O'Reilly Automotive Inc (ORLY) 2016 Q2 法說會逐字稿

Welcome to the O'Reilly Automotive, Incorporated second-quarter earnings release conference call. My name is Richard and I'll be your operator for today's call.

歡迎參加歐萊利汽車公司第二季財報電話會議。我是理查德，將擔任本次電話會議的接線生。

(Operator Instructions)

（操作說明）

Please note that this conference is being recorded. I'll now turn the call over to Mr. Tom McFall. Mr. McFall, you may begin.

請注意，本次會議正在錄音。現在我將把電話交給湯姆·麥克福爾先生。麥克福爾先生，您可以開始了。

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

謝謝理查德。大家早安，感謝各位參加今天的電話會議。在今天的會議上，我們將討論2016年第二季的業績以及對第三季和2016年剩餘時間的展望。在我們作完發言後，我們將進行問答環節。

Before we begin this morning I'd like to remind everyone that our comments today contain certain 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.

在今天上午會議開始之前，我想提醒大家，我們今天的發言包含一些前瞻性陳述，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”，並主張該條款的保護。您可以透過諸如「估計」、「可能」、「可以」、「打算」、「相信」、「預期」、「會」、「考慮」、「應該」、「預計」、「計劃」、「打算」或類似詞語來識別這些前瞻性陳述。

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.

由於本公司截至2015年12月31日止年度的最新10-K表格年度報告及其他近期提交給美國證券交易委員會（SEC）的文件中所述的若干重要因素，公司的實際業績可能與任何前瞻性陳述有重大差異。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 second-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, and Greg Johnson, our Executive Vice President of Supply Chain, are also present.

謝謝，湯姆。大家早安，歡迎參加歐萊利汽車零件公司第二季財報電話會議。今天早上和我一起參加會議的還有我們的財務長湯姆·麥克福爾，以及負責門市營運和銷售的執行副總裁傑夫·肖。此外，我們的執行董事長大衛·歐萊利和負責供應鏈的執行副總裁格雷格·約翰遜也出席了會議。

It is once again my pleasure to begin our call today by congratulating Team O'Reilly on another solid quarter and a strong first half of 2016. Our Team's proven ability to provide superior value and service drove our industry leading second-quarter comparable store sales increase of 4.3%.

今天，我再次榮幸地向奧萊利團隊表示祝賀，祝賀他們又一個季度業績穩健，2016年上半年表現強勁。我們團隊憑藉其卓越的價值和服務能力，實現了業內領先的第二季同店銷售額成長4.3%。

These solid results were in line with our guidance of 3% to 5% and we are pleased with our Team's ability to generate this level of comparable store sales growth on top of last year's excellent second-quarter comparable store sales increase of 7.2%. Our Company's consistent, market leading performance is the direct result of our outstanding Team of over 74,000 dedicated Team members and their unwavering commitment to providing consistently excellent levels of customer service.

這些穩健的業績符合我們先前3%至5%的預期，我們對團隊在去年第二季同店銷售額成長7.2%的基礎上，還能取得如此高的同店銷售額成長感到非常滿意。公司持續領先的市場表現，直接歸功於我們超過74,000名敬業的團隊成員，以及他們始終如一地致力於提供卓越的客戶服務。

In total, we grew sales for the quarter by 7% and combined with our Team's relentless focus on profitable growth and expense management we generated a quarterly operating margin of 19.5% driving a 16% increase in earnings per share to $2.65. This represents the 30th consecutive quarter we have grown EPS in excess of 15%, and this remarkable track record of strong earnings growth over such a long period of time is a testament to the effectiveness of our dual market strategy and the unwavering commitment of Team O'Reilly to providing the best customer service in the automotive after market.

本季總銷售額成長7%，加上團隊對獲利成長和成本控制的不懈追求，我們實現了19.5%的季度營業利潤率，推動每股收益成長16%至2.65美元。這標誌著我們連續第30季每股收益成長超過15%，如此長期的強勁獲利成長記錄充分證明了我們雙市場策略的有效性，以及歐萊利團隊致力於為汽車售後市場提供最佳客戶服務的堅定承諾。

The composition of our comparable store sales growth in the second quarter was very similar to the first quarter. Both our professional and DIY sides of the business were contributors to our comparable store sales growth with professional being slightly higher.

第二季同店銷售成長的組成與第一季非常相似。專業業務和DIY業務均對同店銷售成長做出了貢獻，其中專業業務的貢獻略高。

We saw solid increases in both comparable ticket average and transaction count with a larger contribution from our professional ticket count, although our DIY ticket count continues to be solid. 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 on an individual SKU by SKU basis remains muted.

我們看到，可比平均單價和交易筆數均實現穩健增長，其中專業客戶的單筆交易筆數貢獻更大，但DIY客戶的單筆交易筆數也保持穩定。平均單價的成長仍然是由零件複雜性這一長期行業趨勢驅動的，而單價上漲並未起到推動作用，因為單一SKU的通膨率仍然溫和。

When we look at the cadence of our sales performance for the quarter, results were steady throughout the quarter and within our guidance expectations for each month. We did experience some pressure in April and May due to the wet, cool weather from the slow start to summer as well as pull forward of some business into the first quarter as a result of the mild winter, especially in our stores in the middle of the country. However, hot weather benefited our business as summer took hold in June and has continued into July with comparable store sales trends on a two year stack basis improved from the results we experienced in the first two months of the second quarter.

從本季的銷售業績來看，整體表現穩定，每月均符合預期。由於夏季初期天氣陰冷潮濕，加上冬季氣候溫和，導致部分業務提前至第一季度，我們在四月和五月面臨一定壓力，尤其是在中部地區的門市。然而，六月的炎熱天氣對我們業務有所好處，夏季持續到七月，同店銷售額（以兩年為基準）較第二季前兩個月有所改善。

On a category basis, we continued to see solid performance in key hard parts categories such as brakes, chassis, and drive line, especially in our stores in the western and southeastern US which were not impacted by the timing of the weather fluctuations in first half of the year. As one would expect, weather related categories such as HVAC and batteries also performed extremely well in the back half of the quarter across the Company as temperatures rose.

從品類來看，關鍵的零件品類，例如煞車、底盤和傳動系統，表現依然穩健，尤其是在美國西部和東南部地區的門市，這些地區的門市並未受到上半年天氣波動的影響。如預期，隨著氣溫升高，暖通空調和電池等與天氣相關的類別在下半年也表現出色。

Looking at the broader after market. We continue to benefit from positive tailwinds from modest improvements in total employment, low gas prices, and continued solid growth in miles driven which are up 3.3% year-to-date through May. We feel these positive macroeconomic trends have been an important factor in fueling our steady comparable store sales growth, although to a lesser degree compared to the significant year-over-year tailwinds we experienced in 2015.

從更廣泛的售後市場來看，我們持續受益於就業總量溫和成長、油價走低以及行駛里程持續穩健成長（截至5月份，年成長3.3%）等利好因素。我們認為，這些正面的宏觀經濟趨勢是推動我們同店銷售額穩定成長的重要因素，儘管與2015年顯著的同比成長相比，其影響程度略小。

Considering all the factors driving our comparable store sales performance, and in light of the very tough comparisons we face on a two year and three year stack basis, we feel it is appropriate to set our third quarter comparable store sales guidance at a range of 3% to 5%, in line with our full year guidance. While we have our toughest comparable store sales comparisons from the third quarter last year in the month of July, we are off to a good start and are currently comping within our guidance range for the quarter. We feel our industry is in a very stable, healthy condition, and more importantly, we remain very confident our Team will continue to take share and generate results which outperform the overall market.

考慮到影響同店銷售業績的所有因素，以及過去兩年和三年同期業績的嚴峻對比，我們認為將第三季同店銷售預期設定在3%至5%的區間是合適的，與全年預期保持一致。儘管7月的同店銷售比較數據與去年同期相比最為強勁，但我們開局良好，目前業績符合季度預期。我們認為所在產業目前處於非常穩定健康的狀態，更重要的是，我們仍然非常有信心，我們的團隊將繼續擴大市場份額，並取得優於整體市場的業績。

As we discussed during our first quarter earnings conference call when we provided our gross profit and earnings per share outlook for the second quarter, our second quarter results included LIFO headwinds totaling $23 million, primarily driven by a specific second quarter deal. Tom will discuss this in more detail in a moment, but this headwind to margin was in line with our expectations, and we remain confident we will achieve our previously stated full year gross margin range of 52.3% to 52.7%.

正如我們在第一季財報電話會議上對第二季度毛利潤和每股收益預期所做的闡述，第二季度業績受到了總計2300萬美元的後進先出法（LIFO）不利因素的影響，這主要源於第二季度的一項特定交易。湯姆稍後會對此進行更詳細的討論，但這一對利潤率的不利影響符合我們的預期，我們仍然有信心實現先前設定的全年毛利率目標，即52.3%至52.7%。

As the result of our solid performance thus far in the first half of 2016, we are increasing our full year 2016 operating profit guidance from a range of 19.3% to 19.7% to a range of 19.5% to 19.9% of sales. For earnings per share, we are establishing our third quarter guidance at $2.77 to $2.87, which at the midpoint would represent a 7% increase over EPS of $2.64 in the third quarter of last year.

鑑於2016年上半年業績表現穩健，我們將2016年全年營業利益率預期從19.3%至19.7%上調至19.5%至19.9%。每股盈餘方面，我們將第三季預期設定為2.77美元至2.87美元，其中數值較去年同期的2.64美元成長7%。

As a reminder, our EPS results in the third quarter of 2015 including an $0.11 per share greater than typical benefit from the resolution of certain historical tax positions. On a comparable basis the midpoint of our earnings per share guidance range would be an 11% increase over the prior year adjusted earnings per share of $2.53 absent this tax benefit.

再次提醒，我們2015年第三季的每股盈餘（EPS）包含因解決某些歷史稅務問題而獲得的每股0.11美元的額外收益。若不計入此項稅收優惠，我們先前公佈的每股收益預期區間中位數將較上年同期調整後的每股收益2.53美元增長11%。

We are increasing our full year earnings per share guidance from a range of $10.10 to $10.50 to a range of $10.30 to $10.70. Both of the third quarter and full year this updated guidance includes the impact of shares repurchased through this call that excludes any potential additional share repurchases.

我們將全年每股收益預期從10.10美元至10.50美元上調至10.30美元至10.70美元。此更新後的預期涵蓋第三季和全年，均已計入本次電話會議回購的股票的影響，但不包括任何潛在的額外股票回購。

Before I turn the call over to Jeff, I would like to again thank our Team for another outstanding quarter. 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 and lead the industry by consistently providing exceptional 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，感謝他們又一個季度的出色表現。我們對產業長期需求的驅動因素依然充滿信心，並且相信我們已做好充分準備，能夠抓住這一需求，並透過每天為客戶提供卓越的服務，引領產業發展。

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

再次恭喜奧萊利團隊在2016年取得了非常強勁的開局。現在我將把解說權交給傑夫·肖。

Thanks, Greg, and good morning, everyone. I'd like to begin today by echoing Greg's comments and congratulating Team O'Reilly on another strong quarter. I'm extremely proud of our Team's execution and the level of consistent top-notch service that we continue to provide to our customers day in and day out.

謝謝格雷格，大家早安。今天首先，我想贊同格雷格的觀點，並祝賀奧萊利團隊又一個季度取得了優異的成績。我為我們團隊的執行力以及我們日復一日為客戶提供的始終如一的高品質服務感到無比自豪。

Our comparable store sales growth of 4.3% on top of 7.2% in the prior year again out paced the market. And this industry leading performance is the direct result of our Team's commitment to out-hustling and out-servicing the competition each and every day. I want to thank each of our Team members for their continued hard work and dedication to making O'Reilly Auto Parts the destination location for all of our customers' auto parts needs.

我們同店銷售額在去年7.2%的基礎上又成長了4.3%，再次超越市場平均。這項產業領先的業績直接歸功於我們團隊每天不懈努力、超越競爭對手的決心。我要感謝每位團隊成員的辛勤付出和敬業精神，正是他們的努力才使歐萊利汽車配件成為滿足所有客戶汽車配件需求的最佳選擇。

For the quarter, we levered SG&A by 80 basis points. As a reminder, included in SG&A in the second quarter of 2015 was a headwind of $19 million from an adverse judgment in a long term dispute with a former service provider, and our leverage in the second quarter of this year benefited 93 basis points from the comparison to this item.

本季度，我們的銷售、管理及行政費用槓桿率為 80 個基點。需要注意的是，2015 年第二季的銷售、管理及行政費用中包含了一筆 1,900 萬美元的支出，這筆支出源自於與前服務提供者的長期糾紛中一項不利判決。相比之下，今年第二季的槓桿率降低了 93 個基點。

Excluding the adverse judgment in 2015, we delevered 13 basis points as a result of the tough comparisons to the robust sales we generated in the second quarter of 2015. As always, our Teams remain very focused on expense control, but we will be judicious in managing our store staffing levels to ensure we don't jeopardize the excellent customer service that develops and maintains long term relationships.

剔除2015年的不利判決，由於與2015年第二季強勁的銷售業績相比，本季業績面臨嚴峻挑戰，我們的槓桿率下降了13個基點。一如既往，我們的團隊將繼續高度重視成本控制，同時謹慎管理門市人員配置，以確保不會影響到我們賴以建立和維護長期客戶關係的卓越客戶服務。

Average per store SG&A for the second quarter increased 2.9% over 2015 excluding the adverse judgment in 2015, which was within our expectations and driven by expected higher medical costs, and a comparatively more aggressive advertising campaign as we discussed when we established our full year guidance at the beginning of the year. We continue to expect our full year average SG&A per store to increase approximately 2% over 2015 average SG&A, excluding the adverse judgment. However, we'll closely monitor our sales volumes and will make the 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.

第二季平均單店銷售、管理及行政費用（SG&A）較2015年同期成長2.9%（不計入2015年的不利判決），符合我們的預期，主要原因是預期醫療成本上升以及廣告宣傳力度相對加大，正如我們在年初制定全年業績指引時所討論的那樣。我們仍預期全年平均單店銷售、管理及行政費用（SG&A）較2015年同期成長約2%（不計入不利判決）。然而，我們將密切注意銷售量，並根據需要做出適當調整，以審慎地控制銷售、管理及行政費用，使其與業務趨勢和市場機會相符。

We successfully opened 89 net new stores in the first half of 2016, and we continue to be pleased with the performance of our new stores. We continue to see heavier concentrations of growth in our expansion markets in Florida and the Northeast but we're also capitalizing on great growth opportunities across our footprint. And as a result, our store growth so far in 2016 was spread across 28 different states. Our ability to effectively enter new markets while also selectively expanding our presence in existing markets continues to give us a great advantage in choosing new sites, and more importantly, identifying, hiring, and training outstanding store Teams to provide excellent customer service in our new stores.

2016年上半年，我們成功淨增89家門市，新店的業績表現令我們十分滿意。我們在佛羅裡達州和東北部等擴張市場仍保持著較高的成長勢頭，同時我們也充分利用了其他地區的成長機會。因此，2016年至今，我們的門市已遍佈28個州。我們能夠有效率地開拓新市場，同時有選擇地擴大現有市場規模，這使我們在選址方面擁有巨大優勢，更重要的是，我們能夠識別、招聘和培訓優秀的門店團隊，從而為新店提供卓越的客戶服務。

As we've discussed in the past, Texas is one of our long time markets where we continue to see strong growth opportunities and where our new store growth had stretched our distribution capacity. To this end, we're very pleased to announce the seamless opening in May of our newest DC in Selma, Texas, a northeastern suburb of the San Antonio market. This new DC will allow us to improve our parts availability in the rapidly growing San Antonio metro market, and will also enhance our service in the Austin market, another strong market for us just an hour drive up the interstate from our new DC. The San Antonio DC has the capacity to service approximately 250 stores, and has ramped up extremely well by transferring [neither] replenishment for 166 stores from our existing Texas DCs in Dallas, Houston, and Lubbock, creating capacity for new growth across the state of Texas.

正如我們之前討論過的，德州是我們長期關注的市場之一，我們持續看到強勁的成長機遇，而新店的擴張也使我們的配送能力捉襟見肘。為此，我們非常高興地宣布，位於德州塞爾瑪市（聖安東尼奧東北郊區）的最新配送中心已於五月順利啟用。這個新配送中心將使我們能夠提昇在快速成長的聖安東尼奧都會區市場的零件供應能力，同時也將增強我們在奧斯汀市場的服務。奧斯汀是我們另一個重要的市場，距離新配送中心僅一小時車程。聖安東尼奧配送中心可服務約250家門市，並透過將166家門市的補貨從我們在達拉斯、休士頓和拉伯克的現有配送中心轉移至該中心，實現了高效的產能提升，從而為德州其他地區的業務成長創造了條件。

As we've said many times in the past, opening a new DC is a long process and is much more difficult and complex than our DC Leadership Teams make it seem. Opening a back fill DC in such a strong existing market is an especially challenging test since the store serviced by San Antonio and our customers in those markets have high service expectations because of the great track record we've established over a long period of time. Well, the San Antonio Team did an amazing job getting up and running without missing a beat, and we're extremely proud of the excellent Team we have in place providing outstanding and enhanced service to our customers in central and southern Texas.

正如我們過去多次強調的，開設新的配送中心是一個漫長的過程，遠比我們的配送中心領導團隊所展現的要困難和複雜得多。在聖安東尼奧這樣現有市場強勁的情況下開設一個補充配送中心尤其具有挑戰性，因為聖安東尼奧配送中心服務的門市以及該地區的客戶對我們長期以來建立的良好服務記錄抱有很高的期望。聖安東尼奧團隊出色地完成了任務，順利啟動並投入運營，我們為這支優秀的團隊感到無比自豪，他們為德克薩斯州中部和南部地區的客戶提供了卓越且不斷提升的服務。

As I close my comments I want to thank Team O'Reilly for their continued dedication to our Company's success. We've had a solid year so far. We're also well positioned to continue to provide our customers exceptional service and the best parts availability in the industry, and we intend to finish the year strong.

在結束發言前，我要感謝歐萊利團隊一直以來對公司成功的貢獻。今年以來，我們取得了穩健的表現。我們已做好充分準備，繼續為客戶提供卓越的服務和業內最佳的零件供應，並力爭以強勁的勢頭結束今年的業績。

That said, we will never rest on our past successes. We know we have to go out and win the business each and every day by out-hustling and out-servicing our competitors, and I'm very confident in our Team's ability to do just that. Now I'll turn the call over to Tom.

話雖如此，我們絕對不會固步自封過去的成功。我們深知，必須每天全力以赴，透過比競爭對手更努力、更優質的服務來贏得業務，我對我們團隊做到這一點的能力充滿信心。現在，我把電話交給湯姆。

Thanks, Jeff. I'd also like to begin today by thanking Team O'Reilly for another successful quarter. Now we'll take a closer look at our second quarter results and update our guidance for the remainder of 2016.

謝謝傑夫。今天首先，我也要感謝奧萊利團隊又一個成功的季度。接下來，我們將仔細分析第二季的業績，並更新2016年剩餘時間的業績預期。

For the quarter, sales increased $141 million comprised of an $85 million increase in comp store sales, a $56 million increase in non-comp store sales, a $1 million increase in non-comp non-store sales, and a $1 million decrease from closed stores. For 2016 we continue to expect our total revenues to be $8.4 billion to $8.6 billion.

本季銷售額成長1.41億美元，其中同店銷售額成長8,500萬美元，非同店銷售額成長5,600萬美元，非同店非門市銷售額成長100萬美元，以及因門市關閉而減少100萬美元。我們仍然預計2016年總收入將在84億美元至86億美元之間。

For the quarter, gross margin was 51.8% of sales, a 23 basis point decrease from the prior year. The decrease was driven by a larger than typical LIFO headwind of $23 million, which was in line with our previous guidance, and as we've discussed previously, related primarily to a supplier renegotiation for a specific major hard parts line.

本季毛利率為銷售額的51.8%，較上年同期下降23個基點。毛利率下降的主要原因是2300萬美元的後進先出（LIFO）成本逆差高於往常，這與我們之前的預期一致，並且正如我們之前討論過的，主要與某項主要硬部件生產線的供應商重新談判有關。

As we discussed in the past, our success at reducing our acquisition costs over time has exhausted our LIFO reserve, and further cost decreases require us to reduce our existing inventory value to the lower cumulative acquisition cost, creating non-cash headwinds to gross margin. Excluding LIFO from both years, gross margin increased 31 basis points year-over-year.

正如我們之前討論過的，隨著收購成本的逐步降低，我們的後進先出法（LIFO）儲備金已消耗殆盡。若要進一步降低成本，我們需要將現有庫存價值調整至較低的累積收購成本，這將對毛利率造成非現金不利影響。若剔除這兩年的LIFO影響，毛利率年增31個基點。

Moving forward, we will realize improved gross margins from the lower acquisition costs, and we're reiterating our gross margin guidance of 52.3% to 52.7% of sales for the full year. This assumes pricing in the industry continues to remain rational.

展望未來，隨著收購成本的降低，我們將實現更高的毛利率，並重申全年毛利率預期為銷售額的52.3%至52.7%。這一預期基於行業定價繼續保持合理水平的前提。

Our effective tax rate for the quarter was 36.9% of pretax income. For the full year we expect our pretax rate to be 36.8%. As is typical for us in most years we anticipate our third quarter tax rate to be lower as we adjust for the expected totaling of certain historical tax periods. We expect our third quarter rate to be approximately 35.8% of pretax income, which is significantly above the tax rate of 33.6% we saw in the third quarter of 2015 due to the large, positive, non-typical tax reserve adjustment in the third quarter of 2015 relating to a previous acquisition. We expect the fourth quarter to return to a more normal rate of 37.3% of pretax income. 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利潤的36.9%。我們預計全年稅前稅率為36.8%。與往年一樣，由於需要對某些歷史稅務期間的預期累積進行調整，我們預計第三季稅率會較低。我們預期第三季稅率約為稅前利潤的35.8%，遠高於2015年第三季的33.6%，這是由於2015年第三季與先前收購相關的大額正向非典型稅務準備金調整所致。我們預計第四季稅率將恢復到較正常的水平，約為稅前利潤的37.3%。這些預測取決於未決審計的解決情況以及我們能否成功獲得現有就業稅收抵免計劃的資格。

Now I'd like to provide some more color on our free cash flow results and provide updated guidance expectations for the full year of 2016. We generated $194 million in free cash flow for the quarter which was relatively flat with prior year. Year-to-date we generated $578 million in free cash flow compared to $512 million in the prior year. And based on our successful management of working capital, primarily net inventory, we're raising our full year free cash flow guidance from a range of $750 million to $800 million to a range of $800 million to $850 million.

現在我想更詳細地介紹一下我們的自由現金流狀況，並更新一下2016年全年的業績預期。本季我們實現了1.94億美元的自由現金流，與去年同期基本持平。今年迄今，我們已實現5.78億美元的自由現金流，去年同期為5.12億美元。基於我們對營運資本（主要是淨存貨）的成功管理，我們將全年自由現金流預期從7.5億美元至8億美元上調至8億美元至8.5億美元。

Inventory per store at the end of the second quarter was $588,000 which was a 2.2% increase from the end of 2015. This growth rate was in line with our expectations for the quarter and we still expect our full year inventory per store to grow approximately 1.5% based on normal seasonal differences. Our ongoing goal is to ensure we grow per store inventory at a lower rate than the comparable store sales growth we generate and we expect to continue our success of effectively deploying inventory in 2016.

第二季末，單店庫存為58.8萬美元，較2015年底成長2.2%。這一成長率符合我們對該季度的預期，我們預計全年單店庫存將成長約1.5%（基於正常的季節性差異）。我們始終致力於確保單店庫存增速低於同店銷售額增速，並期望在2016年繼續保持高效率的庫存管理。

Our AP to inventory ratio finished the second quarter at 106% which exceeded our expectations and represented a new high ratio. Our AP percentage continues to benefit from incrementally improved terms and strong sales volumes over the past 12 months; however, as we move into the back half of 2016, we expect our AP to inventory ratio to moderate somewhat from its current levels to a number slightly above 100% as we incrementally improve our vendor terms, but face the headwinds of seasonality and the lower expected increase in sales based on our current comparable store sales guidance for the remainder of the year.

第二季末，我們的應付帳款與庫存比率達到106%，超出預期，創歷史新高。過去12個月，得益於條款的逐步改善和強勁的銷售量，我們的應付賬款佔比持續上升；然而，隨著2016年下半年的到來，我們預計應付賬款與庫存比率將從目前的水平略微回落至略高於100%，這主要是由於我們逐步改善了供應商條款，但同時也面臨著季節性增長的剩餘因素以及我們目前對剩餘時間預測剩餘因素。

Capital expenditures for the first six months were $220 million, which was up 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. Moving on to debt.

上半年資本支出為2.2億美元，高於2015年同期水平，符合我們的預期。我們持續預測2016年全年資本支出為4.6億美元至4.9億美元。接下來談談債務問題。

We finished the second quarter with an adjusted debt-to-EBITDA ratio of 1.69 times, down from 1.72 times at the end of the first quarter driven by our strong trailing 12 month operating income performance. We're still well below our targeted ratio of 2 to 2.25 times, however we continue to believe our stated leverage range is appropriate for our business and will move into this range when the timing is appropriate.

第二季末，我們調整後的負債與EBITDA比率為1.69倍，低於第一季末的1.72倍，主要得益於過去12個月強勁的營業收入表現。儘管我們仍遠低於2至2.25倍的目標比率，但我們仍然認為目前設定的槓桿率區間適合我們的業務，並將在時機成熟時調整至該區間。

We continue to execute our share repurchase program, and during the second quarter we repurchased 2.1 million shares of our stock at an average cost of $262.17 per share. Year-to-date through yesterday we've repurchased 3.3 million shares at an average share price of $259.19 for a total investment of $861 million.

我們繼續執行股票回購計劃，第二季以每股平均262.17美元的價格回購了210萬股股票。截至昨日，今年以來我們已回購了330萬股股票，平均每股價格為259.19美元，總投資額達8.61億美元。

We continue to view our buyback program as an effective means for returning available cash to our shareholders after we take advantage of opportunities to invest in our business at a high rate of return. And we will prudently execute our program with an emphasis on maximizing long term returns for our shareholders.

我們始終認為，在掌握高報酬率的投資機會後，股票回購計畫是向股東返還可用現金的有效方法。我們將審慎執行該計劃，重點在於最大程度地提高股東的長期回報。

Based on our results during the first half of the year and the additional share repurchases since our last call, for the full year we're raising our earnings per share guidance to a range of $10.30 to $10.70 per share, representing an increase of $0.20 per share from the annual guidance we provided during our first quarter earnings release. 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.

根據我們上半年的業績以及自上次電話會議以來新增的股票回購，我們將全年每股收益預期上調至每股10.30美元至10.70美元，較我們在第一季財報發佈時提供的年度預期上調0.20美元。依慣例，本次預期包含本次電話會議期間已回購的所有股票，但不包含任何未來的股票回購。

Before I turn the call over to our analysts for questions, I would once again like to thank the entire O'Reilly Team for their continued hard work and dedication to providing consistently high levels of service to our customers. Congratulations on another solid quarter.

在將電話轉交給分析師提問之前，我再次感謝奧萊利團隊全體成員的辛勤付出和敬業精神，感謝他們始終如一地為客戶提供高水準的服務。恭喜你們又一個季度取得了穩健的業績。

This concludes our prepared comments. At this time I'd like to ask Richard, 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。現在請接線員理查德回到電話線，我們很樂意回答您的問題。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）

Our first question online comes from Mr. Alan Rifkin from BTIG.

我們收到的第一個線上問題來自 BTIG 的 Alan Rifkin 先生。

Thank you very much, gentlemen. Congratulations on a nice quarter.

非常感謝各位先生。恭喜你們本季業績出色。

Thanks, Alan.

謝謝你，艾倫。

Maybe you should have kept talking. The stock is up 10 points during the duration of the call. But my first question is you raised the earnings and EBIT guidance for the year while maintaining the revenue and comp and gross margin.

或許你應該繼續說下去。通話期間，股價上漲了10點。但我的第一個問題是，你在維持營收、同店銷售額和毛利率不變的情況下，提高了全年獲利和息稅前利潤預期。

Obviously incrementally you must be seeing something on the expense side of the equation which coupled with your SG&A per store being up 2.9% in the first half and your goal is 2% for the year, which would imply 1% in the back half. So my first question is what incrementally are you seeing on the expense side of the equation that gives you the greater confidence?

顯然，您肯定在支出方面看到了一些變化，再加上上半年每家店的銷售、管理及行政費用增長了2.9%，而您全年的目標是2%，這意味著下半年應該增長1%。所以我的第一個問題是，您在支出方面看到了哪些變化，讓您更有信心實現目標？

Alan, our increase of $0.20 is comprised primarily of share repurchases, and the increase in operating profit expectations primarily driven by a higher gross margin percentage through the remainder of the year. As a result of improved acquisition costs as we take these LIFO charges we end up with a higher ongoing POS margin.

艾倫，我們增加的0.20美元主要來自股票回購，而營業利潤預期上調則主要得益於今年剩餘時間內更高的毛利率。由於我們採用後進先出法提列這些費用，收購成本降低，最終導致持續的銷售點利潤率更高。

Okay and my second question is--

好的，我的第二個問題是—

Alan, I could add just -- and the third piece as you stated is we're expecting to see a little better SG&A than we've seen in the first half of the year.

艾倫，我還可以補充一點——正如你所說，第三點是我們預計銷售、一般及行政費用將比上半年略好一些。

Okay, thank you, Tom. My follow-up if I may is on the LIFO charge. It's predominantly from one vendor, which would imply that obviously you've exhausted the LIFO reserve with this one vendor. And based on their size we can glean that this is a pretty large vendor.

好的，謝謝你，湯姆。如果可以的話，我想再問一下關於後進先出法（LIFO）的費用。這筆費用主要來自一家供應商，顯然這意味著你已經用完了這家供應商的後進先出法儲備金。而且根據他們的規模，我們可以推斷這是一家相當大的供應商。

I guess my question is if you're seeing such additional clout with a very large vendor, would it be reasonable to assume that your clout with even smaller vendors is as great if not greater than what you're recently seeing with this one particular vendor?

我想問的是，如果你在一個非常大的供應商那裡獲得瞭如此大的影響力，那麼是否可以合理地假設，你對更小的供應商的影響力也同樣大，甚至更大，甚至更大？

Well Alan, a slight difference in what you said is our LIFO calculation is based on our inventory as a total pool. It's not based on supplier by supplier, so the elimination of our LIFO reserve and going into a debit position over time has been the [culmination] of many, many suppliers.

艾倫，你說的有點不一樣，我們的後進先出法（LIFO）計算是基於我們庫存的整體情況，而不是逐個供應商計算。因此，隨著時間的推移，我們最終取消了LIFO儲備，轉而出現借方餘額，這是眾多供應商問題累積的結果。

Okay, thank you Tom, I appreciate it.

好的，謝謝你，湯姆，非常感謝。

Thanks, Alan.

謝謝你，艾倫。

Thank you. Our next question online comes from Mr. Seth Sigman from Credit Suisse.

謝謝。下一個線上提問者是來自瑞士信貸的塞思·西格曼先生。

Thanks guys, good morning. You guys have done a really good job navigating some of the seasonal volatility in the last couple quarters. I'm just wondering there's a bigger battle between industry tailwinds and weather. I realize comparisons are getting quite difficult, but the question is are you seeing any evidence that maybe the industry tailwinds are fading or how should we be thinking about that?

謝謝各位，早安。過去幾個季度，你們在應對季節性波動方面做得非常出色。我只是在想，產業利好因素和天氣因素之間是否存在更大的博弈。我知道現在比較數據比較起來很困難，但我想問的是，你們是否觀察到任何跡象顯示行業利好因素正在減弱？或者我們應該如何看待這個問題？

Seth, I think our industry is really healthy. I think all of the things that I mentioned relative to gas prices, miles driven, employment rate, those are all great things. I think that what our industry has experienced is all of us having reasonably tough compares from last year's great performance and the tailwinds we had last year, but then also this weather issue we are talking about.

塞思，我認為我們這個產業發展勢頭良好。我剛才提到的油價、行駛里程、就業率等等，都是好消息。我們這個行業面臨的挑戰是，由於去年業績出色，加上一些有利因素，今年的業績比較基數較高，再加上我們現在討論的天氣問題，今年的業績也受到了一定影響。

It's an issue. We had a mild winter and then we had a late start to summer, so April and May. Our May two year stack was pretty notably down from what we did in April and June, so I would relate it to that more than anything. I think that the industry tailwinds continue as the overall macroeconomic conditions contain or continue to be well.

這確實是個問題。我們經歷了一個暖冬，夏天也來得晚，四月和五月都是如此。五月的兩年期股票組合數量明顯低於四月和六月的水平，所以我認為主要原因就在這裡。我認為，只要整體宏觀經濟狀況保持良好或持續向好，產業利好因素就會持續下去。

Okay, understood. And then my follow-up question is just on the market share dynamics in the business. That's been obviously a nice part of the story. Based on the comp in the quarter it does seem like you outperformed. Can you maybe speak to the market share and competitive dynamics, and if you're seeing any major change in where that share may be coming from? Thanks.

好的，明白了。我的後續問題是關於公司市場份額的動態變化。這顯然是業績亮點之一。根據季度同業比較數據來看，你們的業績似乎確實優於競爭對手。能否談談市場佔有率和競爭格局，以及市場佔有率的組成是否發生了重大變化？謝謝。

I don't think there's been any major change. We had a lot of great competitors, and a lot of them are companies that don't publicly report and there are people that we compete with regionally that are great companies and are publicly traded companies that we compete with. They are all well-run companies, but I don't think anything has really changed.

我認為並沒有發生什麼重大變化。我們有許多優秀的競爭對手，其中許多公司不公開揭露財務資訊；我們也有一些區域性的競爭對手，它們都是很棒的上市公司。這些公司運作都很出色，但我認為情況並沒有真正改變。

I think that we go out there every day realizing that we've got a big job ahead of us and that if we want to gain market share we've got to out-work and out-hustle our competitors like Jeff said, and that's our store operations guys' operating mode every single day. We never take the position that we're in for granted and we know that we have to earn it with each customer every time we receive a call from them as a professional shop or when they walk into our store, so -- but I think we're in a good position to continue to do what we've been doing.

我認為我們每天上班都意識到，我們面臨著艱鉅的任務。正如傑夫所說，如果我們想贏得市場份額，就必須比競爭對手更加努力、更加奮鬥。這也是我們門市營運人員每天的工作模式。我們從不認為我們現在的地位是理所當然的，我們知道，無論是接到客戶的電話，還是他們走進我們的門店，我們都必須用專業的態度對待每一位客戶，才能贏得他們的信任。所以——但我認為，我們目前處於有利地位，可以繼續保持我們一直在做的事情。

Thank you.

謝謝。

Our next question online comes from Mr. Matthew Fassler from Goldman Sachs.

我們下一個線上提問來自高盛的馬修·法斯勒先生。

Thanks so much guys, and good morning. If you could go into a little more detail on category performance to the extent you saw deceleration in a couple places, what you could trace to the winter weather, what if anything you could trace to the summer weather, and how much that might have changed? I know it's been quite hot in different parts of the country and curious what parts of the business are responding to that and what parts might not be?

非常感謝各位，早安。能否請您更詳細地談談品類表現，特別是您觀察到的某些品類成長放緩的情況？您認為哪些因素與冬季天氣有關？哪些因素與夏季天氣有關？以及這些因素的影響程度如何？我知道最近全國各地天氣都很熱，所以想了解哪些業務板塊受到了影響，哪些板塊可能沒有受到影響？

Well, I think that the most notable thing that we would have seen is in April and May is typically the HVAC and cooling business starts to do really well. Those businesses of course didn't do as well early in the quarter and they really picked up late in the quarter.

我認為最顯著的變化是，通常情況下，暖通空調和冷凍業務會在四月和五月開始蓬勃發展。當然，這些業務在季度初表現不佳，但在季度末才真正開始回升。

The things that are comping best for us right now in addition to some of the hard parts categories that I mentioned that would be weather related would be like batteries that can fail during hot weather, at least get damaged and kind of conditioned for failure in the winter time but maybe fail in the hot weather. Cooling is always a big category and it's doing well, and then climate control and HVAC is currently doing well.

目前，除了我之前提到的一些與天氣相關的硬部件類別之外，對我們來說競爭最激烈的產品類別還包括電池。電池在高溫天氣下容易故障，至少在冬季會損壞，並可能在高溫天氣下發生故障。冷凍設備一直是重要的類別，目前表現良好，此外，空調和暖通空調設備目前也表現良好。

Is there anything that's lagging on account of last winter, and if so when does that kind of rust come off the purchase cycle and you start fresh again?

去年冬天是否造成了什麼延遲？如果有，這種延遲何時才能消除，重新開始採購流程？

The things that you would expect to lag would be things like chassis, but our chassis business has been really well. We really haven't seen anything that has been a major lag relative to winter weather last year or during the winter.

你可能會認為底盤之類的零件會受到滯後影響，但我們的底盤業務表現非常出色。與去年冬季或今年冬季的天氣狀況相比，我們並沒有看到任何明顯的滯後現象。

I think that had we had winter weather some of these categories would be doing better, but I think the overall macroeconomic backdrop is driving some of these categories that might otherwise be notable poor performers to not be as notable.

我認為，如果遇到冬季天氣，其中一些類別的表現可能會更好，但我認為整體宏觀經濟背景導致一些原本可能表現不佳的類別表現得不那麼明顯。

Great. And then a very quick follow-up, Tom, if you would. Your conservatism on the payables ratio over time has been admirable, but you've continued to beat your targets pretty consistently. Is there any reason why this would have to be the peak?

好的。湯姆，我還有一個後續問題。你一直以來在應付帳款比率方面採取的保守策略令人欽佩，而且你也一直相當穩定地超額完成目標。有什麼理由認為這一定是業績的巔峰呢？

I know you talked about coming off a bit as you make your way through the year. I guess you're not quite at the top of the sector yet so there's precedent for moving higher. Is there any reason why you'd want to hold that back rather than driving that cash conversion cycle further?

我知道你之前說過會在今年晚些時候適當放慢腳步。我想你目前還沒有達到行業頂峰，所以未來還有進一步上漲的空間。你有什麼理由想要抑制上漲的勢頭，而不是繼續推進現金週轉週期？

We would like to raise it as high as reasonably possible with our suppliers. The reason, all things equal, the difference in the rate for us has a lot to do with the sales volume. And when we look at the middle of the year we have the highest sales volume. So we're in the summer selling season, so we're going to churn our inventory the fastest and generate the highest AP to inventory, so as we go into the fourth quarter into the slower part of the year we're naturally going to see some decrease.

我們希望盡可能提高供應商的供貨費率。在其他條件相同的情況下，我們供貨費率的差異很大程度取決於銷售量。年中是我們的銷售旺季，銷售量最高。正值夏季銷售旺季，庫存週轉速度最快，應付帳款與庫存比率也最高。因此，隨著第四季度進入銷售淡季，我們的供貨費率自然會下降。

Also we kind of have a nine month look back to look at the sales churn to see how rapid that was. And if we look back to the previous nine months have been very good at sales and have helped raise that. We're expecting to come down, but not below [100].

此外，我們也會回顧過去九個月的銷售情況，看看銷售流失有多快。回顧過去九個月，銷售業績一直很好，有助於提升銷售額。我們預期銷售額會下降，但不會低於[100]。

Got it; thank you so much, guys.

明白了，非常感謝各位。

Thanks, Matt.

謝謝你，馬特。

Thank you. Our next question online comes from Scot Ciccarelli from RBC Capital Markets.

謝謝。下一個線上提問來自加拿大皇家銀行資本市場的斯科特·西卡雷利。

Good morning guys. A bit of a broader question here. It seems to us that the commercial segment of your business should be relatively insulated from e-commerce competition due to the extremely quick delivery times that your industry requires. But in your view what prevents e-commerce from becoming a bigger factor over time in the DIY segment of the business?

各位早安。這裡有個比較廣泛的問題。我們認為，由於貴公司所在產業對配送速度的要求極高，其商業業務部分應相對不受電商競爭的影響。但您認為，是什麼因素能阻止電商在貴公司的DIY業務部分逐漸佔據更大的市場份額呢？

Well, I think there's a lot of factors on the DIY side that would cause it not to be as penetrating into our business as it would be some other portions of retail. Mainly the immediacy of need, when a car breaks you need the part. Some of the maintenance stuff you could of course order online and maybe wait for a weekend or something, but you always risk getting the wrong part or the application not being correct or not being able to have something that you might need that a parts specialist would recommend.

我認為，DIY方面有很多因素導致它在我們業務中的滲透率不如零售業的其他部分那麼高。最主要的是需求的即時性，例如汽車壞了，你需要立即更換零件。當然，一些保養用品你可以在網上訂購，然後等到週末之類的，但你總是會面臨買到錯誤零件、適用範圍不匹配，或者買不到零件專家推薦的你需要的零件的風險。

Plus across the US there's 35,000 parts stores, so there's very few places geographically that there's not a parts store fairly close. And I think we're all pretty price competitive. While we wouldn't be selling at prices that some of the online retailers would, I don't think we're that far off and wouldn't be that far enough off that it would make sense to pay freight and buy the parts online, so I think that's part of it. But a big part of it is just advice.

此外，全美有35,000家汽車零件商店，所以幾乎沒有哪個地方附近沒有配件商店。而且我認為我們的價格都很有競爭力。雖然我們的售價可能比不上一些線上零售商，但我認為差距並不大，也不會大到讓人覺得支付運費再去網上購買配件就不划算了，所以我覺得價格是原因之一。但更重要的是，我們能提供很多建議。

A lot of DIY customers that walk into our stores are doing repairs on their cars not because they're hobbyists. They are doing so because they have economic drivers in their household that require that they work on their own car. And we're able to help them fix their car in the most efficient, expedient way, and online retailers just aren't able to do that. So they risk putting parts on their car they may not need, putting parts on their car that may not fix their car, and it always helps to get advice when you're working on a car and we have a lot of guys that give great advice.

許多來我們店裡自己動手修車的顧客並非出於嗜好，而是因為家庭經濟壓力需要他們自己修理車輛。我們能夠以最有效率、最快的方式幫助他們修車，而網路零售商卻無法做到這一點。因此，他們可能會冒險安裝一些不需要的零件，或者安裝一些可能根本無法解決問題的零件。在修車時，尋求專業建議總是很有幫助的，而我們店裡有很多經驗豐富的技師可以提供非常專業的建議。

So basically speed and complexity. One other quick question, hopefully. What was the magnitude of the gap in comp growth that you guys saw between let's call it weather impacted regions of the country versus areas that saw more consistent weather patterns?

所以基本上就是速度和複雜性。還有一個問題，希望可以快速解答。你們觀察到，受天氣影響的地區（我們姑且這麼稱呼）和天氣模式較為穩定的地區之間，薪資成長差距有多大？

That's a little bit hard to measure because it's hard to draw a line as to where the weather impact began and where it ended, but we would -- based on our analysis we would say it's between 400 and 500 basis points if you compare the southeast which is not as weather impacted, and the western states which were not as weather impacted to how we performed in the central and central southern we would say 400 to 500 basis points.

這有點難以衡量，因為很難劃清天氣影響的開始和結束的界限，但根據我們的分析，如果將受天氣影響較小的東南部和西部各州與我們在中部和中南部的表現進行比較，我們認為影響幅度在 400 到 500 個基點之間。

Got you, very helpful. Thanks guys.

明白了，很有幫助。謝謝各位。

Thanks, Scot.

謝謝你，斯科特。

Thank you. Our next question online comes from Mr. Greg Melich from Evercore ISI.

謝謝。下一個線上提問來自 Evercore ISI 公司的 Greg Melich 先生。

Thanks. I have a couple questions. I just wanted to get a little more color first on what put the comp together, the pro versus DIY. I think you mentioned that traffic and ticket were up for both and that DIY ticket was also solid. Does that mean DIY traffic was down? Just an update there, and also on the loyalty program, and then I have a follow-up.

謝謝。我有幾個問題。首先，我想更詳細地了解這次比賽的組織結構，以及專業版和自助版之間的差異。我記得您提到過，兩者的流量和出價都有所上升，而且自助版的出價也很穩定。這是否意味著自助版的流量下降了？請您更新一下這方面的情況，還有關於會員計劃的信息，以及後續的問題。

I'll answer the first part. Our DIY traffic was positive for the quarter. Just professional was up more.

我先回答第一個問題。本季我們的自助服務流量為正成長，但專業用戶的流量成長更為顯著。

Got it. And it's true the ticket was the bigger portion of the comp for the Company?

明白了。而且，票款確實是公司補償中佔比最大的部分，對嗎？

Slightly bigger, yes.

稍微大一點，是的。

Great. And then I guess a bigger strategic question just given the balance sheet and the free cash flow is stronger than you expect, obviously help with the working capital and maybe it moderates a bit, but we've been below that two times target for so long now, I mean how do you guys think about that?

好的。那麼我想問一個更重要的策略問題，鑑於資產負債表和自由現金流都比預期強勁，這顯然有助於改善營運資本，或許還能略微緩解一下，但我們已經低於兩倍的目標很久了，你們怎麼看？

Is there a certain point where you would consider special dividends, or is it a certain amount that you always want to keep just in case there's an acquisition that makes sense? How do you think about that?

您認為在什麼情況下會考慮派發特別股息？還是說您會隨時保留一定金額的特別股息，以備不時之需，例如出現合適的收購機會？您是如何考慮這個問題的？

Well, we raised some debt in the first quarter, and we've deployed -- returned a lot of capital to shareholders for the first half of the year, but we remain with cash on our balance sheet. So we're going to continue to deploy that in ways that make sense from a long term return standpoint. At some point we may consider a special dividend, but that is not on the table right at the moment.

我們在第一季舉債，並在上半年向股東返還了大量資金，但我們的資產負債表上仍然有現金。因此，我們將繼續以符合長期回報原則的方式使用這些現金。我們可能會在某個時候考慮派發特別股息，但目前還沒有這個計劃。

In terms of acquisitions, is it -- do you see the opportunities out there, is it still more along the lines of bolt on with the existing US business, or do you think there are markets that you could expand in North America or elsewhere that you guys could really leverage?

就收購而言，您認為——您是否看到了其中的機會？還是說，收購仍是現有美國業務的補充？或者您認為在北美或其他地區存在著可以拓展的市場，您可以真正加以利用？

I think that it's both. I think there's some bolt on acquisitions in the US, I think there's is some potential targets in North America that are outside the US. We're exploring what our acquisition opportunities are right now.

我認為兩者兼而有之。我認為在美國有一些可以進行補充收購的項目，在北美也有一些美國以外的潛在收購目標。我們目前正在探索各種收購機會。

We never don't do that except for when we are acquiring a big company when we do the work to integrate that company and we might stand down for awhile. But we're always in the process of evaluating what might make sense for us. And I think we're in a good position right now to acquire some of these smaller bolt on companies here in the US, and I think we're looking outside the United States for potential targets that would be in North America, Caribbean and those areas.

除了收購大型公司進行整合時，我們通常不會這樣做，因為整合工作需要時間，我們可能會暫時停止其他業務。但我們始終在評估哪些收購對我們有利。我認為我們目前處於有利地位，可以收購一些美國本土的小型補充型公司，同時我們也在北美、加勒比海地區以及其他類似地區尋找潛在目標。

That's great. Good luck.

太好了，祝你好運。

Thank you.

謝謝。

Thank you. Our next question online comes from Mr. Dan Wewer from Raymond James.

謝謝。下一個線上提問來自Raymond James公司的Dan Wewer先生。

Thanks. Tom, your guidance for the third and fourth quarter implies the gross margin ramp accelerates a lot during the fourth quarter. Is there anything happening with a third quarter margin rate perhaps another LIFO charge that we need to take into account?

謝謝。湯姆，你對第三季和第四季的預測表明，毛利率將在第四季大幅提升。第三季的毛利率是否有任何變化，或者是否還有其他後進先出法（LIFO）費用需要考慮？

For the third quarter we're expecting a small LIFO charge, not a very large one, but we see that acceleration as we significantly reduce the LIFO charge from the second quarter and benefit from these lower acquisition costs.

我們預計第三季度會有一筆較小的後進先出法 (LIFO) 費用，不會很大，但隨著我們大幅減少第二季度的後進先出法 (LIFO) 費用並受益於較低的收購成本，我們預計這筆費用將會加速增加。

And would the momentum that we're going to see in the fourth quarter of 2016, would you expect that to roll through the first three quarters of 2017?

那麼，我們預計2016年第四季出現的成長勢頭，會延續到2017年的前三個季度嗎？

Well, we haven't given guidance for 2017, but the way the numbers work when we take these LIFO charges for the next 12 months after that charge is incurred we would have a year-over-year improvement in acquisition cost. Obviously the pricing in the market can change during that period, but from a purely acquisition standpoint we should have a year of tailwind.

我們尚未給出2017年的業績指引，但根據目前的計算方法，如果我們採用後進先出法（LIFO）提列這些費用，並考慮費用發生後12個月的收益，那麼收購成本將同比下降。當然，市場價格在此期間可能會發生變化，但僅從收購角度來看，我們應該會迎來順風順水的一年。

Greg, one question for you. When the industry environment becomes more challenging as it did in April and May, does it become easier or more difficult for O'Reilly to grow market share? And then just one other quick question. With a lot of the changes taking place with your competitors, is it becoming easier to recruit seasoned salespeople from other competitors?

格雷格，我有個問題想問你。當產業環境像四、五月一樣充滿挑戰時，奧萊利公司拓展市場佔有率是比較容易還是更難了？還有一個小問題。鑑於你的競爭對手正在經歷許多變革，從其他競爭對手那裡招募經驗豐富的銷售人員是否變得更容易了？

Well, what I would say, Dan, is that our effort to gain market share really doesn't change that much in bad times versus good times or when we're under pressure from weather or whatever the case may be. I think that the market share gain gap we may have with competitors, I would say that that probably, at least from our view, would stay about the same even though the total market share gain might be less. But I think that we're able to maintain that gap right now.

丹，我想說的是，無論市場行情好壞，也無論我們面臨天氣或其他任何壓力，我們爭取市佔率的努力其實都不會有太大變化。我認為，即使總市場佔有率的成長可能有所減少，我們與競爭對手之間的市佔率差距，至少在我們看來，應該不會有太大變化。但我認為，我們目前能夠維持這一差距。

From a recruiting standpoint, I think that things have improved. I think that we're in a pretty good position to recruit from a competitor or two that may not be doing as well as what some of their team members might like. And we're always looking for good parts specialists and individuals that can prosper in a great Company, and we feel like we have a great Company here that's created a lot of opportunity for existing team members and we'll certainly continue to create opportunities for those that come on board as new recruits that have skills and talents that would help us continue to gain market share.

從招募的角度來看，我認為情況有所改善。我們現在處於非常有利的地位，可以從一兩家業績可能不如預期、但能滿足部分團隊成員需求的競爭對手招募人才。我們一直在尋找優秀的零件專家和能夠在優秀公司中取得成功的人才，而我們公司本身就非常出色，為現有團隊成員創造了許多機會。我們也將繼續為那些擁有技能和才能的新員工創造機會，幫助我們持續擴大市場份額。

Great, thank you.

太好了，謝謝。

Okay, thank you.

好的，謝謝。

Thank you. Our next question online comes from Seth Basham from Wedbush Securities.

謝謝。下一個線上提問來自韋德布希證券公司的塞思·巴沙姆。

Thanks a lot, and good morning.

非常感謝，早安。

Good morning.

早安.

My question is around the gap between DIY and DIFM comps. Can you comment on the relative magnitude of that gap this quarter relative to the last couple quarters?

我的問題是關於DIY和DIFM同類產品之間的差距。您能否就本季與過去幾季相比，該差距的相對幅度發表一下看法？

The gap is pretty close. We don't speak to them individually, but the commercial has been better, but the gap is -- the difference between the two is pretty close.

差距很小。我們沒有單獨與他們交談，但廣告效果確實更好，不過兩者之間的差距——兩者之間的差異非常小。

Got it. So the weather anomalies of this quarter didn't really drive outsized performance in one sector or the other, DIY versus DIFM?

明白了。所以本季的異常天氣並沒有真正導致某個產業（DIY 和 DIFM）的業績有顯著差異？

It appears to have affected both about equally.

似乎對兩人的影響大致相同。

Got it, that's helpful. And as a follow-up, you mentioned that you're tracking in line with your 3% to 5% comp guidance for Q3 to date. Can you just remind us of the monthly comparisons for Q3 2015? Were they relatively consistent monthly comps in that quarter?

明白了，這很有幫助。另外，您提到目前為止第三季的業績成長符合3%到5%的預期。能否請您提供2015年第三季的月度業績比較數據？該季度的月度業績對比數據是否相對穩定？

July was our toughest comp in Q3, and then August and September were close to each other. But July would stick out as the toughest comparison that we have, so we're pleased that we're comping where we are now on the toughest compare month that we have for the quarter.

第三季7月份的年比數據最為強勁，8月和9月的數據也比較接近。但7月份的年比數據最為突出，因此我們很高興目前的業績是在季度內同比數據最強勁的月份取得的。

Great to hear; thanks a lot.

太好了，非常感謝。

Thank you.

謝謝。

Our next question online comes from Mr. Mike Baker from Deutsche Bank.

我們下一個線上提問來自德意志銀行的麥克貝克先生。

Thanks. So I just wanted to ask about the SG&A and you said that if sales trends slow a little bit that there are levers you can pull to react. So I'm wondering what those are, is it things like marketing or labor hours and the like?

謝謝。我只是想問一下關於銷售、管理及行政費用（SG&A）的問題，您提到如果銷售趨勢略有放緩，可以採取一些措施來應對。我想知道這些措施具體是什麼，是行銷方面的措施，還是工時方面的措施之類的？

And then sort of related to that, do you -- how do you balance that? Do you run the risk of if you pull back on some of those things maybe you're not able to continue to drive the kind of comps that you're driving?

然後，與此相關的是──你如何平衡這些因素？如果你減少某些方面的投入，是否會有無法繼續取得目前這種業績成長的風險？

I'll make a couple of comments and then I'll ask Jeff to make a couple comments on this. Generally speaking, it's payroll.

我先說幾點，然後請傑夫也說幾點。總的來說，這涉及到工資發放。

Sometimes when business is really good we might work some overtime or allow individuals to work some overtime that would help cover the demand, but in down times we wouldn't have that over time and we work to manage payroll. And Jeff, you and your Team do such an excellent job managing this you might want to make a comment or two about this.

生意好的時候，我們可能會安排一些加班，或允許員工加班以滿足需求；但生意不好的時候，我們就不會安排加班，而且我們會努力控制薪資支出。傑夫，你和你的團隊在這方面做得非常出色，或許可以就此發表一些看法。

Well payroll, you run your business kind of store by store, market by market, and you adjust your staffing needs to whatever your business is doing. Whether it's seasonal issues coming out of summer going into fall and winter or just maybe business is a little slow and we would adjust accordingly.

嗯，關於薪資管理，你要根據每家門市、每個市場的具體情況來運營，並根據業務的實際情況調整人員配置。無論是夏季過後到秋季和冬季的季節性問題，還是業務略顯清淡，我們都會做出相應的調整。

There again over time is always one that you can pull back in if business slows down, and just really your ramp down going from a busy time to a slow time. You just adjust based on the needs on the professional and the retail side of the business.

當然，隨著時間的推移，如果業務放緩，總有一些方法可以逐步恢復，尤其是在從繁忙時期過渡到淡季的時候。你只需根據專業客戶和零售客戶的需求進行調整即可。

Is that something you look at weekly, monthly, daily even?

這是你每週、每月甚至每天都會關注的事情嗎？

Daily. We look at payroll daily, and as I said in my prepared comments, it's something you have to be very careful of and very cognizant of. You can't cut staffing too far and jeopardize service levels. You pay for that long term, so we monitor and adjust accordingly thinking about the long term.

我們每天都會查看薪資單，正如我在事先準備好的發言稿中所說，這是一件必須非常謹慎和重視的事情。你不能過度削減人員，以免危及服務水準。長期來看，這是要付出代價的，所以我們會從長遠角度出發，進行監控並做出相應的調整。

Okay, makes sense. And then maybe somewhat related but maybe a different topic. Just wanted to ask about the same-store sales and still very strong, but they have slowed from last year. And I think some of that is weather, some of that is maybe some of the miles driven slowing a little bit from last year. Still very strong, but slowing.

好的，明白了。然後我想問一個可能有點相關但又有點離題的問題。我想問同店銷售額的情況，雖然依然很強勁，但比去年有所放緩。我覺得一部分原因是天氣，一部分原因可能是人們的行駛里程比去年略有減少。總之，銷售額依然很高，但成長速度有所放緩。

But is there any way to figure out -- are you seeing any of your competitors maybe [seating in less] share than they have in the past, and so just not giving it up as easily maybe that's what causes the comps to still be strong but slow a little bit?

但有沒有辦法弄清楚——你是否看到你的競爭對手的市場份額比過去有所下降，因此他們不會輕易放棄，這或許就是競爭對手仍然強勁但增速略有放緩的原因？

Well, I say this to be a little bit funny, but our competitors just don't tell us very much as you could imagine. But I don't think anything is really changed that much from a competitive standpoint. We have a lot of good competitors, and some of our larger competitors come into the professional side of the business and try to do more business with repair shops. They have good programs, they're competitive, and we view them all as competitors.

我這麼說有點開玩笑的意思，但正如你所想，我們的競爭對手很少透露資訊。不過，從競爭的角度來看，我認為情況並沒有太大變化。我們有許多優秀的競爭對手，一些規模較大的競爭對手也開始涉足專業領域，試圖與維修店建立更緊密的合作關係。他們擁有優秀的方案，也很有競爭力，我們都把他們都當成競爭對手。

I would say that we haven't seen a lot of change. I feel like we continue to gain market share and the gap that we've been able to create from a market share gain standpoint. I think we've maintained that well through for some time now, and even though we're all comping a little less than we did last year on the tougher compares and the weather issues I think that we continue to maintain that gap as about to where we were last year during better comp times.

我認為我們並沒有看到太大的變化。我覺得我們一直在擴大市場份額，並且從市場份額成長的角度來看，我們與競爭對手之間的差距也在不斷拉大。我認為我們已經保持這一優勢一段時間了，儘管由於比較基數較高和天氣因素的影響，我們今年的業績都比去年略有下滑，但我認為我們仍然能夠保持與去年同期基數較低時大致相同的市場份額差距。

Well, just to follow up quickly if I could. I think something did change in the industry or the competitive environment in 2015, right, with one of your bigger competitors going through some changes. But you're saying from 2016 versus 2015 you haven't seen much change?

好的，如果可以的話，我想快速跟進。我認為2015年產業或競爭環境確實發生了一些變化，對吧？你們的一家大型競爭對手也經歷了一些變化。但您的意思是，從2016年到2015年，您沒有看到太大的變化？

That's correct. And what's been going on with them has been going on for some time. The acquisition has been -- that was a big undertaking, but I would speculate that there was some market share loss there prior to the acquisition that us and some of our other competitors were taking advantage of prior to the acquisition.

沒錯。而且他們那邊發生的事情已經持續了一段時間。收購確實是一項大工程，但我推測，在收購之前，他們那邊已經損失了一些市場份額，而我們和其他一些競爭對手正是利用了這一點。

Okay, understood. Very helpful, thank you.

好的，明白了。非常感謝，很有幫助。

Thank you.

謝謝。

Thank you. Our next question online comes from Simeon Gutman from Morgan Stanley.

謝謝。下一個線上提問來自摩根士丹利的西蒙古特曼。

Thanks guys. Good morning. I guess similar topic to a lot of this focus on the comp. And Greg, you mentioned you're comping within the range, and it sounds like if things stay the same the compares get a little easier so maybe you'll get an uptick. That's what I wanted to focus on.

謝謝各位。早安.我想這個主題跟大家關注的比較分析很像。格雷格，你提到你的比較分析在範圍內，聽起來如果情況保持不變，比較就會變得容易一些，所以你的業績可能會有所提升。這正是我想要討論的重點。

What would it take at this point to get above the range? Is it simply weather? And you've made a lot of commentary on some of the secular dynamics, but if weather does become let's say more favorable, which for the third quarter would be what, seasonal temps, and then cold in the fourth quarter, could we see the comps maybe reaccelerate a little bit in the back half?

目前需要什麼條件才能突破區間？僅僅是天氣嗎？您對一些長期趨勢做了很多評論，但如果天氣變得更有利，例如第三季度氣溫恢復到正常水平，第四季度氣溫下降，我們是否會看到下半年的同業拆借數據有所回升？

I think so. And this would be in an ideal world, and speaking specifically of the weather impact on our business, and this is very short-term thinking because overtime this all revolves itself. But if we continue to have this blistering hot summer that we're having, if that extends well into August and late into August.

我想是這樣。當然，這只是在理想情況下，具體來說，指的是天氣對我們業務的影響，而且這只是非常短期的考慮，因為從長遠來看，一切都會好轉。但如果我們繼續經歷這種酷熱的夏季，如果這種情況持續到八月底，那就另當別論了。

And then we go through the back-to-school period where things slowdown and then in October, if many markets start having freezing temperatures where the batteries that were damaged by the heat start failing. Ideal for us would be a continued real hot summer, the little window that you have when school starts, and you kind of go through fall, and then an abrupt start to a real cold winter, that would be ideal and that would drive good comps for all of us.

然後我們會進入返校季，市場活動會放緩。到了十月份，如果很多地區的氣溫開始下降，那些被高溫損壞的電池就會開始失效。對我們來說，理想的情況是夏季持續高溫，開學季和秋季這段短暫的旺季持續，然後突然迎來一個寒冷的冬季。這樣的市場週期對我們所有人來說都是理想的，並且能夠帶來良好的業績對比。

And then you mentioned in terms of expansion, you hinted some North American expansion, you'd look other places. I want to just focus on a second on the independence in the US market. And I know you've always had your eye and take advantage of appropriate opportunities.

然後您提到了擴張計劃，暗示會進軍北美市場，也會考慮其他地區。我想重點談談您在美國市場的獨立性。我知道您一直都很關注並且會抓住合適的機會。

Can you talk about the complexion of a lot of owners of these businesses, are they aging? Is that process happening in the next decade where you'll see it accelerate versus let's say looking backwards where there's going to be enough of that opportunity to continue taking advantage of that here in the US?

您能否談談這些企業主的年齡結構，他們是否正在老化？未來十年，這種老化進程是否會加速？還是說，回顧過去，我們仍有足夠的機會在美國繼續掌握這些機會？

Well, Simeon, I'd say there's a lot of -- there's really every possible imaginable scenario out there with these owners. Some are just -- most are just really good operators that have survived a consolidating industry to this point.

西蒙，我覺得這些老闆的狀況五花八門，幾乎什麼狀況都有可能。有些老闆——大多數老闆——都是非常優秀的經營者，他們在這個產業整合的浪潮中生存了下來。

Some have children or people to help them manage their business that are very capable of managing the business even if the owners aren't as involved as maybe they have been in the past, and for that reason they may want to continue to own them. Others, when faced with the prospect of us and AutoZone and Advance continuing to grow and become more powerful on the professional side in the case of some of our competitors, they may decide that their business may be worth more today than it would be in the future and they may decide to not continue to own their business and sell it.

有些企業主有子女或能幹的人幫忙管理生意，即使他們不像以前那樣親自參與，也能把生意經營得井井有條。因此，他們可能希望繼續擁有這家企業。而另一些企業主，面對我們、AutoZone 和 Advance 等競爭對手不斷發展壯大，並在專業領域（例如我們的一些競爭對手）實力日益增強的前景，可能會認為他們現在的企業價值高於未來，因此他們可能會選擇出售企業。

So there's every possible combination out there, and we're currently looking at several of them to see if there's a fit for us. But like you said, sometimes the owners want to continue to run their business and in many cases they are very profitable business that don't have much debt and they may run them for years to come and be very successful.

所以各種可能的組合都有，我們目前正在考察其中幾種，看看哪一種最適合我們。但正如你所說，有時業主希望繼續經營他們的企業，而且在很多情況下，這些企業盈利能力很強，負債不多，他們可能會繼續經營很多年，並且非常成功。

Okay, thanks.

好的，謝謝。

Thanks.

謝謝。

Thank you. Our next question online comes from Michael Lasser from UBS.

謝謝。下一個線上提問者是來自瑞銀集團的邁克爾·拉塞爾。

Hey guys, this is actually Mark Carden on for Michael Lasser today. Thanks for taking the question. So inventory per store has now declined in four of the last five quarters. Can this rate continue, and how does the enter of the new DC impact overall inventory levels for you guys?

大家好，我是馬克·卡登，今天替麥可·拉塞爾回答問題。感謝您接受提問。過去五個季度中，有四個季度你們的單店庫存都在下降。這種下降趨勢會持續下去嗎？新配送中心的啟用會對你們的整體庫存水準產生什麼影響？

Well, if we look at our average inventory per store, it's up from the beginning of the year. So we would expect inventory to be in a pretty narrow range on a per store basis for the remainder of the year. When we look at the end of the year that typically is our slowest time of business, so we have the lowest level of safety stock in the DC, so we see a lower number at the end of the year. But we're happy with where our inventory is and we'll be relatively consistent on a before basis.

如果我們看一下各門市的平均庫存，會發現比年初上升。因此，我們預計今年剩餘時間裡，各門市的庫存水準將保持在一個相對較小的範圍內。年底通常是我們的業務淡季，配送中心的安全庫存水準也最低，所以年底的庫存量會比較低。但我們對目前的庫存水準感到滿意，並且預期庫存水準將與往年基本保持一致。

Great, that's really helpful. And second, I wanted to get a sense of how satisfied you guys are with the returns you're seeing on your advertising spend these days?

太好了，這真的很有幫助。其次，我想了解你們對目前廣告投入的回報是否滿意？

Well it's always hard to measure. A wise man once told me that half your advertising spend is wasted and the art is figuring out which half you're wasting. But we're pretty happy and we're heavy on radio. I think we get a good return on radio, but it's very hard to measure.

嗯，衡量廣告效果總是很困難的。一位智者曾告訴我，你一半的廣告支出都是浪費的，關鍵在於找出浪費的是哪一半。不過我們目前的情況還算滿意，而且我們在廣播方面投入很大。我認為廣播的回報​​率很高，但這真的很難衡量。

We spend more on digital than we have in past years as most companies do, but we continue with a lot of sponsorships. But we're happy with it as you can be. I think that we have a great Advertising and Marketing Team, and they've done a good job of making sure that we invest in the right medias, and we're reasonably happy with it. But again, it's a very tough thing to measure, and we're as happy with it as we've ever been.

和大多數公司一樣，今年我們在數位行銷上的投入比往年更多，但我們仍然保留了大量的贊助活動。總的來說，我們對目前的狀況相當滿意。我認為我們擁有一支優秀的廣告和行銷團隊，他們出色地確保了我們把資金投入到合適的媒體管道，我們對此相當滿意。但話說回來，衡量效果確實很困難，我們目前對現狀的滿意度也和以往一樣高。

Great, thanks so much, guys.

太好了，非常感謝各位。

Thank you.

謝謝。

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

提問環節時間已到。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, Richard. We would like to conclude our call today by thanking the entire O'Reilly Team for our outstanding second quarter results. We are pleased with our solid second quarter, and remain extremely confident in our ability to continue to aggressively and profitably gain market share, and are focused on continuing our momentum through 2016.

謝謝理查德。今天電話會議的最後，我們要感謝奧萊利團隊全體成員，感謝他們為我們取得第二季的出色表現所做的貢獻。我們對穩健的第二季業績感到滿意，並對繼續積極、盈利地擴大市場份額充滿信心，並將專注於在2016年保持這一發展勢頭。

I'd like to thank everyone for joining our call today, and we look forward to reporting our third quarter 2016 results in October. Thanks.

感謝各位今天參加我們的電話會議，我們期待在10月份公佈2016年第三季業績。謝謝。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝各位。今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。