Penske Automotive Group Inc (PAG) 2024 Q1 法說會逐字稿

Good afternoon and welcome to the Penske Automotive Group First Quarter 2024 Earnings Conference Call. Today's call is being recorded and will be available for replay approximately 1 hour after completion through May 7, 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 2024 年第一季財報電話會議。今天的電話會議正在錄音，並將在結束後約 1 小時至 2024 年 5 月 7 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, Leah. Good afternoon, everyone, and thank you for joining us today. As you know, a press release detailing Penske Automotive Group's First Quarter 2024 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，莉亞。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 2024 年第一季財務業績的新聞稿，並與旨在幫助您了解公司業績的簡報一起發佈在我們的網站上。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, acquisitions, 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. We have prominently presented the comparable GAAP measures and have reconciled the non-GAAP measures to the most directly comparable GAAP measures in this morning's 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、收購、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。在今天早上的新聞稿和投資者介紹中，我們重點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，這些內容可以在我們的網站上找到。

Our future results may vary from our expectations because of risks and uncertainties outlined in today's press release under forward-looking Statements. I 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 events to differ materially from expectations.

由於今天的新聞稿中前瞻性聲明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，以了解可能導致未來事件與預期產生重大差異的更多討論和因素。

At this time, I'll now turn the call over to Roger Penske.

此時，我將把電話轉給羅傑·彭斯克。

Thank you, Tony. Good afternoon, everyone, and thank you for joining us today. During the first quarter of 2024, PAG delivered 126,800 new and used vehicles and over 4,500 new and used commercial trucks. We increased revenue by nearly 2% to $7.4 billion. Our gross margin was 16.7%, which increased 40 basis points when compared to Q4 last year. We generated $295 million in income before taxes, $215 million net income and earnings per share of $3.21.

謝謝你，托尼。大家下午好，感謝您今天加入我們。 2024 年第一季度，PAG 交付了 126,800 輛新車和二手車以及超過 4,500 輛新車和二手商用卡車。我們的營收成長了近 2%，達到 74 億美元。我們的毛利率為 16.7%，比去年第四季成長了 40 個基點。我們的稅前收入為 2.95 億美元，淨利潤為 2.15 億美元，每股收益為 3.21 美元。

During the first quarter, our U.S. and U.K. retail operation faced headwinds from port holds, product recalls, supply and production issues on premium vehicles that impacted product availability. Additionally, a strike at a plant in Mexico that builds the Audi Q5 SUV impacted availability as well. Income and earnings per share were also negatively impacted by higher interest costs for the quarter of $17.4 million driven primarily by an increase in interest rates and higher inventory levels and lower equity earnings from the company's investment in Penske Transportation Solutions.

第一季度，我們的美國和英國零售業務面臨港口滯留、產品召回、高端車輛的供應和生產問題等不利因素，影響了產品的可用性。此外，墨西哥一家生產奧迪 Q5 SUV 的工廠發生罷工，也影響了供應。本季利息成本上升也對營收和每股盈餘產生了負面影響，利息成本為 1,740 萬美元，這主要是由於利率上升、庫存水準上升以及公司投資 Penske Transportation Solutions 帶來的股本收益下降。

Lowering equity earnings from PTS were driven by lower commercial rental utilization, lower consumer rental revenue, that's one way, higher interest rates on average debt balances and a lower gain from sale of used revenue-earning equipment vehicles, partially offset by improved results in our full-service leasing business and our distribution center logistics management business.

PTS 股本收益下降的原因是商業租賃利用率下降、消費者租賃收入下降（這是一種方式）、平均債務餘額利率上升以及二手創收設備車輛銷售收益下降，部分被我們的業績改善所抵消。

Looking at corporate development. During Q1, we added 24 automotive franchises, including 19 in our international markets and 5 in the U.S. Estimated annual acquired revenue is $1.1 billion. We also closed one CarShop location in the U.S.

看企業發展。第一季度，我們新增了 24 家汽車特許經營店，其中 19 家位於國際市場，5 家位於美國。我們也關閉了美國的一家 CarShop 門市。

In 2024 in April, we entered into an agreement to acquire two Porsche dealerships and one Ducati motorcycle dealership in Melbourne, Australia, which is expected to close in the second quarter of 2024, obviously, subject to customary conditions.

2024 年 4 月，我們簽訂了一項協議，收購澳洲墨爾本的兩家保時捷經銷店和一家杜卡迪摩托車經銷店，預計將在 2024 年第二季完成，顯然，這取決於慣例條件。

Let me now turn the attention to automotive operations. During the quarter, total automotive units delivered increased 4% to 126,864 units, which includes 8,932 agency units in the U.K. New units increased 6% and used units increased 2%. We continue to take forward orders with presold activity averaging between 10% and 20% in the U.S., depending on brand or region, and 36% of the new vehicles sold in the quarter in the U.S. were at MSRP. While 87% of the BEVs sold in the quarter required significant discounting, we estimate 90% of BEVs sold were leased.

現在讓我把注意力轉向汽車運作。本季度，汽車交車總量成長 4%，達到 126,864 輛，其中包括英國的 8,932 輛代理車。我們繼續推進訂單，在美國，預售活動平均在10% 到20% 之間，具體取決於品牌或地區，本季在美國銷售的新車中有36% 的建議零售價是按建議零售價計算的。雖然本季售出的純電動車中有 87% 需要大幅折扣，但我們估計已售出的純電動車中有 90% 是租賃的。

In the U.K., the forward order book is healthy at 19,000 units versus 18,000 at the end of December and 22,000 at the same time last year. Same-store retail automotive revenue increased 1%. However, Service & Parts increased 5%. Customer pay was up 5%. [Warranty] was up 6%. Our collision repair business is up 6%, and all continued to grow during the first quarter.

在英國，遠期訂單數量健康，為 19,000 份，而 12 月底為 18,000 份，去年同期為 22,000 份。同店零售汽車收入成長 1%。然而，服務和零件增長了 5%。客戶付款增加了 5%。 [保固]上漲6%。我們的碰撞修復業務成長了 6%，並且在第一季繼續成長。

Gross profit for new unit retail declined only $302 sequentially, while gross profit per used unit retail increased during the quarter sequentially when compared to Q4 last year.

新單位零售毛利僅比上一季下降 302 美元，而與去年第四季相比，本季每二手單位零售毛利則有所增長。

Let me now turn to Penske Transportation Solutions. At March 31, PTS managed a fleet of over 442,000 trucks, tractors and trailers compared to 418,000 at March 31 last year. Although the overall fleet size increased, we reduced our commercial rental fleet by 4,800 units during Q1 of 2024 due to lower utilization and a continued weak freight market. In Q1, PTS operating revenue increased 3% to $2.7 billion. Full service contract revenue increased 12%. Our logistics revenue increased 4%, but our rental revenue declined 13%. PTS generated net earnings of $112 million. Our share of the PTS earnings was [$32.5] million, which declined by $48 million compared to Q1 last year. Decline in PTS earnings over the prior year was due to: number one, a $49 million increase and interest expense from higher rates related to bond refinancing and higher outstanding debt; a $66 million decline in the gain on sales of used trucks.

現在讓我談談潘世奇交通解決方案。截至 3 月 31 日，PTS 管理超過 442,000 輛卡車、牽引車和拖車的車隊，而去年 3 月 31 日為 418,000 輛。儘管整體機隊規模有所增加，但由於利用率較低和貨運市場持續疲軟，我們在 2024 年第一季減少了 4,800 輛商業租賃機隊。第一季度，PTS 營業收入成長 3%，達到 27 億美元。全方位服務合約收入成長 12%。我們的物流收入成長了 4%，但租金收入下降了 13%。 PTS 淨利潤為 1.12 億美元。我們在 PTS 收益中的份額為 [3,250 萬美元]，與去年第一季相比下降了 4,800 萬美元。 PTS 收益比前一年下降的原因是：第一，債券再融資相關利率上升和未償債務增加導致利息支出增加 4,900 萬美元；二手卡車銷售收益減少 6,600 萬美元。

We sold 11,667 used trucks in Q1 of '24 compared to 36,000 for all of '23 to expedite the disposal of older units. Our rental revenue fell 13%, and utilization rate fell 310 basis points when compared to Q1 of 2023 as weak freight rates and lower one-way consumer rental demand. Higher maintenance costs of $12 million compared to Q1 last year, but importantly, the sequential increase was only $3 million as we continue to replace the older fleet and lease extensions.

我們在 24 年第一季銷售了 11,667 輛二手卡車，而 23 年全年銷售了 36,000 輛，以加快舊設備的處置。與 2023 年第一季相比，由於運費疲軟和單向消費者租賃需求下降，我們的租賃收入下降了 13%，利用率下降了 310 個基點。與去年第一季相比，維護成本增加了 1,200 萬美元，但重要的是，隨著我們繼續更換舊機隊和延長租約，季增幅僅為 300 萬美元。

Our new units on order we have placed with various OEMs are down 50%. That's really from 60,000 to 30,000 with nearly 12,000 units currently for sale compared to 8,400 at the end of March last year. As we look at Q2, we expect a sequential increase in earnings from PTS from the reduction in the rental fleet to 4,800, which improves utilization, coupled with new replacement vehicles and reducing maintenance expense.

我們向各個原始設備製造商訂購的新設備減少了 50%。這實際上是從 60,000 套到 30,000 套之間，目前待售的套數接近 12,000 套，而去年 3 月底的套數為 8,400 套。展望第二季度，我們預計 PTS 的收益將因租賃車隊減少至 4,800 輛而環比增加，從而提高利用率，再加上新的替換車輛並減少維護費用。

Let me turn it over to Rich Shearing now. Thank you.

現在讓我把它交給 Rich Shearing。謝謝。

Thank you, Roger. Our Premier Truck Group dealership business represents 43 locations in North America and is an important part of our diversification. We are one of the largest commercial truck retailers for Diamond Trucks North America.

謝謝你，羅傑。我們的 Premier Truck Group 經銷業務遍佈北美 43 個地點，是我們多元化發展的重要組成部分。我們是 Diamond Trucks North America 最大的商用卡車零售商之一。

During quarter 1, Class 8 net orders increased 18%, while retail sales declined 6% from the strong pace of 2023. At the end of March, the current backlog was 162,600 and represents approximately 5 to 6 months' worth of sales. Premier Truck Group sold 4,500 units in Q1, down 12% overall, driven by new retail sales down 23% but used up 60% for the quarter. However, a strong mix of new units and our fixed operations business drove an increase in gross margin of 190 basis points.

第一季度，8 類淨訂單成長 18%，而零售額較 2023 年的強勁步伐下降 6%。 Premier Truck Group 第一季銷量為 4,500 輛，整體下降 12%，原因是新零售銷量下降 23%，但本季使用量卻成長了 60%。然而，新業務和固定營運業務的強勁組合推動毛利率成長了 190 個基點。

Same-store SG&A to gross profit remained well controlled at 59.2%, and fixed absorption was 130%. Premier Truck Group produced a solid Q1 EBT of $51 million and a return on sales of 6.4%. We believe commercial truck demand will continue to be driven primarily by replacement needs, and we also see strength across private fleets, vocational segments and Class 6/7 medium-duty. As we look towards '25 and '26, anticipated emissions changes should drive a strong order book in retail sales.

同店SG&A佔毛利潤的比例仍控制在59.2%，固定吸收率為130%。 Premier Truck Group 第一季的息稅前利潤 (EBT) 為 5,100 萬美元，銷售回報率為 6.4%。我們認為，商用卡車需求將繼續主要由更換需求驅動，我們也看到私人車隊、職業領域和 6/7 級中型卡車的實力。當我們展望「25」和「26」時，預期的排放變化應該會推動零售銷售的強勁訂單。

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。

Thank you, Rich. I will now cover our business in Australia. Penske Australia offers products across the on- and off-highway markets, including in the trucking, mining, power generation, defense, marine, rail and construction sectors and supports full parts and aftersales service across the region. Service & Parts represents approximately 75% of our gross profit. So our focus on increasing units in operation is a key driver of the business. In fact, in the month of March, it was the single-best month in the history of our business in Australia with a return on sales of 7.6%.

謝謝你，里奇。我現在將介紹我們在澳洲的業務。潘世奇澳洲公司提供公路和非公路市場的產品，包括卡車運輸、採礦、發電、國防、船舶、鐵路和建築業，並支援整個地區的全套零件和售後服務。服務和零件約占我們毛利的 75%。因此，我們對增加營運單位的關注是業務的關鍵驅動力。事實上，3 月份是我們在澳洲業務歷史上最好的一個月，銷售回報率為 7.6%。

During the 3 months ended March 31, '24, the Australian and New Zealand heavy-truck market increased 4.8% and 2.7%, respectively, from the same period last year. In off-highway, our power system operations continue to grow with turnkey solutions for hyperscale data centers, battery storage, mining and military applications. We continue to be a leader in critical standby power, especially for data centers, and continue to make significant deliveries of generators into prime power and hybrid applications.

截至2024年3月31日的三個月內，澳洲和紐西蘭重型卡車市場較去年同期分別成長了4.8%和2.7%。在非公路領域，我們的電力系統業務不斷成長，為超大規模資料中心、電池儲存、採礦和軍事應用提供交鑰匙解決方案。我們將繼續成為關鍵備用電源（尤其是資料中心）領域的領導者，並繼續為主要電力和混合應用提供大量發電機。

In addition, we have started to deliver large-scale battery energy storage solutions with recent government contracts, adding to more than $50 million to the existing pipeline. Our current order bank for hyperscale data centers and battery storage systems combined is over $550 million for 2024 and beyond.

此外，我們也開始透過最近的政府合約提供大規模電池儲能解決方案，為現有管道增加了超過 5,000 萬美元。目前，到 2024 年及以後，超大規模資料中心和電池儲存系統的訂單總額將超過 5.5 億美元。

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 will review our cash flow and balance sheet and discuss our capital allocation strategy.

謝謝你，蘭德爾。大家下午好。我將檢視我們的現金流量和資產負債表，並討論我們的資本配置策略。

I'm pleased to report that we generated $456 million in cash flow this quarter, and our trailing 12-month EBITDA was $1.55 billion. At the end of March, our long-term debt was $1.68 billion, up approximately $50 million from the end of December. $1.05 billion of the long-term debt represents our subordinated notes with $550 million maturing in September 2025 and the other $500 million maturing in 2029. The average interest rate on these notes is 3.6%.

我很高興地報告，本季我們產生了 4.56 億美元的現金流，過去 12 個月的 EBITDA 為 15.5 億美元。截至3月底，我們的長期債務為16.8億美元，比12月底增加約5,000萬美元。長期債務中的 10.5 億美元是我們的次級票據，其中 5.5 億美元將於 2025 年 9 月到期，另外 5 億美元將於 2029 年到期。

We have the intent and ability to refinance the 2025 notes. Under U.S. GAAP, we do not plan to present the 2025 notes in current liabilities through maturity. We also have $360 million in mortgages and $193 million in other borrowings at our international subsidiaries. Debt to total capitalization was 25.7%, and leverage sits at 1.1x.

我們有意願也有能力為 2025 年票據進行再融資。根據美國公認會計準則，我們不打算在到期前將 2025 年票據列報為流動負債。我們的國際子公司還擁有 3.6 億美元的抵押貸款和 1.93 億美元的其他借款。債務佔總資本的比例為 25.7%，槓桿率為 1.1 倍。

As you can see, our balance sheet remains strong, safe and secure. Our approach to capital allocation balances investing for growth through capital expenditures, investing in diversified and opportunistic acquisitions and returning capital to shareholders through dividends and securities repurchases. Since the end of 2022, we have raised the dividend 5 times from $0.57 to $0.87 per share, representing a 53% increase.

正如您所看到的，我們的資產負債表仍然強勁、安全。我們的資本配置方法透過資本支出平衡投資成長、投資多元化和機會主義收購以及透過股利和證券回購向股東返還資本。自2022年底以來，我們已將股息提高了5次，從每股0.57美元增至0.87美元，增幅達53%。

During the first quarter, we paid $59 million in dividends, invested $103 million for growth through capital expenditures and repurchased approximately 221,000 shares for $33 million. It's important to reiterate that we have the ability to flex our leverage up to 4x on a lease-adjusted basis.

第一季度，我們支付了 5,900 萬美元的股息，透過資本支出投資了 1.03 億美元用於成長，並以 3,300 萬美元回購了約 221,000 股股票。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。

New vehicle inventory increased $50 million from the end of December. Total inventory was $4.4 billion, up $100 million from the end of December. Long-term debt was $3.9 billion. Importantly, we had a 40-day supply of new vehicles and a 36-day supply of used. Days supply of new vehicles for premium was 41 and volume foreign was 29. The days supply of new battery electric vehicles in the U.S. was 91 days.

新車庫存量較 12 月底增加 5,000 萬美元。庫存總額為 44 億美元，比 12 月底增加 1 億美元。長期債務為 39 億美元。重要的是，我們有 40 天的新車供應和 36 天的二手車供應。高階新車供應天數為 41 天，國外銷售量為 29 天。

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。

Thank you, Shelley. With the acquisitions we completed during the first quarter, we continue to demonstrate the flexibility we have with our capital allocation. These acquisitions strengthen our premium brand footprint in our international markets and are expected to generate approximately $1 billion estimated annual revenue. Most recently, our geographical diversification provided us with the opportunity to expand our partnership with Porsche. Today, we have 22 Porsche stores throughout the network.

謝謝你，雪萊。透過我們在第一季完成的收購，我們繼續展示了我們在資本配置方面的靈活性。這些收購增強了我們在國際市場上的優質品牌影響力，預計將產生約 10 億美元的年收入。最近，我們的地理多元化為我們提供了擴大與保時捷合作夥伴關係的機會。如今，我們的網路中已擁有 22 家保時捷專賣店。

We recently entered into an agreement to acquire 2 Porsche centers: 1 in Brighton, the other 1 Porsche center at Doncaster along with the Ducati Melbourne in Australia. For over 10 years, we've strategically built a diverse commercial vehicle and power system business in Australia. And with this significant acquisition, we will leverage that existing infrastructure and our significant experience in the retail automotive industry to drive growth with the Porsche brand in Melbourne.

我們最近簽訂了收購 2 個保時捷中心的協議：其中 1 個位於布萊頓，另外 1 個位於唐卡斯特，以及澳洲的杜卡迪墨爾本中心。十多年來，我們在澳洲策略性地建立了多元化的商用車和電力系統業務。透過這項重大收購，我們將利用現有的基礎設施和我們在汽車零售業的豐富經驗，推動保時捷品牌在墨爾本的成長。

Our results continue to demonstrate the benefit of our diversification across retail, automotive, commercial truck, cost control and disciplined capital allocation strategies. I remain confident in our model and the performance of the business. Thanks for joining us today and your continued confidence in PAG.

我們的業績繼續證明了我們在零售、汽車、商用卡車、成本控制和嚴格的資本配置策略方面的多元化的優勢。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以及您對 PAG 的持續信任。

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

（操作員說明）首先，我們去找美國銀行的約翰‧墨菲。

Roger, I just wanted to touch on -- first on the new GPUs, which are obviously a very hot topic for everybody for quite some time now. They're holding up better than people have been fearing. I'm just wondering if you could talk about that being brand mix-driven, luxury mix-driven or your management on focusing on keeping these GPUs where they are. Just curious if you could talk about that.

羅傑，我只想談談——首先是新的 GPU，這顯然是每個人在相當長一段時間內的一個非常熱門的話題。他們的表現比人們擔心的要好。我只是想知道您是否可以談論品牌混合驅動、豪華混合驅動或您的管理層專注於將這些 GPU 保持在原來的位置。只是好奇你能否談談這個問題。

Why don't I have Rich Shearing talk about the U.S., and then Randall can talk about international. Rich?

為什麼我不讓 Rich Shearing 談談美國，然後讓蘭德爾談談國際。富有的？

Yes. Thank you, John. Look, yes, I think you touched on it. The first thing I would highlight is certainly our premium mix. We definitely think that plays a role in the grosses. And so then if you look at the new side in the U.S. sequentially down $364 and used up $323 sequentially.

是的。謝謝你，約翰。聽著，是的，我想你已經觸及了。我要強調的第一件事當然是我們的優質組合。我們絕對認為這在總收入中發揮了作用。那麼，如果你看看美國的新方，它連續下降了 364 美元，並連續消耗了 323 美元。

So I think as Shelley touched on our days supply as well, so that's been a very key focus for us to make sure that we're turning the inventory that we are getting. And then frankly, I think our operating team has done a fantastic job too of balancing the volume, of achieving the OEM scorecard compliance with the best deals that are out there that are available. And you see that obviously in the numbers.

因此，我認為雪萊也談到了我們的日常供應，因此這對我們來說是一個非常關鍵的焦點，以確保我們正在扭轉我們所獲得的庫存。坦白說，我認為我們的營運團隊在平衡數量、實現 OEM 記分卡與現有最佳交易的合規性方面也做得非常出色。從數字中你可以清楚地看到這一點。

I think also, John, what we've been able to do as we've come out of COVID, we've looked at our sales team, and we've really taken the utilization. And obviously, the productivity has gone from 12 units per salesperson to 14. So I think we have our best people on the front line now, which is making a difference.

我還認為，約翰，自從我們走出新冠疫情以來，我們已經能夠做的事情，我們已經研究了我們的銷售團隊，並且我們確實利用了利用率。顯然，生產力已經從每個銷售人員 12 個單位增加到 14 個單位。

And I do agree certainly with Rich, that the premium/luxury side has given us that opportunity. And yet, we had headwinds with the Porsche brand. They were down 26% in the quarter. We were down -- we were down 26%. They were down 23%. So we even had some impact on higher gross units. And from a BEV perspective, we're discounting those about $6,000 below MSRP. So that had additional headwind. When you look at it overall, that would have increased our margin overall during the quarter.

我確實同意里奇的觀點，即高端/豪華方面給了我們這個機會。然而，我們在保時捷品牌方面遇到了阻力。該季度下降了 26%。我們下降了——下降了 26%。他們下跌了 23%。因此，我們甚至對更高的總單位產生了一些影響。從 BEV 的角度來看，我們對這些產品的折扣大約比建議零售價低 6,000 美元。所以這有額外的阻力。從整體來看，這會增加我們本季的整體利潤率。

So Randall, why don't you kick in?

那麼蘭德爾，你為什麼不介入呢？

Yes. It's a similar story in the U.K. I mean new gross all-in was down $265 per unit, which isn't bad. And if you look at BEV in the U.K., which represents 19% of all of our new car sales, our BEV gross per unit was about 1,400 pounds less per unit than ICE. So a little bit of that headwind. But I think, look at the other point here, it's a common conversation with the team and the dealerships about gross profit. And keeping the inventory where it is at a 40-day supply certainly helps that. So it's a massive focus every day.

是的。英國的情況也類似，我的意思是新的總投資額下降了每單位 265 美元，這還不錯。如果你看看英國的 BEV（占我們所有新車銷量的 19%），我們的 BEV 每輛總銷量比 ICE 少約 1,400 磅。所以有點逆風。但我認為，看看這裡的另一點，這是與團隊和經銷商關於毛利的常見對話。將庫存保持在 40 天的供應量肯定會有所幫助。所以這是每天的一大重點。

And also the mix. So John, when you pull it all together, if you take the U.S. and you take the U.K., we were down $302 on a company-wide basis on new but up $428 on used. So I'm really glad to report that for the quarter. But it was a byproduct, I think, of keeping our days supply down and our premium mix properly in line to be able to get the maximum growth.

還有混合。所以約翰，當你把所有因素放在一起時，如果你考慮美國和英國，我們公司範圍內的新產品下降了 302 美元，但二手產品上漲了 428 美元。所以我很高興報告本季的情況。但我認為，這是一個副產品，是為了保持我們的日常供應量下降和我們的溢價組合正確排列，以獲得最大的成長。

And then sort of another sort of similar hot topic on the SG&A front. I mean, I think we had a $30 million, $35 million step-up sequentially in dollars. But at 70.7% SG&A growth, it's still 600 to 700 basis points back from where we were pre-COVID. So things are certainly keeping -- remaining under control here.

然後是 SG&A 方面的另一個類似的熱門話題。我的意思是，我認為我們的美元金額連續增加了 3000 萬美元、3500 萬美元。但以 70.7% 的 SG&A 成長率計算，仍較新冠疫情爆發前的水準回落 600 至 700 個基點。因此，事情肯定會繼續受到控制。

I'm just curious, Roger, where you think you want to manage that to sort of mid- to long term. I mean you've been good at paying people well and keeping turnover low. So that's one reason to keep SG&A a little bit higher than other folks. But just curious how you're thinking about that now and particularly with the acquisitions of Rybrook and the other dealerships, if that could get a little bit more inflated over time and then get worked back down.

我只是很好奇，羅傑，你認為你想在中長期內實現這一點。我的意思是，你一直擅長支付高薪並保持較低的人員流動率。因此，這就是為什麼保持 SG&A 比其他人略高的原因之一。但只是好奇你現在如何看待這個問題，特別是在收購 Rybrook 和其他經銷商的情況下，隨著時間的推移，這種情況是否會變得更加膨脹，然後又會回落。

Well, I think one point you hit was the human capital side. Our turnover is only 18% through the end of the first quarter, which is world-class.

嗯，我認為你提到的一點是人力資本方面。截至第一季末，我們的營業額僅為 18%，這是世界一流的。

Let me let Shelley give you some color on SG&A, okay?

讓我讓 Shelley 為您介紹一下 SG&A，好嗎？

Yes. It's -- as Randall mentioned, it's a daily battle, and our teams are doing a great job controlling expenses. So we were very proud to report that on a sequential basis, we were down 30 basis points. You mentioned that we were up overall in SG&A. But when you look at it on a same-store basis, we were only up $5 million year-over-year.

是的。正如蘭德爾所提到的，這是一場日常戰鬥，我們的團隊在控制開支方面做得很好。因此，我們非常自豪地報告，環比下降了 30 個基點。您提到我們的 SG&A 整體上有所提高。但如果以同店為基礎來看，我們的銷售額年比僅成長了 500 萬美元。

And so when I take a look back at that, there were about $4 million of expenses related to our acquisition and a legal settlement that we had in the quarter. And so really, SG&A was relatively flat, and that's the byproduct of our teams just grinding every day.

因此，當我回顧這一點時，我們發現與本季的收購和法律和解相關的費用約為 400 萬美元。事實上，SG&A 相對平穩，這是我們團隊每天努力工作的副產品。

We remain committed to keeping head count below pre-COVID levels. Our executives are scrutinizing all our new hires. We're managing those pay plans. We want to keep those employees, but we also don't want to have any leakage when it comes to growth. We've got an executive leadership team that's focused on streamlining and efficiencies across the board.

我們仍然致力於將員工人數保持在新冠疫情爆發前的水平以下。我們的高階主管正在審查所有新員工。我們正在管理這些薪酬計劃。我們希望留住這些員工，但我們也不希望在成長方面有任何流失。我們擁有一支專注於全面精簡且提高效率的執行領導團隊。

So the other expenses that we did incur, we had an increase in vehicle maintenance in the quarter of about $4 million. That's our service loaner business. We look at that as very productive. We had an additional $34 million in Service & Parts gross profit, and that's the result of a lot of efforts, service loaners being one of them. One of our teams was able to bring down the days outstanding in terms of when we could get an appointment for -- a service loaner appointment from 14 to 7 days. So it's really paying dividends.

因此，我們確實產生的其他費用，本季的車輛維護費用增加了約 400 萬美元。這就是我們的服務貸款業務。我們認為這非常有成效。我們的服務和零件毛利額外增加了 3,400 萬美元，這是大量努力的結果，服務貸款人就是其中之一。我們的一個團隊能夠將服務借用預約的未完成天數從 14 天縮短到 7 天。所以它確實帶來了紅利。

And maybe if I could sneak one last one in. I mean Australia seems to be a growing focus, and you've been there for a while. So I mean I wouldn't necessarily conflate it directly with sitting there in the U.K. But I mean, do you kind of view this, Roger, as a growth platform, where we're going to be hearing more and more about acquisitions in Australia? And you don't want to -- I wouldn't say control the market, but you could be a big, big player in the market in many ways down there, even out of the power -- outside of the power business and the dealership business as well.

也許我可以偷偷帶最後一個進來。所以我的意思是，我不一定會直接將其與坐在英國混為一談。的消息？你不想——我不會說控制市場，但你可以在很多方面成為市場上一個非常大的參與者，甚至在電力之外——除了電力業務和電力之外經銷業務也是如此。

Yes. John, it's Randall. I'll take that one. Look, we've -- for the past 10 years, we've had other opportunities to get into automotive retail and made a strategic decision to focus on the core of the commercial vehicle and power system and really grow that. But with this opportunity with Porsche, it was a significant one we've been working on for several months, and we're able to get it over the line and certainly view that as a springboard for more opportunities. In fact, we've already had some knocks on the door.

是的。約翰，我是蘭德爾。我會接受那個。看，在過去的 10 年裡，我們有其他機會進入汽車零售業，並做出了戰略決策，專注於商用車和動力系統的核心，並真正發展它。但有了與保時捷合作的這個機會，這是我們幾個月來一直致力於的重要工作，我們能夠完成它，當然也將其視為獲得更多機會的跳板。事實上，我們已經有人來敲門了。

But having 1,300 people over in that part -- 1,300 people there, we can leverage the infrastructure that we have from a finance standpoint, legal, HR, IT. So it's just -- it's a tuck-in then that we can continue to grow. And the Australia market, just as a population and Melbourne being one of the best places in the world, we thought it was a great first step.

但是，該部門有 1,300 名員工——1,300 名員工，我們可以從財務、法律、人力資源、IT 角度利用我們擁有的基礎設施。所以這只是──這是我們可以繼續成長的縮影。對於澳洲市場，正如人口眾多和墨爾本是世界上最好的地方之一一樣，我們認為這是偉大的第一步。

Next, we move on to Michael Ward with Freedom Capital.

接下來，我們轉向自由資本的麥可沃德。

Randall, there's been a couple of significant transactions in the U.K. market over the last 6 months with yourselves, and [with here] and group 1. Is there something going on in the market that we are not seeing, and you guess, or the franchise. Were instruction similar in the U.K, they are in the U.S, do you have more room to grow there, more opportunities? Or are you about done as far as expansion?

蘭德爾，過去 6 個月裡，英國市場上發生了幾筆重大交易，你們自己、[這裡] 和第 1 組。經營權。英國的教學是否相似，美國的教學是否相似，你在那裡有更多的成長空間，更多的機會嗎？或者說你的擴張工作即將完成嗎？

Yes. Look, I think we're going to continue to be opportunistic there. Yes, the franchise laws aren't nearly as strong as they are here. But if you look at the premium brands and how we've positioned ourselves, being 20%-plus of the Mercedes business, 16% of the Porsche business, we're 20% plus of the BMW business, we've got that core in the culture there, and we want to continue to grow.

是的。聽著，我認為我們將繼續在那裡機會主義。是的，特許經營法並不像這裡那麼嚴格。但如果你看看高端品牌以及我們如何定位自己，我們在梅賽德斯業務中佔 20% 以上，在保時捷業務中佔 16% 以上，在寶馬業務中佔 20% 以上，我們擁有這個核心融入那裡的文化，我們希望繼續成長。

And look at some of these other acquisitions that's happened from the public's -- it's a good market, but some of that brand mix just didn't fit right into our wheelhouse. So we just -- we want to continue -- we're 98% premium in that market, and we just want to continue to be that way moving forward.

看看來自公眾的其他一些收購——這是一個很好的市場，但其中一些品牌組合併不適合我們的駕駛室。所以我們只是——我們想繼續——我們在這個市場上有 98% 的溢價，而且我們只是想繼續保持這種方式前進。

I think one of the other things, Mike, as we looked at -- and obviously, we run the Pendragon deal, but it got pricing that we've hired and wanted. And obviously, I think [Lithia] saw the benefit there, no question about it, Group 1 with the Inscape. Look, they have good brands, they have premium brands. But for us, taking our mix from, say, 90 down to 75 in premium, we think, was a mistake. And that's one of the benefits we have because we've got major market shares, as Randall mentioned, when you think about each one of the key premium brands there.

我認為另一件事，麥克，正如我們所看到的——顯然，我們經營彭德拉貢交易，但它的定價是我們已經僱用和想要的。顯然，我認為 [Lithia] 看到了其中的好處，毫無疑問，第 1 組的 Inscape。看，他們有好的品牌，他們有優質的品牌。但對我們來說，我們認為，將我們的組合從 90 降到 75 是一個錯誤。這是我們的優勢之一，因為正如蘭德爾所提到的，當你想到那裡的每個主要高端品牌時，我們都擁有主要的市場份額。

So obviously, the multiples, at least when these took place, were lower than the multiples are in the U.S. right now. So that would certainly think that you'd see whether they look at it. We have $9 billion of annualized revenue in the U.K. now. It's a great car market. We've got a terrific management team. I think we have almost 10,000 people operating in the U.K. now.

顯然，至少在發生這些情況時，這些倍數低於美國目前的倍數。所以那肯定會認為你會看看他們是否會看它。目前我們在英國的年收入為 90 億美元。這是一個很棒的汽車市場。我們擁有一支出色的管理團隊。我認為我們現在在英國有近 10,000 名員工。

So look, as Lithia and Group 1 come in, look, there's plenty of room there in fact they're here. I think shows that people realize the market might be validates our being there as long as we have, to be honest with you.

所以看，當 Lithia 和第一組進來時，看，那裡有足夠的空間，事實上他們就在這裡。老實說，我認為這表明人們意識到市場可能會驗證我們存在的時間。

And I think the upside might be near-term upside is probably better in the U.S. as far as industry sales. Shelley, there are two things just for clarification. The first one, you kind of mentioned that SG&A included a legal settlement. Can you quantify that? I'm coming up like $30 million or $40 million. Is that the right number that was a onetime [fee] Is that right?

我認為，就行業銷售而言，美國的近期上漲可能會更好。雪萊，有兩件事需要澄清。第一個，您提到SG&A 包括法律和解。你能量化一下嗎？我的預算大概是 3000 萬或 4000 萬美元。這是一次性[費用]的正確數字嗎？

No, no. So the $30 million was total overall. We had our shareholder lawsuit that we disclosed publicly in the first quarter, and it was about [$1.5 million], Mike.

不，不。所以總共 3000 萬美元。我們在第一季公開披露了股東訴訟，金額約為 [150 萬美元]，麥克。

Okay. And then the second thing -- okay, okay. It was $1.5 million. And that would -- you did not call it out as a onetime item, but it's included in the SG&A?

好的。然後第二件事——好吧，好吧。金額為 150 萬美元。那會 - 您沒有將其稱為一次性項目，但它包含在 SG&A 中？

Yes, that's correct.

對，那是正確的。

And Mike, we had some acquisition costs, which -- we just don't call those out as on adjusted earnings. We just take that. But I think Shelley wanted to make that comment because if you look at that on a same-store basis, we are really flat.

麥克，我們有一些收購成本，我們只是沒有將這些成本計入調整後的收益中。我們就這樣接受吧。但我認為雪萊想發表這樣的評論，因為如果你以同店為基礎來看的話，我們的業績確實持平。

Relatively flat.

比較平坦。

Right. Okay. And then the secondly, Shelley, you mentioned about the '25 notes. And you said you're not -- you're going to allow them to come current? Or are you in the middle of refinancing? I didn't quite catch that.

正確的。好的。第二，雪萊，你提到了 25 筆記。你說過你不會——你會讓它們流行起來？或您正在進行再融資嗎？我不太明白。

So we wanted to stress that even though we have the 2025 notes due September of 2025, under standard U.S. GAAP rules, come September, we'd be required to classify those as current liabilities. But when you have the intent and ability to refinance them as we do with the 1.7 of availability that we have currently in dry powder, you don't have to classify them as current. So we'll continue to keep them in long-term debt. And with the rate being where it is versus the rates right now, that really is more of a true story. So...

因此，我們想強調，即使我們有 2025 年 9 月到期的 2025 年票據，根據標準美國公認會計準則規則，到 9 月，我們仍需要將其歸類為流動負債。但是，當您有意圖並有能力為它們再融資時，就像我們對目前的乾粉可用性 1.7 所做的那樣，您不必將它們歸類為當前。因此，我們將繼續讓他們承擔長期債務。從目前的利率與現在的利率來看，這確實更像是一個真實的故事。所以...

Next, we go to Rajat Gupta with JPMorgan.

接下來，我們將與摩根大通一起前往 Rajat Gupta。

Just had a question on PTL first. You mentioned you expect earnings there to be up sequentially quarter-over-quarter. Would it be possible to give us a little more granularity on a range around the dollars or a year-over-year number and how we should think about that? And then just the cadence beyond that into the second half? Any kind of like full year guidance related to that would be helpful just with our models. And I have a follow-up.

首先有一個關於 PTL 的問題。您提到您預計該地區的收益將環比增長。能否讓我們更詳細地了解美元或同比數字的範圍，以及我們應該如何考慮這一點？然後只是進入下半場的節奏？任何與此相關的全年指導都會對我們的模型有所幫助。我有一個後續行動。

I think I understood the question asking is as we look into Q2 and beyond, what are the generators are going to give us a sequential increase in profitability. Is that correct?

我想我明白問題是，當我們展望第二季及以後時，發電機將為我們帶來什麼獲利能力的連續成長。那是對的嗎？

Yes. In the trucking lease business, the PTL business.

是的。在卡車運輸租賃業務中，PTL業務。

Yes. Well, look, number one, we'll have a reduced rental fleet. At this point, we had 4,800 come out during Q1. We'll continue to defleet as we can as the market will allow us to sell used trucks into the market with profit, and that will help our utilization. ACT put out a statement last week that said that they expect the freight rates or freight to pick up. Am I correct, Rich?

是的。好吧，第一，我們將減少租賃車隊。目前，我們在第一季有 4,800 個產品發布。我們將繼續盡我們所能減少庫存，因為市場將使我們能夠將二手卡車出售到市場並獲得利潤，這將有助於我們的利用。 ACT上週發表聲明稱，他們預計運價或運費將會回升。我說得對嗎，里奇？

Correct.

正確的。

In the second quarter. So that certainly will help us. I think also from a standpoint -- remember, you got to go back and tell the story when we had 60,000 units on back order back in March of 2023. Today, we got 30,000. So we pushed a lot of those units through the system. The new units coming in, which have to replace roughly 25,000 or more extension we had. So we won't have a higher maintenance on those older units. And in fact, we only had 2,500 units that we extended in Q1 of this year. So that will be key.

在第二季。所以這肯定對我們有幫助。我認為，從另一個角度來看，請記住，您必須回去講述 2023 年 3 月我們有 60,000 件延期交貨訂單時的故事。所以我們把很多這樣的單位推入了系統。新的設備即將投入使用，它們必須取代我們現有的約 25,000 個或更多的擴充設備。因此，我們不會對那些舊設備進行更高的維護。事實上，今年第一季我們只擴展了 2,500 個單位。所以這將是關鍵。

And obviously, as we look at the one-way business and if we get some benefit in interest rates, that will certainly help us. We also have 12,000 units available for sale versus 8,000 roughly last year, and we'll continue to work through those. So I see the continued increase and market share we're getting on full-service leasing. I think we're rightsizing our rental fleet to go forward, which will be positive.

顯然，當我們考慮單向業務時，如果我們在利率方面獲得一些好處，那肯定會對我們有所幫助。我們還有 12,000 套可供出售，而去年大約為 8,000 套，我們將繼續努力解決這些問題。因此，我看到我們在全方位服務租賃方面的市場份額持續增長。我認為我們正在調整租賃車隊的規模以繼續前進，這將是積極的。

Remember, 50% of our rental revenue comes from our lease customers. And with all of these businesses somewhat lower in revenue, they're using less extra trucks. So that's been obviously hit us from the standpoint of revenue. We think that will pick up as we go into the second and third quarter.

請記住，我們 50% 的租賃收入來自我們的租賃客戶。由於所有這些企業的收入都較低，因此他們使用的額外卡車也較少。從收入的角度來看，這顯然對我們造成了打擊。我們認為，隨著進入第二季度和第三季度，這種情況將會有所改善。

Overall, I think the reduction in people, I think we're looking at our T&E, we're looking at our CapEx from a standpoint of facilities. All of those things will have a benefit. And again, reducing the growing balance sheet. We had $350 million of increase in balance sheet in Q1. We expect that to stay down and will be well below what it was last year based -- even with a big buy of new trucks coming in. And we've -- we're buying no more rental trucks in the rest of the year other than what we got in the first quarter. So when you put all that together, I can say that our expectations, talking to the team, we would expect a sequential increase in the bottom line for PTS in Q2.

總的來說，我認為人員的減少，我認為我們正在考慮我們的差旅費，我們正在從設施的角度考慮我們的資本支出。所有這些事情都會帶來好處。再次，減少不斷增長的資產負債表。第一季我們的資產負債表增加了 3.5 億美元。我們預計這一數字將保持下降，並將遠低於去年的水平——即使大量購買新卡車。 而且我們在今年剩餘時間內不再購買租賃卡車除了我們在第一季度得到的以外。因此，當你把所有這些放在一起時，我可以說，我們的期望是，與團隊交談，我們預計第二季度 PTS 的底線會連續增加。

Got it. Any clarity on like the degree? Like is it double digits, single digits? Because it's a pretty -- there's a seasonality that is out. Is there a way for us to baseline that assumption?

知道了。學位之類的有清楚的嗎？例如兩位數還是個位數？因為它很漂亮——有季節性。我們有沒有辦法為這個假設建立基準？

I don't want to give you a number here on the phone, but I can assure you I'm pushing for as much as we can. And we would hope to continue that momentum as we look at our comps in 3 and 4 for the rest of the year.

我不想在電話裡給你一個電話號碼，但我可以向你保證，我會盡力爭取。我們希望在今年餘下的時間裡，在審視我們的 3 和 4 的比較時，繼續保持這種勢頭。

Got it. Got it. That's helpful. And then just a follow-up on the used car GPUs. Very nice improvement here from the fourth quarter both in the U.S. and U.K. How should we think about the sustainability of those levels here into the second and third quarters? Obviously, fourth quarter has like a seasonal headwind, but just curious like how should we think about the progression here and also on the units for the used car business.

知道了。知道了。這很有幫助。然後是對二手汽車 GPU 的後續。美國和英國的第四季都有非常好的改善。顯然，第四季有季節性逆風，但只是好奇我們應該如何考慮這裡的進展以及二手車業務的單位。

Rich, and what the feeling is here as we go forward, Rich, on the used GPUs.

Rich，當我們繼續前進時，Rich 對所使用的 GPU 有何感受。

Sure. Rajat, I think a couple of things to keep in mind. So the affordability, we're seeing some improvement there. If you look at our average sales from an average sales transaction price, it peaked in 2022 at over $30,000. That's come down to under $27,000 now. So we anticipate that that's going to continue to trend down as the market normalizes.

當然。 Rajat，我認為有幾件事需要記住。因此，在負擔能力方面，我們看到了一些改善。如果你從平均銷售交易價格來看我們的平均銷售額，你會發現它在 2022 年達到了 30,000 美元以上的峰值。現在已降至 27,000 美元以下。因此，我們預計隨著市場正常化，這一趨勢將繼續下降。

Then you look at the sourcing side, we're seeing that what was difficult in the past relative to trade-ins from a negative equity standpoint, closed auctions, those are starting -- those channels are starting to open up again. And traditionally, those have been some of our highest profitability sourcing channel. So we anticipate that continuing as well.

然後你看看採購方面，我們看到，從負資產的角度來看，過去相對於以舊換新的困難，封閉式拍賣，這些正在開始——這些管道開始再次開放。傳統上，這些是我們利潤最高的採購管道。因此，我們預計這種情況也會持續下去。

Of course, the team needs to continue to be disciplined on what we're purchasing. So we're looking at that. And with some of our technology and some of the vendors we use, using algorithms to make sure we're putting values on these cars that we know are going to turn to profitable units. And so we've seen good stabilization in that aspect. And price corrections, I think, will continue as we go into Q3, Q4.

當然，團隊需要繼續嚴格控制我們的採購。所以我們正在研究這個。借助我們的一些技術和我們使用的一些供應商，使用演算法來確保我們對這些我們知道將轉化為盈利單位的汽車進行估值。所以我們在這方面看到了良好的穩定性。我認為，隨著進入第三季、第四季度，價格調整將會持續。

Yes, I would say to add on to the U.S., days supply, when you're looking at 37 days, we really -- when you look at it with -- in the U.S. 37 days on new and they're really 29 days on used, so keeping that inventory current. So used cars start to age, I think we're in good shape.

是的，我想說的是，加上美國的供應天數，當你看 37 天時，我們真的 - 當你看它時 - 在美國新的 37 天，實際上是 29 天已使用，因此請保持庫存最新。所以二手車開始老化，我認為我們狀況良好。

One other benefit, we've seen CarShop really make a big step forward in margin in the U.S. as we've been able to access more cars. Obviously, we've seen a several hundred million -- hundred-dollar benefit on that here in the U.S.

另一個好處是，我們看到 CarShop 在美國的利潤率確實向前邁出了一大步，因為我們能夠獲得更多的汽車。顯然，我們在美國已經看到了數億至數百美元的收益。

So Randall, what about you from around the U.K.?

那麼蘭德爾，來自英國各地的你呢？

Yes, similar story. I mean we were up $725 per unit on used gross in Q1 versus Q4 sequentially. And remember, we were fighting those headwinds in Q4. The pricing in the market was down 10% over Q4. So that certainly stabilized. And it's really managing days supply and aged.

是的，類似的故事。我的意思是，與第四季度相比，第一季每單位的已用毛額增加了 725 美元。請記住，我們在第四季度正在與這些逆風作鬥爭。市場定價較第四季下降 10%。所以這肯定穩定下來。它確實管理天數供應和老化。

I mean -- I'd love you to sit in one of our meetings as we go through used inventory. And our goal is to have 0 over 90 days and hardly any from 60 to 90, and the team is just all over this. So as we turn it, keep it fresh, price it right, get it through reconditioning quickly. We're going to get more gross profit in a stable market. That's exactly what we're doing.

我的意思是——我希望你能參加我們的一次會議，我們正在檢查二手庫存。我們的目標是在 90 天內做到 0，而在 60 到 90 天內幾乎沒有，而團隊就是在這一切上。因此，當我們轉動它時，要保持它新鮮，定價合理，并快速進行翻新。我們將在穩定的市場中獲得更多的毛利。這正是我們正在做的事情。

Sorry, Rajat, one other thing to add that I failed to mention is the changes in the loaner fleet. So if you look at our loaners going back 12-plus months ago, used vehicles were the predominant makeup of the fleet. As we've been able to take those out, we put new cars into that fleet now. We're able to turn those much faster. They turn into great used cars, and we're able to put new car programs, depending on the OEM, on a lot of those that -- will help us from a gross profit per year perspective.

抱歉，拉賈特，我沒有提到的另一件事是租用機隊的變化。因此，如果您查看 12 個多月前的貸款情況，您會發現二手車是車隊的主要組成部分。由於我們已經能夠將這些車輛取出，我們現在將新車放入該車隊中。我們能夠更快地轉變這些。它們變成了很棒的二手車，我們能夠根據原始設備製造商的不同，在其中許多項目上實施新車計劃，從每年的毛利角度來看，這將有助於我們。

Yes. I think just, Rich, in BMW alone, we have 2,000 loaners. If we can turn those 2 or 3 times, it's 46,000 more used cars that we can put into the market 0 to 4 years old, which, as Rich said, yet that all the new car program. That will be a huge benefit for us now that we're starting to get some supply of ICE vehicles. Leasing is also up from the standpoint, Shelley, what is it, we're up from what year-on-year?

是的。 Rich，我認為光是在寶馬，我們就有 2,000 名貸款人。如果我們能夠將這些車齡翻 2 到 3 倍，那麼我們就可以將 0 到 4 年的舊車投入市場，這將增加 46,000 輛，正如 Rich 所說，這仍然是所有新車計劃的一部分。現在我們開始獲得一些內燃機車輛的供應，這對我們來說將是一個巨大的優勢。從雪萊的角度來看，租賃也有所上漲，這是什麼，我們比去年同期上漲了多少？

We're up 8% year-over-year, up to 32% of our new sales. So it's...

我們年增 8%，佔新銷售額的 32%。所以就是...

And we're getting some lease returns now, which are also good opportunities for us. And I think we're starting to see that the fab units are able to buy in the market. We're making more money on those than we are on the ones that we sell new. So interesting, our guys are being very selective as we trade those or we buy them in the open market.

我們現在獲得了一些租賃回報，這對我們來說也是一個很好的機會。我認為我們開始看到晶圓廠能夠在市場上購買。我們在這些產品上賺的錢比在新產品上賺的錢還要多。很有趣的是，我們的人員在交易這些產品或在公開市場上購買它們時非常有選擇性。

Next, we go to David Whiston with Morningstar.

接下來，我們將與晨星公司聯繫大衛惠斯頓。

Just two questions. First, on capital allocation for the rest of the year. You do seem pretty interested in doing acquisitions so far. So just curious about how to balance thinking about spending between buybacks and more M&A for the rest of the year.

只有兩個問題。首先，關於今年剩餘時間的資本配置。到目前為止，您似乎確實對收購非常感興趣。所以我只是想知道如何在今年剩餘時間平衡回購和更多併購之間的支出。

David, it's Shelley. I can take that. We have enjoyed a lot of shareholder returns the last couple of years when it comes to our cash from operations. Typically, we'd like to stay in that 50-50 range between growth and shareholder returns. It has been weighted more heavily. I think last year, it was 65-35. But to keep a 50-50 between growing through acquisitions and then shareholder returns is how we like to do it.

大衛，是雪萊。我可以接受。過去幾年，我們從營運中獲得了許多股東回報。通常情況下，我們希望成長與股東回報之間的比例保持在 50-50 之間。它的權重更大。我記得去年是 65-35。但透過收購實現成長與股東回報之間保持 50-50 的比例是我們喜歡的方式。

We want to grow revenue 10%. We're going to do 5% at least through acquisition, and we're going to do -- we're going to really push the teams to grow 5% on an organic basis. And so that's how we think of it here. Now it's all going to depend on the opportunities that come our way. We're going to be selective, but we certainly are entertaining a lot of things as we're able to look across many markets. We've talked a lot about our diversification. And so we bought internationally. We've talked about going into Australia, which could be a great new market for us on the retail side as well as the business opportunities that Randall mentioned that we have there already. We've been very active in truck acquisitions. There's just a lot of opportunities, but it gives us the opportunity to be selective as well. So it's all going to depend on what opportunities come our way.

我們希望營收成長 10%。我們將至少透過收購實現 5% 的成長，我們將真正推動團隊有機成長 5%。這就是我們的想法。現在一切都取決於我們遇到的機會。我們會有所選擇，但我們肯定會做很多有趣的事情，因為我們能夠縱觀許多市場。我們已經談論了很多關於我們的多元化的問題。所以我們在國際上購買。我們已經討論過進入澳大利亞，這對我們零售方面來說可能是一個巨大的新市場，以及蘭德爾提到的我們已經在那裡擁有的商機。我們在卡車採購方面一直非常積極。機會有很多，但它也讓我們有機會進行選擇性。因此，這一切都取決於我們遇到的機會。

I think, David, also, we got to realize that purchase prices and multiples were at the highest they've ever been over the last 24 months. We're seeing those come down now, which makes some opportunities more attractive to us, and we're going to look at those. I think that we have a pipeline of deals we're working on, which would be acquisitions. And we want to buy at least -- grow at least 5% through acquisitions. Hopefully, 5% through organic growth would be kind of our mission plan, but I think there's opportunity there for us as we go forward on the acquisition side. We've raised our dividend, Shelley, I think, what, 57% since 2022?

我想，大衛，我們也必須意識到，購買價格和本益比都達到了過去 24 個月以來的最高水準。我們現在看到這些機會正在下降，這使得一些機會對我們更具吸引力，我們將關注這些機會。我認為我們正在進行一系列交易，其中包括收購。我們希望透過收購至少實現 5% 的成長。希望透過有機成長實現 5% 是我們的使命計劃，但我認為，隨著我們在收購方面的進展，我們還有機會。雪萊，我們自 2022 年以來已經提高了股息 57%？

Right.

正確的。

A big number. So we continue to see the dividend increase. And certainly, when you look at our capital allocation just in 2024, and our dividends were about $60 million. And you look at our CapEx, which some of this -- about $25 million is land, was over $100 million. And then, of course, our share repurchases, the 33. So somewhere around [$0.25] billion that we've done. And that's kept our -- when you look at our leverage is still at 1.1:1. So I think we're safe and secure from an overall company standpoint, and I want to stay there, too. I don't want to go way off too much on a standpoint of share buyback or I think we want to be leveling ourselves on the standpoint of acquisition. But there's opportunity out there for sure.

一個很大的數字。因此，我們繼續看到股息增加。當然，如果你看看我們 2024 年的資本配置，我們的股息約為 6000 萬美元。你看看我們的資本支出，其中約 2500 萬美元是土地，超過 1 億美元。當然，我們也進行了 33 次股票回購。當你看到我們的槓桿率仍然是 1.1:1 時，我們的槓桿率仍然保持在 1.1:1。因此，我認為從整個公司的角度來看，我們是安全的，我也想留在那裡。我不想在股票回購的角度上走得太遠，或者我認為我們希望在收購的角度上保持平衡。但肯定有機會。

And speaking of opportunity, you talked about the Ford and Stellantis acquisitions in your press release. It's unusual, though. You do still do it once in a while in terms of buying Detroit [3] brands. So I was just curious, were those a compelling -- are those stores just like very compelling price? Or is there a geographic reason you wanted to buy them?

談到機會，您在新聞稿中談到了福特和 Stellantis 的收購。但這很不尋常。在購買底特律 [3] 品牌方面，您仍然偶爾會這樣做。所以我只是很好奇，這些商店的價格是否有吸引力？或者您想購買它們有地理原因嗎？

I think it was up in Massachusetts. I think it was more opportunistic, I think, and we truck right into Rhode Island. But I think we look at -- right now, we're sitting with 1% from the standpoint of our Big 3 volume. I think there's opportunity there. We're seeing some of those prices coming in line where we would expect them. So in the right place in the right market, we're going to take a look even on the domestic side.

我認為是在馬薩諸塞州。我認為這更具機會主義色彩，我們直接用卡車開進了羅德島。但我認為我們現在看看，從三大巨頭的銷量來看，我們的份額只有 1%。我認為那裡有機會。我們看到其中一些價格符合我們的預期。因此，在正確的市場、正確的地方，我們甚至會在國內進行考察。

And we have a follow-up from Michael Ward with Freedom Capital.

我們還有邁克爾沃德 (Michael Ward) 與自由資本 (Freedom Capital) 的後續行動。

Just we're about one year into the agency model in the U.K. And I'm just wondering what your thoughts are on. And how is it working out?

我們在英國採用代理模式大約一年了，我只是想知道您的想法如何。效果如何？

Mike, it's Randall. I'll take that. So yes, so if we rewind the clock at the beginning of '23, the first quarter was a big challenge from a system standpoint, available inventory standpoint. And I think Mercedes-Benz U.K. has done a nice job collaborating with ourselves and the entire dealer body. And those systems -- and let's just call it the ease of doing business for both the dealer, and more importantly the customer, is enlarged in place now. So we were able to increase our volume significantly in Q1. And obviously, the gross being fixed gross, and we get one more percentage point on EV. So that actually helps.

麥克，我是蘭德爾。我會接受的。所以，是的，如果我們把時間倒回 23 年初，從系統角度、可用庫存角度來看，第一季是一個巨大的挑戰。我認為梅賽德斯-奔馳英國公司在與我們自己以及整個經銷商機構的合作方面做得很好。這些系統－我們姑且稱其為經銷商（更重要的是客戶）開展業務的便利性現在已經擴大了。因此，我們能夠在第一季大幅增加銷售量。顯然，總收入是固定的，我們在電動車上多了一個百分點。所以這確實有幫助。

And over the past year, as we've matured that agency model as well internally, we've been able to reduce our cost base. So we measure closely a retained profit per unit on new. So the gross profit less controllable direct expenses, and that number is the best it's been since we've owned Sytner with the exception to 2022, which I think we would all call an anomaly relative to the car market.

在過去的一年裡，隨著我們內部代理模式的成熟，我們已經能夠降低成本基礎。因此，我們仔細衡量新產品的每單位留存利潤。因此，毛利減去可控的直接費用，這個數字是自我們擁有 Sytner 以來最好的數字（2022 年除外），我認為我們都將其稱為相對於汽車市場的異常現象。

So in representing over 20% of all Mercedes sold in the U.K. and then the acquisition of those London stores in late '22 with the populist there has been significant because 90%-plus of all cars sold are sold within each dealer's primary market areas. So they're not going geographically other to a neighboring dealers. They're going right there because there's no negotiation on the price.

因此，代表了在英國銷售的所有梅賽德斯汽車的20% 以上，然後在22 世紀末與平民主義者一起收購了這些倫敦商店，這一點意義重大，因為所有銷售的汽車中有90% 以上是在每個經銷商的主要市場區域內銷售的。因此，他們不會去其他地理位置的鄰近經銷商。他們就去那裡，因為沒有價格談判。

So -- and look, at the end of the day, there's less competition. So our conversion rate has actually improved 6 percentage points over the last year as well. So I think our team in the U.K. with Mercedes has done a really nice job in conjunction with Mercedes-Benz U.K., and we're just going to get more efficient. So I would say right now, it's been -- it's looking like a win for us this year.

所以——你看，歸根究底，競爭會減少。所以我們的轉換率其實比去年也提高了 6 個百分點。所以我認為我們在英國的梅賽德斯團隊與梅賽德斯-奔馳英國公司合作做得非常好，我們只會變得更有效率。所以我現在想說，今年看起來我們贏了。

And for closing remarks, I'll now turn the conference back to Mr. Penske.

作為結束語，我現在將把會議轉回彭斯克先生。

Thank you, everyone, for joining us. Good quarter. We're looking forward to Q2 and your support. Thank you.

謝謝大家加入我們。好季度。我們期待第二季和您的支持。謝謝。

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。