汽車地帶 (AZO) 2013 Q2 法說會逐字稿

Good morning and welcome to the AutoZone conference call.

早上好，歡迎參加 AutoZone 電話會議。

Your lines have been placed on listen-only until the question-and-answer session of the conference.

在會議問答環節之前，您的線路已設為僅供收聽。

Please be advised today's call is being recorded.

請注意，今天的通話正在錄音。

If you have any objections, please disconnect at this time.

如果您有任何異議，請此時斷開連接。

This conference call will discuss AutoZone's second-quarter financial results.

本次電話會議將討論 AutoZone 第二季度財務業績。

Bill Rhodes, the Company's Chairman, President, and CEO, will be making a short presentation on the highlights of the quarter.

公司董事長、總裁兼首席執行官 Bill Rhodes 將就本季度的亮點進行簡短介紹。

The conference call will end promptly at 10 a.m.

電話會議將於上午 10 點準時結束。

Central time, 11 a.m.

中部時間上午 11 點

Eastern time.

東部時間。

Before Mr. Rhodes begins, the Company has requested that you listen to the following statement regarding forward-looking statements.

在羅茲先生開始之前，公司要求您聆聽以下有關前瞻性陳述的聲明。

Certain statements contained in this presentation are forward-looking statements.

本演示文稿中包含的某些陳述屬於前瞻性陳述。

Forward-looking statements typically use words such as believe, anticipate, should, intend, plan, will, expect, estimate, project, positioned, strategy, and similar expressions.

前瞻性陳述通常使用相信、預期、應該、打算、計劃、將、期望、估計、項目、定位、戰略和類似表達方式等詞語。

These are based on assumptions and assessments made by our management in light of experience and perception of historical trends, current conditions, expected future developments, and other factors that we believe to be appropriate.

這些是基於我們的管理層根據經驗和對歷史趨勢、當前狀況、預期未來發展以及我們認為適當的其他因素的看法而做出的假設和評估。

These forward-looking statements are subject to a number of risks and uncertainties including without limitation credit market conditions, the impact of recessionary conditions, competition, product demand, the ability to hire and retain qualified employees, consumer debt levels, inflation, weather, raw material costs of our suppliers, energy prices, war and the prospect of war including terrorist activity, availability of consumer transportation, construction delays, access to available and feasible financing, and changes in the laws or regulations.

這些前瞻性陳述受到許多風險和不確定性的影響，包括但不限於信貸市場狀況、經濟衰退的影響、競爭、產品需求、僱用和留住合格員工的能力、消費者債務水平、通貨膨脹、天氣、原材料我們供應商的材料成本、能源價格、戰爭和戰爭前景（包括恐怖活動）、消費者交通的可用性、施工延誤、獲得可用和可行的融資以及法律或法規的變化。

Certain of these risks are discussed in more detail in the risk factors section contained in Item 1A under part one of our annual report on Form 10-K for the year ended August 25, 2012.

其中某些風險在我們截至 2012 年 8 月 25 日的年度 10-K 表格年度報告第一部分第 1A 項中包含的風險因素部分進行了更詳細的討論。

These risk factors should be read carefully.

應仔細閱讀這些風險因素。

Mr. Rhodes, you may now begin.

羅德先生，您現在可以開始了。

Good morning and thank you for joining us today for AutoZone's 2013 second-quarter conference call.

早上好，感謝您今天參加 AutoZone 2013 年第二季度電話會議。

With me today are Bill Giles, Executive Vice President and Chief Financial Officer IT and ALLDATA, and Brian Campbell, Vice President, Treasurer Investor Relations and Tax.

今天與我在一起的有 IT 和 ALLDATA 執行副總裁兼首席財務官 Bill Giles，以及財務主管投資者關係和稅務副總裁 Brian Campbell。

Regarding the second quarter, I hope you've had an opportunity to read our press release and learn about the quarter's results.

關於第二季度，我希望您有機會閱讀我們的新聞稿並了解本季度的業績。

If not, the press release along with slides complementing our comments today is available on our website, www.AutoZoneInc.com.

如果沒有，請在我們的網站 www.AutoZoneInc.com 上查看新聞稿以及補充我們今天評論的幻燈片。

Please click on quarterly earnings conference calls to see them.

請點擊季度收益電話會議查看。

To begin this morning, I want to thank all AutoZoners across the globe for another very solid quarter in spite of a great deal of volatility across the 12 weeks.

首先，我要感謝全球所有 AutoZoners，儘管在 12 週內經歷了巨大的波動，但他們又度過了一個非常穩定的季度。

We continued to execute on our strategies to improve the customer shopping experience, the initiative we call great people providing great service.

我們繼續執行改善客戶購物體驗的戰略，我們稱之為優秀人才提供優質服務的舉措。

We also grew our commercial program accounts, sales, and profitability.

我們還增加了商業項目賬戶、銷售額和盈利能力。

We expanded 10 additional hub locations during the quarter to take our total remodeled hubs to 77 locations.

我們在本季度新增了 10 個樞紐地點，使改造後的樞紐總數達到 77 個。

These remodels entail adding additional inventory into the markets that benefits both our retail and commercial sales.

這些改造需要向市場增加額外的庫存，這對我們的零售和商業銷售都有好處。

Additionally, we accelerated our efforts to further leverage the Internet with the closing of our purchase of AutoZone AutoAnything in December.

此外，隨著 12 月份完成對 AutoZone AutoAnything 的收購，我們加快了進一步利用互聯網的步伐。

We are very excited about having this wonderful business and team join our organization and we believe their expertise in online retailing will help us grow this category.

我們非常高興有這樣出色的企業和團隊加入我們的組織，我們相信他們在在線零售方面的專業知識將幫助我們發展這一類別。

We believe combining their knowledge and the expertise with the AutoZone e-commerce team will create material sales growth in this sector in the future.

我們相信，將他們的知識和專業知識與 AutoZone 電子商務團隊相結合，未來將在該領域創造實質性的銷售增長。

While we felt we made advances during the quarter, sales have remained inconsistent and below our desires and expectations.

雖然我們認為本季度取得了進步，但銷售額仍然不穩定，低於我們的願望和預期。

On the last call, we noted that the last couple of weeks of the first quarter showed improving sales trends in our Midwest and Northeast markets.

在上次電話會議中，我們注意到第一季度的最後幾周顯示中西部和東北市場的銷售趨勢有所改善。

However, we remain cautious on our outlook.

然而，我們對前景仍持謹慎態度。

We understood we were facing our most challenging same-store sales comparison for the fiscal year during the second quarter.

我們知道，第二季度我們面臨著本財年最具挑戰性的同店銷售比較。

Basically this quarter felt very similar to last quarter on a sales basis through the first 10 weeks.

基本上，從前 10 週的銷售額來看，本季度與上季度非常相似。

Our same-store sales results through 10 weeks were basically flat; however, historically we have experienced significant sequential week to week growth in sales during the last two weeks of our second quarter.

過去 10 週我們的同店銷售業績基本持平；然而，從歷史上看，在第二季度的最後兩週，我們的銷售額每週都經歷了顯著的環比增長。

This year we saw some modest growth but not to the level we have historically experienced and during those two weeks, our total domestic same-store sales were down 8%.

今年我們看到了一些小幅增長，但沒有達到歷史水平，在這兩週內，我們的國內同店總銷售額下降了 8%。

We believe the sharp falloff in sales for those two weeks were attributable in large part to the delay in income tax refunds being processed by the IRS.

我們認為，這兩週銷售額的急劇下降很大程度上是由於美國國稅局延遲處理所得稅退稅。

According to Nick Colas, Chief Market Strategist at the Convergence Group, the delay in the IRS accepting returns for processing until January 30 compared to January 15 last year meant $30 billion less in refunds to individuals through February 9 as compared to last year.

Convergence Group 首席市場策略師尼克·科拉斯 (Nick Colas) 表示，與去年 1 月 15 日相比，美國國稅局 (IRS) 推遲到 1 月 30 日接受納稅申報表處理，這意味著截至 2 月 9 日向個人提供的退稅金額比去年減少了 300 億美元。

From all indications, we expect the same amount of dollars will be refunded this year as last and we expect our sales to respond as more refund dollars are distributed into the economy.

從所有跡象來看，我們預計今年的退款金額將與去年相同，並且隨著更多的退款資金分配到經濟中，我們預計我們的銷售將會做出反應。

Unfortunately for us, our fiscal quarter finishes at an odd time in early February.

對我們來說不幸的是，我們的財政季度在二月初的奇怪時間結束。

Historically we've benefited from a ramp in sales due to income tax refunds and that ramp typically carries through to the usual increases from the spring selling season.

從歷史上看，我們受益於所得稅退稅帶來的銷售增長，並且這種增長通常會延續到春季銷售季節的通常增長。

This year that was not the case.

今年的情況並非如此。

Aside from the severely challenged last two weeks, our Northeast and Midwest markets on a two-year same-store basis did show some improvement.

除了過去兩週面臨的嚴峻挑戰之外，我們的東北和中西部市場在兩年同店基礎上確實出現了一些改善。

However, they were still negative and approximately 500 basis points worse than the Western and Southern store markets.

然而，它們仍然為負值，比西部和南部商店市場差約 500 個基點。

Before the last week of January, sales were sequentially improving in these markets.

在 1 月最後一周之前，這些市場的銷量連續改善。

Maintenance categories especially brake-related categories continued to be our worst performing categories.

維護類別尤其是與製動相關的類別仍然是我們表現最差的類別。

The merchandise that we sell under the banner of maintenance-related remains our biggest opportunity for improvement.

我們以維護相關名義銷售的商品仍然是我們最大的改進機會。

This category experienced high single-digit percentage growth in 2009, 2010, and most of 2011, but starting in 2012, this category slowed markedly.

該類別在 2009 年、2010 年和 2011 年大部分時間經歷了高個位數百分比增長，但從 2012 年開始，該類別明顯放緩。

At approximately 40% of our merchandise mix on the retail front, it has been the primary reason our sales have slowed over the last 12 months.

我們約 40% 的商品組合來自零售領域，這是我們過去 12 個月銷售放緩的主要原因。

Excluding the impact from delayed tax returns, although we were not pleased by our same-store sales performance, we were encouraged to see our business stabilize and begin to show some signs of improvement.

排除延遲納稅申報的影響，儘管我們對同店銷售業績不滿意，但看到我們的業務穩定下來並開始顯示出一些改善的跡象，我們感到鼓舞。

As we look forward to the back half of our fiscal 2013, we are enthusiastic about the progress we are making on many of our initiatives.

當我們展望 2013 財年下半年時，我們對許多舉措所取得的進展充滿熱情。

We've increased the availability of inventory throughout our hub network and satellite stores.

我們增加了整個中心網絡和衛星商店的庫存可用性。

We further expanded our commercial program openings and we continue to grow our Mexico ALLDATA e-commerce and Brazil businesses.

我們進一步擴大了商業計劃的空缺，並繼續發展我們的墨西哥 ALLDATA 電子商務和巴西業務。

We are encouraged by our learnings and feel we can have improving sales trends for the remainder of the year.

我們對所學到的知識感到鼓舞，並認為我們可以在今年剩餘時間內改善銷售趨勢。

Our belief is, as stated on the last quarter's call, this past Q2 would be a low point and we could see growth again in the back half of the year.

我們相信，正如上個季度的電話會議所述，過去的第二季度將是一個低點，我們可能會在今年下半年再次看到增長。

The most recent quarter's results marked our 26th consecutive quarter of double-digit earnings per share growth.

最近一個季度的業績標誌著我們連續 26 個季度每股收益實現兩位數增長。

We are very pleased with our ability to consistently deliver strong EPS growth through our financial model of steady mid-single-digit EBIT dollar growth or better along with high single-digit reductions in diluted share count through our share repurchases.

我們非常高興能夠通過穩定的中個位數息稅前利潤增長或更好的財務模型，以及通過股票回購稀釋後的股票數量大幅減少個位數的財務模型，持續實現強勁的每股收益增長。

Our goal quarter-over-quarter continues to be to provide consistency to our shareholders, our AutoZoners, and of course, our customers.

我們的季度環比目標仍然是為我們的股東、我們的 AutoZoners，當然還有我們的客戶提供一致性。

We feel this targeted consistency in both financial performance as well as execution of our key initiatives results in stability and confidence for our shareholders, AutoZoners, and customers.

我們認為，財務業績和關鍵舉措執行方面的這種有針對性的一致性為我們的股東、AutoZoners 和客戶帶來了穩定性和信心。

Next I would like to discuss our sales results for this past quarter in more detail.

接下來我想更詳細地討論我們上個季度的銷售業績。

Or sales were up 2.8% and our same-store sales were down 1.8%.

銷售額增長 2.8%，同店銷售額下降 1.8%。

This quarter's same-store sales results compared to last year's second-quarter comps of 5.9%.

本季度的同店銷售業績與去年第二季度相比增長了 5.9%。

Our same-store sales results are a combination of both our retail and commercial businesses.

我們的同店銷售業績是零售和商業業務的結合。

I should point out our total commercial sales were up 9% over last year's second quarter, drive by a combination of existing programs and the addition of 321 net new programs over the trailing 12 months.

我應該指出的是，在現有計劃和過去 12 個月內淨增加 321 個新計劃的共同推動下，我們的商業總銷售額比去年第二季度增長了 9%。

Commercial was negatively impacted by having Christmas and New Year's Day shift to Tuesday from Sunday last year.

去年聖誕節和元旦從周日移至週二，對商業造成了負面影響。

On average, Sunday is a substantially lower commercial selling day than Tuesday.

平均而言，週日的商業銷售量明顯低於週二。

We estimate excluding this shift, commercial sales would have been up approximately 10%.

我們估計，如果排除這一轉變，商業銷售額將增長約 10%。

Our overall sales performance for the quarter was softer than we had hoped, but aside from the last two weeks, it was not entirely unexpected.

我們本季度的整體銷售業績低於我們的預期，但除了過去兩週之外，這並不完全出乎意料。

Our sales patterns for commercial tracked basically in line with retail sales trends.

我們的商業銷售模式與零售銷售趨勢基本一致。

For the first 10 weeks, the correlation was tied to the regional performance differences between the Northeast and Midwest and the rest of the country.

在前 10 週，這種相關性與東北部和中西部以及美國其他地區之間的區域表現差異有關。

The last two weeks were correlated to we believe income tax refund delays.

我們認為過去兩週與所得稅退稅延遲有關。

On last quarter's conference call we spent time discussing how we felt the differences in sales results experienced between the Northeast and Midwest were primarily a weather phenomenon.

在上個季度的電話會議上，我們花時間討論了我們如何看待東北部和中西部之間銷售結果的差異主要是天氣現象。

The substantial differences in sales by region similar to the last two quarters continued for us during this second quarter.

與前兩個季度類似，各地區銷售額的巨大差異在第二季度繼續存在。

The three regions of the Northeast, Midwest, and Plains states continued to track materially below the remainder of the country for the quarter.

本季度東北部、中西部和平原州的三個地區繼續大幅低於全國其他地區。

In fact, the 5 percentage point difference in same-store sales between the remaining seven regions and the three affected areas was basically present through the first 10 weeks of the quarter and the last two weeks where the whole country's results weakened.

事實上，其餘七個地區與三個受影響地區的同店銷售差異5個百分點基本存在於本季度的前10周和全國業績走弱的最後兩週。

As we have stated previously, we will know for sure about weather's impact this spring as our business regionally weakened starting in April of 2012.

正如我們之前所說，隨著我們的業務從 2012 年 4 月開始在區域範圍內減弱，我們將確切地了解今年春季天氣的影響。

We feel our comparisons are most favorable starting at that time.

我們認為從那時開始我們的比較是最有利的。

This morning we want to call out some key accomplishments this past quarter.

今天早上，我們想回顧一下上個季度取得的一些關鍵成就。

We completed 10 additional hub projects this quarter taking our hub resets life to date to 77.

本季度我們完成了 10 個額外的樞紐項目，使我們的樞紐壽命重置為 77 個。

We continue to be quite pleased with the sales benefits from these reset hubs as we have increased the size and/or improved the location, allowing us to expand the number of SKUs offered on a same day basis in the market.

我們仍然對這些重置中心的銷售優勢感到非常滿意，因為我們增加了規模和/或改善了位置，使我們能夠擴大市場上當天提供的 SKU 數量。

These SKUs have benefited both retail and commercial customers.

這些 SKU 讓零售和商業客戶都受益。

Due to our hub strategy and more specifically what the additional hub space offers, we were able to place additional hard parts inventory into the local markets, allowing us to better meet the ever-increasing needs of our customers.

由於我們的樞紐戰略，更具體地說，由於額外的樞紐空間所提供的功能，我們能夠將額外的硬零件庫存投放到當地市場，使我們能夠更好地滿足客戶不斷增長的需求。

I know many of you have read how inventory per store has increased within our industry over the last few years and not in a small way.

我知道你們很多人都讀過過去幾年我們行業中每家商店的庫存如何增加，而且增幅不小。

This is due to the proliferation of unique makes and models constantly being rolled out each year.

這是由於每年不斷推出的獨特品牌和型號的激增。

Our listeners should expect us to talk about proper inventory placement for years to come.

我們的聽眾應該期待我們談論未來幾年的適當庫存配置。

We believe our evolving hub strategy better positions us to address this need.

我們相信，不斷發展的樞紐戰略使我們能夠更好地滿足這一需求。

Regarding Mexico, we opened nine stores this quarter and finished with 334 stores.

至於墨西哥，我們本季度開設了 9 家門店，最終門店數量達到 334 家。

Sales in our other businesses achieved very solid sales results.

我們其他業務的銷售也取得了非常穩健的銷售業績。

Our ALLDATA and e-commerce businesses, which includes AutoZone.com and AutoAnything.com, continued to perform well, increasing 43.1% over last year.

我們的 ALLDATA 和電子商務業務（包括 AutoZone.com 和 AutoAnything.com）繼續表現良好，比去年增長了 43.1%。

There are great opportunities for e-commerce sales growth on both a business-to-business basis and to individual customers or B2C.

無論是企業對企業還是個人客戶或 B2C，電子商務銷售增長都有巨大的機會。

While both businesses are relatively small for us, we're experimenting to understand where the most potential exists.

雖然這兩個業務對我們來說都相對較小，但我們正在嘗試了解哪裡最有潛力。

At this point we still view our traditional AutoZone.com DIY e-commerce business as a complement to our walk-in business.

目前，我們仍然將傳統的 AutoZone.com DIY 電子商務業務視為對我們上門業務的補充。

What we want is the best website possible for our customers to research their vehicle needs.

我們想要的是為我們的客戶提供最好的網站來研究他們的車輛需求。

We continue to spend our resources on this design element.

我們繼續在這個設計元素上投入資源。

I also want to officially recognize and welcome AutoAnything's wonderful team to AutoZone as we closed on our acquisition at the end of calendar 2012.

我還想正式認可並歡迎 AutoAnything 的優秀團隊加入 AutoZone，因為我們已於 2012 年底完成了收購。

Thus far I can unequivocally say the management and philosophical fit could not be better.

到目前為止，我可以明確地說，管理和理念的契合度再好不過了。

I am very excited about what we can do together going forward.

我對我們未來可以一起做的事情感到非常興奮。

For the second quarter, AutoAnything had two months of results in our consolidated financials.

第二季度，AutoAnything 在我們的合併財務報表中公佈了兩個月的業績。

With the continued aging of the car population and subtly improving miles driven, we continue to feel positive trends exist for our industry.

隨著汽車保有量的持續老齡化和駕駛里程的微妙提高，我們繼續感受到我們行業存在的積極趨勢。

We continue to remain bullish on our industry sales growth opportunities on both retail and commercial over the long term.

從長遠來看，我們繼續看好零售和商業領域的行業銷售增長機會。

As the vehicle population remains at an all-time high and consumers continue to look for good values while maintaining their vehicles, we see AutoZone's opportunity to sell to these customers only growing.

由於車輛保有量保持在歷史最高水平，並且消費者在維護車輛的同時不斷尋求高價值，我們認為 AutoZone 向這些客戶銷售的機會只會越來越多。

Now let me review our highlights regarding execution of our operating theme for 2013, 1TEAM Delivering Well.

現在讓我回顧一下 2013 年運營主題“1TEAM Delivering Well”的執行要點。

The key priorities for the year are great people providing great service, profitably growing our commercial business, leveraging the Internet, hub store improvements, and leveraging technology to improve the customer experience while optimizing efficiency.

今年的關鍵優先事項是優秀人才提供優質服務、盈利性地發展我們的商業業務、利用互聯網、中心店改進以及利用技術改善客戶體驗，同時優化效率。

On the retail front this past quarter under the great people providing great service theme, we continued with our intense focus on improving execution.

在上個季度的零售方面，在優秀人才提供優質服務的主題下，我們繼續高度重視提高執行力。

We also invested in technology to enhance information available at the point-of-sale as well as tools to better optimize our execution.

我們還投資了技術來增強銷售點可用的信息以及更好地優化我們的執行的工具。

In regards to commercial, we opened 56 programs during the quarter.

在商業方面，本季度我們開設了 56 個項目。

Year to date we have opened 93 versus 166 through the second quarter last year.

今年迄今為止，我們已開業 93 家，而去年第二季度為 166 家。

We rolled a majority of these additional programs after January 1. We do not expect to open quite as many programs as last year which was the most we have opened in a single year in recent history.

我們在 1 月 1 日之後推出了大部分新增項目。我們預計開設的項目數量不會像去年那麼多，去年是我們近年單年開設的項目數量最多的一年。

However, we are on track to open approximately 300 programs for the year, which is consistent with our annual plan.

不過，我們預計今年將開設約 300 個項目，這與我們的年度計劃是一致的。

We continue to see commercial as a material sales driver, growth driver for us for many years to come.

我們繼續將商業視為未來許多年的材料銷售驅動力和增長驅動力。

Our results continue to provide us confidence to be aggressive in adding additional resources and new programs to this important growth initiative.

我們的業績繼續讓我們有信心積極為這一重要的增長計劃添加額外的資源和新計劃。

I'll take a moment now to talk more specifically about our second-quarter performance in more detail.

我現在將花點時間更具體地討論我們第二季度的業績。

Our domestic same-store sales declined 1.8% for the quarter.

本季度我們的國內同店銷售額下降了 1.8%。

As noted earlier, our second quarter, which ended March 9 did experience some variability in month-to-month sales results.

如前所述，截至 3 月 9 日的第二季度銷售業績確實出現了一些月度變化。

More importantly, the impact on a regional basis continued.

更重要的是，對區域的影響仍在繼續。

This separation results began in April for us and continued through this quarter.

我們的這一分離結果從四月份開始，一直持續到本季度。

As we've said previously, the category of sales we define as maintenance had the most challenging comparison on the quarter.

正如我們之前所說，我們定義為維護的銷售類別是本季度最具挑戰性的比較。

With approximately 40% of our sales in this classification, sales of this category were soft particularly in the subset of geographic regions previously discussed.

我們約 40% 的銷售額屬於此類別，因此該類別的銷售額疲軟，尤其是在前面討論的地理區域子集中。

As we experienced more normal winter patterns in these parts of the country this past winter, we continue to feel there is upside opportunity as we move into the spring and summer months.

去年冬天，隨著我們在該國這些地區經歷了更加正常的冬季模式，我們繼續感到，隨著進入春季和夏季，還有上行機會。

This regional difference in results carried through to our commercial business as well.

這種結果的地區差異也影響到了我們的商業業務。

Our small market share and current growth trajectory from our newer programs continues to give us confidence in our future buildout potential.

我們較小的市場份額和當前新項目的增長軌跡繼續讓我們對未來的建設潛力充滿信心。

We will continue to invest to grow our commercial business and penetrate a larger percentage of our existing store base.

我們將繼續投資發展我們的商業業務，並滲透到我們現有商店的更大比例。

As I said earlier, ALLDATA and e-commerce, which now includes AutoAnything, had another fine quarter, up 43% in sales from this time last year.

正如我之前所說，ALLDATA 和電子商務（現在包括 AutoAnything）又度過了一個美好的季度，銷售額比去年同期增長了 43%。

AutoAnything's inclusion in this bucket drove the majority of this growth.

AutoAnything 的加入推動了這一增長的大部分。

This portion of our business while small as a percentage of our overall sales mix, continues to experience faster sales growth than the auto parts stores.

我們的這部分業務雖然在我們整體銷售組合中所佔的比例很小，但仍比汽車配件商店經歷更快的銷售增長。

We should also highlight another strong performance in return on invested capital as we were able to finish the quarter at 32.4%.

我們還應該強調投資資本回報率的另一個強勁表現，本季度我們的回報率為 32.4%。

We strive to improve on this metric over time as it reflects our efforts to efficiently use the capital we deploy.

隨著時間的推移，我們努力改進這一指標，因為它反映了我們為有效利用所部署的資本所做的努力。

It is important to reinforce that we will always maintain our diligence regarding capital stewardship as the capital we invest is our investors' capital.

需要強調的是，我們將始終保持對資本管理的勤勉態度，因為我們投資的資本是投資者的資本。

Before I pass the discussion over to Bill Giles to talk about our financial results, I would like to state how proud we are of our entire organization's efforts to manage the business appropriately the past few quarters.

在我將討論交給 Bill Giles 討論我們的財務業績之前，我想表達一下，我們對整個組織在過去幾個季度為適當管理業務所做的努力感到非常自豪。

I'm very proud of our team for their commitment to great service and for their commitment to success.

我為我們的團隊致力於提供優質服務並致力於取得成功感到非常自豪。

As we look forward, we will continue to aggressively manage our cost structure while simultaneously executing our initiatives to drive productive sales growth.

展望未來，我們將繼續積極管理成本結構，同時執行推動生產性銷售增長的舉措。

Now here is Bill.

現在比爾來了。

Good morning, everyone.

大家，早安。

To start this morning, let me take a few moments to talk more specifically about our retail, commercial, and international results for the quarter.

從今天早上開始，讓我花一些時間更具體地談談我們本季度的零售、商業和國際業績。

For the quarter, total auto parts sales, which includes our domestic retail and commercial businesses, our Mexico stores, and our one store in Brazil, increased 1.9% on top of last year's second quarter's growth of 8.6%.

本季度，汽車零部件總銷售額（包括我們的國內零售和商業業務、墨西哥商店以及巴西的一家商店）在去年第二季度增長 8.6% 的基礎上增長了 1.9%。

Regarding macro trends during the quarter, nationally unleaded gas prices started out at $3.43 a gallon and ended the quarter at $3.61 a gallon, an $0.18 increase.

關於本季度的宏觀趨勢，全國無鉛汽油價格從每加侖 3.43 美元開始，到本季度末每加侖 3.61 美元，上漲了 0.18 美元。

Last year gas prices increased similarly by $0.15 per gallon during the second quarter starting at $3.37 and ending at $3.52 a gallon.

去年第二季度，天然氣價格同樣上漲了 0.15 美元/加侖，從每加侖 3.37 美元開始，到每加侖 3.52 美元結束。

We continue to believe gas prices have a real impact on our customers' abilities to maintain their vehicles and we will continue to monitor prices closely in the future.

我們仍然相信汽油價格對客戶維護車輛的能力有真正的影響，我們未來將繼續密切監控價格。

We also recognize that the impact of miles driven on cars over 10 years old, the current average, is much different than on newer cars in terms of wear and tear.

我們還認識到，行駛里程對車齡超過 10 年的汽車（目前的平均水平）在磨損方面的影響與新車有很大不同。

Miles driven were up in both October and November 0.4% in October and up 0.8% in November.

10 月和 11 月駕駛里程均增長 0.4%，11 月增長 0.8%。

December showed miles driven were down 2.8%.

12 月份的行駛里程數下降了 2.8%。

For 2012 miles driven were up slightly plus 0.3% from last year.

2012 年行駛里程比去年略有增加 0.3%。

The other statistic we highlighted is the number of seven-year-olds and older vehicles on the road which continues to trend in our industry's favor.

我們強調的另一個統計數據是道路上七年車齡和老舊車輛的數量，這一趨勢繼續對我們行業有利。

Another key macro issue facing our customers today is the reinstitution of payroll taxes back to historic norms.

我們的客戶今天面臨的另一個關鍵宏觀問題是將工資稅恢復到歷史標準。

This reduction in our customers' take home pay just began at the beginning of the new calendar year and at this point combined with the delay in income tax refunds, it is hard to objectively quantify the ramifications of this change.

我們的客戶實得工資的減少是在新歷年初才開始的，此時再加上所得稅退稅的延遲，很難客觀地量化這一變化的影響。

For the trailing four quarters, total sales for auto parts store was $1.715 million.

過去四個季度，汽車配件商店的總銷售額為 171.5 萬美元。

This statistic continues to set the pace for the rest of the industry.

這一統計數據繼續引領著行業其他行業的發展步伐。

Total commercial sales increased 8.8% for the second quarter and represented 15.6% of our total sales, growing $23 million over last year's Q2.

第二季度商業總銷售額增長 8.8%，占我們總銷售額的 15.6%，比去年第二季度增長 2300 萬美元。

Last year's commercial sales mix percent was 14.8%.

去年的商業銷售比例為 14.8%。

As we said previously, overall we have been very pleased with the progress we are making in our commercial business both operationally and financially and we remain on track with our plans.

正如我們之前所說，總體而言，我們對商業業務在運營和財務方面取得的進展感到非常滿意，並且我們仍按計劃進行。

We believe there are ample opportunities for us to continue to improve many facets of our operations and offerings and therefore we are optimistic about the future of this business.

我們相信，我們有充足的機會繼續改進我們的運營和產品的許多方面，因此我們對這項業務的未來感到樂觀。

We continue to believe we can grow revenues in existing stores and we will continue to open additional commercial programs.

我們仍然相信我們可以增加現有商店的收入，並將繼續開設更多的商業項目。

This past quarter we opened 56 new programs versus 92 programs opened in our second quarter of last fiscal year.

上一季度我們開設了 56 個新項目，而上一財年第二季度我們開設了 92 個項目。

We now have our commercial program in 3,146 stores supported by 152 hub stores.

現在，我們的商業計劃已覆蓋 3,146 家商店，並由 152 家中心商店提供支持。

Approximately 800 of our programs are three years old or younger with only 66% of our domestic stores having a commercial program and our average revenue per program materially below several of our competitors, we believe there is ample opportunity for additional program growth in addition to improve productivity opportunities in current programs.

我們的大約 800 個項目是三年或更小的項目，只有 66% 的國內商店擁有商業項目，而且我們每個項目的平均收入大大低於我們的幾個競爭對手，我們相信，除了提高項目質量之外，還有充足的機會來實現額外的項目增長當前計劃中的生產力機會。

While we recognize that our commercial sales productivity program is well below our peers, we do not believe there are any structural impediments that prevent us from achieving similar productivity numbers.

雖然我們認識到我們的商業銷售生產力計劃遠低於同行，但我們認為不存在任何結構性障礙阻止我們實現類似的生產力數字。

In regard to our future, we are focused on building upon the commercial initiatives that we have in place for the last few years.

就我們的未來而言，我們專注於在過去幾年實施的商業計劃的基礎上繼續發展。

We continue to watch our sales force mature.

我們將繼續關注我們的銷售隊伍的成熟。

We are also enhancing training and introducing additional technology to optimize the productivity of our salesforce.

我們還加強培訓並引入更多技術，以優化銷售人員的生產力。

We have increased our efforts around analyzing customer purchasing trends and in stock trends.

我們加大了分析客戶購買趨勢和庫存趨勢的力度。

We feel our product distribution model is scalable going forward and we are continuing to test additional enhancements to our offerings.

我們認為我們的產品分銷模式未來具有可擴展性，並且我們正在繼續測試我們產品的其他增強功能。

In summary, we remain committed to our long-term growth strategy.

總而言之，我們仍然致力於我們的長期增長戰略。

We have accelerated the growth of our commercial programs, again having opened over 800 programs over the last 36 months effectively 26% of the programs are three years old or younger.

我們加快了商業項目的發展，在過去 36 個月內再次開設了 800 多個項目，其中 26% 的項目是三年或更小的項目。

We believe we are well positioned to grow this business and capture market share.

我們相信我們有能力發展這項業務並佔領市場份額。

The regional variances in our commercial sales results give us comfort our underperforming markets are not solely the direct cause of something we've specifically done.

我們商業銷售結果的區域差異讓我們感到安慰，我們表現不佳的市場不僅僅是我們專門做的事情的直接原因。

We believe we can scale this business in a profitable manner and we continue to be excited about our opportunities in this business for many years to come.

我們相信我們能夠以盈利的方式擴展這項業務，並且在未來的許多年裡我們仍然對我們在這項業務中的機會感到興奮。

Our Mexico stores continued to perform well.

我們的墨西哥商店繼續表現良好。

We opened nine new stores during the second quarter and currently have 334 stores in Mexico.

我們在第二季度新開了 9 家商店，目前在墨西哥擁有 334 家商店。

We remain resolute on our strategy to open stores at a steady pace while managing our Mexico business for the long run.

我們仍然堅定地實施穩步開設門店的戰略，同時長期管理我們的墨西哥業務。

We have operated stores in Mexico now for over 14 years and we continue to see great opportunity for growth going forward.

我們在墨西哥經營商店已有 14 年多了，我們繼續看到未來增長的巨大機會。

Our returns and profit growth have been in line with our expectations.

我們的回報和利潤增長符合我們的預期。

Regarding Brazil, our first store is up and running and we look forward to opening another here in the third quarter.

關於巴西，我們的第一家商店已經開業並正在運營，我們期待在第三季度在這裡開設另一家商店。

We are currently in various stages of development on future stores.

我們目前正處於未來商店的不同開發階段。

Our plans are to open 10 to 15 stores over the next couple of years and then slow additional development as we refine our offerings and prove that our concept works for our customers and financially.

我們的計劃是在未來幾年內開設 10 到 15 家商店，然後隨著我們完善我們的產品並證明我們的理念對我們的客戶和財務有效而放慢額外的開發速度。

Then we will determine our long-term growth plans.

然後我們將確定我們的長期增長計劃。

Recapping our second-quarter performance for the Company in total, our sales for the quarter were $1.855 billion, an increase of 2.8% from last year's second quarter.

回顧公司第二季度的總體業績，本季度銷售額為 18.55 億美元，比去年第二季度增長 2.8%。

Domestic same-store sales for sales for stores open more than one year were down 1.8% for the quarter.

本季度國內開業一年以上商店的同店銷售額下降 1.8%。

Gross margin for the quarter was 51.9% of sales, up 51 basis points compared to last year's second quarter.

該季度毛利率佔銷售額的51.9%，比去年第二季度提高了51個基點。

The improvement in gross margin were attributable to higher margins on merchandise growth.

毛利率的改善歸因於商品增長利潤率的提高。

The increased merchandise margins were primarily due to lower acquisition costs.

商品利潤的增加主要是由於採購成本的降低。

In regards to inflation, we have seen some increases in costs year-over-year but at a much slower pace than last year at this time.

在通貨膨脹方面，我們看到成本同比有所增加，但增幅比去年同期要慢得多。

At this point our assumption is we will experience subdued producer pricing heading into the new calendar year, therefore we feel costs will be predictable and manageable.

目前我們的假設是，進入新的日曆年，我們將經歷生產者價格的低迷，因此我們認為成本將是可預測和可控的。

We will remain cognizant of fugitive development regarding inflation and we will make the appropriate adjustments should they arise.

我們將繼續認識到通貨膨脹的短暫發展，一旦出現，我們將做出適當的調整。

Looking forward, we continue to believe there remains opportunity for gross margin expansion within both the retail and commercial business.

展望未來，我們仍然相信零售和商業業務的毛利率仍有增長的機會。

However, we do not manage to a targeted gross profit margin percentage.

然而，我們未能達到目標毛利率。

As the growth of our commercial business has been a steady headwind on our overall gross margin rate for a few years, we have to continuously work strategies to offset this.

由於商業業務的增長多年來一直對我們的整體毛利率構成持續的阻力，我們必須不斷制定戰略來抵消這一影響。

Additionally, AutoAnything had a slight drag on our gross margin this past quarter.

此外，AutoAnything 上個季度對我們的毛利率造成了輕微拖累。

AutoAnything runs at a lower gross margin than our base business and we expect it will be a slightly larger drag once they are in our numbers for a full reporting period.

AutoAnything 的毛利率低於我們的基礎業務，我們預計，一旦它們進入我們整個報告期的數據，這將是一個稍大的拖累。

Our primarily focus remains growing absolute gross profit dollars in our total auto parts segment, which for the quarter increased approximately $30 million.

我們的主要關注點仍然是增加整個汽車零部件部門的絕對毛利潤，本季度增加了約 3000 萬美元。

SG&A for the quarter was 34.7% of sales higher by 6 basis points from last year's second quarter.

本季度的銷售、管理及行政費用 (SG&A) 佔銷售額的 34.7%，比去年第二季度高 6 個基點。

Operating expenses as a percentage of sales increased slightly due to the lower sales growth rates partially offset by lower incentive compensation expense.

由於較低的銷售增長率被較低的激勵補償費用部分抵消，運營費用佔銷售額的百分比略有增加。

As we entered the second quarter, we were mindful of the current sales environment and due to this cautious nature we aggressively managed our costs during the quarter.

當我們進入第二季度時，我們注意到當前的銷售環境，由於這種謹慎的性質，我們在本季度積極管理成本。

I want to take a moment to thank our entire team for their incredible diligence on cost control, which ultimately was a significant contributor to our performance in Q2.

我想花點時間感謝我們整個團隊在成本控制方面付出的令人難以置信的努力，這最終對我們第二季度的業績做出了重要貢獻。

We continue to believe we are well positioned to manage our cost structure for the foreseeable future.

我們仍然相信，在可預見的未來，我們有能力管理我們的成本結構。

Earnings before interest and taxes for the quarter was $318 million, up 5.6% over last year's second quarter.

該季度息稅前利潤為 3.18 億美元，比去年第二季度增長 5.6%。

Our EBIT margin improved to 17.1% or up 45 basis points versus the previous year's second quarter.

我們的息稅前利潤率提高至 17.1%，比去年第二季度提高了 45 個基點。

Interest expense for the quarter was $41.3 million compared with $38.9 million in Q2 a year ago.

該季度的利息支出為 4130 萬美元，而去年同期第二季度的利息支出為 3890 萬美元。

Debt outstanding at the end of the quarter was $3.998 billion or approximately $530 million more than last year's second-quarter balance of $3.464 billion.

本季度末未償債務為 39.98 億美元，比去年第二季度的 34.64 億美元增加約 5.3 億美元。

Our adjusted debt level metric finished the quarter at 2.6 times EBITDAR.

我們調整後的債務水平指標本季度結束時為 EBITDAR 的 2.6 倍。

While in any given quarter, we may increase or decrease our leverage metric based on management's opinion regarding debt and equity market conditions, we remain committed to both our investment grade rating and our capital allocation strategy and share repurchases are an important element of that strategy.

雖然在任何特定季度，我們可能會根據管理層對債務和股票市場狀況的意見增加或減少槓桿指標，但我們仍然致力於我們的投資等級評級和資本配置策略，而股票回購是該策略的重要組成部分。

For the quarter, our tax rate was approximately 36.2% flat with last year's second quarter of 36.2%.

本季度，我們的稅率約為 36.2%，與去年第二季度的 36.2% 持平。

We expect our full-year rate to be approximately 37%.

我們預計全年增長率約為 37%。

Net income for the quarter of $176 million was up 5.6% versus the prior year's second quarter.

該季度淨利潤為 1.76 億美元，比去年第二季度增長 5.6%。

Our diluted share count of 36.9 million was down 8.3% from last year's second quarter.

我們的稀釋後股票數量為 3690 萬股，比去年第二季度下降了 8.3%。

A combination of these factors drove earnings per share for the quarter to $4.78, up 15.1% over the prior year's second quarter.

這些因素綜合作用，使本季度每股收益達到 4.78 美元，比去年第二季度增長 15.1%。

Relating to the cash flow statement for the second fiscal quarter of 2013, we generated $193 million of operating cash flow.

根據 2013 年第二財季的現金流量表，我們產生了 1.93 億美元的運營現金流。

Net fixed assets were up 8% versus last year.

固定資產淨值比去年增長8%。

Capital expenditures for the quarter totaled $89 million and reflected the additional expenditures required to open 41 new stores this quarter, capital expenditures on existing stores, hub store remodels, and work on development of new stores for upcoming quarters.

該季度的資本支出總計 8900 萬美元，反映了本季度開設 41 家新店所需的額外支出、現有商店、中心店改造以及未來幾個季度新店開發工作的資本支出。

For all of fiscal 2013, our CapEx is expected to be approximately $400 million.

2013 財年，我們的資本支出預計約為 4 億美元。

With new stores opened, we finished this past quarter with 4,735 stores in 49 states, District of Columbia and Puerto Rico, 334 stores in Mexico, and one in Brazil for a total store count of 5,070.

隨著新店開業，我們上個季度在 49 個州、哥倫比亞特區和波多黎各開設了 4,735 家商店，在墨西哥開設了 334 家商店，在巴西開設了 1 家商店，商店總數達到 5,070 家。

We also had a cash outflow during the second quarter of $115 million due to the AutoAnything acquisition.

由於收購 AutoAnything，我們第二季度的現金流出達 1.15 億美元。

Depreciation totaled $52.3 million for the quarter versus last year's second-quarter expense of $47.5 million.

本季度折舊總額為 5,230 萬美元，而去年第二季度的費用為 4,750 萬美元。

With our excess cash flow, we repurchased $185 million of AutoZone stock in the second quarter.

憑藉過剩的現金流，我們在第二季度回購了 1.85 億美元的 AutoZone 股票。

At the end of the quarter, we had $603 million remaining under our share buyback authorization.

截至本季度末，我們的股票回購授權剩餘 6.03 億美元。

Our leverage metric was slightly above 2.5 times EBITDAR this past quarter.

上個季度我們的槓桿指標略高於 EBITDAR 的 2.5 倍。

We ran higher than usual this past quarter due to our completed acquisition for AutoAnything.

由於我們完成了對 AutoAnything 的收購，我們上個季度的業績高於平常。

We have traditionally remained right at 2.5.

我們傳統上一直保持在 2.5。

Again, I want to stress we manage to appropriate credit ratings and not any one metric.

我想再次強調，我們設法適當的信用評級，而不是任何一種指標。

The metric we report is meant as a guide only, as each rating firm has its own criteria.

我們報告的指標僅供參考，因為每個評級公司都有自己的標準。

We continue to view our share repurchase program as an attractive capital deployment strategy.

我們繼續將股票回購計劃視為一項有吸引力的資本部署策略。

Accounts payable as percent of gross inventory finished the quarter at 110%.

本季度末應付賬款佔庫存總額的百分比為 110%。

Next I would like to update you on our inventory levels in total and on a per store basis.

接下來，我想向您介紹我們的總庫存水平和每家商店的最新庫存水平。

We reported an inventory balance of $2.8 billion, up 7% versus the Q2 ending balance last year.

我們報告的庫存餘額為 28 億美元，比去年第二季度期末餘額增長 7%。

Increased inventory reflects new store growth along with additional investments in coverage for select categories.

庫存的增加反映了新店的增長以及對特定類別覆蓋範圍的額外投資。

Inventory per store was up 2.6% reflecting our continued investments in hard parts coverage.

每家商店的庫存增長了 2.6%，反映出我們對硬件零部件覆蓋範圍的持續投資。

Finally, as Bill previously mentioned, our continued disciplined capital management approach resulted in return on invested capital for the trailing four quarters of 32.4%.

最後，正如比爾之前提到的，我們持續嚴格的資本管理方法導致過去四個季度的投資資本回報率為 32.4%。

We have and will continue to make investments that we believe will generate returns that significantly exceed our cost of capital.

我們已經並將繼續進行投資，我們相信這些投資將產生遠遠超過我們資本成本的回報。

As a last point, I would like to point out that this year -- fiscal year 2013 has an extra week in it.

最後一點，我想指出，今年——2013 財年多了一周。

More specifically, the extra week will fall during the fourth quarter, already our longest quarter in terms of number of weeks.

更具體地說，額外的一周將在第四季度進行，就週數而言，第四季度已經是我們最長的季度。

This year's fourth quarter will have an extra week, taking us to 17 total weeks in Q4.

今年第四季度將多出一周，使第四季度的總時長達到 17 週。

As a result, our year will end this year on August 31.

因此，我們的今年將於 8 月 31 日結束。

The last time we had an extra week in our financials was fiscal 2008 and we would encourage each of you to review the impact this extra week had on our performance in Q4 2008 to better understand the impact this extra week will have on our fourth quarter and fiscal 2013 results.

上一次我們的財務狀況多了一周是在 2008 財年，我們鼓勵大家回顧一下多一周對我們 2008 年第四季度業績的影響，以便更好地了解多一周對我們第四季度和2013 財年業績。

Now I will turn it back to Bill Rhodes.

現在我將把它轉回給比爾·羅茲。

Thanks, Bill.

謝謝，比爾。

We are pleased to report our 26th consecutive quarter of double-digit earnings per share growth and a reported EPS growth rate of 15% for our fiscal second quarter.

我們很高興地報告，我們的每股收益連續 26 個季度實現兩位數增長，第二財季每股收益增長率為 15%。

Clearly our sales performance has not met our expectations as we've experienced softer sales over the past few quarters.

顯然，我們的銷售業績沒有達到我們的預期，因為過去幾個季度我們的銷售疲軟。

In large part, we believe it has primarily been attributable to macro factors.

在很大程度上，我們認為這主要歸因於宏觀因素。

Now regarding current sales trends, we report our earnings 2 1/2 weeks after the end of our quarter.

現在，關於當前的銷售趨勢，我們將在季度結束後 2 1/2 週報告我們的收益。

Historically we have had a practice of not discussing our results for the current quarter because it is such a short time frame.

從歷史上看，我們的做法是不討論本季度的業績，因為時間範圍很短。

It just isn't prudent to try to assess our trajectory off of such a short period of time.

試圖在如此短的時間內評估我們的發展軌跡是不明智的。

We did attribute our performance in the last two weeks to the two-week delay in tax refunds.

我們確實將過去兩週的表現歸因於退稅延遲了兩週。

The reason we called out that two-week period's performance was because it was such a significant change.

我們之所以指出這兩週的表現，是因為這是一個如此重大的變化。

Recently we have begun to see some of those refunds show up in our performance but from the information we have, tax refunds are still significantly below the prior year.

最近，我們開始看到其中一些退稅出現在我們的業績中，但從我們掌握的信息來看，退稅仍大大低於上一年。

As an organization, we don't want to be victims of a challenging macro environment, nor do we want to be reliant on strong macro trends to drive our success.

作為一個組織，我們不想成為充滿挑戰的宏觀環境的受害者，也不想依賴強勁的宏觀趨勢來推動我們的成功。

We must continue to modify our game plan in order to succeed in good and not so good selling environments.

我們必須繼續修改我們的遊戲計劃，以便在良好和不太好的銷售環境中取得成功。

We've historically been able to do that and we're built to do that going forward.

我們過去一直能夠做到這一點，並且我們也將在未來做到這一點。

Our organization is well adept at quickly altering our activities to appropriately respond to the current sales environment.

我們的組織非常善於快速改變我們的活動，以適當地應對當前的銷售環境。

While doing so, we also have a strong commitment to continue to deliver wow customer service and drive sales.

在這樣做的同時，我們還堅定地致力於繼續提供令人驚嘆的客戶服務並推動銷售。

We believe the initiatives we have outlined are accomplishing that objective and our customer surveys reinforce that belief.

我們相信我們概述的舉措正在實現這一目標，我們的客戶調查也強化了這一信念。

Keep in mind that roughly half of our product sales are failure-related.

請記住，我們大約一半的產品銷量與故障有關。

What's great about that statistic is in good times and bad, we will sell those items.

該統計數據的優點在於，無論順境還是逆境，我們都會出售這些物品。

We cannot incent customers to proactively replace those parts.

我們無法激勵客戶主動更換這些部件。

Last year's mild winter we believe contributed to less failures and lower levels of maintenance.

我們認為去年的暖冬有助於減少故障和降低維護水平。

As we begin to experience the effects from a more normalized winter this year, we expect trends to improve.

隨著今年我們開始感受到更加正常化的冬季的影響，我們預計趨勢將會改善。

Again, we are excited about our initiatives around inventory assortment, hub stores, commercial growth, Mexico, ALLDATA, e-commerce, and Brazil.

我們再次對圍繞庫存分類、中心商店、商業增長、墨西哥、ALLDATA、電子商務和巴西的舉措感到興奮。

Our charge remains to optimize our performance regardless of market conditions and continue to ensure we are investing in the key initiatives that will drive our long-term performance.

無論市場狀況如何，我們的責任仍然是優化我們的業績，並繼續確保我們投資於能夠推動我們長期業績的關鍵舉措。

In the end, delivering strong EPS growth and ROIC each and every quarter is how we measure ourselves.

最後，我們衡量自己的標準是每個季度實現強勁的每股收益和投資回報率增長。

Despite this quarter's sales weakness, we are quite pleased with our earnings per share growth and our return on invested capital for Q2.

儘管本季度銷售疲軟，但我們對第二季度的每股收益增長和投資資本回報率感到非常滿意。

Our long-term model is to grow new store square footage at a low single-digit growth rate and we expect to continue growing our commercial business at an accelerated rate.

我們的長期模式是以低個位數增長率增加新店面積，我們預計將繼續加速增長我們的商業業務。

Therefore we look to routinely grow EBIT dollars in the mid single-digit range or better in times of strength.

因此，我們希望息稅前利潤能夠在中等個位數範圍內正常增長，或者在經濟繁榮時期實現更好的增長。

And we leverage our very strong and highly predictable cash flow to repurchase shares, enhancing our earnings per share growth into double digits.

我們利用非常強勁且高度可預測的現金流來回購股票，從而將每股收益增長至兩位數。

This model has been quite successful for an extended period of time.

這種模式在很長一段時間內非常成功。

Finally, I want to again thank our entire organization for their dedication to our customers, fellow AutoZoners, stockholders, and communities.

最後，我想再次感謝我們整個組織對我們的客戶、AutoZoners 同事、股東和社區的奉獻。

Our approach remains consistent.

我們的方法保持一致。

We are focused on succeeding in the third quarter of 2013 and we are excited about the next two quarters' opportunities.

我們致力於在 2013 年第三季度取得成功，並對未來兩個季度的機會感到興奮。

Thank you for your time.

感謝您的時間。

Now we would like to open up the call for questions.

現在我們想開放提問。

(Operator Instructions).

（操作員說明）。

Kate McShane, Citi Research.

凱特·麥克沙恩，花旗研究部。

Thank you, good morning.

謝謝你，早上好。

My question is on the commercial business.

我的問題是關於商業業務的。

I think you had said during the prepared comments that you expect 300 new programs for 2013.

我想您在準備好的評論中曾說過，您預計 2013 年將有 300 個新項目。

Is that correct?

那是對的嗎？

That's correct.

這是正確的。

Okay, which sounds in line with what you did in 2012, so I was just wondering with your investment -- your emphasis on investment in commercial and the hub system and the sales force, why we can't see an acceleration in this program growth this year?

好的，這聽起來與您在 2012 年所做的一致，所以我只是想知道您的投資 - 您對商業和樞紐系統以及銷售隊伍的投資的重視，為什麼我們看不到該計劃增長的加速今年？

Yes, actually it's going to be down this year but that's consistent with our plan.

是的，實際上今年會有所下降，但這符合我們的計劃。

Last year we opened 400 programs.

去年我們開設了 400 個項目。

This year we are saying we're going to open roughly 300 programs.

今年我們計劃開設大約 300 個項目。

We want to make sure that we -- the most important part of opening a commercial program is to make sure that we have the right resources in place and particularly the right people resources.

我們希望確保我們——開設商業項目最重要的部分是確保我們擁有合適的資源，特別是合適的人力資源。

One of the things we learned last year is when we opened 400 programs, it was a strain to make sure that we had the right people in place to start those programs.

去年我們學到的一件事是，當我們開設 400 個項目時，確保我們有合適的人員來啟動這些項目是一項艱鉅的任務。

This year we decided to back off a little bit but opening 300 programs is still a pretty aggressive growth trajectory.

今年我們決定稍微放鬆一下，但開設 300 個項目仍然是一個相當激進的增長軌跡。

We just want to make sure that we do it right.

我們只是想確保我們做得正確。

We are in this for the long term and we think 300 program growth, which is roughly 10%, is pretty aggressive.

我們是從長遠來看，我們認為 300 個項目的增長（大約 10%）是相當激進的。

Okay, can you comment at all on any changes that may be different in the competitive environment in commercial this year versus last year?

好的，您能否評論一下今年商業競爭環境與去年相比可能有所不同的變化？

I don't think that there's any significant competitive changes in the commercial environment.

我認為商業環境沒有發生任何重大的競爭變化。

I think everybody is out there fighting in a pretty tough environment particularly in the Northeast and the Midwest.

我認為每個人都在一個非常艱難的環境中戰鬥，特別是在東北部和中西部。

What we hear from our customers on the commercial side is car counts are down.

我們從商業方面的客戶那裡聽到的是汽車數量下降了。

It's a tough business right now and so everybody is out there and we're out there trying to do our best to make sure we provide them great service.

現在這是一項艱難的業務，所以每個人都在那裡，我們在那裡盡力確保我們為他們提供優質的服務。

Thank you.

謝謝。

Matthew Fassler, Goldman Sachs.

馬修·法斯勒，高盛。

Thanks a lot.

多謝。

Good morning.

早上好。

A couple questions.

有幾個問題。

First of all, obviously lots of other retailers from Walmart to many restaurants and others have discussed tax refunds, but this is not the first time I guess in the history of your business that we've seen tax refunds fluctuate in the environment.

首先，顯然從沃爾瑪到許多餐館和其他許多其他零售商都討論過退稅，但我想這並不是您的業務歷史上第一次看到退稅在環境中波動。

So is there anything that you see about ticket or the kind of transaction that you are witnessing that would suggest to you that beyond the environmental influences that this is actually the culprit for the recent drop off?

那麼，您所看到的關於機票或您正在目睹的交易類型是否有任何信息表明，除了環境影響之外，這實際上是最近下降的罪魁禍首？

First of all, as you know, I've been in this business for 18 years.

首先，如你所知，我從事這個行業已有18年了。

I have never seen this what we experienced in those last two weeks.

我從來沒有見過我們過去兩週所經歷的事情。

Now we have always known that we had this huge ramp typically in the last two weeks of our quarter.

現在我們一直都知道，我們通常在本季度的最後兩週出現如此巨大的增長。

So we have always been frankly pretty darn nervous always saying what happens if that ramp doesn't mature at some point in time.

因此，坦率地說，我們一直非常緊張，總是說如果斜坡在某個時間點不成熟會發生什麼。

Well, guess what?

嗯，你猜怎麼著？

We found out this year and it hurt us.

今年我們發現了這一點，這讓我們很受傷。

Fortunately we had very effectively managed our business before that point in time and we still delivered pretty reasonable results considering the sales environment.

幸運的是，我們在那之前已經非常有效地管理了我們的業務，考慮到銷售環境，我們仍然提供了相當合理的結果。

Yes, in the last two weeks we saw material degradation in the ticket because people are not doing the kinds of jobs that they typically do when they get that flow of money, which is their tax refunds.

是的，在過去的兩周里，我們看到了票證的實質性退化，因為人們沒有做他們在獲得資金流（即退稅）時通常會做的工作。

That's the only reason we have ever been able to point to the reason our sales spiked so much in those last two weeks and I think we found out this year.

這是我們能夠指出過去兩週銷售額大幅增長的唯一原因，我想今年我們已經找到了答案。

Understood, and then a second question, if you look at your commercial sales per store from peak to trough, you've probably seen a bit of a bigger dip in growth rates than you have in DIY and as you think about the maturation of your rollout and you think about the fact that the incremental stores you are opening might be in regions we've already achieved some initial penetration, what's your up-to-date thinking on the whitespace that you have and the ability to continue to comp from commercial, say once the weather normalizes as a factor in your business?

明白了，然後是第二個問題，如果您觀察每家商店的商業銷售額從高峰到低谷的情況，您可能會發現增長率的下降幅度比 DIY 的下降幅度更大，並且當您考慮自己的成熟度時推出後，您會考慮這樣一個事實：您要開設的增量商店可能位於我們已經實現了一些初步滲透的地區，您對現有空白的最新想法是什麼，以及繼續從商業角度進行競爭的能力，比如說天氣恢復正常後會成為您業務的一個因素嗎？

I'd first of all say we opened the most productive programs first, so as we get deeper in the cycle, those programs, they are in the markets that don't have the same kind of potential as the ones we did in the first part.

我首先要說的是，我們首先啟動了最富有成效的項目，因此，隨著我們在周期中深入，這些項目所在的市場與我們在第一個項目中所做的項目不具有相同的潛力部分。

Now, we still think they have great potential and we still have 2.5% market share, so we think that whitespace is amazing as we look out.

現在，我們仍然認為它們具有巨大的潛力，並且我們仍然擁有 2.5% 的市場份額，因此我們認為，當我們觀察時，空白是驚人的。

Look, our performance in commercial has been disappointing.

瞧，我們的廣告表現令人失望。

We have gone from growing 20% to growing roughly 9% this quarter; 10% when you adjust for those days.

本季度我們的增長率從 20% 上升到大約 9%；當你調整那些日子時，10%。

But what we have seen is we are continuing to grow pretty significant market share in commercial.

但我們看到的是，我們在商業領域的市場份額正在繼續增長。

We think we have a long-term plan to grow it, and we think we are going to be able to do just fine.

我們認為我們有一個發展它的長期計劃，並且我們認為我們能夠做得很好。

Just lastly and to clean up, you obviously have the regional differences.

最後要澄清的是，顯然存在地區差異。

If you could just update us if you look at cold-weather markets versus the rest of the country, whether their commercial DIY relationship is different in those two groups of markets?

如果您能向我們介紹一下寒冷天氣市場與全國其他地區的最新情況，這兩組市場的商業 DIY 關係是否有所不同？

It is not different.

這並沒有什麼不同。

The numbers are different because as you highlighted, the growth trajectory of commercial has been different, but directionally the trends are very, very similar.

這些數字不同，因為正如您所強調的，商業的增長軌跡不同，但方向上的趨勢非常非常相似。

Got it, thank you so much.

明白了，非常感謝。

Dan Wewer, Raymond James.

丹·韋爾，雷蒙德·詹姆斯。

Bill, you note that your productivity per program is 40%, 50% lower than some of your competitors, but there's not any inherent reason for it to run at that big of a discount.

Bill，您注意到您每個程序的生產率比某些競爭對手低 40%、50%，但沒有任何內在原因使其以如此大的折扣運行。

When we talk with some of the technicians and ask them why do you choose AutoZone and why do you choose some of your competitors, the one pushback that we hear on AutoZone is the quality of the parts that are available and delivery times.

當我們與一些技術人員交談並詢問他們為什麼選擇 AutoZone 以及為什麼選擇一些競爭對手時，我們在 AutoZone 上聽到的一個阻力是可用零件的質量和交貨時間。

Certainly AutoZone has not made the same investment in distribution that some of your competitors have with the exception of the hub stores.

當然，除了中心商店外，AutoZone 並沒有像您的一些競爭對手那樣在分銷方面進行同樣的投資。

So when you think about closing that productivity gap, is it going to require a significant capital investment on the part of AutoZone?

那麼，當您考慮縮小生產力差距時，AutoZone 是否需要大量資本投資？

At this point in time, we think our strategy is fantastic.

此時此刻，我們認為我們的策略非常棒。

The biggest thing that we're working on is the continued evolution of these hub stores.

我們正在做的最重要的事情是這些中心商店的持續發展。

Yes, in-local market availability is critical to our success frankly in commercial and retail.

是的，坦率地說，當地市場的可用性對於我們在商業和零售領域的成功至關重要。

And so what we're trying to do is leverage our hub stores so that we can have the best in-local market availability in the industry.

因此，我們正在努力做的是利用我們的中心商店，以便我們能夠擁有業內最好的本地市場供應。

And we think when we do that, we will be fine.

我們認為，當我們這樣做時，我們就會沒事的。

Okay, just as a follow-up question to your comments about the weakness in brakes and rotors and the other three cold-weather markets is consistent with your competitors.

好的，正如您對製動器和轉子以及其他三個寒冷天氣市場的弱點的評論的後續問題與您的競爭對手一致。

But can you draw a link between what happened with warmer weather last February and March to why brake replacement rates would be dropping so quickly in that region of the country?

但是，您能否將去年二月和三月氣候變暖的情況與該國該地區的製動器更換率下降如此之快的原因聯繫起來？

After all, the changes in gasoline prices are about the same in the north as they are in your Sunbelt markets, miles driven is not significantly different in the North than it is in the Sun Belt markets.

畢竟，北方地區的汽油價格變化與陽光地帶市場的汽油價格變化大致相同，北方地區的行駛里程與陽光地帶市場的行駛里程沒有顯著差異。

You would think that the failure rate or the replacement needs for brakes would be almost identical.

您可能會認為故障率或製動器的更換需求幾乎相同。

Intuitively I would've thought that as well, Dan, and I had never seen this kind of an issue in the past but as we've gotten out and talked to our AutoZoners who are talking to their customers and talk particularly to our commercial shops, what we're hearing is the road conditions had a big part of it last year.

憑直覺，我也會認為，丹和我過去從未見過這種問題，但當我們出去與我們的 AutoZoners 交談時，他們正在與他們的客戶交談，特別是與我們的商業商店交談，我們聽到的是去年道路狀況佔了很大一部分。

The lack of salt and brine and the things that they do to deal with high levels of snow put less wear and tear on those brake components, so fewer holes and potholes in the road put less wear and tear on chassis components and the like.

缺乏鹽和鹽水以及它們應對高雪量所做的事情減少了製動部件的磨損，因此道路上的孔洞和坑洼減少了底盤部件等的磨損和撕裂。

And it's been remarkable how significant those -- how significantly poorer those categories have performed just in the Midwest and the Northeast and so at this point in time that's our best thinking.

值得注意的是，這些類別在中西部和東北部的表現多麼顯著差，所以在這個時候這是我們最好的想法。

And as we have said before, we are going to know in April.

正如我們之前所說，我們將在四月份知道。

Frankly if we get to April and they are not improving, we were wrong and we've got to figure out what it is going to take to grow in the future.

坦率地說，如果到了四月份，他們還沒有改善，我們就錯了，我們必須弄清楚未來需要什麼才能增長。

Are you working on a contingency plan now if sales doesn't come back in April?

如果四月份銷量沒有回升，您現在是否正在製定應急計劃？

No, as you talked about, everybody is saying the same thing, so I don't think we are standing on this island by ourselves.

不，正如你所說，每個人都在說同樣的事情，所以我不認為我們獨自站在這個島上。

Okay, great.

好的，太好了。

Thanks.

謝謝。

Alan Rifkin, Barclays.

艾倫·里夫金，巴克萊銀行。

We will move onto the next question.

我們將繼續討論下一個問題。

Gary Balter, Credit Suisse.

加里·巴爾特，瑞士信貸。

Good morning.

早上好。

It's Simeon for Gary.

這是加里的西蒙。

You mentioned inflation in the prepared remarks.

您在準備好的發言中提到了通貨膨脹。

I think you said some cost increases for next year at a slower rate.

我想你說過明年的成本增加速度會較慢。

In the past we've also talked about innovation driving the ticket and granted the recent trends are obscured by weather.

過去我們也討論過創新驅動門票，並承認最近的趨勢因天氣而變得模糊。

But can you talk about where we are in that cycle?

但你能談談我們在這個週期中的位置嗎？

Is there more innovation coming from product so that when we see the maintenance and repair or some of the deferred maintenance pick back up you could get a bigger inflation or innovation lift?

產品是否有更多的創新，以便當我們看到維護和維修或一些推遲的維護恢復時，您可以獲得更大的通貨膨脹或創新提升？

Yes, and I think that's a good way to think about it, Simeon.

是的，我認為這是一個很好的思考方式，西蒙。

We've not seen a lot of inflation and our expectation is that we will not see inflation certainly from a commodity-based product standpoint.

我們還沒有看到嚴重的通貨膨脹，我們的預期是，從基於大宗商品的產品的角度來看，我們肯定不會看到通貨膨脹。

But from an innovation standpoint, we continue to see that as the newer cars continue to work their way through from an aging perspective.

但從創新的角度來看，我們繼續看到，隨著新款汽車繼續從老化的角度發展。

We continue to see some -- I hate to call it inflation -- but inflation in the pricing from an innovation standpoint.

我們繼續看到一些——我討厭稱之為通貨膨脹——但從創新的角度來看定價的通貨膨脹。

So our expectation is that -- and it's very consistent with our model over time -- is that traffic has been down consistently over time in this industry for a very long period of time and we continue to see either commodity price inflation, which we're not seeing a lot of now, or product innovation inflation, which we continue to see.

因此，我們的預期是，隨著時間的推移，這與我們的模型非常一致，即該行業的流量在很長一段時間內持續下降，並且我們繼續看到大宗商品價格通脹，即我們的預期。現在我們並沒有看到太多的產品創新膨脹，我們仍然會看到這種情況。

Our expectation is that will continue in the future.

我們的期望是這種情況將在未來繼續下去。

Okay, then following onto the question that was asked about infrastructure, I think Bill Rhodes mentioned that the speed to market and the end market availability is important and I think the speed to market that AutoZone delivers is pretty good.

好的，接下來是關於基礎設施的問題，我認為 Bill Rhodes 提到了上市速度和終端市場可用性很重要，我認為 AutoZone 提供的上市速度相當不錯。

But what about the selection?

但選擇又如何呢？

Does the hub model give you the ability to go as deep as you want or as you can in terms of product selection?

中心模型是否讓您能夠在產品選擇方面盡可能深入或盡可能深入？

Yes, Simeon, we spend a lot of time looking at that and if you look at the sales trends of the SKUs that the percentage of sales that we get in the high velocity SKUs versus the tail SKUs, it's remarkable how quickly that tail goes down, how slow the slower moving products turn.

是的，Simeon，我們花了很多時間研究這個問題，如果你看看 SKU 的銷售趨勢，即我們在高速 SKU 與尾部 SKU 中獲得的銷售百分比，就會發現尾部下降的速度有多快，移動速度較慢的產品轉動的速度有多慢。

But we have to have those slow-moving products because we need them to be able to build the relationship with our customers.

但我們必須擁有那些滯銷產品，因為我們需要它們能夠與客戶建立關係。

So we believe the thing that we need to do is continue to build out our hub stores as I said in our prepared remarks, we now have 77 hub stores that we've expanded the size of so we can significantly increase the assortment and as we continue to build those larger expansions, we go deeper and deeper so that we can find where that sweet spot is.

因此，我們認為，我們需要做的就是繼續建設我們的中心商店，正如我在準備好的發言中所說，我們現在有 77 家中心商店，我們已經擴大了規模，這樣我們就可以顯著增加品種，隨著我們繼續構建那些更大的擴展，我們會越來越深入，以便找到最佳點。

And are you able to track if you don't have a product because it's either not carried, is that a number that you track and is that number a small number trending down?

如果您沒有產品，因為它沒有被攜帶，您是否能夠跟踪，這是您跟踪的數字，並且該數字是一個呈下降趨勢的小數字嗎？

Absolutely we can track it and as we continue to improve these hub stores, yes, it goes down in those hub stores.

我們絕對可以跟踪它，並且隨著我們繼續改進這些中心商店，是的，它在這些中心商店中下降了。

Our hub penetration continues to grow and frankly exceed our expectations.

我們的樞紐滲透率持續增長，坦率地說超出了我們的預期。

Okay, thanks.

好的謝謝。

Greg Melich, ISI Group.

格雷格·梅利奇，ISI 集團。

Thanks, I have a housekeeping question, then a bigger picture follow-up.

謝謝，我有一個內務問題，然後是一個更大的後續問題。

The AutoAnything acquisition, how much did that add in terms of sales in the quarter?

AutoAnything 收購為本季度的銷售額增加了多少？

Care to help us back out how much that ALLDATA and e-commerce line was excluding acquisition?

願意幫助我們了解 ALLDATA 和電子商務產品線不包括收購的金額有多少嗎？

Yes, I think AutoAnything was probably sub $20 million for the quarter overall in sales and from an earnings perspective, it was negligible in fact overall.

是的，我認為 AutoAnything 本季度的總體銷售額可能低於 2000 萬美元，從收益的角度來看，實際上總體上可以忽略不計。

Okay, so if I just -- back of the envelope if I put in $15 million that ALLDATA and e-commerce line, back that out -- maybe 5% or 10% growth, is that about right?

好吧，如果我只是——如果我在 ALLDATA 和電子商務系列上投入 1500 萬美元，然後把它拿出來——也許增長 5% 或 10%，是這樣嗎？

Probably in the neighborhood.

大概就在附近。

Okay and then second maybe a little bigger picture is taking the release and, Bill, in your prepared comments you talked about getting back to a more normalized volume.

好吧，其次，也許有一個更大的願景正在發布，比爾，在您準備好的評論中，您談到了恢復到更正常化的數量。

What would you consider normalized volume?

您認為標準化音量是多少？

That's a great question, Greg.

這是一個很好的問題，格雷格。

Obviously over the last four years our industry has seen significant strength and you've certainly seen it in our same store sales performance over the last three years before the last 12 months.

顯然，在過去四年中，我們的行業已經展現了巨大的實力，您肯定可以從過去 12 個月之前的過去三年的同店銷售業績中看到這一點。

I think there were clear industry tailwinds during that period of time that benefited all of us.

我認為在那段時期出現了明顯的行業順風，使我們所有人受益。

I think right now we got some pretty significant industry headwinds.

我認為現在我們遇到了一些相當重大的行業阻力。

So my personal point of view is it's probably somewhere in between.

所以我個人的觀點是它可能介於兩者之間。

So if we were to say normalized volume was slightly positive still 1% or 2%, would you see on top of that some normal inflation?

因此，如果我們說正常化交易量仍略為正值 1% 或 2%，那麼除此之外您還會看到一些正常的通脹嗎？

Yes, I think the normalized volume is definitely positive and I think on the DIY business, the components of that may be that customer count continues to be pressured but is offset by the structural increases in average ticket due to the technological advancements in parts and the innovation that Bill Giles was talking about a few minutes ago.

是的，我認為正常化的銷量絕對是積極的，我認為在 DIY 業務中，其組成部分可能是客戶數量繼續受到壓力，但由於零件和技術的進步而被平均門票的結構性增長所抵消。比爾賈爾斯幾分鐘前談到的創新。

Great, and Bill, maybe on the inflation call --

太好了，比爾，也許是關於通貨膨脹的電話——

Greg, I can't hardly hear you.

格雷格，我幾乎聽不見你說話。

Maybe you can speak up?

也許你可以說出來？

I'm sorry, to follow up on Simeon's question on inflation just as a reminder what was it a year ago?

抱歉，我想跟進西蒙關於通貨膨脹的問題，只是為了提醒一下一年前的情況是什麼？

Right now it's basically flattish.

現在基本上是平的。

Was it a couple percent a year ago?

一年前是幾個百分點嗎？

I'd say it was probably just a couple percent a year ago, maybe a little bit less than that.

我想說，一年前這個數字可能只有幾個百分點，也許比這個數字還要少一點。

I think the year before that it was much higher.

我認為前一年這個數字要高得多。

Got it.

知道了。

Thanks a lot.

多謝。

Aram Rubinson, Nomura.

阿拉姆·魯賓森，野村證券。

Thanks, a question just around the types of vehicles that you are seeing.

謝謝，關於您所看到的車輛類型的問題。

Is there a way to look at the business by class of vehicle whether it is SUVs versus sedans or age of vehicle?

有沒有辦法按車輛類別（無論是 SUV 與轎車還是車齡）來審視業務？

Just trying to get a sense on the shifting vehicle population's effect on the business.

只是想了解車輛數量的變化對業務的影響。

And then I had a follow-up.

然後我進行了跟進。

Yes, we don't look at it that specifically on those things.

是的，我們不會專門關注這些事情。

The thing we do look at the most is the age of the vehicles and we don't see any material shift as you've seen from AAI's numbers that the average age of vehicles continues to eke up a little bit.

我們最關注的是車輛的車齡，我們沒有看到任何重大變化，正如您從 AAI 的數據中看到的那樣，車輛的平均車齡繼續略有上升。

I think it went from 10.6 to 10.8.

我認為它從 10.6 變成了 10.8。

So I don't think there's any material changes in the mix of products we are selling.

因此，我認為我們銷售的產品組合沒有任何重大變化。

Okay, then as a follow-up I had once thought that ALLDATA could be kind of a useful tool in getting into the commercial business since you've kind of got your network kind of installed in the garages already.

好的，那麼作為後續行動，我曾經認為 ALLDATA 可能是進入商業業務的一種有用工具，因為您已經在車庫中安裝了網絡。

Can you talk about how you have either decided to use that or not use that and whether or not it has been effective or maybe it wasn't quite as (inaudible) laid out?

您能否談談您是如何決定使用或不使用它的，以及它是否有效，或者可能不完全像（聽不清）所闡述的那樣？

That's a good question.

這是個好問題。

We think that ALLDATA as a stand-alone business is very effective for us.

我們認為 ALLDATA 作為一項獨立業務對我們來說非常有效。

They've got a very high market share from a repair diagnostic standpoint and they continue to add additional products whether they be shop management or market etc., so they've done a great job of continuing to penetrate it.

從維修診斷的角度來看，他們擁有非常高的市場份額，並且他們不斷添加額外的產品，無論是商店管理還是市場等，因此他們在繼續滲透方面做得很好。

We continue to seek opportunities to be able to bridge some of the synergies that exist between ALLDATA and our overall commercial business.

我們將繼續尋求機會，以彌合 ALLDATA 與我們整體商業業務之間存在的一些協同效應。

They are not probably as prevalent as you would think intuitively because they're very different businesses and providing different things to the shops and very different salesforce and a very different skill set from the salesforce perspective.

它們可能不像您直觀想像的那麼普遍，因為它們是非常不同的業務，為商店提供不同的東西，並且從銷售人員的角度來看，它們的銷售人員和技能也非常不同。

So I would say that there are some synergies, probably not as high as you are thinking.

所以我想說，存在一些協同效應，但可能沒有你想像的那麼高。

Thanks, guys.

多謝你們。

Chris Horvers, JPMC.

克里斯·霍弗斯，JPMC。

Thanks, good morning.

謝謝，早上好。

I did want to just follow up a bit on the past 2 1/2 weeks, the commentary that you said, Bill.

我確實想對過去 2 1/2 週的情況進行一些跟進，即你所說的評論，比爾。

It looks like tax refunds have flattened out here in the past couple of weeks, so should we interpret that these weeks look a lot more like the first 10 weeks of the quarter you just reported or how should we think about that?

過去幾週，退稅似乎已經趨於平緩，那麼我們是否應該將這幾週解讀為更像您剛剛報告的季度的前 10 週，或者我們應該如何看待這一點？

I am going to go back to what I said in the prepared remarks.

我要回到我在準備好的發言中所說的話。

I don't want to -- we called out those specific two weeks because they were in the quarter and they were vastly different than our other experience and we felt like we had a good handle on what drove it.

我不想——我們把這兩周稱為具體的兩週，因為它們是在本季度的，它們與我們的其他經歷有很大不同，我們覺得我們很好地掌握了推動它的因素。

But this time of year there is such volatility in our business because the weather patterns change day-to-day and week-to-week.

但每年的這個時候，我們的業務都會出現很大的波動，因為天氣模式每天、每週都在變化。

What we see is that the overall tax refunds are still substantially behind last year and we don't necessarily know what the trajectory of how people are going to spend those tax refunds are.

我們看到的是，總體退稅仍大大落後於去年，我們不一定知道人們將如何使用這些退稅的軌跡。

I don't want to get in any further into that 2 1/2 week period of time except to say clearly we are not running the negative 8 that we called out before but there's still a lot of variability in our sales at this point.

我不想進一步討論這 2 1/2 週的時間，只是要明確地說，我們沒有運行我們之前呼籲的負 8，但此時我們的銷售額仍然存在很大的變化。

Fair enough, so is there a way to say -- how are you thinking about what you get back from these deferred refunds?

公平地說，有沒有辦法說——您如何看待從這些延期退款中獲得的回報？

So is there a way to say, is it simple enough to say hey, discretionary is X percentage of sales this time of year and that's what we could potentially forego or how do you think about it?

那麼有沒有一種方法可以說，是否足夠簡單地說，嘿，每年這個時候可自由支配的銷售額佔 X 百分比，而這就是我們可能會放棄的，或者您對此有何看法？

I think that we don't have a good way to think about it because we haven't experienced it before.

我認為我們沒有一個好的方法來思考這個問題，因為我們以前沒有經歷過。

We believe when market close -- when money closed in the economy, particularly to our kind of customers, that they get caught up on a lot of their maintenance and repair work.

我們相信，當市場關閉時——當經濟中資金關閉時，特別是對我們這類客戶來說，他們會陷入大量的維護和修理工作。

And I see no reason that that won't happen again this year but then you do worry about the timing changes.

我認為今年沒有理由不會再次發生這種情況，但你確實擔心時間的變化。

Hopefully that will benefit us even more if we can get some nice breaks in the weather and people want to get out and work on their car, it might be to our benefit.

希望如果我們能在天氣好的時候休息一下，並且人們想要出去修理他們的汽車，這將使我們受益更多，這可能對我們有利。

We just don't know at this point.

我們現在還不知道。

That's a good segue.

這是一個很好的延續。

On the warm weather side, do you think that sequential increase into weeks 11 and 12 last year and likely February and March, is there -- have you done the analysis to say how much of that was just warm weather pull forward out of that April-May timeframe?

在溫暖的天氣方面，您認為去年第 11 周和第 12 週以及可能的 2 月和 3 月的連續增長是否存在——您是否進行了分析，說明其中有多少只是從 4 月開始的溫暖天氣造成的-五月的時間表？

Clearly the mix of business that we did last year in those weeks was very different.

顯然，我們去年那幾週所做的業務組合非常不同。

We were experiencing a lot of -- we talked last year about the fact a lot of the spring categories got pulled forward into that period of time but the overall trajectory of the business in weeks 11 and 12 is very consistent with the last five or six years that we had.

我們經歷了很多——去年我們談到了這樣一個事實：很多春季品類都被提前到了那段時間，但第 11 周和第 12 週的整體業務軌跡與過去五六周非常一致我們擁有的歲月。

Now the mix, we might have been selling batteries where this last year we were selling brake pads but overall, we have always seen that significant ramp and it didn't happen this year.

現在混合起來，我們可能一直在銷售電池，而去年我們銷售的是剎車片，但總的來說，我們一直看到顯著的增長，但今年並沒有發生。

Then finally, Bill Giles, maybe could you talk about how the long-term EPS double-digit outgrowth algorithm, I guess how long would you have to stay flat or negative for that algorithm not to hold true?

最後，比爾·吉爾斯（Bill Giles），也許你能談談長期每股收益兩位數的增長算法是如何實現的，我猜你需要保持持平或負值多久才能使該算法不成立？

I think if you look back historically, the organization has done a very good job of managing our expense structure in line with our environment that we are performing in.

我認為，如果你回顧歷史，該組織在根據我們所處的環境來管理我們的費用結構方面做得非常好。

And so this is a good example of our Company and virtually every facet of the organization doing a really good job assessing their expense structure needs and cutting where they need to.

因此，這是我們公司和組織的幾乎每個方面都做得很好的一個很好的例子，評估了他們的費用結構需求並在需要的地方進行了削減。

And so if you looked back even before our business took off in 2009, we were successful in growing our EPS growth at a double-digit rate and a flat comp and so obviously we don't believe that a flat comp is in our future.

因此，如果你回顧一下我們的業務在 2009 年騰飛之前，我們就成功地以兩位數的速度實現了每股收益的增長，並且實現了持平的競爭，因此顯然我們不相信我們的未來會出現持平的競爭。

We believe the industry will remain healthy and it will continue to gain market share.

我們相信該行業將保持健康，並將繼續獲得市場份額。

But we certainly believe that we can -- the model that Bill articulated in his compared remarks is the model that we can operate into the future and certainly at a slightly positive comp we can perform very long.

但我們當然相信我們可以——比爾在他的比較評論中闡述的模型是我們可以在未來運作的模型，當然，在稍微積極的補償下，我們可以執行很長時間。

Perfect, thanks.

很好，謝謝。

Michael Lasser, UBS.

邁克爾·拉瑟，瑞銀集團。

Good morning.

早上好。

Thanks a lot for taking my question.

非常感謝您提出我的問題。

Can you provide us with the mix of business between maintenance, failure, discretionary for the commercial side versus I think you've provided the overall?

您能否向我們提供維護、故障、商業方面的自由裁量權之間的業務組合，以及我認為您已經提供的整體情況？

Yes, we typically stick with the overall.

是的，我們通常會堅持整體。

In fact I don't even have the commercial numbers in front of me to give you a view of fact, although that's going to be probably a little bit more weighted towards failure than on the DIY side.

事實上，我什至沒有擺在我面前的商業數據來讓你了解事實，儘管這可能比 DIY 方面更容易失敗。

I don't have -- we don't disclose those numbers exactly.

我沒有——我們沒有確切地披露這些數字。

Clearly the discretionary side would be way down, so that wouldn't change.

顯然，自由裁量權將會大幅下降，因此這一點不會改變。

When you look at the performance of sales to existing commercial customers, how did that compare -- how is that compared over time?

當您查看對現有商業客戶的銷售業績時，比較情況如何——隨著時間的推移如何比較？

Does that basically track the overall performance of commercial or is that -- has that been higher or lower?

這是否基本上跟踪了商業廣告的整體表現，或者是更高還是更低？

I would say it has basically tracked the overall performance in commercial.

我想說它基本上跟踪了商業廣告的整體表現。

I think that what we are seeing is that we are still gaining good traction out of our existing customers and more importantly our older programs continue to perform well.

我認為我們所看到的是，我們仍然從現有客戶那裡獲得了良好的吸引力，更重要的是，我們的舊計劃繼續表現良好。

Obviously we clearly have opportunities based on this quarter's performance to improve our overall performance but existing customers continue to do well.

顯然，根據本季度的業績，我們顯然有機會提高整體業績，但現有客戶繼續表現良好。

And then a last question on that, are you also seeing -- because you indicated that some of the newer programs haven't been as productive, are you seeing any increases in cannibalization rates as a result?

然後關於這個問題的最後一個問題，你是否也看到 - 因為你指出一些較新的計劃並沒有那麼富有成效，你是否看到因此而導致蠶食率增加？

I think over time we will see some impact of cannibalization.

我認為隨著時間的推移，我們將會看到蠶食化的一些影響。

That will probably affect the overall numbers but the reality of it is that as Bill said before, we've got a very small market share and we've got a lot of work to do in order to capture more and more market share.

這可能會影響總體數字，但現實是，正如比爾之前所說，我們的市場份額非常小，為了獲得越來越多的市場份額，我們還有很多工作要做。

One thing I would mention on the newer programs, I wouldn't so much say that the newer programs are less productive.

關於新程序，我要提到的一件事是，我不會說新程序的生產力較低。

It is that we have a higher percentage of newer programs in the mix and as a result of that from a math perspective, it winds up taking down your average weekly sales for the total 3000 programs.

問題在於，我們的組合中新程序的比例較高，因此從數學角度來看，這最終會降低 3000 個程序的平均每週銷售額。

Okay, that's very helpful.

好的，這非常有幫助。

Thank you very much.

非常感謝。

Thank you.

謝謝。

I would now like to turn the call over to Mr. Bill Rhodes for any closing comments.

我現在想將電話轉給比爾·羅茲先生徵求結束意見。

Great.

偉大的。

Before we conclude the call, I would like to take a moment to reiterate that our business model continues to be solid.

在結束電話會議之前，我想花點時間重申我們的業務模式仍然穩固。

We are excited about our growth prospects for the year.

我們對今年的增長前景感到興奮。

We will not take anything for granted as we understand our customers have alternatives.

我們不會認為任何事情都是理所當然的，因為我們了解客戶有其他選擇。

Our culture remains our key point of differentiation from our competition and we must not lose sight of the importance of basic store execution in order to remain very successful.

我們的文化仍然是我們區別於競爭對手的關鍵點，為了保持成功，我們決不能忽視基本商店執行的重要性。

We have a solid plan to succeed for the remainder of 2013 but I want to stress that this is a marathon and not a sprint.

我們有一個堅實的計劃，要在 2013 年剩下的時間裡取得成功，但我想強調，這是一場馬拉松，而不是短跑。

As we continue to focus on the basics and focus on optimizing long-term shareholder value, we are confident AutoZone will continue to be very successful.

隨著我們繼續專注於基礎知識並專注於優化長期股東價值，我們相信 AutoZone 將繼續取得巨大成功。

We thank you for participating in today's call.

我們感謝您參加今天的電話會議。

Thank you.

謝謝。

This does conclude today's conference.

今天的會議到此結束。

Thank you very much for joining.

非常感謝您的加入。

You may disconnect at this time.

此時您可以斷開連接。