LKQ Corp (LKQ) 2025 Q3 法說會逐字稿

Hello, everyone. Thank you for attending today's LKQ Corporation's third-quarter 2025 earnings conference call. My name is Ken, and I will be your moderator today. (Operator Instructions)

大家好。感謝您參加今天LKQ公司2025年第三季業績電話會議。我叫肯，今天我將擔任主持人。（操作說明）

I'd now like to pass the conference over to our host, Joe Boutross, Vice President of Investor Relations, to begin.

現在我謹將會議交給我們的主持人，投資者關係副總裁喬·布特羅斯，由他來開始發言。

Thank you, operator. Good morning, everyone, and welcome to LKQ's third-quarter 2025 earnings conference call. With us today are Justin Jude, LKQ's President and Chief Executive Officer; and Rick Galloway, our Senior Vice President and Chief Financial Officer. Please refer to the LKQ website at lkqcorp.com for our earnings release issued this morning. as well as the accompanying slide presentation for this call.

謝謝接線生。各位早安，歡迎參加LKQ 2025年第三季財報電話會議。今天與我們在一起的是 LKQ 的總裁兼首席執行官賈斯汀·朱德，以及我們的高級副總裁兼首席財務官里克·加洛韋。請造訪LKQ網站lkqcorp.com查看我們今天早上發布的盈利報告以及本次電話會議的配套幻燈片。

Now, let me quickly cover the Safe Harbor. Some of the statements that we make today may be considered forward-looking. These include statements regarding our expectations, beliefs, hopes, intentions, or strategies. Actual events or results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors. We assume no obligation to update any forward-looking statements. For more information, please refer to the risk factors discussed in our Form 10-K and subsequent reports filed with the SEC.

現在，讓我快速介紹一下安全港條款。我們今天所作的一些陳述可能被認為是前瞻性的。這些包括有關我們的期望、信念、希望、意圖或策略的陳述。由於各種因素的影響，實際事件或結果可能與前瞻性聲明中明示或暗示的內容有重大差異。我們不承擔更新任何前瞻性陳述的義務。有關更多信息，請參閱我們在 10-K 表格及隨後向美國證券交易委員會提交的報告中討論的風險因素。

During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release and slide presentation. Hopefully, everyone has had a chance to look at our 8-K, which we filed with the SEC earlier today. And as normal, we're planning to file our 10-Q in the coming days.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。現今的獲利新聞稿和投影片簡報中包含了 GAAP 與非 GAAP 指標的調整表。希望大家都有機會查看我們今天早些時候向美國證券交易委員會提交的 8-K 表格。像往常一樣，我們計劃在未來幾天提交 10-Q 表格。

And with that, I am happy to turn the call over to our CEO, Justin Jude.

接下來，我很高興將電話交給我們的執行長賈斯汀·朱德。

Thank you, Joe. And good morning to everyone joining us on the call today. I am extremely proud of our performance this quarter, demonstrating both the resilience of our business and the impact of our strategic initiatives. With some positive operational performance and onetime tax benefits, we have confidence in our full year outlook to raise our midpoint and narrow the range. While I understand that most of you are interested in the financials, it's important to emphasize that our strong performance is a direct result of the relentless dedication and commitment of our teams across the globe who have enabled us to execute and succeed against our strategic pillars.

謝謝你，喬。也祝今天所有參加電話會議的朋友們早安。我對我們本季的業績感到非常自豪，這既展現了我們業務的韌性，也體現了我們策略舉措的影響。鑑於積極的營運績效和一次性稅收優惠，我們對全年前景充滿信心，因此將提高預期中位數並縮小預期範圍。雖然我知道你們大多數人都對財務狀況感興趣，但必須強調的是，我們取得的強勁業績直接歸功於我們全球團隊的不懈努力和奉獻精神，正是他們的努力使我們能夠執行並成功實現我們的戰略支柱。

Let me make some quick general comments on our markets before diving into specifics. We are seeing ongoing macro challenges, including reduced consumer spending and lower demand for vehicle repairs. As recent headlines have shown, other automotive companies are facing similar issues. However, our team has remained focused on controlling the things that we can control. In most areas of our business, we have outperformed the market and we're able to pass through costs.

在深入探討具體細節之前，我想先對我們的市場做一些簡單的整體評價。我們正面臨持續的宏觀挑戰，包括消費者支出減少和車輛維修需求下降。正如最近的新聞報導所顯示，其他汽車公司也面臨類似的問題。然而，我們的團隊始終專注於控制我們能夠控制的事情。在公司的大部分業務領域，我們的業績都優於市場平均水平，並且能夠將成本轉嫁給消費者。

We are in execution mode. And as I mentioned on our last earnings call, we are focused on a multiyear transformation centered around four strategic priorities of simplifying our portfolio and operations, expanding our lean operating model globally with a focus on margin improvement, investing and growing organically, and pursuing a disciplined capital allocation strategy.

我們正處於執行模式。正如我在上次財報電話會議上提到的，我們正專注於一項為期多年的轉型，其核心是四個戰略重點：簡化我們的投資組合和運營，在全球範圍內推廣我們的精益運營模式，重點提高利潤率，進行有機投資和增長，以及推行嚴謹的資本配置策略。

To that end, I would like to highlight certain notable achievements from this quarter. First, we completed the sale of our Self Service segment to Pacific Avenue Capital Partners for $410 million. We were very pleased to see strong interest in business. As a result of this sale, we have not only simplified our business, but strengthened our balance sheet, which we believe is prudent to do in these uncertain economic times.

為此，我想重點介紹本季取得的一些顯著成就。首先，我們以 4.1 億美元的價格將自助服務業務出售給了 Pacific Avenue Capital Partners。我們很高興看到大家對這門生意表現出濃厚的興趣。此次出售不僅簡化了我們的業務，也增強了我們的資產負債表，我們認為在當前經濟狀況不明朗的情況下，這樣做是審慎的。

The proceeds from the sale of Self Service have been used to reduce debt. we are prioritizing maintaining a strong balance sheet and our investment-grade rating to navigate market challenges, especially in these uncertain times. During the quarter, we had no acquisitions but to be clear, our strategic review process is active and ongoing and in coordination with the Finance Committee of our Board of Directors. We expect to continue our efforts to simplify our portfolio and operations as markets and opportunities avail themselves.

出售自助服務業務所得款項已用於償還債務。我們正優先維持穩健的資產負債表和投資等級信用評級，以應對市場挑戰，尤其是在當前充滿不確定性的時期。本季我們沒有進行任何收購，但需要明確的是，我們的策略審查流程正在積極進行中，並與董事會的財務委員會協調進行。我們將根據市場和機會的出現，繼續努力簡化我們的產品組合和營運。

Second, we continue to improve our lean operating model globally with a focus on margin improvement and are acting with urgency to correct inefficiencies. To that end, as we outlined earlier this year, we targeted an additional $75 million in cost savings for 2025. I'm pleased to share that we made meaningful progress since Q2 and achieved $35 million cost savings, well on track to meet the $75 million target. These gains have come primarily through our European business transformation driven from the leadership refresh in Europe earlier this year.

其次，我們持續在全球改善精實營運模式，專注於提高利潤率，並緊急採取行動糾正效率低下的問題。為此，正如我們今年早些時候概述的那樣，我們的目標是到 2025 年再節省 7500 萬美元的成本。我很高興地告訴大家，自第二季以來，我們取得了實質進展，節省了 3,500 萬美元的成本，預計將實現 7,500 萬美元的目標。這些成果主要得益於我們今年稍早在歐洲進行領導層更新後推動的歐洲業務轉型。

Another important milestone under this initiative is our rollout of a common operating platform across Europe. We are on track to go live in early 2026 within a major market, which will put approximately 30% of our European revenue on a common system.

該倡議的另一個重要里程碑是我們在歐洲範圍內推出通用營運平台。我們正按計劃於 2026 年初在一個主要市場上線，這將使我們約 30% 的歐洲收入來自一個通用系統。

Our recent migrations in smaller markets this year have given us confidence in our ability to effectively manage a larger implementation. Notably, the second migration had no operational impact, a direct result of the lessons learned from our earlier launch in the first half of the year. Having scale on a common platform will help us replace legacy systems that are at risk, but more importantly, enable us to get back to profitable growth and faster integrations that will drive higher returns on invested capital.

今年我們在較小市場進行的遷移工作，使我們有信心有效管理更大規模的實施。值得注意的是，第二次遷移並沒有對營運造成任何影響，這直接得益於我們在今年上半年早些時候的遷移中學到的教訓。在通用平台上實現規模化將有助於我們替換面臨風險的遺留系統，但更重要的是，這將使我們能夠恢復獲利成長並加快整合速度，從而推動更高的投資報酬率。

Lastly, turning to capital allocation. Our approach remains disciplined. We continue to balance share repurchases and dividend payments as part of a thoughtful return of capital program while also ensuring we maintain a strong balance sheet.

最後，我們來談談資本配置。我們的方法依然嚴謹。我們繼續在股票回購和股息支付之間取得平衡，作為一項周全的資本回報計劃的一部分，同時確保我們保持強勁的資產負債表。

Now, moving on to our segments. In North America, repairable claims continued to experience downward pressure, though the rate of decline has moderated to approximately 6%. Service levels and inventory fill rates were maintained and not sacrificed during these separate challenges enabling results that exceeded the performance of repairable claims. Revenue decreased by 30 basis points per day, marking the smallest decline since Q1 of 2024 and outperforming repairable claims by nearly 600 basis points.

接下來，我們進入下一個環節。在北美，可修復索賠繼續面臨下行壓力，儘管下降速度已放緩至約 6%。在這些單獨的挑戰中，服務水準和庫存滿足率得以維持，沒有受到任何影響，從而取得了超出可修復索賠表現的成果。收入每天下降 30 個基點，這是自 2024 年第一季以來的最小降幅，並且比可修復索賠高出近 600 個基點。

Let me highlight a few other positive trends in the US that we think should help improve repairable claims. At the end of Q2, a record of 46.5% of auto insurance policies were shopped in the past year and many of the top carriers filed for rated reductions boosting new business. These trends signal ongoing pricing pressure from carriers and should help insurance rates normalize. And our part offerings continue to help carriers immediately reduce costs to offset any lower premiums just as they did during the financial crisis.

讓我重點介紹一下美國其他一些我們認為有助於改善可修復索賠的積極趨勢。在第二季末，創紀錄的 46.5% 的汽車保險保單在過去一年中被比較過，許多頂級保險公司申請降低保費，從而促進了新業務的成長。這些趨勢顯示保險公司持續施加價格壓力，應該有助於保險費率恢復正常。我們的零件供應將繼續幫助保險公司立即降低成本，以抵消保費下降的影響，就像在金融危機期間所做的那樣。

We are also seeing used car prices somewhat stabilized but with continuing volatility month-to-month, values haven't normalized yet. Our diversification into new products and services in North America is generating positive results.

我們也看到二手車價格有所穩定，但由於每月仍有波動，價格尚未恢復正常。我們在北美地區拓展新產品和服務，正在取得正面成果。

During the quarter, our Canadian hard parts business, Bumper to Bumper, post organic growth improvement both sequentially and year-over-year in a market that is also facing a recession like economy. Additionally, our Elitek business, which provides technical repairs and calibrations, performed well as several key accounts achieving double-digit growth in the quarter.

本季度，我們的加拿大汽車零件業務 Bumper to Bumper 在面臨類似經濟衰退的市場環境下，實現了環比和年比有機成長。此外，我們的 Elitek 業務（提供技術維修和校準服務）表現良好，幾個重點客戶在本季度實現了兩位數的成長。

In Europe, organic revenue declined by 4.7% on a per day basis, reflecting a tough operating environment characterized by political uncertainty and weaker consumer confidence. We also decided not to retain certain less profitable revenue. And despite these market dynamics and overall volume pressure, the European team was still able to deliver double-digit EBITDA margins of 10% in the quarter, a 60 bps improvement sequentially as they drive towards a leaner operating model and Rick will dive deeper into margins shortly.

在歐洲，有機收入按日計算下降了 4.7%，反映出受政治不確定性和消費者信心減弱影響的艱難經營環境。我們也決定不再保留某些獲利能力較弱的收入。儘管面臨這些市場動態和整體銷售壓力，歐洲團隊在本季度仍然實現了兩位數的 EBITDA 利潤率，達到 10%，環比提高了 60 個基點，因為他們正朝著更精簡的營運模式邁進，Rick 也將很快深入探討利潤率問題。

The improvements from our Europe operations integration, as discussed at our September 2024 Investor Day will not happen all at once. However, our teams and new leadership are aligned with my approach focused on agile execution to create significant value for our company and shareholders. The challenges in Europe affect the entire industry but LKQ excels in such environments, as shown by our success in North America. Having integrated businesses in tough settings before, I am confident we can achieve similar results in Europe.

正如我們在 2024 年 9 月投資者日上所討論的那樣，我們歐洲業務整合帶來的改進不會一蹴可幾。然而，我們的團隊和新的領導階層與我的方法一致，即以敏捷執行為公司和股東創造重大價值。歐洲面臨的挑戰影響著整個產業，但 LKQ 在這種環境下表現出色，我們在北美的成功證明了這一點。我之前曾在艱難的環境下成功整合過企業，所以我相信我們也能在歐洲取得類似的成果。

We made additional progress in the quarter with respect to our SKU rationalization of jets, the SKU rationalization initiative in Europe is intended to decrease complexity and streamline the distribution network in all markets. More than 80% of revenue in the product brands portfolio have been reviewed an increase from 70% in Q2.

本季我們在噴射機 SKU 合理化方面取得了進一步進展，歐洲的 SKU 合理化計劃旨在降低複雜性並簡化所有市場的分銷網絡。產品品牌組合中超過 80% 的收入已進行審核，高於第二季的 70%。

Completion of this review is required before further delisting actions can be considered to ensure a full understanding of both opportunities and risks are known. Since the end of 2024, 29,000 SKUs have been delisted. These products had minimal, or no sales and remaining applications are still supported by existing SKUs.

在考慮進一步的退市措施之前，必須完成這項審查，以確保充分了解機會和風險。自 2024 年底以來，已有 29,000 個 SKU 下架。這些產品的銷售量極低，甚至沒有銷售量，剩餘的應用場景仍由現有的 SKU 提供支援。

Additionally, we continue to build out our collision model in the UK, similar to our model in North America. We have developed our UK collision model, particularly around crash parts and paint from a base of zero into a GBP200 million business.

此外，我們繼續在英國完善我們的碰撞模型，類似於我們在北美的模型。我們從零開始，發展成為英國碰撞模型，特別是碰撞零件和油漆業務，使其成為價值 2 億英鎊的企業。

Today, the top 20 insurers in the UK have approved LKQ to supply new aftermarket crash parts to their respective body shop chains under our Global Platinum Plus private label brand. Currently, approximately 30% of the estimates received via the collision estimatic systems are being processed, and we expect this figure to grow following the introduction of the salvage model partnership with SYNETIQ. At present, 9 of the top 10 insurers have preapproved the use of recycled parts.

今天，英國排名前 20 的保險公司已批准 LKQ 以我們的 Global Platinum Plus 自有品牌向其各自的汽車修理廠連鎖店供應新的售後碰撞零件。目前，透過碰撞估價系統收到的估價中約有 30% 正在處理，我們預計隨著與 SYNETIQ 引入打撈模式合作關係，這一數字將會成長。目前，排名前十的保險公司中有九家已預先批准使用回收零件。

Finally, we are very excited about the results in our Specialty segment, which delivered a 9.4% increase in organic revenue, marking the first positive organic growth in 14 quarters. This turnaround reflects the success of our targeted initiatives to sharpen focus, improved pricing, and strengthen channel relationships.

最後，我們對特種產品部門的業績感到非常興奮，該部門的有機收入增長了 9.4%，這是 14 個季度以來的首次正有機增長。這項轉變反映了我們採取有針對性的措施取得了成功，這些措施包括：明確重點、改善定價和加強通路關係。

On our last call, I made some fairly in-depth remarks from streamlining the team across our global footprint and the talent that we now have in place. With another quarter under our belt, we are beginning to see the benefits of this transformation.

在上次通話中，我詳細闡述了精簡全球團隊以及我們目前擁有的人才等相關事宜。又一個季度過去了，我們開始看到這種轉型帶來的好處。

A culture of execution is radiating through the organization, and everyone is accountable to deliver. We've come a long way, but there's still more to do. and I'm confident in the team's ability to execute, adapt, and lead through cycles, supported by a clear strategy and a relentless focus on execution.

整個組織都洋溢著執行力文化，每個人都對交付成果負責。我們已經取得了長足的進步，但仍有許多工作要做。我對團隊的執行力、適應力和引領團隊度過各個階段的能力充滿信心，這得益於清晰的策略和對執行的不懈追求。

Rick, I'll now turn it over to you to walk through the financial segments results in more detail.

里克，現在交給你來更詳細地講解一下財務板塊的業績。

Thank you, Justin. And welcome to everyone joining us today. I want to begin by echoing Justin's remarks regarding our performance in the quarter and the significant progress we made on our multiyear transformation strategy to simplify the business by sharpening our focus on core segments.

謝謝你，賈斯汀。歡迎今天所有到場的朋友們。首先，我想重申賈斯汀對我們本季業績以及我們在多年轉型策略方面取得的重大進展的評論，該策略旨在透過更加專注於核心領域來簡化業務。

Executing on our strategic priorities has been challenging in a down market, but as you can see, we have the team that delivers on our commitments in any operating environment. Before I go into specifics on the quarter, I want to quickly explain the impact the sale of Self Service has had on our financial reporting.

在市場低迷時期，執行我們的策略重點一直充滿挑戰，但正如你所看到的，我們擁有一支能夠在任何經營環境下履行承諾的團隊。在詳細介紹本季業績之前，我想先快速解釋一下出售自助服務業務對我們財務報告的影響。

As mentioned in our 8-K, Self Service is reported as discontinued operations for financial reporting purposes, which means that its operating results are presented separately as a single line item above net income for current and historical periods, and our balance sheet information has also been recast to separately disclose the assets and liabilities of self-service.

正如我們在 8-K 文件中所提到的，出於財務報告的目的，自助服務業務被列為終止經營業務，這意味著其經營業績在當前和歷史期間的淨利潤上方單獨列示為一個項目，並且我們的資產負債表信息也已重述，以單獨披露自助服務的資產和負債。

The net impact on our prior guidance for adjusted diluted earnings per share is approximately $0.15 per share for full year 2025. Under US GAAP allocated costs commonly known as stranded costs are not reported in discontinued operations. These costs have been recast to the wholesale North America segment and totaled approximately $5 million per quarter or around 30 basis points to their segment EBITDA margin for all periods presented.

對我們先前關於 2025 年全年調整後稀釋每股收益的預期，淨影響約為每股 0.15 美元。根據美國通用會計準則，分配成本（通常稱為擱淺成本）不會在終止經營業務中報告。這些成本已重新計入北美批發業務部門，每季總計約 500 萬美元，或使該部門在所有列示期間的 EBITDA 利潤率增加約 30 個基點。

Additionally, because we used the net proceeds to pay down existing revolver borrowings, interest costs totaling approximately $5 million per quarter has been allocated to discontinued operations for all periods presented.

此外，由於我們將淨收益用於償還現有循環貸款，因此在所有列報期間，每季約 500 萬美元的利息成本已分配至已終止經營業務。

To assist in understanding the impact on the historical income statement and segment results, we have included several additional schedules in the tables to the press release and earnings presentation that reflect the recast results by quarter on a comparable basis going back to the beginning of 2024. We have also restated our guidance to reflect the impact of discontinued operations. I will take you through those numbers in a bit.

為了幫助理解對歷史損益表和分部業績的影響，我們在新聞稿和收益簡報的表格中增加了幾個附表，這些附表反映了自 2024 年初以來按季度可比基礎重述的業績。我們也重新調整了業績指引，以反映業務終止的影響。我稍後會詳細解釋這些數字。

Now, turning to Q3 results for continuing operations. As Justin said in his remarks, we are pleased with our results for the quarter. We reported total revenues of $3.5 billion, a 1.3% increase over the prior year. Diluted earnings per share were $0.69, a $0.02 decrease compared to Q3 2024.

現在，讓我們來看看持續經營業務的第三季業績。正如賈斯汀在演講中所說，我們對本季的業績感到滿意。我們公佈的總收入為 35 億美元，比上年增長 1.3%。稀釋後每股收益為 0.69 美元，比 2024 年第三季減少了 0.02 美元。

On an adjusted diluted earnings per share basis, we reported $0.84. As a reminder, this excludes the results of operations from Self Service, which are now reported as discontinued operations. Self Services' operating results contributed approximately $0.03 to discontinued operations. Prior year adjusted diluted earnings per share were $0.86 after adjusting for discontinued operations.

以調整後的稀釋每股盈餘計算，我們報告的每股盈餘為 0.84 美元。需要提醒的是，這不包括自助服務業務的經營業績，該業務現已作為終止經營業務進行報告。自助服務業務的經營業績對已終止經營業務貢獻了約 0.03 美元。上年經調整後的稀釋每股收益為 0.86 美元（已扣除終止經營業務的影響）。

Taxes provided a benefit of approximately $0.06 per share compared to the prior year. We updated our annual tax rate estimate and saw a reduction of approximately 50 basis points, primarily attributable to the shift in the geographic mix of income. Additionally, we benefited from several discrete items, which make up the majority of the year-over-year tax benefit.

與上一年相比，稅收帶來了每股約 0.06 美元的收益。我們更新了年度稅率估算，發現稅率降低了約 50 個基點，這主要歸因於收入地域組成的變化。此外，我們還受益於幾個單獨的項目，這些項目構成了年度稅收優惠的大部分。

Execution on our balanced capital allocation strategy benefited earnings per share by $0.02 resulting from share repurchases and another $0.01 for interest. Foreign exchange rates added another $0.02 compared to the prior year.

我們均衡的資本配置策略的執行，使每股盈餘受益，股票回購帶來了 0.02 美元，利息收入帶來了 0.01 美元。外匯匯率較前一年增加了 0.02 美元。

Free cash flow was strong during the quarter at $387 million, bringing the year-to-date free cash flow to $573 million. We returned $118 million to shareholders including $40 million to repurchase 1.2 million shares and $78 million for our quarterly dividend. We remain focused on deploying capital in a way that maximizes shareholder value while supporting growth.

本季自由現金流強勁，達到 3.87 億美元，使今年迄今的自由現金流達到 5.73 億美元。我們向股東返還了 1.18 億美元，其中包括 4,000 萬美元用於回購 120 萬股股票，以及 7,800 萬美元用於支付季度股息。我們將繼續專注於以最大化股東價值並支持成長的方式部署資本。

In Wholesale - North America we were pleased with our top line performance given the soft demand we faced throughout 2025. We are confident we are increasing our market share, and we are cautiously optimistic our markets are stabilizing. However, our markets are competitive and our ability to pass along price increases at a level that maintains our margin percentage is constrained and expected to remain challenging in the near term.

鑑於 2025 年全年需求疲軟，我們對北美批發業務的營收表現感到滿意。我們有信心提高市場份額，並且對市場趨於穩定持謹慎樂觀態度。然而，我們的市場競爭激烈，我們以維持利潤率的水平將價格上漲轉嫁給消費者的能力受到限制，預計在短期內仍將面臨挑戰。

Wholesale - North America posted a segment EBITDA margin of 14.0%, a 180-basis-point decrease relative to last year. Gross margin contributed to approximately 70 basis points of the decline due to the dilutive effect of increasing prices to offset dollar for dollar higher input costs from tariffs and unfavorable customer mix effect as we continue to grow share with the MSOs.

北美批發業務的 EBITDA 利潤率為 14.0%，比去年下降了 180 個基點。由於提高價格以抵消關稅帶來的投入成本逐美元上漲，以及隨著我們繼續擴大與 MSO 的市場份額而導致的不利客戶組合影響，毛利率下降了約 70 個基點。

Overhead expenses were approximately 80 basis points higher as a percentage of revenue due to incentive compensation costs, professional fees, and credit loss reserves compared to the prior year on flat revenues.

由於激勵性薪酬成本、專業費用和信貸損失準備金，與前一年相比，儘管收入持平，但管理費用佔收入的比例卻高出約 80 個基點。

In Europe, segment EBITDA margin was 10.0%, a 20-basis-point decrease versus last year, but a 60-basis-point improvement sequentially versus Q2. Gross margin improved by approximately 40 basis points, largely resulting from the portfolio actions taken in 2024. However, the organic revenue decline put pressure on overhead expense leverage resulting in the decrease to segment EBITDA margins.

在歐洲，分部 EBITDA 利潤率為 10.0%，比去年下降了 20 個基點，但比第二季度環比提高了 60 個基點。毛利率提高了約 40 個基點，這主要歸功於 2024 年採取的投資組合調整措施。然而，有機收入下降給管理費用槓桿率帶來了壓力，導致分部 EBITDA 利潤率下降。

Specialty EBITDA margin of 7.3% is consistent with the prior year as higher revenue on lower margin product lines led to negative mix effect on gross margin, but strong cost controls provided a positive leverage effect on overhead expenses. With organic revenue ticking up in the quarter, we are encouraged by these recent trends.

特種產品 EBITDA 利潤率為 7.3%，與前一年持平，因為低利潤率產品線的收入增加導致毛利率受到負面影響，但強有力的成本控制對管理費用產生了積極的槓桿作用。本季有機收入穩定成長，我們對這些近期趨勢感到鼓舞。

Now, turning to the balance sheet. We repaid approximately $262 million of debt in the quarter. As of September 30, we had total debt of $4.2 billion with a total leverage ratio of 2.5 times EBITDA. On October 1, with the pretax proceeds from the sale of Self Service, we repaid an additional $390 million in debt, further improving our leverage ratio. We believe it's prudent in these uncertain times to maintain a strong balance sheet to deal with uncertainties and we remain committed to our investment-grade ratings.

現在，我們來看資產負債表。本季我們償還了約2.62億美元的債務。截至9月30日，我們的總負債為42億美元，總槓桿比率為EBITDA的2.5倍。10 月 1 日，我們利用出售 Self Service 所得的稅前收入償還了 3.9 億美元的債務，進一步改善了我們的槓桿率。我們認為，在當前充滿不確定性的時期，保持穩健的資產負債表以應對各種不確定因素是審慎的做法，我們也將繼續致力於維持我們的投資等級。

As of September 30, 2025, our current debt maturities were $537 million, an increase from the end of Q2 as the Canadian term loan is now due within 12 months. For our normal practice, we actively manage our capital structure, and we are working through our options with our lending group regarding the Canadian term loan due in the third quarter of 2026. We have no significant concerns regarding our ability to extend the maturity date.

截至 2025 年 9 月 30 日，我們目前的到期債務為 5.37 億美元，比第二季末有所增加，因為加拿大定期貸款現在將在 12 個月內到期。按照我們通常的做法，我們會積極管理我們的資本結構，並且我們正在與貸款集團探討 2026 年第三季到期的加拿大定期貸款的各種方案。我們對延長到期日的能力沒有任何重大擔憂。

Excluding the borrowings that were repaid on October 1 with the proceeds from the sale of Self Service, our effective interest rate was 5.1% at the end of Q3, slightly lower than Q2. Our variable rate debt of $1.5 billion at the end of September was further reduced by $390 million following the receipt of the proceeds of the sale of self-service on October 1 that were used for debt repayment.

除去 10 月 1 日以出售 Self Service 所得款項償還的借款，我們第三季末的實際利率為 5.1%，略低於第二季。截至 9 月底，我們的浮動利率債務為 15 億美元，在 10 月 1 日收到出售自助服務所得款項用於償還債務後，債務進一步減少了 3.9 億美元。

I will conclude with our thoughts on the updated guidance for 2025. When we updated guidance last quarter, we anticipated macroeconomic factors in both North America and Europe will continue to drive an uncertain environment. Despite these ongoing headwinds, our operational performance in Q3 was slightly ahead of our expectations.

最後，我將談談我們對 2025 年更新指導意見的看法。我們在上個季度更新業績指引時，預計北美和歐洲的宏觀經濟因素將繼續導致環境的不確定性。儘管面臨這些持續的不利因素，但我們第三季的營運表現略高於預期。

We have now revised our full year outlook based on Q3 results and the sale of self-service. Our revised outlook and assumptions are included on slide 12. Let me start with earnings per share. Following our third quarter results and continued execution across the portfolio, we are narrowing our full year 2025 guidance to an adjusted diluted earnings per share of $3 to $3.15. This updated outlook reflects removal of Self Service, which was reclassified to discontinued operations and reflects the strength of our core business performance.

根據第三季業績和自助服務銷售情況，我們已修訂了全年展望。我們修訂後的展望與假設已列於第 12 頁。首先，我們來談談每股盈餘。根據我們第三季的業績以及旗下所有業務的持續執行情況，我們將2025年全年業績預期調整為調整後稀釋每股收益3美元至3.15美元。此次更新後的預期反映了我們已將自助服務業務重新分類為終止經營業務，並反映了我們核心業務的強勁表現。

Now, let me walk you through midpoint to midpoint from the guidance we issued in Q2. In our prior guidance, our midpoint was $3.15. Adjusting for the sale of Self Service, the midpoint of our previous guidance would have come down by $0.15 to $3 even.

現在，讓我帶您回顧一下我們在第二季度發布的指導意見的中點到中點。我們之前的預期中位數為 3.15 美元。如果將出售自助服務業務的影響考慮在內，我們先前預期的中位數為 3.15 美元，則將下降 0.15 美元，至 3 美元。

With the better-than-anticipated performance in Q3, we are increasing our midpoint to $3.07, so a $0.07 increase on a like-for-like basis. We also narrowed the range, putting our updated range of $3 even to $3.15. Please note that our Q4 2024 results included a onetime net benefit of approximately $0.08 per share within our Wholesale - North America segment attributable to a favorable legal settlement, partially offset by the impact from a brief cyber incident in Canada.

由於第三季業績優於預期，我們將中點上調至 3.07 美元，即按同等條件上調 0.07 美元。我們也縮小了預期區間，將更新後的預期區間從3美元調整至3.15美元。請注意，我們2024年第四季的業績中包含北美批發業務板塊每股約0.08美元的一次性淨收益，該收益歸因於一項有利的法律​​和解協議，但部分被加拿大發生的一起短暫網路安全事件的影響所抵消。

Moving on. We expect reported organic parts and service revenue in the range of negative 200 basis points to negative 300 basis points, a narrowing of the range provided last quarter. Free cash flow is expected to be in the range of $600 million to $750 million, overcoming a roughly $75 million headwind from the sale of Self Service. In the fourth quarter, we expect to make an approximately $60 million payment for taxes on the sale of the business and an additional $15 million of lower cash flow from the loss of Self Service's Q4 segment EBITDA.

繼續。我們預計公佈的有機零件和服務收入將在負 200 個基點至負 300 個基點之間，比上一季給出的範圍縮小。預計自由現金流將在 6 億美元至 7.5 億美元之間，克服出售 Self Service 業務帶來的約 7,500 萬美元的不利影響。第四季度，我們預計將支付約 6,000 萬美元的稅款用於出售該業務，此外，由於自助服務第四季度分部 EBITDA 的損失，現金流將減少 1,500 萬美元。

We are mitigating the $75 million headwind by reducing our anticipated capital spend by approximately $50 million and making up the remaining $25 million through improved trade working capital. As noted last quarter, tariffs continue to be a headwind, and we expect that the year-end inventory balance will include a full inventory turn inclusive of tariffs.

我們正在透過減少約 5,000 萬美元的預期資本支出，並透過改善貿易營運資金來彌補剩餘的 2,500 萬美元，從而緩解 7,500 萬美元的不利影響。正如上個季度所指出的，關稅仍然是一個不利因素，我們預計年底的庫存餘額將包括關稅在內的全部庫存週轉。

Thank you for your time. And with that, I will now turn the call back to Justin for his closing remarks.

感謝您抽出時間。接下來，我會把電話轉回給賈斯汀，請他作總結發言。

Thank you, Rick. In summary, we delivered solid Q3 results. We beat on adjusted earnings per share, raised the midpoint of our full year guidance, and narrowed the range. We generated strong free cash flow and maintained our disciplined capital allocation strategy.

謝謝你，里克。總而言之，我們第三季業績表現穩健。我們調整後的每股盈餘超出預期，提高了全年業績指引的中位數，並縮小了指引範圍。我們創造了強勁的自由現金流，並堅持了嚴謹的資本配置策略。

I said I was going to simplify the portfolio. And while it's still ongoing, we were able to divest our self-service segment to a solid buyer for a sale price that exceeded our expectations. North America posted a strong quarter, outperforming the market despite weak repairable claims environment. Under new leadership, the Europe team continues its progress with our integration objectives and delivered double-digit EBITDA in a low-demand market. And our Specialty segment posted robust revenue growth for the first time in over three years.

我說過我會簡化投資組合。雖然交易仍在進行中，但我們已成功將自助服務業務出售給一家實力雄厚的買家，售價超出了我們的預期。儘管可修復索賠環境疲軟，但北美地區本季表現強勁，跑贏大盤。在新領導層的帶領下，歐洲團隊繼續推動我們的整合目標，並在低迷的市場中實現了兩位數的 EBITDA 成長。我們的特種產品業務部門三年多來首次實現了強勁的收入成長。

And none of this would have been possible without our 46,000 team members who drive this performance on a daily basis, and I want to give them a huge thank you. We are all committed to continue to improve our results that will ultimately reward all our stakeholders now and over the long term.

如果沒有我們 46,000 名團隊成員每天的辛勤付出，這一切都不可能實現，我要向他們表達衷心的感謝。我們都致力於不斷提高業績，最終使我們所有的利害關係人無論現在還是將來都能獲得回報。

Operator, we are now ready to open up the call for questions.

接線員，我們現在可以開始接受提問了。

(Operator Instructions) Craig Kennison, RW Baird.

（操作說明）Craig Kennison，RW Baird。

I wanted to talk about Europe. Can you help us understand the competitive landscape in Europe? And then maybe quantify the low-margin business that you're choosing not to chase?

我想談談歐洲。您能幫助我們了解歐洲的競爭格局嗎？然後或許可以量化一下你選擇放棄的低利潤業務？

Yeah, Greg -- Craig, thanks for the question. From a competition standpoint, I would say it's really no better, no worse. Most of what we're seeing over there is just the demand across Europe with some of the customer -- consumer sentiment being down, some of the political unrest in certain markets. Some countries are doing good. Some countries are not doing so well. You've probably seen the headlines where there's many suppliers and manufacturers in both the OEM and aftermarket side are downsizing.

是的，格雷格——克雷格，謝謝你的提問。從競爭的角度來看，我認為兩者之間沒有孰優孰劣。我們目前看到的主要是歐洲整體的需求，部分原因是消費者信心下降，以及某些市場出現政治動盪。有些國家做得很好。有些國家的情況不太好。你可能已經看到新聞報道，許多OEM和售後市場的供應商和製造商都在縮減規模。

But look, LKQ, we are a premier distributor across Europe. We've got the best overall value proposition, the cars are aging, consumers aren't buying new cars. This trend will be good for us in the long run. The market will rebound and we're not sitting idle, right?

但是，LKQ，我們可是歐洲頂尖的經銷商。我們擁有最佳的整體性價比，但汽車正在老化，消費者不再購買新車。從長遠來看，這種趨勢對我們有利。市場終將反彈，我們也不會坐視不理，對吧？

We're excelling in our integration, as I talked about in the script. And really what we've done in North America -- as we've done in North America to make ourselves a leaner model over there to drive more profitable revenue growth in the future and better returns for our shareholders.

正如我在腳本中提到的，我們在整合方面做得非常出色。我們在北美所做的，實際上是為了打造一個更精簡的模式，以便在未來推動更獲利的收入成長，並為我們的股東帶來更好的回報。

On your second question on some of the revenue, if there was high service levels or customers were price shopping us and we were the third call, we walked away from some of that. It was -- I mean, it wasn't that many customers overall, but -- go ahead, Craig.

關於你的第二個問題，也就是部分收入，如果服務水準很高，或者客戶在比較價格時選擇了我們，而我們是第三個打電話來的，那麼我們就放棄了一些這樣的客戶。我的意思是，顧客總數不多，但是──克雷格，你繼續吧。

No, that's very helpful. It's what I wanted to follow up on. And then I know there's been significant sort of leadership change in Europe. And I imagine it takes time for traction to build for each of those leaders. I'm just wondering if you can give us an update on how you feel about the traction they're gaining.

不，這很有幫助。這就是我想跟進的。而且我知道歐洲的領導階層也發生了重大變化。我想，對每一位領導者來說，都需要時間才能獲得支持。我只是想問您能否更新一下您對他們目前發展勢頭的看法。

Yeah, it does take time. I mean they don't know our industry, but the talent that we brought on, the skill set, the mindset is very strong. They see a lot of opportunities.

是的，這確實需要時間。我的意思是，他們不了解我們這個行業，但我們引進的人才、技能和思考方式都非常強大。他們看到了很多機會。

They understand the real -- LKQ Europe transformation plan that we have. They've done it before in many other situations in different industries. They're realigning their teams, in some cases, replacing team members if they need to. So they're on board and they're helping drive and pull it through versus us pushing them. So it's been very positive with the new leadership over there.

他們了解我們真正的 LKQ 歐洲轉型計劃。他們以前在其他行業的許多情況下都這樣做過。他們正在重組團隊，在某些情況下，如果需要的話，也會更換團隊成員。所以他們參與進來，並且幫助推動和完成這項工作，而不是我們去推他們。所以，新領導階層的到來帶來了非常正面的局面。

Jash Patwa, JPMorgan.

Jash Patwa，摩根大通。

Just a quick one to start. Could you share what you're seeing lately in terms of alternate utilization and total loss frequencies in the third quarter? And any color on repairable claims trends quarter-to-date would be helpful as well. And I have a follow-up.

先簡單介紹一下。能否分享一下您最近觀察到的第三季替代能源利用率和總損失頻率的情況？此外，如果能提供本季度迄今為止可修復索賠趨勢的任何信息，也將很有幫助。我還有一個後續問題。

Yeah. So if you look on the ATU side, I would say, quarter-to-quarter, it's sequentially pretty flat as well as total loss. A lot of that is driven by -- we've talked about in the past, used car pricing. We're still seeing volatility month-to-month within the quarter. So that necessarily hasn't stabilized.

是的。所以，如果你看ATU方面，我會說，從季度到季度來看，它和總損失一樣，都相當平穩。很多因素都源自於──我們之前也討論過──二手車價格。本季度內，我們仍然看到每月之間的波動。所以這種情況未必已經穩定下來。

But we saw improvements, but then it dipped in the quarter but used car pricing, but then it dipped again in September. So a lot of that is not allowing what I would call total losses start to improve. But APU was flat, which is still positive for us that it isn't declining, and we still see opportunity with many carriers to grow that APU number.

但我們看到情況有所好轉，但隨後本季二手車價格有所下降，9 月又再次下降。所以，很多因素阻礙了我所說的全面虧損開始改善。但 APU 持平，這對我們來說仍然是個好消息，說明它沒有下降，我們仍然看到許多業者有機會提高 APU 數量。

Understood. That's helpful. And just as a follow-up, another strong quarter with North America parts and services, organic revenue growth outpacing repairable claims. Could you maybe break down how much of that 30-basis-point decline was driven by ticket versus traffic, just to help us better understand the underlying like-for-like volume trends at LKQ compared to the rest of the industry.

明白了。那很有幫助。另外，北美零件和服務業務又迎來一個強勁的季度，有機收入成長超過了可修復索賠。能否請您分析一下，這 30 個基點的下降有多少是由機票數量下降造成的，又有多少是由客流量下降造成的？這樣可以幫助我們更了解 LKQ 與業內其他公司相比，其同類業務量趨勢的變化。

Jash, to make sure I understood. You said ticket versus volume? Or what was that comment or question?

Jash，為了確保我理解。你指的是票務量與交易量的差別嗎？或者，你剛才的評論或問題是什麼？

Yes, just price versus volume.

是的，就是價格與銷量的關係。

Okay. Yes, price we probably had with tariffs being pushed through, that was in at Circle 1 maybe 2 -- let me get the exact number here.

好的。是的，考慮到關稅的實施，我們可能在 Circle 1 或 Circle 2 拿到了那個價格——讓我查一下確切的數字。

We have roughly $35 million of pricing coming up just related to tariffs.

光是關稅相關的定價問題，我們接下來就有大約 3500 萬美元的款項需要支付。

Yeah. Okay. I don't know if that translates to exact percentage wise. We're seeing ranges from like 1% to 3%, I believe. We've been able to -- we've been very fortunate to pass on tariff dollar for dollar. We haven't made any margin on it, but we've been able to pass that tariff on.

是的。好的。我不知道這是否能換算成具體的百分比。我認為，我們看到的範圍大概在 1% 到 3% 之間。我們能夠－我們非常幸運地能夠將關稅一比一地轉嫁出去。我們沒有從中賺取任何利潤，但我們已經能夠將這部分關稅轉嫁出去。

The volume is still overall down. A little bit of it is price, obviously, but we're way outperforming the market, which is positive for us. The MSOs at this time are gaining share, and we're growing with the MSOs. I do believe when the repairable claim starts to rebound or improve more, we'll start to see more of the independents come back and get more of the volume. But right now, MSOs are winning more of that share. But once again, we're winning with them.

整體成交量仍然偏低。價格當然是其中一個因素，但我們的表現遠遠優於市場，這對我們來說是件好事。目前，MSO（多系統營運商）的市佔率正在擴大，我們也與MSO共同成長。我相信，當可修復索賠開始反彈或進一步改善時，我們將看到更多獨立維修商回歸並獲得更多業務量。但目前來看，MSO（多系統營運商）正在贏得越來越多的市場份額。但我們再一次贏得了他們的支持。

Bret Jordan, Jefferies.

Bret Jordan，傑富瑞集團。

Patrick Buckley on for Bret. could you talk a bit more about what's driving Specialty growth? Are there any signs that this is a transition back to more of a growth cycle for the segment?

派崔克·巴克利代替布雷特發言。能否再詳細談談推動專業業務成長的因素？是否有任何跡象表明該領域正在重新進入成長週期？

The industry still is down, both on the RV side, we're seeing and on the automotive side. One thing that we're doing across all of our segments is we're not cutting service levels; we're not cutting inventory levels. I feel that we're gaining some share at this time. It's not really market recovery. But I do see the market starting to show signs of good improvements.

無論是房車業還是汽車業，目前都處於低迷狀態。我們在所有業務板塊都採取的一項措施是：不降低服務水平，也不降低庫存水準。我覺得我們目前正在贏得一些市場份額。這並非真正的市場復甦。但我確實看到市場開始出現良好改善的跡象。

But I would not say the market is necessarily positive. So it's more share gains right now. We want some more share of wallet with some of our larger customers. So we feel pretty good about when the market does rebound, we'll be even stronger on that. But once again, we did not cut service levels or inventory and I think some of our competition did.

但我不會說市場必然是正面的。所以目前來看，市佔率還在成長。我們希望在一些大客戶那裡獲得更多市場份額。所以我們對市場反彈時的表現非常有信心，屆時我們的實力會更強。但我們再次沒有削減服務水準或庫存，而我認為我們的一些競爭對手卻這樣做了。

Great. That's helpful. And then looking at leverage ratio and capital allocation. I guess could you talk about at what levels do you expect you'll start to focus a bit more on allocating a more significant amount of capital to share buyback.

偉大的。那很有幫助。然後考察槓桿率和資本配置。我想請您談談，當您預期股價達到什麼水準時，會開始更加重視將更多資金用於股票回購。

I can take that one. Yes. So we finished the quarter at 2.5 times levered on our math. Keep in mind, on October 1 is when we got the proceeds for self-service. And that proceeds -- pretax proceeds, roughly $390 million went to pay down debt. So that further improved our overall leverage.

我可以接受這個。是的。因此，我們本季結束時槓桿率為 2.5 倍。請記住，10 月 1 日是我們收到自助服務收益的日期。而這些收益——稅前收益，約 3.9 億美元——被用來償還債務。這樣一來，我們的整體槓桿作用就進一步增強了。

Ideally, we'd like to eventually get down to 2 times or below. But that could be a slow walk down. So we're pretty comfortable with where we're at as far as the leverage goes, And then as we obviously delever a bit more, it gives us a little more flexibility to put more towards share repo. So constantly balancing the amounts to make sure that we have a balanced capital allocation approach.

理想情況下，我們希望最終能降到 2 倍或更低。但那可能是一段緩慢的下坡路。所以就槓桿水平而言，我們對目前的狀況相當滿意。而且，隨著我們進一步降低槓桿率，這無疑會為我們帶來更大的靈活性，讓我們能夠將更多資金投入股票回購中。因此，我們需要不斷平衡各項金額，以確保我們採取均衡的資本配置方法。

(Operator Instructions) Thank you. I can confirm there are no further questions, and I will hand back over the call back to Justin Jude, the CEO, for any further remarks.

（操作說明）謝謝。我可以確認沒有其他問題了，我將把電話轉回給執行長賈斯汀·朱德，請他再作任何評論。

Thanks, operator. And thanks for everyone joining the call this morning. We appreciate it, and we look forward to speaking to you next February when we report our fourth quarter.

謝謝接線生。感謝今天上午所有參加電話會議的朋友。我們對此表示感謝，並期待明年二月與您會面，屆時我們將公佈第四季度業績。

Thank you very much. This concludes today's call. Thank you for your participation. You may now disconnect your line.

非常感謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。