O'Reilly Automotive Inc (ORLY) 2022 Q2 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc. Second Quarter 2022 Earnings Conference Call. My name is Cheryl, and I will be your operator for today's call. (Operator Instructions)

歡迎參加歐萊利汽車公司2022年第二季財報電話會議。我是謝麗爾，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 Jeremy Fletcher. Mr. Fletcher, you may begin.

現在我將把電話交給傑里米·弗萊徹先生。弗萊徹先生，您可以開始了。

Thank you, Cheryl. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our second quarter 2022 results and our outlook for the remainder of the year. After our prepared comments, we will host a question-and-answer period.

謝謝Cheryl。大家早安，感謝各位參加今天的電話會議。在今天的會議中，我們將討論2022年第二季的業績以及今年剩餘時間的展望。在我們作完發言後，我們將進行問答環節。

Before we begin this morning, I would 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, 2021, and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

在今天上午會議開始之前，我想提醒大家，我們今天的發言包含前瞻性陳述，我們打算遵守1995年《私人證券訴訟改革法案》中關於前瞻性陳述的「安全港」條款，並聲明該條款具有保護效力。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。由於本公司截至2021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（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存在重大差異。本公司不承擔更新本次電話會議中任何前瞻性陳述的義務。

At this time, I would like to introduce Greg Johnson.

在此，我謹向大家介紹格雷格·約翰遜。

Thanks, Jeremy. Good morning, everyone, and welcome to the O'Reilly Auto Parts second quarter conference call. Participating on the call with me this morning are Brad Beckham, our Chief Operating Officer; and Jeremy Fletcher, our Chief Financial Officer. Brent Kirby, our Chief Supply Chain Officer; Greg Henslee, our Executive Chairman; and David O'Reilly, our Executive Vice Chairman, are also present on the call. I'd also like to welcome Jeremy to his first earnings call.

謝謝傑里米。大家早安，歡迎參加歐萊利汽車零件公司第二季財報電話會議。今天早上與我一同參加會議的有：首席營運官布拉德·貝克漢姆；首席財務官傑里米·弗萊徹；首席供應鏈官布倫特·柯比；執行董事長格雷格·亨斯利；以及執行副董事長大衛·歐萊利。我也要歡迎傑瑞米首次參加財報電話會議。

I'd like to begin our call today by thanking Team O'Reilly for their continued dedication to our customers and their hard work that drove another solid quarter of financial performance. Hopefully, everyone had a chance to review the details in our second quarter earnings release.

首先，我要感謝奧萊利團隊一直以來對客戶的盡心盡責和辛勤付出，正是他們的努力才使得我們又一個季度取得了穩健的財務業績。希望大家都有機會仔細閱讀我們第二季財報的詳細內容。

During the call today, I will walk through the performance in the quarter and our adjusted outlook for the remainder of the year. I think it's important to begin by highlighting the strong results our team continues to generate and then put them into proper context against the backdrop of the incredible growth we've delivered in the past 3 years.

在今天的電話會議上，我將詳細介紹本季的業績以及我們對今年剩餘時間的調整後展望。我認為首先應該強調我們團隊持續取得的強勁成果，然後再將其置於過去三年我們取得的驚人成長背景下進行解讀。

In the second quarter, our team was able to generate a 4.3% comparable store sales increase after driving comp increases of 9.9% and 16.2% in the second quarters of 2021 and 2020, respectively, resulting in an incredible 3-year stack of 30.4%.

在第二季度，我們的團隊實現了 4.3% 的同店銷售額成長，而 2021 年第二季和 2020 年第二季的同店銷售額分別成長了 9.9% 和 16.2%，三年累計成長高達 30.4%。

Entering 2022, we knew our team had a daunting task ahead of them with the challenge to deliver continued growth on top of these outstanding results, which were fueled by -- which were fueled in part by government stimulus payments in 2020 and '21 that did not repeat in 2022. Our teams have set an incredibly high performance bar, and their ability to comp the comp yet again is a testament to their relentless focus on providing excellent customer service.

進入2022年，我們深知團隊面臨著艱鉅的任務：在取得如此卓越成績的基礎上，繼續保持成長。這些卓越成績部分得益於2020年和2021年政府的刺激性補貼，而這些補貼在2022年並未再次發放。我們的團隊已經樹立了極高的績效標準，他們能夠再次超越預期，充分證明了他們始終致力於提供卓越的客戶服務。

Team O'Reilly has continued to translate the robust sales growth into outstanding returns for our shareholders, highlighted by second quarter diluted earnings per share of $8.78, which is an increase of 5% over our extremely strong second quarter 2021 when we grew EPS by 17%. On a compounded basis, compared to 2019, our second quarter EPS is up an impressive 25% per year, which is just another testament to the unwavering commitment of our team to growing profitable growth through their dedication to the O'Reilly culture of excellent customer service.

奧萊利團隊持續將強勁的銷售成長轉化為股東的豐厚回報，尤其值得一提的是，第二季稀釋後每股收益為 8.78 美元，較 2021 年第二季 17% 的強勁成長勢頭成長了 5%。與 2019 年同期相比，第二季每股收益複合年增長率高達 25%，這再次印證了我們團隊對實現盈利增長的堅定承諾，以及他們對奧萊利卓越客戶服務文化的執著追求。

Next, I'd like to spend time walking through some details of our sales performance for the second quarter and the factors that drove our results as well as provide some color on our revised comparable store sales guidance for the full year. As we discussed on our first quarter earnings call in April, we began the second quarter facing headwinds from a delayed start to spring and rising fuel prices. We're also lapping our historically strong comparable store sales performance driven in part by the tailwinds we saw from government stimulus payments in 2021. However, as we moved through the quarter, the volatility from these factors moderated and our business stabilized.

接下來，我想詳細介紹我們第二季的銷售業績以及推動業績成長的因素，並就我們修訂後的全年同店銷售額預期做一些說明。正如我們在四月份的第一季財報電話會議上所討論的，第二季度伊始，我們面臨著春季延遲到來和燃油價格上漲帶來的不利影響。此外，我們今年的同店銷售額也創下了歷史新高，這在一定程度上得益於2021年政府刺激性補貼帶來的利多。然而，隨著季度的推進，這些因素帶來的波動有所緩解，我們的業務也趨於穩定。

Since the past few years have been so significantly impacted by these -- the effects of the pandemic and timing of the stimulus payments, we think it is most useful to evaluate the cadence of our comp results on a 3-year stack basis. On this basis, our month-to-month results were fairly steady throughout the quarter.

鑑於過去幾年受疫情影響以及刺激性補貼發放時間等因素的顯著衝擊，我們認為以三年為週期評估同業拆借業績最為有效。在此基礎上，本季我們的月度業績表現相當穩定。

As our business stabilized in the second quarter, we encountered more pronounced ticket count pressures on the DIY side of our business, resulting in top line results below our expectations for the quarter. Our plan for the second quarter included an expected headwind to DIY ticket counts as we were up against extremely strong growth from the comparison to stimulus-driven demand at the beginning of the second quarter of 2021. However, we saw more pressure than expected as our DIY customers faced high fuel prices and continued significant broad-based inflation.

隨著業務在第二季趨於穩定，我們自助服務業務的訂單量壓力顯著增加，導致當季營收低於預期。我們先前已預料到，由於2021年第二季初受刺激政策推動，市場需求強勁成長，自助服務訂單量將面臨不利影響。然而，實際情況比預期更為嚴峻，自助服務客戶面臨高油價和持續的全面通膨。

I'll spend some time in a few moments discussing our broader outlook for the industry and our business as we move forward, but for now, I'll point out that it's not completely surprising to us to have experienced these types of pressures. Many of our core DIY customers work on their own vehicles out of economic necessity and can be more susceptible to price inflation in short periods of time. We believe what we're seeing now is comparable to other periods in our history when our customers have gone through these types of fuel price spikes.

稍後我會花點時間談談我們對產業和自身業務未來發展的整體展望，但現在我想指出的是，我們經歷這些壓力並不完全出乎意料。我們許多核心的DIY客戶出於經濟需要自行維修車輛，因此更容易受到短期價格上漲的影響。我們認為，目前的情況與我們歷史上其他客戶經歷過類似燃油價格飆升的時期類似。

The current environment is different to the degree that the spike in fuel prices is occurring at the same time broad-based inflation is elevated, but we expect consumers will adjust to these pressures as we've seen in the past and continue to prioritize vehicle repair and maintenance.

當前環境與以往不同，燃油價格飆升的同時，整體通膨也在上升，但我們預計消費者會像過去一樣適應這些壓力，並繼續優先考慮車輛維修和保養。

From a total DIY comp perspective, we did see an inflation benefit in average ticket values, but the macroeconomic pressures to ticket counts and difficult compares resulted in total DIY comparable store sales being slightly negative for the quarter.

從 DIY 同店銷售的整體情況來看，我們確實看到了平均客單價的通膨利好，但宏觀經濟壓力導致客單價下降，且比較基數較高，使得本季 DIY 同店銷售總額略微為負。

Turning to the professional side of our business. We're very pleased with our team's performance in the second quarter, where we generated comparable store sales growth in the low double digits as a result of growth of both ticket counts and average ticket size. We continue to be excited about the strength of our professional customer business as we grow our share and consolidate the industry.

接下來談談我們業務的專業領域。我們對團隊第二季的表現非常滿意，由於客單價和客單價的雙雙成長，我們實現了同店銷售額兩位數的低點成長。隨著市場佔有率的擴大和產業整合，我們對專業客戶業務的強勁發展動能依然充滿信心。

As we discussed on the last 2 calls, we anticipated this side of our business will be a larger driver of our growth in 2022, and our results in the second quarter were in line with those expectations. We continue to be pleased with the early returns from our professional pricing initiative, and Brad will cover our professional customer momentum and this initiative in more detail in his prepared comments.

正如我們在前兩次電話會議中所討論的，我們預計這部分業務將在2022年成為我們成長的主要驅動力，而第二季的業績也符合預期。我們對專業定價策略的初步成果感到滿意，Brad將在事先準備好的發言稿中更詳細地介紹我們專業客戶的成長動能以及這項策略。

On a combined basis, including both DIY and professional sales, our comparable store sales growth for the quarter was driven by strength in average ticket with professional ticket count growth only partially offsetting pressure we saw in DIY traffic. Average ticket size came in around 10% for the quarter on both sides of our business due to a benefit from same SKU inflation at similar levels.

綜合考慮DIY和專業銷售，本季同店銷售成長主要得益於平均客單價的提升，但專業客單價的成長僅部分抵銷了DIY客流量下滑帶來的壓力。由於同品類價格上漲幅度相近，本季我們兩類業務的平均客單價均成長了約10%。

We have continued to be highly successful in passing through product acquisition and operating expense inflation and selling price increases as we move through 2022, which is a benefit to average ticket values. Beginning in the third quarter, we began to anniversary the onset of higher inflation in 2021, which will moderate the year-over-year increase in average ticket value and is factored into our full year sales expectation.

自2022年至今，我們已成功有效應對產品採購和營運費用上漲以及售價上漲帶來的成本壓力，這對平均客單價有利。自第三季起，我們開始逐步消化2021年通膨加劇的影響，這將抑制平均客單價的年增幅，並已計入全年銷售預期。

Now I'd like to provide some color on how we view the conditions of our industry and our outlook on the remainder of the year. As we move through the back half of 2022, it remains a challenge to predict what we will encounter in a rapidly changing macroeconomic environment. Certainly, if we could look in the rearview mirror from the beginning of the year and build our expectations based on inflation we haven't seen in decades and a global conflict accelerating growth in fuel prices, we would have landed in a different spot with our initial guidance.

現在我想就我們如何看待產業現狀以及對今年剩餘時間的展望做一些具體說明。隨著我們進入2022年下半年，在瞬息萬變的宏觀經濟環境下，預測我們將面臨的挑戰仍然巨大。當然，如果我們能夠回顧年初的情況，並基於數十年來未見的通膨以及全球衝突加速燃油價格上漲來製定預期，那麼我們最初的預測結果將會截然不同。

Despite these headwinds, we're pleased with our performance against this challenging macro backdrop, and we remain very confident in both the fundamental strength of our industry and the quality of our team and their proven ability to outperform the market and gain share.

儘管面臨這些不利因素，但我們對在如此充滿挑戰的宏觀背景下取得的成績感到滿意，並且我們仍然對我們行業的基本實力、團隊的素質以及他們超越市場、贏得市場份額的成熟能力充滿信心。

While we believe we're seeing some short-term impact to demand as consumers respond to economic challenges, we're also confident our industry benefits from the reality that very little of the demand in the automotive aftermarket is truly discretionary and the necessary maintenance and repairs can only be deferred for so long. In fact, as economic conditions worsen, our experience has been that our industry provides even more critical -- I'm sorry. In fact, as economic conditions worsen, our experience has been that the value our industry provides is even more critical to consumers facing economic challenges.

儘管我們認為，消費者應對經濟挑戰會對短期需求造成一定影響，但我們也相信，汽車售後市場真正屬於可自由支配的需求非常少，必要的保養和維修也無法無限期地推遲，這一現實將使我們的行業受益。事實上，隨著經濟狀況惡化，我們的經驗表明，對於面臨經濟挑戰的消費者而言，我們產業提供的價值顯得特別重要。

This plays out in many different ways. We see it when one of our customers is able to hold off on a new car purchase and avoid a monthly expense because they're able to invest through repairs and maintenance on a higher-mileage vehicle. Or when we help a DIY customer stretch their wallet a little further by providing incredible service from one of our professional parts people who have technical knowledge and customer service skills to support the customer who needs a DIY fix to keep their vehicle on the road. These are just 2 of the many scenarios, which motivate our customers to prioritize taking care of their vehicles when money is tight or consumers have less confidence in the state of the economy.

這種情況體現在很多方面。例如，我們的客戶可以透過維修保養高里程車輛來節省開支，從而推遲購買新車的計劃，避免每月的額外支出。又例如，我們專業的零件顧問憑藉其技術知識和客戶服務技能，為需要自行維修車輛的客戶提供卓越的服務，幫助他們節省開支，讓車輛繼續行駛。以上僅是眾多案例中的兩個，這些案例激勵我們的客戶在資金緊張或經濟狀況不明朗時，優先考慮車輛的保養。

The core underlying factors that support demand in our industry also continue to be very healthy. The average age of vehicles on the road continues to increase, aided not only by headwinds to new vehicle sales and mileage and higher resale values -- I'm sorry, of older vehicles, but also the excellent engineering and manufacturing of vehicles on the road today.

支撐我們產業需求的根本因素依然非常健康。道路上行駛的車輛平均車齡持續增長，這不僅是由於新車銷售疲軟、行駛里程增加以及二手車（抱歉，是舊車）殘值上升等不利因素造成的，也得益於當今道路上行駛的車輛卓越的工程設計和製造過程。

We are also bullish on the overall health of our customer base. Unemployment has remained at very low levels, and increasing wage rates have been a positive partial offset to inflation, especially for the more economically constrained DIY customer base. We believe consumers are in a much stronger position than in recent periods of economic uncertainty. As we have discussed often in the past, miles driven is a critical metric for our industry, and we are cognizant that the potential for miles driven growth could slow if the broader economy slows.

我們對客戶群的整體健康狀況也持樂觀態度。失業率一直維持在極低水平，薪資水平的上漲在一定程度上抵消了通貨膨脹的影響，尤其對那些經濟條件較為緊張的DIY客戶群體而言更是如此。我們認為，消費者目前的處境比近期經濟不確定時期好得多。正如我們過去多次討論的那樣，行駛里程是我們行業的關鍵指標，我們也意識到，如果整體經濟放緩，行駛里程的成長潛力可能會隨之下降。

As a buffer against this pressure, we believe industry benefits from dynamics that will support miles driven growth over the long term as we still see the potential in incremental miles from post-pandemic return to work, coupled with consumers' willingness to move further away from urban centers and utilize their vehicles to satisfy pent-up demand for personal travel.

為了緩解這種壓力，我們認為，隨著疫情後復工帶來的里程增長潛力，以及消費者願意遠離城市中心並利用車輛來滿足個人出行的積壓需求，行業將從長期支持里程驅動增長的動態中受益。

Finally, while miles driven is an important factor for our industry, we have proven that during previous periods when miles drivens have flattened that we have the ability as a company to drive top line growth as consumers prioritize the care and maintenance of their vehicles.

最後，雖然行駛里程對我們行業來說是一個重要因素，但我們已經證明，在以往行駛里程趨於平穩的時期，我們公司有能力推動營收成長，因為消費者會優先考慮車輛的保養和維護。

The broader outlook for our industry is important in how we think about the prospects for future growth, but far more important is the opportunity we have to outperform the industry to drive outstanding financial results. We have the best team of professional parts people in the industry, and we are very confident we are well positioned to deliver excellent customer service and increase our market share in any market condition.

產業整體前景固然重要，它影響我們對未來成長前景的思考，但更重要的是我們有機會超越產業平均水平，從而取得卓越的財務表現。我們擁有業界最優秀的零件專業團隊，我們非常有信心，無論市場環境如何，我們都能提供優質的客戶服務並提升市場佔有率。

While we remain very positive on the prospects of our industry and our business, we are also cautious in our assessment of the pressures from high fuel prices and broad-based inflation that impacted our second quarter performance and the potential for continued pressure as we move through the balance of 2022.

儘管我們對產業和業務的前景仍然非常樂觀，但我們也謹慎評估高油價和普遍通膨對我們第二季業績造成的壓力，以及在 2022 年剩餘時間裡可能持續存在的壓力。

As a result, we have incorporated our year-to-date performance and expectations for the remainder of the year and our updated comparable sales guidance range of 3% to 5%. Ultimately, we'll have to see how the rest of the year plays out, and we continue to be encouraged by the resilience of our business, but feel the prudent step is to adjust our expectations at this time. At the midpoint, our revised comparable store sales guidance range reflects solid growth over 2021 and a 3-year stack increase of 28%, and we still view this as a very favorable outlook, reflecting our ability to outperform the market and gain share.

因此，我們已將年初至今的業績和對剩餘時間的預期納入考量，並將同店銷售額成長預期調整為3%至5%。最終，我們將密切關注剩餘時間的市場表現，儘管我們對公司業務的韌性感到鼓舞，但我們認為此時調整預期是審慎之舉。修訂後的同店銷售額成長預期中位數反映了2021年穩健成長以及三年累計成長28%，我們仍然認為這是一個非常樂觀的前景，體現了我們超越市場表現並擴大市場份額的能力。

Before I move on from sales, I will note that we are pleased with our performance thus far in July. We've seen some improvement in July sales volume trends relative to our expectations partially driven by the extreme heat we're seeing across many of our markets right now. We still have a lot of summer remaining, and ultimately, we'll have to see how the weather plays out for the rest of the year. As such, our guidance forecast assumes a normal weather backdrop for the remainder of the year, in line with our customary practice.

在繼續討論銷售情況之前，我想指出，我們對7月份迄今為止的業績感到滿意。 7月的銷售量趨勢較預期有所改善，部分原因是目前我們許多市場都出現了極端高溫天氣。夏季尚未結束，最終，我們還需要觀察今年剩餘時間的天氣狀況。因此，根據我們以往的做法，我們的業績預測是基於今年剩餘時間天氣正常的假設。

Moving on to gross margin. For the second quarter, our gross margin of 51.3% was a 136 basis point decrease from the second quarter of 2021 gross margin. This is in line with our expectations with a couple of key points I want to highlight.

接下來是毛利率。第二季度，我們的毛利率為51.3%，較2021年第二季下降了136個基點。這符合我們的預期，但有幾點需要特別說明。

Our year-over-year gross margin is impacted primarily by the rollout of our professional pricing initiative as well as pressures from a reduced LIFO benefit and higher mix of professional business. As we discussed on last quarter's call, we rolled out our initiative in February and only saw a partial impact to gross margin rate in that quarter. Our second quarter gross margin reflects a full quarter impact from the initiative and is in line with our expectations. We are maintaining our full year gross margin range of 50.8% to 51.3% with the expectation that gross margin in the back half of the year as compared to 2021 will be slightly below where we have run year-to-date based upon mix differences and timing of the reduced LIFO benefit.

我們的年比毛利率主要受到專業定價方案推出、後進先出法（LIFO）優惠減少以及專業業務佔比上升帶來的壓力影響。正如我們在上季度電話會議上討論的那樣，我們在2月份推出了該方案，但該方案僅對當季毛利率產生了部分影響。第二季毛利率反映了該方案的全面影響，符合我們的預期。我們維持全年毛利率50.8%至51.3%的預期區間，並預期由於業務結構差異和後進先出法優惠減少的時間安排，下半年毛利率將略低於2021年同期水準。

Before handing the call off to Brad, I want to update our full year diluted earnings per share expectations. Based on the adjustment to our comparable store sales guidance, we are lowering our full year earnings per share guidance to $31.25 to $31.75. At the midpoint, this represents -- this range now represents an increase of 1% compared to 2021 and a 3-year compounded annual growth rate of 21%.

在將電話交給布拉德之前，我想更新我們對全年稀釋後每股收益的預期。基於對同店銷售額預期的調整，我們將全年每股收益預期下調至31.25美元至31.75美元。取中間值，這意味著－此區間較2021年成長1%，三年複合年增長率為21%。

To wrap up my comments, I want to again thank Team O'Reilly for their continued dedication to consistently providing excellent customer service. It's your commitment to our culture, fellow team members and customers that drives our success.

最後，我要再次感謝奧萊利團隊一直以來對提供卓越客戶服務的不懈努力。正是你們對公司文化、團隊成員和客戶的忠誠和奉獻，推動著我們的成功。

I'll now turn the call over to Brad Beckham. Brad?

現在我把電話交給布拉德貝克漢。布拉德？

Thanks, Greg, and good morning, everyone. I would like to begin my comments today by thanking Team O'Reilly for their continued dedication to our company's success and their steadfast commitment to excellent customer service.

謝謝格雷格，大家早安。今天首先，我要感謝奧萊利團隊，感謝他們一直以來對公司成功的奉獻以及對卓越客戶服務的堅定承諾。

Since Greg has already discussed our sales results and how we view the current industry environment, I don't want to spend a lot of time repeating what he said. However, I do want to highlight our company's philosophy for how we execute our business model in more challenging macroeconomic conditions. Simply put, we never accept external market pressures as an excuse for falling short of our goals.

鑑於格雷格已經談到了我們的銷售業績以及我們對當前行業環境的看法，我不想贅述他所說的內容。不過，我確實想重點強調我們公司在更具挑戰性的宏觀經濟環境下執行商業模式的理念。簡言之，我們絕不接受外部市場壓力作為未能實現目標的藉口。

A guiding philosophy in our company, especially in our store operations group from our store manager up through the chain to senior vice presidents, states that as long as there are customer vehicles in the parking lot of our competitors or there are competitors delivering to our professional customers in our markets, we haven't captured all the business we are entitled to, and we are missing out on an opportunity to grow sales. We believe our commitment to never settling for subpar performance is a key to our success and also served us well in the second quarter.

我們公司，尤其是門市營運團隊（從門市經理到連鎖店高級副總裁）秉持著一個指導理念：只要競爭對手的停車場裡還有顧客的車輛，或者競爭對手還在向我們市場上的專業客戶送貨，我們就還沒有完全贏得應有的業務，也錯失了銷售增長的機會。我們相信，我們始終堅持追求卓越，絕不滿足於平庸的業績，這是我們成功的關鍵，也讓我們在第二季度取得了良好的業績。

While pressures to our DIY customers from spikes in fuel prices and persistent high inflation weighed down the top line sales growth we were expecting to see, we are still pleased with our team's ability to drive solid, positive sales increases on top of 2 consecutive years of record growth for our company. More importantly, we remain excited about the opportunities we see to grow our business as we move forward.

儘管燃油價格飆升和持續高通膨給我們的DIY客戶帶來了壓力，抑制了我們預期中的營收成長，但我們仍然對團隊在公司連續兩年創紀錄成長的基礎上，依然能夠實現穩健的銷售成長感到滿意。更重要的是，我們對未來業務發展所面臨的機會充滿信心。

I'm sure not an expert in predicting what the rest of the year will hold for the U.S. economy, but I am highly confident that even challenging market conditions can present an opportunity for us to capitalize on our competitive advantages. Our focus on maintaining an extremely high standard of customer service in any market environment allows us to build long-term relationships, ultimately reinforcing our industry-leading position.

我當然不是預測美國經濟今年剩餘時間走勢的專家，但我堅信，即使市場環境充滿挑戰，也能為我們發揮競爭優勢提供機會。我們始終堅持在任何市場環境下都提供極高標準的客戶服務，這使我們能夠建立長期的合作關係，最終鞏固我們行業領先的地位。

Now I would like to provide some color on our professional sales performance in the quarter as well as review what we're seeing from our professional pricing initiative. As Greg mentioned in his prepared remarks, our professional business was the driver of our comparable store sales growth with a double-digit increase, in line with our expectations for the quarter.

現在我想就本季我們的專業銷售業績做些簡要介紹，並回顧一下我們專業定價策略的實施情況。正如格雷格在事先準備好的發言稿中所提到的，我們的專業業務是同店銷售成長的主要驅動力，實現了兩位數的成長，符合我們對本季的預期。

Before I provide an update on our progress with our professional pricing initiative, I think it's important to first focus on the key factors that drive our professional sales growth. Our company's foundation was largely built on the professional customer, and we have proven decade after decade that the most important drivers of our success on the professional side of the business are also our competitive advantages in strong customer relationships, excellent customer service and superior inventory availability.

在報告我們專業定價計劃的進展之前，我認為首先有必要關注推動我們專業銷售成長的關鍵因素。我們公司的根基很大程度上建立在專業客戶之上，而我們數十年來不斷證明，我們在專業業務領域取得成功的最重要驅動力，也是我們在牢固的客戶關係、卓越的客戶服務和充足的庫存供應方面的競爭優勢。

For our professional customer base, the efficient and reliable service they receive from their parts supplier is the most important factor in driving the economic success of their business. We strongly believe that professional business can only be won by consistently delivering a high level of customer service, and this was the primary reason we were able to deliver robust comps in the second quarter. We also believe what we're seeing in professional comps is consistent with the long-term demographic industry trend of faster professional growth as well as the stronger economic resilience of the end-user do-it-for-me customer on this side of our business.

對於我們的專業客戶群而言，零件供應商提供的高效可靠的服務是推動其業務經濟成功的最重要因素。我們堅信，唯有持續提供高水準的客戶服務才能贏得專業客戶的青睞，而這正是我們第二季業績強勁成長的主要原因。我們也相信，目前專業客戶的業績成長與產業長期人口結構趨勢相符，即專業人士的成長速度更快，同時，我們業務中這類終端用戶（即「代勞客戶」）的經濟韌性也更強。

However, our professional customers aren't completely insulated from the economic pressures of high fuel prices and inflation that are impacting our DIY business. We believe our ability to post significant professional sales growth in this environment against extremely difficult comparisons reflects the momentum we're generating through our professional pricing initiative, though it's only one piece of our value proposition.

然而，高油價和通膨帶來的經濟壓力也波及到了我們的DIY業務，我們的專業客戶也無法倖免。我們相信，在當前環境下，面對極其嚴峻的同比形勢，我們仍能實現顯著的專業銷售成長，這反映了我們透過專業定價策略所取得的良好勢頭，但這只是我們價值主張的一部分。

We are very pleased with the response we've seen from our store teams and our sales force as well as our existing and new prospective customers. Our store and sales teams have been energized as they've leveraged this initiative as another tool in their toolbox to win professional business.

我們對門市團隊、銷售團隊以及現有和潛在客戶的正面回饋感到非常滿意。我們的門市和銷售團隊都充滿活力，他們將這項舉措作為拓展業務的又一利器。

It truly is a combination of strong customer relationships, excellent customer service and industry-leading inventory availability, coupled with our more competitive pricing, which drives the superior value proposition we provide to our professional customers. Simply put, the best overall value in the aftermarket has gotten even better.

正是牢固的客戶關係、卓越的客戶服務、行業領先的庫存供應以及更具競爭力的價格，共同造就了我們為專業客戶提供的超高價值。簡而言之，售後市場最佳的整體價值如今更上一層樓。

Since the professional business is driven primarily by strong customer relationships, exceptional customer service and inventory availability, it is difficult for us to parse the direct impact of our pricing initiative now that it has been rolled out across our company for several months. However, we believe the results we are seeing line up favorably with the expectations we developed in our thorough testing process leading up to launching this initiative.

由於專業業務主要依賴牢固的客戶關係、卓越的客戶服務和充足的庫存，因此，在我們公司推行定價策略數月後，目前很難準確評估其直接影響。然而，我們相信，目前的結果與我們在策略推出前進行的全面測試過程中所預期的結果相符。

We are excited about the immediate positive results we've seen, but I want to caution everyone that we are still in the early innings of this initiative. Our pricing actions are clearly removing some barriers, which had previously existed. However, business is ultimately won with consistent execution after being given a chance to earn new business.

我們對目前所取得的正面成果感到振奮，但我想提醒大家，這項措施仍處於初期階段。我們的定價策略顯然正在消除一些先前存在的障礙。然而，最終贏得業務的關鍵在於，在獲得機會後，持續有效地執行各項策略。

These new opportunities don't necessarily open up instantly, and we expect that we will have to grind out gains over time, which is no different than how we've executed our playbook for 65 years and in turn, established our company as the premier supplier to the professional market.

這些新機會不一定會立即出現，我們預計需要隨著時間的推移逐步取得收益，這與我們 65 年來執行既定策略並無不同，而正是這種策略使我們公司成為專業市場的首選供應商。

Finally, before I move on, I want to reiterate that the execution of our professional pricing initiative hasn't changed the broader pricing dynamic in our industry. We have not seen significant competitive pricing actions in response to our initiative. And as Greg mentioned, we continue as a company and industry to rationally pass along inflation in pricing.

最後，在繼續之前，我想重申，我們推行的專業定價策略並未改變整個產業的定價格局。我們也沒有看到競爭對手針對我們的策略採取任何顯著的定價行動。正如格雷格所提到的，我們公司和整個產業仍然會理性地將通貨膨脹轉嫁到價格上。

Now I'd like to discuss our SG&A and operating profit results for the second quarter and our updated expectations for the full year. SG&A as a percentage of sales was 29.6%, a leverage of 15 basis points from the second quarter of 2021. At this level, SG&A is down over 400 basis points from prepandemic levels in the second quarter of 2019. This incredible step change in our profitability is a testament to our team's commitment to grow sales, exercise diligent expense control, improve productivity and drive long-term value.

現在我想談談我們第二季的銷售、管理及行政費用 (SG&A) 和營業利潤情況，以及我們對全年業績的最新預期。 SG&A 佔銷售額的 29.6%，較 2021 年第二季下降了 15 個基點。以此水準計算，SG&A 較 2019 年第二季疫情前的水準下降了 400 多個基點。獲利能力的顯著提升，充分體現了我們團隊致力於促進銷售成長、嚴格控製成本、提高生產效率和創造長期價值的決心。

On an average per-store basis, our SG&A grew 2.5%, which was largely in line with our expectations for the quarter. On a full year basis, we are revising our guidance for SG&A per store to grow 3%, up from our previous guidance of 2.5%. Our teams have been diligent in managing costs to mitigate the impact of inflation thus far this year with our overall spend largely in line with our expectations, but the prolonged and heightened inflation we're experiencing, especially in fuel and energy costs, has driven up our forecast for the remainder of the year.

以平均單店計算，我們的銷售、管理及行政費用增加了2.5%，基本上符合我們對本季的預期。全年來看，我們將單店銷售、管理及行政費用的預期成長率從先前的2.5%上調至3%。今年以來，我們的團隊一直努力控製成本，以減輕通膨的影響，整體支出基本上符合預期。然而，我們目前面臨的持續且加劇的通膨，尤其是燃料和能源成本的上漲，推高了我們對今年剩餘時間的預期。

Wage rates have also been in line with our expectations year-to-date. But I could -- but we could also see pressure in the back half of the year if we see further sustained inflation. We are also updating our operating profit guidance and now expect the full year to be in the range of 20% to 20.3%, which reflects the adjustment to SG&A per store in our revised comparable store sales range.

今年迄今為止，薪資水平也符合我們的預期。但如果通膨持續高企，我們預期下半年薪資水準將面臨壓力。此外，我們正在更新營業利潤預期，目前預計全年營業利潤率將在20%至20.3%之間，這反映了我們修訂後的同店銷售額範圍內每家門市銷售、管理及行政費用（SG&A）的調整。

As we look to the back half of the year and plan SG&A, we will be appropriately responsive to the changing business trends and sales opportunities, and we'll make prudent adjustments to staffing levels to provide excellent customer service and grow our business, while at the same time, controlling our expenses.

展望下半年並制定銷售、一般及行政費用計劃時，我們將對不斷變化的業務趨勢和銷售機會做出適當反應，並對人員配備水平進行謹慎調整，以提供優質的客戶服務並發展我們的業務，同時控制我們的支出。

As we've discussed on multiple occasions over the years, we are very deliberate in how we manage our SG&A spend and leverage a variety of tools to manage store payroll on a store-by-store, day-by-day basis. We believe sudden dramatic changes in store staffing levels have a noticeable negative impact on customer service. And as a result, we manage adjustments gradually over time to match the sales environment in conjunction with the normal seasonality of our business.

正如我們多年來多次討論的那樣，我們非常謹慎地管理銷售、管理及行政費用，並利用各種工具逐店、逐日地管理門店工資。我們認為，門市人員配置的突然劇烈變化會對顧客服務產生明顯的負面影響。因此，我們會根據銷售環境和業務的正常季節性波動，逐步進行調整。

As always, our top priority in managing expenses is to ensure consistent, excellent customer service that is critical to building long-lasting relationships with both our DIY and professional customers. We strongly believe this long-term view of never sacrificing excellent customer service has been a key factor in our success and was the foundation that drove the incredible gains in profitability that our team has generated over the last several years.

一如既往，我們在控製成本方面的首要任務是確保始終如一的卓越客戶服務，這對於與我們的DIY客戶和專業客戶建立長期合作關係至關重要。我們堅信，這種始終堅持卓越客戶服務的長期理念是我們成功的關鍵因素，也是我們團隊在過去幾年中取得顯著獲利成長的基石。

Next, turning to inventory. We finished the second quarter with an average inventory per store of $679,000, which was up 7% from both the beginning of 2022 and this time last year. Parts availability is a key driver of our success in our business, and we continue to execute our plan to aggressively add incremental dollars to our store level inventories as we move throughout 2022.

接下來，我們來看看庫存狀況。第二季末，我們每家門市的平均庫存為 67.9 萬美元，比 2022 年初和去年同期均成長了 7%。零件供應是我們業務成功的關鍵驅動因素，我們將繼續執行計劃，在 2022 年全年積極增加門市庫存。

While we still face constraints in certain areas of our supply chain, we are very optimistic we will see continued improvement as we move through the back half of the year and still expect our per-store inventory to be up over 8% by year-end. Our investments in inventory and daily execution both continue to be focused first and foremost on our replenishment and fill rates; then on having the right combination of common as well as hard-to-find parts in every one of our stores that is tailored to that specific market; then backed up by our dynamic, multitier hub and distribution center network. Our extensive, industry-leading network powers our best-in-class parts availability and equips us to be the dominant auto parts supplier in all our market areas.

儘管我們的供應鏈某些環節仍面臨一些限制，但我們非常樂觀地認為，隨著下半年的推進，情況將持續改善，預計到年底單店庫存將增長8%以上。我們對庫存和日常營運的投入始終將補貨和訂單滿足率放在首位；其次，確保每家門市都能提供符合當地市場需求的常用及稀缺零件；最後，依託我們高效、多級的樞紐和配送中心網絡，確保充足的庫存供應。我們業界領先的龐大網路為我們提供了業界一流的零件供應保障，使我們成為所有市場區域的汽車零件主導供應商。

We feel strongly that these investments in inventory as well as enhanced supply chain capabilities will continue to be a critical part of our success on both sides of the business and in turn, provide long-term share gains as well as returns.

我們堅信，對庫存和供應鏈能力的這些投資將繼續成為我們業務兩端成功的關鍵因素，進而帶來長期的市佔率成長和回報。

Before turning the call over to Jeremy, I'll provide an update on our store growth during the second quarter. We opened 62 new stores across 28 states in the U.S., bringing our year-to-date total to 116 net new store openings. We are on pace to hit our plan of 175 to 185 net new store openings for the year. We continue to be pleased with our performance of our new stores, and I am very proud of the outstanding teams of professional parts people we have in each of our new stores.

在將電話交給傑里米之前，我先報告我們第二季的門市成長。我們在美國28個州新開了62家門市，使今年迄今的淨新增門市總數達到116家。我們預計將實現全年淨新增175至185家門市的目標。我們對新店的業績持續感到滿意，我為每家新店都擁有的優秀專業配件團隊感到非常自豪。

To close my comments, I want to once again thank Team O'Reilly for their continued dedication to our customers. Our teams are committed to winning our customers' business each day by outhustling and outservicing our competition, and I am confident in their ability to deliver a strong finish to 2022.

最後，我要再次感謝奧萊利團隊一直以來對客戶的盡心盡力。我們的團隊致力於每天透過超越競爭對手的努力和服務來贏得客戶的信賴，我相信他們有能力在2022年取得圓滿成功。

Now I will turn the call over to Jeremy.

現在我將把電話交給傑里米。

Thanks, Brad. I would also like to add my thanks to all of Team O'Reilly for their continued dedication to our company's long-term success.

謝謝你，布拉德。我也要感謝奧萊利團隊的所有成員，感謝他們為公司的長期成功所做的持續貢獻。

Now we will cover some additional details on our quarterly results and updated guidance for the remainder of 2022. For the quarter, sales increased $205 million comprised of a $145 million increase in comp store sales, a $56 million increase in noncomp store sales, a $5 million increase in noncomp nonstore sales and a $1 million decrease from closed stores.

現在我們將詳細介紹我們的季度業績以及 2022 年剩餘時間的最新指引。本季，銷售額成長 2.05 億美元，其中包括同店銷售額成長 1.45 億美元，非同店銷售額成長 5,600 萬美元，非同店非門市銷售額成長 500 萬美元，以及因門市關閉而減少 100 萬美元。

For 2022, we now expect our total revenues to be $14.0 billion to $14.3 billion, which is a reduction from our previous range of $14.2 billion to $14.5 billion as a result of our revised comparable store sales guidance range.

我們現在預計 2022 年的總收入為 140 億美元至 143 億美元，較之前預期的 142 億美元至 145 億美元有所下降，這是由於我們修訂了同店銷售額預期範圍。

Greg covered our gross margin performance for the second quarter and reiterated our full year guidance, but I want to briefly recap that we are not expecting a significant LIFO benefit to our gross margin results in 2022 as a result of more typical LIFO accounting after our reserve returned to a credit balance in 2021. Our year-to-date results were in line with those expectations, and our outlook on this item for the year is unchanged.

Greg 已經介紹了我們第二季度的毛利率表現，並重申了我們全年的業績預期，但我想簡要回顧一下，由於我們的儲備金在 2021 年恢復為貸方餘額，我們預計 2022 年採用更常規的後進先出法 (LIFO) 會計處理不會對我們的毛利率業績產生顯著影響。我們年初至今的業績符合預期，我們對全年該指標的展望保持不變。

Our second quarter effective tax rate was 23.8% of pretax income comprised of a base rate of 24.3%, reduced by a 0.5% benefit for share-based compensation. This compares to the second quarter of 2021 rate of 23.1% of pretax income, which was comprised of a base tax rate of 24.5%, reduced by a 1.4% benefit for share-based compensation. The second quarter of 2022 base rate was in line with our expectations. For the full year 2022, we now expect an effective tax rate of 23.0% comprised of a base rate of 23.5%, reduced by a benefit of 0.5% per share-based compensation.

我們第二季的實際稅率為稅前利潤的23.8%，其中基本稅率為24.3%，並扣除了0.5%的股權激勵收益。相較之下，2021年第二季的實際稅率為稅前利潤的23.1%，其中基本稅率為24.5%，並扣除了1.4%的股權激勵收益。 2022年第二季的基本稅率符合我們的預期。對於2022年全年，我們預計實際稅率為23.0%，其中基本稅率為23.5%，並扣除每股股權激勵0.5%的收益。

Our expected tax rate is down slightly from our previous guidance of 23.2% due to the anticipated benefits from renewable energy tax credits, and we continue to expect the fourth quarter rate to be lower than the other 3 quarters as a result of the timing of these benefits and tolling of certain tax periods. Also, variations in the tax benefit from share-based compensation can create fluctuations in our quarterly tax rate.

由於預期再生能源稅收抵免帶來的收益，我們預期的稅率略低於先前23.2%的預期。我們仍然預計第四季度的稅率將低於其他三個季度，這主要是由於這些優惠政策的生效時間以及部分稅期的中止。此外，股權激勵稅收優惠的波動也可能導致季度稅率出現波動。

Now we will move on to free cash flow and the components that drove our results. Free cash flow for the first 6 months of 2022 was $1.2 billion versus $1.5 billion for the first 6 months of 2021 with the decrease driven by a smaller benefit from a reduction in net inventory investment in 2022 versus 2021 and differences in accrued compensation.

接下來我們將討論自由現金流及其構成要素。 2022年上半年的自由現金流為12億美元，而2021年上半年為15億美元。自由現金流下降的主要原因是2022年淨存貨投資減少所帶來的收益小於2021年，以及應計薪資的差異。

Capital expenditures for the first 6 months of 2022 were $229 million, which was in line with the same period of 2021. We continue to expect CapEx to come in between $650 million to $750 million for the full year with the balance of the spend for the remainder of the year supporting new store and DC development initiatives to enhance the image, appearance and convenience of our stores; DC and store fleet upgrades; and strategic investments in information technology projects.

2022年上半年資本支出為2.29億美元，與2021年同期持平。我們仍預期全年資本支出將在6.5億美元至7.5億美元之間，剩餘支出將用於支持新店和配送中心開發計劃，以提升門市形象、外觀和便利性；配送中心和門市車隊升級；以及對資訊科技專案的策略投資。

Our AP-to-inventory ratio at the end of the second quarter was 131%, which once again has set an all-time high for our company and was heavily influenced by the extremely strong sales volumes and inventory turns over the last 12 months. We anticipate our AP-to-inventory ratio to moderate off of this historic high as we complete our additional inventory investments.

第二季末，我們的應付帳款與庫存比率為131%，再次創下公司歷史新高，主要得益於過去12個月強勁的銷售量和庫存週轉率。我們預計，隨著額外庫存投資的完成，應付帳款與庫存比率將從這段歷史高點回落。

Based on the anticipated moderation in this ratio and a heavier spend on CapEx for the second half of the year, we are keeping our expected full year free cash flow guidance unchanged at a rate of $1.3 billion to $1.6 billion after generating $1.2 billion in the first half of 2022.

鑑於該比率預計有所緩和，且下半年資本支出將增加，我們維持全年自由現金流預期不變，為 13 億美元至 16 億美元，而 2022 年上半年自由現金流為 12 億美元。

Moving on to debt. In June, we were pleased to execute a very successful debt transaction with the issuance of $850 million of 10-year senior notes at a rate of 4.7%. As a result of the bond issuance, we finished the second quarter with an adjusted debt-to-EBITDA ratio of 1.95x as compared to our end of 2021 ratio of 1.69x. We continue to be below our leverage target at 2.5x, and we will approach that number when appropriate.

接下來談談債務方面。 6月份，我們非常成功地完成了一項債務交易，發行了8.5億美元的10年優先票據，利率為4.7%。由於此次債券發行，我們第二季末的調整後負債與EBITDA比率為1.95倍，而2021年底的比率為1.69倍。我們目前的槓桿率仍低於2.5倍的目標值，我們將在適當的時候努力達到該目標值。

We continue to execute our share repurchase program. And during the second quarter, we repurchased 2.2 million shares at an average share price of $620.27 for a total investment of $1.4 billion. Year-to-date through our press release yesterday, we repurchased 3.8 million shares at an average share price of $637.47 for a total investment of $2.4 billion. We remain very confident that the average repurchase price is supported by the expected future discounted cash flows of our business, and we continue to view our buyback program as an effective means of returning excess capital to our shareholders. As a reminder, our EPS guidance includes the impact of shares repurchased through this call, but does not include any additional share repurchases.

我們持續推進股票回購計畫。第二季度，我們以平均每股620.27美元的價格回購了220萬股，總投資額達14億美元。截至昨日新聞稿發布之時，今年以來我們已以平均每股637.47美元的價格回購了380萬億股，總投資額達24億美元。我們仍然非常有信心，平均回購價格能夠得到公司未來預期現金流折現的支撐，我們繼續將股票回購計畫視為向股東返還剩餘資本的有效途徑。需要提醒的是，我們的每股盈餘預期已包含本次電話會議前已完成的股票回購的影響，但不包括任何後續的股票回購。

Finally, before I open up our call to your questions, I would like to thank the entire O'Reilly team for their continued dedication to the company's long-term success.

最後，在正式開始回答大家的問題之前，我要感謝 O'Reilly 團隊全體成員為公司的長期成功所做的持續貢獻。

This concludes our prepared comments. At this time, I would like to ask Cheryl, the operator, to return to the line, and we will be happy to answer your questions.

我們的發言到此結束。現在，請接線員謝麗爾回到電話線，我們將很樂意回答您的問題。

(Operator Instructions) Our first question goes to Michael Lasser with UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的麥可·拉塞爾。

The auto parts industry has experienced a significant benefit from same SKU inflation over the last several quarters. Now that's starting to moderate. Is your expectation that as the contribution from same SKU inflation moderates, that there will be a corresponding increase in the number of transactions to drive steady growth for the overall sector?

過去幾個季度，汽車零件產業受惠於同價位商品價格上漲。現在這種漲幅開始放緩。您是否預期，隨著同價位商品價格上漲的影響減弱，交易量也會相應增加，從而推動整個產業的穩定成長？

Jeremy, you want to take that?

傑里米，你想拿那個嗎？

Yes. I can maybe answer that first, Michael. I think when we think about the same SKU dynamics as we move into the back half of the year, we're not going to necessarily see a reversal of some of that inflation. I think the year-over-year benefit, as we see that in the balance of the year, will moderate, as you've mentioned, and we've built that into our plan expectations.

是的，邁克爾，或許我可以先回答這個問題。我認為，當我們展望下半年的SKU動態時，未必會看到通膨出現逆轉。正如你所說，我認為下半年同比增幅將會放緩，而我們也已將這一點納入了我們的計劃預期。

I think from a traffic perspective, since we won't see the actual rate of pricing reverse necessarily, and certainly, we wouldn't want to give back anything on pricing, I don't know that, that's going to be a dynamic that changes the ticket dynamics within our industry.

我認為從交通角度來看，由於實際定價速度不一定會逆轉，而且我們當然也不想在定價方面做出任何讓步，我不知道這是否會成為改變我們行業票務動態的因素。

I think for us, specifically, as we've thought about how the back half of the year lays out, we understand on a 1-year basis that we'll see some pressure as average ticket moderates, but still continue to be very optimistic about continuing traction we'll see on our professional pricing initiative.

我認為，就我們而言，具體來說，當我們思考下半年的發展情況時，我們了解到，從一年的角度來看，隨著平均票價趨於平穩，我們將面臨一些壓力，但我們仍然對我們的專業定價計劃的持續進展保持非常樂觀的態度。

And then also, just more broadly, I feel like our industry performs very well in environments where consumers are pressured and that we'll see support to overall demand, but not necessarily an offsetting pickup to the point that you mentioned. I think on top of that, we're cautious as to how the rest of the year will play out from a macroeconomic perspective. And I think that comes into play here as well.

此外，更廣泛地說，我認為我們這個行業在消費者面臨壓力、整體需求得到支撐的環境下表現非常出色，但可能不會出現您提到的那種完全抵消性增長。除此之外，我們對今年剩餘時間的宏觀經濟走勢也持謹慎態度。我認為這一點也會影響到我們目前的狀況。

My follow-up question is, at the midpoint of your guidance for the back half of the year, have you assumed that the DIY business is going to turn positive? And have you already started to see that in response to the recent decline in gasoline prices?

我的後續問題是，在您對下半年業績預測的中點，您是否認為DIY業務將會轉好？您是否已經開始從近期汽油價格的下跌中看到這種趨勢？

Yes, Michael. I mean our assumption all along has been that our DIFM business would perform stronger than our DIY business. And we don't see that changing. In the back half of the year, our expectations remain that DIFM will outperform DIY.

是的，邁克爾。我的意思是，我們一直都認為DIFM業務的表現會優於DIY業務。而且我們認為這種情況不會改變。我們仍預期下半年DIFM業務的表現會優於DIY業務。

Will DIY improve in the back half of the year? It's really yet to be seen. It really depends on what happens in the macro, how quickly that turns around. Fuel price is a contributor, but it's one of many contributors. We've historically talked a lot about fuel prices and the impact. This year, we've got a more significant inflationary impact across all of retail on top of fuel prices. So again, as Jeremy said, we remain pretty cautious on our outlook but remain very optimistic on the industry as a whole.

今年下半年DIY市場會好轉嗎？這還有待觀察。這很大程度取決於宏觀經濟的走向及其好轉的速度。燃油價格固然是影響因素，但只是眾多因素之一。我們過去經常討論燃油價格及其影響。今年，除了燃油價格之外，零售業整體還面臨更顯著的通膨衝擊。因此，正如傑里米所說，我們對前景仍持謹慎態度，但對整個行業仍然非常樂觀。

Our next question comes from Michael Baker from Davidson.

我們的下一個問題來自戴維森學院的邁克爾貝克。

So one question and one follow-up. You said July is better versus expectations. Can you tell us if it's better -- and really, I'm talking about on a 1-year comp basis, is it better than the second quarter? Or if you don't want to answer it that way, maybe tell us what your expectation was for July. Did you expect July to be better or worse than the second quarter?

所以，我有一個問題和一個後續問題。您說7月的業績好於預期。能具體說說好不好嗎？我指的是以一年期同比數據來看，它比第二季好嗎？或者，如果您不想這樣回答，能否告訴我們您對7月的預期是什麼？您預期7月的業績會比第二季好還是差？

Yes. I guess maybe I just want to clarify, I think our improvement really reflects how we were trending as we finished the second quarter, and we do think we've seen business pick up a little bit there. It's a short period of time. And we tend not to be overinfluenced by what we see, particularly as we've seen a lot of hot weather, and we think that, that's a positive benefit to us.

是的。我想澄清一下，我認為我們的業績提升確實反映了我們在第二季末的發展趨勢，而且我們確實看到業務有所回升。當然，這只是一個很短的時間跨度。我們通常不會過度受外在因素影響，尤其是在經歷了長時間的高溫天氣之後，我們認為這對我們來說是一個正面的因素。

Beyond that, we feel good about the overall level of what our business is seeing, and we really saw that stabilize as we moved through the second quarter and got past some of the stimulus challenges early in the quarter that we saw. What we've seen is it's at a little bit lower than we had expected, but that has kind of continued. We think that's an appropriate way of thinking about as we move into the back half of the year. Encouraged by July, certainly, but also cognizant that as we move through the rest of the year, weather can normalize a little bit, and we're not going to overreact a few weeks.

除此之外，我們對公司整體業務水準感到滿意，尤其是在第二季初期克服了部分刺激措施帶來的挑戰後，業務確實趨於穩定。目前來看，業務水準略低於預期，但這種情況仍在持續。我們認為，在進入下半年之際，這種思路是恰當的。七月的表現固然令人鼓舞，但我們也意​​識到，隨著下半年天氣逐漸恢復正常，我們不會因為幾週的波動而反應過度。

Fair enough. The follow-up is a follow-up to your answer to Mike Lasser's question. You said you certainly expect to hold on to price. So does that imply that if inflation does start to moderate, you should see a little bit of a gross margin benefit in the back half?

好吧。這個問題是針對您對 Mike Lasser 問題的回答而提出的。您說過您一定會維持價格不變。那麼，這是否意味著如果通膨開始放緩，您應該會在下半年看到毛利率略有提升？

Yes. Certainly, within our industry, we -- and within our history, we want to hang on to price increases that we've passed through. We think that to the extent that we see moderation in price levels or we start to see some reversals, and the question around tariffs has come up some. We would expect to maintain pricing at our current levels and would hope to benefit from the reduction in acquisition costs.

是的。當然，就我們這個行業而言，也根據我們的歷史經驗，我們希望維持先前的價格上漲水準。我們認為，如果價格水平趨於緩和，或出現一些回落跡象（例如關稅問題），我們預計能夠維持目前的定價水平，並希望能夠從採購成本的降低中獲益。

That -- I think that's largely in line with how our business operates with price being a secondary or a third factor for the value that we provide to our customers. And being able to drive continued strong performance off of excellent customer service and making sure that we've got the part that our customers need when they need it, I think that allows us -- puts us in a position where we wouldn't have to see a reduction. Ultimately, we'll see how that plays out within the industry as we move through the balance of the year. But it would certainly be our intent to maintain pricing levels and see a benefit from that.

我認為這與我們公司的營運模式基本一致，價格只是我們為客戶提供價值的次要因素或第三因素。我們能夠透過卓越的客戶服務持續保持強勁的業績，並確保客戶在需要時能夠及時獲得所需的零件，我認為這使我們能夠避免降價。最終，我們將觀察今年剩餘時間整個產業的走勢。但我們的目標肯定是維持現有物價水準並從中獲益。

And that doesn't seem -- that potential gross margin benefit doesn't seem to be in your back half guidance. Correct me if I'm wrong on that.

而且，你們下半年的業績預期中似乎並沒有包含這項潛在的毛利率成長。如果我理解有誤，請指正。

Yes. We haven't forecasted a deflation in pricing in how we've thought about where we'll go for the rest of the year.

是的。當我們規劃今年剩餘時間的發展方向時，我們並沒有預測到價格會出現通貨緊縮。

Our next question comes from Simeon Gutman from Morgan Stanley.

下一個問題來自摩根士丹利的西蒙古特曼。

I wanted to ask around -- I guess, you talked about tickets being down. And I guess, I don't know if they are in DIFM, but it sounds like in DIY. This is, I guess, hard to parse, but can you try to talk to how much units or tickets are down because prices are higher versus how much might be reversion or digestion from the last couple of years?

我想打聽一下——我猜你之前提到過票房下降。我猜，我不知道DIFM是不是也這樣，但聽起來DIY好像是這樣。我知道這可能有點難理解，但你能說說有多少票房下降是因為價格上漲，又有多少是因為過去幾年價格回落或消化造成的嗎？

Yes. Simeon, good question there. It's really hard to break that out. That almost becomes an opinion. What I would tell you is I think it's more an impact of the inflationary environment. The negative ticket count was on the DIY side of our business. And as we've said, that consumer is a little more pressured right now with higher fuel prices and the overall inflationary environment. And we think it's more of just a cash flow issue for that lower-income consumer than maybe margins or any of that.

是的，西蒙，你問得好。這個問題確實很難解釋清楚，幾乎可以算是個人觀點。我想說的是，我認為這比較像是通膨環境的影響。負成長主要體現在我們自助維修業務方面。正如我們之前所說，由於油價上漲和整體通膨環境的影響，這類消費者目前面臨更大的壓力。我們認為，對於低收入消費者而言，這更多的是一個現金流問題，而不是利潤率或其他方面的問題。

Okay. That's fair. And maybe the follow-up is connected. Does it feel like -- because you have visibility into units or tickets. Does it feel like if there is any digestion from post stimulus and post what consumers were spending on during the COVID period, that this represents the rebasing? This is the new baseline, and then we move into '23 and we could see the business look or act a little bit more normal. I get there's a lot of moving pieces with price, but at least from a unit perspective or ticket, this puts in the floor?

好的，這很合理。也許後續問題與此相關。您是否覺得——因為您掌握了銷售量或單價數據——如果刺激政策出台後以及消費者在新冠疫情期間的支出有所回落，那麼這是否代表著重新調整了基準？這是新的基準線，然後我們進入2023年，可能會看到業務看起來或運作得更正常。我知道價格有很多變數，但至少從銷售量或單價的角度來看，這是否設定了底線？

Yes, Simeon, I think you're right in saying that there are a lot of moving pieces, and it can be a little bit challenging to get a read through, particularly as we've seen stimulus in some of the comparative periods that have kind of pushed demand around it. And we know as we entered this year, we face some volatility just as weather and timing has impacted us.

是的，西蒙，你說得對，影響因素很多，要全面把握情況確實有點挑戰性，尤其是在一些對比時期，我們看到一些刺激措施推高了需求。而且我們知道，今年年初以來，市場波動性很大，天氣和時機都對我們產生了影響。

I think where we sit today, we probably characterize this as a more normalized broader period around what we would expect for current economic conditions. I don't know what time will tell moving forward, but as we think about just the overall makeup of our business, we certainly don't view it as having still significant drivers that are things that are out of what we would have expected as we move through the pandemic and we sit where we are today.

我認為就我們目前的處境而言，我們可以將其描述為一個更正常的時期，大致符合我們對當前經濟狀況的預期。我不知道未來會如何發展，但就我們業務的整體組成而言，我們認為目前並沒有出現任何超出我們預期、影響業務發展的重大因素，這與我們應對疫情以及維持現狀的預期基本一致。

Our next question comes from Scot Ciccarelli from Truist Securities.

我們的下一個問題來自 Truist Securities 的 Scot Ciccarelli。

So can you speak to what you guys are seeing on a geographic basis? I think your (inaudible) previously (inaudible) geographically for most of the last 2 years. But I think we're starting to hear about widening performance differences market to market over the last 2 quarters. If you can help clarify that, that would be helpful.

那麼，您能否談談您從地理角度觀察到的情況？我認為你們在過去兩年的大部分時間裡，地域分佈情況都比較理想。但我覺得我們開始聽到一些關於過去兩季不同市場間業績差異擴大的回饋。如果您能幫忙澄清一下，那就太好了。

Scot, you were breaking up a little bit, but we kind of gathered the geographic performance component of the question. Brad, do you want to take a shot at that?

史考特，你剛才有點語無倫次，但我們大致理解了問題中關於地理表現的部分。布拉德，你想嘗試回答嗎？

Yes, sure. Yes, really similar to last quarter, we were very pleased at the consistency of our business on both sides of the business when we looked across our regions and divisions. Lot of consistency, not a lot of differences from a geography standpoint.

是的，當然。是的，與上個季度非常相似，我們對業務在各個區域和部門的穩定性都非常滿意。整體而言，從地域角度來看，差異並不大。

The one that we would call out, Scot, that is a little bit of a tough line to draw, but we did see a little bit of softness on the West Coast, specifically Northern California, even Pacific Northwest, Washington state that we would probably draw a line to some of the fuel prices out there, but that was a very minor difference in the way the rest of the company performed. So a little bit there, but other than that, very consistent.

史考特，我們想指出的一點是，這有點難以界定，但我們確實看到西海岸，特別是北加州，甚至太平洋西北地區和華盛頓州，業績略有疲軟，我們可能認為這與當地的燃油價格有關，但這與公司其他部門的業績差異非常小。所以，雖然有一點點波動，但除此之外，整體表現非常穩定。

Got it. And then just a quick one. Have you guys seen much of a shift towards private label, just in terms of the whole trade down potential concept?

明白了。還有一個小問題。你們有沒有註意到，從「以舊換新」的角度來看，自有品牌產品的需求明顯增加？

Scot, we've seen -- over the past several years, we've seen more and more volume shift to private label. I think there's a little less brand loyalty than there once was. And throughout the pandemic and supply chain issues, frankly, there's definitely not as much brand loyalty. I think consumers are buying products you have, not necessarily getting the products they want every time.

史考特，過去幾年我們看到，越來越多的銷售轉向了自有品牌。我認為消費者對品牌的忠誠度不如以前了。坦白說，在疫情和供應鏈問題的影響下，品牌忠誠度更是大幅下降。我認為消費者現在購買的是你現有的產品，而不是他們每次都能買到自己想要的產品。

But our private label program is about 50% of our volume today overall. And in the hard parts category, it's between 60% and 65%. So it continues to grow as a percentage of our overall sales.

但目前我們的自有品牌產品銷售量約佔總銷售量的50%。在零件類別中，這一比例在60%到65%之間。因此，自有品牌產品在我們總銷售額中的佔比持續成長。

This is Brad. I would just add on that, Scot, that when you think about private label, we don't necessarily think of that as being a trade down. We want you to keep in mind that our exclusive national brands, while we have entry points, we have an equal amount of better and best when it comes to our private label. Good examples would be our Import Direct program, Precision chassis, things like that. So I just want you to keep in mind that when we talk about private label, we're also talking about exclusive national brands that is a premium product.

我是布拉德。史考特，我還要補充一點，說到自有品牌，我們不認為它就是一種降級。我們希望你記住，我們獨家代理的全國性品牌，雖然也有入門級產品，但我們的自有品牌同樣擁有更多更優質的產品。例如我們的「進口直銷」項目、Precision底盤等等。所以，我想讓你記住，當我們談到自有品牌時，我們也在談論那些高端的、獨家代理的全國性品牌產品。

Our next question comes from Zack Fadem from Wells Fargo.

下一個問題來自富國銀行的紮克法德姆。

So following up on the average ticket question. I believe you said it was up 10%. And the question is whether this implies units were down 6% or if there are other factors at play like mix.

關於平均客單價的問題，我記得您說過上漲了10%。問題是，這是否意味著銷量下降了6%，還是說還有其他因素在起作用，例如產品組合的變化。

Yes. We saw pressure to the units primarily on the DIY side of our business. There are mix dynamics that play into what we've seen. And when we think about our professional business, specifically, continue to be encouraged by the progress we've made there, where our comp was driven by both average ticket growth, but also growth in tickets. And really, I think on that side of the business, the split between that average ticket count can depend on being able to add more things to the shop order when you send it out the door.

是的。我們看到，DIY業務板塊的銷售主要面臨壓力。這其中也受到多種因素的影響。而就專業業務而言，我們的進展令人鼓舞，我們的業績成長得益於平均客單價和客單價兩方面的提升。實際上，我認為在專業業務板塊，平均客單價的提升取決於能否在訂單中增加更多商品和服務。

So we feel a positive there. We think that we've had the ability to continue to drive incremental business and incremental share relative to where the market is at. But we are pressured on the DIY side business. I expected that we would be as we came into the quarter with some of the stimulus compares. Ended up a little bit softer there than we anticipated because of the -- some of the macroeconomic pressures we've spoken to.

所以我們對此持樂觀態度。我們認為，相對於目前的市場狀況，我們有能力繼續推動業務成長和市場份額提升。但我們的DIY業務面臨壓力。我預料到會這樣，因為本季初我們參考了一些刺激性政策的比較數據。但由於我們先前提到的一些宏觀經濟壓力，最終這部分業務的表現略低於預期。

Got it. And then on your gross margin outlook. It looks like on an ex LIFO basis, gross margin has been tracking at about 51.5% in the first half of the year, assuming my math is right. And it looks like you're guiding the second half about 100 basis points lower. And I'm just trying to understand the moving parts. How much of this is incremental pricing versus Q2? And any other factors that we should consider on the input cost side?

明白了。關於毛利率展望，如果我的計算沒錯，以後進先出法（LIFO）計算，上半年毛利率大約在51.5%左右。而您似乎預計下半年毛利率會下降約100個基點。我只是想弄清楚其中的緣由。這其中有多少是相對於第二季的增量定價造成的？在投入成本方面，我們還需要考慮其他哪些因素？

Yes. I can take that one, Zack. The sequential first half to back half can be a little bit challenging because we do have different seasonality dynamics that come into play. So maybe to directly answer a few points to the questions, we're not anticipating incremental price investments on the professional side of our business. We expect that what we've done there is the full amount of what our plan was and that we would continue to maintain those levels and that, that in and of itself doesn't create incremental pressure other than you'll have 2 full quarters of the impact versus first quarter being [a bit light.]

是的，我可以回答這個問題，札克。從上半年到下半年的業績比較難預測，因為會受到季節性因素的影響。所以，為了直接回答幾個問題，我們預計不會在專業業務方面增加價格投資。我們預計目前投入的資金已經完全符合計劃，並將繼續維持目前的水平。這本身不會帶來額外的壓力，只是影響會持續兩個季度，而第一季的影響相對較小。

Beyond that, when we think about the back half of the year, we do have different mix dynamics from a seasonality perspective that we think will impact the gross margin rate some. But as we think about it on a more normalized basis, year-over-year, the pressures that we'll see are because of some of the LIFO comparison, because of some of mix. But the rest of what we would anticipate is -- would have been incorporated in how we thought about or planned for the year just given those mix differences.

除此之外，展望下半年，從季節角度來看，產品組合的變化會對毛利率產生一定影響。但如果從更常規的角度，即同比來看，我們面臨的壓力主要來自後進先出法（LIFO）的比較以及產品組合的變化。至於其他方面，我們預期的這些變化，其實已經納入了我們全年的規劃之中。

The prior year comparable is going to be a little bit tough because we have had some LIFO impacts that have caused some of that normal cadence of the year to change for us. But really, that's in line with what we would have thought when we came into the year.

由於後進先出法（LIFO）的影響，我們前一年的業績比較會比較困難，因為這改變了我們正常的年度節奏。但實際上，這與我們年初的預期基本一致。

Our next question comes from Chris Horvers from JPMorgan.

我們的下一個問題來自摩根大通的克里斯霍弗斯。

So my first question is a follow-up on the top line outlook in the back half of the year. On the pro pricing initiative, you had baked in some share gains in the back half and the original guidance, causing some trend acceleration in the overall comp in the back half despite lapping inflation. In the updated guide, did you take that out given your heightened caution on the macro and that was part of the back half revision?

我的第一個問題是關於下半年營收展望的後續問題。關於專業定價策略，您在先前的業績指引中已經計入了下半年市佔率成長的部分收益，這導致儘管通膨有所抑制，但下半年整體同業成長仍出現加速趨勢。鑑於您對宏觀經濟情勢更加謹慎，在更新後的績效指引中，您是否剔除了這部分收益？這是否也是下半年業績調整的一部分？

Yes. Chris, I would tell you, as we thought about how our expectations would have changed in the back half, it was really geared around what we said in the script and in the press release around the pressures we're seeing on the DIY side of our business from a ticket perspective. And even as we've talked about our full year expectations this year, we've been cognizant of continued pressure that we could see there, and that's really the change that we see.

是的。克里斯，我想告訴你，當我們思考下半年預期會發生哪些變化時，我們主要圍繞著我們在劇本和新聞稿中提到的，從票務角度來看，我們DIY業務方面面臨的壓力。即使在我們討論今年的全年預期時，我們也一直意識到這方面可能持續存在的壓力，而這正是我們所看到的改變。

As Brad mentioned in his prepared comments, we're still early stages on our professional pricing initiative. We still have gains that we think that we can make there, and we have built in incremental improvements as we move through the year. But there's nothing in our initial indications that have changed our outlook and perspective on that for the balance of the year. And there's a lot of excitement, I think, on not just how professional play out for the balance of the year, but as we move past this year, what that will look like.

正如布拉德在事先準備好的演講稿中所提到的，我們的專業定價計畫仍處於早期階段。我們認為仍有提升空間，並且已在今年逐步推進改進。但就目前來看，沒有任何跡象顯示我們對今年剩餘時間的計畫前景和看法會改變。我認為，大家不僅對今年剩餘時間的專業定價策略充滿期待，也對未來發展充滿期待。

That's very helpful. And on 2 follow-ups. First, can you lay out what the LIFO headwind was and if anything changed in the back half of the year in the second quarter? And then secondly, you bought back a lot of stock in the second quarter. The cash balance has come down quite a bit, but you're also sitting below your long-term leverage target. So how do you think about deployment of capital and use of the balance sheet in the back half of the year to help sort of the earnings and capital return to shareholders?

這很有幫助。還有兩個後續問題。首先，您能否詳細說明一下後進先出法（LIFO）的不利因素是什麼，以及下半年第二季度情況是否有所變化？其次，您在第二季回購了大量股票。現金餘額大幅下降，但您的槓桿率也低於長期目標。那麼，您如何看待下半年資本的部署和資產負債表的使用，以幫助提高股東的收益和資本回報？

Yes. Absolutely. I can take those, Chris. From a LIFO perspective, our LIFO was neutral in the second quarter, and that's where we expect we'll be for the full year. So really, our headwind is what we would have talked about as a positive last year as we move through the year.

是的，當然可以。克里斯，我可以接受這些。從後進先出法（LIFO）的角度來看，我們第二季的LIFO收支平衡，我們預計全年也將維持這一水準。所以實際上，我們現在面臨的逆風，正是我們去年會視為利好因素的情況。

From a repurchase perspective, we continue to feel like we utilize our repurchase program as an effective means of returning capital to our shareholders. And I think for us, over the course of time, it has been successful really because it's been driven by our ability to be both consistent and drive repurchases really month in, month out because of the consistent nature of our cash flows, but then also when we have opportunities to be opportunistic at times. And I think you probably saw some of that in the first half of the year.

從股票回購的角度來看，我們仍然認為股票回購計畫是向股東返還資本的有效途徑。我認為，對我們來說，這項計畫之所以能夠長期成功，是因為我們既能夠憑藉穩定的現金流，每月持續推進股票回購，又能抓住機會進行回購。我想您可能已經在今年上半年看到了一些這樣的例子。

That philosophy hasn't changed. We'll prioritize our capital for reinvestment in our business because we like those returns the best. But when we have an opportunity, we'll execute our buyback program with that same philosophy.

這理念始終未變。我們將優先把資金用於業務再投資，因為我們最重視這些回報。但當機會出現時，我們也會秉持同樣的理念執行股票回購計畫。

Our next question comes from Brian Nagel from Oppenheimer.

我們的下一個問題來自奧本海默公司的布萊恩·納格爾。

Question I want to ask, just with regard to the commentary around inflation. So you and other -- a number of other retailers now are saying the same thing. There's this view that broad-based inflationary pressures are weighing upon your sales. So I guess the question I have is as you think about that and this dynamic taking hold, at the same time, O'Reilly has been very good at sort of, say, strategically passing along higher costs. So as you look at that -- I guess the question I'm working towards, as you look at that DIY category, recognizing this broader-based inflation is now impacting your business, is there a thought to maybe adjusting pricing or even rethinking the inflation within O'Reilly stores to help stimulate that business?

我想問一個關於通膨的評論。您和其他一些零售商現在都表達了同樣的觀點，認為普遍的通膨壓力正在影響銷售。所以我想問的是，在您考慮這種趨勢的同時，O'Reilly 一直以來都非常擅長將更高的成本轉嫁給消費者。因此，當您審視 DIY 品類時，考慮到普遍的通膨正在影響您的業務，您是否考慮過調整價格，或者重新考慮 O'Reilly 門市的通膨策略，以刺激該品類的業務增長？

No. No, Brian, we haven't considered that. Obviously, that would just create a race to the bottom in retail, which is not something we want. We feel like we're competitively priced for our DIY and our DIFM customers. We commented on the DIFM price adjustments. And while we're constantly monitoring and adjusting prices on both sides of our business, that one really philosophy change that we made earlier in the year was a onetime event on the DIFM side, and we have not had any consideration of making any type of mass change to the DIY side or retail side of our pricing.

不，布萊恩，我們還沒考慮過這個問題。顯然，那樣只會引發零售業的惡性競爭，而這並非我們所願。我們認為，對於DIY和DIFM客戶而言，我們的定價已經很有競爭力。我們已經就DIFM的價格調整發表過意見。雖然我們一直在持續監控並調整業務各個環節的價格，但今年早些時候我們在DIFM方面做出的那次策略調整隻是一次性的，我們從未考慮過對DIY或零售業務的價格進行任何大規模的調整。

And maybe the only thing I would add to that, Brian, is as we think about how we'll be impacted by or are being impacted by what consumers are seeing, even though we think we're seeing some pressure, it's not as significant as where other areas of retail will see it. And I think our customer responds differently to it over the course of time. We view a lot of these shocks as transitory because ultimately, consumers need their vehicles. They need to stay on the road, but there is a real value proposition in being able to maintain an older vehicle and invest in it.

布萊恩，我可能唯一要補充的是，當我們思考消費者所見所聞將如何影響我們，或者說正在如何影響我們時，儘管我們認為確實面臨一些壓力，但這種壓力遠不如他零售領域所面臨的壓力那麼大。而且我認為，隨著時間的推移，我們的客戶對這種影響的反應也會有所不同。我們認為很多衝擊都是暫時的，因為歸根究底，消費者需要他們的車輛。他們需要保持車輛的正常行駛，但能夠維護舊車並對其進行投資，這確實具有真正的價值。

So I think some of what we see on our business is -- it's less impacted and it's probably shorter term in nature. And as a result of that, there's -- that nature of the demand doesn't really make it something that we can move around by moving prices, and that's why our industry has been as rational as we've seen it.

所以我認為，就我們業務而言，有些情況是——受到的影響較小，而且可能只是短期性的。正因如此，這種需求特性並不適合透過價格調整來改變，這也是為什麼我們所在的產業一直保持著我們所見過的最理性的狀態。

Yes. Brian, keep in mind that we operate in an industry that's mostly nondiscretionary. And it's not a situation where if you lower the price on a category, the consumer is going to buy more of it. That's typically not the way it works. It's -- the customer buys products from us because they have a problem and that purchase solves the problem in most cases in our environment.

是的，布萊恩，請記住，我們所處的行業主要屬於非必需品行業。在這種情況下，降低某一品類的價格並不會導致消費者購買更多。通常情況下，事情並非如此。顧客購買我們的產品是因為他們遇到了問題，而這種購買行為在大多數情況下都能解決問題。

Got it. That's very helpful. And then a follow-up to that. So look, I mean, I think what's happening right now, to some extent, is unprecedented out there. But we've talked in the past about the higher fuel prices and impacts upon O'Reilly. For many reasons, the DIFM or the commercial business should be more insulated. But have you -- historically, if you look back over time, has there been any indication that there's a lead-lag relationship where maybe you see the impacts first in DIY, and that ultimately spills into commercial? Or are they 2 really distinct businesses in this regard?

明白了，這很有幫助。接下來我想問一個問題。你看，我認為目前的情況在某種程度上是前所未有的。我們之前也討論過油價上漲對O'Reilly的影響。基於許多原因，DIY（自己動手）或商業業務應該受到的影響較小。但是，從歷史角度來看，有沒有跡象顯示存在某種先導滯後關係，即DIY業務首先受到影響，最終波及商業業務？或者說，就這一點而言，它們是兩個截然不同的業務？

No. DIFM is not immune to impacts in the economy like the fuel prices. To your point, you're spot on. It typically hits our more cash-constrained DIY customer before it would impact the typical DIFM customer, who typically has -- is in a better cash flow position. But they're definitely not immune to it. We haven't seen significant evidence of that thus far.

不，DIFM（自行管理房屋）服務並非不受經濟波動的影響，例如燃油價格上漲。您說得完全正確。通常情況下，DIFM服務的客戶（通常現金流量狀況較好）會先受到現金流緊張的DIM（自行管理房屋）客戶的影響，而不是DIFM客戶。但他們也並非完全不受影響。到目前為止，我們還沒有看到明顯的跡象表明DIFM服務的客戶可以完全免受影響。

Our next question comes from Bret Jordan from Jefferies.

下一個問題來自傑富瑞集團的布雷特喬丹。

Now that the price initiative is, I guess, largely rolled out and complete, could you talk to us maybe about sort of how broadly staked it was? Like maybe what percentage of your DIFM sales were touched by that pricing initiative? It seemed like maybe it was product or customer sort of narrowly focused, but could you give us some color?

既然價格調整方案已經基本推行完畢，您能否談談它的覆蓋範圍？例如，您的DIFM銷售額中有多少比例受到了這個價格調整方案的影響？感覺它似乎只針對特定產品或客戶，您能否詳細說明一下？

Yes. Maybe I'll step into that first, and then Brad can add comments. We very intentionally haven't been too detailed on how we thought about that and talked to folks about the specifics on that. I can tell you that obviously, it was significant in across lots of different customer segments. It wasn't every item. It wasn't every line. It was very specifically focused on areas where we thought we would have opportunity, and it was something, as Brad mentioned in his prepared comments, was thoroughly tested.

是的。或許我可以先說說我的看法，然後布萊德可以補充一些內容。我們刻意沒有過多地詳細說明我們是如何思考這個問題以及如何與相關人員討論具體細節的。我可以告訴你，很明顯，它在許多不同的客戶群中都發揮了重要作用。它並非適用於所有產品，也並非適用於所有產品線。它非常精準地聚焦於我們認為存在機會的領域，而且正如布拉德在他準備好的評論中提到的，我們對此進行了徹底的測試。

Brad, do you want to add anything to that?

布拉德，你還有什麼要補充的嗎？

Yes. Bret, just maybe keep in mind that where the majority of the share on the DIFM side lays in the U.S., with the amount of incredible independents out there, solid competition and with 2-step models, that our goal, like, wasn't be as cheaper than those. But that's where the majority of the opportunity for share gains was for our professional pricing initiative. And so in turn, it was in those key categories where we felt like we may have been too far out of line with those traditional players that had a lot of volume, and we're gaining some -- either half a basket or half a delivery that we wanted to turn into an entire delivery and jobs and change those buying habits over time.

是的，布雷特，你可能需要記住，DIFM（送貨上門）市場份額的大部分都在美國，那裡有很多優秀的獨立商家，競爭激烈，而且他們採用的是兩步模式，所以我們的目標並不是比他們更便宜。但我們專業的定價策略恰恰為我們提供了提升市場份額的巨大機會。因此，在這些關鍵類別中，我們感覺自己可能與那些銷量巨大的傳統商家差距太大，而我們正在努力爭取——哪怕只是半籃貨物或半單配送，我們也希望最終能將它們轉化為整單配送，從而改變他們的購買習慣。

And so we're really pleased with where we're at with it. The team is excited. But like we mentioned earlier, it's just going to continue to take time. The point that we lower price, it could take 6, 7, 8 sales calls on an individual garage if they were previously buying from a local independent that they trusted for decades or more. Just because we're that much more competitive, the first time we call on them doesn't mean they're going to call the next day. It can take months to really get that opportunity, and it may just be for a second or third call. But we're very pleased with what we're seeing on that front.

所以，我們對目前的進展非常滿意。團隊也很興奮。但正如我們之前提到的，這仍然需要時間。例如，如果我們降低價格，對於一個之前一直信賴當地獨立維修店幾十年的老客戶來說，我們可能需要打六、七、八次電話才能說服他們。即便我們的價格更具競爭力，第一次拜訪並不代表他們第二天就會聯絡我們。真正獲得機會可能需要幾個月的時間，而且可能只需要第二次或第三次電話。但我們對目前的進展非常滿意。

Great. And a quick question on inflation for the second half. I think one of your peers yesterday was talking about second half inflation expectations in line with what they saw in the second quarter. But I think you're talking about maybe a little bit lower price impact in the second half. How should we think about that? I mean I think you were close to 10% in the second quarter. Just as we model it, what should we think about top line from price?

好的。關於下半年的通膨，我有個問題想請教一下。我記得昨天有位同業提到，他們預計下半年的通膨水準與第二季基本一致。但您似乎認為下半年的價格衝擊會略低。我們該如何看待這一點呢？我的意思是，我記得第二季的通膨率接近10%。根據我們的模型，價格因素對營收的影響應該如何預測？

Yes. I think for us, the way we think about that question is from an overall price level perspective, we would expect the balance of the year to be relatively in line with where we are today. I think when we've talked about that, from a year-over-year perspective, we are up against bigger comparison. So where we would have seen the same SKU number in second quarter at price levels that are consistent with where we sit today, there was a bigger year-over-year change because some of that increase happened in third and fourth quarter of last year, beginning part of this year. So that's really how we think about the impact of that as we move through the rest of the year.

是的。我認為，就我們而言，從整體價格水平的角度來看，我們預計今年剩餘時間的價格將與目前的水平基本持平。我認為，當我們討論同比數據時，會發現今年的年比數據比較大。因此，雖然第二季的 SKU 數量與目前的價格水準基本一致，但由於部分價格上漲發生在去年第三季和第四季以及今年年初，所以比去年同期變動幅度更大。這就是我們對今年剩餘時間價格走勢影響的考量。

Our next question comes from Liz Suzuki from Bank of America.

下一個問題來自美國銀行的 Liz Suzuki。

Just curious what the M&A environment looks like. Are any small chains feeling a little bit more pressure in these challenging times and maybe the valuation multiples they were expecting have come down a little bit?

我很好奇目前的併購環境如何。在當前充滿挑戰的時期，一些小型連鎖企業是否感受到了更大的壓力，導致他們預期的估值倍數下降？

Liz, we -- like I've said before, we're always looking for potential acquisition targets, both inside and outside of the U.S. And really, nothing's changed. Over the years, the players that are out there that remain, especially the smaller chains, they're just solid performers. A lot of these regional players that have survived what's happened in the past several years are solid performers.

莉茲，就像我之前說的，我們一直在尋找潛在的收購目標，無論是在美國境內還是境外。事實上，情況一直沒變。這些年來，那些倖存下來的企業，尤其是規模較小的連鎖企業，業績都非常穩健。很多在過去幾年挺過來的區域性企業，業績都很出色。

We're constantly looking at smaller, 1-, 2-store chains, and we buy some of those throughout the year, year-over-year, and we'll continue to do that. Those are the things that don't make the headlines, we don't talk a lot about. But we've not seen any real uptick in opportunities from an M&A standpoint as far as seeing companies that are reaching out, looking for an exit strategy.

我們一直在關注規模較小的連鎖企業，例如只有一兩家門市的連鎖企業，並且每年都會收購一些，以後也會繼續這樣做。這些收購案往往不會引起太多關注，我們很少公開談論。但就併購而言，我們並沒有看到太多公司主動尋求退出策略，也沒有看到任何真正的收購機會成長。

Great. And just a quick one on inventory. I mean it sounds like overall, inventory per store grew at a similar rate to your plan. But with the slowdown in DIY demand, are you finding that you have pockets of excess inventory in products like fluids that have more limited shelf life and you have to discount them? Or are you just -- are you able to just keep the product on the shelf and then pace your orders from your suppliers accordingly?

好的。關於庫存，我還有一個問題。我的意思是，聽起來總體而言，每家門市的庫存成長速度與您的計劃基本一致。但是，隨著DIY需求的放緩，您是否發現某些保質期較短的產品（例如液體）出現庫存過剩，需要打折出售？或者您能夠將產品留在貨架上，然後根據需求調整向供應商的訂貨節奏？

Brent, do you want to take that one?

布倫特，你想接那個任務嗎？

Yes. This is Brent. I'll take that one. Yes. A lot of the inventory growth is really -- Brad talked about it in his prepared comments, a lot of it was really built into our plan this year. We had some -- we typically are always looking to try to get inventory closest to customers and get it in the markets where we think it's going to serve us best.

是的，我是布倫特。我來回答這個問題。是的。庫存成長很大程度上是——布拉德在事先準備好的發言稿中也提到過——這其實已經納入了我們今年的計劃。我們通常都會盡量讓庫存離客戶最近，並投放到我們認為最能發揮其作用的市場。

And we had to slow down some of that expansion at the local level last year with some of the supply chain constraints that were out there. And this year, we set a plan to kind of make up some of that ground as we went into 2022, and we're continuing to do that. That's really what's driving it. There's not really anything there that is hangover or nonproductive inventory.

去年，由於供應鏈方面的一些限制，我們不得不放緩部分本地擴張步伐。今年，我們制定了一項計劃，旨在2022年彌補部分缺口，並且我們正在繼續推進這項計劃。這才是真正的驅動力。目前沒有任何滯銷或非生產性庫存。

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

提問環節時間已到。現在我將把電話交還給格雷格·約翰遜先生，請他作總結發言。

Thank you, Cheryl. We'd like to conclude our call today by thanking the entire O'Reilly team for your continued hard work in the second quarter. I'd like to also remind everyone that we will be webcasting our Analyst Day on Tuesday, August 23, beginning at 8:30 Central time. Details are available on our website, and we hope you'll be able to join us.

謝謝 Cheryl。今天電話會議的最後，我們要感謝 O'Reilly 團隊全體成員在第二季的辛勤工作。同時，我也想提醒大家，我們將於 8 月 23 日星期二中部時間上午 8:30 舉行分析師日網路直播活動。詳情請瀏覽我們的網站，我們期待您的參與。

I'd like to thank everyone for joining our call today, and we look forward to reporting our third quarter results in October. Thank you.

感謝各位今天參加我們的電話會議，我們期待在十月公佈第三季業績。謝謝。

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

謝謝各位。今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。