純正零件 (GPC) 2026 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Genuine Parts Company third-quarter 2026 earnings conference call.

各位女士、先生，大家好，歡迎參加 Genuine Parts Company 2026 年第三季財報電話會議。

(Operator Instructions)

（接線員指示）

This call is being recorded on Tuesday, October 20, 2026. At this time, I would like to turn the conference call over to Tim Walsh, Vice President of Investor Relations. Please go ahead, sir.

本次電話會議於 2026 年 10 月 20 日（星期二）錄音。現在，我想將電話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 third-quarter 2026 earnings call.

謝謝，各位早安。歡迎參加 Genuine Parts Company 2026 年第三季財報電話會議。

Joining us on the call today are Will Stengel, Chairman and Chief Executive Officer; Court Carruthers, Chief Executive Officer-elect; and Bert Nappier, Executive Vice President and Chief Financial and Operating Officer.

今天與會的還有：董事長兼執行長 Will Stengel；候任執行長 Court Carruthers；以及執行副總裁兼財務與營運長 Bert Nappier。

In addition to this morning's press release, a supplemental slide presentation can be found on the Investors page of the Genuine Parts Company website. Today's call is being webcast, and a replay will also be made available on the company's website after the call.

除今天早上的新聞稿外，補充的簡報投影片可在 Genuine Parts Company 官網的投資人頁面找到。今天的電話會議將進行網路直播，會後也會在公司網站提供重播。

Following our prepared remarks, the call will be open for questions, the responses to which will reflect management's views as of today, October 20, 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.

在我們預先準備的發言之後，將開放提問；回覆內容將反映管理團隊截至今日（2026 年 10 月 20 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。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。相關調節表已於財報新聞稿中提供。

Today's call may also involve fsorward-looking statements regarding the company and its businesses as defined in the Private Securities Litigation Reform Act of 1995. The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest SEC filings, including this morning's press release. The company assumes no obligation to update any forward-looking statements made during this call.

今天的電話會議也可能包含依 1995 年《私人證券訴訟改革法》所定義、關於公司及其業務的前瞻性陳述。由於公司最新向 SEC 提交的文件（包括今天早上的新聞稿）中所述的若干重要因素，公司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任何前瞻性陳述的義務。

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 third-quarter 2026 earnings call. I want to begin by recognizing our team members around the world for their exceptional teamwork and disciplined execution against a challenging macroeconomic backdrop. Our teams are managing the business well as we simultaneously advance the important work to create two stand-alone public companies. Our commitment to serving customers remains a daily priority and a key driver of our performance.

謝謝你，Tim。各位早安，也感謝各位參加我們 2026 年第三季財報電話會議。首先，我要肯定我們全球團隊成員在充滿挑戰的總體經濟環境下，展現出卓越的團隊合作與紀律執行力。在推進成立兩家獨立上市公司的重要工作同時，我們的團隊也把業務經營管理得很好。我們對服務客戶的承諾仍是每日的優先事項，也是推動我們表現的關鍵動能。

This morning, I'll review our third-quarter results by segment and share an update on the planned separation, which remains on track for completion in the first-quarter of 2027. Following my remarks, you'll hear from Court on his early observations from his first six weeks, and Bert will close with an update on our financial performance during the quarter and provide color on our outlook.

今天早上，我將按事業部門回顧第三季業績，並分享分拆計畫的最新進度；該計畫仍按進度推進，預計於 2027 年第一季完成。在我發言之後，Court 將分享他到任前六週的初步觀察；最後 Bert 將就本季財務表現提供更新，並補充我們對前景的看法。

We delivered a solid third-quarter in line with our expectations, supported by focused execution across our businesses. While the global operating environment remains dynamic with geopolitical uncertainty in the Middle East, persistent cost inflation and a cautious consumer, our teams continue to be agile and operate the business with discipline.

我們交出符合預期、表現穩健的第三季成績，這得益於各項業務的聚焦執行。儘管全球營運環境仍然多變，包含中東地緣政治不確定性、持續的成本通膨以及審慎的消費者態度，我們的團隊仍保持敏捷並以紀律方式經營業務。

Turning to our financial results. A few highlights for the third-quarter include total GPC sales of $6.5 billion, an increase of over $250 million or up approximately 4% compared to the third-quarter of 2025. Gross margin expansion of 70 basis points, in line with our expectations, driven by strategic pricing and sourcing initiatives. Segment EBITDA in Industrial increased approximately 11% versus prior year to 13.2% of sales and adjusted earnings per share of $2.07, an increase of approximately 5% versus the same period last year.

接著談我們的財務結果。第三季幾項重點包括：GPC 總銷售額為 65 億美元，較 2025 年第三季增加逾 2.5 億美元，約成長 4%。毛利率擴張 70 個基點，符合我們預期，主要由策略性定價與採購來源（sourcing）措施所帶動。工業事業部的部門 EBITDA 較去年同期增加約 11%，達銷售額的 13.2%；調整後每股盈餘為 2.07 美元，較去年同期約成長 5%。

Now turning to our results by business segment. Total sales for Industrial were $2.4 billion, an increase of approximately $140 million or up 6% versus the same period in the prior year, with comparable sales up 5.5%. During the quarter, the benefit from price inflation was approximately 2%. From a cadence perspective, all three months of the quarter were similar on an average daily sales basis, growing mid- to high single digits versus last year, with September being the strongest month of the quarter.

現在按業務部門說明我們的表現。工業事業部總銷售額為 24 億美元，較去年同期增加約 1.4 億美元，約成長 6%；同店銷售成長 5.5%。本季價格通膨帶來的貢獻約為 2%。從節奏來看，本季三個月份以平均每日銷售額計算表現相近，較去年呈現中到高個位數成長，其中 9 月是本季最強的月份。

Motion delivered another strong quarter with continued growth across large corporate accounts, small- to medium-sized local customers, and its value-added solutions offerings. We are encouraged by the industrial market backdrop and the current level of customer activity, including 9 consecutive PMI readings over 50 and solid performance year-to-date.

Motion 再度交出強勁的一季，在大型企業客戶、中小型在地客戶，以及其加值解決方案產品方面皆持續成長。我們對工業市場的背景與目前客戶活動水準感到鼓舞，包括 PMI 連續 9 次讀數高於 50，以及今年以來的穩健表現。

Following a prolonged period of industrial market contraction, deferred maintenance and delayed investments are beginning to be addressed by customers. We believe data center and AI infrastructure investment is also having a positive impact on the broader manufacturing economy.

在工業市場長期收縮之後，客戶開始著手處理先前延後的維護與延宕的投資。我們也認為資料中心與 AI 基礎設施投資，正對更廣泛的製造業經濟帶來正面影響。

Looking at the performance across our diversified end markets, we saw growth in 12 of our 14 end markets we track, which is up from 11 in the second-quarter and 7 in the same period of the prior year. During the quarter, we saw notable growth in equipment and machinery, which was up high single digits.

從我們多元化終端市場的表現來看，在我們追蹤的 14 個終端市場中，有 12 個出現成長，高於第二季的 11 個，也高於去年同期的 7 個。本季我們在設備與機械領域看到顯著成長，增幅達高個位數。

We also saw mid-single-digit to double-digit growth in food products, iron and steel, automotive, fabricated metals, DC and logistics, oil and gas extraction and equipment rental and leasing. This growth was slightly offset by softer demand in lumber and wood and rubber and plastics.

我們也在食品、鋼鐵、汽車、金屬加工、DC 與物流、油氣開採，以及設備租賃與出租等領域看到中個位數到雙位數的成長。上述成長部分被木材與木製品，以及橡膠與塑膠領域較疲弱的需求所抵銷。

Motion has the diversified scale, unique value proposition, and One Motion invoice customer approach to differentiate itself from the competition in a highly fragmented market. By solving customers' problems with technical, industry and technology expertise and becoming deeply familiar with and embedded in customers' operations, Motion delivers differentiated solutions that create customer loyalty and recurring profitable growth. An action bias and service culture across the Motion team is a key to the success.

Motion 具備多元化的規模、獨特的價值主張，以及「One Motion」單一發票的客戶服務模式，使其能在高度分散的市場中與競爭對手形成差異化。透過以技術、產業與科技專業協助客戶解決問題，並深入熟悉且融入客戶的營運流程，Motion 提供差異化解決方案，建立客戶忠誠度並帶來可重複的獲利成長。Motion 團隊的行動導向與服務文化，是成功的關鍵。

Our core break-fix MRO business, which accounts for approximately 80% of Motion sales, was up approximately 5% during the quarter. And the remaining 20% of Motion sales, which originates from more capital-intensive projects, was up nearly 10%. Larger customer orders and capital project activity were solid in the quarter.

我們核心的故障維修（break-fix）MRO 業務約占 Motion 銷售額的 80%，本季約成長 5%。其餘約 20% 的 Motion 銷售額來自資本密集型專案，本季成長接近 10%。本季大型客戶訂單與資本專案活動表現穩健。

Industrial segment EBITDA in the third-quarter was $317 million, up approximately 11% and 13.2% of sales, which represents a 60 basis point increase from the same period last year. The strong results were driven by our multiyear sales effectiveness, pricing and sourcing initiatives, combined with disciplined cost management as we continue to invest to support long-term growth.

工業事業部第三季 EBITDA 為 3.17 億美元，約成長 11%，並達銷售額的 13.2%，較去年同期提升 60 個基點。強勁成果來自我們多年期的銷售效能提升、定價與採購來源措施，再加上在持續投資以支持長期成長的同時，維持嚴謹的成本管理。

As we look ahead, we're encouraged by the momentum across Motion. Despite a dynamic environment, Motion is positioned well to benefit from attractive near- and long-term industrial manufacturing trends. Core MRO demand remains healthy, capital-intensive project activity continues to strengthen, and our strategic initiatives are delivering tangible benefits with exciting runway for continued performance. We look forward to sharing more on the business, our initiatives, capital allocation priorities, and financial outlook at Motion's Investor Day on December 9.

展望未來，我們對 Motion 各方面的動能感到鼓舞。儘管環境多變，Motion 具備良好定位，可受惠於具吸引力的近、中長期工業製造趨勢。核心 MRO 需求仍然健康，資本密集型專案活動持續轉強，而我們的策略性措施正帶來具體效益，並為持續表現提供令人振奮的成長空間。我們期待在 12 月 9 日 Motion 投資人日，分享更多關於該業務、我們的措施、資本配置優先順序，以及財務展望的內容。

Moving now to our automotive segments. In North America Automotive, total sales in the third-quarter increased approximately 2% with comparable sales also increasing approximately 2%. The team continues to execute against our strategic priorities while managing a cautious consumer backdrop and ongoing inflationary pressures, both of which have been impacted by the conflict in the Middle East.

接著談我們的汽車事業部。在北美汽車業務方面，第三季總銷售額約成長 2%，同店銷售亦約成長 2%。在審慎的消費者環境與持續的通膨壓力下（兩者皆受到中東衝突影響），團隊仍持續依照我們的策略優先事項推進執行。

During the quarter, North America Automotive segment EBITDA was $194 million or 7.6% of sales. Our profit continues to benefit from our strategic initiatives, operating cost discipline, and restructuring actions, which was more than offset by pressure from cost inflation in health care, rent, and freight. Bert will share more on the specific impact of higher fuel costs in his comments.

本季北美汽車業務部門的 EBITDA 為 1.94 億美元，約占銷售額的 7.6%。我們的獲利持續受惠於策略性措施、營運成本紀律與重整行動，但這些效益被醫療保健、租金與運輸費用的成本通膨壓力所抵銷且抵銷幅度更大。Bert 將在他的發言中分享較高燃料成本的具體影響。

Within North America, total sales in the US were up approximately 1.5% for the quarter, with comparable sales up approximately 2%. Price contribution was approximately 2.5%. From a cadence perspective, average daily sales were up low single digits in July and August and slightly positive in September. Consumers remain under pressure from higher fuel prices, persistent inflation, and the recent interest rate increase.

在北美地區，本季美國總銷售額約成長 1.5%，同店銷售約成長 2%。價格貢獻約為 2.5%。從節奏來看，7 月與 8 月的日均銷售額為低個位數成長，9 月則略為轉正。消費者仍承受較高油價、持續通膨以及近期升息帶來的壓力。

Despite the softer environment, sales performance at our company-owned stores was solid. In the third-quarter, comparable sales at our company-owned stores increased approximately 3.5%, with commercial up approximately 5%. Independent same-store purchases were up slightly versus the same period of the prior year and have shown sequential improvement on a two-year stack through the year.

儘管外部環境較為疲弱，我們自營門市的銷售表現仍然穩健。第三季，我們自營門市同店銷售約成長 3.5%，其中商用業務約成長 5%。獨立門市的同店採購量較去年同期小幅上升，且以兩年疊加基礎觀察，全年呈現逐季改善。

We continue to execute company-owned store initiatives well and enhancements to our commercial segments like major accounts and AutoCare are building momentum. We're also pleased with our independent owner initiatives with our top quartile owners growing at comparable levels to our company-owned stores. We held sessions with hundreds of owners during the quarter, and the tone is positive with good alignment on our go-forward priorities.

我們持續良好推進自營門市各項措施，且在主要客戶（major accounts）與 AutoCare 等商用業務板塊的強化正累積動能。我們也對獨立店主相關措施感到滿意，因為我們前四分位的店主其成長幅度與自營門市相當。本季我們與數百位店主舉行交流會議，整體氛圍正向，且對未來優先事項高度一致。

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 3% in the third-quarter.

若以 NAPA 對終端客戶的同店銷售表現來看（包含自營門市銷售，以及獨立門市對終端客戶的銷售），NAPA 系統在第三季實現約 3% 的銷售成長。

By customer type, comparable sales to our commercial customers for the quarter were up approximately 4%, while comparable sales to our retail customers decreased approximately 3%. Within commercial, we saw solid growth in all four customer segments with particular strength in other wholesale and fleet and government customers.

按客戶類型來看，本季對商用客戶的同店銷售約成長 4%，而對零售客戶的同店銷售約下滑 3%。在商用方面，我們在四個客戶細分領域皆見到穩健成長，其中以其他批發以及車隊與政府客戶表現尤為強勁。

We were pleased to go live on time and on budget with a new distribution center in Eastern Pennsylvania in the third-quarter. This modern facility is the first of its kind in the NAPA network that's heavily automated with robotics to drive productivity and service in the local markets. The operational metrics are on track and the NAPA supply chain team is building momentum with another planned building go-live in 2026.

我們很高興在第三季於賓夕法尼亞州東部的新配送中心如期、且在預算內正式上線。這座現代化設施是 NAPA 網路中首座高度自動化的同類型中心，透過機器人技術提升生產力並強化在地市場服務。營運指標符合預期，NAPA 供應鏈團隊也正累積動能，並規劃於 2026 年再有一座新建案上線。

In Canada, our team continues to execute well despite ongoing softer market conditions. We saw solid sales growth again in the third-quarter with total sales increasing approximately 9% in local currency versus the same period last year and comparable sales up 1%. The Benson acquisition continues to support our performance with financial and operational results tracking ahead of plan.

在加拿大，儘管市場環境持續偏弱，我們的團隊仍持續良好執行。第三季我們再次實現穩健的銷售成長，以當地貨幣計算總銷售額較去年同期約成長 9%，同店銷售成長 1%。Benson 併購案持續支撐我們的表現，財務與營運成果均優於原先計畫進度。

Turning to our International Automotive business. Total sales during the quarter increased 4.5% with comparable sales up approximately 1%. International Automotive segment EBITDA for the quarter was $141 million, up approximately 5% and 9.0% of sales, which is flat versus the same period last year. By geography, in Europe, total sales for the quarter increased approximately 4% in local currency, with comparable sales positive up 1%. Our results improved slightly from the second-quarter and continued the sequential improvement throughout 2026 with notable recent improvement in our business in the UK.

接著談我們的國際汽車業務。本季總銷售額成長 4.5%，同店銷售約成長 1%。本季國際汽車業務部門 EBITDA 為 1.41 億美元，約成長 5%，占銷售額 9.0%，與去年同期持平。按地區來看，歐洲本季以當地貨幣計算總銷售額約成長 4%，同店銷售為正、成長 1%。我們的結果較第二季略有改善，並在 2026 年持續呈現逐季改善，近期英國業務的改善尤為明顯。

We feel confident our teams are continuing to perform better than the market, driven by our initiatives with key account customers and the NAPA brand offering. Our investments in supply chain infrastructure are scaling as intended and driving meaningful cost efficiency and improved inventory productivity, positioning the business to deliver stronger performance as the market recovers.

我們有信心團隊持續跑贏市場，主要受惠於我們針對關鍵客戶（key account）推動的措施以及 NAPA 品牌產品/服務方案。我們在供應鏈基礎設施的投資正如預期擴大規模，帶來顯著的成本效率與更佳的庫存生產力，使業務在市場復甦時能交出更強勁的表現。

Lastly, our team in Asia Pacific had a solid quarter despite challenging market conditions, driven by the ongoing conflict in Iran, five interest rate increases in nine months and low business and consumer confidence. Despite these conditions, our teams continue to be focused, motivated and executing at a high level to win profitable market share as well as adding capabilities.

最後，亞太地區團隊在充滿挑戰的市場條件下仍交出穩健的一季；挑戰因素包括伊朗持續的衝突、九個月內五次升息，以及企業與消費者信心低迷。儘管如此，我們的團隊仍保持專注與動力，以高水準執行來贏得具獲利性的市占，同時也持續增強能力。

Total sales in the third-quarter increased approximately 2% in local currency, with comparable sales up approximately 1%, which is similar to the second-quarter with trade business outperforming retail. Our two-wheel motorcycle business had another strong quarter with double-digit sales growth in local currency.

第三季以當地貨幣計算總銷售額約成長 2%，同店銷售約成長 1%，與第二季相近，其中通路/專業客戶（trade）業務表現優於零售。我們的二輪機車業務本季再度表現強勁，以當地貨幣計算銷售額達雙位數成長。

Lastly, I want to provide an update on our announced plan to separate our Automotive and Industrial businesses into two independent public companies. As mentioned, we remain on track for the separation plan for the first-quarter 2027. During the quarter, we were pleased to announce the leaders who will guide both companies following the separation. The organization design solved for continuity to build on the business momentum and capabilities to ensure each business is prepared for its next chapter.

最後，我想就我們已宣布的計畫提供最新進展：將汽車與工業業務分拆為兩家獨立的上市公司。如先前所述，我們仍按計畫推進，目標在 2027 年第一季完成分拆。本季我們很高興宣布分拆後將帶領兩家公司的領導團隊人選。組織設計以延續性為核心，得以在既有業務動能與能力基礎上持續發展，並確保各業務為下一階段做好準備。

The appointments reflect a thoughtful and deliberate process by our Board of Directors and position both companies to execute their distinct strategies and create long-term shareholder value. Court Carruthers will serve as Chief Executive Officer of GPC, supported by Bert as Chief Financial and Operating Officer. Court has deep relevant expertise to lead GPC and has served as a GPC Director for more than a year to learn and help guide the business. Not only does he have commercial expertise, but he's a great culture fit with our teams.

這些任命反映董事會審慎且有計畫的流程，並使兩家公司能執行各自的差異化策略，創造長期股東價值。Court Carruthers 將出任 GPC 執行長（Chief Executive Officer），並由 Bert 擔任財務與營運長（Chief Financial and Operating Officer）提供支援。Court 具備領導 GPC 的深厚相關專業，且已擔任 GPC 董事超過一年，以深入了解並協助引導業務。他不僅具備商業專長，也與我們團隊的文化高度契合。

Day-to-day leadership of the operations will continue to be led by Alain Masse in North America, Franck Baduel in Europe and Rob Cameron in Australasia. Jean-Jacques Lafont, Co-Founder of the GPC European Automotive business and current GPC Director, will serve as Non-Executive Chairman.

營運的日常領導將持續由北美的 Alain Masse、歐洲的 Franck Baduel，以及澳大拉西亞的 Rob Cameron 負責。GPC 歐洲汽車業務共同創辦人、現任 GPC 董事 Jean-Jacques Lafont 將出任非執行董事長（Non-Executive Chairman）。

Together, this is a best-in-class global automotive team with expertise and momentum for the next chapter at GPC. I'm honoured to lead Motion as Chairman and Chief Executive Officer following the separation, alongside James Howe, President and Chief Operating Officer; Howard Yu, Chief Financial Officer; and the experienced and talented Motion leadership team.

綜合而言，這是一支世界級的全球汽車團隊，具備專業能力與動能，將帶領 GPC 邁向下一篇章。分拆後，我很榮幸將以董事長兼執行長身分領導 Motion，並與總裁兼營運長 James Howe、財務長 Howard Yu，以及經驗豐富且才華洋溢的 Motion 領導團隊共同合作。

The go-forward Motion executive team has over 300 years of cumulative industrial, product and customer experience and almost all go-forward Motion executives have no change to their existing Motion roles. We look forward to standing Motion up as a public company and are confident in our ability to do so with excellence.

未來的 Motion 高階主管團隊累計擁有超過 300 年的工業、產品與客戶經驗，且幾乎所有未來的 Motion 高階主管在現有 Motion 職務上都不會有變動。我們期待將 Motion 打造成一家上市公司，並對以卓越水準完成此事充滿信心。

In addition to providing leadership clarity, we have continued to progress our work on the Form 10, capital structure, and capital allocation priorities. Our operational separation work across people, systems and contracts also continues to track to plan and is in line with our previously disclosed cost estimates. We have been active to recruit new directors and are pleased to share that information as we finalize our work.

除釐清領導架構外，我們也持續推進 Form 10、資本結構以及資本配置優先事項等工作。我們在人員、系統與合約等面向的營運分拆工作亦持續按計畫推進，並與先前揭露的成本估算一致。我們也積極招募新任董事，並將在完成相關工作定案後很高興對外分享。

Similar to our management team, we have skilled director candidates that will add relevant expertise to the Board. Overall, I'm really pleased with the separation progress to date, and we remain focused on advancing the remaining work required to complete the separation in the first-quarter of 2027. I'd like to especially thank all of those, including our global PMO team, who are instrumental in executing this significant body of work.

與管理團隊類似，我們也有具備相關專業能力的董事候選人，將為董事會增添所需的專長。整體而言，我對目前分拆進度感到非常滿意；我們仍專注於推進完成分拆所需的剩餘工作，以在 2027 年第一季完成分拆。我也特別感謝所有在執行這項重大工作中扮演關鍵角色的人員，包括我們的全球 PMO 團隊。

In closing, we're encouraged by our performance year-to-date. In a dynamic operating environment, our teams are controlling what we can control, executing with discipline, serving our customers with excellence, and advancing our strategic priorities that strengthen our market-leading positions across the globe. We have meaningful momentum, clear priorities, and the right leadership in place to complete the separation and position both GPC and Motion to create long-term shareholder value.

最後，我們對今年迄今的表現感到鼓舞。在多變的營運環境中，我們的團隊專注掌控可控事項、以紀律執行、以卓越服務客戶，並推進能強化我們在全球各地市場領先地位的策略優先事項。我們具備顯著動能、清晰的優先順序，以及到位的領導團隊，將完成分拆並使 GPC 與 Motion 皆能創造長期股東價值。

Thank you to our teammates around the world for your continued hard work and commitment. I'll now turn the call over to Court.

感謝我們全球各地的團隊夥伴持續的辛勤付出與投入承諾。接下來我把電話交給 Court。

Thanks, Will, and good morning, everyone. I'm excited and honoured to be stepping into the CEO role at GPC upon the separation of Motion early next year. I'm incredibly grateful for the warm welcome I've received across the global organization. We have an exceptional and passionate team at GPC, and I'm proud to be part of it. Over my first six weeks in the role, I spent time meeting with team members, connecting with independent owners and experiencing our operations firsthand, visiting many stores and DCs.

謝謝你，Will，各位早安。我很興奮也深感榮幸，將在明年初 Motion 分拆後接任 GPC 的執行長一職。我非常感謝在全球組織各地所受到的熱情歡迎。GPC 擁有一支卓越且充滿熱忱的團隊，我很自豪能成為其中一員。在上任的前六週，我花時間與團隊成員會面、與獨立店主交流並親身體驗我們的營運，走訪了許多門市與配送中心（DC）。

I came into this role with a deep appreciation for GPC's century-long history, our brands, and our position in the marketplace, and I'm excited to help continue building on this legacy. These experiences have only strengthened my appreciation for the business and reinforced my confidence in what we can accomplish together.

我帶著對 GPC 百年歷史、我們的品牌以及市場地位的深刻敬意進入這個職位，也很期待協助在這份傳承上持續建構。這些經驗更強化了我對這項事業的認同，也進一步鞏固了我對我們能夠攜手達成目標的信心。

GPC has been delivering against a clear strategy to position the company for continued momentum following the planned separation. We will continue focusing on the priorities that matter most, putting the right resources behind them and executing with discipline. We believe the separation gives us greater flexibility and focus to successfully compete across our global markets. I would also like to share a few observations from my time in the field.

GPC 一直依循清晰的策略推進，以在計畫中的分拆後持續保持動能並為公司定位。我們將持續聚焦最重要的優先事項，投入適當資源並以紀律執行。我們相信，分拆將賦予我們更大的彈性與更聚焦的能力，使我們能在全球市場中成功競爭。我也想分享幾點我在第一線觀察到的心得。

First, everything begins with the customer, the mechanic in the garage turning a wrench. This is the core of who GPC serves and how the business was built. We win by delivering the parts, products, and service that mechanics need to keep their customers and the world moving. We do this by having the right inventory, delivering reliably, solving problems quickly and being easy to do business with. The more we help our customers succeed, the more GPC wins in the market.

第一，一切都始於客戶——在車庫裡扳動扳手的技師。這正是 GPC 服務的核心對象，也是這門生意建立的基礎。我們透過提供技師所需的零件、產品與服務，協助他們讓其客戶以及整個世界持續運轉，從而取得勝利。我們藉由備妥正確的庫存、可靠交付、快速解決問題，並讓交易往來更容易來做到這一點。我們越能幫助客戶成功，GPC 在市場上就越能勝出。

Second, our people are one of our greatest competitive advantages. Their deep experience, strong local relationships and commitment to customers are capabilities that cannot be easily replicated and they make the difference in how we execute every day. Our responsibility is to give our teams the network, tools, and leadership they need to perform at their best while fostering a culture focused on providing exceptional service to customers.

第二，我們的人才是我們最重要的競爭優勢之一。他們深厚的經驗、強大的在地關係以及對客戶的承諾，是不容易被複製的能力，也決定了我們每天執行的成效。我們的責任是提供團隊所需的網路、工具與領導力，讓他們發揮最佳表現，同時培養以提供卓越客戶服務為核心的文化。

Third, we have an opportunity to move with greater focus and speed post separation. We will have a short list of priorities, disciplined execution and local teams empowered to make decisions closer to the customer. We will act on the best available information, learn quickly, and adjust when needed to keep getting better every day.

第三，分拆後我們有機會以更高的聚焦度與速度前進。我們將維持精簡的優先事項清單、以紀律執行，並授權在地團隊在更貼近客戶的地方做出決策。我們會依據可取得的最佳資訊採取行動、快速學習，並在需要時調整，以便每天持續精進。

The strength of our model was on full display at our recent independent owners meeting in Atlanta. Spending time with our independent owners reinforced the commercial value they bring to the customers and communities they serve. They know their markets. They know their customers. They build trusted local relationships, and they bring an entrepreneurial mindset to the business every day. Just as important that they tell us what is working and what is not.

我們的模式優勢在近期於亞特蘭大舉行的獨立店主會議上展露無遺。與獨立店主相處的時間，再次印證他們為所服務的客戶與社區帶來的商業價值。他們了解自己的市場。他們了解自己的客戶。他們建立值得信賴的在地關係，並且每天以創業家思維投入這門生意。同樣重要的是，他們也會告訴我們哪些做法有效、哪些無效。

Our responsibility is to listen to that feedback and ensure we are supporting both our independent owners and our company stores with the products, technology, and supply chain they need to win. Their local market knowledge, combined with GPC's global scale and capabilities is a real competitive advantage. At the same time, we know the right model can differ by market, and we are taking a thoughtful market-by-market approach to have the right store mix to best serve customers and drive strong local performance.

我們的責任是傾聽這些回饋，並確保我們以他們取勝所需的產品、科技與供應鏈，來支持獨立店主與公司自營門市。他們的在地市場知識，結合 GPC 的全球規模與能力，是一項真正的競爭優勢。同時，我們也知道各市場的最佳模式可能不同，因此我們正以審慎的方式逐一市場評估，打造最合適的門市組合，以最佳方式服務客戶並帶動強勁的在地績效。

I saw another important element of our investment strategy during my recent visit to the NAPA Robotics Lab and a number of our US distribution centers. It was valuable to see firsthand the technology and automation we are deploying across our operations and the additional opportunities we have to expand those capabilities across the network. This technology is driving value that is practical and measurable. It's helping team members work more productively, improving accuracy and product flow and strengthening our ability to serve customers consistently.

在我近期造訪 NAPA 機器人實驗室以及多座美國配送中心時，我也看到了我們投資策略的另一個重要面向。能親眼看到我們在營運中部署的技術與自動化，以及我們在整個網路中擴大這些能力的更多機會，十分有價值。這些技術正在創造務實且可衡量的價值。它正協助團隊成員更有效率地工作、提升準確度與產品流動，並強化我們持續一致服務客戶的能力。

These investments are also about strengthening our broader supply chain and improving product availability, areas where we are making meaningful progress and where we see significant opportunity ahead. We will continue to invest with discipline and learn from each deployment, measuring what works and scaling projects that deliver meaningful results.

這些投資也旨在強化我們更廣泛的供應鏈並提升產品可得性；在這些領域我們正取得實質進展，且也看到未來可觀的機會。我們將持續以紀律進行投資，並從每一次部署中學習，衡量哪些有效，並擴大推動能帶來實質成果的專案。

My time in the field with our team members reinforced the strength of our commitment to customers and the value of staying close to where our strategy comes to life. Every customer interaction is an opportunity to deliver excellent service, build trust and demonstrate the difference our teams make each and every day. The direct conversations and practical insights from our field teams are invaluable.

我與團隊成員在第一線相處的時間，讓我更深刻感受到我們對客戶承諾的力量，以及貼近策略落地現場的價值。每一次客戶互動都是提供卓越服務、建立信任並展現我們團隊每天所帶來差異的機會。來自第一線團隊的直接對話與務實洞見極其珍貴。

Their firsthand knowledge helps us identify opportunities, build on what is working and make better decisions that strengthen our business and the customer experience. I left those visits encouraged by the pride, knowledge, and commitment to win that I saw with our teams.

他們的第一手知識能幫助我們辨識機會、延續有效做法，並做出更好的決策，以強化我們的業務與客戶體驗。結束這些拜訪時，我對團隊展現的自豪感、專業知識與致勝承諾深受鼓舞。

As I look ahead, our operational priorities are straightforward: win with customers, build the best team and culture, listen, focus, and execute. I'm energized by what I've seen, grateful for the feedback I've received and confident in the outstanding opportunity ahead. We have a remarkable legacy, strong businesses, trusted brands, and talented team members all around the world.

展望未來，我們的營運優先事項很明確：以客戶取勝、打造最強的團隊與文化、傾聽、聚焦並執行。我對所見所聞充滿動力，感謝收到的回饋，也對前方卓越的機會充滿信心。我們擁有非凡的傳承、強健的事業體、值得信賴的品牌，以及遍布全球的優秀團隊成員。

At our Investor Day in December, we'll provide greater clarity on the priorities that will shape GPC's exciting next chapter of growth, serving customers, supporting team members, and driving stronger performance as the global automotive aftermarket leader. I look forward to updating you on our progress.

在 12 月的投資人日，我們將更清楚說明將塑造 GPC 下一個令人振奮的成長篇章之優先事項：服務客戶、支持團隊成員，並以全球汽車售後市場領導者之姿推動更強勁的績效。我期待向各位更新我們的進展。

With that, I'll turn the call over to Bert.

接下來我把電話交給 Bert。

Thanks, Court, and good morning, everyone. Our teams delivered on another solid quarter with 4% sales growth and profitability in line with our expectations. Our results reflect our focus on serving our customers and continued execution across our strategic initiatives while advancing our work on our planned separation of GPC and Motion.

謝謝你，Court，各位早安。我們的團隊在本季再度交出穩健成績，銷售成長 4%，獲利表現符合我們的預期。我們的成果反映出我們專注於服務客戶，並持續推進各項策略性計畫的執行，同時也推動 GPC 與 Motion 計畫分拆的相關工作。

Notably, we delivered on our third-quarter commitments against the backdrop of a dynamic operating environment, evidenced by the recent trends in fuel costs, which finished the quarter appreciably higher than our expectations in July.

值得注意的是，在充滿變動的營運環境下，我們仍達成第三季的承諾；近期燃料成本趨勢即為明證，季末燃料成本顯著高於我們在 7 月時的預期。

During the third-quarter, adjusted earnings per share was $2.07, an increase of approximately 5%. Our results were driven by higher sales, particularly in Industrial, gross margin expansion and the benefits from our global restructuring initiatives, which were partially offset by the continued cost inflation and operating expenses, including the impact of the Iran conflict. The estimated impact of the Iran conflict on EBITDA in the quarter was $16 million or $0.09 per share. Our earnings also include a $0.08 impact from higher depreciation and interest expense as expected.

第三季調整後每股盈餘為 2.07 美元，約成長 5%。我們的結果主要由更高的銷售（尤其是工業業務）、毛利率擴張，以及全球重整計畫帶來的效益所驅動；但部分被持續的成本通膨與營運費用（包括伊朗衝突的影響）所抵銷。本季伊朗衝突對 EBITDA 的估計影響為 1,600 萬美元，或每股 0.09 美元。如預期，我們的盈餘亦包含因折舊與利息費用上升所帶來的每股 0.08 美元影響。

Before I take you through the details of the quarter, my comments this morning will focus on adjusted results, which exclude nonrecurring costs related to our global restructuring program and costs related to the planned separation of our businesses. Collectively, these items totalled $87 million of pretax costs or $61 million after tax. Included in the $87 million is $21 million of onetime costs related to our separation activities, primarily related to third-party adviser fees.

在我帶各位檢視本季細節之前，我今天上午的評論將聚焦於調整後結果；該結果排除與全球重整計畫相關的一次性成本，以及與我們業務計畫分拆相關的成本。合計而言，這些項目合計為稅前成本 8,700 萬美元，或稅後 6,100 萬美元。在這 8,700 萬美元中，包含與分拆活動相關的一次性成本 2,100 萬美元，主要為第三方顧問費用。

Now let's turn to the details of the third-quarter. Total GPC sales increased 4.2%, which included a 290 basis point improvement in comparable sales, a 90 basis point benefit from acquisitions and a 50 basis point benefit from foreign currency. Each of our segments delivered positive comparable sales growth with our Automotive segments increasing low single digits despite fuel and diesel prices being up 30% and 50%, respectively, from the same time last year, which led to moderating demand across our geographies, particularly on the retail side of the business. Sales in Industrial continued to be strong with mid-single-digit comp growth. Price inflation was 2.5% at North American Auto with International Auto at 3% and Industrial at 2%.

現在讓我們來看第三季的細節。GPC 總銷售額成長 4.2%，其中包含同店銷售提升 290 個基點、併購帶來 90 個基點的助益，以及外幣帶來 50 個基點的助益。我們各事業部門的同店銷售皆呈現正成長；儘管燃油與柴油價格分別較去年同期上漲 30% 與 50%，導致各地區需求趨於溫和、尤其是零售端業務，我們的汽車相關事業部門同店銷售仍以低個位數成長。工業事業部門銷售持續強勁，同店成長達中個位數。價格通膨方面，北美汽車為 2.5%，國際汽車為 3%，工業為 2%。

Our gross margin was 38.1%, an increase of 70 basis points and in line with our expectations. The improvement in our gross margin was primarily driven by the ongoing execution of our strategic pricing and sourcing initiatives, partially offset by higher product costs from inflation.

我們的毛利率為 38.1%，提高 70 個基點，符合我們的預期。毛利率改善主要來自我們持續推動策略性定價與採購（sourcing）措施的執行，但部分被通膨導致的較高產品成本所抵銷。

Our adjusted SG&A as a percentage of sales in the third-quarter was 29.5%, an increase of 70 basis points. On an as-adjusted basis, SG&A grew year-over-year in absolute dollars by $120 million. Foreign currency and acquisitions represented approximately $30 million of the growth year-over-year, with 2/3 of this increase being driven by acquisitions. The remaining $90 million of core SG&A growth was up 5% from the prior year. The current external environment is driving cost inflation across multiple expense categories, including people costs as well as freight, fuel, and rent expenses.

第三季調整後的 SG&A（銷售、一般及行政費用）占銷售比為 29.5%，增加 70 個基點。以調整後口徑計算，SG&A 年增在金額上增加 1.20 億美元。外幣與併購約占年增 3,000 萬美元，其中 2/3 的增幅由併購所帶動。其餘 9,000 萬美元的核心 SG&A 成長較去年增加 5%。目前外部環境正推升多項費用類別的成本通膨，包括人員成本，以及運輸、燃料與租金費用。

Higher people costs are driven by our continued investment in team members through annual merit wage increases, including mandatory minimum wage increases outside the US. In addition, rapidly rising US health care costs, which were up approximately 15% in the quarter, continued to pressure results.

較高的人員成本來自我們持續透過年度績效調薪投資團隊成員，其中也包含美國以外地區法定最低工資的調升。此外，美國醫療保健成本快速上升，本季約上漲 15%，持續對業績造成壓力。

Freight expense was a notable headwind in the quarter as expected, with costs growing 12%. The elevated prices of diesel and fuel that I shared earlier were a significant driver of these higher expenses. We continue to work diligently to bend the curve of rising costs in the current environment. As an example, our people-related costs as a percentage of sales was flat versus prior year despite the pressure from merit and the health care costs that I just mentioned, a testament to our restructuring initiatives and cost actions.

如預期所示，運輸費用在本季是一項顯著逆風，成本成長 12%。我先前提到的柴油與燃油價格高漲，是推升這些費用的主要因素。在目前環境下，我們持續努力抑制成本上升的趨勢。例如，儘管受到我剛提到的績效調薪與醫療保健成本壓力，我們的人員相關成本占銷售比仍與去年持平，這也證明了我們重整（restructuring）計畫與成本行動的成效。

Year-to-date, we've incurred restructuring costs of approximately $200 million and realized $105 million in cost savings, including approximately $36 million in the third-quarter or a benefit of $0.20 per share. For the quarter, total adjusted EBITDA increased approximately 4% with adjusted EBITDA margin of 8.4%, flat versus prior year as the benefits from our gross margin expansion and restructuring activities were offset by higher SG&A expenses, driven by cost inflation, including the impacts of the Iran conflict. The incremental costs from the Iran conflict produced a 20 basis point negative impact on EBITDA margin for the quarter.

年初至今，我們已發生約 2.00 億美元的重整成本，並實現 1.05 億美元的成本節省，其中第三季約 3,600 萬美元，或每股受益 0.20 美元。就本季而言，調整後 EBITDA 總額約成長 4%，調整後 EBITDA 利潤率為 8.4%，與去年持平；因毛利率擴張與重整活動帶來的效益，被較高的 SG&A 費用所抵銷，而 SG&A 上升係由成本通膨所驅動，包含伊朗衝突的影響。伊朗衝突帶來的增量成本，使本季 EBITDA 利潤率受到 20 個基點的負面影響。

During the third-quarter, our EBITDA performance within the three business segments includes the following highlights. For the North American Automotive segment, EBITDA margin was 7.6%, down 40 basis points from last year. The decrease was primarily driven by cost inflation and cost of goods sold and operating expenses, including higher costs for freight and fuel, partially offset by our restructuring and cost actions.

第三季，我們三個業務部門的 EBITDA 表現重點如下。北美汽車部門 EBITDA 利潤率為 7.6%，較去年下降 40 個基點。下降主要由成本通膨所致，反映在銷貨成本與營運費用上，包括較高的運輸與燃料成本；部分被我們的重整與成本行動所抵銷。

International Auto segment EBITDA increased 5% and EBITDA margin remained flat at 9% versus the prior year. Strong gross margin expansion was offset by continued inflation in people costs, including mandatory minimum wage increases as well as higher freight and rent expense. Benefits from our restructuring program helped mitigate these cost pressures. Industrial segment EBITDA increased 11%, with EBITDA margin of 13.2%, up 60 basis points year-over-year. The increase was driven by gross margin expansion, which benefited from our strategic pricing and sourcing initiatives.

國際汽車部門 EBITDA 成長 5%，EBITDA 利潤率為 9%，與去年持平。強勁的毛利率擴張被人員成本持續通膨所抵銷，其中包括法定最低工資調升，以及較高的運輸與租金費用。我們重整計畫帶來的效益有助於緩解這些成本壓力。工業部門 EBITDA 成長 11%，EBITDA 利潤率為 13.2%，年增 60 個基點。成長主要由毛利率擴張帶動，受惠於我們的策略性定價與採購措施。

Turning to our cash flows. Year-to-date, we have generated $817 million in cash from operations and approximately $500 million in free cash flow. Our cash flow from operations benefited from an improvement in net working capital of approximately $260 million.

接著談現金流。年初至今，我們已產生 8.17 億美元的營運現金流，並產生約 5.00 億美元的自由現金流。營運現金流受惠於淨營運資金改善約 2.60 億美元。

Year-to-date, we have invested approximately $315 million in the business in the form of capital expenditures as we continue to modernize our supply chain infrastructure and IT systems. As an example, we are launching two distribution centers at NAPA in the US, one of which went live in the third-quarter with the other expected to go live by year-end.

年初至今，我們以資本支出形式在業務上投資約 3.15 億美元，持續推動供應鏈基礎設施與 IT 系統現代化。例如，我們正在美國 NAPA 啟用兩座配送中心，其中一座已於第三季上線，另一座預計在年底前上線。

These investments will drive meaningful productivity benefits and improved service to our customers. We also returned approximately $434 million back to our shareholders in the form of dividends.

這些投資將帶來顯著的生產力效益，並提升對客戶的服務。我們也以股利形式向股東返還約 4.34 億美元。

Now turning to our outlook. As we detailed in our press release this morning, with three quarters of 2026 now complete, we are narrowing the range of our guidance for 2026 adjusted earnings per share. For the full year, we now expect diluted earnings per share, which includes the expenses related to our restructuring efforts and year-to-date separation costs to be in the range of $5.60 to $5.85.

接著談我們的展望。如同我們今早新聞稿所述，隨著 2026 年前三季已結束，我們正在縮小 2026 年調整後每股盈餘（EPS）指引區間。就全年而言，我們目前預期稀釋後每股盈餘（包含與重整工作相關費用及年初至今的分拆相關成本）將落在 5.60 至 5.85 美元區間。

And we now expect adjusted diluted earnings per share to be in the range of $7.50 to $7.75, up 3.5% at the midpoint of the range versus 2025. Note, our adjusted EPS guidance does not include onetime costs associated with the separation. We will continue to be transparent and call those out as they are incurred.

我們目前預期調整後稀釋每股盈餘將落在 7.50 至 7.75 美元區間，以區間中點計算較 2025 年成長 3.5%。請注意，我們的調整後 EPS 指引不包含與分拆相關的一次性成本。我們將持續保持透明，並在發生時加以揭露。

While we have delivered on our commitments in 2026, the impact of the Iran conflict has impacted our business, particularly in Global Automotive as market conditions remain challenged. As you will recall, in July, we lowered our revenue outlook for Global Automotive for the second half of the year based on moderating demand. Our experience indicates that higher energy prices from the Iran conflict are weakening consumer sentiment. Our third-quarter results were in line with our revised expectations shared in July.

雖然我們在 2026 年已履行承諾，但伊朗衝突的影響已衝擊我們的業務，尤其是全球汽車業務，因市場狀況仍具挑戰。各位會記得，我們在 7 月基於需求趨緩，下調了全球汽車業務下半年營收展望。我們的經驗顯示，伊朗衝突推升的能源價格正在削弱消費者信心。我們第三季的結果符合我們在 7 月分享的修正後預期。

Further, year-to-date, our results include approximately $35 million in incremental operating expenses relative to our original expectations for 2026 or approximately $0.20 per share. As we turn to the fourth-quarter, we have considered the following factors in our outlook. We expect the conflict in Iran to persist for the remainder of 2026.

此外，年初至今，我們的結果包含相較於 2026 年原先預期約 3,500 萬美元的增量營運費用，約合每股 0.20 美元。展望第四季，我們在展望中納入以下因素。我們預期伊朗衝突將持續至 2026 年剩餘期間。

And as a result, we expect continued moderating trading conditions for Global Automotive for the balance of the year, consistent with what we experienced in the third-quarter. Our outlook for gross margin reflects continued cost increases from our suppliers as they face higher input and shipping costs.

因此，我們預期全球汽車業務在今年剩餘期間的交易環境將持續趨於溫和，與我們在第三季的經驗一致。我們對毛利率的展望反映供應商面臨更高投入成本與運輸成本，因而持續調升成本。

Our global teams are working to manage any potential increases in a strategic and thoughtful manner. Broadly, we expect to pass through many of these cost increases, and as a result, we have not updated our expectations for gross margin for the remainder of the year.

我們的全球團隊正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，我們預期會將其中許多成本上升轉嫁出去，因此我們未更新今年剩餘期間的毛利率預期。

Given the elevated price of fuel as we exited the third-quarter, we have incorporated revised assumptions on operating expenses, including higher freight and fuel costs for the balance of the year. We now expect approximately $15 million to $25 million of incremental costs for the remainder of the year as a result of the Iran conflict. With the $16 million impact in the third-quarter, we would expect an impact of $30 million to $40 million for the second half of 2026, up from our previous estimate of $20 million to $30 million.

鑑於第三季結束時燃料價格仍處高檔，我們已在營運費用假設中納入修正，包括今年剩餘期間較高的運輸與燃料成本。我們目前預期，因伊朗衝突影響，今年剩餘期間將產生約 1,500 萬至 2,500 萬美元的增量成本。加上第三季 1,600 萬美元的影響，我們預期 2026 年下半年影響將為 3,000 萬至 4,000 萬美元，高於先前估計的 2,000 萬至 3,000 萬美元。

Collectively, given these factors and the impacts we've absorbed from the Iran conflict year-to-date that I shared previously, we would expect to finish 2026 towards the lower end of the narrowed range. The detailed elements of our outlook, including sales, gross margin, SG&A and CapEx remain unchanged and can be found in our earnings presentation.

綜合而言，考量這些因素以及我先前分享的我們年初至今因伊朗衝突所承受的影響，我們預期 2026 年將落在收窄後區間的較低端結束。我們展望的詳細要素，包括銷售、毛利率、SG&A 與資本支出（CapEx）維持不變，並可在我們的財報簡報中查閱。

Before I close, I'd like to share some additional comments around the separation of GPC and Motion. We are advancing our work on the capital structure and capital allocation for both companies and look forward to providing further details at our Investor Days in December. As a reminder, we will host both Investor Days in New York City, December 8 for GPC, and December 9 for Motion. We hope you will join us, and please contact our Investor Relations team with any questions or for additional information.

在我結束之前，我想就 GPC 與 Motion 的分拆再補充一些評論。我們正在推進兩家公司各自的資本結構與資本配置相關工作，並期待在 12 月的投資人日提供更多細節。提醒一下，我們將在紐約市舉辦兩場投資人日：12 月 8 日為 GPC，12 月 9 日為 Motion。我們希望您能參與，如有任何問題或需要更多資訊，請聯絡我們的投資人關係團隊。

In closing, we are pleased with our performance over the first nine months of 2026 as we balance running the business, delivering on our commitments, and managing through the impacts of the Iran conflict with the work related to a complex separation of the businesses. Our teams remain focused, agile, and disciplined. And while the external environment remains dynamic, we are confident in the strength of our business and our ability to deliver for our customers and our shareholders.

最後，我們對 2026 年前九個月的表現感到滿意，因為我們在兼顧營運、履行承諾、因應伊朗衝突帶來的影響之際，也同步推進與複雜業務分拆相關的工作。我們的團隊仍然專注、敏捷且自律。儘管外部環境仍然多變，我們對自身業務的實力以及為客戶與股東交付成果的能力充滿信心。

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接線員，開始提問。

(Operator Instructions)

（接線員指示）

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

I wanted to follow up on the commentary on inflation. We had a lot of costs that you weren't expecting earlier in the year. So if inflation in the third-quarter was 2.5% across the business, given where we are today, what do you expect that to be through the end of the year and into next year?

我想追問一下關於通膨的評論。今年稍早我們出現了不少你們原先未預期的成本。所以如果第三季整體業務的通膨是 2.5%，以我們目前的狀況來看，你們預期今年年底以及明年會是多少？

Greg, it's Bert. I think 2.5% for the rest of the year. So as I said in my prepared comments, as we've gone through three quarters, we had originally thought that benefit would be around 2 points, raised it 0.5 point here based on the third-quarter experience, and that will carry through to the fourth-quarter.

Greg，我是 Bert。我認為今年剩餘期間會是 2.5%。所以如同我在事先準備的發言中所說，走過三個季度後，我們原本認為那個效益大約是 2 個百分點，基於第三季的經驗這次上調了 0.5 個百分點，而這將延續到第四季。

Probably not ready to call the ball yet on 2027 inflation, assuming that the conflict persists, I think we're going to always remain in that low single-digit top line benefit. When you look beyond the top line, again, the low single-digit impact to cost of goods sold is holding in consistent with our original assumptions.

至於 2027 年的通膨，可能還不準備現在就下定論；假設衝突持續，我認為我們的營收端效益將會一直維持在低個位數。若看營收端以外的部分，同樣地，銷貨成本（COGS）受到的低個位數影響，仍與我們原先的假設一致。

And then on the cost side to the original part of your question, we've seen it across line items, and it's probably better to talk about it through a line item prism versus overall Freight is holding in kind of mid-single digits, rent the same. Freight was a little higher here in the third-quarter than had it been trending, and I think that's on the back of fuel. Health care is holding in at that double-digit level, which is a headwind here in the US. And then the net of all that probably puts us around a 3.4% cost inflation percentage point impact for the year.

然後回到你問題的成本面，我們在各個費用項目都看到了影響；用費用項目的角度來談可能比看整體更合適。運費大致維持在中個位數，租金也是一樣。第三季運費比先前的趨勢略高，我認為主要是燃料所致。醫療保健成本維持在雙位數水準，這在美國是一個逆風。綜合以上因素，全年成本通膨的影響大概會讓我們落在約 3.4% 的成本通膨百分比影響。

So we're working hard to offset that with our restructuring and cost actions. As just an important point, we've been able to manage people costs for the year flat year-over-year as a percentage of sales. So a lot of good discipline in the business to combat the things we can't control.

因此我們正努力透過重整與成本措施來抵銷這些影響。另外一個重要點是，我們已能將全年人員成本占銷售額的比例維持與去年同期持平。因此在業務上展現了很好的紀律，以對抗那些我們無法控制的事情。

Got it. And then my follow-up was, I think I heard in the prepared comments that sales in September in auto were a little softer than they were in July and August. I'm just wondering if that trend has continued into the fourth-quarter.

了解。接著我想追問，我想我在事先準備的發言中聽到，9 月汽車業務的銷售比 7、8 月稍微疲弱一些。我只是想知道這個趨勢是否延續到第四季。

I'd say the fourth-quarter, Greg, has probably started as we exited the third-quarter, not with an overemphasis on September, more to the full quarter trend for Q3. The fundamentals of the business across the board remain steady. And I would say that from an overall perspective, we'd expect the fourth-quarter performance on the top line to look a lot like what we saw in the third-quarter with the incremental cost pressure that I mentioned in my prepared remarks.

Greg，我會說第四季的開局大致延續我們第三季結束時的狀態；不會特別著重 9 月，而是更看第三季整體季度的趨勢。整體而言，各項業務的基本面仍然穩健。從整體角度來看，我們預期第四季營收端表現會很像第三季，同時會承受我在事先準備的發言中提到的額外成本壓力。

The fourth-quarter is always a dynamic quarter. I mean we think about the holidays and how that impacts the quarter. We also have to think about Motion and what some of our customers do on the production side as we get through the holiday period, maybe taking a little time off.

第四季一向是變動性很高的一季。我們會考量假期以及其對季度的影響。我們也必須考量 Motion，以及部分客戶在假期期間生產端的安排，可能會稍微放假休息。

But as I look at it business by business, Industrial, October picked up where we left off in September, solid trends across the industrial business. As we think about Automotive, I think the theme will remain with solid commercial growth with retail remaining pressured mostly because of the Iran conflict, I think. And all of our geographies, as we said in July, are feeling the impact on the automotive side of this Iran conflict. We've assumed that persists for the rest of the year in our outlook.

但如果我逐一看各項業務，工業業務方面，10 月延續 9 月的走勢，整體工業業務趨勢穩健。至於汽車業務，我認為主軸仍會是商用端穩健成長，而零售端仍承壓，我想主要是因伊朗衝突所致。而且如同我們在 7 月所說，我們所有地區的汽車業務都感受到這場伊朗衝突的影響。在我們的展望中，我們假設這種情況會在今年剩餘期間持續。

And as we look by geography, we're going to continue to watch Europe and Asia Pac, steady start to Q3, but both markets, I think, are overall muted. And the US, NAPA is performing kind of in line with where we exited the overall quarter rate without an overemphasis on September. If you remember, I think easier comps in the fourth-quarter. So we feel good about the outlook on the top line for the rest of the year.

若按地區來看，我們會持續關注歐洲與亞太；第三季開局穩健，但我認為兩個市場整體仍偏溫和。而美國方面，NAPA 的表現大致與我們在整體季度結束時的運行水準一致，不會特別著重 9 月。如果你記得的話，我想第四季的比較基期更容易。因此我們對今年剩餘期間營收端的展望感覺良好。

Michael Lasser, UBS.

Michael Lasser，UBS。

This is Alexis Swasey on for Michael Lasser. So with North America Automotive comps improving 1.7%, yet EBITDA margin declined 40 basis points. How much of the disconnect is transitory cost pressure versus a structural change in the earnings power of the business? And what level of comp would you need to consistently produce positive margin flow-through?

我是代替 Michael Lasser 的 Alexis Swasey。北美汽車業務同店比較（comps）改善 1.7%，但 EBITDA 利潤率卻下滑 40 個基點。這種落差有多少是暫時性的成本壓力，多少是業務獲利能力結構性改變？另外，你們需要達到什麼程度的同店比較，才能持續產生正向的利潤率傳導（margin flow-through）？

Thanks for the question. I'll take that one. Just to frame the North American EBITDA margin pressure, that's a $6 million absolute decrease in EBITDA year-over-year, driving the 40 basis point decline. And I think the impact is precisely to your question, it's SG&A and it's related to the inflation we're feeling from the Iran conflict. We had increases in freight, fuel and rent that totalled $15 million year-over-year.

謝謝你的問題。我來回答這題。先界定一下北美 EBITDA 利潤率的壓力：EBITDA 年對年絕對值減少 600 萬美元，導致利潤率下滑 40 個基點。我認為影響正如你所問，主要在 SG&A，且與我們因伊朗衝突而感受到的通膨有關。我們的運費、燃料與租金年對年合計增加了 1,500 萬美元。

That's on the back of fuel. As I said in my prepared remarks, diesel is up 50% year-over-year. US unleaded is up 30%, and that's driving that increase. The other factor there is that during the summer, we put in an hourly -- a merit increase for our US hourly workforce at NAPA. It was the right thing to do for our team. They've been working hard and really powering through all the activities through the course of the year. That impacted the comp a little bit in the third-quarter.

這主要是燃料所致。如同我在事先準備的發言中所說，柴油年對年上漲 50%。美國無鉛汽油上漲 30%，這推動了上述增加。另一個因素是，夏季期間我們為 NAPA 的美國計時制員工實施了按小時計的——績效調薪。這對我們的團隊而言是正確的做法。他們一直很努力，並在全年各項活動中真正扮演推動者的角色。這在第三季對同店比較造成了一些影響。

Had we not had the inflation-driven impact in these costs, we talked about a 20 basis point improvement in that segment margin for the quarter. And so I think it's really on the back of what's happening in the external environment.

如果沒有這些由通膨驅動的成本影響，我們原本談到該部門本季利潤率可改善 20 個基點。因此我認為這確實主要是外部環境所造成的結果。

In terms of the algorithm for the long term, I think we'll probably wait to give you some color on that at Investor Day. We'll be able to see how we think the rest of the year is going to play out if the conflict persists or if it's going to turn into 2027, and we'll be able to give you a little bit more detail there.

就長期的演算法而言，我認為我們可能會等到投資人日再向各位提供一些更具體的說明。我們將能夠看到，如果衝突持續，或是會延續到 2027 年，我們認為今年剩餘時間將如何發展，並且能在那時提供更多細節。

And then as a follow-up, with Industrial strengthening in North America, Automotive profitability being pressured, does this quarter change your view of the earnings growth algorithm in each stand-alone company and how it can sustain that after the separation?

接著追問一下，隨著北美工業業務走強、汽車業務獲利能力承壓，本季是否改變了你們對各獨立公司（stand-alone company）各自的盈餘成長演算法的看法，以及在分拆後如何維持該成長？

I'll take that one, too. I think the Investor Days in December are a great time for us to discuss how we think about the earnings power for each business. We don't want to take away any reason for anybody not to come see us in New York in December. So we'll hold that one as well.

這題我也來回答。我認為 12 月的投資人日是我們討論如何看待各業務盈餘能力的絕佳時機。我們不想讓任何人有理由不在 12 月到紐約來見我們。所以這題我們也先保留到那時再談。

But I think, look, when we think about where we're headed, we've had a really solid third-quarter. In fact, we've had really three solid quarters for 2026. There's good momentum in the business. Both sides and the overall team are excited about where we're headed. We have two fantastic companies.

但我想，坦白說，當我們思考未來走向時，我們第三季表現非常扎實。事實上，2026 年我們已經連續三個季度表現都很穩健。業務動能良好。雙方以及整體團隊都對我們前進的方向感到振奮。我們擁有兩家非常出色的公司。

They're built to be successful. They have size and scale. That matters in distribution, and we're going to be able to have a fantastic opportunity to update you on both in December and talk about where both businesses are going in 2027.

它們的架構就是為了成功而打造。它們具備規模與量體。這在通路配送上很重要，而我們也將能在 12 月提供絕佳機會，向各位更新兩邊的情況，並談談兩項業務在 2027 年的走向。

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

I guess I'm looking for a clarification and then a question. On the clarification, you mentioned the Iran conflict multiple times. I would presume that's just cost pressure, and I kind of get the freight and fuel. But Bert, I think you then mentioned rent, and I think there might have been a reference earlier in the call on sales impact. So if you can just kind of like clarify what all the Iran conflict is, that would be helpful.

我想先釐清一點，然後再問一個問題。關於釐清的部分，你們多次提到伊朗衝突。我推測那主要是成本壓力，運費和燃料我大概理解。但 Bert，我記得你後來提到租金，我也覺得在電話會議較早的地方似乎提到對銷售的影響。所以如果你能釐清一下伊朗衝突的影響到底包含哪些面向，會很有幫助。

And then secondly, as you pointed out in the past, higher interest rates over the last few years have increased inventory carrying costs for your independent owners. So as we're kind of breaking through to new highs in the interest rate environment, should we assume that part of your North American business will, let's call it, continue to remain under pressure?

第二，如你們過去指出的，過去幾年較高的利率提高了你們獨立業主的庫存持有成本。因此，當我們在利率環境中持續突破新高時，我們是否應該假設你們北美業務的那一部分，姑且說，將持續承受壓力？

Yes, Scot, I'll start with the first part of your question on Iran. I think we've isolated the Iran impact to the top line, which we talked about in July, and we moderated our outlook for the Global Automotive segment in that regard, took about 0.5 point of the growth out versus our original expectations for the year. And our third-quarter experience came in line almost to the dollar with our forecast for the third-quarter. So I'd say our views on moderating demand, particularly on the retail side of the business in auto held true, and I think that's going to be the case for the fourth-quarter as well.

是的，Scot，我先回答你關於伊朗的第一部分。我認為我們已將伊朗的影響界定在營收端（top line），我們在 7 月時已談過，並因此下修了全球汽車事業部門的展望，相較於我們年初的預期，將全年成長率大約下調了 0.5 個百分點。而我們第三季的實際情況幾乎與我們對第三季的預測金額一致。所以我會說，我們對需求趨緩的看法——特別是在汽車業務的零售端——仍然成立，我認為第四季也會是如此。

When I think about the cost pressure, the cost pressure for Iran really lies in freight and fuel. And so we've given you that impact for the quarter, $16 million. We ticked it up a bit for the rest of the year versus that second half original expectation that I gave you of $20 million to $30 million. We now see that to be $30 million to $40 million. And when we gave you the $20 million to $30 million, it was based on diesel at $4.50 and on a downward trend.

至於成本壓力，我認為伊朗相關的成本壓力主要在運費與燃料。因此我們已提供本季的影響金額：1,600 萬美元。相較於我先前給各位的下半年原始預期（2,000 萬至 3,000 萬美元），我們把全年剩餘期間的影響略為上調。我們現在認為會是 3,000 萬至 4,000 萬美元。而當時我們給出 2,000 萬至 3,000 萬美元，是以柴油價格 4.50 美元且呈下降趨勢為基礎。

Diesel is now at over $6 and kind of an elevated steady trend, up 35% from when I gave you that outlook. So we've ticked that up based on current expectations. The rent expense pressure is really coming out of, as we've talked about before, renewals happening in a post-COVID period.

目前柴油價格已超過 6 美元，並維持在偏高且相對持平的走勢，較我當時提供展望時上升了 35%。因此我們依據目前的預期上調了該數字。租金費用的壓力則主要來自——如我們先前談過的——在後疫情時期進行的續約。

And so we're seeing those being elevated versus when they were negotiated five years ago, six years ago, and that thematic is playing through. So I don't know that the rent piece has anything to do with the Iran conflict. It's just overall cost inflation across the business. So that's those two pieces. On the independent owner, maybe I'll pitch it to Will and Court.

因此我們看到，這些租約條件相較於五年前、六年前談定時更為提高，而這個主題正在持續反映出來。所以我不認為租金這一塊與伊朗衝突有任何關係。它只是整體業務的成本通膨。以上就是這兩部分。至於獨立業主的部分，我想把問題交給 Will 和 Court。

Yes. Scot, it's Court. Happy to take that one. I think a couple of comments on the independent owners. The first one we talked about in the prepared comments, the fact that the top quartile of independent owners is performing at a very similar level to company stores, which are performing well.

好的。Scot，我是 Court。很樂意回答這題。我想對獨立業主補充幾點。第一點我們在事先準備的講稿中提到：獨立業主中表現位於前四分位數的那群，其表現水準與公司自營門市非常接近，而自營門市的表現也很好。

Something we'll talk about at Investor Day and don't want to get into all of it today, is just our actions to kind of further partner with the top owners. The largest owners, the strongest owners in the network today have very solid balance sheets, are investing in inventory, are investing in people and service capability in their local markets. And we have a number of initiatives underway to more closely partner with those stronger owners.

我們會在投資人日談到、但今天不想展開全部細節的一點是：我們採取的行動是進一步與頂尖業主合作。目前網路中規模最大、實力最強的業主資產負債表非常穩健，正在投資庫存，也在投資人員與其在當地市場的服務能力。我們也正在推動多項措施，以更緊密地與這些更強的業主合作。

We've also introduced some technology tools and some other programs to help support making sure we have the right inventory in each local independent store to help them win in the local market. So we're really optimistic about the early returns from those programs, and we'll talk more about that at Investor Day.

我們也導入了一些科技工具與其他方案，以協助確保每一家當地的獨立門市都能擁有正確的庫存配置，幫助他們在當地市場勝出。因此我們對這些方案的初期成效非常樂觀，並會在投資人日再進一步說明。

Chris Dankert, D.A. Davidson.

Chris Dankert，D.A. Davidson。

I guess, first off on Motion. If I look at the implied guide for the fourth-quarter from a top line perspective here, I mean, it looks a little bit weaker both from a two-year stack basis and a typical seasonality basis. Is that just a measure of conservatism? Because I guess with the end demand broadening out here, I would have expected a little bit more on Motion. But just you could comment there would be helpful.

我想先談 Motion。如果我從營收端來看你們對第四季的隱含指引，我的意思是，無論以兩年疊加（two-year stack）或典型季節性來看，似乎都稍微偏弱一些。這只是出於保守嗎？因為我想，隨著終端需求在擴散走強，我原本預期 Motion 會更強一些。如果你們能就此評論一下，會很有幫助。

Yes, Chris, I think we're being a little bit prudent. As I said a minute ago, the fourth-quarter is always a dynamic period. You've got the holidays. We've seen in the past two years, some of our customers slow down production in the fourth-quarter, particularly as we get into the Christmas and New Year period. As I said a minute ago, the overall fundamentals are very steady.

是的，Chris，我想我們是稍微更審慎一些。如我剛才提到，第四季一向是變動性較高的期間。有假期因素。過去兩年我們看到部分客戶在第四季放慢生產，特別是接近聖誕與新年期間。但如我剛才說的，整體基本面非常穩定。

Motion has left off September and started October in a very similar place. And October is an important month. But I think we're just hedging a little bit on being prudent about November, December.

Motion 在 9 月的收尾與 10 月的開局非常相近。而 10 月是重要的月份。但我認為我們只是對 11 月、12 月在審慎性上多做一點避險。

And again, I wouldn't overread anything. Motion is performing very well. They had a very solid Q3, as Will outlined in his prepared remarks, and we remain bullish on the opportunities in the space. Customers are enthusiastic, and I think we'll turn into 2027 with good momentum.

再說一次，我不會過度解讀任何事情。Motion 的表現非常好。如 Will 在事先準備的發言中所概述，他們第三季表現非常扎實，而我們對該領域的機會仍然看多。客戶也很有熱情，我認為我們將帶著良好動能邁入 2027 年。

Yes. That's fair. And certainly appreciate the clarity there. I guess shifting gears into NAPA here. Again, the new DC at Eastern PA, obviously exciting.

是的。這很公平。也確實感謝你在這方面的清楚說明。我想接下來把話題轉到 NAPA。再說一次，賓州東部新的配送中心（DC）顯然令人振奮。

I assume we're going to talk about this a lot at the Analyst Day, but anything you can give us in terms of is there a cost opportunity? Is there some consolidation going associated with that? Anything else you can kind of tease us with around the opportunity in the DC network for NAPA?

我想我們會在分析師日大量討論這個，但你能否先提供一些資訊：是否有成本面的機會？是否會伴隨一些整併？關於 NAPA 的 DC 網路機會，還有沒有其他你可以先透露一點的？

Yes, sure. It's Court here, and we definitely spend lots of time on this at Investor Day, but I think there's both a revenue and a cost opportunity, revenue in terms of broadening the scope of the products that we have in the supply chain, so getting a broader mix of products closer to stores and closer to customers, mission-critical in terms of improving fill rates and product availability, which we're very confident will help drive further revenue.

是的，當然。我是 Court，我們確實會在投資人日花很多時間談這個；但我認為這同時存在營收與成本的機會。營收方面在於擴大我們供應鏈中的產品範疇，也就是把更廣的產品組合放得更靠近門市、更靠近客戶；在提升補貨滿足率（fill rates）與產品可得性方面，這是關鍵任務。我們非常有信心這將有助於帶動進一步的營收成長。

And then through the robotics and automation as well as the real estate consolidation, we also will outline some of the operating expense leverage that comes from that. So we think this is a great win, better service to customers, great working environment for team members and a good cost-out opportunity as well.

此外，透過機器人與自動化，以及不動產整併，我們也會說明由此帶來的營運費用槓桿。因此我們認為這是一個很大的勝利：為客戶提供更好的服務、為團隊成員提供很好的工作環境，同時也有不錯的降本機會。

And Chris, I would just add, it's Will. We've had lots of data points internationally on investments like this that are proving out and getting us smarter on how we create value when we make these types of investments. So -- as you guys know, we've been on a multiyear investment plan to invest in all things supply chain, and we're leaning into our US investments now. And I think all of that previous work is going to make us even smarter and better.

Chris，我再補充一下，我是 Will。我們在國際市場上對這類投資已累積了很多數據點，這些都在驗證成效，也讓我們更了解在進行這類投資時如何創造價值。所以——如各位所知，我們已推動一個為期多年的投資計畫，投資於供應鏈的各個面向，而現在我們正加大在美國的投資力度。我認為先前的那些工作會讓我們變得更聰明、更出色。

Bret Jordan, Jefferies.

Bret Jordan，Jefferies。

You talked about the performance of the top quartile of independents. Could you talk about sort of the gap to the average or the bottom quartile? Has the performance narrowed? Or are the outperformers outperforming incrementally? I guess it seems from your comp sell-in to independents and the sell-out you commented on maybe there's less total field inventory of the independents in the third-quarter.

你們談到獨立客戶中表現位於前四分位數（top quartile）的績效。能否談談他們與平均或後四分位數（bottom quartile）之間的差距？這個表現差距有縮小嗎？還是說領先者正在進一步擴大領先？我想從你們提到對獨立客戶的同店（comp）出貨（sell-in）以及你們評論的終端銷售（sell-out）來看，第三季獨立客戶端的整體通路庫存似乎更少。

Yes, Bret, this is Bert. I would just say that as we started this quartiling exercise through the mid part of the year, as we shared last quarter, relative to the sequential performance in Q2 to Q3, the bottom quartile actually is moving up. And so I would just say that I think that's an indication of, as Court just outlined, the actions we're taking are actually improving the performance across the board.

是的，Bret，我是 Bert。我想說的是，當我們在年中開始做這個四分位分組分析時——如同我們上季分享的——就 Q2 到 Q3 的連續表現而言，後四分位數其實是在往上提升。所以我會說，我認為這顯示出正如 Court 剛才所概述的，我們採取的行動確實正在全面改善整體表現。

And so we're pleased with that and to see the early innings of that start to have an effect is building momentum, particularly as we get to Investor Day and being able to share a little bit more color on all the actions we're taking. But Court did a nice job outlining those a few minutes ago, and we'll get into some more detail there.

我們對此感到高興；而看到這些措施在早期階段就開始產生效果，也正在累積動能，特別是當我們接近投資人日，能夠分享更多我們所採取行動的細節與背景。不過 Court 幾分鐘前已經很清楚地概述了這些，我們之後也會再更深入說明。

I think across the board, the inventory, it's always a place where we're trying to continue to improve. It's about the right part at the right place at the right time, as you know. That's a continuous improvement exercise, and we've seen that happen through the course of the year as well, which is why I think the bottom quartiles are moving up relative to the second-quarter. And we're looking forward to how that really translates into the 2027 performance as well.

我認為整體而言，庫存一直是我們持續努力改善的領域。如你所知，重點在於在正確的時間、正確的地點，備有正確的零件。這是一個持續改善的課題，而我們也看到這在今年的進程中逐步發生，這也是我認為相較第二季，後四分位數正在往上提升的原因。我們也期待這將如何轉化為 2027 年的表現。

And I think just sequentially, those bottom two quartiles did improve from Q2 to Q3. So we feel like we're seeing good progress with those efforts in terms of sales out into the marketplace.

而且就連續季度來看，後面兩個四分位數確實從 Q2 到 Q3 有所改善。因此，就銷售到市場端（sales out into the marketplace）的努力而言，我們覺得正在看到不錯的進展。

Bret Jordan, Jefferies.

Bret Jordan，Jefferies。

You've called out outperformance in the UK. Is that -- and GSF have been pretty price competitive over there. Are they laying off -- is the market being more rational? Or is it just improving underlying demand in that market?

你們提到在英國的表現優於同業。而且 GSF 在那邊的價格競爭力一直很強。他們是否正在收手——市場是否變得更理性？還是只是該市場的基本需求在改善？

I think it's improving underlying demand in a choppy market sequentially. And I think more importantly it's improving controllable execution. As you know, we've made some very significant supply chain investments into the UK a couple of years ago. And I think it's -- to my earlier point, it's another proof point of kind of the power of those investments once they get up and running.

我認為是在波動的市場中，基本需求在連續季度上有所改善。但更重要的是，可控的執行力正在提升。如你所知，我們在幾年前已對英國投入了非常重大的供應鏈投資。而我認為——呼應我先前的觀點——這又是一個證明：一旦這些投資建置完成並開始運轉，就能展現其威力。

So we're doing some really nice work. We've got a great platform in the UK, scale matters. So even if you have some of these local smaller disruptive players over time, the breadth of the offering and the capabilities that we have in the UK, I think, is a winner. So we're seeing it more from what we're doing rather than what the market is giving us.

所以我們做得相當不錯。我們在英國擁有很好的平台，規模很重要。因此，即使長期來看會有一些本地較小、具破壞性的競爭者出現，我認為我們在英國的產品廣度與能力仍是勝出關鍵。所以我們看到的更多是來自我們自身的作為，而不是市場給我們的順風。

There are no further questions at this time. I will now hand the call back over to our CEO, Will Stengel.

目前沒有其他問題。我現在把電話交回給我們的執行長 Will Stengel。

Thank you for joining us this morning, and thank you for your support of both GPC and Motion. We look forward to sharing more with you at our Investor Day in December. Have a great rest of your week. Thanks.

感謝各位今天早上參與，也感謝各位對 GPC 與 Motion 的支持。我們期待在 12 月的投資人日與各位分享更多內容。祝各位本週接下來一切順利。謝謝。

Thanks, everyone.

謝謝各位。

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may now disconnect your lines.

謝謝。各位女士、先生，本次電話會議到此結束。感謝各位參與。您現在可以掛斷電話。