Penske Automotive Group Inc (PAG) 2023 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon. Welcome to the Penske Automotive Third Quarter 2023 Earnings Conference Call. Today's call is being recorded and will be available for replay approximately 1 hour after completion through November 2, 2023, on the company's website under the Investors tab at www.penskeautomotive.com. (Operator Instructions) I'd now like to introduce Anthony Pordon, the company's Executive Vice President of Investor Relations and Corporate Development. Sir, please go ahead.

女士們、先生們，午安。歡迎參加潘世奇汽車 2023 年第三季財報電話會議。今天的電話會議正在錄音，並將在結束後約 1 小時內重播，直至 2023 年 11 月 2 日，可在公司網站 www.penskeautomotive.com 的「投資者」標籤下重播。 （操作員說明） 現在我想介紹一下公司投資者關係和企業發展執行副總裁安東尼·波登（Anthony Pordon）。先生，請繼續。

Thank you, Lea. Good afternoon, everyone, and thank you for joining us today. A press release detailing Penske Automotive Group's third quarter 2023 financial results was issued this morning and is posted on our website, along with the presentation designed to assist you in understanding the company's results. As always, I'm available by e-mail or phone for any follow-up questions you may have. Joining me for today's call is Roger Penske, our Chair and CEO; Shelley Hulgrave, EVP and Chief Financial Officer; Rich Shearing of North American Interoperations; Randall Seymore, International Operations, and Tony Facione, our Vice President and Corporate Controller.

謝謝你，莉亞。大家下午好，感謝您今天加入我們。今天早上發布了詳細介紹潘世奇汽車集團 2023 年第三季財務業績的新聞稿，並發佈在我們的網站上，同時也發布了旨在幫助您了解公司業績的簡報。像往常一樣，您可以透過電子郵件或電話聯繫我，解答您可能遇到的任何後續問題。與我一起參加今天電話會議的是我們的董事長兼執行長羅傑·彭斯克 (Roger Penske)； Shelley Hulgrave，執行副總裁兼財務長；豐富的北美互通剪切； Randall Seymore（國際營運部）和 Tony Facione（我們的副總裁兼公司財務總監）。

Our discussion today may include forward-looking statements about our operations, earnings potential, outlook, future events, growth plans, liquidity and assessment of business conditions. We may also discuss certain non-GAAP financial measures, such as earnings before interest, taxes, depreciation and amortization or EBITDA and our leverage ratio.

我們今天的討論可能包括有關我們的營運、獲利潛力、前景、未來事件、成長計劃、流動性和業務狀況評估的前瞻性陳述。我們也可能討論某些非公認會計準則財務指標，例如息稅折舊攤提前利潤或 EBITDA 以及我們的槓桿率。

We have prominently presented the comparable GAAP measures and have reconciled the non-GAAP measures in this morning's press release and investor presentation, which are available on our website to the most directly comparable GAAP measures. Our future results may vary from our expectation because of risks and uncertainties outlined in today's press release under forward-looking statements. I'd also direct you to our SEC filings, including our Form 10-K and previously filed Form 10-Qs for additional discussion and factors that could cause future results to differ materially from expectations. At this time, I'll now turn the call over to Roger.

我們在今天早上的新聞稿和投資者介紹中突出介紹了可比較的公認會計準則衡量標準，並調整了非公認會計準則衡量標準，這些衡量標準可在我們的網站上與最直接可比的公認會計準則衡量標準進行比較。由於今天的新聞稿中前瞻性陳述中概述的風險和不確定性，我們未來的結果可能與我們的預期有所不同。我也會引導您查看我們向 SEC 提交的文件，包括我們的 10-K 表格和先前提交的 10-Q 表格，以進行更多討論以及可能導致未來結果與預期存在重大差異的因素。現在，我將把電話轉給羅傑。

Thank you, Tony. Good afternoon, everyone, and thanks for joining us today. Our diversified business really produced another solid quarter, driven by strong performance from our North American automotive and commercial truck operations. The strong performance in North America was partially offset by lower earnings from our U.K. automotive operations, higher interest expense and lower equity earnings from our investment in Penske Transportation Solutions.

謝謝你，托尼。大家下午好，感謝您今天加入我們。在北美汽車和商用卡車業務強勁表現的推動下，我們的多元化業務確實創造了另一個強勁的季度。北美的強勁表現被我們英國汽車業務收益的下降、利息支出的增加以及我們對潘世奇運輸解決方案投資的股本收益的下降所部分抵消。

As previously announced, third quarter results include approximately $6.2 million of costs related to the loss of inventory, property damage and business disruption from a hailstorm in Austin, Texas. It impacted our Toyota, Honda and Hyundai dealership, 750 vehicles worth $27 million in inventory. During the third quarter, total units delivered increased 12% to 122,000, which includes 8,695 agency units. Good news is revenue increased 8% to $7.4 billion, and our same-store retail revenue automotive increased 9%, including a 9% increase in service and parts.

正如先前宣布的，第三季業績包括與德州奧斯汀冰雹造成的庫存損失、財產損失和業務中斷相關的約 620 萬美元成本。它影響了我們的豐田、本田和現代經銷店，總共有 750 輛汽車，價值 2700 萬美元的庫存。第三季交付總量增加了 12%，達到 122,000 套，其中包括 8,695 套代理單位。好消息是營收成長了 8%，達到 74 億美元，我們的汽車同店零售收入成長了 9%，其中服務和零件成長了 9%。

Same-store retail automotive variable gross profit per unit declined $466 sequentially from the second quarter of '23 to $5,180. Same-store retail commercial truck gross profit increased 6%. Our net income was $263 million and earnings per share was $3.92. Last week, we increased the dividend by $0.07 or $0.10 to $0.79 per share. Let me now turn to our auto operations. Demand for new vehicles remains solid, and availability, I would say, is improving.

同店零售汽車每單位可變毛利比 2023 年第二季連續下降 466 美元至 5,180 美元。同店零售商用卡車毛利潤成長6%。我們的淨利潤為 2.63 億美元，每股收益為 3.92 美元。上週，我們將股息增加了 0.07 美元或 0.10 美元，達到每股 0.79 美元。現在讓我談談我們的汽車業務。我想說，對新車的需求依然強勁，而且供應情況正在改善。

We continue to take forward orders. Our U.S. presold inventory remains approximately 40% to 50%. In the U.K., our forward order book is 24,300 units and gross is only down 2%, representing about $98 million. Automotive operations in the U.K. during the third quarter were impacted by supply challenges, stop sales and a challenging used vehicle market. And of course, March is a registration month, so it's awful key for us from the standpoint of our operation and profitability.

我們繼續接受遠期訂單。我們的美國預售庫存仍約為 40% 至 50%。在英國，我們的遠期訂單量為 24,300 份，總額僅下降 2%，約 9,800 萬美元。第三季英國汽車業務受到供應挑戰、停止銷售和充滿挑戰的二手車市場的影響。當然，三月是註冊月，因此從我們的營運和獲利能力的角度來看，這對我們來說非常關鍵。

Orders for 493 new vehicles were unable to be delivered in September. In addition, same-store used vehicle gross profit declined 30% as pricing challenges impacted the used market. Let's look at our retail automotive business on a same-store basis for Q3. Total units delivered increased 10%. Service and parts revenue increased 9% and gross profit, by the way, was up 10%. Service and Parts revenue growth has been driven by an increase of 10% in customer pay, 7% in warranty and 14% in collision repair.

9月有493輛新車訂單無法交付。此外，由於定價挑戰影響二手車市場，同店二手車毛利下降了 30%。讓我們看看第三季我們的同店零售汽車業務。交付總量增加了 10%。順便說一下，服務和零件收入增加了 9%，毛利增加了 10%。客戶付費成長 10%，保固成長 7%，碰撞維修成長 14%，推動了服務和零件收入的成長。

Our variable gross profit remains strong and the higher than historical levels, obviously, for example, variable gross per unit of $5,180 is $2,000 per unit higher than it was in Q3 2019. Let me now talk a little bit about Penske Transportation Solutions. PAG owns 28.9% of PTS, which provides us with equity income, cash distributions and cash tax savings. PTS currently manages the fleet of over 442,000 trucks, tractors and trailers. In the third quarter, operating revenue increased 4% to $2.8 billion. Full service contract revenue increased 13%. Our logistics revenue increased 2%, while rental declined 9%. PTS generated $291 million of net income. Our share of PTS earnings was $84 million, which declined by $51 million compared to Q3 last year. However, the good news is our share of PTS earnings increased $11 million sequentially when compared to Q2 of 2023.

我們的可變毛利仍然強勁，並且明顯高於歷史水平，例如，每單位可變毛利為5,180 美元，比2019 年第三季高出每單位2,000 美元。現在讓我談談潘世奇運輸解決方案。 PAG 擁有 PTS 28.9% 的股份，這為我們提供了股權收入、現金分配和現金稅收節省。 PTS 目前管理超過 442,000 輛卡車、牽引車和拖車的車隊。第三季營業收入成長 4%，達到 28 億美元。全方位服務合約收入成長 13%。我們的物流收入成長了 2%，而租金下降了 9%。 PTS 產生了 2.91 億美元的淨利潤。我們在 PTS 收益中所佔的份額為 8,400 萬美元，與去年第三季相比下降了 5,100 萬美元。然而，好消息是，與 2023 年第二季相比，我們在 PTS 收益中所佔的份額連續增加了 1,100 萬美元。

The decline in PTS earnings over the prior year period was mainly impacted -- let me look at 4 items, particularly, supply constraints and lease extensions increased the number of older units in operation and drove higher maintenance costs of $40 million in Q3. We also granted 18,000 lease extensions so far this year and 37,000 if you look over the last 21 months. Interest expense increased $64 million due to higher average outstanding debt, obviously, and the growth of our fleet, combined with $1.5 billion in refinancings and overall higher interest costs, a lower gain on sale of $61 million when compared to the record performance in 2022 as used truck values declined from historically high levels in the past. Commercial rental utilization was 80% compared to 84% in the third quarter.

PTS 收入較上年同期下降主要受到影響 - 讓我看一下 4 個項目，特別是供應限制和租賃延期增加了運行中的舊設備數量，並導致第三季度維護成本增加了 4000 萬美元。今年到目前為止，我們還批准了 18,000 次租約延期，如果你看看過去 21 個月，我們就批准了 37,000 次租約延期。利息支出增加了6,400 萬美元，顯然是由於平均未償債務增加以及我們機隊的成長，再加上15 億美元的再融資和總體較高的利息成本，與2022 年創紀錄的業績相比，銷售收益減少了6,100 萬美元，如下所示：二手卡車價值從過去的歷史高點下降。商業租賃利用率為 80%，而第三季為 84%。

Our full-service long-term contract business remains very strong, increasing 13% in Q3. We believe the supply of new trucks is stabilizing and will provide PTS with an opportunity to replace the older vehicles in the fleet in the near future, and this obviously will drive lower maintenance expense. Also, we believe freight rates will begin improving in the near future, which has historically helped our remarketing profitability.

我們的全方位服務長期合約業務仍然非常強勁，第三季成長了 13%。我們相信新卡車的供應正在穩定，並將在不久的將來為 PTS 提供更換車隊中舊車輛的機會，這顯然會降低維修費用。此外，我們相信運費將在不久的將來開始改善，這歷來有助於我們的再行銷獲利能力。

Let me now turn the call over to Rich Shearing to discuss our commercial retail operation trucks.

現在讓我將電話轉給 Rich Shearing，討論我們的商業零售營運卡車。

Thank you, Roger. Our Premier Truck Dealership business represents 44 locations in North America and is an important part of our diversification. Earlier this year, we expanded into greater Winnipeg, Manitoba market area, acquiring 5 new locations and $180 million in estimated annualized revenue. Including the acquisition, our operations in Canada are approaching $1 billion in annualized revenue. These new dealerships have been fully integrated into our existing operations in Canada and are performing to expectation adding an important new market and significantly expanding our operations in Canada.

謝謝你，羅傑。我們的高級卡車經銷商業務在北美擁有 44 個分支機構，是我們多元化發展的重要組成部分。今年早些時候，我們擴展到曼尼托巴省溫尼伯大市場區域，收購了 5 個新地點，預計年收入達 1.8 億美元。包括此次收購在內，我們在加拿大的業務年收入接近 10 億美元。這些新經銷商已完全融入我們在加拿大的現有業務，並且正在按預期增加一個重要的新市場並顯著擴大我們在加拿大的業務。

We remain one of the largest commercial truck retailers for Daimler Trucks North America. New commercial truck demand remains solid and continues to be driven by replacement demand. our Class 8 allocation for 2023 remains sold out. Through September 30, North American Class 8 retail truck sales were up 13% to 248,000 units. The current industry Class 8 backlog is 161,000 units, representing approximately 6 months of sales. During the third quarter, same-store retail unit sales decreased 11% when compared to prior year due to production timing and delivery delays in calendar year 2022, resulting in higher-than-normal retail sales later in the year.

我們仍然是戴姆勒卡車北美最大的商用卡車零售商之一。新的商用卡車需求依然強勁，並持續受到替換需求的推動。我們 2023 年的 8 級分配仍已售完。截至 9 月 30 日，北美 8 級零售卡車銷量成長 13%，達到 248,000 輛。目前行業 8 類積壓訂單為 161,000 台，相當於約 6 個月的銷售量。第三季度，由於 2022 日曆年的生產時間和交貨延遲，同店零售單位銷售額年減 11%，導致今年稍後的零售額高於正常水平。

However, same-store gross profit increased 6% as gross margin increased on both new and used truck sales. Service and Parts represented 65% of total gross profit and covered 132% of fixed costs in the third quarter. Q3 increased 16% to a record $61 million and was the highest EBT quarter in the company history. As we look forward to 2024, our order book recently opened, and we are securing orders and expect another strong year of Class 8 sales. There's also good news on the freight front. After nearly 2 years of declining freight rates, a recovery is also forecasted in calendar year 2024.

然而，隨著新車和二手卡車銷售毛利率的增加，同店毛利增加了 6%。第三季度，服務和零件佔總毛利的 65%，佔固定成本的 132%。第三季成長 16%，達到創紀錄的 6,100 萬美元，是公司史上最高的 EBT 季。當我們展望 2024 年時，我們的訂單簿最近已開放，我們正在爭取訂單並預計 8 級銷售又將強勁。貨運方面也有好消息。經過近兩年的下降，運費預計將在 2024 年出現復甦。

Lastly, I'd like to congratulate the team at Premier Truck Group for being recognized as the Truck Dealer of the Year for 2023 for its -- in its areas of customer responsiveness, workforce improvement and civic engagement. I would now like to turn the call over to Shelley Hulgrave.

最後，我要祝賀 Premier Truck Group 的團隊因其在客戶響應能力、勞動力改進和公民參與方面的表現而被評為 2023 年度卡車經銷商。我現在想把電話轉給雪莉·赫爾格雷夫。

Thank you, Rich. Good afternoon, everyone. I would now like to walk you through several key financial highlights and discuss the strength of our balance sheet. We continue to focus on operational efficiencies through cost reductions, automation and other improvements gained over the last several years to help us maintain lower levels of SG&A to gross profit than historical averages.

謝謝你，里奇。大家下午好。現在，我想向您介紹幾個關鍵的財務亮點，並討論我們資產負債表的實力。我們繼續關注過去幾年透過降低成本、自動化和其他改進來提高營運效率，以幫助我們保持低於歷史平均的銷售、管理和行政費用與毛利的比值。

SG&A to gross profit was 69.9% in the third quarter and is 800 basis points below the 77.9% in 2019, SG&A includes costs related to hail damage sustained during the quarter, which represented approximately 50 basis points of SG&A to gross profit. As a result of our efforts to gain efficiencies and control expenses in our U.S. automotive operations, compensation to gross profit ratio has improved by 30 basis points while Service and Parts absorption has improved 240 basis points when compared to last year.

第三季SG&A佔毛利的比例為69.9%，比2019年的77.9%低800個基點，SG&A包括與本季冰雹損失相關的成本，這佔SG&A佔毛利的約50個基點。由於我們努力提高美國汽車業務的效率和控制費用，與去年相比，薪資與毛利潤率提高了 30 個基點，而服務和零件吸收率提高了 240 個基點。

Looking at our cash flow. We generated over $1 billion in cash flow from operations in the 9 months ended September 30, 2023. During this period, we repurchased 2.7 million shares for $365 million and returned $136 million in dividends to our shareholders. Last week, we increased the dividend by almost 10% to $0.79 per share. So far this year, we've increased the cash dividend by 39% from $0.57 to $0.79. We continue to maintain a disciplined and balanced approach to capital allocation.

看看我們的現金流。截至2023 年9 月30 日的9 個月內，我們的營運產生了超過10 億美元的現金流。在此期間，我們以3.65 億美元的價格回購了270 萬股股票，並向股東返還了1.36 億美元的股利。上週，我們將股息提高了近 10%，達到每股 0.79 美元。今年到目前為止，我們已將現金股利增加了 39%，從 0.57 美元增加到 0.79 美元。我們繼續保持嚴格和平衡的資本配置方法。

Year-to-date, we have acquired $320 million in estimated annualized revenue, and we have a pipeline of more than $2.5 billion under consideration. For the first 9 months of 2023, 36% of our cash flow from operations funded share repurchases, 27% went to CapEx for growth and expansion, 21% to acquisitions and 13% to dividends. The remaining 3% of our cash flow from operations was used to repay non-trade floor plan. Our trailing 12-month EBITDA is nearly $1.8 billion. At the end of the quarter, our long-term debt was $1.7 billion. Approximately $1 billion of the long-term debt represents our subordinated notes with $550 million maturing in 2025 and the other $500 million maturing in 2029.

今年迄今為止，我們已獲得了 3.2 億美元的預計年化收入，並且我們正在考慮的管道超過 25 億美元。 2023 年前 9 個月，我們營運現金流的 36% 用於股票回購，27% 用於資本支出用於成長和擴張，21% 用於收購，13% 用於股息。我們營運現金流的剩餘 3% 用於償還非貿易平面圖。我們過去 12 個月的 EBITDA 接近 18 億美元。截至本季末，我們的長期債務為 17 億美元。長期債務中約 10 億美元是我們的次級票據，其中 5.5 億美元將於 2025 年到期，另外 5 億美元將於 2029 年到期。

The average interest rate on these notes is 3.6%. We also have $504 million in mortgages and $160 million in other borrowings at subsidiaries. Debt-to-total capitalization improved to 27.3% from 28.3% at the end of the second quarter. Leverage sits at 1x at the end of September. We also have the ability to flex our leverage up to 4x on a lease-adjusted basis, leaving significant opportunity for acquisitions and returning capital to shareholders.

這些票據的平均利率為3.6%。我們的子公司還有 5.04 億美元的抵押貸款和 1.6 億美元的其他借款。債務佔總資本的比例從第二季末的 28.3% 提高至 27.3%。 9 月底槓桿率為 1 倍。我們也有能力在租賃調整後的基礎上將槓桿率提高至 4 倍，為收購和向股東返還資本留下了重要的機會。

Our U.S. credit agreement provides for up to $1.2 billion in revolving loans for working capital, acquisitions, capital expenditures, investments and other corporate purposes and was fully available at the end of September. At September 30, we had $104 million in cash, $415 million in vehicle equity and $1.4 billion in availability under our credit agreement. Total inventory was $3.7 billion, representing an increase of $200 million from December 31. Floor plan debt was $3 billion.

我們的美國信貸協議規定提供高達 12 億美元的循環貸款，用於營運資金、收購、資本支出、投資和其他企業用途，並於 9 月底全面可用。截至 9 月 30 日，根據我們的信貸協議，我們擁有 1.04 億美元的現金、4.15 億美元的車輛股權和 14 億美元的可用資金。庫存總額為 37 億美元，較 12 月 31 日增加 2 億美元。平面圖債務為 30 億美元。

We had a 34-day supply of new vehicles, including 30 days in the U.S. and 34 days in the U.K. Days supply of new vehicles for premium was 37 and volume foreign was 19. Our current days supply of new battery electric vehicles is 52 days in the U.S. and 38 days in the U.K. Used vehicle inventory had a 38-day supply. At this time, I will turn the call back to Roger for some final remarks.

我們的新車供應天數為 34 天，其中美國為 30 天，英國為 34 天。高階新車供應天數為 37 天，國外銷售量為 19 天。我們目前的新純電動車供應天數為 52 天美國為38 天，英國為38 天。二手車庫存可供38 天使用。此時，我會將電話轉回羅傑進行最後的評論。

Yes. Thank you, Shelly. She mentioned our balance sheet is strong, safe and secure, obviously, with a capitalization ratio of 27% and a leverage ratio of 1.0x, we have the ability to flex our balance sheet to maximize capital allocation. As we said earlier, since 2018, we returned over $2.5 billion to our shareholders. For 9 months ended September 30, 2023, we generated $1.2 billion in earnings before taxes, and that's approximately, if you can believe it, double the earnings before taxes we generated for the full year in 2019. I think our results continue to demonstrate the benefit of our diversification across retail, automotive, commercial truck industries, cost control and a disciplined capital allocation strategy.

是的。謝謝你，雪莉。她提到我們的資產負債表穩健、安全，顯然，資本化率為27%，槓桿比率為1.0倍，我們有能力靈活調整資產負債表，實現資本配置最大化。正如我們之前所說，自 2018 年以來，我們向股東返還了超過 25 億美元。截至2023 年9 月30 日的9 個月裡，我們產生了12 億美元的稅前利潤，如果你相信的話，這大約是我們2019 年全年稅前利潤的兩倍。我認為我們的結果繼續證明了受益於我們在零售、汽車、商用卡車行業的多元化、成本控制和嚴格的資本配置策略。

We continue to challenge our cost while focusing on simplification and optimization and digitization to drive efficiency. I remain confident in our model and the performance of the business. Thanks for joining us today. I look forward to your questions.

我們繼續挑戰成本，同時專注於簡化、優化和數位化以提高效率。我對我們的模式和業務表現仍然充滿信心。感謝您今天加入我們。我期待您的提問。

(Operator Instructions) And our first question is from John Murphy.

（操作員說明）我們的第一個問題來自約翰·墨菲。

Just a first question. You guys talked about this a bit, and Shelley gave us some numbers. But as far as inventory levels, as we think about the light vehicle business in the U.S. and the U.K., how much were you hampered by shortages? I mean some of the numbers don't sound too bad, and I think people are thinking that chip shortage is done, but reality is I think there's some -- the hiccups still there. And then on the commercial side as well, I mean, it sounds like you got real shortages there. When do you think those get resolved, it will take some time? And what kind of impacts are these having on the business?

只是第一個問題。你們稍微討論了一下這個問題，雪萊給了我們一些數字。但就庫存水準而言，當我們考慮美國和英國的輕型汽車業務時，短缺對您的影響有多大？我的意思是，有些數字聽起來並不太糟糕，我認為人們認為晶片短缺已經結束，但現實是我認為仍然存在一些問題。然後在商業方面，我的意思是，聽起來那裡確實存在短缺。您認為這些問題什麼時候能解決，需要一些時間嗎？這些對業務有何影響？

Okay. Let's -- I put it in perspective, John. Our total inventory at the end of 9 months only went up $200 million. So obviously, we're still in a tight inventory situation. And then the impact in the third quarter because it's a registration month, in the U.K., almost 500 units that hit us there, obviously, that had some impact. And I think that at this point, we look at U.S. inventory today, is at 2 million units and pre-pandemic is at 3.6 million. And our inventory, obviously, is only up, I don't know what it is on a cost for sale, but obviously, it's not much when you look at 9 months.

好的。讓我們——我換個角度來看一下，約翰。 9 個月末我們的總庫存僅增加了 2 億美元。顯然，我們仍然處於庫存緊張的情況。然後是第三季的影響，因為這是英國的註冊月，有近 500 台設備到達那裡，顯然，這產生了一些影響。我認為目前美國的庫存為 200 萬輛，而疫情爆發前為 360 萬輛。顯然，我們的庫存只增加了，我不知道銷售成本是多少，但顯然，從 9 個月來看，這並不多。

But I think right now, remember, we're premium, so we don't get the big swings in the domestics that they might have in the other companies. And our volume foreign, obviously, Toyota is one of our lowest day supply along with Honda, and it continues to be there. So anyhow, I'll let Rich talk about, Rich, what do you think about the truck inventory, where you see it as we go forward on heavy trucks.

但我認為現在，請記住，我們是溢價產品，因此我們不會像其他公司那樣在國內市場出現大幅波動。顯然，在我們的國外銷售中，豐田和本田一樣是我們日供應量最低的企業之一，而且它仍然存在。所以無論如何，我會讓里奇談談，里奇，你對卡車庫存有何看法，當我們在重型卡車上前進時你會看到它。

Yes, John, just clarification on comps. So we've seen a steadier supply this year of the commercial trucks. The comparison to the third quarter of last year was related to the peak and supply chain challenges at the beginning of 2022, mostly related to semiconductors and the commercial vehicles from a production standpoint. And so those delays early last year pushed more retail sales into the third and fourth quarter of last year than what would have, say, normally occurred.

是的，約翰，只是對比較進行澄清。因此，我們看到今年商用卡車的供應更加穩定。與去年第三季的比較與2022年初的高峰和供應鏈挑戰有關，從生產角度來看，主要與半導體和商用車有關。因此，去年初的這些延誤導致去年第三和第四季的零售額比正常情況下要多。

And so now that we're back to a more normal and even distribution of delivery from the OEMs, the comps look -- in comparison were down compared to Q3 of last year. So from an inventory standpoint, we're still, as I said, sold out on every truck that's being given to us. We've had minor cancellations that have been sucked up by other customers who haven't got enough trucks over the last couple of years.

因此，現在我們回到了原始設備製造商的更正常、更均勻的交付分佈，與去年第三季相比，比較看起來有所下降。因此，從庫存的角度來看，正如我所說，我們提供的每輛卡車仍然售罄。在過去的幾年裡，我們有過一些小規模的取消訂單，這些訂單被其他沒有足夠卡車的客戶吸收了。

And we're seeing the delays come down in body builders. This is a cab chassis manufacturing that goes to some sort of body company after the fact their supply chain is improving somewhat as well. And then if you look at overall commercial truck inventory, just from a numbers perspective, we ended last year at 506 million in inventory, and we're at 494 million today. So fairly flat across the board.

我們看到健美運動員的延誤情況減少。這是一種駕駛室底盤的製造，在某些車身公司的供應鏈也有所改善之後，他們就將其轉移。然後，如果你看一下整體商用卡車庫存，僅從數字角度來看，去年我們的庫存為 5.06 億輛，而今天為 4.94 億輛。整體來說相當平坦。

Okay. And then just a second one real quick. Your Parts and Service was particularly strong in the quarter. Roger, I don't know if you can talk about sort of the different channels, customer pay, warranty. I may have missed some of those numbers. But how should we think about that going forward because that remains a significant bright spot for the business, and it seems like there's even more opportunity going forward.

好的。然後很快就第二個。你們的零件和服務在本季尤其強勁。羅傑，我不知道你是否可以談談不同的管道、客戶付款、保固。我可能錯過了其中一些數字。但我們應該如何看待未來的發展，因為這仍然是業務的一個重要亮點，未來似乎還有更多的機會。

Well, I think the same-store talk same-store is really meaningful. Revenue was up 9.5%, and our gross profit was up 10.3%. And I think the key thing here is that we're implementing AI that's driving higher after-hour appointments, which we didn't have before. We're Tech Video. In fact, 74% of our [rows] in the West are using tech video now. So we're not only getting better clarification of the service but also ability to upsell. And then our ELR, our rate of -- that we charge the customer effective labor rate is up 5%. And we don't see BEV also not being a detriment to our fixed. In fact, it's really better right now because the parts costs are higher and many of these cars have to be in the shop for a longer period of time. So I think the other good news is that our tech count is up 4% in the U.S. and 3% up overall.

嗯，我覺得同店談同店確實很有意義。營收成長 9.5%，毛利成長 10.3%。我認為這裡的關鍵是我們正在實施人工智慧，這可以提高下班後的預約率，這是我們以前沒有的。我們是科技視頻。事實上，我們西方 74% 的[行]現在正在使用科技影片。因此，我們不僅獲得了更好的服務澄清度，而且還獲得了追加銷售的能力。然後我們的 ELR，我們向客戶收取的有效勞動力費率上升了 5%。我們認為純電動車也不會損害我們的固定資產。事實上，現在的情況確實更好，因為零件成本更高，而且許多汽車必須在商店存放更長的時間。所以我認為另一個好消息是美國的科技數量增加了 4%，整體成長了 3%。

And just one follow-up on that. The ELR for warranty work, is that up in a similar rate? Or is that difference between customer pay and warranty...

這只是一個後續行動。保固工作的 ELR 是否也有類似的漲幅？或者說客戶付費和保固之間有差別嗎？

I would say the warranty rate is, we have to go to the manufacturer at least on a 12 to 18 months, and we have to show established door rate, then they give us a rate. So we probably could move the door rate to the customer higher faster than we would get it from the OEM, but it somewhat follows that continuously.

我想說的保固率是，我們必須至少在 12 到 18 個月內去製造商那裡，並且我們必須顯示既定的上門率，然後他們給我們一個率。因此，我們可能可以比從原始設備製造商獲得更高的價格更快地向客戶提供價格，但它在某種程度上會持續遵循這一趨勢。

Next, we will go to the line of Michael Ward.

接下來，我們將前往邁克爾·沃德（Michael Ward）的路線。

So it looks like basically, some of the supply constraints on the heavy-duty truck side are hitting you both on PTS and auto retail truck. And I'm just curious on PTS. If I did my math right, the fleet, the managed fleet has grown about 8% annually over the last decade. Is there any reason we won't continue to see that type of growth? And then you've also had exponential growth in the profitability, despite it being down year-over-year for some quirky things. But is that what we can expect from PTS going forward?

因此，看起來基本上，重型卡車方面的一些供應限制對 PTS 和汽車零售卡車都造成了影響。我只是對 PTS 感到好奇。如果我算得對的話，過去十年中，管理的機隊每年增長約 8%。我們有什麼理由不會繼續看到這種成長？然後，儘管由於一些奇怪的事情，盈利能力逐年下降，但盈利能力也呈指數級增長。但這是我們對 PTS 未來的期望嗎？

Well, I can say this. I think I've said it on the call, we want to be at 500,000 units by 2025. Now that will move up and down a little bit on rental utilization because right now, we're at 18,000, say, tractors in the rental fleet, probably moving it down to, say, 14,000 here while we go through a little slower period to maintain our 80% to 85% utilization.

嗯，我可以這麼說。我想我已經在電話中說過了，我們希望到 2025 年達到 500,000 台。現在，這將在租賃利用率方面略有波動，因為目前我們的租賃數量為 18,000 台拖拉機機隊，可能會將其降低到14,000 輛，同時我們會經歷一個稍微緩慢的時期來維持80% 到85% 的利用率。

But I see no reason not to continue the continued growth. And now that's a mix. Remember now, the straight trucks, light-duty trucks, tractors and trailers. And I think the -- our tractor fleet is the biggest in the world right now, and we continue to grow. The problem is from our main vendors is getting the equipment. And they're -- we get -- one gives us trucks and the next one has a stop sale, et cetera. So I think when you look at our contract business, remember, if we're up 13% in contract that's for 1 year. And typically, these contracts now would go forward for 3 to 4 to 5 years. So we really have a trailing opportunity here. So I see this revenue continuing to grow. And obviously, it's easy for us to grow the fleet. We're not limited by franchise laws or any other things you might have on the automotive side.

但我認為沒有理由不繼續持續成長。現在這是一個混合體。現在請記住，直卡車、輕型卡車、牽引車和拖車。我認為，我們的拖拉機車隊目前是世界上最大的，而且我們還在繼續成長。問題出在我們的主要供應商取得設備。他們——我們得到——一個給我們卡車，而下一個則停止銷售，等等。因此，我認為，當您查看我們的合約業務時，請記住，如果我們的合約成長了 13%，則期限為 1 年。通常，這些合約現在將持續 3 至 4 至 5 年。所以我們在這裡確實有一個落後的機會。所以我認為這項收入持續成長。顯然，我們很容易擴大機隊規模。我們不受特許經營法或汽車方面可能擁有的任何其他事物的限制。

And have you seen any easing in some of the constraints of the industry?

您是否看到該行業的一些限制有所緩解？

Let me let Rich, do you want to answer that?

讓我讓 Rich，你想回答這個問題嗎？

Yes. So Mike, you look at the parts side of the business, which really is an indicator of the challenges on the supply side of the business. And at its peak, there was 250,000 nationwide back orders from the dealers. And we -- at any given time, as an entity Premier Truck, we've had about 10% of those nationwide back orders. To put that number in perspective, it was -- less than 10,000 would have been prepandemic levels, less than 10,000 national back orders for all of the Daimler Truck North American dealerships.

是的。麥克，你看看業務的零件方面，這確實是業務供應挑戰的指標。最高峰時，全國經銷商的缺貨訂單高達 25 萬份。而我們——在任何特定時間，作為一個實體 Premier Truck，我們都有大約 10% 的全國延期交貨訂單。從角度來看，這個數字是——不到大流行前的水平，不到 10,000 份，所有戴姆勒卡車北美經銷商的全國延期訂單不到 10,000 份。

So right now, as we sit here today, it's just below 100,000. So it's come down significantly and the supply chain is improving on componentry but still 10x where it was say, pre-COVID levels. And then when you look at equipment, I just want to go back to our new unit sales. So we're up 8% on a -- through 9 months on a year-to-date basis. It's down 13% for the quarter. And that's the dynamics related to the supply chain of 2022, where a lot of retail sales got pushed later in the year. So we're still up on a year-to-date basis, 8% retail sales on the truck side.

所以現在，當我們今天坐在這裡時，這個數字略低於 100,000。因此，它已經顯著下降，供應鏈在零件方面正在改善，但仍是新冠疫情前水準的 10 倍。然後當你看設備時，我只想回到我們的新單位銷售。因此，從年初至今的 9 個月來看，我們的股價上漲了 8%。本季下降了 13%。這就是與 2022 年供應鏈相關的動態，今年稍後大量零售額得到推動。因此，今年迄今為止，卡車方面的零售額仍然增加了 8%。

And the pricing is still strong. And so that's another good indication.

而且定價仍然堅挺。這是另一個很好的跡象。

That's correct. Yes.

這是正確的。是的。

Next, we go to a question from Daniel Imbro.

接下來，我們回答 Daniel Imbro 的問題。

Roger, maybe starting one on the new vehicle side, just thinking about GPUs have been strong, and they did step down a bit more. I wanted to maybe double-click on that. EV demand has been pretty tepid maybe at best. Can you talk about the GPU degradation or parse out what ICE GPUs are doing maybe from the first half into 3Q. And then what EV GPUs did? And maybe is that part of the reason for this deeper step down in profitability here, we saw a little bit in the quarter?

羅傑，也許在新車方面開始了一個，只是考慮到 GPU 已經很強大了，而且他們確實稍微退一步了。我想雙擊它。電動車的需求充其量只是相當不溫不火。您能否談談 GPU 的退化情況，或分析 ICE GPU 從上半年到第三季的表現。那麼 EV GPU 做了什麼？也許這就是我們在本季看到的獲利能力進一步下降的部分原因？

Well, we see growth is rationalizing. I think we've talked about it again before. We're not going to return to prepandemic for sure in the near future, I don't believe. And when you look at our business today, 52% of our business is at MSRP. So -- and again, being a premium luxury player like we are, we're not in the volume game. So we don't have -- as I said earlier, we might have 300 BMW stores and one of the big 3 has 6,000 dealers. So a lot more competition in the market.

嗯，我們看到成長正在合理化。我想我們之前已經討論過這個問題了。我不相信，在不久的將來我們肯定不會再回到疫情前。當你看看我們今天的業務時，你會發現我們 52% 的業務都是以建議零售價計算的。因此，再次強調，作為像我們這樣的高端奢侈品玩家，我們並不參與銷售遊戲。所以我們沒有——正如我之前所說，我們可能有 300 家寶馬專賣店，而三大汽車巨頭之一擁有 6,000 家經銷商。因此市場競爭更加激烈。

So I think that at the present time, our decline was about 450 sequentially. Again, when you look at the first quarter of '23 versus '19 or early -- or excuse me, first quarter this year, we're down 140. The key thing is certainly the average transaction price has gone from [$40,000] in the third quarter in 2019 to [56.6%]. So a certain amount of benefit we're getting is because of a higher cost base. And I think this gets us to a higher base margin. Well, obviously, it's got to be inventory driven. There's no question about it. But overall, I think the margin will stay pretty much the same but will start to decline slightly based on more availability. I'm going to let Randall talk a little bit about what you see internationally.

所以我認為目前我們的環比下降幅度約為 450。再說一次，當你看看 23 年第一季度與 19 年或早期的情況相比，或者對不起，今年第一季度，我們下降了 140 美元。關鍵是平均交易價格已經從 2019 年的 [40,000 美元] 2019年第三季增至[56.6%]。因此，我們獲得的一定程度的好處是由於更高的成本基礎。我認為這讓我們獲得了更高的基礎利潤。嗯，顯然，它必須是庫存驅動的。毫無疑問。但總體而言，我認為利潤率將基本保持不變，但會根據更多可用性而開始略有下降。我將讓蘭德爾談談您在國際上的所見所聞。

Yes, I think on the new car side, remember that the market in the U.K. is nearly 17% -- 16.8% BEV, which is up slightly versus last year. We're -- because of our mix, we're higher than that. We're going to be, depending on the brand, we range between 20% and 25% on an average. So interestingly as well, we're seeing the BEV margins erode a bit. We wrote some business last year with deliveries this year towards the beginning of the year with better grosses.

是的，我認為在新車方面，請記住英國市場的純電動車佔比接近 17% - 16.8%，比去年略有上升。我們──因為我們的組合，我們比那更高。根據品牌的不同，我們的平均比例將在 20% 到 25% 之間。同樣有趣的是，我們看到純電動車的利潤率下降。去年我們寫了一些業務，今年年初交付了一些業務，並取得了更好的總收入。

But on the BEV side, for some of the brands, it's a little bit weaker. Interesting on Mercedes as agency, we have a fixed commission, obviously, margin on that. And typically, the BEVs are more expensive. So our margin on those with Mercedes was bucking the trend a little bit better.

但在純電動車方面，對於某些品牌來說，它的實力稍弱。有趣的是，梅賽德斯作為代理機構，我們有固定的佣金，顯然，還有利潤。通常，純電動車更昂貴。因此，我們與梅賽德斯的利潤率逆勢而上。

And I think also when you look at BEV sales here in the U.S., we're selling at 80% or under MSRP (inaudible) talk a little bit probably about inventory on BEVS here, Rich.

我還認為，當您查看美國的 BEV 銷售情況時，我們的銷售率為 80% 或低於建議零售價（聽不清楚），Rich 可能會談論這裡的 BEVS 庫存。

Yes. So we've seen sequentially an improvement actually on inventory from the second quarter. At the end of the second quarter, we were about 15% of our overall inventory with BEV. That's down to just over 11% through the end of the third quarter. Shelley alluded to the days supply earlier being about 14 days more than a comparable ICE inventory. And then you look at the percentage of our sales, it represents on a year-to-date basis that sale is about 6.7%. That's up slightly 112 basis points from our percentage of sales through the second quarter.

是的。因此，我們已經看到庫存從第二季開始實際上有所改善。第二季末，純電動車約佔總庫存的 15%。到第三季末，這一比例已降至略高於 11%。雪萊提到，早期的供應天數比同類 ICE 庫存多出約 14 天。然後你看看我們的銷售額百分比，從年初至今來看，銷售額約為 6.7%。這比我們第二季的銷售額百分比小幅上升了 112 個基點。

And to Roger's point earlier, we're seeing -- and on average, with the brands that we represent about $2,400 lower gross profit per unit on the BEV sales. We've got to discount them to move them and as the OEMs are putting [tons of money] on there to try and drive customer demand.

對於羅傑之前的觀點，我們看到——平均而言，我們代表的品牌 BEV 銷售的每單位毛利降低了約 2,400 美元。我們必須對它們進行折扣才能轉移它們，而原始設備製造商正在投入[大量資金]來嘗試推動客戶需求。

I think talking about we're selling them too. I think it's interesting...

我想談論我們也在出售它們。我認為這很有趣...

Yes. So if you just look at it at an industry year-to-date -- sorry, 37% of year-to-date BEV sales are in California, but of our sales, the PAG sales, 51% are going to California. 70% of our sales are actually through our West region, which is Texas, Arizona and California. So you've got only 3 states right now in the United States that are above the national average sales rate, which is 8%, and that's Texas, California and in New Jersey.

是的。因此，如果你只看今年迄今為止的行業情況，抱歉，今年迄今為止 BEV 銷量的 37% 來自加州，但在我們的 PAG 銷量中，51% 流向加州。我們 70% 的銷售額實際上是透過我們的西部地區，即德克薩斯州、亞利桑那州和加利福尼亞州。因此，目前美國祇有 3 個州的銷售率高於全國平均銷售率（8%），即德州、加州和新澤西州。

And then if you look at California sales in Q3, it is 23% overall of sales were into California. So at some point, those markets are going to get saturated. And it's going to be a little more challenging in the other markets that currently have a lower adoption rate of BEVs compared to the national average.

如果你看看第三季加州的銷售額，你會發現加州的銷售額佔總銷售額的 23%。因此，到了某個時候，這些市場將會飽和。在目前純電動車採用率低於全國平均水平的其他市場中，這將更具挑戰性。

Yes. Randall, talk a little bit about BEV sales in the U.K. and the rest of Europe.

是的。蘭德爾，請談談英國和歐洲其他地區的純電動車銷售情況。

Yes. So look, like I said, a little bit challenging. What I think an interesting statistic is it, specific in the U.K., the market's up, like we said, but retail is only up 2% and fleet's really driving this. And the BEVs are really coming through those fleet purchases as you get the tax incentive through the scheme they have in the U.K. And then you look at countries like Italy and Spain, where there's very, very little government incentives and you've got BEV percentages between 3.5% and 6% penetration. So it's really followed the incentives. And the challenge that we've seen from an infrastructure standpoint and range anxiety, all the usual items.

是的。所以看起來，就像我說的，有點具有挑戰性。我認為一個有趣的統計數據是，特別是在英國，正如我們所說，市場上漲，但零售業僅上漲 2%，而車隊才是真正推動這一成長的因素。純電動車確實是透過這些車隊購買來實現的，因為你透過英國的計畫獲得了稅收激勵。然後你看看義大利和西班牙等國家，那裡的政府激勵措施非常非常少，但你卻得到了純電動汽車的百分比滲透率在 3.5% 至 6% 之間。所以它確實遵循了激勵措施。我們從基礎設施的角度看到了挑戰和範圍焦慮，所有這些都是常見的問題。

Randall, it's important to note, too, that the U.K. just within the last couple of months decided to push back the mandatory adoption of BEVs from 2030 to 2035. So I think that comes into play, and we should watch that carefully, too. So ICE will continue to be a more prominent player in that market, we think, for a longer period of time.

Randall，還需要注意的是，英國在過去幾個月內決定將強制採用純電動車的時間從 2030 年推遲到 2035 年。所以我認為這會發揮作用，我們也應該仔細觀察。因此，我們認為，在較長一段時間內，ICE 將繼續成為該市場中更重要的參與者。

Most similarly, Tony, too California pushed back the ban of ICE vehicles as well.

最相似的是，托尼也在加州推遲了內燃機車輛的禁令。

They did. That's right.

他們做到了。這是正確的。

So I think today, we've got a lot of people on premium side have bought their EV. There's still a discussion about range, correct?

所以我認為今天，我們有很多高端人士買了電動車。仍然存在關於範圍的討論，對嗎？

Yes.

是的。

Obviously, that is critical. And then infrastructure, about half of it is working. And I think that you're reading it in the papers today. I mean we're pushing back -- I would have to say that every day we talk to our field, and we're talking about BEV inventory and talking about how much more do you want. It's what do you have, and we're very careful on used pricing also. What's your inventory in the U.S.?

顯然，這很關鍵。然後是基礎設施，大約一半正在運行。我想你今天正在報紙上讀到它。我的意思是，我們正在反擊——我必須說，我們每天都在與我們的領域交談，我們正在談論純電動車庫存，並談論您還想要多少。這就是您所擁有的，我們對二手價格也非常謹慎。你們在美國的庫存有多少？

Inventory of used BEVs is 134 units.

二手純電動車庫存為 134 輛。

What would it be -- you don't know what is in the U.K. But again, we're really watching it and I think the interesting we can actually take a BEV in on trade and sell it and get more for a used one gross profit than we can on a new one. So it's there's so many moving parts we can spend an hour here and talk about it.

它會是什麼——你不知道英國有什麼。但是，我們真的在關注它，我認為有趣的是，我們實際上可以將一輛BEV 進行交易並將其出售，並以二手車的價格獲得更多收益利潤比我們購買新產品的利潤高。因此，有很多活動部件，我們可以在這裡花一個小時來討論。

No, that was all extremely helpful. I'll follow up with one on the commercial truck side. Obviously, overall solid profit quarter, but we did see Service and Parts growth maybe moderate a bit. I'm trying to understand that in the context of what we said about PTS, fewer delivery for PTS means that fleet spending $40 million more year-over-year on maintenance costs. So I would think if fleets are spending more on maintenance, that would drive maybe more service and parts growth. Can you maybe talk about why has Service and Parts growth moderated and kind of what the buckets were within that piece on the commercial truck side.

不，這一切都非常有幫助。我將跟進商用卡車方面的一個。顯然，季度整體利潤穩健，但我們確實看到服務和零件成長可能會有所放緩。我試圖理解，就我們所說的 PTS 而言，PTS 交付量的減少意味著車隊的維護成本比去年同期增加了 4000 萬美元。因此，我認為如果車隊在維護方面投入更多，這可能會推動更多的服務和零件成長。您能否談談為什麼服務和零件成長放緩，以及商用卡車方面該部分的內容。

Yes. So if you look at fixed operations in the Premier Truck Group business, year-to-date, we're up 8% for the quarter. We were up 4% versus prior year. So definitely a slowdown slightly compared to prior year. If you look into that then a little bit deeper in the constituents of that of Service and Parts, the majority of that is going to be related to the retail and wholesale parts side of the business. So you've got -- on the wholesale side, you've got a big business there where we're selling to independent repair centers. Then on the retail side, a lot of (inaudible) carriers transition or transport goods down the federal highway system. So you've seen as the freight rates have declined year-over-year that the activity and utilization of some of the assets has declined as well. And so that's where you're seeing a slight softening in the fixed operations side of the business.

是的。因此，如果你看看 Premier Truck Group 業務的固定業務，年初至今，我們本季成長了 8%。與去年相比，我們成長了 4%。因此，與去年相比，肯定會略有放緩。如果您更深入地研究一下服務和零件的組成部分，其中大部分將與業務的零售和批發零件方面相關。所以，在批發方面，我們有一個大業務，我們向獨立維修中心銷售產品。然後在零售方面，許多（聽不清楚）承運商透過聯邦高速公路系統過渡或運輸貨物。因此，您已經看到，隨著運費同比下降，一些資產的活動和利用率也下降了。因此，您會看到該業務的固定營運方面略有疲軟。

I think we had a benefit out of price increases.

我認為我們從價格上漲中受益。

Yes, we have some parts depreciation in calendar year 2022 as well that would not be in those comparables this year.

是的，我們在 2022 日曆年也有一些零件折舊，而今年的可比較中不會有這些折舊。

Daniel, we're still covering 132% fixed absorption. So not a bad story by any means.

丹尼爾，我們仍然涵蓋 132% 的固定吸收率。所以無論如何，這不是一個糟糕的故事。

Next, we go to Rajat Gupta.

接下來，我們前往 Rajat Gupta。

Could you unpack the SG&A to gross in the quarter a little bit. How much of the sequential move was driven by just the GPU weakness versus some of the delivery delays in U.K. for BMW, Volkswagen? We heard from one of your peers that, that was an issue. And just like any other items that you might want to call out that might have influenced the SG&A to gross? And I have a follow-up.

您能否稍微分析一下本季的 SG&A 總營收？與BMW、大眾汽車在英國的部分交付延遲相比，GPU 的弱點有多少是導致這種順序變化的原因？我們從一位同行那裡聽說，這是一個問題。就像您可能想要指出的任何其他可能影響 SG&A 總額的項目一樣？我有一個後續行動。

Rajat, I can take that. As I mentioned, SG&A to gross was 69.9%, those 300 basis points, we've really whittled it down to 3 main areas. So as we mentioned, 5.5 million or 50 basis points related to the hail damage within the quarter. So we've got that. The other, there's another 100 basis points that relate to service loaners in vehicle maintenance. So up $11 million.

拉賈特，我可以接受。正如我所提到的，SG&A 佔總數的 69.9%，這 300 個基點，我們實際上已將其縮減為 3 個主要領域。正如我們所提到的，本季的冰雹損失與 550 萬或 50 個基點相關。所以我們已經得到了。另外，還有 100 個基點與車輛維修中的服務借用者有關。增加了 1100 萬美元。

But as we've talked about, service loaners represents an opportunity for us. It's a way to cater to our service customers and improve our service gross profit as we saw as a result but then it's also an excellent source of used cars. And then all of the peers have talked about, we're certainly struggling sourcing used cars. So the fact that we've got almost 7,400 of service loaners available really will be future gross profit for us, but it also helps with servicing our customers right now. So as they have affordability concerns, if somebody comes in, wanting to buy a new X5 and can't quite stomach the higher payment, we can turn to our service loaner fleet and that not only helps the customer, he's walking away with an almost brand-new X5. But his team is more in line with what he's used to.

但正如我們所討論的，服務貸款人對我們來說是一個機會。正如我們所看到的，這是迎合我們的服務客戶並提高我們的服務毛利的一種方式，但它也是二手車的絕佳來源。然後所有同行都談到，我們在購買二手車方面確實遇到了困難。因此，我們擁有近 7,400 個可用的服務貸款人，這一事實確實將成為我們未來的毛利，但它也有助於現在為我們的客戶提供服務。因此，由於他們擔心負擔能力，如果有人進來想要購買新的 X5 並且無法忍受更高的付款，我們可以轉向我們的服務租賃車隊，這不僅可以幫助客戶，而且他會帶著幾乎全新X5。但他的團隊更符合他習慣的樣子。

So sometimes those costs aren't always a bad thing. And then the other 160 basis points or so is increased costs related to our personnel. But as we've talked, Simon, again, we're still very comfortable that everything will eventually normalizes out in that 70-ish percent range. And there's some seasonality in there here and there. But overall, we think we'll ultimately get to that low 70% range.

所以有時這些成本並不總是壞事。另外 160 個基點左右是與我們的人員相關的成本增加。但正如我們所說，西蒙，我們仍然非常放心，一切最終都會在 70% 左右的範圍內恢復正常。而且到處都有一些季節性。但總的來說，我們認為最終會達到 70% 的低範圍。

Some of that personnel cost was related to some of the vehicles that couldn't be delivered that Randall spoke to earlier.

部分人員成本與蘭德爾之前談到的一些無法交付的車輛有關。

Yes.

是的。

As far as gross is down.

就總量而言，下降了。

Probably, say, 4 million or 5 million of gross that we didn't get. We're up 3 million growth for the quarter year-over-year, where we lost 4 million, 5 million in that one. And then of course, we had a higher cost. The only thing we've really talked about with the hailstorm. And there's other little things in there where we just don't talk about at this point.

比如說，我們可能沒有獲得 400 萬或 500 萬的總收入。我們本季年增了 300 萬，而這一季度我們損失了 400 萬、500 萬。當然，我們的成本也更高。我們唯一真正談論過的是冰雹。還有其他一些小事情，我們現在不討論。

Got it. That's clear. And then just in the U.K., any updated learnings from the Mercedes agency model. Looks like the GPU actually went up sequentially there from 2Q to 3Q. What drove that? Any other learnings you can share on profitability, SG&A changes, et cetera?

知道了。很清楚。然後就在英國，從梅賽德斯代理模式中獲得的任何最新經驗。看起來 GPU 實際上從第二季到第三季依次上升。是什麼推動了這一點？您可以分享關於盈利能力、SG&A 變化等方面的其他經驗嗎？

Yes, I'm talking about...

是的，我說的是…

Yes, sure. Yes, you're right, Rajat, the gross profit has gone up. And again, with a fixed commission, that's going to be predicated on the sell price of the car. So we were at 3,278, so GBP 3,278 per unit, which was up. If I look at 2019, it was GBP 2,595 pounds per unit. Interestingly, in the acquisition we made about a year ago, the London stores, that's at GBP 3,564 per unit. So you get that richer mix of car. Obviously, we get the benefit from that. So our challenge and what the team has done a nice job and continues to do is we just got to reduce our cost base as we have a bit of a paradigm shift in how the customers transact.

是的，當然。是的，你說得對，Rajat，毛利增加了。同樣，在固定佣金的情況下，這將取決於汽車的售價。所以我們的價格是 3,278，即每單位 3,278 英鎊，上漲了。如果我看看 2019 年，每單位的價格為 2,595 英鎊。有趣的是，大約一年前我們收購了倫敦商店，價格為每單位 3,564 英鎊。這樣您就可以獲得更豐富的汽車組合。顯然，我們從中受益。因此，我們面臨的挑戰以及團隊已經做得很好並繼續做的事情是，我們必須降低成本基礎，因為我們在客戶的交易方式上發生了一些範式轉移。

You see the traffic -- foot traffic into the stores down, but our digital, our Internet traffic is way up. So it's really trying to convert, and we've improved our conversion ratio on those leads by 8 points year-to-date compared to last year. So that's the kind of stuff we're working on. We see Service and Parts continue to be strong there and grow. So look, those margins are good. We just got to continue to work on those costs underneath and drive those opportunities to the store, both digitally and walking in.

你會看到客流量——進入商店的客流量下降了，但我們的數字、網路客流量卻大幅上升。因此，我們確實在努力進行轉化，與去年相比，今年迄今為止，我們已將這些潛在客戶的轉換率提高了 8 個百分點。這就是我們正在做的事情。我們看到服務和零件在那裡繼續強勁並增長。所以看，這些利潤是不錯的。我們只需繼續努力降低這些成本，並將這些機會帶到商店，無論是數位化還是走進商店。

I think the good news here is that -- we were the first guys in the barrel with agency. We're shifting to more product specialists than salespeople, which lower our cost. We're getting a lot more inquiries by significantly higher than we had before because 95% are coming out of our PMA as we call it over here, which is a real positive. We've got 13,000 vehicles that are on site from the standpoint that the customer can look at. They've given us now some stock cars, which we didn't have at the beginning and there's some incentive to sell off the floor.

我認為好消息是──我們是第一批擁有代理權的人。我們正在轉向更多的產品專家而不是銷售人員，這降低了我們的成本。我們收到的詢問數量明顯高於以前，因為 95% 的詢問來自我們這裡所說的 PMA，這是一個真正的積極因素。從客戶可以查看的角度來看，我們在現場有 13,000 輛車輛。他們現在給了我們一些庫存車，這是我們一開始沒有的，並且有一些在場內出售的動力。

So it's very interesting. We had no idea interest rates are going to go over there. We're complained about agency. But I can tell you one thing, we have no cost and they're paying for our marketing cost to a certain extent. So I think our understanding of our cost base, the fixed margin, which is good. By the way, on BEVs, getting an extra 100 basis points, correct on that.

所以這很有趣。我們不知道利率會上升到那裡。我們被投訴代理。但我可以告訴你一件事，我們沒有任何成本，他們在某種程度上支付我們的行銷費用。所以我認為我們對成本基礎、固定利潤的理解很好。順便說一句，對於純電動車，可獲得額外 100 個基點，這一點是正確的。

So I would say that at the moment, we're learning, and I'm certainly Mercedes is learning too. Now they backed up a little bit, we understand other parts of Europe where they were going to introduce it, they're pushing it back because they're learning a lot about what's going on in the U.K. So it might be a little bit about like BEV. overnight, they're going to say we're going that way everywhere. So I think we've got many coming up next year, and we'll see in '26 we have BMW, but we're all over it.

所以我想說，目前我們正在學習，我當然梅賽德斯也在學習。現在他們退縮了一點，我們了解歐洲其他地區他們本來打算在哪些地方引入它，但他們正在推遲它，因為他們正在了解很多有關英國正在發生的事情，所以可能會有點關於像純電動汽車。一夜之間，他們就會說我們到處都是這樣。所以我認為明年我們會有很多產品，我們會在 26 年看到寶馬，但我們已經結束了。

Next, we go to the line of John Healy.

接下來，我們來看看約翰·希利的路線。

Roger, I just wanted to ask just kind of early thoughts in the last month or so on just the UAW impact maybe on the industry as a whole. Obviously, I know you guys have minimal exposure to the big 3, but part of me feels like there is a (inaudible) if someone is looking for an Explorer, they might be looking for a CRB as well or something along those lines. So any sort of thought about grosses in Q4.

羅傑，我只是想問一下上個月左右的一些早期想法，即 UAW 對整個行業的影響。顯然，我知道你們對三巨頭的接觸很少，但我覺得（聽不清楚）如果有人在尋找 Explorer，他們可能也在尋找 CRB 或類似的東西。所以關於第四季度總收入的任何想法。

Do you think that there's a magic number in terms of the strike last for so long that maybe it has a little bit of a sequential bump on grosses. And do you subscribe to a theory that the strike ends up maybe taking margins higher in the short run when we start next year maybe at a higher level than maybe where we're at today.

你是否認為，就罷工持續時間而言，有一個神奇的數字，以至於總收入可能會出現一些連續的上升。您是否同意這樣一種理論，即罷工最終可能會在我們明年開始時的短期內提高利潤率，可能會比我們今天的水平更高。

This is one time when I read the paper, it doesn't affect us because when you look at our brand mix, we only have 1% of our total revenue comes out of big 3. And Toyota, Honda, we're not at this point affected and most of the German brands are already dealing with their unions that they have overseas. But look, having owned Detroit Diesel and adding UAW look, what's happening is they see all these profits the union does and the workers. And I think the unfortunate thing is that there's a cost base that has been put in place which is much higher than the competition.

這是我讀到這篇論文的一次，它不會影響我們，因為當你看看我們的品牌組合時，我們只有 1% 的總收入來自三大巨頭。而豐田、本田，我們並不在這一點受到了影響，大多數德國品牌已經在與海外工會打交道。但是看，擁有底特律柴油機公司並加入美國汽車工人聯合會後，他們看到了工會和工人帶來的所有這些利潤。我認為不幸的是，已經制定的成本基礎遠高於競爭對手。

And that's the biggest concern I think they have, and they're trying to mitigate that with good negotiations with the Big 3. And with (inaudible) with new hires coming in and melding into the top rate instead of 6 years, 3 or 4 years, all these things are probably ways that you can kind of get together. But I don't think we've seen the last page of this. And unfortunately, it's going to put higher cost for the Big 3, and I'm glad where we are with our brand mix.

我認為這是他們最大的擔憂，他們正試圖透過與三大巨頭的良好談判來緩解這一問題。並且（聽不清楚）新員工的加入並融入最高水平，而不是 6 年、3 或 4 年多年來，所有這些事情可能都是你們可以聚在一起的方式。但我認為我們還沒有看到最後一頁。不幸的是，這將為三大巨頭帶來更高的成本，我很高興我們的品牌組合目前所處的位置。

Got it. And you brought up Toyota. I think in the last couple of days, there was an issue with one of Toyota's (inaudible) suppliers. Does that have any sort of meaningful or risk to you guys in Q4 or 1Q of next year? Have they communicated anything to be aware of on just their production outlook?

知道了。你提出了豐田。我認為在過去的幾天裡，豐田的一家（聽不清楚）供應商出現了問題。這對明年第四季或第一季的你們有什麼意義或風險嗎？他們是否就生產前景傳達了需要注意的事項？

Well, look, what's our debt base imply, Well, look, what's our debt base imply, 10 or 12 days, (inaudible) less than 10. Yes. look, if they get an issue with a supplier, obviously, for the U.S. plants, stuff comes out of different parts of the world for them, it could impact us for sure.

好吧，看看，我們的債務基礎意味著什麼，好吧，看看，我們的債務基礎意味著什麼，10 或 12 天，（聽不清楚）少於 10 天。是的。聽著，如果他們與供應商出現問題，顯然，對於美國工廠來說，他們的產品來自世界不同地區，這肯定會影響我們。

And our next question is from David Whiston.

我們的下一個問題來自大衛·惠斯頓。

A couple of questions. First, I think Shelly, you were talking earlier about the example of customer booking a new X5, you could get -- sell them one of your loaner as a use. I guess my question on that would be, how quickly can you then replenish that loaner.

有幾個問題。首先，我認為雪莉，您之前談到了客戶預訂一輛新 X5 的例子，您可以將您的借用車賣給他們作為使用。我想我的問題是，你能多快補充該貸款。

Well, I think that's what we're seeing today. Everybody is looking at our used cars. I said, look, we were hampered by not being able to turn loaners. We turn loaners typically in 90 to 120 days. Now that supply is coming we're going to suck up some of that availability in the loaner cars. So it's all going to be done by based on availability. But in the premium luxury side, it's really key because I can turn that 21,000 loaners 3 times a year, that's -- really that's 21,000 more used cars.

嗯，我想這就是我們今天所看到的。每個人都在看我們的二手車。我說，你看，我們因為無法轉向貸款人而受到阻礙。我們通常會在 90 至 120 天內完成貸款。現在供應即將到來，我們將透過借用汽車吸收部分可用量。因此，這一切都將根據可用性來完成。但在高端豪華車方面，這確實很關鍵，因為我每年可以將 21,000 輛出借車轉為 3 次，這實際上是 21,000 多輛二手車。

But I think we fill the pipeline based on the individual OEM. Maybe that's not what you want, but that's kind of what my thoughts are.

但我認為我們會根據各個 OEM 來填補管道。也許這不是你想要的，但這就是我的想法。

And our loaner cars were up about 10%, at least from what they were.

我們的租賃汽車價格上漲了約 10%，至少比原來的價格上漲了。

Yes.

是的。

(inaudible).

（聽不清楚）。

So that's a big change, and that's going to help drive more of the used vehicle turn for the business.

所以這是一個很大的變化，這將有助於推動更多的二手車業務。

Think about it, David, you have an MSRP and you say we depreciate the vehicles at 2% per month. Some higher, some lower than say, 2%, so you get 6% off of invoice. And typically, the new car programs, whether it's financing or whatever it is, go along on this vehicle that's coming out of loaners as long as it has a certain limited number of miles. So we get newer car rates, we have a depreciated vehicle, we take a customer that didn't want to step up maybe to the X5 what have you, we can give an X3, it's a loaner car with a lower cost base.

想一想，David，您有建議零售價，並且您說我們以每月 2% 的速度對車輛進行折舊。有些高於，有些低於 2%，因此您可以享受發票 6% 的折扣。通常情況下，新車計劃，無論是融資還是其他什麼，只要車輛的行駛里程數有一定限制，就會在貸款人提供的車輛上進行。因此，我們獲得更新的汽車費率，我們有一輛折舊的車輛，我們接受不想升級到 X5 的客戶，也許您有什麼，我們可以提供一輛 X3，這是一輛成本基礎較低的借用汽車。

And the OEMs want us to have these service loaners. So we're incentivized to have them.

原始設備製造商希望我們擁有這些服務借用者。所以我們有動力擁有它們。

We're also starting to see a return of CPO business, too, because of the CPO business, certified preowned used sales are up year-over-year because of -- because we're having more availability.

我們也開始看到原棕油業務的回歸，因為原棕油業務，經過認證的二手貨銷量逐年上升，因為我們有更多的可用性。

We got our other impact we've had is lease returns. We hadn't been a lot of leasing. So leasing went down to 21%, I think, overall, right? In the premium/luxury side, we were high 55% in some months.

我們得到的其他影響是租賃回報。我們沒有進行太多的租賃。我認為總體而言，租賃率下降至 21%，對吧？在高端/奢侈品方面，我們在某些​​月份達到了 55% 的高點。

5

5

And we were 27% leasing this past quarter.

上個季度我們的租賃率為 27%。

I'm sorry, what was your leasing penetration this quarter?

抱歉，本季你們的租賃滲透率是多少？

27% leasing this past quarter. That's up from 24% a year ago, David.

上個季度的租賃率為 27%。 David，這個比例比一年前的 24% 有所上升。

You said that was up from '20, Tony?

你說那是從 20 世紀開始的，東尼？

From '21.

從21年開始。

'21. And then going back to the EV discussion from a few minutes ago. What is your team's opinion on especially next year once a lot of OEMs get access to the Tesla Supercharger network. And over time, we get more non-Tesla charging outlets out there in the U.S. Do you think that's enough to get EV demand moving? Or do we also need a lot more affordable models? Or is it still just way too early for EVs?

'21。然後回到幾分鐘前關於電動車的討論。您的團隊對此有何看法，尤其是明年，一旦許多原始設備製造商能夠使用特斯拉超級充電站網路。隨著時間的推移，我們在美國會出現更多的非特斯拉充電插座。您認為這足以推動電動車需求嗎？或者我們還需要更多更實惠的型號嗎？或者對於電動車來說還為時過早？

Well, I think you've hit on a couple of different things. I think the price points right now are still substantially higher with certain models than compared to ICE. And so when you combine that with the interest rate environment we're in, that's problematic. So that's one thing that hurts the demand for EVs.

嗯，我想你已經想到了一些不同的事情。我認為目前某些型號的價格仍遠高於 ICE。因此，當你將其與我們所處的利率環境結合時，就會出現問題。所以這是損害電動車需求的一件事。

Roger talked about the infrastructure. So you've got the charging network that's out there from a public standpoint, you got about 20% success rate of the charger being successful when you pull into it, which is pretty alarming when you think about it. So that reduces the confidence, still got the range anxiety. And then I think as it relates to all these other OEMs signing up on Tesla's charging network, I'm interested to see how that plays out with the Tesla owners today because obviously, that was a network that was exclusive to them at some -- at one point. Now it's been opened up to everybody else. I don't know off the top of my head how many additional chargers Tesla is installing on a monthly basis as to whether or not they'll keep up with this. Additional brands and other OEM EVs that have access to that network now.

羅傑談到了基礎設施。因此，從公共角度來看，充電網路已經存在，當你插入充電網路時，充電器成功的成功率約為 20%，當你想到這一點時，這是相當驚人的。這樣就降低了信心，仍然產生了里程焦慮。然後我認為，由於這與所有其他在特斯拉充電網路上註冊的原始設備製造商有關，我很想看看這對特斯拉車主來說如何發揮作用，因為顯然，這是他們專有的網路——在一個點上。現在它已經向其他人開放了。我不知道特斯拉每月要安裝多少個額外的充電器，也不知道他們是否會跟上這個步伐。現在可以存取該網路的其他品牌和其他 OEM 電動車。

But if I'm a Tesla owner, that would upset me a little bit. I had this proprietary network to the vehicle that I purchased that gave me some assurances that charging was going to be more convenient. Now I've got to compete with all these other OEMs on the same network. So I think it's going to be a while before we get to a critical mass where the charging infrastructure really supports mass adoption of the vehicles.

但如果我是特斯拉車主，這會讓我有點不安。我購買的車輛擁有這個專有網絡，這讓我確信充電會更加方便。現在我必須在同一網路上與所有其他原始設備製造商競爭。因此，我認為我們還需要一段時間才能達到充電基礎設施真正支援車輛大規模採用的臨界點。

And David, if it helps, you heard Randall's penetration numbers on EVs in the U.K., and it almost gives us a preview of what it's like in the U.S. And over in the U.K., I can tell you they still have the same range anxiety. They still have the broken chargers. So even despite a much higher EV penetration, there's still that range anxiety and those issues with the infrastructure. So it may help next year, but I don't think it's also a problem.

大衛，如果有幫助的話，你聽說過蘭德爾在英國電動車的滲透率數據，它幾乎讓我們預覽了美國的情況。而在英國，我可以告訴你他們仍然有同樣的里程焦慮。他們仍然保留著損壞的充電器。因此，儘管電動車的普及率要高得多，但仍存在里程焦慮和基礎設施問題。所以明年可能會有幫助，但我不認為這也是一個問題。

And we have no other questions. I will turn the conference back over to Mr. Penske for closing remarks.

我們沒有其他問題了。我將把會議轉交潘斯克先生致閉幕詞。

All right. Thanks, everybody, for joining us. We'll see you at the end of the next quarter. Have a great day.

好的。謝謝大家加入我們。我們將在下個季度末見到您。祝你有美好的一天。

Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。