純正零件 (GPC) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Genuine Parts Company fourth-quarter 2025 earnings conference call. Note that today's call is being recorded. (Operator Instructions)

各位女士、先生，大家好，歡迎參加 Genuine Parts Company 2025 年第四季財報電話會議。請注意，今天的通話將會被錄音。（操作說明）

At this time, I would like to turn the conference over to Tim Walsh, Vice President of Investor Relations. Please go ahead, sir.

此時，我謹將會議交給投資人關係副總裁提姆‧沃爾許先生。請繼續，先生。

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

謝謝大家，大家早安。歡迎參加 Genuine Parts Company 2025 年第四季財報電話會議。今天參加電話會議的有候任董事長兼執行長威爾·斯坦格爾，以及執行副總裁兼財務長伯特·納皮爾。除了今天早上發布的新聞稿外，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。

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's views as of today, February 17, 2026. If we're unable to get to your questions, please contact our Investor Relations department.

今天的電話會議將進行網路直播，會後公司網站上也會提供回放。在我們發表完準備好的演講後，電話會議將開放提問環節，答覆將反映管理階層截至 2026 年 2 月 17 日的觀點。如果我們未能解答您的問題，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含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準則報告的績效時被提及。獲利新聞稿中提供了這些措施的比較資訊。

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.

今天的電話會議可能還會涉及有關公司及其業務的前瞻性陳述，這些陳述是根據 1995 年《私人證券訴訟改革法案》定義的。由於本公司最新提交給美國證券交易委員會的文件（包括今天早上的新聞稿）中描述的幾個重要因素，本公司的實際業績可能與任何前瞻性聲明有重大差異。本公司不承擔更新本次電話會議中任何前瞻性陳述的義務。

With that, I'll turn it over to Will.

這樣，我就把麥克風交給威爾了。

Thank you, Tim. Good morning, everyone, and thank you for joining our fourth-quarter and full-year 2025 earnings call. Before we start, as always, I want to thank our 65,000 global teammates for their efforts in serving our customers. Our employees are at the core of our success as they work every day to deliver solutions and service to our customers. Our 2025 achievements are a result of their hard work and dedication.

謝謝你，提姆。各位早安，感謝各位參加我們2025年第四季及全年業績電話會議。在正式開始之前，我一如既往地感謝我們全球 65,000 名團隊成員為服務客戶所付出的努力。我們的員工是我們成功的核心，他們每天都在努力為客戶提供解決方案和服務。我們2025年所取得的成就，是他們辛勤工作和奉獻精神的成果。

We shared a significant and exciting update for Genuine Parts Company this morning: our intent to separate into two independent publicly traded companies. Our Automotive businesses will continue to be the largest global automotive aftermarket replacement parts and solutions provider in the world, and our Global Industrial businesses will create a standalone best-in-class industrial solutions platform.

今天早上，我們分享了 Genuine Parts Company 的一個重要且令人興奮的最新消息：我們計劃將其拆分為兩家獨立的上市公司。我們的汽車業務將繼續保持全球最大的汽車售後市場替換零件和解決方案供應商的地位，而我們的全球工業業務將打造一個獨立的、一流的工業解決方案平台。

I'll start this morning by sharing additional perspective on the announcement and then discuss our full-year performance. Bert will discuss the financial results for the fourth quarter, trends to start the year, and our 2026 outlook, before we open it up for questions.

今天上午，我將首先分享我對此次公告的更多看法，然後再討論我們全年的業績。在開放提問環節之前，Bert 將討論第四季度的財務表現、年初的趨勢以及我們對 2026 年的展望。

For nearly a century, Genuine Parts Company has a proud history of leadership and driving change in its industries, always focused on serving our customers and taking action to strengthen the business as markets evolve. Over the last decade, we have established leading global footprints in attractive geographies, simplified our business mix, and accelerated strategic investments to further advance and differentiate our business.

近一個世紀以來，Genuine Parts Company 一直以其在行業中的領導地位和變革推動作用而自豪，始終專注於服務客戶，並隨著市場的發展採取行動來加強業務。過去十年，我們在具有吸引力的地區建立了領先的全球佈局，簡化了業務組合，並加快了戰略投資，以進一步推進和提升我們的業務水平。

More recently, despite dynamic markets, we have focused on a broad-based supply chain and technology transformation effort, and we have simultaneously invested in talent and capabilities across the company. We've complemented our work with significant acquisition activity to add scale and local service in our priority markets. We've leveraged a global team approach to evolve the business and increase the intrinsic value of the company.

近年來，儘管市場瞬息萬變，我們仍專注於廣泛的供應鏈和技術轉型工作，同時對公司各部門的人才和能力進行投資。我們透過大量的收購活動來完善我們的工作，從而擴大規模，並在我們的重點市場提供在地化服務。我們利用全球團隊協作的方式來發展業務，並提高公司的內在價值。

As we shared last September, throughout 2025, we performed a comprehensive strategic and operational review of the business. with the objective to understand how best to unlock our full potential and maximize shareholder value. Our work, in partnership with our advisers, included an assessment of our business structure, operational and strategic growth opportunities and corresponding capital allocation priorities.

正如我們去年九月所分享的，在2025年全年，我們對公司業務進行了全面的策略和營運審查，目的是了解如何才能最好地釋放我們的全部潛力並最大限度地提高股東價值。我們與顧問合作，開展了以下工作：評估我們的業務結構、營運和策略成長機會以及相應的資本配置優先事項。

Following the detailed review, we have concluded that separating our Global Automotive and Global Industrial businesses is the best path forward for the company, our people, our customers and our shareholders. Today, we have two scaled market-leading companies with compelling but different growth strategies. This new business structure will enable each to capture the opportunities most effectively. We believe that separating automotive and industrial into two public companies will set both up for significant long-term growth.

經過詳細審查，我們得出結論，將全球汽車業務和全球工業業務分開，對公司、員工、客戶和股東而言，是最佳的發展道路。如今，我們擁有兩家規模龐大、市場領先的公司，它們都擁有引人注目但不同的成長策略。這種新的業務結構將使各方都能最有效地抓住機會。我們認為，將汽車和工業業務拆分為兩家上市公司，將為兩者的長期顯著成長奠定基礎。

The transaction provides clarity in many important ways. Each company will be more agile and more focused. Each will have tailored strategies with business-specific investments that are directly aligned to their respective customers and market needs. Each will be well capitalized and have greater financial flexibility with specific capital allocation strategies. And each will be easier for investors to appreciate and understand with clear, differentiated value propositions.

這項交易在許多重要方面都帶來了清晰的指引。每家公司都會更有彈性、更專注。每家公司都將制定量身訂製的策略，進行與其各自客戶和市場需求直接相關的業務專案投資。每家公司都將擁有充足的資金，並具備更大的財務彈性，可採取特定的資本配置策略。透過清晰、差異化的價值主張，每款產品都更容易被投資人理解和欣賞。

Global Automotive, with its globally recognized NAPA brand, will be a pure-play automotive aftermarket replacement parts and solutions provider. The separation will allow Global Automotive to more effectively capitalize on common automotive customer needs and market trends, particularly with the growing commercial customer. Its geographic diversity creates a balanced and global platform with identified market share opportunities.

Global Automotive 憑藉其全球知名的 NAPA 品牌，將成為純粹的汽車售後市場替換零件和解決方案提供商。此次分拆將使 Global Automotive 能夠更有效地利用汽車客戶的共同需求和市場趨勢，尤其是不斷成長的商業客戶群。其地理多樣性打造了一個平衡的全球平台，並帶來了明確的市場份額機會。

NAPA's unmatched loyalty built on trusted product quality, deep relationships and a vast global network will continue to be core differentiators as it competes in an over $200 billion addressable market that's nondiscretionary in nature. There are more than 550 million used cars on the road in the markets we serve, with an average age of more than 12 years, which creates compelling opportunities.

NAPA憑藉著值得信賴的產品品質、深厚的客戶關係和龐大的全球網絡，贏得了無與倫比的客戶忠誠度，這將繼續成為其在超過2000億美元非必需消費品市場競爭中的核心差異化優勢。在我們服務的市場中，道路上行駛著超過 5.5 億輛二手車，平均車齡超過 12 年，這創造了巨大的商機。

Our Global Automotive business is currently executing a transformation program to deliver growth in excess of the market, and margin expansion, while optimizing working capital and increasing return on invested capital. These will remain hallmarks of the business on a standalone basis. Significant progress has already been made in each geography with investments deployed and capability building.

我們的全球汽車業務目前正在執行一項轉型計劃，旨在實現超過市場平均水平的成長和利潤率的提升，同時優化營運資本並提高投資回報率。這些仍將是該企業獨立運作時的標誌性特徵。各地區都已取得顯著進展，投資已到位，能力建設也已到位。

Regarding its capital structure, the business is targeting to maintain an investment-grade credit rating, and we'll have a balanced capital allocation program to support the strategic vision, including organic investment, accretive bolt-on acquisitions and returns to shareholders.

關於資本結構，公司目標是維持投資等級信用評級，我們將制定均衡的資本配置計畫來支持策略願景，包括內生投資、增值收購和股東回報。

Turning to Global Industrial, Motion is a leading diversified industrial distributor, serving over 180,000 customers across a diverse group of end markets. At approximately 2x the size of its next competitor, we have the largest offering of mission-critical, industrial maintenance and repair parts, and value-added solutions to keep manufacturing facilities operating and efficient. We differentiate with a technical product and industry expertise and go to market with a unique omnichannel sales strategy that leverages deep, long-standing supplier and customer relationships.

轉向全球工業，Motion 是一家領先的多元化工業分銷商，為遍布多個終端市場的 180,000 多家客戶提供服務。我們的規模大約是第二大競爭對手的兩倍，我們擁有最豐富的關鍵任務工業維護和維修零件以及增值解決方案，以確保製造工廠的正常運作和高效運作。我們憑藉技術產品和行業專業知識脫穎而出，並採用獨特的全通路銷售策略進入市場，充分利用與供應商和客戶之間深厚、長期的合作關係。

Motion operates in a highly fragmented $150 billion global market with defined commercial and operational initiatives to extend its industry-leading position. Motion will build on its best-in-class financial performance by delivering profitable sales growth, operating leverage that translates into improving double-digit EBITDA margins, strong free cash flow generation and attractive returns on invested capital.

Motion 在全球價值 1500 億美元的高度分散市場中運營，並製定了明確的商業和營運計劃，以鞏固其行業領先地位。Motion 將憑藉其一流的財務業績，實現盈利性銷售成長、提高 EBITDA 利潤率（達到兩位數）、強勁的自由現金流產生以及可觀的投資資本回報。

Motion is targeting to maintain an investment-grade rating, and with strong cash flow characteristics and the backing of a dedicated balance sheet, will be well positioned to make strategic growth investments. Motion will continue to pursue strategic and bolt-on acquisitions to add to priority product, market and solutions expertise.

Motion的目標是保持投資級評級，憑藉強勁的現金流特徵和專門的資產負債表支持，將能夠進行策略性成長投資。Motion 將繼續尋求策略性收購和補充性收購，以增強其在優先產品、市場和解決方案方面的專業知識。

The Automotive and Industrial businesses already operate independently. There are no shared customer-facing roles and there are limited shared facilities. There's an ongoing body of work to finalize all the separation details and there are a select number of IT, sourcing and back-office support functions that we will manage and transition.

汽車和工業業務已經獨立運作。沒有共享的面向客戶的職位，共享的設施也有限。目前正在進行一系列工作，以最終確定所有分離細節，我們將管理和過渡一些特定的 IT、採購和後台支援職能部門。

The initial estimates of the dis-synergy costs associated with the separation are manageable, and we will share more information as we finalize our estimates. The separation is planned to be tax-free to GPC shareholders. We'll provide further updates on leadership and governance, standalone financial profiles and long-range targets, capital structure, capital allocation strategies and other separation matters as we move through our process.

初步估計與分拆相關的協同效應損失成本是可控的，我們將在最終確定估計值後分享更多資訊。此次分拆計劃對GPC股東免稅。我們將隨著流程的推進，提供有關領導層和治理、獨立財務概況和長期目標、資本結構、資本配置策略和其他分離事項的進一步更新。

We're working at pace and targeting to complete the separation in the first quarter of 2027, subject to customary approval processes. We contemplate holding Investor Days for each business in the second half of 2026, and we look forward to sharing more about the exciting vision for these 2 companies as we progress.

我們正在加快進度，目標是在 2027 年第一季完成分拆，但需經過慣例的審批程序。我們計劃在 2026 年下半年為每家公司舉辦投資者日活動，並期待隨著專案的推進，與大家分享更多關於這兩家公司令人興奮的願景。

With that, as we reflect on 2025, it was a dynamic year across the businesses and geographies marked by tariffs, global trade policies, interest rates and a cautious consumer. To start the year, we built plans that assumed sequential market improvement as the year progressed. Despite the environment realities, we advanced our strategy and delivered growth, expanded gross margins, took proactive action to offset cost inflation and continued to invest in strategic capabilities.

展望 2025 年，對於各個行業和地區而言，2025 年都是充滿活力的一年，關稅、全球貿易政策、利率和謹慎的消費者都為這一年帶來了變化。年初，我們制定的計劃假設市場會隨著時間的推移而逐步改善。儘管面臨環境挑戰，我們仍推進了策略並實現了成長，擴大了毛利率，採取了積極措施來抵消成本上漲，並繼續投資於戰略能力。

A few highlights from the year include: Total GPC sales were $24.3 billion, an increase of over $800 million or 3.5% compared to 2024. Gross margin expansion for the third consecutive year, driven by pricing, sourcing and acquisitions. Global restructuring initiatives and cost actions, which provided an approximately $175 million benefit in 2025, above our expected range of $110 million to $135 million. And investments of approximately $470 million across our businesses, primarily in supply chain and technology.

今年的一些亮點包括：GPC 總銷售額為 243 億美元，比 2024 年增加了 8 億美元以上，增幅為 3.5%。毛利率連續第三年成長，主要得益於定價、採購和收購。全球重組計畫和成本控制措施，在 2025 年帶來了約 1.75 億美元的收益，高於我們預期的 1.1 億美元至 1.35 億美元。我們在各項業務中投資了約 4.7 億美元，主要用於供應鏈和技術。

In addition to the investments in our business, we returned over $560 million to our shareholders in the form of dividends. This morning, our Board approved a 3.2% increase to our dividend, which marks the 70th consecutive year GPC has increased the dividend.

除了對公司業務的投資外，我們還以股息的形式向股東返還了超過 5.6 億美元。今天上午，我們的董事會批准將股息提高 3.2%，這標誌著 GPC 連續第 70 年提高股息。

While we have many accomplishments in 2025, our full-year results came in below our expectations, largely driven by weaker-than-forecasted sales performance in the fourth quarter, which impacted profit. Of note, despite our overall sales growth in the quarter, we saw weakening of market conditions in Europe and sales below our internal forecasts for US independent owners. There was sequential improvement through the year across many areas of the business that are encouraging. And in 2026, we've started strong, and we'll look to build on that momentum as we progress. Bert will provide more commentary.

儘管我們在 2025 年取得了許多成就，但由於第四季度銷售業績低於預期，影響了利潤，因此我們的全年業績低於預期。值得注意的是，儘管本季整體銷售額有所成長，但歐洲市場狀況疲軟，美國獨立業主的銷售額低於我們內部的預期。今年以來，公司多個業務領域都取得了持續進步，令人鼓舞。2026年，我們開局強勁，我們將繼續保持這一勢頭，並穩步前進。伯特將提供更多評論。

Before we touch on our results by business segment, you'll see in this morning's earnings release that we made a change in the way that we report our Global Automotive business. We made this change to provide increased transparency and better align with how we manage the business. We're now reporting three business segments: North America Automotive, which contains our Automotive businesses in the US and Canada; International Automotive, which contains our Automotive businesses in Europe and Australasia; and Industrial. There are no changes to how we report Industrial, which, as a reminder, is predominantly North America.

在我們按業務部門介紹業績之前，您會在今天早上發布的收益報告中看到，我們對全球汽車業務的報告方式進行了更改。我們做出這項改變是為了提高透明度，並更好地與我們的經營管理方式保持一致。我們現在報告三個業務部門：北美汽車業務（包括我們在美國和加拿大的汽車業務）、國際汽車業務（包括我們在歐洲和澳洲的汽車業務）以及工業業務。我們對工業的報告方式沒有任何改變，再次提醒大家，工業主要指北美地區。

Now turning to our full year results by business segment. During the year, total sales for Industrial were $8.9 billion, an increase of $200 million or up approximately 2% versus the same period in the prior year, with comparable sales up 1.5%. Recall that in the first quarter of 2025, the US had 1 less selling day, which impacted sales by 40 basis points. We believe our Industrial business grew in excess of the market in 2025 despite a sluggish industrial and manufacturing economy, as evidenced by PMI being below 50 for the last 10 months of the year. This performance reflects Motion's diverse end markets, extensive product offering and strong execution focused on customer service via technical and solution-based selling.

現在來看看我們按業務板塊劃分的全年業績。本年度工業總銷售額為 89 億美元，較上年同期成長 2 億美元，增幅約 2%，同店銷售額成長 1.5%。回想一下，2025 年第一季度，美國少了 1 個銷售日，這導致銷售額下降了 40 個基點。我們相信，儘管工業和製造業經濟低迷，但2025年我們的工業業務成長仍超過了市場平均水平，這從今年最後10個月的採購經理人指數(PMI)低於50就可以看出。這一業績反映了 Motion 多元化的終端市場、廣泛的產品供應以及以技術和解決方案為導向的客戶服務的強大執行力。

Looking at the performance across our end markets, we saw growth in 7 of our 14 end markets during the year, which is up from 4 in 2024. We saw notable improvement within one of our largest end markets, equipment and machinery, and growth in food products, pulp and paper, aggregate and cement, and fabricated metals amongst others.

從我們各個終端市場的表現來看，今年我們的 14 個終端市場中有 7 個實現了成長，而 2024 年只有 4 個市場實現了成長。我們在最大的終端市場之一——設備和機械領域取得了顯著進步，食品、紙漿和紙張、骨材和水泥以及金屬製品等領域也實現了成長。

his growth was partially offset by softer demand in automotive, lumber and wood, and oil and gas. Each value-add solutions segment, such as automation, conveyance and repair services, saw improvement throughout 2025. Our core MRO business, which accounts for approximately 80% of Motion sales, was up over 3% during the year, with shared strength in both our local account and corporate account customers.

他的成長部分被汽車、木材、石油和天然氣行業需求疲軟所抵消。到 2025 年，自動化、運輸和維修服務等各個增值解決方案領域都取得了進展。我們的核心MRO業務約佔Motion銷售額的80%，年內成長超過3%，這得益於本地客戶和企業客戶的共同努力。

We have seen an increase in planned outage projects as we closed the year, where customers stopped operation to do maintenance and repair work as deferred maintenance needs are starting to be addressed. In the fourth quarter, we were also encouraged with the outsized strength with small and medium-sized customers, driven by targeted second half sales initiatives.

隨著年底臨近，我們看到計劃停機項目增加，客戶停止運作以進行維護和維修工作，因為先前積壓的維護需求開始得到解決。第四季度，受下半年有針對性的銷售舉措的推動，中小客戶群也展現出強勁的成長勢頭，這令我們倍感鼓舞。

The remaining 20% of Motion sales, which originates from more capital-intensive projects, was up approximately 1% during the year as customers continue to selectively pursue larger projects. E-commerce had another strong growth year in 2025 with penetration as a percent of total sales up over 800 basis points to approximately 45%, as we continue to integrate more closely with our customers via technology. While 1 month doesn't make a trend, we're also encouraged to see January PMI above 50 for the first time since February 2025.

剩餘的 20% 的運動控制銷售額來自資本密集型項目，由於客戶繼續有選擇地追求更大的項目，這部分銷售額在年內增長了約 1%。2025 年，電子商務再次實現強勁成長，佔總銷售額的滲透率上升超過 800 個基點，達到約 45%，我們繼續透過科技與客戶更緊密地整合。雖然一個月的數據不足以形成趨勢，但我們也欣喜地看到，1 月的 PMI 指數自 2025 年 2 月以來首次超過 50。

Industrial segment EBITDA in 2025 was approximately $1.1 billion and 12.9% of sales, representing a 30 basis point increase from the same period last year. The Motion team showed outstanding operational discipline during the year as they navigated tariffs, managed a soft demand environment and offset pressure from cost inflation. Driving operating leverage on low single-digit growth is great execution. Motion's organization and cost structure is set up nicely for the rebound in industrial demand and we expect to see strong operating leverage as the market improves.

2025 年工業部門 EBITDA 約 11 億美元，佔銷售額的 12.9%，比去年同期成長 30 個基點。在過去一年中，Motion 團隊展現了出色的營運紀律，他們應對關稅問題、管理疲軟的需求環境並抵消成本上漲帶來的壓力。在低個位數成長的情況下實現營運槓桿效應，是出色的執行力。Motion 的組織和成本結構已為工業需求的反彈做好了充分準備，我們預計隨著市場好轉，營運槓桿作用將顯著增強。

Turning to our Automotive segments, starting with North America Automotive, total sales for the year increased approximately 3%, with comparable sales growth up approximately 0.5%. In 2025, North America Automotive segment EBITDA was $672 million, which was 7.1% of sales, representing a 70 basis point decrease from the same period last year. The decrease year-over-year reflects ongoing pressures from cost inflation and higher salaries and wages, healthcare, rent and freight, which was partially offset by our restructuring initiatives and cost actions.

再來看我們的汽車業務板塊，首先是北美汽車業務，全年總銷售額成長約 3%，同店銷售額成長約 0.5%。2025 年，北美汽車業務部門的 EBITDA 為 6.72 億美元，佔銷售額的 7.1%，比去年同期下降了 70 個基點。與前一年相比，下降反映了成本上漲、工資、醫療保健、租金和運費上漲帶來的持續壓力，但我們的重組計劃和成本控制措施在一定程度上抵消了這些壓力。

Within North America, total sales in the US were up approximately 4% for the year, with comparable sales up approximately 0.5%. Reminder that in the first quarter, the US had 1 less selling day, which impacted sales by 40 basis points in 2025. We saw strong sales growth from our company-owned stores with comparable sales up approximately 2.5% for the full year and approximately 4% in the second half.

在北美地區，美國全年總銷售額成長約 4%，同店銷售額成長約 0.5%。提醒大家，第一季美國少了一天的銷售日，這將導致 2025 年的銷售額下降 40 個基點。該公司自營門市的銷售額實現了強勁增長，全年同店銷售額增長約 2.5%，下半年增長約 4%。

Independent purchases during the year were down approximately 1%. We remain pleased with our progress on running better company-owned stores and the sequential improvement throughout the year. Looking at the comparable sales performance of NAPA to the end customer, which includes our company-owned sales as well as the sales out to the end customer from our independent stores, the NAPA system delivered sales growth of approximately 1% for the full year and approximately 2% in the second half.

今年獨立購買量下降了約 1%。我們對公司自營門市營運改善的進展以及全年持續的進步感到滿意。從 NAPA 面向終端客戶的可比銷售業績來看（包括我們公司自營門市的銷售額以及我們獨立門市面向終端客戶的銷售額），NAPA 系統全年銷售額增長約 1%，下半年增長約 2%。

By customer type, comparable sales to our commercial customers for the year were up approximately 2%, while sales to our retail customers decreased approximately 4%. We saw the strongest growth with our AutoCare and major account customers, which were up mid-single digits.

按客戶類型劃分，本年度我們面向商業客戶的可比較銷售額成長了約 2%，而面向零售客戶的銷售額下降了約 4%。我們的汽車保養和主要客戶業務成長最為強勁，實現了中等個位數的成長。

Across our product categories, during the year, we saw solid growth in our nondiscretionary repair and maintenance and service categories, which were both up low to mid-single digits. As a reminder, combined, these categories account for approximately 85% of our US Automotive business. Discretionary categories remained softer and were flat to slightly positive for the year, with specific category initiatives in our tool and equipment offering helping to offset some of the weakness.

今年，我們所有產品類別中，非必需維修保養和服務類別均實現了穩健增長，這兩個類別的增長幅度均在個位數低至中等水平。再次提醒，這些類別加起來約占我們美國汽車業務的 85%。非必需消費品類別依然疲軟，全年基本持平或略有成長，我們在工具和設備產品方面採取的特定類別措施有助於抵消部分疲軟態勢。

Our value and service proposition were key to our success in winning business during the year despite the tariff-driven inflation environment. Customers continue to use discretion and are looking for value. However, deferred maintenance will ultimately need to be addressed as you can only defer for so long.

儘管面臨關稅驅動的通貨膨脹環境，但我們的價值和服務主張是我們在這一年中贏得業務的關鍵。顧客依然會謹慎選擇，並追求性價比。然而，延期維護最終還是需要解決，因為你不可能一直拖延下去。

Lastly, in 2025, we further advanced our acquisition strategy in our US Automotive business to continue to strengthen our relative footprint in strategic priority markets by acquiring over 100 locations from both independent owners and competitors. Additionally, in October, we closed on the acquisition of Benson Auto Parts, one of the largest independent aftermarket players in Canada.

最後，在 2025 年，我們進一步推進了美國汽車業務的收購策略，透過從獨立業主和競爭對手手中收購 100 多個地點，繼續加強我們在戰略重點市場的相對影響力。此外，10 月我們完成了對 Benson Auto Parts 的收購，該公司是加拿大最大的獨立售後市場企業之一。

Looking at our performance in Canada, our team had a strong year with total sales increasing nearly 5% in local currency versus the same period last year, with comparable sales increasing approximately 3%. We believe our business grew in excess of the market in 2025 and we're proud of the team's execution throughout the year to deliver solid results.

從我們在加拿大的業績來看，我們的團隊度過了強勁的一年，總銷售額按當地貨幣計算比去年同期增長了近 5%，同店銷售額增長了約 3%。我們相信，2025 年我們的業務成長超過了市場平均水平，我們為團隊在過去一年中取得的穩健業績感到自豪。

Moving to our International Automotive business, total sales during the year increased approximately 5%, with comparable sales up slightly. International Automotive segment EBITDA for the year was $544 million, which was 9.3% of sales and represents a 90 basis point decrease from the same period last year. Similar to North America, the decrease year-over-year reflects ongoing inflation cost pressures from higher salaries and wages, healthcare, rent and freight, which was partially offset by our restructuring and cost actions.

再來看我們的國際汽車業務，全年總銷售額成長約 5%，同店銷售額略有成長。國際汽車業務部門本年度 EBITDA 為 5.44 億美元，佔銷售額的 9.3%，比去年同期下降了 90 個基點。與北美類似，年減反映了薪資、醫療保健、租金和運費上漲帶來的持續通膨成本壓力，而我們的重組和成本控制措施部分抵銷了這些壓力。

By geography, in Europe, total sales for the year increased slightly in local currency, with comparable sales down approximately 2%. These results were below our expectations due to moderated market conditions across our geographies in the second half of the year. Through the year, we took aggressive actions in Europe to align the business with market realities. For example, we closed underperforming locations, consolidated distribution centers, reduced head count, and reduced general and administrative costs.

從地理來看，歐洲全年總銷售額以當地貨幣計算略有成長，但可比銷售額下降了約 2%。由於下半年我們各地區的市場狀況趨於溫和，這些業績低於我們的預期。今年，我們在歐洲採取了積極的措施，使業務與市場實際情況相符。例如，我們關閉了業績不佳的門市，合併了配送中心，減少了員工人數，並降低了一般及行政成本。

Despite a challenging environment, we believe we performed in line or better than the market in 2025, driven by strength with key account customers, the continued expansion of the NAPA brand, sourcing initiatives and accretive bolt-on acquisitions. The difficult work completed in 2025 will position the business well as the market recovers.

儘管面臨挑戰，但我們相信，在與重點客戶保持良好關係、NAPA 品牌持續擴張、採購舉措和增值收購的推動下，我們在 2025 年的表現將與市場持平或優於市場。2025年完成的艱鉅工作將使公司在市場復甦時佔據有利地位。

Finally, our team in Asia Pacific had another strong year in 2025 and further distanced themselves as the market leader. Our team delivered double-digit growth in local currency, driven by both organic initiatives and contributions from acquisitions. Total sales increased approximately 10% during the year, with comparable sales up approximately 5%. Both trade and retail businesses posted strong results for the year, with standout performance in retail relative to the competition.

最後，我們在亞太地區的團隊在 2025 年又取得了強勁的成績，進一步鞏固了其市場領導者的地位。在內生成長和收購貢獻的雙重推動下，我們的團隊實現了以當地貨幣計算的兩位數成長。年內總銷售額成長約 10%，同店銷售額成長約 5%。貿易和零售業務今年均取得了強勁的業績，其中零售業務相對於競爭對手錶現尤為突出。

The two-wheel division also had an exceptional year in 2025, growing sales 20% versus 2024 as it continued its multiyear track record of impressive accretive growth. Our in-flight initiatives are working as designed and the local team is energized to build on the strong momentum in 2026.

2025 年，兩輪車部門也取得了非凡的成績，銷售額比 2024 年成長了 20%，延續了多年來令人矚目的持續成長動能。我們的機上措施正按計畫進行，當地團隊也充滿幹勁，準備在 2026 年繼續保持強勁勢頭。

Before I close, I want to provide a quick update on First Brands Group. Following their bankruptcy filing, our teams quickly mobilized plans to ensure operational and service continuity. As the situation evolved, we methodically executed the plans with alternative suppliers. Thanks to the readiness, we do not expect any operational and product disruption in 2026. Bert will share additional comments on the accounting implications of the bankruptcy in his remarks.

在結束之前，我想快速報告第一品牌集團的最新情況。在他們申請破產後，我們的團隊迅速制定計劃，以確保營運和服務的連續性。隨著情況的發展，我們有條不紊地與替代供應商一起執行了計劃。由於準備工作到位，我們預計 2026 年不會出現任何營運和產品中斷。伯特將在發言中就破產的會計影響發表更多評論。

In closing, thank you to our customers, owners, supplier partners and shareholders for your continued trust and support. This is an exciting time for Genuine Parts Company as we're proactively pursuing a strategy to unlock value and position each business and geography for long-term success. Today we have 2 leading distribution platforms in attractive industries with defined plans to capture exciting opportunities. The clarity this transaction provides will accelerate our ability to deliver performance and extend our leadership positions in our industries for years to come.

最後，感謝我們的客戶、所有者、供應商合作夥伴和股東們一直以來的信任和支持。對於 Genuine Parts Company 來說，這是一個令人興奮的時刻，因為我們正在積極推行一項策略，以釋放價值，並使每個業務和地區都能獲得長期成功。目前，我們在兩個極具吸引力的行業中擁有兩大領先的分銷平台，並製定了明確的計劃來抓住令人興奮的機會。這項交易帶來的清晰前景將加速我們提升業績的能力，並在未來幾年內鞏固我們在業界的領先地位。

I want to reaffirm my sincere thanks to our GPC teammates for your effort and commitment this year. While the announcement today represents a change in how we plan to structure the business, it's business as usual in 2026 as we navigate the market and focus on doing what we've done for a long time: take care of our customers and teammates every day. Thanks for all you do for Genuine Parts Company.

我再次衷心感謝GPC團隊成員今年所付出的努力與奉獻。雖然今天的公告代表著我們計劃如何建立業務結構發生了變化，但2026年一切照舊，我們將繼續應對市場變化，專注於我們長期以來一直在做的事情：每天照顧好我們的客戶和團隊成員。感謝您為Genuine Parts公司所做的一切。

I'll now turn the call over to Bert.

現在我將把電話交給伯特。

Thanks, Will, and thanks to everyone for joining the call. We closed 2025 with fourth quarter sales growth of 4% and adjusted gross margin expansion of 70 basis points. Our sales performance was highlighted by a near 5% increase in sales within Industrial as well as strength in our US NAPA company-owned stores with approximately 4% comparable sales growth in the quarter.

謝謝威爾，也謝謝所有參加電話會議的朋友們。2025 年第四季銷售額成長 4%，調整後毛利率成長 70 個基點。我們的銷售業績亮點在於工業領域的銷售額成長了近 5%，以及美國 NAPA 公司自營門市的強勁表現，該季度同店銷售額成長了約 4%。

Despite these tailwinds, our fourth quarter adjusted earnings of $1.55 were below prior year as the benefit from higher sales and gross margin expansion was offset by our previously communicated headwinds from depreciation and interest expense and lost pension income. Our fourth-quarter results have been adjusted for onetime items, including the settlement charge associated with the planned termination of our pension plan.

儘管有這些利多因素，但由於銷售額增長和毛利率擴張帶來的利好被我們之前公佈的折舊和利息支出以及養老金收入損失等不利因素所抵消，我們第四季度的調整後收益為 1.55 美元，低於上年同期水平。我們的第四季度業績已根據一次性項目進行了調整，其中包括與計劃終止退休金計劃相關的結算費用。

Before turning to the specifics of the quarter, I'd like to share a few thoughts on our performance relative to our original outlook. As we began the quarter, we expected stronger fourth quarter sales growth to offset the collective headwinds from depreciation, interest and lost pension income, resulting in earnings growth. However, our results fell short of our expectations, entirely driven by weaker sales in Europe and lower sales to independent owners in our US NAPA business. Our gross margin expansion and absolute dollars of SG&A expense were right on our forecast and the underlying fundamentals driving our segments remain solid.

在詳細介紹本季業績之前，我想先分享一下我們相對於最初預期業績的一些想法。本季初，我們預期第四季強勁的銷售成長將抵銷折舊、利息和退休金收入損失等不利因素，從而實現獲利成長。然而，由於歐洲銷售疲軟以及美國 NAPA 業務中面向獨立車主的銷售額下降，我們的業績未能達到預期。我們的毛利率擴張和銷售、管理及行政費用的絕對金額均符合我們的預測，推動我們各業務板塊發展的基本面依然穩固。

With respect to Europe, underlying market conditions deteriorated sequentially from September to October and then again in November, leaving the underlying market growth down mid-single digits for the quarter. This deterioration led to a decrease in sales for Europe versus our expectations for low single-digit growth. The impact of these weaker market conditions had an estimated $0.10 negative impact to the quarter relative to our initial view. Despite the tough market conditions, we believe our performance was aligned with general market trends across the region.

就歐洲而言，9 月至 10 月以及 11 月，基本市場狀況較上季惡化，導致該季度基本市場成長下降至個位數中段。這種惡化導致歐洲銷售額下降，而我們先前預期歐洲銷售額將實現個位數低成長。與我們最初的預期相比，這些疲軟的市場狀況預計將對本季造成 0.10 美元的負面影響。儘管市場環境嚴峻，但我們認為我們的業績與該地區的整體市場趨勢相符。

While overall sales at NAPA were up in the fourth quarter, our sales to our independent owners fell below our expectations. Comparable sales to our independent owners were flat in the fourth quarter, down from the 1% growth we delivered in the third quarter. While we had a tough comparison to last year due to a promotional event that did not repeat this year, we anticipated the momentum from the third quarter to carry over.

儘管 NAPA 第四季整體銷售額有所成長，但我們對獨立車主的銷售額卻低於預期。第四季度，我們獨立業主的同店銷售額持平，低於第三季1%的成長。雖然由於去年的促銷活動今年沒有再次舉辦，我們與去年的業績進行了艱難的比較，但我們預計第三季的成長動能將延續下去。

Our independent owners continue to navigate a challenging backdrop in the US, balancing numerous headwinds while serving the needs of our customers. The lower-than-expected sales to independent owners created an estimated $0.10 negative impact relative to our expectations for the quarter.

我們的獨立業主們繼續在美國充滿挑戰的環境中艱難前行，在應對諸多不利因素的同時，滿足客戶的需求。低於預期的獨立業主銷售額預計對本季造成了 0.10 美元的負面影響。

Before I take you through the details of the quarter, my comments this morning will focus on adjusted results, which, as I mentioned, include several nonrecurring items recorded in the fourth quarter. In total, these adjustments amounted to $1.1 billion of pretax costs or $825 million after tax. These adjustments related to the following: first, as previously communicated, the termination of our US pension plan was successfully completed in December.

在詳細介紹本季業績之前，我今天早上的評論將重點放在調整後的結果上，正如我所提到的，其中包括第四季度記錄的幾個非經常性項目。總計，這些調整導致稅前成本增加 11 億美元，稅後成本增加 8.25 億美元。這些調整涉及以下內容：首先，如同先前所溝通的，我們美國退休金計畫的終止已於 12 月成功完成。

The termination required us to immediately recognize a onetime noncash settlement charge of $742 million, which represented the accumulation over many decades of the actuarial gains and losses on the plan and had been recorded as an unrecognized loss on our balance sheet. The final settlement charge was in line with our expectations.

終止協議要求我們立即確認一次性非現金結算費用 7.42 億美元，這筆費用代表該計劃幾十年來精算收益和損失的累積，此前已作為未確認損失記錄在我們的資產負債表上。最終結算費用符合我們的預期。

Second, we recorded a charge of approximately $150 million for expected losses on amounts due to us from First Brands Group. The amounts owed to GPC, including rebates on purchases, were subject to long-term supply agreements across our Automotive businesses. While we made extensive efforts to recover the amounts owed, the bankruptcy and the financial challenges at First Brands were significant. Given the financial and operational difficulties, during the fourth quarter, we moved our business away from First Brands and executed our contingency plans with alternative suppliers. This was the right decision for our customers and moves us into 2026 with confidence in our supply chain and inventory availability.

其次，我們對第一品牌集團應收帳款的預期損失提列了約 1.5 億美元的費用。欠 GPC 的款項，包括採購回扣，均受我們汽車業務長期供應協議的約束。儘管我們盡了最大努力追回所欠款項，但 First Brands 的破產和財務挑戰仍然十分嚴重。鑑於財務和營運方面的困難，在第四季度，我們停止了與 First Brands 的業務往來，並與替代供應商執行了應急計劃。這對我們的客戶來說是正確的決定，也讓我們對供應鏈和庫存供應充滿信心，順利邁入 2026 年。

Third, we increased our asbestos product liability reserve by $103 million, which reflects a rise in both the frequency and clarity of claims. While our transition to asbestos-free products was largely completed in the early 1990s, our claims experience in 2025 deteriorated and gave rise to the adjustment, which is not reflective of our current operations.

第三，我們將石棉產品責任準備金增加了 1.03 億美元，這反映出索賠的頻率和清晰度都有所提高。雖然我們在 20 世紀 90 年代初期基本上完成了向無石棉產品的過渡，但我們在 2025 年的索賠情況惡化，導致了調整，但這並不能反映我們目前的營運情況。

During the quarter, we had $87 million of costs related to our global restructuring program. And lastly, we incurred $30 million in charges related to account adjustments in the fourth quarter, largely related to the accounting for asset retirement obligations.

本季度，我們與全球重組計畫相關的成本為 8,700 萬美元。最後，我們在第四季度產生了與帳戶調整相關的 3000 萬美元費用，主要與資產報廢義務的會計處理有關。

With that backdrop, let's turn to the performance of the underlying business. As we look at the fourth quarter, total GPC sales increased 4.1%, including a 170 basis point improvement in comparable sales, a 150 basis point benefit from acquisitions and a 130 basis point benefit from foreign currency. As we expected, the tariff landscape normalized as we closed out 2025, with a low single-digit pricing benefit in revenue and a low single-digit increase in cost of goods sold, resulting in a slight benefit to our consolidated results for the quarter.

在此背景下，讓我們來看看公司業務的實際表現。回顧第四季度，GPC 總銷售額成長 4.1%，其中可比銷售額成長 170 個基點，收購帶來的收益成長 150 個基點，外匯收益成長 130 個基點。正如我們預期的那樣，隨著 2025 年的結束，關稅環境趨於正常化，收入價格上漲帶來個位數百分比的收益，銷售成本也出現個位數百分比的增長，從而略微提升了我們本季度的合併業績。

Turning to our quarterly sales results by business unit, starting with Industrial. Sales in the fourth quarter increased 4.6%, with comparable sales up 3.4%, in line with third quarter. During the quarter, average daily sales were solid and improved sequentially, with December being the strongest month despite declines in PMI throughout the quarter. Sales inflation during the fourth quarter was 4%.

接下來，我們來看各業務部門的季度銷售業績，首先是工業部門。第四季銷售額成長4.6%，同店銷售額成長3.4%，與第三季持平。本季平均每日銷售額表現穩健，並逐季改善，儘管整個季度 PMI 指數均有所下降，但 12 月的銷售額卻是最強勁的月份。第四季銷售額通膨率為 4%。

Looking at the performance of our end markets, we experienced sequential improvement with growth in 9 of our 14 end markets and strength in automotive, iron and steel, food products and fabricated metals, which were offset by softer demand in lumber and wood, chemicals, and oil and gas.

從終端市場的表現來看，我們的 14 個終端市場中有 9 個實現了環比增長，汽車、鋼鐵、食品和金屬製品市場表現強勁，但木材、化學品以及石油和天然氣市場的需求疲軟抵消了這些增長。

As we look at North America Automotive, total sales in the fourth quarter increased 2.4%, with comparable sales up 1.7%. Within North America Automotive, total sales and comparable sales in the US were up approximately 2% in the fourth quarter. At a high level, the comparable sales performance in the fourth quarter looked very similar to the third quarter. Average daily sales were positive in all 3 months.

從北美汽車市場來看，第四季總銷售額成長了 2.4%，同店銷售額成長了 1.7%。在北美汽車產業，第四季美國總銷售額和同店銷售額成長了約 2%。從整體來看，第四季的同店銷售業績與第三季非常相似。這三個月的平均每日銷售額均為正值。

Sales inflation during the fourth quarter was slightly over 3%.

第四季銷售額通膨率略高於3%。

We continue to see strong sales to our commercial customers, which represents over 80% of sales in the US Comparable sales out to commercial customers increased approximately 3.5%, while comparable sales to retail customers declined low single digits.

我們繼續看到商業客戶的強勁銷售，這占美國銷售額的 80% 以上。面向商業客戶的同店銷售額成長了約 3.5%，而面向零售客戶的同店銷售額則下降了個位數百分比。

Looking at the performance of our company-owned stores to our commercial customers, comparable sales grew nearly 6%, with strength in Auto Care, major accounts and [fleet and] government. As Will mentioned, we closed on the acquisition of Benson in Canada at the end of October, which provided a nice benefit for the two months they were included in our results.

從我們公司自營門市面向商業客戶的業績來看，同店銷售額成長了近 6%，其中汽車護理、大客戶和[車隊和]政府業務表現強勁。正如威爾所提到的，我們在 10 月底完成了對加拿大 Benson 公司的收購，這為我們帶來了不錯的收益，因為該公司的業績被計入了我們兩個月的業績中。

Turning to our International Automotive business, total sales in the fourth quarter increased approximately 6%, with comparable sales down approximately 1%. In Europe, during the fourth quarter, total sales decreased approximately 2% in local currency, with comparable sales down approximately 3% as a result of weak market conditions, which were partially offset by the NAPA private label product expansion across the region.

再來看我們的國際汽車業務，第四季總銷售額成長約 6%，同店銷售額下降約 1%。在歐洲，第四季度總銷售額按當地貨幣計算下降了約 2%，由於市場狀況疲軟，可比銷售額下降了約 3%，但 NAPA 自有品牌產品在該地區擴張，部分抵消了這一影響。

In Asia Pacific, sales in the fourth quarter increased approximately 5% in local currency, with comparable sales also up approximately 5%. Our team continues to outperform and take market share in both the trade and retail customer segments.

在亞太地區，第四季銷售額以當地貨幣計算成長約 5%，同店銷售額也成長約 5%。我們的團隊在貿易和零售客戶領域均持續取得優異成績並擴大市場份額。

As we turn back to our consolidated results, our adjusted gross margin was 37.6% in the fourth quarter, an increase of 70 basis points from last year. The improvement in our gross margin was primarily driven by the ongoing execution of our strategic pricing and sourcing initiatives with all 3 segments expanding gross margin in the fourth quarter.

回顧我們的綜合業績，第四季調整後的毛利率為 37.6%，比去年同期成長了 70 個基點。毛利率的提高主要得益於我們策略性定價和採購措施的持續實施，所有三個業務部門在第四季度的毛利率均有所增長。

Our adjusted SG&A as a percentage of sales for the fourth quarter was 29.7%, an increase of 30 basis points from the prior year. On an adjusted basis, SG&A grew year-over-year in absolute dollars by $88 million, including $60 million from acquisitions and foreign currency. However, our acquisitions continue to have a positive impact to net operating profit margin. Our core SG&A increased 1.7% or $28 million in the quarter. Our rate of core SG&A expense growth improved from the 2.7% growth we experienced in the third quarter. Stubborn cost inflation continues to be a challenge, impacting people costs, including high single-digit inflation in US healthcare costs, as well as rent and freight.

第四季調整後的銷售、一般及行政費用佔銷售額的百分比為 29.7%，比上年同期成長 30 個基點。經調整後，銷售、一般及行政費用年增 8,800 萬美元，其中包括收購和外匯帶來 6,000 萬美元的成長。然而，我們的收購持續對淨營業利潤率產生正面影響。本季我們的核心銷售、一般及行政費用成長了1.7%，即2800萬美元。我們的核心銷售、一般及行政費用成長率較第三季的 2.7% 有所改善。持續高企的成本通膨仍然是一個挑戰，影響著人們的生活成本，包括美國醫療保健成本的個位數高通膨，以及租金和運費。

The growth of our core SG&A was mitigated by a $75 million benefit related to our restructuring and cost initiatives as our actions worked to mitigate cost inflation. We made significant progress on our global restructuring efforts in 2025. During the year, we incurred restructuring costs of approximately $255 million. And through the team's hard work, we exceeded expectations, realizing approximately $175 million of cost savings or a benefit of $0.95 per share. This was above our target of delivering $110 million to $135 million of cost savings in 2025.

由於我們的重組和成本控制措施有效緩解了成本上漲，因此我們核心銷售、一般及行政費用的成長被 7,500 萬美元的收益所抵銷。2025年，我們在全球重組工作方面取得了重大進展。年內，我們產生了約 2.55 億美元的重組成本。透過團隊的辛勤工作，我們超出了預期，實現了約 1.75 億美元的成本節約，相當於每股收益 0.95 美元。這超過了我們2025年實現1.1億美元至1.35億美元成本節約的目標。

For the quarter, total adjusted EBITDA margin was 7.6%, up 10 basis points year over year. The improvement was driven by gross margin expansion and the benefits of our restructuring activities, which offset cost inflation in wages, healthcare, and rent.

本季調整後 EBITDA 利潤率為 7.6%，較去年同期成長 10 個基點。業績改善主要得益於毛利率的擴張以及重組活動帶來的效益，這些因素抵消了薪資、醫療保健和租金方面的成本上漲。

Our fourth quarter adjusted net income, which excludes nonrecurring expenses of $825 million after tax, or $5.94 per share, was $216 million or $1.55 per share. Our full-year adjusted net income was $1 billion or $7.37 per share.

我們在第四季度調整後淨收入（不包括稅後 8.25 億美元的非經常性支出，即每股 5.94 美元）為 2.16 億美元，每股 1.55 美元。我們全年調整後淨收入為 10 億美元，即每股 7.37 美元。

Turning to our cash flows, for the year, we generated approximately $890 million in cash from operations with $380 million in the fourth quarter and $421 million of free cash flow. Our operating cash flow in 2025 was impacted by lower earnings and higher interest payments. Our cash flows were also impacted by working capital changes associated with commercial activity in the first half of 2024 from inventory investments made at NAPA and the associated build of accounts payable and receipt of supplier incentives, which did not repeat in 2025, creating a tough year-over-year comparison. This headwind was concentrated in the first half of the year and our cash generation accelerated to over $700 million in the second half of 2025.

再來看我們的現金流，本年度我們從經營活動中產生了約 8.9 億美元的現金，其中第四季為 3.8 億美元，自由現金流為 4.21 億美元。2025 年，我們的營運現金流量受到獲利下降和利息支出增加的影響。2024 年上半年，由於 NAPA 的庫存投資以及相關的應付帳款增加和供應商激勵的收到，我們的現金流也受到了與商業活動相關的營運資本變化的影響，而這些變化在 2025 年並沒有重現，導致同比比較變得困難。這一不利因素主要集中在上半年，而我們的現金流在 2025 年下半年加速成長至 7 億美元以上。

In 2025, we invested approximately $470 million back into the business in the form of capital expenditures as we continue to modernize our supply chain and IT systems. In addition, we invested approximately $320 million in M&A, highlighted by our Benson acquisition in Canada.

2025年，我們以資本支出的形式向業務投入了約4.7億美元，以繼續推進供應鏈和IT系統的現代化。此外，我們在併購方面投資了約 3.2 億美元，其中最引人注目的是我們收購了加拿大的 Benson 公司。

Now let's turn to our outlook for 2026. We expect diluted earnings per share, which includes the expenses related to our transformation efforts, to be in a range of $6.10 to $6.60. We expect adjusted diluted earnings per share to be in the range of $7.50 to $8, up 5% at the midpoint of the range versus 2025 adjusted EPS of $7.37.

現在讓我們展望一下2026年。我們預計稀釋後每股收益（包括與轉型工作相關的費用）將在 6.10 美元至 6.60 美元之間。我們預計調整後稀釋後每股收益將在 7.50 美元至 8 美元之間，以區間中位數計算，較 2025 年調整後每股收益 7.37 美元增加 5%。

Overall, our 2026 outlook has been developed based on our expectations for underlying market conditions, modest price inflation and further gross margin expansion. We've also assumed continued cost inflation, partially offset by the benefits of our restructuring and transformation programs. Depreciation and interest expense will be a headwind of approximately $0.30 in 2026 as we continue to invest in the business for growth.

總體而言，我們 2026 年的展望是基於我們對基本市場狀況、溫和的價格上漲和毛利率進一步擴張的預期而製定的。我們也預期成本將持續上漲，但重組和轉型計畫帶來的好處將部分抵銷這項上漲。到 2026 年，由於我們將繼續投資業務以實現成長，折舊和利息支出將造成約 0.30 美元的不利影響。

Let me take a few moments to review the individual elements of our outlook in more detail, which we've expanded in light of our separation announcement. We expect total GPC sales growth to be in the range of 3% to 5.5%. Our outlook assumes that market growth will be roughly flat and that the benefit from pricing, including inflation and tariffs, will be approximately 2%. Our sales outlook also assumes the benefit of M&A carryover and about 1 point of growth from our strategic initiatives and about 1 point of benefit from foreign currency assuming current market rates.

讓我花幾分鐘時間更詳細地回顧我們展望的各個要素，鑑於我們宣布分拆，我們已對這些要素進行了擴展。我們預計 GPC 總銷售額成長將在 3% 至 5.5% 之間。我們的展望假設市場成長將大致持平，價格上漲（包括通貨膨脹和關稅）帶來的收益約為 2%。我們的銷售展望也假設了併購帶來的收益，以及策略舉措帶來的約 1 個百分點的成長，並假設當前市場匯率下外匯帶來的約 1 個百分點的收益。

As we look at sales for the individual business segments, we expect total sales growth in our North America segment to be 3% to 5%, with comparable sales growth of 1.5% to 3.5%. Our total sales growth in North America in 2026 benefits from our Benson acquisition in Canada, which closed in the fourth quarter of 2025. For International Automotive, we expect total sales growth of 3% to 6% and comparable sales growth of 1.5% to 3.5%. For the Industrial segment, we expect total sales growth of 3% to 6%, with comparable sales growth in the 3% to 6% range.

從各個業務部門的銷售額來看，我們預計北美地區的總銷售額成長將達到 3% 至 5%，同店銷售額成長將達到 1.5% 至 3.5%。2026 年我們在北美的總銷售額成長得益於我們對加拿大 Benson 公司的收購，該收購已於 2025 年第四季完成。對於國際汽車業務，我們預計總銷售額將成長 3% 至 6%，同店銷售額將成長 1.5% 至 3.5%。對於工業領域，我們預計總銷售額將成長 3% 至 6%，可比銷售額成長也將在 3% 至 6% 的範圍內。

For gross margin, we expect 40 to 60 basis points of full-year adjusted gross margin expansion, driven by our continued focus on our strategic sourcing and pricing initiatives. Our outlook assumes that adjusted SG&A will deleverage between 30 and 50 basis points for the year. Despite the restructuring actions we've taken over the past two years to reduce our cost structure, our SG&A outlook is driven by persistent cost inflation. We expect ongoing cost inflation in salaries and wages, driven primarily by mandatory pay increases in international jurisdictions and continued headwinds from inflation in US healthcare costs, which are growing at a high single-digit rate.

毛利率方面，我們預計全年調整後毛利率將成長 40 至 60 個基點，主要得益於我們持續專注於策略採購和定價措施。我們預計，經調整後的銷售、一般及行政費用將在年內下降 30 至 50 個基點。儘管我們在過去兩年採取了重組措施來降低成本結構，但我們的銷售、一般及行政費用前景仍受持續的成本上漲影響。我們預計工資成本將持續上漲，主要原因是國際司法管轄區的強制性加薪以及美國醫療保健成本持續上漲的不利影響，而美國醫療保健成本正以接近兩位數的速度增長。

As we begin 2026, and as Will shared in his remarks, we are continuing key transformation programs globally, including in our US NAPA business that further strengthened our businesses moving forward. In addition, given the persistent cost inflation headwinds, we're taking further actions to adjust our cost structure to market conditions. We expect expenses associated with transformation activities and cost actions to be in a range of $225 million to $250 million, with an anticipated benefit in 2026 of $100 million to $125 million. These expenses do not include any costs associated with the separation of the businesses.

2026 年伊始，正如威爾在演講中所述，我們正繼續在全球範圍內推進關鍵轉型計劃，包括在美國 NAPA 業務中，這將進一步加強我們未來的業務發展。此外，鑑於成本通膨持續上升，我們正在採取進一步措施，調整成本結構以適應市場狀況。我們預計與轉型活動和成本控制措施相關的支出將在 2.25 億美元至 2.5 億美元之間，預計到 2026 年將帶來 1 億美元至 1.25 億美元的收益。這些費用不包括與業務分離相關的任何費用。

We expect consolidated adjusted EBITDA in 2026 to be in a range of $2 billion to $2.2 billion, an increase of 2% to 9% compared to prior year. In our North America Automotive segment, we expect segment EBITDA of $700 million to $730 million, an increase of 5% to 9% versus last year. For International Automotive, we expect segment EBITDA of $560 million to $600 million or an increase of 4% to 10% compared to last year. And finally, for Global Industrial, we expect segment EBITDA of $1.2 billion to $1.3 billion, an increase of 7% to 12% versus last year. For corporate, we expect expenses to be in a range of 1.5% to 2% of total sales.

我們預計 2026 年合併調整後 EBITDA 將在 20 億美元至 22 億美元之間，比上年增長 2% 至 9%。在北美汽車業務板塊，我們預計該板塊的 EBITDA 為 7 億美元至 7.3 億美元，比去年增長 5% 至 9%。對於國際汽車業務，我們預計分部 EBITDA 為 5.6 億美元至 6 億美元，比去年增長 4% 至 10%。最後，對於全球工業業務，我們預計該業務部門的 EBITDA 為 12 億美元至 13 億美元，比去年增長 7% 至 12%。對於公司而言，我們預計費用將佔總銷售額的 1.5% 至 2%。

Two additional areas to highlight. For 2026, we expect depreciation and amortization expense to be in a range of $515 million to $540 million as continued growth investments in technology and supply chain drive the year-over-year increases. Of note, our investments in technology generally have shorter useful lives, typically ranging from three to five years. For interest expense, we currently expect to be in a range of $180 million to $190 million as we expect debt levels to remain consistent with 2025, but anticipate higher borrowing costs in 2026.

還有兩點需要重點說明。預計到 2026 年，折舊和攤銷費用將在 5.15 億美元至 5.4 億美元之間，因為對技術和供應鏈的持續成長投資推動了同比增幅。值得注意的是，我們對技術的投資通常使用壽命較短，一般為三到五年。對於利息支出，我們目前預計在 1.8 億美元至 1.9 億美元之間，因為我們預計債務水準將與 2025 年保持一致，但預計 2026 年的借貸成本將會更高。

With those details, I'd like to share some thoughts on the start of 2026. As we consider the range of outcomes for the year, our opportunities to achieve the high end of our expectations center on improving market conditions in Europe and sustained PMI readings above 50, driving a tailwind in our Industrial business. Conversely, should market conditions deteriorate further in Europe or we experience downside variability in sales to our independent owners, we would expect to be in the lower end of our range.

基於以上信息，我想分享一些關於2026年初的想法。當我們考慮今年的各種結果時，我們實現預期高端目標的機會主要取決於歐洲市場狀況的改善以及採購經理人指數 (PMI) 讀數持續高於 50，這將為我們的工業業務帶來利好。反之，如果歐洲市場狀況進一步惡化，或者我們向獨立業主銷售的產品出現下行波動，我們預期銷售額將處於較低水準。

Near-term market conditions remain mixed with an improved PMI reading in January but continued soft market conditions in Europe. Our sales in January on an average selling day basis were strong, highlighted by strength at Motion. Europe remains a watch point, and we do not expect an improvement in market conditions in Europe through the first quarter from those that we experienced as we closed out the year. With the backdrop of an improved PMI reading in January, we are encouraged by the start of 2026 but are remaining prudent in our outlook.

短期市場狀況依然喜憂參半，1月採購經理人指數有所改善，但歐洲市場狀況依然疲軟。1 月我們平均每個銷售日的銷售額都很強勁，其中 Motion 的銷售表現特別突出。歐洲仍然是一個值得關注的焦點，我們預計第一季歐洲市場狀況不會比年底時有所改善。鑑於 PMI 指數 1 月有所改善，我們對 2026 年的開局感到鼓舞，但我們對前景仍保持謹慎。

Turning to a few other items of interest, we expect to generate cash from operations in a range of $1 billion to $1.2 billion for the year, up approximately 20% from 2025 at the midpoint of the range, inclusive of the cost of transformation and other actions that I shared. For CapEx, we expect approximately $450 million to $500 million or approximately 2% of revenue in 2026 at the high end of the range, in line with our 2025 levels. As we look at M&A, our global pipeline remains robust, and we will continue to remain disciplined, pursuing opportunities that create value. We expect our M&A capital deployment to be consistent with 2025 and in a range of $300 million to $350 million.

再來看幾個其他值得關注的事項，我們預計今年的經營活動現金流將在 10 億美元至 12 億美元之間，按區間中位數計算，比 2025 年增長約 20%，其中包括我分享的轉型成本和其他措施。對於資本支出，我們預計 2026 年的支出約為 4.5 億美元至 5 億美元，或約佔收入的 2%（按預期範圍的上限計算），與我們 2025 年的水平一致。展望併購市場，我們的全球專案儲備依然強勁，我們將持續保持嚴謹的態度，尋求能夠創造價值的機會。我們預計 2025 年的併購資本部署將與預期保持一致，規模在 3 億至 3.5 億美元之間。

The fourth quarter required us to navigate many areas, including unexpected sales headwinds, the bankruptcy of First Brands Group and transition of our supply chain to new suppliers and the onetime adjustments I outlined. However, we maintained tight control on our expenses and drove continued expansion in gross margin, themes we will carry into 2026 alongside solid industry fundamentals.

第四季我們需要處理許多方面的問題，包括意想不到的銷售逆風、First Brands Group 的破產以及供應鏈向新供應商的過渡，以及我概述的一次性調整。然而，我們嚴格控制了支出，並持續擴大毛利率，這些趨勢以及穩健的行業基本面將延續到 2026 年。

As we turn to 2026, we are excited to begin a new chapter in our history with the announcement this morning of our plan to create 2 industry-leading public companies. Our strategic initiatives, investments in supply chain and technology and efforts to drive productivity over the past few years have positioned both businesses for long-term success. We are encouraged by the initial positive indicators to start 2026, but will remain prudent on our views on the full year outlook given the early stages of the year.

展望 2026 年，我們很高興開啟公司歷史的新篇章。今天早上，我們宣布了創建兩家領先業界的上市公司的計劃。過去幾年，我們的策略性舉措、對供應鏈和技術的投資以及提高生產力的努力，使兩家企業都為長期成功奠定了基礎。2026 年伊始，一些積極的跡象令我們感到鼓舞，但鑑於今年尚處於初期階段，我們對全年前景的看法仍將保持謹慎。

Thank you. And I will now turn the call back to the operator for your questions.

謝謝。現在我將把電話轉回給接線員，回答您的問題。

(Operator Instructions) Scot Ciccarelli, Truist.

（操作說明）Scot Ciccarelli，Truist。

Scot Ciccarelli. I think separating the businesses is a good idea. But with that on the table, can you help us better understand the margin pressures on the North American Auto business, a 14% EBITDA decline against pretty soft performance in the prior year and a 5.5% margin just seems quite a bit lower than what we would have anticipated. And then related to that, so part 2, with the improved disclosure, can you give us an idea of how much the earnings contribution in North America is coming from your company-owned stores versus how much from the independents?

斯科特·西卡雷利。我認為拆分業務是個好主意。但有鑑於此，您能否幫助我們更了解北美汽車業務的利潤率壓力？與前一年相當疲軟的業績相比，EBITDA 下降了 14%，利潤率僅為 5.5%，似乎遠低於我們的預期。與此相關的是，第二部分，在資訊揭露得到改善的情況下，您能否告訴我們，在北美，貴公司自營門市的獲利貢獻與獨立門市的獲利貢獻分別是多少？

Thanks, Scot. I'll start off on the EBITDA margin for North America and maybe take it up just a little bit. I think when we think about the fourth quarter, at a consolidated level, we think about what happened during the quarter, we talked a little bit in my prepared remarks about our expectations coming in short both in Europe and with independent owners. We also had profit growth -- we also had sales growth that came from FX in the quarter. There's very little profit benefit on that as well.

謝謝你，斯科特。我先從北美地區的 EBITDA 利潤率開始，也許還會稍微提高一點。我認為，當我們從整體層面考慮第四季時，我們會考慮該季度發生的事情。我在事先準備好的演講稿中也談到了我們在歐洲和獨立所有者方面都未能達到預期。本季度，我們的利潤也實現了成長，銷售額也因外匯收益而成長。這樣做也幾乎沒有什麼利潤可圖。

So when we look at the movement through the P&L, I think we did a nice job of controlling costs, despite some inflation in wages. Core cost growth in the quarter was 1.7%, which excludes acquisitions and FX. So I think the benefits of our restructuring program have performed nicely, and in [looking] at the core, we've really tried to control it pretty well.

因此，從損益表的走勢來看，我認為儘管薪資有所上漲，但我們在控製成本方面做得很好。本季核心成本成長1.7%，不包括收購及匯率變動。所以我認為我們的重組計劃取得了良好的效果，而且從核心層面來看，我們已經盡力將其控制得很好。

That left us with an EBITDA level that wasn't enough to offset some of those headwinds we talked about at the beginning of the year and then it persisted through the course of the year with depreciation and pension and interest expense.

這導致我們的 EBITDA 水準不足以抵消我們在年初討論的一些不利因素，而且這種不利因素在整個年度中持續存在，包括折舊、退休金和利息支出。

When I look at North America Auto -- or the North American business more specifically, I think the themes are similar to the ones I talked about in my prepared remarks. We had the wage pressure with cost inflation. US healthcare has been a particular challenge here in the fourth quarter.

當我審視北美汽車產業——或者更具體地說，是北美汽車產業時，我認為其主題與我在準備好的演講稿中談到的主題相似。我們面臨著成本上漲帶來的薪資壓力。美國醫療保健在第四季尤其面臨挑戰。

For the full year, it was up $32 million, about $20 million more than our expectations for the full year. And that particular cost is growing at a very high clip, I would say high single digits for the full year. Beyond that, we had some rent and freight pressure in the North American business in the fourth quarter from cost inflation.

全年來看，收入增加了 3,200 萬美元，比我們對全年的預期高出約 2,000 萬美元。而且這項成本的成長速度非常快，我估計全年成長率將達到接近兩位數。除此之外，由於成本上漲，我們在第四季北美業務還面臨租金和運費方面的壓力。

And on IT, a disproportionate level of our IT investments are happening in the North America business, and that's challenging SG&A because, as you know, those investments, as we modernize and move to cloud-based technology, move the rest of the SG&A.

在 IT 方面，我們大部分的 IT 投資都集中在北美業務，這對銷售、一般及行政費用構成了挑戰，因為正如您所知，隨著我們實現現代化並轉向基於雲端的技術，這些投資也帶動了其餘的銷售、一般及行政費用。

And then -- okay. And can you give us an idea about the earnings contribution company-owned versus independents? Obviously, the independents have been under pressure for a while.

然後——好吧。您能否簡要介紹一下公司所有和獨立經營的獲利貢獻？顯然，獨立候選人已經承受壓力一段時間了。

Yes, Scot, that's probably something we'll get into more detail when we have an Investor Day for Global Automotive. As you know, the stores are split 65-35 now. Sales is probably more 50-50. But we'd say that both are contributing to our profit. And we'll get into a little bit more color on the model, I think, as we look ahead and move to an Investor Day.

是的，斯科特，這可能是我們在舉辦全球汽車行業投資者日時會更詳細討論的問題。如你所知，現在各家店的持股比例是 65% 比 35%。銷售額可能五五開。但我們認為兩者都對我們的利潤做出了貢獻。我認為，隨著我們展望未來並邁向投資者日，我們將對該模型進行更詳細的闡述。

Scot, I would just add one other thing in terms of kind of operationally the improvements that we're making with our company-owned stores, there's been a lot of good work through the year. We made some organization structure changes to make sure that we had the right resources and leadership over top of our company-owned stores, both at an executive level and in the field. And that's really all around driving discipline and standardized processes and all the things that we need to do at a very basic and fundamental level each and every day to take care of our customers.

史考特，關於我們在公司自營門市的營運改善方面，我只想補充一點，今年以來我們做了很多卓有成效的工作。我們對組織結構進行了一些調整，以確保我們擁有合適的資源和領導力來管理公司自營門市，無論是在管理階層還是在第一線。這一切都圍繞著培養紀律、規範流程以及我們每天在最基本、最根本的層面上為客戶服務所需做的所有事情。

So whether it's pricing strategies, inventory strategies, payroll mix, we've made a lot of really nice progress. I think our payroll percentage in our company-owned stores was as good as it's ever been in the fourth quarter. So a lot to like as we go through the transformation around all things company-owned stores, and then working with these owners to get everybody in a better spot competing in the market.

所以無論是定價策略、庫存策略或薪資結構，我們都取得了許多非常好的進展。我認為我們公司自營門市第四季的薪資支出佔比達到了歷史最佳水準。因此，隨著公司自營門市的全面轉型，以及與這些店主合作，讓每個人都能在市場競爭中處於更有利的地位，有很多值得稱道的地方。

Greg Melich, Evercore.

Greg Melich，Evercore。

My first question was on the inflation trends in the quarter. You mentioned, I think it was a little over 4% in Industrial and a little over 3% in Auto. Could you give us an update on what you expect in your guidance for this year for those two numbers?

我的第一個問題是關於本季的通膨趨勢。你有提到過，我認為工業領域的佔比略高於 4%，汽車領域的佔比略高於 3%。您能否更新一下您對今年這兩個數字的預期指引？

Yes. So, Greg, I think for inflation for the full year, which includes tariffs, we said 2%, as we look across the balance of the entirety of the year, you'll remember that the lapping of benefits will come as we get through the first half. So I would expect pricing benefits to get a little bit more compressed in the second half. About 1 point of the 2% we're expecting for the full year comes from tariff when we look out across the full year.

是的。所以，格雷格，我認為全年的通貨膨脹率（包括關稅）我們說是 2%，當我們展望全年剩餘時間時，你會記得，隨著上半年的結束，優惠政策將會逐步取消。因此，我預計下半年價格優勢會更加集中。從全年來看，我們預計全年經濟成長的 2% 中，約有 1% 來自關稅。

I think as I look at the 2 individual businesses, we'll just keep it kind of where we've kept it, which is at the 2% low single digit. I don't think they're really disproportionately weighted between the North American Industrial business and the NAPA business. So I don't know that there's a distinction to make between the 2. I think the 2% holds for the full year for both, and about 0.5 point -- or I'm sorry, about half of that comes from tariff as we look across the full year.

我認為，就這兩家公司而言，我們會維持現狀，繼續保持在 2% 的個位數低點。我不認為它們在北美工業業務和NAPA業務之間的權重有明顯的不平衡。所以我覺得這兩者之間沒什麼差別。我認為全年2%的漲幅對兩者都適用，而從全年來看，大約0.5個百分點——或者抱歉，大約一半——來自關稅。

Greg, I might just also comment that the tariff anomalies in terms of interacting with our suppliers have all largely moderated, so we're back into a more ordinary course commercial discussion with suppliers about how to think about standard price increases as we go through a new calendar year. And in some instances, given all of the activity that happened in 2025, those discussions are noncontroversial and, in some cases, not even happening given all the stuff that happened in 2025. So I think we're coming on the back side of all things tariff inflation and we're back to a more standard, structured inflationary environment from a price standpoint.

格雷格，我還要補充一點，在與供應商互動方面，關稅異常情況已經基本緩解，因此，隨著新一年的到來，我們與供應商就如何考慮標準價格上漲問題展開了更加正常的商業討論。在某些情況下，考慮到 2025 年發生的所有事情，這些討論是不具爭議性的，而且在某些情況下，考慮到 2025 年發生的所有事情，這些討論甚至都不會發生。所以我認為我們已經度過了關稅通膨的尾聲，從價格角度來看，我們又回到了一個更標準、更結構化的通膨環境。

And my follow-up is on the separation of the businesses. Given that you just had or announced like the 70th year of a dividend increase, you talked about investment-grade capital structure for both businesses, how are you thinking about the dividend, either having one or bringing -- keeping a growth rate given the history of Genuine Parts of that?

我的後續問題是業務拆分。鑑於您剛剛宣布了連續第 70 年提高股息，並且您談到了兩家公司的投資級資本結構，您是如何考慮股息的？是繼續派發股息，還是維持股息成長率——考慮到 Genuine Parts 的歷史？

Greg, thanks for the question. I think there's a lot more to come on the capital structure of the 2 businesses and the capital allocation policies. And we're working on refining those details internally and we'll get that to you guys in due course. I think we'll stay focused on, one, capital structure side, as Will mentioned in his remarks, making sure that we have strong balance sheet for both businesses and that we maintain investment-grade rating on both.

格雷格，謝謝你的提問。我認為關於這兩家企業的資本結構和資本配置政策，還有很多內容需要探討。我們正在內部完善這些細節，稍後會公佈給大家。我認為我們將繼續專注於兩方面：一是資本結構方面，正如威爾在他的演講中提到的那樣，確保我們兩家企業的資產負債表都保持強勁，並且兩家企業都保持投資級評級。

When we think about capital allocation, it will start with the business strategies of each individual business and where we think we need to invest and, at the same time, being very balanced on shareholder returns and making sure we're thoughtful about how to do that and the right strategies for those two things that attract the right investor base based on the business strategy. So it will be an important conversation as we go forward.

當我們考慮資本配置時，首先要考慮每個企業的業務策略，以及我們認為需要投資的領域；同時，也要兼顧股東回報，確保我們深思熟慮地考慮如何實現這一目標，並製定正確的策略來吸引合適的投資者群體，而這些策略都基於企業的業務戰略。所以這將是我們未來需要重點討論的問題。

I think there's no change to the GPC dividend policy for this year in 2026. We announced a 3.2% increase this morning. That's in line with last year. And I think it's the right decision for the business as we go through this transition.

我認為 GPC 2026 年的股利政策不會有任何改變。我們今天早上宣布了3.2%的漲幅。這與去年的情況一致。我認為，在我們經歷轉型期之際，這對公司來說是正確的決定。

Bret Jordan, Jefferies.

Bret Jordan，傑富瑞集團。

On that capital allocation comment, if you look at the two sides of the business, do you see one of them sort of needing more catch-up investment than the other? I mean, it does seem like the Motion business might be a bit more modern given more significant recent M&A there. Is there a big difference in catalog location between the two?

關於資本配置方面的問題，如果你看一下業務的兩個方面，你認為其中一個方面是否比另一個方面需要更多的追趕性投資？我的意思是，考慮到 Motion 近期進行了更多重大併購，它看起來確實可能更現代化一些。兩者的目錄位置有很大差嗎？

I think they have different priorities, Bret. I don't know that they have different overall investment needs. I think as you point out, Motion business is inherently capital-light. And I think Motion has really invested in the business smartly. And as Will mentioned in his prepared remarks, I think Motion is positioned to continue to grow through bolt-on and strategic acquisitions.

我認為他們的優先事項不同，布雷特。我並不認為他們整體的投資需求有所不同。我認為正如你所指出的，運動控制業務本質上是輕資本的。我認為 Motion 公司對這項業務的投資非常明智。正如威爾在事先準備好的演講稿中提到的那樣，我認為 Motion 有能力透過補充和策略性收購繼續發展壯大。

When you think about the Global Automotive business, we'll continue to do bolt-on M&A there looking ahead. But I also think that we have interesting and exciting and compelling investment opportunities on the capital side that provide medium-term margin expansion. Some of those we've been making. As you guys know, we've put $3 billion of capital into the business over the last 5 years and put it to work.

展望未來，在考慮全球汽車業務時，我們將繼續在該領域進行補充性併購。但我認為，我們在資本方面也有有趣、令人興奮和引人注目的投資機會，這些機會可以帶來中期利潤率的提升。我們正在製作其中一些。正如你們所知，在過去 5 年裡，我們向公司投入了 30 億美元的資金，並使其發揮了作用。

And that's why we're so excited about the opportunities that we have ahead with the separation, because we think that business, don't forget, Global Automotive will be a $16 billion top line business with $1.3 billion of EBITDA at the midpoint of the ranges we gave you for the year. So we're excited about what that business can do. And I think its investment might tilt a little bit more towards CapEx versus M&A, but I don't want to prejudge the capital allocation policy for either company. But hopefully, as we look ahead, that will give you a little color.

正因如此，我們對分拆後的未來機會感到無比興奮，因為我們認為，別忘了，全球汽車業務的營收將達到 160 億美元，EBITDA 達到 13 億美元（這是我們給出的年度預期範圍的中位數）。所以我們對這項業務的發展前景感到非常興奮。我認為它的投資可能會更傾向於資本支出而不是併購，但我不想預先判斷兩家公司的資本配置政策。但希望展望未來，這能為你帶來一些色彩。

I guess then a quick follow-up, European regional performance, I mean, it sounds like it's all weak, but is there anything to speak of around performance dispersion?

那我想快速跟進一下，歐洲區域表現如何？我的意思是，聽起來好像都很疲軟，但是就表現差異而言，有什麼值得一提的嗎？

Yes. I would say it was certainly weak relative to our expectations, as we've commented, particular weakness in the UK and France and Germany, which are big three markets. Interestingly, one of our steady performers, in our Benelux business, it's a small business for us, but it actually sequentially weakened through the year as well. A bright spot for us is the great work happening in Spain and Portugal, which has been a really nice case study for how we bring the NAPA brand to a new geography in Europe.

是的。可以說，與我們的預期相比，這確實很疲軟，正如我們之前評論的那樣，尤其是在英國、法國和德國這三大市場表現疲軟。有趣的是，我們比荷盧經濟聯盟業務中表現穩定的一個業務（對我們來說規模較小）實際上在這一年中也逐年走弱。對我們來說，一個亮點是我們在西班牙和葡萄牙所做的出色工作，這對於我們如何將 NAPA 品牌帶到歐洲的新地區來說，是一個很好的案例研究。

We've essentially doubled that business. We've essentially doubled the EBITDA rate of that business. And the NAPA brand is really carrying the day to, even in a tough market, win share.

我們的業務量基本上翻了一番。我們基本上已經將該業務的 EBITDA 率提高了一倍。即使在競爭激烈的市場中，NAPA 品牌也確實表現出色，贏得了市場份額。

So generally weak across the board. But as Bert said in his prepared remarks, we've put a lot of capital into Europe. We've got really nice supply chain investments in the UK, really nice supply chain investments in France, supply chain investments in Germany and Spain. So as that market recovers, we're going to have a very differentiated platform relative to the balance of the market. And it's a great operating team with a lot of focus and a lot of urgency to make hard calls in a tough market. So we feel good about the future. We're just working through a soft moment in time.

所以整體來說各方面都很弱。但正如伯特在事先準備好的演講稿中所說，我們已經在歐洲投入了大量資金。我們在英國、法國、德國和西班牙都有非常好的供應鏈投資。因此，隨著該市場的復甦，我們將擁有一個相對於市場其他部分非常獨特的平台。而且，這是一個優秀的營運團隊，他們目標明確，行動迅速，能夠在艱難的市場中做出艱難的決策。所以我們對未來充滿信心。我們只是在經歷一段相對平靜的時期。

And, Bret, I'd just add to that, that I think for the region for the fourth quarter, our performance was right in line, everybody had a bit tougher experience. And I think if you look at the balance of 2025, I'd say that our European business performed in line or better than the region for the full year.

布雷特，我還要補充一點，我認為就第四季而言，我們地區的表現完全符合預期，每個人都經歷了一些更艱難的挑戰。我認為，如果展望 2025 年剩餘時間，我會說我們歐洲業務的表現與該地區全年表現持平或更好。

Chris Horvers, JPMorgan.

克里斯霍弗斯，摩根大通。

Congratulations on the announcement. In the new reporting framework, you're breaking out NAPA between North America and International. As you've gone through this process and just a broader separation announcement, how are you thinking about the synergies of operating in a Global Automotive business? Obviously, there's the NAPA brand and the sourcing, but is there something to having sort of a dedicated North American company and a dedicated European, Australia, Asia business?

恭喜發布這一消息。在新報告框架中，你們將 NAPA 分為北美和國際兩部分。經歷了這一過程以及更廣泛的分離聲明之後，您如何看待在全球汽車業務中運營的協同效應？顯然，NAPA品牌和採購管道都很重要，但是設立一家專門的北美公司和一家專門的歐洲、澳洲、亞洲業務公司是否有意義呢？

Chris, I would say it's incrementally easier to extract a global harmonization with just an Automotive platform versus Auto and Industrial. Part of that logic was as we thought strategically about what we call One GPC, we've made a lot of progress on that front, but for a combined entity to take that next phase of what does One GPC mean and how do you extract value, it gets complex across both an Industrial and Automotive platform. And I would say it gets incrementally less complex for a standalone Automotive business. Having said that, I do think we've come to really appreciate the importance of having specialized expertise down at the geographic level, meaning Asia Pac needs to be close to those customers and make the right customer level decisions. Europe has customer-specific decisions to make.

克里斯，我認為，相較於汽車和工業平台，僅使用汽車平台更容易逐步實現全球協調。部分原因是，當我們從戰略角度思考我們稱之為「一個GPC」的理念時，我們在這方面取得了很大進展，但對於一個合併後的實體來說，要進入下一個階段，即「一個GPC」意味著什麼以及如何從中提取價值，這在工業和汽車平台上都變得非常複雜。而且我認為，對於一家獨立的汽車企業來說，情況會逐漸變得不那麼複雜。話雖如此，我認為我們已經真正認識到在地理層面擁有專業知識的重要性，這意味著亞太地區需要靠近客戶，並做出正確的客戶層面決策。歐洲需要根據客戶的具體情況做出決策。

And so we will continue even in the Global Automotive platform to pursue One GPC synergies, but we made good progress and it's probably not the value driver as we think about the value -- the multiple expansion and the margin expansion as we move forward.

因此，即使在全球汽車平台，我們也將繼續追求一體化GPC的協同效應，但我們已經取得了良好的進展，而且隨著我們不斷前進，這可能不是價值驅動因素——即倍數擴張和利潤率擴張。

And then following up on Bret's question, can you break out for us sort of your expected CapEx and D&A between Motion and the Automotive business as you're planning 2026, what's the split there?

然後，針對 Bret 的問題，您能否為我們詳細說明您在 2026 年的計劃中，運動控制和汽車業務的預期資本支出和折舊情況，以及它們之間的比例？

Yes. Bret, we don't -- I'm sorry. Chris, we don't really get into that kind of level of detail. I would just say that when we think about CapEx, we think about it more from an activity perspective. So as I look at the year, about 50% of the upcoming investment for will be in IT, with about another 30% to 35% in what we would call supply chain modernization, and that might be buildings and DCs and things like that.

是的。布雷特，我們沒有——我很抱歉。克里斯，我們一般不會深入那種細節層面。我想說的是，當我們考慮資本支出時，我們更多是從活動的角度來考慮的。展望今年，大約 50% 的未來投資將用於 IT，另外 30% 到 35% 將用於我們所謂的供應鏈現代化，可能包括建築物、資料中心等等。

I would say that in general though, because Motion is a relatively capital-light business, the orientation, if you want to think about it from the 2 business units, would weight more towards the Global Automotive business.

不過總的來說，由於 Motion 是一家資本相對較少的企業，如果從兩個業務部門的角度來看，其發展方向會更偏向全球汽車業務。

Chris, I also just wanted to follow up on another thought that I had as it relates to North America. As you know, we put Elaine Moss in a leadership role running both our Canadian and our US business. And I would say in that situation, we're excited about the opportunities to continue to extract value from working more closely together as a North American platform. So in that geography, I think we've got intra-geography opportunity, but my comments I think still hold for the cross global opportunities. Those are a little bit harder to get and will take some time.

克里斯，我還想補充一下我之前關於北美的一些想法。如您所知，我們任命 Elaine Moss 擔任領導職務，負責管理我們在加拿大和美國的業務。在這種情況下，我們非常高興有機會繼續透過更緊密的合作，作為一個北美平台，從中挖掘價值。所以，我認為在這個地理區域內，我們有區域內部的機會，但我認為我的觀點仍然適用於跨全球的機會。這些東西比較難弄到，需要一些時間。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

If we look at the North American Auto business, it does appear that market share took a step back in the fourth quarter, perhaps largely related to the independent business. So A, why was that the case? And B, if we look at your guidance, it does indicate that you expect that business to accelerate in 2026. Would that be predicated on an improvement in the independent business? And what would be responsible for that?

如果我們看一下北美汽車業務，就會發現其市場份額在第四季度有所下滑，這可能主要與獨立業務有關。那麼A，為什麼會這樣呢？B，如果我們看一下您的指導意見，就會發現您預計該業務將在 2026 年加速發展。這是否取決於獨立企業的狀況是否有改善？那造成這種情況的原因是什麼呢？

Michael, I'll take that one. I think when we look at the performance of the business in the fourth quarter, I'd start with the strength of the company-owned stores in North America and, in particular, NAPA, 4% comp sales, I think they're performing nicely, sequential improvement and continue to control the things that we can control.

邁克爾，我來做這個。我認為，當我們審視公司第四季的業務表現時，首先要看北美地區公司自營門市的強勁表現，尤其是NAPA，其同店銷售額增長了4%，我認為他們的表現不錯，實現了環比增長，並且我們繼續控制著我們能夠控制的因素。

As I mentioned with the independent owners in my prepared remarks, we had a quarter -- Q3 in which we had built some nice momentum, sequential improvement for independent owner performance through the course of the year, and we flatly expected that to maintain in the fourth quarter, even with the promotional comp that I mentioned in my prepared remarks. And unfortunately, that wasn't the case, as I shared, and they didn't meet our expectations for what we thought for what would happen in Q4. The independent owners continue to be an important part of our model, and I think they are just continuing to deal with the headwinds that we're all dealing with, whether it's cost inflation, persistent elevated interest rates, all the different dynamics we've mentioned before.

正如我在準備好的發言稿中向獨立業主們提到的那樣，我們在第三季度取得了一些不錯的進展，獨立業主們的業績在全年持續改善，我們完全預期這種勢頭將在第四季度保持下去，即使考慮到我在準備好的發言稿中提到的促銷優惠。不幸的是，正如我所說，事實並非如此，他們沒有達到我們對第四季業績的預期。獨立業主仍然是我們模式的重要組成部分，我認為他們只是在繼續應對我們所有人都在面臨的逆風，無論是成本上漲、持續高利率，還是我們之前提到的所有不同因素。

As we look ahead to 2026, as I mentioned in my prepared remarks, we're being prudent and cautious. I would say that as we look into the early part of the year, we're not expecting or anticipating any material improvement in performance there. That's not because we are doubting what they're doing. It's more about just being smart about the trajectory as we came out of the fourth quarter.

展望 2026 年，正如我在準備好的演講稿中所提到的，我們將採取謹慎和穩健的態度。我認為，展望今年年初，我們預期或預期這方面的表現不會有任何實質的改善。那並不是因為我們懷疑他們的做法。更重要的是，我們要在第四節結束後，明智地掌握好前進的方向。

As we move through the balance of the year, Will mentioned this a few minutes ago, we're going to continue to work very closely with them on positioning them for strength in the marketplace and making sure we're staying balanced on investing with them, growing with them and pushing them forward.

在今年餘下的時間裡，正如威爾幾分鐘前提到的，我們將繼續與他們密切合作，幫助他們在市場中佔據優勢地位，並確保我們在投資、成長和推動他們前進方面保持平衡。

So look, we've done a lot of great work in this space. I think we'll continue to see more benefits. But in the early part of the year, I think we're being a bit prudent not only with the performance of the independent owner but also in Europe.

所以你看，我們在這個領域做了很多出色的工作。我認為我們還會繼續看到更多好處。但在今年年初，我認為我們不僅在獨立所有者的業績方面，而且在歐洲也採取了較為謹慎的態度。

Okay. My follow-up question is, as you look forward to the separation, you provided some helpful detail on the profitability of the North American Auto business versus the International Auto business, do you think it would be prudent, and I'm recognizing that it's still very early and you're likely to give some information over time, but just conceptually, do you think it would be prudent to take down the profitability of the North American Auto business as a manner in which to stabilize or maybe improve the overall market share of that segment?

好的。我的後續問題是，在您展望分拆之際，您提供了一些關於北美汽車業務與國際汽車業務盈利能力的有用細節。您認為降低北美汽車業務的獲利能力是否明智？我知道現在還為時過早，您可能會隨著時間的推移提供一些信息，但從概念上講，您認為降低北美汽車業務的盈利能力，以此來穩定或提高該細分市場的整體市場份額是否明智？

Michael, if I'm following your question, I don't think that's necessary for us to take down the margin profile of the North American business to compete more effectively. I think we feel really good about the work that's been done and that's planned to be done as we move forward. And that should position that business to be a very enticing and compelling value creation story. And part of our assessment and the work that we did in 2025 was to get very granular and tactical on what are the initiatives and what is the pathway to creating and earning our entitlement in North America Automotive. And we're looking forward to sharing all of that great work at an Investor Day to get everybody really excited, as excited as we are, about the potential of that business.

邁克爾，如果我理解你的問題沒錯的話，我認為我們沒有必要為了更有效地參與競爭而降低北美業務的利潤率。我認為我們對已經完成的工作以及未來計劃開展的工作都感到非常滿意。這樣一來，這家企業就能夠成為一個極具吸引力和說服力的價值來創造故事。我們在 2025 年進行的評估和工作的一部分，就是非常細緻、有策略地研究在北美汽車行業創造和贏得我們權利的舉措和途徑。我們期待在投資者日上分享所有這些出色的工作成果，讓大家和我們一樣，對這項業務的潛力感到興奮。

Chris Dankert, Loop Capital Markets.

Chris Dankert，Loop 資本市場。

Again, first off, just congrats on the announcement. Very exciting times. I guess just to move more operationally here, the streamlining, you guys called out, I think, $100 million to $125 million of kind of restructuring benefit for the year. Can you break out what the mix is of the attribution? I assume most of it's Automotive, but any color that would be helpful.

再次恭喜你宣布這一消息。真是激動人心的時刻。我想，為了更好地推進運營，進行精簡，你們提到，我認為，今年的重組收益將達到 1 億至 1.25 億美元。能詳細說明一下各項歸因的具體構成嗎？我猜大部分是汽車相關的，但任何顏色資訊都會很有幫助。

Yes, Chris, actually, it's pretty split between both businesses. Both have really compelling opportunities on the transformation side as we look ahead. So I would say if you're thinking about the benefit that we'll see in the year, one, the benefit will move through the P&L, partly through gross margin and partly through productivity and SG&A. So it's not all a cost play. And as we think about it, we're getting more and more weighted towards transformation activities, I think, which are the more exciting and the more compelling things that are going to drive opportunities in the medium term.

是的，克里斯，實際上，兩家公司平分秋色。展望未來，兩者在轉型方面都擁有非常令人振奮的機會。所以我想說，如果你在考慮我們今年將看到的收益，首先，收益將體現在損益表中，一部分體現在毛利率上，一部分體現在生產力和銷售、一般及行政費用上。所以這並非完全是成本考量。仔細想想，我們越來越重視轉型活動，我認為這些活動更令人興奮，也更有吸引力，它們將在中期內帶來機會。

We'll still do some restructuring through the course of the year. We'll have some things that we focus on in terms of facilities and store optimization, branch optimization, DC optimization. But the transformation initiatives, again, are thematically aligned to where we've talked about investing. We've got great opportunities in the NAPA supply chain. We're working really hard on sales effectiveness, both at NAPA and the Industrial business.

今年我們還會進行一些重組。我們將重點放在設施和門市優化、分店優化、配送中心優化等方面的問題。但這些轉型措施在主題上與我們先前討論的投資方向是一致的。我們在NAPA供應鏈中擁有絕佳的機會。我們正在努力提高銷售效率，無論是在NAPA或工業業務方面。

And that gets back to Will's comments on partnership with independent owners. We think we can make some really nice moves with sales effectiveness, not only company-owned stores at NAPA, but also with independent owners. And those are going to be compelling. And then Motion is doing great work on just doubling down on how great they already are.

這回到了威爾關於與獨立所有者合作的評論。我們認為，我們可以透過提高銷售效率來取得一些非常好的進展，不僅適用於 NAPA 的公司自營店，也適用於獨立店主。這些將會非常引人入勝。然後，Motion 正在加倍努力，鞏固他們已經非常優秀的地位。

And when you look past that, we've got some opportunities in the commercial space at Motion. I think we'll be smarter and much sharper on pricing tools and capabilities that are going to be in this [sub-transformation] initiatives. And then finally, we have great opportunities in technology. What [Navin] is doing with the team around the world to drive productivity, both in terms of back office, store technology, catalog and search, but also inside of a facility, are really compelling.

拋開這些不談，我們在 Motion 的商業領域也有一些機會。我認為，在本次（子轉型）計劃中，我們將在定價工具和能力方面更加明智和敏銳。最後，我們在科技領域也擁有巨大的機會。[Navin] 與世界各地的團隊一起，在後台、門店技術、目錄和搜索以及門店內部等方面提高生產力，其做法非常引人注目。

So we're excited about the future. I think the benefits come through multiple prisms and split between the two business units and set us up for even further success as we move into 2027 and beyond.

所以我們對未來充滿期待。我認為，這些益處體現在多個方面，並在兩個業務部門之間分配，這將為我們邁向 2027 年及以後更大的成功奠定基礎。

That's good stuff. Look forward to hearing more detail about that at the Analyst Day for sure. And I guess just a quick follow-up. On the guidance, just you mentioned the baseline assumption is pretty flattish market growth. Any shape to the year there? Is the assumption negative first half, slight positive back half or just pretty ratable?

那可是好東西。非常期待在分析師日上聽到更多細節。我想再補充一點。關於指導意見，正如您所提到的，基本假設是市場成長相當平緩。那裡的年份有什麼規律嗎？這個假設是前半部為負值，後半部略為正值，還是基本上可以接受？

Yes. No, I think it's a great question, and it's a good chance to give you a little color on the shape of the year. I think we'll expect earnings growth to accelerate sequentially as we move through the quarters. The first quarter, first half will be a bit more muted. I've mentioned a few times European market conditions, and I think we're being prudent on very modest expectations for the independent owners given the exit levels on both areas as we came out of 2025.

是的。不，我認為這是一個很好的問題，也是一個向你介紹今年情勢的好機會。我認為隨著季度的推進，我們預計獲利成長將逐季加速。第一季上半場會比較平靜一些。我曾多次提到歐洲市場狀況，考慮到 2025 年這兩個地區的退出水平，我認為我們對獨立所有者的預期非常保守，這是謹慎的做法。

Flat market growth throughout the year. We're not planning for an acceleration in market conditions throughout 2026, even though we've had a little positive reading here in January on PMI. We started the year last year with two positive readings, and so I think we're just being smart about lessons learned there. And we'll be watching gross margin rate very closely. It's an important part of our profit profile. And so we're moving through a year in which we're lapping tariff benefits and normalization of the tariff landscape, and so we'll be watching that closely.

全年市場成長平緩。我們預計 2026 年市場狀況不會加速成長，儘管 1 月的採購經理人指數 (PMI) 出現了一些正面的訊號。去年年初我們取得了兩項正面的成果，所以我認為我們只是在吸取經驗教訓並加以明智運用。我們會密切關注毛利率。這是我們利潤組成的重要組成部分。因此，我們正經歷關稅優惠逐步取消和關稅環境正常化的一年，我們將密切關注這一情況。

The interest expense headwind I mentioned for 2026 is weighted more in the first half of the year. And so we'll be thinking about that as well as we shape out the year. But having said all that, we're very confident in our full year guidance, and we're focused on driving benefits and additional benefits wherever we can.

我之前提到的 2026 年利息支出方面的不利因素，在上半年會更加明顯。因此，我們在製定今年的計劃時也會考慮到這一點。但即便如此，我們對全年業績指引仍然非常有信心，我們將專注於盡可能地推動各項效益和額外效益。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

It's just kind of a housekeeping question at the end of this call. But just with regards to growth in [service] and maintenance and discretionary. I know you gave numbers for the year. But we just wondered if you could talk to how it performed -- how each category performed in Q4? And what your expectation is with -- if any, if there was deferral in the back half of this year, what that looks like into '26?

這只是通話結束時的一個例行問題。但就[服務]、維護和可選項目的成長而言。我知道你提供了今年的數據。但我們只是想了解它的表現如何——每個類別在第四季度的表現如何？如果今年下半年有任何延期，您對2026年的情況有何預期？

Say the last part again, Kate? You cut out just a little bit on our end, sorry.

凱特，把最後那句話再說一次？抱歉，我們這邊少了一點。

Sorry, sorry. Just about any kind of deferral that you may have seen towards the end of '25, if you -- '26, and when it would be in '26 you could make up some of that deferral?

對不起，對不起。如果你在 2025 年底之前獲得了某種延期付款，那麼到了 2026 年，你就可以補繳一部分延期付款了。

Yes, Kate. Yes, in terms of nondiscretionary repair, that was, call it, mid-single digits for the fourth quarter. So that's been pretty consistently improving as we've gone through the year. I would say the same for maintenance and service. And actually, in the fourth quarter, the discretionary part of the business was also kind of mid-single digits as well.

是的，凱特。是的，就非自願性維修而言，第四季的降幅，姑且稱之為個位數中段吧。所以，今年以來，情況一直在穩步改善。我對維護和服務方面也持同樣的看法。事實上，在第四季度，非必需消費品業務的成長也只有個位數的中等水準。

So for the full year, you had nondiscretionary repair of mid-singles, maintenance and service kind of going from low to mid-singles and then discretionary going from flat to slightly up, as we look at the math for the full year.

因此，從全年來看，非自願維修費用為中等單筆費用，保養和服務費用從低到中等單筆費用有所增加，而自願費用則從持平到略有增加，正如我們查看全年數據時所看到的。

So I think that those trends probably continue to improve as we go through into 2026. I would tell you, customers are still looking for value as we look at all of our assortment strategies and where we're seeing good traction. There's obviously people emphasizing our value lines and some of the assortment that we have below the better and best line. So I think all those trends will continue into 2026. That lineup with this concept that Bert's talking about, which is kind of a flattish volume market, slightly down with some price benefit to be kind of neutral overall for the market in 2026.

所以我認為，到 2026 年，這些趨勢可能會繼續改善。我想說的是，在我們審視所有產品組合策略以及哪些方面取得了良好反響時，我們發現顧客仍然在尋找物有所值的產品。顯然有人在強調我們的高性價比產品線，以及我們低於「更好」和「最好」系列的一些產品。所以我認為所有這些趨勢都會延續到2026年。Bert 所說的這個概念，與 2026 年市場整體呈現中性走勢，意味著成交量將趨於平穩，價格略有下降。

Thank you. This does conclude today's Q&A. I would now like to turn the call back over to Will Stengel, CEO. Please go ahead.

謝謝。今天的問答環節到此結束。現在我想把電話轉回給執行長威爾·斯坦格爾。請繼續。

Thank you, everybody, for joining us today. We look forward to updating you on the transaction and our progress as we move through the quarter on the April earnings call. Thanks again for being with us, and thank you for your support.

謝謝各位今天蒞臨。我們期待在四月份的財報電話會議上向您報告交易進度以及我們在本季的進展。再次感謝各位的陪伴與支持。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we do ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝各位的出席。此時，請您斷開線路。