O'Reilly Automotive Inc (ORLY) 2019 Q3 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc. Third Quarter 2019 Earnings Conference Call. My name is John, and I'll be your operator for today's call. (Operator Instructions) And I will now turn the call over to Tom McFall.

歡迎來到 O'Reilly Automotive, Inc.2019年第三季財報電話會議。我叫約翰，我將擔任您今天通話的接線生。（操作員指示）現在我將把電話轉交給湯姆·麥克福爾。

Thank you, John. Good morning, everyone, and thank you for joining us. During today's conference call, we'll discuss our third quarter 2019 results and our outlook for the fourth quarter and full year of 2019. 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 2019 年第三季的業績以及我們對 2019 年第四季和全年的展望。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，我們打算遵守 1995 年《私人證券訴訟改革法案》中關於前瞻性陳述的安全港條款，並主張受到該條款的保護。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。

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 third 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三季電話會議。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 congratulate Team O'Reilly on our excellent performance in the third quarter and to thank every member of the team for their unwavering commitment to our company's culture of providing excellent customer service to each and every one of our valued customers. After seeing some weather-driven volatility in the first half of 2019, demand in our industry evened out in the third quarter, and our team did an excellent job of taking advantage of the solid industry backdrop to deliver a strong 5% comparable store sales growth in the quarter, which is at the top end of our guidance range. I'm pleased that our team was able to translate this top line performance into an 11% increase in operating profit dollars and a 13% increase in earnings per share to $5.08 per share, which exceeded the top end of our guidance range by $0.25. Our third quarter performance is the result of our team's relentless focus on excellent customer service and expense control. Year-to-date, our comparable store sales growth stands at 3.9%, which is consistent with prior year and in line with our full year guidance we have maintained throughout the year at 3% to 5%.

我很高興祝賀奧萊利團隊在第三季度取得了優異的成績，並感謝團隊中的每一位成員始終如一地致力於我們公司的文化，即為我們每一位尊貴的客戶提供優質的客戶服務。2019 年上半年受天氣因素影響，市場出現了一些波動，但第三季產業需求趨於穩定。我們的團隊充分利用了穩健的行業環境，在本季度實現了強勁的 5% 同店銷售成長，達到了我們預期範圍的上限。我很高興我們的團隊能夠將這一營收成長轉化為營業利潤成長 11%，每股收益成長 13% 至 5.08 美元，比我們預期範圍的上限高出 0.25 美元。我們第三季的業績得益於團隊對卓越客戶服務和成本控制的不懈追求。今年迄今，我們的同店銷售成長率為 3.9%，與去年同期一致，也符合我們全年 3% 至 5% 的預期。

Now I'd like to provide some additional color on the composition of our third quarter comparable store sales results. Both the DIY and professional sides of our business contributed positively to our comp growth in the third quarter, with professional again being the stronger contributor. Part of the performance of the professional side of our business is the result of a calendar benefit from one less Sunday during the third quarter this year as compared to 2018. Sunday is our lowest-volume day of the week on the professional side and the impact of one less Sunday was a benefit of roughly 50 basis points to our total comp sales for the quarter. During the first quarter of 2019, we had one additional Sunday versus 2018. So through the first 9 months, we're even on Sunday and there's no impact to our year-to-date comps. Even adjusting for this benefit, we saw a robust comparable ticket growth in our professional business during the quarter driven by strong performance in key undercar hard parts categories, including brakes, ride control and chassis as well as more typical performance in hot weather-related categories.

現在我想就我們第三季同店銷售業績的組成做一些補充說明。第三季度，我們公司的 DIY 和專業業務都對同店銷售成長做出了積極貢獻，其中專業業務的貢獻更大。我們業務專業的部分業績得益於今年第三季比 2018 年少了一個星期日，這在日曆上帶來了好處。星期日是我們專業業務方面一周中業務量最低的一天，少一個星期日對我們本季度的總同店銷售額產生了大約 50 個基點的影響。2019 年第一季度，我們比 2018 年多了一個星期日。因此，在前 9 個月裡，我們在周日的比賽結果持平，並且對我們的年度至今的比賽結果沒有產生任何影響。即使考慮到這一利好因素，本季度我們的專業業務也實現了強勁的同店銷售額增長，這主要得益於關鍵底盤硬部件類別（包括剎車、行車控制和底盤）的強勁表現，以及與炎熱天氣相關的類別的典型表現。

Ticket counts in our DIY business continued to see pressure, consistent with our recent trends as customers on this side of our business remain more susceptible to the rising price environment. However, in total, our comparable ticket counts were positive for the quarter.

我們的 DIY 業務的訂單數量持續承壓，這與我們近期的趨勢一致，因為我們業務這部分的客戶更容易受到價格上漲環境的影響。然而，整體而言，本季我們的可比票務數量為正。

The long-term driver of increased parts complexity, coupled with the current inflationary environment, continues to drive increases in average ticket, which accounted for the majority of our comp increase in our third quarter. On a year-over-year basis, we have experienced product acquisition cost inflation driven by tariffs and other input cost increases passed on from our suppliers. As has been the historical experience in our industry, the nondiscretionary nature and immediacy of need in the products sold in the aftermarket has allowed our industry to rationally pass through these acquisition cost increases. The impact of those top line increases accelerated in the third quarter as the most recent round of tariffs went into effect and our industry began passing through these costs at the beginning of the third quarter. We would expect to see a continued tailwind from the benefit of these price increases in the fourth quarter, though to a lesser extent as we began to calendar price increases that occurred in the fourth quarter of 2018 driven by the first round of tariffs.

零件複雜性增加這個長期驅動因素，加上當前的通膨環境，持續推高平均客單價，這占我們第三季營收成長的大部分。與去年同期相比，由於關稅和其他投入成本上漲，我們的產品採購成本出現了通膨，而這些成本上漲是由供應商轉嫁的。正如我們行業的歷史經驗所表明的那樣，售後市場銷售的產品的非選擇性和即時需求，使得我們行業能夠理性地消化這些購置成本的成長。隨著最新一輪關稅生效，第三季營收成長的影響加速擴大，我們的產業從第三季初開始將這些成本轉嫁給消費者。我們預計，這些價格上漲帶來的好處將在第四季度繼續保持成長勢頭，儘管由於 2018 年第四季受第一輪關稅影響而出現的價格上漲，這種成長的幅度將會減弱。

Including the additional price changes we began to see in the beginning of the third quarter this year, we now expect to see a larger benefit from increasing average ticket with same SKU pricing of 2.5% to 3% for the full year. As we have discussed on our last 2 calls, we continue to believe the pressure of rising prices to be a short-term constraint to DIY ticket count growth as much -- as our more strapped consumers react to deferred maintenance when possible, trading down to the good, better, best value spectrum when necessary repairs can't be deferred. However, we believe that consumers will adjust to price pressures and the ticket count growth in our business will return to historical trends over time.

考慮到今年第三季初開始出現的其他價格變化，我們現在預計，全年平均客單價上漲 2.5% 至 3% 將帶來更大的收益，而 SKU 價格保持不變。正如我們在前兩次電話會議中所討論的，我們仍然認為價格上漲的壓力在短期內將限制 DIY 服務訂單數量的增長——因為我們那些經濟拮据的消費者會在可能的情況下推遲維護，而在必要的維修無法推遲時，他們會選擇降級到性價比更高的產品。但是，我們相信消費者會適應價格壓力，隨著時間的推移，我們業務的客單價成長將恢復到歷史趨勢。

As I previously mentioned, we saw more normal weather patterns in the third quarter than we saw in the first half of the year. We would describe sales of seasonal products as being as expected and did not significantly benefit from catch-up of pent-up demand on seasonal products. Adjusted for the Sunday shift, the cadence of the third quarter sales were also very steady as we saw very consistent results, especially in core hard parts categories throughout the quarter and have seen a similar start to the fourth quarter thus far in October. Looking forward to the remainder of the year, we continue to have confidence in the strength of the broader aftermarket, characterized by stable employment and general macroeconomic conditions, low gas prices, modest increases in miles driven and increasing age and complexity of vehicles. In line with these market conditions and based our performance so far in 2019, we're establishing our fourth quarter comparable store sales guidance at 3% to 5% and reiterating our full year comparable store sales guidance of 3% to 5%. As always, our team remains focused on providing the best possible service to our customers, and we remain very confident in our ability to gain share and generate results which outperform the market.

正如我之前提到的，第三季的天氣模式比上半年更正常。我們認為季節性產品的銷售情況符合預期，並未因季節性產品積壓需求的釋放而獲得顯著收益。考慮到週日的銷售時長，第三季的銷售節奏也非常穩定，我們看到了非常穩定的業績，尤其是在整個季度的核心硬部件類別中，而且10月份以來，第四季度也出現了類似的開局。展望今年剩餘時間，我們仍然對更廣泛的售後市場充滿信心，其特點是就業穩定、宏觀經濟狀況良好、汽油價格低廉、行駛里程適度增加以及車輛的車齡和複雜性不斷提高。根據這些市場狀況以及我們 2019 年迄今的業績，我們將第四季同店銷售額預期設定為 3% 至 5%，並重申全年同店銷售額預期為 3% 至 5%。一如既往，我們的團隊將繼續專注於為客戶提供最好的服務，我們對自身獲取市場份額和創造超越市場業績的能力仍然充滿信心。

For the quarter, our gross margin of 53.3% was a 35 basis point improvement over the third quarter of 2018 margin and was a high end -- or was at the high end of our expectations for the quarter. We continued to see stability in gross margin even in light of pressure from tariffs and other input cost increases as pricing remains rational in our industry. We are leaving our gross margin guidance for the full year unchanged at 52.7% to 53.2% of sales though, as Tom will discuss in his prepared comments, we now expect to come in near the top end of that range. Our operating profit dollar growth was 11% for the third quarter, which represents our strongest quarter growth since 2016. We also expect our operating profit as a percentage of sales to come in at the top end of our previously guided range of 18.7% to 19.2%.

本季度，我們的毛利率為 53.3%，比 2018 年第三季的毛利率提高了 35 個基點，達到了我們本季預期的高端水準。即使面臨關稅和其他投入成本上漲的壓力，由於我們行業的定價仍然合理，我們的毛利率仍然保持穩定。不過，我們仍維持全年毛利率預期不變，仍為銷售額的 52.7% 至 53.2%。正如 Tom 將在其準備好的評論中所述，我們現在預計毛利率將接近該範圍的上限。第三季我們的營業利潤美元成長率為 11%，這是自 2016 年以來我們最強勁的季度成長。我們也預計，營業利潤佔銷售額的百分比將達到我們先前預期的 18.7% 至 19.2% 範圍的上限。

Moving on to earnings per share. Our third quarter EPS of $5.08 was an increase of 13% over last year. And on a year-to-date basis for the first 3 quarters, our EPS of $13.63 was an increase of 10% over 2018. We're establishing our fourth quarter guidance at $4.12 to $4.22. Based on our strong sales and profit results for the quarter, our expectations for the fourth quarter profit and EPS tailwinds from shares repurchased, we're raising our full year EPS guidance to $17.75 to $17.85. Our full year guidance includes the impact of shares repurchased through this call but does not include any additional share repurchases. Again, I would like to thank our team of over 82,000 dedicated team members for the outstanding third quarter performance.

接下來看每股收益。我們第三季每股收益為 5.08 美元，比去年同期成長 13%。截至目前，前三個季度我們的每股收益為 13.63 美元，比 2018 年增長了 10%。我們第四季的業績預期為每股收益 4.12 美元至 4.22 美元。基於本季強勁的銷售和利潤業績，以及我們對第四季度利潤的預期和回購股票帶來的每股收益增長，我們將全年每股收益預期上調至 17.75 美元至 17.85 美元。我們的全年業績指引包含了透過本次電話會議回購的股份的影響，但不包括任何額外的股份回購。再次感謝我們超過 82,000 名敬業的團隊成員，感謝他們為第三季度取得的出色業績。

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 echoing Greg's comments on the dedication of Team O'Reilly. As a result of the hard work and commitment of each of our store and DC team members, we were able to produce strong results in the third quarter, at the top end of our expectations. In my comments today, I'll provide some color on our performance in the third quarter and discuss our organic store and DC expansion plans, and I'll also touch on the exciting plans we have to expand our company's footprint into Mexico with our upcoming acquisition of Mayasa Auto Parts. Our success has been built on the foundation of the O'Reilly culture of excellent customer service, and we remain very confident in our team's ability to seize on growth opportunities as we expand into new markets.

謝謝你，格雷格，大家早安。今天首先，我想重申格雷格對奧萊利團隊奉獻精神的評價。由於我們門市和配送中心每位團隊成員的辛勤工作和奉獻精神，我們在第三季取得了強勁的業績，達到了我們預期的最高水準。在今天的演講中，我將詳細介紹我們第三季度的業績，並討論我們的有機門市和配送中心擴張計劃，我還會談到我們即將收購 Mayasa Auto Parts，從而將公司業務拓展到墨西哥的激動人心的計劃。我們的成功建立在 O'Reilly 卓越的客戶服務文化之上，我們對團隊抓住發展機會、拓展新市場的能力仍然充滿信心。

I'll begin my comments today by discussing our SG&A results for the third quarter. We were pleased to be able to leverage SG&A expenses 22 basis points during the quarter as a result of the strong comp performance and effective expense management by our teams. On an average per-store basis, SG&A grew 2.5%, which was in line with our expectations for the quarter.

今天我將先討論我們第三季的銷售、管理及行政費用績效。由於同店銷售業績強勁，加上我們團隊有效的費用管理，我們很高興能夠在本季將銷售、一般及行政費用降低 22 個基點。以平均每家門市計算，銷售、管理及行政費用增加了 2.5%，這與我們對該季度的預期相符。

As we discussed on last quarter's conference call, we've experienced continued pressure in SG&A this year from rising wages and other variable costs in the current tight labor market and those pressures continued in the third quarter. However, the year-over-year comparisons ease as we calendar against the increased payroll spend in 2018 from our reallocation of the savings from the tax reform, which had ramped fully by the third quarter of 2018. We're maintaining our guidance range for full year growth in SG&A per store of 2.5% to 3%, and we expect to come in towards the higher end of that range based on the ongoing inflationary environment, which is consistent from our second quarter call. Our strategy for managing our operating expense spend for 2019 continues to be focused on ensuring we are equipping our store teams with the resources they need to provide excellent customer service while also driving omnichannel and technology initiatives to capitalize on opportunities to drive increased sales and improve efficiency and operating profit.

正如我們在上個季度的電話會議上所討論的那樣，由於當前勞動力市場緊張，工資上漲和其他可變成本增加，今年我們的銷售、一般及行政費用持續面臨壓力，而這些壓力在第三季度仍在繼續。然而，隨著 2018 年工資支出因稅改節省的資金重新分配而增加，同比比較的情況有所緩解，而稅改節省的資金在 2018 年第三季度已全面到位。我們維持全年每店銷售、管理及行政費用增長2.5%至3%的預期範圍，並且根據持續的通膨環境，我們預計最終增長率將接近該範圍的上限，這與我們第二季度電話會議的預期一致。2019 年，我們管理營運費用支出的策略仍然是確保為我們的門市團隊提供所需的資源，以提供卓越的客戶服務，同時推進全通路和技術舉措，以抓住機會提高銷售額、提高效率和營業利潤。

Next, I'd like to provide an update on our store expansion during the quarter and our plans for the remainder of the year and for 2020. In the third quarter, we opened 76 new stores, bringing our total year-to-date 2019 store openings to 181 net new stores and significantly closing the shortfall to our quarterly plan for new store openings, which was caused by weather-related construction delays in the first half of the year. We remain very confident we will achieve our goal with opening 200 net new stores in 2019. We're very pleased with the performance of our new stores and continue to be excited about our opportunities to identify great locations and great store teams to profitably grow our business in markets across the country.

接下來，我想向大家報告本季我們門市的擴張情況，以及我們今年剩餘時間和 2020 年的計畫。第三季度，我們新開了 76 家門市，使 2019 年至今新開店總數達到 181 家淨增門店，大大縮小了與季度新店開業計劃的差距。此前，由於上半年天氣原因導致施工延誤，我們的新店開幕數量未能達到計畫目標。我們仍然非常有信心實現2019年淨增加200家門市的目標。我們對新店的業績非常滿意，並將繼續熱情地尋找絕佳的店址和優秀的門市團隊，以在全國各地的市場中實現業務的盈利增長。

A key factor in our successful expansion is the consistent industry-leading support of our distribution teams. Our ability to provide the best parts availability in the aftermarket is the result of the excellent job our distribution teams do on a daily basis to support our stores, coupled with our ongoing commitment to enhance our distribution advantages through continued investments in distribution infrastructure and technology. We continue to progress on schedule with our 3 DC projects and we'll open our new facility in Twinsburg, Ohio, just south of Cleveland, during the fourth quarter. Our ability to deploy the right inventory at the right location within our supply chain and get parts in the hands of our customers faster than our competitors is one of the keys to our success. We're very confident in our team's ability to successfully manage the distribution expansion projects currently underway and to continue to capitalize on our advantage in parts availability.

我們成功擴張的關鍵因素之一是我們的分銷團隊始終如一地提供業界領先的支援。我們之所以能夠在售後市場提供最佳的零件供應，是因為我們的分銷團隊每天出色地支持我們的門市，以及我們不斷致力於透過持續投資分銷基礎設施和技術來增強我們的分銷優勢。我們的 3 個資料中心專案正按計劃繼續推進，我們將在第四季度開設位於俄亥俄州特溫斯堡（克利夫蘭以南）的新設施。我們能夠在供應鏈的正確位置部署正確的庫存，並比競爭對手更快地將零件送到客戶手中，這是我們成功的關鍵之一。我們對團隊成功管理目前正在進行的配送擴張專案的能力非常有信心，並將繼續利用我們在零件供應方面的優勢。

As Greg announced in our press release yesterday, we've set a new store growth target of 180 net new stores in 2020. Our 2020 new store growth target is slightly below our growth number from the past several years, which reflects the significant effort and resources that we will direct towards our international expansion into Mexico. As we announced in August, we've entered into a definitive agreement to purchase Mayasa Auto Parts headquartered in Guadalajara, Mexico.

正如 Greg 昨天在我們的新聞稿中宣布的那樣，我們設定了 2020 年新增 180 家門市的新增長目標。我們 2020 年的新店成長目標略低於過去幾年的成長目標，這反映出我們將投入大量精力和資源用於進軍墨西哥的國際市場。正如我們在 8 月宣布的那樣，我們已經達成最終協議，收購總部位於墨西哥瓜達拉哈拉的 Mayasa 汽車配件公司。

First, to update on the progress of the transaction. We're working diligently through the customary closing conditions and regulatory approvals and still expect to close before the end of the year. As we've discussed for the past few years, we view expansion outside of the U.S. as a natural next step in our long-term growth strategy, and we focused on evaluating opportunities closer to home in North America in both Mexico and Canada, which have similar vehicle populations. Our process has involved both evaluating the potential opportunities present in the automotive aftermarket in these countries as well as understanding the competitive landscape and potential acquisition targets to partner with for our expansion strategy.

首先，報告一下交易進度。我們正在努力完成慣例的交割條件和監管審批，仍然預計在年底前完成交割。正如我們過去幾年所討論的那樣，我們認為向美國以外地區擴張是我們長期成長策略的自然下一步，我們專注於評估北美本土附近地區的機會，包括墨西哥和加拿大，這兩個國家的汽車保有量與美國相似。我們的流程包括評估這些國家汽車售後市場的潛在機會，以及了解競爭格局和潛在的收購目標，以便與合作夥伴共同推動我們的擴張策略。

Throughout our history at O'Reilly, we've taken pride in sticking to the fundamentals and making sure we grind out the day-to-day blocking and tackling of executing our business, and we've taken the same detailed approach to working through our evaluation of international expansion. The results of this process have only served to reaffirm to us that we have a great opportunity in Mexico to enhance value for our shareholders as we meld our proven business strategies in partnership with an outstanding company in Mayasa.

在 O'Reilly 的發展歷程中，我們一直以堅持基本原則、腳踏實地地做好日常業務運營而自豪，我們也以同樣細緻周密的態度來評估國際擴張。這個過程的結果更加印證了我們在墨西哥的巨大機遇，我們將與 Mayasa 這家傑出的公司合作，把我們行之有效的商業策略融合起來，從而為我們的股東創造更大的價值。

From their beginnings over 65 years ago, Mayasa's history has mirrored our own history at O'Reilly as a family-owned company that has grown into a very successful supplier in the aftermarket by focusing on the same fundamental culture values of hard work and excellent customer service. The Orendain family has built a strong, highly respected business through its 5 distribution centers, which support 20 company-owned stores and an expansive independent jobber customer base across Mexico. At this time, Mayasa's company-owned stores represent the smaller portion of the business and the overall magnitude of this transaction is not material in comparison to our existing U.S. business. However, this partnership represents a tremendous foundation for us to grow upon from the platform that Mayasa has established to expand the base of company-owned stores over time and become a major competitor at a national level in Mexico. As we look forward to executing this strategy, we're excited to partner with Mayasa's seasoned management team who will continue to operate the business in conjunction with O'Reilly's experienced leadership team. While we're anxious to close the transaction and get started, we will be cautious at the pace at which we move forward in Mexico. Just as it was during our evaluation process, we will be very focused on ensuring we take the time to learn the Mexican market, work with the Mayasa team to develop the growth strategy and invest in developing solid leadership and infrastructure that will move us forward in Mexico. We're very happy to welcome the over 1,100 hard-working and dedicated Mayasa team members to the O'Reilly family, and we look forward to the closing of the transaction in the fourth quarter.

Mayasa 的歷史從 65 多年前創立之初就與我們 O'Reilly 的歷史如出一轍，都是家族企業，透過專注於努力工作和卓越的客戶服務等相同的基本文化價值觀，發展成為售後市場非常成功的供應商。Orendain 家族透過其 5 個配送中心建立了一個強大且備受尊敬的企業，這些配送中心為 20 家公司自營商店和遍布墨西哥的龐大獨立批發商客戶群提供支援。目前，Mayasa 的自有門市在業務中所佔比例較小，與我們現有的美國業務相比，此次交易的整體規模並不重大。然而，此次合作為我們奠定了巨大的基礎，使我們能夠借助 Mayasa 建立的平台，逐步擴大公司自營門市的數量，並最終成為墨西哥全國範圍內的主要競爭對手。展望未來，我們很高興能夠執行這項策略，並與 Mayasa 經驗豐富的管理團隊合作，他們將繼續與 O'Reilly 經驗豐富的領導團隊共同經營這項業務。雖然我們急於完成交易並開始運營，但我們會謹慎地推動在墨西哥的業務發展速度。正如我們在評估過程中所做的那樣，我們將非常注重確保我們花時間了解墨西哥市場，與 Mayasa 團隊合作制定成長策略，並投資於發展穩固的領導層和基礎設施，以推動我們在墨西哥的發展。我們非常高興地歡迎 1100 多名勤奮敬業的 Mayasa 團隊成員加入 O'Reilly 大家庭，並期待在第四季度完成交易。

To close my comments, I would like to once again thank Team O'Reilly for their outstanding performance in the third quarter and continued dedication to our customers. Our team's execution has driven solid results in the first 3 quarters of 2019, and we're in a great position to finish the year strong.

最後，我要再次感謝 O'Reilly 團隊在第三季的出色表現以及他們對客戶的持續奉獻。我們的團隊在 2019 年前三個季度的出色執行取得了穩健的業績，我們很有希望在年底前取得佳績。

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 strong results in the third quarter.

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三季的強勁業績。

Now we'll take a closer look at our quarterly results. For the quarter, sales increased $184 million, comprised of $122 million increase in comp store sales; a $57 million increase in non-comp store sales, which includes the contribution from the acquired Bennett stores; a $7 million increase in noncomp, nonstore sales; and a $2 million decrease from closed stores. For 2019, we continue to expect our total revenue to be $10 billion to $10.3 billion.

現在我們將仔細看看我們的季度業績。本季銷售額成長 1.84 億美元，其中包括同店銷售額成長 1.22 億美元；非同店銷售額成長 5,700 萬美元（包括收購的 Bennett 門市的貢獻）；非同店、非門市銷售額成長 700 萬美元；以及因門市關閉而減少 200 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 is up 35 basis points for the third quarter. On a year-over-year basis, third quarter gross margin benefited from the sell-through of on-hand inventory that was purchased prior to tariff-driven acquisition price increases, which have gone into effect in stages starting in the second half of 2018 and continuing throughout 2019 and the corresponding retail and wholesale price increases. When we established guidance for 2019 at the beginning of the year, we expected this gross margin benefit from the sell-through of lower-cost inventory to be bigger in the first half of the year based on the then current tariffs and pricing environment. However, with the most recent round of acquisition cost increases driven significantly by the last round of tariffs but also by other inflation being passed on by our suppliers, we are seeing an additional benefit to our gross margin. This benefit will continue in the fourth quarter of 2019, which is the driver of our expectation that gross margins will be at the top end of our full year guidance range, as Greg mentioned earlier.

正如 Greg 先前提到的，我們第三季的毛利率提高了 35 個基點。與去年同期相比，第三季毛利率受益於在關稅驅動的採購價格上漲之前購入的庫存的銷售，這些關稅從 2018 年下半年開始分階段生效，並持續到 2019 年，同時零售和批發價格也相應上漲。今年年初我們制定 2019 年業績指引時，根據當時的關稅和定價環境，我們預期上半年低成本庫存的銷售帶來的毛利率收益會更大。然而，由於最近一輪的採購成本上漲主要是由上一輪關稅以及其他通膨因素（例如供應商將通膨轉嫁給消費者）造成的，因此我們的毛利率也因此獲得了額外的收益。這一利多因素將持續到 2019 年第四季度，這也是我們預期毛利率將達到全年預期範圍上限的原因，正如 Greg 之前提到的那樣。

While we are not yet prepared to provide gross margin guidance for 2020, we would expect this tailwind to gross margin to carry forward into next year but decrease quarter by quarter as we turn the low-cost inventory and anniversary tariff price increases. Our expectations are based on the current tariff and inflation landscape, but the impact on our gross margin will ultimately be determined by the timing of inflation, tariffs and any corresponding market price changes. Most importantly, we continue to be pleased with our industry's ability to retain rational pricing and pass through cost increases and are confident, based on the nondiscretionary nature of demand for the products we sell, we will be able to sustain this strategy moving forward.

雖然我們目前還無法提供 2020 年的毛利率指引，但我們預計這種對毛利率的利多因素將延續到明年，但隨著低成本庫存和周年關稅價格上漲的影響逐漸減弱。我們的預期是基於當前的關稅和通膨形勢，但最終對我們毛利率的影響將取決於通膨、關稅以及任何相應的市場價格變化的時機。最重要的是，我們對本行業保持合理定價和轉嫁成本上漲的能力感到滿意，並且基於我們所售產品需求的非自由支配性，我們有信心能夠繼續維持這一戰略。

Our third quarter effective tax rate was 22% of pretax income, which was below our expectation and comprised of the base rate of 22.5%, reduced by 0.5% benefit for share-based compensation, both of which were better than our expectations. This compares to the third quarter of 2018 rate of 19.6% of pretax income, which was comprised of a base tax rate of 22.6%, reduced by 3% benefit for share-based compensation. As a reminder, the third quarter is typically lower than the remainder of the year due to the tolling of certain open tax periods and the better-than-expected base tax rate this quarter as the result of positive resolution of certain tax matters in the quarter. For the full year of 2019, we now expect an effective tax rate of 23%, comprised of a base rate of 23.8%, reduced by a benefit of 0.8% for share-based compensation. However, changes in tax benefit from share-based compensation could create fluctuations in our quarterly tax rate.

我們第三季的實際稅率為稅前收入的 22%，低於我們的預期，其中包括 22.5% 的基本稅率，減去 0.5% 的股權激勵收益，這兩項均好於我們的預期。相比之下，2018 年第三季的稅率為稅前收入的 19.6%，其中基本稅率為 22.6%，扣除了 3% 的股權激勵收益。需要提醒的是，由於某些未結稅期間的中止以及本季由於某些稅務問題得到積極解決而導致基準稅率好於預期，第三季通常低於其他季度。我們現在預計 2019 年全年實際稅率為 23%，其中基本稅率為 23.8%，扣除基於股份的薪酬優惠 0.8% 後得出。然而，股權激勵帶來的稅收優惠的變化可能會導致我們季度稅率的波動。

Now we'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 9 months of 2019 was $995 million versus $959 million in the first 9 months of 2018. As Greg noted in yesterday's press release, a big driver of the year-over-year increase in free cash flow relates to our investment in solar projects that generate investment tax credits, and the timing of these investments can create unevenness in our cash flows. Based on when these solar projects come online, we expect this timing difference in free cash flow to normalize during the fourth quarter. Absent this timing effect, free cash flow is lower year-to-date, with the reduction driven by increased CapEx, offset in part by higher pretax income. For the full year, we're maintaining our free cash flow guidance in the range of $1 billion to $1.1 billion.

現在我們將討論自由現金流以及推動本季業績的各項因素，並展望 2019 年全年業績預期。2019 年前 9 個月的自由現金流為 9.95 億美元，而 2018 年前 9 個月的自由現金流為 9.59 億美元。正如 Greg 在昨天的新聞稿中指出的那樣，自由現金流同比增加的一個主要驅動因素是我們對可產生投資稅收抵免的太陽能項目的投資，而這些投資的時機可能會造成我們現金流的不均衡。根據這些太陽能專案何時上線，我們預計自由現金流的這種時間差異將在第四季度恢復正常。如果不考慮時間因素，今年迄今的自由現金流較低，減少的原因是資本支出增加，部分被較高的稅前收入所抵銷。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 618,000, which is up 1% from the beginning of the year and up 2.1% from this time last year. We continue to expect to grow per store inventory in the range of 2% to 2.5% this year as a result of acquisition cost increases and the fourth quarter opening of the Twinsburg DC putting pressure on the growth percentage. Our EPD inventory ratio at the end of this quarter was 108%, which is up from 106% from the end of 2018. We now expect to finish 2019 around 107%.

本季末每家門市的庫存量為 618,000 件，比年初成長 1%，比去年同期成長 2.1%。由於採購成本增加以及第四季度 Twinsburg 配送中心的開幕給成長百分比帶來壓力，我們預計今年每家門市的庫存成長率仍將保持在 2% 至 2.5% 之間。本季末，我們的 EPD 庫存比率為 108%，高於 2018 年底的 106%。我們現在預計 2019 年結束時將達到 107% 左右。

Finally, capital expenditures for the first 9 months of the year were $481 million, which is up $131 million from the same period of 2018, driven by our ongoing investment in new DC projects, the conversion of the Bennett stores, new store growth and technology investments. We continue to forecast CapEx to come in between $625 million and $675 million for the full year.

最後，今年前 9 個月的資本支出為 4.81 億美元，比 2018 年同期增加了 1.31 億美元，這主要得益於我們對新配送中心項目的持續投資、Bennett 商店的改造、新店的增長以及技術投資。我們繼續預測全年資本支出將在 6.25 億美元至 6.75 億美元之間。

Moving on to debt. We finished the third quarter with an adjusted debt-to-EBITDA ratio of 2.28x as compared to our ratio of 2.23x at the end of 2018. The increase in our leverage reflects our May bond issuance and the borrowings on our unsecured revolving credit facility. We're below our stated leverage target of 2.5x and we'll approach that number when appropriate.

接下來談談債務問題。第三季末，我們調整後的負債與 EBITDA 比率為 2.28 倍，而 2018 年底的比率為 2.23 倍。我們的槓桿率上升反映了我們五月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既定目標 2.5 倍，我們會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 repurchased 3.6 million shares at an average share price $364.84 for a total investment of $1.3 billion. Subsequent to the end of the third quarter, and through the date of our press release, we repurchased 0.1 million shares at an average price $393.33. We remain very confident that the average repurchase price is supported by expected discounted future cash flows to 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，我們以平均每股 364.84 美元的價格回購了 360 萬股股票，總投資額達 13 億美元。在第三季結束後，截至我們發布新聞稿之日，我們以平均每股 393.33 美元的價格回購了 10 萬股股票。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 outstanding performance in the third quarter and for their continued dedication to our company and our customers.

在正式開始回答各位的問題之前，我想感謝 O'Reilly 團隊在第三季的出色表現，以及他們對公司和客戶的持續奉獻。

This concludes our prepared comments. And at this time, I 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，我們很樂意回答您的問題。

(Operator Instructions) And our first question is from Chris Horvers from JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的克里斯·霍弗斯。

I wanted to ask a little bit about the DIY business and sort of what you're seeing on the sequential trends in the do-it-yourself business. As you pass along more price increases, what have you seen from an elasticity deferral perspective? In one hand, prices are higher. But on the other hand, miles driven have generally picked up since bottoming in the back half of last year and we think that's a nice driver of that business and the overall business. So how is this balanced out in terms of deferred expanding?

我想稍微了解一下 DIY 行業，以及您在 DIY 行業的發展趨勢方面看到了什麼。隨著價格上漲幅度的增加，從彈性遞延的角度來看，你觀察到了什麼？一方面，價格更高。但另一方面，自去年下半年觸底以來，行駛里程總體上有所回升，我們認為這對該業務和整體業務來說是一個不錯的推動因素。那麼，這種延遲擴張是如何平衡的呢？

Sure, Chris. Third quarter, we were up slightly on the cash, the DIY side of our business. If the tariffs and inflation persist, we feel like the more cash-strapped consumer will have to make some decisions, not much different than what we would face with rising fuel prices and ordinary inflation. And while we haven't seen a lot of evidence of deferred maintenance, it would be somewhat likely that, that would be a decision that, that consumer might make if they were having financial difficulties to defer -- not, not complete those maintenance cycles but defer those and extend those maintenance cycles out a little bit longer. So we haven't seen a lot of evidence. Those more elastic categories are more the maintenance categories like oil and things like that. And we haven't seen any evidence that there's been a big shift there, but that could happen these tariffs and inflationary -- should this inflationary environment continue.

當然可以，克里斯。第三季度，我們的現金流量和DIY業務略有成長。如果關稅和通貨膨脹持續下去，我們認為資金緊張的消費者將不得不做出一些決定，這與我們面臨燃油價格上漲和普通通貨膨脹時的情況並無太大不同。雖然我們還沒有看到很多關於延遲維護的證據，但如果消費者在經濟上遇到困難，他們可能會做出延遲維護的決定——不是不完成維護週期，而是推遲維護週期，並將維護週期延長一些。所以，我們還沒有看到很多證據。那些彈性較大的類別比較是維護保養類別，例如機油之類的東西。我們還沒有看到任何證據表明這種情況發生了重大轉變，但如果這種通膨環境持續下去，關稅和通膨可能會導致這種情況發生。

What I would add to that, Chris, is ticket comps were up slightly on the DIY side. Total comps were relatively strong, although as Greg mentioned in his prepared comments, the professional business continues to lead the way in total comps. When we look at our category performance, items that can be deferred, especially on the DIY side, are a little bit lagging, whereas our hard parts business, things that you need to run your car, continue to be good on both sides of the business.

克里斯，我還要補充一點，DIY 方面的贈票數量略有增加。整體比較結果相對強勁，儘管正如 Greg 在他準備好的評論中提到的那樣，專業業務在整體比較結果方面仍然處於領先地位。當我們審視各品類的表現時，可以延期購買的商品，尤其是 DIY 類商品，銷售情況略顯滯後，而汽車零件業務，也就是汽車運行所需的配件，在銷售和銷售兩方面都保持著良好的表現。

And then as you think about -- have your tried to disaggregate the strength in the hard parts business between price and unit to try to tease out how the car park improving this year and even more so next year, if that's -- how much of that is driving the -- this commercial comp acceleration, which is accelerating on a stock basis?

然後，當你思考時——你是否嘗試過將汽車零部件業務的強勁勢頭按價格和單位進行分解，以找出汽車保有量今年的改善情況，以及明年是否會進一步改善，如果真是如此——其中有多少因素在推動——這種商業同店銷售加速增長，而這種加速增長是以股票為基礎的？

So not to break down the individual numbers, but when we look over the last few years with the lighter SAAR years coming into the professional side of the business really entering our market, which tend to be to -- the newer the car, the sooner it's off warranty, the higher propensity is to be serviced by a professional. That put pressure on us over the last couple of years when we were seeing that abate. When we look at our category type performance, especially items like brakes which are routinely repaired or changed out after they come out of warranty, we continue to do well on that side. So we think the -- that bubble moving into our years and then higher SAAR years coming into our market off-warranty bodes well, has been a positive this year or not a negative, and we'd expect that to continue into the next year.

所以，我不想逐一分析具體數字，但當我們回顧過去幾年，隨著 SAAR 的降低，專業領域真正進入我們的市場，情況往往是——汽車越新，保固期越短，就越有可能由專業人士進行維修。過去幾年，隨著這種情況有所緩解，這給我們帶來了壓力。當我們審視我們的品類表現時，特別是像煞車片這類在保固期過後經常需要維修或更換的產品，我們在這一方面仍然表現良好。所以我們認為，泡沫進入我們的市場，然後更高的 SAAR 年份進入我們的市場，保固期外的銷售情況預示著好兆頭，今年是積極的，或者說不是消極的，我們預計這種情況會持續到明年。

Our next question is from Matt McClintock from Raymond James.

我們的下一個問題來自 Raymond James 公司的 Matt McClintock。

I was wondering, just given the magnitude of this being your first time going into a different country, if you could just remind us how you think about the Mexican market overall, the opportunities there, how it's different than the United States market? Just give us a little bit more context just so we can frame it in general.

考慮到這是您第一次進入另一個國家，我想請您簡單介紹一下您對墨西哥市場的整體看法，那裡的機遇，以及它與美國市場的不同之處？請提供更多背景信息，以便我們更好地理解問題。

Sure. Great question, Matt. One of the things, kind of going back, we've been talking about entering markets outside of U.S. for, oh, a few years now. And we've been looking, obviously, in Mexico as well as in other North American countries for that right opportunity. What I would tell you is that the Mexico opportunity seemed to come about more quickly than other areas of North America. And as we moved into Mexico, we really were looking for acquisition candidates that check several boxes that we needed to have checked. And some of those include they need to have a solid store base. They need to have a leadership team that was grounded and understood the marketplace very well. They needed to be a good culture fit for our company. And they needed to have scalable systems. And while we looked at some companies along the way that were larger than the Mayasa organization, the Mayasa organization seemed to check all of those boxes. So very solid leadership team. As Jeff said in his prepared comments, they've been in business for well over 60 years. The leadership team in Mexico will remain in place and will work very closely with our company's leadership to direct our future opportunities down there.

當然。問得好，馬特。其中一件事，說起來，我們幾年前就開始討論進軍美國以外的市場了。顯然，我們一直在墨西哥以及其他北美國家尋找合適的機會。我想告訴你們的是，墨西哥的機會似乎比北美其他地區來得更快。隨著我們進軍墨西哥市場，我們一直在尋找能夠滿足我們多項要求的收購目標。其中一些要求包括他們需要擁有穩固的實體店基礎。他們需要一支腳踏實地、對市場有深刻理解的領導團隊。他們需要與我們公司的企業文化高度契合。他們需要可擴展的系統。雖然我們在過程中考察了一些比 Mayasa 組織更大的公司，但 Mayasa 組織似乎符合所有這些條件。領導團隊非常強大。正如傑夫在事先準備好的演講稿中所說，他們已經經營超過 60 年了。墨西哥的領導團隊將繼續留任，並將與公司領導層密切合作，指導我們在墨西哥的未來發展機會。

Now what I would tell you is we haven't closed on the deal yet and there is much work to be done, which, as Jeff said, was one of the reasons that we reduced our store count outlook for 2020, is because of the level of effort that goes into preparing for growth in Mexico. And again, the Mayasa organization gives us the ability to do that. They've got distribution. They've got the knowledge of the marketplace. But our real estate team and operations teams have a great deal of work to do to really understand, to fully understand that marketplace and learn from the Orendain family and the leadership to drive our future growth in Mexico. Jeff, did you want to add anything to that?

現在我想告訴大家的是，我們還沒完成這筆交易，還有很多工作要做。正如傑夫所說，這也是我們下調 2020 年門市數量預期的原因之一，因為為在墨西哥發展做準備需要付出巨大的努力。再次強調，Mayasa 組織賦予了我們實現這一目標的能力。他們有分銷管道。他們了解市場。但是，我們的房地產團隊和營運團隊還有很多工作要做，才能真正了解、充分了解墨西哥市場，並向 Orendain 家族和領導層學習，以推動我們在墨西哥的未來發展。傑夫，你還有什麼要補充的嗎？

No. I mean you covered it pretty well. I mean it's obviously a new market and we've got a lot to learn. But when you go down there and visit the markets, I mean, it's like the U.S. [40] years ago. I mean it's a highly fragmented market. There's really not that many chains of any size, AutoZone being the biggest. But there's just a ton of small independent jobber business. So it's obviously a much smaller market than U.S., but we're very excited about entering the market and growing our business down there.

不。我的意思是，你已經解釋得很清楚了。我的意思是，這顯然是一個新市場，我們還有很多東西要學習。但是當你去那裡逛逛市場的時候，你會發現，那裡就像 40 年前的美國一樣。我的意思是，這是一個高度分散的市場。實際上，規模較大的連鎖店並不多，AutoZone 是其中最大的一家。但小型獨立批發商的數量實在太多了。所以很明顯，這是一個比美國小得多的市場，但我們非常高興能夠進入這個市場，並在那裡發展我們的業務。

Our next question is from Greg Melich from Evercore ISI.

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

I'd love to follow up a little bit more on the pass-through of inflation and the response from both DIY and do-it-for-me. Specifically, you mentioned already some of the potential deferral. What have you guys been able to do to help offset or mitigate that by maybe growing private label or offering a different sort of assortment both in hard parts and maybe more traditional maintenance stuff?

我很想進一步探討通膨的傳導機制，以及DIY和外包兩種模式下人們的反應。具體來說，您已經提到了一些可能的延期方案。你們採取了哪些措施來幫助抵消或緩解這種情況，例如發展自有品牌，或提供不同類型的產品，包括零件和更傳統的維護用品？

Okay. Thanks, Greg. This is Tom. Just to clarify one item on Chris' question earlier when he asked about DIY ticket trends. What I meant to say was the trend was slightly positive but continues to be under pressure. To answer your question, Michael (sic) [Greg], we continue to look for ways to entice our DIY customers to repair their vehicles. We do a lot of work online with how to repair vehicles. We're promotional in our industry. But really, we think our best opportunity is to continue to grow that base is to provide great customer service, know-how, tool loaners, testing, so that as these consumers feel the pinch of higher prices, they feel more confident in their ability to repair their vehicles and save money that way.

好的。謝謝你，格雷格。這是湯姆。澄清一下克里斯之前提出的關於DIY門票趨勢的問題中的一點。我的意思是，趨勢略有好轉，但仍然面臨壓力。回答你的問題，Michael（原文如此）[Greg]，我們一直在尋找各種方法來吸引我們的 DIY 客戶自行修理車輛。我們在網路上做了很多關於如何修理車輛的工作。我們在業界以推廣活動見長。但實際上，我們認為繼續擴大客戶群的最佳機會在於提供優質的客戶服務、專業知識、工具借用和測試，這樣，當消費者感受到價格上漲的壓力時，他們會對自己修理車輛的能力更有信心，從而節省資金。

Do you see indirectly any of that happening on the hard part side where you're getting the unit demand but people are maybe changing the mix on older cars?

您是否間接看到在零件需求方面出現這種情況，例如，雖然單位需求量很大，但人們可能正在改變舊車的配置組合？

Not any more than what we've normally seen. When you look at the life cycle of our good, better, best product levels, as the vehicle gets older in that life cycle, the consumer tends to buy more towards the good or better end of the spectrum. There's exceptions to that, but overall leading into the higher-end vehicles would tend -- and the professional side of our business would lean more towards the higher end of that good, better, best spectrum. And then the older the vehicle gets, the more likely they are to trade down to the lower end of that spectrum.

和我們通常看到的相比，並沒有更多。當你觀察我們良好、更好、最佳產品等級的生命週期時，你會發現，隨著車輛在該生命週期中老化，消費者往往會購買更多良好或更好等級的產品。當然也有例外，但總體而言，高階車型往往會——而我們業務的專業方面則會更傾向於「好、更好、最好」這個光譜中的高端產品。而且，車輛越老，他們就越有可能換購低階車型。

Got it. And then my follow-up was on Mexico and the grander scheme of the growth algorithm. I think you mentioned stores now being about 180. Is that the number you guys said in the beginning?

知道了。然後我的後續研究是關於墨西哥以及更宏大的成長演算法方案。我想你之前提到現在大約有 180 家門市。那是你們一開始說的數字嗎？

No, company-owned stores is 20 in Mexico.

不，墨西哥的公司自營店有 20 家。

Got it. But for the company, now we're going to do 180 net new stores next year?

知道了。但就公司而言，我們明年計劃淨增加180家門市？

Yes.

是的。

And so should we be -- is that just like in the -- is that because next year you're doing Mexico? And should we think about the 180 as a step-down that could step up again? Or is it more of like look at -- look for the U.S. business to do 3.5% footage growth and now the additional point of footage growth might come out of Mexico?

所以我們應該——是不是就像——是因為明年你們要去墨西哥嗎？我們是否應該將 180 看作是一次退步，但之後可能會再次升級？或者更像是這樣：預計美國業務的影視拍攝量將成長 3.5%，而額外的成長點可能來自墨西哥？

What I would tell you is we still feel like we can operate somewhere in the neighborhood of 6,500 stores in the U.S., and our U.S. growth over time will continue as we approach that number. But what we're going to do is we're going to kind of blend that growth between the U.S. and countries outside the U.S., the first being Mexico.

我想告訴大家的是，我們仍然覺得我們可以在美國開設大約 6500 家門市，隨著我們接近這個數字，我們在美國的門市數量也會繼續增長。但我們要做的是將美國和美國以外的國家（第一個是墨西哥）的成長融合起來。

To add to Greg's comment, we felt like it was prudent having gone through a number of acquisitions, knowing how important it is to get the foundation of that acquisition right before we move forward. That we, as a company, are going to allocate a lot of time to understanding the Mexican market, developing our plan and to make sure that we can put the appropriate amount of focus on developing and starting that plan. We're going to back off new stores just for this year. I don't think it indicates anything about future years of what we're going to do. We're going to run our business with the mind of continuing to grow our store base profitably and set that going forward, but we wouldn't say that this is an indication we think the total number of stores we can open in U.S. or our ability to open stores has changed.

補充一下 Greg 的評論，我們覺得謹慎的做法是，在進行多次收購之後，我們知道在繼續前進之前，打好收購的基礎是多麼重要。作為一家公司，我們將投入大量時間了解墨西哥市場，制定我們的計劃，並確保我們能夠投入適當的精力來製定和啟動該計劃。今年我們將暫停開設新店。我認為這並不能預示我們未來幾年要做什麼。我們將繼續以營利為目標來經營業務，並以此為目標向前發展，但這並不意味著我們認為在美國可以開設的門市總數或我們開設門市的能力發生了變化。

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. I guess I have a bigger picture question for you guys. So historically, this industry kind of viewed a sweet spot for cars entering their initial repair stage at maybe 6 to 8 years old for the pro side of the business. But a recurring theme for a long time is we keep hearing about, let's call it, sluggish ticket counts being offset by higher average ticket. So my question is this, with parts continuing to be made better and lasting longer, should we start to think about that initial repair stage maybe starting later in the vehicle's life? In other words, could we have seen -- or are we seeing, I should say, the sweet spot maybe shift to 7 to 9 years or 8 to 10 years where they really come into that kind of initial repair stage for your pro customers?

斯科特·西卡雷利。我想問大家一個比較宏觀的問題。因此，從歷史上看，對於汽車維修行業的專業方面來說，汽車進入首次維修階段的年齡大約在 6 到 8 歲之間，這是一個最佳時機。但長期以來，我們不斷聽到這樣的消息：雖然票房成長緩慢，但平均票房卻有所上漲。所以我的問題是，隨著零件的製造品質不斷提高，使用壽命越來越長，我們是否應該開始考慮將車輛使用壽命後期才開始進行初始維修？換句話說，我們是否已經看到——或者應該說，我們正在看到——最佳使用年齡可能轉移到 7 到 9 年或 8 到 10 年，在這個年齡段，專業客戶真正進入了最初的維修階段？

Yes. Scot, what I would tell you is I don't know the starting point of that sweet spot has moved that much. But I think the sweet spot itself has expanded because vehicles are just lasting longer. If you look at whether it's 5 to 7, 6 to 8, 6 to 10, I think that, that initial inflection point of the sweet spot is driven by the vehicles coming off warranty. As soon as those vehicles come off warranty, a lot of those maintenance and repair items go to the professional installer. And then over time, as those vehicles get older, we benefit on the DIY side as well. But vehicles are just lasting longer, vehicles lasting between 11 and 12 years now. And a lot of times vehicles that are on their second and third ownership pattern are being maintained as well as they were when they came off the assembly line.

是的。史考特，我想告訴你的是，我不知道那個最佳點的起點是否發生瞭如此大的變化。但我認為，最佳適用範圍本身已經擴大了，因為車輛的使用壽命更長了。如果你觀察一下是 5 到 7，6 到 8，6 到 10，我認為，最佳點的初始拐點是由車輛保固期結束所驅動的。車輛一旦過了保固期，許多保養和維修項目就都交給專業安裝人員了。隨著時間的推移，這些車輛會變得越來越舊，我們在DIY方面也會受益。但車輛的使用壽命越來越長，現在車輛的使用壽命在 11 到 12 年之間。很多時候，即使車輛已經是第二任或第三任車主，它們的保養狀況仍然和剛下生產線時一樣好。

Okay. Just conceptually like you owned the -- yes, I understand that it comes off the warranty and then you start taking it somewhere other than the dealer and you start using aftermarket parts but, I don't know, let's call it is the breaks and the starter. Maybe it doesn't need to be changed, right, at 6 years. You really can last till 7 or 8 or 9 years. I guess that was the thought process.

好的。就像你擁有了它一樣——是的，我知道保固期過了，然後你開始把它送到經銷商以外的地方維修，並且開始使用售後市場零件，但是，我不知道，我們姑且稱之為剎車和起動器吧。或許6年了，不需要改變，對吧。你真的可以堅持到7、8甚至9年。我想這就是當時的思路。

So what I would add to that, Scot, is a lot of the routine maintenance items, when you look at oil change intervals, fluid change intervals, when you look at tune-up type items, those have definitely expanded with different technologies that cost more to do but don't happen as often. When you look, a lot of our core items: brakes, belts, hoses, rotating electrical, batteries, that hasn't changed dramatically. But some of those categories that have changed and have been spread out, example oil changes where it used to be 3,000 miles and now your car tells you when you should change your oil with synthetic or semi-synthetic, those had a lot -- have a lot of ticket count but don't have the per-transaction value that hard part repairs have.

史考特，我想補充一點，很多日常維護項目，像是換油週期、換油週期、保養項目，隨著不同技術的出現，這些項目肯定增加了成本，但發生的頻率卻降低了。你看，我們的許多核心零件：煞車、皮帶、軟管、旋轉馬達、電池，都沒有顯著變化。但有些類別已經改變並分散開來，例如換油，以前是每 3,000 英里換一次，現在汽車會告訴你何時應該更換合成或半合成機油，這些類別有很多罰單，但單筆交易的價值不如硬部件維修。

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。

So you're on track to hit, looks like, your midpoint of your comp guidance of about 4%. You mentioned there's a little bit of help from price hitting 2% to 3% now for the full year, if I heard that right. So if you look at it that way, the underlying growth is more like 2% -- maybe 1% to 2% arguably. And if you look in the past, your business seemed to have averaged something a little bit higher than that with no inflation, 2% to 3% or even better than that with no inflation. Do you diagnose it in that same way? Or how do you diagnose it? Is underlying demand softer? And then when we start to lap some of this pricing, will the units go back up? I don't know if that's how it should work but curious to hear your thoughts on that.

所以看起來你有望達到你預期薪酬目標的中點，大約 4%。你提到價格目前全年漲幅在 2% 到 3% 之間，如果我沒聽錯的話，這會有一定的幫助。所以從這個角度來看，實際成長率更接近 2%——或許可以說只有 1% 到 2%。如果你回顧過去，你會發現，在沒有通貨膨脹的情況下，你的企業平均收益率似乎略高於這個數字，達到 2% 到 3%，甚至更高。你也是用同樣的方法診斷出來的嗎？或者，你如何診斷它？潛在需求是否疲軟？然後，當我們開始消化這些價格時，價格還會回升嗎？我不知道這樣做是否正確，但我很想聽聽你的看法。

So when we look at our business, I think we've been pretty clear that the professional side of the business where the average consumer or end consumer is less price sensitive, continues to see good unit growth and average ticket growth, and that's why that side of the business continues to lead. On the DIY side of the business, we have pressure on our ticket count from rising prices so that is limiting what the comp is on that side. So we still feel very good about a 5% comp in the third quarter. When we look at annualizing these price increases, I think our direction is similar to where we've see shocks in gas prices. We would expect that the DIY side will -- the average consumer will become adjusted to what the current prices are and that we will see, as we annualize these increases, less pressure on count.

所以當我們審視我們的業務時，我認為我們已經非常清楚地表明，業務的專業方面（普通消費者或終端消費者對價格不太敏感）繼續保持良好的銷售增長和平均客單價增長，這就是為什麼該業務領域繼續保持領先地位的原因。在 DIY 業務方面，由於價格上漲，我們的客單價面臨壓力，因此這限制了該方面的競爭程度。因此，我們對第三季5%的同業回收率仍然感到非常滿意。當我們把這些價格上漲幅度按年計算時，我認為其走勢與汽油價格波動時的走勢類似。我們預計 DIY 方面——普通消費者會逐漸適應當前的價格，而且隨著這些增長年化，我們將看到計數壓力減少。

Okay. So I think it just, if I could paraphrase, it seems like there's really no impact to the do-it-for-me demand side or unit count. It's really the do-it-yourself sort of would explain maybe some of that -- some of the underlying the softness, I guess?

好的。所以我覺得，如果可以轉述一下的話，似乎對代勞服務的需求方或單位數量真的沒有任何影響。這種自己動手做的精神或許可以解釋其中的一些原因──我想，這也能解釋其中一些柔和的特質吧？

Well, I don't know that we would characterize it as soft when we deliver 5% comps. We're very, very happy with that result.

嗯，如果只提供 5% 的佣金，我不確定我們是否能將其定義為軟性佣金。我們對這個結果非常非常滿意。

Fair enough. Can I ask this one follow-up? Have you thought about a scenario in which tariffs get revoked? I don't know if you plan for that or thinking through that, but what percentage of the price increases could the industry -- do you think the industry could keep?

很公平。我可以問最後一個問題嗎？你有沒有考慮過關稅被取消的情況？我不知道你是否對此有所計劃或考慮，但你認為該行業能夠承受的價格上漲幅度的百分比是多少？

Well, we'll have to see what happens with tariffs. As we've talked about on our quarterly calls, starting with the first quarter, our guidance anticipates that the current inflationary/tariff environment will remain. And we will adjust our business accordingly when those changes occur. But to speak about something that hasn't occurred or may not occur is probably not the appropriate thing to do.

嗯，我們得看看關稅方面會發生什麼變化。正如我們在季度電話會議上所討論的那樣，從第一季開始，我們的預期是當前的通膨/關稅環境將持續下去。當這些變化發生時，我們將相應地調整我們的業務。但是談論尚未發生或可能不會發生的事情，可能並不合適。

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。

There was a little bit of confusion in terms of some of the commentary about the consumer response to the price increases. And on the one hand, it seems as though there was a comment that you're anticipating some unit demand destruction from the price increases. On the other hand, there was indication that some categories that were deferrable, like motor oil and some other areas were -- actually mean some unit demand destruction from price increases. So could you clarify what category -- if they're actually seeing some elastic response and what categories right now?

關於消費者對價格上漲的反應，一些評論引起了一些困惑。一方面，似乎有人評論說，你預期價格上漲會導致單位需求下降。另一方面，有跡象表明，某些可以推遲的類別，如機油和其他一些領域——實際上意味著價格上漲導致的單位需求下降。那麼，您能否具體說明一下，如果他們確實看到了彈性反應，那麼目前是哪些類別？

Yes. Michael, we're not seeing any. Again, our professional side of our business was very strong. So what we've been talking about here is the DIY side of our business. And we haven't seen any of the elastic categories take a big hit because of this. What we would say in summary is if inflation persists, again, no different than ordinary inflation or gas prices or what have you, that, that consumer may have to make some decisions. And what those decisions may be would be deferring or extending maintenance cycles on those categories, some of which are more elastic, or perhaps trading down from a good, better, best spectrum on required repairs.

是的。邁克爾，我們一個也沒看到。再次強調，我們公司的專業實力非常強勁。所以我們一直在討論的是我們業務中的 DIY 部分。而且我們還沒有看到任何彈性支出類別因此受到太大衝擊。總而言之，如果通貨膨脹持續下去，這與普通通貨膨脹或汽油價格上漲等情況並無不同，那麼消費者可能必須做出一些決定。這些決定可能包括延遲或延長某些類別的維護週期（其中一些類別的彈性較大），或在所需的維修方面，從「好」、「更好」、「最好」的等級降低。

Okay. And so is the way to characterize what happened this quarter is everything remained largely stable. You didn't see as much of a negative impact from the weather plus you had a slightly higher benefit from pricing this quarter and then -- and that's all adjusting out for the extra Sunday. Is that a fair way to think about it?

好的。因此，本季的情況可以用「一切基本上保持穩定」來概括。天氣帶來的負面影響並不大，而且本季定價帶來的收益也略高一些——所有這些都已將額外的周日調整掉了。這種思考方式合理嗎？

I think it is, yes.

我認為是的。

Okay. And then my last question is for Tom. Is there a scenario in 2020 where SG&A per store doesn't grow 2.5% or above? And what's the likelihood of that?

好的。最後一個問題是問湯姆的。2020 年是否有單行銷售、管理及行政費用成長率低於 2.5% 的情況？這種可能性有多大？

Well, we're not going to -- we're not giving guidance for 2020. But I'll reiterate what we've said on previous conference calls is to the extent that the labor market remains tight, we would expect to continue to have pressure on our SG&A growth. That's the biggest expense that we have in that line. And really, that pressure of higher wages impacts everything that we do and a business does. But we would expect to see, if that were the case, continued inflation in selling price to help offset that.

嗯，我們不會——我們不會給出2020年的指導。但我重申我們在之前的電話會議上說過的話，那就是，如果勞動市場持續緊張，我們預期銷售、一般及行政費用成長將繼續面臨壓力。這是我們這條生產線上最大的開銷。事實上，薪資上漲的壓力會影響我們所做的一切以及企業所做的一切。但如果情況真是如此，我們預計售價會繼續上漲，以抵消這種影響。

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。

I wanted to follow up on CapEx. So obviously, this year, there was a big increase related to some of the DC work and store conversions. I'd assume some natural step-down next year, particularly with less U.S. store growth. But can you just discuss some of the capital requirements related to Mayasa and whether there's going to be a need for any sort of meaningful investment within that chain at some point?

我想跟進一下資本支出狀況。顯然，今年由於一些資料中心的工作和門市改造，相關業務量大幅增加。我預計明年會出現一定的自然下滑，尤其是在美國門市成長放緩的情況下。您能否談談與 Mayasa 相關的一些資金需求，以及該產業鏈在某個階段是否需要進行任何有意義的投資？

So this is Tom. We would expect to have a lower CapEx level next year just based on not having 3 ongoing DC projects, although it will continue to be elevated because 2 of the projects will still be ongoing. To speculate on Mayasa right now and what we'll do next year is premature. We haven't even closed on the business. But our expectation over time is that we have a great opportunity to grow a large store base in Mexico and we'll deploy capital successfully in Mexico. But to Jeff's earlier comments, we really want to make sure we understand the market, have the team in place, have the infrastructure in place before we commit additional capital to start growing that store base robustly.

這位是湯姆。由於明年沒有 3 個正在進行的資料中心項目，我們預計資本支出水準會降低，但由於其中 2 個項目仍在進行中，因此資本支出水準仍將保持在較高水準。現在就對 Mayasa 的未來以及我們明年的計劃進行推測還為時過早。我們甚至還沒完成交易。但我們預計，隨著時間的推移，我們將有很大的機會在墨西哥發展壯大，建立龐大的門市網絡，並且我們將在墨西哥成功部署資金。但正如傑夫之前所說，我們確實希望確保我們了解市場，組建團隊，建立基礎設施，然後再投入更多資金來大力發展門市。

Got it. Understood. Okay. And then I just want to follow up on pricing. How would you guys categorize the competitive landscape today from a pricing perspective? Do you feel like it's rational? Have competitors followed some of your moves on pricing? And then sort of related, when you analyze your price gaps versus some of the emerging competitors in the space, whether that's pure-play online companies or whoever that is, have you seen any major change in those price gaps as you guys have taken pricing up?

知道了。明白了。好的。然後我想再確認一下價格。從定價角度來看，你們如何看待目前的競爭格局？你覺得這合乎邏輯嗎？競爭對手是否效法了你們的一些定價策略？另外，還有一點相關的是，當您分析您與該領域一些新興競爭對手（無論是純粹的在線公司還是其他任何公司）之間的價格差距時，隨著您提價，您是否看到這些價格差距發生了任何重大變化？

Sure. So what I would say is we've seen very little change in the competitive landscape. Our industry still is very rational from a pricing perspective. And there are categories that we lead and move up in and typically, our competitors will follow, and I guess vice versa. That holds true as well. But we -- our industry has always been very rational and continues to be very rational from a pricing perspective.

當然。所以我想說的是，競爭格局幾乎沒有發生任何變化。從定價角度來看，我們這個行業仍然非常理性。在某些領域，我們處於領先地位並不斷進步，通常情況下，我們的競爭對手會效仿，反之亦然。這一點也同樣適用。但是，從定價的角度來看，我們——我們這個行業一直都非常理性，而且現在仍然如此。

As far as online, really haven't seen a lot of change there, except for the method by which some of the brick-and-mortar retailers price online. I think it's become more typical that our price points are the same or very similar to what we have in the stores. And we offer discounts across the ticket to be more competitive with pure online retailers. And again, a lot of times there's a perception out there that when you're looking at brand to brand, we might not be competitive from a pricing standpoint. But when you look at it from an application-to-application standpoint, we are consistently very competitive from a price point standpoint. That consumer is buying products online. For price, we'll be able to go out and look for a part for his vehicle that maybe we have on a proprietary brand at equal to or sometimes less than what the pure online retailers are selling at.

至於線上方面，除了部分實體零售商的線上定價方式有所改變之外，並沒有看到太大的變化。我認為現在越來越常見的情況是，我們的產品定價與店內定價相同或非常相似。我們提供全票折扣，以便與純粹的線上零售商更具競爭力。而且，很多時候外界有個看法，認為從品牌對品牌的角度來看，我們在價格上可能沒有競爭力。但從應用層面來看，我們在價格上始終保持著強烈的競爭力。該消費者正在網路上購買產品。至於價格方面，我們可以出去尋找他車輛所需的零件，我們可能會以自有品牌銷售，價格與純粹的線上零售商的售價持平，有時甚至更低。

The next question is from Chris Bottiglieri from Wolfe Research.

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

I guess first question is kind of wanted to think through the impact of opening DCs. It's great to see you opening DCs again. It's been a while. Kind of what are the impact on comps that you've observed when you open a DC? Is there any kind of quantifiable uplift in that market?

我想第一個問題其實是想仔細思考開放資料中心的影響。很高興看到你們重新開放DC。好久不見了。開設資料中心後，您觀察到對競爭對手有哪些影響？該市場是否存在任何可量化的成長？

And then two, how do we think about the margin cadence? I would think maybe initial headwind of some kind and then it becomes a tailwind but just kind of curious how you're thinking about the net of those.

其次，我們該如何看待利潤率的波動？我猜想最初可能會有一些逆風，然後會變成順風，但我只是好奇你是如何看待這些因素最終影響的。

I might take the first part, this is Jeff, and then let Tom or Greg chime in. But any time you open a DC in a given market, I mean, that market could be serviced by a hub store carrying somewhere from 45,000 to 65,000, 70,000 SKUs. And opening that DC, we have availability same day, several times a day availability to 160,000 to 170,000 SKUs. So when you have that inventory available, you're just able to say yes to the DIY customer or the professional customer or fill the -- fulfill the B2B ticket more times than not where before it would have been available overnight. So I don't know if it's exactly quantifiable, but it's sure another tool in the tool box for those stores in that given market serviced by that new DC.

我可能會先說第一部分，我是傑夫，然後讓湯姆或格雷格插話。但是，無論何時，只要你在某個特定市場開設一個配送中心，我的意思是，該市場就可以由一個擁有 45,000 到 65,000、70,000 個 SKU 的中心商店提供服務。啟用該配送中心後，我們當天即可供貨，一天可供貨多次，庫存量可達 1​​6 萬至 17 萬個 SKU。所以，當庫存充足時，你就能更頻繁地滿足 DIY 客戶或專業客戶的需求，或者完成 B2B 訂單，而以前這些訂單需要隔夜才能到貨。所以我不知道這是否能被準確量化，但對於該新配送中心所服務的特定市場中的商店來說，這無疑是工具箱裡的另一個工具。

And from a cost perspective, our history has been to continue to grow our store base and expand DCs really beyond the range that's ideal from efficiency standpoint for them to run and to overload their store count, which makes them internally inefficient before we open a new DC. So as we open these new DCs and unload the stores from overloaded DCs, it makes their labor more efficient. It makes the miles driven more efficient. So we don't see a real big impact in our gross margin on a comparative basis.

從成本角度來看，我們一直以來的做法是不斷擴大門市數量，並將配送中心擴展到遠超其營運效率理想範圍之外，並過度增加門市數量，導致在開設新的配送中心之前，其內部效率低下。因此，隨著我們開設這些新的配送中心，並將商店從超負荷的配送中心卸貨，這將提高他們的勞動效率。它能提高行駛里程的效率。因此，從相對水準來看，我們的毛利率並沒有受到太大影響。

Okay. A quick follow-up on the gross margin commentary from tariffs you said earlier. I just want to kind of confirm, maybe it through a little bit more. So you expect the gross margins to be up year-over-year and accelerate the Q4 and then decelerate but still positive year-over-year into 2020. Is that the right way to look at it? Like -- or how should -- like maybe just clarify a little bit. I wasn't quite sure what the answer was.

好的。關於您之前提到的關稅對毛利率的影響，我有個後續問題。我只是想確認一下，或許可以再多了解一些。因此，您預計毛利率將同比增長，並在第四季度加速增長，然後放緩，但到 2020 年仍將保持同比增長。這樣看待這個問題是否正確？比如——或者應該怎麼說——或許可以稍微解釋一下。我不太確定答案是什麼。

So we're seeing a benefit in our POS margin as prices have moved up with the tariffs. I mean, basically we have a slow-turn industry. So we have an amount of inventory that we purchased before the tariff increase so we make a higher gross margin. So that was a benefit here in the third quarter. It will be a benefit in the fourth quarter. As we sell through that merchandise and reduce that amount that was basically sitting in LIFO, we will see that tailwind diminish quarter by quarter next year.

隨著關稅上漲，價格也隨之上漲，因此我們的 POS 利潤率也因此受益。我的意思是，我們這個產業基本上週轉速度很慢。因此，我們在關稅上調之前購買了一部分庫存，所以我們的毛利率更高。所以這是第三季的一大優勢。這將對第四季有所幫助。隨著我們售出這些商品，減少基本上處於後進先出（LIFO）狀態的金額，我們將看到這種利好因素在明年一個季度逐漸減弱。

Got you. Okay. But still up, though, is the answer? Or no?

抓到你了。好的。但答案仍然是向上嗎？還是不是？

The answer for the fourth quarter is we expect to see strong gross margins, which will drive us to the top end of our gross margin -- full year gross margin guidance.

對於第四季度，我們預計毛利率將保持強勁成長，這將使我們達到全年毛利率預期上限。

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。

I have a question as it relates to the number of employees. On a per-store basis, we saw a bit of a decline year-over-year this quarter. Is that because of the mix shift towards full time? Or are you managing your employee base a little bit differently?

我有一個關於員工人數的問題。從單店銷售來看，本季較去年同期略有下降。這是因為全職比例上升的緣故嗎？或者，你們在員工管理方面採取了略有不同的方法？

I think we fielded this question on a few different conference calls. We have, obviously, a large employee base and that number is a point-in-time number. So depending on the time of the week it ends, depending on how many jobs we have that are open and the fluctuation, especially on the part time, that number can fluctuate, but it's not an indication of any actual a change in our business staffing philosophy. And for that, I'll turn it over to Jeff.

我想我們在幾次不同的電話會議上都回答過這個問題。很顯然，我們擁有龐大的員工群體，而這個數字只是一個特定時間點的數字。所以，根據一周結束的時間、我們有多少職位空缺以及波動情況（尤其是兼職職位），這個數字可能會波動，但這並不表明我們業務人員配備理念發生了任何實際變化。接下來，我將把發言權交給傑夫。

Really, I mean, we run our business one store at a time and have the appropriate staffing to take care of the business in that market. And then that seasonally ramps up and ramps down depending on the time of the year. Obviously, we're kind of in the ramp-down mode a little bit coming out of summer, going into fall and winter. So nothing's changed structurally on how we run our business. We've always ran our business for the long haul, provide excellent customer service each and every day.

真的，我的意思是，我們一次只經營一家門市，並配備適當的人員來處理該市場的業務。然後，這種現象會隨著季節變化而增減，這取決於一年中的時間。顯然，隨著夏季結束，秋季和冬季來臨，我們正處於逐步放緩的階段。所以，從結構來看，我們的業務運作方式沒有任何改變。我們一直秉持著長期經營的理念，每天提供優質的客戶服務。

Got it. And just a follow-up, a clarifying question. Tom, did you say that DIY ticket count, so traffic on a comparable store basis was up or down this quarter? And how did that trend relative to the last 2 quarters?

知道了。還有一個後續問題，要澄清一下。湯姆，你剛才說的是本季自助結帳的客流量（以可比門市為基準）是上升還是下降了嗎？與前兩個季度相比，這趨勢如何？

Yes. I'd make sure I get it right this time. The number continues to be under pressure, so it was negative. It was slightly improved from the second quarter is what I was attempting to say.

是的。這次我一定確保做對。該數字持續承壓，因此為負值。我的意思是，情況比第二季度略有改善。

And we have reached our allotted time for questions. I will now turn the call back over to Mr. 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·約翰遜先生，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 hard work in delivering a strong third quarter. I'd like to thank everyone for joining our call today, and we look forward to reporting our fourth quarter and full year results in February. Thank you.

謝謝你，約翰。今天通話的最後，我們要感謝奧萊利團隊全體成員的辛勤付出，正是大家的努力才使得第三季業績強勁。感謝各位今天參加我們的電話會議，我們期待在二月公佈第四季和全年業績。謝謝。

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

謝謝。女士們、先生們，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。