O'Reilly Automotive Inc (ORLY) 2020 Q2 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc. Second Quarter 2020 Earnings Conference Call. My name is Bridgette, and I'll be your operator for today's call. (Operator Instructions)

歡迎來到 O'Reilly Automotive, Inc.2020年第二季財報電話會議。我叫布里奇特，我將擔任您今天通話的接線生。（操作說明）

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

現在我將把電話交給湯姆·麥克福爾。麥克福爾先生，你可以開始了。

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

謝謝你，布里奇特。各位早安，感謝各位的參與。在今天的電話會議上，我們將討論我們 2020 年第二季的業績。在我們發表完準備好的評論後，我們將進行問答環節。

Before we begin this morning, I'd like to remind everyone that our comments today contain forward-looking statements and we intend to be covered by and we claim the protection under the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as estimate, may, could, will, believe, expect, would, consider, should, anticipate, project, plan, intend or similar words. The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest annual report on Form 10-K for the year ended December 31, 2019, and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

在今天早上開始之前，我想提醒大家，我們今天的發言包含前瞻性陳述，我們打算受到 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，並聲明我們享有該條款的保護。你可以透過諸如估計、可能、可以、將、相信、預期、會、考慮、應該、預計、預測、計劃、打算或類似詞語等前瞻性詞語來識別這些陳述。由於本公司截至 2019 年 12 月 31 日止年度的最新 10-K 表格年度報告以及其他近期提交給美國證券交易委員會的文件中所述的幾個重要因素，本公司的實際業績可能與任何前瞻性聲明有重大差異。本公司不承擔更新本次電話會議中任何前瞻性陳述的義務。

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

在此，我謹向大家介紹格雷格·約翰遜。

Thanks, Tom. Good morning, everyone, and welcome to the O'Reilly Auto Parts second quarter conference call. Participating on the call with me this morning are Jeff Shaw, our Chief Operating Officer and Co-President; and Tom McFall, our Chief Financial Officer. David O'Reilly, our Executive Chairman; and Greg Henslee, our Executive Vice Chairman, are also present on the call.

謝謝你，湯姆。各位早安，歡迎參加歐萊利汽車配件公司第二季電話會議。今天早上與我一起參加電話會議的有我們的營運長兼聯席總裁傑夫·肖，以及我們的財務長湯姆·麥克福爾。我們的執行主席大衛·奧萊利和執行副主席格雷格·亨斯利也參加了這次電話會議。

The 5 of us on the conference call today have a combined over 170 years experience in the automotive aftermarket, and we have collectively experienced many, many ups and downs in our industry. But in the 63-year history of our company, I can safely say we've never seen a quarter like this year's second quarter.

今天參加電話會議的我們 5 個人在汽車售後市場加起來有超過 170 年的經驗，我們共同經歷了這個行業的許多起起落落。但就我們公司 63 年的歷史而言，我可以肯定地說，我們從未見過像今年第二季這樣的情況。

As we begin our prepared comments today, I'd like to start with the most important comment first, which is to thank Team O'Reilly for your amazing dedication and performance during one of the most difficult and challenging periods in our company's history. The communities we serve continue to face significant ongoing challenges from the COVID-19 pandemic, but our team has remained steadfast in executing our protocols to protect the health and safety of our team and our customers while providing outstanding customer service. It has never been more evident just how essential our role is in providing our customers with the critical parts they need and the service they expect to keep their vehicles on the road.

今天，在我們開始發表準備好的發言之前，我想先發表最重要的發言，那就是感謝奧萊利團隊在我們公司歷史上最艱難、最具挑戰性的時期之一所展現出的驚人奉獻精神和出色表現。我們服務的社區繼續面臨 COVID-19 疫情帶來的重大挑戰，但我們的團隊始終堅定不移地執行各項規程，以保護我們團隊和客戶的健康和安全，同時提供卓越的客戶服務。現在比以往任何時候都更明顯地看出，我們在為客戶提供他們所需的關鍵零件和他們期望的服務，以確保他們的車輛能夠正常行駛方面，發揮著多麼重要的作用。

This quarter, we experienced the most dramatic swing in demand our business we have ever seen. And we're extremely proud of how our team stepped up to the challenge and delivered a record breaking quarter, highlighted by a comparable store sales increase of 16.2% and a 57% increase in earnings per share, combined with the year-to-date increase in operating cash flows of over $700 million. The numbers are a reflection of the tireless dedication and hard work of our team. And I want to congratulate all of Team O'Reilly on your incredible performance in the second quarter.

本季度，我們經歷了公司業務有史以來最劇烈的需求波動。我們為團隊迎接挑戰並取得破紀錄的季度業績感到無比自豪，其中同店銷售額增長了 16.2%，每股收益增長了 57%，加上年初至今的經營現金流增長超過 7 億美元。這些數字體現了我們團隊不懈的奉獻和辛勤的工作。我還要祝賀奧萊利團隊的所有成員在第二節比賽中表現出色。

Before we dig further into the results for the quarter, I would like to provide a brief update on how our teams are responding to COVID-19 to ensure their continued health and safety of our team members and our customers. As we discussed on last quarter's call, with the onset of COVID-19, we very quickly implemented numerous safety protocols across our companies based on recommendations by the CDC, WHO and state and local governmental agencies. These measurements -- these measures include significantly increasing cleaning and sanitation efforts, the implementation of social distancing practices and the utilization of appropriate personal protective equipment.

在深入探討本季業績之前，我想先簡單介紹一下我們的團隊如何應對 COVID-19，以確保我們團隊成員和客戶的健康和安全。正如我們在上個季度電話會議上討論的那樣，隨著 COVID-19 的爆發，我們根據美國疾病管制與預防中心、世界衛生組織以及州和地方政府機構的建議，迅速在公司內部實施了許多安全規程。這些措施—這些措施包括大幅加強清潔和消毒工作、實施社交距離措施以及使用適當的個人防護裝備。

Our teams did a great job working through the initial period of rapidly evolving recommendations and have remained diligent in their execution as the pace of change in requirements have slowed and best practices have emerged. We remain committed to constantly evaluating and revising our safety protocols and currently, all team members company-wide are wearing face covers. Throughout the course of the crisis, our dedicated Team Members in our stores, distribution centers and corporate offices, have demonstrated extraordinary flexibility and resilience in the face of extremely difficult circumstances.

在最初快速變化的建議階段，我們的團隊表現出色，並且隨著需求變化速度放緩和最佳實踐的出現，他們仍然認真執行。我們將繼續致力於評估和修訂我們的安全規程，目前，公司所有團隊成員都戴著口罩。在整個危機過程中，我們門市、配送中心和公司辦公室的敬業團隊成員在極其困難的情況下展現出了非凡的靈活性和韌性。

Now I'd like to provide some details on our robust performance in the second quarter. We are extremely pleased with our top line sales results in the quarter and even more pleased with the incredible execution of Team O'Reilly in delivering these results. As we announced in our first quarter press release, the beginning of our second quarter was marked by a significant COVID-19 headwind, which was a continuation of the pressure we saw in our business starting in the middle of March, coinciding with the implementation of stay-at-home recommendations and orders. As we discussed on last quarter's conference call, this trend continued through the middle of April, as sales in the third week of April improved as our customers began to receive economic impact payments under the CARES Act. At that time, we had no way of forecasting the magnitude and the duration of the benefits from these stimulus payments nor could we anticipate what other factors would impact our customers and our business moving forward. As a result, we took a cautious stance on how we plan for our business and maintain ample flexibility to respond to further headwinds.

現在我想詳細介紹一下我們第二季強勁的業績。我們對本季的銷售業績非常滿意，對奧萊利團隊在實現這些業績方面展現出的出色執行力更是感到無比欣慰。正如我們在第一季新聞稿中所宣布的那樣，第二季度伊始就受到了 COVID-19 疫情的嚴重衝擊，這延續了我們從 3 月中旬開始的業務壓力，當時正值居家隔離建議和命令實施之際。正如我們在上個季度的電話會議上討論的那樣，這一趨勢一直持續到 4 月中旬，4 月第三週的銷售額有所改善，因為我們的客戶開始根據《新冠病毒援助、救濟和經濟安全法案》(CARES Act) 收到經濟影響補助金。當時，我們既無法預測這些刺激性付款所帶來的益處的規模和持續時間，也無法預料未來還有哪些因素會對我們的客戶和業務產生影響。因此，我們在業務規劃方面採取了謹慎的態度，並保持了足夠的靈活性來應對進一步的不利因素。

Simply put, our sales performance from the third week in April through the remainder of the quarter exceeded all expectations. During this time frame, our DIY business was the stronger contributor coming on quickly in the middle of April, improving in May and staying very strong in June. We're also very pleased with the performance of our professional business. Sales on that side of the business also began to see improvement in the middle of April, but at a more gradual pace than the immediate turnaround at DIY.

簡而言之，從四月第三週到本季剩餘時間，我們的銷售業績超出了所有預期。在此期間，我們的 DIY 業務貢獻較大，在 4 月中旬迅速成長，5 月有所改善，6 月保持強勁勢頭。我們對專業業務的表現也非常滿意。這項業務的銷售情況在四月中旬也開始好轉，但速度比 DIY 業務的快速好轉要緩慢得多。

However, as we progress through the quarter, professional sales continue to strengthen, generating robust comps above our expectations in May and June as state home orders began lifting and the broader economy began reopening. As a result of this cadence on both sides of our business, total comparable store sales were similar for May and June, and have remained strong thus far in July.

然而，隨著本季的推進，專業銷售持續走強，隨著各州居家令開始解除，整體經濟開始重新開放，5 月和 6 月的同店銷售額強勁增長，超出了我們的預期。由於我們業務的兩端都保持了這種節奏，5 月和 6 月的同店銷售額總額相近，並且 7 月至今也保持強勁勢頭。

Next, I would like to provide a little color on the drivers of our record-setting sales results. For us to be able to produce a 16.2% comp increase in the second quarter, we obviously had a very favorable industry environment. However, just as it would have been tough to predict the sales results we've seen, it's also very difficult to quantify the magnitude of each of the positive macro factors. But I'll discuss in general terms what we've seen as the positive supporting demand in our markets.

接下來，我想就我們創紀錄的銷售業績的驅動因素做一些詳細介紹。我們能夠在第二季實現 16.2% 的同業成長，顯然是因為產業環境非常有利。然而，正如我們很難預測目前看到的銷售業績一樣，也很難量化每個正面的宏觀因素的影響程度。但我將概括地討論一下我們在市場中看到的積極支撐需求。

To begin, it's evident from the sharp turn in DIY business that the receipt of governmental stimulus payments under the CARES Act was the first catalyst supporting our sales growth in the quarter. However, given the degree of which robust sales trends have persisted, it's clear to us that enhanced unemployment benefits have also been a tailwind to the business, and we're likely more prominent in driving demand as we move through the quarter. We also believe that reopening of the economy and the partial recovery of miles driven was a positive factor, especially in our professional business as our customer service demographic that is more likely to have worked from home during March and April.

首先，從 DIY 業務的急劇轉變可以明顯看出，根據《新冠病毒援助、救濟和經濟安全法案》(CARES Act) 收到政府刺激性付款是本季推動我們銷售成長的第一個催化劑。然而，鑑於強勁的銷售趨勢持續如此之久，我們清楚地看到，提高失業救濟金也對業務發展起到了推動作用，而且隨著本季度的推進，我們可能會在推動需求方面發揮更加重要的作用。我們也認為，經濟的重新開放和行駛里程的部分恢復是一個積極因素，尤其是在我們這個專業領域，因為我們的客戶服務人員更有可能在三月和四月期間在家工作。

Although the impact of weather gets a little lost in the world of double-digit comps, in any other year, we'll be talking about the hot weather we've had, and this likely has been another positive for our industry. There are other beneficial industry dynamics we believe could have contributed to the strong demand in the quarter, but are also difficult to measure over a short period of time. We have long-held the times of economic uncertainty motivate consumers to make more cautious financial -- have a more cautious financial outlook, often leading them to postpone the purchase of a new vehicle and invest in maintaining their existing vehicle.

儘管在兩位數同店銷售額成長的世界裡，天氣的影響可能被掩蓋了，但在其他任何年份，我們都會談論我們所經歷的炎熱天氣，而這很可能對我們的行業來說又是另一個利好因素。我們認為還有其他一些有利的產業動態可能促成了本季的強勁需求，但這些動態在短期內也很難衡量。我們一直認為，經濟不確定時期會促使消費者採取更謹慎的財務策略——持有更謹慎的財務觀點，這往往會導致他們推遲購買新車，轉而投資維護現有車輛。

Consumers with safety concerns about other modes of transportation either for a daily commute or vacation travel, could also be focusing more on maintaining and repairing an existing vehicle. It's difficult to have a clear picture yet of the magnitude of benefit we could be seeing from an increased vehicle age or catch-up of underperforming maintenance, but we're seeing some benefit.

如果消費者對其他交通方式（無論是日常通勤還是度假旅行）的安全存在擔憂，他們可能會更加關注現有車輛的維護和修理。雖然現在還很難清楚了解車輛使用年限增加或先前維護工作不足的情況能帶來多大的好處，但我們已經看到了一些好處。

Finally, we could be seeing shifts in customer demand benefiting our business either in share gains from smaller competitors of big-box stores or a more general shift of demand dollars in the automotive aftermarket and away from discretionary expenditures for activities not possible in a COVID environment.

最後，我們可能會看到客戶需求的變化有利於我們的業務，要么是從大型連鎖商店的小型競爭對手那裡獲得市場份額，要么是汽車售後市場的需求資金更普遍地從在新冠疫情環境下無法進行的活動的可自由支配支出轉移到其他方面。

From a ticket perspective, we saw robust ticket count increases during the second quarter, but average ticket size also increased significantly. With average ticket, same-SKU inflation was in line with our expectations. So the increase in ticket size is being driven primarily by larger jobs or more items on the ticket. On a category performance basis, we saw strong performance throughout our product offerings, including especially good results in appearance and accessory categories. These ticket and category dynamics suggest some of the strong demand we realized in the second quarter as a result of our customers having the ability and desire to work on larger projects as they have more time to spend repairing and maintaining their vehicles.

從票務角度來看，第二季票務數量大幅成長，但平均票面金額也顯著增加。平均客單價方面，同SKU價格上漲符合我們的預期。因此，工單金額的增加主要是由於工作量增加或工單上的項目增加所致。從品類表現來看，我們所有產品都表現出色，其中外觀和配件品類表現特別優異。這些票務和類別動態表明，由於我們的客戶有更多時間修理和保養車輛，他們有能力和意願開展更大的項目，因此我們在第二季度實現了強勁的需求。

As we look forward to the balance of the year, we remain very cautious in our sales outlook and recognize the significant uncertainty that still exists concerning duration of the current positive market backdrop. In particular, we can't project the potential impact and expiration of the enhanced unemployment benefits would have and can't speculate as to whether there will be additional government stimulus or the degree to which our demand would benefit. We also remain concerned that continued pressure to miles driven from a difficult economic conditions and increased work-from-home arrangement could be a headwind if other positive catalysts prove to be temporary.

展望今年剩餘時間，我們對銷售前景仍持非常謹慎的態度，並認識到當前積極的市場環境能否持續仍存在很大的不確定性。尤其值得注意的是，我們無法預測加強失業救濟金的潛在影響及其到期時間，也無法推測政府是否會推出額外的刺激措施，或者我們的需求會在多大程度上受益。我們也仍然擔心，如果其他積極的催化劑被證明是暫時的，那麼在經濟形勢嚴峻和居家辦公安排增加的情況下，持續增加的駕車里程壓力可能會成為不利因素。

Ultimately, we expect to see a moderation of the record-setting sales pace at some point in the back half of 2020. We feel very confident our company to continue to deliver solid sales growth even if the broader economic conditions deteriorate. As important as general market factors were the catalyst for our growth in the second quarter, we could not have delivered such outstanding top line results without the incredible execution by our team. It's one thing to have strong demand. It's another to live up to the challenge of having the right part at the right time to take care of customers, while the business is on fire and we're allocating additional time to safety precautions. It takes a tremendous amount of hard work to handle the extra volume we saw this quarter and the outstanding contributions of our team were reflected in the strongest profit margins in the history of our company.

最終，我們預計在 2020 年下半年某個時候，創紀錄的銷售速度將會放緩。我們對公司未來的銷售成長充滿信心，即使整體經濟狀況惡化，我們仍將繼續保持穩健的銷售成長。儘管整體市場因素對我們第二季的成長起到了重要的催化作用，但如果沒有我們團隊出色的執行力，我們不可能取得如此優異的營收業績。需求強勁是一回事。另一個挑戰是，在業務蒸蒸日上、我們還投入額外時間採取安全預防措施的情況下，在正確的時間提供正確的零件來服務客戶。處理本季額外的業務量需要付出巨大的努力，我們團隊的傑出貢獻體現在我們公司歷史上最高的利潤率。

For the quarter, our gross margin of 53% was a 12 basis point improvement over the second quarter of 2019 margin and above our expectations. Our gross margin benefited from the heavier DIY mix in our business, which carries a higher gross margin in our professional business as well as strong leverage on DC expenses on the robust sales volumes and incremental cost improvements. Partially offsetting these positive gross margin factors is a small LIFO headwind driven by acquisition cost decreases during the quarter, which Tom will discuss in more detail in his prepared comments.

本季度，我們的毛利率為 53%，比 2019 年第二季的毛利率提高了 12 個基點，高於我們的預期。我們的毛利率受益於公司業務中較重的 DIY 產品組合，該產品在我們專業業務中毛利率較高，同時強勁的銷售量和逐步的成本改善也對配送中心費用產生了強大的槓桿作用。部分抵消這些積極的毛利率因素的是本季度收購成本下降帶來的少量後進先出法不利影響，湯姆將在他準備好的評論中對此進行更詳細的討論。

For the second quarter, our team generated an operating profit margin of 23.8%, which exceeds our previous best single quarter performance by well over 300 basis points. As we reported in our press release yesterday, we don't view these levels of SG&A leverage to be sustainable over the long term. And Jeff will more fully cover these dynamics when I turn the call over to him in a moment.

第二季度，我們團隊的營業利潤率為 23.8%，比我們先前單季最佳業績高出 300 多個基點。正如我們昨天在新聞稿中所報導的那樣，我們認為這種水準的銷售、一般及行政費用槓桿率在長期內是不可持續的。稍後我將把電話交給傑夫，他會更全面地介紹這些情況。

But before I do that, however, I just want to congratulate Team O'Reilly on these great results and your ability to provide excellent customer service, even while tightly controlling expenses. Your extraordinary contributions to our company's success have never been more apparent, and I feel comfortable speaking for all of our shareholders and saying that you -- and saying thank you for an incredible performance in the second quarter and your unwavering commitment to serve our customers.

不過在此之前，我只想祝賀奧萊利團隊取得如此優異的成績，以及你們在嚴格控製成本的同時，依然能夠提供卓越的客戶服務。您為公司的成功做出了非凡的貢獻，這一點從未如此顯而易見。我謹代表所有股東向您致謝，感謝您在第二季度取得的卓越業績以及您對服務客戶的堅定承諾。

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

現在我將把電話交給傑夫·肖。傑夫？

Thanks, Greg, and good morning, everyone. I'd like to begin my comments by joining Greg and expressing my extreme gratitude to Team O'Reilly for their amazing performance in the second quarter. The results you were able to generate validate both the strength of our model and the deep quality of our team and culture. Your ability to capitalize on a positive market-wide catalyst and generate comparable store sales growth of 16.2% and operating profit dollar growth of 48% is truly incredible. And I continue to be extremely proud of what our team working together can accomplish.

謝謝你，格雷格，大家早安。首先，我想和格雷格一起，對奧萊利隊在第二節的出色表現表示衷心的感謝。你們所取得的成果既驗證了我們模型的強大之處，也驗證了我們團隊和文化的深厚品質。您能夠利用積極的市場整體催化劑，實現同店銷售額成長 16.2% 和營業利潤成長 48%，這真是令人難以置信。我依然為我們團隊齊心協力所取得的成就感到無比自豪。

Now I'd like to provide some color on our SG&A expenses for the quarter and further describe the remarkable performance of our team. As we discussed at length in our first quarter conference call, we undertook several steps in March and April in response to the impact COVID-19 was having on our business. Throughout our company's history, we've been active and detailed managers of the variable expenses of our business, with our store payroll spend, representing the largest driver.

現在我想詳細介紹我們本季的銷售、管理及行政費用，並進一步描述我們團隊的出色表現。正如我們在第一季電話會議上詳細討論的那樣，為了應對 COVID-19 對我們業務的影響，我們在 3 月和 4 月採取了幾項措施。在公司發展歷程中，我們一直積極細緻地管理業務的變動費用，其中門市薪資支出是最大的支出項。

As we analyze the trends we were seeing in our business beginning in the middle of March, we made adjustments we felt were appropriate to rightsize our model for the existing and expected environment caused by the pandemic. As we progress through the month of April and began to see the stark sales improvement Greg discussed in his prepared comments, we remain very cautious in our forward-looking sales outlook. At the time, we didn't know how long the positive sales trends would persist, especially since the initial sales tailwind were so closely aligned with the initial wave of the $1,200 stimulus payments under the CARES Act.

從三月中旬開始，我們分析了業務發展趨勢，並根據疫情造成的現有和預期環境，做出了我們認為合適的調整，以使我們的模式規模適中。隨著四月份的推進，我們開始看到格雷格在事先準備好的評論中提到的銷售大幅改善，但我們對未來的銷售前景仍然非常謹慎。當時，我們並不知道積極的銷售趨勢會持續多久，尤其是最初的銷售成長與《新冠病毒援助、救濟和經濟安全法案》(CARES Act) 下 1200 美元刺激付款的第一波浪潮非常吻合。

We've had a lot of experience with similar spikes in demand during tax refund season and since we know researches tend to be short time in nature, we were prepared for the positive trends to refer to the pressured sales environment we encountered from mid-March to mid-April. The positive trends didn't reverse, but instead strengthened in May and June and we began to slowly increase our SG&A spend as we progress through the quarter to more closely match our service levels due to the demand that we were seeing.

我們在退稅季期間有很多類似的需求激增的經驗，而且由於我們知道研究往往是短期的，所以我們對積極的趨勢有所準備，並將我們在 3 月中旬到 4 月中旬遇到的銷售壓力環境歸因於此。正面的趨勢不僅沒有逆轉，反而在五月和六月得到了加強。隨著季度的推進，我們開始逐步增加銷售、一般及行政費用，以更好地匹配我們所看到的市場需求，從而提升服務水準。

As a result, we exited June at a higher rate of SG&A spend than we saw in April and May. The net result of this cadence in SG&A spend during the quarter resulted in a decrease in average SG&A per store of approximately 1% compared to the second quarter of 2019. This exceptional expense control discipline combined with the immediate drastic sales rebound, drove a truly remarkable profitability in the second quarter, highlighted by a reduction in SG&A expense as a percentage of sales of 447 basis points.

因此，6 月份的銷售、一般及行政費用支出高於 4 月和 5 月的水準。本季銷售、一般及行政費用支出的這種節奏最終導致每家門市的平均銷售、一般及行政費用比 2019 年第二季下降了約 1%。這種卓越的費用控制紀律，加上銷售額的迅速大幅反彈，推動了第二季度盈利能力的顯著提升，其中銷售、一般及行政費用佔銷售額的百分比下降了 447 個基點。

While our team deserves all the credit for the great performance in the second quarter, we also recognized that the impressive numbers were driven in part by the timing and unique circumstances of how our quarter played out. As Greg previously mentioned, we know to provide the consistent level of customer service required to build our business over the long term, this level of SG&A productivity is not sustainable. Our priority for the past 3 months has been to do everything in our power just to take care of the next customer. But we have enough experience throughout all levels of our company to understand that we can't neglect the other fundamentals of our business.

雖然我們的團隊在第二季的出色表現值得所有讚譽，但我們也意​​識到，這些令人印象深刻的數字部分是由於我們這個季度的時機和特殊情況所致。正如 Greg 之前提到的，我們知道，為了提供長期發展業務所需的持續客戶服務水平，這種 SG&A 生產力水平是不可持續的。過去三個月，我們的首要任務就是盡力服務好下一位客戶。但是，我們公司各個層面都有足夠的經驗，足以明白我們不能忽視業務的其他基本要素。

As we move through the back half of the year, we will refocus on the important details of our business that gets deferred when we're running double-digit comps, such as the image and appearance for our stores and store, team member, training and development. However, we will leverage the lessons learned through this process. While we expect to see our SG&A dollar spend and navigate back towards historical levels, we will be diligently focused on driving strong leverage and robust top line growth.

隨著我們進入下半年，我們將重新專注於業務中那些在實現兩位數同店銷售額增長時會被推遲的重要細節，例如我們門市的形象和外觀、門市員工、培訓和發展。但是，我們將充分利用從這一過程中學到的經驗教訓。雖然我們預計銷售、管理及行政費用支出將恢復到歷史水平，但我們將努力專注於推動強勁的槓桿作用和穩健的營收成長。

Next, I'd like to touch briefly on our capital expenditure and expansion plans. Through the first 6 months of 2020, we opened 123 net new stores, in line with our original plan to open 180 new stores in 2020. And we successfully opened our newest distribution facility in Lebanon, Tennessee. These new properties were well underway prior to the onset of COVID-19 and the disruption from the stay-at-home orders so we were able to complete development pretty much on schedule. However, we've seen delays in the development schedules for our planned new store openings in the back half of the year, especially as the required approvals for design and permitting have slowed as local cities implemented health and safety measures. At the same time, we were very judicious in how we move forward with both our store expansion plans as well as our other capital project priorities in line with the significant economic uncertainty we were facing.

接下來，我想簡單談談我們的資本支出和擴張計畫。2020 年上半年，我們淨增 123 家門市，與我們 2020 年開設 180 家新店的原計劃相符。我們在田納西州黎巴嫩市成功開設了最新的配送中心。這些新項目在新冠疫情爆發和居家隔離令實施之前就已經進展順利，因此我們基本上能夠按計劃完成開發。然而，我們發現，由於地方城市實施健康和安全措施，設計和許可所需的審批速度放緩，導致我們計劃在今年下半年開設的新店的開發進度有所延誤。同時，鑑於我們面臨的巨大經濟不確定性，我們在推進門市擴張計劃以及其他資本項目優先事項時，都非常謹慎。

As market conditions improved, we began to see our local communities open up in May and June, we were able to resume the pace in our new store development. However, given the delays we experienced in the first half of the year, it was prudent to withdraw our original 2020 new store guidance. And we would now expect to open between 150 and 165 new stores this year.

隨著市場狀況的改善，我們在五月六月開始看到當地社區陸續開放，也得以恢復新店開發的步伐。然而，鑑於我們在今年上半年遇到的延誤，撤回我們原定的 2020 年新店開幕預期是明智之舉。我們現在預計今年將開設 150 至 165 家新店。

We've been pleased with our ability to open great new store locations in 2020, but where we ultimately fall within that range will be somewhat out of our control as we anticipate seeing further localized delays in final permitting approvals. Outside of our new store and distribution growth, we have restarted the exciting projects and initiatives that we identified coming into 2020 to enhance the service we provide to our customers and to drive strong returns. While we haven't spent the planned level of CapEx for these initiatives in the first 6 months of the year, we will begin to close that gap as these projects gain steam in the remainder of 2020.

我們對 2020 年開設新店的成功感到滿意，但最終我們能達到什麼目標，在某種程度上將不受我們控制，因為我們預計最終許可審批方面會出現進一步的局部延誤。除了新店和分銷業務的成長外，我們還重新啟動了我們在 2020 年確定的令人興奮的項目和計劃，以增強我們為客戶提供的服務並推動強勁的回報。雖然今年前 6 個月我們還沒有達到這些專案計畫的資本支出水平，但隨著這些專案在 2020 年剩餘時間逐步推進，我們將開始彌補這一差距。

We continue to make great progress converting the hardware that runs our stores, and we're continuing to invest in projects to modernize our distribution vehicle fleet, improve the image and appearance of our stores, implement enhanced safety measures in our store vehicle fleet and to enhance our omnichannel capabilities. None of our high expectations on the opportunities presented by these projects has diminished based on our experience so far in 2020, and we're excited to reap the benefits from these initiatives moving forward.

我們在改造門市營運所需的硬體方面持續取得巨大進展，我們將繼續投資於以下項目：使我們的配送車隊現代化，改善我們門市的形象和外觀，在我們門市車隊中實施更完善的安全措施，以及增強我們的全通路能力。根據我們 2020 年至今的經驗，我們對這些項目帶來的機會的期望絲毫沒有降低，我們很高興能夠從這些舉措中獲益。

Finally, before I turn the call over to Tom, I want to once again thank Team O'Reilly for their tremendous efforts in the second quarter. For a number of different reasons, 2020 has been a very challenging year. But our team has stepped up and met every challenge and really proved they're the cream of the crop in our industry. I'm especially proud of the commitment that 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，在把電話交給湯姆之前，我想再次感謝奧萊利團隊在第二節比賽中付出的巨大努力。由於種種原因，2020 年是充滿挑戰的一年。但我們的團隊挺身而出，迎接了每一個挑戰，真正證明了他們是業界最優秀的人才。我尤其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，以保護我們商店、配送中心和辦公室中每個人的健康和安全，同時保持業務高效運轉，為我們的客戶提供他們所需的基本零件，這真是世界一流。

Now I'll turn the call over to Tom.

現在我把電話交給湯姆。

Thanks, Jeff. I would also like to thank all of Team O'Reilly for their hard work and dedication in taking care of our customers and driving the phenomenal performance in the second quarter.

謝謝你，傑夫。我還要感謝 O'Reilly 團隊的所有成員，感謝他們為服務客戶所付出的辛勤努力和奉獻精神，以及他們在第二季度取得的卓越業績。

Now we'll take a closer look at our quarterly results. For the quarter, sales increased $502 million, comprised of a $412 million increase in comp store sales, a $70 million increase in noncomp store sales, a $21 million increase in noncomp nonstore sales and a $1 million decrease from stores permanently closed in line with our 2020 plan. For a clarification, these store closures were planned and are broken out consistent with our past reporting practices. 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.

現在我們將仔細看看我們的季度業績。本季銷售額成長 5.02 億美元，其中包括同店銷售額成長 4.12 億美元，非同店銷售額成長 7,000 萬美元，非同店非門市銷售額成長 2,100 萬美元，以及根據我們 2020 年計畫永久關閉的門市導致的 100 萬美元減少。需要說明的是，這些門市關閉是計劃內的，並且按照我們以往的報告慣例進行單獨列出。再次提醒，我們先前撤回了 2020 年的業績指引，鑑於 COVID-19 疫情持續存在不確定性，我們目前不會恢復發布業績指引。

As Greg previously mentioned, gross margin for the second quarter increased 12 basis points to 53.0%, which includes the benefit from mix, DC leverage and acquisition cost benefits, partially offset by a LIFO charge headwind of $4 million. As a reminder, coming into 2020, we anticipate that we would continue to see a gross margin benefit from the sell-through of on-hand inventory that was purchased prior to the tariff-driven price increases during 2019. However, this benefit was reduced as we saw acquisition cost decreases in the second quarter, which although they represent a short-term headwind to gross margin will benefit us throughout the remainder of the year in higher POS margins.

正如 Greg 先前提到的，第二季毛利率成長了 12 個基點，達到 53.0%，其中包括產品組合、DC 槓桿和收購成本優勢帶來的收益，但部分被 400 萬美元的 LIFO 費用不利因素所抵消。提醒大家，進入 2020 年，我們預計，在 2019 年關稅上漲之前購買的庫存商品的銷售將繼續帶來毛利率收益。然而，由於第二季收購成本下降，這項收益有所減少。雖然這短期內會對毛利率造成不利影響，但在今年剩餘的時間裡，更高的 POS 利潤率將使我們受益。

At this point, we have realized the full benefit of the pre-tariff inventory and any further acquisition cost reductions moving forward will result in a LIFO charge. But again, will benefit our future POS margins. This is similar to our LIFO situation prior to the cost increases in 2018 and 2019. The pricing environment remains rational, and we expect that to continue.

至此，我們已經充分發揮了關稅前庫存的優勢，今後任何進一步的採購成本降低都將導致後進先出法（LIFO）費用。但再次強調，這將有利於我們未來的POS利潤率。這與我們 2018 年和 2019 年成本上漲之前的後進先出 (LIFO) 情況類似。定價環境依然理性，我們預期這種情況將持續下去。

Our second quarter effective tax rate was 24.1% of pretax income, comprised of a base rate of 24.5%, reduced by a 0.4% benefit from share-based compensation. Both of which were in line with our expectations. This compares to the second quarter of 2019 rate of 23.9% of pretax income, which was comprised of a base tax rate of 24.4%, reduced by 0.5% benefit from share-based compensation. Changes in the tax benefit from share-based compensation can fluctuate quarter-to-quarter, and we continue to expect our rate for the remainder of 2020 to be lower in the fourth quarter as a result of the tolling of certain tax periods.

我們第二季的實際稅率為稅前收入的 24.1%，其中基本稅率為 24.5%，扣除了基於股份的薪酬帶來的 0.4% 的收益。這兩點都符合我們的預期。相比之下，2019 年第二季的稅率為稅前收入的 23.9%，其中基本稅率為 24.4%，減去 0.5% 的股權激勵收益。股權激勵稅收優惠的變化可能會逐季度波動，我們預計由於某些稅收期間的中止，2020 年剩餘時間的稅率在第四季度會更低。

Now we'll move on to free cash flow and the components that drove our results for the quarter. Free cash flow for the first 6 months of 2020 was $1.2 billion versus $539 million in the first 6 months of 2019, with the increase driven by an increase in net income, a reduction in net inventory and increase in taxes payable as a result of the deferral tax payments under the CARES Act and a reduction in CapEx, partially offset by investments in solar projects. These investments in solar projects generate investment tax credits, which will benefit cash taxes paid in the remainder of 2020, but the timing of these investments can create unevenness in our quarterly cash flows.

接下來，我們將討論自由現金流以及推動本季業績的各項因素。2020 年上半年的自由現金流為 12 億美元，而 2019 年上半年為 5.39 億美元。成長主要得益於淨收入增加、淨庫存減少、根據《新冠病毒援助、救濟和經濟安全法案》(CARES Act) 遞延稅款支付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。這些對太陽能專案的投資會產生投資稅收抵免，這將有利於在 2020 年剩餘時間內繳納的現金稅款，但這些投資的時機可能會造成我們季度現金流的不均衡。

Inventory per store at the end of the quarter was $632,000, which was even with the beginning of the year and up 3.5% from this time last year. The increase reflects additional inventory investments made in the first quarter of 2020, partially offset by a reduction in inventory balances in the second quarter as a result of the strong sales volumes. Our AP to inventory ratio at the end of the second quarter was 112%, which is the highest ratio in our history and heavily influenced by the extremely strong sales volumes and inventory turns in the second quarter. We still anticipate growth in per store inventory in the remainder of 2020 as we resume our inventory enhancement initiatives, and this will moderate the increase in our AP percentage over time.

本季末每家門市的庫存為 632,000 美元，與年初持平，比去年同期增長 3.5%。這一增長反映了 2020 年第一季額外的庫存投資，但由於第二季度強勁的銷售量導致庫存餘額減少，部分抵消了這一增長。第二季末，我們的應付帳款與庫存比率為 112%，這是我們歷史上最高的比率，這主要受到第二季強勁的銷售量和庫存週轉率的影響。我們預計 2020 年剩餘時間內，隨著庫存改善計畫的恢復，每家門市的庫存量仍將增長，這將隨著時間的推移緩和我們應付帳款百分比的增長。

Finally, capital expenditures for the first 6 months of the year were $244 million, which was a $51 million decrease from the same period of 2019, driven by the prior year level of investment in new distribution projects versus the first 6 months of 2020. As Jeff previously discussed, we resumed deferred CapEx projects, which were on pause due to the impact of COVID-19 and will continue to adjust our CapEx plan as appropriate given the current environment.

最後，今年前 6 個月的資本支出為 2.44 億美元，比 2019 年同期減少了 5,100 萬美元，這是由於去年對新配電項目的投資水準與 2020 年前 6 個月相比有所下降。正如 Jeff 之前討論的那樣，我們恢復了因 COVID-19 的影響而暫停的資本支出項目，並將繼續根據當前環境酌情調整我們的資本支出計劃。

Moving on to liquidity and capital structure. We continue to have ample liquidity as a result of the measures we took earlier in the year to preserve capital and liquidity, coupled with the extremely strong cash flow performance in the second quarter. As a result, we finished the second quarter with an adjusted debt-to-EBITDA ratio of 2.24x as compared to the first quarter ratio of 2.59x, and our end of 2019 ratio of 2.34x. This calculation excludes the $872 million of cash we held as of the end of the quarter.

接下來討論流動性和資本結構。由於我們年初採取了保住資本和流動性的措施，再加上第二季現金流表現極為強勁，我們目前仍擁有充足的流動性。因此，我們第二季末的調整後負債與 EBITDA 比率為 2.24 倍，而第一季為 2.59 倍，2019 年底為 2.34 倍。該計算不包括截至季末我們持有的 8.72 億美元現金。

As one of the measures to preserve liquidity at the onset of COVID-19, we temporarily suspended our share buyback program in the middle of March. We continue to evaluate business conditions and liquidity. And as a result of this evaluation, resumed our share repurchase program on May 29, 2020. Year-to-date, we've repurchased 1.7 million shares at an average share price of $390.14 for a total in of $651 million. Subsequent to the end of the second quarter and through the date of our press release, we repurchased 0.1 million shares at an average price of $423.09.

為因應新冠疫情初期的流動性問題，我們在 3 月中旬暫時中止了股票回購計畫。我們將繼續評估業務狀況和流動性。經過評估，我們於 2020 年 5 月 29 日恢復了股票回購計畫。今年迄今為止，我們已以平均每股 390.14 美元的價格回購了 170 萬股股票，總投資額達 6.51 億美元。在第二季結束後至新聞稿發布之日，我們以平均每股 423.09 美元的價格回購了 10 萬股股票。

As a result of the strong performance in our second quarter, we finished the quarter with $2 billion of total liquidity in cash and available borrowings under our $1.2 billion revolving credit facility, 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 investor-grade rating on our public debt. We have a long history of conservatively managing our balance sheet and will continue to take prudent steps to ensure the long-term health and stability of the company.

由於我們第二季業績強勁，季末我們擁有 20 億美元的現金流動資金，以及在 12 億美元循環信貸額度下可用的借款，我們認為我們在該現有信貸額度下擁有充足的流動性。展望未來，在評估我們的流動性、槓桿率、資本運用和股票回購計畫時，我們將繼續優先維持我們強勁的財務狀況，包括我們公共債務的投資者級評級。我們一直以來都秉持保守的資產負債表管理原則，並將繼續採取審慎的措施，以確保公司的長期健康和穩定發展。

Before I open up the call to your questions, I'd like to thank the O'Reilly team for the resilience they've shown over the last several months and for their 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 團隊在過去幾個月展現出的韌性，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 Bridgette, the operator, to return to the line, and we'll be happy to answer your questions.

我們的發言到此結束。此時，我想請接線員布里奇特回到電話線上，我們將很樂意回答您的問題。

(Operator Instructions) Our first question comes from the line of Matt McClintock with Raymond James.

（操作說明）我們的第一個問題來自 Raymond James 的 Matt McClintock。

I have to say outstanding results. Congrats on the execution.

我必須說，結果非常出色。恭喜執行成功。

Thanks, Matt.

謝謝你，馬特。

Regarding that, I'm trying to conceptualize or at least trying to figure out how such strength could occur with miles driven still being a little bit pressured, right? And clearly, over history, that's been the main driver of this industry. So when you talked about strength in apparel -- or appearance and accessories, was that a large factor in the outperformance? And could you kind of help us try to think through or parse through what might be onetime or -- versus sustainable growth in the industry?

關於這一點，我正在嘗試理解，或者至少是試圖弄清楚，在行駛里程仍然受到一定壓力的情況下，這種強度是如何產生的，對吧？顯然，縱觀歷史，這一直是推動該行業發展的主要動力。所以，當你談到服裝（或外觀和配件）的強度時，這是否是取得優異成績的重要因素？您能否幫助我們思考或分析一下，產業中哪些是一次性成長，哪些是永續成長？

Sure. So I'll start that and let see if Jeff or Tom want to add on. So first, on appearance and accessory, that was -- that's not typically a real strong category for us. When you think about car care, cleanup, waxes, the accessories and trinkets that you can buy in our stores are, frankly, online. Those are typically not real strong sellers for us. And what we found this quarter is those type items as well as performance-related items, hobby-related items, items people are tuning up, their hot rides, their street rides, the cars that may have been covered up in the backyard or in the garage for a number of years, and we've seen a spike in sales in some of those categories that are typical -- typically maybe average performing categories.

當然。那我就先開始吧，看看傑夫或湯姆是否想補充。首先，就外觀和配件而言，這通常不是我們的強項。說到汽車保養、清潔、打蠟、配件和小玩意兒，坦白說，在我們店裡能買到的東西，網路上都能買到。這些產品通常對我們來說銷售不太好。本季我們發現，這類商品以及性能相關商品、愛好相關商品、人們正在改裝的商品、他們的改裝車、他們的街頭用車，以及那些可能在後院或車庫裡停放多年的汽車，銷量都出現了激增，而這些商品通常是表現一般的類別。

And we think part of the reason for that is just consumers are -- they have more time. And in a lot of cases, they have more discretionary money to spend because they're not doing a lot of the peripheral family activities that they might have done in prior years because of closures, sporting events not taking place, things like that.

我們認為部分原因是消費者——他們有更多的時間。在許多情況下，由於商店關門、體育賽事取消等原因，他們不再像往年那樣進行許多家庭活動，因此他們有更多可支配的錢可以花。

Tom, did you want to add anything?

湯姆，你還有什麼要補充的嗎？

Matt, what I'd add to that is we saw strength across all our categories. We spoke to that particular set of categories because it acted unusually for what we usually see in downturns, as Craig talked about. When we look at downturns, we look at people deferring new vehicle purchases and when we look historically, what we see is people catching up on unperformed or underperformed maintenance. And that was the biggest driver, we feel like in the outperformance for the quarter.

馬特，我還要補充一點，我們所有類別都表現出了強勁勢頭。我們之所以關注這組特定的類別，是因為它的表現與我們通常在經濟衰退中看到的情況不同，正如克雷格所說。當我們觀察經濟衰退時期，我們會發現人們推遲購買新車；而當我們回顧歷史數據時，我們會發現人們會抓緊時間進行之前未完成或未完成的保養。我們認為，這是本季業績超預期的最大驅動因素。

But to try to take this to a step further and I don't want to take away from the outstanding performance you did this quarter. But as we look to next year, I'm not trying to get ahead of ourselves, but how do you think about growth on top of the growth that you've seen this year just because we've never seen anything really like this in history. So just anything you can say to keep what we're trying to think about next year and what the growth to compare this year means for next year?

但我想更進一步，而且我也不想抹殺你本季的優異成績。但展望明年，我不想操之過急，但您認為在今年如此巨大的成長基礎上，明年還能實現怎樣的成長呢？因為我們歷史上從未見過如此巨大的成長。所以，您能否就我們明年的計劃以及今年的成長情況對明年意味著什麼發表一些看法？

Matt, I think you hit the nail on the head there. This is an unprecedented time, and the results are quite dramatic, how they've turned around. We've got a lot of water to go under the bridge. And we're still in the middle of this pandemic. So for us to speculate on next year, I think, would not be appropriate at this time.

馬特，我覺得你說得太對了。這是一個前所未有的時期，結果也相當驚人，他們發生了翻天覆地的變化。我們還有很多事情要處理。我們仍然身處這場疫情之中。所以，我認為現在對明年進行推測並不合適。

I really appreciate the color. Congrats, guys. Great job.

我非常喜歡這個顏色。恭喜各位！幹得好。

Thanks, Matt.

謝謝你，馬特。

Our next question is from the line of Liz Suzuki with Bank of America.

我們的下一個問題來自美國銀行的 Liz Suzuki。

Could you just go through some of the puts and takes on where you expect SG&A dollar growth to run year-over-year in the next 2 quarters? And just whether any of the reductions that were made in March and April can be maintained as you kind of get back to the normal run rate of SG&A as a percent of sales?

能否簡單介紹一下您對未來兩季銷售、管理及行政費用年增率的預期？那麼，隨著銷售、管理及行政費用佔銷售額的比例逐漸恢復到正常水平，3月和4月採取的任何削減措施是否都能得以維持呢？

We know that we ran a very skinny SG&A and deferred some of the work we need to do in the stores in the second quarter, just to take care of customers. So we anticipate that it will ramp up our staffing to meet the demand. Obviously, we pared back our staffing significantly based on a negative 13% comp that thankfully didn't persist. So we know we're going to have a higher SG&A spend. We're going to continue to detail, manage that on a day-to-day basis. And the biggest discretionary for us is store payroll, and I'll let Jeff speak to that.

我們知道，為了照顧顧客，我們在第二季大幅削減了銷售、一般及行政費用，並推遲了部分門市需要進行的工作。因此，我們預計這將促使我們增加員工人數以滿足需求。顯然，由於薪資下降了 13%，我們大幅削減了員工人數，所幸這種情況並沒有持續下去。所以我們知道銷售、管理及行政費用會增加。我們將繼續細化，並進行日常管理。而我們最大的可自由支配支出是門市員工薪資，這部分就讓傑夫來談談吧。

Well, there again and we've always managed our payroll one store at a time, and we always really try to do our best to tie our staffing levels to what our business has done. And when the pandemic hit and we have a drastic drop in volume in mid-March that persisted for a few weeks, we obviously had to react to that and adjust our payroll accordingly as we always would in seasonal downturns or things like that. I mean this was more dramatic than we would normally see.

嗯，再說一遍，我們一直以來都是逐個門市管理薪資，而且我們總是盡力將員工人數與業務發展掛鉤。當疫情爆發，3 月中旬業務量急劇下降，並且這種情況持續了幾週，我們顯然不得不對此做出反應，並相應地調整工資，就像我們在季節性低迷時期或其他類似情況下所做的那樣。我的意思是，這比我們通常看到的要戲劇性得多。

So we obviously implemented the procedures that we have in place to manage our payroll, starting with the hiring freeze and just not hiring. And then adjusting hours based on the demand in the store, adjusting part-time hours, reducing overtime, transfer people between stores, I mean, all the things that we would normally do to manage our payroll appropriately for the volume of the business.

因此，我們顯然實施了我們現有的薪資管理程序，首先是凍結招聘，不再招聘。然後根據門市需求調整工時，調整兼職工時，減少加班，在門市之間調動員工，我的意思是，所有這些我們通常會採取的措施，以根據業務量合理管理我們的工資支出。

Liz, to add a little bit more color to what Jeff's saying. I think we've run our stores just on a very, very tight budget over the last several weeks. And we have got to get back, as Jeff said in his prepared comments, that some of the fundamentals on store appearance and some of the things that, frankly, have suffered over the past few weeks. So we're going to have to put some more SG&A dollars back into the stores. We've already started that to make sure that our stores, appearance and the customer experience is as high as it ever has been.

莉茲，為了​​讓傑夫的話增添一些色彩。我認為在過去的幾周里，我們的門市一直都是在非常非常緊張的預算下運作的。正如傑夫在事先準備好的演講稿中所說，我們必須恢復一些關於店鋪外觀的基本要素，坦白說，這些要素在過去幾週受到了影響。所以我們必須把更多的銷售、管理及行政費用投入到門市。我們已經開始著手確保我們的門市、形象和顧客體驗達到以往的最高水準。

Great. And just one follow up on investments in labor and in the stores. I mean, it's still early in election season, but there are some policies getting more airtime than others, one of which is the potential increase in the corporate tax rate. So back in 2017, '18 when Tax Cuts and Jobs Act went into effect, O'Reilly invested a lot in -- of those tax savings into wages and technology. But if tax rate goes up, do you think there are areas where the company can make some reductions or cuts to mitigate those effects?

偉大的。還有一點關於勞動力和門市投資的後續問題。我的意思是，雖然現在還處於選舉季初期，但有些政策比其他政策獲得了更多的關注，其中之一就是提高企業稅率的可能性。因此，早在 2017 年和 2018 年，《減稅與就業法案》生效時，奧萊利就將節省的稅款大量投資於工資和技術。但如果稅率上升，您認為公司是否可以在某些方面進行削減或減免，以減輕這些影響？

Liz, what we would tell you is on a year-over-year basis, we do our best to create an environment and model in a company that can increase operating profit dollars year after year, which is what we've done. To the extent that the tax system changes, that's out of our control. And we need to be focused on how we continue to generate increasing operating profit dollars.

莉茲，我們想告訴你的是，我們每年都盡最大努力在公司內部創造一個環境和模式，使營業利潤逐年增長，而我們也確實做到了。稅制的變化是我們無法控制的。我們需要專注於如何持續創造不斷成長的營業利潤。

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

我們的下一個問題來自 Bret Jordan 與 Jefferies 的合作。

On the share gain, I guess, you've talked about potentially having taken some share from big-box retailers or other smaller competitors. Could you maybe bucket what you think -- who you think the bigger donors were. And obviously, a lot of stress for smaller parts distributors during the quarter. Do you think we've seen any real change in the population of some of those smaller players?

關於市場份額的成長，我想，您已經談到可能從大型零售商或其他較小的競爭對手那裡奪取了一些市場份額。您能否把你的想法歸類一下——您認為最大的捐贈者是誰？顯然，小型零件分銷商在這個季度面臨很大的壓力。你認為我們看到一些小型玩家的數量發生了任何實質變化嗎？

I don't think we've seen a lot of change yet on the parts store side or the professional installer side of our business. We've seen a little bit, but nothing material. As far as market share gain, Bret, it's really hard to say until the next few weeks, and we see what all of our competitors report, it's hard to tell what their sales look like. We know our sales were strong. We're very, very pleased with the performance of our store and DC teams to drive the results that we drove this quarter. We feel like we've taken some market share, but we won't know for sure until we see the earnings releases.

我認為，無論是在零件商店方面還是在專業安裝人員方面，我們還沒有看到太大的變化。我們看到了一些端倪，但還沒有什麼實質進展。至於市場佔有率的成長，布雷特，這真的很難說，要等到接下來的幾週，我們才能看到所有競爭對手的報告，很難判斷他們的銷售情況如何。我們知道我們的銷售業績非常強勁。我們對門市和配送中心團隊在本季的業績非常滿意。我們感覺已經搶佔了一些市場份額，但要等到財報發布後才能確定。

When you look at big box specifically, that comment is centered around myself and others have seen a lot of product outages, not necessarily only in the auto parts sector, but just the big box and the pure e-commerce players have struggled somewhat over the past several weeks due to pandemic. And they've had challenges staying in an in-stock position, and we're very, very proud of our supply chain because we've been able to maintain an in-stock position both for our brick-and-mortar and our online customers and we've seen some shift.

具體到大型超市，我和其他人都注意到很多商品缺貨，這不僅限於汽車零件行業，而是整個大型超市和純粹的電商企業在過去幾週都因為疫情而舉步維艱。他們一直面臨著保持庫存充足的挑戰，我們為我們的供應鏈感到非常非常自豪，因為我們能夠為我們的實體店和線上客戶保持庫存充足，我們已經看到了一些變化。

It's no secret that our e-commerce business, our online business, has improved through this pandemic as it has for most retailers, but the trend has continued that the majority of that volume continues to end up in our store, either in a pickup in-store, shift to store or curbside pickup that we've implemented.

眾所周知，與大多數零售商一樣，我們的電子商務業務（即線上業務）在疫情期間有所改善，但趨勢仍在繼續，大部分銷售最終還是會流向我們的實體店，無論是透過店內取貨、到店自提還是路邊取貨等方式。

So I think that a lot of consumers have regained confidence in some of the brick-and-mortar players, especially those that have strengthened their supply chain, and it performed really well through the pandemic.

所以我認為，很多消費者已經重新對一些實體零售商恢復了信心，尤其是那些加強了供應鏈的零售商，他們在疫情期間表現得非常好。

Okay. Well, my second question was online, so you already answered it. So my second question is going to be regional performance. I guess could you give us a feeling for the spread between the weakest markets and the strongest markets and where they were?

好的。我的第二個問題是在網路上提出的，所以你已經回答過了。所以我的第二個問題是關於區域表現的。我想請您大致介紹一下最疲軟的市場和最強勁的市場之間的差距，以及它們分別位於哪些地區？

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

是的，傑夫，你想接那個任務嗎？

Yes. I mean really, the COVID pandemic has impacted us in every market across the country. And we -- as we talked about in the prepared comments, I mean, we saw pressure across the entire chain starting in mid-March, and it persisted for several weeks. But then when the stimulus checks started hitting there in the third week of April, I mean we've seen a dramatic uptick in our business, really all across the country and in all markets. And it really exceeded our expectations on both sides of the business.

是的。我的意思是，新冠疫情確實影響了全國各地的各個市場。正如我們在準備好的評論中談到的那樣，我們看到從 3 月中旬開始，整個供應鏈都承受著壓力，而且這種壓力持續了好幾個星期。但到了四月第三週，刺激經濟的支票開始發放，我們的業務就出現了顯著增長，這在全國範圍內和所有市場都是如此。它確實超出了我們雙方的預期。

And as we've mentioned several times in our prepared comments, I mean, demand is one thing, but we're extremely proud of the way our team members have really stepped up to the plate and taking care of our customers, satisfying their needs through these challenging times.

正如我們在準備好的評論中多次提到的那樣，需求是一回事，但我們非常自豪的是，我們的團隊成員真正挺身而出，照顧我們的客戶，在這些充滿挑戰的時期滿足他們的需求。

And our next question comes from the line of Chris Horvers with JPMorgan.

下一個問題來自摩根大通的克里斯霍弗斯。

So my question has to do with commercial versus DIY. You talked about robust trends in May and June in the commercial side of the business. Can you maybe define what exactly robust is? And can you also talk about how the gap between DIY and do-it-for-me evolved over the months of the quarter and if you could, into July?

所以我的問題是關於商業產品和DIY的差別。您談到了五月和六月商業方面的強勁發展趨勢。能具體解釋一下什麼是「穩健」嗎？您能否也談談本季幾個月以來，以及如果可以的話，到7月份，DIY和代勞服務之間的差距是如何演變的？

Yes. We're not going to break out the numbers between DIY and DIFM. What I would tell you is, as we said in our prepared comments and on our prior call, I think everyone realizes that April started out really slow. And as the government subsidies kicked in, I would say that the DIY side of our business ramped up much more quickly than the DIFM side of our business. I would tell you that for April, May and June, overall, we comped positive in all 3 months, with May and June being stronger of the 3 months, and those trends have continued into July.

是的。我們不會單獨列出 DIY 和 DIFM 之間的具體數字。我想告訴大家的是，正如我們在準備好的演講稿和之前的電話會議中所說，我認為大家都意識到四月份的開局非常緩慢。隨著政府補貼的實施，我認為我們業務中 DIY 部分的成長速度比 DIFM 部分快得多。我可以告訴大家，4月、5月和6月這三個月，整體而言，我們的業績都實現了正成長，其中5月和6月的業績表現更為強勁，而且這種趨勢一直延續到了7月。

But presumably, did the gap between commercial and DIY narrow into June? It doesn't sound like DIY -- commercial ever exceeded DIY over the quarter?

但想必商業銷售和 DIY 之間的差距在 6 月縮小了吧？聽起來不像DIY——商業銷售的銷售在過去一個季度裡有沒有超過DIY的？

So yes, the DIY side of the business was the bigger contributor to our comps. The DIY business really took off as soon as the stimulus checks started. The professional business really didn't start to turn around in a dramatic fashion until the stay-at-home orders started to lift. So inherently, there was a narrowing of those 2 throughout the quarter, but both remain very strong.

所以，沒錯，DIY業務部分對我們的業績貢獻更大。隨著紓困支票的發放，DIY產業迅速發展起來。直到居家隔離令開始解除，專業業務才真正開始出現戲劇性的改善。因此，從本質上講，這兩者之間的差距在本季度有所縮小，但兩者都仍然非常強勁。

Understood. And then a follow-up on the gross margin. You mentioned some comments around the benefits of the tariff price increases being fully baked in through 2Q and had potential headwinds ahead on LIFO. So ex the potential leverage from very strong comp trends in the cost of goods line, how are you thinking about those other components? Will they -- do you expect them to be a net headwind in the back half of the year?

明白了。然後是毛利率的後續分析。您提到了一些關於關稅價格上漲的好處在第二季完全顯現的評論，以及後進先出法未來可能面臨的不利因素。除商品成本方面強勁的同店銷售趨勢帶來的潛在槓桿效應外，您如何看待其他組成部分？他們會——你認為他們會在下半年成為淨阻力嗎？

Well, that will depend on what happens with pricing. We're always trying to reduce our acquisition costs through scale and sourcing and to some extent, private label. So that will be pending. When we look at the second quarter itself, when we looked at our plan, we were anticipating continuing to get a LIFO benefit in the second quarter. But because of negotiated price decreases, we actually offset that and had a headwind. So that was a headwind to margin for the quarter, but with an annuity attached to it as we have lower acquisition costs. Otherwise, we would have had a higher year-over-year improvement in gross margin, driven by the higher DIY mix and the leverage on the distribution cost.

那將取決於價格走勢。我們一直在努力透過規模化、採購以及一定程度上的自有品牌來降低採購成本。所以這件事目前還處於待定狀態。當我們審視第二季本身，並審視我們的計劃時，我們預計在第二季將繼續獲得後進先出法的好處。但由於協商降價，我們實際上抵消了這一影響，反而遇到了逆風。因此，這對本季的利潤率構成了不利因素，但由於我們的獲客成本較低，因此也帶來了一定的收益。否則，由於 DIY 產品佔比提高以及分銷成本的槓桿作用，我們的毛利率將實現更高的同比改善。

When we look forward, we would anticipate pricing -- acquisition prices to be relatively stable through the end of the year and our expected plan benefit was less as we theoretically sold through the pre-tariff goods. So we'd expect to be relatively neutral for the remainder of the year.

展望未來，我們預期定價－收購價格在年底前將相對穩定，而我們預期的計畫收益將會減少，因為理論上我們已經售出了關稅實施前的商品。因此，我們預計今年剩餘時間市場將保持相對中立。

Our next question is from the line of Simeon Gutman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙·古特曼。

I wanted to ask on the DIFM side. It sounds like -- and I'm going to put words out there. It sounds like you're running double digit. Do you have a sense where the market is running and how much market share you're taking in that channel?

我想從 DIFM 這邊問。聽起來像是──我要把話說出來。聽起來你跑出了兩位數的成績。您是否了解市場走向以及您在該通路中佔據的市場份額？

That's difficult to say. As Greg mentioned earlier, our competitors haven't reported, although, I guess, one's reporting now. We're out on the street calling on customers, trying to take care of our customers when the market is difficult. And as Greg talked about, the strength of our supply chain and we're able to provide parts that perhaps normal supplier can't come up with. That's a benefit for us and ability to get our foot in the door and build long-term strength. We're happy with how our business is trending. We continue to call in our shops in a very safe way with the safety protocols and then try to help them through this, which has been a difficult environment for them also.

這很難說。正如格雷格之前提到的，我們的競爭對手還沒有發布報告，不過，我猜現在可能有一家正在發布報告了。我們走上街頭，挨家挨戶拜訪客戶，在市場不景氣的時候努力照顧好我們的客戶。正如格雷格所說，我們擁有強大的供應鏈，能夠提供一些普通供應商可能無法提供的零件。這對我們來說是個優勢，能讓我們有機會進入這個產業，並建立長期的實力。我們對公司目前的業務發展趨勢感到滿意。我們繼續以非常安全的方式，嚴格遵守安全規程，拜訪我們的門市，並盡力幫助他們渡過難關，這對他們來說也是一個艱難的環境。

I would -- Simeon, this is Jeff. I would just add to Tom's comments on really the strength of the supply chain availability. As you know, availability is key to grow in the professional business. And we've always prided ourselves and our service level's a big part of that being availability. And when you have the part on the shelf and maybe somebody else doesn't, that maybe was a primary supplier, you could move up in the call list in that shop.

我會——西蒙，我是傑夫。我只想補充一下湯姆關於供應鏈供應實力強勁的評論。如你所知，在專業領域，保持良好的服務態度是發展的關鍵。我們一直引以為傲的是，我們的服務水平，而可用性正是我們引以為傲的重要組成部分。當你的貨架上有你需要的零件，而其他供應商（可能是主要供應商）沒有時，你就可以在該店的訂單排序中優先獲得供貨。

Yes. No, that makes sense. I think it's important in that, right, miles driven is down a lot and understanding, let's say, where you're running versus the industry. Maybe could tell you how sustainable things may be. And that leads into my next question, which is you mentioned you're cautious for the rest of the year, and it does seem like you exited about the same level. It seems like double digits in both sides of your business. And so I'm curious if the cautiousness is, look, we just don't know what we're going to get in terms of stimulus. Because in theory, if we do, that should continue some of the momentum and maybe the pent-up demand side, which is harder to understand how that flows through. So I just want to connect the dots on the cautious comments despite exiting on your own strength.

是的。沒錯，這很有道理。我認為這一點很重要，對吧？行駛里程大幅下降，了解你所處的產業環境與產業平均相比如何，也很重要。或許可以告訴你這些事情的可持續性如何。這就引出了我的下一個問題，你提到你對今年剩餘時間會保持謹慎，而且看起來你的退出價位也差不多。看來貴公司業務的盈虧都達到了兩位數。所以我很好奇，這種謹慎是不是因為我們不知道會得到什麼樣的刺激措施。因為理論上講，如果我們這樣做，應該可以延續一些發展勢頭，或許還能釋放被壓抑的需求，但這方面的壓力很難理解。所以，我只是想把您儘管靠自己的力量退出，但仍然發表的謹慎評論聯繫起來。

Yes. Simeon, one thing that is for sure is the trends we're seeing won't last forever. We know this is not typical. It's a unique time for the world right now and it's not going to last forever. If you look at this on -- you talk about miles driven and will it persist, if you break that down to the short term and long term, my opinion on that is long term, I think miles driven will come back. I think people will drive their cars more miles again, as they've done in the past. I think there's a lot of consumers that are still concerned about mass transit systems from a health and safety perspective. You read about more and more people moving to the suburbs and out of the major cities, which is better for miles driven, more automobile traffic, less mass transit.

是的。西蒙，有一件事是肯定的，那就是我們現在看到的這些趨勢不會永遠持續下去。我們知道這並不常見。世界正處於一個特殊的時期，但這不會永遠持續下去。如果你從這個角度來看——你談到行駛里程以及它是否會持續，如果你把它分解為短期和長期，我的看法是，從長期來看，我認為行駛里程會恢復。我認為人們會像過去一樣，再次增加汽車的行駛里程。我認為，從健康和安全角度來看，仍然有許多消費者對公共交通系統感到擔憂。你會看到越來越多的人搬到郊區，搬離大城市，這對減少駕駛里程、減少汽車交通、減少公共交通出行都有好處。

So I think all those things long term will support growth in miles driven. The caveat to that is from a short-term perspective, none of us know what's going to happen with stimulus, none of us know if there'll be another round of shelter-at-home orders in some of these markets, all of those things would potentially negatively impact miles driven for the short term. So because of the degree of uncertainty with all that, that's the reason for our cautiousness and called that out in our prepared comments.

所以我認為從長遠來看，所有這些因素都將有助於推動行駛里程的成長。但要注意的是，從短期來看，我們誰也不知道刺激措施會如何出台，誰也不知道某些市場是否會再次實施居家隔離令，所有這些因素都可能在短期內對行駛里程產生負面影響。正因為有許多不確定因素，所以我們才保持謹慎，並在事先準備好的評論中也提到了這一點。

Our next question is from Seth Sigman with Crédit Suisse.

下一個問題來自瑞士信貸的塞思·西格曼。

I wanted to follow up on commercial. And wondering if you'd talk about what you're seeing across your commercial customer base. So I think many of them were essential, but I'm sure there was some disruption over the last few months as well. Some cases, furloughs and in some cases now labor shortages. So I'm just curious, what are you seeing? Is that a limiting factor at all on the commercial side? I'd just love to get your thoughts on that.

我想跟進一下商業方面的情況。我想請您談談您在商業客戶群中觀察到的情況。所以我認為其中很多都是必不可少的，但我確信在過去的幾個月裡也出現了一些混亂。有些情況下，員工會被暫時解僱，有些情況下則會出現勞動力短缺。所以我很好奇，你看到了什麼？這在商業方面是否會構成限制因素？我很想聽聽你對此的看法。

Yes. This is Jeff. I'll speak to that one. No doubt it was early on when the pandemic broke out and all the shelter-in-place orders were in place. I mean there were shops that reduced hours, that there were some shops in some of the markets that actually closed during that period. And obviously, there's been a shortage of techs in some shops. But it seems like -- I guess this is kind of a broad statement that, that has rebounded coming into May and June.

是的。這是傑夫。我會跟他談談。毫無疑問，那是在疫情爆發初期，所有居家隔離​​令都已生效的時候。我的意思是，有些商店縮短了營業時間，有些市場裡的商店在那段時間甚至關門了。很顯然，有些店鋪出現了技術人員短缺的情況。但似乎——我猜這是一種比較籠統的說法——這種情況在五月和六月有所反彈。

Now with these new outbreaks, COVID outbreaks in several states, we are hearing some comments about maybe some shops have slowed back down just a little bit from where they were when it kind of opened back up.

現在，隨著幾個州出現新的疫情爆發，我們聽到一些評論說，一些商店的生意可能比重新開放時稍微放緩了一些。

And on essential, we worked with a lot of industry organizations early on to ensure that most, if not all, markets would make sure that auto parts supply and repair remains essentially.

在基本方面，我們很早就與許多行業組織合作，以確保大多數（如果不是全部）市場都能保證汽車零件的供應和維修保持基本水準。

Got it. And then just to follow-up on that point around the shops and what's happening now. Are there signs of moderating growth in markets where COVID is picking up now?

知道了。然後，我想就商店周圍以及現在發生的事情做個後續說明。在新冠疫情蔓延的市場中，是否有成長放緩的跡象？

It seems like it's spotty. I mean we're hearing from a few places where it seems like maybe the shops have slowed down just a little bit.

似乎訊號時好時壞。我的意思是，我們從一些地方了解到，商店的生意似乎稍微放緩了一些。

And again, it goes to the comment I said before. I've heard this multiple times from our sales teams as some of these shops are saying in those markets, I think there's still some degree of concern for safety with taking your car to a shop, perhaps for some of the tasks that you might want to tackle at home, oil changes, breaks, things like that, where you may have traditionally taken that car to a shop for those jobs. Now you got more time to perform those tasks, and you're just not totally comfortable yet dropping that car off and having someone you don't know inside your car from a safety perspective. I think there's still some degree of concern there.

這再次印證了我之前的觀點。我從我們的銷售團隊中多次聽到類似的說法，就像這些市場的一些商店所說的那樣，我認為人們仍然對把車送到修理廠進行一些安全方面的擔憂，比如換機油、剎車等等，而這些工作以前你可能都會把車送到修理廠去做。現在你有了更多的時間來完成這些任務，但從安全角度來看，你仍然不太放心把車交給陌生人，讓陌生人坐在你的車裡。我認為那裡仍然存在一定程度的擔憂。

And our next question is from Michael Lasser with UBS.

下一個問題來自瑞銀集團的麥可·拉塞爾。

So based on those comments, has your DIFM business in July slowed relative to where it was running in June?

根據這些評論，您7月的DIFM業務相對於6月的營運情況是否有所放緩？

We're not going to comment on 3 weeks within the quarter, Michael.

邁克爾，我們不會對本季內的三週情況發表評論。

Okay. And Tom, if you were to take what you've seen from a category perspective and overlay it with 2008, 2009, does it look identical, suggesting that, that period is a good parallel for how to think about demand for the aftermarket from here? Or are there any major differences?

好的。湯姆，如果你從類別角度來看，將你所看到的與 2008 年、2009 年的情況進行對比，結果是否完全相同？這是否意味著，那段時期可以很好地類比我們今後如何看待待售後市場的需求？或者說，它們之間還有其他主要區別嗎？

Well, Greg commented in the prepared comments. And the reason we brought out appearance and -- appearance-type products is that's very unusual. Compared to 2008, 2009, appearance and performance and all of those more discretionary categories in 2008 took a big hit and maintenance and failure parts went up quite a bit. So that's different this time. I think it has to do with the stimulus and the people staying at home.

格雷格在事先準備好的評論中發表了評論。我們推出外觀和外觀類產品的原因是，這種情況非常不尋常。與 2008 年、2009 年相比，外觀、性能以及 2008 年所有這些更可自由支配的類別都受到了很大的影響，而維護和故障部件的價格則大幅上漲。所以這次情況有所不同。我認為這與經濟刺激政策和人們居家隔離有關。

Right. I mean if you look back in '08 and '09, we thought consumers extending service interval is delaying some of these repairs that they could. We haven't seen the same thing this time around.

正確的。我的意思是，回顧 2008 年和 2009 年，我們認為消費者延長保養週期會推遲一些他們本來可以進行的維修。這次我們沒有看到同樣的情況。

So based on those comments, would you consider this to be more temporary whereas '08, '09 was a longer-lasting tailwind that the sector experienced?

根據這些評論，您是否認為這種情況更像是暫時的，而 2008 年和 2009 年則是該行業經歷的持續時間更長的順風？

That's a great question. And I wish we had a great answer for that. We just -- with the uncertainty of where this pandemic goes from here, it's really difficult to answer that, Michael.

這是一個很好的問題。我真希望我們能對此給出完美的答案。邁克爾，鑑於目前疫情發展走向的不確定性，我們真的很難回答這個問題。

Mike, what we would point you to, though, is the magnitude of the pickup in this particular economic downturn is significantly more and more immediate than 2008, 2009.

麥克，不過我們想指出的是，這次經濟衰退的復甦幅度比 2008 年、2009 年大得多，也快得多。

Our next question comes from the line of Scot Ciccarelli with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Scot Ciccarelli。

So you talked about adding SG&A back into the stores, and obviously, head count is down quite a bit. So first, do you guys have a target you're thinking about from an SG&A per store growth perspective? And then kind of related to that, do you plan on bringing back some of those same employees? Were any of them furloughed? Or do you kind of have to start fresh and go out and hire and train people? And obviously, that takes a while to kind of ramp them up on a productivity basis.

所以你提到要把銷售、管理及行政費用重新納入門市，而且很明顯，員工人數也大幅下降了。首先，從每家店的銷售、管理及行政費用成長角度來看，你們有沒有設定目標？那麼，與此相關的是，您是否計劃召回其中一些員工？他們當中有人被暫時解雇了嗎？或者說，你必須從頭開始，重新招募和培訓員工？顯然，要讓他們提高生產力需要一段時間。

Yes. Scot, I'll start with that. Tom, do you want to chime in? But obviously, on the average SG&A per store, I would think that we -- as we talked about in the prepared comments, we would move back toward what we stated as our goal early in the year. We've already -- I mean, there's, again, we're talking about something that happened 90 days ago. And when the pandemic hit and the business took a dramatic downturn, we had to react to that. And we had to adjust our staffing by store to what the sales demand was. And we've been cautious as businesses ramped back up. We had no idea how long this would last. And it's really uncertain times.

是的。史考特，我就從這裡開始吧。湯姆，你想插句話嗎？但顯然，就每家門市的平均銷售、管理及行政費用而言，我認為我們——正如我們在準備好的評論中所談到的那樣——將朝著我們年初提出的目標邁進。我們已經——我的意思是，再說一遍，我們談論的是90天前發生的事情。當疫情爆發，業務急劇下滑時，我們不得不做出應對。我們必須根據銷售需求調整各門市的員工人數。隨著企業逐步恢復運營，我們一直保持謹慎。我們當時完全不知道這種情況會持續多久。現在確實是個充滿不確定性的時期。

And as we've seen, week by week, as we've seen the business, the demand continue to stay in place, we've ramped back up our staffing accordingly. No doubt, maybe not as much head count as we normally put in, knowing that this is unsustainable, as Greg mentioned, and we've leveraged over time, things like that to maybe compensate for head count. But we'll always -- we've always managed our business for the long run and staffed to provide the customer service that's going to grow our business and build those relationships, and we'll continue to do that.

正如我們所看到的，隨著業務的不斷發展，需求持續保持穩定，我們也相應地增加了員工人數。毫無疑問，我們可能不會像往常那樣投入那麼多人力，因為我們知道這是不可持續的，正如格雷格所提到的那樣，而且隨著時間的推移，我們已經利用了諸如此類的手段來彌補人力上的不足。但是，我們始終—我們一直著眼於長遠發展來經營業務，並配備人員以提供能夠促進業務成長和建立客戶關係的優質客戶服務，我們將繼續這樣做。

Scot, the other thing -- this is Greg. I think sometimes we tend to underestimate the task at hand here. When you look at our stores that are operating shorthanded and delivering the sales volumes there, it just speaks to the professionalism in our stores, and that's where we've built our success on. And so we've got the same situation in our distribution centers. Our distribution centers are operating shorthanded. They're working long hours. They're working weekends in a lot of cases to keep up with demand in our stores. And that's just not sustainable long term. We've got to put some more labor dollars back into our stores and DCs.

史考特，還有一件事——這是格雷格。我認為我們有時傾向於低估當前任務的難度。當你看到我們那些人手不足卻依然保持高銷售額的門市時，這正體現了我們門市的專業精神，而這正是我們成功的基石。因此，我們的配送中心也面臨同樣的情況。我們的配送中心人手不足。他們工作時間很長。為了滿足門市的需求，他們很多時候都在週末加班。從長遠來看，這是不可持續的。我們必須把更多的勞動成本投入到我們的門市和配送中心。

And Scot, I think to address the other part of your question, our intent is to focus on professional parts people that are full-time and bring back the right people. If we look at the employment environment, pre-COVID, unemployment was extremely low, got higher -- much higher now. And we're going to be very selective in who we bring back or who we hire to make sure that we're building the core full-time professional parts people we need to win business.

史考特，我想回答你問題的另一部分，我們的目標是專注於全職的專業零件人員，並召回合適的人才。如果我們看一下就業環境，在新冠疫情爆發前，失業率非常低，之後失業率上升——現在失業率高很多。我們將非常謹慎地選擇召回或招募哪些員工，以確保我們能夠建立贏得業務所需的核心全職專業零件人員。

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

我們的提問時間已到。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, Bridgette. 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 like to thank everyone for joining the call today, and we look forward to reporting our third quarter results in October. Thank you.

謝謝你，布里奇特。今天通話的最後，我們要感謝 O'Reilly 團隊全體成員一直以來對客戶的無私奉獻。感謝各位今天參加電話會議，我們期待在10月公佈第三季業績。謝謝。

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

謝謝。女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。