O'Reilly Automotive Inc (ORLY) 2020 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the O'Reilly Automotive, Inc. Third Quarter 2020 Earnings Conference Call. My name is Howard, and I will be your operator for today's call. (Operator Instructions)

女士們、先生們，大家好，歡迎參加歐萊利汽車公司2020年第三季財報電話會議。我是霍華德，將擔任本次電話會議的接線生。 （接線生操作說明）

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

現在我將把電話交給湯姆·麥克福爾先生。麥克福爾先生，您可以開始了。

Thank you, Howard. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our third quarter 2020 results. After our prepared comments, we'll host a question-and-answer period.

謝謝霍華德。大家早安，感謝各位參加今天的電話會議。我們將討論2020年第三季的業績。在事先準備好的發言之後，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, 2019, 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2019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 third quarter conference call. Participating on the call with me this morning are Jeff Shaw, our Chief Operating Officer and Co-President; and Tom McFall, our Chief Financial Officer. David O'Reilly, our Executive Chairman; and Greg Henslee, our Executive Vice Chairman, are also present 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三季財報電話會議。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。

We are pleased to announce record-breaking performance for our third quarter and are again amazed at the ability of Team O'Reilly to produce such excellent results in the midst of one of the most challenging periods in the history of our company. Our team remained dedicated to our customers and drove an outstanding 16.9% increase in comparable store sales in the third quarter, a 39% increase in diluted earnings per share to $7.07 while also consistently executing on our protocols to protect the health and safety of our team members and customers in the midst of the COVID-19 crisis.

我們很高興地宣布第三季業績創歷史新高，並再次對奧萊利團隊在公司歷史上最具挑戰性的時期之一取得如此卓越的成績感到驚嘆。我們的團隊始終致力於服務顧客，在第三季度實現了同店銷售額16.9%的顯著增長，稀釋後每股收益增長39%至7.07美元，同時在新冠疫情危機期間，我們始終嚴格執行各項防疫措施，以保障團隊成員和顧客的健康與安全。

While the challenges we face during 2020 are far from routine, our teams have done an exceptional job adjusting to the current environments and modifying the ways we conduct business during this pandemic. They've done so without sacrificing our focus on providing excellent customer service or any of the value our customers have come to expect. We continue to be diligent in our efforts to constantly evaluate and revise our safety protocols as recommended by public health and governmental agencies and are extremely focused on executing best practices across our company.

儘管2020年我們面臨的挑戰非同尋常，但我們的團隊出色地適應了當前環境，並調整了疫情期間的業務運作方式。他們始終堅持提供卓越的客戶服務，並確保客戶獲得他們所期望的價值。我們將繼續認真評估並根據公共衛生和政府機構的建議不斷修訂我們的安全規程，並高度重視在公司內部貫徹最佳實踐。

Before we continue with our prepared comments, I'd like to express our deep gratitude to our team for their hard work and commitment to our customers. There is absolutely no question about how important our business is in meeting our customers' critical needs, and I couldn't be prouder of Team O'Reilly for their contributions during this once in a lifetime challenge.

在我們繼續發言之前，我想對我們的團隊表示由衷的感謝，感謝他們的辛勤付出和對客戶的盡心盡責。毫無疑問，我們的業務對於滿足客戶的關鍵需求至關重要，我為奧萊利團隊在這次千載難逢的挑戰中所做出的貢獻感到無比自豪。

Now I'd like to provide some details on our robust performance in the third quarter. As we discussed on the second quarter conference call, we started off the third quarter with a continuation of the strong trends in top line sales volume we generated from mid-April through June. As we progress through the quarter, we continue to see resilient, robust sales performance on both sides of our business.

現在我想詳細介紹一下我們第三季的強勁業績。正如我們在第二季財報電話會議上所討論的那樣，第三季開始，我們延續了4月中旬至6月期間強勁的營收成長勢頭。隨著季度的推進，我們業務的各個方面都持續保持著穩健的銷售業績。

From a cadence perspective, comps were in the strong mid- to high teens throughout the quarter with the best performance at the beginning of the quarter in July. We had steady, consistent performance in the balance of the quarter in August and September after adjusting for Sunday comparison differences between these 2 months. As we indicated in our press release yesterday, our comparable store sales thus far in the fourth quarter remained strong and are trending slightly below our third quarter exit rate in the low double-digit range.

從銷售節奏來看，整個季度同店銷售額均維持在15%至10%的強勁水平，其中7月初表現最佳。經調整8月和9月週日銷售額差異後，這兩個月剩餘時間的業績表現穩定且持續。正如我們昨天在新聞稿中所述，第四季迄今的同店銷售額依然強勁，略低於第三季的兩位數低點跌幅。

As we discussed on both our last 2 quarters' earnings calls, we have been very cautious on how we thought about our sales outlook as we progress through the unprecedented uncertainty in our markets and the broader economy. This includes a comment on last quarter's conference call that we expect that sales would moderate from the record-setting pace we were seeing at that time as we move through the back half of 2020. We've been somewhat surprised and definitely pleased at how steady our strong sales comps trends have been. And to the extent volumes did moderate in the third quarter and into the fourth quarter, that moderation has been much more gradual than the immediate acceleration we experienced when demand swung heavily in our direction in April.

正如我們在過去兩季的財報電話會議上所討論的，鑑於市場和整體經濟面臨前所未有的不確定性，我們對銷售前景一直持非常謹慎的態度。這包括我們在上個季度電話會議上提到的，我們預計隨著2020年下半年的到來，銷售額將從當時創紀錄的成長放緩。我們對強勁的同店銷售趨勢的穩定性感到既有些意外又非常滿意。而且，儘管銷量在第三季和第四季有所放緩，但這種放緩的幅度遠比4月份需求大幅增長時出現的迅猛勢頭要緩和得多。

Our sales trends are even more encouraging in light of the fading tailwinds to our business from the expiration of government stimulus payments and enhanced unemployment benefits under the CARES Act as we moved further past when those dollars were being injected into the economy.

隨著政府刺激性付款和《新冠病毒援助、救濟和經濟安全法案》(CARES Act) 下增加的失業救濟金的到期，以及這些資金注入經濟的時期逐漸過去，我們業務的利好因素正在減弱，但我們的銷售趨勢更加令人鼓舞。

Moving to the composition of our strong sales performance in the third quarter. Our DIY business was the stronger contributor during the quarter, but our professional business also performed very well, and the relative trends on both sides of our business tracked along with the cadence for total sales in the quarter I just discussed. From a ticket perspective, we continue to see robust increases in both ticket count comps and average ticket comps on both sides of our business, even though we saw a muted impact in average ticket from same SKU inflation, which is in line with our expectations.

接下來分析我們第三季強勁銷售業績的組成。本季度，我們的DIY業務貢獻最大，但專業業務也表現出色，兩大業務板塊的相對趨勢與我剛才提到的季度總銷售額的節奏基本一致。從客單價來看，儘管同SKU價格上漲對平均客單價的影響不大（這符合我們的預期），但我們兩大業務板塊的客單價和客單價均持續強勁增長。

As we saw in the second quarter, our category performance reflected strong performance across all of our product lines with some of the best performance in outfront categories in our DIY business as well as another extremely strong sales quarter for batteries. We believe these results indicate a continued ability and willingness of our DIY customers to work on larger projects. I want to be clear that even though these more discretionary categories have been our better performers for the last 2 quarters, we have still been very pleased with our sales volume across our business. While demand in under car hard part categories is more failure related and did not perform quite as strong as the company average in the third quarter, sales for these traditional categories were still robust and significantly better than historical trends.

正如我們在第二季所見，我們的品類表現反映了所有產品線的強勁成長，其中DIY業務的前沿品類表現尤為出色，電池銷售也再次取得了強勁的銷售業績。我們相信，這些結果表明我們的DIY客戶仍然有能力且願意進行更大規模的專案。我想明確指出，儘管這些非必需品類在過去兩個季度表現較佳，但我們對整體業務的銷售量仍然非常滿意。雖然汽車底盤硬部件的需求更多地與故障相關，並且在第三季度的表現略遜於公司平均水平，但這些傳統品類的銷售依然強勁，並且顯著優於歷史趨勢。

At this point, I'm sure the question everyone listening in on today's call would like to have answered is, what are the discrete factors that are driving this incredible surge in our sales and how long will they persist? Well, it's impossible to provide a definitive answer to that question, but we do expect demand to remain solid, and there are several potential tailwinds and headwinds we are watching as we look forward.

此時此刻，我相信所有收聽今天電話會議的人都想知道：究竟是什麼因素推動了我們銷售額的驚人成長？這種成長動能又能持續多久？這個問題目前還無法給出確切的答案，但我們預期市場需求將保持強勁，同時我們也密切關注未來可能出現的幾個有利和不利因素。

We certainly saw for at least the last portion of our quarter continued tailwinds from government stimulus under the CARES Act and likely saw some residual benefit as unemployment benefits were partially extended for a short period of time later in our quarter. Even as those payments have lapsed, the positive impact they have had to support the health of the consumer has mitigated the negative impact from economic pressure on the consumers we would normally expect in a period of such rapid increase in unemployment and significant economic stress.

在本季後半段，我們確實看到了政府根據《新冠病毒援助、救濟和經濟安全法案》（CARES Act）實施的刺激措施帶來的持續利好，而且由於失業救濟金在本季度後期部分延長，可能也產生了一些後續效益。即便這些救濟金已經到期，但它們對消費者健康所起到的正面作用，也緩解了在失業率快速上升和經濟壓力巨大的時期，消費者通常會面臨的經濟壓力所帶來的負面影響。

We also have a long track record of experience from economic cycles in this industry, seeing consumers respond to economic uncertainty by deferring new vehicle purchases and investing more in maintaining their existing vehicles. The combination of this incentive to take care of an existing vehicle, coupled with the government stimulus, has likely driven a reduction in underperformed vehicle maintenance, and we expect our business will continue to benefit as economic conditions recover.

我們在這個產業擁有豐富的經濟週期經驗，深知消費者在經濟不確定性面前會延後購買新車，轉而增加對現有車輛的維修投入。這種維護現有車輛的動力，加上政府的刺激政策，很可能促使車輛維護不當的情況減少。我們預計，隨著經濟狀況的復甦，我們的業務將繼續受益。

Aside for the macro benefits that have helped the automotive aftermarket, it's also clear to us that our strong sales performance is the result of significant share gains our team has delivered over the course of the past several months. We execute a high-touch, capital-intensive business model that requires a well-equipped, technically proficient team of professional parts people providing outstanding service. We have simply been blown away by the amazing commitment and resilience of our team.

除了宏觀層面的利多因素對汽車售後市場帶來的正面影響之外，我們也清楚地認識到，我們強勁的銷售業績得益於團隊在過去幾個月中取得的顯著市場份額增長。我們採用的是高投入、高回報的商業模式，這需要一支配備精良、技術嫻熟的專業零件團隊提供卓越的服務。我們團隊展現出的驚人奉獻和韌性令我們無比震撼。

In the face of extremely difficult circumstances, they haven't wavered in delivering the value propositions we promise to our customers. Our team's consistency in providing excellent customer service differentiates us and help us drive market-leading results in the stable economic conditions, and these advantages are even more pronounced when everyone in the automotive aftermarket is facing enormous external challenges. As pleased as we are with our team's great performance in the third quarter, we know the goodwill we've created from meeting customers' essential needs during this crisis will drive customer loyalty and even further business in the long term.

面對極度艱難的情勢，我們始終堅持兌現對客戶的價值承諾。我們團隊始終如一地提供卓越的客戶服務，這使我們在競爭中脫穎而出，並在穩定的經濟環境下幫助我們取得市場領先的業績。而當汽車後市場的所有參與者都面臨巨大的外部挑戰時，這些優勢就顯得更加突出。我們對團隊在第三季的出色表現感到非常滿意，但我們也深知，在此次危機期間滿足客戶的基本需求所建立的良好聲譽，將在未來長期提升客戶忠誠度，並促進業務的進一步發展。

We remain optimistic about the health of the automotive aftermarket and believe we will continue to see strong demand in our industry but remain cautious in our immediate sales outlook given the uncertainties that still exist. As miles driven has remained under pressure at the same time the government stimulus has ceased, we've been encouraged to see continued strong demand, particularly on our professional business, where the demographics of the ultimate consumer is more likely toward jobs that have instituted work-from-home arrangements. We can't anticipate what risk we could face if macroeconomic conditions worsen and miles driven stays depressed nor do we make any assumption as to whether there will be additional government stimulus or to the degree of which our demand would benefit.

我們對汽車售後市場的健康發展仍保持樂觀，並相信產業需求將持續強勁成長，但鑑於目前仍存在許多不確定因素，我們對近期銷售前景仍持謹慎態度。隨著政府刺激措施的結束，汽車行駛里程持續承壓，我們欣喜地看到市場需求依然強勁，尤其是在我們的專業服務領域，因為該領域最終消費者的組成更傾向於那些實行居家辦公模式的工作崗位。我們無法預測如果宏觀經濟情勢惡化、汽車行駛里程持續低迷，我們將面臨何種風險；我們也不預設政府是否會出台更多刺激措施，以及這些措施將在多大程度上提振我們的需求。

In the immediate short term, we would remind everyone on the call that our fourth quarter can be quite volatile given the variable impact of weather and consumer demand dynamics during the holiday season, which could be more pronounced this year as some consumers face economic challenges as a result of the pandemic. We can also see some volatility as a result of the election next week as we did in 2016. Ultimately, we'll have to wait and see where our sales level out. We have been very encouraged by the stability of sales trends during the 6-month period of record-setting comps and feel very confident our company continue to deliver solid sales growth even if the broader economic conditions deteriorate.

短期內，我們想提醒各位，鑑於假日季天氣和消費者需求動態的不確定性，第四季業績可能波動較大。今年，由於部分消費者因疫情面臨經濟挑戰，這種波動可能會更加明顯。此外，下週的選舉也可能像2016年那樣帶來一些波動。最終，我們需要觀察銷售額的穩定。過去六個月的同店銷售額屢創新高，銷售趨勢的穩定性令我們倍感鼓舞，即使整體經濟狀況惡化，我們也堅信公司仍能維持穩健的銷售成長。

Moving on to gross margin for the quarter. Our gross margin of 52.4% was a 96 basis point reduction from the third quarter 2019 gross margin. The decrease from last year was driven by reduced LIFO benefit from the impact of merchandise purchased in 2019 before tariff-related cost increases, which Tom will discuss more fully in his comments as well as the planned expected dilution from Mayasa.

接下來談談本季的毛利率。我們的毛利率為52.4%，較2019年第三季下降了96個基點。年比下降的主要原因是，由於2019年採購的商品在關稅相關成本上漲之前受到影響，導致後進先出法（LIFO）的收益減少。湯姆將在評論中對此進行更詳細的闡述，此外，他還將討論Mayasa預期帶來的股權稀釋。

For the third quarter, our team delivered an operating profit margin of 22.6%, an increase of 250 basis points over the third quarter of 2019. And for the first 9 months of 2020, we have generated over $1.8 billion of free cash flow. Jeff will discuss our outstanding operating performance in more details in his prepared comments.

第三季度，我們的團隊實現了22.6%的營業利潤率，較2019年第三季成長了250個基點。 2020年前9個月，我們創造了超過18億美元的自由現金流。傑夫將在事先準備好的演講稿中更詳細地闡述我們卓越的營運績效。

Again, I want to offer my congratulations to Team O'Reilly for another quarter of record-breaking sales and profitability. Your willingness to go the extra mile to ensure everybody who enters our stores, DCs or corporate offices while also providing unwavering customer service is truly outstanding.

再次恭喜奧萊利團隊又一個季度創下銷售額和獲利紀錄。你們竭盡全力確保每一位走進我們門市、配送中心或公司辦公室的顧客都能獲得滿意的服務，這種精神和始終如一的優質服務令人讚嘆。

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 want to start today by echoing Greg's comments and expressing my sincere thanks to Team O'Reilly for another incredible quarter. Our team's ability to diligently follow all of our pandemic protocols to protect the health and safety of our team members and customers while generating the best top line results we've ever seen is simply remarkable.

謝謝格雷格，大家早安。今天首先，我想重申格雷格的觀點，並衷心感謝奧萊利團隊又一個季度取得的卓越成績。我們的團隊能夠認真遵守所有防疫措施，保障團隊成員和客戶的健康安全，同時也能創造我們有史以來最好的業績，這真是令人讚嘆。

We operate a very stable business model that has been fine-tuned over many years to deliver an exceptional value to our customers while maximizing the productivity of our human capital and shareholder investment. However, we would have never expected our model to be tested in the way it has in 2020. We've never imagined a scenario where store volumes skyrocketed overnight and sustained such a high rate of productivity for 6 months. Simply put, delivering the results we announced yesterday requires a tremendous amount of hard work and ingenuity by the teams in our stores and DCs.

我們經營著一個非常穩定的商業模式，經過多年不斷優化，旨在為客戶創造卓越價值，同時最大限度地提高人力資本和股東投資的效率。然而，我們從未預料到我們的模式會在2020年經歷如此嚴峻的考驗。我們從未想過門市銷售一夜之間飆升，並在接下來的六個月裡保持如此高的效率。簡而言之，我們昨天公佈的業績離不開門店和配送中心團隊的辛勤付出和卓越創造力。

As Greg previously discussed, we generated an increase in operating margin of 250 basis points to 22.6% and operating profit dollar growth of 35%, both of which represent record third quarter operating profit results for our company. We drove this increased profitability by generating 16.9% comparable store sales, capitalizing both on the strong macroeconomic environment and taking market share while limiting our SG&A per store growth to 3.6% for the quarter.

正如格雷格先前所討論的，我們的營業利潤率提高了250個基點，達到22.6%，營業利潤額增長了35%，這兩項數據均創下公司第三季營業利潤新高。我們透過實現16.9%的同店銷售額成長推動了獲利能力的提升，這得益於強勁的宏觀經濟環境和市場份額的擴大，同時我們將單店銷售、管理及行政費用（SG&A）的季度增長率控制在3.6%。

As we discussed last quarter, the timing and unique circumstances of the changes we've seen in our business in 2020, starting with the significant headwinds at the onset of the COVID-19 crisis followed by the dramatic, immediate surge in business, have created a perfect opportunity for us to execute our model and drive record-breaking operating profits. As a result, we indicated on last quarter's call that we expected our SG&A expense would gravitate back towards historical levels as we refocused on important details in our business that can get deferred when we're focused solely on doing everything in our power to provide excellent customer service. In line with those expectations, we've seen incremental increases in our operating cost, but our sales have simply just continued to outrun the growth of our SG&A.

正如我們上季度所討論的，2020年我們業務所經歷的變化，包括新冠疫情初期帶來的巨大挑戰以及隨後業務的迅猛增長，為我們提供了絕佳的機會來執行我們的商業模式並實現創紀錄的營業利潤。因此，我們在上季度的電話會議上指出，隨著我們重新專注於業務中一些重要的細節（這些細節在我們全力以赴提供卓越客戶服務時可能會被忽略），我們預計銷售、管理及行政費用（SG&A）將回落至歷史水平。與預期相符，我們的營運成本增加，但銷售額的成長速度仍超過了銷售、管理及行政費用的成長速度。

Looking forward, we've been encouraged by the steady sales trends we've seen. And as each week goes by and our team continues to adjust to the current environment, we've been better able to plan and manage our SG&A expenses, especially our store payroll. However, there is still a significant amount of uncertainty in how long and at what level the extremely strong sales will last. And we're remaining cautious in how we plan expenses, especially as we enter a more volatile sales season in the fourth quarter.

展望未來，我們欣喜地看到銷售趨勢穩定成長。隨著每週的過去，我們的團隊不斷適應當前環境，我們能夠更好地規劃和管理銷售、管理及行政費用，尤其是門市員工薪資。然而，強勁的銷售勢頭能夠持續多久以及達到何種水平，仍然存在很大的不確定性。因此，我們將保持謹慎的支出規劃，尤其是在即將進入第四季這個銷售波動性更大的時期。

Since our biggest challenge remains providing excellent customer service in the heavy sales environment, we acknowledge that there are certain important tasks such as refocusing on the image and appearance of our stores and catching up on our team member training and development, which are still being deferred in some cases. As always, we will be extremely focused on controlling our expenses to match our service levels to customer demand and will leverage the lessons learned so far in 2020 as we respond to market conditions moving forward.

由於我們面臨的最大挑戰仍然是在銷售旺盛的環境下提供卓越的客戶服務，我們意識到一些重要任務仍需推進，例如重新審視門市形象和外觀，以及加快團隊成員的培訓和發展，這些工作在某些情況下仍被推遲。我們將一如既往地高度重視成本控制，以確保服務水準與客戶需求相匹配，並將借鑒2020年至今的經驗教訓，以應對未來的市場變化。

Next, I'd like to touch briefly on our capital expenditure and expansion plans. On last quarter's conference call, I discussed our reset and expectations for new store, DC and capital project development in light of the challenges we faced as a result of the pandemic. And my update today is that we've tracked along with those revised plans.

接下來，我想簡單談談我們的資本支出和擴張計畫。在上個季度的電話會議上，我討論了鑑於疫情帶來的挑戰，我們對新店、配送中心和資本項目開發的調整和預期。今天我向大家報告的是，我們一直按照這些修訂後的計畫穩步推進。

Through the first 9 months of 2020, we've opened 153 net new stores, which was within our expected range of 150 to 165 new stores, revised down from 180 new stores after we encountered delays for design and permitting approvals. We still have new stores on the schedule to open in the fourth quarter and expect our total count will ultimately fall towards the top end of that updated range.

2020年前9個月，我們淨增加153家門市，符合我們先前150至165家新店的預期範圍。先前的預期為180家新店，但由於設計和許可審批方面的延誤，我們不得不將預期下調。我們仍有計劃在第四季度開設新店，預計最終門市總數將接近調整後預期範圍的上限。

Now even in the best conditions, opening a new store takes a tremendous amount of hard work. So we've been especially pleased with our ability to open great new store locations with solid teams this year, and our 2020 cohort of new stores are off to a very strong start. We typically announce our new store target for next year on today's third quarter conference call. However, we're still fine-tuning our 2021 target based on our evaluation of how many stores we think we can get through the lengthy process of planning and permitting given continued expectations that the pandemic will slow these time lines.

即使在最好的情況下，開設新店也需要付出巨大的努力。因此，我們對今年能夠組建一支優秀的團隊，成功開設多家位置優越的新店感到格外欣慰，而且我們2020年的新店開局非常強勁。我們通常會在今天的第三季財報電話會議上公佈明年的新店目標。然而，鑑於疫情持續影響，我們預計漫長的規劃和審批流程將會延緩這些進程，因此我們仍在根據實際能夠完成的門市數量來調整2021年的目標。

After successfully opening our newest DC in Lebanon, Tennessee in the first quarter, we'd originally planned to open a second facility in Horn Lake, Mississippi, just south of Memphis this year as well but have shifted opening that DC to the first half of 2021 due to team member health concerns associated with the travel necessary to train new team members in preparation for opening the facility. Our distribution teams have a great track record of identifying strong DC leadership and running a smooth opening process, and this project is no exception.

繼今年第一季在田納西州黎巴嫩成功開設最新配送中心後，我們原計劃今年在密西西比州霍恩湖（孟菲斯以南）開設第二家配送中心。但由於新進員工入職培訓需要長途跋涉，出於員工健康考慮，我們已將該配送中心的開幕時間延後至2021年上半年。我們的配送團隊在甄選優秀的配送中心領導者和順利完成開幕流程方面擁有卓越的業績，此次專案也不例外。

Finally, we've also made good progress on our other planned 2020 CapEx projects in the third quarter, including work we've discussed before to update our store hardware, modernize our distribution vehicle fleet and other initiatives to enhance the service we provide to our customers and drive strong returns. We remain extremely excited about the opportunities presented by these projects, and we'll continue to move forward aggressively even though a significant amount of the CapEx plan for 2020 will fall into next year.

最後，我們在第三季其他2020年計畫的資本支出項目上也取得了良好進展，包括先前討論過的門市硬體升級、配送車隊現代化改造以及其他旨在提升客戶服務和實現強勁回報的舉措。我們對這些項目帶來的機會充滿信心，並將繼續積極推進，儘管2020年資本支出計畫的大部分內容將延至明年。

Before I turn the call over to Tom, I want to once again thank Team O'Reilly for their dedication and hard work in the third quarter. Hopefully, we will never see another year with the difficulties 2020 has posed, but I'm amazed at how our team has stepped up to meet the challenges, although I'm not surprised since Team O'Reilly has consistently proven to be the best in our industry.

在把電話交給湯姆之前，我想再次感謝奧萊利團隊在第三季的辛勤付出和奉獻精神。希望我們永遠不會再經歷像2020年那樣充滿挑戰的一年，但我對我們團隊應對挑戰的方式感到非常欽佩，儘管這並不讓我感到意外，因為奧萊利團隊一直以來都證明了自己是業內最優秀的團隊。

While we've never had a crisis that's affected all of our company in such a profound way as COVID-19, our teams have encountered many difficult environments over the years, including the full spectrum of national disasters, and they always prove their ability to weather the storm.

雖然我們從未遇到像 COVID-19 這樣對整個公司產生如此深遠影響的危機，但多年來，我們的團隊已經遇到過許多困難的環境，包括各種各樣的國家災難，他們總是能證明自己有能力渡過難關。

To close, I'll repeat the same comment I made on our second quarter call. I'm especially proud of the commitment of our team has shown to our customers, their diligence in executing best practices to protect the health and safety of everyone in our stores, DCs and offices while keeping our business running efficiently to provide our customers with the essential parts they need is truly world class.

最後，我想重申一下我在第二季財報電話會議上說過的話。我特別為我們團隊展現出的對客戶的承諾感到自豪，他們兢兢業業地執行最佳實踐，保障我們門市、配送中心和辦公室所有人員的健康和安全，同時確保業務高效運轉，為客戶提供所需的關鍵零部件，這種精神堪稱世界一流。

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 commitment to our customers, which drove our incredible performance in the third quarter.

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三季取得令人矚目的業績。

Now we'll take a closer look at our quarterly results. For the quarter, sales increased $541 million, comprised of $441 million increase in comp store sales, a $71 million increase in noncomp store sales, a $32 million increase in noncomp nonstore sales and a $3 million decrease from closed stores. As a reminder, we previously withdrew our 2020 guidance. And given the ongoing uncertainty related to COVID-19, we are not resuming guidance at this time.

現在我們來詳細分析一下季度業績。本季銷售額成長5.41億美元，其中同店銷售額成長4.41億美元，非同店銷售額成長7,100萬美元，非同店非門市銷售額成長3,200萬美元，以及因門市關閉而減少的300萬美元。需要提醒的是，我們先前已撤回2020年業績指引。鑑於新冠疫情持續帶來的不確定性，我們目前暫不恢復發布績效指引。

As Greg previously mentioned, gross margin for the third quarter decreased 96 basis points to 52.4%, which was driven by a year-over-year comparison to the significant gross margin benefits we captured in the third quarter of 2019 related to the sell-through of pre-tariff, on-hand inventory as well as dilution from the acquisition of Mayasa. As a reminder, throughout 2019, we received a gross margin benefit from the sell-through of on-hand inventory that was purchased prior to tariff-driven acquisition price increases in 2018 and 2019 and anticipated we would see a continued benefit that would taper off each quarter in 2020.

正如格雷格先前提到的，第三季毛利率下降了96個基點至52.4%，這主要是由於與2019年第三季相比，毛利率大幅下降。 2019年第三季度，我們受益於關稅生效前庫存的銷售以及收購Mayasa帶來的利潤稀釋，從而獲得了顯著的毛利率增長。需要指出的是，2019年全年，我們受益於2018年和2019年關稅導致收購價格上漲之前購入的庫存的銷售，並預期這一收益將持續到2020年，但會在每個季度逐漸減弱。

We did not receive a third quarter benefit in 2020 since we'd received the full benefit of pre-tariff inventory in the first half of 2020 due to acquisition cost decreases in the second quarter, which create a short-term headwind but benefits future POS. Looking at the third quarter stand-alone, we did not have a materially positive impact from LIFO. We expect to see year-over-year headwind again in the fourth quarter as we compare against the prior year pre-tariff inventory benefit.

由於2020年第二季採購成本下降，我們在上半年已全部享受到了關稅前庫存帶來的好處，因此2020年第三季我們並未獲得任何收益。雖然這會帶來短期不利影響，但有利於未來的銷售點。單獨來看第三季度，後進先出法（LIFO）並未對我們產生實質的正面影響。我們預計，由於與上年同期關稅前庫存收益相比，第四季度將再次面臨同比不利影響。

We received a more muted benefit from same SKU inflation in line with our expectations as we began annualizing last year's tariff-driven price increases in the third quarter. The price environment remains rational in the industry, and we expect that to continue.

由於我們從第三季開始將去年受關稅影響的價格上漲計入年化成本，因此與預期相符，我們從同類產品價格通膨中獲得的收益較為有限。目前行業價格環境依然合理，我們預期這種情況將持續下去。

Our third quarter effective tax rate was 23.2% of pretax income comprised of a base rate of 24.4%, which was in line with our expectations, reduced by 1.2% benefit for share-based compensation. This compares to the third quarter of 2019 rate of 22% of pretax income, which was comprised of a tax rate of 22.5% reduced by a 0.5% benefit for share-based compensation. Changes in the tax benefit from share-based compensation can create fluctuations in our quarterly tax rate. And we continue to expect our rate for the fourth quarter to be lower as a result of the tolling of certain tax periods.

我們第三季的實際稅率為稅前利潤的23.2%，基本稅率為24.4%，與預期相符，扣除了1.2%的股權激勵收益。相較之下，2019年第三季的實際稅率為稅前利潤的22%，基本稅率為22.5%，並扣除了0.5%的股權激勵收益。股權激勵稅收優惠的變化可能會導致季度稅率波動。我們預計，由於部分稅期的中止，第四季的稅率將會降低。

Now we'll move on to free cash flow and the components that drove our results for the quarter and year-to-date. Free cash flow for the first 9 months of 2020 was $1.9 billion versus $977 million in the first 9 months of 2019 with the increase driven by an increase in net income, a reduction in net inventory, an increase in taxes payable as a result of deferral of tax payments under the CARES Act and a reduction in CapEx, partially offset by the investment in solar projects.

接下來，我們將分析自由現金流以及推動本季和年初至今業績的各項因素。 2020 年前 9 個月的自由現金流為 19 億美元，而 2019 年前 9 個月為 9.77 億美元。成長主要得益於淨利潤增加、淨庫存減少、根據《新冠病毒援助、救濟和經濟安全法案》(CARES Act) 延期繳納稅款導致應繳稅款增加以及資本支出減少，但部分被太陽能項目投資所抵消。

Inventory per store at the end of the quarter was $628,000, which was down 0.7% from the beginning of the year but up 1.7% from this time last year. The inventory per store balance is below our expectations and reflects the strong sales volumes in the second and third quarter of 2020. Our AP to inventory ratio at the end of the second quarter was 116%, which is the highest ratio in our history and heavily influenced by the extremely strong sales volumes and inventory turns in the last 6 months. We still anticipate growth in per store inventory in the remainder of 2020 as we improve in-stock positions and resume our inventory enhancement initiatives, and this will also moderate the increase in AP percentage over time.

本季末，單店庫存為 62.8 萬美元，較年初下降 0.7%，但較去年同期成長 1.7%。單店庫存低於預期，反映了 2020 年第二季和第三季強勁的銷售量。第二季末，應付帳款與庫存比率高達 116%，創歷史新高，主要受過去六個月極高的銷售量和庫存週轉率的影響。我們預計，隨著庫存狀況的改善和庫存優化計劃的重啟，2020 年剩餘時間內單店庫存將繼續增長，這也將逐漸減緩應付帳款比率的增長。

Finally, capital expenditures for the first 9 months of the year were $363 million, which was down $118 million from the same period of 2019, driven by lower new store project development spending and the prior year level of investment in new distribution projects, which exceeded distribution development in the first 9 months of 2020. As Jeff previously discussed, we have resumed certain deferred CapEx projects, which were on pause due to the impact of COVID-19, and we'll continue to adjust our CapEx plans as appropriate given the current environment.

最後，今年前九個月的資本支出為3.63億美元，較2019年同期減少1.18億美元，主要原因是新店項目開發支出減少，以及去年同期新配送中心項目的投資額超過了2020年前九個月的配送中心開發支出。正如傑夫之前所說，我們已經恢復了一些因新冠疫情影響而暫停的資本支出項目，並將根據當前情況酌情調整我們的資本支出計劃。

Moving on to liquidity and capital structure. We were very pleased to execute our second successful bond issuance in 2020, with the issuance of $500 million of 10-year senior notes at a rate of 1.8% on September 23, by far, our best rate since we moved to an unsecured capital structure and began issuing public debt 10 years ago. These notes replace our first bond issuance from January 2011, which carried an interest rate of 4.9%. We paid out these senior notes when we reached our redemption call date in October, so the proceeds from the September issuance were still sitting in excess cash in our balance sheet at September 30.

接下來談談流動性和資本結構。我們非常高興地宣布，2020年第二次債券發行圓滿成功，於9月23日發行了5億美元的10年優先票據，利率為1.8%。這是自10年前我們轉向無擔保資本結構並開始發行公開債務以來，迄今為止的最佳利率。這些票據取代了我們2011年1月首次發行的債券，當時的利率為4.9%。我們在10月份到期贖回時償還了這些優先票據，因此截至9月30日，9月發行的債券所得款項仍以現金盈餘的形式保留在我們的資產負債表中。

We finished the third quarter with an adjusted debt-to-EBITDA ratio of 2.26x as compared to the second quarter ratio of 2.24x and our end of 2019 ratio of 2.34x. This calculation excludes the $1.6 billion of cash we held as of the end of the quarter but does include both the September bonds as well as the 2011 notes retired in October. We continue to be below our leverage target of 2.5x, and we'll approach that number when appropriate.

第三季末，我們調整後的負債與EBITDA比率為2.26倍，低於第二季的2.24倍及2019年底的2.34倍。該計算不包括截至季末我們持有的16億美元現金，但包括9月份到期的債券以及10月份到期的2011年票據。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目標。

As we discussed on last quarter's call, we resumed our share repurchase program on May 29, 2020, after temporarily suspending buybacks in March to preserve liquidity at the onset of COVID-19. We continue to judiciously execute our program in the third quarter. And year-to-date, we have repurchased 2.6 million shares with an average share price of $415.28 for a total investment of $1.09 billion. Subsequent to the end of the third quarter and through the date of our press release, we repurchased 0.7 million shares at an average share price of $458.97.

正如我們在上季度電話會議上討論的那樣，我們在2020年5月29日恢復了股票回購計畫。此前，為了在新冠疫情初期保持流動性，我們在3月暫停了股票回購。第三季度，我們繼續謹慎地執行該計劃。截至目前，我們已回購260萬股，平均每股價格為415.28美元，總投資額達10.9億美元。第三季末至本新聞稿發布之日，我們又回購了70萬股，平均每股價格為458.97美元。

As a result of our continued strong performance in the third quarter, we finished the quarter with $2.2 billion of total liquidity in cash and available borrowings under our $1.2 billion revolving credit facility, net of the cash held to retire the 2011 notes in October, and we feel we have ample liquidity under this existing facility. As we evaluate our liquidity, leverage, use of capital and share repurchase program moving forward, we will continue to prioritize maintaining our strong financial position, including the investment-grade ratings and our public debt. We have a long history of conservatively managing our balance sheet and we'll continue to take prudent steps to ensure the long-term health and stability of our company.

由於第三季業績持續強勁，截至季末，我們擁有22億美元的現金及12億美元循環信貸額度下的可用借款，扣除10月份為償還2011年到期票據而預留的現金後，我們認為現有信貸額度下的流動性充足。未來，我們將持續評估流動性、槓桿率、資本運用及股票回購計劃，並將繼續優先維護穩健的財務狀況，包括投資等級信用評等和公共債務。我們一貫秉持穩健的資產負債表管理原則，並將持續採取審慎措施，確保公司長期健康穩定發展。

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

在正式開始回答大家的問題之前，我想感謝 O'Reilly 團隊的辛勤工作以及他們對我們公司和客戶的持續奉獻。

This concludes our prepared comments. And at this time, I'd like to ask the operator, Howard, 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，請接線員霍華德回到電話線，我們將很樂意回答您的問題。

(Operator Instructions) Our first question or comment comes from the line of Greg Melich from Evercore.

（操作說明）我們的第一個問題或評論來自 Evercore 的 Greg Melich。

I wanted to follow up a bit more on the traffic and the share gains in the ticket. So if you think about it is that gap now between DIY and do-it-for-me, both are healthy, but it sounds like into this quarter, they're still narrowing a bit. Was that fair to interpret that?

我想再跟進一下流量和訂單份額增長的情況。你看，現在DIY和代客服務之間的差距雖然都還不錯，但聽起來到了本季，兩者的差距還在縮小。我的理解對嗎？

And then second, when you say that you've been gaining share, do you think that's been bigger on the DIY side or the do-it-for-me side?

其次，你說你的市佔率一直在成長，你認為這種成長是在DIY方面更大，還是在代客完成方面更大？

All right. Thanks, Greg, a lot of questions there. First, on the traffic and ticket question, I would tell you that if you divide that into the 4 quadrants, cash and charge for each, all 4 of those quadrants were positive. And we were pleased with both our ticket count and our average ticket.

好的。謝謝格雷格，你問了很多問題。首先，關於交通違規和罰單的問題，我想說的是，如果你把收入分成四個部分，分別計算現金和刷卡收入，這四個部分的收入都是正數。我們對罰單數量和平均罰單金額都很滿意。

The gap -- looking at the gap between our DIY and DIFM side of the business, it did narrow slightly this time. Our overall comp was less. So our DIFM side of the business performed well to our expectation, and our DIY traffic was off slightly from where we were last quarter.

從我們DIY和DIFM業務之間的差距來看，這次差距略有縮小。整體而言，我們的同店銷售額有所下降。因此，DIFM業務的表現符合預期，而DIY業務的流量則比上一季略有下降。

What I would add to that is if we reflect back to the beginning of the second quarter, where we saw significant drop in business and then a spike in continued strong sales from the middle of April, that was primarily on the DIY side of the business. The professional side of the business was impacted longer due to the customer service nature at dropping off your car to have it worked on, so it took longer for the professional business to come back. So the narrowing of the gap in the third quarter, I think, is more of a reflection of the more significant challenges that the professional side of the business had in the second quarter.

我想補充的是，如果我們回顧第二季初，當時業務量大幅下滑，但從四月中旬開始銷售額持續強勁回升，這主要得益於DIY業務的成長。由於專業維修業務涉及客戶將車輛送修，因此受到的影響持續時間更長，恢復也更慢。所以，我認為第三季兩方面差距的縮小，更反映了專業維修業務在第二季面臨的更嚴峻的挑戰。

And do you think you gained more share in DIY or do-it-for-me?

你認為你在DIY（自己動手）還是「代勞」服務中獲得了更大的市場份額？

That's a hard one to determine. We will see over time as others report and we look at industry data. What we would tell you is that we think we gained significant share on both sides of the business.

這很難確定。我們會隨著時間的推移，觀察其他公司的報告以及產業數據，才能得出結論。但我們可以肯定的是，我們認為我們在業務的各個方面都獲得了顯著的市場份額成長。

Our next question or comment comes from the line of Brian Nagel from Oppenheimer.

我們下一個問題或評論來自奧本海默公司的布萊恩·納格爾。

Congratulations on a really nice performance here. So the first question I want to ask is with regard to sales trends, recognizing that the strength we've seen now for the last several quarters has persisted here into the fourth quarter. But as we particularly see what now -- maybe the Q3 to Q4 transition, are you seeing any significant difference...

恭喜你們取得了非常出色的業績。我想問的第一個問題是關於銷售趨勢的，我們注意到過去幾季以來的強勁勢頭延續到了第四季。但尤其是在第三季到第四季的過渡期，你們是否觀察到任何顯著的變化…

Excuse me, Brian, we're having a little problem with your connection. (technical difficulty)

布萊恩，不好意思，你的網路連線有點問題。 （技術故障）

I'll try again. If that's any better. I apologize, I'm just on the cellphone. So the question I have is whether -- it's particularly with regard to sales from Q3 to Q4. Has there been any significant change in the categories you're performing? Are you seeing a different way that customers are shopping at the stores as these COVID headwinds persist?

我再試一次，看看情況會不會好一點。抱歉，我現在用的是手機。我的問題是──特別是關於第三季到第四季的銷售情況──您所負責的品類是否發生了顯著變化？隨著新冠疫情持續帶來的不利影響，您是否觀察到顧客在實體店的購物方式發生了變化？

Brian, I would tell you that the trend we saw in the second quarter has carried over end of the third quarter. A lot of our traditional categories that performed well have continued to perform well in the fourth quarter. We called out batteries especially performing well -- I'm sorry, not fourth quarter, third quarter. I'm getting ahead of myself there. But we did see strong performance in a lot of DIY categories as we did in the second quarter.

布萊恩，我想說的是，我們在第二季看到的趨勢延續到了第三季末。許多表現良好的傳統類別在第四季也繼續保持了良好的勢頭。我們特別提到了電池的出色表現——抱歉，不是第四季度，是第三季度。我有點離題了。但正如第二季一樣，我們也看到許多DIY品類表現強勁。

A lot of categories that historically have not performed as well, meaning whether it's hot rod parts, performance parts, car detailing components, things like that, that we just think that a lot of that DIFM consumers have more time on their hands to perform some of those repairs. And frankly, we feel like some of the shift from DIFM to DIY for some of those easier repairs has been a result of that DIFM customer completing some of those repairs themselves as opposed to taking them into the shop for repair.

許多以往表現不佳的品類，像是改裝車零件、性能零件、汽車美容配件等等，我們認為許多DIFM（自己動手做）的消費者現在有更多時間自己動手修理。坦白說，我們覺得DIFM轉向DIY，尤其是一些比較簡單的維修，正是因為DIFM的消費者選擇自己動手而不是把車送到修車廠。

Brian, what I would add to that is as our professional business strengthens as we work away from COVID and the restrictions on their business that, that drove, that business is much more focused on hard part repairs. So to the extent that those have done better, it's narrowed the gap but more about raising more of the traditional categories than weakness in others.

布萊恩，我想補充的是，隨著我們擺脫新冠疫情及其帶來的業務限制，我們的專業業務也在不斷增強，這些限制導致業務更加專注於零件維修。因此，儘管這些業務表現有所改善，縮小了差距，但這更多是由於傳統業務類別的提升，而非其他業務類別的疲軟。

Our next question or comment comes from the line of Kate McShane from Goldman Sachs.

下一個問題或評論來自高盛的凱特·麥克沙恩。

My first question was just with regards to the SG&A dollar growth. Tom, I know you went through that a little bit in your prepared comments. But can you remind us the areas where you're still being able to limit that spend?

我的第一個問題是關於銷售、管理及行政費用（SG&A）成長的。湯姆，我知道你在事先準備好的演講稿中已經稍微談到了這一點。但你能否再提醒我們一下，在哪些方面你仍能控制這部分支出？

Okay. Jeff covered those comments, but I'll go through it because it sounds like an accounting question. When we look at our SG&A, the biggest driver of our SG&A expense is store payroll. And when COVID hit and we had 4 weeks of horrible sales, we were planning for the worst and reduced our staff, and Jeff can speak to the specifics of how we went through staff evaluations and what that means to our long-term business. But we continue to be very conservative in our sales outlook and make sure that we're staffing to run the business and provide good -- great customer service but still be cognizant that sales trends could change.

好的。 Jeff已經回答了那些問題，但我還是再補充一下，因為這聽起來像是會計問題。當我們查看銷售、管理及行政費用（SG&A）時，最大的支出項是門市員工薪資。新冠疫情爆發後，我們經歷了連續四周糟糕的銷售業績，當時我們已經做好了最壞的打算，並減少了員工人數。 Jeff可以詳細解釋我們如何進行員工評估，以及這對我們長期業務的影響。但我們仍然對銷售前景保持非常保守的態度，確保我們的人員配備足以維持業務運營，並提供優質的客戶服務，同時也要意識到銷售趨勢可能會改變。

When we look up and down our P&L, a lot of items -- some items have been deferred when you look at maintenance. When we look at anything fuel related, whether it's utilities or gas to run the delivery vehicles, those have been significantly less than we would have thought. Some of our CapEx projects where we deferred the CapEx, they have a great return over time but have some drag in the initial implementation. So some of those deferrals have caused a positive short-term P&L impact, but the main item and the main driver for our SG&A is store payroll.

當我們仔細審視損益表時，會發現很多項目——例如維護方面的一些項目——都被推遲了。而所有與燃料相關的支出，無論是水電費或送貨車輛的汽油費，都遠低於我們的預期。一些我們推遲的資本支出項目，雖然初期實施階段會遇到一些阻力，但從長遠來看，它們會帶來豐厚的回報。因此，這些延遲支出在短期內對損益表產生了正面影響，但我們銷售、管理及行政費用（SG&A）的主要支出和主要驅動因素仍然是門市員工薪資。

I'll turn it over to Jeff to comment on that.

我將把這個問題交給傑夫來評論。

Yes. I'd just add that as we talked about in the second quarter, the tail end of the second quarter, is we made headway, ramped up our staffing levels to try to meet the demand, and that trend continued into the third quarter. But we still remain very cautious in our staffing, just not knowing how long the sales demand will last.

是的。我還要補充一點，正如我們在第二季末討論的那樣，我們取得了一些進展，提高了員工人數以滿足需求，這一趨勢延續到了第三季度。但我們仍然非常謹慎地對待人員配備，因為我們無法確定銷售需求會持續多久。

The other thing I'd mention is we've had an ongoing focus on our company about increasing our full-time team member mix, and we've made a headway with that this year. There are several benefits that, obviously, the higher levels of service especially on nights and weekends from a more tenured full-time team member. But really just as important, it continues to build our bench for our future promotions from within. And obviously, there's a cost associated with that besides the wages, the additional health benefits and paid time off, but we believe it's the right thing to do to drive even higher levels of service. And over the long term, that will make for a more productive workforce.

我想補充一點，我們公司一直致力於提高全職員工的比例，今年在這方面取得了進展。顯而易見，經驗豐富的全職員工能夠提供更高水準的服務，尤其是在夜間和週末，這帶來了許多好處。但同樣重要的是，這有助於我們持續培養內部人才，為未來的晉升做好準備。當然，除了薪資、額外的醫療福利和帶薪休假之外，這還需要一定的成本，但我們相信，為了進一步提升服務水平，這是正確的選擇。從長遠來看，這將打造一支更有效率的員工隊伍。

And then my follow-up question was just on the very strong used car sales that we've been seeing. I wondered in the history of the company if you've seen probably not a similar level but just when there are higher used car sales, how it worked through your business and what kind of sales lift and timing could we expect from that over the long term.

然後我的後續問題是關於我們目前看到的非常強勁的二手車銷售情況。我想知道，在公司歷史上，您是否曾經遇到過類似的情況（雖然可能沒有達到如此高的水平），但當二手車銷量增長時，這對您的業務有何影響？從長遠來看，我們能預期這種成長會帶來怎樣的銷售提升，以及成長的時間節點是什麼？

Historically, when we've seen used car sales go up and the prices go up, that's a benefit to our business from 2 standpoints. One, the price increase is being driven by people who are seeking use cars as opposed to as many new cars, so more miles driven are on cars outside of warranties. That's a positive for us. The other big positive for us is it's a used car sale, but it's new to somebody else. So both on the seller side, people are making repairs to sell their vehicles. And as people acquire new vehicles, they're making repairs to those vehicles, both of which benefit us.

從歷史經驗來看，二手車銷售和價格上漲對我們公司有利，原因有二。首先，價格上漲是由人們購買二手車而非新車推動的，這意味著更多車輛的行駛里程超過了保固期。這對我們來說是好事。其次，雖然是二手車，但對其他人來說卻是新車。因此，賣家為了出售車輛而進行維修，而新車車主在購買新車時也需要進行維修，這兩方面都對我們有利。

Our next question or comment comes from the line of Zach Fadem from Wells Fargo.

下一個問題或評論來自富國銀行的 Zach Fadem。

Could you talk about the impact of the discretionary or product -- project categories and how that lift is compared versus Q2? And then when thinking about this hobby customer, any indication that you're seeing a step-up in new customers relative to your typical run rate?

您能否談談非必需消費品或產品/商品類別的影響，以及與第二季相比，此成長有何不同？另外，就業餘客戶而言，您是否看到新客戶數量相對於通常的成長率有所提高？

Well, Zach, it's hard to really determine. Some categories, it's obvious that it's "the hobby customer." Other categories, it's really hard to tell. When you sell spark plugs, is that a hobby customer? Or is that a maintenance need? Are they working on a project car that's had dust on it with a cover on it for 4 or 5 years that they just have time to work on all of a sudden because they've got more time from working from home? They don't have the daily commute, things like that.

札克，​​這很難說。有些類別，很明顯是「業餘愛好者」。但有些類別，就很難判斷了。例如你賣火星塞，這算是業餘愛好者嗎？還是說這是日常維護需求？他們是不是在翻新一輛積滿灰塵、蓋著罩子四五年的老車，最近因為在家辦公有了更多時間，突然有空來修了？他們不用每天通勤，諸如此類。

So I would say those categories that we called out, performance, car care, things like that, they performed similarly to second quarter. But again, I don't want to send any impression to anybody that, that was the meat of our sales improvement because it's not. We did see -- that is an unusual trend for our industry to see sales in those categories. But really the meat and potatoes of our P&L were the traditional categories that we sell, that continue to sell throughout the quarter.

所以我想說，我們之前提到的那些類別，像是性能車、汽車保養等等，它們的表現基本上與第二季相當。但我再次強調，我不想讓大家誤以為這些類別是我們銷售成長的主要動力，因為事實並非如此。我們確實看到——對於我們這個行業來說，這些類別的銷售額成長是一個不尋常的趨勢。但實際上，我們損益表的核心還是那些我們一直以來銷售的傳統類別，它們在整個季度都保持著良好的銷售動能。

Got it. That makes sense. And for Tom, on the gross margin line, can you talk about how the LIFO dynamics have compared to your expectations at the beginning of the year? And when you think about the initial 52.5% to 53% gross margin guide, I know that's no longer on the table, but is the low end of that range the right way to think about the gross margin run rate going forward? Or are there any other one-off items around mix or the supply chain that we should keep in mind?

明白了，這很有道理。湯姆，關於毛利率，你能談談後進先出法（LIFO）的實際表現與年初預期相比如何嗎？我知道之前給出的52.5%到53%的毛利率預期現在已經不再適用，但這個區間的下限是否是預測未來毛利率走勢的正確方向？或者說，在產品組合或供應鏈方面，還有哪些一次性因素需要考慮？

Well, Zach, I appreciate that you acknowledge that we've suspended guidance, and therefore, I can't make any comments in relation to past guidance because it's been suspended. But we'll talk about the gross margin for the quarter.

扎克，我很感謝你承認我們已經暫停發布業績指引，因此，我無法就過去的業績指引發表任何評論，因為它已被暫停。但我們會討論本季的毛利率。

So as we talked about on our third quarter 2019 conference call, and we're very pointed in calling out as we were seeing a benefit and gross margin from items where tariffs have been imposed, prices on the Street, selling prices had increased, but we were able to sell-through the merchandise that we had on hand, and we were seeing a benefit from that. We expected that to benefit to continue although declining through the first and second quarter of this year.

正如我們在2019年第三季財報電話會議上所討論的，我們也特別指出，儘管部分商品被徵收關稅，導致市場價格上漲，但我們仍能售出庫存商品，並從中獲益，毛利率也因此提高。我們預計這種收益將持續，儘管在今年第一季和第二季可能會下降。

In the second quarter of this year, we actually saw more price decreases, primarily as suppliers work to adjust their supply chains to limit the impacts of tariffs. So when we get to the third quarter, we've really annualized those items. And it's reflected in our LIFO charge or our LIFO benefit as the case may be. In this case, it's a benefit. So you'll see it in our Q last year, we had a LIFO benefit in the third quarter of $22 million. This year, it was $1 million.

今年第二季度，我們實際上看到價格進一步下降，這主要是因為供應商正在調整供應鏈以減少關稅的影響。因此，到了第三季度，我們已經將這些項目進行了年化處理。這反映在我們的後進先出（LIFO）費用或收益中。就目前而言，這是一項收益。您可以看到，去年第三季我們的後進先出收益為 2,200 萬美元，而今年為 100 萬美元。

Our next question or comment comes from the line of David Bellinger from Wolfe Research.

我們接下來的問題或評論來自 Wolfe Research 的 David Bellinger。

Can you talk a bit more about some of these better performing categories, particularly the battery category, where sales have been incredibly strong over the past few quarters? So how is supply shaping up at this point? And are you working through any constraints now? And what does that mean subsequently to gross margins?

可否詳細談談一些表現較好的品類，特別是電池品類？過去幾個季度，電池品類的銷售情況非常強勁。目前供應情況如何？您是否正在努力克服任何供應瓶頸？這些因素對毛利率又意味著什麼？

Yes. I'll take the category question and see if Tom wants to comment on the margin component. As we said, all of our categories -- we're very pleased with how all of our categories have performed. The only surprises again will be the call out. But I talked about the last question about performance although not nearly as material as the traditional lines that sell very well for us.

是的。我會回答關於品類的問題，看看湯姆是否想就利潤率部分發表意見。正如我們所說，我們對所有品類的表現都非常滿意。唯一可能出現的意外情況仍然是最終的業績。不過，我之前也談到了業績方面的問題，雖然它不像我們那些銷售量非常好的傳統產品線那麼重要。

If you talk specifically about batteries, yes, we've seen significant battery sales for the quarter, actually, the past 2 quarters. Why? There's probably several reasons why. I think some of it is related to maybe cars sitting at home because people are working from home. We had a mild winter last year, so there may be some pull forward. We'll have to see how that plays out in the fourth quarter.

如果具體談到電池，是的，我們本季度，實際上是過去兩個季度，電池銷量都顯著增長。為什麼呢？原因可能有很多。我認為部分原因可能與人們居家辦公導致汽車停放時間增加有關。去年冬天比較暖和，所以可能提前出現了一些需求。我們得看看第四季的情況如何。

But as far as supply, we've had some supply issues throughout the third quarter from some of our suppliers. It's probably a handful of suppliers that had significant supply issues. There's only a couple of major battery suppliers in the industry, and both of those suppliers have performed well. One of them better than the other, but both have performed well. Like other categories, our suppliers have faced challenges with COVID related to the number of shifts they can work, related to social distancing requirements, in one case related to wildfires out West. So it's been tough for our suppliers, just like it's been tough for us and our competitors to maintain staffing levels to keep up with demand. But overall, battery sales are great, as we called out, and our suppliers are doing a good job.

但就供應而言，第三季我們的一些供應商確實出現了供應問題。可能只有少數幾家供應商遇到了嚴重的供應問題。業界只有兩家主要的電池供應商，而且這兩家供應商的表現都相當不錯。其中一家比另一家更出色，但兩家都表現良好。與其他行業一樣，我們的供應商也面臨新冠疫情帶來的挑戰，例如輪班數量受限、保持社交距離的要求，以及西部地區的山火​​。因此，我們的供應商處境艱難，就像我們和競爭對手一樣，為了維持足夠的員工人數以滿足需求而苦苦掙扎。但總的來說，正如我們之前提到的，電池銷售情況良好，我們的供應商也做得很好。

I think that if you look at the chart of fill rate from our suppliers over the past 6 months since the pandemic began, you see the hockey stick effect and those few that are still not feeling as well as we would like, we're starting to see an upturn in their fill rate.

我認為，如果你看一下疫情爆發以來過去 6 個月我們供應商的供貨率圖表，你會發現它呈現出曲棍球棒效應，而且那些仍然沒有恢復到我們預期狀態的少數供應商，我們開始看到他們的供貨率有所回升。

Tom, do you want to talk about the margin impact?

湯姆，你想談談利潤率的影響嗎？

Sure. So to reiterate what Greg said, we're happy with the performance of all our categories. We can't post a 16.9% comparable store increase unless all the categories are doing well. The items where we point out some of the discretionary items that DIY consumers are buying, which is really for 2 reasons. One, when we get into economic constrained conditions, those typically go the other direction. So that's abnormal.

當然。正如格雷格所說，我們對所有品類的表現都很滿意。如果所有品類都表現不佳，我們不可能達到16.9%的同店銷售額成長。我們特別指出，有些非必需品受到DIY消費者的青睞，這主要有兩個原因。首先，在經濟情勢緊張的情況下，這類商品的需求通常會下降。所以，這種情況實屬反常。

The other item is just that consumers are looking at their vehicles, wanting to invest in their vehicles, wanting -- in the reduction of repair, underperformed or unperformed maintenance is going down, and that is helping our sales value. So all the categories are doing well. So the difference in gross margin between those categories and other categories is not significant enough and the performance difference is not significant enough to create a mix difference in our gross margin.

另一個原因是，消費者正在審視自己的車輛，希望對車輛進行投資，希望減少維修、保養不足或未進行的保養，這有助於提升我們的銷售額。因此，所有品類都表現良好。這些品類與其他品類之間的毛利率差異並不顯著，業績差異也不足以造成毛利率的顯著變動。

Understood. And maybe just another follow-up on a previous margin question. So you walked us through the mechanics post-tariffs and the flow-through there. But in the Q3 period, was there anything else out of the ordinary that you saw in terms of the year-over-year margin decline? Anything from a promotional perspective to keep some of these DIY customers in your ecosystem or higher freight transportation costs? And just anything out of the ordinary that further explains that the year-over-year 96 basis point decline?

明白了。或許可以再補充一下之前關於利潤率的問題。您已經詳細解釋了關稅實施後的運作機制以及相關影響。但在第三季度，您是否觀察到任何異常情況導致利潤率年減？例如，為了留住部分DIY客戶，您是否採取了促銷措施？或貨運成本是否上漲？還有其他任何異常情況可以進一步解釋同比下降96個基點的原因嗎？

So yes, I'd put it in 3 buckets. One is LIFO, we covered that. And then two is we have some dilution, as we talked about on our first quarter call from the Mayasa business in Mexico, where they run more independent chopper -- much more independent chopper business, and it's got a lower gross margin. You're not operating in the stores. You share the gross margin with the independent chopper's operating stores.

是的，我會把它分成三類。第一類是後進先出法（LIFO），我們已經討論過了。第二類是利潤稀釋，就像我們在第一季財報電話會議上提到的，墨西哥的Mayasa業務存在這種情況，他們經營更多獨立的摩托車經銷商——獨立摩托車經銷商的業務非常多，而且毛利率較低。你不是直接在門市經營，而是與這些獨立摩托車經銷商的門市分享毛利率。

And we have -- normally, you would think in the distribution centers with high volume, we'd have leverage. But in this case, the volume is so high that we're having to do extraordinary things to get products shipped out. So we actually have some headwind there.

通常情況下，你會認為在高吞吐量的配送中心，我們應該擁有一定的議價能力。但這次的情況是，吞吐量實在太大了，我們不得不採取非常規手段才能把產品出貨出去。所以，我們其實面臨一些阻力。

It's -- what Tom is referring to is just the incredible volume stream that just created really inefficiencies and are really receiving and shipping areas in our DCs. And with that volume and trying to stack that volume, we've had to use overtime until we can catch up with headcount as well as temps to help us keep our shipping percentages where they need to be.

湯姆指的是，海量的貨物流造成了嚴重的效率低下，尤其是在我們配送中心的收發貨區域。為了應對如此龐大的貨物量，我們不得不啟用加班制，並僱用臨時工來維持必要的人手和人員，以確保我們的發貨率達到預期水平。

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

下一個問題或評論來自傑富瑞集團的布雷特喬丹。

On the supply chain question, it sounds like a couple of suppliers, maybe one of the big battery guys has had some recent challenges. Could you give us color, sort of the cadence of supply chain stresses we heard back a quarter ago about some of the specialty performance parts being in short supply? Do you see your suppliers sort of having adjusted to the disruption in improving their in-stocks? Or I guess those weeks have the sustained period of above-average demand. Is the supply chain having a harder time keeping up?

關於供應鏈問題，聽起來好像有幾家供應商，可能是其中一家大型電池供應商，最近遇到了一些挑戰。您能否詳細說明一下，例如我們三個月前聽說的某些高性能特種零件短缺的供應鏈壓力情況？您認為您的供應商是否已經調整了庫存狀況，以應對這種中斷？或者我猜想，那幾週是持續高於平均的需求期。供應鏈是否難以滿足需求？

Yes. Good question, Bret. What I would tell you is we've seen improvement. Like I said, there's really only a handful of suppliers that are -- well, let me break that out. There's a handful of suppliers that are having fill rate issues that they control. There's also a handful of smaller chemical suppliers that are having some issues just simply to get product for their product. In other words, there are so many containers that are going towards hand sanitizers. Some of these specialty vendors are still having trouble getting containers to ship their products in. But that too has started to shift back into a favorable position.

是的，問得好，布雷特。我想說的是，情況已經有所改善。就像我剛才說的，真正遇到問題的供應商只有少數幾家——嗯，讓我具體說。有少數供應商的供貨率有問題，但他們可以控制這些問題。還有一些規模較小的化學品供應商，他們甚至連生產所需的原料都難以取得。換句話說，現在有很多容器都用來生產洗手液。一些專業供應商仍然難以取得用於運輸產品的容器。但這種情況也開始好轉。

So what I would tell you from a supplier component of the supply chain, we're seeing continued improvement. And there's only really a handful of suppliers that are really continuing to not fill at a rate that we desire. Looking at the entire supply chain, as Jeff called out, as strong as our supply chain is and as strong as our DCs perform, they're just not equipped for the comparable store sales volume we've seen.

所以，作為供應鏈中的供應商，我想告訴大家的是，我們看到情況持續好轉。只有極少數供應商的供貨速度仍然達不到我們的預期。正如傑夫所指出的，縱觀整個供應鏈，儘管我們的供應鏈和配送中心運作狀況良好，但它們仍然無法應對我們所看到的同店銷售量。

So to Jeff's earlier point, we've seen some pressures there in our DCs keeping up with the demand. We've done a good job of getting product out to our stores on a daily basis, but we've had some backlog on incoming freight. And we're working really hard to get that caught up.

正如傑夫之前提到的，我們的配送中心在滿足需求方面確實面臨一些壓力。我們每天都能很好地將產品送到門市，但部分到貨貨物出現了積壓。我們正在全力以赴地解決這個問題。

So overall, we feel good. Suppliers are doing a good job. We're doing a good job of getting caught up. And I would say, within the next 30 to 45 days, we feel like our supply chain will be back to normal.

總的來說，我們感覺良好。供應商做得很好，我們也在努力追趕進度。我認為，在未來30到45天內，我們的供應鏈將恢復正常。

Okay. And then could you give us a quick update on regional performance, maybe the highs and the lows and what kind of spread you're seeing between those comps?

好的。那麼，您能否簡要介紹一下區域業績，例如最高點和最低點，以及您觀察到的各區域之間的差距？

Yes. Jeff, do you want to take that?

是的。傑夫，你想拿嗎？

Sure. As we mentioned on our second quarter call, we were extremely pleased with the performance on both sides of the business across all of our markets, really exceeding our expectations. And really, that trend continued into the third quarter.

當然。正如我們在第二季財報電話會議上所提到的，我們對公司在所有市場的業務表現都非常滿意，遠遠超出預期。而且，這趨勢也延續到了第三季。

As you'd expect, our newer markets continue to outcomp our more mature markets. But overall, the outperformance in the third quarter was really across all of our divisions. All of our divisions performed very well exceeding our expectations.

正如預期，我們的新興市場持續優於成熟市場。但整體而言，第三季所有業務部門均表現出色，遠超預期。

Our next question or comment comes from the line of Mike Baker from Davidson.

我們下一個問題或評論來自戴維森的邁克貝克。

A couple, let's say, I guess I'll ask on the gross margin. So the -- if the remaining -- you talked about -- so gross margin is down 95 basis points. I think if we do the math on the LIFO you talked about, maybe that looks like it's a 65 basis point headwind. So can we assume the remainder is Mexico?

比如說，我想問毛利率的狀況。您剛才提到的剩餘部分—毛利率下降了95個基點。如果我們按照您提到的後進先出法（LIFO）計算，這看起來像是65個基點的不利影響。那我們可以假設剩餘部分指的是墨西哥嗎？

And more importantly, how do we think about it in the fourth quarter? You said the dynamic will play out similarly or will play out -- the same factors will play out. But what about the magnitude? In other words, should we expect the same impact from that LIFO dynamic of roughly 65 basis points as we saw this quarter?

更重要的是，我們該如何看待第四季的情況？您提到，情況會類似，或者說，同樣的因素會繼續發揮作用。但影響程度如何呢？換句話說，我們是否應該預期，第四季後進先出法（LIFO）帶來的約65個基點的影響會與本季相同？

Well, what we would expect -- first item is there were some other factors in there. So I wouldn't necessarily assume that mass is all of those, and we're not -- we talked about we're not commenting specifically on their P&L. What I would tell you is that when we look at the fourth quarter, we would expect not to have a significant LIFO impact on our gross margin.

嗯，我們預計——首先，還有其他一些因素在起作用。所以我不會斷定銷售就是所有這些因素，而且我們——我們之前說過，我們不會對他們的損益表做具體評論。我想說的是，當我們分析第四季時，我們預期後進先出法（LIFO）不會對我們的毛利率產生顯著影響。

Not significant or not as significant? Sorry, I just didn't hear.

不重要還是沒那麼重要？抱歉，我沒聽清楚。

Not significant.

不重要。

Not significant. Understood. Okay. And then, I guess...

不重要。明白了。好的。然後，我想…

Maybe to be more clear, you never know until the quarter is done and a lot of price changes happen during the quarter. But we were $1 million positive this year -- or this quarter, so pretty darn flat.

或許更確切地說，不到季度結束你永遠無法確定，而且季度內價格波動很大。但我們今年（或者說本季）獲利100萬美元，所以相當穩定。

Right. But on a year-over-year basis, that's where the issue comes, right? So when you say not a significant LIFO in the fourth quarter, so let's say it's around that same level of $1 million but on a year-over-year impact -- year-over-year basis, that impacts the gross margin change or the gross margin rate year-over-year. Is that the right way to think about it?

沒錯。但問題就出在同比上，對吧？你說第四季的後進先出法變動不大，比如說大概在100萬美元左右，但年比來看，這會影響毛利率的變化，也就是毛利率年比的變化。這樣想對嗎？

Our fourth quarter 2019 impact is within our SEC filings.

我們在提交給美國證券交易委員會的文件中闡述了 2019 年第四季的業績影響。

Yes. Okay. No, I get that. Okay. Okay. By way, perhaps a follow-up, if it's still in the P&L, if that counts as the same general area. On the SG&A, my sense is after the second quarter, you were pretty insistent that you're going to ramp back up the SG&A because it was too low. And now it sounds like a little bit more cautious from the third quarter going into the fourth quarter. Is that because you've gotten the SG&A back to the level that you think is appropriate? Or is it more a commentary of where you think sales are going in the next 3 months?

是的。好的。不，我明白了。好的。好的。順便問一下，如果損益表裡還有這一項，或者說這算在同一領域的話，關於銷售、管理及行政費用（SG&A），我的感覺是，在第二季度之後，您非常堅持要提高SG&A，因為當時SG&A太低了。而現在，從第三季度到第四季度，您的態度似乎更加謹慎了。這是因為您已經將SG&A調整到您認為合適的水平了嗎？還是說，這更反映了您對未來三個月銷售走勢的預期？

Well, clearly, in the second quarter, the spike in volume caught us by surprise is we had to reduce our workforce based on the first onset of COVID and the results. So there are many different grades of leverage. The second quarter leverage was extreme, and that's something that is sustainable or good for our business in the long term. And the third quarter, as Jeff talked about, we increased our staffing to match the expected sales or closer to the expected sales.

顯然，第二季銷售量激增讓我們措手不及，我們不得不根據新冠疫情的初期發展和應對措施來裁員。所以，槓桿作用有很多種。第二季的槓桿作用非常大，但這從長遠來看是可持續的，對我們的業務有利。正如傑夫所說，第三季我們增加了員工人數，以匹配或更接近預期的銷售額。

We continue to see significant SG&A leverage in the third quarter. I think our comments around that are we're going to manage our SG&A and our spend per store prudently so that we can react to changes in sales volume to be the same and continue at this high-low double-digit rate or to the extent that we see fluctuations that we can actively manage our expenses.

第三季我們持續看到顯著的銷售、管理及行政費用槓桿效應。我認為我們對此的解釋是，我們將謹慎管理銷售、管理及行政費用和單店支出，以便能夠應對銷售量的變化，保持目前的高低兩位數增長率，或在出現波動時積極控制支出。

Our next question or comment comes from the line of Seth Sigman from Crédit Suisse.

下一個問題或評論來自瑞士信貸的塞思·西格曼。

Nice quarter. I wanted to follow up on market share. Your results obviously outperforming the industry it seems like by a wider margin than we've seen in the past, and it does seem like a good portion of that is actual share gains perhaps from independents. How much of this is transitory benefits from perhaps being able to manage inventory more effectively than others versus something that maybe is more structural? How do you think about the drivers of what's driving that outperformance right now?

不錯的季度業績。我想就市場佔有率方面再了解一下。你們的業績顯然優於行業平均水平，而且優勢似乎比以往更大，其中很大一部分可能是從獨立零售商實際獲得的市場份額增長。這其中有多少是暫時性的收益，例如你們比其他公司更有效地管理庫存，又有多少是更具結構性的優勢？您認為目前推動業績超預期的主要因素是什麼？

Yes. So I think it's several things. And if you look at market share gains, one thing I would tell you is I think the pie itself is bigger this year. I think there's more money being spent in the aftermarket as a whole because of the stimulus and some of the incentives that consumers have. But if you look at where those market share gains are coming from, you mentioned the smaller independents, I think that is a result of supply chain strength and our leverage and our ability to have inventory within our supply chain and have that inventory positioned in such a way in our supply chain that gives us a competitive benefit.

是的。所以我認為這其中有很多因素。如果你看一下市場佔有率的成長，首先我想說的是，我認為今年的市場蛋糕更大了。我認為，由於經濟刺激政策和消費者的一些激勵措施，整個售後市場的支出增加了。但如果你看看這些市場份額的成長來自哪裡，你提到了規模較小的獨立經銷商，我認為這得益於我們強大的供應鏈、我們的議價能力以及我們在供應鏈中擁有庫存的能力，並且這些庫存的佈局方式能夠給我們帶來競爭優勢。

The other piece that I think to a much lesser degree would be from the mass retail side. I think we're taking some market share from the mass retail side although to a much lesser degree because it's a lot fewer categories. I think the consumer in that case is frequently concerned about walking into a big box store to buy a battery or set of wiper blades or some product, and there's been a shift to the smaller retail box like ours. And I think there's been a surprise and delight function that goes along with that. When that customer comes in into one of our stores, not only are they able to get that product with not having the degree of interaction that they would have in a big box store but we also install that product for them as well.

我認為另一個影響較小的方面是大眾零售。雖然大眾零售的品類較少，但我認為我們正在從大眾零售領域搶佔一些市場份額。我認為，消費者通常會擔心走進大型超市購買電池、雨刷或其他產品，因此他們傾向於選擇像我們這樣的小型零售店。我認為這帶來了一種驚喜和愉悅感。當顧客走進我們的門市時，他們不僅可以在無需像在大型超市那樣與人頻繁互動的情況下購買到所需產品，我們還會為他們提供安裝服務。

And I think that's evident. I get a lot of letters from customers over the years. And lately, a lot of those letters talking about the service level we provide have called out with a degree of surprise that we perform those functions. We install those batteries and wipers, and our traditional customer knows we do that. So I think we've brought some new customers under our stores. And I think one of the keys that market share that we've taken from both sides of the business is just the service level we provide and the stickiness and our focus on keeping those customers for the long term from both channels that I described.

我認為這一點顯而易見。多年來，我收到很多客戶的來信。最近，許多來信都提到我們提供的服務水平，其中不乏對我們提供這些服務感到驚訝的情況。例如，我們安裝電池和雨刷，而我們的老客戶都知道我們提供這項服務。所以我認為，我們確實為門市吸引了一些新客戶。我認為，我們在業務的各個方面都取得市場份額的關鍵之一，就是我們提供的服務水平、客戶粘性以及我們致力於長期留住客戶（包括我剛才提到的兩個渠道）的理念。

Just to expand on that, I mean, it's been incredibly disruptive the last 6 months to our business. And our corporate office has done a great job supporting our teams in the DCs and stores. And our DC teams have done a fantastic job with all the adversity they faced, shipping product to our stores and keeping them in an in-stock position. And then our stores have just -- in all the adversity and issues they face in all their markets with lockdowns and the regulations have just done an incredible job in execution, taking care of our customers day in and day out.

再補充一點，過去六個月對我們的業務造成了巨大的衝擊。我們的總部在支援配送中心和門市團隊方面做得非常出色。我們的配送中心團隊克服了重重困難，出色地完成了工作，確保產品及時送達門市並保持庫存充足。而我們的門市——在各自市場面臨封鎖和各種限制措施等諸多挑戰和問題的情況下，依然展現出了驚人的執行力，日復一日地為顧客提供優質服務。

Okay. All right. And then just on one of the prior points around SG&A, it sounds like you'll continue to manage conservatively. Does that mean that if comps remain at this low double-digit rate, that SG&A growth may remain constrained in Q4 like we saw this quarter? Is that the way to think about it?

好的。好的。關於先前提到的銷售、管理及行政費用（SG&A），聽起來你們會繼續採取保守的管理方式。這是否意味著，如果同店銷售額繼續維持在較低的兩位數成長率，那麼第四季的SG&A成長可能也會像本季一樣受到限制？是這樣理解的嗎？

If we -- there's a lot of quarter left, and we'll see what happens with the sales volumes. What we would tell you is that we are going to be conservative. That means not staffing up to the current level of business because the current level of business has been heightened from historic norms to the extent that we can continue to drive those results, we will continue to see strong leverage.

如果——目前距離季度結束還有很長時間，我們會觀察銷售量的變化。我們可以告訴大家的是，我們將採取保守策略。這意味著我們不會像目前這樣增加員工人數，因為目前的業務水準已經遠遠超過歷史平均水準。只要我們能夠繼續保持這樣的業績，我們就能繼續保持強勁的槓桿作用。

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

謝謝。提問環節時間已到。現在我將把電話交給格雷格·約翰遜先生，請他作總結發言。

Thank you, Howard. We'd like to conclude our call today by thanking the entire O'Reilly team for their continued selfless dedication to our customers. I'd also like to thank everyone for joining our call today, and we look forward to reporting our fourth quarter and full year 2020 results in February.

謝謝霍華德。今天電話會議的最後，我們要感謝奧萊利團隊全體成員一直以來對客戶的無私奉獻。我也要感謝今天參加我們電話會議的各位，我們期待在二月份公佈2020年第四季和全年業績。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect.

女士們、先生們，感謝各位參加今天的會議。會議到此結束，您可以斷開連線了。