Group 1 Automotive Inc (GPI) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen.

女士們、先生們，早安。

Welcome to Group One Automotive's first quarter 2025 financial results conference call.

歡迎參加 Group One Automotive 2025 年第一季財務業績電話會議。

Please be advised that this call is being recorded.

請注意，本次通話正在錄音。

I would now like to turn the call over to Mr. Peter Delongchamps, Group one's senior Vice President, manufacturers relations, and Financial Services. Please go ahead, Mr. Peter Delongchamps.

現在，我想將電話轉給 Group One 製造商關係和金融服務資深副總裁 Peter Delongchamps 先生。請繼續，Peter Delongchamps 先生。

Okay, and thank you, Jacob, and good morning everyone and welcome to today's call. The earnings release we issued this morning and a related slide presentation that includes reconciliations related to the adjusted results that we will refer to on this call for comparison purposes have been posted to Group One's website.

好的，謝謝你，雅各布，大家早安，歡迎參加今天的電話會議。我們今天早上發布的收益報告和相關的幻燈片簡報（其中包括與調整後結果相關的對帳）已發佈到 Group One 的網站上，我們將在本次電話會議上參考這些對帳以進行比較。

Before we begin, I'd like to make some brief remarks about forward-looking statements and the use of non-gap financial measures.

在我們開始之前，我想對前瞻性陳述和非差距財務指標的使用做一些簡短的評論。

Except for historical information mentioned during the conference call, statements made by management of Group One Automotive are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1,995.

除電話會議中提及的歷史資訊外，第一汽車集團管理階層所作的陳述均為前瞻性陳述，符合 1995 年《私人證券訴訟改革法案》的安全港條款。

Forward-looking statements involve both known and unknown risks and uncertainties which may cause the company's actual results of future periods to differ materially from forecasted results. Those risks include but are not limited to risks associated with pricing, volume, inventory supply, conditions of markets, successful integration of acquisitions, and adverse developments in the global economy, and resulting impacts on demand for new and used vehicles and related services.

前瞻性陳述涉及已知和未知的風險和不確定性，可能導致公司未來期間的實際結果與預測結果有重大差異。這些風險包括但不限於與定價、數量、庫存供應、市場條件、收購成功整合以及全球經濟不利發展相關的風險，以及由此對新車和二手車及相關服務的需求的影響。

Those and other risks are described in the company's filings with the Securities and Exchange Commission. In addition, certain non-gap financial measures as defined under SEC rules may be discussed on this call.

該公司向美國證券交易委員會提交的文件中描述了這些風險和其他風險。此外，本次電話會議也可能討論美國證券交易委員會規則定義的某些非缺口財務指標。

As required by applicable SEC rules, the company provides reconciliations of any such non-gap financial measures to the most directly comparable GAAP measures on its website.

根據適用的美國證券交易委員會規則的​​要求，該公司在其網站上提供任何此類非差距財務指標與最直接可比較的 GAAP 指標的對帳。

Participating with me on today's call, Daryl Kenningham , our President and Chief Executive Officer, and •Daniel McHenry, senior Vice President and Chief Financial Officer.

和我一起參加今天電話會議的還有我們的總裁兼執行長 Daryl Kenningham 和資深副總裁兼財務長 Daniel McHenry。

Okay, so now I'll hand the hand the call over to Daryl.

好的，現在我將把通話權交給 Daryl。

Thank you, Pete.

謝謝你，皮特。

Good morning, everyone.

大家早安。

Thanks to our teams in the UK and the US, we were pleased with our performance in the 1st quarter.

感謝我們在英國和美國的團隊，我們對第一季的表現感到滿意。

Let me start with our UK business.

讓我先從我們的英國業務開始。

Our UK business is on a good track in the first quarter. The UK market overall was up 6.4%, while the retail or private market was up 9.5%. Group 1 delivered record UK results in the 1st quarter, achieving our internal profit and cost targets.

我們英國的業務在第一季進展順利。英國市場整體上漲 6.4%，零售或私人市場上漲 9.5%。第一集團在第一季取得了創紀錄的英國業績，實現了我們的內部利潤和成本目標。

We're extremely pleased with our integration with the integration of our acquisitions in the UK, which has substantially grown our market presence there.

我們對英國收購的整合感到非常高興，這大大提升了我們在英國的市場份額。

We're back to pre-acquisition levels on SG&A as a percentage of gross profit and on track to take out 10% of our headcount and save north of $30 million pounds this year, most of it in the first half.

我們的銷售、一般及行政費用佔毛利的百分比已恢復到收購前的水平，並預計在今年裁減 10% 的員工，節省 3000 萬英鎊以上，其中大部分將在上半年實現。

In addition, we are aligning our business processes across our entire UK platform.

此外，我們正在調整整個英國平台的業務流程。

Including our used car pricing and acquisition processes, technician recruiting and compensation plans, customer contact centers, and finance and insurance products.

包括我們的二手車定價和收購流程、技術人員招聘和薪酬計劃、客戶聯絡中心以及金融和保險產品。

Our team remains focused on managing our legacy business operations and our same store SGA leverage trended down year over year.

我們的團隊仍然專注於管理我們的傳統業務運營，並且我們的同店 SGA 槓桿率逐年下降。

We delivered improvement across many key financial and operating metrics. Record new and used vehicle volumes helped offset moderating new and used vehicle GPUs on a same store basis.

我們在許多關鍵財務和營運指標上都取得了進步。創紀錄的新車和二手車銷售有助於抵消同店新車和二手車 GPU 的放緩。

Our used vehicle management has improved with better vehicle aging and significantly lower same store wholesale losses year over year.

我們的二手車管理已改善，車輛老化程度有所改善，同店批發損失年比大幅降低。

Technician productivity has improved and our total gross margins have expanded. We will continue to optimize our UK business.

技術人員的生產效率得到了提高，我們的總毛利率也擴大了。我們將繼續優化我們的英國業務。

Thanks to our strong OEM engagement and acquisition approvability. In the quarter, we added 3 Toyota and 1 Lexus dealership.

這要歸功於我們強大的 OEM 參與度和收購批准能力。本季度，我們增加了 3 家豐田經銷店和 1 家雷克薩斯經銷店。

At the same time, we undertook the strategic closure of 8 stand-alone used vehicle sites and 3 less accreted franchise sites. This strategy mirrors the approach taken in the US over the past few years, improving our performance and we believe, leading to higher shareholder returns.

同時，我們策略性地關閉了8家獨立二手車網點和3家較少累積的特許經營網點。這項策略與過去幾年美國採取的做法相似，提高了我們的業績，我們相信，這將帶來更高的股東回報。

Now turning to our US business.

現在談談我們的美國業務。

US team managed the business very well in the first quarter. New and used vehicles and revenues sold were up on an as reported and same store basis. F&I performance performed well in the quarter, up $98 on the same basis.

美國團隊在第一季的業務管理非常好。新車和二手車的銷售以及收入均按報告和同店計算上漲。本季財務和保險業績表現良好，在同一基礎上上漲了 98 美元。

As used vehicle finance, vehicle service contract, and other product penetrations improved.

隨著二手車金融、汽車服務合約等產品滲透率的提高。

We continue to view after sales as a differentiator at Group One, and we were pleased with our performance in the quarter. Customer pay was up over 6% to go along with a nearly 30% increase in warranty revenue.

我們繼續將售後服務視為 Group One 的差異化因素，我們對本季的表現感到滿意。客戶支付上漲超過 6%，同時保固收入也增加了近 30%。

We continue to believe that after sales is the most underinvested area of our business.

我們仍然相信售後是我們業務中投資最少的領域。

By the end of the year, we will be nearly finished with our workshop air conditioning project, having invested over $25 million in our technicians.

今年年底，我們的車間空調專案將接近完工，我們在技術人員方面的投資已超過 2,500 萬美元。

We are converting some of our collision footprint and traditional into traditional service operations, expecting to increase capacity where needed for the higher margin service business.

我們正在將部分碰撞足跡和傳統業務轉變為傳統服務業務，並期望在需要更高利潤的服務業務時增加產能。

Adding human capacity is a critical leverage point in driving continued performance growth.

增加人力資源是推動績效持續成長的關鍵槓桿點。

We ended the first quarter of 2025 with our US technician headcount nearly 8% higher than the year ago period.

截至 2025 年第一季度，我們的美國技術人員數量比去年同期增加了近 8%。

Given our flexible scheduling, all day Saturday focus, and improving technician productivity, we still have significant capacity in our existing dealerships to increase our after-sales business, and we look to be even more aggressive in the future.

鑑於我們靈活的時間表、週六全天關注以及不斷提高的技術人員生產力，我們現有的經銷商仍然具有很大的能力來增加我們的售後業務，並且我們希望在未來更加積極主動。

In the US in the first quarter, we didn't leverage SG&A as well as we could have. We had some creep in January and February in the variable part of our business, specifically compensation and outside services.

在美國，第一季我們沒有充分利用銷售、一般及行政費用 (SG&A) 的優勢。一月和二月，我們業務的可變部分，特別是薪酬和外部服務，出現了一些增長。

As a result, we put some focus on it and saw some improvement in March, continuing to monitor it, and we'll take additional steps as needed.

因此，我們對此給予了一些關注，並在三月看到了一些改善，我們將繼續對其進行監控，並根據需要採取額外措施。

In the 4th quarter, we also kicked off a branding effort in the US where a number of our dealerships will be rebranded with a Group one name.

在第四季度，我們也在美國啟動了品牌推廣活動，我們的一些經銷店將以 Group One 的名稱重新命名。

This project combined with our integrated marketing and customer data efforts will open opportunities across our footprint.

該專案與我們的綜合行銷和客戶數據工作相結合，將為我們的整個業務範圍帶來機會。

It's important to note that we continue to believe that the retail automotive business is a local business, and that's where we'll put our emphasis.

值得注意的是，我們仍然相信汽車零售業務是本地業務，這也是我們的重點所在。

We've learned a great deal about this model from our UK business where all of our dealerships are already branded with a Group One name.

我們從英國業務中學到了很多關於這種模式的知識，在英國，我們所有的經銷商都已經貼上了 Group One 的品牌。

Lastly, a few thoughts on the evolving US landscape and broader global backdrop.

最後，就不斷變化的美國格局和更廣泛的全球背景談幾點看法。

There's a great deal of conjecture about Washington and the impact the new administration's policies have on our trading partners, automotive retailers, OEMs, and consumers.

人們對華盛頓以及新政府的政策對我們的貿易夥伴、汽車零售商、原始設備製造商和消費者的影響有很多猜測。

It's never an ever moving target.

它從來都不是一個不斷移動的目標。

In our view, the best way to capitalize on these changes is to ensure that Group One stays nimble and focused on execution.

我們認為，利用這些變化的最佳方法是確保第一集團保持靈活並專注於執行。

We continue to see demand across all lines of service.

我們持續看到各行各業的需求。

However, we are being cautious moving forward. Expectations are that new and used vehicle GPUs could remain elevated as inventories tighten from imposed tariffs.

然而，我們在前進的道路上仍會保持謹慎。預計隨著稅務實施導致庫存收緊，新車和二手車 GPU 可能會繼續保持高位。

We have deferred some capital expenditure projects and have re-evaluated some discretionary spending.

我們推遲了一些資本支出項目，並重新評估了一些可自由支配的支出。

We also have contingency plans in place should we see a marked change in the competitive environment.

如果競爭環境發生明顯變化，我們也制定了應急計畫。

Now shifting to capital allocation.

現在轉向資本配置。

We continue to balance acquisitions and dispositions with repurchasing our shares. In the first quarter of 2025, we acquired $100 million of revenues and bought back another 2% of the company for $122.8 million.

我們持續在收購、處置和回購股票之間取得平衡。2025年第一季度，我們獲得了1億美元的收入，並以1.228億美元的價格回購了該公司另外2%的股份。

At current valuation levels, we believe buying back stock at every opportunity makes sense, especially given our liquidity position.

在目前的估值水準下，我們認為抓住一切機會回購股票都是有意義的，尤其是考慮到我們的流動性狀況。

And we will continue to optimize our portfolios in the US and the UK, Testament to that is that since the beginning of 2023 we've bought assets generating $5 billion in annual revenue and disposed of assets generating a billion dollars in revenue.

我們將繼續優化我們在美國和英國的投資組合，證明這一點的是，自 2023 年初以來，我們購買了年收入 50 億美元的資產，並處置了年收入 10 億美元的資產。

Properly allocating our shareholders' capital will always be our highest priority. While we regularly evaluate other business adjacencies in this environment, we believe staying focused on the new vehicle retail franchise business is the best use of our shareholders' capital.

合理分配股東資本永遠是我們的首要任務。雖然我們會定期評估這種環境下的其他業務鄰近性，但我們認為，繼續專注於新車零售特許經營業務是我們股東資本的最佳利用方式。

We will continue to be acquisitive, but we are also being very measured. In valuing acquisitions, engaging only in deals that we feel provide long term value for Group One shareholders.

我們將繼續積極收購，但我們也會非常謹慎。在評估收購時，我們只參與那些我們認為能為 Group One 股東帶來長期價值的交易。

And now I'll turn over the call to our CFO Daniel McHenry for an operating and financial overview.

現在，我將把電話轉給我們的財務長丹尼爾·麥克亨利 (Daniel McHenry)，以了解營運和財務概況。

Thank you, Daryl, and good morning, everyone.

謝謝你，達裡爾，大家早安。

In the first quarter of 2025, Group One Automotive reported quarterly record gross profit of $ 892 million. Adjusted net income of $ 134.7 million and quarterly adjusted diluted earnings per share from continuing operations of $10.17.

2025年第一季度，第一集團汽車公司報告季度毛利創歷史新高，達到8.92億美元。調整後淨收入為 1.347 億美元，季度調整後持續經營每股攤薄收益為 10.17 美元。

Starting with our US operations.

從我們的美國業務開始。

Revenue growth on our reported basis and same store basis occurred across all lines of business, with new vehicle revenues leading the way at 9.4% and 7.4% respectively over a comparable prior year quarter.

所有業務線均實現了報告基礎和同店基礎的收入增長，其中新車收入分別比去年同期增長 9.4% 和 7.4%。

We experienced higher new vehicle units sold on a reported basis and the same store basis of 7.1% and 5.2% respectively.

我們的新車銷售量按報告基礎和同店基礎計算分別成長了 7.1% 和 5.2%。

This reflects the resiliency of demand, our operational execution, and the value generated from the ability to drive incremental volume through our dealership acquisitions.

這反映了需求的彈性、我們的營運執行力以及透過經銷商收購推動增量銷售的能力所產生的價值。

At the same time, volumes increase, we saw prices increase by 2.2% on a reported and same store basis, coupled with the decline in GPU's t of 7.5% and 9.6% respectively.

同時，隨著銷量的增加，我們看到價格在報告和同店基礎上上漲了 2.2%，而 GPU 的 t 分別下降了 7.5% 和 9.6%。

These dynamics of lower GPU's t and higher volumes helped us hold same store and reported gross profit to a modest decline of less than 0.9%. And 4.9% respectively, versus the prior year comparable period.

較低的 GPU t 和較高的銷售這些動態幫助我們保持同店和報告毛利適度下降，不到 0.9%。與去年同期相比分別成長 4.9%。

Much like used much like new vehicles, we saw a similar pattern for used vehicles, higher units sold, higher prices, and lower GPU's t versus the prior year comparable period.

與新車非常相似，我們發現二手車也呈現類似的模式，與去年同期相比，二手車銷售量更高、價格更高、GPU 更低。

GPUs were only dying $55.66 dollars on a reported and same store basis, or 3.1% and 3.8% respectively.

根據報告和同店數據，GPU 的銷售額僅下降了 55.66 美元，降幅分別為 3.1% 和 3.8%。

We believe our ability to hold gross profit to modest declines while driving volume against higher prices versus the prior year comparable period is a testament to our process, discipline and use of technology with pricing of used vehicles.

我們相信，我們能夠將毛利控制在適度下降的水平，同時與去年同期相比，在價格上漲的情況下推動銷售成長，這證明了我們在二手車定價方面的流程、紀律和技術運用。

Sequentially, units sold were up 2.4%, and we were able to increase GPUs by $230 or 15.6%, while prices fell 2.1%. Our first quarter [FNI GPU] of $2,426 is up $11.86 dollars sequentially and year over year respectively.

與上一季相比，GPU 銷量成長了 2.4%，GPU 價格上漲了 230 美元，漲幅達 15.6%，而價格卻下降了 2.1%。我們第一季的 [FNI GPU] 為 2,426 美元，環比和同比分別上漲 11.86 美元。

The performance by our FNI professionals has been outstanding to maintain GPU disciplines.

我們的 FNI 專業人員的表現非常出色，維護了 GPU 紀律。

Shifting gears to after hills.

換擋至山後。

After sales revenues increased 7.3% and 5.6% on a reported and same store basis respectively.

售後收入按報告和同店計算分別成長 7.3% 和 5.6%。

These revenue increases, coupled with slight margin increases generated growth in gross profit of 8.5% and 6% on a reported and same store basis respectively.

這些收入的成長，加上利潤率的小幅上升，分別帶來了報告毛利和同店毛利 8.5% 和 6% 的成長。

Same store customer plan and warranty revenues comprised of 70.8% of the total same store after sales revenues for the first quarter, versus 67% for the prior comparable quarter.

同店客戶計畫和保固收入佔第一季同店售後總收入的 70.8%，去年同期為 67%。

Warranty work is up virtually across all brands. However, Toyota and Honda have the largest year over year increase, generated by some larger recalls ongoing in the first quarter

幾乎所有品牌的保固工作都增加了。不過，豐田和本田的同比增幅最大，這得益於第一季正在進行的一些較大規模的召回

We expect this work to continue for some time, given the nature of the repairs.

考慮到修復的性質，我們預計這項工作將持續一段時間。

In the case of Toyota, we're seeing increased work from the open Tundra engine recall.

就豐田汽車公司而言，我們看到該公司因坦途 (Tundra) 引擎召回事件而開展的工作有所增加。

Wrapping up the US, let's turn to SG&A.

總結美國的情況，我們來談談銷售、一般和行政費用 (SG&A)。

US adjusted SG&A as a percentage of gross profit, increased 228 basis points sequentially to 66.9%. We have refocused our efforts on operational efficiency and resource management to bring these metrics in line with historical levels.

美國調整後銷售、一般及行政費用佔毛利的百分比較上月增加 228 個基點，達到 66.9%。我們重新將精力集中在營運效率和資源管理上，以使這些指標與歷史水準保持一致。

Turning to the UK, what an outstanding quarter. Acquisition activity fueled all-time quarterly growth in total revenues and gross profit, leading to a 92% and 109.6% year over year increase respectively.

談到英國，這是一個多麼出色的季度。收購活動推動了總收入和毛利的季度增長，分別比去年同期增長了 92% 和 109.6%。

We were pleased with the growth in gross profit of 8.7% on the same store basis thanks to improvement in new vehicles, after sales, and FI.

由於新車、售後和 FI 的改善，我們對同店毛利成長 8.7% 感到高興。

Same store retail gross vehicle units sold increased nearly 6% year over year, and GPUs decreased by 10.7%. The increased volume helped limit the decline in gross profit of approximately 5% on a constant currency basis.

同店零售汽車總銷量較去年同期成長近6%，GPU銷售量下降10.7%。銷量增加有助於限制毛利以固定匯率計算下降約 5%。

Same store wholesale losses per unit improved to $8 from $842 loss compared to the prior year quarter respectively.

與去年同期相比，同店每單位批發虧損從 842 美元改善至 8 美元。

After sales is continuing to be on a positive growth path with a 3.5% increase in same store revenues on a constant currency basis and almost 6% increase in same store gross profit on a constant currency basis over a prior year quarter.

售後服務繼續保持積極的成長勢頭，與去年同期相比，以固定匯率計算，同店收入增長了 3.5%，按固定匯率計算，同店毛利潤增長了近 6%。

SAM adjustedcSG&A as a percent of gross profit declined 78 basis points versus the prior year quarter. We will continue to focus on cost control and business process efficiency as we execute our business integration activities.

SAM 調整後銷售、一般及行政費用佔毛利的百分比較去年同期下降了 78 個基點。在執行業務整合活動時，我們將繼續專注於成本控制和業務流程效率。

We acquired $11.1 million of non-recurring restructuring costs in quarter 1 2025 in relation to our ongoing UK restructuring plan.

我們在 2025 年第一季根據我們正在進行的英國重組計劃產生了 1,110 萬美元的非經常性重組成本。

Turning to our balance sheet and liquidity, our strong balance sheet, cash flow generation, and leverage position will continue to support flexible capital allocation approach.

談到我們的資產負債表和流動性，我們強勁的資產負債表、現金流量產生和槓桿地位將繼續支持靈活的資本配置方式。

As of March 31st, our liquidity of $1 billion comprised of accessible cash of $176 million and $819 million available to borrow on our acquisition line.

截至 3 月 31 日，我們的 10 億美元流動資金包括 1.76 億美元的可用現金和 8.19 億美元的收購額度可供借貸。

Our rent adjusted leverage ratio as defined by our US syndicated credit facility was 2.7 times at the end of March. Cash flow generation through the first quarter of 2025 yielded $138 million of adjusted operating cash flow and $105 million of free cash flow after backing out $33 million of CapEx.

截至 3 月底，我們的美國銀團信貸安排定義的租金調整槓桿率為 2.7 倍。截至 2025 年第一季度，在扣除 3,300 萬美元的資本支出後，現金流產生了 1.38 億美元的調整後經營現金流和 1.05 億美元的自由現金流。

This capital was deployed in the same period through a combination of acquisitions, share repurchases, and dividends, including the acquisition of $100 million in revenues through March 31, $123 million repurchasing approximately 287,000 shares at an average price of $428.33 and $6.6 million in dividends to our shareholders.

這些資本在同一時期透過收購、股票回購和股息等多種方式進行部署，包括截至 3 月 31 日收購 1 億美元的收入、以平均 428.33 美元的價格回購約 287,000 股 1.23 億美元，以及向股東派發 660 萬美元的股息。

Subsequent to the first quarter, we purchased 100,918 shares under a Rule 10b51 trading plan at an average price per common share of $385.28 for a total cost of $38.9 million.

第一季之後，我們根據 10b51 規則交易計劃以每股 385.28 美元的平均價格購買了 100,918 股，總成本為 3890 萬美元。

This has resulted in an approximate 3% reduction in her share of cancer since January 1st.

自 1 月 1 日以來，她的癌症發生率降低了約 3%。

We currently have $314 million remaining on our board authorized common repurchase plan. As of March 31st, approximately 60% of our [5 billion pounds in GBP4 and other debt was fixed.]

我們董事會授權的普通股回購計畫目前剩餘 3.14 億美元。截至 3 月 31 日，我們約有 60%[已修復 40 億英鎊及其他債務。 ]

This would result in an annual EPS impact of about $1.21 for every 100 basis point increase in the secured overnight funding rate.

這意味著，擔保隔夜融資利率每增加 100 個基點，年度每股盈餘將產生約 1.21 美元的影響。

For additional detail regarding our financial condition, please refer to the schedules of additional information attached to our news release, as well as of our investor presentation posted on our website.

有關我們財務狀況的更多詳細信息，請參閱我們新聞稿中附帶的附加資訊時間表以及我們網站上發布的投資者介紹。

I will now turn the call over to the operator to begin the question and answer session, operator.

我現在將把電話轉給接線員，開始問答環節。

Thank you.

謝謝。

We will now begin the question and answer session. (Operator instructions)

我們現在開始問答環節。（操作員指示）

Rajat Gupta, JP Morgan

拉賈特·古普塔（JP Morgan）

Great, thanks for taking the question. I just had one question first on the pre-buy comment, in the slide deck, is there any way for us to estimate, how much of the volume, like late March, what you might be seeing there in early April, is driven by pre-buy versus what you feel is like normal business course.

太好了，謝謝你回答這個問題。我首先想問一個問題，關於幻燈片中的預購評論，我們有什麼辦法可以估計，在 3 月底到 4 月初的成交量中，有多少是由預購推動的，而不是您認為的正常業務流程。

And then anything you know that you've seen since the pre-buy started, maybe last week, last couple of weeks, has the traffic sustained, have you started to see it slow down, any color you can give there, and how things have trended, and just what our expectations are, for the remainder of the year, both the new and new cars, and I had one quick follow up on SG&A

然後，自預購開始以來，例如上週或過去幾週，您知道流量是否持續增長，是否開始放緩，您能提供什麼信息，情況如何，我們對今年剩餘時間的預期是什麼，包括新車和新車，我對銷售、一般和行政費用（SG&A）進行了快速跟進

Good morning, Rajat. This is Daryl.

早上好，拉賈特。這是達裡爾。

I'll speak to March. My estimate is in the last, 10 days of March or so we saw probably a 5% improvement in our traffic counts and we saw gross' firm during that time period.

我會和馬奇談談。我估計，在 3 月的最後 10 天左右，我們的客流量可能會增加 5%，而且在此期間我們的業績也會有所改善。

Being the end of a quarter, sometimes it's harder to tell what is driven by the end of the quarter activity on OEM incentives, things like that with their targets generally our estimate was about a 5% lift in those last 10 days or so.

在一個季度末，有時很難說出季度末活動對 OEM 激勵措施的推動作用，諸如此類的目標一般是在過去 10 天左右我們估計會增加 5% 左右。

Roger, it's Daniel here. One thing I would add to that is, the big, a big part of our portfolio, as is Toyota Lexus. When you look at the day's supply that we had at the quarter in for Toyota and Lexus at, 12 and 5 days respectively, we didn't actually have that much inventory in those two brands in particular going into that final buying period anyway.

羅傑，我是丹尼爾。我想補充一點，我們的產品組合中很大一部分是豐田雷克薩斯。當您查看本季豐田和雷克薩斯的每日供應量分別為 12 天和 5 天時，您會發現，進入最後的購買期時，我們實際上並沒有那麼多的這兩個品牌的庫存。

So I think what we sold and those brands in particular, we probably would have sold anyway.

所以我認為，無論怎樣，我們銷售的產品，特別是那些品牌，可能都會賣出去。

Our margin patterns, Rajat, at least on new cars didn't differ materially between the 3rd month of the quarter in Q1 versus the Q4 of last year or Q3 of last year. So you know you always get a little bump in the 3rd month of the quarter. We got a little bump in Q1, we got a little bump in Q4, but it wasn't anything materially different.

Rajat，至少在新車方面，我們的利潤模式在第一季的第 3 個月與去年第四季或去年第三季之間沒有實質差異。所以你知道你總是會在每季的第三個月得到一點小的提升。我們在第一季取得了一些進步，在第四季也取得了一些進步，但並沒有什麼實質的改變。

Anything on April, like, how is April shaked out so far, we didn't notice like from our checks like early April was strong, but maybe things have cooled off in recent weeks, any comment on that.

關於四月份的任何情況，例如，四月份到目前為止情況如何，我們從檢查中沒有註意到四月初的情況很強勁，但也許最近幾週情況已經降溫，對此有什麼評論嗎？

Well, I think your read is probably pretty good, the thing that I'm watching is our inventories.

嗯，我認為你的解讀可能相當不錯，我正在關注的是我們的庫存。

They're a little tight at the end of March and.

三月底的時候他們有點緊張。

Some of the OEMs are being a little cautious about allocations right now, and nobody's taking any drastic steps, but we ended the quarter around 20,000 units of inventory, which is the lightest it's been in over a year.

一些 OEM 目前對分配持謹慎態度，沒有人採取任何激烈的措施，但本季結束時我們的庫存約為 20,000 台，這是一年多以來的最低水平。

So we're kind of watching that that'll affect obviously growth patterns and that supply can impact some of the some of the brands you saw that with Toyota last year quite a bit.

因此，我們觀察到這顯然會影響成長模式，並且供應可能會對某些品牌產生很大影響，就像去年豐田汽車公司所看到的那樣。

Daniel Hagen, Morgan Stanley

哈根（Daniel Hagen），摩根士丹利

Thanks. So can you speak a little bit more to the efficiencies you've seen so far with your cluster marketing initiative? You spoke to some learnings from branding in the UK business. What proof points can we look to in localizing inventory and reconditioning?

謝謝。那麼，您能否再多談談迄今為止集群行銷計劃所取得的效率？您談到了英國企業品牌建立的一些經驗教訓。在庫存本地化和修復方面我們可以尋找哪些證據點？

It's very early still, and we are still in the process of renaming the stores, which is kind of the first step in it. We've done one reconditioning pilot up in Boston that we're still assessing and evaluating and so it's hard for us to quantify what the what it's done for us so far.

現在還為時過早，我們仍在重新命名商店，這只是第一步。我們在波士頓進行了一次修復試點，目前仍在評估和評價，因此我們很難量化它迄今為止為我們帶來的益處。

We expect that what we'll be able to do is leverage our, we've brought a lot of our marketing and customer data management in-house concurrent with this bank and what we believe will allow us to do is manage our customers on a more proactive basis across our store base and that would be on a local basis, not across, the country or anything like that.

我們期望我們能夠利用我們的資源，我們已經將大量的營銷和客戶數據管理工作與這家銀行同時引入了內部，我們相信這將使我們能夠在我們的門店基礎上更積極地管理我們的客戶，這將是在本地基礎上，而不是在全國範圍內或諸如此類的範圍內。

We still believe our business is local, so that's where we expect to get leverage and be able to bring customers.

我們仍然相信我們的業務是本地化的，因此我們希望從本地獲得優勢並吸引客戶。

We had shared some data earlier about, loyalty of customers that buy a used car at a same brand car store versus an off-brand store. Those are things we're trying to leverage with this effort.

我們之前分享過一些數據，關於在同一品牌汽車商店和非品牌汽車商店購買二手車的顧客的忠誠度。這些都是我們試圖透過這項努力來利用的東西。

Got it. And then any shift to your capital allocation strategy with the current environment, does the policy uncertainty complexities bring more private dealerships to the table for M&A? How have you seen that evolve, if at all?

知道了。那麼，在當前環境下，您的資本配置策略會有什麼改變嗎？政策的不確定性和複雜性是否會吸引更多的私人經銷商進行併購？如果有的話，您如何看待這種演變？

Probably haven't seen the uncertainty drive the acquisition environment yet.

可能還沒看到不確定性推動收購環境。

Had some conversations with some folks yesterday that they feel like it hasn't changed yet.

昨天與一些人進行了交談，他們覺得情況還沒有改變。

On capital allocation for us, we have deferred some capital projects that were, discretionary, and when I say deferred, we've put them off like 6 months just to see, if the environment is still uncertain or if those are ones that we could do and so we have deferred some of those. We haven't canceled anything. We've reviewed some of our discretionary spending.

就我們的資本配置而言，我們推遲了一些可自由支配的資本項目，當我說推遲時，我們已經將它們推遲了 6 個月，只是為了看看環境是否仍然不確定，或者這些項目是否可以做，所以我們推遲了其中的一些。我們沒有取消任何事情。我們已經審查了一些可自由支配的開支。

And things that potentially we could rein in we did and so we'll continue to do that. We do have a contingency plan developed in writing that, should something dramatic happen, and we saw that with COVID, something dramatic happened.

我們已經控制了那些有可能控制的事情，因此我們會繼續這樣做。我們確實制定了一份書面應急計劃，以應對可能發生的重大事件，而我們看到，在新冠疫情中，就發生了一些重大事件。

What are the steps that we would take and we do have a plan that outlines the steps that we would take from, least severe to most severe and the time frame with which we would execute those. So we're trying to just be prepared and as we mentioned in our comments, be nimble.

我們將採取哪些措施？我們確實有一個計劃，概述了我們將採取的措施，從最不嚴重到最嚴重，以及我們執行這些措施的時間框架。因此，我們只是盡力做好準備，並且正如我們在評論中提到的那樣，保持靈活。

John Murphy, Bank of America

約翰‧墨菲，美國銀行

Good morning, guys. Just wanted to ask you first, Daryl, as you think about the increase of 8% in your tech, year over year, just curious, how much capacity you think you have.

大家早安。達裡爾，首先我想問你一下，考慮到你的技術年增長了 8%，我只是好奇，你認為你的產能有多大。

If we see a real slowdown at the front end on new and used sales and people hold on to their vehicles longer and we see, an uptake in service opportunities, is that something you think you can capture significantly, and is there potentially room to ramp that tech and capacity count even more.

如果我們看到新車和二手車銷售前端出現真正的放緩，人們持有車輛的時間更長，並且我們看到服務機會的增加，您是否認為您可以顯著抓住這一點，並且是否有潛在的空間來進一步提昇技術和產能。

The short answer is yes, John. We feel like there is more capacity. We still have hundreds of bays that we can grow into in addition to leveraging the bays that we have more efficiently, even though we added 8% more tax year over year, we also improved our tech productivity year over year so we do feel that way. We're looking at some other things to TRY to drive more efficiency and productivity in our shops.

簡短的回答是肯定的，約翰。我們感覺還有更多的容量。我們還有數百個可以發展的海灣，除了更有效地利用現有的海灣之外，儘管我們的稅收逐年增加 8%，但我們的技術生產力也逐年提高，所以我們確實有這種感覺。我們正在研究一些其他方法來嘗試提高我們商店的效率和生產力。

Right now we're just studying those, and you know the thing will be done with our air conditioning project this year and just to remind everybody in a Group one shop, the tech turnover is up to 9% points lower in a shop that has air conditioning than a shop that doesn't. And so in our minds that's well worth the trade off on the capital spend.

現在我們正在研究這些，你知道我們今年的空調專案將會完成，只是提醒第一集團商店的每個人，有空調的商店的技術流動率比沒有空調的商店低 9%。因此，我們認為這在資本支出上是值得的。

To be able to have our technicians working in air conditioning and hopefully increasing our retention rate, lowering our turnover which will effectively increase our capacity as well.

能夠讓我們的技術人員從事空調工作，並希望提高我們的保留率，降低我們的營業額，這也將有效提高我們的產能。

And then just maybe one quick follow up. There's a lot of attention being paid to tariffs, but there's another significant policy around CARB and NHTSA and the EPA that is pushing EVs still, but that seems like that's we're going to get some relief from that real soon.

然後可能只需要一個快速的跟進。人們對關稅給予了極大關注，但圍繞加州空氣資源委員會 (CARB)、美國國家公路交通安全管理局 (NHTSA) 和美國環保署 (EPA) 的另一項重要政策仍在推動電動車的發展，但看來我們很快就會從中得到一些緩解。

I'm just curious, the current state of EVs in the business, how negative the GPUs are and how much they're dragging you down the total, and if we get relief on carb. You know what that means for the business on an operating basis and maybe making acquisitions going forward in car states.

我只是好奇，電動車在產業中的現狀如何，GPU 的負面影響有多大，它們對整體的拖累有多大，以及我們是否可以減輕碳水化合物的負擔。您知道這對公司的營運以及未來在汽車產業的收購意味著什麼。

I'll take the first part around the PRUs and inventory in the business. I would say our inventory for EV is really quite good at the moment. We're at I would say a record low levels over the last two years, and some of that's what we did last quarter in terms of managing our EV inventory.

第一部分我將圍繞業務中的 PRU 和庫存進行討論。我想說，我們目前的電動車庫存確實相當不錯。我想說，我們處於過去兩年來的歷史最低水平，其中一部分就是我們上個季度在管理電動車庫存方面所做的工作。

I would say the dragon GPU that we had seen for an EV has reduced over the last quarter. However, we're still seeing about $1000 differential between the GPU and a versus a nice vehicle.

我想說的是，我們在 EV 上看到的龍 GPU 在過去一個季度有所減少。然而，我們仍然看到 GPU 和一輛好車之間存在約 1000 美元的差價。

Regarding the second part of the question, I'll pass that over to Daryl.

關於問題的第二部分，我將交給 Daryl。

It hasn't changed our view on acquisition strategy and, carb states or not. There's a place for BEVs, customers continue to vote for them, they're still growing, the economics for the retailers are improving, so.

它並沒有改變我們對收購策略的看法，無論是否為碳水化合物狀態。純電動車仍有一席之地，消費者繼續支持它們，它們仍在成長，零售商的經濟狀況也在改善，所以。

It's not something we're certainly afraid of. Hopefully more natural demand that's out there in the future that we'll see.

這當然不是我們害怕的事。希望未來我們能看到更多自然需求。

That, that's how we look at it.

這就是我們的看法。

David Whiston, Morningstar

晨星公司戴維‧惠斯頓

Hey guys, good morning. I guess on the UK first, can you talk a little bit about the over 450 people who were let go? What roles were they in?

大家好，早安。我想先談談英國，您能談談被解僱的 450 多人的情況嗎？他們扮演什麼角色？

David, it's Daniel, I would have said initially the cost reductions that we did were around central office functions. That's where we had I guess between doing the acquisitions and the original Legacy Group 1 stores where we had double functions, so 2 CFOs, 2 CEOs, two heads of marketing, etc. That was kind of the first phase I would have said.

大衛，我是丹尼爾，我本來想說，我們最初所做的成本削減是圍繞著中央辦公室職能進行的。我想這就是我們在進行收購和最初的 Legacy Group 1 商店之間所面臨的情況，在這些商店中，我們有雙重職能，即 2 名首席財務官、2 名首席執行官、2 名營銷主管等。我想說，這就是第一階段。

Second phase was centralized facilities like accounting where we centralize that all into one office or one function.

第二階段是集中設施，如會計，我們將所有設施集中到一個辦公室或一個職能部門。

Third phase was we went out to the stores and looked at some store reductions, but again, generally duplicative roles.

第三階段是我們去商店，查看了一些商店的裁員情況，但同樣，通常是重複的角色。

That was principally what we have undertaken so far.

這就是我們迄今所採取的主要措施。

Were there any major salesperson reductions?

銷售人員是否大幅減少？

No. we have technicians and salespeople, as a matter of fact, we're focused on adding technicians and salespeople in some of the inscape retail stores. They were a little understaffed, so.

不，我們有技術人員和銷售人員，事實上，我們正​​專注於在一些 inscape 零售店增加技術人員和銷售人員。他們人手有點不足，所以。

Okay.

好的。

And just the market now.

現在只是市場。

I'm sorry, David, it's the market growing in the UK now, we don't want to pull back on the customer facing positions at all.

對不起，大衛，現在英國的市場正在成長，我們根本不想減少面對客戶的職位。

Yeah, is that why your UK new vehicle inventory is down to 16 days, or is there another like supply chain reason?

是的，這就是為什麼你們英國新車庫存下降到 16 天的原因嗎，還是有其他類似供應鏈的原因？

It's Daniel here. Traditionally March is the biggest selling month, March and September of the year in the UK.

我是丹尼爾。傳統上，三月是英國一年中最大的銷售月份，即三月和九月。

So effectively that tends to be cyclical and that's generally the case. Now it's slightly lower than we would have expected, but our sales rate was pretty strong in March.

因此實際上這往往是週期性的，而且通常情況如此。現在的銷售量略低於我們的預期，但 3 月我們的銷售率相當強勁。

Michael Ward, Freedom Capital Markets

麥可沃德，自由資本市場

Thanks very much. Good morning, everyone.

非常感謝。大家早安。

On a longer term basis, the UK penetration has gone from under 20% to now increasing a third of the overall revenue. Can you continue to expand that? Do you see a day where maybe it gets to 50/50?

從長期來看，英國的滲透率已從不到 20% 上升到現在佔總收入的三分之一。你能繼續擴展這一點嗎？您是否認為有一天這種比例會達到 50/50 呢？

Mike, this is Daryl. Just so I can repeat the question so everybody can hear your voice is a little muffled. Would our UK exposure ever get to 50/50 from 3, 2/3 today?

麥克，這是達裡爾。我只是想重複這個問題，以便每個人都能聽到你的聲音有點低沉。我們在英國的曝光率是否會從今天的 3.2/3 達到 50/50？

Never say never, Mike. We don't have any plans to do that.

永遠不要說永遠，麥克。我們沒有任何計劃這麼做。

We feel like, certainly the UK market is more rolled up than the US market is, and At least for the foreseeable future, the acquisition opportunities we see are more US based than UK based. It doesn't mean we won't do them in the UK, but I don't expect they will be of the scale that you've seen over the last 3 or 4 years in the UK.

我們感覺，英國市場肯定比美國市場更成熟，至少在可預見的未來，我們看到的收購機會更集中在美國而不是英國。這並不意味著我們不會在英國進行這些活動，但我預計它們的規模不會達到過去三、四年在英國所見的水平。

Okay, and turning to the US, it, there was some weather impact in early in the quarter. Were you able to make that up? Did it have an overall impact on your business and it looks like parts and services, was very strong relative to the market in the US, and I think that's despite one or two less business days.

好的，轉向美國，本季初受到了一些天氣影響。你能彌補嗎？它對您的業務產生了整體影響嗎？看起來零件和服務相對於美國市場來說非常強勁，我認為儘管工作日減少了一兩天。

Hi Mike, it's Daniel here.

你好，麥克，我是丹尼爾。

I would have said that it did have some impact in February in the northeast and Houston in particular.

我想說的是，它確實在二月對東北地區，尤其是休斯頓產生了一些影響。

The stores were closed for a number of days in that period, which makes it Pretty difficult to catch up that service work, generally when you look at our shops and look at the efficiency and the capacity in our shops that we have today, we're already fairly full, so it's hard to catch that business back.

在此期間，商店關閉了好幾天，這使得趕上服務工作變得相當困難，一般來說，當你看看我們的商店，看看我們今天的商店的效率和容量，我們已經相當滿了，所以很難恢復業務。

Bret Jordan, Jefferies

布雷特喬丹，傑富瑞

Hey, good morning, guys.

嘿，大家早安。

Good morning

早安

on the parts and service 30% growth in warranty, is that tied to a major program like the Tundra engine recall or I guess how long, what drives that and how long can we expect that kind of a run around?

零件和服務保固增加 30%，這是否與 Tundra 引擎召回等重大計劃有關，或者我猜這需要多長時間，是什麼推動了這一進程，我們可以預期這種運行持續多長時間？

Yeah, it was a lot of us. It was the tundra number. I think Daniel might have an exact number on how much it was.

是的，我們很多人都是這樣的。這是苔原數字。我認為丹尼爾可能知道確切的數字。

Fred, I don't have the number to hand, but Toyota and Honda with a lion's share of that increase, and you know Tundra is ongoing currently, so we don't see that dropping off significantly this quarter.

弗雷德，我手頭上沒有具體數字，但豐田和本田佔據了增長的大部分份額，而且你知道 Tundra 目前仍在發展中，所以我們認為本季度的銷量不會大幅下降。

Okay, and then I guess we look at parts and service going forward and obviously the tariff changes daily, but if as it stands today, what do you think the price contribution to parts and service growth would be into the second half?

好的，然後我想我們來看看未來的零件和服務，顯然關稅每天都在變化，但如果按照今天的情況，您認為下半年價格對零部件和服務增長的貢獻會是多少？

Are you going to see mid-single digits pick up just on price without any traffic as well, or I guess how do you? Reconciled traffic versus ticket today.

您是否會看到，在沒有任何流量的情況下，價格只會上漲個位數，或者我猜您會看到什麼？今日已核對交通流量與罰單。

Well, we were pleased this quarter with our traffic. When you look at our increase, it was A 1/3 traffic count and 2/3 price which was up from the past year and we're focused on traffic count, there's been some pricing over the last couple of years and we're trying not to take some more in the in the after sales business. Now, if tariffs hit parts that could potentially obviously change that but you know when you when you look at.

嗯，我們對本季的流量感到滿意。當您查看我們的成長時，您會發現，與去年相比，客流量增加了 1/3，價格增加了 2/3，而且我們專注於客流量，過去幾年中價格有所上漲，我們試圖不在售後業務中收取更多費用。現在，如果關稅影響到部分地區，這顯然可能會改變這種情況，但當你看到的時候你就知道了。

I think that still the retention opportunities they're still significant, which would lead us to believe there's traffic count opportunity. One thing that could drive dollars up is the average mileage in early 2025 is up another 1,000 miles.

我認為保留機會仍然很重要，這讓我們相信存在流量計數機會。可能導緻美元上漲的一個因素是，2025 年初的平均行駛里程將再增加 1,000 英里。

From last year, which as mileage increases, that increases usually the dollars per RO, so that could lead to higher dollars.

從去年開始，隨著里程數的增加，每個 RO 的費用通常也會增加，因此可能會導致更高的費用。

Thomas Windler, Stephens inc.

托馬斯溫德勒，史蒂芬斯公司

Hey, good morning, everyone.

嘿，大家早安。

I just wanted to go back to the UK for a second here. March was registration month and the market was up, called 6%, but Mercedes, Audi, and BMW were all down for the quarter. This kind of indicate that the midlines are outperforming luxury and that the luxury buyer is pulling back a bit in the UK.

我只是想回英國一會兒。三月是汽車註冊月，市場上漲，達到 6%，但梅賽德斯、奧迪和寶馬本季均下滑。這表明中線產品的表現優於奢侈品，而英國的奢侈品買家正在退縮。

I think the Audi is more product cycle driven, to be honest with you a lot of their new products they've launched in Q1, like the new Q5, but they haven't been able to sell them until they get the pipeline full.

我認為奧迪更受產品週期驅動，老實說，他們在第一季推出了許多新產品，例如新 Q5，但直到產品線滿載運轉後，他們才能夠銷售這些產品。

We were pleased with our Mercedes business and pleased with our BMW business honestly and the UK I can't say that I could make a general statement about midline buyers versus luxury buyers. Daniel, do you have anything to add to that? I have nothing to add at.

我們對梅賽德斯的業務感到滿意，對寶馬的業務也感到滿意，說實話，在英國，我無法對中線買家和豪華買家做出概括性的評價。丹尼爾，你還有什麼要補充的嗎？我沒有什麼好補充的。

This moment.

此時。

All right, that was the only one for me.

好吧，對我來說這是唯一的一個。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator instructions)

（操作員指示）

Rajat Gupta, JP Morgan

拉賈特·古普塔（JP Morgan）

Great, thanks for squeezing me back in, the follow-up question rule is pretty strict. The, I had a question on the SG&A slide.

太好了，謝謝你讓我再次加入，後續問題的規則非常嚴格。我對銷售、一般及行政費用 (SG&A) 幻燈片有疑問。

I noticed that, your same store head conduction number is now 8% versus 2019.

我注意到，與 2019 年相比，您的同店主管傳導率現在是 8%。

Last quarter that number was 6%.

上個季度這一數字為 6%。

I'm curious, like, is there has there been more change or turnover that's happened at the stores or is this pro forma for Ica? I know you're not taking out sales, head count at incape, but maybe like other staffing so curious if you could just clarify that was the only question I had.

我很好奇，商店是否發生了更多的變化或營業額，或者這是 Ica 的形式？我知道您不會在 incape 中扣除銷售和員工人數，但也許像其他人員一樣，所以我很好奇您是否可以澄清一下，這是我唯一的問題。

I think that we continue to increase head count technicians in particular that 8% excludes. Includes technicians, excludes technicians effectively, so that's SG&A within the stores, and we're really focused on concentrating on not adding additional cost whenever it's non-technician.

我認為我們會繼續增加技術人員的數量，特別是 8% 除外的技術人員。包括技術人員，有效地排除技術人員，所以這是商店​​內的銷售、一般和行政費用，我們真正專注於在非技術人員的情況下不增加額外成本。

Roger, I'll just add one thing in the US, we added 100/150 salespeople year over year, but our salesperson productivity with our volume increases was just dead flat year over year. So we're seeing, capturing the scale of those additional head as well, but there's not a concerted effort to change that.

羅傑，我只想補充一點，在美國，我們每年都會增加 100/150 名銷售人員，但我們的銷售人員生產力隨著銷量的增長而同比持平。因此，我們也看到並捕捉了這些額外人口的規模，但卻沒有齊心協力改變這種狀況。

Understood. Thank, thanks for clarifying and good luck.

明白了。謝謝，感謝您的澄清，祝您好運。

Ron Juleau, Securitas Security Services

Ron Juleau，Securitas 安全服務公司

Yeah, good morning and thanks for taking my question.

是的，早上好，感謝您回答我的問題。

You mentioned you had some SG&A creep in the US in the quarter.

您提到本季美國的銷售、一般及行政費用 (SG&A) 有所增加。

Maybe I missed this, but is there a way to quantify the impact of the higher spend in January and February and if that was normalized in March or if this the process of getting that cost back in line kind of just started in.

也許我錯過了這一點，但是有沒有辦法量化一月和二月較高支出的影響，以及這在三月是否已經正常化，或者這是否是讓成本恢復到正常水平的過程才剛剛開始。

March?

行進？

I would have said some of it wrong.

我可能會說錯一些話。

SGA is a percent of gross.

SGA 是總額的百分比。

February, I would have said was a little weaker. January and February was a little weaker in terms of SG&A leverage, and some of that was possibly around the lack of growth, and we talked earlier about, the weather, etc. Not that I ever really liked to give weather as a reason for that. But equally so, we just saw some creep and variable expense, salespeople commission, manager commission, etc.

我想說二月會稍微弱一點。一月和二月的銷售、一般及行政費用槓桿率略低，部分原因可能是缺乏成長，我們之前也談過，還有天氣等。我並不喜歡用天氣當原因。但同樣地，我們也看到了一些攀升和變動費用、銷售人員佣金、經理佣金等。

And I think there just needs to be some realignment of that and we realigned some of it in March and continuing in quarter M2.

我認為只需要對此進行一些重新調整，我們在 3 月就進行了部分調整，並在 M2 季度繼續進行。

Okay, and I know we're only kind of 3 weeks into the potential new world with tariff changes, but I did kind of have a question just on OEM plans from here. It seems like We will start getting some modest price increases starting in May, emphasis on modest, but during your conversations with your OEM partners.

好的，我知道我們只花了三週就進入了潛在的關稅變化新世界，但我確實對這裡的 OEM 計劃有點疑問。看起來我們將從 5 月開始獲得一些適度的價格上漲，重點是適度，但當您與 OEM 合作夥伴交談時。

What are they signaling to you kind of with their respect with respect to their strategy going forward around volume price, and I think dealer support incentives are a pretty important topic here.

他們在有關批量價格的未來策略方面向您發出了什麼樣的信號？我認為經銷商支持激勵是一個非常重要的主題。

I think what we'll see is a moderation of incentives first, and then I think on pricing, formal pricing, not just transaction pricing, we'll see.

我認為我們首先會看到激勵措施的緩和，然後是定價、正式定價，而不僅僅是交易定價，我們會看到。

The be modest with their increases early.

他們早期的增長是謙虛的。

The thing that I'm I guess most interested in his parts to see how that that is affected and where that's affected and so but that that's what they've been signaling to us.

我最感興趣的是他的部分，看看它是如何受到影響的，在哪裡受到影響等等，但這就是他們一直向我們發出的信號。

Okay, that that's super helpful. I appreciate you taking my questions.

好的，這非常有幫助。感謝您回答我的問題。

Thank you very much.

非常感謝。

Thank you. The conference has now concluded.

謝謝。會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。