O'Reilly Automotive Inc (ORLY) 2023 Q2 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc. Second Quarter 2023 Earnings Call. My name is Matthew, and I'll be your operator for today's call. (Operator Instructions) I will now turn the call over to Jeremy Fletcher. Mr. Fletcher, you may begin.

歡迎參加歐萊利汽車公司2023年第二季財報電話會議。我是馬修，將擔任本次電話會議的接線生。 （接線生說明）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, Matthew. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our second quarter 2023 results and our outlook for the remainder of the year. After our prepared comments, we will host a question-and-answer period.

謝謝馬修。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2023年第二季的業績以及今年剩餘時間的展望。在我們作完發言後，我們將進行問答環節。

Before we begin this morning, I would like to remind everyone that our comments today contain forward-looking statements. And we intend to be covered by and we claim the protection under the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words, such as estimate, may, could, will, believe, expect, would, consider, should, anticipate, project, plan, intend or similar words.

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，我們的發言受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。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。

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.

由於本公司截至2022年12月31日止年度的最新10-K表格年度報告及其他近期提交給美國證券交易委員會（SEC）的文件中所述的若干重要因素，公司的實際業績可能與任何前瞻性陳述有重大差異。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 second quarter conference call. Participating on the call with me this morning are our Co-Presidents, Brad Beckham and Brent Kirby; as well as 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零件公司第二季財報電話會議。今天早上與我一同參加會議的有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 thanking Team O'Reilly for their continued dedication to consistently providing excellent service to our customers. Our team's proven ability to execute our business strategy at a high level drove our second quarter comparable store sales increase of 9%, exceeding our expectations on both the professional and DIY sides of our business.

今天，我首先要感謝奧萊利團隊，感謝他們一直以來對顧客的悉心服務。我們團隊高效執行業務策略的能力，推動了第二季同店銷售額成長9%，無論是在專業領域還是DIY領域，都超出了我們的預期。

For the first 6 months of 2023, we generated a 9.8% increase in comparable store sales, which is the direct result of our team's unrelenting focus on providing the best customer service in our industry. Our team members and our culture remain our greatest assets. I made the exact same statement on our first quarter call, but it warrants repeating.

2023年上半年，我們的同店銷售額成長了9.8%，這直接得益於我們團隊始終堅持不懈地致力於提供業界最佳的客戶服務。我們的團隊成員和企業文化仍然是我們最寶貴的財富。我在第一季財報電話會議上也表達了同樣的觀點，但值得再次強調。

Our commitment to strengthening our culture and investing in our team is paying clear dividends in our continued strong performance. And I want to congratulate all of Team O'Reilly on another outstanding job in the second quarter.

我們致力於強化企業文化並投資於團隊建設，這些努力已在我們持續強勁的業績中獲得了顯著回報。我謹祝賀奧萊利團隊全體成員在第二季再次取得優異成績。

Driven by the strength of our top line performance, we're also pleased to deliver a robust 16% increase in diluted earnings per share. Our operating cost spend was elevated above our expectations, which Brad will discuss more -- in more detail during his prepared comments, but we remain pleased with the investments we have made in our business to build on the momentum our teams are generating.

由於強勁的營收表現，我們很高興地宣布稀釋後每股收益實現了16%的顯著成長。我們的營運成本支出高於預期，布拉德將在事先準備好的演講稿中對此進行更詳細的闡述。但我們對公司為鞏固團隊發展動能而進行的投資感到滿意。

Our EPS results reflect our ability to produce strong, compounding operating profit dollar growth, and we are committed to aggressively capitalizing on the opportunities we see to provide enhanced value for our customers and earn even greater market share.

我們的每股盈餘業績反映了我們實現強勁的複合營業利潤成長的能力，我們致力於積極把握我們所看到的各種機會，為我們的客戶提供更大的價值，並贏得更大的市場份額。

As a result of our strong top line performance, we are increasing our full year 2023 EPS guidance to a range of $37.05 to $37.55, reflecting our second quarter results and shares repurchased since our last call. At the midpoint of this revised range, we now expect our full year EPS to increase 12% over 2022.

由於營收表現強勁，我們將2023年全年每股收益預期上調至37.05美元至37.55美元，此舉反映了我們第二季度的業績以及自上次電話會議以來回購的股份。以此調整後預期範圍的中位數計算，我們預計2023年全年每股收益將比2022年成長12%。

As we disclosed in our press releases last night, after 41 years of service to our company, I've made the decision to retire next January. At that time, Brad Beckham will take over my role as Chief Executive Officer with direct responsibility to the Board as the leader of our executive team. We will also be promoting Brent Kirby to the role of company President. As you know, Brad and Brent assumed the roles of Co-President earlier in the year, and they have both taken on increasing levels of responsibility and prominence in the leadership of our business over the past several years.

正如我們昨晚在新聞稿中所述，在為公司服務41年後，我決定在明年1月退休。屆時，布拉德貝克漢將接任執行長一職，直接向董事會負責，並領導我們的執行團隊。我們也將提拔布倫特·柯比擔任公司總裁。眾所周知，布拉德和布倫特今年稍早共同擔任總裁一職，並在過去幾年中承擔了越來越多的責任，在公司領導層中也發揮了越來越重要的作用。

Succession planning has always been a very important and methodical process at our company. In many ways, our upcoming change mirrors the successful leadership transitions we have seen before in our company's history, including when Jeff Shaw and I were elevated to lead the company in 2018 and Greg Henslee and Ted Wise were selected as the first non-O'Reilly family members in the top leadership roles of CEO and COO in 2005. Brad and Brent are both extremely talented and experienced individuals who have the full support of our team, and I have every confidence they will continue to deliver on our company's long-term track record of success. Over the period of now -- from now through January 31, we will complete the transition of the day-to-day operations of the company to Brad and Brent.

繼任計畫一直是我們公司非常重要且嚴謹的流程。在許多方面，我們即將進行的領導層更迭都與公司歷史上成功的領導層交接相呼應，例如2018年我和傑夫·肖(Jeff Shaw)晉升為公司領導人，以及2005年格雷格·亨斯利(Greg Henslee)和泰德·懷斯(Ted Wise)分別被任命為首席執行官和首席運營官，成為首批非領導職務。布拉德(Brad)和布倫特(Brent)都是才華橫溢、經驗豐富的領導者，他們得到了我們團隊的全力支持，我完全相信他們能夠延續公司長期以來的成功勢頭。從現在到1月31日，我們將完成公司日常營運向布拉德和布倫特的過渡工作。

Finally, Greg Henslee, our Executive Chairman; and David O'Reilly, our Executive Vice Chairman, will also be continuing in their roles and along with our full Board will support Brad, Brent and our executive team in executing our strategy and driving long-term value for our shareholders.

最後，我們的執行主席 Greg Henslee 和執行副主席 David O'Reilly 也將繼續擔任他們的職務，並與全體董事會成員一起支持 Brad、Brent 和我們的管理團隊執行我們的策略，並為我們的股東創造長期價值。

As I finish up in my prepared comments, I would like to again thank our team for continuing to provide industry-leading customer service every day and generating excellent results in the first half of 2023. I'm extremely proud of all of you, and I'm excited to keep the momentum strong in the back half of the year.

在我結束事先準備好的發言之前，我想再次感謝我們的團隊，感謝你們每天持續提供業界領先的客戶服務，並在2023年上半年取得了優異的成績。我為你們所有人感到無比自豪，也期待在下半年保持這種強勁的勢頭。

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

現在我把電話交給布拉德貝克漢。布拉德？

Thanks, Greg, and good morning, everyone. I would like to begin by congratulating Team O'Reilly on another excellent performance in the second quarter. Our continued industry-leading sales performance is the direct result of our team's unwavering commitment to our company's culture of providing excellent customer service, and I would like to thank all of our team members for their hard work and dedication.

謝謝格雷格，大家早安。首先，我要祝賀奧萊利團隊在第二季再次取得優異成績。我們持續保持業界領先的銷售業績，直接得益於團隊始終如一地秉承公司「提供卓越客戶服務」的企業文化，在此，我要感謝所有團隊成員的辛勤付出和敬業精神。

Over the last several quarters, our team has generated tremendous momentum in our business, and that strength carried into the second quarter, driving our outstanding top line sales performance. As we've discussed on our last quarter's conference call, we faced some pressure from the timing of spring weather at the end of the first quarter, but our business rebounded with the onset of normal spring weather in April.

過去幾個季度，我們的團隊為公司業務創造了強勁的發展勢頭，這股強勁勢頭延續到了第二季度，推動了我們出色的營收成長。正如我們在上個季度的電話會議上所討論的，第一季末春季天氣的變化給我們帶來了一些壓力，但隨著四月份春季正常天氣的到來，我們的業務迅速反彈。

Those strong sales trends continued throughout the quarter, resulting in our outperformance versus our expectations in each month of the quarter. From a cadence perspective, our results were very steady in each month of the quarter both in absolute terms and as compared to our expectations.

強勁的銷售動能貫穿整個季度，使我們每個月的業績超出了預期。從週期性來看，無論從絕對值或與預期值的比較來看，我們每個月的業績都非常穩定。

The ability of our team to drive high levels of sustained sales growth month after month is the product of consistent daily execution of our key business fundamentals. And I couldn't be more pleased with how consistently Team O'Reilly has performed in the first half of 2023.

我們團隊能夠持續推動銷售每月持續成長，得益於我們始終如一地執行各項關鍵業務原則。我對奧萊利團隊在2023年上半年的出色表現感到無比滿意。

Now I would like to provide additional details on our sales performance in professional and DIY. Our professional business was again the outperformer in the second quarter. Our team delivered a mid-teens comparable store sales increase in our professional business in the quarter with incredibly strong growth coming on top of double-digit professional comps in the second quarter of 2022.

現在我想就我們在專業和DIY領域的銷售業績提供更多細節。我們的專業業務在第二季再次表現出色。我們的團隊在本季度實現了專業業務同店銷售額兩位數以上的成長，這一強勁增長是在2022年第二季度專業業務同店銷售額兩位數增長的基礎上實現的。

The compounded gains we are seeing on this side of our business reflect a sustained high level of customer service and execution that has allowed us to translate increased sales gains into future business opportunities. Every chance we have with a professional customer to prove our exceptional value gives us the ability to earn the next call and capture even more of that customer's business.

我們業務這方面取得的持續成長，反映了我們一致的高水準客戶服務和執行力，正是這些優勢讓我們能夠將銷售成長轉化為未來的商機。每一次與專業客戶溝通，展現我們卓越價值的機會，讓我們有機會贏得下一次通話，並進一步拓展客戶業務。

As we have seen our business grow over the last few years, our store teams have made the most of these incremental opportunities, and we continue to see runway to leverage our proven business model and execution to gain market share.

隨著我們業務在過去幾年中的成長，我們的門市團隊充分利用了這些成長機會，我們繼續看到利用我們成熟的商業模式和執行力來獲取市場份額的空間。

Turning to DIY. We continue to be reasonably pleased with this side of our business with our teams delivering steady comparable store sales growth, consistent with our overall trends in the first quarter. As we move past the spring weather volatility we experienced at the end of the first quarter and beginning of the second quarter, our DIY business has been very steady with consistently positive performance in each month of the quarter.

再來談談DIY業務。我們對這部分業務的表現依然相當滿意，團隊實現了穩定的同店銷售成長，與第一季的整體趨勢一致。隨著第一季末和第二季初春季天氣波動的影響逐漸消退，我們的DIY業務一直保持穩定，每個月都取得了持續的積極業績。

Our comparable store sales increase in our DIY business was driven by increased average ticket values aided by same SKU inflation, but we were also pleased to see flat DIY ticket count comps in the second quarter. Average ticket growth was in the mid-single digits on a combined basis for both sides of our business and drove the larger share of our comparable store sales increase. However, strength in ticket count comps, especially in our professional business, was the larger contributor to our outperformance versus our expectations.

DIY業務同店銷售成長主要得益於平均客單價的提升，而平均客單價的提升又得益於同SKU價格上漲。此外，我們也欣喜地看到，第二季DIY業務的客單價與上季持平。我們兩大業務部門的平均客單價都實現了中等個位數的成長，這主要推動了同店銷售額的成長。然而，客單價的強勁成長，尤其是在專業業務方面，才是我們業績超出預期的主因。

Our average ticket growth was driven primarily by same-SKU inflation, which was in line with our expectations, coupled with a modest benefit from product mix and complexity in our professional business. As anticipated, same-SKU inflation we realized in the second quarter ticked down from the tailwind we saw in the first quarter. We continue to expect to see this benefit moderate in the back half of 2023 as we lap impact of 2022 price increases. This dynamic was built into our initial guidance expectations and remains unchanged.

我們的平均客單價成長主要得益於同店商品價格上漲，這與我們的預期相符，同時專業業務的產品組合和複雜性也帶來了一定的成長。如預期，第二季同店商品價格上漲的成長速度較第一季放緩。我們預計，隨著2022年價格上漲的影響逐漸消退，這一成長動能將在2023年下半年進一步減弱。這項預期已納入我們最初的業績指引，目前保持不變。

To wrap up my comments on sales, I would like to highlight our updated sales guidance and full year outlook. From a macro perspective, we continue to remain bullish on the strength of our industry and prospects for the remainder of 2023. Our customer base has continued to be very resilient and willing to prioritize the maintenance and repair of their existing vehicles in order to avoid taking on a payment for newer, more costly vehicles.

最後，我想總結一下銷售情況，重點介紹一下我們更新後的銷售預期和全年展望。從宏觀角度來看，我們依然看好產業的強勁動能以及2023年剩餘時間的市場前景。我們的客戶群一直保持著很強的韌性，他們願意優先考慮現有車輛的維護和維修，以避免承擔購買更新、更昂貴車輛的費用。

While we still maintain an element of caution with regard to the outlook for the overall U.S. economy and the potential for heightened economic pressures, we believe that current market dynamics combine to provide a strong backdrop for demand in our industry.

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加劇保持謹慎態度，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。

In light of this backdrop, we are increasing our full year comparable store sales guidance to a range of 5% to 7% from our previous range of 4% to 6% with a corresponding increase in total sales guidance to $15.4 billion to $15.7 billion. This increase reflects our year-to-date performance through today's call. As I've already discussed, we anticipate moderation in our comparable store sales expectations in the back half of the year as we realize less built-in benefit from same SKU increases.

有鑑於此，我們將全年同店銷售額成長預期從先前的4%至6%上調至5%至7%，同時將全年總銷售額預期相應上調至154億美元至157億美元。此次上調反映了我們截至今日電話會議召開前的年初至今的業績表現。正如我之前所述，隨著同店銷售成長帶來的內在收益逐漸減少，我們預期下半年同店銷售額預期將有所調整。

Our expectations also incorporate more challenging ticket count comparisons as we move through the back half of the year. The combined impact of both of these factors is driving the anticipated deceleration in our comparable store sales guidance in the second half of 2023 versus the 9.8% increase we generated in the first 6 months of 2023. However, our teams remain highly motivated to take share in every market, and we remain diligent in delivering a high level of customer service to accelerate our sales momentum.

隨著下半年的到來，我們的預期也考慮了更具挑戰性的客單價比較。這兩個因素的綜合影響導致我們預期2023年下半年同店銷售成長將低於上半年的9.8%。然而，我們的團隊依然充滿幹勁，力求在各個市場擴大份額，我們也將繼續努力提供高水準的客戶服務，以加速銷售成長。

Before I move on from sales, I will add that we are pleased to be off to a strong start in the third quarter as we have seen the robust sales trends in the first half of the year continue with incremental strength from the extreme heat in many of our markets in the first few weeks of July.

在繼續討論銷售情況之前，我想補充一點，我們很高興第三季開局強勁，因為我們看到今年上半年強勁的銷售趨勢得以延續，並且在7月初的幾周里，由於我們許多市場的極端高溫，銷售勢頭進一步增強。

Now I would like to discuss our second quarter SG&A results, which came in higher than our original expectations for the quarter and were above the long-term growth rate necessary to operate our business model. SG&A as a percentage of sales was 30.3%, a deleverage of 71 basis points from the second quarter of 2022. This deleverage was driven by an increase in SG&A per store of approximately 10%. This heightened level of SG&A was incorporated in part into our initial expectations for 2023 but ultimately came in higher than anticipated driven by a few key factors I will briefly recap.

現在我想談談我們第二季的銷售、管理及行政費用（SG&A）業績。此業績高於我們最初的預期，也高於我們業務模式所需的長期成長率。 SG&A佔銷售額的30.3%，較2022年第二季下降了71個基點。這一下降主要歸因於單店SG&A成長約10%。雖然我們最初對2023年的預期已部分考慮到了SG&A的增加，但最終實際值仍高於預期，這主要受以下幾個關鍵因素的影響，我將簡要概述一下。

Coming into 2023, we identified several key initiatives targeted to enhance our long-term operational strength with an intent to capitalize on the considerable momentum we have generated in our business to further separate ourselves from the competition and consolidate the market. We have been pleased with the progress of these initiatives and in a few instances, realized an opportunity to accelerate these investments in the second quarter.

進入2023年，我們制定了幾項關鍵舉措，旨在提升我們的長期營運實力，並利用業務發展取得的顯著勢頭，進一步拉開與競爭對手的差距，鞏固市場地位。我們對這些措施的進展感到滿意，在某些情況下，我們抓住機會在第二季加快這些投資。

A good example relates to our plans this year to increase our spend on refreshing the image and appearance of our stores, which is targeted at both strategic projects as well as improved general maintenance of our existing facilities. We have sought to return to a new normal post pandemic. We have been -- excuse me, as we have sought to return to a new normal post pandemic, we have been working hard to catch up on deferred maintenance needs of our stores that have unfortunately accumulated over the last couple of years.

一個很好的例子是我們今年的計劃，即增加對門市形象和外觀的升級改造投入，這既包括戰略項目，也包括對現有設施的日常維護。我們一直致力於在疫情後恢復正常運作。事實上，在努力恢復正常運作的同時，我們也一直在努力解決過去幾年累積的門市維護難題。

As a result, part of our SG&A pressure in the second quarter was driven by going faster than originally planned to address this issue. The image, appearance and shoppability of our stores is incredibly important to our ability to drive DIY traffic, customer satisfaction and in turn share gains over time. We have also seen good traction in our efforts to enhance our team member experience and benefits.

因此，第二季銷售、管理及行政費用的部分壓力源於我們加快解決此問題的步伐，速度超過了原計劃。門市的形象、外觀和購物體驗對我們吸引自助購物客流、提升顧客滿意度以及最終實現市場份額成長至關重要。此外，我們在提升員工體驗和福利方面的努力也取得了顯著成效。

Our initiatives here have reaped better-than-expected team member retention but have also contributed to the overall cost of these enhancements, which coupled with the deferred compensation SG&A headwind Jeremy will discuss in a moment, added to our SG&A growth in the quarter.

我們在這裡採取的舉措取得了超出預期的團隊成員留任率，但也增加了這些改進措施的總成本，再加上傑里米稍後將要討論的遞延薪酬銷售、一般及行政費用的不利因素，導致本季度銷售、一般及行政費用增長。

Outside of these deliberate decisions to enhance our business, we unfortunately also faced pressure during the quarter from a higher-than-expected self-insured auto liability exposure driven by inflation and claim costs. Ultimately, we remain -- we retain control of our most significant driver of our total SG&A spend and the decisions we make around store payroll and appropriate staffing levels within our stores. Ensuring we have the strongest possible team delivering the best customer service in the industry is one of the most important, if not the most important driver of our long-term success.

除了這些旨在提升業務的深思熟慮的決策之外，不幸的是，本季度我們也面臨著因通貨膨脹和理賠成本上升而導致的自保汽車責任險敞口高於預期所帶來的壓力。最終，我們依然能夠掌控影響銷售、管理及行政費用總額的最重要因素，並自主決定門市薪資和人員配置。確保我們擁有最強大的團隊，提供業界最佳的客戶服務，是我們長期成功的關鍵驅動因素之一，甚至可以說是最重要的驅動因素。

Our total payroll spend in the second quarter was another contributor to the higher-than-normal SG&A per store increase driven by total head count and staffing levels, coupled with higher incentive compensation with wage rates largely in line with our expectations. As we have discussed often in the past, we manage this key component of our SG&A spend with a long-term focus. As we have continued to see our business accelerate over the last year-plus since exiting the pandemic, we have prioritized ensuring that our stores are delivering a high level of service on both sides of our business.

第二季度，由於員工總數和人員配置水準的增加，以及激勵性薪酬的提高（薪資水準基本上符合預期），導致單店銷售、管理及行政費用（SG&A）高於正常水準。正如我們過去多次強調的，我們以長期視角管理SG&A支出中的這一關鍵部分。自疫情結束後的一年多時間裡，我們的業務持續加速成長，因此我們優先確保門市在業務的各個方面都能提供高水準的服務。

When we gain share with new and existing customers as we have seen over the last 2 years, we create an opportunity to prove our industry-leading value proposition as a trusted supplier and in turn earn repeat expanded business. In these situations, we are judicious about how we manage staffing levels to ensure we are delivering the excellent customer service that develops and maintains long-term relationships.

過去兩年，我們不斷拓展新舊客戶的市場份額，這為我們提供了一個機會，讓我們能夠證明自身作為值得信賴的供應商在行業中領先的價值主張，從而贏得更多客戶的重複購買和業務拓展。在這種情況下，我們會謹慎地管理人員配置，以確保提供卓越的客戶服務，從而發展並維持長期的合作關係。

As we look forward to the balance of the year, we now expect to see an SG&A per store increase of approximately 6%, which reflects our first half results and our outlook for the remainder of the year. Implicit in this guidance is our expectation that per store SG&A growth will moderate versus what we have seen in the first half of 2023 even as we continue to pursue strategic initiatives in our business.

展望今年剩餘時間，我們預計單店銷售、管理及行政費用（SG&A）將成長約6%，這反映了我們上半年的業績以及對下半年的展望。這項預期隱含著我們預計，儘管我們將繼續推動業務策略舉措，但單店SG&A的成長速度將較2023年上半年有所放緩。

We remain highly committed to expense control as a culture value and have set high expectations for the long-term productivity of the investments we're making today. We have a long track record of diligently managing our expenses to match the business conditions we are seeing in our markets, and we will continue to prudently adjust our operating cost structure to drive long-term value in our business. Finally, we still continue to expect our full year operating profit margin to come in within the range of 19.8% to 20.3% of sales.

我們始終將成本控製作為企業文化的核心價值觀，並對當前投資的長期效益抱有很高的期望。我們一直都嚴格管理成本，使其與市場環境相匹配，並將繼續審慎調整營運成本結構，以推動業務的長期價值成長。最後，我們仍預期全年營業利潤率將維持在銷售額的19.8%至20.3%之間。

Before I turn the call over to Brent, I would like to thank our entire team for their unwavering hard work and commitment so far in 2023. I am extremely humbled to have the opportunity to service our next -- our company's next Chief Executive Officer. And I couldn't be more excited to work side by side with our over 88,000 dedicated parts -- professional parts people to provide the best service possible to our customers and in turn drive outstanding performance for years to come.

在將電話交給布倫特之前，我想感謝我們整個團隊在2023年至今的辛勤付出和堅定承諾。能夠有機會為我們公司的下一任執行長提供服務，我深感榮幸。同時，我也非常期待與我們超過88,000名敬業的專業零件人員並肩工作，為客戶提供最佳服務，從而推動公司在未來幾年取得卓越的業績。

Now I'll turn the call over to Brent.

現在我把電話交給布倫特。

Thanks, Brad. And I would like to join Greg and Brad in congratulating Team O'Reilly on the strength of our performance in the second quarter. Our strong top line sales performance and continued ability to outperform the market and gain share is a direct result of our team's relentless commitment to providing excellent customer service. And I want to thank all of our team members for their dedication to our company and to our customers.

謝謝布拉德。我也想和格雷格、布拉德一起祝賀奧萊利團隊在第二季取得的優異業績。我們強勁的銷售業績以及持續超越市場、擴大市場佔有率的能力，直接得益於我們團隊始終如一地致力於提供卓越的客戶服務。我還要感謝所有團隊成員對公司和客戶的奉獻。

Now, I will walk through our second quarter gross margin results, what we are seeing in the competitive environment and discuss our investments in inventory, exciting developments in our store and distribution growth and capital expenditures.

現在，我將詳細介紹我們第二季的毛利率結果，我們目前在競爭環境中看到的情況，並討論我們在庫存方面的投資、門市和分銷增長方面的激動人心的發展以及資本支出。

Beginning with gross margin. Our second quarter gross margin of 51.3% was down just 6 basis points from the second quarter of 2022 and at the top end of our expectations. Our second quarter of 2023 represents the first quarter after we have fully lapped the rollout of our professional pricing initiative and atypical LIFO impacts, which provides us a much clearer read on a year-over-year gross margin performance, excluding the noise that these factors have caused in prior quarters.

首先來看毛利率。我們第二季的毛利率為51.3%，僅比2022年第二季下降了6個基點，處於我們預期的高端。 2023年第二季度是我們全面推行專業定價方案以及非典型後進先出法（LIFO）影響後的首個季度，這使我們能夠更清晰地了解同比毛利率表現，剔除了這些因素在前幾個季度造成的干擾。

We are pleased with the stability of our gross profit results, especially in light of the pressure we continue to face from the extremely strong performance of our professional business. As this side of our business has continued to outperform, we have faced mix headwinds to gross margin but have been able to offset this pressure with incremental improvements in acquisition cost, solid leverage of distribution expenses and positive shrink results.

我們對毛利的穩定性感到滿意，尤其是在我們專業業務持續強勁表現帶來的壓力之下。儘管專業業務持續表現優異，導致毛利率面臨一些不利因素，但我們透過逐步降低獲客成本、有效控制分銷費用以及積極的損耗控制，成功抵消了這些壓力。

I would also like to provide some color on the cost and pricing dynamics we are seeing in our industry, both on the acquisition side of our supply chain and across the competitive environment in our markets. The short and sweet answer is that our industry remains rational and cost and pricing continue to be very stable, consistent with what we have seen over the past several quarters. Our supplier partners continue to see some degree of inflationary pressure, while at the same time, we have been able to realize incremental opportunities to reduce acquisition costs across some product categories.

我也想就我們產業目前的成本和定價動態做一些說明，包括供應鏈的採購環節以及市場競爭環境。簡而言之，我們行業依然保持理性，成本和定價也持續保持穩定，與過去幾季的情況一致。我們的供應商合作夥伴仍然面臨一定程度的通膨壓力，同時，我們也抓住了一些機會，在某些產品類別中降低了採購成本。

These puts and takes are occurring in a much more normalized pattern than what we experienced in 2021 and 2022 and are in line with how we would view normal conditions in our industry from a historical perspective.

這些買賣操作的模式比我們在 2021 年和 2022 年經歷的要正常得多，並且與我們從歷史角度看待我們行業的正常情況是一致的。

Pricing to DIY and professional customers in the industry has remained rational. And we have not seen significant changes in market pricing dynamics in the industry in 2023. Where we have seen increases in product acquisition and other costs, we continue to be successful in passing these increases through in selling price and are confident that this will continue into the future. As we have discussed many times on these calls, price is ultimately not always the deciding factor that determines where a customer will take their business.

針對DIY用戶和專業用戶的定價一直保持合理。 2023年，我們尚未看到產業市場價格動態發生顯著變化。儘管產品採購和其他成本有所上漲，但我們已成功地將這些成本轉嫁到售價上，並相信這種情況將持續下去。正如我們在之前的電話會議中多次討論的那樣，價格最終並非決定客戶選擇的唯一因素。

Our team continues to perform at a high level by delivering industry-leading product availability and excellent customer service, and these strengths have enabled us to win share at appropriate gross margins in a competitive industry.

我們的團隊持續保持高水準的表現，提供業界領先的產品供應和卓越的客戶服務，這些優勢使我們能夠在競爭激烈的行業中以適當的毛利率贏得市場份額。

As we move into the back half of 2023, our gross margin results can vary based on product sales mix in any individual quarter or the timing of the pass-through of acquisition cost changes. But we are maintaining our full year gross margin guidance and continue to expect the back half of the year to fall within the 50.8% to 51.3% range.

進入2023年下半年，我們的毛利率可能會因各季度的產品銷售組合或收購成本變動傳導的時間而有所波動。但我們維持全年毛利率預期不變，並繼續預期下半年毛利率將維持在50.8%至51.3%的區間內。

Inventory per store finished the quarter at $762,000, which was in line with our expectations, up 12% from this time last year and 4% 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. Our AP-to-inventory ratio at the end of the second quarter was 134%, in line with the beginning of the year and slightly better than our expectations, supported by strong sales volumes and inventory turns.

本季末，單店庫存為76.2萬美元，符合預期，較去年同期成長12%，較年初成長4%。我們正朝著2023年底單店庫存成長2%的目標穩步邁進。第二季末，應付帳款與庫存比率為134%，與年初持平，略優於預期，這得益於強勁的銷售量和庫存週轉率。

We are pleased with the health of our supply chain and continued improvements in store in-stock position. It is clear to us that our industry-leading inventory availability has been a key factor driving our robust sales results, and we continue to prioritize deploying the right inventory at the optimal position in our DC, hub and store network.

我們對供應鏈的健康狀況以及門市庫存狀況的持續改善感到滿意。我們深知，業界領先的庫存可用性是推動我們銷售業績強勁成長的關鍵因素，我們將繼續優先考慮在配送中心、樞紐和門市網路中的最佳位置部署合適的庫存。

Turning to our growth initiatives and capital investment. We are extremely excited to complete the very successful opening of our first new O'Reilly distribution center in Guadalajara, Mexico earlier in July. This 370,000 square foot facility will have the capacity to ultimately service 250 stores in the Guadalajara Metro area and surrounding regions in Mexico.

接下來談談我們的成長計劃和資本投資。我們非常高興地宣布，我們在墨西哥瓜達拉哈拉的首個全新歐萊利配送中心已於7月初成功開幕。這座佔地37萬平方英尺的設施最終將能夠為瓜達拉哈拉都會區及週邊地區的250家門市提供服務。

Even more importantly, our new facility will be a game changer for our business model in Mexico. Since our entry into Mexico in 2019, we have supported our inventory strategies by utilizing a network of smaller distribution centers and warehouses that were part of the historical operations of Mayasa. Our new facility gives us the ability to deploy a much more significant inventory investment and leverage this enhanced and highly competitive inventory availability position.

更重要的是，我們的新設施將徹底改變我們在墨西哥的商業模式。自2019年進入墨西哥市場以來，我們一直利用瑪雅薩（Mayasa）原有的小型配送中心和倉庫網路來支撐我們的庫存策略。新設施使我們能夠進行更大規模的庫存投資，並充分利用這項增強且極具競爭力的庫存可用性優勢。

It is our goal in Mexico, just as in all our domestic markets, to be the industry leader in putting the right part in the hands of our customers faster than the competition. And our new facility in Guadalajara provides the necessary platform to execute our strategy. We have a long history of successful distribution center openings, but each new facility is a significant undertaking and requires incredible hard work and coordination across our organization.

我們在墨西哥的目標，就像我們在所有國內市場一樣，是成為行業領導者，比競爭對手更快地將合適的零件送到客戶手中。我們在瓜達拉哈拉的新工廠為執行這項策略提供了必要的平台。我們擁有成功開設配送中心的悠久歷史，但每個新工廠的建設都是一項重大工程，需要我們整個組織付出巨大的努力和協調。

We could not be more pleased with the partnership between our U.S. and Mexico teams that drove the highly successful acquisition, development and opening of this new facility. It is an understatement to say that our store teams in Mexico are very energized by the opportunities that our new distribution center unlocks. And they are dedicated to leveraging all of our competitive advantages as they outwork the competition to grow market share.

我們非常高興美國和墨西哥團隊之間的緊密合作，正是這種合作促成了新設施的成功收購、開發和啟用。毫不誇張地說，墨西哥門市團隊對新配送中心帶來的機會感到無比振奮。他們致力於充分發揮我們的競爭優勢，並努力超越競爭對手，擴大市場佔有率。

From a store growth perspective, we successfully opened 42 stores during the second quarter, bringing our year-to-date total to 100 net new store openings. Our team is on pace to hit our plan of 180 to 190 net new store openings for 2023. Our openings in the first half of the year were very well balanced across our store footprint with new stores coming online in 34 different states, Puerto Rico and Mexico.

從門市成長的角度來看，我們在第二季度成功開設了42家門市，使今年迄今的淨新增門市總數達到100家。我們的團隊正按計畫穩步推進，預計在2023年實現淨新增180至190家門市的目標。今年上半年，我們的新店在門市分佈上實現了非常均衡的佈局，新店遍布美國34個州、波多黎各和墨西哥。

Our ability to spread our growth across many markets positions us to be highly selective in hiring and training the outstanding teams that drive the success of our new stores. We continue to be pleased with the performance of our new stores and view our organic store growth as a key priority for our use of capital.

我們能夠將成長拓展至多個市場，這使我們能夠精挑細選地招募和培訓優秀團隊，從而推動新店的成功。我們對新店的業績持續感到滿意，並將店內自然成長視為我們資本運用的重中之重。

Total capital expenditures for the first 6 months of 2023 were $461 million, up substantially from the first 6 months of 2022, but in line with our ambitious plans to deploy capital against projects and initiatives that will drive long-term growth and operational gains for our business. We remain on target to hit our capital expenditure guidance range of $750 million to $800 million.

2023年上半年總資本支出為4.61億美元，較2022年上半年大幅增長，但這符合我們雄心勃勃的計劃，即把資金投入到能夠推動業務長期增長和運營效益的項目和計劃中。我們仍有望實現7.5億美元至8億美元的資本支出目標。

To close my comments, I want to once again thank Team O'Reilly for their hard work and continued dedication to our customers.

最後，我要再次感謝 O'Reilly 團隊的辛勤工作和對客戶的持續奉獻。

Now I'll turn the call over to Jeremy.

現在我把電話交給傑瑞米。

Thanks, Brent. I would also like to thank Team O'Reilly for their continued hard work and exceptional professionalism. Now we will cover some additional details on our second quarter results and guidance for the remainder of 2023.

謝謝布倫特。我也要感謝奧萊利團隊的持續努力和卓越的專業精神。接下來，我們將詳細介紹第二季業績以及2023年剩餘時間的業績展望。

For the quarter, sales increased $398 million driven by a 9% increase in comparable store sales and a $75 million noncomp contribution from stores opened in 2022 and 2023 that have not yet entered the comp base.

本季銷售額成長 3.98 億美元，主要得益於同店銷售額成長 9%，以及 2022 年和 2023 年新開店（尚未計入同店銷售額）帶來的 7,500 萬美元非同店銷售額貢獻。

Brad covered our SG&A expense in the quarter in detail, but I did want to provide some additional color on our deferred compensation plan expenses given the nature of how this plan runs through our income statement. For many years, the company has sponsored a nonqualified deferred comp plan for team members whose participation would otherwise be limited in our qualified 401(k) plan. Since this is a nonqualified plan, the company maintains a liability for the obligation to pay the value of the deferred compensation to team members in the future, adjusted to reflect asset performance and also holds a corresponding asset for the fully funded and participant-directed assets in the plan.

Brad 在本季詳細介紹了我們的銷售、管理及行政費用，但鑑於遞延薪酬計劃在損益表中的具體體現方式，我想就該計劃的費用補充一些資訊。多年來，公司一直為那些原本無法參與合格 401(k) 計畫的團隊成員設立非合格遞延薪酬計畫。由於這是一項非合格計劃，公司需承擔未來向團隊成員支付遞延薪酬的負債，該負債會根據資產表現進行調整；同時，公司也持有相應的資產，用於存放計劃中已全額出資且由參與者支配的資產。

However, market value changes in the plan are reflected on different line items on our income statement with an increase in value driving an increase in SG&A expense and an offsetting benefit below the line in other income. Historically, the net impact has not been significant to either line item, but given the increased size of the planned assets and the more significant market value changes both in the second quarter of 2023 and 2022, we wanted to highlight the difference so that you will be able to update your models.

然而，該計劃中市場價值的變化反映在我們損益表的不同項目中：價值增加會導致銷售、管理及行政費用（SG&A）增加，而其他收入則會產生相應的抵銷收益。從歷史數據來看，對這兩個項目的淨影響都不大，但鑑於計劃資產規模擴大，且2023年第二季度和2022年第二季度的市場價值變化更為顯著，我們希望強調這一差異，以便您能夠更新您的模型。

The year-over-year swing in the market values of planned assets drove a $9 million increase in SG&A expense or 24 basis points with a corresponding $9 million year-over-year favorable change in other income and expense.

計劃資產市場價值的同比波動導致銷售、一般及行政費用增加了 900 萬美元，即 24 個基點，同時其他收入和支出也相應出現了 900 萬美元的同比有利變化。

Our second quarter effective tax rate was 22.5% of pretax income, comprised of a base rate of 24.3%, reduced by a 1.8% benefit from share-based compensation. This compares to the second quarter 2022 rate of 23.8% of pretax income, which was comprised of a base rate of 24.3% reduced by 0.5% benefit from share-based compensation. Our second quarter base tax rate was in line with our expectations with the total effective tax rate below our expectations due to the higher-than-planned benefits from share-based compensation.

我們第二季的實際稅率為稅前利潤的22.5%，其中基本稅率為24.3%，並扣除了1.8%的股權激勵收益。相較之下，2022年第二季的實際稅率為稅前利潤的23.8%，其中基本稅率為24.3%，並扣除了0.5%的股權激勵收益。我們第二季的基本稅率符合預期，但由於股權激勵收益高於預期，實際稅率低於預期。

For the full year of 2023, we now expect an effective tax rate of 22.5% comprised of a base rate of 23.4%, reduced by a benefit of 0.9% from share-based compensation. Our fourth quarter effective tax rate is expected to be lower than the other 3 quarters due to the totaling of certain tax periods. Variation 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22.5%，其中基本稅率為23.4%，並扣除0.9%的股權激勵稅優惠。由於部分稅務期間的累計，預計第四季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季度稅率出現波動。

Now we will move on to free cash flow and the components that drove our results. Free cash flow for the first 6 months of 2023 was $1.2 billion, in line with the first half of 2022, with growth in income and a benefit from favorable timing of tax payments and disbursements for renewable energy tax credits, offset by increased capital expenditures in 2023 versus the prior year and a lower benefit from a reduction in net inventory this year versus 2022. For 2023, we now expect free cash flow at a range of $1.9 billion to $2.2 billion, up $100 million from our previous guidance range based on operating cash flow performance in the first half of the year.

接下來，我們將討論自由現金流及其構成要素。 2023年上半年的自由現金流為12億美元，與2022年上半年基本持平，這主要得益於收入增長以及稅收支付和可再生能源稅收抵免款項發放的有利時機，但部分被2023年資本支出較上年增加以及淨庫存減少帶來的收益低於2022年所抵消。鑑於上半年的營運現金流表現，我們預計2023年全年自由現金流將在19億美元至22億美元之間，較先前的預期範圍上調1億美元。

Moving on to debt. We finished the second quarter with an adjusted debt-to-EBITDA ratio of 1.92x, 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。第二季末，我們調整後的負債與EBITDA比率為1.92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 second quarter, we repurchased 0.8 million shares at an average share price of $904.37 for a total investment of $680 million. Year-to-date, through our press release yesterday, we repurchased 2.2 million shares at an average share price of $855.22 for a total investment of $1.9 billion. 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.

我們對股票回購計畫的執行情況依然感到滿意。第二季度，我們以平均每股904.37美元的價格回購了80萬股股票，總投資額達6.8億美元。截至昨日新聞稿發布之時，今年以來我們已回購了220萬股股票，平均每股價格為855.22美元，總投資額達19億美元。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，與我們業務未來預期現金流量的折現值相符。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。

As a reminder, the updated EPS guidance outlined by Greg earlier includes the impact of shares repurchased through this call but does not include any additional share repurchases.

提醒一下，Greg 先前概述的最新 EPS 指引包含了透過本次電話會議回購的股票的影響，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 continued dedication to the company's long-term success.

最後，在正式開始回答各位的問題之前，我想再次感謝 O'Reilly 團隊全體成員為公司的長期成功所做的持續貢獻。

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

我們的發言到此結束。現在，請接線員馬修回到電話線，我們將樂意回答您的問題。

(Operator Instructions) Your first question is coming from Simeon Gutman from Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的西蒙古特曼。

It's Simeon Gutman. Congratulations to Brad, Brent and Greg. My first question is market share. It looks like the spread with O'Reilly in the industry is accelerating, at least it has in this calendar year. A question as to what do you attribute it. The only thing that we could put our finger on is a year ago, the PPI initiative. So maybe it just took a year for those investments to rue. So curious what you're take on the market share acceleration is due to.

我是西蒙古特曼。恭喜布拉德、布倫特和格雷格。我的第一個問題是關於市場佔有率。看起來奧萊利在產業內的市佔率正在加速成長，至少在今年是如此。我想知道這歸因於什麼。我們唯一能想到的因素是一年前的PPI計劃。所以也許這些投資需要一年的時間才能見效。因此，我很想知道您對市場佔有率加速成長的原因有何看法。

Yes. Simeon, thanks. It's Brad. Yes, I think the PPI is a little bit easy to point to because it's a little bit more tangible for everybody who looks into our company. But I would say that if you talk to our operators like we do every day, the biggest thing we're seeing is just a huge opportunity starting with our team, our culture. The things we've done to stabilize our team to rebound from kind of the COVID hangover in terms of some of the turnover and maybe what was subpar for us from a service standpoint is we just feel really great, first and foremost, about the teams we build, what we're doing with our human capital and the service that our store teams, our distribution teams and our corporate offices are providing.

是的，西蒙，謝謝。我是布拉德。是的，我認為PPI指標比較容易衡量，因為它對所有了解我們公司的人來說都比較直觀。但我想說的是，如果你像我們每天一樣與我們的營運人員交流，你會發現我們看到的最大機會在於我們的團隊和企業文化。為了穩定團隊，幫助團隊從新冠疫情帶來的人員流動以及服務方面的一些不足中恢復過來，我們採取了一些措施。首先，我們對我們組建的團隊、我們的人力資本以及我們的門市團隊、配送團隊和公司總部提供的服務感到非常滿意。

Second thing I would say is that, especially from operations and sales, the first thing they point to when we talk to them about what we're seeing in the market, Simeon, is the position we're in from a supply chain standpoint. As you know as good as anybody, our immediacy of need in nondiscretionary business, it's all about -- on both sides of the business, it's all about who has the right part at the right place at the right time.

第二點我想說的是，尤其是在營運和銷售方面，當我們和他們談到我們目前在市場上看到的情況時，西蒙，他們首先提到的就是我們從供應鏈角度所處的境地。如你所知，在非必需品業務中，我們迫切需要的是——無論對供應鏈還是對產品本身而言——關鍵在於誰能在正確的時間、正確的地點提供正確的零件。

And I just couldn't be more pleased with the job that Brent and the merchant team, the inventory management purchasing team and our distribution teams are doing for our store operators. They have just got us in a better position than we've been in a long time. And we feel like we're playing from a position of strength from the team side, from the supply chain side and all the work we're doing with our professional customers out in the field every day making sales calls. And then obviously, we still feel good about everything we did with PPI.

我對布倫特和採購團隊、庫存管理採購團隊以及我們的配送團隊為門市營運人員所做的工作感到無比滿意。他們讓我們處於近年來最佳的境地。我們感覺，無論從團隊層面、供應鏈層面，或是從我們每天與第一線銷售客戶的合作來看，我們都處於優勢地位。當然，我們仍然對與PPI合作的所有成果感到滿意。

Yes. Simeon, if I could maybe add to what Brad said there, first of all, thanks for the congrats. And Brad did a nice job of expressing confidence in the supply chain team and our inventory position. Obviously, as we've said over and over again, we've got to be competitive on price, which we are and continue to be and will continue to be. But what outweighs price is inventory availability and service level. And Brad and his teams in the field have just done an outstanding job of making sure we're positioned to provide the highest level of service in the industry.

是的。西蒙，如果可以的話，我想補充布萊德剛才說的話。首先，謝謝你的恭喜。布拉德很好地表達了他對供應鏈團隊和我們庫存狀況的信心。顯然，正如我們一再強調的，我們必須在價格上保持競爭力，而我們現在做到了，將來也會繼續保持下去。但比價格更重要的是庫存可用性和服務水準。布拉德和他的團隊在確保我們能夠提供業內最高水準的服務方面做得非常出色。

Yes. And maybe the follow-up on that point, this year, you're investing it sounds like a little more at stores to get the experience improved. Service was part of it. Is there a case that you should continue to lean in given that you have transitions happening at competitors? Might we see that the flow-through be a little weaker, as you should just lean into the business especially given how strong it is? Is that a thought that investment mode may continue?

是的。關於這一點，今年你們似乎加大了對門市的投資，以提升顧客體驗。服務是其中一部分。考慮到競爭對手正在經歷轉型，你們是否應該繼續加大投入？鑑於你們的業務如此強勁，是否意味著你們應該更加專注於自身業務，從而導致利潤分成略有下降？你們是否考慮繼續保持這種投資模式？

Yes. Great question, Simeon. And I think you've picked up, I think, the key thesis behind this. As we've talked about it, really all year, they're coming into 2023. We've just identified areas that we felt really from a long-term perspective allow us to invest within our business and continue to really double down on the momentum that we've seen.

是的，西蒙，問得好。我想你已經抓住了其中的關鍵論點。正如我們今年一直在討論的，他們即將進入2023年。我們已經確定了一些領域，從長遠來看，這些領域能夠讓我們在業務上進行投資，並繼續鞏固我們已經看到的良好發展勢頭。

For us to have, I think, such a sustained expense control culture within our organization for such a long period of time, that's a substantial undertaking to think about it in those ways and to move forward. And absolutely, as we've done that, that has been very focused and targeted towards a strong return on those dollars that we're spending in. And we've thought about that from a long-term perspective.

我認為，在我們公司內部長期維持如此穩定的成本控製文化，是一項意義重大的挑戰，需要我們認真思考並不斷推進。的確，我們一直以來都非常注重確保每一分錢都物有所值。而且，我們也是從長遠的角度來考慮這個問題的。

We -- here we are, we sit in July halfway through a year, and I think we've given clear expectations around where we think we'll finish out the year. And funny, we don't really provide guidance for 2024 until later on and we get closer. So I think it's a little bit premature for us to, I think, talk too specifically about that.

現在是七月，一年已經過半，我認為我們已經明確表達了對今年年底業績的預期。有趣的是，我們直到接近2024年才會給予具體的指導。所以我覺得現在談論2024年的具體情況還為時過早。

For sure, 2023 has been a high year for us. But at the same time, to your question, I'm not going to say that as we move forward, we won't find other opportunities for us to invest in our business, and we'll continue to do so aggressively where we feel like that's appropriate.

當然，2023年對我們來說是碩果累累的一年。但同時，回答你的問題，我不會說未來我們不會尋找其他投資機會，我們會在認為合適的地方繼續積極投資。

Having said that, we have an expense control focus. We're diligent in how we manage to that. And it's our expectation that we'll continue to see the levels of productivity on a long-term basis and improvements in how we think about the returns on our operating cost spend that is consistent with what we've seen over the long course of our business.

儘管如此，我們仍然非常重視成本控制。我們認真負責地執行成本管理。我們期望長期保持目前的生產力水平，並不斷改進我們對營運成本回報的評估，使其與我們長期以來的業務發展狀況保持一致。

Well done. Good luck in the second half.

幹得好。祝你下半季好運。

Thanks, Simeon.

謝謝你，西蒙。

Thanks, Simeon.

謝謝你，西蒙。

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

下一個問題來自 Evercore ISI 的 Greg Melich。

My first question is on the same-SKU rate of disinflation. I think you said it's coming in as planned. Could you just update us on what that actually was in the quarter and what you expect it to be in the back half?

我的第一個問題是關於同SKU價格下降率的。我記得您說過價格下降率按計劃進行。您能否更新本季實際的下降率是多少，以及您對下半年的預期？

Yes, Greg. We -- I think we had said that it was mid-single digits in the quarter. We think that moderates in the back half of the year. It won't get all the way to flat. But we would expect it to -- by the time we kind of exit this year, at that stage, you're really just talking about kind of what we've seen in the current year from a year-over-year perspective.

是的，格雷格。我們——我想我們之前說過，本季增速是中個位數。我們認為下半年增速會放緩。不會完全持平。但我們預計，到今年年底，到那時，我們實際上只是在討論今年以來同比的情況。

And we've kind of -- as Greg mentioned in -- or I'm sorry, as Brent mentioned in his comments, we've kind of normalized to what we think are more kind of historical long-term rates there. So that would -- that puts you kind of in the low single-digit range. But really, as Brent mentioned, that's all falling -- almost directly in line with what we would have anticipated for this year.

正如格雷格所提到的——或者抱歉，正如布倫特在他的評論中提到的——我們基本上已經將利率調整到了我們認為更接近歷史長期水平的水平。所以，利率會降到個位數。但實際上，正如布倫特所提到的，利率都在下降——幾乎完全符合我們對今年的預期。

Got it. And then maybe you talk a little bit about the category mix that you're seeing in both pro and DIY. It sounded like some of the bigger-ticket stuff with some of your competitors got a little softer, maybe some trade-out happening in those categories or batteries, how some of these things are doing on both sides of the house.

明白了。接下來，您能否稍微談談您在專業和DIY領域觀察到的產品類別組合？聽起來，一些競爭對手的高價產品銷售量有所下降，或許這些類別（例如電池）出現了一些產品替代的情況，以及這些產品在專業和DIY市場的表現。

Yes, Greg. Well, I'll speak to a little bit of that in terms of categories at a high level. I mean we always are looking for -- we have complete lines across good, better, best product offerings. We're always looking, is there any trade-down, trade-across, trade-up, depending on where the consumer is.

是的，格雷格。嗯，我會從宏觀層面簡單談談產品類別。我的意思是，我們一直在尋找——我們擁有涵蓋好、更好、最好的完整產品線。我們一直在思考，根據消費者的需求，是否有降級、升級或中級的選擇。

And similar to what we saw in the first quarter and how we answered this question on the call a quarter ago, we actually saw a little bit of a trade-up from better to best and good kind of stayed where -- at the normal baseline that we've seen historically there. So we're not seeing trade-down with the consumer at this point.

與我們第一季觀察到的情況以及上個季度電話會議上對此問題的回答類似，我們確實看到消費者從“較好”轉向“最佳”，而“良好”則基本上保持在歷史正常水平。因此，目前我們沒有看到消費者出現「降級」的情況。

I mean in terms of categories where we have seen strength, I would attribute a lot of that strength to better in-stock position in categories like radiators and, in some case, brake components versus where we were a year ago on a comparable basis or even where we were in first quarter on some of those categories. So we continue to see our store in-stock position improve. And as we talked about in our prepared comments, we really believe that's a huge contributor to our share gains.

我的意思是，就我們表現強勁的品類而言，我認為這主要歸功於我們庫存狀況的改善，例如散熱器以及某些煞車部件等品類，與去年同期相比，甚至與第一季度相比，庫存狀況都有所提升。因此，我們看到門市庫存狀況持續改善。正如我們在事先準備好的評論中所提到的，我們堅信這是我們市場佔有率成長的重要因素。

Yes, Greg, this is Greg. I just might add one comment there. In addition to what Brent said, we continue to also see strength and growth in our proprietary brands as well. They currently make up over half of our sales overall.

是的，格雷格，我是格雷格。我還要補充一點。除了布倫特所提到的，我們的自有品牌也持續保持強勁成長動能。目前，自有品牌的銷售額占我們總銷售額的一半以上。

Got it. That's great and good luck.

明白了。太好了，祝你好運。

Yes. Thanks, Greg. Appreciate it.

是的，謝謝你，格雷格，感激不盡。

Your 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。

Congratulations to everybody on their updates. My first question is as you -- can you talk about what you're seeing from a national accounts versus the "up and down the street" business perspective? Is one of relative strength? Are you seeing any pricing differential in those 2 businesses? It sounds like the answer is no. And then lastly, I think it would be helpful maybe if you could size how much national accounts contribute to the overall business.

恭喜大家更新了業績。我的第一個問題是，能否請您談談從全國性客戶和「街邊小店」這兩個角度來看，您觀察到的情況有何不同？兩者之間是否存在相對優勢？您是否觀察到這兩種業務在定價方面有差異？聽起來答案是否定的。最後，如果您能估算全國性客戶對整體業務的貢獻，那就更好了。

Chris, it's Brad. I'll start this one, and a couple of others may want to jump in. But great question. I think, as you know, us growing our company over the last few decades from humble beginnings here in the center part of the country and growing out toward the coast through acquisition and greenfield expansion. We founded our company on the independent garage, the -- what you call the "up and down the street" accounts, the small everything from a shade tree mechanic to the larger independent garages that compete very well with the larger players.

克里斯，我是布萊德。我先來，其他人可能也想參與討論。這個問題問得很好。如你所知，在過去幾十年裡，我們公司從美國中部地區起步，透過收購和新建項目，逐步發展壯大，最終走向沿海地區。我們最初服務的對像是獨立修車廠，也就是你所說的“街邊小店”，從路邊修車工到規模較大的獨立修車廠，我們幾乎都服務過，而這些大型修車廠與大型連鎖企業競爭非常激烈。

And then obviously, as we've grown over time, you have your small accounts, you have your midsized accounts. And then obviously, we do have a sizable book of strategic account business that's made up of both national players and regional players.

當然，隨著我們業務的不斷發展，我們既有小型客戶，也有中型客戶。此外，我們還擁有相當可觀的策略客戶業務，其中包括全國性企業和區域企業。

Part of that, as you know, Chris, is we still have that gap in footprint. We have kind of in the upper Mid-Atlantic and going up into New York in those markets that doesn't always match up with some of the biggest national players. So that's still an opportunity for us as we build out the U.S. But really from what we've seen from your direct question about kind of what we're seeing in our share gains and momentum and how that relates to pricing on the street, we're seeing every bit of our business grow very consistently from the small shops, the larger independent garages, our strategic accounts, all that is very consistent in what we're seeing.

正如你所知，克里斯，部分原因在於我們的業務覆蓋範圍仍然存在差距。我們在大西洋中部北部以及紐約等地的市場覆蓋範圍，並不總是能與一些最大的全國性企業相提並論。因此，隨著我們在美國市場的拓展，這仍然是一個機會。但從你直接提出的問題來看，關於我們市場份額的成長和發展勢頭，以及這與市場定價之間的關係，我們看到，從小型維修店、大型獨立維修廠到戰略客戶，我們所有業務都在持續穩定成長。

And we've never quantified the exact how that splits out between our strategic and our other book of business. But I would tell you that our -- by far, the foundation of our professional business is the independent garage in the way that we built that from the ground up.

我們從未量化過戰略業務和其他業務的具體構成。但我可以肯定地說，我們專業業務的基石，是我們白手起家建立起來的獨立修車廠。

Yes. Chris, I'd just add one thing to that, maybe in respect to your size question. Brad talked about it, those are -- the national and regional account, they're very important customers to us. They're an important part of our business. But we may differ from others in that the relative size of that business for us is not so significant that it's a huge need to move into our overall performance.

是的，克里斯，我只想補充一點，可能跟你問的規模問題有關。布拉德也提到過，那些——全國性和區域性客戶——對我們來說非常重要，是我們業務的重要組成部分。但我們可能與其他公司不同的是，這些業務的相對規模對我們來說並不那麼重要，以至於需要大幅提升我們的整體績效。

It's important, as Brad mentioned. It's grown consistently well along with the rest of our business. But it's not a dynamic that has caused our results to be significantly different than the broader base of business.

正如布拉德所提到的，這一點很重要。它與我們其他業務一樣，一直保持著良好的成長勢頭。但這並沒有使我們的業績與整體業務水準產生顯著差異。

Got it. My follow-up question is for you, Jeremy. I mean, if you look back historically, gross margin seasonality is pretty flattish over the year, ex periods where you have inflation or deflation -- I'm sorry, like -- yes, inflation or disinflation in the business. And you talked about things getting back to normal. So I guess, does that -- would that suggest that the back half of the year is maybe in the sort of the upper half of your guide sort of consistent with the year-to-date level?

明白了。我的後續問題是問你的，傑瑞米。我的意思是，回顧歷史數據，毛利率的季節性波動在一年中通常比較平緩，當然，通貨膨脹或通貨緊縮時期除外——抱歉，我說的是——是的，商業中的通貨膨脹或通貨緊縮。你之前也提到情況正在恢復正常。所以我想，這是否意味著下半年的業績可能會達到你預期的上半部分，與年初至今的水平基本一致？

Yes -- no. Thanks, Chris. I appreciate the question. And you've been around our story for a really long time to go back to those periods when you could say that the quarter-to-quarter wasn't impacted by some of the noisy items. The LIFO story itself has been a long history. But I think you're appropriate to identify that, generally speaking, seasonality, it has some impact on our gross margin results. Product mix in any quarter can have some impact as well. But they're going to be, I think, much less muted moving forward than some of the larger variances we've seen.

是的——不。謝謝，克里斯。我很感謝你的提問。你一直關注著我們的發展，能夠追溯到那些季度業績不受某些波動因素影響的時期。後進先出法本身也由來已久。但我認為你指出季節性因素通常會對我們的毛利率產生一定影響是正確的。任何季度的產品組合也會產生一定影響。但我認為，與之前我們看到的一些較大的波動相比，這些影響在未來將會明顯減弱。

I'd tell you, we'd be cautious in saying the guidance would be in the back half of the year -- or is it in the top half of the range in the back half of the year for no other reason than we've seen our professional business continue to perform well.

我會告訴你，我們會謹慎地預測下半年的業績指引——或者說，下半年業績指引會處於區間上半部分，原因僅僅是我們看到我們的專業業務繼續表現良好。

And we give a guidance range for a reason. There's going to be some degree of volatility around product mix and the timing of pricing, and Brent called those out in the script. But we feel comfortable with the guidance range that we've had and really with the strength of our gross margin as we've seen our business accelerate and be successful. It's important for us to be able to grow those sales in the right way, and we've seen that with, I think, the steadiness of our gross margin results.

我們給出業績指引範圍是有原因的。產品組合和定價時機都會有一定程度的波動，布倫特在演講稿中也提到了這一點。但我們對目前的業績指引範圍以及毛利率的穩健表現感到滿意，因為我們的業務正在加速成長並取得成功。對我們來說，以正確的方式實現銷售成長至關重要，而我認為，我們毛利率的穩定性證明了這一點。

Your next question is coming from Scot Ciccarelli from Truist.

你的下一個問題來自 Truist 的 Scot Ciccarelli。

It's Scot Ciccarelli. We're hearing from the field that services facilities are seeing slower tire sales. Presumably, that would stem from increased economic pressures. So the questions are, a, are you hearing similar from your customers? And then, b, even though you guys don't sell tires, you would presumably sell parts on a car being brought in for service. So how much exposure to such a trend could O'Reilly have just from a customer standpoint?

我是Scot Ciccarelli。我們從第一線了解到，服務中心的輪胎銷售正在放緩。這很可能是由於經濟壓力增大所致。所以問題是：第一，你們的客戶是否也反映出類似的情況？第二，雖然你們不直接銷售輪胎，但你們應該會銷售一些汽車維修配件。那麼，從客戶的角度來看，O'Reilly受這種趨勢的影響有多大？

Scot, it's Brad. As you said, we don't sell tires. And I want to be careful not to speak for the professional customer installer base. But what we see generally is kind of good and good, meaning if our shops are selling a lot of tires, then they have wheels off, they have -- they're looking at -- they're doing inspections, they're looking at brake parts, they're looking at the chassis, they're looking at a lot of different things.

史考特，我是布拉德。正如你所說，我們不賣輪胎。我也不想代表專業客戶安裝商群發言。但我們通常看到的都是好情況，也就是說，如果我們的門市賣出了很多輪胎，那麼他們就會卸下車輪，進行檢查，檢查煞車部件，檢查底盤，檢查很多不同的東西。

But then if they're not selling tires, they have a little bit more time on their hands to spend a little bit more time with customers and diagnose better and potentially get ahead of some of the DIFM jobs. So I just want to be careful to answer that too pointed versus that population. But we haven't really seen anything with softer tire sales the way business comes to us. We really haven't seen anything on that front.

但如果他們不賣輪胎，他們就會有更多空閒時間，可以花更多時間與客戶交流，更好地診斷問題，並有可能提前處理一些需要維修的車輛。所以我只想謹慎回答這個問題，避免過於針對特定族群。但我們目前還沒有看到輪胎銷售疲軟導致業務量下降的情況。我們真的沒有看到這方面的任何跡象。

Yes. I think maybe just more broadly, Scot, the consumer that we engage in and interact with continues to be resilient and healthy. We -- as you know, we benefit from just the nature of our industry and the immediacy and need and the key value of that transportation demand being so high that we always tend to be a little bit lagging to others that start to see pressure there.

是的。史考特，我認為更廣泛地說，我們所接觸和互動的消費者群體依然保持著韌性和健康狀態。如你所知，我們受益於我們所在行業的特性，以及運輸需求的緊迫性和關鍵價值，這些需求如此之高，以至於我們總是比其他開始感受到壓力的同行稍微滯後一些。

We're cognizant that in short periods of time, you could see customer reactions. But we still have a lot of confidence in what we see as we interact with our customers. They're valuing the proposition of keeping the cars on the road. There -- it's a good return on their investment. I think we'll continue to see that as we have in past economic cycles. But at this point, we haven't seen any of those types of things that you would point to that would indicate the customer -- or our customers suffering.

我們意識到，短期內可能會出現客戶反應。但我們仍然對與客戶互動中觀察到的情況充滿信心。他們重視車輛上路這項方案。對他們來說，這是一筆不錯的投資報酬率。我認為我們會像過去經濟週期一樣，繼續看到這種情況。但就目前而言，我們還沒有看到任何表明客戶（或我們的客戶）遭受損失的跡象。

And maybe Scot, just maybe to add one other point to the points that Brad and Jeremy have already made. Interestingly enough, we've continued to see strength in undercar, ride control, chassis, a lot of those categories that are getting looked at when the car is up on the rack. So just throw that in as well for color.

史考特，或許我還可以補充一點，補充一下布萊德和傑瑞米已經提到的觀點。有趣的是，我們持續看到車輛在底盤、行駛控制、車身結構等方面表現出色，這些都是車輛升架測試時需要重點關注的方面。所以，也把這一點補充進去吧。

I appreciate that. And then just a quickie on accounts payable if inventory stays pretty elevated. Jeremy, is there any reason that should shift by the time we hit year-end? Or is it just the accelerated sales pace and we should continue to see kind of like 125%-, 130%-type ratio?

我很感激。另外，如果庫存持續高企，應付帳款方面還有什麼需要注意的嗎？傑里米，到年底時，這種情況會有所改善嗎？還是說只是因為銷售速度加快，我們會繼續看到類似125%、130%這樣的比率？

Yes, we would expect it would it would stay at reasonably elevated levels there. Sometimes it can moderate a bit just on seasonality of how some things flow through in the back half of the year within our free cash flow expectations. We've got a little bit of that built in. But we continue to see strong productivity out of existing inventory even as we've added over the course of the last year and the ability to turn that inventory helps us to maintain that negative net investment that is still nice to have.

是的，我們預計它會保持在相當高的水平。有時，由於一些季節性因素的影響，例如下半年某些業務的周轉情況，自由現金流可能會略有回落。我們已經考慮到了這一點。儘管過去一年我們增加了庫存，但現有庫存的周轉率仍然很高，這有助於我們維持負淨投資，這仍然是一件好事。

Your 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。

I would like to add my congratulations to the promotions all around. So the question I have -- the first question, just with respect -- I guess looking to the back half of the year, and you talked about sort of say, the waning benefits of, I guess, inflation from a sales perspective. But as we think about that then, should we also expect on the other side potentially -- at least the potential for more benefits on the gross margin front with potentially easing sourcing costs?

我想對所有升職人員表示祝賀。我的第一個問題，也是第一個問題，請見諒－展望下半年，您提到通貨膨脹對銷售的影響正在減弱。那麼，我們是否也應該預期，隨著採購成本的下降，毛利率方面可能會有更大的提升空間呢？

Yes. Brian, I can start on that. I mean I would just tell you, and I mentioned it in the script, a lot of suppliers are still under some pressure from increased cost of capital, increased raw materials, increased labor cost. I mean we do see that.

是的，布萊恩，我可以先從這方面說起。我的意思是，我只想告訴你，我在稿子裡也提到了，很多供應商仍然面臨資金成本上漲、原物料價格上漲和勞動成本上漲的壓力。我們確實看到了這一點。

We also, though, are always aggressively looking at price and cost of goods and doing everything we can to drive out cost of goods and purchase the best we can. Greg talked a little bit earlier about proprietary brands and our continued strength we see in growth in those proprietary brands. That gives us an opportunity to shop that with multiple suppliers and be multi-sourced in those categories, which is certainly a strategic strength for us and an opportunity on the cost side.

不過，我們也始終積極關注價格和商品成本，盡一切努力降低成本，並採購到最優質的產品。格雷格之前提到自有品牌，以及我們在自有品牌方面持續成長的優勢。這讓我們有機會與多家供應商合作，在這些品類中實現多角化採購，這無疑是我們的策略優勢，也是降低成本的良機。

But I would tell you, in general, the -- a lot of our suppliers would tell you, they're still under cost pressure, as you would expect them to report that. But we feel like we're in a very good position to mitigate that through this period and have done that in many cases.

但總的來說，許多供應商都表示他們仍然面臨成本壓力，這也在意料之中。但我們感覺我們有能力在這個時期很好地緩解這種壓力，而且在很多情況下我們也確實做到了。

Got it. That's helpful. So my follow-up question, just with respect to June. So we've heard others in your sector talk about weaker June, and others in retail talk about a weaker June. I mean it sounds like your business was pretty steady. So I guess the question is, I mean, did you see anything in the month of June to suggest weakness? And if you didn't, can you -- is there an explanation of why O'Reilly performed so much better than others in that month?

明白了，這很有幫助。我的後續問題是關於六月的。我們聽說你們行業的其他公司以及零售業的其他公司都提到六月業績疲軟。我的意思是，聽起來你們的業務相當穩定。所以我想問的是，你們在六月有沒有發現任何疲軟的跡象？如果沒有，你們能否解釋為什麼奧萊利在六月的業績遠超其他公司？

To answer the question directly, right, we didn't see weakness in June. We were pleased with our results for the month. The compares obviously are different month-to-month. But relative to our expectations, it performed as strongly as in the other months, actually a little bit higher. The actual comp, they were all within a really tight band. So we feel positive.

直接回答這個問題，沒錯，我們六月並沒有看到疲軟的跡象。我們對當月的業績感到滿意。當然，每個月的基數肯定不一樣。但相對於我們的預期，六月的表現與其他月份一樣強勁，甚至略好一些。實際的基數比較結果非常接近，所以我們感覺良好。

We obviously week-to-week, month-to-month evaluate all of the individual drivers of our business. And I think it's tough in such a time period to be able to parse out too much what we see versus what others in the marketplace might see. But we saw solid demand really across regions, across categories throughout the quarter.

我們顯然會按週、按月評估業務的各個驅動因素。我認為在這樣的時間段內，很難將我們觀察到的情況與市場上其他公司可能看到的情況區分開來。但我們看到，整個季度各個地區、各個品類的需求都非常強勁。

I appreciate it. Congrats again.

謝謝。再次恭喜。

Thanks, Brian.

謝謝你，布萊恩。

Thanks, Brian.

謝謝你，布萊恩。

Your next question is coming from Kate McShane from Goldman Sachs.

下一個問題來自高盛的凱特·麥克沙恩。

We just wanted to make sure that aside from the moderating inflation and some of the challenging ticket count compares, if there was anything else driving the sequentially lower comp outlook for the second half of the year.

我們只是想確認，除了通膨放緩和一些具有挑戰性的票務數量比較之外，是否還有其他因素導致下半年同業收益預期環比下降。

No, Kate. I mean, I think you've identified what really we've talked about since we established our guidance at the beginning of the year. Most of the cadence differences as we move quarter-to-quarter throughout 2023 in the actual math that pushes out our comp, it relates to the way volumes flowed in, in 2022. So for sure, there's a waning same-SKU benefit.

不，凱特。我的意思是，我認為你已經指出了我們自年初制定業績指引以來一直在討論的重點。 2023年各季度業績調整過程中，實際計算出的同店銷售額差異，大部分都與2022年的銷售流入方式有關。所以，同店銷售成長優勢確實在逐漸減弱。

'22 is also a unique year for us, really on both sides of our business where from a transaction perspective, the back half was stronger than the first half for different reasons. The DIY, we faced some pressure in the front half of last year for just volatility in the overall macro economy and then responded better. And then on the professional side, we've continued to see ramp growth there from a transaction perspective.

2022年對我們來說也是特別的一年，我們業務的上下兩部分都呈現出這種變化。從交易量來看，由於不同的原因，下半年的表現都優於上半年。去年上半年，由於宏觀經濟整體波動，我們在DIY業務方面面臨了一些壓力，但之後我們做出了更好的應對。而在專業服務方面，從交易量來看，我們持續看到快速成長。

Really, as we think about the balance of the year, nothing has changed about where we would expect on a sequential volume basis to be our overall business when we think week-to-week from a dollar standpoint. We're anticipating to remain consistent and strong. We're excited about the trends that we've produced in the business.

展望今年剩餘時間，從週銷售額的角度來看，我們對整體業務的預期與預期並沒有太大變化。我們預計業務將保持穩定強勁的成長動能。我們對業務發展趨勢感到非常興奮。

Your next question is coming from Mike Baker from D.A. Davidson.

下一個問題來自 D.A. Davidson 的 Mike Baker。

Real quick, can you just talk about the heat that we're seeing throughout the country and how this impacts your business? And specifically, I think you said -- I hate to put -- to have 2 short term, but you said that July was continuing the strength that you saw in June with incremental benefit from the weather. So does that actually mean that July was better than June?

簡單問一下，您能否談談目前全國範圍內的高溫天氣以及這對貴公司業務的影響？特別是，您之前說過——雖然不太想這麼說——短期來看，七月份的業績延續了六月份的強勁勢頭，並且受益於天氣因素。那麼，這是否意味著七月份的業績比六月更好呢？

Thanks, Mike. It's Brad. Yes. As you know, heat -- we like heat, we like extremes, and we work in enough markets, especially where the hot weather really contributes to failure and weather be immediate. One thing to remember about heat is a lot of time, something like a battery, heat kills batteries, but then it fails in the winter. So we want to be a little bit cautious.

謝謝，麥克。我是布拉德。是的。如你所知，高溫——我們喜歡高溫，喜歡極端天氣，我們在許多市場都有業務，尤其是在那些高溫天氣會直接導致故障的地區。關於高溫，要記住的一點是，很多時候，例如電池，高溫會損壞電池，但到了冬天它又會失效。所以我們要謹慎一點。

But overall, we're really excited about where our business is. We're excited where we ended the quarter, and we're really excited about how we started July. We're always a little bit careful with a 3-week period, but there's no doubt in our minds that what we're seeing in the market and -- relating to weather that the heat is good for us, and we're doing everything we can to capitalize on it.

但總的來說，我們對目前的業務狀況感到非常興奮。我們對上一季末的業績感到滿意，也對七月初的開局感到非常興奮。我們總是對三週的周期保持謹慎，但我們確信，我們所看到的市場趨勢，以及天氣炎熱的天氣，都對我們有利，我們正在盡一切努力抓住這個機會。

Yes, Mike. Brad said it right. We don't ever overreact to 3-week periods of time. But it should come as no surprise, you walk outside, you know that, that hot weather is good for us. And that's how we would, I think, frame Brad's comments in the prepared comments around that is, yes, we've seen the benefit that you would expect to see with the weather we've had.

是的，麥克。布拉德說得對。我們從來不會對三週的時間反應過度。但這應該不足為奇，你走到戶外就知道，炎熱的天氣對我們有益。我想，我們也會這樣回應布拉德在準備好的評論中的觀點：是的，我們已經看到了這種天氣帶來的益處。

Great. Excellent. One more quick follow-up. The deferred compensation impact in the second quarter that you talked about, that $9 million shift, do we -- does that continue into the third and fourth quarter? I presume if it does or doesn't, that's in the guidance, but just trying to think about how to think about that in terms of our models.

好的，非常感謝。還有一個後續問題。您提到的第二季遞延薪酬的影響，也就是那900萬美元的變動，會延續到第三季和第四季嗎？我想，無論是否延續，都會在業績指引中說明，但我只是想了解一下，在我們的模型中應該如何看待這個問題。

Yes. We don't -- you know we don't do a lot of forecasting within our guide there. We hate to even talk about it, but it does create noise on that other income and expense line. It just really kind of depends on the broader market activity that impacts those accounts. And in normal periods, it's not a needle mover, but it just happened to coincide in the second quarter that it creates noise.

是的。你知道，我們的業績指引裡很少做預測。我們甚至不想談這個，但它確實會對其他收入和支出項目造成影響。這很大程度上取決於影響這些帳戶的整體市場活動。在正常時期，這不會造成太大影響，但恰好在第二季度造成了影響。

Understood. So in other words, it wasn't a catch-up in the second quarter. It has to do with, I presume, the increase in the stock price during the quarter.

明白了。所以換句話說，第二季並非業績追趕，而是與該季股價上漲有關。

Yes. When the market recovers, we see the liability go up, the assets go up. It's a net nothing. It literally -- it perfectly offsets, it just creates noise.

是的。當市場復甦時，我們看到負債增加，資產也增加。淨值沒有變化。實際上，兩者完全抵消，只會造成一些波動。

Right. It's important, though, because it makes looks like your SG&A is higher than expected and that the only reason why you beat earnings is because of below-the-line items. But -- so I think it's important to understand it's just a change in the geography.

沒錯。但這很重要，因為它會讓人覺得你的銷售、管理及行政費用高於預期，而你獲利超預期只是因為那些非經常性項目。但是——所以我認為重要的是要明白，這只是地理位置的變化。

Yes, agreed.

是的，同意。

Your next question is coming from Seth Bashman (sic) [Seth Basham] from Wedbush Securities.

你的下一個問題來自 Wedbush Securities 的 Seth Bashman（原文如此）[Seth Basham]。

Sales productivity on a per employee basis was very strong, reaching on a new record by my calculation. I mean, first, do you see this as sustainable? And then second, can you provide more color on wages and benefits in the quarter and how you expect them to trend going forward on a year-over-year growth basis?

以員工人均計算的銷售效率非常強勁，據我計算，創下了新紀錄。我的意思是，首先，您認為這種成長動能持續嗎？其次，您能否詳細說明本季的薪資和福利情況，以及您預計未來一年薪資和福利的年增趨勢？

Yes. So maybe I can start there and then others can chime in, Seth, and probably answer the second question first. Overall, from a workforce perspective, continuing to see pressure from a wage rate standpoint there. I'd tell you, it's largely in line with what we're seeing with the inflation benefit that we've seen on our top line. And all of that were within our expectations.

是的。所以也許我可以先從這裡開始，然後其他人可以補充，塞思，我可能會先回答第二個問題。總的來說，從勞動市場的角度來看，薪資水準持續面臨壓力。我可以告訴你，這與我們觀察到的通膨對營收的影響基本一致。所有這些都在我們的預期之內。

I know Brad talked about the SG&A as we've seen the opportunities to invest. But none of our spend outside of our original guide was driven by wage rates. Those were in line with where we had expected.

我知道布拉德談到了銷售、管理及行政費用，因為我們看到了投資機會。但我們超出最初指導範圍的任何支出都不是受工資水準影響的。薪資水準與我們的預期一致。

And we continue to anticipate that we'll have opportunities from an investment perspective in the team member experience enhancements that we've had. We felt very positive about those. I talked about those at length. Those start to moderate just on a comparison basis as we move throughout the year for the things that we've been executing.

我們仍然預期，從投資角度來看，我們在提升團隊成員體驗方面會有很多機會。我們對此非常樂觀，我之前也詳細討論過這些。但隨著時間的推移，與我們一直在執行的其他項目相比，這些機會的吸引力會逐漸減弱。

In terms of where that's driven us from a productivity perspective on the sales per team member, absolutely. We're seeing a very robust top line. And Brad talked about it at length in the sense that we really believe that we're winning business based upon the strength of our team and the service and value that they're providing. And we think that our ability to double down on the strength of our team is really going to help us continue to sustain that and improve it as we move forward.

從生產力角度來看，就每位團隊成員的銷售而言，這確實對我們產生了正面影響。我們的營收成長非常強勁。布拉德對此進行了深入探討，他認為我們堅信，我們贏得業務的關鍵在於我們團隊的實力以及他們提供的服務和價值。我們相信，進一步增強團隊實力將有助於我們維持並持續提升這項優勢。

Got it. Congrats to Greg, Brad and Brent.

明白了。恭喜格雷格、布拉德和布倫特。

Thanks, Seth.

謝謝你，塞思。

Thanks, Seth.

謝謝你，塞思。

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, Matthew. We'd like to conclude our call today by thanking the entire O'Reilly team for your unwavering dedication and the great results you've generated in the first half of 2023. I'd like to thank everyone for joining the call today, and we look forward to reporting our third quarter results in October. Thank you.

謝謝馬修。今天電話會議的最後，我們要感謝奧萊利團隊全體成員的堅定奉獻，以及你們在2023年上半年取得的卓越成績。感謝各位今天參加電話會議，我們期待在10月公佈第三季業績。謝謝。

Thank you. This concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。今天的活動到此結束。您可以斷開連接了，祝您度過美好的一天。感謝您的參與。