領先汽車配件 (AAP) 2022 Q2 法說會逐字稿

Welcome to the Advance Auto Parts Second Quarter Conference Call. Before we begin, Elisabeth Eisleben, Senior Vice President, Communications and Investor Relations, will make a brief statement concerning forward-looking statements that will be discussed on this call.

歡迎參加 Advance Auto Parts 第二季度電話會議。在我們開始之前，通信和投資者關係高級副總裁 Elisabeth Eisleben 將就本次電話會議中討論的前瞻性陳述發表簡短聲明。

Good morning and thank you for joining us to discuss our second quarter 2022 results. I'm joined by Tom Greco, our President and Chief Executive Officer; and Jeff Shepherd, our Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will turn our attention to answering your questions.

早上好，感謝您加入我們討論我們 2022 年第二季度的業績。我們的總裁兼首席執行官 Tom Greco 也加入了我的行列；和我們的執行副總裁兼首席財務官 Jeff Shepherd。在他們準備好的評論之後，我們將把注意力轉向回答您的問題。

Before we begin, please be advised that our remarks today will contain forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements regarding our initiatives, plans, projections and future performance. Actual results could differ materially from those projected or implied by the forward-looking statements. Additional information about factors that could cause actual results to differ can be found under the captions Forward-Looking Statements and Risk Factors in our most recent annual report on Form 10-K and subsequent filings made with the commission.

在我們開始之前，請注意，我們今天的言論將包含前瞻性陳述。除歷史事實陳述外，所有陳述均為前瞻性陳述，包括但不限於關於我們的舉措、計劃、預測和未來業績的陳述。實際結果可能與前瞻性陳述所預測或暗示的結果存在重大差異。有關可能導致實際結果不同的因素的更多信息，請參閱我們最近提交給委員會的 10-K 表格年度報告和隨後提交的文件中的“前瞻性陳述和風險因素”標題下。

Now let me turn the call over to Tom Greco.

現在讓我把電話轉給 Tom Greco。

Thanks, Elisabeth, and good morning, everyone. Before we begin, I'd like to thank our entire Advance team and Carquest independent partners for their dedication throughout Q2. Thanks to their relentless focus on improving the customer experience and disciplined execution of our strategy, we delivered double-digit adjusted diluted earnings per share growth in the quarter.

謝謝，伊麗莎白，大家早上好。在開始之前，我要感謝整個 Advance 團隊和 Carquest 獨立合作夥伴在整個第二季度的奉獻。由於他們不懈地專注於改善客戶體驗和嚴格執行我們的戰略，我們在本季度實現了兩位數的調整後稀釋每股收益增長。

I'll begin my remarks today with a review of our Q2 performance as well as the factors that led to the revisions made to our full year guidance outlined in our press release. I'll then discuss the consistent progress we're making on our primary strategic initiatives before turning it over to Jeff to review our Q2 financial performance, including an update on cash returns to shareholders.

今天，我將回顧我們的第二季度業績以及導致我們在新聞稿中概述的全年指導進行修訂的因素，開始我的發言。然後，我將討論我們在主要戰略計劃上取得的持續進展，然後將其交給傑夫審查我們的第二季度財務業績，包括對股東現金回報的更新。

In the second quarter, we remained focused on the execution of our strategy. Consistent with this, we delivered another quarter of growth in net sales and adjusted operating income underscored by adjusted operating income margin expansion.

在第二季度，我們仍然專注於戰略的執行。與此一致，我們實現了另一個季度的淨銷售額和調整後的營業收入增長，這得益於調整後的營業收入利潤率的擴大。

Q2 2022 was our ninth consecutive quarter of year-over-year adjusted diluted EPS growth, including a 10% increase versus Q2 2021. Notably, Q2 adjusted diluted earnings per share of $3.74 was a quarterly record for Advance Auto Parts and grew 72% on a 3-year stack when compared with Q2 2019. We continued to invest in our business while returning approximately $700 million in cash to our shareholders in the first half of 2022.

2022 年第二季度是我們連續第九個季度調整後的攤薄後每股收益同比增長，其中與 2021 年第二季度相比增長了 10%。值得注意的是，第二季度調整後的攤薄後每股收益為 3.74 美元，是 Advance Auto Parts 的季度記錄，增長 72%與 2019 年第二季度相比，增加了 3 年。我們繼續投資於我們的業務，同時在 2022 年上半年向股東返還了大約 7 億美元的現金。

Our comparable store sales declined by 0.6% in Q2 while increasing 12.7% on a 3-year stack. As we're now opening new locations to expand our footprint, our net sales grew faster than comp sales and were up 0.6%. Our deliberate move to increase owned brand penetration, which carries a lower absolute price point, reduced both net and comp sales by approximately 1 full point with a disproportionate impact to professional.

我們的可比店面銷售額在第二季度下降了 0.6%，而三年累計增長了 12.7%。由於我們現在正在開設新地點以擴大我們的足跡，我們的淨銷售額增長速度快於復合銷售額，增長了 0.6%。我們有意提高自有品牌滲透率（絕對價格點較低），將淨銷售額和復合銷售額均降低了約 1 個百分點，對專業人士產生了不成比例的影響。

Moving to margins, we're pleased that we are able to deliver a 166 basis point increase in our adjusted gross margin rate in Q2. A key element of this improvement is the execution of our strategic shift to owned brands within our product mix, as just mentioned, which provides a much higher margin rate. In Q2, owned brands as a percent of overall product mix were up over 200 basis points.

談到利潤率，我們很高興我們能夠在第二季度將調整後的毛利率提高 166 個基點。如前所述，這種改進的一個關鍵因素是在我們的產品組合中執行我們向自有品牌的戰略轉變，這提供了更高的利潤率。在第二季度，自有品牌佔整體產品組合的百分比上升了 200 多個基點。

As expected, our elevated SG&A costs year-over-year partially offset our adjusted gross margin expansion. Overall, in Q2, our 11.7% adjusted operating income margin was the highest quarterly rate Advance Auto Parts has reported in 7 years.

正如預期的那樣，我們同比上升的 SG&A 成本部分抵消了我們調整後的毛利率擴張。總體而言，在第二季度，我們 11.7% 的調整後營業利潤率是 Advance Auto Parts 7 年來報告的最高季度率。

I'll now shift to more details on our sales performance in the quarter and the factors that led to our updated guidance.

我現在將轉向有關我們本季度銷售業績的更多細節以及導致我們更新指導的因素。

After a late spring contributed to a stronger sales at the start of the quarter, comp sales softened and turned negative with final results below our expectations, primarily driven by DIY.

在春末促成了本季度初的強勁銷售之後，comp 銷售疲軟並轉為負數，最終結果低於我們的預期，主要由 DIY 推動。

In terms of category growth, fluids and chemicals, including motor oil, as well as batteries and brakes were the top performers in Q2. Our regional sales performance was led by the Mid-Atlantic and West regions.

在類別增長方面，流體和化學品（包括機油）以及電池和製動器是第二季度表現最好的。我們的區域銷售業績由大西洋中部和西部地區領先。

While we contemplated several external factors when we provided our initial 2022 guidance in February, increased inflationary pressures, particularly in fuel, were well above our planned estimates in the second quarter. Rising inflation and significant year-over-year cost increases are having a disproportionate impact on the discretionary spending of our core DIY consumer. As a result, our low single-digit net sales decline in the quarter in DIY drove our sales shortfall in the quarter.

雖然我們在 2 月份提供 2022 年初始指引時考慮了幾個外部因素，但通脹壓力增加，尤其是燃料方面的壓力，遠高於我們在第二季度的計劃預期。通脹上升和成本同比顯著增加對我們核心 DIY 消費者的可自由支配支出產生了不成比例的影響。因此，我們在本季度 DIY 的低個位數淨銷售額下降導致我們在本季度的銷售短缺。

There are a couple of factors to consider surrounding how a more challenging economic environment impacts the DIY customer. First, the majority of DIY jobs are considered nondiscretionary. In this case, DIYers must address the problem and repair their vehicle as soon as possible. These are what we call break/fix or failure-related categories.

圍繞更具挑戰性的經濟環境如何影響 DIY 客戶，有幾個因素需要考慮。首先，大多數 DIY 工作被認為是非自由裁量的。在這種情況下，DIY愛好者必須盡快解決問題並修理他們的車輛。這些就是我們所說的中斷/修復或故障相關類別。

Failure, or nondiscretionary DIY categories like batteries and brakes, performed well in Q2. On the other hand, some categories are more discretionary and therefore can be deferred. As an example, in Q2, we saw softness in appearance chemicals and accessories, which are some of our better performing categories during the height of the pandemic.

故障或電池和剎車等非自主 DIY 類別在第二季度表現良好。另一方面，某些類別更具自由裁量權，因此可以推遲。例如，在第二季度，我們看到外觀化學品和配件出現疲軟，這是我們在大流行高峰期間表現較好的一些類別。

As we entered the back half of 2022, we expect continued softness in DIY discretionary categories. Despite recent moderation in fuel prices, overall inflation, including fuel, remains substantially higher than 2021, which we expect will pressure the DIY customer. This is the primary driver of our updated guidance.

隨著我們進入 2022 年下半年，我們預計 DIY 非必需品類別將繼續疲軟。儘管近期燃料價格有所放緩，但包括燃料在內的總體通脹仍遠高於 2021 年，我們預計這將給 DIY 客戶帶來壓力。這是我們更新指南的主要驅動力。

Separately, as we consider our balance-of-year guidance and sales outlook, the biggest opportunity we have to build shareholder value is to complete the integration of AAP and grow our margins. As we consistently communicated, we remain laser focused on these objectives and are executing our plan. This includes a relentless focus on category management, which is our largest initiative to drive profitable growth.

另外，當我們考慮我們的年度平衡指導和銷售前景時，我們必須建立股東價值的最大機會是完成 AAP 的整合併提高我們的利潤率。正如我們一貫溝通的那樣，我們始終專注於這些目標並正在執行我們的計劃。這包括對品類管理的不懈關注，這是我們推動盈利增長的最大舉措。

As part of category management, our new strategic pricing tools are fully implemented. We're now leveraging the enhanced capabilities these tools have to offer, which enables us to differentiate pricing by category, region, store and customer. We've also significantly improved visibility into the return on investment surrounding our discounting practices by leveraging advanced analytics to gain insights on the competitive landscape and evaluate our strategic pricing actions. This is helping determine the quantitative and qualitative effectiveness of these actions.

作為品類管理的一部分，我們全新的戰略定價工具已全面實施。我們現在正在利用這些工具必須提供的增強功能，這使我們能夠按類別、地區、商店和客戶區分定價。我們還通過利用高級分析來深入了解競爭格局並評估我們的戰略定價行動，從而顯著提高了對折扣實踐的投資回報的可見性。這有助於確定這些行動的定量和定性有效性。

On the professional side, we're now able to measure sales lift on different levels of discounting real time and at a much more granular level. Knowing price is not the most important driver of choice for professional customers. We're becoming more disciplined in eliminating unprofitable discounts. An important byproduct of this strategy enables us to redeploy resources to enhance our service to our most loyal and fastest-growing customers.

在專業方面，我們現在能夠在更精細的水平上實時衡量不同折扣水平的銷售提升。了解價格並不是專業客戶選擇的最重要驅動因素。我們在消除無利可圖的折扣方面變得更加自律。該戰略的一個重要副產品使我們能夠重新部署資源，以增強我們對最忠誠和增長最快的客戶的服務。

Our disciplined pricing strategy is an important value driver which we expect to contribute to further margin expansion over the long term. In the short term, we expect this may result in temporary sales softness in our professional business in the back half, which we factored into our updated guidance. We firmly believe this is the right approach for AAP to drive sustainable top line growth and margin expansion.

我們嚴謹的定價策略是一個重要的價值驅動因素，我們預計這將有助於長期進一步擴大利潤率。在短期內，我們預計這可能會導致我們的專業業務在下半年出現暫時的銷售疲軟，我們在更新的指導中考慮了這一點。我們堅信這是 AAP 推動可持續收入增長和利潤率擴張的正確方法。

Looking forward, while we're cautious about the consumer and macroeconomic outlook, we remain bullish on the resilience of our industry and the disciplined execution of our strategy.

展望未來，雖然我們對消費者和宏觀經濟前景持謹慎態度，但我們仍然看好我們行業的彈性和我們戰略的嚴格執行。

At an industry level, key drivers of demand remain positive, including the outlook for the car park, an aging fleet and vehicles entering the sweet spot. A critical variable we're watching closely is miles driven, which in Q2 still remains slightly above 2021 levels.

在行業層面，需求的主要驅動因素仍然是積極的，包括停車場的前景、老化的車隊和進入最佳位置的車輛。我們正在密切關注的一個關鍵變量是行駛里程，在第二季度仍略高於 2021 年的水平。

I'll now briefly discuss the progress we've made on some of the drivers of total shareholder return outlined in our April 2021 strategic update.

我現在將簡要討論我們在 2021 年 4 月戰略更新中概述的一些股東總回報驅動因素方面取得的進展。

An important driver of our TSR agenda is to deliver profitable growth while building sustainable capabilities to drive long-term competitive advantage. Starting with professional, our long-term growth strategy concentrates on what our customers value most: extensive parts availability, outstanding customer service and reliability of delivery. We offer customers a comprehensive, multi-brand assortment of high-quality national brands, owned brands and OE parts; ease of ordering; as well as consistent, reliable delivery. By leveraging enterprise assets, we are strengthening our value proposition with the tools our customers need to grow their business profitably and ensure they have the right part at the right time.

我們 TSR 議程的一個重要驅動力是實現盈利性增長，同時建立可持續能力以推動長期競爭優勢。從專業開始，我們的長期增長戰略集中在客戶最看重的方面：廣泛的零件可用性、出色的客戶服務和交付的可靠性。我們為客戶提供全面、多品牌的優質民族品牌、自主品牌和原廠配件；易於訂購；以及一致、可靠的交付。通過利用企業資產，我們正在通過客戶所需的工具來加強我們的價值主張，以實現盈利增長並確保他們在正確的時間擁有正確的部分。

As we grow together with pro customers, we continue to add important program elements to help our customers compete. New vehicle technologies, such as hybrid and electric, along with an industry-wide technician shortage creates challenges for professional customers. This led us to create enhanced training and technology platforms that help customers provide comprehensive repair services and recruit technicians.

隨著我們與專業客戶一起成長，我們將繼續添加重要的計劃元素以幫助我們的客戶競爭。混合動力和電動等新技術以及全行業的技術人員短缺給專業客戶帶來了挑戰。這促使我們創建了增強的培訓和技術平台，幫助客戶提供全面的維修服務和招聘技術人員。

Our focus to strengthen the pro customer value proposition is demonstrated by growth in our strategic accounts and TechNet customers. The successful rollout of DieHard batteries and professional garages continues to drive sales growth and bring new customers to these large accounts. Carquest-branded parts are also gaining momentum as a result of their high quality, evidenced by very low return and defect rates.

我們的戰略客戶和 TechNet 客戶的增長證明了我們對加強專業客戶價值主張的關注。 DieHard 電池和專業車庫的成功推出繼續推動銷售增長，並為這些大客戶帶來新客戶。 Carquest 品牌的零件也因其高品質而獲得發展勢頭，退貨率和缺陷率極低就證明了這一點。

Separately, we're continuing to leverage Worldpac's best-in-class model for professional customers across the enterprise. Reliable delivery is vitally important and enables installers to more effectively schedule technicians and provide their customers with accurate service times. Now when an order is created, we've enabled all of our digital platforms to provide delivery times like Worldpac has done for many years.

另外，我們將繼續為整個企業的專業客戶利用 Worldpac 一流的模型。可靠的交付至關重要，它使安裝人員能夠更有效地安排技術人員並為其客戶提供準確的服務時間。現在，當創建訂單時，我們已啟用所有數字平台，以提供 Worldpac 多年來所做的交付時間。

In DIY omnichannel, our #1 priority is to ensure our customers have the parts they need to do the complete job. We continue to work on improving store in-stock rates as global supply chain constraints moderate. This includes adding more depth of parts in the front room and leveraging our dynamic assortment tool to improve parts availability for the complete job.

在 DIY 全渠道中，我們的第一要務是確保我們的客戶擁有完成完整工作所需的零件。隨著全球供應鏈限制的緩和，我們將繼續努力提高商店的庫存率。這包括在前廳增加更多深度的零件，並利用我們的動態分類工具來提高整個工作的零件可用性。

Our highly regarded owned brands are a differentiator for Advance. Specific to DieHard, we continue to build this brand and delivered another quarter of double-digit sales growth. This ongoing strength is due in part to the successful launch of DieHard hand and power tools as well as our latest product innovation, the exclusive DieHard EV and hybrid battery.

我們備受推崇的自有品牌是 Advance 的差異化因素。具體到 DieHard，我們繼續打造這個品牌，並實現了另一個季度的兩位數銷售增長。這種持續的實力部分歸功於 DieHard 手動和電動工具的成功推出，以及我們最新的產品創新、獨家 DieHard EV 和混合電池。

In terms of building awareness and increasing loyalty, the enhancement of our Speed Perks program through the launch of Gas Rewards has been a highlight for DIY this year. Our field team has dialed the execution of this initiative in 2022. Year-to-date, active Speed Perks members have increased to 13 million. In Q2, we increased Speed Perks as a percent of both transactions and sales by over 300 basis points compared with the prior year quarter.

在建立意識和提高忠誠度方面，通過推出 Gas Rewards 來增強我們的 Speed Perks 計劃是今年 DIY 的一大亮點。我們的現場團隊已決定在 2022 年執行該計劃。年初至今，活躍的 Speed Perks 成員已增加到 1300 萬。在第二季度，與去年同期相比，我們將 Speed Perks 佔交易和銷售額的百分比提高了 300 多個基點。

Rounding out our top line growth initiatives, we're executing our new store opening plan. In the quarter, we opened 43 new locations, including the recent opening of our flagship store in downtown Los Angeles. Our California expansion is already contributing to share gains in the West. Year-to-date, we've opened 78 new locations and remain on track to deliver on our annual guidance of 125 to 150 new stores and branches.

為了完善我們的收入增長計劃，我們正在執行我們的新店開業計劃。本季度，我們開設了 43 家新店，包括我們最近在洛杉磯市中心開設的旗艦店。我們在加州的擴張已經在為西部的份額增長做出貢獻。年初至今，我們已經開設了 78 家新店，並繼續按計劃實現我們對 125 至 150 家新店和分店的年度指導。

I'll now shift to the progress we're making to capitalize on our significant margin expansion opportunity, starting with category management.

我現在將轉向我們正在取得的進展，以利用我們重要的利潤擴張機會，從類別管理開始。

Our strategic pricing strategy starts with a deep understanding of the customer decision journey for each job, including the role of price. Obviously, the importance of price varies by both channel and job based on a variety of factors. As we execute our strategy, we can remain competitively priced, remove unprofitable discounts and drive further gross margin expansion.

我們的戰略定價策略始於對每項工作的客戶決策旅程的深刻理解，包括價格的作用。顯然，價格的重要性因渠道和工作而異，這取決於多種因素。當我們執行我們的戰略時，我們可以保持具有競爭力的價格，消除無利可圖的折扣並推動毛利率進一步擴大。

Separately, we're streamlining and simplifying our supply chain to improve service and reduce costs. We continue to roll out a single warehouse management system across the Advance and Carquest DC network and are on track to complete the implementation by the end of 2023. We've also begun activating elements of our labor management suite of tools across our DC network and are beginning to see productivity benefits.

另外，我們正在精簡和簡化我們的供應鏈，以改善服務並降低成本。我們繼續在 Advance 和 Carquest DC 網絡中推出單一倉庫管理系統，並有望在 2023 年底前完成實施。我們還開始在我們的 DC 網絡中激活勞動力管理工具套件的元素，並開始看到生產力的好處。

Finally, in terms of SG&A, we're leveraging our labor management tool to do a better job of matching hours to transactions in our stores. This helps improve scheduling to ensure we're there when the customer needs us and offsets rising cost per hour inflation when transactions soften.

最後，在 SG&A 方面，我們正在利用我們的勞動力管理工具來更好地匹配我們商店的交易時間。這有助於改進調度，以確保我們在客戶需要我們時就在那兒，並在交易疲軟時抵消每小時成本上漲的影響。

In summary, during the second quarter, we're pleased that we were able to expand adjusted operating margins and deliver a record quarter of adjusted diluted EPS. We also returned nearly $700 million in cash to shareholders in the front half of the year. Over the long term, we remain focused on building a stronger customer value proposition for both pro and DIY customers.

總之，在第二季度，我們很高興我們能夠擴大調整後的營業利潤率並實現創紀錄的季度調整後稀釋每股收益。上半年，我們還向股東返還了近 7 億美元現金。從長遠來看，我們仍然專注於為專業客戶和 DIY 客戶建立更強大的客戶價值主張。

While we expect that both the consumer and retail environments will be challenging in the back half of 2022, we also believe that the continued disciplined execution of our initiatives will enable sustainable long-term growth and margin expansion going forward.

雖然我們預計消費者和零售環境在 2022 年下半年都將充滿挑戰，但我們也相信，我們計劃的持續嚴格執行將使未來的可持續長期增長和利潤率擴張成為可能。

I'll now turn the call over to Jeff to review our Q2 financials and updated outlook for the balance of the year. Jeff?

我現在將電話轉給傑夫，以審查我們的第二季度財務狀況和更新的年度餘額展望。傑夫?

Thanks, Tom, and good morning. I would also like to thank all our team members for their ability to quickly adapt in this unique environment.

謝謝，湯姆，早上好。我還要感謝我們所有的團隊成員，他們能夠迅速適應這種獨特的環境。

In Q2, our net sales of $2.7 billion increased 0.6% compared to Q2 2021 driven by continued growth in our professional business and new store openings.

在我們的專業業務和新店開業的持續增長的推動下，我們第二季度的淨銷售額為 27 億美元，與 2021 年第二季度相比增長了 0.6%。

Our comparable store sales declined 0.6%. As Tom mentioned, both net and comp sales were reduced by approximately 100 basis points due to increased owned brand penetration.

我們的可比店面銷售額下降了 0.6%。正如湯姆所提到的，由於自有品牌滲透率的提高，淨銷售額和復合銷售額均減少了約 100 個基點。

Adjusted gross profit margin expanded 166 basis points to 48% through the combination of our strategic pricing actions and the benefit of higher margins associated with owned brands. These improvements were partially offset by continued product cost inflation, which was an 8.8% increase on a same-SKU basis in the quarter, along with headwinds associated with product and channel mix. While we realized planned cost savings in supply chain, these were more than offset by wage and transportation inflation.

通過我們的戰略定價行動和與自有品牌相關的更高利潤率的好處，調整後的毛利率擴大了 166 個基點至 48%。這些改善部分被持續的產品成本通脹所抵消，該季度在相同 SKU 的基礎上增長了 8.8%，以及與產品和渠道組合相關的不利因素。雖然我們實現了供應鏈的計劃成本節約，但這些都被工資和運輸通脹所抵消。

Our Q2 adjusted SG&A was $967 million or 36.3% of net sales. This compares to $926 million or 35% of net sales in Q2 2021. Our largest headwind to SG&A in the quarter was higher inflation in wages and fuel. Additionally, we incurred anticipated start-up costs related to our California expansion. However, with over 50% of our locations open, they are now contributing incremental revenue and operating income.

我們第二季度調整後的 SG&A 為 9.67 億美元，占淨銷售額的 36.3%。相比之下，2021 年第二季度淨銷售額為 9.26 億美元，占淨銷售額的 35%。我們在本季度對 SG&A 的最大不利因素是工資和燃料通脹率上升。此外，我們產生了與加州擴張相關的預期啟動成本。然而，隨著我們超過 50% 的營業地點開業，他們現在正在貢獻增量收入和營業收入。

Finally, costs related to our anticipated channel mix shift to professional were higher than a year ago. These SG&A costs were partially offset by favorability in incentive compensation as we lapped higher bonuses resulting from our strong performance last year. We also saw improvements from last year's productivity efforts related to our corporate restructuring and reducing our office and store footprint, along with lower COVID-19-related expenses.

最後，與我們預期的渠道組合轉向專業的相關成本高於一年前。這些 SG&A 成本被激勵性薪酬的有利因素部分抵消，因為我們去年的強勁表現導致了更高的獎金。我們還看到去年與我們的公司重組和減少辦公室和商店足跡相關的生產力工作有所改善，以及與 COVID-19 相關的費用降低。

As we look at SG&A going forward, we're experiencing higher inflation than we estimated when we provided our original 2022 guidance. We now anticipate higher inflation in wages and fuel will continue, and this, combined with a softer-than-expected top line, will result in SG&A deleverage in Q3. However, we remain focused on leveraging SG&A in the back half of 2022.

當我們展望 SG&A 的未來時，我們正在經歷比我們提供原始 2022 年指導時估計的更高的通貨膨脹。我們現在預計工資和燃料的更高通脹將繼續，再加上低於預期的收入，將導致第三季度的 SG&A 去槓桿化。但是，我們仍然專注於在 2022 年下半年利用 SG&A。

Our Q2 adjusted operating income was $312.8 million, an increase of 3.6% compared with Q2 2021. Our Q2 adjusted OI margin rate of 11.7% was an increase of 34 basis points compared with Q2 of the prior year.

我們第二季度調整後的營業收入為 3.128 億美元，與 2021 年第二季度相比增長 3.6%。我們第二季度調整後的 OI 利潤率為 11.7%，與去年第二季度相比增加了 34 個基點。

Our adjusted diluted earnings per share of $3.74 increased 10% compared with Q2 2021.

與 2021 年第二季度相比，我們調整後的攤薄後每股收益為 3.74 美元，增長了 10%。

For the first half of the year, free cash flow was $97.3 million compared with $647 million in the first half of 2021. This was largely driven by working capital, particularly inventory and receivables. We expect significant improvement in working capital metrics in the back half, as reflected in our updated full year guidance for free cash flow.

今年上半年，自由現金流為 9730 萬美元，而 2021 年上半年為 6.47 億美元。這主要是由營運資金推動的，尤其是庫存和應收賬款。我們預計下半年的營運資本指標將顯著改善，這反映在我們更新的自由現金流全年指引中。

In addition, we continue to invest in the business, and our Q2 capital expenditures were in line with expectations at $96.4 million, bringing our year-to-date capital expenditures to $211 million.

此外，我們繼續對該業務進行投資，我們的第二季度資本支出為 9640 萬美元，符合預期，使我們年初至今的資本支出達到 2.11 億美元。

In addition to the strategic initiatives Tom reviewed, we continue to return excess cash to shareholders through a combination of share repurchases and our quarterly cash dividend. In Q2, we returned $200 million to shareholders through the repurchase of approximately 1 million shares for an average price of $199.02 and approximately $90 million for our quarterly cash dividend.

除了湯姆審查的戰略舉措外，我們繼續通過股票回購和我們的季度現金股息向股東返還多餘的現金。在第二季度，我們通過以 199.02 美元的平均價格回購約 100 萬股股票和約 9000 萬美元的季度現金股息，向股東返還了 2 億美元。

Our Board also recently approved our quarterly cash dividend of $1.50. Importantly, despite macroeconomic pressures, we have returned $694 million to shareholders in the first half of 2022, which is more than triple what we returned in the same time frame of 2019.

我們的董事會最近還批准了我們 1.50 美元的季度現金股息。重要的是，儘管面臨宏觀經濟壓力，我們在 2022 年上半年向股東返還了 6.94 億美元，是我們在 2019 年同期返還的三倍多。

Shifting to the back half of the year. Our original guidance in February included the estimated impact of several factors such as lapping stimulus and elevated inflation. However, we did not anticipate total inflation to be at a 40-year high. In addition, the increases in fuel prices during the second quarter far exceeded our expectations. As we described earlier, we're seeing evidence these two factors are putting a strain on DIY customers.

轉移到下半年。我們在 2 月份的原始指導包括了幾個因素的估計影響，例如刺激刺激和通脹上升。然而，我們預計總通脹不會達到 40 年來的最高水平。此外，第二季度燃油價格的上漲也遠超我們的預期。正如我們之前所描述的，我們看到有證據表明這兩個因素正在給 DIY 客戶帶來壓力。

Combined with our front half results, we're providing updated ranges for our 2022 guidance of net sales of $11 billion to $11.2 billion, comparable store sales of negative 1% to flat, adjusted operating income margin rate of 9.8% to 10%, adjusted diluted earnings per share of $12.75 to $13.25, a minimum free cash flow of $700 million and share repurchases between $500 million and $600 million.

結合我們的上半年業績，我們將提供 2022 年淨銷售額 110 億美元至 112 億美元、可比店面銷售額為負 1% 至持平、調整後營業利潤率為 9.8% 至 10% 的最新指引每股攤薄收益為 12.75 至 13.25 美元，最低自由現金流為 7 億美元，股票回購在 5 億至 6 億美元之間。

We're maintaining our previously provided ranges for income tax rate of 24% to 26%, CapEx range of $300 million to $350 million and new store and branch openings of 125 to 150.

我們維持之前提供的 24% 至 26% 的所得稅稅率範圍、3 億至 3.5 億美元的資本支出範圍以及 125 至 150 家新店和分店的開張。

To close out our prepared remarks, our goal is to deliver top-quartile total shareholder return, as outlined in our 2021 investor presentation. The midpoint of our updated 2022 guide for adjusted diluted earnings per share is up 8% when compared with 2021 and represents a 60% increase to the comparable 2020 base period for our 3-year plan.

為了結束我們準備好的評論，我們的目標是實現最高四分之一的股東總回報，正如我們在 2021 年投資者演示中所概述的那樣。與 2021 年相比，我們更新的 2022 年調整後稀釋每股收益指南的中點比 2021 年增長了 8%，比我們 3 年計劃的 2020 年可比基期增長了 60%。

We remain focused on the disciplined execution of our strategic plan, and I want to once again thank our team for their dedication in serving our customers every day.

我們仍然專注於嚴格執行我們的戰略計劃，我想再次感謝我們的團隊每天為客戶服務的奉獻精神。

With that, let's open the phone lines to questions. Operator?

有了這個，讓我們打開電話線來提問。操作員？

(Operator Instructions) Your first question comes from the line of Christopher Horvers with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Christopher Horvers。

So my first question is, can you talk a bit more about the cadence of the quarter? You've given some -- provided some granular detail in the past. And as gas prices have receded, did you see a return to positive comps? And then can you give some color on what you've seen quarter-to-date?

所以我的第一個問題是，你能多談談本季度的節奏嗎？你已經給出了一些——在過去提供了一些詳細的細節。隨著汽油價格的回落，您是否看到了正收益的回歸？然後，您能否對本季度迄今為止所看到的內容進行一些說明？

As we talked about in our remarks, DIY was really the driver of the performance in the second quarter. We've been looking at our sales on a multiyear stack basis for quite a while. And early in the quarter, our 3-year stack and 1-year comp sales were the strongest in the quarter. As we went further into it, our top line slowed, and it was really DIY that was the majority of the shortfall versus expectations in that time frame.

正如我們在評論中談到的，DIY 確實是第二季度業績的驅動力。很長一段時間以來，我們一直在以多年堆棧為基礎查看我們的銷售額。在本季度初，我們的 3 年堆棧和 1 年復合銷售額是本季度最強勁的。隨著我們進一步深入，我們的收入放緩了，在那個時間範圍內，與預期相比，真正的 DIY 是大部分的短缺。

We expected the 3-year stack for DIY to be similar to what it was in the first quarter, and it just wasn't. And we attribute that primarily to the broader consumer dynamics that you've heard from many others: significant inflation, rising fuel prices, which really pressured lower-income consumers and caused them to make some choices on discretionary purchases. And we saw that. I mean we saw discretionary categories like appearance chemicals and accessories were very soft for us in the quarter. So really with DIY, that was the driver, and that's what changed as the quarter went on.

我們預計 DIY 的 3 年堆棧與第一季度相似，但事實並非如此。我們將其主要歸因於您從許多其他人那裡聽到的更廣泛的消費者動態：顯著的通貨膨脹、不斷上漲的燃料價格，這確實給低收入消費者帶來了壓力，並導致他們在可自由支配的購買上做出一些選擇。我們看到了。我的意思是，我們看到本季度的外觀化學品和配件等非必需品類別對我們來說非常疲軟。因此，對於 DIY 來說，這就是驅動因素，這就是隨著季度的進行而發生的變化。

We're not going to talk about specific numbers quarter-to-date, but what we have done is embedded our quarter-to-date performance into our full year guidance, which you saw in the back half is minus 2% to 0 for the back half of the year.

我們不打算談論本季度至今的具體數字，但我們所做的是將本季度至今的業績嵌入我們的全年指導中，你在後半部分看到的是負 2% 到 0下半年。

Got it. If -- you mentioned DIY was down low single digit. Presumably, that's a comp. On a 3-year basis, it looks like DIY actually improved, whereas do-it-for-me decelerated. And that would put the do-it-for-me up low single digits, and that's well below what others are posting in the industry and the structural growth rate of the industry. So I'm just curious, can you expand more on what you were referencing earlier around the pricing efforts? And it sounds like basically, you're eliminating unprofitable customers, and that's what's driving the relative performance in do-it-for-me.

知道了。如果——你提到 DIY 下降了個位數。據推測，這是一個比較。在 3 年的基礎上，看起來 DIY 實際上有所改善，而“為我而做”卻在減速。這將使“為我做”的人數上升到個位數，這遠低於其他人在該行業中發布的內容和該行業的結構性增長率。所以我很好奇，您能否進一步擴展您之前在定價工作中所引用的內容？聽起來基本上，您正在消除無利可圖的客戶，這就是推動“為我做”的相對錶現的原因。

Yes, I think you have that right, Chris. I mean we -- I think the short answer is we're executing a very different strategy right now, and our strategy is essentially to grow above the market and expand margins at the same time.

是的，我認為你有這個權利，克里斯。我的意思是我們——我認為簡短的回答是我們現在正在執行一個非常不同的戰略，我們的戰略本質上是在超越市場的同時擴大利潤。

We've talked about the fragmentation in the industry many times. We believe there's lots of room for us to grow above the market in the coming years. But right now, the biggest opportunity we have at Advance is to complete the integration of the company and improve our margins, which is unique to us, I think. In the back half of the year, that means we're going to execute our category management plan, which includes a deliberate, intentional move to increase owned brand penetration.

我們已經多次談到行業的碎片化。我們相信，未來幾年我們有很大的增長空間超越市場。但現在，我們在 Advance 擁有的最大機會是完成公司的整合併提高我們的利潤率，我認為這對我們來說是獨一無二的。在今年下半年，這意味著我們將執行我們的品類管理計劃，其中包括一項有意識的、有意的舉措，以提高自有品牌的滲透率。

And we talked about this opportunity we have with strategic pricing. We built a terrific team there. We stood the pricing software package up about a year ago. We knew we could get to localized pricing in DIY and ultimately into DIFM. We're now leveraging the full capabilities of that tool.

我們談到了戰略定價的機會。我們在那裡建立了一個了不起的團隊。大約一年前，我們推出了定價軟件包。我們知道我們可以在 DIY 中獲得本地化定價，並最終進入 DIFM。我們現在正在利用該工具的全部功能。

And we are removing unprofitable discounts really in all trade channels. But inside of pro, this particular action may mean we get at least some unprofitable sales on the table in the back half. So we firmly believe this is the right strategy for us.

我們正在消除所有貿易渠道中無利可圖的折扣。但在專業人士內部，這一特殊行動可能意味著我們在後半部分至少獲得了一些無利可圖的銷售。因此，我們堅信這對我們來說是正確的策略。

We recognize that we didn't grow above the market in the quarter, but we did grow margins to a quarterly record and we grew earnings per share by 72% on a 3-year basis. So our long-term goal is to grow above the market and expand margins, and that's what we're executing right now.

我們認識到，我們在本季度的增長並沒有超過市場，但我們確實將利潤率提高到了創紀錄的季度記錄，並且我們在 3 年的基礎上增長了 72% 的每股收益。所以我們的長期目標是超越市場並擴大利潤，這就是我們現在正在執行的。

And my final question is just as you think about your -- the 3-year plan that you laid out and your thoughts on getting to that 10.5% to 12.5% in delivering the total shareholder returns that you've laid out, how are you thinking about your ability to get into that range next year?

我的最後一個問題是，正如您考慮您制定的 3 年計劃以及您對實現 10.5% 到 12.5% 以實現您制定的總股東回報的想法一樣，您好嗎考慮你明年進入這個範圍的能力嗎？

Yes, well, right now, obviously, we're focused on finishing 2022 and beginning 2023 as strong as possible. But let me react to the specific targets we laid out.

是的，好吧，現在，顯然，我們專注於盡可能強大地結束 2022 年和開始 2023 年。但讓我對我們制定的具體目標做出反應。

The short answer is based on what we know today, yes, we believe we can get inside the ranges that we laid out. We laid out goals for '21 through '23, as you'll remember, for net sales, for earnings per share, for margin rate and a number of other financial metrics. We believe we can get inside the range on all of those key metrics. We do see the margin rate at this point is going to be the most challenging given the inflationary environment that we're dealing with. But we still believe we can get inside of that range, and we're excited about continuing to execute our plan to do that.

簡短的回答是基於我們今天所知道的，是的，我們相信我們可以進入我們制定的範圍內。你會記得，我們制定了 21 年到 23 年的目標，包括淨銷售額、每股收益、保證金率和許多其他財務指標。我們相信我們可以進入所有這些關鍵指標的範圍內。鑑於我們正在應對的通脹環境，我們確實認為此時的保證金率將是最具挑戰性的。但我們仍然相信我們可以進入這個範圍，我們很高興繼續執行我們的計劃來做到這一點。

So I will reinforce, this is obviously a point-in-time assessment. We've got a lot of volatility in the current environment. There are several macroeconomic factors out there that are difficult to predict in the face of 2023 right now. But we plan to provide annual guidance, as we usually do, next February in 2023, and we'll have a lot more insight into just exactly where we're going to finish within the framework we decided. The one thing I would add, Chris, is we also believe that beyond 2023, there's continued opportunity for growth and margin expansion for us beyond that.

所以我要強調，這顯然是一個時間點評估。在當前的環境中，我們有很多波動。面對 2023 年，目前有幾個宏觀經濟因素難以預測。但我們計劃像往常一樣，在 2023 年 2 月提供年度指導，我們將對在我們決定的框架內完成的確切位置有更多的了解。克里斯，我要補充的一件事是，我們還相信，在 2023 年之後，我們還有繼續增長和利潤率擴張的機會。

Your next question comes from the line of Michael Lasser with UBS.

您的下一個問題來自瑞銀的邁克爾·拉塞爾（Michael Lasser）。

So your adjusted operating margin and gross margin were up, but your GAAP gross margin was down. And can you explain why that was the case? And your free cash flow was under a significant amount of pressure, suggesting that the GAAP gross margin is more a reflection of what's happening with the cash flow. So can you explain that as well?

因此，您的調整後營業利潤率和毛利率上升了，但您的 GAAP 毛利率下降了。你能解釋一下為什麼會這樣嗎？你的自由現金流承受著巨大的壓力，這表明 GAAP 毛利率更多地反映了現金流的情況。那你也能解釋一下嗎？

Yes. Sure, Michael. Let me start with the GAAP margin.

是的。當然，邁克爾。讓我從 GAAP 保證金開始。

If we were to include the LIFO expense into our adjusted results, we would have deleveraged 30 basis points versus last year, which I think is what you're focused on. And just in terms of context, from a dollar standpoint, the LIFO benefit from an adjusted standpoint was $92 million this quarter versus last year when it was $39 million. So you have that increase of $53 million. But let me give you some context around this.

如果我們將 LIFO 費用納入調整後的結果，我們將與去年相比去槓桿化 30 個基點，我認為這是您關注的重點。就背景而言，從美元的角度來看，本季度調整後的 LIFO 收益為 9200 萬美元，而去年為 3900 萬美元。所以你增加了5300萬美元。但讓我給你一些關於這個的背景。

It's really important that we frame LIFO into our broader gross margin plan. And what I mean by that is we've got a very comprehensive strategy to improve our gross margin rate over time. So the execution of our strategic pricing initiatives, we talked about a lot of that in our prepared remarks. The expansion of our owned brand portfolio, optimizing supply chain. And these were all the contributors that drove our 166 basis points of adjusted gross profit.

將後進先出法納入我們更廣泛的毛利率計劃非常重要。我的意思是我們有一個非常全面的戰略來隨著時間的推移提高我們的毛利率。因此，在執行我們的戰略定價計劃時，我們在準備好的評論中談到了很多。擴大自有品牌組合，優化供應鏈。這些都是推動我們調整後毛利潤達到 166 個基點的所有因素。

Now looking forward, as it relates to LIFO, we know the products, we know the categories, we know the SKUs that are driving these inflationary costs that are sitting on our balance sheet. And we're able to model how and when these costs come off the balance sheet, whether it's a FIFO basis or whether it's a LIFO basis.

現在展望未來，因為它與 LIFO 相關，我們知道產品，我們知道類別，我們知道推動我們資產負債表上這些通脹成本的 SKU。我們能夠模擬這些成本如何以及何時從資產負債表中消失，無論是先進先出還是後進先出。

So we've incorporated these inflationary costs and the related headwinds into our guide. And that includes these higher product cuts coming off the balance sheet.

因此，我們已將這些通脹成本和相關不利因素納入我們的指南。這包括資產負債表上的這些更高的產品削減。

And it's important to note, Michael, that we're already seeing that today. And this is not something that's looming, this is not something that's late '23/'24. We're experiencing it in Q2. We're going to experience it in Q3 so forth and so on. So that's all very much contemplated in what we've done in the back half guide and then once we guide in February for 2023.

重要的是要注意，邁克爾，我們今天已經看到了這一點。這不是迫在眉睫的事情，這不是 23/24 晚的事情。我們在第二季度經歷了它。我們將在第三季度體驗它等等。因此，在我們在後半部分指南中所做的工作以及我們在 2023 年 2 月的指南中都非常考慮過這些。

Now as it relates to free cash flow, specific to the guide, the -- it's really attributable to the top line guidance that we provided yesterday. It's important to keep in mind, in the first quarter, we had free cash outflow of $170 million. And we outlined all of the factors that went into that, largely anticipated.

現在，由於它與自由現金流有關，特定於指南，這實際上歸功於我們昨天提供的頂級指南。重要的是要記住，在第一季度，我們有 1.7 億美元的自由現金流出。我們概述了其中的所有因素，這在很大程度上是預期的。

If you look at our free cash flow discretely in the second quarter, significant improvement. We had free cash inflow of $267 million. And we do anticipate that -- the back half to be more in line with the second quarter, which gives us the basis for our revised guidance of $700 million. So we believe our receivables, we're going to be collecting on those. We believe our inventory is going to be coming down in the back half. And those factors, along with the revised guidance, is why we have a minimum of $700 million in free cash flow.

如果您在第二季度離散地查看我們的自由現金流，則顯著改善。我們有 2.67 億美元的自由現金流入。我們確實預計 - 後半部分將與第二季度更加一致，這為我們修訂後的 7 億美元指引奠定了基礎。因此，我們相信我們的應收賬款，我們將收取這些款項。我們相信我們的庫存將在下半年下降。這些因素，連同修訂後的指引，是我們至少擁有 7 億美元自由現金流的原因。

So my follow-up question is, Jeff, would you expect the LIFO gross margin to turn positive this quarter or in the next few?

所以我的後續問題是，傑夫，您是否預計 LIFO 毛利率會在本季度或接下來的幾個季度轉為正數？

In the -- over the back half, we -- it's very difficult to say. We are -- we continue to believe we're going to be in an inflationary environment in the back half. Sequentially, we think it's going to moderate. But in -- year-over-year in the back half, we think inflation, including product costs, is going to be higher.

在 - 在後半部分，我們 - 很難說。我們 - 我們仍然相信我們將在後半部分處於通脹環境中。因此，我們認為它會緩和。但在後半部分，我們認為通脹（包括產品成本）將會更高。

So if we think about just LIFO, for example, we've had 170 -- about $175 million in LIFO expense in the first half of the year. We're thinking it could be $250 million, $275 million. So it could be another $75 million, $100 million more in the back half.

因此，如果我們僅考慮 LIFO，例如，我們在今年上半年有 170 - 約 1.75 億美元的 LIFO 費用。我們認為可能是 2.5 億美元，2.75 億美元。所以它可能是另外 7500 萬美元，後半部分還要多出 1 億美元。

Your next question comes from the line of Simeon Gutman with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Simeon Gutman。

Hey, Tom, I wanted to ask about strategic pricing. I wanted to ask if you, I guess, accelerated the strategy in the last, call it, quarter. And in the past, it feels -- it felt like you've done it in a way to minimize the elasticity. It sounds like the stuff that's happening now and maybe into the back half is having a greater impact than what we thought or maybe it's just a timing thing.

嘿，湯姆，我想問一下戰略定價。我想問一下，我猜你是否在最後一個季度加速了戰略。在過去，它感覺 - 感覺就像你已經以一種最小化彈性的方式做到了。聽起來現在正在發生的事情，也許對後半區的影響比我們想像的要大，或者這只是一個時機問題。

I think the -- what we laid out in our Investor Day about 1.5 years ago was the plan for strategic pricing over time. We talked about life cycle pricing, we talked about how we were going to approach it, we talked about the ability to localize and essentially priced literally by channel, by store, by customer, et cetera, et cetera. And it took us a while to stand up those capabilities. We were able to get to that on the DIY side in the early part of this year, and we knew that DIFM was going to be in the back half.

我認為 - 我們在大約 1.5 年前的投資者日中製定的是隨著時間的推移進行戰略定價的計劃。我們討論了生命週期定價，我們討論了我們將如何處理它，我們討論了本地化的能力，並且基本上按渠道、商店、客戶等進行定價。我們花了一段時間來支持這些能力。我們能夠在今年早些時候在 DIY 方面做到這一點，我們知道 DIFM 將在後半部分。

These are difficult decisions, obviously, to your point, when we looked at it. Obviously, the environment has changed versus what we anticipated heading into the year. But it was -- for us, the right strategy is to make sure that we are spending money very wisely as it pertains to discounting in the professional sales channel. Our biggest opportunity is to get those margins up.

當我們看到它時，顯然，就你的觀點而言，這些都是艱難的決定。顯然，與我們今年的預期相比，環境已經發生了變化。但對我們來說，正確的策略是確保我們非常明智地花錢，因為這與專業銷售渠道的折扣有關。我們最大的機會是提高這些利潤率。

And we've obviously looked at the competitive landscape, what's going on by product type and where there's pressure. For us, this is the right strategy for us to execute, and it's definitely the long-term play.

我們顯然已經研究了競爭格局、產品類型的情況以及壓力在哪裡。對我們來說，這是我們執行的正確策略，而且絕對是長期的策略。

Separately, we're continuing to build out our value proposition in pro and those areas that we think matter most to the customers, which I'm happy to speak to, but that's really the approach.

另外，我們將繼續在專業領域和我們認為對客戶最重要的領域建立我們的價值主張，我很高興與之交談，但這確實是方法。

That's helpful. And then just as a follow-up, the private brand penetration, if we heard it right, was 200 basis point year-over-year growth in the quarter. And is the spread between the private brand gross margin and national, is it about the same? Can you quantify it? And then -- and maybe, can you just quantify the contribution it had to overall gross margin in the quarter?

這很有幫助。然後作為後續行動，如果我們沒聽錯的話，自有品牌滲透率在本季度同比增長 200 個基點。而自有品牌毛利率與全國的差距，是不是差不多？你能量化嗎？然後 - 也許，你能量化它對本季度整體毛利率的貢獻嗎？

Yes, we're not going to break it out specifically. But what I can tell you is within category management, we outlined three broad territories: strategic pricing, owned brand penetration and sourcing, in that order.

是的，我們不打算具體分解它。但我可以告訴你的是，在品類管理中，我們概述了三大領域：戰略定價、自有品牌滲透和採購，按順序排列。

So owned brand penetration is a significant contributor. We basically laid out 180 to 200 basis points of margin expansion on our Investor Day presentation. So it's the second largest. And we clearly see further runway there. I mean we're definitely getting meaningful contribution to margin expansion today with our owned brand expansion. We expect that to continue in the back half. It's going to continue into '23 and candidly will continue into 2024. It's going to take a while. And we're continuing to improve the overall impression of those brands. DieHard is doing well. Carquest is doing well on the professional side. So we're very excited about it, and we're going to continue to execute against it.

因此，自有品牌滲透率是一個重要貢獻者。我們在投資者日的演講中基本上列出了 180 到 200 個基點的保證金擴張。所以它是第二大的。我們清楚地看到那裡有更遠的跑道。我的意思是，通過我們自有品牌的擴張，我們今天肯定會為利潤率擴張做出有意義的貢獻。我們預計這將在後半段繼續。它會持續到 23 年，坦率地說會持續到 2024 年。這需要一段時間。我們正在繼續改善這些品牌的整體印象。死忠幹得不錯。 Carquest 在專業方面做得很好。所以我們對此感到非常興奮，我們將繼續針對它執行。

Your next question comes from the line of Bret Jordan with Jefferies.

你的下一個問題來自 Bret Jordan 和 Jefferies 的觀點。

On the second quarter and then, I guess, the outlook for the second half, what does that comp, I guess, explain in inflation versus units? What was the price contribution? Because I guess, obviously, owned brand is lower price point. So maybe adjusting for mix, how did that shake out?

在第二季度，然後，我猜是下半年的前景，我猜，這個比較在通脹與單位之間的關係是什麼？價格貢獻是多少？因為我想，顯然，自有品牌的價格更低。所以也許調整混音，那是怎麼動搖的？

Yes, well, units for everyone in the industry are down primarily driven by DIY, Bret. As I think we called out at the beginning of the year, DIY is about 60% of our units, right? So -- and those lower-price-per-unit items in DIY tend to drive that number. But our -- Jeff called out our cost inflation in the quarter, which was 8%, 8.8%. So you should assume our pricing was slightly above that because we are essentially pricing to at least keep rate neutral or better. So that's kind of where it is.

是的，好吧，業內每個人的單位都在下降，主要是由 DIY 驅動的，布雷特。正如我認為我們在年初呼籲的那樣，DIY 約占我們單位的 60%，對吧？所以——那些 DIY 中單價較低的商品往往會推動這個數字。但是我們的 - Jeff 指出了我們在本季度的成本通脹，即 8%、8.8%。因此，您應該假設我們的定價略高於此，因為我們基本上定價至少保持利率中性或更好。所以這就是它的位置。

Okay. And I guess on the second half outlook, the minus 2% to 0, I think you're lapping harder inflation compares in the second half of last year.

好的。而且我猜對下半年的前景，負2％至0，我認為與去年下半年相比，您正在承受更大的通脹壓力。

Yes, that's factored in. We recognize that. We looked at the broader industry, the retail landscape in total, which, as you know, is -- we're not seeing consumption growth in the broader industry. I mean everyone is seeing units down. And all of the growth in retail is coming from pricing at this point. We looked at the industry performance. We can only see DIY and -- when our peers report. But we expect that transactions and units will continue to be below a year ago in the back half. And then obviously, our own initiatives. And in our case, we've got a particular initiative on strategic pricing that's going to impact our top line a little bit, but it's going to drive our margin performance. So that's -- those are the factors that went into it.

是的，這是考慮在內的。我們認識到這一點。我們研究了更廣泛的行業，整體零售格局，如您所知，我們沒有看到更廣泛行業的消費增長。我的意思是每個人都看到單位下降。零售業的所有增長都來自此時的定價。我們研究了行業表現。我們只能看到 DIY 和 -- 當我們的同行報告時。但我們預計下半年的交易量和單位將繼續低於一年前。然後很明顯，我們自己的倡議。在我們的案例中，我們在戰略定價方面採取了一項特殊舉措，這將對我們的收入產生一點影響，但它將推動我們的利潤率表現。所以這就是 - 這些是其中的因素。

Okay. And I guess the outlook on payables ratio in the second half as a contributor to cash flow, where do you see that. I mean I think you were running in the 80s but not significant expansion in the second quarter. But how do you see payables growing? And is that going to be impacted by the private label owned brand strategy? Is that more or less likely to get extended payables?

好的。我猜想下半年應付賬款比率的前景作為現金流的貢獻者，你在哪裡看到的。我的意思是我認為你在 80 年代運行，但在第二季度沒有顯著擴張。但您如何看待應付賬款的增長？這會受到自有品牌戰略的影響嗎？這或多或少有可能獲得延期應付賬款？

Yes, just from an overall payable ratio, in Q1, we did some forward deployment related to inventory. So it was less impacted by payables. It was more impacted by the increase in the inventory as we did the forward buys to avoid disruption primarily related to the China lockdown. We talked about the Olympics. We talked about Chinese New Year. So that's really what's kind of pressured our AP ratio.

是的，僅從整體應付比率來看，在第一季度，我們進行了一些與庫存相關的前瞻性部署。因此，它受應付賬款的影響較小。它受到庫存增加的影響更大，因為我們進行了遠期購買以避免主要與中國封鎖有關的中斷。我們談到了奧運會。我們談到了中國新年。所以這確實是我們AP比率的壓力。

We did improve from Q1. We expect that to continue to improve. It's going to be a combination of both payables and inventory because we expect inventory to come down in the back half. And that, coupled with our ongoing efforts in AP, we expect to see improvement over the back half in our AP ratio.

我們確實比第一季度有所改善。我們預計這種情況會繼續改善。這將是應付賬款和庫存的結合，因為我們預計庫存將在後半段下降。而且，再加上我們在 AP 方面的持續努力，我們預計我們的 AP 比率將在後半部分有所改善。

Your next question comes from the line of Scot Ciccarelli with Truist.

你的下一個問題來自 Scot Ciccarelli 和 Truist 的台詞。

Scot Ciccarelli. So you guys talked about significant softness in your discretionary DIY sales. Can you guys help provide some color on how big that segment is as a percent of mix?

斯科特·西卡雷利。因此，你們談到了可自由支配的 DIY 銷售的顯著疲軟。你們能否幫助提供一些關於該部分佔混合百分比的顏色？

Well, first of all, just to make the point, I think you know, Scot, the nondiscretionary categories are much larger, right? So when we're talking about our business, that's what we love about the auto parts industry. Batteries, brakes, failure-related parts are much larger. But at the margin on the DIY side, things like accessories and appearance chemicals are pretty sizable. And certainly, at certain points of the year, they're bigger than others, in fact, in Q2. So we definitely saw softness in those discretionary categories.

好吧，首先，為了說明這一點，我想你知道，Scot，非自由裁量的類別要大得多，對吧？因此，當我們談論我們的業務時，這就是我們對汽車零部件行業的喜愛。電池、制動器、與故障相關的部件要大得多。但在 DIY 方面，配件和外觀化學品之類的東西相當可觀。當然，在一年中的某些時候，它們比其他時候更大，事實上，在第二季度。因此，我們肯定在這些可自由支配的類別中看到了疲軟。

I think -- what's happening is the low- to middle-income customer, you've heard about all these quintiles and things like that from others, these customers are obviously paying significantly more for food, they're paying significantly more for gas and they're making choices about where they spend their discretionary money. What's a little bit difficult to tease out in DIY is part of the benefit we saw in appearance chemicals and accessories over the last couple of years was related to people being at home and having time on their hands, we believe. But that will moderate as we get into the back half.

我認為 - 正在發生的是中低收入客戶，你已經從其他人那裡聽說過所有這些五分之一和類似的東西，這些客戶顯然為食物支付了更多的費用，他們為汽油支付了更多的費用和他們正在選擇他們將可自由支配的錢花在哪裡。我們相信，在 DIY 中有點難以梳理的是，我們在過去幾年中看到的外觀化學品和配件的部分好處與人們在家並有時間有關。但這會隨著我們進入後半區而緩和。

So obviously very important categories for us. We're going to continue to stay focused on them. They've been soft for the entire industry. But over time, that's going to normalize.

所以顯然對我們來說非常重要的類別。我們將繼續關注他們。他們對整個行業都很軟弱。但隨著時間的推移，這將正常化。

But Tom, just to clarify for everyone, so the overall DIY, including the failure-related parts, everything was negative with particular softness on the discretionary side. Is that the message we should be walking away with?

但是湯姆，只是為了給大家澄清一下，所以整個 DIY，包括與故障相關的部分，一切都是消極的，在自由裁量方面特別柔軟。這是我們應該離開的信息嗎？

Yes, I mean, the nondiscretionary were up, but the discretionary categories pulled the number down because they were down pretty significantly.

是的，我的意思是，非自由裁量權上升了，但自由裁量權類別拉低了這個數字，因為它們的下降幅度相當大。

Your next question comes from the line of Seth Basham with Wedbush Securities.

您的下一個問題來自 Wedbush Securities 的 Seth Basham。

This is Nathan Friedman on for Seth. My question is following up on the 2023 operating margin target question.

這是塞思的內森弗里德曼。我的問題是跟進 2023 年營業利潤率目標問題。

You initially provided some building blocks in category management, supply chain, SG&A and the negative impact from inflation relative to 2020. Can you possibly quantify what you realized to date relative to these targets, how much higher inflation is relative to this plan? And what, if anything, is or could run ahead or behind schedule at this point in time?

您最初提供了品類管理、供應鏈、SG&A 以及通脹相對於 2020 年的負面影響方面的一些構建模塊。您能否量化您迄今為止相對於這些目標實現的目標，相對於該計劃，通脹高了多少？如果有的話，什麼是或可能在這個時間點提前或落後於計劃？

Well, I'll let Jeff speak to how much ahead of plan inflation is. But, I mean, the biggest variable is inflation. I think in terms of us executing our targets, Nathan, we are executing our plan. The category management initiatives are very much on track. We still see further upside with category management. As we said earlier, we're starting to execute that more versioned strategic pricing platform. We're going to continue to drive owned brands.

好吧，我會讓傑夫談談通脹提前了多少。但是，我的意思是，最大的變量是通貨膨脹。我認為就我們執行目標而言，內森，我們正在執行我們的計劃。品類管理計劃進展順利。我們仍然看到品類管理的進一步上漲空間。正如我們之前所說，我們開始執行這個更具版本化的戰略定價平台。我們將繼續推動自有品牌。

In terms of supply chain, we're making a lot of progress. I mean we are in a position where we're now opening brand-new distribution centers that are much more modern. The team's doing a terrific job transitioning very old, I would say, antiquated facilities. As an example, Riverside, California, we've moved into a brand-new building in San Bernardino, California. Up near Toronto, we've moved from a very antiquated building in Rexdale to a new building in Bolton. Both of those are going to be operational in the fourth quarter. So that's going to really help us improve our service to customers and reduce our cost over time. So we are executing against the supply chain initiatives also. And then within SG&A, we're executing against those initiatives. So we're going to continue to execute the initiatives.

在供應鏈方面，我們正在取得很大進展。我的意思是，我們現在正在開設更現代化的全新配送中心。團隊在過渡非常陳舊（我會說）過時的設施方面做得非常好。例如，在加利福尼亞州里弗賽德，我們搬進了加利福尼亞州聖貝納迪諾的一座全新建築。在多倫多附近，我們已經從 Rexdale 的一座非常陳舊的建築搬到了 Bolton 的一座新建築。兩者都將在第四季度投入使用。因此，這將真正幫助我們改善對客戶的服務並隨著時間的推移降低成本。因此，我們也在執行供應鏈計劃。然後在 SG&A 內部，我們正在執行這些舉措。因此，我們將繼續執行這些舉措。

What has been the wildcard is the inflationary cost in things like fuel and wages, which I don't know if we can quantify it, Jeff, but it's a very big number versus what was anticipated.

通配符是燃料和工資等通貨膨脹成本，我不知道我們是否可以量化它，傑夫，但與預期相比，這是一個非常大的數字。

I can give you some color. When we did the Investor Day in April, we said 280, 290 basis points which was largely covering non-product inflation, we said, that was embedded in our category management.

我可以給你一些顏色。當我們在 4 月舉行投資者日時，我們說 280、290 個基點主要涵蓋了非產品通脹，我們說，這已嵌入我們的類別管理中。

And just some data points. Fuel is up 50%. So that -- we certainly didn't contemplate that. Wage, mid-single digits. So 2, 3x what we had anticipated. We did not anticipate 5%, 6%, 7% wage inflation. We did not anticipate 50% inflation in fuel. And so if we were to redraw that chart, that last red bar that we had there in April would certainly be bigger, and so with the green bars to the left of it to overcome that so we can still hit our 10.5% to 12.5%.

只是一些數據點。燃油價格上漲了 50%。所以——我們當然沒有考慮到這一點。工資，中個位數。所以是我們預期的 2 倍、3 倍。我們沒有預料到 5%、6%、7% 的工資通脹。我們沒有預料到燃料會出現 50% 的通貨膨脹。因此，如果我們要重新繪製該圖表，我們在 4 月份出現的最後一個紅色條肯定會更大，因此它左側的綠色條可以克服這一點，因此我們仍然可以達到 10.5% 至 12.5% .

Got it. And then my follow-up is just on the SG&A near-term guide. You mentioned expectations for 3Q deleverage, but I believe second half overall leverage, if I heard this correctly. Just curious if you could provide a little bit more color on these expectations and some of the drivers just beyond the prospectively lower sales outlook.

知道了。然後我的後續行動只是關於 SG&A 近期指南。您提到了對 3Q 去槓桿的預期，但如果我沒聽錯的話，我相信下半年的整體槓桿率。只是好奇您是否可以為這些預期和一些驅動因素提供更多色彩，超出預期的較低銷售前景。

Yes, what we said originally was first half was going to be heavily driven by gross margin, and that certainly was the case. Second half, we're going to continue to see benefits from gross margin.

是的，我們最初所說的上半年將在很大程度上受到毛利率的推動，事實確實如此。下半年，我們將繼續看到毛利率帶來的好處。

As it relates to SG&A, our goal is to leverage SG&A in the back half. But there are some puts and takes there, and so let me just give you a little bit of perspective.

由於它與 SG&A 相關，我們的目標是在後半部分利用 SG&A。但是那裡有一些投入和投入，所以讓我給你一點觀點。

So it looks a little different relative to what we expected in our full year guide in February. And what we just talked about, first, that while inflationary costs in store payroll and fuel are moderating sequentially, but these costs are much higher than what we originally expected. And look, we've got to pay. It's important that we stay competitive in wages, in our stores, for example, make sure we're fully staffed, serving our customers.

因此，相對於我們在 2 月份的全年指南中的預期，它看起來有點不同。而我們剛剛談到的，首先，雖然商店工資和燃料的通脹成本正在逐步放緩，但這些成本遠高於我們最初的預期。看，我們必須付錢。重要的是，我們要在工資方面保持競爭力，例如，在我們的商店中，確保我們配備齊全，為客戶服務。

Now what we can do is to continue to leverage our demand-driven labor tool that we call MyDay to help offset this cost per hour inflation. And then we still have the tailwinds. We're going to get the benefit from last year's corporate restructuring, we had the rent reduction initiatives. And we're lapping -- in the second half, we're lapping last year's investments in our California expansion, and we're opening more of these stores. So sales from the stores are beginning to help offset the costs that we're incurring. And then we do expect to benefit from last year's higher incentive compensation. So we've taken all of these factors, along with the moderation of our top line, and incorporated it into our updated guidance.

現在我們可以做的是繼續利用我們稱為 MyDay 的需求驅動的勞動力工具來幫助抵消每小時成本膨脹。然後我們仍然有順風。我們將從去年的企業重組中受益，我們有減租舉措。我們正在研究——在下半年，我們正在研究去年對加州擴張的投資，我們正在開設更多這樣的商店。因此，商店的銷售開始幫助抵消我們所產生的成本。然後我們確實希望從去年更高的激勵薪酬中受益。因此，我們已經考慮了所有這些因素，以及我們頂線的適度，並將其納入我們更新的指導中。

Just a quick follow-up on that. What -- when will you be opening all of the California stores?

只是對此的快速跟進。什麼——你什麼時候開所有的加州商店？

We're pretty excited about the performance out there, Nathan. We're focused on hitting the 125 to 150 guide in total. So we are balancing some of the new store openings we have around the country with the store openings in California. We're going to get as many of them open this year as we can. Some of them may move to the first quarter. But overall, very pleased with the performance out there. We were out there recently. We've got a partnership with the Dodgers that has really resonated with the Hispanic community. We can see our market share gains out there. We're making a lot of progress out there. I feel really good about our performance. And we're going to stay focused on that market. It's a very important market, as you know. It's one where we have very little penetration.

我們對那裡的表現感到非常興奮，內森。我們專注於總共達到 125 到 150 的指南。因此，我們正在平衡我們在全國開設的一些新店與加利福尼亞州的新店。今年我們將盡可能多地開放它們。其中一些可能會移至第一季度。但總的來說，對那裡的表現非常滿意。我們最近在外面。我們與道奇隊建立了合作夥伴關係，這確實引起了西班牙裔社區的共鳴。我們可以看到我們的市場份額在那裡增加。我們在那裡取得了很大進展。我對我們的表現感覺非常好。我們將繼續專注於該市場。如您所知，這是一個非常重要的市場。這是我們很少滲透的地方。

We've got nice overall professional business with Worldpac. So that's where we're going to leverage our enterprise assets to bring that whole package together. So the DIY business that we're getting from the converted stores but also a very, very large professional opportunity in Southern California. So on track to get these stores open soon.

我們與 Worldpac 有很好的整體專業業務。所以這就是我們將利用我們的企業資產將整個軟件包整合在一起的地方。因此，我們從改造後的商店獲得的 DIY 業務，也是南加州的一個非常非常大的專業機會。因此，有望盡快讓這些商店開業。

And as I mentioned earlier, the San Bernardino DC, once it's fully operational, is going to help us immensely out there.

正如我之前提到的，聖貝納迪諾特區一旦全面投入運營，將極大地幫助我們。

Your next question comes from the line of David Bellinger with MKM Partners.

您的下一個問題來自 MKM Partners 的 David Bellinger。

So on the impact of sales and comps from the owned brand shift, so how long can that pressure linger? And should this be the peak of the impact in terms of magnitude at about 100 basis points? And if you could share with us anything that's embedded in the back half guidance.

那麼，關於自有品牌轉移對銷售和補償的影響，這種壓力還能持續多久？這應該是影響幅度的峰值，大約 100 個基點嗎？如果您可以與我們分享後半部分指南中包含的任何內容。

I think it's -- we don't see it as a linger. We see it as a good thing. I mean the performance of these brands drives our margins. And it has a lower cost per unit than the alternatives that are out there. So in this environment, where our customers are looking for value and particularly the professional garages are looking for value, this is something that they want.

我認為它是——我們不認為它是一個流連忘返。我們認為這是一件好事。我的意思是這些品牌的表現推動了我們的利潤率。而且它的單位成本比現有的替代品要低。因此，在這種環境中，我們的客戶正在尋找價值，尤其是專業車庫正在尋找價值，這正是他們想要的。

So now it pulls the comp sales number down for sure because you have a lower price per unit. You sell 100 units. The alternatives that we have are priced at a higher price per unit than the owned brands. But we see that, honestly, potentially accelerating in the back half and then into 2023, and then it'll moderate over time.

所以現在它肯定會拉低comp銷售數量，因為您的單位價格較低。你賣了 100 個單位。我們擁有的替代品的單位價格高於自有品牌。但老實說，我們看到，可能會在後半段加速，然後到 2023 年，然後隨著時間的推移會放緩。

But we've said before that the owned brand penetration that we have is below what we're targeting over time and, we believe, below what our peers have already done for many years. So we're going to continue to focus on that and continue to forge stronger relationships with our national brand suppliers because they're very important to us, too. We have a very wide selection of national brands and OE parts that are extremely important to our overall value proposition. So it's a balanced approach. But the success of DieHard and Carquest is something that will really help us deliver on our goal of profitable growth.

但我們之前曾說過，隨著時間的推移，我們擁有的自有品牌滲透率低於我們的目標，而且我們相信，低於我們的同行多年來的目標。因此，我們將繼續關注這一點，並繼續與我們的國家品牌供應商建立更牢固的關係，因為它們對我們也非常重要。我們有非常廣泛的民族品牌和 OE 零件可供選擇，它們對我們的整體價值主張極為重要。所以這是一個平衡的方法。但 DieHard 和 Carquest 的成功將真正幫助我們實現盈利增長的目標。

Got it. And our -- and my second question, you mentioned a couple of times the better matching labor with in-store traffic and demand. So what's the time frame for getting that system fully in place? And how do you size the potential labor savings attached to that?

知道了。而我們的 - 也是我的第二個問題，你提到了幾次更好地匹配店內客流量和需求的勞動力。那麼讓該系統完全到位的時間框架是什麼？您如何確定與此相關的潛在勞動力節省？

Well, I'm really pleased with how our field team is managing this, David. I mean we stood up the tool. Jeff mentioned it. We call it MyDay. We -- we're a little bit -- I would say we had a pretty good sized opportunity in terms of how we staffed. And once again, we're rebuilding a lot of things in the company with really great leaders, with improved technology and improved processes around it. We've got a great field leader. The person that runs this side of the business just came out of a region vice president's job. He's got extensive experience in this area.

好吧，大衛，我對我們的現場團隊如何管理這件事感到非常滿意。我的意思是我們站起來了這個工具。傑夫提到了它。我們稱之為MyDay。我們——我們有點——我想說，就我們的人員配備而言，我們有一個相當大的機會。再一次，我們正在與真正偉大的領導者一起重建公司的很多東西，改進技術和改進流程。我們有一個偉大的領域領導者。經營這方面業務的人剛剛從地區副總裁的工作中走出來。他在這方面擁有豐富的經驗。

And we're using the technology tool the way it's been designed, which is to really look forward at the transaction outlook. And obviously, the lower the transactions, the less hours you need. When you need more, when you see more transactions coming, you have to increase hours. So we're matching that up against the hours that we're issuing, and then we measure, obviously, our performance of issued hours to scheduled hours and the like. So much more rigor around it, much more success around it. Our field team is doing a really good job executing it.

我們正在按照設計的方式使用技術工具，即真正期待交易前景。顯然，交易越少，您需要的時間就越少。當您需要更多時，當您看到更多交易即將到來時，您必須增加工作時間。因此，我們將其與我們發布的時間進行匹配，然後我們顯然會衡量我們發佈時間與預定時間等的表現。圍繞它更加嚴格，圍繞它取得更大的成功。我們的現場團隊在執行它方面做得非常好。

Obviously, when we get past the back half, we want transactions to go back up. But it's just a temporary situation where the DIY business in particular, we expect to be soft on transactions in the back half, and that enables us to offset cost per hour inflation, as we said.

顯然，當我們超過後半部分時，我們希望交易能夠恢復。但這只是暫時的情況，尤其是 DIY 業務，我們預計下半年的交易會疲軟，正如我們所說，這使我們能夠抵消每小時成本通脹。

Your next question comes from the line of Michael Baker with D.A. Davidson.

你的下一個問題來自邁克爾貝克與 D.A.戴維森。

Two questions. One short term, one longer term. Just to confirm. If you said it, I apologize, but the DIFM business seems like -- I think it was positive, you said. But where was it relative to plan? How did that perform versus your expectations?

兩個問題。一個短期，一個長期。只是為了確認。如果你這麼說，我很抱歉，但 DIFM 業務似乎 - 我認為這是積極的，你說。但它相對於計劃在哪裡？與您的預期相比，它的表現如何？

Yes, DIFM was relatively close to plan in the second quarter. DIY was the driver of our shortfall versus expectations. And part of that was we knew what we were going to be doing in DIFM. We are executing a different strategy, as I outlined earlier. And as we look at the back half, that's when we'll really fully implement what we're talking about here in terms of version, more localized pricing and elimination of, we would say, unprofitable discounts in the professional channel.

是的，DIFM 在第二季度相對接近計劃。 DIY 是我們的不足與預期的驅動因素。其中一部分是我們知道我們將在 DIFM 中做什麼。正如我之前概述的，我們正在執行不同的策略。當我們看後半部分時，那時我們將真正完全實施我們在這裡談論的版本，更本地化的定價和消除，我們會說，專業渠道中無利可圖的折扣。

Okay. Makes sense. And then I guess it's a longer-term question to follow up on that. So doing away with those unprofitable discounts in DIFM. So presumably, you're giving up share to someone. As you've done this, any idea who's coming in and taking that business that you're giving up?

好的。說得通。然後我想這是一個長期的問題來跟進。所以取消了 DIFM 中那些無利可圖的折扣。所以大概，你正在放棄分享給某人。當您這樣做時，您知道誰會進來並接管您放棄的業務嗎？

That's a very difficult thing to say. We're obviously very aware of the competitive landscape. And we obviously look at it by category. We look at it by product. We look at it by geography. So those are the big things. And by channel.

這是一件非常難說的事情。我們顯然非常了解競爭格局。我們顯然是按類別來看的。我們按產品來看待它。我們從地理上看。所以這些都是大事。並通過渠道。

So we know from an internal perspective, we balance, right, the share of wallet opportunity we have with each customer on the professional side with the return on investment we get. In some cases, our large, strategic accounts, our large TechNet accounts, we lean in heavily with those accounts, and we're very, very mindful of what's going on there. And our goal, obviously, is to continue to better serve those customers and drive share of wallet with those customers.

所以我們從內部的角度知道，我們平衡，對，我們在專業方面與每個客戶的錢包機會份額與我們獲得的投資回報。在某些情況下，我們的大型戰略客戶，我們的大型 TechNet 客戶，我們非常依賴這些客戶，我們非常非常注意那裡發生的事情。顯然，我們的目標是繼續更好地為這些客戶服務，並在這些客戶中增加錢包份額。

What we're talking about here is at the margin, discounts that we're offering to very low-share-of-wallet customers where we don't have a large presence. And by strengthening our value proposition and focusing what we're doing in pro on those things that matter to those customers in those areas, we believe we'll be able to grow faster long term.

我們在這裡談論的是邊際折扣，即我們為我們沒有大量業務的錢包份額非常低的客戶提供的折扣。通過加強我們的價值主張並將我們在專業領域所做的事情集中在對這些領域的客戶重要的事情上，我們相信我們將能夠長期更快地增長。

Okay. That makes sense, but if I could follow up. And maybe you can't answer this, but if you're giving up that business, why would someone else come in and take that business? Is it -- in your view, is it that they're willing to take a lower margin? Or does someone else have a lower cost to serve for some reason? Do you have any view on that?

好的。這是有道理的，但如果我能跟進的話。也許你不能回答這個問題，但如果你要放棄那項業務，為什麼其他人會進來接手這項業務？是不是——在你看來，他們是否願意降低利潤率？或者其他人出於某種原因有較低的服務成本？你對此有什麼看法？

Yes, that's obviously a difficult thing to say. I mean we don't look at it in isolation, though. I want to reinforce that. I mean we -- it's not just about, well, this particular discount or deal that we're offering doesn't provide the adequate return. We look at it with our longer-term objective.

是的，這顯然是一件很難說的事情。不過，我的意思是我們不會孤立地看待它。我想強調這一點。我的意思是我們 - 這不僅僅是，我們提供的這種特殊折扣或交易不能提供足夠的回報。我們用我們的長期目標來看待它。

We have to set priorities. These are difficult decisions. They're tough decisions. But we all looked at this, again, multiple times this year as we went through the year, and we believe this is the right strategy for us.

我們必須確定優先事項。這些都是艱難的決定。他們是艱難的決定。但今年我們都再次多次關注這一點，我們相信這對我們來說是正確的策略。

Your next question comes from the line of [Emily Hyde] with Evercore ISI.

您的下一個問題來自 Evercore ISI 的 [Emily Hyde]。

It's Greg Melich from Evercore. My question is really twofold. One is on Pro and then the Pep Boys stores. So first on the pro units. Were those up in 2Q given inflation was probably less in pro?

是 Evercore 的 Greg Melich。我的問題真的是雙重的。一個是在 Pro 上，然後是 Pep Boys 商店。所以首先在專業單位上。鑑於通貨膨脹率可能較低，這些在第二季度上升了嗎？

Units were down in Q2, Greg. I think we -- that's been a bit of a multiyear trend. The units were down. Part of that is just the price per unit. The average selling price per unit is up significantly, as you know. So units were down.

格雷格，第二季度的單位下降。我認為我們 - 這是一個多年的趨勢。單位倒下了。其中一部分只是每單位的價格。如您所知，每單位的平均售價顯著上漲。所以單位下降了。

And your second half guide, would pro units also be down?

而你的下半場指南，專業單位也會下降嗎？

Yes.

是的。

Got it. And then the second question was on the converted stores. I think it was like 100-some leases that you got from Pep Boys. How many of those are actually converted now? And do we -- is that all in the 125 to 150 this year?

知道了。然後第二個問題是關於轉換後的商店。我認為這就像你從 Pep Boys 那裡得到的 100 多個租約。其中有多少現在真正轉換了？我們 - 今年是 125 到 150 人嗎？

Yes. We incorporate what we're going to open in the 125 to 150. I think we gave the number year-to-date.

是的。我們將我們將在 125 到 150 中打開的內容合併在一起。我認為我們給出了年初至今的數字。

Over half. Over half.

超過一半。超過一半。

Over half. And in total, we're at 78, I think.

超過一半。我認為，我們總共有 78 歲。

Yes.

是的。

Yes. So, I mean, our year-to-date new store openings are on track to get to the 125 to 150. So yes.

是的。所以，我的意思是，我們年初至今的新店開張量有望達到 125 到 150 家。所以是的。

Got it. And then -- and remind me, when you open those, are those -- those aren't in the comp, those are -- do they stay out of the comp for 13 months when you -- when you're...

知道了。然後 - 提醒我，當你打開那些時，那些 - 那些不在比賽中，那些是 - 當你 - 當你......

That's right, 13 -- yes, 13 periods, roughly a year. But -- or 13 periods. And then once it hits that 14th period, it then goes into comp.

沒錯，13——是的，13 個時期，大約一年。但是 - 或 13 個句點。然後，一旦它達到第 14 個週期，它就會進入比賽。

So I guess maybe a follow-up on those. I mean how are those going when you get them opened? It sound like -- what sort of lift are you seeing? What's the mix of business showing you?

所以我想可能是對這些的跟進。我的意思是，當你打開它們時，它們會怎麼樣？聽起來像 - 你看到什麼樣的電梯？向您展示的業務組合是什麼？

Yes, we still have a big opportunity on pro, Greg. I think you know that the stores themselves were primarily DIY, which is great. So the DIY business is somewhat established by Pep Boys previously. So the DIY business is still the majority of the sales, which is different for us. Typically, an Advance store, we're more 50-50, but these are much higher as a percent of sales on DIY, and that's the biggest opportunity for us. We've got our large national accounts that are out there that are really excited that we're opening the stores. So now we're able to service them in Southern California, which we have not been able to do in the past. So that's going to be the big opportunity for us as we get the stores open. And part of it is just getting density in metro L.A. and some of the other urban markets, San Diego, et cetera, that we have out there. Once we get the larger number of stores open, we have more density, and then we can get more parts to the customer.

是的，格雷格，我們仍然有很大的職業機會。我想你知道商店本身主要是 DIY，這很棒。所以 DIY 業務在某種程度上是由 Pep Boys 建立的。所以DIY業務仍然是銷售額的主要部分，這對我們來說是不同的。通常，高級商店，我們更多的是 50-50，但這些佔 DIY 銷售額的百分比要高得多，這對我們來說是最大的機會。我們擁有龐大的國民賬戶，他們對我們開設商店感到非常興奮。所以現在我們能夠在南加州為他們提供服務，這是我們過去無法做到的。因此，當我們開設商店時，這對我們來說將是一個巨大的機會。其中一部分只是增加了洛杉磯地鐵和其他一些城市市場的密度，聖地亞哥等，我們在那裡。一旦我們開設了更多的商店，我們就有了更多的密度，然後我們就可以為客戶提供更多的零件。

Got it. And then I think it's hopefully a quick follow-up. You talked about how inflation was more than the product cost inflation in the second quarter. We know you are cycling more inflation back half last year. Should we expect year-over-year inflation to sort of decelerate to mid-single digits in the back half? Is that what's in your guide?

知道了。然後我認為這是一個快速跟進。您談到了第二季度的通脹如何超過產品成本通脹。我們知道你在去年下半年循環了更多的通貨膨脹。我們是否應該期望後半部分的同比通脹會減速至中個位數？那是你指南里的內容嗎？

Yes, that's a good way to think about it. That's how we're looking at it. It's, as we said, sequentially coming down, but year-over-year is still up.

是的，這是一個很好的思考方式。這就是我們的看法。正如我們所說，它依次下降，但同比仍然上升。

Your next question comes from the line of Zach Fadem with Wells Fargo.

您的下一個問題來自富國銀行的 Zach Fadem。

Can you refresh us on your take for industry growth rates in '22 for DIY versus pro and how that's evolved since your initial expectations? And then as we look ahead, do you think DIY and pro units can both grow in 2023?

您能否向我們介紹您對 22 年 DIY 與專業人士的行業增長率的看法，以及自您最初的預期以來這是如何演變的？然後展望未來，您認為 DIY 和專業單位在 2023 年都能增長嗎？

Zach, I mean, originally, when we did our Investor Day, which, again, was 1.5 years ago, we had DIY low single. Obviously, as the year went on, it was a stronger year in 2021 for DIY than we had originally anticipated. So that's when in February we said, boy, we don't know on DIY in 2022. It could be more challenging.

扎克，我的意思是，最初，當我們舉辦投資者日時，又是 1.5 年前，我們有 DIY 低單曲。顯然，隨著時間的推移，2021 年對於 DIY 來說是比我們最初預期的更強勁的一年。所以那時我們在二月份說，男孩，我們不知道 2022 年的 DIY。這可能更具挑戰性。

So I think relative to our Investor Day, '21 better, '22 probably slightly below. Obviously, we look at the reported numbers of peers and we look at the syndicated data that -- which don't exactly match up, I can tell you. So that's the short answer there. But I think DIY in the back half of this year, knowing all of the things we know today, the inflationary pressures, we think that there's going to continue to be pressure on the discretionary income. And that's going to put pressure on DIY in the back half. Sorry, remind me your second question again.

所以我認為相對於我們的投資者日，'21 更好，'22 可能略低於。顯然，我們查看了報告的同行數量，我們查看了聯合數據，這些數據並不完全匹配，我可以告訴你。這就是那裡的簡短答案。但我認為今年下半年的DIY，知道我們今天所知道的所有事情，通脹壓力，我們認為可自由支配收入將繼續面臨壓力。這會給後半部分的DIY帶來壓力。對不起，再次提醒我你的第二個問題。

Do you think units can grow in 2023?

您認為單位可以在 2023 年增長嗎？

Units is a tricky question. I mean transactions, we do think transactions can grow. Units is a function of the complexity of a vehicle and how difficult the repair is and how parts change over time. Sometimes, you need fewer parts to do the same job, but it's higher revenue for the job, right? So -- but we are focused on transactions there and driving transactions, and we do think they can grow in '23.

單位是一個棘手的問題。我的意思是交易，我們確實認為交易可以增長。單位是車輛複雜性、維修難度以及零件隨時間變化的函數。有時，您需要更少的零件來完成相同的工作，但這項工作的收入更高，對吧？所以 - 但我們專注於那裡的交易並推動交易，我們確實認為它們可以在 23 年增長。

Got it. And then, Jeff, you had called out about a $20 million SG&A drag from the Pep Boys start-up costs in Q1. Can you talk through how that trended in Q2 and the deleverage impact and how you expect the drag to trend as we move through the second half of the year and the stores start to open?

知道了。然後，傑夫，你從第一季度的 Pep Boys 啟動成本中扣除了大約 2000 萬美元的 SG&A 拖累。您能否談談第二季度的趨勢和去槓桿化的影響，以及隨著我們進入下半年和商店開始營業，您預計拖累的趨勢如何？

Yes. So in the second quarter, it was not as high as what we saw in Q1. Obviously, as we open those stores, they're not start-up costs anymore and we're getting revenue associated with those stores. That trend is going to continue into Q3 and into Q4. And while we expect to have start-up costs, they're going to be significantly lower than what we saw in the back half of 2021. So net-net, it'll be a tailwind because it won't -- we won't have as much start-up costs in the back half of this year as we saw last year because we really didn't have that many stores open in California last year. So that's sort of how we're thinking about that.

是的。所以在第二季度，它沒有我們在第一季度看到的那麼高。顯然，當我們開設這些商店時，它們不再是啟動成本，我們正在獲得與這些商店相關的收入。這種趨勢將持續到第三季度和第四季度。雖然我們預計會有啟動成本，但它們將大大低於我們在 2021 年下半年看到的成本。所以 net-net，這將是一個順風，因為它不會——我們贏了今年下半年的啟動成本沒有我們去年看到的那麼多，因為我們去年在加利福尼亞開設的商店確實不多。這就是我們正在考慮的方式。

At this time, there are no further questions. I'll turn the call over to Tom Greco for any closing remarks.

此時，沒有進一步的問題。我將把電話轉給 Tom Greco 以獲取任何結束語。

Well, thanks to all of you for joining us this morning. As we move into the back half of the year, we remain committed to the disciplined execution of our long-term strategic plan, including profitable top line growth and sustainable margin expansion. In turn, we're confident that we'll be able to return meaningful value for our shareholders.

好吧，感謝大家今天早上加入我們。隨著我們進入下半年，我們將繼續致力於嚴格執行我們的長期戰略計劃，包括盈利的頂線增長和可持續的利潤率擴張。反過來，我們相信我們將能夠為我們的股東帶來有意義的價值。

Importantly, while we're focused on transforming Advance and completing the integration, we also recognize the importance of giving back to ensure we're leaving the communities we live and serve better for generations to come. This includes the kickoff of our American Heart Association fundraising campaign in stores tomorrow. Our '21 campaign was a record fundraising year for us, raising nearly $1.7 million to support the critical mission dedicated to fighting heart disease and stroke.

重要的是，雖然我們專注於改造 Advance 並完成整合，但我們也認識到回饋的重要性，以確保我們離開我們生活的社區，為子孫後代更好地服務。這包括明天在商店啟動我們的美國心臟協會籌款活動。我們的 21 年活動對我們來說是創紀錄的籌款年，籌集了近 170 萬美元來支持致力於對抗心髒病和中風的關鍵任務。

We're incredibly grateful for the generosity of our team members, our partners and our customers who are giving back. And I'm really excited to get back out into the stores next week and kick off this year's campaign.

我們非常感謝我們的團隊成員、合作夥伴和客戶的慷慨回饋。我真的很高興下週回到商店並開始今年的競選活動。

I'd like to wish everyone a safe and healthy end of summer and look forward to sharing more in November. Thanks for your support of Advanced Auto Parts as we navigate the current environment while continuing to deliver on our long-term strategic priorities.

祝大家暑假安全健康，期待11月的更多精彩分享。感謝您對 Advanced Auto Parts 的支持，因為我們在當前環境中導航，同時繼續實現我們的長期戰略重點。

Thank you for participating. You may disconnect at this time.

感謝您的參與。此時您可以斷開連接。