O'Reilly Automotive Inc (ORLY) 2019 Q4 法說會逐字稿

Good morning, and welcome to the O'Reilly Automotive Fourth Quarter and Full Year 2019 Earnings Conference Call. My name is Zenara, and I'll be the operator for today's call. (Operator Instructions)

早安，歡迎參加 O'Reilly Automotive 2019 年第四季及全年財報電話會議。我叫澤娜拉，今天由我來接電話。（操作說明）

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

現在我將把電話交給湯姆·麥克福爾先生。湯姆，你可以開始了。

Thank you, Zenara. Good morning, everyone, and thank you for joining us. During today's conference call, we'll discuss our fourth quarter 2019 results and our outlook for the first quarter and full year of 2020. After our prepared comments, we'll host a question-and-answer period.

謝謝你，澤娜拉。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 年第四季的業績以及我們對 2020 年第一季和全年的展望。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.

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。

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.

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 fourth 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四季電話會議。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。

To begin today's call, I would like to congratulate all of our team members on their solid results in 2019. As a result of your commitment to our dual-market strategy and the O'Reilly culture values, we generated full year comparable store sales growth of 4%. In a difficult macro environment of rising selling prices, rising acquisition costs and rising expenses, your focus on profitable growth while maintaining expense control resulted in full year sales growth of 6.4% and an increase in operating profit of 5.8%.

首先，我要祝賀我們所有團隊成員在 2019 年取得了紮實的成績。由於您對我們雙市場策略和 O'Reilly 文化價值的承諾，我們實現了全年同店銷售額成長 4%。在銷售價格上漲、收購成本上漲和支出上漲等嚴峻的宏觀環境下，您專注於獲利成長，同時保持成本控制，最終實現了全年銷售額成長 6.4%，營業利潤成長 5.8%。

For 2019, we generated our 27th consecutive year of comparable store sales growth, record revenue and operating income, every year since becoming a public company in 1993. And I'd like to thank Team O'Reilly for your many contributions to support our growth and success in 2019.

2019 年，我們連續第 27 年實現了同店銷售額成長，創下了營收和營業收入的新紀錄，自 1993 年上市以來，每年都是如此。我還要感謝奧萊利團隊在 2019 年為我們的發展和成功做出的許多貢獻。

Before I get into the results, I would like to call out our press release from August 20, announcing we entered into an agreement to purchase Mayasa Auto Parts headquartered in Guadalajara, Mexico. And report to you that the transaction has closed and Mayasa became a part of Team O'Reilly at the end of November. Mayasa is an amazing family-run business, founded over 65 years ago and has a very similar history and culture to O'Reilly. They currently operate 21 Orma-branded auto part stores and supply over 2,000 jobbers through their 6 distribution centers. Because of their current mix of business, they run at a lower margin than the O'Reilly U.S. stores, so they are slightly diluted to our operating metrics in the fourth quarter, but did not have a material impact on our earnings per share results for the year.

在介紹結果之前，我想先提一下我們 8 月 20 日發布的新聞稿，宣布我們已達成協議收購總部位於墨西哥瓜達拉哈拉的 Mayasa Auto Parts 公司。並向您報告，交易已完成，Mayasa 於 11 月底正式加入 O'Reilly 團隊。Mayasa 是一家了不起的家族企業，創立於 65 多年前，其歷史和文化與 O'Reilly 非常相似。他們目前經營 21 家 Orma 品牌的汽車配件商店，並透過其 6 個配送中心向 2000 多家批發商供貨。由於其目前的業務組合，它們的利潤率低於 O'Reilly 美國門市，因此在第四季度對我們的營運指標產生了一定程度的稀釋，但並未對我們全年的每股收益業績產生實質影響。

2020 will be a learning and planning year as we work with the experienced Mayasa leadership team to develop our future expansion plans, and as a result, our Mexico operations will be dilutive to our operating metrics in 2020, but will not have a material impact on our earnings per share. That said, we're very excited about the addition of the 1,100-plus Mayasa team members, and we have a great opportunity to grow our footprint in Mexico over time.

2020 年將是學習和規劃之年，我們將與經驗豐富的 Mayasa 領導團隊合作，制定未來的擴張計劃。因此，我們在墨西哥的業務將在 2020 年稀釋我們的營運指標，但不會對每股盈餘產生實質影響。也就是說，我們非常高興能加入 Mayasa 的 1100 多名團隊成員，我們有機會隨著時間的推移在墨西哥擴大我們的業務版圖。

Now we'll cover our fourth quarter results and key expectations supporting our 2020 guidance. Our comparable store sales for the fourth quarter grew at 4.4%, which was in line with our expectations as both DIY and professional contributed strongly to our comparable store sales growth, with professional continuing to outperform DIY.

接下來，我們將介紹第四季業績以及支撐我們2020年業績指引的關鍵預期。第四季同店銷售額成長了 4.4%，符合我們的預期，因為 DIY 和專業服務都對同店銷售額的成長做出了巨大貢獻，其中專業服務繼續優於 DIY 服務。

From a comp store sales progression standpoint, sales of our key undercar categories remain strong all quarter, in line with the trends we saw throughout 2019. However, the lack of winter weather in most of our markets in December resulted in below expected levels of sales for cold weather categories. This marks the second year in a row that December sales have been below our expectation.

從同店銷售成長的角度來看，我們主要汽車底盤類別的銷售額在本季保持強勁，與我們在 2019 年看到的趨勢一致。然而，12 月我們大部分市場缺乏冬季天氣，導致寒冷天氣類別的銷售額低於預期水準。這已經是連續第二年12月銷售額低於預期了。

Now we'll move on to the impact of inflation from our 2019 results, how we anticipate it will affect 2020 and the other drivers of sales we expect in 2020. For the fourth quarter, same-SKU inflation was at 3.5% for the full year -- I'm sorry, it was a 3.5%. And for the full year, inflation was 3%, which was above our beginning of the year estimate of 2% as additional rounds of tariff increases went into effect. This higher-than-expected rate of inflation didn't affect our comparable traffic, which came in slightly above our expectations, but it did have a marked effect on the composition of our average ticket.

現在我們將討論通貨膨脹對我們 2019 年業績的影響，我們預計它將如何影響 2020 年，以及我們預計 2020 年的其他銷售驅動因素。同店商品價格通膨率為 3.5%，全年通膨率為 3.5%——抱歉，應該是 3.5%。全年通貨膨脹率為 3%，高於我們年初估計的 2%，原因是新一輪關稅上調生效。雖然通膨率高於預期，但並未影響我們的可比較客流量（略高於預期），但確實對我們的平均客單價組成產生了顯著影響。

Because of the increasing complexity of replacement parts on newer, more advanced vehicles, we historically have seen robust growth in our base average ticket without the benefit of same-SKU inflation. In 2019, we experienced meaningful same-SKU inflation and some consumers reacted by buying down the value spectrum and consciously limiting the number of items per ticket, resulting in a lower-than-expected growth in the base average ticket. The combination of higher-than-expected same-SKU inflation and lower base ticket growth resulted in total average ticket growth slightly below our expectations.

由於新型、更先進的車輛的替換零件越來越複雜，我們歷來都看到，在沒有同SKU價格上漲的情況下，我們的基本平均客單價出現了強勁增長。2019 年，我們經歷了同 SKU 價格的顯著上漲，一些消費者透過購買價格較低的商品並有意識地限制每張票的商品數量來應對，導致基本平均票的增長低於預期。同店商品價格上漲高於預期，加上基礎客單價成長較低，導致總平均客單價成長略低於我們的預期。

For 2020, we expect same-SKU inflation to be 1% as we annualize last year's price increases and are not planning for changes in the current tariff structure. With the lower year-over-year selling price increases, we expect traffic count to improve and average ticket to remain a steady contributor to comps as the diminishing tailwind from same-SKU inflation is mitigated by a return of the base underlying growth in average ticket to a more historical growth rate.

2020 年，我們預計同 SKU 通膨率為 1%，因為我們將去年的價格上漲額按年計算，並且不打算改變目前的關稅結構。由於年比售價漲幅降低，我們預期客流量將有所改善，平均客單價將繼續穩定地對同店銷售額做出貢獻，因為同店商品價格上漲帶來的利好因素減弱，而平均客單價的基本增長率將恢復到更接近歷史水平的水平。

Historically, we focused on growing our per store inventory slower than comparable store sales we generate. We're going to change that for 2020. Ongoing SKU proliferation and the inflation related to increases to acquisition costs, we feel we have an opportunity to improve our store-level inventory position and build upon our industry-leading parts availability. In addition to the growth in inventory we would normally see in 2020 from new stores and product additions, we'll be adding through the course of the year just over $100 million of additional inventory to our store and hub network, and from past experience, we know this will enhance the service we provide to our customers and drive sales.

從歷史上看，我們一直致力於讓單店庫存成長速度低於同店銷售額的成長速度。我們將在2020年改變這一點。由於 SKU 不斷增加以及採購成本上漲帶來的通貨膨脹，我們認為我們有機會改善門市層面的庫存狀況，並鞏固我們行業領先的零件供應能力。除了 2020 年因新店開幕和產品增加而帶來的庫存成長外，我們還將在今年內向我們的門市和配送中心網路增加價值超過 1 億美元的額外庫存。根據以往的經驗，我們知道這將提升我們為客戶提供的服務，並促進銷售。

From a macro perspective, we anticipate that the demand drivers for the automotive aftermarket industry will remain solid as the robust SAAR years beginning after the great recession, continue to roll into our more addressable market and miles driven continues to grow at a moderate pace, supported by continued record-high levels of employment and stable gas prices.

從宏觀角度來看，我們預期汽車售後市場產業的需求驅動因素將保持穩健，因為大衰退後強勁的季節性調整年增長率（SAAR）將繼續向我們更具吸引力的市場推進，而行駛里程數將繼續以適度的速度增長，這得益於持續創紀錄的高就業率和穩定的汽油價格。

Based on our team's ability to provide industry-leading customer service and gain market share and the impact of inflation, our inventory initiatives and the overall outlook for the aftermarket, we are establishing our full year comparable stores guidance at -- store sales guidance at 3% to 5%. Our current business trends thus far in the first quarter continue to reflect solid growth in our core undercar and underhood categories. However, the lack of cold weather has been a significant drag on seasonal sales. So at this point in the quarter, we're behind where we would like to be. As a result, we are establishing our first quarter comparable sales guidance at 2% to 4%.

基於我們團隊提供領先業界的客戶服務和獲得市場份額的能力，以及通貨膨脹的影響、我們的庫存計劃和售後市場的整體前景，我們將全年同店銷售預期設定為——門市銷售預期為 3% 至 5%。第一季至今，我們的業務趨勢持續反映出核心底盤和引擎室類別的穩健成長。然而，寒冷天氣的缺乏對季節性銷售造成了嚴重阻礙。所以，本季目前為止，我們還沒有達到預期目標。因此，我們將第一季同店銷售額成長預期設定為 2% 至 4%。

For the fourth quarter, gross margin was 53.3% of sales, which was lower than expected due to the acquisition of Mayasa and lower-than-expected sales of cold weather categories.

第四季毛利率為銷售額的 53.3%，低於預期，原因是收購了 Mayasa 以及寒冷天氣類別的銷售額低於預期。

For the full year, gross margin came in at 53.1%, which was towards the top end of our guidance range. As we discussed on last quarter's conference call, our gross margin benefited from 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.

全年毛利率為 53.1%，接近我們預期範圍的上限。正如我們在上個季度的電話會議上所討論的那樣，我們的毛利率受益於在關稅驅動的採購價格上漲之前購買的庫存的銷售，這些價格上漲分階段生效，從 2018 年下半年開始，一直持續到 2019 年，以及相應的零售和批發價格上漲。

During the past month, several of our key categories have received partial tariff exceptions. This will reduce the level of benefit we had expected to see in the first half of the year as we sell through the old merchandise. However, the reduction of replenishment, acquisition cost will benefit us throughout the year as we anticipate current higher selling prices will remain in effect as we and others in our industry maintain rational pricing in the face of continued SG&A pressures.

過去一個月，我們的幾個主要類別獲得了部分關稅豁免。這將降低我們預期在今年上半年隨著舊商品銷售而獲得的收益水準。然而，由於我們預計當前較高的售價將繼續有效，並且我們和業內其他公司在持續的銷售、一般及行政費用壓力下保持合理的定價，因此補貨和採購成本的降低將使我們全年受益。

In aggregate, for 2020, we expect our gross margin to be in the range of 52.5% to 53%, with the year-over-year decrease due to dilution from Mayasa and less tailwind for merchandise purchased before the tariff-related acquisition cost increases.

總體而言，我們預計 2020 年毛利率將在 52.5% 至 53% 之間，與去年同期相比下降的原因是 Mayasa 的稀釋效應以及關稅相關採購成本增加之前購買的商品帶來的利好因素減少。

Operating profit for the fourth quarter came in at 17.8% of sales, which is below expectations based on how we expected gross margins on a weak -- cold weather sales pressure on SG&A, which Jeff will discuss, and dilution from Mayasa. For the full year, operating profit was 18.9%, which was slightly below the midpoint of our guidance due to the shortfall in the fourth quarter. For 2020, we expect operating profit to be in the range of 18.4% to 18.9%. The decline from prior year is due to a lower gross margin, as I discussed, pressure on SG&A, which, again, Jeff will discuss, and the dilution from Mayasa.

第四季營業利潤佔銷售額的 17.8%，低於預期，這與我們對疲軟的毛利率的預期有關——寒冷天氣對銷售、一般及行政費用 (SG&A) 造成壓力（傑夫將對此進行討論），以及 Mayasa 的稀釋。全年營業利益率為 18.9%，略低於我們預期的中位數，原因是第四季業績未達預期。我們預計 2020 年的營業利潤率將在 18.4% 至 18.9% 之間。與前一年相比的下滑是由於毛利率下降（正如我之前討論過的）、銷售、一般及行政費用壓力增加（傑夫將再次討論這一點）以及Mayasa的股權稀釋。

For the fourth quarter, earnings per share of $4.25 represented an increase of 14% as the shortfall in operating profit was more than offset by a lower tax rate, which Tom will cover in his comments. For the full year, earnings per share were $17.88, which represents an 11% increase over 2019. For the first quarter of 2020, we are establishing earnings per share guidance of $4.37 to $4.47, and for the year, our guidance is $19.03 to $19.13. Our quarterly and full year guidance includes an estimate for the excess benefit from stock options and the impact of shares repurchased through this call, but does not include any additional share repurchases.

第四季每股收益為 4.25 美元，成長了 14%，營業利潤的下降被較低的稅率所抵消，湯姆將在他的評論中對此進行詳細介紹。全年每股收益為 17.88 美元，比 2019 年增長了 11%。2020 年第一季度，我們預計每股收益為 4.37 美元至 4.47 美元；全年預計每股收益為 19.03 美元至 19.13 美元。我們的季度和全年業績指引包括對股票選擇權超額收益的估計以及透過此選擇權回購股票的影響，但不包括任何額外的股票回購。

Before I turn the call over to Jeff, I'd like to briefly discuss our recent leadership conference. Two weeks ago, in Dallas, we held our Annual Leadership Conference attended by each of our store managers, sales team members, field management and distribution management, totaling over 7,000 O'Reilly team members in all. The theme of this year's conference was every customer counts. And we spent a lot of time talking about focusing on the fundamentals even more, rolling up our sleeves and outhustling and outservicing the competition. Team O'Reilly left Dallas extremely motivated, and I'm very confident in our team's ability to provide excellent customer service and gain market share in 2020 and beyond.

在將電話交給傑夫之前，我想簡要地談談我們最近召開的領導力會議。兩週前，我們在達拉斯舉行了年度領導力會議，我們所有的門市經理、銷售團隊成員、現場管理人員和分銷管理人員都參加了會議，O'Reilly 團隊共有 7000 多名成員。今年大會的主題是「每一位顧客都很重要」。我們花了很多時間討論如何更注重基本面，擼起袖子加油乾，在服務和產品方面超越競爭對手。奧萊利團隊離開達拉斯時士氣高昂，我對我們團隊在 2020 年及以後提供優質客戶服務和贏得市場份額的能力充滿信心。

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 also like to thank Team O'Reilly for delivering another record-breaking year. Your hard work and commitment to excellent customer service has always been the strength of our company and will continue to be our strength in the future.

謝謝你，格雷格，大家早安。我還要感謝奧萊利團隊，他們又一次創造了破紀錄的佳績。你們的辛勤工作和對卓越客戶服務的執著追求一直是我們公司的優勢所在，並將繼續是我們未來的優勢所在。

As Greg mentioned earlier, our SG&A for the fourth quarter came in higher than expected, with average per store SG&A growing 4.7%. The primary driver of these unexpectedly high results were medical costs, with claims coming in much higher than expected. Also contributing to the above expected SG&A was store payroll where we continue to see ongoing pressure from near full employment and statutory increases to minimum wages.

正如 Greg 先前所提到的，我們第四季的銷售、一般及行政費用高於預期，平均每家門市的銷售、一般及行政費用增加了 4.7%。導致這些出乎意料的高額賠償的主要原因是醫療費用，索賠金額遠高於預期。此外，導致上述預期銷售、一般及行政費用增加的還有門市薪資支出，我們持續看到來自接近充分就業和法定最低工資成長所帶來的壓力。

For the full year, per store SG&A increased 3.4%, which exceeded our beginning of the year guidance at 2.5% to 3%. The main drivers that took us above our guidance were wage pressures from near full employment, delays in new store openings earlier in the year, health benefit cost, cost of insurance, primarily auto-related, and a larger-than-expected charge for deferred compensation, although the offsetting benefit for that item shows up in [other] income.

全年來看，每家店的銷售、管理及行政費用增加了 3.4%，超過了我們年初 2.5% 至 3% 的預期。導致我們業績超出預期的主要因素包括：接近充分就業帶來的工資壓力、年初新店開業延遲、醫療福利成本、保險成本（主要是汽車保險）以及高於預期的遞延補償費用，儘管該項目的抵銷收益體現在（其他）收入中。

Looking forward to 2020, we expect SG&A per store to grow in the range of 2.3% to 2.8%, which is above our historic run rate of 1.5% to 2%. We will be above our historic rate due to continued pressure on wages, continued pressure on the cost to cover our large vehicle fleet and ongoing technology investments, offset in part by the expectation that we will return to a more normal run rate for health benefit cost.

展望 2020 年，我們預期每家店的銷售、一般及行政費用將成長 2.3% 至 2.8%，高於我們以往 1.5% 至 2% 的成長率。由於工資持續承壓、龐大車隊營運成本持續承壓以及持續的技術投資，我們的支出將高於歷史水平；但預計醫療福利成本將恢復到較為正常的水平，這將部分抵消上述影響。

Our capital expenditures for the year were $628 million, which was at the bottom end of our full year guidance of $625 million to $675 million, but substantially higher than the previous 3 years, which averaged $480 million.

本年度資本支出為 6.28 億美元，處於全年預期 6.25 億美元至 6.75 億美元的下限，但遠高於前三年平均 4.8 億美元。

We had a very busy year in 2019, opening 200 net new stores, converting 20 acquired Bennett Auto Supply stores to O'Reilly stores, opening a new distribution center in Twinsburg, Ohio during the fourth quarter and developing our other DC projects, including substantial progress on our new Nashville DC, which will open early second quarter of 2020 and our Horn Lake DC, just south of Memphis, which will open in the fourth quarter of 2020. Also, during the fourth quarter, we were able to acquire existing distribution space contiguous to our Springfield, DC and corporate campus.

2019 年我們非常忙碌，淨增 200 家門店，將收購的 20 家 Bennett Auto Supply 門市改建為 O'Reilly 門市，在第四季度於俄亥俄州 Twinsburg 開設了一家新的配送中心，並開發了我們的其他配送中心項目，包括位於納許維爾的新配送中心（將於 2020 年初開業年第四季開業）均取得了實質進展。此外，在第四季度，我們收購了位於華盛頓特區斯普林菲爾德市和公司園區附近的現有配送空間。

With fewer distribution projects and lower net store additions based on our target of 180 net new stores, we would normally expect our capital expenditures to come down. Now we are going to, again, set our capital expenditure guidance at $625 million to $675 million for 2020. A part of the reason for the elevated level are the 2019 projects that roll into 2020. However, the more exciting reasons are the projects we have slated for this year.

由於配送項目減少，淨新增門市數量也減少（我們的目標是淨新增 180 家門市），我們通常會預期資本支出會下降。現在，我們將再次把 2020 年的資本支出指導目標設定為 6.25 億美元至 6.75 億美元。造成水平上升的部分原因是 2019 年的計畫延續到了 2020 年。然而，更令人興奮的是我們今年計劃開展的項目。

We have a large number of exciting projects and initiatives, but let me add some color to the more capital-intensive ones, which include: first, converting the hardware that runs our stores. Currently, our store systems run partially on a Linux server and partially on our IBM AS/400. Both pieces of equipment are a single point of failure for our stores. In 2020, we will convert all of our store systems to run on redundant Linux servers, which will eliminate the times the store computer system is down, and the store teams are forced to use paper catalogs and write manual sales tickets. This project also puts pressure on our SG&A as we must fully depreciate all of the store AS/400s by the end of the year.

我們有很多令人興奮的項目和計劃，但讓我重點介紹那些資本密集的項目，其中包括：首先，改造我們商店的硬體。目前，我們的門市系統部分運行在 Linux 伺服器上，部分運行在 IBM AS/400 伺服器上。這兩台設備都是我們門市的單點故障。2020 年，我們將把所有門市系統都遷移到冗餘的 Linux 伺服器上運行，這將消除門市電腦系統宕機的情況，避免門市團隊被迫使用紙本目錄和手動填寫銷售單據。該項目也給我們的銷售、一般及行政費用帶來了壓力，因為我們必須在年底前將所有門市的 AS/400 系統全部折舊完畢。

Second, we will aggressively modernize our fleet of semitrucks in 2020. The enhanced safety features, improved fuel economy and maintenance savings on the project yields a great return on our investment. We're also planning to increase our spend on investments that drive energy savings in our stores. Over the past few years, we have steadily converted our store lighting to LED technology. We've been so pleased with the savings from lower electricity usage and maintenance, combined with the superior image in the stores that we're accelerating this project. Now one byproduct of this conversion is that the LEDs shine a bright light on some of the wear and tear in our high-volume more core stores. As a result, we will be remodeling more store interiors this year than is typical in our capital plan.

第二，我們將在 2020 年大力更新我們的半拖車車隊。該專案增強的安全性能、提高的燃油經濟性和節省的維護成本為我們帶來了巨大的投資回報。我們也計劃增加對門市節能投資的投入。過去幾年，我們逐步將門市照明更換為 LED 技術。我們對降低用電量和維護成本帶來的節省非常滿意，再加上門市形象的提升，因此我們正在加快這個專案。這種轉變帶來的副產品是，LED 燈照亮了我們客流量大的核心門市的一些磨損情況。因此，今年我們將對更多門市內部進行改造，這與我們資本計劃中的通常情況有所不同。

As I mentioned earlier, ensuring our substantial vehicle fleet continues to put pressure on our SG&A. We continue to have a very good accident rate. However, the cost of each accident continues to grow significantly for all large fleet operators. To better protect the safety of our team members and others while working to minimize our losses, we're testing a variety of crash [equipments] and monitoring tools to improve the accident rate of our store-based fleet, and those projects are included in our CapEx plan for 2020.

正如我之前提到的，確保我們龐大的車隊持續運轉，這對我們的銷售、管理及行政費用帶來了壓力。我們的事故率一直都非常低。然而，對於所有大型車隊營運商而言，每次事故的成本都在顯著增長。為了更好地保護我們團隊成員和其他人的安全，同時努力減少損失，我們正在測試各種碰撞[設備]和監控工具，以改善我們門市車隊的事故率，這些項目已納入我們 2020 年的資本支出計劃。

The last item I'll mention is our omni-channel efforts. We will continue to invest heavily in enhancing our omni-channel capabilities to meet our customers on their terms with solutions that meet their specific needs, whether they visit us to work, call or click. This initiative puts pressure on our expenses as well as our capital expenditures.

最後我想提一下我們的全通路舉措。我們將繼續大力投資，增強我們的全通路能力，以客戶能夠接受的方式滿足他們的特定需求，無論他們是來我們這裡工作、打電話還是點擊。這項措施會對我們的開支和資本支出造成壓力。

As Greg mentioned earlier, 2020 will be a learn-and-plan year as it relates to Mayasa. So we don't expect a meaningful capital spend this year, but that will change in future years. We have always geared our business model to generate long-term sustainable growth that is solidly profitable. We're very confident our SG&A spend, our additional inventory investment and our capital investments in 2020 will put us in a great position to continue our history of success. However, we're an extremely proactive and detail-orient company, and should situations change or additional opportunities arise, we will make changes to our investment strategy on a store-by-store, project-by-project basis.

正如 Greg 之前提到的，2020 年對 Mayasa 來說將是學習和規劃的一年。因此，我們預計今年不會有實質的資本支出，但這種情況在未來幾年將會改變。我們一直以來都將商業模式調整為實現長期可持續且獲利穩定的成長。我們非常有信心，2020 年的銷售、管理及行政支出、額外的庫存投資和資本投資將使我們處於有利地位，繼續保持我們以往的成功記錄。然而，我們是一家非常積極主動、注重細節的公司，如果情況改變或出現其他機會，我們將根據每家店、每個專案的具體情況調整我們的投資策略。

As I conclude my comments, I'd like to again thank the entire O'Reilly team for a solid year in 2019. As we preached at the conference and talk about every day, when we focus on the fundamentals of customer service and consistently execute our business model, Team O'Reilly truly makes every customer count. And I'm confident our team will do that again in 2020.

最後，我要再次感謝 O'Reilly 團隊在 2019 年的辛勤付出。正如我們在大會上所宣揚的，也是我們每天都在談論的，當我們專注於客戶服務的基本要素並始終如一地執行我們的商業模式時，奧萊利團隊真正做到了讓每一位客戶都受到重視。我相信我們的團隊在2020年會再次做到這一點。

Now I'll turn the call [over to Tom].

現在我把電話交給湯姆。

Thanks, Jeff. Now we'll take a closer look at our quarterly results and our guidance for 2020. For the quarter, sales increased to $168 million, comprised of $100 million increase in comp store sales, a $58 million increase in noncomp store sales and a $10 million increase in noncomp, nonstore sales. For 2020, we expect our total revenues to be between $10.7 billion and $11 billion.

謝謝你，傑夫。現在我們將仔細看看我們的季度業績和2020年的業績展望。本季銷售額成長至 1.68 億美元，其中同店銷售額成長 1 億美元，非同店銷售額成長 5,800 萬美元，非同店、非門市銷售額成長 1,000 萬美元。我們預計 2020 年的總收入將在 107 億美元至 110 億美元之間。

Our fourth quarter effective tax rate was 20.6% of pretax income, which was lower than expected based on a larger-than-expected benefit from share-based compensation, and was comprised of a base rate of 23.8%, reduced by a 3.2% benefit for share-based compensation. This compares to the fourth quarter of 2018 rate of 23.6% of pretax income, which was comprised of a base tax rate of 24%, reduced by 0.4% benefit for share-based compensation.

我們第四季的實際稅率為稅前收入的 20.6%，低於預期，這是由於股權激勵帶來的收益大於預期。該稅率由 23.8% 的基本稅率減去 3.2% 的股權激勵收益構成。相比之下，2018 年第四季的稅率為稅前收入的 23.6%，其中基本稅率為 24%，並扣除了 0.4% 的股權激勵收益。

For the full year, our effective tax rate was 22.3% of pretax income, comprised of a base rate of 23.8%, reduced by 1.5% benefit for share-based compensation. For the full year of 2020, we expect an effective tax rate of 23.2%, comprised of a base rate of 23.6%, reduced by a benefit of 0.4% for share-based compensation. We expect the first and fourth quarter rates to be lower than the second and third due to solar tax credits in the first and tolling of certain tax periods in the fourth. Also, variations in the tax benefit from share-based compensation will create fluctuations in our quarterly tax rate as a percent of pretax income.

全年實際稅率為稅前收入的 22.3%，其中基本稅率為 23.8%，並扣除 1.5% 的股權激勵收益。2020 年全年，我們預計實際稅率為 23.2%，其中基本稅率為 23.6%，扣除基於股份的薪酬優惠 0.4% 後即可實現。我們預計第一季和第四季的稅率將低於第二季和第三季度，因為第一季有太陽能稅收抵免，第四季度某些稅收期間將暫停計算。此外，股權激勵帶來的稅收優惠的變化也會導致我們季度稅率佔稅前收入百分比的波動。

Now let me add some color to our free cash flow and the components that drove our results for the year and our expectations for 2020. Free cash flow for 2019 was $1 billion, which was $170 million decrease from the prior year. The decrease was driven by higher net inventory investment, cash taxes and capital expenditures, offset in part by increased operating profit. In 2020, we expect free cash flow to be in the range of $1.1 billion to $1.2 billion, with the year-over-year increase due to increased operating profit and lower cash taxes, offset in part by higher investments in capital expenditures.

現在讓我來詳細介紹一下我們的自由現金流以及推動我們今年業績的各項因素，以及我們對 2020 年的預期。2019 年自由現金流為 10 億美元，比前一年減少了 1.7 億美元。淨庫存投資、現金稅和資本支出增加是導致下降的主要原因，但營業利潤增加部分抵消了這一降幅。2020 年，我們預期自由現金流將在 11 億美元至 12 億美元之間，年成長主要得益於營業利潤增加和現金稅收減少，但部分被資本支出增加所抵銷。

Inventory per store for the U.S. stores only at the end of the quarter was $631,000, which was a 3.1% increase from the end of 2018. The increase above our expected range of 2% to 2.5% was due to acquisition price increases and slow December sales. As Greg mentioned earlier, we're going to make additional inventory investments in 2020 and expect our per store inventory to grow 5%. Our AP-to-inventory ratio for our U.S.-based business at the end of the fourth quarter was 104.6%, which was below our expectations and below the 105.7% where we ended 2018. For 2020, we expect slightly more and finish the year at 104% based on the inventory initiatives Greg discussed.

截至本季末，僅美國門市的單店庫存為 631,000 美元，比 2018 年底增長了 3.1%。實際增幅超過我們預期的 2% 至 2.5%，是由於收購價格上漲和 12 月銷售疲軟所致。正如 Greg 之前提到的，我們將在 2020 年增加庫存投資，預計每家門市的庫存將增加 5%。截至第四季末，我們美國業務的應付帳款與庫存比率為 104.6%，低於我們的預期，也低於 2018 年底的 105.7%。根據 Greg 討論的庫存計劃，我們預計 2020 年的庫存水準將略有提高，並最終達到 104%。

Moving on to debt. We finished the fourth quarter with an adjusted debt-to-EBITDA ratio of 2.34x as compared to our ratio of 2.23x at the end of 2018. The increase in our leverage ratio reflects our May bond issuance and 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。在第四季末，我們調整後的負債與 EBITDA 比率為 2.34 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5月份發行的債券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 for 2019, we repurchased 3.9 million shares at an average share price of $369.55 for a total investment of $1.4 billion. Subsequent to the end of the year during the date of our press release, we repurchased 0.2 million shares at an average price of $428.29. We remain very confident that the average repurchase price is supported by expected discounted future cash flows in our business, and we continue to view our buyback program as an effective means of returning excess capital to our shareholders.

我們繼續執行股票回購計劃，2019 年，我們以平均每股 369.55 美元的價格回購了 390 萬股股票，總投資額為 14 億美元。在新聞稿發布之日（即本年度末），我們以平均每股 428.29 美元的價格回購了 20 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，我們繼續將回購​​計畫視為向股東返還多餘資本的有效手段。

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

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

This concludes our prepared comments. And at this time, I'd like to ask Zenara, 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，我想請接線生澤娜拉回到電話線，我們將很樂意回答您的問題。

(Operator Instructions) Our first question comes from Mike Baker from Nomura.

（操作說明）我們的第一個問題來自野村證券的麥克貝克。

I just wanted to ask a follow-up on the gross margin outlook. You said one of the reasons why it won't be as strong is due to some tariff relief, which I guess means that, that won't lead to as good of gross margin because you don't expect to be able to increase retail prices as much. Is that right?

我只是想進一步了解毛利率前景。您提到，導致其成長勢頭不強勁的原因之一是關稅減免，我猜這意味著，由於零售價格的漲幅有限，毛利率不會那麼高。是這樣嗎？

And then as part of that, you go on to say that you still expect a benefit from lower acquisition costs throughout the year. So I'm just trying to square those 2. Is it that you expect the benefit, but it just might not be as big of a benefit as you had previously thought? I'll start there.

然後，作為其中的一部分，你接著說，你仍然期望全年都能從較低的獲客成本中受益。所以我只是想弄清楚這兩件事。是不是你預期會得到好處，但實際好處可能沒有你之前想像的那麼大？我就從這裡開始。

Sure, mike. This is Tom. So 2 pieces to that question. So first, we expect to see a LIFO benefit mainly in the first half of the year. Our LIFO calculation is a total pool. So as these cost of acquisitions come in, they immediately reduce the total pool. So that's the first part of the question.

當然可以，麥克。這是湯姆。所以這個問題包含兩個部分。因此，首先，我們預期後進先出法帶來的好處主要體現在今年上半年。我們的後進先出法計算是一個總池。因此，隨著這些收購成本的產生，總資金池會立即減少。這是問題的第一部分。

And the second is, these lower acquisition costs on these specific product lines is as the sale prices remain high will generate more gross margin. So we'll gain that initial chargeback over the turn of the good, which is why we'll see in the second half of the year, more benefit than less benefit in the first half.

其次，這些特定產品線的採購成本較低，而銷售價格卻保持在較高水平，這將產生更高的毛利率。因此，我們將從最初的退款中獲得好處，這就是為什麼我們將在今年下半年看到比上半年更多的收益。

Okay. And 1 quick follow-up. Would the -- if not for the Mayasa acquisition, would the gross margins still be down? I guess we're trying to figure out how much of an impact that is. You said -- I think you said slight. So just trying to figure, I guess, how slight?

好的。還有一個後續問題。如果沒有收購 Mayasa，毛利率還會下降嗎？我想我們正在努力弄清楚這會造成多大的影響。你說——我想你說的是輕微的。所以，我只是想弄清楚，這到底有多輕微？

So we discussed this on last quarter's conference call that the lower benefit from products purchased before the tariffs would abate during 2020, and we'll see that in the second half. But we didn't quantify the amount that that's the main driver that are -- that combined with Mayasa are the drivers for a lower gross margin.

我們在上個季度的電話會議上討論過，關稅實施前購買的產品的收益較低，這種情況將在 2020 年有所緩解，我們將在下半年看到這種情況。但我們沒有量化這究竟是多大的主要驅動因素——再加上 Mayasa，這些因素共同導致了毛利率下降。

Our next question comes from Greg Badishkanian from Citi.

下一個問題來自花旗銀行的 Greg Badishkanian。

David Bellinger on for Greg. So I just want to follow-up on the improving traffic of late. Can you give us some more color in terms of -- on the DIY side of the business, was that still negative in Q4 in terms of traffic? What are the underlying drivers here? And you mentioned in a -- some improvement baked into the 2020 guidance in terms of traffic. Are you expecting that to build throughout the year? And should we think of -- or should we see from you any type of competitive pricing actions on your part to try to help drive that improvement?

David Bellinger 替補 Greg 上場。所以我想跟進一下最近流量成長的情況。您能否再詳細說明一下－在DIY業務方面，第四季的流量是否仍為負成長？其根本驅動因素為何？您在文中提到——2020 年的指導方針在交通方面做出了一些改進。你預計這種情況會持續一整年嗎？那麼，我們是否應該考慮——或者我們是否應該看到——貴方採取任何類型的競爭性定價措施來推動價格改善？

Yes. So the first part of your question, what was the makeup of traffic? What I would tell you is that traffic for the second quarter in a row, overall, was positive. The cash traffic was slightly negative, which was more than offset by the charge traffic. Tom, do you want to take the...

是的。所以，你問題的第一部分是，交通流量的組成是怎麼樣的？我可以告訴大家的是，連續第二個季度，交通流量整體呈現上升趨勢。現金交易量略有下降，但刷卡交易量彌補了這一下降。湯姆，你想坐…

Yes. The second -- our expectation for 2020 is that as we anniversary the pressure on DIY ticket count, which those customers are more susceptible to rising prices, as we annualize those price increases and annualize the pressure on the ticket count that we will see growth in that ticket count.

是的。第二點－我們對 2020 年的預期是，隨著 DIY 購票數量壓力的增加（這些客戶更容易受到價格上漲的影響），隨著價格上漲和購票數量壓力的年度化，我們將看到購票數量增長。

Got it. Okay. And then just...

知道了。好的。然後就…

So [apparently] negative swinging to slightly positive. And your answer is, yes, it should improve over the years as we anniversary more of the tariff-related price increases.

所以（表面上）是負轉向稍微正面。你的答案是，是的，隨著關稅相關價格上漲週年紀念日的臨近，情況應該會逐年改善。

Understood. And then my follow-up, a bit more nearer term in nature for Q1, the guidance there, you're up against your easiest comparison of the year, but are still looking for comps in that 2% to 4% range. So is that all weather-related? Are you currently within that range now? Or is there some acceleration embedded in the back half of the quarter?

明白了。接下來，我將提出一個更近期的、針對第一季的後續問題，即業績指引。雖然今年的比較基數最小，但我們仍然希望比較基數在 2% 到 4% 的範圍內。所以這一切都跟天氣有關嗎？你現在是否在這個範圍內？或者說，四分之一賽程的後半段是否有加速階段？

Yes. What I would tell you is, obviously, first quarter is always a volatile quarter for us that can be significantly impacted by weather. We're very early in the quarter. There's a lot of the quarter remaining. The primary -- the drivers, the fundamental drivers of the categories are performing well. When you look at the undercar, underhood categories, we're pleased with how we're performing there. We're really missing on the weather-related categories because of the atypical weather that we've had thus far in the quarter.

是的。我想告訴大家的是，很顯然，第一季對我們來說總是波動較大的季度，很容易受到天氣的影響。現在才季度初。本季還剩下很多時間。主要因素－各類別的基本驅動因素表現良好。從底盤和引擎室的類別來看，我們對自身的表現感到滿意。由於本季至今天氣異常，我們在與天氣相關的類別中嚴重缺乏數據。

The thing that I would add to that is as we move through the quarter, and it starts to warm up, south to north, those drivers of our business, historically, the weather-related categories become less of a portion of our total sales. And January is a low volume month for us, more than 2/3 of the quarter are still in front of us.

我想補充的是，隨著季度推進，氣溫從南到北逐漸升高，我們業務的這些驅動因素，從歷史上看，與天氣相關的類別在我們總銷售額中所佔的比例會越來越小。一月是我們的淡季，季度還有三分之二以上的時間還沒結束。

Our next question comes from Liz Suzuki from BoA.

我們的下一個問題來自美國銀行的 Liz Suzuki。

I was just curious why you think you won't be able to leverage SG&A on a 3% to 5% same-store sales growth number? It just seems like the operating margin outlook is a bit lighter than what we were modeling. And I get that there's going to be some dilution from Mayasa, although it seems like it's such a small business that I -- maybe I'm surprised that it's been called out as such a margin headwind. And then we would have expected that some of your previous investments are starting to lap, and there should be an opportunity to drive more dollars to the bottom line. So I was just hoping you could break out some of that operating margin pressure.

我只是好奇，為什麼你認為在同店銷售成長率達到 3% 到 5% 的情況下，你無法利用銷售、管理及行政費用來降低成本？看起來營業利益率的預期比我們之前預測的要低一些。我知道收購 Mayasa 會造成一些股權稀釋，雖然 Mayasa 看起來是一家規模很小的公司，所以我——也許我很驚訝它竟然被認為是利潤率的一大阻力。然後我們預計您之前的一些投資開始產生回報，應該有機會為公司帶來更多利潤。所以我只是希望你能幫我分析一下營運利潤率方面的壓力。

Let me -- this is Tom. Let me start, and I'll turn it over to Jeff. When we look at our SG&A, we're continuing to see benefits as we lap these inflationary price increases. But our -- as a small unit, especially in retail, our #1 expense is payroll. And that continues to be an area where both low unemployment and statutory rates continue to push that number up. So in Jeff's comments, we talked about the fact that SG&A would be above our historic norms. We do continue to see efficiencies, but it's being offset by those pressures, and we continue to invest heavily in our technology, and that continues to pressure SG&A as it has over the last few years.

讓我來——這位是湯姆。我先開始，然後交給傑夫。當我們審視銷售、一般及行政費用時，我們發現，隨著通貨膨脹導致價格上漲，我們仍在持續受益。但是，對於我們這樣的小公司，尤其是在零售業，最大的開銷就是薪水。而低失業率和法定利率的雙重作用，繼續推高這一數字。所以在傑夫的評論中，我們談到了銷售、一般及行政費用將高於我們以往的正常水平。我們確實繼續看到效率的提高，但這被這些壓力所抵消，而且我們繼續在技術方面投入巨資，這像過去幾年一樣，繼續給銷售、一般及行政費用帶來壓力。

Well, I would just add that we always -- you have to pay what the market bears. And there's a lot of pressure on wages and has been for a couple of years, also with the statutory minimum wage increases. But we always do our best to leverage that by trying to increase team member productivity through additional team member training, additional technology, which is why we're investing in the technology initiatives.

我還要補充一點，我們始終──你必須支付市場所能負擔的價格。而且，薪資方面面臨很大的壓力，這種情況已經持續了好幾年，法定最低工資的提高也加劇了這種壓力。但我們始終盡力利用這一點，透過額外的團隊成員培訓、額外的技術來提高團隊成員的生產力，這也是我們投資技術計畫的原因。

Okay. Great. And just on Mayasa, I mean, is there perhaps some conservatism in these estimates, just accounting for unknown factors, given that this is your first venture abroad and maybe you're trying to bake in a certain level of conservatism in there just to account for the fact that it's a new venture for you?

好的。偉大的。就 Mayasa 而言，我的意思是，考慮到這是您第一次出國投資，考慮到一些未知因素，這些估計中是否可能存在一些保守因素，也許您試圖在其中添加一定程度的保守性，以考慮到這是您的一次新嘗試？

So when we look at Mayasa, it's relatively small in comparison. And when we look at this acquisition, it's really about developing a footprint that we can expand. So we will be in there working on buying synergies and cost synergies that you would expect. But we'll also be investing to build the team and the processes to build a much larger organization. So we're going to add expenses to accelerate our ability to grow out there.

所以，當我們看瑪雅薩時，它相對來說比較小。當我們審視這次收購時，實際上是為了建立一個可以不斷擴張的商業版圖。所以我們會努力實現你所期望的採購綜效和成本綜效。但我們也將投資建立團隊和流程，以建立一個更大的組織。因此，我們將增加開支，以加快我們在海外的發展速度。

Our next question comes from Bret Jordan from Jefferies.

下一個問題來自傑富瑞集團的布雷特喬丹。

Talk a little bit more about the tariff exceptions you mentioned in some key categories. I guess is that something that you could expect to receive rebates from past tariffs paid?

請您再詳細談談您提到的一些關鍵類別中的關稅豁免情況。我想，這是否可以指望從過去繳納的關稅中獲得退款？

Yes. So Brett, we really got 3 primary categories that we've seen some exception in, and it's not across the board. For example, rotors has an exception, but the exception is only on a certain diameter or circumference rotor. So the larger rotors didn't get the exception, the smaller rotors did. Most of the exceptions that have been granted are retroactive, and we would expect to get the tariffs paid to date back as well.

是的。所以布雷特，我們確實發現了一些例外情況，主要有 3 個類別，但並非所有類別都存在例外。例如，轉子是一個例外，但這個例外只適用於特定直徑或週長的轉子。所以，較大的轉子沒有獲得豁免，而較小的轉子獲得了豁免。大部分已批准的例外情況都具有追溯效力，我們希望也能追回先前已支付的關稅。

Okay. Any sort of sizing of those?

好的。這些有尺寸規格嗎？

No. We really don't have anything we want to disclose there, Bret.

不。布雷特，我們真的沒有什麼需要透露的。

All right. And then a question on the inventory expansion adding $100 million plus. Is that existing coverage of the inventory you currently carry? Or are you going to be expanding branded or private label SKUs to sort of new pieces of the parts mix?

好的。然後還有一個關於庫存擴張的問題，新增金額超過1億美元。這是您目前庫存的現有保險範圍嗎？或者，你們打算將品牌或自有品牌 SKU 擴展到新的零件組合中嗎？

Yes. So it's -- here's kind of what we're doing. We've been successful for years with our inventory deployment strategy and the strength of our supply chain is one of our greatest strengths. Markets continue to change. The marketplace continues to change, and we're trying to make sure that we're adapting accordingly. We're not changing anything related to depth or breadth of inventory in our distribution centers. What we're looking at is, as the consumer, especially the professional customer, as their expectations continue to increase on prompt delivery time, in-stock position from all of our stores, even though we replenish our stores daily and they get multiple deliveries in markets where we have a distribution center or through our hub store network where we don't, we're trying to push more individual SKUs down to the spoke store level and the hub store level.

是的。所以，這就是我們正在做的事情。多年來，我們的庫存部署策略一直很成功，而強大的供應鏈是我們最大的優勢之一。市場瞬息萬變。市場瞬息萬變，我們也努力確保自身能夠做出相對應的調整。我們不會改變配送中心庫存的深度或廣度。我們看到的是，作為消費者，尤其是專業客戶，他們對及時交貨時間和所有門市的庫存狀況的期望不斷提高，儘管我們每天都會補貨，並且在我們設有配送中心的地區，或者在沒有配送中心的地區，通過我們的樞紐門店網絡，他們會收到多次送貨，但我們正在努力將更多的單個 SKU 下放到輻射門店和樞紐門級別。

So what we're doing is adding not depth but more so breadth of SKUs at our hub-and-spoke stores, and it's not specific to private label or national brands. It's just trying to get more inventory out there available to drive sales.

因此，我們所做的不是增加商品種類的深度，而是增加中心輻射門市的商品種類的廣度，而且這並不局限於自有品牌或全國性品牌。這樣做只是為了增加庫存，從而促進銷售。

Bret, this is Tom. I'd like to add something to the first question on tariff exceptions. I'd highlight yourself and others on the call that we work very hard at making sure that we didn't take the full tariff increases through -- looking at the currency through other sourcing, through sharing those increases with our suppliers. So we -- the aggregate price increases were quite a bit less than the actual headline tariff's number.

布雷特，這是湯姆。我想就關稅例外問題補充一點。我想特別表揚一下您和電話會議上的其他人，我們一直在努力確保不會完全承擔關稅上漲的影響——透過其他採購管道來應對匯率波動，並與供應商分擔這些上漲的影響。因此，總價格上漲幅度遠低於實際公佈的關稅數字。

Our next question is from Daniel Imbro from Stephens.

下一個問題來自史蒂芬斯大學的丹尼爾·伊姆布羅。

Wanted to start on the comp outlook. Understanding you guys have talked about a few initiatives today, and obviously, traffic getting better through the year seems to be implied. But the full year guide seems to imply an acceleration on the 2-year stack as we move through the year as comparisons get tougher. Could you just maybe help us think through the buckets in more detail? Is that an assumed sales uplift from remodels? Is that just the traffic getting better? Can you talk about what gives you confidence that the 2-year stack should improve as we move through the year?

想先談談薪資前景。據了解，你們今天討論了一些舉措，顯然，流量在今年會逐漸改善。但全年指引似乎暗示，隨著時間推移，比較難度加大，兩年指數的成長速度將會加快。您能否幫我們更詳細地考慮一下這些桶子？這是指房屋翻新帶來的預期銷售成長嗎？是不是交通狀況好轉了？您能否談談是什麼讓您相信，隨著時間的推移，兩年內的技術棧會不斷改進？

Yes. I'll start that, and then let Tom add on. I think it's a combination of everything you said there. I mean I think the appearance will help, the store appearance package changes will help. I think the inventory availability initiatives we have underway will help. I think all the things that we're talking about from a CapEx perspective that would help drive sales is going to help our comps for the year and our 2-year stack.

是的。我先開始，然後讓湯姆補充。我認為這是你剛才說的所有內容的綜合結果。我的意思是，我認為外觀上的改變會有幫助，店鋪外觀包裝的改變會有幫助。我認為我們正在推行的庫存可用性提升措施會有所幫助。我認為，從資本支出角度來看，所有有助於推動銷售的事情都將有助於提高我們今年的同店銷售額和未來兩年的業績目標。

As I said earlier, we're not overly disappointed with how we're performing in our key categories, undercar, underhood, the categories that you expect to sell throughout the year. The softness in the first quarter is primarily related to those seasonal items. It's the batteries, it's the wiper blades, it's the categories, antifreeze and washer fluids, the things that you sell during the winter when you have extremely cold weather that causes breakage in wear and tear. And we just haven't seen that thus far in the year. Again, it's very early in the year. And then there's still an opportunity to have a lot of cold weather in the remaining weeks of February, and we certainly hope we do, and sales for those categories pick up. But we're optimistic about the categories that drive our business day in and day out from an underhood, undercar perspective.

正如我之前所說，我們對在關鍵類別（汽車底盤、引擎室等，也就是您預計全年都會銷售的類別）的表現並不太失望。第一季的疲軟主要與季節性商品有關。是電池，是雨刷片，是防凍液和玻璃水，這些都是你在冬季銷售的商品，因為冬季天氣極其寒冷，會導致磨損和損壞。而今年到目前為止，我們還沒有看到這種情況。再次強調，現在只是年初。此外，二月剩下的幾週仍有可能出現大量寒冷天氣，我們當然希望如此，並希望這些類別的銷售額能夠上升。但從汽車內部和底盤的角度來看，我們對推動我們業務日常發展的類別持樂觀態度。

To add to Greg's comments, we finished 2019 with a 7.8% 2-year stack. And at the midpoint of our guidance, at the end of 2020, we would get 8%. So what we would say is that we expect the underlying dynamics of the automotive aftermarket and our execution of our business model will remain robust and will be consistent. Now we expect to see some improvement in traffic, less inflation, but a different composition of our average ticket. So we would view our outlook for 2020 to continue to be solid based on those trends.

補充一下 Greg 的評論，我們 2019 年的兩年持股收益率為 7.8%。按照我們預測的中點，到 2020 年底，我們將獲得 8% 的收益。因此，我們可以說，我們預計汽車售後市場的基本動態以及我們商業模式的執行將保持穩健和一致。現在我們預計交通狀況會有所改善，通貨膨脹會有所緩解，但平均車票的組成會有所不同。因此，基於這些趨勢，我們認為2020年的前景依然穩健。

That's helpful. And then as a follow-up to an earlier question. On the expense side, I think we get that payroll is a pressure, but I thought your commentary in the prepared remarks was that the industry was remaining rational and that you were passing through some of that SG&A pressure through higher prices. Are you just seeing an inability to pass-through that level of inflation to offset the SG&A pressure? Or can you help us understand the moving pieces there a little bit more?

那很有幫助。然後，作為對之前一個問題的後續。在支出方面，我認為我們理解工資支出是一個壓力，但我認為您在準備好的發言稿中評論說，該行業保持理性，並且您正在通過更高的價格來分擔部分銷售、一般及行政費用壓力。您是否認為，企業無法將如此高的通貨膨脹轉嫁出去，以抵銷銷售、管理及行政費用的壓力？或者您能否幫助我們更深入地了解一下其中的運作機制？

So we do continue to pass on prices. Although we would tell you right now our view for 2020 is they'll remain static and the benefit will be from pre-anniversary of price increases that went on. When we look at those SG&A pressures, our opportunity, I think, is less on the pricing side, more on returning to normal growth in our base average ticket and improving customer counts. But we, as Jeff talked about, need to make sure that we're staffing our stores appropriately at market rates. And we have a very technical workforce that makes all the difference at the store level.

所以我們會繼續把價格轉嫁給消費者。雖然我們現在可以告訴你，我們對 2020 年的看法是它們將保持不變，而好處將來自於週年紀念日前的價格上漲。當我們審視這些銷售、管理及行政費用壓力時，我認為我們的機會不在於定價方面，而是恢復我們基本平均客單價的正常成長和提高客戶數量。但正如傑夫所說，我們需要確保我們按照市場價格為門市配備適當的人員。我們擁有一支技術非常精湛的員工隊伍，這在門市層面起到了至關重要的作用。

Our next question comes from Zack Fadem from Wells Fargo.

下一個問題來自富國銀行的紮克法德姆。

With the warmer start to January, we're hearing a lot of comparisons to 2017. Hoping you can walk us through some of the differences today versus 3 years ago. Why you think the setup this time around could be different, particularly from a non-weather perspective?

一月氣溫回暖，我們聽到了很多與 2017 年的比較。希望您能為我們介紹一下如今與三年前相比有哪些不同之處。你認為這次的安排有哪些不同之處，特別是從非天氣角度來看？

Yes. Zack, if you think back to 2017, some of the things that we called out in 2017 are not applicable or less applicable today than they were then. 2017, we called out not only weather, but we also called out where we were with the SAAR years of vehicle, vehicle populations that were entering our market, the aftermarket post warranty, and we talked about Hispanic hibernation, post election, some of those things. And when you look back at the average age of vehicles today that are coming out of the great recession, you're well into the years that are better for our industry even than they were 2 years ago. So I would say that those are some of the differences.

是的。札克，​​如果你回想一下 2017 年，我們當時提出的一些問題，如今已經不再適用，或者適用性不如當時了。2017 年，我們不僅談到了天氣，還談到了 SAAR 年份的車輛狀況、進入我們市場的車輛數量、保固期後的售後市場，以及選舉後的西班牙裔人口蟄伏期等等。回顧一下如今走出經濟大衰退的車輛的平均車齡，你會發現，我們這個行業正處於比兩年前更好的時期。所以，我認為以上就是一些差別。

Got it. That's helpful. And then could we -- just to put the Mexico P&L impact to rest, could you walk through your expectation for top line impact? And then just to confirm the margin pressure, sounds like it's roughly half Mexico, half core business. Could you just confirm that that's right? And maybe walk us through the moving parts there?

知道了。那很有幫助。那麼，為了徹底消除墨西哥損益表的影響，您能否詳細說明您對營收影響的預期？然後為了確認利潤率壓力，聽起來大約一半來自墨西哥，一半來自核心業務。能確認一下是否正確嗎？或許可以給我們詳細介紹其中的各個環節？

As we have with other smaller acquisitions, we're not going to break out the economics of that acquisition. I think the key thing to know about the Mexican business is that the vast majority of their business, they are only run at 21 stores, and most of their business is independent jobber business and that has a different operating metric profile than company-owned stores. What you're going to see is you're going to share the gross margin with the independent jobber store you're selling to, so significantly lower gross margin, but you're also not bearing the expenses at the store level, so a lower SG&A.

與其他規模較小的收購一樣，我們不會單獨揭露此次收購的經濟效益。我認為了解墨西哥企業的關鍵在於，他們的大部分業務（只有 21 家門市）都是獨立批發商業務，這與公司自營門市的營運指標有所不同。你會發現，你需要與你銷售的獨立批發商店分享毛利，因此毛利會大幅降低，但你也不必承擔商店層面的費用，因此銷售、一般及行政費用也會降低。

Our next question comes from Kate McShane from Goldman Sachs.

下一個問題來自高盛的凱特·麥克沙恩。

This is Chandni Luthra on behalf of Kate McShane. I guess my first question is, so you guys gave a 1% same-SKU inflation expectation for 2020. But how does that vary from 1Q where you've guided a 2% to 4% comp versus, say, into 3% and 5% regime into the back half of the year? Just trying to assess were the same-SKU inflation more in the first half of the year? And -- or how does that vary?

我是 Chandni Luthra，代表 Kate McShane。我的第一個問題是，你們對 2020 年同店商品價格通膨的預期是 1%。但是，這與第一季您指導的 2% 至 4% 的薪資成長，以及下半年 3% 至 5% 的成長相比，有何不同呢？我只是想評估一下，同種商品價格上漲的趨勢是否在上半年更為明顯？那麼——或者說，情況又是如何改變的呢？

Definitely more in the first half of the year, very little or much less in the third quarter and virtually none in the fourth quarter. In the fourth quarter of this year, most of the -- we were slightly higher than we expected, [they'll be nil] on base commodities.

上半年肯定較多，第三季很少或少很多，第四季幾乎沒有。今年第四季度，大部分——我們略高於預期，[它們將為零]基礎商品。

And I would say the guide was more so based on weather-related demand and the impact of inflation between the first quarter and the remaining 3 quarters.

而且我認為，該指南更多是基於天氣相關的需求以及第一季與其餘三個季度之間的通貨膨脹的影響。

Got it. That's very helpful. And if I could get a follow-up question on your supply chain. So obviously, a lot of retailers have been talking about coronavirus. Just trying to assess, are you seeing any impact on your supply chain from that part of the world?

知道了。那很有幫助。我能否就貴公司的供應鏈再問一個後續問題？很顯然，很多零售商都在談論冠狀病毒。我只是想評估一下，你們的供應鏈是否受到了來自世界那個地區的影響？

Not yet. We -- and one of the differences in us and a lot of our competitors in the industry is we all bring a lot of product in from China. That's no secret. The timing of this coronavirus kind of correlated with Chinese New Year. So we had already [bought] product in advance, planning for this shutdown from Chinese New Year. One of the advantages that we have is there's not a lot of product that has a demand cycle that warrants bringing it from China directly into our individual DCs. So rather we negotiate with our suppliers to keep a number of days of inventory on hand in their distribution facilities within the U.S. So we've got built-up inventory within the U.S. that will keep us for probably 2 to 3 months that before we would see the impact from product coming from China.

還沒有。我們——以及我們與業內許多競爭對手的不同之處在於，我們都從中國進口大量產品。這已不是什麼秘密。這次新冠病毒疫情的爆發時間與中國新年在某種程度上有所關聯。所以我們已經提前購買了產品，為春節期間的停工做準備。我們的優勢之一是，沒有太多產品的需求週期值得我們從中國直接運送到我們各自的配送中心。因此，我們與供應商協商，讓他們在美國境內的分銷設施中保持一定天數的庫存。這樣，我們在美國就累積了庫存，可以維持大約 2 到 3 個月，直到我們看到來自中國的產品帶來的影響。

Our next question comes from Chris Lieri from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Chris Lieri。

This is Jake Moser on for Chris. So first, could you just talk a little bit more about the health benefit expense in the quarter? I think you said it would normalize as the year goes on. So is this like a onetime true-up? Or if not, like what drove such a large onetime expense?

這裡是傑克莫澤替克里斯報道。首先，您能否再詳細談談本季的醫療福利支出狀況？我想你說過，隨著時間的推移，情況會逐漸恢復正常。所以這是一次性的調整嗎？或者，如果不是，是什麼原因導致瞭如此巨大的一次性支出？

So we're fully self-insured for health benefits. And they have not a very long time from initial claim to when you know the full extent of the claim, particularly about 6 months. So what we saw was our third quarter mature in a way that was much higher than we thought, and fourth quarter come in a lot higher, but health benefits have a fluctuation, and we've had good years and good quarters and we've had rougher years and rougher quarters, and it really -- some of it is just statistics and odds. What we looked at was a few really big claims and more medium to larger claims than we'd expect. Impossible to predict fully, but we would expect this to be more of an outlier and expect 2020 to follow more historical medical trends for our population.

因此，我們的醫療福利完全由自己承擔。從最初提出索賠到了解索賠的全部範圍，時間並不長，特別是大約 6 個月。所以我們看到，第三季度的成熟度遠超預期，第四季度也高得多，但健康福利是有波動的，我們經歷過業績好的年份和季度，也經歷過業績不好的年份和季度，這其中有些只是統計數據和機率問題。我們發現了一些金額巨大的索賠，以及比我們預期更多的中型到大型索賠。雖然無法完全預測，但我們預計這更像是一個異常值，並預計 2020 年將更符合我們人口的歷史醫療趨勢。

Got you. And then secondly, can you just talk about the timing of the 2020 DC openings? And is there anything we should be thinking about in terms of cost pressures or comp lift as these are built out and opened?

抓到你了。其次，您能否談談 2020 年華盛頓特區開業的時間表？隨著這些項目的建設和開放，我們在成本壓力或競爭提升方面是否應該考慮什麼？

Jeff, do you want to take that?

傑夫，你想拿嗎？

As far as timing, the 11 in DC will roll in, in the second quarter. And then the Horn Lake or Memphis DC will roll in, in the last quarter of the year. From a cost perspective, we would expect to feel some cost pressures. Distribution is included in our gross margin, but it's not a huge number, which is why we didn't call it out separately.

至於時間安排，華盛頓特區的11號球場將在第二季開賽。然後，到了今年最後一個季度，霍恩湖或孟菲斯的華盛頓特區就會到來。從成本角度來看，我們預期會感受到一些成本壓力。分銷費用已包含在我們的毛利中，但金額不大，所以我們沒有單獨列出。

Our next question comes from Michael Lasser from UBS.

下一個問題來自瑞銀集團的麥可·拉塞爾。

In the past, the aftermarket has seen a prolonged impact from the lack of cold weather and -- in -- particularly in the spring from the lack of corrosive material that's put on the road and from potholes. It seems like looking at your guidance, you're assuming that, that won't be the case this year. Why would this year be different?

過去，由於缺乏寒冷天氣，售後市場受到了長期影響，尤其是在春季，由於道路上缺乏腐蝕性物質和坑洼，售後市場更是受到了影響。從你的指導方針來看，你似乎認為今年情況不會如此。今年為什麼會有所不同？

And as part of that question, as you do look at your full year comp guidance, do you see more risk in the front half of the year from the weather or in the back half of the year from the lack of tariff-related inflation?

作為這個問題的一部分，當您審視全年業績預期時，您認為上半年面臨的風險更大是由於天氣因素，還是下半年面臨的風險更大是由於關稅相關通膨不足？

Yes. Mike, I'll take the first part of that, and then let Tom talk about the first half versus back half of the year. As I said earlier, our softness has been more in weather-related categories. And the fact that our sales have remained strong on those typical wear and tear categories, such as undercar or steering, chassis, things like that through the first few weeks of the year and the tail end of 2019, that gives us confidence that those repairs and those hard part categories will still perform well for us.

是的。麥克，我來回答前半部分，然後讓湯姆談談上半年和下半年的情況。正如我之前所說，我們的軟弱之處更體現在與天氣相關的方面。2019 年的頭幾周和年底，我們在車輛底盤、轉向系統等典型易損件類別上的銷售額一直保持強勁，這讓我們相信，這些維修和零件類別仍將為我們帶來良好的業績。

So to take out the rest of the question, Michael. As we get near the end of the season, people will defer true seasonal purchases, whether that's air conditioning season or in this case, cold weather. We'd expect the rest of the winter to be normal. Precipitation is really what creates the rough road. So we'd expect that to be normal, and that hasn't been as different. If you remember last year, we had the polar vortex, which that cold weather really drives the seasonal. So between that and a better vehicle dynamic as opposed to 2017, where we were going to get the harder vehicle dynamic, gives us confidence. And as Greg said, our underlying core categories have been good.

那麼，為了回答剩下的問題，麥可。隨著季節接近尾聲，人們會推遲真正的季節性購買，無論是空調季節還是像現在這樣的寒冷天氣。我們預計冬季剩餘時間將一切正常。真正造成道路崎嶇不平的是降水。所以我們認為這是正常的，而實際情況也並沒有那麼不尋常。如果你還記得去年的話，我們經歷了極地渦旋，那種寒冷天氣確實對季節性變化產生了影響。因此，再加上車輛動態性能比 2017 年款更好（2017 年款的車輛動態性能較差），這給了我們信心。正如格雷格所說，我們的核心業務類別表現良好。

As far as the risk to comps throughout the year, what we would tell you is that we're not in an underserved market. We need to continue to go out and execute better than our competitors and grow our market share every day, whether it's the first quarter or the fourth quarter, and it will be the same next year. When we look at our comps and we continue to perform very consistently, a lot of it driven by the vehicle dynamics, by reasonable gas prices, by high levels of employment, and we expect that to continue throughout the year. So our expectations for comps will be relatively consistent in the second, third and fourth quarter, first quarter or by January lack of cold weather categories.

至於全年同店銷售的風險，我們想告訴大家的是，我們並不處於服務不足的市場。我們需要繼續努力，比競爭對手做得更好，每天都要擴大市場份額，無論是第一季還是第四季度，明年也是如此。當我們審視我們的同業比較數據，並發現我們持續保持著非常穩定的業績，這很大程度上得益於汽車市場的動態變化、合理的汽油價格以及較高的就業水平，我們預計這種情況將在今年持續下去。因此，我們對第二、三、第四季同店銷售的預期將相對穩定，而第一季或到一月份由於缺乏寒冷天氣類別，同店銷售的預期將相對穩定。

And your gross margin guidance for this year has caused a lot of conversation and debate. Should we expect that once you get past this inventory accounting dynamic that your gross margin should be stable to growing over the long term?

你們今年的毛利率預期引發了許多討論和爭論。我們是否可以預期，一旦解決了庫存會計問題，您的毛利率將在長期內保持穩定甚至成長？

Well, what we would tell you is that our focus is on comp gross margin dollars. And as we saw this year with same-SKU inflation, we're able to generate more comp gross margin dollars at a similar rate. So we always try to improve our acquisition costs and the efficiency of our distribution and squeeze out those costs to drive better gross margins. So our expectation is that it will be stable to slightly growing.

嗯，我們想告訴您的是，我們關注的是同店毛利率。正如我們今年看到的同店銷售價格上漲一樣，我們能夠以類似的速度創造更多的同店毛利率。因此，我們總是努力降低獲客成本，提高分銷效率，並盡可能降低這些成本，以提高毛利率。因此，我們預計它將保持穩定或略有成長。

Our next question comes from Simeon Gutman for Morgan Stanley.

下一個問題來自摩根士丹利的西蒙古特曼。

This is Josh Kamboj for Simeon. It sounds like a larger than usual number of store and technology projects are coming to fruition this year. Combined with the increase in the DC openings in the recent Mayasa acquisition, it looks like there is a greater sense of urgency around investing than in the recent past. Is that a fair assumption? And if so, can you talk about what might be driving that and potential areas of misexecution that you might be monitoring especially closely?

這是 Josh Kamboj 代表 Simeon 出庭。聽起來今年會有比往年更多的商店和技術項目取得成果。再加上最近 Mayasa 收購帶來的 DC 業務拓展，似乎與過去相比，人們對投資的緊迫感更強了。這種假設合理嗎？如果情況屬實，您能否談談造成這種情況的原因，以及您可能正在密切關注的潛在執行失誤領域？

Yes. I mean, there's -- you can break it down by categories and some categories, there's a greater sense of urgency, some have just been ongoing initiatives. An example of a greater sense of urgency would be the replacement of our store point-of-sale systems. Over the past year, we've been working on making our systems more stable in our stores, and that entails both making sure our communication networks are redundant and dependable as well as making sure the systems themselves have high availability. And when you look at a dated platform, like the AS/400, when those machines fail, it takes some time to come back up. Jeff's comments in his prepared statements, that creates downtime for the stores and creates manual processes, which doesn't result in a very favorable customer experience.

是的。我的意思是，你可以按類別來劃分，有些類別更緊迫，有些類別則只是持續進行的舉措。一個更迫切的例子是更換我們門市的銷售點系統。過去一年，我們一直在努力提高門市系統的穩定性，這不僅包括確保通訊網路的冗餘性和可靠性，也包括確保系統本身的高可用性。當你查看像 AS/400 這樣的老舊平台時，你會發現這些機器一旦發生故障，就需要一段時間才能恢復運作。傑夫在事先準備好的聲明中表示，這會造成門市關閉，並導致需要人工操作，無法帶來良好的客戶體驗。

So that's a big spend for us. It's a big lift. It's something we've been working on for a few months now, and we fully expect to roll those out by the end of the year. Some of the other investments are just -- they just have the right return, and there are things we need to do. We've seen savings in our utility expense in 2019 as a result of the LED lighting initiatives in our stores and our DCs, and we're extending that, both from an appearance standpoint, which should help with sales as well as the financial return.

所以這對我們來說是一筆不小的開銷。這是個大工程。我們已經為此努力了幾個月，我們完全有信心在年底前推出這些產品。其他一些投資只是——它們只是有合適的回報，而且我們還有一些事情要做。2019 年，由於我們在門市和配送中心推行了 LED 照明計劃，我們在公用事業費用方面節省了開支。我們正在擴大這項計畫的覆蓋範圍，這不僅提升了門市外觀，也有助於提高銷售額和財務回報。

Another example of an initiative with a high ROI is our delivery fleet, our DOT fleet. We -- that's going to do several things for us. Our fleet is an aging fleet. We always depreciated our trucks over an extended period of time. And over the years, those trucks have become much more efficient. So by replacing a significant portion of our trucks this year, it does several things for us. One, it reduces our maintenance cost because it's new equipment. Two, it should help with our driver hiring and retention because it's new equipment, drivers like to drive new equipment. There are many drivers out there that are not certified to drive trucks with manual transmissions. All of our new trucks will have automatic transmissions, which opens up the applicant pool significantly and also that allows us to have more collision avoidance on our trucks and more technology in our trucks.

另一個投資回報率高的舉措的例子是我們的配送車隊，我們的 DOT 車隊。這將對我們產生幾方面的影響。我們的車隊已經老舊了。我們一直以來都是以較長的時間段來折舊卡車。多年來，這些卡車的效率已經大大提高。因此，透過今年更換我們相當一部分卡車，它為我們帶來了幾項好處。第一，由於是新設備，因此降低了我們的維護成本。第二，這應該有助於我們招募和留住司機，因為這是新設備，司機喜歡駕駛新設備。有很多司機沒有駕駛手排卡車的資格證。我們所有的新卡車都將配備自動變速箱，這大大擴大了申請人的範圍，也使我們能夠在卡車上配備更多的防碰撞裝置和更多的技術。

So it's a combination of all the above. Some of it, it's based on ROI, some of it, it's based on driving sales. And some of it, it's just out of necessity, like the computer system replacements in our stores.

所以它是以上所有因素的綜合。一部分是基於投資回報率，一部分是基於促進銷售。有些更換純粹是出於必要，例如我們門市的電腦系統更換。

And then your Q4 comps were obviously pretty healthy and better than many were expecting. Did you see evidence that you gained significant share in the quarter, perhaps? Or was it more a function of maybe your store footprint?

而且，你們第四季的業績對比數據顯然相當不錯，比許多人預期的要好。您是否看到有證據表明您在本季度獲得了顯著的市場份額增長？或者，這與你的店鋪面積更多有關？

And then just related to that, can you talk about some specific factors you might have assessed and embedded in your 2020 guide, for example, the extra day because of the leap year, potential sales risks in 2H around the election, anything like that to be aware of?

另外，能否談談您在 2020 年指南中評估和納入的一些具體因素？例如，由於閏年而多出的一天，選舉前後下半年的潛在銷售風險，以及其他需要注意的事項？

Joe, on the comp question on for leap day, we don't include that in our comps. So that day, it just becomes a noncomp day. When we look at around the election, our expectation is that we won't see significant disruption around the election.

Joe，關於閏日的計算問題，我們不把閏日計算在內。所以那天就變成非比賽日了。展望選舉前後，我們預計不會有重大混亂。

As far as the Q4 comps, I mean, we came out of Q3 pretty strong and that carried into Q4. Just as Greg mentioned in his prepared comments, it's often that pretty widespread in December. As far as taking market share, I mean, it's always our goal to be the dominant supplier in every market we operate in. And that's where we focus on fundamentally in all of our stores across the country every day is just the fundamental execution and top-notch customer service, trying to build relationships with all the customers in the market, both retail and professional.

至於第四季的比較數據，我的意思是，我們第三季表現非常強勁，這種勢頭延續到了第四季。正如格雷格在事先準備好的評論中所提到的那樣，這種情況在12月通常非常普遍。至於市場份額，我的意思是，我們的目標始終是成為我們所經營的每個市場的主導供應商。而這正是我們每天在全國各地所有門市中始終關注的重點，那就是基本的執行力和一流的客戶服務，努力與市場上的所有客戶（包括零售客戶和專業客戶）建立關係。

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

我們的提問時間已到。現在我將把電話轉回給格雷格·約翰遜先生，請他作總結發言。

Thank you, Zenara. We'd like to conclude our call today by thanking the entire O'Reilly team for our solid fourth quarter and full year 2019 results. We look forward to a strong year in 2020, and I'd like to thank everyone for joining our call today. And we look forward to reporting our 2020 first quarter results in April. Thank you.

謝謝你，澤娜拉。在今天的電話會議結束之際，我們要感謝 O'Reilly 團隊全體成員，感謝他們為我們 2019 年第四季和全年的穩健業績。我們期待2020年取得佳績，感謝大家今天參加我們的電話會議。我們期待在四月公佈2020年第一季業績。謝謝。

Thank you. Ladies and gentlemen, this concludes today's conference. Thank you for participating. 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。您現在可以斷開連線了。