Penske Automotive Group Inc (PAG) 2023 Q4 法說會逐字稿

Good afternoon, and welcome to the Penske Automotive Group Fourth Quarter 2023 Earnings Conference Call. Today's call is being recorded and will be available for replay approximately 1 hour after completion through February 14, 2024, on the company's website under the Investors tab at www.penskeautomotive.com.

下午好，歡迎參加潘世奇汽車集團 2023 年第四季財報電話會議。今天的電話會議正在錄音，並將在結束後約 1 小時至 2024 年 2 月 14 日期間在公司網站 www.penskeautomotive.com 的「投資者」標籤下重播。

I will now introduce Tony Pordon, the company's Executive Vice President of Investor Relations and Corporate Development. Sir, please go ahead.

現在我將介紹公司投資者關係和企業發展執行副總裁 Tony Pordon。先生，請繼續。

Thank you, Brad. Good afternoon, everyone, and thank you for joining us today. As you know, a press release detailing Penske Automotive Group's fourth 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.

謝謝你，布拉德。大家下午好，感謝您今天加入我們。如您所知，今天早上發布了詳細介紹潘世奇汽車集團 2023 年第四季度財務業績的新聞稿，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。

Joining me for today's call are Roger Penske, our Chair and CEO; Shelley Hulgrave, our EVP and Chief Financial Officer; Rich Shearing, North American Operations; Randall Seymore, International Operations; and Tony Facione, our Vice President and Corporate Controller.

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，我們的執行副總裁兼財務長； Rich Shearing，北美業務； Randall Seymore，國際營運；以及我們的副總裁兼公司財務總監 Tony Facione。

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, adjusted EBITDA and adjusted earnings before taxes, adjusted income from continuing operations, adjusted earnings per share and our leverage ratio. We have prominently presented the comparable GAAP measures and have reconciled the non-GAAP measures to the most directly comparable GAAP measures in the press release and investor presentation, which are available on our website.

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，例如息稅折舊攤銷前利潤或EBITDA、調整後EBITDA 和調整後稅前利潤、調整後持續經營收入、調整後每股盈餘和我們的槓桿率。我們在新聞稿和投資者簡報中突出介紹了可比較的公認會計準則衡量標準，並將非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準進行了調整，這些資訊可在我們的網站上找到。

Our future results may vary from our expectation because of risks and uncertainties outlined in today's press release under forward-looking statements. I 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.

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。我將引導您查看我們向 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。

I'll now turn the call over to Roger.

我現在將電話轉給羅傑。

Tony, thank you, and good afternoon, everyone, and I appreciate everyone joining us today. 2023 was a strong year for PAG and reflected our third best year of net income in our company's history. Our performance is driven by a resilient new car market, our premium brand mix, the performance of our retail commercial truck dealerships and our capital allocation. During 2023, we delivered 486,000 new and used vehicles and over 21,000 commercial trucks. We increased our revenue 6% to almost $30 billion. We generated $1.4 billion in earnings before taxes and nearly $1.1 billion of net income and earnings per share of $15.50. We continue to grow our business announcing acquisitions of $1.3 billion and expected annualized revenue, including Rybrook in the U.K., which closed early in January 2024.

東尼，謝謝你，大家下午好，我感謝大家今天加入我們。 2023 年對 PAG 來說是強勁的一年，也是我們公司歷史上淨利潤第三高的一年。我們的業績是由富有彈性的新車市場、我們的優質品牌組合、零售商用卡車經銷商的業績以及我們的資本配置所推動的。 2023 年，我們交付了 486,000 輛新車和二手車以及超過 21,000 輛商用卡車。我們的營收成長了 6%，達到近 300 億美元。我們實現了 14 億美元的稅前利潤和近 11 億美元的淨利潤，每股收益為 15.50 美元。我們繼續發展我們的業務，宣布收購金額達 13 億美元，預期年化收入包括英國的 Rybrook，該公司於 2024 年 1 月初關閉。

We repurchased 2.8 million shares or approximately 4% of the shares outstanding at the beginning of the year. We increased our cash dividend paid to shareholders by 53% since the end of 2022 and from $0.57 to our current dividend of $0.87. We maintained a strong balance sheet and debt to capitalization ratio of 26% and a leverage ratio of one time.

我們回購了 280 萬股，約佔年初已發行股份的 4%。自 2022 年底以來，我們向股東支付的現金股利增加了 53%，從 0.57 美元增加到目前股利 0.87 美元。我們維持強勁的資產負債表，負債資本比率為 26%，槓桿比率為一倍。

Now let's turn our attention to the fourth quarter that we announced earlier today excluding a noncash impairment charge as noted in our press release, adjusted EBT was just under $300 million at $297 million. Adjusted income from continuing operations was $231 million and related adjusted earnings per share was $3.45.

現在讓我們把注意力轉向我們今天早些時候宣布的第四季度，如我們的新聞稿中所述，不包括非現金減值費用，調整後的息稅前利潤略低於3 億美元，為2.97 億美元。持續經營業務調整後營收為 2.31 億美元，相關調整後每股收益為 3.45 美元。

In our automotive operations, we believe demand for new vehicles remains solid and inventory availability continues to improve. We continue to take forward orders with pretty sold activity averaging between 10% and 20% in the U.S. depending on brand and the region. The U.K. forward order book is healthy at 20,300 units. Although the order book is slightly less than last year, U.K. new vehicle registrations increased 18% in 2023 and the availability of inventory improvement when compared to the same time last year.

在我們的汽車業務中，我們相信對新車的需求仍然強勁，庫存可用性持續改善。我們繼續推進訂單，在美國的銷售活動平均在 10% 到 20% 之間，具體取決於品牌和地區。英國遠期訂單數量健康，為 20,300 份。儘管訂單量略低於去年，但英國新車註冊量在 2023 年增長了 18%，且庫存量較去年同期有所改善。

During the quarter, total automotive units delivered increased 8% to 117,000 units, which includes 8,113 agency units. Same-store retail automotive revenue increased 4% including a 7% increase in our service and parts business. Same-store gross profit only declined 1%. Same-store retail commercial truck gross profit only declined 1% and earnings before taxes in Q4 was a record of over $51 million. Unfortunately, our profitability was impacted by $21 million in additional interest costs resulting from higher interest rates and greater inventory levels combined with lower equity earnings from our investment in Penske Transportation Solutions.

本季度，汽車交付總量成長 8%，達到 117,000 輛，其中包括 8,113 輛代理車輛。同店零售汽車收入成長了 4%，其中我們的服務和零件業務成長了 7%。同店毛利僅下降1%。同店零售商用卡車毛利潤僅下降 1%，第四季稅前利潤創歷史新高，超過 5,100 萬美元。不幸的是，我們的獲利能力受到了2,100 萬美元額外利息成本的影響，這些額外利息成本是由於較高的利率和較高的庫存水準以及我們對潘世奇運輸解決方案的投資而產生的股本收益較低而產生的。

Turning to PTS, December 31, PTS managed a fleet of over 439,000 vehicles. That includes trucks, tractors and trailers. In 2023, PTS operating revenue increased 6% and produced the third highest EBT of all time, just over $1 billion. In Q4, PTS operating revenue increased 3% to $2.7 billion. Full service lease and contract revenue increased 13%. Logistics revenue increased 5%, but our rental business declined 13%. PTS generated $177 million in net income. Our share of PTS earnings was $51 million, which declined by 48% or $48 million compared to Q4 of last year.

至於 PTS，截至 12 月 31 日，PTS 管理著超過 439,000 輛車輛的車隊。其中包括卡車、拖拉機和拖車。 2023 年，PTS 營業收入成長了 6%，產生了有史以來第三高的息稅前利潤 (EBT)，略高於 10 億美元。第四季度，PTS 營業收入成長 3%，達到 27 億美元。全方位服務租賃和合約收入成長 13%。物流收入成長了 5%，但我們的租賃業務下降了 13%。 PTS 產生了 1.77 億美元的淨利潤。我們在 PTS 收益中的份額為 5,100 萬美元，與去年第四季相比下降了 48%，即 4,800 萬美元。

Decline in PTS earnings over the year period was impacted by the following: a $57 million increase in interest expense from higher rates related to bond, refinancings and higher outstanding debt. A $58 million decline in gain on sale of used trucks when compared to the record performance. In 2022, as used truck values continued to be impacted by the lower freight demand. We sold nearly 36,000 trucks used in 2023, an increase of 60%. Rental revenue fell 13%, including 400 basis points decline in commercial utilization rates at 82%. Higher depreciation and holding costs on older vehicles, we had -- because we're holding to replace the fleet. As we look into Q1 2024, PTS continues to be impacted by similar headwinds. We expect PTS earnings to decline at least 50% in the first quarter due to higher interest costs, a lower gain on sale of used trucks and higher depreciation.

年內 PTS 收益下降受到以下因素的影響：由於債券利率上升、再融資和未償債務增加，利息支出增加了 5,700 萬美元。與創紀錄的業績相比，二手卡車銷售收益下降了 5,800 萬美元。 2022 年，二手卡車價值持續受到貨運需求下降的影響。 2023年我們銷售了近36,000輛卡車，成長了60%。租金收入下降13%，其中商業利用率下降400個基點至82%。我們對舊車輛的折舊和持有成本較高，因為我們要更換車隊。展望 2024 年第一季度，PTS 持續受到類似不利因素的影響。我們預計，由於利息成本上升、二手卡車銷售收益下降以及折舊上升，第一季 PTS 利潤將下降至少 50%。

Units delivered now at 29,000 compared to 71,000 at the start of last year and continue to trend lower. We have nearly 18,000 units currently available for sale. In January, we sold 3,900 units, which was 27% higher than January 2023 and similar to the pace of Q4.

目前交貨量為 29,000 套，而去年初為 71,000 套，並且持續呈下降趨勢。目前我們有近 18,000 套可供出售。 1 月份，我們售出 3,900 套，比 2023 年 1 月成長 27%，與第四季的成長率相似。

I'd now like to turn it over to Rich Shearing.

我現在想把它交給 Rich Shearing。

Thank you, Roger. Our Premier Truck Dealership business represents 34 locations in North America and is an important part of our diversification. We have one of the largest commercial truck retailers for Daimler Trucks North America. And as most of you may know, earlier last year, we expanded into the greater Winnipeg, Manitoba market area acquiring 5 new locations representing $180 million in estimated annualized revenue.

謝謝你，羅傑。我們的高級卡車經銷商業務在北美擁有 34 個分支機構，是我們多元化發展的重要組成部分。我們擁有戴姆勒卡車北美最大的商用卡車零售商之一。正如你們大多數人可能知道的那樣，去年早些時候，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。

The North American Class 8 retail truck had a strong year in 2023 with a 7% increase in retail sales to 331,000 units. At the end of December, the backlog was $178,000, which compares to a backlog of 244,000 at the same time last year. The current backlog represents approximately a 5- to 6-month rate of retail sales.

北美 8 級零售卡車在 2023 年表現強勁，零售量成長 7%，達到 331,000 輛。截至 12 月底，積壓訂單為 178,000 美元，而去年同期積壓訂單為 244,000 美元。目前的積壓訂單大約相當於 5 至 6 個月的零售額。

In 2023, our business generated over 21,000 new and used truck sales, $3.7 billion in revenue and almost $600 million in gross profit, an improvement of 7% year-over-year. Premier Truck Group had a record year, generating $225 million in EBT and more than a 6% return on sale.

2023 年，我們的業務銷售了超過 21,000 輛新車和二手卡車，收入達 37 億美元，毛利近 6 億美元，年增 7%。 Premier Truck Group 在這一年創造了創紀錄的業績，稅前利潤 (EBT) 達到 2.25 億美元，銷售回報率超過 6%。

I'm pleased that the business produced a solid Q4, with EBT of $51 million, as Roger referenced, the record, despite new unit sales for the quarter being down 13% related to later-than-normal deliveries in 4Q 2022 due to supply chain disruptions earlier that year. On a same-store basis, gross margin increased to 140 basis points to 15.8% and SG&A to gross profit remained well controlled at 58.8%. Fixed absorption was solid at 123%. We believe commercial truck demand remains solid and will continue to drive -- be driven primarily by replacement demand and we see strength across private fleets and Class 6, 7 medium duty as well.

我很高興該業務在第四季度取得了穩健的業績，正如Roger 提到的那樣，息稅前利潤(EBT) 達到了5,100 萬美元，創下了紀錄，儘管由於供應原因，該季度的新銷量下降了13%，與2022 年第四季的交付晚於正常水平有關那年早些時候連鎖中斷。以同店計算，毛利率上升 140 個基點至 15.8%，SG&A 佔毛利的比例維持在 58.8% 的良好水準。固定吸收率為 123%。我們相信商用卡車需求仍然強勁，並將繼續成長——主要由替換需求驅動，我們看到私人車隊和 6 級、7 級中型卡車的實力也強勁。

I would now like to turn the call over to Randall Seymore.

我現在想把電話轉給蘭德爾·西莫爾。

Thanks, Rich. 2023 was also a record year for our business in Australia. As you know, we are the exclusive importer and distributor of heavy -- certain heavy- and medium-duty trucks and buses and a leading distributor of engines and power systems in Australia and New Zealand. We offer products in the trucking, mining, power generation, defense, marine, rail and construction sectors and support full parts and aftersales service through a network of branches, field service locations and dealers across the region. In our Australia business, service and parts represents approximately 80% of all of our gross profit. So our focus on increasing units in operation is a key driver of the business.

謝謝，里奇。 2023 年也是我們在澳洲業務創紀錄的一年。如您所知，我們是重型（某些重型和中型卡車和巴士）的獨家進口商和經銷商，也是澳洲和紐西蘭引擎和動力系統的領先經銷商。我們為卡車運輸、採礦、發電、國防、船舶、鐵路和建築行業提供產品，並透過遍布該地區的分支機構、現場服務地點和經銷商網路支援全套零件和售後服務。在我們的澳洲業務中，服務和零件約占我們全部毛利的 80%。因此，我們對增加營運單位的關注是業務的關鍵驅動力。

In 2023, the Australia business grew its revenue by 10%, largely due to the off-highway markets, which remained strong, particularly in the data center, energy solutions and mining segments.

2023 年，澳洲業務的收入成長了 10%，這主要歸功於非公路市場的強勁表現，特別是在資料中心、能源解決方案和採礦領域。

In the Energy Solutions space, we continue to lead the market in critical standby power, especially for data centers and made significant deliveries of generators into prime power and hybrid applications. In addition, we have started to deliver large-scale battery energy storage solution systems as well. Our current order bank for Energy Solution delivery stands at over $500 million for 2024 and beyond.

在能源解決方案領域，我們繼續在關鍵備用電源（尤其是資料中心）領域引領市場，並為主要電力和混合應用提供了大量發電機。此外，我們也開始交付大型電池儲能解決方案系統。我們目前的能源解決方案交付訂單量在 2024 年及以後將超過 5 億美元。

In mining, we continue to deliver repowers with the fuel-efficient MTU Series 4000 engines, and we're working with one of the world's largest miners to develop a hybrid repower solution, which will reduce fuel consumption by 20%.

在採礦業，我們繼續使用節能的 MTU 系列 4000 引擎提供再動力，並且我們正在與世界上最大的礦工之一合作開發混合動力再動力解決方案，這將減少 20% 的燃料消耗。

I would now like to turn the call over to Shelley Hulgrave.

我現在想把電話轉給雪莉·赫爾格雷夫。

Thank you, Randall. Good afternoon, everyone. I'm pleased to report that we generated $1.1 billion in cash flow last year and our EBITDA was nearly $1.7 billion. In 2023, we continue to maintain a disciplined and balanced approach to capital allocation and our balance sheet remains strong, safe and secure. At December 31, we had $96 million in cash, $529 million in vehicle equity and $1.7 billion in availability under our credit agreement. .

謝謝你，蘭德爾。大家下午好。我很高興地向大家報告，去年我們產生了 11 億美元的現金流，EBITDA 接近 17 億美元。 2023年，我們將持續保持嚴格、平衡的資本配置方式，我們的資產負債表依然強勁、安全。截至 12 月 31 日，根據我們的信貸協議，我們擁有 9,600 萬美元的現金、5.29 億美元的車輛股權和 17 億美元的可用資金。 。

Our approach to capital allocation balances investing for growth through capital expenditures, diversified and opportunistic acquisitions, while also returning capital to shareholders through dividends and share repurchases. Since the end of 2022, we have raised the dividend 5x from $0.57 to $0.87 per share, representing a 53% increase. We returned $189 million in dividends to shareholders last year. We also repurchased 2.8 million shares for $382 million. Total inventory was $4.3 billion, representing an increase of $800 million from the end of 2022. Floor plan debt was $3.8 billion.

我們的資本配置方法透過資本支出、多元化和機會主義收購來平衡成長投資，同時透過股利和股票回購向股東返還資本。自 2022 年底以來，我們將股息提高了 5 倍，從每股 0.57 美元增加到 0.87 美元，增幅達 53%。去年我們向股東返還了 1.89 億美元的股利。我們也斥資 3.82 億美元回購了 280 萬股股票。庫存總額為 43 億美元，比 2022 年底增加 8 億美元。平面圖債務為 38 億美元。

We had a 39-day supply of new vehicles and a 48-day supply of used. Days supply of new vehicles for premium was 42% and volume foreign was 24%. At December 31, our supply of battery electric vehicles in the U.S. was 54 days for new and 50 days for used. In the U.K., our supply of battery electric vehicles was 67 days for new and 45 days for used.

我們有 39 天的新車供應和 48 天的二手車供應。高檔新車日供應量佔 42%，國外銷售佔 24%。截至12月31日，我們在美國的純電動車供應量為新車54天，二手車50天。在英國，我們的純電動車新車供應期為 67 天，二手車供應期為 45 天。

At the end of the summer, our long-term debt was $1.6 billion, essentially flat year-over-year. 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. The average interest rate on these notes is 3.6%. We also have $403 million in mortgages and $182 million in other borrowings at our international subsidiaries.

夏末，我們的長期債務為 16 億美元，與去年同期大致持平。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。這些票據的平均利率為 3.6%。我們的國際子公司還有 4.03 億美元的抵押貸款和 1.82 億美元的其他借款。

Debt to total capitalization improved to 26% from 28% at the end of 2022, and our leverage sits at one time. It's important to reiterate that we have the ability to flex our leverage up to 4x on a lease-adjusted basis. Therefore, we have room under our credit agreement to deploy our capital allocation strategies. 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 December.

債務佔總資本的比例從 2022 年底的 28% 提高到 26%，我們的槓桿率一度保持不變。需要重申的是，我們有能力在租賃調整後的基礎上將槓桿率提高至 4 倍。因此，我們的信貸協議有空間來部署我們的資本配置策略。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 12 月底全面可用。

SG&A to gross profit was 71% in the quarter and remains 700 basis points below the pre-pandemic level of 77.9% in 2019. We continue to focus our efforts on efficiencies and cost control. As part of our ongoing efforts, we continue to challenge our costs and focus on simplification, optimization and digitization to drive further efficiency and lower cost structure. In fact, our U.S. same-store head count remains down 11% when compared to pre-COVID head count levels.

本季的銷售、管理和行政費用 (SG&A) 佔毛利的比例為 71%，比 2019 年疫情前的 77.9% 水準低 700 個基點。我們繼續將工作重點放在效率和成本控制上。作為我們持續努力的一部分，我們繼續挑戰成本並專注於簡化、優化和數位化，以進一步提高效率並降低成本結構。事實上，與新冠疫情爆發前的人數水準相比，我們美國同店員工人數仍下降了 11%。

Further, in our U.S. automotive operations, variable compensation to gross profit improved 30 basis points and service and parts absorption improved 120 basis points when compared to Q4 last year.

此外，在我們的美國汽車業務中，與去年第四季相比，毛利的可變薪酬提高了 30 個基點，服務和零件吸收率提高了 120 個基點。

At this time, I will turn the call back to Roger for some final remarks.

此時，我會將電話轉回羅傑進行最後的評論。

Thanks, Shelley. As Shelley mentioned, our balance sheet is strong, and we have the ability to flex our capital allocation opportunistically. We demonstrated that flexibility in January by expanding our brand footprint in the U.K. as we completed an acquisition of 16 premium brand dealerships, representing approximately $1 billion in estimated annual revenue. Our U.K. team is currently integrating these dealerships into our operations, and we are thrilled to add the Rybrook team to our business.

謝謝，雪萊。正如雪萊所提到的，我們的資產負債表強勁，我們有能力適時調整資本配置。今年 1 月份，我們透過擴大在英國的品牌足跡展示了這種靈活性，完成了對 16 家優質品牌經銷商的收購，預計年收入約為 10 億美元。我們的英國團隊目前正在將這些經銷商整合到我們的營運中，我們很高興將 Rybrook 團隊添加到我們的業務中。

Lastly, I'm pleased to report that Penske Automotive Group was recently named as a Fortune World's Most Admired Company for 2024 and was recently honored by Glassdoor as the best place to work in 2024. Our results continue to demonstrate the benefit of our diversification across the retail automotive and commercial truck industries, our cost control and disciplined capital allocation strategy. I remain confident in our model and the performance of our business.

最後，我很高興地向大家報告，潘世奇汽車集團最近被《財富》雜誌評為2024 年全球最受尊敬的公司，並最近被Glassdoor 評為2024 年最佳工作場所。我們的結果繼續證明了我們跨領域多元化的優勢零售汽車和商用卡車產業，我們的成本控制和嚴格的資本配置策略。我對我們的模式和業務表現仍然充滿信心。

Again, thanks for joining us today, and we'll open the call up for questions. Thank you.

再次感謝您今天加入我們，我們將開放提問。謝謝。

(Operator Instructions) we can first go to John Murphy with Bank of America.

（操作員指示）我們可以先去找美國銀行的 John Murphy。

I just wanted to start, Roger, with a question on the state of play on EVs. And Shelley, I appreciate you giving us those inventory numbers, so they're helpful. I was just wondering if you could talk about sort of the pace of sales, the mood to consumers as they're buying or not buying these EVs, just the general environment with the automakers and what kind of capital requirements they're making you invest in, either from charging or facilities to support the sales.

羅傑，我只想先問一個有關電動車發展狀況的問題。雪萊，我很感謝你給我們這些庫存數字，所以它們很有幫助。我只是想知道您是否可以談論銷售速度、消費者購買或不購買這些電動車時的情緒、汽車製造商的整體環境以及他們要求您投資的資本要求無論是來自充電還是支持銷售的設施。

Just trying to get your general view of the state of play here. And how much it actually matters to you if you might be able to offset that by selling hybrids in ICE vehicles if we are really stalled here on the EV front?

只是想了解一下您對這裡的情況的總體看法。如果我們在電動車方面真的陷入停滯，您是否能夠透過銷售內燃機車中的混合動力車來抵消這一影響，這對您來說實際上有多重要？

Okay, John, let me take a shot and have Rich make a comment. But there's no question that demand for BEV has slowed. And when you look at our business, 51% of our BEV business is in California, and of that business, 90% is leased. So right now, the OEMs in order to push the business in the luxury side, at least, they're having to lease it and have residual risk.

好吧，約翰，讓我試一下，然後讓里奇發表評論。但毫無疑問，純電動車的需求已經放緩。如果你看看我們的業務，你會發現我們 51% 的純電動車業務位於加州，其中 90% 是租賃業務。因此，目前，原始設備製造商為了推動奢侈品領域的業務，至少不得不租賃並承擔剩餘風險。

We think the bridging strategy is certainly going to be is hybrid, and that's been proven with what China is committed to now going forward with (inaudible) at 100%. 7% of the market was BEV, obviously, last year. And when we look at our days supply, we're running at about 53 days as of the end of the year.

我們認為橋接戰略肯定會是混合戰略，這一點已經被中國現在承諾（聽不清楚）100% 推進的戰略所證明。顯然，去年 BEV 佔據了 7% 的市場份額。當我們查看我們的天數供應時，截至年底，我們的運行天數約為 53 天。

In the U.K., BEV units were really at that point, they were much higher at 36% of the market. The BEV days supply in the U.K. is 67. So when we step back and look at it right now in California, we can't even get chargers installed at our location because there's not power available just to -- obviously, to supply them. We see that not only on the retail car side, but also on the truck side. But those are a couple of comments from me. Rich, you want to follow up?

在英國，純電動車確實達到了這個水平，其市場份額要高得多，達到 36%。英國的 BEV 天供應量為 67 天。因此，當我們回過頭來看看加州現在的情況時，我們甚至無法在我們的位置安裝充電器，因為顯然沒有足夠的電力來供電。我們不僅在零售汽車方面看到了這一點，而且在卡車方面也看到了這一點。但這是我的一些評論。 Rich，你想跟進嗎？

Yes, John, I think we're at an inflection point where early on, we had customers that were early adopters certainly went out, bought the BEV. Those early adopters now already have them and you're getting to the point where you're trying to convince the customer, find their first BEV or their last ICE.

是的，約翰，我認為我們正處於一個拐點，早期我們的客戶肯定是早期採用者，購買了 BEV。那些早期採用者現在已經擁有了它們，您正在努力說服客戶，找到他們的第一輛純電動車或最後一輛內燃機汽車。

And so going back to what Roger said about our overall BEV sales in the U.S. being in California, earlier this week talking to our management team there, we're starting to think that, that market is getting saturated. When you look across the balance of the country, certainly, the BEV adoption percentages are at much, much lower rate. And so we see that in our inventory starting to climb with BEV inventory in the U.S. just under 1,500 units, 12% of our total inventory. That's up 34% from the end of Q3, which is indicative of the sales rate starting to slow down a little bit.

因此，回到羅傑所說的關於我們在美國加州的純電動車整體銷售情況，本週早些時候與我們在那裡的管理團隊交談，我們開始認為，該市場正在飽和。當然，當你縱觀全國各地時，純電動車的採用率要低得多。因此，我們看到我們的庫存開始攀升，美國的純電動車庫存略低於 1,500 輛，占我們總庫存的 12%。這比第三季末成長了 34%，這表明銷售速度開始略有放緩。

That's very helpful. Just a second question on GPUs that have been holding in better than many people have feared and obviously, that goes along with pricing. Just curious if you can talk about sort of your expectations there for pricing and new GPUs. And maybe put that in the context of how negative weight the GPUs are on EVs relative to sort of your total?

這非常有幫助。第二個問題是關於 GPU 的，它的表現比許多人擔心的要好，顯然，這與定價有關。只是好奇您能否談談您對定價和新 GPU 的期望。也許可以考慮 GPU 在電動車上的負權重相對於總權重有多大？

Tony, do you want to give some...

東尼，你想給一些...

Sure, Roger. John, thanks for the question. So when you take a look at how our gross looked at the overall business from Q4 to Q3, so when you look at the sequential side of things, we actually did quite well. New was down 257, used was down 123 and F&I was up on a total basis.

當然，羅傑。約翰，謝謝你的提問。因此，當你看到我們的毛利率如何看待第四季度到第三季的整體業務時，當你看到事情的連續方面時，我們實際上做得很好。新的下降了 257，二手的下降了 123，F&I 總體上上升了。

When you look at our overall business in total, we were selling somewhere around 40-ish percent of the cars at MSRP. So we're very happy with that and about 28% of the deals that we have right now are in cash. So when you look at the total variable gross profit that we generated on a sequential basis from Q3 to Q4, we were up in that $80, $90 range per unit. So we're very pleased with our overall performance on the gross profit side.

如果你看看我們的整體業務，你會發現我們大約 40% 左右的汽車都是以建議零售價銷售的。所以我們對此非常滿意，我們目前大約 28% 的交易都是現金交易。因此，當你查看我們從第三季到第四季連續產生的總可變毛利時，我們的每單位利潤增加了 80 美元至 90 美元。因此，我們對毛利方面的整體表現非常滿意。

And Tony, just any color on how much of a weight the EVs are on that or where they're kind of landing for you on GPUs?

托尼，能否告訴我電動車的重量有多大，或者它們在 GPU 上的著陸位置？

Yes. So they're running somewhere in the neighborhood of $5,000 or so below MSRP.

是的。因此，他們的售價比建議零售價低約 5,000 美元。

So John, Tony said 41% or 40% of our cars last year at MSRP. If you look conversely at BEV, 83% of our BEV sales were below MSRP by more than $5,800. And if you look at just across all the brands we represent on a weighted average, the ICE GPPU is almost $2,200 less than a comparable ICE.

約翰、東尼說去年我們的車有 41% 或 40% 的建議零售價。如果你反過來看看 BEV，我們 83% 的 BEV 銷量低於建議零售價超過 5,800 美元。如果您查看我們代表的所有品牌的加權平均值，您會發現 ICE GPU 比同類 ICE 便宜近 2,200 美元。

The discount is of GPU.

折扣是GPU的。

Of GPU.

GPU 的。

And also, John, I would have to say that we have action on BEVs probably 60,000 and below. And when you start looking at inventory above 60, EQS, EQE 120, 115 days. Am I correct? Day supply. So there's no question and we're starting to see even in the U.K., that another 1% discount for us on those vehicles last year or last month. Do you have any comment on it at all from internationally?

另外，約翰，我必須說，我們對 60,000 輛及以下的純電動車採取了行動。當您開始查看庫存超過 60、EQS、EQE 120、115 天。我對麼？日供應。所以毫無疑問，我們甚至在英國也開始看到去年或上個月這些車輛再享有 1% 的折扣。國際上對此有何評論？

Yes. In the U.K., BEV was flat year-over-year. In fact, it was down 10 basis points. And looking at January, it was down another 180 basis points from a market share standpoint. So look at it, it's a little bit different there because there's -- the retail BEVs would be de minimis. Meanwhile, it's all through corporate fleet programs because of the tax break.

是的。在英國，BEV 年持平。事實上，它下跌了10個基點。從市佔率的角度來看，1 月又下降了 180 個基點。所以看看它，那裡有點不同，因為零售純電動車將是微不足道的。同時，由於稅收減免，這一切都是透過企業車隊計劃實現的。

So it's a little bit apples to oranges. And then you look at other parts of Europe, like Italy and Spain, it's 4% market share because there's no government incentive. So Germany, the government incentives finished at the end of the year. So it's going to be interesting to see what happens there without this intervention by the government.

所以有點像蘋果和橘子。然後你看看歐洲其他地區，像是義大利和西班牙，因為沒有政府激勵，所以市佔率只有 4%。德國政府的激勵措施在年底就結束了。因此，如果沒有政府的干預，看看那裡會發生什麼將會很有趣。

Next, we go to Mike Ward with Freedom Capital.

接下來，我們將採訪自由資本公司的麥克沃德。

Starting on CarShop. It wasn't long ago that everybody wanted CarShop to spin off and go a separate, probably, entity. And we've had major disruption in the market over the last few years. Does that change how you look at it structurally, how big is the advantage being part of PAG?

從 CarShop 開始。不久前，每個人都希望 CarShop 分拆出來，成為一個獨立的實體。過去幾年，我們的市場發生了重大混亂。這是否會改變您從結構上看待它的方式？成為 PAG 的優勢有多大？

Is it just part of the portfolio? And with this reset or this adjustment -- tax adjustment in the U.K., is this a chance to accelerate on the pedal? Or is it just reconfiguring in or change in the strategy? How are you looking at it?

它只是投資組合的一部分嗎？透過這次重置或調整——英國的稅收調整，這是一個加速的機會嗎？或只是重新配置或改變策略？你怎麼看？

Mike, it's Shelley. I'll take that question. We had mentioned in our press release that we had an impairment related to our CarShop U.K. question or our CarShop U.K. business. And when you dig into the details and you try to establish the fair value, it became very clear that though we initially looked at these businesses separate from the franchise dealerships, if you will, there are so many synergies that we've put in place over time.

麥克，這是雪萊。我來回答這個問題。我們在新聞稿中提到，我們的 CarShop 英國問題或 CarShop 英國業務受到了損害。當你深入研究細節並嘗試確定公允價值時，你會發現，儘管我們最初將這些業務與特許經銷商分開看待，但如果你願意的話，我們已經實現了很多協同效應隨著時間的推移。

We've moved systems. We've incorporated a lot of the same franchise, F&I products and the like. So I think there's a great benefit to looking at the CarShop businesses consistent with the franchise stores. There's also a lot of sourcing opportunities and similarities there. So buying off the curve, if you will, purchasing cars from customers directly that's had a huge benefit to us as well.

我們已經移動了系統。我們合併了許多相同的特許經營權、F&I 產品等。因此，我認為將 CarShop 業務與特許經營店保持一致是有很大的好處。那裡還有很多採購機會和相似之處。因此，如果願意的話，直接從客戶那裡購買汽車也為我們帶來了巨大的好處。

So I think there's a lot of benefit. Certainly, those that have spun off have not always succeeded as we've seen this year. And as we look forward to the future and looked at this from a calculation standpoint, our focus isn't so much on what the used car market is doing right now, but really what's available from a new -- our perspective. As you see the SAAR growing, we expect to see a similar used car SAAR, if you will, grow as well and have more affordable cars available for our CarShop locations.

所以我認為有很多好處。當然，那些分拆出來的公司並不總是像我們今年看到的那樣取得成功。當我們展望未來並從計算的角度看待這個問題時，我們的重點並不是二手車市場目前正在做什麼，而是真正從我們的新角度來看可以得到什麼。當您看到 SAAR 不斷增長時，我們預計會看到類似的二手車 SAAR（如果您願意的話）也會增長，並為我們的 CarShop 地點提供更實惠的汽車。

So as we look forward, then it becomes more of a partnership with the retail automotive?

那麼，當我們展望未來時，它會更多地成為與零售汽車的合作夥伴關係嗎？

I think it's been for a long time, Mike.

我想這已經很久了，麥克。

But even more so, I think just charge, obviously, technically when they look at it and Shelley's team along with the auditors look at this. So it wasn't something that we didn't expect. And obviously, we reduced 2 locations in the U.S. this year, which had been losing money, and we have been able to sell one location and one will move over to PTS from the standpoint from a leasing and rental location.

但更重要的是，我認為，顯然，當他們看到這一點時，從技術上收費，雪萊的團隊和審計師都會看到這一點。所以這並不是我們沒有預料到的事情。顯然，我們今年在美國減少了 2 個一直虧損的地點，我們已經能夠出售一個地點，從租賃地點的角度來看，一個地點將轉移到 PTS。

But as far as the U.K. is concerned, we think it's a valued brand. And as we go forward, we'll continue to operate it. I think we had, what? $150 million value, and we took 27% as a goodwill impairment on that. So look, it's part of doing business but I'm so glad that we didn't listen to people among spinning it off, let me say that.

但就英國而言，我們認為這是一個有價值的品牌。隨著我們的前進，我們將繼續運營它。我想我們有過，什麼？價值 1.5 億美元，我們將 27% 作為商譽減損。所以你看，這是做生意的一部分，但我很高興我們沒有聽別人的意見而把它分拆出來，讓我這麼說。

Myself included. On PTS, one of the things you try to do is the last couple of years, again, have been highly unusual, but when you look at the growth path, particularly if you go back to 2019, 2018 and those sorts of things, there are a lot of positive changes. So even if we're down again in 2024, some of the disruption we've seen in the last 2 to 3 quarters are more market related? And is there anything that stops this company from once we get through 2024, getting back onto a growth phase?

包括我自己。在 PTS 上，你嘗試做的事情之一是過去幾年再次非常不尋常，但當你審視成長路徑時，特別是如果你回顧 2019 年、2018 年以及諸如此類的事情，你會發現有很多積極的變化。那麼，即使我們在 2024 年再次下滑，我們在過去 2 到 3 個季度看到的一些混亂與市場更多相關嗎？一旦 2024 年過去，有什麼因素會阻止這家公司回到成長階段嗎？

Not at all. And when you look at it right now, I think we mentioned it earlier, our lease business was up 21%. And our logistics business up 5%. Unfortunately, we've grown our rental fleet to almost 90,000 units. And of course, as the market slowed spot rates came down, our utilization went down from 88% down to roughly 82%. And I think that gave us an excess supply. On top of that, a lot of those pieces are being used to support leases that we had written when we were at 70,000 units on order and couldn't get them from the manufacturers. We were using some rental units. So those who will now come back as we've seen the supply start to come in.

一點也不。當你現在看時，我想我們之前提到過，我們的租賃業務成長了 21%。我們的物流業務成長了5%。不幸的是，我們的租賃車隊已增至近 90,000 輛。當然，隨著市場放緩即期利率下降，我們的利用率從 88% 下降到約 82%。我認為這給我們帶來了供應過剩。最重要的是，其中許多零件都被用來支持我們在訂單量達到 70,000 件時簽訂的租賃協議，但無法從製造商那裡獲得這些零件。我們使用了一些出租單位。因此，那些現在會回來的人，因為我們已經看到供應開始進來。

Our issue is we have approximately 18,000 -- 16,000 to 18,000 units for sale and to get those out, that's about 8,000 more than we had a year ago. We're paying depreciation, interest and maintenance on those as they sit. So we'll have to pull that stuff through. And I would say that impact will continue through the first quarter. So I would say we'd be similar as far as value and actually earnings in the first quarter, similar to what we had in Q4.

我們的問題是，我們有大約 18,000 至 16,000 至 18,000 套待售單位，要出售這些單位，比一年前多了大約 8,000 套。我們正在為它們支付折舊、利息和維護費。所以我們必須把這些事情解決掉。我想說這種影響將持續到第一季。因此，我想說，第一季的價值和實際收益與第四季的情況相似。

Based on lower rental volume, both and on the consumer side, which is our one-way business, there's less people moving because of house prices and when they do move, it looks like the mileage is down. So that's really hit us. And then we had -- the company had $213 million, I think roughly of total interest cost increase in 2023, $100 million of that based on new debt and $100 million on refinance. So gain on sale, financing, lower revenue and rental really impacted us. But from an energy standpoint, meaning from an offense in sales, we were up in our core products.

基於租金量的下降，以及消費者方面（這是我們的單向業務），由於房價的原因搬家的人減少了，當他們搬家時，里程似乎也減少了。這對我們來說真的很打擊。然後我們——公司有 2.13 億美元，我認為大約是 2023 年總利息成本的增加，其中 1 億美元是基於新債務，1 億美元用於再融資。因此，銷售收益、融資收益、收入和租金的下降確實對我們產生了影響。但從能源的角度來看，也就是從銷售的進攻來看，我們的核心產品有所上升。

Mike, I want to add to that, that when you look at Q4 we actually saw the year-over-year change in maintenance. It became more favorable to us. So maintenance at (inaudible) down $11 million in the fourth quarter when you compare it to the prior year. So that means this process is working, taking the trucks out of the fleet is working. So we hope that, that continues into the future.

麥克，我想補充一點，當你看第四季度時，我們實際上看到了維護方面的同比變化。它變得對我們更加有利。因此，與前一年相比，第四季的維護費用（聽不清楚）減少了 1,100 萬美元。這意味著這個過程正在發揮作用，將卡車從車隊中剔除是有效的。所以我們希望這種情況能夠持續到未來。

With the extension, Mike, of some 28,000 older units that we had to extend from, say, 6 to 12 months, those such thing, each up on maintenance, number one. And number two, we don't get any margin on that extension revenue. So that had a double impact on us.

麥克，我們必須將大約 28,000 個舊設備的使用期限從 6 個月延長到 12 個月，這樣的事情，每個都需要維護，這是第一。第二，我們沒有從延期收入中獲得任何利潤。所以這對我們產生了雙重影響。

And next, we can go to Daniel Imbro with Stephens Inc.

接下來，我們可以去看看 Stephens Inc. 的 Daniel Imbro。

Roger, maybe I want to expand a little bit on the last topic. I think we started with CarShop there. Maybe just to expand to the broader used business on the franchise side. Can you talk about the headwinds on that business that are weighing on same-store units kind of close to flat this quarter?

羅傑，也許我想對最後一個主題進行一些擴展。我想我們是從 CarShop 開始的。也許只是為了擴展到特許經營方面更廣泛的使用業務。您能否談談該業務面臨的不利因素，這些不利因素對本季同店銷售量造成的壓力接近持平？

It seems like obviously, there's demand headwinds, but you guys having historically high lease penetration. Are we starting to see more supply issues, maybe lack of lease returns coming back? I'm just curious, as you look at those headwinds, how that plays out through 2024.

顯然，需求存在阻力，但你們的租賃滲透率處於歷史最高水準。我們是否開始看到更多的供應問題，也許缺乏租賃回報？我只是好奇，當你看到這些不利因素時，你會發現這種情況在 2024 年會如何發展。

Well, look, number one, we know the market stabilize because as we look at our wholesale units, both in the U.K. and the U.S., we were profitable in Q4. That's point number 1 and point number 2. I think availability, one of the things that's impacted us is getting the right car to right price. It really is CarShop. We were looking in the U.S., it's somewhere between say, 19,000 and 22,000. Well, those cars that we could get were almost 10,000 more from the standpoint of being able to get them to purchase and then sell them. Same thing in the U.K.

好吧，第一，我們知道市場穩定，因為當我們看到我們在英國和美國的批發部門時，我們在第四季度實現了盈利。這是第一點和第二點。我認為可用性，影響我們的因素之一是以合適的價格提供合適的汽車。這確實是CarShop。我們在美國進行調查，大約在 19,000 到 22,000 之間。嗯，從能夠購買然後出售的角度來看，我們可以獲得的汽車幾乎多了一萬輛。英國也有同樣的情況

Well, I think what's going on now is we're starting to see those numbers come down. I guess, you say deflation on used vehicles in the U.K. But more importantly, with leasing being down to somewhat 25% in the past 2 years and we haven't had, obviously, the lease returns have not come back and probably even more important is in the premium side, I think we have, what, Shelley, 6,000 or 7,000 loaner cars in the premium side?

嗯，我認為現在發生的情況是我們開始看到這些數字下降。我想，你說的是英國二手車的通貨緊縮，但更重要的是，過去兩年租賃率下降到了 25% 左右，而我們顯然沒有，租賃回報沒有回來，可能更重要的是在高端方面，我想我們有，什麼，雪萊，在高端方面有6,000 或7,000 輛借用汽車？

That's right.

這是正確的。

I can't give you exact number. We were turning those units anywhere from 60 to 90 to 120 days, and those are great used car units. We really didn't have those because I can tell you in our big BMW store and at Crevier in California, they're running used cars almost 12 months. So we didn't have the ability to take them out, and those would become really prime used cars. So that's going to help us as we go forward and certainly overall, it gives us a chance to have more units, 7,200 units maybe more than we could sell that we put through the system, which is key for us.

我無法給你確切的數字。我們將這些設備的使用壽命從 60 到 90 到 120 天不等，這些都是很棒的二手車設備。我們確實沒有這些，因為我可以告訴你，在我們的大型 BMW 商店和加州的 Crevier，他們的二手車已經運行了近 12 個月。所以我們沒有能力把它們拿出來，而那些將成為真正的優質二手車。因此，這將有助於我們前進，當然總體而言，它使我們有機會擁有更多的單位，7,200 單位可能比我們透過系統出售的單位還要多，這對我們來說很關鍵。

Rich, any other comment you have?

里奇，你還有什麼意見嗎？

No, I think the availability -- you mentioned demand versus availability. And I think the demand is still there. It is just the availability of cars with the new car SAAR being down, cumulatively almost 9.5 million in the last 4 years. The best source for used cars as new car purchasers on trade, and that just hasn't been there. You combine that with the low lease rates that Roger mentioned. It certainly has been a challenge. And then I think we've been more disciplined as well to make sure that we're not buying cars in segment 2, segment 3, just to keep sales rates up because you end up with customer service issues and policy goodwill expense.

不，我認為可用性——您提到了需求與可用性。我認為需求仍然存在。只是新車SAAR的供應量正在下降，過去4年累計接近950萬輛。作為新車購買者交易二手車的最佳來源，但目前還沒有。您將其與羅傑提到的低租賃率結合。這無疑是一個挑戰。然後我認為我們也更加自律，以確保我們不會購買第二、第三部分的汽車，只是為了保持銷售率，因為最終會遇到客戶服務問題和保單商譽費用。

That's all helpful color. Maybe if I could follow up on the commercial truck side of the house. Obviously, a strong full year result. But if I look at 4Q, parts and service maybe slowed a little bit more than we thought it would, Roger has stated lighter. Can you just maybe talk through the puts and takes of what is going on there, maybe some of it is the wholesale part side? And then same question, kind of how that plays out through 2024 and 2025 as you guys see the market developing?

這都是有用的顏色。也許我可以跟進房子的商用卡車一側。顯然，全年業績強勁。但如果我看一下第四季度，零件和服務的放緩可能比我們想像的要慢一點，羅傑表示更輕。您能否談談那裡正在發生的事情，也許其中一些是批發部分方面的？然後同樣的問題，你們認為市場發展到 2024 年和 2025 年會如何發展？

Yes, I'll let Rich answer that one directly.

是的，我會讓里奇直接回答這個問題。

Yes, Daniel, you're definitely right. We did see a slowdown in the second half of last year. Obviously, the freight was very robust. Utilization of assets was very high. You had a lot of owner-operator single truck operators coming into the market to take advantage of those rates because they can make substantial money. They generally were getting their truck service with independent repair centers, and that creates big parts revenue and profit opportunities for us.

是的，丹尼爾，你絕對是對的。去年下半年我們確實看到了放緩。顯然，貨運量非常強勁。資產利用率非常高。有很多業主經營的單一卡車業者進入市場，利用這些費率，因為他們可以賺大錢。他們通常透過獨立的維修中心獲得卡車服務，這為我們創造了大量的零件收入和利潤機會。

So we've seen a decline in our wholesale parts sales and then just our general retail traffic of parts sales over the counter. You look at our service shops, we're still busy. We don't have the backlog of service work that we had previously, but we're still steady with the number of ROs that we're generating on a monthly basis. And then because of the freight decline and the asset utilization down, you've got some carriers that would park trucks and maybe pull another truck from the fence versus having the expense of repairing it. So we're seeing some of that as well until some of that capacity tightens in the marketplace.

因此，我們看到批發零件銷售量下降，然後櫃檯上的零件銷售量一般零售量下降。你看看我們的服務店，我們仍然很忙。我們沒有以前那樣積壓的服務工作，但我們每月產生的 RO 數量仍然穩定。然後，由於貨運量下降和資產利用率下降，一些承運人會停放卡車，並可能從圍欄中拉出另一輛卡車，而不是承擔修理費用。因此，在市場上的產能收緊之前，我們也會看到其中的一些情況。

I think, Rich, also, when you look at our fixed coverage, we're running, what, 120-plus percent.

Rich，我想，當你看到我們的固定承保範圍時，我們正在運行，什麼，120% 以上。

Yes, almost 130.

是的，差不多130。

And I think we're utilizing tools to be more efficient. We've also been able to fill a lot of the mechanics requirements that we couldn't get during the COVID time. We're now seeing them come in and our turnover really has been down. So I would say we've put more service trucks on the road going out to the customers, too, which has certainly also been a benefit. So I think through our acquisitions that we'll see that we'll start to get some more traction there to putting in some of the same conditions and action plans we have in the core business.

我認為我們正在利用工具來提高效率。我們也能夠滿足許多在新冠疫情期間無法滿足的機械要求。我們現在看到他們進來，我們的營業額確實下降了。所以我想說，我們也在通往客戶的道路上放置了更多的服務卡車，這當然也是一個好處。因此，我認為透過我們的收購，我們將開始獲得更多的吸引力，以在核心業務中引入一些相同的條件和行動計劃。

(Operator Instructions) We'll go next to Rajat Gupta with JPMorgan.

（操作員指示）我們將前往摩根大通的 Rajat Gupta 旁邊。

Just had one question on new GPUs and then one on F&I. Based on how things have trended over the last few months and quarters including what you may have seen in January? Is the recent quarterly cadence, like roughly $250 to $300 of sequential declines in new GPU, a good rule of thumb? Or as you progress through 2024, if you could give us any color or guidance around that would be helpful. And I have a quick follow-up on F&I.

剛剛問了一個關於新 GPU 的問題，然後又問了一個關於 F&I 的問題。基於過去幾個月和幾個季度的趨勢，包括您在一月份可能看到的情況？最近的季度節奏（例如新 GPU 的連續下降大約 250 至 300 美元）是一個很好的經驗法則嗎？或者，隨著 2024 年的進展，如果您能為我們提供任何相關資訊或指導，將會有所幫助。我對 F&I 進行了快速跟進。

So Rajat, this is Tony. I'll handle that one. When you take a look at the year-over-year decline from Q4 '22 to Q4 '23, new gross was down about $956 a car. That's on a same-store basis across the portfolio. And I think, as I previously mentioned, when we looked at it sequentially, it was down $257 from $57.75 down to $55.18. So I think we're able to manage the growth very well. Some of it will be dependent upon how the mix might change from one period to the next and the level of BEV sales. I think Rich made the comment that we were down over $5,000 versus MSRP on the BEV side of things.

拉賈特，這是東尼。我會處理那個的。當您查看從 22 年第 4 季到 23 年第 4 季的年減時，您會發現每輛車的新毛利率下降了約 956 美元。這是整個產品組合中同店的基礎。我認為，正如我之前提到的，當我們按順序查看時，它從 57.75 美元下降到 55.18 美元，下降了 257 美元。所以我認為我們能夠很好地管理成長。其中一些將取決於混合從一個時期到下一個時期的變化以及純電動車的銷售水平。我認為 Rich 曾評論說，我們在 BEV 方面比建議零售價下降了 5,000 多美元。

So I think we're very happy with how the new vehicle growth has performed so far in the past 12 months.

因此，我認為我們對過去 12 個月迄今為止新車的成長表現非常滿意。

I'd make one comment, Rajat, that we're seeing internationally Ferrari and Porsche, Lamborghini, some of those big cars are now in the $200,000, $300,000 range, people could drive them for a year and come back and trade them to be able to get into the next car. We're seeing some people are saying, look, I'll keep my car for another year. So that's having some impact on canceled orders where we have to resell those at a lower margin. But I wouldn't say it's dramatic, but I think it's something we should note because of the used vehicle decline.

Rajat，我想發表一個評論，我們在國際上看到法拉利和保時捷、蘭博基尼，其中一些大型汽車現在價格在 200,000 美元、300,000 美元範圍內，人們可以駕駛它們一年，然後回來將它們交易為能夠進入下一輛車。我們看到有些人說，看，我會把我的車再留一年。因此，這對取消的訂單產生了一些影響，我們必須以較低的利潤轉售這些訂單。但我不會說這是戲劇性的，但我認為這是我們應該注意到的，因為二手車的下降。

That happened in the fourth quarter.

這發生在第四季。

In the fourth quarter, yes.

在第四季度，是的。

Got it. That's helpful. And then on F&I, a very strong performance here in the fourth quarter, despite what we're hearing that leasing is coming back. We can see that the data -- what drove the strength there? And how should we think about sustaining these kind of F&I gross levels into 2024?

知道了。這很有幫助。然後在 F&I 方面，儘管我們聽說租賃正在回歸，但第四季度的表現非常強勁。我們可以看到數據——是什麼推動了那裡的實力？我們應該如何考慮將這種 F&I 總額維持到 2024 年？

Well, Rajat, this is Tony. If you look at the fourth quarter on a same-store basis, we did 18.97 a unit. That was up from 18.66 and then sequentially, it was up about $76 a unit from 18.21 to 18.97. I think it's important to point out that when you look at the U.S. our overall product sales are about 68% of the total.

好吧，拉賈特，這是東尼。如果你以同店為基礎來看第四季度，我們的銷售額為 18.97 美元。該價格從 18.66 上漲，然後從 18.21 上漲至 18.97，每單位上漲約 76 美元。我認為有必要指出的是，當你看看美國時，我們的整體產品銷售額約佔總銷售額的 68%。

Therefore, reserves are about 32%. And then you look at some of the different penetration rates. We've increased our captive penetration again leasing is up a little bit. And then when you look at some of the different programs that we're selling, like prepaid maintenance and protection products, tire and wheel, that stuff has stayed really strong for us.

因此，儲量約為32%。然後你看看一些不同的滲透率。我們再次提高了自保滲透率，租賃量略有上升。然後，當您查看我們銷售的一些不同計劃時，例如預付費維護和保護產品、輪胎和車輪，這些東西對我們來說仍然非常強大。

So I think overall, our team is doing a really strong job on the F&I side of things.

因此，我認為總體而言，我們的團隊在金融與保險方面做得非常出色。

And those are products that we can sell to the premium lease customer too, which is helpful.

這些產品我們也可以出售給優質租賃客戶，這很有幫助。

Got it. So you feel okay about sustaining these kind of levels on a same-store basis. Obviously, like pricing might play a role there, but the penetration level, do you think are sustainable at these levels into '24?

知道了。因此，您對在同店基礎上維持這種水平感到滿意。顯然，定價可能會在那裡發揮作用，但滲透水平，您認為這些水平可以持續到 24 世紀嗎？

Some of it will depend upon the absolute lease level that we have, particularly in the U.S. and then we also have to look at any potential affordability concerns that customers may have with respect to extended service contracts. But I think if you look at the second half of the year and you see any rate reduction that might happen in interest rates, so that could actually help the F&I side of the business as well, making vehicles more affordable.

其中一些將取決於我們的絕對租賃水平，特別是在美國，然後我們還必須考慮客戶對延長服務合約可能存在的任何潛在的負擔能力問題。但我認為，如果你看看今年下半年，你會發現利率可能會出現任何降息，那麼這實際上也有助於金融和投資方面的業務，使車輛變得更便宜。

But it's only 32% of our revenue is coming from the actual reserves.

但我們的收入中只有 32% 來自實際儲備。

Correct.

正確的。

And flat we would get on leasing.

我們將租用公寓。

Next, we'll go to David Whiston with Morningstar.

接下來，我們將與晨星公司一起拜訪大衛惠斯頓。

Two questions like kind of the capital allocation front. First on M&A, can you say what your preference would be this year on M&A in terms of would it be light vehicle, CarShop or trucks? And on top of that, what geographic areas would be your first choice?

有兩個問題，例如資本配置方面的問題。首先關於併購，您能否說說今年您在併購方面的偏好，是輕型汽車、CarShop 還是卡車？最重要的是，哪些地理區域是您的首選？

Well, I guess, let's look at the different businesses. We are actively looking in Premier Truck side. There's no question in Europe. We had the opportunity with Rybrook 16 locations. We have a number of opportunities here in the U.S. And I would say we look primarily where we already have scale. .

好吧，我想，讓我們看看不同的業務。我們正在積極尋找 Premier Truck 方面的機會。在歐洲這是毫無疑問的。我們有機會在 Rybrook 16 家分店工作。我們在美國有很多機會，我想說，我們主要關注的是我們已經擁有規模的地方。 。

So we can consolidate our back offices, our management team with Rybrook, we looked at the business at Pendragon and when we looked at that business in conjunction, we had a set of losses we'd have to deal with, with Rybrook. We just bought the stores and plugged them right in. So we want to look where we have the least amount of additional SG&A that would be a key factor.

因此，我們可以與 Rybrook 整合我們的後台、管理團隊，我們研究了 Pendragon 的業務，當我們結合研究該業務時，我們必須與 Rybrook 一起應對一系列損失。我們剛剛購買了商店並將其插入電源。因此，我們想看看哪裡的額外 SG&A 金額最少，這將是一個關鍵因素。

And I think right now, we're seeing the prices coming down to a more realistic time frame. And obviously, with $1.7 billion of capital available, we've got plenty of fire proper to make a big move or small moves. But again, they're going to be strategic.

我認為現在，我們看到價格下降到更現實的時間範圍內。顯然，有了 17 億美元的可用資本，我們就有足夠的動力來採取大動作或小動作。但同樣，它們將具有戰略意義。

But you don't have a strong preference then on truck versus light vehicle, that doesn't really matter?

但是您對卡車與輕型車輛沒有強烈的偏好，這並不重要？

I think we look at them one at a time. I mean, we're -- it's not -- we don't have a goal to grow the truck at some speed or else. I want to see a minimum of $1 billion worth of new business that we would generate for 2024 on an annualized basis, that would be across the entire portfolio.

我想我們一次一個地看它們。我的意思是，我們——不是——我們沒有以某種速度或其他方式增加卡車的目標。我希望看到 2024 年我們將在整個投資組合中產生至少價值 10 億美元的新業務（按年計算）。

Okay. And on buybacks, can you talk about how you guys are feeling about buybacks this year relative to the 2023 spending level?

好的。關於回購，您能談談相對於 2023 年的支出水平，你們對今年回購的看法嗎？

Well, look, I think as we've done before, we look at CapEx, we look at dividends, we look at acquisitions, we look at buybacks. And I think that we certainly will look at that to continue. The Board has to approve those buybacks and make recommendations to us. But at this point, we would continue with our buybacks.

好吧，我認為就像我們之前所做的那樣，我們專注於資本支出，我們專注於股息，我們專注於收購，我們專注於回購。我認為我們肯定會繼續考慮這一點。董事會必須批准這些回購並向我們提出建議。但此時，我們將繼續回購。

And just one last thing on used vehicles. In the press release you guys specifically called out that how pleased you were on that sequential GPU performance Q4 versus Q3. Is it kind of -- for lack of better words, is that like a green shoot that may be the worst of this is over?

關於二手車，還有最後一件事。在新聞稿中，你們特別指出，你們對第四季與第三季的連續 GPU 表現感到非常滿意。是不是有點——因為缺乏更好的詞語，這是否就像一個綠芽，可能最糟糕的情況已經結束了？

Are you talking on used vehicles, David?

大衛，你說的是二手車嗎？

Yes.

是的。

So Randall will tell you, Randy, you might want to comment about what we're seeing in the U.K. because that was one of the big headwinds, if you will, so you want...

所以蘭德爾會告訴你，蘭迪，你可能想對我們在英國看到的情況發表評論，因為這是最大的阻力之一，如果你願意的話，所以你想...

So as all the valuations went significantly up over '21, '22. And then obviously, starting April last year, they were going down anywhere from 2% to 4% a month. In the fourth quarter, it was down 4%, 4% and 2% from October, November, December. So look, it was a challenge without a doubt, you had to turn the inventory quickly. Otherwise, you're caught with that at a lower number, you can sell it.

因此，隨著所有估值在 21、22 年間大幅上漲。很明顯，從去年 4 月開始，價格每月下降 2% 到 4%。第四季較10月、11月、12月分別下降4%、4%及2%。所以看，這無疑是一個挑戰，你必須快速週轉庫存。否則，你會發現價格較低，你可以賣掉它。

But as we've come into the new year in January, it's absolutely stabilized, and we're seeing that in February as well. Our gross per unit will definitely be up in January for the first handful of trading days in February, the same thing. I'll make one other point. When we are rightsizing the inventory, we wholesale 10,000 cars, but our wholesale -- we actually made about GBP 370 per unit, which was down from GBP 400 per unit Q4 last year. So it wasn't down much. If you think about the market going down that in the way it did.

但隨著我們在一月份進入新的一年，它絕對穩定了，我們在二月也看到了這一點。在二月的前幾個交易日里，我們的單位毛利率肯定會在一月份有所上升，同樣的事情。我還要指出另一點。當我們調整庫存規模時，我們批發了 10,000 輛汽車，但我們的批發實際上每輛汽車的利潤約為 370 英鎊，低於去年第四季度的每輛汽車 400 英鎊。所以跌幅並不大。如果你考慮市場會像以前那樣下跌。

So there certainly wasn't a fire sale. But conversely to that, we in late November and December went out and acquired a bunch of used cars strategically as the market was deflated and now as the markets stabilized and hopefully goes up some, that's part of the reason we're seeing better grosses this month. So I think we were a bit advantageous there with our team.

所以肯定沒有賤賣。但與此相反，我們在11 月下旬和12 月策略性地收購了一堆二手車，因為市場萎縮，現在隨著市場穩定並希望有所上漲，這就是我們看到更好的總收入的部分原因月。所以我認為我們的團隊在這方面有點優勢。

Well, look, I think then the key thing, David, is that we were paying money for used cars. It was almost, in some cases, near where they could buy a new car for. So the amount of gross profit that was available to us from an advance rate from the finance company. Remember, we financed a lot of the used cars, left us a very small margin as the cost of sale comes down now, it's going to give us a chance now we've got interest rates pushing that up on a finance deal.

好吧，大衛，我認為關鍵是我們花錢買了二手車。在某些情況下，這幾乎是他們可以購買新車的地方。因此，我們可以從財務公司的預付款中獲得毛利。請記住，我們為大量二手車提供了融資，隨著銷售成本現在下降，我們留下了非常小的利潤，這將給我們一個機會，現在我們的利率推高了融資交易的利率。

But I think we're going to see our margins will increase as we go forward. And I feel good about the used car business, be able to turn the loaner cars, all these things are going to help us as we go forward, especially on the premium side. And hopefully, we'll start to get some lease returns, you talked about advantageous buying 250 cars from Mercedes, I think in last year in the fourth quarter. So these things will start to help us that we can execute on.

但我認為，隨著我們的前進，我們的利潤率將會增加。我對二手車業務感覺很好，能夠轉動租賃汽車，所有這些都將幫助我們前進，特別是在高端方面。希望我們能開始獲得一些租賃回報，你談到了從梅賽德斯購買 250 輛汽車的優惠，我想是在去年第四季。因此，這些事情將開始幫助我們執行。

And our average transaction price last year was over $34,000 a used car, that's high.

去年我們二手車的平均交易價格超過 34,000 美元，這個價格很高。

What was the year before?

前一年是什麼時候？

It was flat on a year-over-year basis roughly. So it really when you go back, I think, to 2019 prior to the pandemic, it was $25,000...

與去年同期相比大致持平。所以，我認為，當你回到 2019 年大流行之前時，確實是 25,000 美元…

The CarShop number is coming down. We can see the sale price of CarShop. So, I'm not sure exactly what it is, but I know it's coming down and that's going to help us get back in the sweet spot.

CarShop 號碼正在下降。我們可以看到CarShop的銷售價格。所以，我不確定它到底是什麼，但我知道它正在下降，這將幫助我們回到最佳狀態。

That's right.

這是正確的。

So we're not competing with what I call the OEM dealership, right, because it will be down and it's a different market that we have.

因此，我們不會與我所說的 OEM 經銷商競爭，對吧，因為它會下降，而且這是一個與我們不同的市場。

Sorry, was that 34,000 a CarShop or the retail stores?

抱歉，這 34,000 是 CarShop 還是零售店？

That's total consolidated number that's everybody -- if you look at CarShop, the average transaction price was just under $21,000 in the fourth quarter. .

這是所有人的綜合數字——如果你看看 CarShop，第四季的平均交易價格略低於 21,000 美元。 。

With no further questions in queue, I'd like to turn the call back over to Mr. Penske for closing remarks.

由於沒有其他問題，我想將電話轉回彭斯克先生進行結束語。

Brad, thanks. Good quarter, we had some headwind, obviously, but I feel good about the balance of the year. Obviously, we talked about battery electric vehicle. That's got a big focus on us and how we deal with that as we go forward here. So thanks again. We'll talk to you next quarter.

布拉德，謝謝。季度表現不錯，顯然我們遇到了一些阻力，但我對今年的剩餘情況感覺良好。顯然，我們談論的是純電動車。這是我們的重點，也是我們前進時如何處理這個問題的重點。所以再次感謝。我們將在下個季度與您交談。

That does conclude the call for today. Thanks for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。