O'Reilly Automotive Inc (ORLY) 2025 Q1 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc., first-quarter 2025 earnings call. My name is Matthew, and I will be your operator for today's call. (Operator Instructions)

歡迎參加 O'Reilly Automotive, Inc. 2025 年第一季財報電話會議。我叫馬修，今天電話的接線生將由我來接聽。（操作員指示）

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

我現在將電話轉給傑里米·弗萊徹，弗萊徹先生，您可以開始。

Thank you, Matthew. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our first-quarter 2025 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，馬修。大家早安，感謝大家的收看。在今天的電話會議中，我們將討論 2025 年第一季的業績以及今年剩餘時間的展望。在我們準備好的評論之後，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, or similar words. The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest annual report on Form 10-K for the year ended December 31, 2024, and other recent SEC filings. The company assumes no obligation to update any forward-looking statement made during this call.

在我們今天早上開始之前，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》中關於前瞻性陳述的安全港條款的保護，並且我們要求受到該條款的保護。您可以透過前瞻性詞語（例如估計、可能、可以、將、相信、預期、會、考慮、應該、預期、預計、計劃、打算或類似詞語）來識別這些陳述。由於公司截至 2024 年 12 月 31 日的最新 10-K 表年度報告以及其他近期向美國證券交易委員會提交的文件中描述的幾個重要因素，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中所做的任何前瞻性聲明的義務。

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

現在，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 first-quarter conference call. Participating on the call with me this morning are Brent Kirby, our President; and Jeremy Fletcher, our Chief Financial Officer. Greg Henslee, our Executive Chairman, and David O'Reilly, our Executive Vice Chairman, are also present on the call.

謝謝，傑里米。大家早安，歡迎參加 O'Reilly Auto Parts 第一季電話會議。今天早上與我一起參加電話會議的還有我們的總裁布倫特·柯比 (Brent Kirby)；以及我們的首席財務官傑里米·弗萊徹 (Jeremy Fletcher)。我們的執行主席 Greg Henslee 和執行副主席 David O'Reilly 也出席了電話會議。

I'd like to begin today by thanking our over 93,000 team members for the hard work they put in during the first quarter to continue our track record of profitable growth, delivering a solid start to 2025. We held our annual leadership conference in January, and our theme and rally cry for this year is next level. Every single one of our leaders in every facet of our business are focused daily on how they can take their leadership, their ownership, and, in turn, our customer service and performance to the next level. It's incredible that O'Reilly has been a business for almost 70 years and the same fundamentals and next-level mindset that made our company successful in the early years are still what makes us great today.

今天，首先我要感謝我們超過 93,000 名團隊成員在第一季度的辛勤工作，使我們繼續保持盈利增長的記錄，為 2025 年帶來良好的開端。我們於一月份舉行了年度領導力會議，今年我們的主題和口號將更上一層樓。我們業務各個方面的每一位領導者每天都在關注如何提升他們的領導力、他們的主人翁精神，進而將我們的客戶服務和績效提升到一個新的水平。令人難以置信的是，O'Reilly 已經成立近 70 年，而早期讓我們公司取得成功的基本原則和更高層次的思維方式仍然讓我們今天變得偉大。

While I believe our people and our culture are truly world-class today, our team absolutely never settles for the status quo. I cannot be more grateful to work with the team that is always on the hunt for ways to improve, get better and take our company to the next level. Delivering excellent customer service and building top-notch teams to continue our company growing is not easy work, and I want to commend our team members for the pride they take in our company and the commitment they hold to being the best team in the business.

雖然我相信我們的員工和文化如今確實是世界一流的，但我們的團隊絕對不會滿足於現狀。我非常感激能夠與這個一直在尋找改進、進步和將公司推向新水平的團隊合作。提供優質的客戶服務和建立一流的團隊來推動公司不斷發展並非易事，我要讚揚我們的團隊成員對公司的自豪感以及他們致力於成為業內最佳團隊的承諾。

Now I'd like to start our discussion on the first quarter by walking through the details of our comparable store sales results. Our comp growth of 3.6% in the quarter was at the high end of our expectations, and we are pleased with the solid start to the year. Both sides of our business performed well relative to our expectations, and our professional business was the larger driver of our total comp results with a mid-single-digit comp consistent with our expectations and ongoing trends. DIY was positive for the quarter with a low single-digit comp, and we were pleased to see our comp outperformance being driven by strong ticket counts relative to our expectations on both sides of the business. Next, I want to give some color on the cadence of our sales results as we move through the quarter.

現在，我想透過介紹我們同店銷售業績的細節來開始我們對第一季的討論。本季我們的複合成長率為 3.6%，處於我們預期的高位，我們對今年的良好開局感到滿意。我們的業務的兩個方面都表現良好，相對於我們的預期，我們的專業業務是我們整體業績的更大推動力，其中等個位數的業績符合我們的預期和持續趨勢。本季 DIY 表現積極，年增率較低（個位數），我們很高興看到，相對於我們對業務雙方的預期，強勁的票數推動了我們的同比表現優異。接下來，我想介紹一下本季我們的銷售業績的變化節奏。

We've noted many times that our first quarter can be our most volatile with variability in our business resulting from the type and severity of winter weather and from the timing of the onset of spring. The timing and magnitude of individual income tax refunds can also be a factor impacting our results through much of February and into March. While our results for the quarter, as a whole, were strong, we did see the choppiness in our business that is characteristic of first quarter from these impacts. Winter weather in January was largely as expected, but moving into February, we experienced more mixed weather patterns and some delays in the distribution of tax refunds. As we entered the last week of February, tax refunds caught up and coincided with favorable spring weather moving into March that supported strong volumes on both sides of the business through the end of the quarter. March was our strongest month of the quarter, and we produced solid results thus far into April.

我們已經多次指出，第一季可能是我們業務最不穩定的季度，因為冬季天氣的類型和嚴重程度以及春季開始的時間會導致我們的業務發生變化。個人所得稅退稅的時間和金額也是影響我們二月大部分時間和三月業績的一個因素。雖然我們本季的業績整體強勁，但我們確實看到，由於這些影響，我們的業務出現了第一季特有的波動。一月份的冬季天氣基本上符合預期，但進入二月份，我們經歷了更複雜的天氣模式，退稅發放也出現了一些延遲。當我們進入二月的最後一周時，退稅已經趕上，並且與進入三月的有利春季天氣相吻合，這支持了本季度末業務雙方的強勁交易量。三月是我們本季表現最強勁的月份，截至四月，我們取得了穩健的業績。

On balance, we believe our underlying business and customer demand was steady throughout the quarter, and the month-to-month cadence is very much in line with what we would have expected given the weather we experienced and the timing of tax refunds. Although ticket count was the primary driver of our comp sales growth and outperformance in the quarter, average ticket was also a contributor to comps on both sides of the business. The dynamic of increasing complexity continues to be a stable driver of average ticket within our industry as better engineered and more complex parts continue to drive both higher product costs and resulting selling prices. Same SKU inflation was a minimal benefit on the quarter at less than 0.5%. This was slightly below our expectations on both sides of our business, primarily due to the normal puts and takes we see in rational competitive pricing in our industry.

總的來說，我們相信整個季度我們的基礎業務和客戶需求保持穩定，並且考慮到我們遇到的天氣和退稅時間，月度節奏與我們預期的非常一致。雖然票房數量是我們本季同店銷售成長和業績優異的主要驅動力，但平均票價也是業務雙方同店銷售額的貢獻因素。由於工程設計更精良、零件更複雜，導致產品成本和銷售價格不斷上漲，因此複雜性不斷增加的動態繼續成為我們行業平均票價的穩定驅動力。本季相同 SKU 通膨率僅帶來微小收益，不到 0.5%。這略低於我們對業務雙方的預期，主要是因為我們在行業中看到的合理競爭定價的正常收益和收益。

I will discuss our thoughts on tariff developments in a moment, but I will note the tariff-related price changes had a very minimal impact to same-SKU inflation in the first quarter. Looking to the remainder of the year, we are maintaining our full-year comparable store sales guidance of 2% to 4%. Now I'd like to spend a minute discussing what is driving our sales results and how we're thinking about what is ahead of us this year.

我稍後將討論我們對關稅發展的看法，但我要指出的是，與關稅相關的價格變化對第一季同SKU通膨的影響非常小。展望今年剩餘時間，我們維持全年同店銷售額成長 2% 至 4% 的預期。現在我想花一點時間討論一下推動我們銷售業績的因素以及我們對今年銷售前景的看法。

During the first quarter, weather-related categories performed well, and we continue to see strength in maintenance categories such as oil and filters as consumers are prioritizing the maintenance of their existing vehicles. We also continue to see pressure in discretionary categories in line with trends over the last few quarters and a continued indicator to us that consumers are being cautious in a period of economic uncertainty. We saw solid results in failure-related hard part categories, and our customers continue to prioritize products that are higher quality on the value spectrum. We believe we're in a market where consumers are placing a high value on investments in their existing vehicles and will continue to be motivated to avoid the significant cost and monthly payment burden that comes with a new or replacement vehicle. The combination of these factors puts us in a backdrop that we would characterize as favorable for the industry and for O'Reilly yet carries a high degree of uncertainty.

在第一季度，與天氣相關的類別表現良好，我們繼續看到機油和過濾器等維護類別的強勁表現，因為消費者優先考慮現有車輛的維護。我們也看到，非必需消費品類別持續面臨壓力，這與過去幾季的趨勢一致，並且持續顯示消費者在經濟不確定時期保持謹慎。我們在與故障相關的硬體零件類別中看到了可靠的結果，我們的客戶繼續優先考慮價值範圍內品質更高的產品。我們相信，在我們所處的市場中，消費者非常重視對現有車輛的投資，並將繼續努力避免購買新車或更換車輛所帶來的高額成本和每月付款負擔。這些因素的結合使我們處於對產業和 O'Reilly 有利但又帶有高度不確定性的環境中。

There are several factors, namely tariffs and the ongoing international trade deliberations that have the potential to impose significant challenges on the consumer. Within the first quarter, most of this uncertainty was in the headlines and had yet to make its way to anything we would characterize as notable impact to our day-to-day business. As such, we have not made changes to the key assumptions behind our original comparable store sales guidance range of 2% to 4% that we discussed on our call in February. Tariffs certainly have the potential to impact the same-SKU inflation assumptions we have inherent within our guide. However, the high degree of uncertainty surrounding the duration, magnitude and timing of potential tariffs coupled with the changes we have already seen to previously announced tariffs, prevent us from prudently forecasting the inflationary impacts.

有幾個因素，即關稅和正在進行的國際貿易審議，可能會給消費者帶來重大挑戰。在第一季度，大部分不確定性都成為頭條新聞，但尚未對我們的日常業務造成任何顯著影響。因此，我們沒有改變我們在 2 月電話會議上討論的最初可比店面銷售額預測範圍 2% 至 4% 背後的關鍵假設。關稅肯定有可能影響我們指南中固有的相同 SKU 通膨假設。然而，潛在關稅的持續時間、幅度和時間存在高度不確定性，再加上我們已經看到的先前宣布的關稅的變化，使我們無法謹慎預測通膨影響。

Additionally, we have not seen adverse impacts to consumers that could also come with rapid and sustained changes to the pricing environment, but we are cautious in our outlook given the broader uncertainties in the macroeconomic environment. Based on these considerations, we have maintained an unchanged sales guidance range that is supported by current business trends and volumes. Brent will cover the gross margin outlook during his prepared comments, but I will note that our margin outlook was developed under the same thought process. Over the long term, regardless of any potential for short-term disruptions in the broader macro environment, we stand by the fundamental drivers of our business, increasing miles driven on a growing and aging vehicle fleet by consumers that view transportation needs is critical to their day-to-day lives, provides a stable and supportive backdrop for our industry.

此外，我們尚未看到定價環境的快速持續變化可能對消費者產生不利影響，但鑑於宏觀經濟環境中更廣泛的不確定性，我們對前景持謹慎態度。基於這些考慮，我們維持了由當前業務趨勢和銷售指導的銷售指導範圍不變。布倫特將在其準備好的評論中介紹毛利率前景，但我要指出的是，我們的利潤率前景是在同樣的思維過程中形成的。從長遠來看，無論宏觀環境是否可能出現短期中斷，我們都堅持業務的基本驅動力，即增加不斷增長和老化的車輛的行駛里程，因為消費者認為交通需求對他們的日常生活至關重要，這為我們的行業提供了穩定和支持的背景。

While tariffs may take up a significant bandwidth in the news, our teams are focused on what they do best, and that is getting incrementally better in executing our business model every single day in every single store. We have the absolute expectation that our industry-leading service and availability will take market share against any market backdrop, and internally, we certainly don't allow for excuses if results don't meet expectations. We have confidence in our industry, and we know that even after years of sustained profitable growth as a company, we still own a small fraction of the total addressable share. We believe we still have a ton of opportunity, and we intend to take market share both aggressively and profitably.

雖然關稅可能會在新聞中佔據相當大的篇幅，但我們的團隊專注於他們最擅長的領域，那就是每天在每家商店逐步更好地執行我們的商業模式。我們絕對期望，無論在任何市場背景下，我們行業領先的服務和可用性都能佔據市場份額，而在內部，如果結果不符合預期，我們當然不會找藉口。我們對我們的行業充滿信心，我們知道，即使公司經過多年持續的獲利成長，我們仍然只佔有總可尋址份額的一小部分。我們相信我們仍然擁有大量的機會，我們打算積極且有利地佔領市場份額。

Before I wrap up, I wanted to also note that we are increasing our diluted earnings per share guidance to a range of $42.90 to $43.40. Our increase in EPS guidance is driven by our first quarter sales performance as well as a reduction in our expected tax rate and the impact of shares repurchased through the date of our earnings release yesterday. You might have also seen that we announced that our Board of Directors approved a 15:1 split of our common stock, subject to shareholder approval at our annual meeting this May. This would mark our fourth stock split in our company history, since going public in April of 1993 with our last split 20 years ago in 2005. Our primary motivation for a split, is to make our stock more accessible to our team members and enable them to acquire whole shares rather than fractions more readily through our employee stock purchase program.

在結束之前，我還想指出，我們將每股攤薄收益預期上調至 42.90 美元至 43.40 美元之間。我們上調每股收益預期的因素包括第一季的銷售業績、預期稅率的降低以及截至昨天發布收益時回購股票的影響。您可能還看到，我們宣布董事會批准將普通股以 15:1 的比例拆分，但須經今年 5 月年度股東大會批准。這是我們公司歷史上第四次股票分割，自 1993 年 4 月上市以來，上一次股票分割是在 2005 年，距今已有 20 年。我們拆分的主要動機是讓我們的團隊成員更容易獲得我們的股票，並使他們能夠透過我們的員工股票購買計劃更容易購買整股而不是零碎股票。

Our stock purchase plan has been an excellent way for our team members to share-in the success of O'Reilly, allowing full-time team members to begin purchasing stock at a discount right at the beginning of their career with the company.

我們的股票購買計劃是團隊成員分享 O'Reilly 成功的絕佳方式，允許全職團隊成員在公司職業生涯開始時以折扣價購買股票。

With the outstanding results our team has been able to achieve over the years and the corresponding growth in share price, we believe this is the right time to split our stock and encourage our team members to join in the next chapter of growth for O'Reilly.

鑑於我們團隊多年來取得的出色業績以及相應的股價成長，我們認為現在是拆分股票的最佳時機，並鼓勵我們的團隊成員加入 O'Reilly 的下一個成長篇章。

As I wrap up my prepared comments, I would like to once again thank Team O'Reilly for your hard work and commitment to excellent customer service with a solid start to 2025.

在我結束準備好的評論時，我想再次感謝 O'Reilly 團隊的辛勤工作和對卓越客戶服務的承諾，為 2025 年開了個好頭。

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 my comments this morning by congratulating Team O'Reilly on a solid start to 2025. Today, I will further discuss our first quarter gross margin and SG&A results and provide a quick update on our expansion and capital investments thus far in 2025. Starting with gross margin.

謝謝，布拉德。今天上午，我也想先祝賀奧萊利團隊在 2025 年取得了良好的開端。今天，我將進一步討論我們第一季的毛利率和銷售、一般及行政費用結果，並簡要介紹我們在 2025 年迄今為止的擴張和資本投資情況。從毛利率開始。

Our first quarter gross margin of 51.3% was a 12 basis point increase from the first quarter of 2024, which was in line with our expectations for the quarter. The acquisition cost environment remains stable. And as Brad noted, this is coupled with a rational pricing environment within the industry. Our first quarter gross margins were not materially impacted by the changing tariff environment. At this point in time, we have begun to see some cost flow through from the initial round of incremental tariffs on product from China, but there is still a very high degree of ambiguity as it pertains to the subsequently announced tariffs.

我們第一季的毛利率為 51.3%，比 2024 年第一季增加了 12 個基點，符合我們對本季的預期。收購成本環境維持穩定。正如布拉德所指出的，這與業界的合理定價環境相伴而生。我們第一季的毛利率並未受到關稅環境變化的重大影響。目前，我們已經開始看到對中國產品徵收首輪增量關稅所帶來的一些成本流轉，但對於隨後宣布的關稅，仍然存在很大的模糊性。

We are still working through negotiations with our suppliers and our team is working diligently to rapidly digest new information as it becomes available and respond accordingly.

我們仍在與供應商進行談判，我們的團隊正在努力快速消化新資訊並做出相應反應。

As Brad mentioned earlier, and similar to what we noted on our last call, at this stage, it is difficult to assess the exact timing, duration and magnitude of any tariff revisions that will occur and the way that suppliers, competitors and customers will respond to these changes. It is still our expectation that we will be able to work with our supplier partners to actively negotiate the level of any tariff-driven cost pressure, they pass through to us in order to mitigate the impact to our customers. In a similar fashion to how our industry and company has responded to previous tariff and other cost changes. We also continue to believe the demand in our industry is resilient because of the non-discretionary needs-based nature of the products that we sell. As such, we believe we will still be able to profitably earn our customers' business by delivering a strong value proposition, driven by our professional parts people and our industry-leading parts availability, even in an environment of rising prices.

正如布拉德之前提到的，與我們上次電話會議中提到的類似，現階段很難評估任何關稅修訂的具體時間、持續時間和幅度，以及供應商、競爭對手和客戶將如何應對這些變化。我們仍然期望能夠與我們的供應商合作夥伴合作，積極協商任何關稅驅動的成本壓力水平，並將其轉嫁給我們，以減輕對我們客戶的影響。這與我們的行業和公司對先前的關稅和其他成本變化的反應類似。我們也繼續相信，由於我們銷售的產品具有非自由支配需求的性質，因此我們行業的需求具有彈性。因此，我們相信，即使在價格上漲的環境下，我們仍然能夠透過提供強大的價值主張，以我們的專業零件人員和業界領先的零件供應為動力，為我們的客戶贏得利潤。

Ultimately, we are confident in our ability to manage effectively through this period of uncertainty and believe that rational pricing will persist within our industry. We also have more flexibility than ever in our company's history and how we manage our supply chain and where we source our products. As we have previously stated, approximately 1/4 of our products are sourced from China, and we have continued to reduce this percentage over the last several years. Given the uncertainties surrounding current trade deliberations, we would not anticipate significant country of origin changes in our sourcing in the near term. However, we will continue to work closely with our supply chain partners to evaluate the most optimal strategic path forward.

最終，我們有信心能夠有效地度過這段不確定的時期，並相信我們行業將保持合理的定價。我們在公司歷史上以及在管理供應鏈和產品採購方面也比以往任何時候都更加靈活。正如我們之前所說，我們的產品約有四分之一來自中國，過去幾年我們一直在降低這一比例。鑑於當前貿易談判的不確定性，我們預計短期內我們的採購原產國不會發生重大變化。但是，我們將繼續與我們的供應鏈合作夥伴密切合作，以評估最優的前進策略路徑。

We have always been active managers of our supply chain in partnership with our supplier community, and we will work diligently to ensure that there is no barrier to us maintaining our inventory advantage that continues to position us as the industry leader in parts availability.

我們始終與供應商社群合作，積極管理我們的供應鏈，並將努力確保我們保持庫存優勢，繼續保持我們作為零件供應行業的領導者的地位。

Factoring in these considerations, we are maintaining our 2025 full-year gross margin guidance range of 51.2% to 51.7%, in line with Brad's discussion on our comp sales guidance, this reiterated guidance does not forecast any discrete impacts for varying tariff scenarios that may yet play out.

考慮到這些因素，我們將 2025 年全年毛利率指導範圍維持在 51.2% 至 51.7% 之間，這與 Brad 對我們的可比銷售指導的討論一致，這一重申的指導並未預測可能出現的不同關稅情景的任何離散影響。

Turning to SG&A. Our first quarter average SG&A per store growth of 4.1% was above our expectations. As compared to those expectations, the pressure to SG&A was driven in part by team member payroll and benefit costs, reflecting variable spend on the sales results in the quarter and enhancements to store level pay plans as well as some pressure in the quarter from medical plan cost. We also saw some cost pressure driven by maintenance and occupancy expenses resulting from normal wear and tear to our stores during the winter months that outran our forecasts. Our spend in the first quarter puts us on track to finish at the high end of our 2% to 2.5% full year guidance range for average SG&A per store growth.

談到銷售、一般及行政費用 (SG&A)。我們第一季每家店的平均銷售、一般及行政費用成長率為 4.1%，高於我們的預期。與這些預期相比，銷售、一般和行政費用的壓力部分來自團隊成員的工資和福利成本，反映了本季度銷售業績的變動支出和商店級薪酬計劃的增強，以及本季度醫療計劃成本帶來的一些壓力。我們還發現，由於冬季商店的正常磨損導致維護和占用費用超出了我們的預期，從而帶來了一些成本壓力。我們第一季的支出使我們有望實現全年每家店平均銷售、一般及行政開支增長 2% 至 2.5% 的指導範圍的高端。

On a quarterly basis for the remainder of the year, we are leaving our SG&A expectations unchanged, and we continue to expect to run approximately 2.5% to 3% in the second and third quarter, but will be below the full year rate in the fourth quarter as we compare against the charge that we recognized for self-insured auto liability in the fourth quarter of 2024.

今年剩餘時間的季度數據，我們維持銷售、一般及行政費用 (SG&A) 預期不變，並繼續預計第二季度和第三季度的增長率約為 2.5% 至 3%，但與我們在 2024 年第四季度確認的自保汽車責任費用相比，第四季度的增長率將低於全年增長率。

While we view some of the SG&A pressure in the first quarter to be temporary and aren't changing our outlook for the remainder of the year, we are cognizant of the potential for incremental impacts to our cost structure, should we see an accelerated inflationary environment more broadly in the economy. As always, we will diligently manage our SG&A spend to match business trends and the market share growth that we are driving in our stores, and will not overcorrect in the short term in any way that would impact, our high standard for providing excellent customer service. Based on our SG&A expectations and projected gross margin range, we continue to expect our full year operating profit to come within our guidance range of 19.2% to 19.7%.

雖然我們認為第一季的部分銷售、一般及行政費用壓力是暫時的，並且不會改變我們對今年剩餘時間的展望，但我們意識到，如果我們看到經濟中更廣泛的通膨環境加速，我們的成本結構可能會受到增量影響。像往常一樣，我們將努力管理銷售、一般和行政費用，以適應業務趨勢和我們在門市中推動的市場份額增長，並且不會在短期內以任何方式過度糾正，從而影響我們提供優質客戶服務的高標準。根據我們的銷售、一般及行政費用預期和預計毛利率範圍，我們繼續預計全年營業利潤將在 19.2% 至 19.7% 的指導範圍內。

Inventory per store finished the quarter at $806,000, which was up 4.3% from this time last year and up just under 1% from the end of 2024. Inventory turns remained strong at 1.6 times as our teams work to continually enhance assortments by market. The tiered nature of our distribution network with regional DCs and hub stores allow us to hold broad coverage in every market that we serve, to provide the time-definite promise that is so critical when immediacy of need drives our delivery times to be measured in minutes, not hours. We are still projecting to increase our average inventory per store by 5% in 2025, and we are pleased with the inventory investments that we have made thus far.

本季每家商店的庫存為 806,000 美元，比去年同期增長 4.3%，比 2024 年底增長近 1%。由於我們的團隊不斷致力於根據市場增強產品分類，庫存週轉率仍保持在 1.6 倍的強勁水平。我們的分銷網絡具有分層特性，包括區域配送中心和中心商店，這使我們能夠廣泛覆蓋我們服務的每個市場，並提供按時交貨的承諾，當需求的緊迫性導致我們的交貨時間以分鐘而不是小時來計算時，這一點至關重要。我們仍計劃在 2025 年之前將每家商店的平均庫存增加 5%，並且我們對迄今為止所做的庫存投資感到滿意。

Lastly, to touch on our store growth and capital investments in the first quarter. We opened a total of 38 net new stores across the US and Mexico. Our new store performance continues to meet our high expectations, driven by the teams of professional parts people that we have behind the counter in every new store and the distribution capability to deliver the inventory availability that our customers expect from us. Capital expenditures in the first quarter were $287 million, and we still expect a total capital expenditure investment for 2025 of $1.2 billion to $1.3 billion.

最後，談談我們第一季的門市成長和資本投資。我們在美國和墨西哥共開設了 38 家新店。我們的新店業績繼續滿足我們的高期望，這得益於我們在每家新店櫃檯後配備的專業零件人員團隊以及提供客戶期望的庫存可用性的分銷能力。第一季的資本支出為 2.87 億美元，我們仍預期 2025 年的總資本支出投資為 12 億美元至 13 億美元。

The major projects behind this spend are on track, and we are excited about the growth opportunities ahead of us in all of our market areas.

此次支出背後的主要項目正在順利推進，我們對所有市場領域未來的成長機會感到興奮。

As I conclude my comments, I would like to thank the entire O'Reilly team for their hard work and dedication to starting the year right in 2025. And I look forward to the opportunities we have ahead of us this year, and I have full confidence in our team to take on any challenge that presents itself.

在結束我的評論時，我要感謝整個 O'Reilly 團隊的辛勤工作和奉獻精神，為 2025 年的順利開局做好準備。我期待今年我們面臨的機遇，並且我完全相信我們的團隊能夠應對出現的任何挑戰。

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 all of Team O'Reilly for their continued commitment to our company and our customers. Now we will fill in some additional details on our first-quarter results and outlook for the remainder of 2025.

謝謝，布倫特。我還要感謝 O'Reilly 團隊對我們公司和客戶的持續承諾。現在，我們將補充一些有關第一季業績以及 2025 年剩餘時間展望的更多細節。

For the first quarter, sales increased to $161 million, driven by a 3.6% increase in comparable store sales, and a $73 million non-comp contribution from stores opened in 2024 and 2025 that have not yet entered the comp base, partially offset by a 125-basis-point headwind to our total sales increase from one less selling day as a result of Leap Day in the first quarter of 2024. As a reminder, the impact from Leap Day is excluded from our comparable store sales. For 2025, we continue to expect our total revenues to be between $17.4 billion and $17.7 billion.

第一季度，銷售額增至 1.61 億美元，這得益於可比店銷售額增長 3.6%，以及 2024 年和 2025 年開設但尚未進入同店銷售額基數的門店貢獻了 7,300 萬美元的非同店銷售額，但因 2024 年第一季度大銷售額增長了 7,300 萬美元的非同店銷售額，但因 2024 年第一季度大銷售額而增長提醒一下，閏日的影響不計入我們的可比店鋪銷售額。到 2025 年，我們預計總收入仍將在 174 億美元至 177 億美元之間。

Our first-quarter effective tax rate was 21.3% of pretax income, comprised of a base rate of 23.2%, reduced by a 1.9% benefit for share-based compensation. This compares to the first quarter of 2024 rate of 21.9% of pretax income which was comprised of a base tax rate of 24.2% reduced by a 2.3% benefit for share-based compensation. Our first-quarter effective tax rate was below our expectations as a result of the benefit we realized from share-based compensation. For the full year of 2025, we now expect an effective tax rate of 22.4% comprised of a base rate of 23%, reduced by a benefit of 0.6% for share-based compensation. We expect the fourth quarter rate to be lower than the other three quarters due to the tolling of certain open tax periods. Also, variations in the tax benefit from share-based compensation can create fluctuations in our quarterly tax rate as we saw in the first quarter.

我們第一季的有效稅率為稅前收入的 21.3%，其中包括 23.2% 的基準稅率，減去 1.9% 的股權激勵收益。相較之下，2024 年第一季的稅前收入稅率為 21.9%，由 24.2% 的基本稅率減去 2.3% 的股權激勵收益組成。由於我們從股權激勵中獲得了收益，因此第一季的有效稅率低於我們的預期。對於 2025 年全年，我們目前預計有效稅率為 22.4%，包括 23% 的基準稅率，加上 0.6% 的股權激勵福利。由於某些開放稅期的中止，我們預期第四季的稅率將低於其他三個季度。此外，正如我們在第一季看到的那樣，股權激勵的稅收優惠的變化可能會導致我們的季度稅率波動。

Now we will move on to free cash flow and the components that drove our results. Free cash flow for the first quarter of 2025 was $455 million versus $439 million in 2024. The increase of $16 million was a result of modest working capital improvements, partially offset by higher capital expenditures. For 2025, our expected free cash flow guidance remains unchanged at a range of $1.6 billion to $1.9 billion.

現在我們將討論自由現金流和推動我們業績的因素。2025 年第一季的自由現金流為 4.55 億美元，而 2024 年為 4.39 億美元。1600 萬美元的增幅是由於適度的營運資本改善，但被更高的資本支出部分抵消。對於 2025 年，我們預期的自由現金流指引保持不變，仍在 16 億美元至 19 億美元之間。

I also want to touch briefly on our AP to inventory ratio. We finished the first quarter at 126%, which was down from 128% at the end of 2024, but slightly above our expectations. For 2025, we expect to see continued moderation resulting from our planned incremental inventory investment across our store and distribution network and currently expect to finish the year at a ratio of approximately 125%.

我還想簡單談談我們的應付帳款與庫存比率。第一季的業績表現為 126%，低於 2024 年底的 128%，但略高於我們的預期。到 2025 年，我們預計庫存投資將繼續放緩，這得益於我們計劃在門市和分銷網絡增加庫存投資，目前預計今年的庫存投資比例將達到約 125%。

Moving on to debt. We finished the fourth quarter with an adjusted debt-to-EBITDA ratio of 2.03 times as compared to our end of 2024 ratio of 1.99 times with a modest increase in adjusted debt partially offset by EBITDAR growth. We continue to be below our leverage target of 2.5 times and plan to prudently approach that number over time. We also completed the renewal of our revolving credit facility at the end of the first quarter, which extended the maturity for an additional five years and upsized the facility to $2.25 billion. We appreciate the support of our bank partners and believe this sizing provides the appropriate amount of liquidity for our business.

繼續討論債務。在第四季末，我們的調整後負債與 EBITDA 比率為 2.03 倍，而 2024 年底的比率為 1.99 倍，調整後債務略有增加，但被 EBITDAR 成長部分抵銷。我們的槓桿率仍然低於 2.5 倍的目標，並計劃隨著時間的推移謹慎地接近這一數字。我們也在第一季末完成了循環信貸額度的續簽，將期限延長了五年，並將額度增加到 22.5 億美元。我們感謝銀行合作夥伴的支持，並相信這種規模為我們的業務提供了適當的流動性。

We continue to be pleased with the execution of our share repurchase program, and during the first quarter, we repurchased 431,000 shares at an average share price of $1,297 for total investment of $559 million. We remain very confident that the average repurchase price is supported by the expected discounted future cash flows of our business, and we continue to view our buyback program as an effective means of returning excess capital to our shareholders.

我們對股票回購計畫的執行情況感到滿意，第一季度，我們以平均每股 1,297 美元的價格回購了 431,000 股，總投資額為 5.59 億美元。我們仍然非常有信心，平均回購價格受到我們業務預期折現未來現金流的支持，我們繼續將回購​​計劃視為向股東返還過剩資本的有效手段。

As a reminder, our EPS guidance, as Brad outlined earlier, includes the impact of shares repurchased through this call but does not include any additional share repurchases. Before I open up our call for your questions, I would like to thank our team for their hard work and dedication to start 2025.

提醒一下，正如布拉德之前概述的那樣，我們的每股盈餘指引包括透過此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。在開始回答大家的問題之前，我想感謝我們的團隊為迎接 2025 年所付出的辛勤工作和奉獻精神。

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

我們的準備評論到此結束。現在，我想請接線員馬修回到線路上，我們很樂意回答您的問題。

(Operator Instructions) Michael Lasser, UBS.

（操作員指示）瑞銀 (UBS) 的 Michael Lasser。

Understanding that it's a very fluid situation. If you simply ramp the tariffs that are in existence today, through the rest of the year. What would the potential impact on your sales and earnings be as it stands? And how much price do you think you would be able to pass along in a scenario where tariffs even close to this level persist for the foreseeable future?

了解這是一個非常不穩定的情況。如果你只是簡單地提高目前存在的關稅，那麼在今年剩餘時間內就會如此。目前，這會對您的銷售和收益產生什麼潛在影響？如果關稅在可預見的未來持續保持接近這個水平，您認為您能夠轉嫁多少價格？

Thanks for the question. This is Brad. I'll start off and then kick it over to Brent to talk about some of the pieces as it relates to tariff, gross margins and top line and all the things you covered there.

謝謝你的提問。這是布拉德。我將首先討論並與關稅、毛利率和營業收入相關的一些問題，以及您在那裡討論的所有內容。

So first and foremost, we're extremely proud of our merchandise team, and they put a really great playbook in place back in 2016 that we ran to date through the pandemic, a lot of inflation flowing through and we couldn't have more confidence in our industry and our ability to play from a position of strength, non-discretionary needs-based business and our such amazing supply chain and obviously, our professional parts people. Fluid is the right word, Michael. I like that a lot. That's kind of how we're thinking about it. This is day-to-day, week-to-week, month-to-month, and the challenge a little bit with the way you framed it up is that extrapolating out what that would mean today has been different last week.

因此，首先，我們對我們的商品團隊感到非常自豪，他們在 2016 年制定了一套非常棒的策略，我們迄今為止一直在執行，度過了疫情和大量通貨膨脹，我們對我們的行業和我們憑藉實力、非自由支配的需求型業務、我們如此出色的供應鏈以及顯然我們的專業零件人員的能力充滿信心。流暢是正確的詞，麥可。我非常喜歡這個。我們就是這麼想的。這是每天、每週、每月發生的事情，而按照你的方式構建它所帶來的一點挑戰是，推斷出今天的含義與上周有所不同。

It could be different next week. And so that's a little bit of a challenge. But I'll kick it over to Brent to talk about some of the detail of how we're thinking about that.

下週情況可能會有所不同。所以這是一個有點挑戰的事情。但我會讓布倫特來談談我們對此的一些細節看法。

Yes. Michael, thanks for the question, and it's a logical question. I think the challenge with answering it explicitly, is really some of the moving pieces that still exist. If you think about the fact that we've got this 90-day pause on reciprocal tariffs that's out there. You think about there's a layer in between there where there's an exemption for automotive parts that's been given, and our team, to Brad's point, our merchandise team is working diligently with our supplier base as well to really understand the codes with the products that are exempt under that automotive exemption versus those that aren't.

是的。邁克爾，謝謝你的提問，這是一個合乎邏輯的問題。我認為明確回答這個問題的挑戰實際上是一些仍然存在的變動因素。如果你考慮到我們已經暫停了 90 天的互惠關稅這一事實。您可以想像一下，在這兩者之間有一個層級，其中對汽車零件給予了豁免，而我們的團隊，正如布拉德所說，我們的商品團隊正在與我們的供應商群體密切合作，以真正了解根據汽車豁免規定獲得豁免的產品與不獲得豁免的產品的代碼。

And there's not been a lot of scrutiny on some of those harmonized tariff schedule codes until this point. And now there's obviously a lot within the industry for all those reasons.

到目前為止，一些協調關稅表代碼還沒有受到嚴格的審查。現在，由於上述種種原因，業界顯然存在許多問題。

So there's a level and a layer of automotive parts, especially from China, that's going to be -- that's going to have some exclusion and have a 25% additional rate versus that reciprocal tariff rate. There's still some debate there on what is going to be in that layer and what's not going to be a net layer. And our team is working with our industry association, our industry association is working with the administration to help them better understand it, because in some cases, as with things -- government sometimes, there's a lack of understanding of the details of something like this. And then once the industry gets involved, there becomes a better understanding, working with government. So all of that is playing out right now.

因此，汽車零件，特別是來自中國的汽車零件，將有一個層面和層次，將會受到一定程度的排除，並且與互惠關稅稅率相比，將有 25% 的附加稅率。關於該層中將包含什麼以及什麼不會成為網路層，仍然存在一些爭論。我們的團隊正在與行業協會合作，行業協會正在與政府合作，幫助他們更好地理解這一點，因為在某些情況下，就像政府有時對此類事情的細節缺乏了解。一旦產業參與進來，就會與政府更好地合作、更好地理解。所以所有這一切現在都在發生。

So it's really wouldn't be prudent to share a number right now because that number, whatever that number would be today is going to change when it's all said and done.

因此，現在分享一個數字確實是不明智的，因為這個數字，無論今天的數字是多少，在一切都說完之後都會改變。

What I can tell you, though, I have extreme confidence in our team, the work that they're doing. I have extreme confidence in our industry and the resiliency of it in times like this. And I just feel like that we're well positioned no matter where we end up with this to be in a good place with our suppliers, with our customers and the resiliency of our industry.

不過，我可以告訴你，我對我們的團隊和他們所做的工作非常有信心。我對我們的行業及其在這種時期的韌性充滿信心。我只是覺得，無論最終結果如何，我們都處於有利地位，能夠與我們的供應商、客戶以及產業的彈性保持良好關係。

Michael, just lastly, maybe on that. As always, our goal is going to be to -- do everything we can to maintain rate. It's yet to be seen. Totally, where the true health of the consumer is. I think that, again, is yet to be seen.

邁克爾，最後，也許就這一點而言。像往常一樣，我們的目標是——盡一切努力保持速度。這還有待觀察。完全正確，消費者的真正健康就在這裡。我認為，這還有待觀察。

We're still positive, but we're going to continue to work hard to make sure that we're taking great market share, doing it effectively, holding our suppliers accountable. We've got a lot of great partners. We're still negotiating through a lot of that, and we feel like we're going to be in a good position. We feel like our industry is going to be in a good position, but we also like how we're positioned as well.

我們仍然保持樂觀，但我們將繼續努力，確保我們佔據較大的市場份額，有效地做到這一點，並讓我們的供應商承擔責任。我們有很多優秀的合作夥伴。我們仍在就許多問題進行談判​​，我們感覺我們將處於有利地位。我們覺得我們的產業將會處於良好的地位，但我們也喜歡我們的定位。

My quick follow-up is that O'Reilly historically has been the premium service player and not the low-cost provider. Does that put O'Reilly at a disadvantage in an era of what could be hyper inflation within the category? And would there be any consideration to evolving that strategy? Given what is possible.

我的後續問題是，O'Reilly 一直是優質服務供應商，而不是低成本提供者。在這個類別可能出現惡性通貨膨脹的時代，這是否會使奧萊利處於不利地位？是否會考慮改進這項戰略？給出可能的情況。

Michael, this is Brent. I can start on that. I think it's a good question, a fair question. What I would tell you though, and when you think about the landscape of everything you're talking about is, we see ourselves in this industry as a share gainer. And we feel like a lot of our supplier partners see us as share gainer as well, and they want to partner with us because they see us that way.

邁克爾，這是布倫特。我可以開始做這件事。我認為這是一個好問題，一個公平的問題。不過，我想告訴你的是，當你思考你所談論的一切的前景時，我們認為自己是這個行業的份額贏家。我們覺得許多供應商合作夥伴也將我們視為市場份額的獲得者，並且他們希望與我們合作，因為他們是這樣看待我們的。

Now listen, we got to earn that every day with our customers, our team members, every transaction, we don't never take that for granted, but we are absolutely focused on continuing to grow, continue to gain share with the backdrop of a very rational and a very resilient industry.

現在聽著，我們每天都要與我們的客戶、我們的團隊成員、每一筆交易一起贏得這一點，我們永遠不會認為這是理所當然的，但我們絕對專注於繼續成長，在非常理性和非常有彈性的行業背景下繼續獲得份額。

So I would tell you that, I feel like where we're positioned with our high service, high touch, high availability puts us probably in a better negotiating position as it relates to the things you're talking about than a lesser negotiating position.

所以我想告訴你，我覺得我們的高服務、高接觸、高可用性使我們在與你談論的事情相關的談判中處於更有利的地位，而不是較差的地位。

Yes. And Michael, this is Brad. The other thing I'd say directly to what you -- the way you frame that up is, our pricing profiles today on both sides of the business are extremely competitive. When I started this business back in the '90s, when we were less of a DIY supplier and still really better at the professional side, the DIFM side of the business, that -- the way you framed it up would have been more of the case. But as we became a national player and operate in all the markets we do, we are extremely competitive.

是的。邁克爾，這是布拉德。我想直接回答您的另一件事——您這樣表述是，我們目前在業務雙方的定價方面都極具競爭力。當我在 90 年代開始這項業務時，我們還不是 DIY 供應商，而是在專業方面、DIFM 業務方面做得更好，那種情況 - 您所描述得更符合實際情況。但隨著我們成為全國性企業並在所有市場開展業務，我們的競爭力變得非常強。

On the DIY side, the retail side, that business is more transparent. We have and need to be competitive, especially with all our brick-and-mortar retailers. And on the Professional side, we couldn't feel better about the way we're positioned from a pricing standpoint.

在 DIY 方面、零售方面，業務更加透明。我們已經具備競爭力，而且需要保持競爭力，尤其是與我們所有的實體零售商相比。在專業方面，從定價的角度來看，我們對我們的定位感到非常滿意。

We're always going to do everything we can to have a premium there because, frankly, our professional parts people and our industry-leading supply chain allow us to do so. That said, everything we've been through the last many years with our professional pricing initiative, in the way that we use data and science along with the street view of how we need to be from a competitive pricing standpoint. I just -- the way you framed it up, I don't think that's the case. I think we're going to be playing from a position of strength. I feel good about our pricing.

我們將始終竭盡全力在那裡獲得溢價，因為坦白說，我們的專業零件人員和業界領先的供應鏈使我們能夠做到這一點。也就是說，過去多年以來，我們透過專業定價計畫經歷了各種變化，我們利用數據和科學，並從競爭性定價的角度了解我們需要如何做。我只是——按照你的說法，我不認為事實是如此。我認為我們將以強勢姿態參賽。我對我們的定價感到滿意。

And I feel like even if that was the case to some degree, the offsets are going to come in weaker players in the industry, the complexity of things coming down the pipe for some of the independent side of things, and we feel really good about that.

而且我覺得，即使情況在某種程度上確實如此，抵消措施也將來自行業中實力較弱的參與者，以及一些獨立方面的事情的複雜性，我們對此感到非常高興。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

So Brad, the last couple of years O'Reilly has invested a lot into SG&A, and you presented again with this unique moment, your share gains have been solid. Balance sheet is good, and your buying leverage has got to be among the best in the industry. I wanted to take your temperature on the debate if you're having any about ramping up SG&A spend and then even handling tariffs to lean in a little bit on price to push the market share. Is that even a thought or are you just trying to manage the environment as best as you can right now?

所以布拉德，過去幾年奧萊利在銷售、一般和行政費用方面投入了大量資金，而你又在這個獨特的時刻出現，你的股票收益一直很穩健。資產負債表良好，而且您的購買槓桿必須是行業中最好的。如果您對增加銷售、一般和行政費用 (SG&A) 支出，甚至處理關稅以稍微降低價格來提高市場份額有任何疑問，我想了解一下您對這場辯論的看法。這是一個想法嗎，還是你只是想盡力管理好現在的環境？

Yes. Thanks, Simeon. It's more of the latter. Maybe to take the SG&A piece first. Listen, we are somewhat disappointed with our SG&A performance in the first quarter.

是的。謝謝，西緬。更多的是後者。也許應該先考慮銷售、一般及行政費用 (SG&A) 部分。聽著，我們對第一季的銷售、一般及行政開支表現有些失望。

We were just out with our guidance a couple of months ago, and sometimes models don't get exactly right from quarter-to-quarter based upon how we see it internally. So there's a little bit of that. But we were somewhat disappointed with our SG&A performance in the quarter. Our team takes great pride in managing every detail of SG&A., and we still feel good as we mentioned in our prepared comments, Simeon, about the way that we laid out our cadence of SG&A.

幾個月前我們剛發布了我們的指導，有時根據我們內部的看法，每個季度的模型並不完全正確。所以有一點這樣的情況。但我們對本季的銷售、一般及行政開支表現有些失望。我們的團隊對管理銷售、一般和行政費用 (SG&A) 的每個細節感到非常自豪，正如我們在準備好的評論中提到的那樣，西緬，我們對製定銷售、一般和行政費用 (SG&A) 節奏的方式仍然感到滿意。

We wanted to be transparent that the way we're thinking about it is the high end of our SG&A guidance range for the full year. And as Brent pointed out earlier, basically for Q2 and Q3, we're going to be at that 2.5% to 3% range and then less than that in the fourth quarter, part of that being the self-insurance charge comparison. So we don't want anybody to see this as yet an additional cycle from an SG&A spend standpoint. We feel really good about our guidance. We feel good about our plan, and we're going to make sure we manage diligently the remainder of the year and make sure that we come into expectations, and really, our team did a good job in the first quarter.

我們希望明確地表明，我們對此的考慮是我們全年銷售、一般及行政費用指導範圍的高端。正如布倫特之前指出的那樣，基本上在第二季度和第三季度，我們的成長率將處於 2.5% 到 3% 的範圍內，而在第四季度，成長率會低於這個水平，部分原因是自保費用比較。因此，我們不希望任何人從銷售、一般和行政費用支出的角度將此視為另一個週期。我們對我們的指導感到非常滿意。我們對我們的計劃感到滿意，我們將確保在今年剩餘時間內認真管理，並確保達到預期，事實上，我們的團隊在第一季做得很好。

We had a couple of things that popped up, nothing alarming, nothing that our team necessarily mismanaged. Brent called out that we had a minor change in the way that we compensate our store managers. We had an enhancement to that pay plan, that resulted in just a timing issue. That's not a big deal that will flush out in the remainder of the year. And to Brent's point earlier, had a little bit of maintenance and occupancy cost things that again, just a little bit of timing, but also some things we can always manage better.

我們遇到了一些問題，但沒有什麼值得擔心的，也不一定是我們的團隊處理不當。布倫特大聲說，我們對店長薪酬方式做了一些小調整。我們對薪酬計畫進行了改進，但結果只是出現了時間問題。這不是什麼大問題，在今年剩餘時間內就會解決。正如布倫特之前提到的，維護和佔用成本確實有一點問題，這只是時間問題，但有些事情我們總是可以管理得更好。

And then on the tariff side, in terms of pricing, really, for what we've seen so far this year, Simeon, continue to see a very rational environment. As the kind of the Q1 wrapped up and we get into Q2, continue to see what you would expect. It's still a little bit early to tell what's being pushed through. But there's no plans to invest in price in terms of the way you ask that.

然後在關稅方面，就定價而言，就我們今年迄今為止所看到的情況而言，西蒙繼續看到一個非常合理的環境。隨著第一季的結束，我們進入第二季度，請繼續關注您的預期。現在判斷將會推進什麼還為時過早。但就您所問的而言，沒有投資價格的計劃。

Okay. Now a follow-up on inventory. I remember in the COVID period, you got ahead of inventory. You had a better position and you're able to take share. In light of industry conditions, which could get better, because of the price of a new vehicle and the demand will go up to keep a nuke on the road.

好的。現在對庫存進行跟進。我記得在疫情期間，你的庫存領先其他公司。您的地位更佳，能夠分得一杯羹。鑑於行業狀況可能會變得更好，因為新車的價格和需求將會上升，以保持核動力繼續行駛。

Anything you're changing with inventory and anything related to expectations for industry growth for the year?

您對庫存有什麼改變嗎？您對今年的產業成長預期有什麼改變嗎？

No. Simeon, this is Brent. I would tell you, no. In terms of inventory, our goal is to have the best parts availability in every market that we operate in and our teams are -- have been committed to that, through COVID and ever since. And I would tell you, when you look at our fill rates and in-stock performance, it's the highest it's been since pre-COVID in Q1, and we don't have any anticipation of changing the focus there.

不。西緬，這是布倫特。我會告訴你，不是的。在庫存方面，我們的目標是在我們運營的每個市場中都擁有最好的零件供應，並且我們的團隊一直致力於此，無論是在 COVID 期間還是從那時起。我想告訴你，當你查看我們的填充率和庫存表現時，你會發現這是自第一季疫情爆發之前以來的最高水平，而且我們並不打算改變這一重點。

Yes. And I think maybe just to wrap that up, Simeon, with disruption or without disruption, we couldn't feel better about our investments in inventory. We've been pouring into this for a long time. It's a competitive strength of ours. We're going to continue to make sure it's a competitive strength to Brent's point, in every single market.

是的。我想也許只是為了總結一下，西緬，無論有沒有中斷，我們對庫存的投資都不會感到更放心。我們為此已經投入了很長時間。這就是我們的競爭優勢。我們將繼續確保它在每個市場都具有布倫特所說的競爭優勢。

We're going to continue to run our playbook when it comes to new DCs, upgrading our distribution centers, hub stores. And really, most importantly, every spoke store having the right inventory deployed exactly where it needs to be. And our teams are doing a really great job doing that in a disciplined way. So we're going to continue to invest in inventory, obviously, do it in a disciplined way.

在建立新的配送中心、升級我們的配送中心和樞紐商店時，我們將繼續執行我們的策略。事實上，最重要的是，每家輻條店都將正確的庫存部署到需要的地方。我們的團隊以嚴謹的方式出色地完成了這項工作。因此，我們將繼續投資庫存，顯然，將以有紀律的方式進行。

Greg Melich, Evercore.

格雷格·梅利奇（Greg Melich），Evercore。

I wanted to (inaudible) competitive environment and particularly store closures from (technical difficulty) and just disruption with independents. So do you see the M&A opportunity shifting? Or is this a good time to ramp investments that you have planned in the pipeline?

我希望（聽不清楚）競爭環境，特別是因（技術困難）而導致的商店關閉以及獨立企業的中斷。那麼，您是否看到併購機會正在轉變？或者這是增加您計劃中的投資的好時機嗎？

You cut out a couple of times, but I think we picked everything up. So yes, competitive landscape, Greg, it's -- not a lot has changed. It's a competitive market out there. We have a lot of big competitors. They continue to do an amazing job from an execution standpoint.

您切斷了幾次，但我認為我們都掌握了所有內容。是的，格雷格，競爭格局並沒有太大變化。這是一個競爭激烈的市場。我們有很多強大的競爭對手。從執行的角度來看，他們繼續做得非常出色。

We have some struggling competitors. Landscape really continues to be pretty much how we've talked about it in terms of the other big three, as well as the strong independents, there's some mediocre independents and then some independents that are struggling that is always an opportunity. I think from a disruption in terms of what you asked about in terms of one competitor, really it's still a little bit early to tell in terms of store closures.

我們有一些苦苦掙扎的競爭對手。實際情況與我們之前談論的其他三大航空公司以及強大的獨立航空公司的情況基本一致，也有一些平庸的獨立航空公司，還有一些苦苦掙扎的獨立航空公司，但這始終是一個機會。我認為，從您所問的某個競爭對手造成的干擾來看，現在就關閉商店而言，確實還為時過早。

I know we've said that for a couple of quarters here, but the reality is the way we understand that a lot of those wrapped up kind of toward the tail end of Q1, and we know there's going to be something there, but we just want to continue to temper that, knowing that those volumes were really low, and some of that may not be addressable or things that we want at our margin profile. That said, Jason Terrance teams, our store operations teams and all our support teams from the distribution centers and the corporate office are doing everything in our power to make sure, in a jump-ball that we're out there calling on those customers, understanding who they are, DIY and DIFM. And so obviously, we're going to work very hard to turn any of that share into O'Reilly share, again, just tempered with -- we don't know how material that's going to be, and it's going to probably take another quarter or two to really see how that plays out. We don't want to misspeak to that.

我知道我們已經說了幾個季度了，但事實是，我們了解到很多事情在第一季末就已經結束了，我們知道會有一些事情發生，但我們只是想繼續緩和這種情況，因為我們知道這些交易量真的很低，其中一些可能無法解決，或者不是我們想要的利潤率。話雖如此，Jason Terrance 團隊、我們的商店營運團隊以及來自配送中心和公司辦公室的所有支援團隊都在竭盡全力，確保我們能夠及時聯繫到這些客戶，了解他們是誰、DIY 和 DIFM。因此，顯然，我們將非常努力地將這部分份額轉化為 O'Reilly 的份額，同樣，只是會有所調整——我們不知道這將會有多大的實際意義，而且可能還需要一兩個季度才能真正看到結果如何。我們不想誤解這一點。

And then on the M&A front, Greg, yes, I mean M&A continues to be an opportunity for us. When I think about it, especially as we start to really fill in the kind of the upper mid-Atlantic and getting into New York City and all those type markets. We feel there's going to continue to be solid opportunities from an M&A standpoint. It's probably going to be more in the context of kind of onesies and twosies and then maybe some smaller chains that have five, six, seven stores. Don't know that there's anything large in material in those markets, but kind of yet to be seen.

然後在併購方面，格雷格，是的，我的意思是併購對我們來說仍然是一個機會。當我想到這一點時，特別是當我們開始真正填補中大西洋上游地區並進入紐約市和所有這類市場時。我們認為，從併購的角度來看，仍將存在穩固的機會。它可能更多是針對那種連身衣和兩件套衣服的情況，也可能是針對一些擁有五、六、七家商​​店的小型連鎖店。不知道這些市場上是否有什麼大型材料，但還有待觀察。

But yes, we're staying opportunistic in terms of kind of the last two subjects put together, there's been some opportunities to change some jobbers over to our Park City program. It's been pretty small. Then a couple of onesies and twosies type opportunities to tuck-in kind of spread across the country from that disruption, and we're going to continue to look for those opportunities.

但是的，就最後兩個主題而言，我們保持了機會主義的態度，有一些機會可以將一些臨時工轉移到我們的帕克城計劃中。它非常小。然後，一些類似的、可以從中獲利的機會在全國蔓延開來，我們將繼續尋找這些機會。

That's great. And on gross margins, I just have to follow up, given how EBIT margin did fall in 1Q, as we look forward to get EBIT margins up for the year, how much do we expect gross margins to expand in 2Q and in the rest of the year?

那太棒了。關於毛利率，我必須跟進一下，考慮到息稅前利潤率在第一季度確實下降了，我們期待今年的息稅前利潤率上升，我們預計第二季度和今年剩餘時間的毛利率將增長多少？

Yes, Craig. This is Jeremy. Good question. We would still view our gross margin performance as we move through the year to be relatively consistent for sure, probably most likely on a cadence, it's going to look a lot like what it did last year. Just keeping in mind last year's second quarter was a softer gross margin quarter for us, but still kind of relatively within a tighter band.

是的，克雷格。這是傑里米。好問題。我們仍然認為，隨著全年的推進，我們的毛利率表現肯定會相對穩定，很可能會按照一定的節奏，與去年的業績非常相似。請記住，去年第二季我們的毛利率較低，但仍處於相對狹窄的區間。

There's just some mix things that happened in second quarter. As we move through the balance of the year, our expectation is that, that performs a little bit better in the back half. And puts us kind of solidly within that range that we provided. I can tell you that just versus our expectations, Q1 gross margins were exactly where we would have expected that they would have been.

第二季發生了一些複雜的事情。隨著我們度過今年的剩餘時間，我們預計下半年的表現會更好。並使我們穩固地處於我們提供的範圍內。我可以告訴你，與我們的預期相比，第一季的毛利率完全符合我們的預期。

Chris Bottiglieri, BNP.

法國國家銀行的 Chris Bottiglieri。

Can you elaborate more about your experience. Can you elaborate more about your experience moving product from China since the last out of tariffs? How long does it take to move sourcing? Is there anything that out the first 5 points of sourcing that you move and made it easier? How feasible to move the next 5 to 10, if it comes to that?

您能否更詳細地講述一下您的經歷？您能否詳細說明自上次取消關稅以來從中國運送產品的經驗？轉移採購需要多長時間？在您採購的前 5 個要點中，有什麼東西可以幫助您並使採購變得更容易嗎？如果真要這麼做的話，將接下來的 5 到 10 移動的可行性有多大？

It sounds like right now, you're staying put. But just kind of curious like how to think of the time line of moving?

聽起來現在你還是留在原地。但只是有點好奇，如何思考移動的時間線？

Yes, Chris, this is Brent. I can start on that. It's a great question. And honestly, as I mentioned in my prepared remarks, we've continued to reduce our dependency on sourcing from China. Really started back during COVID, but the teams have done a good job of continuing to move some of our sourcing out of that country.

是的，克里斯，這是布倫特。我可以開始做這件事。這是一個很好的問題。說實話，正如我在準備好的發言中提到的那樣，我們一直在減少對中國採購的依賴。確實是在 COVID 期間開始的，但團隊在繼續將我們的部分採購轉移出該國方面做得很好。

And where we've moved it, we're actually standing up capability in places like India, Vietnam, Thailand, other places where we're building muscle, if you will, and have options to further move production there over time.

我們已經將生產轉移到了印度、越南、泰國等地，實際上我們正在這些地方建立生產能力，如果你願意的話，我們正在這些地方建立實力，並且可以選擇隨著時間的推移將生產進一步轉移到那裡。

And as -- again, as I mentioned in the comments, I mean, we're going to take a strategic look when we feel like there's some true settling of where the true direction is on tariffs. Hopefully, we'll get that over the next couple of quarters at least. And long term, we're going to make the best strategic decisions for our sourcing options globally. The great thing is, and we've talked about this as well, but our proprietary brand portfolio gives us a great umbrella to do that under and the teams have done a great job, our purchasing team as well as our merchandise team have done a great job using those brands for multiple suppliers for those brands that meet our spec and really have had a lot of success with that. So we feel like that's going to be a good enabler for us to make the best long-term sourcing decisions once we get through the near-term disruption we have right now.

正如我在評論中提到的那樣，當我們覺得關稅的真正方向有了真正的確定時，我們將從戰略角度來考慮。希望我們至少能在接下來的幾季內實現這一目標。從長遠來看，我們將為全球採購選擇做出最佳策略決策。很棒的事情是，我們也討論過這個問題，但我們的專有品牌組合為我們提供了一個很好的保護傘，團隊做得很好，我們的採購團隊和商品團隊在將這些品牌用於符合我們規格的多個供應商方面做得很好，並且確實取得了很大的成功。因此，我們認為，一旦我們度過目前的短期混亂，這將有助於我們做出最佳的長期採購決策。

Yes, Chris, maybe the only thing I would add to that is we're -- as Brent mentioned, we're in a better position, I think, based upon the work we've done over the last several years in the close work we've done with our supply partners to be able to work through the process to stand up in other places because, obviously, there's some time, there's an investment cycle to do that. And I think the big question that we all have and Brent pointed to is exactly how do you plan for what that outlook is going to be because, really, candidly, the piece that takes more deliberation is just understanding how to best think about what the long range looks like and knowing that, that can cause that strategic path to take a few different directions just as the magnitude of things play out.

是的，克里斯，也許我唯一想補充的是，正如布倫特所提到的，我認為，基於過去幾年我們與供應合作夥伴的密切合作，我們處於更有利的地位，能夠完成在其他地方站穩腳跟的過程，因為顯然，這需要時間，需要一個投資週期來做到這一點。我認為我們所有人以及布倫特指出的最大問題是，你究竟如何為這種前景做好規劃，因為坦白說，真正需要更多思考的部分只是理解如何最好地思考長遠前景，並知道這可能會導致戰略路徑隨著事態的發展而採取幾個不同的方向。

Interestingly, as we looked at the process over the course of the last really kind of seven years or so that really started to gain even more traction for us in a lot of our supply partners as some of the previous changes in the tariff regime sustain themselves through another administration, where there was some permanence around how that first round went from the earlier time period. And so there may be some degree to which we don't go as fast as we possibly could is, we just want to be appropriately deliberate about how we think about the right long-range approach.

有趣的是，當我們回顧過去七年左右的進程時，我們發現，我們的許多供應夥伴開始對我們產生更大的吸引力，因為先前關稅制度的一些變化在下一屆政府任期內得以延續，而第一輪改革與之前相比具有一定的持久性。因此，在某種程度上，我們可能沒有盡可能快地前進，我們只是想適當地考慮如何採取正確的長遠方法。

Got you. Okay. That makes sense. Then a follow-up. Do you have a sense for -- I would think like you always want to own the company the most scale, which is O'Reilly-type of environment.

明白了。好的。這很有道理。然後進行後續行動。您是否有一種感覺——我想您總是想擁有規模最大的公司，也就是 O'Reilly 類型的環境。

But do you have a sense for like how your competitors, particularly on the private side, are they sourcing generally from the same suppliers in countries of origin as the publics are like O'Reilly? Or are they still over next to the US? Or they didn't leave quickly, China as quickly as you had over the last five years. Like just have a sense of your competitive position on sourcing. I mean, moving forward, it sounds like you'll be the most dynamic nimble.

但是，您是否了解您的競爭對手，特別是私營領域的競爭對手，是否通常與公眾（例如 O'Reilly）一樣從原產國的相同供應商採購？還是他們仍然在美國旁邊？或者他們沒有像過去五年那樣迅速地離開中國。就像了解您在採購方面的競爭地位一樣。我的意思是，展望未來，聽起來你會成為最具活力和敏捷的人。

But just curious what you think the private sits there?

但我只是好奇你認為私人坐在那裡是什麼？

Yes, Chris. I think what I will tell you is there are a lot of factories producing auto parts in various parts of the world. I would say we share some of those suppliers with some of our competitors. And in many cases, we don't share them with our competitors. It's a bit of a mixed bag.

是的，克里斯。我想告訴你的是，世界各地有很多生產汽車零件的工廠。我想說我們與一些競爭對手共享一些供應商。在很多情況下，我們不會與競爭對手分享這些資訊。這有點混亂。

And then as it relates to national brands, I talked about proprietary brands. We also go to market with a mix of proven national brands as well. So those national brand partners, again, some of them do business and some of our competitors some don't exclusively. So there's a mixed bag there as well.

然後，由於涉及國家品牌，我談到了專有品牌。我們也將一系列成熟的國內品牌推向市場。因此，那些國家品牌合作夥伴，其中一些與我們的競爭對手有業務往來，而另一些則不是。因此，那裡的情況也是好壞參半。

So I would tell you, probably the answer to your question is it's a bit mixed. But again, we feel very confident in our supply chain's ability to be nimble in the environment that we're operating in and feel good long term. Strategically that we'll be able to source as good or better than anyone in our industry based on how we're positioned.

所以我想告訴你，你的問題的答案可能有點混亂。但是，我們對我們的供應鏈在我們營運的環境中保持靈活並長期感覺良好的能力非常有信心。從策略上講，根據我們的定位，我們將能夠找到與業內任何人一樣好甚至更好的資源。

Bobby Ohmes, Bank of America.

美國銀行的 Bobby Ohmes。

It's Robbie Ohmes. Actually, sorry to keep asking about tariffs, but I wanted some help with a clarification on what's happening right now. So are you guys are you receiving higher tariff goods right now? And when or when would you be receiving them? And when would stuff that would already be at the very high tariff out of China be sort of flowing through your income statement and pressure in gross margin?

他是 Robbie Ohmes。實際上，很抱歉一直詢問關稅問題，但我希望得到一些幫助來澄清目前發生的情況。那麼，你們現在是否收到關稅較高的商品？您什麼時候會收到它們？那麼，那些已經徵收高關稅的中國產品什麼時候會流入您的損益表並對毛利率造成壓力？

And then my other question is, are you seeing any signs of pull forward from your customers either on the Pro or DIY side that are concerned that tariffs will remain elevated and won't be excluded potentially, and so there actually ordering excesses from you guys themselves right now?

然後我的另一個問題是，您是否看到專業或 DIY 方面的客戶有任何退縮的跡象，他們擔心關稅將保持高位並且可能不會被排除在外，因此現在他們實際上向您訂購了過多的產品？

Yes. Robbie, this is Brent. I can start and the other guys can chip in. I mean I think really the first part of your question, what are we experiencing now?

是的。羅比，這是布倫特。我可以開始，其他人可以加入。我的意思是，我認為你問題的第一部分實際上是，我們現在正在經歷什麼？

A couple of things. Our suppliers are by and large importer of record for most of our US business. So, when you think about some of the stay that's been given on the reciprocal tariffs down to 10% for the 90 days, yes, some of that is starting to begin to impact being cost of goods. I will tell you, though, as we've said in our prepared remarks, there was virtually very little, I would call it immaterial impact of that in Q1 results.

有幾件事。我們的供應商基本上是我們大部分美國業務的進口商。因此，當您考慮到在 90 天內將互惠關稅降至 10% 時，是的，其中一些已經開始對商品成本產生影響。不過，我要告訴你，正如我們在準備好的發言中所說的那樣，這對第一季的業績幾乎沒有什麼影響，我稱之為非物質影響。

Q2 results, we'll start to see some of that flow through, but we're working very closely with our suppliers, on that.

我們將開始看到第二季業績的一些進展，但我們正在與供應商密切合作。

I also mentioned in the previous question around some of the automotive exemptions that are out there, specifically from China that are still being worked through by our suppliers and our teams diligently right now. And then you have this stay on the reciprocal tariffs for other countries. But I would tell you, yes, there is some that's starting to begin to flow through as we begin Q2 into cost of goods. I would tell you that 90-day stay that's been given on the reciprocal tariffs gets you into the beginning of our Q3. So even Q2 will be somewhat of a transitionary quarter to see how much of this really sticks versus it doesn't in terms of true long-term impact to cost of goods.

我在上一個問題中也提到了一些現有的汽車豁免，特別是來自中國的豁免，我們的供應商和團隊目前仍在努力解決這些豁免。然後你就暫停對其他國家實施互惠關稅。但我想告訴你，是的，隨著我們開始第二季度，有些成本開始流入商品成本。我想告訴你，給予互惠關稅的 90 天暫緩期將讓你進入我們的第三季的開始。因此，即使第二季度也將是一個過渡季度，以觀察這種影響在多大程度上真正持續，以及在多大程度上不會對商品成本產生真正的長期影響。

So that's really kind of where we are at this point on that piece of it.

這就是我們現在所處的階段。

Robbie, this is Brad. I was just going to follow up on the customer side. Good question there. No pull forward that we're seeing. That's pretty difficult in our business with the application complexity of the hard defined parts, all the hard parts that are in the back room, there could be minor things like a professional customer maybe wanting to pick up some stocking items, things like that.

羅比，這是布萊德。我只是想跟進一下客戶方面的情況。問得好。我們沒有看到任何向前的拉動。在我們的業務中，這非常困難，因為硬定義部件的應用複雜性，所有在後台的硬部件，可能會有一些小事，例如專業客戶可能想要挑選一些庫存物品，諸如此類的事情。

But really, our -- for sure, our retail customers don't -- they don't behave that way. And then really on the DIFM side, it's really the same. There's not a lot of that. Well, we really haven't seen any of that. But just generally, in our history, it's just not really how they operate.

但實際上，我們的零售客戶絕對不會這麼做。然後實際上在 DIFM 方面，情況確實是一樣的。這樣的事並不多。嗯，我們確實沒有看到任何這樣的事。但總的來說，在我們的歷史上，他們的運作方式並非如此。

Our shops aren't set up to keep a lot of big stocking levels in their locations and don't really have the necessary the financial flexibility to do that. And that's a good thing. The way it works in our industry. We rely on each other. And so I wouldn't expect to see any of that.

我們的商店並沒有設置存放大量庫存的設施，而且也沒有真正做到這一點所需的財務靈活性。這是一件好事。它在我們行業中的運作方式。我們互相依賴。所以我並不期望看到這些。

And Robbie, this is Brent. Just one other item to talk about because we kind of -- a lot of these conversations on tariffs have leaned towards China. But there's also been conversation around Mexico and Canada. And I'll just tell you again, at this point, back to your question in time, pretty much everything we're bringing in, which, again, we bring in some product from Mexico very little from Canada. But that is all -- as long as it's still USMCA compliant, there's been no additional tariffs applied there, at this point in time, too.

羅比，這是布倫特。我們只想談另一件事，因為我們許多關於關稅的討論都傾向中國。但也有關於墨西哥和加拿大的討論。現在我再告訴你一遍，回到你的問題，我們進口的幾乎所有產品，其中，我們從墨西哥進口了一些產品，從加拿大進口的很少。但僅此而已——只要它仍然符合 USMCA，目前就不會對其徵收額外關稅。

So that's worth noting also.

所以這也值得注意。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

We had a question more around price increases. If it were to come to that. Obviously, there's been success in passing through inflation in this industry for a very long time. But do you think ultimately, there will be maybe some elasticity impact, maybe in more of like the maintenance and certainly the discretionary categories, if those prices were to go beyond a certain level?

我們對價格上漲還有更多疑問。如果事情真的到了那一步。顯然，該行業長期以來一直成功地抵禦通貨膨脹。但是，您是否認為，如果這些價格超過一定水平，最終可能會產生一些彈性影響，也許更多地發生在維護和可自由支配的類別中？

Kate, this is Jeremy. It's a great question and one that -- different cycles within the course of the time in our industry is always the question that gets asked and it's one that we're pretty cognizant of. Some of that's going to depend for sure, on where we really do settle from the cost pressure side. Our industry has always been one that has had a very substantial amount of pricing power, just principally, as you know, as we've talked about for a long period of time, the primary drivers of value that supports demand in our industry are not price related. They're great service, they're great availability.

凱特，這是傑瑞米。這是一個很好的問題，而且我們產業中時間進程中的不同周期始終是被問到的問題，我們對此非常清楚。其中某些肯定取決於我們在成本壓力方面真正做出的決定。我們的行業一直擁有很大的定價權，主要是，正如你所知，正如我們長期以來所談論的那樣，支持我們行業需求的主要價值驅動因素與價格無關。他們的服務很棒，可用性也很好。

They help solve problems for DIY customers, they help get allow our professional customers to run a very effective business in the parts that we sell are very non-discretion in nature. They're a key component of what you got to do to support all the other areas of your life.

它們可協助 DIY 客戶解決問題，幫助我們的專業客戶在我們銷售的零件上進行非常有效的業務，而這些零件本質上是非常不隨興的。它們是您所要做的、支持您生活所有其他領域的關鍵組成部分。

So over the course of time, what that has historically been is that the industry has been very rational and prices have not had to adjust off of, or you haven't seen a lot of a lot of elasticity that would cause people to go to market in some different way. The only exception to that, and it's not necessarily been always as price driven as you see, but when that consumer is under more significant pressure, you can't see instances where they'll defer over a short period of time, or where they may try to trade down on the value spectrum. Typically, that's not always driven by factors within our industry, from a price level perspective. That's more of broader pressures on the consumer. Probably the more significant time frame that we saw that was back in the 2008-2009 period, where unemployment was a little bit higher and there was a little bit more pressure.

因此，隨著時間的推移，從歷史上看，這個行業一直非常理性，價格不必進行調整，或者你沒有看到太多的彈性導致人們以不同的方式進入市場。唯一的例外是，它並不一定總是像你所看到的那樣受價格驅動，但是當消費者面臨更大的壓力時，你不會看到他們在短時間內推遲購買的情況，也不會看到他們試圖降低價值範圍的情況。通常，從價格水平的角度來看，這並不總是由我們行業內部的因素所驅動的。這對消費者來說意味著更廣泛的壓力。我們看到的更重要的時間段可能是2008-2009年期間，當時失業率略高，壓力也更大。

What was interesting is we didn't see a substantial amount of that during the course of the pandemic when inflation was as elevated as it was, because I think the thing that supports the very resilient demand in the industry is, it's also a way for our customers to be able to be more efficient in how they manage their household budgets to keep cars on the road to avoid car payments and things like that. So over the course of time, that's what we've seen. It's been our experience, we would think that would be true.

有趣的是，在疫情期間通貨膨脹率如此之高的情況下，我們並沒有看到大量此類情況，因為我認為，支撐該行業極具彈性的需求的因素是，這也是我們的客戶能夠更有效地管理家庭預算的一種方式，讓汽車繼續行駛，避免汽車貸款等。所以隨著時間的推移，我們看到了這樣的情況。根據我們的經驗，我們認為這是真的。

Some of the very high end of the potential discussed tariffs, those are all clearly unprecedented, even unprecedented for the inflation that we would have seen during the course of the pandemic. I think that's a different dynamic. We would still feel like most of the same factors that I discussed would be in play there as well. But clearly, it's hard to address things that would be unlike anything we've ever seen in the industry.

一些可能討論的關稅非常高，這些顯然都是前所未有的，甚至對於我們在疫情期間看到的通貨膨脹來說也是前所未有的。我認為這是一種不同的動態。我們仍然會覺得我討論過的大多數因素也會在那裡發揮作用。但顯然，解決與我們在業界所見過的任何事情都不一樣的事情是困難的。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

So I want to talk about tariffs as well. I guess the first question is historically, the industry would take price out of cost in many situations and you sort of have this front-end clip with a gross margin, given how inelastic demand is. How do you think about that opportunity in this environment? Is it like, well, given what's going on with the consumer and the potential level of inflation across the wallet. Do you do a wait-and-see approach and wait for the actual inventory to turn?

所以我也想談談關稅問題。我想第一個問題是，從歷史上看，在很多情況下，行業會從成本中扣除價格，考慮到需求缺乏彈性，你會得到這種具有毛利率的前端剪輯。您如何看待這種環境下的這個機會？這是否考慮到消費者的現狀以及錢包的潛在通貨膨脹水準。您是否採取觀望態度並等待實際庫存週轉？

And then related to that, one of the questions we're getting is given sort of LIFO accounting, which is a bit of a mystery for most people. Is there any potential headwind or tailwind related to this potential tariff inflation?

與此相關，我們收到的一個問題是後進先出會計，這對大多數人來說有點神秘。此次潛在的關稅上漲是否有潛在的不利因素或有利因素？

Yes, Chris, I can probably start there, and Brad or Brent can jump in. Our approach has historically been to try as best we can to sync up how we think about the changes that we make in market pricing to when we see the cost impacts flow through our financial statements, which, to your point, as a LIFO shop means that you're willing to see that on the front end as you start to receive that higher product. Obviously, there is still some impact in terms of when tariffs are implemented, how you negotiate through that time frame, working with the suppliers to identify what we'll take on in the timing impact of where those higher POs are going to hit.

是的，克里斯，我可以從那裡開始，然後布拉德或布倫特可以加入。我們歷來的做法是，盡力同步我們對市場定價變化的看法，以及成本影響在財務報表中體現的時間，正如您所說，作為一家後進先出 (LIFO) 商店，這意味著當您開始收到更昂貴的產品時，您願意在前端看到這一點。顯然，在關稅實施時間、如何在該時間範圍內進行談判、與供應商合作確定我們將如何應對這些更高採購訂單即將到來時帶來的影響等方面，仍會產生一些影響。

But typically, as they start to come in, we're wanting to be synced up so that we don't have this impact from a LIFO perspective where we've got charges that flow through that are matched up. That's typically been our approach from an industry-wide perspective that, there are always kind of puts and takes on how that timing works out because not everybody's schedules line up in the same way in terms of when a wood particular impacts show up. But generally speaking, that all even within an industry perspective happens in a relatively continue time frame. At different points in time, we've been out ahead of cost changes with price increases. Sometimes they lag a little bit, just depending upon where the rest of the market is at that can cause -- and I'd just say maybe quarter-to-quarter fluctuations at some point.

但通常情況下，當它們開始進入時，我們希望進行同步，這樣我們就不會從後進先出的角度受到這種影響，因為我們會將流經的費用進行匹配。從整個產業的角度來看，這通常是我們的做法，對於時間安排總是存在一些不同的看法，因為在木材特定影響出現的時間方面，並不是每個人的時間表都以相同的方式排列。但一般來說，即使從產業角度來看，這一切都發生在一個相對連續的時間範圍內。在不同的時間點，我們一直透過價格上漲領先於成本變化。有時它們會稍微滯後，只是取決於市場其他部分所處的位置，這可能會導致——我只想說，在某個時候可能會出現季度波動。

But generally speaking, those things align fairly closely in how we think about managing through these periods of time.

但一般來說，這些事情與我們如何管理這些時期是相當接近的。

Chris, this is Brad. One of the thing I thought about while Jeremy was speaking there is, I don't think we've said this on the call yet, but it's probably an obvious statement, but I want to make sure I say it along the lines of the question you asked is that, every consideration with each supplier, it's a negotiation, and we have a lot of amazing suppliers, a lot of great partnerships. But we partner with our suppliers to figure out kind of who burdens what part of the cost, depending on the maturity of the supplier, depending on how proactive they've been at mitigating costs, getting more productive in their environment, pulling costs out, the way we've done that, the same.

克里斯，這是布拉德。傑里米講話時我想到的一件事是，我認為我們還沒有在電話會議上說過這一點，但這可能是一個顯而易見的陳述，但我想確保我按照你提出的問題的說法，那就是，與每個供應商的每一個考慮都是一場談判，我們有很多很棒的供應商，很多很棒的合作夥伴關係。但是，我們與供應商合作，確定誰承擔哪部分成本，這取決於供應商的成熟度，取決於他們在降低成本、在其環境中提高生產力、降低成本方面的主動性，就像我們所做的那樣。

And so obviously, don't think just through how we're going to go with a full pass through as much as every one of those, generally speaking, is shared between us and the supplier.

因此，顯然，不要只考慮我們如何進行全面審核，因為一般來說，所有這些都是我們和供應商共享的。

And so my follow-up is, can you put yourself in the position of if you're a WD or an independent, other times of sort of stress in the industry it's created a market share opportunity in the global supply chain situation where, obviously, your sourcing capabilities are vastly better than most of your competition. So is there -- is this a stress moment where, I don't know, the independents have working capital considerations? Or maybe are they going to be put in their stress from an availability perspective. Does it create a market share opportunity? Or is this a sort of a, quote, rising tide for the entire industry?

因此，我的後續問題是，如果您是 WD 或獨立公司，您能否將自己置於這樣的位置：在其他行業壓力時期，它在全球供應鏈形勢中創造了市場份額機會，顯然，您的採購能力遠遠優於大多數競爭對手。那麼，這是否是一個壓力時刻，我不知道獨立公司是否有營運資金的考量？或者也許他們會從可用性的角度感受到壓力。它是否創造了市場佔有率機會？或者這對整個產業來說是一種上升趨勢？

Yeah. Hey, Chris, I don't want to give you a non-answer. This is Brad. But it is a little bit of both, only because the way that we view the WD's independence two-steppers, there's amazing operators that will operate very well in this environment. And there are some that are probably middle of the road and some that may be struggling. And so I think really to the root of your question, I think there could be some disruption.

是的。嘿，克里斯，我不想給你一個沒有答案的答案。這是布拉德。但兩者都有一點，只是因為我們看待 WD 獨立雙步器的方式，有出色的操作員會在這種環境下很好地操作。有些公司可能處於中等水平，而有些公司可能正在苦苦掙扎。所以我認為，從你問題的根本上來說，可能會出現一些混亂。

We want to be careful, getting too far out there on that. We're going to work to capitalize on every opportunity. But I think, generally speaking, Brent had a question earlier about, do we share similar suppliers with a lot of the private companies, independents? And Brent kind of talked about how that was a little bit of both. A lot of similar suppliers, there is some unique suppliers.

我們要小心謹慎，不要走得太遠。我們將努力利用每一個機會。但我認為，一般來說，布倫特之前有一個問題，我們是否與許多私人公司、獨立公司共享類似的供應商？布倫特則表示，這兩者都有一點。有很多類似的供應商，也有一些獨特的供應商。

But generally speaking, there is a lot of of similar suppliers. And to your point, I think there can be disruption in just the general management of that for a smaller company. And the other thing that I think comes up is the smaller players really don't have the private label portfolio that we do. That is something that we built up to be in roughly 50% of our sales and even bigger in the back room, and the smaller companies have to rely more on the national brands. And even though they could be a similar supplier in the box, they have to rely more on the national brands, and that gives us flexibility in itself.

但總體來說，類似的供應商有很多。就您的觀點而言，我認為對於規模較小的公司來說，整體管理可能會出現混亂。我認為另一件事是，小型企業實際上沒有像我們這樣的自有品牌產品組合。這是我們建立的大約 50% 銷售額的一部分，甚至在後台銷售額中佔比更大，而較小的公司必須更多地依賴國家品牌。儘管他們可能是類似的盒子供應商，但他們必須更多地依賴國家品牌，這本身就給了我們靈活性。

So I don't want to take anything those folks do for granted, they're amazing competitors, but we do feel like there can be some opportunity.

所以我不想把這些人所做的任何事情視為理所當然，他們是了不起的競爭對手，但我們確實覺得可能存在一些機會。

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

我們已經到了提問的預定時間。現在我將把電話轉回給布拉德貝克漢先生，請他作最後發言。

Thank you, Matthew. We would like to conclude our call today by thanking the entire O'Reilly team for your continued dedication to our customers. I would like to thank everyone for joining our call today, and we look forward to reporting our second quarter results in July. Thank you.

謝謝你，馬修。在今天的電話會議結束時，我們想感謝整個 O'Reilly 團隊對我們客戶的持續奉獻。我感謝大家今天參加我們的電話會議，我們期待在 7 月報告第二季的業績。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，並享受美好的一天。感謝您的參與。