Group 1 Automotive Inc (GPI) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the Group 1 Automotive second-quarter 2025 financial results conference call. Please be advised that this call is being recorded.

女士們、先生們，早安。歡迎參加 Group 1 Automotive 2025 年第二季財務業績電話會議。請注意，本次通話正在錄音。

I would now like to turn the call over to Mr. Pete DeLongchamps, Group 1's Senior Vice President, Manufacturer Relations and Financial Services. Please go ahead, Mr. DeLongchamps.

現在，我想將電話轉給 Group 1 製造商關係和金融服務資深副總裁 Pete DeLongchamps 先生。請繼續，DeLongchamps 先生。

Thank you, Nick. Good morning, everyone, and welcome to today's call. The earnings release we issued this morning and the related slide presentation that include reconciliations related to the adjusted results we were referred to on this call for comparison purposes have been posted at Group 1's website.

謝謝你，尼克。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幻燈片簡報（其中包括與我們在本次電話會議上為比較目的而提到的調整後結果相關的對帳）已發佈在第一組網站上。

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 1 Automotive are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

除電話會議中提到的歷史資訊外，Group 1 Automotive 管理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。

Forwarding statements involve both known and unknown risks and uncertainties which may cause the company's actual results in 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 market, successful integration of acquisitions, and adverse developments in the global economy and resulting impacts on demand for new and used vehicles and related services.

轉發聲明涉及已知和未知的風險和不確定性，這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, Darryl Cunningham, our President and Chief Executive Officer; and Daniel McHenry, our Senior Vice President and Chief Financial Officer. I'd now like to hand the call over to Darryl.

參加今天電話會議的有我們的總裁兼執行長 Darryl Cunningham 和我們的資深副總裁兼財務長 Daniel McHenry。現在我想把電話交給 Darryl。

Good morning, everyone. Our US performance was excellent in the second quarter, and our UK team is navigating the integration of operations while growing our business in a challenging UK market backdrop.

大家早安。我們第二季在美國的業績非常出色，我們的英國團隊正在進行業務整合，同時在充滿挑戰的英國市場背景下發展我們的業務。

Our adjusted net income from continuing operations improved 12.4% in the quarter, and EPS improved 17.5% on the same basis. Starting with our US business, new car sales were up 6% on a same store basis, outpacing the industry.

本季度，我們調整後的持續經營淨收入成長了 12.4%，每股盈餘在相同基礎上成長了 17.5%。從我們的美國業務開始，新車同店銷售額成長了 6%，超過了行業平均水平。

Our PRUs held up versus the second quarter of 2024, and they were up $211 sequentially. Our inventories were flat versus the quarter and down nearly 15% compared to the end of 2024, and they supply is healthy at 48 days.

我們的 PRU 與 2024 年第二季相比保持穩定，季增 211 美元。我們的庫存與本季持平，與 2024 年底相比下降了近 15%，供應量為 48 天，狀況良好。

Our used car volumes were up nearly 4% year over year and gross profits were up $29. Our F&I performance in the quarter was very solid as well, up $90 per unit. And our after sales business is an area we continue to invest in and believe still has a great deal of opportunity.

我們的二手車銷量年增近 4%，毛利成長了 29 美元。我們本季的財務和保險業績也非常穩健，每單位上漲了 90 美元。我們將繼續投資售後業務，並相信該領域仍有很大的發展機會。

In the quarter, our after sales gross profit was up 14.3%. Customer pay revenue was up 13.6% and warranty up 31.9%. While we certainly benefited from an easier comp versus the June 2024 CDK event, our after-sales business was strong throughout the quarter.

本季度，我們的售後毛利成長了14.3%。客戶支付收入成長 13.6%，保固收入成長 31.9%。雖然與 2024 年 6 月的 CDK 活動相比，我們確實受益於更容易的比較，但我們的售後業務在整個季度都表現強勁。

Our May quarter to date performance saw CP revenues of 10.2% and warranty of 28.7%. And we saw an 8% increase in same store RO count for the quarter. And we continue to believe that the potential of the after sales business warrants additional investment.

截至目前，我們 5 月份當季的業績表現為 CP 收入成長 10.2%，保固收入成長 28.7%。我們發現本季同店 RO 數量增加了 8%。我們仍然相信售後業務的潛力值得額外投資。

And we've continued forward on this front. Our flexible scheduling, all day Saturday focus, improving tech technician productivity give us significant physical capacity to increase after sales business in our existing dealerships. And by the end of 2025, 90% of all Group 1 technicians in the US will work in an air-conditioned shop.

我們在這方面繼續前進。我們靈活的時間表、週六全天的關注、不斷提高的技術人員生產力為我們提供了顯著的物理能力來增加現有經銷商的售後業務。到 2025 年底，美國 90% 的 Group 1 技術人員將在有空調的車間工作。

It's a boost to productivity. Employee retention and technician safety. We're also evaluating our collision footprint and repurposing capacity as that segment of the industry continues to decline. Lastly, we increased our technician headcount by 6% in the US on a same store basis.

這對生產力有促進作用。員工保留和技術人員安全。隨著該行業的這一部分持續衰退，我們也正在評估我們的碰撞足跡和重新利用能力。最後，我們在美國同店技術人員數量增加了 6%。

We've continued our branding efforts in the US. A number of our dealerships will be rebranded with a Group 1 name. This project, when combined with our integrated marketing and customer data efforts, will open opportunities across our footprint. 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. We've learned a great deal about this rebranding from our UK business where all of our dealerships are already branded with the Group 1 name.

我們繼續在美國進行品牌推廣工作。我們的許多經銷商將更名為 Group 1 名稱。該專案與我們的整合行銷和客戶數據工作相結合，將為我們的整個業務版圖帶來機會。需要指出的是，我們始終堅信汽車零售業務是本地業務，並將重點放在在地化發展上。我們從英國業務中學到了很多關於這次品牌重塑的經驗，在英國，我們所有的經銷商都已經冠以 Group 1 的名稱。

There remains movement in the new administration's policies and uncertainty for US trade partners, automotive retailers, OEMs, and consumers, and we continue to see demand across all lines of service and are focused on remaining operationally agile.

新政府的政策仍有變動，美國貿易夥伴、汽車零售商、原始設備製造商和消費者仍面臨不確定性，我們繼續看到所有服務領域的需求，並專注於維持營運彈性。

However, we are being somewhat cautious moving forward. Expectations remain that new and used vehicle GPUs could elevate a bit as inventories tighten from imposed tariffs. We have deferred certain capital expenditure projects and have re-evaluated some discretionary spending.

然而，我們在前進的道路上仍會保持謹慎。人們仍然預計，隨著關稅實施導致庫存收緊，新車和二手車 GPU 可能會略有提升。我們推遲了某些資本支出項目，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。

That being said, We are taking advantage of our strengths during this time by refocusing our efforts on improving productivity. We recognize our consumers are under pressure from car prices and other costs which have outpaced wage growth and higher interest, virtually double the rates we saw just a few years back.

話雖如此，我們正在利用這段時間的優勢，重新集中精力提高生產力。我們意識到，我們的消費者正面臨汽車價格和其他成本的壓力，這些成本的成長速度已經超過了薪資成長和利息上漲的速度，幾乎是幾年前的兩倍。

And I'll speak more on these efforts shortly. Now shifting to our UK business. The UK business was managed well compared to the broader market, which continues to face macroeconomic challenges such as weak economic growth and inflation levels exceeding the Bank of England expectations.

我很快就會進一步談論這些努力。現在轉向我們的英國業務。與整體市場相比，英國業務管理良好，但整體市場仍面臨經濟成長疲軟、通膨水準超過英格蘭銀行預期等宏觀經濟挑戰。

We recognize that our customers in the UK share many of the same adverse economic impacts as our US customers. There's also a drag on gross profits due to the bad mandates in the UK. However, the UK government did announce subsidies of up to GBP3,750 on BEV vehicles. This is a great first step. In terms of our costs in the UK, without the benefit of a plate change in the second quarter, our SG&A percentage of gross rose to 84.3%. We also absorbed some new government required costs for insurance and wages.

我們認識到，我們在英國的客戶與美國客戶面臨許多相同的不利經濟影響。英國的監管規定不力也拖累了毛利。不過，英國政府確實宣布將為純電動車提供高達 3,750 英鎊的補貼。這是偉大的第一步。就我們在英國的成本而言，在沒有第二季更換品牌的情況下，我們的銷售、一般及行政費用佔總收入的百分比上升至 84.3%。我們也承擔了政府要求的一些新的保險和工資成本。

And we continue to work on our cost structure in the UK, and Daniel McHenry will have more to discuss on this topic. We're seeing the benefits of continued progress on our process alignment in the UK and cost reductions.

我們將繼續致力於英國的成本結構研究，丹尼爾·麥克亨利 (Daniel McHenry) 將就此主題進行更多討論。我們看到了英國流程調整和成本降低持續取得進展的好處。

We performed well in used vehicle volumes and we also added 8% more technicians, driving a customer pay increase of nearly 8% in our UK business and our F&I PR in the UK was up 27% in the quarter. This quarter we also marked a major milestone with the opening of our new UK headquarters in Milton Keynes.

我們的二手車銷售表現良好，技術人員也增加了 8%，推動英國業務的客戶薪酬增長近 8%，英國的 F&I PR 在本季度增長了 27%。本季度，我們也在米爾頓凱恩斯開設了新的英國總部，標誌著一個重要的里程碑。

Centrally located with strong transport links and proximity to the key OEM partners like Mercedes-Benz and the Volkswagen Group, the site reflects our deep commitment to the UK market, our employees, and our manufacturer partners. I'm incredibly proud of the work our UK team has done, and we're confident Group 1 UK is well positioned for long-term growth as a leading force in the UK motor trade.

該工廠位於交通便利的中心地帶，毗鄰梅賽德斯-奔馳和大眾汽車集團等主要汽車原廠合作夥伴，體現了我們對英國市場、員工和製造商合作夥伴的堅定承諾。我為我們英國團隊所做的工作感到無比自豪，並堅信 Group 1 UK 已做好準備，作為英國汽車貿易的領導力量，實現長期成長。

Now shifting to capital allocation. We acquired three dealerships in the quarter, further strengthening our partnership with Mercedes-Benz, Lexus, and Acura. These dealerships expand existing footprints in Austin, Texas and Fort Myers, Florida, adding more scale in these proven markets consistent with our cluster strategy.

現在轉向資本配置。我們在本季度收購了三家經銷店，進一步加強了與梅賽德斯-奔馳、雷克薩斯和謳歌的合作夥伴關係。這些經銷商擴大了我們在德克薩斯州奧斯汀和佛羅裡達州邁爾斯堡的現有業務範圍，在這些成熟的市場中擴大了規模，符合我們的集群策略。

We're consistently balancing acquisitions and dispositions with repurchasing our shares. In the first half of 2025, we bought back 3% of the company for $167.3 million. And we will continue to optimize our portfolios in the US and the UK.

我們一直在平衡收購和處置與回購股票。2025年上半年，我們以1.673億美元回購了該公司3%的股份。我們將繼續優化在美國和英國的投資組合。

Since the beginning of 2023, we've bought assets generating $5.4 billion in annual revenue and disposed of assets generating $1.3 billion in revenue. We will continue to be acquisitive, but we are also being very disciplined in valuing acquisitions, engaging only in deals that we feel provide long-term value for Group 1 shareholders.

自 2023 年初以來，我們購買了年收入為 54 億美元的資產，並處置了年收入為 13 億美元的資產。我們將繼續進行收購，但我們在評估收購價值時也會非常自律，只參與那些我們認為能為第一集團股東帶來長期價值的交易。

And let me close with a word about the future. Our belief is that in the future, those retailers who can drive scale, productivity, and lower costs per transaction will be the winners. Our customers can no longer simply absorb higher pricing and in turn that will create margin pressure. We're committed to lowering our transaction costs through productivity gains by increasing our use of technology, first party data, and process improvements throughout our enterprise.

最後，請容許我談談未來。我們相信，未來那些能夠擴大規模、提高生產力並降低每筆交易成本的零售商將成為贏家。我們的客戶無法再簡單地承受更高的價格，這反過來會對利潤造成壓力。我們致力於透過提高技術使用率、第一方數據以及在整個企業範圍內改進流程來提高生產力，從而降低交易成本。

We're making investments in technology to improve our customer experience and drive industry leading productivity. We believe artificial intelligence has the capability to improve our business, including elevating the customer experience within the sales and service processes, utilizing robotics to automate operational functions, transaction processing, and analysis.

我們正在大力投資技術，以提升客戶體驗並推動業界領先的生產力。我們相信人工智慧能夠改善我們的業務，包括提升銷售和服務流程中的客戶體驗，並利用機器人技術實現營運、交易處理和分析的自動化。

With AI, we can connect with and interact with our customers any time they want to do business. We're testing some very exciting things which will help us elevate the customer experience at Group 1.

借助人工智慧，我們可以在客戶想要做生意的任何時候與他們聯繫並互動。我們正在測試一些非常令人興奮的東西，這將有助於我們提升第一組的客戶體驗。

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

現在，我想將電話轉給我們的財務長丹尼爾·麥克亨利 (Daniel McHenry)，請他介紹營運和財務概況。

Thank you, Daryl, and good morning, everyone. In the second quarter of 2025, Group 1 Automotive reported quarterly record revenues of $5.7 billion, quarterly record gross profit of $936 million. Adjusted net income of $149.6 million. And quarterly adjusted diluted earnings per share from continuing operations of $11.52. Starting with our US operations, revenue growth on an as reported and same store basis occurred across all lines of business over the comparable prior year quarter.

謝謝達裡爾，大家早安。 2025年第二季度，Group 1 Automotive 報告季度營收創歷史新高，達57億美元，季度毛利創歷史新高，達到9.36億美元。調整後淨利為1.496億美元。季度調整後持續經營業務每股攤薄收益為11.52美元。以美國業務為例，所有業務線的營收（以報告收入和同店收入計算）均較去年同期成長。

Notably, parts and service revenues reached a quarterly high, increasing 11.7% and 12.8% on an as reported and same store basis respectively. Over the prior year comparable quarter and F&I revenues reached a quarterly high of $199 million. We experienced higher new vehicle units sold in an as reported and same store basis of 4.6% and 6% respectively over the comparable prior year quarter. This reflects the resiliency of demand on our operational execution and the value generated from the ability to drive incremental volume through our dealership acquisitions.

值得注意的是，零件和服務收入達到了季度最高水平，按報告和同店計算分別增長了 11.7% 和 12.8%。與去年同期相比，財務及保險收入創下季度新高，達1.99億美元。新車銷售量（以報告及同店計算）分別較去年同期成長4.6%及6%。這反映了我們營運執行力的強勁需求，以及透過收購經銷商來推動銷售成長所產生的價值。

At the same time, volumes increased, we saw prices increase by 1.5% and 1% on a reported and same store basis. Coupled with a slight decline in GPUs of 0.3% and 0.9% respectively. The higher volume more than offset the lower GPUs and contributed to an as reported and same store gross profit increases of 4.3% and 5% respectively, versus the prior year comparable period.

同時，銷量增加，我們發現價格在報告價格和同店價格基礎上分別上漲了 1.5% 和 1%。再加上 GPU 的輕微下降，分別為 0.3% 和 0.9%。銷量的增加足以抵消 GPU 的下降，並導致報告和同店毛利與去年同期相比分別增長 4.3% 和 5%。

Used vehicle revenues were the third highest quarter on record, and volume in the second quarter was 11 vehicles shy of the quarterly record, growing 2.7% and 9.3.9% on an as reported and same store basis versus the prior year comparable period, respectively.

二手車收入創歷史第三高，第二季銷量比季度紀錄少 11 輛，與去年同期相比，報告和同店銷量分別增長 2.7% 和 9.3.9%。

GPUs were also up, increasing $25 and $29 on an as reported and same store basis. Our processes, discipline, and use of technology with pricing of used vehicles helped create this gross profit growth while driving volume against higher prices versus the prior year comparable period.

GPU 的價格也有所上漲，報告價格和同店價格分別上漲了 25 美元和 29 美元。我們的流程、紀律以及二手車定價技術的應用幫助實現了這一毛利成長，同時推動了銷售和價格相對於去年同期的上漲。

Our second-quarter F&I GPUs of $2,465 was just $3 off the quarterly record high and is up $104.90 on an as reported and same store basis versus a five-year comparable period respectively. Our performance by our F&I professionals has been outstanding to maintain GPU discipline and drive product penetration.

我們第二季的財務和保險 GPU 為 2,465 美元，僅比季度歷史最高價低 3 美元，與五年可比期間相比，報告和同店基礎上漲了 104.90 美元。我們的財務和保險專業人員的表現非常出色，他們維持了 GPU 紀律並推動了產品滲透。

Shifting gears to after sales. After sales revenues had double digit increases of 11.7% and 12.8% on an as reported and same store basis, respectively. These revenue increases, coupled by slight margin increases generated growth in gross profit of 13.1% and 14.3% on a reported and same store basis respectively.

轉向售後服務。銷售後收入按報告和同店計算分別達到兩位數成長，分別為 11.7% 和 12.8%。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 13.1% 和 14.3% 的成長。

Same store customer pay and warranty revenues comprised of 72.2% of same store after sales revenues for the second quarter versus 69.1% for the prior comparable quarter. Customer dollars pero increased 7.4% over the prior year.

同店顧客支付和保固收入佔第二季同店售後收入的 72.2%，去年同期為 69.1%。但顧客支出比上年增加了 7.4%。

Reflecting the aging US car park and increasing prices partly due to higher prices from tariffs. Warranty work is up for Toyota, BMW, and Honda. Warranty work continues to increase due to the number of new vehicles sold in recent years, requiring warranty service and an increase in the warranty recall campaigns by manufacturers.

反映出美國停車場老化和價格上漲，部分原因是關稅上漲。豐田、寶馬和本田的保固服務已結束。由於近年來新車銷售數量增加，需要保固服務，且製造商保固召回活動增多，保固工作持續增加。

Recent examples include the Tundra and GM engine recalls. Ford recently announced a recall of up to 850,000 vehicles. Wrapping up the US, that's shipped to SG&A. US adjusted SG&A as a percent of gross profit decreased by 265 basis points sequentially to 64.2%. We are seeing the benefits of our refocusing efforts on operational efficiency and resource management to bring these metrics in line with recent historical levels.

最近的例子包括 Tundra 和 GM 引擎召回。福特最近宣布召回多達85萬輛汽車。總結美國的情況，這些都算在銷售、一般及行政費用 (SG&A) 中。美國調整後的銷售、一般及行政費用佔毛利的百分比較上月下降 265 個基點，至 64.2%。我們看到了重新集中精力於營運效率和資源管理的好處，使這些指標與近期歷史水準保持一致。

Turning to the UK, acquisition activity led to a 96.9% and 109.6% increase year over year in revenues and gross profit, respectively. We are pleased with double digit growth and gross profit on the same store basis with used vehicles, parts and service, and F&I growing 16%, 12%, and 28.7% respectively.

轉向英國，收購活動導致營收和毛利分別年增 96.9% 和 109.6%。我們對二手車、零件和服務以及財務與投資分別實現兩位數成長和同店毛利感到滿意，分別成長了 16%、12% 和 28.7%。

Same store retail used vehicle units sold increased over 8% year over year, but GPUs remained relatively flat. Same store wholesale losses per unit improved to $414 from $842 compared to the prior year quarter respectively.

同店零售二手車銷量年增超過 8%，但 GPU 保持相對穩定。與去年同期相比，同店每單位批發虧損從 842 美元改善至 414 美元。

After sales is continuing on a positive growth path with a 2.4% 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 the prior year quarter.

售後服務持續保持正面的成長動能，與去年同期相比，以固定匯率計算，同店營收成長 2.4%，以固定匯率計算，同店毛利成長近 6%。

Score adjusted SG&A percent of gross profit in Greece, 216 basis points versus the prior year quarter. However, on a year-to-date basis, adjusted SGNS to percent of gross profit was 78.6%, an increase of only 70 basis points. Reported adjusted SG&A as a percent of gross profit was 84.3%. However, on a year-to-date basis, adjusted SG&A as a percent of gross profit was 81%, near the 80% expectation we believe achievable.

希臘調整後的銷售、一般及行政費用 (SG&A) 佔毛利的百分比與去年同期相比上升了 216 個基點。然而，年初至今，調整後的銷售、普通及行政費用佔毛利的百分比為78.6%，僅增加了70個基點。報告的調整後銷售、普通及行政費用佔毛利的百分比為84.3%。然而，從年初至今的數據來看，調整後的銷售、一般及行政費用佔毛利的百分比為 81%，接近我們認為可以實現的 80% 的預期。

Effective April 2025, the UK government increased the national minimum wage for employees and national insurance for employers. This increase resulted in approximately $4 million of additional costs in the second quarter, or 1.9% in additional SG&A percent of gross profits.

自2025年4月起，英國政府提高了員工的全國最低工資和雇主的國民保險。這一增長導致第二季成本增加約 400 萬美元，或銷售、一般及行政費用佔毛利的額外百分比增加 1.9%。

To date we have removed approximately 800 heckind from the UK business, lowering our overall costs and reducing the exposure to these government-imposed increases. We will continue to focus on cost control and business process efficiency as we execute our business integration activities in order to offset some of these increases in employee compensation.

迄今為止，我們已從英國業務中裁減了約800名員工，從而降低了我們的整體成本，並減少了受政府強制加薪的影響。在執行業務整合活動期間，我們將持續專注於成本控制和業務流程效率，以抵銷部分員工薪酬的上漲。

We incurred $7.6 million of restructuring costs in quarter two 2025 in relation to our ongoing UFK restructuring plan. Turning to our balance sheet and liquidity, our strong balance sheet, cash flow generation, and leverage position will continue to support a flexible capital allocation approach.

我們在 2025 年第二季因正在進行的 UFK 重組計劃而產生了 760 萬美元的重組成本。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 June 30, our liquidity of EUR1.1 billion was comprised of accessible cash of EUR374 million and EUR739 million available to borrow on our acquisition line. Our rent adjusted leverage ratio as defined by our US syndicated credit facility was 2.72 times at the end of June.

截至6月30日，我們的流動資金為11億歐元，其中包括3.74億歐元可用現金和7.39億歐元的收購額度可供借款。截至6月底，我們根據美國銀團信貸安排計算的租金調整後槓桿率為2.72倍。

Cash flow generation through the second quarter of 2025 yielded $350 million of adjusted operating cash flow and $267 million of free cash flow after backing out $83 million of capital expenditure. This capital was deployed in the quarter through a combination of acquisitions, share repurchases, and dividends, including the acquisition of $330 million in revenues.

截至 2025 年第二季度，在扣除 8,300 萬美元的資本支出後，現金流產生了 3.5 億美元的調整後經營現金流和 2.67 億美元的自由現金流。本季度，這些資本透過收購、股票回購和股利等方式部署，其中包括 3.3 億美元的收入收購。

$45 million repurchasing approximately 115,000 shares at an average price of $387.39 and $6.5 million in dividends to our shareholder. As of June 30, approximately 60% of our $5.2 billion in floor plan and other debt was fixed, resulting in an annual EPS impact of about $1.31 for every 100 basis points increase in secured overnight funding rate.

斥資 4,500 萬美元以平均 387.39 美元的價格回購約 115,000 股，並向股東派發 650 萬美元的股息。截至 6 月 30 日，我們 52 億美元的樓面計畫和其他債務中約有 60% 是固定的，因此，擔保隔夜融資利率每增加 100 個基點，年度每股收益影響約為 1.31 美元。

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

有關我們財務狀況的詳細信息，請參閱我們的新聞稿中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 Q&A section. Operator?

我現在將電話轉給接線生，開始問答環節。接線生？

(Operator Instructions) Rajat Gupta, JP Morgan.

（操作員指示） Rajat Gupta，摩根大通。

Oh great, thanks for taking the questions and good results. I had one question on the on the new car GPUs, a pretty strong pick up sequentially here in the quarter. Could you give us a sense of how, the GPUs progressed through the course of the quarter, maybe like how was April, May, June? Before averaging out to the (3,665) that you reported, for the quarter, and I have a quick follow up thanks.

哦，太好了，謝謝你回答問題，結果很好。我有一個關於新車GPU的問題，本季新車GPU環比成長相當強勁。您能否介紹一下本季 GPU 的進度？例如 4 月、5 月和 6 月的情況如何？在計算您報告的本季平均值（3,665）之前，我快速跟進一下，謝謝。

We can get you a little more detail on that after, but they were fairly strong all quarter and we didn't see a spike due to necessarily any change in inventories or any change in manufacturing incentives support or anything like that, so they stayed fairly strong through the quarter.

之後我們可以向您提供更多詳細信息，但整個季度它們都表現得相當強勁，而且我們並沒有看到由於庫存變化或製造業激勵支持變化或類似因素而出現的飆升，因此它們在整個季度都保持著相當強勁的勢頭。

Understood, and just, I just had a couple like, clarifications on the UK, it looks like you took up your cost out target there, from GBP22 to GBP27, for the fo year just comparing the two slide decks, could you, is that primarily to offset some of, the government imposed cross increases or? Or are there like other changes you're making just in light of just the weak, macro backdrop there, and just had one more quick follow up on you okay.

明白了，我只是對英國做了一些澄清，看起來你們把今年的成本目標從 22 英鎊提高到了 27 英鎊，只是比較了兩個幻燈片，這主要是為了抵消政府實施的交叉增加嗎？或者您只是根據那裡薄弱的宏觀背景做出其他改變，然後對您進行一次快速跟進，好嗎？

Raja, it's Daniel here. We expanded, I guess, some of our headcount reduction. The headcount reduction now today is the circuit 800 people. That's higher than we initially projected. A couple of reasons for that is that we have decided to close a couple of additional stores that are very close to other stores of the same brand that we have.

拉賈，我是丹尼爾。我想，我們擴大了部分裁員規模。目前裁員人數已達800人。這比我們最初的預期要高。原因有幾個，因為我們決定關閉幾家與我們現有同一品牌的其他門市非常接近的門市。

Got it. Roger got it. Okay, yeah.

知道了。羅傑明白了。好的，是的。

Raj, this is Darryl. I just confirmed on the new car PR in the US, there wasn't any spike between the months. It was fairly even. April was actually pretty good and, but May and June held up very well, so pretty flat through the quarter.

拉傑，這是達裡爾。我剛剛確認了美國新車的公關情況，幾個月之間沒有出現任何高峰。相當均勻。四月份的表現實際上相當不錯，但五月和六月的表現也很好，因此整個季度表現相當平穩。

Understood. Thanks for clarifying that quickly, and just lastly, just on the parts and services business in the UK, pretty strong, constant currency growth there, 6%, given the productivity improvements, you're starting to see at in case, any color you can give us as to the expected run rate here, on that into the second half, maybe early next year, is this a sustainable number, could it accelerate further. Any color that would be helpful. Thank you.

明白了。感謝您快速澄清這一點，最後，關於英國的零件和服務業務，考慮到生產率的提高，那裡的貨幣增長率相當強勁，為 6%，您開始看到，萬一您能給我們透露一下預計的運行率，到下半年，也許是明年年初，這是一個可持續的數字嗎？它能否進一步加速？任何顏色都可以。謝謝。

We believe there's more room to run in the quarter. We added 8% more technicians to our technician base and the increase that we saw in after sales, there was actually a decline in warranty in the quarter in the UK that was more than offset by a higher increase in CP of 8%. We do have opportunity to increase our customer count, Rajat.

我們相信本季還有更大的成長空間。我們的技術人員隊伍增加了8%，而且我們也看到了售後業務的成長。英國本季的保固業務實際上有所下降，但CP（合約成本）8%的增幅足以抵銷這一下降。 Rajat，我們確實有機會增加客戶數量。

There's a lot of that increase that we saw was per RO dollars, and so what we are focused on is trying to drive more car count, especially since we have 8% more technicians to be able to accommodate it.

我們看到的成長很大一部分是按每 RO 美元計算的，因此我們專注於嘗試增加汽車數量，特別是因為我們有 8% 的技術人員能夠滿足這一需求。

Daniela Haigian, Morgan Stanley.

摩根士丹利的丹妮拉‧海吉安 (Daniela Haigian)。

So parts and service, tends to be a ballast for Group 1. You see continued strength, customer pay, margins up, technician headcounts up, but thinking out the next one to three years or so, what are the key puts and takes to think about the top line you have on one hand vehicle unaffordability weighing on SAR, which can increase mileage, create demand for reconditioning, but it also may limit the origination of newer cars that tend to have that stickiness on the service side. So, what are the critical vintages to look out for and how can Group 1 navigate that period of turbulence?

因此，零件和服務往往成為第一組的壓艙石。您看到業績持續強勁，客戶支付、利潤率上升，技術人員數量增加，但展望未來一到三年左右，您在考慮營收時需要考慮的關鍵因素是什麼？一方面，車輛價格高企給SAR帶來壓力，這可能會增加行駛里程，創造車輛翻新需求，但也可能限制新車的上市，而新車往往對售後服務有很高的要求。那麼，哪些年份的車型值得關注呢？ Group 1又將如何度過這段動盪時期？

A key to growth in the next three years and after sales, Daniela in the US specifically is us reaching deeper into the owner base in terms of People who have owned their cars longer and we have to be able to increase our share of that market, so call it four plus years of ownership and we need to be able to reach into that market deeper, penetrate it deeper, increase our penetration there, increase our spend there.

未來三年和售後服務的成長關鍵在於，特別是美國的 Daniela，我們要更深入地接觸車主群體，即擁有汽車時間較長的人，我們必須能夠增加我們在這個市場的份額，所以稱之為四年以上的擁有時間，我們需要能夠更深入地接觸這個市場，更深入地滲透，增加我們在那裡的滲透率，增加我們在那裡的支出。

Ways to do that are we're looking at make sure our labor rates are attractive to that customer segment. It's a sensitive customer segment on pricing, so we have to make sure that we're attractive.

我們要做的就是確保我們的勞動力價格對該客戶群具有吸引力。這是一個對定價很敏感的客戶群，所以我們必須確保我們的產品具有吸引力。

We have to make sure that we're not overpriced for what they're looking for and then also the restructuring of our marketing at Group 1 where we're now using first party data, we know more about those customers than we ever have, and so.

我們必須確保我們的價格不會超出他們的需求，然後還要重組第一組的行銷，我們現在使用第一方數據，我們比以前更了解這些客戶，等等。

Our focus and I think success moving into the years ahead is going to be how do we reach out to those customers who've owned their cars longer than three years, and that's what we're putting a lot of focus on right now.

我認為，我們的重點以及未來幾年的成功將在於如何接觸那些擁有汽車超過三年的客戶，而這正是我們現在非常關注的。

Daniela, just to add to what Daryl says the average car coming into our store, a 2022 vehicle versus a 2019 vehicle, which is the average age, average model age of a car within our store, it's over a third higher than the average RO value that we get from that vehicle, so it's vitally important that we keep those within our ecosystem.

丹妮拉，我補充一下達裡爾所說的，進入我們店的汽車平均年齡為 2022 年，而進入我們店的汽車平均年齡為 2019 年，比我們從該車獲得的平均 RO 值高出三分之一以上，因此，將這些汽車保留在我們的生態系統中至關重要。

Got it. Makes sense. Second question is around the used business. A large online only retailer growing volumes 50% year over year in the market. They're pushing for a $3 million used car sold annually in the next five to 10 years. I know it's an incredibly fragmented market. How do you view the competition from the likes of these online pure play retailers, and is there a greater opportunity to grow and consolidate in the used business?

知道了。有道理。第二個問題是關於二手業務的。一家大型線上零售商的市場銷量較去年同期成長 50%。他們的目標是在未來五到十年內，每年銷售價值 300 萬美元的二手車。我知道這是一個極度分散的市場。您如何看待這些線上純零售商的競爭？二手業務是否有更大的成長和鞏固機會？

They probably opportunity to consolidate. Yes, agreed. We try to learn from those online retailers. They're great competitors, especially in the shopping process, and those are things that we pay attention to and try to learn from we feel like at least today. We still have tremendous opportunity to grow our used business inside our footprint of our stores today, especially as used car sales become more digital and they're as digital as any part of our business today.

他們或許有機會鞏固。是的，同意。我們嘗試向那些線上零售商學習。他們是強大的競爭對手，尤其是在購物環節。至少目前看來，這些方面我們一直在關注並努力學習。如今，我們仍然擁有巨大的機會，在現有門市內拓展二手車業務，尤其是在二手車銷售日益數位化、數位化程度與我們業務其他部分不相上下的當下。

So we feel like we can still grow inside of our footprint. We have grown. If you were to look at our use to new ratio five years ago, it was much less than it is today. And we've improved our used car performance, but there's still room to run and I think you're right. I think those digital retailers are proving that.

所以我們覺得我們仍然可以在自己的足跡內成長。我們已經長大了。如果你看看我們五年前的二手車與新車的比例，你會發現它比現在低得多。雖然我們的二手車表現有所提升，但仍有上升空間，我認為你說得對。我認為那些數位零售商正在證明這一點。

Federico Merendi, Bank of America.

費德里科·梅倫迪，美國銀行。

So, we've heard that OEMs for Modelier '26 may take some of the features that in prior model year were basically standard and put them as optional. So basically, there will be a higher price to get the same features of your vehicle. What have you seen on your order sheets so far?

我們聽說，Modelier 26 的原始設備製造商可能會將一些上一代車型基本標準的功能改為選配。也就是說，要獲得相同的功能，你的車的價格會更高。到目前為止，您在訂單上看到了什麼？

Cunningham, they're just announcing '26 contenting in some pricing, and you know some are still waiting to see what happens with the tariffs and the Japan announcement this week, and there's still not enough specifics around it, I don't think for the OEMs to make pricing decisions, but we and then Europe is supposed to be finalized very soon.

坎寧安，他們剛剛宣布了 26 個價格標準，你知道有些人仍在等待本週關稅和日本公告的進展，目前還沒有足夠的細節，我認為 OEM 不會做出定價決定，但我們和歐洲應該很快就會最終確定。

We don't, what I, what we believe will happen, and I think this will absolutely happen is you will see OEMs play with trim levels, contenting, repricing price walks between grades, things like that to optimize margins and reduce the impact of the tariffs.

我們不知道，但我相信會發生，而且我認為這絕對會發生，你會看到原始設備製造商 (OEM) 會調整裝飾水平、滿足要求、重新定價不同等級之間的價格波動等，以優化利潤率並減少關稅的影響。

So what you stated in your in your question, I think is absolutely true, and I think that will happen and then. Standard equipment may become optional in the future in order to keep the base car more competitively priced.

所以，我認為您在問題中所說的是絕對正確的，而且我認為那將會發生。為了使基本款車型的價格更具競爭力，標準配備將來可能會變成可選配備。

And my follow up would be on parts and service. So, you did a great job to increase your head count. I was wondering for every 1% of incremental headcount, What's the translation into earnings or like gross profit? For every technician that you add to your it counts basically.

我的後續工作是零件和服務。所以，你們在增加員工人數方面做得很好。我想知道，每增加1%的員工人數，會轉化為多少收益或毛利？對於您添加的每位技術人員來說，這基本上都很重要。

Well, we can get you some more detail around it, but generally at Group 1, how we look at a technician. They're worth about $15,000 in gross profit per month average across our brands. Some brands it's more, some brands it's less. But when we can put a technician in a stall and have them work for a month, that's like another $15,000 in gross profit and That's how we kind of look at our cost.

嗯，我們可以給你更詳細的信息，但一般來說，在第一集團，我們是如何看待一名技術人員的。他們平均每月在我們旗下品牌的毛利約為1.5萬美元。有些品牌多一些，有些品牌少一些。但是，當我們把一名技術人員安排在一個攤位上並讓他們工作一個月時，這相當於又獲得了 15,000 美元的毛利，這就是我們看待成本的方式。

We look at the cost of not having a technician rather than the cost of what it costs to acquire a technician. So, and Daniel can give you some more depth on that later today if you like.

我們考慮的是沒有技術人員的成本，而不是聘請技術人員的成本。因此，如果您願意的話，丹尼爾今天晚些時候可以為您提供更深入的說明。

Michael Ward, Citi Research.

花旗研究部的麥可沃德 (Michael Ward)

How do the BEV mandates in the UK affect your growth? What happens there?

英國的 BEV 法規對您的發展有何影響？那裡發生了什麼事？

A lot of the BEV volume mic is going into corporate fleets. If you were to look at the retail mix of the BEV mix and just the straight retail consumer, it's like 10%-11% of the mix. If you look at it, in the, in the corporate fleets, it's much higher than that and it blends out at like 26% today. And when we sell cars to the corporate police, we still make a positive margin on it, but it's less than what we make at retail. And so as long as there's all that, it's kind of like in the US when they're putting a lot of beds in rental car service right now, it's similar, so it's just corporate fleets there and it drives the margin down as a result.

許多 BEV 音量麥克風都進入了企業車隊。如果您看一下 BEV 組合的零售組合和直接零售消費者，它就佔了組合的 10%-11%。如果你看一下，在企業車隊中，這個比例要高得多，目前約 26%。當我們向公司警察出售汽車時，我們仍然可以獲得利潤，但低於零售利潤。所以，只要有這些，它就有點像美國現在在租車服務中投入大量床位的情況，情況類似，所以那裡只有企業車隊，結果導致利潤率下降。

Okay. You made a few more acquisitions in 2Q. What is the environment like out there? Are there big lumpy acquisitions out there? I mean, the Herb Chambers one that Asbury took was a big chunk. Are there any big acquisition opportunities out there, do you think, or is it any more tins that we're seeing?

好的。您在第二季又進行了一些收購。那裡的環境怎麼樣？是否存在大規模收購？我的意思是，阿斯伯里拿走的赫伯·錢伯斯 (Herb Chambers) 是一大塊。您認為是否存在任何重大收購機會，或者我們是否看到了更多的罐頭？

Well, I think as a general statement, I think there will be in the next you know few years there will be larger ones. And right now, the year has been fairly quiet because of the uncertainty. It feels like in the last couple of weeks there's a little more activity.

嗯，總的來說，我認為未來幾年會有更大規模的疫情。目前，由於不確定性，今年的情況比較平靜。感覺過去幾週的活動稍微多了一點。

We're starting to see some more inbound. Here, I mean, literally in the last few days, so we'll see if that is a blip or a harbinger of it getting more active. We'll see. I'm not sure yet.

我們開始看到更多入境。我的意思是，實際上就在過去幾天裡，所以我們將看看這是一個小插曲還是它變得更加活躍的預兆。我們將拭目以待。我還不確定。

Jeff Lick, Stephens.

傑夫利克、史蒂芬斯。

Congrats on a great quarter again. So, I was just kind of curious this quarter. You know the metrics were. A little more variable if you if you would, if you try to predict all these, if you look at new gross, new units, service and parts used, I'm just kind of curious as you which ones surprised you the most and as we look into Q3 and Q4, which ones kind of are sustainable and kind of predictive for our models and which ones might, tail off.

再次恭喜您本季取得如此出色的成績。所以，這個季度我只是有點好奇。你知道這些指標是什麼。如果你願意的話，如果你嘗試預測所有這些指標，例如新銷售、新單位、服務和使用的零件，那麼變數會更大一些。我跟你一樣好奇，哪些指標最讓你感到驚訝？當我們展望第三季和第四季時，哪些指標是可持續的，對我們的模型來說具有預測性，哪些指標可能會逐漸減弱。

Well, I wouldn't. We were really pleased with the after-sales performance in both markets. I cannot tell you that we would expect to maintain what was it 13% customer pay growth. On an ongoing basis, generally we plan for, mid single digits, maybe high mid single digits on that. So that I wouldn't lean on the on the on the current after sales growth like it is and when you look at the warranty numbers. They won't be 31% in the quarters ahead, I don't think.

嗯，我不會。我們對兩個市場的售後表現都非常滿意。我無法告訴您我們是否有望維持13%的客戶付費成長率。就持續成長而言，我們通常會計劃保持中等個位數，或中等高個位數的成長。因此，當您查看保固數字時，我不會依賴當前的售後增長。我認為，未來幾季的成長率不會達到 31%。

Might be great if they are, but we wouldn't, I wouldn't plan on it. So, I think there's resilience in the, and I'll ask Pete to comment on this, especially on new cars and F&I, but on the new car side. I think there's resilience in the new car margin, Jeff, it just, it's held up now for a year and it doesn't seem to be weakening and that they supply in total anyway is still reasonable and the OEM seem to be managing that well, and Pete may have some comments on F&I and used cars in terms of Jeff.

如果他們願意的話可能會很棒，但我們不會，我不會計劃這麼做。所以，我認為市場具有韌性。我會請Pete對此發表評論，尤其是在新車和財務保險方面。不過，就新車方面而言。我認為新車利潤率具有韌性，Jeff，它已經維持了一年，而且似乎沒有減弱的跡象，而且他們的總供應量仍然合理，OEM似乎管理得很好。 Pete可能會就財務保險和二手車方面發表一些評論，Jeff。

I think that you know I wouldn't say that we were surprised. We've got our processes in place. The team is in place, and I think we've executed on the strategy that we've laid out, to you over the last few years, so the demand is still there for use.

我想你知道我不會說我們感到驚訝。我們已經制定了適當的流程。團隊已經到位，我認為我們已經執行了過去幾年為您制定的策略，因此需求仍然存在。

Acquisition is very difficult, we ended the quarter with a 31-day supply, so we were consistent there and then I think if you look at, the F&I when. Whether it's the revenue that we're getting from the finance piece of the business and along with our increased margins or increased percentages on product, it turned out to be a great quarter for us. So, I think there's still demand out there for use and facilitation of finance and insurance.

收購非常困難，我們在本季結束時擁有 31 天的供應量，因此我們當時保持一致，我想如果你看一下 F&I 的情況。無論是我們從業務的財務部分獲得的收入，還是隨著利潤率的提高或產品百分比的提高，這對我們來說都是一個偉大的季度。所以，我認為對於金融和保險的使用和便利化仍然存在需求。

The only thing I would add around SGA and UK in particular, there wasn't a plate change month this quarter, so I'd expect SGA as a percentage growth to come down slightly in quarter three versus quarter two just because of that additional growth.

關於 SGA 和英國，我唯一要補充的是，本季度沒有車牌更換月，因此我預計 SGA 的百分比增長在第三季度會比第二季度略有下降，這僅僅是因為額外的增長。

And then just a quick follow up, the lease return issue obviously this year, down below a million, it looks like you're down, 30%-40% year over year that should flip, depending on what the buyout turn in rate is next year.

然後快速跟進一下，今年的租賃回報問題顯然低於一百萬，看起來同比下降了 30％-40％，這應該會有所轉變，這取決於明年的買斷率。

But it's going to be up, that should be a good source of traffic. I don't think. Really focused on 2026 that much given what's going on in 2025, but if you could just How do you guys think we turn an issue, how that plays out and what effect it has in 2026.

但它會上升，這應該是一個很好的流量來源。我不這麼認為。考慮到 2025 年發生的情況，我們確實非常關注 2026 年，但如果您可以問一下大家，我們該如何解決這個問題，這個問題將如何發展，以及它將對 2026 年產生什麼影響。

I think it's going to be Jeff, this is Pete. It's it's difficult to forecast that because you don't know what the equity situation is going to look like next year, and it could be very good on especially the ice vehicles. I think the wild card of that is what the lease returns look like, but with the situation with acquisition and availability, we are taking as many off these vehicles as possible, and I think that'll continue through next year depending on pricing.

我認為是傑夫，這是皮特。這很難預測，因為你不知道明年的股權狀況會是什麼樣子，而且對於冰上車輛來說，情況可能會非常好。我認為其中的不確定因素是租賃回報情況如何，但考慮到收購和可用性的情況，我們正在盡可能地出售這些車輛，而且我認為這將持續到明年，具體取決於定價。

David Whiston, Morningstar.

晨星公司的戴維‧惠斯頓。

I was just curious on the vestiture of those two UK Mercedes stores. Is that more of a geographic reason, a factory reason, or are you not happy with Mercedes prospects in the UK going forward?

我只是對這兩家英國梅賽德斯商店的外觀感到好奇。這更多的是地理原因、工廠原因，還是您對梅賽德斯在英國的未來前景不滿意？

We're very happy with Mercedes Benz in the UK. We're the largest Mercedes retailer in the UK and we're happy about that, and we have a terrific relationship with the OEM. There was some, in those two cases, those stores were closer to other stores that we owned and just in partnership with the OEM. We closed those, consolidated them into another point, so. No dissatisfaction whatsoever from us for Mercedes Benz or their agency model. Daniel.

我們對英國的梅賽德斯奔馳非常滿意。我們是英國最大的梅賽德斯零售商，我們對此感到高興，我們與 OEM 保持著良好的關係。在這兩種情況下，有些門市距離我們旗下的其他門市更近，而且只是與OEM合作。我們關閉了這些門店，並將它們合併到另一個地點。我們對梅賽德斯奔馳或其代理商模式沒有任何不滿。丹尼爾。

Yeah, the one store in particular was only seven miles away from another one of our stores, and we're actually going to redevelop that store into a larger store in the coming future, so we see some cost benefit from that, and we don't expect to lose any of our customer base.

是的，這家商店距離我們的另一家商店只有七英里，實際上，我們打算在不久的將來將該商店重新開發成一家更大的商店，因此我們從中看到了一些成本效益，並且我們預計不會失去任何客戶群。

Okay, and just curious if your Toyota inventory is abnormally too low given any reluctance by them to export vehicles from Japan right now.

好的，我只是好奇，鑑於豐田目前不願從日本出口汽車，你們的豐田庫存是否異常低。

Well, it's low, and basically what we have is [Tacomas] and [tundras]. Would we like a little more? Yeah, we probably would, but we're okay with tight supply at Toyota. That's for sure.

嗯，它很低，基本上我們有的是[塔科馬]和[苔原]。我們還想要更多嗎？是的，我們可能會，但是我們可以接受豐田的供應緊張。這是肯定的。

[Ron Zika], Guggenheim Securities.

[Ron Zika]，古根漢證券。

Yeah, nice quarter and thanks for taking my question. On the UK SG&A piece, Daniel, I think you mentioned $4 million of higher costs related to required national insurance contribution changes.

是的，這是一個不錯的季度，感謝您回答我的問題。丹尼爾，關於英國銷售、一般及行政費用 (SG&A) 部分，我認為您提到了與強制國民保險繳款變化相關的 400 萬美元的更高成本。

Was there anything else noteworthy this quarter because I know you've kind of had. This ongoing integration effort post inscape and cost savings underway, but dollars were up more than that $4 million sequentially despite lower gross profits.

我知道您本季還有其他值得注意的事情嗎？這項持續的整合工作在實施過程中，成本節約也隨之而來，儘管毛利有所下降，但金額仍比上一季增加了 400 多萬美元。

When I look at the dollars, I think some of it is January and February is generally a lower cost base, and it's kind of more even in quarter, the expectation was that we would be slightly above 80%. SG&A is of gross on the basis on an annualized basis. We expected it to be closer to 80, but there's nothing really unusual in there apart from the increases in national insurance and national minimum wage.

當我看美元時，我認為 1 月和 2 月的部分成本基礎通常較低，而且整個季度的支出也比較均衡，預計會略高於 80%。銷售、一般及行政費用 (SG&A) 是按年度計算的總額。我們預計它將接近 80，但除了國民保險和國家最低工資的增加之外，並沒有什麼不尋常的。

Okay, no, that's super helpful. And then on parts and service slack, just kind of if warranty slows, and I understand there are probably structural t tailwinds for warranty going forward, but in the event warranty work flows, just trying to stress test our model, are you confident there's kind of enough built up demand from customer pay to offset?

好的，不，這非常有幫助。然後關於零件和服務方面的鬆弛，如果保固速度變慢，我知道未來保固可能會出現結構性順風，但如果保固工作流程正常，只是試圖對我們的模型進行壓力測試，您是否有信心客戶支付的需求足以抵消這一影響？

If there is a slowdown in warranty work -- or how should we think about the two? I don't, I'm just not sure if you're wall to wall in your service departments right now or how to think about that.

如果保固工作放緩——或者我們應該如何看待這兩者？我不知道，我只是不確定您現在是否在服務部門中處於領先地位，或者如何看待這一點。

I don't think we can cover a 31% increase in warranty with CP, but we think there's still room to improve CP and as we look back on prior quarters where warranty was lower, we were able to deliver CP growth there as well. So, I can't tell you it'd be dollar for dollar, but we certainly think there's room there and we generally feel like, capacity is the key to driving after sales growth.

我認為我們無法透過 CP 彌補 31% 的保固成長，但我們認為仍有提高 CP 的空間，而且當我們回顧保固較低的前幾季時，我們也能夠實現 CP 成長。所以，我無法告訴你這將是一美元對一美元，但我們確實認為那裡有空間，而且我們普遍認為，產能是推動售後成長的關鍵。

Bret Jordan, Jeffries.

布雷特·喬丹，杰弗里斯。

Unused GPU, I guess you saw a $29 lift and comp. Does that was that pulled forward or is that, was there a demand surge around the liberation day or do you see GPUs sort of able to stable or expand from here?

未使用的 GPU，我猜你看到了 29 美元的提升和補償。這是提前了嗎？還是在解放日前後需求激增？或者您認為 GPU 能夠從現在開始穩定或擴展？

I think if you take a look at our trend, it's been pretty consistent on the use and I would expect that to continue, it's in the new business it's all about the acquisition and our team's done a spectacular job of navigating, whether it's trades, auction purchases, or outside purchases. So I think from a gross profit standpoint, it's been pretty consistent over the last year.

我認為，如果你看我們的趨勢，你會發現我們的使用情況一直相當穩定，而且我預計這種情況還會持續下去。在新業務中，一切都與收購有關，我們的團隊在引導方面做得非常出色，無論是交易、拍賣或外部採購。所以我認為從毛利的角度來看，過去一年的毛利一直相當穩定。

Okay, and then I guess parts and service, can you sort of carve out how much was the benefit of CDK, sort of obviously late in the quarter last year there was very little parts and service.

好的，然後我想問零件和服務，您能否算出 CDK 的收益是多少，顯然去年季度末的零件和服務很少。

For us as a company, I think whenever we made our earnings call last year, we said that the effect of the CDK for parts and service specifically was about $12 million in terms of in terms of our pre-tax income. So I would run that kind of estimate, Brett.

對於我們公司來說，我想，去年我們每次打電話盈利時，我們都說過，CDK 對零件和服務的影響，就我們的稅前收入而言，約為 1200 萬美元。所以我會進行這樣的估計，布雷特。

Thank you. The conference has now concluded.

謝謝。會議現已結束。