純正零件 (GPC) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen. Welcome to the Genuine Parts Company Second Quarter 2023 Earnings Conference Call.

美好的一天，女士們先生們。歡迎參加原廠配件公司 2023 年第二季度收益電話會議。

Today's call is being recorded. (Operator Instructions) At this time, I would like to turn the conference over to Sid Jones, Senior Vice President of Investor Relations. Please go ahead, sir.

今天的通話正在錄音。 （操作員指示） 現在，我想將會議交給投資者關係高級副總裁 Sid Jones。請繼續，先生。

Good morning, and thank you for joining us today for the Genuine Parts Company Second Quarter 2023 Earnings Conference Call.

早上好，感謝您今天參加我們的正品配件公司 2023 年第二季度收益電話會議。

With me today to share their remarks are Paul Donahue, our Chairman and Chief Executive Officer; Will Stengel, our President and Chief Operating Officer; and Bert Nappier, Executive Vice President and Chief Financial Officer; Tim Walsh, our Senior Director, Investor Relations, has also joined us.

今天與我一起分享他們講話的是我們的董事長兼首席執行官 Paul Donahue；我們的總裁兼首席運營官威爾·斯坦格爾（Will Stengel）；執行副總裁兼首席財務官 Bert Nappier；我們的投資者關係高級總監蒂姆·沃爾什 (Tim Walsh) 也加入了我們。

In addition to this morning's press release, a supplemental slide presentation can be found on the Investors page of the Genuine Parts Company website. Please be advised this call may include certain non-GAAP financial measures, which may be referred to during today's discussion of our results as reported under generally accepted accounting principles. A reconciliation of these measures is provided in the earnings press release.

除了今天早上的新聞稿外，還可以在原廠配件公司網站的投資者頁面上找到補充幻燈片演示。請注意，本次電話會議可能包括某些非公認會計原則財務指標，在今天討論我們根據公認會計原則報告的結果時可能會提到這些指標。收益新聞稿中提供了這些措施的協調表。

Today's call may also involve forward-looking statements regarding the company and its businesses. The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest SEC filings, including this morning's press release. The company assumes no obligation to update any forward-looking statements made during this call.

今天的電話會議還可能涉及有關公司及其業務的前瞻性陳述。由於該公司最新的美國證券交易委員會文件（包括今天上午的新聞稿）中描述的幾個重要因素，該公司的實際結果可能與任何前瞻性陳述存在重大差異。該公司不承擔更新本次電話會議期間所做的任何前瞻性陳述的義務。

Now I'll turn the call over to Paul for his remarks.

現在我將把電話轉給保羅，請他發表講話。

Thank you, Sid, and good morning. Welcome to our second quarter 2023 earnings conference call. We are pleased to report another solid quarter with record sales and double-digit adjusted earnings growth. Our second quarter once again highlights the value and benefit of our global automotive and industrial businesses and the mix and geographic diversity of our company which we believe are competitive advantages that differentiate GPC in the marketplace.

謝謝你，席德，早上好。歡迎參加我們的 2023 年第二季度收益電話會議。我們很高興地報告又一個強勁的季度，銷售額創歷史新高，調整後的盈利增長達到兩位數。第二季度再次凸顯了我們全球汽車和工業業務的價值和效益，以及我們公司的組合和地理多樣性，我們認為這是使 GPC 在市場上脫穎而出的競爭優勢。

A few highlights from our second quarter results include: Total sales of $5.9 billion, an increase of 5.6% from the prior year. Total company segment margin of 10.4% and an increase of 60 basis points from the same quarter last year. Earnings per share of $2.44, an increase of 10.9% from adjusted earnings per share last year, and our 12th consecutive quarter of double-digit adjusted earnings growth. And finally, we continue to maintain a strong balance sheet while generating solid cash flow to support our growth initiatives and capital allocation priorities.

我們第二季度業績的一些亮點包括： 總銷售額 59 億美元，比上年增長 5.6%。公司分部總利潤率為 10.4%，較去年同期增長 60 個基點。每股收益為 2.44 美元，較去年調整後每股收益增長 10.9%，連續 12 個季度實現兩位數調整後收益增長。最後，我們繼續保持強勁的資產負債表，同時產生穩定的現金流，以支持我們的增長計劃和資本配置優先事項。

Our global team remains focused on the strategic initiatives we highlighted at our Investor Day in March. And we believe our One GPC approach is contributing to our strong financial performance. We compete in 2 very large and fragmented markets and see significant opportunities to grow our business, expand our margin profile and generate strong cash flow to support our strategic investments while delivering returns to our shareholders. As we continue to navigate a dynamic macro environment, we believe our focused execution, investments in our business and strong industry fundamentals, position GPC for long-term success.

我們的全球團隊仍然專注於我們在三月份投資者日強調的戰略舉措。我們相信，我們的 One GPC 方法正在為我們強勁的財務業績做出貢獻。我們在兩個非常大且分散的市場中競爭，並看到了發展業務、擴大利潤狀況並產生強勁現金流以支持我們的戰略投資的重大機會，同時為股東帶來回報。隨著我們繼續應對動態的宏觀環境，我們相信我們專注的執行力、對業務的投資以及強大的行業基礎將為 GPC 取得長期成功奠定基礎。

Looking at our Industrial segment, demand trends held solid through the second quarter, even as the rate of sales growth tempered a bit relative to the first quarter as we expected. Motion's growth rate on a 2-year basis continues to be exceptional. And while certain economic indicators have slowed, we believe our strong market share position, along with the diversity of our products, services and end markets bode well for our continued growth prospects.

看看我們的工業部門，儘管銷售增長率如我們預期的那樣相對於第一季度略有放緩，但整個第二季度的需求趨勢保持穩定。 Motion 的兩年增長率仍然非常出色。儘管某些經濟指標有所放緩，但我們相信，我們強大的市場份額地位，以及我們產品、服務和終端市場的多樣性，預示著我們持續增長的前景。

In addition, future reshoring opportunities and the growth of domestic manufacturing industries provide significant opportunity for Motion. And as you will hear from Will, our team's focus on productivity and efficiency is driving significant margin expansion in the Industrial segment.

此外，未來的回流機會和國內製造業的增長也為Motion提供了重要的機遇。正如您將從威爾那裡聽到的那樣，我們團隊對生產力和效率的關注正在推動工業領域利潤率的大幅增長。

Our global automotive business continues to benefit from the broad geographic diversity of our markets. In addition, we believe our long history of supporting the DIFM customer segment which is 80% of our global automotive sales, positions us well as sales growth to DIFM customers continues to outpace DIY sales growth.

我們的全球汽車業務繼續受益於我們市場廣泛的地理多樣性。此外，我們相信，我們支持 DIFM 客戶群的悠久歷史，占我們全球汽車銷量的 80%，使我們對 DIFM 客戶的銷售增長繼續超過 DIY 銷售增長。

During the second quarter, our international Automotive businesses delivered strong mid-single to double-digit growth, while our U.S. automotive business experienced low single-digit growth.

第二季度，我們的國際汽車業務實現了強勁的中個位數至兩位數增長，而我們的美國汽車業務則實現了較低的個位數增長。

The fundamentals of the automotive aftermarket remain favorable with trends such as increasing miles driven and aging and complex vehicle fleet, rising interest rates, and continued high prices for vehicles, all contributing to underlying demand.

汽車售後市場的基本面依然有利，行駛里程不斷增加、車輛老化和復雜、利率上升以及車輛價格持續走高等趨勢，所有這些都促進了潛在需求。

While the near-term environment remains dynamic, we are very pleased with our year-to-date performance. And with the strong earnings growth in the second quarter, we are once again raising our outlook for 2023 earnings per share, which Bert will discuss further.

儘管近期環境仍然充滿活力，但我們對今年迄今的表現感到非常滿意。隨著第二季度盈利的強勁增長，我們再次上調了對 2023 年每股收益的預期，伯特將進一步討論這一點。

As we look forward, we remain confident in our strategic plans, and we'll continue to invest to strengthen our business and achieve both our near- and long-term financial targets while returning capital to shareholders through the dividend and share repurchases.

展望未來，我們對我們的戰略計劃仍然充滿信心，我們將繼續投資以加強我們的業務，實現我們的近期和長期財務目標，同時通過股息和股票回購向股東返還資本。

So in closing, I'd be remiss if I didn't highlight the outstanding work of our HR and IT teams in Q2 around our implementation of Workday. In early July, we completed the first phase of our implementation of the Workday HR platform in North America. Continuing to demonstrate the modernization of our system platforms and supporting our teams with the right tools and the right technology. Our HR and IT teams delivered an exceptional outcome, well ahead of schedule, showcasing the benefits of our One GPC talent and technology initiatives. So before I turn it over to Will, we want to thank each of our 58,000 GPC teammates for their hard work and continued dedication to serving our customers around the world.

因此，最後，如果我沒有強調我們的人力資源和 IT 團隊在第二季度圍繞 Workday 實施所做的出色工作，那就是我的失職。 7月初，我們完成了Workday HR平台在北美實施的第一階段。繼續展示我們系統平台的現代化，並用正確的工具和技術支持我們的團隊。我們的人力資源和 IT 團隊提前交付了出色的成果，展示了我們 One GPC 人才和技術計劃的優勢。因此，在我將其交給 Will 之前，我們要感謝我們 58,000 名 GPC 團隊的每一位成員的辛勤工作以及為服務全球客戶而持續奉獻的精神。

So with that, I'll turn the call over to Will.

這樣，我就把電話轉給威爾。

Thank you, Paul. Good morning, everyone. I'd also like to thank the global GPC team as well as our supplier partners for their ongoing commitment to serving our customers. We appreciate all the hard work to take care of our customers every day with solutions that help keep the world moving. We do this with focus on our foundational priorities, including talent and culture, sales effectiveness, technology, supply chain and emerging technology, all complemented by a disciplined M&A strategy. We work together as One GPC team to create customer success and shareholder value.

謝謝你，保羅。大家，早安。我還要感謝全球 GPC 團隊以及我們的供應商合作夥伴對我們客戶服務的持續承諾。我們感謝每天為客戶提供的辛勤工作，提供有助於推動世界前進的解決方案。我們這樣做的重點是我們的基本優先事項，包括人才和文化、銷售效率、技術、供應鍊和新興技術，所有這些都輔以嚴格的併購戰略。我們作為 One GPC 團隊共同努力，創造客戶成功和股東價值。

On behalf of the entire GPC team, we would like to congratulate Kevin Herron on his well-deserved retirement after an amazing 34-year career at the company. Kevin earned success in all of his roles over the years, including the last 5 years as President of the U.S. Automotive business. He embodies our GPC values and he's been an inspirational leader and mentor to many around the world. We're deeply grateful for his significant contributions to Genuine Parts Company and wish him the very best in his retirement.

我們謹代表整個 GPC 團隊祝賀 Kevin Herron 在公司度過了 34 年令人驚嘆的職業生涯後當之無愧地退休。凱文多年來在其所有職位上都取得了成功，包括過去 5 年擔任美國汽車業務總裁。他體現了我們的 GPC 價值觀，並且一直是世界各地許多人的鼓舞人心的領導者和導師。我們對他對原廠配件公司做出的重大貢獻深表感謝，並祝愿他退休後一切順利。

With Kevin's retirement, we also want to congratulate Randy Breaux on his promotion to Group President, GPC North America effective July 1st. In the new role, Randy will oversee both the automotive and industrial businesses across North America, while assuming day-to-day responsibility as President of the U.S. Automotive Group. Randy is a proven leader with a track record of performance. His relevant expertise across distribution industries, familiarity with GPC teammates and stakeholders and success at Motion make him the ideal candidate for the role. This transition represents the depth of our leadership team and our talent strategies as we continue to leverage the power of One GPC.

隨著 Kevin 的退休，我們還要祝賀 Randy Breaux 於 7 月 1 日晉升為 GPC 北美集團總裁。在新職位上，蘭迪將負責監督北美地區的汽車和工業業務，同時承擔美國汽車集團總裁的日常職責。蘭迪是一位久經考驗的領導者，有著良好的業績記錄。他在分銷行業的相關專業知識、對 GPC 隊友和利益相關者的熟悉以及在 Motion 的成功使他成為該職位的理想人選。隨著我們繼續利用 One GPC 的力量，這一轉變代表了我們領導團隊和人才戰略的深度。

Now turning to our 2 business segments. Total sales for Global Industrial were $2.3 billion, an increase of $125 million or 5.9%. Comparable sales growth increased 6.0% in the second quarter versus last year. The cadence through the quarter was relatively consistent with April being the strongest month followed by mid-single-digit growth in both May and June. The sales growth at Motion was broad-based again in the second quarter, with all product categories and major industries served posting positive gains from the prior year.

現在轉向我們的兩個業務部門。 Global Industrial 的總銷售額為 23 億美元，增加 1.25 億美元，即 5.9%。第二季度可比銷售額增長較去年同期增長 6.0%。本季度的節奏相對一致，四月份是最強勁的月份，五月和六月均出現中等個位數增長。 Motion 的銷售在第二季度再次全面增長，所有產品類別和服務的主要行業均較上一年實現了正增長。

During the quarter, we saw strength from industries such as food products, iron and steel, chemicals, mining and oil and gas. In addition, Motion continues to make excellent progress with its initiatives including inside and outside sales, pricing, e-commerce, growth-focused tech and supply chain strategies, they're all helping to win profitable market share. As an example, Motion has seen a nearly twofold increase in average daily sales across its e-commerce platform since 2021, which now represent nearly 30% of total Motion daily sales.

本季度，我們看到食品、鋼鐵、化工、採礦以及石油和天然氣等行業的強勁表現。此外，Motion 的內部和外部銷售、定價、電子商務、增長型技術和供應鏈戰略等舉措繼續取得出色進展，它們都有助於贏得有利可圖的市場份額。例如，自 2021 年以來，Motion 整個電子商務平台的平均每日銷售額增長了近兩倍，目前佔 Motion 每日總銷售額的近 30%。

In Asia Pac, our Motion business also delivered strong performance in the second quarter with double-digit sales and profit growth. Customer-centric initiatives across talent and culture, inventory availability and operational excellence are delivering positive results.

在亞太地區，我們的運動業務在第二季度也表現強勁，銷售額和利潤均實現兩位數增長。以客戶為中心的舉措涵蓋人才和文化、庫存可用性和卓越運營，正在取得積極成果。

Industrial segment profit in the second quarter was $283 million or 12.5% of sales, representing a 190 basis point increase from the same period last year. The profit improvement in Industrial was driven by excellent operating rigor in both North America and Australasia and the disciplined execution of strategic initiatives. In addition, the Motion North America team continues to realize synergies related to the KDG acquisition. The team is substantially complete with the branch consolidation and merger efforts well ahead of initial plans. And we expect to exceed our 3-year $50 million synergy commitment by the end of this year, also well ahead of initial plans.

第二季度工業部門利潤為2.83億美元，佔銷售額的12.5%，較去年同期增長190個基點。工業利潤的改善得益於北美和澳大利亞出色的運營嚴謹性以及戰略舉措的嚴格執行。此外，Motion North America 團隊繼續實現與 KDG 收購相關的協同效應。該團隊已基本完成分支機構整合和合併工作，遠遠早於最初計劃。我們預計到今年年底將超過 3 年 5000 萬美元的協同效應承諾，也遠遠超出了最初的計劃。

Turning to Global Automotive. Total sales in the second quarter were $3.7 billion, an increase of $188 million or 5.4% versus the same period in 2022. Similar to the first quarter, total automotive sales benefited from our global diversification as our businesses outside the U.S. posted mid-single-digit to double-digit growth in local currency. On a comparable basis, global automotive sales increased 4.3%, ranging from low single-digit growth in the U.S. to low double-digit growth in Europe. We saw global automotive sales inflation moderate from high single-digit growth in the first quarter to low to mid-single-digit growth in the second quarter. We remain encouraged by favorable fundamentals and solid team execution, which we believe will continue to drive profitable growth.

轉向全球汽車。第二季度總銷售額為 37 億美元，較 2022 年同期增長 1.88 億美元，增幅為 5.4%。與第一季度類似，汽車總銷售額受益於我們的全球多元化，美國以外的業務以當地貨幣計算實現了中個位數到兩位數的增長。在可比基礎上，全球汽車銷量增長 4.3%，從美國的低個位數增長到歐洲的低兩位數增長。我們看到全球汽車銷售通脹從第一季度的高個位數增長放緩至第二季度的低至中個位數增長。我們仍然受到有利的基本面和堅實的團隊執行力的鼓舞，我們相信這將繼續推動盈利增長。

Global Automotive segment profit in the second quarter was $329 million, up 2.1% versus the same period in 2022. And segment operating margin was 9.0% compared to 9.3% in 2022. As expected, Automotive's margin showed an improvement versus the first quarter. The improvement in the second quarter reflects the impact of the cost actions implemented at U.S. Automotive, and we expect to see an increased benefit of these actions in the second half of the year.

第二季度全球汽車部門利潤為 3.29 億美元，較 2022 年同期增長 2.1%。該部門營業利潤率為 9.0%，而 2022 年為 9.3%。正如預期的那樣，汽車業務利潤率較第一季度有所改善。第二季度的改善反映了美國汽車公司實施的成本行動的影響，我們預計下半年這些行動的效益將會增加。

Now let's turn to an overview of our automotive business performance by geography. In the U.S., automotive sales grew approximately 2% with comparable sales growth up 1% for the second quarter. April and May were the stronger months while trends lagged in June, particularly as we headed into the July 4th holiday weekend. That said, we're encouraged by the early trends thus far in July.

現在讓我們按地區概述我們的汽車業務表現。在美國，第二季度汽車銷量增長約 2%，可比銷售額增長 1%。 4 月和 5 月是強勁的月份，而 6 月的趨勢則滯後，尤其是在我們即將進入 7 月 4 日的假期週末時。也就是說，我們對 7 月份迄今為止的早期趨勢感到鼓舞。

Growth was relatively consistent across our regions with the East and West regions recovering in the second quarter after the slow start to the year due to the impact from weather. More broadly, we offset sluggish categories in heating and cooling, exhaust and ride control with strength in various core categories such as filters, batteries and fluids, all of which had growth above the U.S. average. Sales to both commercial and retail customers were positive with commercial growth outpacing retail. Our commercial business saw sales increases across most customer segments with fleet and government outperforming again this quarter with high single-digit growth.

各地區的增長相對一致，東部和西部地區在年初受天氣影響緩慢後，在第二季度開始復蘇。更廣泛地說，我們通過濾清器、電池和液體等多個核心類別的優勢來抵消加熱和冷卻、排氣和行駛控制領域的低迷類別，所有這些類別的增長均高於美國平均水平。對商業和零售客戶的銷售均呈積極態勢，商業增長超過零售。我們的商業業務在大多數客戶群中都實現了銷售額增長，車隊和政府部門本季度再次表現出色，實現了高個位數增長。

In Canada, sales grew approximately 6% in local currency during the second quarter with comparable sales growth of approximately 6%. Our Canadian performance reflects strong growth in several categories like heating and cooling, paint and body and tools and equipment, all of which were up double digits. Our automotive and heavy-duty businesses performed well, both posting mid-single-digit growth in the second quarter.

在加拿大，第二季度銷售額按當地貨幣計算增長約 6%，可比銷售額增長約 6%。我們在加拿大的業績反映了加熱和冷卻、油漆和車身以及工具和設備等多個類別的強勁增長，所有這些類別均實現了兩位數增長。我們的汽車和重型業務表現良好，第二季度均實現中個位數增長。

Our Canadian team executed well in the quarter, especially given the destructive wildfires across the country and we continue to see attractive opportunities for long-term growth due to our leading market position, solid industry fundamentals and share gain initiatives.

我們的加拿大團隊在本季度表現良好，特別是考慮到全國各地發生的破壞性野火，由於我們領先的市場地位、堅實的行業基本面和份額增長舉措，我們繼續看到長期增長的誘人機會。

In Europe, our automotive team delivered another exceptional quarter with total sales growth of approximately 15% in local currency and comparable sales growth of approximately 11%. We continue to drive strong growth and market share gains across our European markets due to the ongoing execution of our key initiatives. For the second quarter, we delivered mid-single-digit to double-digit growth across each of our geographies. As our teams continue to win business with key accounts, drive higher share of wallet with existing accounts and expand the NAPA brand in the region.

在歐洲，我們的汽車團隊又創造了一個出色的季度，以當地貨幣計算的總銷售額增長了約 15%，可比銷售額增長了約 11%。由於我們關鍵舉措的持續執行，我們繼續推動歐洲市場的強勁增長和市場份額的增長。第二季度，我們在每個地區都實現了中個位數到兩位數的增長。隨著我們的團隊不斷贏得重要客戶的業務，提高現有客戶的錢包份額，並擴大 NAPA 品牌在該地區的影響力。

The team is on track to deliver EUR 400 million in sales of NAPA-branded products in 2023. In addition, we continue to strategically roll out our next Drive offering across our European markets that position our team to lead the industry in the growing EV aftermarket. Recent bolt-on acquisitions in Europe are tracking ahead of growth and synergy plans as we leverage our scale, integrate with discipline and expand margins. For example, comparable growth in our Iberian markets was approximately 25% during the second quarter, significantly ahead of our initial expectations.

該團隊有望在 2023 年實現 NAPA 品牌產品 4 億歐元的銷售額。此外，我們繼續在歐洲市場戰略性地推出下一款 Drive 產品，使我們的團隊能夠在不斷增長的電動汽車售後市場中引領行業。隨著我們利用規模、整合紀律並擴大利潤，最近在歐洲的補強收購正在領先於增長和協同計劃。例如，第二季度我們伊比利亞市場的可比增長約為 25%，大大超出了我們最初的預期。

In the Asia Pac automotive business, sales in the second quarter increased approximately 9% in local currency with comparable sales growth of approximately 7%. Both commercial and retail sales performed well with retail outpacing commercial in the second quarter. The team continues to strategically invest in the business to extend its customer value proposition. For example, the recent opening of distribution centers in Auckland, New Zealand and Melbourne, Australia will drive long-term profitable growth and productivity.

在亞太區汽車業務中，第二季度銷售額按當地貨幣計算增長約 9%，可比銷售額增長約 7%。商業和零售銷售均表現良好，第二季度零售銷售超過商業。該團隊繼續對業務進行戰略投資，以擴展其客戶價值主張。例如，最近在新西蘭奧克蘭和澳大利亞墨爾本開設的配送中心將推動長期盈利增長和生產力。

We complement organic growth with strategic acquisitions to capture share in our fragmented markets and create shareholder value. We completed several bolt-on acquisitions primarily consisting of small automotive store groups that increased local market density in existing geographies. Our acquisition pipeline remains active, and we will remain disciplined to pursue transactions that extend our leadership positions and create long-term value.

我們通過戰略收購來補充有機增長，以獲取分散市場的份額並創造股東價值。我們完成了幾項補強收購，主要包括小型汽車商店集團，這些收購增加了現有地區的當地市場密度。我們的收購渠道仍然活躍，我們將繼續遵守紀律，尋求能夠擴大我們的領導地位並創造長期價值的交易。

In closing, the global GPC team delivered strong second quarter results, and we remain confident in our plans for continued growth through the balance of the year despite a dynamic environment. Our company is benefiting from our strategic business mix and global geographic diversification. Our teams remain focused to execute our strategic initiatives that deliver customer solutions and create value. We're committed to investments in our people, customer solutions, technology, supply chain and emerging technology that will continue to enhance our capabilities and leadership positions.

最後，全球 GPC 團隊交付了強勁的第二季度業績，儘管環境充滿活力，但我們仍然對今年餘下時間的持續增長計劃充滿信心。我們公司正受益於我們的戰略業務組合和全球地域多元化。我們的團隊仍然專注於執行我們的戰略計劃，提供客戶解決方案並創造價值。我們致力於對員工、客戶解決方案、技術、供應鍊和新興技術進行投資，這將繼續增強我們的能力和領導地位。

Thank you again to the entire GPC team for the hard work and excellent performance. With that, I'll turn the call over to Bert.

再次感謝整個GPC團隊的辛勤工作和出色表現。這樣，我就把電話轉給伯特。

Thank you, Will, and thanks to everyone for joining us today. Our teams continue to operate at a high level and perform through this dynamic environment. And I'm pleased to walk you through the highlights of our second quarter performance.

謝謝威爾，也感謝大家今天加入我們。我們的團隊在這個充滿活力的環境中繼續保持高水平運作並表現出色。我很高興向您介紹我們第二季度業績的亮點。

Before I get started on the details of our results, I would like to note that we had no nonrecurring items in the second quarter and 6 months of 2023. Our comparisons to the prior year, however, excludes certain nonrecurring items in 2022, primarily related to the sale of S.P. Richards Real Estate and the integration of KDG which represented a net $59 million benefit or $0.42 per diluted share. GPC revenues increased 5.6% or $313 million to $5.9 billion in the second quarter of 2023. This reflects a 4.9% improvement in comparable sales, including low single-digit to mid-single-digit levels in inflation and a 1.8% contribution from acquisitions. These items were partially offset by a 0.9% unfavorable impact of foreign currency. The value and advantage of our balanced portfolio and global diversification was highlighted again as we delivered another quarterly sales record.

在開始詳細介紹我們的業績之前，我想指出的是，我們在 2023 年第二季度和 6 個月中沒有非經常性項目。然而，我們與上一年的比較不包括 2022 年的某些非經常性項目，這些項目主要與 S.P. Richards Real Estate 的出售和 KDG 的整合有關，淨收益為 5900 萬美元，或稀釋後每股收益 0.42 美元。 2023 年第二季度，GPC 收入增長 5.6%，即 3.13 億美元，達到 59 億美元。這反映出可比銷售額增長 4.9%，包括低個位數到中個位數的通貨膨脹水平以及收購帶來的 1.8% 的貢獻。這些項目被 0.9% 的外匯不利影響部分抵消。隨著我們再創季度銷售記錄，我們平衡的投資組合和全球多元化的價值和優勢再次得到凸顯。

Our gross margin was 36.1%, a 110 basis point improvement from the second quarter last year, driven by the ongoing favorable impact of our pricing and sourcing initiatives. We believe the execution of key strategic initiatives around gross margin will continue to drive strong results. And for the full year, we now expect our gross margin rate to improve 30 to 50 basis points from 2022, an increase from our prior estimate of 20 to 40 basis points of improvement year-over-year.

在我們的定價和採購計劃持續產生的有利影響的推動下，我們的毛利率為 36.1%，比去年第二季度提高了 110 個基點。我們相信圍繞毛利率執行關鍵戰略舉措將繼續推動強勁業績。對於全年，我們現在預計我們的毛利率將從 2022 年起提高 30 至 50 個基點，高於我們之前預計的同比提高 20 至 40 個基點。

Our total operating and nonoperating expenses in the second quarter were $1.7 billion, up 9% from adjusted expenses in 2022 and at 28.4% of sales. This compares to total adjusted expenses of 27.6% of sales in the second quarter last year or approximately 80 basis points of deleverage year-over-year. The deleverage in SG&A in the second quarter is primarily attributable to a few key factors, 2 of which were planned, our investments in wages and benefits for our teams and increased spending in technology.

我們第二季度的運營和非運營支出總額為 17 億美元，比 2022 年調整後支出增長 9%，佔銷售額的 28.4%。相比之下，去年第二季度調整後費用總額佔銷售額的 27.6%，或同比去槓桿化約 80 個基點。第二季度SG&A的去槓桿化主要歸因於幾個關鍵因素，其中兩個是計劃中的，我們對團隊工資和福利的投資以及技術支出的增加。

Our investments in the IT and digital initiatives we showcased at Investor Day, impacted SG&A by 20 basis points in the second quarter. In addition, planned investments in wages and benefits for our team members impacted SG&A by 30 basis points, much of this as a feat of inflationary pressure on wages. Finally, during the quarter, we recorded charges related to cost improvement actions at our U.S. automotive business and a true-up of stock compensation expense for retirement-eligible employees totaling 30 basis points, both of which we would not expect to repeat in the future.

我們在投資者日展示的 IT 和數字計劃投資對第二季度的 SG&A 產生了 20 個基點的影響。此外，我們團隊成員的工資和福利計劃投資對SG&A 產生了30 個基點的影響，這在很大程度上是工資通脹壓力造成的。最後，在本季度，我們記錄了與美國汽車業務成本改善行動相關的費用，以及符合退休資格的員工的股票薪酬費用調整，總計 30 個基點，我們預計未來不會重複出現這兩種情況。

For the full year, we continue to expect SG&A deleverage of 30 to 40 basis points, driven by investments in our team members and IT. Our second quarter growth and gross margin improvement drove total segment profit of $613 million, up 11.8%. Segment profit margin was 10.4%, a 60 basis point increase from last year and our sixth consecutive quarter of margin expansion. While we delivered strong overall margin expansion, margins in our Global Automotive segment were lower in Q2 due to pressure in our U.S. Automotive business. As we discussed in the first quarter, following the slow start to the year, we anticipated that the profitability of this business would remain challenged in the second quarter, and it did. However, our teams are making great progress as evidenced by the acceleration in the rate of gross margin expansion from the first quarter to the second quarter and the sequential improvement in segment margins.

在對團隊成員和 IT 的投資的推動下，我們繼續預計全年 SG&A 去槓桿化將達到 30 至 40 個基點。我們第二季度的增長和毛利率的改善推動部門總利潤達到 6.13 億美元，增長 11.8%。部門利潤率為 10.4%，比去年增加 60 個基點，也是我們連續第六個季度實現利潤率擴張。儘管我們的整體利潤率實現了強勁增長，但由於美國汽車業務的壓力，第二季度全球汽車業務的利潤率較低。正如我們在第一季度討論的那樣，繼今年開局緩慢之後，我們預計該業務的盈利能力在第二季度仍將面臨挑戰，事實也確實如此。然而，我們的團隊正在取得巨大進步，從第一季度到第二季度毛利率擴張速度的加快以及分部利潤率的環比改善就證明了這一點。

As Will mentioned earlier, we are executing cost improvement actions to address the elevated levels of operating costs in this business and to continue to improve profitability. We expect these actions, combined with our ongoing discipline on costs across the remainder of the business, and execution of our broad base of strategic initiatives to drive further improvement in operational efficiencies and productivity for GPC. Our second quarter net income was $344 million or $2.44 per diluted share. This compares to adjusted net income of $313 million or $2.20 per diluted share in 2022, an increase of 10.9%. This represents our 12th consecutive quarter of double-digit adjusted earnings growth and is a true testament to our team's hard work and continued focus to drive our profitability.

正如威爾之前提到的，我們正在執行成本改​​進行動，以解決該業務運營成本上升的問題，並繼續提高盈利能力。我們期望這些行動，再加上我們對其餘業務的持續成本控制，以及廣泛的戰略計劃的執行，將推動 GPC 運營效率和生產力的進一步提高。我們第二季度的淨利潤為 3.44 億美元，即稀釋後每股收益 2.44 美元。相比之下，2022 年調整後淨利潤為 3.13 億美元，即稀釋後每股收益 2.20 美元，增長 10.9%。這代表我們連續第 12 個季度實現兩位數的調整後盈利增長，真正證明了我們團隊的辛勤工作和持續專注於推動我們的盈利能力。

Turning to our cash flows. We generated $457 million in cash from operations for the first 6 months of 2023. Recall that our cash flow in 2022 included a sale of $200 million in receivables under our AR sales agreement. For the first 6 months of 2023, free cash flow was $252 million, and we closed the second quarter with $2 billion in available liquidity. Our debt to adjusted EBITDA is 1.6x, which compares to our targeted range of 2 to 2.5x.

轉向我們的現金流。 2023 年前 6 個月，我們的運營產生了 4.57 億美元的現金。回想一下，我們 2022 年的現金流包括根據 AR 銷售協議出售的 2 億美元的應收賬款。 2023 年前 6 個月，自由現金流為 2.52 億美元，第二季度結束時，我們擁有 20 億美元的可用流動資金。我們的調整後 EBITDA 債務為 1.6 倍，而我們的目標範圍為 2 至 2.5 倍。

We remain well positioned with the financial strength and flexibility to take advantage of future growth opportunities across GPC. Our key priorities for capital allocation remain unchanged. And includes investment in our business through capital expenditures and M&A and the return of capital to our shareholders through dividends and share repurchases.

我們仍然擁有良好的財務實力和靈活性，可以充分利用 GPC 未來的增長機會。我們資本配置的主要優先事項保持不變。包括通過資本支出和併購對我們的業務進行投資，以及通過股息和股票回購向股東返還資本。

During 2023, we have invested $205 million in capital expenditures, including $117 million in the second quarter. These investments continue to support the initiatives we believe will drive growth and the modernization of our business moving forward. Acquisitions remain a key element of our growth strategy, and we invested $106 million year-to-date for acquisitions, and we continue to generate a robust pipeline of acquisition targets for our businesses.

2023 年，我們投資了 2.05 億美元的資本支出，其中第二季度為 1.17 億美元。這些投資將繼續支持我們相信將推動我們業務增長和現代化的舉措。收購仍然是我們增長戰略的關鍵要素，今年迄今我們已投資 1.06 億美元用於收購，並且我們繼續為我們的業務制定強大的收購目標渠道。

Thus far in 2023, we have also returned $395 million to shareholders in the form of dividends and share repurchases. This includes $260 million in cash dividends paid to our shareholders and $135 million in cash used to repurchase 841,000 shares. As we enter the second half of 2023, we are well positioned to effectively deploy our capital through all business cycles.

2023 年迄今為止，我們還以股息和股票回購的形式向股東返還了 3.95 億美元。其中包括支付給股東的 2.6 億美元現金股息以及用於回購 841,000 股股票的 1.35 億美元現金。進入 2023 年下半年，我們已做好充分準備，可以在所有業務週期中有效部署我們的資本。

Turning to our outlook for 2023. We are updating our full year guidance previously provided in our earnings release on April 20th. We are raising our guidance for diluted earnings per share to a range of $9.15 and to $9.30, an increase of approximately 10% to 11.5% from 2022. This represents a $0.20 increase from our previous guidance of $8.95 to $9.10.

談到我們對 2023 年的展望。我們正在更新之前在 4 月 20 日發布的財報中提供的全年指引。我們將稀釋每股收益指引提高至 9.15 美元至 9.30 美元，較 2022 年增加約 10% 至 11.5%。這比我們之前的指引 8.95 美元至 9.10 美元增加了 0.20 美元。

Our sales guidance is unchanged, and we continue to expect total sales growth for 2023 to be in the range of 4% to 6%. By business segment, we are guiding to the following: 4% to 6% total sales growth for the Automotive segment with comparable sales growth also in the 4% to 6% range. For the Industrial segment, we are expecting total sales growth of 4% to 6%, also with 4% to 6% comparable sales increase, and we continue to expect sales growth to moderate in the second half of 2023 relative to the first half of the year.

我們的銷售指引不變，我們繼續預計 2023 年總銷售額增長在 4% 至 6% 範圍內。按業務部門劃分，我們的指導目標如下：汽車部門的總銷售額增長 4% 至 6%，可比銷售額增長也在 4% 至 6% 範圍內。對於工業領域，我們預計總銷售額將增長 4% 至 6%，可比銷售額也將增長 4% 至 6%，並且我們繼續預計 2023 年下半年銷售增長將較上半年放緩。

Turning to a few other items of interest. Our guidance includes cash from operations in a range of $1.3 billion to $1.4 billion and free cash flow in a range of $900 million to $1 billion. We continue to plan for CapEx of $375 million to $400 million for the full year, which includes incremental investments in technology and supply chain, among others.

轉向其他一些感興趣的項目。我們的指導包括 13 億至 14 億美元的運營現金和 9 億至 10 億美元的自由現金流。我們繼續計劃全年資本支出為 3.75 億至 4 億美元，其中包括技術和供應鍊等方面的增量投資。

Overall, we are very pleased with our first half results. Through this dynamic environment, our teams have demonstrated their ability to be agile while staying focused on serving our customers around the world. Our updated outlook for 2023 earnings per share reflects the ongoing confidence in our teams and their ability to execute and drive solid results. We believe GPC is truly differentiated with our business mix, global footprint, our size and scale, the execution of initiatives and our talent, we have a unique value proposition.

總的來說，我們對上半年的結果非常滿意。通過這種充滿活力的環境，我們的團隊展示了他們在專注於為世界各地的客戶提供服務的同時保持敏捷的能力。我們對 2023 年每股收益的最新展望反映了對我們團隊及其執行和推動紮實成果的能力的持續信心。我們相信，GPC 憑藉我們的業務組合、全球足跡、規模和規模、計劃的執行以及我們的人才而真正與眾不同，我們擁有獨特的價值主張。

We look forward to reporting on our progress in our third quarter call in October. Thank you. And I will now turn it back to Paul for a few closing thoughts before we address your questions. Paul?

我們期待在 10 月份的第三季度電話會議上報告我們的進展情況。謝謝。現在，在我們回答你們的問題之前，我將把它轉回給保羅，讓他談談一些結束語。保羅？

Thank you, Bert. Before we get into Q&A, we'd like to take a moment to acknowledge Sid Jones, who has announced his decision to retire from Genuine Parts Company after 33 years of service to the company. Sid has been leading our Investor Relations team since 2003 and today marks his 83rd quarterly earnings call at GPC in that role. We thank Sid his many contributions over the years and wish him and his family the very best in his retirement. Tim Walsh has been working closely with Sid and the team for over a year and will be named Head of Investor Relations on August 1st. We look forward to having Tim in his new role and now he will do an exceptional job for us.

謝謝你，伯特。在進入問答環節之前，我們想花一點時間向 Sid Jones 表示感謝，他在為公司服務了 33 年後宣布決定從 Genuine Parts Company 退休。 Sid 自 2003 年以來一直領導我們的投資者關係團隊，今天是他在 GPC 擔任該職務的第 83 次季度財報電話會議。我們感謝 Sid 多年來做出的許多貢獻，並祝愿他和他的家人在退休後一切順利。 Tim Walsh 與 Sid 及其團隊密切合作一年多，將於 8 月 1 日被任命為投資者關係主管。我們期待蒂姆擔任新職務，現在他將為我們做出出色的工作。

So with that, we are now ready for your questions.

現在我們已經準備好回答您的問題了。

We will now begin the question-and-answer session. (Operator Instructions) Our first question comes from Liz Suzuki of Bank of America.

我們現在開始問答環節。 （操作員說明）我們的第一個問題來自美國銀行的 Liz Suzuki。

Sid, you're going to be greatly missed. So we'll miss you a lot. Just a question on the U.S. automotive comp is plus 1%. You noted that globally, both DIY and -- for me were positive with DIFM outpacing DIY. Was that the case in the U.S. as well? You may have mentioned it and I missed it, I'm just not sure if you gave that detail for the U.S. in terms of DIY versus DIFM.

席德，我們會非常想念你。所以我們會非常想念你。只要問一個關於美國汽車公司的問題就是加1%。您指出，在全球範圍內，DIY 以及——對我而言，都對 DIFM 超過 DIY 持積極態度。美國也是如此嗎？您可能已經提到過，但我錯過了，我只是不確定您是否提供了美國 DIY 與 DIFM 方面的詳細信息。

We did Liz, DIFM outperformed retail in the U.S. Automotive group for the quarter.

我們做了 Liz，本季度 DIFM 的表現優於美國汽車集團的零售業。

Okay. Great. No, that's very helpful. And then just a question on the Industrial business. The margins have been really healthy there. I mean should we think about that 2Q operating margin is a decent run rate going forward? And is there any seasonality we should keep in mind that may have changed one way or another after the KDG acquisition?

好的。偉大的。不，這非常有幫助。然後是關於工業業務的問題。那裡的利潤率非常健康。我的意思是，我們是否應該考慮第二季度的營業利潤率是一個不錯的未來運行率？在 KDG 收購之後，我們應該牢記的季節性因素是否可能發生這樣或那樣的變化？

Liz, it's Bert. I don't think you have on part to Q2 as the proxy for industrial for the full year. As you -- as we've commented, we see that industrial growth rate moderating here in the second half. Having said that, we still will get margin expansion for the full year on the Industrial segment. But we're thrilled with where the business performed in Q2 that 12.5% rate is a proxy for we can go long term as we shared at Investor Day, but we still have a lot of work to do to continue to grow that business and would use -- not use that as a proxy, but look to still see expansion of margin for the full year.

莉茲，我是伯特。我不認為第二季度可以作為全年工業的代表。正如您所評論的那樣，我們看到下半年工業增長率放緩。話雖如此，我們全年工業領域的利潤率仍將擴大。但我們對第二季度的業務表現感到興奮，正如我們在投資者日分享的那樣，12.5% 的利率是我們可以長期發展的一個指標，但我們仍然有很多工作要做，以繼續發展該業務，並且會使用——不使用它作為指標，但仍希望看到全年利潤率的擴張。

The next question comes from Chris Horvers of JPMorgan.

下一個問題來自摩根大通的克里斯·霍弗斯。

Chris Horvers from JPMorgan. Sid we will miss you very much, and congratulations on your retirement and all the best in your future endeavors. My first question is just following up on the U.S. -- the U.S. NAPA comp, I think you implied in April that you're maybe running about a 4 and you imply that June was down. So was June down sort of low to mid. And can you talk about what you're seeing that you're encouraged by in July and how you're thinking about U.S. NAPA comps in the back half?

摩根大通的克里斯·霍弗斯。 Sid，我們會非常想念你，祝賀你退休並祝你未來一切順利。我的第一個問題是跟進美國的情況——美國 NAPA 比較，我認為您在 4 月份暗示您可能正在運行 4 左右，並且您暗示 6 月份有所下降。六月的情況也是如此，從低到中。您能談談您在 7 月看到的令您受到鼓舞的事情以及您如何看待下半年的美國 NAPA 比較嗎？

Yes, Chris, happy to walk you through, and I'll maybe just kind of walk through some of the comments that we had in the prepared remarks. But so for U.S. automotive, April and May, as you noted were the stronger months in the quarter, low single-digit growth. The first half of June, in fact, was a solid start to the month, and we saw a tapering towards the end of the month that left June to be flattish, which puts together the 2 and then the 1 comp for the quarter, U.S. Automotive.

是的，克里斯，很高興向您介紹，我可能會簡單介紹一下我們在準備好的發言中提出的一些評論。但對於美國汽車業來說，四月和五月（正如您所指出的，是本季度表現強勁的月份）的增長率較低，為個位數。事實上，6 月上半月是這個月的一個良好開端，我們看到月底逐漸減少，導致 6 月持平，這將本季度的第 2 個和第 1 個比較放在一起，美國汽車。

We have seen an improvement to start the month in July. Obviously, we've had some extreme heat that is going to have a positive impact and -- while it's probably early to call the whole month, we're encouraged by the positive momentum plan to build on that through the quarter.

從 7 月份開始，我們就看到了情況的改善。顯然，我們已經經歷了一些極端的高溫，這將產生積極的影響——雖然現在預測整個月可能還為時過早，但我們對整個季度在此基礎上建立的積極勢頭計劃感到鼓舞。

As Liz just asked, we saw outperformance and do-it-for-me versus retail, both growing in positive directions. And we continue to be bullish about our fleet and government segment, which we mentioned in the prepared remarks, that grew nicely in the quarter. Good strength in filters, batteries and fluids, which are important categories for us. So we're excited about some of the things we're doing from a merchandising standpoint in those categories.

正如莉茲剛才所問的那樣，我們看到了與零售相比表現出色的“為我做”，兩者都在朝著積極的方向發展。我們繼續看好我們的機隊和政府部門，我們在準備好的評論中提到過，該部門在本季度增長良好。在過濾器、電池和液體方面具有良好的實力，這些對我們來說都是重要的類別。因此，從營銷的角度來看，我們對這些類別中正在做的一些事情感到興奮。

And I think it wasn't a total surprise to us given the weather patterns in the second quarter that some of our heating and cooling categories didn't perform the way we expected them to, just given. It wasn't an overly warm second quarter in the aggregate for the U.S. market. But we're excited about what we're working on in the business. Obviously, we think we've got more potential than we showed in the quarter. We're excited about Randy's leadership now in place here for the first couple of weeks. He's been out in the field working with the teams. I think there's a lot of energy and positive momentum there.

我認為，考慮到第二季度的天氣模式，我們的一些供暖和製冷類別的表現沒有達到我們剛剛給出的預期，這對我們來說並不完全令人驚訝。總體而言，美國市場的第二季度並不是過於溫暖。但我們對我們在業務中所做的工作感到興奮。顯然，我們認為我們比本季度表現出的潛力更大。我們對蘭迪在最初幾週的領導地位感到興奮。他一直在現場與團隊一起工作。我認為那裡有很多能量和積極的勢頭。

Gross margin, as Bert talked about, continues to be a great piece of execution, both on the pricing and sourcing side of the house. Also very proud of the team and their quick adjustments to all things cost. So they're operating with a lot of intensity and focus. And importantly, we're investing in the business for the long term. So making sure that we're balancing near-term actions with long-term potential. So in the aggregate, a lot to be proud about the team. We're going to continue the grind and push through the second half of the year, but proud of what we're working on.

正如伯特所說，毛利率仍然是執行力的一個重要部分，無論是在定價還是採購方面。也為團隊以及他們對所有事情成本的快速調整感到非常自豪。因此，他們的工作強度很大，注意力也很集中。重要的是，我們正在對業務進行長期投資。因此，請確保我們平衡近期行動與長期潛力。所以總的來說，這個團隊有很多值得驕傲的地方。我們將在下半年繼續努力，但對我們正在做的事情感到自豪。

And Chris, I would just tag on to that, that the fundamentals of the industry are still solid -- miles driven, going in the right direction as gas prices moderate a bit. New car sales being still a bit soft compared to historic numbers. And we're seeing the same across our international business as well. So as we reported our team in Europe had a phenomenal quarter, strong double-digit growth. Many of the fundamentals there, the same here across North America, rock solid. And our team in Asia Pac, Australia, New Zealand also had another really strong quarter. So fundamentals of automotive are still rock solid. And we certainly see improvement as we move forward through the back half of the year.

克里斯，我只想強調這一點，該行業的基本面仍然穩固——行駛里程數，隨著汽油價格的小幅回落，朝著正確的方向發展。與歷史數字相比，新車銷量仍然有點疲軟。我們在國際業務中也看到了同樣的情況。因此，正如我們報導的那樣，我們在歐洲的團隊在本季度取得了驚人的兩位數增長。那裡的許多基本原理在整個北美都是一樣的，堅如磐石。我們在亞太地區、澳大利亞和新西蘭的團隊也有另一個非常強勁的季度。因此，汽車的基本面仍然堅如磐石。隨著下半年的進展，我們肯定會看到進步。

Sounds great. And then a follow-up question on the gross margin. I mean 36.1% is quite impressive. If you look back historically, the second quarter is a reasonable proxy for the year on gross margin. I know 1Q was a lot lower. But perhaps, was there anything unsustainable in the gross margin performance in the second quarter? And do you think over time, this is a level that is around 36% is sort of the destination? Or is it an area that perhaps you could even grow from?

聽起來很棒。然後是關於毛利率的後續問題。我的意思是 36.1% 相當令人印象深刻。如果回顧歷史，第二季度是今年毛利率的合理代表。我知道一季度要低很多。但或許，第二季度的毛利率表現有什麼不可持續的地方嗎？您認為隨著時間的推移，36% 左右的水平就是終點嗎？或者這是一個你甚至可以成長的領域？

Chris, it's Bert. Look, I think we had a great quarter here. In the past couple of quarters, I've given you the offsets for gross margin. We had a clean number this time around. We had no offsets from some of the things we've talked about in the past, whether it's inflation or mix. So we're just thrilled with the work that the team is doing and so important in this environment when we've got all the different economic pressures out there. So we've got a great focus on sourcing and getting the right inventory in the right place at the right time. We also have great work happening on pricing across all of the business. And so that 110 basis point improvement for the quarter up to 36.1%, I think is a reflection of really, really hard work.

克里斯，這是伯特。看，我認為我們在這裡度過了一個很棒的季度。在過去的幾個季度中，我已經向您提供了毛利率的抵消額。這次我們有一個乾淨的數字。我們過去討論過的一些事情並沒有抵消，無論是通貨膨脹還是混合。因此，我們對團隊正在做的工作感到興奮，在我們面臨各種不同經濟壓力的環境下，這非常重要。因此，我們非常注重採購併在正確的時間在正確的地點獲得正確的庫存。我們在整個業務的定價方面也做了很多工作。本季度 110 個基點的改善高達 36.1%，我認為這反映了非常非常努力的工作。

We're going to continue to stay focused on gross margin expansion through those 2 prisms, through pricing and sourcing. I'm not going to call the bulges yet on where that number can ultimately end up. As I said in my prepared remarks, we're more bullish on where it can be for this year. We had originally been planning for 20 to 40 basis points of improvement, and we've got that to 30 to 50 basis points.

我們將繼續通過定價和採購這兩個棱鏡來關注毛利率的擴張。我還不打算就這個數字最終的結果來稱呼凸出的部分。正如我在準備好的發言中所說，我們更看好今年的情況。我們最初計劃改進 20 到 40 個基點，現在已經提高到 30 到 50 個基點。

Within that, again, benefit from the execution of our strategic initiatives. We do have a little bit of a benefit modeled in for ocean freight, which we see turning positive for us here in the second half. So those are the 2 things I'd call out with really no foreseen at this point impact from either FX or inflation or mix.

在此範圍內，再次受益於我們戰略舉措的執行。我們確實在海運方面獲得了一些好處，我們認為下半年這對我們來說將是積極的。因此，這是我要指出的兩件事，目前確實沒有預見到外匯、通脹或混合因素的影響。

The next question comes from Scot Ciccarelli of Truist.

下一個問題來自 Truist 的 Scot Ciccarelli。

I have a follow-up on Christopher's question. So the slowdown you've experienced in U.S. auto, do you think there's any share shifts occurring given some of the strong results we've seen from a few of your competitors or would you really just point to weather as the headwind in 2Q?

我對克里斯托弗的問題有一個後續行動。那麼，您在美國汽車業經歷的經濟放緩，考慮到我們從一些競爭對手那裡看到的一些強勁業績，您認為是否會發生任何份額變化，或者您真的只是指出天氣是第二季度的逆風嗎？

Yes, Scot, we don't think there's any share shifts. We always study the analytics. We use third-party independent information. We look at it by category and feel good about where we are. We act on that data every week and every month. We review it as a team and feel good about where we are. So no, we don't think that there's share loss happening here. We have specific strategies by category that we're executing against. And so the story can be quite different at a category level, but that's part of the science and art of all things, category management. So really proud of what the teams are working on. And as I said, we use independent data to keep ourselves honest to make sure that we're winning in the marketplace.

是的，斯科特，我們認為沒有任何股份變動。我們總是研究分析。我們使用第三方獨立信息。我們按類別看待它，並對我們所處的位置感覺良好。我們每周和每月都會根據這些數據採取行動。我們作為一個團隊進行審查，並對我們所處的位置感到滿意。所以不，我們認為這裡不會發生股票損失。我們有針對不同類別執行的具體策略。因此，在品類層面上的故事可能會有很大不同，但這是所有事物的科學和藝術的一部分，即品類管理。對團隊正在做的事情感到非常自豪。正如我所說，我們使用獨立數據來保持誠實，以確保我們在市場上獲勝。

Okay. So maybe some of the delta could be due to geographic differences potentially?

好的。那麼也許三角洲的某些部分可能是由於地理差異造成的？

When you say geographic, you mean U.S. geography differences?

當您說地理時，您是指美國的地理差異嗎？

Well, no. I mean, within the U.S., like your results, like if we had positive results from both DIY and commercial. And obviously, you had a 1% comp, like neither was up very strongly, right? So on -- specifically on the commercial side, like could we potentially attribute -- or did you potentially see like significant geographic differentiation in your business, stronger in the South, weaker in the West, what have you?

嗯，不。我的意思是，在美國，就像你的結果一樣，就像我們在 DIY 和商業方面都取得了積極的結果一樣。顯然，你有 1% 的補償，就像兩者都沒有大幅上漲，對吧？那麼——特別是在商業方面，比如我們可能會歸因——或者你是否可能看到你的業務存在顯著的地理差異，南方更強，西方更弱，你有什麼？

We really don't see a material difference across our regions. We've got 5 regions. The growth rates are not materially different. There's always region specific customers and dynamics. But as I said in my prepared remarks, we saw a recovery in the Northeast and West, which we planned and expected based on their slow start driven by weather, we saw that come to bear. And for the second quarter, though, by themselves, there's not a material difference by region.

我們確實沒有看到我們地區之間存在實質性差異。我們有 5 個地區。增長率沒有實質性差異。總有特定地區的客戶和動態。但正如我在準備好的發言中所說，我們看到了東北部和西部地區的複蘇，這是我們根據天氣驅動緩慢啟動而計劃和預期的，我們看到了這種情況的發生。不過，就第二季度而言，各地區之間並沒有重大差異。

Got it. And then just a quick housekeeping item. The $80 million or so that you guys highlighted for cost actions and the stock comp true-up. Were they the main drivers in the spike of corporate expense? And should we expect that line item to moderate in the back half?

知道了。然後只是一個快速的家務用品。你們強調了成本行動和股票補償調整的 8000 萬美元左右。它們是企業開支激增的主要推動力嗎？我們是否應該期望該訂單項在後半部分會有所緩和？

Scot, it's Bert. I'll take that one. Look, we did have an increase in the corporate expense as a result of the 2 items you noted, one on the stock comp true-up and the other on the cost actions. The other thing contributing to corporate, and this is a little obscured in the 10-Q, but if you take a chance to read through the 10-Q, you get some good color on that either from the first quarter or the one that will be filed later today.

斯科特，這是伯特。我會接受那個。看，由於您提到的兩項，我們的公司費用確實有所增加，一項是關於股票補償調整，另一項是關於成本行動。對企業做出貢獻的另一件事，這在 10-Q 中有點模糊，但如果您有機會通讀 10-Q，您會從第一季度或今天晚些時候提交的報告中獲得一些不錯的信息。

We transferred some functions at the beginning of this year into the corporate environment that we felt were better suited to be run on a more consolidated basis, one of them being cyber security and our work around cybersecurity globally. We did a little bit of that related to some of the finance functions and also our management of our product liability cases and litigation. When we did that, we actually got a benefit so far this year in terms of being ahead of where those items were being spent last year. But it did create a transfer left pocket, right pocket, which makes the corporate number look a little bit bigger.

今年年初，我們將一些職能轉移到我們認為更適合在更整合的基礎上運行的企業環境中，其中之一就是網絡安全以及我們在全球範圍內圍繞網絡安全開展的工作。我們做了一些與一些財務職能以及產品責任案件和訴訟管理相關的工作。當我們這樣做時，今年到目前為止我們實際上得到了好處，因為我們領先於去年這些項目的支出。但它確實創造了一個轉移左口袋、右口袋，這使得公司號碼看起來更大一些。

We're still guiding for the year of corporate expense in the $300 million to $325 million range. Longer term, we target for that to be about 1% of revenue. It's up this year because of those transfers and we'll look up for the full year. But like I said, we're already seeing the benefit of the move of centralization by streamlining those functions and seeing them operate at a lower cost rates than they had in the past.

我們仍預計今年的企業支出在 3 億至 3.25 億美元之間。從長遠來看，我們的目標是佔收入的 1% 左右。由於這些轉會，今年的數字有所上升，我們將展望全年。但正如我所說，我們已經看到了集中化舉措的好處，通過簡化這些職能並看到它們以比過去更低的成本運行。

Okay. But some of the margin expansion that we've seen at the segment level is because of that cost transfer, just to be clear.

好的。但需要明確的是，我們在細分市場層面看到的一些利潤率擴張是由於成本轉移。

Yes, it's pretty small there, Scot. I mean we're talking about costs totaling year-to-date, $29 million in the aggregate. So it's a pretty small move. It stands out at corporate a little bit bigger because of the size and scale of the corporate expense line. But it's very negligible at the segment level.

是的，那裡很小，斯科特。我的意思是，我們談論的是今年迄今為止的總成本，總計 2900 萬美元。所以這是一個很小的舉動。由於公司費用線的規模和規模，它在公司中脫穎而出。但在細分市場層面上，這是非常可以忽略不計的。

The next question comes from Bret Jordan of Jefferies.

下一個問題來自 Jefferies 的 Bret Jordan。

Congrats to Sid and Randy. Randy now that you run them both, I guess, where do you see the biggest opportunity industrial or auto in the U.S. in the next, say, 2, 3 years?

恭喜席德和蘭迪。蘭迪，既然你同時經營這兩個行業，我猜你認為未來（比如 2、3 年）美國工業或汽車行業最大的機會在哪裡？

Bret, the good news is Randy is not on the call with us, but that's a tough question for him to answer. He loves both these businesses now. He's been out in the field and has a ton of energy and excited about the opportunities in front of us. So...

布雷特，好消息是蘭迪沒有參加我們的電話會議，但這對他來說是一個很難回答的問題。他現在熱愛這兩項業務。他一直在外地工作，精力充沛，對我們面前的機會感到興奮。所以...

I was going to ask you what you like better, but I figure out you too.

我本來想問你更喜歡什麼，但我也了解你了。

He wouldn't have answered that question? He like them both.

他不會回答這個問題吧？他倆都喜歡。

Which one is your favorite kids, you know, Bret?

布雷特，你知道哪一個是你最喜歡的孩子？

That's easy. Question on price, I guess. We were talking about sort of low mid-single-digit benefit from inflation in Q2. How do you see the second half cadence? The bar gets higher, I guess, year-over-year, but maybe you've got some incremental price passing along some of the rate inflation from your suppliers. How do we think about the organic price comp second half?

這很容易。我猜是價格問題。我們正在談論第二季度通脹帶來的中低個位數收益。您如何看待下半場的節奏？我想，標準會逐年提高，但也許你會從供應商處獲得一些增量價格，從而傳遞一些通脹率。我們如何看待下半年的有機價格比較？

Yes. Bret. I'll take that one, it's Bert. On inflation, I'll kind of start at a high level. As we expected, we saw inflation moderate again in Q2, and I think really falling in line with our original thinking as we started the year, monetary policy in the U.S. and around the world, I think it's having its desired effect. You can see that in the U.S. CPI data. Just to reiterate, for the quarter -- second quarter inflation with low single digits all up for GPC, mid-single digits in auto, and low single digits for industrial. That industrial number has stayed pretty consistently in that low single-digit range for the year. Auto ticked down from high single digit to mid-single digit. And then on the whole, GPC has ticked down from mid-single digit to low single digits.

是的。布雷特。我選那個，是伯特。關於通貨膨脹，我將從較高的水平開始。正如我們預期的那樣，我們在第二季度看到通脹再次溫和，我認為這確實符合我們年初時的最初想法，美國和世界各地的貨幣政策，我認為它正在產生預期的效果。從美國的CPI數據中就可以看出這一點。重申一下，就第二季度而言，GPC 的通脹率均為低個位數，汽車行業為中個位數，工業行業為低個位數。今年以來，該工業數據一直保持在較低的個位數範圍內。自動從高個位數下降到中個位數。總體而言，GPC 已從中個位數下降到低個位數。

So really falling right in line with what we thought when we started out the year. We're seeing some inflationary pressure on operating expenses, particularly in wages, and that was in my prepared remarks. That's sitting in the mid-single-digit range right now. It's probably the most pronounced impact in the business, but we're managing it. We're doing all the right things and taking some actions to try to offset that. And I think that's not a GPC-specific comment, it's a comment that all businesses are facing with wage pressure and inflation and wages.

因此，這確實與我們年初時的想法一致。我們看到運營支出面臨一些通脹壓力，特別是工資方面，這是我準備好的講話中的內容。目前該數字處於中個位數範圍內。這可能是對業務最顯著的影響，但我們正在對其進行管理。我們正在做所有正確的事情，並採取一些行動來試圖抵消這一影響。我認為這不是針對 GPC 的評論，而是所有企業都面臨工資壓力以及通貨膨脹和工資的評論。

As we look ahead, we think inflation will continue to moderate throughout 2023. And I think policy will continue to have its desired effect. Auto will tick down from high single digits to start the year to low single digits to close out the year. And industrial is going to bounce along that low single digits for the full year. We'll see GPC close out in the aggregate from a mid-single digit to a low single-digit. So it's not a one-size-fits-all for our business segments, but hopefully, that gives you a little color on how we're thinking about the rest of the year. And that's all factored into our guidance and our update to the guidance for the year.

展望未來，我們認為 2023 年通脹將繼續放緩。我認為政策將繼續發揮預期效果。汽車將從年初的高個位數下降到年底的低個位數。全年工業將沿著這個較低的個位數反彈。我們將看到 GPC 的總體收盤價從中個位數降至低個位數。因此，這對於我們的業務部門來說並不是一刀切的，但希望這能讓您對我們對今年剩餘時間的看法有所了解。這些都已納入我們的指導和今年指導的更新中。

Okay. And then one follow-up on another pricing question. I guess one of your auto peers reported pretty rough Q1 and talked about price competition in the market. I guess could you comment about what you see, I guess, from pure pricing, any cadence of change in pricing in year-to-date '23?

好的。然後是另一個定價問題的後續行動。我猜你的一位汽車同行報告了相當糟糕的第一季度，並談到了市場的價格競爭。我想你能否評論一下你從純粹的定價中看到的情況，以及 23 年至今定價變化的節奏？

Yes. I'll take a shot at that, Bret. And then maybe Will can tag on what perhaps more specific thought. Look, first and foremost, I'd say we're not going to speak to specific strategies of our competitors. We got a lot of respect for our peers and they're doing what they've got to do for their business. What I would tell you, the competitive landscape, the dynamics are still rational. We play in huge markets, as outlined by Will. We've got lots of different competitors across all those markets, both big and small. What we really spend our time thinking about, Bret, and you won't -- this is not new news. It's about inventory availability. Ensuring we've got the right people in the right markets, ensuring we've got our store footprint -- the right store footprint to cover all of our strategic markets and allowing us to continue to grow profitably.

是的。我會嘗試一下，布雷特。然後也許威爾可以標記出更具體的想法。首先，我想說的是，我們不會談論競爭對手的具體策略。我們非常尊重我們的同行，他們正在為自己的業務做他們必須做的事情。我想說的是，競爭格局、動態仍然是理性的。正如威爾所概述的，我們在巨大的市場中開展業務。我們在所有這些市場上都有很多不同的競爭對手，無論大小。我們真正花時間思考的事情，布雷特，你不會——這不是什麼新消息。這與庫存可用性有關。確保我們在正確的市場擁有正確的人員，確保我們擁有我們的商店足跡——正確的商店足跡覆蓋我們所有的戰略市場，並使我們能夠繼續盈利增長。

We're in a break-fix model and helping our customers really solve their problems quickly with the right part in the right market at the right price. It's all part of our value prop. That hasn't changed, Bret. And honestly, I don't see that changing anytime soon. Do we think about price? Sure, we do. But right now, our customers are really more focused on ensuring they can be productive in their shops. That they're taking care of their customers. And we think we're a pretty good partner not only here in North America, but around the world to solve those challenges for them. So Will, I don't know if there's anything else from a pricing environment that you would want to comment on?

我們採用故障修復模式，以正確的價格在正確的市場提供正確的零件，幫助我們的客戶真正快速解決他們的問題。這是我們價值支柱的一部分。這一點沒有改變，布雷特。老實說，我認為這種情況不會很快改變。我們考慮價格嗎？當然，我們願意。但現在，我們的客戶確實更專注於確保他們的商店能夠高效工作。他們正在照顧他們的客戶。我們認為，我們不僅在北美，而且在全世界都是一個很好的合作夥伴，可以幫助他們解決這些挑戰。那麼，威爾，我不知道您是否還想對定價環境發表任何其他評論？

Well, I would just say, operationally, what the teams are working on is incredibly helpful in this environment as it has been for the last couple of years, hence, the investment and focus on it. And more importantly, the teams globally are learning from each other. And so I think in one of our previous calls, we've talked about all the great work that's happening in U.S. automotive. We're sharing that work over in Europe.

嗯，我只想說，在操作上，團隊正在做的事情在這種環境下非常有幫助，就像過去幾年一樣，因此，對其進行投資和關注。更重要的是，全球團隊正在互相學習。因此，我認為在我們之前的一次電話會議中，我們討論了美國汽車業正在發生的所有偉大工作。我們正在歐洲分享這項工作。

And so these are some of the benefits of working together as a team and sharing all the learnings from an environment that's very similar around the world and gross margin performance in the total company. I think, is a good data point to suggest that we're having some success. So it's an important part of distribution business and it's especially important part of navigating this environment, and we're going to continue to get better at it and invest in it so that we can make the right decisions for our customers.

因此，這些是作為一個團隊一起工作並分享從世界各地非常相似的環境和整個公司的毛利率表現中獲得的所有經驗教訓的一些好處。我認為這是一個很好的數據點，表明我們正在取得一些成功。因此，它是分銷業務的重要組成部分，也是駕馭這種環境的特別重要的部分，我們將繼續在這方面做得更好並進行投資，以便我們能夠為客戶做出正確的決策。

The next question comes from Greg Melich of Evercore ISI.

下一個問題來自 Evercore ISI 的 Greg Melich。

I wanted to -- one question on the U.S. auto business and then follow-up on industrial guidance. I just want to understand a little bit better with that inflation number, I think we're still seeing mid-single digits. Would it be fair to say a 1 comp would translate into negative 4 units. And then could you give us a little more color on the non-fleet and government business, how the independent dealers did and how NAPA AutoCare did?

我想問一個關於美國汽車行業的問題，然後跟進行業指導。我只是想更好地了解通貨膨脹數字，我認為我們仍然看到中個位數。公平地說，1 個單位將轉化為負 4 個單位。然後您能給我們更多關於非車隊和政府業務的信息嗎？獨立經銷商是如何做的，NAPA AutoCare 是如何做的？

Yes, Greg. So I don't -- it's not as simple as minus 4% because we got to do it for me in retail. So you've got a distinction on transactions there. So do it for me, positive transaction and price, do it yourself as expected, transactions down tick it up. So in the aggregate, that's a little bit more noisy than just the minus 4%.

是的，格雷格。所以我不——這不是-4%那麼簡單，因為我們必須在零售業為我做到這一點。所以你在那裡的交易有區別。所以為我做，積極的交易和價格，按預期自己做，交易下降了。所以總的來說，這比負 4% 的噪音要大一些。

On the other parts of the business, the AutoCare business continues to perform well. Obviously, our value prop with that segment is incredibly important and it's a challenging time. So partnering with them to make sure that they're being productive and navigating the environment. So that was a part of the business that performed to our expectations.

在業務的其他部分，AutoCare 業務繼續表現良好。顯然，我們對該細分市場的價值支撐非常重要，而且這是一個充滿挑戰的時期。因此，與他們合作，確保他們高效工作並適應環境。因此，這是符合我們預期的業務的一部分。

Major accounts is a very customer-specific book of business. So there are some pockets of strength in that book of business as well as some areas of opportunity. I would reinforce our philosophy here that it's really important that we think about partners and growing our business through the medium term in a profitable way. And so I think we're going to bring a lot of discipline and rigor to thinking about the trade-offs between profitable share and not in our major account business. So in the aggregate, a bit of a mixed story, but positive in total.

主要賬戶是一本非常針對客戶的業務賬簿。因此，該業務手冊中有一些優勢，也有一些機會領域。我想在這裡強調我們的理念，即我們考慮合作夥伴並在中期以盈利的方式發展我們的業務非常重要。因此，我認為我們將在考慮盈利份額與主要客戶業務之間的權衡時採取大量的紀律和嚴格性。所以總的來說，故事有點複雜，但總體來說是積極的。

Did the company stores do materially different than the jobbers?

公司商店的做法與批發商有本質上的不同嗎？

We didn't see a material difference in the performance. It was pretty close to each other. And...

我們沒有看到性能上的實質性差異。彼此非常接近。和...

Yes, okay. Just maybe DIY, do-it-for-me mix a little bit, but no difference in that cut. The -- I guess the follow-up is on industrial. I just want to make sure I got that right. I mean, with obviously the big numbers continue to come through it. But the margin, the 12.5% margin, I just want to make sure I'm not -- do we assume that industrial margins will actually be down in the back half or that was -- they'll still be up for the year? Was that -- interpret that wrong, Bert?

是的，好的。也許只是DIY，為我做一點混合，但在剪裁上沒有什麼區別。我想後續行動是關於工業的。我只是想確保我做對了。我的意思是，很明顯，大量的數字仍在繼續出現。但是利潤率，12.5％的利潤率，我只是想確保我不是 - 我們是否假設工業利潤率實際上會在下半年下降，或者 - 他們今年仍然會上升？伯特，你的理解是錯誤的嗎？

Yes. Actually, you did interpret it wrong. But let me back it up and maybe pull it up and give a little color on guidance in general, and I'll work my way back down to segment margins. As you can expect, we're pleased with the first half performance on an overall basis, allowed us to raise our outlook again for the year this time by $0.20 to the $9.15 to $9.30.

是的。其實你確實理解錯了。但讓我支持它，也許把它拉起來，並為總體指導提供一些顏色，然後我將回到細分利潤率。正如您所期望的那樣，我們對上半年的整體表現感到滿意，這使我們能夠再次將今年的展望上調 0.20 美元，至 9.15 美元至 9.30 美元。

And in doing that, we see some upside in industrial profitability versus our previous expectations, the international automotive business, which is about 50% of the segment revenue for global automotive, we see some upside. And then obviously, we've taken up our gross margin performance expectations. That guidance delivers EPS growth with a midpoint of 10.6%, and that's putting us in a position to expect our third consecutive year of double-digit earnings growth, which in this environment, is, we think, pretty impressive.

在此過程中，與我們之前的預期相比，我們看到工業盈利能力有一些上升，國際汽車業務約佔全球汽車細分市場收入的 50%，我們看到了一些上升空間。顯然，我們已經接受了毛利率表現預期。該指引帶來的每股收益增長中點為 10.6%，這使我們能夠預期我們連續第三年實現兩位數的盈利增長，在這種環境下，我們認為這是相當令人印象深刻的。

On a growth basis, top line, we had exceptional '21 and '22. We still see strong growth but moderated growth to mid-single digits overall for this year. And that really, as we look at a pretty choppy macro environment and difficult to interpret [Tea Leaves] we're keeping an eye on some of these things that are out there, whether it's inflation, monetary policy, interest rates, the political landscape globally and foreign currency.

從增長的角度來看，我們在 21 年和 22 年取得了出色的業績。我們仍然看到強勁的增長，但今年總體增長放緩至中個位數。事實上，當我們看到一個相當不穩定且難以解釋的宏觀環境時，我們正在密切關注其中的一些事情，無論是通貨膨脹、貨幣政策、利率、全球政治格局還是外匯。

So we're keeping a close eye on all of that. We balance that against confidence in our own business. Paul talked about strong industry fundamentals. We've got some great cash flows that allow us to invest in our business. And taking that all together, while it's a little bit more cautious, we do have a lot of confidence in GPC. A few details just to remember, again, gross margin, we've ticked up to 30 to 50 basis point increase expectation versus our original 20 to 40 basis points.

所以我們正在密切關注這一切。我們平衡這一點與對我們自己業務的信心。保羅談到了強勁的行業基礎。我們擁有大量的現金流，可以讓我們投資於我們的業務。綜上所述，雖然我們比較謹慎，但我們確實對 GPC 充滿信心。再次提醒您一些細節，毛利率，我們已將預期增長 30 至 50 個基點，而最初為 20 至 40 個基點。

On segment margins, we're looking for those to be up for the full year, 20 to 40 basis points. That's expansion again. We do think industrial will be up for the year. So just to clarify, Industrial will be up for the year, but not using the 12.5% for Q2 of the proxy. Industrial segment margin will outpace automotive, but we believe automotive will be in a position to recover here in the second half, as Will outlined.

在分部利潤率方面，我們預計全年分部利潤率將上漲 20 至 40 個基點。這又是擴張。我們確實認為今年工業將會增長。因此，需要澄清的是，工業今年將上漲，但不使用第二季度的 12.5% 代理值。正如威爾所概述的那樣，工業部門的利潤率將超過汽車部門，但我們相信汽車部門將在下半年復蘇。

The only point I would call out on just a headwind is SG&A. We will see deleverage as we expected for the year 30 to 40 basis points, which is consistent with our original expectations. So all that together allowed us to take our guidance up for the year slightly better on international auto, industrial profit conversion and better gross margin expectations.

我唯一要指出的不利因素是SG&A。我們預計今年去槓桿將下降30至40個基點，這與我們最初的預期一致。因此，所有這些共同使我們能夠稍微好一點地提高今年在國際汽車、工業利潤轉換和更好的毛利率預期方面的指導。

Got it. Thanks for piecing that together. And I guess I will say said, thanks for everything, and I didn't realize 83 quarters you must have started in college. So...

知道了。感謝您將其拼湊在一起。我想我會說，謝謝你所做的一切，我沒有意識到你一定已經在大學開始了 83 個季度。所以...

All right, I lead them up too easy.

好吧，我太容易引導他們了。

The next question comes from Daniel Imbro of Stephen Bank.

下一個問題來自斯蒂芬銀行的丹尼爾·因布羅。

Sid, I'll add my congratulations to the group. Well deserved -- working together.

Sid，我會向這個團隊表示祝賀。當之無愧——共同努力。

Well, I want to start on the U.S. auto side, maybe taking a step back from the quarter, just more strategically, obviously, with the promotion of Randy to the new responsibility, can you talk about what's the strategy is there, maybe bringing Motion and auto under singular leadership rather than kind of running separately. Is that a reflection of running the businesses closer together? Is that just a personnel decision? Can you talk to me about how you view that? And you mentioned some early positive internal response. Can you share any more color on what that's been.

好吧，我想從美國汽車方面開始，也許從本季度後退一步，只是更具戰略性，顯然，隨著蘭迪晉升到新的職責，你能談談那裡的戰略是什麼，也許將Motion和汽車置於單一領導之下，而不是分開運行。這是否反映了業務運作更加緊密？這只是人事決定嗎？你能和我談談你對此的看法嗎？你提到了一些早期積極的內部反應。你能分享更多關於那件事的顏色嗎？

Yes. Thanks for the question. Look, I think, as I said in my prepared remarks, Randy is a proven leader. He is well understood by our organization and brings a lot of relevant expertise to the NAPA business. As we've talked about often, at the end of the day, these are distribution businesses. And while -- they obviously have a different customer and product catalog. The value creation initiatives are all the same. And so Randy's progress and momentum and building a great team there at Motion that is incredibly deep, I think, it's all relevant and has spoken for itself in terms of the performance. And so I think it's more about how do we quickly build on the momentum of the business. And I think Randy brings is a great opportunity to do that.

是的。謝謝你的提問。看，我認為，正如我在準備好的發言中所說，蘭迪是一位經過驗證的領導者。我們組織非常了解他，並為 NAPA 業務帶來了許多相關專業知識。正如我們經常談到的，歸根結底，這些都是分銷業務。同時——他們顯然有不同的客戶和產品目錄。價值創造舉措都是一樣的。因此，蘭迪的進步和動力，以及在 Motion 建立了一支非常深入的優秀團隊，我認為，這一切都是相關的，並且在表現方面已經說明了一切。所以我認為更多的是我們如何快速建立業務勢頭。我認為蘭迪帶來的是一個很好的機會來做到這一點。

So I don't think it's operationally, meaning that we're putting the 2 business. In fact, I know it's not. We're not putting the businesses together, but I think it's just going to allow us to be a little bit more efficient and at pace to work together as kind of a One GPC team, which is a philosophy that we've been talking about as an organization. And I think an advantage that we have, given the similarities of all the initiatives that we're doing around the world to go at pace and drive impact faster than perhaps if we were not together as a company.

所以我認為這不具有可操作性，這意味著我們正在開展第二項業務。事實上，我知道事實並非如此。我們不會將業務整合在一起，但我認為這只會讓我們作為一個 One GPC 團隊更加高效、更加快速地合作，這是我們作為一個組織一直在談論的一種理念。我認為，考慮到我們在世界各地採取的所有舉措的相似性，我們擁有一個優勢，即與我們不作為一家公司合作相比，我們能夠更快地推進並產生影響。

Daniel, I would just add to Will's comments, Randy has done a phenomenal job at Motion as you've seen in the numbers, and we expect that to continue because we've got a great leadership team at Motion. And as you know, every business, it's much bigger than one person.

丹尼爾，我想補充一下威爾的評論，正如您在數字中看到的那樣，蘭迪在 Motion 做了出色的工作，我們希望這種情況能夠繼續下去，因為我們在 Motion 擁有一支出色的領導團隊。如您所知，每一項業務都比一個人要大得多。

I would say the same by U.S. automotive, Daniel. And I'm glad you asked the question because it gives me the opportunity to recognize that team. Kevin did a great job over the last few years of really bringing in a lot of new talent into the leadership group at U.S. Automotive. That team, I have 100% confidence, it is going to continue to drive improvements in U.S. automotive. And I have no doubt Randy will continue on with the good work that Kevin did by leading that team. So we're excited by the moves and look forward to the impact that Randy is going to have across both businesses.

丹尼爾，我對美國汽車業也有同樣的看法。我很高興你問這個問題，因為它讓我有機會認識這個團隊。凱文在過去幾年中做得非常出色，確實為美國汽車公司的領導團隊引入了許多新人才。我對這個團隊有 100% 的信心，它將繼續推動美國汽車業的進步。我毫不懷疑蘭迪將繼續凱文領導該團隊所做的出色工作。因此，我們對這些舉措感到興奮，並期待蘭迪將對兩家公司產生影響。

And then follow up on the automotive guidance, not to get too into it, but trying to reconcile the 4% to 6% comp guide and the 4% to 6% total revenue guide on the automotive side. I think FX rates just as we sit today are at least a few points better than what you initially guided. So trying to reconcile how that wouldn't be more of a tailwind. Are you hedging out some of that translational benefit in the back half? Or is the right interpretation, it will be more FX benefit? And maybe lighter organic growth just within that same guidance range. Just trying to square away how FX rates can change the guide, kind of gets maintained.

然後跟進汽車指導，不要太投入，而是嘗試協調汽車方面 4% 至 6% 的補償指導和 4% 至 6% 的總收入指導。我認為今天的匯率至少比您最初指導的好幾個點。因此，試圖協調如何這不會更像是順風。您是否在後半段規避了一些轉化收益？或者是正確的解釋，這會帶來更多的外匯收益嗎？也許在同一指導範圍內有機增長會更輕。只是試圖平衡匯率如何改變指導，有點得到維持。

Yes, sure. Look, on the top line, I think we've been consistent pretty much throughout the year with our initial outlook on the top line guide. And we've just basically done what we said we would do on both with the 4% to 6%. As we look at the rest of the year through de-comping and trying to get a little bit more color on global automotive I would say that the international automotive will continue to outpace the U.S. We'll expect it to be on the higher end of our comp range. We'll expect the U.S. to be on the lower end.

是的，當然。看，在頂線上，我認為我們全年與我們對頂線指南的初步展望基本一致。我們基本上已經完成了我們所說的 4% 到 6% 的工作。當我們通過對全球汽車進行對比並試圖獲得更多色彩來看待今年剩餘時間時，我想說國際汽車將繼續超過美國。我們預計它將處於我們比較範圍的高端。我們預計美國將處於較低水平。

So the international is a bit on the higher end, you probably get a little bit of improvement from FX to your point, but that's kind of how we're thinking about those things. And look, in the U.S. automotive business, as Will has highlighted, there's more potential there. But we are being a little bit conservative on how we think about the rest of the year and how that business recovers and continues to improve over the second half.

因此，國際市場有點高端，您可能會從外匯方面得到一些改進，以達到您的觀點，但這就是我們思考這些事情的方式。看看，在美國汽車行業，正如威爾所強調的那樣，那裡有更多的潛力。但我們對今年剩餘時間以及下半年業務如何復蘇和繼續改善的看法有點保守。

On industrial, I'd be remiss if I didn't talk about the industrial side. They've had a fantastic first half. But as we expect in the second half, moderates a bit to low single digits in the second half versus high single digits in the first half, which gives you the 4% to 6% for industrial. But even with that low single-digit. As I've said a couple of times, we will see some nice margin expansion for the full year in the Industrial segment. So hopefully, that reconciles that and squares the circle for you.

在工業方面，如果我不談論工業方面，那就是我的失職。他們上半場表現出色。但正如我們對下半年的預期，與上半年的高個位數相比，下半年的增速略有放緩至低個位數，這為工業帶來了 4% 至 6% 的增長。但即使是這麼低的個位數。正如我多次說過的那樣，我們將看到工業領域全年的利潤率出現一些不錯的增長。希望這能調和這一點並為您解決問題。

Just one follow-up on the comp guide. You just mentioned you called the back half conservative on the outlook. But in the U.S., you're calling for an acceleration. Inflation is moderating. So clearly, you're implying traffic is going to further accelerate to get the total comp up. I guess, what are the specific buckets? Or what are you looking at in the business that gives you guys the confidence that the traffic will be ultimately accelerating from here through the back half of the year to get that acceleration towards the low end of the 4% to 6% comp guide in the U.S.

只是比較指南的一個後續內容。您剛才提到您稱後半部分對前景持保守態度。但在美國，你呼籲加速。通貨膨脹正在放緩。很明顯，您的意思是流量將進一步加速以獲得總補償。我想，具體的桶是什麼？或者，您在業務中看到的是什麼讓您有信心，從現在到今年下半年，流量最終將加速，以加速達到美國 4% 至 6% 的補償指南的低端。

Yes. I'm not sure I would have interpreted that way. I'll just reiterate kind of what we're thinking. As we look at the 4% to 6% for the back half for automotive. We've had consistent growth throughout the year on the 4% to 6% range. We expect that for the next 2 quarters, full year automotive at 4% to 6%. International on the higher end and U.S. automotive on the lower end of that range, and I think we'll just leave it there.

是的。我不確定我會這樣解釋。我只是重申一下我們的想法。我們看看汽車後半部分的 4% 到 6%。我們全年的增長率始終保持在 4% 到 6% 的範圍內。我們預計未來 2 個季度，全年汽車行業增長率為 4% 至 6%。國際在高端，美國汽車在該範圍的低端，我認為我們就留在那裡。

We have time for one last question, and that question will come from Seth Basham of Wedbush.

我們有時間回答最後一個問題，該問題將由韋德布什的塞思·巴沙姆提出。

Congrats to Sid as well, we'll miss you buddy. My question, not to beat a dead horse is back on the U.S. auto business and the cadence of comps through the quarter. Perhaps we were mistaken, Will. But I thought on the last quarterly conference call, you said that April to date had accelerated from the 3% level in the first quarter. That implies a pretty material deceleration through the balance of the quarter, he said zero-ish, flattish in June. Where were we in April and May?

也祝賀 Sid，我們會想念你的，伙計。我的問題是，不要一事無成，這又回到了美國汽車業和整個季度的競爭節奏。也許我們錯了，威爾。但我想在上一次季度電話會議上，您說 4 月份至今已較第一季度 3% 的水平有所加速。他在 6 月份表示，這意味著本季度剩餘時間將出現相當大的減速，減速幅度為零，持平。四月和五月我們在哪裡？

I think the comment that we made in the first call was true. In April, we did accelerate from the March performance. And as you articulated, and as I think we said, April and May were close to each other in this quarter and then June was the deceleration, and we called it flattish. So call it low single digit, low single digit, flattish for the quarter.

我認為我們在第一次通話中發表的評論是正確的。 4 月份，我們的表現確實比 3 月份有所加速。正如您所闡述的，正如我認為我們所說的那樣，四月和五月在本季度的走勢非常接近，然後六月是減速期，我們稱之為持平。所以稱其為低個位數、低個位數、本季度持平。

All right. Fair enough. And then secondly, just following up on your comments regarding the major accounts segment. Seems like that's the segment where there's the most price competition, you're being more disciplined with how you approach some customers there. Can you give us any more color? Are you walking away from some business that you don't see as being profitable enough at this point in time?

好的。很公平。其次，跟進您對主要客戶部分的評論。似乎這是價格競爭最激烈的細分市場，您在接觸那裡的某些客戶時更加自律。你能給我們更多的顏色嗎？您是否正在放棄一些您認為目前盈利能力不夠的業務？

I'm not sure I'd go that far. I would say, first and foremost, this part of the business is always discussing price, obviously, because they're big scale accounts. So I wouldn't say that those types of discussions are more intense today than they were before. I think we're just bringing a fresh perspective to making sure that our value prop is being appreciated. And we're also doing work with smaller regional "major accounts" that we can really drive a lot of value with given all the capabilities that we bring to them. So I think it's just a stepped-up level of focus and strategic discipline about taking care of our customers.

我不確定我會走那麼遠。我想說，首先也是最重要的是，這部分業務顯然總是在討論價格，因為它們是大型客戶。所以我不會說今天這類討論比以前更加激烈。我認為我們只是帶來了一個新的視角來確保我們的價值支柱得到重視。我們還與較小的區域“主要客戶”合作，考慮到我們為他們帶來的所有能力，我們確實可以創造很多價值。所以我認為這只是在照顧我們的客戶方面加強了關注和戰略紀律。

This concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

我們的問答環節到此結束。我想將會議轉交管理層發表閉幕詞。

Yes. Thank you. And I just want to reiterate, we are super proud of our team, the way they continue to operate and in a challenging environment around the world. I'd also like to thank all of you for joining us today, and thanks for your combined and continued interest in Genuine Parts Company.

是的。謝謝。我只想重申，我們對我們的團隊以及他們在世界各地充滿挑戰的環境中繼續運作的方式感到非常自豪。我還要感謝大家今天加入我們，並感謝你們對原廠配件公司的持續關注。

We'll look forward to hosting another call in the third quarter and report on our results. So we'll have another call on October 19th. In the meantime, stay cool and enjoy the rest of your summer. Thank you.

我們期待在第三季度舉辦另一次電話會議並報告我們的結果。我們將於 10 月 19 日再次通電話。與此同時，保持涼爽，享受剩下的夏天。謝謝。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。