Xpel Inc (XPEL) 2025 Q2 法說會逐字稿

Good morning, and welcome to the XPEL, Inc. second quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

早安，歡迎參加 XPEL, Inc. 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, John Nesbett of IMS Investor Relations. John, the floor is yours.

現在我將會議交給主持人，IMS 投資者關係部門的 John Nesbett。約翰，現在你來發言。

Good morning, and welcome to our conference call to discuss XPEL's second quarter 2025 financial results. On the call today, Ryan Pape, XPEL's President and Chief Executive Officer; and Barry Wood, XPEL's Senior Vice President and Chief Financial Officer, who'll provide an overview of the business operations and review the company's financial results. Immediately after the prepared comments, we will take questions from our call participants. A transcript of this call will be available on the company's website after the call.

早安，歡迎參加我們的電話會議，討論 XPEL 2025 年第二季的財務表現。在今天的電話會議上，XPEL 總裁兼執行長 Ryan Pape 和 XPEL 高級副總裁兼財務長 Barry Wood 將概述業務營運並審查公司的財務表現。在準備好的評論之後，我們將立即回答電話會議參與者的提問。會議結束後，公司網站上將提供本次電話會議的記錄。

Take a moment now to read the safe harbor statement. During the course of this call, we'll make certain forward-looking statements regarding XPEL, Inc. and its business, which may include, but is not limited to, anticipated use of proceeds from capital transactions, expansion into 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 actual results to differ materially from those expressed in these statements.

現在花點時間閱讀安全港聲明。在本次電話會議期間，我們將對 XPEL, Inc. 及其業務做出某些前瞻性陳述，其中可能包括但不限於預期使用資本交易收益、拓展新市場和執行公司成長策略。此類聲明基於我們目前的預期和假設，受已知和未知的風險因素和不確定性的影響，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 section, under Item 1A Risk Factors filed with the SEC. XPEL undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

我們最新的 10-K 表格詳細討論了其中一些因素，包括向美國證券交易委員會提交的第 1A 項風險因素部分。XPEL 不承擔公開更新或修改任何前瞻性聲明的義務，無論其是否因新資訊、未來事件或其他原因而發生。

With that, I will now turn the call over to Ryan. Please go ahead, Ryan.

說完這些，我現在將電話轉給瑞安。請繼續，瑞安。

Thank you, John, and good morning as well, everyone, and welcome to our second quarter 2025 call.

謝謝你，約翰，大家早安，歡迎參加我們 2025 年第二季的電話會議。

We had a record quarter in Q2 with revenue growing 13.5% to $124.7 million. I think this exceeded our expectations going into the quarter and in the environment that we're in. We had an easier comp in China given the sort of orchestration of the revenue in the previous year. But even factoring that in, revenue growth would have been about 11% in a more normalized environment. So really good.

我們在第二季創下了紀錄，營收成長 13.5%，達到 1.247 億美元。我認為這超出了我們對本季以及我們所處環境的預期。考慮到去年的收入安排，我們在中國的業務比較容易。但即使考慮到這一點，在更正常的環境下，收入成長率也將達到 11% 左右。真的很好。

I think the US region grew 8.4% to $70.4 million for the quarter, which was also a record and good. I think, obviously, Q2 in the US was quite exciting, you might say. In a sense it was punctuated by tariff anxiety to start. And for those who follow the car market, this jumped the US SAAR in the first part of the quarter and then it slowed in the end as maybe some consumers tried to front-run pricing fears in the new car market.

我認為美國地區本季成長了 8.4%，達到 7,040 萬美元，這也是創紀錄的良好表現。我認為，顯然，你可以說美國第二季的表現相當令人興奮。從某種意義上說，它一開始就充滿了關稅焦慮。對於那些關注汽車市場的人來說，這在本季度前半段推動了美國年度平均銷售成長率 (SAAR) 的上漲，但最終有所放緩，因為也許一些消費者試圖在新車市場中克服價格擔憂。

Our view is really mixed as to whether that helped us, hurt us or what the impact was. Obviously, we would prefer a more stable environment month-to-month. But I don't think it was overwhelmingly positive for us because some of those gains at the front half of the quarter were given up in the second half. And if you look at the new car SAAR for the quarter, I think it was up modestly, like 2%, 2.5% from prior year. So I think this is just more of the same in terms of this choppy and uncertain environment that we've been in and expect to continue to be in.

對於這是否對我們有幫助、有害或有何影響，我們的看法確實很複雜。顯然，我們希望有一個更穩定的月度環境。但我並不認為這對我們來說是絕對積極的，因為本季前半段的一些收益在下半段被放棄了。如果你看一下本季的新車年均複合成長率 (SAAR)，我認為它比去年同期略有上漲，例如 2% 到 2.5%。因此，我認為，就我們所處的動盪和不確定的環境而言，情況大體相同，而且預計這種情況還會繼續。

Canada region revenue grew 7.4% for the quarter. As we discussed previously, Canada started the year very slow, but this has been recovering. It was similar maybe to how the US started in the prior year. July for Canada was quite good, the most on track this year. I think we hit our internal budget for Canada for July, which was set last year. So that's good.

本季加拿大地區營收成長了 7.4%。正如我們之前所討論的，加拿大今年開局非常緩慢，但一直在復甦。這可能與美國去年的開始情況類似。加拿大 7 月表現相當不錯，是今年以來最順利的月份。我認為我們已達到了去年制定的七月加拿大內部預算。這很好。

We've seen a pattern like this sort of ripple through all the markets in which we serve and it's just something we have to deal with and stay the course and maintain what we're doing in spite of the volatility.

我們已經看到這種模式在我們服務的所有市場中產生連鎖反應，這是我們必須應對的事情，儘管市場波動，我們仍要堅持下去，維持我們正在做的事情。

China revenue came in at $7.7 million. This is sort of in the range we've been talking about in terms of the more normalized cadence of revenue recognition we get now instead of this choppiness we've seen in the past. We're finalizing our strategy for the China market. We expect to have more to discuss on that very soon.

中國區收入為 770 萬美元。就我們現在獲得的收入確認的更規範的節奏而言，這在某種程度上處於我們一直在談論的範圍內，而不是我們過去所看到的這種波動。我們正在最終確定針對中國市場的策略。我們期望很快能就此進行更多討論。

We also saw strong performance in our other remaining regions: Europe, India and Middle East, these all did well for us, with the exception of Latin America where we saw a revenue decline quarter-over-quarter. This is really due to some large distributor markets in South America where the timing of revenue is inconsistent. And we're working to move to a direct sales model in the largest car markets of the world. And so as we look at a market like Brazil, that's something that we're focused on this year as well.

我們在其他地區也表現強勁：歐洲、印度和中東，這些地區都表現良好，但拉丁美洲除外，該地區的營收季減。這實際上是由於南美一些大型經銷商市場的收入時間不一致。我們正在努力在全球最大的汽車市場轉向直銷模式。因此，當我們關注巴西這樣的市場時，這也是我們今年的重點。

We had a good first half of the year from a revenue perspective, I think, particularly in light of all the uncertainty and tariff noise. Q3 revenue should be in the $117 million to $119 million range, again, based on what we know today. As you may recall, Q3 '24 was our highest revenue quarter in history up until this quarter. So it's a challenging comp, but we see Q2 and Q3 trade off year-to-year. It's the peak quarter of the year from a seasonality perspective.

我認為，從收入角度來看，我們今年上半年表現良好，特別是考慮到所有的不確定性和關稅噪音。根據我們今天所掌握的信息，第三季的營收應該在 1.17 億美元至 1.19 億美元之間。您可能還記得，2024 年第三季是我們迄今為止歷史上收入最高的季度。因此，這是一個具有挑戰性的比較，但我們看到第二季和第三季的業績逐年有所改善。從季節角度來看，這是一年中的旺季。

And then Q3 last year was the first quarter where we saw more stable revenue pattern in terms of our China revenue. So we'll be lapping that a little bit, but we're certainly glad that we have that predictability with all the changes we've been working through.

去年第三季是我們中國區營收模式首次出現更穩定的季度。因此，我們會對此進行一些改進，但我們當然很高興，對於我們一直在努力進行的所有變革，我們都有這種可預測性。

Overall I really think we're performing quite well in this environment relative to our competitors and even others in the broader space. The team is really executing and I think everyone knows where they see opportunity and where they need to work really hard. It's certainly a challenging environment, but we're really executing well. And I think on a global basis, our shift to a very focused and decentralized P&L model around our various regional leaders is proving and proving success and showing results.

總的來說，我確實認為，與我們的競爭對手甚至更廣泛領域的其他公司相比，我們在這種環境中的表現相當不錯。團隊確實在執行，我認為每個人都知道他們在哪裡看到機會以及他們需要在哪裡努力工作。這無疑是一個充滿挑戰的環境，但我們確實表現得很好。我認為，從全球範圍來看，我們轉向以各個地區領導人為中心的高度集中和分散的損益模式，正在證明我們的成功並取得成果。

Things will remain volatile. But if we've got the right ownership of every area of the business and good leaders, they will solve the challenges that we see. So really I think I feel the best about the internal workings of the company right now than I have in probably two years. So we're certainly excited about that.

情況仍將不穩定。但如果我們對業務的每個領域都有正確的所有權和優秀的領導者，他們就會解決我們所看到的挑戰。所以我真的認為我現在對公司內部運作的感覺比過去兩年來最好。所以我們對此感到非常興奮。

Continued good performance at the gross margin line. The quarter came in at 42.9%, which is up 6 basis points sequentially. This is down to prior year's second quarter, mainly due to a revenue mix where we had higher China, which is distributor revenue, this year than last year. So pretty consistent.

毛利率持續保持良好表現。本季達到 42.9%，比上一季上升 6 個基點。這是與去年第二季相比有所下降，主要是因為今年我們的中國經銷商收入高於去年。非常一致。

We still expect the opportunity to trend this gross margin upward going forward as we continue to work all the initiatives we have. We've talked about sort of tariff impact in terms of our business and that that is expected to be minimal and we have the ability to work around that developing situation. And I can't rule out some short-term noise on that as things happen, but I think as you see here, we have really stability in that front. And our overall architecture of the business is just not exposed to what we're seeing on a broader scale. So still remain in a good position there.

隨著我們繼續實施所有舉措，我們仍然預期未來毛利率有機會上升。我們已經討論過關稅對我們業務的影響，預計這種影響將很小，我們有能力解決這種發展情況。我不能排除事情發生時的一些短期噪音，但我認為正如你所看到的，我們在這方面確實很穩定。而我們業務的整體架構並沒有展現出我們在更廣泛範圍內所看到的情況。因此仍然保持良好的地位。

Our SG&A growth in the quarter is largely driven by overhead added in the second half of last year that's embedded in our distributor acquisitions in Thailand and Japan. As we discussed, these are important markets for us to build a direct presence. So obviously, we now have facilities and employees in-country upon which to build a bigger base.

本季我們的銷售、一般及行政費用的成長主要是由於去年下半年我們在泰國和日本的經銷商收購中增加的管理費用。正如我們所討論的，這些都是我們建立直接業務的重要市場。顯然，我們現在在國內擁有設施和員工，可以在此基礎上建立更大的基地。

Additionally, we did have about $1.6 million in onetime costs in SG&A for the quarter. Some of you may remember, we discussed this in the first quarter. We had some restructuring costs that we did to reorganize the business coming into this year. Some of those were borne in Q1 and the remainder in Q2. And then we also have quite substantial costs in the quarter related to legal and due diligence for M&A that we've been pursuing, as we've discussed. And then we have some other costs for this quarter that will not reoccur. So $1.6 million in total.

此外，本季我們的銷售、一般及行政費用（SG&A）中確實有約 160 萬美元的一次性成本。你們中的一些人可能還記得，我們​​在第一季討論過這個問題。我們今年對業務進行了重組，並產生了一些重組成本。其中一些是在第一季產生的，其餘的則是在第二季產生的。正如我們所討論的，本季我們也產生了與我們一直在進行的併購的法律和盡職調查相關的相當大的成本。本季我們還有一些其他成本不會再發生。所以總共是160萬美元。

If we normalize for those, EBITDA would have grown 14.7% to $25 million or just right at about 20% of revenue. which is good.

如果我們將其標準化，EBITDA 將成長 14.7% 至 2,500 萬美元，或剛好達到營收的 20% 左右。這很好。

Generated just under $28 million in operating cash flow in Q2, really driven by the strong results overall, and then a slight reduction in inventory. And we ended the quarter with approximately $50 million net cash on the balance sheet.

第二季產生的營業現金流略低於 2,800 萬美元，這主要得益於整體業績的強勁成長以及庫存的略微減少。本季末，我們的資產負債表上淨現金約為 5,000 萬美元。

So we're advanced in a number of M&A opportunities. We're starting to see some opportunity here in terms of valuations for things that we've been interested in. Many have asked, we've seen those be real stubborn, I would say, given the overall macro situation. But we're starting to see that change a little bit, starting to see a few distressed things that might be of interest to us. So I feel very strong about our plans in terms of capital allocation here for the rest of the year. And going into next year, this is a top focus of the company and the Board.

因此，我們在許多併購機會方面都處於領先地位。就我們感興趣的事物的估值而言，我們開始看到一些機會。許多人問過，考慮到整體宏觀形勢，我想說，我們已經看到這些真的很頑固。但我們開始看到這種變化，開始看到一些可能引起我們興趣的令人苦惱的事情。因此，我對我們今年剩餘時間的資本配置計劃感到非常滿意。進入明年，這將成為公司和董事會的重點。

But we're also extremely prudent and extremely diligent. We're not going to be a footnote history of doing bad M&A and ruining a company. So I feel really good about the process that we're going through on this, and that will continue.

但我們也非常謹慎、非常勤奮。我們不會成為因併購失敗而毀掉公司的歷史註腳。因此，我對我們正在經歷的這一進程感到非常滿意，而且這一進程將會繼續下去。

We're seeing really good momentum with our personalization platform. And this is where we sell installations of products online and refer them to our installer network. Volume continues to grow. In fact, it's grown substantially even in the past two months. And we see a very good end consumer satisfaction.

我們的個人化平台發展勢頭良好。在這裡，我們在線銷售產品安裝並將其推薦給我們的安裝商網路。交易量持續成長。事實上，在過去兩個月裡，這一數字甚至大幅增加。我們看到最終消費者的滿意度非常好。

So we're investing a lot in this to continue to drive it forward to make it applicable to more use cases and really serve as the ability to help drive attachment of our products and others. And this has been part of our ongoing investment in our DAP system. It's all run through the same platform. So I think this is really an emerging success story for us and one that we're very focused on expanding the use cases.

因此，我們在這方面投入了大量資金，繼續推動其發展，使其適用於更多用例，並真正發揮幫助推動我們產品和其他產品附件的能力。這是我們對 DAP 系統持續投資的一部分。一切都透過同一個平台運作。所以我認為這對我們來說真的是一個新興的成功故事，我們非常注重擴大用例。

Finally, product front. We've talked in recent quarters about a lot of new products. We've taken most of them to market. We'll be launching a set of colored paint protection films in the end of this quarter, beginning of next. We've talked about this previously. It's a nice adjacent product set for us and something that we're pursuing. And we'll have features in the DAP and elsewhere to really help maximize this opportunity for our customers. So really excited about that.

最後，產品正面。最近幾季我們討論了很多新產品。我們已將其中大部分推向市場。我們將在本季末或下個季度初推出一套彩色漆面保護膜。我們之前已經討論過這個問題。對我們來說，這是一套很好的相鄰產品，也是我們正在追求的產品。我們將在 DAP 和其他地方推出新功能，真正幫助我們的客戶最大限度地利用這一機會。我對此感到非常興奮。

So all in all, good quarter. Our team is doing excellent. And I look forward to a good second half of the year.

總體而言，這是一個不錯的季度。我們的團隊表現非常出色。我期待今年下半年會有一個美好的結果。

Turn it over to you, Barry.

交給你吧，巴里。

Thanks, Ryan, and good morning, everyone. I just wanted to add just a little bit more color on the top line performance in the quarter.

謝謝，瑞安，大家早安。我只是想對本季的營收表現做一點補充。

Our total product revenue increased 13.9%, while total service revenue increased 12% quarter-over-quarter. And on a year-to-date basis, revenue grew 14.2% to $228.5 million. Our total window film product line grew 27% in the quarter, driven primarily by our automotive window tint which grew 22.5%. And our newest product, Windshield Protect, which is a windshield protection film, also contributed to that solid performance.

我們的總產品收入較上季成長 13.9%，總服務收入較上季成長 12%。今年迄今，營收成長 14.2%，達到 2.285 億美元。本季度，我們的整個窗膜產品線成長了 27%，主要原因是汽車窗膜成長了 22.5%。我們的最新產品 Windshield Protect 是一種擋風玻璃保護膜，也為這項出色的性能做出了貢獻。

Our gross margin for the quarter grew 11.8% to $53.5 million, reflecting a gross margin percentage of 42.9%. On a year-to-date basis, our gross margin grew 13.6% to $97.4 million, and that was a gross margin percentage of 42.6%.

本季我們的毛利率成長 11.8% 至 5,350 萬美元，毛利率百分比為 42.9%。從年初至今，我們的毛利率成長了 13.6%，達到 9,740 萬美元，毛利率百分比為 42.6%。

Our total SG&A expenses grew 19.3% to $34.2 million quarter-over-quarter, and this was right at about 27.4% of total revenue. And sequentially, SG&A was up 4.4% versus Q1. And if you normalize for the onetime costs that Ryan alluded to, SG&A would have grown 13.7% quarter-over-quarter. And moving forward, our SG&A growth rate should moderate as we lap our acquisition-related SG&A expenses that Ryan was talking about earlier in the second half of the year. On a year-to-date basis, SG&A grew 16.9% to $67 million.

我們的銷售、一般及行政費用總額較上季成長 19.3%，達到 3,420 萬美元，約佔總營收的 27.4%。與第一季相比，銷售、一般及行政費用較上季上漲 4.4%。如果將 Ryan 提到的一次性成本標準化，銷售、一般和行政費用將較上季增加 13.7%。展望未來，隨著我們解決 Ryan 在今年下半年早些時候談到的與收購相關的銷售、一般和行政費用問題，我們的銷售、一般和行政費用增長率應該會放緩。從年初至今，銷售、一般及行政費用成長 16.9%，達到 6,700 萬美元。

Ryan talked about EBITDA for the quarter earlier, but I'll also note that, on a year-to-date basis, EBITDA grew 12.9% to $37.8 million, reflecting a 16.6% EBITDA margin.

Ryan 之前談到了本季的 EBITDA，但我還要指出的是，從年初至今，EBITDA 成長了 12.9%，達到 3,780 萬美元，EBITDA 利潤率為 16.6%。

Net income for the quarter increased 7.8%, reflecting a 13% net income margin. Again, normalizing for the onetime costs, net income would have grown 16.7% quarter-over-quarter. EPS was $0.59 per share for the quarter. And again, normalizing for the one-timers, EPS would have been $0.63 per share.

本季淨收入成長 7.8%，淨收入利潤率為 13%。同樣，如果將一次性成本標準化，淨收入將環比增長 16.7%。本季每股收益為 0.59 美元。再次，對於一次性交易而言，每股收益將為 0.63 美元。

And on a year-to-date basis, net income grew 14.3%, which is reflects a 10.8% net income margin. And year-to-date, our EPS is $0.90 per share. So again, we're pleased with the quarter and excited to see what the rest of the year holds.

今年迄今，淨收入成長了 14.3%，淨收入利潤率為 10.8%。今年迄今為止，我們的每股收益為 0.90 美元。因此，我們對本季的表現感到滿意，並期待看到今年剩餘時間的表現。

And with that, operator, we'll now open up the call for questions.

接線員，現在我們可以開始提問了。

Thank you very much, Barry. (Operator Instructions)

非常感謝，巴里。（操作員指示）

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley 證券公司。

Thanks and good morning. I guess the first question I had was, any more color you can share on the dealer service business trends?

謝謝，早安。我想我的第一個問題是，您能否分享更多關於經銷商服務業務趨勢的詳細資訊？

Yeah, Jeff, thanks for the question. I think this is continues to be a bright spot. We see revenue there growing faster than the aftermarket channel at present. I think there's a lot of reasons why that might be the case, but that trend certainly continued in Q2.

是的，傑夫，謝謝你的提問。我認為這仍然是一個亮點。我們發現那裡的收入成長速度目前比售後市場管道更快。我認為造成這種情況的原因有很多，但這種趨勢在第二季肯定會持續下去。

We have now in the US relative stability in terms of inventory, new car inventory. And I think there's obviously, the post-COVID era created a lot of volatility. I think there was a lot of concern about tariff-induced inventory challenges, which could impact us because we're sometimes attaching product at the time it hits the dealership lot rather than when it's sold. But that hasn't really materialized in a super negative way.

目前，我們在美國的新車庫存相對穩定。我認為，後疫情時代顯然帶來許多波動。我認為人們非常擔心關稅引發的庫存挑戰，這可能會對我們產生影響，因為我們有時會在產品到達經銷商時而不是在產品售出時才附加產品。但這並沒有真正以極其消極的方式實現。

So we've been doing great. I think July was an all-time record for that in terms of number of vehicles and revenue and pretty much every other metric. And it's something that we see expansion opportunities in other markets too. We're working on with a couple of large groups and other countries for something similar. So I think it's been a bright spot.

所以我們做得很好。我認為，就車輛數量、收入以及幾乎所有其他指標而言，七月都創下了歷史新高。我們也在其他市場看到了擴張的機會。我們正在與一些大型團體和其他國家合作進行類似工作。所以我認為這是一個亮點。

And then we have the opportunity too, I think, over time to layer on our referral and personalization platform to help the dealers do even more upselling through that business. So a bright spot overall.

然後，我認為，隨著時間的推移，我們也有機會在我們的推薦和個人化平台上分層，以幫助經銷商透過該業務進行更多的追加銷售。總體來說是一個亮點。

Okay. And then just to follow up a little bit on what you just hit on, maybe you can delve a little bit more into the personalization platform initiatives that you're working on now and what we might see develop there.

好的。然後，為了稍微跟進一下您剛才提到的內容，也許您可以更深入地探討一下您目前正在進行的個人化平台計劃，以及我們可能在那裡看到的發展。

Well, I think that the challenge, fundamental challenge of this business has been and is and has been one of awareness where the products we sell they're virtually or actually invisible. They don't market themselves going down the road.

嗯，我認為這個行業的根本挑戰一直是人們的認識，我們銷售的產品實際上是看不見的。他們不會在路上推銷自己。

And you have a very you have an industry in the aftermarket that is a very sort of offline and analog business in the sense that most of the sales are made on the phone or they're made in points of presence in shops. And that's good. They're very effective at selling that way, but you also miss out on a lot of consumers where buying that way is maybe not what they're thinking of first in an Amazon- type world that we live in.

售後市場是一個非常線下和模擬的業務，因為大多數銷售都是透過電話或在商店的營業點進行的。這很好。他們以這種方式銷售非常有效，但你也會錯過很多消費者，在我們生活的亞馬遜式世界中，這種方式的購買可能不是他們首先想到的。

So with this platform, we're able to reach, through partnerships with OEMs and dealerships and others, consumers maybe in a form that is more comfortable to some of them online. We can present a lot of product information. We can present video. We can really make a compelling reason to buy the product. And then we can facilitate an online transaction and run that through the network.

因此，透過這個平台，我們能夠透過與原始設備製造商 (OEM)、經銷商和其他方的合作，以一種消費者更習慣的線上方式接觸到他們。我們可以提供很多產品資訊。我們可以提供影片。我們確實可以提出一個令人信服的理由來購買該產品。然後我們可以促進線上交易並透過網路運行。

And the ultimate goal of that is that it will, and we're seeing it now, but it will serve as a way to increase attach rates in participating vehicles and provide a really good source of revenue for our participating installers. So I think it's a way to ultimately grow the business and reach another set of consumers.

而它的最終目標是，我們現在就看到了，但它將成為提高參與車輛的連接率的一種方式，並為我們的參與安裝人員提供真正的好收入來源。所以我認為這是最終發展業務並接觸另一批消費者的一種方式。

And so the feedback has been really good. It's going to take continued investment on us and continued development with other partners that want to leverage it. But it's I think a great opportunity for our industry.

因此反饋非常好。這需要我們持續投資並與其他想要利用它的合作夥伴一起持續開發。但我認為這對我們的行業來說是一個很好的機會。

Okay. That's helpful. And then just finally, if I could ask, is there anything on mix, gross margin, OpEx considerations for second half that we should be aware of thinking about the quarterly progression?

好的。這很有幫助。最後，如果我可以問一下，在考慮季度進度時，我們是否應該注意下半年的組合、毛利率和營運支出的考量？

No. I mean the trends we see, obviously, first quarter is usually the slowest quarter. Second and third are our peak revenue quarters of the year. Fourth quarter, we usually see a little sequential decline in the US business.

不。我的意思是，我們看到的趨勢顯然是第一季通常是最慢的季度。第二和第三季是我們今年收入最高的季度。第四季度，我們通常會看到美國業務出現小幅環比下滑。

Our overall cost structure is pretty stable outside of the things we mentioned earlier on the call. The gross margin profile is consistent. And absent something on the tariff side that would cause us an unexpected issue, no, don't really see any big movement on that for the rest of the year.

除了我們之前在電話中提到的內容之外，我們的整體成本結構相當穩定。毛利率狀況保持一致。而且，如果關稅方面沒有出現什麼導致我們出現意外問題的情況，那麼今年剩餘時間內，我們確實看不到任何重大變化。

Okay, great. Thanks for taking my questions.

好的，太好了。感謝您回答我的問題。

(Operator Instructions)

（操作員指示）

Steve Dyer, Craig-Hallum.

史蒂夫戴爾、克雷格哈勒姆。

Hey, thanks. This is Matthew Rob on for Steve. Just want to start on M&A. Ryan, you have $50 million of cash on the balance sheet, which I think is the most cash you've ever had as a public company. It sounds like you've got your eye on something or multiple somethings. I guess, any other hints you could give us at this point? And then maybe anything on sizing, looking at more bolt-on or something larger?

嘿，謝謝。我是馬修·羅布，代替史蒂夫報道。只是想開始併購。瑞安，你的資產負債表上有 5000 萬美元的現金，我認為這是你作為上市公司所擁有的最多現金。聽起來你好像已經注意到某件或多件事物。我想，您現在還能提供我們其他提示嗎？然後也許還有關於尺寸的任何內容，看看更多的螺栓固定還是更大的東西？

Yeah, I mean I think our approach has been remains pretty consistent with what we've talked about in the past. Our first order of business is really of consolidating our international distribution so that we can serve directly the markets we want to be in. We've largely done that. I think a few exceptions are China, Brazil in terms of the top car markets of the world. So obviously, that remains an interest and something that we're very active on.

是的，我的意思是，我認為我們的方法與我們過去談論的非常一致。我們的首要任務實際上是鞏固我們的國際分銷，以便我們可以直接服務我們想要進入的市場。我們基本上已經做到了這一點。我認為就世界頂級汽車市場而言，中國和巴西是少數例外。顯然，這仍然是我們的興趣所在，也是我們非常積極的事情。

As we look at the dealership business, as was referenced in the earlier question, this is a way again, another way to reach consumers where they are. The dealerships have tremendous volume. And so looking at M&A in that space that could bring more customers into the fold and more dealerships into the fold, so that's a little more downstream. Those are the areas that we remain principally focused on.

正如我們之前的問題中提到的那樣，當我們審視經銷商業務時，這又是一種方式，另一種接觸消費者的方式。經銷商的銷售量龐大。因此，從該領域的併購來看，它可以吸引更多的客戶和更多的經銷商，所以這更屬於下游領域。這些是我們仍然主要關注的領域。

And I think we really have two streams of thought. We're looking at things that are more meaningful while also pursuing a cadence of smaller bolt-on things. So I don't expect us to be in a position where the our cash position continues to build. That's not what we've been working towards, and we remain on track on that. Obviously, we're not going to do things for the sake of doing them.

我認為我們確實有兩種思想流派。我們正在尋找更有意義的事情，同時也在追求更小的附加事物的節奏。所以我不認為我們的現金狀況會繼續增加。這不是我們一直努力的目標，我們仍在朝著這個目標努力。顯然，我們不會為了做事而做事。

But we're not going to be sitting here a year from now just seeing that cash position build. There are plenty of opportunities. And I think the opportunities that are out there are probably only getting more interesting to us in terms of the things we're doing and then sort of relative valuations and then our ability to integrate them, which we've enhanced over time as well.

但我們不會在一年後就坐在這裡看著現金狀況的增加。有很多機會。我認為，就我們所做的事情、相對估值以及我們整合這些機會的能力而言，這些機會對我們來說可能只會變得越來越有趣，而這些能力我們也隨著時間的推移而增強。

Yes. Okay. And then thoughts on the US market in the second half and as we get into 2026. A wide range of estimates out there on what SAAR could be. I think July was actually pretty good. But then you have the EV tax credit going away at the end of Q3. So quite a few puts and takes there. I guess, how do you feel that the business is positioned in that backdrop? And then how do you think about growth in the US market as we look out over the next few quarters?

是的。好的。然後思考一下下半年以及 2026 年美國市場的情況。關於 SAAR 的估計範圍很廣。我認為七月其實相當不錯。但到第三季末，電動車稅收抵免將會取消。因此，那裡有相當多的事情要做。我想，您覺得在這樣的背景下，該業務的定位是什麼？那麼，展望未來幾個季度，您如何看待美國市場的成長？

Well, I think you have two things. Obviously, we can't sell products that go on new cars if new cars aren't sold. So we watch the SAAR and the prognostications about that. But like interest rates or anything else, our view is that no one really knows. And so we can't really plan for that. We have to just respond to it.

嗯，我認為你有兩件事。顯然，如果新車賣不出去，我們就無法銷售新車上的產品。因此，我們關注 SAAR 及其相關預測。但就像利率或其他任何東西一樣，我們認為沒有人真正知道。所以我們實際上無法為此做計劃。我們必須對此作出回應。

But then the second piece of that is what are the things that we can control. And we can create awareness to increase attach rates into whatever the SAAR is. We can win competitive business and take share no matter what the SAAR is. So you really have one part thing that we have no control over and then two parts that we do have control over. And so those are really the things that we're focused on.

但第二點是我們能夠控制什麼。我們可以提高人們的意識，以提高 SAAR 的附加率。無論 SAAR 是多少，我們都可以贏得競爭業務並佔據市場份額。所以其實有一部分事情是我們無法控制的，而另外兩部分事情則是我們可以控制的。所以這些確實是我們關注的事情。

And if the SAAR declines or the negative side of the estimates come in, we'll deal with that. But I think the focus for us is on the things that we can control. And there's plenty of things we can do to win business and increase attach rate and better serve our customers no matter what happens to the SAAR.

如果 SAAR 下降或出現估計值的負值，我們就會處理。但我認為我們應該關注的是那些我們能夠控制的事情。無論 SAAR 發生什麼，我們都可以做很多事情來贏得業務、提高附加率並更好地服務我們的客戶。

Yeah. Okay. And then switching over to China. You've now lapped the sell-in, sell-through adjustments you've made over the last few quarters. And you also have a few quarters now under your belt with the improved product mix. How should we think about growth relative to the $8 million to $9 million a quarter run rate that we've seen in the last few quarters?

是的。好的。然後轉向中國。現在，您已經完成了過去幾季所做的銷售和銷售調整。而且，由於產品組合的改進，你們也已經取得了幾個季度的成功。相對於過去幾季每季 800 萬至 900 萬美元的運行率，我們該如何看待成長？

Yeah, I mean I think our overall current view on sort of the China in-country growth with what we're doing today is probably low double digits in terms of what we could see happen. There's a whole other series of channels there in the OEM and PDI and 4S business, which historically the company and through our distribution is not pursued, but in the past year, we really increased our efforts to pursue that business, including building the teams necessary to support it.

是的，我的意思是，我認為，就我們目前所做的工作而言，我們對中國國內經濟成長的總體看法可能是低兩位數。OEM、PDI 和 4S 業務中還有一系列其他管道，從歷史上看，公司和我們的經銷商並沒有涉足這些業務，但在過去的一年裡，我們確實加大了開展這些業務的力度，包括建立支援該業務所需的團隊。

And that really represents the substantial upside for the business over the next several years. The volumes possible through that channel are significant, and that's really what will unlock the growth versus the more traditional aftermarket sales in-country.

這確實代表了未來幾年業務的巨大成長空間。透過該通路可能實現的銷量非常可觀，與國內更傳統的售後市場銷售相比，這才是真正能夠帶來成長的因素。

So I think the timing on that, there's bid and tender processes and things that happen, so it's really not something that's quite as easy to model as maybe our traditional business. But if you just sort of look at the core of what we're doing there, it's a low double-digit growth, and then augmented by that as we as we see that accelerate and get more success in that channel.

所以我認為這方面的時機、投標和招標流程以及發生的事情，所以這實際上並不像我們的傳統業務那樣容易建模。但如果你只看一下我們在那裡所做的事情的核心，你會發現這是一個低兩位數的增長，然後隨著我們看到這一增長加速並在該渠道取得更多成功，這一增長還會進一步增強。

Okay, thanks guys appreciate it. Thank you.

好的，謝謝大家。謝謝。

Thank you very much. Well, we appear to have reached the end of our question-and-answer session. I will now turn the call back over to the management team for their closing remarks.

非常感謝。好吧，我們的問答環節似乎已經結束了。現在我將把電話轉回給管理團隊，請他們作最後發言。

Yeah, I want to thank everybody for joining us and thank our team for doing such a great job. Have a great day, everyone.

是的，我要感謝大家的加入，並感謝我們的團隊所做的出色工作。祝大家有個愉快的一天。

Thank you very much. This does conclude today's conference call. You may disconnect your phone lines at this time. And have a wonderful day. We thank you for your participation.

非常感謝。今天的電話會議到此結束。您現在可以斷開電話線。祝您有美好的一天。我們感謝您的參與。