O'Reilly Automotive Inc (ORLY) 2023 Q4 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc. Fourth Quarter and Full Year 2023 Earnings Call. My name is Matthew, and I will 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年第四季及全年財報電話會議。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 fourth quarter and full year 2023 results and our outlook for 2024. After our prepared comments, we will host a question and answer period. Before we begin this morning, I would like to remind everyone that our comments today contain forward-looking statements, and we intend to be covered by, and we claim the protection under the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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年第四季和全年業績，以及我們對2024年的展望。在我們作完準備好的發言後，我們將進行問答環節。在會議開始之前，我想提醒大家，我們今天的發言包含前瞻性陳述，我們打算遵守1995年《私人證券訴訟改革法案》中關於前瞻性陳述的「安全港」條款，並聲明該條款具有保護效力。

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.

您可以透過「估計」、「可能」、「可以」、「將」、「相信」、「預期」、「會」、「考慮」、「應該」、「預期」、「預測」、「計畫」、「打算」或類似詞語來識別這些前瞻性陳述。由於本公司截至2022年12月31日止年度的最新10-K表格年度報告以及其他近期提交給美國證券交易委員會（SEC）的文件中所述的若干重要因素，本公司的實際業績可能與任何前瞻性陳述有重大差異。

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

本公司不承擔更新本次電話會議中任何前瞻性陳述的義務。現在，我謹向大家介紹布拉德貝克漢。

Thanks, Jeremy. Good morning, everyone, and welcome to the O'Reilly Auto Parts fourth quarter conference call. Participating on the call with me this morning are Brent Kirby, our President; and Jeremy Fletcher, our Chief Financial Officer. Greg Henslee, our Executive Chairman; and David O'Reilly, our Executive Vice Chairman, are also present on the call.

謝謝傑里米。大家早安，歡迎參加歐萊利汽車配件公司第四季財報電話會議。今天早上與我一同參加會議的有：總裁布倫特·柯比；首席財務官傑里米·弗萊徹；執行董事長格雷格·亨斯利；以及執行副董事長大衛·歐萊利。

I'd like to begin our call this morning by congratulating Team O'Reilly on another strong performance in the fourth quarter. Our team faced our toughest prior year comparisons where we generated 9% comparable store sales in the fourth quarter last year, which represented our strongest quarterly performance in 2022.

今天早上，我首先要祝賀奧萊利團隊在第四季再次取得優異成績。我們團隊面臨去年同期最嚴峻的業績對比，去年第四季我們實現了9%的同店銷售額成長，這也是我們2022年以來表現最好的一個季度。

Against this very high bar, our team was able to deliver a strong comparable store sales increase of 3.4% in the fourth quarter of 2023. This was a direct result of their unwavering commitment to providing excellent customer service every day in each of our over 6,000 stores. For the full year of 2023, our team generated a robust 7.9% comparable store sales increase, which was at the high end of the revised guidance range we provided on last quarter's call.

面對如此高的目標，我們的團隊在2023年第四季實現了3.4%的強勁同店銷售成長。這直接得益於他們始終如一地致力於在旗下6,000多家門市提供卓越的客戶服務。 2023年全年，我們的團隊實現了7.9%的穩健同店銷售額增長，達到了我們在上季度財報電話會議上給出的修訂後業績預期範圍的高端。

This performance was also almost 2 full percentage points above the high end of our original 2023 comp sales guidance range of 4% to 6%. We're extremely pleased with the ability of our team to deliver industry-leading results again in 2023, especially since this performance was on top of the incredible sales growth in the preceding 3 years. These strong top line sales results drove another year of record-setting earnings per share as diluted EPS increased 15% to $38.47, representing continued strong value creation for our shareholders.

這項業績也比我們最初設定的2023年同店銷售額成長預期上限（4%至6%）高出近2個百分點。我們對團隊在2023年再次取得業界領先的業績感到非常滿意，尤其是在先前三年銷售額已實現驚人成長的情況下。強勁的營收成長推動每股盈餘再創新高，稀釋後每股盈餘成長15%至38.47美元，持續為股東創造強勁價值。

As strong as this performance was in 2023, I again think it's helpful to view these continued outstanding results in a longer-term context. To give some perspective, just in the last 4 years, our company has more than doubled earnings per share with our 2023 EPS, 115% above the $17.88 we generated in 2019. After such an amazing run of performance, it would have been far too easy for our team to accept the idea that we may be forced to give back some of our growth. Instead, they did just the opposite, as our business accelerated in 2023.

儘管2023年的業績表現強勁，但我認為從更長遠的角度來看待這些持續優異的成果仍然很有意義。舉例來說，光是過去四年裡，我們公司的每股盈餘就翻了一番還多，2023年的每股盈餘比2019年的17.88美元成長了115%。在經歷瞭如此驚人的業績成長之後，我們的團隊很容易接受可能不得不放棄部分成長的想法。然而，他們卻反其道而行之，我們的業務在2023年加速發展。

I couldn't be more proud of our Team's relentless dedication to outperforming the competition by providing the best customer service in the industry. As you'd expect, the incredible momentum we built in our business this year has generated a lot of excitement for our team, and that excitement was on full display at our annual leadership conference held in Dallas just 2 weeks ago.

我為我們團隊不懈努力、超越競爭對手、提供業內最佳客戶服務而感到無比自豪。正如您所料，我們今年在業務上取得的驚人發展勢頭令團隊士氣高昂，而這種熱情在兩週前於達拉斯舉行的年度領導力大會上得到了充分展現。

Each year, we bring all of our store managers and field leadership, including our sales and distribution management teams, together in one place to build leadership skills, enhance product knowledge, share best practices across our company, celebrate award-winning performances and most importantly, set our focus on the year to come.

每年，我們都會將所有門市經理和現場領導，包括銷售和分銷管理團隊，聚集在一起，以培養領導技能，增強產品知識，分享公司內部的最佳實踐，慶祝獲獎業績，最重要的是，為來年設定重點。

Our conference theme this year was Leaders in Motion, which perfectly defines the focus and attitude of our team. It's clear the energy created by winning with our customers and driving industry-leading performance is infectious. And all of our leaders are passionate about taking the next step forward and seizing the opportunities in front of us.

我們今年的大會主題是“行動中的領導者”，這完美地詮釋了我們團隊的關注點和態度。我們與客戶攜手共贏、引領業界績效所帶來的能量顯然極具感染力。我們所有的領導者都充滿熱情地邁向新的旅程，並積極掌握眼前的機會。

Now I'd like to take a few minutes and provide some color on our fourth quarter results.

現在我想花幾分鐘時間，詳細介紹我們第四季的業績。

As we discussed on last quarter's conference call, we started the fourth quarter with solid sales results in line with trends we saw as we exited the third quarter. As we progress throughout the quarter, our results remain relatively consistent on a volume -- from a volume perspective with each month performing better than our guidance expectations. As we expected, our comparable store sales results on a year-over-year basis faced pressure in December against very challenging comparisons the last 2 years when we capitalized on favorable winter weather.

正如我們在上季度電話會議上討論的那樣，第四季度開局銷售業績穩健，與第三季末的趨勢一致。隨著季度的推進，我們的銷售表現相對穩定，每個月的銷售量都超出了預期。正如我們預期的那樣，由於過去兩年我們受益於冬季的良好天氣，12月份的同店銷售額同比面臨壓力。

So far this winter, we have seen typical variability in winter weather with more of the harsh conditions that support our business arriving in January versus December. However, we are very pleased with how we finished out 2023 with broad-based solid performance across our core nonweather-related categories. Our comparable store sales results were driven by strength on the professional side of our business where our team delivered yet another quarter of double-digit comp growth in the fourth quarter.

今年冬季至今，我們觀察到冬季天氣呈現出典型的波動性，對我們業務有利的嚴寒天氣多發於1月而非12月。然而，我們對2023年全年業績非常滿意，核心非天氣相關業務類別均取得了穩健的整體表現。同店銷售額的成長主要得益於專業服務業務的強勁表現，我們的團隊在第四季再次實現了兩位數的同店銷售成長。

Our professional performance was primarily driven by robust growth in ticket counts, and we continue to be pleased with our team's ability to execute our proven business model at a high level and gain share through exceptional customer service.

我們的專業業績主要得益於訂單數量的強勁增長，我們對團隊能夠高水準地執行我們成熟的商業模式並透過卓越的客戶服務贏得市場份額的能力感到滿意。

Our professional strength was partially offset by pressure in our DIY business, where we faced challenging ticket count comparisons to the weather benefits we saw in 2022 as well as a moderating benefit from same SKU inflation.

我們在專業領域的實力受到一定程度的削弱，但 DIY 業務也面臨壓力，與 2022 年的天氣因素相比，訂單數量有所下降，同時同 SKU 價格上漲帶來的收益也受到抑制。

Overall, the combined impact of average ticket growth on both sides of our business was a contributor to our comp growth in the quarter. As we discussed on last quarter's call, as we entered the fourth quarter, we had fully lapped the year-over-year inflation benefits that carried over from price levels that ramped throughout 2022. For the fourth quarter, our same SKU benefit was just over 1%, in line with our expectations.

整體而言，平均客單價成長對我們業務兩方面都產生了綜合影響，推動了本季同店銷售額的成長。正如我們在上季度財報電話會議上討論的那樣，進入第四季度時，我們已經完全消化了2022年價格上漲帶來的同比通膨利好。第四季度，同店銷售額成長略高於1%，符合我們的預期。

Next, I want to transition to a discussion of our guidance for 2024, starting with our sales outlook. As we disclosed in our earnings release yesterday, we're establishing our annual comparable store sales guidance for 2024 at a range of 3% to 5%, and we want to provide some additional color on how we're viewing both the broader economic conditions in our industry and the opportunities we have to outperform the market.

接下來，我想談談我們對2024年的業績展望，先從銷售前景說起。正如我們在昨天發布的財報中所揭露的，我們預計2024年全年同店銷售額成長目標為3%至5%。我們希望進一步闡述我們對產業整體經濟情勢的看法，以及我們超越市場表現的機會。

As we progress through 2023 and now enter 2024, we believe the fundamental backdrop for the automotive aftermarket industry is stable and the drivers for demand in our industry remains strong. The daily transportation needs of consumers generates robust and resilient demand for our industry, and there continues to be a very compelling value proposition for consumers to invest in the repair and maintenance of their existing vehicles.

隨著我們邁入2023年並進入2024年，我們認為汽車售後市場產業的基本面保持穩定，產業需求驅動因素依然強勁。消費者日常的出行需求為我們行業帶來了強勁且穩定的市場需求，同時，對現有車輛的維修和保養進行投資仍然具有極高的價值，能夠有效吸引消費者。

We've been pleased to see improvement in the total miles driven in the U.S. over the last several quarters and expect to see continued steady growth in this metric in line with our -- in line with long-term industry trends driven by population growth and an increase in the size of the car park.

我們很高興地看到，在過去的幾個季度裡，美國的總行駛里程有所改善，並預計這一指標將繼續穩步增長，這與人口增長和停車場規模擴大所推動的長期行業趨勢相符。

We also believe our industry has benefited and will continue to benefit from the increasing average age of vehicles as consumers show a strong willingness to prioritize investments in their existing vehicles to keep them on the road longer at higher and higher mileages.

我們也認為，隨著消費者表現出強烈的意願優先投資於現有車輛，以使其行駛里程越來越高，車輛平均車齡的不斷增長，我們的行業已經受益並將繼續受益。

From a broader macroeconomic standpoint, we view current conditions as favorable for our customers and in turn, our industry. We believe the economic health of the consumer is solid, supported by strong employment trends, improved wages, stable fuel prices and moderating inflation. However, our expertise is not in our ability to predict broader economic conditions.

從宏觀經濟角度來看，我們認為當前情勢對我們的客戶以及整個產業都十分有利。我們相信，在強勁的就業趨勢、薪資成長、穩定的燃油價格和溫和的通膨的支撐下，消費者的經濟狀況穩健。然而，我們的專長並不在於預測更廣泛的經濟情勢。

We remain cautious in our outlook regarding the potential for worsening economic conditions or the possibility of short-term economic shocks, particularly any impacts we could see from sustained higher price levels and interest rates, jumps in gas prices or election year volatility.

我們對經濟狀況可能惡化或短期經濟衝擊的可能性仍持謹慎態度，特別是持續較高的物價水準和利率、汽油價格飆升或選舉年波動可能帶來的影響。

As we have discussed in the past, we maintain our conviction that consumers in our industry quickly adjust to challenging environments and will prioritize the maintenance and repair of their existing vehicles as a countermeasure in the pace of economic pressures. Due to the resiliency of our customers and the nondiscretionary nature of our business, we have confidence our industry will perform well in 2024, even if the broader economy ends up facing challenges.

正如我們過去所討論的，我們始終堅信，我們行業的消費者能夠迅速適應充滿挑戰的環境，並將現有車輛的維護和維修作為應對經濟壓力的措施。鑑於我們客戶的韌性以及我們業務的非必需性，我們有信心，即使整體經濟最終面臨挑戰，我們的行業在2024年仍將保持良好的發展勢頭。

While our outlook for 2024 incorporates our assumptions of a reasonably stable economic environment, ultimately, our performance this year will depend on our effectiveness in executing our business model, providing exceptional customer service and in turn, gaining market share. To that end, I want to spend a few minutes discussing how we view our opportunities on both sides of our business. We expect both our DIY and professional businesses to be positive contributors to our comparable store sales growth in 2024, with professional again expected to outperform.

儘管我們對2024年的展望是基於經濟環境相對穩定的假設，但最終，我們今年的業績將取決於我們能否有效執行商業模式、提供卓越的客戶服務，並最終贏得市場份額。為此，我想花幾分鐘時間談談我們如何看待業務各個方面的機會。我們預計，2024年，我們的DIY業務和專業服務業務都將成為同店銷售成長的積極貢獻者，其中專業服務業務預計將再次表現優異。

We have been truly blown away by the incredible momentum our team has generated with our professional customer base, driving 3 consecutive years of comparable store sales growth in the mid-teens. We were especially excited with the ticket count gains we saw in 2023 as our store, sales, distribution and office team members delivered on our commitment to excellent customer service and industry-leading inventory availability.

我們的團隊憑藉著與專業客戶群的緊密合作，取得了令人矚目的成長勢頭，連續三年同店銷售額實現兩位數以上的成長，這著實讓我們感到振奮。尤其令人欣喜的是，2023年客單價的顯著提升，這得益於我們門市、銷售、配送和辦公室團隊成員的共同努力，他們始終致力於提供卓越的客戶服務和業界領先的庫存保障。

We remain bullish in our outlook for growth in professional in 2024, but expect comps to naturally moderate as we compare against the higher bar we set in 2023. We also believe we have opportunities to gain share on the DIY side of our business, but anticipate that any share growth in the DIY will come in the context of the long-term industry trend of pressure to DIY ticket counts.

我們依然看好2024年專業服務業務的成長前景，但預計隨著與2023年設定的較高目標相比，同店銷售額的成長將自然放緩。我們也相信有機會在自助服務業務方面提升市場份額，但預計自助服務業務的任何份額增長都將是在自助服務訂單量長期承壓的行業趨勢背景下實現的。

We believe the industry dynamic of extended service and repair intervals resulting from increased complexity and quality of parts will drive down DIY ticket counts broadly in our industry.

我們相信，隨著零件複雜性和品質的提高，延長維修保養週期的產業動態將導致我們產業內 DIY 維修單數量普遍下降。

As a result, we anticipate DIY traffic will be flat to slightly down in 2024 with an expectation that we will continue to gain share to partially offset the normal industry drag on ticket counts. However, increased complexity and quality of parts also drives higher average ticket values, and we expect total DIY comps to be positive in 2024.

因此，我們預計2024年DIY流量將保持平穩或略有下降，但我們期望能夠繼續擴大市場份額，以部分抵消行業正常波動對訂單數量的拖累。然而，零件複雜性和品質的提升也推高了平均訂單價值，我們預計2024年DIY總銷售額將實現正成長。

For both sides of our business, we expect to see continued growth in average ticket values. However, our 2024 projections assume same SKU inflation will provide a smaller benefit than we have realized in the last 3 years.

我們預計，公司業務的銷售和零售兩方面平均客單價都將持續成長。然而，我們2024年的預測假設，同質化商品價格上漲帶來的收益將低於過去三年的實際收益。

Overall price levels were very much more stable in 2023 and consistent with our historical practice, we are assuming only modest increases in price levels from this point forward in 2024. As a result, our guidance assumes a minimal tailwind of less than 1% from same SKU inflation with overall ticket expected to be up low single digits, driven by increased complexity.

2023年整體物價水準較為穩定，與我們以往的預測一致，我們預期2024年物價水準僅會小幅上漲。因此，我們預期同SKU價格通膨帶來的利多因素將低於1%，整體客單價漲幅預計僅為個位數，主要受產品複雜度增加的影響。

Before I move on from sales guidance, I would like to highlight our expectation for the quarterly cadence of our sales growth in 2024. On a weekly volume basis, our business was fairly steady in 2023, and we expect our quarterly comparable store sales growth to be relatively even throughout 2024 absent any unforeseen seasonal variability in weather and a minor shift from the timing of the Easter holiday in the first quarter of 2024 versus the second quarter last year.

在繼續討論銷售預期之前，我想重點介紹我們對2024年季度銷售成長節奏的預期。按週銷量計算，我們2023年的業務相當穩定，我們預計，如果沒有不可預見的季節性天氣變化以及2024年第一季復活節假期時間與去年第二季度相比略有不同，我們2024年全年的季度同店銷售增長將相對平穩。

We are pleased to be off to a solid start in 2024 aided by favorable winter weather in January. As I mentioned previously, we did not see much of the winter weather benefit in the fourth quarter. However, with the arrival of typical winter conditions in January, we would now view the weather backdrop as normal, and our assumptions underlying our sales guidance for the full year of 2024 do not include any material impacts from weather.

我們很高興2024年開局良好，這要歸功於1月有利的冬季天氣。正如我之前提到的，我們在第四季並未感受到冬季天氣帶來的顯著益處。然而，隨著1月份典型的冬季天氣到來，我們現在認為天氣狀況已恢復正常，因此我們對2024年全年銷售預測的假設中並未包含任何由天氣造成的重大影響。

Now I'd like to move on to discuss our capital investment and expansion results in 2023 as well as our plans for 2024. Our capital expenditures for 2023 were just over $1 billion, which exceeded the guidance range we updated on last quarter's call and is approximately $200 million above our initial guidance for the year.

現在我想談談我們2023年的資本投資和擴張成果，以及我們2024年的計畫。我們2023年的資本支出略高於10億美元，超過了我們在上個季度電話會議上更新的指導範圍，並且比我們最初的年度指導高出約2億美元。

As we progressed through 2023, we realized incremental opportunities to further invest in our store and distribution network as well as accelerate our spend on certain initiatives to refresh our vehicle fleet and enhance our store image and appearance.

隨著我們邁入 2023 年，我們逐漸意識到有更多機會進一步投資於我們的門市和配送網絡，並加快在某些舉措上的支出，以更新我們的車隊並提升我們門市的形象和外觀。

For 2024, we're setting our capital expenditure guidance at $900 million to $1 billion. While our expected total CapEx will approach a similar level of spend as 2023, the composition will change somewhat.

2024年，我們的資本支出指導目標設定在9億至10億美元之間。雖然預計總資本支出將與2023年持平，但其組成會略有變動。

A portion of our capital deployment in 2023 was directed at restarting initiatives that were delayed in previous years and accelerating certain projects where we saw an opportunity to improve the image and convenience of our stores.

2023 年，我們的部分資本部署用於重啟前幾年被推遲的項目，並加速推進我們認為有機會改善門市形象和便利性的某些項目。

Our 2024 plans anticipate a leveling of capital investment for these type of projects back to a more normalized annual spend. We also expect to see a reduced CapEx spend for new distribution projects in 2024. We continue to be on track with our ongoing distribution expansion, and Brent will provide a status update on these projects in a few moments.

我們預計2024年此類項目的資本投資將恢復到較正常的年度支出水準。同時，我們也預計2024年新建配電項目的資本支出將減少。我們目前的配電擴張計畫進展順利，布倫特稍後將就這些計畫的最新情況進行報告。

While we still have substantial dollars to invest to move these projects forward in 2024, our anticipated investment this year will be below our spend in 2023 based upon development time lines for new facilities. These planned reductions in CapEx will be largely offset by an increased investment in new stores as well as continued strategic investments in technology projects and infrastructure.

儘管我們仍有大量資金可用於推進這些項目在2024年的進展，但根據新設施的開發時間表，我們預計今年的投資額將低於2023年的支出。這些計劃中的資本支出削減將主要被對新店投資的增加以及對技術項目和基礎設施的持續戰略投資所抵消。

Our growth in new store CapEx is being driven by a shift toward owned store growth versus lease stores in our planned 2024 new store openings and future store development. As we disclosed last quarter, we have established a target of 190 to 200 net new store openings for 2024 spread across multiple markets in the U.S. and Mexico.

我們新店資本支出成長的驅動因素是，在2024年的新店開幕計畫和未來門市開發中，自有門市的成長比例將高於租賃門市。正如我們上季度所揭露的那樣，我們已設定目標，2024年將在美國和墨西哥的多個市場淨增加190至200家門市。

We continue to be very pleased with the performance of our new stores and are excited about our growth opportunities in both new and existing markets alike. We have a long-held preference toward own properties as we fuel our expansion in our ability to successfully open stores that increasingly generate higher sales volumes and stronger cash flows is driving enhanced returns on capital invested in our new store growth.

我們對新店的業績持續感到非常滿意，並對在新舊市場的成長機會充滿信心。我們一直以來都傾向於擁有自有物業，因為我們相信，成功開設新店並不斷提升銷售額和現金流，能夠推動新店擴張，從而提高投資回報率。

One of the strengths of our company and a key factor in our growth story has been our ability to balance our organic greenfield growth across geographic -- across our geographic footprint, which -- while also supplementing our expansion with strategic acquisitions. The most important factor in the success of our new stores is the ability to staff the store with highly trained professional parts people who live the O'Reilly culture and are committed to providing excellent customer service in their markets.

我們公司的優勢之一，也是我們發展歷程中的關鍵因素，在於我們能夠平衡地域範圍內的有機成長（即新建門市的成長）與策略性收購相結合，從而進一步拓展業務。新店成功的關鍵在於能夠配備訓練有素、專業敬業的零件銷售人員，他們不僅認同歐萊利的企業文化，更致力於在各自的市場提供卓越的客戶服務。

Over the course of our history, we have been very fortunate to join forces with several great companies through acquisitions and our ability to partner with seasoned professionals, who have strong relationships with customers in markets that are new to our company has been paramount to our success.

在我們的發展歷程中，我們非常幸運地透過收購與幾家偉大的公司強強聯合，並且我們能夠與經驗豐富的專業人士合作，這些專業人士與我們公司新市場中的客戶建立了牢固的關係，這對我們的成功至關重要。

With this in mind, we are thrilled to have completed our acquisition of Groupe Del Vasto in January and are extremely excited to partner with their experienced leadership team to enter the Canadian market.

有鑑於此，我們非常高興在 1 月完成了對 Groupe Del Vasto 的收購，並非常興奮能與他們經驗豐富的領導團隊合作，進入加拿大市場。

As noted in our press release in December, the company is headquartered in Montreal, Quebec, Canada and operates as Vast-Auto Distribution. Vast-Auto is a highly respected family-owned business founded over 35 years ago with a company culture focused on the core values of hard work and excellent customer service. They currently operate 2 distribution centers and 6 satellite warehouses that support 23 company-owned stores, a network of strategic independent partners and thousands of professional customers across Eastern Canada.

正如我們在12月份的新聞稿中所述，該公司總部位於加拿大魁北克省蒙特利爾市，以Vast-Auto Distribution的名義運作。 Vast-Auto是一家備受尊敬的家族企業，創立於35多年前，其企業文化以勤奮工作和卓越的客戶服務為核心價值。目前，該公司營運2個配送中心和6個衛星倉庫，為遍佈加拿大東部的23家公司直營店、策略合作夥伴網路以及數千家專業客戶提供支援。

We are still in the very early innings of planning -- of the planning process for our future expansion in Canada, and there will definitely be more to come as we grow our footprint. But for now, we are very excited to welcome the 500-plus Vast-Auto team members to Team O'Reilly.

我們目前仍處於規劃的初期階段——即我們未來在加拿大擴張的規劃過程，隨著業務規模的擴大，未來肯定會有更多舉措出台。但現在，我們非常高興地歡迎Vast-Auto的500多位團隊成員加入O'Reilly團隊。

In a few moments, Brent will provide additional details on our gross profit and operating profit results as well as our expectations for 2024. But before I turn the call over to him, I want to highlight our earnings per share guidance we outlined in our press release last night.

稍後，布倫特將詳細介紹我們的毛利和營業利潤業績，以及我們對 2024 年的預期。但在我將電話會議交給他之前，我想重點介紹我們昨晚在新聞稿中概述的每股收益預期。

We have established our EPS guidance for 2024 at $41.05 to $41.55. While we expect the Vast-Auto acquisition to be slightly accretive to our bottom line in 2024, it will not have a material impact on earnings per share.

我們已將2024年的每股盈餘預期設定為41.05美元至41.55美元。雖然我們預期收購Vast-Auto將在2024年略微提升我們的淨利潤，但不會對每股盈餘產生重大影響。

Our 2024 operating plans and earnings and profitability outlook reflects our continued commitment to investing in our business to grow market share and drive industry-leading results.

我們的 2024 年營運計畫、收益和獲利前景反映了我們持續致力於投資業務，以擴大市場份額並取得領先業界的績效。

We have been pleased with our ability to capitalize on our strong competitive positioning and generate robust sales momentum and will continue to judiciously manage our capital and operating investments to drive long-term growth and high returns.

我們對自身強大的競爭地位和強勁的銷售動能感到滿意，並將繼續審慎管理資本和營運投資，以推動長期成長和高回報。

Our entire team remains highly committed to our business and our customers, and we are very confident in our ability to build on the strong historical EPS results I outlined at the beginning of our call today.

我們整個團隊仍然對我們的業務和客戶保持高度忠誠，並且我們非常有信心能夠鞏固我今天在電話會議開始時概述的強勁的歷史每股收益業績。

As I wrap up my prepared comments, I would like to once again thank Team O'Reilly for their hard work, dedication and performance in 2023. Now I will turn the call over to Brent.

在我結束事先準備好的演講之前，我想再次感謝奧萊利團隊在2023年的辛勤工作、奉獻精神和出色表現。現在我將把發言權交給布倫特。

Thanks, Brad. I would also like to begin my comments this morning by congratulating Team O'Reilly on another great year in 2023 and welcoming our newest Canadian team members to our great company. We're thrilled to partner with the Vast-Auto team to enter the Canadian market. Their experienced leadership team and excellent company culture, provide a strong foundation for our growth in Canada, and we view this acquisition as an important part of our strategic expansion plans.

謝謝布拉德。今天早上，我也想先祝賀奧萊利團隊在2023年又取得了輝煌的成績，並歡迎我們最新的加拿大團隊成員加入我們這個優秀的公司。我們很高興能與Vast-Auto團隊合作，共同進軍加拿大市場。他們經驗豐富的領導團隊和卓越的企業文化，為我們在加拿大的發展奠定了堅實的基礎，我們認為此次收購是我們策略擴張計劃的重要組成部分。

Today, I will further discuss our fourth quarter and full year operational results and provide some additional color on our outlook for 2024. Starting with gross margin. Our fourth quarter gross margin of 51.3% was a 47 basis point increase from the fourth quarter of 2022 and at the high end of our expectations. Our full year gross margin also came in at 51.3%, in line with last year and also at the high end of our guidance range.

今天，我將進一步探討我們第四季和全年的營運業績，並就2024年的展望提供更多細節。首先是毛利率。我們第四季的毛利率為51.3%，較2022年第四季成長47個基點，達到我們預期的高端。全年毛利率也為51.3%，與去年持平，同樣處於我們預期範圍的高端。

As a reminder, our full year results as compared to 2022 were impacted by incremental pressure we faced in the first quarter from the final impacts of calendaring our 2022 professional pricing initiative. Subsequent to the first quarter, our gross margin for the remaining 3 quarters of the year improved approximately 30 basis points from the comparable period in 2022.

需要提醒的是，與2022年相比，我們全年的業績受到第一季業績成長的影響，這主要是由於我們2022年專業定價計畫最終實施後帶來的額外壓力。第一季之後，我們剩餘三個季度的毛利率較2022年同期提高了約30個基點。

We've been pleased with our consistent solid gross margin results, especially in light of the mix headwind we faced from our outsized strong performance in our professional business. Our supply chain teams with outstanding support from our supplier partners have worked diligently to drive improved gross margins through incremental improvements in acquisition costs and distribution efficiencies.

我們對持續穩健的毛利率表現感到滿意，尤其是在專業業務表現強勁帶來的不利因素影響下，我們依然取得瞭如此成績。我們的供應鏈團隊在供應商夥伴的大力支持下，不懈努力，透過逐步降低採購成本和提高分銷效率，顯著提升了毛利率。

For 2024, we expect to continue to see further expansion of gross margin as we calendar our gains in 2023 and drive similar incremental improvements as we progress through the year. We have established a guidance range for 2024 of 51% to 51.5%, which includes an anticipated 25 basis points of dilution from the inclusion of the acquired Vast-Auto business in our results.

2024年，我們預期毛利率將持續擴大，這得益於2023年業績的穩定成長，以及全年業績的持續改善。我們已將2024年的毛利率預期區間設定為51%至51.5%，其中包括收購Vast-Auto業務後預計導致的25個基點的稀釋。

As we outlined in our press release, because of our new partner's current mix of lower margin distribution business to independent parts stores, we're expecting this headwind to consolidate gross margin, but only expect a net impact of 15 basis points to operating profit since they operate with a lower mix of owned stores and associated operating cost.

正如我們在新聞稿中概述的那樣，由於我們的新合作夥伴目前主要面向獨立零件商店開展利潤率較低的分銷業務，我們預計這一不利因素將導致毛利率下降，但由於他們的自有門市比例較低，相關營運成本也較低，因此預計對營業利潤的淨影響僅為 15 個基點。

Excluding the impact of adding the Vast-Auto business, our expected gross profit is projected to be up 24 basis points at the midpoint. This reflects our confidence in the tremendous amount of focus our supply chain, store operations and sales teams have on creating a premium value proposition for our customers.

剔除收購Vast-Auto業務的影響，我們預期毛利將成長24個基點（取中間值）。這反映了我們對供應鏈、門市營運和銷售團隊高度重視為客戶創造優質價值的信心。

Our quarterly gross margin remained very consistent throughout 2023. and we expect a similar quarterly cadence as we move through 2024. While we cannot completely predict what inflation will look like from a macro perspective, our current assumptions also build in a stable inflation environment, both as it relates to our product input cost and selling prices to our customers, as Brad outlined in his comments.

2023 年全年，我們的季度毛利率保持非常穩定，我們預計 2024 年也將保持類似的季度水準。雖然我們無法完全預測宏觀通膨的走勢，但正如 Brad 在評論中所述，我們目前的假設也基於穩定的通膨環境，這體現在我們產品的投入成本和銷售價格兩方面。

During 2023, we saw puts and takes in the costing environment as a result of inflationary pressures broadly experienced by our supply chain partners, offset by our Team's efforts to manage acquisition cost-effectively.

2023 年，由於供應鏈夥伴普遍面臨通膨壓力，成本環境出現了波動，但我們的團隊努力有效管理採購成本，抵銷了這些波動。

We really view this as a normal state of condition for our industry and expect a similar rational environment in 2024. Our expectations also assume customer pricing in our industry will remain rational. As pleased as we've been with our incremental improvements to gross margin rate, we're even more excited with our strong gross profit dollar growth, which saw an increase of 10% in 2023 and is projected for solid growth again in 2024.

我們認為這確實是我們行業的正常狀態，並預計2024年市場環境將保持類似的理性水平。我們的預期也基於行業內客戶定價將保持理性的假設。儘管我們對毛利率的逐步提升感到滿意，但更令我們振奮的是毛利的強勁增長，2023年毛利增長了10%，預計2024年將繼續保持穩健增長。

Our consistent strong performance is the direct result of a continued high level of execution of our business model and our unrelenting commitment to providing our customers with the absolute best parts availability in our industry.

我們持續強勁的業績直接源自於我們商業模式的持續高效執行，以及我們始終致力於為客戶提供業界最佳的零件供應。

This competitive advantage is the direct result of our long-term commitment to making sound investments in our supply chain, distribution network and inventory position. And we're excited about the projects we have underway to continue to enhance our capabilities in 2024.

這項競爭優勢直接源自於我們長期以來對供應鏈、分銷網絡和庫存狀況的穩健投資。我們對正在進行的計畫充滿信心，這些計畫將助力我們在2024年繼續提升自身能力。

To start on the distribution side of the business, we have 3 significant projects in development that will add capacity and service levels to our network, and I'd like to provide a quick update on our progress.

首先說說業務的分銷方面，我們有 3 個重要的項目正在開發中，這些項目將增加我們網絡的容量和服務水平，我想就我們的進展情況做一個簡要的匯報。

As we have previously disclosed, we currently have new distribution centers under construction to relocate our existing Springfield, Missouri and Atlanta, Georgia DCs to larger, more efficient facilities.

正如我們之前所揭露的那樣，我們目前正在建造新的配送中心，將我們現有的位於密蘇裡州斯普林菲爾德和喬治亞州亞特蘭大的配送中心搬遷到更大、更有效率的設施中。

This expanded capacity will enable us to continue to support new store growth in some of our more mature core market areas as well as support the increased per store volumes that have grown significantly during the last several years.

此次產能擴張將使我們能夠繼續支持一些較成熟的核心市場區域的新店發展，並支持過去幾年中顯著增長的單店銷售。

Both of these projects are on track. We're projecting the Springfield relocation to be complete in the back half of 2024, and we'll begin the process of transferring stores to the new Atlanta facility at the end of this year. We're also making great progress on the development of our new greenfield distribution center in Stafford, Virginia and continue to expect for this facility to be operational in the middle of 2025.

這兩個項目都在按計劃進行。我們預計斯普林菲爾德的搬遷工作將於2024年下半年完成，並將於今年底開始將門市轉移到亞特蘭大的新設施。此外，我們在維吉尼亞州斯塔福德新建的配送中心也取得了顯著進展，並預計該中心將於2025年中期投入營運。

It will support our expansion into these new untapped market areas for our company. Our distribution strategy directly aligns with the store growth strategies that Brad outlined earlier, and these new facilities will be key drivers of our ability to capture market share in both existing and new markets. In addition to the investments we're making in our distribution centers, we continue to prioritize the opportunities we have to enhance our hub store network, which is the next level of our tiered supply chain model.

這將助力公司拓展這些尚未開發的全新市場領域。我們的分銷策略與布拉德先前概述的門市成長策略高度契合，這些新設施將成為我們拓展現有市場和新市場市場份額的關鍵驅動力。除了對分銷中心的投資外，我們還將繼續優先考慮如何提升樞紐門市網絡，這是我們分級供應鏈模式的下一個階段。

Our ability to support our stores with quick access to broad localized SKU availability is an important factor in our ability to effectively compete up and down the street. We continually evaluate this network to ensure all of our stores have the best access to inventory in their respective markets, and we'll adjust the number, location and size of hub stores as necessary to achieve this goal. Every year, a portion of our capital and operating investment is geared toward this tier in our distribution model and our plans for 2024 are in line with this continued commitment.

我們能夠快速為門市提供廣泛的本地化SKU庫存，這對於我們在競爭激烈的市場中保持領先至關重要。我們會持續評估這個網絡，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，並根據需要調整樞紐門市的數量、位置和規模，以實現這一目標。每年，我們都會將部分資本和營運投資用於此分銷環節，而我們2024年的計畫也與此持續承諾相符。

Moving on to inventory. Our inventory per store at the end of 2023 was $575,000, which was up 4% from the end of last year, driven by our continued opportunistic investments to support our sales momentum. In the coming year, our planned growth and inventory per store corresponds with the growth we will send -- see in our distribution and hub network.

接下來談談庫存。截至2023年底，我們每家門市的庫存為57.5萬美元，較上年年底成長4%，這主要得益於我們持續進行機會性投資以支持銷售成長動能。未來一年，我們計劃的成長和每家門市的庫存水準將與我們透過分銷和樞紐網絡實現的成長相匹配。

For 2024, we expect per-store inventory to increase approximately 4% within our existing chain with the addition of the acquired Vast-Auto inventory, resulting in another 1% of per-store growth since their model is more heavily weighted to distribution with a lower store count.

預計到 2024 年，隨著收購 Vast-Auto 的庫存增加，我們現有連鎖店的單店庫存將增加約 4%，由於 Vast-Auto 的模式更側重於分銷，門市數量較少，因此單店庫存將再增長 1%。

Our growth objectives are focused on adding expanded inventories in our relocated DCs, augmenting the inventory availability in our hub network and capitalizing on targeted additions in our stores to ensure we're offering the best possible local assortment and inventory availability.

我們的成長目標集中在以下幾個方面：在搬遷後的配送中心增加庫存，提高樞紐網路的庫存可用性，並利用門市的定向增貨，以確保我們提供最佳的本地商品種類和庫存可用性。

Now I want to spend some time covering our SG&A and operating profit performance in 2023 and our outlook for 2024. Fourth quarter SG&A expense as a percent of sales was 32.6%, up 43 basis points from the fourth quarter of 2022 and above our expectations due to higher-than-expected self-insured auto liability exposure and legal costs, driven by inflation and claims costs.

現在我想花點時間談談我們 2023 年的銷售、一般及行政費用和營業利潤表現，以及我們對 2024 年的展望。第四季銷售、一般及行政費用佔銷售額的 32.6%，比 2022 年第四季成長了 43 個基點，高於我們的預期，原因是自保汽車責任風險敞口和法律成本高於預期，而這又受到通貨膨脹和索賠成本的推動。

Average per store SG&A expense for the full year of 2023 were up 7.8%, slightly above our revised guidance from the third quarter as a result of these same drivers. As we have discussed throughout the year, the outsized year-over-year SG&A growth as compared to our historical growth rates, was the result of planned initiatives targeted at enhancing our long-term operational strength through reinvestment in our stores, technology and our outstanding team.

受上述因素影響，2023年全年平均單店銷售、管理及行政費用（SG&A）成長7.8%，略高於我們第三季修訂後的預期。正如我們全年所討論的，與歷史增長率相比，SG&A的同比增幅顯著，這得益於我們為增強長期運營實力而製定的各項計劃，這些計劃旨在通過對門店、技術和優秀團隊的再投資來實現這一目標。

As we look forward to 2024, we're planning to grow average SG&A per store by 4.5% to 5%. With approximately 1/2 of 1 point of this increase driven by the addition of the Vast-Auto operations. Our anticipated store growth in 2024 is a step down from the significant investment we made in 2023, but is higher than we would normally forecast in our initial SG&A guidance driven by a few key factors.

展望2024年，我們計劃將每家店的平均銷售、管理及行政費用（SG&A）提高4.5%至5%。其中約0.5個百分點的成長主要來自Vast-Auto業務的併入。我們預計2024年的門市成長規模將低於2023年的巨額投資，但高於我們最初SG&A指導中的預期，這主要受以下幾個關鍵因素的影響。

Part of our anticipated increase in 2024 SG&A expense is driven by a year-over-year increase in depreciation expense directly related to our increased CapEx spend in both 2023 and 2024. As we calendar passed our prior year investments, this headwind will moderate as we move through 2024, especially as our mix of capital spending in 2024 shifts more towards new store investments.

我們預期2024年銷售、管理及行政費用（SG&A）的部分成長是由於折舊費用年增所致，而折舊費用的增加又直接源自於我們在2023年和2024年資本支出（CapEx）的增加。隨著我們上一年投資的完成，這種不利因素將在2024年逐漸緩解，尤其是在我們2024年的資本支出結構更多地轉向新店投資的情況下。

The more significant driver of our planned initiative-driven SG&A spend is our continued investment in our technology capabilities, both in incremental tools and infrastructure. We've been pleased with the impact our IT investments are having on our business and the opportunities we see to support our growth initiatives as we move forward.

我們計畫中以措施為導向的銷售、管理及行政支出 (SG&A) 的主要驅動因素是我們對技術能力的持續投入，包括新增工具和基礎設施。我們對 IT 投資對業務的影響以及未來發展中支持成長舉措的機會感到滿意。

Based on these expectations and our projected gross margin rate, we're setting our operating profit guidance range at 19.7% to 20.2%. As we disclosed in our press release yesterday, this includes an anticipated dilution of 15 basis points from the inclusion of Vast-Auto's results in our consolidated guidance.

基於這些預期和我們預測的毛利率，我們將營業利潤率預期區間設定為19.7%至20.2%。正如我們昨天在新聞稿中所揭露的那樣，這其中包含了將Vast-Auto的業績納入我們合併預期後預計導致的15個基點的稀釋。

Excluding that impact, our guidance for 2024 brackets our 2023 results with the midpoint of our expected operating profit range down slightly from last year. Based on the anticipated cadence of our SG&A growth during the year, we expect more pressure to operating profit in the first half of the year than the back half.

剔除上述影響，我們對2024年的業績指引將2023年的業績範圍限定在預期營業利潤區間的中點，該區間較去年略有下調。根據我們預期的年內銷售、管理及行政費用成長節奏，我們預期上半年營業利潤將面臨比下半年更大的壓力。

As Brad previously mentioned, we are highly committed to growing our share of the market and driving industry-leading results. Before I close my comments, I want to join Brad in expressing the privilege it was to spend time with our company leaders at our annual leadership conference in January.

正如布拉德之前提到的，我們致力於擴大市場份額，並取得領先業界的業績。在結束發言之前，我想和布拉德一起，表達我們非常榮幸能在1月份的年度領導力大會上與公司領導層共度時光。

Our team certainly had much to celebrate given their outstanding performance in 2023, but it was evident that our team is not satisfied with resting on our past success. Rather, they are intensely focused on providing excellent customer service and continuing to grow market share in 2024 and beyond. Now I will turn the call over to Jeremy.

鑑於團隊在2023年的出色表現，他們當然有很多值得慶祝的地方，但顯然，他們並不滿足於過去的成功。相反，他們正全力以赴地提供卓越的客戶服務，並致力於在2024年及以後繼續擴大市場份額。現在，我將把電話交給傑里米。

Thanks, Brent. I would also like to congratulate Team O'Reilly on another outstanding year. Now we will fill in some additional details on our fourth quarter results and guidance for 2024. For the fourth quarter, sales increased $188 million, driven by a 3.4% increase in comparable store sales and a $71 million noncomp contribution from stores opened in 2022 and 2023 that have not yet entered the comp base.

謝謝，布倫特。我也要祝賀奧萊利團隊又度過了出色的一年。接下來，我們將詳細介紹第四季的業績以及2024年的業績展望。第四季度，銷售額成長了1.88億美元，這主要得益於同店銷售額成長3.4%，以及2022年和2023年新開店（尚未計入同店銷售額）貢獻的7,100萬美元非同店銷售額。

For 2024, we expect our total revenues to be between $16.8 billion and $17.1 billion. Our guidance for total revenues includes the benefit from leap day in 2024, but this additional day will not be included in our comparable store sales calculation consistent with our historical practice.

我們預計2024年總營收將在168億美元至171億美元之間。我們對總營收的預測包含了2024年閏日帶來的收益，但根據我們以往的慣例，這一額外日期將不計入同店銷售額的計算中。

Our fourth quarter effective tax rate was 17.7% of pretax income comprised of a base rate of 18.9%, reduced by a 1.2% benefit for share-based compensation. This compares to the fourth quarter of 2022 rate of 18.2% of pretax income, which was comprised of a base tax rate of 19.9%, reduced by a 1.7% benefit from share-based compensation.

我們第四季的實際稅率為稅前利潤的17.7%，其中基本稅率為18.9%，並扣除了1.2%的股權激勵收益。相較之下，2022年第四季的實際稅率為稅前利潤的18.2%，其中基本稅率為19.9%，並扣除了1.7%的股權激勵收益。

The fourth quarter of 2023 base rate as compared to 2022 was lower as a result of an increase in certain federal and state tax credits. For the full year, our effective tax rate was 21.9% of pretax income, comprised of a base rate of 23.1% reduced by a 1.2% benefit for share-based compensation.

由於部分聯邦和州稅收抵免增加，2023年第四季基準稅率較2022年下降。全年實際稅率為稅前收入的21.9%，其中基準稅率為23.1%，並扣除1.2%的股權激勵收益。

For the full year of 2024, we expect an effective tax rate of 22.6%, comprised of a base rate of 23.1%, reduced by a benefit of 0.5% for share-based compensation. We expect the fourth quarter rate to be lower than the other 3 quarters due to the tolling of certain tax periods, also variations in the tax benefit from share-based compensation can create fluctuations in our quarterly tax rate. Now we will move on to free cash flow and the components that drove our results in 2023 and our expectations for 2024.

我們預計2024年全年實際稅率為22.6%，其中基本稅率為23.1%，並扣除0.5%的股權激勵稅優惠。由於部分稅期的中止，我們預期第四季稅率將低於其他三個季度；此外，股權激勵稅收優惠的波動也可能導致季度稅率出現波動。接下來，我們將討論自由現金流以及2023年業績的組成要素，並展望2024年的預期。

Free cash flow for 2023 was $2 billion versus $2.4 billion in 2022. The decrease of $383 million was the result of the increased capital expenditures Brad discussed earlier as well as an increase in net inventory in 2023 versus the substantial working capital reduction in net inventory we realized in 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.

2023年的自由現金流為20億美元，而2022年為24億美元。減少的3.83億美元是由於布拉德之前提到的資本支出增加，以及2023年淨庫存增加，而2022年我們實現了淨庫存的大幅減少。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 2024, we expect free cash flow to again be in the range of $1.8 billion to $2.1 billion. We anticipate the benefit to free cash flow from growth in our operating income will be offset by a headwind as we compare to the benefit we realized in 2023 from favorable timing of tax payments and purchases of renewable energy tax credits.

我們預計2024年自由現金流將再次達到18億美元至21億美元。我們預計，營業收入成長帶來的自由現金流成長將被不利因素抵消，因為與2023年因稅收支付時機有利和購買再生能源稅收抵免而獲得的收益相比，2024年的自由現金流成長將受到一定影響。

As Brad and Brent discussed in their prepared comments, in 2024, we have planned for capital expenditures and inventory growth at similar levels to the investments we made in 2023. And as a result, we expect a comparable impact to free cash flow.

正如布拉德和布倫特在事先準備好的評論中所討論的那樣，我們計劃在2024年將資本支出和庫存增長維持在與2023年類似的水平。因此，我們預期對自由現金流的影響也將與之相當。

I also want to touch briefly on the component of our net inventory driven by our AP to inventory ratio. We finished the fourth quarter at 131%, which was reduced from the rate we saw through much of 2023.

我還想簡要談談淨庫存中受應付帳款與庫存比率影響的部分。第四季末，該比率為131%，低於2023年大部分時間的水平。

This moderation in AP reflects the timing impact of payments associated with the substantial inventory purchases we made at the end of 2022 to support our strong sales volumes and significant inventory additions as we exited last year. For 2024, we expect to see continued moderation and an impact from our Canadian acquisition and currently expect to finish the year at a ratio of approximately 127%.

應付帳款的放緩反映了我們在2022年底為支持強勁的銷售量和去年年底大幅增加的庫存而進行的大量庫存採購所帶來的付款時間影響。我們預計2024年應付帳款將持續放緩，並受到加拿大收購的影響，目前預計年底應付帳款比率約為127%。

Moving on to debt. We finished the fourth quarter with an adjusted debt-to-EBITDA ratio of 2.03x as compared to our end of 2022 ratio of 1.84x with the increase driven by our successful issuance of $750 million of 3-year senior notes in November and borrowings under our commercial paper program, partially offset by the June retirement of $300 million of maturing notes. 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。第四季末，我們調整後的負債與EBITDA比率為2.03倍，而2022年底的比率為1.84倍。該比率上升主要由於我們在11月份成功發行了7.5億美元的三年期優先票據以及商業票據計劃下的借款，部分被6月份到期的3億美元票據的償還所抵消。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 for 2023, we repurchased 3.6 million shares at an average share price of $883.13 for a total investment of $3.2 billion.

我們對股票回購計畫的執行情況依然感到滿意。 2023年，我們以平均每股883.13美元的價格回購了360萬股股票，總投資額達32億美元。

Since the inception of our share repurchase program in 2011, we have repurchased 94 million shares at an average share price of $247 for a total investment of $23.3 billion. We remain very confident that the average repurchase price is supported by the expected discounted 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.

自2011年啟動股票回購計畫以來，我們已回購9,400萬股，平均回購價格為每股247美元，總投資額達233億美元。我們仍然非常有信心，平均回購價格能夠得到公司預期未來現金流折現的支撐，我們繼續將股票回購計畫視為向股東返還超額資本的有效途徑。

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

再次提醒大家，Brad 先前概述的我們的每股盈餘預期包括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。

Before I open up our call to your questions, I would like to thank the entire O'Reilly team for their dedication to our company and our customers. Your hard work and commitment to excellent customer service continues to drive our outstanding performance.

在正式開始回答各位的問題之前，我想感謝歐萊利團隊全體成員對公司和客戶的奉獻。你們的辛勤工作和對卓越客戶服務的執著追求，一直是推動我們取得優異業績的關鍵所在。

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 Scot Ciccarelli from Truist Securities.

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

This is Josh Young on for Scot. As we look to 2024, how are you thinking about the sustainability of the growth rates you've been putting up on the commercial side of the business? Then as we think about the transaction growth in commercial, would you attribute it more to doing business with new customers? Or is that coming more from wallet share with existing accounts?

這裡是Josh Young，代表Scot發言。展望2024年，您如何看待公司商業業務成長的可持續性？再者，就商業交易量的成長而言，您認為這主要歸功於新客戶的拓展，還是更多地來自現有客戶的消費份額？

Josh, it's Brad. I'll kick this off and see if the guys have anything else. But as I think you know, there's a lot of moving pieces this year. We're going up against a huge performance last year in 2023 on top of everything we generated with mid-teens comp sales growth on the professional side in the last 3 years. So I want to be a little bit careful talking about the sustainability of that as a percentage as our bases continue to get bigger. Again, there's a lot of moving pieces in 2024. We want to be a little bit cautious of everything going on in '24.

喬什，我是布拉德。我先來，看看其他人還有什麼要補充的。但我想你們也知道，今年有很多變數。除了過去三年我們在專業領域實現的兩位數中段的同店銷售成長之外，我們2023年還要面對去年的巨大業績。所以，隨著我們客戶基數的不斷擴大，我想謹慎地談談這種成長百分比的可持續性。再說一遍，2024年也有很多變數。我們要對2024年發生的一切保持謹慎。

But what I can talk to you about from an absolute confidence perspective is our ability to continue to outcomp the market and continue to take share, especially on the professional side of the business. We couldn't be more confident in our team's ability to continue to drive share gains on the professional side. As you know that side of the business is still extremely fragmented. And we have a lot of initiatives in place as well as just our fundamental everyday execution that we've always had to make sure we continue to drive share gains here in 2024.

但我可以絕對自信地告訴大家，我們有能力繼續超越市場競爭對手，不斷擴大市場份額，尤其是在專業服務領域。我們對團隊在專業服務領域持續提升市場佔有率的能力充滿信心。如您所知，該領域的市場仍然高度分散。我們制定了許多舉措，並堅持日常的基本執行，以確保在2024年繼續提升市場份額。

In terms of the transaction part of it, Josh, I would say it's probably a combination of both. When we think about the makeup of our professional business and you think of kind of how we're always working up that call list, we're always going to be focused on new business. There's customers out there even in existing markets that still don't buy hardly anything from us simply because of the relationship they have with somebody else.

就交易方面而言，喬希，我認為可能是兩者兼而有之。當我們思考我們專業業務的組成，以及我們如何不斷更新客戶名單時，我們會始終專注於開發新客戶。即使在現有市場中，也有一些客戶幾乎不會從我們這裡購買任何東西，只是因為他們已經與其他公司建立了合作關係。

And that business and those relationships is built over time, but we're out there chipping away on it every day. And so we have that business that we're not doing today. And when Brent and I and Jeremy look at our performance on the professional side, we're seeing fairly balanced growth, both with existing customers and new. And we feel like that is going to continue for the foreseeable future.

這些業務和關係需要時間積累，但我們每天都在努力耕耘。所以，我們還有一些業務目前尚未開展。當我和布倫特、傑瑞米從專業角度審視我們的業績時，發現無論是現有客戶還是新客戶，都實現了相當均衡的成長。我們認為這種成長勢頭在可預見的未來仍將持續。

Got it. Very helpful. And then, just this year, you obviously had the elevated SG&A growth on that investment spending. And it sounds like that may be the case again in '24. Could you just give us some more color on where your biggest remaining investment opportunities are? And do you think you'll be finished with this sort of accelerated investment cycle by the end of this year?

明白了，很有幫助。而且，就今年而言，你們的投資支出顯然導致了銷售、管理及行政費用（SG&A）的大幅成長。聽起來2024年可能還會出現這種情況。能否請您詳細介紹目前最大的投資機會在哪裡？您認為到今年年底，這種加速投資週期會結束嗎？

Yes, I'll take that, Josh. And again, see if the guys have anything else. Obviously, a very fair question. As you know, as we talk through the quarters in 2023, we continue to see opportunities to play from our position of strength. We're always thinking about the long game when it comes to making sure that we're driving the profitability of our business through sustained share gains that we talked about a minute ago.

好的，喬什，我接受這個提議。再問其他人還有什麼要補充的。這顯然是個很合理的問題。如你所知，在展望2023年各季度時，我們仍然看到利用自身優勢發展的機會。我們始終著眼於長遠，確保透過我們剛才提到的持續市場份額成長來提升業務盈利能力。

Really, as we said a couple of times last year, we had the question, is this going to continue in 2024? And our answer has been the entire time that we're going to wait and see and see how we feel about the continued ability for us to capitalize on some of the volatility that's happening with some weaker competitors. And as you've seen, that's still how we feel. Really, when we look at the makeup of that, we're obviously rifle approach when it comes to our store payroll and how we manage that each and every day.

確實，正如我們去年多次提到的，我們一直在思考，這種情況在2024年是否會持續？我們的答案始終是，我們將拭​​目以待，看看我們是否還能繼續利用一些實力較弱的競爭對手帶來的市場波動來獲利。正如您所看到的，我們仍然持這種觀點。實際上，當我們審視公司組成時，很明顯，我們在門市薪資支出以及日常管理方面採取的是精準的策略。

We're also still rifle approach on making sure those staffing levels to really affect both sides of our business on the share gains. We want to make sure that we continue to staff for that. Really, the makeup that Brent just talked about really how we're seeing that is the biggest driver of that is going to be our continued investments in tech.

我們仍堅持以精準的人員配置策略，確保人員配置水準能真正影響我們業務的各個方面，從而提升市場佔有率。我們希望確保人員配備能夠持續滿足這項需求。事實上，正如布倫特剛才所提到的，我們認為推動這項目標實現的最大動力將是我們對科技的持續投入。

And how we're thinking about that is pretty simple. We have had an amazing run in the last many years, but we're not looking backwards. We're looking at the next many years of our business. We only own 10% of the market in the U.S. And so we have an extreme opportunity to get after some of these investments when it comes to technology and specifically in the form of how are we going to help our frontline team members to give better customer service.

我們對此的思考很簡單。過去幾年我們取得了令人矚目的成就，但我們不會回顧過去，而是著眼於未來幾年的業務發展。我們目前僅占美國市場10%的份額，因此，我們在技術方面擁有絕佳的投資機會，尤其是在如何幫助第一線團隊成員提供更優質的客戶服務方面。

How are we going to remove friction from the customer experience, both with our DIY customers and our professional customers. And so we feel extremely good about those investments in SG&A, and we feel like there's things we could do, Josh, here for the short term to drive down SG&A, but that wouldn't be the right thing to do, knowing we only own 10% of the market and knowing that we're playing the long game here.

我們將如何消除客戶體驗中的摩擦，無論是針對DIY客戶還是專業客戶？因此，我們對銷售、管理及行政費用（SG&A）的投資感到非常滿意。喬希，我們覺得短期內我們可以採取一些措施來降低SG&A成本，但考慮到我們僅佔10%的市場份額，而且我們著眼於長遠發展，這樣做並不明智。

Yes. And the only thing I would add, Josh, to Brad's comments, especially as it relates to the tech investments, everything we invest in, to Brad's point, we're playing the long game, but we invest through a filter of expecting a return on it. And a return in the marketplace and an outsized return with our customer base. So that's the lens we look through when we make those investments.

是的。喬希，我唯一想補充的是，關於布拉德的評論，尤其是在科技投資方面，正如布拉德所說，我們所有的投資都是著眼於長遠，但我們投資時會考慮回報。我們不僅希望在市場上獲得回報，更希望透過我們的客戶群獲得超額回報。這就是我們進行投資時的考量因素。

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。

I wondered if you could talk a little bit more about the change to more owned retail. And can you walk us through what that means for availability of cash for share buybacks over the longer term?

我想請您詳細談談向自有零售通路轉變的問題。您能否解釋一下，從長遠來看，這對股票回購所需的現金意味著什麼？

Kate, this is Jeremy. Great question. It's been kind of an interesting transition over a lot of our history as a company. We've always had a preference or a bias towards owned properties. We feel like that long-term investment and our ability to get compounding returns out of an increasing store bases is an attractive part of how we're able to deploy capital for our shareholders. invest back in our business.

凱特，我是傑瑞米。問得好。在我們公司的發展歷程中，這確實是一個有趣的轉變。我們一直偏愛自有物業。我們認為，這種長期投資以及透過不斷擴大的門市規模獲得複利回報的能力，是我們為股東配置資本並再投資於自身業務的重要優勢。

And we've spoken kind of, gosh, over the long course of time, especially as we move to sort of our current capital structure in 2011 and started to dial up our share buyback, we've been consistent around how we think about the prioritization of our use of capital.

而且，我們已經討論過，哎呀，很長一段時間以來，尤其是在 2011 年我們過渡到目前的資本結構並開始加大股票回購力度之後，我們對資本使用優先順序的看法一直很一致。

And the first part of that has always been within our existing operations and how we think about funding the things that are going to make our existing stores be better. And then as we focus on growth, we know that, that's been a very valuable engine for a long course of time for our shareholders.

首先，我們始終關注現有運營，思考如何為那些能夠提升現有門市體驗的項目提供資金。其次，當我們著眼於成長時，我們深知，長期以來，這始終是股東們獲得豐厚回報的強大動力。

That's always been tempered a little bit by what are the best opportunities and things that are available within our market. And so we've always had a balance. As we work through the last few years, we've seen the economics on those investments improve really on both sides.

我們始終會根據市場中存在的最佳機會和資源來調整策略。因此，我們一直保持著平衡。過去幾年，我們看到這些投資的經濟效益在各方面都得到了顯著改善。

But for sure, as we own those properties and the per store volumes and our profitability per store have improved, there's an even, I think, more powerful value creation mechanism there as we invest in owned stores, and I think that's helped.

但可以肯定的是，隨著我們擁有這些物業，單店銷量和單店盈利能力都有所提高，我認為，當我們投資自有門店時，就會產生更強大的價值創造機制，我認為這很有幫助。

I think there's also been an ability to identify those properties within the marketplace that has been a little bit easier. So those have been the driving factors, and it's obviously been moving that direction for at least some period of time.

我認為，現在更容易在市場上識別出那些有價值的房產。所以這些是主要的驅動因素，而且顯然，這種趨勢至少已經持續了一段時間。

You don't make those decisions for the next year at the beginning of the year that they've been in play. But for us, for this year, we would expect instead of being around 40% of owned new stores in our mix to be closer to 60% for the year and feel like that that's a positive thing.

你不會在年初就為來年做出決定，因為這些決定可能已經實施了一年。但就我們而言，今年我們預計自有新店的比例將從40%左右提高到60%左右，我們認為這是一個正面的訊號。

In terms of how it affects our ability to deploy cash from a share buyback perspective, obviously, at the increments, it's going to be less dollars that we would allocate to that. But that's -- that's also in line with our historical priorities around use of capital.

就其對我們股票回購資金運用能力的影響而言，顯然，每次增發都會減少我們用於股票回購的資金數量。但這——這也符合我們以往的資本運用原則。

Yes. And Kate, I may just jump in. This is Brad. Jeremy did a great job kind of really framing up your -- the answer to your question. The one thing I would highlight and just reiterate from what Jeremy said was how incredibly impressed we are with our ability to open new stores.

是的。凱特，我可能要插了一句。我是布拉德。傑里米做得很好，很好地概括了你的問題。我想強調並重申傑里米所說的一點，那就是我們對開設新店的能力感到非常自豪。

Our team is just doing -- from site acquisition all the way through the build all the way through the store execution and our field team's ability to build the right team with a great store manager, professional parts people, we are just incredibly pleased with our new store performance both in backfill markets in kind of the center part of the country and our existing footprint as well as our new greenfield markets.

我們的團隊正在全力以赴——從選址到建設，再到門市運營，以及我們現場團隊組建優秀門市經理和專業零件人員的能力，我們對新店的業績非常滿意，無論是在中部地區的填補市場、現有業務還是新的綠地市場。

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。

Can you -- you sort of alluded to it, but a little more color on the competitive situation. You guys have been pretty big market share gainers if you just look at your comps versus competitors or even your comps versus I don't know if you look at the NAICS data, sales through automotive supply entire stores. With your comps a little bit lower this quarter because of tough comparisons, you are a little bit below that industry data. I'm wondering if there's anything changing in your view in terms of competitive situation or market's ability to take market share or anything along those lines?

您剛才似乎提到了，但能否再詳細說說競爭情勢？如果只看你們與競爭對手的同店銷售額，或者甚至與北美行業分類系統（NAICS）數據中汽車用品商店的整體銷售額相比，你們的市場份額增長相當顯著。由於本季基數較高，你們的同店銷售額略有下降，低於同業平均。我想知道，您對當前的競爭狀況、市場擴張能力或其他類似方面的看法是否有所改變？

Mike, it's Brad. I'll take a stab at that. So maybe just to answer your question directly on the NAICS data. We, in our business, at least at O'Reilly, have never been able to tie that out exactly to correlate the way that some do. Not to say directionally, there's not something there. But we haven't seen anything change in the competitive dynamic as we look at our performance in Q4 by month.

麥克，我是布萊德。我來試著回答一下。關於北美行業分類系統（NAICS）數據，我想直接回答你的問題。至少在我們奧萊利公司，我們一直沒能像某些公司一樣，將這些數據與NAICS數據進行精確的關聯分析。當然，這並不意味著數據完全沒有關聯性。但是，從我們第四季的月度業績來看，我們並沒有發現競爭格局有任何變化。

I -- Mike, I spend a lot of time just looking at the outputs from our CRM tool that our sales team has out in the field. And listen, those independent competitors that you know very well, I mean, they're incredibly well run. We have a tremendous amount of respect for those WDs, the independents, the 2-steppers. They do an incredible job. And they are honestly our toughest competitor and they hold the most market share when we look at the total addressable market on the professional side of our business, that they are great competitors.

我是麥克，我花了很多時間查看我們銷售團隊在外勤時使用的客戶關係管理（CRM）工具的產出結果。聽著，那些你很熟悉的獨立競爭對手，我的意思是，他們的營運非常出色。我們對這些獨立經銷商、兩步驟（2-steppers）公司都非常尊敬。他們做得非常出色。說實話，他們是我們最強勁的競爭對手，從我們專業業務的整體潛在市場份額來看，他們佔據了最大的市場份額，他們是非常棒的競爭對手。

That said, there's been nothing that we see that has pointed to anything that has been a step change or anything different, but they were tough all year last year, and they continue to be tough in Q4. And so I wouldn't tie that directly to what you're seeing in that data, we just really aren't seeing that.

話雖如此，我們目前還沒有看到任何跡象表明情況發生了根本性的變化或不同之處，但他們去年全年都很難對付，第四季度依然如此。所以我不會把這直接和你們從數據中看到的情況連結起來，我們確實沒有看到那種跡象。

Mike, this is Brent. I would add to everything Brad said. I would also add that we continue to see a very rational pricing environment out there amongst the competition and as it relates to our ability to continue to win when it comes down to professional parts people and parts availability and service, we feel very good with our proposition going forward.

麥克，我是布倫特。我完全同意布拉德的觀點。我還想補充一點，我們看到市場上的競爭定價環境依然非常合理。就我們而言，在專業零件人員、零件供應和服務方面，我們有能力繼續保持競爭優勢，因此我們對未來的發展前景充滿信心。

Okay. That makes sense. One -- another follow-up to something you said. You talked about the operating profit pressure to be a little bit greater in the first half, but gross margin is relatively consistent and comps relatively consistent. So presumably, the SG&A is a little bit higher in the first half. Is that just timing of when you're adding some investments or more store labor in the first half of the year versus second half? Just curious what would cause that to occur.

好的，明白了。還有一點，我想就您剛才說的再補充一點。您提到上半年的營業利潤壓力略大，但毛利率和同店銷售額都比較穩定。所以，上半年的銷售、管理及行政費用（SG&A）應該會略高一些。這是因為上半年和下半年分別增加了投資或門市員工嗎？我只是好奇是什麼原因造成的。

No, Mike. It's really a little bit more of the impact of the investments we made throughout 2023, and especially as those -- some of those capital investments, thinking about things like the rollout of our store fleet or our ability to get all the way through all of our stores with our LED lighting upgrade, the timing of how those investments flowed in, in the prior year and the depreciation impact of that means that we've got some compare noise that would hit us a little bit heavier in the first part of our year.

不，麥克。這其實更反映了我們2023年全年投資的影響，尤其是一些資本投資，比如門市的推廣，或者我們能否完成所有門市的LED照明昇級，這些投資到位的時間，以及上一年的折舊影響，意味著我們在年初會面臨一些比較噪音，這些噪音會對我們造成更大的衝擊。

There is also some degree of timing of some of the technology investments that Brent spoke to, that is the cadence of what that looks like. So that's the reason for that, I guess, commentary around how we would expect cadence to look.

布倫特提到的某些技術投資也具有一定的時機性，也就是投資的節奏。所以我想，這就是我們之前討論投資節奏的原因。

Your next question is coming from Michael Lasser from UBS.

下一個問題來自瑞銀集團的麥可·拉塞爾。

As you set your guidance for 3% to 5% comp growth for the year, what have you assumed about the industry growth rate and your ability to take share within the industry? Have you assumed that essentially you will grow your share at the same rate that you did in 2023?

當您設定全年3%至5%的同業成長目標時，您對產業成長率以及您在產業內獲取市場佔有率的能力有何假設？您是否假設您的市佔率成長速度將與2023年基本持平？

Michael, great question. We appreciate it. So kind of -- obviously, we want to balance our confidence in our ability to continue to take share, to continue to outcomp the market in all both sides of the business, not just professional. As I said earlier, I think maybe Brent and I both did, we see 2024 generally as an overall market as more of a "normal" year.

邁克爾，問得好。我們很感激。顯然，我們希望在保持對自身能力的信心的同時，也能在業務的各個方面（不僅僅是專業領域）繼續擴大市場份額、超越市場競爭。正如我之前所說，我和布倫特可能都認為，2024年整體市場將更加「正常」。

Now what's the definition of normal. You look back at the last many years and how much volatility, how much opportunity, how many things have happened, kind of previous to COVID, we generally think that a normal year based upon all our history, all our decades of doing this, that a normal year for the industry is probably more in that 2% to 3% range.

那麼，什麼是正常呢？回顧過去幾年，經歷了多少波動，多少機遇，發生了多少事情，在新冠疫情之前，我們通常認為，根據我們幾十年的經驗，這個行業的正常年份可能在2%到3%的範圍內。

And so I think that ties into kind of what we're saying with our guide. Again, like you know, Michael, we always say we're not very good at predicting the future, and it's hard to say exactly what the future holds for the industry in 2024. But I think I would generally point you to that kind of 2% to 3% range.

所以我覺得這跟我們指南裡說的內容有點關係。就像你，邁克爾，我們總是說我們不太擅長預測未來，也很難準確地說出2024年這個產業的未來會是什麼樣子。但我通常會建議你參考2%到3%這個區間。

Michael, the only thing I would add to that is, if you have to ask the question, do we think our market share gains will be as strong in 2024 as they were in 2023? The answer obviously is no. I mean, we comped to 7.9% last year, and we're clearly not guiding to that range this year.

邁克爾，我唯一要補充的是，如果你要問這個問題，即我們認為2024年的市佔率成長是否會像2023年那樣強勁？答案顯然是否定的。我的意思是，我們去年的年增幅是7.9%，而我們顯然不指望今年能達到這個水準。

We feel like that we still have the same competitive advantages. We really feel like our teams are energized and enthusiastic about the momentum we've created to move forward.

我們感覺我們仍然擁有同樣的競爭優勢。我們真切地感受到，我們的團隊充滿活力，對我們所創造的前進勢頭充滿熱情。

But we're continuing to calendar increasingly hard comps, especially on the professional traffic side of our business. So that, I think, implicit within how we think about the way this year will play out. It's just our knowledge that we're going to continue to make gains, but we're doing that on a bigger base.

但我們正在持續安排越來越嚴格的對比測試，尤其是在我們業務的專業流量方面。我認為，這已經隱含在我們對今年發展趨勢的預期中。我們確信我們將繼續取得成長，而且是在更大的基數上實現的。

Okay. My follow-up question is, Brad, as you begin the tenure of being the CEO of O'Reilly, do you think that the company is at a peak operating margin rate level? And how much within your focus is on continuing to improve the percentage rate of this organization over time, given that there has been a lot of investment spend made over the last few years?

好的。我的後續問題是，布拉德，在你開始擔任奧萊利執行長之際，你認為公司的營業利潤率是否已達到高峰？考慮到過去幾年公司投入了大量資金，你將在多大程度上致力於持續提高公司的營業利潤率？

Yes. Thank you so much, Michael. So as you know, our primary focus, I've been here for 27 years, grew up with the company and our -- everything that we do has always started as a company with our mission statement that we're going to be the dominant auto parts supplier in all our market areas. And we always focus on not just the business we have but what's out there in the market, total addressable not only for the U.S. but now Mexico and Canada.

是的，非常感謝你，麥可。如你所知，我們公司的首要任務，我在這裡工作了27年，與公司共同成長，我們所做的一切都始於我們的使命宣言：成為我們所有市場領域中領先的汽車零件供應商。我們始終關注的不僅是我們現有的業務，還有整個市場，包括美國、墨西哥和加拿大。

And so every -- we start with that. And then we always have done that profitably, and our goal has always been to drive operating profit dollar growth. And that has not changed.

所以，我們一切都從這裡開始。而且我們一直以來都實現了獲利，我們的目標始終是推動營業利潤成長。這一點從未改變。

When I think back, Michael, over the last 5 years, I absolutely don't want to live in the past. But when you think about the fact that we ended 2019 with an operating profit percentage of 18.9%, ended the year with a 20.3% at 2023, I think that kind of, to your question, kind of points to where we're thinking about the future in terms of what I want to make sure we do and what we want to make sure we do is we want to set up for a similar trajectory going forward in the years to come, not meaning that we're assuring anybody of what our rate is going to be, but we know we can do it through share gains and driving operating profit dollar growth.

回想過去五年，麥可，我當然不想沉湎過去。但想想我們2019年底的營業利益率為18.9%，預計到2023年底將達到20.3%，我認為這在某種程度上回答了你的問題，也指明了我們展望未來的方向。我希望確保未來幾年能維持類似的成長軌跡。這並不意味著我們向任何人保證具體的成長率，但我們知道可以透過提升市場佔有率和推動營業利潤成長來實現這一目標。

That's where our head is at. It's where it's always been at. Now do we have pride in where we've gotten our rate? Absolutely, especially since going all the way back to when we bought CSK in 2008. We're extremely prideful of where we've gotten our rate. And question has always been, hey, what is the right operating profit percentage? And our answer has always been as high as we can possibly get it.

這就是我們一直以來的想法。我們始終如此。我們是否為我們所獲得的費率感到自豪？當然，尤其是自從2008年收購CSK以來，我們一直為此感到無比自豪。而問題始終是：合理的營業利益率是多少？我們的答案始終是：盡可能提高利潤率。

So we're going to continue to have that focus. We're going to focus on share gains, doing it profitably and driving that operating profit dollar growth, and we'll continue to make sure that we drive that rate as much as we possibly can.

所以我們會繼續保持這個重點。我們會專注於提升市場份額，實現獲利，並推動營業利潤成長，我們將繼續盡一切可能提高這一成長率。

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

下一個問題來自摩根士丹利的西蒙古特曼。

Brad, we were talking about SG&A earlier. And last year, you spent a little more, and you did get a return. I know it's not perfectly linked, but it looks like you got to payoff last year. How much debate did you have around maintaining an even higher level of spend? I know there's some tapering, but why not continue to lean in, while there's, call it, displacement going on in the industry behind you?

布拉德，我們之前聊過銷售、管理及行政費用（SG&A）。去年你投入了更多，也獲得了回報。我知道這兩者並非完全相關，但看起來你去年確實賺到了。你當時對維持更高的支出水準有過多少糾結？我知道現在有些地方在縮減，但為什麼不繼續加大投入呢？畢竟，產業內部正在發生一些變化，或者說，正在被其他因素所取代。

Thanks, Simeon, and I'll start that off and see if the guys have anything else. So yes, I think that's right. We feel really good. There's been a lot of talk about kind of -- we've been asked about catch-up with what we spent this last year.

謝謝西蒙，我先來，看看其他人還有什麼要補充的。是的，我想沒錯。我們感覺非常好。最近有很多關於——有人問我們去年花了多少錢，現在該如何彌補。

And I think we want to more reframe that to timing because anything that we were "catching up" on, to Brent's point earlier to one of the other questions, we have a very solid discipline internally here on a return on every amount of spend that we make, whether it be SG&A, whether it be CapEx and how those play together between CapEx and OpEx with depreciation.

我認為我們應該更專注於時機，因為正如布倫特之前在回答其他問題時提到的那樣，我們一直在「追趕」的任何事情，我們內部都有非常嚴格的紀律，確保每一筆支出都能獲得回報，無論是銷售、一般及行政費用，還是資本支出，以及資本支出、運營支出和折舊之間的相互作用。

And so we feel really good about the money we spent. We feel really good about the returns. And we're going to continue to lean into that, both directions. And we -- that's really what got us to where we're at today to kind of your -- the root of your question is where is that line of what's the right spend and that really just lanes us back to our guidance.

所以，我們對投入的資金感到非常滿意，對回報也非常滿意。我們將繼續加大投入，雙向投資。而這正是我們走到今天這一步的原因，也是你問題的癥結所在——如何掌握合適的支出平衡點——而這最終又回到了我們的投資指導方針。

We feel really good about every moving piece of our SG&A. We feel good about the returns as well as CapEx and everything that we're talking about when it comes to tech investments, when it comes to safer vehicles, the image and appearance of our stores and all the things you've heard us talk about. We're going to continue to lean into that as you've seen.

我們對銷售、管理及行政費用（SG&A）的每一個環節都非常滿意。我們對投資回報、資本支出以及所有我們談到的技術投資、更安全的車輛、門市形象和外觀，以及您之前聽到的所有其他方面都感到滿意。正如您所看到的，我們將繼續加大投入。

Simeon, I...

西蒙，我…

And a follow-up -- please.

請提供後續資訊。

Simeon, just one other thing to maybe add to Brad's comment and kind of speak to your question, too, is, obviously, we just leaned into an acquisition, too, as part of investing in a future opportunity. And we feel good about that investment as well, still more shape to come to that over time, but definitely continue to lean in where we see opportunity.

西蒙，我還有一點想補充布萊德的評論，也算是回應你的問題。顯然，我們也進行了一項收購，作為對未來機會的投資。我們對這項投資也很有信心，雖然隨著時間的推移，它還會更加完善，但我們肯定會繼續在看到機會的地方加大投入。

Yes. And a quick follow-up, more short term. I don't think I heard it in the prepared remarks, maybe you never venture to guess what weather means in a quarter. Given that you face 2 years of favorable weather, but any idea? And is there deferred maintenance or that got resolved with the ongoing run rate of the business?

是的。還有一個後續問題，更偏短期影響。我好像沒在準備好的發言稿裡聽到，也許你們從來不會去預測一個季度的天氣狀況。考慮到未來兩年天氣都比較好，你們有什麼想法嗎？還有，是否存在先前積壓的維護工作，或者這些問題是否已經隨著業務的正常運作而解決了？

You're talking about fourth quarter, Simeon?

西蒙，你指的是第四季嗎？

Yes, any fourth quarter impact? And then does that create deferred maintenance? Or has that just gotten realized as the weather has become more favorable for maintenance and repair?

是的，第四季會受到影響嗎？這是否會導致維修工作延期？還是說，隨著天氣變暖，維護和修理工作變得更有利，這些問題才逐漸顯現出來？

Yes. No, I appreciate the question. A good one. For sure, there is a fourth quarter impact. I would tell you that for both the weather impact, the calendar, the timing of the holiday was a little bit unfavorable to us.

是的。不，我很感謝你的提問。問得好。第四季肯定會受到影響。我想說的是，天氣、日曆以及假期時間都對我們有些不利。

The bulk of what we saw was anticipated and would have been built into how we thought about the guidance as we moved into the fourth quarter. It had a lot to do with how we had performed in 2022, which was very strong and in '21 also.

我們看到的大部分情況都在預料之中，並且在我們制定第四季度業績指引時就已經考慮到了這一點。這與我們2022年和2021年的強勁表現密切相關。

So there's definitely a degree to which the timing of winter showing up in January versus December impacted those results. In terms of how you think about that for major shifts to deferral, we're not talking about like a huge needle mover and it's really, I mean, literally as simple as a couple of weeks in December last year versus a couple of weeks in January of this year.

所以，冬季到來的時間（1月而非12月）確實在某種程度上影響了結果。至於這是否會對延後申請產生重大影響，我們討論的並非是會產生巨大影響的因素，實際上，我的意思是，這真的只是去年12月幾周和今年1月幾週之間的區別而已。

And that's why within the prepared comments, we talked about kind of on balance as we think about the full winter season, we're sort of where we would expect to be in the setup for the remainder of the year is how we would view as kind of normal for our industry.

因此，在準備好的評論中，我們談到，從整體上看，當我們考慮整個冬季時，我們預計今年剩餘時間的安排將與我們行業的正常情況大致相同。

Your next question is coming from Greg Melich from Evercore.

下一個問題來自 Evercore 公司的 Greg Melich。

I'd like to follow up on sales and then maybe a bit on SG&A. Just to make clear, I've got the fourth quarter right. It was December I think you said pressured. Was it actually negative in December. And is the first quarter running above the range for the year, given the polar vortex?

我想跟進一下銷售情況，然後再稍微了解一下銷售、一般及行政費用。為了確認一下，我理解第四季的數據是正確的。我記得您說過12月業績承壓。 12月份的業績其實是負成長嗎？考慮到極地渦旋的影響，第一季的業績是否高於全年預期？

Yes. So I can answer both those questions, Greg. The December was negative for us. It was better than our plan, candidly, but we kind of knew it would be -- it was substantially good last year. We don't give discrete quantification of where we run at the beginning of the year just because there's always a challenge with short periods of time and how the week-to-weeks can vary just on a 1-year comp.

是的，格雷格，我可以回答這兩個問題。 12月份我們的業績是負的。坦白說，這比我們預想的要好，但我們其實也預料到了——去年12月份的業績相當不錯。我們不會給出年初業績的具體量化數據，因為短期內業績總是存在挑戰，而且即使只做一年的比較，每週的業績也會有所不同。

But we do feel comfortable that we're running well. We're pleased with how we set up and we largely attribute that shrink so far to the couple of weeks of really, really harsh weather that we got in January.

但我們對目前的營運狀況感到滿意。我們對目前的營運安排感到滿意，而迄今為止的下滑主要歸功於一月份那幾週極其惡劣的天氣。

Got it. And then maybe a follow-up on sales. I want to make sure I get the inflation and mix part of this, right? So inflation same SKU will be around 1%. And then should we assume another 200 bps of complexity and mix within your 3% to 5% guide? Is that a fair buildup?

明白了。接下來可能還需要跟進一下銷售情況。我想確保我了解通膨和產品組合的影響，對吧？所以，同SKU的通膨率大概都在1%左右。那麼，在您給出的3%到5%的指導範圍內，我們是否應該再考慮200個基點的複雜性和產品組合因素？這樣的估算合理嗎？

Yes. I don't know that I'd put too finer point like that on it, Greg, for 2024. First, I don't know what inflation will be in 2024. Our guidance is a little bit less than 1%. We'll get a benefit from the average ticket above that, even independent of professional growing faster, which naturally pulls the total company average ticket up.

是的。格雷格，關於2024年，我覺得沒必要做這麼細緻的預測。首先，我不知道2024年的通貨膨脹率會是多少。我們的預期是略低於1%。即使不考慮員工成長速度加快（這自然會拉高公司整體平均客單價），平均客單價高於1%也會對我們有利。

But we would still expect that a portion of our comp expectations for next year are driven by ticket count growth as the professional side of the business is expected to continue to be solid.

但我們仍然預計，明年薪酬預期的一部分將由票務數量的增長推動，因為業務的專業方面預計將繼續保持穩健。

Great. Well, I'll let somebody ask -- someone else ask when do you get the flex capacitor in stock that we see on the website. I'm excited for it.

太好了。那我就讓別人去問吧——讓別人去問一下，你們網站上展示的柔性電容器什麼時候到貨。我很期待。

Thank you, Greg. Keep looking for it.

謝謝你，格雷格。繼續找找。

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

提問環節時間已到。現在我將把電話交還給布拉德貝克漢先生，請他作總結發言。

Thank you, Matthew. We would like to conclude our call today by thanking the entire O'Reilly team for your unwavering dedication to our customers and the outstanding results you produced in 2023. I would like to thank everyone for joining our call today, and we look forward to reporting our first quarter results in April. 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，感謝你們對客戶的堅定奉獻以及在2023年取得的卓越業績。感謝各位今天參加我們的電話會議，我們期待在四月公佈第一季業績。謝謝。

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

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