領先汽車配件 (AAP) 2025 Q3 法說會逐字稿

Hello and welcome, everyone, to the Advance Auto Parts third-quarter 2025 earnings conference call. I would now like to turn it over to Lavesh Hemnani, Vice President, Investor Relations.

大家好，歡迎參加 Advance Auto Parts 2025 年第三季財報電話會議。現在我將把發言權交給投資人關係副總裁拉維什‧赫姆納尼。

Good morning, and thank you for participating in today's call. I'm joined by Shane O'Kelly, President and Chief Executive Officer; and Ryan Grimsland, Executive Vice President and Chief Financial Officer. During today's call, we will be referencing slides which have been posted to our Investor Relations website.

早安，感謝各位參加今天的電話會議。與我一同出席的還有總裁兼執行長 Shane O'Kelly，以及執行副總裁兼財務長 Ryan Grimsland。在今天的電話會議中，我們將參考已發佈在我們投資者關係網站上的幻燈片。

Before we begin, please be advised that management's 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 initiatives, plans, projections, guidance, and expectations for the future.

在開始之前，請注意，管理層今天的演講將包含前瞻性陳述。除歷史事實陳述外，所有陳述均為前瞻性陳述，包括但不限於有關未來舉措、計劃、預測、指導和期望的陳述。

Actual results could differ materially from those projected or implied by the forward-looking statements. Additional information can be found under Forward-Looking Statements in our earnings release and Risk Factors in our most recent Form 10-K and subsequent filings made with the SEC.

實際結果可能與前瞻性聲明中預測或暗示的結果有重大差異。更多資訊請參閱我們獲利報告中的「前瞻性聲明」及我們最新提交給美國證券交易委員會的 10-K 表格及後續文件中的「風險因素」部分。

Shane will begin today's call with an update on the business and our strategic priorities. Later, Ryan will discuss results for the third quarter and provide an update on full-year guidance. Following management's prepared remarks, we will open the line for questions.

Shane 將在今天的電話會議上首先介紹公司業務的最新進展和我們的策略重點。稍後，瑞安將討論第三季業績，並提供全年業績指引的最新資訊。在管理階層發表完準備好的演講後，我們將開放提問環節。

Now, let me turn the call over to our CEO, Shane O'Kelly. Shane?

現在，讓我把電話交給我們的執行長肖恩·奧凱利。肖恩？

Thank you, Lavesh, and good morning, everyone. I want to take a moment to acknowledge and thank the team for their hard work and dedication. Their unwavering focus on delivering exceptional customer service and advancing our strategic priorities helped us achieve our strongest quarter in over two years.

謝謝你，拉維什，大家早安。我想藉此機會感謝團隊的辛勤工作和奉獻精神。他們始終專注於提供卓越的客戶服務和推進我們的策略重點，幫助我們取得了兩年多來最好的季度成績。

For the third quarter, we reported comparable sales growth of 3%, with both pro and DIY channels delivering growth. Adjusted operating margin expanded by 370 basis points year over year to 4.4%, demonstrating progress on the execution of our strategic plan.

第三季度，我們實現了 3% 的同店銷售額成長，專業通路和 DIY 通路均實現了成長。經調整後的營業利潤率年增 370 個基點至 4.4%，顯示我們在執行策略計畫方面取得了進展。

During the quarter, we also strengthened our balance sheet by proactively reorganizing our debt capital structure. We raised nearly $2 billion in cash, which provides enhanced liquidity for the business, as well as a path to return to an investment-grade credit rating in the future.

本季度，我們也透過積極重組債務資本結構，加強了資產負債表。我們籌集了近 20 億美元的現金，這不僅增強了公司的流動性，也為未來恢復投資等級信用評級鋪平了道路。

As anticipated, tariff-related price increases have accelerated in the auto aftermarket. And in our view, the industry has been responding rationally by adjusting prices in response to rising product costs. We saw some variability in performance as prices moved higher during the quarter, although on a two-year basis, both transaction and unit trends were relatively stable.

正如預期的那樣，與關稅相關的汽車售後市場價格上漲速度加快。我們認為，隨著產品成本的上漲，產業一直在理性地調整價格。雖然本季價格上漲導致業績出現一些波動，但從兩年的角度來看，交易量和單位數量趨勢都相對穩定。

As we look to the balance of the year, we believe there is potential for temporary volatility in sales trends as consumers manage household budgets in an inflationary backdrop. Our teams are prepared to navigate in this dynamic environment and provide consistent high-quality service to our customers.

展望今年剩餘時間，我們認為在通膨背景下，消費者需要管理家庭預算，因此銷售趨勢可能會出現暫時的波動。我們的團隊已做好準備，應對這種瞬息萬變的環境，並為客戶提供一致的高品質服務。

The long-term fundamental drivers of the industry remain healthy. More than 90% of our sales are driven by maintenance and break fix repair, which gives us confidence for the long term. Based on our performance to date and expectations for the remainder of Q4, we have updated our full-year guidance. We have reaffirmed the midpoint of our prior comparable sales growth and adjusted operating margin guidance, which implies approximately 200 basis points of margin expansion for the year.

該行業的長期基本驅動因素依然健康。超過 90% 的銷售額來自維護和故障排除維修，這讓我們對長期發展充滿信心。根據我們迄今為止的業績以及對第四季度剩餘時間的預期，我們更新了全年業績指引。我們重申了先前對同店銷售成長和調整後營業利潤率的預期中位數，這意味著今年的利潤率將成長約 200 個基點。

I want to recognize the team for their tremendous effort in delivering operational stability and maintaining focus on our turnaround priorities. We still have considerable work ahead of us as the initiatives underlying our strategic pillars continue to build through 2026. We remain committed to the steady execution of our plan to expand margins and create long-term value for shareholders.

我要表揚團隊為實現營運穩定和維持對扭虧為盈優先事項的專注所付出的巨大努力。到 2026 年，我們仍有大量工作要做，因為我們策略支柱背後的各項措施將繼續推進。我們將繼續穩定執行擴大利潤率、為股東創造長期價值的計畫。

The Advance team is prioritizing actions to successfully execute the basics of selling auto parts while strategically utilizing innovative technological assets to position the company for the future. Our technology team has designed a multi-year roadmap to support the effective execution of our plan. These include using generative AI content and deploying AI-based applications in routine processes and providing sharp analytical data for our teams to improve service levels.

Advance 團隊優先採取行動，成功執行汽車零件銷售的基本工作，同時策略性地利用創新技術資產，為公司的未來發展做好準備。我們的技術團隊制定了多年路線圖，以支持我們計劃的有效執行。這些措施包括使用生成式人工智慧內容，在日常流程中部署基於人工智慧的應用程序，並為我們的團隊提供清晰的分析數據，以提高服務水準。

Some of the areas where we are leveraging these applications include processes within merchandising to power our SKU placement decisions and within our supply chain to determine optimum demand forecasting for millions of SKU combinations in our network. These are just a couple of examples, among other projects, where we believe we will collectively establish a foundation for stronger execution across fundamental retail operations.

我們正在利用這些應用程式的一些領域包括商品銷售流程，以支援我們的 SKU 擺放決策，以及供應鏈流程，以確定我們網路中數百萬種 SKU 組合的最佳需求預測。以上僅是幾個例子，我們相信，透過這些項目，我們將共同為加強零售業務的基本營運奠定基礎。

Next, let's turn to an update of our strategic plan. To recap, our turnaround goals are built on three pillars, each supported by targeted initiatives that we believe will position us to deliver profitable growth. I will share updates on the progress we have made within each pillar, and then Ryan will discuss our financial performance. Let's begin with merchandising.

接下來，我們來更新一下我們的戰略計劃。總而言之，我們的扭虧為盈目標建立在三大支柱之上，每一支柱都由有針對性的舉措支持，我們相信這些舉措將使我們能夠實現盈利增長。我將分享我們在每個支柱領域取得的進展情況，然後瑞恩將討論我們的財務表現。我們先從商品銷售說起。

Throughout the year, we have taken deliberate and strategic actions to position Advance as a trusted long-term growth partner for our vendors. With a sense of urgency, we have streamlined legacy processes, reduced complexities in order management, restructured our distribution center footprint, and prioritized operational excellence to enhance the overall vendor experience.

在過去一年中，我們採取了深思熟慮的策略行動，將 Advance 定位為供應商值得信賴的長期成長合作夥伴。我們本著緊迫感，簡化了傳統流程，降低了訂單管理的複雜性，重組了配送中心佈局，並將卓越營運放在首位，以提升供應商的整體體驗。

Our vendor community is reacting positively to the bold, decisive actions we've made, such as exiting underperforming markets and investing in new stores and market hubs. They are actively engaged in strategic business planning, exploring supply consolidation opportunities and collaborating on joint marketing efforts to support our transformation.

我們的供應商群體對我們採取的大膽果斷的行動給予了積極的回應，例如退出業績不佳的市場，投資建設新店和市場中心。他們積極參與策略業務規劃，探索供應鏈整合機會，並合作進行聯合行銷活動，以支持我們的轉型。

This alignment has already begun to deliver improved product margins, and we expect additional cost benefits in the future. I am proud of the team's progress, especially given the added complexities of navigating a new tariff environment. Another key priority for the company has been enhancing the availability of hard parts.

這種調整已經開始帶來更高的產品利潤率，我們預期未來將帶來更多的成本效益。我為團隊的進展感到自豪，尤其是在應對新的關稅環境帶來的額外複雜性的情況下。公司另一項重點工作是提高零件的供應能力。

We are pleased to report the successful completion of the rollout of our new assortment framework across our top 50 DMAs, which cover approximately 70% of our sales. We achieved this ahead of schedule by leveraging proprietary assortment planning tools that have significantly improved our ability to make data-driven decisions and quickly adapt SKU requirements to meet specific market needs.

我們很高興地宣布，我們在前 50 個 DMA 區域成功完成了新產品組合框架的推廣，這些區域涵蓋了我們約 70% 的銷售額。我們利用專有的產品組合規劃工具提前完成了這項任務，這些工具顯著提高了我們做出數據驅動決策的能力，並能快速調整 SKU 要求以滿足特定的市場需求。

We expect this initiative to deliver incremental growth over and above the initial 50-basis-point uplift as these markets mature over the next 12 to 18 months. Along with refreshing our store assortment, we have also improved DC stocking programs to drive greater effectiveness in store replenishment processes for each market.

我們預計，隨著這些市場在未來 12 至 18 個月內日趨成熟，這項舉措將在最初 50 個基點的成長基礎上帶來增量成長。除了更新門市商品種類外，我們也改善了配送中心庫存計劃，以提高各市場門市補貨流程的效率。

These activities have enabled us to achieve our store availability target and ensure improved depth of hard parts in stores and distribution centers. With this major milestone accomplished, we are now focused on improving the speed at which we bring new parts to market to expand our breadth of coverage.

這些措施使我們能夠實現門市供貨目標，並確保門市和配送中心的零件庫存充足。隨著這一重大里程碑的實現，我們現在專注於提高新零件上市的速度，以擴大我們的覆蓋範圍。

We have already introduced tens of thousands of new SKUs into our network this year. And our work has uncovered additional opportunities to enhance our responsiveness to market demand signals. Increasing the breadth of hard parts coverage will enable us to further improve service levels for our pro customers.

今年我們已經向我們的銷售網絡引入了數萬個新的 SKU。我們的工作也發現了更多提高我們對市場需求訊號反應能力的機會。擴大硬體部件的覆蓋範圍將使我們能夠進一步提高對專業客戶的服務水準。

Moving to pricing and promotion management. As a company, our goal is to offer competitive pricing, supplemented with seasonally relevant promotions to engage customers and drive repeat purchases. We are in the initial stages of testing a new AI-powered pricing matrix to inform pricing decisions for SKUs within the DIY and pro channels.

轉入定價和促銷管理領域。作為一家公司，我們的目標是提供有競爭力的價格，並輔以當季促銷活動，以吸引顧客並促進重複購買。我們目前正處於測試新的人工智慧定價矩陣的初期階段，該矩陣將為DIY和專業通路中的SKU定價決策提供資訊。

Separately, we have also built guidelines for field discounting programs to take advantage of select market growth opportunities. In this regard, we are adopting a fundamental retail approach by installing a centralized price management system for segmenting categories, markets, SKUs, and customer channels. Consistent with prior expectations, we expect this initiative to deliver a larger benefit in 2026 and beyond.

此外，我們還制定了現場折扣計劃的指導方針，以利用特定的市場成長機會。在這方面，我們採取了基本的零售方法，即安裝集中式價格管理系統，將類別、市場、SKU 和客戶通路細分。與先前的預期一致，我們預期這項措施將在 2026 年及以後帶來更大的效益。

Turning to supply chain, our US distribution center consolidation plan is progressing on schedule. And we expect to end the year with 16 DCs in the US, which is a significant reduction from 38 DCs just two years ago. We will enter the next phase of consolidation in 2026. And as part of our planning process, we are evaluating our operational capabilities across the network.

供應鏈方面，我們的美國配送中心整合計畫正在按計畫進行。我們預計到今年年底，美國將擁有 16 個配送中心，與兩年前的 38 個配送中心相比，這是一個顯著的減少。我們將於2026年進入下一階段的整合。作為規劃流程的一部分，我們正在評估整個網路的營運能力。

DC productivity measured through product lines per hour has improved in the mid-single-digit percentage range compared to last year. And our team is putting incremental focus on execution of key functions in our DCs. These include product picking, packing, and routing to drive additional productivity. We believe our current DC network is well-positioned to support strong service levels and the continued growth of our multi-echelon network.

與去年相比，以每小時產品線數量衡量的配送中心生產力提高了個位數百分比。我們的團隊正逐步將重點放在資料中心關鍵功能的執行上。這些措施包括產品揀選、包裝和路線規劃，以提高生產效率。我們相信，我們目前的資料中心網路能夠很好地支援高水準的服務以及我們多層級網路的持續成長。

A key element of this growth is opening new market hubs. Approximately 75% of our stores are in markets where we have the number one or number two position based on store density. Our team has made great strides in accelerating market hub openings, which is enabling us to capitalize in markets of strength.

這一成長的關鍵因素是開闢新的市場中心。我們約 75% 的門市位於門市密度排名第一或第二的市場。我們的團隊在加快市場中心開放方面取得了長足進步，這使我們能夠在強勁的市場中獲利。

During Q3, we opened six locations and concluded the quarter with 28 market hubs. We now expect to open a total of 14 market hubs this year, including 10 conversions and four greenfield locations. With these openings, we expect to end the year with 33 locations.

第三季度，我們開了六家新店，季末共擁有 28 個市場中心。我們現在預計今年將開設共 14 個市場中心，其中包括 10 個改建項目和 4 個新建項目。隨著這些新店的開業，我們預計到年底將擁有 33 家分店。

A market hub typically carries between 75,000 to 85,000 SKUs, expanding same-day parts availability for a service area of about 60 to 90 stores. Thus far in Q4, we have opened one greenfield location in the Atlanta area. Built from the ground up, this facility is poised to serve as a model for future hub development.

市場中心通常擁有 75,000 至 85,000 個 SKU，從而擴大了服務區域內約 60 至 90 家門市的當日零件供應範圍。截至目前，第四季我們在亞特蘭大地區開設了一家全新的門市。該設施從零開始建設，預計將成為未來樞紐發展的典範。

We are particularly enthusiastic about the opportunities presented by greenfield openings, as these facilities enable us to establish new points of distribution within designated market areas. This strategic expansion not only enhances our ability to provide additional hard parts coverage in previously underserved regions, but it also creates incremental opportunities to gain market share. We will continue to open new market hubs in 2026 and stay on the path to opening 60 market hubs by mid-2027.

我們對新建工廠帶來的機會尤其熱衷，因為這些工廠使我們能夠在指定的市場區域內建立新的分銷點。此次策略擴張不僅增強了我們在以前服務不足的地區提供更多零件的能力，而且還創造了獲得更多市場份額的機會。我們將在 2026 年繼續開設新的市場中心，並繼續朝著 2027 年年中開設 60 個市場中心的目標前進。

Moving to store operations. As we've previously communicated throughout the year, we have been testing a refreshed store operating model designed to enhance productivity and ensure the delivery of consistent, high-quality service to our customers.

轉入門店營運部門。正如我們先前在今年多次溝通的那樣，我們一直在測試一種全新的門市營運模式，旨在提高生產力並確保為我們的客戶提供始終如一的高品質服務。

I would like to thank our frontline team for their collaboration and adaptability during the testing phase as we work to identify a more effective path forward. We are now prepared to launch this model in Q4 as part of the first phase of the rollout, with full implementation anticipated during the first half of 2026.

我要感謝我們的第一線團隊在測試階段的合作和適應能力，我們努力尋找更有效的前進方向。我們現在準備在第四季度推出該模型，作為推廣的第一階段，預計將在 2026 年上半年全面實施。

This updated operating model enables us to improve driver and store team labor hours along with vehicle allocations, aligning them more effectively with demand patterns to better serve our customers. We expect this model to provide three key benefits.

更新後的營運模式使我們能夠改善司機和門市團隊的工時以及車輛分配，使其更有效地與需求模式相匹配，從而更好地服務我們的客戶。我們預期該模式將帶來三大主要優勢。

First, it will enable us to instill greater confidence in our pro customers while strengthening our reputation as a trusted and reliable parts provider in the aftermarket. Second, it strengthens the collaboration between our customer-facing outside sales team and our internal store teams, who play a critical role in efficiently procuring and delivering parts.

首先，這將使我們能夠增強專業客戶的信心，同時鞏固我們在售後市場作為值得信賴的可靠零件供應商的聲譽。其次，它加強了我們面向客戶的外部銷售團隊和我們內部門店團隊之間的合作，門市團隊在高效採購和交付零件方面發揮著至關重要的作用。

And third, from an economic standpoint, this model should support greater transaction velocity, improve labor utilization, and enable us to compete more effectively. The introduction of this new operating model, combined with the expansion of new store locations and our delivery commitment of 30 to 40 minutes, naturally positions us to accelerate growth in each pro account.

第三，從經濟角度來看，這種模式應該能夠提高交易速度，提高勞動力利用率，並使我們更有效地參與競爭。引入這種新的營運模式，加上新店址的擴張以及我們30至40分鐘的配送承諾，自然而然地使我們能夠在每個專業客戶中加速成長。

Our team is putting added emphasis on strengthening relationships with main street and regional accounts. The main street customer group represents our single largest opportunity for higher-margin market share in the pro channel.

我們的團隊將更加重視加強與主要街道和區域客戶的關係。一般消費者群是我們拓展專業通路、獲得更高利潤市場份額的最大機會。

To further boost our sales within this cohort, we are providing our account managers with enhanced visibility on customer data and additional training resources to increase our transaction volumes. For our national accounts, we are actively collaborating with them to optimize parts availability in specific categories by market, which will enable us to improve service levels.

為了進一步提升我們在該群體中的銷售額，我們正在為客戶經理提供更清晰的客戶資料和額外的培訓資源，以提高我們的交易量。對於我們的國內客戶，我們正在積極與他們合作，以優化特定市場特定類別的零件供應，這將使我們能夠提高服務水準。

Shifting to DIY, as we refocus on the core fundamentals of selling auto parts and work to execute each initiative, we have asked our store team members to embrace significant changes. The fact that our team members are committed to supporting our customers and the sequential improvement in DIY transactions on both a one-year and two-year basis, is a testament to their customer-focused mindset.

隨著我們重新專注於銷售汽車零件的核心要素並努力執行每項舉措，我們轉向了 DIY 模式，並要求我們的門市團隊成員接受重大變革。我們的團隊成員致力於為客戶提供支持，並且自助交易量在一年和兩年內持續改進，證明了他們以客戶為中心的理念。

As a management team, we have launched a renewed effort to simplify store tasks and streamline communication to the stores to improve the experience for our team. This initiative is being managed through a centralized execution team, which oversees weekly communications and provides organizational visibility in the tasks being assigned to the stores.

作為管理團隊，我們已啟動一項新的工作，旨在簡化門市任務並簡化與門市的溝通，從而改善我們團隊的體驗。這項計畫由集中執行團隊進行管理，該團隊負責監督每週的溝通，並讓組織了解分配給各門市的任務。

By prioritizing only the most critical activities, we expect to drive further operational efficiency. We believe this new level of operational discipline will create additional capacity within our stores, allowing teams to dedicate more time to training and customer service.

透過優先進行最關鍵的活動，我們期望能夠進一步提高營運效率。我們相信，這種新的營運紀律將為我們的門市創造更多產能，使團隊能夠投入更多時間進行培訓和客戶服務。

Separately, to monitor the performance in our stores, we have also launched a new net promoter score or NPS metric that is collected through customer transactions. In addition to providing visibility into the impact of strategic actions being executed by the stores, the data is used by store and district managers to drive targeted service improvements.

另外，為了監測我們門市的業績，我們也推出了新的淨推薦值（NPS）指標，透過顧客交易收集。除了能夠展現門市執行的策略行動的影響外，門市和區域經理還可以利用這些數據來推動有針對性的服務改善。

We expect to focus on operational discipline along with our ongoing effort to upgrade store infrastructure to enhance the overall experience for team members and for our customers. We continue to upgrade HVAC systems, roofing, parking lots, and signage in our stores as part of a multi-year asset management plan.

我們將專注於營運紀律，同時不斷努力升級門市基礎設施，以提升團隊成員和顧客的整體體驗。作為多年資產管理計畫的一部分，我們將繼續升級門市的暖通空調系統、屋頂、停車場和標誌。

Year to date, we have invested about $50 million in store upgrades, which is more than double the total CapEx allocated to these projects last year. To date, we have updated more than 1,400 stores compared to 440 stores upgraded in all of 2024. In addition to these critical store upgrades, we are also building a pipeline of new store openings for the future and continue to target at least 100 new store openings over the next two years.

今年迄今為止，我們已在門市升級方面投資了約 5,000 萬美元，是去年分配給這些項目的總資本支出的兩倍多。截至目前，我們已經更新了 1400 多家門市，而 2024 年全年只升級了 440 家門市。除了這些重要的門市升級之外，我們還在為未來開設新店做準備，並繼續以未來兩年內開設至少 100 家新店為目標。

To wrap up my section, I want to once again recognize the team for their hard work and for the progress achieved thus far. We remain focused on prioritizing actions to deliver sustained improvement in our turnaround.

最後，我要再次感謝團隊的辛勤工作以及迄今為止的進展。我們將繼續專注於優先採取行動，以實現扭虧為盈進程的持續改善。

I'll now hand the call over to Ryan to discuss our financials. Ryan.

現在我將把電話交給瑞恩，讓他來討論我們的財務狀況。瑞恩。

Thank you, Shane, and good morning, everyone. I want to begin by thanking our frontline associates for their commitment to serving our customers and delivering strong Q3 results.

謝謝你，肖恩，大家早安。首先，我要感謝我們的第一線員工，感謝他們致力於服務客戶並取得了強勁的第三季業績。

For the third quarter, net sales from continuing operations were $2 billion, which declined 5% compared to last year. This decline was mainly attributable to the store optimization activity that was completed during Q1. Comparable sales grew 3% during the quarter, with positive weekly performance throughout the quarter.

第三季度，持續經營業務的淨銷售額為 20 億美元，比去年同期下降了 5%。這一下降主要歸因於第一季完成的門市優化活動。本季同店銷售額成長3%，且整個季度每週業績均維持正成長。

Sales trends were strongest during the first four weeks, followed by a moderation during the last eight weeks. From a category perspective, brakes, undercar components, and engine management led performance. We have made significant progress in improving our coverage and availability of hard parts, which is helping us deliver better service to customers.

銷售趨勢在前四周最為強勁，隨後在後八周有所放緩。從類別角度來看，煞車、底盤零件和引擎管理是性能的關鍵因素。我們在提高零件的覆蓋範圍和供應能力方面取得了顯著進展，這有助於我們為客戶提供更好的服務。

For the quarter, [ticket] was positive and largely driven by tariff-related price adjustments that expanded throughout the quarter. Our industry has been reacting rationally to rising product costs, and we have been adjusting prices in response to market dynamics.

本季度，[票務]為正，主要得益於關稅相關的價格調整，此調整在整個季度內不斷擴大。我們產業一直理性地應對產品成本上漲，並根據市場動態調整價格。

In aggregate, same SKU inflation was about 3% in Q3 compared to about 2% last quarter. Transactions were down, but improved sequentially as we cycled through discrete events from last year. On a two-year basis, transactions and unit productivity were relatively stable to last quarter, reflecting the team's continued focus on delivering consistent, high-quality service.

整體而言，第三季同店商品價格通膨率約為 3%，而上一季約為 2%。交易量有所下降，但隨著我們回顧去年發生的個別事件，交易量逐一有所改善。從兩年前的數據來看，交易量和單位生產力與上一季相比相對穩定，這反映出團隊持續專注於提供一致的高品質服務。

Now let's look at channel performance. Pro comps grew by just over 4% as we cycled through the softness from last year. On a two-year basis, the pro channel recorded its fifth consecutive quarter of positive performance and relatively consistent two-year trends in each month. Our DIY channel delivered positive low single-digit comps in the quarter and improved sequentially on a two-year basis.

現在我們來看看頻道表現。職業比賽的參賽人數成長略高於 4%，這得益於我們度過了去年的疲軟期。從兩年的時間跨度來看，專業頻道連續第五個季度實現了正增長，並且每個月都保持了相對穩定的兩年增長趨勢。我們的 DIY 管道在本季度實現了個位數百分比的正增長，並且兩年來環比有所改善。

Moving to margins. Adjusted gross profit from continuing operations was $913 million or 44.8% of net sales, resulting in gross margin expansion of about 260 basis points compared to last year. The year-over-year margin expansion was driven by savings associated with our footprint optimization activity completed in March and reduction in product costs driven by our strategic sourcing initiatives.

移至邊緣。經調整後，持續經營業務的毛利為 9.13 億美元，佔淨銷售額的 44.8%，毛利率較上年增長約 260 個基點。年比利潤率的成長主要得益於我們在 3 月完成的佈局優化活動帶來的成本節約，以及我們策略採購措施帶來的產品成本降低。

I want to recognize the merchandising team for their solid execution this year. They have been able to secure competitive product costs while managing prices in a higher-tariff environment to offset incremental cost pressures, which is yielding stronger merchandise margins. During the quarter, we cycled through approximately 70 basis points of atypical margin headwinds from last year.

我要稱讚商品銷售團隊今年出色的執行力。在高關稅環境下，他們透過控制價格來抵消不斷增加的成本壓力，從而確保了具有競爭力的產品成本，並獲得了更高的商品利潤率。本季度，我們經歷了與去年同期相比約 70 個基點的非典型利潤率不利因素。

We also experienced a benefit of approximately 50 basis points related to capitalized inventory costs driven by our strategic decision to carry more inventory through the year. Regarding product costs, as previously anticipated, we expected LIFO expenses to move higher due to cost inflation. This resulted in total LIFO expenses of $33 million for Q3.

由於我們採取策略決策，全年持有更多庫存，我們也獲得了與資本化庫存成本相關的約 50 個基點的收益。關於產品成本，正如先前預期的那樣，由於成本通膨，我們預計後進先出法（LIFO）的費用將會上升。這導致第三季採用後進先出法 (LIFO) 的總支出為 3,300 萬美元。

Shifting to operating expenses. Adjusted SG&A from continuing operations was $823 million or 40.4% of net sales and was consistent with our expectations. The year-over-year reduction in SG&A expense is primarily related to operating fewer stores compared to last year. As a result, adjusted operating income from continuing operations was $90 million or 4.4% of net sales, resulting in about 370 basis points of year-over-year operating margin expansion, our strongest operating margin in over two years.

轉為營運費用。經調整後的持續經營銷售、一般及行政費用為 8.23 億美元，佔淨銷售額的 40.4%，與我們的預期一致。銷售、一般及行政費用較去年同期下降主要是因為與去年相比，門市數量減少所致。因此，持續經營業務的調整後營業收入為 9,000 萬美元，佔淨銷售額的 4.4%，年比營業利潤率成長約 370 個基點，這是我們兩年多來最高的營業利潤率。

Adjusted diluted earnings per share from continuing operations was $0.92 compared with a loss of $0.05 last year. Year to date, free cash flow is negative $277 million, largely driven by payments for inventory purchased in Q3 last year, which is in line with our typical cadence for managing payables.

經調整後，持續經營業務的稀釋後每股收益為 0.92 美元，而去年同期虧損 0.05 美元。今年迄今為止，自由現金流為負 2.77 億美元，主要原因是支付了去年第三季購買的庫存款項，這與我們管理應付帳款的典型節奏一致。

Also, during the quarter, we spent an additional $20 million on cash costs related to our store optimization activity for a total of approximately $130 million incurred through the year. Looking at year-to-date free cash flow more closely, we have only seen a modest change in operating cash flow between Q2 and Q3, which shows the stability of our operational execution, while we continue to allocate higher CapEx to strategic investments.

此外，本季我們還額外花費了 2,000 萬美元用於與門市優化活動相關的現金成本，使得全年總支出約為 1.3 億美元。更仔細地觀察今年迄今的自由現金流，我們發現第二季和第三季之間的營運現金流只有輕微的變化，這表明我們營運執行的穩定性，同時我們繼續將更高的資本支出分配給策略性投資。

Turning to an update on full-year guidance. Starting with net sales. We expect net sales of $8.55 billion to $8.6 billion including comparable sales growth between 0.7% to 1.3%. Q4 is typically our most volatile quarter of the year, and our guidance includes trends through the first three weeks, which have started off soft. While the Pro channel continues to track positive, the DIY channel is seeing pressure with more week-to-week variability in transactions. We believe this is being driven primarily by adjustments in consumer purchasing habits in response to rising prices.

接下來更新全年業績預期。首先從淨銷售額開始。我們預計淨銷售額為 85.5 億美元至 86 億美元，其中包括 0.7% 至 1.3% 的同店銷售額成長。第四季通常是我們一年中波動最大的季度，我們的預測涵蓋了前三週的趨勢，而這三週的開局較為疲軟。雖然專業管道持續保持積極態勢，但DIY通路面臨壓力，交易量每週波動較大。我們認為這主要是由於消費者為因應物價上漲而調整購買習慣所致。

Same SKU inflation is expected to move higher compared to Q3, and we remain cautious in our planning assumptions based on recent trends. In addition, I want to highlight two sales-related items that are unique to Q4. First, last year, in Q4, we generated $74 million in nonrecurring liquidation sales related to our store optimization activity. And second, we expect between $100 million to $120 million in sales from the 53rd week. As a reminder, neither of these items impact comparable sales growth.

與第三季相比，同店商品價格通膨預計將進一步走高，基於近期趨勢，我們對規劃假設仍保持謹慎態度。此外，我想重點介紹第四季特有的兩項與銷售相關的事項。首先，去年第四季度，我們透過門市優化活動實現了 7,400 萬美元的非經常性清算銷售額。其次，我們預計從第 53 週開始，銷售額將達到 1 億美元至 1.2 億美元。需要提醒的是，這兩項都不會影響同店銷售成長。

Moving to margins. We expect adjusted operating income margin between 2.4% to 2.6% reaffirming the midpoint of our prior guidance range. Given the typical seasonality of the business through the end of the year, we expect Q4 gross margin to moderate compared to Q3. We are planning for Q4 gross margin slightly below 44%, which includes the benefit of higher capitalized inventory costs continuing through the end of the year as inventory levels are expected to be higher than previously planned. Strong coverage of parts across our network is critical for our long-term success, and we are working to ensure we provide our customers access to the right depth and breadth of parts.

移至邊緣。我們預計調整後的營業利潤率將在 2.4% 至 2.6% 之間，重申了我們先前預期範圍的中點。考慮到年底前業務的典型季節性，我們預計第四季毛利率將比第三季有所下降。我們預計第四季毛利率將略低於 44%，這得益於較高的資本化庫存成本將持續到年底，因為預計庫存水準將高於先前的計劃。強大的零件網路覆蓋範圍對我們的長期成功至關重要，我們正在努力確保為客戶提供足夠深度和廣度的零件。

However, this inventory benefit is expected to be offset by higher than previously planned LIFO expenses that is driving 80 to 100 basis points of added pressure. We currently estimate total fourth quarter LIFO expense of approximately $70 million based on cost trends through Q3. For SG&A, we expect Q4 expense dollars to decline in the high single-digit range compared to last year which is in line with prior expectations. As a reminder, we are also lapping approximately 280 basis points of atypical margin headwinds, which will drive favorability in the year-over-year operating margin expansion. Moving to the other items in our guidance.

然而，預計這項庫存收益將被高於先前計劃的後進先出法 (LIFO) 費用所抵消，這將帶來 80 至 100 個基點的額外壓力。根據第三季的成本趨勢，我們目前預計第四季後進先出法 (LIFO) 總支出約為 7,000 萬美元。對於銷售、管理及行政費用，我們預期第四季支出金額將比去年同期下降近10%，這與先前的預期一致。需要提醒的是，我們還將克服約 280 個基點的非典型利潤率不利因素，這將有利於同比營業利潤率的擴張。接下來，我們來看看指南中的其他項目。

We have updated our adjusted EPS guidance to a range of $1.75 and $1.85, which includes slightly higher interest income compared to prior expectations. For Q4, our interest expense is expected to move higher due to a full quarter impact of the debt refinancing transaction that was completed in Q3. For capital expenditures, we have revised our target to approximately $250 million for the year compared to the prior expectations of approximately $300 million. About half of the change is associated with the allocation of spend between PP&E and other assets on our balance sheet, which is a net neutral from a free cash flow perspective. The balance of the CapEx reduction is related to a shift in timing of projected spend from Q4 into next year as we continue to execute initiatives across our three strategic pillars.

我們已將調整後的每股盈餘預期更新為 1.75 美元至 1.85 美元，其中包括比先前預期略高的利息收入。由於第三季完成的債務再融資交易對第四季產生了全面影響，預計第四季的利息支出將會增加。對於資本支出，我們已將今年的目標調整為約 2.5 億美元，而先前的預期約為 3 億美元。大約一半的變化與固定資產和資產負債表上其他資產之間的支出分配有關，從自由現金流的角度來看，這是淨中性的。資本支出減少的剩餘部分與預計支出時間從第四季度轉移到明年有關，因為我們將繼續在我們三大戰略支柱領域執行各項舉措。

Regarding free cash flow, we have revised our expectations to a range of negative $90 million to $80 million for the year. As I indicated earlier, we expect to carry higher than previously planned inventory through the end of the year. This is being driven by our strategic decision to improve the depth and breadth of assortment across our network and to support new store growth. Despite the higher inventory, we expect positive working capital contribution in the fourth quarter which is in line with our planning assumption at the start of the year. We continue to expect full year cash expenses of approximately $150 million related to our store optimization activity.

關於自由現金流，我們已將全年預期調整為負9,000萬美元至8,000萬美元。正如我之前提到的，我們預計到年底庫存將高於先前的計劃。這是由於我們的策略決策，即提高我們整個網路的產品種類深度和廣度，並支持新店的成長。儘管庫存較高，但我們預計第四季度營運資金貢獻為正，這與我們年初的計畫假設一致。我們預計全年與門市優化活動相關的現金支出約為 1.5 億美元。

Adjusting for this spend, our core free cash flow would have been positive for the year, which gives us confidence in our ability to deliver positive free cash flow in 2026 and beyond. In summary, we are pleased with our year-to-date financial performance and remain on track to end the year with solid margin expansion after two consecutive years of decline. We have enhanced our liquidity position to fuel our turnaround and the team is doing a commendable job by staying nimble in a dynamic macro backdrop. Before moving to your questions, I want to address our recent industry concerns stemming from the bankruptcy proceedings of a supplier. In our view, this is an isolated situation and not a broader concern regarding the health of the aftermarket industry.

扣除這筆支出後，我們今年的核心自由現金流將為正，這讓我們有信心在 2026 年及以後實現正的自由現金流。總而言之，我們對今年迄今為止的財務業績感到滿意，並預計在連續兩年下滑後，以穩健的利潤率增長結束今年的業績。我們增強了流動性，為扭虧為盈提供了動力，團隊在動態的宏觀環境下保持靈活，做得非常出色。在回答你們的問題之前，我想先談談我們這個行業最近因一家供應商破產程序而引起的擔憂。我們認為，這只是個別現象，並不代表售後市場產業的健康狀況有更廣泛的問題。

Over the last 12 to 18 months, our merchant team has worked to diversify our vendor base including consolidation of product lines, and we currently source less than 2% of our cost of goods from this supplier. Given the risk associated with the bankruptcy proceedings, we have recorded a noncash charge of $28 million to cost of sales in the third quarter. This charge reflects an estimate for future credit losses on certain other receivables due from the supplier and is recorded in our GAAP income statement. It does not impact adjusted results and full year guidance. Following this charge, we have reserved against the risk associated with potential credit losses.

在過去的 12 到 18 個月裡，我們的採購團隊一直致力於實現供應商基礎多元化，包括整合產品線，目前我們從該供應商採購的商品成本不到總成本的 2%。鑑於破產程序帶來的風險，我們在第三季的銷售成本中計入了 2,800 萬美元的非現金支出。這項費用反映了對供應商某些其他應收款項未來信用損失的估計，並已記錄在我們的 GAAP 損益表中。這不會影響調整後的業績和全年業績預期。在提列此項費用後，我們已預留資金以應對潛在的信用損失風險。

We are maintaining a positive dialogue with the vendor and continue to work with them. We also source products from hundreds of other suppliers and maintain alternate sources of supply to minimize any disruption to our operations. Separately, we have also heard market concerns related to our supply chain finance program and the aftermath of financial issues related to the supplier. We do not believe these concerns are applicable to us. I want to emphasize, Advance's suppliers continue to receive early payments on their confirmed invoices through our network of large reputable banks.

我們與供應商保持積極的溝通，並將繼續與他們合作。我們也從數百家其他供應商採購產品，並維持備用供應來源，以最大程度地減少對我們營運的任何干擾。此外，我們也聽到了市場對我們的供應鏈金融計畫以及與供應商相關的財務問題後果的擔憂。我們認為這些問題與我們無關。我想強調的是，Advance 的供應商仍然可以透過我們與多家信譽良好的大型銀行組成的網絡，提前收到已確認發票的款項。

As a reminder, earlier this summer, we raised nearly $2 billion in cash to support the operations of our supply chain finance program and asset-backed lending facility. Following the execution of the facility, our vendor programs continue to operate smoothly. We have a strong balance sheet and more than ample liquidity with over $3 billion in cash and have access to a $1 billion revolving credit facility that is currently undrawn. In closing, I want to recognize the team once again for delivering our strongest financial results in over two years. This quarter was also our third straight quarter of delivering results in line with expectations.

提醒一下，今年夏天早些時候，我們籌集了近 20 億美元的現金，以支持我們的供應鏈金融計畫和資產抵押貸款機制的運作。該設施建成後，我們的供應商計劃繼續順利運作。我們擁有強勁的資產負債表和充足的流動資金，現金超過 30 億美元，並且擁有 10 億美元的循環信貸額度，目前尚未動用。最後，我要再次表揚團隊，感謝他們取得了兩年多來最強勁的財務表現。本季也是我們連續第三個季度業績符合預期。

As we look ahead to next year, we expect to build on our recent performance to drive further progress across the business. I will now hand the call back to Shane.

展望明年，我們希望在近期業績的基礎上，推動業務進一步發展。現在我將把電話轉回給肖恩。

Thank you, Ryan. We believe we have the right strategy centered on core retail fundamentals, along with a talented team driving execution of our strategic initiatives. We appreciate your interest in Advanced Auto Parts and look forward to reconnecting in the new year. Thank you. Operator, we can now open the line for questions.

謝謝你，瑞恩。我們相信我們擁有以零售業核心基本面為中心的正確策略，以及一支才華橫溢的團隊來推動我們策略舉措的執行。感謝您對Advanced Auto Parts的關注，並期待在新的一年與您再次聯繫。謝謝。接線員，現在可以開始接受提問了。

(Operator Instructions) Simeon Gutman, Morgan Stanley.

（操作說明）西蒙古特曼，摩根士丹利。

Hey, good morning, team. Hey, I want to ask first about elasticity of demand, the health of the consumer and then maybe even throwing something about weather.

嘿，早安，各位同事。嘿，我首先想問需求彈性、消費者健康狀況，然後也許還可以聊聊天氣。

Can you put all together, because it sounds like your quarter started off strong and then deceled and now it sounds a little soft and it makes sense given prices come up, not just in this category, but across the board. But how much also is weather a factor? And then can you talk about the things you're doing, the internal initiatives, how you can see and measure progress in those outside of these variables?

你能把所有情況匯總起來嗎？因為聽起來你們季度開局強勁，然後有所放緩，現在又有點疲軟，考慮到價格上漲，這也很合理，不僅是這個類別，而是所有類別。但天氣因素究竟有多大影響？那麼，您能否談談您正在做的事情、內部舉措，以及您如何看待和衡量這些變數之外的進展？

Hey, good morning, Simeon. Thanks for the question. I'll start and let me start with the consumer because I think it's important. In general, we're keeping an eye on the overall health of the low end, low to mid-end consumer where our -- that's where our customer base is. Broadly, you see some data points that suggest that they may be depressing their spend in aggregate across general merchandise. I think about that as the subprime auto market, the general consumer sentiment where discretionary spend is going, credit cards.

嘿，早安，西蒙。謝謝你的提問。我先從消費者說起，因為我認為這很重要。總的來說，我們密切關注低端、中低端消費者的整體健康狀況，因為我們的客戶群就在這裡。總體而言，一些數據點表明，他們可能正在降低一般商品的總支出。我認為這與次貸汽車市場、消費者整體情緒（可自由支配支出的走向）以及信用卡有關。

And so that impacts how they spend. The good news about our industry is the car is the linchpin of how they get to work and their social activities and much of what we sell is brake fix and nondiscretionary. So I think that's important. But I do think consumers are adjusting their budgets in response to the inflationary environment. And I think the cost of some routine jobs has moved up a bit, which may make them reconsider some of their intervals in which they do maintenance with us.

因此，這會影響他們的消費方式。我們行業的好消息是，汽車是人們上班和社交活動的關鍵，而我們銷售的大部分產品都是煞車維修和非必需品。所以我認為這很重要。但我認為消費者正在調整預算以應對通膨環境。而且我認為一些常規工作的成本有所上漲，這可能會讓他們重新考慮與我們進行維護的間隔時間。

But I would describe it as a noisy situation for them, but long term, feel good about what's going on in our industry and what we're doing. So to the second part of your question, then turn it over to Ryan for sort of the elasticity specifically. We've got a lot going on as it relates to what we're doing in our stores to create an environment that's positive for DIY. And what we found is we were over tasking our stores with a lot of tasks that took them away from being attentive to customers as they come in. And I got a great note actually last night, from a customer who said, Hey, I came in your store, I was greeted right away.

但我會說，對他們來說，這是一種嘈雜的局面，但從長遠來看，我對我們行業正在發生的事情以及我們正在做的事情感到滿意。那麼，對於你問題的第二部分，就交給 Ryan 來具體解釋一下彈性問題吧。我們正在進行許多工作，旨在為顧客在店內創造一個有利於 DIY 的正面環境。我們發現，我們為門市安排了太多任務，導致他們無法專注於服務進店的顧客。昨晚我收到了一位顧客的留言，他說：“嘿，我走進你的店，立刻就有人接待了我。”

The -- our team member took the time to diagnose what their situation was, spent an additional 20 minutes going through what the options and then ultimately selling a part. And so we need to be there for our customers. And so freeing up their time so that each visit results in a more likely conversion to a transaction, that's what we're doing. Ryan, on the specifics?

我們的團隊成員花時間診斷了他們的情況，又花了 20 分鐘講解了各種選擇，最終成功售出了零件。所以，我們需要隨時為客戶提供服務。因此，我們正在做的就是節省他們的時間，讓每次訪問都有可能轉化為交易。瑞恩，具體細節呢？

Yeah, you know, on the elasticity piece, it's still early for us to gauge exactly what the impact is on the consumer. But more broadly, we see the consumer impacted across retail. And more recently, we've heard from other retailers. How much of that is the government shutdown and that impact, how much of that is price -- inflation that you see in the industry.

是的，你知道，關於彈性這方面，現在我們還無法準確評估它對消費者的影響。但更廣泛地說，我們看到零售業的消費者受到了影響。最近，我們也收到了其他零售商的回饋。其中有多少是政府停擺及其影響所造成的，又有多少是產業內的物價通膨造成的。

We're still trying to understand that. I think the industry is still trying to understand that, but we're watching it closely. The one thing you did ask was how do we measure our initiatives in the midst of this stuff going on around us. And the way we do that is we take a very measured approach to that by looking at test versus control. So when we go out and roll out whether that's the assortment work or looking at our market hubs, you look at how these perform versus like stores that performed similarly in the past.

我們仍在努力理解這一點。我認為業界仍在努力理解這一點，但我們正在密切關注。你問的其中一個問題是，在周圍發生這麼多事情的情況下，我們如何衡量我們的舉措。我們採取的方法是，透過比較測試組和對照組，採取非常謹慎的方法。因此，當我們進行推廣工作，無論是產品組合調整或檢視市場中心時，我們都會檢視這些門市的表現與過去業績類似的門市的績效對比。

And we're able to gauge the success of those and the traction of that, get learning from that before we roll out. So we do testing control here around our initiatives before we start rolling things out more broadly, and that helps us better understand whether it's working, what is working, what's not working as we roll those things out. So that helps a little bit because the pricing piece is more macro across our store fleet, and we're able to isolate the discrete initiatives that we're putting in place.

這樣我們就能衡量這些措施的成功程度和吸引力，並在全面推廣之前從中吸取經驗教訓。因此，在更廣泛地推廣之前，我們會對各項措施進行測試控制，這有助於我們更了解這些措施是否有效、哪些方面有效、哪些方面無效。這多少有幫助，因為定價方面是針對我們所有門市的宏觀層面，而我們可以單獨分析我們正在實施的各項措施。

Right. And my quick follow-up is on inventory. Shane, can you talk about where you are versus where you want to be? It sounds like you pivoted a little bit in '25, you bought more than I think you were expecting. You can clarify if that's the case.

正確的。接下來我要快速跟進的是庫存狀況。Shane，你能談談你現在所處的位置和你想要達到的位置之間的區別嗎？聽起來你在 2025 年稍微調整了一下策略，買的東西比你預期的還要多。如果情況確實如此，您可以澄清一下。

And why wouldn't that make sense to do in '26? I know you talked about driving free cash flow, but why would it make sense to invest more in inventory to drive the business?

為什麼在 2026 年這樣做就不合情理了呢？我知道您談到了提高自由現金流，但是為什麼增加庫存投資來推動業務成長是合理的呢？

Well, just as a reminder, we're doing our assortment rollout. So there's a lot of activities going on here. And we're pleased that we've got all 50 DMAs that we originally planned to do done. And if you think about that, there are hundreds of SKUs coming in and out of stores. And so we want to make sure that we've got the right amount of product going into those stores.

提醒一下，我們正在進行產品系列的推出。這裡有很多活動正在進行。我們很高興已經完成了原計劃的全部 50 個 DMA 區域。仔細想想，每天都有成百上千種 SKU 進出商店。因此，我們希望確保有適量的產品進入這些商店。

Keep in mind also that in a tariff environment, we bought ahead. We wanted to make sure that we had the inventory we needed properly at the price pre-moves so that we could be in a good position. So we're focusing on having the part for our customer, which means investing to get it in our system, both at the DC and the store level.

也要記住，在關稅環境下，我們提前進行了採購。我們希望確保在搬遷前以合適的價格擁有所需的庫存，以便我們能夠處於有利地位。因此，我們專注於為客戶提供所需的零件，這意味著我們需要投資將其納入我們的系統，無論是在配送中心還是在門市層級。

Yeah. And I'll just add, we're really focused on the breadth. I think the depth is one that we've been really hitting on and getting the right depth. But now it's the number of SKUs and making sure that we've got the right assortment at the different levels within the supply chain Echelon. So I think that inventory can come down and then some inventory investment will be needed, but that's more of a mix as we get the right depth and breadth for the consumers.

是的。我還要補充一點，我們非常注重廣度。我認為我們在陣容深度方面做得非常出色，並且已經達到了理想的陣容深度。但現在的重點是 SKU 的數量，以及確保我們在供應鏈 Echelon 的不同層級擁有合適的產品組合。所以我認為庫存可以下降，然後需要進行一些庫存投資，但這需要多種因素共同作用，才能為消費者提供合適的深度和廣度。

So not a big investment needed going into next year. We've already made some pretty big investments. Now it's managing through that. We'll have some sell-through with that earlier buys that we made and the assortment work we've done, and that will afford us the ability to invest in the other areas of breadth that we need.

因此，明年不需要進行大量投資。我們已經進行了一些相當大的投資。現在它正在努力克服這些困難。我們之前採購的商品和我們所做的商品組合工作將會有一些銷售出去，這將使我們能夠投資於我們需要的其他拓展領域。

Thanks, guys. Good luck.

謝謝各位。祝你好運。

Thanks, Simeon.

謝謝你，西蒙。

Chris Horvers, JPMorgan.

克里斯霍弗斯，摩根大通。

Thanks, guys, and good morning. So my first question is on the inflation front. So can you talk about what did the exit look like on inflation in the quarter? Is it still your expectation we get to the higher end of the mid-single digits in the fourth quarter. And there's a big debate out there amongst investors when that inflation year-over-year inflation benefit peaks. One of your peers is saying it's in the fourth quarter.

謝謝各位，早安。我的第一個問題是關於通貨膨脹方面的。那麼，您能談談本季通膨情況如何嗎？您是否仍預期第四季能達到個位數中段的較高水準？投資人們正在熱烈討論，通膨帶來的年比通膨收益何時會達到高峰。你的一位同事說是在第四季。

Another one of your peers are saying, Hey, we turn inventory every 10 months. So it wouldn't be until the spring. So could you help us out with that mystery as well? Thank you.

你的另一位同行說：“嘿，我們每 10 個月就週轉一次庫存。”所以要等到春天才會發生。那麼，您能否也幫我們解開這個謎團呢？謝謝。

Yeah, absolutely, Chris. Thanks, Ryan. On the inflationary front, we finished Q3 just under 3%, so close to 3%. Q4, we expect it to be around 4%. But going into, say, Q1 of next year, we expect that to increased slightly, but not at the same rate of increase.

是的，沒錯，克里斯。謝謝你，瑞恩。在通膨方面，第三季末通膨率略低於 3%，非常接近 3%。預計第四季約為 4%。但到了明年第一季度，我們預計這一數字會略有成長，但成長速度不會像現在這麼快。

And then by that point in time, I think we'll be getting more to a normalized state. Obviously, there's a lot that can play out. I mean, we just had a China deal overnight that we still have to think through. So this thing is ever evolving. But for the most part, we are substantially done with the negotiations with our vendors around that, a few left substantially done.

到那時，我認為我們會逐漸恢復正常狀態。顯然，有很多事情可能會發生。我的意思是，我們昨晚剛和中國達成了一項協議，但我們仍然需要仔細考慮。所以這件事一直在不斷發展變化。但總的來說，我們已經基本完成了與供應商就此進行的談判，還有一些談判也基本上完成了。

And as those have gone into the system, the prices are going into the system. So I would expect there's some balance between what our peers are saying and somewhere in between there is probably where we reached the peak. But obviously, it's an evolving landscape. But we're thinking 4% in Q4 and then a slight increase in Q1 of next year.

隨著這些資訊進入系統，價格也隨之進入系統。所以我認為，我們的同行們的說法之間存在某種平衡，而我們可能在兩者之間達到了頂峰。但很顯然，這是一個不斷變化的環境。但我們預計第四季度將增長 4%，然後明年第一季略有增長。

Got it. That is super helpful. And then as we think about the path to the 7% operating margin, can you help us maybe on the linearity of that and as a part of the question, it's always hard to put a LIFO question into the call. But what is sort of the net LIFO headwind in '25 between LIFO and the capitalized inventory cost? And how do you think about the recapture of that next year?

知道了。這太有幫助了。然後，當我們思考如何實現 7% 的營業利潤率時，您能否幫我們分析一下這個目標的線性關係？另外，在電話會議中提出一個關於後進先出 (LIFO) 的問題總是很困難的。但是，2025 年 LIFO 與資本化存貨成本之間的淨阻力究竟有多大？你認為明年能否重新奪回這個位置？

And then more broadly, that the linearity of the path to 7% by '27. Thanks so much.

更廣泛地說，到 2027 年實現 7% 的目標具有線性發展潛力。非常感謝。

Just quickly, Chris, on the strategy, we think we've got the right strategy for the company. We've got the right focus areas and our goal is unchanged for 2027. Having said that, there's a lot of space between now and then and use the word linear. I would say turnarounds are nonlinear in terms of how things go. There's puts and takes.

克里斯，簡單說一下，關於公司策略，我們認為我們已經制定了正確的策略。我們已經確定了重點領域，2027 年的目標不變。話雖如此，現在到那時之間還有很長一段時間，可以用「線性」這個詞來形容。我認為，事情的轉變過程並非線性發展。有付出也有收穫。

Some initiatives go faster, some go slower. Market receptivity. So we view '25 and '26 as building block years. And if you look at what's happened this year, I mean, just think about it, two quarters ago, we were closing stores, exiting California. We were going through the Worldpac TSA transitions, doing our assortment.

有些專案進展快，有些專案進展慢。市場接受度。因此，我們將 2025 年和 2026 年視為奠基之年。如果你看看今年發生的事情，我的意思是，想想看，兩個季度前，我們還在關閉門市，退出加州市場。我們當時正在經歷 Worldpac TSA 的過渡，進行產品分類。

This year, we'll go from 28 to 16 DCs. I mean, these are huge muscle mover activities and '26 will feature a lot of building block tough things that we're doing to continue for. So we're really pleased with the products. I'm really pleased with the team, and we're focused on closing 2025 strong but as we go forward, 2026 is a building block here, and I would emphasize the nonlinear nature of turnarounds. As for LIFO, I'm going to go over to Ryan for that.

今年，我們將從 28 個資料中心減少到 16 個資料中心。我的意思是，這些都是大幅度鍛鍊肌肉的活動，2026 年我們將進行許多基礎性的艱苦訓練，以便繼續保持。我們對這些產品非常滿意。我對團隊非常滿意，我們專注於在 2025 年取得強勁的成績，但展望未來，2026 年是一個重要的里程碑，我想強調的是，扭虧為盈的過程並非線性發展。至於後進先出法（LIFO），我打算去問 Ryan。

Hey, Chris. Yeah, so just to give you a net of warehouse capitalization costs, obviously, that netted out some of it. LIFO was still a headwind, it's roughly 60 to 80 basis points or we expect it to be by the end of the year, 60 to 80 basis points of headwind in 2025, hope that's helpful for you.

嘿，克里斯。是的，所以為了給您一個扣除倉庫資本化成本後的淨值，顯然，這已經抵消了一部分成本。後進先出法仍然是一個不利因素，大約會造成 60 到 80 個基點的阻力，或者我們預計到年底會是這樣，到 2025 年也會造成 60 到 80 個基點的阻力，希望這對您有所幫助。

Got it. Thanks so much.

知道了。非常感謝。

Thanks, Chris.

謝謝你，克里斯。

Bret Jordan, Jefferies.

Bret Jordan，傑富瑞集團。

Hey, good morning, guys. One question on the working capital programs, it doesn't sound from channel checks like there's any contraction of availability. But have you seen any increase in risk spreads in the short term related to that particular supplier issue?

嘿，大家早安。關於營運資金計劃，我有一個問題，從通路調查來看，似乎並沒有出現資金短缺的情況。但是，您是否觀察到與該特定供應商問題相關的短期風險溢價增加？

No. Actually, we haven't seen any change in the risk spreads there. Our supply chain finance program, if you're talking about this budget finance program rates they're getting, obviously, that's a decision between the banks and the vendor. But the work we did this summer create a lot of stability within that program, and it's been a very positive movement. We've had positive discussions with the banks around rates, not ready to provide any further information around that, but we haven't seen the spread increase.

不。事實上，我們還沒有看到那裡的風險價差有任何變化。我們的供應鏈金融計劃，如果你指的是他們獲得的預算融資計劃利率，顯然，這是銀行和供應商之間的決定。但我們今年夏天所做的工作為該專案創造了很大的穩定性，這是一個非常積極的進展。我們已經與銀行就利率問題進行了積極的討論，目前還不便透露更多相關信息，但我們尚未看到利差擴大。

We've got positive discussions around probably the other side of that given the stability of this program now with the structure that we put in place, we're supporting that program with the cash and assets on our balance sheet, which provides a risk downward risk pressure for the banks for that program, kind of unique relative to the other programs in the industry right now as we're bridging ourselves back to investment grade.

鑑於該計劃目前的穩定性以及我們建立的結構，我們圍繞另一方可能進行了積極的討論。我們正在用資產負債表上的現金和資產支持該計劃，這為該計劃的銀行提供了下行風險壓力，這相對於目前業內其他計劃而言是獨一無二的，因為我們正在努力恢復到投資級。

Just to add in that, as Ryan said. So we're really pleased with how we've got supply chain financing setup with the capital raise we did with the cash support we provide for it. But as it relates to that vendor in particular, because I do think it's a one-off situation. First, merchandising excellence is a key pillar for us. Bruce Starns and his team, they've introduced the PLR process and real rigor as it relates to how we develop plans and partnerships with vendors.

正如瑞安所說，我再補充一點。因此，我們對透過籌集資金和提供現金支持而建立的供應鏈融資體系感到非常滿意。但就該供應商而言，我認為這只是個別情況。首先，卓越的商品銷售是我們的關鍵支柱。Bruce Starns 和他的團隊引入了 PLR 流程，並在我們與供應商制定計劃和建立合作關係方面展現了真正的嚴謹性。

And so they had engaged with this vendor long before these current circumstances and as a result of that, had started to move certain product categories OA to other vendors. And so COGS exposure pretty small 2%, maybe a little under 2%. Now we're still in active dialogue with them. And so -- and we'll continue the relationship and wish them well. And if they come through, then I think there'll be continued relationships there.

因此，早在目前的情況出現之前，他們就與這家供應商建立了聯繫，並且因此開始將某些產品類別 OA 轉移到其他供應商。因此，COGS 風險敞口很小，只有 2%，可能略低於 2%。現在我們仍在與他們保持正面對話。所以——我們將繼續保持聯繫，並祝他們一切順利。如果他們能兌現承諾，我認為雙方的關係將會持續下去。

But in general, across merchandising and that emphasis we have alternative sources of supply is also a key tenant. So for anything we buy, we look to say, Hey, where else would we buy it? Where else should we buy it?, and that would apply with this vendor as well.

但總的來說，在商品銷售方面，我們非常重視替代供應來源，這也是一個關鍵因素。所以，對於我們購買的任何東西，我們都會想：嘿，我們還能在哪裡買到它？我們還能從哪裡購買呢？這個問題也適用於這家供應商。

Thank you. Great. And then a quick question on the Atlanta hub greenfield. Could you give us color sort of as to the performance of stores in that market? I mean, as you build the perfect hub, what's the outcome? And sort of what's the timing on developing further greenfield hubs like that one?

謝謝。偉大的。然後，還有一個關於亞特蘭大樞紐綠地建設的簡短問題。能否簡單介紹一下該市場中各門市的業績表現？我的意思是，當你建立一個完美的樞紐時，結果會是什麼？那麼，像這樣的全新樞紐項目的開發時間表是怎麼樣的呢？

Yeah. So great question. So it's open. So -- and by the way, our market hubs open with a store nested inside. As a reminder, 75,000 to 85,000 SKUs.

是的。問得好。所以它是開放的。順便一提，我們的市場中心開業時，裡面會設有一家商店。再次提醒，SKU數量為75,000至85,000。

In aggregate, we view it as a 100 basis point lift play for the supported stores. And then the market hub typically in and of itself drives as a store just because you have literally all that inventory sitting on site. So we really like what we're doing with the market hubs. We originally planned for [29] this year. The idea that we said this is a good thing we want to keep accelerating.

總體而言，我們認為這對所支持的門市來說是一個 100 個基點的提振策略。然後，市場中心本身通常相當於一個商店，因為所有的庫存都存放在現場。所以我們非常喜歡我們正在做的市場中心專案。我們原計劃今年[29]。我們認為這是一個好主意，我們希望繼續加速前進。

So we'll get to [33]. We're now moving past the phase of where we were doing. We did some smaller DC conversions. We're moving past that phase to where we're now greenfielding and we've got four greenfield market hubs. You'll start to see that be more prominent in the opening paradigm.

所以，我們接下來會談到…[33]我們現在已經超越了之前所處的階段。我們進行了一些小規模的直流轉換。我們已經度過了那個階段，現在正處於綠地開發階段，我們已經擁有四個綠地市場中心。你會發現，這在開局階段會變得更加突出。

And there's a lot of excitement around that because instead of repurposing something, we can now specifically pick where we needed to best support the stores. So -- and our real estate team has been digging in to start identifying those sites, so it doesn't create a slower trajectory. So 100 basis points is what we see as the network. We'll keep you apprised as to -- if that goes up or down and then more greenfields going forward and real estate looking to keep that tempo moving, [60] in mid-27 is where we want to be, and we'll keep you updated on that as well.

大家對此感到非常興奮，因為我們現在可以專門選擇最需要支援門市的地方，而不是重新利用現有資源。所以——我們的房地產團隊一直在深入研究，開始確定這些地點，以免造成緩慢進展。所以，100 個基點就是我們看到的網路。我們會隨時向您通報－如果價格上漲或下跌，以及未來更多的綠地開發和房地產市場保持這種發展勢頭，[60]我們希望達到27年中期，我們也會隨時向您通報最新情況。

Great, thank you.

太好了，謝謝。

Steven Forbes, Guggenheim.

史蒂文福布斯，古根漢。

Good morning, Shane, Ryan. Good morning, Stephen. Just a follow-up question on gross margin. I think it was Chris' question. I think if you back out the LIFO charge in the quarter, you guys are sort of exceeding that mid-40% range that underpins the long-term guide here. So curious just -- if there is a takeaway for us today on some of the structural gains that you're capturing on the back of your initiatives or if that sort of mid-40-ish level is still where you guys see the business trending to over the next couple of years here?

早安，肖恩，瑞恩。早安，史蒂芬。關於毛利率，還有一個後續問題。我想那是克里斯的問題。我認為，如果扣除本季的後進先出法費用，你們的業績就超過了支撐長期業績指引的 40% 左右的區間。所以我很好奇——今天我們能否從你們的舉措中獲得一些結構性收益，或者你們是否仍然認為未來幾年業務的發展趨勢會是 40 分左右的水平？

Yes, good question. I mean, yes, in Q3 tends to be a little bit better rate as well just seasonality-wise. We'll see that come down a little bit in Q4. Our goals are still the same long term. We still like that spot long term, and we're making good progress.

是的，問得好。我的意思是，是的，第三季的利率往往會稍微好一些，這只是季節性因素造成的。我們預計第四季這個數字會略有下降。我們的長期目標依然不變。我們仍然看好那個地方的長期發展，而且我們目前進展順利。

The merchant team has done an excellent job this year, making progress towards that. We still are on a journey. '25 and '26 are build years as we're building against that. So I wouldn't say it's perfectly linear. You can see that in our Q4, we're going to have some LIFO expense.

商家團隊今年表現出色，朝著目標取得了進展。我們仍在前進的路上。 2025年和2026年是建設年，因為我們正朝著這個方向努力。所以，我不會說它是完全線性的。您可以看到，在我們的第四季度，我們將有一些後進先出（LIFO）費用。

It's going to have an impact on it. But net-net, we are happy with the progress we're making, still committed to that goal. We think that's a good strategic long-term play for us and where we want to be from a gross margin perspective.

這肯定會對它產生影響。但總的來說，我們對目前的進展感到滿意，並將繼續致力於實現這一目標。我們認為這對我們來說是一個很好的長期策略舉措，也是我們從毛利率角度想要達到的目標。

And then just another follow-up on really sort of the comp message this morning. So we think about like-for-like inflation, same SKU inflation going to 4%, maybe 4.5% in the first quarter of next year. The guidance for the fourth quarter, the implied comp guide is 1% to 3%. And so what is the sort of takeaway today around transactions? Are you guys seeing weakness in pro transaction?

然後，再跟進一下今天早上那條補償訊息。因此，我們考慮的是同類產品通膨，即相同 SKU 的通膨率在明年第一季達到 4%，甚至可能達到 4.5%。第四季業績指引，隱含的同店銷售指引為 1% 至 3%。那麼，今天關於交易方面有什麼值得我們關注的要點呢？你們覺得職業交易方面有什麼弱點嗎？

Or is sort of the spread and moderation expected between same-SKU inflation and the consolidated comp, really just DIY related? Any sort of color on sort of comp complexion and message around that for the fourth quarter specifically.

或者說，同SKU價格上漲與綜合競爭價格之間預期的波動與緩和，其實只是DIY相關的現象？第四季度，任何顏色都適用於某種膚色，並圍繞此傳遞訊息。

Yeah, I think in Q4, moderating both of them, both Pro and DIY, but we are seeing a little bit more on the DIY side. We kind of talked about some pressure we think the consumer is feeling right now and still trying to understand is the short term in nature? What could be some of the drivers? Is it price elasticity, I think we've heard in the industry, there's some questions around that as well, but more on the DIY side, but we're seeing moderation in both of them going in Q4.

是的，我認為在第四季度，專業版和DIY版都會有所成長，但DIY版的成長勢頭似乎更強勁一些。我們討論了一些我們認為消費者目前感受到的壓力，並且仍在試圖了解這種壓力是否是短期性的？可能有哪些驅動因素？價格彈性，我認為我們在業界已經聽過，也有一些關於這方面的疑問，尤其是在DIY方面，但我們看到第四季度兩者的成長都趨於緩和。

Also, Q4 is the most volatile quarter of the year. You've got a lot of weather that impacts that quarter. We see it every year from a seasonality standpoint. And when it's colder out there, people are less have to do their oil change. Just natural over seasonality.

此外，第四季是一年中波動最大的季度。那個季度有很多天氣因素會影響比賽。從季節角度來看，我們每年都能看到這種情況。天氣越冷，人們就越不需要更換機油。只是自然規律，而非季節性因素。

So we expect it to be a little volatile. We've seen a little softness. We've seen both moderate, but more pressure on the DIY side in the quarter. But still, all those scenarios play out within the guidance we just provided.

所以我們預計它會有些波動。我們看到了一些柔和的跡象。本季我們看到DIY方面面臨中等程度的壓力，但壓力更大。但是，所有這些情況都可以在我們剛才提供的指導方針範圍內發生。

Thank you.

謝謝。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Good morning. Thank you so much for taking my question. To what extent did the decision to trade some margin for sales or vice versa impact the quarter, meaning you've foregone some lower-margin business that could have negatively impacted your sales, but boosted your gross margin, if you could quantify any of those actions in the third quarter and to the degree to which it might impact your fourth quarter, that would be super helpful.

早安.非常感謝您回答我的問題。如果能夠量化第三季採取的這些措施，以及這些措施可能對第四季產生的影響程度，那將非常有幫助。這些措施包括犧牲部分利潤來換取銷售額，或反之亦然。也就是說，你放棄了一些利潤率較低、可能對銷售額產生負面影響的業務，但卻提高了毛利率。

Yeah, Mike, appreciate the question. So what we're doing from just a pricing standpoint, I just want to talk about our strategy around pricing. We are going to remain a competitively priced business here. We're not trying to be lower in the market. We're not trying to be higher in the market.

是的，麥克，感謝你的提問。所以，從定價的角度來看，我想談談我們的定價策略。我們將繼續保持價格競爭力。我們並不想降低市場價格。我們並不想在市場上佔據更高的位置。

So we're not trying to find ways to get margin out of that. So we're staying competitively priced. We like our pricing position. We think we are a fast follower in the market. So not trying to harvest margin not in the appropriate way.

所以我們並沒有試圖從中獲取利潤。因此，我們的價格保持了競爭力。我們對我們的定價策略感到滿意。我們認為我們是市場上的快速追隨者。所以，不要試圖以不恰當的方式獲取利潤。

We're sticking to that strategy going forward. So we're not doing that. There are some areas of our business that we will look to make more profitable and look at certain accounts, et cetera, that we're working through. And I'll let Shane talk a little bit more about that. But we're going to stick to our strategy, which is we're going to be competitively priced in the market.

我們將繼續堅持這項策略。所以我們不會那樣做。我們會努力提高公司某些領域的獲利能力，並關注我們正在處理的某些帳戶等等。接下來，我請肖恩再多談談這方面的狀況。但我們將堅持我們的策略，那就是在市場上保持價格競爭力。

We're a fast follower and that's what we're continuing to do.

我們一直都是快速跟進者，而且我們會繼續這樣做。

Hey, good morning, Michael. Just touching on the pro side, we think our biggest opportunity is with Main Street. So those are smaller accounts. Typically, the margin is a little bit higher. We certainly appreciate our national account and larger customers, and we're working closely with them and we've got a series of initiatives.

嘿，早上好，麥可。僅就正面而言，我們認為我們最大的機會在於主街市場。所以這些都是小額帳戶。通常情況下，利潤率會略高一些。我們非常重視我們的全國性客戶和大客戶，我們正在與他們密切合作，並推出了一系列措施。

But we don't want that to come at the expense of seeing the small two- or three-bay garage at the end of the Main Street. And so we're making sure that our outside sales team members aren't skipping by those accounts, and we're making sure that as we interact with them, they understand the breadth of capabilities that we offer to include things like our TechNet services. And so as we do that, we're gaining traction. So that's something we will look to do going forward as a current emphasis as well.

但我們不希望因此而失去在主街盡頭看到的小型兩車位或三車位車庫。因此，我們要確保我們的外部銷售團隊成員不會忽略這些客戶，並且我們要確保在與他們互動時，他們能夠了解我們提供的各種能力，包括我們的 TechNet 服務等。因此，透過這樣做，我們正在取得進展。所以這也是我們未來將要重點關注的方向之一。

Thank you very much. My follow-up question is, Shane, you consecutively and repeatedly used the term non-linear to describe the path forward for Advance Auto Parts. How should we interpret that from a numbers perspective?

非常感謝。Shane，我的後續問題是，你連續且反覆地使用「非線性」一詞來描述 Advance Auto Parts 的發展路徑。從數字角度來看，我們該如何解讀這一點？

Does that mean there'll be some quarters maybe when it's hot on the East Coast and there's outperformance in those markets that Advance can rip off a three comp and report several hundred basis points of gross margin expansion and then vice versa.

這是否意味著，當東海岸市場火熱，業績表現優異時，Advance 可能會在某些季度實現三倍的比較，並報告毛利率增長幾百個基點，反之亦然。

The next quarter, it might be a flat to 1% and for less gross margin expansion. How would you characterize that nonlinearity that you would use to describe how the path forward might look over the next couple of years. Thanks.

下一季度，毛利率可能持平或僅 1%，毛利率擴張幅度也會更小。你會如何描述這個非線性特徵，並用它來描述未來幾年的發展路徑？謝謝。

Yeah. I think -- if you're okay, Michael, I'm going to talk about sort of tangible activities. So think about if you close a DC and you'd say, okay, if I'm going to combine this DC with that DC, there ought to be x dollars of value that comes from it. But when we start to do that process, we anticipate what the closure expenses will be, but we might take several hundred stores of replenishment from the old DC to the new DC and there's cost there. There's friction in terms of getting the routing set up, maybe there's particular products that the closing DC had that we need to get sourced.

是的。我想——如果你不介意的話，邁克爾，我想談談一些實際的活動。所以想想，如果你關閉一個資料中心，你會說，好吧，如果我要把這個資料中心和那個資料中心合併，應該會產生 x 美元的價值。但是，當我們開始執行流程時，我們會預期關閉費用是多少，但我們可能會將數百家門市的補貨從舊配送中心運送到新配送中心，這會產生費用。在建立物流路線方面存在一些摩擦，可能是關閉的配送中心有一些特定的產品需要我們採購。

And so it's lumpy. It's not something where we say, okay, we can take the cost of the $100, we'll say it's $20 a month over the next five months. We may have more costs sooner. We may have costs that emerge at the end. Similarly, the benefits may not endure at the tempo that we've indicated.

所以它表面凹凸不平。這不是我們可以說的事情，好吧，我們可以把100美元的成本分攤到接下來的五個月，每個月20美元。我們可能很快就會面臨更多費用。最後可能會出現一些額外成本。同樣，這些益處可能無法以我們所指出的速度持續下去。

So there's a sort of micro example. Now imagine you're undertaking big moves like that. across everything we do. Maybe there's a big software implementation that we want to do as part of routing. And so that might take months to implement and the months past that.

這是一個微觀例子。現在想像一下，你正在採取像這樣的重大舉措，貫穿我們所做的每一件事。或許我們需要在路由過程中進行一些大型軟體實作。因此，這可能需要數月時間才能實施，而且之後還需要數月時間。

As we do the assortment, we like the lift we've got. But reminder, we're changing out hard parts across the network and so some of these are slower term products. It takes time for it to infuse. We're going to Main Street customers. But the first time you walk in, if they're working with another supplier, they may be happy to see us, but maybe it takes 4 visits, 5 visits, 10 visits before they say, Hey, we'll give you a try.

在進行產品分類時，我們很喜歡目前擁有的升降機。但請注意，我們正在更換整個網路中的硬體零件，因此其中一些零件的更換週期會比較長。需要時間才能充分融合。我們要去拜訪主街上的顧客。但是，如果你第一次走進他們的店，如果他們正在與其他供應商合作，他們可能會很高興見到我們，但可能需要拜訪 4 次、5 次、10 次，他們才會說：“嘿，我們給你一個機會。”

So discrete predictability on exactly what the cost will be and when the benefit comes is hard. And so we end up with fits and starts. There are periods where we've got benefit that comes at a quicker tempo. There are situations where we have costs that are less or more. And so that's why I emphasize the nonlinear part of it.

因此，很難準確預測成本是多少以及何時獲得收益。於是，我們最終只能斷斷續續地進行下去。有些時候，我們能更快獲得好處。有些情況下，我們的成本會低於預期，有些情況下則會高於預期。所以這就是我強調其中非線性部分的原因。

What we are pleased with, though, is when you look back over periods of time, you can see clear progress on those three strategic pillars. We think we've got the right pillars. We think we have the right subset of activities and we're setting against it. And if you know the strategy is right, if you know you've got the large muscle mover activities. And if you know the industry backdrop is a good one, then we're going to keep at it.

不過，令我們感到欣慰的是，回顧過去一段時間，我們可以看到這三大戰略支柱取得了明顯的進展。我們認為我們已經找到了正確的支柱。我們認為我們找到了合適的活動子集，並且我們正在朝著這個方向努力。如果你知道策略是正確的，如果你知道你已經進行了大肌肉運動。如果產業背景良好，那麼我們就會堅持下去。

And, Michael, I'll just add just tangible ones that have happened this year, big initiatives, we accelerated the assortment work as we saw (inaudible). So that's acceleration. But then on the store operating model, we paused to test longer and further to learn more than what we really -- so we knew when we roll it out, we've got the right operating model. Now that didn't go with our plan. And the stores and the teams had to overcome the challenges in productivity that we would have likewise had seen if we would have rolled it out earlier with the right model.

邁克爾，我再補充一些今年發生的切實的事情，一些重大舉措，比如我們加快了產品組合整理工作，因為我們看到…（聽不清楚）這就是加速度。但是，在門市營運模式方面，我們暫停了測試，進行了更長時間、更深入的探索，以了解更多資訊——這樣我們就知道，當我們推出它時，我們已經擁有了正確的營運模式。這和我們的計劃完全不符。門市和團隊必須克服生產力方面的挑戰，如果我們早些時候採用正確的模式推出這項服務，我們也會遇到同樣的問題。

So it's not perfectly linear because we're testing our way into things, and some are going to be delayed and we're purposely delaying them for the right reasons. And some of them will accelerate when we can. And so that's some of the nuance that we're talking about, less about weather, more about the initiatives, the rollout of those. And to Shane's point, when do we move up the call list with the Pro.

所以這並不是一個完全線性的過程，因為我們不斷嘗試，有些事情會被推遲，而我們推遲它們是出於正確的原因。其中一些項目會在條件允許時加速推進。所以，這就是我們討論的一些細微差別，與其說是天氣問題，不如說是各項措施及其推廣實施的問題。正如Shane所指出的，我們什麼時候才能在P​​ro的呼叫清單中優先發言？

Thank you very much, and good luck.

非常感謝，祝你好運。

Thanks, Michael.

謝謝你，麥可。

Michael Baker, DA Davidson & Co.

Michael Baker，DA Davidson & Co.

Hi, thanks. Maybe following up on Mike Lasser's question. You used the language a couple of times of 2025 and 2026 being build years. What does build years mean? I mean, does that mean in a way, obviously, margins are expanding already, but are you still investing more? And then the idea is that it really -- the margin expansion really kicks in more in 2027, is that the right way to interpret build year?

您好，謝謝。或許可以接著 Mike Lasser 的問題繼續討論。您曾多次提到 2025 年和 2026 年是建設年份。「建設年限」是什麼意思？我的意思是，這是否意味著，利潤率顯然已經在擴大，但你們還在增加投資？然後，這種想法是，利潤率的真正擴張將在 2027 年更加顯著，這種對生產年份的解讀是否正確？

Yeah. So by build year, it means we're still doing large-scale activities to set the company up for success. So let's do an example. So market hubs we didn't have any. And so we'll end the year with 33, but that's half of what we envision having by mid-2027.

是的。所以，以建設年來看，這意味著我們仍在進行大規模的活動，為公司的成功奠定基礎。我們來看一個例子。所以，我們當時沒有任何市場中心。因此，到今年年底我們將擁有 33 個國家，但這只有我們預計到 2027 年中期擁有的一半。

So there's going to be a ton of activity in the real estate team around making that happen. So that's a good example. On our DC consolidation, we're continuing now as we move to the smaller network, how do we optimize that, how do we optimize our routing, how do we optimize our lines per hour. On our new store opening. We put out 30 NSOs, but we want to continue to amplify the number that we do for that.

因此，房地產團隊將會圍繞著實現這一目標開展大量工作。這是一個很好的例子。在我們的資料中心整合過程中，隨著我們向更小的網路過渡，我們正在繼續推進，我們該如何優化它，如何優化我們的路由，如何優化我們每小時的線路數。新店開幕之際。我們發布了 30 個 NSO，但我們希望繼續擴大發布數量。

And so by the way, if you want to open a single store, you got to go prospect 10 sites. So there's huge activity going on in each of the pillars to get to more what that run rate will be longer term. And that's really what creates that nonlinear dimension.

順便說一句，如果你想開一家店，你得去考察 10 個地點。因此，各個支柱領域都在進行大量活動，以便更好地了解長期運行速度。而這正是造成非線性維度的原因。

Yeah, I think it's the initiatives that we've laid out, the three pillars we've laid out was not a 2025 and done and then see the benefit, it is a three-year plan that we've laid out. That strategy, unchanged. And we're going to continue to execute against that. I think -- we just talked about the operating model being one in our stores that we're going to start rolling out in Q4, which we'll roll out into next year. And that's getting our assets right, the trucks in the right place, the hours to meet the demand in our stores.

是的，我認為我們所製定的各項舉措，我們提出的三大支柱，並不是要等到 2025 年才完成並看到成效，而是一個為期三年的計劃。策略不變。我們將繼續執行這項計劃。我認為——我們剛才討論的營運模式是我們將在第四季度開始在我們的門市推出的一種模式，我們將在明年全面推廣。這意味著要合理配置我們的資產，將卡車停放在適當的位置，並安排好營業時間以滿足我們門市的需求。

There's technology build. We're building different technology capabilities. Think of our pricing tools that are coming later this year and into next year. We're partnering with Palantir as part of some of the AI work that we're implementing. A lot of that technology takes time to build, and that will start building into next year as well.

技術已經建成。我們正在建構不同的技術能力。請考慮一下我們今年稍後和明年即將推出的定價工具。我們正在與 Palantir 合作，進行一些人工智慧方面的工作。許多這類技術都需要時間研發，明年也將繼續研發。

So the build over the next two years is as we ramp up our strategy in these three pillars, it's not a 12 months and done, it is -- it's going to be a two-year plan to really start to see the fruits of it.

因此，未來兩年我們將逐步加強在這三大支柱領域的策略，這不是一個12個月就能完成的項目，而是一個為期兩年的計劃，才能真正開始看到成果。

Okay. That makes sense. And if I could ask one more follow-up and maybe not a fair question for you guys. So if not, feel free to pass, but for whatever it's worth, the consensus estimates aren't even close to a 7% margin in 2027. And are your conversations with investors or analysts, what do you think people are missing relative to your plan?

好的。這很有道理。如果可以的話，我再問一個後續問題，也許這個問題對你們來說不太適合。所以如果不是，請隨意放棄，但無論如何，2027 年的普遍預期甚至遠未達到 7% 的利潤率。您在與投資者或分析師的對話中，是否思考過人們在您的計劃中遺漏了什麼？

Well, I'll start, and I'll let Shane jump in. I'll just say the first thing is our strategy is unchanged. It's still our goal. But it is early. We're two quarters away from when we closed our stores.

那我先開始，然後讓肖恩插話。我只想說，首先，我們的策略沒有改變。這仍然是我們的目標。但現在還為時過早。距離我們關閉所有門市還有兩個季度。

So we're still early in this turn and so I think there's a need to see proof points, and that's why we are giving more metrics and data around what we're seeing as we're going through this process. And to be two quarters past closing all of our stores and the decisions that we've made around accelerating the assortment work accelerating market hubs. We brought in -- we're opening more market hubs this year. We're trying to get proof points of how things are working. Now we have to show it in our numbers, and it's still to me early.

所以我們仍處於這一轉變的早期階段，因此我認為需要看到一些證據，這就是為什麼我們正在提供更多指標和數據，來說明我們在這個過程中所看到的情況。距離我們關閉所有門市已經過了兩個季度，我們圍繞著加快商品種類整理工作和加快市場中心建設做出了決定。我們引進了——今年我們將開設更多市場中心。我們正在努力尋找證據來證明事情是如何運作的。現在我們需要用數據來證明這一點，但對我來說，現在還為時過早。

But you'll have to ask everyone else why they don't believe in that goal. But I think to us, this is a build.

但你得問問其他人，為什麼他們不相信這個目標。但我認為對我們來說，這是一個建設過程。

Yeah. And again, I don't know what goes into any analyst specific assessment. But as leaders and as a company, we have to build a track record. We have to demonstrate what the say-do ratio is. And so early on, our pledge is we're focusing on auto parts.

是的。再說一遍，我不知道分析師的具體評估都包含哪些內容。但作為領導者和公司，我們必須建立起良好的業績記錄。我們必須證明言行比是多少。因此，我們很早就承諾，我們將專注於汽車零件。

We're an auto parts retail. Second is we're trying to create a clear strategy that fits that and that's understandable externally. More importantly, it's understandable internally and by our customer. Third, we're being decisive in our approach in getting there. And we'll make tough decisions, and we'll do those things.

我們是一家汽車零件零售商。其次，我們正在努力製定一個符合這一目標且外部人員能夠理解的清晰策略。更重要的是，它既能讓內部員工理解，也能讓我們的顧客理解。第三，我們在實現目標的過程中採取了果斷的方法。我們會做出艱難的決定，而且我們會去做這些事。

Again, what would an auto parts retailer do to be successful in a particular situation. And then lastly, we'll be transparent. We'll share with you what our progress is. You guys have to then take all of that and say, Hey, to what degree do I think that, that's going to occur or not and then put it in the long-term perspective. But we'll be out here doing that each and every day.

同樣，在特定情況下，汽車零件零售商會採取哪些措施才能取得成功？最後，我們要保持透明。我們會和你們分享我們的進展。你們必須把所有這些因素考慮進去，然後說，嘿，我認為這件事在多大程度上會發生，或者不會發生，然後從長遠的角度來看待它。但我們會每天都在這裡這樣做。

And notably, in our footprint. Now we're one or two in terms of store density, getting our stores better. That's really -- we're operating under the mantra of an inverted pyramid, which our customers come first. And then by the way, everything runs through the front line. And so we'll keep doing that and focusing on auto parts with decisive activities and hopefully, there'll be some closure in terms of what you guys think and what we're seeing, and we look forward to sharing that along the way.

尤其值得注意的是，這體現在我們的足跡上。現在我們的門市密度排在前列，我們正在努力改善門市狀況。這確實是──我們秉持著倒金字塔的理念運營，客戶至上。順便說一句，所有東西都要經過前線。因此，我們將繼續這樣做，專注於汽車零件領域，採取果斷的行動，希望能夠就你們的想法和我們所看到的情況得出一些結論，我們期待在過程中與大家分享。

Awesome. Thank you. I appreciate all the time and color.

驚人的。謝謝。我喜歡所有的時光和色彩。

Thanks, Michael.

謝謝你，麥可。

That does conclude our Q&A session for today. So I'll hand back over to the CEO, Shane O’Kelly, for closing remarks.

今天的問答環節到此結束。那麼，我將把發言權交還給執行長 Shane Oâ 凱利，讓他做總結發言。

We want to thank everybody. In particular, thank the men and women of Advance Auto Parts for what they're doing as we complete this turnaround journey, and we'll look forward to sharing additional updates on both the close out of the year and what we see for 2026 in our end of year call in February. So we appreciate you joining us today. Thanks very much. Take care. Bye-bye.

我們要感謝所有人。尤其要感謝 Advance Auto Parts 的全體員工，感謝他們在我們完成這次轉型之旅中所做的貢獻。我們期待在 2 月的年終電話會議上分享更多關於今年收尾工作以及我們對 2026 年展望的最新消息。感謝您今天能來參加。非常感謝。小心。再見。

Thank you. This does conclude today's call. Thank you for joining. You may now disconnect your lines.

謝謝。今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。