Penske Automotive Group Inc (PAG) 2025 Q2 法說會逐字稿

Good afternoon. Welcome to the Penske Automotive Group second-quarter 2025 earnings conference call. Today's call is being recorded and will be available for replay approximately one hour after completion through August 6, 2025, on the company's website under the Investors tab at www.penskeautomotive.com.

午安.歡迎參加 Penske Automotive Group 2025 年第二季財報電話會議。今天的電話會議正在錄音，並將在結束後約一小時內重播，直至 2025 年 8 月 6 日，可在公司網站 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人關係和企業發展執行副總裁 Tony Pordon。先生，請繼續。

Thank you, Julianne. Good afternoon, everyone, and thank you for joining us today.

謝謝你，茱麗安。大家下午好，感謝大家今天的參與。

A press release detailing Penske Automotive Group's second-quarter 2025 financial results was issued this morning and is posted on our website, along with a presentation designed to assist you in understanding the company's results. As always, I'm available by email or phone for any follow-up questions you may have.

今天早上發布了一份新聞稿，詳細介紹了 Penske Automotive Group 2025 年第二季度的財務業績，並發佈在我們的網站上，同時發布了一份旨在幫助您了解公司業績的簡報。像往常一樣，我可以透過電子郵件或電話解答您的任何後續問題。

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

參加今天電話會議的有董事長兼執行長 Roger Penske、執行副總裁兼財務長 Shelley Hulgrave、北美營運部 Rich Shearing、國際營運部 Randall Seymore 和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 as defined under SEC rules, such as earnings before interest, taxes, depreciation and amortization or EBITDA, adjusted net income, adjusted earnings per share, adjusted selling, general and administrative expenses, 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, both of which are available again 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、流動性和商業狀況評估的前瞻性陳述。我們也可能討論美國證券交易委員會 (SEC) 規則定義的某些非 GAAP 財務指標，例如息稅折舊攤銷前利潤或 EBITDA、調整後淨收入、調整後每股收益、調整後銷售、一般及行政費用以及我們的槓桿率。我們在今天早上的新聞稿和投資者介紹中突出介紹了可比較的 GAAP 指標，並將非 GAAP 指標與最直接可比較的 GAAP 指標進行了協調，這兩項內容都可以在我們的網站上再次查閱。

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 of factors that could cause future results 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，我們的未來業績可能與我們的預期有所不同。我還請您參閱我們向美國證券交易委員會提交的文件，包括我們的 10-K 表格和先前提交的 10-Q 表格，以進一步討論可能導致未來結果與預期存在重大差異的因素。

I will now turn the call over to Roger Penske.

現在我將把電話轉給羅傑·彭斯克 (Roger Penske)。

Thank you, Tony. Good afternoon, everyone.

謝謝你，托尼。大家下午好。

I'm really pleased with the performance of our diversified international transportation service business in the second quarter. Our revenue was $7.7 billion which was consistent with Q2 last year. Our Q2 revenue was impacted by strategic divestitures of dealership closures made since quarter two in 2024, representing approximately $200 million in revenue.

我對我們多元化國際運輸服務業務在第二季的表現感到非常滿意。我們的營收為 77 億美元，與去年第二季持平。我們第二季的營收受到自 2024 年第二季以來對經銷商關閉的策略性剝離的影響，這相當於約 2 億美元的收入。

EBT increased 4%. Our net income increased 4%, and earnings per share increased 5% when compared to the second quarter of 2024. Q2 represented our third consecutive quarter of year-over-year earnings growth, and we generated $337 million of income before taxes, $250 million in net income, and $3.78 per share. Our EBT margin increased 20 basis points to 4.4% when compared to Q2 last year.

EBT 增加了 4%。與 2024 年第二季相比，我們的淨收入成長了 4%，每股盈餘成長了 5%。第二季是我們連續第三個季度獲利年增，稅前收入 3.37 億美元，淨收入 2.5 億美元，每股收益 3.78 美元。與去年第二季相比，我們的 EBT 利潤率增加了 20 個基點，達到 4.4%。

The second-quarter performance was highlighted by a 9% increase in same-store retail automotive service and parts gross profit, and a 50-basis-point increase in service and parts gross margin, also an increase in fixed cost absorption of 330 basis points in the US and 30 basis points in the UK.

第二季業績的亮點是同店零售汽車服務和零件毛利成長 9%，服務和零件毛利率增加 50 個基點，同時美國固定成本吸收增加 330 個基點，英國增加 30 個基點。

Our gross profit increased to $1.3 billion which compares to $868 million in Q2 in 2019. The company gross profit margin increased 50 basis points to 16.9%, representing the eighth consecutive quarter of strong and stable gross margin.

我們的毛利增至 13 億美元，而 2019 年第二季為 8.68 億美元。公司毛利率上升50個基點至16.9%，連續第八個季度維持強勁穩定的毛利率。

New and used vehicle grosses have increased, $141 in the quarter for new and $384 sequentially. Used gross has increased $504 per unit for the quarter and $177 sequentially. New and used vehicle gross and F&I combined, or what we call variable gross profit, increased $583 per unit or 11% to $5,691.

新車和二手車總收入均增加，本季新車總收入為 141 美元，上一季為 384 美元。本季度，二手車總價每輛上漲 504 美元，比上一季上漲 177 美元。新車和二手車毛利和財務及保險費總和（或我們所說的變動毛利）每輛增加 583 美元，即 11%，達到 5,691 美元。

Our focus on controlling costs such as advertising and compensation as a percentage of gross profit helped drive selling, general, and administrative expenses as a percentage of gross profit, or SG&A, to 69.9%, a 30-basis-point improvement.

我們專注於控制廣告和薪酬等成本佔毛利的百分比，這有助於推動銷售、一般和管理費用佔毛利的百分比（SG&A）達到 69.9%，提高了 30 個基點。

As we look at the current environment, we are encouraged by the recent trade agreements. In fact, the recent agreement with the EU is expected to provide benefits to two of our largest partners that should benefit from the agreement by exporting US production. We've seen some OEMs increase prices modestly, while others have extended during the current pricing. The situation remains fluid, and we remain in close contact with our OEM partners.

縱觀當前環境，我們對最近的貿易協定感到鼓舞。事實上，最近與歐盟達成的協議預計將為我們的兩個最大合作夥伴帶來好處，這兩個合作夥伴應該透過出口美國產品從該協議中受益。我們看到一些 OEM 適度提高了價格，而其他 OEM 則延長了當前定價。情況仍在不斷變化，我們仍與 OEM 合作夥伴保持密切聯繫。

I think our diversification is a key differentiator, as approximately 61% of our revenue is generated in North America, 29% in the UK, and 10% from other international markets. PAG's premium brand mix, our presence in the US and international automotive markets, our North American retail commercial truck dealerships, and earnings from Penske Transportation Solutions, coupled with a highly variable cost structure, provide us with opportunities to flex our business to meet the changing automotive and commercial truck landscape.

我認為我們的多元化是一個關鍵的區別因素，因為我們大約 61% 的收入來自北美，29% 來自英國，10% 來自其他國際市場。PAG 的優質品牌組合、我們在美國和國際汽車市場的影響力、我們在北美的零售商用卡車經銷權以及 Penske Transportation Solutions 的收益，再加上高度可變的成本結構，為我們提供了靈活調整業務以適應不斷變化的汽車和商用卡車格局的機會。

Let me now turn over to Rich Shearing who handles our North American operations. Rich?

現在，請允許我把話題轉到負責我們北美業務的 Rich Shearing 身上。富有的？

Thank you, Roger, and good afternoon, everyone.

謝謝你，羅傑，大家午安。

In our automotive retail business during the second quarter, we experienced elevated traffic during April and May. We believe the pent-up demand is driving customer resilience, and we have seen stronger traffic and closing ratios so far in July, with sales up approximately 10% month to date versus the prior year.

在我們第二季的汽車零售業務中，4 月和 5 月的客流量增加。我們相信被壓抑的需求正在推動客戶的復原力，我們已經看到 7 月份客流量和成交率有所提高，當月銷售額較上年同期成長了約 10%。

In the second quarter, our new units in the US were up 1%. Some OEMs held off from shipping product as tariff negotiations took place, limiting inventory of some brands. During the quarter, 34% of new units sold were at MSRP compared to 35% in the second quarter last year.

第二季度，我們在美國的新單位成長了1％。由於關稅談判，一些原始設備製造商暫停發貨，從而限制了一些品牌的庫存。本季度，34% 的新售出產品為製造商建議零售價，而去年第二季這一比例為 35%。

Second-quarter used vehicle sales declined 3% and were constrained by fewer lease returns and rising prices. We expect the lower level of lease maturities to bottom this year and begin improving in 2026. We expect franchise dealers will benefit from increasing lease returns for used vehicle sourcing in that time period.

第二季二手車銷售量下降 3%，受到租賃回報減少和價格上漲的限制。我們預計租賃到期率將在今年觸底，並在 2026 年開始改善。我們預計，特許經銷商將受益於該時期二手車採購租賃回報的增加。

Our US service and parts operations generated record levels of revenue and gross profit. Same-store service and parts revenue increased 7%, and related gross profit increased 9%. Same-store gross margin increased 90 basis points. Customer pay gross was up 6%, and warranty was up 24%. We have approximately 6,000 service bays and 5,800 technicians, and our technician count is up 2% from June of last year. While our service and parts revenue and gross profit is at record level, we continue to focus on driving higher utilization of our bays and increasing fixed cost absorption.

我們的美國服務和零件業務創造了創紀錄的收入和毛利。同店服務及零件收入成長7%，相關毛利成長9%。同店毛利率增加90個基點。客戶支付總額上漲了 6%，保固金額上漲了 24%。我們擁有約 6,000 個服務站和 5,800 名技術人員，技術人員數量比去年 6 月增加了 2%。雖然我們的服務和零件收入以及毛利達到了創紀錄的水平，但我們仍將繼續致力於提高車間利用率並增加固定成本吸收。

Turning to Premier Truck Group, we operate 45 locations and remain one of the largest commercial truck retailers for Daimler Trucks North America. Daimler Trucks in North America continues to have the largest share in the Class 8 market at 42.5% year to date. Premier Truck Group is one of the core pillars of our diversified model and represents 12% of revenue and 11% of gross profit.

談到 Premier Truck Group，我們經營 45 個分支機構，並且仍然是戴姆勒卡車北美最大的商用卡車零售商之一。截至目前，戴姆勒卡車在北美 8 級卡車市場繼續佔據最大份額，為 42.5%。Premier Truck Group 是我們多元化模式的核心支柱之一，占我們收入的 12% 和毛利的 11%。

As we look ahead, the US Congress revoked the EPA waiver that allowed California to adopt more stringent emission rules, which means manufacturers and dealers will no longer have to navigate different rules across different states. Coupled with the waivers being rescinded for Advanced Clean Truck and Advanced Clean Fleet rules, the ZEV mandates have also been effectively removed. As a result, we believe the potential cost increases for the 2027 model year Class 8 trucks will be more muted than originally expected.

展望未來，美國國會撤銷了美國環保署允許加州採用更嚴格排放規則的豁免，這意味著製造商和經銷商將不再需要遵守不同州的不同規則。加上對先進清潔卡車和先進清潔車隊規則的豁免被撤銷，零排放汽車強制規定也被有效取消。因此，我們認為 2027 年 8 級卡車的潛在成本增幅將比最初預期的要小。

During Q2, Premier Truck Group sold 5,339 new and used units. New was up 4%, and used units were down 8%. Although used units declined, used truck grosses increased over 50% to $7,037 from $4,502, as late-model, low-mileage trucks continue to be in short supply.

第二季度，Premier Truck Group 銷售了 5,339 輛新車和二手車。新車銷量上漲 4%，二手車銷量下跌 8%。儘管二手車銷量有所下降，但由於新型低里程卡車持續供應短缺，二手卡車總價從 4,502 美元上漲至 7,037 美元，漲幅超過 50%。

At the end of June, the current industry backlog was 90,400 units, or approximately four to five months' worth of sales. We did note some pull-ahead ordering during the quarter as a result of tariffs, as some customers looked to lock in lower prices. Same-store service and parts revenue increased 1% as well.

截至6月底，該行業目前積壓訂單量為90,400輛，約相當於4至5個月的銷售量。我們確實注意到，由於關稅的影響，本季出現了一些提前訂購的情況，因為一些客戶希望鎖定較低的價格。同店服務和零件收入也成長了 1%。

Looking out over the next six months, for the first time in approximately five years, Daimler Trucks are no longer being allocated on a distribution level to their dealers. This provides us with an opportunity to conquest new customers.

展望未來六個月，大約五年來，戴姆勒卡車首次不再按分銷等級分配給其經銷商。這為我們提供了贏得新客戶的機會。

Now turning to Penske Transportation Solutions. Penske Automotive Group owns 28.9% of PTS and records equity income, receives cash distributions, and cash tax savings. PAG invested $956 million for its ownership and has received nearly $2 billion in cash flow benefits since making that first investment.

現在轉向 Penske Transportation Solutions。彭斯克汽車集團 (Penske Automotive Group) 擁有 PTS 28.9% 的股份，並記錄股權收入、獲得現金分配和現金稅收減免。PAG 為其所有權投資了 9.56 億美元，自首次投資以來已獲得近 20 億美元的現金流收益。

During Q2, operating revenue was $2.8 billion. Full-service lease and contract revenue increased 4%, logistics revenue was flat, while rental revenue declined 9%. During the quarter, PTS sold over 11,000 units and ended the quarter with 414,000 units, down from 428,000 units at the end of March.

第二季度，營運收入為 28 億美元。全方位服務租賃和合約收入成長4%，物流收入持平，而租金收入下降9%。本季度，PTS 銷量超過 11,000 台，季度末銷量為 414,000 台，低於 3 月底的 428,000 台。

PTS income increased during Q2 as a result of efforts to optimize costs, improve utilization rates, and hold pricing. Equity earnings from the PTS investment were $53.5 million, up from $52.9 million in the second quarter last year.

由於努力優化成本、提高利用率和維持定價，PTS 收入在第二季度增加。PTS 投資的股權收益為 5,350 萬美元，高於去年第二季的 5,290 萬美元。

I would now like to turn the call over to Randall Seymour to discuss our international operations. Randall?

現在我想將電話轉給 Randall Seymour 來討論我們的國際業務。蘭德爾？

Thanks, Rich. Good afternoon, everyone.

謝謝，里奇。大家下午好。

PAG's international operations represent approximately 40% of total consolidated revenue. During Q2, international revenue was $2.9 billion.

太盟集團的國際業務約佔其合併總收入的40%。第二季度，國際營收為 29 億美元。

In the UK, the macro operating environment remains challenging as inflation, interest rates, higher taxes, and consumer affordability impact the overall market. The UK market continues to transition new vehicle sales to BEVs and hybrids. In 2025, the government target for BEV penetration is 28%, many of which are being sold through the corporate fleet channels.

在英國，宏觀經營環境仍然充滿挑戰，因為通貨膨脹、利率、稅收增加和消費者承受能力影響了整個市場。英國市場繼續將新車銷售轉向純電動車和混合動力汽車。2025 年，政府的目標是純電動車普及率達到 28%，其中許多純電動車將透過企業車隊通路銷售。

During Q2, the number of new units we delivered declined by 16% and were impacted by several factors resulting from OEM product changes and reduced incentive offerings, also impacts to the new car markets from the UK's ZEV mandates, and the previously discussed disposed or closed dealerships.

在第二季度，我們交付的新車數量下降了 16%，這受到 OEM 產品變化和激勵措施減少等多種因素的影響，也受到英國 ZEV 強制規定對新車市場的影響，以及之前討論過的處置或關閉經銷商的影響。

Turning to used cars, same-store used units declined 23%, which is attributable to the realignment of the company’s UK CarShop used-only dealerships to Sytner Select in 2024. Through this realignment, we have taken out approximately 500 people through attrition, which helped drive a lower cost structure. The realignment began in Q3 2024, so the year-over-year decline is expected to abate in the second half of this year. We view this as a positive change for our business.

談到二手車，同店二手車銷量下降了 23%，這歸因於該公司 2024 年將英國 CarShop 二手車經銷店重新調整為 Sytner Select。透過這次調整，我們透過自然減員的方式裁掉了約 500 名員工，這有助於降低成本結構。調整將於 2024 年第三季開始，因此預計今年下半年年減幅度將減弱。我們認為這對我們的業務來說是一個積極的變化。

As a result of this strategy and improved management of overall used inventory, gross profit per unit has increased by over $800, or 56%, quarter over quarter, and $221 sequentially when compared to the first quarter of 2025.

由於實施了這項策略並改善了整體二手庫存的管理，每單位毛利環比增長了 800 多美元，即 56%，與 2025 年第一季相比，環比增長了 221 美元。

Service and parts remain strong, as same-store revenue increased 6% and gross profit increased 8%. Pleasingly, customer pay gross profit increased 10%, and warranty declined 5%, largely due to the 20% growth we achieved in Q2 of last year.

服務和零件業務依然強勁，同店營收成長 6%，毛利成長 8%。令人高興的是，客戶支付毛利成長了 10%，保固下降了 5%，這主要歸功於我們去年第二季度實現的 20% 的成長。

Turning to Australia, we operate three Porsche dealerships in Melbourne, which we acquired in 2024. During the first half of this year, these dealerships retailed 1,136 new and used units and generated $128 million in revenue. The used-to-new ratio is nearly 1 to 1 and has doubled when compared to the ratio prior to the acquisition. We use our existing scale of the commercial vehicle and power systems business in Australia to leverage costs while executing our One Ecosystem strategy at the Porsche dealerships, which provides for a superior customer experience. We anticipate generating approximately AUD450 million in annualized revenue through these automotive dealerships.

在澳大利亞，我們在墨爾本經營三家保時捷經銷店，這些經銷店是我們於 2024 年收購的。今年上半年，這些經銷商零售了 1,136 輛新車和二手車，創造了 1.28 億美元的收入。二手車與新車的比例接近 1 比 1，與收購前相比增加了一倍。我們利用我們在澳洲現有的商用車和動力系統業務規模來降低成本，同時在保時捷經銷店實施我們的「一個生態系統」策略，從而提供卓越的客戶體驗。我們預計透過這些汽車經銷商每年可創造約4.5億澳元的收入。

Turning to the Australia commercial vehicle and power systems business, we are diversified with revenue and gross profit which is split approximately 50-50 between our on- and off-highway markets. In the on-highway markets, the brands we represent picked up 30 basis points in market share as the products we continue to sell gain customer preference. In the off-highway sector, revenue and margin were driven by strong energy solutions demand.

談到澳洲商用車和動力系統業務，我們的收入和毛利多元化，公路和非公路用車市場之間的收入和毛利大約各佔一半。在公路市場，隨著我們銷售的產品持續獲得客戶青睞，我們所代表的品牌的市佔率上升了 30 個基點。在非公路用車領域，強勁的能源解決方案需求推動了營收和利潤的成長。

We have a $350 million backlog for 2025 delivery and a total order bank of over $500 million, predominantly related to the large growth in data center and battery energy storage solution businesses. We see potential for the total energy solutions business to generate over $1 billion in revenue by 2030.

我們有價值 3.5 億美元的積壓訂單將於 2025 年交付，總訂單量超過 5 億美元，這主要與資料中心和電池儲能解決方案業務的大幅成長有關。我們認為，到 2030 年，整體能源解決方案業務預計將創造超過 10 億美元的收入。

Our defense business continues its strong momentum, too, with projects for infantry fighting vehicles and several navy applications for frigates and submarines.

我們的國防業務也持續保持強勁勢頭，包括步兵戰車項目以及護衛艦和潛艇的多項海軍應用。

I'd now like to return the call over to Shelley Hulgrave to review our cash flow, balance sheet, and capital allocation.

現在我想回電給 Shelley Hulgrave，讓她來審查一下我們的現金流、資產負債表和資本配置。

Thank you, Randall. Good afternoon, everyone.

謝謝你，蘭德爾。大家下午好。

Our strategy has been to focus on the strength of our balance sheet, cash flow, disciplined approach to capital allocation, and our diversification. Our balance sheet remains in great shape, and our continued strong cash flow provides us with opportunities to maximize effective and opportunistic capital allocation.

我們的策略一直是專注於資產負債表的實力、現金流、嚴格的資本配置方法以及多元化。我們的資產負債表仍然保持良好狀態，持續強勁的現金流為我們提供了最大化有效和機會性資本配置的機會。

For the six months ended June 30, 2025, we generated $472 million in cash flow from operations, and EBITDA was $800 million. On a trailing 12-month basis, EBITDA was over $1.5 billion. Our free cash flow, which is cash flow from operations after deducting capital expenditures, was $325 million.

截至 2025 年 6 月 30 日的六個月，我們的營運現金流為 4.72 億美元，EBITDA 為 8 億美元。過去 12 個月，EBITDA 超過 15 億美元。我們的自由現金流（即扣除資本支出後的營運現金流量）為 3.25 億美元。

Through June 30, we paid $165 million in dividends and invested $147 million in capital expenditures. We increased our dividend by 4.8% to $1.32 per share last week, representing the 19th consecutive quarterly increase. Since the end of 2023, we have increased the dividend by 67%. On a forward basis, our current dividend yield is approximately 3.1%, with a payout ratio of 34.7% over the last 12 months.

截至 6 月 30 日，我們支付了 1.65 億美元的股息，並投資了 1.47 億美元的資本支出。上週，我們將股息提高了 4.8%，達到每股 1.32 美元，這是連續第 19 個季度增加股息。自2023年底以來，我們已將股息提高了67％。從遠期來看，我們目前的股息殖利率約為 3.1%，過去 12 個月的股息率為 34.7%。

During the quarter, we repurchased 630,000 shares of stock for $93 million, and year to date through June 30, we have repurchased 885,000 shares for $133 million, representing approximately 1.3% of our outstanding shares. Over the last four-plus years, we have returned over $2.5 billion to shareholders through dividends and share repurchases.

本季度，我們以 9,300 萬美元回購了 630,000 股股票，截至 6 月 30 日，我們已以 1.33 億美元回購了 885,000 股，約占我們流通股的 1.3%。在過去四年多的時間裡，我們透過股利和股票回購向股東返還了超過 25 億美元。

In May, our Board authorized an increase in the repurchase authority of $250 million. As of June 30, we have $295.7 million remaining under the existing securities repurchase authorization.

5月份，我們的董事會批准將回購權增加2.5億美元。截至 6 月 30 日，我們現有證券回購授權剩餘金額為 2.957 億美元。

As part of our strategic capital allocation, in July we acquired a Ferrari dealership in Modena, Italy. As many of you know, Modena is the home of the Ferrari brand.

作為我們策略資本配置的一部分，我們於 7 月收購了位於義大利摩德納的一家法拉利經銷店。眾所周知，摩德納是法拉利品牌的發源地。

While we continue to evaluate the impact of the One Big Beautiful Bill on our financial statements, we do expect to recognize positive cash flow impacts related to our 28.9% ownership in the PTS partnership. Bonus depreciation in particular will provide an estimated benefit of approximately $150 million and $3 billion worth of capital expenditures in trucks that PTS expects to purchase in each of the next three years and beyond.

在我們繼續評估《美麗新法案》對我們財務報表的影響的同時，我們確實預計與我們在 PTS 合夥企業的 28.9% 所有權相關的現金流量將產生積極影響。特別是獎金折舊將帶來約 1.5 億美元的收益，以及 PTS 預計在未來三年及以後每年購買卡車的價值 30 億美元的資本支出。

At the end of June, our non-vehicle long-term debt was $1.78 billion, down $69 million from the end of December last year. Debt to total capitalization improved to 24% from 26.1% at the end of December last year, and leverage remained at 1.2 times. 77% of the non-vehicle long-term debt is at fixed rates.

截至 6 月底，我們的非車輛長期債務為 17.8 億美元，比去年 12 月底減少了 6,900 萬美元。債務與總資本比率從去年 12 月底的 26.1% 改善至 24%，槓桿率維持在 1.2 倍。 77% 的非汽車長期債務為固定利率。

When including floor plan, we have $4.6 billion of variable debt. 54% of our variable rate debt is in the United States. We estimate a 25-basis-point change in interest rates would impact interest expense by approximately $12 million.

如果包括樓層平面圖，我們有 46 億美元的浮動債務。其中 54% 的浮動利率債務在美國。我們估計，利率變動 25 個基點將影響利息支出約 1,200 萬美元。

At the end of June, we had $155 million of cash and liquidity of $2.3 billion. In September, our $550 million of 3.5% senior subordinated notes will mature. We currently expect to repay those notes from cash flow from operations or borrowings under our US credit agreement.

截至 6 月底，我們擁有 1.55 億美元現金和 23 億美元流動資金。9 月份，我們價值 5.5 億美元的 3.5% 優先次級債券將到期。我們目前預計根據美國信貸協議，利用經營活動產生的現金流或借款來償還這些票據。

Total inventory was $4.8 billion, up $209 million from the end of December 2024. Retail automotive inventory was up $44 million. New vehicles declined $20 million, used vehicles increased $49 million, and parts increased $15 million. Commercial vehicle inventory was up $166 million.

總庫存為 48 億美元，比 2024 年 12 月底增加 2.09 億美元。零售汽車庫存增加了 4400 萬美元。新車價格下降 2,000 萬美元，二手車價格增加 4,900 萬美元，零件價格增加 1,500 萬美元。商用車庫存增加了1.66億美元。

Floor plan debt was $4.2 billion. New and used inventory remains in good shape. New vehicle inventory is at a 57-day supply, including 59 days for premium and 38 days for volume foreign. Used vehicle inventory is at a 44-day supply.

樓層平面圖債務為 42 億美元。新舊庫存均保持良好狀態。新車庫存可供供應 57 天，其中高檔車可供供應 59 天，外國批量車可供供應 38 天。二手車庫存可供 44 天使用。

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

現在，我將把電話轉回給羅傑，請他發表一些最後的評論。

Yeah, thank you, Shelley.

是的，謝謝你，雪萊。

As I mentioned earlier, I continue to be pleased with our performance and the resilience of our business. I would like to thank each of our 28,000 team members that work in our business each day for their efforts to exceed expectations.

正如我之前提到的，我對我們的業績和業務的彈性感到滿意。我要感謝我們團隊中每天辛勤工作的 28,000 名成員，感謝他們為超越期望所做的努力。

Our results continue to demonstrate the benefit from our diversification across the retail automotive, commercial truck industries, our cost control, and a disciplined capital allocation strategy, and certainly a strong balance sheet and cash flow. I remain confident in our diversified model and its ability to flex with market conditions, and remain very pleased with the performance of our business.

我們的業績繼續證明了我們在零售汽車、商用卡車行業的多元化經營、成本控制、嚴謹的資本配置策略以及強勁的資產負債表和現金流的好處。我對我們的多元化模式及其適應市場條件的能力仍然充滿信心，並且對我們業務的表現感到非常滿意。

I want to thank all of you for joining the call today, and we'll open it up for questions with the operator. Thank you.

我要感謝大家今天參加電話會議，我們將向接線員開放提問環節。謝謝。

(Operator Instructions)

（操作員指示）

Mike Ward, Citi Research.

花旗研究部 Mike Ward。

I wonder if you can quantify a few of the moving pieces that affected your unit sales in the US and the UK.

我想知道您是否可以量化影響您在美國和英國單位銷售的幾個因素。

Sure, Mike. It's Shelley. I'm happy to take that. As we mentioned, we had approximately $200 million of revenue in the quarter in 2024 that we did not have in 2025. We sold and divested a few stores. We also closed some stores, some of which related to the Sytner Select business in the UK, as mentioned.

當然，麥克。是雪萊。我很高興接受這個。正如我們所提到的，我們在 2024 年季度的收入約為 2 億美元，而 2025 年則沒有這個數字。我們出售並剝離了一些商店。我們也關閉了一些商店，其中一些與英國的 Sytner Select 業務有關，正如所提到的。

So when you look at new and used vehicle units that had an impact as well, new units related to those divested stores were approximately 2,000 units. And we also had the MINI brand transfer over to agencies. So that impacted the new units by approximately 1,300. When you take that against the units that we reported, we actually were only down about 17 new units quarter-over-quarter.

因此，當您查看同樣受到影響的新車和二手車單位時，與這些剝離商店相關的新單位約為 2,000 輛。我們也將 MINI 品牌轉讓給了代理商。因此，新單位數量受到影響的約為 1,300 個。與我們報告的單位數相比，我們實際上僅比上一季減少了約 17 個新單位。

From a used perspective, those divested or closed stores attributed to about 4,400 used units.

從二手車市場來看，被剝離或關閉的門市約有 4,400 家二手車。

Okay. And what about -- that's the UK, right, the divested in the MINI?

好的。那麼——那是英國，對吧，MINI 被剝離了？

It's all -- well, it's all of it. We had some stores that we divested in the US as well, but this is just the UK.

全部都是——好吧，全部都是。我們也在美國剝離了一些商店，但這只是英國的。

We also had, Mike, Mobility in the UK is a product that people that qualify for mobility credits that was really slowed way down by Audi, BMW, and Mercedes during the quarter. Really we're not in that business, which obviously was an impact to us from the premium sector. We see that coming back this quarter. I think this was all part of a strategy. They were waiting to see what the tariff structure was going to be and didn't want to pour a lot of their incentive money into Mobility.

麥克，我們還有一款產品，在英國，人們可以獲得行動積分，但在本季度，這款產品受到了奧迪、寶馬和賓士的影響。實際上我們並沒有從事這一行業，這顯然是高端行業對我們造成的影響。我們看到這種情況在本季有所恢復。我認為這都是策略的一部分。他們正在等待關稅結構的變化，不想將大量的獎勵資金投入到行動出行領域。

Now that's changed now, and we'll have to see how that rolls out here based on the current information we have regarding the 15% tariff for European Union.

現在情況已經發生了變化，我們必須根據目前掌握的有關歐盟 15% 關稅的信息，看看情況將如何發展。

And Mike, I think on a smaller scale, to add to Roger's point, in the US, we had Audi, Porsche, and Land Rover, kind of suspended wholesales for a period of 45 days in the second quarter as they were further looking to understand what the tariff outcome was going to be. That probably impacted our Porsche business the most. If you look at that brand, our EBT was down 9% in the second quarter, where year to date were up 1%, and that certainly hurt our mix. But that wholesale from those brands now is flowing again, so it's a short-term impact.

麥克，我認為從較小規模來看，補充羅傑的觀點，在美國，奧迪、保時捷和路虎在第二季度暫停了 45 天的批發銷售，因為他們在進一步了解關稅結果。這可能對我們的保時捷業務影響最大。如果你看一下該品牌，你會發現我們的 EBT 在第二季度下降了 9%，而年初至今則上漲了 1%，這無疑損害了我們的產品組合。但現在這些品牌的批發業務又開始回流，所以這只是短期影響。

Okay. And so is that partly attributed -- you said July was up 10%. Is some of that coming back? Is that what that is?

好的。這是否部分歸因於——您說 7 月上漲了 10%。其中一些會回來嗎？是那樣嗎？

Well, I think it's resiliency of the consumer. We're seeing traffic counts kind of remain flat year over year, but conversion has ticked up. So there's more serious buyers. I would say in June, our conversion of the traffic was down a little bit because I think there was still uncertainty in what the ultimate tariffs are going to look like. Now that we've got conclusive positions with Japan, which obviously impacts our Toyota Honda business, the UK with Land Rover, MINI, and then the EU with Audi, Mercedes-Benz, BMW, Porsche, the majority of the brand mix we have in the US has some certainty on what the tariffs are going to look like going forward.

嗯，我認為這是消費者的適應力。我們看到流量數量比去年同期保持平穩，但轉換率有所上升。因此有更多認真的買家。我想說，六月我們的客流量轉換率略有下降，因為我認為最終關稅的具體情況仍存在不確定性。現在我們已經與日本達成了最終協議，這顯然會影響我們的豐田本田業務，與英國的路虎、MINI 以及與歐盟的奧迪、梅賽德斯-奔馳、寶馬、保時捷達成了協議，我們在美國的大部分品牌組合對未來的關稅情況都有了一定的確定性。

And Shelley, the $150 million from the Big Beautiful Bill, that's in addition to any dividend income you get from your equity stake, correct?

雪萊，《美麗大法案》帶給你的 1.5 億美元，不包括你從股權中獲得的股息收入，對嗎？

That's right, Mike. So we still have the 50% dividend policy that we receive each year. And then the One Big Beautiful Bill bonus depreciation, in particular, was an item in the Tax Cut Jobs Act that was starting to sunset. So we were starting to have to pay more in income taxes from a cash perspective in '24 and projected for '25 when that bonus depreciation was supposed to go away. The One Big Beautiful Bill made it permanent and retroactive back to purchases to mid-January.

沒錯，麥克。因此我們仍然實行每年 50% 的股利政策。然後，特別是「一項偉大的美麗法案」中的獎金折舊，是「減稅就業法案」中的一項，該法案即將失效。因此，從現金角度來看，我們在 24 年開始必須繳納更多的所得稅，預計到 25 年，獎金折舊將會消失。《一票美麗法案》使這項政策永久生效，並可追溯至 1 月中旬的購買行為。

So it's an estimate of the deferred cash taxes that we expect to enjoy this year and into the future.

因此，這是我們預計今年及未來可享受的遞延現金稅的估計。

Benefit this year.

今年受益。

We look at about $3 billion to $3.5 billion of asset purchases at PTS each year going forward. So obviously, with 30 -- roughly 30% of the ownership, it's a partnership, we get the benefit on our tax line. So overall, it was a terrific benefit to us. And if you look at this year and say it's the same in '26 and '27, it could be as much as $450 million that we would not have to pay due to this in corporate taxes.

我們預計未來 PTS 每年將購買約 30 億至 35 億美元的資產。因此顯然，我們擁有 30% 左右的所有權，這是一種合作關係，我們可以從稅收中獲益。總的來說，這對我們來說是一個巨大的優勢。如果你看看今年的情況，假設 26 年和 27 年的情況相同，那麼我們可能就不必繳納高達 4.5 億美元的企業稅。

And I want to highlight, it doesn't impact our rate. It's really just the cash taxes that we have to pay. But given that it's a cash benefit, we certainly will look to deploy that cash through our capital allocation strategy. So we certainly see that as a benefit going forward.

我想強調的是，這不會影響我們的利率。我們實際上需要繳的只是現金稅。但鑑於這是一項現金收益，我們肯定會尋求透過資本配置策略來部署這筆現金。因此，我們當然認為這將是未來的一大優勢。

And on PTS, we have a program there that typically 50% of our earnings before taxes is paid out to the shareholders based on their ownership piece. So based on our current projection, this could be roughly another $100 million. So you'd look at almost $250 million of benefit during 2025 in cash.

在 PTS 上，我們有一個計劃，通常將稅前收益的 50% 根據股東的所有權份額支付給他們。因此，根據我們目前的預測，這可能大約是另外 1 億美元。因此，2025 年的現金收益將接近 2.5 億美元。

Ron Jewsikow, Guggenheim Securities.

古根漢證券公司的 Ron Jewsikow。

Yes, just before my questions, I wanted to say congratulations, Roger, on the Centennial award recognition last month.

是的，在提問之前，我想先對羅傑上個月獲得的百年獎表示祝賀。

Well, thank you. That is a byproduct of the 74,000 people that work for us every day, but I appreciate you mentioning it. Thank you.

好的，謝謝你。這是每天為我們工作的 74,000 名員工的副產品，但我很感謝您提到這一點。謝謝。

And I appreciate the quarter-to-date commentary on volumes, but maybe if you could just touch on the GPU trajectory and the cadence throughout the quarter and then into July, if you can talk about that as well.

我很欣賞您對本季迄今為止銷量的評論，但如果您能談談 GPU 軌跡和整個季度以及 7 月的節奏，您也可以談談這些。

Yeah, Ron, Rich here. I think when you look at the initial tariff announcement in March, I think it was. That certainly drove some activity. We saw activity spike probably into April and to a lesser extent in May and June. And obviously, we knew that our inventory that was non-tariff impacted at that point in time became more valuable.

是的，羅恩，我是里奇。我認為，當你看到三月的初始關稅公告時，我認為確實如此。這確實推動了一些活動。我們看到 4 月的活動量可能出現激增，而 5 月和 6 月的活動量則有所減弱。顯然，我們知道當時未受到關稅影響的庫存變得更有價值。

So there was no need to be giving those cars away, not knowing what the ultimate tariff impact was going to be and when final resolution was going to be made between these countries. So throughout the quarter, in the US, our grosses were very stable. Certainly, they were the highest in April at 7,250. But then you look over the quarter, between May and June, the spread between those other months was no more than $125. So I think our team did a really good job of balancing the volume with the grosses during that environment.

因此，沒有必要免費提供這些汽車，因為不知道最終的關稅影響是什麼，也不知道這些國家之間何時會做出最終的解決方案。因此，整個季度，在美國，我們的票房收入非常穩定。當然，4 月份的最高值是 7,250。但如果你看一下這個季度，五月和六月之間，其他月份之間的差價不超過 125 美元。所以我認為我們的團隊在那種環境下在平衡銷售和總收入方面做得非常好。

I think as we go forward, as we look to May, and I said the sales activity has increased, I think we'll see a little bit of a gross compression, and it's going to be different by brand. Certainly, I think the other impact when you look at BEVs with the IRA tax credit going away at the end of September, our team is keenly focused on making deals with consumers that are interested in the BEV so that we have the least amount of inventory in that time frame as possible. And I think the OEMs are similarly motivated as well. We've seen with the announcement of those that tax credit going away, increased incentives on various different models as OEMs look to reduce that inventory.

我認為，隨著我們向前發展，展望五月份，我說過銷售活動有所增加，我認為我們會看到一點總體壓縮，而且不同品牌的情況會有所不同。當然，我認為當您看到 IRA 稅收抵免在 9 月底取消時，對 BEV 的另一個影響是，我們的團隊熱衷於與對 BEV 感興趣的消費者達成交易，以便我們在該時間範圍內的庫存量盡可能少。我認為 OEM 也有類似的動機。我們看到，隨著稅收抵免取消的宣布，各種不同車型的激勵措施也隨之增加，因為原始設備製造商希望減少庫存。

I think when you look at the margin that we have on the new vehicles, our margins have remained the same, but the average vehicle selling price continues to increase. I think we've talked about this before. Pre-COVID or 2019 and earlier, our average selling price was $41,000. Our average selling on price today is almost $61,000.

我認為，當你查看我們新車的利潤率時，我們的利潤率保持不變，但平均車輛售價卻持續上漲。我想我們之前已經討論過這個問題了。在新冠疫情之前或 2019 年及之前，我們的平均售價為 41,000 美元。我們今天的平均售價接近 61,000 美元。

That's super helpful color. And you kind of touched on my next question a bit there. But on the sunsetting of electric vehicle tax credits at the end of the third quarter in the US, you do have more BEV sales than your peers, just given your luxury mix. How should we think about the impact, not just in the third quarter from volume pull forward, but also long-term, I guess, what would the impact of weaker electric vehicle sales mean for your business because they are GPU dilutive?

這是非常有用的顏色。您稍微觸及了我的下一個問題。但是，隨著美國第三季末電動車稅收抵免政策的終止，考慮到你們的豪華車型組合，你們的純電動車銷量確實比同行要多。我們應該如何看待這種影響，不僅是第三季銷量的拉動，還有長期的影響，我想，電動車銷售疲軟對您的業務意味著什麼，因為它們會稀釋 GPU？

We do know that, but just kind of the puts and takes.

我們確實知道這一點，但這只是一種付出和收穫。

I think, first of all, you got to remember that the overall sales as a percentage of our total sales is in that 6.5% to 7% range. So it's a small portion of our overall sales. Certainly, in some markets, it's a much higher percentage when you look at California or some of the Sunbelt states where you don't have the degradation of the range and other operating concerns associated with the BEV. But we've already seen actually some improvement in those markets as the OEMs have adjusted to demand. So if you look at our West region, which is California, Texas, Arizona, that market -- those markets sell about 70% of that 6.5% to 7% of our sales in vets.

我認為，首先，你必須記住，整體銷售額占我們總銷售額的百分比在 6.5% 到 7% 的範圍內。所以這只是我們整體銷售額的一小部分。當然，在某些市場，當你看看加州或一些陽光地帶州時，這個比例要高得多，因為這些州沒有與 BEV 相關的續航里程下降和其他營運問題。但隨著原始設備製造商根據需求進行調整，我們實際上已經看到這些市場有所改善。因此，如果你看看我們的西部地區，即加州、德州、亞利桑那州，這些市場——這些市場銷售的獸醫產品約占我們 6.5% 至 7% 銷售額的 70%。

And Mercedes and others started to adjust last year to match the BEV wholesale supply to the demand. I think most aggressively, it was Mercedes. And so when you look at our area there, our California businesses are up 45% or almost $13 million compared to a year ago as a result of some of that BEV being adjusted. So if you look at the incentives, it's even before the tax credits were announced, incentives are almost $7,200 for BEVs. It's about twice the average incentive that we see on the ICE vehicles.

梅賽德斯和其他公司去年開始進行調整，以使 BEV 批發供應與需求相匹配。我認為最有侵略性的是梅賽德斯。因此，當您查看我們所在的地區時，由於部分 BEV 進行了調整，我們的加州業務比一年前增長了 45% 或近 1300 萬美元。因此，如果你看一下激勵措施，你會發現即使在宣布稅收抵免之前，BEV 的激勵措施就已經接近 7,200 美元。這大約是 ICE 車輛平均激勵措施的兩倍。

And our inventory is down on BEVs. A year ago, we were about 12% to 15% of our new car inventory was BEVs. It's at 10% today, down 20% on a unit basis year over year. And so I think we're going to continue to have BEVs. Obviously, the OEMs have made significant capital investments in the technology and vehicle platform architectures. It's a matter of making sure that they balance the BEV wholesale supply to us with the actual market demand, whether -- and we've been doing that now with the tax credit, and we'll continue to do it after the tax credit.

我們的純電動車庫存已經減少了。一年前，我們新車庫存中大約有 12% 到 15% 是純電動車。目前這一比例為 10%，年減 20%。所以我認為我們將繼續擁有純電動車。顯然，OEM 在技術和車輛平台架構上投入了大量的資金。問題是要確保他們平衡 BEV 批發供應量和實際市場需求，無論——我們現在一直在透過稅收抵免來做到這一點，並且在稅收抵免之後我們仍將繼續這樣做。

And I think one last point on BEVs. Still relatively small percentage overall of our fixed business, 2% to 3%. But we see on a dollars per RO, almost 2 times the benefit from a BEV repair as we do to on ICE repair. I think as the vehicles get more mature over time, that could normalize. But right now, BEVs are still more advantageous in the fixed area.

我認為最後一點是關於 BEV 的。在我們的固定業務中，整體比例仍然相對較小，為 2% 至 3%。但我們發現，以每輛 RO 的美元計算，BEV 維修的收益幾乎是 ICE 維修的 2 倍。我認為隨著車輛隨著時間的推移變得更加成熟，這種情況可能會變得正常化。但目前來看，純電動車在固定區域仍更具優勢。

Yes. I think also when we step back and look at supply, when the manufacturers were trying to balance BEV vehicles versus ICE, we actually lost some of the volume and supply during the time when BEVs were at the top of the list to try to generate this big market share. When that goes away, I think we're going to see it obviously in some of the key SUVs in areas that we were looking for vehicles will now not be BEVs and they'll come back in the market as ICE vehicles. And I think they'll adjust, if necessary, some of the content if we have to in order to be -- have their vehicles affordable under any tariff impact they might have. So I see it being a benefit first.

是的。我認為，當我們回顧供應情況時，當製造商試圖平衡 BEV 汽車和 ICE 汽車時，在 BEV 佔據榜首以試圖獲得如此大的市場份額時，我們實際上損失了部分銷售和供應。當這種情況消失時，我認為我們將在一些主要的 SUV 領域中明顯看到這種情況，我們正在尋找的車輛現在將不再是 BEV，而是以 ICE 車輛的形式重返市場。我認為，如果有必要，他們會調整部分內容，以便在任何關稅影響下，他們的車輛都能負擔得起。所以我首先認為它是一種好處。

This is my own personal opinion.

這是我個人的看法。

Yeah. I think we lean in that direction as well, but it's good to hear that for you, Roger. I'll hop back in the queue and ask more questions if needed.

是的。我想我們也傾向於這個方向，但很高興聽到你這麼說，羅傑。如果需要的話，我會回到隊列並提出更多問題。

Jeff Lick, Stephens.

傑夫利克、史蒂芬斯。

Just a quick clarification before I get to my main question. On the 10% units you mentioned you're being up in July. Is that all units or just new?

在回答我的主要問題之前，我先簡單澄清一下。您提到的 10% 單位在 7 月有所上漲。所有單位都是這樣嗎？還是只是新的？

That's new. New US.

這是新的。新的美國。

Perfect. Awesome. Rich, I was wondering if we can maybe double-click on service and parts. We're starting to get into the lapping the BMW stop sales and other pretty big warranty items. Just curious how you see that playing out?

完美的。驚人的。里奇，我想知道我們是否可以雙擊服務和零件。我們開始著手處理寶馬停止銷售和其他相當大的保固項目。只是好奇您認為結果會怎樣？

And are the OEMs making any adjustments in terms of how we handle warranty claims? Just any color there would be great.

那麼，原始設備製造商 (OEM) 是否對我們處理保固索賠的方式做出任何調整？任何顏色都很棒。

No, I don't think we're seeing any adjustment from the OEMs on how they're handling warranty claims. I think they're frustrated, obviously, with the number of recalls that continue to occur. You mentioned BMW. Certainly, the IBS recall is still active. Their focus last year was on vehicles at the plant, getting those clean, then dealer inventory and now we're into the customer repairs.

不，我認為我們沒有看到原始設備製造商對處理保固索賠的方式做出任何調整。我認為他們顯然對不斷發生的召回事件感到沮喪。您提到了寶馬。當然，IBS 召回仍在進行中。去年他們的重點是工廠內的車輛，清潔車輛，然後是經銷商庫存，現在我們開始進行客戶維修。

But we've got Mercedes-Benz fuel pump, Honda fuel pumps. And then the big one that we just had release and direction on is Toyota and the Tundra Long Block replacement, which is a 14-hour repair. We've got close to 400 of those in inventory that have been on stop sale. So certainly, we've got to balance those repairs with customers who are looking to bring their existing cars into the shops we own enough of long backlogs and things of that nature. But I think there's enough customer demand that even if these recalls and the warranty as a percent of our total repair orders goes down, when you look at the car park being 12 to 13 years of age, average mileage being close to 70,000 miles.

但是我們有梅賽德斯 - 奔馳燃油泵、本田燃油泵。然後，我們剛剛發布並指導的重大項目是豐田和 Tundra Long Block 更換，這是一個需要 14 小時的維修。我們有近 400 件庫存，並且已經停止銷售。因此，當然，我們必須在維修和那些希望將現有汽車送到我們擁有的修理店的客戶之間取得平衡，以處理足夠多的長期積壓問題和類似的事情。但我認為，即使這些召回和保固占我們總維修訂單的百分比下降，但考慮到停車場的使用年限為 12 至 13 年，平均行駛里程接近 70,000 英里，客戶需求仍然足夠大。

We're going to continue to see the benefit in the fixed ops department. And then I think with some of the initiatives that we've undertaken relative to shop load, operating hours, shift schedules those are all paying benefits as well. And I think Roger mentioned that in our fixed absorption increase, our margin improvement, up 50 basis points, just under 60% and then our effective labor rate as well at up 6%. I think it's going to take a while for that car park to adjust. You look at the vehicles we're selling today are servicing today.

我們將繼續看到固定營運部門的效益。然後我認為我們在車間負荷、營業時間、輪班安排等方面採取的一些措施也都帶來了好處。我認為羅傑提到，我們的固定吸收率增加，我們的利潤率提高了 50 個基點，略低於 60%，然後我們的有效勞動力率也上漲了 6%。我認為那個停車場需要一段時間來調整。您看看我們今天銷售的車輛今天正在提供服務。

There's almost 6.25 years of age on average, and that's up from 5.6% in 2019. And with the SAAR continuing to struggle to find a new high watermark, I think -- I see fixed operations remaining strong.

平均年齡接近 6.25 歲，高於 2019 年的 5.6%。隨著 SAAR 繼續努力尋找新的高水位，我認為——固定業務仍將保持強勁。

And I would say also that the complexity, Jeff, of the premium luxury cars when you open the hood and all the things that they have, LiDAR and all these things that go with its 50, that the vehicles are coming back to the dealership and they're not going anymore to the local guy around the corner. So that's driving the business. And I think that in most cases, as you know, for us on the premium luxury side, which is 71%. A lot of these vehicles are leased and have some maintenance component with them. And that drives them back to our shops, which I think is key.

傑夫，我還想說，當你打開引擎蓋時，高檔豪華轎車的複雜性以及它們所擁有的所有東西，比如激光雷達和所有與 50 相關的設備，這些車輛都會回到經銷商處，而不再去街角的當地人那裡。這就是推動業務發展的動力。而且我認為在大多數情況下，正如你所知，對於我們高端奢侈品而言，這一比例為 71%。許多車輛都是租賃的，並且帶有一些維護零件。這會吸引他們回到我們的商店，我認為這是關鍵。

And the good news is that the cost structure and our service department from a labor perspective is flat rate along with high bonus part of compensation for our service riders. So we see the ability. Obviously, we raised labor rates. And by the way, we typically get a bump in labor cost support from the manufacturers on warranty typically on a 12- to 18-month basis. So obviously, we get that benefit.

好消息是，從勞動力角度來看，我們服務部門的成本結構是固定費率，同時為我們的服務附加人員提供高額獎金部分補償。所以我們看到了這種能力。顯然，我們提高了勞動率。順便說一句，我們通常會從製造商那裡獲得 12 至 18 個月保固期內的勞動成本支援。顯然，我們獲得了這種好處。

And then on the parts side, we get paid our full list price on parts on warranty. So this is something that is very positive. And ironically, in Europe and in the UK, we only get 10%. So this -- I look at it as a real bonus here in the US based on the current support of parts and service.

然後在零件方面，我們會獲得保固期內零件的全額標價。所以這是非常正面的事情。諷刺的是，在歐洲和英國，我們只獲得了 10%。所以——基於目前零件和服務的支持，我認為這是美國的真正的福利。

So Jeff, the other thing to think about, this is Tony, is the efficiency that we're creating in the service departments, too, through use of AI in terms of scheduling appointments, tech videos, online pays and numerous other things that we're doing to try to drive not just more tech efficiency, but just overall efficiency and utilization. So I think all of that plays very well into the margin that we're generating and the growth of the parts and service business.

傑夫，另一個需要考慮的事情，這是托尼，是我們也在服務部門創造的效率，透過使用人工智慧來安排預約、技術影片、線上支付和我們正在做的許多其他事情，試圖不僅提高技術效率，而且提高整體效率和利用率。所以我認為所有這些都對我們創造的利潤以及零件和服務業務的成長起到了很大的作用。

When you look at -- let's just jump to PTS for a minute, and we've taken some of the lessons learned on both sides. Every night, Jeff, we unload data from 200,000 vehicles into from the cloud. And we look at that and it determines predictive maintenance. We might have a truck that's hauling cement and the same truck hauling feathers. Well, obviously, the maintenance requirements certainly would be different.

當你看的時候——讓我們先跳到 PTS 一分鐘，我們已經吸取了雙方的一些經驗教訓。傑夫，每天晚上，我們都會將 20 萬輛汽車的資料從雲端下載到雲端。我們觀察它並決定預測性維護。我們可能有一輛卡車運送水泥，還有一輛卡車運送羽毛。嗯，顯然，維護要求肯定會有所不同。

And with this data, then we can adjust the predictive maintenance. And on top of that, when the truck comes in, the mechanic plugs into the ECU and it gives him guided repair, tells him exactly what to do on that truck and how to do it. And this has taken our efficiency way up. So I would say we've been using AI a long time, specifically at PTS, and we're looking how we can get some of that cross over into the automotive side.

利用這些數據，我們就可以調整預測性維護。最重要的是，當卡車進來時，機械師會插入 ECU，它會為他提供指導性維修，告訴他卡車的具體維修方法。這大大提高了我們的效率。所以我想說我們已經使用人工智慧很長一段時間了，特別是在 PTS，我們正在研究如何將人工智慧的一些交叉應用到汽車領域。

Awesome. I can't imagine a Penske truck with a bunch of feathers in it, Roger, that doesn't seem right to me.

驚人的。羅傑，我無法想像一輛彭斯克卡車裡有一堆羽毛，這對我來說似乎不太合適。

Rajat Gupta, JPMorgan.

摩根大通的 Rajat Gupta。

Just wanted to follow up on PTL. It looks like if we exclude the gain on sale, PTL income was up year-over-year overall. Should we expect that kind of cadence to continue here in the second half? And just maybe if you could give us some broader outlook around where we are in the freight cycle and when you could expect that to reflect. I have a quick follow-up.

只是想跟進 PTL。看起來如果我們排除銷售收益，PTL 收入總體上是同比增長的。我們是否應該期待這種節奏在下半年繼續延續？也許您能為我們提供一些更廣泛的展望，關於我們目前處於貨運週期的哪個階段，以及您預計何時會出現這種變化。我有一個快速的後續行動。

Well, from the operating side, when you look at the quarter, our gain on sale was $44 million last year in the quarter, it was $16 million. So obviously, down $28 million. So our guys did a great job from an operating standpoint. And as I look out into Q3 and Q4, basically gain on sale will be a real trigger up or down based on what the market pricing is. And we have some disposals that we'll look at.

嗯，從營運方面來看，當你看這個季度時，我們去年該季度的銷售收益為 4,400 萬美元，今年為 1,600 萬美元。顯然下降了 2800 萬美元。所以從營運的角度來看，我們的員工做得非常出色。當我展望第三季和第四季時，我發現銷售收益基本上會根據市場定價而真正上漲或下跌。我們將研究一些處置措施。

We dropped 14,000 units out of our fleet during the quarter. So I think it's important -- or through the year, I'm sorry, I think it's important that we look at gain on sale or loss or what have it might be. At the end of the day, freight is still flat and that freight, obviously, and will drive excess rental from our existing lease customers and also from just a casual renter. And I think that, that will be the driver. If I look at the numbers in the quarter, our lease revenue, I think we talked about it before, 5% to 6% and logistics was up 1% and rental was down 9%.

本季度，我們減少了 14,000 輛汽車。所以我認為這很重要——或者說，在整個一年中，對不起，我認為重要的是我們要看看銷售收益或損失或它可能是什麼。最終，運費仍然持平，而且顯然，運費將推動我們現有租賃客戶以及臨時租賃者的超額租金。我認為，這將成為驅動力。如果我看一下本季的數據，我們的租賃收入（我想我們之前討論過）增長了 5% 到 6%，物流收入增長了 1%，租金下降了 9%。

So you can see overall cost controls and the gain on sale really gave us a return of over $50 million. And if you looked at that for the rest of the year, it would be about $200 million. But again, that can be affected by gain on sale.

所以你可以看到整體成本控制和銷售收益確實為我們帶來了超過 5000 萬美元的回報。如果你看一下今年剩餘的時間，這個數字將是 2 億美元左右。但同樣，這可能會受到銷售收益的影響。

Understood. Understood. That's clear. And just a broader question on capital allocation. If you take into account the extra $150 million you're getting from the taxable changes, I mean, that's a pretty step change in your cash flow profile.

明白了。明白了。這很清楚。這是一個關於資本配置的更廣泛的問題。如果您考慮到從應稅變化中獲得的額外 1.5 億美元，那麼這對您的現金流量狀況來說是一個相當大的變化。

I'm curious, does that in any way change how you're thinking about capital allocation, maybe being more aggressive on share buyback versus -- or just like other forms of use of cash? And if you could just tell us if you're looking to reprioritize that.

我很好奇，這是否會以某種方式改變您對資本配置的看法，也許會更積極地回購股票，或者就像其他形式的現金使用一樣？如果您可以告訴我們您是否希望重新調整該事項的優先順序。

Rajat, it's Shelley. It certainly provides us with more opportunity. And as we said before, we're going to continue to weigh current market conditions. The first half of 2025 certainly had a bit of tariff uncertainty. And so you saw us as well as some of our peers really look to take advantage of a down market and focus on buybacks.

Rajat，我是 Shelley。這無疑為我們提供了更多的機會。正如我們之前所說，我們將繼續衡量當前的市場狀況。2025 年上半年的關稅肯定會存在一些不確定性。因此，您會看到我們以及我們的一些同行確實希望利用低迷的市場並專注於回購。

We are always going to remain focused on our dividend. And -- so year-to-date, about $300 million of return to shareholders. We've started to see folks come out and make some purchases and acquisitions, and we're still focused on growing that side of the business as well. So I think it will be a tale of 2 halves, and we will certainly look at different market conditions, but additional $150 million of benefit that we're estimating certainly helps provide us with more opportunities.

我們將始終關注我們的股息。因此，今年迄今為止，股東回報約為 3 億美元。我們已經開始看到人們出來進行一些購買和收購，我們仍然專注於發展這方面的業務。所以我認為這將是一個兩半的故事，我們肯定會考慮不同的市場條件，但我們估計的額外 1.5 億美元收益肯定有助於為我們提供更多機會。

I would say, from an M&A perspective, obviously, our doors are open and we're looking at a decent pipeline right now. How those will mature, I can't say. But certainly, we'll look to do M&A -- more M&A obviously in the last six months than we did in the first six, Shelley, that would be probably fair.

我想說，從併購的角度來看，顯然我們的大門是敞開的，我們現在正在尋找一個不錯的管道。我無法預測它們將如何成熟。但當然，我們會考慮進行併購——顯然，過去六個月的併購比前六個月要多，雪萊，這可能是公平的。

Right.

正確的。

David Whiston, Morningstar.

晨星公司的戴維‧惠斯頓。

I wanted to stick on the M&A topic actually. Because if I remember correctly, you've talked in the past about wanting to acquire $1.5 billion in annual revenue. And you've just done the priority so far. So even if you do end up closing some of these deals in your pipeline, do you think the $1.5 billion acquired number for '25 is still on the table? Or is it going to be lower?

我實際上想繼續討論併購話題。因為如果我沒記錯的話，您過去曾談到想要獲得 15 億美元的年收入。到目前為止，您已經完成了優先任務。因此，即使您最終完成了其中一些交易，您是否認為 25 年 15 億美元的收購數字仍然可以實現？還是會更低？

I would say it's not realistic to think we're going to -- on an annualized basis, maybe we could look at it. But I guess, if I had the perfect storm, I'd like to grow 5% organically and 5% through acquisition. Now we're not meeting those targets right now. But certainly, in the capital position we're in from -- certainly from an acquisition standpoint. We really should be in -- really in good shape.

我想說，我們認為這樣做是不切實際的——從年度化角度來看，也許我們可以考慮一下。但我想，如果遇到完美風暴，我希望有機成長 5%，透過收購成長 5%。現在我們還沒有實現這些目標。但可以肯定的是，從收購的角度來看，我們的資本狀況確實如此。我們確實應該處於──非常好的狀態。

And when you look at the capital allocation, we had a strong cash flow of $472 million from operations. And certainly, with the uncertainty that followed the tariffs, I think that we have to -- we pause, and I think that certainly made a difference. We've talked about 1.3% the outstanding shares we purchased already about 900,000, and we paid out $165 million in dividends. So I think the shareholders themselves is getting a benefit from dividends. I think the yield of 3.1% is strong.

從資本配置來看，我們的營運現金流強勁，達到 4.72 億美元。當然，考慮到關稅帶來的不確定性，我認為我們必須暫停一下，我認為這肯定會產生影響。我們已經討論了 1.3% 的流通股，我們已經購買了約 90 萬股，並且支付了 1.65 億美元的股息。所以我認為股東本身從股利中受益。我認為3.1%的收益率是強勁的。

We're certainly paying out at over 35% roughly in payout. So we're going to hit all those levers. But trust me, we are definitely looking at acquisitions. But what I don't want to do, I think Ferrari was kind of a special one when you think about that brand, we're the largest dealer in the world, and we had the ability to have the house dealership next door was key. But as we look at these, we want to be sure that we can tuck things in where we have scale, look at markets and we're going to be prudent as our peers have been.

我們的支出肯定大約超過 35%。所以我們要充分利用所有這些槓桿。但相信我，我們肯定在考慮收購。但我不想這樣做，我認為法拉利是一個特殊的品牌，我們是世界上最大的經銷商，我們有能力在隔壁擁有經銷商，這是關鍵。但當我們審視這些問題時，我們希望確保我們能夠在有規模的領域開展業務，觀察市場，並像我們的同行一樣謹慎行事。

But I think with the size of the US auto market, when we look at it internationally, these businesses have an opportunity to grow through acquisition for many years to come.

但我認為，鑑於美國汽車市場的規模，從國際角度來看，這些企業在未來許多年都有機會透過收購來成長。

And just one other question on Porsche Australia. You mentioned the used to new ratio has already doubled in about a year's time. And I'm just curious, was that mostly due to a lot more advertising or just changing internal operations at those stores?

還有一個關於保時捷澳洲的問題。您提到，大約一年的時間裡，二手車與新車的比例已經翻了一番。我很好奇，這主要是因為廣告增加還是只是因為這些商店的內部營運發生了變化？

Look, let me let Randall Seymore. He's calling in from the UK. Hopefully, we connect you around. You want to make a comment on what you've been able to accomplish in Australia in just less than a year?

瞧，讓我讓蘭德爾·西摩 (Randall Seymore) 來。他是從英國打來的。希望我們能幫助您。您想評論一下您在不到一年的時間內在澳洲所取得的成就嗎？

Sure. No problem. Yes, good question. So this was mostly internal. In fact, it was virtually all internal processes relative to just taking advantage, focusing on getting more trades, whether it'd be on selling a new or used the efficiency of reconditioning and marketing them properly.

當然。沒問題。是的，好問題。所以這主要是內部的。事實上，這幾乎都是與利用優勢有關的所有內部流程，專注於獲得更多交易，無論是銷售新產品還是利用重新調整和適當行銷的效率。

But the big opportunity, a lot of the independent used car providers we're getting a lot of these cars. So we're just organically keeping them. And then we're opportunistically out there buying them as well. So it was a big focus and team did a great job.

但巨大的機會是，許多獨立二手車供應商都購買了大量此類汽車。所以我們只是有機地保留它們。然後我們也會抓住機會購買它們。所以這是一個很大的焦點，團隊做得很好。

And that business really has turned out to be really amazing when you think about it. We have the three stores in the big city of Melbourne. Randall and the team were really looking at is one dealership with three locations in the city. We can combine customer service, one inventory for all three dealerships and the marketing. I think it's really key.

如果你仔細想想的話，你會發現這項業務確實非常了不起。我們在墨爾本這個大城市有三家店。蘭德爾和他的團隊真正關注的是在該市擁有三個分店的一家經銷店。我們可以將客戶服務、針對所有三家經銷商的庫存和行銷結合起來。我認為這真的很關鍵。

And then we have the benefit of our commercial business that's taking place in Australia in our financing, our legal, our insurance, our HR, all of those functions are we can take the advantage of those in our auto business and will give us a runway hopefully, to continue to grow the auto business in Australia as we go forward. I think we need to get the Porsche dealerships solid and have a year under our belt, but we certainly would look is at a place that we could grow some of our business with our expertise.

然後，我們在澳洲開展的商業業務在融資、法律、保險、人力資源等方面都受益匪淺，我們可以利用這些優勢來拓展我們的汽車業務，並希望這些優勢能為我們提供一條發展道路，讓我們在未來繼續發展澳洲的汽車業務。我認為我們需要穩固保時捷經銷權並累積一年的經驗，但我們肯定會尋找一個可以利用我們的專業知識來發展業務的地方。

All right, everyone, thanks for joining us today. I think it was a great quarter. As we said earlier, lots of moving parts, but I think the management team we have across all aspects of the business has really been great.

好的，各位，感謝大家今天的參與。我認為這是一個偉大的季度。正如我們之前所說，有很多活動部件，但我認為我們業務各個方面的管理團隊都非常出色。

I think our turnover is the lowest in the industry. And I think that provides us the best management. So look forward to talking to you next quarter. Thank you.

我認為我們的營業額是業界中最低的。我認為這為我們提供了最好的管理。期待下個季度與您交談。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。