O'Reilly Automotive Inc (ORLY) 2017 Q1 法說會逐字稿

Welcome to the O'Reilly Automotive First Quarter Earnings Conference Call. My name is Victoria, and I will be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded. I will now turn the call over to Mr. Tom McFall. Tom, you may begin.

歡迎參加歐萊利汽車第一季財報電話會議。我叫維多利亞，我將擔任您今天通話的接線生。（操作員說明）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。湯姆，你可以開始了。

Thank you, Victoria. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our first quarter 2017 results and outlook for the second quarter and the remainder of 2017. After our prepared comments, we'll host a question-and-answer period.

謝謝你，維多利亞。各位早安，感謝各位的參與。在今天的電話會議上，我們將討論我們 2017 年第一季的業績以及對第二季和 2017 年剩餘時間的展望。在我們發表完準備好的評論後，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, 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。你可以透過諸如估計、可能、可以、將、相信、預期、會、考慮、應該、預計、預測、計劃、打算或類似詞語等前瞻性詞語來識別這些陳述。

The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest annual report on Form 10-K for the year ended December 31, 2016, 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 2016 年 12 月 31 日止年度的最新 10-K 表格年度報告以及其他近期提交給美國證券交易委員會的文件中所述的幾個重要因素，本公司的實際業績可能與任何前瞻性聲明有重大差異。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. And good morning, everyone, and welcome to the O'Reilly Auto Parts First Quarter Conference Call. Participating on the call with me this morning in their positions as Co-Presidents are Greg Johnson and Jeff Shaw; and of course, Tom McFall, our Chief Financial Officer, is also participating; and David O'Reilly, our Executive Chairman is also present.

謝謝你，湯姆。各位早安，歡迎參加歐萊利汽車配件公司第一季電話會議。今天早上與我一起參加電話會議的有聯席總裁格雷格·約翰遜和傑夫·肖；當然，我們的首席財務官湯姆·麥克福爾也參加了；我們的執行董事長大衛·奧萊利也出席了會議。

I would like to begin our call today by thanking Team O'Reilly for their continued dedication to our company's success and their unwavering commitment to providing consistently excellent levels of customer service to our valued customers. As we outlined in our press release and will discuss in our comments today, our top line sales performance fell short of our expectations, driven by challenging external factors we faced in the quarter. But our team remained diligent in executing our business model for the long haul by ensuring we put an even more pronounced emphasis on our customer service levels during the quarter. Our professional parts people are the very best at what they do. And it is their contributions that have driven our success as a company and will continue to drive us forward as the market leader.

今天，我首先要感謝奧萊利團隊，感謝他們一直以來對公司成功的奉獻，以及他們始終如一地為我們尊貴的客戶提供卓越的客戶服務。正如我們在新聞稿中概述的，並將在今天的評論中討論的那樣，由於本季度我們面臨嚴峻的外部因素，我們的營收業績未達到預期。但我們的團隊始終兢兢業業地執行我們的長期商業模式，確保我們在本季更加重視客戶服務水準。我們專業的零件人員都是各自領域的佼佼者。正是他們的貢獻推動了我們公司的成功，並將繼續推動我們保持市場領導者的地位。

Now I'll make some brief comments about our quarterly performance before I turn it over to Greg, Jeff and Tom for more of a detailed overview. When we held our year-end conference call on February 7, we established a comparable store sales guidance range of 2% to 4%, which was below our typical expectations of 3% to 5%. This was the result of the impact of the mild January temperatures as well as our belief that we likely saw some pull-forward of winter weather-related sales into December of last year due to the extreme cold weather we had in many markets at the end of 2016.

現在我將簡要介紹我們本季的業績，然後再把更詳細的概述交給 Greg、Jeff 和 Tom。我們在 2 月 7 日召開年終電話會議時，將同店銷售額預期範圍設定為 2% 至 4%，低於我們通常預期的 3% 至 5%。這是由於一月份氣溫溫和，以及我們認為由於 2016 年底許多市場遭遇極端寒冷天氣，導致一些與冬季天氣相關的銷售額提前到去年 12 月所致。

Unfortunately, the seasonably mild weather continued in February and the resulting softness in our business was exacerbated by the delay of tax refund money to early filers, which as you know was deferred by several weeks this year compared to the prior year. We saw business improve markedly toward the end of February as our customers began to receive these income tax refunds. However, this positive trend was halted at the beginning of March as a result of cold, wet weather, including late winter storms in many of our markets. This type of weather would have been a positive in January or February but was a significant headwind to our business in much of March as customers awaited spring weather.

不幸的是，二月的暖冬天氣持續，導致我們業務疲軟，而提前報稅者的退稅款項延遲發放，更是雪上加霜。如您所知，今年的退稅款項發放比上一年推遲了數週。二月底，隨著客戶開始收到所得稅退稅，我們的業務明顯改善。然而，由於寒冷潮濕的天氣，包括我們許多市場遭遇的晚冬風暴，這一正面趨勢在 3 月初戛然而止。這種天氣在一月或二月是件好事，但在三月的大部分時間裡，由於顧客們都在等待春天的到來，這給我們的業務帶來了很大的不利影響。

When we look at our by-category sales, this unusual weather drove softness in weather-sensitive categories, like engine cooling, rotating electrical and antifreeze. On the tax return front, the delay in refunds was a positive to March, which despite the late winter weather was the strongest month of the quarter. But at this point, we believe some of the opportunity to capture a share of early filers' tax return money related to repairs needed due to the extreme weather in some cases has been delayed. To be clear, many of the parts that might have failed in extreme weather will still fail. The failure has just been pushed into the future by the mild winter weather. Greg Johnson will discuss our sales expectations moving forward in detail when I turn the call over to him in a few moments. But I will say we view the challenges we faced in the quarter to be transient and believe the onset of normal spring weather will restore demand in our broader industry.

從我們按類別查看銷售情況來看，這種異常天氣導致對天氣敏感的類別（如引擎冷卻液、旋轉馬達和防凍液）的銷售疲軟。在報稅方面，退稅延遲對 3 月來說是個好消息，儘管冬季天氣較晚，但 3 月仍然是該季度表現最好的月份。但目前我們認為，由於極端天氣，一些情況下需要進行維修，因此從早期報稅者的退稅款中獲得一部分資金的機會被推遲了。需要明確的是，許多在極端天氣下可能發生故障的零件仍然會發生故障。由於冬季氣候溫和，這場災難只是被推遲到了未來。稍後我將把電話交給格雷格·約翰遜，他將詳細討論我們未來的銷售預期。但我認為本季面臨的挑戰是暫時的，並相信隨著春季正常天氣的到來，我們整個產業的需求將會恢復。

As we noted in our press release yesterday, the shortfall in sales in the first quarter created leverage pressure on all areas of our business. However, even in light of these pressures, we were pleased that our team was able to continue to execute our expense control culture to generate a very respectable 18.7% operating profit. Unfortunately, our performance this quarter ended our incredible streak of 32 consecutive quarters of 15% or greater EPS growth. We are certainly disappointed to see this streak come to an end, but I want to take this opportunity to recognize and congratulate our team for this amazing run of generating outstanding results for our shareholders each quarter for the last 8 years.

正如我們在昨天的新聞稿中提到的，第一季的銷售額下滑給我們的業務各個領域都帶來了槓桿壓力。然而，即便麵臨這些壓力，我們仍然很高興看到我們的團隊能夠繼續貫徹我們的費用控製文化，從而創造了非常可觀的 18.7% 的營業利潤。遺憾的是，本季的業績終結了我們連續 32 季每股收益成長 15% 或以上的驚人紀錄。我們當然很遺憾看到這一連勝紀錄終結，但我想藉此機會表彰並祝賀我們的團隊，感謝他們在過去 8 年裡每個季度都為股東創造了卓越的業績。

While we are obviously not pleased with our comparable store sales performance in the first quarter, we remain extremely confident in not only our business model and industry-leading supply chain but also our team of outstanding parts professionals and the Team O'Reilly culture they live every day across our company. As we move past the short-term pressures we faced in the first quarter, we believe we are very well positioned to grow our market share by continuing to leverage our industry-leading distribution model and providing the unsurpassed levels of customer service that has put us in the industry-leading position we've maintained the past several years. I want to again thank Team O'Reilly for your continued dedication to our customers.

雖然我們對第一季的同店銷售業績顯然並不滿意，但我們仍然對我們的商業模式和行業領先的供應鏈充滿信心，而且對我們傑出的零件專業人員團隊以及他們在公司每天實踐的 O'Reilly 團隊文化也充滿信心。隨著我們克服了第一季面臨的短期壓力，我們相信，透過繼續利用我們行業領先的分銷模式，並提供無與倫比的客戶服務，我們已做好充分準備來擴大市場份額。正是這種無與倫比的客戶服務，使我們在過去幾年中一直保持著行業領先地位。我再次感謝奧萊利團隊一直以來對我們客戶的奉獻。

At this time, I will turn the call over to Greg Johnson to provide more color on our first quarter results and our outlook for the remainder of the year.

接下來，我將把電話交給格雷格·約翰遜，讓他詳細介紹我們第一季的業績以及我們對今年剩餘時間的展望。

Thanks, Greg, and good morning, everyone. To begin, I would like to echo Greg's comments and thank Team O'Reilly for their continued hard work and dedication to providing outstanding customer service every day. While we certainly aren't pleased with our comparable store sales results for the quarter, we know that market conditions we faced in the quarter have created significant volatility in our results, especially against the backdrop of very difficult comparable store sales comparisons of 6.1% last year and 13.3% on a 2-year stack basis. Our ability to still be able to generate positive comparable store sales growth despite the tough prior year comparisons and the specific headwinds in the first quarter is a testament to the quality of our team.

謝謝你，格雷格，大家早安。首先，我想附和 Greg 的評論，並感謝 O'Reilly 團隊每天為顧客提供卓越的服務，他們為此付出了持續的努力和奉獻。雖然我們對本季的同店銷售業績並不滿意，但我們知道，本季我們面臨的市場狀況造成了業績的顯著波動，尤其是在去年同店銷售額同比下降 6.1%，兩年累計下降 13.3% 的背景下，情況更加艱難。儘管去年同期業績比較艱難，且第一季面臨許多不利因素，但我們仍能實現同店銷售正成長，證明了我們團隊的實力。

I would now like to provide a little more color on the composition of our comparable store sales growth for the first quarter and our outlook for the remainder of the year. Despite the challenging conditions we faced in the first quarter, we were able to generate positive comparable store sales growth in both our professional and DIY businesses. As we've discussed in the past, any pressure to consumer discretionary income is more impactful on the DIY side of the business as these customers are often forced to repair their own vehicles out of economic necessity. This was reflected in our results for the first quarter as the delay in tax refunds, while a significant headwind to both sides of our business, was more impactful on the DIY side and resulted in comps to those customers underperforming our professional customer comps.

現在我想更詳細地介紹一下我們第一季同店銷售成長的組成以及我們對今年剩餘時間的展望。儘管第一季我們面臨著充滿挑戰的局面，但我們在專業業務和 DIY 業務方面都實現了同店銷售額的正成長。正如我們過去討論過的，任何對消費者可支配收入的壓力都會對DIY業務產生更大的影響，因為這些客戶往往出於經濟需要被迫自己修理車輛。這反映在我們第一季的業績中，因為退稅延遲雖然對我們業務的兩個方面都造成了很大的不利影響，但對 DIY 業務的影響更大，導致這些客戶的業績不如專業客戶的業績。

However, the negative weather impacts that we saw throughout the quarter were felt on both sides of the business. And we received consistent feedback from across our professional customer base that their business suffered from the lack of extreme weather and a slow start to spring. We saw solid increase in ticket average, but we experienced pressure in both DIY and professional ticket count comps as a result of the sluggish sales environment. As has been the case for several years, we realized no benefit from increases in selling price as inflation remains muted.

然而，本季我們所看到的惡劣天氣對公司業務的各個方面都產生了負面影響。我們從專業客戶群中不斷收到回饋，表示由於缺乏極端天氣和春季開局緩慢，他們的業務受到了影響。我們看到平均票數穩定成長，但由於銷售環境低迷，我們在 DIY 和專業票數比較方面都感受到了壓力。與過去幾年一樣，由於通貨膨脹依然溫和，我們並未從售價上漲中獲益。

As Greg mentioned earlier, we view the headwinds we faced in the first quarter as temporary. And we still feel confident we'll see favorable demand environment for the balance of the year that will enable us to deliver long-term profitable growth. We established our 2017 guidance based on the improved health of the overall economy; continued sustained improvements in employment; positive trends in miles driven; an aging and growing vehicle fleet; and the ability of our team to deliver outstanding customer service. Despite the slow start to the year, we see all of these drivers of our business as intact. We exited March on a more solid footing, and we're performing within our expectations thus far in April. As such, we are setting our second quarter comparable store sales guidance at 3% to 5% and reiterating our full comparable store sales guidance range of 3% to 5% as well.

正如格雷格之前提到的那樣，我們認為第一季遇到的不利因素是暫時的。我們仍然相信，在今年剩餘時間裡，市場需求環境將保持良好，這將使我們能夠實現長期獲利成長。我們根據整體經濟狀況的改善、就業的持續穩定增長、行駛里程的積極趨勢、不斷老化和不斷增長的車隊以及我們團隊提供卓越客戶服務的能力，制定了 2017 年的業績指引。儘管今年開局緩慢，但我們認為所有這些業務驅動因素仍然完好無損。三月結束時，我們的基礎更加穩固，四月至今，我們的表現也符合預期。因此，我們將第二季同店銷售額預期設定為 3% 至 5%，並重申我們完整的同店銷售額預期範圍為 3% 至 5%。

Turning to our gross margin results. We finished the quarter with a gross profit of 52.5%, which was an increase of 10 basis points over the first quarter results from last year. This was below our expectations coming into the quarter due to mixed headwinds from unseasonable weather, deleverage of fixed cost in our gross margin as a result of the soft sales and a larger-than-anticipated LIFO headwinds. However, we believe that the pressure caused by these specific challenges we faced in the first quarter is temporary, and we are leaving our gross margin expectation for the full year unchanged.

接下來來看看我們的毛利率結果。本季毛利率為 52.5%，比去年第一季的業績提高了 10 個基點。由於異常天氣、銷售疲軟導致毛利率中固定成本槓桿化以及比預期更大的後進先出法（LIFO）不利因素等多重不利因素的影響，本季度業績低於我們的預期。然而，我們認為第一季面臨的這些具體挑戰所帶來的壓力是暫時的，因此我們對全年的毛利率預期保持不變。

Looking specifically at gross margin for the second quarter. Our 2016 second quarter results included a larger-than-normal LIFO charge related to acquisition cost reductions from a specific vendor negotiation last year. While we still see significant year-over-year benefit on our gross profit percentage as we calendar this item from last year, we do expect second quarter 2017 gross margin percentage to be slightly below our annual target as a result of the seasonal mix of our business. However, we still expect our full year gross profit to be within our original guidance range of 52.8% to 53.2% of sales.

具體來看第二季的毛利率。我們 2016 年第二季的業績包括一筆高於正常水平的後進先出 (LIFO) 費用，該費用與去年與特定供應商談判降低的收購成本有關。雖然我們仍然看到毛利率同比有顯著增長（因為我們將該項目與去年同期進行比較），但由於業務的季節性變化，我們預計 2017 年第二季的毛利率將略低於我們的年度目標。不過，我們仍然預期全年毛利將達到銷售額的 52.8% 至 53.2%，在我們最初的預期範圍內。

During the quarter, we generated earnings per share of $2.83. As noted in our press release yesterday, these results included a $0.23 benefit from a change in accounting related to the tax benefit from stock option gains, which Tom will discuss in more detail later. Excluding this change, our EPS fell well short of our guidance range as a result of the sluggish sales and corresponding leverage pressures on our business.

本季度，我們每股收益為 2.83 美元。正如我們昨天的新聞稿中所述，這些結果包括因股票選擇權收益稅收優惠相關的會計變更而帶來的 0.23 美元收益，湯姆稍後將對此進行更詳細的討論。除此變化外，由於銷售疲軟以及業務面臨的相應槓桿壓力，我們的每股收益遠低於預期範圍。

While we are not satisfied with our results thus far in 2017, we remain confident the challenges we faced in the first quarter are temporary in nature and that the remainder of the year sets up well for us to achieve our planned growth and profitability and deliver a full year operating profit within our original guidance range of 20.1% to 20.5% of sales. We are also reiterating our full year EPS guidance range to $12.05 to $12.15 and establishing our second quarter EPS guidance range at $3.10 to $3.20.

雖然我們對 2017 年迄今為止的業績並不滿意，但我們仍然相信，我們在第一季度面臨的挑戰是暫時的，並且今年剩餘時間將有利於我們實現計劃中的增長和盈利能力，並在我們最初指導的銷售額 20.1% 至 20.5% 的範圍內實現全年營業利潤。我們也重申全年每股收益預期範圍為 12.05 美元至 12.15 美元，並將第二季每股收益預期範圍設定為 3.10 美元至 3.20 美元。

Before I turn the call over to Jeff, I would like to again thank our team for their hard work and dedication to our company's continued success. 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 as we move forward in 2017 by consistently providing industry-leading customer service and parts availability.

在將電話交給傑夫之前，我想再次感謝我們的團隊為公司持續成功所付出的辛勤努力和奉獻精神。我們對產業長期需求的驅動因素仍然充滿信心。我們相信，隨著我們在 2017 年繼續提供業界領先的客戶服務和零件供應，我們完全有能力抓住這一需求。

I'll now turn the call over to Jeff Shaw. Jeff?

現在我將把電話交給傑夫·肖。傑夫？

Thanks, Greg, and good morning, everyone. As both Greg and Greg have stated, we certainly faced a tough market environment in the first quarter. Our team's consistent industry-leading performance over our history has set a very high bar. And we were disappointed that we weren't able to deliver our typical mid-single-digit or better comparable store sales. However, our team hasn't wavered in delivering exceptional service to each of our customers. And we're as committed as ever to rolling up our sleeves and outhustling our competitors to earn our customers' business each and every day.

謝謝你，格雷格，大家早安。正如 Greg 和 Greg 所說，我們第一季確實面臨嚴峻的市場環境。我們團隊歷來保持著業界領先的業績，這樹立了非常高的標竿。我們很失望，因為我們未能實現通常的個位數中段或更高的同店銷售額成長。然而，我們的團隊始終堅持為每位客戶提供卓越的服務。我們將一如既往地擼起袖子加油乾，超越競爭對手，每天努力贏得客戶的信任。

Now I'd like to spend a little time talking about our SG&A expense for the first quarter. As we've discussed several times in the past, we manage our SG&A spend with a long-term focus and won't make drastic changes to slash SG&A expenses on a quarter-to-quarter basis. Instead, our teams remain very focused on expense control every quarter but are judicious in managing our store staffing levels to ensure we don't jeopardize the excellent customer service that develops and maintains long-term relationships. No other expense more directly impacts our level of customer service and each store's ability to grow our business than store payroll. And our store operations teams use a number of tools to manage store staff and productivity on a store-by-store, day-by-day basis.

現在我想花一點時間談談我們第一季的銷售、管理及行政費用。正如我們過去多次討論的那樣，我們以長期視角管理銷售、一般及行政費用，不會逐季度大幅削減銷售、一般及行政費用。相反，我們的團隊每季都非常注重控製成本，但同時也謹慎地管理門市人員配備水平，以確保我們不會損害建立和維護長期關係所需的優質客戶服務。沒有任何支出比門市工資更直接影響我們的客戶服務水準和每家店的業務成長能力。我們的門市營運團隊使用多種工具，逐店、逐日管理門市員工和生產力。

Ultimately, we're in the customer service business in a highly competitive industry. And the primary reason for why our customers choose to do business is the level of customer service they receive. As a result, we take a prudent approach to adjusting staffing levels in our stores over time and won't allow soft patches to result in dramatic short-term swings in store payroll as this will damage long-term relationships. With this objective in mind, we're pleased with the expense control focus our team showed in the first quarter with our average SG&A per store up only 1.4% over the prior year, below our initial expectations as our team made the appropriate adjustments while still delivering on the excellent service our customers expect.

歸根究底，我們身處在一個競爭非常激烈的客戶服務產業。客戶選擇與我們合作的主要原因是他們所獲得的客戶服務水準。因此，我們會採取謹慎的態度，隨著時間的推移調整門市的員工人數，不會允許業務的暫時下滑導致門市薪資出現劇烈的短期波動，因為這會損害長期的合作關係。考慮到這一目標，我們對團隊在第一季展現出的費用控制重點感到滿意，平均每家門市的銷售、一般及行政費用僅比上年同期增長 1.4%，低於我們最初的預期，因為我們的團隊做出了適當的調整，同時仍然提供了客戶所期望的優質服務。

The deleverage of our SG&A expense we saw in the quarter was a by-product of the sluggish sales environment, and we're confident that we'll be able to leverage our SG&A expenses in line with our previous guidance as comps improve, which has led us to keep our operating profit guidance unchanged for the full year. We continue to expect our full year increase in average SG&A per store to be approximately 1.5% to 2% for the year. And we'll continue to make the appropriate adjustments as needed to prudently manage SG&A expenses both up and down to match business trends and the opportunities that we see in the marketplace.

本季銷售、管理及行政費用的下降是銷售環境疲軟的副產品，我們相信隨著同店銷售額的改善，我們將能夠按照先前的預期提高銷售、管理及行政費用，因此我們維持全年營業利潤預期不變。我們仍預計全年每家店的平均銷售、管理及行政費用成長率約為 1.5% 至 2%。我們將繼續根據需要做出適當調整，謹慎地控制銷售、一般及行政費用，使其上下浮動，以適應業務趨勢和我們在市場上看到的機會。

We successfully opened 59 net new stores during the first quarter with our new store performance within our expectations, given the broader demand environment. During the quarter, we opened stores in 25 different states with the highest concentration in some of our newer growth markets in the Southeast and the Northeast as well as continued growth in existing markets such as Texas. We continue to see great opportunities to open new stores across our coast-to-coast footprint. And this diverse growth profile allows us to develop and train great teams of parts professionals, who are ready to provide top-notch customer service from day 1.

第一季我們成功淨增 59 家門市，考慮到整體需求環境，新店業績符合預期。本季度，我們在 25 個不同的州開設了門市，其中東南部和東北部一些較新的成長市場最為集中，同時在德克薩斯州等現有市場也保持成長。我們持續看到在全國各地開設新店的巨大機會。這種多元化的成長模式使我們能夠培養和訓練優秀的零件專業團隊，從第一天起就能提供一流的客戶服務。

The strong start to our new store growth in 2017 puts us well on our way to our full year growth target of 190 net new stores and provides us with the flexibility we need to devote significant resources in the remainder of the year to converting the Bond stores that we acquired in December. We just recently completed the store systems conversions and are now servicing each of the acquired Bond stores with 5-night-a-week delivery from our Devens distribution center. We're now servicing approximately 142 stores out of this facility with the capacity to service an additional 145 stores. And we continue to view the Northeast as a very favorable expansion market.

2017 年新店成長的強勁開局使我們朝著全年淨增 190 家門市的成長目標穩步邁進，並為我們提供了所需的靈活性，以便在今年剩餘的時間裡投入大量資源，將我們在 12 月份收購的 Bond 門市進行改造。我們最近完成了門市系統轉換，現在透過我們的德文斯配送中心，每週 5 晚為所有收購的 Bond 門市提供送貨服務。我們現在透過該設施為大約 142 家門市提供服務，並且有能力再為 145 家門市提供服務。我們仍然認為東北地區是一個非常有利的擴張市場。

Before I turn the call over to Tom, I'd like to thank our team for their continued dedication to providing the best customer service in our industry. Clearly, we began the quarter in a tough weather environment knowing we were facing very tough comp comparisons and the external market conditions didn't improve to give us much of an opportunity to make up ground during the remainder of the quarter. However, our teams just redoubled their efforts and worked that much harder to take care of our customers, and still were able to continue our string of generating positive comparable store sales in spite of the industry-wide headwinds. I'm very confident that we have the right team in place to continue to provide unwavering customer service and lead our industry. And I look forward to our opportunities to take market share as we move through 2017.

在將電話交給湯姆之前，我想感謝我們的團隊一直致力於提供業界最佳的客戶服務。顯然，本季度開始，我們就面臨著嚴峻的天氣環境，也面臨著非常嚴峻的同業比較，而且外部市場狀況也沒有好轉，讓我們在本季度剩餘的時間裡有太多機會彌補損失。然而，我們的團隊加倍努力，更加努力地服務客戶，儘管面臨整個行業的逆風，我們仍然能夠繼續保持同店銷售額的成長。我非常有信心，我們擁有合適的團隊，能夠繼續提供一致的客戶服務，並引領我們的產業。我期待著我們在 2017 年有機會擴大市場份額。

Now I'll turn the call over to Tom.

現在我把電話交給湯姆。

Thanks, Jeff. Now we'll take a closer look at our quarterly results and update our guidance for the remainder of 2017. For the quarter, sales increased $60 million, comprised of $32 million increase in comp store sales; a $56 million increase in non-comp store sales; a $25 million decrease from 1 less day in 2017 as compared to Leap Day in 2016; a $2 million decrease in non-comp, non-store sales; and $1 million decrease from closed stores. Consistent with our historic practice, we have included the results of the acquired Bond stores as a component of our comparable store sales calculation starting in the first quarter.

謝謝你，傑夫。現在我們將仔細審視我們的季度業績，並更新我們對 2017 年剩餘時間的業績預期。本季銷售額成長 6,000 萬美元，同店銷售額成長 3,200 萬美元；非同店銷售額成長 5,600 萬美元；由於 2017 年比 2016 年閏日少一天，銷售額減少 2,500 萬美元；非同店、非門市銷售減少 200 萬美元銷售額而導致銷售額減少 200 萬美元。按照我們以往的做法，從第一季開始，我們將收購的 Bond 門市的業績納入了同店銷售額的計算範圍。

For 2016, we continue to expect our total revenues to be $9.1 billion to $9.3 billion. For the quarter, gross margin was 52.5% of sales, an improvement of 10 basis points over the prior year. As we've seen for the last several years, our first quarter results were impacted by LIFO headwinds resulting from continued incremental acquisition cost reductions. The headwind, the $7 million in the first quarter, which was higher than we expected, and we were anticipating a similar headwind in the second quarter.

我們預計2016年的總收入將達到91億美元至93億美元。本季毛利率為銷售額的 52.5%，比去年同期提高了 10 個基點。正如我們過去幾年所看到的，由於持續的收購成本削減，我們的第一季業績受到了後進先出法（LIFO）逆風的影響。第一季的不利因素是 700 萬美元，高於我們的預期，我們預計第二季也會面臨類似的不利因素。

I would now like to provide some additional details on the impact to our earnings per share from the adoption of our new share-based compensation accounting standard we adopted during the first quarter of 2017. The new standard requires excess tax benefits related to share-based compensation payments to be recorded through the income statement. For us, this primarily relates to gains our team members realized upon exercise of stock options, where the company receives a corresponding tax benefit in excess of the previously estimated benefit recognized upon issuance of the equity award. Previously, these benefits were reflected directly in shareholders' equity and were not recorded through the income statement. With this change in accounting standards, we saw a reduction to our effective tax rate to 31.2% of pretax income, which drove a $0.25 benefit to our earnings per share results for the first quarter. This benefit was partially offset by a $0.02 EPS decrease from an increase to our diluted shares outstanding calculation also required by the new accounting standard, resulting in a net $0.23 benefit to EPS for the quarter.

現在我想就我們在 2017 年第一季採用的新股份支付會計準則對我們每股盈餘的影響提供一些補充細節。新準則要求將與股份支付相關的超額稅務優惠計入損益表。對我們來說，這主要與我們的團隊成員行使股票選擇權所獲得的收益有關，公司獲得的相應稅收優惠超過了先前估計的在發行股權獎勵時確認的收益。以前，這些收益直接反映在股東權益中，並沒有通過損益表記錄。隨著會計準則的改變，我們的實際稅率降至稅前收入的 31.2%，這使得我們第一季的每股盈餘增加了 0.25 美元。這一收益部分被新會計準則要求增加稀釋後流通股計算導致每股收益減少 0.02 美元所抵消，因此本季每股收益淨收益為 0.23 美元。

Excluding the impact of this accounting change, our core underlying effective tax rate for the quarter was 37.3% of pretax income, in line with our expectations. For the full year, we continue to expect this core tax rate, excluding the benefit from the accounting change, to be 37% with the remaining quarters being relatively consistent with the exception of the third quarter, when we adjust our tax reserves for the tolling of open tax periods. In line with our normal practice, our earnings per share guidance for the remainder of the year includes all of the shares repurchased through this call but does not include any future share repurchases and also does not include any future potential benefit from the accounting change for options beyond the first quarter of 2017.

剔除此會計變更的影響，本季我們的核心實際稅率為稅前收入的 37.3%，符合我們的預期。預計全年核心稅率（不包括會計變更的好處）仍為 37%，其餘季度將保持相對穩定，但第三季除外，屆時我們將調整稅收準備金以彌補未結稅期的延長。按照我們一貫的做法，我們對今年剩餘時間的每股收益預期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，也不包括2017年第一季之後選擇權會計變更可能帶來的任何未來潛在收益。

Now we'll move on to free cash flow and the components that drove our results in the quarter and our guidance and expectations for the full year of 2017. Free cash flow for the quarter was $243 million, which is $141 million decrease from the prior year, driven by an increase in our net inventory in the first 3 months of 2017 compared to a decrease in the prior year. Inventory per store at the end of the quarter was 588,000, which was a 2% increase from the end of 2016. For the full year, we continue to expect inventory per store to grow approximately 1.5% to 2%. Our ongoing goal is to ensure we grow per store inventory to a lower rate than the comparable store sales growth we generate. And we expect to continue our success of effectively deploying inventory in 2017.

現在我們將討論自由現金流以及推動本季業績的各項因素，並展望 2017 年全年的業績指引和預期。本季自由現金流為 2.43 億美元，比去年同期減少了 1.41 億美元，原因是 2017 年前 3 個月的淨庫存增加，而去年同期則有所減少。本季末每家門市的庫存量為 588,000 件，比 2016 年底成長了 2%。全年來看，我們仍然預計每家門市的庫存將成長約 1.5% 至 2%。我們始終致力於確保單店庫存成長率低於同店銷售成長率。我們預計在 2017 年將繼續保持有效部署庫存的成功動能。

Our AP-to-inventory ratio finished the first quarter at 104%, which is down from the 106% at the end of 2016 and was below our expectations as a result of the lower level of inventory purchases related to the soft sales environment in the quarter. As we move into our busy summer selling season, we expect to see our AP-to-inventory ratio to build through the balance of the year and to finish in line with our previous guidance of 107%. The compression of our AP-to-inventory ratio was the primary factor driving the decrease in our free cash flow for the first quarter. As a result, we are reiterating our full year guidance of $930 million the $980 million, which reflects our full year expectation of a modest increase in our AP ratio. Finally, CapEx for the quarter ended up with $111 million, which was up slightly from the first quarter of 2016 and in line with our expectations. We continue to forecast CapEx at $470 million to $500 million for the full year of 2017.

第一季末，我們的應付帳款與庫存比率為 104%，低於 2016 年底的 106%，也低於我們的預期，這是由於本季銷售環境疲軟導致庫存採購量下降所致。隨著夏季銷售旺季的到來，我們預計今年剩餘時間應付帳款與庫存比率將持續上升，並最終達到我們先前設定的 107% 的目標。第一季自由現金流下降的主要原因是應付帳款與庫存比率的壓縮。因此，我們重申全年業績預期為 9.3 億美元至 9.8 億美元，這反映了我們對全年應付帳款比率小幅成長的預期。最終，本季資本支出達到 1.11 億美元，比 2016 年第一季略有成長，符合我們的預期。我們繼續預測 2017 年全年資本支出為 4.7 億美元至 5 億美元。

Moving on to debt. We finished the first quarter with an adjusted debt-to-EBITDA ratio of 1.69x, which is consistent with our ratio at the end of 2016 and still well below our targeted range of 2 to 2.25x. Subsequent to the end of the first quarter, we completed a new credit agreement, which established a $1.2 billion unsecured revolving credit facility, replacing our previous $600 million facility that was set to expire next year. We were pleased with the execution of the agreement. And the additional liquidity we added will allow us more financial flexibility. We continue to believe our stated leverage range is appropriate for our business. And we'll move into this range when the timing is appropriate.

接下來談談債務問題。第一季末，我們調整後的負債與 EBITDA 比率為 1.69 倍，與 2016 年底的比率一致，並且仍然遠低於我們 2 至 2.25 倍的目標範圍。第一季結束後，我們完成了一項新的信貸協議，建立了 12 億美元的無擔保循環信貸額度，取代了我們先前將於明年到期的 6 億美元信貸額度。我們對協議的執行情況感到滿意。我們新增的流動資金將使我們擁有更大的財務靈活性。我們仍然認為我們設定的槓桿率範圍適合我們的業務。時機成熟時，我們會進入這個範圍。

We continue to execute our share repurchase program. And year-to-date, we've repurchased 2.1 million shares at an average price of $266.87 for a total investment of $566 million. We continue to view our buyback program as an effective means of returning available cash to our shareholders after we take advantage of opportunities to invest in our business at a high rate of return. And we will prudently execute our program with an emphasis on maximizing long-term returns for our shareholders. Finally, before I open up the call for questions, I'd like to thank the entire O'Reilly team for their continued dedication to the company's long-term success.

我們將繼續執行股票回購計畫。今年迄今為止，我們已以平均每股 266.87 美元的價格回購了 210 萬股股票，總投資達 5.66 億美元。我們仍然認為，在利用高回報率的投資機會投資公司業務之後，回購計畫是向股東返還可用現金的有效手段。我們將謹慎執行我們的計劃，重點是最大限度地提高股東的長期回報。最後，在正式開始提問環節之前，我要感謝 O'Reilly 團隊全體成員為公司的長期成功所做的持續貢獻。

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

我們的發言到此結束。此時，我想請接線員維多利亞回到線路上，我們將很樂意回答您的問題。

(Operator Instructions) Our first question comes from Chris Horvers from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的克里斯·霍弗斯。

A couple of weather questions, and I'm sure not the last on this call. The March to April shift, is that simply the timing of the DIY spring business overall? And then related to that, I believe April is the second easiest monthly compare behind May with a tougher June. So you talked about the quarter or April running in line with expectations and mentioned 3% to 5%. Does that suggest that it's within that 3% to 5% range? Or should we think about it being better, given how the business is shifting in the compare overall?

我還有幾個關於天氣的問題，我相信這肯定不是這次通話中的最後一個問題。三月到四月的銷售高峰，是否只是春季DIY業務整體的銷售週期安排？與此相關的是，我認為四月是僅次於五月的第二容易進行比較的月份，而六月則比較困難。所以你談到了本季或四月的業績符合預期，並提到了 3% 到 5%。這是否意味著它在 3% 到 5% 的範圍內？或者，考慮到整體業務的變化趨勢，我們是否應該認為它更好？

What I would say first about the March to April shift, as springtime gets here, DIY customers start to do repairs on their cars more prevalent. And some of the damage that is done in the winter, they start repairing as they're able to work on their cars outside and so forth. And that's one of the reasons we see the increase. Last year, our best month of the quarter was June, second was April, third was May. So we're comparing -- and there wasn't that much difference between April and June, but June was the best. So we're comparing against a healthy month last year in April. What I would tell you about our first quarter and kind of our progression into second quarter is that looking at our first quarter, the damage was done in February. The period of time that we compared against the period last year, where the early filers had their tax refund money and they did not this year, those few weeks there were pretty big declines in our comp store sales. Really on a weekly basis, some of the biggest I've seen. And it just clearly showed us how much difference it makes when you compare to a period where lower-income consumers have money in their pocket that they didn't have the week before. And that was significant. We progressed out of that, kind of hit a weather block in March as some of the markets that are weather-sensitive, had kind of a late winter. And then the trend we came out of March on was healthy. And the trend that we've been on so far in April has continued. There's a little bit of noise in April this year with the misalignment of Easter. But the trend that we've been on makes us feel confident with our ability to achieve the guidance range that we issued, the 3% to 5%, for both the second quarter and for the full year, considering that all the fundamentals that we look at relative to miles driven, age of vehicles, unemployment, fuel price stability, things like that, we just see no reason that our industry wouldn't have a reasonably good year. And like I said, the trends that we've seen thus far in April give us confidence in achieving that.

首先我想說的是，隨著春天的到來，3 月到 4 月的轉變，DIY 車主開始更頻繁地自己修理汽車。冬天造成的一些損壞，他們會在天氣變暖、可以在戶外修理汽車的時候開始進行修復等等。這就是我們看到成長的原因之一。去年，我們季度業績最好的月份是六月，其次是四月，第三是五月。所以我們進行了比較——4 月和 6 月之間並沒有太大的區別，但 6 月是最好的。所以，我們是在和去年四月的正常水平進行比較。關於我們第一季的情況以及我們向第二季度過渡的過程，我想說的是，回顧我們第一季的情況，損害在二月份就已經造成了。我們對比了去年同期的情況，去年提前報稅的人收到了退稅款，而今年他們還沒有收到，在那幾周里，我們的同店銷售額出現了相當大的下滑。確實每週都會發生一些我見過的最大規模的事件。這清楚地表明，與低收入消費者上週口袋有錢的時候相比，現在的情況有多麼不同。這意義重大。我們逐漸走出了困境，但在三月遇到了天氣方面的阻礙，因為一些對天氣敏感的市場經歷了一個比較晚的冬天。從三月開始，我們一直保持著健康的趨勢。四月以來的這種趨勢仍在繼續。今年四月因為復活節日期錯位，所以出現了一些小插曲。但我們目前的趨勢讓我們有信心實現我們發布的第二季和全年3%至5%的業績指引。考慮到我們關注的所有基本面因素，例如行駛里程、車輛車齡、失業率、燃油價格穩定性等等，我們認為我們的行業今年沒有理由不會取得相當不錯的成績。正如我所說，四月至今我們看到的趨勢讓我們有信心實現這一目標。

Okay. And then a little bit of parsing on the numbers. So you guided -- you kept the 3% to 5% for the year after the 0.8%. The 3% to 5% -- and you issued 3% to 5% guide for the second quarter. So is there some sort of expectation that you could be sort of the north end of that 3% to 5% or a 4% to 6% in the back half to end up solidly in that 3% to 5% range?

好的。然後對這些數字進行一些簡單的分析。所以你採取了指導方針——在 0.8% 之後的一年裡，你保持了 3% 到 5% 的利率。3% 到 5%——你們也發布了第二季 3% 到 5% 的成長指引。所以，是否有一種預期，即你的收入可能在 3% 到 5% 的上限，或者在後半段達到 4% 到 6%，最終穩定地處於 3% 到 5% 的範圍內？

Well, if we just -- yes, there would be some expectation, of course, at the back half of the year that we would generate towards the upper end of that range. But we wouldn't have to generate much towards the upper end of that range to get in the 3% to 5% range for the year. But yes, there would have to be some of that.

嗯，如果我們只是——是的，當然，人們會期望在下半年我們能夠達到該範圍的上限。但我們無需在該範圍的上限附近創造太多收益，就能使全年收益率達到 3% 到 5%。但沒錯，一定會有一些這樣的因素。

The other thing that I would point out, Chris, is our first quarter is our lightest quarter both from a daily sales volume and the number of stores in the comp base. So as we roll through the year, each quarter, especially the second and third quarter, count substantially more towards the full year.

克里斯，我還想指出一點，我們第一季是全年銷售額最低的季度，無論是日銷售額還是同店銷售數量都最少。因此，隨著一年的進行，每個季度，尤其是第二季度和第三季度，對全年的貢獻都大大增加。

Our next question comes from Greg Melich from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Greg Melich。

I had a follow-up and another question. Just to make sure I got -- interpreted that right. So what you've seen so far in April is that you are actually in that 3% to 5% range, just to make sure I got that clear, Greg.

我還有一個後續問題。我只是想確認一下我的理解是否正確。所以，從四月份的情況來看，你們實際上處於 3% 到 5% 的範圍內，格雷格，我只是想確保我理解清楚了這一點。

Well, what I would say because we have a displacement of Easter coming into the second quarter. We had an uneven compare between the quarters as to where Easter fell on the years. So what I would say is -- and to quantify that for such a short period of time is a little bit difficult. So you don't know what we would have done had we not had Easter this year. But what I would say is that we're pleased with the trend we're on. And the trend that we're on would lead us to having confidence in achieving the 3% to 5% range for the second quarter.

嗯，我想說的是，因為復活節推遲到了第二季。各季度之間對於復活節在年份中的具體日期沒有統一的比較標準。所以我想說的是──要在這麼短的時間內量化這一點有點困難。所以你不知道如果今年沒有復活節我們會怎麼做。但我想說的是，我們對目前的趨勢感到滿意。而我們目前的趨勢將使我們有信心在第二季度實現 3% 至 5% 的成長目標。

And it sounds like February, in terms of in the first quarter, February was a negative month and the other 2 were positive?

聽起來，就第一季而言，二月是負成長月份，而其他兩個月是正成長月份？

That's correct. Yes, January is positive. March was the best month in the period. February was negative, which is the first negative month that I remember for a while. And it wasn't just a little bit negative. It was a reasonable amount of negative due to the 2 weeks in the middle of the month where the tax refund comparison was significant and -- well, we had a couple of rough weeks there.

沒錯。是的，一月是個好兆頭。三月是這段期間表現最好的一個月。二月的收支為負，這是我記憶中一段時間以來第一個收支為負的月份。而且，這不只是有點負面而已。由於月中兩週的退稅額比較重要，導致負面數據出現一定程度的下降——嗯，那兩週我們過得很艱難。

Got it. And so then the actual question I had was stepping back a little bit, could you just remind us in terms of understanding the customer, particularly on the DIY side, what sort of demographic they look like? And taking the weather out of it, but just what sort of drives demand? How much of the business is cash business? I think I remember it being something like 30% compared to -- it was a lot different than a lot of other retailers. So if you could help us understand that customer demographic and the tender form, I think that would be helpful.

知道了。所以，我真正的問題是，稍微退後一步，您能否提醒我們，在了解客戶方面，尤其是在 DIY 方面，他們的特徵是什麼？撇開天氣因素不談，究竟是什麼因素驅動了需求？現金交易占業務總量的比例是多少？我記得大概是 30% 左右，跟其他零售商相比——這跟很多其他零售商都不一樣。所以，如果您能幫助我們了解客戶群特徵和投標表格，我認為這將很有幫助。

Yes. I'll make a few comments, and I think Tom wants to make a couple of comments. Our typical DIY consumer would be a lower-income consumer who is driven to work on their own cars out of economic necessity. They're typically -- we target, generally speaking, in our advertising efforts males from the age of 18 to 54 because they're typically the most driven to work on their own cars and try to do things that some may not try to do when it comes to DIY repair. But typically, they're incentivized to work on their own car because of the economic need and they're trying to avoid paying labor at the shop to do so. And Tom, you may have some...

是的。我先說幾點，我覺得湯姆也想說幾點。我們典型的DIY消費者是低收入消費者，他們迫於經濟需求而自己修理汽車。一般來說，我們的廣告目標受眾是 18 至 54 歲的男性，因為他們通常最有動力自己修理汽車，並且願意嘗試一些其他人可能不會嘗試的 DIY 維修方法。但通常情況下，由於經濟需要，他們會傾向於自己修理汽車，以避免支付修理廠的人工費。湯姆，你可能有一些…

On the question on tender, it's heavily cash. And then when we look at cards presented, there are many more debit cards presented than actual credit cards.

關於投標方式，絕大多數是現金。然後，當我們查看出示的卡片時，會發現借記卡的數量遠遠多於信用卡。

So a majority of the DIY business is cash? Or just is this like 30% a good guess or...

所以大部分DIY業務都是現金交易嗎？或者說，30% 只是比較合理的估計嗎？

I don't have the percentages sitting in front of me. But we take cash and debit card, so it's coming straight out of the account. It's significantly higher than half.

我手頭上沒有具體的百分比數據。但我們接受現金和金融卡，所以款項會直接從帳戶中扣除。這個數字遠高於一半。

Our next question comes from Alan Rifkin from BTIG.

下一個問題來自 BTIG 的 Alan Rifkin。

So Greg, your guidance of 3% to 5% comp both 2Q and the full year certainly underscores your belief in the business. But is there anything incremental in the last quarter that leads you to believe that the competitive dynamic versus Amazon or e-commerce overall is any different than what you've said 90 days ago? And then I do have a follow-up.

所以格雷格，你對第二季和全年3%至5%的同業成長預期，無疑凸顯了你對公司業務的信心。但上個季度是否有任何新的進展，讓您認為與亞馬遜或整個電子商務的競爭格局與您 90 天前所說的有所不同？然後我還有一個後續問題。

No, Alan, there's not been anything happened that would cause us to think that. As a matter of fact, and really more because of the noise that has been generated with some of the analyst reports and so forth, just -- and I totally understand it relative to the disruption that some of the online retailers have caused with other brick-and-mortar retailers. I've spent some time talking to some of our supplier principals who might sell online retailers, which we obviously don't care for that, that much. But still, some of them makes sense for them to sell online retailers and work to protect the price at which their products are sold and so forth. And I think -- I've known a lot of these guys for a long time. And I have every reason to believe that they would shoot me straight relative to the amount of volume they do with some of these online retailers. I think that most of you would be really disappointed to hear what some of the suppliers that you might think would be major suppliers to online retailers, the amount of volume they're actually doing. And that volume is not on a ramp-up that I think some of the commentary would lead people to believe. So while I -- there's obviously products, especially accessories, and some of the more ancillary products that go on cars, there's obviously a marketplace online that will serve them. But for the majority of our business in hard parts, I don't feel like that we're exposed much to online retailers. And I don't see that changing in the short term.

不，艾倫，還沒有發生任何讓我們產生這種想法的事情。事實上，這主要是因為一些分析師報告等等引發了爭議——我完全理解，一些線上零售商對其他實體零售商造成了衝擊。我花了一些時間和一些可能向線上零售商銷售產品的供應商負責人交談，顯然我們並不太在意這一點。但即便如此，對他們來說，向線上零售商銷售產品並努力保護其產品售價等做法也是合理的。而且我覺得──我認識他們中的很多人很久了。我有充分的理由相信，考慮到他們與某些線上零售商的交易量，他們會毫不猶豫地對待我。我想你們大多數人聽到一些你們認為會是網路零售商主要供應商的商家的實際業務量時，都會感到非常失望。而且，這個交易量並沒有像某些評論所暗示的那樣迅速增長。所以，雖然——顯然有一些產品，特別是配件，以及一些汽車上的輔助產品，顯然有一個線上市場可以滿足它們的需求。但就我們大部分的硬零件業務而言，我覺得我們與線上零售商的接觸並不多。而且我認為短期內這種情況不會改變。

Okay. And then my follow-up, Greg, so -- or Tom. So your guidance 90 days ago for the full year was $12.05 to $12.15, which you're now reiterating. What is the impact in the new number that you're issuing today, $12.05 to $12.15, from the change in the accounting principle? What will that number be for the full year? And then just to confirm, the Leap Day, which cost you $25 million, that correlates to about 120 basis points. Would it be correct to assume that just that one factor alone would have led you to put up a 2% comp rather than 0.8%?

好的。然後我的後續問題是，格雷格，或是湯姆。所以，90 天前你對全年的預期是 12.05 美元至 12.15 美元，現在你又重申了這個預期。今天公佈的新數字（12.05 美元至 12.15 美元）受會計原則變化的影響是什麼？全年這個數字會是多少？最後再確認一下，閏日花了你 2500 萬美元，這相當於大約 120 個基點。如果僅僅因為上述一個因素，就認為你應該給予 2% 的薪酬而不是 0.8% 的薪酬，這種假設是否正確？

Okay. On the full year guidance, obviously we were short of our expectations in the first quarter, absent the change in accounting. However, when we look at our full year guidance, and maybe I could have been clearer in the script, our full year guidance includes the actual tax benefit experienced in the first quarter. So we've got the headwind from the (inaudible) the change in accounting for options. We've got the positive from the options and we've got some positive in the last 3 quarters of the year for the shares we bought in the first quarter that weren't included really since our last conference all. So that's how we bridge back to the same EPS. So our expectation is that -- or we have not given any guidance for what the gain will be from the new accounting for the rest of the year. And we'll obviously continue to report those separately. The same way we look at share repurchases, we will buy some shares back between now and the end of the year. But we don't include that in our guidance. On the second question, could you remind me what that was?

好的。就全年業績預期而言，顯然，如果不考慮會計準則的變化，我們第一季的業績未達到預期。但是，當我們審視全年業績預期時（也許我在稿子裡應該表達得更清楚些），我們的全年業績預期包含了第一季實際獲得的稅收優惠。因此，我們面臨著來自（聽不清楚）選擇權會計處理方式變化的阻力。我們從期權交易中獲得了積極收益，而且在今年最後三個季度，我們在第一季買入的股票也獲得了一些積極收益，這些股票自我們上次會議以來實際上都沒有被計入。所以，這就是我們如何回到相同每股盈餘 (EPS) 的方法。因此，我們的預期是——或者說，我們沒有給出任何關於今年剩餘時間採用新會計方法將帶來多少收益的指導意見。我們顯然會繼續單獨報道這些內容。就像我們看待股票回購一樣，我們將在現在到年底之間回購一些股票。但我們的指導方針中並未包含這部分內容。關於第二個問題，您能提醒我那是什麼嗎？

Yes. On the Leap Day, did it cost you 120 basis points to the comp, Tom?

是的。湯姆，閏日那天，你的比賽是不是損失了 120 個基點？

It did not. Leap Day was excluded from our comp calculation last year. So when you look at the 6.1% comp we put up in the first quarter of '16, that excluded Leap Day. When we talk about the total sales, obviously I did note those in my script, that rolls into the total sales. And I think as we commented on last year's call, it was about the additional day has a great flow-through because of so many fixed costs, we don't pay more for the extra day within the month, added about $0.05 to EPS last year.

沒有。去年，閏日不計入我們的業績計算中。所以，當你看到我們在 2016 年第一季實現的 6.1% 的年增幅時，這還不包括閏日。當我們談到總銷售額時，顯然我在腳本中已經記錄了這些，這些都計入了總銷售額。我認為正如我們在去年的電話會議上評論的那樣，由於固定成本很高，多出的一天帶來了很大的收益，我們不需要為一個月內多出的一天支付更多費用，去年每股收益增加了約 0.05 美元。

Our next question comes from Kate McShane from Citi.

我們的下一個問題來自花旗銀行的凱特·麥克沙恩。

Not to beat a dead horse, but I do believe there was some delay in the tax refund last year. It's certainly not to the extreme that we saw this year. Can you remind us what impact you saw last year as a result of that?

我不想老生常談，但我確實認為去年的退稅出現了一些延誤。當然，它遠沒有我們今年看到的那麼極端。您能否提醒我們一下，去年您看到了由此產生的影響？

Tom, do you know the answer to that?

湯姆，你知道答案嗎？

Well, we saw -- last year, when we look at February and the tax return timing, we were also very fortunate that weather was very spring-like. And we were able to capture quite a bit of that money when people had money in their pocket right away. Weather was beneficial to go out and work on your car, which this year, it was not. But we didn't quantify the exact number, just saying that February was our strongest month last year.

嗯，我們看到——去年，當我們回顧二月的報稅時間時，我們也非常幸運地遇到了非常像春天的天氣。當人們口袋裡立刻就有錢的時候，我們就能拿到相當一部分錢。往年天氣適合外出修車，但今年卻不然。但我們沒有量化具體數字，只說去年二月是我們業績最好的月份。

Okay. And do you get -- do you have a sense of what the industry was down in February as a result this year?

好的。那麼，您是否了解—您是否知道今年二月該行業因此遭受了怎樣的打擊？

I think we'll anxiously await our other public competitors to report and take a look at that.

我想我們會焦急地等待其他上市競爭對手發布報告，並仔細研究一下。

Okay. And then just to wrap up this question, just given the impact, which seems to be much more negative for DIY in February, I assume the bigger lift that we will see for the rest of the year will be coming from DIY in your guidance?

好的。最後總結一下這個問題，考慮到二月DIY受到的影響似乎更為負面，我假設今年剩餘時間裡，DIY將成為我們成長的主要動力，在您的預測中？

We would expect to continue to see some bounce-back. But the weather factor, a cool winter and a late start to spring, as Greg's comments, [you'll] really weighed on both sides of the business.

我們預計會繼續看到一些反彈。但正如格雷格所說，天氣因素，例如寒冷的冬天和較晚到來的春天，真的會對生意的兩方面都造成影響。

Our next question comes from Chris Bottiglieri from Wolfe Research.

下一個問題來自 Wolfe Research 的 Chris Bottiglieri。

One of your competitors referenced, I guess, a difference between national accounts and tire stores, et cetera, versus general repair shops. Have you seen anything similar in your business?

我想，你們的某個競爭對手提到了全國性客戶和輪胎商店等與普通維修店之間的差異。您在公司裡有遇到類似的情況嗎？

Jeff, you might have a comment on that. But I don't think we've seen much difference or anything that would be significant. I think that all of us work to gain market share with the national accounts. And I don't think we noted the difference. Jeff, did you see anything?

傑夫，你對此或許有什麼看法。但我認為我們還沒有看到太大的區別，或者說沒有看到任何顯著的變化。我認為我們都在努力透過國民帳戶來獲得市場份額。而且我認為我們當時並沒有註意到這種差異。傑夫，你看到什麼了嗎？

No. I think the traffic would be fairly similar across those accounts.

不。我認為這些帳號的流量應該相當相似。

Yes. I think generally speaking, across our business, we saw the pressure from the milder winter, which would not drive demand for the winter-sensitive products, and then the delayed tax refunds during those weeks in February, where that was a comparison issue.

是的。我認為總的來說，就我們整個業務而言，我們都感受到了暖冬帶來的壓力，這不會刺激對冬季敏感產品的需求，然後是二月份那幾週的延遲退稅，這造成了比較問題。

The only other thing I might mention, Greg, is we have put more of a focus on the national accounts over the last couple of years. And those accounts are still trending up with us.

格雷格，我唯一想補充的是，在過去幾年裡，我們更加重視全國性客戶。而且這些帳戶在我們這裡的成長趨勢仍在上升。

Yes, so we're gaining market share with those guys, yes.

是的，所以我們正在從他們那裡獲得市場份額。

That was actually my follow-up question, then I'll hop off. But now that you're in the Northeast now, you clearly have planted more flags or somewhere in the Southeast, you truly are becoming more national. Can you talk about your conversations with some of those national installers and how those are changing, given your increased presence?

那其實就是我的後續問題，問完我就下線了。但現在你們已經進入東北地區，顯然已經插上了更多的旗幟；或者在東南部地區，你們確實正在變得更加全國性。您能否談談您與一些全國性安裝商的對話，以及隨著您業務的拓展，這些對話發生了哪些變化？

Yes, I think we're doing a good job with them. We've got a team, just like our competitors do, that focuses on developing relationships and establishing purchasing relationships with those guys. And yes, we feel like we're doing well. We feel like we're gaining market share on that side of the business. Some of it you want and obviously some of it our competitors want worse, and they might sell them at a price that we might not be willing to. But in many cases, we're able to get the business. And long term, the people that run the individual shops are looking for the best service provider. So I think that more often than not, we win on service. But you first have to have a relationship with the company that enables the systems to be integrated for ease and processing transactions at the shop. And we gained some market share there the last couple of years and would expect over the next few years as we become more national by having a significant presence in the Northeast that we'll do better with those types of businesses.

是的，我認為我們在這方面做得很好。和我們的競爭對手一樣，我們也有一個團隊，專門負責與這些客戶建立關係和採購關係。是的，我們感覺我們做得很好。我們感覺我們在該業務領域的市場份額正在不斷擴大。有些東西是你想要的，顯然有些東西我們的競爭對手更想要，他們可能會以我們不願意賣的價格出售。但在很多情況下，我們都能拿下這筆生意。從長遠來看，各個店舖的經營者都在尋找最好的服務提供者。所以我認為，大多數情況下，我們靠服務取勝。但首先你必須與該公司建立合作關係，以便將系統整合起來，方便商店的交易處理。過去幾年，我們在那裡獲得了一些市場份額，預計未來幾年，隨著我們在東北地區擁有重要的業務，業務範圍將更加全國化，我們與這類企業的合作將會更加順利。

Our next question comes from Simeon Gutman from Morgan Stanley.

下一個問題來自摩根士丹利的西蒙古特曼。

So March and April clearly picked up. It sounds like some of it was tax refund. But I guess what gives you confidence that we're just not seeing the other side of it now, meaning there was some pent-up demand and that could April's run rate be influenced by that. In other words, what makes you feel -- or is there any evidence that gives you confidence that this a new sustainable run rate and not just a bounce-back from some pent-up demand?

所以三月和四月明顯好轉了。聽起來其中一部分是退稅。但我認為，讓你確信我們現在還沒有看到事情的另一面的原因，意味著存在一些被壓抑的需求，而4月份的運行率可能會受到這種需求的影響。換句話說，是什麼讓你感覺——或者有什麼證據讓你相信這是一種新的可持續運行速度，而不僅僅是某種被壓抑的需求的反彈？

Well, I guess, Simeon, what I would say is just the things that in the past, we've looked at that have been drivers of demand or have been detractors from demand, those fundamental factors are positive right now. And so all the things that we would look at that would indicate industry demand should be healthy or maybe not so healthy, they're all healthy right now. So I think that we have to feel like that, generally speaking, demand this year would be reasonably good. Now that's not to say that our crystal ball is any better than yours. But we have been in this business a long time and have seen the ups and downs with the different vehicle population, gas prices, miles driven, things like that. And all those things are positive, indicating that demand should be good. So while there's no question that there could be some benefit to deferred maintenance and repairs from maybe the March weather and so forth that could have pushed business into late March or early April, it's hard for us not to feel like that the fundamental drivers of demand in our business are very positive, and we would expect the year for our industry to be a reasonably positive year.

嗯，我想說的是，西蒙，過去我們觀察過的那些推動需求或抑制需求的因素，現在都是正面的。因此，所有我們用來判斷產業需求是否健康的指標，現在看來都很健康。所以我覺得，總的來說，今年的需求應該會相當不錯。當然，這並不是說我們的水晶球比你的更準。但我們從事這個行業很久了，見證了車輛保有量、汽油價格、行駛里程等各種因素帶來的起伏。所有這些都是利好消息，表明需求應該會很好。因此，雖然毫無疑問，由於三月份的天氣等原因，推遲維護和維修可能會帶來一些好處，例如將業務推遲到三月下旬或四月初，但我們很難不覺得我們業務需求的根本驅動因素非常積極，我們預計今年我們所在的行業將是一個相當積極的年份。

Right. And I think though you mentioned you are seeing, I don't know if it's spring-related or early summer-related or spring-related business start to come into the mix. I don't know if that could be an indication of it. I don't know if I caught that earlier in the call.

正確的。雖然你提到你看到了這種情況，但我不知道這是與春季有關，還是與初夏有關，或者與春季相關的商業活動開始進入這個領域。我不知道這是否可以作為某種跡象。我不知道之前通話中我有沒有聽到這個。

Yes, I mean, we're -- in most markets, we're into springtime and we're starting to see the DIY maintenance-type business that you would see. The shops are busier. We are very close with many of the shops that we partner with. And the shops' businesses are picking up as they do every spring. And so yes, we're seeing more typical springtime demand, early springtime demand as we would see every spring right now.

是的，我的意思是，在大多數市場，我們已經進入春季，開始出現DIY維護類型的業務。商店裡更熱鬧了。我們與許多合作店舖的關係都非常密切。商店的生意也像每年春天一樣開始好轉。所以，是的，我們現在看到的是更典型的春季需求，是早春需求，就像我們每年春天都會看到的那樣。

Okay. And just my follow-up is just on inflation. We hear from some of the oil companies, they're starting to see price increases that it feels inflationary. Are you seeing any signs on the input side 3 months, 6 months, a year out from now?

好的。我的後續問題是關於通貨膨脹的。我們從一些石油公司中了解到，他們開始感受到價格上漲帶來的通膨。您認為未來 3 個月、6 個月、1 年內，輸入方面會有什麼跡象嗎？

Yes. Greg, you may have a comment on that just from a supplier pricing standpoint. And then Tom, you could speak to it from a raw inflation standpoint.

是的。格雷格，你或許可以從供應商定價的角度對此發表一些看法。然後，湯姆，你可以從通貨膨脹的根本角度來談談這個問題。

Yes. I mean, a lot of our commodities do fluctuate based on oil, for example, metals, things like that. So we do typically see fluctuations in prices based on lead pricing for batteries, things like that. We have seen some movement in base oil pricing over the past quarter and -- but we don't -- you never know what the future brings. But we feel like we've taken the bulk of that or at least we hope we have in the first quarter. And we've been able to pass some of that along. Some of it, we're still [into].

是的。我的意思是，許多大宗商品的價格都會隨著石油價格的波動而波動，例如金屬等等。因此，我們通常會看到價格因電池鉛價格等因素而波動。過去一個季度我們看到基礎油價格出現了一些波動，但是——但是——你永遠無法預測未來會發生什麼。但我們感覺我們已經完成了大部分工作，或者至少我們希望在第一季已經完成了。我們已經能夠將其中的一些知識傳遞下去。有些東西，我們還是很感興趣。

When we look from a macro standpoint across all our products, we continue to expect to have more LIFO pressures. We're going to have a similar number here in the second quarter we saw in the first quarter. Those deals have already been inked. Could we come back a little bit from increases in oil? Yes, but we have pretty good visibility going forward. And we'd expect to continue to see, in aggregate, minor LIFO pressures again in the third and fourth quarters built into our guidance.

從宏觀角度來看，就我們所有產品而言，我們預期會繼續面臨更多後進先出（LIFO）的壓力。第二季的數據將與第一季的數據相近。這些協議已經簽完畢。我們能否從石油價格上漲中稍微回落一些？是的，但我們對未來的發展前景相當樂觀。我們預計，第三季和第四季總體上仍將面臨輕微的後進先出法壓力，這已納入我們的業績指引。

Our next question comes from Bret Jordan from Jefferies.

下一個問題來自傑富瑞集團的布雷特喬丹。

Could you talk a bit about regional performance, too, I guess, given the fact that some of that mild weather more significantly impacted Northern states? Are you seeing the correlation in weather in the various markets?

鑑於部分溫和天氣對北部各州的影響更為顯著，您能否也談談區域表現？您是否觀察到不同市場之間的天氣相關性？

Well, yes, I mean, we definitely had this very regional performance. What we would say is that the markets that we would consider to be weather-affected versus the markets that would be maybe not weather-affected -- and that's not a clear line, but we do our best to draw that line. That difference would be just slightly less than 400 basis points of difference. And what I would tell you is that in the first quarter, our Western stores performed materially better than the East Coast stores relative to that because the East Coast stores are obviously more sensitive to weather and the West Coast stores less. Although for some period of time in the West, they had torrential rains that were impacting the business. I think we would have done a lot better out West if it hadn't been for the significant rainstorms that they had. But that's still even with that, the West performed better than the East and the North, of course.

是的，我的意思是，我們確實取得了非常具有地域性的表現。我們想說的是，我們會區分受天氣影響的市場和可能不會受天氣影響的市場——這之間並沒有明確的界限，但我們會盡力劃清這條界限。這個差異將略小於 400 個基點。我想告訴大家的是，第一季度，我們西部門店的業績明顯優於東岸門市，因為東岸門市顯然對天氣更敏感，而西岸門市則不太敏感。雖然西部地區曾有一段時間遭遇暴雨，對當地商業造成了影響。如果不是因為西部地區遭遇了嚴重的暴雨，我想我們在那裡的情況會好得多。但即便如此，西方的表現當然還是優於東方和北方。

Okay. Another question, I guess, sort of housekeeping, the first quarter, obviously the earnings were within the guide but have the nonoperating positive. But you kept the EBIT margin guide constant for the year. So I guess you must have some confidence that the operating improves. I guess that, Tom, that was more tax impact on the stock-based accounting, not EBIT impact?

好的。還有一個問題，算是例行公事吧，第一季度，顯然盈利在預期之內，但非經營性支出為正。但你們全年維持了息稅前利潤率預期不變。所以我想你一定對營運狀況的改善有一定的信心。湯姆，我猜那更多的是股票會計對稅收的影響，而不是對息稅前利潤的影響？

That's correct. We still feel like with the comp range that we're anticipating and the SG&A spend we're anticipating and the gross margin, we're going to continue to be in the same operating margin range and don't feel the need to change it.

沒錯。我們仍然認為，按照我們預期的同店銷售範圍、銷售、管理及行政費用以及毛利率，我們將繼續保持相同的營業利潤率範圍，因此不覺得有必要改變它。

Great. If I could squeeze a quick one in, on the Bond stores, you announced that the integration is progressing. Could you give us any color on how those stores are performing?

偉大的。如果我能抽出一點時間問一下，關於邦德商店，您宣布整合工作正在順利進行中。能簡單介紹一下這些門市的經營狀況嗎？

We're happy with them. I would say that they're comparable from just a sales cadence standpoint to the stores that we have in the Northeast that have been somewhat weather-affected. Yes, we're happy with them. They're great teams at those stores. They going to do much better with our inventory assortment and availability of our Devens distribution center inventory mix, which is a substantial increase in SKU count from what they were supplied by before. So yes, we're happy with them. And we think they should continue to do well. The conversion just took place last weekend, so they now have all the availability tools that we will ultimately provide them. And as they get used to that and trained in using those, we would expect this to be a great summer and fall for them.

我們對他們很滿意。從銷售節奏的角度來看，我認為它們與我們在東北地區受到天氣影響的商店的情況類似。是的，我們對它們很滿意。那些門市的團隊都很棒。他們將受益於我們德文斯配送中心的庫存組合和供應情況，庫存種類和供應量將大大增加，與先前供應給他們的庫存相比，SKU 數量大幅增加。是的，我們對它們很滿意。我們認為他們應該會繼續取得好成績。轉換工作剛剛在上週末完成，所以他們現在擁有了我們最終將提供給他們的所有可用性工具。隨著他們逐漸習慣並接受使用這些設備的訓練，我們預計這將是他們度過一個美好的夏秋兩季。

Our next question comes from Dan Wewer from Raymond James.

我們的下一個問題來自 Raymond James 公司的 Dan Wewer。

Greg, wanted to ask, if there were any company-specific issues that adversely impacted sales in the first quarter or competitive changes. The reason I'm asking is the comp sales gap between O'Reilly and NAPA narrowed in the period compared to past levels, and when we think that the tax refund and so forth has impacted both companies about the same.

格雷格想問一下，第一季是否有任何公司特有的問題對銷售產生了不利影響，或者是否有競爭變化。我之所以這麼問，是因為與以往相比，O'Reilly 和 NAPA 之間的同店銷售額差距在這段時間內有所縮小，而且我們認為退稅等因素對兩家公司的影響大致相同。

What I would tell you, Dan, is that there's not a day goes by that I don't have a conversation with someone here about something I think we could improve. And the job that Greg and Jeff and Tom and the rest of our executive team do is that same way, we're very critical of ourselves. So what I would tell you is that we always feel like that we have opportunities to improve. But there's been nothing changed relative to the opportunities that we have to improve relative to what we see at our competitors and the gap that should exist as a result of that. So I think my answer is no, there's been no significant change. And I wouldn't reflect our underperformance on comps in the first quarter to anything company-specific here, although we always see opportunities to improve. We spend a week every year gathering input from our field as to the things that they feel like we can improve on and the competitive pressures that they might feel. And then we bring all of our executives together every year and come up with solutions to those and put a plan in place on how we're going to resolve and correct those things. And it's just been a focus. From way back when we were a private company and the family owned the business, they did that and we've continued to do that as a publicly traded company. And we feel like it serves us well. So do we have our opportunities? You bet we do. Do we feel like we are the best in the industry at what we do? Yes, we do. I think what we do is pretty incredible. And I don't think there's been anything changed on that front.

丹，我想告訴你的是，幾乎每天我都會和這裡的某個人討論一些我認為我們可以改進的地方。格雷格、傑夫、湯姆以及我們其他高階主管團隊的工作也是如此，我們對自己要求非常嚴格。所以我想告訴大家的是，我們始終覺得我們還有進步的空間。但是，就我們與競爭對手相比所擁有的改進機會以及由此產生的差距而言，沒有任何改變。所以我認為我的答案是否定的，沒有重大變化。我不認為我們第一季業績不佳是由於公司本身原因造成的，儘管我們始終看到改進的機會。我們每年都會花一周時間收集業內人士的意見，了解他們認為我們可以改進的地方以及他們可能感受到的競爭壓力。然後，我們每年都會召集所有高階主管，共同探討這些問題的解決方案，並制定計劃來解決和糾正這些問題。這一直是關注的重點。從我們還是私人公司、家族企業的時候起，他們就一直這樣做，而作為一家上市公司，我們也一直這樣做。我們覺得它對我們很有幫助。那麼，我們是否擁有機會？當然。我們是否覺得自己是業界最優秀的？是的，我們有。我認為我們所做的事情非常了不起。我認為這方面沒有任何變化。

Okay. And also Tom, I want to follow up on Bret's question about the EBIT guidance. Given the share count that you're using now for the annual EPS forecast and excluding the lower tax rate, is it fair to say that your EBIT guidance is towards that low end of that range of 20.1% instead of the mid- or higher end?

好的。還有，湯姆，我想就布雷特提出的關於 EBIT 指引的問題做個後續說明。鑑於您目前用於年度每股收益預測的股份數量，並且不考慮較低的稅率，是否可以說您的息稅前利潤預期接近 20.1% 範圍的下限，而不是中限或上限？

When you work through the math of where we are and look at our guidance through the end of the year, we're going to be pressured below the midpoint at this point. Obviously, our goal is to get it back up to the midpoint.

當你仔細計算我們目前的狀況，並查看我們對年底的業績預期時，你會發現，此時我們的業績將低於預期中點。顯然，我們的目標是讓它回到中間位置。

Our next question comes from Matt Fassler from Goldman Sachs.

下一個問題來自高盛的馬特法斯勒。

I have 2 questions. The first is a financial one, probably for Tom. If you could update us on what you're thinking as for the impact of LIFO on a full year basis, I think at the end of Q4, you indicated that it would be about half of what it was in 2016. So is that still the case? And also just to clarify, when you talked about half the impact, was that essentially in total dollar terms?

我有兩個問題。第一個問題與財務有關，可能與湯姆有關。如果您能更新您對 LIFO 在全年影響的看法，我認為您在第四季度末曾表示，其影響大約是 2016 年的一半。現在情況仍然如此嗎？另外，我想澄清一下，您剛才提到的一半影響，是指總金額嗎？

Yes, we were -- we're looking at -- when we started the year, we were looking at a LIFO impact between $20 million and $25 million for this year. I'd say based on having a higher first quarter number than we anticipated, which we talked about, we'd be in the higher end of that range.

是的，我們——我們正在考慮——年初的時候，我們預計今年的後進先出法（LIFO）影響將在 2000 萬美元到 2500 萬美元之間。我認為，鑑於我們第一季的業績高於預期（我們之前也討論過這個問題），我們的業績應該處於該範圍的較高水平。

Okay. But still directionally, if you're $49 million last year, kind of the mid-20s is still a reasonable place to think about?

好的。但從方向上看，如果你去年的收入是 4900 萬美元，那麼 2500 萬美元左右仍然是一個合理的目標區間？

Yes, sir.

是的，先生。

Got it. And then secondly, curious what you are seeing in your own online efforts. In terms of DIY and commercial, whether one piece of the business or another is gaining more traction and what you see consumers responding to as you test and learn about what the appeal is and the desires from your customers to interact with you online.

知道了。其次，我很好奇你在自己的網路活動中看到了什麼。就 DIY 和商業而言，業務的某個部分是否獲得了更多關注，以及你在測試和了解吸引力所在以及客戶希望在線與你互動時，消費者對哪些方面做出了反應。

Yes. Matt, this is Greg. From a B2B standpoint, we call our product First Call Online, which as you may know, a lot of our professional business is done under the name of First Call for most part. That business is awesome. We do a -- we've done an incredible job for a long time incentivizing and getting use from our professional customers of our B2B platform, which can work as a browser-based product or it can be and is integrated in with many of the shop management systems. And a lot of our orders come from our customers via that platform. And that's a growing platform that will continue to grow as we continue to enhance it with better features and benefits as we move forward. On the DIY side, we have a substantial business. But we feel like we could do better. And we've got a lot of work underway right now to replatform both our website and our mobile site to do some things that we would like it to do that we think would be more customer-friendly. As online retail has been talked about, it's hard for us not to think that we would be -- if a customer is going to buy wiper blades, for instance, or an accessory or something like that, that we might stock or have available from someone online, I mean, who better to buy it from with 27 distribution centers across the country that know these products and can help them with these products. So we've got a substantial effort underway right now to improve our B2C business. And like I said, it's a nice business, but we feel like we could do more than what we are doing. And more than anything, we view ourselves as building an omni-channel business so that our customers, when they go on our website or our mobile site, see the same O'Reilly Auto Parts that they would see if they walked into one of our stores. So that's a significant project for us right now. And when I talk about the strategic goals that we have for the year that we set each year that I mentioned in response to one of the questions a moment ago, that's one of our strategic goals. And I think that if you look at our site a year from now, you would be impressed with what it looks like then as compared to what it looks like now. And now is pretty good, but I think it can be a lot better.

是的。馬特，這是格雷格。從 B2B 的角度來看，我們將我們的產品稱為 First Call Online，您可能也知道，我們的大部分專業業務都是以 First Call 的名義進行的。那家公司太棒了。我們一直以來都做得非常出色，激勵我們的專業客戶使用我們的 B2B 平台，該平台既可以作為基於瀏覽器的產品運行，也可以與許多商店管理系統集成，而且實際上也已經集成到這些系統中。我們很多訂單都是客戶透過這個平台下的。這是一個不斷發展的平台，隨著我們不斷改進其功能和優勢，它將繼續發展壯大。在DIY方面，我們擁有相當可觀的業務。但我們覺得我們可以做得更好。我們目前正在進行大量工作，對我們的網站和行動網站進行平台重構，以實現我們希望實現的一些功能，我們認為這些功能對客戶更加友善。既然網路零售已經引起了廣泛關注，我們很難不去想——例如，如果顧客要購買雨刮片、配件或類似的東西，而我們可能庫存有貨或者可以從網上購買，我的意思是，還有誰比我們更適合從全國擁有 27 個配送中心、了解這些產品並能幫助顧客購買這些產品的公司購買呢？因此，我們目前正大力推進B2C業務的改進。正如我所說，這的確是個不錯的生意，但我們覺得我們還能做得更多。更重要的是，我們把自己視為一個全通路企業，這樣我們的客戶在訪問我們的網站或行動網站時，看到的 O'Reilly Auto Parts 與他們走進我們任何一家實體店時看到的都一樣。所以，這對我們來說是目前一個非常重要的項目。當我談到我們每年制定的策略目標時（就像我剛才在回答某個問題時提到的），這就是我們的策略目標之一。我認為，如果你一年後再來看我們的網站，你會對它屆時的樣子和現在的樣子相比感到印象深刻。現在的情況還不錯，但我認為可以更好。

Thank you, ladies and gentlemen. This concludes -- we have reached our allotted time for questions. I will now turn the call back over to Mr. Greg Henslee for closing remarks.

謝謝各位女士、先生。問答環節到此結束－我們的提問時間已到。現在我將把電話交還給格雷格·亨斯利先生，請他作總結發言。

Okay. Thanks, Victoria. We'd like to conclude our call today by thanking the entire O'Reilly team for their diligent customer service in the first quarter. We remain extremely confident in our ability to continue to aggressively and profitably gain market share for the remainder of 2017. I would like to thank everyone for joining our call today. And we look forward to reporting our 2017 second quarter results in July. Thank you.

好的。謝謝你，維多利亞。今天通話的最後，我們要感謝 O'Reilly 團隊在第一季提供的盡職盡責的客戶服務。我們仍然非常有信心在 2017 年剩餘的時間裡繼續積極、有利潤地擴大市場份額。感謝各位今天參加我們的電話會議。我們期待在7月公佈2017年第二季業績。謝謝。

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

謝謝各位女士、先生。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。