Xpel Inc (XPEL) 2024 Q4 法說會逐字稿

Greetings. Welcome to the XPEL Inc fourth quarter in year-end 2024 earnings call. (Operator Instructions). I will now turn the conference over to your host John Nesbett with IMS Investor Relations. Sir, you may begin.

問候。歡迎參加 XPEL Inc 2024 年年底第四季財報電話會議。（操作員指令）。現在，我將會議交給主持人、IMS 投資者關係部門的 John Nesbett。先生，您可以開始啦。

Good morning and welcome to our conference call to discuss XPEL's fourth quarter in 2024 UN financial results. On the call today are Ryan Pape, XPEL 's President and Chief Executive Officer, and Barry Wood, XPEL 's Senior Vice President and Chief Financial Officer. We will provide an overview of the business operations and review the company's financial results.

早安，歡迎參加我們的電話會議，討論 XPEL 2024 年第四季的聯合國財務表現。今天參加電話會議的有 XPEL 總裁兼執行長 Ryan Pape 和 XPEL 高級副總裁兼財務長 Barry Wood。我們將概述業務運作並回顧公司的財務表現。

Immediately after the prepared comments, we will take questions from our call participants. Also, a transcript of this call will be available on the company's website after the call. Take a moment now to read the safe harbor statement. During the course of this call, we will make certain forward-looking statements regarding XPEL Inc and its business.

在準備好的評論之後，我們將立即回答電話會議參與者的問題。此外，電話會議記錄將在會議結束後發佈在公司網站上。現在花一點時間閱讀安全港聲明。在本次電話會議過程中，我們將對 XPEL Inc 及其業務做出一些前瞻性陳述。

Which may include but are not limited to anticipated use of proceeds from capital transactions, expansion of the new markets, and execution of the company's growth strategy. Such statements are based on our current expectations and assumptions which are subject to known and unknown risk factors and uncertainties that could cause the actual results to be materially different from those expressed in these statements.

這可能包括但不限於預期使用資本交易收益、拓展新市場以及執行公司的成長策略。這些聲明是基於我們目前的預期和假設，這些預期和假設受已知和未知的風險因素和不確定因素的影響，這可能導致實際結果與這些聲明中表達的結果有重大差異。

Some of these factors are discussed in detail in our most recent Form 10-K, including under the item 1A risk factors filed with the Securities Exchange commission. XPEL undertakes no obligation to publicly update or revise any forward-looking statement, whether the results of new information, future events, or otherwise. With that, we'll now turn the call over to Ryan. Please go ahead, Ryan.

我們在最新的 10-K 表中詳細討論了其中一些因素，包括向證券交易委員會提交的 1A 項風險因素。XPEL 不承擔公開更新或修改任何前瞻性聲明的義務，無論是新資訊、未來事件或其他原因的結果。說完這些，我們現在將電話轉給 Ryan。請繼續，瑞安。

Thank you, John, and good morning, everyone. Welcome also from me to the fourth quarter and year in 2024 call. 2024 was obviously a challenging year for the company, going into the year after coming off a really solid growth here in 2023. We anticipated some softness after hearing from our customers at the beginning of the year.

謝謝你，約翰，大家早安。我也歡迎您參加 2024 年第四季和全年電話會議。 2024 年對公司來說顯然是充滿挑戰的一年，因為在 2023 年實現了真正穩健的成長之後，今年也將迎來新的一年。在年初聽取了客戶的回饋後，我們預計銷量會下滑。

But macro headwinds and particularly in the aftermarket came fast in the year and impacted the business more than what we anticipated. That coupled with the sell-in sell through dynamic in China and our decisions on how to manage it and latent economic impacts in Europe and elsewhere impacted our revenue growth and we finished at $420.4 million for the year, which was just over 6% growth versus 2023.

但宏觀不利因素，尤其是售後市場的不利因素，在今年來得很快，對業務的影響超出了我們的預期。再加上中國的銷售動態以及我們如何管理它的決策以及歐洲和其他地區的潛在經濟影響，影響了我們的收入成長，我們全年的銷售額達到了 4.204 億美元，與 2023 年相比增長了 6% 多一點。

After a slow start in the first half of the year, we definitely saw customer sentiment start to improve, maybe even more so than the business itself, and see a little bit more momentum coming back in. We closed the year of a solid fourth quarter with revenue excluding China growing at 10.5%. This was in line with what we were expecting.

在經歷了上半年的緩慢發展之後，我們明顯看到客戶情緒開始改善，甚至可能比業務本身的改善更為明顯，並且看到了更多復甦的勢頭。我們以強勁的第四季度結束了這一年度，除中國以外的收入成長了 10.5%。這符合我們的預期。

Our US region grew to 6.2% in the quarter to $59.1 million, which was at the lower range of what we were forecasting. And a reason for that was our dealership services. Business had revenue growing around 9%, which if you recall is substantially lower than what we saw in the previous quarter. We still had record high car counts in that business in Q4, and our average revenue per unit continues to increase, and we're still in net more dealerships.

本季度，我們美國地區的銷售額成長了 6.2%，達到 5,910 萬美元，低於我們的預測範圍。其中一個原因就是我們的經銷商服務。業務收入成長了約 9%，如果你還記得的話，這比我們上一季的水平要低得多。我們第四季度該業務的汽車數量仍然創下新高，而且我們的每輛車平均收入持續增加，並且我們的經銷商數量仍在增加。

However, average units. That we protected in some dealerships in that category declined or was flat to the previous year as inventory has started to return to normal levels at US dealerships. So even where we have a 100% attached rate, this can occur if fewer vehicles were delivered to that dealership this quarter than the same quarter last year when inventory was building, and we definitely saw that in some cases.

但是，單位一般。由於美國經銷商的庫存已開始恢復到正常水平，我們在該類別的一些經銷商中保護的庫存量與去年相比有所下降或持平。因此，即使我們有 100% 的附加率，如果本季交付給該經銷商的車輛數量少於庫存增加的去年同期，也會出現這種情況，我們在某些​​情況下確實看到了這種情況。

And if you recall, in that line of business we're more correlated to inventory than sales. When COVID depleted inventory faster than sales went down, we felt an outsized negative impact from the reduction in inventory. And then as new franchise inventory recovered and built faster than sales, we've benefited from that as well.

如果你還記得的話，在那條業務線上，我們與庫存的關聯性比與銷售的關聯性更大。當 COVID 消耗庫存的速度比銷售額下降的速度快時，我們感受到了庫存減少的巨大負面影響。然後，隨著新特許經營庫存的恢復和增加速度快於銷售速度，我們也從中受益。

So now we've got new vehicle supply in the. US at about 2.5 million units in December, 71 days of supply. It's really sort of the first time at that level in two years. We're probably at more of an equilibrium point going forward. So change in inventory is likely to be neither a headwind or tailwind for this line of business for the first time in several years if conditions hold.

所以現在我們有了新的車輛供應。美國12月庫存約250萬台，供應量為71天。這確實是兩年來第一次達到這樣的水準。我們未來可能正處於一個更平衡的點。因此，如果條件保持不變，庫存變化可能幾年來首次既不是該業務的阻力也不是阻力。

Overall, dealership business has plenty of takes and puts. New cars are is still depressed from what some would say is its historical average, leaving room for that to increase its financing conditions and consumer sentiment improves. At the same time, consumers are upside down and more than one in four have negative equity of more than $10,000. On the other hand, we've seen.

整體而言，經銷商業務存在諸多利弊。有些人認為，新車銷售仍低於歷史平均水平，這為提高融資條件和消費者信心留下了空間。同時，消費者的負債狀況也十分糟糕，超過四分之一的人負資產超過1萬美元。另一方面，我們已經看到了。

Continued increase from dealerships and our pre-installed options as they're a hard ad because our products are tangible and valuable, and this presents the opportunity for continued share gains from competitive soft or paper products like insurance offerings, which some consumers may not find as valuable, are increasingly under regulatory scrutiny for what they are and how they're sold and are also subject to cancellation by the customer.

經銷商和預裝選件的銷售持續成長，因為我們的產品是有形且有價值的，所以它們是一種硬廣告，這為繼續從競爭性軟產品或紙質產品（如保險產品）中獲得份額提供了機會，一些消費者可能認為這些產品沒有那麼有價值，它們是什麼以及如何銷售的監管審查日益嚴格，並且也可能被客戶取消。

So you know that leaves substantial opportunity to continue to grow in this space and we're focused on our dealership sales organization and expanding it and continuing to reorganize our sales team in this way, and we want our dealership sales organization to drive business, whether preload, whether F&I with all of our customers who want to do dealership work.

因此，您知道這為該領域的持續發展留下了巨大的機會，我們專注於我們的經銷商銷售組織並擴大它，並繼續以這種方式重組我們的銷售團隊，我們希望我們的經銷商銷售組織能夠推動業務，無論是預加載，還是 F&I，與所有想要做經銷商工作的客戶一起。

We've talked about that at the dealer conference. We talked about that. At every opportunity that we have customers that are interested in dealership work. We're here to support them and ultimately to try to drive business to them. So if you think about it that way, our measure of success is the units protected by content per unit, and that's really the measure more so than the exact channel service type, product sale route to market.

我們在經銷商會議上討論過這個問題。我們討論過這個。每當我們有對經銷商工作有興趣的客戶時，我們就會抓住機會。我們在這裡為他們提供支持，並最終努力為他們帶來業務。所以如果你這麼想的話，我們衡量成功的標準就是每單位受內容保護的單位數，這才是真正的衡量標準，而不是確切的通路服務類型、產品銷售到市場的途徑。

The measure of success is ultimately units protected. So we're really excited about how this is coming together for 2025, what we're doing, how are we organizing the sales team, the interest we've had from many of our customers in the aftermarket, and then the programs we've put in place to help.

成功的衡量標準最終是受保護的單位。因此，我們對於 2025 年的計劃、我們正在做的事情、我們如何組織銷售團隊、我們在售後市場的許多客戶對我們表現出的興趣，以及我們為提供幫助而實施的計劃感到非常興奮。

Them to be successful whether it's billing solutions through GAAP, whether it's financing solutions we put in place to help close the GAAP on getting paid from dealerships and then menu and inventory and other technology integrations. We've put a ton of work into these and we're starting to see adoption by our customer base at large. We're very happy about that.

他們的成功取決於他們是否透過 GAAP 提供計費解決方案，還是我們實施的融資解決方案來幫助他們按照 GAAP 從經銷商處獲得付款，以及菜單、庫存和其他技術整合。我們為此投入了大量的工作，我們開始看到廣大客戶群採用它。我們對此感到非常高興。

Our OEM a revenue in the quarter declined slightly as this was impacted by package changes to the Rivian program. So going forward, our factory option with Rivian will shift to a full body matt wrap as part of the stealth package. And then at the same time we'll be shifting our offering of the full front TPF into our co-marketed referral program, which we've talked about before.

由於受到 Rivian 計劃封裝變化的影響，本季我們的 OEM 收入略有下降。因此，展望未來，我們與 Rivian 合作的工廠選項將轉變為全身啞光包裹，作為隱形套件的一部分。同時，我們會將我們提供的全前端 TPF 轉移到我們之前討論過的共同行銷推薦計劃中。

So net, this ultimately gives the consumer more options of what to buy than what we've offered previously but negatively impacted the quarter while we made those changes. We've talked about the referral program previously. And how we're looking to provide more work to our aftermarket installer base through partnerships with a variety of partners including OEM manufacturers.

因此，最終，這為消費者提供了比我們以前提供的更多的購買選擇，但在我們進行這些改變時，對本季產生了負面影響。我們之前討論過推薦計劃。我們希望透過與包括 OEM 製造商在內的各種合作夥伴建立合作關係，為我們的售後安裝商提供更多工作。

Where we'll sell the product online and then deliver the installations through our network. Continue to have constructive conversation about additional programs and we've added a number of features to the referral platform to make it even more compelling for current and future partners there.

我們將在線銷售產品，然後透過我們的網路交付安裝。繼續就附加計劃進行建設性的對話，我們在推薦平台上添加了許多功能，以使其對現有和未來的合作夥伴更具吸引力。

Excluding the impact from shifting the program with Rivian, our OEM business grew approximately 16% in the quarter, and like I mentioned, we continue discussions on a variety of initiatives with the referral program and OEMs at large. Our China region came in at $9.2 million, which was consistent with our expectations. You'll recall that we had the highest China revenue quarter in Q4 of last year that we ever had at $16.6 million,

不包括與 Rivian 轉移計劃的影響，我們的 OEM 業務在本季度增長了約 16%，而且正如我所提到的，我們繼續與推薦計劃和整個 OEM 就各種舉措進行討論。我們中國地區的收入為 920 萬美元，符合我們的預期。大家應該還記得，去年第四季度，我們的中國營收達到了歷史最高水平，達到 1,660 萬美元。

So it makes for a tough comp in Q4, as we as we discussed in Q3. But as we noted on our last call, we've arrested and made many changes here into the sell in sell through dynamic. So for sort of the new products we brought into the market, this $8 million to $9 million dollar run rate should be the baseline from here.

因此，正如我們在第三季度所討論的那樣，這導致第四季度的競爭更加艱難。但正如我們在上次電話會議中指出的那樣，我們已經停止銷售，並對銷售動態做出了許多改變。因此，對於我們推向市場的新產品來說，800萬到900萬美元的運作率應該是基準。

Q1 will be less and With the Chinese New Year holiday season and then as we talked about more upside as we get through the other products in China that were discontinuing where they're still holding inventory. So I think really no changes in terms of what's happening there from what we talked about last quarter and As we previously indicated, we want to be direct in the key top car markets of the world, and China is no exception.

第一季的銷售量會比較少，而且隨著農曆新年假期的到來，正如我們所討論的，隨著我們了解到中國其他已停產但仍有庫存的產品，銷量還會有上漲。因此，我認為就我們上個季度談論的情況而言，那裡發生的事情確實沒有變化，正如我們之前指出的，我們希望直接進入世界主要的頂級汽車市場，中國也不例外。

So to that end, we're advancing in our discussions to ultimately accomplish that in China. For the year, we completed distributor acquisitions in Japan, Thailand and India. As we talked about, as we will talk about, we've added the SG&A load from these operations, but our track record of in-country operations is historically very strong.

為此，我們正在推進討論，最終在中國實現這一目標。今年，我們完成了日本、泰國和印度的經銷商收購。正如我們所討論的，正如我們將要討論的，我們已經增加了這些業務的銷售、一般和行政費用負擔，但我們在國內業務方面的業績記錄歷來非常強勁。

And we'll see the benefits as we grow past our fixed cost that we've acquired or added post-acquisition. While we're, we've added the cost and the SG&A associated with these businesses, the incremental revenue from these acquisitions is minimal, given that we already recognize the product revenue that we sell to the distributors previously.

隨著我們超越已收購或收購後增加的固定成本，我們將看到收益。雖然我們增加了與這些業務相關的成本和銷售、一般及行政費用，但這些收購帶來的增量收入很少，因為我們已經確認了先前銷售給經銷商的產品收入。

But as we expect accelerated revenue growth post acquisition like we've seen in other markets where we've done this successfully. So we're in the very early stages of owning these operations in country that we did this year, but we're already going.

但正如我們預期的那樣，收購後收入將加速成長，就像我們在其他成功實現這一目標的市場中看到的那樣。因此，我們今年在該國開展這些業務還處於非常早期的階段，但我們已經開始行動了。

Much deeper than we ever would have accomplished in the distribution relationship and that includes discussions with OEMs, local franchising partners, service, dealership services, businesses, and the like. So we have good results in the quarter of Middle East and Asia Pacific, and you can see the benefit of the focus we've created with our regional leadership, which for us is now Asia, Latin America.

我們在分銷關係方面取得的進展比以往更加深入，其中包括與原始設備製造商、當地特許經營合作夥伴、服務、經銷商服務、企業等的討論。因此，我們在中東和亞太地區取得了良好的業績，您可以看到我們與區域領導層共同創造的重點帶來的好處，對我們來說，現在的區域是亞洲和拉丁美洲。

Middle East and India, Europe, and then the US, and it's been really important to define that, clarify that, which we worked on throughout 2024, ultimately to drive more P&L accountability within the region, smarter deployment of capital, and smarter investment in SG&A.

中東和印度、歐洲，然後是美國，定義和澄清這一點非常重要，我們在 2024 年一直致力於此，最終是為了推動該地區更多的損益問責制、更智能地部署資本以及更智能地投資銷售、一般和行政費用 (SG&A)。

So with those acquisitions and pending China, we're largely complete with the strategy of acquiring distributors in key markets. So the focus now is our depth in terms of growing our scale and the go to market in each market where we operate, taking a market-by-market approach and tailoring the products and services that we offer and recognizing the full potential that our direct presence.

因此，透過這些收購以及即將進入中國市場，我們在關鍵市場收購經銷商的策略已基本完成。因此，現在的重點是擴大我們的規模和進入我們運營的每個市場的深度，採取針對每個市場的方法，定制我們所提供的產品和服務，並充分發揮我們直接存在的潛力。

Can give us, including ultimately full operating leverage in each of those respective markets. I was pleased with the gross margin performance for the year which came in at 42.2%, 120 basis points improvement over '23. We still think we have upside opportunity to this over the next couple of years, although the strength of the dollar sort of works against us to some extent in the near term. Our Q4 gross margin of 40.6% was off the '24 run rate primarily.

可以給予我們，包括最終在各個相應市場中充分的營運槓桿。我對今年的毛利率表現感到滿意，達到 42.2%，比 23 年提高了 120 個基點。儘管美元的強勢在短期內對我們有一定的不利影響，但我們仍然認為未來幾年我們仍有上行機會。我們第四季的毛利率為 40.6%，主要低於 24 年的營運率。

Due to mix as we monetize some slower moving inventory through incentives. We typically do this every year in the fourth quarter and usually it has some impact to gross margins, so this year was no exception. As we talked about on our last call, our growth rate in SG&A is something that, we're very focused on, and our SG&A grew 17.4% to $31.4 million in the quarter.

由於混合，我們透過激勵措施將一些週轉較慢的庫存貨幣化。我們通常每年在第四季都會這樣做，通常會對毛利率產生一定影響，因此今年也不例外。正如我們在上次電話會議上所討論的那樣，我們非常關注銷售、一般及行政費用的增長率，本季度我們的銷售、一般及行政費用增長了 17.4%，達到 3140 萬美元。

We're working very hard to manage SG&A and focusing primarily on our overhead or corporate SG&A as the business evolves. We have more fixed SG&A costs we're incurring at the at the operations or field level, such as building leases to support installation operations and management staff overseeing these operations.

我們正在努力管理銷售、一般和行政費用，隨著業務的發展，主要關注我們的管理費用或企業銷售、一般和行政費用。我們在營運或現場層級產生了更多固定的銷售、一般及行政費用，例如用於支援安裝營運的建築租賃和監督這些營運的管理人員。

So that's a dynamic that we have to continue to confront as we go forward and have a broader portfolio of services we're offering. So in fact, depending on the configuration. The $1 of service revenue at a brand new location could have a negative contribution margin due to overhead or startup costs required to get it going.

因此，隨著我們不斷前進並提供更廣泛的服務組合，我們必須繼續面對這一動態。所以事實上，這取決於配置。新地點的 1 美元服務收入可能會產生負的貢獻利潤，因為需要花費管理費用或啟動成本。

In contrast, obviously, to an incremental product sold off the shelf, that's almost all contribution margin. This is part of the evolving nature of. Business and we'll continue to improve how we manage that portion. You know our 17% SG&A growth in the fourth quarter, 11 of the 17% was really driven by factors such as that, the acquisition related SG&A cost that we added, the locations associated with that, and then to a lesser extent our nominal increase in marketing spend is a percent of revenue in R&D.

顯然，與現貨銷售的增量產品相比，這幾乎全部都是貢獻利潤。這是自然進化的一部分。業務，我們將繼續改進我們如何管理這部分。您知道我們第四季度的銷售、一般及行政費用增長了 17%，其中 11% 實際上是受到諸多因素推動的，例如我們增加的收購相關的銷售、一般及行政費用、與此相關的地點，然後在較小程度上我們的營銷支出名義增長是研發收入的百分比。

So we have to be mindful of the realities of the current environment and one that we saw this year with slower growth and to that end we've kicked off a comprehensive review of our expense structure in Q3 to ensure we're investing in the right places. And so while that review continues, we've already taken actions in February, including a workforce reduction that will net us about $2 million in annual run rate savings.

因此，我們必須牢記當前環境的現實，以及今年成長放緩的現實，為此，我們在第三季啟動了對費用結構的全面審查，以確保我們投資在正確的地方。因此，在審查繼續進行的同時，我們已經在二月採取了行動，包括裁員，這將為我們帶來每年約 200 萬美元的運行成本節省。

This largely impacts us at the corporate level as we reset our needs to current expectations. And have to take a more intentional and focused posture on things like remote work and positions created or inherited through acquisition.

由於我們將需求重新設定為當前的期望，因此這對我們公司層面的影響很大。並且必須對遠距工作以及透過收購創建或繼承的職位等採取更有目的性和更專注的態度。

I think that, I will justify investments in SG&A that Drive revenue growth in the field all day long. These are truly investments in the future, but investments in our true corporate overhead have to be scrutinized and ultimately reduced where possible. So as we continue the review, we'll take action necessary.

我認為，我會整天證明推動該領域收入成長的銷售、一般及行政開支的投資是合理的。這些確實是對未來的投資，但對我們真正的企業管理費用的投資必須仔細審查，並最終盡可能減少。因此，隨著我們繼續審查，我們將採取必要的行動。

And available but certainly not at the expense of the long term health of the business. We're targeting several million dollars more of corporate costs through optimizing the expense structure with outside vendors and services throughout the organization and through other corporate personnel reorganization by not backfilling certain positions as they become available through attrition.

而且這是可行的，但絕對不能以犧牲企業的長期健康為代價。我們的目標是透過優化整個組織中外部供應商和服務的費用結構，以及透過不再填補因人員流失而出現的某些職位，來減少公司成本。

So we see the outlook for 2025 as mixed and more uncertain than normal, so the positive sentiment in the aftermarket seems to have improved as a company, I think we're executing better than we have in several years as we have more clarity and focus on the things that are important. I think as you see.

因此，我們認為 2025 年的前景喜憂參半，而且比平時更加不確定，因此作為一家公司，售後市場的積極情緒似乎有所改善，我認為我們的執行情況比過去幾年要好，因為我們對重要的事情更加清晰和專注。我想正如你所見。

Revenue grows slower, it gives you time to reflect more on what you're doing and to ensure you're doing it correctly. The promise of lower regulatory burden in the US is encouraging. I mean, I think, we know and I know more of what I need to do to drive the company forward in 2025, to start 2025 than I did in 2024, and I think a lot of our team would say the same.

收入成長較慢，這讓你有時間更多地反思你正在做的事情並確保你做得正確。美國承諾降低監管負擔，令人鼓舞。我的意思是，我認為，我們都知道，與 2024 年相比，我更清楚在 2025 年初我需要做些什麼來推動公司向前發展，而且我認為我們團隊中的許多人都會這麼說。

On the other hand, inflation and interest rates have not moved as expected. And as we would want to unlock more of the new car market, and the aftermarket remains subdued compared to the previous years, certainly in part due to these affordability challenges.

另一方面，通膨和利率並未如預期變動。我們希望打開更多的新車市場，但售後市場與前幾年相比仍然低迷，這在一定程度上是由於這些負擔能力方面的挑戰。

Additionally, our business is global in nature. The specter of tariffs and impediments to trade creates uncertainty, despite our efforts to put in place mitigations, and the US dollar has strengthened and remained incredibly strong on a historical basis against our common currency pairs.

此外，我們的業務具有全球性。儘管我們努力採取緩解措施，但關稅和貿易障礙的威脅仍然帶來了不確定性，而且從歷史上看，美元兌常見貨幣對一直走強，並且保持著極強的勢頭。

Impedes our margin, actually reduces revenue growth rate to some extent, and was obviously painful in the fourth quarter just from a FX realization standpoint. But we've completed our global realignment and management responsibilities, as I mentioned earlier around our regions, and we have the strongest P&L alignment with our leaders and a mandate to focus on optimizing the expense structure.

阻礙了我們的利潤率，實際上在一定程度上降低了收入成長率，並且從外匯實現的角度來看，第四季度顯然是痛苦的。但正如我之前提到的，我們已經完成了全球調整和管理職責，我們與領導者實現了最強的損益一致性，並致力於優化費用結構。

To achieve the results while driving growth and expanding their respective markets, and I think from a management standpoint and how you've organized the business to help drive our future success, we're probably in the best structure that we've ever had. As I mentioned earlier, a pending China were largely complete in our desire to acquire distributors in key global markets where we want a direct presence.

在推動成長和擴大各自市場的同時實現成果，我認為從管理的角度以及您如何組織業務以幫助推動我們未來的成功來看，我們可能處於有史以來最好的結構中。正如我之前提到的，即將進入中國市場基本上滿足了我們在全球主要市場收購經銷商的願望，我們希望在這些市場直接開展業務。

2025 is a pivotal year for us to refine and implement our strategy to deploy capital in the business to drive future growth, as we've talked about the primary interest of ours. It's further developing our services business, mainly but not exclusively in the new car dealership space where we think a larger presence can bring more opportunity for our existing products alongside cam expansion into other products and services.

2025 年是我們完善和實施策略的關鍵一年，我們將部署資本於業務中，推動未來成長，正如我們討論過我們的主要利益一樣。它進一步發展了我們的服務業務，主要但不限於新車經銷領域，我們認為更大的業務範圍可以為我們現有的產品帶來更多機會，同時還可以擴展到其他產品和服務。

We've gone very deep in this process to analyze all the targets and the strategies, and we're working through that now. The challenges to accomplish this include the fragmented nature of that business and of these targets. Achieve meaningful scale, probably more fragmented than we would have hoped, but not such that it's not viable and then unrealistic expectations around purchase price.

我們已經深入分析了這個過程，所有的目標和策略，現在我們正在努力實現這一點。實現這一目標的挑戰包括該業務和這些目標的分散性。實現有意義的規模，可能比我們所希望的更加分散，但並非不切實際，也不會對購買價格抱有不切實際的期望。

That said, there's substantial opportunity in this strategy to implement this before returning cash to shareholders becomes the primary objective. We just had our dealer conference last week. We had over 700 attendees. This was an all-time record of attendance, 38 countries represented.

也就是說，在向股東返還現金成為主要目標之前，這項策略仍有很大的實施機會。我們上週剛召開了經銷商會議。我們有超過 700 位參加者。這是出席人數最多的一次，共有 38 個國家的代表參加。

Very interesting to see in the current dynamic that we would have such record attendance, and what was interesting is, relatively speaking, the conference was later to book up, more back end loaded, and that probably just speaks to maybe some of the uncertainty that exists in the overall space.

非常有趣的是，在當前的動態下，我們將有如此創紀錄的出席人數，有趣的是，相對而言，會議預訂得更晚，後端負擔更重，這可能說明了整個領域存在的一些不確定性。

But the sentiment was positive. I would describe it as much more positive than 2024 at the same time, 2025 off to a good start for folks, and I think, hard to say whether that means their business is demonstrably better than 2024 or they just have more confidence that it's not deteriorating or that there aren't more challenges coming. Different opinions based on who you talk to, but the sentiment was good, the feedback was good.

但情緒是正面的。同時，我認為它比 2024 年更為積極，2025 年對人們來說是一個良好的開端，我認為很難說這是否意味著他們的業務明顯比 2024 年更好，或者他們只是更有信心情況不會惡化，或者不會有更多的挑戰。根據交談對像不同，意見也不同，但情緒是好的，回饋也很好。

We unveiled what's our number one objective for 2025 as a company at the conference, and that's really to redouble our efforts to ensure we're always providing amazing service. And we serve many types of businesses, no two customers of ours are alike, across many product lines now and in many geographies, and our commitment is to ensure that we redouble our efforts to provide excellent and efficient service

我們在會議上公佈了我們公司 2025 年的首要目標，那就是加倍努力，確保始終提供優質服務。我們服務於多種類型的企業，我們的客戶各不相同，目前我們服務的產品線眾多，業務範圍遍布多個地區，我們的承諾是確保加倍努力，提供優質高效的服務

And remote work, slack messages and the like. These can often be an impediment to getting things done quickly for customers as they need it. And more than one example of turning something that could be done in minutes into something that takes days, and we're focused absolutely on eliminating that and being as efficient as possible in our delivery of excellent service.

以及遠端工作、鬆弛訊息等。這些通常會妨礙客戶快速完成他們需要的事情。在許多情況下，本來可以在幾分鐘內完成的事情會花上幾天的時間，而我們則致力於消除這種情況，並儘可能高效地提供優質服務。

So that was our commitment and launch to the customers at the conference. And that's percolating through the company and our initiatives for this year. Our launch of the windshield protection film has been going quite well. We've received good feedback on the product thus far. Customers seem to be excited about the upsell opportunity.

這就是我們在會議上向客戶所做的承諾和介紹。這正在滲透到整個公司以及我們今年的計劃中。我們推出的擋風玻璃保護膜進展順利。到目前為止，我們收到了有關該產品的良好回饋。客戶似乎對追加銷售的機會感到興奮。

As we mentioned before, we hope to start consumer marketing around this product a little bit later this year to unlock its potential as a gateway product because it does appeal to some consumers that are not typically already in our ecosystem.

正如我們之前提到的，我們希望在今年稍後開始圍繞該產品進行消費者行銷，以釋放其作為門戶產品的潛力，因為它確實吸引了一些通常不在我們的生態系統中的消費者。

We're making a really good improvements to our architectural film program. We've got some technology enabled selling tools requested by dealers that are in the process of rolling out. An extended glass breakage warranty program launching in Q1 at the beginning of Q2, again, something very much requested by the growing customer base there.

我們正在對我們的建築電影項目進行非常好的改進。我們已經根據經銷商的要求推出了一些技術支援的銷售工具。延長玻璃破損保固計畫於第一季和第二季初推出，這也是不斷成長的客戶群所要求的。

And then the addition of a dedicated surface protection films for things like countertops and related, which is really part of the strategy overall to drive more of the protection angle in that vertical over time. As we may have mentioned before, we're also planning to launch our, colored film portfolio starting in Q2. This is the TAM expander for our business and we're focused on ways to add value for our customers around this and DAP and elsewhere. I'm looking forward to that.

然後為檯面和相關物品添加專用的表面保護膜，這實際上是整體策略的一部分，旨在隨著時間的推移在垂直方向上推動更多的保護角度。正如我們之前提到的，我們也計劃從第二季開始推出彩色電影產品組合。這是我們業務的 TAM 擴展器，我們專注於為此以及 DAP 和其他方面為客戶增加價值的方法。我非常期待這一點。

And then finally our investment in DAP as a platform to help run our customers' business efficiently continues. We're delivering customers their leads and deals in that, and we're focused on operational components to benefit them, things around work orders, scheduling, commissions, and now our warranty submissions are integrated into DAP.

最後，我們將繼續投資 DAP 作為幫助客戶高效地經營業務的平台。我們為客戶提供線索和交易，並專注於使他們受益的營運組件，包括工作訂單、調度、佣金等，現在我們的保固提交也已整合到 DAP 中。

And then scheduling followed by more consumer facing items such as quotes and things like that. So we launched the first companion mobile app in the app stores to tap. And the development on that continues and we really want to reach as much feature parity between, traditional desktop and the mobile app as we can as makes sense and we received a lot of positive feedback from our customer base.

然後進行安排，隨後是更多面向消費者的項目，例如報價等。因此我們在應用程式商店推出了第一個配套行動應用程式。這方面的開發仍在繼續，我們真正希望盡可能實現傳統桌面和行動應用程式之間的功能對等，並且我們從客戶群中收到了很多積極的回饋。

At the dealer conference and a lot of additional asks and requests which we're putting into que. So as always, I greatly appreciate the effort of our team. One of the benefits of having our dealer conference is, it is in part a global employee conference as well, and it's not often we can bring together many different groups, that are in different parts of the world pushing to drive the business forward.

在經銷商會議上，我們也提出了許多額外的詢問和請求。因此，一如既往，我非常感謝我們團隊的努力。舉辦經銷商會議的優點之一是，它在某種程度上也是一次全球員工會議，我們並不經常能夠將位於世界不同地區的許多不同團體聚集在一起，共同推動業務向前發展。

And so it's really an amazing time to do that in a very Dense and high intensity time, and I can tell you that everyone's working exceptionally hard and that they understand what we need to do and our mission and how we need to serve customers well and I'd be remiss without recognizing our marketing team who always does a great job in putting that event on.

所以，在如此密集和高強度的時期做這件事真是太棒了，我可以告訴你們，每個人都在非常努力地工作，他們了解我們需要做什麼、我們的使命以及我們需要如何更好地服務客戶，如果我不表揚我們的營銷團隊，那我就是失職了，他們在舉辦這次活動中總是表現得非常出色。

So, busy start to the year. Thanks to our team for their efforts and we will turn it over to Barry. Barry, go ahead.

因此，新的一年開始了。感謝我們團隊的努力，我們將把它交給 Barry。巴里，繼續說。

Thanks, Ryan, and good morning everyone. Our overall revenue growth in the quarter was 1.9%, but as Ryan mentioned, the China noise masked the overall, quite solid performance in our other regions. Our product revenue was flat in a quarter, but if you factor out the China impacts, our total product revenue grew 10.9%. Our total window film product line grew 32.9% in the quarter, with most of that coming from automotive which grew 31.7% to $14.3 million.

謝謝，瑞安，大家早安。我們本季的整體營收成長了 1.9%，但正如 Ryan 所提到的，中國市場的噪音掩蓋了我們其他地區整體相當穩健的表現。我們的產品收入在一個季度內持平，但如果剔除中國的影響，我們的總產品收入成長了 10.9%。本季度，我們的整個窗膜產品線成長了 32.9%，其中大部分來自汽車市場，成長了 31.7%，達到 1,430 萬美元。

And with that, there was good growth being driven by our partnership with Tentworld and, in that product line. Architectural film revenue declined slightly to $2.7 million and due primarily the timing of sales in China this quarter versus last quarter. Our windshield protection film, newest product, which launched during Q4, had a really nice start with revenue of $1.5 million in the quarter.

同時，我們與 Tentworld 的合作以及該產品線的蓬勃發展也推動了該產品線的良好成長。建築膜收入略有下降至 270 萬美元，主要原因是本季與上季相比在中國的銷售時間有所差異。我們的最新產品擋風玻璃保護膜於第四季推出，開局良好，本季營收達 150 萬美元。

Which effectively is just one month of sales. So we're pretty happy about that. Sequentially, window film revenue was down about 19%, which was expected given the seasonality of the product. And as Ryan also mentioned, our SG&A expense grew 17.4% in the quarter to $31.4 million. And sequentially, this was up a little over 6% versus Q3, and most of this sequential increase was due to SEMA-related costs and professional fees incurred related to acquisitions closed in Q4.

這實際上只是一個月的銷售額。我們對此感到非常高興。與上一季相比，窗膜收入下降了約 19%，考慮到產品的季節性，這是可以預料的。正如 Ryan 所提到的，我們的銷售、一般及行政費用本季成長了 17.4%，達到 3,140 萬美元。與第三季相比，該數字環比增長了 6% 多一點，而這一環比增長大部分是由於與 SEMA 相關的成本以及與第四季度完成的收購相關的專業費用。

As Ryan said, we just completed a workforce reduction that impacted about 10% of our corporate workforce and as we think about SG&A expense in Q1, there will be one-time expenses related to this reduction in workforce of approximately $0.7 million and also as a reminder, we did have our dealer conference in Q1 this year.

正如 Ryan 所說，我們剛剛完成了裁員，影響了我們公司約 10% 的員工，考慮到第一季度的銷售、一般及行政費用，與此裁員相關的一次性費用將約為 70 萬美元，同時提醒一下，我們今年第一季確實召開了經銷商會議。

Which is the same time as last year's timing and the net cost of that will be around $1.2 million. Another anomaly in the quarter was significant strengthening of the US dollar, which started right around September, resulting in an FX monetary transaction loss of approximately $1.2 million in the quarter, and this was worth about a little over $0.03 of EPS for us.

這與去年的時間相同，淨成本約為 120 萬美元。本季的另一個異常現像是美元大幅走強，這一現象始於 9 月左右，導致本季外匯貨幣交易損失約 120 萬美元，相當於我們的每股收益約 0.03 美元。

Our EBITDA declined a little over 19% in the quarter to $14.3 million reflecting 13.3% EBITDA margin. And if you normalize for the FX impacts, EBITDA would have declined approximately 9%, which would be a 14.3% EBITDA margin. Our total EBITDA for the year finished at $69.5 million. Or 16.5% of total revenue, and this was about 9.6% less than last year.

本季我們的 EBITDA 下降略高於 19% 至 1,430 萬美元，反映 EBITDA 利潤率為 13.3%。如果將外匯影響標準化，EBITDA 將下降約 9%，即 EBITDA 利潤率為 14.3%。我們全年的 EBITDA 總值為 6,950 萬美元。佔總收入的 16.5%，比去年下降約 9.6%。

Net income for the quarter declined 25.7% to $8.9 million, reflecting the income margin of 8.3%. And EPS for the quarter was $0.32 per share but again normalizing. For the Q4 FX impact, EPS would have been $0.35 per share. Net income for the year declined 13.8% to $45.5 million reflecting the net income margin of 10.8%, and EPS for the year was $1.65 per share.

本季淨收入下降 25.7% 至 890 萬美元，營收利潤率為 8.3%。本季每股收益為 0.32 美元，但再次恢復正常。就第四季度外匯影響而言，每股收益將為 0.35 美元。全年淨收入下降 13.8% 至 4,550 萬美元，反映淨收入率為 10.8%，全年每股收益為 1.65 美元。

And on our last call, we talked about our expectation that our inventory levels would remain relatively static to Q3, but that didn't happen as planned. In the quarter we brought to scale a new manufacturing location and decided to ramp up the procurement of the raw materials to be used at that location. Subsequent to the election and with the threat of increasing tariffs on our retaliatory tariffs.

在我們上次電話會議中，我們談到了我們的預期，即我們的庫存水準將保持相對穩定到第三季度，但這並沒有按計劃發生。本季度，我們擴大了新生產基地的規模，並決定增加對該基地所用原料的採購力度。選舉之後，我們面臨增加報復性關稅的威脅。

We wanted to make sure we created maximum optionality to supply all of our global and markets with the minimum possible disruption. And thankfully, the tariff threat has not yet materialized and the new site will be used as part of our global production needs. Raw materials and whip will remain elevated while the site is fully integrated and then they'll lower over the next couple of quarters.

我們希望確保創造最大程度的選擇性，以盡可能少的干擾為我們的全球和市場提供服務。值得慶幸的是，關稅威脅尚未成為現實，新工廠將作為我們全球生產需求的一部分。當網站完全整合時，原材料和鞭子的價格將保持高位，然後在接下來的幾個季度內下降。

Cash flow provided by ops was $6.3 million for the quarter and $47.8 million for the year, which compares to our 2023 annual cash flow provided by ops of $37.4 million. Our cash conversion cycle decelerated during the quarter with our increases in inventory purchases, but accounts receivable and payable turns are healthy, so improvements to the conversion cycle will come as we continue to right size our inventory.

本季營運提供的現金流為 630 萬美元，全年營運提供的現金流為 4,780 萬美元，而 2023 年營運提供的年度現金流為 3,740 萬美元。由於庫存採購量的增加，本季我們的現金轉換週期有所減速，但應收帳款和應付帳款週轉率表現良好，因此隨著我們繼續調整庫存規模，轉換週期將得到改善。

We did complete five acquisitions during the year with an aggregate purchase price of $12.5 million and our credit facility balance sits at zero as of the end of the year. So we're continually, we're continuing to be financially well positioned, going into next year. And with that operator, we'll now open the call up for questions.

我們在本年度完成了五次收購，總收購價為 1,250 萬美元，截至年底，我們的信貸餘額為零。因此，進入明年，我們的財務狀況將持續保持良好。有了這位接線員，我們現在就可以開始回答問題了。

Certainly, at this time we will be conducting a question-and-answer session. (Operator Instructions) Your first question for today is from Jeff Van Sinderen with B. Riley.

當然，這次我們將進行問答環節。（操作員指示）您今天的第一個問題來自 B. Riley 的 Jeff Van Sinderen。

Good morning, everyone. Just wondering if you can give us a little bit more colour on sort of what's going on the ground in China with sell throughs. Obviously there's a sell through selling thing there, but, just wondering kind of what you're seeing with sell throughs and the outlook there and then I know this is a tough question, but, anything you can give us on the timing of when that may become a direct business for you?

大家早安。我只是想知道您是否可以向我們詳細介紹中國市場的銷售情況。顯然那裡有一個銷售管道，但是，只是想知道您對銷售管道和前景的看法，然後我知道這是一個很難回答的問題，但是，您能否告訴我們什麼時候這會成為您的直接業務？

Sure, Jeff. Yeah, I think from a sell and sell through dynamic, really no changes from what we discussed in Q3, which is that right now and going forward, it's much more evenly matched based on all the changes that we made. So we're seeing. We're not seeing a sell in versus sell through dynamic with what you see in Q3, Q4, and ongoing.

當然，傑夫。是的，我認為從銷售和銷售動態來看，與我們在第三季度討論的內容相比沒有什麼變化，也就是說，現在和將來，根據我們所做的所有改變，它更加均衡。我們看到的是這樣的。從第三季、第四季及未來季的情況來看，我們並未看到銷售與銷售量的動態變化。

The days of inventory for these new products are much lower and so they're selling through much more rapidly than they were previously in part because we're helping to manage the inventory in China. So the only secondary part of that was we have other products where there is still some inventory that's being sold through in addition to what you see us selling.

這些新產品的庫存天數要低得多，因此它們的銷售速度比以前快得多，部分原因是我們正在幫助管理中國的庫存。因此，唯一次要的部分是，除了我們銷售的產品外，我們還有其他產品，還有一些庫存正在銷售。

And as we talked about before, as those products sell through, we'll replace them with new products we intend to launch in a similar way where we're not going to have this sell and sell through dynamics. So really, similar to Q3, that dynamic is over and Q4 is really the last time I think you have this sort of outsized impact like you've seen when comparing this quarter to the prior year.

正如我們之前所討論的，隨著這些產品銷售完畢，我們將用我們打算以類似方式推出的新產品來取代它們，我們不會有這種銷售和銷售動態。因此，實際上，與第三季度類似，這種動態已經結束，我認為第四季度確實是最後一次出現這種巨大影響，就像本季與去年同期相比所看到的那樣。

In terms of our plans in in China, no, I don't have anything more to add. Obviously, top strategic priority for us and something we're very much working on every day.

關於我們在中國的計劃，沒有，我沒有什麼可補充的。顯然，這是我們的首要策略重點，也是我們每天都在努力的事情。

Okay, fair enough. And then if we could just turn to gross margin and the operating expense outlook for Q1 and then any early thoughts you might have on what the quarterly progression of metrics might look like this year and then also if you could just add anything on on how you're planning to, I know you spoke a little bit about this, but mitigating potential tariffs.

好吧，夠公平。然後，如果我們可以談談第一季的毛利率和營業費用前景，然後您對今年季度指標的進展可能有什麼想法，然後如果您可以補充一下您的計劃，我知道您談到了這一點，但減輕潛在的關稅。

Yeah, I think, from a gross margin standpoint, if you look at the full year number in the 42% range, I mean that's sort of the kind of run rate type numbers we should be looking at, probably a little pressure on that if you consider the impact of the strong dollar but then offset against where we see opportunity to still grow margins. So I think, in a round number that 42% is probably good.

是的，我認為，從毛利率的角度來看，如果你看全年的數字在 42% 的範圍內，我的意思是，這是我們應該關注的那種運行率類型的數字，如果考慮到強勢美元的影響，可能會有一點壓力，但隨後會被我們看到的仍然增加利潤的機會所抵消。因此我認為，大概來說 42% 可能比較好。

I think that it's hard to give an outlook really for the business looking out Q2, Q3, Q4 next year. We see, we see this as probably, the most uncertain when you consider things like tariffs and you consider the impact on currency and things like that. So I think we feel we have the least confidence looking out that far. But I also would say, that's not necessarily a negative comment either.

我認為很難對明年第二季、第三季、第四季的業務做出展望。當你考慮關稅等因素並考慮對貨幣的影響等因素時，我們認為這可能是最不確定的。因此我認為，我們對這長遠發展最為缺乏信心。但我想說，這也不一定是負面評論。

When you talk to customers, and you see the enthusiasm like we had at the dealer conference, and you look at how many chose to spend the money to be there and what they're doing in their businesses. There's real enthusiasm there, but ultimately that has to be met with the customers on their doorstep as we get through the year.

當你與客戶交談時，你會看到我們在經銷商會議上所表現出的熱情，你會看到有多少人選擇花錢參加會議以及他們在業務中所做的事情。那裡確實充滿熱情，但最終我們必須在全年期間將熱情送到顧客家門口。

So I think, there's so many takes and puts when you look at the tariff impact and all of the things going on at the federal level, I think that to make no comment of the validity or not of those decisions, but it just creates uncertainty, for a company with half of our revenue, more or less outside the US, we have to be concerned about sourcing. We have to be concerned about in markets. We have to be concerned about retaliatory tariffs.

因此我認為，當你考慮關稅的影響以及聯邦層面發生的所有事情時，會有如此多的爭論，我認為對這些決定的有效性不做任何評論，但它只會帶來不確定性，對於一家一半收入或多或少在美國以外的公司來說，我們必須關注採購。我們必須關注市場。我們必須擔心報復性關稅。

I think we've done everything we can to build in optionality into our supply chain to mitigate that. But ultimately, you really don't know until things happen and what the actual impact is. So I think that, we're, I would say cautiously optimistic that the impact is negligible on its face or that we have the ability to compensate for it if it does materialize.

我認為我們已經盡一切努力在我們的供應鏈中建立可選性來緩解這種情況。但最終，您真的不知道事情是否真的發生了，也不知道其實際影響是什麼。因此我認為，我們可以謹慎樂觀地認為，其影響從表面上看可以忽略不計，或者，如果它確實發生，我們有能力彌補它。

But it certainly contributes just to an uncertain environment for this year and even to look at something like the interest rate environment and what that means to new car affordability and how that trickles down through dealerships and dealership economics and the manufacturers, you just see how the expectations on that has shifted in a matter of.

但它無疑加劇了今年的不確定環境，甚至看看諸如利率環境之類的東西，這對新車承受能力意味著什麼，以及它如何影響經銷商和經銷商經濟以及製造商，你會看到對此的預期是如何轉變的。

The past sort of 3 months or 4 months from, rates definitely going down to maybe higher for longer and more risk of latent inflation. So I don't think we have better insight into those things than the market overall or to any other business, but our goal is just to try and be as well positioned as we can to respond to the things that happen and or take advantage of them if it creates opportunity.

從過去 3 個月或 4 個月來看，利率肯定會下降，甚至可能在更長時間內維持在更高水平，潛在通膨的風險也會增加。因此，我認為我們對這些事情的洞察力並不比整個市場或任何其他企業更深入，但我們的目標只是嘗試盡可能地做好準備，以應對發生的事情，並在創造機會時利用它們。

Okay, that's helpful. And then if I could just squeeze in one more, just any thoughts on the launch of the colour films, how you're approaching that, and then also marketing around that?

好的，這很有幫助。然後，如果我可以再插入一個問題，您對彩色電影的推出有什麼看法，您打算如何做，以及圍繞彩色電影的營銷策略是什麼？

Yeah, we're actually really excited about it. I mean, I think if you've heard my comments on it over a period of time, they've probably varied a bit, but as we've been closer to launch and had a lot more voice to the customer and a lot more engagement with our customer base around the topic, I think we're pretty excited. The question still remains of, what is the introduction of different types of colored films.

是的，我們確實對此感到非常興奮。我的意思是，我想如果你在一段時間內聽過我對此的評論，它們可能會有所不同，但隨著我們越來越接近發布，對客戶有了更多的發言權，並圍繞這一話題與客戶群進行了更多的互動，我想我們非常興奮。問題依然存在：不同類型的彩色電影有什麼意義？

Do to the overall of that market, but irrespective of answering that question, it creates a good opportunity for us and it's something. That our customers want and so we're excited about that and I would say, from a marketing standpoint it's probably easier to market something that you can see versus something that's clear. So I can tell you from what I've seen from our marketing team, they're pretty excited about that fact.

對整個市場而言確實如此，但無論回答這個問題如何，它都為我們創造了一個很好的機會，這是一件好事。這是我們的客戶想要的，所以我們對此感到興奮，我想說，從行銷的角度來看，行銷看得見的東西可能比行銷清楚的東西更容易。因此，從我看到的我們的行銷團隊的情況來看，他們對這一事實感到非常興奮。

Okay, great. Thanks for taking my questions.

好的，太好了。感謝您回答我的問題。

Thanks, Jeff.

謝謝，傑夫。

(Operator Instructions) Your next question for today is from Steve Dyer with Craig-Hallum.

（操作員指示）今天的下一個問題來自 Craig-Hallum 的 Steve Dyer。

Hi guys, this is Matthew Raab on for Steve, just on OpEx, realizing there's some noise going on there in the first quarter of '25, but specifically on sales and marketing. XPEL has made some investments, ramped up that spend throughout '24 relative to the prior years. Do you feel like that marketing spend will continue through '25, and where do you think it's wise to invest those dollars and then any considerations, we should make on marketing spend as a percent of revenue?

大家好，我是史蒂夫的馬修·拉布 (Matthew Raab)，專門談論營運支出 (OpEx)，我意識到 25 年第一季出現了一些噪音，特別是在銷售和行銷方面。XPEL 進行了一些投資，與前幾年相比，24 年間支出有所增加。您是否認為行銷支出將持續到25年，您認為將這些錢投資到哪裡是明智的，然後我們應該如何考慮行銷支出佔收入的百分比？

Yeah, so when we talk, when you see sales and marketing together, you really have kind of three components of that. You've got our sales team, their compensation, commissions, incentives, etc. You've got marketing, which we really think about sort of independently as more around 3% of revenue and then you've got another component in there which is really.

是的，所以當我們交談時，當你將銷售和行銷放在一起時，你實際上就擁有了它的三個組成部分。您有我們的銷售團隊，他們的薪水、佣金、獎勵等。您有行銷，我們確實獨立地認為它佔收入的 3% 左右，然後您還有其中的另一個組成部分。

I would say third party commissions and agent fees and whatnot that are more prevalent in the dealership space. And so part of what you've seen in the growth of that is the third-party fees and agent fees for partners who are bringing up dealership relationships and so that just behaves a little bit differently than sort of a true sales expense where we're hiring more people.

我想說第三方佣金和代理費等等在經銷商領域更為普遍。因此，您所看到的部分增長是第三方費用和為建立經銷商關係的合作夥伴支付的代理費，因此這與我們僱用更多人員的實際銷售費用略有不同。

So we would, we, those are trades we're happy to make where we can bring in established relationships, but it just behaves a little bit different than sort of a planned expansion of headcount if that makes sense. So you're seeing that in some of the numbers. I would say that part happens to us a little bit more, whereas the rest is intentional. From a true marketing standpoint.

因此，我們很樂意進行這些交易，以便建立既定的關係，但如果有意義的話，它的行為與計劃中的員工人數擴張略有不同。您會在一些數字中看到這一點。我想說這部分發生在我們身上比較多，其餘的都是故意的。從真正的行銷角度來看。

We want to grow marketing from 3%. We'd like to grow it higher, maybe for 2025 if we push it and maintain it, maybe we get more like 3.5%. We see this as an important objective overall. I like to get it to 5%, but obviously that's not happening in the present time. When you look at the first component of that total sales and marketing, so absent the marketing and the third-party fees.

我們希望行銷成長率從 3% 開始。我們希望將其提高到更高的水平，也許到 2025 年，如果我們推動並保持這一水平，也許我們可以實現 3.5% 以上的增長。我們大體上認為這是一個重要的目標。我希望將其提高到 5%，但顯然目前還無法實現。當您查看總銷售額和行銷的第一個組成部分時，您會發現其中沒有行銷費用和第三方費用。

Our size of our sales force in the US and Canada is relatively flat, so we don't really see that growing substantially. We are reorganizing it to be a bit more dealership and aftermarket focus to just ensure both customer types get the attention they need, but the short answer is don't expect that, line item on a percent of revenue basis, even an aggregate to be growing dramatically.

我們在美國和加拿大的銷售隊伍規模相對持平，因此我們實際上並不認為其會大幅成長。我們正在重組，更加關注經銷商和售後市場，以確保兩種類型的客戶都能得到他們需要的關注，但簡而言之，不要指望按收入百分比分項，甚至總量會大幅增長。

Okay, got it. And then just a quick one here you mentioned a manufacturing location to possibly mitigate tariffs. Is that location in the US?

好的，明白了。這裡我要簡單問一下，您提到了可能減輕關稅的製造地點。那個地方在美國嗎？

Yeah, so we have manufacturing now available to us in three countries. And so if you're looking about the strategy you've got to look at obviously the US and market and tariffs that could be impacted, so ensure you've got plenty of domestic capacity, but then we're also looking at our other international and markets and what happens in the event of retaliatory tariffs.

是的，我們現在在三個國家都有製造業務。因此，如果你正在製定策略，那麼你必須考慮可能受到影響的美國市場和關稅，因此要確保你有足夠的國內產能，但我們也在關注其他國際市場以及在發生報復性關稅時會發生什麼。

Against US made products. So that's where it's important to have capacity outside the US. So we've got all of that scaled up now and we can make choices about the mix depending on what happens.

針對美國製造的產品。因此，在美國以外擁有產能非常重要。所以，我們現在已經擴大了所有這些，並且我們可以根據發生的情況對組合做出選擇。

Okay, that's great, thanks guys.

好的，太好了，謝謝大家。

Thank you.

謝謝。

We have reached the end of the question-and-answer session, and I will now turn a call over to management for closing remarks.

問答環節已經結束，現在我將請管理階層作結束語。

I want to thank everyone for your time today and for the questions, and I look forward to speaking next quarter. Thank you.

我感謝大家今天的時間和提問，我期待下個季度的演講。謝謝。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，各位現在可以掛斷電話了。感謝您的參與。