O'Reilly Automotive Inc (ORLY) 2025 Q3 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc. third-quarter 2025 earnings call. My name is Matthew, and I'll be your operator for today's call. (Operator Instructions) I will now turn the call over to Jeremy Fletcher. Mr. Fletcher, you may begin.

歡迎參加 O'Reilly Automotive, Inc. 2025 年第三季財報電話會議。我叫馬修，今天電話的接線生由我來接聽。（操作員指示）我現在將電話轉給傑里米·弗萊徹。弗萊徹先生，您可以開始了。

Thank you, Matthew. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our third-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 年第三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. At this time, I would like to introduce Brad Beckham.

您可以透過前瞻性詞語來識別這些陳述，例如估計、可能、可以、將、相信、預期、會、考慮、應該、預期、預測、計劃、打算或類似詞語。由於本公司截至 2024 年 12 月 31 日的最新 10-K 表格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所述的幾個重要因素，本公司的實際結果可能與任何前瞻性陳述有重大差異。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。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 third-quarter conference call. Participating on the call with me this morning are Brent Kirby, our President; and Jeremy Fletcher, our Chief Financial Officer; Greg Henslee, our Executive Chairman; and David O'Reilly, our Executive Vice Chairman, are also present on the call. I'll begin our call today by expressing my appreciation to more than 93,000 team members across all of North America for the hard work they put in to deliver the third-quarter results we released yesterday.

謝謝，傑里米。大家早安，歡迎參加 O'Reilly 汽車零件第三季電話會議。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)、我們的首席財務官傑里米·弗萊徹 (Jeremy Fletcher)、我們的執行主席格雷格·亨斯利 (Greg Henslee) 和我們的執行副主席戴維·奧萊利 (David O'Reilly)。今天，首先，我要向北美各地 93,000 多名團隊成員表示感謝，感謝他們為實現我們昨天發布的第三季度業績所付出的辛勤努力。

Team O'Reilly continues to win in each of our markets, and our team's dedication to excellent customer service drove the solid comparable store sales increase of 5.6% we generated in the third quarter. This performance was at the high end of our expectations, and we are pleased with the momentum our teams have been able to sustain on both sides of our business. The combination of our strong sales results with a 9% increase in operating income and a 12% increase in diluted earnings per share demonstrate our team's focus on driving profitable growth. Thank you, Team O'Reilly, for your commitment to our culture and absolute dedication to taking care of our customers.

O'Reilly 團隊繼續在我們每個市場中獲勝，我們團隊致力於提供卓越的客戶服務，推動我們在第三季度實現了 5.6% 的可比店銷售額穩健增長。這項業績超出了我們的預期，我們對團隊在業務各個方面保持的勢頭感到滿意。我們強勁的銷售業績、9% 的營業收入成長以及 12% 的每股攤薄收益成長表明了我們團隊對推動獲利成長的關注。感謝 O'Reilly 團隊對我們文化的承諾以及對照顧客戶的絕對奉獻。

Now I'll walk through the details of our comparable store sales performance for the third quarter. Our Professional business continues to be the more significant driver of our sales results with an increase in comparable store sales of just over 10%. We continue to be pleased with the strength in our Pro ticket count growth, which was the primary driver of our professional comp increase and the biggest contributor to our outperformance relative to our expectations. We also saw increased benefit in the quarter from average ticket on both sides of our business that I will detail in a minute. We remain confident that the professional sales growth our teams are delivering is the result of share gains and as we continue to be the supplier of choice for our professional customers.

現在我將詳細介紹我們第三季的同店銷售業績。我們的專業業務持續成為我們銷售業績更重要的推動力，同店銷售額成長略高於 10%。我們繼續對專業票數的強勁成長感到滿意，這是我們專業薪酬成長的主要驅動力，也是我們業績超出預期的最大貢獻者。我們也看到本季我們業務雙方的平均票價收益都有所增加，我將在稍後詳細介紹。我們堅信，我們團隊所實現的專業銷售成長是市場佔有率成長的結果，並且我們將繼續成為專業客戶的首選供應商。

Our share gains have been broad-based with strong contributions from all of our market areas. The strength of our professional business is anchored in the valuable relationship we have developed with our customers who value the end-to-end partnership our team is able to provide to their business through service, availability and business tools that help them be a service provider of choice to their customers.

我們的份額成長基礎廣泛，所有市場領域都做出了巨大貢獻。我們專業業務的優勢在於我們與客戶建立的寶貴關係，客戶重視我們的團隊透過服務、可用性和業務工具為他們的業務提供的端到端合作夥伴關係，幫助他們成為客戶的首選服務提供者。

We were also pleased to deliver DIY comparable store sales growth with this side of our business finishing the quarter with a low single-digit comp, driven by average ticket benefits, partially offset by pressure to ticket counts. Our DIY business was in line with our expectations in July after having experienced pressure in June as we exited the second quarter. We began to encounter modest pressure to DIY transaction counts midway through the third quarter, which we believe reflects some degree of initial short-term reaction by DIY consumers in response to rising price levels. The contribution to same SKU inflation during the third quarter, which was felt evenly on both sides of the business was just over 4%. As we have anticipated coming into the third quarter, we saw a significant ramp in tariff-driven acquisition cost increases and made appropriate adjustments to selling prices.

我們也很高興看到 DIY 同店銷售額實現成長，本季我們這部分業務的同店銷售額實現了較低的個位數成長，這主要得益於平均票價收益的推動，但部分抵消了票價壓力。在經歷了 6 月第二季結束時的壓力之後，我們的 DIY 業務在 7 月的表現符合我們的預期。我們在第三季中期開始遇到 DIY 交易數量的適度壓力，我們認為這反映了 DIY 消費者對價格水平上漲的某種程度的初步短期反應。第三季度，相同 SKU 通膨的貢獻略高於 4%，這對業務雙方的影響均等。正如我們預期進入第三季一樣，我們看到關稅驅動的收購成本大幅增加，並對銷售價格進行​​了適當的調整。

On a category basis, the pressure to our DIY business as we move through the quarter was primarily felt in some categories where we could be seeing some deferral in larger ticket jobs. However, we continue to see strength broadly in other DIY maintenance categories, including oil, filters and fluids that have continued the outperformance we have seen throughout the year. We want to emphasize that we are still in the early stages of the consumer response to the ramp-up in price levels.

從類別來看，本季我們的 DIY 業務面臨的壓力主要體現在某些類別中，在這些類別中，我們可能會看到一些大宗訂單的延期。然而，我們繼續看到其他 DIY 維護類別的廣泛優勢，包括油、過濾器和液體，它們延續了我們全年看到的優異表現。我們要強調的是，我們仍處於消費者對物價上漲反應的早期階段。

It can be difficult to parse too finely the initial response from our DIY customers, but the pressure we have seen thus far is modest and in line with consumer reactions to economic shocks we have seen in the past. As we've noted the last several quarters, we remain cautious in our outlook on the consumer and expect that we could continue to see a conservative stance from consumers and how they manage spending in this environment. However, even in this environment, our DIY consumers are still showing a willingness to invest in and maintain their vehicles, and we believe any potential deferral pressure will be short term.

我們可能很難太細緻地分析 DIY 客戶的最初反應，但到目前為止我們看到的壓力是適度的，並且與我們過去看到的消費者對經濟衝擊的反應一致。正如我們在過去幾個季度所注意到的，我們對消費者前景仍然持謹慎態度，並預計我們可能會繼續看到消費者的保守立場以及他們在這種環境下如何管理支出。然而，即使在這種環境下，我們的 DIY 消費者仍然表現出投資和維護車輛的意願，我們相信任何潛在的延期壓力都將是短期的。

When looking at category dynamics on the professional side of our business, we are seeing very strong performance across both failure and maintenance-related categories and are pleased with the resiliency of customer demand. The customers taking their vehicle to a professional shop for their repair and maintenance work tends to be less economically constrained than our average DIY customer and less reactive to inflationary pressures on spend in a large -- largely nondiscretionary category of their wallet.

當我們從業務專業方面的類別動態來看時，我們看到故障和維護相關類別的表現都非常強勁，並且對客戶需求的彈性感到滿意。將車輛送到專業店進行維修和保養的客戶往往比一般的 DIY 客戶受到的經濟限制更少，而且在錢包中很大一部分（主要是非自由支配的）支出方面，對通膨壓力的反應也較小。

Looking at the cadence of our sales results in total for the quarter, we generated consistently strong comparable store sales growth as we move through the quarter with positive comps on both sides of our business in each month. We would characterize weather as neutral on balance for the quarter as we experienced normalized summer weather across most of our market areas. Now I would like to provide some color on our updated full year comparable store sales guidance.

從本季整體銷售業績來看，我們在整個季度中都實現了持續強勁的同店銷售成長，每個月我們業務的兩個方面都實現了積極的成長。由於我們大部分市場區域的夏季天氣均恢復正常，因此我們認為本季的天氣總體上為中性。現在，我想對我們更新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 3% to 4.5% to a range of 4% to 5%. At the midpoint of our full year range reflects our outlook when factoring in current sales volumes as we progress through September and thus far into October. We have incorporated into our guidance range the current pricing environment. While the broader tariff landscape has the potential to remain fluid, at this stage, we believe we have seen the lion's share of the cost impacts we are expecting as they relate to the tariffs currently in effect.

正如昨天的新聞稿中所述，我們將預期從先前的 3% 至 4.5% 更新為 4% 至 5% 的範圍。我們全年範圍的中點反映了我們對目前銷售量的展望，即從 9 月到 10 月的銷售情況。我們已將目前的定價環境納入我們的指導範圍。雖然整體關稅狀況可能仍會持續變化，但在現階段，我們認為，我們已經看到了與當前生效的關稅相關的預期成本影響的大部分。

As a result, we anticipate a mid-single-digit same SKU benefit in the fourth quarter but have also factored into our guidance a continuation of the pressure to our DIY customers from the dynamics I mentioned earlier. Our industry has continued to behave rationally in response to the pressure tariffs have placed on product acquisition costs, and we continue to monitor industry pricing adjustments to ensure we are competitively priced for the value proposition we provide.

因此，我們預計第四季度相同 SKU 將實現中等個位數的收益，但我們的預期中也考慮到了我之前提到的動態對我們的 DIY 客戶持續施加的壓力。面對關稅對產品採購成本帶來的壓力，我們的產業持續保持理性，我們持續監控產業價格調整，以確保我們提供的價值主張具有競爭力。

Our industry backdrop remains or continues to be both stable and supportive. We believe the dynamics of the consumer uncertainty and continued pressure to the DIY business are being felt industry-wide. Most importantly, we believe our teams are winning share on both sides of the business against the current macroeconomic backdrop. In times when spending decisions become more difficult for our customers, having our excellent customer service, superior product availability and professional parts people to guide them becomes an even more important piece of the value we deliver.

我們的行業背景仍然或將繼續保持穩定和支持。我們相信，消費者的不確定性和 DIY 業務持續面臨的壓力正在影響整個產業。最重要的是，我們相信，在當前的宏觀經濟背景下，我們的團隊正在贏得業務雙方的份額。當客戶的支出決策變得更加困難時，我們卓越的客戶服務、卓越的產品可用性和專業的零件人員來指導他們就成為我們提供的價值中更為重要的一部分。

Before I turn the call over to Brent, I would like to highlight our updated diluted earnings per share guidance. As noted in our press release, we have updated our EPS guidance to a range of $2.90 to $3. This incorporates our year-to-date performance, the revised sales outlook and our expectations for gross margin and SG&A for the fourth quarter, which Brent will discuss next.

在我將電話轉給布倫特之前，我想強調我們更新後的每股攤薄收益指引。正如我們的新聞稿中所述，我們已將每股收益預期更新至 2.90 美元至 3 美元的範圍。這包括我們今年迄今的業績、修訂後的銷售前景以及我們對第四季度毛利率和銷售、一般及行政費用的預期，布倫特將在下文中討論這些內容。

At the midpoint, our current EPS guidance is an increase of approximately 2% from the midpoint of our previous guidance and a year-over-year increase of 9%. We are pleased that the team has been able to deliver both strong sales and earnings growth even in a rapidly changing environment of economic uncertainty. As I wrap up my prepared comments, I would like to once again thank Team O'Reilly for their strong performance in the third quarter.

從中間值來看，我們目前的每股盈餘預期比我們先前預期的中點增加了約 2%，較去年同期成長 9%。我們很高興看到，即使在經濟不確定的快速變化環境中，團隊仍然能夠實現強勁的銷售和獲利成長。當我結束準備好的評論時，我想再次感謝奧萊利團隊在第三季的出色表現。

Now I'll turn the call over to Brent.

現在我將把電話轉給布倫特。

Thanks, Brad. I would like to start by thanking Team O'Reilly for their outstanding work during the quarter. Our team continues to outperform and remain steadfast in their focus on our culture and our customers to drive our success.

謝謝，布拉德。首先，我要感謝 O'Reilly 團隊在本季所做的出色工作。我們的團隊繼續表現出色，並堅定不移地關注我們的文化和客戶，以推動我們的成功。

Today, I will start by discussing our third quarter gross margin and SG&A results as well as provide an update on capital expansion and our updated outlook on these items. Starting with gross margin. For the third quarter, our gross margin of 51.9%, was up 27 basis points from the third quarter of 2024 and in line with our expectations.

今天，我將首先討論我們第三季的毛利率和銷售、一般及行政費用結果，並提供資本擴張的最新情況和我們對這些項目的最新展望。從毛利率開始。第三季度，我們的毛利率為 51.9%，較 2024 年第三季上升了 27 個基點，符合我們的預期。

Our team was able to offset the gross margin headwind resulting from our customer mix from faster growth on the professional side of the business with prudent supply chain management and solid distribution productivity. While the third quarter gross margin rate was above our full year gross margin guidance range, we expected a higher gross margin rate in the third quarter as compared to the rest of the year, which is typical for the seasonal composition of our product mix and consistent with our results in 2024.

我們的團隊能夠透過審慎的供應鏈管理和穩定的分銷生產力來抵消因專業業務快速成長而導致的客戶結構變化所導致的毛利率下降。雖然第三季的毛利率高於我們全年毛利率指引範圍，但我們預計第三季的毛利率將高於今年其他時間，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。

We are maintaining our full year gross margin guidance range of 51.2% to 51.7% and expect to see a similar progression of gross margin rate from the third to fourth quarter as we experienced last year. Our supply chain teams continue to work diligently, both internally and with our supplier partners to navigate the evolving tariff environment. Our ability to maintain consistent gross margins with the amount of change we have faced during the year is a true testament to their hard work and dedication.

我們維持全年毛利率指引範圍 51.2% 至 51.7%，並預計第三季至第四季的毛利率將與去年同期類似。我們的供應鏈團隊繼續努力工作，無論是在內部還是與我們的供應商合作夥伴一起應對不斷變化的關稅環境。面對一年來面臨的巨大變化，我們仍能維持穩定的毛利率，這充分證明了他們的辛勤工作和奉獻精神。

As expected, we realized significant acquisition cost pressure from tariffs in the quarter. The impact from product cost inflation in the quarter closely mirrored in timing the adjustments we made in pricing. As Brad mentioned earlier, we have now seen the biggest impacts from the current tariff environment, and our guidance for sales and gross margin does not contemplate substantial impacts from further tariffs beyond what is reflected in our product acquisition cost today.

正如預期的那樣，我們在本季意識到關稅帶來的巨大收購成本壓力。本季產品成本上漲的影響與我們在定價方面做出的調整時間密切相關。正如布拉德之前提到的，我們現在已經看到了當前關稅環境的最大影響，我們對銷售額和毛利率的指導並沒有考慮到進一步關稅帶來的超出我們今天產品採購成本所反映的重大影響。

However, to the extent any future tariff revisions result in further acquisition cost increases, we will prudently navigate those in the same way that we have done to date. As the tariff landscape and cost environment has evolved in 2025, we have maintained a close eye on the pricing environment within our industry to ensure that we are making the appropriate adjustments and remaining competitive. Against this volatile backdrop, our goal remains the same, to provide the exceptional service and industry-leading availability our customers know and expect from O'Reilly Auto Parts to continue to earn their business.

然而，如果未來的關稅調整導致收購成本進一步增加，我們將以迄今為止相同的方式謹慎處理這些問題。隨著 2025 年關稅格局和成本環境的變化，我們一直密切關注產業內的定價環境，以確保我們做出適當的調整並保持競爭力。在這種動盪的背景下，我們的目標始終如一，即提供卓越的服務和行業領先的可用性，我們的客戶了解並期望 O'Reilly Auto Parts 繼續贏得他們的業務。

Overall, we believe our supply chain is at its healthiest point since we emerged from the pandemic. With the support of a strong supplier community, we have sustained robust in-stock availability across our tiered distribution network. This strong distribution infrastructure is the foundation for our industry-leading inventory availability and a critical factor in how we serve our customers and earn additional share. Our merchandising teams work diligently to maintain our diversified supplier base in order to actively manage exposure and risk on numerous fronts.

整體而言，我們認為我們的供應鏈正處於擺脫疫情以來最健康的狀態。在強大的供應商社群的支持下，我們在分層分銷網絡中保持了強勁的庫存供應。強大的分銷基礎設施是我們領先業界的庫存可用性的基礎，也是我們如何服務客戶和贏得額外份額的關鍵因素。我們的銷售團隊努力維護多元化的供應商基礎，以便積極管理多個方面的風險敞口和風險。

This risk can range from country of origin to diversification of supply within a single product category. Supplier health and supplier performance can often go hand-in-hand. So an important part of our risk management process is monitoring our supplier partner health from all angles, ranging from shipping performance, product quality, catalog support, all the way to financial stability. While these processes always involve some level of effort to mitigate risk in a small subset of our supplier base, we would again reiterate that we are pleased with the collective health of our supplier partners.

這種風險可能涉及原產國乃至單一產品類別的供應多樣化。供應商健康和供應商績效通常是相輔相成的。因此，我們風險管理流程的一個重要部分是從各個角度監控我們的供應商合作夥伴的健康狀況，從運輸績效、產品品質、目錄支援一直到財務穩定性。雖然這些流程總是需要付出一定程度的努力來減輕一小部分供應商的風險，但我們再次重申，我們對供應商合作夥伴的整體健康狀況感到滿意。

Our goal is always to foster supplier partnerships that are both long-standing and deep as we repeatedly earn our status as the desired priority customer for each of our suppliers. Now I'd like to turn to SG&A and give some color on the quarter. Our SG&A per store growth of 4% was at the top end of our expectations for the quarter, driving this spend were expenses related to our strong sales performance, coupled with continued inflationary pressures in our cost structure, again, centered around medical and casualty insurance programs.

我們的目標始終是建立長期而深厚的供應商合作夥伴關係，因為我們不斷贏得每個供應商的優先客戶地位。現在我想談談銷售、一般和行政費用，並對本季的情況進行一些介紹。我們每家店的銷售、一般及行政費用 (SG&A) 增長率為 4%，達到了本季度預期的最高水平，推動這一支出的因素包括與我們強勁的銷售業績相關的費用，再加上我們成本結構中持續的通脹壓力，同樣集中在醫療和意外傷害保險計劃上。

Based on our third-quarter results and outlook for the remainder of the year, we expect our SG&A per store growth to come in at or slightly above the top end of our full year guide of 3.5%. We have factored in our updated expectations for comp sales and corresponding incremental SG&A dollars into our guide, and we have been pleased with how our teams are managing expenses while driving sales volumes above expectations.

根據我們第三季的業績和今年剩餘時間的展望，我們預計每家店的銷售、一般及行政費用增長率將達到或略高於我們全年指導值 3.5% 的最高值。我們已將可比較銷售額和相應增量銷售、一般及行政費用 (SG&A) 的更新預期納入我們的指南中，並且我們對團隊在推動銷售量超出預期的同時管理費用的方式感到滿意。

As a reminder, our fourth-quarter SG&A per store growth is expected to be below the full year run rate as a result of comparing against the charge we took in the fourth quarter of 2024 to adjust reserves for self-insurance liability for historic auto liability claims. Based on our SG&A expectations and projected gross margin range, we continue to expect our full year operating margin to come within our guidance range of 19.2% to 19.7%. As always, our top objective in managing our expense structure is ensuring that we are meeting our high standard of customer service by supporting our team of experienced professional parts people.

提醒一下，由於與我們在 2024 年第四季為調整歷史汽車責任索賠的自保責任準備金而收取的費用相比，我們第四季度每家門市的銷售、一般及行政費用增長預計將低於全年運行率。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率將達到我們的指導範圍 19.2% 至 19.7%。與往常一樣，我們管理費用結構的首要目標是確保透過支援我們經驗豐富的專業零件人員團隊來滿足高標準的客戶服務。

Turning to an update on our expansion. We opened 55 net new stores across the US and Mexico during the third quarter, bringing our year-to-date store opening to 160 stores. We are on track to achieve our 2025 new store opening target of 200 to 210 net new stores by year-end, and we continue to be pleased with the performance of our new stores. New store growth remains an attractive use of capital for us, and we see ample growth opportunities spread across all of our North American footprint.

轉向有關我們擴張的更新。第三季度，我們在美國和墨西哥新開了 55 家門市，使年初至今的新開店數量達到 160 家。我們預計將實現 2025 年新店開設目標，即到年底淨增 200 至 210 家新店，並且我們對新店的表現仍然感到滿意。新店成長對我們來說仍然是一種有吸引力的資本利用方式，而且我們看到整個北美業務都存在充足的成長機會。

In this regard, we are pleased to announce our 2026 store opening target of 225 to 235 net new stores. Just as our 2025 growth has been spread across 37 US states, Puerto Rico and Mexico, we anticipate growth in all of those markets as well as in Canada in 2026. Our store growth in 2026 will continue to be concentrated in the US markets, but we will also continue our measured growth within our international markets as we work to develop the teams and infrastructure to support our O'Reilly operating model.

在這方面，我們很高興地宣布，我們2026年的開店目標是淨增加225至235家門市。正如我們 2025 年的成長已遍及美國 37 個州、波多黎各和墨西哥一樣，我們預計 2026 年所有這些市場以及加拿大都將實現成長。我們 2026 年的門市成長將繼續集中在美國市場，但我們也將繼續在國際市場保持穩健成長，同時努力發展團隊和基礎設施以支援我們的 O'Reilly 營運模式。

Our tiered distribution network continues to help drive our stores competitive advantage in parts availability, and we are pleased to begin servicing stores out of our new Stafford, Virginia, distribution center in the fourth quarter of this year. I would like to express my gratitude to our distribution and supply chain teams for all their hard work that has gone into this state-of-the-art new greenfield distribution center in the Mid-Atlantic market.

我們的分層分銷網絡繼續幫助我們的商店在零件供應方面保持競爭優勢，我們很高興在今年第四季度開始透過位於弗吉尼亞州斯塔福德的新分銷中心為商店提供服務。我要對我們的分銷和供應鏈團隊表示感謝，感謝他們為大西洋中部市場這個最先進的全新綠地分銷中心所付出的辛勤努力。

This distribution center will be an important stepping stone for us to begin adding store count within heavily populated and untapped markets for us in the Mid-Atlantic I-95 corridor. As excited as we are about this new facility, there is no pause for our dedicated supply chain teams as we are full steam ahead with distribution growth and progress at our upcoming Fort Worth, Texas, facility as well as future opportunities that will further support our store growth and inventory availability.

該配送中心將成為我們在中大西洋 I-95 走廊人口密集且尚未開發的市場中增加門市數量的重要基石。我們對這個新工廠感到非常興奮，我們的專業供應鏈團隊也毫不停歇，我們正全力推進即將在德克薩斯州沃斯堡落成的工廠的分銷增長和進步，並抓住未來的機會，進一步支持我們的門店增長和庫存可用性。

Capital expenditures supporting both store and DC growth for the first nine months of 2025 were $900 million and are slightly below our expectations. Based on our year-to-date spend and fourth quarter outlook, we are reducing our full year capital expenditure guidance by $100 million to a range of $1.1 billion to $1.2 billion. This reduction is primarily the result of timing of spend on store and distribution center growth projects that we now expect to incur in 2026.

2025 年頭九個月支援門市和 DC 成長的資本支出為 9 億美元，略低於我們的預期。根據我們今年迄今的支出和第四季的展望，我們將全年資本支出預期下調 1 億美元，至 11 億美元至 12 億美元之間。減少的主要原因是，我們預計商店和配送中心成長項目的支出時間將在 2026 年發生。

As I close my comments, I want to once again thank Team O'Reilly for their hard work in driving our company's success. Your commitment to providing consistent, excellent service to all of our customers is the foundation for our long-term growth. Now I will turn the call over to Jeremy.

在結束我的演講之前，我想再次感謝 O'Reilly 團隊為推動我們公司的成功所做的努力。您致力於為我們所有的客戶提供一致的優質服務，這是我們長期發展的基石。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 third-quarter results and update our guidance for the remainder of 2025. For the third quarter, sales increased $341 million, driven by a 5.6% increase in comparable store sales and a $101 million non-comp contribution from stores opened in 2024 and 2025 that have not yet entered the comp base. For 2025, we now expect our total revenues to be between $17.6 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，我們將仔細研究第三季的業績，並更新 2025 年剩餘時間的指導。第三季度，銷售額成長 3.41 億美元，這得益於同店銷售額成長 5.6%，以及 2024 年和 2025 年開設但尚未進入同店銷售額的門市貢獻的 1.01 億美元非同店銷售額。到 2025 年，我們預計總收入將在 176 億美元至 178 億美元之間。

Our third-quarter effective tax rate was 21.4% of pretax income, comprised of a base rate of 22.2%, reduced by a 0.8% benefit for share-based compensation. This compares to the third quarter of 2024 rate of 21.5% of pretax income, which was comprised of a base tax rate of 23%, reduced by a 1.5% benefit for share-based compensation.

我們第三季的有效稅率為稅前收入的 21.4%，包括 22.2% 的基本稅率，減去 0.8% 的股權激勵收益。相比之下，2024 年第三季的稅率為稅前收入的 21.5%，其中包括 23% 的基本稅率，以及 1.5% 的股權激勵收益。

As we noted in our press release, during the third quarter, we accelerated the payment timing of transferable renewable energy tax credits that were originally planned to settle in 2026. Our full year income tax rate guidance has been revised to reflect the incremental benefits we expect from the accelerated payment. Accordingly, for the full year of 2025, we now expect an effective tax rate of 21.6% versus our prior expectation of 22.3%.

正如我們在新聞稿中指出的那樣，在第三季度，我們加快了原計劃於 2026 年結算的可轉讓再生能源稅收抵免的支付時間。我們對全年所得稅率指引進行了修訂，以反映我們預期從加速支付中獲得的增量收益。因此，對於 2025 年全年，我們預計有效稅率為 21.6%，而先前的預期為 22.3%。

The updated tax rate guidance includes an anticipated benefit of 1% for share-based compensation. We expect the fourth quarter rate to be lower than the first nine months of the year 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.

更新後的稅率指導包括預期 1% 的股權激勵收益。由於某些開放稅期的中止，我們預期第四季的稅率將低於今年前九個月的稅率。此外，股權激勵的稅收優惠的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。

Free cash flow for the first nine months of 2025 was $1.2 billion versus $1.7 billion for the same period in 2024. The reduction in free cash flow was primarily the result of the accelerated timing of payment for renewable energy tax credits that I previously mentioned. For the full year 2025, we have updated our expected free cash flow guidance to a range of $1.5 billion to $1.8 billion, down from our previous range of $1.6 billion to $1.9 billion. This adjustment reflects the headwind from the accelerated tax payment timing, partially offset by the reduction in our capital expenditures guidance Brent discussed in his prepared remarks.

2025 年前九個月的自由現金流為 12 億美元，而 2024 年同期為 17 億美元。自由現金流的減少主要是由於我之前提到的再生能源稅收抵免支付時間加快造成的。對於 2025 年全年，我們已將預期自由現金流指引更新為 15 億美元至 18 億美元，低於先前的 16 億美元至 19 億美元。這項調整反映了加速納稅時間帶來的不利影響，但被布倫特在其準備好的發言中討論的資本支出指引的減少部分抵消。

Inventory per store finished the quarter at $858,000, which was up 10% from this time last year and up 7% from the end of 2024. Our inventory investments continue to generate strong returns, and we have been pleased with the overall in-stock positions of our store and distribution network. We have executed our inventory growth strategy in 2025 at a faster pace than our initial expectations and could see elevated inventory balances above our original 5% per store plan as we finish out the year.

本季每家商店的庫存為 858,000 美元，比去年同期增長 10%，比 2024 年底增長 7%。我們的庫存投資持續產生強勁的回報，我們對商店和分銷網絡的整體庫存狀況感到滿意。我們在 2025 年實施的庫存成長策略比我們最初的預期要快，到今年年底，庫存餘額可能會高於我們最初的每家店 5% 的計劃。

We continue to manage the timing of inventory enhancements to capitalize on current opportunities we see to drive our business and are pleased with the productivity of these investments. This incremental inventory investment has been more than offset by our AP to inventory ratio. We finished the third quarter at 126%, which was down from 128% at the end of 2024, but above our expectations.

我們繼續管理庫存增強的時間，以利用我們看到的當前機會來推動我們的業務，並對這些投資的生產力感到滿意。我們的應付帳款與庫存比率已遠遠抵銷了這項增量庫存投資。第三季我們的業績達到了 126%，低於 2024 年底的 128%，但高於我們的預期。

Moving on to debt. We finished the third quarter with an adjusted debt-to-EBITDAR ratio of 2.04x as compared to our end of 2024 ratio of 1.99x with an increase in adjusted debt partially offset by EBITDAR growth. We continue to be below our leverage target of 2.5x and plan to prudently approach that number over time. We continue to be pleased with the execution of our share repurchase program. And during the third quarter, we repurchased 4.3 million shares at an average share price of $98.08 for a total investment of $420 million.

繼續討論債務。第三季末，我們的調整後債務與息稅折舊攤銷前利潤 (EBITDAR) 比率為 2.04 倍，而 2024 年底的比率為 1.99 倍，調整後債務的增加部分被 EBITDAR 的成長所抵銷。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。我們對我們的股票回購計劃的執行感到滿意。第三季度，我們以平均每股 98.08 美元的價格回購了 430 萬股，總投資額為 4.2 億美元。

We remain very confident that the average repurchase price is supported by the expected discounted future cash flows of our business, and we continue to view our buyback program as an effective means of returning excess capital to our shareholders. As a reminder, our EPS guidance Brad outlined earlier includes the impact of shares repurchased through this call, but does not include any additional share repurchases.

我們仍然非常有信心，平均回購價格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。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。

Before I open up our call for your questions, I would like once again to thank the entire O'Reilly team for their continued hard work and dedication to providing consistently high levels of service to our customers. 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.

在我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。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) Greg Melich, Evercore.

（操作員指示）Greg Melich，Evercore。

I want to start with, I think, a comment you guys made on the 4% same SKU inflation that you've seen the lion's share of it. Does that mean that from here, there's none? Or is there still some residual as we flow through the next couple of quarters?

我想先談談你們對 4% 相同 SKU 通膨的評論，你們已經看到了其中的最大份額。這是否意味著從現在開始就沒有任何事了？或者在接下來的幾個季度中是否還會有一些殘留物？

Yes, Greg, this is Jeremy. Thanks for the question. We still think that we'll see a tailwind from same SKU as we move through fourth quarter and first quarter. We talked to the mid-single-digit range. As we move through third quarter, a lot of what we saw was -- came on pretty early on in the quarter, but there was some ramp during the course of the third quarter.

是的，格雷格，這是傑里米。謝謝你的提問。我們仍然認為，隨著第四季度和第一季的到來，我們將看到來自相同 SKU 的順風。我們談論的是中等個位數範圍。隨著我們進入第三季度，我們看到的許多情況都是在本季度初期出現的，但在第三季度期間出現了一些上升趨勢。

As we look at incremental changes in prices moving forward, there's always the potential for some of that. And obviously, the tariff environment is a little bit more static now, but has the potential to move and change. But we think from what we've seen so far under the current regimes, most of that cost has flowed through to us. The adjustments that we needed to make are mostly behind us, and we don't see the same level of substantial incremental changes in how we go to market to what we've seen so far in 2025.

當我們觀察未來價格的增量變化時，總是會存在一些這樣的可能性。顯然，關稅環境現在有點靜態，但有可能會改變。但我們認為，從目前所見的現行製度來看，大部分成本都轉嫁到了我們身上。我們需要做出的調整大部分已經過去，而且我們在 2025 年的市場進入方式上不會看到與目前相同的實質漸進式變化。

Got it. And then my follow-up is really on the price elasticity. I think you mentioned that, that can take some time to play out. What have you seen historically from price elasticity, particularly on the DIY side?

知道了。然後我的後續問題實際上是價格彈性。我想你提到過，這可能需要一些時間才能實現。從歷史上看，您從價格彈性方面看到了什麼，特別是在 DIY 方面？

Yes. Greg, this is Brad. Thanks for the question. Yes. So in the past, things can always change.

是的。格雷格，這是布拉德。謝謝你的提問。是的。所以在過去，事情總是會改變的。

But what we've always seen in our industry, at least in my 29 years this year working for O'Reilly and in this industry is when we've seen shocks like this, there can be some deferral. Failure, our hardest part categories from a failure standpoint are obviously brake fix, but you do have those larger ticket jobs that can be deferred somewhat.

但我們在這個行業中一直看到的情況是，至少在我今年為 O'Reilly 工作的 29 年裡，當我們看到這樣的衝擊時，可能會有一些延遲。故障，從故障的角度來看，我們最困難的部分類別顯然是煞車修理，但你確實有一些更大的票務工作可以稍微推遲。

You have -- if a brake job, if the pads are metal on metal, then most likely it is what it is and that job has to be made. If it's a chassis job, for example, and there's some more out ball joints or control arms or something like that, that's something that can be put off normally for weeks, months, but obviously not years. And so kind of what we're seeing right now is what we -- Brent and I talked about in our prepared comments is there's a lot of movement.

你有——如果煞車工作，如果煞車片是金屬對金屬的，那麼很可能就是這種情況，而且必須進行這項工作。例如，如果這是一項底盤工作，並且還有一些球頭或控制臂或類似的東西，那麼通常可以推遲數週、數月，但顯然不會推遲數年。所以我們現在看到的是——布倫特和我在我們的準備好的評論中談到的是有很多動靜。

Generally, we feel really good about what we're seeing on both sides of the business from a repair and maintenance standpoint. But to your question on the DIY side, what we did see a little bit of that we hadn't seen thus far this year, we saw in the third quarter was what we feel like could be some deferral of those larger ticket jobs.

整體而言，從維修和保養的角度來看，我們對業務雙方的現狀感到非常滿意。但對於您關於 DIY 方面的問題，我們確實看到了一些今年迄今為止尚未看到的情況，我們在第三季度看到的是，我們覺得可能會推遲一些較大的票務工作。

And there's a lot of moving pieces. You have not only -- it's not always a direct line just to what we feel like is a little bit of elasticity or what could be deferred. You have different weather patterns, you have two- and three-year stacks on some of those categories that have been extremely strong for us the last couple of years. But we still do think that we are seeing customers that are maybe putting some things off, and we'll just have to see how that plays out in the fourth quarter.

還有很多活動部件。您不僅擁有——它並不總是一條直線，只是我們所感覺到的一點彈性或可以推遲的東西。有不同的天氣模式，有些類別有兩年和三年的堆疊，這在過去幾年對我們來說非常強勁。但我們仍然認為，我們看到客戶可能正在推遲一些事情，我們只需要看看第四季度的情況如何。

Chris Horvers, JPMorgan.

摩根大通的克里斯霍弗斯。

I wanted to follow up on the elasticity concerns, mid-single-digit inflation for the fourth quarter, that's basically in line with where you're implying comps are in the fourth quarter. So is like as you think about guiding based on what you've seen over the past two months is that elasticity function getting worse or I guess, why wouldn't your comp be higher than the inflation that you expect in the fourth quarter?

我想跟進彈性問題，第四季度中等個位數通膨，這基本上與你暗示的第四季的情況一致。那麼，根據您過去兩個月所看到的情況，您認為彈性函數是否會變差，或者我猜，為什麼您的薪酬不會高於您預期的第四季度通貨膨脹率？

Yes. Thanks, Chris. Lots of -- this is Jeremy. Lots of different things obviously go into how we think we'll finish out the full year and that pushes us into -- I know how you guys read an implied guide in the fourth quarter. When we think about our outlook just to finish out the year, there are a lot of moving pieces. I remind everyone that it's our most difficult comparison as we think about where we finished up the year last year.

是的。謝謝，克里斯。很多——這是傑里米。顯然，許多不同的因素都會影響我們對全年業績的看法，而這些因素促使我們——我知道你們是如何解讀第四季隱含指南的。當我們思考今年的前景時，會發現有很多事情需要考慮。我提醒大家，當我們思考去年我們結束的情況時，這是我們最困難的比較。

As we look specifically at the question around the benefit from where price levels have gone to and where we see the same SKU, it was clearly a net incremental benefit to us in the third quarter. There's nothing about a potential build within any of those pressures that might impact the DIY consumer that we're implicitly forecasting how we think about fourth quarter to directly answer the question.

當我們專門研究價格水準的變化以及 SKU 的相同變化所帶來的好處時，我們顯然在第三季獲得了淨增量收益。沒有任何關於任何可能影響 DIY 消費者的壓力的潛在構建，我們隱含地預測了我們如何看待第四季度以直接回答這個問題。

To Brad's earlier point, you go into the back half of the year, for us, there's always a lot of different factors. There can be volatility that we see just from how weather plays out, how some of the Christmas shopping season plays out. And then we do have just, I think, a cautious view to how a consumer might continue to react. But kind of understanding all those component pieces, there's nothing about how we've at least started the fourth quarter that really puts us in a changing environment. We're really still early stages on some of how we're viewing where the customer is going to go at these price levels, and we're cautious but still feel good about the overall trends in the business.

正如布拉德之前所說，進入下半年，對我們來說，總是有很多不同的因素。從天氣變化、聖誕購物季的進度就可以看出市場波動。我認為，我們確實對消費者可能繼續做出的反應持謹慎態度。但是，從某種程度上理解所有這些組成部分，我們至少在第四季度開始時並沒有真正將我們置於一個不斷變化的環境中。對於客戶在這些價格水平下將會如何消費，我們確實還處於早期階段，我們對此持謹慎態度，但仍然對業務的整體趨勢感到樂觀。

Makes a lot of sense. I want to ask a longer-term question. Can you -- you are accelerating the unit growth next year. It looks like it will be over 4% in '26 based on what you mentioned earlier. Can you talk about your latest thoughts around the US store potential? And maybe Mexico and Canada as well to the extent that you have some thoughts there? And do you think as we look out over the next few years, could international accelerate enough that you bend that 4-ish type unit growth rate higher?

很有道理。我想問一個長期的問題。您能否－明年加速單位成長？根據您之前提到的情況，看起來 26 年這一比例將超過 4%。您能談談您對美國商店潛力的最新想法嗎？也許您也對墨西哥和加拿大有一些想法？您是否認為，展望未來幾年，國際化發展能否加速到足以使 4 型單位成長率更高？

Yes. Great question, Chris. This is Brad. So first off, we feel extremely good about our new store cohorts. We continue to be extremely pleased with the way that our field teams are opening up new stores just from a quality of the team, professional parts people, putting in place the right store managers, the right district managers, that absolutely drives the quality of our new store locations.

是的。很好的問題，克里斯。這是布拉德。首先，我們對新店的顧客群感到非常滿意。我們對我們的現場團隊開設新店的方式感到非常滿意，這從團隊的品質、專業的零件人員、合適的店鋪經理、合適的區域經理的安排等方面來看，絕對可以提高我們新店選址的品質。

Obviously, there's a lot more that goes into it than just the teams, but that's primarily how we make those decisions is our ability store count-wise to staff them with great teams. We're also extremely pleased with the way our design and development teams have continued to develop here in the corporate office, not just from a US perspective, but how those teams have matured and really understanding what the machine -- how the machine runs, what it really looks like as we ramp up internationally. To your question about where we can go in the US, we haven't put a new fine point on that.

顯然，除了團隊之外還有很多其他因素，但我們做出這些決定的主要原因是我們有能力為他們配備優秀的團隊。我們也對我們的設計和開發團隊在公司辦公室的持續發展感到非常高興，這不僅從美國的角度來看，而且這些團隊已經成熟並真正了解了機器——機器如何運行，以及當我們在國際上擴張時它到底是什麼樣子。對於您關於我們能去美國哪裡的問題，我們還沒有就此提出新的細節。

But I would just tell you, every year that goes on, we continue to ramp that number up of what we feel like our store count could be in the US, not just from a -- really not just from the way we've always looked at it, but as consolidation continues in the industry, which we believe it will continue to do so, we feel really good about continuing to ramp up and continue to have a higher number in the US and where we feel like that could be in 5 and 10 years.

但我想告訴你，每一年我們都在繼續增加我們認為在美國可以開設的門店數量，這不僅僅是從 - 實際上不僅僅是從我們一直以來的看法來看，而且隨著行業整合的繼續進行，我們相信它會繼續這樣做，我們對繼續增加並繼續在美國擁有更高的門市數量感到非常高興，我們認為這可能在 5 年和 10 年後實現。

We're very excited about our international opportunities, continue to look at Mexico as such a huge opportunity for us mid- to long term. We lost a little bit of time during the pandemic in terms of our ability to build the muscle that we wanted to build in country in Mexico and the inability to really get down there, build the muscle from a people standpoint, a structural standpoint, supply chain systems, et cetera. But we made a lot of progress over this last couple of years, Chris, and we're really excited about what the future holds in virtually an untapped market for us in Mexico over the next many years.

我們對我們的國際機會感到非常興奮，並繼續將墨西哥視為我們中長期的一個巨大機會。在疫情期間，我們在墨西哥國內建立我們想要建立的實力方面損失了一些時間，而且我們無法真正深入那裡，從人員、結構、供應鏈系統等方面建立實力。但克里斯，我們在過去幾年裡取得了很大進展，我們對未來許多年在墨西哥這個幾乎尚未開發的市場的發展前景感到非常興奮。

Really, same thing for Canada. We're early stages in Canada. Excited to make the announcement that Brent mentioned earlier in his prepared comments that our expansion is officially going to start in the Canadian market in 2026. And while that doesn't hold the total addressable market that in Mexico or obviously the US does, the car park is very similar in Canada.

確實，加拿大的情況也是一樣。我們在加拿大還處於早期階段。我很高興地宣布，布倫特在他準備好的評論中提到，我們的擴張將於 2026 年正式在加拿大市場開始。雖然加拿大的停車場規模不如墨西哥或美國，但加拿大的潛在市場規模非常相似。

We feel like that is an untapped market from a retail and DIFM standpoint in terms of our scale and size and ability to build the right teams, especially off that Vast platform that's such an amazing people platform for us in Canada. So excited about all those markets and really excited about our target for 2026.

我們覺得，從零售和 DIFM 的角度來看，就我們的規模和大小以及組建合適團隊的能力而言，這是一個尚未開發的市場，尤其是 Vast 平台，對於我們在加拿大來說，這是一個非常棒的人才平台。我對所有這些市場感到非常興奮，並且對我們 2026 年的目標感到非常興奮。

Scot Ciccarelli, Truist Securities.

斯科特·西卡雷利 (Scot Ciccarelli)，Truist 證券公司。

Hopefully, two quickies. Any notable differences in terms of geographic performance given some of the weather patterns that we've seen? And then secondly, you did spend a little bit more time than usual talking about supplier health. So can you directly address any risk or exposure you may have to the First Brand situation?

希望是兩次快速行動。鑑於我們所見的一些天氣模式，地理表現方面是否有顯著差異？其次，您確實花了比平常多一點的時間來談論供應商的健康狀況。那麼，您能否直接談談您在 First Brand 事件中可能面臨的任何風險或暴露？

Scot, yes, I'll take the first portion of that on regional performance and kick it over to Brent for First Brands. So actually, we didn't see a lot of material differences in our geographies and regional performance in Q3. There's always going to be some differences. But directionally, they weren't much different than what we originally had planned with our internal plan, month-to-month by region. So no material differences.

斯科特，是的，我將根據區域業績承擔第一部分，並將其交給第一品牌的布倫特。因此實際上，我們在第三季沒有看到地理位置和區域表現有太大的實質差異。總是會存在一些差異。但從方向上看，它們與我們最初制定的按地區逐月制定的內部計劃並沒有太大區別。因此沒有實質差異。

There was a tad bit of difference in our North, South and a little bit East and West, but really nothing material that rolled up to any major differences that we would call out.

我們的北方、南方、東方和西方存在一些差異，但實際上並沒有什麼實質的差異，以至於我們會大聲說出任何重大差異。

Yes. And Scot, this is Brent. On the second question around supplier health, yes, obviously, the question about First Brands. And as I said in the prepared comments, generally, we feel better about our supplier health for the industry than we have since the pandemic. So we're in a backdrop of a very healthy industry coming off of some years that were challenging for sure.

是的。斯科特，這是布倫特。關於供應商健康狀況的第二個問題，是的，顯然是關於 First Brands 的問題。正如我在準備好的評論中所說的那樣，總體而言，我們對行業供應商健康狀況的感覺比疫情爆發以來要好。因此，我們正處於一個非常健康的行業背景下，剛剛擺脫了一些充滿挑戰的年份。

In terms of First Brands specifically, they're a little bit more than 3% of our COGS. So it's not a huge material thing when you think about the fact that we've got -- we're dual and triple and quadruple sourced on most of our lines. We do that by DC.

具體來說，就 First Brands 而言，它們占我們 COGS 的 3% 多一點。因此，當你考慮到我們的大多數生產線都採用雙重、三重和四重原料來源時，這並不是什麼大問題。我們透過 DC 來實現這一點。

Again, over 50% of our revenue is in our proprietary brands, which gives us a lot of ability to multisource with multi-suppliers. So -- and quite frankly, a lot of the brands that First Brands has acquired over the last several years, we had long-standing relationships with those brands even before they were acquired by the parent company of First Brands. And we're still working with a lot of those same teams and feel very confident that in our ability to work with them and with the rest of our supplier base to manage through what we don't really see as any disruption from wherever that may land. So we feel good overall, again, about the overall supplier health in the industry.

再次強調，我們超過 50% 的收入來自我們的專有品牌，這使我們能夠與多家供應商進行多源採購。所以——坦白說，First Brands 在過去幾年收購的許多品牌，甚至在它們被 First Brands 的母公司收購之前，我們就與這些品牌建立了長期的合作關係。我們仍在與許多相同的團隊合作，並且非常有信心，我們有能力與他們以及其他供應商合作，共同應對我們認為不會造成任何干擾的情況。因此，我們對產業整體供應商的健康狀況再次感到滿意。

Scot, I may just follow up really quick. We have really good engagement with the new leadership at First Brands and a lot of leaders that have been there for some time. We also have great engagement from their competitors, meaning that to Brent's point, when you think about the majority of the lines that they provide to us, we have our distribution network split up, meaning that whether it be a First Brands or one of their competitors in some of these categories, we are dual and triple source, sometimes quadruple to Brent's point.

斯科特，我可能只是快速跟進。我們與 First Brands 的新領導層以及許多已任職一段時間的領導層保持著良好的合作關係。我們也與他們的競爭對手有很好的互動，這意味著正如布倫特所說，當你想到他們向我們提供的大部分產品線時，我們的分銷網絡是分散的，這意味著無論是第一品牌還是他們在某些類別中的競爭對手之一，我們都是雙重和三重來源，有時甚至是四重來源，正如布倫特所說。

And so we have our DCs split up accordingly. So we're hopeful that First Brands really gets where they need to be on fill rates, which we believe they will. But we also have opportunities to fill in with backfill orders, and we also have opportunities with other existing suppliers that compete in those categories to take on another DC or twp here and there, and we don't feel like we'll have a material impact.

因此，我們將 DC 進行了相應的劃分。因此，我們希望 First Brands 能夠真正達到所需的填充率，我們也相信他們會做到的。但我們也有機會填補補貨訂單，我們也有機會與其他現有供應商在這些類別中競爭，在這裡或那裡接手另一個 DC 或 twp，我們覺得不會產生實質影響。

Simeon Gutman, Morgan Stanley.

西緬古特曼，摩根士丹利。

First, a follow-up, Brad, you mentioned some of the deferral that's happening in DIY. To what extent is that just price elasticity? And is there any sense that it could be the timing of when prices are moving around in the marketplace? It sounds like you've narrowed it down, but curious if that's one of the potential, maybe a head fake that's happening with some of the demand.

首先，布拉德，你提到了 DIY 中發生的一些延期。這在多大程度上只是價格彈性？這是否意味著這可能是市場價格變動的時機？聽起來你已經縮小了範圍，但很好奇這是否是潛在的需求之一，也許是一些需求出現的假象。

Yes. Simeon, great question. Well, the reason we want to be balanced on that, and we just -- we wanted to characterize it as some categories and the potential for some deferral is because it's -- to Jeremy's point earlier to another question, it's still so early, and there's enough factors with weather, seasonality, the way the weeks played out in Q3 and as we get into Q4, again, just really the first time we've seen some pressure to some of those larger ticket jobs, but it wasn't across the board, Simeon.

是的。西緬，這個問題問得好。好吧，我們之所以想在這一點上保持平衡，我們只是——我們想將其描述為一些類別，並且有可能進行一些延期，是因為——正如傑里米之前在另一個問題中提到的那樣，現在還為時過早，並且有足夠的因素，包括天氣、季節性、第三季度以及進入第四季度的情況，再次，這只是我們第一次看到一些較大的票務工作，但這些壓力並不是全面的。

And it's not always directly tied to the exact categories, lines or sublines that we're seeing the tariffs. And so that line is not direct. And where we saw some pressure to some categories, we didn't see it in others. And so really, on the professional side, we continue to have a lot of conviction, even though the DIFM consumer can be a little bit cautious that we're not seeing any pressure there. And when we look at the DIY side, the thing that gives us balance on the other side of it is just the fact that we are seeing it in some categories, not seeing it in others.

而且它並不總是與我們看到的具體類別、線路或子線路直接相關。所以那條線不是直線。我們看到某些類別面臨一些壓力，但在其他類別中卻沒有看到。因此，從專業角度來看，儘管 DIFM 消費者可能有點謹慎，但我們仍然堅信，我們沒有看到任何壓力。當我們看 DIY 方面時，讓我們在另一方面感到平衡的是我們在某些​​類別中看到了它，而在其他類別中卻看不到它。

And again, it's not directly tied to tariff-driven cost pressures always, by line, by category. But also, we continue to see strength in a lot of our DIY categories. Like we mentioned, oil changes, oil filters, chemicals, fluids, et cetera. And so we just want to sit back a little longer and really see how the fourth quarter plays out. Our teams are always just focused, as you know, just continuing to take share and just watching that closely. The other thing we didn't say in our prepared comments, Simeon, is we're really not seeing any trade down.

再說一次，它並不總是與關稅驅動的成本壓力直接相關，無論是按產品線還是按類別。但同時，我們也持續看到許多 DIY 類別的強勁成長。正如我們所提到的，換油、濾油器、化學物質、液體等等。因此，我們只想再等等，看看第四季的走勢如何。如您所知，我們的團隊始終專注於繼續佔據市場份額並密切關注。西緬，我們在準備好的評論中沒有提到的另一件事是，我們確實沒有看到任何貿易下滑。

We're seeing some pressure to those bigger ticket categories potentially, those bigger ticket jobs. But the way we look at good, better, best, we're really not seeing any material shifts. If anything, we continue to see -- while some people may be moving down, so to speak, on the price side, we continue to see even the lower to middle income consumers on the DIY side, trading up because they're looking for value, not just the cheapest price. They're trading up in areas like batteries and things like that to get a better warranty. And so long answer, said a lot of things there, but I think the key is we just want to continue to take a balanced look and see how the rest of the year plays out.

我們看到那些更大的票務類別、那些更大的票務工作可能會面臨一些壓力。但從我們看待好、更好、最好的角度來看，我們確實沒有看到任何實質的改變。如果有的話，我們繼續看到——雖然有些人可能在價格方面有所下降，但我們繼續看到，即使是 DIY 方面的中低收入消費者，也在升級消費，因為他們追求的是價值，而不僅僅是最便宜的價格。他們在電池等方面進行交易以獲得更好的保固。答案很長，說了很多事情，但我認為關鍵是我們只是想繼續保持平衡的眼光，看看今年剩餘時間的情況如何。

Okay. And my follow-up is on your investment posture. We've had SG&A per store elevated for the better part of the last, call it, two years, and now you're stepping up your store growth. So is there a -- maybe a shift from per store to new stores? And then within that, any different way you're approaching the operating margin of the business, either holding it or even letting it go down to take advantage of disruption or opportunities in the market?

好的。我的後續問題是您的投資態勢。在過去的兩年中，我們每家商店的銷售、一般和行政費用 (SG&A) 都一直在增加，現在您正在加快商店的成長。那麼，是否存在從每家商店到新商店的轉變？那麼在此範圍內，您是否採用其他不同的方式來處理業務的營業利潤率，是保持利潤率還是降低利潤率以利用市場中斷或機會？

Yes, Simeon, good questions, and maybe take your second one first. There's not been, I think, any fundamental shift as we think about our operating margin, our profile for how we go to market. Having said that, I think it's less of a question or consideration for where we see the potential kind of competitive balance or market opportunities so much as it does, how do we run and operate our business, what do we think allows us and puts us in a position to be competitive.

是的，西緬，問題問得好，也許可以先回答你的第二個問題。我認為，當我們考慮我們的營業利潤率和我們進入市場的方式時，並沒有任何根本性的轉變。話雖如此，我認為這與其說是一個問題或考慮，不如說是我們如何看待潛在的競爭平衡或市場機會，我們如何經營我們的業務，我們認為什麼能讓我們處於競爭地位。

And I think much of what you've seen over the course of the last couple of years when we think about the investment profile of how we thought about our business has been really geared around where we see opportunities to continue to strengthen our operating posture, to help put our teams in the best position, to also support the teams that we've got, taking care of our customers within our stores.

我認為，在過去幾年中，當我們思考投資概況時，我們所看到的很多事情都是圍繞著我們看到的機會，繼續加強我們的營運態勢，幫助我們的團隊處於最佳位置，同時也支持我們現有的團隊，照顧好我們店內的客戶。

Some of what we see candidly in the current year are just more inflation-driven cost pressures in some of the areas of our business that I think have put pressure on us that we were not maybe as anticipated as being -- as significant as it was when we came into the year. Ultimately, those things from time to time are going to move and flex. We will obviously have to take a hard look at that and think about where that sits for the next year. But that hasn't really changed our outlook on how we think about the right way to manage the business to take care of our customers and grow our share.

坦白說，我們今年看到的一些情況是，我們業務的某些領域面臨著更多的通貨膨脹驅動的成本壓力，我認為這些壓力給我們帶來了壓力，也許不像我們預期的那樣——不像我們進入今年時那麼重要。最終，這些事物時不時會改變和彎曲。我們顯然必須認真審視這個問題，並思考明年該如何應對。但這並沒有真正改變我們對如何正確管理業務、照顧客戶和擴大市場份額的看法。

Simeon, the one thing I'd add to that is really just when I think about the controllables within our four walls, we're very pleased, Jeremy, Brent and I are very pleased with the way that our internal teams are managing SG&A to sales, walking the fine line between acceptable SG&A profitability and taking our service levels to the next level.

西蒙，我想補充一點，當我想到我們公司內部的可控因素時，我們非常高興，傑里米、布倫特和我對我們的內部團隊管理銷售、一般和行政費用的方式感到非常滿意，在可接受的銷售、一般和行政費用盈利能力和將我們的服務水平提升到新水平之間找到了平衡。

Some of the things we saw throughout the year and for sure in Q3 was just some of that inflation in some of the medical and some of the self-insurance stuff that's somewhat out of our control. There's always things we can do better and different from a safety and health and well-being of our team members, but some of that's out of the control of the team, and we feel really good about the way the teams are managing SG&A.

我們全年看到的一些情況，尤其是在第三季度，只是一些醫療和自我保險方面的通貨膨脹，這些都有點超出我們的控制範圍。我們總是可以做得更好，在團隊成員的安全、健康和福祉方面有所不同，但有些事情超出了團隊的控制範圍，我們對團隊管理銷售、一般和行政費用的方式感到非常滿意。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

You talked about a mid-single-digit inflation benefit in 4Q, which it sounds like that will be the peak of the inflation contribution. So a, is that right? Is that the way we should think about it? And b, overall, is this as good as it gets that O'Reilly can do a mid-single-digit comp under the right conditions? It's just -- it's a different model than it's been in the past.

您談到第四季通膨收益將達到中等個位數，這聽起來像是通膨貢獻的高峰。那麼，是嗎？我們該這樣思考嗎？b，整體而言，在適當的條件下，奧萊利能夠達到中等個位數的業績，這是否已經是最好的結果了？這只是──一種與過去不同的模式。

Yes. Maybe I can address the question there, Michael. At this point in time, when we think about the current tariff and pricing environment, we would think that most of the benefit that we might expect to see moving forward would be in the fourth quarter numbers. And I think both Brad and Brent spoke to that. It's always a little bit of a crystal ball exercise to say exactly what happens from this point forward.

是的。也許我可以在那裡回答這個問題，邁克爾。此時，當我們考慮當前的關稅和定價環境時，我們會認為，我們預期未來將看到的大部分收益將體現在第四季度的數據中。我認為布拉德和布倫特都談到了這一點。要準確預測從現在開始會發生什麼，總是需要一點水晶球練習。

And we're obviously going to be very sensitive and responsive to making sure that from a market perspective, we're priced right and where we need to be. Ultimately, that -- while it's an important consideration, it's a factor that, obviously, we're all paying pretty close attention to. That historically has not been what's driven our business and the ability to grow share.

顯然，我們會非常敏感並積極回應，以確保從市場角度來看，我們的定價是正確的，並且處於我們需要的位置。最終，雖然這是一個重要的考慮因素，但顯然我們都非常關注這個因素。從歷史上看，這並不是推動我們業務發展和增加市場份額的動力。

And we feel -- we still feel very bullish about our opportunity over the course of time to be able to be a consolidator of the industry to perform a model that's the best within our industry and to be able to gain share over the course of time. And we feel good about our performance, particularly when you look at it on a two-, three-year stack perspective.

我們感覺到——我們仍然對我們隨著時間的推移能夠成為行業整合者、執行行業內最佳模式、並能夠隨著時間的推移獲得份額的機會感到非常樂觀。我們對自己的表現感到滿意，特別是從兩年、三年的角度來看。

And so ultimately, it is, as we've talked many times, a very grinded-out business and the long-term trajectory of what we can deliver as we consolidate the industry and gain share is dependent upon executing day in and day out and growing faster than the marketplace. We'll see ultimately where those numbers push out. But there have been plenty of years within our history where the results that we're producing this year have been in line with that long-term growth rate. We feel good about it.

因此，最終，正如我們多次談到的那樣，這是一項非常艱苦的業務，我們在整合行業和獲得份額的過程中所能取得的長期發展軌跡取決於日復一日的執行和比市場更快的增長速度。我們最終會看到這些數字會達到什麼程度。但在我們的歷史上，有許多年今年所取得的成果都與長期成長率一致。我們對此感覺很好。

Yes. No, Michael, well said, Jeremy. I think the key is the reason we don't want to talk in absolutes if we've seen everything is because we don't know what's going to be in the headline next week or next month. It is still fluid. We feel good about what we said about the majority being already in, but we don't know what's next.

是的。不，邁克爾，說得好，傑里米。我認為關鍵在於，如果我們已經看到了一切，我們不想用絕對的語氣談論，因為我們不知道下週或下個月的頭條新聞是什麼。它仍然是流體。我們對於大多數人已經加入的說法感到滿意，但我們不知道接下來會發生什麼。

What I do know, and this parley is in the kind of your second part of your question, what I do know is when I look at Brent and our merchandise teams and our pricing teams, they are operating at a very high level.

我所知道的是，這次談判屬於您問題的第二部分，我所知道的是，當我看到布倫特和我們的商品團隊以及定價團隊時，他們的運作水平非常高。

I feel very good about the way that they are navigating not only from a negotiation with our suppliers, the way we're thinking about pricing, but the overall way that we look at the fine line between walking all those things and just the way we can continue to compete the value proposition we provide. And we never think internally here that it's as good as it can get. We have 10% share in North America.

我對他們的處理方式感到非常滿意，不僅是與供應商的談判方式、定價方式，而且是我們在處理所有這些事情和繼續競爭我們提供的價值主張之間的微妙界限的整體方式。我們內心從來沒有想過，這已經是最好的了。我們在北美擁有10%的份額。

We like to let our numbers do the talking versus the opposite. But to Jeremy's point, we have a lot of conviction that we have some great things in place for the mid and long term to continue to consolidate the industry, continue to get better operationally, the way we build teams, the way our supply chain runs, new DCs, hub stores, all the things we do from a culture standpoint, promote from within and supply chain, we really feel good about what we can do over the next many years.

我們喜歡用數字來說話，而不是相反。但正如傑里米所說，我們堅信我們已經為中長期做好了一些偉大的事情，以繼續鞏固行業，繼續在運營上做得更好，我們組建團隊的方式，我們的供應鏈運行的方式，新的配送中心，樞紐商店，我們從文化角度所做的所有事情，從內部和供應鏈進行推廣，我們對未來許多年所能做的事情感到非常滿意。

Got you. My follow-up question, what conditions would be necessary in order for O'Reilly to restore its SG&A per store growth back to the 2% range that was consistent for a long period of time prior to the last couple of years? And as a management team, how focused are you on deploying technology or making proactive investments today in order to ease some of the pressures from healthcare costs and other factors in order to restore that level so you can generate the margin expansion that the market has known to from O'Reilly.

明白了。我的後續問題是，O'Reilly 需要滿足哪些條件才能將其每家門市的銷售、一般和行政費用增長率恢復到過去幾年之前長期保持的 2% 左右的水平？作為管理團隊，您今天在部署技術或進行主動投資方面有多大投入，以減輕醫療成本和其他因素帶來的一些壓力，從而恢復到該水平，從而實現市場從 O'Reilly 那裡了解到的利潤擴張。

Yes, Michael, I appreciate the question. It's a little bit of, I think, a challenge for us to really address a hypothetical around kind of a lot of the other broader conditions that contribute to how we might think about SG&A moving forward. For sure, when we look at where we sit today versus other periods of time, where wage rate inflation was much more muted, where we weren't seeing some of the other inflation pressures, where we weren't seeing kind of rising price levels, I think more broadly around the economy.

是的，邁克爾，我很感謝你的提問。我認為，這對我們來說是一個小小的挑戰，需要真正解決圍繞許多其他更廣泛條件的假設，這些條件會影響我們如何思考銷售、一般和行政費用的未來發展。當然，當我們將今天的狀況與其他時期進行比較時，我們會發現當時的工資率通膨要低得多，我們沒有看到其他通膨壓力，也沒有看到價格水平上漲，我認為從更廣泛的角度來看，經濟形勢是這樣的。

Those were some of the, I think, broader macro conditions that we would have seen during the course of time there that I think play into the consideration. I think from our perspective, we've always had, I think, a pretty intense expense control focus as a company. And ultimately, those are all things that we manage for the long-term growth rate and the success and health of our business.

我認為，這些是我們隨著時間的推移所看到的一些更廣泛的宏觀條件，我認為這些條件會影響我們的考慮。我認為從我們的角度來看，作為一家公司，我們一直非常注重費用控制。最終，這些都是我們為了長期成長率以及業務的成功和健康而管理的事情。

While we're always, I think, pushing to be more efficient and more effective, and there are always ways in which you can do that within our business. It's also important to note that I think one of the core strengths of our business is the ability to provide a high service level in an industry where that's still, I think, a critical factor in how consumers perceive value, how they make buying decisions. And so for us, there's always going to be some level of understanding that the strength of our business is built around running the best model and that ultimately, our ability to grow operating profit dollars from a long-term perspective means that we're going to want to manage our business in the right way.

我認為，我們一直在努力提高效率和效力，並且在我們的業務中總有辦法做到這一點。值得注意的是，我認為我們業務的核心優勢之一是能夠在產業中提供高水準的服務，而我認為這仍然是消費者如何看待價值、如何做出購買決策的關鍵因素。因此，對我們來說，我們始終會在某種程度上理解，我們業務的優勢是建立在運行最佳模式的基礎上的，而最終，從長遠來看，我們增加營業利潤的能力意味著我們將希望以正確的方式管理我們的業務。

And we're not going to view it necessarily as just an offset. Well, let's go find cuts and reductions that don't otherwise make sense because some other components of the business have seen inflation. So that's really from a philosophy perspective, where we see it. Some of the -- where we've seen lower nominal numbers in different environments still reflected that same philosophy. And ultimately, I think that's the right way to manage the business for the long term.

我們不一定將其視為一種抵消。好吧，讓我們去尋找那些原本沒有意義的削減和減少，因為業務的其他一些組成部分已經出現了通貨膨脹。這確實是從哲學角度來看的。我們在不同環境中看到的較低名目數字仍然反映了同樣的理念。最終，我認為這是長期管理業務的正確方法。

Yes. And Michael, I may just real quick add. Jeremy said it very well. We have a lot of pride in our ability to lever when we have a comparable store sales level that we've had. We have a lot of pride in the operating profit rate that we've delivered over a long period of time, and that's going to continue to be our focus.

是的。邁克爾，我只是想快速補充。傑里米說得很好。當我們擁有可比較商店銷售水準時，我們對自己利用槓桿的能力感到非常自豪。我們對長期以來取得的營業利潤率感到非常自豪，這將繼續成為我們的關注重點。

That said, for the mid and long term, back to the 10% share across North America, we are going to continue to invest in our business in a very disciplined way, when it comes to technology, when it comes to our teams, when it comes to our supply chain, we are going to continue to play from a position of strength.

也就是說，從中期和長期來看，回到北美 10% 的份額，我們將繼續以非常自律的方式投資於我們的業務，當涉及到技術、當涉及到我們的團隊、當涉及到我們的供應鏈時，我們將繼續發揮優勢。

We continue to feel like we have a unique opportunity over the next many years to do all that within the discipline we have with our capital allocation, the discipline we have with our OpEx, and we're going to continue to balance the two sides of what I just said as good as we possibly can over the next year.

我們仍然覺得，在未來的許多年裡，我們有一個獨特的機會，可以在我們資本配置的紀律、我們營運支出的紀律範圍內完成所有這些工作，並且我們將在明年繼續盡可能地平衡我剛才所說的兩方面。

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

If you look at the expectations for 4% same SKU inflation, are supply chains in the industry sort of creating a delta between your expectations maybe versus a peer, I think the NAPA guys were saying maybe 2.5%. Is that because they're sourcing out of different regions and markets and have less tariff exposure? Or is it really sort of at a relatively even playing field on a same SKU basis?

如果您看一下對 4% 相同 SKU 通膨率的預期，那麼行業中的供應鏈是否會在您的預期與同行之間產生差異，我認為 NAPA 人員所說的可能是 2.5%。這是因為他們從不同地區和市場採購，關稅風險較小嗎？或者說，在相同的 SKU 基礎上，競爭環境是否真的相對公平？

Yes. Bret, this is Brent. I'll start and the other guys can chime in. I think we've talked about supplier diversification for years now. And again, the team -- our merchandise team has done a fantastic job continuing to diversify that supplier base. And we've talked a little bit about China, what that looks like specifically for us. We're in the mid-20s. Some others may report somewhere in that range or a little bit less.

是的。布雷特，我是布倫特。我先開始，其他人也可以加入。我認為我們已經談論供應商多樣化很多年了。再次強調，我們的商品團隊在持續實現供應商基礎多樣化方面做得非常出色。我們已經談論了一些有關中國的事情，以及它對我們來說具體是什麼樣子的。我們二十多歲了。其他一些人的報告可能處於該範圍內或略低一些。

But generally speaking, we feel like we're very diversified globally and the teams continue to get more diversified. That number is down hundreds of basis points from where it was a few years ago and continues to fall. What's interesting, though, when you look at some of the other countries right now in the tariff environment that we've been operating in, especially in 2025, some of the -- when you think about 25%, you look at some of those other countries, Vietnam, Thailand, India, some of the other countries that a lot of sourcing has moved to, supply has moved to Mexico as well and some South American countries, that 25% or more is the same rate.

但總體而言，我們感覺我們在全球範圍內非常多元化，而且團隊還在繼續變得更加多元化。與幾年前相比，這一數字下降了數百個基點，並且還在繼續下降。然而，有趣的是，當你看看我們目前運營的關稅環境中的其他一些國家時，特別是在 2025 年，當你想到 25% 時，你看看其他一些國家，越南、泰國、印度，以及其他一些大量採購已經轉移到的國家，供應也轉移到了墨西哥和一些南美國家，25% 或更高的稅率是相同的。

So what I would tell you is it's less about what's that China number look like, and it's more about the blend and the ability to multisource from multiple countries of origin and to manage that dynamically and to work with suppliers that are managing that dynamically. And I feel like our team has done a great job with that. It continues to be a challenge.

所以我想告訴你的是，重要的不是中國的數字是多少，而是混合和從多個原產國進行多來源採購的能力，以及動態管理的能力，以及與動態管理的供應商合作的能力。我覺得我們的團隊在這方面做得很好。這仍然是一個挑戰。

And Brad mentioned earlier, and we've talked about on the call in the prepared comments about what we feel like the lion's share passed through in Q3 from tariffs. But I think we all know, we all listen to the news, I mean there's still some uncertainty about where that may go in the future with some of these countries until it's all said and done. So we feel like we're very well positioned to respond and react to whatever comes our way. The teams have done a great job with sourcing across the globe, and we're going to continue to do that and work with suppliers that are doing a great job of that.

布拉德之前提到過，我們在電話會議中準備好的評論中也談到了我們認為第三季關稅帶來的最大影響。但我想我們都知道，我們都聽新聞，我的意思是，在一切都塵埃落定之前，對於這些國家未來的走向仍然存在一些不確定性。因此，我們感覺自己已經做好了充分的準備來應對遇到的任何問題。這些團隊在全球採購方面做得非常出色，我們將繼續這樣做，並與在這方面做得非常出色的供應商合作。

Yes, Bret, I may just jump in real quick. In terms of us directly to other competitors, we don't know. I mean we don't spend near as much time, frankly, looking at trying to parse the details of anybody else. That would be up to them to explain. What we know is our merchandise teams and our pricing teams, like I mentioned earlier, just doing a masterful job managing through this.

是的，布雷特，我可能很快就會加入。關於我們直接與其他競爭對手的關係，我們不知道。我的意思是，坦白說，我們不會花太多時間去嘗試分析其他人的細節。這需要他們來解釋。我們知道的是，我們的商品團隊和定價團隊，正如我之前提到的，在管理這個問題上做得非常出色。

We feel good about our scale, our negotiating power, our pricing power, feel really good about the way that we have worked with our suppliers to mitigate all of this, feel really good about where we're at from a pricing perspective versus all our competitors, both small and big, WD, independent all the way up to the other big 3, I feel really good about all that. So hard to say indifferences of COGS and all those things, but we feel really good about where we're at, the way we've negotiated and just so proud of the teams managing through this.

我們對我們的規模、談判能力、定價能力感到滿意，對我們與供應商合作緩解所有這一切的方式感到非常滿意，對我們與所有競爭對手（無論大小，從西部數據、獨立公司一直到其他三大公司）在定價方面所處的位置感到非常滿意，我對這一切都感到非常滿意。很難說對 COGS 和所有這些事情漠不關心，但我們對目前的狀況、我們的談判方式感到非常滿意，並且為團隊的管理感到自豪。

Okay. And then as sort of follow-through on that, in the 10% inventory per store growth, assuming maybe 4% of that is priced on a same SKU basis. The other 6% are you buying ahead of expected further price increases sort of getting a lower cost inventory into the DC ahead of additional expansion? Or are you adding units just from a strategic standpoint to have a better fill rate and take more share? I guess, what's the growth in inventory ex the price factor?

好的。然後作為後續行動，在每家商店 10% 的庫存成長中，假設其中 4% 是以相同的 SKU 為基礎定價的。另外 6% 是您在預期價格進一步上漲之前購買的，即在進一步擴張之前將較低成本的庫存放入 DC 嗎？或者您只是從戰略角度增加單位以獲得更好的填充率並獲得更多份額？我猜，除去價格因素，庫存成長是多少？

Yes, Bret. It's really more just us executing on our inventory strategies and how we think about deploying incremental inventory enhancements. Price has a little bit less of an impact on the inventory balances just from the standpoint of being a LIFO reporter on this. You really only see inflation have an impact to the extent that you're kind of adding layers on top, and there's been some of that, but not to the same magnitude of what runs through the income statement.

是的，布雷特。這實際上只是我們執行庫存策略以及我們如何考慮部署增量庫存增強。僅從後進先出法報告者的角度來看，價格對庫存餘額的影響要小一些。你實際上只會看到通貨膨脹對你產生一定程度的影響，因為你在上面添加了一層，而且確實存在一些通貨膨脹的影響，但其程度不如損益表中的影響那麼大。

And I think conversely, no real changes in that strategy as it relates to the broader cost environment, which we think is pretty stable. But obviously, those are decisions that we make based upon the objective of being the best in the industry from an availability perspective. Obviously, the cadence and timing of that can change period to period. It's not always -- doesn't always roll out in the same kind of schedule as you were because we're pretty active about how we think about the right time and where we see opportunities to be able to execute that strategy.

相反，我認為，由於該策略與更廣泛的成本環境相關，因此沒有發生真正的變化，我們認為該策略相當穩定。但顯然，這些都是我們基於從可用性角度成為業界最佳的目標而做出的決定。顯然，其節奏和時間會隨著時期而改變。它並不總是按照與您相同的時間表推出，因為我們非常積極地考慮如何選擇正確的時間以及在哪裡看到可以執行該策略的機會。

Yes, Bret, just to -- yes, just to add on to what Jeremy said, too, Bret, specifically speaking to Q3, we're going to continue to optimize our network. We talk all the time about our -- the strength of our tiered distribution network, our regional DCs, our hub stores and how we continue to optimize that network of SKU count and depth and breadth by secondary, tertiary market, even the ones outside of the reach of our regional DCs.

是的，布雷特，只是 - 是的，只是補充一下傑里米所說的，布雷特，具體到第三季度，我們將繼續優化我們的網絡。我們一直在談論我們的分層分銷網絡、區域配送中心、中心商店的優勢，以及我們如何透過二級、三級市場，甚至是區域配送中心無法觸及的市場，繼續優化 SKU 數量、深度和廣度網路。

The other thing though to consider and think about for Q3 is we were stocking up our new DC in Stafford, Virginia as well. That's another component that brings more dollars into the system in a given quarter that may prove to be a little bit lumpy quarter-to-quarter with the investments in a new DC.

不過，第三季需要考慮的另一件事是，我們也在維吉尼亞州斯塔福德儲備新的 DC。這是在特定季度為系統帶來更多資金的另一個組成部分，但由於對新 DC 的投資，每個季度的資金流入可能會有點不穩定。

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

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, 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 fourth quarter and full year results in February. 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。我要感謝大家今天參加我們的電話會議，我們期待在二月報告我們的第四季和全年業績。謝謝。

Thank you. This does conclude today's conference call. You may disconnect your 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。此時您可以斷開電話線並享受美好的一天。感謝您的參與。