Lithia Motors Inc (LAD) 2025 Q1 法說會逐字稿

Greetings and welcome to Lithia Motors first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

問候並歡迎參加 Lithia Motors 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。

I would now like to turn the call off to your host Jardon Jaramillo. Thank you. You may begin.

現在我想掛斷與主持人 Jardon Jaramillo 的電話。謝謝。你可以開始了。

Good morning. Thank you for joining us for our first quarter earnings call. With me today are Bryan DeBoer, President and CEO; Adam Chamberlain, Chief Operating Officer; Tina Miller, Senior Vice President and CFO; and finally, Chuck Lietz, Senior Vice President of Driveway Finance.

早安.感謝您參加我們的第一季財報電話會議。今天與我一起的有總裁兼執行長 Bryan DeBoer、營運長 Adam Chamberlain、資​​深副總裁兼財務長 Tina Miller，最後是 Driveway Finance 資深副總裁 Chuck Lietz。

Today's discussion may include statements about future events, financial projections and expectations about the company's products, markets and growth. Such statements are forward-looking and subject to risks and uncertainties that could cause actual results to materially differ from the statements made.

今天的討論可能包括有關未來事件的陳述、財務預測以及對公司產品、市場和成長的期望。此類聲明具有前瞻性，受風險和不確定性的影響，可能導致實際結果與聲明有重大差異。

We disclose those risks and uncertainties we deem to be material in our filings with the Securities and Exchange Commission. We urge you to carefully consider these disclosures and not to place undue reliance on forward-looking statements. We undertake no duty to update any forward-looking statements, which are made as of the date of this release.

我們在向美國證券交易委員會提交的文件中揭露了我們認為重大的風險和不確定性。我們敦促您仔細考慮這些揭露，不要過度依賴前瞻性陳述。我們不承擔更新本新聞稿發布之日所做出的任何前瞻性陳述的義務。

Our results discussed today include references to non-GAAP financial measures. Please refer to the text of today's press release for a reconciliation of comparable GAAP measures. We have also posted an updated investor presentation on our website investors.lithiadriveway.com, highlighting our first quarter results.

我們今天討論的結果包括對非公認會計準則財務指標的引用。請參閱今天的新聞稿文本，以了解可比較 GAAP 指標的對帳情況。我們也在我們的網站 investors.lithiadriveway.com 上發布了更新的投資者介紹，重點介紹了我們的第一季業績。

With that, I would like to turn the call over to Bryan DeBoer, President and CEO.

接下來，我想將電話轉給總裁兼執行長 Bryan DeBoer。

Thank you, Jardon. Good morning, and welcome to our first quarter earnings call. Our Lithium Driveway teams delivered strong results and continue to charge towards the potential of our integrated ecosystem powered by the strength of our talented people.

謝謝你，Jardon。早上好，歡迎參加我們的第一季財報電話會議。我們的鋰車道團隊取得了優異的成績，並將繼續憑藉我們優秀人才的力量，發揮我們綜合生態系統的潛力。

During the first quarter, we generated diluted earnings per share of $7.94, a 34.8% year over year increase and adjusted diluted earnings of $7.66, a 25.4% increase reflecting disciplined execution and growing contributions from our high-margin adjacencies.

第一季度，我們的每股攤薄收益為 7.94 美元，同比增長 34.8%，調整後攤薄收益為 7.66 美元，同比增長 25.4%，這反映了嚴格的執行和來自高利潤率鄰近業務的貢獻不斷增長。

We are pleased to see our first quarterly year over year adjusted earnings increase since the fourth quarter of 2022. Notably, we saw year over year increases each month in the first quarter demonstrating that these improvements were not just a result of tariffs.

我們很高興看到自 2022 年第四季以來我們首次實現季度年比調整後收益成長。值得注意的是，我們看到第一季每個月的年成長，顯示這些改善不僅僅是關稅的結果。

While the full earnings power of our design is still ahead, these results underscore the effectiveness of our strategy, serving customers seamlessly across digital and physical channels while building a more profitable, diversified and scalable platform.

雖然我們的設計的全部獲利能力仍未完全實現，但這些結果凸顯了我們策略的有效性，即在建立更有利可圖、更多樣化和更具可擴展性的平台的同時，透過數位和實體管道無縫地為客戶提供服務。

Adjacencies are now contributing meaningfully to our earnings and delivering measurable gains in engagement and unit volume now exposing the distinct competitive differentiation of our design and our strategy.

鄰接關係現在對我們的收益做出了有意義的貢獻，並在參與度和單位數量方面帶來了可衡量的收益，現在暴露出我們的設計和策略的獨特競爭差異。

Our focus in 2025 is to continue to execute, doubling down on our commitment to building customer loyalty, potential and growth or LPG. We are confident in our unique ability to deliver sustainable performance, capture market share and accelerate the profitability of our ecosystem through the power of our people and regenerative cash flows.

2025 年我們的重點是繼續執行，加倍致力於建立客戶忠誠度、潛力和 LPG 成長。我們相信，憑藉我們員工的力量和再生現金流，我們能夠以獨特的方式實現可持續的業績、佔領市場份額並加速我們生態系統的盈利能力。

Our foundational strengths enable us to continue our growth as the world's largest auto retailer as we build momentum, and continue our pathway to achieving $2 in EPS for $1 billion in revenue. In the first quarter, Lithia & Driveway grew revenues to a record $9.2 billion, a 7% increase from Q1 of last year. This growth is a result of our continued focus on improving market share and operational effectiveness.

我們的基礎優勢使我們能夠繼續成長為全球最大的汽車零售商，並不斷累積發展勢頭，繼續實現每股收益 2 美元、營收 10 億美元的目標。第一季度，Lithia & Driveway 營收成長至創紀錄的 92 億美元，較去年第一季成長 7%。這一增長是我們持續致力於提高市場份額和營運效率的結果。

The team's commitment to realizing our potential is also reflected in our same-store performance and sequential improvements in gross margin. After a robust start to the year, we're encouraged by the growing opportunities to expand market share, unlock greater profitability across our adjacencies and drive further productivity as we continue to scale the full potential of our ecosystem.

團隊致力於發揮我們的潛力，這也反映在我們的同店業績和毛利率的連續提高上。在經歷了今年的強勁開局之後，隨著我們繼續充分發揮生態系統的潛力，我們看到越來越多的機會可以擴大市場份額，在我們的鄰域中釋放更大的盈利能力，並進一步提高生產力，這讓我們感到鼓舞。

These results reflect the strength of our store leaders and their autonomy to drive performance by understanding customers, and their own manufacturer supply and pricing dynamics to adapt quickly to local demand. We continue to closely monitor potential tariff impacts and broader shifts in our consumer settlement.

這些結果反映了我們商店領導的實力和他們透過了解客戶來推動績效的自主性，以及他們自己的製造商供應和定價動態，以快速適應當地需求。我們將繼續密切關注潛在的關稅影響以及消費者結算的更廣泛變化。

We are encouraged by our OEM partners response to the evolving tariff landscape where brands are keeping customer affordability in mind as they work to stabilize pricing. Our diversified omnichannel ecosystem spans retail, digital and fleet channels across North America and the United Kingdom.

我們的 OEM 合作夥伴對不斷變化的關稅格局的反應令我們感到鼓舞，品牌在努力穩定價格的同時，也考慮了客戶的承受能力。我們多樣化的全通路生態系統涵蓋北美和英國的零售、數位和車隊通路。

With offerings that range from new vehicles to 20-year-old value autos, we're equipped to meet the customers at any affordability level and have adjusted our mix to be well diversified and perfectly aligned with market dynamics.

我們提供的產品範圍從新車到 20 年車齡的廉價汽車，能夠滿足任何經濟能力水平的客戶的需求，並且我們已調整產品組合，使其更加多樣化，與市場動態完美契合。

Beyond retail units, our aftersales business, which represents approximately 40% of our gross profit, is well positioned to benefit from tariff-driven market changes and our financing operations and fleet management businesses are designed to deliver consistent earnings growth despite retail fluctuations.

除了零售部門之外，我們的售後業務約占我們毛利的 40%，該業務能夠從關稅驅動的市場變化中受益，而我們的融資業務和車隊管理業務旨在儘管零售額出現波動，但仍能實現持續的盈利增長。

This flexibility and core strength of our model and the key driver of our long-term stability is creating a best-in-class industry profitability equation. These adjacencies continue to deliver meaningful contributions as part of our integrated ecosystem.

我們模型的靈活性和核心優勢以及我們長期穩定的關鍵驅動力正在創造一流的行業獲利方程式。作為我們綜合生態系統的一部分，這些鄰接關係繼續提供有意義的貢獻。

Finance operations continued to deliver strong profitability in the first quarter, supported by improving net margin and ongoing cost efficiencies. We also made further progress in refining our digital retail strategies with Driveway and GreenCars continuing to bring new customers into our ecosystem and enhance overall engagement. Early returns on our Wheels investment remains strong, and we continue to build momentum around the synergies these partnerships unlock across our commercial and retail channels.

由於淨利潤率的提高和成本效率的持續提高，財務業務在第一季度繼續保持強勁盈利能力。我們也在完善數位零售策略方面取得了進一步進展，Driveway 和 GreenCars 繼續為我們的生態系統帶來新客戶並增強整體參與度。我們對 Wheels 的投資的早期回報仍然強勁，我們將繼續圍繞這些合作夥伴關係在我們的商業和零售通路中釋放的協同效應建立發展勢頭。

As we look ahead, we are single-minded in our goals, unlocking the profitability of the life cycle by creating customer loyalty, achieving our potential and unlocking the growth by delivering on our core strength execution.

展望未來，我們一心一意實現目標，透過建立客戶忠誠度來釋放生命週期的獲利能力，發揮我們的潛力，並透過發揮我們的核心優勢來釋放成長。

Now turning to our unique and difficult to replicate strategy. The foundation of the LAD omnichannel strategy continues to be our expansive network of stores that reaches customers across North America and the United Kingdom, strengthened by the powerful adjacencies and high-performing teams.

現在來談談我們獨特且難以複製的策略。LAD 全通路策略的基礎仍然是我們廣泛的門市網絡，該網絡覆蓋北美和英國的客戶，並透過強大的鄰近性和高效的團隊得到加強。

2025 is a year of acceleration of our strategy. And in the first quarter, we increased profitability, added new stores in target markets while optimizing our existing portfolio and integrated key adjacencies into our day-to-day operations.

2025年是我們策略加速推進的一年。在第一季度，我們提高了獲利能力，在目標市場增加了新店，同時優化了現有產品組合，並將關鍵鄰近業務整合到我們的日常營運中。

We operate within one of the largest and least consolidated industries. Our ability to be the most competitive acquirer and an efficient operator is a core strategic advantage, one that positions us to grow profitably.

我們所在的產業是規模最大、但整合程度最低的產業之一。我們能夠成為最具競爭力的收購者和高效的營運商，這是我們的核心策略優勢，使我們能夠實現獲利成長。

Our model is built to flex and adapt, meeting customer needs across the entire ownership life cycle with transparency, convenience, trust and empowerment. Our omnichannel ecosystem continues to expand our reach and deepen our customer engagement with the my Driveway portal placing more control, visibility and simplicity into the hands of our customers. Digital platforms like Driveway and GreenCars remain key entry points into our ecosystem, drawing in new users and reinforcing lifetime value through retention.

我們的模式旨在靈活適應，以透明、便捷、信任和授權的方式滿足整個所有權生命週期內的客戶需求。我們的全通路生態系統持續擴大我們的覆蓋範圍，並透過我的 Driveway 入口網站加深我們的客戶參與度，為我們的客戶提供更多的控制權、可視性和簡單性。Driveway 和 GreenCars 等數位平台仍然是我們生態系統的關鍵切入點，吸引新用戶並透過保留來增強終身價值。

These capabilities, combined with disciplined capital management and consistent free cash flow generation enables us to stay agile and forward-looking. As we move through 2025, an our ecosystem will continue to unlock performance across channels and geographies, boosting loyalty, expanding market share and supporting our long-term target of sustainable profitable growth.

這些能力，加上嚴格的資本管理和持續的自由現金流產生，使我們能夠保持敏捷和前瞻性。隨著我們邁入 2025 年，我們的生態系統將繼續釋放跨通路和跨地區的績效，提高忠誠度，擴大市場份額並支持我們實現可持續盈利增長的長期目標。

Acquisitions remain a core competency, and we continue our disciplined approach to look for accretive opportunities that can improve our network, focusing primarily on the United States. We target a minimum after-tax return of 15% and acquire for 15% to 30% of revenues, or 3 times to 6 times normalized EBITDA.

收購仍然是我們的核心競爭力，我們將繼續採取嚴謹的方式尋找可以改善我們網路的增值機會，主要專注於美國。我們的目標是最低稅後回報率為 15%，並收購 15% 至 30% 的收入，或 3 倍至 6 倍的正常化 EBITDA。

Our track record brings a 95% success rate of above-target returns and demonstrate that LAD's growth strategy remains grounded and disciplined execution through strategic acquisition targeting. With our growing capital engine, we're able to deploy our free cash flows to generate the highest returns, while remaining flexible to market conditions.

我們的業績記錄帶來了 95% 的超額回報成功率，並表明 LAD 的成長策略透過策略收購目標保持了紮實和嚴謹的執行。憑藉我們不斷成長的資本引擎，我們能夠部署自由現金流來產生最高的回報，同時保持對市場條件的靈活性。

We are maintaining an adjusted capital allocation to balance acquisitions and share buybacks equally, especially given the attractive relative valuation of our own shares. In the near term, we remain disciplined as acquisition pricing returns from historical highs, and we continue to evaluate high-quality opportunities.

我們維持調整後的資本配置，以平衡收購和股票回購，特別是考慮到我們自己股票的相對估值具有吸引力。短期內，隨著收購價格從歷史高點回升，我們將繼續保持紀律，並繼續評估高品質的機會。

The relative values of our own shares supports balanced capital deployment approach. And in the first quarter, we repurchased $146 million or nearly 2% of our outstanding shares at attractive valuations. We continue to evaluate acquisitions and share repurchases, and we will focus our share buybacks in the near term given market pricing dynamics.

我們自身股票的相對價值支持平衡的資本配置方法。第一季度，我們以頗具吸引力的估值回購了價值 1.46 億美元的股票，佔流通股的近 2%。我們將繼續評估收購和股票回購，並根據市場定價動態，在短期內專注於股票回購。

With strong cash generation and improving earnings, we maintain the flexibility to pursue this balanced approach, and we continue to target $2 billion to $4 billion in annualized acquired revenues in the coming years. Together, these elements form a clear path towards our long-term goal of generating $2 in EPS for every $1 billion in revenue in a normalized environment, as outlined by our slide 14 of our investor presentation.

憑藉強勁的現金創造能力和不斷提高的獲利能力，我們保持了追求這種平衡方法的靈活性，並在未來幾年繼續將年度收購收入目標定為 20 億至 40 億美元。這些因素共同構成了我們實現長期目標的清晰路徑，即在正常環境下每 10 億美元的收入就能產生 2 美元的每股收益，正如我們在投資者演示文稿的第 14 張幻燈片中概述的那樣。

The drivers of that steady state performance are now fully within our control and include the following. First, continue to improve our operational performance by realizing the massive potential in our existing stores. Second, optimizing our network by acquiring and driving high performance in larger automotive retail stores and the stronger profitability regions of the Southeast and South Central United States and leveraging our digital channels will bring US market share to 5%. Today, we have a combined market share of a little over 1%.

穩定狀態表現的驅動因素現在完全在我們的控制範圍內，包括以下內容。首先，透過發揮現有門市的巨大潛力，持續提高我們的營運績效。其次，透過收購和推動大型汽車零售店以及美國東南部和中南部盈利能力較強的地區的高績效，並利用我們的數位管道來優化我們的網絡，將使美國市場份額達到 5%。如今，我們的總市佔率略高於 1%。

Third, financing of up to 20% of units through DFC. Fourth, through scale, we are driving down vendor pricing with solutions like Pinewood, leveraging corporate efficiencies and lowering borrowing costs as we pass towards an investment grade credit rating. Combining these levers with increased market share, we see a pathway to achieving SG&A as a percentage of gross profit in the mid-50% range.

第三，透過DFC為高達20%的單位提供融資。第四，透過規模化，我們利用 Pinewood 等解決方案降低供應商價格，提高企業效率，降低借貸成本，進而獲得投資等級信用評等。將這些槓桿與增加的市場份額相結合，我們看到了實現銷售、一般及行政費用佔毛利潤百分比達到 50% 左右的途徑。

Fifth, maturing contributions and growing synergies from our omnichannel horizontals, including fleet management, DMS software, charging infrastructure and captive insurance. And finally, delivering ongoing returns of capital to shareholders through increased share buybacks and dividends. We are uniquely positioned to scale our mobility ecosystem and deliver more impactful customer experiences across the ownership journey.

第五，全通路業務的貢獻日趨成熟，綜效不斷增強，包括車隊管理、DMS 軟體、充電基礎設施和自保保險。最後，透過增加股票回購和股利為股東提供持續的資本回報。我們擁有獨特的優勢，可以擴展我們的行動生態系統，並在整個所有權旅程中提供更具影響力的客戶體驗。

With the foundational elements of our strategy in place, our focus is centered on operational execution. We're confident in our ability to elevate performance and continue setting the standard for the industry.

隨著我們策略基礎要素的到位，我們的重點將集中在營運執行上。我們有信心提高績效並繼續為業界樹立標準。

Before, I walk through our key financial highlights, I want to take a moment to recognize Adam Chamberlain, who will be transitioning from his role as our Chief Operating Officer to become CEO of Mercedes-Benz USA. Adam has made a lasting impact on our organization, strengthening the speed of our operations, elevating our customer experience and driving performance.

在此之前，我先介紹一下我們的主要財務亮點，我想花點時間認識亞當·張伯倫 (Adam Chamberlain)，他將從我們的首席營運官職位轉任梅賽德斯-奔馳美國公司的首席執行官。Adam 對我們的組織產生了持久的影響，加快了我們的營運速度，提升了我們的客戶體驗並提高了績效。

His next chapter reflects the strength of our partnership with Mercedes-Benz, and we're proud to see him step into this important role, and we look forward to what we'll achieve together. On a personal note, I'm excited to continue working closely with our operational leaders and execute at a high level, advancing our mission, growth powered by people. Thank you, Adam. We're really going to miss you.

他的下一篇章體現了我們與梅賽德斯-奔馳合作夥伴關係的牢固性，我們很自豪地看到他擔任這一重要角色，並期待著我們共同取得的成就。就我個人而言，我很高興能繼續與我們的營運領導密切合作，並在高水準上執行，推進我們的使命，以人為本的成長。謝謝你，亞當。我們真的會想念你的。

On to our operating results and how we're driving performance at the store and departmental levels. Our performance this quarter marked another meaningful step forward. We delivered year over year growth in new vehicles and aftersales and experienced continued sequential improvements in used autos, particularly in the value auto segment.

關於我們的經營績效以及我們如何推動商店和部門層面的績效。我們本季的表現標誌著我們又向前邁出了有意義的一步。我們的新車和售後服務實現了同比增長，二手車銷量也持續環比增長，尤其是在價值型汽車領域。

These improvements were all supported by continued strength in SG&A execution coming off the back of our 60-day plan. As we continue the year, we remain focused on our core drivers of profitability delivering customer optionality to grow market share and maintaining disciplined cost control.

這些改善均得益於我們 60 天計畫實施後銷售、一般及行政費用 (SG&A) 執行力度的持續增強。在接下來的一年裡，我們將繼續專注於獲利的核心驅動力，為客戶提供可選性，以擴大市場份額並保持嚴格的成本控制。

Our operational success is guided and inspired by our Lithia Partners Group, or LPG and for 2025, I'm happy to announce and include our store departmental leaders in this recognition as well. Again, congratulations to all 2024 winners as well.

我們的營運成功受到 Lithia Partners Group（LPG）的指導和啟發，對於 2025 年，我很高興地宣布並將我們的商店部門領導也納入這一認可之中。再次恭喜所有 2024 年得獎者。

Turning to our same-store sales performance. Total revenues increased by 2.5% and gross profit increased 1.8%, primarily due to sequential strength across all business lines that was partially offset by a normalization of GPUs.

談談我們的同店銷售業績。總營收成長 2.5%，毛利成長 1.8%，主要由於所有業務線的連續強勁成長，但被 GPU 的正常化部分抵消。

Total unit sales increased by 1.5% year over year, while total gross profit per unit of $4,301 was down $144 and compared to the same period last year. New vehicle units increased 3.6% year over year with continued strength in import manufacturers. Our front-end GPUs were $3,046 consistent sequentially.

總單位銷售額年增 1.5%，而每單位總毛利為 4,301 美元，與去年同期相比下降了 144 美元。由於進口汽車製造商持續表現強勁，新車銷量較去年同期成長 3.6%。我們的前端 GPU 價格連續穩定在 3,046 美元。

Used vehicles were down slightly at 0.4% year over year, with a considerable quarter over quarter sequential improvement. Value auto sales were particularly impressive with a 38.8% improvement from last year. Core were down 9.3%, where procurement remains a focus and certified units were up slightly at 0.7%.

二手車銷量較去年同期略有下降，為 0.4%，但較上季有顯著改善。汽車銷售額尤其令人印象深刻，比去年增長了 38.8%。核心業務下降 ​​9.3%，其中採購仍是重點，認證單位小幅上漲 0.7%。

Front-end GPUs for used vehicles were stable year over year at $1,877 used autos are foundational to our model and expect to see ongoing positive trends in the quarters ahead. F&I growth was also particularly strong in the first quarter.

二手車的前端 GPU 價格年比穩定在 1,877 美元，二手車是我們模型的基礎，預計未來幾季將持續呈現正面趨勢。第一季的財務和投資成長也特別強勁。

We delivered 3.4% year over year growth in same-store gross profit and $1,881 on a per unit basis. As a reminder, this is the first quarter of Pendragon's comparatively low F&I impacting sequential same-store sales results.

我們的同店毛利年增 3.4%，每單位毛利為 1,881 美元。提醒一下，這是 Pendragon 財務與投資 (F&I) 相對較低的第一季度，對同店銷售額產生了連續影響。

Despite this headwind, this was a $35 increase year over year and reflects the continued opportunity in this high throughput area. Our after sales performance was also a key driver this quarter with same-store revenue up 2.4%, delivering an after-sales gross profit increase of 7.5%. Adjusting for sales days after sales revenue was actually up over 4%.

儘管面臨這種不利因素，但這一數字仍比去年同期增加了 35 美元，反映了這個高吞吐量領域仍然存在的機會。我們的售後業績也是本季的關鍵推動力，同店營收成長 2.4%，售後毛利成長 7.5%。調整銷售天數後，銷售收入實際上增加了 4% 以上。

Warranty work showed another strong quarter with gross profits increasing 19.7% year over year. Our team is focused on creating durable customer retention through personalized experiences and effectively managing the ongoing demand for this high-margin work.

保固工作再創佳績，毛利年增 19.7%。我們的團隊致力於透過個人化體驗創造持久的客戶保留率，並有效地管理對這項高利潤工作的持續需求。

Now turning to inventory, where we realized significant improvements towards our 60-day plans targeted inventories levels in the first quarter. New vehicle DSO decreased from 59 days in Q4 to 43 days at the end of this quarter, while used vehicle DSOs decreased from 53 days to 45 days.

現在轉向庫存，我們在第一季實現了 60 天計畫目標庫存水準的顯著改善。新車DSO從第四季的59天減少到本季末的43天，二手車DSO從53天減少到45天。

Absolute inventory balance decreased by $163 million, and we are now encouraged by the savings we are seeing in our floor plan expense, which decreased 6% year over year. Our strong start to the year reflects the power of our ecosystem and the focus of our teams. As we continue executing on our strategy, we are excited by the opportunity to drive unparalleled growth and long-term value.

絕對庫存餘額減少了 1.63 億美元，現在我們看到平面圖費用的節省，這讓我們感到鼓舞，與去年相比減少了 6%。我們今年的強勁開局反映了我們生態系統的力量和我們團隊的專注。隨著我們繼續執行我們的策略，我們對推動無與倫比的成長和長期價值的機會感到興奮。

With that, I'd like to turn the call over to Tina who will walk through our financial results in more detail.

說到這裡，我想把電話交給蒂娜，她將更詳細地介紹我們的財務表現。

Thank you, Bryan. The momentum across our operations is creating a strong foundation to accelerate our value particularly through our SG&A execution, increasingly profitable financing operations, disciplined capital allocation and continued focus on balance sheet strength. We're encouraged by our SG&A performance to start the year, building on the improvements we promised and delivered as part of the 60-day plan in the second half of 2024.

謝謝你，布萊恩。我們整個營運過程的動能正在為加速我們的價值創造堅實的基礎，特別是透過我們的銷售、一般及行政管理費用執行、不斷增加的盈利性融資業務、嚴格的資本配置以及對資產負債表實力的持續關注。我們對年初的銷售、一般及行政開支表現感到鼓舞，這得益於我們在 2024 年下半年 60 天計劃中承諾並實現的改進。

Our adjusted SG&A as a percentage of gross profit was 68.2% during the quarter, a 120 basis point decline from the prior year and 67% on a same-store basis, a 150 point basis decline. While we are pleased to see continued progress, we remain focused on disciplined cost management every day. We continue to see opportunities to enhance efficiencies across the business with targeted efforts underway in both North America and the UK.

本季，我們的調整後銷售、一般及行政費用佔毛利的百分比為 68.2%，比上年下降 120 個基點，同店調整後佔毛利的百分比為 67%，比上年下降 150 個基點。雖然我們很高興看到持續的進步，但我們每天仍然專注於嚴格的成本管理。我們繼續看到提高整個業務效率的機會，並在北美和英國開展有針對性的努力。

As we move through the year, we believe we're on track to achieve same-store SG&A in the range of 65.5% to 67.5%, as we take continued steps to ignite the full potential of our operating model. Our team's relentless focus on delivering exceptional customer experiences and driving performance through people was on full display this quarter.

隨著我們在今年繼續採取措施充分發揮我們營運模式的潛力，我們相信我們有望實現同店銷售、一般及行政開支在 65.5% 至 67.5% 之間的目標。本季度，我們的團隊不懈致力於提供卓越的客戶體驗和透過人員推動績效，這一點得到了充分展示。

We are proud of the progress we've made to start 2025 with strong execution across operations and clear momentum in key areas of the business. As we look ahead, we remain focused on deepening customer loyalty, unlocking store and departmental potential and scaling growth across our ecosystem.

我們為 2025 年的進展感到自豪，各項營運工作執行有力，關鍵業務領域發展動能明顯。展望未來，我們將繼續致力於加深客戶忠誠度、釋放商店和部門潛力以及擴大整個生態系統的成長。

Starting with our financing Ops segment, led by DFC, we delivered another quarter of profitability with income of $12.5 million compared to a loss of $1.7 million in the same period last year. This performance reflects the continued maturity of our portfolio, improved capital efficiency and continued maturing in our securitization performance. Following a full year of profitability in 2024. We expect a consistent earnings trajectory in 2025 as we balance yields, growth and risk.

從 DFC 領導的融資營運部門開始，我們再次實現了季度獲利，營收為 1,250 萬美元，而去年同期虧損 170 萬美元。這項績效反映了我們投資組合的持續成熟、資本效率的提高以及證券化績效的持續成熟。2024 年全年實現獲利。在平衡收益、成長和風險的同時，我們預計 2025 年的獲利軌跡將保持穩定。

DFC originated $623 million in loans during the quarter, a 24% sequential increase, bringing the total portfolio balance to over $4 billion. Portfolio quality remained strong, supported by disciplined underwriting and a focus on higher credit tier originations with new FICO scores expected to average [730] in 2025.

DFC 本季發放了 6.23 億美元的貸款，季增 24%，使總投資組合餘額超過 40 億美元。投資組合品質依然強勁，得益於嚴格的承保和對更高信用等級發起的關注，預計 2025 年新的 FICO 評分平均將達到 [730]。

The net interest margin continued to be expanded, increasing 117 basis points year over year and 7 basis points sequentially. NIM expansion increases profitability and add flexibility to continue scaling the platform as we move toward our goal of 20% penetration. These results demonstrate the strength of our financing platform and its growing contribution to our long-term earnings potential.

淨利差持續擴大，較去年增加117個基點，較上季增加7個基點。隨著我們朝著 20% 滲透率的目標邁進，NIM 擴展提高了盈利能力並增加了繼續擴展平台的靈活性。這些結果證明了我們融資平台的實力及其對我們長期獲利潛力的不斷增長的貢獻。

Overall, our financing operations adjacency has delivered high performance growth and is a key element of our $2 of EPS for every $1 billion of revenue target as each loan originated by DFC contributes up to 3 times more profitability than traditional indirect lending. We remain confident in this segment's long-term earnings growth and expect increasing profitability as we increase penetration and strengthen our track record.

總體而言，我們的融資業務鄰接性實現了高績效成長，並且是我們實現每 10 億美元收入實現 2 美元每股收益目標的關鍵因素，因為 DFC 發放的每筆貸款比傳統間接貸款的盈利能力高出 3 倍。我們對該部門的長期獲利成長仍然充滿信心，並預計隨著滲透率的提高和業績記錄的加強，獲利能力將會提高。

Now moving on to our cash flow performance and balance sheet. We reported adjusted EBITDA of $402.1 million in the first quarter, a 17.1% increase year over year, driven by increased earnings and decreasing floor plan expense.

現在來看看我們的現金流量表現和資產負債表。我們報告第一季調整後的 EBITDA 為 4.021 億美元，年增 17.1%，這得益於收益增加和平面圖費用減少。

During the quarter, we generated free cash flows of $276 million. Our capital deployment strategy focuses on the efficient allocation of our business regenerative cash flows preserving the quality of our balance sheet while supporting our growth initiatives and allowing us to respond opportunistically to a complex environment. This quarter, we completed a couple of acquisitions, deploying $75 million for those transactions, but we're more heavily weighted to share buybacks to be opportunistic with the fluctuating market.

本季度，我們產生了 2.76 億美元的自由現金流。我們的資本配置策略著重於有效分配業務再生現金流，維持資產負債表的質量，同時支援我們的成長計劃，並使我們能夠及時應對複雜的環境。本季度，我們完成了幾項收購，為這些交易投入了 7,500 萬美元，但我們更注重股票回購，以便在市場波動時抓住機會。

In the first quarter, we repurchased 1.7% of our outstanding shares at a weighted average price of $329, $687 million remains available under our share repurchase authorization. Looking ahead, we will continue to remain agile in reallocating capital where it generates the highest returns. We expect to allocate 30% to 40% of free cash flow for share repurchases while continuing a disciplined approach to M&A opportunities.

第一季度，我們以 329 美元的加權平均價格回購了 1.7% 的流通股，根據我們的股票回購授權，剩餘 6.87 億美元可用。展望未來，我們將繼續保持靈活，重新分配資本，以產生最高的回報。我們預計將 30% 至 40% 的自由現金流用於股票回購，同時繼續採取嚴謹的方式對待併購機會。

Additionally, capital expenditures have moderated and are now primarily directed toward network optimization and meeting OEM facility requirements. We ended the quarter with a net leverage of 2.5 times, in line with our long-term target of 2 times to 3 times and well below our bank covenant requirement of 5.75 times. These metrics adjusted for the impact of floor plan debt collateralized by vehicle inventory, which is unique to our industry and integral to our operations.

此外，資本支出已放緩，目前主要用於網路優化和滿足 OEM 設施要求。本季末，我們的淨槓桿率為 2.5 倍，符合我們 2 倍至 3 倍的長期目標，遠低於我們的銀行契約要求 5.75 倍。這些指標根據以車輛庫存為抵押的平面圖債務的影響進行了調整，這是我們行業獨有的，也是我們營運不可或缺的一部分。

The industry treats the associated interest as an operating expense and EBITDA and excludes this debt from balance sheet leverage calculations. Similarly, we exclude ABS warehouse lines and issuances to capitalize DFC from our leverage calculation. While we opportunistically allocated capital during the quarter, we maintain our long-term focused financial discipline to support our planned growth.

該行業將相關利息視為營業費用和 EBITDA，並將該債務排除在資產負債表槓桿計算之外。同樣，我們將 ABS 倉單額度和發行排除在槓桿計算之外，以資本化 DFC。雖然我們在本季度適時分配了資本，但我們仍保持長期的財務紀律，以支持我們的計劃成長。

Our strategy remains focused on delivering strong, consistent growth and top-tier shareholder returns through the continued expansion of our omnichannel platform. With the right team, robust tools and a solid financial foundation, we are positioned to scale profitably across both our core operations and adjacencies.

我們的策略仍然專注於透過不斷擴展全通路平台實現強勁、持續的成長和頂級的股東回報。憑藉著優秀的團隊、強大的工具和堅實的財務基礎，我們能夠在核心業務和鄰近業務中實現盈利擴展。

As we look ahead, our diverse and capable teams are united by a commitment to exceptional customer experiences and are well equipped to unlock the next phase of growth in 2025 and beyond. This concludes our prepared remarks.

展望未來，我們多元化且能力出眾的團隊團結一致，致力於提供卓越的客戶體驗，並已做好充分準備，在 2025 年及以後開啟下一階段的成長。我們的準備好的演講到此結束。

With that, I'll turn the call over to the operator for questions. Operator?

說完這些，我將把電話轉給接線生來回答問題。操作員？

(Operator Instructions)

（操作員指示）

Ryan Sigdahl, Craig-Hallum Group.

瑞安·西格達爾（Ryan Sigdahl），Craig-Hallum 集團。

Hey, good morning guys. Want to start just at a higher level, kind of what you're seeing from a current tariff environment. If you want to talk monthly trends throughout the quarter and then into April, that might be helpful, both from a demand and GPU. And then kind of second part to that, how you view your higher inventory levels relative to some of your peers, how that's positioned you in this environment again kind of more into April from that question standpoint.

嘿，大家早安。想要從更高的層次開始，就像您從當前的關稅環境中看到的那樣。如果您想談論整個季度以及 4 月的月度趨勢，那麼從需求和 GPU 的角度來看，這可能會有所幫助。然後是第二部分，您如何看待相對於一些同行而言更高的庫存水平，從這個問題的角度來看，在四月份，這將如何再次為您帶來這種環境。

Sure, Ryan. Good morning. This is Bryan. I think we're very fortunate that with tariffs, we sit quite nicely. We have over 45% of our inventory that's going to be where the current tariffs are sitting. Obviously, we know that there is still a little bit in limbo.

當然，瑞安。早安.這是布萊恩。我認為我們非常幸運，在關稅問題上我們能處理得相當好。我們有超過 45% 的庫存處於目前關稅所適用的範圍內。顯然，我們知道仍有一些不確定因素。

But where the current tariffs are sitting, we have about 45% of our inventory that's not impacted, okay, which is I believe in most of the major retailers, that's probably the most diversified and the least impacted, which we're pretty excited about that.

但在目前的關稅下，我們大約有 45% 的庫存沒有受到影響，我相信對於大多數主要零售商來說，這可能是最多樣化、受影響最小的，我們對此感到非常興奮。

I think more recently, as we think about moving forward, our inventories have come down a lot. I mean, we dropped our inventory in both new and used almost 10-day supply quarter over quarter, which is a good step forward. And I think when we think about go forward, it's more about store leadership, staying dynamic and specifically focusing on their brand and their market. And we've been pretty successful that way.

我認為最近，當我們考慮向前邁進時，我們的庫存已經下降了很多。我的意思是，我們每季的新庫存和二手庫存都減少了近 10 天的供應量，這是一個很好的進步。我認為，當我們考慮前進時，更重要的是商店領導力，保持活力，並特別關注他們的品牌和市場。我們在這方面取得了相當大的成功。

You also had asked a question about what happened sequentially in the quarter. We were actually motivated by a strong January, a strong February and then early March is when the tariff discussions start and it came out strong as well.

您也詢問了本季連續發生的事情。我們實際上受到 1 月份和 2 月份強勁表現的激勵，而 3 月初關稅談判開始時，我們的表現也十分強勁。

So it was consistent throughout the quarter, and we're pretty confident that looking into Q2, we've got good foresight into what our inventories and our costs are and most manufacturers have stabilized pricing for some level, at least through the 2025 model year, and we'll see what happens beyond and hopefully, there's some relief to the current situation given.

因此，整個季度的情況都保持一致，我們非常有信心，展望第二季度，我們對我們的庫存和成本有很好的預見性，大多數製造商已經在一定程度上穩定了價格，至少到 2025 車型年是這樣，我們將看看之後會發生什麼，希望目前的情況能有所緩解。

Helpful. Staying on the tariff topic. Any way to put kind of guardrails and you did this several years ago kind of with the SAAR just the levers you can pull in kind of the earnings power and up down from a leverage standpoint.

很有幫助。繼續討論關稅話題。任何可以設定護欄的方法，你幾年前就用 SAAR 做過這樣的事情，它只是你可以拉動的槓桿，從槓桿的角度來提高盈利能力。

But if ultimately kind of in the back half of this year and next year, we go to a [14 million or 15 million SAAR] prices stay higher affordability, et cetera. I guess any way to help us kind of from an earnings power standpoint and what that might mean for you guys?

但如果最終在今年下半年和明年，我們的價格達到 [1400 萬或 1500 萬 SAAR]，並且保持較高的可負擔性，等等。我想從獲利能力的角度來看有什麼方法可以幫助我們，這對你們意味著什麼？

Ryan, I think it's important to remember where our product mix is and that we've designed our entire ecosystem around affordability. So having 20-year-old cars, and you saw that we had a 39% increase in our value auto sales year over year . That's a big increase, and it shows the strength of the model that we're a little less concerned about what the specific tariffs is so long as they stay within the ecosystem.

瑞安，我認為重要的是要記住我們的產品組合在哪裡，並且我們已經圍繞著可負擔性設計了我們的整個生態系統。所以，我們擁有 20 年車齡的汽車，你會看到我們的汽車銷售額比去年同期成長了 39%。。這是一個很大的成長，它顯示了這個模型的優勢，只要它們保持在生態系統內，我們就不會太關心具體的關稅是多少。

So create affordable products to and from top to bottom, whether it's in after sales, new cars or used cars and stay focused on what we can control because ultimately, we do have a fairly adaptable model, because of that affordability range.

因此，從上到下創造價格合理的產品，無論是在售後服務、新車還是二手車方面，並專注於我們能夠控制的領域，因為最終，由於價格範圍的限制，我們確實擁有一個相當適應性的模型。

And remember this, I mean, Driveway.com, GreenCars and DFC help massively in terms of how we think about diversification. And now that DSC is turning some pretty good profits, that takes out some of the volatility as we look at things. I would note one other thing for everyone. It's important to note that the Pinewood market valuation change was $0.27. So we were at $7.93, which was considerably ahead of consensus. And that's something that, to some extent is outside of our control.

請記住，Driveway.com、GreenCars 和 DFC 在我們如何考慮多樣化方面提供了巨大幫助。現在，DSC 的利潤相當可觀，從我們的角度來看，這消除了一些波動性。我還要向大家指出另外一件事。值得注意的是，Pinewood 的市場估值變化了 0.27 美元。因此，我們的估值為 7.93 美元，遠高於市場普遍預期。而這在某種程度上是我們無法控制的。

Helpful. Thanks, Bryan. Estimates also walk right over the last week or two. You would be stale ones. So thanks. Good luck guys.

很有幫助。謝謝，布萊恩。過去一兩週的估計也正確。你們將會變得陳舊。所以謝謝。祝大家好運。

Oka,, thanks.

好的，謝謝。

John Murphy, Bank of America.

美國銀行的約翰‧墨菲。

Good morning, everybody. [He did] Bryan, just to stay on tariffs for a second from two different prongs. First, what kind of communication have you received from your factory partners? And have you seen any impact to the M&A environment as a result of the uncertainty around tariffs?

大家早安。[他確實] 布萊恩，只是從兩個不同的角度談論關稅。首先，您從工廠合作夥伴那裡得到了什麼樣的溝通？您是否看到關稅的不確定性對併購環境產生了任何影響？

Maybe I'll start with the latter. We haven't seen a big impact in the M&A environment. However, it does -- it has appeared to be softening over the last, I would say, three to four months. But specific to the start of March, we haven't seen any major changes. In terms of communications from our manufacturers, I might let Adam jump in on that real quickly.

也許我會從後者開始。我們尚未看到併購環境受到重大影響。然而，我認為，在過去的三到四個月裡，這種趨勢似乎有所減弱。但具體到三月初，我們還沒有看到任何重大變化。就我們製造商的溝通而言，我可能會讓亞當很快加入。

Hey John, good morning. I think we've seen great -- as far as the manufacturers know exactly what they're dealing with because obviously, it's an extremely volatile situation, John. I think we've seen clear communication. We had some early communications around guaranteeing holding prices through certainly for most OEMs, it's through end of May. So that takes care of the 2025 model years.

嘿，約翰，早安。我認為我們已經看到了很好的情況——只要製造商確切地知道他們在處理什麼，因為顯然這是一個極不穩定的情況，約翰。我認為我們已經看到了清晰的溝通。我們之前進行過一些溝通，保證大多數 OEM 的價格維持到 5 月底。這樣就解決了 2025 年車型的問題。

And obviously, in that context, we're also kind of bottom of the funnel, right? So the OEMs have got to deal with, with that support and help if we can. But ultimately, they're going to deal with the administration and thinking about how they allocate their resources and the investments to manage tariff situation.

顯然，在這種情況下，我們也處於漏斗底部，對嗎？因此，如果可以的話，OEM 必須提供支援和協助。但最終，他們將與政府打交道，並思考如何分配資源和投資來管理關稅狀況。

So we sit kind of a ways below that, but we've had really good clarity and leadership from the majority of our OEM partners as it relates to that. I think the other point is our job, as Bryan said, it's just to be disciplined moving forward. So our stores have been disciplined in terms of the way they manage their operations. And I think we demonstrated last year, we can adapt and flex pretty good when we need to. So that's how I think about it, John. Thank you.

因此，我們的水平略低於這一水平，但就此而言，我們的大多數 OEM 合作夥伴都給予了我們非常清晰的認識和領導。我認為另一點就是我們的工作，正如布萊恩所說，就是要嚴格遵守紀律，繼續前進。因此，我們的商店在管理營運的方式上一直很規範。我認為我們去年已經證明，當需要時，我們可以很好地適應和靈活變通。這就是我的想法，約翰。謝謝。

Good. That's helpful. And Bryan, just a second question. When we think about sort of the adjacencies, particularly and then the benefits you get on SG&A over time. Is there kind of a notion that you might lower your expectation for front-end gross to take more market share over time? And kind of how do you balance that out.

好的。這很有幫助。布萊恩，我還有第二個問題。當我們考慮鄰接關係時，特別是隨著時間的推移，您會從銷售、一般和行政費用中獲得好處。您是否認為您可能會降低對前端總收入的期望，以便隨著時間的推移佔據更多的市場份額？那麼你該如何平衡這一點呢？

I mean getting UIOs is mission-critical for parts and service. So just curious how you think about that full surgical equation. Does this allow you to take more market share and then feed the beast at the back end and grow earnings even stronger. I'm just kind of how do you balance that all out.

我的意思是，獲得 UIO 對於零件和服務至關重要。所以只是好奇你是如何看待這個完整的手術方程式的。這是否能讓您佔據更多的市場份額，然後在後端提供動力並進一步增加收益。我只是想知道你該如何平衡這一切。

Great question, John. And I think that our original thesis on the design was that if we're able to create transparent simple experiences for our consumers, then there's actually a price inflection upward, not downward, okay.

問得好，約翰。我認為我們最初設計的主題是，如果我們能夠為消費者創造透明簡單的體驗，那麼價格實際上就會向上變化，而不是向下變化，好嗎？

We already buy cars and our cost of vehicles are at a cost advantage of about $500 to $700 over the used only retailers. Important to note, but we also give away that $500 to $700 in terms of price to market of what we sell cars for because we negotiate a way that gross profit in lieu of getting more customers financed, okay? So I would say, if anything, and today, we're looking at a $4,100 to $4,300 total vehicle gross profit, okay? That's down a couple of hundred bucks primarily because of the mix change in Pendragon that rolled in this quarter.

我們已經購買汽車，我們的車輛成本比二手車零售商有大約 500 至 700 美元的成本優勢。值得注意的是，我們也放棄了 500 至 700 美元的汽車市場價格，因為我們協商的方式是獲取毛利而不是為更多客戶提供融資，好嗎？所以我想說，如果有的話，今天，我們看到的車輛總毛利是 4,100 美元到 4,300 美元，好嗎？這一數字下降了幾百美元，主要是因為本季 Pendragon 的混合變化。

If you remember, it was $4,300 to $4,500 prior, okay? We also did elevate our new vehicle gross profit because our mix is so much better and has so much more luxury as well as Southeast exposure, which is higher gross profits. So we raised our expectations internally to $2,600 to $2,800 on new vehicle gross profit.

如果你還記得的話，之前的價格是 4,300 美元到 4,500 美元，好嗎？我們也確實提高了新車的毛利，因為我們的產品組合更加優質，豪華程度更高，而且在東南地區也有業務，因此毛利更高。因此，我們將新車毛利潤內部預期提高至 2,600 美元至 2,800 美元。

So I would say if we're looking out four to five years, I believe that there's opportunity to grow our used vehicle gross profit which is the biggest impact of the Driveway ecosystem or GreenCars sales, and it's primarily because you're getting more eyeballs on each and every car in that price inflection point that today, we don't have all those eyeballs.

因此我想說，如果我們展望四到五年，我相信我們有機會提高二手車毛利潤，這是 Driveway 生態系統或 GreenCars 銷售的最大影響，這主要是因為在那個價格拐點，每輛車都會受到更多人的關注，而今天，我們還沒有那麼多的關注。

Okay. If I can sneak in one last one. That's helpful. Tina, on the ABS, your deals you're doing with DFC, I'm just curious what kind of receptivity you're seeing in the market, what market conditions are currently like -- and over time, is there opportunity to do larger and larger deals as you get more seasoned in the market?

好的。如果我能偷偷溜進去最後一個。這很有幫助。蒂娜，關於 ABS，也就是您與 DFC 進行的交易，我只是好奇您在市場上看到了什麼樣的接受度，目前的市場狀況如何——隨著時間的推移，隨著您在市場上變得更加成熟，是否有機會進行越來越大的交易？

Hey John, this is Chuck. Right now, we had a very successful ABS issuance in the first quarter. And that went really well with a number of our tranches that were subscribed. Right now, though, the ABS term market is rather frothy and choppy, and that's just a reflection of where the overall capital markets are going.

嘿，約翰，我是查克。目前，我們在第一季的 ABS 發行非常成功。這對於我們認購的許多部分來說都進展順利。不過，目前 ABS 定期債券市場泡沫較多且波動較大，這只是整體資本市場走向的一個反映。

We do expect that to stabilize, though going forward, and we'll be very diligent on making sure that when we do launch our next issues, it will be at a point in time that is optimal for our business. So we don't see any long-term impact on our capital structure for DFC.

我們確實希望這種情況能夠穩定下來，但展望未來，我們會非常努力地確保當我們推出下一期時，它將處於對我們的業務來說最佳的時間點。因此，我們認為這對 DFC 的資本結構不會產生任何長期影響。

But fair to say there's plenty of room in the warehouse facility.

但公平地說，倉庫設施裡有足夠的空間。

Oh absolutely. Plenty of room on the warehouse facility to absorb that if there is choppiness in the term market.

哦，當然了。如果定期存款市場出現波動，倉儲設施有足夠的空間吸收這些資金。

Thanks so much guys. Congrats Adam. Thank you guys.

非常感謝大家。恭喜亞當。謝謝你們。

Thanks, John.

謝謝，約翰。

Thanks, John.

謝謝，約翰。

Rajat Gupta, J.P. Morgan.

摩根大通的 Rajat Gupta。

Great. Thanks for taking the question and I just wanted to convey my congrats to Adam as well. I had a first question just on SG&A. The sequential pickup on net growth was a little higher than seasonality if we exclude the UK.

偉大的。感謝您提出這個問題，我也想向亞當表示祝賀。我的第一個問題是關於銷售、一般和行政費用 (SG&A)。如果排除英國，淨成長率的連續回升將略高於季節性。

Curious if you could unpack that for us a little bit because it looks like the SG&A dollars went up more than the gross profit dollars relative to the fourth quarter. If you could just elaborate on that a little bit would be helpful.

我很好奇您是否可以為我們稍微解釋一下，因為看起來與第四季度相比，銷售、一般和行政費用的增幅超過了毛利的增幅。如果您能稍微詳細說明一下那將會很有幫助。

And also just a clarification, the pine would $0.27 charge, that all of that was flowing to other income, am I right? If not, if you could clarify that as well would be helpful. And I have a quick follow-up.

另外需要澄清的是，松樹的費用為 0.27 美元，所有這些都流向了其他收入，對嗎？如果沒有，如果您能澄清這一點將會很有幫助。我有一個快速的後續行動。

Hi Rajat, this is Tina. Just on your Pinewood question, yes, the impact of the fair market value adjustment on Pinewood does flow through others, so you can capture that and see that in that line. It was a pretty decent impact when you adjust for that, our overall EPS performance is really strong.

你好，Rajat，我是 Tina。就您對 Pinewood 的問題而言，是的，公平市場價值調整對 Pinewood 的影響確實會波及到其他人，因此您可以捕捉到這一點，並在那條線上看到這一點。當你對此進行調整時，它會產生相當大的影響，我們的整體每股盈餘表現非常強勁。

From an SG&A perspective, I think most of it is really driven by seasonality. When you look at the year over year performance on SG&A, I think we're really happy with it. Same-store improved by 150 basis points on a consolidated 120 basis points.

從銷售、一般及行政費用的角度來看，我認為大部分都是受季節性影響。當你看到銷售、一般和行政費用的同比表現時，我認為我們對此感到非常滿意。同店銷售額在合併後 120 個基點的基礎上成長了 150 個基點。

One of the first quarters where we're seeing that decline in SG&A as a percentage of gross profit. So really, the continued discipline from our 60-day execution last year and continued flow-through of that discipline by our stores. it will be something that we continue to watch, obviously, and performing throughout 2025.

這是我們看到銷售、一般及行政費用佔毛利的百分比下降的第一個季度之一。因此，實際上，我們去年 60 天執行的持續紀律以及我們商店對該紀律的持續執行。這顯然是我們會繼續關注並在 2025 年全年表現的事情。

Got it. And you think about the path from that 68% within your guidance range, like, say, the midpoint -- is there like more cost reduction to come? Or is this just more about just leveraging the gross profit? Any areas within the gross profit bucket, like mark and services or other areas that there's some opportunity that we should be making.

知道了。您考慮一下從指導範圍內的 68% 開始的路徑，比如說中點——是否還會進一步降低成本？或者這只是為了利用毛利？毛利範圍內的任何領域，例如商標和服務或其他存在我們應該抓住的機會的領域。

And obviously, we have the full year guidance ranges out there, but it just seems like a pretty decent size improvement baked in for the remainder of the year to get to your SG&A guidance, especially with the new car GPUs are expected to come down through the course of the year. Thanks.

顯然，我們已經有了全年的指導範圍，但似乎在今年剩餘時間內會有相當大的改善才能達到您的銷售、一般及行政費用指導，尤其是考慮到新車 GPU 預計會在全年下降。謝謝。

Rajat, this is Bryan. Maybe I could elaborate a little bit as well. I think when we think about the original 60-day plan that's now part of the everyday plan, our field and our operational leaders they understand that our goal is to drop about 7 basis points out of the model each and every month starting in the second half of this year. So now that's on our pathway to the 50 -- the mid-50 SG&A range. So it's important to remember about how we think about things.

Rajat，這是 Bryan。也許我也可以詳細說明一下。我認為，當我們考慮最初的 60 天計劃（現在已成為日常計劃的一部分）時，我們的領域和營運領導者就會明白，我們的目標是從今年下半年開始每個月將模型中的利潤率降低約 7 個基點。因此，現在我們正朝著 50 到 50 左右的銷售、一般和行政費用範圍邁進。因此，記住我們如何思考事物非常重要。

But again, this isn't going to happen overnight. I mean, we get benefits all over the ecosystem, including the eventual transition into the Pinewood software system, which is a $30 million to $40 million savings. We took out another $30 million to $40 million out of our current tech stack with what George did and what the stores did with vendor pricing. And now we're starting to really impact our interest costs, which obviously is it part of SG&A, but it's a big part of our cost structure and it's the third largest cost in our vehicle department.

但同樣，這不會在一夜之間發生。我的意思是，我們整個生態系統都受益了，包括最終過渡到 Pinewood 軟體系統，這將節省 3000 萬到 4000 萬美元。我們從現有的技術堆疊中又拿出了 3,000 萬到 4,000 萬美元，借鑒了喬治的做法，以及商店對供應商定價的做法。現在我們開始真正影響我們的利息成本，這顯然是銷售、一般和行政費用的一部分，但它是我們成本結構的重要組成部分，也是我們汽車部門的第三大成本。

So I think that where we ended up with the quarter, we're comfortable with. Our Q1 and Q4 typically is at the higher end of the range our Q2 and Q3 are typically in the lower end of the range. It's primarily based on the fact that we have a fair amount of our businesses in the snowbelt, okay? So hopefully, that helps you, Rajat.

所以我認為我們對本季的業績感到滿意。我們的 Q1 和 Q4 通常處於範圍的高端，而 Q2 和 Q3 通常處於範圍的低端。這主要是因為我們在雪帶地區有相當多的業務，對吧？希望這對你有幫助，Rajat。

Got it. No, thank you. I appreciate it. I'll get back in queue.

知道了。不，謝謝。我很感激。我會回到隊列中。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

Good morning. This is Mark Jordan on for Kate McShane. Just thinking about the tariff on imported parts, how do you see that impacting your aftersales business, I guess, with respect to margins? And then would you expect to see some level of deferred maintenance as customers avoid some noncritical repairs?

早安.馬克喬丹 (Mark Jordan) 為凱特麥克沙恩 (Kate McShane) 主持節目。就進口零件的關稅而言，您認為這會對您的售後業務的利潤率產生什麼影響？那麼，由於客戶避免了一些非關鍵維修，​​您是否預計會看到一定程度的延期維護？

Mark, thanks for your questions. I think we're really -- we've thought through the aftersales repercussions of higher tariffs. We're fortunate that most customers do need to repair their cars. And whether it's maintenance or whether it's hardline repair, that's a positive thing for us.

馬克，謝謝你的提問。我認為我們確實——我們已經考慮過提高關稅對售後造成的影響。我們很幸運，大多數顧客確實需要修理他們的汽車。無論是維護還是硬線維修，對我們來說都是一件好事。

So I think when you think about the parts versus labor equation, we did have a pretty good lift this quarter in terms of labor, and we're up over 57% margin, which was quite nice and a little higher than what we typically expected in our forecast running at 55% to 56% over the last few quarters.

因此，我認為，當你考慮到零件與勞動力的等式時，本季度我們在勞動力方面確實取得了相當大的提升，利潤率增長了 57% 以上，這是相當不錯的，略高於我們通常預期的過去幾個季度的 55% 至 56% 的預測。

But I really believe there is no big option to defer okay, especially when we, in our aftersales businesses deal with affordability. So we're the same price as the Jiffy Lubes of the world and the AutoZones of the world.

但我確實相信沒有什麼重大的選擇可以推遲，特別是當我們在售後業務中處理可負擔性問題時。因此，我們的價格與世界上的 Jiffy Lubes 和 AutoZones 相同。

And we sell aftermarket parts and we sell OEM parts and as such, we want to keep those customers in the ecosystem. So I think the impact in the after sales business from tariffs, whatever they may end up being is pretty minimal.

我們銷售售後零件和 OEM 零件，因此，我們希望將這些客戶保留在生態系統中。因此，我認為關稅對售後業務的影響，無論最終結果如何，都非常小。

Great. And then one last follow-up. Just on capital allocation. share repurchase is obviously a bigger part of the mix in the quarter. It looks like it might be in the near term. But as we think about your acquired revenue targets, is the $2 billion to $4 billion still in the cars for the year?

偉大的。然後是最後一次跟進。僅就資本配置而言，股票回購顯然是本季配置中更大的一部分。看起來，這可能在短期內就會實現。但是，當我們考慮您設定的收入目標時，今年的 20 億至 40 億美元是否仍用於汽車？

Mark, this is Bryan again. I think that we've specifically said that it's probably going to be closer to $2 billion this year. And you can see it in our share buybacks at [$150 million, $160 million] about 2% of our float just in the quarter. That's a big amount of buybacks and obviously, that brings it down.

馬克，我又是布萊恩。我認為我們已經明確表示過，今年的金額可能會接近 20 億美元。您可以看到，光是本季我們的股票回購額就達到了 [1.5 億美元、1.6 億美元]，約佔流通股的 2%。這是一筆很大的回購，顯然，這降低了股價。

In the prepared remarks, I did mention that it's $2 billion to $4 billion going forward. And then again, we're still looking for that more major meaningful acquisition at some point in our lives and believe that the industry can be consolidated and one plus one can truly equal three.

我在準備好的發言中確實提到過，未來的投資金額是 20 億到 40 億美元。再說了，我們仍然在尋找生命中某個時刻進行的更重大、更有意義的收購，並相信這個行業能夠得到鞏固，一加一能夠真正等於三。

Great. Thank you very much.

偉大的。非常感謝。

Thanks, Mark.

謝謝，馬克。

Jeff Lick, Stevens.

傑夫利克、史蒂文斯。

Good morning guys. Congrats on a nice Q1. I was wondering if you could -- we could drill down a little bit on used specifically the value use. Just starting off with the GPU at $1,769, which is below your guidance, whether there's some bit of just purging inventory? I know there's a lot of things you wanted to get right -- if you could just talk about any of that, especially as we get into the tariff world. My perception is that your heritage of doing the value auto will actually maybe benefit a little bit. So any color there?

大家早安。恭喜您第一季取得良好成績。我想知道您是否可以—我們可以稍微深入探討一下具體的價值用途。GPU 的起價為 1,769 美元，低於您的指導價，是否有一些清理庫存的打算？我知道您想把很多事情做好——如果您能談談其中任何一件，特別是當我們進入關稅領域時。我的看法是，你從事價值汽車行業的傳統實際上可能會帶來一些好處。那麼那裡有顏色嗎？

Yeah. I don't think there's any sub story to the $1,769. I will say this, it takes us typically about six months to gain initial traction on teaching our new partners or new stores to sell and keep off brand cars as well as keep the older cars or these value auto cars. So Adam and the teams and our Presidential teams and Vice President teams and field teams have done a darn nice job, understanding that we don't wholesale cars, okay?

是的。我認為 1,769 美元沒有任何特別之處。我想說的是，我們通常需要大約六個月的時間來獲得初步的吸引力，教導我們的新合作夥伴或新店銷售和保留品牌汽車以及保留舊車或這些價值汽車。所以亞當和我們的總統團隊、副總統團隊和外勤團隊做得非常出色，要知道我們不批發汽車，好嗎？

We keep everything to bring consumers into the ecosystem into lower price point or possibly as a cash buyer because as we know, value auto cars don't have a lot of financing, it's about 50% cash buyers and about 50% financed which has a certified car is about 90% finance and about 10% cash, okay? So it's not that you're looking for buyers that aren't able to get financed or has poor credit.

我們保留一切資源，將消費者帶入生態系統，使其價格更低，或者可能成為現金買家，因為我們知道，價值型汽車沒有太多的融資，大約 50% 是現金買家，大約 50% 是融資，而擁有認證汽車的買家大約有 90% 是融資，大約 10% 是現金，好嗎？因此，您並不是在尋找無法獲得融資或信用不佳的買家。

These are cash buyers that are very thrifty with very high demand cars that move quite quickly through the system. And our stores are getting it, okay? And I'd send the challenge out to everyone that if you're not at 40%, okay, or better in terms of value auto sales, it's the one bucket that does not have an impact from lower SAARs.

這些現金買家非常節儉，他們的汽車需求量很大，而且在系統中流通速度很快。我們的商店也收到了，好嗎？我想向所有人發出挑戰，如果你的汽車銷售價值沒有達到 40% 或更高，那麼這個類別就不會受到較低 SAAR 的影響。

Okay, lower SAAR from previous years. Okay, in core is now just starting to trickle in the '21 and '20 model years, which is having a little bit of inventory impacts on our three to nine year-old vehicles. So important to remember, that is important of who Lithia is, all affordability levels and most importantly, these value and core products are where we really shine, okay?

好的，SAAR 比前幾年低。好的，現在核心車型才剛開始在 21 和 20 車型中逐漸減少，這對我們三到九年車齡的車輛產生了一些庫存影響。因此，務必記住，Lithia 是誰、所有可負擔水平以及最重要的是，這些價值和核心產品才是我們真正閃耀的地方，好嗎？

And Jeff, I think you know this, the GPUs are somewhat similar, okay? Important to remember, but the really important thing to remember is our average ASP on a value auto car is about [$14,500, okay, versus a certified that's pushing 30]. So you've got that.

傑夫，我想你知道這一點，GPU 有點相似，好嗎？重要的是要記住，但真正重要的是要記住，我們價值汽車的平均 ASP 約為[14,500 美元，好吧，相比之下，認證的價格接近 30 美元]。所以你已經明白了。

And on top of this, the value auto car turns at 2 times to 4 times faster than a certified car. So when you're looking at utilization of capital, you're talking about 8 times better return in an annual basis. So a really important part of the model.

除此之外，價值型汽車的轉彎速度比認證車快 2 倍到 4 倍。因此，當您考慮資本利用率時，您談論的是年度回報率提高 8 倍。因此這是模型中非常重要的一環。

And I think most people are starting to figure that out. And it's -- we're fortunate that we're so far up funnel that we're able to continue to get those great cars and deciding now not to wholesale them.

我認為大多數人都開始明白這一點。而且——我們很幸運，我們已經處於如此靠前的位置，能夠繼續獲得這些優秀的汽車，並且現在決定不批發它們。

And just a quick follow-up on your comment about taking six months to get initial traction. I'm just curious, is that the stores you've acquired, say, over the last four or five years that really haven't just gotten up to speed on the Lithia heritage? Or were there some of your position some of the line --

我只是想快速跟進您關於需要六個月的時間才能獲得初步進展的評論。我只是好奇，在過去四、五年裡，你們收購的那些商店是否真的沒有跟上 Lithia 的傳統？或者你的一些立場--

Great clarification. So if you recall in our previous calls, we bought so much bulk and the lift of GPUs made everyone think that we were doing wonderful. So it's really hard to convince people that they should do more.

很好的澄清。因此，如果您還記得我們之前的電話會議，我們購買了大量散裝貨物，而 GPU 的提升讓每個人都認為我們做得很好。因此，要說服人們做更多的事情真的很難。

So I really believe that it was about three to five quarters ago where people started to listen and go, wow, there's opportunities here. And it is mostly new cars and new businesses that are finally gaining the traction that we're really excited that we move from a, what a minus 5% used car same-store sales last quarter to basically flat, okay?

所以我真的相信，大約三到五個季度前，人們開始傾聽並驚嘆，哇，這裡有機會。最終獲得關注的主要是新車和新業務，我們真的很高興看到上個季度二手車同店銷售額從-5% 下降到基本持平，好嗎？

And those days of mid to high single digits are in our future. And I mean we're really looking at a 5% more longer-term number or better in terms of used car sales, especially when you've got GreenCars and Driveways that are bringing in 97% new customers and is truly limitless and who we can touch and find.

中高個位數的時代就在我們未來。我的意思是，就二手車銷售而言，我們真正希望的是長期數字能夠成長 5% 甚至更好，尤其是當你擁有 GreenCars 和 Driveways 時，它們帶來了 97% 的新客戶，而且是真正無限的，我們可以接觸和找到他們。

Awesome. Congrats again and look forward to talk to you in the next quarters.

驚人的。再次恭喜並期待在接下來的幾季與您交談。

Thanks, Jeff.

謝謝，傑夫。

Doug Dutton, Evercore.

道格·達頓，Evercore。

Good morning, everyone. Maybe just going down the value chain here. With USR at nearly 18 million units on an annualized basis, over March and now into April, how are your dealers and your general managers dealing with the prebuying from consumers as they're going to need to prepare for a potential hangover if the tariff situation extends into June or July or August, what's the guidance there on some of the lumpiness that we might see after the sugar rush share?

大家早安。也許只是沿著這裡的價值鏈往下走。從 3 月到 4 月份，USR 的年化銷售量接近 1,800 萬台，您的經銷商和總經理如何應對消費者的預購？如果關稅情況延續到 6 月、7 月或 8 月，他們需要為潛在的後遺症做好準備。對於糖價飆升後可能出現的波動，您有何指導？

Yeah. To be fair, I mean, remember, we had a [17 million SAAR four months ago, too. So a little extra lift is not a massive amount. I believe that we will have 18 million SAARs consistently. And if I believe I believe I said that last quarter on this call that we could see a year where we have an 18 million SAAR].

是的。公平地說，我的意思是，記住，我們有一個四個月前SAAR也是1700萬。所以，稍微增加一點並不是什麼大數目。我相信我們會持續保持1800萬的SAAR。而且，如果我相信我上個季度在電話會議上說過，我們今年的SAAR可能會達到1800萬人。

Now, I do agree that if the tariffs stick at where they're sticking, we could see some lumpiness, okay? But I think it's more of lumpiness in fall, not really lumpiness as we go through the summer season. I would also remind you of this, okay?

現在，我確實同意，如果關稅維持現狀，我們可能會看到一些波動，好嗎？但我認為這更多的是秋季的不平整，而不是夏季的不平整。我也會提醒你這一點，好嗎？

We have 50% of our cars that aren't affected by tariffs. Now if you're a European heavy, you may have a bigger problem, okay? Because Europeans don't have the same competitive pressures across their product line. Most of their specific products pretty high demand, whether it's an M class or an AMG or GTS and Porsche, they're high demand. Are you following me?

我們有50%的汽車不受關稅影響。現在，如果你是歐洲重量級人物，你可能會遇到更大的問題，好嗎？因為歐洲人在整個產品線上並沒有面臨同樣的競爭壓力。他們的大多數特定產品需求量都很高，無論是 M-Class、AMG、GTS 還是保時捷，需求量都很高。你跟蹤我了嗎？

So I think that they've got price flexibility -- but their main product lines are what's going to be impacted the most. The import manufacturers from Asia, I believe, are hypercompetitive. And they're talking about how to freeze pricing or how to decontent cars. But I believe affordability will be there. So I believe whatever pull forward there may have been in the second half of March, it's light, okay, and shouldn't impact the future going forward on any relative scale.

所以我認為他們具有價格靈活性——但他們的主要產品線將受到最大影響。我認為來自亞洲的進口製造商競爭非常激烈。他們正在討論如何凍結價格或如何減少汽車重量。但我相信人們還是可以負擔的。因此，我相信，無論 3 月下半月出現什麼上漲，漲幅都很小，不會對未來產生任何相對影響。

Awesome. Thank you. And then just a quick follow-up here on your thoughts around incentives and the discipline there. Has there maybe been an opportunity to take some of those dollars off the hood on your sales to move where you were previously had them in there to move the metal just given the fact that there was this sort of sudden surge of demand. Can you speak to that a little bit?

驚人的。謝謝。然後，我來快速跟進您對激勵措施和紀律的想法。考慮到這種突然激增的需求，是否有機會將銷售中的部分資金轉移到您之前用來運輸金屬的地方？能稍微談一下這個嗎？

Sure, Doug. We did see a little bit of a profit increase in March in terms of GPU but that is also pretty typical because we have quarter end money. So it was a couple of hundred bucks higher than what we would have expected. In terms of incentives, as a dealer, we just sell for net price and sell for payment. So it's not big impact to us.

當然，道格。我們確實看到 3 月份 GPU 的利潤略有增長，但這也很正常，因為我們有季末資金。所以它比我們預期的價格高出了幾百美元。在激勵方面，作為經銷商，我們只是以淨價出售並以付款方式出售。所以對我們來說影響不大。

I would say this that incentives are still quite low. So the manufacturers have a lot of ability to absorb some of those cost increases if they choose to. And we are seeing strengthening of that, especially when it comes to leasing.

我想說的是，激勵措施仍然很低。因此，如果製造商願意，他們有很大的能力來吸收部分成本增加。我們看到這種趨勢正在加強，特別是在租賃方面。

I think we're pushing almost 20% leasing again, which on a pre-covid number, we were we were in the low 20 percentile. So nice gains. I think it was 17.5% or something, but it was up a couple of percentage points from last year, which is a good indication of strength of incentives which come in the form of lease in values or lease multiple factors, which is the equivalent interest rate on leases.

我認為我們的租賃率將再次達到近 20%，而與疫情之前的數字相比，我們的租賃率處於 20% 以下。收穫真大。我認為是 17.5% 左右，但比去年高出幾個百分點，這很好地表明了以租賃價值或租賃多重因素（相當於租賃的利率）形式出現的激勵措施的力度。

Thanks team.

謝謝團隊。

Thanks, Doug.

謝謝，道格。

Ron Jewsikow, Guggenheim.

古根漢美術館的羅恩朱西科（Ron Jewsikow）。

Yeah. Good morning and thanks for taking my questions.

是的。早上好，感謝您回答我的問題。

Hi Ron.

你好，羅恩。

Hi Bryan. Maybe following up on Rajat's SG&A question. You mentioned in the back half, you expect to drive 7 basis points of monthly savings. I guess, first, is that all in SG&A and interest? And then what is like some of the low-hanging fruit or maybe it's not that low hanging, but what are you pushing your managers on really to drive those improvements?

你好，布萊恩。也許可以跟進 Rajat 的銷售、一般及行政費用 (SG&A) 問題。您在後半部提到，您預計每月可節省 7 個基點。我想，首先，這些都是銷售、一般和行政費用以及利息嗎？那麼什麼是容易實現的目標，或者可能不是那麼容易實現的目標，但是您真正推動您的經理們做什麼來推動這些改進呢？

So yes, it includes the interest. And the primary areas that we're pushing are operational leaders is on personnel costs, okay? In our model, when we look out five years, we're basically asking for a 10% to 15% total percentage reduction in terms of personnel costs. Today, it sits at about just under 40%. So we're looking at somewhere around a 4% to 6% reduction over the next five years, okay.

是的，它包括利息。我們正在推動的主要領域是營運領導者的人員成本，好嗎？在我們的模型中，展望五年，我們基本上要求人員成本整體減少 10% 到 15%。如今，這一比例約為 40% 以下。因此，我們預計未來五年內減幅將在 4% 到 6% 左右。

We don't want to make it a heart attack. We don't believe that we could do it today because there's technology, productivity increases, customer self-service and many other things that need to come into play to be able to activate that amount of change, okay.

我們不想讓它變成心臟病。我們不相信我們今天能夠做到這一點，因為需要技術、生產力提高、客戶自助服務和許多其他因素的參與才能激發如此大的變化。

But we do know that they believe it's in bite-size amounts that they're not fearful of it. And as such, we believe in the second half of the year, we can drive that begin to drive that down, okay. That makes up about 50% of the improvement. The other 50% is truly leveraging our corporate costs as we don't need another tenant, we don't need another me at this stage, right, okay? But that's -- you gain some scale on those type of things.

但我們知道，他們相信只要量很小，他們就不會害怕。因此，我們相信，在今年下半年，我們可以推動這一數字開始下降，好的。這佔了大約50%的改進。其餘 50% 確實降低了我們的企業成本，因為我們不需要另一個租戶，我們在這個階段不需要另一個我，對吧，好嗎？但那是——你在這類事情上獲得了一些規模。

Obviously, there are some vendor contracts that we believe are beneficial. I mentioned the Pinewood thing in the future. And then ultimately, as we bring vendors together as more preferred vendors where we have two or three vendors of each product rather than 20 or 30, we're able to negotiate volume discounts and other benefits as well. But that's where it comes from. We've got it all lined out to achieve the $2.

顯然，我們認為有些供應商合約是有益的。我以後會提到 Pinewood 的事。最終，當我們將供應商整合為更優先的供應商時，每種產品我們有兩到三家供應商，而不是 20 或 30 家，我們也可以協商批量折扣和其他優惠。但這就是它的由來。我們已經做好一切準備，以實現 2 美元的目標。

We're pretty excited about that operational part, which makes up 50% of the $1-plus lift that needs to occur. Remember, the other 50% lift is coming from the ecosystem, good capital allocation that Tina spoke to, a little bit of M&A and some great adjacencies that are really starting to shine.

我們對營運部分感到非常興奮，它占到所需 1 美元以上增幅的 50%。請記住，另外 50% 的提升來自生態系統、蒂娜所說的良好的資本配置、少量的併購以及一些真正開始閃耀的偉大鄰接關係。

Yeah. No, that's super helpful color. And maybe just following up on one of those kind of ecosystem items. Pretty big step-up in DFC originations this quarter. anything that specifically changed? Because obviously, your sales volumes weren't sequentially stronger than the fourth quarter, which was always seasonally strong. So just trying to get a sense of what drove the pretty material step-up in originations.

是的。不，那是非常有用的顏色。也許只是跟進其中一種生態系統項目。本季 DFC 發動量大幅增加。有什麼具體變化嗎？因為很明顯，你們的銷售量並沒有比第四季更強，而第四季的銷售量一直是季節性強勁的。因此，我們只是想了解是什麼推動了材料起源的大幅提升。

Now Ron, this is Bryan again, and I probably should just let Chuck handle this, but I listened really good to Chuck and Tina, okay, and they've taught me well enough to know this. Our NIMs are increasing so nicely that it allows us the flexibility to scale our penetration rates without sacrificing credit quality, okay? In simple terms, we were at 13.7% for the quarter. We even had a [14%-plus] in there, which was great to see.

現在羅恩，這又是布萊恩，我可能應該讓查克來處理這件事，但我真的聽了查克和蒂娜的話，好吧，他們已經教會了我足夠多的東西讓我知道這一點。我們的淨利差成長得如此之好，以至於我們可以靈活地擴大滲透率，而不會犧牲信貸質量，好嗎？簡單來說，本季我們的成長率為 13.7%。我們甚至有 [14% 以上] 的參與度，這真是令人高興。

April is looking pretty good as well. So it's really having that middle of the 400 basis points to 600 basis points of NIM to have the flexibility to scale when the credit opportunities are there with an ultimate end of year target exit rate of around 15% and an ultimate target of 20%.

四月看起來也相當不錯。因此，實際上，NIM 處於 400 個基點到 600 個基點的中間水平，以便在出現信貸機會時能夠靈活地進行擴展，最終年底目標退出率約為 15%，最終目標是 20%。

Okay. No, that's super helpful. Thanks for taking my questions.

好的。不，這非常有幫助。感謝您回答我的問題。

Daniela Haigian, Morgan Stanley.

摩根士丹利的丹妮拉·海吉安。

Thanks, Bryan. Just to squeeze one in on parts and service. You -- and aftersales, you spoke to room for uplift with relatively inelastic demand what does capacity and tech availability there look like? And how does that continue to grow in the segment? Thanks.

謝謝，布萊恩。只是為了在零件和服務上多花一點功夫。您——以及售後服務，您談到了相對缺乏彈性的需求的提升空間，那裡的產能和技術可用性是什麼樣的？那麼該領域如何持續成長呢？謝謝。

Daniela, thanks for the question, and congratulations on taking us over now, which is great. We look forward to talking a little more deeply. In terms of after sales demand, we're quite fortunate that even though there's not a lot of units in operation out there, we do price our products within all ranges of the marketplace. So our affordability is quite cheap. So when we think about our aftersales business, it's truly about providing individual experiences that create optionality for each and every customer.

丹妮拉，謝謝你的提問，恭喜你現在接管我們，這很棒。我們期待進行更深入的交談。在售後需求方面，我們很幸運，儘管目前營運的單位並不多，但我們的產品定價確實在市場的各個範圍內。所以我們的承受能力是相當便宜的。因此，當我們考慮售後業務時，我們真正關心的是為每位客戶提供個人化體驗，創造可選性。

And I think as an organization that has been able to do things the same way, okay, we are now starting to think about individuality. Why I'm talking about that is because when you think about what's coming into our shop, we can have a lot more consumers coming in.

我認為，作為一個能夠以同樣的方式做事的組織，我們現在開始考慮個性。我之所以談論這個，是因為當你想到我們商店裡有什麼東西時，你就會知道我們可以吸引更多的消費者。

Today, our [SAAR] utilization is somewhere south of about 50%. And meaning in theory, we could double our capacity by opening extended hours or moving to double shifts or triple shifts, which many of our stores have moved to, okay? If we think about our staffing levels of our technicians, we're sitting really nicely in terms of that as well. We grow our own technicians most of the time, okay?

今天，我們的 [SAAR] 利用率約為 50% 左右。這意味著，從理論上講，我們可以透過延長營業時間或實行兩班倒或三班倒來使產能翻一番，我們的許多商店都已經實行了這種制度，好嗎？如果我們考慮一下我們技術人員的配備水平，那麼我們在這方面的狀況也非常好。我們大多時候都在培養自己的技術人員，好嗎？

And today, I think the biggest mindset is we're filling our shops with warranty work, and we should be filling it with warranty and customer pay work, okay? So there is a mindset in our shops that build their production plans and their production plan calls for 1,200 hours and they got an extra 100 hours that's coming from warranty and they take it out of customer pay. We can't do that, okay?

而今天，我認為最大的心態是，我們的商店充滿了保固工作，我們應該用保固和客戶付款的工作來填充它，好嗎？因此，我們的車間在製定生產計劃時，存在這樣一種思維模式：生產計劃需要 1,200 小時，而他們從保固期中獲得了額外的 100 小時，並從客戶工資中扣除。我們不能這麼做，懂嗎？

We need our after sales leaders, motivated to take the work and improve the productivity of their technicians. It's there today. That productivity level is there today with people ready to turn wrenches. We just got to open up the funnel, okay? And it's starting to matriculate through and Adam and our teams have been working on that, and I'll continue on that pathway over the coming quarters.

我們需要我們的售後領導者積極承擔工作並提高技術人員的工作效率。今天它就在那裡。如今，只要人們隨時準備轉動扳手，生產力水準就已達到。我們只需要打開漏斗，好嗎？它已經開始入學，亞當和我們的團隊一直在為此努力，我將在接下來的幾個季度繼續沿著這條道路前進。

Thanks, Bryan.

謝謝，布萊恩。

Thanks, Daniela.

謝謝，丹妮拉。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Hey, good morning. I have a question on the tariffs. When you think about customer pay, obviously, and you've got the 25% auto bucket, but then you've got the metals and the reciprocals, could you help us with the expected growth rate in the customer pay business just tied to inflation in parts pricing?

嘿，早安。我對關稅有疑問。當您考慮客戶付款時，顯然，您有 25% 的汽車桶，但隨後您又得到了金屬和倒數，您能否幫助我們了解與零件價格通膨相關的客戶支付業務的預期增長率？

I think -- this is Bryan. I would indicate that we believe that customer pay should be able to grow at low to mid-single digits in the short and midterm. And long term, it should be able to grow mid to high-single digits. That's where we were pre-COVID. And it's really just a matter of inspiring our after sales leaders to be able to do that.

我認為──這是布萊恩。我想指出的是，我們相信客戶支付在短期和中期內應該能夠以低到中等個位數的速度成長。從長遠來看，它應該能夠實現中高個位數的成長。這就是我們在疫情之前的狀態。現在的關鍵在於激勵我們的售後主管，讓他們也能做到這一點。

I don't know if you recall, but we haven't the LPG that was expanded into the departmental leaders, and they're fighting hard to be able to grow their RO count as well as their our count to be able to win the LPG award, which is our Lithia Partners Group, which instils loyalty potential and growth.

我不知道您是否還記得，但我們還沒有擴展到部門領導的 LPG，他們正在努力爭取增加他們的 RO 數量以及他們的數量，以便能夠贏得 LPG 獎，這是我們的 Lithia Partners Group，它灌輸忠誠度潛力和增長。

So with that, outside that, we've got to be more competitive than what our peers are. And ultimately providing that optionality and that individualistic experience to our consumers will get us there.

因此，除此之外，我們必須比同行更具競爭力。最終，為我們的消費者提供這種可選性和個人化體驗將幫助我們實現這一目標。

Right. Wouldn't just the price of the part gets you to a low to mid-single-digit growth if they say, chassis parts are in the auto part bucket. So that's 25 points of tariff just the price of the tariff alone gets your growth is, I guess, is the question, what excess growth we get on --

正確的。如果他們說底盤零件屬於汽車零件類別，那麼僅憑零件價格難道不會帶來低到中等個位數的成長嗎？所以這是25點的關稅，光是關稅的價格就能帶來成長，我想，問題是，我們能從中獲得多少超額成長--

Possibly. But again, I mean, we're assuming that the content of the car that 50% of it is domestic we made. So that's not going to be impacted by tariffs. But yeah, there could be 2% or 3%. Maybe we'll look a little deeper into that. I think being downstream, we just try to respond to the environment and be proactive with our specific manufacturers or region.

有可能。但我的意思是，我們假設汽車的 50% 零件都是國產的。所以這不會受到關稅的影響。但是，確實可能有 2% 或 3%。也許我們應該更深入地探討這個問題。我認為作為下游企業，我們只是試圖對環境做出反應，並積極主動地與特定的製造商或地區合作。

Okay. And then I guess on regions, you called out the South Central and Southeastern region as being more profitable for a while now. Could you give us a feeling sort of what's a regional EBIT of the high-profit region versus maybe a low profit region was the spread?

好的。然後我想就地區而言，您曾說過中南地區和東南地區目前盈利能力更強。您能否讓我們了解高利潤地區和低利潤地區的區域息稅前利潤之間的差異？

Sure. And I think -- it's interesting that when we look at the regional performance today, we're encouraged that the gross profit in the Northwest and Southwest which were the two weakest regions over the last two years are now the two strongest regions. So we're quite fortunate when we look at that.

當然。我認為——有趣的是，當我們回顧今天的區域表現時，我們感到鼓舞的是，西北和西南地區的毛利在過去兩年中是最弱的兩個地區，而現在卻是最強的兩個地區。所以從這個角度來看，我們很幸運。

On a same-store basis, though, despite that, the Southeast and the cell center are both quite strong. but it's not showing through in gross profit. So I don't know if that reads through to the marketplace. When we think about profitability through net profitability, again, the Southeast and South Central are running at approximately double the net profit to revenue of what our Southwest and South and Northwest regions are, okay? And that is not a Lithia anomaly that is a fact of life.

儘管如此，從同店來看，東南和移動中心都相當強勁，但這並沒有反映在毛利上。所以我不知道這是否會對市場產生影響。當我們透過淨獲利能力來考慮獲利能力時，東南地區和中南地區的淨利潤與收入之比大約是西南地區、南地區和西北地區的兩倍，好嗎？這並不是鋰異常現象，而是現實生活中的事實。

And it's primarily because of the regulatory environment and the fact that in the red states, you're able to have dock fees that are excessive that have no costs really attached to them other than the general manager, okay, which is an automatic $500 to $1,000 additional profit that drops to the bottom line creating that delta.

這主要是因為監管環境，以及在紅州，你可以收取過高的碼頭費，而除了總經理之外，這些費用實際上沒有任何附加成本，好吧，這會自動產生 500 到 1,000 美元的額外利潤，這些利潤會落到底線，從而產生這個差額。

Okay. Great. Thank you.

好的。偉大的。謝謝。

Thanks, Bret. Appreciate it.

謝謝，布雷特。非常感謝。

Colin Langan, Wells Fargo.

富國銀行的科林·蘭根。

No, let's check my question. Just to clarify, I mean the guidance still is for mid-single growth in new vehicles. Is that incorporating any tax? It doesn't sound like it. I mean, is that assuming that -- sorry, the tariffs -- and does that assume tariffs sort of moderate as we get into the second half of the year? And if they don't, kind of downside risk should we be thinking about?

不，讓我們檢查一下我的問題。需要澄清的是，我的意思是指導仍然是針對新車的中等單次增長。這包含稅嗎？聽起來不像。我的意思是，這是否假設——抱歉，是關稅——並且這是否假設進入下半年時關稅會有所緩和？如果他們不這樣做，我們應該考慮什麼樣的下行風險？

We're pretty comfortable with the low to mid-single digits as our target throughout the year. And we believe that because of our exposure, we should sit pretty nicely in terms of what happens with tariffs. I mean no matter what happens, you still have a competitive market that has to deal with affordability and has to deal with their production schedule. So with that, we believe that we're sitting quite nicely in terms of being able to respond to the market and continue to grow our new car business.

我們對全年的目標——低到中等個位數——感到非常滿意。我們相信，由於我們的風險敞口，我們應該能夠很好地應對關稅的變化。我的意思是，無論發生什麼，你仍然有一個競爭激烈的市場，必須處理可負擔性問題，必須處理他們的生產計劃。因此，我們相信，我們在響應市場和繼續發展新車業務方面處於相當有利的地位。

And that would be based on like the SAAR for the market would be in the [14 million, 15 million] range if tariffs stay all year and you would just do significantly outperform that market. Is that what you're getting at?

這將基於這樣的情況：如果關稅全年保持不變，那麼市場的 SAAR 將在 [1400 萬，1500 萬] 範圍內，而你的表現將遠遠優於該市場。這就是你要表達的意思嗎？

I don't believe it will be in the [14 million to 15 million range. I believe it will be in the 16 million to 17 million range, somewhere in that range or high 15s. That's probably the low end of the marketplace. We just saw in 18 million. So you're going to end up with a year, if you get a couple of months of 17 million, 18 million SAAR even if you had a 14 million or 15 million in there, you're going to end up in the 16 million to 16.5 million range].

我不相信它會在1400萬到1500萬之間。我認為會在1600萬到1700萬之間，大概在這個範圍或1500萬出頭。這可能是市場的低端。我們剛才看到的是1800萬。所以，如果一年有幾個月的年平均銷售額達到1700萬或1800萬，即使其中有1400萬或1500萬，最終也會在1600萬到1650萬之間。

And then if I look in the sales performance in the quarter, I think same-store was [3.6% on new. I believe US sales are around 5%], and I think retail was even a little better than that. Is that geographic mix that's driving the slight underperformance versus the market?

然後，如果我看一下本季的銷售業績，我認為同店銷售額成長了3.6%。我認為美國銷售額成長了5%左右，而且我認為零售額甚至比這還要好一些。這種地理分佈是否導致了其表現略遜於市場？

It is. As I mentioned, the Southwest and Northwest were on the lower end of the revenue same-store sales growth, but it was also the strongest gross profit area. So -- and that's being affected by the fact that it's lower same-store revenue, okay?

這是。正如我所提到的，西南和西北地區的同店銷售成長處於較低水平，但也是毛利最高的地區。所以——這是受到同店收入較低的事實影響，好嗎？

I mean we were up, let's see here, I'll give you some color. I'll blend these. Northwest, Southwest was around 8% in revenue growth, okay? It was on a same-store basis, it was at 3% gross profit growth, okay?

我的意思是我們已經起來了，讓我們看看這裡，我會給你一些顏色。我會把它們混合起來。西北航空、西南航空的收入成長率都在 8% 左右，好嗎？以同店計算，毛利成長了 3%，好嗎？

In comparison and contrast, the Southeast South Central was about a 14% to 15% revenue top line growth, whereas, let me get this, Southeast, on a gross profit, it was down 10% in same-store gross profit in the Southeast, South Central, okay?

相較之下，東南中部地區的營收成長了約 14% 至 15%，而東南地區的毛利卻下降了 10%，東南中部地區的同店毛利下降了 10%，好嗎？

So some different dynamics happening. I don't know if it's because we have a higher propensity of one brand, but it's a good sign that things are starting to balance out in the country and that our Western exposure that was a little weaker is now starting to strengthen.

因此發生了一些不同的動態。我不知道是不是因為我們對某個品牌的傾向性更高，但這是一個好兆頭，表明國內的情況開始平衡，我們之前稍弱的西方曝光度現在開始增強。

Got it. All right. Thanks for taking my question.

知道了。好的。感謝您回答我的問題。

You bet. Thanks, Colin.

當然。謝謝，科林。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Bryan DeBoer for closing comments.

問答環節已結束。現在我想將電話轉回給 Bryan DeBoer 來做最後發言。

Thanks, Rob, and thank you, everyone, for joining us today. Hey, we look forward to seeing you all on the Lithia & Driveway second quarter call in July. Have a great spring. Bye-bye all.

謝謝，羅布，也謝謝大家今天加入我們。嘿，我們期待在 7 月的 Lithia & Driveway 第二季度電話會議上見到大家。祝你春天愉快。大家再見。

This includes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

這包括今天的會議。現在您可以斷開線路，感謝您的參與。