O'Reilly Automotive Inc (ORLY) 2019 Q1 法說會逐字稿

Hello, and welcome to the O'Reilly Automotive, Inc. First Quarter 2019 Earnings Conference Call. My name is Michelle, and I will be your operator for today's conference. (Operator Instructions) As a reminder, this conference call is being recorded.

您好，歡迎來到 O'Reilly Automotive, Inc.2019年第一季財報電話會議。我叫米歇爾，我將擔任今天會議的接線生。（操作員說明）提醒各位，本次電話會議正在錄音。

I will now turn the call over the Tom McFall. Mr. McFall, you may begin, sir.

現在我將把電話轉給湯姆·麥克福爾。麥克福爾先生，您可以開始了，先生。

Thank you, Michelle. Good morning, everyone, and thank you for joining us. During today's conference call, we'll discuss our first quarter 2019 results and our outlook for the second quarter and full year of 2019. After our prepared comments, we'll host a question-and-answer period.

謝謝你，米歇爾。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 2019 年第一季的業績以及我們對 2019 年第二季和全年的展望。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 estimate, 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, 2018, and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

在今天上午會議開始之前，我想提醒大家，我們今天的發言包含前瞻性陳述。我們打算遵守 1995 年《私人證券訴訟改革法案》中關於前瞻性聲明的安全港條款，並要求獲得該條款的保護。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。由於公司截至 2018 年 12 月 31 日止年度的最新 10-K 表格年度報告和其他最近提交給美國證券交易委員會的文件中描述的幾個重要因素，公司的實際業績可能與任何前瞻性聲明存在重大差異。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。

Greg Johnson, our CEO and Co-President, is unable to be with us today due to a very serious health issue involving a close family member. For today's call, Greg Henslee, our Executive Vice Chairman and Former CEO, will be participating in Greg Johnson's absence.

由於一位近親的健康狀況非常嚴重，我們的執行長兼聯合總裁格雷格·約翰遜今天無法出席。今天的電話會議，由於 Greg Johnson 缺席，我們的執行副董事長兼前首席執行官 Greg Henslee 將出席。

At this time, I'll turn the call over to Greg Henslee.

現在，我將把電話轉給格雷格·亨斯利。

Thanks, Tom. Good morning, everyone, and welcome to the O'Reilly Auto Parts first 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, is also present.

謝謝你，湯姆。各位早安，歡迎參加歐萊利汽車配件公司第一季電話會議。今天早上與我一起參加電話會議的有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·奧萊利也出席了會議。

I'd like to begin our call today by thanking Team O'Reilly for their unwavering commitment to providing consistently excellent levels of service to our valued customers. This dedication to our customers is what drives our long-term success, and I'm extremely proud that the job we do each day taking expert care of both our professional and DIY customers.

今天，我首先要感謝奧萊利團隊，感謝他們始終如一地為我們尊貴的客戶提供卓越的服務。正是這種對客戶的奉獻精神推動了我們的長期成功，我為我們每天為專業客戶和 DIY 客戶提供的優質服務感到無比自豪。

As we've discussed in the past, the timing of weather patterns in our first quarter can cause the most volatility during the year. This was especially true this past quarter as we saw extended periods of harsh winter weather that are positive for our business and should support solid demand throughout 2019, but we also encountered significant rain throughout the quarter, which is a headwind for our DIY business.

正如我們過去討論過的，第一季天氣模式的出現時間可能會造成一年中最大的波動。上個季度尤其如此，我們經歷了長時間的嚴寒冬季天氣，這對我們的業務有利，應該能夠支撐 2019 年全年的強勁需求，但我們也在整個季度遭遇了大量降雨，這對我們的 DIY 業務來說是一個不利因素。

Additionally, the delay in tax refunds and a reduction of total refund dollars during the quarter contributed to the sales volatility on a comparable basis.

此外，稅收退稅延遲以及本季退稅總額減少，也導致了可比較銷售額的波動。

Finally, I would remind everyone that our first quarter included an additional Sunday as compared to 2018, which had a negative impact of approximately 50 basis points of comp store sales as Sunday is our lowest volume day of the week. As a result, our first quarter comparable store sales increase of 3.2% was at the bottom end of our guidance range due to the short-term impact of the headwinds we saw during the quarter.

最後，我想提醒大家，與 2018 年相比，我們第一季多了一個星期日，這導致同店銷售額下降了約 50 個基點，因為星期日是我們一周中銷量最低的一天。因此，由於本季遇到的短期不利因素的影響，我們第一季同店銷售額成長 3.2%，處於我們預期範圍的下限。

As we review our results for both our DIY and professional customer business on a day-by-day, region-by-region basis, we remain very confident in our business and the health of the automotive aftermarket and the strength of the underlying trends of our industry.

我們每天按地區審查 DIY 和專業客戶業務的業績，我們對我們的業務、汽車售後市場的健康狀況以及我們行業潛在趨勢的強勁勢頭仍然充滿信心。

Considering the sales volatility during the quarter, I'm proud of the effort our team put in to managing expenses and driving profitable sales growth, resulting in a 5.2% increase in operating profit dollars as compared to the first quarter of 2018 and an operating margin rate of 18.5%. In addition to the solid growth in sales and operating profit, we were -- we also benefited from a substantially lower tax rate than expected, which Tom will cover in his prepared comments. This combination of operating performance along with our ongoing share buyback program drove an increase in first quarter earnings per share of 12.2% to $4.05 per share, which exceeded the top end of our guidance range of $4.02 per share and reflects our team's ability to consistently execute our business model and drive solid profitable results.

考慮到本季的銷售波動，我為我們的團隊在控制費用和推動盈利性銷售增長方面所付出的努力感到自豪，與 2018 年第一季相比，營業利潤增長了 5.2%，營業利潤率達到 18.5%。除了銷售額和營業利潤的穩健成長外，我們還受益於遠低於預期的稅率，湯姆將在他準備好的評論中對此進行介紹。營運績效的提升，加上我們持續進行的股票回購計劃，使得第一季度每股收益增長了 12.2%，達到每股 4.05 美元，超過了我們此前預測的每股 4.02 美元的上限，這反映了我們團隊持續執行商業模式並取得穩健盈利成果的能力。

Now I'd like to provide some additional color on our first quarter comparable store sales results. The composition of our sales results was consistent with our recent trends, with both the professional and DIY sides of our business being positive contributors to our comp store sales increase in the first quarter with professional continuing to exceed DIY.

現在我想就我們第一季的同店銷售業績再補充一些細節。我們的銷售業績組成與我們近期的趨勢一致，專業業務和 DIY 業務都對第一季同店銷售額的成長做出了積極貢獻，其中專業業務繼續超過 DIY 業務。

The ticket count growth in our professional business outpaced DIY and continued to drive comparable store sales even with the headwind of the additional Sunday in the first quarter. The impact of weather volatility during the quarter was most evident in DIY ticket counts. However, the demand on this side of the business was otherwise consistent with recent trends even as these customers feel the pinch of rising prices across the economy.

我們專業業務的客單數量成長超過了 DIY 業務，即使第一季多了一個星期日，也繼續推動了同店銷售額的成長。本季天氣波動的影響在自助購票數量上表現得最為明顯。然而，儘管這些客戶感受到了整個經濟物價上漲帶來的壓力，但該業務領域的需求總體上與近期的趨勢保持一致。

Average ticket was a strong contributor to comparable store sales on both sides of the business driven by the increasing complexity of vehicle repairs and a favorable overall business mix. The impact to average ticket from same SKU inflation was in line with our expectations for the first quarter, and we still believe the full year impact will be approximately 2%.

平均客單價對業務兩方面同店銷售額均有顯著貢獻，這主要得益於車輛維修的日益複雜化以及整體業務組合的良好發展。同 SKU 價格上漲對平均客單價的影響與我們對第一季的預期一致，我們仍然認為全年影響約為 2%。

Moving on to the cadence of our comparable store sales growth. As Greg Johnson mentioned during our 2018 Year-End Analyst Call in February, we were pleased with our start to 2019. However, we met softness from a comparable standpoint in the back half of February due to the timing of tax refunds compared to last year and generally unfavorable weather in most of our markets. This was somewhat offset by the harsh winter weather from the polar vortex in many markets. However, business was good in March, and we finished the quarter strong as March was easily our strongest month of the quarter even with the extra Sunday headwind. And I'm pleased to report that this strong trend has continued to this point in April.

接下來，我們來看看同店銷售成長的節奏。正如 Greg Johnson 在 2 月舉行的 2018 年終分析師電話會議上所提到的那樣，我們對 2019 年的開局感到滿意。然而，由於退稅時間與去年相比有所延遲，以及我們大多數市場普遍天氣不利，我們在 2 月下半月遇到了與往年類似的疲軟局面。極地渦旋導致許多市場出現嚴寒的冬季天氣，這在一定程度上抵消了上述影響。然而，3 月份的生意不錯，我們以強勁的勢頭結束了本季度，即使受到週日額外不利因素的影響，3 月份也輕鬆成為我們本季業績最好的一個月。我很高興地報告，這一強勁趨勢一直延續到四月。

Given the delay in timing of tax refunds and refund dollars down approximately 3%, it's difficult to fully estimate the impact to our first quarter results, but we are confident in the core underlying fundamentals that drive demand in our business moving forward.

鑑於退稅時間延遲且退稅金額下降約 3%，很難完全估計對我們第一季業績的影響，但我們對推動業務未來發展的核心基本面充滿信心。

On a category basis, our performance matched the trends I've already discussed with strong performance in key categories driven by cold, harsh weather such as batteries and wipers along with good performance in maintenance and repair categories, such as brakes, lighting and drive line.

從類別來看，我們的業績與我之前討論過的趨勢相符，在受寒冷惡劣天氣驅動的關鍵類別（如電池和雨刮器）中表現強勁，在維護和維修類別（如剎車、照明和傳動系統）中也表現良好。

As we look ahead to the second quarter and the remainder of 2019, our outlook on the strength of our industry and our opportunity to continue to gain market share by executing our business model of providing the best customer service in our industry has remained unchanged since we provided guidance at the beginning of the year. As a result, we are reiterating our full year comparable store sales guidance of 3% to 5% and establishing our second quarter guidance at the same 3% to 5% rate.

展望 2019 年第二季及剩餘時間，我們對產業實力以及透過執行我們的商業模式（即提供業內最佳客戶服務）繼續獲得市場份額的前景，自年初我們發布指導意見以來一直保持不變。因此，我們重申全年同店銷售額成長預期為 3% 至 5%，並將第二季預期成長率設定為 3% 至 5%。

For the quarter, our gross margin of 53.1% was a 44 basis point improvement over first quarter 2018 margin and, as expected, was towards the top end of our expectations built into our full year margin guidance. During the quarter, we benefited from continued incremental improvements in acquisition cost, a favorable mix of hard part sales and a rational inflationary pricing environment. Tom will discuss LIFO and the impact of tariffs to our acquisition cost in more details in his comments, but I will add that we've been pleased to see that tariff cost increases in general have been passed along in market prices, and we continue to expect pricing in our industry to be rational moving forward.

本季度，我們的毛利率為 53.1%，比 2018 年第一季的毛利率提高了 44 個基點，並且正如預期的那樣，接近我們全年毛利率預期的上限。本季度，我們受益於採購成本的持續逐步改善、零件銷售的良好組合以及合理的通膨定價環境。Tom 將在評論中更詳細地討論後進先出法 (LIFO) 和關稅對我們收購成本的影響，但我還要補充一點，我們很高興地看到，關稅成本的增加總體上已經反映在市場價格中，我們繼續預期我們行業的定價在未來將是合理的。

We are leaving our full year gross margin guidance unchanged at 52.7% to 53.2% of sales and also continue to expect our full year operating profit to be within our previously guided range of 18.7% to 19.2% of sales.

我們維持全年毛利率預期不變，仍為銷售額的 52.7% 至 53.2%，同時繼續預期全年營業利潤將達到此前預期的銷售額的 18.7% 至 19.2%。

For earnings per share, we're establishing our second quarter guidance at $4.55 to $4.65 and are reiterating our full year EPS guidance of $17.37 to $17.47. Our full year guidance includes the impact of shares repurchased through this call which does not differ significantly from the impact we included in our fourth quarter call but does not include any additional share repurchases.

對於每股收益，我們設定第二季預期為 4.55 美元至 4.65 美元，並重申全年每股收益預期為 17.37 美元至 17.47 美元。我們的全年業績指引包含了透過本次電話會議回購股票的影響，這與我們第四季度電話會議中包含的影響沒有顯著差異，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 Team O'Reilly for their hard work and dedication to our company's continued success. Due to our continued commitment to our customers, we are off to a solid start in 2019, and I'm confident in both the long-term drivers of demand in our industry and our team's ability to capitalize on this demand by providing excellent service to our customers every day.

在將電話交給傑夫之前，我想再次感謝奧萊利團隊為我們公司持續成功所付出的辛勤努力和奉獻精神。由於我們始終致力於服務客戶，2019 年我們取得了穩健的開局。我對我們行業的長期需求驅動因素以及我們團隊透過每天為客戶提供優質服務來把握這種需求的能力都充滿信心。

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 my remarks today by echoing Greg's comments and thanking our team members for their hard work and dedication to providing top-notch customer service. Our team weathered the significant sales volatility during the quarter by remaining dedicated to taking care of our customers while closely managing expenses to drive profitable growth.

謝謝你，格雷格，大家早安。今天，我首先要重申格雷格的觀點，並感謝我們團隊成員的辛勤工作和奉獻精神，為客戶服務提供了一流的服務。本季銷售額出現大幅波動，但我們的團隊始終致力於服務好客戶，同時嚴格控制支出，從而實現了獲利成長。

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 34.6%, a deleverage of 52 basis points from 2018. On an average per store basis, our SG&A grew 3%, which is at the top end of our full year guidance but in line with our expectations for the quarter. Within our SG&A for the quarter is a headwind of 12 basis points relating to deferred compensation with a corresponding and offsetting benefit in other income.

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百分比為 34.6%，比 2018 年下降了 52 個基點。以平均每家門市計算，我們的銷售、管理及行政費用增加了 3%，這處於我們全年預期範圍的上限，但符合我們對本季的預期。在本季銷售、一般及行政費用中，遞延薪酬帶來 12 個基點的不利影響，但其他收入則帶來相應的抵銷收益。

We continue to aggressively pursue our customer service and omni-channel goals and face pressures to wages and other variable costs from a low unemployment, inflationary environment. Our expense control focus is a key component of the O'Reilly culture, and each of our managers is held accountable for the profitability of their individual store, DC or corporate department.

我們持續積極推動客戶服務和全通路目標，但面臨低失業率和通貨膨脹環境帶來的薪資和其他變動成本壓力。控製成本是 O'Reilly 企業文化的重要組成部分，我們每位經理都要對其所在門市、配送中心或公司部門的獲利能力負責。

We manage our SG&A spend with a long-term focus on building strong relationships with our customers, and we actively scrutinize all of our expenses to ensure every dollar we spend helps to provide excellent customer service. We remain confident in our opportunity to continue to drive profitable growth through diligently executing our business model and continue to expect full year growth in SG&A per store of 2.5% to 3%.

我們以長期發展為目標管理銷售、一般及行政費用，致力於與客戶建立牢固的關係，並積極審查所有支出，以確保每一分錢的支出都能幫助提供優質的客戶服務。我們仍有信心透過認真執行我們的商業模式，繼續推動獲利成長，並繼續預計全年每家門市的銷售、管理及行政費用將成長2.5%至3%。

Next, I'd like to spend -- or next I'd like to provide an update on our ongoing distribution center projects and share some additional exciting DC expansion news. If our decades of experience in executing our dual market business model have taught us anything, it's that we must continue to innovate and invest to lead the industry in parts availability. It's crucial to the economic livelihood of our professional customers and equally critical to our DIY customers who depend on us to get all the parts they need to get their car back on the road. Our ability to provide outstanding customer service in our stores is dependent on the work our 27 distribution center and 342 hub store teams do to get hard-to-find parts in our customers' hands faster than our competitors.

接下來，我想就我們正在進行的配送中心專案提供最新進展，並分享一些令人興奮的配送中心擴建消息。如果我們數十年來在執行雙市場商業模式方面的經驗教會了我們什麼，那就是我們必須不斷創新和投資，才能在零件供應方面引領產業。這對我們專業客戶的經濟生計至關重要，對我們那些依靠我們提供所有必要零件以使汽車重新上路的DIY客戶來說也同樣至關重要。我們能夠在門市提供卓越的客戶服務，取決於我們的 27 個配送中心和 342 個樞紐門市團隊的工作，他們能夠比競爭對手更快地將難以找到的零件送到客戶手中。

As we previously announced, we have 2 significant DC expansion projects under way with the addition of a new location in Twinsburg, Ohio just South of Cleveland and an upgrade to a new larger facility in the Nashville market in Lebanon, Tennessee. Both of these projects are on track, with the Cleveland DC targeted to open in the fourth quarter and the new Nashville DC set to open in the first half of 2020.

正如我們之前宣布的那樣，我們目前正在進行 2 個重要的配送中心擴建項目，包括在俄亥俄州克利夫蘭以南的 Twinsburg 增設一個新地點，以及在田納西州黎巴嫩的納許維爾市場升級為一個更大的新設施。這兩個項目都在按計劃進行，克利夫蘭配送中心計劃於第四季度開業，而新的納許維爾配送中心計劃於 2020 年上半年開業。

On our last call, we also discussed that our 2019 CapEx plan included an additional DC project starting in 2019, and we're pleased to announce the purchase of an existing facility in Horn Lake, Mississippi, just south of Memphis. The new DC will be approximately 580,000 square feet, and our initial plan is to build out capacity to service 250 stores. We plan to complete the infill work for this new DC in the back half of 2020, and at that time, we'll consolidate the operations and convert our existing DC in Little Rock, Arkansas into a super hub store. The new DC will provide us with additional capacity for store growth in this region of the country and provide flexibility for the surrounding DCs while also accommodating a broader SKU capacity, increasing our breadth of hard-to-find parts and allowing us to provide an even higher level of service to the Memphis metropolitan area markets.

在上次通話中，我們還討論了我們的 2019 年資本支出計劃，其中包括一個從 2019 年開始的額外資料中心項目，我們很高興地宣布收購位於密西西比州霍恩湖（孟菲斯以南）的現有設施。新的配送中心面積約為 580,000 平方英尺，我們的初步計劃是擴建至可服務 250 家門市。我們計劃在 2020 年下半年完成這個新配送中心的填充工作，屆時，我們將整合業務，並將我們在阿肯色州小石城的現有配送中心改造成一個超級樞紐商店。新的配送中心將為我們在這個地區的門市成長提供額外的容量，並為週邊配送中心提供靈活性，同時還能容納更廣泛的 SKU 容量，增加我們難以找到的零件的範圍，並使我們能夠為孟菲斯都市區市場提供更高水準的服務。

This plan is similar to our strategy for the relocation to the larger Nashville DC, which will allow us to consolidate Nashville and convert the Knoxville DC to a super hub. Now managing 3 major DC projects at one time is a significant undertaking, but it isn't a first for our experienced distribution operations teams. And I'm extremely confident in the ability of the team to successfully build, plan and open each of these facilities.

該計劃與我們搬遷到更大的納許維爾配送中心的策略類似，這將使我們能夠整合納許維爾，並將諾克斯維爾配送中心轉變為超級樞紐。同時管理 3 個大型 DC 專案是一項重大任務，但這對我們經驗豐富的配送營運團隊來說並非第一次。我對團隊成功建造、規劃和開放這些設施的能力充滿信心。

Finally, before turning the call over to Tom, I'd like to provide a brief update on our store expansion during the quarter and our plans for the remainder of the year. In the first quarter, we opened 62 net new stores, and we continue to be on track to open at least 200 net new stores for the year. We continue to spread our store growth across the country, with new store openings in 27 different states during the quarter as we continue to identify great opportunities to open stores across all of our market areas.

最後，在將電話交給湯姆之前，我想簡要介紹一下我們本季門市的擴張情況以及今年剩餘時間的計劃。第一季度，我們淨增門店 62 家，我們繼續朝著全年淨增門店至少 200 家的目標穩步前進。我們繼續在全國範圍內拓展門市業務，本季在 27 個不同的州開設了新店，同時我們也不斷尋找在所有市場區域開設門市的絕佳機會。

We also have successfully begun the work of converting the Bennett Auto Supply stores, which we acquired at the end of 2018. The acquisition of the 33 Bennett stores will net a total of 20 new O'Reilly locations, with the remaining 13 stores merging into existing O'Reilly stores. We will complete the conversion of the Bennett stores by the end of the second quarter. The Bennett team has been a great addition, and we look forward to continuing to grow our market share in Florida.

我們也成功地開始了對 Bennett Auto Supply 商店的改造工作，這些商店是我們在 2018 年底收購的。在收購 Bennett 的 33 家門市後，O'Reilly 將新增 20 家門市，其餘 13 家門市將併入現有的 O'Reilly 門市。我們將在第二季末完成 Bennett 門市的改造。Bennett 團隊的加入對我們大有裨益，我們期待繼續擴大在佛羅裡達州的市佔率。

Before I finish up today, I'd like to once again thank our store and distribution teams for their continued dedication to providing the best customer service in our industry. We're off to a solid start in 2019, but we're never satisfied and remain highly focused on driving industry-leading results by outhustling our competition to win our customers' business each and every day. I'm confident we have the right team in place to deliver an outstanding year in 2019, and I want to thank Team O'Reilly for their continued commitment to our company's success.

在今天結束之前，我想再次感謝我們的門市和配送團隊，感謝他們一直致力於提供業界最好的客戶服務。2019 年我們開局良好，但我們從不滿足，始終高度專注於透過每天努力超越競爭對手來贏得客戶的業務，從而取得行業領先的成果。我相信我們已經組建了一支優秀的團隊，能夠在 2019 年取得輝煌的成績，我也要感謝 O'Reilly 團隊對我們公司成功的持續貢獻。

Now I'll turn the call over to Tom.

現在我把電話交給湯姆。

Thanks, Jeff. I would also like to thank all of Team O'Reilly for their continued commitment to our customers, which drove our solid performance in the first quarter. 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 O'Reilly 團隊的所有成員，感謝他們對客戶的持續投入，正是這種投入推動了我們第一季的穩健表現。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 $128 million, comprised of $72 million increase in comp store sales, a $60 million increase in non-comp store sales, which includes the contribution from the acquired Bennett stores, and a $1 million decrease in non-comp, non-store sales and a $3 million decrease from closed stores. For 2019, we continue to expect our total revenues to be $10 billion to $10.3 billion.

本季銷售額成長 1.28 億美元，其中包括同店銷售額成長 7,200 萬美元，非同店銷售額成長 6,000 萬美元（包括收購的 Bennett 門市的貢獻），非同店、非門市銷售額減少 100 萬美元，以及門市關閉導致銷售額減少 300 萬美元。我們預計 2019 年的總收入將達到 100 億美元至 103 億美元。

As Greg previously mentioned, our gross margin was up 44 basis points for the quarter as we saw benefit to acquisition costs, mix and pricing. On a year-over-year basis, first quarter gross margins benefited from sell-through of on-hand inventory that was purchased prior to the recent tariff-driven acquisition price increases and corresponding retail and wholesale price increases, and we'd expect this to be a year-over-year benefit to gross margin in the second quarter as well.

正如 Greg 先前提到的，由於收購成本、產品組合和定價的改善，我們本季的毛利率提高了 44 個基點。與去年同期相比，第一季毛利率受益於近期關稅導致的採購價格上漲以及相應的零售和批發價格上漲之前購入的庫存的銷售，我們預計這也將對第二季度毛利率帶來同比利好。

As a result of the inflation-driven pressure to aggregate acquisition costs, we did not see a LIFO charge during the quarter and we don't expect to have a -- excuse me, we don't expect to have a charge for the remainder of 2019.

由於通貨膨脹導致收購成本總壓力增大，我們本季沒有產生後進先出法費用，而且我們預計在 2019 年剩餘時間內也不會產生費用。

Our first quarter effective tax rate was 22.5% of pretax income and was comprised of a base rate of 24.5% reduced by 2% benefit from share-based compensation. This compares to the first quarter of 2018 rate of 22.9% of pretax income, which was comprised of a base tax rate of 24.5% reduced by 1.6% benefit for share-based compensation. For the full year of 2019, we continue to expect an effective tax rate of approximately 23.5% comprised of a base rate of 24.1% reduced by a benefit of 0.6% for share-based compensation. While the benefit from share-based compensation will fluctuate from quarter to quarter and exceeded our expectations for the first quarter, we expect these variations to even out over the course of the year, and we are leaving our full year tax rate expectations unchanged. We expect our base tax rate to be relatively consistent with the exception of the third quarter, which may be lower due to the [tolling] of certain open tax periods.

我們第一季的實際稅率為稅前收入的 22.5%，其中基本稅率為 24.5%，減去 2% 的股權激勵收益。相比之下，2018 年第一季的稅率為稅前收入的 22.9%，其中基本稅率為 24.5%，減去 1.6% 的股權激勵收益。2019 年全年，我們繼續預期實際稅率約為 23.5%，其中基本稅率為 24.1%，扣除基於股份的薪資優惠 0.6% 後得出。雖然股權激勵帶來的收益會因季度而異，且第一季的收益超出了我們的預期，但我們預計這些波動將在一年內趨於平衡，因此我們維持全年稅率預期不變。我們預期基本稅率將相對穩定，但第三季除外，由於某些未結稅期間的[中止]，第三季的稅率可能會較低。

Now I'll move on to free cash flow and the components that drove our results for the quarter and our guidance expectations for the full year of 2019. Free cash flow for the first quarter was $279 million versus $311 million in the first quarter of 2018 with the reduction driven by increased CapEx and higher credit card receivable balances, offset in part by higher pretax income and a reduction in our net inventory investment. For the full year, we are maintaining our free cash flow guidance in a range of $1 billion to $1.1 billion.

接下來，我將談談自由現金流以及推動本季業績和我們對 2019 年全年業績預期的各項因素。第一季自由現金流為 2.79 億美元，而 2018 年第一季為 3.11 億美元。自由現金流減少的原因是資本支出增加和信用卡應收帳款餘額增加，但部分被稅前收入增加和淨庫存投資減少所抵銷。我們對全年的自由現金流預期維持在 10 億美元至 11 億美元之間。

Inventory per store at the end of the quarter was $609,000, which was down slightly from the beginning of the year and up 1.6% from this time last year. We continue to expect per store inventory to grow in the range of 2% to 2.5% this year as a result of acquisition cost increases and the fourth quarter opening of the Cleveland DC putting pressure on the growth percentage.

本季末每家門市的庫存為 609,000 美元，比年初略有下降，比去年同期增長 1.6%。由於採購成本增加以及克利夫蘭配送中心在第四季度開業，導致成長百分比承壓，我們預計今年每家門市的庫存將成長 2% 至 2.5%。

Our AP-to-inventory ratio at the end of the first quarter was 106%, in line with where we ended 2018 and where we expect to finish 2019.

第一季末，我們的應付帳款與庫存比率為 106%，與 2018 年末的水平以及我們預計 2019 年末的水平一致。

Finally, capital expenditures for the first quarter were $153 million, which was up $38 million from the same period of 2018 driven by our ongoing investments in new distribution projects Jeff discussed in his prepared comments as well as CapEx to convert Bennett stores, drive new store growth and accelerate technology investments. We continue to forecast CapEx to come in between $625 million and $675 million for the year.

最後，第一季的資本支出為 1.53 億美元，比 2018 年同期增加了 3,800 萬美元，這主要得益於我們對新分銷項目的持續投資（正如 Jeff 在他準備好的評論中提到的），以及對 Bennett 門市的改造、新店增長和加速技術投資的資本支出。我們繼續預測今年的資本支出將在 6.25 億美元至 6.75 億美元之間。

Moving on to debt. We finished the first quarter with an adjusted debt-to-EBITDA ratio of 2.24x, in line with our ratio at the end of 2018. We are below our stated leverage target of 2.5x, and we will approach that number when appropriate.

接下來談談債務問題。第一季末，我們調整後的負債與 EBITDA 比率為 2.24 倍，與 2018 年底的比率一致。我們目前的槓桿率低於既定目標 2.5 倍，我們將在適當的時候接近這個目標。

We continue to execute our share repurchase program. And during the first quarter, we repurchased 0.9 million shares at an average share price of $347.09 for a total investment of $322 million. We remain very confident the average purchase price is supported by the expected discounted future cash flows of our business, and we continue to view our buyback program as an effective means of returning available cash for our shareholders.

我們將繼續執行股票回購計畫。第一季度，我們以平均每股 347.09 美元的價格回購了 90 萬股股票，總投資額為 3.22 億美元。我們仍然非常有信心，平均收購價格能夠得到我們業務預期未來現金流折現的支持，並且我們繼續將股票回購計劃視為向股東返還可用現金的有效手段。

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

在正式開始回答大家的問題之前，我想感謝 O'Reilly 團隊對我們公司和客戶的奉獻。

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

我們的發言到此結束。此時，我想請接線員米歇爾回到電話線，我們將很樂意回答您的問題。

(Operator Instructions) The first question in the queue comes from Christopher with JPMorgan.

（操作員指示）隊列中的第一個問題來自摩根大通的克里斯托弗。

Can you talk a little bit about -- a little bit more about the cadence of the quarter? You mentioned March was by best -- by far the best despite there's probably 150 basis point headwind for that month. So was February negative? And sort of how did January size up relative to those 2?

能再詳細談談本季的節奏嗎？你提到三月是迄今為止最好的月份——儘管當月可能面臨 150 個基點的不利因素。所以二月的結果是陰性嗎？那麼，一月份的情況與前兩者相比如何呢？

Well, Chris, as we said, March was the strongest quarter. February wasn't negative. January was pretty solid. But clearly, March was our best-performing quarter. It's -- spring hit and the tax refunds hit. And we had a little bit of a comparison issue in February relative to tax refunds -- customers who'd received tax refunds and also the size of those refunds, and we think that was a primary driver of the shortfall compared to our plan in February. But those started coming in, in March, and we saw the pickup in business. And as I said, we've continued to experience a solid business trend to this point in April.

克里斯，正如我們所說，三月是業績最好的一個季度。二月份的情況並非糟糕。一月表現相當不錯。但很顯然，三月是我們業績最好的一個季度。春天來了，退稅也來了。二月我們在退稅方面遇到了一些比較問題——收到退稅的客戶數量以及退稅金額，我們認為這是二月份與計劃相比出現缺口的主要原因。但這些訂單從三月開始陸續到貨，我們看到了業務的復甦。正如我所說，截至四月份，我們的業務一直保持著穩健的成長動能。

Understood. Do you think there was any deferral between the first and second quarter? Or does it all going to sort of washout within the quarters?

明白了。你認為第一季和第二季之間是否有任何延遲？或者說，這一切最終都會在四分之一決賽中化為烏有？

Oh, I think there was some push forward into April probably as a result of the tax refunds being delayed and also just the weather that we had in February. People -- DIY customers, if it's pouring down rain outside for several days in a row, just don't have a chance to get out and work on their cars so they push that forward. And something else I want to mention relative to weather. As I've read some of the reports over the last couple of months relative to the polar vortex and some of the weather events, I want to make clear that the weather extremes, cold weather and hot weather, those are all good for our business. They drive demand. They cause failure of rubber parts and freeze/thaw in cold weather that causes the roads to bust up and creates pot holes does damage to chassis parts and steering parts and things like that. But snow in and of itself is not good for our business unless it's accompanied by just incredibly cold weather that causes the freeze/thaw and a bust up of the roads. When it snows hard, schools close, people stay home and our DIY business on those days is soft. And in some markets, we experienced some of that along with the rain in February. So I just want to mention that just for clarity.

哦，我想可能是因為退稅延遲以及二月的天氣原因，導致一些事情提前到了四月。如果外面連續幾天下著傾盆大雨，人們——尤其是那些喜歡自己動手修車的客戶——就沒有機會出去修車，所以他們只能把修車的事往後拖。還有一點跟天氣有關，我想提一下。在過去幾個月裡，我閱讀了一些關於極地渦旋和一些天氣事件的報道，我想明確指出，極端天氣，無論是寒冷天氣還是炎熱天氣，都對我們的業務有利。它們驅動需求。它們會導致橡膠部件損壞，在寒冷天氣中反覆凍融會導致道路破損，形成坑洼，還會損壞底盤部件、轉向部件等等。但是，除非伴隨極度寒冷的天氣，導致冰凍/融化和道路損毀，否則單單下雪對我們的生意來說並不好。下大雪的時候，學校停課，人們待在家裡，我們DIY的生意在那些日子裡就會比較清淡。在一些市場，我們二月的降雨也帶來了一些這樣的影響。我只是想提一下，以求澄清。

Understood. And then on that snow question, do you think -- as you think about -- how would you assess this winter? Did you have that -- was that snow accompanied with that weather extreme in that weather variation? And are you expecting that same sort of lift from corrupted roads, so to speak, in this second quarter?

明白了。關於雪的問題，您認為——在您思考之後——您會如何評價今年的冬天？你們那裡有那種天氣嗎？ ——那種雪是伴隨著極端天氣變化的嗎？你是否預期在第二季度，腐敗道路也能帶來同樣的成長？

Yes. I would say that it was a good winter for the auto parts business. Not -- and again, that's not immediate results, but I think the winter that we had would be conducive to good business in the spring/summer as we move into those months.

是的。我認為對於汽車零件行業來說，這是一個不錯的冬天。不——而且，這也不是立竿見影的效果，但我認為我們經歷的這個冬天有利於春夏季的良好商業發展。

And sorry, just any particular regions that you're thinking about had a better winter versus others?

另外，不好意思，您指的是哪些特定地區的冬季氣候比其他地區更好呢？

Jeff, do you have any regional...?

傑夫，你那邊有區域性的……嗎？

The regional performance is really based on the weather that we experienced throughout the quarter. The makeup throughout the regions would be about what you expect. The -- as Greg alluded to, there is parts in the center part of the country and the southern parts of the country that was just -- they were diluted with heavy rains, which kind of display -- or it slows down that early spring weather. And as everybody has seen on the national news, I mean, there was historic flooding up in the northern parts of the country. The eastern and the northeastern markets probably benefited more from a more normalized winter than anybody.

區域業績實際上取決於我們整個季度所經歷的天氣狀況。各地區的人口組成基本上符合預期。正如格雷格所暗示的那樣，該國中部和南部的一些地區——它們被暴雨沖刷得稀薄，這種景象——或者說，它減緩了早春的天氣。正如大家在國家新聞中看到的那樣，我的意思是，該國北部地區發生了歷史性的洪水。東部和東北部市場可能比其他任何地方都更受益於較正常的冬季氣候。

The next one in the queue comes from Brian Nagel with Oppenheimer.

下一個發言者是來自奧本海默公司的布萊恩·納格爾。

So first, to follow up on Chris' weather question. But in the past, you've discussed in these type of quarters the variance in performance between weather affected and non-weather affected markets. Is there some type of number like that you can give us here for Q1 just to help understand better what maybe the core business was tracking at ex the factor -- ex the impact of weather?

首先，讓我們來回答一下克里斯關於天氣的問題。但過去，你們曾在這類季度中討論過受天氣影響的市場和不受天氣影響的市場之間的業績差異。您能否提供一些關於第一季的相關數據，以便我們更了解核心業務的進展情況，例如天氣等因素的影響？

Yes. Just the difference between our best-performing markets and our worst-performing markets, is that what you're asking?

是的。你問的只是我們表現最好的市場和表現最差的市場之間的差異嗎？

Yes.

是的。

You got any numbers on that, Tom?

湯姆，你有相關數據嗎？

What we would tell you, Brian, is that there was some beneficial weather in all of our markets and some headwind weather in all of our market. I think as Jeff talked about, the overriding driver for the little softer sales than we anticipated was how much rain and cool temperatures we received in the center part of the country. We're not disclosing that comp variance at this point. Obviously, when you look at where we are versus our midpoint, it's relatively close performance and to call that out probably wouldn't be appropriate as we expect that to normalize throughout the year and haven't changed our comp expectation or total revenue expectation for the full year.

布萊恩，我們想告訴你的是，我們所有市場都出現了一些有利的天氣，也都出現了一些不利的天氣。我認為正如傑夫所說，銷量略低於預期的主要原因是該國中部地區降雨量大、氣溫偏低。我們目前不會揭露該項薪酬差異。顯然，從我們目前的狀況與預期中點相比，表現相對接近，因此指出這一點可能並不合適，因為我們預計這種情況會在今年內趨於正常，而且我們也沒有改變全年的薪酬預期或總收入預期。

Yes. That's fair. That's fair. Then the second question I wanted to ask and maybe a bit longer term in nature. In your prepared comments, you spent time talking about both the number of stores you opened in the quarter as well as the integration of the acquisition, I guess, in Florida. So as we look at it, how do you view right now the sort of, say, the productivity of the new store as you continue to open at a relatively decent clip? And as you think of that -- because there are -- there do remain a number of smaller chains out there that are at least potential targets for purchase. Do you think about the decision whether to open stores or make potentially strategic acquisitions? How does that thought process take place?

是的。這很合理。這很合理。接下來我想問的第二個問題，可能是比較長期的問題。在您準備好的發言中，您花了很多時間談論本季新開店的數量，以及在佛羅裡達州的收購整合情況。那麼，從目前的情況來看，您如何看待新店的生產力，比如說，在您繼續以相對不錯的速度開設新店的情況下？仔細想想——因為確實存在這種情況——市場上仍然有很多規模較小的連鎖店，它們至少是潛在的收購目標。您是否考慮過開設門市或進行潛在的策略性收購？這種思考過程是如何發生的？

Tom, you want to talk about that?

湯姆，你想談談這件事嗎？

So our new store performance has been right where we would expect. Obviously, we're putting the Bennett stores, and I talked about that in my prepared comments, goes into the non-comp store sales, which throws off the calculation for a new store performance. But we continue to be very pleased with the performance of our new stores. When we talk about the number of chains that are out there and how we enter new markets, our business philosophy has always been when we're going to enter a new market, what we want to do is find out who's selling parts in the market and see if there's an opportunity to team up with those parts sellers, whether it's one store and with CSK, it was 1,300 stores. So that's always our first lead. But what we have to do is be able to find a win-win where they're looking to exit, we're opportunistic in our acquisitions. We continue to do a large number of 1 and 2 store acquisitions. When we look at the Bennett stores, not a huge store count but really a very solid team in the market that we're growing in and an opportunity to leverage those teams and those relationships in the market to really add those stores but also make our new stores that much better.

因此，我們新店的業績完全符合預期。顯然，我們將 Bennett 門市的銷售額（我在事先準備好的演講稿中也談到了這一點）計入非同店銷售額，這會影響新店業績的計算。但我們對新店的業績仍然非常滿意。當我們談到市場上的連鎖店數量以及我們如何進入新市場時，我們的商業理念一直是，當我們要進入一個新市場時，我們想要做的就是找出市場上誰在銷售零件，看看是否有機會與這些零件銷售商合作，無論只有一個門店，還是像 CSK 那樣擁有 1300 家門市。所以這始終是我們首先要尋找的線索。但我們必須找到雙贏的局面，他們想要退出，而我們在收購方面則採取機會主義策略。我們繼續進行大量的單店或雙店收購。當我們審視 Bennett 門市時，雖然門市數量不多，但我們在正在發展的市場中擁有一支非常強大的團隊，這是一個利用這些團隊和市場關係來真正增加門市數量，並使我們新開的門市變得更好的機會。

And the next question in the queue comes from Scot Ciccarelli with RBC Capital Markets.

接下來提問的是來自加拿大皇家銀行資本市場的史考特·西卡雷利。

I know you guys talked about expecting about 200 basis points of part inflation for the year, but 2 questions related to that. First of all, what was the impact on 1Q? I don't know if you had said that. And then number two, how do you guys measure that? Like is that against kind of year-end or is that a year-over-year figure, et cetera?

我知道你們之前討論過預計今年零件價格將上漲約 200 個基點，但有兩個問題與此相關。首先，對第一季產生了什麼影響？我不知道你是否說過這句話。其次，你們如何衡量這一點？這是與年末數據相比，還是與去年同期數據相比，等等？

Tom?

湯姆？

It's slightly above 2. And what we would tell you is we do a detailed calculation on a SKU-by-SKU basis [outflowed] for the volume that was sold this year versus last year and prices this year versus last year. So as we talked about on our call in the fourth quarter and really we talked about last year's is last year we saw SG&A inflation without as much same SKU inflation as people reinvested in our industry and in retail in general the reduced tax amount, and we talked about it, this year we'd expect our SG&A growth to be similar unless we saw increases in inflation on the top line, and that's what we're seeing as we talked about in the fourth quarter that we're pressured on our SG&A from a inflationary standpoint, but we're seeing those price increases flow through really started primarily with the tariffs. But really costs of interest and cost of health care and cost of payroll especially passed through in price increases. So we continue to expect to see about 2% SKU-on-SKU inflation calculated at a detailed level.

略高於 2。我們想告訴您的是，我們會逐一 SKU 進行詳細計算，比較今年與去年的銷售和價格。正如我們在第四季度電話會議上討論的那樣，實際上我們也討論了去年的情況。去年，由於人們將資金重新投入我們的產業和零售業，加上稅收減少，我們看到銷售、管理及行政費用（SG&A）上漲，但同店商品（SKU）價格上漲幅度卻沒有那麼大。我們討論過，除非營收通膨加劇，否則我們預計今年的SG&A成長將與去年類似。正如我們在第四季度討論的那樣，我們目前正面臨通膨壓力，而這些價格上漲主要源於關稅。但實際上，利息成本、醫療成本和工資成本等主要成本都轉嫁到了物價上漲中。因此，我們仍然預計，在詳細層級計算出的 SKU 價格通膨率將達到 2% 左右。

And if the tariffs did go away based on what's happening on the political front, does your view on that change, Tom?

如果根據政治方面的情況，關稅真的取消了，湯姆，你的看法會改變嗎？

I think we would expect to see some opportunities for reduced prices. But tariffs are only one portion of what's driving inflation. I'd tell you that wage inflation is a bigger driver in aggregate of our price increases. So that's to be determined on how the market prices that through, how fast they come through. Obviously, we're planning our business from a go-forward basis that the tariffs that are in place will stay in place and that we won't see additional tariffs or reductions of existing tariffs to the extent that, that happens, we'll manage the business on day-by-day basis to make sure that we are being competitive in the marketplace.

我認為我們有望看到一些降價的機會。但關稅只是導致通貨膨脹的因素之一。我認為，薪資上漲才是物價整體上漲的更大驅動因素。所以，這要看市場如何定價，以及它們以多快的速度流通。顯然，當我們制定業務計劃時，是基於現有關稅將保持不變，不會增加關稅或降低現有關稅的前提。如果發生這種情況，我們將每天管理業務，以確保我們在市場上保持競爭力。

And the next question in the queue comes from Simeon Gutman with Morgan Stanley.

下一個問題來自摩根士丹利的西蒙古特曼。

This is Josh (inaudible), on for Simeon. Was the gap between your DIY and DIFM growth in the quarter consistent with how it's been over the past few quarters?

我是 Josh（聽不清楚），代表 Simeon 發言。本季您的 DIY 和 DIFM 成長之間的差距是否與過去幾季的情況一致？

We tell you, it was a little bit more, which is not unexpected given the weather volatility and some of the headwinds we have seen from weather, which, obviously, when you talk about precipitation, impacts our DIY customers as our professional shops are primarily inside and also the delay in tax returns, which is a bigger impact on our lower-end consumer.

我們告訴您，實際金額略高一些，考慮到天氣的波動性和我們所遇到的一些天氣逆風，這並不出乎意料。顯然，說到降水，這對我們的 DIY 客戶造成了影響，因為我們的專業商店主要在室內；此外，退稅延遲也對我們的低端消費者造成了更大的影響。

That makes sense. And then just a quick follow-up. Aside from maybe the weather and the tax for this quarter, if you can sort of push that to the side, are you seeing any change in the sort of number of really old, call it, 11-, 12-, 13-year-old vehicles coming into your stores?

這很有道理。然後還有一個簡短的後續問題。除了天氣和本季的稅收之外（如果可以把這些因素放在一邊），您是否注意到進入您商店的非常老舊的（比如說，11 年、12 年、13 年車齡的）車輛數量有任何變化？

What we would tell you is that the vehicle population in the United States moves very slowly. We haven't seen a dramatic change in the reported scrap rates and sales have maintained about the same amount. So we haven't seen a big change. And we continue to see the age of the vehicles get older as they're better manufactured and able to go through more routine maintenance cycles and be driven safely on the road at higher mileages. So that's a change to the vehicle population we see happens very slowly over time, and we tell you it's pretty consistent.

我們想告訴大家的是，美國的車輛保有量成長速度非常緩慢。報告的廢料率沒有顯著變化，銷售額也基本維持不變。所以，我們還沒有看到太大的改變。隨著車輛製造流程的進步，車輛能夠進行更多常規維護和保養，並在道路上安全行駛更高的里程，我們看到車輛的車齡也在不斷增長。所以，我們看到車輛數量的這種變化是隨著時間的推移而緩慢發生的，而且我們告訴你，這種變化相當穩定。

And the next question comes from Seth Sigman with Crédit Suisse.

下一個問題來自瑞士信貸的塞思·西格曼。

I wanted to follow up on the inflation. It sounds like the same SKU inflation is tracking as you would expect. What are you guys seeing from a competitive perspective? Are there others basically doing what you're doing as well? And then any signs of elasticity?

我想跟進一下通貨膨脹的情況。聽起來SKU價格上漲的情況正如你所預期的那樣。從競爭角度來看，你們看到了什麼？有其他人也做著跟你類似的工作嗎？那麼，是否存在彈性跡象？

Yes. So we do a lot of work on making sure that our prices are competitive both on the professional and DIY side of the business. And we would tell you that we continue to be very competitive in the market and adjust our prices appropriately. When we talk about elasticity of products, it really depends on the product itself. For example, batteries have a high lead content and the change in lead prices leads to quarterly changes in the prices of batteries, but it's a very inelastic product. If you go out and your battery doesn't work, your car doesn't start, and people need to replace them. On the flip side of that, our routine maintenance items, for example, oil changes to the extent that you see oil prices go up, people can extend those miles that they drive between oil changes. So it really depends on a maintenance and a failure standpoint.

是的。因此，我們投入大量精力來確保我們的價格在專業領域和DIY領域都具有競爭力。我們會告訴您，我們在市場上一直保持著強大的競爭力，並會根據市場狀況適當調整價格。當我們談到產品的彈性時，這實際上取決於產品本身。例如，電池含鉛量很高，鉛價的變化會導致電池價格每季變化，但電池是一種需求彈性很小的產品。如果你出門時發現電池沒電了，汽車就啟動不了，人們就需要更換電池。另一方面，我們的日常保養項目，例如換油，隨著油價上漲，人們可以延長兩次換油之間的行駛里程。所以這真的取決於維護和故障處理的角度。

Okay. That's helpful. And then just any more color on how strong March -- the improvement that you saw in March may have been. And specifically the DIY business, you've been somewhat cautious on that business over the last few quarters. How do you think about the macro backdrop for your DIY customer today?

好的。那很有幫助。然後，再補充一些關於三月強勁勢頭——也就是三月可能出現的改善情況——的細節。特別是DIY業務，在過去的幾個季度裡，你一直對這個業務持謹慎態度。您如何看待現今DIY客戶的宏觀背景？

Tom, do you want to take that?

湯姆，你想拿嗎？

So we saw a benefit in March partially from easing weather and partially from tax returns getting out there. We continue to view our low-end DIY customers as somewhat exposed to price increases. And to the extent that fuel goes up, they're a little more exposed to that. We continue to see it as a great business and a great opportunity for us to grow our market share.

因此，我們在三月看到了一些好處，部分原因是天氣變暖，部分原因是報稅表開始發放。我們仍然認為低端 DIY 客戶在一定程度上容易受到價格上漲的影響。燃料價格上漲，他們受到的影響也會更大。我們仍然認為這是一個很棒的商機，也是我們擴大市場份額的絕佳機會。

And the next question comes from Matt McClintock with Barclays.

下一個問題來自巴克萊銀行的馬特·麥克林托克。

Just I was thinking higher level. You talked a little bit about continued investments in part availability and you discussed the new DCs that you're opening and the new super hub, mega hub, et cetera, that you're going to do. And there's a lot of discussion about investments that some of your competitors and others in the marketplace are making to improve their part availability. And it just seems like it's overlooked sometimes that maybe you're not just sitting down doing nothing while that's occurring. So I was wondering if you can maybe just give us an overview of over the last couple of years some of the things that you've done to increase and continue to build upon your marketing-leading position in part availability?

我只是在思考更高層次的問題。您談到了對零件供應的持續投資，還討論了您正在開設的新配送中心以及您將要建造的新超級樞紐、巨型樞紐等等。而且，關於你的一些競爭對手和市場上的其他企業為了提高零件供應能力而進行的投資，也有很多討論。有時候人們似乎忽略了一點，那就是當這種情況發生時，你可能並非只是坐著什麼都不做。所以我想請您概述一下，在過去幾年裡，您為了提高和鞏固您在零件供應方面的市場領先地位，都做了哪些工作？

Jeff, do you want to take that?

傑夫，你想拿嗎？

Sure, I'll start with it and maybe you guys can chime in. Obviously, it starts with our distribution centers. And you heard us talk on the call here that we've got 3 new distribution centers under way. And putting that number of SKUs out in the market to provide that availability is just huge for the stores that benefit from that. A couple of those DCs, the Little Rock DC and the Knoxville DC that we mentioned, they were legacy DCs from the Midwest acquisition and through the [CarPro] acquisition back in 2000. And they just didn't have the footprint to hold the necessary number of SKUs that we needed to hold to support a market and the capacity as well. So that's the reasoning for the new Lebanon DC as well as the new Memphis DC. Obviously, the Akron DC is an expansion these to support greenfield growth. And beyond that, I mean, it would be -- the next level would be the super hubs -- the amount of super hubs and then the hub stores where we don't have DCs in those semi-metro freestanding markets, we want to make sure that we've got the level of SKUs it takes to support the market based on the competition in that market. And that's normally driven by the number of traditional competitors. There's many, many, many solid regional and two-step competitors out there in a lot of these markets that never get talked about. They just do a phenomenal job and really still control the bulk of the do-it-for-me business across the country that we have to go head-to-head with every day. So we're continually evaluating our position in markets from an inventory standpoint and reacting accordingly. We've done that for many, many years.

好的，我先來，你們也可以補充一些內容。顯然，這一切都始於我們的配送中心。正如我們在電話會議上提到的，我們正在建造 3 個新的配送中心。向市場投放如此多的 SKU 以提供這種供應量，對從中受益的商店來說意義重大。我們提到的其中幾個配送中心，小石城配送中心和諾克斯維爾配送中心，都是中西部收購時期遺留下來的配送中心，以及 2000 年 [CarPro] 收購時期遺留下來的配送中心。而且他們的倉庫面積不足以容納我們所需的SKU數量，無法滿足市場需求和產能要求。這就是設立新的黎巴嫩資料中心和新的孟菲斯資料中心的理由。顯然，阿克倫資料中心是為支援新建專案而進行的擴建。除此之外，我的意思是，下一個階段將是超級樞紐——超級樞紐的數量，以及我們在那些半都市獨立市場中沒有配送中心的樞紐商店，我們希望確保我們擁有足夠的 SKU 來支持該市場，以應對該市場的競爭。這通常是由傳統競爭對手的數量所驅動的。在許多市場中，有許多、很多、很多實力雄厚的區域性競爭對手和二步競爭對手，但他們從未被提及。他們做得非常出色，仍然掌控著全國大部分的代辦業務，我們每天都必須與他們正面競爭。因此，我們會不斷從庫存角度評估我們在市場上的地位，並做出相應的反應。我們多年來一直這樣做。

And what I would add to that is we comment that the Little Rock DC and the DC in Tennessee are going to become super hubs. We have stores in those locations. The DCs are relatively small. So what we're trying to communicate is those are important markets for us that we aren't going to step away from and we'll continue to have a high level of parts availability at.

我還要補充一點，我們認為小石城的華盛頓特區和田納西州的華盛頓特區將會成為超級樞紐。我們在這些地方設有門市。DC 相對較小。因此，我們想傳達的訊息是，這些市場對我們來說非常重要，我們不會放棄這些市場，我們將繼續保持較高的零件供應水準。

And something I want to add, Matt, this is Greg, is that this is an old discussion here at O'Reilly. If we look back 20 or 30 years that we were talking about how we make more parts available to each store, and the reason it's become more of a discussion in the public forum now as our larger publicly traded competitors have gotten more into the do-it-for-me side of the business and realized that availability is the key to being successful in that business, it's just become more of a topic of a discussion. So we have -- as that has happened, we have worked to improve availability through hub stores and hubs and just better SKU deployment tools in our Spoke stores, we call them, stores that stand alone in the market where you -- they're not supported by hub or a DC on a same-day basis. So a big part of the success in our business, regardless of whether it's us or one of our competitors, is having the part on the shelf or having it available within an hour or 2 when a customer needs it.

還有一點我想補充，馬特，我是格雷格，這是奧萊利公司很久以前就討論過的話題了。回顧二三十年前，我們一直在討論如何讓每家門市都能獲得更多零件，而現在，隨著我們規模更大的上市競爭對手更多地涉足「代客完成」業務領域，並意識到零件供應是該業務成功的關鍵，這個問題在公共論壇上引發了更多討論。因此，隨著這種情況的發生，我們努力透過中心商店和樞紐以及更好的 SKU 部署工具來提高 Spoke 商店（我們稱之為 Spoke 商店，這些商店獨立於市場之外，無法獲得中心或配送中心的當日送達支援）的可用性。因此，無論是我們還是我們的競爭對手，我們業務成功的關鍵之一在於，當客戶需要零件時，能夠確保零件在貨架上備有現貨，或者在一兩個小時內就能提供。

And the next question in the queue comes from Chris Bottiglieri with Wolfe Research.

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

One near term and then one long term one. So inflation, given that 2% inflation isn't entirely driven by tariffs, it (inaudible) wages, like given the methodologies to calculate it, was there any inflation in Q1 '18 last year? Because I think wages were still up pretty considerably last year?

一個近期目標，然後是一個長期目標。鑑於 2% 的通貨膨脹率並非完全由關稅驅動，（聽不清楚）薪資，以及計算通貨膨脹的方法，去年 2018 年第一季是否有通貨膨脹？因為我覺得去年的薪資漲幅還是相當可觀的？

We saw a little bit of inflation. We talked about it in 2018 was the first year in the past 5 years that the saw some same SKU inflation, and we've talked extensively about that. A lot of it was commodity-driven in the first quarter was less than 1%.

我們看到出現了一些通貨膨脹。我們在 2018 年討論過這個問題，那是過去 5 年中第一次出現相同 SKU 價格上漲的情況，我們對此進行了深入的討論。第一季受大宗商品價格波動的影響不到 1%。

Got you. Yes, that's helpful. Bigger, longer-term question. In your 10-K, you suggested that as of 12/31, you had the capacity in your DC networks to support additional 900 stores with Twinsburg, now you're adding the DC in Mississippi. Historically, at Analyst Days, you've targeted a store potential of 6,000 but seems that you're capacitizing your business to do a bit more than that, especially if you open any more DCs on the East Coast or whatnot. So I guess, just the question is like have you really thought at all your 6,000 store potential?

抓到你了。是的，這很有幫助。一個更大、更長遠的問題。在您的 10-K 檔案中，您表示截至 12 月 31 日，您的 DC 網路容量足以支援 Twinsburg 的 900 家門市，現在您又在密西西比州增加了一個 DC。從以往的分析師日來看，你們的目標是開設 6000 家門市，但似乎你們的業務能力已經足以容納更多門市，尤其是在東岸或其他地區開設更多配送中心的情況下。所以我想問的是，你們真的有認真考慮過你們6000家門市的潛力嗎？

What we'd say is the addition -- some of the additions here are being offset by the closure of Little Rock and Knoxville. What we also continue to see is as you would expect, there's more vehicles on the road, more model years, more parts specific to each model that the number of SKUs continue to increase. So that we need more square footage per store to cover that SKU diversity. But what we'd tell you is that we continue to look for all the opportunities we can to add stores, and we are probably expecting to have north of 6,000 stores at this point.

我們想說的是，新增的幾個項目——其中一些被小石城和諾克斯維爾的關閉所抵消了。正如你所預料的那樣，我們還看到，道路上的車輛越來越多，車型年份越來越多，每個車型都有更多專用的零件，因此 SKU 的數量也在增加。因此，我們需要更大的門市面積來滿足這種 SKU 多樣性。但我們可以告訴大家的是，我們將繼續尋找一切機會來增加門市，目前我們預計門市數量將超過 6,000 家。

And additionally, we would expect that some of our smaller regional competitors will continue to be consolidating increasing the number of stores that we would be able to have in the U.S. by replacing those stores with our stores.

此外，我們預計一些規模較小的區域競爭對手將繼續進行整合，透過用我們的門市取代他們的門市，從而增加我們在美國能夠擁有的門市數量。

The next question in the queue comes from Elizabeth Suzuki from Bank of America.

下一個提問者是美國銀行的伊麗莎白·鈴木。

Actually, that was a perfect lead-in to my question because I wanted to ask about further industry consolidations. I mean, how would you categorize the ability of some of your competitors to take share or -- in some of the trends in the last few years of share movement between the large chains, the smaller mom-and-pop operations, auto dealerships and online-only retailers?

實際上，這正好引出了我的問題，因為我想問的是產業進一步整合的問題。我的意思是，你會如何評價一些競爭對手搶佔市場份額的能力，或者說，在過去幾年裡，大型連鎖店、小型夫妻店、汽車經銷商和純線上零售商之間的市場份額轉移趨勢？

Well, I'll start off, and then Tom and Jeff may have some comments. But what I would say is that the large chains, obviously, have advantage from the perspective that there's this immediacy of need of parts in our business, and we're the best positioned to provide parts to any market. And I think all of us are looking to expand by acquisition where it makes sense to do so. So I think clearly, that's an advantage. I think from an online perspective, we're positioned to dominate that over time if there is more of a transition on the DIY side to online simply because of the distribution networks that we have and the availability that we can provide for online purchases, which in many cases are going to be pick-up-in-store transactions. And Tom, I don't know if you have anything you want to add to that or not?

那我先來，然後湯姆和傑夫可能會有一些評論。但我想說的是，大型連鎖企業顯然具有優勢，因為我們的業務對零件的需求是即時的，而我們最有能力向任何市場提供零件。我認為我們都在尋求透過收購來擴張，只要這樣做是合理的。所以我覺得，很明顯，這是一個優勢。我認為從線上角度來看，如果DIY領域更多地轉向線上，我們憑藉自身的分銷網絡和線上購買的便利性，將在未來佔據主導地位，因為在很多情況下，線上購買都是店內取貨交易。湯姆，我不知道你還有什麼要補充的嗎？

No. Sounds good.

不。聽起來不錯。

Great. And what percentage of the market at this point do you think is still not contained in the large chains that could potentially be up for potential acquisition?

偉大的。您認為目前還有多少市佔率尚未被可能被收購的大型連鎖企業佔據？

When you look at the number of stores that are selling auto parts over the last 15 years, it's been relatively consistent at 32,000 to 34,000 outlets. So when you look at the top chains, we continue to consolidate the market, but we're a little less than [50%] of the overall market at this point.

從過去 15 年的汽車零件銷售商店數量來看，一直相對穩定在 32,000 到 34,000 家門市之間。所以，從頂級連鎖店來看，我們仍在不斷整合市場，但目前我們佔整體市場的份額不到 50%。

And the next question in the queue comes from Michael Lasser with UBS.

下一個問題來自瑞銀集團的麥可·拉塞爾。

This is [Atul Maheshwari], filling in for Michael Lasser. Can you provide some color on the comparison to second quarter? I think April has an easier compare versus May and June. Is that right? And if compares are actually getting tougher over the balance of the quarter, what is giving you confidence on the 2% to 5% comp target for the second quarter?

這位是阿圖爾·馬赫什瓦里，他代替麥可·拉塞爾。能否詳細介紹一下與第二季相比的情況？我認為四月比五月和六月更容易進行比較。是這樣嗎？如果本季剩餘時間裡，比較基數實際上會越來越高，那麼是什麼讓您對第二季 2% 到 5% 的同業成長目標充滿信心呢？

Yes. April is our easier compare of the quarter. What gives us confidence is simply the condition of our industry, gas price is down, miles driven and then, of course, the trend that we've been on for the past several weeks give us confidence in our ability to comp well throughout the quarter. We don't disclose our monthly comps, of course, but there is an advantage in April from a comparison standpoint as compared to May and June.

是的。四月是本季最容易比較的月份。讓我們充滿信心的，是我們行業的現狀：汽油價格下降，行駛里程增加，當然，過去幾週的良好勢頭也讓我們有信心在整個季度實現良好的業績。我們當然不會公開每月的比較數據，但從對比的角度來看，4 月比 5 月和 6 月更有優勢。

What I would add to that is when we look at our guidance for each quarter and for the year, we're looking at a daily sales plan and obviously, April is the easiest compare. So our expectations are at the highest and we continue to do well versus our daily expectations for our 3% to 5% guide for the second quarter.

我還要補充一點，當我們查看每個季度和全年的業績指引時，我們關注的是每日銷售計劃，顯然，四月份是最容易比較的月份。因此，我們對第二季的預期最高，並且我們繼續超越每日預期，實現了 3% 至 5% 的成長目標。

Understood. And as my follow-up, if we look at your result versus a competitor who recently reported, it does appear that the spread narrowed somewhat this quarter. So do you think you're not gaining as much share as you were in the past? Or can the narrowing of the spread this quarter be explained by other factors such as calendar mix or maybe just recent variance?

明白了。作為後續補充，如果我們看一下你們的業績與最近公佈業績的競爭對手的業績對比，似乎本季的差距有所縮小。所以你認為你現在獲得的市佔率不如以前那麼多了嗎？或者，本季價差收窄是否可以用其他因素來解釋，例如日曆組合或近期波動？

I think we're still gaining share. What I would tell you is that some of our competitors don't report in the same periods that we report. So we internally look at our business comparing our sales to their period. And I think that, to some degree, paints a little bit of a different story. I think you also have to look at the 2-year stack with some of our competitors who have much easier comparisons to what we have. And then you also have to look at the makeup of their comp store sales and the -- and our competitors who have a substantial amount of job or business and how those comp store sales are calculated and so forth. So I still feel confident that we're gaining market share and over time, we'll -- this all plays out with our yearly comps and we'll see how that does.

我認為我們仍在擴大市場份額。我想告訴大家的是，我們的一些競爭對手的報告週期與我們不同。因此，我們將從內部分析業務狀況，並將我們的銷售額與同期業績進行比較。我認為這在某種程度上描繪了一個略有不同的故事。我認為你還得看看我們一些競爭對手兩年來的發展情況，他們的發展情況與我們相比要容易得多。然後你還要看看他們的同店銷售額組成，以及——還有那些擁有大量工作或業務的競爭對手，看看他們的同店銷售額是如何計算的等等。所以我仍然相信我們正在獲得市場份額，隨著時間的推移，這一切都將體現在我們的年度業績比較中，我們會看看結果如何。

The next question in the queue comes from Bret Jordan with Jefferies.

下一個問題來自傑富瑞集團的布雷特喬丹。

On that market share question, I guess you got a couple of competitors that seem to be doing relatively better than they were, and you guys are gaining share. Does it seem like that independent network that's just over 50% of the store base is losing share at an accelerating pace?

關於市佔率問題，我猜你們有幾個競爭對手的表現似乎比以前好一些，你們正在擴大市場份額。看起來，佔門市總數 50% 以上的獨立零售網路正在加速失去市場份額嗎？

I don't know if it's an accelerating pace. I know as we look at some of the companies that we've talked about buying and not bought and some of the companies that we have bought, there's definitely some pressure on some of the independent guys as we grow into their markets as some of our primary competitors have improved their ability to be successful on the do-it-for-me side of the business, which is the primary business that most of these independently owned shops. So yes, I think that many of them are under pressure as those of us that have larger have continued to grow and improve the go-to-market strategy.

我不知道這是否是一種加速發展的速度。我知道，當我們審視一些我們討論過收購但最終沒有收購的公司，以及一些我們已經收購的公司時，隨著我們逐漸進入他們的市場，一些獨立商家肯定會面臨一些壓力，因為我們的一些主要競爭對手提高了他們在“代客完成”業務方面的成功能力，而這正是大多數獨立商店的主要業務。所以，是的，我認為他們中的許多人都面臨著壓力，因為我們這些規模較大的公司一直在不斷發展壯大，並改善市場進入策略。

Great. And then I guess, a question on the tax impact. And it really -- it's obviously impactful to DIY. Do you see any evidence that the DIFM business pushed back from tax refunds? Or is that consumer sort of higher socio-economic and could pay for the service anyway?

偉大的。然後，我想，還有一個關於稅務影響的問題。而且，自己動手做確實——這顯然很有影響力。你看到任何證據顯示DIFM企業拒絕退稅嗎？或者說，這位消費者的社經地位較高，無論如何都能負擔這項服務？

It was more noticeable on the DIY side. I think that as you said from just a socio-economic standpoint, the do-it-for-me customer typically is not under the same pressure as the DIY customer. Many of which who choose to work on their own cars out of economic necessity as opposed to hobbyists and things like that. So yes, we see more pressure on the DIY side than we do on the do-it-for-me.

在DIY領域，這種現象更為明顯。我認為正如你所說，從社會經濟角度來看，選擇代勞服務的客戶通常不會像自己動手的客戶那樣面臨同樣的壓力。其中許多人選擇自己修理汽車是出於經濟需要，而不是出於愛好或其他原因。所以，是的，我們看到DIY方面比委託他人代勞面臨更大的壓力。

And sir, the next question in the queue comes from Seth Basham with Wedbush Securities.

先生，下一個提問者是來自 Wedbush Securities 的 Seth Basham。

Just following up on that question. If you think about the impact on the DIY customer for the delayed tax refunds in February, how do you come to the conclusion that you don't think you got all of that delayed spending back in March?

我來跟進一下那個問題。如果你考慮到二月延遲退稅對DIY消費者的影響，你怎麼會得出這樣的結論：你認為你在三月並沒有收回所有延遲的支出呢？

Well, I don't think we'd come to that conclusion. We just look at our daily sales and kind of how we compare it to the plan that we had for the year. And the trend that we started on in March has continued to this point in April. But it's hard for us to know exactly what the drivers of our comp store sales results are. We just simply look back at what's happened and say, well, this could have been a factor, that could have been a factor. What I can tell you is that March we finished strong and April has been strong to this point. And based on the daily plan that we have, we feel reasonably confident that we'll be able to beat or exceed our plan for the remainder of the quarter, which is what we're trying to do every day.

嗯，我覺得我們不會得出這樣的結論。我們只需查看每日銷售額，並將其與我們為一年制定的計劃進行比較即可。而我們從三月開始的這種趨勢一直延續到了四月。但我們很難確切知道影響同店銷售業績的因素是什麼。我們只是回顧過去發生的事情，然後說，嗯，這可能是一個因素，那也可能是一個因素。我可以告訴大家的是，三月我們收官強勁，四月到目前為止也一直保持著強勁勢頭。根據我們制定的每日計劃，我們有相當大的信心能夠在本季度剩餘的時間內完成或超越我們的計劃，這也是我們每天努力的目標。

Got it. And as a follow-up, different topic, omni-channel progress. Can you give us an update on things you've done to improve the site experience, average up-to-home times, the pick-up process in stores, et cetera?

知道了。接下來，我們將探討另一個主題：全通路進展。能否向我們介紹一下你們在改善網站體驗、平均送貨上門時間、門市取貨流程等方面所做的工作？

Tom, do you want to take that?

湯姆，你想拿嗎？

That's an area we continue to focus on. We want to be able to interact with customers in the way they choose to reach out to us. We've gotten away from talking about specific initiatives that we're working on. What we would tell you is we continue to enhance the engagement and our website continue to improve the knowledge that we're passing on to the customers from a SKU availability look up and delivery time standpoint. Those are the key focuses for us as 2/3 of the business is pick-up-in-store. So people want to find out, do we have the part? If we don't have it -- well, do we have the part? What part do I need? When can I get it? Can I pick it up in the store? So those are the items that we continue to focus on.

這是我們持續關注的領域。我們希望能夠以客戶選擇的方式與他們互動。我們已經不再討論我們正在進行的具體項目了。我們想告訴大家的是，我們將繼續加強客戶互動，我們的網站也將不斷改進，以便從 SKU 庫存查詢和交貨時間等方面更好地向客戶傳遞訊息。由於我們三分之二的業務都是店內取貨，因此這些是我們關注的重點。所以大家想知道，我們有沒有這個零件？如果我們沒有它——那麼，我們有這個零件嗎？我需要哪個部件？我什麼時候可以收到？我可以到店自取嗎？所以，這些都是我們繼續關注的重點。

The next question in the queue comes from Daniel Imbro with Stephens Inc.

下一個問題來自 Stephens Inc. 的 Daniel Imbro。

Following up on that last question, on the omni-channel, it does seem like some of your peers definitely are also talking about investing more heavily into that channel. So can you talk about just the online competition. Has that changed at all from either the big chains getting more aggressive there or the online-only competitors? How are legacy online-only competitor responding to you guys' investments?

關於上一個問題，關於全渠道，看來你們的一些同行也確實在談論加大對該渠道的投資。那麼，您能只談談線上比賽嗎？大型連鎖企業或純線上競爭對手是否因此而變得更加積極進取，這種情況是否有所改變？傳統純線上競爭對手對你們的投資有何反應？

Well, the legacy online competitors, obviously, their -- the thing they have to offer customers is that the price is typically, or in some cases, lower than what a brick-and-mortar price would be. This immediacy of need thing plays in, getting advice when you buy a part plays in. Just simply the helping people solve problems with their cars is really the business that we're in, in many cases. Our biggest opportunity, and the reason we are investing in this as are brick-and-mortar competitors is that so many people today use their phones to research before they make a purchase. And if we can provide our customers information that they might not be able to get from other sources and help them solve problems with their car, gather information about the part they may be buying, understand how to install the part and what tools it takes, those are all very important factors. And the relationships that we have with our customers, which the reason we're investing as much money as we are in this. The threat from pure online competitors, we don't see as being real significant from the perspective that there are so many part stores in the U.S. and availability is so robust. And many of these products simply have to be bought same day if people want to drive their car that evening or the next day or whatever the case may be. So we feel like we're in a little bit of a protected business when it comes to pure online exposure, although our efforts and our competitors' -- our brick-and-mortar competitors' efforts are to simply be the best when it comes to content and exposing our availability and the information that they need to repair their cars.

顯然，傳統的線上競爭對手能夠為顧客提供的，是價格通常比實體店的價格低，或者在某些情況下甚至更低。這種迫切的需求感會起作用，購買零件時尋求建議也會起作用。在很多情況下，我們從事的業務就是幫助人們解決汽車問題。我們最大的機遇，也是我們和實體店競爭對手投資該領域的原因是，如今許多人在購買商品前都會使用手機進行研究。如果我們能夠為客戶提供他們可能無法從其他管道獲得的信息，幫助他們解決汽車問題，收集他們可能要購買的零件信息，了解如何安裝零件以及需要哪些工具，這些都是非常重要的因素。我們與客戶之間的關係，也是我們在這個領域投入如此多資金的原因。從美國眾多零件商店和充足的供應來看，我們認為純粹的線上競爭對手所構成的威脅並不大。而且，如果人們想在當天晚上、第二天或其他任何情況下開車，許多這類產品都必須當天購買。因此，就純粹的線上曝光而言，我們感覺自己處於某種程度的保護之下，儘管我們和我們的競爭對手——我們的實體競爭對手——的努力，都是為了在內容、宣傳我們的服務以及他們修車所需的信息方面做到最好。

Got it. That's extremely helpful. And then, Tom, on the gross margin outlook, I think in your prepared comments, you mentioned that you thought the tailwinds from selling through previously bought inventory would continue into the second quarter. But as we look at the back half and comparisons get more difficult, I understand transportation headwinds could get easier, but how should we think about the cadence of gross margin as we move through the remainder of 2019?

知道了。這非常有幫助。然後，湯姆，關於毛利率前景，我想你在事先準備好的評論中提到，你認為銷售先前購買的庫存帶來的利好因素將持續到第二季​​。但隨著我們展望下半年，比較變得越來越困難，我理解運輸方面的不利因素可能會有所緩解，但隨著 2019 年剩餘時間的到來，我們該如何看待毛利率的走勢？

We would expect as we saw in the first quarter for our year-over-year growth to be more in the first and second quarters of the year and then to moderate in the third and fourth quarter. Based on that sell-through, we continue to work hard at making sure that we're optimizing our gross margin dollars on a daily basis. But year-over-year, we'd expect to be higher than the midpoint of our range in the second quarter and then moderating to come to our annual guidance.

正如我們在第一季看到的那樣，我們預計同比增速將在今年第一季和第二季更高，然後在第三季和第四季放緩。根據銷售情況，我們將繼續努力，確保每天優化我們的毛利率。但與去年同期相比，我們預期第二季將高於預期範圍的中點，然後逐漸回落至我們年度預期目標。

The next question in the queue comes from Zack Fadem with Wells Fargo.

下一個問題來自富國銀行的紮克法德姆。

On the cost side in the quarter, could you talk through the drivers of the SG&A per store up 3%? And how much of this would you categorize as business as usual versus investment spending or maybe the Bennett acquisition? And then given the 2.5% to 3% guide for the year, how much should we expect that level to moderate as we move into Q2 and the back half?

本季成本方面，您能否詳細分析每家店的銷售、管理及行政費用成長 3% 的原因？您認為其中有多少屬於日常業務，又有多少屬於投資支出，或例如收購 Bennett？鑑於全年增速預期為 2.5% 至 3%，隨著我們進入第二季和下半年，我們應該預期這一水準會放緩多少？

When we look at our total SG&A spend for the first quarter, we're right on plan. When we talk about the growth level, yes, we decided last year to reinvest large portion of our tax savings into service-related items primarily technology and store payroll. So the first quarter we had an adjustment for some of the benefits that we offered that was a relatively large charge, but we haven't annualized those. What we would tell you is that the growth in per-store SG&A would be obviously the highest here in the first quarter moderating in the second and third and fourth. That's all dependent on what happens in the -- with unemployment and wage rates, that is the biggest driver of the increase. And as we talked about in relation to inflation, that we're continuing to see inflationary pressures in our SG&A and seeing a benefit for that in same SKU inflation.

從第一季的銷售、一般及行政費用總額來看，我們完全符合計畫。當我們談到成長水準時，是的，我們去年決定將大部分稅收節省再投資於服務相關項目，主要是技術和門市薪資。因此，第一季我們對一些我們提供的福利進行了調整，這是一筆相對較大的費用，但我們還沒有將這些費用年化。我們可以告訴大家的是，單店銷售、管理及行政費用的成長顯然在第一季最高，然後在第二、第三和第四季放緩。這一切都取決於失業率和工資水準的變化，這是經濟成長的最大驅動因素。正如我們之前討論的通膨問題，我們繼續看到銷售、一般及行政費用面臨通膨壓力，並且從同SKU通膨中看到了好處。

Got it. That's helpful. And then just bigger picture, can we talk about the importance of national brands for your customers? Just given the competitive dynamics and rising price environment, are there any categories where your customers either Pro or DIY are shifting to your [private] label brand versus national brands? Any thoughts there?

知道了。那很有幫助。那麼，從更宏觀的角度來看，我們能否談談國家品牌對您的客戶的重要性？鑑於當前的競爭格局和不斷上漲的價格環境，您的客戶（無論是專業人士還是DIY愛好者）是否在某些品類中轉向了您的自有品牌而非全國性品牌？大家有什麼想法嗎？

Well, I -- we've always viewed national brands or branded products as being extremely important, especially where there's a product difference. And that has been the case in many of the national brands where the product in the box is simply a better product or has some benefits that a private-label brand might not. What we do is we have multiple private label brands which are established as national brands. Some are brands that previously existed as independently owned brands by a supplier that were national brands and we over time have had the opportunity to acquire those brands and represent those exclusively at O'Reilly as national brands. So our strategy is simply that we want to carry the best products in our stores that provide the best service to our customers and give us the best opportunity to run a profitable business. And sometimes that's a brand -- a national brand that's not owned by us, sometimes it's a private-label brand that we'll represent as a national brand and sometimes it's a private-label brand that represents a significant cost advantage to our customers and would be an entry-level product that we would carry in our shelves and give them the option to trade up to a better product if they're looking for a better product and what our lower-end private labels might be.

嗯，我們一直認為國家品牌或品牌產品非常重要，尤其是在產品有差異的情況下。許多全國性品牌都存在這種情況，其產品本身品質更好，或具有一些自有品牌可能不具備的優勢。我們擁有多個自有品牌，這些品牌都已成為全國性品牌。有些品牌以前是供應商獨立擁有的全國性品牌，隨著時間的推移，我們有機會收購這些品牌，並在 O'Reilly 獨家代理這些全國性品牌。因此，我們的策略很簡單，就是要在店內銷售最好的產品，為顧客提供最好的服務，並為我們帶來最大的獲利機會。有時，我們會銷售一個並非我們所有的全國性品牌；有時，我們會銷售一個自有品牌，並將其作為全國性品牌進行銷售；有時，我們會銷售一個自有品牌，該品牌能為我們的客戶帶來顯著的成本優勢，並作為入門級產品擺放在貨架上，讓客戶在需要更好的產品時可以選擇升級到更好的產品，以及我們低端品牌的產品。

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

謝謝。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, Michelle. We just want to conclude our call today by thanking the entire O'Reilly team for their continued hard work and delivering another solid quarter. And I'd like to thank everyone on the call for joining us today. We look forward to reporting our second quarter results in July. Thank you very much.

謝謝你，米歇爾。今天我們結束電話會議，衷心感謝 O'Reilly 團隊全體成員的持續努力，並取得了另一個穩健的季度業績。我還要感謝今天所有參加電話會議的人。我們期待在7月公佈第二季業績。非常感謝。

Thank you. Ladies and gentlemen, this does conclude today's teleconference. Thank you for participating. You may now disconnect.

謝謝。女士們、先生們，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。