O'Reilly Automotive Inc (ORLY) 2024 Q2 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc., second-quarter 2024 earnings call. My name is Holly, and I will be your operator for today's call. (Operator Instructions)

歡迎參加 O'Reilly Automotive, Inc. 2024 年第二季財報電話會議。我叫荷莉，今天將由我來為您接聽電話。（操作說明）

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

現在我將把通話轉交給傑里米·弗萊徹。弗萊徹先生，你可以開始了。

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

謝謝你，霍莉。各位早安，感謝各位的參與。

During today's conference call, we will discuss our second-quarter 2024 results and our outlook for the remainder of the year. After our prepared comments, we will host a question-and-answer period.

在今天的電話會議上，我們將討論我們 2024 年第二季的業績以及今年剩餘時間的展望。在我們發表完準備好的評論後，我們將安排問答環節。

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

在今天早上開始之前，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，並主張受到該條款的保護。你可以透過諸如估計、可能、可以、將、相信、預期、會、考慮、應該、預計、預測、計劃、打算、指導、目標或類似詞語來識別這些前瞻性陳述。

The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest annual report on Form 10-K for the year ended December 31, 2023 and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

由於公司截至 2023 年 12 月 31 日止年度的最新 10-K 表格年度報告和其他最近提交給美國證券交易委員會的文件中描述的幾個重要因素，公司的實際業績可能與任何前瞻性聲明存在重大差異。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 second-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.

謝謝你，傑瑞米。各位早安，歡迎參加歐萊利汽車配件公司第二季電話會議。今天早上和我一起參加電話會議的有我們的總裁布倫特·柯比和我們的財務長傑里米·弗萊徹。我們的執行主席 Greg Henslee 和執行副主席 David O'Reilly 也參加了此次電話會議。

I'd like to begin my comments today by thanking our team of over 91,000 hard-working professional parts people across North America for their continued dedication to our customers during a challenging second quarter. As we'll discuss during our call today, our second-quarter results were below our expectations, as we faced broader headwinds to demand in our industry. However, we are pleased with the job our teams did to uphold our commitment to providing top-notch customer service to our customers on both sides of our business.

今天，我首先要感謝我們遍布北美超過 91,000 名勤奮敬業的專業零件人員，感謝他們在充滿挑戰的第二季度裡對客戶的持續奉獻。正如我們將在今天的電話會議中討論的那樣，由於我們所在的行業面臨更廣泛的需求逆風，我們第二季度的業績低於預期。但是，我們對團隊的工作感到滿意，他們履行了我們對客戶（包括業務雙方）提供一流客戶服務的承諾。

Despite a sales performance that fell short of what we have come to expect, we continue to outperform the industry. This is the direct result of our team maintaining a high level of attention to detail and doubling down on their efforts to provide even better service to our customers.

儘管銷售業績未達到預期，但我們仍優於同業平均。這是我們的團隊始終保持高度注重細節，並加倍努力為客戶提供更好服務的直接結果。

We finished the second quarter with a 2.3% comparable store sales increase on top of a 9% in the prior year. The pressure to topline sales also negatively impacted our operating profit and earnings per share results, and we have revised our full-year outlook for these metrics as outlined in our press release last night.

第二季度，我們同店銷售額成長了 2.3%，而去年同期成長了 9%。銷售額壓力也對我們的營業利潤和每股收益產生了負面影響，我們已按照昨晚的新聞稿中所述，修改了這些指標的全年預期。

Though our results were below our expectations for the quarter, we were still able to generate increased operating profit and EPS on top of several years of a robust growth. We now expect our full-year EPS to come in within a range of $40.75 to $41.25, with the adjustments reflecting our results in the second quarter and revised full-year comparable store sales and operational outlook.

儘管本季業績低於預期，但我們仍在多年強勁成長的基礎上實現了營業利潤和每股盈餘的成長。我們現在預計全年每股收益將在 40.75 美元至 41.25 美元之間，調整反映了我們第二季的業績以及修訂後的全年同店銷售額和營運前景。

At the midpoint of our updated range, our guidance represents a forecasted 7% increase in full-year EPS, which matches our EPS growth in the first half of 2024. Our ability to generate solid EPS growth in a challenging macro environment, especially in light of the comparison to the 15% growth we delivered in 2023, is a testament to the continued strong execution by Team O'Reilly.

在我們更新後的預期範圍的中點，我們的指導意見代表每股收益預期全年增長 7%，這與我們對 2024 年上半年每股收益成長的預測相符。在充滿挑戰的宏觀環境下，我們仍能實現穩健的每股盈餘成長，尤其考慮到我們在 2023 年實現了 15% 的成長，這證明了奧萊利團隊持續強勁的執行力。

Now, I'd like to dig in further to our results in the second quarter by walking through the details of our sales performance, starting with our cadence of sales in the quarter. As we discussed on our last call, our quarter started off with sluggish results in April as we faced headwinds from cool, wet weather during the spring selling season. The softness in our business persisted into May, which we believe reflected broad-based pressure throughout the industry.

現在，我想透過詳細介紹我們的銷售業績，進一步深入探討我們第二季的業績，首先從本季的銷售節奏開始。正如我們在上次電話會議中討論的那樣，由於春季銷售旺季期間天氣涼爽潮濕，我們本季的業績在 4 月開局疲軟。五月份，我們的業務疲軟態勢依然持續，我們認為這反映了整個產業普遍面臨的壓力。

As we entered June, we saw improved trends driven by strong performance in hot weather-related categories. On a week-to-week basis, relative to our original guidance expectations, June represented the strongest performance for our quarter. So far in July, sales trends have remained solid, with weather benefit we saw in June moderating somewhat as we compared to similar favorable hot weather in July of last year.

進入六月，我們看到了改善的趨勢，這主要得益於與炎熱天氣相關的品類的強勁表現。與最初的預期相比，按週計算，6 月是我們本季表現最強勁的月份。7 月至今，銷售趨勢依然穩健，6 月的天氣利好與去年 7 月類似的有利高溫天氣相比有所減弱。

Our comparable store sales growth in the second quarter was driven by continued strength in our professional business, where we delivered yet another quarter of mid-single-digit comps. While increases in average ticket values were positive contributors to comps on both sides of our business, the majority of our professional sales growth was fueled by robust growth in ticket counts.

第二季同店銷售成長主要得益於專業業務的持續強勁成長，該業務連續第二季實現了中等個位數的同店銷售額成長。雖然平均票面價值的成長對我們業務雙方的銷售都產生了積極影響，但我們專業銷售成長的大部分動力來自票數的強勁成長。

Our results in the second quarter came on top of prior year comparisons to mid-teens professional comps in 2023, and we attribute our robust two-year stack performance to our industry-leading customer service and inventory availability. We continue to be excited by our team's ability to leverage the momentum we've created in our professional business, and we remain bullish on our prospects to compound our share growth in what remains a highly fragmented professional market.

第二季的業績是在與 2023 年十幾個百分點的專業比較基礎上取得的，我們將兩年來的強勁業績歸功於我們行業領先的客戶服務和庫存可用性。我們對團隊能夠利用我們在專業業務中創造的勢頭繼續感到興奮，並且我們仍然對在仍然高度分散的專業市場中擴大市場份額的前景充滿信心。

The strength in our professional business was partially offset by headwinds in DIY comparable store sales, which were down just shy of 1% for the quarter from pressure on ticket counts. Average ticket values on both sides of our business benefited from modest same-SKU inflation of less than 1%.

我們專業業務的強勁表現被DIY同店銷售額的不利因素部分抵消，由於客單價壓力，該季度DIY同店銷售額下降了近1%。我們業務雙方的平均客單價都受惠於同 SKU 價格略微上漲，漲幅不到 1%。

From a category perspective, our results for the quarter were highlighted by the strong performance in hot weather categories, including batteries and HVAC, as well as solid performance in maintenance categories like brakes, oil changes, and spark plugs, which we believe reflects the ongoing priority our customers are placing on keeping their vehicles on the road and running well.

從品類角度來看，本季業績的亮點在於炎熱天氣品類（包括電池和HVAC）的強勁表現，以及煞車、換油和火星塞等保養品類的穩健表現。我們認為，這反映了我們的客戶始終重視保持車輛正常行駛和良好運行。

The sales softness we experienced in the quarter was more pronounced in the discretionary appearance and accessory categories. These categories comprise of a small percentage of our business and typically are not primary drivers of our comparable store sales results. However, demand for these products is more susceptible to volatility in periods where consumers are pressured, and that dynamic contributed to our sales shortfall in the second quarter.

本季銷售疲軟的現像在非必需的美容和配件類別中更為明顯。這些類別在我們業務中所佔比例很小，通常不是我們同店銷售業績的主要驅動因素。然而，在消費者面臨壓力的時期，這些產品的需求更容易受到波動的影響，而這種動態導致了我們第二季的銷售下降。

We also saw some sluggishness on both sides of our business in certain undercar hard part categories, which performed below the company average. These types of repair parts are impacted by cumulative wear and tear and have been key contributors to our professional sales growth and share gains over the past two years. While we still believe we are performing well in these categories relative to the industry, our results in the second quarter may be indicative of temporary pressure across the broader industry.

我們還發現，在某些底盤硬部件類別中，我們業務的供需兩端都出現了一些疲軟，其表現低於公司平均水平。這類維修零件會受到累積磨損的影響，並且在過去兩年中一直是我們專業銷售成長和市場份額提升的關鍵因素。雖然我們仍然認為我們在這些類別中相對於行業而言表現良好，但我們第二季的業績可能表明整個行業暫時面臨壓力。

Against this backdrop of mixed results in our business for the first half of 2024, we continue to have confidence in the long-term fundamental drivers of demand for our industry, but also remain cautious about the current market environment. We still view the average consumer as relatively healthy, with strong employment and wage rates underpinning the ability of our customers to invest in the repair and maintenance of their vehicles. However, we also believe we're seeing some level of conservatism in how consumers are managing their spend as they face the cumulative impact of elevated price levels and uncertainty about the broader macroeconomic conditions.

鑑於我們公司 2024 年上半年的業務業績喜憂參半，我們仍然對我們行業的長期基本需求驅動因素充滿信心，但同時也對當前的市場環境保持謹慎。我們仍然認為一般消費者的經濟狀況相對良好，強勁的就業和薪資水準支撐著我們的客戶有能力投資於車輛的維修和保養。然而，我們也認為，隨著物價高企和宏觀經濟情勢不明朗所帶來的累積影響，消費者在管理支出方面表現出一定程度的保守態度。

Historically, more challenging periods in our industry are characterized by this type of short-term adjustment on the part of economically constrained DIY consumers. That said, we are cognizant of the potential that demand could be impacted during the back half of the year if this economic uncertainty persists, particularly during an election year. Given this outlook and the trends we have seen in the first half of 2024, we are lowering our full-year comparable store sales guidance to 2% to 4%, which reflects both our second-quarter results and our updated expectations for the third and fourth quarter.

從歷史上看，我們產業中更具挑戰性的時期，往往伴隨著經濟拮据的 DIY 消費者的這種短期調整。也就是說，我們也意識到，如果這種經濟不確定性持續下去，尤其是在選舉年，下半年的需求可能會受到影響。有鑑於此前景以及我們在 2024 年上半年看到的趨勢，我們將全年同店銷售額預期下調至 2% 至 4%，這反映了我們第二季的業績以及我們對第三季和第四季的最新預期。

We believe the pressure that our industry is experiencing will prove to be a short-term headwind. Our experience through multiple similar cycles in our company's history gives us confidence that the core drivers of demand for the automotive aftermarket remain very solid. The size and growth of the car park in North America, coupled with the quality of vehicles and a continually rising average vehicle age, drive resilient demand in our industry.

我們相信，我們產業目前面臨的壓力只是短期內的不利因素。公司歷史上多次類似週期的經驗使我們確信，汽車售後市場需求的核心驅動因素依然非常穩固。北美停車場的規模和成長，加上車輛品質的提高和平均車齡的不斷上升，推動了我們行業強勁的需求。

We expect to see continued steady growth in total miles driven, underpinned by population growth and the critical nature of the daily transportation needs of vehicle owners. We also believe that the value proposition for continued investment in an existing vehicle has never been higher and that consumers will continue to prioritize funding the cost of repair and maintenance of older, higher mileage vehicles.

我們預計，在人口成長和車主日常交通需求的緊迫性推動下，車輛行駛總里程將持續穩定成長。我們也認為，繼續投資現有車輛的價值從未如此之高，消費者將繼續優先考慮為老舊、高里程車輛的維修和保養費用提供資金。

Ultimately, the macroeconomic conditions we face do not affect our company's philosophy for how we execute our business model. We have instilled an ownership mentality throughout our organization. Our run-it-like-you-own-it philosophy does not accept external pressures as an excuse when there is still market share to gain in every local market, simply by outhustling and outservicing our competition. Even though we believe we gained market share in the first half of 2024 in a tough environment, I can guarantee that none of our teams in our stores, distribution centers, and offices are satisfied with a 2.8% year-to-date comparable store sales increase.

歸根究底，我們所面臨的宏觀經濟狀況不會影響我們公司執行商業模式的理念。我們已在整個組織內灌輸了主人翁意識。我們秉持著「像經營自己的事業一樣經營」的理念，不接受外部壓力作為藉口，因為在每個本地市場，只要比競爭對手更加努力、服務更好，就仍然有機會獲得市場份額。儘管我們相信在 2024 年上半年艱難的環境下我們獲得了市場份額，但我可以保證，我們商店、配送中心和辦公室的任何團隊都不會對今年迄今為止 2.8% 的同店銷售額增長感到滿意。

Our teams are committed to putting in the work it takes to win every day in every one of our markets and remain hungry to achieve performance that matches the high bar we have set as a company. As I wrap up my prepared comments, I would like to once again thank Team O'Reilly for your commitment to our customers, our company, and to your fellow team members.

我們的團隊致力於在每個市場中每天努力爭取勝利，並且始終渴望達到公司設定的高標準。在我結束準備好的演講之際，我想再次感謝奧萊利團隊對我們的客戶、公司以及團隊成員的付出。

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 join Brad in thanking Team O'Reilly for their continued dedication to our company's success and their steadfast commitment to excellent customer service. Our team's ability to gain market share in a challenging industry environment is a testament to their professionalism and dedication to our customers.

謝謝你，布拉德。我還要和布拉德一起感謝奧萊利團隊，感謝他們一直以來對公司成功的奉獻以及對卓越客戶服務的堅定承諾。在充滿挑戰的行業環境中，我們的團隊能夠獲得市場份額，證明了他們的專業精神和對客戶的奉獻精神。

Today, I would like to begin my comments by discussing our second-quarter gross margin results. For the quarter, our gross margin of 50.7% was down 53 basis points from the second quarter of 2023, with approximately 35 basis points of the decrease driven by the acquisition of our Canadian business.

今天，我想先談談我們第二季的毛利率業績。本季度，我們的毛利率為 50.7%，比 2023 年第二季度下降了 53 個基點，其中約 35 個基點的下降是由於收購了我們的加拿大業務。

As a reminder, the acquired Vast-Auto business operates a higher mix of distribution sales to independent parts stores at substantially lower gross margins. As we have worked to align their financial reporting, we now expect the headwind to gross margin from the addition of their results to be slightly higher than our original expectations, with 30 to 35 basis points of dilution anticipated for the remainder of 2024. However, our outlook for the net impact of the acquired business is unchanged, and we still expect only a 15-basis-point headwind to operating profit in 2024.

需要提醒的是，被收購的 Vast-Auto 業務主要透過分銷管道向獨立零件商店銷售產品，但毛利率卻低得多。由於我們一直在努力調整他們的財務報告，我們現在預計，由於他們的業績被納入，毛利率將受到比我們最初預期略高的不利影響，預計 2024 年剩餘時間內將出現 30 至 35 個基點的稀釋。然而，我們對收購業務的淨影響的預期保持不變，我們仍然預期 2024 年營業利潤只會受到 15 個基點的不利影響。

Excluding the impact of the Canadian business in the second quarter, our gross margin results came in below our expectations, driven by a few different factors. First, the category composition of our sales that Brad outlined earlier resulted in a product mix margin headwind, as some of the solid results we saw in maintenance products carried a lower margin than the pressured undercar categories.

剔除第二季加拿大業務的影響，我們的毛利率低於預期，這主要是由於幾個不同的因素造成的。首先，正如 Brad 之前概述的那樣，我們的銷售類別組成對產品組合利潤率造成了不利影響，因為我們在維護產品方面看到的一些穩健業績的利潤率低於受壓力影響的底盤類別。

We also saw some pressure to distribution costs in our gross margin from the deleverage of fixed costs on the below planned second quarter sales. Finally, our second-quarter results include a slightly larger-than-anticipated headwind from the mix of DIY and professional business, as the headwinds we saw to sales were more significantly felt in our higher-margin DIY business.

由於第二季銷售低於預期，固定成本槓桿作用減弱，導致我們的毛利率面臨分銷成本壓力。最後，我們第二季的業績受到了比預期略大的來自 DIY 和專業業務組合的不利影響，因為我們銷售方面遇到的不利因素在利潤率更高的 DIY 業務中表現得更為明顯。

While we are cognizant that we can experience these types of puts and takes in any given quarter, our outlook on the core drivers of our gross margin performance is unchanged. We continue to be confident in the stability of both acquisition costs and selling prices of our business and believe we have the ability to incrementally improve gross margins by delivering on premium value proposition we create for our supplier partners and customers.

雖然我們意識到在任何季度都可能經歷這類波動，但我們對毛利率表現核心驅動因素的看法保持不變。我們依然對公司收購成本和銷售價格的穩定性充滿信心，並相信我們有能力透過為供應商合作夥伴和客戶創造優質價值主張，逐步提高毛利率。

In the second quarter, we saw a stable acquisition cost environment with the anticipated mix of incremental cost improvements and modest inflation pressure. Pricing remains rational in the industry, and we expect it to remain so in the future. Based on our results for the first half of 2024 and our outlook for the remainder of the year, we are maintaining our full-year gross margin guidance range of 51% to 51.5%.

第二季度，我們看到採購成本環境穩定，預期中成本逐漸降低，通膨壓力溫和。產業定價依然理性，我們預期未來也將如此。根據我們對 2024 年上半年的業績以及今年剩餘時間的展望，我們維持全年毛利率預期在 51% 至 51.5% 之間。

Turning to SG&A, our second-quarter results reflect prudent and appropriate expense management by our teams against the softer sales backdrop. On an average per store basis, our SG&A grew 2.8% in the second quarter, with approximately 10 basis points of that growth driven by the inclusion of Canada's operating results.

就銷售、管理及行政費用而言，第二季業績反映了在銷售疲軟的背景下，我們團隊採取了審慎和適當的費用管理措施。以平均每家店計算，我們的銷售、一般及行政費用在第二季度增長了 2.8%，其中約 10 個基點的增長是由加拿大的經營業績納入考慮所致。

Our SG&A spend was below our original outlook for the second quarter, as our teams effectively balanced our unwavering commitment to deliver industry-leading customer service while also prudently dialing in the appropriate staffing levels to match our business. While we are certainly not pleased with the deleverage of our operating expenses resulting from pressure to comparable store sales, we remain committed to maintaining a high standard of customer service and will not make dramatic adjustments to our SG&A spend that would negatively impact our ability to serve our customers.

由於我們的團隊有效地平衡了我們對提供業界領先的客戶服務的堅定承諾，同時謹慎地調整了適當的人員配備水平以適應我們的業務，因此我們第二季度的銷售、一般及行政費用低於我們最初的預期。儘管我們對因同店銷售壓力而導致的營運費用下降感到不滿，但我們仍致力於維持高標準的客戶服務，不會對銷售、一般及行政費用進行任何可能對我們服務客戶的能力產生負面影響的重大調整。

One of the greatest resources as an organization is the professionalism and experience of our store team leaders. An excellent example of the strength of our leadership bench is the quality and tenure of our group of over 600 district managers, who each have responsibility for an average of 10 stores. Our district manager group averages more than 14 years of service with Team O'Reilly. And each of these leaders is actively engaged on a daily basis to identify and capitalize on opportunities to enhance the service we provide to our customers while also optimizing the productivity of the dollars we spend in each of our stores.

對於一個組織而言，我們最大的資源之一就是我們門市團隊領導的專業和經驗。我們強大的領導團隊的一個絕佳例證就是我們600多名區域經理的素質和任期，他們每人平均負責10家門市。我們區域經理團隊平均在奧萊利團隊服務超過 14 年。這些領導者每天都積極參與，尋找並利用各種機會來提升我們為客戶提供的服務，同時優化我們在每家門市的每一分錢的支出效率。

Our ability to execute our business model at a high level and over 6,000 stores is the direct result of the broad-based experience and industry knowledge across the company. We believe that our consistency in delivering excellent customer service in all market conditions, driven by this experienced leadership team, has been critical to our long-term success.

我們能夠高水準地執行我們的商業模式並擁有超過 6,000 家門市，是公司廣泛的經驗和行業知識的直接結果。我們相信，在經驗豐富的領導團隊的帶領下，我們始終如一地在各種市場環境下提供卓越的客戶服務，這對我們的長期成功至關重要。

Ultimately, our customers require and deserve a high level of service regardless of the broader market conditions. Our commitment to work that much harder to earn their business in a challenging environment simply represents another opportunity for us to develop strong long-term relationships and grow our share of the business over time.

歸根結底，無論市場整體狀況如何，我們的客戶都需要並理應獲得高水準的服務。在充滿挑戰的環境中，我們更加努力地贏得客戶的信任，這為我們提供了另一個發展牢固的長期合作關係並隨著時間的推移擴大市場份額的機會。

As we look to the back half of 2024, we are cognizant of the sales volatility we could face, as Brad discussed earlier, and expect to continue to judiciously manage SG&A expenses to match the business environment. Based on our results thus far in 2024 and updated outlook for the remainder of the year, we now expect full-year SG&A per store to grow between 3.5% to 4%, down from our previous guidance of 4.5% to 5%. This guidance range assumes a more moderate impact from the addition of our Canadian business of approximately 0.2% of per store SG&A growth, which is revised from our previous expectation of one half of 1%.

展望 2024 年下半年，我們意識到可能會面臨銷售波動，正如 Brad 之前所討論的那樣，我們將繼續謹慎地管理銷售、一般及行政費用，以適應商業環境。根據我們 2024 年迄今的業績以及今年剩餘時間的最新展望，我們現在預計全年每家門市的銷售、一般及行政費用將增長 3.5% 至 4%，低於我們之前 4.5% 至 5% 的預期。此指導範圍假設加拿大業務的加入對每家門市的銷售、一般及行政費用成長的影響較為溫和，約為 0.2%，比我們先前預期的 0.5% 有所調整。

While our updated SG&A range reflects our current expectation for the rest of 2024, we will continue to adjust as appropriate. Based on our first-half performance and our outlook for the remainder of the year, we are updating our operating margin guidance and now expect the full year to come in within a range of 19.6% to 20.1%, which is a 10-basis-point reduction from our previous guidance.

雖然我們更新後的銷售、一般及行政費用範圍反映了我們對 2024 年剩餘時間的預期，但我們將繼續酌情調整。根據我們上半年的業績以及對今年剩餘時間的展望，我們正在更新我們的營業利潤率預期，現在預計全年營業利潤率將在 19.6% 至 20.1% 的範圍內，比我們之前的預期下調了 10 個基點。

Before I conclude my comments, I would like to provide an update on our inventory and capital expenditure and expansion results. Inventory per store finished the quarter at $767,000, which was up just under 1% from this time last year and 1.4% from the end of 2023. We continue to be pleased with the health of our supply chain, and our store and stock position remains strong.

在結束我的演講之前，我想就我們的庫存、資本支出和擴張成果提供最新情況報告。每家店本季末的庫存為 767,000 美元，比去年同期增長不到 1%，比 2023 年底增長 1.4%。我們對供應鏈的健康狀況依然感到滿意，我們的門市和庫存狀況仍然強勁。

We are leaving unchanged our 2024 target of 4% growth in inventory per store within our existing chain, excluding the impact of the acquired Vast-Auto inventory. We plan to opportunistically add inventory in the back half of the year to supplement our store, hub, and DC level inventories, ensuring that we are offering the best inventory availability in all of the markets that we serve.

我們維持 2024 年現有連鎖店每家店庫存成長 4% 的目標不變，不包括收購 Vast-Auto 庫存的影響。我們計劃在今年下半年擇機增加庫存，以補充我們的門市、樞紐和配送中心的庫存，確保我們在所服務的所有市場中提供最佳的庫存可用性。

We opened a total of 27 stores during the second quarter and remain on track to open 190 to 200 new stores in 2024. During the first half of the year, 7 of our 64 new store openings have been in Mexico, bringing our store count in Mexico to 69 stores, with an expectation to open an additional 15 to 20 stores in the back half of 2024. While our footprint in Mexico is still relatively small and we are still only in the early innings of our growth, we continue to be excited about the attractiveness of the Mexican market and our prospects to grow a strong and profitable business there over time.

第二季我們共開設了 27 家門市，預計 2024 年開設 190 至 200 家新店。今年上半年，我們新開的 64 家門市中有 7 家位於墨西哥，使我們在墨西哥的門市數量達到 69 家，預計在 2024 年下半年還將再開設 15 至 20 家門市。雖然我們在墨西哥的業務規模仍然相對較小，而且我們仍處於發展的初期階段，但我們仍然對墨西哥市場的吸引力以及我們未來在那裡發展強大且盈利的業務的前景感到興奮。

We are also very excited about our new business in Canada and continue to be pleased with the partnership that we have formed with our Canadian team. Capital expenditures for the first six months of 2024 were $475 million, which is in line with our expectations, with a heavy weighting towards our ambitious plans to invest in new store and distribution expansion projects.

我們對在加拿大的新業務感到非常興奮，並對我們與加拿大團隊建立的合作關係感到滿意。2024 年上半年資本支出為 4.75 億美元，符合我們的預期，其中很大一部分將用於我們雄心勃勃的新店和配送擴張項目投資計畫。

To close my comments, I want to once again thank Team O'Reilly for their continued dedication to our customers. Our success is dependent upon providing the best customer service in our industry, and I'm confident in our team's ability to maintain this very high standard and deliver a strong finish to 2024.

最後，我要再次感謝 O'Reilly 團隊一直以來對我們客戶的奉獻。我們的成功取決於提供業內最好的客戶服務，我對我們的團隊保持這一高標準並取得2024年圓滿成功的能力充滿信心。

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 add my thanks to all of Team O'Reilly for their continued dedication to our company's long-term success.

謝謝你，布倫特。我還要感謝奧萊利團隊的所有成員，感謝他們為公司的長期成功所做的持續貢獻。

Now, we will cover some additional details on our second-quarter results and outlook for the remainder of 2024. For the quarter, sales increased $203 million, driven by a 2.3% increase in comparable store sales and a $70 million non-comp contribution from stores opened in 2023 and 2024 that have not yet entered the comp base. For 2024, we now expect our total revenues to be between $16.6 billion and $16.9 billion.

接下來，我們將詳細介紹我們第二季的業績以及 2024 年剩餘時間的展望。本季銷售額成長 2.03 億美元，主要得益於同店銷售額成長 2.3%，以及 2023 年和 2024 年開業但尚未計入同店銷售額的門市帶來的 7,000 萬美元非同店銷售額貢獻。我們現在預計，2024 年的總收入將在 166 億美元至 169 億美元之間。

Our second-quarter effective tax rate was 23.3% of pre-tax income, comprised of a base rate of 23.9% reduced by a 0.6% benefit for share-based compensation. This compares to the second quarter of 2023 rate of 22.5% of pre-tax income, which was comprised of a base tax rate of 24.3% reduced by a 1.8% benefit for share-based compensation.

我們第二季的實際稅率為稅前收入的 23.3%，其中基本稅率為 23.9%，減去基於股份的薪酬的 0.6% 的收益。相比之下，2023 年第二季的稅率為稅前收入的 22.5%，其中基本稅率為 24.3%，減去基於股份的薪酬的 1.8% 的折扣。

For the full year of 2024, we continue to expect an effective tax rate of 22.4%, comprised of a base rate of 23.2% reduced by a benefit of 0.8% for share-based compensation. We expect the fourth-quarter rate to be lower than the other three quarters due to the totaling of certain tax periods. And variations in the tax benefit from share-based compensation can create fluctuations in our quarterly tax rate.

2024 年全年，我們繼續預期實際稅率為 22.4%，其中基本稅率為 23.2%，扣除基於股份的薪資優惠 0.8% 後得出。由於某些稅期需要合併計算，我們預期第四季的稅率將低於其他三個季度。股權激勵帶來的稅收優惠的變化可能會導致我們季度稅率的波動。

Now, we will move on to free cash flow and the components that drove our results. Free cash flow for the six months of 2024 was $1.2 billion, in line with the first half of 2023, with growth in income offset by a lower benefit from reduction in net inventory this year versus 2023. For 2024, our expected free cash flow guidance remains unchanged at a range of $1.8 billion to $2.1 billion.

接下來，我們將討論自由現金流以及推動我們績效的各項因素。2024 年上半年的自由現金流為 12 億美元，與 2023 年上半年持平，營收成長被今年淨庫存減少帶來的收益低於 2023 年所抵銷。對於 2024 年，我們預期自由現金流指引保持不變，範圍為 18 億美元至 21 億美元。

Our AP as a percentage of inventory finished the second quarter at 130%, down from 131% at the end of 2023. This ratio was slightly above our expectations, driven by the timing of inventory investments in the first half of the year. We continue to expect to see moderation in our AP to inventory percentage in the back half of 2024 and expect to finish the year at a ratio of approximately 127%.

第二季末，我們的應付帳款佔庫存的百分比為 130%，低於 2023 年底的 131%。該比率略高於我們的預期，這主要是由於上半年庫存投資的時機。我們繼續預期 2024 年下半年應付帳款與庫存比率將趨於緩和，預計年底比率將達到約 127%。

Moving on to debt, we finished the second quarter with an adjusted debt to EBITDAR ratio of 1.97 times, as compared to our end of 2023 ratio of 2.03 times, with the decrease driven by a reduction in borrowings under our commercial paper program. We continue to be below our leverage target of 2.5 times and plan to prudently approach that number over time.

再來看債務方面，我們第二季末的調整後債務與 EBITDAR 比率為 1.97 倍，而 2023 年底的比率為 2.03 倍，下降的原因是商業票據計劃下的借款減少。我們目前的槓桿率仍低於 2.5 倍的目標，並計劃隨著時間的推移謹慎地接近該目標。

We continue to be pleased with the execution of our share repurchase program. And during the second quarter, we repurchased 784,000 shares at an average price of $1,012 for a total investment of $794 million. Year to date, through our press release yesterday, we repurchased 1.3 million shares at an average share price of $1,020 for a total investment of $1.3 billion.

我們對股票回購計畫的執行情況仍然感到滿意。第二季度，我們以平均每股 1,012 美元的價格回購了 784,000 股股票，總投資額為 7.94 億美元。今年迄今為止，透過我們昨天發布的新聞稿，我們以平均每股 1,020 美元的價格回購了 130 萬股股票，總投資額為 13 億美元。

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 Brad outlined earlier includes the impact of shares repurchased through this call, but does not include any additional share repurchases.

我們仍然非常有信心，平均回購價格能夠得到我們業務預期未來現金流折現的支持，我們繼續將回購​​計畫視為向股東返還多餘資本的有效手段。再次提醒大家，Brad 先前概述的 EPS 指引包含了透過本次電話會議回購的股票的影響，但不包括任何額外的股票回購。

Before I close my comments today, I have one final item to cover as it relates to our investor relations function at O'Reilly and the change we will be making to our team. After more than 15 years as our Head of IR, Mark Merz will be transitioning into another key role with our company.

在今天結束發言之前，我還有最後一件事要說，這與奧萊利公司的投資者關係職能以及我們將對團隊做出的改變有關。在擔任我公司投資人關係主管超過 15 年後，馬克‧默茲將轉任我公司的另一個重要職位。

Many of you who have interacted with Mark closely over the years understand that in addition to his duties managing our investor engagement and communications, Mark is also a senior leader in our finance team and a key partner to business leaders across our company. Beginning in a few months, Mark will be leveraging that deep experience and knowledge of our business as he takes on a new role as an in-country leader in our Mexican operation. As we continue to grow our business in Mexico, we have an opportunity to build on a strong foundation for success and growth in what we believe will be a large and important market for our company.

多年來與 Mark 密切接觸的許多人都知道，除了負責管理我們的投資者關係和溝通工作外，Mark 還是我們財務團隊的高級領導，也是我們公司各業務領導的重要合作夥伴。幾個月後，馬克將憑藉他對我們業務的深刻經驗和知識，擔任我們墨西哥業務的當地負責人這一新角色。隨著我們在墨西哥的業務不斷成長，我們有機會在一個我們認為對公司而言規模龐大且重要的市場中，建立起堅實的成功和發展基礎。

In this new position, Mark will be taking on a key senior leadership role, working in tandem with our growing leadership team in Mexico. We plan to make this transition at the end of our third quarter, so Mark will continue to serve in his current role and be available to answer your questions about our business and second-quarter results.

在這個新職位上，馬克將擔任重要的高階領導職務，與我們在墨西哥不斷成長的領導團隊密切合作。我們計劃在第三季末進行這項過渡，因此 Mark 將繼續擔任他目前的職務，並隨時解答您關於我們業務和第二季業績的問題。

During that process, he will also be managing the handoff of our primary investor relations contact function to Leslie Skorick. Leslie is a tenured O'Reilly team member with over nine years of experience with our company and currently heads up our tax function as Senior Director of Tax, but will now be adding investor relations to her duties. Mark and Leslie will be managing this handoff over the next couple of months, including the opportunity for you to meet Leslie at our upcoming Analyst Day in August in Chicago.

在此過程中，他還將負責將我們主要的投資者關係聯絡職能移交給萊斯利·斯科里克。Leslie 是 O'Reilly 團隊的資深成員，在我們公司擁有超過九年的經驗，目前擔任稅務高級總監，負責稅務工作，但現在她還將負責投資者關係。在接下來的幾個月裡，Mark 和 Leslie 將負責交接工作，屆時您將有機會在 8 月於芝加哥舉行的分析師日上與 Leslie 見面。

In addition, many of you have interacted with Eric Bird, another senior leader on our finance team, and he will continue to serve in his same role as an additional point of contact to support engagement with our investor community.

此外，你們中的許多人都與我們財務團隊的另一位高級領導 Eric Bird 有過互動，他將繼續擔任同樣的職務，作為額外的聯絡人，以支持我們與投資者社區的互動。

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

我們的發言到此結束。此時，我想請接線員霍莉回到電話線，我們將很樂意回答您的問題。

(Operator Instructions) Scott Ciccarelli, Truist.

（操作說明）Scott Ciccarelli，Truist。

Good morning, guys. Scott Ciccarelli. Two quick ones, hopefully. You talked about softness in your discretionary goods. Can you provide more color on what percent of mix you consider discretionary and how negative those sales were down mid-single digits, high single digits, low double digits, et cetera?

各位早安。斯科特·西卡雷利。希望很快就能完成。你談到了可選商品的柔軟度。您能否詳細說明您認為非必需消費品佔總銷售額的百分比是多少，以及這些銷售額的下降幅度有多大——個位數中段、個位數高段、兩位數低段等等？

And then secondly, I may have missed it or misunderstood it, but I thought you said you expect Canada to be more dilutive to gross margins than originally expected, but that you're maintaining your full-year gross margin guide. Can you just help reconcile that? Thank you.

其次，我可能錯過了或理解錯了，但我記得您說過，您預計加拿大業務對毛利率的稀釋作用會比最初預期的更大，但您仍然維持全年毛利率預期。你能幫忙解決這個問題嗎？謝謝。

Yeah. Scott, thanks. This is Jeremy. I'll jump in on the first part of the question, and the guys might be able to help me on the other one.

是的。斯科特，謝謝。這是傑里米。我先回答問題的第一部分，其他人或許能幫我解答另一部分。

On the discretionary categories, we mentioned in our prepared comments, and it's pretty common, those, even accumulated, are a smaller portion of our overall company chain. It's not typically a big driver. They were down more significantly than the rest of our group. We don't really quantify individual category comments, but we're pretty substantially pressured versus where we saw the rest of the chain. And because of that, even though it's a small piece, was enough to be, I think, a mover of the overall comp when typically they don't have that impact. But overall, it's still, I would tell you, a minor part of our overall business.

關於我們在準備好的評論中提到的可自由支配類別，這些類別即使加起來也很常見，但它們在我們公司整體供應鏈中所佔的比例仍然很小。它通常不是一個主要驅動因素。他們的下降幅度比我們組其他成員大得多。我們並沒有對單一類別的評論進行量化，但與我們看到的鏈條中的其他部分相比，我們面臨的壓力相當大。正因如此，即使它只是很小的一部分，也足以推動整個比賽的進行，我認為，而通常情況下，它們不會產生這種影響。但總的來說，我可以告訴你，這仍然是我們整體業務中很小的一部分。

As we think about your second question, from a gross margin perspective, we did see, just as we lined out how we would roll Canada's numbers in and got more familiar with their operations to roll in, do expect that there would be a little bit more dilutive than what we've normally seen, but had a decent amount of that obviously already built into our guidance range. So it becomes one of the puts and takes as we think about what gross margin looks like in the back half of the year.

關於您的第二個問題，從毛利率的角度來看，正如我們之前規劃如何將加拿大的數據納入考量，並更加熟悉他們的運營情況後，我們預計會比以往看到的情況稀釋更多一些，但顯然，我們已經在指導範圍內考慮了相當一部分稀釋因素。因此，當我們考慮下半年毛利率走勢時，這就成了我們需要權衡的因素之一。

Similarly, some of the things that Brent pointed out in his prepared comments are also things that we view as more transitory items over a longer period of time. Things like mix between our categories and how our teams are able to manage our DC cost of leverage are things that typically we can see level out and don't think will create as much pressure.

同樣，布倫特在事先準備好的評論中指出的一些事情，我們也認為是較長一段時間內的暫時性問題。諸如我們產品類別之間的組合以及我們的團隊如何管理我們的資料中心槓桿成本等因素，通常都會趨於穩定，我們認為這些因素不會造成太大的壓力。

We continue to think for the back half of our year that being able to be a favored partner for a lot of our suppliers gives us opportunities from a cost perspective. And as we've built that into the plan, we expect that that accumulates some benefit over the year.

我們仍然認為，在今年下半年，能夠成為許多供應商的首選合作夥伴，將從成本角度為我們帶來機會。由於我們已經將此納入計劃，我們預計這將在一年內帶來一些收益。

And while we've seen some amount of that so far in our year, our outlook, as we think about that, is an offsetter that we think will be a contributor in the back half of the year. And those kind of all move into how we think broadly about our gross margin outlook being in a position to be relatively stable for how we've thought about the full year with some just kind of more short-term items here in the quarter.

雖然今年到目前為止我們已經看到了一些這種情況，但我們展望未來時認為，下半年會出現抵銷因素，我們認為這將會有所貢獻。這些因素都影響了我們對全年毛利率前景的整體看法，我們認為毛利率前景相對穩定，但本季存在一些短期因素。

Understood. Thank you.

明白了。謝謝。

Greg Melich, Evercore ISI.

Greg Melich，Evercore ISI。

Hi. Thanks. I wanted to follow up on the July trends. I think you guys said it remained solid, but it sounds like it might have been not as good as June. Would that be fair?

你好。謝謝。我想跟進一下七月的趨勢。我覺得你們說過情況依然穩定，但聽起來好像不如六月那麼好。這樣公平嗎？

Well, hey, good morning, Greg. This is Brad. I think what we want to balance on just kind of the exit rate coming out of June and heading into July, like we mentioned, when we look back at our original guidance and our internal plan kind of week by week, as we said it at the beginning of the year, June was the best performer from that aspect in the quarter. And like I mentioned earlier, we feel solid about the trends as they rolled into July.

嗨，早上好，格雷格。這是布拉德。我認為我們希望在6月結束、7月到來之際，平衡一下退出率。正如我們之前提到的，回顧我們最初的指導方針和內部計劃，就像我們在年初所說的那樣，6月份是本季中表現最好的月份。正如我之前提到的，我們對七月的發展趨勢感到很有信心。

I think what we want to balance that with a little bit, Greg, is just making sure when we say -- when I say solid, that's relative how the year's gone so far, as well as how we feel about our adjusted guidance for the remainder of the year, which we feel really good about. There's been a couple of moving pieces in July that make it a little bit of a tough read.

格雷格，我認為我們需要稍微平衡一下的是，當我們說「穩健」時，這是相對而言的，取決於今年迄今為止的進展情況，以及我們對今年剩餘時間調整後的業績預期，我們對此感覺非常好。七月發生了一些變故，使得這篇文章讀起來有點困難。

We're a few weeks in, still a lot of quarter to go, and the way that July -- the Fourth of July holiday layered in that first week, it's always a little bit hard to tell just from a category mix and a business mix. But overall, we feel really good about how we started the quarter.

現在已經過去幾週了，還有很長的季度要走，而且由於七月份有七月四日假期，第一周就疊加了假期，所以僅從類別組合和業務組合來看，總是有點難以判斷。但總的來說，我們對本季開局的表現非常滿意。

The other thing to keep in mind there too, Greg, is that the timing of the weather benefit that we've seen so far this year compared to prior year saw really a shift in the second quarter. We're probably up against some of our more challenging comparisons in all of the back half here as we work through July because that's when, if you remember in 2023, we saw the hot weather come on and the benefits you got.

格雷格，還有一點要記住，那就是今年到目前為止我們看到的天氣帶來的益處與往年相比，在第二季度確實發生了變化。在7月份，我們可能會面臨下半年一些更具挑戰性的對比，因為如果你還記得2023年的情況，那時我們迎來了炎熱的天氣，也看到了由此帶來的好處。

And it's always a challenge. We're always reluctant to try to draw in too many conclusions and extrapolate off of a two-, three-year period when that hot weather just impacts in a different way every year as it comes in. To Brad's point, we feel confident in what we think the read is just broadly across our business, outside of some of these fluctuations, and that's really what's informed how we think about the back half of the year, not just kind of a short look at a week or two.

這始終是一個挑戰。我們總是不願從兩三年的時間得出太多結論，也不願進行推斷，因為每年高溫天氣的影響方式都不一樣。正如布拉德所說，我們對我們業務的整體發展趨勢充滿信心，即使考慮到一些波動，這種信心也影響著我們對下半年的展望，而不僅僅是對一兩週的短期觀察。

Got it. That's great. And then my follow-up was, you mentioned certain undercar parts were weak, but you're still gaining share there. I guess, what do you think's going on? Are people deferring doing some of these larger ticket undercar things, or is there some trade down going on there?

知道了。那太棒了。然後我的後續問題是，您提到某些底盤部件比較薄弱，但你們仍然在這些部件上獲得了市場份額。我猜，你覺得發生了什麼事？人們是在推遲進行一些價格較高的底盤維修項目，還是在進行一些價格較低的替代維修項目？

Yeah. Hey, Greg. This is Brad again. Great question. We called that out. When we look at our business, really on both sides of the business, but we look at professional, especially these last two or three years, we have really taken a lot of share.

是的。嘿，格雷格。我是布拉德。問得好。我們已經指出了這一點。當我們審視我們的業務時，實際上從業務的各個方面來看，尤其是在專業領域，特別是最近兩三年，我們確實取得了很大的市場份額。

When we look at the data we look at from a share perspective in those undercar, underhood, but specifically undercar hard part category lines, we're going up against some unbelievable compares. And then you start to think about maybe a little bit of mild winter the last couple of years, and you look at those categories. I think what we're seeing is, to answer your question directly, some deferral. So I think there is some deferral with those high-ticket service items on both sides of the business, but especially in the repair shops.

當我們從市場份額的角度來審視汽車底盤、引擎艙，特別是汽車底盤硬部件類別的數據時，我們會發現一些令人難以置信的比較結果。然後你開始思考過去幾年可能有些暖冬，然後你就會考慮這些因素。我認為，直接回答你的問題，我們現在看到的是某種程度的延遲。所以我認為，對於高價服務項目，無論是在業務的哪個環節，都會有一些延遲，尤其是在維修店。

What we're still not seeing, Greg, and Brent may want to help me here, is the trade-down that you asked about. A little bit of deferral, but not trade-down in our line design.

格雷格，我們還是沒有看到，布倫特或許可以幫我解答一下，你提到的降級交易的問題。我們的產品線設計會稍作調整，但不會降低標準。

And Greg, just to kind of build on Brad's comments, when we look, and that's something we've obviously watched closely with some of the pressure on the consumer that's been in the news, at our good, better, best progression across our product lines, we still, as we've reported in prior quarters, see actually a migration to best and out of good and better, which is interesting given the consumer backdrop.

格雷格，我只是想補充一下布拉德的評論，當我們觀察時（我們顯然密切關注了新聞中報道的消費者面臨的一些壓力），在我們產品線的“好”、“更好”、“最佳”發展過程中，正如我們在前幾個季度報告的那樣，我們仍然看到消費者正在向“最佳”產品遷移，而從產品好”和“更好”的背景遷移出去，這很有意思。

But to Brad's point, I think where we're -- part of what's driving some of that is higher-end batteries, AGM requirements. There's some different things in the industry that are driving, we feel like, some of that migration up the continuum in terms of getting into the better and best categories. Some of it is also, for us, anyway, has been driven by our proprietary brands.

但正如布拉德所說，我認為我們目前所處的位置——部分原因是高端電池和 AGM 電池的需求。我們認為，產業內的一些不同因素正在推動企業向更高、最好的類別遷移。對我們來說，其中一部分也是由我們自有品牌所推動的。

When we look at the growth there with SYNTEC, our synthetic oil proprietary brand, the growth there in units and courts as it continues to penetrate. We launched BrakeBest Select Pro. Import Direct Brakes continue to grow there in that best category. So we continue to see customers migrate there. They see value and they see quality in the box.

當我們觀察SYNTEC（我們的合成油專有品牌）的成長時，會發現隨著其不斷滲透，其銷售量和市場佔有率都在成長。我們推出了 BrakeBest Select Pro。Import Direct Brakes 在那個最佳類別中繼續保持成長勢頭。因此，我們不斷看到客戶遷移到那裡。他們從包裝盒裡看到了價值和品質。

Where we have seen a little bit of -- we talked about -- Jeremy talked about discretionary categories a minute ago, but think about wipers for your car. We did see units were fairly consistent in Q2, but dollars showed some trade down there; people moving more down to the middle, lower level. And if you think about it, your wipers are more of a nuisance than something that's really critical to having your car on the road. But if it's streaking, you're going to replace it, and we did see some evidence in a category like that where people were looking for maybe an option that was a little bit more in the good or better range. But generally speaking, that's kind of what we're seeing.

我們剛才稍微談到了一些——我們討論過——傑里米剛才談到了可選類別，但想想你汽車的雨刷。我們看到第二季銷量相當穩定，但美元價格出現了一些下跌；人們更多地轉向了中低端市場。仔細想想，雨刷與其說是汽車行駛所必需的部件，不如說是一種麻煩。但如果它出現故障，你就會更換它，我們確實在這個類別中看到了一些證據，人們可能在尋找更好或更佳的選擇。但總的來說，我們看到的情況大致是如此。

And Greg, I may, just one more thing, cap that, just back to the root of your question. On some pressure we've seen on the undercar categories, we still feel good about our share and our share gains when we look at the data we look at.

格雷格，我可能還有一件事，就此打住，回到你問題的本質。儘管我們看到底盤類別面臨一些壓力，但從我們所掌握的數據來看，我們仍然對我們的市佔率和市佔率成長感到滿意。

Well, that's great. A lot of great color there, guys. Thanks. Congrats, Mark, on the new role, and have a good quarter.

那太好了。夥計們，那裡的色彩真棒！謝謝。恭喜馬克榮任新職，祝你本季工作順利。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Good morning. Thank you so much for taking my question. Congratulations, Mark Merz. Do you think another round of either price or expense investment is necessary in order to maintain or perhaps even accelerate your market share gains from here, especially if the industry goes through a period of protracted softness, as we've seen in the last couple of quarters? Thank you.

早安.非常感謝您回答我的問題。恭喜馬克·默茨。您認為為了維持甚至加速市場佔有率的成長，是否有必要再次增加價格或支出方面的投入？尤其是在行業經歷一段長期疲軟期的情況下，就像我們在過去幾季看到的那樣。謝謝。

Yeah. Hey, great question, Michael. Thank you so much. The short answer to the first part of your question there on pricing is no. We feel really good about the decision we made. It's been almost 2.5 years ago now to make the strategic investments into our professional pricing initiative.

是的。嘿，邁克爾，問得好。太感謝了。關於您問題的第一部分——定價，簡短的回答是：不。我們對自己所做的決定感到非常滿意。從現在到現在，我們對專業定價計畫進行策略性投資已經過了將近兩年半的時間。

And as we've said many times, we felt so good about those investments, not because of just the competitiveness of our on-the-street price compared to the independents, but the way that we, as a company, backed that up with our professional parts people -- our best-in-class delivery service in terms of turning bays and getting cars off the rack for a customer, all the work our territory sales managers have done in the last many years, as we've always done, just to make that price that's always third and fourth down the list, to really make those things pay, we had to do the other things that much better, from a service relationship and then all the work that our supply chains and teams have done to continue to keep us best in class in inventory availability. And we feel like all that has paid off greatly.

正如我們多次說過的那樣，我們對這些投資感到非常滿意，這不僅是因為我們的街頭價格比獨立經銷商更具競爭力，還因為我們公司通過專業的零件人員、一流的交付服務（包括快速週轉和為客戶卸下車輛）、以及我們區域銷售經理多年來所做的所有工作（我們一直如此），才使得價格（通常排在第三或第四位）真正發揮作用。為了實現這一點，我們必須在其他方面做得更好，包括服務關係，以及我們的供應鏈和團隊為保持我們一流的庫存可用性所做的所有工作。我們覺得這一切付出都得到了豐厚的回報。

But like we've said many times, we don't feel that that is necessary to continue our share gains. I think what we're seeing right now is simply some pressure on the consumer. We don't feel like anything has really materially changed from the way we compete. The way that our investments are paying off, not seeing a lot different. We have tough competitors out there, but we're a $16 billion-plus company operating in an almost $150 billion industry and we don't see any other price investments necessary to take us to the next level. When we see times like we're seeing this year, where things are a little bit tough, we see unique opportunities to take share in other ways.

但正如我們多次所說，我們認為沒有必要這樣做才能繼續擴大市場份額。我認為我們現在看到的只是消費者面臨的一些壓力。我們感覺我們的競爭方式並沒有任何實質的改變。我們的投資回報方式並沒有太大變化。我們面臨著強大的競爭對手，但我們是一家市值超過 160 億美元的公司，身處一個市值近 1500 億美元的行業，我們認為沒有必要再進行任何價格方面的投資來使我們更上一層樓。當我們遇到像今年這樣艱難的時期時，我們也看到了以其他方式參與競爭的獨特機會。

And I just maybe -- with the second part of your question in terms of other investments, we continue to invest. We continue to invest in staffing, though our teams did a phenomenal job managing SG&A this quarter based upon the sales results. We haven't backed off our investments and initiatives. And those initiatives are really centered around taking the friction out for our team members and our customers. And so really, we're going to continue to invest in all the strategic initiatives, but don't feel like there's another round of price initiative necessary.

至於你問題的第二部分，也就是其他投資方面，我們可能會繼續投資。儘管我們的團隊在本季根據銷售業績在管理銷售、一般及行政費用方面做得非常出色，但我們仍繼續投資於人員配備。我們並未減少投資和措施。這些措施的核心在於消除我們團隊成員和客戶的摩擦。因此，我們將繼續投資所有策略舉措，但不認為有必要推出新一輪的價格調整措施。

Okay. My follow-up question is, what do you think the catalyst is to accelerate growth across the industry? Is it just getting into the fourth quarter with comparison fees and then flipping the calendar to get into next year? And if this period of softness persists into next year, just as the industry gives back some of the gains from the last few years, what's a minimum level of growth in SG&A per store that O'Reilly can manage through just so we can properly calibrate our model? Thank you.

好的。我的後續問題是，您認為加速整個產業成長的催化劑是什麼？是不是只要進入第四季度，比較一下各項費用，然後翻到明年這一年就結束了？如果這種疲軟的時期持續到明年，就像整個行業收回了過去幾年的一些收益一樣，為了能夠正確地調整我們的模型，O'Reilly 能夠承受的每家門店的銷售、管理及行政費用最低增長水平是多少？謝謝。

Great. A couple other great questions, Michael. Well, as far as the catalyst for -- I'll take the first part, and then I'll let Jeremy help me out on the back part. I think on the first part, Michael, I think we have done such a great job controlling our own destiny the last many years. And obviously, we've had some amazing share gains and we're not resting on our laurels.

偉大的。邁克爾，還有幾個很好的問題。至於催化劑──我先負責第一部分，然後讓傑瑞米幫我完成後面的部分。邁克爾，我認為在第一部分，過去很多年裡，我們在掌控自己的命運方面做得非常出色。顯然，我們的市佔率取得了驚人的成長，但我們不會就此止步。

I mean, I also don't want to hide from the fact that, yeah, as we continue to comp the comp and lap all these share gains, the fact of the matter is we've decelerated some in terms of the overall continue to take the same amount of share year after year. But I don't think -- I think it's still yet to be seen how others will report for the next quarter or two, but we're seeing nothing that says that we're still not continuing to take share.

我的意思是，我也不想隱瞞這樣一個事實：雖然我們不斷進行同類比較，不斷擴大市場份額，但事實是，就整體而言，我們逐年獲取相同份額的速度已經有所放緩。但我認為——我認為其他公司在接下來的一兩個季度會如何報告還有待觀察，但我們沒有看到任何跡象表明我們不再繼續搶佔市場份額。

When we look at category data, when we look at market data, we still feel really good about our share gains. And again, I think time will tell based upon how others report how we're doing on that front. It's always a little bit hard to tell, obviously, with the independents and the OE dealers and things like that. But we see a constant catalyst to continue to build our teams better, give better service, and just continue to do what we do.

當我們查看品類數據和市場數據時，我們仍然對我們的市佔率成長感到非常滿意。而且，我認為時間會證明一切，這取決於其他人如何評估我們在這方面做得如何。當然，對於獨立經銷商和原廠配套經銷商之類的機構來說，總是很難分辨。但我們看到，這始終激勵我們不斷提升團隊實力，提供更優質的服務，並繼續做好我們正在做的事情。

When I think back, Michael, to the toughest years we've had from a macro perspective in my 28-year career with O'Reilly, some of our toughest years are the biggest opportunities we have to kind of build our own catalyst going into 2025. There's times that when things get tough, there's certain competitors, not always our public competitors, that overreact on the expense front and they don't do as good a job of staffing their stores, staffing their delivery vehicles. They can overreact on inventory levels and things like that.

邁克爾，回想一下我在奧萊利公司 28 年的職業生涯中，從宏觀角度來看，我們經歷的最艱難的幾年，也是我們為邁向 2025 年打造自身催化劑的最大機會。有時候，當情況變得艱難時，某些競爭對手（不一定是我們的公開競爭對手）會在支出方面反應過度，他們在門市人員配備和送貨車輛人員配備方面做得不夠好。他們可能會對庫存水準之類的事情反應過度。

And so I actually believe the biggest catalyst we have is just being our own worst critic internally, looking ourselves in the mirror in terms of our execution. And our team is fully committed to putting the things in place that it's going to take to drive continued share gains.

因此，我認為我們最大的催化劑就是成為我們內部最嚴厲的批評者，在執行上審視自己。我們的團隊將全力以赴，落實各項必要措施，以推動市場佔有率的持續成長。

Yeah. Maybe, Mike, just to add a little bit to also what Brad said, if we think about just the broader dynamics in the industry, we've seen periods of time like this in the past before. But we have a lot of conviction around the long-term strength of the core fundamentals that drive our business. And having been through many of these cycles, we know that our industry is very much supported by the ability to support a consumer that's economically constrained and give them an option to conserve part of their monthly budget that needs to go into other areas because they can keep their cars on the road.

是的。或許，麥克，我想補充一下布拉德剛才說的，如果我們從更廣泛的產業動態來看，我們過去也曾經歷過類似的時期。但我們對驅動我們業務的核心基本面的長期穩健性充滿信心。在經歷過許多這樣的周期之後，我們知道，我們這個行業很大程度上依賴於能夠支持經濟拮据的消費者，並讓他們有機會節省每月預算的一部分，從而將這部分預算用於其他方面，因為他們可以保證自己的汽車能夠正常行駛。

The question around what the right SG&A spend is or where we leverage, it's always a challenging one for us to answer. We don't put a fine point on it because it depends on the markets and the circumstances we're in, what broader level of inflation looks like overall. And obviously, we don't provide that long-term outlook or guide into 2025 versus where we're at today.

關於合理的銷售、一般及行政費用支出是多少，或者我們應該在哪裡利用這些支出，這始終是我們難以回答的問題。我們不會對此進行精確計算，因為這取決於市場和我們所處的環境，以及整體通膨水準的整體情況。顯然，我們不會提供到 2025 年的長期展望或指導，也不會將我們目前的狀況與現在進行比較。

I think what's more important for us is what Brent touched on in his prepared comments, in that we've got a team that very effectively manages how we think about the cadence and pace of the business and appropriately dialing in our operations to address the business when it gets a little bit soft, but to do so in a way that does not sacrifice really the value proposition, the relationships, the service that -- where the needs of the consumer do not change in these type of environments. So we're always going to be able to balance that well while making sure that we're investing in the long term for our business and feel confident that -- whether we're in a higher inflation environment, lower inflation, whatever that might look like, that we can manage well the productivity of our spend to support our results.

我認為對我們來說更重要的是布倫特在他準備好的發言稿中提到的內容，那就是我們擁有一支非常有效的團隊，能夠管理我們如何思考業務的節奏和速度，並在業務略顯疲軟時適當地調整我們的運營以應對，但這樣做不會真正犧牲價值主張、關係和服務——在這種環境下，消費者的需求不會改變。因此，我們總是能很好地平衡這一點，同時確保我們對業務的長期投資，並有信心——無論我們處於高通膨環境、低通膨環境，還是其他任何情況，我們都能很好地管理支出效率，以支持我們的業績。

Thank you very much, and welcome, Leslie.

非常感謝，歡迎你，萊斯利。

Steven Forbes, Guggenheim Securities.

史蒂文福布斯，古根漢證券。

Good morning. I wanted to follow up on the -- I wanted to ask about the cadence of store openings this year. I was curious if it's being impacted by any of your initiatives, distribution related, or so forth. And then given the expected number of openings in the back half implied, any reason for us to think that the number of openings could increase into sort of the out years here, especially given your commentary around growth in Mexico? Thank you.

早安.我想跟進一下——我想詢問一下今年門市開業的節奏。我很好奇這是否受到了你們的任何舉措、分銷相關事宜或其他方面的影響。鑑於下半年預計的職缺數量，我們是否有理由認為未來幾年職缺數量可能會增加，特別是考慮到您對墨西哥經濟成長的評論？謝謝。

Yeah. Thanks, Steven. I'll say a few things and let Brent jump in. But no, nothing's changed on the store front -- on the store growth front in the US nor Mexico or Canada. We still feel really good about the pace of our new store openings.

是的。謝謝你，史蒂文。我先說幾句，然後讓布倫特插話。但是，實體店的經營狀況並沒有改變——無論是在美國、墨西哥或加拿大，實體店的成長都沒有改變。我們仍然對新店開業的速度感到非常滿意。

First half of the year has gone really well; still feel good about the back half. So nothing out there to slow us down or speed us up necessarily. We really still feel like we have the right number in terms of store openings, domestically and internationally, and feel good about how we're going to end the year.

上半年進展順利；對下半年也充滿信心。所以目前沒有任何因素會必然地減慢或加快我們的速度。我們仍然覺得我們在國內和國際上的門市開業數量都合適，並且對今年的收官情況感到樂觀。

Yeah. The only thing I would add, Steven, to everything Brad just said is we continue to invest in our distribution infrastructure as well to support that store growth. We've got the three active DC projects out there that we've talked about, the relocation of two existing, and then one brand new there in the mid-Atlantic that we're working on. So we're continuing to -- that pipeline is going to continue, in the foreseeable future, at the same pace we're seeing now.

是的。史蒂文，我唯一要補充的是，除了布拉德剛才所說的，我們也將繼續投資於我們的分銷基礎設施，以支持門市的成長。我們已經談到了三個正在進行的華盛頓特區項目，其中兩個是現有項目的搬遷，還有一個是我們正在大西洋中部地區開發的全新項目。因此，在可預見的未來，這條輸送管道將繼續以我們現在看到的速度運行。

And then maybe just a quick follow-up to Michael's question, maybe asked a different way, we think about how the employee mix has shifted sort of full-time versus part-time over the past few years. And would it help us frame up sort of what that has done to the fixed versus variable cost structure of the business, as we potentially may be entering a period of more moderate growth? Another way of asking Michael's question, but it does appear that there could be some pressure on expenses. And so any way to sort of frame up how we think about the fixed cost structure versus variable cost structure of the business?

然後，也許可以快速地跟進邁克爾的問題，或者換個方式問，我們思考一下過去幾年員工組成（全職與兼職）的變化情況。這是否有助於我們了解這種情況對企業固定成本與變動成本結構的影響，因為我們可能即將進入一個成長較為溫和的時期？換個方式問麥可的問題，但看起來開支方面確實可能存在一些壓力。那麼，我們該如何界定企業固定成本結構與變動成本結構之間的關係呢？

Yeah. Thanks, Steven, for that question, and it's an interesting one. We still feel like we've got a solid amount of flexibility in how we manage the process to dial in our staffing levels to take care of customers.

是的。謝謝史蒂文的提問，這確實是個有趣的問題。我們仍然覺得我們在管理流程方面擁有相當大的靈活性，可以靈活調整人員配備水準來服務客戶。

The potential flexibility headwinds that you might talk about because of the higher full-time mix of our business, we think, really becomes offset by the productivity in the high service levels that those team members provide. And we still have, with the large chain in lots of different locations and just the normal turnover of our business, it gives us opportunities to dial in those levels as we need to.

您可能會提到，由於我們業務中全職員工比例較高，可能會出現一些靈活性方面的不利因素，但我們認為，這些團隊成員提供的高服務水準所帶來的生產力，實際上可以抵消這些不利因素。而且，由於我們擁有遍布各地的大型連鎖店，以及正常的業務營業額，我們仍然有機會根據需要調整這些水平。

But over the course of the last few years, as we have invested, not just in how we think about what the right full-time, part-time mix is in our business, but as we've thought about how we compensate our teams and how we manage our managers' work schedules as we've invested in benefits and those types of items, the overall quality of our store teams continues to, we believe, operate at a very high level and operate at a high level that's effectively managed by a lot of very seasoned team members and leaders within our company, as Brent pointed out in his comments. And that allows us on a very distributed basis to know that we're executing the playbook, running our business model in the right way, and can manage through these periods of time with a solid amount of flexibility.

但過去幾年，我們不僅投入精力思考如何合理安排全職和兼職員工的比例，還投入精力思考如何補償團隊成員、如何管理經理的工作安排，以及在福利等方面進行投資。我們相信，我們門市團隊的整體素質持續保持在非常高的水平，並且正如布倫特在他的評論中所指出的那樣，這種高水平的運作是由公司內許多經驗豐富的團隊成員和領導者有效管理的。這樣一來，我們就能夠在非常分散的基礎上知道我們正在執行計劃，以正確的方式運行我們的商業模式，並且能夠以相當大的靈活性度過這些時期。

Clearly, we've talked about it this quarter. We've talked about it several times over the course of the last years. We're not going to overcompensate there, we're not going to overadjust and do something that would create a service shortfall at all. We're not -- when we talk about softness in our industry from a sales perspective, these are not huge movements, and candidly, they don't matter to our customers.

顯然，我們本季已經討論過這個問題了。在過去幾年裡，我們已經多次討論過這個問題。我們不會矯枉過正，也不會過度調整，做任何會造成服務不足的事。我們並不是——當我們從銷售角度談論我們行業的疲軟時，這些並不是巨大的變化，坦白說，它們對我們的客戶來說無關緊要。

If sales are a little bit soft, they still need a high level of service and we won't sacrifice that. So there are limits to how you manage that broader cross-structure. But for sure, we feel comfortable we've got a great leadership team in place to dial that into the right level.

即使銷售情況略顯疲軟，他們仍然需要高水準的服務，我們不會犧牲這一點。因此，在管理這種更廣泛的跨部門結構方面存在一些限制。但可以肯定的是，我們擁有一支優秀的領導團隊，能夠將這項工作調整到適當的水平。

Yeah. And maybe, Steven, just to build on what Jeremy said or maybe just put a point on it is that we feel really good about the work that Jason Tarrant and our store operations leaders have done as we came out of COVID and we kind of drew a line in the sand as we increased that full-time mix, as well as just made our retention an even higher focus. It's always been a huge focus at O'Reilly. You can't have professional parts people if you have turnover on the counter; it just doesn't work.

是的。史蒂文，或許可以補充一下傑里米剛才說的，或者補充一點：我們對傑森·塔蘭特和我們的門店運營領導在新冠疫情后所做的工作感到非常滿意，我們劃清了界限，增加了全職員工的比例，並將員工留任作為一項更加重要的工作。這一直是奧萊利公司非常重視的事情。如果櫃檯人員流動頻繁，就無法聘請專業的零件維修人員；這樣行不通。

And so we feel really good about those investments we made, and not only full-time, but all our initiatives come out of COVID to slow down that store turnover. And we've made a lot of progress. We feel really good about the progress. We feel like it's paying off in productivity, customer service levels, and the stability of our business. Still work to be done; it's an ongoing thing to continue to work on that retention, but really feel good about those investments and the work that the store operations teams have done.

因此，我們對所做的這些投資感到非常滿意，不僅是全職員工，而且我們所有的舉措都是在新冠疫情期間為了減緩門市週轉率而採取的。我們取得了很大進展。我們對目前的進展感到非常滿意。我們感覺這在生產力、客戶服務水準和業務穩定性方面都取得了成效。還有很多工作要做；提高客戶留存率是一項持續的工作，但我對這些投資以及門市營運團隊所做的工作感到非常滿意。

Thank you.

謝謝。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks. Good morning, guys. So my first question is maybe turn the industry growth question around a little bit. Do you think that weather was a net benefit or a net headwind to the category in your growth in the second quarter here? Because I know June got a weather benefit, but you had a pretty late spring in the north. So as you're trying to disaggregate the underlying trend of the business, how do you think about the influence of weather? And then related to that, as you saw about July's solid performance, are you also seeing that on the DIY side of the business being better than what you experienced in the second quarter?

謝謝。各位早安。所以我的第一個問題或許可以稍微換個角度來討論產業成長問題。您認為天氣因素對貴公司第二季的成長是利好還是利空？因為我知道六月天氣比較好，但北方的春天來得比較晚。因此，在試圖分解業務的潛在趨勢時，您如何看待天氣的影響？與此相關的是，正如您所看到的，7 月份業績表現強勁，您是否也看到 DIY 業務方面的情況比第二季度要好？

Yeah. Chris, on the question around -- I would say it's probably a net positive in the second quarter just because the hot weather comes on. And oftentimes, that first round of extreme weather gives you a little bit of a boost because it gets the first piece of the failures there.

是的。克里斯，關於這個問題——我認為第二季可能會有淨收益，因為天氣炎熱。而且通常情況下，第一輪極端天氣會為你帶來一些助力，因為它會先造成一些失敗。

As we look over the balance of the first half of the year, candidly, that's probably informed more how we think through where the overall industry has been because it has been choppy. There's been lots of different puts and takes that you'd attribute to weather. But as we've said multiple times over the course of time, a lot of that stuff evens itself out as you put periods on top of periods. And so we think it's likely to have been more neutral there, although for sure, lots of puts and takes.

回顧上半年剩餘的時間，坦白說，這可能更影響了我們對整個產業發展狀況的看法，因為產業發展一直動盪不安。有很多不同的投擲和接球，你可以將其歸因於天氣。但正如我們多年來多次說過的那樣，隨著一個又一個時期的到來，很多事情都會迎刃而解。因此我們認為那裡的市場可能比較中立，儘管肯定有很多買賣交易。

And we'll see the balance of the back half of the year as you move further out of summer and you have a little bit less of those impacts, obviously, until you get into the winter. And our compare is a little bit softer at the end of the fourth quarter as it relates to that. But that's really how we would kind of frame out that broader question.

隨著夏季逐漸過去，這些影響也會逐漸減少，我們會看到下半年的情況如何，當然，直到進入冬季才會好轉。因此，第四季末的年比數據略有下降。但這就是我們對這個更廣泛的問題的大致理解。

And then on the DIY into July versus what you experienced in the second quarter?

那麼，7 月的 DIY 情況與第二季相比如何？

Yeah. We don't want to parse July too much for all the reasons that Brad talked about a lot. I would tell you the composition of the business -- really, the thought process between DIY and professional has been pretty consistent as we move through the year. So a lot of those categories that we talk about that are benefited from a hot weather perspective, we saw solid performance on both professional and DIY side.

是的。我們不想過多分析七月的情況，原因布拉德已經多次提到。我會告訴你這個行業的組成——實際上，在過去一年中，DIY 和專業之間的思考過程一直相當穩定。因此，我們討論的許多受益於炎熱天氣的類別，在專業領域和 DIY 領域都表現出色。

Got it. And then following up on an earlier gross margin question, so just to clarify, did 2Q benefit from lower product acquisition costs? And I guess if it didn't, it sounds like you're expecting that to happen in the back half of the year. So is there some sort of accounting waiting for the inventory turn? Was there anything unique in the second quarter on that side that turns that to a benefit as the year progresses?

知道了。然後，針對先前提出的毛利率問題，我想澄清一下，第二季是否受益於較低的產品採購成本？我猜如果沒發生，聽起來你預計這種情況會在下半年發生。那麼，庫存週轉後是否需要進行某種會計計算呢？第二季那邊有什麼特殊情況，使得這種情況在年底前轉化為優勢？

Yeah. I can start on that one, Chris. When we think about product acquisition costs, as we've continued to move past COVID and into a more normalized environment, we've got some suppliers out there that are still facing wage pressure, labor production pressures, raw materials, those kind of things. We've got some that aren't, some that are getting more efficient, getting better. So I would tell you it's been what I would say back to a normal version of some puts and takes with acquisition costs, navigating through all the typical things that are out there in that environment.

是的。我可以先從那件事開始，克里斯。當我們考慮產品採購成本時，隨著我們逐漸擺脫新冠疫情的影響，進入一個更正常的環境，我們發現一些供應商仍然面臨著工資壓力、勞動力生產壓力、原材料壓力等等。有些情況並非如此，有些情況正在變得更有效率、更好。所以，我會說，這就像回到了正常的買賣交易模式，涉及收購成本，以及應對該環境中所有典型的問題。

As we think about how we planned the year, we planned the back half of the year to be probably even more normal than the first half of the year when you think about how we built the plan. So we anticipate that to continue to play out the way we see it now. So that's what I would tell you there on the acquisition cost side. I would tell you it's not, and we're not in a point where we're seeing a bunch of deflation there, but we are seeing a normalization there.

當我們回顧這一年的計劃時，考慮到我們制定計劃的方式，我們計劃下半年的情況可能比上半年更加正常。因此，我們預計這種情況會繼續按照我們現在所看到的趨勢發展。所以，關於收購成本方面，這就是我想告訴你的。我會告訴你並非如此，我們還沒有看到通貨緊縮，而是看到了正常化。

Yeah. And Chris, there's nothing unique from an accounting perspective. There was a net benefit in second quarter. We just think incrementally, to Brent's point, we can add to that as we move through the back half of the year.

是的。克里斯，從會計角度來看，這沒什麼特別的。第二季度實現了淨收益。正如布倫特所說，我們認為可以循序漸進地推進，在今年下半年逐步增加。

Got it. So year on year, gross margin should be pretty similar in the back half of the year?

知道了。所以，下半年的毛利率應該要跟去年同期差不多吧？

Yeah. I mean, we feel comfortable with where our guide is at and obviously what that implies for the back half of the year.

是的。我的意思是，我們對嚮導目前的狀態感到滿意，也清楚知道這對下半年的工作意味著什麼。

Understood. Thanks, guys.

明白了。謝謝各位。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

Hi. Thanks for slipping me in here. So some shorter-term questions, I apologize, but maybe just a follow-up on Chris's question as well, but can you help us understand better -- you talked about the business solidifying or strengthening in June. Now, how much stronger June was than the prior two months in the quarter?

你好。謝謝你讓我進來。抱歉，我還有一些短期問題，也許也算是對克里斯問題的後續，您能否幫助我們更好地理解——您談到了公司在六月鞏固或加強業務的情況。那麼，6月份的業績比本季前兩個月強多少呢？

And then my second question, with the moderation of the guidance, does that reflect primarily the weakness in the first half of the year? Or are you actually also moderating expectations for the second half of the year?

那麼我的第二個問題是，隨著指導方針的調整，這是否主要反映了今年上半年的疲軟表現？或者，您實際上也在降低下半年的期望？

Yeah. No, thanks for the questions, Brian. I think maybe the second one first. It reflects both. Just as it works out, our back half will be pretty similar within our implied guidance to our first half of that, just based upon -- if you think about it from a midpoint perspective. So it's not just the flow through of our results so far, but how those have informed what we think our outlook for the remainder of the year is, along with, obviously, what we see in the business and how we and how we perceive that to be.

是的。不，謝謝你的提問，布萊恩。我覺得可能是第二個先行。它反映了這兩方面。結果正如我們所預期的那樣，根據我們隱含的指導原則，後半部分將與前半部分非常相似，如果你從中間點的角度來看的話。所以，這不僅僅是我們迄今為止的業績結果，而是這些結果如何影響我們對今年剩餘時間的展望，當然，還有我們對業務的觀察以及我們如何看待業務。

As we think about the cadence of the quarter, I think that Brad said it well in his prepared comments, April and May were both softer than both our expectations. As the heat came on June, June performed better and more in line with what we would have looked for as we entered into the quarter, certainly not a situation where we significantly outperformed our kind of longer-term expectations for the year in the quarter. It was a little bit more of just a normalization back towards what our expectations would have been. But that's sort of the right way to think about the cadence of the impact month to month.

當我們思考本季的節奏時，我認為布拉德在他準備好的評論中說得很好，4 月和 5 月都比我們預期的要疲軟。六月氣溫升高，六月的業績表現較好，更符合我們進入本季時的預期，當然，我們並沒有大幅超出本季的長期預期。這更像是一種回歸正常狀態的過程，逐漸恢復到我們預期的狀態。但從某種程度上來說，這才是思考每月影響節奏的正確方式。

Okay. That's helpful. I appreciate it. Thank you.

好的。那很有幫助。謝謝。謝謝。

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

我們的提問時間已到。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, Holly. We would like to conclude our call today by thanking the entire O'Reilly team for your continued hard work and dedication to our customers in the second quarter. I would like to thank everyone for joining our call today, and we look forward to reporting our third-quarter results in October. Thank you.

謝謝你，霍莉。今天，我們想在電話會議結束之際，感謝 O'Reilly 團隊全體成員在第二季度為我們的客戶所付出的持續努力和奉獻精神。感謝各位今天參加我們的電話會議，我們期待在10月公佈第三季業績。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。現在您可以斷開電話線了，祝您有美好的一天。感謝您的參與。