Standard Motor Products Inc (SMP) 2025 Q3 法說會逐字稿

Good day, everyone, and welcome to the Standard Motor Products third quarter 2025 earnings call. (Operator Instructions) Please note, today's call will be recorded. (Operator Instructions)

各位好，歡迎參加標準汽車產品公司2025年第三季財報電話會議。 （操作說明）請注意，本次電話會議將會被錄音。 （操作說明）

It is now my pleasure to turn the conference over to Tony Cristello, Vice President of Investor Relations. Please go ahead.

現在我很高興將會議交給投資者關係副總裁托尼·克里斯泰洛先生。請您開始吧。

Thank you, Nicky. Good morning, everyone, and thank you for joining us on Standard Motor Products third quarter 2025 earnings conference call. With me today are Larry Sills, Chairman Emeritus, Eric Sills, Chairman and Chief Executive Officer; Jim Burke, Chief Operating Officer; and Nathan Iles, Chief Financial Officer.

謝謝尼基。大家早安，感謝各位參加標準汽車產品公司2025年第三季財報電話會議。今天與我一同出席的有：榮譽董事長拉里·西爾斯、董事長兼首席執行官埃里克·西爾斯、首席營運官吉姆·伯克以及首席財務官內森·艾爾斯。

On our call today, Eric will give an overview of our performance in the quarter, and Nathan will then discuss our financial results. Eric will then provide some concluding remarks and open the call up for Q&A.

在今天的電話會議上，Eric 將概述我們本季的業績，隨後 Nathan 將討論我們的財務結果。 Eric 之後將作總結發言，開放問答環節。

Before we begin this morning, I'd like to remind you that some of the material that we'll be discussing today may include forward-looking statements regarding our business and expected financial results. When we use words like anticipate, believe, estimate or expect, these are generally forward-looking statements.

在今天早上正式開始之前，我想提醒各位，我們今天討論的部分內容可能包含有關我們業務和預期財務業績的前瞻性陳述。當我們使用「預期」、「相信」、「估計」或「期望」等字眼時，這些通常都屬於前瞻性陳述。

Although we believe that the expectations reflected in these forward-looking statements are reasonable, they are based on information currently available to us and certain assumptions made by us, and we cannot assure you that they will prove correct. You should also read our filings with the Securities and Exchange Commission for a discussion of the risks and uncertainties that could cause our actual results to differ from our forward-looking statements.

儘管我們認為這些前瞻性陳述中所反映的預期是合理的，但這些預期是基於我們目前掌握的資訊以及我們所做的某些假設，因此我們無法保證這些預期最終會實現。您還應閱讀我們向美國證券交易委員會提交的文件，其中討論了可能導致我們的實際業績與前瞻性陳述存在差異的風險和不確定性。

I'll now turn the call over to Eric Sills, our CEO.

現在我將把電話交給我們的執行長埃里克·西爾斯。

Well, thank you, Tony, and good morning, everyone, and welcome to our third quarter earnings call. Overall, we are quite pleased with our results as the strong momentum from the first half has largely continued. From a top-line perspective, we posted growth of nearly 25%. And while the majority of this growth was from the addition of our newly acquired Nissens business, the legacy business was up nearly 4%.

謝謝托尼，大家早上好，歡迎參加我們第三季財報電話會議。整體而言，我們對業績相當滿意，上半年的強勁成長動能基本上得以延續。從營收來看，我們實現了近25%的成長。雖然大部分成長來自我們新收購的Nissens業務，但原有業務也成長了近4%。

Due to the strength of our first three quarters, we have decided to increase our top line expectations as well as to tighten our EBITDA guidance to the upper end of our previous range, and Nathan will provide the details.

由於前三個季度的強勁表現，我們決定提高營收預期，並將 EBITDA 預期收緊至先前預期範圍的上限，Nathan 將提供詳細資訊。

I'll now review each business separately, starting with the North American aftermarket, which is comprised of two operating segments, Vehicle Control and Temperature Control. Vehicle Control sales were down [1.6%] against a difficult comparison as last year's third quarter increased 5%.

接下來我將分別分析各項業務，首先是北美售後市場，該市場由車輛控制和溫度控制兩個營運部門組成。由於去年第三季成長了5%，車輛控制部門的銷售額較去年同期下降了1.6%。

Looking closer, 2 of the 3 product lines were essentially flat, while all of the back slide was in our wire set business, which is a product category in secular decline. Generally speaking, there will always be some volatility quarter-to-quarter based on customer order patterns, timing of pipelines and so on. And so we believe a key metric is customer POS as it reflects true market demand for our products.

仔細分析後發現，三條產品線中有兩條基本持平，而所有下滑都集中在我們的線材業務上，這是一個長期處於衰退期的產品類別。一般來說，由於顧客訂單模式、供貨進度等因素的影響，季度業績總會有一定的波動。因此，我們認為客戶實際到貨量（POS）是一個關鍵指標，因為它反映了市場對我們產品的真實需求。

POS for vehicle control continued the positive trend that has shown all year and was up mid-single digits in the quarter for our large accounts. This reflects the nondiscretionary and heavily DIFM nature of our categories and the brand acceptance by the professional shops making the purchasing decisions.

車輛控制系統的POS銷售額延續了全年以來的良好勢頭，本季大客戶銷售額實現了中等個位數的成長。這反映了我們產品類別的非選擇性消費和高度依賴DIFM（由專業人員負責維護）的特性，以及專業維修店對品牌的認可。

Turning to our Temperature Control division. Robust sales continued up nearly 15% over last year. Year-to-date, the segment is now up more than 13% against one of the hottest on record. The air conditioning season seems to be elongating starting earlier and ending later. This year, several of our customers anticipated this and got their preseason orders on their shelves ahead of the season and this began their replenishment cycle sooner and they never lost a beat.

接下來談談我們的溫控設備部門。強勁的銷售動能持續，較去年同期成長近15%。今年迄今為止，該部門的銷售額已成長超過13%，而今年又是有史以來最炎熱的年份之一。空調季似乎正在延長，開始得更早，結束得更晚。今年，我們的一些客戶預見到了這一點，提前完成了季前訂單，並已將產品上架，從而提前啟動了補貨流程，確保了銷售的順利進行。

I do also believe that our customers are gaining share as they do well with our recognized brands. And generally speaking, across both of our aftermarket segments, we continue to enjoy strong partnerships with our customers and strong brand penetration with the professional installers.

我也相信，隨著客戶對我們知名品牌的認可度不斷提高，他們的市佔率也不斷增長。總的來說，在我們的兩個售後市場細分領域，我們都與客戶保持著牢固的合作關係，並且在專業安裝商中也擁有很高的品牌滲透率。

Next, I'll speak about our newest aftermarket segment, Nissens Automotive, which has been a part of SMP since last November. Sales remained strong in the quarter, contributing nearly $85 million in revenue as they continue to outperform in their markets. We believe their ongoing success is based on many of the same reasons, why we do well here.

接下來，我將談談我們最新的售後市場業務板塊——Nissens Automotive，它自去年11月以來一直是SMP的一部分。本季銷售依然強勁，貢獻了近8,500萬美元的收入，並在其市場中持續表現出色。我們認為，他們持續成功的原因與我們自身業務的成功有許多相似之處。

First, they share many of the same nondiscretionary categories, which tend to remain stable in difficult economic times, but moreover, their strong brand recognition, well-received go-to-market strategy and consistent execution has allowed them to grow market share and expand into new categories.

首先，它們共享許多相同的非必需消費品類別，這些類別在經濟困難時期往往保持穩定；此外，它們強大的品牌知名度、廣受歡迎的市場進入策略和持續的執行力使它們能夠擴大市場份額並擴展到新的類別。

On the integration front, we continue to work together in developing meaningful synergies. We began our efforts focused on cost savings and are on track to achieve our previously stated targets and we are now seeking growth opportunities through cross-selling our complementary categories on both sides of the ocean. And while we are just getting started, we see a lot of potential.

在整合方面，我們持續攜手合作，致力於發揮實際有效的綜效。我們最初著重於成本節約，目前正按計劃實現既定目標。現在，我們正尋求透過在大西洋兩岸交叉銷售互補產品來拓展成長機會。雖然我們才剛起步，但我們看到了巨大的潛力。

Next, I'll address our non-aftermarket segment, Engineered Solutions. After a few quarters of sagging sales, demand has flattened out, and we ended our quarter down a modest 0.3%. We have always known and discussed that this business has grown to more cyclicality than the aftermarket and while we can expect some volatility period to period, we believe that the longer-term trends are favorable as we continue to see a robust pipeline of new business opportunities, and we believe that it provides a nice complement to our aftermarket business, with valuable synergies.

接下來，我將談談我們的非售後市場業務板塊—工程解決方案。在經歷了幾個季度的銷售下滑後，需求已經趨於平穩，本季我們僅小幅下降了0.3%。我們一直都知道，也討論過，這項業務的成長週期性比售後市場更為顯著。雖然我們預計會存在一些週期性波動，但我們相信長期趨勢是有利的，因為我們持續看到強勁的新業務機會儲備，而且我們相信它能很好地補充我們的售後市場業務，並產生寶貴的協同效應。

Lastly, let me speak briefly about the current tariff landscape. And while difficult to fully project, we believe that we have entered a more stable environment. In the third quarter, our tariff-related expenses were largely offset by pricing and go forward, we expect this to continue. While we are still awaiting certain trade agreements to be finalized, we believe that our diverse global footprint will continue to provide us with a competitive advantage.

最後，我想簡單談談當前的關稅環境。雖然難以完全預測，但我們相信目前已進入一個更穩定的環境。第三季度，我們的關稅相關支出基本上被價格上漲所抵消，我們預計未來這一趨勢將持續。儘管我們仍在等待某些貿易協定的最終敲定，但我們相信，我們多元化的全球佈局將繼續為我們帶來競爭優勢。

As previously stated, about half of what we sell in the US is produced in North America and is largely tariff free. The balance is roughly split between China and lower tariffed regions such as Europe. We, therefore, believe our exposure is less than many with tariff inflation in the quarter in the low single digits.

如前所述，我們在美國銷售的產品中約有一半產自北美，且基本免關稅。其餘部分則大致來自中國和歐洲等關稅較低的地區。因此，我們認為，由於本季關稅漲幅僅為個位數，我們面臨的風險低於許多公司。

It's worth reiterating that as most of our products are nondiscretionary and as product decisions are typically made by professional repair facilities, they are relatively priced inelastic at the end consumer as our sell-through confirms. So when you put all these moving pieces together, we are very pleased with the quarter's financial results and with our ability to execute on our initiatives during complex times.

值得重申的是，由於我們的大部分產品屬於非必需品，且產品購買決策通常由專業維修機構做出，因此最終消費者的價格彈性相對較低，我們的銷售數據也證實了這一點。綜上所述，我們對本季的財務表現以及在複雜時期成功執行各項計畫的能力感到非常滿意。

Let me hand this over to Nathan, who will provide the details.

這件事交給內森，他會提供詳細資料。

All right. Thank you, Eric. Good morning, everyone. As we go through the numbers, I'll first give some color on the results for the quarter by segment and then look at the consolidated results for both the quarter and year so far. I'll then cover some key cash flow metrics and finish with an update on our financial outlook for the full year of 2025.

好的。謝謝埃里克。大家早安。接下來，我將首先按業務板塊介紹本季業績，然後看一下本季和今年迄今的合併業績。之後，我會介紹一些關鍵的現金流指標，最後更新我們對2025年全年的財務展望。

First, looking at our Vehicle Control segment, you can see on the slide that net sales of $197.7 million in Q3 were down 1.6%, while being up against a difficult comparison from a year ago, when the segment grew 5.2%. That said, the decline was driven by wire products, which remain in secular decline, and we were pleased to see the engine category, in particular, hold up well against 7.3% growth last year.

首先，我們來看車輛控制業務板塊。從幻燈片中可以看出，第三季淨銷售額為1.977億美元，年減1.6%，而去年同期該板塊實現了5.2%的成長，基數較高。儘管如此，銷售額的下降主要受線束產品業務的拖累，該業務持續下滑。令人欣慰的是，引擎類產品表現良好，去年同期實現了7.3%的成長。

While the quarter showed a decline in sales, it's important to note that our sales were up 2.9% for the first nine months in this segment. Vehicle Controls adjusted EBITDA in the third quarter was lower than last year at 10.3%. Adjusted EBITDA was driven by lower sales volumes and gross margin rate compression from passing through tariffs at cost as well as some higher distribution expenses as we transition into our new warehouse.

儘管本季銷售額有所下降，但值得注意的是，該業務類股前九個月的銷售額成長了2.9%。第三季車輛控制業務的調整後EBITDA為10.3%，低於去年同期水準。調整後EBITDA下降的主要原因是銷售減少、毛利率因成本轉嫁關稅而收窄，以及由於我們過渡到新倉庫而導致的配送費用增加。

While there was some timing that impacted sales and expenses in the quarter, it's important to note that adjusted EBITDA for the first nine months is 10.9%, and right in line with last year, when allowing for the rate compression impact of tariffs.

雖然本季銷售額和支出受到一些時間因素的影響，但值得注意的是，前九個月的調整後 EBITDA 為 10.9%，與去年同期基本持平，這其中已經考慮了關稅帶來的利率壓縮影響。

Turning to Temperature Control. Net sales in the quarter for that segment of $144.7 million were up 14.8% for the reasons Eric noted before. Temperature Controls adjusted EBITDA increased in Q3 to 19.7% due to higher sales volumes that led to a higher gross margin rate, which more than offset pressure from tariff costs as well as improved operating expenses as a percent of sales for the quarter.

接下來談談溫度控制業務。該業務類股本季淨銷售額達1.447億美元，年增14.8%，原因如Eric先前所述。由於銷售成長帶動毛利率提高，溫度控制業務部門第三季調整後EBITDA增至19.7%，足以抵銷關稅成本上漲帶來的壓力，同時本季營運費用佔銷售額的比例也有所改善。

Next, I'll touch on Nissens. In our third full quarter of ownership, Nissens added $84.5 million of net sales and $14.2 million of adjusted EBITDA. The business is performing well and again, was in line with our earlier estimate of mid-teens EBITDA percent coming in at 16.8% for the quarter. Nissens continues to grow its sales across Europe and has also benefited from some favorable currency translation movements.

接下來，我將談談Nissens。在我們持有Nissens的第三個完整季度，該公司淨銷售額增加了8,450萬美元，調整後EBITDA增加了1,420萬美元。 Nissens的業務表現良好，再次印證了我們先前對15%左右EBITDA的預期，本季實際EBITDA為16.8%。 Nissens在歐洲的銷售額持續成長，並且受益於一些有利的匯率變動。

Sales for our Engineered Solutions segment in the quarter were down 0.3%, but we were pleased to see declines level off as we lap market softness that began in Q3 of last year. Adjusted EBITDA for Engineered Solutions in the quarter of 10.2% was down from last year, but continues to be in a steady and consistent range. This was the result of lower sales volume, unfavorable mix and some impact from tariff costs that lowered the gross margin rate.

本季工程解決方案業務的銷售額下降了0.3%，但令人欣慰的是，隨著去年第三季開始的市場疲軟局面逐漸緩解，下滑趨勢趨於平緩。本季工程解決方案業務的調整後EBITDA為10.2%，較去年同期下降，但仍維持穩定。這主要是由於銷售下降、產品組合不利以及關稅成本對毛利率的影響。

To summarize and put it all together across the four segments for Q3, consolidated sales increased 24.9% and adjusted EBITDA increased to 12.4% of net sales and non-GAAP diluted earnings per share were up 6.3%, with all metrics being helped by our acquisition of Nissens, among the other things I already noted.

綜上所述，第三季四大業務部門合併銷售額成長 24.9%，調整後 EBITDA 佔淨銷售額的比例增至 12.4%，非 GAAP 稀釋後每股收益成長 6.3%，所有這些指標都得益於我們收購 Nissens，以及我之前提到的其他因素。

For the first nine months, our sales have increased 25.5% over last year and 4% excluding Nissens, helped by strong sales in both our North America and aftermarket segments. After three strong quarters of performance, our adjusted EBITDA is up 170 basis points, and our non-GAAP diluted earnings per share increased 27.8%.

前九個月，我們的銷售額年增25.5%，若不計入Nissens的銷售額，則年增4%，這主要得益於北美市場和售後市場的強勁銷售。經過三個季度的良好業績，我們的調整後EBITDA成長了170個基點，非GAAP攤薄後每股收益成長了27.8%。

Turning now to cash flows. Cash generated from operations for the first nine months of $85.7 million was up $7.5 million from last year. As always, the third quarter is when we generate much of our cash given the seasonality in the business, and it was nice to see higher earnings and good working capital management resulted in an increase despite paying higher cash cost per payers.

現在來看現金流。前九個月的經營活動產生的現金流量為8,570萬美元，比去年同期增加750萬美元。和往常一樣，由於業務的季節性因素，第三季是我們產生大部分現金流量的時期。令人欣慰的是，儘管支付給每位付款人的現金成本有所增加，但更高的利潤和良好的營運資本管理仍然帶來了現金流量的成長。

Investing activities show capital expenditures of $29.3 million, which includes $9.6 million of investment related to our new distribution center. CapEx was slightly lower than last year as capital spending related to the new DC is nearing completion. Financing activities show payments of $20.4 million of dividends as well as a repayment of debt.

投資活動顯示資本支出為2,930萬美元，其中包括與新建配送中心相關的960萬美元投資。由於與新建配送中心相關的資本支出已接近尾聲，因此資本支出略低於去年。籌資活動顯示支付股息2040萬美元以及償還債務。

Now we repaid $47 million on our credit agreement during the third quarter. And with that, our net debt stood at $502.3 million. We finished the quarter with a leverage ratio of 2.6 times adjusted EBITDA and are on track to get to our target of 2 times by the end of 2026.

第三季度，我們償還了4700萬美元的信貸款項。至此，我們的淨債務為5.023億美元。本季末，我們的槓桿率為調整後EBITDA的2.6倍，預計在2026年底前達到2倍的目標。

Before I finish, I want to give an update on our sales and profit expectations for the full year of 2025. As we noted in our release this morning, our updated outlook includes higher tariff costs and offsetting impacts as they stand today. We are raising our sales guidance for the full year to be an increase over last year in the low to mid-20% range, which is above our prior range of low 20% increases. We're also pleased to update our outlook for the adjusted EBITDA margin and tighten it to be in a range of 10.5% to 11% of net sales.

在結束演講之前，我想更新我們對2025年全年的銷售和利潤預期。正如我們今天早上發布的公告中所述，我們更新後的預期包含了更高的關稅成本以及目前存在的抵銷性影響。我們將全年銷售額預期上調至比去年成長20%左右，高於先前預期的20%左右。同時，我們也欣喜地更新了調整後EBITDA利潤率的預期，將其收窄至淨銷售額的10.5%至11%。

Note this guidance updates. This updated guidance reflects the robust sales performance we've seen for the first nine months of the year and higher overall margins. To wrap-up, we're very pleased with our sales and earnings growth in the first nine months of 2025 allowing us to raise our outlook for the full year. We continue to execute on many initiatives, including the integration of Nissens and expect to realize increasing benefits from that initiative in 2026.

請注意此次業績指引更新。此次更新反映了我們今年前九個月強勁的銷售業績和更高的整體利潤率。總而言之，我們對2025年前九個月的銷售額和獲利成長非常滿意，因此上調了全年業績預期。我們將繼續推動多項舉措，包括整合Nissens公司，並預計該舉措將在2026年帶來更多收益。

Thank you for your time. I'll turn the call back to Eric for some final

感謝您抽出時間。我這就把電話轉回給艾瑞克，讓他做最後的總結。

Well, thank you, Nathan. And in closing, let me just spend a moment discussing how we're dealing fix. Even in the face of a challenging economic environment, we have enjoyed several consecutive quarters of strong performance. The largest part of our business, the North American aftermarket continues to demonstrate this resilience. It's a highly stable market with solid foundations, the addressable market expands with a growing and aging car park.

好的，謝謝你，內森。最後，我想花一點時間談談我們是如何應對當前困境的。即使面對充滿挑戰的經濟環境，我們也連續幾季取得了強勁的業績。我們最大的業務部門——北美售後市場——持續展現出這種韌性。這是一個高度穩定、基礎穩固的市場，隨著車輛保有量的成長和老化，潛在市場也不斷擴大。

Within this attractive space, nondiscretionary product lines tend to do better as motorist are unable to defer repairs, and that's even more pronounced in DIFM categories like ours, and our value proposition continues to resonate. We provide full-line coverage of professional grade products and brands that technicians trust and our relationship with our trading partners is strong.

在這個極具吸引力的市場中，非必需品類往往表現更佳，因為車主無法推遲維修，而像我們這樣的「自行維修」類別更是如此，因此我們的價值主張也持續受到認可。我們提供技師信賴的專業級產品和品牌的全系列產品，並且與貿易夥伴保持著牢固的合作關係。

Our recent geographic expansion with the acquisition of Nissens is exceeding our expectation. They enjoy many of the same benefits I just described for us here, both in terms of market dynamics and their place in it. And the more we work together, the more impressed we are with their team, with their capabilities and with our ability to identify opportunities. And so we remain very bullish about the future.

我們近期透過收購Nissens實現的地域擴張超出了預期。他們享有與我們類似的諸多優勢，無論是在市場動態或市場地位方面。我們越是密切合作，就越是對他們團隊、能力以及我們自身把握機會的能力印象深刻。因此，我們對未來充滿信心。

And that concludes our prepared remarks. With this, we'll turn it over to the moderator and open it up for questions.

我們的發言到此結束。現在，我們將把時間交給主持人，接受提問。

(Operator Instructions)

（操作說明）

Scott Stember, ROTH Capital.

Scott Stember，ROTH Capital。

Good morning and thanks for taking my questions.

早上好，感謝您回答我的問題。

Morning, Scott.

早安，史考特。

Some of your customers have been giving the indication that they're seeing some elasticity issues mainly in the DIY side of the business, I guess, just given the inflation and tariffs and so forth. It doesn't sound at least that you're seeing that at this point? Just wanted to confirm that.

有些客戶反映，他們發現DIY業務方面存在一些彈性問題，我猜可能是受通貨膨脹、關稅等因素的影響。至少目前看來，你們似乎還沒有遇到這種情況？我想確認一下。

Yes, that's a fair statement, Scott. And as I said in the prepared remarks, we're seeing our sell-through at these customers continuing in a positive range and within Vehicle Control, we are in the mid-single digits in the quarter and Temperature Control was even higher than that.

是的，斯科特，這話說得有道理。正如我在準備好的發言稿中所說，我們看到這些客戶的銷售情況持續向好，車輛控制系統本季的銷售額也達到了個位數中段，而溫度控制系統的銷售額甚至更高。

So to your point, where I think we're seeing the impact of tougher economic times is in the product categories that consumers have the ability to defer or forgo altogether. And our categories for the most part, are not like that, the break fix, the car is down and the repairs required. So it's a fair statement if that is what we're seeing.

所以，正如您所說，我認為我們目前看到經濟形勢嚴峻的影響主要體現在消費者可以推遲購買或完全放棄購買的產品類別。而我們的產品類別大多並非如此，例如汽車拋錨需要維修之類的。因此，如果這就是我們目前所看到的，那也是合理的。

Got it. And then moving over to Europe, Nissens sounds like pro forma they had very nice growth in the quarter. It also has been some commentary about some weakness in Europe from some competitors and customers. Just trying to get a sense of the European market and also how well Nissens did in the quarter?

明白了。接下來我們來看看歐洲市場，Nissens 的季度業績看起來很不錯，成長也相當可觀。不過，一些競爭對手和客戶也提到歐洲市場存在一些疲軟跡象。我只是想了解一下歐洲市場的整體情況，以及 Nissens 本季的表現如何？

And very similar story over there, which is that its product category by product category and ours being similar to here being nondiscretionary are outperforming in general. And we very much believe that we have been able to gain share over there through a combination of executing on existing product categories, but also to -- as they continue to expand into newer ones and getting penetration in some of the newer categories.

那邊的情況也非常相似，他們的產品類別（與我們這裡類似的是非必需品）整體表現都優於我們。我們堅信，我們之所以能夠在那裡獲得市場份額，是因為我們不僅在現有產品類別上取得了成功，而且還因為他們不斷拓展新類別，並在一些新類別中取得了滲透率。

I do think it is perhaps worth pointing out to a degree some differences in regions within Europe, where we tend to have more of our volume focused. I mean, we're paying Europe for sure, but we do have some more of our volume more towards the east and southeast of the continent, where demand has really continued to be quite robust.

我認為有必要指出歐洲內部不同地區的一些差異，我們的銷售量往往更集中在某些地區。我的意思是，我們當然會向歐洲各地供貨，但我們的部分銷量確實更多地集中在歐洲大陸的東部和東南部，這些地區的需求一直非常強勁。

Got it. And then last question before I jump back in the queue. The OpEx numbers were a little higher. And I think that the mentioned sounds as if the transition over to Shawnee in Kansas, might have had a little bit to do with that. Just trying to get a sense of what we should be looking at for in SG&A or an OpEx number going forward for the next few quarters?

明白了。在我重新排隊之前，最後一個問題。營運支出數字略高。我感覺前面提到的情況可能與搬遷到堪薩斯州肖尼工廠有關。我只是想了解一下，未來幾個季度，銷售、管理及行政費用或營運支出方面，我們應該關注哪些指標？

Yes. Yes. Thanks, Scott. So I think there are two ways. One, looking at the consolidated operating expenses. This is really the kind of the last full quarter, where we're going to have Nissens coming in with really no comparison against last year. So Nissens business added about $24 million of OpEx. And so just as you think about modeling, need to include their expenses going forward.

是的，是的，謝謝，斯科特。我認為有兩種方法。第一種，查看合併後的營運費用。這實際上是最後一個完整的季度，因為Nissens的業務會納入考量，所以無法與去年同期進行比較。 Nissens的業務增加了約2,400萬美元的營運費用。因此，正如您在考慮建模時所考慮的，需要將他們未來的費用也考慮進去。

And then there were some higher expenses in the Vehicle Control segment. I think as you pointed out, some of that, as I mentioned, was just due to transition and timing of transition to the new warehouse in Shawnee, Kansas. Just note that on a nine-month basis, the operating expenditures are a little bit more in line. So that kind of points out the timing aspect of some of those moves.

此外，車輛控制部門的支出也略有增加。正如您所指出的，部分支出（正如我之前提到的）是由於過渡以及向堪薩斯州肖尼新倉庫過渡的時間表所致。需要注意的是，以九個月的時間計算，營運支出則較為合理。這在某種程度上反映了這些舉措的時間安排因素。

Got it thank you.

明白了，謝謝。

(Operator Instructions)

（操作說明）

Bret Jordan, Jefferies.

Bret Jordan，傑富瑞集團。

On that growth in Temperature Control, is that market share gain where customers are opting for your North American product over what they might have been buying previously?

就溫度控制領域的成長而言，市場佔有率的提升是否意味著客戶選擇您的北美產品而不是他們以前可能購買的產品？

We see a bunch of different tailwinds really combining because certainly, having this sort of a sales lift over 2024, which was such a strong year from a temperature standpoint, it was a very -- it was less hot this summer than last summer, we're led to believe that there are several things going on.

我們看到很多不同的利多因素結合在一起，因為可以肯定的是，2024 年的銷售額出現了這樣的增長，而 2024 年從氣溫的角度來看是一個非常強勁的年份——今年夏天比去年夏天涼爽一些，我們有理由相信有很多因素正在發揮作用。

One is, and as I mentioned in the prepared remarks, the season started earlier. It's ending later. And so it's just we're seeing sales penetration lasting that many more months than it used to. But we very much do believe that we're gaining share. And it's partly because we think our customers have been able to maintain in-stocks because of our ability to keep them at that level.

一方面，正如我在準備好的演講稿中提到的，銷售旺季開始得更早，結束得更晚。因此，我們看到銷售滲透期比以往延長了好幾個月。但我們堅信我們的市場佔有率正在成長。部分原因是，我們認為客戶能夠保持充足的庫存，正是因為我們能夠將庫存維持在理想水準。

And our brands continue to be well received and requested within the repair base and so we do believe and we see this in some of the industry data that we have been able to gain share.

我們的品牌在維修領域持續受到好評和需求，因此我們相信，並且我們從一些行業數據中也看到了這一點，我們已經能夠獲得市場份額。

Okay. And then one more question around this elasticity or inelasticity in the segment. Did you see any shift in POS cadence as the quarter progressed? I mean some of your large customers have called out the end of the third quarter being weaker for them. Did you see that in your POS? Or is your category relatively more immune?

好的。關於這個細分市場的彈性或非彈性，還有一個問題。隨著季度推進，您是否觀察到POS機銷售節奏有任何變化？我的意思是，您的一些大客戶反映第三季末的業績有所下滑。您的POS機銷售情況是否也出現了這種情況？或者說，您的品類相對來說更不容易受到影響？

Within Temp Control, it was -- no, there's a little bit of movement. I'm just looking at it now, Bret. There's a little bit of movement month-to-month, but nothing substantially whiplashing things around Vehicle Control is actually pretty stable. Temp Control, which is going to have a little bit of a weather-related impact. August was the strongest, but really throughout the entire quarter, it was in the mid to upper single. So nothing dramatic across the quarter.

溫度控制業務方面——不，確實有一些波動。我現在正在看，布雷特。月度波動確實存在，但並沒有實質的劇烈變化。車輛控制業務實際上相當穩定。溫度控制業務會受到一些天氣因素的影響。 8 月表現最強勁，但實際上整個季度都處於中高水準。所以整個季度並沒有出現任何劇烈波動。

Great thank you.

非常感謝。

(Operator Instructions)

（操作說明）

Scott Stember, ROTH Capital.

Scott Stember，ROTH Capital。

Back to Nissens questions about the synergies or cross pollination or top line opportunities. Maybe just give us an update on some of the bigger ones like with NAPA being able to translate some business over there for Nissens? And then are there any other synergies or sales opportunities that have popped up that you didn't realize previously?

回到Nissens關於協同效應、交叉合作或營收成長機會的問題。能否簡單介紹一下一些比較大的項目，例如NAPA能否為Nissens帶來一些業務？此外，是否還有其他先前沒有意識到的綜效或銷售機會？

Well, first, I will speak to what the opportunity is related to product line expansion. As we've been saying, while we both play in a lot of the same product categories. We do have some that one is stronger than the other or perhaps that one doesn't have at all and the other does. So those are the areas that we're looking at now is how do we expand each other's product offerings.

首先，我想談談產品線拓展方面的機會。正如我們之前所說，雖然我們雙方涉足許多相同的產品類別，但在某些方面，一方的優勢更為明顯，或者一方完全沒有涉足而另一方卻擁有。因此，我們目前正在探討的是如何拓展彼此的產品線。

Sometimes it's as simple as filling holes. We have compressors that they don't have. They have compressors that we don't have. But the more exciting area is to say here's an entire subcategory that we think we can accelerate the other company launching. That's what we've been working on towards the second half of this year is preparing more specifically in Europe, a couple of product categories to get launched over there.

有時候，事情就跟填補市場空白一樣簡單。我們有他們沒有的壓縮機，他們也有我們沒有的壓縮機。但更令人興奮的是，我們可以指出某個細分領域，並認為我們可以加速其他公司在該領域的產品上市。這就是我們今年下半年一直在努力的方向，我們正著手在歐洲進行更具體的準備，並計劃在那裡推出幾個產品類別。

And so, it will take a little while before you start to see any revenue impact because there's a lot of work that goes into the launch and then it's about getting any customer traction. But we do see some very nice potential. Similarly here in the US, they are in some thermal categories that we think we should be able to do well in, and we're in the process now of building some of those lines out.

因此，要看到營收成長還需要一段時間，因為產品上市需要投入大量精力，之後還要努力獲得客戶認可。但我們確實看到了非常可觀的潛力。同樣，在美國，他們涉足一些我們認為能夠取得良好業績的保暖產品類別，我們目前正在拓展這些產品線。

In terms of customer penetration, I'm not going to go into any specifics on the cross-selling to each other's customers. But we do enjoy some ability to do that, where we do have customers to introduce each other to and that's really both sides of the ocean. So we feel good about that. We see some of the global distributors interested in having global suppliers, and now we can fulfill that objective of theirs. So again, early days on any of these things, Scott, but we do see that there's some nice potential.

就客戶滲透率而言，我不會具體討論如何向彼此的客戶進行交叉銷售。但我們確實具備一定的交叉銷售能力，我們可以互相介紹客戶，這在大西洋兩岸都是如此。所以我們對此感到滿意。我們看到一些全球經銷商對擁有全球供應商很感興趣，現在我們可以幫助他們實現這一目標。所以，斯科特，所有這些都還處於早期階段，但我們確實看到了其中的巨大潛力。

Awesome, that's all I have. Thank you.

太好了，這就是我全部的訊息了。謝謝。

Yeah.

是的。

Thank you. And this will conclude our Q&A session. I will now turn the call back to Tony Cristello for closing remarks.

謝謝。問答環節到此結束。現在我將把電話轉回給托尼·克里斯泰洛，請他作總結發言。

We want to thank everyone for participating in our conference call today. We understand there was a lot of information presented, and we'll be happy to answer any follow-up questions you may have. Our contact information is available on our press release or Investor Relations website. We hope you have a great day. Thank you.

感謝各位今天參加我們的電話會議。我們知道會上發布了很多信息，如果您有任何後續問題，我們很樂意解答。我們的聯絡方式可在新聞稿或投資者關係網站上找到。祝您一切順利。謝謝。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。