O'Reilly Automotive Inc (ORLY) 2024 Q1 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc. First Quarter 2024 Earnings Call. My name is Matthew, and I'll be your operator for today's call. (Operator Instructions)

歡迎參加歐萊利汽車公司2024年第一季財報電話會議。我是馬修，將擔任本次電話會議的接線生。 （接線生操作說明）

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, Matthew. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our first quarter 2024 results and our outlook for the remainder of the year. After our prepared comments, we will host a question-and-answer period.

謝謝馬修。大家早安，感謝各位參加今天的電話會議。在今天的會議中，我們將討論2024年第一季的業績以及今年剩餘時間的展望。在我們作完發言後，我們將進行問答環節。

Before we begin this morning, I would like to remind everyone that our comments today contain forward-looking statements, and we intend to be covered by and we claim the protection under the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. 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, 2023, 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，我想提醒大家，我們今天的發言包含前瞻性陳述，我們意圖並聲明受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2023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 Brad Beckham.

在此，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 first 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一季財報電話會議。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'll begin our call today by thanking our over 90,000 team members for their relentless dedication to providing the knowledge and expertise our customers have come to expect and rely on from the professional parts people at O'Reilly Auto Parts. We are truly in a people business where relationships and customer service are paramount, and Team O'Reilly continues to demonstrate their ability to outhustle, (inaudible) and, in turn, outperform our competition. We finished the first quarter with a 3.4% comparable store sales growth on top of a 10.8% in the prior year. Our continued strong top line sales results are dependent on and driven by consistent daily execution across all of our 6,200-plus stores in the U.S., Mexico, Puerto Rico and now Canada.

今天，我首先要感謝我們超過9萬名團隊成員，感謝他們始終如一的奉獻精神，為我們的客戶提供他們期望並信賴的歐萊利汽車配件專業技術人員所提供的知識和專業技能。我們身處一個真正以人為本的行業，人際關係和客戶服務至關重要，歐萊利團隊不斷展現出他們超越競爭對手的拼搏精神，並最終超越了我們的競爭對手。第一季度，我們的同店銷售額成長了3.4%，而去年同期則成長了10.8%。我們持續強勁的銷售業績，得益於並源自於我們在美國、墨西哥、波多黎各以及現在的加拿大，超過6,200家門市始終如一的日常營運。

Driving continued growth in our store volumes does not get easier as our company gets bigger, especially as we build on the significant market share gains we have captured over the last few years. Our single greatest challenge as a company and the driving factor to our success is our ability to build and develop teams and leaders who will be the standard bearers of our culture far into the future.

隨著公司規模的擴大，持續提升門市銷售並非易事，尤其是在過去幾年我們已取得顯著市佔率成長的情況下。公司面臨的最大挑戰，也是我們成功的關鍵驅動力，在於我們能否培養和發展團隊及領導者，使他們成為我們企業文化在未來很長一段時間內的標竿。

Our leaders across our stores, distribution centers and corporate offices are relentlessly dedicated to perpetuating our culture and investing in our people. Thank you, Team O'Reilly for your commitment to our customers, our company and your fellow team members.

我們遍佈各門市、配送中心和公司總部的領導者們始終不懈地致力於傳承我們的企業文化並投資於員工發展。感謝奧萊利團隊對顧客、公司和同事們的付出。

Now I'd like to start our discussion of the first quarter by walking through the details of our sales performance. Starting with comparable store sales, our growth of 3.4% in the quarter was within our full year guidance range, but slightly below our expectations as we saw some volatility I will discuss in more detail in a moment. We drove solid performance and positive comps in both our DIY and professional businesses in the quarter with the mid-single-digit comps in Professional being the larger driver of our results, consistent with our expectation and ongoing trends. Increases in average ticket values and ticket counts were both contributors to comp growth on both sides of our business with inflation at about 1%, in line with our full year expectations.

現在，我想先詳細介紹一下我們第一季的銷售業績。從同店銷售額來看，本季成長了3.4%，符合全年預期，但略低於預期，因為我們觀察到了一些波動，稍後我會詳細討論。本季度，我們的DIY和專業業務都取得了穩健的業績，同店銷售額均實現了正增長。其中，專業業務的同店銷售額實現了中等個位數的成長，是推動業績成長的主要因素，這與我們的預期和持續的趨勢相符。平均客單價和客單數量的成長都對兩類業務的同店銷售額成長做出了貢獻，通膨率約為1%，與我們的全年預期一致。

Next, I want to provide some color on the cadence of our sales results in the first quarter. As we have discussed in the past, our first quarter can be volatile as we see variability in our business from both the type and severity of winter weather and from the timing of the onset of spring. We were pleased to generate positive comparable store sales results in each month of the quarter. However, we did experience the choppiness that can be characteristic of first quarter, especially as we exited with a slow start to spring. As we reported on last quarter's earnings call, we produced solid results in January, which benefited from harsh winter weather in many of our markets.

接下來，我想就我們第一季的銷售業績節奏做一些說明。正如我們之前討論過的，第一季的業績波動較大，因為我們的業務會受到冬季天氣類型和嚴重程度以及春季到來時間的影響。我們很高興在第一季的每個月都實現了同店銷售額的成長。然而，我們也經歷了第一季常見的波動，尤其是在春季開局緩慢的情況下。正如我們在上個季度財報電話會議上所報告的，1月份的業績表現穩健，這得益於我們許多市場嚴寒的冬季天氣。

Moving past the winter weather in January, our business was negatively impacted through much of February by the timing of individual income tax refunds. Typically, we see a benefit starting early in February and ramping through the month that coincides with the distribution of tax refunds. However, there was a noticeable delay in the processing of refunds this year that pressured both sides of our business. These pressures moderated as the cumulative amount of refunds begin to catch up to the prior year, and we saw improved trends at the end of February in the first half of March. However, we also experienced unseasonably cool wet weather throughout March across many of our markets. As a result, March and the full quarter finished slightly below our expectations. The trends we saw as we exited the first quarter, have continued into April as we still really haven't seen the uptick in our business that typically accompanies sustained favorable spring weather.

在一月份的冬季天氣過後，二月的大部分時間裡，由於個人所得稅退稅的時間安排，我們的業務受到了負面影響。通常情況下，我們會在二月初開始受益，並隨著退稅的發放，業務量在整個二月份持續成長。然而，今年的退稅處理明顯延遲，給我們的業務兩方面都帶來了壓力。隨著累計退稅金額逐漸趕上去年同期水平，這些壓力有所緩解，我們在二月底到三月上半月看到了改善的趨勢。然而，三月我們許多市場都經歷了異常寒冷潮濕的天氣。因此，三月以及整個季度的業績都略低於我們的預期。我們在一季末看到的趨勢延續到了四月份，我們仍然沒有看到通常伴隨持續良好春季天氣而來的業務成長。

The choppiness we saw in the first quarter more significantly impacted DIY business, which is in line with what we have seen historically. Our DIY customers are often working on their vehicles in their driveways, so weather conditions can impact their ability and willingness to perform repair, maintenance and tune up items that may have been on hold during the winter. While our DIFM business was also impacted by the delayed timing of tax refunds, our professional customers tend to be more insulated from weather pressures and the volatility on this side of our business was more muted during the quarter.

第一季的市場波動對DIY業務的影響更為顯著，這與我們以往的觀察結果一致。我們的DIY客戶通常在自家車道上進行車輛維修，因此天氣狀況會影響他們進行維修、保養和調校的能力和意願，而這些工作可能在冬季被擱置。雖然我們的DIFM業務也受到退稅延遲的影響，但我們的專業客戶受天氣影響較小，因此本季這部分業務的波動性相對較小。

We continue to be pleased with the performance of our professional business even as we face very challenging comparisons. As we outlined in our full year guidance on last quarter's earnings call, we are seeing an expected moderation in professional comps as we calendar significant share gains that drove a professional comp performance that exceeded 20% in the first quarter of last year. Against these challenging comparisons, we believe our professional results in the first quarter of this year reflect continued share gains. We are excited by our team's ability to leverage the momentum we have created in our professional business and continue to grow our share of what remains a highly fragmented professional market across all of North America.

儘管面臨嚴峻的同比挑戰，我們依然對專業業務的表現感到滿意。正如我們在上季度財報電話會議上的全年業績展望中所述，隨著市場份額的顯著增長（去年第一季專業薪酬增長超過20%），我們預計專業薪酬將出現預期中的放緩。面對如此嚴峻的同比挑戰，我們相信今年第一季的專業業績反映了市場份額的持續成長。我們對團隊能夠充分利用專業業務已取得的良好勢頭，並繼續擴大我們在北美這個高度分散的專業市場中的份額感到振奮。

Now I'd like to provide some comments as to how we are thinking about the sales outlook for the balance of the year. As I noted previously, the volatility we have seen so far in 2024 is not uncommon for our business in the first quarter. As many of you listening today have heard us say before, we are cautious not to overreact to choppiness at this point in the year. As we move forward, we expect any weather-driven variability will moderate and business will normalize into the summer selling season. Given this outlook, we are maintaining our full year comparable store sales guidance of 3% to 5% and would also expect our quarterly comp results to fall within the same range.

現在我想就我們對今年剩餘時間銷售前景的看法談幾點看法。正如我之前提到的，2024年至今我們所看到的波動，對於我們公司而言，在第一季出現波動並不罕見。正如今天在座的各位之前也聽我們說過的那樣，我們謹慎行事，不會對年初的波動反應過度。隨著時間的推移，我們預計任何受天氣影響的波動都會有所緩和，業務將在夏季銷售旺季恢復正常。有鑑於此，我們維持全年同店銷售額成長3%至5%的預期，並預期季度同店銷售額也將維持在同一區間。

Inherent in our guidance expectations is our belief that demand for our industry is resilient and our end consumer continues to be reasonably healthy. In situations of heightened economic pressures, we believe consumers will continue to prioritize investing to maintain their vehicles, particularly given the significant cost and monthly payment burden of a new or replacement vehicle. We believe the composition of our sales results support this view of the consumer in the current environment.

我們的業績預期基於這樣的信念：市場對我們行業的需求具有韌性，而終端消費者的財務狀況依然良好。在經濟壓力加劇的情況下，我們相信消費者仍會優先考慮投資於車輛維護，尤其考慮到新車或換車的高昂成本和每月還款負擔。我們認為，銷售業績的組成也印證了我們對當前市場環境下消費者這一觀點的看法。

We are encouraged to see broad-based performance across our category mix with continued strength in categories such as oil and filters as consumers continue to prioritize recurring maintenance jobs. Additionally, we are not seeing notable evidence of trade down within our categories, rather we are seeing better and best level value spectrum products continue to perform well as consumers prioritize higher-quality products that carry extended warranties and in turn, provide long-term value to their investment in transportation.

我們很高興地看到，我們所有品類均呈現全面成長，其中機油和濾清器等品類表現尤為強勁，這反映出消費者對定期保養的重視程度不斷提高。此外，我們並未發現明顯的降級消費現象，相反，高性價比產品依然表現良好，因為消費者更傾向於選擇品質更高、保固期更長的產品，從而提升其在交通工具方面的投資價值。

However, we still remain cautious of the potential deterioration in the broader macro environment that could push consumers to begin more carefully considering where and how they spend their money. Our experience gives us confidence that these demand headwinds are short term. And over time, the consumer will continue to prioritize their transportation needs given the value proposition that is present. All of this being said, we will not settle for industry average growth or allow our teams to accept macroeconomic pressures as an impediment to growth. We know there is substantial opportunity to gain a bigger piece of the pie in our industry and the mission we have set before our team is to be the leader in all of our markets and on both sides of our business.

然而，我們仍然對宏觀環境可能出現的惡化保持謹慎，因為這可能會促使消費者更加謹慎地考慮他們的消費地點和方式。根據我們的經驗，我們相信這些需求逆風只是暫時的。隨著時間的推移，鑑於現有產品的價值主張，消費者將繼續優先考慮他們的交通出行需求。儘管如此，我們不會滿足於行業平均水平的成長，也不會讓我們的團隊將宏觀經濟壓力視為成長的阻礙。我們深知，在我們的產業中，我們擁有巨大的發展機遇，我們為團隊設定的目標是成為所有市場以及業務各個環節的領導者。

Before I move on from our sales discussion, there are a few items I would like to call out as discrete impacts to our sales. First, the Easter holiday shifted into our first quarter this year, which was built into our plan and met our expectations as a headwind of approximately 20 basis points to comparable store sales on the quarter.

在繼續討論銷售情況之前，我想特別指出一些對銷售產生影響的因素。首先，今年的復活節假期提前到了第一季度，這在我們的計畫中有所體現，也符合預期，對當季同店銷售額造成了約20個基點的負面影響。

Next, we received the benefit of an additional selling day as a result of leap day in the first quarter of 2024. We exclude the impact of leap day from our comparable store sales calculation, but this benefit was included in our total sales guidance and came in as expected, representing 125 basis points of our total sales increase of 7.2% on the quarter.

其次，由於 2024 年第一季是閏日，我們多了一個銷售日。我們在計算同店銷售額時排除了閏日的影響，但這一利好因素已計入我們的總銷售額預期，並且如預期般實現，佔該季度總銷售額增長 7.2% 的 125 個基點。

Last, we closed on the acquisition of Groupe Del Vasto on January 22, and their operating results from that point forward are included in our reported numbers. The first quarter total sales increase benefited by approximately 70 basis points from the inclusion of Vast-Auto sales results, which are also excluded from our comparable store sales like Mexico.

最後，我們於1月22日完成了對Groupe Del Vasto的收購，其此後的經營業績已計入我們的報告數據。第一季總銷售額成長約70個基點，主要得益於Vast-Auto銷售業績的納入，而Vast-Auto的銷售業績與墨西哥的銷售業績一樣，均未計入我們的同店銷售額。

Moving on to diluted earnings per share. We are increasing our full year EPS guidance to a range of $41.35 to $41.85. Our lift in EPS guidance is driven by the gross margin and SG&A results that Brent will cover next as well as a lower-than-planned tax rate and the impacts of shares repurchased through the date of our earnings release today. As Brent will share with you here in a moment, we have been pleased with our team's ability to manage costs while still making steady progress on the numerous initiatives and projects we have in motion to further enhance our competitive position. As I wrap up my prepared comments, I would like to once again thank Team O'Reilly for their hard work and dedication to start 2024.

接下來談談稀釋後每股盈餘。我們將全年每股收益預期上調至 41.35 美元至 41.85 美元。此上調每股收益預期主要得益於毛利率和銷售、管理及行政費用（SG&A）方面的提升（布倫特稍後將詳細介紹），以及低於預期的稅率和截至今日財報發布日已完成的股票回購的影響。正如布倫特稍後將與大家分享的那樣，我們對團隊在有效控製成本的同時，穩步推進眾多旨在進一步提升我們競爭優勢的舉措和項目感到非常滿意。在結束我的演講之前，我再次感謝奧萊利團隊為迎接 2024 年所付出的辛勤努力和奉獻精神。

Now I'll turn the call over to Brent.

現在我把電話交給布倫特。

Thanks, Brad. I would also like to begin my comments this morning by thanking Team O'Reilly for their incredible hard work to ensure a solid start to 2024. We are proud to say that Team O'Reilly now extends across the United States, Mexico, Puerto Rico and Canada. Regardless of the market we operate in, we know that the absolute key to our success is a team of professional parts people dedicated to the O'Reilly culture of excellent customer service.

謝謝布拉德。今天早上，我也想先感謝歐萊利團隊的辛勤付出，正是他們的努力確保了2024年的良好開端。我們很自豪地宣布，歐萊利團隊的業務現已遍及美國、墨西哥、波多黎各和加拿大。無論我們在哪個市場運營，我們都深知，成功的關鍵在於擁有一支專業的零件團隊，他們秉承歐萊利卓越客戶服務的企業文化。

Today, I will cover our first quarter gross margin and SG&A results and provide a quick update on our expansion and capital investments thus far in 2024. Starting with gross margin. Our first quarter gross margin of 51.2% was an 18 basis point increase from the first quarter of 2023 and slightly better than our expectations for the quarter. As Brad previously noted, this was the first quarter to include the operating results from the acquisition of the Vast-Auto business. And the incremental dilution to our first quarter gross margin was in line with the full year 25 basis points we guided to at the beginning of the year. We have continued to see a stable supplier and supply chain environment, and experienced the anticipated mix of acquisition cost puts and takes in the first quarter.

今天，我將介紹我們第一季的毛利率和銷售、管理及行政費用（SG&A）業績，並簡要匯報我們2024年迄今為止的擴張和資本投資情況。首先來看毛利率。我們第一季的毛利率為51.2%，較2023年第一季成長18個基點，略高於我們先前的預期。正如Brad之前提到的，這是第一季計入收購Vast-Auto業務後的營運業績。第一季毛利率的增量稀釋與我們年初預測的全年25個基點一致。我們持續看到穩定的供應商和供應鏈環境，並且在第一季經歷了預期的收購成本增減。

On a net basis, improved acquisition costs benefited gross margins driven by incremental buying improvements as well as market-driven reductions in freight cost. To the extent that we have seen modest inflation pressure in certain categories, we have been successful in passing those cost increases along in a continued rational pricing environment. Given our solid performance in the first quarter, we continue to expect our quarterly gross margin performance to land within our full year gross margin range of 51% to 51.5%.

整體而言，採購成本的改善提升了毛利率，這主要得益於採購效率的提高以及市場驅動的運費下降。儘管某些品類面臨輕微的通膨壓力，但我們已成功地在持續合理的定價環境下將這些成本上漲轉嫁給消費者。鑑於第一季的穩健表現，我們仍預期本季毛利率將維持在全年51%至51.5%的預期範圍內。

Turning to SG&A. We are pleased with our SG&A management in the first quarter results in line with expectations as a percentage of sales. Our first quarter average SG&A per store growth of 5.7% included an anticipated 100 basis point increase from the additional business day as a result of leap day. Additionally, the SG&A per store growth includes a 15 basis point increment on the quarter from the inclusion of Canada's operating results, which was in line with our expectations based on the portion of the quarter since we have owned that business.

接下來談談銷售、管理及行政費用（SG&A）。我們對第一季SG&A的管理結果感到滿意，其佔銷售額的百分比符合預期。第一季平均每家店SG&A成長5.7%，其中包括因閏日額外營業日而預期的100個基點的成長。此外，由於納入了加拿大業務的營運業績，本季SG&A成長也增加了15個基點，這與我們基於該業務自我們收購以來本季業績佔比的預期相符。

Our spend in the first quarter keeps us on pace for our full year plan of growing average SG&A per store by 4.5% to 5%. As we noted on our last call, the cadence of growth in average SG&A per store will moderate as we move throughout the year as a result of beginning to compare against the impact of 2023 investments that we made in the business. While we continue to move forward as planned on our growth initiatives, some of the investments we have been making in technology capabilities as well as enhancements to our vehicle fleet and the image and appearance of our store will begin to layer into our SG&A comparisons as we incurred ramping incremental expenses throughout 2023 in these areas.

第一季的支出使我們得以按計劃實現全年平均單店銷售、管理及行政費用增長4.5%至5%的目標。正如我們在上次電話會議上所提到的，隨著我們逐步推進業務，單店平均銷售、管理及行政費用的成長速度將會放緩，因為我們將開始與2023年業務投資的影響進行比較。儘管我們將繼續按計劃推進增長舉措，但我們在技術能力、車輛升級以及門店形象和外觀方面的一些投資，將在2023年逐步計入銷售、管理及行政費用的比較中，因為這些領域的額外支出將在2023年持續增加。

The impact of these comparison headwinds in our first quarter SG&A spend drove the planned deleverage of SG&A, which we also anticipate to moderate throughout the balance of this year. Given the top line choppiness we experienced during the first quarter, we believe our teams effectively balanced the incremental investments we are deploying in our business with prudent expense control. The decisions we make concerning the staffing levels within our stores remain the most significant driver of our SG&A spend in total.

第一季銷售、管理及行政費用（SG&A）支出受到上述同比不利因素的影響，促使我們按計劃降低了SG&A的槓桿率，我們預計這一趨勢將在今年剩餘時間內有所緩和。鑑於第一季營收波動較大，我們相信團隊已有效平衡了業務新增投資與審慎的費用控制。門市人員配置方面的決策仍是影響SG&A總支出的最主要因素。

Our team is focused on judiciously managing our expenses as appropriate for the current conditions in our business, while also ensuring that we are delivering excellent customer service that develops and maintains long-term customer relationships. We feel that our consistency in delivering excellent customer service in all market conditions has been critical to our long-term success and reflects the high level of professionalism demonstrated by our team. We are confident that the investments we have made and are continuing to make position Team O'Reilly to provide industry-leading customer service at high levels of productivity.

我們的團隊致力於在當前業務環境下合理有效地管理各項支出，同時確保提供卓越的客戶服務，從而建立並維護長期的客戶關係。我們認為，在各種市場環境下始終如一地提供卓越的客戶服務，是我們長期成功的關鍵，也體現了我們團隊高度的專業。我們堅信，我們已經投入並將繼續投入的各項資源，將使奧萊利團隊能夠以高效率提供業界領先的客戶服務。

With the solid gross margin and SG&A performance we saw in the first quarter, our operating margin outlook is unchanged, and we continue to expect the full year to come in within the range of 19.7% to 20.2%, which includes the anticipated dilution of 15 basis points from the inclusion of Vast-Auto's results.

鑑於第一季毛利率和銷售、管理及行政費用表現穩健，我們的營業利潤率預期保持不變，我們繼續預計全年營業利潤率將在 19.7% 至 20.2% 的範圍內，其中包括因納入 Vast-Auto 的業績而預計稀釋 15 個基點。

Inventory per store finished the quarter at $773,000, which was up 2.5% from this time last year and 2.2% from the end of 2023. The addition of Vast-Auto's inventory and store count provided the 1% incremental increase we had anticipated, and we continue to target a range of 4% growth within our existing chain by the end of 2024. Inventory turnover has remained at 1.7x, and we are pleased to see strong inventory productivity as we have continually enhanced and refined the inventory deployment in each of our stores while also expanding hub and DC level inventories. Our store in-stock position remains strong, and our teams are working hard to ensure O'Reilly Auto Parts offers the best inventory availability in all of our markets.

本季末，每家門市的庫存為77.3萬美元，較去年同期成長2.5%，較2023年底成長2.2%。 Vast-Auto的庫存和門市數量的增加帶來了我們預期的1%的增量成長，我們仍計劃在2024年底前實現現有連鎖店4%的成長。庫存週轉率維持在1.7倍，我們很高興看到庫存週轉率保持強勁，這得益於我們不斷優化和改進每家門市的庫存部署，同時擴大了樞紐和配送中心的庫存。我們門市的庫存狀況仍然良好，我們的團隊正在努力確保O'Reilly Auto Parts在所有市場提供最佳的庫存供應。

Turning to our progress on store growth and capital investments. We opened a total of 37 stores across the U.S. and Mexico during the first quarter. Additionally, we were pleased to officially bring the 23 Canadian stores into the fold. Our annual net new store opening guidance of 190 to 200 excludes the addition of the 23 Canadian stores. Capital expenditures for the quarter were $249 million, and we are on track for our annual goal of $900 million to $1 billion.

接下來談談我們在門市擴張和資本投資的進展。第一季度，我們在美國和墨西哥共開設了37家門市。此外，我們很高興地宣布，加拿大23家門市正式併入我們的版圖。我們全年淨新增門市數量預期為190至200家，其中不包括這23家加拿大門市。本季資本支出為2.49億美元，我們正朝著9億至10億美元的年度目標穩步邁進。

Our DC relocation projects in Springfield, Missouri and Atlanta, Georgia, are making great progress, and we are excited to bring those new, larger and more efficient facilities online later this year to further enhance service levels within those markets. We are also excited about the progress made so far on our Mid-Atlantic, D.C. in Stafford, Virginia, that is slated to be operational in the middle of 2025.

我們在密蘇裡州斯普林菲爾德和喬治亞州亞特蘭大的資料中心搬遷專案進展順利，我們很高興能在今年稍後啟用這些規模更大、效率更高的新設施，從而進一步提升這些市場的服務水準。此外，位於維吉尼亞州斯塔福德的中大西洋地區資料中心專案也取得了令人振奮的進展，預計將於2025年中期投入營運。

As I finish my comments, I would like to thank Team O'Reilly for their commitment to delivering excellent customer service one customer at a time. I look forward to the opportunities we have ahead and taking on that challenge as a team.

在我演講的最後，我要感謝奧萊利團隊始終致力於為每位顧客提供卓越的客戶服務。我期待著我們未來的發展機遇，並與團隊一起迎接挑戰。

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 congratulate Team O'Reilly on a solid start to the year. Now we will fill in some additional details on our first quarter results and outlook for the remainder of 2024.

謝謝，布倫特。我也要祝賀奧萊利團隊今年開局良好。接下來，我們將詳細介紹第一季的業績以及2024年剩餘時間的展望。

For the quarter, sales increased $268 million, driven by a 3.4% increase in comparable store sales and a $73 million noncomp contribution from stores opened in 2023 and 2024 that have not yet entered the comp base. For 2024, we expect our total revenues to be between $16.8 billion and $17.1 billion. Our first quarter effective tax rate was 21.9% of pretax income, comprised of a base rate of 24.2%, reduced by a 2.3% benefit for share-based compensation. This compares to the first quarter of 2023 rate of 23.7% of pretax income, which was comprised of a base tax rate of 24.3%, reduced by a 0.6% benefit for share-based compensation.

本季銷售額成長2.68億美元，主要得益於同店銷售額成長3.4%，以及2023年及2024年新開店（尚未納入同店銷售額基數）貢獻的​​7,300萬美元非同店銷售額。我們預計2024年總收入將在168億美元至171億美元之間。第一季實際稅率為稅前利潤的21.9%，其中基本稅率為24.2%，並扣除了2.3%的股權激勵收益。相較之下，2023年第一季實際稅率為稅前利潤的23.7%，其中基本稅率為24.3%，並扣除了0.6%的股權激勵收益。

Our first quarter effective tax rate was below our expectations as a result of the timing and amount of benefit we realized from share-based compensation. For the full year of 2024, we now expect an effective tax rate of 22.4% comprised of a base rate of 23.1%, reduced by a benefit of 0.7% 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 as we saw in the first quarter.

由於股權激勵計劃帶來的收益時間和金額，我們第一季的實際稅率低於預期。目前，我們預計2024年全年的實際稅率為22.4%，其中基本稅率為23.1%，扣除股權激勵計畫帶來的0.7%的收益。由於部分稅期的中止，我們預期第四季的稅率將低於前三個季度。此外，正如我們在第一季所見，股權激勵計畫帶來的稅收優惠的波動也可能導致季度稅率出現波動。

Now we will move on to free cash flow and the components that drove our results. Free cash flow for the first quarter of 2024 was $439 million versus $486 million in 2023.

接下來我們將討論自由現金流以及推動我們績效的各項因素。 2024年第一季的自由現金流為4.39億美元，而2023年同期為4.86億美元。

The decrease of $47 million was the result of a larger increase in net inventory in 2024, partially offset by an increase in earnings. For 2024, our expected free cash flow guidance remains unchanged at a range of $1.8 billion to $2.1 billion. Our accounts payable as a percentage of inventory finished the first quarter at 127%, down from 131% at the end of 2023. This moderation was in line with expectations, including the impact from our Canadian acquisition and we would anticipate finishing the year in line with these levels.

2024年淨庫存增加4,700萬美元，部分被獲利成長抵銷。 2024年，我們預期自由現金流維持在18億美元至21億美元之間。第一季末，應付帳款佔庫存的比例為127%，低於2023年底的131%。這一降幅符合預期，包括加拿大收購的影響，我們預計全年將維持在這一水平。

Moving on to debt. We finished the first quarter with an adjusted debt-to-EBITDA ratio of 1.95x as compared to our end of 2023 ratio of 2.03x with the decrease driven by a reduction in borrowings under our commercial paper program. We continue to be below our leverage target of 2.5x and plan to prudently approach that number over time. We continue to be pleased with the execution of our share repurchase program. And during the first quarter, we repurchased 262,000 shares at an average share price of $1,029 for a total investment of $270 million. 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. As a reminder, our EPS guidance, Brent outlined earlier, includes the impact of shares repurchased through this call, but does not include any additional share repurchases.

接下來談談債務情況。第一季末，我們調整後的債務與EBITDA比率為1.95倍，低於2023年底的2.03倍，下降的主要原因是商業票據計畫下的借款減少。我們目前的槓桿率仍低於2.5倍的目標，並計劃逐步謹慎地接近該目標。我們對股票回購計畫的執行感到滿意。第一季度，我們以平均每股1029美元的價格回購了26.2萬股股票，總投資額為2.7億美元。我們仍然非常有信心，平均回購價格能夠得到我們業務預期未來現金流量折現值的支持，我們仍然認為股票回購計畫是向股東返還剩餘資本的有效途徑。需要提醒的是，正如布倫特先前提到的，我們的每股盈餘預期包含了本次電話會議中回購股票的影響，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. This concludes our prepared comments.

在正式開始回答各位的問題之前，我謹代表歐萊利團隊感謝全體員工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，是我們取得優異業績的持續動力。以上就是我們準備好的發言。

At this time, I'd like to ask Matthew, the operator, to return to the line, and we will be happy to answer your questions.

此時，我想請接線員馬修回到線路上，我們將很樂意回答您的問題。

(Operator Instructions) The first question comes from Chris Horvers from JPMorgan.

（操作員說明）第一個問題來自摩根大通的克里斯·霍弗斯。

Can you talk about, since the beginning of February, can you talk about the geographic performance that you've seen? And how correlated has that been to the arrival of spring? So markets where you have seen spring arrive, what is the performance of the comps look like versus markets that haven't?

您能否談談自二月初以來，您觀察到的地域性市場表現？這種表現與春季的到來有多少相關性？也就是說，在春季已經到來的市場，其同店銷售額與尚未到來的市場相比有何不同？

Chris, thanks for the question. Well, there was a lot of moving pieces in the quarter really directly to your question there. And really, what we saw just kind of walking through the quarter again is January, we were really pleased with January. And in a lot of the markets, you're really true winter markets where harsh weather really drives that demand, we felt like that really exactly played out that way in January.

克里斯，謝謝你的提問。嗯，這個季度有很多變數，這和你的問題很直接相關。實際上，我們回顧一下這個季度，發現一月份的表現非常令人滿意。在許多市場，也就是典型的冬季市場，嚴寒天氣會刺激需求，我們感覺到一月的情況正是如此。

As we got into February, it definitely kind of more normalized from a kind of a weather standpoint or early on in the month. And then not too long after that, we felt like there was a little bit of volatility more from lack of seeing some of the tax money roll in, Chris. And then kind of what we saw as things started to kind of stay cool and get a little bit more wet in the markets you don't necessarily want to see it, that kind of matched up with what we saw geographically in certain regions, in certain divisions, and it really kind of made sense to us, kind of what was happening with some unfavorable weather, especially on the DIY business for people to get out and work on stuff. So there was a lot of moving pieces there. When we looked at our regional performance versus our plan by region and you looked at the kind of the comparison from this time last year, everything was really fairly consistent, and it pretty much made sense based upon what the weather was doing.

進入二月後，從天氣角度來看，或者說月初的時候，情況確實趨於正常化。但不久之後，我們感覺市場出現了一些波動，主要是因為稅收收入尚未到位，克里斯。然後，隨著市場開始降溫，降雨量也略有增加（這並非我們所樂見的），這種情況與我們在某些​​地區、某些部門觀察到的地理特徵相吻合。這在我們看來確實合情合理，因為不利的天氣狀況，尤其是不利於人們外出進行DIY工作的天氣，導致了這種情況的發生。所以，當時有很多因素在起作用。當我們查看各地區的業績與計劃，並與去年同期進行比較時，一切都相當穩定，這在很大程度上與當時的天氣狀況相符。

So does the -- I guess, in markets that where you've seen spring break, have the comps been consistent with the 3% to 5% outlook for the quarters in the year?

那麼——我想，在那些已經出現春假的市場中，同店銷售額是否與全年各季度 3% 至 5% 的預期相符呢？

Yes. I think one of the challenges -- this is Jeremy. I think one of the challenges we've had is we just haven't really seen consistency in how our business would perform on a sustained normalized spring business. I think, as Brad described on the call, the choppiness that we've seen has been exactly that. We'll see pockets of improved performance as we move through. But there's not anything that's been consistent and sustained. And for sure, the areas that have been more volatile are the ones where we can see the impact of that. But at this stage, with a few of the different factors that we saw impact us during the quarter, especially as we move through that period of time when tax refund money shifted around, it's been harder to get a more consistent rate just week to week on the underlying businesses. There's just been a lot of the choppiness that's characterized the quarter.

是的。我認為其中一個挑戰——這是傑里米說的——是我們面臨的挑戰之一，那就是我們一直沒能真正看到業務在持續正常的春季銷售旺季中的表現。正如布拉德在電話會議上所描述的那樣，我們看到的波動正是如此。隨著時間的推移，我們會看到一些業績有所改善的領域，但沒有任何持續穩定的成長。當然，波動性越大的領域，我們受到的影響也越大。但就目前而言，由於本季一些不同因素的影響，尤其是在退稅資金流動的時期，我們很難每週都獲得穩定的業績。本季一直存在著很大的波動性。

Understood. And I know you mentioned that you're seeing -- as a follow-up question, I know that you mentioned that you're seeing consumers trade up, haven't seen trade down. And I also understand that you have a low mix exposure to national accounts. And even within that, you're not selling to the A and B SKUs like brake pads or something like that. But in that channel or any other parts of the business, are you seeing any evidence of deferral of some bigger ticket type repairs or even oil change or anything else?

明白了。我知道您提到過——作為後續問題，我知道您提到消費者傾向於升級換代，而不是降級換代。我也了解到您面向全國性客戶的業務佔比很低。即使在這些客戶中，您也沒有銷售像煞車片之類的A級和B級產品。但是，在這個管道或業務的其他方面，您是否觀察到消費者推遲進行一些大額維修、換機油或其他保養項目的跡象？

Yes, great follow-up question, Chris. The answer is no. When we look at kind of our book of business and you look at the general independent garage versus strategic accounts, whether it be a regional account or whether it be a national account. As you know, we have a smaller portion of our business that is the national account business and some of our competitors. And -- but when we look at the mix of business, when you look at the category of customer and then you really break it down to the last part of your question, we're just -- we're not seeing that. Especially when you look at our nondiscretionary categories, the needs-based categories when Brent and I, when we look at our (inaudible) categories, when we look at our maintenance categories, we're extremely pleased with how those categories are performing.

是的，克里斯，你問的後續問題很好。答案是否定的。當我們審視我們的業務組合，比較普通獨立維修廠和策略客戶（無論是區域客戶還是全國性客戶）時，你會發現，正如你所知，我們只有一小部分業務是全國性客戶，我們的一些競爭對手也是如此。但是，當我們審視業務組合，分析客戶類別，並深入到你問題的最後一部分時，我們並沒有看到這種情況。尤其是在我們非必需消費類別，也就是基於需求的類別中，我和布倫特在查看我們的（聽不清楚）類別，也就是我們的維修保養類別時，我們對這些類別的表現非常滿意。

And kind of like we said earlier, that when we look at good, better, best, our better and best of the value spectrum has been very encouraging. The only area that I would say that we have seen some softness, Chris, would be more with our discretionary categories. When you think about things like truck and towing accessories, maybe performance or something like that, that's where we want to just be a little bit cautious that we have seen some pressure in Q1, and we're going to watch that closely.

正如我們之前所說，當我們審視「好」、「更好」、「最佳」這三個維度時，我們發現「更好」和「最佳」這兩個價位段的表現非常令人鼓舞。克里斯，我認為唯一略顯疲軟的領域是我們的可選消費品類。例如卡車和拖車配件，以及性能提升之類的產品，我們在第一季確實感受到了一些壓力，因此需要保持謹慎，我們會密切關注。

The thing that I would balance that with is some of those categories only perform really well when people can get out and do those things in their driveway. So it's a little bit of a challenging answer that we are seeing some pressure due to discretionary. Some of that may have to do with some of the weather. But really, when you think about our failure and maintenance categories, nondiscretionary needs based, we're extremely encouraged.

我想補充的是，有些類別只有在人們能夠出門在家門口做這些事情時才能真正表現出色。所以，由於非必需消費帶來的壓力，我們面臨的情況確實有些棘手。部分原因可能與天氣有關。但實際上，考慮到我們的故障和維護類別，也就是基於非必要需求的類別，我們感到非常鼓舞。

Your next question is coming from Seth Basham from Wedbush Securities.

下一個問題來自 Wedbush Securities 的 Seth Basham。

My first question is just on SG&A per store growth. You anticipate some moderation through the year here, and that's despite the fact that you expect comps to likely accelerate a little bit from here. Is that simply due to the investment comparisons or anything else?

我的第一個問題是關於每家店的銷售、管理及行政費用成長。您預計今年這一數字會有所放緩，儘管您預計同店銷售額可能會略有加速成長。這只是因為投資額的比較，還是有其他原因？

Yes. Seth, this is Brent. I'll start and then Jeremy can jump in, I'm sure on some of that on the back end of it. But yes, as I talked about in the script, biggest driver of our SG&A per store really is our store payroll. And our teams have been very focused on balancing that with the demand and the opportunity that they see in their markets, and they manage through a period in Q1 where we did have some of that choppiness that we've talked about. But really proud of the job overall that the teams did there, and we're obviously approaching any kind of choppiness with an eye to expense control, but we do have some of that investment depreciation pressure that I mentioned in my script that we're going to see as we move through the year. That's why our plan was not a peanut butter spread on SG&A for this year. So -- and Jeremy, you may have a couple of other thoughts on that.

是的。塞思，我是布倫特。我先開始，然後傑里米可以補充一些內容。正如我在稿子裡提到的，我們每家店的銷售、管理及行政費用（SG&A）的最大驅動因素確實是門市的薪資支出。我們的團隊一直非常注重平衡薪資支出與市場需求和機會之間的關係，他們成功地度過了第一季我們之前提到的那段波動期。我對團隊的整體工作非常滿意，我們顯然會以控製成本為目標來應對任何波動，但我們確實面臨著我在稿子裡提到的投資折舊壓力，這種壓力會在今年持續下去。這就是為什麼我們今年的SG&A計劃沒有大幅削減。傑里米，你可能還有其他想法。

Yes. No, I think, Brent, I think you said it well. Seth, I think we previewed a little bit on last quarter's call, but it's kind of hard to get the cadence quarter-to-quarter. As we just think like in particular about the timing of the impact of some of last year's investments and not to get too far down in the weeds here, but our depreciation headwind in first quarter was kind of high teens year-over-year growth there. And that's the number that through the balance of the year starts to moderate as we move down through. So more broadly speaking, especially as you think about the dollars, you also had impacts in the quarter with leap day.

是的。不，布倫特，我覺得你說得很好。塞思，我想我們在上個季度的電話會議上已經稍微預告了一下，但很難把握每季的節奏。我們尤其需要考慮去年一些投資的影響時間，這裡就不深入細節了，但我們第一季的折舊逆風年增幅接近10%。隨著時間推移，這個數字在今年剩餘時間開始趨於緩和。更廣泛地說，尤其從美元的角度來看，閏日也對本季產生了影響。

So it does create a little bit of noise in terms of the cadence. But against that broader backdrop, feel solid about the management SG&A. It's in line with where we would have expected to be. And as we work through the balance of the year, feel comfortable with how we think the teams are balancing both the investments that we continue to talk through and we'll execute on while also just being responsive to what we're seeing in the business.

所以，這確實在節奏上造成了一些波動。但就整體而言，我對管理階層的銷售、一般及行政費用感到滿意。這符合我們的預期。在今年剩餘的時間裡，我們對團隊如何平衡我們正在討論並即將執行的投資項目，以及對業務變化做出及時回應的方式感到放心。

That's helpful. And as my follow-up, just thinking about the DIY segment and the softness you called out discretionary categories, recognizing that some of that might be weather-driven. Is this a change in trend that you've seen with more pressure in the discretionary categories in recent months?

這很有幫助。我還有一個後續問題，關於DIY領域以及您提到的非必需品類別的疲軟，我也意識到其中一些可能受天氣影響。您是否觀察到近幾個月來非必需品類別面臨更大壓力，這是一種趨勢變化？

Yes. I can probably talk to that. And maybe the first caution that I would say is we're still within a relatively tight end of what we thought from expectations and I know Brad mentioned it within his response. The confidence that we feel is just from the broader mix of our business, the ability to see solid performance really across the core categories that we know are indicative of how the consumer is thinking about the backdrop has been good.

是的，我或許可以談談這個。首先要提醒的是，我們目前的表現仍在預期範圍內，我知道布拉德在他的回覆中也提到了這一點。我們之所以充滿信心，是因為我們整體業務表現穩健，在核心品類中都取得了不錯的成績，這些品類也反映了消費者對當前情勢的看法。

The entry into first quarter, both the tax refund money and with the weather backdrop, it tends to be a quarter that can be more volatile just generally on discretionary categories. Often, we're in the position like others within our industry of -- of hoping that we've got both good weather and tax refund money hitting at the same time. So that's -- there's a reason why that can be volatility. We wouldn't call it out as a sea change. And for sure, in the broader sense of our business, it's a smaller piece, but it is just one area that we pay attention to as we're trying to make sure we've got a good read on what the consumer looks like.

進入第一季度，由於退稅款項和天氣因素的影響，非必需消費品類的波動性通常會更大。我們和業內其他公司一樣，常常希望好天氣和退稅款項能夠同時到達。因此，波動性是有原因的。我們不會稱之為翻天覆地的變化。當然，從我們整體業務的角度來看，這只是其中一小部分，但這是我們關注的領域之一，因為我們需要密切關註消費者的需求。

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。

While the indications are still coming in about the performance of the overall aftermarket and it's still pretty early. It does seem like O'Reilly's outperformance versus the rest of the industry is moderating versus where it's been. Why is that the case?

雖然目前關於整個汽車後市場表現的跡象還不多，現在下結論還為時過早，但O'Reilly相對於其他行業的領先優勢似乎正在減弱。這是為什麼呢？

Michael, thanks for the question. I don't see it that way. Number one, I've been in this business here at O'Reilly for 27 years this year and been through challenging years, been through great years and been through election years and years that we get off to a little bit of a choppy start, and I've learned every time not to necessarily overreact that we all -- we take any potential slowdown or anything like that very seriously. We want to make sure we control what we can control. But it's always hard for us to base exactly where the share gains are coming from and it's sure hard to base it here short term on just a competitor reporting or something like that. We don't spend a lot of time internally trying to dissect that. What we do internally here is, we focus on our revenue versus the $147 billion, we believe, is being sold in the United States, and that just gets even bigger. Obviously, now that we're expanding to the rest of North America.

邁克爾，謝謝你的提問。我不這麼認為。首先，我在奧萊利公司工作了27年，經歷過充滿挑戰的歲月，也經歷過輝煌的歲月，還經歷過選舉年，以及開局略顯動盪的年份。我每次都學到，不要反應過度。我們都非常重視任何潛在的業務放緩或其他類似情況。我們希望確保控制我們能夠控制的因素。但我們總是很難準確判斷市場佔有率成長的來源，更別說僅根據競爭對手的報告或其他類似資訊來判斷短期內的市佔率成長了。我們內部不會花太多時間去分析這些。我們內部關注的是營收，我們認為在美國的銷售額高達1,470億美元，而且隨著我們向北美其他地區擴張，這個數字還在不斷增長。

So we stay focused on that total addressable market versus what we do today. And Michael, I don't see anything that's materially changed in the way that we're competing. We have tough competitors out there. We have really great competitors that we have a ton of respect for both the big close-in competitors that are public companies as well as the solid WD operators, the independent operators. And we still feel really good. I'm so proud of what our teams have accomplished the last few years, but I believe our share gains continue.

所以我們始終專注於潛在市場規模，而不是我們目前所做的事情。邁克爾，我認為我們的競爭方式並沒有實質的改變。我們面臨強大的競爭對手。我們對這些競爭對手都非常尊重，包括那些與我們距離很近的上市大型競爭對手，以及實力雄厚的WD運營商和獨立運營商。我們仍然感覺良好。我為我們團隊過去幾年所取得的成就感到無比自豪，我相信我們的市佔率還會繼續成長。

Got you. Brad, you mentioned that you did see a bit of a slowdown in March, and that's continued into the first part of the quarter. Can you provide some frame of reference for that? And what does the P&L look like? How is the sensitivity of the P&L? If this is just one of those years where it's a bit of a slower backdrop for the aftermarket and the ultimate comp ends up at the low end or maybe even slightly below your guidance?

明白了。布拉德，你提到三月確實出現了一些放緩，而且這種情況延續到了本季前半段。能具體說明一下嗎？損益表的情況如何？損益表的敏感性如何？這是否只是售後市場整體低迷的一年，最終的業績可能處於預期下限，甚至略低於預期？

Thank you, Michael. I'll start out and answer your question on just kind of the cadence of the exit and kind of how we're feeling about the last few weeks, and then I'll let Jeremy talk to the last part of your question there on SG&A. So Michael, really, the thing I want to be a little careful of is, even though we have a few weeks, it is just 3 weeks, and we have a lot of quarter left and I think the reason that we're trying to balance the choppiness with not knowing what the future holds, all with the fact that we have had some of this weather that it's just not ideal. It's a different weather story than like in January, where we love harsh winters, and we love hot summers. The stuff that's in the middle can just be a little bit not conducive to what our DIY customers want and need to get out and work on their stuff. I'm sitting here in Springfield, Missouri this morning, looking out the window, 50-something degree weather and it's raining out there.

謝謝你，麥可。我先回答你關於退出節奏以及我們對過去幾週感受的問題，然後讓傑里米來回答你關於銷售、管理及行政費用（SG&A）的最後一部分問題。邁克爾，我想特別強調的是，雖然我們還有幾週時間，但實際上只有三週，我們還有很長的季度要走。我認為我們之所以要努力平衡這種波動性，以及對未來方向的不確定性，再加上最近天氣不太理想，都是因為我們無法控制。這和一月份的天氣狀況不同，我們喜歡嚴寒的冬天和炎熱的夏天。這種介於兩者之間的天氣不太適合我們的DIY客戶外出工作。今天早上我坐在密蘇裡州斯普林菲爾德，看著窗外，氣溫在華氏50度左右，外面還在下雨。

And our operational teams absolutely did not spend any time focusing on things that they can't control like weather. But we don't want to say too much about the choppiness because there has been some, but there's also just been this weather factor, and we feel like that we got a lot of quarter left and we just want to see how that plays out. But we just want to balance those things, and I'll let Jeremy take the SG&A.

我們的營運團隊絕對沒有把時間浪費在天氣這類他們無法控制的事情上。但我們不想多談論市場波動，因為確實存在一些波動，但天氣因素也是原因之一。我們感覺還有很長的周期，想看看最終結果如何。我們想權衡各種因素，銷售、管理及行政費用（SG&A）就交給傑瑞米處理吧。

Yes. Just from the -- I guess, further down the income statement as we think through the balance of the year, Michael, I'd tell you, nothing really changes about our expectation on how and the degree to which we can respond to different market conditions than really we've had for a long time within our business. From our history that -- that we really do truly manage the business from a long-term perspective and will not overreact in short periods of time to fluctuations and cognizant of the volatility we've seen in the first quarter, but also understanding that we're in an election year and there's just a little bit more uncertain backdrop that we could face some puts and takes as we move through the year. It's important for us to maintain a high level of service and to prioritize that as we move through the business. While at the same time, we've got a pretty long-standing expense control culture, and we will address how we manage the business, we think, appropriately to the right market environment and feel good about how the teams have performed in that way, as Brent mentioned, during the course of this year so far.

是的。邁克爾，我想，從損益表的後續分析來看，當我們回顧今年剩餘時間時，我可以告訴你，我們對如何以及在多大程度上應對不同市場狀況的預期，實際上並沒有改變，這與我們長期以來的業務運營模式並無二致。根據我們的歷史經驗，我們始終以長遠的眼光管理業務，不會對短期波動做出過度反應。我們意識到第一季市場波動較大，但也明白今年是選舉年，存在一些不確定因素，我們可能會面臨一些挑戰。對我們來說，保持高水準的服務並優先考慮這一點至關重要。同時，我們擁有相當悠久的費用控製文化，我們將根據正確的市場環境，妥善處理業務管理方式，並且對團隊在今年迄今為止的表現感到滿意，正如布倫特所提到的那樣。

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

下一個問題來自 Evercore ISI 的 Greg Melich。

I wanted to circle back on the inflation commentary and also the decline in acquisition costs. So (inaudible) all the unusual parts of inflation where that now we pretty much expect that to be steady, the cadence each quarter going forward. And on the cost side, can we still get some acquisition cost relief if interest rates start to back up? And how does that come into the equation?

我想再談談通膨以及收購成本下降的問題。所以（聽不清楚）所有關於通膨的異常情況，現在我們基本上預期通膨將保持穩定，每季的波動幅度都會保持不變。至於成本方面，如果利率開始回升，我們還能獲得一些收購成本的緩解嗎？這又會如何影響最終結果？

Yes. Greg, this is Brent. I'll start and then let the other guys jump in. But in terms of the cost environment, as I mentioned in the script, we kind of saw what we'd expect some typical puts and takes on cost. But I mean, in terms of inflation and what's out there, I think we kind of guided and felt like going into this year is going to be around 1%. It's kind of what we saw in Q1, kind of what we anticipate for the rest of the year. So we don't really see that changing a whole lot. Now with that said, the good news is we continue to be able to diversify our supply chain. Our merchandise team has done a fantastic job with that.

是的。格雷格，我是布倫特。我先來，然後其他人再補充。關於成本環境，正如我在稿子裡提到的，我們看到了一些預期中的典型成本波動。我的意思是，就通膨和市場現況而言，我們預期今年年初的通膨率會在1%左右。這與我們第一季的觀察結果以及我們對今年剩餘時間的預期基本一致。所以我們預計不會有太大變化。不過，好消息是我們能夠持續實現供應鏈多元化。我們的商品團隊在這方面做得非常好。

We've done a fantastic job with our proprietary brand portfolio and continue to grow that. It's resonating with our customers. So that gives us an ability to control cost in some respects by dual sourcing and multi-sourcing different lines. And we continue to see that as a competitive strength of where we are and how we're positioned. But that's kind of the outlook we have in terms of cost and where we are going into this year.

我們在自有品牌組合方面做得非常出色，並且還在不斷發展壯大。我們的產品深受顧客喜愛。這使我們能夠透過雙重採購和多通路採購不同產品線來控製成本。我們始終認為這是我們當前競爭優勢和市場定位的關鍵。以上就是我們對成本控制以及今年發展方向的展望。

Great. And I'd love to just make sure I got the comp trend correct there. The traffic in the first quarter, was that positive or negative or kind of flat if you look at the whole quarter?

好的。我只是想確認一下我之前對同店銷售趨勢的理解是否正確。第一季的流量是成長、下降還是整體持平？

It was positive.

結果為陽性。

It was a contributor.

它是貢獻者之一。

It was a contributor to comp. And so if presumably where that would have been negative in DIY by the exit rate, and that the gap between do-it-for-me and DIY that happened through the quarter at the end was basically traffic and therefore, weather-driven. I just want to make sure I'm interpreting what you guys are seeing.

它對同業競爭有所貢獻。所以，如果DIY的退出率導致其出現負面影響，那麼季度末DIY和代客泊車之間的差距基本上是由交通流量和天氣因素造成的。我只是想確認一下我對你們所看到的理解是否正確。

Yes. Yes. I would tell you the traffic even on the DIY side of the business was still positive for the quarter (inaudible) that was pretty significantly impacted by the strength that we saw in January, which we've talked about that side of the business is more volatile around the refund and just the spring impacts. But yes, we were positive, both sides of -- in both traffic and ticket.

是的，是的。我可以告訴你，即使是自助維修業務，本季度的流量仍然保持正增長（聽不清），這很大程度上受到了1月份強勁增長的影響，我們之前也討論過，這部分業務在退款和春季的影響下波動性更大。但是，是的，我們兩方面的業務——流量和工單——都實現了正成長。

And so now as consumer -- as DIYers come in, you mentioned, I think there's no trade down. It's actually still a trade up. But I'm curious, are items in basket under pressure. Is that a sign of any pressure on the consumer there?

所以現在，隨著DIY愛好者的加入，正如你所提到的，消費者並沒有降級消費，實際上仍然是升級消費。但我很好奇，購物車裡的商品是否面臨壓力？這是否表示消費者面臨某種壓力？

Yes. Again, volatility there, Greg, as we saw in the first quarter. Some of that is similar to what we've seen from an accessory perspective and oftentimes, those are the add-on type things that hit when somebody is coming in to change brakes or to do that type of oil change. Not having a perfect read on how tax refund money flows through, that can also affect size in certain instances. But a little bit choppy there to be able to draw any really strong conclusions. But for sure, some of the -- some of what we've seen is that number not being a contributor, a little bit of a headwind for us in the quarter.

是的。格雷格，正如我們在第一季看到的那樣，波動性仍然存在。其中一些情況與我們從配件角度觀察到的情況類似，通常情況下，這些附加項目會在顧客來更換煞車片或進行換油等保養時產生。由於我們無法準確掌握退稅資金的流向，這在某些情況下也會影響銷售額。但由於目前情況波動較大，我們無法得出任何確切的結論。但可以肯定的是，我們看到，這部分收入並沒有帶來顯著的業績成長，這在本季對我們造成了一定的不利影響。

Greg, maybe just to build on that basket question a little bit, kind of parse it out a little bit. An example of what we're not seeing is any issue with -- if somebody is doing a great job, we still feel with that something they need to do. They're still -- our teams are still able to work that customer from a DIY standpoint through having everything they need to do the job right. We don't see any basket issues in terms of not buying the hard parts they need to do the job and normally the things that go along with that.

格雷格，或許我們可以就「購物籃」的問題再深入探討一下，稍微分析一下。舉個例子，我們目前沒有發現任何問題——即使有人做得很好，我們仍然覺得他們需要做一些事情。我們的團隊仍然能夠從DIY的角度出發，指導客戶，確保他們擁有完成工作所需的一切。我們沒有發現任何關於「購物籃」方面的問題，例如缺少完成工作所需的關鍵部件以及通常與之相關的其他物品。

An example, it may be what we're seeing a little bit was some of the discretionary is maybe like tools, for example, on the DIY side is the customer where they normally may have bought that specialty tool they need to do that break job.

舉個例子，我們可能會看到一些可自由支配的商品，例如工具，例如，在 DIY 方面，顧客通常會購買他們需要的專用工具來完成煞車工作。

They may be renting it from us, which they can do for free through our loaner tool program. So that would be an example of some of the things that we're seeing a little bit of pressure to, but not necessarily on the hard parts side.

他們可能是從我們這裡租借工具，他們可以透過我們的工具借用計畫免費租借。所以，這可以算是我們目前感受到一些壓力的例子，但這種壓力不一定來自於設備本身。

That's great color. And good luck guys, and we'll be praying for some sunshine.

顏色真漂亮。祝你們好運，我們會祈禱陽光明媚。

We appreciate it, Greg.

謝謝你，格雷格。

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。

Everyone. Brad, and Jeremy, you've mentioned that it's been choppy, and there isn't a clean weather and nonweather market spread. Can I ask, is that because of tax refund season or there's -- we're lapping used cars, the consumers under pressure. Are you thinking it's possible there are other variables at play? Or how (inaudible) weather and weather turns and we're in the clear?

各位，布拉德和傑里米，你們提到市場波動較大，天氣因素和非天氣因素的利差並不明顯。請問，這是因為退稅季的緣故，還是因為──二手車市場行情火爆，消費者面臨壓力？你們覺得是否還有其他因素在運作？或（聽不清楚）天氣變化無常，我們最終會擺脫困境？

Yes, Simeon, great question, really is. I would tell you, we're as confident in our read right now as we ever are after first quarter. Brad mentioned it within the context of his comments, we think it's appropriate to not overreact to the things that we see in first quarter. For certainly a couple of things we know, the range of our -- the band of our performance has still been relatively tight even though we've seen choppiness move throughout. So we're not seeing the types of serious fluctuations in our business that come on where you do see things like oil changes being pushed back or brakes moving around more significantly. What we are seeing is what we often will see from a variability in business around choppiness of tax refunds.

是的，西蒙，問得好。我可以告訴你，我們對目前的預測和第一季以來一樣有信心。布拉德在他的評論中也提到了這一點，我們認為不應該對第一季的情況反應過度。當然，我們知道有幾點，我們的業績波動範圍仍然相對較窄，儘管我們看到了一些波動。因此，我們沒有看到業務出現像換機油延遲或煞車片價格大幅波動那樣的嚴重波動。我們看到的是，業務波動通常與退稅等因素有關。

So whether those are -- can be significant impacts as you just try to get a perfect week to week on the business. As we step back from that, we remain cautious about the consumers in our prepared comments and it's a focus of our business. Often we get a much clearer read on that as we move forward past some of the volatility. So we're cognizant of where that is. We understand some of the broader commentary that exists within broader retail. Often, we see the impacts of some of those things as they flow through on a more delayed basis for our business, understand we're in an election year. Those things we're cautious about. But as we sit here today, there's just not the clear indicators that we're seeing that more sustained pressure that we would normally expect to see.

所以，這些因素可能會對我們每週的業務運作產生重大影響。拋開這些因素不談，我們在事先準備好的評論中仍然對消費者保持謹慎，這也是我們業務的重點。通常情況下，隨著市場波動逐漸消退，我們對消費者的判斷會更加清楚。因此，我們清楚地了解市場動態。我們也理解零售業整體的一些普遍看法。通常，我們會發現這些因素對我們業務的影響會落後一段時間才會顯現，我們也明白今年是選舉年。我們對這些因素都保持謹慎。但就目前而言，並沒有明顯的跡象表明我們會面臨通常預期的那種持續壓力。

Yes, Simeon, what I would say, it's a fair question. And I think maybe just on the tax refunds, for example, there's no doubt that the delay impact of this, to some degree, there in February. I think the reason that we want to just be cautious with how that will play out is just the fact that we are in election year. There's a lot going on in the world. We have this weather that no doubt has played in to some extent. But we also know that the reality is when people get their tax refunds, it's normally pretty clear when we get that and how much of it we get. But we know our lower-end consumer. They're spending money, first and foremost, on groceries, their homes, insurance rates personally, things like that, that are a pressure to them right now. And we just want to -- we want to balance that. We know that is some of it, but we also know this weather is some of it as well.

是的，西蒙，我想說，這確實是個好問題。就拿退稅來說，毫無疑問，二月的延遲發放會受到一定程度的影響。我們之所以要謹慎對待此事，是因為今年是選舉年，世界各地發生了很多事情。天氣無疑也起到了一定的作用。但我們也知道，通常情況下，人們收到退稅的時間和金額都比較明確。但我們也了解低端消費者的需求。他們首先要把錢花在食品雜貨、住房、個人保險等方面，這些都給他們帶來了壓力。我們想——我們想平衡一下這兩者。我們知道這是部分原因，但我們也知道天氣也是原因之一。

I was just going to say maybe just one other thing to add on your question, and it is a good one. But when -- just like the guys talked about, when you think about maintenance categories and obviously, failure categories (inaudible) maintenance categories, there is some discretion in those. And even on the DIY side, again, a lot of confidence still in the backdrop knowing that we still saw strength in motor oil filters in the category. I mean we didn't see any reason to believe that people were putting off the oil change to pay for groceries that we -- when we looked at it at a product level. So that was underlying in all of this, too. So just wanted to mention that.

我本來想就你的問題補充一點，你的問題問得很好。就像前面幾位說的，當你考慮到保養類別，以及故障類別（聽不清楚）時，你會發現這些類別之間有一定的彈性。即使在DIY方面，我們仍然很有信心，因為我們看到機油濾清器在這個類別中仍然表現強勁。我的意思是，我們沒有發現任何理由認為人們會為了買菜而推遲換機油——當我們從產品層面分析時，並沒有發現任何問題。所以，這也是所有因素中的一個重要面向。我只是想提一下這一點。

My follow-up, if you take the PPI initiative and you look at the products that were impacted where price was lowered, it looks like the payoff was especially strong last year to that -- maybe to that market share question. Is -- are you still seeing growth in those PPI products? And are there any opportunities as you look across your pricing and your catalog where there may be some price differences where you can take advantage of that again?

我的後續問題是，如果您採取了PPI（產品價格幹預）策略，並查看了受影響的降價產品，您會發現去年的收益尤其顯著——或許這與市場份額有關。您是否仍然看到這些PPI產品的成長？此外，當您審視定價和產品目錄時，是否存在一些可以利用的價格差異，從而再次提升銷售的機會？

Yes. Thanks, Simeon. So yes, I mean, when you talk about PPI, that's over 2 years old now. Basically, we're lapping at 24 months in. We feel extremely good about that investment we made. When you look at those categories, not only those categories, but kind of the halo categories that revolve around those (inaudible) underhood categories, and it was very broad. It was a very (inaudible) approach, but it was very broad by SKU, by line. We feel really good about what we've done there. We -- when I look at it, especially versus some of the WDs and the independent 2 separate type players, we feel really good about what we've done, and we haven't seen really any other reactions to any large degree out of our big competitors nor those other competitors. The reason that I feel like that we have made those investments pay, Simeon, is because our team has gotten out there and this just hasn't been a one-pronged approach.

是的，謝謝，西蒙。是的，我的意思是，說到PPI，它現在已經兩年多了。基本上，我們已經投入了24個月的時間。我們對這項投資感到非常滿意。當你審視這些類別時，不僅是這些類別，還有圍繞這些（聽不清楚）底層類別的光環類別，它非常廣泛。這是一種非常（聽不清楚）的方法，但它是按SKU和產品線劃分的，覆蓋範圍非常廣。我們對我們在這方面所做的工作感到非常滿意。我們——當我審視它時，特別是與一些WD和獨立的兩類玩家相比，我們對我們所做的工作感到非常滿意，而且我們沒有看到我們的主要競爭對手或其他競爭對手有任何大的反響。西蒙，我認為我們之所以讓這些投資獲得回報，是因為我們的團隊積極行動，而且這並非一味地採取單一策略。

The investments were one thing, but we knew going into it, the only way we were going to make that pay was to do what we already did well even better, being out there calling on customers, building relationships with those customers that had traditionally bought from some of the independents through relationships, through service, et cetera, and some of that being price. Our teams have got out there and done all the other things that matter more than pricing, calling on customers, building relationships, the most efficient delivery service in the aftermarket, right part, right place, right time, the work our supply chain teams have done in the last couple of years have all made that pay off.

投資是一回事，但我們一開始就知道，要想獲得回報，唯一的辦法就是把我們已經擅長的事情做得更好，那就是積極拜訪客戶，透過人脈、服務等方式與那些傳統上從獨立經銷商處購買產品的客戶建立聯繫，當然價格也是其中一部分。我們的團隊已經著手做好所有比價格更重要的事情：拜訪客戶、建立關係、提供售後市場最高效的配送服務、確保在正確的時間、正確的地點提供正確的零件。過去幾年，我們供應鏈團隊所做的一切努力都得到了回報。

But really to the last part of your question, we feel really good about where our pricing matrix is. We moved it down to that level that you know we did on the professional side, but we're always within that new matrix. We're always tweaking and optimizing within that new matrix. But we feel like that matrix is where it needs to be for now in the foreseeable future and don't see anything competitively that would tell us we need to ever do that again.

但回到您問題的最後一部分，我們對目前的定價體系感到非常滿意。我們確實將價格下調到了您所知的專業服務價格水平，但我們始終在這個新的定價體系內運作。我們一直在根據這個體系進行調整和優化。我們認為，在可預見的未來，這個定價體系已經足夠了，我們認為在競爭方面沒有任何因素會促使我們再次進行調整。

And Simeon, maybe to just further add to what Brad said on that, on the professional side. I mean when you look at the -- by category, when you look at some of the categories, brakes, chassis, driveline, ride control, all the big category, a lot of big categories, dollar categories that we're not seeing that growth stagnate, which I think is kind of where your question is going (inaudible) running out of gas in those categories. We're not seeing that. We're seeing continued growth even on top of big comparisons year-over-year.

西蒙，或許我想補充一下布拉德剛才提到的專業面向。我的意思是，如果你按類別來看，例如煞車、底盤、傳動系統、行駛控制等等，所有這些大類別，很多都是金額巨大的類別，我們並沒有看到成長停滯，我想這正是你問題的關鍵所在（聽不清楚），你問的是這些類別是否後勁不足。我們沒有看到這種情況。即使在同比數據大幅增長的情況下，我們也看到了持續增長。

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。

Two quick ones. One, with April -- end of March, April being a little bit slower because of the weather, does that -- are those sales off? Or does that get made up if and when the weather turns better?

兩個簡短的問題。第一，四月——也就是三月底——由於天氣原因，銷量會稍微慢一些，是這樣嗎？銷量會因此下降嗎？還是說，如果天氣好轉，銷售就會恢復正常？

Yes, Michael, it's always a little bit of a tough question to answer. Often that is the case with spring business that it's just a shift in demand. I think more broadly, the way that we view that is that none of the timing of what we're seeing or none of the impacts affect kind of core fundamental underlying demand within the industry. So it's always a little bit tough to know, will you get it rebound? How much can you really measure it when you do -- but more broadly speaking, as we move further into the quarter, that becomes less important of a dynamic, it's just the broader strength in our business will kind of prove out as we move into the balance of the quarter.

是的，邁克爾，這個問題總是有點難回答。春季銷售通常就是這樣，需求只是改變了。我認為更廣泛地說，我們認為目前觀察到的所有情況，無論是時間上的還是影響的，都不會動搖產業的核心基本需求。所以，很難說需求是否會反彈，也很難衡量反彈的程度——但總的來說，隨著季度的深入，這種動態因素的重要性會降低，我們業務的整體實力會在本季度剩餘的時間裡逐漸顯現。

Yes, Mike, there could be some of the discretionary. There could be some of the short-term stuff that could potentially be lost. But I think as we always say, and we still believe this as much as we ever have that the underlying drivers of our business are absolutely there. When you look at vehicle's miles driven, you look at all the things that we look at to drive our business, average age of vehicles, not only in the U.S. but in North America, we still feel really good that demand is going to continue to be there.

是的，麥克，可能會有一些可自由支配的支出，也可能會有一些短期支出會受到影響。但我認為，正如我們一直強調的，而且我們仍然堅信，我們業務的根本驅動力仍然強勁。看看車輛行駛里程，看看我們用來衡量業務成長的所有指標，例如車輛平均車齡，不僅在美國，在整個北美地區，我們仍然非常有信心，市場需求將會持續存在。

Could it be one of those years that the lower-end consumer is pressured? Very potentially. But as you know, Mike, when in tough years or when customers go through tough times, our industry is not immune to that, but it's more short term. And then as things move on, people hold on to their cars longer, they're working on their cars more often. And mid- to long-term, we couldn't feel better about how we're set up from a demand standpoint.

今年低端消費者會不會面臨壓力？很有可能。但你也知道，麥克，在經濟不景氣的年份，或者當客戶遭遇困境時，我們這個行業也無法倖免，但這通常只是暫時的。隨著時間的推移，人們會延長汽車的使用壽命，也會更頻繁地進行保養維修。從中長期來看，我們對目前的市場需求情勢非常有信心。

Perfect. That makes sense. The other question I want to ask is a much more bigger picture, longer term, have you ever -- or could you ever talk about what you see as the potential size of your business down in Mexico? I think you have about 63 stores according to the press release here. What can that be over time? One of your competitors, I think, as close to 1,000? Any thoughts on where Mexico could be for you longer term?

太好了，這很有道理。我想問的另一個問題是關於更宏觀、更長遠的，您是否曾經——或者能否——談談您認為貴公司在墨西哥的潛在業務規模？根據新聞稿，您目前約有63家門市。隨著時間的推移，這個數字會是多少？我記得您的一個競爭對手的門市數量接近1000家。您對墨西哥市場的長期發展前景有何看法？

Sure, Mike. Absolutely. Well, we're really excited about the Mexican market. We acquired Mayasa back in 2019 and we had our eyes on that market for a long time. And to your point, one of our toughest competitors has done an amazing job down there for several decades and has a tremendous business down there. That said, it is so fragmented down there, Mike. When you look at the average age of vehicles in the U.S. at 12.5, but then you look at the Mexico market at over 16 years of age on the average vehicle and how fragmented the independent market still is down there, we see a tremendous runway. I mean that's why it was our first international venture. We have a great team down there. The timing of when we acquired Mayasa back in 2019, we acquired a lot of great team members. We acquired a base of people and distribution.

當然，麥克。絕對的。我們對墨西哥市場真的非常興奮。我們在2019年收購了Mayasa，而且我們早就關注這個市場了。正如你所說，我們最強勁的競爭對手之一在墨西哥市場已經耕耘了幾十年，並取得了巨大的成功。話雖如此，墨西哥市場仍然非常分散，麥克。看看美國汽車的平均車齡是12.5年，而墨西哥汽車的平均車齡超過16年，而且獨立汽車市場仍然非常分散，我們看到了巨大的發展潛力。這也是為什麼墨西哥是我們第一個國際投資項目。我們在那裡擁有一支優秀的團隊。 2019年收購Mayasa的時機恰到好處，我們不僅獲得了許多優秀的團隊成員，還獲得了人員和分銷管道。

Since then, we got our -- we had our state-of-the-art O'Reilly prototype distribution center opened last summer. And so that enables that growth that you're asking about. I don't want to put a number on revenues or store count over time. But what I can tell you is that's going to be -- it has the opportunity to be a good portion of our growth over the next many years. And there's no reason that we can't get after Mexico, no different than we have in the U.S. from coast to coast.

自那以後，我們—我們最先進的O'Reilly原型配送中心於去年夏天投入使用。因此，它能夠實現您所問的成長。我不想對未來的營收或門市數量做出具體預測。但我可以告訴您，它將在未來幾年成為我們成長的重要部分。而且，我們完全有能力進軍墨西哥市場，就像我們在美國從東岸到西岸所做的那樣。

We have reached our allotted time for questions. I'll 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 the first quarter. I would like to thank everyone for joining our call today, and we look forward to reporting our second quarter results in July. Thank you.

謝謝馬修。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第一季度取得的卓越業績。感謝各位今天參加我們的電話會議，我們期待在七月公佈第二季業績。謝謝。

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.

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。