O'Reilly Automotive Inc (ORLY) 2024 Q3 法說會逐字稿

Good day, and welcome to the O'Reilly Automotive, Incorporated third-quarter 2024 earnings call. My name is Ali, and I will be your operator for today's call. (Operator Instructions)

美好的一天，歡迎參加 O'Reilly Automotive, Incorporated 2024 年第三季財報電話會議。我叫阿里，我將擔任您今天通話的接線生。（操作員說明）

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

我現在將把電話轉給傑里米·弗萊徹。弗萊徹先生，您可以開始了。

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

謝謝你，阿里。大家早安，感謝您加入我們。在今天的電話會議上，我們將討論 2024 年第三季的業績以及今年剩餘時間的展望。在我們準備好意見後，我們將舉辦問答環節。

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，我們今天的評論包含前瞻性陳述。我們打算受到 1995 年《私人證券訴訟改革法案》中包含的前瞻性陳述的安全港條款的保護，並要求受到該條款的保護。您可以透過前瞻性詞語來識別這些陳述，例如估計、可能、能夠、將、相信、期望、會、考慮、應該、預期、項目、計劃、打算、指導、目標或類似詞語。

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.

由於該公司截至 2023 年 12 月 31 日的最新 10-K 表格年度報告以及其他最近向 SEC 提交的文件中描述的幾個重要因素，該公司的實際結果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期間所做的任何前瞻性陳述的義務。

At this time, I would like to introduce Brad Beckham.

這次我想介紹一下布拉德貝克漢。

Thanks, Jeremy. Good morning, everyone, and welcome to the O'Reilly Auto Parts third 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 O'Reilly Auto Parts 第三季電話會議。今天早上與我一起參加電話會議的是我們的總裁 Brent Kirby；和我們的財務長 Jeremy Fletcher； Greg Henslee，我們的執行主席；我們的執行副主席 David O'Reilly 也出席了電話會議。

I would like to begin our call today by thanking our over 92,000 dedicated team members across North America for their incredible commitment to our customers during challenging conditions. Our teams continued to deliver positive comparable store sales results and market share gains, which I will discuss in more detail in a moment.

在今天的電話會議開始時，我要感謝北美地區 92,000 多名敬業的團隊成員，感謝他們在充滿挑戰的條件下對客戶做出的令人難以置信的承諾。我們的團隊繼續取得積極的可比商店銷售業績和市場份額成長，我稍後將更詳細地討論這一點。

I'd first like to highlight the tremendous resolve our team showed as they persevered through major weather events since our last call. Hurricane Helene at the end of our quarter in September and Milton following shortly after our quarter end in October, along with substantial flooding in North Carolina, created some very trying circumstances for our teams, our customers and our communities.

我首先想強調，自從上次通話以來，我們的團隊在應對重大天氣事件時表現出了巨大的決心。9 月季度末發生的颶風「海倫」和 10 月季度末後不久發生的「米爾頓」颶風，以及北卡羅來納州的嚴重洪水，為我們的團隊、客戶和社區帶來了一些非常艱難的環境。

These events impact not only in the direct path of the storms, but also multiple teams across our store, distribution and support network who actively prepare for the storms and navigate the recovery.

這些事件不僅影響風暴的直接路徑，還影響我們商店、分銷和支援網路中的多個團隊，他們積極為風暴做準備並引導復原。

Our business is built on people and relationships and our relentless commitment to providing excellent customer service to our customers is more critical than ever in a time of need. Our thoughts and prayers continue to be with the individuals and communities facing significant challenges in the aftermath of these storms. I'm still very proud of the continued dedication of Team O'Reilly to our customers and we stand ready to do our part as these communities rebuild.

我們的業務建立在人和關係的基礎上，在需要的時候，我們為客戶提供卓越客戶服務的不懈承諾比以往任何時候都更加重要。我們的思念和祈禱將繼續與那些在風暴過後面臨重大挑戰的個人和社區同在。我仍然對 O'Reilly 團隊對客戶的持續奉獻感到非常自豪，我們隨時準備在這些社區的重建過程中盡自己的一份力量。

As we noted in our press release yesterday, our third quarter comparable store sales increased 1.5% and stacked on top of impressive 8.7% and 7.6% third quarter increases in 2023 and 2022, respectively. As impressive as our multiyear sales growth has been our sales results for the third quarter of 2024 were below expectations in our high-performance standards.

正如我們在昨天的新聞稿中指出的，我們第三季可比商店銷售額成長了 1.5%，而 2023 年和 2022 年第三季銷售額分別成長了 8.7% 和 7.6%，令人印象深刻。與我們多年來的銷售成長一樣令人印象深刻的是，我們 2024 年第三季的銷售業績低於我們高效能標準的預期。

We had a solid start to the quarter in July. However, sales softened at the end of the month and these trends continue throughout much of August and September. As a result, the cadence of our sales performance relative to our expectations was fairly consistent during the third quarter with our team driving positive comp growth each month.

我們在 7 月的季度有一個良好的開始。然而，月底銷售疲軟，這種趨勢在八月和九月的大部分時間裡持續存在。因此，第三季我們的銷售業績相對於我們的預期的節奏相當一致，我們的團隊每個月都推動著積極的薪酬成長。

We attribute the sales softness to a challenging industry demand backdrop I'll discuss in a moment, and view the weather impact in the quarter as neutral with the exception of the final week in September where we saw a modest headwind from Hurricane Helene.

我們將銷售疲軟歸因於充滿挑戰的行業需求背景（我稍後將討論），並認為本季度的天氣影響是中性的，除了9 月的最後一周，我們看到颶風海倫帶來的溫和逆風。

Overall, our comparable store sales growth continues to be driven by the strength in our professional business, where our team delivered another quarter of mid-single-digit comps.

總體而言，我們的可比商店銷售成長繼續受到我們專業業務實力的推動，我們的團隊又交付了四分之一的中個位數銷售額。

Consistent with the first half of the year, the majority of our professional sales growth is being driven by growth in ticket counts. Our team is continuing to generate these share gains on top of mid-teens professional comps in the prior year.

與今年上半年一致，我們的專業銷售成長大部分是由門票數量的成長所推動的。我們的團隊在上一年的中青年專業比賽的基礎上繼續創造這些份額收益。

In an industry built on service, availability and strong customer relationships, our ability to not only defend the share we have taken, but also to capture incremental business is concrete evidence of the incredible consistency and execution of our team.

在一個以服務、可用性和牢固的客戶關係為基礎的行業中，我們不僅有能力捍衛我們所佔據的份額，而且有能力獲取增量業務，這是我們團隊令人難以置信的一致性和執行力的具體證據。

We are pleased with the sustained momentum we've been able to create in our professional business and see a long road of opportunity ahead of us in what remains a highly fragmented market.

我們對我們在專業業務中能夠創造的持續動力感到高興，並看到在這個仍然高度分散的市場中，我們前面還有很長的機會。

Our professional comps continued to be partially offset by pressure to DIY comparable store sales, which were down approximately 1% in the quarter due to negative ticket count comps. Average ticket values were positive on both sides of our business and included a benefit from same SKU inflation of approximately 1%.

我們的專業競爭繼續被 DIY 可比商店銷售的壓力所部分抵消，由於負票數競爭，該季度銷售下降了約 1%。我們業務雙方的平均門票價值均為正數，其中包括約 1% 的相同 SKU 通膨帶來的收益。

On a category basis, we remain encouraged by solid performance within maintenance categories such as oil, filters and spark plugs. We also continue to see customers prioritizing the better and best level products on the value spectrum, with as many customers trading up on a spectrum as those trading down to entry-level products. Both of these dynamics reflect strong support of the value proposition for our consumers of maintaining and investing in an existing vehicle.

從類別來看，我們仍然對機油、濾清器和火星塞等維護類別的穩健表現感到鼓舞。我們也繼續看到客戶在價值範圍內優先考慮更好和最好水平的產品，向上購買產品的客戶與向下購買入門級產品的客戶一樣多。這兩種動態都反映出對我們消費者維護和投資現有車輛的價值主張的大力支持。

The softness we are experiencing continues to be more pronounced in our discretionary categories such as appearance chemicals, accessories, tools and performance parts. As we've noted in the past, these categories did not comprise a significant portion of our business and typically are not primary drivers of comparable store sales performance.

在外觀化學品、配件、工具和性能部件等非必需品類中，我們所經歷的柔軟度繼續更加明顯。正如我們過去所指出的，這些類別並不占我們業務的很大一部分，通常也不是可比較商店銷售業績的主要驅動力。

That said, this is an area where consumers can pull back when being more cautious with their spend that, in turn, create some volatility during pressure times. We are also seeing a trend of softness across some repair categories impacted by cumulative wear and tear on vehicles.

也就是說，當消費者對支出更加謹慎時，可以在這個領域退出，從而在壓力時期造成一些波動。我們也發現，受車輛累積磨損的影響，某些維修類別出現疲軟趨勢。

We firmly believe that our experienced store teams of professional parts people supported by our robust tiered distribution network, offer the best combination of service and availability in the industry. We remain confident in our ability to outperform the market within these repair categories as conditions improve.

我們堅信，由專業零件人員組成的經驗豐富的商店團隊在我們強大的分層分銷網絡的支持下，可以提供業內最佳的服務和可用性組合。隨著情況的改善，我們仍然有信心在這些維修類別中跑贏大盤。

While we are relentless in pursuing every opportunity to improve our service levels and capture incremental business, we view the results we are experiencing now as indicative of broader pressure across the industry. We believe current industry headwinds will be short-lived and remain confident in the long-term fundamental drivers of demand, supported by the value proposition of investment in the repair and maintenance of existing vehicles.

雖然我們不懈地尋求一切機會來提高服務水平並獲取增量業務，但我們認為我們現在所經歷的結果表明整個行業面臨更廣泛的壓力。我們認為，目前的行業逆風將是短暫的，並且在現有車輛維修和保養投資價值主張的支持下，對需求的長期基本驅動力仍然充滿信心。

Having experienced these cycles many times within our industry, we have confidence that the pressure we are experiencing today is not reflective of any change in the core domain drivers in the automotive aftermarket.

我們行業內多次經歷過這些週期，我們相信，我們今天所經歷的壓力並不反映汽車售後市場核心領域驅動因素的任何變化。

The North American Car Parc continues to grow and age and consumers place a heavy reliance on well-maintained vehicle to meet their daily transportation needs. In our view, the average consumer is still reasonably healthy, but we believe is exhibiting an element of caution when managing their pocket book in an environment of uncertainty surrounding price levels, macroeconomic conditions in an upcoming election.

北美汽車公園不斷發展和老化，消費者嚴重依賴維護良好的車輛來滿足他們的日常交通需求。我們認為，普通消費者仍然相當健康，但我們認為，在即將到來的選舉中，價格水平和宏觀經濟狀況存在不確定性的環境下，在管理自己的錢包時表現出謹慎的態度。

Caution is demonstrated by consumers is more impactful in our DIY business as these consumers tend to be more economically pressured and [perform] on their vehicles out of necessity. Our DIY customer base continues to represent slightly over 50% of our business. Even with the non-discretionary nature of most of the products we sell, we are not completely insulated from a consumer who is motivated to limit spending wherever possible.

消費者表現出的謹慎態度對我們的 DIY 業務影響更大，因為這些消費者往往面臨更大的經濟壓力，並且出於必要而對他們的車輛進行[表演]。我們的 DIY 客戶群繼續占我們業務的 50% 以上。儘管我們銷售的大多數產品都具有非自由裁量權的性質，但我們並沒有完全免受那些盡可能限制支出的消費者的影響。

However, consumers in our industry are very resilient and eventually adjust to adverse economic circumstances and will prioritize keeping their vehicle in good working condition. This is especially true as our customer base is incentivized to keep their existing vehicles on the road at higher mileages in order to avoid the cost of replacement vehicle.

然而，我們行業的消費者非常有彈性，最終會適應不利的經濟環境，並會優先考慮保持車輛處於良好的工作狀態。尤其如此，因為我們的客戶群有動力將現有車輛以更高的里程數保留在道路上，以避免更換車輛的成本。

While we are cautious that the current macro pressures could persist as we finish out 2024 and enter next year, we are confident our industry will return to more historical growth rates in the short term. Against this backdrop, we are tightening our full year comparable store sales guidance and are now expecting a full year increase of 2% to 3%. This update reflects our third quarter performance and how we're viewing the remainder of the year.

雖然我們對 2024 年結束並進入明年時當前的宏觀壓力可能持續存在持謹慎態度，但我們相信我們的行業將在短期內恢復到歷史更高的增長率。在此背景下，我們正在收緊全年可比門市銷售指引，目前預計全年成長 2% 至 3%。此更新反映了我們第三季的業績以及我們對今年剩餘時間的看法。

As a reminder, our fourth quarter can be quite volatile given the variability of winter weather and consumer demand dynamics during the holiday season as well as potential impacts this year from the November election. We do expect a benefit in the fourth quarter as we lap our easiest comparisons of the year and have 1 less Sunday in our quarter.

提醒一下，鑑於冬季天氣和節日期間消費者需求動態的變化以及今年 11 月選舉的潛在影響，我們的第四季可能會相當不穩定。我們確實預計第四季度會有所收益，因為我們完成了今年最簡單的比較，並且本季的周日少了一個。

So far, our October sales performance has been consistent with our third quarter trends and in line with our updated guidance expectations.

到目前為止，我們 10 月的銷售業績與第三季的趨勢一致，也符合我們更新的指導預期。

It's important for me to note that the update to our outlook has absolutely no impact on the attitude and aggressiveness of our field teams as they demonstrate as they go to the market on a daily basis. No one inside our company thinks our high bar performance and the standards we have set are impacted at all by conditions outside of our company nor do we change the amount of hustle we demand of ourselves each and every day.

對我來說，重要的是要指出，我們展望的更新絕對不會影響我們現場團隊每天進入市場時所表現出的態度和積極性。我們公司內部沒有人認為我們的高績效和我們設定的標準會受到公司外部條件的影響，我們也不會改變我們每天對自己的要求。

We are very bullish on the future of our industry but more importantly, the tremendous opportunity our company has to grow our share of both the DIY and professional markets. We will continue to execute the playbook that has driven success for our company for 67 years, and are more committed than ever to providing the best possible customer service in every one of our markets.

我們非常看好我們行業的未來，但更重要的是，我們公司擁有擴大 DIY 和專業市場份額的巨大機會。我們將繼續執行 67 年來推動我們公司成功的劇本，並且比以往任何時候都更加致力於在我們的每個市場提供最好的客戶服務。

As I wrap up my prepared comments, I'd like to once again thank Team O'Reilly for your commitment to our customers, our company and to your fellow team members.

在結束我準備好的評論時，我要再次感謝 O'Reilly 團隊對我們的客戶、我們的公司以及您的團隊成員的承諾。

Now I'll turn the call over to Brent.

現在我將把電話轉給布倫特。

Thanks, Brad. I would also like to begin by thanking Team O'Reilly for their commitment to excellent customer service and focus on perpetuating our culture. Our team's ability to drive share gains in a challenging environment demonstrates both their outstanding professionalism as well as the value our customers place on excellent service and product availability.

謝謝，布拉德。首先，我還要感謝 O'Reilly 團隊致力於提供卓越的客戶服務並致力於延續我們的文化。我們的團隊在充滿挑戰的環境中推動份額成長的能力證明了他們傑出的專業精神以及我們的客戶對優質服務和產品可用性的重視。

Today, I will give some color on our third quarter gross margin and SG&A results as well as our progress on expansion and capital investments. Starting with gross margin. Our third quarter gross margin of 51.6%, was up 18 basis points from the third quarter of 2023, and in line with our expectations.

今天，我將介紹我們第三季的毛利率和銷售、一般行政管理 (SG&A) 業績以及我們在擴張和資本投資方面的進展。從毛利率開始。我們第三季的毛利率為 51.6%，較 2023 年第三季成長 18 個基點，符合我們的預期。

Dilution from our Canadian business came in as expected at approximately 26 basis points on the quarter. We continue to expect approximately 30 basis points of gross margin dilution from the acquisition along with 15 basis points of operating profit dilution for full year 2024.

本季我們加拿大業務的稀釋率約為 26 個基點，符合預期。我們繼續預計，此次收購將導致 2024 年全年毛利率稀釋約 30 個基點，營業利潤稀釋約 15 個基點。

Our gross margin results included a headwind from the mix of DIY and professional business, which was slightly larger than anticipated as the sales pressures we experienced were more significantly felt in our higher-margin DIY business.

我們的毛利率結果包括來自 DIY 和專業業務混合的阻力，這種阻力略大於預期，因為我們所經歷的銷售壓力在我們利潤率較高的 DIY 業務中更為明顯。

However, we were able to offset this headwind with strong merchandise margin performance achieved through a combination of both improved acquisition costs and strong partnerships with our supplier base to manage our product offerings, including our proprietary private label brands.

然而，我們能夠透過提高採購成本以及與供應商基礎建立牢固的合作夥伴關係來管理我們的產品（包括我們專有的自有品牌），從而實現強勁的商品利潤率業績，從而抵消這一不利因素。

We would still characterize the acquisition cost environment as stable and would anticipate seeing a mix of both incremental cost improvements and modest inflation pressure as we finish out 2024. These cost dynamics are coupled with a pricing environment that remains rational across our industry.

我們仍將購買成本環境描述為穩定，並預計在 2024 年結束時會看到增量成本改善和溫和的通膨壓力。這些成本動態與整個行業保持理性的定價環境相結合。

Given our solid performance in the first nine months of 2024, we are maintaining our gross margin outlook for the full year at a range of 51% to 51.5%.

鑑於我們在 2024 年前 9 個月的穩健表現，我們將全年毛利率前景維持在 51% 至 51.5% 的範圍內。

Moving on to SG&A. Our average SG&A per store grew 4.2% in the third quarter. With the inclusion of Canada's operating results, again, representing approximately 10 basis points of that growth. Our SG&A dollar spend for the third quarter was at the high end of our expectations and drove a higher level of deleverage on the sales headwinds that we experienced.

繼續討論SG&A。第三季度，我們每家商店的平均銷售及管理費用 (SG&A) 成長了 4.2%。再一次將加拿大的經營業績納入其中，代表了該成長的約 10 個基點。我們第三季的銷售及行政管理費用支出達到了我們預期的最高水準，並推動了我們在經歷銷售逆風時實現更高程度的去槓桿化。

Our teams in the field continue to effectively balance excellent customer service with dialing in our staffing levels to match business conditions and took appropriate steps to manage expenses as we saw incremental pressure to sales in the third quarter.

我們的現場團隊繼續有效地平衡卓越的客戶服務與調整我們的人員配置水平以適應業務條件，並採取適當的措施來管理費用，因為我們看到第三季的銷售壓力不斷增加。

However, our SG&A flexibility was limited somewhat by pressure that we saw in self-insurance cost for our retained exposure for vehicle liability and property losses, driven in part due to Hurricane Helene as well as a headwind from deferred compensation.

然而，我們的SG&A靈活性在一定程度上受到了我們在車輛責任和財產損失方面保留的自保成本壓力的限制，部分原因是颶風海倫以及遞延賠償帶來的不利影響。

Based on our year-to-date results in 2024 and updated outlook for the remainder of the year, we continue to expect full year SG&A per store to grow between 3.5% to 4%. This guidance range includes our expectation that our fourth quarter average SG&A per store growth will be at the lowest of the year, primarily resulting from a more fully loaded comparison in the prior year.

根據我們 2024 年迄今的業績以及今年剩餘時間的最新展望，我們繼續預計每家商店的全年銷售及管理費用將增長 3.5% 至 4%。該指導範圍包括我們的預期，即第四季度每家商店的平均銷售及管理費用增長將達到今年最低，這主要是由於與上一年相比更加滿載。

As we have managed our SG&A spend in 2024, our focus has been guided by an expectation that our high level of customer service will drive robust sales growth over the long term. The adjustments that we make to our SG&A spend are deliberate and measured and we do not overreact to make dramatic adjustments that would negatively impact our customer service levels and long-term growth opportunities.

在我們管理 2024 年的 SG&A 支出時，我們的重點是預期我們的高水準客戶服務將推動長期強勁的銷售成長。我們對 SG&A 支出所做的調整是經過深思熟慮和衡量的，我們不會反應過度而做出會對我們的客戶服務水準和長期成長機會產生負面影響的大幅調整。

Factoring in our year-to-date 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 19.4% to 19.9%. The reduction from our previous guidance is driven by our third quarter sales performance and updated full year comparable store sales expectations.

考慮到我們今年迄今的業績和對今年剩餘時間的展望，我們正在更新我們的營業利潤率指引，現在預計全年將在 19.4% 至 19.9% 的範圍內。與先前指引相比的下降是由我們第三季的銷售業績和更新的全年可比商店銷售預期推動的。

Next, I would like to provide an update on our inventory, capital expenditures and expansion results. Inventory per store finished the quarter at $781,000, which was up 3% from both this time last year and the end of 2023. We continue to be pleased with the health of our supply chain and our store in-stock position remains strong.

接下來，我想提供有關我們的庫存、資本支出和擴張結果的最新資訊。本季每家商店的庫存為 781,000 美元，比去年同期和 2023 年底增長 3%。我們仍然對供應鏈的健康狀況感到滿意，我們的商店庫存狀況仍然強勁。

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. Our teams have been opportunistically deploying inventory throughout the year to supplement our store, hub and DC level inventories, ensuring that we are offering the best inventory availability in all of our markets.

我們維持 2024 年現有連鎖店每店庫存成長 4% 的目標不變，不包括收購的廣汽庫存的影響。我們的團隊全年都在機會性地部署庫存，以補充我們的商店、樞紐和配送中心級別的庫存，確保我們在所有市場上提供最佳的庫存可用性。

We opened a total of 47 stores during the third quarter, bringing our year-to-date store openings to a total of 111. We are slightly behind our new store growth plan as we have had some third quarter stores pushed back due to delays in construction and final permitting. However, we remain on track to open 190 200 new stores in 2024, and our new store performance continues to exceed our expectations, even in tough market conditions.

第三季我們共開設了 47 家門市，讓年初至今新開店總數達到 111 家。我們的新店成長計畫略有落後，因為由於施工和最終許可的延遲，一些第三季的商店被推遲。然而，我們仍有望在 2024 年開設 190,200 家新店，即使在嚴峻的市場條件下，我們的新店業績也持續超越我們的預期。

I am also pleased to announce our 2025 store opening target of 200 to 210 net new stores. New store growth continues to be an attractive use of capital for our company. Our disciplined approach to greenfield new store growth and our resulting success in generating high returns on new store locations is centered around 1 primary determining factor. The quality of the store team behind the counter, the day we open the doors.

我還很高興地宣布我們 2025 年淨開店目標為 200 至 210 家新店。新店的成長仍然是我們公司有吸引力的資本用途。我們對新建新店成長採取嚴格的方法，並在新店選址上取得高回報，這一切都圍繞著一個主要決定因素。櫃檯後面的商店團隊的素質，我們開門的那天。

We work hard to support our new store teams by executing a rigorous playbook to select great sites, informed by local market characteristics, vehicle population and professional customer concentrations. We also ensure each location has our industry-leading inventory availability right out of the gate.

我們根據當地市場特徵、車輛數量和專業客戶集中度，執行嚴格的策略來選擇優質地點，並努力支持我們的新店團隊。我們還確保每個地點都擁有領先業界的庫存可用性。

Ultimately, though, our success is all about assembling the right team to go out and win the business, both inside the four walls of the store and in supporting roles in regional sales and field leadership. Perpetuating our culture through a promote from within philosophy ensures that we have engaged leadership teams with proven success in executing our store operating model.

但歸根結底，我們的成功在於組建合適的團隊，走出去並贏得業務，無論是在商店的四牆內，還是在區域銷售和現場領導方面發揮支持作用。透過內部提升理念來延續我們的文化，確保我們擁有在執行我們的商店營運模式方面取得成功的領導團隊。

Moving on. Our capital expenditures for the first nine months of 2024 were $733 million, which is in line with our expectations. And we are maintaining our full year guidance range of $900 million to $1 billion. Our projects and initiatives continue to track as planned and we are excited about the growth opportunities ahead of us in all of our market areas.

繼續前進。2024 年前 9 個月我們的資本支出為 7.33 億美元，符合我們的預期。我們維持 9 億至 10 億美元的全年指引範圍。我們的項目和計劃繼續按計劃進行，我們對所有市場領域面臨的成長機會感到興奮。

I would like to extend congratulations to our distribution operations teams on the successful opening of our new Springfield distribution center in September, and we look forward to a successful opening of our new Atlanta Metro DC in the fourth quarter.

我謹向我們的配送營運團隊祝賀我們新的斯普林菲爾德配送中心於 9 月成功開業，我們期待新的亞特蘭大地鐵 DC 在第四季度成功開業。

It is exciting to see the growth in our distribution network with the relocation of these 2 facilities opening this year as well as the continued progress on our new Mid-Atlantic DC in Stafford, Virginia, which will open in 2025. I want to express my deep gratitude for the hard work from all of the teams involved in the successful expansion of our industry-leading distribution network.

令人興奮的是，隨著今年開業的這兩個設施的搬遷，以及將於 2025 年開業的位於弗吉尼亞州斯塔福德的新中大西洋配送中心的持續進展，我們的分銷網絡得到了增長。我要對所有參與成功擴展我們業界領先的分銷網絡的團隊的辛勤工作表示深深的感謝。

To close my comments, I want to once again thank Team O'Reilly for their continued dedication to our customers. Our team recognizes that our success is dependent upon providing the best customer service in our industry, and I'm excited about the opportunities ahead of us.

最後，我想再次感謝 O'Reilly 團隊對我們客戶的持續奉獻。我們的團隊意識到我們的成功取決於提供業界最好的客戶服務，我對我們面前的機會感到興奮。

Now I will turn the call over to Jeremy.

現在我將把電話轉給傑里米。

Thanks, Brent. I would also like to thank Team O'Reilly for their hard work during the quarter. Now we will cover some additional details on our third quarter results and outlook for the remainder of 2024.

謝謝，布倫特。我還要感謝 O'Reilly 團隊在本季的辛勤工作。現在，我們將介紹有關第三季業績和 2024 年剩餘時間展望的一些其他詳細資訊。

For the quarter, sales increased $161 million, driven by a 1.5% increase in comparable store sales and a $66 million noncomp 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 $16.8 billion.

本季銷售額成長 1.61 億美元，主要得益於可比商店銷售額成長 1.5%，以及 2023 年和 2024 年開設但尚未納入比較基礎的商店貢獻 6,600 萬美元的非比較貢獻。目前，我們預計 2024 年的總營收將在 166 億至 168 億美元之間。

Our third quarter effective tax rate was 21.5% of pretax income, comprised of a base rate of 23%, reduced by a 1.5% benefit for share-based compensation. This compares to the third quarter of 2023 rate of 23.2% of pretax income, which was comprised of a base tax rate of 24.3%, reduced by a 1.1% benefit for share-based compensation.

我們第三季的有效稅率為稅前收入的 21.5%，其中基本稅率為 23%，並減少了 1.5% 的股權激勵福利。相比之下，2023 年第三季稅前收入率為 23.2%，其中基本稅率為 24.3%，並減少了 1.1% 的股權激勵福利。

The reduction in our base rate was driven by the size and timing of recognition of benefits for certain tax credits. For the full year of 2024, we expect an effective tax rate of 21.8% comprised of a base rate of 23% reduced by a benefit of 1.2% for share-based compensation.

我們基本稅率的降低是由於某些稅收抵免福利的規模和時間確認。對於 2024 年全年，我們預計有效稅率為 21.8%，其中基本稅率為 23%，減去 1.2% 的股權激勵福利。

We expect the fourth quarter rate to be lower than the other three quarters due to the totaling of certain tax periods. Also, variations in the tax benefit from share-based compensation can create fluctuations in our quarterly tax rate.

由於某些納稅期間的合計，我們預計第四季的稅率將低於其他三個季度。此外，股權激勵帶來的稅收優惠的變化可能會導致我們的季度稅率出現波動。

Diluted EPS for the quarter increased 6%, with our year-to-date diluted EPS increase at 7%. We have updated our EPS guidance range to a range of $40.60 to $41.10. The $0.15 reduction to our range is driven by our third quarter sales results and our revised sales outlook for the remainder of the year. As a reminder, our EPS guidance includes the impact of shares repurchased through this call, but does not include any additional share repurchases.

本季稀釋後每股收益成長 6%，年初至今稀釋後每股收益成長 7%。我們已將 EPS 指導範圍更新為 40.60 美元至 41.10 美元。我們的範圍減少了 0.15 美元，這是由我們第三季的銷售業績和我們修改的今年剩餘時間的銷售前景推動的。提醒一下，我們的每股盈餘指引包括透過本次電話會議回購股票的影響，但不包括任何額外的股票回購。

Now we will move on to free cash flow and the components that drove our results. Year-to-date, free cash flow for the first 9 months of 2024 was $1.7 billion, in line with the same period in 2023, with growth in income, partially offsetting the expected headwind from cash taxes paid resulting from the timing of payment for renewable energy tax credits.

現在我們將繼續討論自由現金流和推動我們業績的組成部分。年初至今，2024 年前 9 個月的自由現金流為 17 億美元，與 2023 年同期一致，收入增長，部分抵消了因支付現金稅而產生的預期阻力可再生能源稅收抵免。

For 2024, our expected free cash flow guidance remains unchanged at a range of $1.8 billion to $2.1 billion. Our AP as a percentage of inventory finished the third quarter at 129%, down from 131% at the end of 2023. This ratio was slightly above our expectations driven by the timing of inventory investments throughout the year.

2024 年，我們預期的自由現金流指引維持在 18 億至 21 億美元的範圍不變。截至第三季度，我們的應付帳款佔庫存的百分比為 129%，低於 2023 年底的 131%。由於全年庫存投資時機的推動，這一比率略高於我們的預期。

We continue to expect to see moderation in our AP percentage through the end of 2024 and expect to finish the year at a ratio of approximately 127%.

我們繼續預計，到 2024 年底，我們的 AP 百分比將放緩，並預計年底時的比率約為 127%。

Moving on to debt. We successfully issued $500 million of 10-year senior notes in August. We finished the third quarter with an adjusted debt-to-EBITDA ratio of 1.96 times as compared to our end of 2023 ratio of 2.03 times, with a decrease driven by EBITDA growth. We continue to be below our leverage target of 2.5 times, and plan to prudently approach that number over time.

繼續討論債務。8月份，我們成功發行了5億美元的10年優先票據。截至第三季度，調整後負債與 EBITDA 比率為 1.96 倍，而 2023 年底比率為 2.03 倍，這一下降是由 EBITDA 成長推動的。我們仍然低於 2.5 倍的槓桿目標，並計劃隨著時間的推移謹慎接近該數字。

We continue to be pleased with the execution of our share repurchase program. And during the third quarter, we repurchased 499,000 shares at an average share price of $1,084 for a total investment of $541 million. Year-to-date through our press release yesterday, we repurchased 1.6 million shares at an average share price of $1,043 for a total investment of $1.7 billion.

我們對股票回購計畫的執行仍然感到滿意。第三季度，我們以平均股價 1,084 美元回購了 499,000 股股票，總投資額為 5.41 億美元。今年迄今透過昨天的新聞稿，我們以平均股價 1,043 美元回購了 160 萬股股票，總投資額為 17 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.

我們仍然非常有信心，平均回購價格受到我們業務的預期折現未來現金流的支持，我們繼續將回購​​計劃視為將多餘資本返還給股東的有效手段。

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 will continue to drive our future success.

在開始回答您的問題之前，我要感謝整個 O'Reilly 團隊對我們公司和客戶的奉獻。您的辛勤工作和對卓越客戶服務的承諾將繼續推動我們未來的成功。

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

我們準備好的評論到此結束。此時請經營者阿里迴線，我們將竭誠為您解答。

(Operator Instructions)

（操作員說明）

Bret Jordan with Jefferies.

布雷特喬丹和杰弗里斯。

A question on supply chain. With the Virginia DC opening, and obviously, you've got one in Devens, Mass, do those two allow you to touch into that metro sort of mid-Atlantic Northeast New York market? Or is there some additional supply chain expansion needed before you get to that white space in the Northeast?

關於供應鏈的問題。隨著維吉尼亞特區的開業，顯然，你在馬薩諸塞州德文斯也有了一個，這兩個地方能讓你進入紐約東北部大西洋中部的地鐵市場嗎？或者在進入東北部的空白區域之前是否需要一些額外的供應鏈擴張？

Yes. Bret, thanks. This is Brent. I'll start and these guys can join in. Thanks for the question. Yes, we're super excited about that Mid-Atlantic DC. As you know, that opens up a corridor there of the Mid-Atlantic that we've just have a lot of opportunities to continue to store up.

是的。布雷特，謝謝。這是布倫特。我來開始，這些人也可以加入。謝謝你的提問。是的，我們對大西洋中部的華盛頓特區感到非常興奮。如你所知，這開闢了大西洋中部的一條走廊，我們有很多機會繼續儲存。

And so we feel like it's going to really pave the way for us to open up that corridor. To your point, when we think about the distance between Stafford and Devens, they'll likely probably will, at some point, be another one that would be a fill in there. But super excited to get started on having that capability in that location.

因此，我們覺得這確實將為我們開闢這條走廊鋪平道路。就你的觀點而言，當我們考慮斯塔福德和德文斯之間的距離時，他們很可能在某個時候成為另一個填補那裡的空缺。但非常興奮能夠開始在那個位置擁有這種能力。

Yes. Bret, this is Brad. I may just jump in real quick. Brent said it pretty well. But I think the way I think about it, we still have such an opportunity in Northeast part of the country, depending on where you draw the lines, you could come up with one-third of the population in the US. So we're extremely excited. Still have a lot of opportunity in New England.

是的。布雷特，這是布拉德。我可能很快就會跳進去。布倫特說得很好。但我認為，按照我的想法，我們在美國東北部仍然有這樣的機會，取決於你在哪裡劃定界限，你可以得出美國三分之一的人口。所以我們非常興奮。在新英格蘭仍然有很多機會。

And then when you get into Northern Virginia, the DC Metro, Baltimore, Philly, those type markets, I think the way I would see it is that we're going to expand from the inside out from that Virginia, DC. We're going to concentrate kind of right in those metros and not try to stretch ourselves too far out too quick in between those two DCs.

然後，當你進入北維吉尼亞州、華盛頓特區地鐵、巴爾的摩、費城等這些類型的市場時，我認為我們將從維吉尼亞特區開始從內向外擴張。我們將集中精力在這些都市區，而不是試圖在這兩個特區之間太快地伸展自己。

Those are extremely competitive markets, a lot of store opportunity, a ton of DIFM opportunity, a lot of retail opportunity but we'll work those rings from a site acquisition standpoint in very tight bands of that Stafford facility.

這些是競爭極其激烈的市場，有大量的商店機會、大量的 DIFM 機會、大量的零售機會，但我們將從站點收購的角度出發，在斯塔福德設施的非常緊密的範圍內處理這些環。

Okay. Great. And then a big picture question on hurricane impact. I mean, you sort of think about the net impact, obviously, store closures and short-term sales losses, but is demand creation from hurricanes enough to offset that? Are they, at the end of the day, a positive or a negative for sales volumes?

好的。偉大的。然後是關於颶風影響的大局問題。我的意思是，你顯然會考慮商店關閉和短期銷售損失的淨影響，但颶風創造的需求是否足以抵消這些影響？歸根結底，它們對銷量是有利還是不利？

Yes. Good question, Bret. Well, first and foremost, I have to say, like I mentioned earlier, that we couldn't be more proud of our teams. It's just been devastating to watch what's happened.

是的。好問題，布雷特。嗯，首先也是最重要的，我必須說，就像我之前提到的，我們為我們的團隊感到無比自豪。目睹所發生的一切真是令人震驚。

We were fairly fortunate in the Florida market here of late, but had quite a bit of disruption with Helene, specifically in South Georgia and then up in Western North Carolina. And we obviously -- especially in that last week, there Helene hit, we saw some disruption.

我們最近在佛羅裡達市場相當幸運，但與海倫（Helene）遇到了相當大的干擾，特別是在南喬治亞州，然後在北卡羅來納州西部。顯然，尤其是上週，海倫襲擊了我們，我們看到了一些混亂。

But I think what we would say, Bret, we're a little bit careful with us being disappointed with our comp overall. We wanted to be a little bit careful talking about too many puts and takes. We're not happy with a 1.5% comp. But if we had to put a number on it, it would end pretty immaterial.

但我想我們會說，布雷特，我們對我們的整體表現感到失望，有點謹慎。我們希望在談論太​​多的 put 和 take 時要小心一些。我們對 1.5% 的補償不滿意。但如果我們必須給它加上一個數字，那結果就變得無關緊要了。

It would have been possibly in the 10 to 15 basis points maybe in the quarter in terms of Helene. And then overall in the fourth quarter, it's yet to be seen kind of what will make up there. But I think when you look at third and fourth quarter, even with those bad storms, I think I think weather is a net neutral.

就 Helene 而言，本季可能會上漲 10 到 15 個基點。總的來說，第四季的情況還有待觀察。但我認為，當你看看第三季和第四季時，即使有那些嚴重的風暴，我認為天氣是淨中性的。

Simeon Gutman , Morgan Stanley.

西蒙古特曼，摩根士丹利。

I want to ask, you made the comment about headwinds should be short-lived, and I think that makes sense. If you look at the industry, the industry got weak, almost maybe a year, three quarters before your business got a little softer.

我想問一下，您關於逆風應該是短暫的評論，我認為這是有道理的。如果你看看這個行業，你會發現這個行業變得疲軟，幾乎可能是一年，三個季度之後你的業務才變得有點疲軟。

So why does it flip soon? What about -- what confidence do you have? Is there anything about like a micro basis on failure rates? Or are there any markets that you have where you've had some softening and then a restrengthening that you can point to? Like help us think about timing? I know there's no crystal ball, but it's a tricky setup.

那為什麼很快就會翻轉呢？怎麼樣－你有什麼信心？有什麼關於失敗率的微觀基礎嗎？或者您可以指出哪些市場經歷了一些軟化然後又重新加強？例如幫助我們考慮時機？我知道沒有水晶球，但這是一個棘手的設定。

Yes. Great question, Simeon, and I'll try to do the best I can here. So I think generally, when you look back at we don't want to live in pandemic times. And we obviously saw a lot of success there. So we've built our base definitely several step changes there and on both sides of the business, obviously, more predominantly on the professional side.

是的。很好的問題，西蒙，我會盡力做到最好。所以我認為，總的來說，當你回顧過去時，我們不想生活在大流行時期。我們顯然在那裡看到了很多成功。因此，我們已經在那裡和業務雙方建立了我們的基礎，顯然，更主要是在專業方面。

But when we think about a year like this. And again, we've said this a lot, you've heard us say it a lot, but in my 28 years in the industry and with O'Reilly, we've just lived this so many times that while we're not happy with our 1.5% comp and really our year-to-date comp.

但當我們想想這樣的一年。再說一次，我們已經說過很多次了，你已經聽我們說過很多次了，但在我和O'Reilly 的行業28 年裡，我們已經多次經歷過這樣的情況，儘管我們並沒有意識到這一點。

The reason that I called out short-lived earlier is just because when we lived this in an election year in times of higher inflation and all the things that have been on the consumer this year, which is the uncertainty.

我之前之所以說“短暫”，是因為當我們生活在選舉年時，通貨膨脹率上升，而今年消費者面臨的所有事情都是不確定性。

Once we get past the election and you think about how the inflation has moderated. And a lot of things are piling up to the fact that we feel, even though we're not guiding to '25, obviously, yet, we do feel confident that history repeats itself in our industry, and we continue to feel good that we're going to get past this here soon and get back to kind of normal industry growth.

一旦我們結束了選舉，你就會想到通貨膨脹是如何緩和的。很多事情正在堆積起來，我們感覺，即使我們沒有引導到“25”，顯然，我們確實相信歷史會在我們的行業重演，並且我們繼續感到高興，因為我們我們很快就會克服這個問題並恢復正常的行業成長。

And maybe, Simeon, the only thing I would add there, specifically, are we seeing anything in any granular way that's pointing us to that, at this point we would say no to that question. I want to be clear about that. Given a 1.5% comp in the third quarter, we are at where we're at. The confidence that we have is what Brad talked about.

西蒙，也許我唯一要補充的一點是，我們以任何細粒度的方式看到了任何指向我們這一點的東西，在這一點上我們會對這個問題說不。我想澄清這一點。考慮到第三季 1.5% 的成長率，我們目前所處的位置。我們擁有的信心就是布拉德所說的。

I think, though, importantly, one of the things that you identified is just as a company, our focus has always been how do we best manage through these periods to put ourselves in the best position possible as conditions start to improve to be able to be the first to capitalize and take advantage of that.

但我認為，重要的是，您所確定的一件事是，作為一家公司，我們的重點始終是如何最好地度過這些時期，以便在情況開始改善時使自己處於最佳位置，以便能夠成為第一個利用並利用這一點的人。

We always want to be in a situation where it doesn't seem like we're participating in the industry slowness until it's persisted for a while and we want to be the first ones to come out of. And I think our teams have demonstrated the ability to do that over the course of time from a consistency perspective.

我們總是希望處於這樣一種境地：在這種情況持續一段時間之前，我們似乎並沒有參與行業的緩慢發展，並且我們希望成為第一個擺脫困境的人。我認為，隨著時間的推移，我們的團隊已經從一致性的角度展示了做到這一點的能力。

And so I think that, coupled with what Brad said about what we've seen from an industry perspective over the long term gives us confidence that we're going to be well positioned to move forward from this point.

因此，我認為，再加上布拉德所說的我們從長期行業角度看到的情況，讓我們有信心從這一點上我們將處於有利的位置向前邁進。

Makes sense. And then a quick follow-up, a question on market share. Two years ago, the spread O'Reilly to industry was significant, it blew out. This year, you're still taking share. It looks like it's narrowed a little. When you -- as you approach how you forecast next year, first, do you always put a market share component into your own comp expectation? And then how do you figure where that lands? Is it a normal year? Just what are the puts and takes? .

有道理。然後是一個快速跟進，一個關於市場份額的問題。兩年前，O'Reilly 在工業領域的傳播非常廣泛，並且爆發了。今年，你仍然在分享。看起來好像縮小了一些。當你——當你接近明年的預測時，首先，你是否總是將市場佔有率因素納入你自己的競爭預期中？然後你怎麼知道它落在哪裡？今年是正常年份嗎？到底什麼是買權和賣權？。

Excellent question, Simeon, and one that we'll spend a fair amount of time on between now and next quarter when we provide our guidance for next year. For sure, our expectation is that because of the team that we have, our advantage is, from a distribution availability perspective and the momentum we've created that we think it is, it is our entitlement to grow faster than the market.

西蒙，這是一個很好的問題，從現在到下個季度，當我們提供明年的指導時，我們將花費相當多的時間來解決這個問題。當然，我們的期望是，由於我們擁有的團隊，我們的優勢是，從分銷可用性的角度來看，以及我們所創造的勢頭，我們認為，我們有權利比市場成長得更快。

So for sure, you should have an expectation that as we finalize that work into next quarter, what our expectations are for 2025, that include a component of that consistent with where we've been really for much of our history.

因此，可以肯定的是，您應該期望，當我們在下個季度完成這項工作時，我們對 2025 年的期望是什麼，其中包括與我們歷史上大部分時間的實際情況一致的組成部分。

Michael Lasser with UBS.

瑞銀集團的麥可·拉塞爾。

This has been a year where uncharacteristically O'Reilly has just misgauged the demand in the market and has had to guide down a couple of times. Now it's -- we're only going to be a few months away from how you're starting to think about 2025.

今年，奧萊利一反常態地錯誤地估計了市場需求，並不得不多次下調指導。現在，距離您開始思考 2025 年只有幾個月的時間了。

If we go through the next few months, let's say, it's a normal season from a weather perspective and you don't see your trends improve, would you still be coming out at the outset of the year with a normal O'Reilly algorithm in the 3% to 5% comp range.

如果我們經歷接下來的幾個月，比方說，從天氣角度來看這是一個正常的季節，並且您沒有看到趨勢有所改善，那麼您是否仍然會在年初使用正常的 O'Reilly 演算法3 % 到5% 的補償範圍。

And the second part of that question is if the industry is going to have another sluggish year next year, what does O'Reilly think the right level to comp is in order to generate sustained margin expansion on the expense side?

這個問題的第二部分是，如果該行業明年將再次陷入低迷，奧萊利認為，為了在費用方面產生持續的利潤擴張，合適的補償水平是多少？

Put another way, how low can comp be next year without having some deleverage will you see your SG&A per store still grow 2% to 3% or higher if indeed, trends remain sluggish next year?

換句話說，如果明年的趨勢確實仍然低迷，那麼如果不進行一些去槓桿化，明年的競爭會低到什麼程度，您是否會看到每家商店的SG&A 仍會增長2% 至3% 或更高？

Yes, Michael, thanks for the question. This is Jeremy. I think you're accurate in saying that the year like we're having this year is uncharacteristic, I think, for us, for our history. Although -- though it's not completely unprecedented. We've had years like this, our industries has had years like this.

是的，邁克爾，謝謝你的提問。這是傑里米。我認為你說得對，今年對我們、對我們的歷史來說都是不尋常的一年。儘管——儘管這並非完全史無前例。我們經歷過這樣的歲月，我們的產業也經歷過這樣的歲月。

I think for us, having a near-term focus to try to predict exactly the sequence and timing of exactly how the business performs and moves out of it. It is one that we've got some insight into, but frankly, we don't have the same. We don't have a crystal ball that all of you don't have. And we'll have to evaluate what our best read is when we establish our guidance for 2025.

我認為對我們來說，近期的重點是嘗試準確預測業務執行和退出的順序和時間。我們對此有一些見解，但坦白說，我們沒有相同的見解。我們沒有你們所有人都沒有的水晶球。當我們制定 2025 年指導時，我們必須評估我們最好的讀物是什麼。

So it's a challenge to answer that from a hypothetical situation because we do still have I think some pretty relevant time period between now and how we form kind of from a concrete perspective, what those opinions are.

因此，從假設的情況來回答這個問題是一個挑戰，因為我認為從現在到我們從具體的角度形成這些觀點之間仍然有一些非常相關的時間段。

I think that same answer applies to how we think about expense structure and what our read is on what overall cost levels are going to be next year and how we think the components of what our 2025 guide will be comprised, what benefit we might think we see in same SKU inflation in those things.

我認為同樣的答案也適用於我們如何看待費用結構，以及我們對明年整體成本水準的解讀，以及我們如何看待 2025 年指南的組成部分，我們可能認為我們會得到什麼好處看看那些東西的相同SKU通貨膨脹。

I think maybe to step back from near-term questions that try to pull forward our guidance setting process for next year and to just talk, I think, structurally on how we feel like we can operate our business and the profitability of our business. We still believe that we are positioned well to take share gains to be productive in doing so and provide strong returns for how we're investing in the business.

我認為也許可以從試圖推進明年指導制定流程的近期問題中退一步，從結構上討論我們如何運營我們的業務以及我們業務的盈利能力。我們仍然相信，我們處於有利地位，可以利用股票收益來實現這一目標，並為我們的業務投資方式提供豐厚的回報。

And so I think as we put together those expectations for 2025, you'll see similar conviction around the success of our business that we've had underlying our results for a long time.

因此，我認為，當我們將 2025 年的這些預期放在一起時，您會看到我們對業務成功的類似信念，這是我們長期以來的業績基礎。

Okay. My follow-up question is how much work are you doing today to prepare for the prospect of tariffs in the next couple of months? And how disruptive would be 30% to 60% tariff on goods coming from China and some degree of tariff coming in -- goods coming from all other countries.

好的。我的後續問題是，您今天做了多少工作來為未來幾個月的關稅前景做好準備？對來自中國的商品徵收 30% 至 60% 的關稅以及對來自所有其他國家的商品徵收一定程度的關稅將產生多大的破壞性。

Yes. Michael, this is Brent. Great question. I can start and these guys can add in. Most recent point of reference we have on any kind of scenario like that would be back in 2018 when we had the tariffs 2017, 2018, before.

是的。邁克爾，這是布倫特。很好的問題。我可以開始，這些人也可以加入。我們對任何類似情況的最新參考點都是 2018 年，當時我們在 2017 年、2018 年之前徵收了關稅。

Honestly, we were able to pass those increased costs through in selling price. And really, that wasn't just us. That was the entire industry, so it was kind of a nonevent in terms of some of those components.

老實說，我們能夠透過售價來轉嫁這些增加的成本。事實上，這不僅僅是我們。這就是整個行業，所以就其中一些組成部分而言，這並不是什麼大事。

What I will tell you, since then and since COVID and through COVID, our teams, our supply chain teams, sourcing teams, merchandise teams have done a fantastic job continuing to look at alternate supply sources, countries of origin, we continue to leverage the strength of our proprietary brand portfolio to source from multiple suppliers.

我要告訴你的是，自那時以來，自新冠疫情以來，我們的團隊、我們的供應鏈團隊、採購團隊、商品團隊在繼續尋找替代供應來源、原產國方面做得非常出色，我們繼續利用我們的專有品牌組合的實力可從多個供應商處購買。

So I would tell you that we are less dependent on anything from China than we were, not to say that we still don't have some dependencies there we do and our industry does. But really proud of the work the team has done over the last several years to reduce that dependency.

所以我想告訴你，我們對中國的依賴程度比以前低，並不是說我們仍然沒有對中國的依賴，我們的產業也有。但我們對團隊在過去幾年為減少這種依賴所做的工作感到非常自豪。

But where that does come into play, specifically with China, I still feel confident in our ability to pass those costs along where they may become a part of cost of goods.

但在這確實發揮作用的地方，特別是在中國，我仍然對我們將這些成本轉嫁到可能成為商品成本一部分的能力充滿信心。

Yes, Michael, the only thing I would add to reiterate, to Brent's point, is our supply chain teams, our merchandise team, they put a solid playbook in place back to the years that Brent talked about, and they will be what they'll be, and it will somewhat be a level playing field for us and our competitors and everybody else we can compete against out there.

是的，邁克爾，對於布倫特的觀點，我唯一要重申的是我們的供應鏈團隊，我們的商品團隊，他們在布倫特談到的那些年裡制定了可靠的劇本，他們將成為他們的樣子。

And I feel really good that our team has the strategy in place to pass those along and do all the things that Brent talked about. So we feel good that we'll be able to handle that if it comes.

我感覺非常好，我們的團隊制定了適當的策略來傳遞這些內容並完成布倫特談到的所有事情。所以我們感覺很好，如果真的發生了，我們能夠處理好。

Zack Fadem , Wells Fargo.

札克法德姆，富國銀行。

This has been asked a couple of different ways, but taking a different angle here. Just curious as you look back over the course of the year, if you can pinpoint when specifically the deferred maintenance dynamic started to materialize in your data.

人們以幾種不同的方式提出了這個問題，但這裡採取不同的角度。只是好奇，當您回顧這一年的過程時，您是否能準確指出延遲維護動態何時開始在您的數據中具體化。

And as you look to Q4 and beyond, any thoughts on what the drivers historically tend to be that unlock or catch up pent-up demand, be it lower gas prices, which we're starting to see today or weather. Any thoughts there?

當你展望第四季及以後時，任何關於歷史上推動因素的想法都會釋放或趕上被壓抑的需求，無論是汽油價格下降（我們今天開始看到）還是天氣。有什麼想法嗎？

Yes. Thanks, Zack. This is Brad. I'll kick that off and then let the other guys kind of clean me up here. But first off, I think if you think back to the last couple of quarters, for a long time there, even though we were seeing some pressure in discretionary going back a quarter or two ago.

是的。謝謝，扎克。這是布拉德.我會先開始，然後讓其他人來清理我這裡。但首先，我認為如果你回想一下過去幾個季度，在很長一段時間內，儘管我們在一兩個季度前看到了一些酌情壓力。

You mentioned maintenance. We actually are very pleased with our maintenance categories. We look at it more from the biggest part of our business is nondiscretionary failure, repair type jobs. Some of that stuff can still be a little bit delayed. We're fairly pleased with our failure and kind of repair categories.

你提到了維護。事實上，我們對我們的維護類別非常滿意。我們更從我們業務的最大部分來看待它，即非隨意的故障、維修類型的工作。其中一些事情仍然可能會有點延遲。我們對我們的故障和維修類別相當滿意。

Maintenance has been really good. I called that out in my prepared comments, things like oil changes, oil filters, oil, spark plugs, things like that, maintenance. We haven't seen a lot of deferral. Now there could be some deferral in there and other parts of it could be later model vehicles that are somewhat offsetting that. There's a lot of moving pieces.

保養得確實很好。我在準備好的評論中指出了這一點，例如換油、機油濾清器、機油、火星塞、諸如此類的維護。我們還沒有看到太多的延期。現在可能會有一些延遲，而其他部分可能是後來的模型車輛，在某種程度上抵消了這一點。有很多移動的部分。

Really, what we continue to see, but what we saw more pronounced in Q3 than we have year-to-date would have been even more so discretionary and then we saw a little bit more trade down. You've heard us talk a lot about actual trade up from good to better and better to best. We did see some offset in that in Q3, while we still saw customers trading from better to best. We did see some that we're moving down to some extent there in Q3. So that's kind of what I'd say and may let Brent.

確實，我們繼續看到的情況，但我們在第三季度看到的比今年迄今更明顯的情況會更加隨意，然後我們看到更多的交易下跌。您已經聽我們談論過很多關於從好到更好、從更好到最好的實際交易。我們確實在第三季看到了一些抵消，但我們仍然看到客戶的交易從更好到最好。我們確實看到一些情況在第三季有所下降。這就是我想說的，可能會讓布倫特說。

Yes. The other thing I would say, Zack, great question. I mean the trend has -- everything Brad just described has kind of been a theme that has continued to perpetuate throughout the year.

是的。我要說的另一件事是，扎克，這是一個很好的問題。我的意思是，這種趨勢——布拉德剛才描述的一切都是一個全年持續存在的主題。

And as it's continued to hang on, it's continued to have more of an impact. I think that's what you're seeing across not only our results in Q3, but the results of the industry in Q3 and comparable time frame.

隨著它的繼續存在，它的影響力也越來越大。我認為這不僅是我們在第三季的結果中看到的，也是在第三季和可比較時間範圍內產業的結果中看到的。

So the great thing about the industry is people are going to maintain their vehicles. And just Jeremy made the comment earlier, we're doing everything we can to be best positioned in those categories, maintenance, repair, failure categories you have the best inventory availability in every market we serve to have the best service in every market we serve and then to go out and earn that business as it continues to come back. But we know it will as the Car Parc continues to age and people maintain their vehicles.

所以這個行業的偉大之處在於人們會維護他們的車輛。傑里米早些時候發表了評論，我們正在盡一切努力在這些類別、維護、維修、故障類別中處於最佳位置，您在我們服務的每個市場中擁有最好的庫存可用性，在我們服務的每個市場中擁有最好的服務然後出去賺取該業務，因為它不斷回來。但我們知道，隨著停車場的不斷老化以及人們對車輛的維護，這種情況將會發生。

So we feel good about where we are. I think the trend you're talking about is just the trend and it will begin to reverse as we all know. And when you look back to the tough -- historically tough years in this industry, the 2017s and the 2008, back in those time frames, when you look at the following year, nobody has a crystal ball, but when you look at the following year, that we did see a bounce back, and we did see the customer returns. So we're confident that, that is going to happen in this scenario as well, and we're going to be ready for it.

所以我們對自己所處的位置感覺良好。我認為你所說的趨勢只是趨勢，眾所周知，它會開始逆轉。當你回顧這個行業歷史上艱難的歲月，2017 年代和 2008 年，回顧那些時間框架，當你展望下一年時，沒有人有水晶球，但當你看看下面的情況時今年，我們確實看到了反彈，也確實看到了顧客退貨。因此，我們有信心，這種情況也會發生，我們將為此做好準備。

Got it. I appreciate the thoughts there. And then your outlook would imply some I guess Q4 year-over-year operating margin easing relative to the declines we saw in Q2 and Q3.

知道了。我很欣賞那裡的想法。然後，您的前景意味著我認為第四季度的營業利潤率相對於第二季和第三季的下降有所放緩。

You mentioned lower SG&A per store, so first of all, any colors on the drivers, be it slowing investments or otherwise? And then on your gross margin, you've had just really strong margin performance, offset in part by Canada. But any thoughts on this dynamic going forward?

您提到每家商店的銷售管理費用較低，所以首先，驅動因素有什麼顏色嗎，是投資放緩還是其他原因？然後，在毛利率方面，您的利潤率表現非常強勁，但被加拿大部分抵消了。但對這種動態的未來有什麼想法嗎？

Zack, I think you've outlined the pieces well. It does start a little bit with just the top line expectations and the leverage benefit that you get is as you think through a quarter that does have the easiest comparisons from last year and at least, somewhat of a benefit from a weekday perspective with the Sunday.

扎克，我認為你已經很好地概述了這些部分。它確實從頂線預期開始，你所獲得的槓桿收益是你所想到的一個季度，與去年相比確實有最簡單的比較，至少從工作日的角度來看與週日相比有一定的收益。

And even in gross margin, we feel like it's been consistent throughout the course of the year. We continue to believe that, that will be solid and in line with really the guidance we've said it all year long. Or at least our full year will come in, obviously, within that guide.

即使在毛利率方面，我們也認為這一年的毛利率一直保持穩定。我們仍然相信，這將是堅實的，並且符合我們全年所說的指導方針。顯然，至少我們的全年都會在該指南中。

From an SG&A perspective, it's not necessarily a change in the cadence of the investments. But as you remember, as we move through 2023, we ran up fairly significant within the course of that year.

從SG&A 的角度來看，這並不一定是投資節奏的改變。但正如您所記得的，隨著 2023 年的到來，我們在那一年中取得了相當大的進步。

But things just like the depreciation overhang starts to run up against easier comparisons is a lot of those investments were in place before the fourth quarter and there's less of a year-over-year delta there for some of what we would have done in 2023, that we've been lapping more significantly in the previous quarters this year.

但像折舊懸而未決之類的事情開始與更容易的比較相比較，因為很多投資是在第四季度之前到位的，而且我們在 2023 年所做的一些事情的同比增量較小，我們在今年前幾季的成績更加顯著。

Christopher Horvers with JPMorgan.

摩根大通的克里斯多福霍弗斯。

A couple of follow-up questions. First on the 1 last Sunday. If I recall, it's a pretty modest benefit and less than what others have quoted because of the mix difference. So can you talk about how much that is from a comp perspective? And does it roll into total sales or in comp? And then was there any benefit related to that in the third quarter?

幾個後續問題。首先是上週日1號。如果我記得的話，這是一個相當溫和的好處，並且由於混合差異而低於其他人引用的好處。那麼您能從補償的角度談談這個數字是多少嗎？它會計入總銷售額還是銷售額？那麼第三季有與此相關的好處嗎？

Yes. So third quarter was pretty even up from that perspective. Fourth quarter, when we have a Sunday difference can be a little bit variable just because the timing of the holiday can impact that, too. And usually, we would say it's somewhere in the, call it, maybe 30, 40 basis point range, depending on how you measure it, but that's a benefit to comp and total sales.

是的。因此，從這個角度來看，第三季的情況相當平穩。第四季度，當我們有周日的時候，差異可能會有點變化，因為假期的時間也會影響這一點。通常，我們會說它在 30、40 個基點範圍內，這取決於你如何衡量它，但這對公司和總銷售額來說是有好處的。

Got it. And then on the tariff side, I think in 2022, you talked about total direct and indirect exposure to China of around 30%. Is that right? And maybe how far does that come down?

知道了。然後在關稅方面，我認為到 2022 年，您談到對中國的直接和間接敞口總額約為 30%。是這樣嗎？也許會下降多少？

And on the tariff side, I don't think the tariffs went away, and I think it was around 25%. Is that right? And if it does go up to 60% to follow on that prior question, like the consumer does feel like they sort of had it up to here in terms of taking inflation what gives you the confidence that you'll be able to pass that through?

在關稅方面，我認為關稅不會消失，我認為關稅在 25% 左右。是這樣嗎？如果按照先前的問題確實上升到 60%，就像消費者確實覺得他們在承受通貨膨脹方面已經到了這一步，那麼你就有信心能夠度過這一難關？

Yes, Chris, good follow-up on that. This is Brent. I can start. A couple of thoughts there. We think about the China exposure, that has been significantly reduced, probably in the tune of 500-plus basis points to where it was several years ago. So like I said earlier, we feel confident with the work the teams have done there to help reduce some of that exposure.

是的，克里斯，對此進行了很好的跟進。這是布倫特。我可以開始了。有一些想法。我們考慮到中國的風險敞口已經顯著減少，可能比幾年前減少了 500 多個基點。因此，正如我之前所說，我們對團隊為幫助減少部分風險所做的工作充滿信心。

And to your point on the percentage, Who knows where -- what those percentages will be. And it's hard to set and forecast a scenario we haven't seen before what that would play through at, especially at a percentage as high as 60%. At this point, I have to believe where we were able to pass it on in the 20%, 25% range effectively in the past that we still have the ability to do that as we move forward.

至於你關於百分比的觀點，誰知道這些百分比會是多少。很難設定和預測我們以前從未見過的場景，尤其是在比例高達 60% 的情況下。在這一點上，我必須相信我們過去能夠在 20%、25% 範圍內有效地傳遞它，隨著我們的前進，我們仍然有能力做到這一點。

If there's a tariff out there that is excessive to the percentages you're talking about, that may be a first for the industry, and we'll have to see how we deal with that at that point. But I think that's a little bit into the future for me to be able to make a comment on at this point.

如果關稅超出了您所說的百分比，這可能是該行業的第一次，我們將不得不看看屆時如何處理。但我認為現在對我發表評論還為時過早。

Yes, Chris, I think the only thing I would add there is historically, our industry has been very disciplined in how we pass through those cost increases. And the demand that meets those higher price levels is very resilient because of the critical nature of transportation needs.

是的，克里斯，我想我唯一要補充的是，從歷史上看，我們的行業在如何應對成本增加方面一直非常嚴格。由於運輸需求的關鍵性質，滿足這些較高價格水準的需求非常有彈性。

And so if you have a failure on your vehicle, you're going to need to replace it and you're going to need to move forward. I think what is most undetermined what we'll have to see is just the broader impact to the consumer because it's not obviously just what we sell that could be harmful from an inflation perspective.

因此，如果您的車輛出現故障，您將需要更換它並繼續前進。我認為我們必須看到的最不確定的只是對消費者的更廣泛影響，因為從通貨膨脹的角度來看，顯然不僅僅是我們銷售的產品可能有害。

Would we see a weakened consumer that now has to adjust and find ways to save money wherever they can. So that's where we think that -- in the past, when a consumer has been under pressure, they still have to make repairs. But with that broader pressure, cause them to try to save money and defer in some way or trade down.

我們是否會看到消費者的實力被削弱，現在必須進行調整並找到盡可能省錢的方法。所以我們認為，在過去，當消費者面臨壓力時，他們仍然需要進行維修。但面對更廣泛的壓力，導致他們試圖省錢並以某種方式推遲或降低價格。

And those are things that are kind of the second level of effects that we're yet to see. But that would be probably more likely to have an adverse impact to our consumer base than the industry not being very disciplined because we historically always have -- because of the inventory investments required, the inelasticity of what we sell.

這些是我們尚未看到的第二級影響。但這可能更有可能對我們的消費者基礎產生不利影響，而不是行業紀律不嚴，因為我們歷來一直如此——因為需要庫存投資，我們銷售的產品缺乏彈性。

Scot Ciccarelli with Truist.

斯科特·西卡雷利 (Scot Ciccarelli) 與 Truist。

So you did make the comment that new stores are exceeding expectations. Given that factor in the broadly higher construction cost environment that we are seeing, can you provide any kind of update in terms of how people should be thinking about new store economics, i.e, store costs, new store productivity, payback, et cetera?

所以你確實說過新店超出了預期。考慮到我們所看到的建築成本普遍較高的環境中的因素，您能否提供有關人們應如何考慮新店經濟的任何更新信息，即商店成本、新店生產力、投資回報率等？

Yes. No, I appreciate that question, Chris. We usually -- oh, Scot, I'm sorry, we usually get -- don't get too detailed on the specifics of that model other than the cost of the new stores. And when we own the store, that's kind of approaching that $3 million perspective now.

是的。不，我很欣賞這個問題，克里斯。我們通常——哦，斯科特，對不起，我們通常會——除了新店的成本之外，不會太詳細地了解該模型的具體細節。當我們擁有這家商店時，現在就接近 300 萬美元了。

I think for us, historically, that model has just continued to improve from an economics perspective, we feel good. And that, in part, informed some of our decision to be a little bit more heavily into own stores over the course of this year and what you've seen in the mix of our new store count.

我認為對我們來說，從歷史上看，從經濟學的角度來看，這種模式一直在不斷改進，我們感覺很好。這在一定程度上決定了我們今年決定加大自有商店的投入，以及您在我們新店數量的組合中所看到的情況。

Just the productivity both from a ramp perspective and then just kind of that kind of mid-level maturity point at five or six years has continued to trend well. And for sure, over the last few years, that's been the beneficiary of a rising tide within our total business. But we've been pleased that that's continued to be resilient even as we've had a little bit more challenged year.

從斜坡角度來看，生產力以及五、六年後的中等成熟度點都持續保持良好趨勢。可以肯定的是，在過去的幾年裡，這是我們整體業務不斷上升的受益者。但我們很高興的是，儘管我們經歷了一些更具挑戰性的一年，但這種情況仍然保持彈性。

Yes. Scot, this is Brad. Just maybe to reiterate, I appreciate you asking about growth. We're really excited to announce our 200 to 210 at new stores for 2025 continues to be our best way to invest in our business.

是的。斯科特，這是布拉德。也許只是重申一下，我很感謝你詢問成長問題。我們非常高興地宣布，2025 年我們將開設 200 至 210 家新店，這仍然是我們投資業務的最佳方式。

And when we talk about the productivity and we talk about the ROI, it's on those new costs. I mean in the last couple of years, yes, we've seen a lot of inflation in construction costs, but we continue to be even more pleased even on those new numbers.

當我們談論生產力和投資報酬率時，指的是這些新成本。我的意思是，在過去幾年中，是的，我們看到建築成本大幅上漲，但即使對這些新數字，我們仍然感到更加滿意。

And so our teams are just doing an incredible job with site selection. Our construction teams continue even though they've had a lot of headwinds from an inflation standpoint and the cost to build standpoint, rent factors, things like that. They've continued to look for ways to get more efficient as we continue to scale.

因此，我們的團隊在選址方面做得非常出色。儘管從通貨膨脹的角度、建築成本、租金因素等方面來看，我們的施工團隊遇到了許多阻力，但我們的施工團隊仍在繼續。隨著我們不斷擴大規模，他們繼續尋找提高效率的方法。

And then our field teams continue to put together just unbelievable teams backed up with our supply chain and our regional DCs and our hub stores. And that all equals even though we've seen a lot of inflation. That's why we're ramping up. I couldn't be more happy with those returns, and that's why we're ramping up to 200 to 210 for '25.

然後，我們的現場團隊繼續組建令人難以置信的團隊，以我們的供應鏈、區域配送中心和中心商店為後盾。儘管我們已經看到了嚴重的通貨膨脹，但一切都是平等的。這就是我們加大力度的原因。我對這些回報感到非常滿意，這就是為什麼我們在 25 年將回報率從 200 增加到 210 的原因。

Steven Zaccone , Citi.

史蒂文·扎科內，花旗銀行。

I wanted to focus on the potential recovery in the business. How do you think that plays out, DIFM versus DIY? You've mentioned looking at history that you see a bounce back after some years of softness. How do you think that plays out by the different segments?

我想專注於業務的潛在復甦。您認為 DIFM 與 DIY 的結果如何？您提到回顧歷史，您會看到在經歷了幾年的疲軟之後出現了反彈。您認為不同細分市場的表現如何？

Yes, great question. Steven, this is Brad. So even though we weren't necessarily pleased with our performance on either side of the business, I kind of -- to kick off the question. I want to frame up that we're -- we feel really good about the way our teams continue to take share on the DIFM side.

是的，很好的問題。史蒂文，這是布拉德。因此，儘管我們不一定對業務雙方的表現感到滿意，但我還是想開始這個問題。我想說的是，我們對我們的團隊繼續在 DIFM 方面分享份額的方式感到非常滿意。

And so when you think about the overall market getting back to norms over the short to midterm here and the way the complexity and all those things are going to weigh in on people being able to work on their own stuff. We continue to see an opportunity on both sides. It's obviously going to be outsized on the DIFM side.

因此，當你想到整個市場在短期到中期恢復正常時，以及複雜性和所有這些因素將如何影響人們能夠處理自己的事情。我們繼續看到雙方都有機會。DIFM 方面顯然會過大。

And so I think, generally speaking, the DIFM business, most likely is going to stay a little bit more resilient. That said, the -- I think it's balanced with the fact that the DIY business has been more impacted. And so when that consumer comes back, it could come back in a reasonably good way. And there could be some catch-up to do. There could be some things like that.

因此，我認為，一般來說，DIFM 業務很可能會保持更強的彈性。也就是說，我認為這與 DIY 業務受到更大影響的事實是平衡的。因此，當該消費者回來時，它可能會以相當好的方式回來。可能還有一些工作要做。可能有一些類似的事情。

And so generally speaking, I think DIFM is going to continue to stay a little bit more steady and resilient. But I also think that DIY, while it's a little bit more uncertain, I still feel like it has plenty of opportunity to get more healthier in the next 12, 18 months.

所以總的來說，我認為 DIFM 將繼續保持更加穩定和有彈性。但我也認為 DIY，雖然有點不確定，但我仍然覺得它有很多機會在未來 12、18 個月內變得更健康。

Okay. Great. And then just a follow-up on the DIY side. I'm sure you've gotten the question in the past, but some of the mass channel and the warehouse clubs, we've heard about them getting more competitive. Have you seen that impact your business at all as you think about maybe pricing or just overall traffic?

好的。偉大的。然後是 DIY 方面的後續工作。我相信您過去已經被問過這個問題，但是我們聽說一些大眾管道和倉庫俱樂部變得更具競爭力。當您考慮定價或整體流量時，您是否發現這對您的業務產生了影響？

Yes, sure. So those type competitors, they're -- they kind of dabble or pedal in some of our lines. A lot of that stuff is, the more discretionary types of less hard parts and things like that, that would be tough overall for them to compete and have the SKU proliferation and things like that.

是的，當然。所以這些類型的競爭對手，他們是——他們有點涉足或踩踏我們的一些產品線。很多東西是，更自由的類型，不太困難的零件和類似的東西，這對他們來說總體上很難競爭，並且有 SKU 擴散和類似的東西。

But really, we saw a huge opportunity, as you know, during the pandemic, where some of those were closed and service was closed, and so less people were going through kind of their parts section, so to speak, at the mass retail. And there's no doubt that we saw some recovery from those folks. They do a good job on a lot of fronts. But nothing necessarily happening different in 2024, Steven.

但實際上，正如你所知，在大流行期間，我們看到了一個巨大的機會，其中一些商店關閉了，服務也關閉了，因此可以說，在大眾零售店購買零件部分的人越來越少。毫無疑問，我們看到這些人有所恢復。他們在很多方面都做得很好。但 2024 年不一定會發生什麼不同的事情，史蒂文。

We saw some of that happen over the last couple of years. And so we have our head in the sand if we said we didn't maybe give a little bit of that back. But when we look at what we did during the pandemic versus mass retail, when we talk to our store team members and we look at our CSAT scores and we look at customer data and what customers are telling us, most of that, what we gain, we continue to see is very sticky.

我們在過去幾年中看到了其中一些情況的發生。因此，如果我們說我們沒有回饋一點點，那我們就只能埋頭苦幹了。但是，當我們看看我們在大流行期間與大眾零售相比所做的事情時，當我們與商店團隊成員交談時，我們查看我們的CSAT 分數，我們查看客戶數據以及客戶告訴我們的內容時，其中大部分是我們獲得的，我們繼續看到是非常黏的。

Customers continue to tell us that curbside has worked very well for them, Buy Online, Pick Up In-Store continuing to not have to go get stuck in a big parking lot going into a big box versus being able to get into our neighborhood store in and out, professional pats people trusted advice. So we continue to have a lot of confidence, but the majority of that was sticky.

顧客繼續告訴我們，路邊對他們來說非常有效，在線購買，店內取貨仍然不必陷入大停車場進入大盒子，而不是能夠進入我們附近的商店進出，專業人士拍拍值得信賴的建議。因此，我們仍然充滿信心，但其中大部分是黏性的。

Those folks are always going to sell commodities. They're always going to be very sharply priced, but we continue to have confidence in our ability to overcome that with our with our service model in our smaller box.

這些人總是要出售商品。它們的價格總是非常昂貴，但我們仍然相信我們有能力透過我們的小盒子中的服務模式來克服這個問題。

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

我們已經到達了規定的提問時間。現在我將把電話轉回給布拉德貝克漢先生做總結發言。

Thank you, Ali. 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 third quarter.

謝謝你，阿里。在今天的電話會議結束時，我們要感謝整個 O'Reilly 團隊在第三季的持續辛勤工作和對客戶的奉獻。

I would like to thank everyone for joining our call today, and we look forward to reporting our fourth quarter and full year results in February. Thank you.

我要感謝大家今天加入我們的電話會議，我們期待在二月報告我們的第四季和全年業績。謝謝。

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

謝謝。今天的電話會議到此結束。此時您可以斷開線路，祝您有個愉快的一天，我們感謝您的參與。