O'Reilly Automotive Inc (ORLY) 2023 Q3 法說會逐字稿

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

歡迎參加歐萊利汽車公司2023年第三季財報電話會議。我是霍莉，將擔任本次電話會議的接線生。 （接線生操作說明）

I will now turn the call over to Jeremy Fletcher. Mr. Fletcher, you may begin.

現在我將把電話交給傑里米·弗萊徹先生。弗萊徹先生，您可以開始了。

Thank you, Holly. Good morning, everyone, and thank you for joining us.

謝謝你，霍莉。大家早安，感謝各位的參與。

During today's conference call, we will discuss our third quarter 2023 results and our outlook for the remainder of the year. After our prepared comments, we will host a question and answer period.

在今天的電話會議中，我們將討論2023年第三季業績以及今年剩餘時間的展望。在事先準備好的發言之後，我們將安排問答環節。

Before we begin this morning, I would like to remind everyone that our comments today contain forward-looking statements and we intend to be covered by, and we claim the protection under the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. You can identify these statements by forward-looking words such as estimate, may, could, will, believe, expect, would, consider, should, anticipate, project, plan, intend or similar words. The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest annual report on Form 10-K for the year ended December 31, 2022, and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

在今天上午會議開始之前，我想提醒各位，我們今天的發言包含前瞻性陳述，我們意圖並主張受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。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，公司的實際業績可能與任何前瞻性陳述存在重大差異。本公司不承擔更新本次電話會議中任何前瞻性陳述的義務。

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

在此，我謹向大家介紹格雷格·約翰遜。

Thanks, Jeremy. Good morning, everyone, and welcome to the O'Reilly Auto Parts third quarter conference call.

謝謝傑里米。大家早安，歡迎參加歐萊利汽車配件公司第三季財報電話會議。

Participating on the call with me this morning are our Co-President, 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.

今天早上與我一起參加電話會議的有我們的聯合總裁布拉德·貝克漢姆和布倫特·柯比，以及我們的首席財務官傑里米·弗萊徹；我們的執行董事長格雷格·亨斯利；還有我們的執行副董事長大衛·奧萊利也參加了電話會議。

I'd like to begin today's call by congratulating Team O'Reilly on outstanding results in the third quarter and express my deep appreciation to our team of over 88,000 professional parts people for their steadfast dedication to our customers. This unwavering commitment to excellent customer service is the hallmark of O'Reilly Auto Parts and the key to earning our customers' business every day.

首先，我要祝賀歐萊利團隊在第三季度取得了卓越的業績，並對我們超過88,000名專業的零件員工表示衷心的感謝，感謝他們始終如一地為客戶服務。這種對卓越客戶服務的堅定承諾是歐萊利汽車零件的標誌，也是我們每天贏得客戶信賴的關鍵。

Our team's ability to deliver sustained profitable growth is evidenced by a robust 8.7% increase in comparable store sales coupled with a 17% increase in diluted earnings per share for the third quarter. Our results have exceeded our expectations throughout the year driven by the team's high level of execution.

我們團隊持續獲利成長的能力體現在第三季同店銷售額強勁成長8.7%，稀釋後每股盈餘成長17%。全年業績均超乎預期，這主要得益於團隊高效的執行力。

Service and product availability are critical pieces of our value proposition and our ability to remain intensely focused on these fundamentals has continued to drive growth on both the professional and DIY sides of our business.

服務和產品供應是我們價值主張的關鍵組成部分，而我們始終專注於這些基本要素的能力，也持續推動了我們業務在專業領域和 DIY 領域的成長。

As we announced in July, upon my retirement in January, Brad Beckham will be promoted to the position of Chief Executive Officer, and Brent Kirby will be promoted to the role of Company President. Brad and Brent are tremendous leaders who bring world-class ability, experience and passion to their -- I'm sorry, yes, and passion into their new roles. Even more importantly, Brad and Brent are incredible standard bearers of the O'Reilly culture, and I'm very excited about what our future holds under their leadership.

正如我們在七月宣布的那樣，我將於一月份退休，屆時布拉德·貝克漢姆將晉升為首席執行官，布倫特·柯比將晉升為公司總裁。布拉德和布倫特都是傑出的領導者，他們將世界一流的能力、經驗和熱情帶到了他們的新職位上——抱歉，是的，還有熱情。更重要的是，布拉德和布倫特是奧萊利企業文化的傑出代表，我對他們領導下公司的未來充滿期待。

Our transition of the operations of the company to Brad and Brent has progressed smoothly and seamlessly and as a result, today's earnings call represents my last call as CEO. As such, it is appropriate for me to leave the bulk of our discussion of the third quarter results to Brad, Brent and Jeremy. But before I turn the call over, I would like to thank our shareholders for their continued confidence in and support of our company during my tenure as CEO.

公司營運向布拉德和布倫特的過渡進展順利，因此，今天的財報電話會議是我作為執行長的最後一次電話會議。有鑑於此，我將把第三季業績的大部分討論交給布拉德、布倫特和傑里米。但在我把電話會議交給他們之前，我想感謝各位股東在我擔任執行長期間對公司的持續信任和支持。

Finally, I'd like to again thank Team O'Reilly for your hard work and commitment to our customers. It's been my absolute honor and privilege to work alongside you for the last 41 years with a front row seat to see you achieve so many incredible milestones along the road of success for O'Reilly Auto Parts. Even though I will get to actively participate in the next chapter of our company's success, I'm still very excited for the many opportunities ahead and look forward to watching our company's continued growth and future success.

最後，我要再次感謝歐萊利團隊的辛勤付出和對客戶的盡心盡責。在過去的41年裡，能夠與你們並肩工作，親眼見證歐萊利汽車配件公司在發展道路上取得的眾多輝煌成就，我深感榮幸。雖然我將不再積極參與公司下一個發展階段，但我仍然對未來的許多機會充滿期待，並熱切期希望公司持續發展壯大，再創輝煌。

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.

謝謝你，格雷格，大家早安。

I would like to begin by congratulating Team O'Reilly on another excellent performance in the third quarter. The ability of our team to deliver continued industry-leading sales performance requires a consistent and intense focus on our culture and the fundamentals of excellent customer service. I would like to thank all of our team members for their hard work, commitment and dedication to our great company.

首先，我要祝賀奧萊利團隊在第三季再次取得優異成績。我們團隊能夠持續保持業界領先的銷售業績，離不開我們始終如一地重視企業文化和卓越客戶服務的基本原則。我要感謝所有團隊成員的辛勤付出、敬業精神和對我們這家偉大公司的奉獻。

Now I'd like to walk through the details of our sales performance for the quarter on both the professional and DIY sides of our business.

現在我想詳細介紹一下我們本季在專業銷售和DIY銷售方面的業績。

We spoke on our last call to the strong start to the quarter in July driven in part by extreme heat in many of our markets as we were pleased to see these very strong volumes carry on throughout the quarter. From a cadence perspective, we saw a similar topline outperformance in each month of the quarter as compared to both the expectations we built into our plan coming into 2023 and the updated guidance we provided on last quarter's conference call.

我們在上次電話會議上談到，7月季度開局強勁，部分原因是許多市場出現極端高溫天氣。我們很高興看到這種強勁的銷售勢頭在整個季度持續下去。從銷售節奏來看，本季每個月的營收表現都超出預期，與我們2023年計畫中的預期以及上季電話會議上提供的最新指引均相符。

As we have discussed throughout 2023, our prior year comparisons get more challenging as we move throughout the back half of the year, and this dynamic was reflected in the cadence of our comparable store sales in the third quarter with our strongest comps for the quarter in July and August. However, on a 2-year stacked basis, our performance was much more consistent through the quarter with September only slightly below the full quarter performance due to a moderation of the hot weather benefit we realized earlier in the quarter.

正如我們在2023年全年所討論的，隨著下半年的到來，與去年同期相比的業績更具挑戰性。這種趨勢也反映在我們第三季的同店銷售額波動上，其中7月和8月的同店銷售額最為強勁。然而，從過去兩年的業績來看，我們整個季度的表現則更為穩定，9月份的業績僅略低於季度整體水平，這主要是由於本季度初高溫天氣帶來的利好因素有所減弱。

While we did see outperformance during the quarter in categories impacted by heat, such as cooling and HVAC, we also experienced broad strength in application-specific car part categories as well as maintenance categories such as oil and filters. These dynamics give us confidence that while we did benefit from weather, it was not the primary driver of our above-expectation results and the sales we are generating in failure and maintenance categories indicate a healthy level of broad-based consumer demand.

雖然本季受高溫影響的品類（例如冷凍和暖通空調）表現優異，但汽車專用零件以及機油和濾清器等保養品類也普遍表現強勁。這些因素讓我們相信，儘管天氣因素對我們有所好處，但這並非我們業績超出預期的主要驅動因素。我們在故障維修和保養品類的銷售表明，消費者對零件和保養品類的需求依然強勁。

Our professional business continues to be the more significant outperformer and our team was able to deliver another quarter of mid-teens comparable store sales growth in our professional business in the third quarter. This outstanding growth was in line with the professional sales increase we achieved in the second quarter while facing increasingly challenging prior year comparisons.

我們的專業業務持續表現突出，團隊在第三季再次實現了專業業務同店銷售額兩位數以上的成長。這一卓越成長與我們在第二季度取得的專業銷售成長基本持平，同時也要應對日益嚴峻的去年同期基數挑戰。

We are extremely pleased with our team's ability to gain share through consistently executing our business model and providing industry-leading value to our professional customers. Our expectation is to continue to grow our share in the professional business as we see plenty of opportunity in both new and existing markets to consolidate the overall DIFM market.

我們對團隊能夠透過持續執行商業模式並為專業客戶提供行業領先的價值而不斷擴大市場份額感到非常滿意。我們看到在新興市場和現有市場都存在大量機會，可以整合整個DIFM市場，因此我們期望繼續擴大在專業業務領域的份額。

Turning to our DIY business. We were pleased to generate solid comparable store sales growth with our topline growth consistent with the first half of the year, even as we saw an expected moderation in the benefit from inflation. In line with the trends we have seen this year, our DIY comparable store sales growth has been driven primarily by increased average ticket values. However, we were pleased to see positive DIY ticket count comps in the third quarter.

接下來談談我們的DIY業務。儘管通膨帶來的利好有所放緩，但我們欣喜地看到，同店銷售額實現了穩健成長，與上半年的營收成長一致。與今年的趨勢一致，DIY同店銷售額的成長主要得益於平均客單價的提升。此外，我們也欣喜地看到，第三季DIY客單價的同店銷售額也實現了成長。

Our teams continue to execute our dual market strategy, driving market share growth in our DIY business alongside our robust growth in professional. However, our portion of the total DIY market share in the U.S. is still relatively low, and we see continued DIY growth as a tremendous area of opportunity for our company.

我們的團隊持續執行雙市場策略，在專業業務強勁成長的同時，也推動了DIY業務的市佔率成長。然而，我們在美國DIY市場的整體份額仍然相對較低，我們認為DIY業務的持續成長對公司而言是一個巨大的機會領域。

Now I would like to provide some color on our average ticket and ticket count performance. Average ticket growth was again in the mid-single digits on a combined basis and with slightly larger -- was the slightly larger share of our comparable store sales increase. While we are seeing the expected reduced benefit from same SKU inflation as we move throughout the year, our moderation in total average ticket growth has not been as significant due to offsetting strength we have seen from parts complexity and product mix.

現在我想就我們的平均客單價和客單價表現做些說明。平均客單價的綜合成長率再次維持在個位數中段，並且佔同店銷售額成長的比例略高。雖然隨著年末的推移，相同SKU價格上漲帶來的收益有所減少，但由於零部件複雜性和產品組合的優化抵消了部分增長，我們整體平均客單價增長的放緩幅度並不顯著。

Moving forward, we expect a more normalized same-SKU inflation benefit but are confident that future average ticket growth will be supported by increased parts complexity, which has been the primary historical driver of our average ticket.

展望未來，我們預期同 SKU 通膨帶來的利好將更加正常化，但我們有信心，未來平均客單價的成長將受到零部件複雜性增加的支持，而零部件複雜性一直是我們平均客單價的主要歷史驅動因素。

Even though average ticket growth was the larger contributor to our comparable store sales growth, we are very pleased with our ticket count comps, which was the larger contributor to the outperformance versus expectations. Our team's ability to outhustle and outservice our competition for this increased traffic volume is paramount to ensuring these share gains translate into repeat business. It has never been more important to ensure that we have highly trained teams of professional parts people supported by superior product availability in every single one of our 6,000-plus stores.

儘管平均客單價成長是同店銷售成長的主要貢獻者，但我們對客單價的提升也感到非常滿意，這才是業績超出預期的主要原因。我們的團隊能否在客流量增加的情況下，憑藉其積極主動的服務能力超越競爭對手，對於確保市場份額的成長轉化為回頭客至關重要。如今，確保我們所有6000多家門市都擁有訓練有素的專業配件團隊，並配備充足的產品供應，顯得尤為重要。

As I finish up our remarks on sales performance in the quarter, I would like to highlight our updated full year sales guidance. We have increased our full year comparable store sales guidance to a range of 7% to 8% from our previous range of 5% to 7% and increased our total sales guidance to a range of $15.7 billion to $15.8 billion. This update is reflective of our year-to-date performance through today's call including a solid start to the quarter with October trends in line with how we exited the third quarter.

在結束本季銷售業績報告之際，我想重點介紹我們更新後的全年銷售預期。我們將全年同店銷售額預期從先前的5%至7%上調至7%至8%，並將全年總銷售額預期上調至157億美元至158億美元。這項調整反映了我們截至今日電話會議召開前的年初至今的業績，包括本季開局穩健，10月份的銷售趨勢與第三季末的趨勢一致。

As we finish out 2023, our fourth quarter reflects our most challenging comparisons of the year as we lap the 9% comparable store sales increase in the fourth quarter last year and expect to see a fully normalized same SKU benefit. Our outlook for the remainder of the year is consistent with the guidance we have maintained throughout 2023. While we have been very pleased with the degree to which our performance has outpaced our expectations in the first 9 months of 2023, we are always cautious as we approach the last few months of the year, which historically can be volatile due to variability in winter weather and pressures consumers can face during the holiday shopping season.

2023年即將結束，第四季是我們全年最具挑戰性的季度業績，因為我們需要超越去年同期9%的同店銷售額成長，並預計最終的同店銷售額成長將完全恢復正常水準。我們對今年剩餘時間的展望與2023年全年的業績指引保持一致。儘管我們對2023年前9個月的業績表現遠超預期感到非常滿意，但我們始終對臨近年底的幾個月保持謹慎，因為冬季天氣變化無常，加上消費者在假日購物季可能面臨的壓力，歷來年底的業績波動較大。

As a reminder, our prior year comparisons are the most challenging in December as we benefited from broad-based strength in weather-related categories at the end of 2022. Against this backdrop, we maintain a positive outlook on the fundamentals of our industry. We are confident that the key demand drivers for the aftermarket, including steady recovery in miles driven and a very favorable U.S. vehicle fleet dynamics are in place to support steady growth moving forward.

需要提醒的是，由於2022年底天氣相關類別普遍走強，12月的年比數據最具挑戰性。在此背景下，我們依然對產業基本面保持樂觀。我們相信，包括行駛里程的穩定恢復和美國汽車保有量成長的有利情勢在內的售後市場關鍵需求驅動因素，將支撐市場未來的穩定成長。

We also believe that our customers have remained resilient and are continuing to prioritize the maintenance of their existing vehicles in order to avoid taking on a payment for a higher-priced newer vehicle.

我們也相信我們的客戶仍然保持韌性，並繼續優先考慮維護現有車輛，以避免承擔購買價格更高的新車的費用。

As you have heard from me already today, we see lots of opportunities in our markets to grow faster than the industry. Our team is charged up by the results we are seeing from our solid execution of the basic fundamentals of our business that translate to success.

正如我今天已經向各位介紹過的，我們看到市場中有很多機會可以實現比行業平均更快的成長。我們團隊士氣高昂，因為我們紮實執行了業務的基本原則，並且取得了成功。

Next, I would like to take some time to discuss our SG&A performance in the quarter. SG&A as a percentage of sales was 30.1%, a deleverage of 29 basis points from the third quarter of 2022, driven by an increase in SG&A per store of approximately 8.5%. Our SG&A growth in the third quarter was above our expectations, so I want to provide some additional color on what drove the results in the third quarter.

接下來，我想花點時間談談本季的銷售、管理及行政費用（SG&A）表現。 SG&A佔銷售額的30.1%，較2022年第三季下降了29個基點，主要是由於單店SG&A成長了約8.5%。第三季SG&A的成長超出了我們的預期，因此我想進一步闡述推動第三季業績成長的因素。

As we saw in the first half of 2023, the majority of our outsized year-over-year SG&A growth as compared to our historical growth rates was the result of planned investments and initiatives targeted at enhancing our long-term operational strength. Our spend on these items was largely in line with our expectations coming into the quarter, and we remain pleased with the positive impact we are generating by reinvesting in our stores, technology and most important, in Team O'Reilly.

正如我們在2023年上半年所見，與歷史成長率相比，我們年比大幅成長的銷售、管理及行政費用（SG&A）主要源自於旨在提升長期營運實力的計畫性投資和措施。我們在這些項目上的支出基本上符合本季初的預期，我們對透過再投資於門市、科技以及最重要的——奧萊利團隊——所產生的正面影響感到滿意。

While these initiatives continue to play out as planned, our total SG&A dollar spend per store in the third quarter was higher than we expected coming into this quarter. This was driven by incremental costs necessary to support our significant comparable store sales outperformance, but which also resulted in better leverage of SG&A expenses than we saw in the second quarter.

儘管這些措施仍在按計劃推進，但我們第三季每家店的銷售、管理及行政費用總額高於季度初的預期。這主要是由於為支持同店銷售額大幅超出預期而產生的額外成本，但也使得銷售、管理及行政費用的槓桿率高於第二季。

Our focus remains on relentlessly pursuing the excellent customer service that strengthens the long-term relationship we have with our customers, and we will continue to be aggressive where we see opportunities to accelerate topline growth and, in turn, create leverage over time, driving long-term returns.

我們將繼續專注於不懈地追求卓越的客戶服務，以加強與客戶的長期關係。我們將繼續積極尋求機會，加速營收成長，從而隨著時間的推移創造槓桿效應，推動長期回報。

Based on our results in the third quarter and expectations for the remainder of the year, we now expect to see SG&A per store increase 7% to 7.5% for the full year. With this increase from prior guidance, we still expect our full year operating margin to come in within the range of 19.8% to 20.3% of sales, driven by leverage on our strong topline results. Expense control remains as important to the O'Reilly culture as it always has, and we will be judicious in how we manage our spend to ensure we are seeing long-term results from the investments we make in the business. This focus on profitable growth has drove our 17% increase in third quarter diluted earnings per share. We are updating our full year EPS guidance to $37.80 to $38.30, representing an increase of $0.75 at the midpoint, reflecting the strong performance in the third quarter.

根據第三季業績及對全年剩餘時間的預期，我們預計全年單店銷售、管理及行政費用（SG&A）將成長7%至7.5%。儘管高於先前預期，我們仍預期全年營業利潤率將達到銷售額的19.8%至20.3%，這主要得益於強勁的營收成長。費用控制始終是O'Reilly企業文化的重要組成部分，我們將謹慎管理支出，確保對業務的投資能帶來長期回報。正是這種對獲利成長的關注，推動了我們第三季稀釋後每股收益成長17%。鑑於第三季強勁的業績表現，我們將全年每股收益預期上調至37.80美元至38.30美元，中位數上調0.75美元。

Before I turn the call over to Brent, I would like to again thank Team O'Reilly for their hard work and dedication to the O'Reilly culture. Greg has been a tremendous leader for our company, an incredible mentor to me and is a tough act to follow, but I am very excited for the future of our company and our entire team is committed to our company's continued success.

在將電話交給布倫特之前，我想再次感謝奧萊利團隊的辛勤付出和對奧萊利企業文化的奉獻。格雷格一直是公司傑出的領導者，也是我的良師益友，他的成就令人敬佩，但我對公司的未來充滿信心，我們整個團隊都將致力於公司的持續成功。

Now I'll turn the call over to Brent.

現在我把電話交給布倫特。

Thanks, Brad.

謝謝你，布拉德。

I would like to echo Greg and Brad, in congratulating Team O'Reilly on the outstanding performance in the third quarter. The continuation of our strong sales performance and proven ability to outperform the market is a testament to our team's unwavering commitment to excellent customer service. I want to thank all of our team members for their dedication to our company, and to our customers.

我謹與格雷格和布拉德一道，祝賀奧萊利團隊在第三季的卓越業績。我們持續強勁的銷售業績以及超越市場平均的能力，充分證明了我們團隊對卓越客戶服務的堅定承諾。我要感謝所有團隊成員對公司和客戶的奉獻。

Now I will cover our third quarter gross margin results, what we are seeing in the competitive environment and provide some updates on our store and distribution growth, inventory investments and capital expenditure plans.

接下來，我將介紹我們第三季的毛利率業績，我們目前在競爭環境中看到的情況，並就我們的門市和分銷成長、庫存投資和資本支出計劃提供一些最新資訊。

Starting with gross margin. Our third quarter gross margin of 51.4% was 46 basis point increase from the third quarter of 2022 at just above our expected range. We are pleased with the stability of our gross margin results as our third quarter continued the strong trend we saw in the second quarter. Our gross margin for the third quarter faced pressure from the sustained strong performance in our professional business, creating a customer mix headwind, but we have been able to offset these headwinds through improved acquisition cost and outstanding support from our supplier partners.

首先來看毛利率。我們第三季的毛利率為51.4%，較2022年第三季成長46個基點，略高於預期範圍。我們對毛利率的穩定性感到滿意，第三季延續了第二季的強勁勢頭。第三季毛利率面臨專業業務持續強勁表現的壓力，導致客戶結構出現不利變化，但我們透過降低獲客成本和供應商合作夥伴的大力支持，成功抵銷了這些不利因素。

Pricing to both DIY and professional customers has remained rational within the industry. We continue to see modest inflation in the third quarter and remained very successful in passing along increases in product acquisition costs and other inflationary pressures in selling price.

無論是針對DIY用戶或專業用戶的定價，在業界都維持了合理的水準。第三季通膨依然溫和，我們成功地將產品採購成本的上漲和其他通膨壓力轉嫁到了銷售價格中。

While our quarter-to-quarter gross margin rate can see normal fluctuations from seasonality and product sales mix and leverage of distribution costs relative to overall volumes, the stability of our results in light of the share gains we are experiencing demonstrates our team's ability to win share through service and product availability. As a result of our solid year-to-date performance, we are maintaining our full year gross margin guidance of 50.8% to 51.3% but would now expect to come in within the top half of this range.

儘管我們的季度毛利率會因季節性因素、產品銷售組合以及分銷成本相對於總銷量的槓桿作用而出現正常波動，但鑑於我們目前市場份額的增長，業績的穩定性證明了我們團隊通過優質服務和充足的產品供應贏得市場份額的能力。由於年初至今的穩健表現，我們維持全年毛利率預期在50.8%至51.3%之間，但預計最終將達到該區間的上半部。

Inventory per store finished the quarter at $758,000, which was up 4% compared to the beginning of the year. We would now expect our average inventory per store increase to finish the year in a range between our original guidance of 2% growth and the current levels, driven by our continued opportunistic investments to support our sales momentum.

本季末，單店庫存為75.8萬美元，較年初成長4%。受我們持續進行機會性投資以支持銷售成長動能的影響，我們預計全年單店平均庫存增幅將在先前2%的成長預期與當前水準之間。

Our AP to inventory ratio at the end of the third quarter was 134%, in line with the beginning of the year and slightly better than expectations, driven by strong sales volumes and inventory turns. We now expect to finish 2023 at a similar level.

第三季末，我們的應付帳款與存貨比率為134%，與年初水準持平，略好於預期，這主要得益於強勁的銷售量和存貨週轉率。我們預計2023年底該比率將維持在類似水準。

The health of our supply chain and resulting store in-stock positioning continues to be a competitive strength, optimizing our assortments across our DC, hub and store network while simultaneously partnering with our supplier community to achieve industry-leading fill rates is absolutely playing a key role in our exceptional sales results, and we continue to regard inventory availability as a critical priority for our business.

我們供應鏈的健康狀況以及由此帶來的門市庫存充足率仍然是我們的競爭優勢。我們不斷優化配送中心、樞紐和門市網路中的商品種類，同時與供應商合作，實現業界領先的庫存滿足率，這無疑對我們卓越的銷售業績起到了關鍵作用。我們將繼續把庫存可用性視為我們業務的重中之重。

Alongside the investments we are making in inventory, we also remain focused on leveraging the benefits of the tiered nature of our distribution model. This strategy has been an important aspect of our supply chain for many years and begins with placing distribution centers in large metro areas to provide same-day availability to a wide range of SKUs for our customers. Strategically located hub stores augment our SKU availability on a more localized basis and represent the very important second tier within our distribution supply chain. We continually evaluate this network, including the number, location and size of our hub stores to ensure that all our stores have the best access to inventory in their respective markets.

除了對庫存的投入，我們也持續致力於發揮分級分銷模式的優勢。多年來，這項策略一直是供應鏈的重要組成部分，其核心在於在大型都會區設立配送中心，以便為客戶提供種類繁多的SKU，並確保當日送達。策略性佈局的樞紐門市進一步增強了在地化的SKU供應，構成了我們分銷供應鏈中至關重要的第二層級。我們會持續評估這個網絡，包括樞紐門市的數量、位置和規模，以確保所有門市都能在其各自市場中獲得最佳的庫存獲取管道。

Next, I would like to discuss our capital investments and expansion opportunities, beginning with the investments we are making in our distribution network.

接下來，我想討論我們的資本投資和擴張機會，首先是我們正在對分銷網絡進行的投資。

As we discussed on last quarter's call, we are very pleased with the successful opening of our Guadalajara, Mexico DC, in July, but are also excited on today's call to announce 2 additional expansion projects that we currently have underway. First, our distribution teams are actively working on a relocation of our Atlanta DC, which is a large project that will enable expanded, more efficient store servicing capabilities within that market as well as providing direct import processing capability within this new facility. This new 690,000 square foot building is expected to be complete by the end of 2024 and will increase the number of stores we can support in this critical market by 100 stores.

正如我們在上季度電話會議上討論的那樣，我們非常高興位於墨西哥瓜達拉哈拉的配送中心於7月成功啟用，同時我們也很高興在今天的電話會議上宣布我們目前正在進行的兩個新增擴建項目。首先，我們的配送團隊正積極推動亞特蘭大配送中心的搬遷工作。這是一個大型項目，建成後將提升我們在該市場的門市服務能力，提高服務效率，並在新設施內提供直接進口處理能力。這座佔地69萬平方英尺的新建築預計將於2024年底竣工，屆時我們將能夠為該關鍵市場增加100家門市的服務。

Next, we have an exciting distribution expansion project that is in progress in Stafford, Virginia, where we have purchased a site and began construction on a large new distribution facility that will service the Washington, D.C., Maryland and Virginia corridor. The new DC will be approximately 530,000 square feet and our initial plan is to build out capacity to service 350 stores. We anticipate this distribution center will be open and operational by the middle of 2025. And we could not be more excited about the store development opportunity this provides us in what is largely an untapped market area for O'Reilly today.

接下來，我們在維吉尼亞州斯塔福德正在進行一項令人振奮的配送中心擴建工程。我們已購買地塊，並開始建造一座大型新配送中心，該中心將服務於華盛頓特區、馬裡蘭州和維吉尼亞州沿線地區。新配送中心佔地約53萬平方英尺，我們的初步計畫是將其擴建至可服務350家門市。我們預計該配送中心將於2025年中期投入營運。對於O'Reilly而言，這片目前仍處於開發階段的市場區域，此次擴建為我們帶來了巨大的門市拓展機遇，我們對此感到無比興奮。

Our distribution center teams are diligently executing on these projects and are enthusiastically looking forward to further expanding our DC footprint and our industry-leading parts availability.

我們的配送中心團隊正在努力執行這些項目，並熱切期待進一步擴大我們的配送中心規模和業界領先的零件供應能力。

Turning to store growth and expansion. We successfully opened 40 stores during the third quarter, bringing our year-to-date total to 140 net new store openings for 2023. Our team is confident we will achieve the goal of 180 to 190 net new store openings for 2023. As we noted in our press release yesterday, we announced our 2024 new store opening target of 190 to 200 net new store openings.

談到門市成長和擴張，我們在第三季成功開設了40家門市，使2023年迄今的淨新增門市總數達到140家。我們的團隊有信心實現2023年淨新增門市180至190家的目標。正如我們在昨天的新聞稿中所述，我們宣布了2024年淨新增門市190至200家的目標。

Our strong new store performance continues to prove that our investments in both new stores and the necessary distribution infrastructure to support those stores is an attractive use of capital.

我們強勁的新店業績持續證明，我們對新店和支持這些門市所需的配送基礎設施的投資是一種有吸引力的資本運用方式。

Total capital expenditures for the first 9 months of 2023 were $754 million, a considerable increase over prior year, but reflective of the attractive opportunities we see to deploy capital against projects and initiatives to drive long-term growth and enhance our competitive positioning. Included within our press release yesterday was an update to our full year capital expenditure guidance to a range of $900 million to $950 million from the previous range of $750 million to $800 million. The primary driver of this increase was the progress that we have made on the new Virginia distribution expansion project as well as a higher mix of owned and new stores and the pace of investment in technology and store infrastructure initiatives.

2023年前9個月的總資本支出為7.54億美元，較上年同期大幅增長，這反映了我們看到了將資本投入項目和計劃以推動長期增長並提升競爭優勢的巨大機遇。在昨天發布的新聞稿中，我們將全年資本支出預期從先前的7.5億至8億美元上調至9億至9.5億美元。此次成長的主要原因是我們在維吉尼亞州新配送中心擴建計畫上的進展，以及自有門市和新門市比例的提高，以及對技術和門市基礎建設投資的加速推進。

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 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 continued hard work and outstanding performance in the third quarter.

謝謝布倫特。我也要感謝奧萊利團隊在第三季持續的辛勤付出和出色表現。

Now we will cover some additional details on our third quarter results and guidance for the remainder of 2023.

接下來，我們將詳細介紹我們第三季的業績以及 2023 年剩餘時間的展望。

For the quarter, sales increased $405 million driven by an 8.7% increase in comparable store sales and a $78 million noncomp contribution from stores opened in 2022 and 2023 that have not yet entered the comp base. Our third quarter effective tax rate was 23.2% of pretax income, comprised of a base rate of 24.3%, reduced by a 1.1% benefit from share-based compensation with both of the components of our rate in line with the third quarter of 2022. Our third quarter base tax rate was in line with our expectations with the total effective tax rate below our expectations due to higher-than-planned benefits from share-based compensation.

本季銷售額成長4.05億美元，主要得益於同店銷售額成長8.7%，以及2022年及2023年新開店（尚未計入同店銷售額）貢獻的7,800萬美元非同店銷售額。第三季實際稅率為稅前利潤的23.2%，其中基本稅率為24.3%，扣除股權激勵帶來的1.1%收益。這兩個稅率組成部分均與2022年第三季持平。第三季基本稅率符合預期，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 continue to 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 tolling of certain tax periods. Variations in the tax benefit from share-based compensation can create fluctuations in our quarterly tax rate.

我們預計2023年全年實際稅率仍為22.5%，其中基本稅率為23.4%，並扣除0.9%的股權激勵稅優惠。由於部分稅期中止，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 9 months of 2023 was $1.7 billion versus $1.9 billion in the same period in 2022. The reduction was the result of the increase in capital expenditures Brent discussed in his remarks as well as a lower working capital benefit from reduction in net inventory this year versus 2022. These headwinds were partially offset by growth in income and a benefit from favorable timing of tax payments and disbursements for renewable energy tax credits.

接下來，我們將討論自由現金流及其構成要素。 2023年前9個月的自由現金流為17億美元，而2022年同期為19億美元。自由現金流的減少是由於布倫特在演講中提到的資本支出增加，以及今年淨庫存減少帶來的營運資本利得低於2022年。這些不利因素部分被收入成長以及稅收繳納和再生能源稅收抵免的有利時機所抵消。

For 2023, we continue to expect free cash flow at a range of $1.9 billion to $2.2 billion, with an increase in expected cash flow from operations offsetting the increase to our CapEx guidance.

2023 年，我們繼續預期自由現金流在 19 億美元至 22 億美元之間，預計經營活動現金流的增加將抵銷資本支出指引的增加。

Moving on to debt. We finished the third quarter with an adjusted debt-to-EBITDA ratio of 1.93x which is up compared to our end of 2022 ratio of 1.84x. The increase in total indebtedness was comprised of borrowings under our commercial paper program, which we successfully launched in the third quarter. 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。第三季末，我們調整後的負債與EBITDA比率為1.93倍，高於2022年底的1.84倍。總債務的增加主要來自我們第三季成功啟動的商業票據計畫下的借款。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 third quarter, we repurchased 852,000 shares at an average share price of $938.11 for a total investment of $800 million. Year-to-date through our press release yesterday, we repurchased 3.4 million shares at an average share price of $879.74 for a total investment of $3 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 capital -- excess capital to our shareholders.

我們對股票回購計畫的執行情況依然感到滿意。第三季度，我們以平均每股938.11美元的價格回購了85.2萬股股票，總投資額達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340萬股股票，平均每股價格為879.74美元，總投資額達30億美元。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，與我們業務未來現金流量的折現預期相符。我們始終認為，股票回購計畫是向股東返還資本－即剩餘資本－的有效途徑。

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

提醒一下，Brad 之前概述的最新 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 O'Reilly -- the entire O'Reilly team for their continued dedication to the company's long-term success.

最後，在正式開始回答大家的問題之前，我想再次感謝 O'Reilly 公司——整個 O'Reilly 團隊——對公司長期成功所做出的持續貢獻。

This concludes our prepared comments. At this time, I would like to ask Holly, 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，請接線員霍莉回到電話線，我們將很樂意回答您的問題。

(Operator Instructions) Our first question for today is coming from Michael Lasser at UBS.

（操作員說明）我們今天的第一個問題來自瑞銀集團的麥可·拉塞爾。

Your guidance -- implied guidance for the fourth quarter implies a significant slowdown in the business. Outside of the uncertainty associated with the weather and the holidays, is there anything that you would point to that would have influenced such a slowdown or deceleration in the performance of the comp?

您對第四季的業績指引—隱含的指引—顯示業務成長將顯著放緩。除了天氣和假日帶來的不確定因素外，您認為還有哪些因素導致了業務成長的放緩或下降？

Michael, it's Brad. I'll take a stab at that and see what the other guys want to follow up with. Great question. As you know, Michael, I think generally speaking directly to your question, the answer is not really. As you know, as we always say, the fourth quarter can be the most volatile from the weather standpoint, from the holidays. I think the key is just to remind you what I said earlier, that we feel really good about how October is going so far. Generally, the first few weeks of the quarter have been very consistent with what we saw with the exit rate, especially from a 2- and 3-year stack basis but we still have almost half the quarter to go. December is a huge comparison, and we just want to make sure that we're just being cautious overall. But generally speaking, we're really happy with the way volumes are holding up and really excited to do everything we can to finish the quarter strong here.

邁克爾，我是布拉德。我先試著回答一下，看看其他人有什麼補充。問得好。邁克爾，正如你所知，就你的問題而言，我認為答案並非如此。正如我們常說的，第四季受天氣和假日的影響，波動性最大。我認為關鍵在於重申我之前說過的話，我們對十月目前的進展非常滿意。總的來說，本季前幾週的交易量與我們觀察到的退出率非常一致，尤其是在2年期和3年期股票的持有量方面，但我們還有將近一半的季度要走。 12月份的情況與此有很大的差異，我們只是想確保整體上保持謹慎。但總的來說，我們對目前的交易量非常滿意，並非常期待盡一切努力，使本季以強勁的勢頭結束。

Maybe, Michael, the only thing I would add is just the characterization of a significant slowdown in our business. We've really spoken all year to just the timing of how that 1-year comp is going to look as comparisons just naturally get more challenging as we move through the year. While there is some time left in the quarter, and we've been pleased with our performance all year long, what we're anticipating as we finish up the year is pretty consistent with where we've been. It's not reflective of anything that we're seeing. When we think about our sales from a week-to-week volume, understanding the seasonality of the business as we move into the fourth quarter. Unfortunately, we're going up against some really tough compares, but that's also a good spot to be in. And really, nothing has changed in how we think about the current pace of the business.

邁克爾，或許我唯一想補充的就是，我們業務成長明顯放緩。我們全年都在討論一年期同比數據會如何變化，因為隨著時間的推移，比較的難度自然會越來越大。雖然本季還有一段時間，而且我們對全年的業績表現都比較滿意，但我們對年底的預期與先前的預期基本一致，並沒有反映出我們目前觀察到的情況。當我們從每週的銷售量來考慮，並考慮到業務的季節性因素，尤其是在進入第四季度之後，情況就有所不同了。不幸的是，我們面臨著非常嚴峻的比較，但這同時也是一個有利因素。事實上，我們對目前業務發展速度的看法並沒有改變。

I got you. For O'Reilly, tough compares is a way of life, but that's okay. My second question is on the outlook for SG&A spending, it's obvious that the returns on the investments that you're making have been quite productive in light of the market share that O'Reilly has been achieving. Would you expect a similar rate of SG&A dollar growth on a per store basis moving through 2024? Are there opportunities to invest such significant amounts that would generate similar returns?

我明白了。對奧萊利來說，面臨嚴峻的業績比較是常態，但這沒關係。我的第二個問題是關於銷售、管理及行政費用（SG&A）的展望。鑑於奧萊利目前取得的市場份額，顯然你們的投資回報相當可觀。您預計到2024年，單店SG&A支出成長率是否會維持類似水準？是否存在其他投資機會，能夠帶來類似的回報？

Thanks, Michael. Another good question there.

謝謝，麥可。你又問了個好問題。

Well, as we've said, we're extremely pleased with the returns we've seen from investing back in the business. As you know, there's a big difference for us at O'Reilly between investments and judiciously managing our expenses. Like I said earlier, expense control is a huge part of what we do. We never like to delever except in the case of this year when we know that we're playing from a position of strength, and we knew there are some areas that are really just paying off. We're very happy with the ROI we've seen on all our initiatives where we've reinvested back in the business this year.

正如我們之前所說，我們對投資再投資業務所獲得的回報感到非常滿意。您也知道，對於奧萊利公司而言，投資和審慎管理支出之間有著很大的差異。正如我之前提到的，成本控制是我們工作的重要部分。我們通常不會降低槓桿率，但今年是個例外，因為我們確信自身實力雄厚，而且某些領域的投資確實卓有成效。我們對今年所有再投資項目的投資報酬率都非常滿意。

As you know, a lot of that is some catch-up from COVID, the years of COVID and everything that we wanted to spend that we didn't quite get to. So, Michael, honestly, we're in the middle of working on our plan for 2024. That always starts with the topline number, and then we back into what we feel like is the right thing to do for short, mid and long term, especially when it comes to those mid- and long-term returns. And so we look forward to talking about our plan in February '24, but we just want to be careful talking about '24 just yet.

如你所知，這其中許多都是疫情造成的損失，包括疫情期間以及我們想花但沒能花完的那些錢。所以，邁克爾，說實話，我們正在製定2024年的計畫。計畫總是從整體目標開始，然後我們再反推短期、中期和長期的發展方向，尤其是在中長期回報方面。因此，我們期待在2024年2月討論我們的計劃，但現在談論2024年還為時過早。

Understood. And good luck to Greg Johnson. Thank you so much.

明白了。祝格雷格·約翰遜好運。非常感謝。

Thanks, Michael.

謝謝你，麥可。

Your next question is coming from Bret Jordan from Jefferies.

下一個問題來自傑富瑞集團的布雷特喬丹。

As you guys continue to gain market share in the space, could you talk a little bit about where you're seeing both that coming from smaller DIFM independents or national accounts? And then, I guess, obviously, there's got to be a share donor as well. So is that also the smaller WDs that you're picking up from? Or are things changing in market share relative to larger peers?

隨著你們在該領域不斷擴大市場份額，能否談談你們的市佔率成長主要來自哪些方面，包括小型DIFM獨立經銷商和全國性客戶？當然，肯定也需要有其他通路貢獻市場佔有率。那麼，你們的市佔率成長是否也來自小型WD經銷商？或者說，相對於規模較大的同行，市佔率的變化情況是否有所不同？

Thanks, Bret. Another good question. Honestly, Bret, as we -- you've heard us say for a long time, it's always hard to tell all the moving pieces. We have extreme respect for -- we take all our competitors extremely seriously. The big 4, the independents. We have tough, tough competitors on both the DIY and the professional side of the business. We spend our time focusing on where -- we are our own worst competitor, meaning that we always have execution opportunities. We always have areas to get better.

謝謝，布雷特。又是一個好問題。說實話，布雷特，正如我們——你也聽我們說過很久了——要掌握所有變數總是很難的。我們非常尊重——我們極度認真地對待所有競爭對手。四大巨頭，獨立公司，我們都面臨強大的競爭對手，無論是在自助服務領域或專業服務領域。我們把時間花在找出我們最大的競爭對手身上，這意味著我們總是有改進的空間。我們總有需要提升的地方。

Honestly, to try to answer your question the best I can, we feel like it's a little bit of all the above. We feel like that everything from store operations, execution, service levels, continuing to work on our retention and turnover. You got to brag on our supply chain team, continued improvements with our product availability, our assortments and just really getting away from the COVID hangover, so to speak, when it comes to our supply chain. Brent and the entire supply chain team have done just an incredible job.

說實話，為了盡可能回答您的問題，我們覺得以上幾點都有一些影響。我們認為，從門市營運、執行力、服務水平，到持續改善員工留存率和降低員工流動率，各方面都發揮了作用。我們尤其要讚揚我們的供應鏈團隊，他們在產品供應、產品種類等方面持續改進，並且真正擺脫了疫情帶來的供應鏈困境。布倫特和整個供應鏈團隊都做得非常好。

But generally speaking, I think it's a little bit of everything you mentioned. I think pretty broad-based from a customer standpoint, and we think it's probably fairly broad-based from where it could be potentially coming from a competitor aspect as well.

但總的來說，我認為你提到的所有因素都有些許涉及。從客戶的角度來看，我認為影響範圍相當廣泛；從競爭對手的角度來看，我們認為影響範圍也可能相當廣泛。

Okay. And I guess sort of a follow-up to that, now you're seeing -- there's such a big dispersion between execution on the distribution side. Are there any increased M&A opportunities, either large regional distributors that are private that you sort of see to maybe fill in some of that geographic white space you have out there around sort of between the Midwest and the Virginia DC.

好的。我想就此做一個後續討論，現在您看到，分銷環節的執行情況差異很大。是否存在更多併購機會，例如收購大型區域性私營分銷商，以填補中西部和維吉尼亞州華盛頓特區之間存在的地理空白？

Yes. Sure. I'll -- Bret, I'll lead that off and then let Brent hit on kind of the first part of your question there. I'll just speak maybe to the M&A opportunities.

好的，當然。我——布雷特，我先說，然後讓布倫特來回答你問題的第一部分。我可能就談談併購機會。

We're -- as you know, we're always looking for opportunities when it comes to greenfield expansion, but also strategic acquisitions that make a lot of sense from acquiring not only real estate and locations, but great teams of parts people that understand the professional side of the business and teaching those private companies how to be a dual market company. And so we're hopeful that maybe as things evolve the next year or 2, valuations and things like that can look a little more attractive than they have in the last couple of years, but still a little bit hard to say. But absolutely, we're always looking at the 1 store deals, the -- our job or customers that we still have that potentially don't have an exit plan, 1 store deals, 2 store deals all the way up to some of the regional things. And we're hopeful that as we continue to get more aggressive in the upper Mid-Atlantic and the true Northeast that some of our other opportunities come to life.

如您所知，我們一直在尋找新建業務拓展的機會，同時也專注於一些具有策略性的收購。這些收購不僅包括房地產和地段，更重要的是收購優秀的零件團隊，這些團隊了解業務的專業層面，並能指導這些私人公司如何轉型為雙市場公司。因此，我們希望隨著未來一兩年情勢的發展，估值等方面的條件能夠比過去幾年更具吸引力，但目前還很難說。當然，我們始終關注各種收購機會，包括單店交易、現有客戶（他們可能沒有退出計劃）、單店交易、雙店交易，以及一些區域性項目。我們希望隨著我們在大西洋中部北部和真正的東北地區繼續積極拓展業務，其他一些機會也能隨之出現。

Yes. And Bret, I would just add maybe on the distribution and supply chain side of things. Certainly, the exciting news about our Stafford facility that I talked about in my prepared comments, we're super excited about getting another large DC in the Mid-Atlantic. We see that as a big untapped geography for us and we're certainly investing to begin to take more advantage of that opportunity.

是的。布雷特，我還要補充一點，關於分銷和供應鏈方面。當然，我之前在準備好的發言稿中提到的斯塔福德工廠的振奮人心的消息，我們非常高興能在大西洋中部地區再添一個大型配送中心。我們認為這片區域對我們來說是一個巨大的未開發市場，我們正在加大投資，以便更好地掌握這一機會。

And when you think about our distribution infrastructure, for us, it's something we're constantly looking at. And talked about the strength of where our DCs are located and our DCs are where the cars are, where the people are. And we don't see that as an opportunity necessarily to use 3PLs or we want to own that. We want to run it. We want to operate it the way we always have, and we're always looking at hub store opportunities and how they augment the tiering of our DCs and where they are and how we can be first-in-class in every market that we operate in, in terms of parts availability.

說到我們的配送基礎設施，我們一直在關注這個問題。我們之前也討論過配送中心選址的優勢，我們的配送中心通常位於車輛和人員密集的地方。我們並不認為這是一個必須使用第三方物流 (3PL) 或完全掌控配送中心的機會。我們希望自己運營，並沿用以往的營運模式。我們一直在探索樞紐門市的機遇，以及它們如何增強我們配送中心的層級結構，並優化配送中心的選址，從而確保我們在所有營運市場中，尤其是在零件供應方面，都能保持領先地位。

So we're going to continue to do that. We certainly see that geography as a continued opportunity moving forward.

所以我們會繼續這樣做。我們當然認為，這一地區在未來仍將是一個充滿機會的地方。

Your next question for today is coming from Daniel Imbro from Stephens.

今天的下一個問題來自史蒂芬斯大學的丹尼爾·伊姆布羅。

Follow-up on Bret's question about market share. Just curious how the onboarding of the new customers progress. Any hiccups or learnings as you won some of the business so quickly? Any bottlenecks that are limiting growth in that kind of behind some of the infrastructure investment you guys are talking about?

關於Bret提出的市佔率問題，我想進一步了解一下。我很好奇新客戶的導入流程進度如何？在如此迅速地拿下部分業務的過程中，有沒有遇到任何問題或經驗教訓？是否存在一些瓶頸限制了成長，例如你們提到的基礎設施投資？

Yes. Maybe I'll start there. This is Jeremy. And a little bit of interference on your sound. But I think the question really focused around what have we learned as we've seen the share accelerate within our business and how is that impacting how we move forward.

是的。或許我就從這裡開始。我是傑瑞米。你的聲音有點幹擾。但我認為問題真正集中在，隨著我們業務份額的加速成長，我們從中吸取了哪些經驗教訓，以及這會如何影響我們未來的發展方向。

For sure, the increased volume that we're picking up, those are completely new customers that are unfamiliar to us in the markets that we're in. Every market we exist and we spend on the professional side of our business, a considerable amount of time understanding the market, understanding the shops, forming those relationships.

當然，我們業務量的成長，都來自於我們之前在市場上完全陌生的新客戶。我們進入的每個市場，以及我們在業務的專業方面，都會投入大量時間去了解市場、了解店鋪，並建立關係。

For us, the focus is always on how do we create value for those customers? How do we ensure that we're partnering with their businesses to help them be successful even as we go business. For sure is we've seen more and more opportunities to earn business over the course of really the last several years, during the course of pandemic, especially as we've seen the ability to grow on top of growth with those customers. Our touch points when we get that extra opportunity to provide outstanding service are just critical to being able to compound that growth. And I think as much as anything, what we've seen as we move through the last several quarters is our ability to provide excellent service to really demonstrate the value that Brad talked about earlier that we can provide excellent service, great informed technical people within our stores that understand the business, can support the work of our professional customers, incredible parts availability and just a broader support has provided an excellent value and continue to give us more and more opportunities.

對我們而言，重點始終在於如何為顧客創造價值？如何確保與客戶的業務建立夥伴關係，協助他們取得成功，即便我們自身也不斷成長。可以肯定的是，在過去幾年，尤其是在疫情期間，我們看到了越來越多的業務拓展機會，特別是當我們意識到能夠與這些客戶共同成長時。當我們有機會提供卓越的服務時，與客戶的每一次接觸都至關重要，這將有助於我們實現業務的持續成長。我認為，在過去的幾個季度裡，我們最顯著的體會是，我們能夠提供卓越的服務，真正展現出布拉德之前提到的價值：我們擁有經驗豐富的技術人員，他們了解業務，能夠為我們的專業客戶提供支持；我們擁有充足的零部件供應，以及更廣泛的支持，這些都為我們創造了巨大的價值，並持續為我們帶來更多機遇。

That's helpful. And maybe I just wanted to dig into the SG&A spend a little bit more. Are there specific initiatives you can unpack around maybe what you're spending on, whether it's tech for your professional customers or delivery efficiency. Is there anything to help on that kind of clarify what you're spending on so we can better understand how it's driving sales?

這很有幫助。我可能只是想更深入地了解一下銷售、管理及行政費用（SG&A）方面的支出。您能否詳細說明一下具體的支出項目，例如用於專業客戶的技術或提高交付效率等方面？能否提供一些信息，幫助我們更清楚地了解支出用途，以便更好地理解這些支出是如何促進銷售的？

Yes. I mean I think the general things that we've talked about are similar to how we've spoken to this item throughout the course of the year. And we're always, I guess, somewhat reluctant to get too far down in this. We think they're great investments for our company, and we just competitively, we want to see them play out for a long period of time. But for sure, we've made a concerted effort to continue to invest within our team. And we've talked about enhanced benefits, PTO and 401(k) improvements. And just more broadly, how we think about how our store managers manage their work week and things along those lines. We continue to invest in the image and appearance of our stores and our fleet vehicles, ensuring that get the safest vehicles on the road possible. And then technology continues to be a huge ongoing investment as we think about all areas of the business where we can bring better tools online to support the work that our store teams are doing and taking care of our customers.

是的。我的意思是，我認為我們討論的整體內容與我們今年以來對這個問題的討論方式類似。而且，我想，我們總是不太願意深入探討這個問題。我們認為這些對公司來說都是很好的投資，出於競爭考慮，我們希望看到這些投資能夠長期有效。但可以肯定的是，我們一直在努力持續投資我們的團隊。我們討論瞭如何改善福利、帶薪休假和401(k)計劃。更廣泛地說，我們也在思考如何讓門市經理更好地管理他們的工作週等等。我們持續投資於門市和車隊的形象和外觀，確保他們擁有最安全的車輛上路。此外，科技仍然是一項持續的重大投資，我們正在思考如何在業務的各個領域引入更好的線上工具，以支援門市團隊的工作並更好地服務客戶。

Your next question for today is coming from Zach Fadem from Wells Fargo.

今天的下一個問題來自富國銀行的紮克法德姆。

I think we're getting a lot of mixed data points on the state of the industry and putting your outperformance aside for a minute, curious to hear if you think the broader category is slowing or not? And to what extent the impact of a broader consumer slowdown would have on the aftermarket?

我認為我們目前掌握的關於產業現況的數據比較複雜，暫且不談您出色的業績，我很想知道您是否認為整個產業正在放緩？如果消費成長放緩，會對售後市場產生多大的影響？

Yes. Zach, it's Brad. I'll take a stab at that, and then I may flip it over to Brent to talk generally about what we're seeing and not seeing on some of those fronts.

是的。札克，​​我是布萊德。我先試著回答一下，然後可能會把話題轉給布倫特，讓他泛泛地談談我們在某些​​方面看到和沒有看到什麼。

But generally, speaking, Zach, we're just not seeing that. We -- as part of our results, as you can imagine, it's just hard for us to say that we're really seeing that. When I look at our positive DIY ticket count that I cited in our prepared comments, I mean, that's encouraging for us. We're very excited about the execution of our teams on the DIY side as well as the professional side. When I review the data that comes in every week from our sales team on the professional side, we have all our comments and sales call recaps that come through our CRM. That's not to say that within the service space that I see comments that some shops may be a little bit slower than other shops. But it's just hard for us to say with our results and what we hear and see on the street every day that there's an overall slowdown. We're just not seeing that.

但總的來說，扎克，我們並沒有看到這種情況。正如你所想，從我們的業績來看，我們很難說我們真的看到了這種情況。當我看到我在準備好的評論中提到的自助服務訂單數量呈上升趨勢時，我的意思是，這對我們來說是一個鼓舞人心的消息。我們對自助服務和專業服務團隊的執行情況都非常滿意。我每週都會查看專業服務銷售團隊提交的數據，其中包含所有透過客戶關係管理系統 (CRM) 收集的評論和銷售電話記錄。這並不是說在服務領域，我沒有看到任何關於某些門市速度可能比其他門市慢一些的評論。但根據我們的業績以及我們每天在街上聽到和看到的，我們很難說整體上出現了放緩。我們並沒有看到這種情況。

Again, there's times you see that some shops may be seeing a little less car count than others. And just like on the service side -- or excuse me, just like on the aftermarket parts side of our industry, there's some service providers that are taking more share, and there could be some that are losing some share. So it's just hard to parse all that out and say that we're seeing an overall slowdown when we're really just not seeing that.

再次強調，有時候你會發現有些店舖的客流量會比其他店家略少。就像售後服務方面一樣——或者更準確地說，就像我們行業的售後配件方面一樣，有些服務提供者的市場份額正在增長，而有些服務提供者的市場份額則可能有所下降。因此，很難將所有這些因素綜合起來，斷言我們看到了整體經濟放緩，因為我們實際上並沒有看到這種情況。

Yes. Zach, I would add to -- I mean, just to echo Brad's comments, but it's really a tremendous testament to the culture and the execution of our teams out there. Our sales teams, our distribution center teams, I mean, they have just executed to an outstandingly high level and continue to. And not that we're immune for many of those things that may happen in the greater macroeconomic background, but we just have not seen the effect of that through the Q3 results, and we're not seeing it as we get into Q4 at this point. So we're going to continue to stay focused on executing, serving the need and meeting the demand out there. And we feel like good things will continue to follow.

是的。扎克，我想補充一點——我的意思是，我只是想呼應布拉德的觀點，但這確實充分體現了我們團隊的文化和執行力。我們的銷售團隊、配送中心團隊，他們的執行力都非常出色，而且還在持續提升中。當然，我們並非完全不受宏觀經濟環境的影響，但我們在第三季的業績中並未看到任何影響，而且目前來看，進入第四季後也沒有出現這種情況。因此，我們將繼續專注於執行，滿足市場需求。我們相信，好運將會持續。

The only I would add to that -- I'm sorry, just one more thing. I know you kind of talked to how do we think about that moving forward? I think from a long-term perspective, our view on the resiliency of our industry is unchanged. We've been through different cycles of challenges to the consumer in the past. And there is always a potential for short-term shocks and impacts and fluctuations that might last a quarter or 2. And we're always cautious on how we think about that near-term outlook. But the underlying core drivers of demand within the aftermarket continue to be resilient and strong. The value proposition that investing in your existing vehicle has for a consumer is very attractive. We think it continues to get more attractive with the vehicle dynamic and people are still using their cars for so much of what encompasses daily life with miles driven, steadily expected to increase.

我只想補充一點——不好意思，還有一件事。我知道您已經談到了我們未來該如何看待這個問題。我認為從長遠來看，我們對產業韌性的看法沒有改變。過去我們曾經歷過消費者面臨的各種挑戰。短期衝擊、影響和波動總是存在的，可能會持續一兩個季度。我們始終對短期前景保持謹慎。但售後市場的核心需求驅動因素依然強勁。對消費者而言，投資現有車輛的價值主張非常有吸引力。我們認為，隨著汽車產業的動態變化，這種吸引力會越來越大，因為人們仍然在日常生活中大量使用汽車，而且行駛里程預計還會穩定成長。

So those things are all, I think, positive as we think about really the longer term, and that's really where our focus is as we think about building our business.

所以我認為，從長遠來看，這些都是正面的因素，而這正是我們在考慮如何發展業務時所關注的重點。

Okay. Great. That's great color. And with respect to competition, it seems like the WDs had been operating with one hand tied behind their back in the early days post the pandemic. But with those businesses now back in stock and ready to recapture some of the share that they lost, do you think we could be entering a period of choppier pricing, particularly as we lap the double-digit inflation in the industry?

好的，太好了，顏色很棒。至於競賽方面，疫情初期，沃爾瑪似乎一直受到許多限制。但隨著這些企業現在恢復了庫存，並準備重新奪回部分市場份額，您認為我們是否會進入一個價格波動較大的時期，尤其是在行業通膨率達到兩位數的情況下？

Yes, Zach, it's Brad. Well, the first thing I would say is, I know we all in the industry anecdotally, felt like potentially some of the smaller players could have had a little bit more adversity when it came to supply during the pandemic. And I think that was probably true and I think it's probably accurate for the most part, looking across the market that they're probably healthier than ever. I think the key with that, though, is that we had our opportunities too. We -- Brent and I and none of us were totally happy with how we performed during the pandemic, everything from merchandising to inventory control, purchasing down to distribution operations. Our bar at O'Reilly, knowing how important availability and replenishment is high. And so we weren't totally happy with where we were and we've made incremental improvement as well.

是的，札克，我是布萊德。首先我想說的是，我知道業內人士普遍認為，疫情期間一些規模較小的商家在供應方面可能面臨更大的挑戰。我認為這種說法很可能是正確的，而且從整個市場來看，他們的狀況可能比以往任何時候都好。不過，我認為關鍵在於，我們也抓住了機會。我和布倫特，以及我們所有人，對疫情期間的表現都不完全滿意，從商品銷售到庫存控制，從採購到配送運營，方方面面都存在問題。在奧萊利，我們深知供貨和補貨的重要性，因此對自身的表現要求很高。所以我們對當時的狀況並不完全滿意，也一直在逐步改進。

But I think the key to remember, Zach, on when we had opportunities to pick up share and we were able to maybe move from third call to second or we got the opportunity through lack of supply from somebody else, and we were able to step in there with relationships, service and back that up with availability, that business, as you know, Zach, especially on the professional side is incredibly sticky. Those relationships and that trust, it takes time to build that and to gain that business. It takes a long time to gain that business and it would be challenging -- or excuse me, it would be it would be out of the norm to lose that business very quickly when you've really stepped in when somebody else fell down. And so I think we just got to remember that, that business is very sticky. The relationships are sticky. And once that's built, it's very stable.

但扎克，我認為關鍵在於要記住，當我們有機會搶佔市場份額，比如從第三順位晉升到第二順位，或者因為其他供應商缺貨而獲得機會，並憑藉人脈、服務和充足的庫存抓住機會時，正如你所知，扎克，尤其是在專業領域，這種業務非常牢固。建立和贏得這些關係和信任需要時間。贏得這些業務需要很長時間，而且當你真正抓住機會填補空缺時，如果很快失去這些業務，那將非常困難——或者更準確地說，非常不尋常。所以我認為我們必須記住這一點，這種業務非常牢固。關係也非常牢固。一旦建立起來，它就非常穩定。

On the pricing, no, we just -- we don't feel that way. We're not seeing that, and we really don't see that as an issue moving forward. I mean, time will tell, but -- as you know, Zach, when we rolled out our pro pricing initiative, for example, that was very rifled approach, strategically geared toward some of the lines that maybe some of the WDs and 2 steppers were more aggressive than we were, and we purposely moved down and still stayed north of where a lot of those price points were. We didn't come down to really compete, knowing that they can move further down. And a lot of those folks live out volume anyway. And so we just don't see that as a near-term threat.

關於定價，不，我們並不這麼認為。我們沒有看到這種情況，而且我們真的不認為這會成為未來的問題。我的意思是，時間會證明一切，但是——正如你所知，扎克，比如，當我們推出專業定價計劃時，那是一種非常謹慎的做法，是經過戰略性調整的，針對的是一些可能比我們更激進的批發商和二步零售商，我們特意降低了價格，但仍然高於很多競爭對手的價格點。我們降低價格並不是為了真正與他們競爭，因為我們知道他們可以進一步降低價格。而且很多競爭對手本來就靠銷量取勝。所以我們不認為這會構成短期威脅。

And Zach, maybe -- just maybe to add a couple of comments to what Brad has already said on the pricing, especially from a WD perspective. If you think about what we -- some of the things we did do to get stronger through some of the challenges that COVID that Brad talked about, we've continued to diversify our supply chain across more multiple suppliers for various lines, especially in our proprietary brands. We continue to see our proprietary brands grow. So we -- and we continue to be pleased with what that is yielding in terms of our gross margins and how we're able to continue to enhance those moving forward. I feel like we're in a much better strategic position probably than where we were going into COVID. If there is something irrational that does come up out there, but we're just not seeing it at this point.

扎克，或許——或許——我想補充一下布拉德關於定價的發言，特別是從WD的角度來看。想想我們為了應對布拉德提到的新冠疫情帶來的挑戰而採取的一些措施，我們一直在努力使供應鏈多元化，為各個產品線，特別是我們的自有品牌，引入更多供應商。我們看到自有品牌持續成長。因此，我們對這些措施帶來的毛利率成長以及我們未來能夠繼續提升毛利率的能力感到非常滿意。我覺得我們現在的戰略地位比疫情爆發前好得多。當然，如果真的出現什麼非理性因素，我們目前還沒有看到。

Your next question for today is coming from Simeon Gutman from Morgan Stanley.

今天的下一個問題來自摩根士丹利的西蒙古特曼。

First question is on gross margin. It step back a bit from price investments and we've come to accept that it probably won't snap back anytime soon. Anything new on that as you get leverage over some of the distribution costs? Are you reinvesting those? Is there any reason we can see gross margin click back up?

第一個問題是關於毛利率的。由於價格投資的緣故，毛利率有所回落，我們已經接受了它短期內可能不會迅速恢復的事實。隨著你們對部分分銷成本的控制，這方面有什麼新的進展嗎？你們是否將這些成本再投資於其他領域？我們有什麼理由看到毛利率回升嗎？

Yes. Simeon, it's Jeremy. We continue to focus on gross profit dollar growth. So obviously, in a few months here, we'll speak to where we think '24 might look. But at this stage, in our hope, I think from a longer-term perspective, as we think about our gross margins, really kind of comes to what we can do incrementally to improve the unit volume out of our stores, which helps us leverage DC expenses. I think that, obviously, during the course of the pandemic was pressured as the supply chains got more challenging and feel like that we've got an opportunity from a more normalized standpoint to do a bit better there as we take market share.

是的，我是傑瑞米，西蒙。我們將繼續專注於毛利的成長。顯然，幾個月後，我們會談談我們對2024年的預期。但就目前而言，從長遠來看，考慮到我們的毛利率，關鍵在於如何逐步提高門市的銷量，從而更好地利用配送中心的成本。我認為，在疫情期間，由於供應鏈面臨更多挑戰，我們的配送中心運作受到了壓力。現在情況逐漸恢復正常，我們有機會在市佔率不斷擴大的同時，在這方面做得更好。

Certainly, I think the value that we have as a partner to our suppliers to be an excellent way for them to grow their business and to -- and to gain market share themselves is high. It continues to be, I think, a favored -- kind of a favored nation status for us. And obviously, that's important for us as we work to manage our costs over the course of time. And I think what we've seen during the course of some of our positives this year have been the ability to do incrementally better on the acquisition cost perspective. But our focus has always been how do we partner well with the supplier base and our communities, how do we improve availability so that we can drive topline sales growth and then gross profit dollars that flow from there.

當然，我認為我們作為供應商的合作夥伴，能夠幫助他們拓展業務、提升市場份額，其價值非常高。我認為，我們仍然享有特殊的——某種意義上的「最惠國」地位。顯然，這對我們長期控製成本至關重要。我認為，今年我們取得的一些正面成果體現在採購成本方面逐漸降低。但我們始終關注的是如何與供應商和社群建立良好的合作關係，如何提高產品供應，從而推動銷售成長，並最終提升毛利。

And then a quick follow-up. This is to clarify some of the points, Jeremy, you made -- I think, Brad made around market share. Is the story of the incredible market share of this year, is that -- you said more new accounts that you had in service before or is being a primary distributor meeting #1 on the call is that market share penetration, it keeps ticking higher?

然後我再快速追問一下。傑里米，我想澄清一下你——我想布拉德——關於市場份額提出的一些觀點。今年市佔率如此驚人的原因，是指──你提到新增客戶數量比以前更多──還是說身為主要經銷商，市佔率滲透率持續攀升？

Yes. Thanks for that question, Simeon. I wouldn't want there to be any confusion there. It's a little bit hard for us to really classify a new account versus non-new account. Our store teams are -- I mean, they -- they're relentless in understanding every dollar business that's done in a market. We will -- especially as you think about going into a new market, we're going to canvass that market, and we're going to take around our credit app, so we're going to want to sign up everybody to be an O'Reilly customer from day 1. So the concept of completely new customers is a little bit foreign for us. It's really how do you continue to grow a larger share of that wallet. And I think what we've seen, just broad-based over the strong momentum we've had is that we've been able to grow share on both our larger accounts that were heavy purchasers of O'Reilly Parts and maybe we already have farcical status all the way down what the culture would have looked like.

是的，謝謝你的提問，西蒙。我不想造成任何誤解。我們很難真正區分新客戶和非新客戶。我們的門市團隊——我的意思是，他們——他們孜孜不倦地了解市場上的每一筆交易。尤其是在考慮進入新市場時，我們會進行市場調查，並推廣我們的信用申請，所以我們希望從第一天起就讓每個人都成為歐萊利的客戶。因此，全新客戶的概念對我們來說有點陌生。真正的問題在於如何持續擴大現有客戶的市場佔有率。我認為，從我們強勁的發展勢頭來看，我們已經能夠擴大那些歐萊利零件大客戶（他們一直是歐萊利零件的重度採購商）的市場份額，甚至可能已經形成了某種文化上的「滑稽」形象。

So it's pretty broad-based for us. I don't know if there's any one type of customer group that we think is outside that moves the needle versus the broader population.

所以對我們來說，我們的目標客戶群相當廣泛。我不知道是否存在某個特定的客戶群體，我們認為他們與更廣泛的人群相比，對市場格局產生了顯著影響。

Your next question for today is coming from Greg Melich with Evercore ISI.

今天的下一個問題來自 Evercore ISI 的 Greg Melich。

It's Mike Montani on for Greg. I wanted to ask, first off, if I could, about the impact of inflation in the quarter. Can you just give us a sense of the level there? And then do you see inflation just basically turning into more disinflation in the fourth quarter? Or should we be thinking about the potential for outright deflation to come in?

我是麥克·蒙塔尼，代替格雷格發言。首先，我想問一下本季通膨的影響。您能否大致介紹一下目前的通膨水準？您認為第四季通膨會轉為通貨緊縮嗎？還是我們應該考慮出現通貨緊縮的可能性？

Yes, Mike, thanks for the question. Third quarter was kind of low single digits, that's kind of continued to ratchet down this year completely in line with what we expect. We don't, by any means, anticipate deflation within our business. We think our industry over the long term has been able to hold the price levels. It's -- there's a lot of inventory investment. It's a nondiscretionary spend for certain -- even as some of us realize some cost improvements, we've been able to hold on our prices, and that's what we would anticipate seeing moving forward. We've really sort of -- as we've exited third quarter and we think about fourth quarter, we would really say, and Brad said in his comments, a normalized inflation environment. We'll have a little bit of it. It's going to be in that low single digits, not a huge tailwind, but really more consistent with what we've historically seen within the business.

是的，麥克，謝謝你的提問。第三季的通膨率在個位數低位，今年以來一直持續下降，完全符合我們的預期。我們絕不認為我們的業務會出現通貨緊縮。我們認為，從長遠來看，我們所在的行業一直能夠維持價格水準。庫存投資很大，這當然屬於非必需支出——即使我們中的一些人實現了成本控制，我們也能夠保持價格穩定，而且我們預計未來也會如此。隨著第三季的結束，展望第四季度，正如布拉德在評論中所說，我們確實認為通膨環境將趨於正常化。通膨會略有上升，但會保持在個位數低位，不會帶來巨大的利好，但這與我們歷史上在業務中觀察到的情況更加一致。

With the opportunity from an added benefit perspective that as parts become more complex and the new applications are -- have better technology, they're engineered better, the complexity is going to drive the overall value of the changing dynamic of parts to cause average tickets to go up. And then it's our challenge to continue to grow those tickets just on how we provide great service to our customers.

從附加收益的角度來看，隨著零件變得越來越複雜，新的應用也採用了更先進的技術，設計更加精良，這種複雜性將推動零件整體價值的提升，從而導致平均訂單金額上升。因此，我們面臨的挑戰是如何透過為客戶提供優質服務來持續提升訂單金額。

And just from a gross margin comparison, I just wanted to ask anything to know from a LIFO perspective as we head into the fourth quarter and/or any impact from that in the third quarter?

僅從毛利率比較的角度來看，我想問一下，從後進先出法（LIFO）的角度來看，進入第四季度需要注意些什麼，以及這會對第三季度產生什麼影響？

No, really. As we think about our -- how we report and think about our gross margin, we view our reported gross margin is the best measurement of how we think about the business, most current reflection of what we're paying for parts today and don't really, I think, internally or externally view some of the changes in the nominal LIFO reserves on our balance sheet to be as relevant for us is what we think the topline reported margin is in and we continue to expect that to be stable as we've maintained our guidance really all year long on that item.

不，真的。當我們思考如何報告和看待毛利率時，我們認為報告的毛利率是衡量我們業務狀況的最佳指標，也是我們目前零件成本最準確的反映。我認為，無論對內或對外，資產負債表上名目後進先出法（LIFO）儲備金的變動對我們來說，其相關性遠不及我們認為的營收報告毛利率。我們預計該毛利率將保持穩定，因為我們全年都維持了對該專案的預期。

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。

Best of luck, and congratulations, Greg. My first question is trying to dial in a little bit more on the SG&A. I guess can you talk -- help us think about how much of the SG&A is just naturally more of that variable relative to other retail models, given how you incentivize and reward your employees. So like if comps were up 3% to 5% and we backed out the PTO adjustment, but then you ended up doing [NA], how would you think about that normalized SG&A per store growth of 2% to 2.5%. What would that go to holding everything else constant?

祝你好運，也恭喜你，格雷格。我的第一個問題想更深入了解一下銷售、管理及行政費用（SG&A）。我想請你談談——考慮到你們的員工激勵和獎勵機制，與其他零售模式相比，你們的SG&A中有多少是自然變數造成的？比方說，如果同店銷售額成長了3%到5%，我們剔除了有薪休假調整，但你們最終採取了[NA]策略，那麼你會如何看待每家門市2%到2.5%的標準化SG&A成長？在其他條件不變的情況下，這部分成長會反映在哪些方面？

Yes. Thanks, Chris. Appreciate the question. And there are, I think, a lot of moving pieces in that, especially in a year like this year when we've done some things that are outside of our normal cadence of spend as it relates to the investments that we've made. We still continue to operate a relatively high fixed cost model just because of the nature of having so many units in the store teams that are there. So that does benefit us as we grow sales and be reluctant, I think a little bit to quantify or try to parse out those individual numbers. But I think there is a positive.

是的，謝謝克里斯。感謝你的提問。我認為這裡面有很多變數，尤其是像今年這樣，我們進行了一些與正常支出節奏不符的投資項目的情況下。由於門市團隊擁有大量庫存，我們仍然維持著相對較高的固定成本模式。這確實有利於我們提升銷售額，但我不太願意量化或分析這些具體的數字。不過，我認為這其中確實存在著正面的一面。

Certainly, in a year like this when we really seen such an acceleration in growth, there is just a level of activity that requires, and that's a lot of what we saw here in the third quarter. Part of that is incentive comp, but part of it is, especially on the professional side of the business, we don't want to ever be in a spot where we can't get parts out to our shops really quickly and manage that business. So it is a little bit of a mix between the two. And I think in kind of a little bit more of a normalized sales environment, we expect that we'd be in a pretty stable place. But for sure, our approach this year has been -- as we have gained the momentum that we have, the opportunity to accelerate that growth by investing in the business has been a key priority for us.

當然，在今年這樣成長如此迅猛的情況下，我們需要投入大量的精力，而這正是我們在第三季所看到的。部分原因是激勵性薪酬，但更重要的是，尤其是在業務的專業方面，我們絕不希望出現無法快速將零件送到門市並妥善管理業務的情況。所以，這兩者之間有一定的關聯。我認為，在銷售環境更加正常化的情況下，我們預期業務會更加穩定。但可以肯定的是，我們今年的策略是——隨著我們發展勢頭的增強，透過投資業務來加速成長一直是我們的首要任務。

Understood. And if we went back at 10 to 15 years ago, there was always this view that -- there was a view that you actually originally agreed with that like private label parts aren't going to work for certain type of cars, whether it's a foreign nameplates, certain mechanics didn't like private label and there was this push to have access to OEM parts, particularly on the foreign nameplate side. Do you think the industry has changed in any way where there is -- the customer's more -- the mechanic's more amenable? And how has your capabilities around that changed over time?

明白了。如果我們回顧10到15年前，一直存在著一種觀點——你最初也同意這種觀點——認為自有品牌零件不適用於某些類型的汽車，例如外國品牌，一些維修技師不喜歡自有品牌零件，因此當時普遍傾向於使用原廠零件，尤其是在外國品牌方面。你認為產業在某些方面發生了變化嗎？例如客戶和維修技師是否更願意接受自有品牌零件？隨著時間的推移，你在這方面的能力又發生了哪些變化？

Chris, this is Brad. That's a great question, and I'll take a stab at it and then maybe flip it to Brent for any other commentary on private label. And I think your -- overall, I think it's accurate, what you said. This is my 27th year with the company. When you think back to the early 2000s and you think about the 90s, just in my experience back then, there was less quality in some cases going into private label boxes back then. And we sold against that for a long, long time with a lot of success with more of the national brands and the national company, so to speak. But really, is really the last couple of decades have evolved, the quality that goes into our exclusive national brands is unbelievable. A lot of those same parts not only meet OE quality fit, form and function, but they exceed. And so you think about the success we've had with import direct specifically to what you're talking about with the European nameplates along with the Asian, I mean we couldn't have more confidence in the quality, fit, form and function that's going into that OE box. And it is, again, not only OE, it's -- in a lot of cases, it's better than OE. And so I do think that, that dynamic has changed some over the decades. And so we have a lot of confidence in what's going into our exclusive national brand box and we feel really good.

克里斯，我是布萊德。你問了個好問題，我先試著回答一下，然後可能會把問題拋給布倫特，讓他再就自有品牌發表一些看法。總的來說，我認為你說的很準確。我在公司工作了27年。回想2000年初和90年代，就我當時的經驗來看，有些自有品牌產品的品質確實不如原廠。我們長期以來一直與這種劣質產品競爭，並且憑藉與全國性品牌和公司合作取得了巨大的成功。但實際上，過去二十年發生了巨大的變化，我們獨家全國性品牌的品質令人難以置信。許多零件不僅符合原廠的組裝、形狀和功能標準，而且性能更勝一籌。所以，想想我們直接進口的成功，特別是您提到的歐洲和亞洲品牌，我們對原廠配件的品質、適配性、外形和功能都充滿信心。而且，它不僅是原廠配件，在許多情況下甚至比原廠配件更好。所以我認為，這種局面在過去幾十年裡發生了一些變化。因此，我們對我們獨家自有品牌配件的品質非常有信心，感覺非常好。

We have a lot of opportunity to continue to get better at gaining share in the specifically European shops. We have a lot of tremendous competitors out there that have been really great at that for a long time, but we feel really good about all those things.

我們有很多機會繼續提昇在歐洲市場的佔有率。我們有許多實力強勁的競爭對手，他們在這方面長期以來都做得非常出色，但我們對這些方面充滿信心。

So, Brent, any other thoughts on the private label?

布倫特，你對自有品牌還有其他想法嗎？

Yes. I think maybe just a couple of other thoughts on private label, what we've seen. Brad called out the success of our proprietary brand, import direct. But as we continue to build more quality and spec in the box, we just continue to see more adoption and uptake for those. We launched -- we have our BrakeBest break line. We've got good, better, best. We've got full line designs in our proprietary brands now. We launched BrakeBest Select Pro earlier this year. We're seeing tremendous both uptake on both the DIY and the professional side. Again, customers are looking for quality and they're looking for something that's going to meet their need at the time of need.

是的。關於自有品牌，我想再補充幾點，就我們目前的情況而言。布拉德提到了我們自有品牌「直接進口」的成功。隨著我們不斷提升產品品質和規格，我們看到這些產品的市場接受度和銷售量都在持續成長。我們推出了BrakeBest煞車系列，產品分為「好」、「更好」、「最佳」三個等級。現在，我們自有品牌的產品線已經非常齊全。今年早些時候，我們推出了BrakeBest Select Pro系列，無論是DIY用戶還是專業人士，都對它表現出了極大的興趣。再次強調，客戶追求的是品質，他們需要的是能夠在需要時滿足他們需求的產品。

So we've talked a little bit about proprietary brand penetration now being over 50% of our revenue. We continue to see that number grow. We continue to see strong adoption of those proprietary brands, both with our DIY and professional customers. So we'll continue to lean into that strategy, and we'll also continue to have a national brand as part of our line design and where we think it has relevancy in that particular category.

我們之前提到過，自有品牌滲透率目前已超過我們收入的50%。而且這個數字還在持續成長中。無論是DIY客戶或專業客戶，都對這些自有品牌展現了強勁的接受度。因此，我們將持續強化這項策略，同時也將在產品線設計中保留一個全國性品牌，並在我們認為它與特定品類相關的領域中推出該品牌。

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。

This is Brad. Thank you, Holly. We would like to conclude our call today by thanking the entire O'Reilly team for your unwavering dedication and the great results you have generated throughout 2023. I would like to thank everyone for joining our call today, and we look forward to reporting our fourth quarter and full year results in February. Thank you.

我是布拉德。謝謝霍莉。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和在2023年取得的卓越成果。感謝各位今天參加我們的電話會議，我們期待在二月公佈第四季和全年業績。謝謝。

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

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