純正零件 (GPC) 2026 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Genuine Parts Company first quarter 2026 earnings conference call. Today's call is being recorded. (Operator Instructions)

各位女士、先生，大家好，歡迎參加 Genuine Parts Company 2026 年第一季財報電話會議。今天的電話會議將進行錄音。(接線員指示)

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

此刻，我想將會議交給投資人關係副總裁 Tim Walsh。先生，請開始。

Thank you, and good morning, everyone. Welcome to Genuine Parts Company's first quarter 2026 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. Today's call is being webcast, and a replay will also be made available on the company's website after the call.

謝謝，各位早安。歡迎參加 Genuine Parts Company 2026 年第一季財報電話會議。今天與會者包括候任董事長兼執行長 Will Stengel，以及執行副總裁兼財務長 Bert Nappier。除今天上午發布的新聞稿外，補充投影片簡報可於 Genuine Parts Company 官網的投資人頁面取得。今天的電話會議將以網路直播方式進行，會後公司網站亦將提供重播。

Following our prepared remarks, the call will be open for questions. The responses to which will reflect management's views as of today, April 21, 2026. If we're unable to get to your questions, please contact our Investor Relations department. 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.

在我們的事先準備發言之後，將開放提問。管理層的回覆將反映截至今日（2026 年 4 月 21 日）的觀點。若我們無法回答您的問題，請聯絡我們的投資人關係部門。敬請注意，本次電話會議可能包含某些非 GAAP 財務衡量指標，這些指標可能會在我們依一般公認會計原則所報告之業績討論中被提及。相關指標之調節表已載於財報新聞稿中。

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.

今天的電話會議亦可能包含依 1995 年《私人證券訴訟改革法》所定義、關於本公司及其業務的前瞻性陳述。由於公司最新向 SEC 提交之文件（包括今天上午的新聞稿）所述的若干重要因素，公司的實際結果可能與任何前瞻性陳述存在重大差異。公司不承擔更新本次電話會議中所作任何前瞻性陳述之義務。

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

接下來，我把時間交給 Will。

Thank you, Tim. Good morning, everyone, and thank you for joining our first quarter 2026 earnings call. I want to start this morning by recognizing and thanking our 65,000 teammates around the world for their continued dedication and hard work. Their commitment, expertise, and focus are the foundation of our success as they work every day to deliver parts and solutions to our customers. This morning, I'll review our first quarter financial results by business segment, followed by an update on our announced plan to separate our Global Automotive and Global Industrial businesses into two publicly traded companies.

謝謝你，Tim。各位早安，感謝各位參加我們 2026 年第一季財報電話會議。今天早上我想先表揚並感謝我們全球 65,000 位團隊成員持續的投入與辛勤付出。他們的承諾、專業與專注是我們成功的基石，因為他們每天都在為客戶提供零件與解決方案。今天我將先按業務部門回顧第一季財務結果，接著更新我們已宣布的計畫：將全球汽車（Global Automotive）與全球工業（Global Industrial）業務分拆為兩家上市公司。

In short, the separation work is on track and progressing well. As we execute our separation plan, our top priorities remain the same: stay focused on key strategic initiatives, operate the business with discipline, and deliver excellent service to our customers. During the first quarter, our teams did this well and delivered financial results ahead of our expectations. The war in the Middle East will require us to remain agile and disciplined in a dynamic global environment. The war is impacting the flow of certain goods across the global supply chain, adding inflationary pressure to certain product and logistics costs and adding incremental uncertainty for customers.

簡而言之，分拆工作按計畫進行，且進展良好。在執行分拆計畫的同時，我們的首要重點維持不變：專注於關鍵策略性倡議、以紀律經營業務，並為客戶提供卓越服務。第一季期間，我們的團隊在這些方面表現出色，交出優於預期的財務成果。中東戰爭將要求我們在動態的全球環境中保持靈活與紀律。戰事正影響全球供應鏈中部分貨物流通，對某些產品與物流成本帶來通膨壓力，並為客戶增加額外不確定性。

Despite the environment, we did not experience a material impact to our financial results during the first quarter. Our teams have demonstrated the ability to manage through temporary economic and geopolitical disruptions in the past. We have global scale, playbooks and capabilities to deploy as needed. Moments of disruption create opportunities to gain market share and strengthen customer loyalty, especially when we respond with speed, discipline and focus. Bert will share more about how we're thinking about the conflict and the implications for our outlook.

儘管環境如此，我們在第一季並未在財務結果上遭遇重大影響。過去我們的團隊已展現出因應短期經濟與地緣政治干擾的能力。我們具備全球規模，以及可視需要部署的作業手冊與能力。干擾時刻會創造取得市占與強化客戶忠誠度的機會，特別是當我們以速度、紀律與專注做出回應時。Bert 將進一步分享我們如何看待這場衝突及其對我們展望的影響。

Turning to our financial results. A few highlights for the quarter include: total GPC sales of $6.3 billion, an increase of approximately $400 million, approximately 7% compared to 2025, with sequential improvement in all three business segments; continued overall gross margin expansion despite tough year-over-year comparisons driven by strategic pricing and sourcing initiatives; and Global Industrial segment EBITDA margin expansion of 90 basis points or 13.6% of sales.

接著談我們的財務結果。本季幾項重點包括：GPC 總銷售額為 63 億美元，較 2025 年增加約 4 億美元、約 7%，且三個業務部門皆呈現逐季改善；在策略性定價與採購來源（sourcing）倡議帶動下，儘管面臨嚴峻的年對年比較，整體毛利率仍持續擴張；以及全球工業部門 EBITDA 利潤率擴張 90 個基點，達銷售額的 13.6%。

Now looking at our business segments. Total sales for Industrial were $2.3 billion, an increase of over $100 million or up approximately 5% versus the same period in the prior year, with comparable sales up approximately 4%. During the quarter, the benefit from price inflation was approximately 3%. From a cadence perspective, all three months of the quarter saw mid-single-digit average daily sales growth.

現在來看各業務部門。工業部門總銷售額為 23 億美元，較去年同期增加逾 1 億美元、約成長 5%，其中同店銷售約成長 4%。本季價格通膨帶來的效益約為 3%。就銷售節奏而言，本季三個月份的平均每日銷售額皆呈現中個位數成長。

Motion delivered a strong first quarter with balanced growth across our large corporate account customers as well as with our small- to medium-sized local accounts. We remain cautiously optimistic about the outlook for industrial market conditions. While we're encouraged by three consecutive PMI readings over 50 in the first quarter and solid performance fundamentals, we balance that optimism with geopolitical realities and potential near-term uncertainty. That said, we're confident in Motion's ability to execute in every market environment and leverage its size and scale diverse end markets, extensive product offering, and strong customer-centric execution to differentiate it from the market.

Motion 第一季表現強勁，來自大型企業客戶以及中小型在地客戶的成長相當均衡。我們對工業市場狀況的展望仍保持審慎樂觀。雖然第一季 PMI 連續三次讀數高於 50 且基本面表現穩健令我們受到鼓舞，但我們也以地緣政治現實與短期潛在不確定性來平衡這份樂觀。即便如此，我們對 Motion 在任何市場環境下的執行能力充滿信心，並能運用其規模與量體、多元終端市場、廣泛產品組合，以及以客戶為中心的強勁執行力，形成相較市場的差異化。

Looking at the performance across our end markets in the first quarter, we saw growth in 10 of our 14 end markets we track, which is up from 9 in the fourth quarter of 2025 and 3 in the same period of the prior year. During the quarter, we saw notable growth in food products, automotive, iron and steel, mining, and fabricated metals. This growth was slightly offset by softer demand in pulp and paper, lumber and wood and rubber and plastic.

就第一季各終端市場表現而言，我們追蹤的 14 個終端市場中有 10 個呈現成長，高於 2025 年第四季的 9 個，也高於去年同期的 3 個。本季我們在食品產品、汽車、鋼鐵、採礦與金屬加工等領域看到顯著成長。此成長部分被紙漿與造紙、木材與木製品，以及橡膠與塑膠等領域較疲弱的需求所抵銷。

Our core MRO business, which accounts for approximately 80% of Motion sales was up over 5% during the quarter. We continue to see an increase in planned outage projects to start the year where customers stop operations to do maintenance and repair work as deferred maintenance needs are being addressed.

我們的核心 MRO（維護、修理與營運）業務約占 Motion 銷售額的 80%，本季成長逾 5%。我們持續看到年初計畫性停機（planned outage）專案增加，客戶暫停營運以進行維護與修理工作，因先前延後的維修需求正被逐步處理。

Looking at the remaining 20% of Motion sales, which originates from more capital-intensive projects, we saw encouraging sequential improvement in customer activity with sales up approximately 4% during the quarter. Industrial segment EBITDA in the first quarter was $314 million, up approximately 13% and 13.6% of sales which represents a 90 basis point increase from the same period last year.

再看 Motion 銷售額其餘 20%（主要來自資本密集型專案），我們看到客戶活動出現令人鼓舞的逐季改善，本季銷售約成長 4%。工業部門第一季 EBITDA 為 3.14 億美元，約成長 13%，EBITDA 佔銷售額比重為 13.6%，較去年同期提高 90 個基點。

Turning to our automotive segments. Starting with North America Automotive, we saw sequential improvement with total sales for the first quarter, increasing approximately 4.5% and comparable sales growth increasing approximately 2%. During the quarter, North America Automotive segment EBITDA was $156 million, up 6% and 6.6% of sales. This represents a 10 basis point increase from the same period last year and a 110 basis point increase from the fourth quarter.

接著談汽車部門。先從北美汽車部門開始，我們看到逐季改善：第一季總銷售額約成長 4.5%，同店銷售成長約 2%。本季北美汽車部門 EBITDA 為 1.56 億美元，成長 6%，EBITDA 佔銷售額比重為 6.6%。這較去年同期提高 10 個基點，較第四季提高 110 個基點。

The increase year-over-year reflects ongoing strategic initiatives, partially offset from pressure from cost inflation in salary and wages, healthcare, rent, and freight. Within North America, total sales in the US were up approximately 4% for the quarter, with comparable sales up approximately 3% and price contribution of approximately 3%. Average daily sales were positive in all three months, with two-year stack consistent across the quarter.

年對年增幅反映持續推動的策略性倡議，但部分被薪資與工資、醫療保健、租金與運費等成本通膨壓力所抵銷。在北美地區內，美國本季總銷售額約成長 4%，同店銷售約成長 3%，其中價格貢獻約 3%。三個月份的平均每日銷售額皆為正成長，且兩年疊加（two-year stack）在整季保持一致。

We continue to see strong sales performance at our company-owned stores. In the first quarter, comparable sales at our company-owned stores increased approximately 5.5%. Independent same-store purchases during the quarter increased approximately 1%. We remain pleased with our company-owned store initiatives as well as the work we're doing to partner closely and grow with our independent owners.

我們持續看到我們公司自營門市的銷售表現強勁。第一季，我們公司自營門市的同店銷售約成長5.5%。本季獨立門市的同店採購約增加1%。我們對公司自營門市的各項計畫，以及我們與獨立店主緊密合作並共同成長所做的努力，仍感到滿意。

Looking at the comparable sales performance 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 4% in the first quarter, up from 2% in the fourth quarter. By customer type, comparable sales to our commercial customers for the quarter were up approximately 5%, while comparable sales to our retail customers increased approximately 1%. Within commercial, we saw mid-single-digit growth in all four customer segments.

從面向終端客戶的同店銷售表現來看（包含我們公司自營銷售，以及獨立門市銷售給終端客戶的部分），NAPA系統第一季銷售成長4%，高於第四季的2%。按客戶類型來看，本季對商用客戶的同店銷售約成長5%，而對零售客戶的同店銷售約成長1%。在商用業務內，我們在四個客戶區隔皆看到中個位數的成長。

Across our product categories during the quarter, we saw continued relative strength in our nondiscretionary repair and maintenance and service categories, which were both up mid-single digits. As a reminder, combined, these categories account for approximately 85% of our US business. Discretionary categories sequentially improved in the first quarter and were up low single digits.

本季在各產品類別中，我們持續看到非可選擇性（剛性）維修與保養，以及服務類別相對強勁，兩者皆為中個位數成長。提醒一下，合計而言，這些類別約占我們美國業務的85%。可選擇性類別在第一季較前一季改善，並呈現低個位數成長。

Looking at our performance in Canada, our team is executing well despite soft market conditions. Total sales increased approximately 4% in local currency versus the same period last year, with comparable sales down approximately 2%. Trade disputes, tariffs, and low consumer confidence over the past few quarters have cumulatively impacted the market environment. However, the Benson acquisition provided a nice tailwind this quarter and we're ahead of our financial and operational target plans.

就加拿大的表現而言，儘管市場環境疲弱，我們團隊仍執行得宜。以當地貨幣計算，總銷售較去年同期約成長4%，同店銷售約下滑2%。過去幾季的貿易爭端、關稅以及消費者信心偏低，累積影響了市場環境。不過，Benson收購案在本季帶來良好助力，我們在財務與營運目標計畫上均領先進度。

Moving to our international automotive business. Total sales during the quarter increased approximately 13%, with comparable sales slightly positive. International Automotive segment EBITDA for the quarter was $145 million, up 5% and 9.1% of sales, which represents an 80 basis point decrease from the same period last year. The decrease in EBITDA margin was predominantly driven by ongoing inflationary cost pressures from higher salaries and wages, rent, and freight, which was partially offset by our restructuring initiatives and cost actions. By geography, in Europe, total sales for the quarter increased approximately 1% in local currency, with comparable sales down approximately 0.5%.

接著談我們的國際汽車業務。本季總銷售約成長13%，同店銷售略為正成長。國際汽車事業部本季EBITDA為1.45億美元，成長5%，占銷售額9.1%，較去年同期下降80個基點。EBITDA利潤率下滑主要來自持續的通膨成本壓力，包括更高的薪資與工資、租金及運費；部分則由我們的重整計畫與成本措施所抵銷。按地區來看，歐洲本季以當地貨幣計算總銷售約成長1%，同店銷售約下滑0.5%。

Overall results for the first quarter sequentially improved from the fourth quarter with improvement across each geography. Despite challenging market conditions, we believe we continue to perform in line or better than the market, driven by strength with key account customers, the NAPA brand offering and accretive bolt-on acquisitions. The investments in supply chain and technology across the region, combined with productivity initiatives position the business well as the market recovers. Finally, our team in Asia Pac had another solid quarter, with both total sales and comparable sales increasing approximately 4%. Both trade and retail businesses posted solid results during the quarter with retail performance continuing to stand out.

整體而言，第一季結果較第四季逐季改善，各地區皆有提升。儘管市場環境具挑戰性，我們相信在關鍵客戶的優勢、NAPA品牌產品組合，以及具增益的補強式併購帶動下，我們仍能與市場持平或優於市場表現。本區域在供應鏈與科技方面的投資，結合生產力提升計畫，使業務在市場復甦時具備良好定位。最後，我們亞太團隊本季再度交出穩健成績，總銷售與同店銷售皆約成長4%。本季貿易與零售業務均有穩健表現，其中零售表現持續突出。

Australia and New Zealand are reliant on oil from the Middle East and have recently been impacted by reduced fuel availability, elevated fuel prices, and corresponding negative consumer sentiment. Australia has also raised interest rates twice in 2026. Despite a challenging market environment, our in-flight initiatives are working as designed and have translated into impressive relative share gains. The local team remains energized and action-oriented.

澳洲與紐西蘭仰賴中東石油，近期受到燃料供應量下降、燃料價格攀升，以及相應的消費者情緒轉弱所影響。澳洲也在2026年兩度升息。儘管市場環境艱困，我們正在推進中的各項計畫如預期發揮效果，並轉化為令人印象深刻的相對市占提升。當地團隊仍充滿動能並以行動為導向。

Before I turn to an update on the business separation, I'd like to take a moment to recognize and thank Paul Donahue, who will retire from our Board of Directors at our Annual Meeting next week. Paul's retirement from the Board will conclude an exceptional career with GPC, which includes his impactful service as CEO and Chairman.

在我轉到業務分拆的最新進展之前，我想花點時間表達對Paul Donahue的肯定與感謝；他將於下週的年度股東大會後自董事會退休。Paul自董事會退休，將為他在GPC的卓越職涯畫下句點，其中包括他擔任執行長與董事長期間所帶來的深遠貢獻。

For more than 20 years, Paul played a pivotal role in transforming the company and enhancing our long-term strategic foundation. While his legacy includes transformational leadership and performance, his most enduring impact is on our culture, which he helped cultivate, evolve, and position for the future. He represents the best of who we are at Genuine Parts Company, leading with respect, fostering teamwork, and maintaining a deep sense of service to each other and our customers.

二十多年來，Paul在推動公司轉型並強化我們長期策略基礎方面扮演關鍵角色。他的傳承不僅包含轉型式的領導與績效，更長久的影響在於企業文化——他協助培育、演進並為未來做好定位。他展現了Genuine Parts Company最好的樣貌：以尊重領導、促進團隊合作，並對彼此與客戶保持深厚的服務精神。

On behalf of the Board and the entire global organization, I want to deeply thank Paul for his many contributions and years of dedicated service. We wish Paul all the best in retirement and hope he enjoys the well-deserved time with his family and friends.

我謹代表董事會與全球全體同仁，衷心感謝Paul多年來的貢獻與投入服務。我們祝福Paul退休生活一切順利，也希望他能享受與家人朋友共度的、實至名歸的美好時光。

Before I close, I can provide an update on our announced plan to separate our Global Automotive and Global Industrial businesses into two independent public companies. Overall, the announcement has been well received by investors, customers, suppliers, and employees. All stakeholders are looking forward to additional details as we advance our planning.

在我結束之前，我可以更新我們先前宣布的計畫：將全球汽車與全球工業兩大業務分拆為兩家獨立的上市公司。整體而言，這項宣布已獲投資人、客戶、供應商與員工的正面回應。隨著我們推進規劃，所有利害關係人都期待更多細節。

To ensure the organization can focus on daily priorities, we've been mindful to create a disciplined, centralized process and operating cadence with our advisers, business units and functional project leaders. We increased our internal communication rhythm to provide global updates to ensure teams are informed and managing through change. Our leaders are doing an exceptional job leading and partnering as a global team.

為確保組織能專注於日常優先事項，我們謹慎建立了具紀律、集中化的流程與運作節奏，並與顧問、各事業單位及各職能專案負責人協同推進。我們提高內部溝通頻率，提供全球最新進展，確保團隊掌握資訊並妥善因應變革。我們的領導團隊在帶領並以全球團隊方式合作方面表現非常出色。

As mentioned on our call in February, our automotive and industrial businesses maintain independent operations. Since the announcement, our key work stream has been to refine our initial estimates developed during our strategic review of potential dissynergies and incremental standalone costs that will be needed for two public companies. We expect the cost to be manageable and in the range of $100 million to $150 million, essentially in line with our initial estimates. Bert will share additional color in his remarks.

如同我們在2月電話會議中提到的，我們的汽車與工業業務維持獨立營運。自宣布以來，我們的主要工作流是精煉在策略檢視期間所建立的初步估算，評估可能的協同損失（dis-synergies）以及兩家上市公司所需新增的獨立營運成本。我們預期成本可控，約在1億至1.5億美元之間，基本上與初步估算一致。Bert將在他的發言中補充更多說明。

In addition, there is ongoing work to evaluate and identify leadership, prepare financial matters and organize stand-alone operational plans. We're progressing well and on track with our timeline to complete the separation in the first quarter of 2027.

此外，我們也持續進行評估與辨識領導團隊、準備財務事項，以及規劃獨立營運方案等工作。我們進展良好，並按計畫在時程上推進，預計於2027年第一季完成分拆。

In closing, thank you to our customers, owners, suppliers and shareholders for your continued trust and support. As we look to the second quarter, we're focused to build on the positive momentum as we manage the current market environment. We're prioritizing serving our customers reliably and timely and have a proven and resilient team that positions us well. I want to offer again my sincere thanks to our global GPC teammates for their continued effort and teamwork.

最後，感謝我們的客戶、店主、供應商與股東持續的信任與支持。展望第二季，在因應當前市場環境的同時，我們將專注延續正向動能。我們優先確保以可靠且及時的方式服務客戶，並擁有一支經驗證且具韌性的團隊，使我們具備良好定位。我也要再次向全球GPC同仁致上誠摯謝意，感謝大家持續的努力與團隊合作。

I'll now turn the call over to Bert.

接下來我把電話會議交給Bert。

Thanks, Will, and good morning, everyone. Our teams delivered in the first quarter with sales in line and profit ahead of expectations. Our results reflect disciplined execution across the organization against evolving market conditions, particularly with the added uncertainties surrounding the conflict in Iran. During the first quarter, adjusted EBITDA was up 5% and adjusted EPS of $1.77 was slightly above prior year. Our results were driven by higher sales and the benefits from our global restructuring initiatives, partially offset by cost inflation and operating expenses.

謝謝你，Will，各位早安。第一季我們團隊交出成績，銷售符合預期、獲利優於預期。我們的結果反映出全組織在市場情勢變化下的紀律執行，尤其是在伊朗衝突所帶來的額外不確定性之下。第一季，調整後EBITDA成長5%，調整後EPS為1.77美元，略高於去年同期。我們的結果主要由較高的銷售，以及全球重整計畫帶來的效益所驅動；部分則被成本通膨與營運費用所抵銷。

Our previously communicated headwinds from depreciation and interest expense negatively impacted our earnings by $0.09. This morning, I will review the details of our first quarter results and then share a few comments around our 2026 outlook, which we reaffirm this morning. Then I'll close with additional details on our estimated range of dis-synergies and standalone costs of our separation.

我們先前已溝通的逆風因素——折舊與利息費用——使我們的每股盈餘減少0.09美元。今天上午，我將回顧第一季業績細節，並就我們對2026年展望提出幾點說明；我們也在今天上午重申該展望。最後，我將補充更多關於分拆所估計的協同損失（dis-synergies）與獨立營運成本區間的細節。

Before I take you through the details of the quarter, my comments this morning will focus on adjusted results which include nonrecurring costs related to our global restructuring program and costs related to the planned separation of our automotive and industrial businesses. Collectively, these items totaled $75 million of pretax costs or $56 million after tax.

在我帶各位深入說明本季細節之前，我今天上午的評論將聚焦於調整後結果，其中包含與我們全球重整計畫相關的一次性成本，以及與我們規劃中將汽車與工業業務分拆相關的成本。合計而言，這些項目共計產生稅前成本7,500萬美元，稅後為5,600萬美元。

Now let's turn to the details of the first quarter. Total GPC sales increased 6.8%, which included a 240 basis point improvement in comparable sales, a 130 basis point benefit from acquisitions, and a 320 basis point benefit from foreign currency. Of note, each of our three segments delivered comparable sales growth that sequentially improved from the prior quarter. Price inflation was up low single digits in each segment, with North American Auto at approximately 3%, International Auto at approximately 2%, and Industrial at approximately 3%. Our gross margin was 37.3%, an increase of 20 basis points from last year and relatively in line with our expectations.

現在讓我們來看第一季的細節。GPC總銷售額成長6.8%，其中包括同店銷售提升240個基點、併購帶來130個基點的貢獻，以及外幣帶來320個基點的助益。值得注意的是，我們三個事業部門的同店銷售成長，皆較前一季呈現逐季改善。各部門的價格通膨均為低個位數：北美汽車約3%、國際汽車約2%、工業約3%。我們的毛利率為37.3%，較去年增加20個基點，且大致符合我們的預期。

The improvement in our gross margin was primarily driven by the ongoing execution of our strategic pricing and sourcing initiatives, partially offset by the impact of inflation and tariffs on product costs. Our adjusted SG&A as a percentage of sales in the first quarter was 29.4%, an increase of 50 basis points from the prior year. On an adjusted basis, SG&A grew year over year in absolute dollars by approximately $145 million. Foreign currency and acquisitions represented approximately $95 million of the growth year over year with foreign currency being the large majority of the increase. The remaining $50 million of core SG&A growth was up 2.9% from the prior year.

毛利率的改善主要來自我們持續推動策略性定價與採購來源（sourcing）措施的執行，但部分被通膨與關稅對產品成本的影響所抵銷。第一季調整後SG&A占銷售比為29.4%，較去年增加50個基點。以調整後口徑計算，SG&A的絕對金額年增約1.45億美元。外幣與併購合計約貢獻年增9,500萬美元，其中外幣為增加的主要部分。其餘5,000萬美元的核心SG&A成長，較去年增加2.9%。

Within our core SG&A, we experienced higher costs year over year in two main categories. Approximately half of the increase was driven by people-related costs associated with our merit increases a year ago and mandatory minimum wage increases outside the US. The remaining increase was largely driven by cost inflation in healthcare, rent, and freight. We continue to take actions to adjust our cost structure through our restructuring initiatives. During the quarter, we incurred restructuring costs of $59 million and realized $26 million of cost savings or a benefit of $0.14 per share.

在核心SG&A中，我們年對年成本上升主要來自兩大類別。約一半的增幅來自人員相關成本，包括一年前的績效調薪，以及美國以外地區法定最低工資上調。其餘增幅主要來自醫療保健、租金與運輸（freight）成本的通膨。我們持續透過重整措施採取行動，以調整成本結構。本季我們發生重整成本5,900萬美元，並實現2,600萬美元的成本節省，或每股帶來0.14美元的效益。

For the quarter, total adjusted EBITDA increased approximately 5% with an adjusted EBITDA margin of 7.9%, down 20 basis points year over year. Our EBITDA performance within the three business segments includes the following highlights.

本季總調整後EBITDA約成長5%，調整後EBITDA利潤率為7.9%，年對年下降20個基點。三個事業部門的EBITDA表現重點如下。

For the North American Auto segment, EBITDA increased approximately $10 million or 6.3% and with EBITDA margin of 6.6%, up 10 basis points from last year. The primary driver of the increase was higher gross profit, partially offset by approximately $30 million of higher operating costs from cost inflation in people, healthcare, and freight expenses as well as the impact of acquired businesses.

北美汽車部門EBITDA增加約1,000萬美元或6.3%，EBITDA利潤率為6.6%，較去年上升10個基點。增長的主要驅動因素為毛利增加，但部分被約3,000萬美元較高的營運成本所抵銷，該成本上升來自人員、醫療保健與運輸費用的通膨，以及併購業務的影響。

International Auto segment EBITDA increased $6 million or 4.6% with EBITDA margin of 9.1%, down 80 basis points from the prior year. The decrease in EBITDA margin was primarily driven by a 100 basis point headwind from inflation in salaries and wages, rent and freight. This was partially offset by a 50 basis point tailwind from the benefits of our restructuring and cost actions.

國際汽車部門EBITDA增加600萬美元或4.6%，EBITDA利潤率為9.1%，較去年下降80個基點。EBITDA利潤率下滑主要來自薪資與工資、租金及運輸的通膨，造成100個基點的不利影響。此影響部分被我們重整與成本措施帶來的50個基點有利因素所抵銷。

Industrial segment EBITDA increased approximately 13%, representing a margin of 13.6%, up 90 basis points year over year. The increase was driven by both gross margin expansion and leverage and operating costs, driven by our global restructuring initiatives, and disciplined cost control. Turning to our cash flows.

工業部門EBITDA約成長13%，利潤率為13.6%，年對年上升90個基點。增長來自毛利率擴張，以及在我們全球重整措施與嚴謹成本控管帶動下，營運成本的槓桿效益。接著談我們的現金流。

For the quarter, we generated approximately $64 million in cash from operations. Our cash flow from operations benefited from an improvement in working capital of approximately $200 million, partially offset by payments related to tax planning initiatives. In the first quarter, we invested approximately $100 million back into the business in the form of capital expenditures as we continue to modernize our supply chain infrastructure and IT systems. We also returned approximately $142 million back to our shareholders in the form of dividends. Now turning to our outlook.

本季我們自營運活動產生約6,400萬美元現金。營運現金流受惠於約2億美元的營運資金改善，但部分被與稅務規劃措施相關的付款所抵銷。第一季我們以資本支出形式回投約1億美元於業務，持續現代化供應鏈基礎設施與IT系統。我們亦以股利形式向股東返還約1.42億美元。現在轉向我們的展望。

As we detailed in our press release this morning, we are reaffirming our outlook for 2026. For the full year, we continue to expect diluted earnings per share, which includes the expenses related to our restructuring efforts to be in the range of $6.10 to $6.60 and 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. With respect to our outlook, our expectations take into account our performance in the first quarter, which was ahead of our expectations. However, we have balanced our performance to date against a more prudent view of the second and third quarters, given uncertainty of the conflict in Iran, leaving our expected range of performance for 2026 unchanged.

如同我們今天上午新聞稿所述，我們重申2026年的展望。就全年而言，我們仍預期稀釋每股盈餘（包含與重整工作相關費用）將落在6.10至6.60美元區間；調整後稀釋每股盈餘將落在7.50至8.00美元區間，以區間中點計較2025年成長5%。就展望而言，我們的預期已納入第一季表現（優於我們預期）。然而，鑑於伊朗衝突的不確定性，我們也以更審慎的角度看待第二與第三季，將目前的表現與之平衡，因此2026年的預期表現區間維持不變。

As we consider the shape and timing of our performance in 2026, key themes remain, the market conditions in Europe, the performance of our independent owners in our US NAPA business and the impact from the conflict in Iran, including their duration of any disruptions. We expect near-term cost pressure from the impact of the conflict as we turn into the second quarter and have incorporated those views into our outlook. As we've previously noted, we continue to expect depreciation and interest expense to be a headwind of approximately $0.30 in 2026 as we continue to invest in the business for growth.

在考量2026年表現的形狀與時點時，關鍵主題仍包括：歐洲的市場狀況、我們美國NAPA業務中獨立店主的表現，以及伊朗衝突的影響（包含任何干擾的持續時間）。隨著進入第二季，我們預期衝突影響將帶來短期成本壓力，並已將這些觀點納入展望。如先前所述，隨著我們持續投資業務以促進成長，我們仍預期折舊與利息費用在2026年將帶來約0.30美元的逆風影響。

With respect to the conflict in Iran, our outlook incorporates updated views across the various elements of our P&L as follows: first, our revenue outlook considers the impact of demand from higher oil and energy prices, which has the potential to drive lower consumer sentiment, miles driven and industrial and manufacturing output. Broadly speaking, during March, when the conflict was in its early stages, consumer behavior across our segments remained fairly resilient. It's difficult to predict how the conflict will play out but the duration of higher oil and energy costs will be something for us to watch.

就伊朗衝突而言，我們的展望已就損益表（P&L）各項要素納入更新後的觀點如下：首先，我們的營收展望考量了油價與能源價格上升所帶來的需求影響，這可能導致消費者信心下降、行駛里程減少，以及工業與製造產出下滑。整體而言，在3月衝突仍處於早期階段時，我們各部門的消費者行為仍相當具韌性。衝突將如何發展難以預測，但高油價與高能源成本持續的時間將是我們需要關注的重點。

Our outlook for gross margin reflects anticipated cost increases from our suppliers as they face higher input and shipping costs. We have also considered the cost of adjustments to our own supply chain to mitigate any disruption to inventory availability. Our global teams are working with our supplier and vendor partners to manage any potential increases in a strategic and thoughtful manner. Broadly, we expect to pass through many of these cost increases. On a consolidated basis, our exposure to products sourced from the Middle East is less than 0.5% of our total purchases.

我們對毛利率的展望反映了供應商因投入成本與運輸成本上升而可能提出的成本調漲。我們也考量了為降低庫存可得性中斷風險而對自身供應鏈進行調整的成本。我們的全球團隊正與供應商及供應商夥伴合作，以策略性且審慎的方式管理任何潛在的成本上升。整體而言，我們預期將把其中許多成本上升轉嫁出去。以合併口徑計算，我們對中東來源產品的曝險占總採購額不到0.5%。

Finally, we have incorporated revised assumptions on operating expenses, including freight and fuel costs. Our freight expense, which represents the cost of moving product to our stores and branches is approximately 3% of our revenue. While we maintained our guidance, I will reemphasize a few points within our fiscal 2026 outlook, starting with sales. We continue to expect total GPC sales growth in the range of 3% to 5.5%.

最後，我們已納入對營運費用（包含運輸與燃料成本）的修正假設。我們的運輸費用（即將產品運送至門市與分支據點的成本）約占營收的3%。雖然我們維持指引不變，但我將再次強調2026會計年度展望中的幾點，首先是銷售。我們仍預期GPC總銷售成長將落在3%至5.5%的區間。

Our outlook assumes that the 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 from M&A carryover and about 1 point of growth from our strategic initiatives and about 1 point of benefit from foreign exchange.

我們的展望假設市場成長大致持平，且來自定價的效益（包括通膨與關稅）約為 2%。我們的銷售展望亦假設可受惠於併購（M&A）結轉效益、我們策略性計畫帶來約 1 個百分點的成長，以及外匯帶來約 1 個百分點的效益。

We continue to expect expenses associated with the 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. Beyond these aspects, the remaining elements of our guidance remain unchanged, including the individual segment sales growth projections as well as gross margin, SG&A, corporate costs, EBITDA, cash flow, and capital allocation expectations. The details of these assumptions are included in our earnings presentation on our website.

我們仍預期與轉型活動及成本行動相關的費用將落在 2.25 億至 2.50 億美元區間，並預期 2026 年可帶來 1.00 億至 1.25 億美元的效益。這些費用不包含任何與業務分拆相關的成本。除上述事項外，我們其餘指引要素維持不變，包括各事業部的個別銷售成長預測，以及毛利率、SG&A、公司費用、EBITDA、現金流與資本配置預期。這些假設的細節已納入我們網站上的法說會簡報中。

Before I close, I'd like to add some additional details on the dis-synergies and stand-alone costs of our planned separation. We've done extensive work with our internal team as well as our external advisers, validating our estimates around the incremental run rate dis-synergy costs and standalone costs for the new public company.

在我結束之前，我想補充一些關於我們規劃分拆所產生的協同效益流失（dis-synergies）與獨立營運成本（stand-alone costs）的額外細節。我們已與內部團隊及外部顧問進行大量工作，驗證我們對新上市公司新增常態化協同效益流失成本與獨立營運成本的估算。

As we have outlined on slide 11 of our earnings presentation, our estimated range of cost is $100 million to $150 million. This range of cost includes two components: first, dis-synergy costs from activities associated with indirect sourcing due to loss of scale and back office and technology functions that will have to be replicated. We estimate this category to be in a range of $50 million to $75 million, and it would be evenly split between Global Automotive and Global Industrial.

如同我們在法說會簡報第 11 頁所概述，我們估計的成本區間為 1.00 億至 1.50 億美元。此成本區間包含兩個組成：第一，因規模效益喪失而導致的間接採購相關活動，以及必須複製的後勤與科技職能所產生的協同效益流失成本。我們估計此類別約為 5,000 萬至 7,500 萬美元，且將由全球汽車（Global Automotive）與全球工業（Global Industrial）平均分攤。

The second category is incremental standalone costs associated with the design of the new public company and would include: new facilities, personnel, public company functions and costs. We estimate this category to also be in a range of $50 million to $75 million, the vast majority of which would be at Global Industrial. This range of cost does not include onetime costs associated with the separation, such as legal, banking, and other professional fees. Further, it is important to note that this does not include the allocation of current corporate expense at Genuine Parts Company. We will share additional details on our views on the allocation of the existing corporate costs as that work progresses over the coming months.

第二類為與新上市公司架構設計相關的新增獨立營運成本，將包括：新設施、人員、上市公司職能與相關成本。我們估計此類別亦約為 5,000 萬至 7,500 萬美元，其中絕大多數將發生在全球工業（Global Industrial）。此成本區間不包含與分拆相關的一次性成本，例如法律、投行及其他專業費用。此外，重要的是，這也不包含目前在 Genuine Parts Company 的公司費用分攤。隨著未來數月相關工作推進，我們將分享更多關於既有公司費用分攤方式的看法與細節。

In closing, we are pleased with our first quarter performance and the disciplined execution demonstrated across the organization. As we move forward, we remain focused on running the business effectively while continuing to make steady progress toward our intended separation. At the same time, we will stay agile and attentive to all market dynamics, including the ongoing conflict in Iran. Above all, we are confident in our teams and their ability to navigate uncertainty while delivering for our customers and our shareholders.

總結來說，我們對第一季的表現以及全組織所展現的紀律執行感到滿意。展望未來，我們仍專注於有效經營業務，同時持續穩健推進我們預期的分拆計畫。同時，我們也將保持敏捷並密切關注所有市場動態，包括伊朗持續的衝突。最重要的是，我們對團隊充滿信心，相信他們能在不確定性中前行，並為客戶與股東創造成果。

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

謝謝，接下來我們把時間交還給主持人，進行提問。

(Operator Instructions) Greg Melich, Evercore ISI.

(主持人指示) Evercore ISI 的 Greg Melich。

Thanks for all the additional detail. I want to follow up on, I think, Bert, some of your comments about the conflict in Iran and some of the spillover and how it inflects the outlook. I think you mentioned pricing was up low single digits. I think it was 3% in North American Auto and then similar in Industrial and International.

感謝提供這些額外細節。我想追問一下，我想是 Bert，你對伊朗衝突以及一些外溢效應、以及它如何影響展望的評論。我記得你提到定價上升為低個位數。我想北美汽車是 3%，工業與國際業務也差不多。

How do you think the increased cost, as you mentioned on freight, you said it would pass through? So do you expect pricing to now for the year be running at that 3%? Or do you think it decelerates equally across the businesses?

你提到運費等成本上升，你說會轉嫁出去。那你是否預期今年的定價會以 3% 的水準運行？還是你認為它會在各業務中同樣地放緩？

Greg, thanks for the question. Look, I think I'll start -- I'll pull it up just a little bit and then come back to the pricing point and maybe give everybody a little bit more color on Q2 when we think about the next 100 days or so. And again, start with pointing back to my prepared remarks on those various elements of the P&L that I outlined where we think the impact comes from when we think about the conflict, whether it's revenue, cost of goods sold or operating expenses.

Greg，謝謝你的問題。我想我先把視角稍微拉高一點，然後再回到定價這點，並在我們思考接下來大約 100 天時，給大家更多關於第二季（Q2）的說明。同樣地，我先回到我事先準備的發言，談到我所概述的損益表（P&L）各項要素，我們在思考衝突時，影響可能來自哪些面向，不論是營收、銷貨成本或營業費用。

When we look across the balance of the year, I think we've been pretty prudent and pragmatic. That balancing, we finished ahead of expectations for Q1 against all these new dynamics we're dealing with, with the conflict. And so when you think about the forecasting, obviously, we're thinking about your pricing question within that.

當我們檢視今年剩餘期間，我認為我們一直相當審慎且務實。在面對衝突帶來的這些新動態下，我們第一季的表現超出預期。因此在進行預測時，當然也會把你提到的定價問題納入其中。

But I think the biggest variable, which gets to the question you've asked about the duration of pricing for the year is the duration of the disruption itself and the conflict. And obviously, there's a wide range of outcomes and scenarios when we think about this and we've really tried to refine our perspective to the next 100 days because I think that's what we have the best insight to, which is obviously a bit arguable when you think about the Strait opening and closing from morning to afternoon or just the point around oil prices. I think in the last 45 days, we've had 6 days of double-digit moves in oil prices with some of those swings at nearly 20%.

但我認為最大的變數——也就是你所問、關於今年定價能維持多久的問題——在於干擾本身與衝突持續的時間。顯然，當我們思考這件事時會有很廣泛的結果與情境；我們也確實嘗試把觀點聚焦在接下來 100 天，因為我認為那是我們最有把握的區間。當你想到海峽可能從早到晚開開關關，或是油價的變動，這點當然也有可爭議之處。我想在過去 45 天裡，油價有 6 天出現雙位數的波動，其中一些波動接近 20%。

So with that backdrop, I think I'll give you just a little bit more precise color on Q2. We expect the impact to the forecast for us to be most pronounced in Q2. And when we've taken all the variables into consideration pricing, cost of goods sold and operating expenses, we see some downside risk that we've incorporated into our guidance of about $10 million to $20 million of EBITDA as the net negative impact of the conflict to the business.

在這樣的背景下，我想就第二季提供更精準一些的說明。我們預期對我們預測的影響在第二季最為明顯。在把定價、銷貨成本與營業費用等所有變數納入考量後，我們看到一些下行風險，並已將其納入我們的指引：衝突對業務的淨負面影響約為 1,000 萬至 2,000 萬美元的 EBITDA。

And so I'll give you a little bit more color there. The headwind that we see is really the product of both increased cost of goods sold and operating expenses, which will be freight-in, freight-out and fuel, balanced against what we think our assumptions are for pricing benefits that will be likely offset by muted expectations on demand from the environment itself.

我再補充一些細節。我們看到的逆風，主要來自銷貨成本與營業費用的上升，包括進貨運費（freight-in）、出貨運費（freight-out）與燃料；同時，這會與我們對定價效益的假設相互抵銷，而定價效益也可能因環境本身導致需求預期偏弱而被部分抵銷。

So I would say that we think the pricing environment stays more in line with what we see for the full year that I shared in my prepared remarks, 2%, split evenly between tariff and just overall inflation. But obviously, this conflict will have a lot to say about how long that lasts, and I think it gets back to the duration of the environment that we face.

因此我會說，我們認為定價環境更接近我在事先準備發言中分享的全年水準，也就是 2%，其中關稅與整體通膨各占一半。但顯然，這場衝突將在很大程度上決定這種情況能維持多久，而這又回到我們所面對環境的持續時間。

As I mentioned, we've incorporated all of this, including a very solid first quarter into our reaffirmed guidance for the year. And as we look beyond updating the guidance this morning. I would just say that April has started steady and helped inform our views. When we look about the rest of the year, I would remind everybody that we do have interest and depreciation headwinds. Those abate in the second half, but we also expect the Q2 impact of those two items to be roughly in line with the first quarter.

如我所提到的，我們已把所有這些因素（包括非常強勁的第一季）納入我們對全年重申的指引之中。而在今天早上更新指引之外，我只想說，4 月開局平穩，也有助於形成我們的看法。當我們看今年其餘時間，我想提醒大家，我們確實面臨利息與折舊的逆風。這些逆風在下半年會減弱，但我們也預期第二季這兩項的影響大致會與第一季相當。

And then finally, I would just say, look, our teams have been here before. We've problem solved. We had the problem solved. And that gives us confidence as we look to our full year guide about our strategic initiatives, the transformation activities we're running, our restructuring actions, which will also build sequentially across the year.

最後我想說，我們的團隊以前也經歷過類似情況。我們解決過問題。我們已經把問題解決了。這讓我們在看全年指引時，對我們的策略性計畫、正在推動的轉型活動，以及重整行動更有信心，而這些也將在全年逐季累積增強。

That's great. And for a follow-up, I would love to ask Will, as you're going through this big separation process and -- how do you think it could impact the culture and how do you think about working that through? I'm thinking just bolt-on M&A along the way or even thinking of selling some of the businesses, if that's what makes sense along the way?

太好了。接著追問一下，我想請教 Will，在你們推進這個大型分拆流程的同時——你認為這會如何影響企業文化？你又會如何思考並推動文化面的落地？我在想，是否會在過程中進行一些補強型併購（bolt-on M&A），甚至如果途中判斷合理，也可能出售部分業務？

Yes, Greg, I think this is a moment where our culture really shines. It's based in team. It's based in hard work. It's based in collaboration. I referred to the way in which we've set up the project team, it's cross-functional, it's cross-business unit, it's global.

是的，Greg，我認為這正是我們企業文化真正發光的時刻。我們的文化以團隊為核心。以努力工作為核心。以協作為核心。我先前提到我們如何組建專案團隊：它是跨職能、跨事業單位、全球性的。

We meet every week. So I think the operating rhythm and the way in which we're all working is a perfect reflection of how this company works as a team and has built its culture over 100 years. As I've talked about before, we have a very consistent culture, both geographically and across business units. So that's part of our special sauce, and I wouldn't expect anything about the work that we're doing in 2026 or our strategy going forward to change that. And in fact, I would argue that it amplifies the depth and the way in which we work together.

我們每週都會開會。所以我認為，這樣的營運節奏以及我們共同工作的方式，正好完美反映了這家公司如何以團隊方式運作，並在一百多年來建立其文化。如我之前談到的，我們擁有非常一致的文化，不論在地理區域上或在各事業單位之間皆然。這也是我們的獨門配方之一；我不預期我們在 2026 年所做的工作或未來策略會改變這一點。事實上，我會主張這反而強化了我們合作的深度與方式。

So we feel really good about where we are.

所以我們對目前的進展感到非常放心。

Bret Jordan, Jefferies.

Bret Jordan，Jefferies。

Could you give us a little more color on the European backdrop, I guess, or regional performance, competitive landscape, are there stronger and weaker markets over there that should be as big as (inaudible)?

能否再多談一些歐洲的背景情況，或者說各區域表現、競爭態勢？那邊是否有較強或較弱的市場，規模是否應該大到足以(聽不清)？

Yes, happy to, Bret. As I said in the prepared remarks, we were really encouraged. We saw sequential -- meaningful sequential improvement versus the fourth quarter in all of our geographies. So we're seeing continued good execution and arguably improving market fundamentals across each of the geographies. We had some nice progress in our Germany business this past quarter.

可以的，Bret。如我在事先準備的發言中所說，我們確實受到很大鼓舞。我們看到相較第四季，在所有地區都出現了連續性——且相當有意義的——改善。因此我們看到持續良好的執行力，而且可以說各地區的市場基本面也在改善。本季我們在德國業務方面也取得了一些不錯的進展。

They're doing a nice job relative to competition, and we continue to show really nice progress in our Iberia platform that has done a lot of work to build its national supply chain, work closely with its vendors. It's accelerating its NAPA brand offering in the market that's new and different in the marketplace. So those are two highlights. And as I said, the other markets improved, and we're cautiously optimistic that as we go through 2026, we'll continue to build that momentum.

相較競爭對手，他們做得相當不錯；同時我們在伊比利亞平台也持續展現很好的進展，該平台投入大量工作來建立全國性供應鏈，並與供應商緊密合作。它正在加速在市場上推出 NAPA 品牌產品組合，這在當地市場是新的、也有所不同。所以這是兩個亮點。另外如我所說，其他市場也有所改善；我們審慎樂觀地認為，隨著進入 2026 年，我們將能持續累積這股動能。

Great. And then I guess sort of early thoughts on the dividend policy for the SpinCos. Obviously, it will be a sort of a different business profile, but how do you think about that capital allocation?

很好。接著想請教對 SpinCo 的股利政策目前的初步想法。顯然它將是不同的業務輪廓，但你們如何看待這方面的資本配置？

Yes, Bret, look, I think we've got more work to do on capital allocation. We're obviously mindful of the dividend and the importance of that to the various customer base -- or the various shareholder bases. One thing that I would say is that we have -- we've increased the dividend again for 2026. It's an important part of the current GPC capital allocation structure, and it will be going forward as well. I think as we shared a few weeks ago at the conference with Michael, this is a moment in which we'll ensure that the capital allocation strategy of the two businesses follows its growth strategy.

是的，Bret，你看，我認為我們在資本配置上還有更多工作要做。我們當然也會留意股利，以及股利對不同客戶群——或不同股東群——的重要性。我想強調的一點是，我們已再次提高 2026 年的股利。這是目前 GPC 資本配置架構的重要一環，未來也會是。如我們幾週前在會議上與 Michael 分享的，這是一個我們將確保兩項業務的資本配置策略能跟隨其成長策略的時刻。

And those will be different, and that's a backdrop for why the separation of the businesses make sense. Each business has a different trajectory going forward, both super positive, and we're both -- and we're excited about both. But when we think about it, I think you'll see an automotive business that has a focus on shareholder returns, first and foremost, and secondarily, probably an indexing towards capital -- CapEx investments and a little bit of bolt-on M&A. And when you think about Industrial, I think you'll be thinking about a profile of more M&A. It's a little less capital-intensive business, so CapEx as well, but also shareholder returns.

而這兩者會有所不同，這也是為何分拆業務合理的背景因素。兩項業務未來各自有不同的發展軌跡，兩者都非常正向，我們也都——對兩者都感到興奮。但當我們思考時，我認為你會看到汽車業務將把股東報酬放在首要，其次可能會更偏向資本——資本支出（CapEx）投資，以及少量補強型併購。而談到工業業務，我想你會看到更多併購的輪廓。它是資本密集度較低的業務，因此也會有 CapEx，但同時也會重視股東報酬。

So early innings. We're doing that work right now, and we'll continue to progress that work and share thoughts later. But the most important thing will be to continue to focus on shareholder returns and make sure the capital allocation strategies follow the business strategies and in the end, make sure that we stay faithful to our intention to have both companies investment-grade ratings.

所以目前還在早期階段。我們正在進行這些工作，並會持續推進，之後再分享想法。但最重要的是，持續聚焦股東報酬，並確保資本配置策略能跟隨業務策略；最終也要確保我們忠於初衷，讓兩家公司都維持投資級評等。

Christopher Horvers, JPMorgan.

Christopher Horvers，JPMorgan。

So I had a couple pricing follow ups. So first on Section 232, the new steel tariffs, to what extent do you expect that to be inflationary? And I guess, to what degree? And is that baked into your guidance as you look to the balance of the year? And then you mentioned potentially pricing through some of the freight costs.

我有幾個關於定價的追問。首先是 232 條款（Section 232）新的鋼鐵關稅，你們預期它在多大程度上會推升通膨？以及大概到什麼程度？當你們看今年剩餘期間時，這是否已反映在你們的財測指引中？另外你提到可能會把部分運費成本反映到定價上。

Just wanted to understand, is like freight costs that get capitalized into inventory. You passed -- it sounds like you're willing to pass those through, but the periodic costs of domestic freight, is that something that you would anticipate passing through over time? Or is that something more of a TBD? We're going to have to eat that now, figure out the need to pass that into price later?

我想了解的是，例如會資本化計入存貨的運費成本。你們——聽起來願意把這些轉嫁出去；但至於國內運輸的期間費用（periodic costs of domestic freight），你們是否預期會隨時間推移把它轉嫁出去？還是這目前更偏向 TBD（尚待決定）？也就是說，我們現在得先吸收，之後再視需要把它反映到價格上？

Yes, Chris, maybe I'll start with -- that's a long question. I'll start with the second part on the current environment with respect to the conflict and how we're thinking about that, and then I'll come back to the Section 232 tariffs. Look, I think this is going to be a steady as it goes kind of environment. We're dealing with something that's incredibly dynamic. As I mentioned a few minutes ago, just oil prices alone and the volatility changing from day to day.

是的，Chris，也許我先從——這問題很長。我先回答第二部分：在目前與衝突相關的環境下，我們如何思考；接著我再回到 232 條款關稅。你看，我認為這將是一種「穩中求進」的環境。我們正在面對一個極度動態的情勢。如我幾分鐘前提到的，光是油價本身就有很大波動，而且每天都在變。

On the freight end, which does get capitalized into inventory, that would be part of our pricing strategy. We'll be thinking about how do we pass that through balanced against our regular playbook on pricing and where we're considering the moves of pricing across markets, geographies, SKUs, and what elasticity is out there. I think the consumer has a lot to consider right now. Customers and consumers have a lot to consider on the pricing front. And we'll have to be thoughtful about this environment on top of overall inflation and then tariffs.

在運費方面——這部分會資本化計入存貨——它會是我們定價策略的一部分。我們會思考如何轉嫁，同時也要平衡我們一貫的定價作法，以及我們在不同市場、地區、SKU 上的定價動作，並評估需求彈性。我認為消費者現在需要考量的事情很多。客戶與消費者在定價面也有很多要考量。在整體通膨與關稅之上，我們必須對這個環境保持審慎。

When we think about the freight out and so that's the cost that we're incurring to move product inside the US or inside a certain geography from DC to the branch or store. Again, we're having to absorb increases in cost, and that's why I shared the thoughts I shared on the second quarter about those additional downside risks to the business in the near term. That also will factor in how do we think about pricing on that front as well. I mean all of these things factor into our operating costs and the cost to serve our customers, and we put them first.

至於出貨運費（freight out），也就是我們在美國境內或某個地理區域內，將產品從配送中心（DC）運到分公司或門市所產生的成本。同樣地，我們必須吸收成本上升，這也是我在談到第二季時分享的原因：短期內業務還有一些額外的下行風險。這也會影響我們如何思考在這方面的定價。我的意思是，這些因素都會影響我們的營運成本與服務客戶的成本，而我們會把客戶放在第一位。

And so we're being super thoughtful about how do we balance the additional costs we have in the business with what we can push through to price and then how can we be more efficient, which is an important part of our model as well and that we have to control costs. So it's a lot of algebra, it's a lot of 3D chess, when we think about it, but we're also trying to make sure that we put customer first and make sure that we balance all of that across those considerations.

因此，我們非常審慎地思考，如何在我們業務中新增的成本與我們能夠轉嫁到價格上的部分之間取得平衡，以及我們如何能更有效率——這也是我們模式中很重要的一環——而且我們必須控管成本。所以當我們思考這件事時，這裡面有很多代數運算、很多像下三維西洋棋一樣的推演；但同時我們也在確保以客戶為先，並在這些考量之間取得平衡。

So there are good thoughts. I think we've thoughtfully incorporated them into our views. And that's why we see the conflict as a near-term net negative.

所以這些都是很好的想法。我認為我們已經審慎地把它們納入我們的觀點之中。這也是為什麼我們把這場衝突視為短期的淨負面因素。

When I think about Section 232, we're managing this just like we manage the overall tariff situation. Our command center is still up and running. Our teams are still focused on it. At this point, we have not seen any additional requests from customers on Section 232. Same thesis here.

當我想到《232條款》（Section 232）時，我們的管理方式就像我們管理整體關稅情勢一樣。我們的指揮中心仍在運作。我們的團隊仍然專注在這件事上。截至目前，我們尚未看到客戶就《232條款》提出任何額外要求。這裡的論點相同。

To the extent we started to see those increases from suppliers or requests for increases from suppliers, we factor in that into our models for pricing and how we pass that through. Again, our intent would be to pass through where we can. I would say that the overall tariff environment, I think, has finally found it's -- at risk of jeopardizing my views, I think it's found its normalized point. We're in a normalized rhythm and cadence. We're heading into the full anniversary of the tariff landscape.

如果我們開始看到供應商的漲價，或供應商提出漲價要求，我們會把這些因素納入我們的定價模型，以及我們如何轉嫁的考量之中。同樣地，我們的意圖是在可行之處進行轉嫁。我會說整體關稅環境，我認為終於找到了它的——冒著讓我的觀點被打臉的風險——我覺得它找到了常態化的水準。我們正處於一個常態化的節奏與步調。我們也即將迎來關稅版圖的完整周年期。

I think the noise has died down largely, and the request that we're seeing coming in from suppliers have become more normal conversations around annual price increases and negotiations versus specific to tariffs. So we'll continue to deal with whatever dynamic comes up tomorrow, but at the same time with respect to Section 232, we haven't seen any material increases. And anything we would see we'd be sure to think about how we pass that through and how we manage the overall cost.

我認為雜音大致已經消退，而我們看到供應商提出的要求，也更像是圍繞年度例行漲價與談判的正常對話，而不是特別針對關稅。所以我們會持續應對明天可能出現的任何變化；但同時就《232條款》而言，我們尚未看到任何重大幅度的上漲。而任何我們看到的情況，我們都一定會思考如何轉嫁，以及如何管理整體成本。

And then staying on the pricing topic, you talked about 3% inflation roughly. You also talked about a gross margin headwind with respect to tariffs. So is it that you're not passing -- and that number lags, that 3% lags what Zone and O'Reilly have talked about, albeit in line with Advance. So is that gross margin headwind essentially indicative that you're holding back on some of the tariff costs and as a means to maybe narrow price gaps? Or are you trying to adjust for prices that are perhaps too high in certain markets and just trying to get back down to normal?

接著延續定價的話題，你提到大約3%的通膨。你也提到關稅對毛利率帶來逆風。所以是否代表你們沒有完全轉嫁——而且那個3%的數字落後於Zone和O'Reilly所談到的水準，雖然與Advance一致。因此，這個毛利率逆風是否基本上意味著你們在某些關稅成本上有所保留，以便縮小價格差距？或者你們是在調整某些市場中可能偏高的價格，只是想回到正常水準？

No, I don't think there's anything to see there other than we had a really strong Q1 a year ago, a 120 basis point expansion in gross margin. So we had a tough comp to begin with. The second element would just be that don't forget that the first quarter of last year had no tariff impact. And so for Q1 this year, we're actually carrying all the increases in cost of goods sold with the top line benefit and all of those things are hunting in the low single-digit range. So when we think about how we've expanded gross margin over the past several quarters, we've had the benefit at moments in time of lags and where we sit in terms of the delta between price and cost.

不，我不認為那裡有什麼特別需要解讀的，除了我們去年第一季非常強勁，毛利率擴張了120個基點。所以一開始我們就面臨很高的比較基期。第二個因素是，別忘了去年第一季完全沒有關稅影響。因此在今年第一季，我們其實同時承擔了銷貨成本的所有上升，但也有營收端的好處，而這些因素整體都落在低個位數的區間。所以當我們回顧過去幾季毛利率如何擴張時，我們在某些時點受惠於時間差，以及我們在價格與成本差距（delta）上的位置。

And in this particular quarter, I think they're pretty lined up. And so that created a little bit of tension on the expansion of gross margin for the quarter. But nothing concerning from our perspective, in line with our expectations. And as I -- as we mentioned in my prepared remarks, we've reaffirmed our outlook for the full year, 40 to 60 basis points of gross margin expansion. And that's going to come on this great work we're doing across the business, which is going to build benefits across the course of the year.

而在本季，我認為兩者幾乎是對齊的。因此這讓本季毛利率擴張出現了一點拉扯。但從我們的角度來看沒有任何令人擔憂之處，符合我們的預期。而且如同——如同我們在事先準備的發言中提到的，我們已重申全年展望：毛利率擴張40到60個基點。這將來自我們在全公司推動的出色工作，並在一年當中逐步累積效益。

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

Scot Ciccarelli. Two auto-related questions. First, I don't know if you guys are willing to provide anything at this stage, but any more detail around the profitability of your North American company-owned stores versus the independent biz?

Scot Ciccarelli。兩個與汽車相關的問題。第一個，我不確定你們現階段是否願意提供任何資訊，但能否更詳細說明你們北美公司自營門市相較於獨立業務（independent biz）的獲利能力？

And then secondly, kind of on a related basis, where do you think company-owned profit -- company-owned store profitability can go over time, just given what we can see from some of your biggest competitors?

第二個，算是相關的延伸，你認為隨著時間推移，公司自營——公司自營門市的獲利能力可以提升到什麼程度，考量到我們從你們一些最大競爭對手那裡所看到的情況？

Yes, Scot, on the first one, I hope you can appreciate, I'm not sure we prefer to disclose that level of detail on the profitability.

是的，Scot，第一個問題我希望你能理解，我不確定我們是否傾向揭露那種層級的獲利細節。

On the second question, maybe we won't talk with specific numbers, but I can tell you with a lot of empirical data behind it as you think about our 2025 strategic review. Obviously, we spent a lot of time looking at what we call our entitlement in all of our businesses, but in particular, in our automotive business, and it's really compelling. And it's a material improvement in the business. The exciting part about it is, we've got best-in-class examples that are already at the level of entitlement.

第二個問題，也許我們不談具體數字，但我可以告訴你，當你回顧我們的2025年策略檢視時，背後有大量實證數據支持。顯然，我們花了很多時間檢視我們所謂在各項業務中的「應有水準」（entitlement），尤其是在汽車業務上，而結果非常有說服力。而且這會為業務帶來實質性的改善。令人振奮的是，我們已經有同級最佳（best-in-class）的案例，正處於那個應有水準。

And so it's not pie in the sky in the sense that we've got to go out and do something unnatural. We have to get all of our opportunities up to best in class. And I think we'll bring that to life in the Investor Day to put some numbers around it.

所以這並不是空中樓閣，因為我們不需要出去做一些不自然、違背常理的事情。我們需要做的是把所有機會提升到同級最佳。我想我們會在投資人日把它具體化，並用一些數字來說明。

But we're excited about the work we're doing and the sequential improvement in company-owned stores is the early days work of executing that road map and that playbook to get the best of breed to teach the others and work with the others to get to that level. So more to come on it. It's a good question. It's a fair question.

但我們對正在做的工作感到興奮，而公司自營門市獲利能力的逐季改善，正是執行那份路線圖與作戰手冊的早期成果：讓最優秀的門市帶動其他門市、教導其他門市，並與其他門市一起把水準拉到那個層級。所以後續還會有更多分享。這是個好問題。也是個合理的問題。

I would note, we are a B2B business. So we are different than your traditional retailers. So we'll have our own benchmark for what we view as entitlement and best-of-breed that might potentially look different than a traditional retailer.

我也要指出，我們是一家B2B企業。因此我們與傳統零售商不同。所以我們對於「應有水準」與「同級最佳」的基準，可能會與傳統零售商看起來不太一樣。

Can I just ask a follow up, given the lack of information on the first question there. What are you hearing just in terms of your conversations with your independents, given their appetite for inventory and given some of the cost pressures that they've been under with the interest expense related to inventory?

我可以再追問一個問題嗎？鑑於第一個問題缺乏資訊。就你們與獨立業者的對話而言，你們聽到他們對庫存的意願如何？以及考量到他們因庫存相關的利息費用而承受的一些成本壓力？

We had a -- I should mention, we had 20 of our largest owners here in the US in the Atlanta headquarters two, three weeks ago and the tone and the discussions are very positive and optimistic, honestly. Sequentially improved, as you saw in our results, which I think reflects the cautious optimism as we go through 2026. Alain Masse and the NAPA team here in the States, part of his expertise and his experience working with independent owners is playing out as we thought. There's really good alignment in terms of the priorities of the business and the investments we're making in the business on behalf of the independent owners.

我們有——我應該提一下，我們在兩、三週前在亞特蘭大總部接待了美國這邊20位最大的業主，而整體氛圍與討論其實非常正面且樂觀。如你在我們的業績中所看到的，表現逐季改善，我認為這反映了我們在邁向2026年的過程中那種審慎的樂觀。Alain Masse以及美國這邊的NAPA團隊，他在與獨立業主合作方面的專長與經驗，正如我們所預期地發揮作用。在業務優先事項以及我們代表獨立業主所進行的投資方面，彼此之間有非常好的對齊。

And we're also spending time thinking creatively about different ways to support their inventory investments, and there's more to come on that topic as well. So we're working as well as we've ever worked with our independent owners over the recent years. Obviously, it's been a tough market backdrop for them in all small businesses and part of our strategy today and going forward is to make sure that they're in a position to win in the local markets. And their sales outperformance is encouraging. And as long as we're all selling out in the markets there, I think the independent owners have a real opportunity to be successful and we're here to support them to be successful in the same.

我們也花時間以更具創意的方式思考，如何以不同方式支持他們的庫存投資，關於這個主題後續也會有更多內容。因此，近年來我們與獨立業主的合作狀態，和以往任何時候一樣良好。顯然，對他們以及所有小型企業而言，市場環境一直很艱難；而我們當前及未來策略的一部分，就是確保他們具備在當地市場取勝的條件。他們的銷售表現優於市場，令人鼓舞。只要我們都能在當地市場把產品賣出去，我認為獨立業主就有很大的成功機會，而我們也會在同一條戰線上支持他們取得成功。

So more to come on it, but a fair question and a good question.

所以後續還會有更多說明；這是個合理的問題，也是個好問題。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

It's essentially a follow-up on that last topic, which is, is there a trade-off for GPC Corporate in the Auto segment where you have to balance the free cash flow generation of the North American Auto business versus the top line growth for your independents, meaning you have an opportunity potentially to sacrifice some of the free cash flow generation if you were to extend more capital or longer terms to your independents? And if that's the case, how is that going to impact the free cash flow generation of a standalone auto business?

基本上是針對上一個主題的追問：在汽車業務板塊中，GPC 企業端是否存在一種取捨，需要在北美汽車業務的自由現金流創造能力與獨立業主的營收成長之間取得平衡？也就是說，如果你們向獨立業主提供更多資金或更長的付款期限，可能就有機會（或需要）犧牲部分自由現金流的創造。如果是這樣，這將如何影響一家獨立運作的汽車業務的自由現金流創造能力？

Michael, it's Bert. I think the short answer to that is it doesn't impact the medium or long-term outlook for cash flow generation for the business.

Michael，我是 Bert。我認為簡短的答案是：這不會影響該業務中期或長期的現金流創造展望。

The bottom line is that we've been using our very strong balance sheet for many, many years to support our independent owners whether that's capital programs that we guarantee, that we disclose to support their growth and loans that they need to grow, which gives them access to capital at a more favorable -- at a little bit more favorable rate than they could on their own to payment terms, to deeper investments in inventory to make sure they have the availability.

歸根結底，多年來我們一直運用非常強健的資產負債表來支持獨立業主——無論是我們提供擔保、並已揭露用以支持其成長的資本方案，以及他們為了成長所需的貸款，讓他們能以比自行取得資金更有利——更準確地說，稍微更有利的利率取得資金；或是付款條件；或是加大庫存投資以確保供貨可得性。

We've been using the GPC balance sheet long before I got here to support the independent owners, and that's in our run rate. And so I think when we think about how we look ahead to the Global Automotive business on a standalone basis, we'll continue to do that.

在我加入之前很久，GPC 就一直用資產負債表來支持獨立業主，而這已反映在我們的常態化水準（run rate）中。因此，當我們展望全球汽車業務在獨立運作的情境下，我們也會持續這麼做。

And as Will just mentioned, we're reimagining even as we speak, how we support independent owners. The independent owner has a -- it's the backbone of this business. It's how the aftermarket grew up and it will always have a place. We just have to find a way to optimize it in a maximized way and continue to grow together and do the right thing for our customers. And so we're going to continue to do that.

而且正如 Will 剛才提到的，我們此刻也正在重新構想如何支持獨立業主。獨立業主是——他們是這門生意的骨幹。售後市場就是在這樣的模式下發展起來的，而且它永遠會有其位置。我們只是必須找到方法，以最佳方式加以優化、把效益最大化，並持續共同成長，為客戶做正確的事。因此，我們會繼續這麼做。

I don't think even with some of the new things we're considering, it changes the long-term view on cash generation or how we've used the balance sheet. We're just going to use it in a different way, and we'll have more to come on that.

我不認為即使我們正在考慮一些新作法，也會改變對長期現金創造的看法，或改變我們使用資產負債表的方式。我們只是會以不同方式來運用它，後續也會有更多說明。

Look, I think all of these questions build into what will be a very exciting Investor Day for Global Automotive. We'll be talking about the strength of the two channels, the company-owned stores, the independent owners, and what we can do as we look ahead. And so that's why we're excited. And that's why I think everyone should be excited about the separation of these two businesses and what will be two great public companies.

我想，所有這些問題都會匯聚成全球汽車業務一個非常令人振奮的投資人日。我們將談到兩個通路的優勢：公司自營門市與獨立業主，以及我們在展望未來時能做些什麼。因此我們很期待。也因此我認為大家都應該對這兩項業務的分拆、以及未來將成為兩家優秀上市公司的前景感到振奮。

Got you. Very helpful. And you also provided some really helpful commentary on sizing the incremental EBITDA impact from all the geopolitical issues, $10 million to $20 million of EBITDA. Putting a couple of points together, you mentioned that April has been steady for the business.

了解。非常有幫助。另外，你們也提供了很有用的評論，說明所有地緣政治問題對增量 EBITDA 的影響規模，約為 1,000 萬到 2,000 萬美元的 EBITDA。把幾個點串起來，你提到 4 月份業務表現一直很穩定。

So should we be modeling pretty consistent top line performance in the second quarter with what you experienced in the first quarter and yet take into account this $10 million to $20 million EBITDA hit? And how does that play into your expectations in the back half of the year and how we should be modeling that?

那麼，我們是否應該在模型中假設第二季的營收表現與第一季的經驗大致一致，同時納入這 1,000 萬到 2,000 萬美元的 EBITDA 衝擊？這又會如何影響你們對下半年（H2）的預期，以及我們應該如何建模？

Look, maybe I'll answer that on a core basis, Michael. So don't forget the first quarter had a nice tailwind from currency. I think that's the one element that we've assumed about 1 point of FX growth for the rest of the year. We had 320 basis points of FX tailwind in Q1. So let's not -- let's not everybody run out and remodel on that kind of FX tailwind as we look to the balance of the year.

Michael，我或許從核心面來回答。別忘了第一季受惠於匯率帶來不錯的順風。我們對今年剩餘期間的假設，是匯率（FX）成長約 1 個百分點。第一季匯率順風達到 320 個基點。所以，當我們看今年剩餘期間時，請不要——請不要大家就依照那種匯率順風去重新建模。

When I look at core revenue growth for Q2, I think it will be pretty steady. April has started out steady. March was pretty resilient. April is a steady start. And April helped inform the downside risk that I shared earlier.

就我看第二季的核心營收成長，我認為會相當穩定。4 月開局穩定。3 月表現相當有韌性。4 月是穩健的開始。而 4 月的表現也幫助我們評估我先前分享的下行風險。

But within that, I think the top line will continue to perform. The things we watch on the top line are the European market conditions, which, as Will mentioned, we're cautiously optimistic have improved from the fourth quarter. They're still muted, but they are improved from the fourth quarter, so we'll continue to watch that. Independent owners had a sequentially improved quarter. We'll continue to stay focused there.

但在此之中，我認為營收端仍會持續表現。我們在營收端關注的重點包括歐洲市場狀況；正如 Will 提到的，我們對其相較第四季已有改善抱持審慎樂觀。雖然仍偏疲弱，但確實比第四季好轉，因此我們會持續觀察。獨立業主的季度表現也較前一季改善。我們會持續聚焦在這一塊。

And as I shared earlier, I think when we think about revenue in Q2, we'll have what we think is maybe a little bit more pricing benefit from some of the things that are happening with the costs we're passing on to perhaps more muted demand, and that leaves us neutral in our assumptions. So I'd say, keep the core kind of in line and don't model in a bunch of additional FX tailwind, if that's helpful.

另外，如我先前分享，當我們思考第二季營收時，我們預期在某些成本轉嫁的情況下，價格帶來的效益可能會稍微多一些，但需求可能更為溫和，兩者在我們的假設中大致相互抵銷、呈中性。所以我會說：核心表現大致維持一致即可；如果這樣有幫助的話，也不要把額外大量的匯率順風納入模型。

And at this time, we have no other questions registered. I will turn the call over to Mr. Stengel. Please go ahead.

目前沒有其他已登記的提問。我將把電話會議交回給 Stengel 先生。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 July earnings call. Thanks again for being with us, and thanks for your support. Have a great day.

感謝各位今天加入我們。我們期待在 7 月的財報電話會議上，隨著本季進展，向各位更新這項交易與我們的進度。再次感謝各位與會，也謝謝你們的支持。祝各位有美好的一天。

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。各位女士、先生，今天的電話會議到此確實結束。再次感謝各位參與。此刻也請各位斷線。