LKQ Corp (LKQ) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to LKQ Corporation's third-quarter 2026 earnings conference call. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 LKQ Corporation 2026 年第三季財報電話會議。（接線員指示）

I will now hand the conference over to Joe Boutross, Vice President, Investor Relations. Joe, please go ahead.

現在我將把會議交給投資人關係副總裁 Joe Boutross。Joe，請開始。

Thank you, operator. Good morning, everyone, and welcome to LKQ's third-quarter 2026 earnings conference call.

謝謝，接線員。各位早安，歡迎參加 LKQ 2026 年第三季財報電話會議。

To kick off the call, we have a prerecorded message from John Mendel, LKQ's Chairman of the Board, that will provide some additional context related to our recent press release regarding changes to our leadership team and an update on the company's strategic review. Following John's message, Rick will provide some high-level comments on each of our segments, followed by a detailed overview of our financials in the quarter. Then we will open the call for questions.

在電話會議開始之際，我們先播放一段由 LKQ 董事會主席 John Mendel 預先錄製的訊息，將就我們近期新聞稿中有關領導團隊變動，以及公司策略檢討的最新進展，提供一些補充背景。在 John 的訊息之後，Rick 將就各事業部門提供一些高層次的評論，接著對本季財務表現進行更詳細的說明。然後我們將開放提問。

I kindly ask that you focus your questions solely on the company's performance during the quarter. 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.

也請各位將問題聚焦於公司本季的表現。請至 LKQ 官網 lkqcorp.com 參閱我們今早發布的財報新聞稿，以及本次電話會議的隨附簡報。

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.

接下來我快速說明「安全港」聲明。我們今天所做的部分陳述可能被視為前瞻性陳述。其中包括關於我們的預期、信念、希望、意圖或策略的陳述。由於各種因素，實際事件或結果可能與前瞻性陳述中明示或暗示的內容存在重大差異。我們不承擔更新任何前瞻性陳述的義務。更多資訊請參閱我們的 Form 10-K 及其後向 SEC 提交之報告中所討論的風險因素。

And during this call, we will present both GAAP and non-GAAP financial measures, and 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. As normal, we are planning to file our 10-Q in the coming days.

此外，在本次電話會議中，我們將同時呈現 GAAP 與非 GAAP 財務衡量指標；GAAP 與非 GAAP 指標之調節表已包含於今日的財報新聞稿與簡報中。希望各位都已查看我們今天稍早向 SEC 提交的 8-K。依照慣例，我們計畫在未來幾天內提交 10-Q。

With that, operator, we are ready to begin the call.

以上，接線員，我們已準備好開始會議。

Thank you, Joe. And good morning, everyone. We appreciate you joining us.

謝謝你，Joe。各位早安。感謝各位撥冗參與。

Following last Friday's announcements, the Board felt it was important that you hear from us directly before Rick takes you through the quarter. I will keep my remarks brief, but I want to share some perspective on the decisions we made and why. The Board's focus is on delivering results for our shareholders, and that is what guided the changes we've announced.

在上週五的公告之後，董事會認為在 Rick 帶各位回顧本季之前，讓各位直接聽到我們的說明很重要。我會簡短說明，但我想分享我們所做決策及其原因的一些觀點。董事會的重點是為股東交付成果，而這也是我們所宣布變動的指引原則。

LKQ is an exceptional business. We have unmatched scale, leading market positions in multiple regions, a unique global distribution network, and talented teams across the company. But our financial and operating performance has not reflected the strength of this business, and that has been disappointing both to our stakeholders and to this board.

LKQ 是一家非常出色的企業。我們擁有無可匹敵的規模、在多個地區的領先市場地位、獨特的全球配送網路，以及遍布全公司的優秀團隊。但我們的財務與營運表現並未反映這項業務的實力，這讓利害關係人與董事會都感到失望。

We've been operating in a challenging environment, and our execution, particularly in Europe, is not at the standards we expect of ourselves. The Board has been actively engaged on these issues for some time now, and the strategic review we began earlier this year was one part of that work. We believe that LKQ has significant strengths that are not currently reflected in its operating performance, and our focus is on ensuring those strengths translate into improved results for shareholders.

我們一直在充滿挑戰的環境中營運，而我們的執行力，尤其在歐洲，未達到我們對自身的標準。董事會在這些議題上已積極投入一段時間，而我們今年稍早啟動的策略檢討是其中一部分工作。我們相信 LKQ 具備多項重要優勢，但目前尚未反映在營運表現上；我們的重點是確保這些優勢能轉化為股東的改善成果。

Last week, we announced three actions. First, we made a change at the top of the company. The Board has appointed Sal Abbate as President and Chief Executive Officer, effective December 15. He succeeds Justin Jude, who departed the company on October 23. We thank Justin for his years of service and contributions to LKQ. Until Sal joins, the company is being led by an Interim Office of the Chief Executive Officer, made up of Sue Gove, Chair of our Audit Committee, and me. We're working closely with LKQ's leadership team to oversee the company's operations during this period.

上週，我們宣布了三項行動。第一，我們在公司最高層做出人事調整。董事會已任命 Sal Abbate 擔任總裁兼執行長，自 12 月 15 日起生效。他將接替於 10 月 23 日離開公司的 Justin Jude。我們感謝 Justin 多年來對 LKQ 的服務與貢獻。在 Sal 到任之前，公司由臨時執行長辦公室領導，成員包括我們審計委員會主席 Sue Gove 與我。在此期間，我們正與 LKQ 的領導團隊密切合作，監督公司營運。

After a thorough search, the Board concluded that Sal is the right leader for LKQ at this moment. He spent more than three decades leading large, complex distribution, and industrial businesses. As CEO of Veritiv, a high-volume, multi-site distribution business, he led a significant transformation of the company with its share price increasing more than 13-fold during his tenure, culminating in its $2.6 billion sale to Clayton, Dubilier & Rice in 2023. He also brings public company and international experience as well. Sal knows what it takes to win in a business like ours, and he brings the operating rigor, commercial instinct, and sense of urgency we need to sharpen execution and manage change with greater discipline.

在進行全面搜尋後，董事會認定 Sal 是 LKQ 在此刻的合適領導者。他在領導大型、複雜的配送與工業企業方面累積了超過三十年的經驗。在擔任 Veritiv（高交易量、多據點的配送業務）執行長期間，他帶領公司完成重大轉型，其任內股價上漲超過 13 倍，並於 2023 年以 26 億美元出售給 Clayton, Dubilier & Rice。他也具備上市公司與國際經驗。Sal 了解在像我們這樣的業務中取勝所需條件，並帶來我們所需要的營運嚴謹度、商業直覺與緊迫感，以強化執行力並以更高紀律管理變革。

Second, we made a leadership change in Europe and engaged Alvarez & Marsal to advise the company on its European business on an interim basis. A&M has a mandate to stabilize operations, including the ERP-related issues, and restore service levels across the region. The team is also helping ensure continuity for customers and suppliers across the region while supporting our efforts to improve operational discipline and performance.

第二，我們在歐洲進行領導層調整，並聘請 Alvarez & Marsal（A&M）以臨時方式就公司歐洲業務提供諮詢。A&M 的任務是穩定營運（包括與 ERP 相關的問題），並恢復整個區域的服務水準。該團隊也協助確保區域內客戶與供應商的業務連續性，同時支持我們提升營運紀律與績效的努力。

Third, we suspended our full year 2026 guidance in light of the company's recent performance and leadership transition and while Sal completes his review of the business.

第三，鑑於公司近期表現與領導層交接，且在 Sal 完成對業務的檢視之前，我們暫停提供 2026 全年財測指引。

Finally, I want to update you on our strategic review. The Board's commitment to unlocking value for shareholders has not changed. We made changes in leadership and brought in A&M to advise with respect to our European operations because of this.

最後，我想向各位更新我們的策略檢討進度。董事會致力於為股東釋放價值的承諾並未改變。我們之所以調整領導層並引入 A&M 就歐洲營運提供諮詢，正是基於此。

Now, in light of the appointment of Sal and the other leadership changes we announced on Friday, the board has decided to suspend the strategic review, including the Specialty sales process. This will give Sal the opportunity to assess the business and the full range of paths to value creation. The Board remains committed to overseeing strategic direction, protecting shareholder interests, and ensuring accountability, including evaluating opportunities that it believes could enhance shareholder value and optimize the company's strategic positioning over the long term. We believe that is the right sequencing for shareholders and will provide updates when appropriate.

然而，鑑於 Sal 的任命以及我們於週五宣布的其他領導層變動，董事會已決定暫停策略檢討，包括 Specialty 的出售流程。這將讓 Sal 有機會評估業務以及所有可能的價值創造路徑。董事會仍致力於監督策略方向、保護股東權益並確保問責，包括評估其認為可能提升股東價值、並在長期優化公司策略定位的機會。我們相信這樣的先後順序對股東而言是正確的，並將在適當時機提供更新。

Everything we're doing is in the best interest of our customers, our employees, and our shareholders. I want to thank our more than 42,000 employees around the world for their resilience over the past several months and our customers and shareholders for their continued support. Sal looks forward to sharing his priorities with you after he joins.

我們所做的一切，都是為了客戶、員工與股東的最佳利益。我要感謝全球超過 42,000 名員工在過去數月展現的韌性，也感謝客戶與股東持續的支持。Sal 在到任後，期待與各位分享他的優先事項。

With that, I will turn the call over to Rick to walk through the quarter in more detail. Rick will be handling the question and answers today and focus on the operating and financial performance in the quarter. We will not be able to comment on the strategic review process beyond what I shared here today. Thank you.

接下來，我將把電話會議交給 Rick，請他更詳細地說明本季表現。Rick 今天將負責問答環節，並聚焦於本季的營運與財務表現。除我今天在此分享的內容外，我們將無法就策略檢討流程發表評論。謝謝。

Thank you, John. And good morning, everyone.

謝謝你，John。各位早安。

As you have just heard, this is an important moment for our company. We recognize the significance of the leadership changes announced last Friday and the disappointment in our third quarter results. Neither the executive leadership team nor the board is satisfied with where we are, and we are taking decisive action. Our execution has fallen short, particularly in Europe, and we need to address those issues with urgency, focus, and accountability.

如各位剛才所聽到的，這對我們公司而言是重要的時刻。我們理解上週五宣布的領導階層變動之重要性，也理解大家對我們第三季業績的失望。無論是執行領導團隊或董事會，都不滿意我們目前的狀況，我們正在採取果斷行動。我們的執行未達標，尤其是在歐洲；我們必須以緊迫感、專注與問責來解決這些問題。

I want to be equally clear that we remain confident in the fundamental strength of our businesses. We have strong market positions, differentiated capabilities, and dedicated teams around the world. My goal this morning is to speak candidly with you about what happened during the quarter, what we believe drove our performance, and where we are focusing our attention going forward.

我也要同樣清楚地表示，我們仍對各項業務的基本面實力充滿信心。我們擁有強勁的市場地位、差異化能力，以及遍布全球的敬業團隊。我今天上午的目標，是坦誠與各位說明本季發生了什麼、我們認為哪些因素驅動了表現，以及未來我們將把注意力放在哪些重點上。

I will start with our operating performance by segment and then walk you through the financial results. Let us begin with North America. In North America, organic revenue declined 2.4%, compared with a decline in repairable claims of 1% to 3% during the quarter. Auto insurance pricing continues to decrease, making our parts offering even more attractive to carriers seeking cost-efficient repair solutions. The CPI for motor vehicle insurance declined 5.0% year-over-year in September 2026, its lowest level since December 2024.

我將先按事業部門說明營運表現，接著帶各位檢視財務結果。先從北美開始。在北美，有機營收下滑 2.4%，而本季可修復理賠件數下滑約 1% 至 3%。汽車保險定價持續下降，使我們的零件方案對尋求具成本效益維修解決方案的保險公司更具吸引力。2026 年 9 月汽車保險 CPI 年減 5.0%，為 2024 年 12 月以來最低水準。

In addition, self-pay repairs are approaching historical highs, and our parts provide a strong trade-down option that helps consumers manage out-of-pocket costs without sacrificing quality or availability. These favorable trends help drive alternative part utilization to a record of nearly 41% for the quarter, surpassing the previous high that we set back in Q2.

此外，自費維修正接近歷史高點，而我們的零件提供強而有力的「降級替代」選項，協助消費者在不犧牲品質或供應可得性的情況下，管理自付費用。這些有利趨勢推動替代零件使用率在本季創下接近 41% 的新高，超越我們在第二季創下的前一個高點。

Total loss rates were stable year-over-year, with used car prices modestly lower in the quarter. Total losses remain elevated by historical standards, but that trend largely reflects the aging vehicle fleet, particularly vehicles beyond our 4- to 12-year sweet spot, rather than any shift in underlying demand for our parts.

全損率與去年同期持平，本季二手車價格小幅走低。全損率仍高於歷史水準，但該趨勢主要反映車隊老化，尤其是超出我們 4 至 12 年「甜蜜點」的車輛增加，而非對我們零件的基本需求出現任何轉變。

The hard parts team posted its third consecutive quarter of organic revenue growth, resulting in low single-digit year-over-year improvement in Q3.

硬件零件團隊連續第三季實現有機營收成長，使第三季年對年呈現低個位數的改善。

Turning to Europe. We are clearly not satisfied with our performance in Europe. Many of the challenges we faced were self-inflicted, and we take full ownership of them. Simply put, we had too many operational initiatives underway at the same time, which pulled our attention inward and caused us to lose focus on the customer.

接著談歐洲。我們顯然對歐洲的表現不滿意。我們面臨的許多挑戰是自我造成的，我們對此承擔全部責任。簡而言之，我們同時推進了太多營運計畫，導致注意力向內拉扯，並使我們失去對客戶的聚焦。

These challenges manifested in several ways during the quarter, including disruptions to category management and product availability, gaps in our branch profiling and assortment, and service level issues in certain markets. These issues affected our ability to consistently deliver the parts availability, service levels, and competitive pricing our customers expect from us. We are moving with urgency and discipline to address them and strengthen our execution across the region.

這些挑戰在本季以多種方式顯現，包括品類管理與產品可得性受到干擾、分店定位與品項配置出現缺口，以及部分市場的服務水準問題。這些問題影響了我們持續提供客戶所期待的零件可得性、服務水準與具競爭力價格的能力。我們正以緊迫感與紀律推動改善，並強化整個區域的執行力。

Turning to Specialty. Specialty continued to grow, but at a lower rate than we saw in the last several quarters. We experienced some modest external pressure during the quarter, primarily from higher fuel prices and interest rates affecting the automotive portion of the business, as well as softer demand in Canada tied to geopolitical trade tensions and retaliatory tariffs. None of these factors were material on their own, but even against that backdrop, Specialty delivered organic revenue growth of 90 basis points in the quarter.

接著談 Specialty。Specialty 持續成長，但成長率低於過去幾季。本季我們承受一些溫和的外部壓力，主要來自燃油價格與利率上升對汽車相關業務的影響，以及加拿大因地緣政治貿易緊張與報復性關稅而導致需求轉弱。這些因素單獨來看都不具重大性，但即便在此背景下，Specialty 本季仍實現 90 個基點的有機營收成長。

The RV and Marine division of Specialty continued to grow in the quarter, and we're pleased with that performance given the challenging market conditions. RV results stood out in particular, with retail dealers seeing low double-digit revenue declines and industry-wide wholesale shipments down over 16% year-over-year in August. According to the RV Industry Association data, our ability to deliver growth in that environment highlights the strength of our team, our customer relationships, and the durability of our value proposition.

Specialty 的 RV 與船舶（Marine）事業部本季持續成長；在具挑戰的市場環境下，我們對此表現感到滿意。其中 RV 的結果尤其突出：零售經銷商營收出現低雙位數下滑，而全產業 8 月批發出貨量年減超過 16%。依據 RV 產業協會（RV Industry Association）的數據，我們能在此環境下仍交出成長，凸顯了我們團隊的實力、客戶關係，以及我們價值主張的韌性。

Now, turning to our financial results. Beginning with our consolidated results, our reported numbers are consistent with the preliminary ranges we provided on October 23. Third quarter revenue was approximately $3.3 billion, a decrease of 5.1% compared with $3.5 billion in the prior year period. Parts and Services organic revenue declined 5.4%, foreign exchange reduced revenue by 0.7%, and acquisition and divestitures net added 0.6%.

現在轉到財務結果。先從合併結果開始，我們的公告數字與 10 月 23 日提供的初步區間一致。第三季營收約為 33 億美元，較去年同期的 35 億美元下降 5.1%。零件與服務的有機營收下滑 5.4%，外匯使營收減少 0.7%，而併購與處分合計淨增加 0.6%。

Diluted earnings per share was a loss of $0.09, compared with earnings of $0.69 in the prior year period. Our GAAP results included pre-tax non-cash charges of $111 million, including $88 million related to goodwill impairment on our Specialty segment and $23 million related to impairment on net assets held for sale for our operations in Romania, both of which are excluded from our adjusted results. Adjusted diluted earnings per share was $0.50, compared with $0.84 in the prior year period. As in the second quarter, the year-over-year decline largely reflects lower revenue and profitability in Europe.

稀釋每股盈餘為虧損 0.09 美元，去年同期則為每股盈餘 0.69 美元。我們的 GAAP 結果包含 1.11 億美元的稅前非現金費用，其中包括與 Specialty 事業部商譽減損相關的 8,800 萬美元，以及與羅馬尼亞營運之待售淨資產減損相關的 2,300 萬美元；上述項目均已自調整後結果中排除。調整後稀釋每股盈餘為 0.50 美元，去年同期為 0.84 美元。如同第二季，年對年下滑主要反映歐洲營收與獲利能力較低。

Turning to segment results. North America Parts and Services organic revenue declined 2.4%. Despite lower revenue, we were pleased that North America delivered segment EBITDA of $203 million, an EBITDA margin of 14.4%, 40 basis points higher than the prior year period. This was slightly ahead of our expectations. Gross margin improved to 42.3%, supported by an expanded deployment of our strategic pricing model. At the same time, the team remained disciplined on costs, lowering SG&A despite higher freight and fuel expenses with personnel costs approximately $7 million below the prior year.

接著看各事業部門結果。北美零件與服務有機營收下滑 2.4%。儘管營收較低，我們仍很高興北美部門 EBITDA 為 2.03 億美元，EBITDA 利潤率 14.4%，較去年同期高 40 個基點。這略優於我們的預期。毛利率提升至 42.3%，主要受惠於我們策略性定價模型的擴大部署。同時，團隊在成本上維持紀律；儘管運費與燃油費用上升，SG&A 仍下降，人事成本較去年同期約少 700 萬美元。

Europe Parts and Services organic revenue declined 9.8%, an improvement of the 12.6% decline in the second quarter, but still well below our expectations. In Germany, branch availability has returned to near pre-implementation levels, and on time in full delivery reached 95% across the region. However, the revenue recovery has lagged, and it has been slower than we expected when we spoke with you in July, as revenue loss in the region due to the ERP was approximately $95 million. Outside of Germany, the execution issues I mentioned earlier affected our competitiveness and contributed to the market share loss in the UK and Benelux.

歐洲零件與服務有機營收下滑 9.8%，較第二季下滑 12.6% 有所改善，但仍遠低於我們的預期。在德國，分店可得性已回到接近導入前的水準，且全區域「準時且完整交付」（on time in full）達到 95%。然而，營收復甦落後，且比我們 7 月與各位溝通時預期的更慢；由於 ERP 造成該區域營收損失約 9,500 萬美元。在德國以外，我先前提到的執行問題影響了我們的競爭力，並導致英國與比荷盧地區（Benelux）的市占率流失。

Europe segment EBITDA was $68 million, a margin of 4.6% compared with 10.0% in the prior year period, a year-over-year decline of $94 million. We estimate that the ERP-related disruption in Germany reduced EBITDA by approximately $43 million in the quarter. Most of the remainder reflects lower volumes with negative leverage effect and lower vendor rebates tied to reduced purchase volumes. Gross margin declined approximately 220 basis points year-over-year, and SG&A as a percentage of revenue increased approximately 350 basis points, reflecting deleverage on lower volumes, higher freight and fuel costs, and higher professional fees related to ongoing technology initiatives.

歐洲事業部 EBITDA 為 6,800 萬美元，利潤率為 4.6%，相較於去年同期的 10.0%，年對年下滑 9,400 萬美元。我們估計，德國與 ERP 相關的營運中斷在本季使 EBITDA 約減少 4,300 萬美元。其餘大部分反映出出貨量下降所帶來的負向槓桿效應，以及因採購量降低而連動減少的供應商回饋。毛利率年對年約下降 220 個基點，而 SG&A 佔營收比重約上升 350 個基點，反映出在較低出貨量下的去槓桿效應、更高的運輸與燃料成本，以及與持續進行的科技計畫相關的較高專業服務費用。

As John noted, we have engaged Alvarez & Marsal to advise us on our European operations with an initial focus on improving customer service levels, stabilizing operations, and strengthening performance and cost discipline across the region.

如 John 所提到，我們已聘請 Alvarez & Marsal 為我們的歐洲營運提供諮詢，初期重點在於提升客戶服務水準、穩定營運，並在整個區域強化績效與成本紀律。

Specialty segment EBITDA was $25 million with an EBITDA margin of 5.5%, approximately 180 basis points lower than the prior year period. This mainly reflected higher freight and fuel costs and integration related challenges associated with the acquisition we completed in the second quarter.

專業事業部 EBITDA 為 2,500 萬美元，EBITDA 利潤率為 5.5%，較去年同期約低 180 個基點。這主要反映更高的運輸與燃料成本，以及我們在第二季完成之併購所伴隨的整合相關挑戰。

Moving to cash flow and the balance sheet. Third quarter operating cash flow was $411 million, and free cash flow was $372 million, reflecting improved working capital management and continued strong cash conversion in North America. For the first nine months of the year, operating cash flow was $466 million, and free cash flow was $336 million.

接著談現金流與資產負債表。第三季營運現金流為 4.11 億美元，自由現金流為 3.72 億美元，反映營運資金管理改善，以及北美持續強勁的現金轉換能力。今年前九個月，營運現金流為 4.66 億美元，自由現金流為 3.36 億美元。

As of September 30, total debt was $3.7 billion, and total leverage as defined in our credit facility was 2.8 times EBITDA, consistent with the end of the second quarter. Total liquidity was approximately $1.7 billion. As previously noted, in late July, we prepaid our $500 million term loan originally due in January 2027, using borrowings under our revolving credit facility. We currently have no significant borrowings coming due until 2028.

截至 9 月 30 日，總負債為 37 億美元；依我們信貸協議之定義，總槓桿倍數為 EBITDA 的 2.8 倍，與第二季末一致。總流動性約為 17 億美元。如先前所述，我們於 7 月下旬以循環信貸額度的借款，提前償還原定於 2027 年 1 月到期的 5 億美元定期貸款。目前在 2028 年之前沒有任何重大借款到期。

During the quarter, we repurchased approximately 1.2 million shares for $30 million and extended our share repurchase program through October 2028. We also paid $76 million in dividends, and on October 27, the board declared a quarterly cash dividend of $0.30 per share. Year to date, we have returned $313 million to shareholders.

本季我們以 3,000 萬美元回購約 120 萬股，並將股票回購計畫延長至 2028 年 10 月。我們亦支付 7,600 萬美元股利；並於 10 月 27 日，董事會宣告每股 0.30 美元的季度現金股利。截至目前為止，我們已向股東返還 3.13 億美元。

Our capital allocation priorities are unchanged. We remain committed to maintaining a strong balance sheet while continuing to invest in the business and return capital to shareholders.

我們的資本配置優先順序維持不變。我們仍致力於維持強健的資產負債表，同時持續投資於業務並向股東返還資本。

Turning to our outlook. As we announced on October 23, we have suspended our full year 2026 guidance, and our previous guidance should no longer be relied upon. Given the leadership changes we announced last Friday and the ongoing challenges in our Europe segment, we believe suspending guidance for the remainder of 2026 was the appropriate approach.

接著談我們的展望。如我們於 10 月 23 日所宣布，我們已暫停 2026 全年財測指引，先前提供的指引不應再被依賴。鑑於我們上週五宣布的領導階層變動，以及歐洲事業部持續面臨的挑戰，我們認為在 2026 年剩餘期間暫停提供指引是適當的作法。

Now let me close by reiterating that we fully acknowledge the issues that affected our results, and we are taking immediate action to address them. Our near-term priorities are to stabilize the business, strengthen our operations, and improve financial and operational performance. We are examining the business closely, establishing clear action plans and accountability, and moving decisively on opportunities to deliver near-term improvement.

最後我想重申，我們充分認知影響本期結果的問題，並正採取立即行動加以處理。我們的短期優先事項是穩定業務、強化營運，並改善財務與營運表現。我們正密切檢視業務，建立明確的行動計畫與責任歸屬，並果斷推進可帶來短期改善的機會。

The Board's decision to suspend the strategic alternatives review reinforces that focus. We have a strong business, leading market positions, and competitive advantages that have been built over decades. We are sharpening our attention on execution, serving our customers, and delivering improved results.

董事會決定暫停策略替代方案評估，進一步強化了這項聚焦。我們擁有強健的業務、領先的市場地位，以及數十年累積而成的競爭優勢。我們正更聚焦於執行力、服務客戶，並交付更佳的成果。

As John discussed, we look forward to welcoming Sal and working closely with him as we enter this next chapter. In the interim, the office of the CEO will remain closely engaged with our leadership team and the Board, maintain focus on our priorities, and ensure a smooth transition so that Sal can move quickly when he joins us.

如 John 所談到，我們期待歡迎 Sal 加入，並在進入下一個篇章時與他密切合作。在此期間，CEO 辦公室將持續與我們的領導團隊及董事會保持緊密互動，維持對優先事項的專注，並確保平順交接，使 Sal 加入後能迅速展開工作。

I also want to thank our employees around the globe, many of whom are listening today. I recognize that the recent leadership transition represents a significant change for our organization, and I am grateful for your continued focus, commitment, and dedication to our customers.

我也要感謝全球各地的同仁，其中許多人今天正在收聽。我理解近期的領導交接對我們組織而言是一項重大變動，也感謝各位持續專注、投入，並致力於服務我們的客戶。

Thank you for joining us today. Operator, you may now open the call for questions.

感謝各位今天與會。接線員，現在可以開放提問。

(Operator Instructions) John Babcock, Barclays.

(接線員指示) John Babcock，Barclays。

I guess just starting out, Germany was a little bit more of a challenge than I think most people probably expected, and it seems like it persisted more into this quarter. How do you get that Germany impact back? Also, why was this so much more of an issue than you thought when the quarter began?

我想先從這裡開始，德國的挑戰似乎比多數人原先預期的更大，而且看起來在本季延續得更久。你們要如何把德國的影響拉回來？另外，為什麼在本季開始時，這件事會比你們原先想的嚴重這麼多？

Yeah. Thanks, John. Appreciate the question. Look, in Q3, we've further stabilized the system and operations. The sales are hovering now around 85% versus the prior year on a per-day perspective. And one of the big focuses for us is going to be on the operational metrics of OTIF, or on time in full. We have to get delivery performance back to where we expect it, which is about 95% right now. Recovery is in progress, and it's a good positive trajectory. A couple other things that we've done is we successfully concluded two more ERP releases to update the system, driving better efficiencies and reliability in the operations.

是的。謝謝你，John。感謝提問。你看，在第三季，我們進一步穩定了系統與營運。以每日口徑來看，銷售目前約維持在相較去年同期的 85% 左右。而我們的一個重點將會放在 OTIF（準時且完整交付）的營運指標上。我們必須把交付表現拉回到我們期望的水準，目前大約是 95%。復原正在進行中，且走勢正向。另外我們也做了幾件事：我們成功完成另外兩次 ERP 發布以更新系統，提升營運效率與可靠性。

Look, our teams are focused on working with the worst-performing branches. The lowest-performing branches are where we need to bring them up to the expectations with normal trading through on-site support and targeting training. This allows us for our sales teams to work with our customers. What we've found in the last few weeks, and probably the last four to six weeks, is customer sentiment continues to improve across our NPS measurements, and our customer journey insights are helpful in prioritizing the overall improvement initiative.

你看，我們的團隊正專注於與表現最差的分支據點合作。對於表現最低的分支據點，我們需要透過現場支援與針對性訓練，讓它們回到符合預期、能以正常交易運作的水準。這也讓我們的業務團隊能與客戶合作。我們在過去幾週、可能是過去四到六週所看到的是，客戶情緒在我們的 NPS 衡量中持續改善，而我們的客戶旅程洞察也有助於優先排序整體改善計畫。

The improvements are there. The operational improvements are there. The next phase of this, John, is in control and capable and being able to get our customers to rely on us, and that reliability has much improved and giving our sales team an opportunity to actually win back that share.

改善是存在的。營運改善是存在的。下一階段，John，是要讓流程可控且具備能力，讓客戶能夠依賴我們；而這種可靠性已大幅提升，也讓我們的業務團隊有機會真正贏回那些市占。

In terms of the UK and Benelux, was there any notable change from last quarter? In other words, was there something that worsened? Also as a separate point, I was wondering if you might be able to talk about why Alvarez & Marsal was chosen here to help with the European operations as opposed to doing it internally.

就英國與比荷盧而言，與上一季相比是否有任何顯著變化？換句話說，是否有什麼情況惡化了？另外作為另一點，我想請教，為什麼這次選擇 Alvarez & Marsal 來協助歐洲營運，而不是由內部自行處理？

Yeah. Appreciate the question. There was further deterioration that we saw in Q3 in both the UK and our Benelux area. One thing to keep in mind on our Euro Car Parts business, which is in the UK, they've been struggling for a little bit. What we've identified is many of these are within our control. The struggles that we have are product availability, being able to say yes to our customers more often.

是的。感謝你的提問。我們在第三季看到英國以及我們的比荷盧地區都進一步惡化。關於我們在英國的 Euro Car Parts 業務，有一點要記住，他們已經掙扎了一段時間。我們辨識到其中很多是我們可控的。我們面臨的困難在於產品供應可得性，也就是能更常對客戶說「可以」。

One thing to be clear is we're still number one in the UK by a wide margin. What we need to do is get back to servicing our customers, focus on the customers, and get any distractions away from us. We have the strongest footprint, the strongest delivery network, and the team there is loving to win. They continue to want to win. The focus needs to be on fundamentals.

有一點要說清楚：我們在英國仍然以很大的差距排名第一。我們需要做的是回到服務客戶、聚焦客戶，並把任何分心的事情排除掉。我們擁有最強的據點、最強的配送網路，而那邊的團隊也很渴望贏。他們持續想要贏。重點必須放在基本功上。

One of the reasons we hired A&M was their big focus on fundamentals of improving service levels, enhancing the inventory, logistics execution, and also sharpening our overall approach on this trade segment that we have. These actions are underway immediately, and what we're looking at is the team needs to move with urgency and really take away any distractions. Having A&M come in is allowing us to really focus that team with a team of theirs that has a footprint to help really focus the business on the improvements at hand and really work with urgency.

我們聘請 A&M 的原因之一，是他們非常聚焦在提升服務水準、強化庫存、物流執行，以及讓我們在這個專業通路（trade segment）的整體策略更到位等基本功。這些行動已立即展開；我們希望團隊要有緊迫感，並真正排除任何干擾。A&M 的加入，讓我們能把這個團隊的注意力真正聚焦；他們也派出具備實務經驗的團隊來協助，讓業務聚焦在眼前的改善事項上，並以緊迫感推進。

And then if you don't mind me squeezing one more question, just on North America, seems like your organic sales pace was maybe not the typical outperformance relative to repairable claims. If you could talk about that'd be helpful, and then I'll pass it over.

另外如果你不介意我再塞一個問題，關於北美：看起來你們的有機銷售步調，可能沒有像以往那樣相對於可修復理賠（repairable claims）呈現典型的超越表現。如果你能談談這點會很有幫助，然後我就把時間交出去。

Sure. A couple things that occurred within the quarter actually happened within our non-collision business. We had some delivery performance issues in some of our non-collision parts of the business that tend to outweigh and drive that beat to repairable claims, and they did not see the same improvement that we had seen previously.

當然。本季發生的幾件事其實是在我們的非碰撞（non-collision）業務裡。我們在部分非碰撞零件業務出現了一些配送績效問題；這些業務通常會拉高並帶動相對於可修復理賠的超越幅度，但它們並沒有出現我們先前看到的同樣改善。

The good news is that those delivery performance issues have been significantly rectified as we moved into the fourth quarter, and we're looking much closer to year over year. We're not quite back to growth in those parts of the business, but we're just slightly under in those parts of the business. That was one of the major impacts of why that beat wasn't there as normal.

好消息是，隨著我們進入第四季，這些配送績效問題已大幅修正，我們現在看起來更接近年對年水準。我們在那些業務領域還沒有完全回到成長，但只是略低一些。這是為什麼那個超越表現沒有像平常一樣出現的主要原因之一。

Jeff Lick, Stephens.

Jeff Lick，Stephens。

Rick, I just wonder if you could remind us, with the ERP implementation in Germany, presumably you did that for a reason. Eventually you get to the other side. Could you remind us in terms of what that return on investment will look like in terms of either reduced SG&A, better volumes or/and better gross margins?

Rick，我想請你提醒我們一下：在德國導入 ERP，想必是有原因的。最終你們會走過這段陣痛期。你能否提醒我們，這項投資的投資報酬（ROI）會長什麼樣子——例如 SG&A 降低、更好的出貨量，和／或更好的毛利率？

Yeah, good question, Jeff. Appreciate that. Look, there were many reasons to do the ERP implementation. One of the reasons to choose Germany was the system itself was antiquated with different areas that we were going to need to upgrade that system, and make sure that that's safe and secure and make sure that we can provide to our customers.

是的，Jeff，問得很好，謝謝。我們推動 ERP 導入有很多原因。選擇德國的原因之一，是原本的系統本身已經老舊；有不同的領域我們都需要升級，並確保系統安全可靠，確保我們能持續為客戶提供服務。

One of the things is a significant portion of our orders in Germany in particular come in electronically, and our system that we had prior to this wasn't allowing our customers to do everything that they needed to do, and this opens it up for them to be able to order much easier. One of the reasons that we've done it is that, and one of the positives we've seen is the new customers we've gone after, we're seeing a really nice win rate on those new customers that weren't impacted negatively in the second quarter.

其中一點是，特別是在德國，我們相當大一部分訂單是以電子方式進來；而在此之前的系統無法讓客戶完成他們需要做的所有事情，這次導入讓他們下單更容易。這是我們這麼做的原因之一；而我們看到的正面成果之一是，對於我們積極爭取的新客戶，我們的得標率（win rate）相當不錯，而且這些新客戶在第二季並未受到負面影響。

The overall returns and paybacks are pretty significant. We're looking at driving overall revenue increases. We're driving overall market share improvements, along with being able to shut down one of our corporate headquarters. We had two corporate headquarters. We're able to consolidate those and reduce our overall SG&A as well.

整體的回報與回收期都相當可觀。我們希望帶動整體營收成長。我們也在推動整體市佔提升，同時也能關閉其中一個企業總部。我們原本有兩個企業總部。我們可以把它們整併，並降低整體 SG&A。

The third thing that this allows us to do is really the opportunity for us to do logistics without borders and be able to provide a better logistics footprint across the pan-European business as we continue to move down this path.

第三點，這也讓我們有機會推動「無國界物流」，並在我們持續走這條路的同時，為泛歐業務提供更好的物流版圖與覆蓋。

And then a couple of follow-ups there. Look, your SG&A was $476 million, which was the same as Q2 and a little more than Q3 of last year. I'm assuming there's some elevation there. When you talk about shutting down a headquarters, it sounds like those are some chunky buckets. Could you just, any degree of magnitude of when the dust settles and you're not paying extraordinary charges right now to fix things, where we could get to?

接著有幾個追問。你們的 SG&A 是 4.76 億美元，和第二季一樣，且比去年第三季略高。我猜這裡面有一些墊高因素。你提到要關閉一個總部，聽起來那會是一些很大的成本項目。你能否大概談一下量級：等塵埃落定、你們不再為修復問題支付目前這些非常態費用時，SG&A 可能會到什麼水準？

Yeah, we haven't come out and said what those numbers are at this point, Jeff. What we did see within the quarter is we brought in around 300 temporary workers to increase the cost in order for us to get our delivery performance up where we wanted it to get to.

是的，Jeff，我們目前還沒有對外說明那些數字。

Since the beginning of the quarter, those 300 have really pretty much are gone by the end of the quarter. But that was an inflated number that we saw within the quarter. And what we have been able to see is that we've been able to take some of the reductions in our overall headquarter costs. But as far as quantification on that, we haven't come out and quite quantified that yet. I'd want to wait and not do that on this call.

從本季一開始到季末，那 300 人基本上已經幾乎都離開了。但那確實是本季看到的一個被墊高的數字。我們也確實看到，我們已能在整體總部成本上做出一些降低。但就量化而言，我們還沒有對外做出明確量化。我希望先等等，在這通電話上先不要談到那個程度。

One last quick one. Look, when a guy like Sal, a new CEO, comes in, he generally asks the CFO, hey, listen, let's get some easy wins. Let's stick to some 80/20 rules. Rick, what are the one or two, three things we can do right away to get some quick improvement? What are you going to tell him?

最後一個快問。你看，像 Sal 這樣的新任 CEO 上任，通常會問 CFO：嘿，聽著，我們先拿一些容易的勝利吧。我們用一些 80/20 法則。Rick，我們可以立刻做哪一兩件、三件事，來快速帶來一些改善？你會怎麼跟他說？

Those are great questions, and when he gets here, him and I are going to have that conversation, Jeff. So him and I will work on that together. But it's something that we'll work on together as he comes on board.

這些問題都很好；等他到任後，我和他會進行那樣的對話，Jeff。所以我和他會一起合作處理；等他加入後，我們會共同推進。

Craig Kennison, Baird.

Craig Kennison，Baird。

I just wanted to stick with Europe. Maybe Rick, just try to better understand today as it stands, are you still having an issue with delivering on orders that you get in terms of your fulfillment rate, or is the issue now just recovering that demand such that your order rate is back to prior levels?

我想繼續聚焦在歐洲。Rick，也許想更了解目前的狀況：就現在而言，你們在履行收到的訂單、也就是履約率（fulfillment rate）方面，是否仍有交付問題？還是現在的問題在於需求回補，讓你們的接單率回到先前水準？

Craig, you are talking specifically about the ERP in Germany?

Craig，你是在特別談德國的 ERP 嗎？

Yes.

是的。

Okay. Yeah. What we are seeing is the measurement that we utilize is on time in full, the OTIF measurement. That number in Q2 was less than 80%. That number needs to be in the high 90s in order for us to be able to say yes to our customer enough. Where we are at on average right now is 95%. We are getting really close to that.

好的。是的。我們看到的是，我們採用的衡量指標是準時且完整交付，也就是 OTIF 指標。第二季那個數字低於 80%。那個數字必須在 90% 高段，才能讓我們有足夠把握對客戶說「可以」。目前我們的平均水準是 95%。我們已經非常接近了。

What I would tell you is 75% of our locations are in the upper 90s. So when we are sitting there and looking at the top 75% of our locations, we have about 155 locations in Germany. The top 75% of them, they are at a position that is at a minimum meeting the competition and oftentimes beating the competition. So it is not a system issue per se, that is going down and is causing a whole bunch of problems across the board. Instead, what it is it is a training opportunity for us to bring some of our lower performing branches up to the level of expectation and then be able to say yes more often.

我會告訴你的是，我們有 75% 的據點在 90% 高段。所以當我們坐下來看我們表現最好的 75% 據點時，我們在德國大約有 155 個據點。其中前 75% 的據點，至少達到與競爭對手相當的水準，而且往往還優於競爭對手。因此，這並非嚴格來說是系統本身的問題，不是系統當機導致全面性的各種問題。相反地，這對我們而言是一個訓練的機會，把一些表現較弱的分公司提升到符合期待的水準，然後就能更常對客戶說「可以」。

What we are seeing is, again, those top 75% of our branches, they are delivering at a high 90s number and really being able to say yes more often. That is where I am having the confidence that we have got to get those bottom ones up to the proper performance and then be able to get the customers convinced to come back and really be customer focused on being able to say yes to them more often and not have any disruptions.

我們看到的是，再次強調，那些前 75% 的分公司交付表現是在 90% 高段，確實能更常說「可以」。這也是我有信心的原因：我們必須把後段那些分公司提升到應有的績效，然後讓客戶相信並回流，真正以客戶為中心，更常對他們說「可以」，而且不再有任何中斷。

Is there a way to measure the demand component here? In other words, are your European customers, I guess, in Germany, deprioritizing you because you have not been able to deliver to their expectation? Are you seeing that show up in weak orders?

有沒有辦法衡量這裡的需求面因素？換句話說，你們的歐洲客戶，我想是德國的客戶，是否因為你們無法達到他們的交付期待，而把你們的優先順序往後排？你們是否在疲弱的訂單上看到這種情況？

Yeah, we're seeing a couple different buckets, Craig. We look at different buckets of our customer base. Some customers that we impacted significantly have pulled a significant portion of their business away from us, and some have walked away totally and gone to competition. That's a small percentage of the overall customer base. The majority of our customer base is giving us still a majority of their share, but not getting us back to the same levels that we had before, and that's a constant conversation.

是的，Craig，我們看到幾個不同的類別。我們會把客戶群分成不同的類別來看。有些我們影響很大的客戶，已經把相當大一部分業務從我們這裡移走，有些甚至完全離開、轉向競爭對手。那只占整體客戶群的一小部分。大多數客戶仍然把大部分份額給我們，但還沒有回到我們之前的同等水準，這也是我們持續在溝通的議題。

The good news is that we're still working with them. They still enjoy working with our STAHLGRUBER business and want to give the business back, but we've got to be in control and capable and be able to prove that to them. That's the efforts that we're doing right now.

好消息是，我們仍在與他們合作。他們仍然喜歡與我們的 STAHLGRUBER 業務合作，也希望把業務交回來，但我們必須能掌控局面、具備能力，並且能向他們證明。這就是我們目前正在做的努力。

The operational improvements are coming through. Now it's that convincing the customer that we're in control and capable and we can say yes all the time. That's where we have confidence that the revenue will come back. But again, we don't want to forecast when that revenue is going to come back. But the relationship with the customer is strong on those individuals. Then again, we are winning new share, which is something that is encouraging as well.

營運改善正在逐步到位。現在就是要讓客戶相信我們已經掌控局面、具備能力，而且能一直對他們說「可以」。在這方面我們有信心營收會回來。但同樣地，我們不想預測那個營收何時會回來。不過，與這些客戶的關係仍然很強。另外，我們也正在贏得新的份額，這同樣令人鼓舞。

With respect to winning that business back, should we expect a period of heavier promotional activity to sort of earn the opportunity again?

關於把這些業務贏回來，我們是否應該預期會有一段較密集的促銷活動期，以重新爭取機會？

When you're thinking about overall price and giving it back, look, we're going to remain competitive on price, but price alone isn't the answer. We're going to have to go and be more aggressive here in the fourth quarter, I think.

當你在思考整體定價以及把業務拉回來時，坦白說，我們會在價格上保持競爭力，但光靠價格不是答案。我認為我們在第四季必須更積極一些。

But one of the things that happens in that business is that they have an annual bonus, is what we call it over there. The annual bonus really starts on January 1, and then there's a volume component associated to that. In order to win back some of that share in the fourth quarter, we're going to be aggressive and make sure that we are making sure our customers are made whole with the disruptions that we had earlier in the year.

但那個業務有一件事是，他們有年度獎金，我們在那邊是這麼稱呼的。年度獎金實際上從 1 月 1 日開始，並且與銷量有關聯的組成部分。為了在第四季贏回部分份額，我們會採取更積極的作法，並確保我們的客戶能因今年稍早的中斷而獲得補償、回到應有狀態。

Look, our customers are looking for a better overall value proposition with consistent availability, service levels, and reliability, and we haven't been delivering that. That's where our focus is, and we're actively engaged with both the existing and new customers to win back that share.

你看，我們的客戶在尋求的是更好的整體價值主張，包括穩定的供貨可得性、服務水準與可靠性，而我們一直沒有做到。這就是我們的重點，我們也正積極與既有客戶與新客戶互動，以贏回那些份額。

Scott Stember, Roth Capital Partners.

Scott Stember，Roth Capital Partners。

You made a comment earlier that you were a victim of having too many things going on at once, and we talked about Germany and the UK. I mean, Germany and Europe. Could you talk about anything else that you could refer to that statement regarding management changes, notably in Europe? Is there anything else that we should keep an eye on?

你先前提到，你們算是同時有太多事情在進行的受害者，我們也談到了德國和英國，我是說德國和歐洲。你能否談談還有哪些事情可以呼應你那句話，特別是歐洲的管理層變動？還有沒有其他我們應該留意的？

One of the things I think that shows a clear message is really what the Board enacted this week with the suspension of the strategic review. Make no mistake, there's a lot of work that comes behind doing a strategic review and analyzing the overall business.

我認為有一件事能傳達非常清楚的訊息，就是董事會本週所採取的行動：暫停策略檢討。不要誤會，進行策略檢討並分析整體業務，背後需要做大量工作。

Look, the strategic review led to some significant actions, including new leadership at the top of the company, new leadership in Europe, and the engagement of A&M. Suspending the review allows clarity to the organization that the highest priorities are to improve our relationship with our customers and drive operational improvements immediately. Those are the focuses that we have, and the Board's made it extremely clear that if there's something that doesn't lead to those strategies and those improvements, then we probably put those on a back burner and really focus on delivering to our customers. So that's one of the biggest things of being able to pull that off and say the team needs to focus on operations.

你看，策略檢討帶來了一些重大行動，包括公司最高層的新領導團隊、歐洲的新領導團隊，以及聘請 A&M。暫停檢討讓組織更清楚：最高優先事項是改善我們與客戶的關係，並立即推動營運改善。這些就是我們的重點，而董事會也非常明確地表示，如果有任何事情無助於這些策略與改善，那我們可能就先把它們擱置，真正專注於對客戶的交付。因此，這是能夠把事情拉回來、並明確要求團隊聚焦營運的最大關鍵之一。

Then there's other projects that the team is working on to enhance the future of the company. They'll still keep an eye on that, but really need to get back to the basics and driving performance.

另外，團隊也在進行其他專案，以強化公司的未來。他們仍會持續關注，但確實需要回到基本功、推動績效。

All right. And then last question on the balance sheet. This year, obviously because of net income, free cash flow has come down, but also accounts payable have reversed. Just trying to get a sense if some of this disruption in Europe has led to an unwinding of any of these receivable factoring programs that you have put in place over the last few years.

好的。最後一個關於資產負債表的問題。今年顯然因為淨利，自由現金流下降，但同時應付帳款也出現反轉。我想了解的是，歐洲這些中斷是否導致你們過去幾年建立的任何應收帳款保理計畫出現回收或解除？

Simple answer is no. It hasn't led to any of that. There's some timing that happened with payables between Q2 and Q3. So there's a little bit of free cash flow movement between Q2 and Q3 that we saw. But no, Scott, there's no difference on the supply chain financing.

簡單答案是沒有。並沒有導致那種情況。第二季到第三季之間，應付帳款在時間點上有些變化，所以我們看到第二季與第三季之間自由現金流有一些波動。但沒有，Scott，供應鏈融資方面沒有任何差異。

Patrick Buckley, Jefferies.

Patrick Buckley，Jefferies。

On North America, did you see any notable market share shifts in collision parts? Was there anything on the MSO volume side or in parts or anything notable to call out on the paint side?

關於北美，您是否看到碰撞零件的市占率有任何顯著變化？在 MSO 端的量、零件端，或是塗料端有沒有什麼值得特別提出的重點？

Business as usual on the paint side. It continues to move in a direction. Look, one of the things we've been really clear about is the most discretionary part of the repair is paint. When you're seeing repairable claims at [negative 1] to [negative 3], you can imagine that paint tends to be a little bit worse than that, and that continued for this quarter.

塗料端一切如常。它持續朝某個方向發展。你看，我們一直很清楚地指出，維修中最具可自由裁量的部分是塗裝。當你看到可修復理賠件數在[負 1]到[負 3]之間時，你可以想像塗料通常會比那更差一些，而這一季也持續如此。

One of our larger MSOs did have a different sourcing approach that they did within the quarter. It did reduce our share a little bit. Look, we remain active and constructive with discussions with them. They've been going very well. We've been working to reach an agreement that works for both sides. But beyond that, we're not going to comment on any individual customer relationships.

我們其中一家較大的 MSO 在本季內採取了不同的採購方式。這確實讓我們的占比略有下降。你看，我們仍在與他們進行積極且具建設性的討論。進展非常順利。我們一直在努力達成一個對雙方都可行的協議。但除此之外，我們不會評論任何個別客戶關係。

It's also important to understand that we also have the highest level of CAPA certified parts and the most recognizable private label brand of Platinum Plus. These are reasons why our relationships with the MSOs are so positive, and we continue to grow with every other MSO within the quarter year over year.

同時也很重要的一點是，我們擁有最高水準的 CAPA 認證零件，以及最具辨識度的自有品牌 Platinum Plus。這些都是我們與 MSO 關係如此正向的原因，而在本季我們與其他所有 MSO 相比去年同期仍持續成長。

Jash Patwa, JPMorgan.

Jash Patwa，摩根大通。

Just one on North America. Would you be able to parse out the volume versus price trends underlying the -2.4% organic revenue growth in North America? I am wondering if the combination of IEEPA tariff refunds and lowering of the Section 232 automotive tariffs from Taiwan has created a deflationary pricing environment that could weigh on organic revenue growth over the next few quarters.

我只有一個關於北美的問題。您能否拆解一下北美 -2.4% 有機營收成長背後的量與價趨勢？我想了解 IEEPA 關稅退稅以及對台灣的 232 條款汽車關稅下調的組合，是否造成通縮式的定價環境，進而在未來幾季對有機營收成長形成壓力。

Yeah. Jash, appreciate the question. The IEEPA tariffs have minimal impact on our North America business. Those are primarily related to China, and that has a little bit more of an impact on our Specialty side of the business.

是的。Jash，謝謝你的提問。IEEPA 關稅對我們北美業務的影響很小。那些主要與中國相關，而對我們的 Specialty（專業）業務端影響稍微大一些。

As far as the movement in tariffs that we had with the Taiwanese deal, the tariff did move from 25% down to 15%. We did start seeing some of that reduction within the quarter. We also have a pricing engine that we're pretty excited about that is really looking at many different things to optimize overall pricing to make sure that we're looking at volume versus pricing versus margin, all the kind of stuff that we need to look at. It's showing some nice early signs.

至於我們與台灣協議相關的關稅變動，稅率確實從 25% 降到 15%。我們在本季內已開始看到部分降幅反映。我們也有一套我們相當期待的定價引擎，會綜合考量許多不同因素來最佳化整體定價，確保我們在量、價與毛利等各方面都能兼顧，也就是我們需要看的所有面向。目前已顯示出一些不錯的早期跡象。

As far as the price versus volume goes, price was a little bit favorable year over year. The downside was on the volume side of things, especially with the point I just made with the prior MSO. I think that that's temporary in nature on that part of it, and then we should be able to get that back.

就價格與數量而言，價格相較去年同期略為有利。下滑主要在量的部分，尤其是我剛才提到前述那家 MSO 的情況。我認為那部分本質上是暫時性的，之後我們應該能把它拿回來。

Great color. Just as a quick follow-up on Germany, I believe the business was running at about 85% of pre-ERP transition level early in the third quarter. Could you give us a sense of how that progressed through the quarter and where it stands today? Just based on your comments around incentive activity picking up sequentially into the fourth quarter, should we expect your EBITDA margins to remain in a similar range as Q3?

很有幫助的補充。再快速追問一下德國，我記得在第三季初，該業務大約運行在 ERP 轉換前水準的 85%。您能否說明這個比例在本季期間如何變化，以及目前大概在哪個水準？另外，根據您提到第四季激勵活動將較前一季增加，我們是否應預期 EBITDA 利潤率會維持在與第三季相近的區間？

Yeah. We did withdraw guidance, so I'll be a little bit careful on what I've seen. Look, there's no catalyst that I'm seeing in the business, really in any of the segments that would negate our normal seasonality. So keep in mind, we have normal seasonality from Q3 to Q4. I would expect that trajectory from Q3 to Q4 in really all the businesses to continue. So if you're looking back to last year and you see what the movement was, that's sort of the way I'm looking at it because I don't see a major catalyst.

是的。我們已撤回財測指引，所以我會對我所看到的情況稍微謹慎一些。你看，我在業務上、其實在任何事業部門都沒有看到會抵消我們正常季節性的催化因素。所以請記住，我們從第三季到第四季有正常的季節性。我預期從第三季到第四季的走勢在所有業務上都會延續。因此如果你回頭看去年並觀察變化幅度，我大致就是用那樣的方式來看，因為我沒有看到重大的催化因素。

To the point you're making on the revenue, the revenue was around that 85%, and it sort of stagnated. The delivery performance has improved, and we haven't seen the revenue return. And that's one of the things that we really need to focus on is winning back some of that share with our customer base. So I don't think that there'll be anything significant that we're going to have to do as far as the additional bonuses, but we will have to make sure that we're very competitive on the pricing side.

就你提到的營收而言，營收大約就在 85% 左右，然後有點停滯。交付表現已經改善，但我們尚未看到營收回升。而我們真正需要聚焦的一件事，就是在客戶群中贏回部分市占。所以我不認為在額外獎金方面我們需要做任何重大的事情，但我們必須確保在定價面非常有競爭力。

There are no further questions at this time. I will now turn the call back to Rick Galloway for closing remarks.

目前沒有其他問題。我現在把電話交回給 Rick Galloway 作結語。

All right. Thank you, everyone, for your questions. Look, our execution, particularly in Europe, has not met the expectations, and we know we have work to do. Our focus is clear: stabilize performance, improve execution, and deliver better results.

好的。謝謝各位的提問。你看，我們的執行表現，特別是在歐洲，未達到預期，我們也知道還有很多工作要做。我們的重點很明確：穩定表現、改善執行力，並交出更好的成果。

We also have meaningful strength across LKQ. North America expanded margins in this soft market, Specialty continued to grow, and those businesses give us a strong foundation moving forward. We look forward to Sal joining us on December 15 and sharing his priorities with you.

我們在 LKQ 各業務也具備相當的優勢。在這個疲弱的市場中，北美擴大了利潤率，Specialty 持續成長，而這些業務為我們未來前進提供了堅實的基礎。我們期待 Sal 在 12 月 15 日加入我們，並與各位分享他的優先事項。

Thank you and have a good day.

謝謝，祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。