O'Reilly Automotive Inc (ORLY) 2021 Q1 法說會逐字稿

Thank you for standing by, and welcome to the O'Reilly Automotive First Quarter 2021 Earnings Call. (Operator Instructions)

感謝您的耐心等待，歡迎參加歐萊利汽車2021財年第一季財報電話會議。 （操作說明）

Thank you. Now I'd like to hand the conference over to Tom McFall. Mr. McFall, please go ahead.

謝謝。現在我把會議交給湯姆·麥克福爾先生。麥克福爾先生，請開始吧。

Thank you, Jack. Good morning, everyone, and thank you for joining us. During today's conference call, we'll discuss our first 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.

謝謝傑克。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年第一季的業績以及2021年全年的最新展望。在發言結束後，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，我們打算並聲明我們將受到1995年《私人證券訴訟改革法案》中關於前瞻性陳述的安全港條款的保護。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 first quarter conference call. Participating on the call with me this morning are Jeff Shaw, our Chief Operating Officer and Co-President; and Tom McFall, our Chief Financial Officer. David O'Reilly, our Executive Chairman; and Greg Henslee, our Executive Vice Chairman, are also present on the call.

謝謝，湯姆。大家早安，歡迎參加歐萊利汽車配件公司第一季財報電話會議。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。執行董事長大衛·歐萊利和執​​行副董事長格雷格·亨斯利也出席了會議。

I'd like to begin our call today by thanking Team O'Reilly on another outstanding record-breaking quarter. While our expectations were for a strong first quarter based on business trends and comparisons, to say the results of the first quarter were record-breaking just doesn't do real justice to the incredible performance of our team, highlighted by a 24.8% increase in comparable store sales, a 526 basis point increase in operating margin and an impressive 78% increase in diluted earnings per share.

今天，我首先要感謝奧萊利團隊，感謝他們又一次取得了令人矚目的成績，打破了歷史紀錄。雖然根據業務趨勢和往年同期數據，我們預期第一季業績會表現強勁，但僅僅用「打破紀錄」來形容我們團隊的卓越表現還遠遠不夠。尤其值得一提的是，同店銷售額成長了24.8%，營業利潤率提高了526個基點，稀釋後每股盈餘更是成長了78%。

The last year plus since the onset of the pandemic has been one of the most challenging periods in the history of our company, and we are especially pleased our team was able to once again rise to the occasion and deliver these outstanding results while adhering to strict safety protocols. Simply put, Team O'Reilly has responded in an amazing fashion to provide excellent customer service, and I am profoundly grateful for the hard work and sacrifice of each member of our team.

自疫情爆發以來的一年多時間，是我們公司歷史上最具挑戰性的時期之一。我們尤其欣慰的是，我們的團隊能夠再次挺身而出，在嚴格遵守安全規程的前提下，取得如此卓越的成果。簡而言之，奧萊利團隊以驚人的表現提供了優質的客戶服務，我由衷感謝團隊每位成員的辛勤付出和無私奉獻。

As we highlighted in our press release yesterday, our first quarter comps benefited from a continuation of the robust broad-based sales trend we've experienced for several quarters now as well as a favorable weather environment for most of the quarter. As a result of these factors, we're very pleased with our comp performance through the first 2.5 months of the quarter. In mid-March, the most recent round of government stimulus payments hit, at which point we saw ourselves grow -- our sales growth accelerate meaningfully.

正如我們昨天在新聞稿中強調的那樣，第一季同店銷售額的成長得益於我們過去幾季以來強勁的整體銷售趨勢的延續，以及本季大部分時間裡有利的天氣環境。由於這些因素，我們對本季前兩個半月的同店銷售額表現非常滿意。 3月中旬，最新一輪政府刺激計畫的實施，此後我們的銷售額顯著成長。

From a cadence perspective, our quarter played out with very strong results in January, aided by beneficial weather and additional government stimulus. February followed a similar trend, with some offsetting pressure from inclement weather in the middle of the month that significantly impacted many of our Southern U.S. markets that are not accustomed to this type of winter weather. This headwind temporarily cut into our professional business as customers held off on risking the roads to bring their vehicles in for service, but we still finished February above our expectations.

從整體節奏來看，1月我們取得了非常強勁的業績，這得益於有利的天氣和政府的額外刺激措施。 2月的趨勢與1月類似，但月中惡劣天氣對我們許多不習慣這種冬季天氣的美國南部市場造成了一定的影響。由於客戶不願冒險上路，因此這種不利因素暫時影響了我們的專業業務，但我們2月份的業績仍超出了預期。

March was easily our highest comp of the quarter against the soft prior year comparisons, driven by continued strong underlying trends, favorable timing of spring weather and the stimulus benefit. In total, our first quarter comparable store sales growth of 24.8% and our 2-year comparable store sales stack of 22.9% strongly exceeded our expectations.

3月份的同店銷售額輕鬆超越了去年同期疲軟的基數，這主要得益於持續強勁的基本面趨勢、春季宜人的天氣以及經濟刺激政策的利好。整體而言，我們第一季的同店銷售額成長了24.8%，兩年累計同店銷售額成長了22.9%，均遠超預期。

As you would expect, we are also pleased with the composition of our sales results in the first quarter as we saw strength in all areas of our business. Both our DIY and professional businesses contributed strongly to our sales results for the quarter, with our DIY business being the bigger contributor, similar to what we've experienced in recent quarters, driven by strong ticket comp -- ticket count comps as well as continued robust increases in average ticket comps.

正如您所預期的，我們對第一季的銷售業績組成感到滿意，因為我們所有業務領域都表現強勁。 DIY業務和專業服務業務都為本季度的銷售業績做出了顯著貢獻，其中DIY業務的貢獻更大，這與我們近幾個季度的情況類似，主要得益於強勁的同店銷售額增長——包括單筆訂單數量增長以及平均單筆訂單數量的持續穩健增長。

Additionally, our professional business also performed extremely well, with the brief inclement weather pressure in February I just discussed. On that side of the business, we also saw an acceleration in ticket count comps and strong growth in average ticket. Average ticket on both sides of our business was healthy despite a limited benefit of approximately 1.5% from same SKU inflation, indicated a continued ability and willingness of our customers to invest in their vehicles and work on larger projects.

此外，儘管二月曾受到我剛才提到的短暫惡劣天氣的影響，我們的專業業務也表現出色。在這項業務方面，我們也看到單筆交易數量成長加速，平均單價也強勁成長。儘管同品類價格上漲帶來的收益有限（約1.5%），但我們兩方面業務的平均單價依然保持健康水平，這表明我們的客戶仍然有能力且願意投資於他們的車輛並進行更大規模的改裝項目。

From a category standpoint, we continue to see broad-based, robust sales trends across categories, with strong performance in our DIY out-front categories and batteries. During the first quarter, we also benefited from strong demand in weather-related categories as well as under car hard part categories. The harsh winter weather this year and the associated wear and tear it inflicts on vehicles is a positive development after the last 2 mild winters in our industry and should support demand in under car categories as we move through the next 2 quarters.

從品類角度來看，我們持續看到各品類銷售呈現全面強勁的成長動能，其中DIY戶外用品和電池品類表現特別突出。第一季度，我們也受惠於與天氣相關的品類以及汽車底盤零件的強勁需求。今年嚴寒的冬季天氣及其對車輛造成的損耗，在經歷了過去兩個暖冬之後，對我們行業而言是一個積極的信號，預計這將支撐未來兩個季度汽車底盤零件的需求。

Now I'd like to discuss the update to our full year comparable store sales guidance and our outlook for the remainder of the year. As we announced in our earnings release yesterday, we are increasing our full year comparable store sales guidance to a range of 1% to 3% from our previous range of down 2% to flat. This increase in our expectations is based on the strength of our first quarter results and our continued robust performance quarter-to-date in April.

現在我想談談我們對全年同店銷售額預期的更新以及今年剩餘時間的展望。正如我們在昨天發布的財報中所宣布的，我們將全年同店銷售額預期從先前的下降2%至持平上調至成長1%至3%。此次預期上調是基於我們第一季強勁的業績以及4月份至今持續穩健的表現。

This is an exception to our normal practice, where we historically have not factored into our guidance revisions any business trends subsequent to the end of the quarter we are reporting because of the extreme volatility we can see over such a short time frame. However, the continued extremely strong sales momentum we saw at the end of March, aided by the latest round of stimulus, has continued into April, and we feel it appropriate to reflect this outperformance in our annual guidance update.

這與我們的慣例有所不同。以往，由於短期內市場波動劇烈，我們通常不會將報告季度結束後出現的任何業務趨勢納入業績指引調整。然而，在最新一輪刺激措施的推動下，3月底以來強勁的銷售勢頭延續到了4月份，我們認為有必要在年度業績指引更新中反映這一優異表現。

As we look forward to the rest of 2021, we remain confident in the positive underlying fundamentals of consumer demand in our industry. Even before we started to see the impact of the most recent rounds of stimulus at the end of the first quarter, we were capitalizing on strong demand from DIY consumers willing to take on larger jobs and invest in repairing and maintaining their vehicles. We've also been encouraged by the improving trends on the professional side of our business, even as we remain in an environment of decreased employment, increased work-from-home arrangements and lower miles driven in the U.S.

展望2021年剩餘時間，我們仍對產業內消費者需求的正面基本面充滿信心。甚至在第一季末最新一輪刺激措施生效之前，我們就已受益於DIY消費者強勁的需求，他們願意承擔更大的維修項目，並投資於車輛的維修和保養。此外，儘管美國就業人數減少、居家辦公模式普及以及汽車行駛里程下降，但我們專業業務的改善趨勢也令我們倍感鼓舞。

We can't be certain regarding the pace of improvements in these factors given the uncertain nature of how the economy will exit the pandemic, but we remain confident we will benefit as miles driven return to historical norms. However, we remain cautious in our outlook as we move forward through the rest of 2021 and still anticipate potentially significant quarter-to-date variability due to fading tailwinds from the government stimulus and the potential that some demand has been pulled forward as a result of the favorable weather backdrop and extremely soft -- strong demand in the first quarter.

鑑於疫情後經濟復甦的不確定性，我們無法確定這些因素改善的速度，但我們仍然相信，隨著行駛里程恢復到歷史正常水平，我們將從中受益。然而，展望2021年剩餘時間，我們仍保持謹慎態度，並預計由於政府刺激措施帶來的利好因素逐漸消退，以及部分需求可能因有利的天氣條件和第一季度極度疲軟至強勁的需求而被提前釋放，本季度迄今為止的數據可能會出現顯著波動。

As a reminder, we faced extremely difficult prior year comparisons in the -- for the remainder of the year, especially on the DIY side of the business, with the most significant pressure in that outlook expected for the second and third quarters. While it remains impossible to predict how the remainder of the year will play out for our industry or the broader economy, we know that a significant driver of our success is completely within our control, and we fully expect to continue to leverage the strength of our business model and industry-leading team to build out strong share gains in 2021.

需要提醒的是，由於去年同期業績較為強勁，我們面臨極為嚴峻的業績對比壓力。尤其是在DIY業務方面，預計第二季和第三季將面臨最大的壓力。儘管目前尚無法預測今年剩餘時間整個產業乃至整體經濟的走向，但我們深知，我們成功的關鍵驅動因素完全掌握在我們自己手中。我們完全有信心繼續發揮我們強大的商業模式和領先業界的團隊優勢，在2021年實現市場份額的顯著成長。

Moving on to gross margin. For the quarter, our gross margin of 53.1% was a 76 basis point increase from the first quarter 2020 gross margin. The improvement was above our expectations built into our guidance range and benefited from the outperformance of a higher-margin DIY business as well as good leverage of distribution costs on the strong sales volume. For the full year of 2021, we continue to expect our gross margin to be in the range of 52.2% to 52.7%. Our guidance continues to include a muted expectation for any gross margin benefit from inflation. To the extent that we see more inflationary pressures than expected, we anticipate pricing in our industry will remain rational.

接下來談談毛利率。本季度，我們的毛利率為53.1%，較2020年第一季成長76個基點。這一成長超乎我們預期，主要得益於高利潤率的DIY業務的優異表現，以及強勁的銷量有效抵消了分銷成本。我們預計2021年全年毛利率將在52.2%至52.7%之間。我們仍然預期通膨對毛利率的提振作用有限。即便通膨壓力超出預期，我們預期產業定價仍將保持理性。

For the first quarter, our earnings per share of $7.06 represents an increase of 78% over $3.97 in the first quarter of 2020 and a compounded 2-year growth rate of over 30% compared to the first quarter of 2019. And I want to again congratulate Team O'Reilly on this outstanding performance.

第一季度，我們的每股盈餘為7.06美元，較2020年第一季的3.97美元成長了78%，與2019年第一季相比，兩年複合成長率超過30%。我再次祝賀奧萊利團隊取得如此卓越的業績。

For 2021, we are raising our full year guidance to $24.75 to $24.95, an increase of $2.05 from our previous guidance, driven by the strong year-to-date sales results and the excellent operating profit flow-through, which Jeff will discuss in more detail in a moment. The midpoint of our revised guidance now represents an increase of 6% versus 2020 and a 2-year compounded annual growth rate of 18% compared to 2019. Our EPS guidance includes the impact of shares repurchased through this call but does not include any additional share repurchases.

2021年全年，我們調高每股收益預期至24.75美元至24.95美元，較先前預期調高2.05美元。這一上調主要得益於強勁的年初至今銷售業績和出色的營業利潤率，傑夫稍後將對此進行更詳細的闡述。修訂後的預期中位數較2020年成長6%，較2019年達到18%的兩年複合年增長率。我們的每股盈餘預期已包含本次電話會議期間回購的股份，但不包括任何額外的股份回購。

Before I turn the call over to Jeff, I want to spend a few minutes discussing our inventory position and the status of our supply chain. The strength of our supply chain, including our strong relationships with our supplier base, and the historical investments we've made to build out our industry-leading distribution network and inventory availability has long been a strategic competitive strength for our company. This competitive advantage has really shined through the past year and been a key factor in our strong sales performance, but our supply chain has definitely been pressured as we've experienced elevated sales volumes.

在將電話轉給傑夫之前，我想花幾分鐘時間談談我們的庫存狀況和供應鏈情況。我們強大的供應鏈，包括與供應商建立的牢固關係，以及我們過去為建立行業領先的分銷網絡和庫存可用性所做的投資，長期以來一直是公司的戰略競爭優勢。這項競爭優勢在過去一年尤為突出，是我們強勁銷售業績的關鍵因素，但隨著銷售量的激增，我們的供應鏈也確實面臨壓力。

We've been pleased with the strong performance of the majority of our supplier base and, overall, our supply chain has held up very well. But we do have room for improvement with a small number of suppliers who have underperformed due to pandemic impacts, raw material shortages or shipping delays.

我們對大多數供應商的出色表現感到滿意，總體而言，我們的供應鏈運作良好。但由於疫情影響、原料短缺或運輸延誤等原因，少數供應商的表現不盡人意，我們仍有提升空間。

We have also faced pressures in our distribution centers as our dedicated DC teams have been processing record levels of inbound and outbound shipments. Just like in our stores, our DC teams have been working extremely hard to take care of our customers and support the extremely strong sales, even as the current levels of volume have created stress on normal operating capacity of our facilities. We remain very committed to maintaining and growing our competitive advantage and inventory availability and view the current pressures we're facing in the short term.

我們的配送中心也面臨壓力，我們專業的配送中心團隊一直在處理創紀錄的入庫和出庫貨物。與門市一樣，我們的配送中心團隊也一直在竭盡全力服務客戶，支持強勁的銷售成長，儘管目前的貨量已經給設施的正常營運能力帶來了壓力。我們將繼續致力於保持和提升我們的競爭優勢和庫存供應，並認為我們目前面臨的壓力是短期內可以克服的。

To finish my comments, I want to again express my gratitude to our team for their continued selfless dedication to our company and to our customers. Our first quarter performance was truly incredible and is a testament to the hard work and commitment of our team. I'll now turn the call over to Jeff Shaw. Jeff?

最後，我要再次感謝我們的團隊，感謝他們一直以來對公司和客戶的無私奉獻。我們第一季的業績確實令人矚目，這充分證明了我們團隊的辛勤付出和敬業精神。現在，我將把電話交給傑夫·肖。傑夫？

Thanks, Greg, and good morning, everyone. I want to start today by echoing Greg's comments and thanking Team O'Reilly for the remarkable results in the first quarter. Our team has certainly proved over the course of time that they are steadfastly committed to our customers and able to overcome whatever challenges they encounter in running our business. That dedication has certainly been on display in the past year as our team has responded selflessly to the extreme demands and safety protocols during the pandemic.

謝謝格雷格，大家早安。今天首先，我想重申格雷格的觀點，並感謝奧萊利團隊在第一季取得的卓越成績。我們的團隊已經充分證明，他們始終堅定地致力於服務客戶，並能夠克服在業務運營中遇到的任何挑戰。在過去一年裡，這種奉獻精神得到了充分的展現，我們的團隊在疫情期間無私地應對了各種極端要求和安全措施。

Our results in the first quarter are just another indication of the degree to which our customers rely on us for excellent customer service, industry-leading parts availability and a seasoned, dedicated, knowledgeable team of professional parts people. Our first quarter of 2021 was truly a record-setting performance. But even as strong as our results were, I think it's actually impossible to fully appreciate the level of hard work and long hours required for our team to produce these results.

第一季的業績再次印證了客戶對我們卓越客戶服務、業界領先的零件供應以及經驗豐富、敬業且知識淵博的專業零件團隊的信賴程度。 2021年第一季度，我們的業績確實創下了歷史新高。然而，即便業績如此強勁，我認為人們仍然難以完全體會到我們的團隊為取得這些成績所付出的辛勤努力和長時間工作。

Our team's response to the extreme weather conditions they faced in the middle of the quarter is just another picture of their relentless commitment to going to the extra mile for their customers. Many of our markets faced severe impacts from the extreme weather conditions, but our store teams went above and beyond to keep our stores open. And our distribution teams match that effort by ensuring access to the parts our stores needed, enabling us to meet the critical needs of our customers. Challenges in our stores, such as treacherous road conditions, pause of electricity and broken water pipes are nothing new for our team, who has proven their resilience in response to countless challenges over the years, whether it be severe winter weather, natural disasters or a global pandemic.

我們的團隊在本季中期遭遇極端天氣，他們的應對措施再次展現了他們始終如一、竭盡全力為客戶服務的決心。許多市場都受到了極端天氣的嚴重影響，但我們的門市團隊竭盡全力確保門市正常營業。我們的配送團隊也同樣努力，確保門市所需零件的供應，從而滿足客戶的關鍵需求。對我們的團隊而言，門市面臨的挑戰，例如路況惡劣、停電和水管破裂等，早已司空見慣。多年來，無論是嚴寒的冬季天氣、自然災害或全球疫情，他們都展現了強大的韌性，並應對了無數挑戰。

Now I'd like to spend some time reviewing the extremely strong operating profit performance and SG&A leverage in the first quarter and our updated outlook for 2021. For the first quarter, we generated an astounding increase in operating margin of 526 basis points and operating profit dollar growth of 63%. As we've discussed since the second quarter of last year, the surge in sales in a short time frame has generated historically high levels of profitability, and those sales gains have continued to outpace our rate of SG&A growth even as we redeployed more SG&A dollars back into our stores to adjust to the sales environment.

現在我想花點時間回顧第一季極為強勁的營業利潤表現和銷售、管理及行政費用（SG&A）槓桿率，以及我們更新後的2021年展望。第一季度，我們的營業利潤率實現了驚人的526個基點成長，營業利潤額成長了63%。正如我們自去年第二季度以來一直討論的那樣，短期內銷售額的激增帶來了歷史性的高盈利水平，即使我們將更多SG&A資金重新投入到門店以適應銷售環境，這些銷售增長仍然持續超過SG&A的增長速度。

Our first quarter of 2021 was an almost perfect case of this trend. The quarter saw us increase SG&A per store by 7%, which is well above our historical trends and yet far short of the 24.8% comparable store sales increase that we generated, resulting in an incredible improvement in SG&A leverage of 450 basis points.

2021年第一季幾乎完美地印證了這一趨勢。該季度我們每家店的銷售、管理及行政費用增長了7%，遠高於歷史平均水平，但遠低於我們實現的24.8%的同店銷售額增幅，最終使銷售、管理及行政費用槓桿率顯著降低了450個基點。

The SG&A per store growth, which is adjusted for Leap Day in 2020, was driven by additional store payroll hours and associated benefits and other variable operating expenses to meet the strong sales demand as well as higher-than-normal incentive compensation at all levels of the company. As we've said for the last few quarters now, we know this level of SG&A expense leverage isn't the right long-term answer for our business, and we continue to plan to actively manage our cost structure to provide excellent customer service to match the sales environment and ensure that we're allocating sufficient resources through the image appearance of our stores as well as the training and development of our team members.

經2020年閏日調整後，單店銷售、管理及行政費用（SG&A）的成長主要受以下因素驅動：為滿足強勁的銷售需求，增加了門市員工工時及相關福利和其他可變營運費用；以及公司各級員工高於往常的激勵性薪酬。正如我們過去幾季所強調的，我們深知這種程度的SG&A費用槓桿並非我們業務的長期發展之道。我們將持續積極優化成本結構，以提供與銷售環境相符的卓越客戶服務，並透過提升門市形像以及加強團隊成員的培訓和發展，確保投入充足的資源。

We now estimate that our full year increase in SG&A per store will be approximately 3.5%. This target is up from our original expectation based on our results so far in 2021 and matches the revised comp guidance range that Greg walked through earlier. Based on strong leverage on the robust sales through the date of this call, we now expect operating profit to range between 19.9% to 20.4%, an increase of 90 basis points from our previous guidance.

我們現在預計全年單店銷售、管理及行政費用 (SG&A) 將成長約 3.5%。這一目標高於我們基於 2021 年迄今業績的最初預期，也與 Greg 先前闡述的修訂後的同店銷售指引範圍相符。鑑於截至本次電話會議日期的強勁銷售勢頭，我們現在預計營業利潤率將在 19.9% 至 20.4% 之間，較先前的指引提高 90 個基點。

On the expansion front, I'm extremely pleased to announce that this month, we successfully opened our newest DC in Horn Lake, Mississippi, which is just south of Memphis. This new facility took well over a year to plan, design and build, made even more challenging by external delays caused by the onset of the pandemic. But our teams were able to stock the DC with an industry-leading inventory set. And day 1, we began shipping larger-than-expected orders to support strong sales growth in our stores in the Memphis and surrounding markets.

在業務拓展方面，我非常高興地宣布，本月我們在密西西比州霍恩湖（位於孟菲斯南部）成功啟用了最新的配送中心。這座新設施的規劃、設計和建設歷時一年多，疫情爆發導致的外部延誤更是雪上加霜。但我們的團隊最終成功地為配送中心配備了業界領先的庫存。開業首日，我們便開始出貨，訂單量遠超預期，以支持我們在孟菲斯及週邊市場門市的強勁銷售成長。

Over the next several weeks, we will fully ramp up this 580,000-square foot facility to support over 220 stores, with additional capacity for store growth in the middle of the country. Our DC teams remain committed to enhancing our top-notch inventory availability, and we'll continue to develop our distribution network to support strong growth and set the bar for inventory availability in the industry.

未來幾週，我們將全面啟用這座佔地 58 萬平方英尺的倉庫，以支援超過 220 家門市的運營，並預留額外產能，以應對中部地區門市的成長。我們的配送中心團隊將繼續致力於提升庫存可用性，我們將繼續完善分銷網絡，以支持強勁增長，並樹立行業庫存可用性的標竿。

Finally, before turning the call over to Tom, I'd like to provide a brief update on our store expansion during the quarter. In the first quarter, we opened 66 net new stores spread across 30 states. This progress is in line with our plan for total new store openings of 165 to 175 net new stores for 2021. And we continue to be pleased with our team's ability to successfully open great new store locations, but could still see some delays in design and permitting approvals dependent on local market conditions and municipal agencies.

最後，在將電話交給湯姆之前，我想簡要地報告本季的門市擴張情況。第一季度，我們在30個州淨增了66家門市。這項進展符合我們2021年淨增加165至175家門市的計畫。我們對團隊成功開設優質新店的能力感到滿意，但根據當地市場情況和市政機構的審批流程，設計和許可審批方面仍可能出現一些延誤。

To conclude my comments, I want to once again thank Team O'Reilly for their outstanding performance in the first quarter. Now I'll turn the call over to Tom.

最後，我要再次感謝奧萊利隊在第一節的出色表現。現在我把解說交給湯姆。

Thanks, Jeff. I'd also like to thank all of Team O'Reilly for their continued commitment to our customers, which drove our tremendous first quarter performance.

謝謝傑夫。我也要感謝奧萊利團隊的所有成員，感謝他們對客戶的持續投入，而正是這種投入推動了我們第一季的出色表現。

Now we'll take a closer look at our quarterly results and additional updates to our guidance for 2021. For the quarter, sales increased $614 million, comprised of a $589 million increase in comp store sales, a $53 million increase in noncomp store sales, a $10 million increase in noncomp nonstore sales, a $35 million decrease from Leap Day 2020 and a $3 million decrease from permanently closed stores. For 2021, we now expect our total revenues to be between $11.8 billion and $12.1 billion.

現在我們將更詳細地分析季度業績，並對2021年的業績預期進行更新。本季，銷售額成長6.14億美元，其中同店銷售額成長5.89億美元，非同店銷售額成長5,300萬美元，非同店非門市銷售額成長1,000萬美元，因2020年閏日造成的銷售額減少3,500萬美元，以及因永久關閉門市造成的銷售額減少3,00萬美元。我們預計2021年全年總收入將在118億美元至121億美元之間。

Greg previously covered our gross margin performance for the first quarter, but I want to provide details on our positive LIFO impact, which was $9 million in the first quarter, in line with our expectations and the prior year. As we discussed when we set our full year gross margin guidance, we are anticipating a larger positive impact from LIFO in the first half of 2021, which will partially offset pressure to our POS margins from the tariff exclusions that have expired.

Greg 之前已經介紹了我們第一季的毛利率表現，但我想詳細說明我們採用後進先出法（LIFO）的正面影響。第一季度，LIFO 帶來的 900 萬美元收益符合我們的預期，也與去年同期持平。正如我們在製定全年毛利率預期時所討論的，我們預計 2021 年上半年 LIFO 將帶來更大的正面影響，這將部分抵消關稅豁免到期後對 POS 利潤率造成的壓力。

Our first quarter effective tax rate was 23.5% of pretax income, comprised of a base rate of 24.4% and reduced by a 0.9% benefit for share-based compensation. This compares to the first quarter of 2020 rate of 20.9% of pretax income, which was comprised of a base tax rate of 21.8%, reduced by a 0.9% benefit for share-based compensation. The first quarter of 2021 base rate was in line with our expectations. The lower 2020 tax rate was the result of the timing of renewable energy tax credits realized in the first quarter of last year. For 2021, we expect to realize benefits from renewable energy tax credits in the fourth quarter.

我們第一季的實際稅率為稅前利潤的23.5%，其中基本稅率為24.4%，並扣除了0.9%的股權激勵收益。相較之下，2020年第一季的實際稅率為稅前利潤的20.9%，其中基本稅率為21.8%，並扣除了0.9%的股權激勵收益。 2021年第一季的基本稅率符合我們的預期。 2020年較低的稅率是由於再生能源稅收抵免政策在去年第一季生效所致。對於2021年，我們預計將在第四季度獲得再生能源稅收抵免政策的收益。

For the full year of 2021, we continue to expect an effective tax rate of 23%, comprised of a base rate of 23.4%, reduced by a benefit of 0.4% for share-based compensation. These expectations assume no significant changes to existing tax codes. Also, variations in the tax benefit for share-based compensation can create fluctuations in our quarterly tax rates.

我們預計2021年全年實際稅率仍為23%，其中基本稅率為23.4%，並扣除0.4%的股權激勵稅優惠。這些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實際稅率的波動。

Now I'll move on to free cash flow and the components that drove our results and our revised expectations for 2021. Free cash flow for the first quarter of 2021 was $790 million versus $227 million in the first quarter of 2020, with the significant increase driven by increased operating income, decreased net inventory, an increase in accounts -- excuse me, an increase in income tax payable and the comparisons to the 2020 investments and renewable energy projects as a result of the timing of these projects and associated cash tax benefits last year.

現在我將談談自由現金流以及推動我們業績和2021年修訂預期的組成部分。 2021年第一季的自由現金流為7.9億美元，而2020年第一季為2.27億美元，這一顯著增長主要得益於營業收入增加、淨庫存減少、應收賬款增加——抱歉，是應交所得稅增加，以及與2020年投資和可再生能源項目相比，由於這些稅收項目的實施時間和去年的現金相關資金。

For 2021, we now expect free cash flow to be in the range of $1.1 billion to $1.4 billion versus our previous guidance of $1 billion to $1.3 billion based on our strong first quarter operating profit and cash flow performance, offset by our expectation that some of the benefit we saw in the first quarter for the reduction in net inventory and taxes payable will reverse as we move through the year.

鑑於我們第一季強勁的營業利潤和現金流表現，我們現在預計 2021 年自由現金流將在 11 億美元至 14 億美元之間，而我們先前的預期為 10 億美元至 13 億美元。但我們預計，第一季淨庫存和應付稅款減少帶來的部分收益將在年底逐漸消失。

Inventory per store at the end of the quarter was $637,000, which was down 2% from the beginning of the year and down 0.8% from this time last year, driven by the extremely strong sales volumes, particularly at the end of the quarter. As we discussed on last quarter's call, when we outlined our full year expectations for inventory per store, our plan for 2021 to carry over from 2020 is 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. And we still expect to complete this plan and grow inventory at approximately 4% per store in 2021. However, the timing of these incremental inventory additions will be impacted by the more immediate need of supporting the replenishment needs of our stores. And we could see some further delays to these initiatives if sales trends remain at historic highs.

本季末，單店庫存為 63.7 萬美元，較年初下降 2%，較去年同期下降 0.8%，主要受強勁的銷售量推動，尤其是在季度末。正如我們在上季度電話會議上概述的全年單店庫存預期，我們 2021 年的計劃（延續自 2020 年）是在門店和配送中心網絡中額外增加略高於 1 億美元的庫存，這還不包括我們正常的新店和常規產品新增庫存。我們仍然預計能夠完成該計劃，並在 2021 年實現單店庫存增長約 4%。然而，這些新增庫存的實施時間將受到門市補貨需求的迫切影響。如果銷售趨勢持續處於歷史高位，這些計劃可能會進一步延遲。

Our AP-to-inventory ratio at the end of the first quarter was 119%, which was an all-time high for our company and heavily influenced by the extremely strong sales volumes and inventory turns over the last year. We anticipate that our AP-to-inventory ratio will gradually moderate from this historic high as we complete our additional inventory investments and when our sales growth moderates. Our current expectation is to finish 2021 at a ratio of approximately 109%.

第一季末，我們的應付帳款與庫存比率高達119%，創歷史新高，這主要受過去一年強勁的銷售量和庫存週轉率的影響。我們預計，隨著額外庫存投資的完成以及銷售成長放緩，應付帳款與庫存比率將從這段歷史高點逐步回落。我們目前的預期是，2021年底該比率將約為109%。

Capital expenditures for the first quarter were $95 million, which was down $38 million from the same period of 2020, driven by the timing of expenditures for new stores and DC development activity. We continue to forecast CapEx to come in between $550 million and $650 million for the full year.

第一季資本支出為9,500萬美元，較2020年同期減少3,800萬美元，主要原因是新店開幕和配送中心開發活動的支出時間安排。我們仍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-EBITDA ratio of 1.88x as compared to the end of 2020 ratio of 2.03x, with the reduction driven by the significant growth in first quarter EBITDAR. 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，我們調整後的負債與EBITDA比率為1.88倍，而2020年底為2.03倍，此降幅主要得益於第一季EBITDAR的顯著成長。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接近這個目標。

We continue to execute our share repurchase program. And during the first quarter, we repurchased 1.5 million shares at an average price per share of $450.65 for a total investment of $665 million. 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 our shareholders.

我們繼續執行股票回購計畫。第一季度，我們以每股平均450.65美元的價格回購了150萬股股票，總投資額達6.65億美元。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，我們繼續將股票回購計畫視為向股東返還剩餘資本的有效途徑。

Before I open up the call to answer your questions, I'd like to again thank the O'Reilly team for all their contributions to our company's outstanding results. This concludes our prepared comments. And at this time, I'd like to ask Jack, the operator to turn to your line, and we'll be happy to answer your questions.

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為我們公司取得的卓越表現所做的貢獻。以上就是我們事先準備好的發言。現在，請接線生傑克接通您的線路，我們將很樂意回答各位的問題。

(Operator Instructions) Greg Melich with Evercore ISI, your line is open.

（操作員說明）Evercore ISI 的 Greg Melich，您的線路已開通。

Tremendous quarter. I guess I'd love to follow up on the trends between the DIY and the do-it-for-me side of the business. You said that both were strong. I'm just wondering if the gap between them is gone except for that February period when you said weather really impacted the commercial side.

這個季度業績非常出色。我想進一步了解DIY和代客服務業務的發展趨勢。您提到這兩個領域都表現強勁。我只是想知道，除了您提到的二月天氣對商業方面造成較大影響之外，這兩個領域之間的差距是否已經消失。

Yes. Greg, this is Greg. So we were very pleased with both sides of the business. We're very pleased with the positive results we had, both in traffic and ticket average on both sides of the business.

是的，我是格雷格。我們對業務的兩方面都非常滿意。無論是在客流量或罰單平均數方面，我們都取得了正面的成果，對此我們非常滿意。

Similar to what we saw last year when government stimulus was introduced, the DIY side of our business typically benefits more quickly and more favorably than the DIFM side. With the benefit that we saw in March and, to a lesser degree, I guess, in January, that really impacted the DIY side of the business and broadened that spread over what we saw in the past couple of quarters, more similar to what we saw when the last incentive was in place, I guess, was the second or third quarter last year.

與去年政府刺激政策出台時的情況類似，我們業務中的DIY部分通常比DIFM部分更快、更有效地受益。 3月的政策以及1月（程度稍輕）的政策確實對DIY部分業務產生了顯著影響，並擴大了過去幾季受益範圍，這與去年第二或第三季政府推出刺激政策時的情況更為相似。

Got it. So both strong, but there's still DIY, as long as that stimulus is there, that the gap really isn't narrowing, right?

明白了。所以兩者都很強，但只要這種刺激因素存在，DIY 仍然存在，差距就不會真正縮小，對吧？

Right.

正確的。

Got it. And then I guess the follow-up would be on Mayasa. I'm just curious how the business there has gone, both from an integration standpoint and just actual demand.

明白了。接下來我想應該會談到Mayasa。我很好奇那裡的業務發展情況，包括整合情況和實際需求。

Jeff, do you want to take that one?

傑夫，你想接那個任務嗎？

Yes. Greg, obviously, the pandemic really impacted our ability to get down and work with the team last year. I mean we basically had to handle everything we've done via Zoom calls.

是的。格雷格，很顯然，疫情確實嚴重影響了我們去年與團隊面對面交流和合作的能力。我的意思是，我們基本上只能透過Zoom視訊會議來完成所有工作。

But integration is going well. The team performed strong. They had a really good year last year. They were impacted by the pandemic in Mexico, somewhat like we were. Probably not as drastically and it was a little bit later, but business picked back up strong, and they finished the year strong. And everything is going good.

但整合進展順利。團隊表現出色。他們去年業績斐然。他們也受到了墨西哥疫情的影響，和我們有些類似。或許影響沒有我們那麼嚴重，而且來得也晚一些，但業務很快就強勁復甦，最終以優異的成績結束了去年。一切都在朝著好的方向發展。

Hopefully, as the pandemic eases we can get back down there and work with the team and continue the integration. But we're really excited about Mexico and the team and what they've accomplished.

希望隨著疫情緩解，我們能盡快回到那裡，與團隊一起工作，繼續推動整合工作。我們對墨西哥隊、墨西哥隊以及他們所取得的成就都感到非常興奮。

Bret Jordan with Jefferies, your line is open.

傑富瑞的布雷特·喬丹，您的線路已開通。

Could you talk a little bit about the contribution of share gains to your results and maybe the -- sort of the magnitude of share gains in the DIFM versus the DIY business?

您能否談談市佔率成長對公司績效的貢獻，以及DIFM業務與DIY業務的市佔率成長幅度？

Yes. It's a great question, and I wish I had a great answer for it. It's -- we know that the share gains are a contributor for the quarter. But we also know that stimulus is a contributor for the quarter, and weather is a contributor for the quarter. So it's hard to differentiate how much of the benefit in the quarter was from share gain.

是的，這是一個很好的問題，可惜我沒辦法給出完美的答案。我們知道股價上漲對本季業績有所貢獻，但我們也知道經濟刺激措施和天氣因素也對本季業績有所貢獻。因此，很難區分本季業績中究竟有多少是股價上漲帶來的。

And I'll tell you, if you talk to our stores up and down the streets, they'll tell you that we are, without a doubt, taking share. They're seeing repeat customers. We're focused on making sure we're providing a high level of service to all those customers. And we still feel like we're hanging on to some of that share gain, both from big box and from some of the smaller 2-steppers. I just don't really have a good way to quantify how much of the sales improvement was from -- specifically from share gain.

我可以告訴你，如果你去我們街上的門市問，他們會告訴你，毫無疑問，我們的市佔率正在成長。他們看到回頭客越來越多。我們專注於確保為所有顧客提供高水準的服務。我們仍然感覺我們保住了一部分市場份額，既包括來自大型連鎖超市的，也包括一些小型連鎖店的。只是我目前還沒有一個好的方法來量化銷售額的成長究竟有多少是來自於市佔率的成長。

Okay. And then maybe just give us a little color on the regional spread and performance. And maybe what were the standout regions and maybe the gap between the weakest and the strongest areas?

好的。那麼能否再簡單介紹一下各地區的分佈與表現？哪些地區表現突出？最弱地區和最強地區之間的差距又是多少？

Sure. Jeff, do you want that one?

當然。傑夫，你想要那個嗎？

Yes. With over 5,600 stores out there all across the country, there's always going to be markets that we just know that we can do better in. And that's what our sales and ops team are out there focused on every day. But honestly, we're pretty pleased with our performance across all our markets in the first quarter, really exceeding our expectations on both sides of the business since May of last year. And that trend really continued into the first quarter of 2021 as well.

是的。我們在全國各地擁有超過5600家門市，總是會有一些市場我們知道自己可以做得更好。而這正是我們的銷售和營運團隊每天努力的方向。但說實話，我們對第一季所有市場的表現都非常滿意，自去年5月以來，業務的方方面面都超出了預期。而且，這趨勢在2021年第一季也得以延續。

Now our newer markets in the Northeast and the Southeast continue to ramp up strongly, just as you expect they would, based on the maturity of that group of stores. But as Greg mentioned in his prepared comments there, February was a little softer for us, especially in our Southern markets. And that was really due to the -- just the severe winter weather they experienced that they're just not accustomed to.

正如您所預期的，基於這些門市的成熟度，我們在東北部和東南部的新興市場正持續強勁成長。但正如格雷格在事先準備好的發言稿中提到的，二月我們的業績略顯疲軟，尤其是在南部市場。這主要是由於當地遭遇了他們不習慣的嚴寒冬季天氣。

But we always do everything in our power to make sure that we're there for our customers when these type of weather events occur. Whether it's extreme weather -- winter weather like we just experienced or a flood or wildfires out West or hurricane, we always do our best to be the local store, the last store to close and the first store to open during these catastrophic events.

但我們始終竭盡全力，確保在發生此類極端天氣事件時，我們能夠為顧客提供服務。無論是極端天氣——例如我們剛剛經歷的嚴寒天氣，還是西部地區的洪水、野火或颶風，我們始終盡力成為當地居民最信賴的商店，在這些災難性事件發生期間，我們始終是最後關門、最先開門營業的商店。

We just know how important it is to be there for our customers that are living through these type of disasters and need parts. And this commitment is top-notch customer service, just really, it occurs at store level, one customer and one store at a time. And I just can't say enough about how proud we are of our store and DC teams as well as our support teams there in the offices.

我們深知，對於正在經歷此類災難並需要零件的客戶來說，及時提供幫助至關重要。這種承諾體現在我們一流的客戶服務中，而這種服務真正落實到門市層面，一次服務一位客戶，一次服務一家門市。我為我們的門市和配送中心團隊以及辦公室的支援團隊感到無比自豪。

Chris Horvers with JPMorgan, your line is open.

摩根大通的克里斯霍弗斯，您的線路已接通。

So I want to follow up on the April commentary. Obviously, it's -- last year, April was a bit of tale of 2 halves. You have the, sort of, impact of shelter in place and the drop in miles driven early. But you talked about -- and your peers have talked about a big pickup when stimulus hit, sort of, mid- to late month in April last year. But you also raised -- so I know we're parsing out a shorter period of time. But can you talk about what you've seen as you've lapsed stimulus last year in the business, whether it's on a 1- or 2-year basis or DIY versus do-it-for-me?

所以我想就四月份的評論做個後續探討。顯然，去年四月的情況可謂冰火兩重天。一方面，居家隔離政策的影響導致早期行駛里程大幅下降。但您和您的同行都提到，去年四月中下旬刺激措施出台後，市場出現了大幅回升。不過您也提到—我知道我們現在討論的是較短的時間段。您能否談談去年刺激措施到期後，您在業務方面觀察到的情況，無論是一年期還是兩年期的刺激措施，以及企業自行實施還是委託他人實施的情況？

Chris, this is Tom. So it's unusual for us to include the quarter that we're in and provide updates to our guidance and include that. So when the stimulus hit this year, business accelerated beyond our expectations. And as Greg talked about, especially on the DIY side of the business -- so we've included that in our guide and talked about it being strong because of that driver.

克里斯，我是湯姆。我們通常不會把當季也納入業績指引的更新範圍。但今年刺激政策出台後，業務成長速度超出了我們的預期。正如格雷格所說，尤其是在DIY業務方面——所以我們在業績指引中也提到了這一點，並指出正是由於這一驅動因素，該業務才會表現強勁。

To parse out the individual weeks is something that we're not going to do. But I would tell you that throughout April, we've been very pleased with our performance, and it's been above expectation.

我們不打算逐週分析。但我可以告訴大家，整個四月份，我們對自己的表現非常滿意，而且超出了預期。

Got it. And then on the gross margin, I see the -- relative to 4Q, I see the LIFO delta versus 4Q. And I know that mix was probably an easier mix comparison on the DIY front last year in the first quarter.

明白了。然後關於毛利率，我看到了相對於第四季的差額，也就是後進先出法（LIFO）與第四季的差額。我知道去年第一季DIY業務的成分組合可能更容易進行比較。

The other piece seems to be the supply chain. It seems like you got a lot more leverage this quarter relative to the fourth quarter. So trying to parse out what changed there. Was there some higher incentives perhaps you paid to supply chain workers in the fourth quarter? Or what was the change? And any thoughts on where you might end up in the range for the year would be helpful.

另一個關鍵因素似乎是供應鏈。與第四季度相比，您本季似乎獲得了更大的議價能力。因此，我想分析一下這方面發生了哪些變化。您是否在第四季向供應鏈工人支付了更高的激勵？或者還有其他什麼變化？如果您能預測您今年的最終表現將處於哪個區間，那就太好了。

Chris, as you know, we don't talk about our actual distribution costs as a percent of sales. Our comments are in relation to the first quarter of last year, though significant leverage this year helped our gross margin improvement. In relation to the fourth quarter, we continue to work hard to push a lot of volume through our boxes more than was really ever designed. So our teams, as Greg said, have done an outstanding job of making that happen.

克里斯，正如你所知，我們不討論實際分銷成本佔銷售額的百分比。我們的評論是針對去年第一季的，儘管今年顯著的槓桿作用確實提升了我們的毛利率。至於第四季度，我們繼續努力提高銷量，遠超以往的設計。正如格雷格所說，我們的團隊在這方面做得非常出色。

But whenever we see these high volumes, we're going to have more leverage than we normally would, offset by inefficiencies just created by how, [gosh, stern] high, the volume that are going through the DCs is.

但是，每當我們看到如此高的交易量時，我們將比平常擁有更大的槓桿作用，但同時也會被因資料中心交易量如此之大而造成的效率低下所抵消。

Right. So is the -- a 25 versus the 11 is the essential big difference?

沒錯。那麼，25 和 11 之間的本質差異就是這個嗎？

Our comments are versus last year's negative 1, the 2.

我們的評論與去年的負面評價1相比，是2。

Scot Ciccarelli with RBC Capital Markets, your line is open.

加拿大皇家銀行資本市場的 Scot Ciccarelli，您的線路已開通。

Scot Ciccarelli. So on your updated outlook, and Tom, you obviously just kind of referenced what you're experiencing so far in April, is there any change to your prior back half expectations? Or is the increase in guidance really just reflective of the 1Q upside and some increase in 2Q due to the April start?

斯科特·西卡雷利：關於您更新後的展望，湯姆，您剛才顯然提到了四月份至今的情況，您之前對下半年的預期是否有任何變化？或者說，這次上調業績指引僅反映了第一季的成長以及由於四月份開局而導致的第二季業績有所提升？

Yes. Scot, this is Greg. It's the latter. Early in the year on our fourth quarter call, we talked about the uncertainty and all the unknowns that we would face in 2021, including government subsidies and weather and miles driven and vaccine availability and all those things. So our updated guide is based solely on performance to date through this point in April. We've made the same assumptions that we made first part of the year on the back half of the year. And there's just so many unknowns that we didn't make any adjustments for the back half.

是的，史考特，我是格雷格。是後者。在年初的第四季財報電話會議上，我們討論了2021年將面臨的不確定性和所有未知因素，包括政府補貼、天氣、行駛里程、疫苗供應等等。因此，我們更新後的業績指引完全基於截至4月份的業績表現。我們在下半年的預測中沿用了上半年的假設。由於有太多未知因素，我們沒有對下半年的預測進行任何調整。

Perfect. And then, Greg, if I could follow up on one of your other comments regarding the acceleration you saw in the back half of March. Obviously, you had the stimulus benefit this year, but it also coincided with the big drop in sales last year. If you were to look at, let's call it, a 2-year stack, would the back half of March still be a significant outlier on the upside? Or would it start to look a little bit more like the rest of the quarter?

好的。格雷格，我想就你之前提到的三月下旬的成長加速現象再問一個問題。顯然，今年你們受惠於刺激政策，但同時也恰逢去年銷售大幅下滑。如果從兩年的數據來看，三月下旬的成長是否仍會是一個顯著的異常值？還是會逐漸趨於與本季其他時間的成長趨勢相符？

Scot, this is Tom. I'll answer that question. So our discussion of performance was versus our expectations. Obviously, our expectations for the end of March were raised comp because of the soft performance last year. Same thing for the beginning of April. So versus our expectations, we have a higher level of expectation. We outperformed that as we've outperformed our expectations all quarter long through the date of this call.

史考特，我是湯姆，我來回答這個問題。我們剛才討論的業績是與預期相比的情況。顯然，由於去年業績疲軟，我們提高了對三月底的預期。四月初的情況也一樣。所以，與預期相比，我們的預期水準更高。而我們最終的業績超出了預期，事實上，截至本次電話會議召開之日，我們整個季度都超出了預期。

Okay. But no commentary on in terms of what that actual line might look like, Tom? The 2 year?

好的。但是湯姆，你對那條線實際上會是什麼樣子沒有任何評論嗎？第二年？

Correct.

正確的。

Brian Nagel with Oppenheimer, your line is open.

Brian Nagel，您是 Oppenheimer 公司的，您的線路已接通。

Great quarter. Congratulations. So my first one, I apologize, I know a number of questions are focused on stimulus, but I'd want to dive a little deeper into this as well. So clearly, you've called out the stimulus as a benefit to your sales here lately. So I guess my questions are one, I mean, realizing we've had -- there's been a number of stimulus events, so to say, through the pandemic, how do you -- how would you think about the kind of sustainability of that?

非常棒的季度，恭喜！我的第一個問題，先道個歉，我知道很多問題都集中在經濟刺激政策上，但我也想更深入地探討一下。顯然，您最近提到經濟刺激政策對銷售有利。所以我想問的是，考慮到疫情期間推出了一系列刺激政策，您如何看待這些政策的可持續性？

And then the demand that it's driving, I know this is difficult to answer. But is it more incremental in nature? Or is there a pull forward aspect to it?

至於它所帶來的需求，我知道這個問題很難回答。但這種需求是漸進式的嗎？還是具有一定的拉動效應？

Great questions and a lot of unknowns around those questions, Brian. We did benefit in March and into April. We feel like a significant part of that, that was from stimulus. Unfortunately, we don't know how long that trend will continue. Historically, that's not lasted much beyond a quarter or a few weeks into the following quarter. It has carried on over into April this time, but we just don't know how long that trend will last nor do we know if there'll be additional government stimulus. It seems less likely that there'll be future stimulus this time. But we just really don't know what that will be.

布萊恩，你問的都是很好的問題，但這些問題也存在著許多未知數。我們在三月和四月確實受益，我們認為這很大程度上要歸功於政府的刺激政策。不幸的是，我們不知道這種趨勢會持續多久。從歷史經驗來看，這種趨勢通常不會持續超過一個季度，或持續到下一個季度的幾週。這次的刺激政策延續到了四月，但我們不知道這種趨勢會持續多久，也不知道政府是否會推出額外的刺激措施。這次似乎不太可能再有新的刺激措施了，但我們真的不知道具體會是什麼。

Tom, do you want to take the second half?

湯姆，你想接下半場嗎？

Yes. So in our prepared comments, we did discuss that our -- one of the items that we're thinking about through the remainder of the quarter is when -- was there some pull forward in this big rush of business at the end of March through April. For those of you who followed our industry for a while, you know that there can be some movement between the first and second quarter based on the timing of spring when customers get out and do their spring cleanup. Within this acceleration of business, we're assuming that some of that was pull-forward, and that's inherent within our guidance for the year.

是的。我們在事先準備好的評論中確實討論過，我們本季剩餘時間一直在思考的一個問題是，3月底到4月這波業務高峰期是否存在提前完成的情況。長期關注我們行業的各位都知道，由於春季客戶外出進行春季大掃除的時間安排，第一季和第二季之間可能會出現一些波動。我們假設，在業務加速成長的背景下，部分需求提前完成了，這也在我們全年的業績預期中有所體現。

Got it. And then my follow-up, if I could, also with regard to sales. But -- so you and others in your industry talked about one of the -- one factor that really helped to drive outsized sales growth through the pandemic last year was this hobbyist customer, someone that maybe got more aggressive through the pandemic. As we now start to approach these more difficult comparisons, how are you seeing that portion of your business track?

明白了。接下來，如果可以的話，我還想就銷售方面問一個問題。您和業內其他人士都提到，去年疫情期間推動銷售額大幅成長的一個重要因素是業餘愛好者客戶，他們可能在疫情期間變得更加積極購買。現在我們開始進行更複雜的對比，您如何看待貴公司這部分業務的發展前景？

Yes. Brian, some days, I wish I wouldn't have even called that out. Because we called it out more of an anomaly, that car care -- I'm sorry, washes, waxes, a lot of performance products, we just saw more growth than we typically see last year.

是的。布萊恩，有時候我真希望我當初沒提這件事。因為我們當時把它看作是一種異常現象，汽車護理——抱歉，是洗車、打蠟，還有很多性能提升產品——我們看到的增長比去年通常情況要高。

Now when you compare that to batteries and a lot of other hard part categories, sales were much stronger in those categories last year than they were in these, what you call, hobby categories. But we called it out last year because there was some sort of an anomaly.

現在，如果你把電池和其他很多零件類別的銷售比較一下，你會發現去年這些類別的銷售量遠高於這些所謂的愛好類產品。但我們去年就指出了這一點，因為其中有某種異常現象。

When you look at 2021 performance in the first quarter, we did sell a lot of car care products, and performance was still -- performed very well. As a matter of fact, all of our categories performed well. But when you look at those categories, those unusual categories that spike, performance -- there's an enthusiast out there that buys performance parts day in and day out, but your average consumer doesn't buy a lot of performance parts. They buy OE replacement parts.

回顧2021年第一季的業績，我們確實售出了大量汽車護理產品，而且整體表現依然非常出色。事實上，我們所有產品類別都表現良好。但如果你仔細觀察那些銷售激增的非常規類別，例如性能配件——的確有一些汽車愛好者每天都在購買性能配件，但普通消費者並不會大量購買這類配件。他們通常購買的是原廠替換零件。

So we have seen that trend continue, but probably to a lesser degree than what we saw last year. But again, that's really not a significant driver to the comp. The more significant driver for our core categories, battery, brakes, under car, things like that, which also have performed very well this year.

所以我們看到這種趨勢仍在繼續，但程度可能不如去年。不過，這並非影響競爭格局的主要因素。對我們核心品類而言，電池、煞車、底盤等而言，才是更重要的驅動因素，這些品類今年的表現也非常出色。

Michael Lasser with UBS, your line is open.

瑞銀集團的邁克爾拉塞爾，您的路線已開通。

Recognizing that there is a lot of uncertainty and you're very early in the second quarter, if we assume that you comp up mid-single digits in Q2 to get to the high end of your 1% to 3% comp guidance for the full year, it would imply that you'll do mid- to high single-digit comp decline in the back half of the year. In that case, your compound annual growth rate for sales would be a couple of hundred basis points below where you've been running on compound annual growth rate for a long time.

考慮到目前有許多不確定因素，且第二季才剛開始，如果我們假設您第二季的銷售額年增率為個位數中段，達到全年1%至3%的預期上限，那就表示下半年銷售額將出現個位數中段至高段的下滑。在這種情況下，您的銷售額複合年增長率將比您長期以來維持的複合年增長率低幾百個基點。

Should we assume that's what you have embedded in your guidance for demand being pulled forward? I know there's a lot in that question, trying to frame this all out.

我們是否可以假設這就是您在需求提前釋放的指導方針中所包含的內容？我知道這個問題包含很多訊息，需要仔細梳理。

Okay. Michael, I'm going to try to answer your question. You were breaking up a little bit. I'm not sure the premise of your question that you started with is accurate. We're obviously not providing quarterly guidance this year as we've done in the past.

好的，邁克爾，我來試著回答你的問題。你剛才有點語無倫次。我不確定你問題的前提是否準確。顯然，我們今年不會像往年那樣提供季度業績指引。

But what I'd like to remind everyone is that when we discussed the second quarter last year in quite a bit of detail, after 2 or 3 weeks in April, on the onset of the pandemic that were very difficult and then we saw stimulus come in and the business reverse, that carried through May and June. And May and June are our toughest compares of the year. So I'm uncertain that the premise you laid out at the beginning is how we're thinking about the business when we look at 2-year stacks and performance on a monthly basis for the full year.

但我想要提醒大家的是，去年我們曾詳細討論過第二季的情況。在四月疫情爆發初期的兩、三週裡，情況非常艱難，之後政府推出了刺激措施，業務開始好轉，這種情況一直持續到五月和六月。而五月和六月是我們全年業績比較基數最大的兩個月。因此，我不確定您一開始提出的假設是否符合我們看待業務的方式，尤其是在我們分析兩年期業績和全年月度業績時。

Yes. Michael, if you look at the dollars as opposed to the percentages on a 2-year basis, I think our projections are still pretty aggressive.

是的。邁克爾，如果你以兩年為週期，用美元而不是百分比來衡量，我認為我們的預測仍然相當激進。

Understood. That's very helpful. My second question is, over the last few months, what's been the internal conversation about taking some of this remarkable sales strength and using it to reinvest back into operating expenses in the business? Inevitably, labor -- the labor market is going to get tighter, wage growth is going to increase. Would it -- does it better prepare you for the long run if you take some of this short-term strength and reinvest it back in the business?

明白了，這很有幫助。我的第二個問題是，在過去幾個月裡，公司內部對於是否應該將部分強勁的銷售成長再投資於業務營運支出，有過怎樣的討論？勞動市場必然會更加緊張，薪資成長也會加快。如果將部分短期成長的資金再投資於業務，是否更有利於公司的長遠發展？

Okay. I'll answer that question. We've always had a very long-term view on payroll. And when business is not as good as we'd like it to be, that doesn't mean, especially on the professional side of the business, the customer experience expectations go down. Customer service requirements actually go up.

好的，我會回答這個問題。我們一直以來都對薪資管理持長遠態度。即使業務不如預期，尤其是在員工專業服務方面，客戶體驗的期望值也不會降低。事實上，客戶服務的要求反而會提高。

When the business is really good like it is now, it's hard, as Jeff talked about in his prepared comments, to add enough staff to keep up with that. And what we don't want to do is add more staff than we're going to need in the foreseeable future.

正如傑夫在事先準備好的發言稿中所說，當公司業務像現在這樣蒸蒸日上時，很難增加足夠的人手來應對。而我們不想增加超過未來一段時間實際需要的員工數量。

Our focus, and then I'll turn it over to Jeff, has been on more full-time people, and we want to make sure that we're planning appropriately for the long term. Jeff, would you like to add to that?

我們目前的重點，接下來就交給傑夫來說，是增加全職員工，我們希望確保為長遠發展做好充分的規劃。傑夫，你還有什麼要補充的嗎？

Well, you pretty well covered it, Tom. But there again, I mean, we've always taken a long-term view on staffing and doing what's right for our business kind of store by store and really making sure that we staff to grow the -- provide excellent customer service and grow our business, and that varies by store.

嗯，湯姆，你講得挺全面的。不過話說回來，我們一直以來都從長遠角度看待人員配備，並根據每家門店的具體情況，做出對我們業務最有利的決定，真正確保我們的人員配備能夠促進業務增長——提供卓越的客戶服務，並推動業務發展，而這因門店而異。

We've definitely -- we skewed to hiring back more full-time team members. And it's just a full-time team member provides -- those are more tenured. They're more experienced, and they provide just a higher level of service. And one of our -- I guess, our weaknesses for a long time that we're really focused on is just improving our service levels on our nights and weekends and really trying to shore up there. And that's been a big initiative for several years now, and we feel we're making pretty good headway on that.

我們確實——我們傾向於重新聘用更多全職團隊成員。全職團隊成員經驗更豐富、資歷更老，能夠提供更高水準的服務。我們長期以來的一個弱點，也是我們一直重點關注的，就是提升夜間和週末的服務水平，努力加強這方面的工作。這幾年來，我們一直致力於此，並且感覺在這方面取得了相當大的進展。

David Bellinger with Wolfe Research, your line is open.

沃爾夫研究公司的戴維貝林格，您的電話已接通。

Great quarter. So my first question here is just on parts inflation. I think last quarter, you indicated a 1 percentage point increase was embedded in your full year forecast. And I think you called out 1.5% in Q1 alone.

本季業績很棒。我的第一個問題是關於零件通膨的。我記得上個季度您提到，全年預測中已包含1個百分點的成長。而且我記得您也提到，光是第一季就成長了1.5%。

So how high could same SKU inflation go over the balance of the year? Can you talk about the magnitude of some of the price increases you're seeing now? And was that a factor in raising full year sales guidance at all?

那麼，今年剩餘時間內，同類產品價格的通膨率可能會達到多高？能否談談目前一些產品價格上漲的幅度？這是否是促使您上調全年銷售預期的因素？

Wow, that's a tough question. There have been pressures on supply chains within our industry and in the economy in general and shipping pressures. So how soon those ease and how we come out of the pandemic will determine that. We hear the word transitory a lot from economists. To the extent that they persist, we could see higher inflation than we had projected. We saw a little bit higher than expected here in the first quarter, although we expected that to ease in the back half of the year. To the extent it doesn't, we are going to remain rational in our pricing, and we would expect the industry to also remain rational.

哇，這真是個棘手的問題。我們產業內部以及整個經濟都面臨著供應鏈和運輸方面的壓力。這些壓力何時緩解，以及我們如何走出疫情，將決定最終結果。我們常聽到經濟學家用「暫時性」這個詞。如果這些壓力持續下去，我們可能會看到通膨高於預期。第一季的通膨略高於預期，儘管我們預計下半年會有所緩解。如果通膨持續存在，我們將維持合理的定價策略，我們也希望整個產業能夠保持理性。

Got it. Okay. And maybe just a follow-up on that. Is there potentially something (inaudible)

明白了。好的。或許還有一點後續問題。是否有可能存在（聽不清楚）？

(technical difficulty)

（技術難題）

I'm sorry, we're having a hard time hearing your question.

抱歉，我們很難聽清楚您的問題。

Sorry. Just to follow up on that last one. Is there anything different about the inflationary backdrop now? Can some of those price increases that are normally passed through, can those be used as a competitive lever to keep these new and reacquired customers in your system?

抱歉，我只是想就最後一個問題做個後續。目前的通膨環境有什麼不同嗎？那些通常會轉嫁給消費者的價格上漲，能否被用作一種競爭手段，以留住新舊客戶？

When we look at pricing, for the vast majority of the things we sell, they're need based. We are -- we want to be competitive in price, but we really want to win on service. So when we look at what's the appropriate pricing, we manage that on a SKU-by-SKU, store-by-store market basis. But we expect to continue to follow the pricing strategy that we've used for a long time that's made us successful.

在定價方面，我們銷售的大部分產品都以需求為導向。我們希望在價格上保持競爭力，但我們真正追求的是服務上的成功。因此，在決定合適的價格時，我們會根據每個SKU和每個門市的具體情況進行調整。但我們預期會繼續沿用長期以來行之有效的定價策略，而正是這項策略讓我們取得了成功。

Kate McShane with Goldman Sachs, your line is open.

凱特·麥克沙恩（高盛員工），您的路線已接通。

I just wanted to follow-up on the inflation question but -- when it comes to gross margins. So if there is more inflation that comes down the pipe, would there be a quarter or 2 delay of when you would see that in the gross margin? And as DIFM does come back here as hopefully, miles driven resume and gas demand goes up, how does that come into play with your gross margin guidance for the year?

我想就通膨問題再補充一點──關於毛利率。如果未來通膨進一步加劇，毛利率是否會在一兩個季度後才出現明顯變化？隨著汽車行駛里程的恢復和汽油需求的成長，DIFM（直接投資融資）也會隨之恢復，這會對你們今年的毛利率預期產生怎樣的影響？

Okay. So when we see price inflation, we want to react in a timely basis. Part of that depends on what -- how much inventory we have, what the competitiveness of the market is. But our expectation is that if we're going to have acquisition price increases, we're going to attempt to maintain a gross margin percentage. And those additional dollars that come with rising prices will help offset SG&A rising prices because they go hand in hand.

好的。所以，當我們看到價格上漲時，我們希望及時做出反應。這部分取決於庫存量和市場競爭程度等因素。但我們的預期是，如果採購價格上漲，我們會努力維持毛利率。價格上漲帶來的額外收入將有助於抵銷銷售、管理及行政費用（SG&A）的上漲，因為這兩者是相輔相成的。

On the professional side of the business, our guidance for the year was that we were going to have very tough compares on the DIY side of the business and the professional is going to continue to grow. And professional carries a lower gross margin because those customers are buying with volume discounts. So that was inherent within our guide for the year, that we would have stronger growth on the professional side of the business. And as Greg called out in our first quarter, part of the gross margin growth above our expectation was due to DIY growing faster.

在專業業務方面，我們今年的業績預期是，DIY業務將面臨非常嚴峻的同比基數效應，而專業業務將繼續成長。由於專業客戶通常享受批量折扣，因此其毛利率較低。所以，我們今年的業績預期中就包含了專業業務將實現更強勁成長的預期。正如Greg在第一季報告中所指出的，毛利率成長超出預期的部分原因在於DIY業務的成長速度更快。

Liz Suzuki with Bank of America, your line is open.

您好，美國銀行的 Liz Suzuki，您的路線已開通。

Just a question on the competitive environment. Are you seeing any changes in promotional behavior on pricing to pros in particular as that segment recovers? I guess in other words, is there a grab for market share in what's now the faster-growing channel that could result in some gross margin pressure going forward?

關於競爭環境，我想問一個問題。隨著專業人士群體的復甦，您是否觀察到針對該群體的促銷策略在定價方面有任何變化？換句話說，目前成長更快的通路是否存在搶佔市場份額的現象，這可能會導致未來的毛利率承壓？

Yes. Jeff, do you want to take that one?

是的。傑夫，你想接那個任務嗎？

Sure. I'd say overall pricing remains pretty rational. I mean you see certain regional players maybe that run certain deal certain times of the year. But all in all, across the board, pricing is pretty rational. We obviously stay on top of it and react accordingly to make sure that our price is always competitive in the marketplace and then really focus on winning with availability, service and relationship.

當然。我認為整體定價仍然相當合理。我的意思是，你可能會看到某些區域性商家在一年中的某些時候推出一些優惠活動。但總的來說，整體定價還是相當合理的。我們當然會密切關注市場動態，並根據情況做出相應調整，以確保我們的價格始終具有市場競爭力，然後真正專注於透過供貨、服務和客戶關係來贏得市場。

Great. And just a follow-up on the competitive landscape. So I mean, last year was clearly a very disruptive environment for the auto aftermarket, but a lot of small businesses also received support from PPP loans, so we didn't see maybe as much M&A as we might have expected in that kind of environment. So how does the pipeline for potential acquisition targets look today?

好的。關於競爭格局，我還有一點要補充。去年汽車後市場顯然經歷了非常動蕩的時期，但許多小型企業也獲得了PPP貸款的支持，因此在這種環境下，我們可能沒有看到預期的那麼多併購活動。那麼，目前潛在的收購目標儲備情況如何呢？

Yes. Liz, I would say that our industry actually performed pretty well. There are some small players that we're having conversations with that may be an opportunity for us to acquire. We're looking -- we're always looking at acquisition targets. We're always looking for strategic acquisition targets that are a bargain or a competitive advantage or a market that we need to move into, and we value those acquisitions accordingly based on the value to -- that it brings to the company.

是的，莉茲，我認為我們這個產業整體表現相當不錯。我們正在和一些小型企業洽談，看看是否有收購機會。我們一直在尋找收購目標。我們一直在尋找具有策略意義的收購目標，例如價格實惠、能帶來競爭優勢，或是我們需要進入的市場。我們會根據收購能為公司帶來的價值來評估其價值。

There's just not a lot of bigger acquisition targets, larger chains left out there that are in markets that we don't already have exposure to. So really, what we're focused on is the smaller acquisitions. And when I say smaller acquisitions, I mean, 1, 2, 3, maybe 5, 10 store chains, just whatever comes down the pipe. We would absolutely be open to some companies the size of a bond or a [vintage] that may have 20, 30, 40 stores, should those come available. We also continue to look for acquisition opportunities outside of the U.S. as well.

目前市場上可供收購的大型連鎖企業並不多，尤其是在我們尚未涉足的市場。因此，我們目前主要關注的是規模較小的收購。我所說的小型收購，指的是擁有1、2、3家，甚至5、10家門市的連鎖企業，只要有機會，我們都樂於考慮。當然，如果出現規模相當於一個債券發行量或一個[年份]級別，擁有20、30、40家門市的企業，我們也絕對會持開放態度。此外，我們也會繼續在美國以外地區尋找收購機會。

What I would add to that is our history shows that we're a willing participant to consolidate the industry. When we look at the players that are still out there that would be a target for us, the players that are left are strong performers. And those performers tend to come up for sale when there's a change in ownership or it's a family-run business, and they're not going to pass it on to the next generation. So that acquisition pipeline is more determined by individual events at different chains than macroeconomic circumstances.

我想補充的是，我們的歷史表明，我們樂於參與行業整合。當我們審視那些仍然活躍在我們市場中的潛在收購目標時，會發現它們都是業績強勁的企業。而這些業績優異的企業往往會在所有權變更或家族企業無法將企業傳承給下一代時出售。因此，收購計畫更取決於各個連鎖店的具體情況，而非宏觀經濟環境。

Zach Fadem with Wells Fargo, your line is open.

富國銀行的 Zach Fadem，您的線路已開通。

I have a longer-term question on the DIY business. Obviously, having a great moment right now and plenty of one-off drivers. But considering the rising population of older vehicles on the road, curious how you think about the DIY industry structurally and whether you think the long-term run rate could be higher versus prepandemic.

我有一個關於DIY行業的長期問題。顯然，目前DIY產業發展動能良好，一次性購車者也很多。但考慮到道路上老舊車輛數量的不斷增加，我很好奇您如何看待DIY行業的結構性變化，以及您認為其長期增長率是否會高於疫情前。

Yes. It's a great question, Zach. The fact that new car sales are softer and used car sales have been pretty strong, a lot of that's based on supply and demand, that's good for our industry. That's good for our industry for a couple of reasons. One is, as you allude to, the DIY channel, a lot more of those maintenance repairs and maintenance cycles can be performed in the DIY channel. And also, most of the time or a significant portion of the time, I should say, those vehicles are probably out of warranty.

是的，札克，你問得好。新車銷售疲軟而二手車銷售強勁，這很大程度上取決於供需關係，這對我們這個行業來說是好事。好處主要有兩個。首先，如你所提到的，DIY通路讓許多維修保養工作都能自己完成。其次，大部分情況下，或者說很大一部分情況下，這些車輛可能已經過了保固期。

So they're out of the warranty period. The consumer has 2 options: option A is to go to their independent garage, one of our professional customers; or two, do the repairs themselves. Or take it back to the dealer, which most consumers probably would not choose because of the cost factor of making those repairs.

所以他們的車已經過了保固期。消費者有兩種選擇：A. 去他們常去的獨立維修店，也就是我們合作的專業維修店；B. 自己動手修理。或把車送回經銷商那裡，但大多數消費者可能不會選擇這種方式，因為維修費用比較高。

I think we've seen over the past year a willingness of the DIY consumer to do more repairs and maintenance on their vehicles than we have historically seen. Is that going to be -- is that going to continue into the future? It's hard to say. I sure hope it does. As I've said in the past, I think that there's some traditions involved here. I remember changing the oil in my car with my dad when I was younger. And hopefully, some of these traditions where you had a father showing their children how to change the oil and maybe change suspension or breaks, the easy repairs, hopefully, a lot of that sticks and stays in the DIY channel.

我認為在過去一年裡，我們看到DIY消費者比以往任何時候都更願意自己修理和保養車輛。這種趨勢會持續下去嗎？很難說。我當然希望如此。正如我之前所說，我認為這裡麵包含著一些傳統。我記得小時候和爸爸一起幫車換機油。希望這些傳統——例如父親教孩子換機油，或更換懸吊系統或煞車片之類的簡單維修——能夠保留下來，並在DIY領域繼續發展。

But either way, whether it's the DIY channel or the DIFM channel, the strength in used car sales should benefit our industry and the aftermarket.

但無論如何，無論是DIY通路還是DIFM通路，二手車銷售的強勁動能都應該有利於我們的產業和售後市場。

That makes sense. And my follow-up for Tom, last quarter, you suggested your gross margin rate on an ex LIFO basis would be fairly consistent through fiscal '21. But given the Q1 outperformance and changes in same SKU inflation, I'm curious if you could update us on your latest thinking here.

這很有道理。湯姆，我還有一個後續問題：上個季度，你曾表示，以後進先出法計算的毛利率在2021財年將保持相對穩定。但鑑於第一季業績超出預期，以及同店商品價格上漲幅度的變化，我想請你更新一下你最新的想法。

Well, I'll have to look back at the transcript. I think that I said our -- we expect our gross margin to be pretty similar, all in. Obviously, we had a little better performance than we thought during the first quarter, not enough to make us want to change our range.

嗯，我得再看看當時的紀錄。我想我說過－我們預期整體毛利率會和之前差不多。顯然，我們第一季的業績比預期略好，但還不足以讓我們調整預期範圍。

We have reached our allotted time for questions. I will now turn the call back over 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, Jack. We'd like to conclude our call today by thanking the entire O'Reilly team for your continued hard work in delivering a record-setting quarter. I'd like to thank everyone for joining our call today, and we look forward to reporting our second quarter results in July. Thank you.

謝謝傑克。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，正是大家的努力才成就了本季創紀錄的業績。感謝各位今天參加我們的電話會議，我們期待在七月公佈第二季業績。謝謝。

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

謝謝各位。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。