Rush Enterprises Inc (RUSHB) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Rush Enterprises, Inc. reports third quarter 2025 Earnings Results. (Operator Instructions) I would now like to turn the conference over to Rusty Rush, President, CEO and Chairman of the Board. You may begin.

女士們、先生們，感謝各位的耐心等待。現在，我謹代表Rush Enterprises, Inc.歡迎各位參加2025年第三季財報發表會。 （操作說明）現在，我將會議交給總裁、執行長兼董事會主席Rusty Rush先生。請開始。

Good morning, and welcome to our third quarter 2025 earnings release call. With me this morning are Jason Wilder, Chief Operating Officer; Steve Keller, Chief Financial Officer; Jay Hazelwood, Vice President and Controller; and Michael Goldstone, Senior Vice President, General Counsel and Corporate Secretary.

早安，歡迎參加我們2025年第三季財報電話會議。今天早上與我一同出席的有：營運長Jason Wilder；財務長Steve Keller；副總裁兼財務長Jay Hazelwood；以及資深副總裁、總法律顧問兼公司秘書Michael Goldstone。

Certain statements we will make today are considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Because these statements include risks and uncertainties, our actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in our annual report on Form 10-K for the year ended December 31, 2024, and in our other filings with the Securities and Exchange Commission.

我們今天所作的某些陳述構成1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。由於這些陳述包含風險和不確定性，我們的實際表現可能與此類前瞻性陳述所明示或暗示的績效有重大差異。可能導致實際業績與此類前瞻性陳述所明示或暗示的業績存在重大差異的重要因素包括但不限於我們在截至2024年12月31日止年度的10-K表格年度報告以及我們向美國證券交易委員會提交的其他文件中討論的因素。

As indicated in our news release, we achieved third quarter revenues of $1.9 billion and net income of $66.7 million or $0.83 per diluted share. I am pleased to announce that our Board of Directors approved a $0.19 per share cash dividend. The commercial vehicle industry continued to face challenging operating conditions in the third quarter of 2025. Freight rates remain depressed and overcapacity continues to weigh on the market. In addition, while the industry gained some clarity regarding the tariffs that will be imposed on certain commercial vehicles and parts beginning November 1, economic uncertainty and regulatory ambiguity remains, especially with respect to engine emissions regulations.

正如我們在新聞稿中所述，我們第三季營收達19億美元，淨利為6,670萬美元，即每股攤薄收益0.83美元。我很高興地宣布，董事會已批准派發每股0.19美元的現金股利。 2025年第三季度，商用車產業持續面臨嚴峻的經營環境。貨運價格持續低迷，產能過剩持續對市場構成壓力。此外，儘管業界對11月1日起將對部分商用車及零件徵收的關稅有了一定的了解，但經濟情勢的不確定性和監管方面的模糊性依然存在，尤其是在發動機排放法規方面。

These factors are impacting our customers' vehicle replacement decisions. Despite these headwinds, I am proud of the financial performance our team delivered in the third quarter. Our employees commitment to operational discipline and customer service was evident in our ability to maintain strong aftermarket results and manage expenses effectively. And I'm deeply grateful for their dedication. Our aftermarket operations accounted for approximately 63% of our total gross profit in the third quarter, with parts, service and collision center revenues reaching $642.7 million, an increase of 1.5% compared to the third quarter of 2024, and our absorption ratio was 129.3%.

這些因素正在影響客戶的車輛更換決策。儘管面臨這些不利因素，我仍然為我們團隊在第三季取得的財務表現感到自豪。員工們對營運紀律和客戶服務的執著追求，體現在我們能夠維持強勁的售後市場業績並有效控製成本。我由衷地感謝他們的奉獻。第三季度，我們的售後市場業務約佔總毛利的63%，零件、服務和碰撞中心收入達到6.427億美元，較2024年第三季成長1.5%，吸收率為129.3%。

In the third quarter, our aftermarket products and service businesses remained resilient despite ongoing market challenges. Our strategic focus on technician recruiting and retention, expanding our aftermarket sales force and identifying new customer segments helped to offset weak demand. Looking ahead, we anticipate continued challenges in our aftermarket business due to seasonal trends and broader industry headwinds, but we remain confident that our diversified customer base and operational discipline will allow us to successfully navigate the remainder of the year. With respect to truck sales, we sold 3,120 new Class 8 trucks in the U.S. during the third quarter, accounting for 5.8% of the total U.S. market.

第三季度，儘管市場持續面臨挑戰，我們的售後產品和服務業務依然保持韌性。我們策略性地專注於技術人員的招募和留任、擴大售後銷售團隊以及開拓新的客戶群，這些措施有效抵消了需求疲軟的影響。展望未來，我們預計受季節性因素和行業整體不利因素的影響，售後業務仍將面臨持續挑戰，但我們仍然堅信，多元化的客戶基礎和嚴謹的營運將使我們能夠成功應對今年剩餘時間的挑戰。卡車銷售方面，第三季我們在美國售出3,120輛全新8級卡車，占美國市場總量的5.8%。

While this represents 11% year-over-year decrease, we outperformed the market primarily due to stable demand from our vocational customers, underscoring the strength of our diversified customer base. Looking forward, economic and regulatory uncertainty continues to dampen customer demand, particularly with respect to new Class 8 trucks. We believe that the weak demand the industry is currently experiencing will negatively impact new Class 8 truck sales for at least the next two quarters. That said, if stricter emission laws become effective as planned and if capacity continues to exit the market due to bankruptcies, retail sales being below replacement levels, and continued enforcement of government policies regarding English language proficiency and non-domiciled drivers, Class 8 truck sales may be strong in the second half of 2026.

儘管年減了11%，但我們主要得益於專業客戶的穩定需求，業績仍優於市場平均水平，這凸顯了我們多元化客戶群的實力。展望未來，經濟和監管方面的不確定性將繼續抑制客戶需求，尤其是對新型8級卡車的需求。我們認為，目前產業需求疲軟至少在未來兩季對新型8級卡車的銷售量產生負面影響。然而，如果更嚴格的排放法規按計劃生效，並且由於破產、零售銷售低於更新換代水平以及政府繼續執行有關英語能力和非本地駕駛員的政策，產能持續退出市場，那麼2026年下半年8級卡車的銷量可能會強勁增長。

In the medium-duty market, we delivered 2,979 Class 4 through 7 medium-duty commercial vehicles in the U.S. in the third quarter, representing an 8.3% year-over-year decrease and a 5.6% market share. We also sold 448 Class 5 through 7 commercial vehicles in Canada, which represents 10.7% of the new Canadian -- of the Canadian Class 5 through 7 commercial vehicle market. Despite ongoing industry headwinds, our medium-duty results in the third quarter outpaced the broader market. Our performance was bolstered by a significant increase in bus sales following our acquisition of an IC Bus franchise in Canada, which further diversified our customer base.

第三季度，我們在美國中型商用車市場交付了2,979輛4至7級中型商用車，較去年同期下降8.3%，市佔率5.6%。此外，我們在加拿大售出了448輛5至7級商用車，佔加拿大5至7級商用車市場新車銷售的10.7%。儘管業界持續面臨不利因素，但我們第三季的中型商用車業績仍優於整體市場。這主要得益於我們收購了加拿大IC Bus特許經營權後，客車銷售的顯著成長，進一步拓展了我們的客戶群。

Looking ahead, we expect medium-duty commercial vehicle sales to remain stable through the remainder of the year. We sold 1,814 used commercial vehicles in the third quarter, essentially flat compared to the same period in 2024. While financing remains a challenge for used truck buyers, we believe our inventory is rightsized and that our used truck sales strategy is on track. Unlike the new truck market, the used truck market is less exposed to tariff concerns and regulatory uncertainty, which may provide customers more confidence and incentive to consider used trucks as part of their fleet mix in the near term. We expect fourth quarter used truck sales to be in line with the third quarter.

展望未來，我們預期中型商用車銷售在今年剩餘時間內將保持穩定。第三季我們售出1,814輛二手商用車，與2024年同期大致持平。儘管二手卡車買家的融資仍然面臨挑戰，但我們相信我們的庫存規模合理，二手卡車銷售策略也進展順利。與新卡車市場不同，二手卡車市場受關稅和監管不確定性的影響較小，這可能會增強客戶的信心，並促使他們在短期內考慮將二手卡車納入其車隊組合。我們預計第四季二手卡車銷售將與第三季持平。

Rush Truck Leasing achieved record revenues of $93.3 million in the third quarter, up 4.7% year-over-year. Our full-service leasing revenue increased as we brought new vehicles into service, which also helped lower operating costs and increased profitability. Rental utilization was lower year-over-year, but improved sequentially, and we are confident our leasing and rental performance will be solid for the remainder of the year. On the capital allocation front, we remain focused on returning value to shareholders during the third quarter. We repurchased $9.2 million of our common stock as part of our expanded $200 million repurchase authorization, and we also paid a cash dividend of $14.8 million in the quarter.

Rush Truck Leasing第三季營收創下9,330萬美元的歷史新高，較去年同期成長4.7%。隨著新車投入使用，我們的全方位租賃服務收入有所成長，這也有助於降低營運成本並提高獲利能力。租賃利用率較去年同期有所下降，但環比有所改善，我們有信心在今年剩餘時間內保持穩健的租賃業績。在資本配置方面，我們第三季仍專注於為股東創造價值。作為擴大後的2億美元回購授權的一部分，我們回購了920萬美元的普通股，並在本季度支付了1,480萬美元的現金股利。

In summary, despite the aforementioned industry headwinds, I believe we've delivered solid results, and I'm proud of our team's performance in the third quarter. Our employees across the U.S. and Canada continue to demonstrate resilience, and I'm deeply grateful for their dedication.

總而言之，儘管面臨上述行業逆風，但我相信我們取得了穩健的業績，我為我們團隊在第三季度的表現感到自豪。我們遍佈美國和加拿大的員工繼續展現出強大的韌性，我由衷地感謝他們的奉獻精神。

With that, I'll take your questions.

那麼，接下來我將回答你們的問題。

(Operator Instructions)

（操作說明）

Andrew Obin, Bank of America.

安德魯‧奧賓，美國銀行。

I'm sure the team works very hard. Just a question, could you just tell us, we've been stuck in this cyclical malaise for a while now. We've been waiting for the turn of the cycle for a while now. Can you just expand and tell us what are you seeing? When do you feel things actually bottom?

我相信團隊非常努力。我有個問題，您能跟我們說說嗎？我們已經陷入這種週期性的低迷狀態一段時間了。我們一直在等待週期的轉變。能詳細說說您觀察到的情況嗎？您覺得什麼時候情況才會真正觸底？

And what's the path going forward? What gets this thing sort of on court and just lets the sales actually go up eventually?

那麼，未來的發展方向是什麼？怎樣才能讓這件事步入正軌，最終真正帶動銷量成長？

Right. And I'm guessing, Andrew, that you're speaking about from my customers' perspective. Is that correct?

沒錯。我猜安德魯，你是從我的客戶的角度來說的，對嗎？

Yeah, correct.

是的，沒錯。

Okay. Well, great. Well, I just so happened, I spent the last couple of days in lovely San Diego, California at ATA, which is the largest truck convention -- our customer truck convention there is. So I met with quite a few customers while I was out there. And I think as I mentioned in one of the paragraphs there in the press release, and I mentioned a little bit earlier, this is the first time I'm going to say, I mean, we've been three years in a freight recession, three, okay?

好的。太好了。我碰巧前幾天在美麗的加州聖地亞哥參加了ATA（美國卡車運輸協會）展會，這是我們客戶舉辦的最大的卡車展會。我在那裡見到了不少客戶。正如我在新聞稿的其中一段提到的，也正如我之前提到的，這是我第一次要說，我們已經經歷了三年的貨運衰退，三年，好嗎？

This usually doesn't last, but 12 to 16 months, I have never seen in my career, it go so long, right? And you could figure out why supply was not coming out, right? There's supply and then there's demand. I can't really speak to demand as well. That's more of an economic-driven, the only economy-driven stuff around tariffs and just around the economy itself.

這種情況通常不會持續太久，但12到16個月，我在職業生涯中從未見過這麼長時間，對吧？你可以想想為什麼供應不足，對吧？供應和需求是兩回事。我對需求不太了解。需求較受經濟因素驅動，只有關稅和經濟本身相關的問題才會受經濟因素影響。

But from a supply side, the crazy thing is it just has not come out of the market. It always comes out faster. And I think if you look at it after rates were way up in '21, '22 and they started coming down. That's been that three-year row, just depressed freight rates from the customer perspective, especially on the truckload side, not so much on the LTL side, but on the truckload side for sure. And I think the government has finally got their arms around some of this when -- I mean, one of the things I learned while I was there is you read a lot and people are saying this is non-domiciled driver thing and the English-speaking proficiency, but really around the non-domiciled driver thing.

但從供應方面來看，奇怪的是，這種情況一直沒有從市場上消失。它總是會更快消失。我認為，如果你回顧一下2021年和2022年運費飆升之後的情況，你會發現運費開始回落。這三年來，從客戶的角度來看，貨運價格一直處於低迷狀態，尤其是整車運輸，零擔運輸受到的影響較小，但整車運輸肯定受到影響。我認為政府最終也開始關注這個問題了——我的意思是，我在那裡的時候了解到，你讀到很多文章，人們說這是非本地司機和英語水平的問題，但實際上問題主要集中在非本地司機身上。

Most some of the numbers I've heard before, well, if we can enforce that, it's going to be up to the states to enforce that, okay? And I've heard numbers of 5% or something. Well, I was there. Some of the carriers I talked to said that was way understated. And like 15 to 20 of the states are really starting to enforce it right now and that they all have to get on board.

我之前聽到的一些數字，嗯，如果我們能強制執行，那最終還是要靠各州來執行，好嗎？我還聽說有5%之類的數字。嗯，我當時就在現場。我跟一些航空公司的人聊過，他們說這個數字嚴重低估了。現在大概有15到20個州已經開始真正執行這項規定了，所有州都必須跟進。

And so over the next little bit, it could take out up to 15% of the drivers, which are probably some of the smaller carriers have been using to hang on and stay. Those are the carriers that usually go out in a freight recession first, not your more well-capitalized bigger guys, but the smaller carriers are always that variable piece that get in and get out based upon where rates are. And so that's one of the things that I believe will, for sure, help. Also, I think we -- people continue to buy trucks after we came off of allocation, we should have not slowed down selling trucks or producing trucks quicker than we did because there's 2 sides to it, right? That's the attrition side.

因此，在接下來的這段時間裡，可能會有多達15%的司機失業，這些司機很可能是一些小型運輸公司賴以生存的支柱。在貨運業衰退時期，這些小型運輸公司通常會先倒閉，而不是那些資金雄厚的大公司。小型運輸公司總是處於一種不穩定的狀態，他們的進出取決於運費的波動。所以我相信，這肯定會有所幫助。此外，我認為——在我們取消配額限制後，人們仍在繼續購買卡車，我們不應該放慢卡車的銷售速度，也不應該加快卡車的生產速度，因為凡事都有兩面性，對吧？一方面是人員流失。

Well, the other side is what are you producing, right? Well, right now, the last -- the back half of this year, I mean, you're talking we're going to be down in production 30%, 35%, 40% at all the OEMs combined. I'm not sure exactly where it is, but it's down dramatically. And I think that's going to continue into the first quarter for sure, maybe the first half. If you add that, you think about that, so you're shutting down the supply side, the intake side, you're taking people out of the attrition side.

另一方面，你們的生產情況如何？嗯，就目前而言，今年下半年，我的意思是，你們說所有OEM廠商的總產量將下降30%、35%甚至40%。我不太確定具體數字，但下降幅度肯定非常大。而且我認為這種情況肯定會持續到第一季，甚至可能到上半年。想想看，如果再加上這些因素，就會造成供應端和進貨端的停滯，同時也會減少人員損耗。

Well, you should start to get a more rightsized or balanced fleet out there with what market demand is, right, or what freight tonnage is. And I think you can see that if you look out. Now on top of that, even though the carriers, and I'm on their side, would prefer that it's changing the law that's going into effect right now. The current law, the way it stands is 35 -- don't give me, it's changing to 35 particulates on the NOx side. It's 200 currently, okay?

嗯，你應該開始根據市場需求或貨運噸位，組建一支規模更合理、更平衡的車隊，對吧？我想你只要觀察一下就能明白。此外，儘管承運商（我站在他們這邊）更希望修改即將生效的法律。現行法律規定，氮氧化物顆粒物排放標準為35－別跟我提什麼，是35。目前是200，懂嗎？

But the new law says 35. I'm with the carriers. They would prefer a pause on 35 and they -- but I'm not in the middle of that, but you see folks and customers that are putting pressure on the EPA to pause that law. Right now, I can't tell you where it goes. But if it stays as is and goes into effect, I do believe it will change -- if it stays as is, you will see change in the warranties will come down because a lot of the cost for that is going to be more.

但新法規定是35美元。我和保險公司站在一起。他們希望暫停執行35美元的規定，而且──雖然我並沒有直接參與其中，但你可以看到一些人和客戶正在向美國環保署施壓，要求暫停這項法律。目前，我無法預測最終結果。但如果這項法律維持現狀並生效，我相信情況會有所改變——如果維持現狀，你會看到保固條款降低，因為許多相關成本都會增加。

But it's still going to add more cost where tariffs have added more cost to an industry that's been in a three-year recession. But people are asking for, like I said, carriers are asking to say 200, and I support them on that. I don't know. But currently, if you look at the law, it said it's going to go to 35. Well, that's going to add more cost also by the end of next year.

但關稅已經為這個已經衰退三年的產業增加了更多成本，所以這仍然會增加成本。就像我剛才說的，人們要求，航空公司要求200，我支持他們。我不知道。但目前，如果你看一下法律，上面說要降到35。到明年年底，這也會增加成本。

So you tie that in with tariff costs, which are happening for sure, starting Saturday with the new tariffs, I mean, the tariffs already all year, but with the new 232 rule and how that affects everything, you're going to put -- the EPA thing will only increase cost on trucks at the end of next year. So you add that with a better rightsized fleet, for the environment. That's why I wrote you can see a much stronger back half of next year. Now I would prefer that we also have freight tonnage growth with that. So it's not just regulatory driven.

所以，你要把這些和關稅成本聯繫起來，關稅成本肯定會增加，從週六開始的新關稅生效，我的意思是，關稅已經持續了一整年，但新的232規則及其對所有方面的影響，你會看到——環保署的規定只會增加明年年底卡車的成本。所以，你還要考慮到為了環保而更合理地調整車隊規模。這就是為什麼我說你會看到明年下半年情況更加強勁。當然，我希望貨運噸位也能隨之成長。所以，這不僅僅是監管驅動的。

I think if we can get some freight growth, which I hope we get some certainty. I mean uncertainty for everybody has been the craziest thing trying to run a business all year, okay? But we get some certainty around whatever it is, add that in, like I said, take it supply out. And even if it stays that 35% will help truck sales, but I'd like for my customer to be more healthy. And I think getting the right-sized fleet is the most important thing with a pickup in freight tonnage.

我認為，如果我們能實現貨運量成長，我希望我們能獲得一些確定性。我的意思是，對所有人來說，不確定性是今年經營企業最棘手的問題，懂嗎？但如果我們能獲得一些確定性，就像我剛才說的，把供應量減少一些，即使成長率維持在35%，也會對卡車銷售有所幫助，但我更希望我的客戶能夠更健康。我認為，隨著貨運噸位的增加，擁有適當規模的車隊是最重要的。

And that's why you see some optimism. I'm more optimistic now for that -- the big over-the-road market. Look, that's still 2/3 of the market that's out there, all right? Vocational is awesome. And we do more in vocational than 1/3 of our business, but that's still the largest segment, and it has been obviously headwinds for everyone, my customers more than me for the last three-years.

所以你才會看到一些樂觀情緒。我現在對長途運輸市場更加樂觀了。你看，它仍然佔據了市場三分之二的份額，對吧？職業培訓市場也很棒。我們在職業培訓領域的業務佔比超過三分之一，但它仍然是最大的細分市場，而且在過去三年裡，它顯然給每個人都帶來了不利影響，對我的客戶來說尤其如此。

So I know that's a long-winded answer, but you're used to my long-winded answers, I'm hoping. And that's sort of the way I see it right now. I have a little more optimism than I have had after coming back from San Diego, that's not happening right now, okay? Remember, we had five months, six months of the lowest order intake since 2009. I'm the tail of the dog.

我知道我的回答有點囉嗦，但我希望你已經習慣了我這種囉嗦的回答。這就是我現在的想法。自從從聖地牙哥回來後，我的樂觀情緒有所下降，但這只是暫時的，好嗎？別忘了，我們經歷了2009年以來訂單量最低的五、六個月。我只是個無關緊要的小角色。

So we are going to feel it in Q4 and Q1 without question. At the same time, it feels good to really believe that you can see real drivers to get back and get the market rightsized long as the economy stays in good shape. That's sort of the way I see it.

所以毫無疑問，我們會在第四季和第一季感受到這種影響。同時，只要經濟保持良好態勢，我們就能看到真正的驅動力，推動市場恢復正常規模，令人欣慰。我大概就是這麼看的。

And just a follow-up question. I ask it on every call, but what's your read on the macro, just general macro outside of the stuff that feeds into your customer base? Is it getting better? Is it getting worse? What are you excited about?

還有一個後續問題。我每次通話都會問，但您對宏觀經濟情勢的看法如何？我指的是拋開影響您客戶群的因素，您認為宏觀經濟情勢總體上如何？是在好轉還是在惡化？您有哪些方面感到興奮？

What are you worried about?

你擔心什麼？

No. I'm not an economist, Andrew. What I worry about? I worry about unemployment, which for sure would affect consumer demand. That bothers me.

不，我不是經濟學家，安德魯。我擔心什麼？我擔心失業問題，這肯定會影響消費需求。這讓我很困擾。

I worry about -- I don't feel that we have seen the full effect of tariffs, no way. We had a prebuy prior to August, but we're draining those -- as we drain those inventories down, we've got to restock. I have seen many large companies, manufacturers, customers across all segments that have eaten a lot of those costs. I don't see them eating those costs forever, which ends up being pushed down to the consumer at the end of the day. Those are the two things that bother me more than anything.

我擔心的是──我覺得我們還沒有完全感受到關稅的影響，絕對沒有。我們在8月份之前進行了預購，但庫存正在消耗殆盡——隨著庫存減少，我們必須補貨。我看到許多大型企業、製造商和各行各業的客戶都承擔了大部分成本。我不認為他們會永遠承擔這些成本，最終這些成本都會轉嫁到消費者身上。這兩點最讓我擔憂。

I'm hoping we can get around all that. But I do -- an inflationary -- a little more inflationary environment if tariffs get pushed through because everybody knows that people prebought prior to August, but we're draining those. So -- and you put that in, we get some more unemployment. You read some of the stuff you see. I see a little anecdotes out there myself that have me a little nervous, a little bit concerned.

我希望我們能克服所有這些困難。但我確實認為，如果關稅政策強行通過，通膨環境會更加嚴重，因為大家都知道人們在8月份之前已經提前囤貨，而我們現在正在消耗這些庫存。所以，再加上這些因素，失業率就會上升。看看你看到的那些報道就知道了。我自己也看到了一些讓我有點緊張、有點擔憂的傳聞。

I can't say this is going to -- this is a number or this is what's going to happen. But I do have some concerns as I look at -- just look around myself and try to pay attention to what's going on, right? Like I said, I'm not an economist. I'm just looking at it from my street level, but I do have quite a bit of touch and feel with a lot of different companies and things out there. So besides all the big stuff you read about when you read about UPS and these big companies that are laying off right now, Amazon by laying all these people off.

我不能說這會——這具體會是一個數字，或者會發生什麼。但我確實有些擔憂，因為我環顧四周，留意著正在發生的事情，對吧？就像我說的，我不是經濟學家。我只是從我這個普通人的角度來看這個問題，但我確實接觸過很多不同的公司和事物。所以，除了你讀到的那些關於UPS和其他大公司正在裁員的新聞，還有亞馬遜也在大量裁員之外…

There you go. That's what I'm worried about.

就是這樣。這就是我擔心的。

And I'll -- just feeding into that, I'll just take advance and ask one last question. How is your parts and service business trending on a daily basis into the year-end? Is it getting better? Is it getting worse because that's also a good indication and also obviously has quite a bit of torque to your financials.

我——順便提一下，我先問最後一個問題。您的零件和服務業務在年底前的每日趨勢如何？是在好轉還是在惡化？因為這也是一個很好的指標，而且顯然對您的財務狀況有很大的影響。

Yes. Well, it was flat to slightly up for the third quarter, but September was softer than I would have liked. Remember, we naturally or yes, we naturally have seasonality. And I've always told folks if I could get rid of sometimes November, December, January and February, I might keep the holidays for the kids. But other than that, from a business perspective, if I could sometimes we're in the south, -- it can help a lot of our stores in the South, the majority of them are.

是的。第三季整體持平或略有成長，但九月份的表現比我預期的要差。要知道，我們自然會受到季節性因素的影響。我一直跟大家說，如果能把十一月、十二月、一月和二月的銷售旺季去掉，我或許就能把假期留給孩子們了。但除此之外，從商業角度來看，如果能把銷售旺季去掉——我們位於南方——這對我們南方的許多門市都有幫助，我們的大部分門市都在南方。

So that's a little harder, a little softer. You have fewer working days. We typically tick down 3% or so, 3% to 4% from Q3 and Q4 and Q1. It will start picking back up, hopefully by late February, March. It softened a little quicker in September.

所以情況有點複雜，也有點輕鬆。工作日減少了。我們通常會比第三季、第四季和第一季下降3%到4%左右。希望到二月底或三月份，情況會開始回升。九月的降幅來得更快一些。

I'm waiting to get October finished tomorrow night. I'm hoping that we can try to get pretty close to flat with last year. I'll be really close, I think. But it's still to be -- how about TBD, to be determined. There are certain things I look at that show month-over month, we got the same amount of backlog in our work in process in the parts and service.

我打算明天晚上把十月份的數據統計完。我希望我們能盡量保持和去年持平。我覺得應該會很接近。但最終結果如何，還得看情況——待定。我關注的一些指標顯示，每個月我們在零件和服務上的積壓工作量都差不多。

But I do -- I'm hoping it's just like normal seasonality, and we have a slight downtick and less -- we have 1 less working day, which is quite a bit of gross profit as big as our parts and service operations are and it's the holidays, factories shut down between Christmas and New Year, but you deal with that every year. So I'm hoping we stay in the range of what we typically do. I was a little disappointed with September. Typically, we'll start in October. But we'll see here by the end of the working -- the month by midnight tomorrow night on Halloween because they'll be closing tickets and doing what they do every month, getting it all in.

但我確實希望這只是正常的季節性波動，業務量略有下降，工作日也少一天——考慮到我們的零件和服務業務規模龐大，這會影響相當一部分毛利。而且現在是假期，工廠在聖誕節和新年之間都會停工，但這種情況每年都會發生。所以我希望我們的業績能維持在正常水準。我對九月的情況有點失望。通常情況下，我們會從十月開始。但到本月底，也就是明天萬聖節午夜之前，我們就能知道結果了，因為他們會關閉工單，像往常一樣把所有資料都錄入系統。

So we'll see, but I expect it to be fairly close to flat with last year's number, which if we're there, given the environment, I'll be okay with it. I'll be okay with that.

所以，我們拭目以待，但我預計今年的數字會與去年基本持平。如果真是這樣，考慮到目前的局勢，我就能接受。我能接受這樣的結果。

Brady Lierz, Stephens.

布雷迪·利爾茲，史蒂芬斯。

I wanted to start kind of just with the outlook for the remainder of '25 and the first half of '26. You've mentioned a couple of times on the call that you expect a challenging end to '25 and for that to persist into 1Q. But can you expand just a little on that? I mean what are your customers telling you as to why they're not placing orders? Is it just uncertainty around regulation?

我想先談談2025年剩餘時間和2026年上半年的展望。您在電話會議上多次提到，預計2025年末將面臨挑戰，這種情況將持續到2026年第一季。能否詳細解釋一下？我的意思是，您的客戶告訴您為什麼不下單？只是因為監管方面的不確定性嗎？

Or is it uncertainty around tariffs? Or is it both? And if we got more certainty around those items, could we see a meaningful improvement -- and then maybe just kind of related, your vocational customers seem more resilient. So are there some company-specific opportunities you have to help offset this weakness and outperform the market?

或者說是關稅方面的不確定性？還是兩者兼具？如果我們能更確定這些因素，業績能否顯著改善？另外，或許也與此相關，你們的專業客戶似乎更有韌性。那麼，貴公司有哪些特有的機會來抵銷這種不利因素，並超越市場表現呢？

Well, from a delivery perspective, we slightly outperformed the Class 8 dip. I think (inaudible) market was up more than that, I think, in Q3. But around -- I'll go to your first part, Q4, first Q1, maybe partially into Q2, I can't tell. Look, remember, like I said earlier, we're the tail of the dog. And when you look at the order intake from April, May, June, July, August, September, it's like September, it was 20,000 units.

嗯，從交貨量來看，我們略微超過了8級房車的下滑幅度。我覺得（聽不清楚）市場在第三季漲幅更大。但大約——我先說說你剛才說的第四季度，第一季度，可能第二季度的一部分，我不太確定。你看，記住，就像我之前說的，我們是最後一批。你看四月、五月、六月、七月、八月、九月的訂單量，例如九月，只有兩萬輛。

We have months that was 7,400 units. This is North America, 11,000. Those were the worst order intake months since 2009. I know that every manufacturer has taken more down days over the last -- since July. Everybody built as much as they could in the first half of the year.

有些月份的訂單量只有7400台。北美地區是11000台。這是自2009年以來訂單量最糟糕的幾個月。我知道自7月以來，所有製造商的停工天數都增加了。今年上半年，大家都盡力生產。

There is not one manufacturer, not one that hasn't taken many down days and weeks, okay, so far in this quarter, okay? So we're building less trucks. I guess it's less to sell because there's been less demand. And you can circle lead. That's all of the above.

沒有一家製造商，沒有一家製造商在本季度沒有停產過好幾天甚至好幾週，好吧，至少目前是這樣。所以我們生產的卡車數量減少了。我想是因為需求下降，所以可賣的卡車也減少了。以上就是全部內容。

When you see you hit it, it's really three things. It's their business. It's everybody's business, but the uncertainty, tariffs that make freight go up and down and cost of trucks go up and down. And then you add in, can we get an answer on emissions next year because everyone I spoke to, if their business can get a little bit -- a little -- which we're not -- I'm not saying they're getting it now because you got to take care of those supply issues that I rambled on and talked about earlier when I talk about the amount of trucks on the road, has to get in line with freight. If you can get that back in line, bring some certainty, here's what the emissions regulations are, whatever they are.

當你意識到這一點時，你會發現它實際上包含三點。首先，這是他們的生意。其次，這是每個人的生意，但不確定性，關稅導致貨運量和卡車成本波動。此外，我們能否在明年得到排放法規的明確答复，因為我接觸過的每個人都表示，如果他們的生意能稍微好轉一些——哪怕只是一點點——當然，我並不是說他們現在就能好轉，因為你必須解決我之前提到的那些供應問題，比如路上的卡車數量必須與貨運量相匹配。如果能夠解決這個問題，帶來一些確定性，例如排放法規的具體內容等等，那就太好了。

And if they stay as they are currently under the law, I don't think there's any question in spite of the large freight customers, they'll probably try to pull a little bit forward, not have huge prebuys, but they will try to shift some stuff maybe they do in Q1 or '27 or Q2 and try to shift some of those purchases into the back half of the year. If it stays as it's written right now and doesn't get -- there's not a pause and they get a little relief, which I said before, for their sake, it might hurt my truck sales in the back half. But for their sake, I just assume they get it -- get that relief. But it's what you said. But really, they need to get aligned -- really, we've got to get the supply aligned with tonnage, and to where they can get a little contract rates.

如果法律維持現狀，我認為毫無疑問，即便麵對大型貨運客戶，他們也可能會嘗試提前採購一些貨物，不會進行大規模的預購，而是會嘗試將一些原本計劃在第一季、第二季或第三季進行的採購轉移到下半年。如果法律維持現狀，沒有暫停實施，沒有給他們一些喘息之機（我之前說過，為了他們著想），這可能會影響我下半年的卡車銷售。但為了他們著想，我假設他們最終會得到喘息之機。正如你所說，他們確實需要調整——我們必須讓供應與噸位相匹配，這樣他們才能獲得一些合約價格。

I mean if you look at the TL side, I mean, if they got 2%, they were lucky this last year because they were going down, down, down 10%, 15-plus percent the prior couple of years. Well the cost of trucks and everything operationally and inflation went up, up and up, they have nots, you've seen the ORs and some of these things, and they're not what they historically have been on that side. Now LTL still fared better. Of course, two years ago, they got a little tailwind with the demise of yellow and stuff. So when the third largest carrier goes out.

我的意思是，如果你看看整車運輸（TL）這邊，如果他們去年能拿到2%的收益，那他們算是幸運的了，因為前幾年他們的收益一直在下滑，下滑幅度高達10%甚至15%以上。卡車成本、營運成本以及通貨膨脹都在不斷上漲，他們已經沒有辦法了，你也看到了營運報告（OR）之類的東西，他們這方面的業績已經不如以往了。零擔運輸（LTL）的情況仍然好一些。當然，兩年前，隨著黃牛集團倒閉之類的因素，他們也獲得了一些利多。所以，當第三大運輸公司退出市場的時候…

And there's many fewer barriers to entry or there's excuse me, more barriers to entry in LTL with all the doors and terminals and all the stuff that's required in that space. So they've weathered it better than the TL side. But I just got to tell you, the next couple of quarters is going to be tough. You can tell by the order intake that's been there. And it wasn't like everybody was ordering trucks handover fish.

而且零擔運輸的進入門檻比整車運輸低得多，或者更準確地說，是低得多，因為零擔運輸需要各種門禁、貨運站以及其他各種設施。所以他們比整車運輸更能經得起考驗。但我必須告訴你，接下來的幾季將會非常艱難。從目前的訂單量就能看得出來。而且也不是說現在大家都在訂購卡車運送魚的那種貨。

Some people -- it was -- we weren't even -- it's difficult to give a price on a trucks deal. But remember, the tariffs, the definition of it just came out 1.5 weeks ago, okay? And these manufacturers are just pouring through it, trying to make sure they clearly understand it, okay? Because it gets pretty complicated as to where -- how these tariffs are figured out from where you build and what are your suppliers because people use different suppliers and where that comes from, et cetera. I would tell you that we'll probably have a whole lot more clarity as to how things are going to pick up in the next 30 to 45 days.

有些人——確實——我們甚至——給卡車交易定價很難。但請記住，關稅的定義才在一周半前公佈，好嗎？這些製造商正在仔細研究，努力確保他們完全理解，好嗎？因為關稅的計算方式非常複雜，取決於你的生產地和供應商，因為不同的製造商使用不同的供應商，而這些供應商又來自哪裡等等。我可以告訴你，未來30到45天內，我們可能會對情況的走向有更清楚的了解。

There wasn't a lot of clarity at ATA because people -- it was good for some manufacturers and bad for others. And they're trying to sort it out with the Rule 232 is what I'm talking about, but that just came out, whatever, 10, 12 days ago, 10, 11 days ago, and folks are just pouring through it, making sure that they understand it right. So I mean I'll be honest, you couldn't price a lot of people right now. And when you can't do that from a manufacturer, that somebody is supposed to buy something. It's been crazy all year because you would price like you would give quotes that were only good for 90 days, right, or maybe 120 based upon the ever-changing environment around tariffs.

ATA 的情況不太明朗，因為對某些製造商來說是好事，對另一些製造商來說是壞事。他們正試圖透過第 232 條規則來解決這個問題，我指的是這條規則，但它才剛出台，大概 10 天、12 天，或者 10 天、11 天前吧，大家都在仔細研究，確保自己理解正確。所以說實話，現在你根本沒辦法幫很多人定價。而當製造商都無法做到這一點時，人們卻要購買產品。今年以來情況一直很混亂，因為你只能給出有效期只有 90 天的報價，對吧？或者根據不斷變化的關稅環境，也許只有 120 天。

Well, that's difficult. You've got all these question marks. If this happens, this will, if not, it's no good. I mean this is the world we've been living in for the last six months, which has made it extremely difficult. So as all I can tell you is clarity and less uncertainty and continue taking supply out and hopefully get a little bump in freight early on in tonnage here.

嗯，這很難說。現在全是問號。如果這種情況發生，就會有結果；如果不發生，那就糟了。我的意思是，過去六個月我們一直生活在這樣的世界裡，這讓一切都變得極其艱難。所以我能告訴你們的只有：要明確情勢，減少不確定性，繼續減少供應，希望貨運量能早點小幅成長。

I don't see it right now. But I would hope as we get into the first part of next year, we do see something by the time we get out of Q1, into Q2, something there while you're taking supply out over here, while you're building less trucks, so your intake is less. So you should naturally be squeezing down the supply of trucks. I mean that's all I can -- the best way I can describe it, which for me, the hard part was while we were in a freight recession, we just kept building and selling trucks longer than we probably should have. But now we're on that rightsizing piece, along with the government activities around drivers that are going on the things I mentioned earlier.

我現在還沒看到。但我希望到了明年上半年，到第一季末、第二季末的時候，情況會有所改善。同時，你們這邊也在減少供應，減少卡車產量，所以你們的卡車進口量自然也會減少。我的意思是，這就是我能想到的——我能想到的最好解釋。對我來說，最困難的是，在我們經歷貨運衰退期的時候，我們卻一直在生產和銷售卡車，而且持續時間可能比應該的要長。但現在我們正在進行規模調整，再加上我之前提到的政府針對司機採取的措施。

So anyway, I have some optimism. It's just not over the next six months. Okay.

總之，我還是抱持一些樂觀態度的。只是未來六個月內恐怕難以實現。好吧。

That's very helpful color. And if I could just follow up on medium-duty. Medium-duty has continued to kind of be a stable growth driver for your business. Can you talk about what you're seeing in medium-duty into the end of the year? And just maybe any preliminary thoughts on medium-duty in 2026?

這個顏色很有幫助。我能否再追問一下中型卡車市場的問題？中型卡車市場一直是貴公司業務穩定成長的主要動力。您能否談談您對今年年底中型卡車市場的展望？以及對2026年中型卡車市場的發展前景有何初步看法？

Medium-duty is a different environment, right, a different market by far than the Class 8 world. I would tell you, we expect it to be fairly flat in Q4 with Q3 on the medium side. Most of the downturn will be -- for us will be on the Class 8 side, for sure. Like I've mentioned, there's no question we're going to deliver fewer trucks and things because you can see order intake, that kind of tells you what you're going to eventually come to regardless of what our share percentage might be, there's going to be a lot less deliveries in this country because we haven't taken many orders in for the last six months. I would tell you there's a lot of leasing around the medium-duty, okay?

中型卡車市場的情況截然不同，與8級卡車市場完全不同。我預計第四季中型卡車市場將保持平穩，第三季的情況也類似。大部分下滑肯定會發生在8級卡車市場。正如我之前提到的，毫無疑問，我們的卡車交付量將會減少，因為訂單量已經預示了最終的走向，無論我們的市場份額是多少，由於過去六個月訂單量不多，我們在美國的交付量將會大幅下降。我想說的是，目前中型卡車市場租賃業務非常普遍。

And also what we call our Ready-to-Roll inventory. It's just -- it's more about the general economy and what's going on around there. Housing has a lot to do with. There's a lot -- the leasing companies. I would tell you, we're working some stuff that had me somewhat hopeful for the entire year next year.

還有我們所謂的「即刻可用庫存」。這更取決於整體經濟狀況以及周圍的情況。房屋市場影響很大。租賃公司也牽涉其中。我可以告訴你，我們正在推進一些項目，這些項目讓我對明年全年都抱有一定的希望。

But it too will probably suffer some, maybe not to the degree, right? It will be more stable, I believe, than the Class 8 business will for the next couple of quarters. But at the same time, I don't know that we can comp -- I don't believe we'll comp to the same that we did this year, but it won't have as big a hit, say, as the heavy-duty side will right now. So that's about all I can tell you about it. It's pretty much hand-to-hand combat out there still right now, right?

但它可能也會受到一些影響，也許程度不會那麼嚴重，對吧？我相信，在接下來的幾個季度裡，它將比8級卡車業務更穩定。但同時，我不知道我們能否——我不認為我們能達到今年的水平，但它受到的衝擊不會像重型卡車業務現在這樣大。這就是我能告訴你的全部了。目前市場上的競爭仍然非常激烈，對吧？

If you want a truck, I still build a queue this year. All good news tell me, there's lots of slots open for everyone, for all manufacturers. So that's -- it's going to be November 1, and we shut down, most manufacturers shut down in the last 10 days of the month of December. So -- and they're still not full by any stretch in their backlogs, and that's why they keep taking shutdown days. I'm talking about all manufacturers.

如果你想要一輛卡車，我今年仍然會安排排隊。好消息是，所有廠商都有許多空位。所以——11月1日就到了，我們停工了，大多數廠商在12月最後10天都會停工。所以——他們的積壓訂單遠未滿，這就是他們不斷停工的原因。我說的是所有廠商。

Some will probably do better than others, but I'm not going to get into all that right now. But -- all I can tell you is that medium-duty should weather better from a downturn perspective given the diversity of its -- of the markets it serves because it serves so much the general economy. But it's not totally -- it will suffer some for sure, though.

有些車型可能會比其他車型表現更好，但我現在不打算深入探討這些。不過，我只能說，考慮到中型貨車服務的市場多元化，以及它對整體經濟的貢獻，從經濟衰退的角度來看，中型貨車應該能更好地抵禦衝擊。但它並非完全如此，肯定也會受到某種程度的影響。

That's super helpful. Maybe just a final quick follow-up. Could you share what you're seeing in the used truck market, particularly how is used truck pricing trending just given this, like you said, volatile backdrop to say the least?

這非常有幫助。最後還有一個小問題。您能否分享一下您對二手卡車市場的觀察，特別是考慮到您所說的當前動盪的市場環境，二手卡車的價格走勢如何？

Well, I think it's been fairly stable. And when I say that, normal depreciation, unlike, say, a year ago, if you asked me that, I would have told you no, depreciations for two years for sure, we're double depreciating. I would tell you now depreciation is more in line with what you typically would see from a percentage perspective. So that's good. And our used trucks, while it's always more difficult winter time with used, but we've done a really nice job.

嗯，我覺得情況相當穩定。我說的是正常的折舊，不像一年前那樣，如果你問我，我肯定會說兩年的折舊肯定不只一次，我們現在是雙倍折舊。但現在，從百分比的角度來看，折舊更接近正常水平了。所以這是好事。至於我們的二手卡車，雖然冬季二手車的銷售總是比較困難，但我們做得相當不錯。

I'm proud of the job we've done on the used side all year long, managing our inventories and staying and doing whatever we have to do to support our customer base. Because remember, one thing about used is you have -- you've got -- you take trades, right? So you have to have the flexibility and the ability to take trades. We've managed -- we've taken our inventory up a little on purpose during this last couple of quarters to try to move more, not to -- we've taken it way down, okay? I think we've probably split the middle on where our inventory is currently from where I used to carry it to where we do now because you got to turn your used inventory.

我為我們全年二手業務的工作感到自豪，我們管理好了庫存，並且盡一切努力支持我們的客戶群。記住，二手業務的一大特點就是──你們接受以舊換新，對吧？所以你們必須有彈性和能力來接受以舊換新。在過去的幾個季度裡，我們有意地稍微增加了庫存，以便更快地售出，而不是——我們大幅減少了庫存，明白嗎？我認為我們目前的庫存水準大概介於我以前持有的庫存水準和現在的庫存水準之間，因為二手庫存必須週轉。

And our turns are -- they're maybe not as tight as they were at one time, but our production overall, you got to have inventory to do that for sure. As always, when you think about, as I mentioned in my comments to open, used trucks, they don't have to worry about tariffs or emissions, do they, okay? So there is somewhat of an advantage to that -- there's not -- there's certainty around used trucks. So they're not worried about tariffs or, as I said, emissions. when you're buying a unit.

我們的周轉率——或許不像以前那麼高了，但就整體生產而言，要做到這一點，肯定需要庫存。就像我剛才提到的，二手卡車不用擔心關稅或排放問題，對吧？所以這在某種程度上是有優勢的——二手卡車更有保障。所以購買二手卡車時，他們不用擔心關稅，或像我說的，排放問題。

So that's a plus. So we've had a really nice year, and we expect it to be solid going forward. I mean the problem is just -- the volumes just can't make up for when heavy-duty pops down. But remember, we -- the thing about the company, and I think sometimes people lose sight of is we have many revenue streams. Remember, I got a great leasing fleet.

所以這是個好消息。我們今年的業績相當不錯，預計未來也會保持穩健。我的意思是，問題在於——銷量無法彌補重型車輛業務下滑造成的損失。但請記住，我們公司——我認為人們有時會忽略這一點——擁有多種收入來源。別忘了，我還有一支強大的租賃車隊。

We're super profitable in our leasing operations. We're profitable on our parts and services. You can tell all the time. Everybody is focused always on truck sales, and they are a big piece of what we do. But at the same time, they're not the most -- parts and service is the one stable piece that you -- when I say it -- it does not have the volatility of the Class 8 truck sales market.

我們的租賃業務利潤豐厚，零件和服務業務也獲利豐富。這一點顯而易見。大家都關注卡車銷售，這的確是我們業務的重要組成部分。但同時，卡車銷售並非我們最重要的業務——零件和服務才是真正穩定的部分，它不像8級卡車銷售市場那樣波動劇烈。

So fortunately, we have all those revenue streams that help us weather the storm, but we top it up, knock it out of the park when you're not -- you need to have all pieces contributing. But the good part is, unlike some other businesses where they're tied to just one or two revenue streams, we have many more, which allow us to get through environments like we're seeing right now and continue to put out the kind of results we do. Are they the best results we've ever had, of course, not. But we're not going to sell as many trucks, but they're going to be solid and they're going to be good. And forgive the environment, a whole lot better than my customer base has had to put up with.

幸運的是，我們擁有各種收入來源，可以幫助我們度過難關。但即便在困境中，我們也能迎難而上，力挽狂瀾——所有環節都需要協同運作。值得慶幸的是，與其他一些只依賴一兩個收入來源的企業不同，我們擁有更多收入來源，這使我們能夠應對目前這樣的市場環境，並繼續取得我們應有的業績。當然，這些業績並非我們有史以來最好的。我們或許不會像以前那樣賣出那麼多卡車，但每輛卡車的品質都會很穩定，而且仍然會很好。恕我直言，目前的市場環境比我的客戶群過去所經歷的要好得多。

I feel sorry sometimes what they've had to go through the last three-years. A lot of them have anyway, especially like I said, on the truckload side and some of the others. So anyway, I know it's probably more you want to hear about, but that's just how I it. But now we're good where we're at on used and hope to continue to have solid quarters there.

我有時很同情他們過去三年所經歷的一切。很多人確實經歷了很多，特別是像我剛才說的，那些從事整車運輸和其他一些行業的。我知道你們可能更想聽這些，但我就是這麼想的。不過現在我們在二手車業務方面進展順利，希望能繼續保持穩定的表現。

Avi Jaroslawicz, UBS.

Avi Jaroslawicz，瑞銀集團。

So I know parts and service business is a pretty big focus area for you guys in trying to grow that. Can you just remind us what you're doing to pick up more share in that part of the business? And is that more challenging to pick up more share in a softer market like that, like what we're seeing now? And also, where are you still seeing opportunity within that space?

我知道零件和服務業務是你們重點發展的方向之一。能否簡單介紹一下你們為了提升這部分業務的市佔率做了哪些努力？在像現在這樣疲軟的市場環境下，提升市場佔有率是否更具挑戰性？另外，你們在這個領域還有哪些發展機會？

Well, it is more challenging without question, right, because the overall market is down. I would tell you we're holding our own this year. I don't know that we've picked up as much as we would like to because when you get in this type of environment, it becomes much more highly competitive and especially with the inflation stuff we've seen in the parts arena this year, it becomes more competitive, to be quite honest. Some folks are just looking to turn cash, right? And sometimes margin sometimes takes a backseat.

毫無疑問，現在的挑戰更大，對吧？因為整體市場低迷。我可以說，我們今年的表現還算穩定。但我不知道我們是否達到了預期，因為在這種環境下，競爭會變得更加激烈，尤其是在今年零件領域，通貨膨脹加劇了競爭，說實話，競爭就更加白熱化了。有些人只想盡快套現，對吧？有時候，利潤率就成了次要因素。

So you have to balance what you're doing between taking share and margin and results at the same time. And so that becomes a challenge in this type of environment when it's not a growing sector, we've remained fairly flat all year, right? I would tell you we're in line, maybe a little bit better than the overall from a dealer -- break it into independents and dealers. And I would tell you from a dealer perspective versus other dealers, I think we're in pretty good shape. The independents, they can get down and dirty when it comes in this type of environment.

所以你必須在市場佔有率、利潤率和業績之間找到平衡。在這種非成長型產業環境下，這確實是一個挑戰，我們今年的業績一直比較平穩，對吧？我會說我們表現正常，甚至可能比經銷商整體水平略好一些——這裡要細分為獨立經銷商和大型經銷商。從經銷商的角度來看，與其他經銷商相比，我認為我們的情況相當不錯。而獨立經銷商在這種環境下可能會遇到很多困難。

But our overall deal is this. And over time, I don't want to look at it just every quarter. I'd rather look at it annualized and over a couple of three-years. If the market goes up, just make a simple math, 5%, we want to go up 6%, okay? Why that means we're taking share.

但我們的整體計劃是這樣的。隨著時間的推移，我不想只關注每個季度，我更傾向於以年為單位，並以兩三年為週期來看待。如果市場上漲，簡單算一下，例如上漲5%，我們希望上漲6%，懂嗎？這意味著我們要擴大市場佔有率。

We have historically been able to do that and then throw a little M&A in there and do better than that some years, right? But -- so I'm not going to say we've done that this year, but I think we've taken some maybe not as much as I would like. We want to be 20% better, right? Because to be 20% better, if you're taking a little bit more, you're just slowly ramping up your share. It's not an add water and stir arena.

我們過去一直都能做到這一點，然後透過一些併購活動，在某些年份取得更好的成績，對吧？但是——所以我不會說我們今年做到了這一點，但我認為我們取得了一些進展，也許沒有達到我的預期。我們希望能夠提升20%，對吧？因為要提升20%，如果你多做一些，你只是在逐步擴大市場佔有率。這可不是加水攪拌就能實現的。

And as far as what we do, like our technology and our data is second to none, okay? So it's continuing to take that. And without getting into each and every project that we have out there, we always have projects going on to help enhance it that support growth, right? They're not just -- we don't go about it the same way every year like what we go about our business, but we keep enhancing and adding technology and stuff to make it easier and easier for our customers to do business with us. And that's the key piece from our perspective as we look at going forward.

至於我們所做的，例如我們的技術和數據，都是首屈一指的，懂嗎？所以我們會繼續保持這種優勢。我們不會一一介紹每個正在進行的項目，但我們一直在進行專案來提升自身實力，從而支持成長，對吧？我們不會像經營業務那樣每年都採用相同的方式，而是不斷改進和添加技術，讓客戶與我們開展業務變得更加便捷。從我們的角度來看，這才是未來發展的關鍵。

Our industry is -- it's not like consumer, right? It tends to operate a little behind the time well, which can be challenging because you have to keep pace with your customers, right? And when I say that, I don't want to downgrade our industry, but it's typically still a little more hands-on than, say, some other consumer type things and how you go about it. But technology continues to be a bigger piece of it. And I don't like to get into some of the things we do just because I consider them proprietary.

我們這個產業——跟消費品產業不一樣，對吧？它的運作方式往往有點滯後，這可能會帶來挑戰，因為你必須跟上客戶的步伐，對吧？我這麼說並不是想貶低我們這個行業，但它通常比其他一些消費品行業更需要親力親為，尤其是在操作方式上。但技術仍然是我們行業中越來越重要的組成部分。我不喜歡透露我們所做的一些事情，因為我認為它們是專有的。

I think those investments and also our investments in folks and people, our growth in the mobile service area, those types of things, we have goals that are pretty well stated out there. I think most a lot of investors understand that because we expound on them quite a bit when we go to conferences. I have three up here coming up in the next month. to let people know those types of investments, where we want to grow our mobile service fleet to x and then we want to take our total technicians, and we want to grow our outside service -- excuse me, our outside parts and service, what we call ASRs, take those guys more -- grow that part of our business, too. But sometimes you got to be careful because in a market that's getting really tight, you need to have a market out there, but we still think there's a lot of runway, and we will continue to do it and have the goals we have around, like I said, to try to do about 20% better from a growth perspective.

我認為，這些投資，包括我們對人才的投資、我們在行動服務領域的成長等等，我們都有明確的目標。我相信大多數投資者都明白這一點，因為我們在參加會議時會詳細闡述這些目標。下個月我將參加三個會議，向大家介紹這些投資，例如我們希望將行動服務車隊規模擴大到x，以及我們希望增加技術人員總數，並發展我們的外部服務——抱歉，應該是外部零件和服務，也就是我們所說的ASR（自動服務代表），進一步發展這部分業務。但有時你必須謹慎，因為在一個競爭日益激烈的市場中，你需要保持一定的市場競爭力。不過，我們仍然認為還有很大的發展空間，我們會繼續努力，並朝著既定目標前進，就像我剛才說的，爭取在成長方面提升20%左右。

If market goes up 5%, we want to go up 6% because it's not somewhere you're going to go from 5% to 15%. If market is 5%, we're not going to take 15%, I mean if I'm giving stuff away or doing this and doing that. And that would not be -- I don't believe that's the right way to go about it.

如果市場上漲 5%，我們希望上漲 6%，因為你不可能直接從 5% 漲到 15%。如果市場上漲 5%，我們不可能漲到 15%，我的意思是，如果我要免費贈送東西或做這做那，那肯定不行。我不認為那是正確的做法。

That concludes the question-and-answer session. I would like to turn the call back over to Rusty Rush, President, CEO and Chairman of the Board, for closing remarks.

問答環節到此結束。現在我將把電話交還給總裁、執行長兼董事會主席拉斯蒂·拉什，請他作總結發言。

Well, everyone, this is the longest gap between earnings calls. We won't be talking to everybody until February. So in the meantime, I wish everyone a happy holidays and safe holidays, and we'll talk to you in February. God bless you all. Thank you.

各位，這是兩次財報電話會議之間間隔時間最長的一次。我們將在二月之前無法與大家溝通。在此期間，我祝福大家假期愉快、平安，我們二月再見。願上帝保佑大家。謝謝。

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

今天的電話會議到此結束。您可以斷開連線了。