year as a few more data points unfold over the next 90 days.

我們並沒有對目前的環境坐視不管。隨著未來 90 天內出現更多數據點，我們正坐下來等待並重新預測一年的走勢。

Understood. Thanks for the for the color, guys.

明白了。謝謝你們的顏色，夥伴們。

And I guess similar question, but more in terms of inventory positioning for Genuine Parts here, I guess. I assume we're trying to bring some stuff across the border more quickly. What does that mean maybe for use of cash versus cash generation in the second quarter? I know you don't normally talk about cash generation on that smaller basis. But maybe given the circumstances, it's worth any kind of color we can get there.

我想這是一個類似的問題，但更多的是關於原廠配件的庫存定位。我認為我們正試圖更快地將一些物品運過邊境。這對於第二季的現金使用和現金產生意味著什麼？我知道您通常不會以如此小的規模談論現金產生。但也許考慮到當時的情況，無論我們能得到什麼顏色都是值得的。

Look, I would just tell you that I think we had a decline in cash flow in the first quarter, and the headwind that we faced was investment in inventory. So I think the simple way to say it is that the first quarter reflected an inventory use of cash. Some of that is related to the acquisition of MPEC and Walker coming into the calculation on a year-over-year basis. But the other is investments we've made in inventory to make sure that we're in the right place and on the right front foot as markets rebound.

你看，我只想告訴你，我認為我們第一季的現金流有所下降，而我們面臨的阻力是庫存投資。所以我認為簡單來說，第一季反映了現金的庫存使用。其中一些與 MPEC 和 Walker 的收購有關，這些收購是按年計算的。但另一方面，我們在庫存方面的投資，是為了確保我們在市場反彈時處於正確的位置並佔據有利地位。

So if we move past this period of uncertainty and particularly on the industrial side, our customers need inventory, we're well positioned. And Motion is very well positioned to be effective in that environment. And as Will has already shared, we've done a lot of great work with our independent owners to ensure they're well stocked and positioned as we move into the spring.

因此，如果我們度過這個不確定時期，特別是在工業方面，我們的客戶需要庫存，我們就處於有利地位。Motion 在這種環境下具有極佳的效率。正如威爾已經分享的那樣，我們與獨立業主做了很多出色的工作，以確保他們在春季到來時有充足的庫存和定位。

We've also had a product launch at NAPA with the new Carlyle Tool program. And so I would tell you that our use of cash in the first quarter really had a lot to do with inventory. We got some offsetting benefit on the payable side and a little bit of a timing fluctuation from a typically seasonally slower sales period.

我們也在 NAPA 推出了新的 Carlyle Tool 計畫產品。所以我想告訴你，我們第一季的現金使用確實與庫存有很大關係。我們在應付款項方面獲得了一些抵銷收益，在典型的季節性銷售放緩期也出現了一些時間波動。

But I wouldn't tell you that that has impacted the same quarter to any big degree. So I don't think there's another big use of cash coming in the second quarter related to inventory. I think we've done a lot of that work already. And I would just add that we reiterated and reaffirmed our full-year outlook for cash flow, both for operating cash flow and free cash flow.

但我不會告訴你這對同一季度產生了很大的影響。因此，我認為第二季不會再出現與庫存相關的大量現金使用。我認為我們已經做了很多這樣的工作。我想補充一點，我們重申並確認了全年現金流展望，包括經營現金流和自由現金流。

So we feel good about the cash generation of the business over the course of the year. And I think we've done some nice work to be in a great place as we move through the rest of the three quarters of 2025.

因此，我們對今年的業務現金產生感到滿意。我認為我們已經做了一些很好的工作，以便在 2025 年剩餘的三個季度中處於良好的狀態。

Very helpful. Well, thanks so much and best of luck, guys.

非常有幫助。好吧，非常感謝，祝大家好運。

Carolina Jolly, Gabelli.

卡羅萊納·喬利，加貝利。

Thanks for taking my question. Just to -- sorry to ask another tariff question. But if you could remind us how much of your Automotive business is outside of the US and if you would find that relatively, I guess, immune to the kind of tariff volatility that we're talking about today.

感謝您回答我的問題。只是——抱歉，我又問了另一個關稅問題。但是，如果您能提醒我們，您的汽車業務有多少是在美國以外的，並且您是否發現這些業務相對而言不受我們今天談論的關稅波動的影響。

So the non -- Carolina, I think you cut out a couple of times, but I think your question was how much of our Automotive business is outside of the US, is that right?

因此，非 - 卡羅萊納，我想您已經停頓了幾次，但我認為您的問題是我們的汽車業務有多少在美國以外，對嗎？

Yeah.

是的。

So the APAC Automotive business is about 10%. Europe is about 15%. So when you think about the base of revenue, then that's what the portion is that's outside of the United States. I would also tell you, when we think about those two regions, those trading partners for the APAC business, if they're trading with China, the current US administration impact on that trading lane is not a direct impact. Could there be other indirect impacts? Sure. But we don't see the APAC business directly impacted by the tariff situation.

因此亞太地區的汽車業務約佔 10%。歐洲約為15%。因此，當您考慮收入基礎時，這就是美國境外的部分。我還要告訴你，當我們考慮這兩個地區時，這些亞太地區業務的貿易夥伴，如果他們與中國進行貿易，那麼當前美國政府對該貿易路線的影響並不是直接影響。還會有其他間接影響嗎？當然。但我們並不認為亞太地區業務會直接受到關稅情勢的影響。

The same goes for Europe. Europe's trading partners for us are also some China-based. And that trading lane also doesn't really have an impact from the direct announcement of tariffs in the US. So I think anything that might come there is indirect.

歐洲也是如此。歐洲對我們來說，貿易夥伴中也有一些是中國。而該貿易通道實際上也不會受到美國直接宣布徵收關稅的影響。所以我認為任何可能發生的事都是間接的。

I would just tell you that those businesses are well positioned to continue to be successful. The Asia Pac business had an excellent quarter. We've talked about the European business already this morning, continue to do well as well. And the diversification of the supplier base is a strength. And so not only do we benefit from size and scale globally, but we benefit from size and scale in both of those regions.

我只是想告訴你，這些企業已經做好了繼續成功的準備。亞太區業務本季表現出色。我們今天早上已經討論了歐洲業務，並繼續做得很好。供應商基礎的多樣化是一種優勢。因此，我們不僅受益於全球的規模，而且還受益於這兩個地區的規模。

So I wouldn't tell you there's an outsized exposure point when we think about our offshore businesses in the automotive space.

因此，當我們考慮汽車領域的離岸業務時，我不會告訴你有過大的曝光點。

Okay. Perfect. And then just another question. Specific to your US Auto business, are you able to kind of differentiate what's kind of market driven and what was driven by some of the initiatives you've taken over the last year?

好的。完美的。然後還有另一個問題。具體到您的美國汽車業務，您能否區分哪些是由市場驅動的，哪些是由您在過去一年中採取的一些舉措驅動的？

Yeah. Carolina, we do look at it that way. I mean, the market has been kind of flattish to down slightly in our opinion. And so we usually target a point or so of share gains, and we've been tracking around that plus or minus for the last few quarters. So obviously, working to get that number higher, but that's what -- that's our calculus.

是的。卡羅萊納，我們確實這麼看待這件事。我的意思是，我們認為市場一直處於平穩或略有下滑的狀態。因此，我們通常將股價上漲目標定在一個點左右，過去幾季我們也一直在追蹤這一漲跌。顯然，我們正在努力提高這個數字，但這就是我們的計算。

Great. Thank you, again.

偉大的。再次感謝您。

Ladies and gentlemen, there are no further questions at this time. I will now turn the call over to Will Stengel for closing remarks.

女士們、先生們，現在沒有其他問題了。現在我將把電話交給威爾·斯坦格爾 (Will Stengel) 來做結束語。

Thanks again, everybody, for your interest in Genuine Parts Company. We look forward to giving everybody a good update on our call in July. Have a great day. Thanks again.

再次感謝大家對 Genuine Parts Company 的關注。我們期待在七月的電話會議上向大家提供最新消息。祝你有美好的一天。再次感謝。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。