O'Reilly Automotive Inc (ORLY) 2025 Q2 法說會逐字稿

Welcome to the O'Reilly Automotive Inc. second-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 年第二季財報電話會議。我叫馬修，今天電話的接線生將由我來接聽。（操作員指示）

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

我現在將電話交給傑里米·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 second-quarter 2025 results and our outlook for the remainder of the year. After our prepared comments, we will host a question-and-answer period. Before we begin this morning, I would like to remind everyone that our comments today contain forward-looking statements, and we intend to be covered by, and we claim the protection under the Safe Harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

謝謝你，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 年第二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。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，我們打算受到保護，並且我們要求受到 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。

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 statements made during this call.

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陳述的義務。

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

現在，我想介紹一下布拉德貝克曼。

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

謝謝，傑里米。大家早安，歡迎參加 O'Reilly Auto Parts 第二季電話會議。今天早上與我一起參加電話會議的有我們的總裁布倫特·柯比 (Brent Kirby) 和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。

It is once again my pleasure to begin our call today by congratulating Team O'Reilly on their performance in the second quarter and the solid results they have delivered in the first half of 2025. Our team's proven ability to provide superior value and excellent customer service drove our second-quarter comparable store sales increase of 4.1%.

今天，我很高興再次在電話會議上祝賀奧萊利團隊在第二季度的出色表現以及 2025 年上半年取得的堅實成果。我們團隊已證明能夠提供卓越的價值和優質的客戶服務，這推動了我們第二季同店銷售額成長 4.1%。

These solid results contributed to a year-to-date comp growth at the high end of our expectations, and we are pleased with our team's ability to generate this level of sales momentum in the first half of 2025. Our second-quarter sales growth drove an 11% increase in earnings per share to $0.78, and I'd like to thank our over 92,000 team members their unwavering commitment to executing our business model at an extremely high level and providing the best customer service in our industry.

這些穩健的業績使得年初至今的銷售額成長達到了我們預期的高端，我們對團隊在 2025 年上半年創造這種銷售動能的能力感到滿意。我們第二季的銷售額成長推動每股收益成長 11% 至 0.78 美元，我要感謝我們超過 92,000 名的團隊成員，他們堅定不移地致力於以極高的水平執行我們的業務模式並提供業內最佳的客戶服務。

The composition of our comparable store sales growth in the second quarter was similar to the first quarter with solid contributions from both sides of our business. Our professional business was once again the more significant driver of our sales results with an increase in comparable store sales exceeding 7%, fueled by continued strong ticket count growth.

我們第二季同店銷售額成長的組成與第一季相似，我們業務的兩個面向都做出了堅實的貢獻。我們的專業業務再次成為我們銷售業績更重要的推動力，受票數持續強勁增長的推動，同店銷售額增幅超過 7%。

Our teams continue to set the standard for how seamlessly and effectively they partner with and support our professional customers to grow their businesses. Our continued robust share gains in our professional business are a testament to the close relationships we have fostered with our customers and our continued efforts to enhance our service levels to earn a greater share of their spend.

我們的團隊繼續為如何與我們的專業客戶無縫有效地合作並支持他們的業務發展設定標準。我們專業業務的持續強勁份額成長證明了我們與客戶建立的密切關係，以及我們不斷努力提高服務水準以贏得更大份額的支出。

DIY was also a contributor to our sales growth in the quarter with a low single-digit comp. From a traffic standpoint, we did see pressure to DIY ticket counts as we exited the quarter in June that resulted in a small decline in DIY ticket count for the full year, but we were pleased to see positive overall sales growth in DIY in the quarter, driven by growth in average ticket size.

DIY 也是我們本季銷售成長的貢獻因素，年成長率較低（個位數）。從客流量的角度來看，我們在 6 月結束本季時確實看到了 DIY 票數的壓力，導致全年 DIY 票數略有下降，但我們很高興看到本季 DIY 的整體銷售額出現正增長，這得益於平均票價的增長。

Average ticket continues to be a contributor to our sales growth on both sides of the business, driven by increasing complexity in vehicle repairs. We also saw a modest benefit from effective pricing management in the second quarter. The contribution to our average ticket from same-SKU inflation for the second quarter was just under 1.5% and reflects the early stages of the impact of changes in the tariff environment in our industry, which I will discuss more in a moment.

由於汽車維修日益複雜，平均票價繼續成為我們業務雙方銷售成長的推動力。我們也看到第二季有效的定價管理帶來了一定的好處。第二季同品類商品通膨對我們平均票價的貢獻略低於 1.5%，這反映了我們行業關稅環境變化影響的早期階段，稍後我將對此進行更多討論。

Turning to the cadence of our sales performance, results were reasonably steady throughout the second quarter. As I noted previously, our comparable store sales for the quarter landed at the high end of our expectations, and we saw this outperformance primarily in the first two months of the quarter.

談到我們的銷售業績節奏，整個第二季的業績相當穩定。正如我之前提到的，本季度我們的同店銷售額達到了預期的高位，而且我們主要在本季度的前兩個月看到了這種優異的表現。

As we remarked on last quarter's call, favorable spring weather supported strong volumes in our business as we exited the first quarter, and that momentum continued through April and May. Business normalized somewhat in June but was still in line with plan. The moderation at the end of the second quarter was driven at least in part by minor pressure in hot weather-related categories where we were up against a tough comparison to a strong performance in June last year.

正如我們在上個季度的電話會議上所說，有利的春季天氣支撐了我們第一季業務的強勁增長，並且這種勢頭持續了整個四月和五月。6 月業務有所恢復正常，但仍符合計畫。第二季末的放緩至少部分是由於與炎熱天氣相關的類別的輕微壓力所致，與去年 6 月的強勁表現相比，我們面臨著嚴峻的考驗。

On balance, we think weather impacts evened out over the quarter and were ultimately neutral to our full second-quarter results but did contribute to some minor differences in the month-to-month cadence. Thus far in July, summer weather has been typical for the season, and we have been pleased with the continued solid trends in our business to start the third quarter.

總的來說，我們認為天氣影響在本季趨於平穩，最終對我們的第二季整體業績沒有影響，但確實導致了月度節奏的一些細微差異。截至目前，七月的天氣狀況與往年一樣，屬於典型的夏季氣候，我們對第三季業務持續保持穩健的趨勢感到滿意。

From a category perspective, our second-quarter results reflected trends similar to what we've seen over the last few quarters. We continue to generate strong performance in maintenance categories, including oil, filters, and spark plugs, and we're also pleased with solid performance in under-car hard part categories, particularly on the professional side of our business.

從類別角度來看，我們的第二季業績反映出與過去幾季類似的趨勢。我們在機油、濾清器和火星塞等維修類別中繼續保持強勁表現，我們也對車底硬體零件類別的穩健表現感到滿意，特別是在我們業務的專業方面。

We are encouraged by the resiliency of performance in these categories and believe it reflects favorable vehicle dynamics in our industry as well as continued willingness of consumers to prioritize the care of their existing vehicles. However, we also saw continued softness in discretionary categories in line with trends we have seen over the last year.

這些類別的表現彈性令我們感到鼓舞，並相信這反映了我們行業良好的車輛動態以及消費者繼續願意優先保養現有車輛。然而，我們也看到非必需品類別持續疲軟，這與去年看到的趨勢一致。

As we have noted in the past, Discretionary products make up a small subset of our total sales, primarily on the DIY side of our business. While not a substantial headwind to our overall results, the continued sluggishness in these categories is an indicator to us that consumers are still remaining cautious and conservative in how they are managing the spend in the current environment. Next, I would like to provide some color on our revised full-year comparable store sales guidance.

正如我們過去所指出的，非必需產品僅占我們總銷售額的一小部分，主要用於我們業務的 DIY 方面。雖然這些類別的持續低迷不會對我們的整體業績造成重大阻力，但它向我們表明，消費者在當前環境下對支出管理仍保持謹慎和保守的態度。接下來，我想對我們修訂後的全年同店銷售額指引提供一些說明。

As noted in yesterday's press release, we updated our guidance from the previous range of 2% to 4% to a range of 3% to 4.5%. It isn't typical for us to revise our guidance to a range of 1.5% at this stage of the year, but we feel this update is appropriate for a few reasons. The midpoint of our revised comp range represents a 75-basis-point increase over our previous midpoint and is in line with trends we have seen in our business in the first half of the year.

正如昨天的新聞稿中所述，我們將預期從先前的 2% 至 4% 更新為 3% 至 4.5%。我們通常不會在今年的這個階段將指導修改為 1.5% 的範圍，但我們認為這次更新是合適的，原因有幾個。我們修訂後的比較範圍的中點比我們之前的中點增加了 75 個基點，並且與我們在今年上半年的業務趨勢一致。

The increase in our guidance range at the top end also reflects the potential for incremental benefit we could realize from the effective price management that we talked about earlier as we navigate the challenging tariff environment. As I previously noted, we have begun to see some incremental same-SKU benefit filter into our numbers from industry-wide pricing actions spurred by the first round of tariffs.

我們最高指導範圍的增加也反映了我們在應對充滿挑戰的關稅環境時可以透過先前談到的有效價格管理實現的增量收益的潛力。正如我之前提到的，在第一輪關稅刺激的全行業定價行動中，我們已經開始看到一些相同 SKU 的增量收益過濾到我們的數據中。

Brent will discuss more of this in detail during his prepared comments, but we continue to be successful in working with our supplier partners to respond to and mitigate the impacts from tariffs. Likewise, we have begun to see industry adjustments in response to the incremental pressures to product acquisition costs and anticipate our industry will continue to behave rationally.

布倫特將在其準備好的評論中詳細討論這個問題，但我們繼續成功地與我們的供應商合作夥伴合作，以應對和減輕關稅的影響。同樣，我們已經開始看到產業為應對產品採購成本的遞增壓力而做出的調整，並預期我們的產業將繼續保持理性。

However, in establishing our outlook for the remainder of 2025, we remain cautious as to the uncertainty of the timing, magnitude, and ultimate impact of changes in the pricing environment in our industry. We are also cautious concerning the potential adverse impact to consumers and their resulting response in the face of rising prices.

然而，在製定 2025 年剩餘時間的展望時，我們對產業定價環境變化的時間、幅度和最終影響的不確定性保持謹慎。我們也對價格上漲對消費者可能產生的不利影響以及他們面對價格上漲的反應保持謹慎。

Our stance is driven in part by our current assessment of the health and confidence of consumers. We continue to view the consumer as relatively healthy, buoyed by strong employment and wage rate growth. We also believe the strong value proposition of maintaining and repairing an existing vehicle, coupled with the high quality of vehicles creates a very compelling incentive for our customers to prioritize their auto part spend.

我們的立場部分取決於我們對消費者健康和信心的當前評估。我們仍然認為，受強勁的就業和工資率成長的推動，消費者狀況相對健康。我們也相信，維護和修理現有車輛的強大價值主張，加上車輛的高品質，為我們的客戶優先考慮汽車零件支出創造了非常強大的激勵。

However, as I noted earlier, we also think that consumers in our industry remain cautious in a very uncertain environment and are remaining conservative in the management of their overall household spend. Should consumers face rapid broad-based price increases in the back half of the year, we could encounter short-term reactions, particularly by lower-income DIY consumers who may look to ease pressure in face of these shocks by cutting back on spending wherever possible.

然而，正如我之前提到的，我們也認為，我們行業的消費者在非常不確定的環境中仍然保持謹慎，並且在管理整體家庭支出方面仍然保持保守。如果消費者在下半年面臨價格的全面快速上漲，我們可能會遇到短期反應，特別是低收入 DIY 消費者，他們可能會盡可能削減開支來緩解這些衝擊帶來的壓力。

As a result of these factors, our forward-looking guidance expectations do not incorporate a significant net benefit from tariff-induced inflation beyond the modest price changes we have already seen thus far. While we are cognizant that these macroeconomic factors could cause volatility in our industry in the remainder of 2025, we are also confident the disruptions to consumer demand will be short-lived.

由於這些因素，除了我們迄今為止已經看到的適度價格變化之外，我們的前瞻性指導預期並未反映關稅引發的通膨帶來的顯著淨收益。雖然我們認識到這些宏觀經濟因素可能會在 2025 年剩餘時間內導致我們行業出現波動，但我們也相信，對消費者需求的干擾將是短暫的。

Over the course of many economic cycles, consumers in our industry have proven their resilience in responding to short-term shocks, whether caused by tariff-driven inflation, spikes in gas prices, or other factors. The core fundamental drivers of demand in our business remain very solid, underpinned by the increasing age and quality of the vehicle fleet in the growth of the North American car park and the corresponding steady annual increases in miles driven.

在許多經濟週期中，我們行業的消費者已經證明了他們應對短期衝擊的韌性，無論是由關稅驅動的通貨膨脹、汽油價格飆升還是其他因素造成的。我們業務需求的核心基本驅動力仍然非常穩固，這得益於北美停車場的成長，以及車隊年齡和品質的提高，以及相應的行駛里程的每年穩步增長。

We also view periods of acute challenges in our industry as opportunities to leverage our strategic advantages and enhance our competitive positioning. We currently hold just a fraction of the addressable market share in a fragmented industry. Our primary growth vehicle is centered on our ability to provide constantly improving value to our customers to earn a larger share of auto parts demand.

我們也將產業面臨的嚴峻挑戰視為利用戰略優勢和增強競爭地位的機會。目前，我們在這個分散的行業中僅佔有一小部分可尋址市場份額。我們的主要成長動力集中在我們為客戶提供不斷提升的價值的能力上，以獲得更大的汽車零件需求份額。

This relentless focus on excellent customer service is an imperative every day in each of our markets regardless of the broader macro conditions. In challenging environments, our teams of professional parts people dig even deeper to distinguish the value we provide to our customers, knowing there is always more market share gains to be earned.

無論宏觀條件如何，堅持不懈地專注於卓越的客戶服務是我們每個市場每天都必須做的事情。在充滿挑戰的環境中，我們的專業零件人員團隊會更深入地挖掘，以區分我們為客戶提供的價值，因為他們知道總有更多的市場份額可以贏得。

Before I wrap up and turn the call over to Brent, I wanted to call out the update to our diluted earnings per share guidance. As noted in our press release yesterday, we have updated our EPS guidance to a range of $2.85 to a range of -- excuse me, $2.85 to $2.95. We were pleased to complete our Board and shareholder approved 15-for-1 stock split in the second quarter, so this quarter's press release is the first reporting period where we provided EPS results and guidance factoring in the increased share count.

在我結束演講並將電話轉給布倫特之前，我想先更新我們的每股攤薄收益預期。正如我們昨天的新聞稿所述，我們已將每股收益預期上調至2.85美元至…抱歉，是2.85美元至2.95美元。我們很高興在第二季度完成了董事會和股東批准的1拆15的股票分割方案，因此本季度的新聞稿是我們首次在報告期內提供將增加的股份數量納入考慮的每股收益結果和預期。

At the midpoint, our updated guidance is an increase of approximately 1% from the midpoint of our previous guidance adjusted for the stock split with the increase reflecting our second-quarter results and expectations for the remainder of 2025. As I wrap up my prepared comments, I would like to once again thank Team O'Reilly for their strong performance in the second quarter.

從中間值來看，我們更新後的指引比先前根據股票分割進行調整後的指引中位數增加了約 1%，這一增長反映了我們第二季的業績以及對 2025 年剩餘時間的預期。當我結束準備好的評論時，我想再次感謝奧萊利團隊在第二季的出色表現。

Now I'll turn the call over to Brent.

現在我將把電話轉給布倫特。

Thanks, Brad. Before I dig in further to our results, I would like to echo Brad's comments on the dedication of Team O'Reilly. The sales momentum we have generated in the first half of 2025 is the direct result of the hard work of each of our team members in our stores, distribution centers, and offices. And I want to thank the entire team for their commitment to our customers.

謝謝，布拉德。在進一步探討我們的成果之前，我想附和布萊德對奧萊利團隊奉獻精神的評論。我們在 2025 年上半年創造的銷售動能是我們商店、配送中心和辦公室中每位團隊成員辛勤工作的直接結果。我要感謝整個團隊對客戶的承諾。

I would like to begin my comments this morning by discussing our second-quarter gross margin results and our outlook for the remainder of 2025. For the quarter, our gross margin of 51.4% was up 67 basis points for the second -- from the second quarter of 2024. In establishing our full-year gross margin outlook, we assumed a slightly lower gross margin rate in the second quarter as compared to the first, third, and fourth quarters, which is typical for the seasonal composition of our product mix and consistent with our results in 2024.

今天上午，我想先討論我們第二季的毛利率結果以及我們對 2025 年剩餘時間的展望。本季度，我們的毛利率為 51.4%，較 2024 年第二季成長 67 個基點。在製定全年毛利率預期時，我們假設第二季度的毛利率將略低於第一、第三和第四季度，這對於我們產品組合的季節性組成來說是典型的，並且與我們 2024 年的業績一致。

So while our second-quarter gross margin performance fell in the middle of our full-year guidance outlook, it handily exceeded our expectations for the quarter. Our performance in the quarter was driven by continued strong management of our supply chain environment and solid distribution productivity, coupled with the timing benefit from the impact of tariff-related costs and pricing adjustments.

因此，儘管我們第二季的毛利率表現低於全年預期，但卻輕鬆超出了我們對本季的預期。我們本季的業績得益於對供應鏈環境的持續強力管理、穩健的分銷生產力，以及關稅相關成本和價格調整的影響帶來的時機效益。

On the tariff front, as Brad discussed in his comments, we did begin to see some impact to our business in the second quarter. As we've discussed at length in the past, the process by which we respond to any changes in the acquisition cost environment, including increases spurred by tariff modifications, begins with close coordination with our supplier partners to mitigate the impact to our customers.

在關稅方面，正如布拉德在評論中所討論的，我們確實開始看到第二季對我們業務的一些影響。正如我們過去詳細討論過的那樣，我們應對採購成本環境的任何變化（包括關稅調整引起的成本增加）的過程首先是與我們的供應商合作夥伴密切協調，以減輕對客戶的影響。

As we have worked through the changing tariff landscape over the last several months, we believe that coordination has been very effective and has allowed us to negotiate appropriate cost increases that do not reflect the full impact of incremental tariff rates while also temporarily delaying the timing of the application of those cost changes where possible. In anticipation of the impact of tariff cost pressures, we closely monitored the pricing environment in our industry as we move through the second quarter and, where appropriate, made adjustments to selling prices.

在過去的幾個月裡，我們一直在努力應對不斷變化的關稅形勢，我們認為協調非常有效，使我們能夠協商適當的成本增加，這些增加不會反映增量關稅稅率的全部影響，同時也盡可能暫時推遲應用這些成本變化的時間。為了因應關稅成本壓力的影響，我們在第二季密切關注產業定價環境，並在適當的情況下調整銷售價格。

Our industry has historically been very rational in its response to changing input costs and pricing. And we believe those same dynamics are prevailing in the current environment. Typically, in our industry, we see changes in acquisition costs, and any corresponding price movements sync up fairly closely but can sometimes experience temporary timing differences. They create short-term headwinds or tailwinds within a quarter.

從歷史上看，我們的行業對不斷變化的投入成本和定價的反應一直非常理性。我們相信，同樣的動力在當前環境下依然盛行。通常，在我們的行業中，我們會看到收購成本的變化，並且任何相應的價格變動都會相當緊密地同步，但有時可能會出現暫時的時間差異。它們在一個季度內產生短期逆風或順風。

In these instances, we can realize a short-term benefit from the timing of pricing changes that are slightly out ahead of when the corresponding cost increases filter into our income statement. Within the second quarter, we did realize a benefit from this timing dynamic, which contributed to our positive gross margin results.

在這些情況下，我們可以從價格變動的時間中獲得短期利益，這些價格變動的時間略早於相應的成本增加滲入我們的損益表中的時間。在第二季度，我們確實從這種時間動態中獲得了好處，這有助於我們實現積極的毛利率結果。

As we look to the back half of the year, we aren't currently projecting significant further incremental benefit or pressure to gross margin rates from tariffs, but the environment remains fluid, both as it relates to the exact timing and magnitude of any tariff revisions that have yet to be implemented as well as the timing of market responses in our industry.

展望下半年，我們目前預計關稅不會給毛利率帶來進一步的顯著增量效益或壓力，但環境依然不穩定，這既與尚未實施的關稅修訂的具體時間和幅度有關，也與行業市場反應的時間有關。

Given the existing tariff landscape and our ongoing work with our supply chain partners, we do anticipate further impacts to acquisition costs and are cautious that we could encounter short-term timing headwinds to gross margin rate in the back half of the year depending on the speed with which our industry digests inflation pressures.

鑑於現有的關稅情況以及我們與供應鏈合作夥伴的持續合作，我們確實預計收購成本將受到進一步影響，並且我們謹慎地認為，根據我們行業消化通膨壓力的速度，我們可能會在下半年遇到短期內毛利率的阻力。

Ultimately, we believe these short-term timing differences will even out over the long run and our industry will settle at an equilibrium that is in line with the rational pricing dynamics that have persisted over many cycles in many different environments in the automotive aftermarket. Independent of these tariff-related impacts, we are pleased with our gross margin performance in the quarter and the trends we continue to see in our business.

最終，我們相信這些短期時間差異將在長期內趨於平衡，我們的產業將達到與汽車售後市場在許多不同環境中持續多個週期的合理定價動態相一致的平衡狀態。撇開這些與關稅相關的影響不談，我們對本季的毛利率表現以及我們業務中持續看到的趨勢感到滿意。

We believe our consistent results despite facing a mix headwind from a faster growth on the professional side of our business reflect continued strong management by our supply chain teams working closely with our supplier partners. Given our experience thus far in 2024 and 2025 and factoring in that we could see tariff-induced choppiness in gross margin results in the back half of the year, we are leaving our full-year gross margin guidance unchanged at a range of 51.2% to 51.7%.

我們相信，儘管我們面臨業務專業方面快速成長帶來的各種不利因素，但我們的持續業績反映了我們的供應鏈團隊與供應商合作夥伴密切合作的持續強有力的管理。鑑於我們迄今為止在 2024 年和 2025 年的經驗，並考慮到我們可能會在下半年看到關稅導致的毛利率波動，我們將全年毛利率指引維持在 51.2% 至 51.7% 的範圍內。

As Brad discussed earlier, we remain cautious as to the potential adverse impact our customers could face from the heightened inflation in the remainder of 2025 but remain confident that we will still be able to profitably earn our customers' business by delivering a strong value proposition driven by our professional parts people and industry-leading parts availability, even an environment of rising prices.

正如布拉德之前所討論的，我們對客戶在 2025 年剩餘時間內可能面臨的通貨膨脹加劇帶來的潛在不利影響保持謹慎，但我們仍然相信，即使在價格上漲的環境下，我們仍然能夠通過提供由專業零件人員和行業領先的零件供應驅動的強大價值主張，為客戶贏得盈利。

Turning to SG&A, our second-quarter average SG&A per store growth of 4.5% was above our expectations and reflects a combination of the incremental spend to deliver excellent customer service in support of our above-plan sales performance and inflation pressure in our cost structure, particularly in areas more challenging to manage in the short term, such as expenses pertaining to our medical and casualty insurance programs. Based on the inflation pressure we are currently seeing, coupled with our top-line outlook for the remainder of the year, we are revising our full year guidance for average SG&A per store growth to a range of 3% to 3.5%.

談到銷售、一般及行政費用 (SG&A)，我們第二季度每家門市的平均銷售、一般及行政費用增長 4.5%，高於我們的預期，反映了為提供優質客戶服務而增加的支出，以支持我們超出計劃的銷售業績和成本結構中的通脹壓力，特別是在短期內管理更具挑戰性的領域，例如與我們的醫療保險和意外保險計劃相關的費用。根據我們目前看到的通膨壓力，加上我們對今年剩餘時間的營收前景的展望，我們將全年每家門市平均銷售、一般及行政費用增長預期修改為 3% 至 3.5% 的範圍。

While the pressures we are seeing have driven SG&A above our expectations, we continue to believe that the initiatives that we are executing and the enhancements to customer service we have been able to generate are integral factors in the market share gains that we are capturing on both sides of our business. As such, we will continue to diligently manage our SG&A spend to prioritize a high standard of excellent customer service and take advantage of the opportunities to fuel growth.

雖然我們看到的壓力使銷售、一般和行政費用超出了我們的預期，但我們仍然相信，我們正在實施的舉措和我們能夠產生的客戶服務改進是我們在業務雙方都獲得市場份額增長的重要因素。因此，我們將繼續努力管理銷售、一般及行政費用 (SG&A) 支出，優先提供高標準的優質客戶服務，並利用機會推動成長。

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%. We successfully opened 105 net new stores across the US and Mexico in the first half of 2025, and we continue to be pleased with the performance of our new stores.

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。2025 年上半年，我們在美國和墨西哥成功開設了 105 家新店，並且我們繼續對新店的表現感到滿意。

We continue to see solid growth in greenfield expansion markets, but we are also capitalizing on great growth opportunities across our footprint. As a result, our store growth thus far in 2025 was spread across 34 different US states, Puerto Rico, and Mexico. Underpinning our very successful new store expansion efforts are the pivotal investments we continue to make to enhance our industry-leading distribution network. We remain steadfast in our commitment to equipping our store teams with rapid industry-leading access to inventory.

我們繼續看到綠地擴張市場的穩健成長，但我們也在利用我們業務範圍內的巨大成長機會。因此，到 2025 年為止，我們的門市成長已遍布美國 34 個不同的州、波多黎各和墨西哥。我們非常成功的新店擴張努力的基礎是我們持續進行的關鍵投資，以增強我們領先業界的分銷網絡。我們始終堅定不移地致力於為我們的商店團隊提供業界領先的快速庫存存取能力。

To that end, we are excited to announce that we have acquired a facility in Hazlet, Texas, a suburb of Fort Worth, that will become our 33rd distribution center. This new facility, which we were referred to as our Fort Worth DC, is approximately 560,000 square foot with an expected capacity to serve 350 stores in the South-Central United States. These market areas represent some of our most mature markets, while also being strong contributors of highly profitable growth for many years.

為此，我們很高興地宣布，我們已經在德州沃斯堡郊區哈茲萊特收購了一家工廠，這將成為我們的第 33 個配送中心。這個新設施被稱為沃斯堡 DC，佔地約 560,000 平方英尺，預計可為美國中南部的 350 家商店提供服務。這些市場區域代表了我們最成熟的市場，同時也是多年來高利潤成長的強大貢獻者。

Even with the relatively high store counts we have in Texas and surrounding markets, we still see tremendous opportunity to continue growing in this part of the country in the future but are running up against constraints with our distribution capacity. The backfill addition of this facility will not only give us additional capacity and enhanced service capabilities in the important Fort Worth metro market but will also free up much needed capacity in surrounding DCs to support growth across the South-Central region of the country.

即使我們在德克薩斯州和周邊市場的門市數量相對較多，我們仍然看到未來在這一地區繼續增長的巨大機會，但我們的分銷能力受到了限制。該設施的補充不僅將為我們在重要的沃斯堡大都會市場提供額外的容量和增強的服務能力，而且還將釋放週邊配送中心急需的容量，以支持該國中南部地區的發展。

We are still in the early innings of development for this new DC, having just acquired the facility with substantial infill work still ahead of us. As a result, we anticipate this distribution center will be in operation in 2027. We are also excited to be nearing the completion of our Stafford, Virginia distribution center. We plan to start transferring stores to be serviced by Stafford at the end of the third quarter with the new facility servicing its initial store base by the end of this year.

我們仍處於這個新 DC 開發的早期階段，剛剛收購了該設施，還有大量的填充工作要做。因此，我們預計該配送中心將於 2027 年投入營運。我們也很高興維吉尼亞州斯塔福德配送中心即將完工。我們計劃在第三季末開始將商店轉移給斯塔福德提供服務，新設施將在今年年底前為其最初的商店基地提供服務。

We could not be more excited about the store development opportunities that these two new facilities will unlock for the company in both the largely untapped Mid-Atlantic region and in strong existing markets in the South-Central US. As I close my comments, I want to thank Team O'Reilly for their continued dedication to our company's success. Your commitment to providing consistent, excellent customer service to all of our customers each and every day continues to be the key to our long-term success.

我們對這兩家新工廠將為公司在尚未開發的中大西洋地區和美國中南部現有強勁市場中開啟的店鋪發展機會感到無比興奮。在結束我的演講之前，我想感謝 O'Reilly 團隊對我們公司成功的持續奉獻。您致力於每天為我們所有的客戶提供一致、優質的客戶服務，這仍然是我們長期成功的關鍵。

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 begin today by thanking Team O'Reilly for another successful quarter. Now we will take a closer look at our second-quarter results and update our guidance for the remainder of 2025. For the second quarter, sales increased $253 million, driven by a 4.1% increase in comparable store sales and an $86 million non-comp contribution from stores opened in '24 and '25 that have not yet entered the comp base. For 2025, we now expect our total revenues to be between $17.5 billion and $17.8 billion.

謝謝，布倫特。今天，我還想先感謝 O'Reilly 團隊又一個季度的成功。現在，我們將仔細研究第二季的業績，並更新 2025 年剩餘時間的指導。第二季度，銷售額成長了 2.53 億美元，這得益於同店銷售額成長 4.1%，以及 24 年和 25 年開設但尚未進入同店銷售額的門市貢獻了 8,600 萬美元的非同店銷售額。到 2025 年，我們預計總收入將在 175 億美元至 178 億美元之間。

Our second-quarter effective tax rate was 22.4% of pretax income, comprised of a base rate of 23.2%, reduced by a 0.8% benefit for share-based compensation. This compares to the second quarter of 2024 rate of 23.2% of pretax income, which was comprised of a base tax rate of 23.8%, reduced by a 0.6% benefit for share-based compensation. For the full year of 2025, we now expect an effective tax rate of 22.3%.

我們第二季的有效稅率為稅前收入的 22.4%，其中包括 23.2% 的基準稅率，以及 0.8% 的股權激勵收益。相比之下，2024 年第二季的稅前收入稅率為 23.2%，其中包括 23.8% 的基本稅率，以及 0.6% 的股權激勵收益。對於 2025 年全年，我們預計有效稅率為 22.3%。

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 rate. Now we will move on to free cash flow and the components that drove our results. Free cash flow for the first six months of 2025 was $904 million versus $1.2 billion in the first half of 2024.

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，股權激勵的稅收優惠變化也會導致我們的季度利率波動。現在我們將討論自由現金流和推動我們業績的因素。2025 年上半年的自由現金流為 9.04 億美元，而 2024 年上半年為 12 億美元。

The reduction in free cash flow was primarily the result of the timing of payment for renewable energy tax credits with a higher cash outflow for these payments occurring in the second quarter of 2025 versus the third quarter of 2024. For the full-year 2025, our expected free cash flow guidance remains unchanged at a range of $1.6 billion to $1.9 billion.

自由現金流的減少主要是由於再生能源稅收抵免的支付時間，2025 年第二季的現金流出量高於 2024 年第三季的現金流出量。對於 2025 年全年，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。

Inventory per store finished the quarter at $833,000, which was up 9% from this time last year and up 4% from the end of 2024. Broad-based inventory availability is critical to the success of our business, and we have been pleased with the investments we have made in inventory in 2025. Our projected increase in 2025 in average inventory per store remains unchanged at 5%.

本季每家商店的庫存為 833,000 美元，比去年同期增長 9%，比 2024 年底增長 4%。廣泛的庫存可用性對於我們業務的成功至關重要，我們對 2025 年在庫存方面的投資感到滿意。我們預計 2025 年每家商店的平均庫存成長率將保持不變，為 5%。

I also want to touch briefly on our AP to inventory ratio. We finished the second quarter at 127%, which was down from 128% at the end of 2024 but slightly above our expectations. For the remainder of 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。我們第二季的業績達到了 127%，低於 2024 年底的 128%，但略高於我們的預期。對於 2025 年剩餘時間，我們預計由於我們計劃在商店和分銷網絡中增加庫存投資，這一比例將繼續放緩，目前預計今年年底的比例將達到約 125%。

Moving on to debt, we finished the second quarter with an adjusted debt-to-EBITDAR ratio of 2.06 times as compared to our end-of-2024 ratio of 1.99 times with an 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.

談到債務，我們第二季度的調整後債務與 EBITDAR 比率為 2.06 倍，而 2024 年底的比率為 1.99 倍，調整後債務的增加部分被 EBITDAR 的增長所抵消。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。

We continue to be pleased with the execution of our share repurchase program. And during the second quarter, on a split-adjusted basis, we repurchased 6.8 million shares at an average share price of $90.71 for a total investment of $617 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.

我們對我們的股票回購計劃的執行感到滿意。在第二季度，經拆股調整後，我們以平均每股 90.71 美元的價格回購了 680 萬股，總投資額為 6.17 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 that 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 to your questions, I would once again like to thank the entire O'Reilly team for their continued hard work and dedication to providing consistently high levels of service to our customers.

提醒一下，布拉德先前概述的每股盈餘指引包括透過此次電話會議回購的股票的影響，但不包括任何額外的股票回購。在開始回答大家的問題之前，我想再次感謝整個 O'Reilly 團隊的持續努力和奉獻，為我們的客戶提供始終如一的高水準服務。

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) Simeon Gutman, Morgan Stanley.

（操作員指示） 西緬古特曼，摩根士丹利。

Hi, good morning, everyone. My first question is for tariffs.

大家好，早安。我的第一個問題是關於關稅的。

Hey, good morning, Simeon.

嘿，早上好，西緬。

Good morning, guys. So call it, two or three months ago when we began this tariff journey, there was probably a range of outcomes that we're forming in terms of what would happen to price. You've had tariff rates now that have changed, you're discussing with suppliers, and now you're probably making decisions on pricing. Can you -- without stating magnitude, which I don't think you'll share with us, can you tell us, is the pressure on pricing, which I assume is upward, is that around the same? Is it higher? Or is it lower than when you started this journey about three or four months ago?

大家早安。可以這麼說，兩三個月前，當我們開始這段關稅之旅時，我們可能已經對價格將會發生什麼形成了一系列的預測。現在關稅稅率已經發生了變化，您正在與供應商進行討論，現在您可能正在做出定價決策。您能否——在不說明幅度的情況下（我認為您不會與我們分享），您能否告訴我們，定價壓力（我認為是向上的）是否大致相同？更高嗎？或比你三、四個月前開始這段旅程時更低？

Yes, Simeon, this is Brent. I can start and these guys can add in. Yes, I would just tell you that the backdrop is the consumer. Brad talked about that in his prepared comments. And as far as defining as the pricing pressure, greater or less than it was a few months ago, it's really hard to say. The consumer, we know at the lower end, is pressured right now and has been for some time.

是的，西緬，這是布倫特。我可以開始，然後這些人可以加入。是的，我只想告訴你，背景就是消費者。布拉德在他準備好的評論中談到了這一點。至於定價壓力是否比幾個月前更大或更小，這真的很難說。我們知道，低端消費者現在面臨壓力，而且這種壓力已經持續了一段時間。

What I would tell you is what we continue to see is we've got a very rational industry. We've got a very rational history of these kinds of things in the past, certainly not dealt with some of the headlines on tariffs that we're dealing with now. It's a little bit uncharted. But if you go back a few years and look at how things behaved back in the 2018 timeframe, the cost eventually do get to get to the price at some point in the process.

我想告訴你們的是，我們不斷看到的是，我們擁有一個非常理性的行業。我們過去對這類事情有著非常理性的態度，當然不會處理我們現在面臨的一些有關關稅的頭條新聞。這有點未知。但如果回顧幾年前的情況，看看 2018 年的情況，成本最終會在某個時間點達到價格。

Our goal is to minimize any impact to our consumer because we know they're under pressure. So we work very closely with our supplier partners. It's really hard to gauge. Is the pressure greater now than it was a few months ago? I think the pressure is what the pressure is. We're going to continue to do what we do and do everything we can to keep the prices reasonable for our consumers and be fair with our suppliers as we work through this.

我們的目標是盡量減少對消費者的影響，因為我們知道他們承受著壓力。因此，我們與供應商合作夥伴密切合作。這確實很難衡量。現在的壓力是否比幾個月前更大？我認為壓力就是壓力。我們將繼續做好我們的工作，竭盡所能，為我們的消費者保持合理的價格，並公平地對待我們的供應商。

Yes. Simeon, just real quick. I think Brent summed it up really well. I think -- if I think back to kind of the beginning of the year, just what we've been through, what the consumer has been through, what our industry has been through, broader retail too, over the last six months to a year, I think if we had to say it as close to the answer you're driving to as we could, it's -- we're not surprised.

是的。西緬，真的很快。我認為布倫特總結得非常好。我認為——如果我回想一下今年年初的情況，我們所經歷的一切，消費者所經歷的一切，我們的行業所經歷的一切，更廣泛的零售業，在過去的六個月到一年裡，如果我們必須盡可能接近你想要的答案，那就是——我們並不感到驚訝。

I think it's generally a similar pressure to the input cost, similar pressure to the retails that -- from a pricing standpoint that we would have expected. I think the pressure is similar to the consumer. We're just trying to balance out the best we possibly can, how we're thinking about the balance of the year in terms of possible opportunities and also just have a caution in the way we're thinking about it, that depending on how things go, there could be increased pressure to the consumer.

我認為，從定價的角度來看，這通常與投入成本的壓力類似，與零售的壓力類似，這是我們所預料到的。我認為壓力與消費者類似。我們只是盡力保持平衡，思考如何從可能的機會角度考慮今年的平衡，同時也要謹慎考慮，根據情況的發展，消費者的壓力可能會增加。

Okay, fair enough. And then the back half guide mathematically tells us that SG&A dollar growth is going to taper a bit from the run rate. That's the math. If it doesn't, if it surprises us at the upside, what would be the cause of it? And then, Brad, the age-old spending versus investment versus return, how do you think about that? Should there be a higher rate of SG&A going forward? Thanks.

好吧，夠公平。然後，後半部分指南以數學方式告訴我們，銷售、一般和行政費用的增長將從運行率略微下降。這就是數學。如果不是這樣，如果它的上漲令我們感到驚訝，那麼原因是什麼呢？那麼，布拉德，對於古老的支出、投資和回報問題，您怎麼看呢？未來銷售、一般及行政費用 (SG&A) 比率是否應提高？謝謝。

Yes, I mean, it's a fair and important question. And if you don't mind, I'm going to let Jeremy talk through kind of our thoughts to start out, and then I'll come back to more of the kind of short- to long-term question.

是的，我的意思是，這是一個公平且重要的問題。如果您不介意的話，我將讓傑里米先談談我們的想法，然後我再來討論更多短期和長期的問題。

Yes. It's a good question to call out, Simeon. And I think when you look at our updated guide, where we think the full year will finish at that 3 to 3.5 per store SG&A growth that Brent referenced earlier, just keep in mind that that does include a comparison benefit as we move through the fourth quarter where we had to take a charge from a reported number perspective on that.

是的。西緬，這是一個很好的問題。我認為，當您查看我們更新的指南時，我們認為全年每家門市的銷售、一般及行政費用增長率將達到布倫特之前提到的 3 到 3.5，但請記住，這確實包括了比較收益，因為我們進入了第四季度，我們必須從報告的數字角度對此收取費用。

It does contemplate that the back half of the year, maybe excluding the dynamic around that comparison, that would put us more in that 3% to 4% range for personal growth. And really, that's a reflection relative to what we saw in the first half of just the cadence of how some of that spend is expected to occur through the balance of the year, some of the more unique pressures that we would have seen in the first half.

它確實考慮到，今年下半年，也許排除圍繞這一比較的動態，我們的個人成長率將更多地處於 3% 到 4% 的範圍內。實際上，這與我們上半年看到的情況相比，只是反映了部分支出預計在今年餘下時間裡如何發生的節奏，以及我們在上半年會看到的一些更獨特的壓力。

I think, to your question, the types of things that could drive us to see that be further pressured in the balance or beyond what we're really seeing today would be any continuation of inflation or cost-driven pressures within our cost structure that we are, unfortunately, at times can be takers of, especially on things that are more difficult to manage, things that Brent pointed out within his comments.

我認為，對於你的問題，那些可能讓我們看到進一步壓力或超出我們今天真正看到的情況的因素是通貨膨脹的持續或成本結構中成本驅動的壓力，不幸的是，我們有時可能會承受這些壓力，特別是在那些更難管理的事情上，布倫特在他的評論中指出了這一點。

But then also, as we see the cadence of our business and continue to see opportunities to fuel top-line growth within a market that might end up being a little bit more disruptive in the balance of the year, to the extent that we're starting to capture volume benefits or any of those types of things, it's always been, I think, a pretty firm commitment of our company to service that business well. Those are the points in the cycle where our customers most rely on us to step in and provide really excellent service to help solve problems with them.

但同時，隨著我們看到業務的節奏，並繼續看到在市場中推動營收成長的機會，而這個市場最終可能會在今年餘下的時間裡變得更加混亂，只要我們開始獲得數量效益或任何類似的東西，我認為，我們公司始終堅定地致力於為該業務提供良好的服務。在整個週期中，這些都是我們的客戶最依賴我們介入並提供真正優質的服務來幫助他們解決問題的點。

And so we remain pretty committed to managing our business in a way that provides value for our customers at a very high level and puts us well positioned to capture share to fuel growth. And so that, from a component perspective, might be among the factors that would cause SG&A to differ from our expectations and moving forward. For sure, I think we factored what we know and how best we can forecast that for how we've updated our outlook there. But those are really the things that kind of caused it to be variable moving forward.

因此，我們仍然致力於以一種能夠為客戶提供高水準價值的方式管理我們的業務，並讓我們處於有利地位，能夠抓住市場份額來推動成長。因此，從組成部分的角度來看，這可能是導致銷售、一般及行政開支與我們的預期和未來發展不同的因素之一。當然，我認為我們已經考慮了我們所知道的情況以及我們如何才能最好地預測這一點，並更新了我們的展望。但這些確實是導致其未來發展變化的原因。

Yes, well said. There is some inflationary pressure additional to what we saw a quarter ago and two quarters ago. But the bottom line is, Simeon, we're in this for the long haul. We're very proud at O'Reilly, as you know, of the operating profit rate that we've been able to establish and grow over a long period of time.

是的，說得好。除了一個季度前和兩個季度前我們看到的通膨壓力之外，還存在一些通膨壓力。但西緬，底線是，我們要長期堅持下去。如您所知，我們奧萊利公司對長期以來能夠建立並成長的營業利潤率感到非常自豪。

We still feel confident in the mid to long term, we can continue to create leverage, but we're going to do that through share gains. We're going to do that through the fact that -- we have 10% share in the US and even less in Mexico and Canada with these new platforms. And we feel like these years, last year, and even this year continue to show us that there's some volatility with some of our competitors, mainly on the independent WD type side.

我們仍然對中長期前景充滿信心，我們可以繼續創造槓桿，但我們將透過份額成長來實現這一點。我們將透過以下事實來實現這一目標——憑藉這些新平台，我們在美國擁有 10% 的市場份額，而在墨西哥和加拿大的市場份額則更低。我們感覺到這些年、去年甚至今年都繼續向我們表明，我們的一些競爭對手存在一些波動，主要是在獨立的 WD 類型方面。

And we're going to continue to play from a position of strength. We're going to make solid, decisive long-term decisions. In any of these quarters, as you know as well as anyone, there's things that we could have done to bring in the quarter, but it wouldn't have been the right thing to do for the mid and long term, and that's what we're focused on.

我們將繼續保持強勢地位。我們將做出堅定、果斷的長期決策。在任何一個季度中，正如您和其他人都知道的那樣，我們本可以做一些事情來改善本季度的業績，但從中長期來看，這並不是正確的做法，而這正是我們關注的重點。

Excellent. Thanks. Well done. Good luck.

出色的。謝謝。做得好。祝你好運。

Thanks, Simeon.

謝謝，西緬。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good morning. Thank you so much for taking my question. Brad, has the cost of doing business within the auto aftermarket just simply increased perhaps as a result of a lot of the weaker marginal competitors having already gone away? So the industry is left with stronger players, and it's more expensive to gain that share, and that's caught O'Reilly a bit off guard? It's been a surprise. And that's why these SG&A dollars have been consistently under expected and have come in a bit heavier than anticipated? And if that's the case, how does the model need to change in order to navigate through this moving forward?

早安.非常感謝您回答我的問題。布拉德，汽車售後市場的經營成本是否僅僅因為許多較弱的邊際競爭對手已經消失而增加？那麼，這個行業只剩下更強大的參與者，而獲得這些份額的成本更高，這讓奧萊利有點措手不及嗎？這真是個驚喜。這就是為什麼銷售、一般和行政費用一直低於預期，而且比預期的要高一些的原因嗎？如果事實確實如此，那麼模型需要如何改變才能引導這一進程？

Hey, good morning. Michael. Fantastic question. So really kind of back to a couple of points that we made on Simeon's question, I think the direct answer to your question, quite frankly, is a little bit of both. Is there going to be times, like it always has been in our industry, where we do feel like expense pressure is understandable and needed along with investments? I think there's going to be cycles like that. And I think to some degree, we're in a cycle like that where we are going to see the cost of doing business for the long term, have pressure on it.

嘿，早安。麥可。很棒的問題。所以，回到我們在西緬的問題上提出的幾個觀點，我認為對你的問題的直接回答，坦白說，是兩者兼而有之。是否會出現像我們行業一直存在的情況一樣，我們確實覺得費用壓力是可以理解的，並且與投資一樣必要？我認為會出現這樣的循環。我認為，在某種程度上，我們正處於這樣的一個週期中，我們將看到長期經營的成本，並面臨壓力。

What we don't think has changed to kind of the middle and latter part of your question is the long-term focus for us on our operating profit rate on what we built over a long period of time. We don't feel like that's necessarily changed. And the reason I say that and the reason we have conviction about it, Michael, is when I look back at the top 10 chains, specifically in the US today versus 10 years ago versus 20 years ago or versus almost 30 years ago when I started in this business and with O'Reilly, as you know, consolidation has continued to take place, and we see consolidation going to continue to take place.

我們認為，您問題的中間部分和後半部分沒有改變，我們長期關注的是我們的營業利潤率以及我們長期以來所建立的系統。我們並不認為這必然會改變。邁克爾，我之所以這麼說，以及我們之所以對此深信不疑，是因為當我回顧當今美國的十大連鎖酒店，與 10 年前、20 年前或近 30 年前我剛開始從事這個行業和在 O'Reilly 工作時相比，正如你所知，整合一直在繼續發生，而且我們認為整合還將繼續發生。

And we feel like -- again, to what I said about Simeon's question, we feel like we continue to operate in a unique time where there is still some volatility with some of our weaker smaller players. And so again, the answer is a little bit of both. We feel like there continues to be an opportunity for us to invest and not react to short-term things that we could do from an expense standpoint.

我們感覺到——再次回答我對西緬的問題的看法，我們感覺我們繼續在一個獨特的時期運營，我們的一些較弱的小參與者仍然存在一些波動。所以，答案是兩者皆有。我們覺得我們仍然有機會進行投資，而不是從費用的角度來對短期的事情做出反應。

But we feel like the basic fundamentals of our industry, our ability to turn our 10% share into a much larger number over the mid to long term that we feel confident we can continue to have O'Reilly standards when it comes to leveraging our overall expense structure and continuing to maintain and incrementally grow our operating profit percentage over time.

但我們覺得，我們行業的基本面，我們有能力在中長期內將 10% 的份額轉化為更大的數字，我們相信，在利用我們的整體費用結構和繼續保持並逐步增加我們的營業利潤百分比方面，我們可以繼續保持 O'Reilly 標準。

Got you. Thank you very much for that. My follow-up question is, given your experience in June where the DIY business was a bit softer, does that give you pause as we move throughout the rest of the year, either in the consumer's ability to absorb all this inflation and how it's going to respond in terms of elasticity? Or some other factors, whether it's immigration policy reform or anything else that might be impacting your core consumer, and we should have more moderate expectations as a result of that experience? Or is that just a one-off situation that we could expect like moving forward? Thank you very much.

明白了。非常感謝。我的後續問題是，鑑於您在 6 月 DIY 業務略顯疲軟的經歷，這是否會讓您在今年剩餘時間內猶豫不決，無論是消費者吸收所有通貨膨脹的能力，還是其在彈性方面將如何應對？或是其他一些因素，無論是移民政策改革還是其他可能影響核心消費者的因素，我們應該根據這些經驗有更適度的期望嗎？或者這只是我們可以預料到的一次性情況？非常感謝。

Yes, another great question, Michael. I'll start this off and then see if Jeremy and Brent want to jump in. But we want to answer that balance because there is still so much caution and just pause for us to get too far over our skis with how the consumer is going to react to the remainder of the year as there continues to be pressure. So I want to balance this out.

是的，這又是一個好問題，麥可。我會先開始，然後看看傑里米和布倫特是否想加入。但我們想要找到平衡點，因為仍然需要謹慎，我們會暫停一下，以免在壓力持續存在的情況下，消費者對今年剩餘時間的反應過於過度。所以我想平衡這一點。

Directly to the question about June, we don't think that signals anything beyond what I just said. And what I mean by that is when we got into June, quite frankly, when you look at our southern markets and really all our markets to some degree, it was very wet. We've really had a hot summer, and it's getting hotter, which is generally a good thing for us. But it was a very wet June.

直接回答關於六月的問題，我們認為這並沒有預示任何超出我剛才所說的內容。我的意思是，當我們進入六月時，坦白說，當你看看我們的南方市場以及我們所有的市場時，在某種程度上，天氣都非常潮濕。我們確實度過了一個炎熱的夏天，而且天氣越來越熱，這對我們來說總體來說是件好事。但那是一個潮濕的六月。

And when we look at category performance and we look at geography performance, it wasn't that there were stark differences, but there were some minor differences that really convicted us that the -- some of the pressure in June, if not all of it, was kind of normal pressure that we saw that we think more offset maybe the remainder of the quarter. We look at the quarter very balanced and still very early in July, but we feel good about the start of July.

當我們觀察類別表現和地理表現時，我們發現並沒有明顯的差異，但有一些細微的差別，這些差別讓我們確信——6 月份的部分壓力（如果不是全部的話）是一種正常壓力，我們認為這種壓力可能會在本季度剩餘時間內得到更多的抵消。我們認為本季的情況非常平衡，儘管現在還處於 7 月初，但我們對 7 月初的情況感到樂觀。

Thank you very much, and good luck.

非常感謝，祝你好運。

Thanks, Michael.

謝謝，麥可。

Thanks, Michael.

謝謝，麥可。

Scott Ciccarelli, Truist.

斯科特·西卡雷利（Scott Ciccarelli），Truist。

Good morning, guys. (technical difficulty) increases related to the tariffs. Is there any difference on how you price or maybe even the timing between your DIY and commercial segment? Just trying to get a feel here for if the (technical difficulty)

大家早安。 （技術難題）與關稅相關的增加。你們的 DIY 和商業部分在定價方式或時間安排上有什麼區別嗎？只是想在這裡感受一下（技術難度）

Hey, Scott, for some reason, you're cutting in and out. We're not getting all of your question.

嘿，斯科特，出於某種原因，你時而插話時而插話。我們沒有得到您提出的所有問題。

I think maybe you were pointing towards a question around just how we think about the tariff and managing through the tariff. Does it differ on the DIY and professional side? So really, I'll maybe start there, and Brent and Brad can chime in from their perspective. I would tell you, we actively manage that process. It's a very in-depth and involved process, and it's one that we're going down from a category-by-category basis and even how we think about the professional side of our customer base.

我想也許您指的是我們如何看待關稅以及如何管理關稅的問題。DIY 和專業方面有什麼不同嗎？所以實際上，我可能會從那裡開始，布倫特和布拉德可以從他們的角度發表意見。我想告訴你，我們積極管理這個過程。這是一個非常深入且複雜的過程，我們將逐一類別地進行研究，甚至考慮我們如何考慮客戶群的專業面向。

We're trying to understand the different ways we keep feeding that space on the different types of customers we have. So I think it would be a little bit of a simplification to say that they both look exactly the same just because it's a fairly complex process. And for sure, there are times at which we have better visibility on the DIY side. It's a little bit simpler of a change there to think through what those modifications would be, whereas we're going to have a different process to understand where the market sits and how the market is moving in a little bit more diversified way with our professional customers.

我們正在嘗試了解我們為不同類型的客戶提供不同服務的方式。因此，我認為說它們看起來完全一樣有點過於簡單了，因為這是一個相當複雜的過程。當然，有時我們在 DIY 方面有更好的可見性。思考這些修改會是什麼會稍微簡單一些，而我們將採用不同的流程來了解市場現狀以及市場如何隨著我們的專業客戶而以更加多樣化的方式發展。

Having maybe laid out those dynamics a little bit, our approach and what we think we see is relatively consistent on both sides of our business. That can differ a little bit category to category, and particularly as we think through this kind of timing component. But ultimately, as we kind of work through to get to that equilibrium that Brent talked about, that does tend to work in pretty close parity on both sides of our business.

也許在稍微闡述了這些動態之後，我們的方法和我們認為我們看到的情況在我們業務的兩個方面是相對一致的。不同類別之間可能會有一點差異，特別是當我們考慮這種時間組件時。但最終，當我們努力達到布倫特所說的平衡時，我們業務的雙方往往會達到相當接近的平衡。

Okay, got it. Thank you.

好的，明白了。謝謝。

Thanks, Scott.

謝謝，斯科特。

Zach Fadem, Wells Fargo.

富國銀行的紮克法德姆。

Hey, good morning. When you think about the typical consumer reaction to rising prices in the category historically, can you help level set us on the mix of your business that you would say requires immediate action, like a dead battery, versus what mix is deferrable or discretionary?

嘿，早安。當您思考歷史上消費者對此類產品價格上漲的典型反應時，您能否幫助我們確定您的業務中哪些情況需要立即採取行動，例如電池沒電，哪些情況是可以推遲或自行處理的？

Yes, Zach. Good morning. Thanks for the question. We've never really put a very fine point on that specific split. Just candidly, because there's a fair enough of other items that they kind of fall sort of in the in-between space, I would tell you that there is a high majority of what we sell that requires either an immediate fix or that can only be deferred over a very, very short period of time.

是的，札克。早安.謝謝你的提問。我們從來沒有真正對這一具體分歧做出非常明確的說明。坦白說，因為有足夠多的其他產品處於中間位置，我想告訴你，我們銷售的絕大多數產品都需要立即修復，或者只能在很短的時間內推遲修復。

In response to your first question, maybe start there, and Brad and Brent can jump in as well, interestingly, I think for us, our industry does not typically see a lot of price sensitivity as it relates to the individual job or the individual ticket for our customer because of what we talked about from a non-discretionary perspective. If you need that alternator, if you have a battery that fails, it's a required fix. You need your vehicle to be able to get to work, to haul your kids around, and those types of things.

回答您的第一個問題，也許可以從那裡開始，布拉德和布倫特也可以加入進來，有趣的是，我認為對於我們來說，我們的行業通常不會看到太多的價格敏感性，因為它與客戶的個別工作或個別票據有關，因為我們是從非自由裁量的角度談論的。如果您需要交流發電機，如果您的電池出現故障，則需要進行修理。您需要用車輛去上班、接送孩子等等。

I think, from our perspective, what gives us more caution is less any price sensitivity or elasticity around specifically the prices we move up, but just the broader pressure the inflation really across all of our customers' pocketbook spend can have to how they think about decisions where they do have deferral. What if they can push off that oil change or can maybe delay fixing the air conditioner service or part or something along those lines, or might choose to do things like trade down the value spectrum, or those items?

我認為，從我們的角度來看，讓我們更加謹慎的不是價格敏感性或彈性，特別是我們上調的價格，而是通貨膨脹對我們所有客戶的錢包支出產生的更廣泛的壓力，這可能會影響他們如何考慮延期付款的決定。如果他們可以推遲更換機油，或者可以推遲修理空調服務或零件或類似的東西，或者可以選擇降低價值範圍或這些物品，那會怎麼樣？

I think that's where within our industry, those are more shocks to the consumer than they are individual pricing pressure on the things that we sell. But we have seen that short-term pressure where deferrals can happen. But typically, normalizing it caught back up as the consumer adjusts to the things that they buy from us.

我認為，在我們的行業中，這些對消費者的衝擊比對我們銷售的產品的個別定價壓力更大。但我們已經看到短期壓力會導致延期。但通常情況下，隨著消費者適應從我們這裡購買的東西，正常化就會恢復。

Yes, Zach, I think just real quick, Jeremy said it very well. The lines in our business between failure, maintenance, and discretionary aren't always just black and white. There's some gray area kind of in between, and I think Jeremy kind of walked through the way we look at it very, very well. I think we just continue to try to stay balanced, though we haven't seen hardly any. We may have seen a little bit over the last couple quarters in terms of deferral.

是的，扎克，我認為傑里米說得非常好。在我們的業務中，故障、維護和自由裁量之間的界限並不總是黑白分明的。這中間存在著一些灰色地帶，我認為傑里米非常很好地闡述了我們看待這個問題的方式。我認為我們只是繼續努力保持平衡，儘管我們幾乎沒有看到任何變化。在過去的幾個季度中，我們可能已經看到了一些延期的情況。

We're still very positive about our maintenance categories. Obviously, failure categories, the way we see them, are performing well, and we continue to see pressure in the discretionary. So we're still positive and constructive, but we also want to stay constructive in terms of just the back half of the year.

我們對我們的維護類別仍然非常樂觀。顯然，我們認為失敗類別表現良好，並且我們繼續看到自由裁量權的壓力。因此，我們仍然保持積極和建設性的態度，但我們也希望在下半年繼續保持建設性的態度。

And if pricing continue to pipe through, then we get to a point where the consumers at a point like we've seen in years past where they just need to defer a little bit. Like we mentioned in prepared comments, when we've seen those type times, even though I think what we're going through right now is unprecedented in a lot of ways, when we have seen that type shock to the consumer, it is fairly short-lived in our industry.

如果定價持續下去，那麼我們就會達到一個消費者需要稍微推遲購買的程度，就像過去幾年看到的那樣。就像我們在準備好的評論中提到的那樣，當我們看到這些類型的時代時，儘管我認為我們現在所經歷的在很多方面都是前所未有的，但當我們看到這種對消費者的衝擊時，它在我們的行業中是相當短暫的。

Appreciate that. And then with respect to your Virginia DC opening, can you talk about just the expected impact or opportunity for unlocking share gains in the Mid-Atlantic and Northeast? And would you say this could ultimately result in an acceleration in new openings or perhaps getting more aggressive in taking share in that region?

非常感謝。然後關於您在弗吉尼亞州華盛頓特區的開業，您能否談談預期的影響或對釋放中大西洋和東北地區份額增長的機會？您是否認為這最終會導致新店開幕加速，或更積極地搶佔該地區的市場份額？

Yes, Zach, great question. This is Brent. I can start. Brad and Jeremy can jump in. Yes, we're super excited about that DC, super excited about having that capacity. We've been a little strained with our distribution capacity in the Southeast and up that eastern Mid-Atlantic for several years now as we've grown our store count and grown our volumes there.

是的，扎克，這個問題問得好。這是布倫特。我可以開始了。布拉德和傑里米可以加入。是的，我們對那個 DC 感到非常興奮，對擁有這種能力感到非常興奮。幾年來，隨著我們在東南部和中大西洋東部地區的門市數量和銷量不斷增加，我們的分銷能力一直有些緊張。

So getting that DC online is something we're really excited about. if you think about that I-95 corridor and you think about number of vehicles, number of people that are along that corridor, really kind of a last frontier a little bit for us in terms of our domestic expansion. So we'll be moving some stores over from existing DCs, but we'll still have plenty of capacity to grow in that Mid-Atlantic region. So certainly, something our real estate teams are focused on and looking at, and our operational teams are focused as well. So we see that as a big growth opportunity for us.

因此，讓 DC 上網是我們真正興奮的事情。如果你想想 I-95 走廊，想想沿著這條走廊的車輛數量和人數，就我們的國內擴張而言，這真的有點像是我們最後的邊疆。因此，我們將把一些商店從現有的配送中心轉移過來，但我們在中大西洋地區仍有足夠的發展能力。因此，我們的房地產團隊和營運團隊當然都在關注和關註一些事情。因此，我們認為這對我們來說是一個巨大的成長機會。

Yes, Zach, Brent said it really well. We couldn't be more excited about our opportunities in that upper Mid-Atlantic market. Very competitive markets, but it has all the market share opportunities to go along with it. And so as we continue to look at kind of that upper northern Virginia, getting into DC, Baltimore, eventually Philly and New York City, depending on where you draw the line in some of those regions, you can almost come up with a third of the population of the US to Brent's point on population, car park, vehicle, vehicle registrations, et cetera. And so, it's going to be a big opportunity to take a little bit of pressure off some existing DCs, but also, more importantly, to really get after that part of the country where we have a lot of opportunity.

是的，扎克，布倫特說得很好。我們對在中大西洋上游市場所獲得的機會感到無比興奮。市場競爭非常激烈，但它擁有隨之而來的所有市場份額機會。因此，當我們繼續觀察弗吉尼亞州北部地區，進入華盛頓特區、巴爾的摩，最終到達費城和紐約市時，根據你在這些地區劃定的界限，你幾乎可以得出美國人口的三分之一，這與布倫特關於人口、停車場、車輛、車輛登記等的觀點一致。因此，這將是一個巨大的機會，可以減輕一些現有 DC 的壓力，但更重要的是，可以真正地爭取到我們擁有大量機會的那部分地區。

Thanks for the time.

謝謝你的時間。

Thank you.

謝謝。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

Great. Good morning. Thanks very much for taking my question. I wanted to ask, just given the disruption in the industry from tariffs and stuff of that nature, do you see this as an opportunity to really accelerate share gains, work closer with the vendors, kind of take some share from customers out there? Just how do you think through that ability to accelerate share gains?

偉大的。早安.非常感謝您回答我的問題。我想問一下，考慮到關稅和類似因素對行業造成的干擾，您是否認為這是一個真正加速市場份額增長、與供應商更緊密合作、從客戶那裡搶佔一些市場份額的機會？您如何看待這種加速市場佔有率成長的能力？

Yes, good morning, Steve. Thank you very much. Well, number one, while there is some disruption, we work in a very resilient industry. Our industry consumers are resilient, our competitors are resilient, and so I want to balance that a little bit with -- we know our big, sophisticated competitors and the best of the best of some of the smaller competitors, WDs, two-stepper-type independents, they'll navigate through this pretty well. I mean, we don't want to take that for granted.

是的，早上好，史蒂夫。非常感謝。首先，雖然存在一些幹擾，但我們所處的產業非常有彈性。我們的行業消費者俱有韌性，我們的競爭對手也具有韌性，因此我想稍微平衡一下——我們了解我們的大型、老練的競爭對手，以及一些小型競爭對手中的佼佼者，WD、兩步式獨立公司，他們會很好地度過難關。我的意思是，我們不想認為這是理所當然的。

That said, the other side of it is anytime there's this type of complexity in our industry, I would really start this part by just giving a call out to our supply chain that's led by Brent, our merchants, our inventory control purchasing teams, distribution operations.

話雖如此，另一方面，每當我們的行業出現這種複雜情況時，我都會真正開始這一部分，只需呼籲由布倫特、我們的商家、我們的庫存控制採購團隊、分銷業務領導的供應鏈。

It's really -- especially the merchandise team, how they're navigating this. Our experience in the industry, our tenure, our promotion within philosophy that has worked through these type things so many different times, even though it is a little bit unique, we do feel like there's an opportunity for disruption, especially when it gets to the less sophisticated and maybe some of the competitors that are already struggling on the independent side.

這確實是——尤其是商品團隊，他們如何處理這個問題。我們在這個行業的經驗、我們的任期、我們在理念中的提升，這些理念已經多次解決了這些類型的事情，儘管它有點獨特，但我們確實覺得有一個顛覆的機會，特別是當它涉及到不太成熟的領域，也許一些已經在獨立領域苦苦掙扎的競爭對手時。

And so yes, we see opportunity, but we also know that we have a lot of work to do ourselves to make sure we do run our playbook, we do our part, because this is complex. There's a lot of work to do, but we also don't take our competitors for granted. So definitely opportunity, but we feel like our industry overall will be resilient and as well as our consumers, as long as we all work together to figure it out.

是的，我們看到了機會，但我們也知道，我們自己還有很多工作要做，以確保我們按照我們的劇本行事，並做好我們的本分，因為這很複雜。我們還有很多工作要做，但我們也不會將競爭對手視為理所當然。所以這絕對是個機會，但我們覺得，只要我們共同努力，我們的產業和消費者都會有韌性。

Okay. Understood. And then just a follow up I had on same-SKU inflation, what should we anticipate as a level of same-store inflation in the second half of the year? Sounds like second quarter was up just a little under 1.5%. Thanks.

好的。明白了。然後我對同 SKU 通膨進行了跟進，我們應該預期下半年同店通膨水準會是多少？聽起來第二季的漲幅略低於 1.5%。謝謝。

Yes, so the specific answer to that question is, and I think Brad mentioned it in his prepared comments, is we're not factoring into the back half of the year within our updated guidance a substantial ramp up in the net benefit that we would see from inflation beyond where we're at today. Keeping in mind that as we think about our outlook for the remainder of the year, it's not really just one view on where we think things can go from there.

是的，所以這個問題的具體答案是，我認為布拉德在他準備好的評論中提到了這一點，我們沒有將下半年通貨膨脹帶來的淨收益大幅提升納入我們最新的指導中，而這一提升將超過目前的水平。請記住，當我們思考今年剩餘時間的前景時，我們對事情未來走向的看法並不只是一種。

We're trying to understand and plan for lots of different thought processes or sensitivities and understanding that the potential for same-scale inflation in the back half of the year is substantially more than that because of just what exists out there on the horizon from a tariff perspective, what we think the industry typically does when they move through it. But we're hesitant to plan for a windfall in our top line from that because of the cautions and concerns we've got about just the overall shock and the impact to the consumer.

我們試圖理解和規劃許多不同的思維過程或敏感性，並了解到下半年出現同等規模通膨的可能性遠遠高於此，因為從關稅角度來看，未來會出現什麼情況，我們認為行業在經歷這些情況時通常會做什麼。但由於我們對整體衝擊和對消費者的影響持謹慎和擔憂的態度，我們不願意計劃從中獲得意外的收入。

And that's largely in keeping with how we've managed thinking about inflation in forward-looking inflation projections than what we've done previously. But certainly, there is -- we're not in a static environment. I want to leave with that impression. It's changing. Even understanding what the cost environment is doing is changing. Period to period, we think that there's going to be some movement there. But we do have reservations, at least somewhat, in projecting that forward until we start to work through it and realize it.

這與我們先前在前瞻性通膨預測中對通膨的思考方式基本一致。但可以肯定的是，我們並不是處於靜態環境。我希望留下這樣的印象。它正在改變。甚至對成本環境的理解也在改變。我們認為，隨著時間的推移，那裡將會出現一些動靜。但在我們開始努力解決這個問題並實現它之前，我們對此確實有所保留，至少在某種程度上是如此。

Okay, that's helpful detail. Thanks very much.

好的，這是很有幫助的細節。非常感謝。

Thank you.

謝謝。

Thanks, Steve.

謝謝，史蒂夫。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科 (Max Rakhlenko)，TD Cowen。

Hey, great. Thanks a lot. So we get the sense that peers are taking different stances on the level of price that they're pushing through. So just curious, do you think that your price spreads are similar to historic levels, especially against the WDs, or are you noticing any changes there?

嘿，太棒了。多謝。因此，我們感覺到同行對他們所推行的物價水準持不同的立場。所以只是好奇，您是否認為您的價差與歷史水平相似，特別是相對於 WD，或者您是否注意到那裡有任何變化？

Good morning, Max. I appreciate the question. I guess, maybe, we would have a little bit different assessment on how we think the industry is reacting and responding kind of in this period of time. We do spend a little bit of time thinking about it and looking at it, so we feel like we have a pretty decent handle on kind of what we're seeing. I think one of the challenges -- and Brent kind of talked to it in terms of how he walked through in his prepared comments sort of the process by which all this happens.

早安，馬克斯。我很感謝你提出這個問題。我想，也許，我們會對這個行業在這段時間內的反應和回應有稍微不同的評估。我們確實花了一點時間去思考和觀察它，所以我們覺得我們對所看到的東西有相當不錯的把握。我認為其中一個挑戰是——布倫特在他準備好的評論中談到了這一切發生的過程。

We don't all show up, I think, at the marketplace at the same time and just find out that the price changed on Tuesday for everybody in the same way. There is a pretty thorough and involved process for how this works through the system. And so there are just naturally -- because the supplier bases are similar, but they're actually different manufacturers in some instances where there's just some fluidity to how the timing of all of that works.

我認為，我們不會同時出現在市場，也不會發現週二每個人的價格都以同樣的方式改變了。這個系統的運作有一個相當徹底和複雜的過程。因此，這很自然——因為供應商基礎相似，但在某些情況下，它們實際上是不同的製造商，所有這些運作的時間安排都有一定的流動性。

And so there will be lines and categories where we will be a follower because we see a competitor move before that or where we'll lead. And also we lead more often than not, I guess, I would say. But by and large, we think that the rationality of the market in this environment, even though it's a little bit more volatile in this iteration of tariffs than it has been in the past, is still largely consistent with what we've seen historically. We don't anticipate that we'll see anything moving forward that is unusual to our previous practices.

因此，在某些產品線和類別中，我們會成為追隨者，因為我們看到競爭對手在此之前採取行動，或者我們會引領潮流。而且我想說，我們經常處於領先地位。但總體而言，我們認為，儘管在這次關稅迭代中市場比過去更加不穩定，但這種環境下的市場理性仍然與我們歷史上所見的情況基本一致。我們預計不會出現任何與我們以前的做法不同尋常的進展。

Yes, well said. Max, good morning. This is Brad. We're not seeing anything that would tell us -- well, we're not seeing anything at all. Not only that it won't tell us, but we're actually not seeing any changes in the general spreads between the independent competitors all the way up to our big public national competitors.

是的，說得好。馬克斯，早安。這是布拉德。我們沒有看到任何可以告訴我們的東西——好吧，我們什麼也沒看到。它不僅不會告訴我們，而且我們實際上並沒有看到獨立競爭對手與我們的國家大型公共競爭對手之間的整體差距有任何變化。

Okay, great. And then just on SG&A, any specific callouts that you can make as far as the areas that you're investing to capitalize on the market share opportunity?

好的，太好了。然後僅就銷售、一般和行政費用而言，您可以就您投資的領域提出任何具體建議，以利用市場份額機會？

Yes, we don't like to dig down too deep into details there, but I don't think the answers would surprise anyone, Max. It's the things that are most impactful to the service we provide to our customers, which really starts with our teams and how do we think about putting our teams in the right position to be successful in taking care of their customers. How do we make sure that they've got the inventory availability in their hand are supported by access to inventory that's faster than the industry in every instance that you can?

是的，我們不想深入探討細節，但我認為答案不會讓任何人感到驚訝，馬克斯。這些事情對我們向客戶提供的服務影響最大，而這實際上始於我們的團隊，以及我們如何考慮將我們的團隊置於正確的位置以成功地照顧他們的客戶。我們如何確保他們手中有可用的庫存，並且能夠以比行業更快的速度獲取庫存？

You could put those two umbrellas over a big swath of what we do, and I think you'd be pretty far along the way. And so those are always going to be the things that I think are prioritized and important to us in conjunction with some of the technological things that we are continually evolving and modernizing to be sure that we're equipping our teams with the tools that are going to make them most effective at taking care of our customers.

你可以用這兩把傘覆蓋我們所做的大部分工作，我想你會走得很遠。因此，我認為這些始終是我們的優先事項和重要事項，同時結合我們正在不斷發展和現代化的一些技術，以確保我們為團隊配備工具，使他們能夠最有效地照顧我們的客戶。

Yes, Max, it's not always just -- for example, when we outperform on sales, incentive compensation, we love that pressure. It's some of the things that Jeremy talked about, basic blocking and tackling, that we see additional opportunity, but it's not always just when things are above expectations. It could be in a little bit tougher month when things are a little bit more normal or there's a little bit of pressure, short-term pressure, just whether or something that's affecting the business a certain week or month within a quarter that we just decide, you know what, we're not going to overreact to the way we're scheduling.

是的，馬克斯，情況並不總是如此——例如，當我們在銷售、激勵薪酬方面表現出色時，我們喜歡這種壓力。傑里米談到的一些事情，基本的阻擋和鏟球，我們看到了額外的機會，但這並不總是在事情超出預期的時候。這可能是在一個稍微艱難的月份，當事情稍微正常一點，或者有一點壓力，短期壓力，只是是否有某件事影響了某個季度內某個星期或月份的業務，我們只是決定，你知道嗎，我們不會對我們的日程安排方式反應過度。

We may take an opportunity if the shops are a little bit slow to wow them with additional delivery service to make sure when things pick back up, we're top of mind. And so it's just balancing not only when things are better, but also when things maybe have a little bit of toughness week to week, month to month. We're just going to step in there and just decide that we're going to out-hustle everybody else.

如果商店的生意稍微慢一點，我們可能會藉此機會推出額外的送貨服務，讓他們驚喜，以確保當生意回升時，我們能成為他們最關心的人。因此，這不僅需要在情況好轉時保持平衡，還需要在情況可能每週、每月出現一些困難時保持平衡。我們只是要介入並決定超越其他所有人。

Awesome. Thanks a lot, guys, and best regards.

驚人的。非常感謝大家，並致以最誠摯的問候。

Thanks, Max.

謝謝，馬克斯。

Steve Forbes, Guggenheim.

古根漢的史蒂夫福布斯。

Good morning, guys. Maybe just revisiting some of the expense pressures you talked about, medical casualty, self-insurance pressures, can you just help frame us -- frame that for us? What is the pressure in terms of rate of growth, and is there sort of end of sight to it? And then a follow up on that. You think about the operational challenges that everyone is sort of facing today.

大家早安。也許只是重新審視您談到的一些費用壓力、醫療傷亡、自我保險壓力，您能幫助我們建立框架嗎——為我們建立框架？增長率方面的壓力有多大？是否有某種跡象表明會出現這種壓力？然後對此進行跟進。您想想今天每個人所面臨的營運挑戰。

Are the field teams themselves, whether it's the territory or DMs? Are they seeing more points of friction occurring? And is that the message on sort of what you're leaning into? And how are you doing it? Spanning control changes, or any broader message around just how unique this opportunity is today to drive share capture?

實地團隊本身，無論是領土還是 DM？他們是否看到了更多摩擦點的出現？這就是您所傾向傳達的訊息嗎？那你是怎麼做到的呢？跨越控制權的變化，或者關於今天這一推動市場份額的機會有多麼獨特的任何更廣泛的信息？

Yes. No, I appreciate the question, Steven. I'll maybe take the second one first. Our business is, to Brad's earlier point, there's a lot of resiliency. There's a lot of stability within our business. So what you don't really see is kind of maybe these bellwether moments where you just hear a lot from the field organization about, man, something's really changed and there's a dynamic that's different.

是的。不，我很感謝你提出這個問題，史蒂文。我可能會先選第二個。正如布拉德先前所說，我們的業務具有很大的彈性。我們的業務非常穩定。所以，你實際上看不到的可能是這些領頭羊時刻，你只是從現場組織那裡聽到很多關於某些事情確實發生了變化並且存在不同的動態的消息。

Now you'll see that more on a disaggregated basis because our guys are always really tuned into their markets. And if you're spending time in one of our stores in our field organization and you walk and talk, there's always going to be something at the top of their list of opportunity. That's just how we're engineered in our DNA to always be looking for things.

現在，您將從更細分的角度看到這一點，因為我們的員工始終密切關注他們的市場。如果你在我們實地組織的一家商店裡待上一段時間，邊走邊聊，你會發現，他們最重視的機會中總會有一些東西。這就是我們的 DNA 構造，讓我們永遠在尋找事物。

But there's not some net incremental business. More often than then not, when you see those types of things is because we're realizing and actually capturing something well and we're making sure that acceleration and volume in individual markets is not overstressing our system, that we're serving it well. And so that's some of what you see. Beyond that, some of the broader inflation things that Brent called out earlier that you asked about, we're just in a heightened period of some pressure and inflation on those things. It's not always linear in how those things come through.

但並沒有出現淨增量業務。通常情況下，當您看到這些類型的事情時，是因為我們意識到並實際上很好地捕捉到了一些東西，並且我們確保各個市場的加速和交易量不會給我們的系統帶來過大的壓力，我們正在很好地服務它。這就是您所看到的一些內容。除此之外，正如您之前所問到的，布倫特之前提到的一些更廣泛的通膨問題，我們正處於這些問題壓力和通膨加劇的時期。這些事情發生的方式並不總是線性的。

As we thought about the balance of the year, we anticipate we're going to continue to see it to some degree as we move forward. But generally, over the course of time, those things will allow us to long-term run rates that are kind of typical of the costs in those environments. So it's not a longer-term concern, but at times, when there's unique pressure there, you can see it persist from a few-quarter perspective.

當我們考慮今年的平衡時，我們預計在未來我們將繼續在一定程度上看到它。但一般來說，隨著時間的推移，這些因素將使我們能夠實現在那些環境中典型的成本長期運行率。因此，這不是一個長期問題，但有時，當存在獨特的壓力時，從幾個季度的角度來看，你可以看到它會持續存在。

And then just a quick follow up on the facility in Virginia, is there a rule of thumb for us on sort of the number of stores that the fulfillment center starts with? And then sort of what's the ideal sort of ramp cadence of capacity utilization into DC, sort of rule of thumb math?

然後快速跟進一下弗吉尼亞州的設施，對於我們來說，在確定配送中心從多少家商店開始方面有一個經驗法則嗎？那麼，DC 產能利用率的理想提升節奏是怎麼樣的呢？有什麼經驗法則嗎？

Yes, Steven, thanks for the question. This is Brent. Honestly, when you think about our distribution centers, they're where the people are, they're where the cars are -- the vehicles, the major metros. And quite frankly, we've got different capacities across our network. Some of those DCs are spec-ed to serve 250 stores, 225 stores. Larger regional DCs are up to 350 stores. Stafford, in the case of Stafford, it's going to be a regional DC for us, large DC, 350 stores. We'll probably have -- by the end of this year, we'll probably have a little bit of a third of the capacity of it, maybe a little bit more transferred from some other locations. And the rest of it is going to be growth opportunities for us.

是的，史蒂文，謝謝你的提問。這是布倫特。老實說，當您想到我們的配送中心時，您會發現那裡是人們聚集的地方，是汽車聚集的地方——是車輛聚集的地方，是主要大都市聚集的地方。坦白說，我們的網路擁有不同的容量。其中一些配送中心專門為 250 家商店、225 家商店提供服務。較大的區域配送中心最多可容納 350 家商店。斯塔福德，就斯塔福德而言，它將成為我們的區域配送中心，大型配送中心，擁有 350 家商店。到今年年底，我們可能會擁有三分之一的產能，或許還會從其他地方轉移更多產能。其餘的對我們來說都是成長機會。

Thank you.

謝謝。

Yes, thank you.

是的，謝謝。

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

謝謝。我們已經到了規定的提問時間。現在我將把電話轉回給布拉德貝克漢先生，請他作最後發言。

Thank you, Matt. 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 third-quarter results in October. Thank you.

謝謝你，馬特。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。我要感謝大家今天參加我們的電話會議，我們期待在十月報告我們的第三季業績。謝謝。

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

謝謝。今天的電話會議到此結束。現在您可以斷開電話線，並享受美好的一天。感謝您的參與。