O'Reilly Automotive Inc (ORLY) 2021 Q2 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc. Second Quarter 2021 Earnings Conference Call. My name is Victor, and I'll be your operator for today's call. (Operator Instructions) I will now turn the call over to Tom McFall. Mr. McFall, you may begin.

歡迎參加歐萊利汽車公司2021財年第二季財報電話會議。我是維克多，將擔任本次電話會議的接線生。 （接線生說明）現在我將把電話轉交給湯姆·麥克福爾先生。麥克福爾先生，您可以開始了。

Thank you, Victor. Good morning, everyone, and thank you for joining us. During today's conference call, we'll discuss our second quarter 2021 results and our updated outlook for the full year of 2021. After our prepared comments, we'll host a question-and-answer period.

謝謝維克多。大家早安，感謝各位參加今天的電話會議。在今天的會議中，我們將討論2021年第二季的業績以及2021年全年的最新展望。在準備好的發言之後，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.

在今天上午會議開始之前，我想提醒大家，我們今天的發言包含前瞻性陳述，我們打算遵守1995年《私人證券訴訟改革法案》中關於前瞻性陳述的「安全港」條款，並主張該條款的保護。您可以透過諸如「估計」、「可能」、「可以」、「打算」、「相信」、「預期」、「會」、「考慮」、「應該」、「預計」、「計劃」、「打算」或類似詞語來識別這些前瞻性陳述。

The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest annual report on Form 10-K for the year ended December 31, 2020, and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

由於本公司截至2020年12月31日止年度的最新10-K表格年度報告及其他近期提交給美國證券交易委員會（SEC）的文件中所述的若干重要因素，公司的實際業績可能與任何前瞻性陳述有重大差異。本公司不承擔更新本次電話會議中任何前瞻性陳述的義務。

At this time, I'd like to introduce Greg Johnson.

在此，我謹向大家介紹格雷格·約翰遜。

Thanks, Tom. Good morning, everyone, and welcome to the O'Reilly Auto Parts Second Quarter Conference Call. Participating on the call with me this morning are Jeff Shaw, our Chief Operating Officer and Co-President; and Tom McFall, our Chief Financial Officer. Greg Henslee, our Executive Chairman; and David O'Reilly, our Executive Vice Chairman, are also present on the call. I would also like to welcome Brad Beckham, our Executive Vice President of Store Operations and Sales, who is joining us for his first call.

謝謝，湯姆。大家早安，歡迎參加歐萊利汽車零件公司第二季電話會議。今天早上與我一同參加會議的有：營運長兼聯席總裁傑夫·肖，財務長湯姆·麥克福爾。執行董事長格雷格·亨斯利和執行副董事長大衛·歐萊利也出席了會議。此外，我還想歡迎負責門市營運和銷售的執行副總裁布拉德貝克漢姆，這是他首次參加電話會議。

I'd like to begin our call today by expressing my gratitude to Team O'Reilly for the hard work you've put into delivering yet another outstanding performance this quarter. We don't take for granted the exceptional results you generated in the second quarter nor the high level of execution required every day to produce these results. So thank you, Team O'Reilly for continuing to demonstrate why you are the best in the business.

今天，我首先要對奧萊利團隊表達衷心的感謝，感謝你們在本季再次取得如此卓越的業績。我們深知你們在第二季取得的優異成績，也明白為了實現這些成績，你們每天都需要付出多麼高水準的執行力。所以，奧萊利團隊，感謝你們繼續用實際行動證明，你們是業界最優秀的團隊。

Our second quarter results were headlined by a robust 9.9% increase in comparable store sales and a 17% increase in diluted earnings per share. These results are especially impressive as they were achieved on top of a 16.2% comparable store sales growth and 57% increase in diluted earnings per share we delivered in the second quarter of last year.

我們第二季的業績亮點包括同店銷售額強勁成長9.9%以及稀釋後每股收益成長17%。尤其令人矚目的是，這些業績是在去年同期同店銷售額成長16.2%和稀釋後每股收益成長57%的基礎上取得的。

Over the past 5 quarters, since the onset of the pandemic, we have grown earnings per share an average of 44% per quarter, and this is truly remarkable performance. And this truly remarkable performance was achieved through our team's selfless dedication and focus on safety while at the same time providing excellent customer service. Congratulations Team O'Reilly on another exceptional quarter.

自疫情爆發以來的五個季度裡，我們的每股盈餘平均每季成長44%，這的確是一項卓越的業績。而這項卓越的業績的取得，離不開我們團隊的無私奉獻和對安全的重視，同時我們也始終致力於提供優質的客戶服務。恭喜奧萊利團隊又一個季度取得如此佳績！

Before we dive into our results, I'd like to take a moment to extend my congratulations to Jeff Shaw, our Chief Operating Officer and Co-President, on his upcoming retirement. As we noted in yesterday's press release, Jeff has decided to retire in early 2022 after more than 33 years of dedicated service to the company and his fellow team members. Jeff is an incredible leader and mentor and passionate about providing consistent, excellent customer service. His career track is a prime example of our company's promote-from-within philosophy. Having begun his O'Reilly tenure as a parts specialist on the counter, he has grown his career by being a key contributor to our company's tremendous growth. Throughout his career progression to Chief Operating Officer and Co-President, he has consistently championed our promote-from-within philosophy and has served as a mentor to many of O'Reilly's current senior leadership team. Jeff has earned the gratitude of all of Team O'Reilly for his incredible contributions to our company's success, and we wish him a very happy and well-deserved retirement.

在深入探討業績之前，我想藉此機會祝賀我們的營運長兼聯合總裁傑夫·肖即將退休。正如我們在昨天的新聞稿中所述，傑夫決定在為公司和團隊成員奉獻超過33年後，於2022年初退休。傑夫是一位傑出的領導者和導師，他始終致力於提供卓越的客戶服務。他的職涯發展歷程完美詮釋了我們公司內部晉升的概念。他最初以櫃檯零件專員的身份加入歐萊利，之後憑藉為公司取得巨大成功做出的貢獻，逐步晉升。在一路晉升至營運長兼聯席總裁的過程中，他始終堅持內部晉升的理念，並指導了歐萊利現任許多高階領導團隊成員。傑夫為公司的成功做出了卓越貢獻，贏得了歐萊利全體員工的感激，我們衷心祝福他退休生活幸福美滿，一切順利。

Thanks to Jeff's keen focus on succession planning, we're very pleased to announce Brad Beckham, O'Reilly's Executive Vice President of Operation -- Store Operations and Sales, will step into the Executive Vice President and Chief Operating Officer role upon Jeff's retirement. Brad has been an O'Reilly team member for over 24 years, and his career progression mirrors much of Jeff's having also started his O'Reilly career as a parts specialist. Brad is an exceptional leader who shares Jeff's passion for providing excellent customer service and investing in our team members, and I'm confident he will continue to lead our company to success well into the future.

感謝傑夫對繼任計畫的重視，我們非常高興地宣布，歐萊利汽車公司負責門市營運和銷售的執行副總裁布拉德貝克漢將在傑夫退休後接任執行副總裁兼營運長一職。布拉德在歐萊利工作超過24年，他的職業發展歷程與傑夫頗為相似，兩人都是從零件專員做起的。布拉德是一位傑出的領導者，他與傑夫一樣，熱衷於提供卓越的客戶服務並重視團隊成員的培養。我相信，他將繼續帶領公司走向輝煌的未來。

Now I'd like to address the quarter's results and start by providing some color on our exceptional sales performance. Our second quarter comparable store sales growth of 9.9% and our second quarter 2-year comparable store sales stack of 26.1% greatly surpassed our expectations for the quarter as we continue to maximize the benefits from the robust broad-based industry trends we've experienced over the last several quarters, coupled with a favorable weather environment and the benefit of government stimulus.

現在我想談談本季的業績，首先重點介紹我們卓越的銷售表現。第二季同店銷售額成長9.9%，兩年同店銷售額累計成長26.1%，皆遠超預期。這得益於我們持續受益於過去幾季以來強勁的行業整體發展趨勢，以及有利的天氣環境和政府刺激政策的推動。

As noted on our first quarter call, the last round of government stimulus payments started to be distributed in mid-March, at which point the sales volumes accelerated meaningfully. This growth continued in April before moderating at the end of April to a level of consistently strong sales volumes that carried through May and June, which was well above our expectations. These volumes translated into positive comps every month of the quarter, which was impressive in light of the extremely strong compares we faced in May and June of 2020. These better-than-expected sales volumes have continued thus far in July, and we have been pleased with the durable nature of strong sales volumes we have been able to achieve.

正如我們在第一季電話會議上所述，最後一輪政府刺激性補貼於3月中旬開始發放，此後銷售額顯著成長。這一成長勢頭在4月得以延續，並在4月底有所放緩，但隨後保持了強勁的銷售水平，並持續到5月和6月，遠超我們的預期。考慮到2020年5月和6月的基數非常高，這些銷量轉化為本季每個月的正成長，這一成績令人印象深刻。 7月至今，銷售額依然高於預期，我們對所取得的強勁銷售動能的持久性感到滿意。

Robust comparable store sales results we generated have been underpinned by significant contributions from both the DIY and professional business. We posted positive comps for DIY and professional in the quarter comprised of both ticket count comp and average ticket comp growth. The professional business was the larger contributor to the comparable store sales increase for the quarter, having faced softer comparisons on this side of the business resulting from a more gradual recovery last year from the initial pandemic impact.

我們強勁的同店銷售業績主要得益於DIY和專業業務的顯著貢獻。本季DIY及專業業務的同店銷售額均實現正成長，包括客單價及平均客單價的雙雙成長。專業業務是本季同店銷售成長的主要貢獻者，此前由於去年受疫情初期影響，該業務的復甦較為緩慢，導致去年同期基數較高。

We faced tougher comparisons on the DIY side, but were very pleased with the performance in our DIY business as we calendared the exceptional sales volumes from last year. While both sides of our business exceeded our expectations for the quarter, our DIY business was responsible for producing the greater outperformance as compared to our expectations.

DIY業務方面，我們面臨更嚴峻的同比挑戰，但由於去年同期銷量異常出色，我們對DIY業務的業績非常滿意。雖然我們兩大業務部門本季都超出預期，但DIY業務的業績表現更為突出。

Same SKU inflation increased to slightly over 2% for the quarter, up from the 1.5% we experienced last quarter. We now anticipate we'll see additional larger increases in same SKU inflation as we progress through the year. But the ultimate extent of the impact will be determined by the duration of pressures to pricing levels from cost increases in wage rates, freight and raw materials. We anticipate the benefit to our top line sales results will be partially offset as rising prices will likely cause some economically challenged customers to defer noncritical maintenance or trade down on the product value spectrum.

本季同店商品價格通膨率略高於2%，高於上季的1.5%。我們預計，隨著年內推進，同店商品價格通膨率將持續大幅上升。但最終影響程度將取決於工資、運費和原材料成本上漲對物價水準造成的壓力持續時間。我們預計，價格上漲對營收成長的提振作用將被部分抵消，因為價格上漲可能會導致一些經濟困難的客戶推遲非必要的維護或降低產品價值。

Finally, on a category basis, we saw broad-based robust sales trends across all categories with especially strong performance in undercar hard part categories and weather-related categories.

最後，從類別來看，我們看到所有類別都呈現出普遍強勁的銷售趨勢，其中汽車底盤硬部件類別和天氣相關類別表現特別強勁。

As we disclosed in our earnings release yesterday, we are increasing our full year comparable store sales guidance to a range of 5% to 7% from our previous range of 1% to 3%. Included in this upward revision is our year-to-date performance as well as our continued strong performance to date in July. As we move into the back half of the year, we continue to face strong compares to the prior year. And while we have a constructive view of the demand -- sorry, a constructive view of the demand backdrop for our industry, we remain cautious, as significant uncertainty remains surrounding the continued progression of the pandemic recovery as well as the expected end of additional federal unemployment benefits in all states.

正如我們昨天在財報中所揭露的那樣，我們將全年同店銷售額成長預期從先前的1%至3%上調至5%至7%。此次上調包含了我們年初至今的業績以及7月持續強勁的表現。進入下半年，我們仍面臨與去年同期相比的強勁成長。儘管我們對行業需求前景持樂觀態度——抱歉，應該說是對行業需求環境持樂觀態度——但我們仍保持謹慎，因為疫情後的經濟復甦進程以及各州聯邦額外失業救濟金的預期結束仍然存在很大的不確定性。

Regardless of the uncertainties we face, we will continue to execute our proven business model and are extremely confident in our team's ability to drive further share gains moving forward. The tremendous rapid growth in our business has given us the opportunity to earn many new O'Reilly customers and the outstanding customer service they've received will be the key to earning their repeat business.

儘管面臨諸多不確定因素，我們將繼續執行行之有效的商業模式，並對團隊未來進一步提升市場佔有率的能力充滿信心。業務的快速成長為我們贏得了眾多新的O'Reilly客戶，而他們所享受到的卓越客戶服務將是贏得他們再次光顧的關鍵。

Turning to gross margin, for the second quarter, our gross margin of 52.7% was a 26 basis point decrease from the second quarter 2020 gross margin. This was in line with our expectations as we anticipated headwinds from DIY versus professional total sales mix and higher distribution costs compared to the second quarter of last year. For the full year 2021, we are maintaining our gross margin guidance of 52.2% to 52.7%. While we are above the midpoint of our full year guidance through the first half, we expect to see pressure from certain transitory distribution costs in the back half of the year.

就毛利率而言，第二季我們的毛利率為52.7%，較2020年第二季下降了26個基點。這符合我們的預期，因為我們預料到DIY銷售與專業銷售組合的差異以及分銷成本較去年同期有所上升，這些因素會對毛利率構成不利影響。對於2021年全年，我們維持52.2%至52.7%的毛利率預期。雖然上半年我們的毛利率高於全年預期的中位數，但我們預計下半年某些暫時性分銷成本將對毛利率構成壓力。

Our distribution infrastructure is facing inefficiencies due to the massive sales spike over the last 5 quarters, the difficult labor environment and global logistics challenges. We continue to view our distribution network as a key competitive advantage that supports our industry-leading parts availability, and are steadfastly committed to protecting and enhancing this advantage. To this end, we have adjusted our near-term cost expectations to match the deliberate steps we are taking to ensure the highest possible distribution service levels and further deliver on our strategic inventory initiatives. Simply put, our dedicated supplier partners and extraordinarily hard-working distribution center team members have done an amazing job to support the surge in our sales volume, and we remain committed to deliver excellent customer service as we navigate these transitory pressures.

由於過去五個季度銷售額的激增、嚴峻的勞動力市場環境以及全球物流挑戰，我們的分銷基礎設施面臨效率低下的問題。我們始終將分銷網絡視為支撐我們行業領先的零件供應的關鍵競爭優勢，並堅定不移地致力於保護和提升這一優勢。為此，我們已調整了近期成本預期，以配合我們為確保盡可能高的分銷服務水準並進一步落實策略庫存計劃而採取的各項措施。簡而言之，我們敬業的供應商合作夥伴和辛勤工作的分銷中心團隊成員為支持我們銷售額的激增做出了卓越的貢獻，我們將繼續致力於在應對這些暫時性壓力的同時，提供卓越的客戶服務。

Before handing the call off to Jeff, I'd like to highlight our second quarter earnings per share of 17% to $8.33 with a year-to-date increase of 39% to $15.39. Our second quarter earnings per share results represents a 36% 2-year compounded quarterly growth rate, and I'd once again like to congratulate and thank Team O'Reilly for delivering another quarter of exceptional performance. We are raising our full year earnings per share guidance to $26.80 to $27.00, an increase of $2.05, which at the midpoint now represents an increase of over 14% compared to 2020 and a 2-year compounded annual growth rate of 23%. This increase in full year guidance, driven by our strong year-to-date sales results combined with excellent operating profit flow-through, which Jeff will provide more details on here shortly. As a reminder, our EPS guidance includes the impact of shares repurchased through the call but does not include any additional share repurchases.

在將電話交給傑夫之前，我想重點介紹我們第二季度的每股收益，年增17%至8.33美元，年初至今累計增長39%至15.39美元。第二季每股收益的兩年複合季度成長率高達36%，我再次恭喜並感謝奧萊利團隊又一個季度取得了卓越的業績。我們將全年每股收益預期上調至26.80美元至27.00美元，上調2.05美元，以中位數計算，較2020年成長超過14%，兩年複合年增長率達23%。這項全年預期上調主要得益於我們強勁的年初至今銷售業績以及出色的營業利潤流出，傑夫稍後將對此進行更詳細的闡述。再次提醒，我們的每股盈餘預期包含了透過電話會議回購股票的影響，但不包括任何額外的股票回購。

To conclude my comments, I want to express my confidence in the long-term strength of our industry as consumers continue to value investments in the care and maintenance of their vehicles and O'Reilly will be well positioned to meet those needs in the future. I also want to again extend my deepest thanks to our team for their commitment to our culture, fellow team members and our customers. Team O'Reilly, I'm proud of your continued outstanding performance, and I look forward to what we will accomplish on the road ahead.

最後，我想表達我對我們行業長期發展的信心，因為消費者越來越重視對車輛保養和維護的投資，而歐萊利汽車配件公司（O'Reilly）將能夠更好地滿足未來的這些需求。我還要再次衷心感謝我們的團隊，感謝他們對公司文化、團隊成員和客戶的忠誠付出。歐萊利團隊，我為你們持續的出色表現感到驕傲，並期待我們未來取得更大的成就。

I'll now turn the call over to Jeff Shaw. Jeff?

現在我把電話轉給傑夫·肖。傑夫？

Thanks, Greg, and good morning, everyone. I'd also like to extend my congratulations and express my sincere thanks to Team O'Reilly for their outstanding efforts and results this quarter.

謝謝格雷格，大家早安。我也想向奧萊利團隊表示祝賀，並衷心感謝他們本季的傑出成就。

Our team's ability to grow comparable store sales and operating profit dollars on top of second quarter 2020's record performance demonstrates just how deeply ingrained our culture is within Team O'Reilly. I couldn't be more proud to work with the team who, regardless of the past successes or challenges we faced, will remain driven to win the business by rolling up their sleeves and outhustling and outservicing our competition every day. We've had plenty of opportunities over the last year to show new customers that we are, in fact, the friendliest parts store in town, and I believe the continued strength in our results speaks volumes to our team's ability to provide that consistent top-notch customer service.

在2020年第二季創紀錄的業績基礎上，我們團隊得以實現同店銷售額和營業利潤的成長，這充分展現了歐萊利團隊文化的深厚根基。我為能與這支團隊共事而感到無比自豪。無論過去我們經歷了怎樣的成功或挑戰，他們都將始終保持積極進取的精神，擼起袖子加油幹，每天以超越競爭對手的熱情和優質的服務贏得業務。過去一年，我們有很多機會向新客戶證明，我們確實是城裡最友善的汽車零件商店。我相信，我們業績的持續強勁成長充分體現了我們團隊始終如一地提供一流客戶服務的能力。

To begin my comments today, I'd like to provide some color on our SG&A expenses for the quarter and give some additional insight into the outstanding performance of our team. Our second quarter operating profit dollars increased by 8% as compared to last year. With our SG&A leverage at 29.7% of sales, significantly outperforming our expectations as a result of our robust sales performance and solid expense control.

今天首先，我想簡要介紹本季的銷售、管理及行政費用，並進一步闡述我們團隊的優異表現。第二季營業利潤較去年同期成長8%。由於強勁的銷售業績及有效的費用控制，我們的銷售、管理及行政費用佔銷售額的比例為29.7%，遠超預期。

As we discussed last quarter, the strong sales trends continue to produce historically high levels of profitability. Greg has already mentioned the extremely tough comp store sales comparisons we were up against in the second quarter. And we also faced our toughest SG&A leverage and operating margin comparison against the second quarter of last year. As a reminder, last year's second quarter results were driven in part by cost adjustments we made to our business in response to the initial impact of the pandemic, which generated a level of profitability that was unique to those specific circumstances and not sustainable or beneficial to our long-term business.

正如我們上季度討論的那樣，強勁的銷售趨勢持續帶來歷史性的高獲利水準。格雷格已經提到，我們在第二季面臨著極為嚴峻的同店銷售年比基數效應。此外，與去年同期相比，我們的銷售、管理及行政費用槓桿率和營業利潤率也達到了歷史最高水準。需要指出的是，去年第二季的業績部分得益於我們為應對疫情初期影響而對業務進行的成本調整，這些調整帶來的盈利水平僅限於當時的特殊情況，並不可持續，也無益於我們的長期業務發展。

While this unusually difficult comparison created pressure on our year-over-year operating margin rate, which declined 87 basis points, we're very pleased with the improvement in our profitability on a 2-year stack. On this basis, our operating margin percent of 23% is a 372 basis point improvement over our second quarter 2019 operating margin performance as our team was able to drive compounded top line growth at almost twice the rate of our SG&A increases.

儘管這一異常艱難的同比數據對我們的同比營業利潤率造成了壓力，導致其下降了87個基點，但我們對過去兩年盈利能力的提升感到非常滿意。基於此，我們23%的營業利潤率較2019年第二季提高了372個基點，這得益於我們團隊實現了營收複合成長，其增速幾乎是銷售、管理及行政費用（SG&A）增速的兩倍。

SG&A per store grew 11.5% in the second quarter, which represents annual per store growth of 5.1% on a 2-year basis -- well below the 13% average comparable store sales growth we achieved over the same period. Per store SG&A dollar growth was above our expectations for the second quarter as we spend additional dollars in store payroll, variable operating expenses and incentive compensation in support of the much better-than-expected sales dollars.

第二季單店銷售、管理及行政費用成長11.5%，相當於過去兩年單店年均成長率5.1%，遠低於同期13%的平均同店銷售額成長率。由於銷售額遠超預期，我們在門市薪資、可變營運費用和激勵性薪酬方面投入了更多資金，因此第二季單店銷售、管理及行政費用成長超出預期。

Expense control remains an integral part of our culture, and we will always carefully manage every dollar we spend while also ensuring our stores and store team members are well equipped to deliver the service levels our customers know and expect. Based on our results year-to-date, we're now estimating our full year increase in SG&A per store to be approximately 5%. Due to the SG&A leverage above our expectations on the strong sales performance through the date of this call, we're increasing the midpoint of our operating profit guidance by 55 basis points to a range of 20.5% to 20.9%.

成本控制始終是我們企業文化的重要組成部分，我們將始終謹慎管理每一分錢的支出，同時確保我們的門市和門市團隊成員能夠提供顧客熟知和期望的服務水準。根據年初至今的業績，我們預計全年每家店的銷售、管理及行政費用（SG&A）將成長約5%。由於截至本次電話會議日期，強勁的銷售業績帶動了SG&A槓桿率超出預期，我們將營業利潤率預期中位數上調55個基點，至20.5%至20.9%。

Next, I'd like to provide an update on our store growth during the quarter. During the second quarter, we opened 50 new stores across 25 states bringing our year-to-date total to 116 net new stores. This pace sets us up well to achieve our plan of 165 to 175 net new stores for 2021. And we continue to be pleased with our new store performance, which is driven by a solid team of professional parts people in each of our new stores. We're also pleased with the performance and results from our team in Mexico and look forward to the growth ahead of us in that market.

接下來，我想報告本季門市成長。第二季度，我們在25個州開設了50家新店，使今年迄今的淨新增門市總數達到116家。這一成長速度讓我們可望實現2021年淨新增165至175家門市的目標。我們對新店的業績持續感到滿意，這得益於每家新店都擁有一支實力雄厚、專業的零件團隊。此外，我們對墨西哥團隊的業績也感到滿意，並期待未來在該市場取得更大的成長。

As I wrap up my prepared comments, I'd like to again thank our team members throughout our stores, DCs and offices for their steadfast commitment to our business and customers. You've shown there's not a single challenge or obstacle that will stand in the way of your team's success. Finally, I also want to thank Greg Johnson, Greg Henslee, David O'Reilly and all of Team O'Reilly for the kind words in regard to my retirement announcement, as well as the opportunities that I've had over the years to be a part of a truly first-class team and to play a role in Team O'Reilly's tremendous success story. Looking forward, I'm extremely excited for the future of our company and the deep bench of solid leaders that we have who will drive the continued success of our company.

在我結束事先準備好的演講之際，我想再次感謝我們所有門市、配送中心和辦公室的團隊成員，感謝你們對公司和客戶的堅定奉獻。你們已經證明，沒有任何挑戰或障礙能夠阻擋你們團隊走向成功。最後，我還要感謝 Greg Johnson、Greg Henslee、David O'Reilly 以及 O'Reilly 團隊的所有成員，感謝他們對我宣布退休的祝福，也感謝多年來給予我的機會，讓我能夠成為這支一流團隊的一員，並為 O'Reilly 團隊的輝煌成就貢獻力量。展望未來，我對公司的未來充滿信心，也對我們擁有的眾多優秀領導者充滿期待，他們將引領公司繼續走向成功。

As for my specific succession plan, as Greg mentioned, Brad is a tremendous example of our promoting within philosophy, working his way up through the ranks based on outstanding performance and a deep knowledge of what drives our business. He's an experienced and well-respected leader in our company who is fully prepared to step into the role of Chief Operating Officer, and I know he will do an outstanding job.

至於我的具體繼任計劃，正如格雷格所提到的，布拉德是我們內部晉升理念的絕佳例證。他憑藉著卓越的業績和對公司業務的深刻理解，一步步晉升到現在的職位。他是公司經驗豐富、備受尊敬的領導者，完全有能力勝任營運長一職，我相信他會做得非常出色。

And since this will be my last quarter where I'll participate in the prepared comments, I'm especially pleased to transition this responsibility over to him. And just because my time as an O'Reilly team member will soon be coming to an end, as retiree I'll continue to be a long-term shareholder and will be cheering Team O'Reilly on from the sidelines in the future.

由於這將是我最後一個季度參與事先準備好的評論，我非常高興能將這項職責移交給他。雖然我作為奧萊利團隊成員的生涯即將結束，但身為退休人員，我仍將長期持有公司股份，並在未來繼續在場邊為奧萊利團隊加油。

Now I'll turn the call over to Tom.

現在我把電話交給湯姆。

Thanks, Jeff. I'd also like to thank all of Team O'Reilly for their continued hard work and commitment to excellent customer service, which drove our tremendous second quarter and year-to-date performance. In addition, I'd also like to take this opportunity to congratulate Jeff on his upcoming retirement and thank him for his many years of top-notch leadership.

謝謝傑夫。我也要感謝奧萊利團隊全體成員的持續努力和對卓越客戶服務的執著追求，正是他們的付出成就了我們第二季度和年初至今的優異業績。此外，我也想藉此機會祝賀傑夫即將退休，並感謝他多年來的卓越領導。

Now I'll take a closer look at our second quarter results and add some additional color to our updated 2021 guidance. For the quarter, sales increased $374 million comprised of $298 million increase in comp store sales, a $57 million increase in noncomp store sales and a $19 million increase in noncomp, nonstore sales. For the full year of 2021, we now expect our total revenue to be between $12.3 billion and $12.6 billion, up from our previous guidance of $11.8 billion to $12.1 billion based on our strong year-to-date top line performance and our continued confidence in our team.

現在，我將更詳細地分析我們第二季的業績，並對我們更新後的2021年業績指引進行補充說明。本季，銷售額成長3.74億美元，其中同店銷售額成長2.98億美元，非同店銷售額成長5,700萬美元，非同店非門市銷售額成長1,900萬美元。鑑於年初至今強勁的營收表現以及我們對團隊的持續信心，我們預計2021年全年總營收將在123億美元至126億美元之間，高於此前118億美元至121億美元的預期。

Greg covered our gross margin performance earlier, but I do want to provide details on our positive LIFO impact, which was $19 million in the second quarter and above our previous expectations. As a reminder, in the second quarter of 2020, we recorded a headwind in LIFO with a charge of $4 million. When we set our full year gross margin guidance earlier this year, we were anticipating a larger positive impact from LIFO in the first half of 2021 versus the back half. However, as we continue to experience inflationary input cost increases and depending on the persistence of inflation, we may see similar or more LIFO benefits in the back half of the year, which is expected to partially offset pressure on our higher-than-planned distribution costs that Greg discussed earlier.

Greg 之前已經介紹了我們的毛利率表現，但我還是想詳細說明一下我們採用後進先出法 (LIFO) 帶來的積極影響，第二季度達到 1900 萬美元，高於我們之前的預期。需要提醒的是，2020 年第二季度，我們因 LIFO 提列了 400 萬美元的費用，這給我們帶來了一定的負面影響。今年早些時候，我們在製定全年毛利率預期時，預計 LIFO 在 2021 年上半年帶來的正面影響將大於下半年。然而，由於我們持續面臨通膨帶來的投入成本上漲，而通膨的持續性將決定我們下半年 LIFO 帶來的收益是否會與上半年持平甚至更高，這有望部分抵消 Greg 之前提到的高於預期的分銷成本壓力。

While some of the components driving our overall gross margin outlook have changed from our original expectations at the beginning of the year, we still expect to finish the full year within our original stated gross margin range of 52.2% to 52.7%.

儘管影響我們整體毛利率前景的一些因素與年初的預期有所不同，但我們仍然預計全年毛利率將達到我們最初設定的 52.2% 至 52.7% 的區間。

Our second quarter effective tax rate was 23.1% of pretax income, comprised of a base rate of 24.4%, reduced by a 1.3% benefit for share-based compensation. This compares to the second quarter of 2020 rate of 24.1% of pretax income, which was comprised of a base rate of 24.5%, reduced by a 0.4% benefit for share-based compensation. The second quarter of 2021 base rate was in line with our expectations. And for 2021, we continue to expect to have a lower fourth quarter base rate based on the expected tolling of certain tax periods and realizing benefits from a renewable energy tax credits.

我們第二季的實際稅率為稅前利潤的23.1%，其中基本稅率為24.4%，並扣除了1.3%的股權激勵收益。相較之下，2020年第二季的實際稅率為稅前利潤的24.1%，其中基本稅率為24.5%，並扣除了0.4%的股權激勵收益。 2021年第二季的基本稅率符合我們的預期。對於2021年，我們預計第四季度的基本稅率將有所下降，這主要得益於部分稅期的預期中止以及可再生能源稅收抵免的實現。

For the full year of 2021, we continue to expect an effective tax rate of approximately 23%. These expectations assume no significant changes to the existing tax code. Also, variations in the tax benefit from share-based compensation can create fluctuations in our quarterly tax rate.

我們預計2021年全年實際稅率仍約為23%。這項預期是基於現有稅法不會發生重大變化的假設。此外，股權激勵稅收優惠的波動也可能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 as well as our updated expectations for 2021. Free cash flow for the first 6 months of 2021 was $1.5 billion, up from $1.2 billion for the first 6 months of 2020, with the improvement driven by an increase in net income, a larger benefit from our net inventory investment and a larger prior year investment in solar projects, partially offset by decreases in income taxes payable and tax withholdings, both resulting from the ability to defer certain income tax and payroll tax payments in the prior year under the provisions of the CARES Act. We do anticipate additional investments in solar projects in the fourth quarter of 2021.

接下來，我們將討論自由現金流及其構成要素，以及我們對2021年的最新預期。 2021年上半年的自由現金流為15億美元，高於2020年上半年的12億美元。這一增長主要得益於淨利潤增加、淨存貨投資收益擴大以及上年同期太陽能項目投資額增加，但部分被應繳所得稅和預扣稅款的減少所抵消。這兩項減少均源自於上年根據《新冠病毒援助、救濟和經濟安全法案》（CARES Act）的規定可以延期繳納部分所得稅和工資稅。我們預計在2021年第四季追加太陽能專案投資。

For the full year of 2021, we now expect free cash flow to be in the range of $1.5 billion to $1.8 billion, up $400 million at the midpoint from our previous guidance based on our strong year-to-date operating profit and cash flow performance and strong net inventory performance.

鑑於我們今年迄今強勁的營業利潤和現金流表現以及強勁的淨庫存表現，我們現在預計 2021 年全年自由現金流將在 15 億美元至 18 億美元之間，比我們之前的預期中位數高出 4 億美元。

Inventory per store at the end of the second quarter was $636,000, which was down 2% from the beginning of the year but up 1% from this time last year driven by the extremely strong sales volumes and corresponding improvement in inventory terms. During prior quarter's earnings call, we discussed our plan for 2021 initiative to add just over $100 million of additional inventory in our store and hub network, above and beyond our normal new store and typical product additions. While we are still making progress on this plan, which when fully executed, will result in an approximately 4% increase in average per store inventory. Our strong year-to-date sales volumes and the resulting replenishment needs of our stores continue to be the priority. As a result, we could see some further delays in our inventory growth initiatives if we are able to maintain our high level of sales growth.

第二季末，單店庫存為 63.6 萬美元，較年初下降 2%，但較去年同期增長 1%，這主要得益於強勁的銷售量以及相應的庫存狀況改善。在上一季財報電話會議上，我們討論了 2021 年的計劃，即在常規新店開業和常規產品新增庫存之外，在我們的門市和配送中心網絡中額外增加略高於 1 億美元的庫存。雖然我們仍在推進這項計劃（該計劃全面實施後，將使單店平均庫存增加約 4%），但我們目前的首要任務仍然是應對強勁的銷售量以及由此帶來的門店補貨需求。因此，如果我們能夠保持目前的高銷售成長水平，庫存成長計劃可能會進一步推遲。

Our AP-to-inventory ratio at the end of the second quarter was 126%, which was another all-time high for our company and was heavily influenced by the extremely strong sales volumes and inventory turns over last year. We anticipate our AP-to-inventory ratio to decrease from this historic high as we continue to execute on our additional inventory investments as well as our sales growth moderating. Our updated expectation is to finish 2021, at an AP-to-inventory ratio of approximately 115%.

第二季末，我們的應付帳款與庫存比率為126%，再次創下公司歷史新高，主要得益於去年強勁的銷售量和庫存週轉率。我們預計，隨著我們繼續推進額外的庫存投資以及銷售成長放緩，應付帳款與庫存比率將從這段歷史高點回落。我們更新後的預期是，2021年底應付帳款與庫存比率約為115%。

Capital expenditures for the first 6 months of 2021 were $223 million, which was down $22 million from the same period of 2020, primarily driven by the timing of expenditures for new distribution and development activities. We continue to forecast CapEx to come in between $550 million and $650 million for the full year.

2021年上半年資本支出為2.23億美元，較2020年同期減少2,200萬美元，主要原因是新分銷和開發活動的支出時間表。我們持續預測全年資本支出將在5.5億美元至6.5億美元之間。

Moving on to debt, we finished the first quarter with an adjusted debt-to-EBITDAR ratio of 1.76x as compared to our year-end 2020 ratio of 2.03x, with the reduction driven by a decrease in adjusted debt as well as growth in our trailing 12-month EBITDAR. During the second quarter, we used available cash on hand to redeem $300 million of our senior notes, which were scheduled to mature in 2021 and carried a coupon rate of 4.625%. We continue to be below our leverage target of 2.5x, and we'll approach that number when appropriate.

接下來談談債務情況。第一季末，我們調整後的債務與EBITDAR比率為1.76倍，低於2020年底的2.03倍，下降主要得益於調整後債務的減少以及過去12個月EBITDAR的增長。第二季度，我們利用現有現金贖回了3億美元的優先票據，這些票據將於2021年到期，票面利率為4.625%。我們目前的槓桿率仍低於2.5倍的目標，我們將在適當的時候努力達到這個目標。

During the second quarter, we also successfully upsized our revolving credit facility, which was scheduled to expire early next year. The new 5-year facility has an aggregate capacity of $1.8 billion, up from the $1.2 billion on the old revolver, which provides us with additional financial flexibility moving forward.

第二季度，我們也成功擴大了循環信貸額度，該額度原定於明年初到期。新的五年期信貸額度總額為18億美元，高於原循環信貸額度的12億美元，這將為我們未來的財務發展提供更大的靈活性。

We continue to execute our share repurchase program. And during the second quarter, we repurchased 0.7 million shares at an average price of $537.25 for a total investment of $400 million. Year-to-date, through our press release yesterday, we repurchased 2.4 million shares at an average price of $488.59 for a total investment of $1.2 billion. We remain very confident that the average repurchase price is supported by the expected future discounted cash flows of our business, and we continue to view our buyback program as an effective means of returning excess capital to shareholders.

我們持續推進股票回購計畫。第二季度，我們以平均每股537.25美元的價格回購了70萬股，總投資額達4億美元。截至昨日新聞稿發布之時，今年以來我們已回購了240萬股，平均每股價格為488.59美元，總投資額達12億美元。我們仍然非常有信心，平均回購價格能夠得到公司未來預期現金流折現的支撐，我們始終認為股票回購計畫是向股東返還剩餘資本的有效途徑。

Before I open up our call to your questions, I'd like to once again thank the O'Reilly team for all their dedication and continued hard work. Your contributions continue to drive our record-breaking results.

在正式開始回答各位的問題之前，我想再次感謝奧萊利團隊的辛勤付出和奉獻精神。正是你們的貢獻，才使得我們不斷取得突破性的績效。

This concludes our prepared comments. And at this time, I'd like to ask Victor, 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。現在，請接線員維克多回到電話線，我們很樂意回答您的問題。

(Operator Instructions) Our first question will come from the line of Simeon Gutman from Morgan Stanley.

（操作員說明）我們的第一個問題將來自摩根士丹利的西蒙古特曼。

Jeff, congratulations, Brad, congratulations to you. My first question is on, I guess, short-term question on the commentary around July. Is there any way we could assume that your comments around demand holding up means that the 2-year or 3-year stacks are holding? And if that's fair, obviously, we're looking at the second half guidance, implying negative. Is there anything else that we should be aware of besides just tough compares, but you've already gotten through your worst of it in July; is it just prudence in your second half guidance?

傑夫，恭喜你，布拉德，也恭喜你們。我的第一個問題是關於7月份左右的短期評論。我們是否可以認為，你們關於需求保持穩定的評論意味著2年或3年期公債價格也保持穩定？如果這樣理解沒錯的話，顯然，我們關注的是下半年的業績指引，這意味著預期會是負面的。除了去年同期基數較高之外，還有其他需要注意的因素嗎？你們7月已經度過了最艱難的時期；你們下半年的業績指引是否只是出於謹慎考慮？

So we continue to be very happy with our daily performance in July, and it's carried through from those volumes in May and June. We've rolled that into our comp guidance for the full year. There remains a lot of uncertainty in relation to the recovery and the pandemic and the variants that are out there. We still have tough compares in August and September and put up a great comp in the third quarter of last year. So we feel like it's prudent to give the guidance that we gave for the full year.

因此，我們對7月的日常業績依然非常滿意，這股勢頭延續了5月和6月的良好勢頭。我們已將此納入全年業績預期。目前，疫情復甦以及各種變數帶來的不確定性依然存在。 8月和9月的同比基數較高，而去年第三季的同比基數表現非常出色。因此，我們認為維持先前對全年業績的預期是審慎之舉。

Okay. Fair enough. Can I ask Greg or Tom, thinking about how much of the demand this year in '21, if there's any framework you're thinking about what's pent-up versus pull forward. Does the current year become a base from which we grow or does the industry or your business have to digest some of this? I know it's early to guide in the out year, but anything that you're -- that you can share of sort of the puts and takes to think about future growth?

好的，沒問題。我想問Greg或Tom，考慮到2021年的需求量，你們有沒有考慮過哪些是積壓的需求，哪些是提前釋放的需求？今年的需求會成為我們成長的基礎嗎？還是說整個產業或你們的公司需要消化一部分需求？我知道現在預測明年還為時過早，但你們能否分享一下關於未來成長的考量？

Yes, Simeon, we're obviously not guiding into 2022 or beyond at this point. But as we said in our prepared comments, we're pleased with the performance during the second quarter. We're pleased with virtually every category, both the DIY and DIFM side of the business. Quite frankly, the business outperformed our expectations. And as Tom said, there's a lot of unknowns as we move into the back half of the year and into 2022 and beyond as it relates to pandemic, supply chains, things like that. So we're hopeful that sales trends continue, but we're not guiding anything beyond this year. Tom, do you have anything to add to that?

是的，西蒙，我們目前顯然不會對2022年或更遠的未來做出預測。但正如我們在事先準備好的評論中所說，我們對第二季的業績感到滿意。幾乎所有業務類別，包括DIY和DIFM業務，我們都感到滿意。坦白說，業務表現超出了我們的預期。正如湯姆所說，隨著我們進入下半年以及2022年及以後，由於疫情、供應鏈等諸多因素，存在著許多未知數。因此，我們希望銷售趨勢能夠持續，但我們不會對今年以後的業績做出任何預測。湯姆，你還有什麼要補充的嗎？

What I'd add to that is last year and on the call today, both Greg and Jeff have discussed that we've seen dramatic increases in customer traffic, and we see new customers and the onus was on us to earn those customers' repeat business by providing them great customer service. If you look at our guide at the beginning of this year, the expectation was we were going to get some of that business back from last year. So having -- sitting where we are at the comp level that we're sitting at this year, I think speaks to, as Jeff said in his prepared comments, our ability to earn more customers' repeat business. So we are very pleased with the business, and we've clearly stepped up the base, what we've determined to be the base business.

我想補充的是，去年以及今天的電話會議上，Greg 和 Jeff 都提到，我們看到客流量顯著成長，也迎來了新客戶。因此，我們必須透過提供優質的客戶服務來贏得這些客戶的再次光顧。如果您查看我們今年年初的業績指南，您會發現我們當時的預期是能夠挽回去年一些流失的業務。所以，就我們目前的業績水平而言，我認為正如 Jeff 在事先準備好的演講稿中所說，這反映了我們贏得更多客戶回頭客的能力。因此，我們對目前的業務狀況非常滿意，並且我們已經顯著提升了我們認定的基礎業務水平。

Our next question comes from the line of Bret Jordan from Jefferies.

我們的下一個問題來自傑富瑞集團的布雷特喬丹。

On the sales exceeding expectations, I guess, could you sort of parse out what might be underlying sort of broad strength in demand versus share gains -- trends? I mean it seems like you guys have been outperforming the underlying market. But are your share gains exceeding expectations or just the general trend in the market?

關於銷售額超出預期這一點，我想請您分析一下，究竟是整體需求強勁，還是市佔率成長－或者說是趨勢使然？我的意思是，你們的業績似乎一直都優於大盤。但是，你們的市佔率成長是超乎預期，還是只是市場整體趨勢使然？

It's really, Bret, as you know, it's really hard to differentiate the difference between what is share gains and what may be pent-up demand or what have you. Coming off of a very strong year in 2021 and having a stronger year as we've had thus far this quarter, we're confident that we're taking market share. We're confident we're taking market share on both sides of the business.

布雷特，正如你所知，要區分市場份額的成長和被壓抑的需求釋放或其他因素，真的很難。 2021年我們業績強勁，本季迄今的表現也更加出色，因此我們有信心正在擴大市場份額。我們有信心在業務的各個方面擴大市場份額。

As far as parsing out how much of that is market share gain versus just pure demand, it would be just purely a guess to try to differentiate the two. But I mean, in summary, we're confident, Bret, that we are taking market share today.

至於如何區分其中有多少是市佔率成長，又有多少只是需求成長，這只能靠猜測。但總而言之，布雷特，我們有信心，我們今天正在贏得市場份額。

Okay. Great. And then a quick question on supply chain. I mean the cadence of availability or obviously a lot of supply disruption. Could you talk maybe as to -- is the trend improving? Or are we bumping along the bottom as far as access and cost of a product?

好的，太好了。接下來我想問一個關於供應鏈的問題。我是指供貨節奏，或者說目前供應中斷的情況。您能否談談—這種趨勢是否有所改善？還是說，在產品供應和成本方面，我們正處於低潮？

Sure, sure. So if you break the supply chain down into various areas, our -- as we said, our distribution centers have been pressured by the volume. And as most companies across the U.S. have seen, we've had difficulty with the labor market and keeping those DC staffed and caught up. So that's been a hurdle that we've challenged throughout the year this year. Things are starting to improve in several markets, and we're optimistic that through the balance of the year, our DCs will continue to get caught up and perform better.

當然，當然。如果把供應鏈細分成各個環節，正如我們所說，我們的配送中心一直承受著巨大的貨量壓力。而且，正如美國大多數公司所經歷的那樣，我們在勞動力市場方面遇到了困難，難以保證配送中心的人員配備充足並跟上進度。因此，這是我們今年一直在努力克服的一大挑戰。目前，一些市場的情況開始好轉，我們樂觀地認為，在今年剩餘的時間裡，我們的配送中心將繼續跟上進度，並取得更好的業績。

From a supplier perspective, the last couple of quarters I've commented that we had a handful of domestic suppliers that were facing challenges in fill rate. And really, while it may be a couple of differences, it's pretty much the same suppliers. Their challenges are somewhat higher. Some of it's raw materials, a lot of it's carryover from COVID and labor, just having enough people to build, manufacture and distribute the product. So we're working very, very closely with those suppliers. Each of those suppliers, our supply chain team is meeting with at the highest levels on a weekly basis now to try to find creative ways to help them get caught up.

從供應商的角度來看，過去幾季我曾提到，我們有幾家國內供應商在訂單滿足率上面臨挑戰。實際上，雖然可能存在一些差異，但基本上還是同一批供應商。他們面臨的挑戰更大一些。部分原因是原材料短缺，很大程度上是受新冠疫情和勞動力短缺的影響，即缺乏足夠的人力來完成產品的生產、製造和分銷。因此，我們正在與這些供應商密切合作。我們的供應鏈團隊現在每週都會與每家供應商的高層會面，並努力尋找創新方法，幫助他們趕上進度。

And then the elephant in the room, which everybody knows is container shortage with product coming from overseas. We're all facing those challenges. And we're doing everything we can do to keep our product flowing. I would say that overall, Bret, even with all those challenges, we continue to be pleased with our business and our performance of our stores. We've always talked to some of the strengths of our supply chain being the fact that we have especially in our major categories, we have multiple suppliers in those categories, and that's really helped us through this period where you may have different countries of origin for some of those manufacturers where you have multiple suppliers per category and also our good/better/best offering.

當然，還有人人都知道的那個棘手問題：來自海外的產品面臨貨櫃短缺。我們都在努力應對這些挑戰，並盡力確保產品供應。布雷特，我想說，總的來說，即便麵臨這些挑戰，我們仍然對我們的業務和門市業績感到滿意。我們一直強調供應鏈的優勢，尤其是在主要類別中，我們擁有多家供應商。這確實幫助我們度過了這段時期，因為有些製造商的產品可能來自不同的國家，每個品類都有多家供應商，我們也提供優質、更優、最佳的產品選擇。

So while we may not have the exact product every consumer wants on the shelf, we've got a product that fits their application. And I think consumers today, like it or not, no matter what store they walk into whether it's a grocery store or hardware store, or an auto part store, the shelves are not as stocked as they typically would be. And I think the consumer has a little bit more of a willingness to trade up or trade down as necessary.

所以，雖然我們可能無法提供每位消費者想要的確切產品，但我們有適合他們需求的產品。而且我認為，如今的消費者，不管他們喜歡與否，無論走進哪家商店——雜貨店、五金店還是汽車配件店——貨架上的商品都不如以往那麼齊全。我認為，消費者現在更願意根據需求選擇升級或降級產品。

Brad, did you have anything you want to add to that?

布拉德，你還有什麼要補充的嗎？

No, I think that's pretty well said.

不，我覺得說得很好。

Our next question will come from the line of Michael Lasser from UBS.

我們的下一個問題將來自瑞銀集團的麥可·拉塞爾。

And congratulations to everyone on their new roles and Jeff on your retirement. My question is on the DIY...

恭喜各位履新，也恭喜傑夫光榮退休。我的問題是關於DIY的…

Michael, can I interrupt you for second, we're having a little bit of a hard time understanding, you're not coming through clear.

邁克爾，我可以打斷你一下嗎？我們有點聽不清楚，你說話不太清楚。

Is that better?

這樣好些了嗎？

It's much better.

好多了。

Right. My question is on DIY retail. Presumably, it was strong during the quarter. It remains strong today, banking contracts to some other at-home DIY categories, right?

好的。我的問題是關於DIY零售的。想必這季度表現強勁。今天依然強勁，只是受到其他一些家庭DIY類別的影響，對嗎？

Michael, I apologize. You went from clear to back to very hard to understand.

邁克爾，我很抱歉。你剛才的表達一開始很清晰，後來又變得很難懂了。

Let's try this for last time. Better?

我們再試一次。這樣好些了嗎？

We'll give it another shot.

我們再試一次。

Okay. Last one. So the question is, why is DIY retail so strong? Is it simply a function of people are driving more, despite the tough comparison, the increase of vehicle miles driven continues to drive that business and should continue to drive that business even as we rebase that off of a higher level into the spring and beyond?

好的，最後一個問題。問題是，為什麼DIY零售業如此強勁？只是因為人們開車更多了嗎？儘管存在一些比較因素，但車輛行駛里程的增加仍在推動該行業的發展，而且即使在春季及以後我們根據更高的基準水平重新調整數據，這一趨勢也應該會繼續下去？

Okay. Mike, we're going to answer the question of why this DIY remains so strong. The rest of the question was difficult to answer. I'll start and turn it over to Greg. We continue to see an environment where people are somewhat concerned about their economics and are taking on more challenging jobs by themselves. Some people continue to work from home. That's a benefit for us. Used car prices -- new cars are hard to find and used car prices are very high. So those items continue to be a positive for us, and we continue to think that -- know that we're taking share within the DIY marketplace.

好的。麥克，我們要來解答為什麼DIY市場依然如此強勁。這個問題的其他部分比較難回答。我先來，然後把麥克風交給格雷格。我們看到，人們仍然對經濟狀況感到擔憂，因此會選擇自己承擔更具挑戰性的工作。有些人繼續在家工作。這對我們來說是個利好。二手車價格－新車難找，二手車價格又高。所以這些因素對我們持續有利，我們也一直認為——我們知道——我們在DIY市場不斷擴大份額。

Yes. The only thing I would add to that, Michael, is your comment is probably accurate about miles driven. I think consumers -- a lot of consumers did not take vacations last year. Perhaps where they are this year and are doing more maintenance-type things as well as perhaps more weather-related repairs. We had a normal winter last year for the first time in a couple of years. And that's really impacted some of our mild undercar categories where consumers are able to replace shocks, brakes, things like that, that may have been damaged during the winter.

是的。邁克爾，我唯一想補充的是，你關於行駛里程的說法可能很準確。我認為很多消費者去年都沒去度假。也許他們今年會把更多精力放在車輛保養上，以及處理一些與天氣相關的維修。去年冬天是近幾年來第一次出現正常的冬季天氣。這確實影響了一些輕度底盤維修項目，例如消費者可以更換減震器、煞車片等等，這些零件可能在冬季受到了損壞。

That's very helpful. My quick follow-up question is on what was the contribution from like-for-like price increases or inflation in the period? And how much visibility do you have for the contribution from inflation over the next few quarters? And how is this going to impact the gross margin you already alluded to (inaudible) LIFO changes? But can you give us a more explicit impact on gross margin as well?

這很有幫助。我的後續問題是，在此期間，同店價格上漲或通貨膨脹分別貢獻了多少？您對未來幾季通膨的影響有多大把握？您之前提到的（聽不清楚）後進先出法（LIFO）的變更將如何影響毛利率？能否更具體地說明一下對毛利率的影響？

Okay. So for the quarter, I think we've talked to it in our prepared comments. Our LIFO number was -- I'm going to have to look it up again now, it was...

好的。關於本季度，我想我們在準備好的評論中已經提到過了。我們的後進先出法（LIFO）數據是－我現在得再查一下，是…

I guess, I was more interested in the inflation impact, Tom?

湯姆，我比較感興趣的是通貨膨脹的影響？

I'm sorry. Okay. So inflation was slightly over 2%, as Greg talked about. We've got visibility of what our pricing is doing right now and expect that we're going to continue to see more inflation in the short term. As Greg talked about on many of our categories, freight is a big component, raw materials and labor. Especially for freight and raw materials, we tend to price those separately and adjust the price base on those markets. So to the extent that these pressures continue through the full quarter, we'd expect to see a higher inflation in the third quarter and the fourth quarter. To the extent that they start to abate, we'd expect to see those costs come back down. So it will be dependent.

抱歉。好的。正如格雷格所說，通貨膨脹率略高於2%。我們目前對定價情況瞭如指掌，預計短期內通貨膨脹仍會持續上升。格雷格提到，在我們的許多類別中，運費、原料和勞動成本都佔很大比例。特別是運費和原料，我們通常會分開定價，並根據市場情況調整價格。因此，如果這些壓力持續到整個季度，我們預計第三季和第四季的通貨膨脹率會更高。如果這些壓力開始緩解，我們預計這些成本會回落。所以，最終結果取決於具體情況。

Our next question will come from the line of Chris Horvers from JPMorgan.

我們的下一個問題將來自摩根大通的克里斯霍弗斯。

Congratulations to all. So a couple of follow-up questions. I guess, first, in terms of the gross margin outlook, can you maybe just resummarize what the changes are relative to your original expectations? And what are you expecting from a LIFO perspective in the third and fourth quarters?

恭喜各位！接下來還有幾個問題。首先，關於毛利率前景，能否請您簡單總結一下與您最初預期相比有哪些變化？其次，從後進先出法（LIFO）的角度來看，您對第三季和第四季的預期是什麼？

We're expecting to see more benefit from LIFO in the third and fourth quarter as our costs have increased and we reduce our LIFO debit. We expect that to be offset by transitory distribution costs as we focus on getting into an even better inventory position and starting to work on our inventory initiatives, and that will have some short-term cost impacts on our distribution, which flow into gross margin.

我們預計在第三季和第四季，隨著成本增加和後進先出法（LIFO）借方減少，我們將從中獲得更多收益。但我們預計，由於我們將專注於改善庫存狀況並開始實施庫存管理計劃，暫時的分銷成本將抵消部分收益，這將對我們的分銷成本產生一些短期影響，進而影響毛利率。

Got it. So that that catch-up on the inventory side is going to sort of also offset the fact that you are implying less volumes year-over-year in the back half of the year, given the comp guide?

明白了。所以，庫存方面的補足，某種程度上也能抵銷下半年銷售量年減的影響（根據去年同期業績指引來看）？

Yes. To some extent, our distribution centers to keep up with the volume that we're doing right now, as Greg talked about in his prepared comments, are running inefficiently. So running a lower volume would actually yield a better distribution percentage at this point. But mainly, we're talking about just challenges on the labor side and how we get focused on getting even a better inventory position.

是的。正如格雷格在事先準備好的發言稿中提到的，為了跟上目前的訂單量，我們的配送中心在某種程度上運作效率低下。因此，降低訂單量實際上能帶來更高的配送效率。但主要問題在於勞動力方面，以及我們如何更好地管理庫存。

Understood. And then as a follow-up, just to parse out the volume commentary on May and June. When you talk about comps similar in May and June, or is that relative to your expectations of volumes? Or is that a commentary that May and June comps were the same, basically?

明白了。接下來，我想進一步解釋一下您對五月和六月銷售的評論。您說五月和六月的銷售量比較相似，是指與您對銷售的預期相符嗎？還是說您認為五月六月的銷售量基本上相同？

Our comments relate to our expectations. Obviously, we had a lot different comp cadence from last year that we compared to. So our focus is really on what were our expected volumes and what we achieved versus those expected volumes. And we were way above those in the beginning of April, as we talked about on the first quarter call, due to the stimulus that went out, but that base underlying trend of over expectations that we saw at the end of April continued in May and June. And we're focused on generating sales levels as opposed to the math from what was last year.

我們的評論與預期有關。顯然，我們今年的銷售節奏與去年大不相同，因此我們更關注的是實際銷量與預期銷量的對比。正如我們在第一季財報電話會議上所提到的，由於政府推出的刺激政策，我們在4月初的銷售量遠超預期，而4月底出現的超出預期的基本趨勢在5月和6月得以延續。我們關注的是實際的銷售水平，而不是去年同期的銷售數據。

Our next question come from the line of Greg Melich from Evercore ISI.

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

My question was on the -- looking at sales versus 2019. So I guess they were up 26%, a little acceleration from the first quarter. Could you break down that comparison to 2019 for DIY and do it for me? Knowing how screwed up the comparisons were over last year?

我的問題是關於銷售額與 2019 年的比較。我猜他們成長了 26%，比第一季略有加速。您能否幫我分析一下 DIY 業務與 2019 年的比較？考慮到去年同期數據有多混亂，您能幫我詳細分析一下嗎？

Yes, Greg, we're not going to quantify that. But as we said in our prepared comments, DIFM was a larger contributor than DIY for the quarter.

是的，格雷格，我們不會對此進行量化。但正如我們在事先準備好的評論中所說，本季DIFM的貢獻大於DIY。

On a year-over-year basis, is that...

與前一年相比，是…

Compared to prior year.

與上一年相比。

Right. If we look back to '19, is DIY still more of the growth versus '19 than do it for -- in Pro? Or did that also...

沒錯。如果我們回顧2019年，DIY的成長幅度是否仍大於專業版中的代工模式？或者說，DIY的成長幅度也…

We look at aggregate sales in dollars. I think we covered this in the call is that when we look at the second quarter, we know that DIY far surpassed professional business in the second quarter of last year due to the timing of stimulus, the work-from-home arrangements and hesitation for people to turn their car over to shops to have them work on it, and it recovered more slowly. So our comment that the second quarter DIY was above our expectation more strongly than the professional business, indicates that on a 2-year basis, the DIY is the bigger contributor.

我們關注的是美元計價的總銷售額。我認為我們在電話會議中已經提到過，回顧第二季度，由於刺激政策出台的時間、居家辦公安排以及人們不願將車輛送修的顧慮，以及汽車維修店復甦緩慢等因素，DIY業務的銷售額遠超去年同期的專業維修業務。因此，我們指出第二季DIY業務的銷售額遠超預期，且表現強於專業維修業務，這顯示從兩年的時間跨度來看，DIY業務的貢獻更大。

Got it. Okay. And then the second question is, I think in your prepared comments, you mentioned that as some of this inflation flows into the back half that you're expecting some potential trade down. Have you actually seen that already in some markets or some products? Or is that just an anticipation given on what's happened in the past?

明白了。好的。第二個問題是，我想您在事先準備好的評論中提到，隨著部分通膨影響到下半年，您預計會出現一些潛在的交易下行。您是否已經在某些市場或某些產品中觀察到這種情況？還是這只是基於過去經驗的預期？

Yes, Greg, we just called that out as a possibility if inflation continues. Historically, we've seen when prices increase, when gas prices increase, things like that, that the economically challenged consumer has less discretionary cash to spend. Sometimes they will defer maintenance and sometimes they'll trade down the value spectrum. So that's why we called that out.

是的，格雷格，我們剛才就提到過，如果通貨膨脹持續下去，這種情況可能會發生。從歷史經驗來看，當物價上漲，例如汽油價格上漲時，經濟拮据的消費者可支配所得就會減少。他們有時會推遲車輛保養，有時會選擇購買更便宜的車型。所以我們才提到了這一點。

Okay. So it's more of an expectation of things that happened in the past? Not about anything you're seeing today?

好的。所以這更多的是對過去發生的事情的一種預期？而不是對你今天所看到的事情的預期？

That's correct.

沒錯。

And our next question will come from the line of Daniel Imbro from Stephens.

下一個問題將來自史蒂芬斯大學的丹尼爾·伊姆布羅。

Greg, I wanted to talk about the supply chain a little bit. And obviously, ocean freight is an issue, but some of your peers are talking more about direct sourcing, maybe trying to go find cheaper labor, cheaper manufacturing to lower cost of goods. I'm curious maybe what the strategic outlook would be for O'Reilly along that? Or maybe what are the benefits of using more full-service suppliers like you guys do domestically to keep your service levels up?

格雷格，我想跟你聊聊供應鏈。顯然，海運是個問題，但你的一些同行更多地在討論直接採購，例如尋找更便宜的勞動力和生產方式來降低商品成本。我很好奇，奧萊利在這方面的策略規劃是什麼？或者，像你們在國內一樣，更多地使用全方位服務供應商來維持服務水平，有什麼好處？

Yes. As I spoke before, we don't do a great deal of direct importing. We -- a lot of our import suppliers, we require to keep inventory on hand here in the States. They're the owner of that freight until it hits the port. That has worked well for us. Unfortunately, we've blown through some of that inventory over the past few months. So today, it's probably not working as well for us as it normally would because all that product inevitably has to come from overseas.

是的。正如我之前所說，我們直接進口的商品並不多。我們——很多進口供應商——都要求在美國境內保持庫存。在貨物抵達港口之前，所有權都歸他們所有。這種方式對我們來說一直都很有效。但不幸的是，過去幾個月我們消耗掉了一部分庫存。所以現在，這種方式可能不如往常那麼有效，因為所有這些產品最終都必須從海外進口。

We continue, Daniel, to evaluate where it makes sense to bring product in from a direct import perspective versus through the suppliers 3PL or warehouse here domestically. And it's really a matter for us of -- it's an economic calculation of is there enough demand and enough flow-through of the product to justify bringing it in direct versus bringing it in through their distribution centers here in the U.S. So we have a combination. We have SKUs we've gotten out from some of these suppliers direct into our third-party 3PL facilities. And then -- but the bulk of what we bring in from overseas would flow through their -- the manufacturing facilities here domestically.

丹尼爾，我們繼續評估，從直接進口的角度，還是透過供應商的第三方物流 (3PL) 或國內倉庫進口產品，哪種方式更合理。這實際上是一個經濟計算問題，即市場需求是否足夠，產品流通是否足夠，從而證明直接進口比透過他們在美國的配送中心進口更划算。所以我們採取了混合策略。有些 SKU 是直接從供應商採購到我們的第三方物流 (3PL) 倉庫的。但我們從海外進口的產品大多會透過他們在國內的生產工廠進行分銷。

Got it. That is helpful. And then, Tom, sorry to beat dead horse, I just want to make sure we understand the inflation side a little bit. So the guidance you've given assumes what Greg mentioned earlier, that inflation does accelerate? Or are you assuming the benefit to LIFO assuming inflation flatlines with 2Q? I just want to make sure we understand what's embedded in that outlook you provided?

明白了，這很有幫助。湯姆，不好意思再問一遍，我只是想確保我們對通膨方面的情況理解得更清楚一些。所以，你給的指引是基於格雷格之前提到的通膨加速的假設嗎？還是說，你假設第二季通膨保持平穩，那麼後進先出法（LIFO）的優勢就體現在這裡？我只是想確保我們理解你提供的預測中具體包含了哪些內容？

So from a sales perspective, we anticipate that we will have some tailwinds from increased inflation offset by deferrals and trade down. So it hasn't really impacted our total sales expectations.

因此，從銷售角度來看，我們預期通膨上升會帶來一些利好，但這些利好會被延期付款和降級消費所抵消。所以，通膨上升並沒有真正影響我們的整體銷售預期。

And what about on the gross margin side?

那麼毛利率方面呢？

On the gross margin side, being in the LIFO debit, as the prices go up, their last bias, below LIFO who are making more money on those products than we normally would, so that would be a benefit. And that benefit will be offset by additional distribution costs as we strategically look to improve our inventory and get further ahead on our inventory initiatives.

從毛利率方面來看，由於我們採用後進先出法（LIFO），隨著價格上漲，其利潤率會低於LIFO的受益者，因為他們從這些產品上獲得的利潤比我們通常情況下要高，所以這將是一個優勢。但這優勢將被額外的分銷成本所抵消，因為我們需要策略性地改善庫存，並在庫存管理方面取得更大進展。

Our next question come from the line of Seth Basham from Wedbush.

我們的下一個問題來自 Wedbush 公司的 Seth Basham。

Congrats to Jeff. I actually have a question that Jeff may be able to answer. If we look at the team member count, it remains below pre-pandemic levels. How do you view this now? Do you think that you can operate your stores with less labor? Or is there an expectation to continue to ramp back up?

恭喜傑夫！我有個問題或許傑夫能解答。我們來看，目前團隊成員數量仍低於疫情前水準。您對此有何看法？您認為在人手不足的情況下，門市還能正常運作嗎？還是說需要繼續逐步恢復？

Well, Seth, we've been throughout the last, really, 1.5 years, I mean, since the pandemic hit and we had the downturn. I mean, we really just kind of block down on payroll, not knowing what the future held, and really dialed in our headcount and our payroll to what our business was doing. And then we just had the explosive growth in volume there mid-April on. And we just really didn't know how long that was going to last. We were kind of playing it by ear, really week to week, month to month and being very cautious in staffing back up.

塞思，過去一年半的時間裡，我們一直都是這樣，我是說自從疫情爆發、業務下滑以來。當時我們基本上只控制了薪資支出，因為不知道未來會怎樣，所以根據業務狀況調整了員工人數和薪資水平。然後從四月中旬開始，我們的業務量出現了爆炸性成長。我們真的不知道這種成長會持續多久。我們只能走一步看一步，每週每月都謹慎行事，在恢復員工人數方面也格外小心。

And as we've seen the volume hold there in the third and fourth quarter, we cautiously started ramping back up headcount to match the sales demand. And that's really carried into the first quarter and second quarter of this year as very cautiously ramping headcount back up as well as just the seasonal ramp-up in the business. We continue to focus on our full-time initiative as well and replace maybe part-time with more full-time headcount, knowing that we provide better service levels with more tenured, experienced team members. So that has part of it. And obviously, this is Brad's wheelhouse, so I might let him speak to that if he's got any additional comments.

鑑於第三季和第四季銷售量保持穩定，我們謹慎地開始逐步增加員工人數，以滿足銷售需求。這項策略也延續到了今年第一季和第二季度，我們同樣謹慎地增加員工人數，同時也考慮了業務的季節性成長。我們繼續推動全職員工計劃，並盡可能以全職員工取代兼職員工，因為我們相信，經驗豐富的資深團隊成員能夠提供更優質的服務。以上是部分原因。當然，這方面是布萊德的專長，如果他還有其他補充，我會讓他來談談。

Yes, Seth, I think directly to your question, I think it's a combination of both. I think this last year, like a lot of companies, I'm sure we've learned a lot about ourselves. When we're looking at last spring and the worst-case scenario, we had to make decisions on our headcount. We did that very surgically based upon team member productivity and learned a lot in that first quarter or two, going through the pandemic. And then to Jeff's point, as we've gone on here, it's been kind of a short to mid term outlook in terms of what we thought the business was going to do. We always run our business like we always say, for the long term when it comes to staffing and our service levels, while at the same time, being able to back ourselves out if we have points that business changes the other direction from a store count -- from a headcount and from an hour standpoint. But we've been working this last year a lot on full time. We see some productivity increases from that. And we also have other initiatives on the productivity front that we're working on right now, and we're pleased with those.

是的，Seth，我想直接回答你的問題，我認為兩者兼而有之。我認為，和許多公司一樣，過去一年我們也對自己有了更深入的了解。回顧去年春天，考慮到最糟糕的情況，我們必須對員工人數做出決定。我們根據團隊成員的生產力進行了非常精準的調整，並在疫情爆發後的頭一、兩個季度累積了豐富的經驗。正如Jeff所說，我們一直在討論的，我們對業務的短期和中期發展前景有著比較樂觀的預期。我們始終秉持長期發展理念來經營業務，無論是人員配備還是服務水平，我們都著眼於長遠。同時，如果業務有變化，例如門市數量、員工人數或工時方面出現偏差，我們也會及時調整。但去年，我們一直在努力提高全職員工的比例，並看到了生產力的提升。此外，我們目前也正在推動其他提高生產力的舉措，我們對這些舉措感到滿意。

That's very helpful. Just one related follow-up. Are you seeing a big increase in your mix of sales that are through the online channel? Is that helping you operate more efficiently with labor? How do you expect the online channel to develop over the next year or so?

這很有幫助。還有一個相關的後續問題。您是否發現線上通路的銷售額佔比大幅成長？這是否有助於您提高勞動力效率？您預期未來一年左右線上通路的發展趨勢如何？

Seth, I'll take that one. We have seen significant growth in our online channel. As we've said in previous quarters, most of that growth ends up in the stores. Last quarter, about 3/4 of our online sales were pick-up-in-store or ship-to-store. Some of that would -- could be curbside. But we -- but most of that -- the increases that we've seen as opposed to taking the discount that they are offered for ship-to-home have ended up in our stores. And that just goes back to our thesis from forever that those consumers, they need help. They want to make sure they getting the right parts, they need it timely. And so Brad, do you want to add to that?

塞思，我來回答這個問題。我們的線上通路確實實現了顯著成長。正如我們前幾季所說，大部分成長最終都轉化成了實體店的銷售額。上個季度，我們大約四分之三的線上銷售額都是店家自提或送貨到店。其中一部分可能是路邊取貨。但是，我們看到的大部分成長——而不是選擇送貨上門的折扣——最終都轉化成了實體店的銷售額。這再次印證了我們一直以來的理念：消費者需要幫助。他們希望確保自己能及時獲得所需的配件。布拉德，你還有什麼要補充的嗎？

Yes. Seth, the other thing I would add is that a lot of times when we talk about online digital business, we talked about oreillyauto.com and we talk about B2C. But what I would say is it reminds you of our B2B business with our first call online and all our shop management systems where we directly integrate with so much of our professional business. Obviously, to your question, that's the other side of it. That's been a huge productivity improvement incrementally at that for us and for our shops. And so not only do we have everything that Greg talked about with oreillyauto.com, buy online, pick-up-in-store, ship-to-home. But one of our biggest initiatives with professional being our bread and butter is continuing to grow that digital business on the professional side in turn, get the incremental gains in productivity on our side and with our shops.

是的，Seth，我還要補充一點，很多時候我們談到線上數位業務時，都會提到oreillyauto.com，也會談到B2C業務。但我想說的是，這其實也讓我們想起了B2B業務，例如我們的首次線上諮詢服務，以及我們所有的門市管理系統，這些系統與我們大量的專業業務直接對接。顯然，回到你的問題，這是業務的另一面。這對我們和我們的門市來說，都是一個顯著的、循序漸進的生產力提升。所以，我們不僅擁有Greg提到的oreillyauto.com的所有功能——線上購買、門店提貨、送貨上門——而且我們最重要的舉措之一，就是繼續發展專業領域的數位化業務，從而提升我們自身以及我們門店的生產力。專業業務是我們的核心業務。

And our next question will come from the line of Bobby Griffin from Raymond James.

接下來，我們將提出來自 Raymond James 的 Bobby Griffin 的問題。

This is Mitch Ingles filling in for Bobby. Congrats on a great quarter. Yes, so to start, any color on the performance by region would be helpful. And to that theme, are you seeing any slowdown at day -- on daily sales for areas that have recently ramped up COVID-related restrictions?

我是米奇·英格爾斯，代鮑比發言。恭喜你們本季業績出色。首先，能否提供一些關於各地區業績的具體資訊？另外，關於近期加強了新冠疫情相關限制措施的地區，你們是否觀察到每日銷售額有所下降？

Brad, do you want to take that one?

布拉德，你想接那個嗎？

Sure. Well, we're very pleased with all regions and really the consistency of our business across the U.S. in the second quarter, also on both sides of the business like we discussed on the DIY and professional side. Our -- it might be little bit tough to talk about regional just because our time and energy really focus less on the macro trends like weather, but it was fairly favorable across our regions, like Greg mentioned, when he talked about the categories. But instead, 100% fundamental execution of our business model that adds up to share gains, really which to me is our culture being alive and well in every single market, promoting proven performers from within and being the friendliest, most professional parts store in every single market we operate in.

當然。我們對所有地區以及第二季在美國的業務表現都非常滿意，無論是DIY市場還是專業市場，我們都保持著穩定的成長。我們——可能很難具體談論區域情況，因為我們投入的時間和精力較少關注天氣等宏觀趨勢，但正如格雷格在談到各個品類時提到的，我們各個區域的情況都相當不錯。更重要的是，我們100%地執行了商業模式，最終實現了市場份額的成長。對我而言，這體現在我們企業文化在每個市場都蓬勃發展，我們提拔內部優秀員工，並努力成為我們經營的每個市場中最友善、最專業的零件商店。

So -- and then on your last question, I don't think from a COVID standpoint where we've seen ramp-ups here recently, we have not seen that affect our business thus far.

那麼——關於你的最後一個問題，我認為從新冠疫情的角度來看，儘管我們最近在這裡看到了病例激增，但到目前為止，我們還沒有看到疫情對我們的業務產生影響。

Great. And as a quick follow-up, is it fair to categorize the weather for year-to-date as the most favorable the industry has seen over the past few years. So for instance, June is on record as being the hottest in at least 127 years. So it's probably difficult to parse out a stimulus in [BMD] recovery. But any read as to what the benefit of weather could have done in 2Q and year-to-date would be very helpful.

好的。還有一個後續問題，能否將今年迄今的天氣狀況定義為近年來該行業遇到的最有利的天氣？例如，六月創下了至少127年來的最高氣溫紀錄。因此，可能很難從中看出天氣對[BMD]復甦的刺激作用。但是，任何關於天氣因素在第二季度和今年迄今為止可能產生的影響的分析都將非常有幫助。

So what I would tell you is that the last couple of years have been not as favorable weather. So in comparison, it's much better, I'd tell you over a long period of time, it's slightly above average. When we talk about performance improvements, we're having a better AC year. We're having a better undercar year as the roads got tore up more this winter. A lot of batteries that were stressed in the winter got replaced in the summer. But to go -- we're not going to go through an attempt to quantify on this call the seasonal benefits. But what we'd tell you is that we got back to a slightly better-than-normal as compared to poor the last few years.

所以我想告訴大家的是，過去幾年天氣狀況不太理想。相比之下，今年的情況要好得多，從長遠來看，略高於平均水平。說到性能提升，今年的空調系統運作狀況更好。由於今年冬天路面狀況更加糟糕，車輛底盤的狀況也較好。許多在冬季承受壓力的電池在夏季進行了更換。但是，我們這次通話不會嘗試量化季節性因素的好處。總之，與過去幾年糟糕的天氣狀況相比，今年的情況已經略好於正常水平。

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

提問環節時間已到。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, Victor. We'd like to conclude our call today by thanking the entire O'Reilly team for your continued hard work in delivering our record-setting quarter. I'd like to thank everyone for joining our call today, and we look forward to reporting our third quarter results in October. Thank you.

謝謝維克多。今天電話會議的最後，我們要感謝奧萊利團隊全體成員的辛勤付出，而正是大家的努力才讓我們取得了創紀錄的季度業績。感謝各位今天參加我們的電話會議，我們期待在十月公佈第三季業績。謝謝。

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

謝謝大家。女士們、先生們，今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。