O'Reilly Automotive Inc (ORLY) 2016 Q1 法說會逐字稿

Good morning, and welcome to the O'Reilly Automotive Inc. first-quarter earnings conference call. My name is Brandon and I will be your operator for today. At this time, all participants are in a listen-only mode. Later, we will conduct a 30-minute question-and-answer session. Please note this conference is being recorded.

早安，歡迎來到奧萊利汽車公司。第一季財報電話會議。我叫布蘭登，今天將由我來為您服務。目前，所有參與者均處於唯讀模式。稍後，我們將進行30分鐘的問答環節。請注意，本次會議正在錄影。

I will now turn it over to Mr. Tom McFall. Sir, you may begin.

現在我將把這個任務交給湯姆‧麥克福爾先生。先生，您可以開始了。

Thank you, Brandon. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our first-quarter 2016 results, and our outlook for the second-quarter and remainder of 2016. After our prepared comments, we will host a question-and-answer period.

謝謝你，布蘭登。各位早安，感謝各位的參與。在今天的電話會議上，我們將討論我們 2016 年第一季的業績，以及我們對 2016 年第二季和剩餘時間的展望。在我們發表完準備好的評論後，我們將安排問答環節。

Before we begin this morning, I would like to remind everyone that our comments today contain forward-looking statements, and we intend to be covered by, and we claim the protection under, the Safe Harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as estimate, may, could, will, believe, expect, would, consider, should, anticipate, project, plan, intend, or similar words.

在今天早上開始之前，我想提醒大家，我們今天的發言包含前瞻性陳述，我們打算遵守 1995 年《私人證券訴訟改革法案》中關於前瞻性陳述的「安全港」條款，並主張受到該條款的保護。你可以透過諸如估計、可能、可以、將、相信、預期、會、考慮、應該、預計、預測、計劃、打算或類似詞語等前瞻性詞語來識別這些陳述。

The Company's actual results could differ materially from any forward-looking statements due to several important factors described in the Company's latest Annual Report on Form 10-K for the year ended December 31, 2015 and other recent SEC filings. The Company assumes no obligation to update any forward-looking statements made during this call.

由於公司截至 2015 年 12 月 31 日止年度的最新 10-K 表格年度報告和其他最近提交給美國證券交易委員會的文件中描述的幾個重要因素，公司的實際業績可能與任何前瞻性聲明存在重大差異。本公司不承擔更新本次電話會議中任何前瞻性陳述的義務。

At this time, I'd like to introduce Greg Henslee.

在此，我謹向大家介紹格雷格‧亨斯利。

Thanks, Tom. Good morning, everyone, and welcome to the O'Reilly Auto Parts first-quarter conference call. Participating on the call with me this morning is, of course, Tom McFall, our Chief Financial Officer; and Jeff Shaw, our Executive Vice President of Store Operations and Sales. David O'Reilly, our Executive Chairman, is also present.

謝謝你，湯姆。各位早安，歡迎參加歐萊利汽車配件公司第一季電話會議。今天早上和我一起參加電話會議的當然還有我們的財務長湯姆·麥克福爾，以及我們的門市營運和銷售執行副總裁傑夫·肖。我們的執行主席大衛·奧萊利也出席了活動。

It is my pleasure to begin our call today by congratulating Team O'Reilly on another record-breaking quarter and an excellent start to 2016. We are very pleased with our first-quarter comparable store sales increase of 6.1%, which excludes Leap Day, and is on top of an increase of 7.2% in the first quarter of 2015 and 6.3% in the first quarter of 2014.

今天，我很高興首先向奧萊利團隊表示祝賀，祝賀他們又一個季度創下紀錄，並為 2016 年開了個好頭。我們非常高興第一季同店銷售額成長了 6.1%（不包括閏日），此前 2015 年第一季成長了 7.2%，2014 年第一季成長了 6.3%。

This repeated market-leading performance is the direct result of our outstanding team of over 73,000 dedicated team members and their unwavering commitment to providing consistently-excellent levels of customer service. Our experienced and hard-working team has now generated a remarkable 10 consecutive quarters of comparable store sales increases in excess of 5%.

我們之所以能夠持續保持市場領先地位，直接歸功於我們超過 73,000 名敬業的團隊成員組成的出色團隊，以及他們始終如一地致力於提供卓越的客戶服務。我們經驗豐富、勤奮敬業的團隊已經連續 10 個季度實現了超過 5% 的同店銷售額成長，成績斐然。

These consistently robust results would just not be possible without our team's dedication to living the O'Reilly culture of going above and beyond for each of our valued customers. And I want to thank each of our team members for their continued contributions to our Company's long-term success.

如果沒有我們團隊秉承 O'Reilly 的企業文化，竭盡全力為每一位尊貴的客戶提供超出預期的服務，這些持續穩健的業績是不可能實現的。我還要感謝我們團隊的每一位成員，感謝他們為公司的長期成功所做的持續貢獻。

For the first quarter, our team drove a total sales increase, excluding Leap Day, of 8.9%. And our diligent focus on profitable growth and expense control translated this topline performance into a record high first-quarter operating margin of 19.9%, also excluding Leap Day, which positively impacts first-quarter operating margin by approximately 12 basis points as we leverage fixed costs over the extra day of sales.

第一季度，我們的團隊實現了總銷售額成長（不包括閏日），增幅達 8.9%。我們一絲不苟地專注於獲利成長和費用控制，將這一營收成長轉化為創紀錄的第一季營業利潤率 19.9%（不包括閏日），閏日使我們利用額外銷售日的固定成本，對第一季營業利潤率產生了約 12 個基點的正面影響。

This operating margin performance was 143 basis point improvement over the first-quarter of 2015, and we are very proud of these record-breaking first-quarter results. During the quarter, we generated earnings-per-share of $2.59. Our EPS guidance of $2.41 to $2.51 for the first-quarter included Leap Day. But on a year-over-year basis, we benefited approximately $0.05 as a result of the extra day.

與 2015 年第一季相比，本季營業利潤率提高了 143 個基點，我們為這項破紀錄的第一季業績感到非常自豪。本季度，我們每股收益為 2.59 美元。我們先前對第一季每股收益的預期為 2.41 美元至 2.51 美元，其中包含了閏日的影響。但按年計算，由於多出的一天，我們大約獲益 0.05 美元。

On a comparable basis, our EPS of $2.54 represents an increase of 23% over the prior-year, which is the 29th consecutive quarter we have grown EPS in excess of 15%. This is a truly remarkable string of outstanding performance, and I couldn't be more pleased with the results of our team's consistent focus on providing outstanding service to our customers.

以可比口徑計算，我們的每股收益為 2.54 美元，比上年增長 23%，這是我們連續第 29 個季度每股收益增長超過 15%。這是一系列非常出色的業績，我對我們團隊始終專注於為客戶提供卓越服務所取得的成果感到無比滿意。

When we look at the cadence of our sales performance for the first quarter, we saw solid demand in each month of the quarter, with our strongest outperformance coming in the first two months when results came in above our expectations. March results were in line with our expectations despite the slow start to spring we've seen in some markets.

當我們回顧第一季的銷售業績時，我們發現每個月的需求都很強勁，其中前兩個月的業績表現最為出色，超過了我們的預期。儘管部分市場在春季開局緩慢，但3月的業績符合我們的預期。

Spring has now arrived in full force over the past couple of weeks. Trends have strengthened. And to this point in the quarter, comparable store sales are in line with our expectations. However, we face tough comparisons on a two-year and three-year stack basis. Considering all the factors driving our comparable store sales performance, we feel it is appropriate to set our second-quarter comparable store sales growth guidance at a range of 3% to 5%, in line with our full-year guidance.

過去兩週，春天已經全面來臨。趨勢已加強。截至本季末，同店銷售額符合我們的預期。然而，在兩年和三年的數據堆疊基礎上，我們面臨著艱難的比較。考慮到影響同店銷售業績的所有因素，我們認為將第二季同店銷售成長預期設定在 3% 至 5% 的範圍內是合適的，這與我們的全年預期一致。

The composition of our comparable store sales growth in the first quarter repeated the same trends we saw throughout 2015. Both our professional and DIY sides of the business were strong contributors to our comparable store sales growth, with professional being slightly higher. We saw solid increases in both comparable transaction count and ticket average, with a larger contribution from our professional ticket count, although our DIY ticket count growth continues to be solid.

第一季同店銷售成長的組成與 2015 年全年的趨勢相同。我們專業業務和 DIY 業務都對同店銷售成長做出了巨大貢獻，其中專業業務的貢獻略高一些。我們看到可比交易量和平均單價均實現了穩步增長，其中專業訂單數量的貢獻更大，儘管自助訂單數量的增長仍然保持穩健。

The increase in average ticket continues to be driven by the secular industry driver of parts complexity with no help from increases in selling price, as inflation remains muted. Our performance for the quarter, as we've seen for quite some time now, was largely driven by key hard parts categories such as it brakes, chassis, and driveline.

平均票價上漲主要受零件複雜性這一長期行業因素驅動，而銷售價格上漲並未起到推動作用，因為通貨膨脹依然溫和。正如我們一段時間以來所看到的，本季的業績主要由關鍵的硬部件類別（如煞車、底盤和傳動系統）驅動。

From a macroeconomic standpoint, we continue to benefit from positive tailwinds from modest improvements in employment and low gas prices, and miles driven are off to a solid start thus far in 2016. We feel the positive trend in miles driven has been an important factor in fueling our robust comparable store sales growth, and will continue to deliver solid demand in our industry for the remainder of 2016, although at a lesser degree on a year-over-year basis compared to the significant tailwinds in 2015.

從宏觀經濟角度來看，我們持續受惠於就業溫和改善和低油價帶來的積極利好，2016 年至今，汽車行駛里程也取得了穩健的開局。我們認為，行駛里程的積極趨勢是推動我們同店銷售額強勁增長的重要因素，並且將在 2016 年剩餘時間內繼續為我們行業帶來強勁的需求，儘管與 2015 年的顯著利好相比，同比增幅會有所下降。

As we noted in our press release, our gross profit outlook for the second-quarter includes a LIFO headwind of approximately $23 million for anticipated acquisition cost reductions from a specific second-quarter supplier deal, which was not contemplated in our initial 2016 guidance. Tom will discuss this in more detail in a moment, but we view this headwind largely as lumpiness in the timing of our 2016 gross margin, and we still expect to achieve our previously-stated full-year gross margin range of 52.3% to 52.7%, although potentially on the lower end.

正如我們在新聞稿中指出的那樣，我們對第二季度毛利的預期包括約 2300 萬美元的後進先出法 (LIFO) 不利因素，這是由於預計第二季度與特定供應商達成的協議將降低收購成本，而這在我們最初的 2016 年指導中並未考慮到。Tom 稍後會更詳細地討論這個問題，但我們認為這種不利因素主要體現在 2016 年毛利率公佈時間的不確定性上，我們仍然預計能夠實現先前公佈的全年毛利率目標，即 52.3% 至 52.7%，儘管可能會略低於目標值。

We are also reiterating our full-year 2016 operating profit guidance at 19.3% to 19.7% of sales. Earnings-per-share -- before earnings-per-share, we are establishing our second-quarter guidance at $2.54 to $2.64, which includes the LIFO pressure, and at the midpoint, would represent a 13% increase over EPS of $2.29 in the second-quarter of last year. As a reminder, our EPS results in the second-quarter of last year were negatively impacted by a $19 million charge for an adverse verdict in a long-term contract dispute with a former service provider.

我們也重申 2016 年全年營業利潤預期為銷售額的 19.3% 至 19.7%。每股盈餘－在計算每股盈餘之前，我們設定第二季度預期為 2.54 美元至 2.64 美元，其中包括後進先出法 (LIFO) 的壓力，其中點值將比去年第二季度的每股收益 2.29 美元增長 13%。提醒一下，去年第二季我們的每股盈餘業績受到不利影響，原因是與前服務提供者的長期合約糾紛中產生了 1,900 萬美元的不利判決費用。

On a comparable basis, absent the 2015 charge and the anticipated 2016 LIFO headwind, the midpoint of our earnings-per-share guidance range would be $2.74, a 14% increase over the prior-year, which is consistent with the increase on an unadjusted basis. Our guidance includes incremental interest expense from our $500 million March issuance of senior notes, as well as the impact from all the shares repurchased through this call, but does not include any future share repurchases.

如果排除 2015 年的費用和預計 2016 年 LIFO 的不利因素，以可比基礎計算，我們每股收益指導範圍的中點將為 2.74 美元，比上一年增長 14%，這與未經調整的增長一致。我們的預期包括 3 月發行 5 億美元優先票據帶來的額外利息支出，以及透過本次電話會議回購的所有股份的影響，但不包括任何未來的股份回購。

Before I turn the call over to Jeff, I would like to again thank our team for our record-breaking first-quarter results. We remain very confident in the long-term drivers for demand in our industry, and we believe we are very well-positioned to capitalize on this demand by consistently providing industry-leading service to our customers every day.

在將電話交給傑夫之前，我想再次感謝我們的團隊，感謝他們取得了破紀錄的第一季業績。我們對產業長期需求的驅動因素仍然充滿信心，我們相信，透過每天持續為客戶提供業界領先的服務，我們完全有能力抓住這一需求。

Again, congratulations to Team O'Reilly for a very strong start to 2016. I will now turn the call over to Jeff Shaw.

再次恭喜奧萊利車隊在 2016 年取得了非常強勁的開局。現在我將把電話交給傑夫·肖。

Thanks, Greg, and good morning, everyone. I'd like to begin my remarks by echoing Greg's comments and congratulating Team O'Reilly on another outstanding quarter and a great start to 2016.

謝謝你，格雷格，大家早安。首先，我想附和格雷格的評論，恭喜歐萊利團隊又一個出色的季度，並為 2016 年開了個好頭。

Our team continue to exceed the high bar they've set with their past performance by once again delivering industry-leading comparable store sales growth and record profitability. The secret to our team's consistent track record of success really isn't a secret. It's our team's dedication to working harder than our competition and providing excellent service to each of our customers.

我們的團隊不斷超越以往的高標準，再次實現了業界領先的同店銷售成長和創紀錄的獲利能力。我們團隊持續成功的秘訣其實並不是什麼秘密。我們團隊致力於比競爭對手更努力工作，並為每位客戶提供優質的服務。

For the quarter, we grew total revenues 10.2% and total gross margin dollars by 11.2%. Our incredibly steady run of generating profitable growth is a direct result of our ability to provide exceptional service, a wide product offering at competitive prices, and superior parts availability. This growth doesn't happen without the dedication of our store, DC, and office support teams.

本季度，我們的總營收成長了 10.2%，總毛利成長了 11.2%。我們持續穩定地實現獲利成長，直接得益於我們能夠提供卓越的服務、價格具有競爭力的豐富產品以及優質的零件供應。如果沒有我們門市、配送中心和辦公室支援團隊的奉獻，這項成長是不可能實現的。

Now I'd like to spend a little time talking about our SG&A expense for the first quarter. Our team continues to remain fully committed to building strong relationships with our customers and gaining market share, while at the same time keeping a close eye on expenses. And as a result of their efforts, we levered SG&A by 108 basis points for the first quarter.

現在我想花一點時間談談我們第一季的銷售、管理及行政費用。我們的團隊將繼續全力以赴，與客戶建立牢固的關係並擴大市場份額，同時密切關注支出。由於他們的努力，我們第一季的銷售、一般及行政費用槓桿率提高了 108 個基點。

This SG&A performance exceeded our expectations and is a direct reflection of the discipline our team demonstrates in making sure that every expense dollar is spent to enhance our service to our customers. Our significant SG&A leverage is the result of our strong comparable sales results, coupled with an increase in average SG&A per store of 2% in the first quarter, which is well within our expectations, especially in light of the higher variable cost associated with strong comps and increased customer counts.

這次銷售、一般及行政費用表現超乎預期，直接體現了我們團隊在確保每一分錢都用於提升客戶服務方面所展現出的嚴謹態度。我們顯著的銷售、一般及行政費用槓桿作用源於我們強勁的同店銷售業績，以及第一季每家店平均銷售、一般及行政費用增長 2%，這完全符合我們的預期，尤其是在強勁的同店銷售和客戶數量增加帶來的可變成本上升的情況下。

We continue to expect our full-year increase in average SG&A per store to be approximately 2%. However, we will closely monitor our sales volumes and will make appropriate adjustments as needed to prudently manage SG&A expenses, both up and down, to match business trends and the opportunities we see in the marketplace.

我們仍預計全年每家店的平均銷售、管理及行政費用將成長約為 2%。但是，我們將密切注意銷售量，並根據需要做出適當調整，以謹慎地管理銷售、一般及行政費用，使其上下波動，以適應業務趨勢和我們在市場上看到的機會。

We successfully opened 52 net new stores during the first quarter and we continue to be pleased with the performance of our new stores. During the quarter, we opened stores in 22 different states with the highest concentration in some of our newer growth markets in Florida and the Northeast, as well as continued growth in existing markets such as Texas.

第一季我們成功淨增 52 家門市，我們持續對新店的業績感到滿意。本季度，我們在 22 個不同的州開設了門市，其中在佛羅裡達州和東北部一些較新的成長市場最為集中，同時在德克薩斯州等現有市場也保持成長。

As we've discussed in the past, our ability to continue to drive profitable growth for several years in Texas has strained our DC capacity, but we are excited to report that progress on the construction and stocking of our newest DC in the San Antonio market is right on schedule, and we are on target to open the DC in the next month. The San Antonio DC will have the capacity to service approximately 250 stores. And over the course of the next few months, we will immediately transfer a significant number of stores to the new DC, freeing up much-needed capacity in our Dallas and Houston DCs.

正如我們過去討論過的，我們在德克薩斯州連續幾年保持盈利增長的能力給我們的配送中心產能帶來了壓力，但我們很高興地報告，我們在聖安東尼奧市場的最新配送中心的建設和庫存進展順利，我們預計在下個月開設該配送中心。聖安東尼奧配送中心將有能力為約 250 家門市提供服務。在接下來的幾個月裡，我們將立即將大量門市轉移到新的配送中心，從而釋放達拉斯和休士頓配送中心急需的產能。

Opening the new stores and new distribution centers are long, complex processes that involve every area of our Company. Just as importantly, the most critical component of any new store or DC opening is the identification and training of the teams that will live the O'Reilly culture and provide excellent service to our customers.

開設新店和新配送中心是一個漫長而複雜的過程，涉及我們公司的各個部門。同樣重要的是，任何新店或配送中心開業最關鍵的組成部分是識別和培訓能夠實踐 O'Reilly 文化並為我們的客戶提供優質服務的團隊。

Our store and DC leadership teams continue to do a fantastic job instilling our culture and business philosophy in our newest teams, and I want to thank them for their continued dedication to excellent customer service. It's always a good thing to start off a new year with a great first quarter, and we're obviously pleased with the outstanding job by Team O'Reilly so far in 2016.

我們的門市和配送中心領導團隊在向新團隊灌輸我們的文化和商業理念方面做得非常出色，我要感謝他們一直以來對卓越客戶服務的奉獻。新年伊始，第一季取得佳績總是件好事，我們顯然對奧萊利團隊在 2016 年迄今的出色表現感到滿意。

As I close my comments, I must reiterate that we will never rest on past successes, but will continue to out-hustle and out-service our competitors to earn our customers' business each and every day. I am confident we have the right team in place to continue to provide unwavering customer service and take market share the rest of 2016. And I want to once again thank Team O'Reilly for their continued dedication to our Company's success.

在結束演講之際，我必須重申，我們絕不會固步自封，而是會繼續努力，超越競爭對手，每天贏得客戶的信任和支持。我相信我們已經組建了一支合適的團隊，能夠在 2016 年剩餘的時間裡繼續提供一致的客戶服務並擴大市場份額。我再次感謝奧萊利團隊為公司成功所做的持續貢獻。

Now I'll turn the call over to Tom.

現在我把電話交給湯姆。

Thanks, Jeff. I'd also like to congratulate all of Team O'Reilly on a great start to 2016. Now we'll take a closer look at our quarterly results and update our guidance for the remainder of 2016.

謝謝你，傑夫。我還要祝賀奧萊利團隊全體成員在 2016 年取得如此輝煌的開局。現在我們將仔細審視我們的季度業績，並更新我們對 2016 年剩餘時間的業績預期。

For the quarter, sales increased $194 million, comprised of $113 million increase in comp store sales, a $52 million increase in non-comp store sales, a $24 million increase from Leap Day, a $6 million increase in non-comp non-store sales, and a $1 million decrease from closed stores. For 2016, we continue to expect our total revenue to be $8.4 billion to $8.6 billion.

本季銷售額成長 1.94 億美元，其中同店銷售額成長 1.13 億美元，非同店銷售額成長 5,200 萬美元，閏日銷售額成長 2,400 萬美元，非同店非門市銷售額成長 600 萬美元，以及門市關閉導致銷售額減少 100 萬美元。我們預計2016年的總收入將達到84億美元至86億美元。

For the quarter, gross margin was 52.4% of sales and improved 47 basis points over the prior-year. This was within the range of our expectations, as we benefited from the mix of sales and leverage on distribution costs driven by strong sales, offset by LIFO headwinds of $13 million, which were above our expectations. Excluding LIFO from both years, gross margin increased 66 basis points year-over-year.

本季毛利率為銷售額的 52.4%，比去年同期提高了 47 個基點。這符合我們的預期，因為我們受益於強勁的銷售和分銷成本槓桿作用，而這又被超出我們預期的 1300 萬美元的後進先出 (LIFO) 不利因素所抵消。如果剔除這兩年的後進先出法（LIFO），毛利率年增 66 個基點。

As we described in our press release, and Greg mentioned earlier, we are anticipating significant unplanned LIFO headwinds in the second quarter. Specifically, we expect to see a LIFO charge related solely to a supplier renegotiation for a specific major hard part sign of approximately $23 million. This charge is the result of a macro shipped in the supplier landscape for this product line and will impact margin above and beyond the normal pressure we see on a quarter-to-quarter basis from more routine acquisition cost decreases.

正如我們在新聞稿中所述，以及 Greg 之前提到的，我們預計第二季將面臨重大的計劃外後進先出 (LIFO) 不利因素。具體來說，我們預計會看到一筆僅與供應商就價值約 2300 萬美元的特定主要硬部件標誌進行重新談判相關的後進先出 (LIFO) 費用。這項費用是該產品線供應商格局中宏觀因素造成的，除了我們每季因常規採購成本下降而看到的正常壓力外，還將對利潤率產生額外影響。

As a refresher, we incurred these non-cash LIFO headwinds as a result of our historic success in reducing acquisition costs to the point where we have exhausted our LIFO reserve. And further cost decreases require us to reduce our existing inventory value to the lower cumulative acquisition cost. While this specific new vendor deal will pressure our gross margin in the second quarter, we will realize improved gross margins from the lower acquisition costs on a go-forward basis.

回顧一下，我們之所以面臨這些非現金後進先出法的不利影響，是因為我們過去成功地降低了收購成本，以至於耗盡了我們的後進先出儲備。而要進一步降低成本，我們需要將現有庫存價值降低到較低的累積購買成本。雖然這項新的供應商交易會在第二季對我們的毛利率造成壓力，但從長遠來看，由於採購成本降低，我們將實現毛利率的提高。

And we are reiterating our gross margin guidance of 52.3% to 52.7% of sales for the full-year, with the expectation we made in the bottom end of that range. This assumes pricing in this industry will continue to remain rational.

我們重申全年毛利率預期為銷售額的 52.3% 至 52.7%，我們預計最終結果將達到該範圍的下限。這假設該行業的定價將繼續保持理性。

Our effective tax rate for the quarter was 37.0% of pretax income. For the full-year, we continue to expect our tax rate to be approximately 36.7%, with the remaining quarters being relatively consistent, with the exception of the third quarter when we adjust our tax reserves for the tolling of open tax periods. These estimates are subject to the resolution of open audits and our success in qualifying for existing job tax credit programs.

本季實際稅率為稅前收入的 37.0%。全年我們預計稅率約為 36.7%，其餘季度稅率將相對穩定，但第三季除外，屆時我們將調整稅收準備金，以彌補未結稅期的延長。這些估算結果取決於未決審計的解決情況以及我們能否成功獲得現有的就業稅收抵免計劃。

Now we'll move on to free cash flow and the components that drove our results. Free cash flow for the quarter was $384 million, which was a $69 million increase from the prior-year, driven primarily by increased income. We are reiterating our full-year guidance of $750 million to $800 million. Inventory per store at the end of the quarter was $584,000, which is a 1.5% increase from the end of 2015.

接下來我們將討論自由現金流以及推動我們績效的各項因素。本季自由現金流為 3.84 億美元，比去年同期增加 6,900 萬美元，主要原因是收入增加。我們重申全年業績預期為 7.5 億美元至 8 億美元。本季末每家門市的庫存為 584,000 美元，比 2015 年底增長了 1.5%。

This growth rate was in line with our expectations for the quarter, and we continue to expect inventory per store to grow approximately 1.5% for the full-year. Our ongoing goal is to ensure we are growing per store inventory at a lower rate than the comparable store sales growth we generate. And we expect to continue our success with effectively deploying inventory in 2016.

這一成長率符合我們對本季的預期，我們繼續預計全年每家門市的庫存將成長約 1.5%。我們始終致力於確保單店庫存成長速度低於同店銷售成長速度。我們預計在 2016 年將繼續有效部署庫存，並取得成功。

Our AP to inventory ratio finished the first quarter at 103%, which exceeded our expectations and represented a new high for this ratio. As we saw through much of 2015, our AP percentage in the first quarter benefited from incrementally improved terms and strong sales. As we progress through 2016, we expect our AP to inventory ratio to moderate somewhat to closer to 100%, as we incrementally improve our vendor terms but face the headwinds of a lower expected increase in sales, based on our current comparable store sales guidance for the remainder of the year.

第一季末，我們的應付帳款與庫存比率達到 103%，超出預期，創下該比率的新高。正如我們在 2015 年的大部分時間所看到的，我們第一季的應付帳款百分比受益於條款的逐步改善和強勁的銷售。隨著 2016 年的推進，我們預計應付帳款與庫存比率將有所緩和，接近 100%，因為我們將逐步改善供應商條款，但根據我們目前對今年剩餘時間的同店銷售指導，我們將面臨銷售成長預期降低的不利因素。

Capital expenditures for the quarter ended up at $104 million, which was up slightly from 2015 and in line with our expectations. We continue to forecast CapEx at $460 million to $490 million for the full-year of 2016.

本季資本支出最終達到 1.04 億美元，比 2015 年略有成長，符合我們的預期。我們繼續預測 2016 年全年資本支出為 4.6 億至 4.9 億美元。

Moving on to debt. We finished the first quarter with an adjusted debt to EBITDA ratio of 1.72 times, which is still well below our targeted ratio of 2 to 2.25 times. However, it is up from the 1.52 times at the end of 2015 as a result of our successful issuance of $500 million of senior notes in March.

接下來談談債務問題。第一季末，我們調整後的負債與 EBITDA 比率為 1.72 倍，仍遠低於我們 2 至 2.25 倍的目標比率。然而，由於我們在 3 月成功發行了 5 億美元的優先票據，該比率已從 2015 年底的 1.52 倍上升。

This was our first new debt issuance since the second quarter of 2013, and we were pleased with the execution of the senior notes offering and our ability to secure attractive long-term interest rates as an investment grade borrower. However, the incremental interest expense from this debt issuance will be a headwind to 2016 earnings-per-share until we effectively deploy this capital.

這是我們自 2013 年第二季以來首次發行新債，我們對高級票據發行的執行情況以及作為投資等級借款人獲得有吸引力的長期利率的能力感到滿意。然而，在我們有效利用這筆資金之前，此次債務發行帶來的額外利息支出將對 2016 年每股盈餘構成不利影響。

We continue to believe our stated leverage range is appropriate for our business, and we will move into this range when the timing is appropriate. We also continue to execute our share repurchase program. And year-to-date, we have repurchased 1.5 million shares at an average share price of $256.94 for a total investment of $384 million. We continue to view our buyback program as an effective means of returning available cash to our shareholders after we take advantage of opportunities to invest in our business at a high rate of return.

我們仍然認為我們設定的槓桿率範圍適合我們的業務，我們將在適當的時機進入這個範圍。我們將繼續執行股票回購計畫。今年迄今為止，我們已以平均每股 256.94 美元的價格回購了 150 萬股股票，總投資額為 3.84 億美元。我們仍然認為，在利用高回報率的投資機會投資公司業務之後，回購計畫是向股東返還可用現金的有效手段。

And we will prudently execute our program with an emphasis on maximizing long-term returns for our shareholders. To recap our full-year earnings-per-share guidance, we expect the LIFO headwinds in the second quarter, and the incremental interest expense from our first-quarter debt issuance to be offset by our first-quarter EPS beat and the benefit of the shares repurchased since our fourth-quarter conference call.

我們將謹慎執行我們的計劃，重點是最大限度地提高股東的長期回報。回顧我們全年每股收益預期，我們預計第二季度 LIFO 計算方式帶來的不利影響，以及第一季度發行債務產生的額外利息支出，將被第一季度每股收益超出預期以及自第四季度電話會議以來回購股票帶來的收益所抵消。

As a result, we are reiterating our full-year EPS guidance of $10.10 to $10.50. In line with our normal practice, our guidance includes all of the shares repurchased through this call but does not include any future share repurchases.

因此，我們重申全年每股收益預期為 10.10 美元至 10.50 美元。按照我們通常的做法，我們的業績指引包括透過本次電話會議回購的所有股份，但不包括任何未來的股份回購。

Finally, I would once again like to thank the entire O'Reilly team for their continued dedication to the Company's success. Congratulations on an outstanding start to 2016.

最後，我要再次感謝 O'Reilly 團隊全體成員為公司的成功所做的持續貢獻。恭喜您在2016年取得如此出色的開局。

This concludes our prepared comments. And, at this time, I'd like to ask Brandon, the operator, to return to the line and we'll be happy to answer your questions.

我們的發言到此結束。此時，我想請接線生布蘭登回到電話線，我們很樂意回答您的問題。

(Operator Instructions) Michael Lasser, UBS.

（操作說明）邁克爾·拉塞爾，瑞銀集團。

Thanks a lot for taking my question. My first question is on the comp. It was solid, but it was slightly slower than what you've seen in the last few quarters. Do you have a sense if the underlying demand in the market slowed a touch, consistent with what you said about what you saw in March? Or do you think the share gains that you've been experiencing have decelerated? And how does that break down between the DIY and the DIFM segment?

非常感謝您回答我的問題。我的第一個問題是關於電腦的。表現穩健，但比過去幾季稍慢一些。您是否感覺到市場潛在需求略有放緩，這與您先前對三月情況的描述一致？或者您認為您所取得的市佔率成長速度已經放緩？DIY 和 DIFM 這兩個部分之間的差異有多大？

Well, I think what I would say, Michael, is that we had a solid trend throughout the quarter. We've been on a solid trend for a long time. On a three-year stack basis, we have a tough three-year stack. And we kind of expected some moderation to the 7%-plus quarterly comp store sales gains that we've been achieving, as we continue to stack up these years and quarters of pretty incredible comp store sales growth.

嗯，邁克爾，我想說的是，我們整個季度都保持著穩健的發展趨勢。我們一直保持著穩健的發展動能。從三年計畫來看，我們面臨著一個艱難的三年計畫。我們原本預期，隨著我們不斷累積多年來令人難以置信的同店銷售成長，我們每季超過 7% 的同店銷售成長速度會有所放緩。

So we really don't see it as much of a change. I think if you look at a three-year stack basis, it's actually a little bit of a -- of an improvement. But, yes, I wouldn't relate it to anything specific, other than towards the end of the period, when we were comparing against real solid spring weather at the end of the period last year, we had a pretty slow start to spring.

所以我們不認為這是一個很大的改變。我認為，如果從三年的累積數據來看，這其實算是一種小小的進步。是的，我不會把它和任何具體的事情聯繫起來，只是在這一時期的末期，當我們與去年同期真正良好的春季天氣進行比較時，我們今年的春天開局相當緩慢。

We had markets where we had snow in the upper Midwest. When we didn't have snow last year, we shut business down. We had floods down in Texas, which -- and we had stores closed for several days down in Texas at some point during the floods, which that comes back around as a positive in the long-term, but it can affect short-term results.

我們在美國中西部北部一些地區也遇到了下雪。去年沒下雪的時候，我們就關門了。德州發生了洪水，洪水期間，德州的一些商店關閉了好幾天，從長遠來看，這反而是一件好事，但可能會影響短期業績。

And Greg, it seems like over the last few years, the phenomenal comp results you've been generating have been driven in part by an expansion of a number of people that you have in your stores, the advertising, the number of products you carry, and your supply chain. If you see a potential constraint that might lock your ability to generate these types of comps moving forward, where would it be?

格雷格，看起來在過去的幾年裡，你所取得的驚人的業績成長部分歸功於你門市員工人數的增加、廣告投入、產品種類的增加以及供應鏈的改善。如果您發現可能限制您未來產生此類對比數據的潛在因素，那麼它在哪裡？

I don't see a constraint. I think that we are in a fantastic position from a people standpoint. I think culturally, we are an incredibly strong company. I think supply chain -- there's no one that really compares to the supply chain and the availability that we have. I think from a merchandise and product line-up standpoint, we are in a great position. I think from a pricing perspective, we are in a great position. I don't see any reason that we won't continue to generate industry-leading comparable store sales.

我沒看到任何限制。我認為從人員配置的角度來看，我們處於非常有利的地位。我認為從企業文化角度來看，我們是一家實力非常強大的公司。我認為供應鏈——沒有任何一家公司的供應鏈和供應能力可以與我們相提並論。我認為從商品和產品線角度來看，我們處於非常有利的地位。我認為從定價角度來看，我們處於非常有利的地位。我認為我們完全有理由繼續保持行業領先的同店銷售額。

And my last question is on the LIFO charge that you are going to see in the second quarter, and putting your gross margin for the full-year at the low end of the range. So now should we interpret that -- the gross margin is going to be a little bit lower than what you thought for the full-year, but yet the benefit from that will carry into next year? And so perhaps the gross margin next year will be a little bit better than what was previously thought?

我的最後一個問題是關於您在第二季度將看到的後進先出 (LIFO) 費用，以及這將使您全年的毛利率處於區間下限。所以我們現在應該這樣理解──全年毛利率會比你預期的略低，但由此帶來的好處會延續到明年？所以，明年的毛利率或許會比之前預想的略好？

Yes. The benefit from the cost reductions that we have will be ongoing from this point forward, but we'll have the second-quarter headwind of the write-down in the inventory that we are taking as a result of the cost reductions, which will affect our full-year gross margin. But we still end up in the range that we had given at the first of the year.

是的。從現在開始，我們將持續受益於成本削減，但由於成本削減導致庫存減值，第二季我們將面臨不利因素，這將影響我們全年的毛利率。但我們最終還是回到了年初給的範圍內。

Okay. Thank you so much and good luck with the quarter.

好的。非常感謝，祝你本季一切順利。

Okay. Thank you, Michael.

好的。謝謝你，麥可。

Bret Jordan, Jefferies.

Bret Jordan，傑富瑞集團。

I got on just a hair late. Did you talk about regional performance? I heard you talking about categories like brakes and chassis that were strong, but did you talk about the map at all?

我稍微晚了一點。你們討論過區域表現嗎？我聽你提到煞車和底盤等零件性能強勁，但你有沒有提到地圖？

We didn't talk about the map at all. I'll make a few comments on that. We had solid contribution really from all areas of the country, with the best outperformance being in the Southeast and mid-Atlantic regions. But really all parts of the country had solid comparable store sales.

我們根本沒談到地圖。我對此有幾點看法。全國各地都做出了實際貢獻，其中東南部和大西洋中部地區的表現最為出色。但實際上，全國各地同店銷售額都表現穩健。

Okay, great. And then as you've expanded into the East in some of the non-legacy markets, do you see the customer product mix change at all? Is there more demand for branded parts where people are less familiar with O'Reilly as a retailer? Or are you pretty consistent direct source versus branded?

好的，太好了。然後，隨著你們向東部一些非傳統市場擴張，你們是否看到客戶的產品組合發生了任何變化？在人們對 O'Reilly 這家零售商不太熟悉的地方，品牌零件的需求是否更大？或者說，你們的貨源主要以直接採購為主，而不是品牌貨？

We offer both in many product categories. Generally speaking, our -- we call them private labels, but we really market them as branded product because they are high-quality products that we sell in boxes that are the brains that we represent, although most, we consider them private label. It's just from a pure acquisition and supply standpoint. But generally speaking, the performance of our proprietary brands or private labels has been better than with our branded products, even in those markets that you spoke of.

我們在許多產品類別中都提供這兩種服務。總的來說，我們稱它們為自有品牌，但我們實際上將它們作為品牌產品進行銷售，因為它們是高品質的產品，我們用代表我們品牌的包裝盒進行銷售，儘管大多數情況下，我們認為它們是自有品牌。這只是從純粹的採購和供應角度來看。但總的來說，即使在你提到的那些市場中，我們自有品牌或貼牌產品的表現也比我們的品牌產品好。

Okay, great. Thank you. And I guess one last just housekeeping. Is there a reason that you couldn't take AP to inventory well over the 103%? Is -- I mean, obviously, you cracked that 100% barrier; now you're talking about it being around 100% for the year. But the leader is at 112%. Is there a reason why you couldn't be there?

好的，太好了。謝謝。最後還有一件無關緊要的事。為什麼你不能將 AP 庫存控制在遠高於 103% 的水平？我的意思是，很明顯，你們已經突破了 100% 的門檻；現在你們在談論的是全年接近 100% 的目標。但領先者的支持率為 112%。有什麼原因沒能到場嗎？

Bret, we are never going to stop trying. But there are some challenges with that when you compare us to the other company you are talking about, relative to some of the brands that we carry, which are just more traditional represented brands. And they supply some customers who, if they gave those terms to us, where they would have to give them to those customers, and they're just reluctant to do that. And frankly, their brands are strong enough that they are able to encourage us to buy their products without the terms. And we are happy to do so.

布雷特，我們永遠不會放棄嘗試。但是，如果您將我們與您提到的另一家公司進行比較，您會發現我們面臨一些挑戰，因為我們代理的一些品牌是更傳統的品牌。他們的一些客戶，如果他們把這些條款給我們，他們就必須把這些條款給那些客戶，但他們就是不願意這麼做。坦白說，他們的品牌實力夠強大，即使沒有這些附加條件，他們也能促使我們購買他們的產品。我們很樂意這樣做。

Okay, great. Thank you.

好的，太好了。謝謝。

Great. Thank you.

偉大的。謝謝。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

The first question, to build on something Michael asked regarding market share gains, Greg, the two categories where we suspect that are O'Reilly was picking up some share, were filters and then in the belt, the belts categories. Was there anything -- I don't know if you will agree with those categories, but if you look at those in particular, is there anything regarding the sales trends there that suggests there is a topping off or just a slowdown in momentum?

第一個問題是，為了補充邁克爾提出的關於市場份額增長的問題，格雷格，我們懷疑奧萊利正在獲得一些市場份額的兩個類別是過濾器和腰帶類別。有沒有什麼——我不知道您是否同意這些分類，但如果您特別看一下這些類別，銷售趨勢方面有沒有什麼跡象表明增長已經達到頂峰或只是勢頭放緩？

No, there's not. At least to this point, there's not. I mean at some point, as we have, we start further anniversarying some of the changes that took place in the competitive landscape. And the solid gains we've had in those categories as a result of those changes, I would expect the comp percentage and dollars, on a comparative basis, to decrease some. But to this point, we've not seen that.

不，沒有。至少目前還沒有。我的意思是，就像我們現在所做的那樣，我們會開始進一步紀念競爭格局中發生的一些變化。由於這些變化，我們在這些類別中取得了穩定成長，因此我預計，從相對意義上講，薪資百分比和金額會有所下降。但到目前為止，我們還沒有看到這種情況。

And the timing for the anniversarying, was it -- is it in the first-half of this year? Or does it happen more in the latter half?

週年紀念的時間安排是──是在今年上半年嗎？還是這種情況發生在後半程？

Yes, I believe it would be about this time last year. So I think it's -- I think we are coming up on that period now.

是的，我想大概就是去年這個時候。所以我覺得──我覺得我們現在正接近那個時期。

Okay. And then second question, regarding buybacks. I think, this quarter, you spent more in Q1 than any previous -- I think since you initiated the buyback program. And I'm sure you will respond talking about it opportunistically. But any rhyme or reason as to the timing or the magnitude this time around?

好的。第二個問題，關於股票回購。我認為，本季度，你們在第一季的支出比以往任何一個季度都多——我認為自從你們啟動股票回購計劃以來就是如此。我相信你一定會抓住機會談論這件事。但這次的時機和規模有什麼規律可循嗎？

Yes, Tom, do you want to take that?

是的，湯姆，你想拿嗎？

We don't have a very long open window during this period each year because of the time to file the K. So we buy off the grid and the market cooperated better with our grid this year than it did last year.

由於提交 K 表格的時間限制，我們每年在這個時期並沒有很長的開放窗口期。所以我們從電網外購買電力，而且今年的市場比去年更配合我們的電網。

Okay, that's helpful. Thank you.

好的，這很有幫助。謝謝。

Thanks, Simeon.

謝謝你，西蒙。

Seth Basham, Wedbush.

Seth Basham，Wedbush。

My first question is around the commercial business. Could you give some more color on what areas of that business you are seeing the most strength from in terms of account size, more strength from the national or regional accounts or the up-and-down-the-street accounts?

我的第一個問題是關於商業方面的。您能否詳細說明一下，就客戶規模而言，您認為該業務的哪些領域表現最強？是全國性或區域性客戶表現更強勁，還是街頭巷尾的客戶表現更強勁？

Jeff, do you want to take that?

傑夫，你想拿嗎？

Yes, I mean there again, I think that we've probably been more aggressive on the national accounts than we have been in the past. So we are seeing solid growth there. But I mean we focus on every account in the market, and get out there and work every account. And we are seeing growth on really both sides of the business.

是的，我的意思是，我認為我們在國民帳戶方面可能比過去更加積極主動了。所以我們看到這方面出現了穩健成長。但我的意思是，我們會專注於市場上的每個客戶，並努力與每個客戶建立聯繫。我們看到業務的各個方面都在成長。

The majority of our business obviously is not national account business. So we've -- we're very successful with the up-and-down-the-street shops, which is the majority of our business and the majority of our comp store sales growth.

顯然，我們的大部分業務並非全國性客戶業務。所以，我們在街邊小店方面非常成功，這些小店占我們業務的大部分，也占我們同店銷售成長的大部分。

Fair enough. And then, Tom, on the LIFO issue, if you could give some color on when you expect to fully recapture that $23 million?

很公平。那麼，湯姆，關於後進先出法的問題，你能否詳細說明一下你預計何時才能完全收回那 2300 萬美元？

Well, it will depend on our sales sellthrough. Part of the reduction will be captured this year. It's probably a one year recapture on that.

這取決於我們的銷售情況。部分減排成果將於今年實現。這大概要花一年時間才能回本。

Very good, thank you.

非常好，謝謝。

Thank you.

謝謝。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

This is Mike Montani on for Greg. Just wanted to ask, if I could, about inflation. You know, Greg, you called out there is none of it really happening today, but the question I had was around the potential for increased labor cost, depending on what happens with Department of Labor rulings on overtime, and also potential interest rate increases.

這裡是麥克‧蒙塔尼，替格雷格報道。我想問一下關於通貨膨脹的問題。格雷格，你知道，你指出今天這些事情都不會真正發生，但我的問題是關於勞動成本可能增加的問題，這取決於勞工部關於加班的規定，以及潛在的利率上漲。

So, Tom, I don't know if you can talk about your ability to pass those things through if it happens, and how you might manage labor between store managers and assistant managers to preserve margin?

湯姆，我不知道你是否能談談如果這種情況發生，你是否有能力處理這些問題，以及你將如何管理門市經理和助理經理之間的勞動力，以保持利潤率？

Well, obviously, we are monitoring closely expected changes that are going to come out. The key for us is an input cost, so our competitors are going to have the same costs that we are, and we would anticipate passing those along.

很顯然，我們正在密切關注即將到來的預期變化。對我們來說，關鍵在於投入成本，所以我們的競爭對手將和我們一樣承擔同樣的成本，我們也預期會將這些成本轉嫁出去。

The key for us is to make sure that our compensation plans continue to have our store managers run the business like they own it. So that's a very sensitive area for us.

對我們來說，關鍵是要確保我們的薪酬方案能夠繼續激勵門市經理像經營自己的生意一樣去管理它。所以這對我們來說是一個非常敏感的領域。

On interest rates, to the extent that interest rates go up for our suppliers, interest rates are an input costs into their product and we would expect that increased -- potential increased acquisition cost to hit across the industry and be passed along. From an individual, our Company interest rate perspective, all our debt is locked.

就利率而言，如果供應商的利率上升，利率就會成為他們產品的投入成本，我們預期利率上升會導致整個產業的採購成本增加，並最終轉嫁到各個環節。從個人和公司的角度來看，我們所有的債務利率都已鎖定。

Have you all seen anything? Or are there any grumblings as of yet that there could be some inflation in the pipeline? Or is that premature?

你們都看到什麼了嗎？或者說，目前是否有任何跡象表明可能會出現通貨膨脹？還是現在下結論還為時過早？

We have not seen that denoted by our LIFO charges.

我們從後進先出法（LIFO）的收費標準中並沒有看到這一點。

And the last one I had was just on Easter shift. Could that have been part of the reason for slowing in March? And then also, commensurately part of the reason for April to be better? Could you just give some extra color around that, please, Greg?

我最後一次遇到這種情況是在復活節當班的時候。這是否是三月成長放緩的部分原因？那麼，四月情況會好轉的部分原因也相應地如此嗎？格雷格，你能再補充一些細節嗎？

Of course, there is a calendar shift, and it would have put some pressure in March and then we have a little bit of benefit in April. I think we'd estimate it to be about, what, 30 basis points maybe or something like that? Yes.

當然，日曆上存在一些變化，這會在三月帶來一些壓力，然後在四月帶來一些好處。我想我們估計大概是，30個基點左右吧？是的。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you.

謝謝。

Daniel Hofkin, William Blair.

丹尼爾‧霍夫金，威廉‧布萊爾。

Just wondering if you could -- as you are looking forward, and it sounded like you expect some of the tailwinds to continue, although perhaps at a lesser rate -- just what specifically would you expect to diminish, if you will, in terms of year-over-year benefit?

我想問一下，鑑於您展望未來，而且聽起來您預計一些有利因素會繼續存在，儘管速度可能會有所減緩，您認為具體哪些方面的收益會逐年減少？

Year-over-year benefit just in comp store sales growth, Dan?

丹，僅僅是同店銷售成長就實現了同比收益嗎？

Yes.

是的。

Well, we -- like I said earlier, we just have tougher comparisons. We are not really expecting any diminishing trend. We think miles driven being up like it is, is a contributor. The average age of vehicles is a contributor. Employment being where it is, is a contributor.

嗯，就像我之前說的，我們面臨的比較更加艱難。我們並不預期會出現任何減弱的趨勢。我們認為行駛里程數的上升是造成這現象的原因之一。車輛平均車齡是造成此現象的原因之一。就業現況是造成這種情況的原因之一。

I know there's some ways around whether or not the soft winter will hurt demand. And certainly, in some markets, that could have some effect on under-car parts that can be damaged on rough roads and potholes and stuff like that. But generally speaking, we are not anticipating a diminishing trend.

我知道有一些方法可以規避冬季氣候溫和是否會影響需求的問題。當然，在某些市場，這可能會對汽車底盤部件產生一些影響，這些部件可能會在崎嶇的道路和坑洞中損壞。但總的來說，我們預計這種趨勢不會減弱。

Okay. And then just one additional follow-up on the whole LIFO thing. So just to be clear, that's $23 million on top of whatever underlying LIFO charge you might have already expected to have in 2Q, is that correct?

好的。最後，關於後進先出（LIFO）這個問題，我再補充一點。所以，為了確認一下，這 2300 萬美元是在您可能已經預期在第二季度產生的任何基礎 LIFO 費用之外的，對嗎？

That is correct.

沒錯。

Can you give us a rough idea of what you're expecting then for the overall gross margin for the second quarter? I mean that's about a 100 basis point incremental drag, if I understand.

那麼，您能否大致估算一下您對第二季整體毛利率的預期？我的意思是，如果我理解正確的話，這大約是增加了 100 個基點的阻力。

Well, we have said that gross margin is going to be relatively consistent quarter-to-quarter. We don't give quarterly gross margin guidance. So I think it would be safe to pick which number you think it is in the range and apply that specific charge to come up with a gross margin for the quarter.

我們之前說過，毛利率將維持相對穩定的季度環比成長。我們不提供季度毛利率指引。所以我認為比較穩健的做法是，選擇你認為在這個範圍內的某個數字，然後應用該特定費用來計算該季度的毛利率。

Okay. Thanks very much.

好的。非常感謝。

Thanks, Dan.

謝謝你，丹。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

Thanks for taking my questions. The first question with respect -- I guess bigger picture in nature -- but with respect to gas prices, you've called out -- and I think you mentioned today in your prepared comments again that lower gas price has definitely been a benefit to your business. And I agree.

謝謝您回答我的問題。第一個問題，恕我直言——我想從更宏觀的角度來看——但關於汽油價格，您已經提到過——而且我認為您今天在準備好的評論中也再次提到過，較低的汽油價格肯定對您的業務有利。我同意。

As you look at gas prices, and potentially having bounced off the bottom here recently, do you think this move higher could have any impact negative on your business? Or is there a level you are looking at where it maybe becomes more -- if gas prices reach a certain point, it becomes more of a negative, or at least less of a tailwind going forward?

鑑於汽油價格近期可能已從底部反彈，您認為此次上漲是否會對您的業務產生任何負面影響？或者，您是否在關注某個水​​平，當汽油價格達到某個特定水平時，其負面影響可能會更大，或者至少對未來的利好作用會減弱？

I think when gas prices get up in the mid-3's like they were at one point, I think it becomes a factor. It starts affecting miles driven, which is really the primary driver of demand in our business. So, to the extent that it hurts people's discretionary money and the money they have to spend on things that can be potentially deferred has an effect, and then of course miles driven.

我認為，當汽油價格像之前那樣漲到每加侖3盎司中段時，這就會成為一個影響因素。它開始影響行駛里程，而行駛里程實際上是我們業務需求的主要驅動因素。因此，在某種程度上，這會損害人們的可支配收入，以及他們必須花在可以推遲的事情上的錢，當然還有行駛里程。

I don't think it was the increases that we've seen. I think that's pretty minor to this point and it's not a factor. But if gas prices were to spike back into the 3's or mid-3's or something like that per gallon, that becomes a factor.

我不認為這是我們看到的成長造成的。我認為就目前而言，這只是次要因素，並不構成影響。但如果汽油價格飆升至每加侖 3 元或 3 元中段，那就會成為影響因素。

Okay. It's real helpful. And the second question -- short-term in nature -- but Leap Day. So you called that out, it was a benefit -- I guess so to say, a benefit to the quarter. Just to be clear, Leap Day doesn't show up in your comps then, correctly -- correct?

好的。真的很有幫助。第二個問題──本質上是短期的──是閏日。所以你指出了這一點，這確實是一個優勢——我想應該說，對本季來說是一個優勢。為了確認一下，閏日不會出現在你的統計結果中，對嗎？

Yes, the 6.1 comp is excluding the additional day. If we include the day, our comp was 7.4.

是的，6.1的補償不包括額外一天。如果算上當天，我們的比較值為 7.4。

Okay. So in view of this -- I know it's kind of a silly question, but okay, so you didn't include it here. Does that potentially take away from comp store sales, either in Q1 or Q2? Because I would assume all the sales are not incremental.

好的。有鑑於此——我知道這個問題有點傻，但好吧，你沒有把它包含在這裡。這是否會對第一季或第二季的同店銷售額造成影響？因為我假設並非所有銷售額都是增量的。

Well, I mean, it was just another day. It was a Monday, and we included it in our Q1 report for everything, other than we called out our comps separately excluding today, because it would be comparing an extra day to a day short to prior-year. So, it's included in Q1. It was a Monday, so that's a good day. But it really would have no effect on Q2.

其實，這不過是另一天而已。今天是星期一，我們把這一天的數據都計入了第一季報告中，除了我們單獨列出了不包括今天的比較數據，因為這樣就相當於把多出來的一天和少出來的一天與去年同期進行比較。所以，它包含在 Q1 中。今天是星期一，是個好日子。但這實際上對第二季度沒有任何影響。

Okay, thanks.

好的，謝謝。

Okay. Thank you.

好的。謝謝。

Mike Baker, Deutsche Bank.

麥克貝克，德意志銀行。

So a couple of questions. Just to be clear, you said that April -- you said that trends had improved since March, but you had said that March was in line and now you are saying April was in line. So maybe I'm trying to cut it too finely, but I was just trying to square those two comments. If trends had improved, I would assume that April was better than in-line, which is what March was?

我有幾個問題。為了說清楚，你之前說過四月的趨勢比三月有所改善，但你之前說過三月份的趨勢符合預期，現在你又說四月份的趨勢符合預期。或許我有點吹毛求疵了，但我只是想把這兩個評論連結起來。如果趨勢有所改善，我會認為四月的情況比三月的情況好，而三月的情況與預期相符？

Yes. Well, what I would say is late March and early April, we saw a little bit of a decline in demand with some pretty significant weather events that happened in different parts of the country, really more than one. With the start of spring, and kind of the spring warm weather hitting in most markets, we've seen improving trends and strengthening of our comp store sales.

是的。嗯，我想說的是，在三月下旬和四月初，由於全國各地發生了一些相當嚴重的極端天氣事件，需求略有下降，而且這種情況還不只一次。隨著春季的到來，以及大多數市場春季氣溫回暖，我們看到同店銷售額呈現改善趨勢並有所成長。

And to this point in the quarter, we are in line with our expectations. And we would expect that trend that we are on to continue.

到目前為止，本季我們的表現符合預期。我們預計目前的這種趨勢將會持續下去。

I understand. So, early April was weak, but since then, it's been better. A couple more little questions. One, you said that the Easter shift helped or hurt by 30 basis points. That hurt the month of March by 30 basis points? Or the total quarter by 30 basis points?

我明白。所以，四月初情況比較疲軟，但從那時起情況就好轉了。還有幾個小問題。第一，你說過復活節假期的變動對經濟產生了 30 個基點的影響。這導致三月的經濟成長下降了30個基點？還是整個季度下降 30 個基點？

The total quarter.

整個季度。

Okay, excellent. One more for you, if I could. Just on the guidance. So, you kept the guidance the same. You beat the midpoint of the first quarter by $0.13, but you are taking this LIFO charge, which pretty much offsets that. So, effectively then, if you didn't have the LIFO charge, I assume the guidance would be going up.

好的，太好了。如果可以的話，再給你一個。僅供參考。所以，你們維持了原有的指導方針。你比第一季中點高出 0.13 美元，但你提列了這筆後進先出費用，這幾乎抵消了這一收益。所以，實際上，如果沒有後進先出法（LIFO）的規定，我估計指導價會上漲。

But I guess here's the question. You also have a lower share count than you had originally contemplated because you bought back stock in the first quarter. So I would think that the guidance would go up anyway, even with those two offsetting factors, just because of the lower share count, and then maybe offsetting the higher interest expense expected? Just wondering about that. Thanks.

但我想問題在於…由於您在第一季回購了股票，因此您的持股數量也比您最初設想的要少。所以我認為，即使存在這兩個相互抵銷的因素，業績指引仍然會上調，僅僅是因為流通股數量減少，再加上預期利息支出增加，就足以抵銷這些因素的影響？只是好奇而已。謝謝。

That's correct. The higher interest is a known factor. So we have included it within our guidance. But as is our practice, share repurchases after today are not included in our guidance.

沒錯。較高的利率是一個眾所周知的因素。因此，我們已將其納入我們的指導方針中。但按照我們的慣例，今天之後的股票回購不包含在我們的業績指引中。

Okay. So the guidance takes the hit but doesn't give you the benefit. Understood. Thanks.

好的。所以，指導意見雖然造成了損失，但卻沒有為你帶來好處。明白了。謝謝。

Thanks.

謝謝。

Matthew Fassler, Goldman Sachs.

馬修法斯勒，高盛。

My first question is for Jeff. You spoke a lot about expenses, and you already got a question on overtime. Just generally speaking, as you think about wage pressures in the marketplace, to the extent that you are seeing more competition for your associates, I know that you have great retention -- but anything in the environment that suggests incipient pressure on wages?

我的第一個問題是問傑夫的。你談了很多關於開支的問題，而且已經有人問加班的問題了。總的來說，當您考慮市場上的工資壓力時，如果您的員工面臨更大的競爭，我知道您的員工留任率很高——但是，是否存在任何跡象表明工資即將面臨壓力？

No. Nothing really any different than we've seen in the past. I mean, there's always a scramble for great people in the market. But nothing -- really no changes that we've seen.

不。其實和我們過去看到的情況並沒有什麼不同。我的意思是，市場上總是很搶手優秀人才。但實際上，我們並沒有看到任何變化。

Great. I have two quick financial cleanup questions. I know you've gotten lots of questions on LIFO, but as we think about next year -- and I know you're not guiding to next year at all -- should we think about, specifically for the second quarter, more or less the full recapture of that $23 million of LIFO, i.e., a particularly easy gross margin compare that should lead to an outsized increase in gross margin in Q2, based on cycling the LIFO charge alone?

偉大的。我有兩個關於財務清理的簡短問題。我知道您收到了很多關於後進先出法 (LIFO) 的問題，但當我們考慮明年時——我知道您根本沒有對明年做出任何預測——我們是否應該考慮，特別是對於第二季度，是否應該或多或少地完全收回那 2300 萬美元的後進先出法費用，也就是說，一個特別容易進行比較的毛利率比較，僅基於後進毛利率比較，僅基於後進毛利率的費用

Hard to know what's going to happen a year from now, but you would expect that we would have the absence of that LIFO -- big LIFO charge in the second quarter of next year and see a big year-over-year gain.

很難知道一年後會發生什麼，但預計明年第二季度不會出現 LIFO 費用大幅增加的情況，並且會出現同比大幅增長。

Got it. And then, finally, Greg, you spoke about January/February in contrast to March, and I know you just gave us a little more color on what happened within March and early April, but can you dimensionalize the magnitude of the difference in the rate of sales growth between the first two months of the quarter and the last month of the quarter?

知道了。最後，格雷格，你談到了 1 月/2 月與 3 月的對比，我知道你剛剛又詳細介紹了 3 月和 4 月初發生的事情，但你能否量化一下本季度前兩個月和最後一個月銷售增長率之間的差異幅度？

It was not that significant. February was the strongest month, but the differences were not that significant. But it was a difference that was worth mentioning, because I know you all like to know the cadence of how the quarter progressed. And we would have viewed the end of the period as being the weaker portion directly related to some of the weather things that we were talking about in the spring, that have now strengthened as spring has gotten here.

這件事並不重要。二月是表現最強勁的月份，但差異並不太顯著。但這是一個值得一提的區別，因為我知道你們都想知道本季進展的節奏。我們認為該時期末期是較弱的階段，這與我們春季討論的一些天氣因素直接相關，而隨著春季的到來，這些因素現在已經加強了。

Got it. Thank you so much, guys.

知道了。非常感謝各位。

Thank you.

謝謝。

Tony Cristello, BB&T Capital Markets.

Tony Cristello，BB&T Capital Markets。

Thanks for taking my question.

謝謝您回答我的問題。

Sure. Tony.

當然。托尼。

I wanted to talk about Texas. And it's a market where you've got a new distribution center opening up, and I believe you've got about 1.3 million or so square feet existing. It's a market that's got about 14% of your store mix.

我想談談德克薩斯州。而且，在這個市場裡，有一個新的配送中心即將開業，我相信現有的配送中心面積大約有 130 萬平方英尺左右。這個市場約佔你門市組合的 14%。

And so what I'm wondering is what benefits will we see as a result of adding -- well, I guess close to 500,000 or so square feet to this existing market, whether it's distribution benefits or fill rate benefits or cost efficiencies? Because it is such a meaningful part of your store mix.

所以我想知道的是，在這個現有市場中增加——我想大概接近 50 萬平方英尺——會給我們帶來哪些好處，無論是分銷方面的好處、填充率方面的好處還是成本效益方面的好處？因為它是你店鋪產品組合中非常重要的一環。

Yes. Well, there are several benefits. One would be that we are -- we have our Houston distribution center and our Dallas-Fort Worth distribution center both running overcapacity, which causes them to not be as efficient from a cost of operations as they could be. and then from a service-level standpoint, we don't feel like they do quite as well as they could if they were operating at a more optimal store count. So there will be some benefit there.

是的。嗯，好處很多。一種可能是，我們的休士頓配送中心和達拉斯-沃斯堡配送中心都處於超負荷運轉狀態，導致它們的營運成本效率沒有達到應有的水準。從服務水準的角度來看，我們覺得如果他們的門市數量更合理，他們的服務水準還可以更好。所以這樣做會有一些好處。

And then in addition to that, as we offload some of the stores that are supplied by those DCs, we can take advantage of expansion opportunities that we see for new stores in both those markets. Because those are both very robust markets for us where we have back-fill opportunities, and have the need and the opportunity to add some stores in those markets that we really don't have the distribution capacity to add today but will have the future.

此外，隨著我們剝離一些由這些配送中心供貨的門市，我們可以利用在這兩個市場中看到的開設新店的擴張機會。因為這兩個市場對我們來說都非常強勁，我們有補貨機會，而且我們也需要和有機會在這些市場增加一些門店，雖然我們目前還沒有分銷能力來增加這些門店，但未來會有的。

And then, additionally, with the opening of San Antonio, both San Antonio and Austin are incredible growth markets. And today they are serviced by hub stores, which is just not optimal if you want to be the dominant auto parts supplier in those markets, which we do.

此外，隨著聖安東尼奧的開放，聖安東尼奧和奧斯汀都成為了極具成長潛力的市場。如今，這些門市都由中心倉庫提供服務，但這對我們而言並非最佳選擇，因為我們想成為這些市場中占主導地位的汽車零件供應商。

And by putting that distribution center north of San Antonio, south of Austin, we can touch stores in both markets on a same-day basis, and give us an opportunity to increase penetration with existing customers and develop relationships with new customers. And then as we continue to expand, expand more easily from just a store count perspective, because we'll have the capacity to do so out of San Antonio.

透過將配送中心設在聖安東尼奧以北、奧斯汀以南，我們可以當天涵蓋這兩個市場的門市，並提供我們機會提高現有客戶的滲透率，並與新客戶建立關係。然後，隨著我們繼續擴張，從門市數量的角度來看，擴張會更加容易，因為我們有能力從聖安東尼奧做到這一點。

Okay, that's very helpful. And then so -- I mean Texas has got a lot of land and opportunity for you to put distribution centers. As you start to move into the Northeast and even into some of the East Coast markets, are you more constrained with your approach of how you have to build your distribution network? Or do you still think you can optimize it similar to what you are doing here in Texas?

好的，這很有幫助。所以——我的意思是，德州有很多土地和機會供你們建立配送中心。當您開始進入東北部甚至東海岸的一些市場時，您在建立分銷網絡的方式上是否會受到更多限制？或者你仍然認為可以像你在德克薩斯州所做的那樣對其進行優化？

No, our plan is to execute the same business plan and strategy that we've executed across the country, as we expand into some of these Northeast markets that are more densely populated and have more cars than people. Certainly, having parts close to the customer is a critical component of success in our business, and we'll continue to execute the strategy that allows us to have distribution capacity that allows us that availability advantage that's so important, we feel like, to our success.

不，我們的計劃是執行我們在全國範圍內實施的相同商業計劃和策略，同時擴展到東北部一些人口更密集、汽車比人多的市場。當然，零件靠近客戶是我們業務成功的關鍵因素，我們將繼續執行該策略，使我們能夠擁有分銷能力，從而獲得可用性優勢，我們認為這對我們的成功至關重要。

Okay, that's great. Thanks for your time.

好的，太好了。感謝您抽出時間。

Okay. Thanks, Tony.

好的。謝謝你，托尼。

Kate McShane, Citi Research.

凱特‧麥克沙恩，花旗研究部。

This is just building on the last question and some of your prepared comments, but one of the competitive advantages that you listed as to why things continue to go so well for the business, is the supply chain. And while I know the DC network is very important, I wondered what longer-term investments -- sort of just continuing investments you can -- you make in the supply chain to continue to be at your best and have that competitive advantage?

這只是在上一個問題和您事先準備好的一些評論的基礎上進行的，但您列出的公司持續發展良好的競爭優勢之一就是供應鏈。雖然我知道配送中心網路非常重要，但我想知道，為了保持最佳狀態並獲得競爭優勢，你們在供應鏈方面可以進行哪些長期投資——也就是持續投資？

Yes. I think we continue to invest in supply chain from an efficiency standpoint. We continue to look for appropriate means to make more parts available on a same-day basis to our stores. You know, as cars continue to use more different parts on a year-over-year basis, this proliferation of the number of part numbers that it takes to cover the vehicle population in the US becomes a more important factor in being that first-call supplier.

是的。我認為我們應該繼續從效率的角度投資供應鏈。我們將繼續尋找合適的方法，以便當天就能向我們的門市提供更多零件。你知道，隨著汽車每年使用的零件越來越多，為了滿足美國汽車保有量的需求，零件數量的激增就成為更重要的因素，決定著供應商能否成為客戶的首選。

So we have some things that we can do to even further leverage the existing distribution network we have. And then in the future, we'll be working on ways to improve availability. Important to us is maintaining a competitive gap in availability. And we feel like we have that today. And we feel like we have the ability to continue to maintain that gap, as our competitors further realize the importance of availability and work to expand their availability on a same-day basis. And we will continue to work on ways to do that.

因此，我們可以採取一些措施，進一步利用我們現有的分銷網絡。未來，我們將致力於提高可用性。對我們來說，維持供貨的競爭優勢至關重要。而我們今天感覺我們擁有了這種感覺。我們感覺我們有能力繼續保持這種差距，因為我們的競爭對手進一步意識到供貨的重要性，並努力擴大當日供貨範圍。我們將繼續努力尋找實現這一目標的方法。

Thank you.

謝謝。

Okay. Thank you, Kate.

好的。謝謝你，凱特。

Carolina Jolly, Gabelli.

卡羅琳娜·喬利，加貝利。

Thanks for taking my call. Just one quick follow-up on the Easter shift. You said 30 basis points to the headwind. Just wanted to see if you had that either in EPS numbers or if you had a Leap Year in comps? Or that you --?

謝謝您接聽我的電話。關於復活節輪班安排，我還有一個後續問題。你說過要逆風30個基點。我只是想確認一下，你們的每股盈餘數據中是否包含了這一點，或者你們的業績比較中是否包含了閏年？或者你——？

Okay, the Leap Year in comps, if we included it, would be -- we would have had a 7.4% comp in the quarter if we had included Leap Day. I'm unsure of the 30 basis point Easter effect in sales on EPS.

好的，如果把閏年也算進去，那麼本季的比較成長率將是──如果我們把閏日也算進去，那麼本季的比較成長率將是 7.4%。我不確定復活節期間銷售額30個基點的變化會對每股盈餘產生什麼影響。

We are open on Easter. Easter business is just slower.

復活節我們照常營業。復活節期間生意比較清淡。

Yes, I assumed everybody knew that we didn't close the stores on Easter. We are just not as busy on Easter as we are any other Sunday.

是的，我以為大家都知道我們復活節不關門。復活節那天我們不像其他星期天那麼忙。

Great. Thanks. And then to follow up on your comment from the last question, you kind of mentioned that some people are improving their efficiency. Can you talk about ways you are maintaining the share gains that you kept in the past, other than availability? And then also what would stop maybe some of your competitors from trying to compete on price?

偉大的。謝謝。然後，接著你上一個問題的評論，你提到有些人正在提高效率。除了提高產品供應量之外，您能否談談您是如何維持過去市場佔有率成長的？那麼，又有什麼能阻止一些競爭對手在價格上競爭呢？

Nothing. I think that our competitors are very price competitive today. I think we have always been in a very price competitive business. So that's always something that we monitor and shop and watch for. But you know pricing has remained rational for some time and we would expect it to in the future.

沒有什麼。我認為我們目前的競爭對手在價格上非常有競爭力。我認為我們一直身處在一個價格競爭非常激烈的行業。所以這是我們一直在關注、採購和留意的事情。但你知道，定價在一段時間內一直保持理性，我們預期未來也會如此。

Our competitors -- many of them have really good supply chains. I think ours is, generally speaking, more robust. And I think that we maintain a availability gap over most of our competitors, but I think some of our competitors are improving them. And I think they have the ability to improve them. It simply takes time and execution.

我們的競爭對手—其中許多都擁有非常優秀的供應鏈。總的來說，我認為我們的系統更穩定。我認為我們在供貨方面仍然領先於大多數競爭對手，但我認為我們的一些競爭對手正在改善他們的供貨能力。我認為他們有能力改進這些方面。這只需要時間和執行。

Distribution centers are long-term commitments, so some of the strategies that some of our competitors have in place now are hard things to roll up and change quickly. But I think, over time, if our competitors have the will and the ability to execute a different supply chain strategy, they will do so. At the same time, we'll be working to maintain a supply chain and availability benefit and positive GAAP for us, which we been successful at doing in the past.

配送中心是長期投入，因此我們的一些競爭對手目前採取的一些策略很難快速調整和改變。但我認為，隨著時間的推移，如果我們的競爭對手有意願和能力執行不同的供應鏈策略，他們就會這麼做。同時，我們將努力維持供應鏈和供貨優勢以及積極的GAAP（公認會計準則），而我們過去在這方面取得了成功。

Great, thank you.

太好了，謝謝。

Okay. Thank you.

好的。謝謝。

Chris Bottiglieri, Wolfe Research.

克里斯‧波蒂列裡 (Chris Bottiglieri)，沃爾夫研究中心。

Thank you for taking the call. A couple questions. Sorry to lead with LIFO, but with the $13 million, was that related to the $23 million? Or is it a whole separate issue?

謝謝您接聽電話。我有幾個問題。很抱歉先提到後進先出法，但是那1300萬美元和那2300萬美元有關嗎？或者這是另一個完全不同的問題？

Different lines and categories.

不同的產品線和類別。

Okay, different lines and categories. But same supplier or --?

好的，不同的類別和類型。但供應商是同一家嗎？

Different suppliers.

不同的供應商。

Okay. And then for the back-half of the year, do you anticipate any other material LIFO charges? Or it could be just kind of more like Q4, Q3 pace that you had last year?

好的。那麼，在今年下半年，您是否預計會有其他重大的後進先出法（LIFO）費用？或者，也可能只是像去年第四季或第三季那樣保持節奏？

They have been significantly higher than we had planned. We're not planning those types of numbers in the back-half.

它們比我們預想的要高得多。我們不打算在下半季打出那種規模的比賽。

Okay. All right and then a couple of bigger quick -- bigger picture questions. I saw you announced -- or not that you announced; I think it was announced that you've partnered with an industry consultant on creating a new backend for your website. Wonder if you could talk about that?

好的。好的，接下來還有幾個更重要、更宏觀的問題。我看到你宣布——或者說，不是你宣布的；我想應該是宣布了，你與一位行業顧問合作，為你的網站創建一個新的後端。不知道您是否可以談談這件事？

And then bigger picture, can you talk more about the O'Reilly First Call online program? What percentage of your commercial sales are done through eCatalog versus store calls? And kind of how do you see that trending in the future? And then the implications you think that has on allocating labor to new business versus serving existing?

從更宏觀的角度來看，您能否詳細介紹 O'Reilly First Call 線上課程？在您的商業銷售額中，透過電子目錄完成的佔比是多少？透過門市拜訪完成的佔比又是多少？那麼，你覺得這種趨勢在未來會如何發展呢？那麼，你認為這會對勞動力分配產生什麼影響，該分配給新業務還是服務現有業務？

Okay. Well, our relationship with Broadleaf is simply an effort to refresh and upgrade our web presence, and we are in the process of doing so. They've got a great platform, and we are enthused about the opportunity to work with such a progressive company. And we feel like we have some opportunity to improve our Internet presence, and are in the process of doing so.

好的。我們與 Broadleaf 的合作只是為了更新和升級我們的網站形象，目前我們正在進行這項工作。他們擁有一個很棒的平台，我們很高興有機會與這樣一家前瞻性的公司合作。我們覺得我們有機會提升我們在網路上的影響力，目前正在努力提升。

And I'm sorry, what was your second question?

不好意思，您的第二個問題是什麼？

The second question was generally speaking. Could you talk about the First Call online?

第二個問題是，一般而言。能談談線上首次通話的情況嗎？

Yes.

是的。

Like what percent of your customers are using eCatalog to order versus calling out Parts Pro, kind of how you see that trending long-term?

例如，您的客戶中有多少百分比是使用電子目錄訂購，又有多少百分比透過電話聯絡 Parts Pro 訂購？您認為這種趨勢的長期發展趨勢如何？

Yes. It's grown a lot over the last few years. And we have a very strong Web presence when it comes to B2B, and we have had for a number of years. I would suspect that we are one of the higher suppliers from a percentage standpoint, when it comes to the percentage of our sales on the professional side that are done electronically.

是的。過去幾年裡，它發展迅速。我們在 B2B 領域擁有非常強大的網路影響力，而且這種影響力已經持續多年。從百分比的角度來看，就我們專業領域電子銷售所佔的百分比而言，我懷疑我們是佔比較高的供應商之一。

I actually don't have the percentage in front of me. It's grown significantly and it will continue to grow. Still, the vast majority of our business is done via phone call. It will be -- yes, it's still phone call. So we have a lot of opportunity, over time, to convert that business to electronic, which we think is pretty sticky. The customers, once they start using your systems, it can stick with you pretty well.

我手頭上其實沒有具體的百分比數據。它已經取得了顯著增長，而且還會繼續增長。不過，我們絕大多數的業務仍然是透過電話完成的。是的，還是打電話。因此，隨著時間的推移，我們有很多機會將該業務轉型為電子業務，我們認為電子業務的穩定性相當高。一旦客戶開始使用你的系統，他們就會對你非常忠誠。

And then secondly, it creates some efficiency for us at the store by not taking a phone call, and simply receiving a pick ticket and shipping a part. But the trade-off is, you don't maybe develop as close of a personal relationship with a customer as you would on a phone call. So there's some trade-offs. But phone call is still the majority of our professional business.

其次，它提高了我們商店的效率，因為我們不用接電話，只需收到揀貨單並發貨即可。但缺點是，你可能無法像透過電話那樣與客戶建立親密的個人關係。所以凡事都有利弊。但電話仍然是我們專業業務的主要方式。

Okay. That makes a lot of sense. Thank you for your time.

好的。這很有道理。感謝您抽出時間。

Okay. Thank you.

好的。謝謝。

We've reached our allotted time for questions. I will now turn the call back over to Mr. Greg Henslee for closing remarks.

提問時間已到。現在我將把電話交還給格雷格·亨斯利先生，請他作總結發言。

Thanks, Brandon. We'd like to conclude our call today by thanking the entire O'Reilly team for our outstanding first-quarter results. We are extremely proud of our record-breaking first quarter, and remain extremely confident in our ability to continue to aggressively and profitably gain market share, and are focused on continuing our momentum throughout 2016.

謝謝你，布蘭登。今天，我們想在電話會議結束之際，感謝 O'Reilly 團隊為我們帶來出色的第一季業績。我們為創紀錄的第一季業績感到無比自豪，並且對我們繼續積極、盈利地擴大市場份額的能力充滿信心，我們將專注於在 2016 年保持這一勢頭。

I'd like to thank everyone for joining our call today. And we look forward to reporting our 2016 second-quarter results in July. Thanks.

感謝各位今天參加我們的電話會議。我們期待在7月公佈2016年第二季業績。謝謝。

Ladies and gentlemen, this concludes today's conference. Thank you for joining. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。