O'Reilly Automotive Inc (ORLY) 2023 Q1 法說會逐字稿

Greetings, and welcome to the O'Reilly Automotive, Inc. First Quarter 2023 Earnings Call. My name is Ali, and I will be your operator for today's call. (Operator Instructions)

各位來賓，歡迎參加歐萊利汽車公司2023年第一季財報電話會議。我是阿里，將擔任本次電話會議的接線生。 （接線生操作說明）

I will now turn the call over to Mr. 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, Ali. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our first quarter 2023 results and our outlook for the remainder of the year. After our prepared comments, we will host a question-and-answer period.

謝謝阿里。大家早安，感謝各位參加今天的電話會議。在今天的會議上，我們將討論2023年第一季的業績以及今年剩餘時間的展望。在我們作完發言後，我們將進行問答環節。

Before we begin this morning, I would like to remind everyone that our comments today contain forward-looking statements. And we intend to be covered by and we claim the protection under the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

在今天上午會議開始之前，我想提醒大家，我們今天的發言包含前瞻性陳述。我們打算並聲明，我們將受到1995年《私人證券訴訟改革法案》中關於前瞻性陳述的「安全港」條款的保護。

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, 2022, and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

您可以透過諸如「估計」、「可能」、「可以」、「打算」、「相信」、「預期」、「會」、「考慮」、「應該」、「預計」、「計劃」、「打算」或類似詞語來識別這些前瞻性陳述。由於本公司截至2022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。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 first quarter conference call. Participating on the call with me this morning are our Co-Presidents, Brad Beckham and Brent Kirby; and 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.

謝謝傑里米。大家早安，歡迎參加歐萊利汽車配件公司第一季財報電話會議。今天早上與我一同參加會議的有我們的聯合總裁布拉德·貝克漢姆和布倫特·柯比，以及首席財務官傑里米·弗萊徹。執行董事長格雷格·亨斯利和執行副董事長大衛·歐萊利也出席了會議。

I'd like to begin our call today by congratulating Team O'Reilly on a strong start to 2023. Delivering such consistent strong results requires an unrelenting commitment to excellent customer service from our team of over 86,000 professional parts people across the U.S. and Mexico. I am extremely grateful for the hard work our team puts in each and every day.

今天，我首先要祝賀歐萊利團隊在2023年取得了強勁的開局。如此持續優異的業績離不開我們遍布美國和墨西哥的86,000多名專業零件人員對卓越客戶服務的不懈追求。我由衷感謝我們團隊每天的辛勤工作。

Our first quarter results were highlighted by a robust 10.8% increase in comparable store sales as our team continued to deliver outstanding growth on top of strong performance in the prior year. These top line results exceeded our expectations and demonstrate O'Reilly strength on both the professional and DIY sides of our business.

第一季業績亮點在於同店銷售額強勁成長10.8%，這得益於團隊在去年強勁業績的基礎上持續取得卓越成長。這些營收數據超越預期，充分展現了歐萊利在專業零售和DIY零售兩大業務領域的實力。

Team O'Reilly charged out of the gate this year, highly motivated to execute on our initiatives to invest in our people, further refine and enhance our business tools and aggressively grow our market share. We have been very pleased with the momentum our teams have generated in 2023. Our team members and our culture remain our greatest assets. And our ongoing commitment to build on both of these competitive advantages is paying clear dividends through the sustained strong results delivered quarterly quarter after quarter.

今年伊始，奧萊利團隊便展現出強勁的勢頭，積極推進各項舉措，包括投資人才、進一步完善和提升業務工具以及大力拓展市場份額。我們對團隊在2023年所取得的成就感到非常滿意。我們的團隊成員和企業文化始終是我們最寶貴的資產。我們持續致力於鞏固和發展這兩項競爭優勢，並已透過每季持續強勁的業績獲得了顯著回報。

Team O'Reilly remains highly focused on expense control and prudent capital deployment, enabling us to translate our sales gains and growth into outstanding returns for our shareholders.

奧萊利團隊始終高度重視成本控制和審慎的資本部署，使我們能夠將銷售成長轉化為股東的卓越回報。

For the first quarter, our diluted earnings per share of $8.28 represents a 15% increase over the prior year. We are increasing our full year 2023 EPS guidance to a range of $36.56 -- $36.50 to $37 even, reflecting our first quarter outperformance and shares repurchased since our last call. At the midpoint of the revised range, we now expect our full year EPS to increase 10% over 2022.

第一季度，我們稀釋後每股收益為 8.28 美元，較上年同期成長 15%。鑑於第一季業績超出預期以及自上次電話會議以來回購的股票，我們將 2023 財年全年每股收益預期上調至 36.56 美元至 36.50 美元，甚至 37 美元。以調整後預期區間的中位數計算，我們預計 2023 財年全年每股收益將比 2022 年成長 10%。

Before I turn the call over to Brad and Brent to provide additional detail on the first quarter, I'd like to reiterate our confidence in the favorable outlook for both our industry and our company for the balance of 2023. We view our first quarter top line results as a clear reflection of the strong demand backdrop in our industry.

在將電話交給布拉德和布倫特，讓他們詳細介紹第一季業績之前，我想重申我們對2023年剩餘時間裡行業和公司前景的良好信心。我們認為第一季的營收業績清晰地反映了我們行業強勁的需求環境。

We also remain firm in our belief that consumers will continue to prioritize the maintenance and repair of their existing vehicles in the face of economic pressures in order to avoid taking on a payment for a higher-priced, newer vehicle. This value proposition compelling consumers to reinvest in their existing vehicles continues to be further supported by elevated new and used vehicle prices.

我們仍然堅信，面對經濟壓力，消費者會繼續優先考慮現有車輛的保養和維修，以避免承擔購買價格更高的新車的費用。新車和二手車價格的持續上漲進一步強化了這種促使消費者對現有車輛進行再投資的價值主張。

Encouragingly, the U.S. consumer remains resilient with low unemployment rates, wage growth and stabilization in fuel prices, supporting both consumer health and the steady growth in miles driven. While we still maintain an element of caution with regard to the outlook for the overall U.S. economy and potential for heightened economic pressures, we believe the current market dynamics combine to provide a strong backdrop for demand in our industry. Even more importantly, we believe our strategic competitive advantages uniquely position our company to capitalize on the positive fundamentals of the automotive aftermarket and grow at a faster rate than the industry as a whole.

令人鼓舞的是，美國消費者依然保持韌性，低失業率、薪資成長和燃油價格穩定，這不僅支撐了消費者的健康，也促進了汽車行駛里程的穩定成長。儘管我們仍然對美國整體經濟前景以及可能出現的經濟壓力保持謹慎，但我們相信，當前的市場動態共同為我們行業的需求提供了強勁的背景。更重要的是，我們相信，我們的策略競爭優勢使我們公司能夠充分利用汽車售後市場的正面基本面，並以高於整個產業平均的速度成長。

To wrap up my comments, I want to again thank Team O'Reilly for continuing to uphold our culture of excellent customer service. Your commitment to our culture, our fellow team members and our customers drives our success and makes you the best team in the business.

最後，我要再次感謝奧萊利團隊，感謝你們一直以來秉持著卓越的客戶服務理念。你們對公司文化、團隊成員和客戶的忠誠和奉獻，推動著我們的成功，也讓你們成為業界最優秀的團隊。

Lastly, I would also like to extend our gratitude to our shareholders. This past week marked our 30th anniversary as a public company with our initial public offering in April of 1993. The O'Reilly family had the wisdom and foresight to recognize the benefits of obtaining capital through the public markets to grow our business as well as extending ownership opportunities to our team members to allow us all to share in the company's success.

最後，我還要代表公司向各位股東致以衷心的感謝。上週是我們公司上市30週年紀念日，我們於1993年4月首次公開募股。奧萊利家族極具遠見卓識，他們意識到透過公開市場籌集資金發展業務的益處，同時也為團隊成員提供了股權機會，使我們所有人都能分享公司成功的果實。

Our incredible financial performance as a public company is a true testament to the dedication of our team. In each of the 30 years since 1993, our team has delivered growth in both sales and EPS, driving returns to our shareholders in excess of 22% per year on a compounded annual basis. We see a bright future for O'Reilly and are thankful for the trust and confidence our shareholders have placed in the O'Reilly team over the years.

作為一家上市公司，我們取得的卓越財務表現充分證明了我們團隊的奉獻精神。自1993年以來的30年間，我們的團隊始終保持著銷售額和每股盈餘的雙重成長，為股東帶來了超過22%的年複合回報率。我們對O'Reilly的未來充滿信心，並衷心感謝股東多年來對O'Reilly團隊的信任和支持。

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

現在我把電話交給布拉德貝克漢。布拉德？

Thanks, Greg, and good morning, everyone. I would also like to begin with a sincere thank you to Team O'Reilly for their commitment to our continued success through providing excellent customer service. We have set an incredibly high bar of performance, and I could not be more excited about the momentum our team drove in the first quarter by executing on the fundamentals of our business and taking care of our customers every day.

謝謝格雷格，大家早安。首先，我要衷心感謝奧萊利團隊，感謝他們透過提供卓越的客戶服務，為我們持續取得成功所做出的貢獻。我們設定了極高的業績標準，而我們的團隊在第一季所取得的良好勢頭令我無比振奮，這得益於他們對業務基本面的出色執行以及每天對客戶的悉心關懷。

Our ambitious goals require dedication and hard work from every area of our organization, and I'm extremely proud of the way Team O'Reilly continues to deliver.

我們雄心勃勃的目標需要我們組織各部門的奉獻和努力，我為奧萊利團隊持續取得的成就感到無比自豪。

Now I'd like to take some time to walk through the details of our sales performance for the first quarter and what we saw on each side of the business. I'll start with the professional side of our business, which was the outperformer in the quarter and the driver of our above-expectation results.

現在我想花點時間詳細介紹我們第一季的銷售業績，以及我們業務各個方面的情況。首先，我想談談我們業務的專業服務部分，這部分在本季表現最為出色，也是我們業績超出預期的主要驅動力。

Our professional sales growth on a comparable basis exceeded 20% for the quarter, and we were very pleased to see outperformance steadily throughout the quarter. The growth trend in our professional business continues to be very strong even in light of increasingly challenging comparisons, and these compounded gains are the direct result of our team's outstanding execution.

本季度，我們專業銷售業務的年成長率超過20%，整個季度業績持續優異，我們對此感到非常欣喜。即使面臨日益嚴峻的同比基數挑戰，我們專業業務的成長動能依然強勁，而這些持續成長的業績正是我們團隊出色執行的直接成果。

For us, the bread and butter of our execution on the professional side of our business is always ensuring we have the right part available for our customers when and where they need it and providing efficient delivery service so that a customer can get cars off the rack and turn their base, but it doesn't stop there.

對我們來說，我們業務專業方面的核心在於始終確保客戶在需要時能夠獲得合適的零件，並提供高效的交付服務，以便客戶能夠提車並迅速恢復生產，但這還不是全部。

Providing top-notch customer service also includes our professional parts people regularly visiting our customers and spending time in their shops, making sure we are doing all we can to deliver value as a business partner, whether it be educating them on our store team and service, our products, equipping that shop with shop management tools or providing training to their technicians.

提供一流的客戶服務還包括我們的專業零件人員定期拜訪客戶，並在他們的店舖里花時間，確保我們盡一切努力作為業務合作夥伴提供價值，無論是向他們介紹我們的門店團隊和服務、我們的產品，為他們的店舖配備店舖管理工具，還是為他們的技術人員提供培訓。

Focusing on these fundamentals and building long-term loyal relationships are the key drivers of our robust professional sales results. We continue to expect our professional business to be the stronger driver of our growth in 2023, but also see exciting opportunities on the DIY side of our business to win share in the marketplace.

專注於這些基本要素並建立長期忠誠的客戶關係是我們專業銷售業績強勁成長的關鍵驅動力。我們仍然預期專業業務將在2023年成為我們成長的主要動力，同時也看到了在DIY業務領域贏得市場份額的令人興奮的機會。

Turning to our DIY business. We were generally pleased with our results for the quarter with our teams delivering positive comparable store sales growth each month of the quarter driven by solid results in January and February mixed with some weather-related pressure in March.

再來說說我們的DIY業務。我們對本季的業績整體滿意，團隊在每個月都實現了同店銷售額的正成長，這主要得益於1月和2月的穩健表現，以及3月受到的一些天氣因素的影響。

The first quarter has historically seen the most weather-driven volatility in our business as we see impacts both from the type and severity of winter weather and from the timing of the onset of spring weather. Our DIY customers often take on jobs in their driveways and will take advantage of the first warm days of spring to perform repair, maintenance and tune up items that were temporarily on hold during the winter.

從歷史數據來看，第一季是我們業務受天氣影響最大的時期，因為我們既會受到冬季天氣類型和強度的影響，也會受到春季到來時間的影響。我們的DIY客戶經常在自家車道上進行各種維修工作，他們會利用春季最初的溫暖天氣，對冬季暫時擱置的項目進行維修、保養和調整。

The pace of our DIY business in the first quarter was definitely impacted by this weather volatility as unseasonably cool, wet weather across much of the country pressured our March results. However, spring finally sprung as we turned into the calendar into April, and we have been pleased with the solid rebound we have seen in our DIY business.

第一季度，由於全國大部分地區出現異常寒冷潮濕的天氣，我們DIY業務的成長速度確實受到了天氣波動的影響，3月的業績也因此承壓。然而，隨著4月的到來，春天終於來臨，我們對DIY業務的強勁反彈感到欣慰。

The DIY improvement, coupled with continued robust professional sales growth, has resulted in a strong start to the second quarter. As we have said more than a few times over the years, we don't like to talk about weather since it's out of our control. But on balance, so far in 2023, the volatility in our sales results lines up pretty much exactly with what we would expect, given the timing of spring.

DIY產品的改進，加上專業銷售的持續強勁成長，使得第二季開局良好。正如我們多年來多次強調的那樣，我們不願意談論天氣，因為它不受我們控制。但總的來說，就2023年至今而言，考慮到春季的到來時間，我們銷售業績的波動情況基本上符合預期。

Now I would like to provide some color on our ticket count and average ticket performance. Strong ticket count comps on the professional side of our business were partially offset by pressure to DIY ticket counts in the quarter. Directionally, our ticket counts performed as we expected with the gap wider than our original outlook because of the outperformance in our professional business and, to a lesser degree, the weather headwind to DIY in March.

現在我想就我們的票務數量和平均票務表現做一些說明。我們專業業務的票務數量強勁成長，但部分被本季DIY業務的票務壓力所抵銷。整體而言，我們的票務數量表現符合預期，但由於專業業務的超預期表現，以及3月份DIY業務受到的不利天氣影響（程度較輕），實際票務數量與預期之間的差距大於我們最初的預期。

We saw mid-single-digit average ticket growth supported by same-SKU inflation at similar levels and in line with our expectations for the quarter. Our benefit from same-SKU inflation was primarily the result of year-over-year benefit of price increases we passed along in 2022 as opposed to significant incremental cost increases in the first quarter.

我們看到平均客單價實現了中等個位數的成長，這得益於同店商品價格上漲，漲幅與預期相符。同店商品價格上漲帶來的收益主要來自2022年價格上漲帶來的年比收益，而非第一季成本的大幅增加。

As a result of this dynamic, we expect first quarter will be the most significant benefit to average ticket increases from same-SKU inflation and continue to expect this benefit to moderate as we move throughout the year and compare against higher price level stemming from price increases in the first half of this year.

由於這種動態，我們預計第一季將最顯著地受益於同SKU價格上漲帶來的平均客單價增長，並且我們預計隨著時間的推移，這種益處將逐漸減弱，並與今年上半年價格上漲帶來的更高價格水平進行比較。

To wrap up my comments on sales, I would like to highlight our sales guidance and full year outlook. We are maintaining our full year comparable store sales guidance range of 4% to 6% and total sales guidance of $15.2 billion to $15.5 billion.

最後，我想總結一下銷售方面的發言，重點介紹一下我們的銷售預期和全年展望。我們維持全年同店銷售額成長4%至6%的預期，以及全年總銷售額152億美元至155億美元的預期。

After incorporating above plan first quarter results, we are trending above our full year midpoint and are encouraged by the strength we have seen thus far. However, even though we outpaced our sales plan in the first quarter, our original expectations had already anticipated some of the strength we saw in Q1.

在計入高於預期的第一季業績後，我們的整體趨勢高於全年中期目標，並且對迄今為止的強勁表現感到鼓舞。然而，儘管我們第一季的銷售業績超出了計劃，但我們最初的預期已經涵蓋了第一季部分強勁的業績。

As we discussed when we laid out our expectations on our last call, we expect first half 2023 comps to be stronger as a result of the year-over-year same-SKU inflation benefit as well as easier ticket count comparisons on both sides of our business. While we are pleased with our strong sales performance thus far in 2023, we're always cautious about overreacting to first quarter results, especially in light of the weather volatility we can see at the beginning of the year.

正如我們在上次電話會議中闡述預期時所討論的，我們預計2023年上半年同店銷售額將有所增長，這得益於同比同店商品價格上漲帶來的利好，以及我們業務兩方面客單價比較的便利性。儘管我們對2023年迄今的強勁銷售業績感到滿意，但我們始終對第一季業績保持謹慎，避免過度解讀，尤其是在年初天氣波動較大的情況下。

Ultimately, as Greg noted, we believe industry dynamics are positive and supportive of strong demand moving forward. And we are optimistic about our ability to drive strong results as we move through the year.

正如格雷格所指出的，我們最終認為產業動態是正面的，並將支撐未來強勁的需求。我們對今年取得優異業績的能力充滿信心。

Rest assured, our teams are focused on taking share in every market and on both sides of the business regardless of any challenges that may arise.

請放心，無論可能出現任何挑戰，我們的團隊都將專注於在每個市場和業務的各個方面都取得份額。

Our teams do not waste energy focusing on things outside of our control. We work in a people, service and relationship business. And we spend 100% of our time focusing on and executing the basic fundamentals of our business. Ownership and everything we can control with our team and our service levels is at the core of our culture and in turn, everything we do.

我們的團隊不會把精力浪費在無法掌控的事情上。我們從事的是人際互動、服務和關係型業務。我們把100%的時間都投入在業務的基本要素上，並且全力以赴地執行。對團隊和服務水準的責任感以及我們所能掌控的一切，是我們企業文化的核心，也是我們一切行動的基石。

Now I'd like to discuss our SG&A performance in the quarter. SG&A as a percentage of sales was 31.7%, a deleverage of 14 basis points from the first quarter of 2022. Our first quarter SG&A results included a planned approximately 35 basis point headwind from the resumption of our annual in-person leadership conference in February.

現在我想談談本季的銷售、管理及行政費用（SG&A）表現。 SG&A佔銷售額的31.7%，較2022年第一季下降了14個基點。我們第一季的SG&A業績包含了因2月份恢復舉辦年度線下領導力會議而預計的約35個基點的不利影響。

As we discussed on our conference call in February, this event was our first in-person conference since 2020, and as such, was a headwind to our first quarter SG&A on a year-over-year comparison basis. However, this spend is one of the absolute best investments we make in our team as we celebrated our successes from 2022, shared best practices and strategies for better serving our customers, expanded product knowledge, perpetuated our culture and energized our team to be the dominant supplier of auto parts in each of their markets in 2023.

正如我們在二月份的電話會議上討論的那樣，本次活動是我們自2020年以來首次舉辦線下會議，因此，與去年同期相比，這無疑對我們第一季度的銷售、管理及行政費用（SG&A）造成了一定的負面影響。然而，這筆支出是我們對團隊所做的最明智的投資之一。我們藉此機會慶祝了2022年的成就，分享了更好地服務客戶的最佳實踐和策略，拓展了產品知識，傳承了我們的企業文化，並激勵團隊在2023年成為各自市場中領先的汽車零件供應商。

As noted on our last call, we have also invested in our team through the enhanced paid time-off program we rolled out at the end of 2022, which resulted in a $28 million SG&A charge in the fourth quarter of 2022. On a full year basis, the total cost for this program in 2023 will be roughly comparable to our fourth quarter 2022 charge that creates a year-over-year headwinds in the first 3 quarters of 2023 but a positive comparison in the fourth quarter of this year.

正如我們在上次電話會議中提到的，我們也透過2022年底推出的強化帶薪休假計畫對團隊進行了投資，該計畫導致2022年第四季產生了2800萬美元的銷售、管理及行政費用。從全年來看，該計劃在2023年的總成本將與2022年第四季的費用大致相當，這將對2023年前三個季度的同比業績造成不利影響，但與今年第四季相比則會帶來正面影響。

For the first quarter, our SG&A per store increased 9.6%, which is well above our expected full year run rate in part because of the year-over-year impacts from both our leadership conference and the team member benefit plan transition. In total, our SG&A spend in the first quarter was above our original plan coming into the quarter driven by incremental costs related to stronger-than-anticipated sales but is in line with our expectations given the sales performance.

第一季度，我們每家店的銷售、管理及行政費用成長了9.6%，遠高於我們預期的全年營運率，部分原因是領導層會議和員工福利計畫調整帶來的年比影響。整體而言，由於銷售額超出預期，導致相關成本增加，我們第一季的銷售、管理及行政費用總額高於季度初的計劃，但考慮到銷售業績，這一數字符合我們的預期。

As we move forward in 2023, we will continue to execute our plans targeted at strengthening our team member experience and benefits, upgrading our vehicle fleet, refreshing and improving our store image and appearance and deploying incremental technology projects as well as investments in infrastructure.

展望 2023 年，我們將繼續執行旨在加強團隊成員體驗和福利、升級車隊、更新和改善門市形象和外觀、部署漸進式技術項目以及投資基礎設施的計畫。

We are investing in our teams and our customer service levels from a position of strength. And we'll continue to capitalize on opportunities we see to accelerate share gains, drive long-term profitable growth and generate strong returns on our investments. These initiatives are on track through the first quarter, and we have continued confidence in our ability to deliver on these items as planned.

我們正憑藉自身優勢，加大對團隊和客戶服務水準的投入。我們將繼續掌握機遇，加速市場佔有率成長，推動長期獲利成長，並為投資帶來豐厚回報。這些舉措在第一季進展順利，我們對按計畫完成這些目標充滿信心。

For the full year, we expect to see SG&A per store increase of approximately 4.5% at the top end of our original guide of 4% to 4.5% as a result of incremental spend in the first quarter to support our robust sales growth. Finally, we are maintaining our operating margin guidance range at 19.8% to 20.3% of sales.

全年來看，由於第一季為支持強勁的銷售成長而增加支出，我們預計每家店的銷售、管理及行政費用（SG&A）將成長約4.5%，處於先前4%至4.5%預期範圍的上限。最後，我們維持營業利潤率預期在銷售額的19.8%至20.3%之間。

To conclude my comments, I want to once again thank Team O'Reilly for their dedication to our success. I am very fortunate to continue to spend time in our stores with our team members and with our customers, both DIY and professional, and can assure you our teams remain focused on relentless execution of our customer service fundamentals.

最後，我要再次感謝奧萊利團隊為我們的成功所做的貢獻。我非常榮幸能夠繼續與團隊成員和顧客（包括DIY愛好者和專業人士）一起在門市工作，並向大家保證，我們的團隊將繼續專注於不懈地貫徹客戶服務的基本原則。

Our team has a proven playbook that has been developed over the 65 years O'Reilly Auto Parts has been serving customers. And our team members are passionate about upholding our standards of service and professionalism. Thank you, Team O'Reilly, and great job.

我們團隊擁有一套行之有效的營運模式，這套模式是在歐萊利汽車零件公司65年服務客戶的經驗累積中不斷改進的。我們的團隊成員也充滿熱情地維護著我們一貫的服務和專業水準。感謝歐萊利團隊，你們做得太棒了！

Now I'll turn the call over to Brent.

現在我把電話交給布倫特。

Thanks, Brad. I would also like to give my thanks to Team O'Reilly for your performance in the first quarter. These outstanding results are a testament to your efforts and focus on our culture of providing excellent customer service.

謝謝布拉德。我也要感謝奧萊利團隊在第一季的出色表現。這些優異的成績證明了你們的努力和對我們卓越客戶服務文化的堅持。

Now I will take some time to walk through our first quarter gross margin results, discuss our inventory position and provide color on our store growth and capital investments. Beginning with gross margin. Our first quarter gross margin of 51% was an 84 basis point decrease from the first quarter of 2022, but in line with our expectations. As we noted in our last call, we anticipated comparison pressures in the first 2 quarters of this year. Our results in the first quarter hit those expectations, and I will now provide some color on what we saw.

現在我將花點時間詳細分析我們第一季的毛利率業績，討論一下我們的庫存狀況，並介紹一下我們的門市成長和資本投資。首先來看毛利率。我們第一季的毛利率為51%，較2022年第一季下降了84個基點，但符合我們的預期。正如我們在上次電話會議中提到的，我們預計今年前兩個季度將面臨同比業績的壓力。第一季的業績符合預期，接下來我將詳細介紹我們所看到的情況。

First, our year-over-year gross margin results for the first quarter were impacted by the rollout of our professional pricing initiative last year, which began in the middle of the first quarter of 2022. We fully lapped the higher gross margin run rate in the first half of the quarter and will be apples-to-apples in the comparison for the remainder of 2023.

首先，我們第一季的年比毛利率表現受到去年推出的專業定價計畫的影響，該計畫於 2022 年第一季中期開始實施。我們在第一季上半段完全趕上了更高的毛利率水平，因此在 2023 年剩餘時間裡，我們將能夠進行公平的比較。

Secondly, we have a headwind as we compare against the final roll-through of our historic LIFO accounting benefit in the first quarter of 2022, which we noted at the time was approximately $10 million in that quarter. Both of these headwinds were in line with our expectations for the quarter and will not impact gross margin moving forward.

其次，與2022年第一季最終確認的歷史性後進先出法（LIFO）會計收益相比，我們面臨一定的不利因素。當時我們指出，該收益約1000萬美元。這兩項不利因素均符合我們對該季度的預期，不會對未來的毛利率產生影響。

In addition to the anticipated pressure from the first quarter in pro pricing and LIFO, we also saw continued gross margin pressure from a higher mix of professional business, some of which was planned and some resulting from our outperformance versus our expectations as that side of the business continues to grow faster but also carries a lower gross margin.

除了第一季專業定價和後進先出法帶來的預期壓力外，我們還看到專業業務佔比上升帶來的持續毛利率壓力，其中一些是計劃內的，一些是由於我們業績超出預期，因為這部分業務持續快速增長，但毛利率也較低。

However, product margin on both sides of our business has been slightly better than expected, resulting from positive acquisition cost benefits, offsetting some of the pressure from the higher-than-planned mix of professional sales.

然而，由於收購成本的正面影響，我們業務的供需雙方的產品利潤率都略好於預期，抵消了專業銷售佔比高於計劃的部分壓力。

While we are pleased with our results so far this year, we remain cautious regarding the cost outlook for the remainder of 2023, including the prospect for incremental reductions to acquisition cost. Our supply chain partners continue to face anticipated broad inflationary pressures, and we expect to see a relatively stable cost environment with potential for puts and takes in both directions.

儘管我們對今年迄今的業績感到滿意，但我們對2023年剩餘時間的成本前景仍持謹慎態度，包括採購成本逐步降低的可能性。我們的供應鏈合作夥伴將繼續面臨預期的普遍通膨壓力，我們預期成本環境將保持相對穩定，但價格波動的可能性。

Pricing in the industry has remained rational. If we see future increases in product acquisition or other costs, we are confident in our ability to pass those cost increases through in selling price. We are maintaining our full year gross margin guidance of 50.8% to 51.3% and expect our quarterly gross margin performance for the remainder of the year to be consistent on a quarter-to-quarter basis and within that range.

行業定價一直保持合理。如果未來產品採購或其他成本增加，我們有信心將這些成本上漲轉嫁到售價中。我們維持全年毛利率預期在50.8%至51.3%之間，並預計今年剩餘時間的季度毛利率表現將與上一季保持一致，並維持在該預期範圍內。

Inventory per store finished the quarter at $754,000, which was up 14% from this time last year but flat compared to the beginning of the year. We continue to track toward our planned inventory per store increase of 2% by the end of 2023 and are constantly working to deploy our inventory at the optimal position across our distribution centers and hub stores in our tiered distribution network.

本季末，單店庫存為75.4萬美元，較去年同期成長14%，但與年初持平。我們正朝著2023年底前單店庫存成長2%的目標穩步邁進，並持續努力將庫存部署到我們分層配送網路中各個配送中心和樞紐門市的最佳位置。

Our supply chain and store in-stock positions are as strong as they have been in several years. And the diligent work that our merchandise inventory management and distribution teams have done to deploy the best possible local inventory assortment is reaping benefits and strong top line results.

我們的供應鏈和門市庫存狀況是近年來最好的。我們的商品庫存管理和配送團隊為部署最佳的本地庫存組合所付出的辛勤努力，正在收穫成效，並帶來強勁的營收成長。

Our AP to inventory ratio at the end of the first quarter was 133% and continues to be supported by strong sales volumes and inventory turns. Net inventory investment remained flat compared to the beginning of the year, and we remain pleased with the returns generated from ensuring that we are the industry leader in product availability.

第一季末，我們的應付帳款與庫存比率為133%，這得益於強勁的銷售量和庫存週轉率。淨庫存投資與年初相比保持不變，我們對確保產品供應充足、保持行業領先地位所帶來的回報感到滿意。

Turning to our progress on store growth and capital investments. We successfully opened 60 new stores during the first quarter. Within these openings, there are a few milestones that I would like to highlight.

接下來談談我們在門市擴張和資本投資的進展。第一季我們成功開設了60家新店。在這些新店開幕過程中，我想重點介紹幾個里程碑事件。

First, we kicked off the year with our entrance into Maryland, marking our 48th state. Not long after, we celebrated the opening of our 6,000th store on February 23 with a ribbon-cutting ceremony in Fort Gibson, Oklahoma. Finally, we successfully opened our first 2 stores and a distribution center in Puerto Rico in March. We are truly proud of these accomplishments and would like to thank and congratulate all of the teams involved in achieving these milestones.

首先，我們以進軍馬裡蘭州為開端，這標誌著我們業務拓展至第48州。不久之後，2月23日，我們在俄克拉荷馬州吉布森堡舉行剪綵儀式，慶祝第6,000家門市開幕。最後，3月份，我們在波多黎各成功開設了首批兩家門市和一個配送中心。我們為這些成就感到無比自豪，並衷心感謝並祝賀所有參與實現這些里程碑的團隊。

Growth is always hard work, and Team O'Reilly does an outstanding job of rolling up their sleeves and ensuring that each O'Reilly store is a model of excellent customer service and industry-leading product availability. Our team's ability to perpetuate our culture and execute on our dual market strategy is the reason our store growth continues to drive premium returns on the capital that we invest.

發展壯大絕非易事，而奧萊利團隊始終兢兢業業，確保每家奧萊利門市都成為卓越客戶服務和行業領先產品供應的典範。正是我們團隊能夠傳承企業文化並有效執行雙市場策略，使得我們的門市成長持續為投資帶來豐厚回報。

Our team is marching ahead toward our goal of 180 to 190 net new store openings for 2023. We still have an ambitious year ahead of us in terms of growth initiatives and capital investments to fund those plans.

我們的團隊正朝著2023年淨增加180至190家門市的目標穩步前進。在成長計劃和為這些計劃提供資金的資本投資方面，我們仍然面臨著雄心勃勃的一年。

Our capital expenditures for the first quarter were $223 million. And our projects and initiatives are still on track for us to hit our capital expenditure guidance of $750 million to $800 million.

我們第一季的資本支出為2.23億美元。我們的項目和計劃仍在按計劃進行，預計將實現7.5億美元至8億美元的資本支出目標。

Progress on our distribution center in Guadalajara, Mexico remains on schedule for an opening this summer. We are excited about the opportunity that this new facility will create for us in terms of enhanced service levels to the Guadalajara metropolitan area as well as future store growth across Mexico for many years to come.

我們在墨西哥瓜達拉哈拉的配送中心建設進展順利，預計今年夏季投入使用。我們對這座新設施將為我們帶來的機會感到興奮，它不僅能提升我們為瓜達拉哈拉都市區提供的服務水平，還能在未來多年助力我們在墨西哥各地拓展門市業務。

Before I turn the call over to Jeremy, I want to once again thank Team O'Reilly for their accomplishments during the quarter and for their enthusiasm for excellent customer service. It is a real privilege to be a part of the best team in the automotive aftermarket.

在將電話交給傑里米之前，我想再次感謝奧萊利團隊在本季度取得的成就，以及他們對卓越客戶服務的熱情。能夠成為汽車售後市場最優秀團隊的一員，我深感榮幸。

Now I will turn the call over to Jeremy.

現在我將把電話交給傑里米。

Thanks, Brent. I would also like to thank Team O'Reilly for their hard work and the outstanding professionalism as they deliver excellent customer service every day.

謝謝布倫特。我也要感謝奧萊利團隊的辛勤工作和傑出的專業精神，他們每天都提供優質的客戶服務。

Now we will cover some additional details on our first quarter results and guidance for the remainder of 2023. For the quarter, sales increased $412 million driven by a 10.8% increase in comparable store sales and a $68 million noncomp contribution from stores opened in 2022 and 2023 that have not yet entered the comp base. For 2023, we continue to expect our total revenues to be $15.2 billion to $15.5 billion.

接下來，我們將詳細介紹第一季業績以及2023年剩餘時間的業績展望。本季，銷售額成長4.12億美元，主要得益於同店銷售額成長10.8%，以及2022年和2023年新開店（尚未納入同店銷售額基數）貢獻的​​6,800萬美元非同店銷售額。我們預計2023年全年總營收將在152億美元至155億美元之間。

Brent covered our gross margin performance and guidance already, but I would like to remind everyone that we view our reported GAAP gross margin as the best measurement of our gross margin performance and do not view the normal application of LIFO as a discrete charge in the evaluation of gross margin.

Brent 已經介紹了我們的毛利率表現和指導，但我想提醒大家，我們認為我們報告的 GAAP 毛利率是衡量我們毛利率表現的最佳指標，並且不認為 LIFO 的正常應用是評估毛利率的單獨費用。

The comparison headwind in first quarter of 2023 resulting from the $10 million LIFO benefit recognized in the first quarter of 2022 is unique to our first quarter comparisons. And we will not have a discrete LIFO impact for the remainder of 2023.

2023年第一季因2022年第一季確認的1,000萬美元後進先出法（LIFO）收益而產生的比較不利因素，僅存在於我們第一季的比較中。在2023年剩餘時間裡，我們將不再受到LIFO的單獨影響。

Our first quarter effective tax rate was 23.7% of pretax income, comprised of a base rate of 24.3% reduced by a 0.6% benefit from share-based compensation. This compares to the first quarter 2022 rate of 23.9% of pretax income, which was comprised of a base rate of 24.3% reduced by a 0.4% benefit from share-based compensation.

我們第一季的實際稅率為稅前利潤的23.7%，其中基本稅率為24.3%，並扣除了0.6%的股權激勵收益。相較之下，2022年第一季的實際稅率為稅前利潤的23.9%，其中基本稅率為24.3%，並扣除了0.4%的股權激勵收益。

Our first quarter effective tax rate was in line with our expectations. For the full year of 2023, we continue to expect an effective tax rate of 22.9%, comprised of a base rate of 23.4% reduced by a benefit of 0.5% from share-based compensation. Our fourth quarter effective tax rate is expected to be lower than the other 3 quarters due to the tolling of certain tax periods. Variations in the tax benefit from share-based compensation can create fluctuations in our quarterly tax rate.

我們第一季的實際稅率符合預期。 2023年全年，我們仍預期實際稅率為22.9%，其中基本稅率為23.4%，並扣除0.5%的股權激勵稅優惠。由於部分稅期的中止，我們預計第四季的實際稅率將低於其他三個季度。股權激勵稅收優惠的波動可能會導致我們季度稅率的波動。

Now we will move on to free cash flow and the components that drove our results. Free cash flow for the quarter of 2023 was $486 million versus $579 million for the first quarter of 2022 with the decrease driven by higher capital expenditures in '23 versus the prior year. For 2023, our expected free cash flow guidance remains unchanged at a range of $1.8 billion to $2.1 billion.

接下來我們將分析自由現金流及其構成要素。 2023年第一季自由現金流為4.86億美元，而2022年第一季為5.79億美元，下降的主要原因是2023年資本支出高於去年。我們對2023年自由現金流的預期維持不變，仍為18億美元至21億美元。

Moving on to debt. We finished the first quarter with an adjusted debt-to-EBITDA ratio of 1.96x, which is up compared to our end of 2022 ratio of 1.84x with the increase driven by borrowings on our revolving credit facility. We continue to be below our leverage target of 2.5x and plan to prudently approach that number over time.

接下來談談債務情況。第一季末，我們調整後的債務與EBITDA比率為1.96倍，高於2022年底的1.84倍，成長主要來自循環信貸額度的借款。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。

We continue to be pleased with the execution of our share repurchase program. And during the first quarter, we repurchased 1.4 million shares at an average share price of $819.06 for a total investment of $1.1 billion. Subsequent to the end of the quarter and through our press release yesterday, we repurchased 0.2 million shares at an average share price of $864.44 for a total investment of $137 million.

我們對股票回購計畫的執行情況依然感到滿意。第一季度，我們以平均每股819.06美元的價格回購了140萬股股票，總投資額為11億美元。季度末之後，透過昨日的新聞稿，我們又以平均每股864.44美元的價格回購了20萬股股票，總投資額為1.37億美元。

The excise tax on share repurchases that was implemented as part of the Inflation Reduction Act became effective for all share repurchases beginning January 1, 2023, and is assessed at 1% of the aggregate fair market value of net share repurchases. We incurred $11.1 million in excise tax during the first quarter, which is reflected directly in our balance sheet and retained earnings.

根據《通膨抑制法案》，股票回購消費稅自2023年1月1日起對所有股票回購生效，稅率為淨股票回購總公允市價的1%。我們在第一季支付了1,110萬美元的消費稅，這筆款項已直接反映在我們的資產負債表和留存收益中。

We remain very confident that the average repurchase price, inclusive of the current excise tax cost, is supported by the discounted expected future cash flows of our business. And we continue to view our buyback program as an effective means of returning excess capital to our shareholders. As a reminder, the EPS guidance outlined by Greg earlier includes the impact of shares repurchased through this call but does not include any additional share repurchases.

我們仍然非常有信心，包含當前消費稅成本在內的平均回購價格，能夠得到我們業務預期未來現金流量折現後的支持。我們繼續將股票回購計畫視為向股東返還剩餘資本的有效途徑。需要提醒的是，Greg 先前概述的每股盈餘預期已包含本次電話會議回購股票的影響，但不包括任何額外的股票回購。

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.

最後，在正式開始回答各位的問題之前，我想再次感謝整個 O'Reilly 團隊對我們的客戶和公司的付出。

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

我們的發言到此結束。現在，請接線生阿里回到電話線，我們將樂意回答您的問題。

(Operator Instructions) Our first question is coming from Scot Ciccarelli with Truist Securities.

（操作員說明）我們的第一個問題來自 Truist Securities 的 Scot Ciccarelli。

Looks like you had a pretty big acceleration in commercial sales. So should we be thinking about that as a function of just continued share increases? Or is there something else potentially helping drive that?

看來你們的商業銷售額成長非常顯著。那麼，我們應該僅僅將其視為市場份額持續成長的結果嗎？還是說還有其他因素在推動這項成長？

And then related to that question, do the improved sales results potentially tempt you guys to make additional price investments in certain markets where you're seeing positive results of prior price investments?

那麼，與此相關的問題是，銷售績效的改善是否會誘使你們在某些市場進行額外的價格投資，因為你們先前的價格投資已經取得了正面的效果？

Scot, this is Brad. I'll take the kind of the first part of your question there on professional. As you know, our business, we're really excited about really a lot of things that Brent talked about. Me speaking from the store side of the house and looking at our supply chain, we're just incredibly proud of the way that our supply chain teams have found resolve over this last year and the last many years.

史考特，我是布拉德。關於你問題的第一部分，我先從專業的角度來回答。如你所知，我們公司對布倫特提到的許多方面都感到非常興奮。就我個人而言，從門市的角度出發，從供應鏈的角度來看，我們為供應鏈團隊在過去一年以及過去幾年所展現的決心和毅力感到無比自豪。

And to Brent's point, we're in a better in-stock and ship rate percentage as we've been in a long time. And I can speak for our store operators and our sales team just -- that's just an incredible accomplishment and was a large part of what drove our -- what we feel like our share gains in our top line, especially on the professional side of the business, that being such a high service, high touch side of the business.

正如布倫特所說，我們的庫存充足率和出貨率都達到了多年來的最佳水準。我可以代表我們的門市營運人員和銷售團隊說——這的確是一項了不起的成就，也是我們營收份額成長的重要推動因素，尤其是在我們高度重視服務和客戶互動的專業服務領域。

And so yes, the supply chain, continued execution on properly staffing our stores, get the customer service out there calling on those customers. Just all the tools that come out of our toolbox that we talk all the time, we feel really good and are really excited about how we started the year from a professional standpoint.

所以，是的，供應鏈、持續有效地為門市配備人員、讓客服人員主動聯繫客戶——所有這些我們一直在討論的工具，我們都運用得恰到好處，從專業的角度來看，我們對今年的開局感到非常滿意和興奮。

And, Scot, on the pricing side of it, as you know, we've talked for basically a year now that we've lapped this thing, we've lapped pro price initiative. We feel really good about that investment we made just over a year ago. But as we've talked for several quarters now, that was a onetime decision.

史考特，關於定價方面，正如你所知，我們已經討論了差不多一年，我們已經超越了這項計劃，超越了專業定價計劃。我們對一年多前所做的那項投資感到非常滿意。但正如我們過去幾個季度討論的那樣，那隻是一次性的決定。

We felt like we had an opportunity to move our overall matrix down to a point that we could really -- felt like we were really competing better with the 2-step competitors, the independent competitors that kind of, by historical, have been somewhat cheaper than us in some of our retail and larger closing competitors. So we feel really good about what we did. But around here, it's kind of back to business as usual. We've lapped this thing. It's in the past, and we have no plans for a second round.

我們覺得有機會把整體成本矩陣降低到一個我們真正能夠與兩步式競爭對手，以及那些在零售和大型交易環節中價格一直比我們低一些的獨立競爭對手展開更有效的競爭。所以我們對自己的成果非常滿意。但現在一切都恢復正常了。我們已經成功過了這項關。它已經成為過去，我們沒有計劃再來一輪。

Our next question is coming from Chris Horvers with JPMorgan.

下一個問題來自摩根大通的克里斯霍弗斯。

So I wanted to follow up on the question, on Scot's question. So first on the DIY side, do you think your DIY performance was in line with the market? And any gander on how much you outgrew the professional market in the first quarter?

所以我想就Scot提出的問題做個後續探討。首先，就DIY業務而言，您認為您的DIY業務表現是否符合市場預期？您能否估算一下，在第一季度，您的業務成長速度比專業市場高出多少？

Chris, this is Jeremy. Great question. I wish we had a real definitive answer on the DIY side of the business. Some of that, we're just going to -- we'll have to wait to see how maybe some others talk about it.

克里斯，我是傑瑞米。問得好。我也希望我們能就DIY方面的問題給出確切的答案。有些問題，我們只能──看看別人怎麼說。

We think more broadly speaking, over several quarters, our teams have been executing well. And we've had opportunities, and we think that we're a share gain on a net balance on any given quarter on the DIY side of our business. And to be fair, like we think that there's share that we should be gaining. We think there's entitlement out there that we haven't addressed and need to continue to work to get our fair share of the marketplace.

總的來說，我們認為在過去的幾個季度裡，我們的團隊執行得都很好。我們也抓住了一些機會，我們認為，在DIY業務方面，我們每季的淨份額都有所成長。公平地說，我們認為我們本應獲得更多的份額。我們認為，市場上存在一些我們尚未解決的需求，我們需要繼續努力，才能獲得我們應有的市場份額。

In a quarter like first quarter, it's a little bit more challenging. Obviously, there's volatility on that side of our business from the perspective of spring, and those are things that we can pay attention and watch pretty closely, but feel good given what we could see just in the daily, weekly reports from the weather that we saw rolled in, the DIY was solid for us in the first quarter.

像第一季這樣的季度，挑戰會更大一些。顯然，從春季的角度來看，我們業務的波動性較大，這些都是我們需要密切關注的因素。但考慮到我們從每日和每週的天氣報告中了解到的情況，第一季我們的DIY業務表現穩健，這讓我們感到欣慰。

On the professional side of the business, Brad's talked to it already. In some respects, we're absolutely picking up share there. And more fragmented on that side, hard to identify where it has been, but really think that a lot of the things that Brad pointed to, for sure, the momentum we gained last year with the professional pricing but now even more how exceptionally our teams are executing against that and providing direct service, we think that, that's just -- that's a function of our business model and the great team we've got are running our business well.

在專業業務方面，布拉德已經談過了。在某些方面，我們確實正在擴大市場份額。這部分業務比較分散，很難確定具體情況，但布拉德提到的許多因素，例如我們去年憑藉專業定價策略取得的勢頭，以及現在我們團隊在執行定價策略和提供直接服務方面的出色表現，都確實發揮了作用。我們認為，這完全得益於我們的商業模式，以及我們優秀的團隊對業務的出色運作。

And so 2 quick follow-ups. First, do you think that any of the -- you getting back in stock on the inventory side is driving some of that pressure in addition to pricing? And if so, when did you get back in stock?

那麼，還有兩個後續問題。首先，您認為除了價格因素之外，庫存方面的補貨是否也加劇了這種壓力？如果是的話，您是什麼時候補貨的？

And secondly, on the gross margin, given that you should have some freight costs that are capitalized that are coming down, why shouldn't we see better gross margin performance sequentially as the year progresses?

其次，關於毛利率，考慮到有些運費成本已經資本化，並且正在下降，為什麼我們不應該看到毛利率隨著年數的增加而逐週改善？

Yes. Chris, this is Brent. And just really to kind of tag on to what Jeremy and Brad have already said, really, when you think about our business and how we go to market, whether it's on the professional side or the retail side, it's really first and foremost, is 3 ingredients, right? It's service, it's parts availability and price is the third.

是的。克里斯，我是布倫特。我只是想補充一下傑里米和布拉德剛才說的，當你思考我們的業務以及我們的市場策略時，無論是在專業領域還是零售領域，最重要的是三個要素，對吧？服務、零件供應和價格是第三個。

And what we saw and what we felt really good about in this quarter was the level of service and execution that our teams were delivering out there. In terms of product availability and in-stock, we've talked about that. It's gotten progressively better over the last 12 months.

本季最讓我們感到欣慰的是團隊提供的服務和執行水準。至於產品供應和庫存情況，我們之前也討論過，過去12個月以來，情況一直在穩步改善。

We've seen suppliers continue to get healthier, and we've seen them finally be the healthiest they've been in several years, which has obviously helped contribute to our position. But we've also been aggressive like we talked about in terms of our investment in inventory and how we use it across -- we have a tier distribution model with a big DC footprint, a big hub store footprint. And really the placement of that inventory and our ability to get the part there quicker than our competition is really what helps us win there. So it's as much about supplier availability as it is our execution and how we deploy that inventory across our network of stores and DCs.

我們看到供應商的經營狀況持續改善，並且達到了近幾年來的最佳狀態，這無疑有助於我們鞏固市場地位。但正如我們之前提到的，我們在庫存投資和庫存運用方面也採取了積極主動的策略——我們採用分級分銷模式，擁有龐大的配送中心和樞紐門市網絡。庫存的合理佈局以及我們比競爭對手更快將零件送達的能力，才是我們制勝的關鍵。因此，供應商的供貨能力固然重要，但我們的執行力以及如何在門市和配送中心網路中有效部署庫存同樣不可或缺。

In terms of freight cost, we -- and acquisition cost on product, we've continued to see some international transportation costs come down even some to pre-COVID levels. Domestic transportation sill have some inflationary factor to it. That's something to consider.

就貨運成本和產品採購成本而言，我們看到一些國際運輸成本持續下降，甚至有些已經回落到新冠疫情前的水平。國內運輸成本仍有一定的通膨因素，這一點需要考慮。

We have a lot of suppliers that have raw material cost pressure, labor cost pressure, different things like that. So that's one of the reasons we remain cautious there. We're always going to do everything we can to bring the best cost of goods into our model and compete effectively. But that's how I would wrap it up for you in terms of your question.

我們有很多供應商都面臨原材料成本壓力、勞動成本壓力等等。所以，這也是我們保持謹慎的原因之一。我們會盡一切努力在我們的模式中融入最優的商品成本，從而有效地參與競爭。關於您的問題，我就說這麼多。

Our next question is coming from Greg Melich with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Greg Melich。

I wanted to follow up a little bit more on the top line trends on both sides. So DIY, it sounds like came back in April with the weather better. I just want to make sure that's back in terms of ticket counts are positive, and you're still getting sort of mid-single-digit inflation mix?

我想再了解雙方的主要趨勢。聽起來DIY市場在四月隨著天氣變暖而復甦了。我只是想確認一下，訂單數量是否已經回升，並且通膨率仍然保持在個位數左右？

Yes, Greg, I wouldn't say that the ticket counts are necessarily positive from an ongoing trend stability standpoint. I don't want to parse too closely into just a few weeks here in April as it relates to that.

是的，格雷格，從持續的趨勢穩定性角度來看，我並不認為目前的票房數量就一定代表著正面的訊號。我不想過度分析四月份這幾週的情況。

Our full year expectation is that we would see kind of net on balance, a little bit of pressure on the DIY ticket counts that was reflected in our guidance. And so just maybe around your specific question for us that we did see the DIY business rebound in April.

我們全年的預期是，總體而言，DIY訂單數量會略有壓力，這在我們的業績指引中也有所體現。至於您具體提出的問題，我們確實看到DIY業務在4月出現了反彈。

Now for sure, some of that we interpret cautiously the first really nice week in the spring or weaken spring hit us in April, and there's some of that, that we carried over out of first quarter and picked it up there. But feel good that, that's kind of stabilized at this stage and really haven't changed our outlook or expectations for the balance of the year from a DIY perspective.

當然，我們謹慎地解讀一下，春季第一個真正美好的星期，或者說春季的疲軟，是在四月份到來的時候，而且還有一些因素，是從第一季度延續下來的。但令人欣慰的是，目前情況已經趨於穩定，從DIY的角度來看，這並沒有改變我們對今年剩餘時間的展望或預期。

Got it. And then secondly, on SG&A, just help -- I know it was -- it grew, I guess, what, 14%. You called out some of the things that drove that, planned and unplanned. What is making you for the full year think that SG&A per store now is at the higher end? Is it wage costs? Is there something else going on (inaudible) the high end?

明白了。其次，關於銷售、管理及行政費用（SG&A），我知道它成長了，大概14%吧。您提到了一些導致這一增長的因素，包括計劃內和計劃外的。是什麼讓您認為全年每家店的SG&A費用目前處於較高水準？是工資成本嗎？還是有其他原因導致費用偏高？ （聽不清楚）

Yes. No, Greg, really, the only change there from our beginning of the year outlook, which was a range of 4 to 4.5, is as sales did exceed our expectations in the first quarter. We have some incremental costs associated with that, especially on the professional side of the business.

是的。不，格雷格，實際上，與我們年初預測的4%到4.5%的預期相比，唯一的變化是第一季的銷售額超出了我們的預期。這帶來了一些額外的成本，尤其是在專業服務方面。

We're running more trucks out for more hours, those types of things. And then in addition to that, just some of the incentive pressures there. So most of what we would attribute that small change is the sales are running a little bit better than what we would have expected and would plan to be above midpoint there, but we have kept that operating profit guide where it's at. And the personal spend is really just reflective of that.

我們增加了卡車出車次數和出車時間，諸如此類。除此之外，還有一些激勵措施帶來的壓力。因此，我們認為造成這種小幅變化的主要原因是銷售額略好於預期，我們原本計劃銷售額高於預期中位數，但我們維持了營業利潤預期不變。而個人支出也反映了這一點。

Got it. And then last is just private label. Do you have an update on percentage penetration? Any signs of trade down as you get more volatility in DIY?

明白了。最後就是自有品牌了。請問您有關於滲透率的最新數據嗎？隨著DIY市場波動性增大，是否有產品降級的跡象？

Yes, Greg, I can speak to that. We really honestly continue to see our proprietary brand penetration continue to grow. It's slightly north of 50%, which we're really proud of. We continue to build very competitive offerings with good, better, best progression through the lines across all our proprietary brands. And they continue to gain traction with our customers, both DIY and professional. So we're extremely proud of that. I think -- the second part of your question, could you ask that again?

是的，格雷格，我可以就此發表意見。我們自有品牌的市場滲透率確實持續成長，目前略高於50%，我們為此感到非常自豪。我們不斷打造極具競爭力的產品，並貫穿所有自有品牌產品線，實現了「好、更好、最好」的升級過程。這些產品持續受到客戶（包括DIY用戶和專業人士）的青睞。對此，我們深感自豪。關於您問題的第二部分，您能再問一次嗎？

Yes. Just is there any sign of trade down? So I know you have -- you're building out the program of private label, and that's still gaining traction. Are you finding consumers getting a little more cash-constrained and trading down within that?

是的。只是有沒有跡象顯示消費者正在降級消費？我知道你們正在拓展自有品牌項目，而且這個項目還在不斷發展壯大。你們是否發現消費者的資金越來越緊張，因此會選擇降級消費的產品？

Yes. That's something we watch very closely, Greg. And honestly, we have not seen that. I know some retailers are talking about that. We've actually seen a slight gravitation from the better to the best, believe it or not.

是的，格雷格，我們一直在密切關注這一點。說實話，我們還沒有看到這種情況。我知道有些零售商在討論這個問題。信不信由你，我們實際上已經看到一種從較好產品向最佳產品略微靠攏的趨勢。

And again, we think that's probably just the strength of the offering and consumers wanting quality when they have to repair their vehicle. But we've not seen any material evidence of any trade down at this point.

我們再次認為，這可能正是產品優勢所在，消費者在車輛維修時都希望獲得高品質的服務。但目前為止，我們還沒有看到任何產品降級的跡象。

That's great. Congrats, and good luck.

太好了！恭喜你，祝你好運！

Thanks, Greg. Appreciate it.

謝謝你，格雷格。非常感謝。

Our next question is coming from Bret Jordan with Jefferies.

下一個問題來自傑富瑞集團的布雷特喬丹。

Could you give us some quick color on regional performance, maybe the spread between the best and the worst and talk about what you saw nationally? Obviously, the weather was different east versus west.

能否簡要介紹各地區的表現，例如最佳和最差之間的差距，以及您觀察到的全國情況？顯然，東西部的天氣狀況有所不同。

Yes. Bret, this is Brad. Really, we were fairly pleased overall with how consistent most every market performed. As you can imagine, you've heard from others in red, there's obviously some pressure more on the DIY side on the West Coast. Some of that rolled in a little bit to the center part of the country.

是的，布雷特，我是布萊德。總的來說，我們對幾乎所有市場的表現都相當滿意。正如你所想，你也從其他投資人那裡了解到，西海岸的DIY市場顯然面臨更大的壓力。這種壓力也略微波及到了美國中部地區。

But honestly, even though there was puts and takes, the puts and takes kind of changed per geography based upon what the weather was doing, especially on the DIY side on the weekends specifically. So it kind of moved around a little bit.

但說實話，雖然有進出場，但進出的情況會根據地理和天氣情況而有所變化，尤其是在周末的DIY方面。所以情況會略有波動。

And really surprisingly, even for March where we had the most pressure that there wasn't just huge swings. There was just a little bit more pressure broad-based. And as you know, we don't have quite the concentration of stores that some do in the true Northeast other than New England. But overall, really our northern markets performed pretty well.

令人驚訝的是，即使在三月我們面臨最大壓力的時候，也沒有出現劇烈的波動。只是整體壓力略有增加。如您所知，除了新英格蘭地區以外，我們不像真正的東北部地區那樣擁有密集的門市。但總體而言，我們北部的市場表現相當不錯。

Okay. Great. And the next question is that, obviously, you've entered Maryland. Could you talk a little bit about your -- maybe the cadence of Mid-Atlantic fill in, in the Northeast? Obviously, another 100-plus stores to open this year, and maybe what's your thoughts as far as distribution infrastructure that might be needed to come into that market.

好的，太好了。下一個問題是，顯然你們已經進入馬裡蘭州市場了。能否談談你們在中大西洋地區以及東北地區的擴張節奏？顯然，今年你們還要開設100多家門市，你們認為進入這個市場可能需要哪些配送基礎建設？

Yes, Bret, great question. This is Jeremy. We are excited about the inroads that we have made in the Northeast. We entered there originally in 2012 with the acquisition of VIP, and then we bought Bond a few years later and opened our distribution center in Boston. So we're kind of closing the gap to those markets that we haven't been in already.

是的，布雷特，問得好。我是傑瑞米。我們很高興在東北地區取得進展。我們最初於2012年透過收購VIP進入該地區，幾年後又收購了Bond，並在波士頓開設了配送中心。所以，我們正在逐步縮小與先前未涉足市場的差距。

I think as much as anything, we've been excited about the teams and the culture we've been able to both inherent from our acquisitions, but also grow from as a platform in those markets. So very attractive for us.

我認為，最讓我們感到興奮的是，我們能夠從收購中繼承這些團隊和文化，並以此為基礎在這些市場中發展壯大。這對我們來說非常有吸引力。

We are cautious on how aggressively we pursue any individual market. One of the benefits that we have with our large footprint is we can continue to grow really across that footprint. And that helps us to be able to identify the strong store teams that we need to be successful in our growth, and that's true up in the Northeast as well.

我們對開拓任何單一市場都持謹慎態度。我們龐大的商業版圖帶來的優勢之一在於，我們可以持續在整個版圖內成長。這有助於我們找到能夠助力業務發展的優秀門市團隊，東北地區的情況也是如此。

But we've been aggressively working to acquire the properties that we'll need and to work to build the teams. And you'll continue to see our growth up there and get to a level of density. I think it's going to be consistent with a lot of our markets.

但我們一直在積極收購所需的物業，並努力組建團隊。您將會看到我們在那裡持續成長，並達到一定的密度。我認為這將與我們許多其他市場的情況相符。

Bret, this is Greg. I mean, to speak to the DC question specifically, obviously, with growth in that market and just the growth that we've experienced over the past couple of years, the really unplanned growth, we are looking very hard at our DC capacity and our DC infrastructure.

布雷特，我是格雷格。具體來說，關於資料中心的問題，顯然，隨著該市場的成長，以及過去幾年我們經歷的、真正計劃外的成長，我們正在認真審視我們的資料中心容量和基礎設施。

And we've talked about opening the DC in Mexico to support our growth down there. We're also looking across the country as a whole and where we have capacity issues in the Northeast is one of those markets. And we'll continue to evaluate those markets and enhance our DC presence as needed to continue to support our growth.

我們討論過在墨西哥開設配送中心，以支持我們在當地的成長。我們也在放眼全國，東北部地區就是我們關注的市場之一，目前那裡有運力不足的問題。我們將繼續評估這些市場，並根據需要加強我們的配送中心佈局，以持續支持我們的成長。

Our next question is coming from Zack Fadem with Wells Fargo.

下一個問題來自富國銀行的紮克法德姆。

Could you talk about the level of DIY comp you think you left on the table due to weather in March? And then big picture as we lapped the unit pressures last year for DIY, to what extent do you think the DIY industry has now normalized back to a more typical low single-digit unit decline? Or is there any reason to believe DIY units can actually inflect positive, given the macro and used vehicle dynamics?

您能否談談您認為由於三月的天氣原因，DIY車型銷量下滑幅度可能達到的水平？此外，鑑於去年DIY車款銷售下滑的壓力，您認為目前DIY產業在多大程度上已經恢復到正常的個位數下滑水準？或者，考慮到宏觀經濟情勢和二手車市場動態，DIY車款銷售是否有可能出現成長？

Zack, thanks for the questions. Good questions. We haven't really quantified what we think the net impact is. As Brad mentioned, it was -- March was a little bit of a mixed bag for us, and different markets performed differently.

札克，​​謝謝你的提問。問得好。我們還沒有真正量化我們認為的淨影響。正如布拉德所提到的，三月對我們來說喜憂參半，不同市場的表現也各不相同。

And for us, it's a fairly tight window to hone in on, especially as we've seen some recovery here in April. As we work through the balance of the remainder of the year, I think for us maybe specifically, we've got some easier comparisons on the DIY side in the first and second quarter just as we think about that look for the rest of the year just because of the -- some of the gas price and other economic pressures that the industry saw in the first half of last year.

對我們來說，這是一個相當短暫的觀察窗口，尤其是在四月我們已經看到一些復甦跡象的情況下。展望今年剩餘的月份，我認為就我們而言，第一季和第二季的DIY業務比較容易進行比較，因為去年上半年該行業面臨著汽油價格上漲和其他經濟壓力，所以我們在展望今年剩餘時間時會更加謹慎。

And then for us, especially as we finish out the fourth quarter on DIY, we saw some really strong results, good end to our year last year. So some of that comparison will impact us.

對我們來說，尤其是在第四季度DIY業務收官之際，我們看到了一些非常強勁的業績，去年也取得了不錯的收官成績。因此，一些比較數據會對我們產生影響。

From a broader industry perspective, I think on balance, we'd say we feel like we're at least as close back to normalize as we can probably perceive from all the volatility that we saw through the pandemic. What does that mean for the industry moving forward? I think we'll continue to see the long-term secular impact from just the improved engineering and manufacturing of parts and the impact that, that has on service intervals and the pressure that we've talked about, us and others have talked about for years on that side of our business. But we're kind of cautious around the rest of the outlook.

從更廣泛的行業角度來看，我認為總體而言，我們感覺至少已經盡可能接近恢復正常，畢竟經歷了疫情期間的種種波動。這對產業未來的發展意味著什麼？我認為，零件工程和製造技術的改進及其對服務週期和壓力的影響，將繼續產生長期的、深遠的趨勢性影響。多年來，我們和其他業內人士一直在討論這方面所面臨的壓力。但對於其他方面的前景，我們持謹慎態度。

For the industry, we're very positive in terms of how the vehicle dynamics, and Greg and Brent talked about on the call, the vehicle dynamics continue to be strong for our industry. That's a positive for us, and I think that continues to bode well. But obviously, we're, like others, we'll have to wait to see what the broader economy does and what puts and takes that looks like. But I feel good about the overall trajectory for us on the DIY business.

就整個行業而言，我們對車輛市場的發展趨勢非常樂觀，正如格雷格和布倫特在電話會議上提到的，車輛市場對我們行業來說仍然強勁。這對我們來說是個好消息，而且我認為這預示著良好的發展前景。但顯然，和其他人一樣，我們也要觀察整體經濟情勢的發展，以及由此帶來的各種影響。但我對我們DIY業務的整體發展軌跡感到樂觀。

Zack, I was just going to say real quick. This is Brad. No matter what the macro does as you know, our teams are always focused on taking DIY share. We still have a tremendous opportunity on the DIY side. We have a lot of great competitors doing a lot of retail business.

札克，​​我本來想簡單說幾句。這位是布拉德。如你所知，無論宏觀經濟如何波動，我們的團隊始終專注於提升DIY市場佔有率。我們在DIY領域仍有巨大的發展機會。我們有很多優秀的競爭對手，他們在零售業務方面做得非常出色。

And so though there's some pressure overall, the outlook is positive on the whole. But I feel even better about our prospects at O'Reilly because of our ability to take market share.

所以儘管整體上存在一些壓力，但整體前景依然樂觀。不過，我對奧萊利的前景更有信心，因為我們有能力擴大市場佔有率。

Perfect. And appreciate the color. And then on the pro side, do you attribute the outperformance in the industry to better-than-expected industry growth or better-than-expected share gains? And then as your price investments lap, to what extent do you expect to hold the share gains through the year, particularly against the tougher compares?

完美。顏色也很漂亮。另外，從積極方面來說，您認為行業表現優異是由於行業增長超出預期，還是市場份額增長超出預期？隨著股價上漲，您預計今年能在多大程度上保持市場份額成長，尤其是在面對更嚴峻的同比數據時？

Great question. We sometimes get a lot smarter in the rearview mirror as to how all the rest of the industry performs. We'll -- I think we'll wait to see some of the data that's out there. We think the industry is strong. I mean, we talked about some of the factors that, I think, contribute to that.

問得好。我們有時事後諸葛亮，才能更清楚地了解整個產業的表現。嗯，我想我們會等等看現有的數據。我們認為整個產業都很強勁。我的意思是，我們之前也討論過一些我認為促成這局面的因素。

And so for sure, we believe that it's a very positive backdrop for us. We are very pleased with our professional business and the gains that we've made. And frankly, we know how hard those gains come. It's a service and relationship business. Loyalty is an important thing. When you have an opportunity to execute well for our customer, it's meaningful. When you fail on the execution, it's even more meaningful.

所以，我們確信，這對我們來說是一個非常積極的背景。我們對自身的業務發展和所取得的成就感到非常滿意。坦白說，我們也深知這些成就得來不易。這是一個服務和關係至上的行業。忠誠度至關重要。當你有機會為客戶提供優質服務時，意義非凡；而當服務失敗時，意義更加重大。

So for us, we view what we've been able to accomplish is very sticky because of really the excellent execution that our teams have been able to deliver as we've had opportunity to -- over the last couple of years.

因此，我們認為我們所取得的成就非常牢固，這確實得益於我們的團隊在過去幾年中，在我們有機會的時候，出色地完成了任務。

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

下一個問題來自美國銀行的 Liz Suzuki。

Can you just talk about the private label approach you've taken and just how you've been able to grow that portfolio of products so successfully without losing any of your professional customers that tend to be more brand sensitive? And then if you could give any comment about your private label penetration by retail channel versus commercial, that would be helpful, too.

您能否談談貴公司採取的自有品牌策略，以及您如何在不流失任何對品牌比較敏感的專業客戶的情況下，成功拓展產品組合？此外，如果您還能就零售通路和商業通路的自有品牌滲透率發表一些看法，那就更好了。

Yes. Liz, this is Brent. I'll start and then maybe some others can jump in. But I think, again, tribute to our merchandise team and really, just to be clear, too, proprietary brands have grown exponentially over the last several years. We're proud of that, proud of the quality we've been able to put in the box, working with suppliers on those products and really just building good line designs with good, better, best offerings across those lines. And we've seen a lot of strength there.

是的。莉茲，我是布倫特。我先來，然後其他人可以補充。但我想再次強調，這要歸功於我們的商品團隊，需要明確的是，自有品牌在過去幾年裡實現了指數級成長。我們為此感到自豪，為我們能夠將如此高品質的產品裝入包裝盒而感到自豪，我們與供應商合作開發這些產品，並真正打造出優秀的產品線設計，在每個產品線中提供更好、更優質的產品。我們已經看到了這方面的巨大優勢。

The other thing though I want to reinforce is really, our branding strategy is a mix of quality proprietary brands as well as well-known national brands. And we go to market with both. And we have some national brands that we're very proud of, very proud we have in-house and certainly want to keep in-house because we know customers seek those brands as well.

不過，我還想強調一點，我們的品牌策略其實是將優質的自有品牌和知名的全國性品牌結合。我們兩者都會推向市場。我們有一些引以為傲的全國性品牌，我們非常自豪能擁有它們，當然我們也希望繼續保留這些品牌，因為我們知道消費者也需要這些品牌。

So we really seek a balanced approach. Customers are obviously -- they're looking for value, and they're looking for availability, first and foremost. And we've been able to bring that to our proprietary brand lines.

所以我們真正追求的是一種平衡的方法。顯然，顧客首先追求的是價值和供貨便利。而我們已經成功地將這些優勢融入我們的自有品牌產品線中。

In terms of -- we don't really specifically talk about penetration by DIY and by professional specifically. I will tell you, though, our professional customers use and believe in our proprietary brands, and in many cases, are huge promoters of them because they see the quality and the value in those brands. And Brad can speak to that better than I can. But we see those -- well adoption of those equally well across both DIY and professional customers.

至於滲透率方面－我們並沒有特別討論DIY使用者和專業人士的具體滲透率。不過，我可以告訴你，我們的專業客戶使用並信賴我們的自有品牌，而且在許多情況下，他們都是這些品牌的積極推廣者，因為他們看到了這些品牌的品質和價值。布拉德在這方面比我更有發言權。但我們發現，無論是DIY使用者或專業客戶，對這些品牌的接受度都相當高。

Liz, this is Greg. Just to add to that, I would say that the shift in the growth of proprietary brands is it's intentional. Proprietary brands give us the ability to leverage multiple suppliers, mitigate risk, help us better control cost of those products and the quality of the products that are in the box.

莉茲，我是格雷格。我補充一點，自有品牌的發展趨勢是經過深思熟慮的。自有品牌使我們能夠利用多個供應商，降低風險，並更好地控制產品成本和產品品質。

And don't forget that a few of our proprietary brands that we're calling proprietary brands today were national brands a few years ago. So we continue to look for opportunities to take those national brand names that we now own as proprietary brands and spread them across additional categories. So we're very pleased with the performance of our proprietary brands, as Brent said, on both sides of our business.

別忘了，我們今天稱之為自有品牌的某些產品，幾年前其實是全國性品牌。因此，我們將繼續尋找機會，將我們現在擁有的這些全國性品牌名稱擴展為自有品牌，並擴展到更多品類。正如布倫特所說，我們對自有品牌在業務各個方面的表現都非常滿意。

Our next question is coming from Michael Lasser with UBS.

下一個問題來自瑞銀集團的麥可·拉塞爾。

If we assume that half of your commercial growth in the first quarter came solely from market share gains, which doesn't seem unreasonable given that one of your larger competitors in the commercial space just comped up 3, so you've got maybe 1,000 basis points of share or growth from share gains, that would translate to $150 million of incremental business year-over-year or about $30,000 per store.

如果我們假設您第一季商業成長的一半完全來自市場份額的成長，考慮到您在商業領域的一個較大的競爭對手剛剛上調了 3 個基點，這似乎並非不合理，因此您可能從市場份額的增長中獲得了 1000 個基點的份額或增長，這將轉化為 1.5 億美元的年度增量業務，或每家門店約 3 萬美元。

So is that coming from a big chunky customer who you've been able to win over? And that will give us a sense for as you lap that increase the tails associated with those share gains. And should we also think because you are winning this business and you're probably running your Hot Shot deliveries more, that's where the increase in SG&A is coming from that you're not seeing the flow-through that you might have seen to be as strong as in the past?

所以，這筆成長是否來自您成功爭取到的一位大客戶？這將有助於我們了解，隨著您逐步擴大市場份額，與這些市場份額成長相關的尾部收益是否會增加。我們是否也可以認為，因為您正在贏得這筆業務，並且可能增加了快速配送服務，所以銷售、管理及行政費用 (SG&A) 的增長才導致您沒有看到像過去那樣強勁的利潤流出？

Michael, it's Brad. I'll take a stab. A lot of assumptions there, but I probably jump to really your question specifically about kind of where it's coming from and customer type, competitor type. And so I may start out just on the customer front.

邁克爾，我是布拉德。我來試著回答一下。這裡面有很多假設，但我可能會直接回答你關於資料來源、客戶類型和競爭對手類型的問題。所以我可能會先從客戶方面著手。

As you know, with that gap in footprint that we talked about earlier on the call kind of between Washington, D.C. and up to -- through New York City, we still don't have a big book of national or strategic account business. We have a lot of regional-type service providers that are outstanding customers. And we have second, third, fourth call with some of the big national service providers.

如您所知，由於我們之前在電話會議中提到的，華盛頓特區到紐約市之間的業務覆蓋範圍存在空白，我們目前還沒有大量的全國性或戰略客戶業務。我們有很多區域性服務供應商，他們都是非常優秀的客戶。此外，我們也正在與一些大型全國性服務提供者進行二、三、四次洽談。

But really, when we look at our book of business and our -- by customer types, it's coming from a lot of places, but primarily the independent garage. There's obviously some on the national and regional accounts side, but it's not one big move in one area to your question directly. It's a lot of small moves moving from third call to second from second to first. And we're just -- we feel like that is extremely sustainable, and we're really proud of the way we've been able to build that the right way.

但實際上，當我們審視我們的業務組合以及客戶類型時，會發現我們的業務來源非常廣泛，但主要來自獨立維修廠。當然，也有一些來自全國性和區域性客戶，但就你提出的問題而言，這並不是某個領域的重大轉變。而是許多小步前進的結果，從第三次拜訪客戶到第二次，再到第一次拜訪客戶。我們認為這種模式非常可持續，我們為我們能夠以正確的方式建立這種模式而感到非常自豪。

When you ask about SG&A there, what I would say is there's no doubt, we started the year fully committed to making sure that we had our back counter staffed, our professional parts people making sure that we have efficiencies in the back of the store. That obviously is an investment. It's an investment to keep our small vehicles rolling to the Hot Shot delivery to the shops.

當您問及銷售、管理及行政費用時，我可以肯定地說，年初我們就全力以赴確保後勤櫃檯人員配備充足，專業的零件人員確保門店後倉高效運轉。這顯然是一項投資。這項投資是為了確保我們的小型車輛能夠正常運轉，為各門市提供快速配送服務。

As you know well, we talk a lot about getting the car off the rack and making sure that we're safe, we're very efficient in the way that we route deliveries. So we're turning those days and helping these people retain good technicians and all those things.

如您所知，我們經常討論如何將車輛從貨架上卸下，確保安全，並盡可能有效率地安排配送路線。因此，我們正在改變這種狀況，幫助這些企業留住優秀的技師等等。

So no doubt, all those things that are investment from an SG&A standpoint. Michael, as you can imagine, when retail gets a little bit softer in a month like March, could our operators have scaled back a little bit from a payroll standpoint? Sure, they could have. But it may or may not have been the right thing to do for the rest of the year in the mid and long term when it comes to our customer service levels. And so part of that was when the business pulled back a little bit there in March is we kept our pedal down to keep those service levels top notch, and we feel like that will pay off for the remainder of the year.

毫無疑問，從銷售、管理及行政費用（SG&A）的角度來看，所有這些都屬於投資。邁克爾，正如你所想，當零售業在三月略顯疲軟時，我們的營運人員是否可以從工資方面適當縮減開支？當然可以。但就中長期客戶服務水準而言，這樣做是否正確，以及對今年剩餘時間的影響，仍有待商榷。因此，儘管三月業務略有下滑，但我們仍然全力以赴，以保持一流的服務水平，我們相信這將在今年餘下的時間裡帶來回報。

One more thing that I would add there, and maybe back to your specific question. When we think about just generally flow through on the SG&A side, for sure, we're -- we spent a little bit more in the first quarter than we expected, and Brad talked about that. But that was really what we saw on the sales side and what we needed to do to support that.

我還有一點要補充，也許也和您剛才的問題有關。當我們整體考慮銷售、管理及行政費用（SG&A）的支出時，確實，我們第一季的支出比預期略高，布拉德也提到了這一點。但這主要是我們在銷售方面看到的，也是我們需要採取的應對措施。

As we think about just more broadly the flow through, that's really more heavily impacted by the investments that we're making this year that we talked about on our last call that we're executing against this year. I think that, in combination with our leadership conference, is more of an impact than just the incremental costs to support our sales, which did drive how we think about the full year, but the bigger year-over-year is what we've been talking about.

當我們更廣泛地思考業務流程時，它實際上更多地受到我們今年正在進行的投資的影響，這些投資我們在上次電話會議上討論過，並且我們正在落實。我認為，這些投資加上我們的領導力會議，其影響遠大於支持銷售的額外成本。雖然這些額外成本確實影響了我們對全年的預期，但我們一直在討論的是更大的同比變化。

So can I clarify that, Jeremy? Is O'Reilly in this era over the last couple of years, last year, but with the price investments this year with more price -- SG&A investments, O'Reilly is in an era where it's making sizable investments to gain share. It's gaining share.

傑里米，我能解釋一下嗎？奧萊利過去幾年，尤其是去年，一直處於這種階段，但今年隨著價格方面的投資（包括銷售、管理及行政費用方面的投資）的增加，奧萊利正處於一個進行大量投資以獲取市場份額的時期。它正在獲得市場份額。

But at some point, you'll be able to see better flow-through on those investments, assuming the share continues because the peak of the investment cycle is happening now. And as part of that, why don't you raise the comp guidance? Because it implies a sizable slowdown over the next couple of quarters. So are you not going to see as much share gain over the next couple of quarters?

但假設目前的投資份額持續成長，那麼在某個時間點，您將會看到這些投資帶來更好的收益轉化，因為投資週期的高峰期已經到來。正因如此，為何不提高同業收益預期呢？因為這暗示著未來幾季的成長將大幅放緩。所以，您認為未來幾季的市佔率成長不會像之前那麼大了嗎？

So Michael, what we would say on the first part of that question, we don't provide guidance beyond the current year. And we will continue to invest in our business over the long term. That's an important part of what we do.

所以邁克爾，關於你問題的第一部分，我們不提供超過今年的業績指引。我們會繼續對公司進行長期投資。這是我們工作的重要部分。

But as we've talked about 2023 and the investments we are making and some of these things that we'll see in SG&A and the fact that we have some (inaudible) new leverage because of that, we absolutely don't expect that we would not lever SG&A on strong sales growth as we move forward in the future. That's part of where we're at.

但正如我們之前討論的2023年以及我們正在進行的投資，還有銷售、一般及行政費用（SG&A）方面的一些變化，以及我們因此獲得的（聽不清）新的槓桿作用，我們絕對不認為未來不會利用強勁的銷售增長來提高銷售、一般及行政費用。這就是我們目前的狀況。

There is an opportunity that we see now that we think that has a longer-term payoff for us, and we'll continue to approach that. But we're going to do that whenever we see opportunities to do that.

我們現在看到了一個機會，我們認為它對我們有長期的回報，我們會繼續關注這個機會。但只要有機會，我們就會去做。

We -- in reference to your sales question, we have some structural things that we've talked about that make comparisons easier in the first half of the year. Certainly, we were pleased with our performance in the first quarter, but we try not to overreact to the first few months of the year knowing we've got a lot of year left. And we'll have to see how the summer selling season plays out.

關於您提出的銷售問題，我們之前討論過一些結構性調整，這些調整使得上半年的業績比較更加容易。當然，我們對第一季的業績感到滿意，但我們盡量避免對年初幾個月的業績反應過度，因為一年還有很長一段時間。我們還需要觀察夏季銷售旺季的進展。

We have time for one last question. It's coming from Simeon Gutman with Morgan Stanley.

我們還有時間回答最後一個問題。這個問題來自摩根士丹利的西蒙·古特曼。

Nice result. I guess will beat the dead horse here, the commercial outperformance. Can you talk about any new accounts versus existing? I don't think there's probably much change there. And then did anything distinctly happen in ticket growth in commercial?

結果不錯。我猜我又要老生常談了，商業業績確實超乎預期。能談談新客戶和現有客戶的情況嗎？我覺得這方面應該不會有太大變化。另外，商業訂單量的成長方面有沒有什麼明顯的變化？

And I'll just ask my follow-up now so I don't -- you don't have to hear me again. I wanted to ask you about the import space. We talked a bit about private brands. Can you talk about your strategy there, which is OE like with Import Direct? Are you able to penetrate that market fully with that product line or any aspiration to do it with the OE lines?

我現在就問個後續問題，免得您再聽我嘮叨。我想問您關於進口市場的情況。我們之前聊過一些自有品牌。您能談談您在這方面的策略嗎？就像 Import Direct 那樣，您是做原廠配套 (OE) 的嗎？您能否憑藉這條產品線完全打入這個市場？或者您有沒有計劃透過原廠配套 (OE) 產品線來實現這一點？

Yes. Simeon, it's Brad. I'll take the first part of your question. I may kick it over to Brent for the latter part. On customer segments, I talked a little bit a minute ago just about not necessarily anything materially changed on the national or the strategic account side.

是的，西蒙，我是布萊德。我來回答你問題的第一部分，後半部我可能會交給布倫特。關於客戶細分，我剛才簡單提了一下，全國客戶和策略客戶方面並沒有發生什麼實質的變化。

We continue to feel like we're earning the business every day with some of the regional-type service providers. But just on the -- really the core of our business, which is the independent garage, we're seeing a little bit of both.

我們感覺每天都在努力贏得一些區域服務供應商的生意。但就我們業務的核心——獨立修車廠而言，我們發現兩種情況都有一些。

We're seeing new customers. We're seeing existing customers move forward. We were mature enough in most all our markets where there isn't just flat out brand new customers that we weren't on the call list somewhere. It's just a matter of moving from fourth to third, third to second and second to first, like we talk about all the time.

我們看到了新客戶，也看到了現有客戶的成長。在大多數市場，我們的業務已經足夠成熟，不會出現完全陌生的新客戶，我們早已在他們的客戶名單上。這只是一個循序漸進的過程，就像我們一直強調的那樣，從第四名升到第三名，從第三名升到第二名，再從第二名升到第一名。

So combination, but it would be more so just continuing to take more share, delivery vehicle that had a total job versus in the past, we may have been -- us and a competitor delivering a split job. We see a lot of opportunity with getting those full jobs, and we feel like that's happening.

所以，我們會採取組合策略，但更重要的是繼續擴大市場份額，讓配送車輛承擔全部配送任務，而不是像過去那樣，我們和競爭對手分擔一部分任務。我們看到了獲得完整訂單的巨大機會，而且我們感覺這種情況正在發生。

Yes. And Simeon, this is Brent. On the second half of your question regarding Import Direct, we continue to be very pleased with the performance of Import Direct and our offering there. And we continue to enhance the coverage of it, and we continue to see customers continue to penetrate that brand. So very happy there and feel like we compete well.

是的。西蒙，我是布倫特。關於你問題後半部提到的Import Direct，我們對Import Direct的表現以及我們提供的產品仍然非常滿意。我們會繼續擴大其覆蓋範圍，並且看到越來越多的客戶選擇這個品牌。所以我們對目前的情況非常滿意，也覺得自己很有競爭力。

And we are intending in some categories with the branded international type products as well, as well as some of those well-known branded suppliers are in our Import Direct boxes in some cases as well.

我們也打算在某些類別中引入國際品牌產品，在某些情況下，一些知名品牌供應商的產品也會出現在我們的「直接進口」產品箱中。

That's right.

這是正確的。

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

提問環節時間已到。現在我將把電話交還給格雷格·約翰遜先生，請他作總結發言。

Thank you, Ali. We'd like to conclude our call today by thanking the entire O'Reilly team for your continued hard work in the first quarter. I'd like to thank everyone for joining our call today, and we look forward to reporting our second quarter results in July. Thank you.

謝謝阿里。今天電話會議的最後，我們要感謝奧萊利團隊全體成員在第一季的辛勤付出。感謝各位今天參加我們的電話會議，我們期待在七月公佈第二季業績。謝謝。

Thank you. This does conclude today's call. You may disconnect your lines, and have a wonderful day. We thank you for your participation.

謝謝。今天的通話到此結束。您可以掛斷電話了，祝您有美好的一天。感謝您的參與。