O'Reilly Automotive Inc (ORLY) 2018 Q2 法說會逐字稿

Welcome to the O'Reilly Automotive Inc. Second Quarter 2018 Earnings Conference Call. My name is John, and I'll be your operator for today's call. (Operator Instructions) Please note that this conference is being recorded, and now I will turn the call over to Mr. Tom McFall. Mr. McFall, you may begin.

歡迎來到 O'Reilly Automotive Inc.2018年第二季財報電話會議。我叫約翰，我將擔任您今天通話的接線生。（操作員指示）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, John. Good morning, everyone, and thank you for joining us. During today's conference call, we'll discuss our second quarter 2018 results and our outlook for the third quarter and full year 2018. After our prepared comments, we'll host a question-and-answer period.

謝謝你，約翰。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 2018 年第二季的業績以及我們對 2018 年第三季和全年的展望。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 estimates, may, could, will, believe, expect, would, consider, should, anticipate, project, plan, intend or similar words. 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, 2017, and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

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，並聲稱受到該條款的保護。你可以透過諸如估計、可能、可以、將、相信、預期、會、考慮、應該、預計、預測、計劃、打算或類似詞語等前瞻性詞語來識別這些陳述。由於本公司截至 2017 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 Johnson.

在此，我謹向大家介紹格雷格·約翰遜。

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 Jeff Shaw, our Chief Operating Officer and Co-President; and Tom McFall, our Chief Financial Officer. David O'Reilly, our Executive Chairman; and Greg Henslee, our Executive Vice Chairman, are 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。今天早上與我一起參加電話會議的有我們的營運長兼聯席總裁傑夫·肖，以及我們的財務長湯姆·麥克福爾。我們的執行主席大衛·奧萊利和執行副主席格雷格·亨斯利也出席了會議。

It's my pleasure to begin the call today by congratulating Team O'Reilly on a strong second quarter and a solid first half of 2018. Our team's proven ability to provide superior service at a great value drove our second quarter comparable store sales increase of 4.6%, which exceeded the top end of our guidance range. As we discussed on our first quarter call, the second quarter got off to a difficult start as many of our markets experienced continued winter-like weather. But for the balance of the quarter, we benefited from more normal weather patterns as spring arrived and demand picked up at the end of April.

今天，我很高興首先向奧萊利團隊表示祝賀，祝賀他們在 2018 年第二季度取得了強勁的成績，並在上半年也表現穩健。我們團隊憑藉著卓越的服務能力和極高的性價比，推動第二季同店銷售額成長 4.6%，超過了我們預期範圍的上限。正如我們在第一季電話會議上討論的那樣，第二季開局艱難，因為我們的許多市場都經歷了持續的冬季天氣。但在本季剩餘時間裡，隨著春季的到來和四月底需求的回升，我們受益於較正常的天氣模式。

Our team of over 79,000 dedicated team members stepped up to the challenge by providing outstanding customer service and driving our strong sales results in the quarter. Our team remains committed to driving profitable sales growth with an unrelenting focus on taking care of our customers, and we are pleased to have driven an increase in the second quarter operating profit of 6.8% as compared to the second quarter of 2017, excluding last year's SG&A benefit from a legal reserve adjustment, which Jeff will touch on in a moment.

我們擁有超過 79,000 名敬業的團隊成員，他們迎難而上，提供了卓越的客戶服務，並在本季度取得了強勁的銷售業績。我們的團隊始終致力於推動獲利性銷售成長，並始終專注於服務好我們的客戶。我們很高興地宣布，與 2017 年第二季度相比，第二季度營業利潤增長了 6.8%，這不包括去年因法定準備金調整而獲得的銷售、一般及行政費用收益，傑夫稍後會談到這一點。

Our sales and operating profit performance, coupled with the continued benefit to net income from tax reform, drove an increase in earnings per share of 38% to $4.28 per share, which also exceeded the top end of our guidance range of $4.05 and is a testament to the unwavering commitment of Team O'Reilly to controlling expenses and providing the best customer service in the automotive aftermarket.

我們的銷售和營業利潤表現，加上稅收改革對淨收入的持續利好，推動每股收益增長 38% 至 4.28 美元，這也超過了我們 4.05 美元的指導範圍上限，證明了 O'Reilly 團隊堅定不移地致力於控製成本，並在汽車售後市場提供最好的客戶服務。

Now I'd like to provide some additional color on our second quarter comparable store sales results. We experienced weather-driven headwinds at the beginning of April as the unseasonably cold and wet winter in many of our markets pressured ticket counts, specifically on the DIY side of our business. With the onset of spring beginning at the end of April, our comp trends improved. And although April was the softest month for the quarter, it did contribute to our quarterly same-store sales growth. Our teams did an excellent job capitalizing on the pent-up demand and delivered our best performance of the quarter in May. As we move to the typical summer selling season in June, the hot weather in many of our markets was a contributor to the steady demand, and we have continued on a steady solid trend thus far in July, which is in line with what we would typically expect to see from a normal weather backdrop.

現在我想就我們第二季的同店銷售業績再補充一些細節。四月初，我們遭遇了天氣帶來的不利影響，許多市場異常寒冷潮濕的冬季給客單價帶來了壓力，尤其是在我們業務的自助服務方面。隨著四月底春季的到來，我們的同業趨勢有所改善。儘管四月份是本季業績最疲軟的月份，但它確實對我們季度同店銷售成長做出了貢獻。我們的團隊出色地利用了被壓抑的需求，並在五月取得了本季最佳業績。隨著六月進入典型的夏季銷售旺季，我們許多市場的炎熱天氣促成了穩定的需求，而七月份至今，我們也繼續保持著穩定強勁的銷售趨勢，這與我們通常在正常天氣背景下所預期的情況相符。

Similar to our first quarter, both our Professional and DIY sides of the business were positive contributors to our comparable store sales growth with Professional performing better as we saw strong ticket count growth on that side of our business again in the second quarter. As I mentioned earlier, our DIY ticket counts were pressured at the beginning of the quarter but stabilized with the arrival of spring weather. On a combined basis, our ticket count comps finished flat for the quarter. Average ticket continues to be a strong contributor to our comparable store sales increase, driven by the increasing complexity of vehicle repairs, a favorable overall business mix and continued effective pricing management. Similar to the past 2 quarters, we benefited from some modest commodity-driven inflation on same SKU pricing during the quarter.

與第一季類似，我們的專業業務和 DIY 業務都對同店銷售成長做出了積極貢獻，其中專業業務表現更佳，我們在第二季度再次看到該業務的客單價大幅增長。正如我之前提到的，本季初我們的 DIY 訂單數量面臨壓力，但隨著春季天氣的到來而趨於穩定。綜合來看，我們的客單價與季度總客單價持平。平均客單價持續成為我們同店銷售成長的重要貢獻因素，這主要得益於車輛維修日益複雜化、整體業務組合有利以及持續有效的定價管理。與過去兩季類似，本季我們受惠於大宗商品價格的溫和上漲，同款 SKU 的價格也隨之上漲。

On a category basis, we saw a solid performance broadly across hard part categories, with strength in categories such as ride controller brakes, in line with our expectations of typical maintenance and failure-related demand after a normal weather. As you would expect, we also saw good performance in typical spring maintenance categories as we move through the quarter as well as strong performance on hot weather categories, particularly HVAC and refrigerants in the back half of the quarter. However, these heat-related categories present a mix headwind to gross margin, which I will discuss in a moment.

從類別來看，我們看到硬部件類別整體表現穩健，其中行駛控制器煞車等類別表現強勁，這與我們對正常天氣後典型維護和故障相關需求的預期相符。正如您所預期的那樣，隨著季度的推進，典型的春季維護類別也表現出色，而炎熱天氣類別，特別是本季度後半段的暖通空調和製冷劑，也表現出色。然而，這些與高溫相關的類別對毛利率構成了一定的不利影響，我稍後會討論這一點。

We view the impact of weather we've experienced thus far in 2018 as in line with normal weather cycle for our business, and our expectations for the remainder of the year include an assumption of continued typical weather. Ultimately, swings in the weather balance out over the long term, and the strength of the automotive aftermarket is determined by the core underlying drivers of demand in our business of miles driven, the number and average age of vehicles and health of the consumer.

我們認為 2018 年至今我們所經歷的天氣影響符合我們業務的正常天氣週期，我們對今年剩餘時間的預期包括假設天氣將繼續保持正常水平。從長遠來看，天氣的波動最終會相互抵消，汽車售後市場的強度取決於我們業務的核心潛在需求驅動因素，例如行駛里程、車輛數量和平均車齡以及消費者的健康狀況。

As we have indicated, outlining our comparable store sales guidance on the last 2 calls, we have a favorable outlook for these drivers in 2018 as employment and the economic outlook for consumers remain stable and the average vehicle age continues to increase. However, we expect to face some short-term pressures to miles driven as consumers adjust to higher gas prices or otherwise respond to economic uncertainty, including any temporary disruptions to the economy from rising prices or the impact of tariffs. In addition, our guidance incorporates the headwind we will face from an additional Sunday in the third quarter of 2018 as compared to 2017. Sunday is our lowest volume day of the week and it's impacted -- and the impact of additional Sunday has historically been approximately few basis points headwind to the quarter comparable store sales. As a result of these factors, we're establishing our third quarter guidance at 2% to 4%. Based on our year-to-date results, our third quarter guidance and the difficult comparisons we face in the fourth quarter, we are maintaining our full year comparable store guidance to 2% to 4%.

正如我們在最近兩次電話會議中概述的同店銷售預期中所述，我們對 2018 年這些驅動因素持樂觀態度，因為就業和消費者的經濟前景保持穩定，而車輛的平均車齡繼續增加。然而，我們預計短期內行駛里程將面臨一些壓力，因為消費者需要調整以適應更高的汽油價格，或應對經濟的不確定性，包括價格上漲或關稅影響對經濟造成的任何暫時性幹擾。此外，我們的預測也考慮到了 2018 年第三季比 2017 年多一個星期日所帶來的不利影響。星期日是我們一周中銷量最低的一天，而且會受到影響——歷史上，星期日額外的一天會對季度同店銷售額造成大約幾個基點的負面影響。鑑於上述因素，我們將第三季的業績預期設定為 2% 至 4%。根據我們今年迄今的業績、第三季的業績指引以及第四季面臨的嚴峻形勢，我們維持全年同店銷售成長2%至4%的預期。

For the quarter, our gross margin of 52.5% was an 8 basis point improvement over the second quarter of 2017 margin, which was within our expectation built into our full year gross margin guidance. As I discussed earlier, in the second quarter, we faced some gross margin headwinds from strong sales of hot weather categories, such as HVAC and refrigerants, which were significant contributors to our comparable store sales and gross profit dollar growth, but on average, carry a lower gross margin percentage. This mix headwind as well as continued headwinds from increased transportation cost were offset by a lower LIFO impact, which Tom will discuss in more detail.

本季度，我們的毛利率為 52.5%，比 2017 年第二季的毛利率提高了 8 個基點，這符合我們全年毛利率預期。正如我之前討論過的，在第二季度，由於暖通空調和冷媒等夏季用品類別的強勁銷售，我們的毛利率面臨一些不利因素。這些類別對我們的同店銷售額和毛利成長做出了重大貢獻，但平均而言，它們的毛利率較低。這種混合不利因素以及運輸成本增加帶來的持續不利因素被後進先出法 (LIFO) 的較小影響所抵消，湯姆將對此進行更詳細的討論。

We are leaving our full year gross margin guidance unchanged at 52.5% to 53%. However, we expect to continue to see some pressure from the mix dynamic moving forward, and we now expect to come in at the bottom half of that range. We continue to see rational pricing within our industry. We are closely monitoring the impacts of tariffs as well as other sources of potential inflation and remain confident in our industry's ability to pass through inflationary price increases. We also continue to expect our full year operating profit for 2018 to be within our previously guided range of 18.5% to 19% of sales. For earnings per share, we're establishing our third quarter guidance at $4.20 to $4.30, which, at the midpoint, will represent a 32% increase over EPS of $3.22 from the third quarter of last year. We are also updating our full year EPS guidance to $15.70 to $15.80, an increase of $0.40 at the midpoint, reflecting our second quarter comparable sales and gross profit performance of the shares repurchase through the call today. I would remind everyone that our full year guidance includes the impacts of shares repurchase through this call but does not include any additional share repurchases.

我們維持全年毛利率預期不變，仍為 52.5% 至 53%。然而，我們預計未來一段時間內，市場成分股的變動仍會帶來一些壓力，我們現在預計最終的收益率將處於該區間的下半部分。我們看到業內價格持續保持合理水準。我們正在密切關注關稅以及其他潛在通膨因素的影響，並對我們行業將通膨價格上漲轉嫁出去的能力充滿信心。我們也繼續預期 2018 年全年營業利潤將達到銷售額的 18.5% 至 19%，與我們先前預期的範圍一致。對於每股收益，我們設定第三季預期為 4.20 美元至 4.30 美元，其中數值將比去年第三季的每股收益 3.22 美元增長 32%。我們同時將全年每股收益預期更新為 15.70 美元至 15.80 美元，中位數上調 0.40 美元，反映了我們第二季度可比銷售額和毛利表現，以及今天電話會議中公佈的股票回購情況。我想提醒大家，我們全年的業績指引包含了本次電話會議中股票回購的影響，但不包括任何額外的股票回購。

Before I turn the call over to Jeff, I would like to again thank the Team O'Reilly for their solid performance in the first half of 2018 and continued dedication to consistently providing exceptional service to our customers every day. We remain very confident in the long-term drivers for demand in our industry, and we believe we are very well positioned to capitalize on this demand and increase our market share.

在將電話交給傑夫之前，我想再次感謝奧萊利團隊在 2018 年上半年的出色表現，以及他們一直以來致力於每天為客戶提供卓越服務的奉獻精神。我們對行業需求的長期驅動因素仍然充滿信心，我們相信我們已做好充分準備，利用這種需求並提高我們的市場份額。

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 like to begin today by congratulating Team O'Reilly on a solid second quarter and thank our team for their continued commitment to providing top-notch customer service. As Greg previously discussed, we saw a pickup in our business as we move through the quarter, and we're very pleased with the hard work and dedication of our team, which resulted in a 4.6% comp store performance in the second quarter.

謝謝你，格雷格，大家早安。首先，我要祝賀奧萊利團隊第二季取得的優異成績，並感謝我們的團隊一直致力於提供一流的客戶服務。正如 Greg 之前討論的那樣，隨著本季度的推進，我們的業務有所好轉，我們對團隊的辛勤工作和奉獻精神感到非常滿意，這使得第二季度同店銷售額增長了 4.6%。

Now I'd like to spend a few minutes discussing our SG&A results for the quarter. SG&A as a percent of sales was 33%, a deleverage of 54 basis points from 2017. However, as we discussed last time -- or last year at this time, our second quarter of 2017 included the nonrecurring benefit of $9 million for a reduction to a legacy legal reserve. Excluding this onetime benefit from the prior year results, our SG&A delevered 15 basis points, which was better than we anticipated as our team drove strong sales while maintaining strong expense discipline. On an average per-store basis, also excluding the legal reserve benefit in 2017, our SG&A grew 3.2%, which was in line with our expectations.

現在我想花幾分鐘時間討論一下我們本季的銷售、管理及行政費用（SG&A）情況。銷售、一般及行政費用佔銷售額的 33%，比 2017 年下降了 54 個基點。然而，正如我們上次（或去年這個時候）所討論的那樣，我們 2017 年第二季度的收益包括 900 萬美元的非經常性收益，這筆收益來自對遺留法律準備金的減少。除去上一年業績帶來的一次性收益，我們的銷售、一般及行政費用槓桿率下降了 15 個基點，這比我們預期的要好，因為我們的團隊在保持嚴格費用控制的同時，推動了強勁的銷售。以平均每家門市計算，還不包括 2017 年的法定儲備金收益，我們的銷售、一般及行政費用增加了 3.2%，這與我們的預期相符。

As we outlined in our initial 2018 guidance, we're significant beneficiaries of tax reform and feel it's appropriate to allocate some of these savings back into the business to continue to improve the levels of service we offer our customers. The cost of these investments is the key driver of our higher-than-normal year-over-year SG&A per store growth. These investments are heavily weighted to enhancing store level, payroll and team member benefit plans. And we remain very confident that our commitment to taking care of the customer by ensuring that we're hiring, training and retaining the very best professional parts people in the industry will drive our continued strong performance. We continue to expect to follow our previously disclosed plan regarding these incremental investments, and we're reiterating our guidance for full year growth and SG&A per store of 3% to 3.5%.

正如我們在 2018 年的初步指導中所述，我們是稅務改革的重大受益者，我們認為應該將部分節省下來的資金重新投入到業務中，以繼續提高我們為客戶提供的服務水準。這些投資的成本是導致我們每家店的銷售、管理及行政費用較去年同期增幅高於正常水準的關鍵因素。這些投資主要用於改善門市層級、薪資待遇和團隊成員福利計畫。我們仍然非常有信心，我們致力於服務客戶，確保我們招募、培訓和留住業內最優秀的專業零件人員，這將推動我們繼續保持強勁的業績。我們將繼續按照先前揭露的計劃進行這些增量投資，並重申我們對全年成長和每家門市銷售、管理及行政費用增加 3% 至 3.5% 的預期。

Now I'd like to spend some time talking about our store expansion for the first 6 months of 2018 and our plans for the remainder of the year. We successfully opened 128 net new stores in the first 6 months and are on target to hit our goal of 200 net new stores in 2018. We continue to be pleased with the performance of our new stores and continue to be successful in identifying great locations across the country, with our store growth in the first 6 months of 2018 spread across 29 different states. Our store growth continues to be balanced between our expansion markets, with the heaviest concentrations in Florida, Ohio, the Mid-Atlantic and the Northeast and backfill in existing more mature markets, including Texas and the Western U.S.

現在我想花點時間談談我們 2018 年上半年的門市擴張計劃以及今年剩餘時間的計劃。前 6 個月我們成功開設了 128 家新店，預計在 2018 年實現 200 家新店的目標。我們持續對新店的業績感到滿意，並繼續成功地在全國各地找到合適的地點，2018 年上半年，我們的門市成長遍及 29 個不同的州。我們的門市成長持續保持平衡，一方面拓展市場，主要集中在佛羅裡達州、俄亥俄州、中大西洋地區和東北部；另一方面在現有較成熟的市場（包括德州和美國西部）進行補強。

Our ability to effectively enter new markets while also selectively expanding our presence in existing markets continues to give us a great advantage in selecting new sites, and more importantly, identifying, hiring and training outstanding store teams to provide excellent customer service in our new stores.

我們能夠有效地進入新市場，同時有選擇地擴大在現有市場的業務，這使我們在選擇新店址方面擁有巨大的優勢，更重要的是，這使我們能夠識別、招聘和培訓優秀的門店團隊，從而在新店中提供卓越的客戶服務。

Our success in new store expansion wouldn't be possible without the continued outstanding support provided by our distribution teams. A key to a successful entry in a new market or the ability to remain the dominant supplier in existing markets is to equip very solid store teams with industry-leading parts availability. The teams in our 27 DCs located across the country set the industry standard with 5 night-a-week service to our stores, along with multiple deliveries throughout the day to our local stores and our hub stores, ensuring that we can be the first supplier to provide access to those hard-to-find parts. I'd like to congratulate our DC teams on a strong second quarter and thank them for their continued outstanding customer service. We'll have the opportunity to highlight the great work of one of our distribution teams when we host our upcoming Analyst Day in August at our Greensboro, North Carolina facility. This DC was opened in 2009 and was recently expanded from 300,000 to 500,000 square feet in 2017 to support our continued growth in the Southeast and Mid-Atlantic.

如果沒有我們配送團隊持續提供的出色支持，我們不可能在新店擴張方面取得成功。成功進入新市場或保持現有市場主導地位的關鍵在於為強大的門市團隊配備領先業界的零件供應能力。我們遍佈全國的 27 個配送中心團隊為我們的門市提供每週 5 個晚上的配送服務，並全天多次向我們的本地門市和樞紐門店送貨，從而樹立了行業標準，確保我們能夠成為第一個提供那些難以找到的零件的供應商。我謹祝賀我們的配送中心團隊在第二季取得了優異的成績，並感謝他們一直以來提供的卓越客戶服務。我們將在 8 月於北卡羅來納州格林斯伯勒的工廠舉辦分析師日活動，屆時我們將有機會重點介紹我們其中一個分銷團隊的出色工作。該配送中心於 2009 年啟用，並於 2017 年從 30 萬平方英尺擴建至 50 萬平方英尺，以支援我們在東南部和大西洋中部地區的持續成長。

As I close my comments, I want to thank all of Team O'Reilly one for your continued dedication to our company's success. We've had a solid year so far, and we're in a great position to finish the year strong. Our current and future success is dependent upon providing the best customer service in our industry, and we won't rest on our past success but instead remain committed to outhustling and outservicing the competition, earning our customers' business each and every day.

在結束演講之際，我要感謝 O'Reilly 團隊的所有成員，感謝你們一直以來對公司成功的奉獻。今年到目前為止，我們表現穩健，很有希望以強勁的勢頭結束今年的比賽。我們現在和未來的成功取決於提供業內最好的客戶服務，我們不會滿足於過去的成功，而是會繼續努力超越競爭對手，每天贏得客戶的信任。

Now I'll turn the call over to Tom.

現在我把電話交給湯姆。

Thanks, Jeff. I'd also like to thank all of Team O'Reilly for their hard work and dedication, which drove good second quarter results and a solid first half of the year. Now we'll take a closer look at our quarterly results and update our guidance for the full year.

謝謝你，傑夫。我還要感謝奧萊利團隊的所有成員，感謝他們的辛勤工作和奉獻精神，正是他們的努力才使得我們取得了良好的第二季度業績和穩健的上半年表現。現在我們將仔細審視季度業績，並更新全年業績預期。

For the quarter, sales increased $165 million, comprised of $103 million increase in comp store sales, a $59 million increase in noncomp store sales, a $4 million increase in noncomp nonstore sales and a $1 million decrease from closed stores. For 2018, we continue to expect our total revenues to be $9.4 billion to $9.6 billion. As Greg had mentioned earlier, our gross margin was up 8 basis points for the quarter as we face the headwind from mix but benefited from LIFO. During the quarter, we continue to benefit from reducing acquisition cost in many areas, but these benefits were offset by increases related to commodity prices. As a result, we did not see a LIFO charge during the quarter versus a $10 million charge last year. For the remainder of the year, we now do not expect to have a LIFO charge. However, this will be highly dependent on potential inflation on commodity pricing and tariffs.

本季銷售額成長 1.65 億美元，其中同店銷售額成長 1.03 億美元，非同店銷售額成長 5,900 萬美元，非同店非門市銷售額成長 400 萬美元，以及因門市關閉而減少 100 萬美元。我們預計 2018 年的總收入將達到 94 億美元至 96 億美元。正如 Greg 先前所提到的，由於產品組合帶來的不利影響，我們本季的毛利率上升了 8 個基點，但得益於後進先出法 (LIFO)。本季度，我們繼續受益於許多領域採購成本的降低，但這些收益被大宗商品價格上漲所抵消。因此，本季我們沒有看到後進先出法（LIFO）費用，而去年同期則有 1,000 萬美元的費用。今年剩餘時間內，我們預計不會產生後進先出費用。然而，這將很大程度取決於大宗商品價格和關稅的潛在通膨情況。

The Tax Cuts and Jobs Act of 2017 have dramatic impact on our second quarter earnings and will continue to have a significant positive impact on our tax rate on a go-forward basis. Our effective tax rate for the second quarter was 21.5% of pretax income, including the benefit from tax deductions for share-based compensation, which reduced our tax rate by 3%. Excluding the tax benefit from share-based compensation, our effective tax rate of 24.5% was in line with our expectations. Year-to-date, our tax rate was 22.2% of pretax income, and we now expect our full year tax rate to be 22% to 23% of pretax income. Please keep in mind, changes in the tax benefit from share-based compensation will create fluctuations in our tax rate.

2017 年的《減稅與就業法案》對我們第二季的收益產生了巨大影響，並將繼續對我們未來的稅率產生顯著的正面影響。第二季我們的實際稅率為稅前收入的 21.5%，其中包括股權激勵稅收抵免帶來的好處，這使我們的稅率降低了 3%。不計入股權激勵帶來的稅收優惠，我們的實際稅率為 24.5%，符合我們的預期。今年迄今為止，我們的稅率為稅前收入的 22.2%，我們現在預計全年的稅率將為稅前收入的 22% 至 23%。請注意，股權激勵稅收優惠的變化會導致我們稅率的波動。

Now we'll move on to a free cash flow and the components that drove our year-to-date results and our guidance expectations for full year of 2018. Free cash flow for the second quarter was $632 million, which is $181 million increase from the prior year, driven by higher pretax income, lower cash taxes and a reduction in our net inventory investment. For the full year, we're maintaining our free cash flow guidance in the range of $1.1 billion to $1.2 billion. Inventory per store at the end of the quarter was $601,000, which was up slightly from the beginning of the year and from this time last year. We continue to expect to grow per store inventory in the range of 1% to 2% this year as our ongoing goal is to ensure we grow per store inventory at a lower rate than the comparable stores store sales growth we generate. Our AP-to-inventory ratio at the end of the second quarter was 107%, which we anticipate we'll be able to maintain through the end of the year. Finally, capital expenditures for the first half of the year were $224 million, which was down slightly from the same period of 2017 and in line with our expectations. We continue to forecast CapEx to come in between $490 million and $520 million for the year.

現在我們將討論自由現金流以及推動我們今年迄今為止業績的組成部分，以及我們對 2018 年全年的預期。第二季自由現金流為 6.32 億美元，比上年同期增加 1.81 億美元，主要得益於稅前收入增加、現金稅減少以及淨庫存投資減少。我們對全年自由現金流的預期維持在 11 億美元至 12 億美元之間。本季末每家門市的庫存為 601,000 美元，比年初和去年同期略有成長。我們預計今年每家店的庫存成長率將保持在 1% 到 2% 之間，因為我們始終的目標是確保每家商店的庫存成長率低於我們實現的同店銷售成長率。第二季末，我們的應付帳款與庫存比率為 107%，我們預計這一比率將維持到年底。最後，上半年資本支出為 2.24 億美元，略低於 2017 年同期水平，符合我們的預期。我們繼續預測今年的資本支出將在 4.9 億美元至 5.2 億美元之間。

Moving on to debt. We finished the second quarter with an adjusted debt-to-EBITDA ratio of 2.2x as compared to our ratio of 2.12x at the end of 2017. The increase in our leverage reflects our May bond issuance and borrowings on our unsecured revolving credit facility. We are below our newly stated leverage target of 2.5x, and we will approach that number when 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 2.2 倍，而 2017 年底的比率為 2.12 倍。我們槓桿率的增加反映了我們5月份的債券發行以及我們無擔保循環信貸額度的借款。我們目前的槓桿率低於新設定的 2.5 倍目標，我們將在適當的時候接近這個目標。

We continue to execute our share repurchase program, and year-to-date, we've repurchased 4.2 million shares at an average price per share of $259.42 for a total investment of $1.1 billion. 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 of returning available cash to our shareholders.

我們繼續執行股票回購計劃，今年迄今為止，我們已回購了 420 萬股股票，平均每股價格為 259.42 美元，總投資額為 11 億美元。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，我們繼續將回購​​計畫視為向股東返還可用現金的有效手段。

Before I open up our call for your questions, I'd like to thank the O'Reilly team for their dedication to the company and our customers.

在正式開始接受大家提問之前，我想感謝 O'Reilly 團隊對公司和客戶的奉獻精神。

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

我們的發言到此結束。此時，我想請接線生約翰回到電話線，我們將很樂意回答您的問題。

(Operator Instructions) And our first question is from Christopher 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多福·霍弗斯。

Can you talk about the weather a little bit more? Understanding that April was weak on the DIY front and the Upper Midwest and Northeast did have a very strong hot trend during the quarter. But as you look ahead, it would seem like your heavily weighted markets like Texas and the West Coast have really seen a spike in the heat, and I think that's expected to continue, particularly on the West Coast. So as you think about that, does that provide sort of this extended hot season, where you could continue to see that -- the performance in the hot weather categories and just driving the overall comp?

能再多談談天氣狀況嗎？考慮到 4 月 DIY 市場疲軟，而中西部北部和東北部地區在本季出現了非常強勁的火熱趨勢。但展望未來，像德州和西海岸這樣權重較大的市場似乎確實出現了高溫天氣，我認為這種情況預計還會持續下去，尤其是在西海岸。所以，當你思考這個問題時，這是否會延長炎熱的賽季，從而繼續看到——炎熱天氣類別的表現，並推動整體競爭？

Sure, Chris. This is Greg. What I'll tell you is in the colder weather markets earlier in the quarter, we benefited from some of the failure breakage-type parts. When you're looking at chassis under car steering-type component, strong sales in those categories. And then in the hot weather markets -- and a lot of those cold weather markets, to your point, they were [particularly] hot, we had strong sales and rotating electrical HVAC, refrigerants, things like that. We certainly hope that the hot weather continues. And in our southern markets and markets where we've seen hot weather, we've seen favorable sales results, and we would expect that to continue if we continue the weather trend we have.

當然可以，克里斯。這是格雷格。我可以告訴你們的是，在本季初的寒冷市場中，我們從一些易損件的損耗中受益。當你查看汽車轉向系統下底盤零件時，你會發現這些類別的銷售量非常強勁。然後在炎熱的市場——以及許多寒冷的市場，正如你所說，它們（特別）火爆，我們的銷售額強勁，空調、冷媒等產品銷量也很高。我們當然希望炎熱的天氣能夠持續下去。在我們南方的市場以及天氣炎熱的市場，銷售業績都相當不錯，如果目前的天氣趨勢持續下去，我們預計這種情況還會持續下去。

Greg, I might add that the West Coast was hot last year, so we're up against some tougher comparables out there.

格雷格，我還要補充一點，去年西海岸的天氣很熱，所以我們面臨一些更嚴峻的比較。

And then so as you think about this, I mean, sort of a speculative question, but if you didn't have this 50 basis point headwind from the extra Sunday here in the third quarter, would you have considered guiding perhaps 3% to 5% in this quarter versus the 2% to 4%?

那麼，當你思考這個問題時，我的意思是，這是一個推測性的問題，但是如果沒有第三季度額外一個週日帶來的 50 個基點的不利因素，你會考慮將本季度的業績預期從 2% 到 4% 提高到 3% 到 5% 嗎？

Chris, this is Tom. The 50 basis points is just math and calendar-based, as Greg talked about in his comments, and we put in our press release. We're also seeing some rising gas prices, which historically tended to dampen miles growth, and also it will impact especially our low-end consumer and their ability to afford items. So I think it's the combination of those items that led us to continue to give 2% to 4% guidance when we had a strong second quarter.

克里斯，這是湯姆。這 50 個基點只是基於數學和日曆計算的結果，正如 Greg 在他的評論中提到的，我們也將其寫入了我們的新聞稿中。我們也看到汽油價格上漲，這在歷史上往往會抑制里程成長，而且這將特別影響我們的低端消費者及其購買商品的能力。所以我認為正是這些因素的綜合作用，使得我們在第二季業績強勁的情況下，仍然繼續給出 2% 到 4% 的成長預期。

But is it fair to say that the miles driven impact hasn't necessarily shown up in terms of trend?

但可以說，行駛里程的影響並沒有在趨勢上顯現嗎？

That will be fair to say. Obviously, we don't have the latest miles driven data, but we haven't seen that in our business yet, but we're on a short period of the quarter.

這麼說應該沒錯。顯然，我們還沒有最新的行駛里程數據，但我們目前還沒有在業務中看到這種情況，不過我們現在還處於季度末的短期階段。

Our next question is from Dan Wewer from Raymond James.

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

Greg, I wanted to ask you about pricing strategies for our ship-to-home revenues as part of your online program. We look at these each week. This week, you're not offering any promotions. A couple of weeks ago, you're offering different types of promotions, 15% to 20%, depending on the ticket size. What are your thoughts about using this discounted strategy for ship-to-home and if there's any risk that it maybe jeopardizes the integrity of in-store pricing? And how do you think you'll go forward with the promotions on ship-to-home sales channel?

格雷格，我想請教你一些關於你在線上課程中送貨上門收入的定價策略。我們每週都會關注這些問題。本週你們沒有任何促銷活動。幾週前，你們推出了不同類型的促銷活動，折扣幅度為 15% 到 20%，具體取決於票面大小。您如何看待將這種折扣策略應用於送貨上門服務？這種策略是否有可能損害店內定價的完整性？那麼，您打算如何推動上門送貨銷售通路的促銷活動呢？

Sure, Dan. That's a great question. Glad you picked up on that. One of our competitors changed their strategy. They announced the strategy change last quarter, I believe. And we just anniversary-ed the rollout of our new website a couple of weeks ago, and we had some significant increases on our online -- through our online channel during the first year. But having anniversary-ed that, we're looking at different options, and we're testing a few things. To your point, we're testing different types of promotions online, and we're testing periods where we're not running promotions online. So we're in the process -- we just started that a few weeks ago. So we're in the process of really measuring the sales impact of the varied promotions as well as the on-off promotion cycle. What I would tell you about the price transparency to in-store pricing is, on a run rate, about 60-plus percent of our transactions are buy online, pickup in store. Even though we're running historically promotions online to provide consumer a discounted price online, those consumers are still ending that transaction in our store. And we felt confident that one of the big reasons for that is, one, the immediacy of need; and two, the need for interacting with our professional parts people on the counter to get help with the installation to make sure they have all the parts they need to complete the job the first time.

當然可以，丹。這是一個很好的問題。很高興你注意到了這一點。我們的一位競爭對手改變了策略。我記得他們是在上個季度宣布了這項策略調整。就在幾週前，我們剛剛慶祝了新網站上線一週年，在第一年裡，我們透過線上管道獲得了顯著的成長。但既然已經過了周年紀念日，我們正在考慮不同的方案，並且正在測試一些方案。正如您所說，我們正在測試不同類型的線上促銷活動，同時也在測試不進行線上促銷活動的時期。所以我們正在進行中——我們幾週前才開始這項工作。因此，我們正在實際衡量各種促銷活動以及促銷週期對銷售的影響。關於店內價格透明度，我想告訴大家的是，以正常速度計算，我們超過 60% 的交易都是在線上購買，店內取貨。儘管我們一直在網路上進行促銷活動，為消費者提供折扣價，但這些消費者最終還是會在我們的實體店完成交易。我們相信，其中一個主要原因是：第一，需求迫在眉睫；第二，需要與我們櫃檯的專業零件人員互動，以獲得安裝方面的幫助，確保他們擁有完成工作所需的所有零件，以便一次性完成。

Okay. And this is a follow-up question on the tariff. We went through the 200 pages of items on this proposed list, and I was surprised how many auto parts were included. Can you talk about the elasticity or the inelasticity of demand you would expect if you were to attempt to pass prices through to the consumer?

好的。這是關於關稅的後續問題。我們仔細查看了這份建議清單上的 200 頁項目，我驚訝地發現其中包含瞭如此多的汽車零件。如果試圖將價格轉嫁給消費者，你預期需求的彈性會是怎麼樣的？

Yes. First of all, Dan, I'll kind of give you a little history as to where we are in that process. When the tariffs were first announced, we immediately reached out to our supplier base and started trying to understand which categories would be impacted. And broadly, when you look at that 60-plus page document, there's a lot of categories that, at face value, you would expect to be included in the tariff rate. To date, we've only had a couple of suppliers that have imposed any type of tariff on us and a couple or more that are coming during early fourth quarter. And none of those tariffs to date have been at full 25%. They've been fractional based on either being a component of the product that were subject to tariffs or other varied reasons based on their overhead manufacturing cost. So far, we haven't seen a big impact, but what I would tell you is, historically, our industry has done a really nice job of passing that along. And thus far in the year, both from an inflation and a tariffs standpoint, we have been able to pass that along.

是的。首先，丹，我先簡單介紹一下我們目前在這個過程中所處的階段。關稅政策剛宣佈時，我們立即聯繫了供應商，開始了解哪些類別會受到影響。總的來說，當你查看這份 60 多頁的文件時，你會發現有很多類別，從表面上看，你會認為這些類別應該包含在關稅稅率中。到目前為止，只有兩家供應商對我們徵收了關稅，還有兩家或更多供應商將在第四季初對我們徵收關稅。而且迄今為止，這些關稅沒有一項達到 25% 的上限。它們之所以被按比例徵收關稅，要么是因為它們是產品的一部分，需要繳納關稅，要么是因為它們的間接製造成本存在其他各種原因。到目前為止，我們還沒有看到太大的影響，但我可以告訴你的是，從歷史上看，我們這個行業在傳遞這些訊息方面做得非常好。今年到目前為止，無論從通貨膨脹或關稅的角度來看，我們都能夠將這些影響轉嫁出去。

And to add to that, where we see pricing being more elastic are on commodity items and performance in dress-up, items that are necessary to run your vehicle where you can extend that maintenance cycle. And oil, obviously, has gone up and down a lot over the years. And as the price goes up, we see people extend how long they'll do -- how often they'll do oil changes, but most of the parts are required to operate the vehicle safely.

此外，我們發現價格彈性較大的領域是商品和裝飾性性能用品，這些用品是車輛運作所必需的，可以延長維護週期。很顯然，石油價格這些年來波動很大。隨著價格上漲，我們看到人們延長了換油週期，但大多數零件都是車輛安全行駛所必需的。

Our next question is from Ben Bienvenu from Stephens, Inc.

我們的下一個問題來自 Stephens, Inc. 公司的 Ben Bienvenu。

I wanted to ask, you made some commentary around seasonal maintenance repairs, but I wanted to get a sense as to whether or not you're seeing any evidence of carpark-related maintenance repairs that might give you a sense that the background trends in the secular environment are improving as it relates to the car park?

我想問一下，您之前對季節性維護維修發表了一些評論，但我想了解一下您是否看到任何與停車場相關的維護維修跡象，這些跡象可能讓您覺得與停車場相關的長期環境背景趨勢正在改善？

Yes. We see -- when we look at our partners through the quarter, there's a lot of things that are contributing to our increased sales this quarter. We talked about some of those things, and one of them would be the car park. And each of our inventories in each of our stores is really customized for that store based on specific VIO. Some of the repairs, it's hard to differentiate if it's a result of wetter weather, for example, or breakage or just the cycle of doing those routine repairs. But I would say that there are categories that we have seen some improvement. I think brakes would be one of those. I think battery replacement would be another.

是的。我們發現，本季以來，合作夥伴的業績有許多因素促成了我們本季銷售額的成長。我們談到了其中的一些事情，其中​​之一就是停車場。我們每家門市的庫存都是根據具體的車輛資訊（VIO）進行客製化的。有些維修很難區分是由於潮濕天氣造成的，還是由於損壞造成的，或者只是日常維修的必然結果。但我認為，在某些方面我們已經看到了一些進步。我認為煞車系統就是其中之一。我認為更換電池也是其中之一。

In aggregate, last year was a softer-than-expected Professional business as those vehicles from the late SAAR years continue to enter the beginning of really our sweet spot. And the younger the vehicle, the more apt it has to be repaired by a professional. So the strength year-to-date in the Professional business makes us feel good that we've seen the worst of the SAAR years come into our market. And as opposed to being a headwind, it should be flat and then, over time, return to a tailwind.

整體而言，去年專業車市場表現弱於預期，因為SAAR後期推出的車型正逐漸進入我們真正的黃金時期。車輛越新，就越需要由專業人員進行維修。因此，專業業務今年迄今的強勁表現讓我們感到欣慰，因為我們已經度過了 SAAR 時期市場最糟糕的階段。而且，風向應該先是平風，然後隨著時間的推移，逐漸轉變為順風，而不是逆風。

Understood. That's helpful. And then I wanted to ask a question about the traffic versus ticket mix of your business. You delivered strong comps year-to-date. Primarily, ticket-driven, that's not inconsistent with the past. But I'm curious about what environment you would need to have to see traffic perk up in your business over a given period of time?

明白了。那很有幫助。然後想問一下關於貴公司客流量與票務組合的問題。今年迄今為止，你們的業績表現強勁。主要以門票為導向，這與過去並不矛盾。但我很好奇，在特定的時間內，需要怎樣的環境才能讓您的業務流量有所提升？

When we look at our traffic versus average ticket this year, the strength of our average ticket is really driven by strong performance in our under car categories and more extensive repairs, especially on the professional side of the business, which carries a higher average ticket. In aggregate, from a ticket standpoint, to see stronger positive results, we will need to see stronger DIY counts because of the lower average ticket but higher traffic volume, which has a bigger impact on our overall business as we saw in '14, '15 and '16.

當我們審視今年的客流量與平均單價時，我們發現平均單價的強勁增長主要得益於汽車底盤維修類別的出色表現以及更廣泛的維修業務，尤其是在專業維修業務方面，這些業務的平均單價更高。從票務角度來看，整體而言，為了取得更顯著的正面成果，我們需要看到更多自助服務案例，因為自助服務的平均票款較低，但客流量較高，這對我們的整體業務影響更大，正如我們在 2014 年、2015 年和 2016 年所看到的那樣。

Our next question is from Simeon Gutman from Morgan Stanley.

下一個問題來自摩根士丹利的西蒙古特曼。

I wanted to ask first on DIY, which looked pretty strong. I wanted to just ask generally why. Tom, you mentioned that you're not seeing any impact yet from gas prices. So is the strength more weather-related? Or do you think your share gains are accelerating there?

我先想問DIY版塊，那裡的討論氣氛似乎不錯。我只是想問為什麼。湯姆，你提到你還沒感受到汽油價格的影響。那麼，這種強度是否更與天氣有關？或者你認為你在那裡的市佔率成長正在加速？

Well, we'll take a look and see what other people report. Obviously, we've always liked to do more business. The DIY really was the side of the business at the beginning of April that was under a lot of pressure as winter weather didn't allow people to get out and do normal repairs. And some of that business was just deferred to May. When you look at people getting out and cleaning up their cars, that business is lost for the season. But we continue to feel like we execute very strongly in the DIY side of the business, and we're going to do everything we can to take all the market share we can.

好，我們會看看其他人怎麼說。顯然，我們一直都喜歡拓展業務。四月初，由於冬季天氣惡劣，人們無法外出進行正常的維修，DIY業務確實承受了極大的壓力。其中一些業務被推遲到五月處理。當你看到人們下車清洗汽車時，這個季節的生意就損失了。但我們仍然覺得我們在 DIY 業務方面執行得非常出色，我們將盡一切努力爭取盡可能多的市場份額。

My follow-up, it could be for Jeff or for you, Tom. Jeff mentioned the 3% to 3.5% SG&A per store growth. You're going to stick to that. I think that was about 70-or-so basis points of investment. It's probably early to talk about 2019, but I wanted to ask if we should expect this to basically just fully go away next year. Is that the right expectation? And is there any debate or logic to having you maintain some level of elevated expenses next year?

我的後續問題，可能是給傑夫的，也可能是給你的，湯姆。Jeff提到每家店的銷售、管理及行政費用增加了3%至3.5%。你會堅持這樣做。我認為那大約是70個基點的投資。現在談論 2019 年可能還為時過早，但我還是想問一下，我們是否應該預期這種情況明年會徹底消失。這種預期合理嗎？那麼，明年維持一定程度的高額開支有什麼道理或合理之處嗎？

Okay. A lot of that will have to do with what the labor market looks like. This year, we talked about making that investment because we've had additional dollars to work with from the tax change. When we look at next year versus this year, this year, we didn't anticipate a lot of tailwinds from inflation within our top line. To the extent that there's broad-based inflation in 2019, we'd expect to have to drive expenses higher, but we'd also expect to have more tailwind in our top line performance to drive comp gross margin dollars to offset that.

好的。這很大程度取決於勞動市場的狀況。今年，我們討論了進行這項投資，因為稅收政策的變化讓我們有了額外的資金可以使用。當我們把明年和今年進行比較時，我們預計今年的營收不會受到通貨膨脹的太大推動。如果 2019 年出現普遍的通貨膨脹，我們預期不得不提高支出，但我們也預期營收成長將帶來更多利好，從而推高同店毛利率，以抵銷通貨膨脹的影響。

Our next question is from Seth Sigman from Crédit Suisse.

下一個問題來自瑞士信貸的塞思·西格曼。

A couple of follow-up questions here. First, just in terms of commercial versus DIY. So your comps overall accelerated in the second quarter versus the first quarter. I'm just wondering, did you see that acceleration in both commercial and DIY? Obviously, DIY was impacted earlier in the quarter. It's just not clear if the comp was actually lower in Q2 versus Q1.

這裡還有幾個後續問題。首先，僅從商業用途與DIY的角度來看。因此，與第一季相比，您的同店銷售額在第二季整體有所成長。我只是好奇，你在商業和DIY專案中都觀察到這種加速現象了嗎？顯然，DIY業務在本季早些時候受到了影響。目前還不清楚第二季的年比數據是否真的低於第一季。

Yes, Seth. Both professional and DIY were positive. But DIFM, the professional side, was a larger contributor to the comp than the DIY side.

是的，塞思。專業人士和DIY愛好者都給予了正面評價。但專業方面（DIFM）對比賽的貢獻比DIY方面更大。

Got it. And then just outside of the risk statement around potential impact from gas prices. Is it fair to say that you feel better about the state of the DIY business once you got through that April weather? And just sort of where you are now?

知道了。然後，就在關於天然氣價格可能造成的影響的風險聲明之外。經歷了四月份的惡劣天氣之後，你對DIY產業的現狀感覺好些了嗎？你現在大概在哪裡？

Yes. I mean, we've seen -- and while it wasn't as strong as the professional side of the business, we're fairly pleased with the DIY side of our business, thus far.

是的。我的意思是，我們已經看到——雖然它不如我們業務的專業方面那麼強勁，但到目前為止，我們對我們業務的 DIY 方面相當滿意。

Okay. And then just a follow-up on the investments. When you look at the employee count in the release, it does seem like it stepped up quite a bit this quarter. Could you just give us a sense of where you're investing? Is that store labor or other areas?

好的。然後是對投資情況的後續跟進。從公佈的員工人數來看，本季員工人數似乎確實大幅增加。能否簡單介紹一下您的投資方向？是指門市員工還是其他部門？

Yes, we're investing [ups] in store labor with the opening of all the new stores and increased focus on customer service. Also some headquarters department, adding staff to support omni channel initiatives and IT primarily.

是的，隨著所有新店的開業，我們正在增加對門市勞動力的投入，並更加重視客戶服務。此外，總部部分部門也增加了人員，主要是為了支援全通路計畫和 IT 部門。

Our next question is 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。

Just a follow-up on the question about the incremental investments. Just what are you expecting to see more of a return from those investments? Would it be as early as the second half of the year? Or would it be more meaningful for 2019?

關於增量投資的問題，我再補充一點。你期望從這些投資中獲得多少回報？最早可能在下半年就能實現嗎？或者，對 2019 年來說會更有意義嗎？

Well, Kate, that's a great question. When we look at this year, our comps have accelerated from last year, and we think part of that is due to some of the pressures we saw last year, having more normal weather this year. But also that acceleration has to do with providing better customer service. So we feel like we're seeing a return on our investment. Now as Jeff mentioned in his prepared comments, in the second quarter, we spent the SG&A dollars we anticipated, drove higher sales, which speaks to controlling those expenses and leveraging better than we had anticipated.

凱特，你問得好。回顧今年，我們的比賽比去年更加激烈，我們認為部分原因是由於去年的一些壓力，以及今年更正常的天氣。但這種加速發展也與提供更好的客戶服務有關。所以，我們感覺我們的投資得到了回報。正如傑夫在他準備好的評論中提到的，在第二季度，我們支出了預期的銷售、一般及行政費用，推動了更高的銷售額，這表明我們控制了這些費用，並且比我們預期的更好地利用了這些費用。

Okay. Great. And then my follow-up question is just on the macro drivers, gas prices are higher, as you mentioned. Is there anything else in the macro environment outside weather you're keeping an eye on or seems like it's changing? And is resulting in you keeping guidance at 2% to 4%, is it primarily just higher gas prices at this point?

好的。偉大的。然後我的後續問題是關於宏觀驅動因素的，正如您所提到的，汽油價格上漲了。除了天氣之外，宏觀環境中還有其他因素在讓你關注，或者看起來正在改變嗎？而您之所以將經濟成長預期維持在 2% 至 4%，主要原因是否只是汽油價格上漲？

I think you hit on the big one there, Kate. Gas prices and the potential impact, overall, miles driven would be the big economic concern that we will be seeing. Tom or Jeff, do you have anything to add to that?

凱特，我覺得你說的很對。汽油價格及其對整體行駛里程的潛在影響，將是我們將面臨的主要經濟問題。湯姆或傑夫，你們還有什麼要補充的嗎？

We're in a different environment, and we haven't seen proposed tariffs like this in the past. Obviously, a lot of them are proposed. And yesterday, there was talk of pulling some of those back, so that creates some uncertainty. We'll continue to monitor that situation closely and take the appropriate actions.

我們現在所處的環境不同了，過去從未見過這樣的關稅提案。顯然，其中有很多提議。昨天有消息稱要撤回其中一些投資，這造成了一些不確定性。我們將繼續密切關注事態發展，並採取適當措施。

Our next question is from Bret Jordan from Jefferies.

下一個問題來自傑富瑞集團的布雷特喬丹。

As you look at this sort of more expansion on Ohio and Mid-Atlantic, how do you think about sort of distribution infrastructure servicing that market that's a bit further from the Devens DC? And I guess I'll ask my follow-up question. As you look into those central state markets, is the M&A environment materially different or better there? Are there potentially more targets?

當您考慮在俄亥俄州和大西洋中部地區進行更多擴張時，您認為距離德文斯配送中心稍遠的市場需要怎樣的配送基礎設施來服務？那我再問一個後續問題吧。當你考察這些中心州的市場時，那裡的併購環境是否與其他地方有實質的不同，或者說更好？是否可能還有其他目標？

Yes, Bret. We are constantly monitoring our distribution capacity across all of our market areas. And I'm going to kick this off -- I'm passionate, as you guys know, about distribution. I like to talk about distribution. But in fairness to Jeff, I'm going to kick this back to him in a minute. So we continue to look for opportunities. We still have capacity in Devens, and we've added capacity, obviously, as Jeff mentioned in his prepared comments, to Greensboro. But we do keep a very close eye on our distribution capacity and are planning accordingly. Jeff, do you want to add to that?

是的，布雷特。我們持續監控我們在所有市場區域的分銷能力。接下來就由我來開場——你們都知道，我對分銷充滿熱情。我喜歡談論分銷。但公平地說，我一會兒會把這個問題轉回給傑夫。因此，我們會繼續尋找機會。我們在德文斯仍然有產能，正如傑夫在他準備好的評論中提到的那樣，我們顯然在格林斯伯勒增加了產能。但我們會密切注意我們的配送能力，並據此制定相應的計劃。傑夫，你還有什麼要補充的嗎？

You pretty well covered it. I mean, there's obviously a geographical void there that we're going to have to do something about here one of these days.

你已經說得很清楚了。我的意思是，很明顯那裡存在一個地理​​空白，我們遲早要對此採取一些措施。

Okay. And I guess the M&A question, I mean, obviously, there are folks like eastern down there in the Mid-Atlantic. But are there, in those markets, more targets that you would think about? Or maybe you could talk about how you think about M&A in general right now.

好的。至於併購問題，我的意思是，很顯然，像東部大西洋沿岸中部地區就有這樣的公司。但是，在這些市場中，是否有其他值得考慮的目標？或者，您也可以談談您目前對併購的看法。

Every time we go into a new market, we look to see who's selling parts in the market. It might be one store, it might be a chain of stores, and see what the opportunity there is to team up with somebody to acquire existing relationships. And we have a very technical business, and having parts people is a challenge to continue to generate those internally, so we look for an opportunity to do that. What I would tell you on the M&A front is we are a very disciplined buyer, so we are always looking, but we are going to make acquisitions that makes sense for us from a return standpoint.

每次進入新市場，我們都會看看市場上有哪些供應商在銷售零件。可能是一家門市，也可能是一家連鎖店，看看能否與他人合作，利用現有的顧客關係。我們的業務技術性很強，要持續從內部培養零件人才是一個挑戰，所以我們一直在尋找機會來解決這個問題。關於併購方面，我想告訴大家的是，我們是一個非常自律的買家，所以我們一直在尋找合適的收購目標，但我們只會進行那些從回報角度來看對我們有意義的收購。

Our next question is from Elizabeth Suzuki from Bank of America.

下一個問題來自美國銀行的伊麗莎白·鈴木。

Can you just expand a little further on a comment about short-term pressure on miles driven? It seems like that trend has actually been slowing for quite some time and over the last few years despite lower average gas prices than in 2014. So do you think this is really a short-term issue? Or are there some longer-term headwinds at play here that could impact the growth of the auto aftermarket?

能否再詳細解釋一下短期行駛里程壓力的評論？儘管近幾年的平均汽油價格低於 2014 年，但這種趨勢似乎已經放緩了相當長一段時間。所以你認為這真的只是個短期問題嗎？或者，是否存在一些可能影響汽車售後市場成長的長期不利因素？

Yes, and what I would say to that -- and I watched an industry analysis on this yesterday. Some of you may have seen the webinar as well from NPD. I think the 3 years around the 2014 time that you alluded to were a period of higher-than-normal miles per driven growth across the U.S. And I think we're -- while this year we're probably lower than the normal increase in miles driven, I don't see that as a long-term trend. Fuel prices have increased for sure and may continue to increase. But I think the consumer has adjusted to these short-term 1, 2, 3 year swings in fuel pricing, and they don't see that, that fuel price will have a long-term impact on their ability to operate their vehicles.

是的，對此我想說的是——我昨天觀看了相關的行業分析。你們當中有些可能也看過 NPD 舉辦的網路研討會。我認為你提到的 2014 年前後那三年，是美國平均每輛車行駛里程增長高於正常水平的時期。雖然今年的行駛里程成長可能低於正常水平，但我認為這不會是長期趨勢。燃油價格肯定上漲了，而且可能會繼續上漲。但我認為消費者已經適應了燃油價格這種短期（1、2、3年）的波動，他們沒有意識到燃油價格會對他們駕駛車輛的能力產生長期影響。

Great. And just as you've gone through that list of imported products proposed for tariff, the 10% tariff for that longer list, how much of an impact could there potentially be, assuming no change in where you source your product or prices you would negotiate with vendors or the prices that you could charge to the consumer?

偉大的。正如您已經查看了擬加徵關稅的進口產品清單（該清單較長，關稅為 10%），假設您的產品來源、與供應商談判的價格以及向消費者收取的價格均不發生變化，那麼可能會產生多大的影響呢？

We really haven't -- like I said earlier, there is a lot of uncertainty across our suppliers, primarily in China, where the bulk of these tariffs are falling. We're working closely with them. We don't know at this point what that exact impact will be. But again, we feel very confident that we'll be able to pass those increases along.

我們確實還沒有——就像我之前說的，我們的供應商，尤其是中國的供應商，存在著許多不確定性，因為大部分關稅都針對中國市場。我們正與他們密切合作。我們目前尚不清楚具體會產生什麼影響。但我們仍然非常有信心能夠將這些成長傳遞給消費者。

Our next question is from Chris Bottiglieri from Wolfe Research.

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

I wanted to start off -- it was interesting to hear the inflation being passed through on pricing. I was wondering if you could quantify what like-for-like pricing has contributed to comps this year, maybe as a proxy for how you could handle inflation next coming years. And I'll start with that.

我想先說說——聽到通貨膨脹是如何傳導到物價上的，感覺很有意思。我想知道您是否可以量化今年同店價格對銷售額的影響，或許可以以此作為您未來幾年應對通貨膨脹的一種參考指標。我就從這裡開始說起。

Tom, do you want to take that one?

湯姆，你想接那個嗎？

In the aggregate, it's less than 1%. What I would tell you is that category-by-category, it's been significantly more than that. Even though we have deflation in aggregate over the last 3 or 4 years, we've had certain categories that have had pretty big moves, and we've been successful at passing along those acquisition increases and maintaining our gross margin percentage.

整體而言，不到1%。我可以告訴你的是，按類別來看，實際數字遠不止這些。儘管過去三、四年整體上出現了通貨緊縮，但某些品類出現了相當大的成長，我們成功地將這些成長傳遞給了客戶，並維持了毛利率。

Got you. That's helpful. And then just given where -- even ignoring tariffs, just looking more like steel's price right now, aluminum, resin, oil, et cetera, I would think that your suppliers, even the Chinese ones, are seeing higher input cost. So can you maybe talk about how those discussions are trending and kind of like to what extent you think you're ignoring tariffs like you could see some inflation in the back half or into 2019?

抓到你了。那很有幫助。而且，即使不考慮關稅，僅就目前的鋼鐵、鋁、樹脂、石油等價格而言，我認為你們的供應商，即使是中國的供應商，也面臨更高的投入成本。那麼，您能否談談這些討論的趨勢，以及您在多大程度上認為您忽略了關稅問題，例如您可能會在下半年或 2019 年看到一些通貨膨脹？

Sure, while there may be more discussions taking place, they're really trending very similar to the way that they always trend. We don't openly take price increases. We push back to our suppliers every day during negotiations. And typically, those conversations will start at a given rate increase and end up either with no increase or a much lower rate increase through the hard work of our merchandise team.

當然，雖然討論可能更多了，但它們的趨勢實際上與以往的趨勢非常相似。我們不會公開提價。在談判過程中，我們每天都會向供應商提出異議。通常情況下，這些對話會從某個特定的漲價幅度開始，最終透過我們商品團隊的努力，要不是不漲價，就是漲幅大幅降低。

Our next question is from Seth Basham from Wedbush Securities.

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

My question is just on the guidance, the comp guidance, and your decision to hold it flat for the year. And when you think about weather, which you said was normal this quarter and you expect it to be normal in the balance of the year for your guidance, and you're also seeing a benefit from inflation, what's leading to the hesitation to increase your -- or keep your guidance flat despite the strong year-to-date performance? Is it simply your concerns about potential macro effects? Or is there something else?

我的問題僅關於業績指引、同業拆借指引以及您決定全年維持業績不變。考慮到天氣因素，您曾表示本季度天氣狀況正常，並且預計今年剩餘時間天氣狀況也將保持正常，同時您也看到了通膨帶來的好處，那麼是什麼原因導致您猶豫是否要提高業績預期，或者儘管今年迄今為止業績強勁，卻仍然維持業績預期不變呢？你只是擔心潛在的宏觀影響嗎？或是有其他原因嗎？

Sure, Seth. When you look at the quarter, and as I said in my prepared comments, July started out solid, and we're pleased with the results thus far, and solid. That -- or in July, rather. That said, we're roughly 30% through the quarter, and there's a lot of quarter ahead of us. And based on the rising fuel costs that we've talked about, based on potential threats of tariffs, based on all of the things we talked about that contribute to this, and obviously, the thing we talked about most is the extra Sunday in the quarter that has historically had around a 50 basis point impact, we just felt it prudent to guide it 2% to 4%.

當然可以，塞思。從本季來看，正如我在準備好的評論中所說，7 月開局穩健，我們對迄今為止的業績感到滿意，業績穩健。——或者更確切地說，是在七月。也就是說，本季已經過了大約 30%，還有很長一段時間要走。鑑於我們討論過的燃油成本上漲、關稅的潛在威脅，以及所有導致這種情況的因素，顯然，我們討論最多的是季度中多出的那個星期日，它歷來會對業績產生約 50 個基點的影響，因此我們認為謹慎起見，將業績指引設定為 2% 至 4%。

Our next question is from Scot Ciccarelli from RBC Capital.

我們的下一個問題來自加拿大皇家銀行資本市場的Scot Ciccarelli。

Scot Ciccarelli. A couple of questions on your private label business, specifically is your private label mix much different online than it is in the stores? And then secondly, have you historically seen your private label mix change much in an environment of rising gas prices/lower miles driven?

斯科特·西卡雷利。關於您的自有品牌業務，我有幾個問題，特別是您的自有品牌產品組合在線上和實體店中是否有很大不同？其次，從歷史數據來看，在汽油價格上漲/行駛里程減少的環境下，您的自有品牌產品組合是否發生過大的變化？

Yes, Scot. Our private label offering would be the same in store as it would be online. We offer -- with the exception of products that are really heavy that have high shipping cost or were unable to ship because of restrictions. Pretty much our full product offering that's available in the store will be available online.

是的，斯科特。我們的自有品牌產品在實體店和線上銷售的產品將保持一致。我們提供－但超重產品（運費高昂）或因運輸限製而無法運輸的產品除外。實體店裡的大部分產品，網路上都能買到。

I guess I wasn't asking about what was available. I guess I was asking about kind of sell-through versus mix.

我猜我問的並不是有哪些東西可供選擇。我猜我問的是銷售通路和產品組合之間的差異。

It's similar. The mix is similar.

很相似。混合物類似。

Got you. And then have you typically seen -- or how much -- maybe the right question, Tom, is how much have you historically seen private label mix change in an environment of rising gas prices or lower miles driven? I would assume there's some sort of the trade-down effect. Just trying to get a feel for how much.

抓到你了。那麼，湯姆，你通常有沒有看到──或者說，在汽油價格上漲或行駛里程減少的環境下，自有品牌產品組合發生了多大的變化？也許更恰當的問題是，你歷史上看到自有品牌產品組合發生了多大的變化？我猜想這其中存在某種降級效應。只是想了解大概是多少。

Well, every time we see economic uncertainty, there is some pressure on the high end grades. From a, purely, private label standpoint, what I would tell you is really the significant growth in our private label is centered around the volume which we do and our ability to source high quality house brand products in a private label pack. Those have been the biggest drivers of the growth in that. But always during economic uncertainty, we see some trade down, which obviously creates a little bit of headwind on our sales. But those products tend to carry a higher gross margin percentage.

嗯，每當我們看到經濟狀況不明朗時，高端等級的等級就會面臨一些壓力。純粹從自有品牌角度來看，我想說的是，我們自有品牌的顯著成長主要集中在我們的銷售以及我們採購高品質自有品牌產品並採用自有品牌包裝的能力。這些是推動該領域成長的最大因素。但經濟不確定時期，我們總是會看到一些交易下滑，這顯然會對我們的銷售造成一些不利影響。但這些產品的毛利率往往較高。

Our next question is from Michael Lasser from UBS.

下一個問題來自瑞銀集團的麥可·拉塞爾。

You talked about a 1% contribution to your comp from inflation. It sounds like that was more than you saw in the first quarter. So was the bulk of the acceleration that you saw in your comps in 1Q to 2Q driven by accelerating inflation? And what have you factored in for the full year guidance into your comps about inflation?

你提到通貨膨脹會讓你的薪水增加 1%。聽起來這比你第一季看到的還要多。那麼，您在第一季到第二季的比較數據中看到的成長加速，主要是由通膨加速所推動的嗎？您在製定全年業績預期時，將通貨膨脹因素納入考慮了嗎？

Tom, do you want to take that?

湯姆，你想拿嗎？

I may have misspoke, but the number is less than 1%, and it was pretty consistent through the first and second quarters and primarily related to commodity-driven items. Our expectation is that it will continue to see muted inflation within our guidance to the extent that we don't -- or we see acceleration of inflation across a broader bands. We'd expect to have more tailwinds in our top line sales.

我可能說錯了，但這個數字不到 1%，而且在第一季和第二季都相當穩定，主要與大宗商品相關。我們預計，通膨將繼續保持在我們預期的溫和水平，除非我們看到通膨在更廣泛的範圍內加速。我們預期銷售額將迎來更多利多因素。

And Tom, as it happens, how will that impact your gross margin?

湯姆，那麼這會對你的毛利率產生什麼影響呢？

Whenever we take price increases, our expectation is that we are going to generate more gross profit dollars. There may be some slight pressure on gross margin percentage, but our anticipation is that we're going to drive better comp gross margin dollars. We still anticipate that we will be within the range, as Greg said, but in the lower end of our previous stated gross margin range.

每當我們提價時，我們的預期就是能夠產生更多的毛利。毛利率可能會略微承壓，但我們預計同店毛利率將會提高。正如格雷格所說，我們仍然預計毛利率會在這個範圍內，但會處於我們先前公佈的毛利率範圍的下限。

And my follow-up question is, can you give us some sense for how much lower April was than the quarter overall in terms of the comp?

我的後續問題是，您能否大致說明一下，4 月份的業績與整個季度相比，比去年同期下降了多少？

We don't give specific numbers, but what we did say in our prepared comments is that we generated positive comparable store sales in April. May was a better month, where we saw that pent-up demand released. So that's our comment on that.

我們不提供具體數字，但我們在事先準備好的評論中提到，4 月我們實現了同店銷售額的成長。五月情況有所好轉，我們看到被壓抑的需求被釋放了。這就是我們對此的評論。

Your next question is from Matt Fassler from Goldman Sachs.

下一個問題來自高盛的馬特法斯勒。

I have 2 of them today. First of all, you're talking about gas prices, and obviously, we see the year-on-year increases. We've heard a lot over the past several years as gas has bounced off the bottom about thinking about both percentage changes in gas prices but also thinking about kind of magic levels be it $3, $4, what have you. Based on your observations of how consumers have responded to this initial round of energy price increase just really over the past year or 2, which do you think at this point is more important? And are you more focused on this now that we're kind of kissing $3 or certainly did so at the seasonal peak a few weeks ago? (inaudible)

我今天有兩個。首先，您談到了汽油價格，顯然，我們看到了逐年上漲的情況。過去幾年，隨著汽油價格從低點反彈，我們經常聽到這樣的說法：既要考慮汽油價格的百分比變化，也要考慮某種神奇的價位，例如 3 美元、4 美元等等。根據你過去一兩年對消費者對第一輪能源價格上漲的反應的觀察，你認為目前哪一點比較重要？現在我們差不多要觸及 3 美元了，或者說幾週前在季節性高峰期觸及了 3 美元，你是不是更關注這一點了？（聽不清楚）

Yes, Matt. We typically don't talk about a given price point at which the consumer changes driving habits because of fuel cost. We talk more about -- and what we think is more important is the rate of price increase, and it's been a fairly steady increase. You have some swings based on holiday travel, things like that. But looking forward, if fuel prices continue to rise at a faster rate, then a lot of our lower income consumers will be very selective on when -- where they spend their dollars. If that trend either starts to drop or rise at a very slight rate, we feel like the consumer will bake us much of that into their budget as they can.

是的，馬特。我們通常不會討論消費者因燃油成本而改變駕駛習慣的具體價格點。我們更多地談論——而且我們認為更重要的是——價格上漲的速度，而價格上漲一直相當穩定。假日出行等因素會導致一些波動。但展望未來，如果燃油價格繼續以更快的速度上漲，那麼我們許多低收入消費者在何時何地花錢時將會非常謹慎。如果這種趨勢開始下降或以非常小的速度上升，我們認為消費者會盡可能地將大部分成本納入他們的預算中。

And then my follow-up question relates to the car park you spoke, I think, generally speaking about the car park likely being responsible for the stabilization and perhaps improvement in the commercial side of the business. I know that you have a very good visibility to the demographics of the cars that you are servicing, your make and model, et cetera. Are you seeing within that evidence that this is starting to go your way, that as you make your way through that pause in the flow of older vehicles, that the right kind of cars are coming into your stores?

然後，我的後續問題與您提到的停車場有關，我認為，一般來說，停車場可能對企業的商業方面起到了穩定甚至改善的作用。我知道您對所服務的車輛的人口統計、品牌和型號等有非常清晰的了解。你是否從這些證據中看到，事情開始朝著對你有利的方向發展，隨著舊車流通的停滯期過去，合適的車輛正在進入你的商店？

So 2 comments on that. As we talked about at the beginning of the year, we expected that, that headwind from the late SAAR years was going to neutralize this year, and we think we've seen that. What we also see on the professional side of the business is from the normal winter weather that we had seen a normal under car repair level of business, which is primarily a professional job. The -- where we would expect it to be after being down the last few years.

關於這一點，我有兩點要說。正如我們在年初討論的那樣，我們預計，SAAR 後期帶來的不利影響將在今年得到抵消，我們認為我們已經看到了這一點。在專業業務方面，我們也看到，在正常的冬季天氣下，汽車維修業務量也達到了正常水平，這主要是一項專業工作。——正如我們預期的那樣，在經歷了過去幾年的下跌之後，它現在處於這樣的位置。

And we've reached our allotted time for questions. I will now turn the call back over to Greg Johnson for closing remarks.

我們的提問時間已經到了。現在我將把電話交還給格雷格·約翰遜，請他作總結發言。

Thank you, John. We'd like to conclude our call today by thanking the entire O'Reilly team for your continued dedication and customer service in the second quarter. I'd like to thank everyone for joining our call today, and we look forward to reporting our 2018 third quarter results in October. Thank you.

謝謝你，約翰。在今天的電話會議結束之際，我們要感謝 O'Reilly 團隊全體成員在第二季度持續的奉獻精神和優質的客戶服務。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2018年第三季業績。謝謝。

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

謝謝各位女士、先生。今天的會議到此結束。感謝您的參與，您現在可以斷開連接了。