O'Reilly Automotive Inc (ORLY) 2022 Q3 法說會逐字稿

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

歡迎參加歐萊利汽車公司2022年第三季財報電話會議。我是Vanessa，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. You may begin.

現在我將把電話交給傑里米·弗萊徹。你可以開始了。

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

謝謝Vanessa。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年第三季的業績以及今年剩餘時間的展望。在完成我們準備好的發言後，我們將進行問答環節。在會議開始之前，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）的文件中所述的幾個重要因素，公司的實際業績可能與任何前瞻性陳述有重大差異。本公司不承擔更新本次電話會議中任何前瞻性陳述的義務。

At this time, I 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 third 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.

謝謝傑里米。大家早安，歡迎參加歐萊利汽車配件公司第三季財報電話會議。今天早上與我一同參加會議的有：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。

I'd like to begin our call today by thanking Team O'Reilly for your hard work and commitment to providing excellent customer service, which drove our strong results in the third quarter. Our quarterly results were highlighted by a 7.6% increase in comparable store sales, resulting in an impressive 2- and 3-year comp sales stacks of 14.3% and 31.2%, respectively.

今天，我首先要感謝奧萊利團隊的辛勤工作和對提供卓越客戶服務的執著追求，而正是你們的努力和付出推動了我們第三季的強勁業績。本季業績的亮點在於同店銷售額成長了7.6%，使得過去兩年和三年的同店銷售額累計成長率分別達到了令人矚目的14.3%和31.2%。

Before we walk through the details of our performance and our prepared comments, I want to begin the call today by acknowledging all of those affected by Hurricane Ian. On behalf of all of Team O'Reilly, I wanted to express our greatest sympathies for the devastation and loss being felt by so many families in the regions impacted by the hurricane.

在詳細介紹我們的表現和準備好的演講稿之前，我想先向所有受颶風伊恩影響的人們致以慰問。我謹代表奧萊利團隊全體成員，對受颶風影響地區的眾多家庭所遭受的破壞和損失表示最深切的同情。

As a company, we were very fortunate to have incurred only limited damage and our teams were simply incredible in their rapid response to the recovery from the storm. I am always extremely proud of the way Team O'Reilly shines during these challenging times, and we are all incredibly appreciative of how our team members once again stepped up in the aftermath of Hurricane Ian to serve their communities with critical supplies necessary in the recovery efforts. Thank you to each of our over 84,000 team members for living our culture of excellent customer service so well for truly being the friendliest parts store in town and producing the outstanding results we will discuss today.

作為一家公司，我們非常幸運，損失有限，我們的團隊在風暴後的快速恢復工作中表現出色。我始終為歐萊利團隊在這些充滿挑戰的時刻所展現出的卓越能力感到無比自豪，我們也由衷感謝所有團隊成員在伊恩颶風過後再次挺身而出，為社區提供災後重建所需的關鍵物資。感謝我們超過84,000名團隊成員，正是你們實踐了我們卓越的客戶服務文化，才使我們成為城裡最友好的汽車配件商店，並取得了我們今天將要討論的出色成果。

Now I'd like to turn to our comparable store sales performance and provide some color on what we saw on both sides of our business as we move through the quarter. We started the quarter in July with improving volume trends, driven in part by warm weather across many of our markets, and we're pleased to see these trends continue through the quarter with positive comparable store sales growth on both the DIY and professional side of the business each month of the quarter. Our sales volumes accelerated as we moved through the quarter and exceeded the guidance we communicated on our second quarter call.

現在我想談談我們的同店銷售業績，並詳細介紹我們在本季業務各個方面的情況。 7 月份，我們的銷售量呈現上升趨勢，部分原因是許多市場的天氣變暖。我們很高興看到這一趨勢在本季得以延續，DIY 和專業服務業務的同店銷售額在每個月都實現了正成長。隨著季度的推進，我們的銷售額持續成長，並超越了我們在第二季財報電話會議上給出的預期。

On a 3-year stack basis, our comparable store sales were strong each month, with September finishing as the strongest month of the quarter. Our professional business again outperformed in the third quarter, producing double-digit comparable store sales growth on robust growth in both ticket counts and average ticket size. Our third quarter professional comparable store sales growth was a continuation of the strength we saw in the second quarter with the continued benefit from average ticket growth supplemented by accelerating ticket count gains and we're very pleased to see the strong durable nature of our professional sales volume. We're very excited about the momentum we've seen in our professional business and remain highly confident in our competitive advantages in customer service and inventory availability on this side of our business. We expect to continue to consolidate the industry and grow our professional share, and our team is highly motivated to outperform the competition in all of our market areas.

從過去三年的數據來看，我們的同店銷售額每月都表現強勁，其中9月份是本季表現最佳的月份。我們的專業業務在第三季再次表現出色，在客單價和平均客單價雙雙強勁成長的推動下，實現了兩位數的同店銷售成長。第三季專業業務同店銷售額的成長延續了第二季的強勁勢頭，平均客單價的持續成長以及客單價的加速成長都為我們帶來了顯著的推動作用。我們非常高興地看到專業業務銷售的強勁成長勢頭。我們對專業業務的發展勢頭感到非常振奮，並對我們在該業務領域提供的客戶服務和庫存優勢充滿信心。我們期望繼續鞏固產業地位，擴大專業業務的市場份額，我們的團隊也充滿動力，力爭在所有市場領域超越競爭對手。

Shifting to the DIY business. We are pleased to generate positive results in the third quarter against extremely difficult 2- and 3-year comparisons, reversing the trend of pressure to DIY sales in the first half of the year and outperforming our guidance forecast.

轉向DIY業務。我們很高興在第三季度取得了積極的業績，儘管與過去2年和3年同期相比非常艱難，扭轉了上半年DIY銷售承壓的趨勢，並超過了我們的預期。

As I previously noted, our DIY business was positive each month of the quarter with comparable store sales increases driven by growth in average ticket being partially offset by anticipated traffic pressures with both metrics outperforming our expectations for the quarter.

正如我之前提到的，本季度我們的 DIY 業務每個月都呈現積極態勢，同店銷售額的增長主要得益於平均客單價的增長，但部分被預期的客流量壓力所抵消，這兩個指標均超出了我們對本季度的預期。

We saw improvement in ticket counts on the DIY side as we progress through the quarter while calendaring very challenging prior year comparisons, and we are pleased to see the resilience in our DIY customer base in spite of continued pressure from broad-based inflation. Although the professional side of our business continues to be the stronger performer, the improvement in our DIY business was the larger driver in surpassing our expectations for the third quarter. In total, our combined DIY and professional comparable store sales growth was again driven by strength in average ticket, which was approximately 10% on both sides of the business and consistent with what we saw in the second quarter.

隨著季度推進，儘管去年同期基數較高，我們仍看到DIY業務的客單價有所提升。令人欣慰的是，儘管面臨普遍通膨的壓力，我們的DIY客戶群依然保持了韌性。雖然專業服務業務的表現依然強勁，但DIY業務的改善才是第三季業績超出預期的主要驅動力。整體而言，DIY和專業服務業務的同店銷售額成長再次得益於平均客單價的提升，兩類業務的平均客單價均成長了約10%，與第二季的情況基本一致。

Same-SKU inflation benefit in the third quarter were also consistent with the second quarter levels coming in at similar levels to our average ticket increases, which was above our expectations. In the third quarter, we began to anniversary the acceleration of higher inflation in 2021. However, we did not see as much moderation as originally expected in this benefit on a year-over-year basis. We have continued to experience increases in product acquisition and operating costs that we are passing through in selling price increases. Pricing in our industry remains rational, and we continue to be pleased with our ability to pass through cost increases but also maintain an element of caution as our consumers face persistent inflation across the economy that could result in traffic headwinds for our business.

第三季同店商品價格上漲帶來的收益與第二季水準一致，與平均客單價漲幅相近，超出預期。第三季度，我們開始感受到2021年通膨加速上升的影響。然而，與去年同期相比，通膨收益的緩和程度並未如預期。我們持續面臨產品採購和營運成本的上漲，並將這些成本轉嫁到銷售價格上。產業定價依然合理，我們對自身轉嫁成本的能力感到滿意，但同時也保持謹慎，因為消費者面臨持續的通膨，這可能會對我們的業務造成客流量方面的不利影響。

From a category standpoint, we saw broad-based support across our business, including strength in the categories that normally benefit from summer heat as we experience warm temperatures at the beginning of the quarter. However, the benefit in weather-related categories was modest in relationship to our total business, and as such, we do not view weather as a significant contributor to our performance in the quarter. From a regional perspective, our performance was fairly consistent across our market areas with widespread outperformance versus our expectations as we move through the quarter.

從品類角度來看，我們業務整體表現良好，包括那些通常受益於夏季高溫的品類，因為本季初氣溫較高。然而，與天氣相關的品類帶來的收益相對於整體業務而言較為有限，因此，我們認為天氣並非本季業績的主要影響因素。從區域角度來看，我們各個市場區域的業績表現相當穩定，且隨著季度的推進，普遍超出預期。

Now I'd like to turn to our updated sales guidance and industry outlook. As noticed in our -- as noted in our press release yesterday, we have updated our full year comparable store sales guidance to a range to 4.5% to 5.5%. This increase in our expectations for the full year is primarily a result of updating for third quarter performance.

現在我想談談我們更新後的銷售預期和產業展望。正如我們在昨天的新聞稿中所述，我們已將全年同店銷售額預期上調至4.5%至5.5%。此次全年預期上調主要是由於第三季業績預期有所調整。

Looking ahead to the fourth quarter, we are pleased to see the volume trends we have experienced thus far in October, which have been in line with our third quarter results. We have seen sustained resilience in consumer demand but remain cautious as we face continued broad-based inflation, the upcoming holiday season and spending pressures that places on consumers and weather dynamics that can vary significantly for the remainder of the year.

展望第四季度，我們很欣喜地看到10月至今的銷售趨勢與第三季業績相符。消費者需求持續保持韌性，但我們仍保持謹慎，因為我們面臨著持續的全面通膨、即將到來的假期季節及其給消費者帶來的支出壓力，以及今年剩餘時間可能出現顯著變化的天氣狀況。

While gas prices have retreated from the peaks we experienced in June, providing some level of relief to many consumers, we recognize that current fuel prices remain very volatile and well above where we started the year as well as this time of last year. It is important to note that the fact these factors can influence demand in the short term such as fuel price spikes, weather and economic uncertainty can be distinguished from the long-term fundamental drivers of demand in our industry. We continue to be confident in the health of the automotive aftermarket, supported by steady recovery in miles driven and very favorable U.S. vehicle fleet dynamics. We still view our customer base is healthy, and believe consumers are in a stronger position now than in recent periods of economic uncertainty with continued support from strong employment and wage growth. Consumers continue to be able to capitalize on the strong value proposition of investing in their existing vehicles at higher and higher mileages as a result of the increasing quality of manufacturing and engineering vehicles on the road. We expect for demand in our industry to remain resilient as consumers who are facing high inflation and economic uncertainty prioritize the maintenance of their existing vehicles in order to avoid taking on a payment for a higher priced newer vehicle.

儘管汽油價格已從六月的峰值回落，為許多消費者帶來了一定程度的緩解，但我們也意​​識到，目前的燃油價格仍然波動劇烈，遠高於年初和去年同期水平。值得注意的是，燃油價格飆升、天氣和經濟不確定性等因素雖然會在短期內影響需求，但這些因素與我們行業長期的基本需求驅動因素截然不同。我們依然對汽車售後市場的健康發展充滿信心，這得益於行駛里程的穩定回升以及美國汽車保有量的成長勢頭良好。我們仍然認為我們的客戶群體健康，並且相信在強勁的就業和工資成長的持續支撐下，消費者目前的處境比近期經濟不確定時期更為有利。由於道路上行駛的車輛製造和工程品質不斷提高，消費者能夠繼續從高里程車輛的升級換代中獲益。我們預計，由於面臨高通膨和經濟不確定性的消費者會優先維護現有車輛，以避免承擔購買價格更高的新車的費用，因此我們行業的需求將保持韌性。

Now turning to gross margin. For the third quarter, our gross margin of 50.9% was 132 basis point decrease from the third quarter 2021 gross margin, but in line with our guidance expectations. Our year-over-year margin continues to be primarily impacted by the rollout of our professional price initiative, combined with pressures from a reduced LIFO benefit, which Jeremy will discuss in more details in his prepared comments, and a faster growth of our professional business.

現在來看毛利率。第三季度，我們的毛利率為50.9%，較2021年第三季下降132個基點，但符合我們的預期。同比毛利率主要受到專業定價方案推出、後進先出法（LIFO）收益減少（傑里米將在事先準備好的評論中詳細討論）以及專業業務快速增長的影響。

After incorporating our third quarter results, we continue to expect full year gross margin to be in the range of 50.8% to 51.3%. Our team worked relentlessly to translate the strong topline results into outstanding earnings per share growth with third quarter diluted EPS increasing to $9.17, a 14% increase over a strong comparison in 2021.

在計入第三季業績後，我們仍預期全年毛利率將在50.8%至51.3%之間。我們的團隊不懈努力，將強勁的營收成長轉化為卓越的每股盈餘成長，第三季稀釋後每股盈餘增至9.17美元，較2021年同期強勁成長14%。

While the year-over-year increase is impressive alone on a 3-year compounded basis compared to 2019, our third quarter EPS increased 22% per year, highlighting our team's ability to deliver consistent, profitable growth through executing our business model regardless of the tough comparisons we have faced.

雖然與 2019 年相比，三年複合成長率本身就令人印象深刻，但我們第三季的每股盈餘同比增長了 22%，這凸顯了我們的團隊有能力透過執行我們的商業模式，在面臨嚴峻的比較形勢的情況下，實現持續盈利的增長。

We are increasing our full year 2022 EPS guidance to $32.35 to $32.85, reflecting our year-to-date results and fourth quarter expectations. As a reminder, our EPS guidance includes the impact of shares repurchased through this call but does not include any additional shares.

我們將2022年全年每股收益預期上調至32.35美元至32.85美元，此舉反映了我們年初至今的業績以及對第四季的預期。需要提醒的是，我們的每股盈餘預期包含了本次電話會議期間回購的股份的影響，但不包括任何額外增持的股份。

To wrap up my comments, I want to again thank Team O'Reilly for never backing down from a challenge and providing consistent, excellent customer service to our customers each and every day. It is your commitment to our culture, your fellow team members and our customers that drives our success and makes you the best team in the business. I'll now turn the call over to Brad Beckham. Brad?

最後，我要再次感謝奧萊利團隊，感謝你們從不畏懼挑戰，每天都為我們的客戶提供始終如一的卓越服務。正是你們對公司文化、團隊成員和客戶的忠誠，推動了我們的成功，也讓你們成為業界最優秀的團隊。現在，我將把電話交給布拉德貝克漢。布拉德？

Thanks, Greg, and good morning, everyone. I would also like to personally thank Team O'Reilly for their commitment to our continued success and dedication to delivering excellent customer service by outhustling and outservicing our competition. Our topline results for the quarter are a testament to our team's ability to compete, and I am proud of the way our team members in our stores and distribution centers go to market each and every day to win.

謝謝格雷格，大家早安。我還要特別感謝奧萊利團隊，感謝他們為我們持續成功所做的貢獻，以及他們透過努力奮鬥、超越競爭對手，致力於提供卓越的客戶服務。本季的業績證明了我們團隊的競爭力，我為我們門市和配送中心的每一位團隊成員感到驕傲，他們每天都全力以赴，力爭在市場中取得成功。

Our team has repeatedly proven they are up to any challenge, and I want to join Greg in showing my appreciation for the way our supply chain teams as well as our store operations and DC leadership in the Southeast took care of our teams and our customers in the aftermath of Hurricane Ian. Since safety has always been a critical culture value for Team O'Reilly, our primary focus during the weather event like Ian is ensuring our team members and their families are safe. Then as soon as we can safely make our way back to our store locations, our leaders and teams waste no time getting their stores back up and running, often on generator power with no communication systems. This incredible hard work and sacrifice creates tremendous goodwill with our customers who often have limited options to source the critical parts and supplies they need to meet the basic needs not only with their vehicles, but at home with their families to start recovering from the storm.

我們的團隊已經多次證明他們能夠應對任何挑戰，我謹與格雷格一起，對我們東南地區的供應鏈團隊、門店運營團隊以及配送中心領導層在伊恩颶風過後對團隊成員和客戶的悉心照料表示感謝。安全一直是歐萊利團隊的核心價值觀，因此在像伊恩這樣的極端天氣事件中，我們的首要任務是確保團隊成員及其家人的安全。一旦我們能夠安全返回門店，我們的領導和團隊便會立即行動起來，迅速恢復門店的正常運營，即便是在沒有通訊系統的情況下，他們也常常依靠發電機供電。這種令人難以置信的辛勤付出和無私奉獻贏得了客戶的極大好感，因為客戶往往面臨選擇有限的困境，難以獲得滿足車輛和家庭基本需求的關鍵零件和物資，從而開始從風暴中恢復過來。

Now I'd like to give some additional color on our professional sales performance for the quarter. As Greg previously discussed, strength in our professional business underpinned our comparable store sales growth for the quarter, and we are extremely pleased to continue to see robust growth in both ticket and traffic on this side of our business. Our commitment to the professional customer has been ingrained in our company's DNA since our founding in 1957. The momentum we've generated on this side of our business is the result of solid fundamental execution of the same core competitive advantages that have driven our business for 65 years. Our professional customers rely on us to be an integral partner in the success of their business. We focus on developing long-lasting, durable relationships with our customers by providing exceptional service from highly qualified, knowledgeable, professional parts people who are committed to overcoming any obstacle to take care of our customers. Our team's sense of urgency, professionalism and dedication to our customers allows us to leverage the significant investments we've made in distribution, hub infrastructure, in inventory to provide industry-leading inventory availability, which is absolutely vital to the success of our customers. Our partnerships with our professional customers go even deeper as we support all aspects of their operations through our investments in technology platforms, shop management systems as well as technical and business management train.

現在我想就本季的專業銷售業績做進一步說明。正如格雷格先前所提到的，我們專業業務的強勁表現支撐了本季同店銷售的成長，我們非常高興地看到，該業務領域的客單價和客流量均持續保持強勁成長。自1957年公司成立以來，我們對專業客戶的承諾就已深深融入公司的基因。我們在該業務領域的成就，源自於我們始終堅持並有效執行65年來驅動公司發展的核心競爭優勢。我們的專業客戶信賴我們，並將我們視為其業務成功不可或缺的合作夥伴。我們致力於與客戶建立長期穩定的合作關係，為此，我們擁有高素質、知識淵博、專業的零件服務團隊，他們竭誠為客戶提供卓越的服務，並致力於克服一切困難，竭力滿足客戶的需求。我們團隊的緊迫感、專業精神和對客戶的奉獻精神，使我們能夠充分利用在分銷、樞紐基礎設施和庫存方面的大量投資，提供行業領先的庫存可用性，這對於客戶的成功至關重要。我們與專業客戶的合作關係更加深入，我們透過在技術平台、店舖管理系統以及技術和業務管理培訓方面的投資，支持他們營運的各個方面。

Above and beyond technical training for technicians, this training includes things like how to grow and manage a profitable business, effectively right service, how to market and advertise, and effective strategies to retain the best technicians. It's our execution on these foundational priorities that not only earn the retention of existing business that give us the opportunity to earn new professional customers' business, all aided by a competitive pricing strategy that all equals the best overall value in the automotive aftermarket.

除了為技術人員提供技術培訓外，這項培訓還包括如何發展和管理盈利業務、如何提供有效的服務、如何進行行銷和廣告宣傳，以及如何制定有效的策略來留住最優秀的技術人員。正是我們對這些基礎優先事項的執行，不僅贏得了現有客戶的信賴，也為我們贏得了新專業客戶的青睞。這一切都得益於我們極具競爭力的定價策略，最終實現了汽車售後市場最佳的整體價值。

We've discussed our professional pricing initiative at [leak] this year, and we remain very pleased with the results we've seen from our competitive positioning within the broader aftermarket. We are confident that this was the right time to invest in professional pricing, and we continue to see a rational overall pricing environment and normal competitive dynamics.

今年我們在[leak]大會上討論了我們的專業定價策略，我們對在更廣泛的售後市場中憑藉自身競爭優勢所取得的成果感到非常滿意。我們相信現在是投資專業定價策略的恰當時機，我們持續看到整體定價環境合理，競爭格局也保持正常。

Our sales teams know we provide a premium service delivered by the best teams in the industry, and we go to market with the confidence that our value proposition is an attractive one for both our existing and future new professional customers alike.

我們的銷售團隊深知，我們提供由業內最優秀的團隊提供的優質服務，我們滿懷信心地進入市場，相信我們的價值主張對現有和未來的新專業客戶都極具吸引力。

Next, I'd like to discuss our DIY business as well as the opportunities we see to grow share on the retail side of the business. While the DIY market is much more consolidated than the professional business, we see tremendous share growth opportunity. The key value components of parts availability, excellent customer service provided by professional parts people and strong relationships that drive our professional business are also critical to our DIY business. Our DIY customers heavily rely on the service we provide, and you can really see this play out in the highly consulted nature of a DIY customers visit to one of our stores.

接下來，我想談談我們的DIY業務，以及我們在零售業務方面看到的市佔率成長機會。雖然DIY市場比專業市場集中度更高，但我們看到了巨大的市佔率成長潛力。零件供應充足、專業零件人員提供的優質客戶服務以及我們與客戶建立的牢固關係，這些都是我們專業業務的關鍵價值要素，對我們的DIY業務也至關重要。我們的DIY客戶非常依賴我們提供的服務，這一點在他們光顧我們門市時，能夠充分感受到我們提供的專業諮詢服務。

The professionalism of our team is on display during a typical customer encounter, creating a DIY customer when they walk in the door or pull in our parking lot and providing technical information and advice to walk them through the total job. This often includes standing side by side with the customer at their vehicle to test an existing part or redo trouble code.

我們團隊的專業體現在與客戶的每一次互動中。當顧客走進店門或駛入我們的停車場時，我們會引導他們自行解決問題，並提供技術資訊和建議，幫助他們完成整個維修工作。這通常包括與客戶並肩站在他們的車輛旁，測試現有零件或重現故障碼。

Our professional parts people are committed to ensuring our customers have identified the right solution for their problem and have all the parts, tools, and knowledge necessary to complete the job correctly the first time. When this work is beyond our DIY customers' ability, our professional customers in each market come into play with our shop referral program that we established many decades ago. Simply put, the growth of our DIY and DIFM business go hand in hand.

我們的專業零件團隊致力於確保客戶找到解決問題的正確方案，並擁有完成工作所需的所有零件、工具和知識，以便一次正確完成。如果這項工作超出了DIY客戶的能力範圍，我們各個市場的專業客戶就會透過我們幾十年前建立的店鋪推薦計畫發揮作用。簡而言之，我們的DIY業務和DIFM業務的成長是相輔相成的。

We believe it was our team's intense focus on fundamental execution of our business model and excellent customer service, coupled with continued improvements in fill rates and store in-stock inventory position that drove our results above our expectations in the third quarter. The DIY environment continues to be challenging with the pressures these customers are facing on a broad scale in turn placing pressure on our DIY ticket counts.

我們相信，第三季業績超出預期，主要歸功於團隊對業務模式基本執行和卓越客戶服務的專注，以及訂單滿足率和門市庫存狀況的持續提升。 DIY市場環境依然充滿挑戰，客戶面臨的普遍壓力也對我們的DIY訂單量造成了影響。

We have also faced extremely difficult comparisons from the surge in DIY transaction counts we've generated over the past 2.5 years and are pleased with our team's ability to grow our DIY share and earn our customers' repeat business.

過去兩年半以來，由於 DIY 交易量激增，我們也面臨著極其嚴峻的對比，但我們團隊能夠提高 DIY 市場份額並贏得客戶的重複購買，我們對此感到非常滿意。

The professional parts people we have standing ready at every green counter in every one of our stores across the country are ingrained with the understanding that our never say no philosophy is so very important. It means not only putting a part in a customer's hands for a sale today to solve their immediate need, but earning their business the next time they are taking on an automotive repair or maintenance job.

我們遍布全國所有門市的綠色櫃檯都配備了專業的零件銷售人員，他們隨時待命，深知我們「永不拒絕」的理念至關重要。這意味著我們不僅要滿足客戶當前的燃眉之急，讓他們今天就能拿到所需的零件，更要努力贏得他們的信任，讓他們在下次需要汽車維修或保養時再次選擇我們。

Now I'll turn to our SG&A and operating profit results for the third quarter and our updated expectations for the full year. SG&A as a percentage of sales was 29.8%, a leverage of 80 basis points from the third quarter of 2021. Total SG&A spend for the quarter came largely in line with the expectations given the better-than-expected sales volumes.

現在我將介紹我們第三季的銷售、管理及行政費用 (SG&A) 和營業利潤狀況，以及我們對全年業績的最新預期。 SG&A 佔銷售額的 29.8%，較 2021 年第三季成長 80 個基點。鑑於銷售額優於預期，本季 SG&A 總支出基本上符合預期。

On an average per-store basis, our SG&A was up 3.2% for the quarter. For the full year, we now expect SG&A per store to grow between 3% and 3.5% with the increase reflecting incremental variable operating expenses on better-than-expected sales volumes in the third quarter as well as ongoing cost inflation.

以平均每家店計算，本季我們的銷售、管理及行政費用增加了3.2%。我們預計全年每家店的銷售、管理及行政費用將成長3%至3.5%，成長主要反映了第三季銷售額超出預期帶來的額外可變營運費用以及持續的成本上漲。

Our teams continue to be very prudent in managing expenses in the face of significant inflationary impacts while also being appropriately responsive to current sales trends to ensure we are able to optimize both our service levels and our operating margins. We are raising our full year operating profit guidance and now expect to be in the range of 20.3% to 20.6%, which is reflective of both our adjustment to SG&A per-store growth and our increased comparable store sales range.

面對顯著的通膨影響，我們的團隊在控製成本方面始終保持謹慎，同時對當前的銷售趨勢做出適當調整，以確保我們能夠優化服務水準和營運利潤率。我們上調了全年營運利潤預期，目前預計在20.3%至20.6%之間，這反映了我們對單店銷售、管理及行政費用增長的調整以及同店銷售額預期範圍的擴大。

Now I'll provide an update to our store growth during the third quarter. We opened 37 net, new stores across 20 states in the U.S. and 1 new store in Mexico, bringing our year-to-date total to 154 net, new store openings. This puts us on track to achieve our target of approximately 180 net, new store openings for 2022.

現在我將報告我們第三季的門市成長。我們在美國20個州淨增37家門市，並在墨西哥新增1家門市，使今年迄今的淨增門店總數達到154家。這讓我們可望實現2022年淨增加約180家門市的目標。

As we noted in our press release yesterday, we are pleased to announce our 2023 new store opening target of 180 to 190 net, new stores, providing us the opportunity to expand our footprint across the U.S. and Mexico. We continue to be pleased with our new store performance and see store and distribution growth as an attractive deployment of capital.

正如我們昨天在新聞稿中所述，我們很高興地宣布，2023年我們計劃淨增180至190家新店，這將使我們有機會擴大在美國和墨西哥的業務版圖。我們持續對新店的業績感到滿意，並將門市和通路的成長視為極具吸引力的資本配置。

These new store openings will again be spread across new and existing markets supported by our industry-leading distribution network. This allows us to continue to build on the superior parts availability, our existing and future customers' value and expect. Having the right part, at the right place, at the right time for each 1 of our DIY and professional customers in every single 1 of our markets is more important than ever, and we are fully committed to continue to build on our world-class supply chain.

這些新店的開設將再次遍佈新舊市場，並依賴我們業界領先的經銷網絡。這使我們能夠持續提升零件供應能力，滿足現有和未來客戶的價值和期望。對於我們每個市場的每位DIY客戶和專業客戶而言，在合適的時間、合適的地點提供合適的零件比以往任何時候都更加重要，我們將全力以赴，繼續打造世界一流的供應鏈。

While we made further investments to enhance our distribution network, we are also making investments in our local inventory position to improve overall inventory availability. We finished the quarter with an average inventory per store of $697,000, which was up 10% from this time last year and 9% from the beginning of the year.

在進一步投資以加強分銷網絡的同時，我們也增加了對本地庫存的投入，以提高整體庫存可用性。本季末，我們每家門市的平均庫存為 69.7 萬美元，較去年同期成長 10%，較年初成長 9%。

Our plan when we enter 2022 was to aggressively add incremental dollars to our store level inventories throughout the year with a target to finish the year with an average per-store inventory up over 8%. We are now looking to finish 2022 with average per-store inventory at levels consistent with our current position. This would have us finishing with a slightly higher inventory increase than originally expected due to cost inflation above our expectations, pushing up unit price, while overall units are in line with expectations.

我們在2022年初的計畫是全年積極增加門市庫存，目標是年底時平均單店庫存成長超過8%。現在，我們預計2022年底的平均單店庫存將與目前的水準保持一致。這意味著，由於成本通膨超出預期，推高了單價，最終庫存增幅將略高於預期，但整體庫存量符合預期。

These continued strategic investments into our inventory position focused around having the right local combination of common and hard-to-find parts for every single market, store and customer are a critical component of our success. Deploying additional inventory dollars into -- and incrementally enhancing our hub network now at approximately 380 hubs strong, has also supported growth on both sides of our business. Particularly with our professional customers, we're turning their base, keeping their technicians productive and in turn, keeping their end DIFM customer truly happy is paramount.

我們持續對庫存進行策略性投資，旨在為每個市場、門市和客戶配備合適的常用零件和稀缺零件的在地化組合，這是我們成功的關鍵因素。此外，我們也投入更多資金用於庫存管理，並逐步擴展我們的樞紐網絡（目前已擁有約380個樞紐），這有力地支持了我們業務的雙向成長。尤其對於我們的專業客戶而言，我們正在拓展他們的業務，確保他們的技術人員保持高效工作，從而真正讓他們的最終DIFM客戶滿意，這至關重要。

You've heard us say it repeatedly, time is money for our professional customers. So the quicker we can put the right part in their hands, the faster they can turn their base, get their customers back on the road and in turn, the more profitable we become together.

我們已經一再強調，對我們的專業客戶而言，時間就是金錢。因此，我們越快將合適的零件送到他們手中，他們就能越快恢復運營，讓他們的客戶重新上路，反過來，我們雙方的盈利能力也會隨之提高。

To close my comments, I want to once again thank Team O'Reilly for their hard work and dedication to our customers. Excellent customer service is who we are, but that doesn't mean it comes easy. It takes hustle, hard work, commitment and dedication to every single customer, every single day in each of our 5,900-plus stores, and I am thankful to work with the team who is truly dedicated to make this happen.

最後，我要再次感謝奧萊利團隊的努力和對顧客的盡心盡責。卓越的客戶服務是我們品牌的核心，但這並不意味著它唾手可得。這需要我們5,900多家門市的每一位員工，每天為每一位顧客付出極大的努力、辛勤工作、堅定承諾和全心投入。我非常感謝能與這樣一支真正致力於實現這一目標的團隊共事。

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 your performance in the third quarter and continued dedication to our company's long-term success. Now we will cover some additional details on our quarterly results and updated guidance for the remainder of 2022.

謝謝布拉德。我也要感謝奧萊利團隊全體成員在第三季的優異表現，以及你們為公司長期成功所做的持續貢獻。接下來，我們將詳細介紹季度業績以及2022年剩餘時間的最新業績指引。

For the quarter, sales increased $319 million, comprised of a $257 million increase in comp store sales, a $60 million increase in non-comp store sales, a $4 million increase in noncomp nonstore sales and a $2 million decrease from closed stores. For 2022, we now expect our total revenues to be $14.1 billion to $14.3 billion, which is an increase from our previous range of $14.0 billion to $14.3 billion and is in line with the updated comparable store sales guidance range Greg discussed earlier.

本季銷售額成長3.19億美元，其中同店銷售額成長2.57億美元，非同店銷售額成長6,000萬美元，非同店非門市銷售額成長400萬美元，以及因門市關閉而減少200萬美元。我們目前預計2022年總收入為141億美元至143億美元，高於先前預測的140億美元至143億美元，與格雷格先前提到的更新後的同店銷售額預期範圍一致。

Greg covered our gross profit performance earlier, noting that gross margin for the third quarter was in line with our expectations with anticipated year-over-year pressure from the rollout of the Pro pricing initiative, LIFO comparisons and accelerated professional sales mix headwind.

Greg 先前已經介紹了我們的毛利表現，他指出，第三季的毛利率符合我們的預期，這得益於 Pro 定價計劃的推出、後進先出法比較以及專業銷售組合加速變化帶來的同比壓力。

Since I'm sure you're all anxiously awaiting a detailed accounting discussion, I want to provide some additional details on the LIFO comparison and how we view the flow-through of acquisition cost inflation in our gross margin results. We think it is helpful to contrast the impact of our earlier LIFO reporting prior to 2022 when we were still in a debit LIFO position versus the current situation where we have returned to a traditional LIFO credit balance.

我知道大家都很期待詳細的會計討論，所以我想就後進先出法（LIFO）的比較以及我們如何看待收購成本通膨對毛利率的影響提供一些補充細節。我們認為，比較2022年之前我們仍處於借方LIFO會計準則下的情況與目前我們已恢復到傳統的貸方LIFO會計準則下的情況，會很有幫助。

As we discussed throughout 2021, the application of LIFO accounting meant that as acquisition costs and selling prices went up, we realized the benefit from the sell-through of existing on-hand inventory that we carried at a lower historical cost due to our debit LIFO position. This nonrecurring benefit is a comparison headwind for 202,2, which we anticipated in our gross margin guidance, and we've seen results in line with those expectations.

正如我們在2021年全年所討論的，採用後進先出法（LIFO）會計意味著，隨著採購成本和銷售價格的上漲，我們能夠從售出現有庫存中獲益。由於我們採用借方後進先出法，這些庫存的歷史成本較低。這種非經常性收益對2022年同期業績構成不利影響，我們在毛利率預期中已對此有所預料，而實際結果也與預期相符。

Since our LIFO reserve flipped back to a credit balance in the third quarter of 2021, we are now back to typical LIFO accounting. And I think it is useful to clarify how we view the application of LIFO and the treatment of inventory acquisition costs in our gross margin results.

由於我們的後進先出法（LIFO）儲備金在2021年第三季轉為貸方餘額，我們現在恢復了傳統的後進先出法會計處理。我認為有必要闡明我們如何看待後進先出法的應用以及在毛利率結果中如何處理存貨購買成本。

Under last in first out accounting, the cost of goods sold that runs through our reported gross margin results most closely reflects our current acquisition costs, and we believe this is the best picture of our gross margin performance. This reporting aligns with how we manage our process of evaluating and adjusting prices based on changes in inventory costs.

根據後進先出（LIFO）會計準則，我們報告的毛利率結果中所包含的銷售成本最能反映我們目前的採購成本，我們認為這能最真實地反映我們的毛利率表現。這種報告方式與我們根據庫存成本變化評估和調整價格的流程一致。

Our teams diligently work to pass along cost increases in a timely manner consistent with or ahead of our actual receipt of cost increases from suppliers. From a balance sheet perspective, in periods when costs are rising, we see an increase in our LIFO inventory credit balance which reflects the application of the LIFO calculation. However, because we evaluate gross margin performance on the basis of current acquisition costs and selling prices, we do not view the normal application of LIFO as a discrete charge to our gross margin results.

我們的團隊盡心盡力，及時將成本上漲轉嫁給客戶，確保在收到供應商實際成本上漲通知之前或之後完成。從資產負債表的角度來看，在成本上升時期，我們的後進先出法（LIFO）存貨貸方餘額會增加，這反映了LIFO計算方法的應用。然而，由於我們根據目前的採購成本和銷售價格來評估毛利率，因此我們並不將LIFO的正常應用視為對毛利率的單獨影響。

Since we take this approach, we can see some temporary impact in our gross margin results to the extent that the timing of cost changes and corresponding pricing movements did not align perfectly. The last several years have created volatility in our reported results, driven by the exhaustion of our debit LIFO balance as well as significant inflation in acquisition costs and disruptions in supply chains. But ultimately, we expect to see a much more muted impact from LIFO moving forward as our reported results reflect a more consistent, relevant picture of gross margin performance.

由於我們採用這種方法，成本變化和相應價格變動的時機未能完全吻合，因此我們的毛利率表現可能會受到一些暫時性的影響。過去幾年，由於借方後進先出法（LIFO）餘額的耗盡、收購成本的大幅上漲以及供應鏈中斷等因素，導致我們的報告業績出現波動。但最終，我們預期未來後進先出法的影響將大大減弱，因為我們的報告業績將更能反映毛利率表現的一致性和相關性。

Our third quarter effective tax rate was 23.2% of pretax income, comprised of a base rate of 24.3%, reduced by a 1.1% benefit for share-based compensation. This compares to the third quarter of 2021 rate of 22.5% of pretax income, comprised of a base rate of 24.2% reduced by a 1.7% benefit for share-based compensation. The third quarter of 2022 base rate was in line with our expectations.

我們第三季的實際稅率為稅前利潤的23.2%，其中基本稅率為24.3%，並扣除了1.1%的股權激勵收益。相較之下，2021年第三季的實際稅率為稅前利潤的22.5%，其中基本稅率為24.2%，並扣除了1.7%的股權激勵收益。 2022年第三季的基本稅率符合我們的預期。

For the full year of 2022, we continue to expect an effective tax rate of 23.0% comprised of a base rate of 23.5% and reduced by a benefit of 0.5% for share-based compensation. Our fourth quarter and full year expected tax rate is expected to be below our year-to-date rate of 23.6% due to anticipated benefits in the fourth quarter from our continued commitment to renewable energy investments and the tolling of certain tax periods. Also, variations in the tax benefit from share-based compensation can create fluctuations in our quarterly tax rate.

我們預計2022年全年實際稅率仍為23.0%，其中基本稅率為23.5%，並扣除0.5%的股權激勵稅優惠。由於我們持續投資再生能源以及部分稅期的延期，預計第四季及全年實際稅率將低於年初至今的23.6%。此外，股權激勵稅收優惠的波動也可能導致季度實際稅率出現波動。

Now we will move on to free cash flow and the components that drove our results. Free cash flow for the first 9 months of 2022 was $1.9 billion versus $2.2 billion for the first 9 months of 2021, with the decrease driven by higher capital expenditures 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年前9個月的自由現金流為19億美元，而2021年前9個月為22億美元，下降的主要原因是2022年的資本支出高於2021年，以及應計薪酬的差異。

Capital expenditures for the first 9 months of 2022 were $389 million versus $341 million for the first 9 months of 2021. We now expect CapEx to come in between $550 million to $650 million for the full year, with the balance of the spend for the remainder of the year continuing to support new store and DC development projects, initiatives to enhance the image appearance and convenience of our stores and strategic investments in the information technology projects.

2022年前9個月的資本支出為3.89億美元，而2021年前9個月為3.41億美元。我們現在預計全年資本支出將在5.5億美元至6.5億美元之間，剩餘的支出將繼續用於支持新店和配送中心開發項目、提升門店形象和便利性的舉措以及對信息技術項目的戰略投資。

The reduction in our expected CapEx from our previous guidance range of $650 million to $750 million is primarily the result of ongoing supply chain challenges to acquire new fleet vehicles and complete various store and DC projects.

我們預計資本支出從先前的 6.5 億美元至 7.5 億美元指導範圍下調，主要是由於持續的供應鏈挑戰，導致無法獲得新的車隊車輛並完成各種門市和配送中心專案。

Our AP to inventory ratio at the end of the third quarter was 135%, 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 along with the impact from increased inflation in product acquisition costs.

第三季末，我們的應付帳款與庫存比率為 135%，再次創下公司歷史新高，這主要得益於強勁的銷售量和庫存週轉率，以及產品採購成本通貨膨脹加劇的影響。

We do not anticipate our AP to inventory ratio to moderate off of this -- I'm sorry, we do anticipate our AP to inventory ratio to moderate off of this historic high as we complete our inventory -- additional inventory investments but we now expect to finish the year slightly below our third quarter ratio.

我們預計應付帳款與庫存比率不會從這一歷史高點回落——抱歉，我們預計隨著庫存的完成——額外的庫存投資，應付帳款與庫存比率會從這一歷史高點回落，但我們現在預計年底的比率將略低於第三季度的水平。

After generating $1.9 billion in year-to-date free cash flow and based on our updated net inventory and CapEx spend expectations for the remainder of the year, we are increasing our expected full year free cash flow guidance to a range of $1.8 billion to $2.1 billion, an increase of $0.5 billion from our previous guidance of $1.3 million to $1.6 billion.

截至目前，公司已產生 19 億美元的自由現金流。根據我們對今年剩餘時間的淨庫存和資本支出預期，我們將全年自由現金流預期上調至 18 億美元至 21 億美元，比先前預期的 130 億美元至 16 億美元增加了 5 億美元。

Moving on to debt. In September, we retired $300 million of maturing 10-year senior notes using available cash on hand. As a result of the maturity, we finished the third quarter with an adjusted debt-to-EBITDAR ratio of 1.84x, which is down from our second quarter ratio of 1.95x and but above our end of 2021 ratio of 1.69x. We continue to be below our leverage target of 2.5x, and we'll approach that number when appropriate.

接下來談談債務方面。 9月份，我們利用現有現金償還了3億美元即將到期的10年優先票據。由於此次到期，我們第三季末的調整後債務與EBITDAR比率為1.84倍，低於第二季的1.95倍，但高於2021年底的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接近該目標值。

We continue to be pleased with the execution of our share repurchase program. And during the third quarter, we repurchased 1 million shares at an average share price of $683.09 for a total investment of $710 million. Year-to-date through our press release yesterday, we repurchased 4.6 million shares at an average share price of $650.43 for a total investment of $3 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.

我們對股票回購計畫的執行情況依然感到滿意。第三季度，我們以平均每股683.09美元的價格回購了100萬股股票，總投資額為7.1億美元。截至昨日新聞稿發布之時，今年以來我們已以平均每股650.43美元的價格回購了460萬股股票，總投資額為30億美元。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，我們仍然認為股票回購計畫是向股東返還剩餘資本的有效途徑。

Finally, before I open up our call to your questions, I would like to again thank the entire O'Reilly team for their commitment to our customers and our company. This concludes our prepared comments. At this time, I would like to ask Vanessa, the operator, to return to the line, and we will be happy to answer your questions.

最後，在正式開始回答各位的問題之前，我想再次感謝歐萊利團隊全體成員對客戶和公司的付出。以上就是我們準備好的發言。現在，請接線生瓦妮莎回到電話線，我們將很樂意回答各位的問題。

(Operator Instructions) We have our first question from Greg Melich with Evercore ISI.

（操作說明）我們收到來自 Evercore ISI 的 Greg Melich 的第一個問題。

Just to kick it off on the current trends into the quarter, -- when you say that it's as strong as it was in the third quarter, is that on a 3-year view or year-over-year? Or how are you measuring that?

首先，關於本季目前的趨勢，您說它和第三季一樣強勁，這是指三年期數據還是同比數據？或者您是如何衡量的？

Yes, Greg, thanks for the question. I think really when we think about that, it's versus our expectations as we kind of move through the year, and those factor and the comparisons we're up against. So [we've] just been in this unique environment where you really do have to look at kind of 2-year, 3-year performance. So what we'd say is it's up kind of on that basis, the nominal comps do move around just based upon the comparisons.

是的，格雷格，謝謝你的提問。我認為，當我們認真思考這個問題時，關鍵在於將其與我們的預期進行比較，並考慮全年的業績變化、各種因素以及我們所面臨的比較。我們目前所處的環境較為特殊，確實需要參考過去兩到三年的業績表現。因此，我們認為，基於這些比較數據，業績有所成長，但名義上的比較值也會根據比較情況而有所波動。

Got it. And then second, could you give us a little more color on inflation and average ticket size between Pro and DIY. It seems like they would be a little higher in DIY and a little less in Pro because of PPI, but any color there would be great.

明白了。其次，您能否更詳細地介紹專業版和DIY版在通貨膨脹和平均票面金額上的差異？感覺DIY版的票面金額應該比專業版略高，因為PPI（每像素密度）更高，但如果您能提供一些具體資訊就太好了。

Yes, Greg, I think you're thinking about it the right way. We're seeing similar inflation benefits when we think about SKU level year-over-year when you exclude the specific strategic moves that we've made on the professional side of our business. That's the largest driver of the strength that we've seen in average ticket.

是的，格雷格，我認為你的思路是對的。如果我們排除在專業業務方面採取的特定策略舉措，從 SKU 層面來看，年比數據也顯示出類似的通膨利好。這正是平均客單價走強的最大驅動因素。

Average ticket always has other components to it as well. And we think on the professional side, just because of the success of what we've seen in the Pro pricing initiative, we've benefited from growing our average ticket beyond just price that we've seen. But -- so that's probably a little bit of a helper. But we continue to view both sides very favorably given the ability to pass through cost increases really very effectively all year long.

平均客單價總是包含其他因素。我們認為，就專業客單價而言，由於專業定價策略的成功，我們受益於平均客單價的成長，而不僅僅是價格的成長。所以，這可能起到了一定的推動作用。但考慮到我們能夠全年有效地將成本上漲轉嫁給客戶，我們對客單價和專業客單價兩方面都持非常樂觀的態度。

And then last is trade down. Have you seen anything through the box on either side of the business?

最後一種情況是降級交易。你有沒有透過店舖兩側的箱子看到什麼？

Greg, we really haven't seen anything material that stands out. We look at this very closely, both on a consolidated basis and category by category. And where we have seen movement, either up or down, it's really been more a result of supplier performance and inventory availability. Trading across brands of oil, for example, or up and down the value perspective for both our proprietary brands and national brands.

格雷格，我們確實沒有發現任何顯著的實質變化。我們對此進行了非常密切的分析，包括整體分析和分類別分析。我們發現的價格波動，無論是上漲或下跌，更多是供應商表現和庫存狀況造成的。例如，不同品牌石油的價格波動，或我們自有品牌和全國性品牌的價格波動。

We have our next question from Christopher Horvers with JPMorgan.

接下來，我們來聽聽摩根大通的克里斯多福‧霍弗斯提出的問題。

So maybe following up on the question about cadence. So it was the best month on a 3-year basis. So basically, September is sort of an 8-handle comp. And then as we look in the fourth quarter, we degrade that by a few hundred basis points for the inflation comparison and then you're basically some plus or minus around the consumer and the holidays and weather uncertainty versus accelerated pro pricing gains?

所以，關於節奏的問題，我想繼續探討。 9月份是三年來最好的一個月。基本上，9月份的銷量相當於過去8個月的水平。然後，當我們展望第四季時，由於通膨因素，銷售量會下降幾百個基點，再加上消費者、假日和天氣等不確定因素與專業定價加速成長之間的一些利弊，最終的銷售量可能會有所波動。

Yes. Yes, Chris. I think you're thinking about this right. As we called out, we are pleased with our third quarter performance. We're pleased with quarter-to-date through October without a doubt. The challenge we have is the unknowns and the volatility. And frankly, the challenges that we may very well experience in the back half of the quarter.

是的，克里斯，我想你的想法是對的。正如我們之前所說，我們對第三季的業績感到滿意。毫無疑問，我們對截至10月份的季度表現非常滿意。我們面臨的挑戰是未知因素和市場波動。坦白說，我們很可能在本季後半段遇到一些挑戰。

When you look at fourth quarter, we always worry about weather, volatility, you'd layer on the volatility in fuel prices, you layer on beyond the weather, just the uncertainty of the consumer and what they're going to do. And frankly, Chris, we just haven't seen an inflationary environment around the holidays in many, many years. And the holidays are always a wildcard in the fourth quarter as well. You layer on the inflation component. Those are all the reasons we're cautious in our outlook for the fourth quarter.

展望第四季度，我們總是擔心天氣、市場波動，再加上燃油價格的波動，以及消費者行為的不確定性。坦白說，克里斯，我們已經很多年沒有在假日期間看到通膨環境了。假日對第四季來說始終是個不確定因素，通膨因素也會疊加其中。這些都是我們對第四季前景持謹慎態度的原因。

Got it. And then maybe gross margin and open up LIFO a little bit, which everybody loves. So basically, as you go forward, your expectation is product acquisition costs go lower, so there should be really no -- and you've lapped through all the LIFO headwind from last year or substantially. Maybe there's a little bit left in the fourth quarter. And so then as you go forward, if you expect lower product acquisition costs getting into '23, does that mean that you could start to see actually some gross margin tailwinds on the product acquisition side?

明白了。然後或許可以提高毛利率，並稍微放寬後進先出法（LIFO）的限制，大家都喜歡這樣。所以基本上，展望未來，你們預期產品獲取成本會降低，因此應該不會有太大影響——而且你們已經基本克服了去年後進先出法帶來的不利影響。或許第四季還會有一些影響。那麼，展望未來，如果你們預期2023年產品取得成本會降低，這是否意味著你們可能會在產品取得方面看到一些毛利率的利多因素？

Yes, Chris, I don't know that we really would view it that optimistically. We're always going to work with our supplier base to ensure that we're walking a lockstep with any relief from pressure that they've seen from an input cost perspective.

是的，克里斯，我不認為我們真的會如此樂觀。我們會始終與供應商保持合作，確保我們在他們投入成本方面所感受到的任何壓力緩解方面都能步調一致。

A lot of what we've seen so far over the course of the last year plus, has been driven by several factors, including raw materials cost, wage rates, pressures, obviously, from freight that our suppliers have seen, and we're always going to work to be sure that we're realizing appropriate reductions in rolling back cost increases where we can.

過去一年多來，我們所看到的許多現像都是由多種因素造成的，包括原材料成本、薪資水平、供應商面臨的運費壓力等等。我們將始終努力確保在力所能及的範圍內，透過適當的措施來降低成本。

But we're pretty cautious in building any expectation that, that's going to be a significant helper for us as we move forward. Obviously, we'll see -- and we'll see that play out. We do feel very confident that to whatever degree that we do see any relief on the cost side that the industry will be able to maintain those selling prices. That's certainly our intent. We'll obviously see how that plays out as well, but some of these cost increases are probably around to stay.

但我們對任何預期都持謹慎態度，認為這會對我們未來的發展有顯著的幫助。顯然，我們會拭目以待。我們非常有信心，無論成本方面出現多大程度的緩解，整個產業都能夠維持目前的售價。這當然是我們的初衷。我們當然也會觀察事態發展，但部分成本上漲可能仍會持續存在。

Got it. And then just one quick one, Jeremy, on the LIFO side, I mean, can you maybe give us some numbers in terms of how many basis points that was in the third quarter? I mean, we're around 120. And does that go down to really a de minimis amount in the fourth quarter?

明白了。傑里米，還有一個問題，關於後進先出法（LIFO），你能給我們一些數據嗎？例如第三季是多少個基點？我們目前在120左右。第四季這個數字會降到幾乎可以忽略的程度嗎？

Yes, Chris, I think the best way to look at that is just really kind of what we called out as positive good guys last year. We still have a headwind in the fourth quarter. It softens up a little bit. For us now, it's really more a function of as the cost environment moves around, how quickly and seem can you be sure to adjust prices. Sometimes we're out ahead. Other times, we're just in line. But the more significant comparison headwinds for how we would have looked prior to when our LIFO credit foot back, will largely be behind us after fourth quarter, a little bit less than fourth quarter and then first quarter in next year, a little bit less than that.

是的，克里斯，我認為最好的看待這個問題的方式，就是我們去年所說的那些積極的利好因素。第四季我們仍然面臨一些不利因素，但會略有緩解。對我們來說，現在更重要的是成本環境的變化，以及我們能夠多快、多有把握地調整價格。有時我們能領先一步，有時只能勉強跟上。但與我們先前因後進先出法（LIFO）信貸調整而面臨的更大不利因素相比，這些不利因素在第四季之後將基本消失，明年第一季的影響也會略有減弱。

We have our next question from Bret Jordan with Jefferies.

接下來，我們來聽聽傑富瑞集團的布雷特喬丹提出的問題。

Question around fill rates, I guess, my usual. Are you guys back to where you'd like to be from an inventory standpoint versus pre-COVID? And I guess, how do you see your fill rates versus the broader market? Are the WDs and some of the other competitors in the space relatively in stock as well? Or is that still helping your market share?

關於訂單滿足率的問題，我想問大家的老問題。你們的庫存狀況是否已經恢復到疫情前的理想水準？另外，你們如何看待自己的訂單滿足率與整個市場相比的情況？ WD和其他一些競爭對手的庫存狀況是否也比較充足？或者說，庫存不足是否仍然對你們的市佔率有所幫助？

Brent, do you want to start that and then maybe Brad can talk about the competitive situation?

布倫特，你想先開始嗎？然後布拉德或許可以談談競爭情勢？

Yes. Sure, Bret, great question. Yes, fill rates have improved sequentially from suppliers. We've got some suppliers that are really back to healthy fill rates. We've got a few that still are making sequential improvements but aren't fully back to where they were pre-COVID. I could give our supply chain team a lot of credit for the work with our suppliers to make sure we've got the parts available that our customers need, both DIY and professional. So we feel good with our availability position given the market backdrop that we're operating in. But yes, sequentially, we're continuing to get better, but still a little work to do in some areas.

是的，布雷特，問得好。是的，供應商的供貨率確實逐周有所提高。有些供應商的供貨率已經完全恢復到正常水準。還有一些供應商的供貨率仍在持續提高，但尚未完全恢復到疫情前的水平。我們的供應鏈團隊與供應商密切合作，確保我們能夠為客戶提供所需的零件，無論是DIY用戶還是專業人士，他們的努力都值得稱讚。鑑於我們目前的市場環境，我們對自身的供貨能力感到滿意。是的，雖然我們一直在進步，但在某些方面仍需繼續努力。

Okay. Another question on -- go ahead, please.

好的。還有一個問題——請繼續。

Sorry, Bret. Just real quick, I'll just back up what Brent said, maybe from the Street and from the sales and store operations standpoint, Brent hit it pretty good. But we're basically -- we're pleased especially in some categories that we needed to get better, we got better.

抱歉，布雷特。我簡單補充一下布倫特剛才說的，從華爾街、銷售和門市營運的角度來看，布倫特說得相當不錯。總而言之，我們很高興——尤其是在一些我們需要改進的方面，我們確實做得更好了。

We have a few that we still have some work to do, but really just from a competitive landscape, Bret, we feel like our large competitors, they're great competitors that we always say, we have tremendous respect for. They've done a good job. We hope we've done as good or better, but we are feeling like there's some share gains, maybe against some of the smaller players, for sure.

我們還有一些工作要做，但就競爭格局而言，布雷特，我們覺得我們的大型競爭對手——他們都是非常優秀的競爭對手，我們一直都非常尊重他們。他們做得很好。我們希望我們做得和他們一樣好，甚至更好，但我們感覺市場佔有率有所提升，尤其是在與一些小型競爭對手的較量中。

Okay. Great. And then a question on the supplier cost or pricing side. I mean, obviously, the rates are hitting factoring expenses. Do you see a step-up in pricing again to offset that or some of the other expenses like shipping that have come down that offset that?

好的，太好了。接下來我想問一個關於供應商成本或定價的問題。我的意思是，很顯然，費率上漲影響了保理費用。您認為價格會再次上漲來抵銷這部分成本嗎？或是其他一些成本，例如運費下降，會抵銷這部分成本嗎？

Yes. I think, Bret, maybe to add a little to Jeremy's color around that on the previous question. While we've seen costs certainly can't go up forever, and we are seeing some of that begin to normalize with suppliers and in the market. But if you think about wage inflation is pretty much baked into some of the cost of goods now. Yes, we've seen notion rates go down some, but we've seen rail rates come up.

是的。布雷特，我想補充一下傑瑞米在上一個問題上的觀點。雖然我們看到成本肯定不可能永遠上漲，而且供應商和市場也開始逐步恢復正常，但薪資上漲實際上已經基本計入了部分商品成本。沒錯，我們看到毛坯價格下降，但鐵路運輸價格卻上漲了。

We've seen some domestic lanes come up. So trend is still high, elevated versus historicals and probably is going to remain that way. So to Jeremy's point earlier, we remain cautious there, and we remain confident in our ability to be able to pass those increases on in the event we see any more of those.

我們看到一些國內航線有所增加。因此，趨勢仍然高企，高於歷史水平，而且這種情況可能會持續下去。正如傑里米之前提到的，我們對此仍保持謹慎，但我們仍然有信心，如果出現更多此類航線，我們有能力將這些增長轉嫁給客戶。

I guess, specifically around rates though, since most of the suppliers are saying they're going to ask for pricing to offset the factoring expense, is that a near-term incremental inflation? Or do you not see that necessarily the case?

我想，特別是關於利率方面，由於大多數供應商都表示他們會要求定價以抵消保理費用，這是否會導致短期內出現通膨？或您認為未必如此？

Bret, there's a potential that it could work out that way. It's, I think, going to be determined a little bit by -- more broadly in the market where it hits. Those rates have more of a relative impact supplier to supplier than maybe some of the other things that go into the cost of providing the products that we buy in, some won't have the same pressure that others may have. And so I think competitively, you'll see some ability to push back on some of those, and in other instances, they will flow through.

布雷特，確實有可能出現這種情況。我認為，這在一定程度上取決於——更廣泛地說，取決於它所影響的市場環境。這些費率對供應商的影響相對更大，可能比其他一些影響我們採購產品成本的因素更大，因此有些供應商受到的壓力可能不如其他供應商那麼大。所以我認為，從競爭的角度來看，你會看到一些供應商能夠抵制這些費率，而其他供應商則可能被迫接受。

We're obviously active in those conversations and we'll work. There'll probably be some equilibrium that gets stuck at some point. But in the greater scheme of things, I think it is a part of how we think about acquisition costs. Some of the other things that Brent identified are obviously the bigger drivers. And in we -- our views on that is that we do expect it to continue to stay around for a while.

我們顯然積極參與這些對話，並且會努力。最終可能會達到某種平衡狀態。但從更宏觀的角度來看，我認為這與我們如何看待收購成本有關。布倫特提到的其他一些因素顯然是更重要的驅動因素。而我們——我們對此的看法是，我們預計這種情況還會持續一段時間。

Our next question is from Simeon Gutman with Morgan Stanley.

下一個問題來自摩根士丹利的西蒙古特曼。

First topic is on pricing and inflation and maybe the outlook, trying to think about how you're thinking about the cadence, we're about to lap some heavier price increases or inflation from a year ago. Does it -- and I think based on the prior answer, it seems like we're not going to have any material step down in the rate of inflation. It feels like it's structural. And if it subsides, it doesn't feel like there will be a shock where we lose 5 points. Is that a fair way to think about it? And then I have a follow-up.

第一個主題是關於價格和通膨，以及未來的前景。我想了解一下您對價格走勢的看法。我們即將度過一年前較嚴重的物價上漲或通膨時期。根據先前的回答，通膨率似乎不會出現實質的下降。感覺像是結構性的。即使通膨有所緩解，也不會出現突然下降5個百分點的衝擊。這種想法是否合理？接下來我還有一個問題。

Yes, Simeon, I think that's fair. As we came into this year, just from a purely comparison standpoint, we had expected moderation really in the third quarter and fourth quarter from that year-over-year benefit. As we move through the year, we've had continued incremental cost increases, we've passed them through.

是的，西蒙，我覺得你說得對。年初的時候，單從比較的角度來看，我們預計第三季和第四季年增幅會有所放緩。但隨著時間的推移，成本持續增加，我們也把這些成本轉嫁給了員工。

As you know, it's benefited our topline. I think that's been pretty rational. And because of that, we end up with more of a positive for that than we would have expected. And we'll see where the rest of the year plays out, I think, versus where we would have thought at the beginning of the year, that year-over-year pressure won't be as significant in the fourth quarter, there's still some extent to where it's there.

如您所知，這提升了我們的營收。我認為這相當合理。正因如此，我們最終獲得的收益比預期要好。至於今年剩餘時間的發展情況，我認為，與我們年初的預期相比，第四季度同比壓力不會那麼大，但仍然存在一定程度的壓力。

Moving forward, we'll see -- I think our caution is on an expectation that we're going to see dramatic rollbacks that match some level of the volume or magnitude that we've seen since really the middle of 2021. We don't anticipate that. Hopefully, we'll work to get some of the cost improvements moved down.

展望未來，我們將拭​​目以待——我認為我們保持謹慎的原因在於，我們預計會出現與2021年年中以來我們所看到的規模或程度相當的大幅倒退。我們並不預期這種情況會發生。希望我們能夠努力降低一些成本改善措施的實施成本。

But from a pricing to the Street perspective, we would continue to expect that to be resilient, to market to be rational and for that not to change.

但從華爾街的定價角度來看，我們仍然預期價格會保持韌性，市場會保持理性，這種情況不會改變。

And maybe the follow-up, thinking about gross margin, this is directionally, obviously not in magnitude. It does feel like and maybe some headwinds go away. I wouldn't jump to say there are tailwinds, and I wanted to hear the reaction to it. Greg Johnson mentioned some of the pricing may hold, industry has been rational.

或許接下來，考慮到毛利率，這只是方向性變化，而非幅度上的調整。感覺上，一些不利因素可能會消失。我不會妄下斷言有順風，所以想聽聽大家的反應。格雷格·約翰遜提到，部分定價可能會維持不變，整個產業一直都很理性。

So that, in theory, should be a good guide to the margin if pricing holds, and there are some cost pullbacks. You're lapping PPI, it doesn't become an incremental headwind. And then to whatever extent freight and even some raw material costs moderate, that could be favorable for you. So is it fair to say that some of the headwinds maybe go away, they may not flip to tailwinds per se? I think you're being hesitant to acknowledge that, but at least the removal of headwinds.

所以理論上，如果價格不變，成本回落，這應該可以很好地引導利潤率。你已經抵銷了生產者物價指數（PPI）的影響，它不會成為額外的阻力。此外，如果運費甚至部分原料成本有所緩和，這對你來說可能是有利的。那麼，是否可以說一些阻力可能會消失，但它們可能不會完全轉變為順風？我認為你不太願意承認這一點，但至少阻力會消失。

Yes. The one thing maybe I would caution on that, Simeon, is as you think about those being headwinds, we've worked, I think, appropriately and aggressively to stay out in front of those pressures as we passed along in pricing really since the middle of last year.

是的。西蒙，我或許想提醒你一點，雖然你認為這些都是不利因素，但我認為我們已經採取了適當且積極的措施來應對這些壓力，從去年年中開始，我們就一直在價格方面積極應對這些壓力。

Our approach has always been from a pricing perspective to highly scrutinize anything we see from our suppliers to make sure that we're making them provide the right justification for taking -- for sending a cost increase through to us.

我們一直以來的做法是從定價的角度出發，對供應商的任何報價進行嚴格審查，以確保他們能夠為向我們收取或收取更高的成本提供合理的理由。

And then often, we've got some ability to hold off the impact of that through the course of the negotiations that we've had and not see it for a month or 2. And then you couple that with really during the tail end of last year, we also had some supply chain delays that push those costs back further.

而且通常情況下，我們有能力透過談判來延緩這些影響，在一兩個月內不會受到影響。再加上去年年底供應鏈的一些延誤，進一步推遲了這些成本的發生。

So that's given us ample opportunity. We feel like to be sure that by the time we really see the impact of that, we've already started to float those prices to the Street. So I think for us, they maybe have not created the same level of headwinds that because of just our approach in doing that, that you might otherwise expect?

所以這給了我們充足的機會。我們覺得，等到真正看到這些影響的時候，我們已經開始向市場公佈這些價格了。所以我覺得，由於我們採取了相應的策略，這些策略可能並沒有像你預期的那樣給我們帶來同樣的阻力。

And Simeon, one other thing maybe to add on that topic. As you think about growth in our proprietary brands and our offering across good, better, best in those brands, we're able to further diversify that supplier base than we are a national supplier base. So that kind of speaks to some of the point Jeremy just made as well if you think about it that way.

西蒙，關於這個話題，我可能還有一點要補充。考慮到我們自有品牌的成長以及我們在這些品牌中提供的「好」、「更好」、「最好」等不同等級的產品，我們能夠比現在這種全國性供應商體系更加多元化。所以，如果你這樣想的話，這其實也印證了傑里米剛才提到的一些觀點。

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。

One of the key debates on O'Reilly and the auto part retail sector more broadly, is whether or not it can generate growth in 2023 in the absence of passing along all these price increases that have been the principal driver of growth up until now. So a, do you think that there is elasticity within the category whereas the pricing pressure abates, there will be elasticity of demand, so volumes will improve. And b, even if the industry doesn't pick up and see elasticity next year, can O'Reilly's share continue to grow at what seemed like an accelerating rate in the third quarter, likely in response to a delayed reaction to the Pro pricing initiative that you implemented earlier this year?

關於歐萊利汽車零件公司以及整個汽車配件零售業，一個關鍵的爭論點在於：在2023年，如果不再像過去那樣將價格上漲轉嫁給消費者，歐萊利能否實現成長？價格上漲一直是推動其成長的主要動力。因此，首先，您認為隨著價格壓力的緩解，該品類內部是否存在需求彈性？若存在需求彈性，銷售量是否會提升？其次，即使明年整個產業的需求沒有回升，歐萊利的市佔率能否繼續維持第三季看似加速成長的動能？第三季的成長很可能是對您今年稍早推出的Pro定價策略的滯後反應所致。

Michael, it's Jeremy. Thanks. There are a lot of questions within that question. So just maybe you want to take a little bit of a step back. We haven't -- actually haven't guided to 2023 yet in we're in a unique situation where there continue to be cost impact -- cost inflation impacts, pricing inflation that are being passed through.

邁克爾，我是傑瑞米。謝謝。這個問題裡包含了很多問題。所以，或許你想先退一步想想。我們還沒有——實際上還沒有——對2023年做出預測，因為我們目前的情況比較特殊，成本影響——成本通膨影響，價格通膨影響——正在轉嫁到消費者身上。

I think what we would tell you is we'll see where that flattens out or what it does. I think for us, our expectation is if we see modest inflation or we see more elevated inflation that we will continue to be able to effectively pass that through to our customers. And that becomes very rational and relatively inelastic.

我認為我們會告訴大家的是，我們會觀察通膨趨於平穩或最終走向。就我們而言，我們的預期是，無論通膨溫和或進一步上升，我們都能繼續有效地將通膨成本轉嫁給我們的客戶。這樣一來，通膨就會變得非常合理且相對缺乏彈性。

So to whatever degree that we see that any relief from that type of pressure. I don't know that we would say that we think it bounces back. For us, from a broader perspective, we think that the automotive aftermarket is in -- just from an industry perspective in pretty good shape and have an expectation that the prospects for our industry in general grow and for all the things that Greg talked about within his prepared comments, the vehicle fleet dynamics, the miles driven, I think, continue to recover and be positive, the incredible value proposition for consumers to invest in their existing vehicles.

所以，無論我們看到這種壓力有所緩解，我都不確定它是否會反彈。但從更廣闊的視角來看，我們認為汽車售後市場——就整個產業而言——狀況良好，並預期整個產業的前景會持續成長。正如格雷格在事先準備好的發言稿中提到的，車輛保有量、行駛里程等因素，我認為都會繼續復甦並保持積極態勢，消費者投資現有車輛的價值主張也十分誘人。

Those things we all feel like will be a positive and where that shakes out for the pieces of what drives the comp. We think that, that's helpful. And then we continue to think that we have the ability to grow our share. That's always been our approach, and we will aggressively pursue that.

我們都認為這些因素會帶來正面影響，最終將對影響市場競爭格局的各個面向產生正面作用。我們認為這很有幫助。而且，我們始終相信我們有能力擴大市場份額。這始終是我們的發展策略，我們將繼續積極追求這一目標。

Yes, Michael, just to add to that, we remain very bullish on both the industry as a whole, as I said in my prepared comments and our ability to continue to take market share. I don't want anyone to think that our growth this year has been purely the result of inflation or price inflation. We feel very confident that we're taking market share on both sides of the business, and we'll continue to do so into 2023.

是的，邁克爾，我還要補充一點，正如我在事先準備好的演講稿中所說，我們仍然非常看好整個行業以及我們持續擴大市場份額的能力。我不想讓任何人認為我們今年的成長只是通貨膨脹或價格上漲的結果。我們非常有信心，我們在業務的各個方面都在擴大市場份額，而且我們將繼續在2023年保持這一勢頭。

And just a follow-up on that one, Greg. You're not going to quantify what you think the impact has been from the return on investment in the Pro pricing initiative. But could you qualify it to say that you think the impact was greater in the third quarter than it was in the second quarter? And is it reasonable just given the lag that it might take for your commercial customers to recognize some of these pricing changes that the impact could grow in the fourth quarter and into the beginning of next year?

格雷格，關於這個問題，我還有一個後續問題。你不會量化你認為專業定價策略的投資報酬率所帶來的影響。但你能否具體說明一下，你認為第三季的影響比第二季更大？考慮到商業客戶可能需要一些時間才能意識到這些價格變化，那麼這種影響在第四季度甚至明年年初是否會繼續擴大，這合理嗎？

Yes, Michael, I'll generally answer your question and then kick it across to Brad. He's obviously living these professional pricing programs day in and day out and dealing with our competitors and out in the marketplace. We said from the very beginning that it was going to take time to gain traction, that this was not as easy as flipping a switch and everybody realizes our pricing is better and all of a sudden miraculously our sales grow.

是的，邁克爾，我通常會先回答你的問題，然後轉交給布拉德。他顯然每天都在實踐這些專業的定價方案，與我們的競爭對手打交道，並在市場上摸爬滾打。我們從一開始就說過，這需要時間才能見效，不是說一蹴而就，讓所有人都意識到我們的定價更優惠，然後銷售額就奇蹟般地增長。

We knew it was going to take time, and I think it did compound in the third quarter and will continue to grow over a reasonable period of time. At some point, it will stabilize. But we do expect to see continued benefit from that. Brad, do you want to talk to any specifics or anything you've seen?

我們知道這需要時間，我認為第三季確實出現了複利成長，並且會在一段合理的時間內繼續成長。最終它會趨於穩定。但我們確實預計會持續從中受益。布拉德，你想談談具體情況或你觀察到的什麼嗎？

Yes. Michael, Greg said it pretty well. Really, what we saw in our testing, as we mentioned, I think both after we rolled it out in the last quarter is we saw some immediate impact, but we also saw a delayed impact. And to answer your question directly, as Greg did, yes, we do feel like there's a building effect for sure.

是的，邁克爾，格雷格說得很好。正如我們之前提到的，我們在測試中發現，在上個季度全面推出後，我們既看到了一些即時的效果，也看到了一些延遲效果。直接回答你的問題，就像格雷格說的那樣，是的，我們確實感覺到了這種效果的逐步增強。

Kind of what we see, Michael, just maybe at the street level is if you have a really big repair shop in a particular market that has bought from an independent may be on the traditional side of the business for a couple of decades. And maybe we're second or third or fourth call even.

邁克爾，我們看到的情況大概是這樣的：在某個特定市場，有一家規模很大的維修店，它從一家獨立維修店進貨，這家獨立維修店可能已經從事傳統維修業務二三十年了。而我們可能只是他們的第二、第三甚至第四選擇。

Just because we lower our price to be a lot more competitive with that 2-step independent competitor, that doesn't mean that they just start buying from us the day after we call on them. It means that what may happen if we combine our pricing with the best team in town, the best service, the best availability and sense of urgency and everything that goes along with the relationship, then what happens is, is we may just move up the call list.

僅僅因為我們大幅降低價格，以便與那家兩步獨立競爭對手更具競爭力，並不意味著他們會在我們拜訪後的第二天就立刻從我們這裡購買。這意味著，如果我們把價格優勢與業內頂尖的團隊、一流的服務、最快的響應速度、強烈的緊迫感以及所有相關的關係維護要素結合起來，那麼我們或許就能在他們心中的排名中脫穎而出。

We may move from fourth to third and third to second. And then it could be a month later, it could be 6 months later, it could be a year later. If 1 of our independent competitors, for example, drops the ball, that could be the time that we moved from second to first. So there's some immediate impact, but there's also that building effect.

我們可能會從第四名升到第三名，再從第三名升到第二名。然後，可能是一個月後，也可能是六個月後，甚至可能是一年後。例如，如果我們的某個獨立競爭對手出現失誤，那可能就是我們從第二名升到第一名的機會。所以，這會產生一些立竿見影的影響，但同時也存在累積效應。

Our next question comes from Scot Ciccarelli with Truist Securities.

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

I guess I have a follow-up on Michael's question. Basically, it sounds like there's a, let's call it, almost a new store maturity curve that occurs with these pricing changes, is that fair? I mean a typical store is going to kind of mature that Pro business over, what, a 5, 6 kind of year time frame, like -- are we talking about that kind of waterfall or is it something presumably much shorter than that?

我想就邁克爾的問題補充一點。基本上，聽起來這些價格變化似乎會帶來一個，我們姑且稱之為，新的門市成熟曲線，這樣說對嗎？我的意思是，一家典型的門市需要大約5到6年的時間才能使其專業業務成熟——我們說的是這種瀑布式增長，還是說這個過程會短得多？

Yes, Scot, I think that's a hard comparison to draw. The dynamics are just different. It's definitely a ramp. But I think the best way to guide you on that from our perspective is those are harder end gain. So they're incremental improvements that build over time, they're not huge level of stepped up. So to Brad's point, we think that, that will continue to get a little bit better as we move through that. And then at some point, I think we'll have realized the benefit of it. But to try to make the same analogy, I think it's a little bit tough.

是的，史考特，我覺得很難做這樣的類比。兩者的動態完全不同。這確實是一個循序漸進的過程。但從我們的角度來看，最好的解釋是，這些是更難實現的最終收益。它們是隨著時間推移逐步累積的，而不是突飛猛進的。所以，正如布拉德所說，我們認為隨著我們不斷前進，情況會持續好轉。然後，我認為在某個階段，我們會真正體會到它的好處。但要用同樣的類比，我覺得有點難。

Yes, Scot and I want to add to that. Let's keep in mind that pricing is only 1 component of market share growth, and it's a smaller component than execution service level, inventory availability, and we continue to focus on those items as well to ensure market share growth. It's a lot more than just the pricing piece.

是的，我和Scot想補充一點。我們要記住，價格只是市場佔有率成長的一個組成部分，而且它比執行服務水準、庫存可用性等因素所佔比例要小得多。為了確保市場份額的成長，我們也會繼續關注這些方面。這遠不止價格那麼簡單。

So as you guys have gained share with some of those customers that maybe you weren't doing business with or as much business with. Are there any other changes outside of the pricing initiatives that we're all familiar with that you guys have started to make where maybe there was a reluctance on Riley's kind of game plan for one piece or another?

所以，隨著你們在一些之前可能沒有業務往來或業務往來較少的客戶提供了更多支持，除了我們都熟悉的定價策略之外，你們是否還開始採取其他一些措施，以應對Riley在某些方面的策略調整？

No, Scot, I don't know that we pointed out any real fundamental differences to what we do. Brad talked about it earlier, the keys to success -- and it was in our prepared comments, the keys success on the professional side of our business are helping our customer partners run a more profitable business. So the things that we do to be sure that we're the best partner with our customers are the same things we've talked about for a long time.

不，斯科特，我不認為我們指出了任何真正根本性的差異。布拉德之前已經談到了成功的關鍵——這也在我們事先準備好的發言稿中有所體現——我們業務專業方面成功的關鍵在於幫助我們的客戶合作夥伴實現更高的盈利。因此，我們為確保成為客戶最佳合作夥伴所做的一切，與我們長期以來一直在討論的並無二致。

I think for us, continuing to push inventory availability, the investments that Brad talked about in the script in terms of what we've added stores this year, improvements in supply chain. I think those have helped us reap some of the benefit, too. But this is a blocking and tackling business.

我認為對我們來說，持續提升庫存供應，以及布拉德在劇本中提到的投資，例如今年新增的門市和供應鏈的改進，這些都幫助我們獲得了一些收益。但這畢竟是一個需要腳踏實地、腳踏實地做好基礎工作的行業。

Yes, Scot, the only thing I might add to that is we've been able to get back to a lot of our in-person relationship type things with supplier customers. Our training programs are back fully in place. Some of the things that we haven't been able to do because of the pandemic, we're back to doing day in and day out. That's probably helped from a relationship and strengthening perspective.

是的，史考特，我唯一想補充的是，我們已經能夠恢復與供應商客戶的許多面對面交流活動。我們的培訓項目也已全面恢復。一些因為疫情而無法進行的工作，現在我們每天都在進行。這可能有助於我們維繫和加強彼此的關係。

Yes, Scot, this is Brad. I just want to real quick add, nothing new, Jeremy said it best, blocking and tackling. We work in a simple business. It's not easy, but it's simple. And really, we had our regional managers from the field into Springfield last month.

是的，史考特，我是布萊德。我只想簡單補充一點，沒什麼新鮮的，傑瑞米說得最到位，就是打好基礎。我們從事的行業很簡單。這並不容易，但很簡單。而且，上個月我們把各區域經理都從一線調到了斯普林菲爾德。

And our focus was on our fundamental execution. That didn't start in that meeting. But really all year, our battle cry from our EVP of Stores, Doug Bragg, has been, we're going to get out of the COVID funk and not accept where we may have high turnover in stores, high team member turnover, high store manager turnover, that's just not acceptable with the way we built our business getting out, seeing more customers, not having that excuse that unfortunately, we made for ourselves the last couple of years that we're just getting back to the execution that built our company and making sure that we don't have that hangover from COVID and everything we did.

我們當時的重點是提升基本執行力。這並非始於那次會議。事實上，在過去一年裡，我們的門市執行副總裁道格·布拉格一直強調：我們要擺脫新冠疫情帶來的低迷狀態，絕不接受門市人員流動率高、團隊成員流動率高、門市經理流動率高的情況。鑑於我們建立業務的方式，這種情況是不可接受的。我們要走出困境，迎接更多顧客，不能再用過去幾年我們為自己找的藉口——「我們只是在回歸公司賴以起步的執行力，確保我們不會受到新冠疫情以及我們之前所有努力的影響」。

We have reached our allotted time for questions. I will now turn the call back over to 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，請他作總結發言。

Thank you, Vanessa. We'd like to conclude our call today by thanking the entire O'Reilly team for your continued hard work in the third quarter. I'd like to thank everyone for joining our call today, and we look forward to reporting our fourth quarter and full year results in February. Thank you.

謝謝Vanessa。今天電話會議的最後，我們要感謝O'Reilly團隊全體成員在第三季的辛勤付出。感謝各位今天參加我們的電話會議，我們期待在二月公佈第四季和全年業績。謝謝。

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

謝謝各位。今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。