O'Reilly Automotive Inc (ORLY) 2016 Q3 法說會逐字稿

Welcome to the O'Reilly Automotive Incorporated third quarter earnings release conference call. My name is Adrian and I will be your operator for today's call.

歡迎參加歐萊利汽車公司第三季財報電話會議。我是今天的接線生，名叫艾德里安。

(Operator Instructions)

（操作說明）

Please note this conference is being recorded. I'll now turn the call over to 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, Adrian. Good morning everyone, and thank you for joining us. During today's conference call we were discuss our third-quarter 2016 results and our outlook for the fourth quarter. After our prepared comments we will host a question and answer period.

謝謝艾德里安。大家早安，感謝各位參加今天的電話會議。在今天的會議上，我們討論了2016年第三季的業績以及對第四季的展望。在我們發言結束後，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 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, considered, 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前瞻性陳述。我們打算並聲明，我們的發言受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」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 reason SEC filing's. The Company assumes no obligation to update any forward-looking statements made during this call. At this time I would like to introduce Greg Henslee.

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提交給美國證券交易委員會（SEC）的文件中所列的若干重要因素，本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。現在，我謹向大家介紹格雷格‧亨斯利。

Thanks Tom. And good morning everyone and welcome to the O'Reilly Autopart's third 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三季電話會議。今天早上和我一起參加會議的有：財務長湯姆·麥克福爾；負責門市營運和銷售的執行副總裁傑夫·肖；執行董事長大衛·歐萊利；以及負責供應鏈的執行副總裁格雷格·約翰遜。

I'm once again please to begin our call today by congratulating Team O'Reilly on another solid quarter and strong year to date results. Our team, made up of over 74,000 dedicated team members, now across 45 states, continues to earn our customers' business and gain market share by consistently providing unsurpassed levels of customer service. This unwavering commitment to customer service drove our third-quarter comparable store sales increase of 4.2%, which continues to significantly outpace our industry.

今天，我再次榮幸地在電話會議上祝賀奧萊利團隊又一個季度取得了穩健的業績，並取得了強勁的年初至今成績。我們的團隊由遍布45個州的74,000多名敬業的員工組成，他們始終如一地提供卓越的客戶服務，從而不斷贏得客戶的信賴並擴大市場份額。正是這種對客戶服務的堅定承諾，推動了我們第三季同店銷售額成長4.2%，這一成長速度持續顯著優於產業平均。

These solid results were in line with our guidance of 3% to 5%. And were on top of last year's excellent third quarter comparable stores increase of 7.9%. Representing this year's most difficult comparison to the prior year.

這些穩健的業績符合我們先前3%至5%的預期。而且，這還是在去年第三季同店銷售額成長7.9%的良好基礎上取得的。今年的業績與去年同期相比，面臨最大的挑戰。

For the first three quarters of 2016, our comparable store sales increased 4.8% or 12.2% on a two-year stacked basis. And this consistent, market leading performance is a testament to the quality of our team in the commitment we've made to providing incredible levels of service to our valued customers.

2016年前三個季度，我們的同店銷售額成長了4.8%，以兩年累計計算成長了12.2%。這項持續領先的市場業績，充分證明了我們團隊的卓越素質，以及我們致力於為尊貴的客戶提供卓越服務的承諾。

In total, we grew sales for the quarter by 6.8%. And our ongoing focus on profitable growth and expense control translated this solid top line performance into a record third-quarter operating margin of 20.2%. Our diluted earnings per share for the third quarter of $2.90 is a10% increase over our reported EPS for the third quarter of 2015, of $2.64.

本季總銷售額成長了6.8%。我們持續專注於獲利成長和成本控制，將穩健的營收表現轉化為創紀錄的第三季20.2%的營業利益率。第三季稀釋後每股收益為2.90美元，較2015年第三季公佈的每股收益2.64美元成長了10%。

As a reminder, last year, our third-quarter EPS results included a larger than typical tax benefit of $0.11 from the resolution of certain historical tax positions. As we called out on the call last year, this benefit, while very positive for Company, was not representative of our expected tax rate going forward or our ongoing operating performance and is appropriate to focus on our EPS excluding this benefit from last year. On this basis, our third quarter 2016 EPS grew 15%, compared to adjusted EPS for the third quarter of 2015, representing our 31st consecutive quarter of adjusted EPS growth of 15% greater.

再次提醒，去年第三季每股盈餘(EPS)包含了一筆高於平常的0.11美元稅收優惠，該優惠源自於某些歷史稅務事項的結算。正如我們在去年的電話會議上所指出的，這筆優惠雖然對公司而言非常有利，但並不能代表我們未來的預期稅率或持續的經營業績，因此，我們應該關注剔除去年這筆優惠後的每股收益。基於此，我們2016年第三季的每股盈餘較2015年第三季的調整後每股盈餘成長了15%，這也是我們連續第31季調整後每股盈餘成長超過15%。

Our teams' track record of strong earnings growth over such a long period of time, is a reflection of the effectiveness of our customer service oriented culture, dual market strategy, and focus on profitable sustainable growth. The composition of our comparable store sales growth in the third quarter was very balanced with our professional and DIY sides of our business contributing equally to our comparable store sales growth.

我們團隊長期以來保持強勁的獲利成長，這體現了我們以客戶服務為導向的企業文化、雙軌市場策略以及對獲利性永續成長的專注所取得的成效。第三季度，我們同店銷售額的成長組成非常均衡，專業服務和自助服務業務對同店銷售額成長的貢獻相當。

We saw solid increases in both comparable ticket average and transaction count with a slightly larger contribution from our professional ticket count, although our DIY ticket count continues to be solid. As has been the case for several quarters, the increase in average ticket has been driven by increasing parts complexity, rather than inflation or pricing which has remained very static in our industry.

我們看到，可比平均單價和交易筆數均達到穩健成長，其中專業維修單數的貢獻略大，而自助維修單數則保持穩定。與過去幾季的情況一樣，平均單價的成長主要受零件複雜度增加的驅動，而非通貨膨脹或價格上漲，因為行業內的價格一直保持穩定。

On a category basis, we saw strong performance throughout the quarter in weather related categories, such as batteries and air-conditioning, as a result of the hot summer weather. We also continue to see solid performance in key hard parts categories such chassis and brakes. Against very difficult comparisons for these in the third quarter of 2015.

從類別來看，受夏季炎熱天氣的影響，電池和空調等與天氣相關的類別在本季表現強勁。此外，底盤和煞車等關鍵零件品類也持續維持穩健成長。儘管2015年第三季這些品類的業績基數很高，但仍取得了不錯的成績。

Moving onto the cadence of our comparable store sales growth in the quarter, our monthly results in 2016 were impacted by a shift in the number of Sundays, our lightest volume day. Both in July and August as compared to last year. Adjusting for this calendar shift, our monthly comparable store sales increase was consistently solid throughout the quarter.

接下來分析本季同店銷售成長的節奏。 2016 年的月度業績受到週日（我們客流量最低的一天）數量變化的影響，尤其是在 7 月和 8 月，與去年同期相比，週日的客流量有所下降。但考慮到這一日曆變化，本季同店銷售月度成長依然保持穩健。

Overall, the macroeconomic environment continues to be a positive contributor to demand for our industry. And was a factor in our continued steady comparable store sales growth for the third quarter. Unemployment levels have stabilized over the last year. At around 5%. And the associated commuter miles, along with the continued low gas prices have benefited total miles driven in the US. Which are up 3.1% year-to-date through August.

整體而言，宏觀經濟環境持續對我們產業的需求有正面作用，也是我們第三季同店銷售額持續穩定成長的重要因素。過去一年，失業率已趨於穩定，維持在5%左右。通勤里程的增加，加上持續低迷的油價，使得美國的總行駛里程受益，截至8月份，今年迄今的總行駛里程增加了3.1%。

We expect the current stable macroeconomic environment to continue to be a positive for the health of our industry. However, is we continue to lap the strong year-over-year 2015 benefit from these tailwinds, we are also cautious as we look for to the fourth quarter when our business can be variable based on the holiday season and weather volatility. In light of these factors, and the very tough comparisons we again face in the fourth quarter, we feel it is appropriate to set our fourth quarter comparable store sales guidance at a range of 3% to 5%.

我們預計當前穩定的宏觀經濟環境將繼續對我們行業的健康發展發揮積極作用。然而，儘管我們能夠繼續受益於2015年強勁的同比增幅，但考慮到第四季度業務可能受假日和天氣波動的影響，我們仍保持謹慎。鑑於這些因素，以及第四季我們將再次面臨非常嚴峻的年比基數效應，我們認為將第四季同店銷售額成長預期設定在3%至5%的範圍內是合適的。

We are focused to finish the year strong. And are off to a good start in the fourth quarter, as the solid business trends in the third quarter have continued thus far into October. We are also tightening our full-year comparable store sales growth guidance to a range of 4% to 5%. Which reflects our year to date results and our fourth quarter expectations.

我們致力於以強勁的勢頭結束今年。第四季開局良好，第三季穩健的業務趨勢延續到了10月份。同時，我們將全年同店銷售成長預期下調至4%至5%，這反映了我們年初至今的業績以及對第四季的預期。

Finally, I would like to make a few comments about our announcement in yesterday's press release regarding our definitive agreement to purchase the assets of Bond Autoparts. Bond is a very high quality auto-parts company headquartered in the State of Vermont. And operates 48 stores throughout Vermont, New Hampshire, Massachusetts and New York.

最後，我想就昨天新聞稿中宣布的我們已達成最終協議收購邦德汽車配件公司（Bond Autoparts）的資產一事做幾點說明。邦德是一家總部位於佛蒙特州的高品質汽車配件公司，在佛蒙特州、新罕布夏州、麻薩諸塞州和紐約州共經營48家門市。

Bond was actually founded one year before we were in 1956. And for the past 60 years, we have known them at the premier parts supplier for their markets in New England. Their company stands out for their knowledgeable parts professionals, and a culture of excellent customer service. And we are excited about the opportunities we will have together to continue our growth in the Northeast.

邦德公司實際上比我們早一年成立，成立於1956年。在過去的60年裡，我們一直視他們為新英格蘭地區首屈一指的零件供應商。邦德公司以其知識淵博的零件專家和卓越的客戶服務文化而聞名。我們很高興能夠攜手合作，並繼續在東北地區發展壯大。

We expect this transaction to close before the end of the year. And I want to take this opportunity now to express how excited we are to welcome the Bond team to Team O'Reilly.

我們預計這筆交易將在年底前完成。我想藉此機會表達我們非常高興地歡迎邦德團隊加入奧萊利團隊。

Before I finish up my prepared comments and turn the call over to Jeff, I would like to again thank our team for another outstanding quarter. And for their continued hard work and commitment to driving the success of our business.

在我結束準備好的演講並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出色的表現，以及他們為推動公司業務成功所付出的持續努力和奉獻。

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 outstanding service to our customers every day. I'll now turn the call over to Jeff.

我們對產業長期需求驅動因素依然充滿信心。我們相信，我們已做好充分準備，能夠掌握這項需求，並透過每天持續為客戶提供卓越服務，引領產業發展。現在我將把電話交給傑夫。

Thanks Greg and good morning everyone. I'd like to begin today by also congratulating Team O'Reilly on another strong quarter. This quarter is just another example of our teams' steadfast commitment to out-hustling the competition, to earn our customers' business by providing the best service in our industry.

謝謝格雷格，大家早安。今天首先，我要祝賀奧萊利團隊又一個季度取得了優異的成績。這個季度再次體現了我們團隊始終如一的奉獻精神，我們努力超越競爭對手，透過提供業界最佳服務贏得客戶的信賴。

Our comparable store sales growth of 4.2% on top of an incredible 7.9% last year, once again easily led the industry. And I want to thank each of our team members for their dedication to our ongoing success.

我們同店銷售額成長4.2%，在去年令人矚目的7.9%的基礎上，再次輕鬆領先產業。我要感謝每一位團隊成員，感謝他們為我們持續的成功所做的貢獻。

Now I'd like to spend a few minutes discussing our SG&A results for the quarter. For the third quarter, we delevered 12 basis points. Which, similar to the second quarter, was primarily the result of the tough comparisons to the robust sales growth we generated in the comparable quarter of 2015, in a few specific items I'll address in a moment.

現在我想花幾分鐘時間談談我們本季的銷售、管理及行政費用（SG&A）情況。第三季度，我們的槓桿率下降了12個基點。與第二季類似，這主要是由於與2015年同期強勁的銷售成長相比，本季業績面臨較大的基數效應，稍後我會具體說明一些原因。

Average per store SG&A for the third quarter increased 2.8%. Based on our results so far in 2016, and looking forward into fourth quarter, we now expect our full year average SG&A per store guidance to a increased slightly to approximately 2.5% over 2015. Versus our previous expectation of 2% growth. As a reminder, this average store SG&A comparison excludes the headwind in the second quarter of 2015 from an adverse legal judgment.

第三季平均單店銷售、管理及行政費用成長2.8%。基於2016年迄今的業績，並展望第四季度，我們預計全年平均單店銷售、管理及行政費用將略微上調至約2.5%，高於先前2%的預期。需要注意的是，此次平均單店銷售、管理及行政費用的比較已剔除2015年第二季因不利法律判決帶來的不利影響。

As we have discussed many times in the past, our expense control focus is a key component of the Team O'Reilly culture. And each of our managers is held accountable for the profitability of their individual store. However, and I know I'm a broken record on this one, we will always manage our store level staffing expense for the long-term and won't jeopardize the excellent customer service that develops and maintains long term relationships.

正如我們過去多次討論過的，成本控制是我們奧萊利團隊文化的重要組成部分。我們每位經理都對其各自門市的獲利能力負責。然而，我知道我在這方面已經說過很多遍了，但我們始終會著眼於門市的長期人員成本控制，絕不會為了節省成本而犧牲卓越的客戶服務，因為正是優質的客戶服務才能建立和維護長期的客戶關係。

In addition to the complexities of managing store payroll, we've seen pressure from healthcare costs, as well as higher credit card costs. Which should abate when we're fully rolled out with the chip and pin technology in the first quarter of 2017. We will continue to 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 that we see the marketplace.

除了門市薪資管理的複雜性之外，我們還面臨醫療保健成本上漲以及信用卡費用增加的壓力。隨著我們在2017年第一季全面推廣晶片密碼支付技術，這些壓力應該會有所緩解。我們將繼續密切關注銷售額，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（SG&A）的增減，從而更好地適應業務趨勢和市場機會。

We successfully added 52 new stores during third quarter. Bringing our net new store count two 141 for the year. And we continue to be pleased with the performance of our new stores. So far this year, we've opened or acquired stores in 35 different states including our first two stores in Rhode Island, our 45th state during third quarter.

第三季我們成功新增了52家門市，使全年淨新增門市總數達到2,141家。我們對新門市的業績持續感到滿意。今年迄今為止，我們已在35個州開設或收購了門市，其中包括我們在羅德島州的首批兩家門市，這也是我們在第三季進入的第45個州。

Also included in our year to date new store additions was our acquisition of Frank's Auto Supermarket, a five store chain in Western Pennsylvania, which gives us a jumpstart as we begin to open in the Pittsburg market. Being able to open stores effectively across our national footprint allows us to balance our growth in our expansion markets in Florida, the Northeast, and the mid-Atlantic region, with backfill markets in Texas, California, the Great Lakes and throughout our other existing markets.

今年迄今為止，我們新增的門市還包括收購位於賓州西部、擁有五家門市的弗蘭克汽車超市連鎖店，這為我們進軍匹茲堡市場奠定了良好的開端。憑藉在全國範圍內高效開設門市的能力，我們能夠平衡在佛羅裡達州、東北部和大西洋中部地區的擴張市場與在德克薩斯州、加利福尼亞州、五大湖區以及其他現有市場的補充發展。

This flexibility gives us a great advantage in selecting new sites. And more importantly, identifying, hiring, and training outstanding store teams to provide excellent customer service in our new stores.

這種靈活性使我們在選擇新店址時擁有巨大優勢。更重要的是，它使我們能夠識別、招募和培訓優秀的門市團隊，從而在新店提供卓越的客戶服務。

As Greg discussed earlier, we have entered into an agreement to acquire the 48 stores of Bond Auto-Parts in New England. Assuming Bond closes prior to the end of the year as we anticipate, we expect our full year addition to store count for 2016, to be approximately 258 net new stores. Which reflects our previous new store target of 210 stores, plus the addition of the Bond stores.

正如格雷格之前提到的，我們已達成協議，收購邦德汽車配件公司在新英格蘭地區的48家門市。假設邦德公司如我們預期在年底前完成交易，我們預計2016年全年新增門市總數將達到約258家淨增門市。這包括我們先前設定的210家新店目標，以及收購邦德公司門市所增加的門市數量。

We've known the Bond family for many years and have a tremendous amount of respect for the quality of their people and their business. Their team members are truly professional parts people. We are extremely excited to welcome them to Team O'Reilly, as we look forward to growing on the outstanding foundation they've established in the Northeast.

我們認識邦德家族多年，對他們的員工和業務素質都非常敬佩。他們的團隊成員都是真正專業的零件專家。我們非常高興地歡迎他們加入歐萊利團隊，並期待在他們已在東北地區奠定的卓越基礎上繼續發展壯大。

Over the course of our history, we've proven our ability to very effectively acquire existing store chains, implement our dual market strategy, and instill the O'Reilly culture in the new store teams. However, as we've discussed repeatedly in the past, we are very disciplined buyers. And will only deploy our shareholders capital when we can identify companies that are a good fit with our culture. And can be acquired at the right investment.

縱觀我們的發展歷程，我們已經證明了我們有能力高效收購現有連鎖店，實施雙市場策略，並將歐萊利的企業文化融入新門市團隊。然而，正如我們過去多次強調的，我們是極度謹慎的收購者。我們只會在找到與我們企業文化高度契合，且收購價格合適的公司時，才會動用股東資金。

This means that although we work hard on an ongoing basis to identify potential acquisitions, we often pass on potential deals which just don't fit our profile. Which make us that much more excited to have reached an agreement this year to at such an outstanding business to Team O'Reilly.

這意味著，儘管我們一直在努力尋找潛在的收購目標，但很多時候，我們會放棄那些不符合我們要求的潛在交易。正因如此，我們才更加興奮地宣布，今年我們能夠與奧萊利團隊達成協議，將這樣一家傑出的企業收購。

As we look forward to 2017, we will continue to execute our profitable new growth strategy. And have established a target of a 190 net new store openings for the year. Which is below our typical new store target, as we plan to devote significant resources to converting the Bond stores.

展望2017年，我們將繼續執行獲利性的新增長策略，並設定了全年淨增190家門市的目標。這低於我們通常的新店目標，因為我們計劃投入大量資源來改造Bond門市。

Finally, before I close my comments, I'd be remiss if I didn't acknowledge the incredible offer's of our supply chain groups to support our new store growth, while also continually enhancing our industrial leading parts availability. And I'd like to thank these teams for the great service levels they provide to our stores.

最後，在結束演講之前，我必須特別感謝我們的供應鏈團隊，他們為我們新店的擴張提供了鼎力支持，並不斷提升我們行業領先的零件供應能力。同時，我也要感謝這些團隊為我們的門市提供的優質服務。

As we discussed on the last call, these teams very successfully opened the San Antonio Distribution Center earlier this year. And are on track to complete the expansion of our existing DC in Greensboro, North Carolina in the first half of 2017. This expansion will add approximately 200,000 square feet to this facility. And allow us to service an additional 125 stores from this location, as we continue to add stores in expansion markets in the mid-Atlantic.

正如我們在上次電話會議上討論的那樣，這些團隊已在今年早些時候成功啟用了聖安東尼奧配送中心。他們正按計畫推進位於北卡羅來納州格林斯伯勒現有配送中心的擴建工程，預計於2017年上半年完成。此次擴建將為該設施增加約20萬平方英尺的面積，並使我們能夠從該地點為另外125家門市提供服務，同時我們將繼續在大西洋中部地區的擴張市場中增加門市。

Our ability to incrementally add capacity to our supply chain network, and provide high levels of inventory availability to our expansion markets, is a critical component of our growth strategy. And I'm very proud of the great work these teams do to support our growth.

我們逐步提升供應鏈網路產能，並為擴張市場提供高水準庫存的能力，是我們成長策略的關鍵組成部分。我為這些團隊為支持我們的成長所做的出色工作感到非常自豪。

Before I turn the call over to Tom, I want once again thank Team O'Reilly for their continued dedication to our Company's success. With one quarter left in 2016, we've had a solid year so far, but won't rest on our laurels as we push to finish the year strong.

在把電話交給湯姆之前，我想再次感謝奧萊利團隊為公司成功所做的持續貢獻。 2016年還剩最後一個季度，我們今年迄今的業績穩健，但我們不會就此止步，而是會繼續努力，爭取以強勁的勢頭結束這一年。

As always, the key to our success is providing unwavering customer service that surpasses expectations, and continues to earn our customers' business. And I'm confident we have the team in place to out hustle and out service the competition and keep taking market share. Now I'll turn the call over to Tom.

一如既往，我們成功的關鍵在於提供一致、超越客戶期望的優質服務，從而持續贏得客戶的信賴。我相信我們擁有一支強大的團隊，能夠超越競爭對手，並不斷擴大市場佔有率。現在，我將把電話交給湯姆。

Thanks, Jeff. I'd also like to begin today by thanking the O'Reilly team for another very profitable and successful quarter. Now we'll take a closer look at our third-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，他們又完成了一個獲利豐富且非常成功的季度。接下來，我們將仔細分析第三季的業績，並更新我們對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 $54 million increase and non-comp store sales. A $3 million increase in non-comp non-store sales. And a $1 million decrease from closed stores.

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5,400萬美元，非同店非門市銷售額成長300萬美元，以及因門市關閉而減少100萬美元。

Based on results for the first nine months and our expectations for the fourth quarter, we now expect our total revenue for 2016 to be $8.5 billion to $8.6 billion. For the quarter, gross margin was 52.7% of sales. A 32 basis point increase over the prior year.

根據前九個月的業績以及我們對第四季的預期，我們預計2016年全年總營收將在85億美元至86億美元之間。本季毛利率為銷售額的52.7%，較上年同期成長32個基點。

This was in line with our expectations for the third quarter, as continued strong POS margins offset a higher than anticipated LIFO charge of $10 million. Which was 23 basis points higher than last year. But significantly lower than the second quarter.

這符合我們對第三季度的預期，強勁的POS利潤率抵消了高於預期的1000萬美元後進先出法（LIFO）費用。該費用比去年同期高出23個基點，但遠低於第二季。

As we have discussed many times 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. However, these cost reductions benefit our POS margins on a go-forward basis. Excluding the impact of LIFO from both years, gross margin increased 55 basis points year-over-year, and 30 basis point sequentially from the second quarter.

正如我們過去多次討論的那樣，我們長期以來成功降低的採購成本已經耗盡了我們的後進先出法（LIFO）儲備。而要進一步降低成本，我們需要將現有庫存價值調整至較低的累計採購成本。這將對毛利率造成非現金不利影響。然而，這些成本降低將有利於我們未來的銷售點利潤率。剔除這兩年後進先出法的影響後，毛利率年增55個基點，季增30個基點。

Year to date, gross margin was 52.3% of sales. However, excluding LIFO from both years, gross margin increased 50 basis points. For the year, we will tighten our gross margin guidance from a range of 52.3% to 52.7% to a range of 52.4% to 52.6% of sales. With the expectation that our strong POS margin improvement will continue during the fourth quarter, as result of the cost decreases we've secured throughout 2016. And that pricing in the industry will remain rational.

今年迄今，毛利率為銷售額的52.3%。然而，若剔除兩年的後進先出法（LIFO）數據，毛利率則提高了50個基點。鑑於我們預計在2016年全年持續降低成本，第四季度強勁的銷售點（POS）毛利率增長勢頭將得以延續，且行業定價也將保持合理水平，因此我們預計毛利率的提升將持續。

Our effective tax rate for the third quarter was 35.5% of pretax income which is slightly below the 35.8% we expected for the quarter. Our third-quarter effective tax rate this year was significantly above the 33.6% we saw in the third quarter of 2015, which, as a reminder, benefited from a larger than typical tax reserve adjustment of $11 million related to a previous acquisition. We expect our fourth quarter return to a more normal rate of approximately 37.3% of pretax income.

第三季實際稅率為稅前利潤的35.5%，略低於我們先前預期的35.8%。今年第三季的實際稅率顯著高於2015年第三季的33.6%。需要說明的是，2015年第三季的實際稅率得益於先前收購相關的1,100萬美元的稅務準備金調整，該調整金額高於往年同期水準。我們預計第四季實際稅率將恢復到較正常的水平，約為稅前利潤的37.3%。

Moving onto our free cash flow results. I will provide some color to our results and our updated full-year free cash flow guidance. Free cash flow for the third quarter was $234 million. Which was a which was $21 million less than the prior year. Year to date we generated $812 million in free-cash flow. Which was $46 million more than the prior year.

接下來是我們的自由現金流業績。我將詳細介紹我們的業績以及更新後的全年自由現金流預期。第三季自由現金流為2.34億美元，比去年同期減少了2,100萬美元。今年迄今為止，我們已產生8.12億美元的自由現金流，比去年同期增加了4,600萬美元。

The year to date improvement was primarily driven by our net income growth and continued successful management of working capital. Specifically, net inventory, partially offset by higher year-over-year capital expenditures. Capital expenditures, for the first nine months, were $356 million. In line with our expectations, and resulted from our continued store growth and distribution expansion projects as Jeff discussed earlier.

今年迄今的業績改善主要得益於淨利潤成長和持續有效的營運資本管理。具體而言，淨庫存有所下降，但部分被同比增加的資本支出所抵消。前九個月的資本支出為3.56億美元，符合預期，正如傑夫之前提到的，這主要歸功於我們持續的門市擴張和分銷管道拓展項目。

We continue to expect capital expenditures will finish the year in the range of $460 million to $490 million. Based on our strong year to date free-cash flow performance, we're increasing our full year free-cash flow guidance to a range of $850 million to $900 million. Reflecting an increase of $50 million at both ends of the range.

我們仍然預期全年資本支出將在4.6億美元至4.9億美元之間。基於年初至今強勁的自由現金流表現，我們將全年自由現金流預期上調至8.5億美元至9億美元，上下限均增加5,000萬美元。

Inventory per store at the end of the quarter was $592,000. Which was a 3% increase from the end of 2015. This growth rate was in line with our expectations for the quarter. But above our full-year expectation of inventory per store growth of approximately 1.5%. Driven by normal seasonality.

本季末，各門市平均庫存為59.2萬美元，較2015年底成長3%。這一成長率符合我們對本季的預期，但高於我們全年約1.5%的單店庫存成長率預期。這主要受季節性因素影響。

Our ongoing goal is ensure we grow per-store inventory at the lower rate than the comparable store sales growth we generate. And we expect to continue our success of effectively deploying inventory. Our [AP] to inventory ratio finished the third quarter at 107.5% which exceeded expectations. And once again, represents a new high for this ratio.

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。我們期望繼續保持高效的庫存配置策略。第三季末，我們的應付帳款與庫存比率為107.5%，超出預期，並再次創下該比率的新高。

Our AP percentage continues to benefit from incrementally improved terms and strong sales guidance over the last 12 months. We expect our AP to inventory ratio will moderate somewhat during the fourth quarter from its current level. We expect to finish this year at a ratio strongly above 100% as we incrementally improve our vendor terms, but face the headwinds of seasonality.

過去12個月，得益於條款的逐步改善和強勁的銷售預期，我們的應付帳款佔比持續成長。我們預計第四季應付帳款與庫存比率將從目前的水平略有回落。隨著供應商條款的逐步改善，我們預計今年年底比率將遠高於100%，但同時也面臨季節性因素帶來的不利影響。

Moving onto debt, we finished the third quarter with an adjusted debt to EBITDA of 1.66 times. Down from the 1.69 times at the end of the second quarter, driven by a strong trailing 12 month operating income performance, but up from the 1.57 times at the end of the third quarter last year. We're still well below our targeted range of 2 to 2.25 times. However, 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.

就債務而言，我們第三季末的調整後債務與EBITDA比率為1.66倍。這一倍數較第二季末的1.69倍有所下降，主要得益於過去12個月強勁的營業收入表現；但較去年同期的1.57倍有所上升。我們目前仍遠低於2至2.25倍的目標區間。然而，我們依然認為，我們設定的槓桿率區間適合我們的業務，並將在適當的時機調整至該區間。

We continue to execute our share repurchase program. And during the third quarter, we repurchased.4 million shares of our common stock at an average price of $281.04 per share. Year-to-date through yesterday, we have repurchased 3.9 million shares at an average share price of $262.32, for total investment of $1 billion.

我們繼續執行股票回購計畫。第三季度，我們以每股平均281.04美元的價格回購了40萬股普通股。截至昨日，今年以來，我們已回購了390萬股股票，平均每股價格為262.32美元，總投資額達10億美元。

We continue to view our buyback program as an effective means of returning available cash to our shareholders after we take advantage of the 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.

我們仍然認為股票回購計劃是向股東返還可用現金的有效手段，在利用高回報率的投資機會改善業務後，我們將謹慎執行該計劃，重點是最大限度地提高股東的長期回報。

We're establishing our fourth quarter Earnings per Share guidance at a range of $2.44 to $2.54. Based on our year to date results, and the additional share repurchases since our last call. For the full year we are tightening our Earnings per Share guidance to a range of $10.58 to $10.68. Which represents a $0.13 increase from the midpoint of the previous annual guidance we provided on our second-quarter earnings release in July, driven by our stronger than expected third-quarter operating results and the incremental share repurchases.

我們第四季每股收益預期為2.44美元至2.54美元。該預期基於我們年初至今的業績以及自上次電話會議以來新增的股票回購。全年每股收益預期則上調至10.58美元至10.68美元。這比我們在7月第二季財報發佈時提供的年度預期中位數上調了0.13美元，主要得益於我們強於預期的第三季營運業績以及新增的股票回購。

As a reminder, in-line with our normal practice, our guidance includes all the shares repurchased through this call, but does not include any future share repurchases.

再次提醒，按照我們通常的做法，我們的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。

Before I turn the call over to or analysts for questions, I would once again like to thank the entire O'Reilly time for their continued hard work, dedication and unrelenting focus on providing consistently superior levels of customer service. Your ongoing efforts continued to drive our profitable growth, and we cannot thank you enough.

在將電話轉交給分析師提問之前，我再次衷心感謝奧萊利全體員工的辛勤付出、敬業精神以及對提供始終如一的卓越客戶服務的不懈努力。你們的持續努力推動了我們獲利的成長，我們對此感激不盡。

This concludes our prepared comments. At this time I'd like to ask Adrian, the operator to return to the line and we will be happy to answer questions.

我們的發言到此結束。現在請接線生阿德里安回到電話線，我們很樂意回答大家的問題。

Thank you. We will now begin the question-and-answer session.

謝謝。現在我們將開始問答環節。

(Operator Instructions)

（操作說明）

And our first question comes from Chris Bottiglieri from Wolfe Research. Please go ahead.

我們的第一個問題來自沃爾夫研究公司的克里斯‧博蒂格列裡。請開始吧。

Hi Greg. Thanks for taking my question. I was hoping you could maybe talk little bit more about the Bond acquisition that you made. Do they have any DCs, do they own their stores? Generally speaking, does this signal your intention to accelerate growth into the Northeast?

嗨，格雷格。感謝您回答我的問題。我希望您能詳細談談您對Bond的收購。他們有配送中心嗎？他們擁有自己的門市嗎？總的來說，這是否意味著您打算加快向東北地區的擴張？

Yes, sure. This acquisition is one that we overlap very little. They have a distribution center located in Berry, Vermont. Which we will utilize for some period of time. And we're talking about right now whether or not we would utilize that facility for anything in the future. But the plan is that we would further leverage our distribution capacity in Devens, Massachusetts. And supply those stores from there. While not sacrificing the benefit they have of availability by having as many parts as they have available in Central Vermont.

當然可以。這次收購與我們的業務重疊部分很少。他們在佛蒙特州貝裡有一個配送中心，我們會暫時使用它。目前我們正在討論未來是否會繼續使用該設施。但我們的計劃是，我們將進一步利用我們在馬薩諸塞州德文斯的配送能力，從那裡向這些門市供貨。同時，我們也不會因此而犧牲他們在佛蒙特州中部地區擁有的充足零件庫存優勢。

So we would, over time, alleviate the need to have availability by putting in a big hub or something like that. But ultimately the replenishment would come out of Devens. From a real estate standpoint the Company doesn't actually own the real estate. We have entered a lease agreement with the family members to lease the locations that they own. And then we have other third-party leases that we would takeover those leases and run the stores as leased properties.

所以隨著時間的推移，我們會透過建立大型樞紐或其他類似設施來緩解對庫存週轉的需求。但最終補貨仍將來自德文斯。從房地產角度來看，公司其實並不擁有這些房產。我們與家族成員簽訂了租賃協議，租賃他們擁有的物業。此外，我們還有其他第三方租賃協議，我們會接管這些租賃協議，並將門市作為租賃物業進行營運。

Okay cool. And then just a question generally on the Northeast as a new territory for you obviously. Could you talk about your experience thus far? Has the delivery model been as efficient and cost-effective as elsewhere in the country? How are you ramping in DIY versus DIFM? Are you leading with DIFM? Just given your track record of buying VIP. Any additional commentary there would be helpful.

好的，明白了。接下來我想問一個關於東北地區的問題，畢竟這是你們的新市場。能否談談你們目前的體驗？這裡的交付模式是否像其他地區一樣有效率且經濟？你們是如何逐步推廣DIY（自行交付）和DIFM（由你們負責交付）的？你們優先推廣DIFM？考慮到你們以往收購VIP客戶的紀錄，如果能提供一些補充說明就更好了。

I think is, would typically would be the case in a new store, our DIY business generally comes on a little faster. With the VIP stores up in, primarily Maine, those stores were heavy DIY stores. They really want a supplier on the do-it-for-me side because of the conflict they had with the shops that the previous owner had.

我認為，通常情況下，新店開業後，我們的DIY業務發展速度會更快一些。在緬因州等地的VIP門市，DIY業務非常發達。由於之前店主經營的店鋪存在一些問題，他們現在非常需要一家提供代工服務的供應商。

So what I would say is that our DIY business has come on a little faster. We're doing a good job on the do-it-for-me side, as we progressively established what our Company is about and the availability model and the service model and those kinds of things. So it continues to build.

所以我想說的是，我們的自助服務業務發展得更快一些。我們在「代客完成」這方面做得很好，因為我們逐步確立了公司的理念、服務模式、供貨模式等等。所以這項業務還在不斷發展壯大。

We see a lot of opportunity in the Northeast. There's a lot of high population areas that we're not in. We have a lot of capacity in Devens that we've not yet used. So our plan would be to continue to build out that area of the country. And become one of the dominant parts suppliers on the professional side. But then also put a big dent in the DIY business up there.

我們看到了東北地區的巨大機會。那裡有很多人口稠密的地區我們尚未涉足。我們在德文斯工廠還有很多產能尚未利用。因此，我們的計劃是繼續拓展該地區的業務，成為專業領域的主要零件供應商之一，同時也要大力進軍當地的DIY市場。

Great. Really helpful. Thanks for the time.

太好了，真的很有幫助。謝謝您抽出時間。

Thank you.

謝謝。

Our next question comes from Chris Horvers from JPMorgan. Please go ahead.

下一個問題來自摩根大通的克里斯霍弗斯。請開始。

Thanks. Thanks and good morning.

謝謝。謝謝，早安。

Good morning.

早安.

Wanted to get your thoughts on the Amazon risk. We're getting a lot more questions about the risk relative to the industry. So would love to your thoughts on how you think about the competition.

想聽聽您對亞馬遜風險的看法。我們收到了很多關於亞馬遜風險及其對整個行業影響的諮詢。所以很想聽聽您對這場競爭的看法。

What structural advantages do you see on your side from availability and service? What's the relative risk between commercial and DIY? And then how do you think about the risk of competitive pricing encroachment?

您認為貴公司在供貨和服務上有哪些結構性優勢？商業模式和DIY模式相比，相對風險如何？您如何看待競爭性價格衝擊的風險？

Okay. Well, what I would say is, that we've had pretty strong competitors on the e-commerce side. In the DIY business for quite some time. With some other suppliers that do a pretty good job there. Our DIY business is doing really well.

好的。我想說的是，我們在電商領域一直面臨著非常強大的競爭對手。在DIY領域，我們長期以來也面臨一些表現非常出色的供應商。不過，我們的DIY業務目前發展得非常好。

As I said in my prepared comments, are both our DIY and our do-it-for-me business were pretty well even contributors to our 4.2% comp-store sales. So we're doing pretty well in DIY.

正如我在事先準備好的發言稿中所說，我們的DIY業務和代客服務業務對我們4.2%的同店銷售額貢獻幾乎不相上下。因此，我們在DIY業務方面做得相當不錯。

Obviously, we see these e-commerce players that sell at prices below the brick-and-mortar companies online. There's a lot of elements that play into auto parts that I think differentiate us from many other retail channels. But primarily, it's about, and speaking just on the DIY side, many times when a DIY customer walks into our stores they're really needing help figuring out how to solve a problem that they have. And we provide that help.

顯然，我們看到一些電商平台以低於實體店的價格在線上銷售商品。汽車配件行業有很多因素，我認為這些因素使我們與其他零售通路區分開來。但最主要的是，就DIY領域而言，很多時候，DIY顧客走進我們的店，實際上是需要幫助來解決他們遇到的問題。而我們恰好能提供這種幫助。

Not only do we provide the help, but we are able to tell them the tools they need to fix the car. A whole array of things. And we even loan them tools. We've got a very significant loaner-tool program. Where a customer will put a tool they might otherwise not be able to buy because of the expense of a specialty tool or something. They can put it on a credit card and use it to install the part to fix their car and bring it back for a full refund when they're done. And we put it back on the shelf and reuse it again for the next customer that needs to use that. Those kinds of services are pretty hard to quantify. But they're incredibly valuable when servicing the DIY customer.

我們不僅提供協助，還能告訴他們修車需要哪些工具。種類繁多，應有盡有。我們甚至還提供工具借用服務。我們有一個非常完善的工具借用計劃。客戶可以將他們可能因為專業工具昂貴而無力購買的工具借給我們。他們可以用信用卡支付借用費用，安裝零件修理汽車，修好後歸還即可全額退款。我們會將工具放回貨架，供下一位需要的顧客再次使用。這類服務的價值很難量化，但對於喜歡自己動手修車的客戶來說，它們卻意義非凡。

On the B2B side I speak from having done this for 32 years. And previously being in the repair business. None of the shops, or very few of the shop stock parts. They may stock a small array of filters, or maybe a few belts, or a few batteries and stuff like that. Almost every repair that they make, the parts have to be delivered. And it's just so incredibly important that they're able to turn their bays over quickly and keep their technicians busy. In order to provide gainful employment for the technicians, but also maximize the revenue and the profitability of the shop.

就B2B領域而言，我從事這行32年了，之前也做過維修。幾乎所有維修店，或者說極少數維修店，都會儲備一些零件。他們可能只會儲備少量濾芯、皮帶或電池之類的東西。幾乎每次維修都需要從外部訂購零件。因此，他們必須能夠快速週轉維修工位，讓技師有事可做，這一點至關重要。這不僅能為技師提供穩定的工作，還能最大化維修店的收入和利潤。

And most shops nowadays know that they can get 30 to 45 minute service out of a Company like ours that has a wide array of parts. And our competitors in many cases, have these wide array of parts. It's just hard for me to see a company like Amazon being a significant player on the do-it-for-me side.

如今大多數維修店都知道，像我們這樣擁有完整配件的公司，可以在30到45分鐘內完成維修服務。而且，我們的許多競爭對手也擁有如此齊全的配件。我很難想像像亞馬遜這樣的公司能在代客維修領域佔有重要地位。

And I would tell you on the DIY side, where there is some people that are going to buy some parts and some accessories over the Internet because they can wait and because they know what they're doing in making the repair. The vast majority need help and appreciate the advice, recommendation and the help we give them in repairing their cars.

至於DIY方面，有些人會選擇在網路上購買零件和配件，因為他們有時間等待，他們也覺得自己能修好車子。但絕大多數人需要幫助，他們很感激我們提供的建議、推薦和協助。

Thanks. That is very helpful. And then I just wanted to ask about the inter-quarter trend. A couple peers of yours talked about some acceleration in August and/or September, while you spoke to consistent trends in the quarter. And obviously you've been the most consistent operator out of any of your peers.

謝謝，這很有幫助。我還想問一下季度間的趨勢。您的幾位同業提到8月和/或9月業績有所加速成長，而您則表示本季業績保持穩定。顯然，在所有同行中，您的表現最為穩定。

But I was curious if you had any thoughts on why they saw some acceleration versus you being more consistent. Is that perhaps geographic exposure? Is it the balance in the business? Is it share acquisition and so forth? Thank you.

但我很好奇，您認為他們為何會加速成長，而您卻一直保持穩定成長？這是否與地域擴張有關？是否與業務平衡有關？是否與股權收購等因素有關？謝謝。

Well there could be differences for all the things you said. In my prepared comments, I spoke to August and July on a monthly basis being Sunday affected which Sunday is our lowest volume day. And probably a more from a trend standpoint a more meaningful way to look at our comp cadence throughout the quarter would be to look at it on a weekly basis. I've got that in front of me now and I can tell you our sales on a weekly basis, we're pretty darn consistent throughout the period.

嗯，您說的這些方面可能存在差異。在我準備的演講稿中，我提到了八月和七月的月度數據，因為週日會受到影響，而周日通常是我們銷量最低的日子。從趨勢的角度來看，更有意義的方法是按週來分析我們整個季度的銷售節奏。我現在手頭上就有數據，我可以告訴您，我們每週的銷售額在整個季度都相當穩定。

And that consistency is continued to this point in the quarter. And this quarter, our toughest compares to last year are this month and December. We have a softer comparison in November. And we have carried this healthy strong trend that we were on into this point in the fourth quarter.

這種穩定性一直延續到本季末。本季度，與去年同期相比，本月和12月的基數最大。 11月的基數相對較小。我們一直保持著這種健康強勁的成長勢頭，直到第四季末。

It's hard to say what our competitors represents from a comparison standpoint on a weekly basis, what they're up against from just a geography standpoint. Because I know some are more exposed to the weather-affected areas in the Northeast. And again, this quarter we saw a difference in the areas that we would consider to be weather affected versus not.

很難從每週的比較角度來判斷我們的競爭對手的情況，也很難從地理位置的角度來分析他們面臨的挑戰。因為我知道有些競爭對手更容易受到東北部受天氣影響地區的影響。而且，本季我們發現，受天氣影響的地區和不受天氣影響的地區之間存在差異。

And taking into consideration the maturity of some of the stores or maybe the lack of maturity in some of those stores, we still would look at somewhere in the 400 to 500 basis point difference in comp performance between the weather-affected stores and the non-weather-affected stores.

考慮到部分門市的成熟度，或者某些門市可能還不成熟，我們仍然認為受天氣影響的門市與未受天氣影響的門市之間的同店業績差異在 400 到 500 個基點之間。

Thank you very much.

非常感謝。

Thank you.

謝謝。

And a next question comes from Alan Rifkin, BTIG. Please go ahead.

下一個問題來自BTIG的Alan Rifkin。請提問。

Thank you very much for taking my question. So Greg just as a follow-up to your commentary you just gave. So the solid trends of Q3 have continued in Q4 despite October being one of the most difficult months. Is that correct?

非常感謝您回答我的問題。格雷格，我再補充您剛才的評論。儘管十月是業績最差的月份之一，但第三季的穩健趨勢在第四季仍然得以延續，是這樣嗎？

That's correct.

沒錯。

Okay. And on the DIFM side of the business, can you maybe add a little bit more color as to where you're seeing the growth come from? Are you seeing some new account additions or our current accounts of yours just spending more? What are you seeing there?

好的。關於DIFM業務方面，您能否詳細說明一下成長的來源？是新增客戶，還是現有客戶的消費增加？您觀察到的情況如何？

Well that varies a lot by store, by market. In new markets where we work to get that first call, not first call status but simply the first interaction with the shop, of course, those in newer markets is new customers. In existing markets is just taking more of the business that they're doing.

這因門市和市場而異。在新市場，我們努力爭取的是首次來電——並非指首次來電記錄，而是指與門市的首次互動——當然，這些新市場的客戶都是新客戶。而在現有市場，我們只是在他們現有業務的基礎上爭取更多的份額。

Most shops don't have just one parts provider. They share that business among a few. And although the first call provider can be 70% or 80% or maybe even more of the parts provided, our work with those customers is to take more of their purchases. And I think we did a pretty good job on both.

大多數商店並非只依賴零件供應商，而是與幾家供應商合作。雖然首選供應商可能提供70%、80%甚至更多的零件，但我們與這些客戶合作的目標是爭取他們更多的採購份額。我認為我們在這兩方面都做得相當不錯。

I feel like we are gaining market share on the do-it-for-me side. And I feel like we're gaining market share pretty significantly on the DIY side. But it's hard to quantify whether our improvements in do-it-for-me are coming from new customers or improvements in the purchases from existing customers. Because it's a mix of both. And that's just something that's hard for us to fully quantify.

我覺得我們在代客服務領域的市佔率正在成長。而且我覺得我們在自助服務領域的市佔率成長也相當顯著。但是，我們很難量化代客服務領域的成長究竟是來自新客戶，還是來自現有客戶購買量的增加。因為兩者兼而有之。而這正是我們難以完全量化的。

Okay and one last one if I may. Obviously Bond pales in comparison to CSK or even earlier acquisitions like Mid-State. Does the same potential present itself to increase the EBIT margins at that business? As what you have realized in some of the other acquisitions you've made?

好的，如果可以的話，我最後一個問題。顯然，Bond 與 CSK 甚至像 Mid-State 這樣更早的收購相比，差距甚遠。 Bond 是否也具備提升息稅前利潤率的潛力？就像您在其他一些收購中實現的那樣？

I think it'll be a great acquisition. I think any time we buy a company that is, from a size standpoint, as much difference as what exists between our Company in Bond, there's very significant opportunities from just a merchandise cost perspective. They run a very good business. And they've built it over number of years and the Bond family are great operators and have a great team there.

我認為這將是一筆非常棒的收購。任何時候，當我們收購一家規模與我們公司在邦德（Bond）的業務差異如此之大的公司時，僅從商品成本的角度來看，就蘊藏著巨大的機會。他們經營著一家非常優秀的企業。他們經過多年的發展，邦德家族擁有卓越的營運能力和優秀的團隊。

So, we would look more for the opportunity to be on the cost-of-goods side and the advertising and marketing we can do to help them build a better DIY business. And some of the efficiencies that we have through systems and better product selection. Through some of the science and tools we use to deploy inventory and make sure we have exactly the right inventory. And the breadth of inventory it takes to gain market share. We're just a Company that's very well-capitalized to make sure that the stores are in the very best position they can be to compete and take additional market share.

因此，我們會更專注於降低商品成本，並透過廣告和行銷幫助他們打造更成功的DIY業務。我們透過系統優化和更優質的產品選擇來提高效率，運用科學方法和工具來部署庫存，確保庫存充足。同時，我們也注重拓展市場佔有率所需的庫存範圍。我們是一家資金雄厚的公司，致力於確保門市處於最佳競爭地位，從而贏得更多市場份額。

Okay. Thank you very much.

好的，非常感謝。

Okay thank you, Alan.

好的，謝謝你，艾倫。

And your next question comes from Bret Jordan, from Jefferies. Please go ahead.

下一個問題來自傑富瑞集團的布雷特喬丹。請提問。

Hey good morning guys.

嘿，各位早安。

Good morning Bret.

早安，布雷特。

On the Bond deal, I mean obviously they're a member of the Alliance so they're pretty heavily skewed to branded parts. One of the levers you pull there, do you expand the hours and put in the more of the direct-sourced mix? And when you think about the geography distributing up to Bond out of Devens, how far west can you go as to get out towards Franks? Do we need to build more distribution into the expansion markets?

關於邦德的交易，我的意思是，他們顯然是聯盟成員，所以他們主要銷售品牌零件。你可以採取的措施之一是延長營業時間，並增加直接購買零件的比例。另外，考慮到從德文斯到邦德的配送範圍，你能向西延伸到弗蘭克斯附近多遠？我們是否需要在擴張市場中建立更多的通路？

From a product standpoint, we will be very sensitive to the brands that they have built, and the products that they carry to make sure that, if and when we transition brands and products, we do it with a lot of forethought and a lot of selling to the customers to make sure they have confidence the brands will change.

從產品角度來看，我們會非常重視他們建立的品牌和他們銷售的產品，以確保在品牌和產品轉型時，我們會經過深思熟慮，並向客戶進行充分的溝通，以確保他們對品牌的改變充滿信心。

But again, we feel like we've got an incredibly good lineup of products and they do too. There's a lot of overlap. Our history with the Alliance has led us to continuing to do business with a lot of the same suppliers the Alliance does business with. So I think we will be good there.

但話說回來，我們覺得我們的產品線非常出色，他們也這麼認為。雙方有很多產品重疊。我們與聯盟的合作歷史讓我們能夠繼續與聯盟的許多供應商保持業務往來。所以我認為我們在這方面會做得很好。

From a distribution standpoint, we will definitely need more distribution up in the Northeast. We will need distribution and probably what Greg would you say two or three distribution centers up there? We'll end up with two or three additional distribution centers up in the Northeast. While working now to fill out the capacity that we have in Devens, for us to move further west we would need additional distribution capacity just to make sure we were in the position from a geographic reach standpoint to do what we do as far as at least overnight service but in many cases multiple times a day same-day service out of a big distribution center inventory.

從配送角度來看，我們絕對需要在東北地區增加配送能力。我們需要配送，格雷格，你覺得可能需要兩到三個配送中心？最後我們會在東北地區增設兩到三個配送中心。目前我們正在努力利用德文斯的現有產能，但為了進一步向西擴張，我們需要額外的配送能力，以確保我們在地理覆蓋範圍方面能夠提供我們目前所擁有的服務，至少能夠提供隔夜送達服務，而且在很多情況下，我們還能從大型配送中心的庫存中每天多次提供當日送達服務。

The Frank stores in Pittsburgh, they actually get serviced out of Detroit. So as we grow, that is still quite a distance as we grow mass, we will have to look to see where we position our additional distribution centers.

匹茲堡的Frank門市其實是由底特律的物流中心負責配送的。隨著我們業務的成長，底特律和匹茲堡之間的距離仍然相當遠，隨著業務規模的擴大，我們將不得不重新考慮在哪裡設立新的配送中心。

Okay thanks. And just one to follow up as you look at the Alliance members, would you think about picking up an eastern or somebody who's more of a WD to get some market share and distribution and then building in a store base around that? Or is that too far from a retail model?

好的，謝謝。還有一個後續問題，在考慮聯盟成員時，您是否考慮過收購一家東部公司或更偏向西部地區的公司，以獲取一些市場份額和分銷渠道，然後圍繞這些公司建立門店網絡？或者說，這離零售模式太遠了？

We are opportunists. We would look at any opportunity to acquire a company that fits the profile that Jeff described in his prepared comments. So we would look at any and all companies that might be for sale. And that our decision would be made based on fit, geographic overlap, price, multiple factors that come in to consideration when we acquire companies.

我們是機會主義者。我們會考慮任何符合傑夫在事先準備好的發言稿中所描述的收購目標公司的機會。因此，我們會關注所有可能出售的公司。我們的決定將基於公司契合度、地理重疊、價格以及我們在收購公司時會考慮的許多因素。

All right thank you.

好的，謝謝。

Thank you.

謝謝。

And a next question comes from Greg Melich, Evercore ISI. Please go ahead.

下一個問題來自 Evercore ISI 的 Greg Melich。請提問。

Morning this is Mike Montoni on for Greg. Just wanted to ask if I could on the expense control side, Greg and Tom can you talk about some of the initiatives you have there to take costs out and to manage around potentially FLSA, rising minimum wages that we're seeing across retail and healthcare costs? How do we get comfortable that you guys can get back towards 2% SG&A per store?

早安，我是Mike Montoni，替Greg主持節目。我想問一下關於成本控制方面的問題，Greg和Tom，你們能否談談你們採取了哪些措施來降低成本，並應對《公平勞動標準法案》（FLSA）可能帶來的影響、零售業最低工資上漲以及醫療保健成本上升等問題？你們如何確保每家店的銷售、管理及行政費用（SG&A）回到2%的目標水準？

What I would tell you is that when we look at third-quarter SG&A, it was pretty much on our expectations. When we look at delevering, when we look at last year, obviously we had a big, big comp number at 7.9%. So it's hard to lever against those sales.

我想說的是，當我們檢視第三季的銷售、管理及行政費用時，它基本上符合我們的預期。至於去槓桿化，考慮到去年同期7.9%的同店銷售額，我們很難利用如此高的銷售額來降低槓桿率。

And if we look at the third quarter of 2015, there was 87 basis points year-over-year leverage. So very a difficult compare from a dollar standpoint we ended up where we thought we should end up for the third quarter.

如果我們回顧2015年第三季度，會發現年比槓桿率為87個基點。因此，從美元角度來看，這是一個非常大的比較基數，但我們最終的表現與預期相符。

When we look at the items you're talking about, FLSA is a big focus of ours. And we've adjusted our compensation policies to retain our entrepreneurial focus, while minimizing the overall impact. But we want to continue to focus our store managers on growing their business, building a great book of business, and growing it and compensating them for that. We think we've made some changes that keep the essence of our program while complying with the laws.

我們關注您提到的問題，FLSA（公平勞動標準法）是我們重點關注的內容。我們調整了薪酬政策，以保持我們對創業精神的重視，同時盡可能減少對整體的影響。我們希望繼續引導門市經理專注於業務成長，建立並維護良好的客戶關係，並為此給予相應的報酬。我們認為，我們所做的調整既保留了我們專案的精髓，也符合相關法律法規。

When we look at minimum wage, there are certain areas where minimum wage is going to be some pressure on expense. For those geographic regions, we will monitor pricing very closely and try to maintain our profitability.

當我們檢視最低工資標準時，會發現某些地區的最低​​工資標準會對成本造成一定壓力。對於這些地區，我們將密切關注價格走勢，並努力維持獲利能力。

Okay. And can you talk about your ability potentially to raise price and pass through any costs that you might incur or that you can offset directly. And then also if you could, some of the initiatives you might have around omni-channel, whether it be the loyalty program, the private label. Talk about some of the offensive things you might have going on to build out the business and serve consumers regardless of channel?

好的。您能否談談貴公司是否有能力提價，以及可能產生的成本或可以直接抵銷的成本將如何轉嫁給消費者？另外，如果您方便的話，能否談談貴公司在全通路方面有哪些舉措，例如會員計劃、自有品牌等等？能否談談貴公司為了拓展業務、服務消費者（無論消費者使用哪個管道）而採取的一些積極措施？

Like Tom said in these markets, where costs are going up as result of minimum wage changes and so forth, we work every day looking for opportunities to increase price while remaining competitive. Knowing that our competitors are under the same pressure that we are, over time, I think this plays out. And the fact that costs go up ultimately result in higher consumer prices. Auto-parts would be no different.

正如湯姆所說，在這些市場中，由於最低工資調整等原因導致成本上升，我們每天都在努力尋找在保持競爭力的同時提高價格的機會。我們知道競爭對手也面臨著同樣的壓力，隨著時間的推移，我認為這最終會奏效。而成本上升最終會導致消費者價格上漲。汽車零件產業也不例外。

As far as our opportunity with omni-channel and just the various opportunities we have in businesses, we have an opportunity on the Internet. We're not a big B2C e-commerce player. We could do more. And were working now to re-platform our website to do little bit more of that business.

就全通路以及我們在業務中面臨的各種機會而言，我們在網路領域也擁有巨大的發展潛力。我們目前還不是大型的B2C電商企業，我們還有進步的空間。我們正在努力對網站進行平台升級，以便更好地擴展這方面的業務。

Private label we continue to be a very powerful Company when it comes to building these private label brands. As you know our strategy is not to have a single private label brand that's viewed as being a private label. Our brands are really national brands that may have been retired by a supplier, or whatever the case may be. And we picked them up and reestablished the brand.

在打造自有品牌方面，我們依然是一家實力雄厚的公司。如您所知，我們的策略並非打造一個單一的、被視為自有品牌的品牌。我們的品牌其實是一些被供應商或其他機構停用的全國性品牌。我們收購了這些品牌，並重新打造。

And many of our brands are now recognized. Even though they are what we would be considered as we discussed, here is private label, they're really viewed by our shops as being a national brand. Even though they are in our proprietary brand. And there are brands that we put products of equivalent quality to a branded product in the box. So we feel like we have a lot of opportunity there to continue to grow market share in the brands that we own. And that growth is accretive to our gross margin as you know.

現在我們許多品牌都已獲得認可。雖然正如我們之前討論的，它們屬於自有品牌，但我們的門市實際上都把它們視為全國性品牌。即便它們屬於我們的自有品牌。而且，我們還會把一些品質與品牌產品相當的產品放入包裝盒中。因此，我們認為我們有很大的機會繼續擴大我們自有品牌的市場份額。如您所知，這種成長會提升我們的毛利率。

Great. Thank you.

太好了，謝謝。

Thank you.

謝謝。

And our next question comes from Simeon Gutman, from Morgan Stanley. Please go ahead.

下一個問題來自摩根士丹利的西蒙古特曼。請提問。

Thanks good morning. Greg you mentioned the 400 to 500 basis point spread I think between weather and non-weather. Can you share what percentage of the markets are affected? And then looking back at these years in which weather has had an impact. The nuances tend to resolve themselves.

謝謝，早安。格雷格，你之前提到天氣因素和非天氣因素之間有400到500個基點的價差。可以分享一下受影響的市場比例嗎？再回顧這些年天氣因素造成的影響，這些細微差別往往會自行消失。

You hinted that we haven't seen any signs yet of that because the trends have been somewhat consistent. But is that usual? Or do we have to wait for the next big weather trend to break? Meaning colder temps? Or should we have started to see some of that change already?

您暗示我們尚未看到任何跡象，是因為目前的趨勢相對穩定。但這正常嗎？還是我們需要等待下一個重大天氣趨勢的改變？例如氣溫下降？或者我們應該已經開始看到一些變化了？

I think we're starting to see some of the change already. When we start getting the freezing weather in these markets is when I would say okay we've got to call the weather thing to an end.

我認為我們已經開始看到一些變化了。當這些市場開始出現嚴寒天氣時，我就會說，好了，我們必須結束天氣因素的影響了。

Because having come off of a very hot summer, when cold weather gets here, there will be a lot of battery failures and electrical system problems and things like that. That will be attributable to the winter weather. So really once we anniversary into winter, and start the freezing weather is when I would consider the effect of the 2015, 2016 winter to be over.

因為經歷了酷暑之後，寒冬來臨，電池故障、電力系統問題等都會很多。這都歸咎於冬季天氣。所以，只有真正進入冬季，氣溫開始下降的時候，我才會認為2015年、2016年冬季的影響已經結束。

On the regional question, we're providing some color for just different performance in markets. But to further quantify it goes beyond our level of comfort in communicating regional performance.

關於區域性問題，我們只是想簡要說明不同市場的具體表現差異。但要進一步量化，就超出了我們目前能夠有效傳達的區域性績效水準。

In addition it's hard to draw a line. When Tom and I talk about this, it's very difficult for us to draw line and say okay well these are weather affected, these are not. Generally speaking, the center part of the country up in the upper Midwest and then also the Northeast are generally the weather-affected markets. The South and Southwest and so forth aren't so much.

此外，很難劃清界線。當我和湯姆討論這個問題時，也很難明確區分哪些市場受天氣影響，哪些不受影響。總的來說，美國中部，尤其是中西部北部地區以及東北部，通常是受天氣影響最大的市場。南部和西南部等地區受影響較小。

Okay. And then my follow-up on Bond. Have you talked about or can you disclose revenue for an annual basis and then implications for accretion or dilution next year?

好的。接下來我想問關於債券的問題。您是否談過或能否揭露年度收入，以及這對明年的增值或稀釋有何影響？

We're little uncomfortable talking about the specifics of that pre-closing. We won't close until sometime before the end of the year. And we'd rather not get into the specifics about their financial performance at this time.

我們不太願意在交易完成前談論具體細節。交易要到年底前才會完成。而且，我們現在也不想深入討論他們的財務表現。

Okay. Thanks.

好的，謝謝。

Okay thank you.

好的，謝謝。

And a next question comes from Seth Basham, Wedbush Securities. Please go ahead.

下一個問題來自韋德布希證券公司的塞思‧巴沙姆。請提問。

My question is around price competition. Whether or not you're seeing any signs of increased competition in the slower growth industry right now? Either by customer, segment, region, channel et cetera?

我的問題是關於價格競爭的。您是否看到目前成長放緩的行業中存在價格競爭加劇的跡象？無論是按客戶、細分市場、地區、通路等來看？

Well Seth, I'll tell you, there's never been a time in my 32 years here that we haven't felt price competition. We feel it every day. Generally speaking, it's on the professional side of our business. Where companies that are trying to gain market share and in the most recent entry of some of the larger retail-type companies into the wholesale business is what's talked about most now. But for years we've had competition from a number of companies on the professional side.

塞思，我跟你說，我在這裡工作32年了，價格競爭從未間斷過。我們每天都能感受到。一般來說，這種競爭主要集中在專業服務領域。那些試圖搶佔市場份額的公司，以及最近一些大型零售公司進軍批發業務，都是現在人們談論最多的。但多年來，我們在專業服務領域也一直面臨多家公司的競爭。

So there's always promotions, specials, new ideas. Something that's happening here recently is kind of the kit idea. Where competitors, and us to now, we will put two brake rotors and a set of pads and give it a kit price rather than the individual piece price. So there's always a lot of competition. I would say that it's consistent with what I've seen in the last 30 years, but nonetheless there's a lot of competition.

所以總是會有促銷、特價和新創意。最近興起的模式是套裝銷售。競爭對手，包括我們現在，會把兩個煞車碟盤和一套煞車片組合在一起，以套裝價格出售，而不是單獨出售。所以競爭一直都很激烈。我認為這與我過去30年觀察到的情況一致，但無論如何，競爭仍然非常激烈。

Okay thank you. And my second question, on the theme of gross margin. Just thinking about LIFO, Tom, what kind of impact you expect for 4Q and for 2017 (inaudible)?

好的，謝謝。我的第二個問題是關於毛利率的。湯姆，就後進先出法（LIFO）而言，你預期它對第四季和2017年會有什麼影響？ （聽不清楚）

Well hard to know for 2017, when we look at 2016, will have a moderate headwind. Not as much as this quarter. This quarter was probably double what we thought it would be. We will have to get together with the merchants and see what they have cooking for 2017 as they continue to work on getting us the best acquisition costs we can get.

很難預測2017年的情況，但回顧2016年，會發現一些不利因素，但不會像本季那麼嚴重。本季的業績可能是我們預期的兩倍。我們需要與商家溝通，了解他們為2017年準備了哪些計劃，同時他們也會繼續努力為我們爭取最佳的獲客成本。

Great. Thank you guys and good luck.

太好了。謝謝你們，祝你們好運。

Okay thank you.

好的，謝謝。

And a next question comes from Dan Wewer, Raymond James. Please go ahead.

下一個問題來自 Raymond James 公司的 Dan Wewer，請問問題。

Thank you. Tom you had exceeded the third-quarter earnings by $0.03 per share. But you took $0.02 off for the high end of your fiscal-year forecast. It looks like you're reducing your fourth-quarter outlook by about $0.05 a share I guess that the reason the stock is acting the way it is today. Can you explain what has changed in the fourth-quarter outlook? Is it a higher LIFO? I guess based on the previous question it doesn't sound like that's an issue.

謝謝。湯姆，你第三季的每股盈餘比預期高出0.03美元。但你把全年獲利預測的上限下調了0.02美元。看來你把第四季的預期下調了大約0.05美元，我猜這就是股價今天走勢的原因。你能解釋一下第四季預期有什麼變化嗎？是後進先出法（LIFO）的調整嗎？我猜根據你之前的問題來看，這應該不是問題。

I would tell you that our expectation for the fourth quarter is an inherent guidance in our net income have not changed from the last call. What I would tell you is that we had a wider range on the end of the last call because we had two quarters to go. Now we have one quarter to go, it would be hard to have a wider range on annual EPS than it is for the quarter. That would not be logical. So you see --

我想告訴大家的是，我們對第四季的預期是淨利的固有指引，與上次電話會議相比沒有變化。我想說的是，上次電話會議結束時，我們給的預期範圍較寬，是因為當時還有兩個季度要公佈。現在只剩下一個季度了，年度每股收益的預期範圍很難比季度預期範圍更大，這不合邏輯。所以你看——

No I understand that. I was just thinking reducing the high end. Of the year after --

不，我明白。我只是在考慮降低高端配置。第二年——

What we would tell people and what we said on the script is, we would focus on that we increased the midpoint of our guidance by $0.13. Due to higher income in the third quarter and on additional share repurchases. And that's what we think is the important [deal].

我們會告訴大家，我們在稿子裡也提到，我們會重點強調，由於第三季收入增加以及額外的股票回購，我們將獲利預期中位數上調了0.13美元。我們認為這才是最重要的。

And to follow up on the comments about the higher SG&A per store. In one of the, I think it was on page 9 of the release that indicates the total employment count grew about 2.6% year over year compared to a 4.6% increase in the number of stores. It looks like the employment per store has actually declined a bit. So if you could help reconcile that against the higher SG&A rate per store. Or the SG&A dollars per store.

關於單店銷售、管理及行政費用（SG&A）增加的問題，我想補充一點。我記得在新聞稿的第9頁提到，員工總數年增約2.6%，門市數量較去年同期增加4.6%。這樣看來，單店員工人數似乎略有下降。所以，能否請您幫忙解釋一下，這與單店銷售、管理及行政費用（SG&A）增加之間的關係？或者說，單店銷售、管理及行政費用（SG&A）增加之間的關係又該如何解釋？

That has to do with the number of full-time versus part-time people that we employ. So what that number is telling you is we have a higher mix of full-time people in that growth area. Which also has a higher cost because you're providing benefits. But we also feel it has a much higher productivity level, which you see in our top line.

這與我們僱用的全職員工和兼職員工的比例有關。這個數字表明，在這個成長領域，我們全職員工的比例更高。這也意味著更高的成本，因為我們需要提供福利。但我們也認為，全職員工的生產力水準更高，這點從我們的營收數據中就能看出來。

So the implications are if you look at the actual payroll hours per store, it's growing faster than the employment number?

所以這意味著，如果你看一下每家門市的實質工資工時，你會發現它的成長速度比員工人數的成長速度更快？

Yes. We report total team members versus FTEs.

是的。我們報告的是團隊成員總數與全職員工人數之比。

Okay thank you.

好的，謝謝。

Thanks Dan.

謝謝你，丹。

And a next question comes from Scot Ciccarelli, RBC Capital Markets. Please go ahead.

下一個問題來自加拿大皇家銀行資本市場的史考特·西卡雷利。請提問。

Hi guys how are you? I figured you guys would know it. Just a clarification on the LIFO commentary, Tom, it came in above what you expected. Is that a function of better price concessions than what you previously anticipated? Or is that better sales of that particular vendor's product? Can you help us understand why it was $10 million instead of $5 million?

大家好，你們好嗎？我想你們應該知道。湯姆，關於後進先出法（LIFO）的評論，我想澄清一下，結果比你預期的要高。這是因為價格優惠比你之前預想的好嗎？還是因為那家供應商的產品銷售量比較好？你能幫我們解釋為什麼是1000萬美元而不是500萬美元嗎？

It's fully based on the number of new deals we sign, and the impact of those cost reductions over the breadth of our inventory. So the short answer is, we got more, better deals than we anticipated.

這完全取決於我們簽署的新訂單數量，以及這些成本降低對我們庫存整體的影響。簡而言之，我們獲得了比預期更多、更好的訂單。

Okay. Got it. And then shifting to SG&A. I know you guys talked about some of the reasons you didn't have leverage this quarter. And a lot of that make sense to me. And the street I think. But SG&A per store growth has been a bit elevated the last couple quarters. What I'm looking for is clarification on as we look out a little further, should we just assume SG&A per store growth will be up more like 2.5% rather than the 2% you have historically run at given the wage and healthcare pressures that you've cited?

好的，明白了。接下來我們來談談銷售、管理及行政費用（SG&A）。我知道你們之前討論過本季缺乏槓桿的原因，很多我都理解，我想市場也這麼認為。但過去幾季，每家店的SG&A成長率確實偏高。我想請教的是，考慮到你們提到的薪資和醫療保健方面的壓力，展望未來，我們是否應該假設每家店的SG&A成長率會更接近2.5%，而不是你們以往2%的水平？

Well we haven't given guidance for next year. And our guidance for the fourth quarter is a little slower growth. We've got a long process that we go through to plan, not just the upcoming year, but years to follow. And we're going to sit down, and healthcare continues to be a pressure item.

我們尚未給出明年的業績指引。我們對第四季的預期是成長速度會略有放緩。我們制定計劃需要經過漫長的過程，不僅關乎未來一年，也關乎未來幾年。我們將坐下來進行討論，而醫療保健仍然是一個壓力較大的問題。

The big item for us is making sure we established payroll levels with enough help in the stores to provide great customer service and grow the business. So a lot about depends on what our outlook is for growth opportunities. So we're not going to comment right now. But what we will make sure to say is that we manage SG&A over a long horizon. Not just on a quarter or six-month basis. So we're going to have to get back to when we finalize our plan for next year.

對我們來說，最重要的是確保門市有足夠的人手，維持合理的薪資水平，從而提供優質的客戶服務並促進業務成長。因此，很多事情都取決於我們對成長機會的預期。所以我們現在不便置評。但我們可以肯定的是，我們對銷售、管理及行政費用（SG&A）的管理著眼於長遠，而非只關注季度或半年。所以，我們需要等到明年計畫最終確定後再做進一步討論。

Understood. Right thanks guys.

明白了。好的，謝謝各位。

Thank you.

謝謝。

We have reached our alotted time for questions. I will now turn the call back over to Mister 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 Adrian. We'd like to conclude our call by thanking the entire O'Reilly Team for our outstanding third-quarter results. We're pleased with our solid third quarter, and remain extremely confident in our ability to continue to aggressively and profitably gain market share and are focused on continuing our momentum as we finish out 2016.

謝謝艾德里安。在電話會議的最後，我們要感謝奧萊利團隊全體成員，感謝他們為我們帶來了出色的第三季業績。我們對穩健的第三季業績感到滿意，並對繼續積極、盈利地擴大市場份額充滿信心，我們將專注於保持這一發展勢頭，順利完成2016年。

I'd like to thank everyone for joining our call today. And we look forward to reporting our 2016 fourth-quarter and full-year results in February. Thanks.

感謝各位今天參加我們的電話會議。我們期待在二月公佈2016年第四季和全年業績。謝謝。

Thank you ladies and gentlemen, this concludes today's call. Thanks for participating and you may now disconnect.

謝謝各位，今天的電話會議到此結束。感謝大家的參與，現在可以掛斷電話了。