O'Reilly Automotive Inc (ORLY) 2022 Q4 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc. Fourth Quarter and Full Year 2022 Earnings Call. My name is Paul, and I will be your operator for today's call.

歡迎參加歐萊利汽車公司2022年第四季及全年財報電話會議。我是保羅，將擔任今天電話會議的接線生。

(Operator Instructions)

（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, Paul. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our fourth quarter and full year 2022 results and our outlook for 2023. After our prepared comments, we will host a question-and-answer period.

謝謝保羅。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年第四季和全年業績，以及2023年的展望。在發言結束後，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.

在今天早上開始之前，我想提醒大家，我們今天的發言包含前瞻性陳述，我們打算遵守 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，並主張受到該條款的保護。

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.

您可以透過「估計」、「可能」、「可以」、「將」、「相信」、「預期」、「會」、「考慮」、「應該」、「預期」、「預測」、「計畫」、「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，本公司的實際業績可能與任何前瞻性陳述有重大差異。

The company assumes no obligation to update any forward-looking statements made during this call. At this time, I would like to introduce Greg Johnson.

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。現在，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 fourth quarter conference call. Before we begin our discussion on our results and our plans for 2023, I'd like to take a few moments to discuss the announcement we made in January regarding the promotion of Brad Beckham and Brent Kirby to co-Presidents.

謝謝傑里米。大家早安，歡迎參加歐萊利汽車配件公司第四季財報電話會議。在開始討論公司業績和2023年計畫之前，我想先花幾分鐘時間談談我們在1月宣布的關於布拉德貝克漢和布倫特柯比晉升為聯席總裁的消息。

Our company is extremely focused on identifying and developing leaders, who in turn are relentless in building the very best team in our industry. Our long-term commitment to succession planning is a critical component of our human capital strategy. In line with that strategy, we're extremely pleased to have Brent and Brad assume the elevated positions of Co-Presidents.

我們公司極度重視發掘和培養領導者，而這些領導者又孜孜不倦地致力於打造業界最優秀的團隊。我們對繼任計畫的長期投入是我們人力資本策略的關鍵組成部分。秉承這項策略，我們非常高興地宣布布倫特和布拉德將擔任聯合總裁這一重要職位。

Brad and Brent are exceptional leaders, and are both driven by their passion for perpetuating our O'Reilly culture and providing excellent service to our customers. Brad and Brent bring diverse and broad experience to their roles of co-President. Brad's career with O'Reilly began 26 years ago when he joined the company as a parts specialist in Wagoner, Oklahoma.

布拉德和布倫特都是傑出的領導者，他們都滿懷熱情地致力於傳承歐萊利的企業文化，並為客戶提供卓越的服務。布拉德和布倫特作為共同總裁，擁有豐富多元的經驗。布拉德的歐萊利職業生涯始於26年前，當時他加入公司，擔任俄克拉荷馬州瓦格納市的零件專員。

He has progressed through every leadership role in our store operations group, from Store Manager through Executive Vice President of Store Operations and Sales, before assuming the role of EVP and Chief Operating Officer, and now Co-President.

他從門市經理一路晉升，擔任過我們門市營運團隊的每一個領導職位，之後擔任門市營運和銷售執行副總裁，然後擔任執行副總裁兼首席營運官，現在是聯席總裁。

Brad's leadership has been instrumental in the growth and expansion of our company and his impact is evident throughout the leadership ranks of our operational teams, many of whom have been mentored and promoted directly by Brad. As Co-President, Brad is responsible for the company's domestic and international store operations and sales, real estate and expansion, human resources, training, legal, risk management, loss prevention and finance.

布拉德的領導能力對公司的發展發揮了至關重要的作用，他的影響力遍及營運團隊的各個領導層，其中許多人都曾接受過布拉德的直接指導和提拔。身為聯席總裁，布拉德負責公司國內外門市的營運和銷售、房地產及擴張、人力資源、培訓、法律事務、風險管理、防損和財務等工作。

Like Brad, Brent brings decades of retail leadership experience to his role as Co-President. Brent began his 35-year retail career with Lowe's companies and progressed through their ranks, ultimately serving in the roles of Senior Vice President of Store Operations, Chief Omnichannel Officer, and Chief Supply Chain Officer.

與布拉德一樣，布倫特也擁有數十年的零售業領導經驗，擔任聯合總裁一職。布倫特在勞氏公司開始了長達35年的零售職業生涯，並逐步晉升，最終擔任過門市營運高級副總裁、首席全通路長和首席供應鏈官等職務。

Brent joined Team O'Reilly in 2018 as our Senior Vice President of omnichannel and made an immediate impact in that role before assuming leadership of our supply chain and distribution efforts. His extensive experience and significant DIY and professional retail industry knowledge is critical to our efforts to enhance our industry-leading inventory position, leverage technology investments to deliver powerful tools for our team, and drive deep connections with our DIY and professional customers.

布倫特於2018年加入奧萊利團隊，擔任全通路高級副總裁，上任伊始便展現出卓越的才能，隨後又負責供應鏈和分銷工作。他豐富的經驗以及對DIY和專業零售業的深刻理解，對於我們鞏固行業領先的庫存地位、充分利用技術投資為團隊打造強大工具以及與DIY和專業客戶建立深厚聯繫至關重要。

As Co-President, Brent is responsible for the company's distribution operations, logistics, merchandising, inventory management, pricing, advertising, omnichannel, customer satisfaction, program management, electronic catalog, and information technology.

身為聯合總裁，布倫特負責公司的分銷營運、物流、商品銷售、庫存管理、定價、廣告、全通路、客戶滿意度、專案管理、電子目錄和資訊科技。

Again, I am very pleased to have Brad and Brent step into these new roles, and I'm excited about the leadership they will provide to team O'Reilly as Co-Presidents. Brad and Brent are participating on the call with me this morning, along with Jeremy Fletcher, our Chief Financial Officer. Greg Henslee, our Executive Chairman; and David O'Reilly, our Executive Vice Chairman, are also present on the call. I'm once again pleased to begin our call today by congratulating Team O'Reilly on another record-breaking year in 2022.

我再次非常高興布拉德和布倫特能夠擔任這些新職務，並對他們作為聯合總裁將為奧萊利團隊帶來的領導力充滿期待。今天上午，布拉德和布倫特以及我們的財務長傑里米·弗萊徹都和我一起參加了電話會議。我們的執行董事長格雷格·亨斯利和執行副董事長大衛·奧萊利也出席了會議。今天，我再次祝賀奧萊利團隊在2022年又創下了新的紀錄，並以此作為我們電話會議的開端。

We finished the year with incredible momentum, posting a comparable store sales increase of 9% in the fourth quarter, representing an increase of almost 35% on a 3-year stack basis. For the full year of 2022, our team generated a robust 6.4% comparable store sales growth, which came in above the revised guidance range of 4.5% to 5.5% we provided last quarter and above the midpoint of our original comp range of 5% to 7% we said at the beginning of 2022.

我們以強勁的勢頭結束了這一年，第四季同店銷售額成長了9%，三年累計增幅接近35%。 2022年全年，我們的團隊實現了6.4%的穩健同店銷售額增長，高於我們上季度修正後的4.5%至5.5%的預期範圍，也高於我們在2022年初設定的5%至7%的預期範圍的中點。

Even more impressive, our 6.4% comparable store sales growth in 2022 followed representing sales growth in 2021 and 2020 when we delivered comps of 13.3% and 10.9%, respectively, resulting in 3-year stacked comps exceeding 30%.

更令人印象深刻的是，2022 年我們實現了 6.4% 的同店銷售成長，而 2021 年和 2020 年的同店銷售成長率分別為 13.3% 和 10.9%，三年累計同店銷售成長率超過 30%。

These strong top line results drove another year of record earnings per share as diluted EPS increased 8% to $33.44, representing a 3-year compounded annual growth rate of 23%. Our ability to continue to grow our business and capture market share year in and year out is a testament to our team's commitment to providing excellent customer service, and we couldn't be more pleased with how our team finished 2022.

強勁的營收成長推動公司每股盈餘再創新高，稀釋後每股盈餘成長8%至33.44美元，三年複合年增長率達23%。我們能夠持續發展業務並逐年擴大市場份額，充分證明了我們團隊致力於提供卓越客戶服務的承諾，我們對團隊在2022年取得的成績感到無比滿意。

Entering 2023, we remain bullish on the opportunities we see ahead of us, and are anticipating another strong year of sales and earnings growth. For earnings per share, we have established the guidance for 2023 at $35.75 to $36.25, representing an increase of 8% versus 2022 at the midpoint.

展望2023年，我們依然看好未來的發展機遇，並預期銷售額和獲利將持續強勁成長。對於每股收益，我們已將2023年的預期目標設定為35.75美元至36.25美元，中位數較2022年增長8%。

Achievement of our 2023 guidance would result in us doubling our EPS over the last 4 years, representing a compounded annual growth rate of over 19%. This impressive performance and challenging target is a testament to the quality of our team and their commitment to our customers. Brad, Brent and Jeremy will walk through the rest of our detailed outlook in their prepared comments.

如果我們達到2023年的業績指引，我們的每股盈餘將比過去四年翻一番，複合年成長率將超過19%。這個令人矚目的業績和極具挑戰性的目標，充分體現了我們團隊的卓越素質及其對客戶的承諾。 Brad、Brent和Jeremy將在事先準備好的演講稿中詳細闡述我們展望的其餘部分。

But for now, I will just say that we're excited about the aggressive plans we have to invest in our business and continue to take market share and drive industry-leading results. Before I turn the call over to Brad, I want to share a little bit about the incredible culture building experience our team just had in January at our Annual Leadership Conference in Dallas.

但現在，我只想說，我們對即將推出的雄心勃勃的業務投資計劃感到非常興奮，這些計劃旨在持續擴大市場份額並取得行業領先的業績。在把電話交給布拉德之前，我想和大家分享一下我們團隊在今年一月於達拉斯舉行的年度領導力大會上所獲得的寶貴文化建設經驗。

Each year, we bring all of our store managers, field leadership, as well as our sales and DC management team members together in one place at one time to build leadership skills, enhance product knowledge, share best practices across our company, and celebrate our award-winning performance.

每年，我們都會將所有門市經理、現場領導以及銷售和配送中心管理團隊成員聚集在一起，以培養領導技能、增強產品知識、分享公司內部的最佳實踐，並慶祝我們屢獲殊榮的業績。

The theme of this year's conference was: One Team, Reunited. And it was definitely an appropriate rallying cry for our first in-person leadership conference in 3 years. The passion and energy displayed by our company leaders was infectious, and it gives us even more confidence in the Team O'Reilly's ability to drive future success through their unwavering commitment to our customers and fellow team members.

今年大會的主題是「團結一心，共創輝煌」。這無疑是對我們三年來首次線下領導力大會的絕佳號召。公司領導們展現的熱情和活力極具感染力，也讓我們更加堅信，奧萊利團隊能夠憑藉其對客戶和團隊成員的堅定承諾，推動公司未來的成功。

To wrap up my prepared comments, I want to thank each of our team members for their dedication to our long-term success and their outstanding performance in 2022. I'm extremely proud of all of you, and I'm confident 2023 will be another record-setting year for Team O'Reilly. I'll now turn the call over to Brad.

最後，我要感謝我們團隊的每一位成員，感謝他們為公司的長期成功所做的貢獻，以及他們在2022年的出色表現。我為你們所有人感到無比自豪，我相信2023年將是奧萊利團隊又一個創紀錄的年份。現在，我將把發言權交給布拉德。

Thanks, Greg, and good morning, everyone. I would also like to begin my comments this morning by congratulating Team O'Reilly on another great year in 2022. Our team's focus on providing consistent, excellent customer service allowed us to generate the outstanding results we reported yesterday, and we are excited about the opportunities we see to continue to grow our business.

謝謝格雷格，大家早安。今天早上，我首先要祝賀奧萊利團隊在2022年又取得了輝煌的成績。我們團隊始終專注於提供卓越的客戶服務，而正是這種專注讓我們取得了昨天公佈的優異業績，我們對未來業務的持續成長充滿信心。

Now I'd like to provide some additional color on our fourth quarter comparable store sales results and outline our guidance for 2023. As we discussed on our third quarter conference call, we started the fourth quarter with strong sales volumes in line with trends we saw as we exited the third quarter. Those robust sales volumes continued through the end of the year, delivering results solidly above our expectations on both the professional and DIY sides of our business each month of the quarter.

現在我想就我們第四季的同店銷售業績做進一步說明，並概述我們對2023年的展望。正如我們在第三季財報電話會議上所討論的，第四季伊始，我們的銷售額就保持強勁成長，與第三季末的趨勢一致。這種強勁的銷售動能一直延續到年底，每個月我們在專業服務和DIY業務的業績都遠超預期。

From a cadence perspective, the monthly comp was steady throughout the quarter with December being the strongest month of the quarter on a 2- and 3-year stack basis. As we finished the year, we saw broad-based strength across all of our markets and weather-related categories, such as batteries cooling and antifreeze, as well as our other core non-weather-related categories.

從銷售節奏來看，本季月度銷售額保持穩定，其中12月是本季表現最強勁的月份（以過去2年和3年的數據為基準）。年末總結：我們所有市場和與天氣相關的品類（例如電池冷卻液和防凍液）以及其他核心非天氣相關品類均呈現全面強勁的增長勢頭。

We saw strength in both our DIY and professional businesses, with professional again leading the way with double-digit comparable store sales growth on robust increases in both ticket counts and average ticket size. As we finished 2022, we were very pleased with our professional performance, and we believe the momentum we have created is the direct result of our team executing our proven business model at a high level and providing industry-leading customer service.

我們的DIY業務和專業服務業務均表現強勁，其中專業服務業務再次領先，同店銷售額實現兩位數增長，客單價和客單價均大幅提升。 2022年即將結束，我們對專業服務的表現非常滿意。我們相信，我們所取得的良好發展勢頭，直接得益於團隊高效執行我們成熟的商業模式，並提供業界領先的客戶服務。

We were also pleased to see the improved performance in our DIY business, which accelerated on a 1, 2 and 3-year comparable store sales growth basis, driven by our strong average ticket growth. As anticipated, DIY ticket counts were a partial offset to our comp growth due to difficult comparisons from strong traffic growth in the previous 2 years, but improved sequentially in the fourth quarter, continuing the trend we saw in the third quarter and exceeding our expectations.

我們很高興看到，DIY業務的業績有所提升，在過去1年、2年和3年同店銷售額增長的基礎上，該業務增速加快，這主要得益於我們強勁的平均客單價增長。正如預期，由於前兩年客流量的強勁增長導致基數較高，DIY業務的客單價在一定程度上抵消了同店銷售額的增長，但第四季度環比有所改善，延續了第三季度的增長勢頭，並超出了我們的預期。

As we saw throughout 2022, growth in average ticket values drove our total comparable store sales growth in the fourth quarter. Average ticket size grew in the high single digits on both sides of our business, supported primarily by the mid-single-digit growth in same SKU inflation and augmented by a benefit from increasing parts complexity and improved quality and design of new parts.

正如我們在2022年全年所見，平均客單價的成長推動了我們第四季同店銷售額的成長。我們業務兩方面的平均客單價均實現了接近兩位數的增長，這主要得益於同店商品價格中位數的上漲，同時也受益於零部件複雜性的增加以及新零部件質量和設計的提升。

On a year-over-year basis, we saw a moderation in the same SKU benefit after peaking in the second and third quarters as we lap the acceleration of higher inflation in 2021 and saw modest increases in selling prices as we finished out 2022. The moderation in selling price increases correlate with what we're seeing in product acquisition costs as industry pricing has remained rational on both sides of the business, and we've been successful in passing through cost increases.

與去年同期相比，在第二季和第三季達到高峰後，同品類商品（SKU）收益有所放緩，這主要是由於我們克服了2021年通膨加速上升的影響，並在2022年底實現了溫和的銷售價格上漲。銷售價格漲幅放緩與產品採購成本的變化趨勢相符，因為行業定價在業務的供需兩端都保持了合理水平，我們也成功地將成本上漲轉嫁給了消費者。

Now I want to transition to a discussion of our 2023 sales guidance and our outlook for this year. As we disclosed in our earnings release yesterday, we are establishing our annual comparable store sales guidance for 2023 at a range of 4% to 6%. And we want to provide some color on the factors that are driving our expectations as it relates to both our outlook for our industry as well as the specific opportunities we see for our company.

現在我想談談我們對2023年的銷售預期以及今年的展望。正如我們在昨天發布的財報中所揭露的，我們預計2023年同店銷售額將成長4%至6%。接下來，我們將詳細說明影響我們預期業績的因素，包括我們對產業前景的展望以及我們公司面臨的具體機會。

I'll begin with our view of the prospects for our industry which we believe are still very favorable. The health of the automotive aftermarket continues to be supported by strength in the core fundamental drivers of demand and the last few years have further reinforced the compelling value proposition that motivates consumers to invest in their vehicles.

首先，我想談談我們對行業前景的看法，我們認為前景仍然非常樂觀。汽車售後市場的健康發展持續受益於核心基本需求驅動因素的強勁成長，而過去幾年進一步強化了極具吸引力的價值主張，促使消費者願意投資於他們的愛車。

Since the onset of the pandemic, the scarcity of vehicles has forced many consumers to keep their vehicles longer. These investments the consumers have made to keep their vehicles well maintained and paid off, and we expect to see a continued willingness by consumers to invest in their high-quality vehicles at higher and higher mileages.

自疫情爆發以來，車輛短缺迫使許多消費者延長車輛的使用期限。這些投資用於車輛的良好保養和還清貸款，我們預計消費者將繼續願意投資購買行駛里程更高的優質車輛。

We also have a positive outlook on the strength of the consumer our industry and their ongoing willingness to prioritize their transportation needs. We continue to view the health of our customers as strong, supported by extremely low unemployment and robust growth in wages over the past 2 years.

我們對本行業的消費者實力以及他們持續優先考慮出行需求的意願持樂觀態度。我們仍然認為客戶的健康狀況良好，這得益於極低的失業率和過去兩年來的強勁工資增長。

We think these factors provide a solid backdrop for growth in miles driven in our industry and solid demand over the next year. While miles driven still remain below pre-pandemic levels, we've seen growth in this key fundamental for our industry over the past 18 months.

我們認為這些因素為未來一年行業行駛里程的成長和強勁的需求提供了堅實的基礎。雖然行駛里程仍低於疫情前的水平，但在過去18個月中，我們看到這項產業關鍵基本面指標有所成長。

We believe we will see a continuation of the long-term industry trend of steady growth in miles driven, resulting from population growth and an increase in the size of the U.S. car park. As we think about the broader macro factors that could impact the U.S. economy in the coming year, we remain cautious in our outlook for -- outlook concerning ongoing headwinds from inflation and the potential for deterioration in economic conditions.

我們相信，隨著人口成長和美國停車位數量的增加，汽車行駛里程將延續長期產業趨勢，並保持穩定成長。然而，在考慮可能影響美國經濟的宏觀因素時，我們對未來一年的前景仍持謹慎態度，因為通膨持續帶來的不利影響以及經濟狀況可能惡化的風險仍然存在。

Negative trends in the broader economy can -- it can influence demand in our industry in the short term, but we have consistently seen over time that consumers adjust quickly in challenging environments. In fact, in 2022, it was a good illustration of how this can play out.

整體經濟的負面趨勢可能會在短期內影響我們行業的需求，但我們一直以來都看到，消費者在充滿挑戰的環境中能夠迅速調整。事實上，2022年就是一個很好的例子，說明了這一點。

The pressure we saw from elevated gas prices, broad-based inflation and global economic shocks weighed on our results versus our expectations in the first half of the year. However, our customers adjusted as conditions stabilize and our business rebounded to meet our full year sales growth expectations.

今年上半年，高企的油價、普遍的通貨膨脹以及全球經濟衝擊給我們的業績帶來了壓力，使其低於預期。然而，隨著市場環境趨於穩定，客戶也做出了調整，我們的業務也隨之反彈，最終實現了全年銷售成長預期。

Our experience through multiple economic cycles in our company's history is that consumers will prioritize the maintenance and the repair of their existing vehicles as a means to avoid a car payment and save money in the face of economic pressures. Ultimately, due to the nondiscretionary and value-driven nature of our business, we have confidence our industry will perform well in 2023, even if we end up facing challenges in the broader economy.

公司過往經歷的多個經濟週期表明，面對經濟壓力，消費者會優先考慮現有車輛的保養和維修，以避免支付車貸並節省開支。最終，由於我們業務的非必需性和價值驅動特性，我們有信心，即使整體經濟面臨挑戰，我們的產業在2023年仍將保持良好表現。

As confident as we are in the strength of our industry, the most important driver for our outlook for 2023 is the opportunity we see to outperform our competition and gain market share by out-executing -- or excuse me, by executing our business model and providing the best customer service in the industry.

儘管我們對行業的實力充滿信心，但我們對 2023 年的展望最重要的驅動力是，我們看到了超越競爭對手、贏得市場份額的機會，這可以透過執行我們的商業模式，或者更確切地說，透過執行我們的商業模式，並提供業內最好的客戶服務來實現。

To this end, I would like to spend a few minutes discussing our outlook on both sides of our business. We expect both our DIY and professional businesses to be positive contributors to our comparable store sales growth in 2023, with professional again expected to outperform.

為此，我想花幾分鐘時間談談我們對公司業務兩方面的展望。我們預計，2023年，DIY業務和專業服務業務都將成為同店銷售成長的積極貢獻者，其中專業服務業務預計表現將更佳。

We are excited about the strength we built in 2022 in our professional business and we believe this will continue to accelerate our growth on this side of the business. We remain highly committed to being the industry leader in the quality of service and inventory availability we provide to the professional customer, and our focus moving into 2023 is to aggressively lever these strengths to further consolidate this side of the market.

我們對2022年在專業業務領域的成就感到非常振奮，並相信這將繼續加速我們在該領域的成長。我們始終致力於成為業界領先的專業客戶服務品質和庫存可用性供應商，2023年，我們將專注於利用這些優勢，進一步鞏固我們在專業領域的市場份額。

We also see significant opportunity to grow our DIY business, but are more cautious in how we view our ability to increase ticket counts on a year-over-year basis. Our DIY ticket counts in 2022 were pressured in comparison to 2021 as we were still calendaring the impact of government stimulus and faced headwinds from gas price shocks and inflation.

我們也看到了DIY業務的巨大成長潛力，但對於能否逐年提高客單價持更謹慎的態度。 2022年，由於政府刺激政策的影響尚未完全顯現，且面臨油價衝擊和通貨膨脹的不利因素，我們的DIY客單價較2021年有所下降。

We feel like we have now completely lapped the artificial spikes in demand and are pleased with steady DIY traffic we saw in the back half of the year. While there's been a lot of volatility in our comparisons over the past 3 years, our overall growth in DIY ticket counts has been solidly positive in total during that time frame.

我們感覺已經完全度過了人為的需求高峰期，並對下半年穩定的自助服務流量感到滿意。儘管過去三年我們的數據波動較大，但在此期間，自助服務訂單總量總體上一直保持著穩健的正增長。

We have clearly taken market share since the onset of the pandemic through consistent execution and excellent service even as we face the long-term industry trend of pressure to DIY ticket counts. For 2023, we will continue to face this industry dynamic where increased complexity and quality of parts extend service and repair intervals.

自從疫情爆發以來，我們憑藉著始終如一的執行力和卓越的服務，顯著提升了市場份額，即便我們面臨著行業長期趨勢——自助維修服務數量不斷增長的壓力。展望2023年，我們將繼續應對這一行業動態，零件日益複雜和高品質將延長維修保養週期。

As a result, we anticipate DIY traffic down slightly in 2023 with an expectation that we will continue to gain market share to partially offset the normal industry drag on ticket counts. We expect the pressure to DIY traffic to be more than offset by increased average ticket.

因此，我們預計2023年自助購車流量將略有下降，但我們預期能夠持續擴大市場份額，以部分抵銷產業正常情況下購車量下降的影響。我們預期平均客單價的上漲將足以抵銷自助購車流量下降所帶來的壓力。

We anticipate average ticket on both sides of our business to benefit from low single-digit inflation arising from the carryover benefit on a year-over-year basis as we compare against price levels that ramp throughout 2022.

我們預計，由於同比結轉收益帶來的低個位數通膨，我們業務兩端的平均客單價將受益於此，與 2022 年價格水準的逐步上漲相比，我們的客單價將有所下降。

Consistent with our historical practice, we are including only modest increases in price levels from this point forward in 2023. We do not expect to see growth in average ticket values above and beyond same-SKU inflation, resulting from increased product complexity and our ability to trade customers up to a higher product on the good-better-best spectrum.

與我們以往的做法一致，從 2023 年起，我們只會小幅提高價格水準。我們預計，由於產品複雜性增加以及我們能夠引導客戶升級到更好、更優質的產品，平均客單價的成長不會超過同類產品價格上漲的幅度。

As we move through 2023, we anticipate comps in the first half of the year to be stronger than the back half as a result of the year-over-year same-SKU inflation as well as easier comparisons in professional ticket counts, which ramped throughout 2022, and to a lesser degree DIY ticket counts which face more pronounced pressure in the first half of last year.

隨著我們進入 2023 年，我們預計上半年的同店銷售情況將比下半年更強勁，這是由於同店銷售價格同比上漲，以及專業門票數量更容易進行比較（專業門票數量在 2022 年大幅增長），而 DIY 門票數量在去年上半年面臨更明顯的壓力，因此比較難度也會降低。

We are off to a strong start thus far in 2023, and we are pleased to see continued momentum on both sides of our business. Now I want to spend some time covering our SG&A and operating profit performance in 2022 and our outlook for 2023 before turning the call over to Brent who will provide color on our gross margin.

自2023年至今，我們開局強勁，業務兩方面都保持著良好的發展勢頭，我們對此感到非常欣慰。接下來，我想花點時間回顧一下我們2022年的銷售、管理及行政費用（SG&A）和營業利潤表現，並展望一下2023年的前景。之後，我將把電話會議交給布倫特，他將詳細介紹我們的毛利率狀況。

Fourth quarter SG&A expense as a percentage of sales was 32.2%, in line with the fourth quarter of 2021. As we noted in our press release yesterday, this number includes $28 million charge associated with our transition to an enhanced pay time off program for our team members.

第四季銷售、管理及行政費用佔銷售額的32.2%，與2021年第四季持平。正如我們在昨天的新聞稿中所述，該數字包含與我們向團隊成員加強版帶薪休假計劃過渡相關的2800萬美元費用。

Average per store SG&A for 2022 was just -- was up just over 4.8%, driven by incremental variable operating expenses on better-than-expected sales volumes and cost inflation in fuel, wage rates and team member benefits. Over the last several years, our teams have demonstrated an ability to drive an enhanced level of profitability and productivity on our SG&A spend as we are pleased with the strong finish to 2022.

2022年平均單店銷售、管理及行政費用（SG&A）略高於4.8%，主要受銷售額超出預期帶來的可變營運費用增加以及燃油、工資和員工福利成本上漲的影響。過去幾年，我們的團隊展現了在SG&A支出方面提升獲利能力和效率的能力，我們對2022年的良好收官表現感到滿意。

As we look forward to 2023, we are planning to grow average SG&A per store by approximately 4.5%. This level of spend is a step change higher than we would normally forecast in our initial SG&A guidance. While we anticipate facing some pressures to costs from ongoing inflation, the majority of our incremental spend anticipated in 2023 reflects deliberate decisions we are making to invest in our business.

展望2023年，我們計劃將每家店的平均銷售、管理及行政費用（SG&A）提高約4.5%。這一支出水準遠高於我們最初SG&A預期。儘管我們預計持續的通貨膨脹將對成本構成一定壓力，但我們預計2023年新增支出的大部分反映了我們為投資業務所做的深思熟慮的決策。

We are targeting initiatives we believe will enhance the value proposition we offer to both our team members and customers by investing in our professional parts people, in our customer service levels, in turn, driving both long-term sales and operating profit dollar growth.

我們正在努力推進一些我們認為能夠提升我們為團隊成員和客戶提供的價值主張的舉措，這些舉措包括投資於我們的專業零件人員和客戶服務水平，從而推動長期銷售額和營業利潤的增長。

We plan to deploy these resources to enhance our long-term operational strength with specific emphasis on strengthening our team member experience and benefits, upgrading our store vehicle fleet, refreshing and improving our store image and appearance, and deploying incremental technology projects as well as investments in infrastructure.

我們計劃部署這些資源，以增強我們的長期營運實力，特別注重加強團隊成員的體驗和福利，升級門市車隊，更新和改善門市形象和外觀，部署漸進式技術項目以及對基礎設施的投資。

We believe we have an opportunity to capitalize on our strong competitive position in our industry and further separate ourselves as we consolidate the market. We are highly confident our investment and these initiatives will provide strong long-term returns, but anticipate we will face initial pressure to our SG&A as a percentage of sales in 2023.

我們相信，我們有機會利用自身在產業中強大的競爭優勢，並在市場整合過程中進一步拉開與競爭對手的差距。我們對我們的投資和這些措施充滿信心，相信它們將帶來豐厚的長期回報，但預計2023年我們的銷售、管理及行政費用佔銷售額的比例將面臨一定的壓力。

Based on these expectations, coupled with the normal drag from new store expansion in our anticipated gross margin rate, which Brent will discuss in a minute, we are setting our operating profit guidance range at 19.8% to 20.3% of sales. At the midpoint of our guidance, we are expecting operating profit to increase over 4%.

基於這些預期，再加上新店擴張對我們預期毛利率的正常拖累（布倫特稍後會詳細討論），我們將營業利潤率預期區間設定為銷售額的19.8%至20.3%。取預期區間的中位數，我們預期營業利潤將成長超過4%。

Ultimately, our leadership team is focused on enhancing the excellent customer service and overall value that create strong relationships with our customers on both sides of the business that in turn drive long-term growth in operating profits. To finish up my prepared comments, I want to add to what Greg has already said about the incredible experience we had as a leadership team in Dallas and the enthusiasm our team showed for our business and the O'Reilly culture.

最終，我們的領導團隊致力於提升卓越的客戶服務和整體價值，從而與客戶建立牢固的關係，進而推動營業利潤的長期成長。最後，我想補充格雷格剛才提到的，我們在達拉斯擔任領導團隊的經驗非常寶貴，我們的團隊對公司和奧萊利的企業文化都充滿熱情。

This was my 26th Leadership Conference, my first being in 1998 when I first became a store manager, and there is no doubt in my mind, it was our best one yet. Since there was -- since this was our first in-person conference since 2020, the last 2 being virtual, there was certainly a lot for us to celebrate, but I was blown away by the commitment I saw from our team to not rest on our laurels or be satisfied with our past success.

這是我參加的第26屆領導力大會，第一次是在1998年，當時我剛成為門市經理。毫無疑問，這是我們迄今為止參加過的最棒的一屆。因為這是我們自2020年以來首次舉辦線下大會（前兩次都是線上會議），所以有很多值得慶祝的事情。但最讓我印象深刻的是，我的團隊展現了不滿足於現狀、不固步自封的決心。

Instead, our team was passionate about the opportunities we have in front of us. As we look forward to 2023 and set an ambitious plan to outperform the competition and gain market share, we will be aggressive in supporting our teams and equipping them with the tools and resources to drive our company to an even higher level of performance. I want to once again thank Team O'Reilly for their continued dedication to our company. Now I will turn the call over to Brent.

相反，我們的團隊對眼前的機會充滿熱情。展望2023年，我們制定了雄心勃勃的計劃，力求超越競爭對手，擴大市場佔有率。我們將積極支持團隊，為他們提供必要的工具和資源，推動公司績效邁上新的階梯。我再次感謝奧萊利團隊對公司的持續奉獻。現在，我將把電話交給布倫特。

Thanks, Brad, and good morning, everyone. I would like to begin my remarks today by congratulating Team O'Reilly on yet another strong year. Once again, your commitment to consistent, excellent customer service drove outstanding results in 2022.

謝謝布拉德，大家早安。今天首先，我要祝賀奧萊利團隊又度過了輝煌的一年。你們始終如一地提供卓越的客戶服務，這再次為你們在2022年帶來了傑出的業績。

As Greg and Brad have already shared, it was a privilege to be able to get together with our industry-leading team, professional parts people at our leadership conference in January, and we are all incredibly excited about the strength of our business moving forward in 2023.

正如 Greg 和 Brad 已經分享的那樣，能夠在 1 月份的領導力會議上與我們行業領先的團隊、專業的零件人員聚在一起是一種榮幸，我們都對公司在 2023 年的發展前景感到無比興奮。

Today, I'm going to discuss our fourth quarter and full year gross margin and supply chain results and our outlook for 2023 and provide color on our capital investments. Starting with gross margin. Our fourth quarter gross margin of 50.9% was 183 basis point decrease from the fourth quarter of 2021, but in line with our guidance expectations.

今天，我將討論我們第四季和全年的毛利率和供應鏈業績，以及我們對2023年的展望，並詳細介紹我們的資本投資。首先來看毛利率。我們第四季的毛利率為50.9%，較2021年第四季下降了183個基點，但符合我們的預期。

For the full year, gross margin came in at 51.2%, which was 145 basis point decrease from last year. Our year-over-year margin results were primarily impacted by the rollout of our professional pricing initiative, combined with anticipated comparison headwinds to the LIFO benefits that we realized in 2021.

全年毛利率為51.2%，較前一年下降145個基點。年比毛利率下降的主要原因是專業定價方案的推出，以及我們預期中因2021年實施的後進先出法（LIFO）帶來的收益而導致的同比不利因素。

We are pleased to generate a full year gross margin rate in the upper end of our guidance range. However, we're even more excited to drive strong gross profit dollar growth. Our price investments and superior execution of our business model paid off in a solid 5% increase in gross profit dollars in 2022, which represents a 3-year compounded annual growth rate of 11%.

我們很高興全年毛利率達到預期範圍的上限。然而，更令我們振奮的是毛利金額的強勁成長。我們在價格方面的投入以及對商業模式的出色執行，使2022年毛利金額實現了5%的穩健成長，三年複合年增長率達到11%。

I want to thank our supply chain store operations and sales teams for their hard work in driving these results in a dynamic and very challenging market environment. For 2023, we expect gross margin to be in the range of 50.8% to 51.3%, which is consistent with how we viewed our margin guide throughout 2022.

我要感謝我們的供應鏈、門市營運和銷售團隊，感謝他們在瞬息萬變且極具挑戰性的市場環境中付出的辛勤努力，才取得了這些業績。我們預計2023年的毛利率將在50.8%至51.3%之間，這與我們2022年全年的毛利率預期一致。

Even though we aren't anticipating a significant year-over-year change, there are a few puts and takes that I want to call out that we expect to impact our gross margin in 2023. To begin, we will face some remaining incremental pressure in the first quarter from our professional pricing initiative as we lap a higher gross margin run rate at the beginning of 2022 before we fully rolled out the initiative in the middle of the first quarter.

儘管我們預計不會有顯著的同比變化，但我想指出一些因素，這些因素預計會影響我們2023年的毛利率。首先，由於我們在2022年初已經享受了較高的毛利率，而這項專業定價計劃要到第一季中期才會全面實施，因此我們在第一季仍將面臨一些額外的壓力。

We also will face headwinds from a number of other factors, including comparisons to temporary benefits in the first half of 2022 from the timing of selling price increases, a higher planned mix of professional business in 2023 as that side of the business continues to grow faster, the calendaring of the remaining LIFO benefit that we realized in 2022, and pressure on distribution costs as we continue to stabilize our network after the disruptive periods we have seen during the pandemic, and face headwinds in the fixed cost we capitalized in inventory driven by a significantly smaller planned inventory build in 2023.

我們也將面臨其他一些因素的不利影響，包括與 2022 年上半年因銷售價格上漲而獲得的暫時性收益相比，2023 年計劃中專業業務佔比更高（因為該業務部分持續快速增長），2022 年實現的剩餘後進先出收益的日曆安排，以及在我們繼續穩定疫情期間的混亂時期後分銷網絡所帶來的混亂時期後分銷網絡所帶來的成本壓力，以及由於分銷年計劃庫存增加量大幅減少而導致的固定成本資本化帶來的不利影響。

Offsetting these headwinds, our gross margin outlook also includes an anticipated benefit from modest acquisition cost improvements. On balance, we still expect to see inflationary pressure in acquisition cost in 2023, driven by rising labor and raw material costs in the supply chain.

儘管面臨這些不利因素，但我們對毛利率的預期也包括收購成本適度改善所帶來的利多。整體而言，我們仍預期2023年收購成本將面臨通膨壓力，主要原因是供應鏈中勞動力和原物料成本的上漲。

These are specific areas that we have seen some relief in from cost pressure that were passed along to us over the course of the last 2 years, specifically in freight and transportation costs. Beyond what we have built into our outlook for next year, we remain very cautious regarding the prospect for incremental reductions in acquisition costs as most of our supply chain partners continue to face broad inflationary pressures.

在過去兩年中，我們已經看到一些特定領域的成本壓力有所緩解，尤其是在貨運和運輸成本方面。除了我們已納入明年預期之外，鑑於我們的大多數供應鏈合作夥伴仍然面臨普遍的通膨壓力，我們對採購成本進一步降低的前景仍持非常謹慎的態度。

On an individual basis, none of the discrete factors I just outlined represent a significant impact to our gross margin. And candidly, we normally don't dig in at this level of detail in discussing the puts and takes that impact our margin. However, we think it's important to provide additional color since there are so many moving pieces.

就單一因素而言，我剛才提到的任何一項都不會對我們的毛利率產生顯著影響。坦白說，我們通常不會如此深入地探討影響毛利率的各種因素。但是，鑑於其中涉及的變數眾多，我們認為有必要提供更多資訊。

Over the last several years, we have seen variability in our quarterly margin results that are not typical of the normal cadence for our business, driven by significant cost inflation, the reversal of our historic LIFO debit balance and the implementation of our professional pricing initiative.

過去幾年，由於成本大幅上漲、歷史後進先出借方餘額的逆轉以及專業定價計劃的實施，我們的季度利潤率出現了波動，這與我們業務的正常節奏不符。

In 2023, we anticipate quarter-to-quarter gross margins to be more consistent, with only first quarter being slightly below our full year guidance, driven by product mix. However, since some of our comparisons are more challenging, in the first half of the year, we do expect to see some pressure on gross margin rate on a year-over-year basis in the first 2 quarters.

我們預計2023年各季毛利率將更加穩定，僅第一季會略低於全年預期，這主要是受產品組合的影響。然而，由於部分比較數據較為複雜，我們預期上半年前兩季的毛利率年比將面臨一定壓力。

Inventory per store at the end of 2022 was $730,000, which was up 15% from the end of last year, which is significantly above the target that we set for inventory growth at the beginning of 2022. Over the course of much of the last 3 years, it has been our intent to aggressively add incremental inventory dollars, and we have been constrained by supply chain challenges and the necessity to keep up with the strong sales volumes and replenishment needs of our stores.

截至2022年底，每家門市的庫存為73萬美元，比去年年底成長了15%，遠高於我們在2022年初設定的庫存成長目標。在過去三年的大部分時間裡，我們致力於積極增加庫存，但受到供應鏈挑戰以及滿足門市強勁銷售量和補貨需求的限制。

As we move through the back half of 2022, our supply chain distribution and store operations teams made tremendous progress in deploying additional inventory. We also proactively took advantage of opportunities to incrementally add inventory to our network as we saw upside in capitalizing on strong sales demand as supply constraints begin to ease.

隨著2022年下半年的到來，我們的供應鏈配送和門市營運團隊在部署額外庫存方面取得了顯著進展。此外，隨著供應限制開始緩解，我們看到了強勁銷售需求帶來的成長潛力，因此也積極把握機會，逐步增加我們網路中的庫存。

For 2023, we are planning per store inventory to increase approximately 2%, which is below our historical run rates. This is primarily because of the inventory additions that we accelerated at the end of 2022. Our ongoing inventory management is geared to deploy the right inventory at the optimal position within our tiered distribution network.

2023年，我們計劃單店庫存增幅約2%，低於以往的增幅水準。這主要是由於我們在2022年底加快了庫存增加速度。我們持續的庫存管理旨在將合適的庫存部署到我們分級分銷網絡的最佳位置。

While our expected incremental additions in 2023 are modest, our plans include continued adjustments to push out and pull back inventory to ensure that we're offering the best possible local inventory assortments. A key part of our inventory deployment strategy is our ongoing evaluation and modification of all aspects of our hub store network, including the number of hub stores, sizing of inventory assortments and market positioning.

儘管我們預計2023年的新增庫存量不大，但我們的計劃包括持續調整庫存的增減，以確保我們提供最佳的本地庫存組合。我們庫存部署策略的關鍵在於持續評估和改善樞紐門市網路的各個方面，包括樞紐門市的數量、庫存組合規模和市場定位。

A substantial amount of increased inventory that we deployed in 2022 and the dollars we plan to roll out in 2023 are targeted in our hub stores to further enhance our industry-leading inventory position. Our AP to inventory ratio at the end of the fourth quarter was 135%, which sets an all-time high for our company, and was heavily influenced by extremely strong sales volumes and inventory turns along with the impact from increased inflation and product acquisition costs.

我們在2022年投入的大量新增庫存以及計劃在2023年投入的資金，都將用於我們的中心門店，以進一步鞏固我們行業領先的庫存優勢。在第四季末，我們的應付帳款與庫存比率達到135%，創歷史新高，這主要得益於強勁的銷售量和庫存週轉率，以及通貨膨脹和產品採購成本上升的影響。

While we deployed significant incremental inventory into our distribution centers and stores in 2022, we actually saw a decrease in net inventory investment of $513 million. We anticipate our AP to inventory ratio to moderate slightly as we move through 2023 and currently expect to finish the year with a ratio of approximately 133%.

儘管我們在2022年向配送中心和門市投入了大量新增庫存，但實際上淨庫存投資卻減少了5.13億美元。我們預計，隨著2023年的推進，應付帳款與庫存比率將略有下降，目前預計年底比率約為133%。

Our capital expenditures in 2022 were $563 million, which fell short of our original plan by approximately $140 million. The lower CapEx was driven by a few different factors, including a heavier weighing of leased versus owned stores, the delay of certain store DC and headquarter projects and planned maintenance, and the timing of expenditures related to distribution expansion projects.

2022年，我們的資本支出為5.63億美元，比原計劃減少了約1.4億美元。資本支出減少的原因有幾個，包括租賃門市相對於自有門市的權重增加、部分門市配送中心和總部專案以及計劃維護的延期，以及與配送中心擴張專案相關的支出時間表。

Included in our expectations for 2023, our plan to deploy capital for the initiatives that were delayed in 2022, as well as support new store and DC development to support our long-term growth strategies in the U.S. and Mexico. For 2023, we are setting our capital expenditure guidance at $750 million to $800 million.

我們對2023年的預期包括：將資金投入2022年因故推遲的項目，並支持新店和配送中心的建設，以助力我們在美國和墨西哥的長期成長策略。 2023年，我們的資本支出目標為7.5億美元至8億美元。

We have also established a target of 180 to 190 net new store openings with a planned heavier mix of owned versus leased locations. Our CapEx outlook also includes significant investments in our distribution network, as we will complete and open our newest distribute center in Guadalajara, Mexico and expect initial expenditures for future projects.

我們也訂定了新增淨門市180至190家的目標，並計畫增加自有門市的比例，租賃門市的比例則相對降低。我們的資本支出展望還包括對配送網絡的重大投資，因為我們將在墨西哥瓜達拉哈拉建成並啟用最新的配送中心，並且預計未來項目也將有初期支出。

We have identified several exciting projects and initiatives in 2023 to enhance our service levels and provide customers an improved efficiency and product availability. Our CapEx guidance includes planned investments in significant DC and store fleet upgrades, store projects to enhance the image, appearance and convenience of our stores, and strategic investments in information technology projects.

我們已確定2023年多個令人振奮的項目和計劃，旨在提升服務水平，提高客戶效率和產品供應。我們的資本支出計畫包括：對配送中心和門市進行重大升級改造；改善門市形象、外觀和便利性；以及對資訊科技專案進行策略性投資。

Before I turn the call over to Jeremy, I want to again thank Team O'Reilly for their unwavering commitment to our customers and dedication to going the extra mile to deliver outstanding business results in 2022. Now I'd like to turn the call over to Jeremy.

在把電話交給傑里米之前，我想再次感謝奧萊利團隊對客戶始終如一的承諾，以及他們為在2022年取得卓越的業務成果而付出的不懈努力。現在，我想把電話交給傑瑞米。

Thanks, Brent. I would also like to congratulate Team O'Reilly on another outstanding year. Now we will fill in some additional details on our fourth quarter results and guidance for 2023. For the fourth quarter, sales increased $353 million, comprised of a $288 million increase in comp store sales, a $65 million increase in noncomp store sales, a $2 million increase in noncomp nonstore sales, and a $2 million decrease from closed stores.

謝謝，布倫特。我也要祝賀奧萊利團隊又度過了出色的一年。接下來，我們將詳細介紹第四季的業績以及2023年的業績展望。第四季度，銷售額成長了3.53億美元，其中同店銷售額成長了2.88億美元，非同店銷售額成長了6,500萬美元，非同店非門市銷售額成長了200萬美元，而關閉門市造成的銷售額下降了200萬美元。

For 2023, we expect our total revenues to be between $15.2 billion and $15.5 billion. Brent covered our gross margin performance and guidance earlier, but I want to provide a quick reminder on how we view the application of LIFO in our gross margin results. We view our reported gross margin as the best measurement of our performance.

我們預計2023年總營收將在152億美元至155億美元之間。布倫特之前已經介紹了我們的毛利率表現和預期，但我想再次簡要說明一下我們如何看待後進先出法（LIFO）在毛利率計算中的應用。我們認為公佈的毛利率是衡量我們績效的最佳指標。

Since the GAAP cost of goods sold under the LIFO method, most closely matches our current acquisition costs. As a result, we don't view the normal application of LIFO as a discrete charge in our evaluation of gross margin. In the first quarter of 2022, we did receive a limited benefit of just under $10 million, resulting from the reversal of our historic LIFO debit balance and the final sell-through of inventory purchase prior to acquisition cost increases.

由於採用後進先出法（LIFO）計算的GAAP銷售成本與我們目前的採購成本最為接近，因此，我們不將LIFO的正常應用視為毛利率評估中的一項獨立費用。 2022年第一季度，我們確實獲得了略低於1000萬美元的有限收益，這主要源於歷史LIFO借方餘額的衝回以及採購成本增加前庫存採購的最終售罄。

This comparison headwind is a component of our gross margin expectations that Brent outlined earlier. Our fourth quarter effective tax rate was 18.2% of pretax income, comprised of a base rate of 19.9%, reduced by a 1.7% benefit for share-based compensation. This compares to the fourth quarter of 2021 rate of 19.4% of pretax income which was comprised of a base tax rate of 20.4% reduced by a 1% benefit for share-based compensation.

這種同比不利因素是布倫特先前概述的毛利率預期的一部分。我們第四季的實際稅率為稅前利潤的18.2%，其中基本稅率為19.9%，並扣除了1.7%的股權激勵收益。相較之下，2021年第四季的實際稅率為稅前利潤的19.4%，其中基本稅率為20.4%，並扣除了1%的股權激勵收益。

The fourth quarter of 2022 base rate as compared to 2021 was lower as a result of an increase in certain state tax credits. For the full year, our effective tax rate was 22.4% of pretax income, comprised of a base rate of 23.3%, reduced by a 0.9% benefit for share-based compensation.

由於部分州稅收抵免增加，2022年第四季基準稅率較2021年下降。全年實際稅率為稅前收入的22.4%，其中基準稅率為23.3%，並扣除0.9%的股權激勵收益。

For the full year of 2023, we expect an effective tax rate of 22.9%, comprised of a base rate of 23.4%, reduced by a benefit of 0.5% for share-based compensation. We expect the fourth quarter rate to be lower than the other 3 quarters due to 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2023年全年實際稅率為22.9%，其中基本稅率為23.4%，並扣除0.5%的股權激勵稅優惠。由於部分稅期中止，我們預計第四季的稅率將低於其他三個季度。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 and our expectations for 2023. Free cash flow for 2022 was $2.4 billion versus $2.5 billion in 2021. The decrease of $178 million was driven by higher capital expenditures in 2022 versus 2021, and differences in accrued compensation.

現在我們將討論自由現金流以及影響我們業績和2023年預期業績的因素。 2022年的自由現金流為24億美元，而2021年為25億美元。減少的1.78億美元是由於2022年資本支出高於2021年，以及應計薪酬的差異。

For 2023, we expect free cash flow to be in the range of $1.8 billion to $2.1 billion. As Brent discussed earlier, the expected year-over-year decrease is due to a planned increase in net inventory in 2023 versus the benefit we realized in 2022 as well as the planned increase in CapEx. These headwinds are expected to be partially offset by a benefit of $300 million in 2023, resulting from favorable timing of tax payments and disbursements for renewable energy tax credits.

我們預計2023年自由現金流將在18億美元至21億美元之間。正如布倫特先前所述，預計同比下降的原因是2023年計劃增加淨庫存，而2022年我們實際獲得的收益低於預期，以及計劃增加資本支出。這些不利因素預計將被2023年3億美元的收益部分抵消，這主要得益於稅收支付和再生能源稅收抵免的有利時間表。

Moving on to debt. We finished the fourth quarter with an adjusted debt to EBIT ratio of 1.84x as compared to our end of 2021 ratio of 1.69x, with the increase driven by our successful issuance of $850 million of 10-year senior notes in June, offset by the September retirement of $300 million of maturing notes.

接下來談談債務情況。在第四季末，我們調整後的負債與息稅前利潤比率為 1.84 倍，而 2021 年底的比率為 1.69 倍。這一成長主要得益於我們在 6 月成功發行了 8.5 億美元的 10 年期優先票據，但被 9 月到期的 3 億美元票據的贖回所抵消。

We continue to be below our leverage target of 2.5x, and plan to prudently approach that number over time. We continue to execute our share repurchase program. And for 2022, based on the strength of our business, we were able to purchase 5 million shares at an average share price of $661.66 for total investment of $3.3 billion.

我們目前的槓桿率仍低於2.5倍的目標，並計劃逐步謹慎地接近該目標。我們將繼續執行股票回購計畫。基於公司業務的強勁表現，2022年我們以平均每股661.66美元的價格回購了500萬股股票，總投資額達33億美元。

Since the inception of our share repurchase program in 2011, we have repurchased 91 million shares at an average share price of $224.8 for a total investment of $20.4 billion. We remain very confident that the average repurchase price is supported by the expected future discounted cash flows of our and we continue to view our buyback program as an effective means of returning excess capital to our shareholders.

自2011年啟動股票回購計畫以來，我們已回購9,100萬股，平均回購價格為每股224.8美元，總投資額達204億美元。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超額資本的有效途徑。

As a reminder, our EPS guidance includes the impact of shares repurchased through this call, but does not include any additional share repurchases. Before I open up our call to your questions, I would like to thank our team for your hard work and dedication to our company and our customers. This concludes our prepared comments. At this time, I would like to ask Paul, the operator, to return to the line, and we will be happy to answer your questions.

再次提醒各位，我們的每股盈餘預期已包含本次電話會議期間回購的股份，但不包含任何額外的股份回購。在正式開始問答環節之前，我要感謝我們團隊的辛勤付出和對公司及客戶的奉獻。以上就是我們準備好的發言。現在，請接線生保羅回到電話線，我們將樂意回答各位的問題。

(Operator Instructions) And the first question today is coming from Michael Lasser from UBS.

（操作員說明）今天的第一個問題來自瑞銀集團的麥可拉塞爾。

So prior to the pandemic, O'Reilly would consistently guide its comp in the 3% to 5% range. This year, that outlook calls for 4% to 6% increase. Are you backing into that based on the investments that you're making in SG&A such that you need this sales level in order to drive leverage to cover the buildup of cost? And if so, does that create some downside comp risk kind of similar to how last year played out?

在疫情爆發前，O'Reilly 一直將同店銷售成長預期設定在 3% 到 5% 之間。今年，這一預期為增長 4% 到 6%。您做出這項預測是否是基於您在銷售、管理及行政費用 (SG&A) 方面的投入，以至於需要達到這樣的銷售額水準才能透過槓桿作用來彌補成本的增加？如果是這樣，這是否會像去年一樣，帶來一些同店銷售下行的風險？

Yes, Michael, this is Greg. I mean, the answer to your question is absolutely not. Brad talked a lot about our bullish thesis on both the industry and what we expected from our company in 2023.

是的，邁克爾，我是格雷格。我的意思是，你問題的答案絕對是否定的。布拉德詳細闡述了我們對整個產業的樂觀看法，以及我們對公司2023年的預期。

And the fact that miles driven has improved, not to the point of pre-pandemic levels, fuel prices have stabilized, new car sales and used car sale prices have been elevated, and overall sales have been softer over the past few years. I think there'll be some recovery there in 2023, but we still see a tremendous opportunity just because new car sales may improve, that doesn't mean that the millions of cars that are on the road today will just simply vanish.

雖然汽車行駛里程有所改善（但尚未恢復到疫情前水準），燃油價格趨於穩定，新車銷量和二手車價格均有所上漲，但過去幾年整體汽車銷量卻有所下滑。我認為2023年市場會有所復甦，但我們仍然看到巨大的機會。新車銷量可能會有所改善，但這並不意味著目前路上行駛的數百萬輛汽車會就此消失。

Cars are built better, they're lasting longer. And for all those reasons that Brad laid out, we're very, very optimistic about the future. But as always, we're cautious. First and fourth quarters are more volatile. And I don't know what's going to happen with the economy. The onset of spring impacts our volumes. But overall, on an annual basis, we remain very bullish for our future.

汽車的品質更好了，使用壽命也更長了。基於布拉德提到的所有原因，我們對未來非常樂觀。但一如既往，我們保持謹慎。第一季和第四季波動性更大。而且我也不知道經濟情勢會如何發展。春季的到來會影響我們的銷售量。但總體而言，從年度角度來看，我們仍然對未來充滿信心。

Michael, maybe the only thing I would add there is we continue to expect to see an average ticket benefit that's greater than normal years as we roll over some of the pricing changes that happened within our business and our industry last year. But even as we step behind or beyond some of those macro factors, we feel very positive about how we think about the opportunities we have from a share perspective, as we move through next year.

邁克爾，我唯一想補充的是，我們預計平均票價收益將高於往年，因為我們將去年公司和行業內的一些價格調整因素納入考慮。即便我們目前受到一些宏觀因素的影響，但我們對明年從市佔率角度來看所面臨的機會仍然非常樂觀。

And those are things that we have confidence in because of the trends that we've seen for the last couple of quarters as we've seen the -- I think our customer base be really resilient and respond, and we've seen traction and momentum on both sides of our business.

我們之所以對這些事情充滿信心，是因為在過去幾個季度裡我們看到的趨勢——我認為我們的客戶群非常有韌性，並且做出了積極的回應，而且我們在業務的各個方面都看到了成長勢頭。

That makes sense. My follow-up question, and you've gotten this a lot recently, is that costs have come down quite a bit, whether it's supply chain costs in the form of lower containers, petroleum prices. Can you quantify the savings that O'Reilly is experiencing from these lower input costs? And are you passing along the savings in the form of lower prices? Or is that helping the profitability in offsetting some of the other pressures that you had identified?

這很有道理。我的後續問題是，您最近經常被問到這個問題，那就是成本已經大幅下降，無論是供應鏈成本（例如貨櫃價格降低）還是石油價格下降。您能否量化一下 O'Reilly 從這些較低的投入成本中節省了多少？您是否將這些節省的成本以更低的價格形式讓利給消費者？或者，這些成本是否有助於提高獲利能力，從而抵消您之前提到的其他一些壓力？

Yes, Michael, maybe let me answer your question backwards, the second part first. Yes, we're absolutely -- whenever we see any potential benefits we've been able to take that to the bottom line. We have not seen to date any market movements to roll back some of the increases that we've seen and if there's been any relief on pressures.

是的，邁克爾，或許我應該反過來回答你的問題，先回答第二部分。是的，我們絕對——只要我們看到任何潛在的好處，我們都會將其轉化為實際收益。到目前為止，我們還沒有看到任何市場動向會讓我們收回之前的一些漲幅，也沒有看到任何壓力緩解的跡象。

And Brent talked about that as a positive within his prepared comments. We do expect some benefits there this year. I think to the first part of your question, we haven't quantified -- we won't. And I would maybe caution a little bit to treat that as a big factor moving in one direction.

布倫特在事先準備好的發言稿中也把這一點視為正面因素。我們預計今年會有一些好處。至於你問題的第一部分，我們還沒量化──以後也不會量化。我建議大家謹慎看待，不要把這看成是影響巨大的因素。

There continues cost pressure on balance. We think that we'll see more cost increases this year than decreases as our suppliers continue to stay under pressure. And while we've seen some reductions, and those are good, and we're positive about that. We're very cautious in how we think about that moving forward and the benefits that we would bake in. And I think you see that reflected and really how -- I think we've talked about this for the last couple of quarters, but then also as we've laid out our outlook.

整體而言，成本壓力依然存在。我們認為，由於供應商持續面臨壓力，今年成本上漲的幅度將大於下降的幅度。雖然我們看到一些成本有所下降，這固然是好事，我們也對此持樂觀態度，但我們對未來的發展方向以及由此帶來的收益仍持非常謹慎的態度。我認為這一點已經有所體現，而且——我認為我們在過去幾個季度以及我們制定的展望中都一直在討論這個問題。

The next question is coming 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'm going to ask the one and a follow-up now. The first question on SG&A growth. Is this a 2023 event or -- are the spending on the stores and people? Or do you foresee some of this spilling into next year? And then to clarify, if product -- the second is to the follow up; if product acquisition costs start coming down because you didn't record a charge, does that create -- does that -- do we start creating a new debit balance?

我現在要問一個問題和一個後續問題。第一個問題是關於銷售、管理及行政費用（SG&A）成長的。這是2023年才會出現的情況，還是說這些支出都集中在門市和人員方面？或者您預計其中一些支出會延續到明年？第二個問題是關於產品採購成本下降的後續問題；如果因為沒有記錄費用而導致產品採購成本下降，這是否會產生新的借方餘額？

Just I think that, that won't help the gross margin then since you didn't create a charge, you just build up another reserve. I just want to make sure that's right.

我只是覺得，這樣對毛利率沒有幫助，因為你沒有產生費用，只是增加了一筆準備金。我只是想確認一下我的理解是否正確。

Yes. Simeon, I'll take the -- I'll start the SG&A response here, and then maybe Jeremy or Brent will want to chime in. We haven't changed our focus. Our focus continues to be growing operating margin dollars. Our focus continues to be to grow top line faster than we grow SG&A.

是的。西蒙，我先來談談銷售、管理及行政費用（SG&A）的問題，之後傑里米或布倫特或許會補充一些內容。我們的重點沒有改變。我們的重點仍然是提高營業利潤率。我們的重點仍是讓營收成長速度超過銷售、管理及行政費用的成長速度。

None of that's changed. We still talk about our core culture value of expense control day in and day out. This change this year was a deliberate and a prudent effort to try to position us for future growth. There's a lot that's changed over the past 2 years in the retail market and industries as a whole across all industries, actually. And we faced wage pressures, there's no secret there. We faced turnover.

這一切都沒有改變。我們仍然每天都在強調控製成本這一核心文化價值。今年的調整是經過深思熟慮的，也是我們為未來發展做準備的審慎之舉。過去兩年，零售市場乃至整個產業都發生了翻天覆地的變化。我們面臨薪資壓力，這已不是什麼秘密。我們也面臨人員流動。

And we really looked ourselves in the mirror this year and had conversations with our team members about what is important. We want to stop the turnover, get back to normalized rates, make sure we have the ability to recruit, promote and retain the best talent, which is what we've been successful with for also -- so part of that initiative, and I'm not going to go into all of it, perhaps Brent or Brad would want to go into more detail.

今年我們認真反思了自身，並與團隊成員探討了哪些面向至關重要。我們希望遏制人員流動，恢復正常水平，確保我們有能力招募、晉升和留住最優秀的人才——而這正是我們一直以來取得成功的地方——所以，作為這項舉措的一部分（我不會贅述全部細節，或許布倫特或布拉德會更詳細地介紹）。

We called out the initiative on the PTO. That's one example of us listening to our team members as to what's important to them and an effort for us to position ourselves for future growth. I don't know, Jeremy, if you had anything to add?

我們在休假制度方面提出了這項倡議。這反映了我們傾聽團隊成員意見，了解他們重視什麼，也反映了我們為未來發展所做的努力。傑瑞米，你還有什麼要補充的嗎？

Yes. Maybe the only thing I would say is we establish our SG&A guidance 1 year at a time, and I don't want to guide from a pure dollar perspective, what we look like beyond that. I think what Greg points to, though, is that we remain highly committed to making sure that we're driving the right results out of every part of what we invest in our business from an expense control standpoint.

是的。我唯一想說的是，我們的銷售、管理及行政費用指引是按年制定的，我不想僅僅從金額的角度來預測未來幾年的情況。不過，我認為格雷格指出的重點在於，我們始終致力於從成本控制的角度出發，確保我們對業務的每項投資都能達到預期的成果。

And so as we move beyond this year, we intend that these investments pay off, that we lever SG&A as a result of them. And I think what you would expect to see from that perspective hasn't changed from a long-term standpoint. Does that mean we won't find other things as we continue to move forward and invest in?

因此，展望未來，我們希望這些投資能帶來回報，並以此為槓桿降低銷售、管理及行政費用。我認為，從長遠來看，您預期的結果並沒有改變。但這是否意味著，隨著我們不斷推進和投資，我們不會再尋找其他機會？

We'll continue to evaluate that. It is our intent to do what we can do to build the long-term strength of our business. And I think what you see in our guidance and what we talked about matches up with that. Maybe just briefly to address your second question around the LIFO perspective, to the extent we see cost decreases in the coming year, we, again, don't expect that on balance substantially.

我們會繼續評估這一點。我們的目標是盡一切努力增強業務的長期實力。我認為您在我們給出的業績指引和我們之前討論的內容中看到的，都與此相符。關於您提出的第二個問題，即後進先出法（LIFO）的視角，我們或許可以簡單回答一下。即便我們預期來年成本會有所下降，但整體而言，我們並不預期成本會大幅下降。

They're going to offset cost increases. It would require a magnitude of change there that's far in excess of what we would expect for our LIFO accounting to push back into a debit balance. So we'll be on a credit LIFO for the foreseeable future and the impact of that is as we see cost increases that will get reflected pretty rapidly within our reported results.

他們將抵消成本成長。這需要龐大的變動幅度，遠遠超出我們採用後進先出法（LIFO）會計時預期的借方餘額。因此，在可預見的未來，我們將繼續採用貸方後進先出法，其影響在於，成本成長將很快反映在我們的財務報告中。

The next question is coming from Greg Melich from Evercore ISI.

下一個問題來自 Evercore ISI 的 Greg Melich。

I guess my first question was on wages. What was the inflation in average hourly wage that you saw last year? And what are you expecting this year in the guidance?

我的第一個問題是關於薪水的。去年您觀察到的平均時薪漲幅是多少？您對今年的預期又是什麼？

Yes. It was significant in 2022. It was in the mid- to high single-digit range for inflation. It depends on market and type of position for us. We expect that to moderate off of those levels. We'll have some carryover impact there from a comparative situation, but we're still building in an expectation of somewhere in digit range from a wage perspective because of those factors. What I would tell you is that we see that is the ongoing regular management of business.

是的，2022年通膨率相當高，處於個位數中高段位。具體情況取決於市場和我們的業務類型。我們預期通膨率會從目前的水平有所回落。雖然會受到一些同比因素的影響，但由於這些因素，我們仍然預期薪資水準會維持在個位數範圍內。我想說的是，我們認為這是日常業務管理的一部分。

And we expect that, as we saw in 2022, that we'll have the ability to pass along and cost increases to the extent that we've planned. And if that number ends up being different than what we foresee at this point in time, we'll have the ability to pass it along as well.

我們預計，正如我們在2022年看到的那樣，我們將有能力按計劃將成本增加轉嫁出去。如果最終的數字與我們目前的預期有所不同，我們也能夠將增加的成本轉嫁出去。

Got it. And then my second question is on mix shift. You mentioned that as being a slight headwind to gross margin, I'd love to have a little more detail on that and color within DIY and pro. Is there any trade down occurring? What sort of behaviors are you seeing from your customers on both sides of the house?

明白了。我的第二個問題是關於產品組合的變化。您提到這會對毛利率造成輕微的負面影響，我想了解更多細節，特別是DIY和專業市場的情況。是否存在降級消費的情況？您在DIY和專業市場都觀察到了哪些客戶行為？

Yes. Greg, this is Brent. I can start on that and then others can chime in. We really -- net overall, we haven't seen a lot of trade down. In some categories, we've actually seen trade up as cars become more sophisticated and OE requirements on batteries as an example, with AGM, and some of the higher price points that are required on a lot of replacement batteries today.

是的。格雷格，我是布倫特。我可以先說說，然後其他人可以補充。總的來說，我們並沒有看到很多降級的情況。在某些類別中，我們實際上看到了升級的情況，因為汽車變得越來越複雜，例如電池的原廠配套要求，例如AGM電池，以及現在許多替換電池都要求更高的價格。

So we've seen a lot of that actually move the consumer from the best to the better. In a lot of cases -- better to best, rather. We have seen a little bit a category where we still had some -- a lot of inflation in the oil category, and we've had majors that struggled with their supply chain.

所以我們看到，很多時候消費者其實是從追求最好的產品轉向追求更好的產品。在很多情況下，甚至可以說是從追求更好的產品轉向追求最好的產品。我們也看到，石油品類仍然存在一些——而且很多——通貨膨脹現象，一些大型石油公司也面臨供應鏈的挑戰。

In some cases, we've seen customers trade down to some of our proprietary brands on oil. And quite frankly, they're happy with what they're getting and we're seeing some stickiness there with those customers with some of our proprietary brands, which long term is a good thing for us.

在某些情況下，我們發現有些客戶轉而使用我們自有品牌的機油。坦白說，他們對新品牌的產品感到滿意，而且這些客戶對我們的某些自有品牌表現出了較高的忠誠度，從長遠來看，這對我們來說是件好事。

But net-net, we haven't seen any violent move, one way or the other, in terms of trade up or trade down.

但總的來說，我們還沒有看到貿易順差或逆差方面出現任何劇烈的波動。

And Greg, maybe specifically to your question, in Brent's prepared comments, when you talked about some modest headwinds there, that's really on the professional versus DIY mix because we anticipate professional and our top line grows faster and that creates just the mathematical pressure on...

格雷格，或許更具體地回答你的問題，在布倫特的預先準備好的評論中，你提到了一些小小的阻力，這實際上與專業客戶和DIY客戶的比例有關，因為我們預計專業客戶的增長速度更快，這給我們的營收帶來了數學上的壓力…

That's a category mix effect, not within the 2 sides.

這是類別混合效應，而不是兩方內部效應。

That side of business mix effect, not within each side from a category.

這是業務組合效應的方面，而不是每個類別內部的方面。

The expectation is that the DIFM is going to outperform DIY.

預計DIFM的性能將優於DIY。

The next question is coming from Seth Basham from Wedbush.

下一個問題來自 Wedbush 公司的 Seth Basham。

And my question is around the DIY side of the business. You mentioned that you see some opportunities for ticket growth, but you're more cautious. Now even with the easier comparisons there in the first half of the year, would you expect ticket growth -- ticket account growth, I should say, in the first half of 2023?

我的問題是關於自助服務業務的。您提到您看到了一些客單價成長的機會，但您比較謹慎。即使考慮到今年上半年的比較基數較小，您預計2023年上半年客單價——或者更準確地說，是客單帳戶數——會增長嗎？

Yes. Just to clarify, Seth, IN Brad's comments, we said we expect DIY tickets to be slightly down. Now we see some benefit as we continue to perform well against the marketplace, we are gaining share on the DIY side of our business. And we will have some easier comparisons in the first part of the year because of the pressures we saw last year that you mentioned.

是的。澄清一下，Seth，關於Brad的評論，我們之前說過預計自助預訂的訂單量會略有下降。現在我們看到了一些好處，因為我們持續在市場中表現良好，我們在自助預訂業務方面的份額正在增長。而且，由於你提到的去年我們面臨的壓力，今年上半年的業績比較基數會比較小。

That's really all partial offsets against the longer-term industry trend that we and others have talked about that pressures ticket count comps because of the increasing cost and complexity of vehicle parts that supports the average ticket price, but possibly lead to service intervals and repair cycles that extend out. So we anticipate that, that is bigger impact for us as we move through the year. But -- and that is kind of consistent with how we would normally think about DIY tickets.

這些實際上只是部分抵消了我們和其他人討論過的長期行業趨勢的影響，即由於車輛零件成本和複雜性的增加，導致平均罰單價格上漲，但同時也可能導致保養間隔和維修週期延長，從而對罰單數量造成壓力。因此，我們預計隨著時間的推移，這將對我們產生更大的影響。但這與我們通常對自助維修罰單的看法基本一致。

Got it. Okay. So a little bit less pressure in the first half of the year and then more normal thereafter?

明白了。好的。所以上半年壓力會小一些，下半年就恢復正常了？

Correct.

正確的。

The next question is coming from Brian Nagel from Oppenheimer.

下一個問題來自奧本海默公司的布萊恩·納格爾。

Congratulations on the promotions.

恭喜您榮升！

Thanks, Brian.

謝謝你，布萊恩。

Thank you, Brian.

謝謝你，布萊恩。

So the first question, I guess it's pretty simple, but the business did accelerate just from a comp perspective, even stacked up nicely here in Q4. And then the commentary you made suggests that strength has continued here to Q1. You mentioned weather is a driver. Is there -- I guess, can we maybe quantify the benefits of weather within that acceleration? And are there other factors that could help to explain why the business has strengthened further off of already strong levels?

第一個問題，我想應該很簡單，但從同店銷售額來看，業務確實加速成長，即使在第四季也表現良好。您先前的評論也表明，這種強勁勢頭延續到了第一季。您提到天氣是推動因素之一。那麼，我們能否量化天氣因素對業務加速成長的貢獻呢？此外，還有其他因素可以解釋為什麼業務在原本強勁的基礎上進一步成長？

Yes, Brian, thanks for the question. The weather is a part of the acceleration, I would tell you, it's not all of the acceleration. So we continue to see traction. And maybe I'll start here and the other guys can jump in. We continue strong traction within our professional business and the trends there we've seen, we're very encouraged by -- from a DIY perspective as we move further out in the middle part of the year when we saw pressure that, that customer has proven to be resilient and stabilized quite a bit.

是的，布萊恩，謝謝你的提問。天氣是加速成長的因素之一，但並非全部。所以我們持續看到成長動能。或許我可以先說說我的看法，其他人可以接著說。我們的專業業務持續保持強勁成長，而且我們看到的趨勢也令人鼓舞——從DIY的角度來看，隨著年中臨近尾聲，我們之前看到客戶的壓力有所增加，但他們已經展現出很強的韌性，並且趨於穩定。

And we've seen some incremental improvements there that are positive. Obviously, as we think about those things, we look at them on a stack basis because of the comparison questions, but those types of things were positive. As we got to the last couple of weeks of the year, we had a cold snap that stretched across a lot of the country and we can see that pretty clearly. But even in that period of time, what we saw was broad-based across a lot of our regions and markets and customers. And we've been pleased with how we continue to see strength in the first quarter.

我們看到了一些正面的漸進式改進。當然，考慮到比較問題，我們在考慮這些因素時會進行整體分析，但這些改進總體上是正面的。在年底的最後幾週，我們遭遇了一場席捲全國大部分地區的寒流，這一點顯而易見。但即便在那段時間裡，我們也看到業務在許多地區、市場和客戶中普遍保持成長。我們對第一季持續強勁的業績感到滿意。

Yes. Brian, I think one of the things we called out that I think you're referencing the strength in winter categories. And we did see -- actually it was the expected strength where we saw cold weather, snowy weather. Obviously, up in North, snow is probably better for us than it is in the South, but the recovery component after the snow gets cleared in the South helps us out as well.

是的。布萊恩，我認為我們之前提到的一點，你指的是冬季類股的強勁表現。我們確實看到了——實際上，寒冷天氣和降雪天氣帶來的強勁表現符合預期。顯然，在北方，降雪可能比南方更有利於我們，但南方雪後復甦階段的恢復也對我們有幫助。

Got it. And then helpful. And then my second question, look, I know it's early. We've been talking about it as an investment community inflation and within your business for a while. But maybe as you're starting to see those inflationary pressures begin to abate and recognizing you're not lowering prices, but prices may not be going up as much as they once were, are you seeing consumers react favorably to that? In other words, I'm asking, are you starting to see the early indications of what may be sort of say, an elasticity of demand here?

明白了。這很有幫助。我的第二個問題是，我知道現在問這個問題還為時過早。我們投資界和你們公司內部已經討論通膨問題一段時間了。但隨著通膨壓力開始緩解，你們意識到雖然沒有降價，但價格上漲的幅度可能不如以前那麼大，你們是否看到消費者對此有正面的反應？換句話說，我想問的是，你們是否開始看到一些跡象，比如說，需求彈性有所提升？

Yes. It's kind of tough to see that, Brian. I think it lays into a lot of other factors with the consumer. We don't see the same types of pressure on our customers when we have those things pass through.

是的，布萊恩，這確實很難理解。我認為這涉及消費者的許多其他因素。當這些事情發生時，我們並沒有看到我們的客戶承受相同的壓力。

The shocks are a big deal. We saw shocks in 2022. But pretty quickly, our consumer adjusts to that. They have a real nondiscretionary need for what they buy from us. They got to keep their car on the road to be able to get to work, to take their kids to activities, to do so many things that are part of American life.

這些衝擊確實影響巨大。我們在2022年就經歷了衝擊。但我們的消費者很快就能適應。他們購買我們的產品是真正不可或缺的必需品。他們需要汽車才能上班、接送孩子參加各種活動，以及進行許多其他構成美國生活組成部分的事情。

So as we move past that, we have, I think, some benefits. People are a little bit more constrained, maybe we have more of an opportunity to add items to a job or to sell them up on a value perspective, and we feel positive. But I think our positivity is just around the overall strength of how we view that consumer.

所以，當我們克服了這些困難之後，我認為我們獲得了一些好處。人們的消費觀念可能受到更多限制，或許我們有更多機會在工作中增加商品種類，或從價值的角度出售商品，我們對此感到樂觀。但我認為，這種樂觀情緒主要源自於我們對消費者整體看法的動機。

Yes, Brian, and to Brent's earlier comments about trading up and trading down, we just really haven't seen evidence of significant trade down to drive us to think that there was tremendous cost pressure on the consumer. Some of the trade up, trade debt trade across, as I've said in previous quarters, was about inventory availability. Perhaps we didn't have the particular brand they wanted. But a lot of that subsided with the improvement in our supply chain. So really haven't seen any evidence of elasticity or trade down.

是的，布萊恩，關於布倫特之前提到的升級換購和降級換購，我們確實沒有看到明顯的降級換購跡象，因此我們認為消費者並沒有面臨巨大的成本壓力。正如我之前幾季所說，一些升級換購和跨品牌交易是由於庫存不足造成的。也許我們沒有他們想要的特定品牌。但隨著供應鏈的改善，這種情況已基本緩解。所以，我們確實沒有看到任何彈性或降級換購的跡象。

And the next question is coming from Mike Baker from D.A. Davidson.

下一個問題來自 D.A. Davidson 的 Mike Baker。

Okay. We sort of danced around this, I think, a little bit, but I wanted to ask you about any concern about a price war or aggressive pricing? We talked about it a year ago, there was a big concern. It never really materialized.

好的。我覺得我們剛才有點繞彎子了，但我還是想問您對價格戰或激進定價策略的擔憂？我們一年前就討論過這個問題，當時非常擔心。不過，這種情況最終並沒有發生。

But now Advance Auto is talking about getting more aggressive on pricing, your gross margin at the midpoint is down, can you just address how you talk about or think about pricing amongst your close-end competitors?

但現在 Advance Auto 正在討論採取更積極的定價策略，你們的中點毛利率下降了，你們能否談談你們是如何與近端競爭對手討論或考慮定價的？

Yes, Mike. We -- as we said last year when we introduced this concept of adjusting our prices, it was a very scientific process we went about. It was thought out, it was tested, it was evaluated. And it wasn't across the board. It was directed to individual SKUs across individual categories.

是的，麥克。正如我們去年推出價格調整方案時所說，我們採取的是一個非常科學的方法。我們經過深思熟慮、測試和評估。而且，價格調整並非一刀切，而是針對特定類別下的特定SKU。

And we did not see any movement from our competitors at that time. Since then, we've clearly taken some market share. So what our competitors do going forward, we don't know. We have no control over it. But we've seen no evidence of that today. Brad, you live this day in day out. What are your thoughts?

當時我們並沒有看到競爭對手有任何動作。從那以後，我們顯然已經搶佔了一些市場份額。所以，競爭對手接下來會怎麼做，我們不得而知，也無法控制。但就目前而言，我們還沒有看到任何跡象表明他們會有所行動。布拉德，你每天都身處其中，你對此有何看法？

Yes. Yes, as you know, as we talked for a long time, all of us here have been in this industry a long time. We've built the company a long time. That's the first time in my 26-year career that we have really moved our framework down the way we did. And we have no plans to do that again.

是的。是的，正如你所知，我們剛才談了很久，我們這裡所有人都在這個行業摸爬滾打了很久。我們花了很長時間才把公司發展壯大。在我26年的職業生涯中，這是我們第一次像這樣大幅下放我們的架構。而且我們沒有計劃再這樣做。

We felt like, as you know, there was a huge opportunity. We work in a $130 billion industry, and we do -- we have 10% share. And as you know, on the professional side, it's so much more fragmented. And with the disruption we saw the last couple of years in supply chain and some other things that hit the independents and some of the smaller players harder, especially some of the weaker ones, it was very strategic for us to make the decision we made.

如您所知，我們當時覺得這是一個巨大的機會。我們身處一個價值1,300億美元的產業，目前擁有10%的市佔率。而且您也知道，在專業領域，市場更加分散。過去幾年，供應鏈和其他一些方面都經歷了動盪，對獨立從業者和一些規模較小的企業，尤其是那些實力較弱的企業，打擊尤為嚴重。因此，我們當時所做的決定具有非常重要的戰略意義。

And we feel not only as good as we did a year ago, but we feel better in the decision we made. But it's made, we did it, we rolled it out. And there's no plans to do that again. And just to remind you, Mike, our team's pro price initiative is probably fifth or sixth down the list when our operational and sales teams go to market.

我們不僅感覺和一年前一樣好，而且對我們最初的決定更加滿意。但事情已經做出，我們已經執行並實施了。而且我們沒有計劃再這樣做。還有一點要提醒你，麥克，我們團隊的專業定價方案在我們的營運和銷售團隊進行市場推廣時，可能排在第五或第六位。

They're focused on having relationships with the installers. They're focused on having relationships with the decision makers, given the best delivery service in town helping them turn their bays, and I don't necessarily contribute a large portion success last year to just pricing, it's backing up the pricing with the top 2, 3, 4 things that make the pricing pay off, and we feel really good about how that's going to continue to build in 2023.

他們專注於與安裝商建立關係，也專注於與決策者建立關係，因為他們擁有全城最好的配送服務，可以幫助他們騰出工位。我認為去年的成功不一定完全歸功於價格，而是價格背後有最重要的兩到四個因素支撐，這些因素使得價格物有所值。我們對2023年這種勢頭能夠繼續保持感到非常樂觀。

And Michael...

還有麥可…

Yes. Sorry, go on.

是的。抱歉，請繼續。

This is Brent. I was just -- the only thing I would add to the comments Greg and Brad have already made on professional pricing is the framework remains intact, and we monitor it on an ongoing basis. We monitor all our pricing on an ongoing basis. But we've stayed very rigorous around being competitive, but winning on service and parts availability. That's how we win.

我是布倫特。我剛才想補充的是，格雷格和布萊德已經就專業定價發表了一些看法，那就是定價框架保持不變，我們會持續監控。我們持續監控所有定價。但我們始終堅持嚴格的競爭策略，力求在服務和配件供應上獲勝。這才是我們取勝之道。

The next question is coming from Chris Horvers from JPMorgan.

下一個問題來自摩根大通的克里斯霍弗斯。

Dovetail on a couple of earlier questions. I guess on that DIY acceleration, you got past -- gas prices came down, you had some favorable weather in December. But I guess as you look at DIY, do you think your share gains accelerated sequentially? Like, to what degree was the acceleration some more of like nonspecific to O'Reilly factors versus share gains that you've been driving?

這個問題與我之前提出的幾個問題剛好相關。我想，關於DIY業務的加速成長，你們已經克服了油價下跌和12月有利的天氣等因素。但是，從DIY業務的角度來看，你們認為市佔率的成長是逐年加速的嗎？也就是說，這種加速成長在多大程度上是受O'Reilly以外的因素影響，又在多大程度上是你們自身努力的結果？

Yes. Really hard to say, Chris. And I think, especially on the DIY side of the business, the pace of the -- of what we see from a ticket perspective, more modest than on the professional side. I think we talked about where it's very clear that we know we're outperforming the market.

是的，克里斯，這真的很難說。而且我認為，尤其是在DIY領域，從票務角度來看，成長速度比專業領域慢一些。我想我們之前也討論過，我們很清楚，我們的業績已經超過了市場平均。

We think that likely throughout the course of all of '22 and, frankly 2021 and 2020, we've been outperforming the market and taking in share gain. So I don't know that we've seen a net incremental acceleration there. I think it'd be hard to see.

我們認為，在整個2022年，坦白說，包括2021年和2020年，我們的業績可能都優於市場，市場份額也在不斷增長。因此，我不認為我們已經看到了淨成長的加速。我認為很難看出這一點。

And maybe you'd have to watch it for a few more quarters. I do think that a lot of what we've seen is our customers just continued to be strong and healthy and the industry continues to prove out that there's a lot of value in investing in your vehicle at higher mileages that it's -- there's a good payback on that for customers. And I think that's been a positive as well for us.

或許還需要再觀察幾個季度。我認為我們目前看到的許多現像都表明，我們的客戶仍然保持強勁的勢頭，而整個行業也持續證明，在高里程的情況下投資車輛是非常有價值的——客戶能從中獲得豐厚的回報。我認為這對我們來說也是個好消息。

And so I have sort of a 2-part follow-up. So one is, I guess, on the PTO program, to what extent is this sort of a competitive need where direct competitors, companies like Walmart are -- had a higher PTO option that you're reacting to in the environment?

因此，我接下來要問兩個問題。第一個問題是關於帶薪休假計劃，在多大程度上，這是一種競爭性需求？因為像沃爾瑪這樣的直接競爭對手提供了更高的帶薪休假選擇，而你們正在根據市場環境做出相應的調整。

And then just second, as you think about the first half, obviously, weather always has an impact. It hasn't been that great of a winter so far. Is the expectation as you lap that gas shock that is essentially through muting what's been a relatively warm winter?

其次，在考慮上半程時，天氣顯然總是會產生影響。到目前為止，今年的冬天並不算太好。你是否會預期，隨著氣溫回升，氣溫驟降，從而導致下半程出現類似氣體衝擊的情況？

Chris, this is Brad. I'll touch on the PTO and then kick it over for the other. But as you know, Chris, we work in a people business. You've heard us talk for a long time about the importance having tenure and knowledge and professional parts people.

克里斯，我是布萊德。我先簡單說說休假的事，然後交給布萊德。克里斯，你也知道，我們從事的是人力資源產業。你也聽我們說過，擁有經驗豐富的專業人員至關重要。

And quite frankly, we're very proud. When Brent and I talk, whether it's the store teams or DC teams, we're very proud of our ability to retain and cut down on turnover amongst that's happened in the last couple of years.

坦白說，我們感到非常自豪。當我和布倫特談到門市團隊還是配送中心團隊時，我們都為過去幾年我們能夠留住人才並降低員工流動率而感到非常自豪。

But frankly, Chris, we're getting ahead. We're going to invest in our people. We're looking at human capital. We're looking at things that we're less looking at what maybe competitors do or other parts is we feel like this is very strategic. We feel like our people value their time off. We feel like we need to be more flexible in the way we give them that time off.

但坦白說，克里斯，我們正在取得領先。我們將投資員工。我們正在關注人力資本。我們關注的重點不再是競爭對手或其他部門的動向，而是我們認為這具有非常重要的戰略意義。我們覺得員工很珍惜休假時間。我們覺得我們需要在休假安排上更有彈性。

And so really, this for us is getting ahead, not following anybody. We're being proactive and we're going to invest in our people.

所以對我們來說，這實際上是在領先一步，而不是跟隨任何人。我們要積極主動，並且要投資我們的員工。

And then maybe on the weather part of your question Chris. I would say, obviously, we've had some positives there at the end of our fourth quarter, just maybe more on balance, we would view weather as neutral.

克里斯，關於你提到的天氣問題，我想說，顯然，我們在第四季末取得了一些積極進展，但總的來說，我們認為天氣對業績的影響是中性的。

I think depending upon market we see things, plus or minus, there's nothing from a significant change perspective that at least at this point, we would call out as having an overhang effect as we move through to the next couple of quarters as we think about cadence during the year, and I know Brad mentioned it in his comments, we do expect more strength in the first half of the year because of some of the opportunities on average ticket in the comparisons from a DIY and professional ticket count perspective is as we run up against some more opportunities there.

我認為，根據市場情況，我們看到的情況有好有壞，但從目前來看，沒有什麼重大變化會對接下來幾季產生持續影響，尤其是在我們考慮全年節奏的時候。我知道布拉德在他的評論中提到了這一點，我們預計今年上半年會更加強勁，因為從DIY和專業票務數量的角度來看，平均票務方面存在一些機會，我們遇到了更多這樣的機會。

But on balance, I think weather, we would say it's favorable constructive for the type of demand we would like to see in 2023.

但總的來說，我認為天氣狀況對我們希望在 2023 年看到的需求類型是有利的。

And the next question is coming from Scot Ciccarelli from Truist.

下一個問題來自 Truist 的 Scot Ciccarelli。

I guess, one more question regarding kind of the same SKU inflation comments you guys have already made. Are some vendors actually reducing product costs? Or are we just talking about reducing the magnitude of increases? Because obviously, that's 2 different things.

我想再問一個關於你們之前提到的SKU價格上漲的問題。有些供應商真的降低了產品成本嗎？還是我們只是在討論降低漲幅？因為很明顯，這是兩碼事。

Yes. Chris, this is Brent -- or Scot, rather, this is Brent. I would tell you it's a little bit of a mixed bag out there. There are some suppliers that have been more impacted by wage rates and raw material costs than others, obviously. We're always going to negotiate hard, we're always going to negotiate for best first cost. None of that stopped. We're relentless with that. We're going to continue to be. I hit on the prepared comments, we've seen transportation costs abate from what they were from the peak. We've seen some benefit from that. So we've also still seen some continued inflation even later in the cycle on petroleum products. So it's a mixed bag out there, but our guide anticipates that we're not going to see any tailwinds from acquisition costs.

是的。克里斯，這是布蘭特原油——或者更確切地說，斯科特，這是布倫特原油。我想說，目前市場行情比較複雜。顯然，有些供應商受工資水準和原材料成本的影響比其他供應商更大。我們會一直努力談判，爭取最優的初始成本。這一點從未改變。我們會堅持不懈，並將繼續這樣做。正如我之前提到的，運輸成本已經從高峰迴落，並從中受益。我們也看到，即使在周期後期，石油產品價格仍持續上漲。所以，市場行情複雜，但我們的指導方針預計，收購成本不會帶來任何利多因素。

We're going to negotiate hard, and we're going to do everything we can to control cost. And then where we do have to absorb any increases, we'll be able to pass those along to our customers.

我們將全力談判，並盡一切努力控製成本。如果確實需要承擔成本上漲，我們會將這些成本轉嫁給客戶。

And just to be completely clear on that one, Scot, when we say our guide, it does include some benefit from cost reductions. I think what Brent is saying there is that we're not anticipating a lot of incremental things versus what we haven't seen already.

史考特，為了徹底弄清楚這一點，我們說的「指導價」確實包含了成本降低的好處。我認為布倫特的意思是，我們預計不會出現很多與之前未曾經歷過的相比的漸進式變化。

Got it. Okay. That's very helpful. And then just clarity on the $28 million PTO charge in SG&A. Was that treated as a charge because that was like an accrual catch-up of some sort and then we're basically on a run rate basis for '23?

明白了。好的。這很有幫助。另外，關於銷售、管理及行政費用中的 2,800 萬美元帶薪休假支出，我想確認一下。這筆支出是否被視為費用，因為它類似於某種應計項目的追繳，然後我們基本上就按照 2023 年的運行率來計算了？

Yes, Scot, we did have an accrual catch-up. As we converted to the plan, we had some existing balance some other types of sick and personal time items that as we enhanced. We had a onetime catch-up for team members. And then our run rate will be higher as a result of what we've seen. On a comparative basis, it will have normal comparisons there with the difference, obviously, that it will be a run rate throughout '23 as opposed to a fourth quarter charge in '22.

是的，史考特，我們確實進行了應計補繳。在過渡到新計劃的過程中，我們有一些現有的餘額，以及一些其他類型的病假和事假項目，這些項目隨著計劃的進展而增加。我們對團隊成員進行了一次補繳。因此，根據我們目前的情況，我們的運行率將會更高。從比較的角度來看，這將與往年進行正常的比較，但顯然，差異在於這將是2023年全年的運行率，而不是2022年第四季的費用。

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

我們的提問時間已經到了。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, Paul. We'd like to conclude our call today by thanking the entire O'Reilly team once again for their unwavering commitment to our customers and for our strong results we've posted in 2022.

謝謝你，保羅。今天通話的最後，我們再次感謝整個 O'Reilly 團隊，感謝他們對客戶始終如一的承諾，以及我們在 2022 年取得的優異成績。

We look forward to another strong year in 2023. I'd like to thank everyone for joining our call today, and we look forward to reporting 2023 first quarter results in April. Thank you.

我們期待2023年再創佳績。感謝各位今天參加我們的電話會議，我們期待在四月公佈2023年第一季業績。謝謝。

Thank you. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.

謝謝。今天的電話會議到此結束。您可以掛斷電話了，祝您有美好的一天。感謝您的參與。