O'Reilly Automotive Inc (ORLY) 2017 Q2 法說會逐字稿

Welcome to the O'Reilly Automotive Second 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. And I will now turn the call over to Mr. Tom McFall. Mr. McFall, you may begin.

歡迎參加歐萊利汽車第二季財報電話會議。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。麥克福爾先生，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 second quarter 2017 results and our outlook for the third quarter and the remainder of 2017. After our prepared comments, we will 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 年第二季的業績以及我們對第三季和 2017 年剩餘時間的展望。在我們發表完準備好的評論後，我們將安排問答環節。

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.

在今天早上開始之前，我想提醒大家，我們今天的發言包含前瞻性陳述，我們打算受到 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，並聲明我們享有該條款的保護。你可以透過諸如估計、可能、可以、將、相信、預期、會、考慮、應該、預期、預測、計劃、打算或類似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. Good morning, everyone, and welcome to the O'Reilly Auto Parts Second Quarter Conference Call. Participating on the call with me this morning are: our Co-Presidents, Greg Johnson and Jeff Shaw; as well as Tom McFall, our Chief Financial Officer. 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二季電話會議。今天早上和我一起參加電話會議的有：我們的聯合總裁格雷格·約翰遜和傑夫·肖；以及我們的財務長湯姆·麥克福爾。我們的執行主席大衛·奧萊利也出席了會議。

I'd like to begin our call today by thanking Team O'Reilly for their continued dedication to providing consistently excellent service to our customers. Our financial results for the first 6 months of 2017 were below our expectations, but we strongly believe the customer service delivered by our team on a daily basis is the best in our industry. And we remain confident their contributions will continue to drive us forward as the market leader. Now I'd like to spend a few minutes discussing our second quarter comparable store sales results before I turn the call over to Greg, Jeff and Tom for a more detailed overview.

今天，我首先要感謝奧萊利團隊一直以來對為客戶提供始終如一的優質服務的奉獻精神。2017 年上半年的財務表現低於預期，但我們堅信，我們團隊每天提供的客戶服務是業界最好的。我們仍然相信，他們的貢獻將繼續推動我們維持市場領導地位。現在我想花幾分鐘時間討論我們第二季的同店銷售業績，然後再把電話交給 Greg、Jeff 和 Tom，讓他們做更詳細的概述。

As we announced in our press release earlier this month, our comparable store sales results of 1.7% for the second quarter fell below the guidance of 3% to 5% we set going into the quarter. We established our second quarter guidance with the expectation that business would normalize as we move past the volatile weather backdrop of the first quarter based on our confidence in the strength of the fundamental drivers of demand in our industry, and our trends exiting the first quarter and entering April were in line with our expectations. However, as we moved through the quarter, we continued to see pressure to overall demand in the industry.

正如我們本月稍早在新聞稿中宣布的那樣，我們第二季的同店銷售業績為 1.7%，低於我們在本季初設定的 3% 至 5% 的預期。當我們制定第二季業績指引時，預期隨著第一季動盪的天氣環境過去，業務將趨於正常化。我們對產業基本需求驅動因素的強勁表現充滿信心，而第一季末和四月的趨勢也符合我們的預期。然而，隨著本季的推進，我們持續看到產業整體需求面臨壓力。

As we have seen in the past, when our industry encounters sluggish demand like we saw in the first half of 2017, it can at times be difficult to determine the exact causes of the slowdown and the degree to which any single item is creating a headwind, especially when multiple factors have the potential to impact demand over short periods of time. Having said that, we believe there are a few key identifiable factors which have negatively impacted demand in the automotive aftermarket in 2017.

正如我們過去所見，當我們的行業遇到像 2017 年上半年那樣的低迷需求時，有時很難確定放緩的確切原因以及任何單一因素造成不利影響的程度，尤其是在多個因素有可能在短時間內影響需求的情況下。儘管如此，我們認為有一些關鍵的、可識別的因素對 2017 年汽車售後市場的需求產生了負面影響。

First, we continue to face pressure to our comparable store sales results from a second consecutive mild winter. As we have said multiple times in the past, we don't enjoy talking about the impact weather has on our business as it's a factor that is simply out of our control and ultimately balances out over the long term. However, it is simply a reality that over short periods of time, the single most significant factor that drives variability in our business is weather. The winter of 2017 was similar to 2016 in that we again experienced very mild weather by historical standards and the lack of more typical extreme winter weather led to less parts failure than we would normally expect to see. This weather dynamic, as well as a mild start to summer in many of our markets, contributed to the sluggish demand we saw in the second quarter.

首先，由於連續第二個暖冬，我們的同店銷售業績持續面臨壓力。正如我們過去多次說過的那樣，我們不喜歡談論天氣對我們業務的影響，因為這是我們無法控制的因素，而且從長遠來看，最終會達到平衡。然而，事實是，在短期內，影響我們業務波動的最重要因素是天氣。2017 年的冬天與 2016 年的冬天類似，按照歷史標準來看，我們再次經歷了非常溫和的天氣，缺乏更典型的極端冬季天氣，導致零部件故障比我們通常預期的要少。這種天氣狀況，以及我們許多市場夏季開局溫和，導致了我們在第二季度看到的疲軟需求。

In addition to the headwinds we've seen from weather, we also believe our top line results have been impacted by a cyclical softness of consumer demand in our industry. 2014, 2015 and 2016 were extremely strong years for O'Reilly and for the industry as a whole. And we capitalized by generating comparable store sales of 6%, 7.5% and 4.8%, respectively, during the last 3 years. The key macro industry factors that drive robust demand for auto parts improved significantly during these periods as we saw above-average increases in annual miles driven, supported by significant reductions in gas prices and steady improvements in total employment. While these fundamental factors are very stable drivers of demand for our industry and still remain favorable, we believe we simply aren't seeing the same level of year-over-year benefit, and demand has softened as these gains have moderated.

除了天氣帶來的不利影響外，我們還認為，由於行業內消費者需求的周期性疲軟，我們的營收業績也受到了影響。2014 年、2015 年和 2016 年對於 O'Reilly 和整個產業來說都是非常強勁的年份。過去三年，我們透過實現同店銷售額分別成長 6%、7.5% 和 4.8% 而充分利用了這一優勢。在此期間，推動汽車零件強勁需求的關鍵宏觀產業因素顯著改善，我們看到年行駛里程數高於平均水平，這得益於汽油價格的大幅下降和總就業人數的穩步提高。雖然這些基本因素是我們行業需求的非常穩定的驅動因素，並且仍然有利，但我們認為我們並沒有看到同樣的同比收益，隨著這些收益的放緩，需求也隨之減弱。

We have seen a similar dynamic play out with the demographics of the vehicle population. For the last several years, our industry has benefited from low, stable scrappage rates and a continually rising average age of vehicles as a result of the quality of engineering and manufacturing of today's vehicles. We expect to continue to see this trend of high reliability late into the typical vehicle lifecycle. But the depressed new vehicle sales totals during the period from 2008 to 2011 are likely mitigating some of the benefit we would otherwise realize from the increasing age of the U.S. fleet, which has been a significant tailwind for us the past several years.

我們已經看到類似的動態也發生在車輛保有量的人口結構變化中。過去幾年，由於當今汽車的工程和製造質量，我們的行業受益於較低、穩定的報廢率和不斷上升的車輛平均車齡。我們預計這種高可靠性的趨勢將持續到車輛典型生命週期的後期。但 2008 年至 2011 年期間新車銷售總量的低迷可能會削弱我們原本可以從美國車隊日益老舊中獲得的一些好處，而這在過去幾年一直是我們的重要利好因素。

Against this industry backdrop, we also believe that certain sectors of our customer base aren't as confident as we would like them to be. In particular, we believe our lower-income consumers face significant pressures and are still in a period of significant economic uncertainty. Additionally, we think this uncertainty is especially pronounced among Hispanic consumers. And we think this has resulted in a decline in overall spending from this demographic, which is a very important customer base for our business.

在這種行業背景下，我們也認為我們客戶群中的某些群體並沒有我們希望他們有的信心。尤其我們認為，低收入消費者面臨著巨大的壓力，並且仍然處於經濟高度不確定的時期。此外，我們認為這種不確定性在西班牙裔消費者中尤其明顯。我們認為這導致了該族群整體消費額的下降，而該族群是我們業務中非常重要的客戶群。

The demand for the majority of our products we sell is nondiscretionary and our customers simply cannot defer repairs that impair the drivability of their vehicle. However, some repair and maintenance can be extended or deferred. At any given point in time, while it's difficult to measure in aggregate terms, we know there is a significant amount of unperformed or underperformed maintenance in the U.S. vehicle fleet. During these periods of strong demand, like we have seen over the past several years, it is very likely we benefited from a reduction in unperformed maintenance in the vehicle fleet just as it is also likely that we are now experiencing an increase in the level of deferred repair and maintenance, driven by the factors I previously described. Ultimately, these swings are cyclical since, with the stable amount of annual miles driven, a consumer can only defer needed repairs for so long.

我們銷售的大部分產品的需求都是非必要的，我們的客戶根本無法推遲會影響車輛行駛性能的維修。然而，有些維修和保養工作可以延期或延期。在任何特定時間點，雖然很難用總體指標來衡量，但我們知道美國車隊中存在大量未執行或執行不足的維護工作。在過去幾年這樣的強勁需求時期，我們很可能受益於車隊未執行維護的減少，但同時，由於我之前描述的因素，我們現在也可能正在經歷維修和保養延期水準的增加。歸根結底，這些波動是週期性的，因為在每年行駛里程數穩定的情況下，消費者只能將必要的維修推遲一段時間。

Before I turn the call over to Greg, I want to emphasize our strongly held belief that the headwinds to consumer demand are affecting the entire industry and that the current environment is not dissimilar from periods of softer demand we have experienced multiple times during our history in this business. Our focus during these down cycles is exactly the same as when business in our industry is very strong. We are relentless in serving our customers to build long-term relationships and do not rely solely on overall industry growth to drive our sales growth. We have the best team of professional parts people in the business, and we are very confident we are well positioned to continue to grow our market share by providing our customers the incredible levels of customer service on which we've built our company.

在將電話交給格雷格之前，我想強調我們堅信，消費者需求的逆風正在影響整個行業，而當前的環境與我們在這個行業歷史上多次經歷的需求疲軟時期並無太大區別。在經濟低迷時期，我們的關注點與產業情勢非常強勁時期完全相同。我們不懈努力為客戶服務，以建立長期合作關係，並且不僅僅依靠整個行​​業的成長來推動銷售成長。我們擁有業內最優秀的專業零件團隊，我們非常有信心，透過為客戶提供我們公司賴以建立的卓越客戶服務水平，我們將繼續擴大市場份額。

I'll now turn the call over to Greg Johnson.

現在我將把電話交給格雷格·約翰遜。

Thanks, Greg, and good morning, everyone. To begin, I'd like to echo Greg's comments and thank Team O'Reilly for their relentless dedication to providing outstanding customer service. 2017 has been a challenging year thus far. But our team's commitment to customers haven't -- hasn't wavered a bit, and we continue to be well positioned to profitably gain market share moving forward.

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 團隊為提供卓越的客戶服務所做的不懈努力。2017年至今是充滿挑戰的一年。但是，我們團隊對客戶的承諾絲毫沒有動搖，我們仍然處於有利地位，能夠繼續獲利地贏得市場份額。

I would now like to provide some additional color on our second quarter comparable store sales results. As Greg has already mentioned, we exited the first quarter and entered April on an improved trend as we began to see some pickups in typical spring business. However, as we moved through the quarter in May and June, we encountered increased softness to our business. And even though the change in comparable store sales was positive in each month of the quarter, the step-down in business in the last 2 months of the quarter drove the shortfall to our comp guidance, resulting in the 1.7% increase we reported on July 5.

現在我想就我們第二季的同店銷售業績再補充一些資訊。正如 Greg 已經提到的那樣，我們結束了第一季度，進入四月份，趨勢有所改善，因為我們開始看到典型的春季業務有所回升。然而，隨著五月和六月的到來，我們的業務開始走弱。儘管本季每個月的同店銷售額變化均為正值，但本季最後兩個月的業務下滑導致我們的同店銷售額未能達到預期，最終導致我們在 7 月 5 日公佈的 1.7% 的增長。

On a category basis, we saw broad pressure across product lines throughout the quarter. But the headwinds were most pronounced in weather-related categories. These categories include ride control and driveline, which was susceptible to increased wear and tear during the harsh winter conditions. We also experienced softness in the last 2 months of the quarter in categories such as cooling, HVAC and refrigerants. The headwinds in these hot weather categories were especially prevalent in the Central and sub-Southeastern U.S., which are significant markets for us and did not see typical high temperatures during the second quarter.

從產品類別來看，整個季度各產品線都面臨著普遍的壓力。但最明顯的不利因素體現在與天氣相關的類別。這些類別包括行車控制和傳動系統，在嚴苛的冬季條件下，這些零件更容易受到磨損。本季最後兩個月，冷氣、暖通空調和冷媒等品類也出現了疲軟。在這些炎熱天氣類別中，美國中部和東南部地區尤其受到不利因素的影響，而這些地區是我們的重要市場，在第二季並沒有出現典型的高溫天氣。

On a comparable store sales increase -- our comparable store sales increase was driven by increase in average ticket size, all set by pressure on ticket counts for both DIY and professional customers. Our DIY comps in the second quarter slightly outpaced professional customer comps for the first time in recent history, though both were positive during the quarter. We believe parity on both sides of the business speaks to the impact of overall demand for auto parts being soft rather than isolated pressure resulting from a channel shift in the industry.

同店銷售成長－我們的同店銷售成長是由平均客單價的增加所推動的，而平均客單價的增加又是由DIY客戶和專業客戶的客單價壓力造成的。第二季度，我們的 DIY 客戶比較數據略微超過了專業客戶比較數據，這是近年來首次出現這種情況，儘管這兩個數據在本季度都實現了正增長。我們認為，業務供需雙方的平衡反映了汽車零件整體需求疲軟的影響，而不是產業通路轉變帶來的孤立壓力。

As we evaluate our top line performance, one of the benefits we have on the professional side of our business is that we know by customer where the demand came from in a prior period. And as you would suspect, we spend a significant amount of time visiting our professional customers to understand their business. It is very clear to us that the softness we have seen in the first half of 2017 is also being felt by the shops we service as we received consistent feedback that their business has been slow this time of year and their customers have been more likely to defer repairs when possible.

在評估我們的整體表現時，我們在業務的專業方面所擁有的優勢之一是，我們知道每個客戶在前期的需求來源。正如您所料，我們會花費大量時間拜訪我們的專業客戶，以了解他們的業務。我們非常清楚地感受到，2017 年上半年我們所看到的疲軟態勢，也影響到了我們服務的店鋪，因為我們不斷收到反饋，稱他們每年的這個時候生意都很清淡，他們的顧客也更傾向於盡可能地推遲維修。

I would now like to spend some -- a few minutes discussing the comparable store sales guidance we provided in yesterday's press release. As we develop guidance, we evaluate the key drivers for demand in our industry, and we remain very positive about the long-term outlook for the automotive aftermarket. We would expect the total miles driven in the U.S. and total vehicle population to continue to increase steadily as a result of population growth and a stable, growing economy. Further, as Greg mentioned earlier, the average age of vehicles has increased steadily over the last several years, and we believe the strong reliability of vehicles manufactured over the last decade will continue to support demand for parts late into a vehicle lifecycle.

現在我想花幾分鐘時間討論我們在昨天的新聞稿中提供的同店銷售預期。在製定指導方針的過程中，我們評估了行業需求的關鍵驅動因素，並且我們對汽車售後市場的長期前景仍然非常樂觀。由於人口成長和經濟穩定成長，我們預計美國的總行駛里程和車輛總數將繼續穩定成長。此外，正如 Greg 前面提到的，車輛的平均車齡在過去幾年中穩步增長，我們相信過去十年生產的車輛具有很強的可靠性，這將繼續支撐車輛生命週期後期對零件的需求。

However, while we remain confident concerning the strength of our industry over the long term, it is clear several factors are combining to create near-term headwinds in our industry. As a result, we felt it prudent to set our guidance within -- in line with the current business environment. And as such, our updated comp guidance range of 1% to 3% for the third quarter reflects a lower level of growth than we expect to generate over a long-term basis.

然而，儘管我們對產業的長期發展前景依然充滿信心，但很明顯，多種因素正在共同作用，為我們的產業帶來短期不利影響。因此，我們認為謹慎的做法是將我們的指導方針納入其中——與當前的商業環境保持一致。因此，我們更新後的第三季同業成長預期範圍為 1% 至 3%，反映出的成長水準低於我們預期在長期內實現的成長水準。

On a 2 and 3-year stack basis, the revised guidance range for the third quarter is consistent with our actual results in the first and second quarters of 2017. Our business thus far in the quarter is solid. And we are comfortable with our 1% to 3% guidance, keeping in mind that the majority of the quarter is still in front of us. We are also revising our full year guidance to 1% to 2% from our previous guidance of 3% to 5% based on our actual performance during the first 6 months of 2017 and our revised expectations for the remainder of the year.

從 2 年和 3 年的累積收益來看，第三季的修訂預期範圍與我們 2017 年第一季和第二季的實際業績一致。本季度迄今為止，我們的業務表現穩健。我們對 1% 至 3% 的成長預期感到滿意，同時考慮到本季的大部分時間尚未到來。根據 2017 年上半年的實際業績以及對下半年業績的修訂預期，我們將全年業績預期從之前的 3% 至 5% 調整為 1% 至 2%。

This full-year guidance also incorporates calendar headwinds in the fourth quarter resulting from an additional Sunday in 2017 versus the fourth quarter of 2016 as well as the timing of the Christmas holiday, which falls on a Monday this year versus a Sunday last year. Both of these calendar shifts create headwind for us since most professionals shops are closed on Sunday and it represents our lightest volume day of the week.

這項全年業績預期也考慮了2017年第四季因比2016年第四季多一個星期日而導致的日曆不利因素，以及聖誕節假期時間的變化——今年的聖誕節假期是星期一，而去年是星期日。這兩個日曆變化都給我們帶來了不利影響，因為大多數專業商店週日都關門，而周日是我們一周中業務量最少的一天。

I'd now like to discuss our gross margin results for the second quarter and our revised guidance for the full year. Our second quarter gross margin of 52.4% was below our expectations as we saw a deleverage of fixed costs within our gross margin on the lower-than-expected sales volume. With the update to our sales guidance, we would expect to see similar pressure from deleverage on fixed cost in the back half of 2017 and now expect our full-year gross margin to be within the range of 52.5% to 52.9%. We continue to see an absence of broad-based pressure to pricing in our industry, and we assume no significant inflation in both our comparable store sales and gross margin guidance.

現在我想討論一下我們第二季的毛利率業績以及我們對全年業績的修訂預期。由於銷售量低於預期，導致毛利率中固定成本的槓桿作用減弱，因此我們第二季的毛利率為 52.4%，低於預期。隨著銷售預期的更新，我們預計 2017 年下半年固定成本槓桿化程度降低將帶來類似的壓力，現在預計全年毛利率將在 52.5% 至 52.9% 之間。我們繼續看到，我們所在行業的價格沒有面臨普遍壓力，因此我們預計同店銷售額和毛利率都不會顯著上漲。

I'd like to spend a few minutes discussing our diluted earnings per share results and some discrete items, which benefited EPS for the second quarter. As we disclosed on our press release yesterday, we realized a $9 million benefit in SG&A for a reduction to legal reserve related to a legacy claim. This item represented a $0.06 benefit to EPS for the second quarter. In addition, we also realized a $0.09 benefit in the second quarter from a change in accounting related to the tax benefit from stock option gains. This is the same item that reduced our income tax rate during the first quarter, and Tom will discuss it in more detail later. Excluding both of these benefits, our EPS fell short of our guidance range as a result of soft sales and corresponding leverage pressure on our business but still represented an increase of 11% over the second quarter of 2016.

我想花幾分鐘時間討論我們稀釋後的每股盈餘結果以及一些對第二季每股盈餘有利的特殊項目。正如我們昨天在新聞稿中所披露的，由於與一項歷史遺留索賠相關的法律準備金減少，我們在銷售、一般及行政費用方面獲得了 900 萬美元的收益。該項目為第二季每股收益帶來了 0.06 美元的收益。此外，由於股票選擇權收益的稅務優惠相關的會計處理變更，我們在第二季也獲得了 0.09 美元的收益。這與第一季降低我們所得稅率的項目相同，湯姆稍後會詳細討論。在剔除這兩個利好因素後，由於銷售疲軟和業務相應的槓桿壓力，我們的每股收益未能達到預期範圍，但與 2016 年第二季度相比仍增長了 11%。

Moving to the remainder of 2017. We are establishing third quarter EPS guidance range of $3.10 to $3.20 and adjusting our full year guidance to a range of $11.77 to $11.87. Our full-year guidance includes the previously discussed positive benefits realized in the first 6 months of the year from the change in accounting for taxes and legal reserve adjustments as well as the shares repurchased through today's call. But neither the third quarter nor the full year guidance includes any additional benefit related to the accounting change for taxes or additional share repurchases.

接下來是2017年剩餘的時間。我們確定第三季每股收益預期範圍為 3.10 美元至 3.20 美元，並將全年預期調整為 11.77 美元至 11.87 美元。我們的全年業績指引包括先前討論過的上半年因稅務會計處理變化和法定準備金調整而實現的積極收益，以及透過今天的電話會議回購的股份。但無論是第三季或全年業績預期，都不包括與稅務會計變更相關的任何額外收益或額外的股票回購。

Finally, I'd like to take a minute to provide an update on our omni-channel initiatives. Excellent customer service is the driver of our business. And as consumer shopping patterns evolve with advancements in technology, we are committed to providing each of our customers with convenient, seamless buying experience, whether they begin a transition in one of our stores, on the phone or on our website. We are continually evaluating and enhancing our omni-channel experience for our customers and took another great step forward on July 12 with the launch of our newly redesigned oreillyauto.com website. The new site has a dramatically enhanced look, feel and usability. It's easier to navigate and search, has improved responsiveness to multiple devices and is equipped with an enhanced promotional functionality. We are very pleased with the excellent work done by our teams on this key initiative. And I would encourage everyone to check out our new website.

最後，我想花一點時間向大家報告我們的全通路計畫的最新進展。優質的客戶服務是我們業務發展的驅動力。隨著科技的進步，消費者的購物模式也在不斷變化，我們致力於為每位顧客提供便利、無縫的購物體驗，無論他們是在我們的門市、電話或網站上開始購物。我們不斷評估和改進為客戶提供的全通路體驗，並在 7 月 12 日推出了全新改版的 oreillyauto.com 網站，邁出了又一大步。新網站在外觀、使用者體驗和易用性方面都得到了顯著提升。它更容易瀏覽和搜索，對多種設備的響應速度更快，並且配備了增強的促銷功能。我們對團隊在這項重要舉措中所做的出色工作感到非常滿意。我鼓勵大家去看看我們的新網站。

Before I turn the call over to Jeff, I would just like to reiterate our confidence in our business model, our team and the opportunity we have to continue to take market share and generate exceptional returns for our shareholders. Ultimately, we know that long-term success in our industry is the direct result of providing the best value to our customers, the key to which is the exceptional parts availability and customer service we provide. And I would like to thank our team once again for their continued dedication to serving our customers.

在將電話交給傑夫之前，我想重申我們對我們的商業模式、團隊以及我們繼續擴大市場份額並為股東創造卓越回報的機會充滿信心。歸根結底，我們知道，我們行業的長期成功直接源於為客戶提供最佳價值，而關鍵在於我們提供的卓越的零件供應和客戶服務。我再次感謝我們的團隊一直以來對客戶服務的奉獻精神。

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. I'd also like to begin my comments today by thanking our team for their continued dedication to our company's success and the relentless commitment to excellent customer service. So if Greg Henslee and Greg Johnson have discussed our sales results in detail, so I won't repeat what they've said. But I will add a few additional comments to give perspective to what we saw in the marketplace in the first half of 2017.

謝謝你，格雷格，大家早安。今天，我首先要感謝我們的團隊，感謝他們為公司的成功所做的持續貢獻，以及他們對提供優質客戶服務的不懈努力。既然 Greg Henslee 和 Greg Johnson 已經詳細討論過我們的銷售業績，那我就不再贅述他們說過的話了。但我還要補充幾點評論，以便更好地理解我們在 2017 年上半年在市場上看到的情況。

Those listening today who have followed our company in this industry for a long time know that we operate in a very stable environment in that the highs for our industry are never too high and the lows are never that low. Regardless of the broader market conditions that might exist at any given time, we've always set a very high bar for ourselves, and we're certainly not satisfied with the 1.7% comparable store sales growth results.

今天收聽節目的各位，如果你們長期關注我們公司在這個行業的發展，就會知道我們公司在一個非常穩定的環境中運營，因為我們行業的峰值永遠不會太高，谷底也永遠不會太低。無論當時的市場狀況如何，我們始終對自己設定很高的標準，對於1.7%的同店銷售成長結果，我們當然並不滿意。

In our day-to-day discussions with our field management team, from store managers up the chain to senior vice presidents, we never accept soft market conditions as an excuse for falling short of our goals. One of the most common mottos in our store operations group states that as long as there are customer cars in our competitors' parking lots or there are other company delivery trucks dropping off parts to professionals shops in our markets, we haven't captured all the business that we're entitled to, and we're missing an opportunity to grow sales. This has been our philosophy since the beginning. And it still applies to the current market conditions.

在與我們的現場管理團隊（從門市經理到高級副總裁）的日常討論中，我們絕不接受疲軟的市場環境作為未能實現目標的藉口。我們門市營運團隊中最常見的格言之一是：只要競爭對手的停車場裡還有顧客的車，或者其他公司的送貨卡車還在向我們市場上的專業維修店運送零件，我們就還沒有獲得我們應得的所有業務，並且錯失了增長銷售額的機會。這自始至終都是我們的理念。而且，這一結論仍然適用於當前的市場狀況。

In my 33 years in this business, we've seen many cycles of slower demand in our industry, and we've seen strong demand return after these periods of sluggish growth. Just as importantly, we've seen time and again the opportunity that challenging market conditions can present for our company. Our focus on maintaining an extremely high standard of customer service when business is soft allows us to build long-term relationships ultimately reinforcing our industry-leading position. To that end, while we're not pleased with our performance in the first half of the year, I can attest that our service to our customers has never been better, and we won't let the current market dynamics provide a convenient excuse to fall down on their job of taking care of our customers every day.

在我從事這個行業的 33 年裡，我們經歷了業界許多次需求放緩的周期，也經歷了這些成長緩慢時期之後強勁的需求回歸。同樣重要的是，我們已經一次又一次地看到，充滿挑戰的市場環境能夠為公司帶來機會。在業務低迷時期，我們依然專注於維持極高的客戶服務標準，這使我們能夠建立長期的合作關係，最終鞏固我們在業界的領先地位。為此，雖然我們對上半年的業績並不滿意，但我可以保證，我們對客戶的服務從未如此出色，我們不會讓當前的市場動態成為我們懈怠工作、疏忽日常客戶服務的藉口。

Now I'd like to spend a little time talking about our SG&A expense for the second quarter. Our SG&A, excluding the $9 million benefit Greg discussed earlier, was 32.8% of sales, which represents a 55 basis point increase over the second quarter of 2016. The deleverage of our SG&A spend was the direct result of the top line pressure to our comparable store sales results. While we're certainly not pleased with the deleverage of our SG&A spend, we're reasonably pleased with the expense control discipline our team showed by eliminating the dollar growth in average per store SG&A expense in the second quarter to 1.2% as compared to the same period last year. These results reflect some reduction to our expected SG&A in response to the sales environment we encountered in the second quarter but does not reflect any dramatic adjustments, which would negatively impact our customer service levels.

現在我想花一點時間談談我們第二季的銷售、管理及行政費用。不包括 Greg 先前提到的 900 萬美元收益，我們的銷售、一般及行政費用佔銷售額的 32.8%，比 2016 年第二季度增長了 55 個基點。銷售、一般及行政費用的降低是由於同店銷售業績面臨營收壓力而直接導致的。雖然我們對銷售、一般及行政費用的去槓桿化程度並不滿意，但我們對團隊在費用控制方面展現出的紀律性感到相當滿意，他們在第二季度將每家門店的平均銷售、一般及行政費用增長幅度控制在了 1.2%（與去年同期相比）。這些結果反映出，為了因應第二季遇到的銷售環境，我們預期的銷售、一般及行政費用有所減少，但並未反映出任何可能對我們的客戶服務水準產生負面影響的重大調整。

Over the course of our time in this business, we've seen multiple examples where competitors have made significant cuts to SG&A, principally to store and field payroll, which negatively impacted their customer service levels. In each of these instances, we benefited by maintaining our same level of customer service. Ultimately, our customers require a high level of service, and we simply cannot justify to them a shortfall in service just because our sales are soft. To the contrary, our professional customers are encountering the same market conditions that we're experiencing, and they react by working even harder to provide excellent service to their customers and they demand the same from us. Controlling expenses is a key focus of all of our teams. And as we plan for our SG&A spend in the back half of the year, we will make only those adjustments that are prudent and won't negatively affect customer service.

在我們從事這項業務的這些年裡，我們看到了許多競爭對手大幅削減銷售、一般及行政費用的例子，主要是削減門市和現場工資，這嚴重影響了他們的客戶服務水準。在這些例子中，我們都因維持了相同的客戶服務水準而受益。歸根結底，我們的客戶需要高水準的服務，我們不能因為銷售不景氣就降低服務質量，以此來向他們解釋。相反，我們的專業客戶正面臨著與我們所面臨的同樣的市場狀況，他們透過更加努力地為客戶提供優質服務來應對，並且他們也要求我們做到這一點。控製成本是我們所有團隊的重點工作。在規劃下半年的銷售、一般及行政費用時，我們將只做出審慎的調整，並且不會對客戶服務產生負面影響。

While we're reducing our guidance expectations for comparable store sales growth for the remainder of 2017, we still expect to staff our business to provide the customer service levels necessary to gain market share and grow our business. As a result, we're leaving our average per store SG&A increase unchanged at 1.5% to 2% in order to execute this strategy, although we now expect to come in at the bottom of that range. The revision to our full-year operating margin guidance reflects this expected SG&A spend.

雖然我們下調了對 2017 年剩餘時間同店銷售成長的預期，但我們仍然希望能夠配備足夠的人員，為公司提供必要的客戶服務水平，從而獲得市場份額並發展業務。因此，為了執行這項策略，我們將每家店的平均銷售、管理及行政費用增幅維持在 1.5% 至 2% 不變，儘管我們現在預計最終增幅將處於該範圍的下限。我們對全年營業利潤率預期的調整反映了這項預期的銷售、管理及行政費用。

Before I turn the call over to Tom, I'd like to spend a few minutes discussing our store growth in the first 6 months of the year and our plans moving forward. In the second quarter, we successfully opened 46 net new stores, bringing our year-to-date total to 105 net new stores. We're well on our way to achieving our new-store growth target of 190 stores for 2017. As we have for several quarters now, our store growth in the second quarter was spread across the country with openings in 23 different states. We remain pleased with the performance of our new stores, which continue to open strongly as compared to both our historical averages and our internal expectations.

在將電話交給湯姆之前，我想花幾分鐘時間討論我們門市在今年前六個月的成長情況以及我們未來的計劃。第二季度，我們成功淨增 46 家門市，使今年迄今淨增門店總數達到 105 家。我們正朝著實現 2017 年新增 190 家門市的目標穩步前進。與過去幾季一樣，我們第二季的門市成長遍及全國，在 23 個不同的州開設了新店。我們對新店的業績依然感到滿意，與歷史平均和內部預期相比，新店的開幕業績持續強勁增長。

We're very confident in the strength of the long-term prospects for our business and in our strategy of investing capital in new-store growth at a high rate of return for our shareholders. Our success in opening profitable stores in new, diverse market areas as well as continuing to fill out existing markets we've operated in a long time is a confirmation of the success of our business model. Our ability to leverage our extensive distribution network to provide industry-leading inventory availability allows us to replicate our success and capture market share as we expand into new markets.

我們對公司業務的長期前景以及將資本投資於新店成長以期為股東帶來高回報率的策略充滿信心。我們在新的、多元化的市場領域成功開設營利門市，並不斷拓展我們長期經營的現有市場，證明了我們商業模式的成功。我們利用廣泛的分銷網絡提供領先業界的庫存供應能力，使我們能夠複製成功並隨著我們拓展到新市場而獲得市場份額。

I'd like to conclude my comments today by again thanking our team for their continued dedication to providing the best customer service in our industry. The key driver of our past success is the hard work and professionalism of our team, which will be the fuel that drives our growth moving forward.

今天，我謹以此結束我的發言，再次感謝我們的團隊一直以來致力於提供業界最佳的客戶服務。我們過去成功的關鍵驅動力是團隊的辛勤工作和專業精神，這也將成為我們未來發展的動力。

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 updated guidance for the remainder of 2017. For the quarter, sales increased to $114 million, comprised of a $54 million increase in comp store sales; a $60 million increase in non-comp store sales; a $1 million increase in non-comp, non-store sales; and $1 million decrease from closed stores. Consistent with our historical practice, we have included the results of the acquired Bond stores as a component of our comparable store sales percentage calculation starting in the first quarter.

謝謝你，傑夫。現在我們將仔細看看我們的季度業績以及 2017 年剩餘時間的最新指引。本季銷售額增至 1.14 億美元，其中同店銷售額增長 5,400 萬美元；非同店銷售額增長 6,000 萬美元；非同店、非門市銷售額增長 100 萬美元；以及因門市關閉而減少 100 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百分比的計算中。

For 2017, we now expect our total revenues to be $8.9 billion to $9.1 billion, which is a reduction from our previous range of $9.1 billion to $9.3 billion as a result of our performance in the first 6 months of 2017 and our revised comparable store sales growth guidance range for the full year. For the quarter, gross margin was 52.4% of sales, an improvement of 60 basis points over the prior year, driven by substantially lower LIFO headwind in the second quarter of 2017.

鑑於 2017 年上半年業績以及我們對全年同店銷售成長預期範圍的修訂，我們現在預計 2017 年總收入為 89 億美元至 91 億美元，低於此前預期的 91 億美元至 93 億美元。本季毛利率為銷售額的 52.4%，比上年同期提高了 60 個基點，主要得益於 2017 年第二季 LIFO 不利因素的大幅降低。

The LIFO impact resulting from continued incremental acquisition cost reductions was a headwind of $10 million in the second quarter of 2017 versus $23 million in the same period of 2016 when we realized significant cost reductions from a specific supplier negotiation. We are anticipating the headwind for each of the third and fourth quarters of 2017 to be approximately half of the second quarter amount but could see additional headwinds if cost reductions exceed our current expectations.

由於持續的增量採購成本降低，後進先出法 (LIFO) 的影響在 2017 年第二季度造成了 1000 萬美元的不利影響，而 2016 年同期，由於我們透過與特定供應商的談判實現了顯著的成本降低，該影響為 2300 萬美元。我們預計 2017 年第三季和第四季的不利因素約為第二季的一半，但如果成本削減超過我們目前的預期，則可能會面臨額外的不利因素。

I would now like to provide some additional details on the impact to our earnings per share from the new share-based compensation accounting standard. As Greg indicated, we realized a benefit in the second quarter of $0.09 related to the application of the new standard, which 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 realize upon the 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.

現在我想就新的股權激勵會計準則對我們每股盈餘的影響提供一些補充細節。正如 Greg 所指出的，我們在第二季度實現了 0.09 美元的收益，這與新準則的應用有關。該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在發行股權獎勵時確認的估計收益。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。

As a result of the change in the accounting standard, our effective tax rate for the second quarter was 35.2% of pretax income, a reduction from 36.9% for the second quarter of 2016. 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 37.0% with a lower expected core tax rate for the third quarter of approximately 36.4% in anticipation of the adjustments to our tax reserves for the totaling of certain open tax periods.

由於會計準則的變更，我們第二季的實際稅率為稅前收入的 35.2%，低於 2016 年第二季的 36.9%。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。全年來看，我們仍然預期核心稅率（不包括會計變更的好處）為 37.0%，而第三季核心稅率預計會降低至約 36.4%，這是因為預計我們會對某些未結稅期的稅務準備金進行調整。

Now we'll move on to free cash flow and the components that drove our results in the quarter and our guidance expectations for the full year of 2017. Free cash flow for the first 6 months of 2017 was $451 million, which was a $128 million decrease from the prior year, driven by an increase in our net inventory in the first half of 2017 compared to a decrease in the prior year. We are reducing our full-year guidance to a range of $830 million to $880 million from our previous range of $930 million to $980 million. This reduction reflects a lower net income expectation corresponding to our revised total revenue guidance as well as lower projected AP as a percent of inventory.

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 年全年的業績預期。2017 年上半年的自由現金流為 4.51 億美元，比去年同期減少了 1.28 億美元，原因是 2017 年上半年淨庫存增加，而去年同期則有所減少。我們將全年業績預期從先前的 9.3 億美元至 9.8 億美元下調至 8.3 億美元至 8.8 億美元。這一減少反映了我們修訂後的總收入預期下調，以及預計應付帳款佔庫存的百分比降低，從而導致淨收入預期下降。

Inventory per store at the end of the quarter was $600,000, which was a 4% increase from the end of 2016, in line with our expectations for normal seasonal fluctuations. 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 at a lower rate than the comparable store sales growth we generate. And while we now project these growth rates will be similar for 2017, we remain confident in our effective deployment of inventory.

本季末每家門市的庫存為 60 萬美元，比 2016 年底成長了 4%，符合我們對正常季節性波動的預期。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速度低於同店銷售成長速度。雖然我們現在預計 2017 年的成長率將與此類似，但我們仍然對我們有效部署庫存充滿信心。

Our AP-to-inventory ratio finished the second quarter at 104%, which is down from 106% at the end of 2016 and was below our expectation as a result of the lower level of inventory purchases related to the soft sales environment in the first 6 months of the year. We would now expect this pressure to our AP percentage to persist throughout -- through the end of the year, in line with our revised total revenue guidance. As a result, our adjusted free cash flow guidance assumes a revised expectations that our AP-to-inventory ratio will finish the year at approximately 105% versus our previous guidance of 107%.

第二季末，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，這是由於今年前 6 個月銷售環境疲軟導致庫存採購量下降所致。我們現在預計，這種對應付帳款百分比的壓力將持續到年底，這與我們修訂後的總收入預期一致。因此，我們調整後的自由現金流預期假設，我們的應付帳款與存貨比率將在年底達到約 105%，而我們先前的預期為 107%。

Finally, capital expenditures for the first half of the year ended at $228 million, which was up slightly from the same period of 2016 and in line with our expectations. We continue to forecast FX at $470 million to $500 million for the full year of 2017.

最後，上半年資本支出達到 2.28 億美元，比 2016 年同期略有成長，符合我們的預期。我們繼續預測 2017 年全年外匯收入為 4.7 億至 5 億美元。

Moving on to debt. We finished the second quarter with an adjusted debt-to-EBITDA ratio of 1.95x as compared to a ratio of 1.63x at the end of 2016. The increase in our leverage ratio reflects incremental borrowings on our newly expanded $1.2 billion unsecured revolving credit facility and an increase in the volume of share repurchases in the first 6 months of 2017. Our increased borrowings moved us toward our targeted range of 2 to 2.25x. And we would continue to expect to move into this range as timing is appropriate.

接下來談談債務問題。第二季末，我們調整後的負債與 EBITDA 比率為 1.95 倍，而 2016 年底的比率為 1.63 倍。我們的槓桿率上升反映了我們新擴大的 12 億美元無擔保循環信貸額度的增量借款，以及 2017 年上半年股票回購量的增加。我們增加的借款使我們的借款倍數達到了 2 倍至 2.25 倍的目標範圍。我們預計在時機成熟時，會繼續將價格調整到這個範圍內。

We continue to execute our share repurchase program. And year-to-date, we've repurchased 5.3 million shares at an average share price of $253.13 for a total investment of $1.3 billion. During the second quarter, we repurchased 3.5 million shares at an average price of $245.26. Our average purchase price was driven by the completion earlier in the quarter of our targeted total dollar amount of repurchases prior to the significant decrease in the price of our stock. While we did not anticipate the stock price decline in setting our buying grid program for the quarter, we remain very confident that the average repurchase price is supported by expected discounted future cash flows of our business. And we continue to view our buyback program as an effective means to return available cash to our shareholders.

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 253.13 美元的價格回購了 530 萬股股票，總投資達 13 億美元。第二季度，我們以平均每股 245.26 美元的價格回購了 350 萬股股票。我們的平均購買價格是由於在本季早些時候完成了我們預期的總美元回購目標，而這發生在我們股票價格大幅下跌之前。雖然我們在製定本季回購計畫時並未預料到股價下跌，但我們仍然非常有信心，平均回購價格能夠得到我們業務預期未來現金流折現的支持。我們仍然認為股票回購計畫是向股東返還可用現金的有效途徑。

Finally, before I open up our call to your questions, I'd like to thank the entire O'Reilly team for their continued dedication to the company's long-term success. This concludes our prepared comments. And 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.

最後，在正式開始回答大家的問題之前，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。我們的發言到此結束。此時，我想請接線員維多利亞回到電話線，我們將很樂意回答您的問題。

(Operator Instructions) And our first question comes from Matt Fassler from Goldman Sachs.

（操作說明）我們的第一個問題來自高盛的馬特法斯勒。

My first question, Tom, is a follow-up on your last topic, which related to the buyback. So you bought back a lot earlier in the quarter. I think this is the first time in a while that there had been no buyback subsequent to the end of the quarter. And I know the stock was already -- had already come under pressure at that point in time. So can you discuss the mechanics of the grid and of the program and where you are today? We know where your leverage is, but what your comfort level is with it and how you all feel about moving into that range now, given where the stock price is versus recent history.

湯姆，我的第一個問題是你上一個主題的後續，那個話題與回購有關。所以你在本季初回購了很多商品。我認為這是近段時間以來，季度末之後首次沒有進行股票回購。我知道當時這支股票已經──已經承受著壓力了。那麼，您能否談談網格和程式的運作機制，以及您目前所處的階段？我們知道您的槓桿水平，但您對此的舒適程度以及考慮到當前股價與近期歷史相比，您對現在進入該區間有何感想。

Okay. When we look at our buyback program, we have a certain period of time that we have an open window. As we entered the last 3 to 4 weeks of the quarter, we closed trading. But we filed a 10b5-1 and we buy off a predetermined grid. So if we look at this last quarter, when we filed our grid, we had a certain amount of dollars of shares we were going to buy. And we bought those dollars of shares prior to the reduction of the stock price. So in that closed period, we can adjust our purchases.

好的。當我們檢視我們的回購計畫時，我們會設定一個開放回購的時間段。進入季度最後 3 到 4 週時，我們停止了交易。但我們提交了 10b5-1 表格，並按照預先確定的網格進行採購。所以，如果我們回顧上個季度，當我們提交表格時，我們計劃購買一定金額的股票。我們是在股價下跌之前買進了這些價值美元的股票。因此，在這段休市期內，我們可以調整採購計畫。

So you're able now to reset the grid, if you will, and start again? And would that be what you'd expect to have happened in the ordinary course?

所以現在你可以重置網格，然後重新開始嗎？而這是否是你在正常情況下預期會發生的事？

So our open-to-buy period opens 2 days after our conference call and will close again about 3 weeks before the end of the third quarter. And we will make daily market decisions on buying shares back during that period.

因此，我們的開放購買期將在電話會議結束後 2 天開始，並在第三季結束前約 3 週再次結束。在此期間，我們將每日根據市場狀況決定是否回購股票。

That's super helpful. And then the follow-up I'd like to ask, it's related to your comments on Hispanic customers. It's obviously an atypical topic, but it's been coming up from time to time. For you all to mention it, presumably you have an empirical sense that this has been a factor. So if you can talk about what you've observed, if it's on a regional basis and how one actually assesses that this is transpiring and maybe how big of a magnitude of that is in terms of the impact on the business.

這太有幫助了。然後我想問一個後續問題，這與您之前對西班牙裔顧客的評論有關。這顯然是一個非典型的話題，但它不時會被提及。你們都提到這一點，想必你們已經透過經驗判斷出這確實是一個因素。所以，如果你能談談你觀察到的情況，例如是否在區域範圍內，以及如何評估這種情況的發生，以及這種情況對企業的影響程度，那就太好了。

Okay. Well, to start, Matt, I don't have a measure of the magnitude. But what I can tell you is that in the area -- in our market areas that we know to be heavier Hispanic areas, South Texas, Arizona, Southern California, just those areas, not there aren't significant Hispanic populations in other parts of the country, but those are the most prominent, we've seen some kind of unexplainable softness. And then also the words we hear from The Street are that some of the Hispanic shops are not open, they've closed. There's just not as much traffic in those Hispanic areas as what there has been, and then -- so we've kind of asked ourselves these questions internally. And there's an organization called NPD that gathers data for all retailers. And this observation applies not just to the automotive aftermarket but to other industries as proven by the data that NPD has gathered from a multitude of retailers, which shows that these areas that are heavy Hispanic, that there's been a decline in retail transactions, not just in the Hispanic demographic but in general. It's attributed to those being heavy Hispanic areas that is being attributed to this kind of decline in spending among the Hispanic population.

好的。首先，馬特，我無法衡量其規模。但我可以告訴你的是，在我們市場中那些西班牙裔人口較多的地區，例如德克薩斯州南部、亞利桑那州、加利福尼亞州南部，僅僅是這些地區，雖然美國其他地區也有大量的西班牙裔人口，但這些地區最為突出，我們看到了一些無法解釋的疲軟現象。此外，我們從街上聽到的消息是，有些西班牙裔商店沒有開門，而且已經關門了。這些西班牙裔聚居區的交通流量不如以前那麼大了，所以我們內部也一直在思考這些問題。還有一個名為 NPD 的組織，專門收集所有零售商的數據。這項觀察結果不僅適用於汽車售後市場，也適用於其他產業。 NPD 從眾多零售商收集的數據證明，在西班牙裔人口密集的地區，零售交易量有所下降，不僅在西班牙裔人口中，而且總體上都是如此。造成西班牙裔人口消費下降的原因被認為是這些地區西班牙裔人口眾多。

And has this trend been evident, Greg, through the fiscal year? Or did this particular piece of it accelerate in the second quarter?

格雷格，這種趨勢在本財年是否一直存在？或者說，這一部分在第二季加速發展了嗎？

It's been kind of talked about. It was talked about early in the year as kind of a foreseen problem and something that many observed. And then I'd say late in the first quarter, NPD started talking about it. And I think that now it's a pretty well-known observation among most retailers that it's a bit of an issue in these heavy Hispanic areas.

這件事之前已經有人討論過了。年初的時候，人們就討論過這個問題，認為這是一個可以預見的問題，也是許多人觀察到的現象。然後，我估計在第一季末，NPD 開始談論這件事。而且我認為，現在大多數零售商都清楚地認識到，在這些西班牙裔人口密集的地區，這確實是一個問題。

Our next question comes from Seth Sigman from Crédit Suisse.

下一個問題來自瑞士信貸的塞思·西格曼。

My first question is around the trend in July. So I think you said that the business is solid thus far in the third quarter. Does that imply an improvement from the end of the second quarter? And then if so, Greg, you highlighted a number of issues that are weighing on the industry. Most are not necessarily short-term issues. So I guess the question is what could be driving that sequential improvement? And is there anything specific that you're doing differently?

我的第一個問題是關於七月的趨勢。所以，我想您是說公司第三季至今的業務表現穩健。這是否意味著比第二季末的情況有所改善？如果是這樣，格雷格，你指出了困擾該行業的許多問題。大多數問題未必是短期問題。所以我想問的是，是什麼因素推動了這種循序漸進的改進？你們在具體做法上有什麼不同之處嗎？

The trend is -- well, what we would say is business has been solid. Yes, we've had a slight improvement over the first or the second quarter. We have confidence in our 1% to 3% guidance. We have tough compares on a 3-year stack basis. But we feel confident that we will be on our guidance. As far as the drivers of the softness in our business, multiple factors. The weather thing cures. The vehicle population, the bubble I talked about and vehicles that were made from -- or sold in 2008 to 2011, that kind of cures over time. When there's economic uncertainty and consumers defer repairs, that kind of that cures. We benefited the last 2 to 3 years from some decrease in the amount of unperformed maintenance. And we may be building more unperformed maintenance right now as a result of those deferrals. But we feel like that cures over time. The primary thing that we're doing right now that I think positions us better long term is we're aggressively pursuing a more robust omni-channel strategy. We want customers -- as any retailer would, we want customers to see O'Reilly Auto Parts for what we are, the same as if they walk in a store, if they're on their phone or their computer at home or their iPad or whatever it is. And I think the launch of our new website puts us in a much better position to show customers the quality of the company that we are and the levels of the service that we provide. But then secondly, as we position ourselves to execute our strategy from an online promotions and things like that, and that's where the process is doing. I don't want to go into a lot of detail about exactly what our strategy is because I don't want to tell our competitors what we're doing ahead of us doing it. But I will tell you that it's a primary focus of our company. And I think it's one of the things that will help us drive improved comparable store sales in the future.

趨勢是——嗯，我們可以說，業務一直很穩健。是的，與第一季或第二季相比，我們略有改善。我們對1%至3%的成長預期充滿信心。我們有三年時間跨度的嚴格對比。但我們相信，我們會按照我們的指導方針行事。導致我們業務疲軟的因素很多。天氣因素會治癒這種病。車輛保有量、我之前提到的泡沫以及 2008 年至 2011 年製造或銷售的車輛，隨著時間的推移，這種情況會逐漸得到改善。當經濟情勢不明朗，消費者延後維修時，這種情況就能得到緩解。過去兩三年裡，未執行的維護工作量有所減少，我們從中受益匪淺。由於這些延期，我們現在可能會造成更多未執行的維護工作。但我們認為這種情況會隨著時間而改善。我認為，我們目前正在做的最主要的事情，也是讓我們在長期發展中處於更有利地位的事情，就是我們正在積極推行更強大的全通路策略。我們希望顧客——就像任何零售商一樣，我們希望顧客無論走進實體店、在家使用手機、電腦、iPad 或其他任何設備，都能看到 O'Reilly Auto Parts 的真實面貌。我認為，我們新網站的推出讓我們能夠更好地向客戶展示我們公司的品質和我們提供的服務水準。其次，當我們準備透過線上推廣等方式執行我們的策略時，這就是流程所在。我不想過多透露我們具體的戰略細節，因為我不想在競爭對手之前告訴他們我們正在做什麼。但我可以告訴你，這是我們公司的主要關注點。我認為這將是未來幫助我們提升同店銷售額的因素之一。

Okay. And then my follow-up question is around the growth algorithm for the company going forward. If we assume 1% to 3% is the new norm for comps over the medium term, how does that play out from an earnings perspective?

好的。接下來，我的問題是關於公司未來的成長演算法。如果我們假設中期內同店銷售額成長1%到3%是新的常態，那麼從獲利角度來看，這將產生怎樣的影響？

Do you want to take that, Tom?

湯姆，你想拿走嗎？

Yes. Seth, I'm not sure we're saying that our -- or I'm sure we're not saying that our long-term growth rate is 1% to 3%. We're not going to set guidance beyond the end of the year. What I would tell you is that we are a company that opens a lot of stores and have a lot of immature stores, have a lot of growth potential in markets that we're not in. And we're going to need to be in the 2% to 2.5% average store SG&A -- 2% to 2.5% comps to leverage our SG&A. So our expectation on the medium to long term is that we're going to be above that percentage.

是的。塞思，我不確定我們是不是在說——或者說，我確定我們不是在說我們的長期成長率是 1% 到 3%。我們不會制定年底以後的業績指引。我想告訴大家的是，我們是一家開設了很多門市、但其中許多門市還不成熟的公司，我們在尚未涉足的市場擁有很大的成長潛力。我們需要將門市平均銷售、管理及行政費用率控制在 2% 到 2.5% 之間——也就是同店銷售、管理及行政費用率在 2% 到 2.5% 之間，才能有效利用我們的銷售、管理及行政費用。因此，我們預期中長期來看，這一比例將高於這個百分比。

Our next question comes from Scot Ciccarelli from RBC Capital Markets.

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。

I guess I'll address the elephant in the room here. There's obviously been a lot of hand-wringing regarding Amazon trying to get more aggressive in this segment. Given some of the product price differentials that we can see, do you guys envision a scenario where you have to enact some type of price matching program over time to protect market share, particularly in the DIY segment?

我想我得談談這個大家都心知肚明卻又避而不談的問題了。顯然，對於亞馬遜試圖在這個領域採取更積極的策略，許多人感到擔憂。鑑於我們看到的一些產品價格差異，你們是否設想過，為了保護市場份額，尤其是在DIY領域，你們需要隨著時間的推移實施某種價格匹配計劃？

Well, here's what I would tell you. I think if a customer decides to buy an auto part online, which is not a new phenomenon, this has been going on for some time, I think that we're going to take the position that we need to have promotions and other venues on which a customer can buy a product online at a discount compared to what they would buy it for in one of our stores. I can tell you this, if a customer walks into our store and they are buying a product and they bring to our attention that Amazon or RockAuto or whoever it may be has it priced for less, obviously they need the part that day and they want to buy it that day or they wouldn't be in our store. We work with them to come up with a price that makes sense for them to walk out of the store with the part. We don't walk customers over pricing relative to Amazon and online pricing pressure.

嗯，我會這樣告訴你。我認為，如果顧客決定在線購買汽車配件（這並不是什麼新鮮事，這種情況已經持續一段時間了），我認為我們應該採取的立場是，我們需要推出促銷活動和其他管道，讓顧客能夠以比在我們實體店購買更低的價格在線購買產品。我可以告訴你，如果顧客走進我們的商店，正在購買一件商品，並告訴我們亞馬遜、RockAuto 或其他任何網站上的價格更低，顯然他們當天就需要這個零件，並且想當天就買到，否則他們就不會來我們店裡了。我們與他們協商，制定出一個他們能夠接受的價格，讓他們願意帶著零件走出商店。我們不會就價格與亞馬遜和線上價格壓力等問題與客戶進行溝通。

So Greg, with the growth of RockAuto and Amazon's, let's call it, increased penetration, have you had to work with more customers in terms of trying to find -- make sure that customer doesn't walk back out the door? Has it been a change in that kind of activity?

格雷格，隨著 RockAuto 的發展和亞馬遜（我們姑且稱之為）滲透率的提高，你是否需要與更多客戶打交道，努力尋找客戶，確保他們不會流失？這類活動是否發生了變化？

We monitor -- every single price override we do is heavily monitored. I get reporting on it. Jeff gets reporting on it. All of our SVPs, DVPs, we have detailed reporting. And no, it hasn't increased in the last 6 months over what it was in the 6 months prior. It's something that's been going on for some time, but it has not changed markedly in the last 6 months.

我們會進行監控－我們進行的每一次價格調整都會受到嚴格監控。我會收到相關報道。傑夫開始報道此事。我們所有的資深副總裁、副副總裁都有詳細的報告。不，在過去六個月裡，它並沒有比前六個月增加。這種情況已經持續了一段時間，但在過去6個月並沒有明顯變化。

Our next question comes from Michael Lasser from UBS.

下一個問題來自瑞銀集團的麥可·拉塞爾。

It was mentioned earlier that for the first time in a while, the professional business undercomped the DIY...

前面提到過，專業業務一段時間以來首次落後於DIY業務…

Michael, we can't hear you.

邁克爾，我們聽不到你的聲音。

Is that better?

這樣好些了嗎？

Yes, I can hear you now.

是的，我現在可以聽到你說話了。

It was mentioned earlier for the first time in a while, the professional business undercomped the DIY business. Do you think that there's evidence that you might be losing market share or at least not gaining market share at the same rate that you've been? And why or why not?

之前有一段時間沒提到這一點了，那就是專業業務不如 DIY 業務。你認為是否有證據表明你的市佔率可能正在下降，或至少沒有以之前的速度成長市場佔有率？為什麼？或者為什麼不？

Michael, we lost you again.

邁克爾，我們又失去你了。

Is that better?

這樣好些了嗎？

Yes, I can hear you.

是的，我聽得到你說話。

So the professional undercomped DIY. Do you think you're losing share in the professional business? And -- or at least not gaining the share that you had been?

所以專業人士低估了DIY的潛力。你認為你在專業業務領域的市佔率正在下降嗎？而且——或者至少沒有獲得你之前所擁有的份額？

No, we don't think that. Here's what I would tell you is that we -- in every store, we know the shops around it very well. And what I can tell you is the shops aren't busy as they were this time last year. There's just absolutely no question about it. I think that we've been able to defend and grow the wholesale business that we have or the professional business that we have. And that business has been a little slower this year than what it was last year. And I think the fact that our retail business grew slightly better from a comp store sales perspective than our professional business did just kind of lends to the fact that I don't think this decrease in comp store sales that we've seen this year is appropriately attributed to online for retail as the primary driver of the softness. And I think that the softness runs across both DIY and do-it-for-me.

不，我們不這麼認為。我想告訴你們的是，我們——在每一家店裡，我們都非常了解它周圍的店。我可以告訴你的是，商店的生意不如去年這個時候那麼火爆。這點毋庸置疑。我認為我們已經能夠捍衛並發展我們現有的批發業務或專業業務。今年的業務發展速度比去年略慢。我認為，從同店銷售的角度來看，我們的零售業務成長略好於我們的專業業務，這恰恰說明，我們今年看到的同店銷售下降不能簡單地歸因於零售業的線上銷售疲軟。我認為這種柔和的特質貫穿 DIY 和代勞兩種模式。

Are you seeing any changes in the competitive...

你認為競爭格局有什麼改變嗎？

Michael, we can barely hear you.

邁克爾，我們幾乎聽不到你的聲音。

I'm sorry. This is -- the quick follow-up is are you seeing any changes in the competitive landscape on the professional side of the business?

對不起。接下來要快速問的是，您是否觀察到企業專業領域的競爭格局發生了任何變化？

We couldn't hear, Mike, I'm sorry.

麥克，我們沒聽見，對不起。

Okay, I'll follow up later.

好的，我稍後會跟進。

Our next question comes from Steve Forbes from Guggenheim.

下一個問題來自古根漢美術館的史蒂夫福布斯。

Maybe just a follow-up on that question there that Michael was asking. I mean, from your standpoint, you kind of look at what's going on in both professional and DIY. I mean, can you just remind us or I guess provide us with a little color on what you think the respective growth rates are for the industry by segment? Where are they running? Where -- how should we think about them as we look out really maybe just for the remainder of this year?

也許可以對麥可剛才提出的那個問題做個後續回答。我的意思是，從你的角度來看，你會專注於專業領域和 DIY 領域正在發生的事情。我的意思是，您能否提醒我們一下，或簡單介紹一下您認為各細分行業各自的成長率是多少？他們往哪裡跑？那麼，我們該如何看待它們──展望今年剩餘的時間，我們究竟該如何看待它們？

I would say somewhere in the -- I think the industry put out some reporting here recently that they said that somewhere in like the 1% to 2% range, something like that. And I think the DIY would probably be the low end of that, the do-it-for-me would be the high end of that.

我認為大概在——我想最近業內人士發布了一些報告，他們說大概在 1% 到 2% 的範圍內，差不多是這個數。我認為自己動手可能屬於低端，而請人代勞則屬於高端。

And then just a quick follow-up, right, you talk about investments and what you're doing proactively maybe with the website. So you think about the elasticity of demand and potentially driving enhanced customer value proposition, I mean, are there other incremental investments that you think could have an impact on share? And then maybe just the second component of that is given the trends, right, you're seeing across the industry, are you seeing signs that less well-positioned players or competitors are pulling back investments, pulling back on strategic and proactive investments to maintain profitability as you think about the evolution of the landscape here?

然後，我們再快速跟進一下，對吧？您可以談談投資，以及您在網站方面正在採取的積極措施。所以，你會考慮需求彈性以及可能提升顧客價值主張，我的意思是，你認為還有其他增量投資可能會對市場佔有率產生影響嗎？那麼，第二個方面可能是，考慮到整個行業的趨勢，你是否看到一些跡象表明，一些處境不利的參與者或競爭對手正在減少投資，減少戰略性和前瞻性投資以維持盈利能力，因為你正在思考這個行業格局的演變？

Well, I think there are always things that you can do to drive incremental market share. You can give up margin with national accounts. You can put more inventory in the stores. There's a point of diminishing returns on inventory deployment. But the more inventory you have on an auto parts store, the more you'll sell. It's just a proven fact, and we've always known this. But we feel like we're well positioned from a supply chain standpoint and that those kinds of investments in an aggressive sense just don't make sense, considering the level of availability that we have today. I think what we're doing, omni-channel is a great investment and will be good for us. I think some of the things that we can do from a service-level standpoint on the do-it-for-me side of the business relative to having better control and tracking of where our vehicles are, I think that's a positive thing. There are several things, minor things that we are investing in that will drive better customer service levels. And that's ultimately the driver of sales growth in our business. And several things we work on, we don't just put them out there publicly because we don't want to tell our competitors ahead of time what we're doing. But there are several things that we are working on now that we feel like will drive incremental sales growth. As far as competitors pulling back on things, yes, I think there's -- I wouldn't call them investments, I would call them expense savings. So yes, we have a major competitor who's cut their operating expense through field management in a pretty major way. And yes, I would see that as having some impact on their ability to grow sales and provide the levels of the service that maybe they provided before as they have taken advantage of the opportunity to control expenses a little better.

我認為總有一些方法可以逐步擴大市場佔有率。使用國民帳戶時，你可能會損失利潤。您可以增加商店的庫存。庫存部署存在收益遞減點。但是，汽車配件商店的庫存越多，銷售就越高。這是一個已被證實的事實，我們一直都知道這一點。但從供應鏈的角度來看，我們感覺我們已經處於有利地位，考慮到我們目前的供應水平，積極進行這類投資是沒有意義的。我認為我們正在做的全通路行銷是一項很好的投資，對我們有利。我認為從服務等級的角度來看，在業務的「代辦」方面，我們可以做一些事情，例如更好地控制和追蹤我們的車輛所在位置，我認為這是一件好事。我們正在投資一些小事，這些投資將有助於提高客戶服務水準。而這最終正是我們業務銷售成長的驅動力。我們正在研究的一些項目，我們不會公開宣布，因為我們不想提前告訴競爭對手我們在做什麼。但我們正在努力推進幾項工作，我們認為這些工作將推動銷售額逐步成長。至於競爭對手縮減開支，是的，我認為——我不會稱之為投資，我會稱之為節省開支。是的，我們有一個主要競爭對手，他們透過現場管理大幅削減了營運成本。是的，我認為這會對他們提升銷售額和提供以前可能提供的服務水準的能力產生一定影響，因為他們利用這個機會更好地控制了開支。

Our next question comes from Mike Baker from Deutsche Bank.

下一個問題來自德意志銀行的麥克貝克。

I guess a couple of follow-ups. One, you were asked about the pricing environment and how you would potentially match pricing. But I guess following up on that, have you seen any changes in the pricing environment or anybody getting more competitive, including either your core main competitors, someone like Walmart, some of the online competitors? Are you seeing anyone try to be aggressive on price?

我想還需要幾個後續問題。第一，你被問到定價環境以及你將如何進行價格匹配。但我想就此展開討論，您是否注意到價格環境發生了任何變化，或者出現了任何更具競爭力的競爭對手，包括您的主要競爭對手，例如沃爾瑪，以及一些在線競爭對手？你看到有人在價格上採取激進策略嗎？

Really nothing unusual. There's always promotions that go on, especially when sales are soft. You'll see competitors that go out with, for instance, R-134a, the refrigerant that runs the air-conditioners in vehicles, it's typically sold in 30-pound cylinders. We've seen it being sold below cost on promotions here in the last month or so by some of our competitors. So you see those kinds of things. And then also kind of a phenomenon that's happened in our business is we've -- most of us have started kitting certain repair jobs like brakes, for instance. We now and most of our competitors also sell 2 rotors and a set of brake pads at different levels of pricing that are discounted over what they would be if you bought just the components. And same thing for an air-conditioning compressor job, we would include an accumulator and an orifice tube and a compressor and some flush in a kit and sell that at a price that would be discounted if you just bought the components by themselves. And our competitors do this also. So that kind of promotional activity has lowered prices a little bit, but that's not unusual. These kinds of things have gone on forever. Relative to Walmart and online, I would say nothing has really changed. Most of the online players -- I mean, the only reason anyone buys something online for the most part is when it comes to auto parts, because in other sectors, I think it's a matter of convenience because you don't need it right now and it's easy to order from Amazon or whoever and get it delivered to your house. In auto parts, a lot of times -- most times, it's needed right away, so the only reason you would consider online is price. And they've always been cheaper than the brick-and-mortar stores.

沒什麼特別的。總是會有促銷活動，尤其是在銷售不景氣的時候。你會看到一些競爭對手使用 R-134a，例如，這種冷媒用於汽車空調，通常以 30 磅重的鋼瓶出售。在過去一個月左右的時間裡，我們看到一些競爭對手以低於成本價的價格進行促銷。所以你會看到這類事情。此外，我們這個行業也出現了一種現象，那就是我們大多數人開始為某些維修工作配備工具包，例如煞車維修。現在，我們和我們的大多數競爭對手也以不同的價格出售 2 個煞車碟盤和一套煞車片，這些價格比單獨購買這些零件的價格要優惠。空調壓縮機維修也是如此，我們會將儲液罐、節流管、壓縮機和一些清潔劑打包成套件出售，價格會比單獨購買這些零件的價格更低。我們的競爭對手也這麼做。因此，這類促銷活動確實使價格略微下降了一些，但這並不罕見。這種事由來已久。相對於沃爾瑪和網路購物而言，我覺得沒有什麼真正的改變。大多數線上玩家——我的意思是，大多數人在線上購物的唯一原因是購買汽車配件，因為在其他領域，我認為這只是為了方便，因為你現在不需要它，而且很容易從亞馬遜或其他任何地方訂購並送到你家。在汽車零件領域，很多時候——大多數時候——都需要立即購買，所以你考慮在線購買的唯一原因是價格。而且它們的價格一直比實體店便宜。

Makes sense, sounds like a good deal. I'll have to pick up some of that R-134a, I think you called it. A follow-up, if one can assume that if it's promotional, that might hurt gross margins. I understand you're investing in your stores and you're going to continue to do that. But if we look longer term, do you have areas of cost where you think you could potentially cut if needed if there's any sort of pricing concern that occurs longer term?

有道理，聽起來很划算。我得去買點R-134a冷媒，我想你就是這麼叫它的。後續問題是，如果可以假設這是促銷活動，那麼這可能會損害毛利率。我知道你們正在投資發展門市，而且會繼續這樣做。但從長遠來看，如果未來出現任何價格的擔憂，您認為在哪些成本領域可以考慮削減開支？

We do. I mean, there's a lot of cost that are variable in our company that we could cut if we felt like that long term, we needed to do something to drive our profitability. Most of the things we do, because I feel like that we've managed the company pretty tight for a long, long time, most of the things that we would cut would be payroll-oriented. And the biggest part of our payroll, of course, is in our stores providing customer service. And so any of those cuts come at a cost relative to the level of service we're able to provide our customers. And we would think long and hard before we would decide to make a material change there that would result in us not being able to be dominant from a service standpoint as we feel like we are today.

是的。我的意思是，我們公司有很多可變成本，如果我們覺得從長遠來看，我們需要採取一些措施來提高獲利能力，那麼我們可以削減這些成本。因為我覺得我們長期以來對公司的管理非常嚴格，所以我們所做的大部分事情，都是與薪資相關的。當然，我們薪資支出中最大的一部分還是用於門市的客戶服務。因此，任何此類削減都會對我們能夠為客戶提供的服務水準造成影響。我們會仔細考慮很久，才會決定做出實質的改變，以免我們在服務上失去像今天這樣的優勢。

Our next question comes from Carolina Jolly from Gabelli.

下一個問題來自 Gabelli 公司的 Carolina Jolly。

Just really quickly, Tom mentioned opportunities under markets that O'Reilly is not currently in. Given the industry weakness, have you seen any improvement in M&A opportunities or targets, especially in the Northeast? And then also just do you have any details around Bond Auto's performance for the quarter?

湯姆簡單地提到了一些奧萊利目前尚未涉足的市場機會。鑑於行業疲軟，您是否看到併購機會或目標方面有任何改善，尤其是在東北地區？另外，您能否提供邦德汽車公司本季業績的詳細數據？

Well, on the M&A environment, there's always companies that we're interested in, in areas in which we don't do business. And I can tell you we're working on some things right now that we've not yet disclosed. But when we have certainty, we will disclose those at the appropriate time. But yes, there's opportunities there that we work on ongoing. And on Bond, we are now well through the inventory conversions. We still have some to do, we are not completely done. But we have reset all the stores to look more like an O'Reilly store and a lot of the merchandise changes that needed to be made to fit our model in our distribution and supply chain have been made. But there's still some ongoing, so we're in a position now to start growing the business from where we're at. So I would say the heavy lifting is -- most of it is behind us, although we still have a little bit in front of us. But we're in a good position there to start executing our business model and start growing the business. And what I would tell you is that Bond performed very well on the do-it-for-me side of the business and they underperformed on the DIY side of the business. So we're going to maintain and grow the business on the do-it-for-me side using all the tools that we provide. But on the DIY side, we'll put those stores in a position to grow DIY business. And we expect the results from them in the next year or 2 now that we have them in a position to execute our business model.

嗯，在併購領域，總有一些公司是我們感興趣的，儘管它們並非我們開展業務的領域。我可以告訴你們，我們目前正在進行一些尚未公開的項目。但當我們掌握確鑿資訊時，我們會在適當的時候公佈。是的，那裡有很多機會，我們正在持續努力爭取。至於 Bond，我們現在已經順利完成了庫存轉換。我們還有一些工作要做，還沒有完全完成。但是我們已經重新裝修了所有門市，使它們看起來更像 O'Reilly 門市，並且為了適應我們的分銷和供應鏈模式，許多商品也進行了必要的調整。但仍有一些項目正在進行中，所以我們現在可以從目前的狀況開始發展業務了。所以我覺得最艱難的部分——大部分已經過去了，雖然我們面前還有一些工作要做。但我們現在處於有利位置，可以開始執行我們的商業模式並開始發展業務。我想告訴大家的是，邦德在「代勞服務」業務方面表現非常出色，但在「自助服務」業務方面表現不佳。因此，我們將利用我們提供的所有工具，在「代客完成」業務方面維持並成長。但在 DIY 方面，我們將使這些商店能夠發展 DIY 業務。既然我們已經讓他們能夠執行我們的商業模式，我們預計在未來一兩年內就能看到他們的成果。

Our next question comes from Seth Basham from Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Seth Basham。

My first question is just around some of the color I would love for you to provide around omni-channel functionality. You talked about potentially having a new website with enhanced promotional functionality. Can you give us some more color on that and also how you might reorient your stores to be more omni-channel in nature?

我的第一個問題是關於我希望你們在全通路功能方面提供的一些色彩。您提到可能會推出一個具有更強大推廣功能的新網站。您能否詳細介紹一下這方面的情況，以及您將如何調整門市方向，使其更俱全通路特性？

Sure. Well, our new website launched earlier this month. It's just a lot cleaner website. It has what's called a responsive design so that if you -- no matter what device you go to the website on, our servers detect the type of device and size of the screen and the fit and the functionality to fit the device you're on, which is a big deal. So those are just kind of primary platform type of things. The bigger changes are in the shopping cart and the ability for us to do some things that we couldn't do in our previous shopping cart. And we feel like that moving forward, that allowing promotions that allow us to be more price-competitive online will be important in light of the fact that there appears to be so much concern over the online players, the way they price products. And we see that and we hear it in our stores, we hear it from others. And we want to make sure that we're in a position to serve customers regardless of how they want to buy a part, whether it's online or from us. One of the biggest factors when it comes to omni-channel for us is the ability for a customer using a mobile device, for instance, to gather information, look up parts. And if they want to order the part and pick it up in the store, they can do so. And a lot of the business that we do online with DIY customers is actually buy online, pick up in store, so they can go online and buy it, print a ticket at the store. We have the parts that are waiting with their receipt when they come in to the store to get it. And it just makes it a really easy transaction. So those kinds of things are important to us. And I feel like they're sticky when it comes to customers using us as a service for parts. And then also just having access to repair information and the things that they need to work on cars, including specifications, torque, the tools they need, stuff like that. So we're just going to become much more engaged in using these devices to help customers do the things that they're doing when they buy products from us. And we're in the process now of executing a strategy that we have worked on for some time now. And the first step in the execution of that strategy was the deployment of the new website, which again has been active now for a couple of weeks.

當然。我們的新網站已於本月初上線。這個網站介面簡潔多了。它採用了所謂的響應式設計，因此無論您使用什麼設備訪問該網站，我們的伺服器都會檢測設備的類型和螢幕尺寸，並調整網站內容和功能以適應您正在使用的設備，這非常重要。所以這些只是一些基本的平台功能。更大的變化在於購物車，以及我們現在能夠做一些以前購物車無法做到的事情。我們覺得，展望未來，允許促銷活動讓我們在網路上更具價格競爭力非常重要，因為人們似乎對網路零售商的定價方式非常關注。我們在自己的商店裡看到了這一點，也聽到了這一點，我們從其他人那裡也聽到了這一點。我們希望確保無論客戶選擇哪種方式購買零件，無論是在線上購買還是從我們這裡購買，我們都能為他們提供服務。對我們來說，全通路最重要的因素之一是客戶能夠使用行動裝置等方式收集資訊、尋找零件。如果他們想訂購零件並到店自取，也可以這樣做。我們在線上與 DIY 客戶開展的許多業務實際上是在線上購買，到店自提，所以他們可以在網路上購買，然後在商店列印小票。我們已經備好了零件，顧客憑收據到店即可領取。這樣一來，交易就變得非常簡單了。所以這些事情對我們來說很重要。我覺得他們在對待客戶使用我們的零件服務方面很固執。此外，他們還需要取得維修資訊以及維修汽車所需的各種資料，包括規格、扭力、所需工具等等。因此，我們將更加積極地利用這些設備來幫助客戶完成他們在從我們這裡購買產品時所做的事情。我們現在正在執行一項我們已經籌劃了一段時間的策略。執行該策略的第一步是部署新網站，該網站現在已經上線運行幾週了。

Got it, that's helpful. And could you remind us or give us some color as to what percentage of your online orders are picked up in the store and whether you're changing any processes in the store to make it even more frictionless for consumers to pick those up?

明白了，這很有幫助。您能否提醒我們或詳細說明一下，您的線上訂單中有多少比例是在店內取貨的？您是否正在改變店內流程，以使消費者取貨更加方便？

75%.

75%。

About 75% of it is picked up in store, the remainder is bought online. And so I think we have a pretty seamless process now. And when a customer orders a part, buy online, pick up in store, it works pretty slick. There's not a lot we could do to make it work better unless we knew their license plate number and ran out and gave it to them when they pulled up or something. And we may do that someday. But right now, we're not doing that; they come in to the store. I might mention a majority of our online business is actually B2B. We do -- we have a huge business in B2B, where we're integrated into the shop management systems and we have a great browser product that allows shops to order parts using a browser that we've deployed that allows them to see pricing and availability and get information that they might need to work on cars and so forth. So omni-channel both on the do-it-for-me side and the DIY side is a significant focus for us right now.

其中約 75% 的商品在店內取貨，其餘商品則在網路上購買。所以我覺得我們現在的流程已經非常順暢了。當顧客訂購零件時，在線購買，到店自提，整個流程非常順暢。除非我們知道他們的車牌號碼，然後在他們停車時跑出去告訴他們，否則我們能做的並不多，無法讓事情進展得更順利。我們或許有一天會做到這一點。但現在，我們還沒有這樣做；他們直接進店。我還要提一下，我們大部分的線上業務實際上是 B2B 業務。的確如此——我們在 B2B 領域擁有龐大的業務，我們已將產品整合到商店管理系統中，並且我們擁有出色的瀏覽器產品，允許商店使用我們部署的瀏覽器訂購零件，該瀏覽器允許他們查看價格和可用性，並獲取他們可能需要的汽車維修資訊等等。因此，無論是代客服務或自助服務，全通路都是我們目前關注的重點。

Helpful. And my last question is just around your labor management strategy. You talked about wanting to maintain high service levels even in a slower industry environment. But the number of employees that you have per store has declined about 3.5% for the last 2 quarters. So is there a change in how you're thinking about the mix of full-time versus part-time labor or any other changes to your labor strategy?

很有幫助。我的最後一個問題是關於貴公司的勞動力管理策略。您曾提到，即使在產業環境較為放緩的情況下，也希望維持高水準的服務。但過去兩個季度，每家店的員工人數下降了約 3.5%。那麼，您在全職與兼職勞動力比例方面的想法是否有所改變，或者您的勞動力策略是否有其他任何改變？

I think that over the last couple of years, we probably -- well, here's what I would say. Going back to when the Affordable Care Act was originally implemented, we were -- we had way less part-timers than what our competitors had. And we decided maybe it would be -- we should test having more part-timers and kind of pursue that strategy. We did that for some period of time and realized that while there's certainly a place for part-timers in our stores when it comes to drivers and merchandisers and just a variety of jobs that has to take place, for professional parts people to become -- for someone to come to work for us and become a professional parts person, they really need to be full-time. So I would say right now, we're kind of headed back to a little more full-time than we were just a couple of years ago. And that maybe what you're seeing to some degree when it comes to the raw headcount with the decrease you're referring to because we are simply working individuals more hours than what they previously were.

我認為在過去的幾年裡，我們可能——嗯，我會這麼說。回顧《平價醫療法案》最初實施的時候，我們的兼職員工人數遠少於競爭對手。於是我們決定或許可以試試看──我們應該多招些兼職人員，並嘗試這種策略。我們這樣做了一段時間，然後意識到，雖然我們的商店在司機、銷售員以及各種其他工作方面肯定需要兼職人員，但要成為專業的零件人員——要有人來我們這裡工作並成為專業的零件人員，他們真的需要全職工作。所以我覺得現在我們算是恢復到比幾年前更全職的狀態了。而你提到的員工人數減少，某種程度上可能就是這種情況，因為我們只是讓員工的工作時間比以前更長了。

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

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。

Thanks, Victoria. And we'd like to conclude our call today by thanking the entire O'Reilly team for their diligent work in providing the customer service levels that drive our business. We remain extremely confident in our ability to continue to aggressively and profitably gain market share in the remainder of 2017. I'd like to thank everyone for joining our call today, and we look forward to reporting our 2017 third quarter results in October. Thanks.

謝謝你，維多利亞。最後，我們要感謝 O'Reilly 團隊全體成員的辛勤工作，正是他們的努力才使得我們的客戶服務水準得以提升，從而推動了我們業務的發展。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10月份公佈2017年第三季業績。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。