O'Reilly Automotive, Inc. (ORLY) 2026 Q2 法說會逐字稿

Welcome to the O'Reilly Automotive Inc second quarter 2026 earnings call. My name is Matthew, and I'll be your operator for today's call. (Operator Instructions)

歡迎收聽 O'Reilly Automotive Inc 2026 年第二季財報電話會議。我是 Matthew，將擔任今天電話會議的接線員。（接線員指示）

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

現在我把電話交給 Jeremy Fletcher。Fletcher 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 second-quarter results and our updated outlook for the remainder of 2026. After our prepared comments, we will host a question-and-answer period.

謝謝你，Matthew。各位早安，感謝各位加入我們。在今天的電話會議中，我們將討論第二季業績以及我們對 2026 年剩餘期間的最新展望。在我們的準備發言之後，將進行問答環節。

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

在今天早上開始之前，我想提醒各位，我們今天的評論包含前瞻性陳述；我們意圖適用並主張受 1995 年《私人證券訴訟改革法》所載之前瞻性陳述「安全港」條款保護。您可以透過如 estimate、may、could、will、believe、expect、would、consider、should、anticipate、project、plan、intend 或類似字詞來辨識這些前瞻性陳述。

The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest annual report on Form 10-K for the year ended December 31, 2025, and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

由於公司截至 2025 年 12 月 31 日止年度之最新 Form 10-K 年報以及近期其他 SEC 申報文件中所述的若干重要因素，公司的實際結果可能與任何前瞻性陳述存在重大差異。公司不承擔更新本次電話會議中任何前瞻性陳述的義務。

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

此刻，我想介紹 Brad Beckham。

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

謝謝你，Jeremy。各位早安，歡迎參加 O'Reilly Auto Parts 2026 年第二季電話會議。今天早上與我一同參與電話會議的有：我們的總裁 Brent Kirby，以及我們的財務長 Jeremy Fletcher。我們的執行董事長 Greg Henslee 與執行副董事長 David O'Reilly 也在電話會議中。

It's once again my pleasure to begin our quarterly call by congratulating Team O'Reilly on another strong quarter and a very successful first half of 2026. Our team's steadfast commitment to providing consistently high levels of service to our customers drove a comparable store sales growth of 6% for our second quarter.

我再次很高興在每季電話會議開場時，祝賀 O'Reilly 團隊再度交出強勁的一季，並在 2026 年上半年取得非常成功的表現。我們團隊堅定致力於持續為客戶提供高水準服務，帶動第二季同店銷售成長 6%。

Year to date, our comparable store sales have increased 7% and driven total sales growth of over 9%. As a result of our team's relentless focus on delivering profitable sales growth, we generated a 10% increase in diluted earnings per share in the second quarter on top of the 11% growth we delivered in the second quarter of 2025.

年初至今，我們的同店銷售成長 7%，帶動總銷售成長超過 9%。由於團隊持續專注於實現具獲利性的銷售成長，我們在第二季稀釋後每股盈餘（EPS）成長 10%，是在 2025 年第二季已達成 11% 成長的基礎上再提升。

For the first six months of 2026, our diluted EPS grew 13%. And I want to thank all of Team O'Reilly for the momentum they have created in our business so far in 2026.

2026 年前六個月，我們的稀釋後 EPS 成長 13%。我也要感謝所有 O'Reilly 團隊成員，感謝他們在 2026 年迄今為我們的業務創造的動能。

Now I'd like to take a few minutes to walk through the details of our second-quarter comparable store sales performance. Our comp growth of 6% surpassed our expectations, driven by solid results in both our professional and DIY businesses.

接下來我想花幾分鐘說明第二季同店銷售表現的細節。我們 6% 的同店成長超出預期，主要由專業客戶（professional）與 DIY（自行動手）兩大業務的穩健表現所帶動。

Our professional business continues to be the larger contributor to total comps, but we again saw the outperformance versus our expectations split evenly between both sides of our business, similar to first quarter results.

我們的專業客戶業務仍是同店成長對總體貢獻較大的一方，但如同第一季結果，我們再次看到相較預期的超額表現，兩大業務端各占一半、分布相當平均。

In aggregate, our comparable store sales gains continue to be driven by increases in average ticket values and robust professional ticket count growth. The growth in average ticket was primarily the result of same SKU inflation, which totaled 5.5% for our consolidated business and was in line with our expectations.

整體而言，我們的同店銷售增長仍由平均客單價提升以及專業客戶端強勁的票數（ticket count）成長所驅動。平均客單價的成長主要來自相同 SKU 的通膨影響；以合併口徑計算為 5.5%，符合我們的預期。

Average ticket strength was the primary contributor to our low-single digit DIY comparable store sales increase in the second quarter. This benefit was partially offset by pressure to transaction counts, which were down low single-digits and slightly below our expectations in part due to headwinds in hot weather-related categories.

第二季 DIY 同店銷售呈現低個位數成長，主要貢獻來自平均客單價的強勢表現。此一利多部分被交易筆數的壓力所抵銷；交易筆數下滑低個位數，且略低於我們的預期，部分原因是炎熱天氣相關品類面臨逆風。

Despite this pressure, we believe we're outperforming the market and gaining DIY share, and we continue to see tremendous growth opportunity on this side of our business.

儘管有此壓力，我們相信我們的表現仍優於市場並持續提升 DIY 市占率，而且我們仍看到此業務端存在龐大的成長機會。

We also continue to be pleased with the robust sales growth we are generating with our professional customers. Comparable store sales on this side of our business grew right at 10% in the second quarter, reflecting our fourth consecutive quarter of double-digit comps. The sales growth was fairly evenly split between an increase in average ticket value that was in line with our expectations and robust ticket count growth, which again outpaced our forecast.

我們也持續對專業客戶帶來的強勁銷售成長感到滿意。第二季此業務端同店銷售成長約 10%，反映我們連續第四季達成雙位數同店成長。銷售成長的來源相當平均：一部分來自符合預期的平均客單價提升，另一部分來自強勁的票數成長，而票數成長再次超出我們的預測。

We don't quantify the individual ticket and traffic components of our sales results on a quarterly basis. However, I will share that our professional ticket count growth was in the mid-single digits in the second quarter and has essentially been within that range every quarter since our business normalized coming out of the pandemic.

我們不會在每季基礎上量化揭露銷售結果中單筆金額與來客／交易量（traffic）的個別組成。不過我可以分享的是，第二季專業客戶的票數成長約為中個位數，且自疫情後業務回歸常態以來，幾乎每一季都大致落在此區間。

We are very excited about the continued momentum in our professional business and our team's ability to compound the market share gains they are winning quarter after quarter, year after year with our professional customers.

我們對專業客戶業務持續的動能感到非常振奮，也對團隊能夠在專業客戶端一季又一季、年復一年地累積並擴大市占成果感到興奮。

Next, I want to provide some detail on the cadence of our sales results as we move through the quarter. As I previously mentioned, our second quarter results surpassed our expectations, and we outpaced these projections each month of the quarter with April's results outperforming a little more than May and June.

接下來，我想就本季進行過程中的銷售節奏提供一些細節。如我先前提到的，我們第二季結果超出預期，且本季每個月份都高於這些預估；其中 4 月的表現優於 5 月與 6 月，幅度略大一些。

As we discussed on last quarter's call, favorable spring weather supported by strong volumes in both our DIY and professional businesses as we exited the first quarter and we saw much of that momentum continue in April. As we moved into our summer selling season, our sales trends moderated to a very consistent week-to-week pace through the remainder of the quarter.

如同我們在上一季電話會議所討論的，第一季末在有利的春季天氣帶動下，DIY 與專業客戶兩大業務量能強勁，支撐了銷售表現，而這股動能在 4 月多數時間延續。進入夏季銷售旺季後，我們的銷售趨勢趨於溫和，並在本季剩餘期間維持非常一致的逐週節奏。

Finishing out the quarter, our June sales were solid on a one-year basis against a softer comparison in June of 2025, but we didn't realize the normal ramp-up in demand for certain hot weather-related categories that we typically like to see from the onset of summer heat at the end of the second quarter. We have definitely seen summer take hold across our markets in July though, and we are very pleased with a strong step up in sales results to start the third quarter.

在季度尾聲，6 月銷售以一年期比較來看表現穩健，因為 2025 年 6 月的比較基期較弱；但在第二季末夏季高溫開始時，我們並未看到某些炎熱天氣相關品類需求如往常般出現正常的拉升。不過，我們確實在 7 月看到夏季已在各市場全面展開，我們也對第三季開局銷售明顯走強感到非常滿意。

Turning to our revised full-year guidance, I want to provide some color on the update to our expected comparable store sales range. As noted in yesterday's press release, we have increased from the previous range of 3% to 5% to a range of 4% to 6%. This update flows through the outperformance we delivered in the first half of 2026 but leaves our expectations for comparable store sales growth for the back half of the year unchanged.

談到我們修訂後的全年指引，我想就同店銷售預期區間的更新補充一些說明。如昨日新聞稿所述，我們已將原先 3% 至 5% 的區間上調至 4% 至 6%。此更新反映我們在 2026 年上半年的超預期表現，但對下半年同店銷售成長的預期則維持不變。

Looking forward, we are pleased with a strong start to the third quarter, but we're cognizant of the potential that the benefits we have realized so far this quarter are the result of normal month-to-month weather volatility, and we don't want to overact to trends that could moderate over time.

展望未來，我們對第三季強勁開局感到滿意，但我們也留意到：本季迄今所見的利多，可能只是正常的月與月之間天氣波動所致；我們不希望對可能隨時間趨於溫和的趨勢反應過度。

Included in our outlook for the remainder of the year is our expectation for the same SKU benefit to moderate in the third and fourth quarters as we calendar the tailwind from tariff-driven price increases that we realized in 2025. As a reminder, those benefits started to flow into our comp results as we moved through the third quarter last year with the lion's share of the impact reflected in price levels by the time we exited the third quarter.

在我們對今年剩餘期間的展望中，我們預期相同 SKU 的利多將在第三與第四季趨於溫和，因為我們將進入 2025 年因關稅推動的漲價所帶來的順風效應之比較基期。提醒各位，這些利多在去年第三季進行期間開始反映到我們的同店結果中，而影響的大部分在我們走出第三季時已反映在價格水準上。

As a result of this dynamic, we are projecting the inflation benefit to moderate to 1% to 2% for the back half of 2026, with the third quarter expected at the top end and continued moderation to the bottom end of that range by the fourth quarter. These assumptions reflect our standard approach for setting guidance. We assume only modest levels of prospective future price changes.

由於這種動態，我們預期通膨帶來的效益在2026年下半年將趨於溫和，約為1%至2%，其中第三季預計落在區間上緣，並在第四季持續放緩至該區間下緣。這些假設反映了我們制定財測指引的一貫方法。我們僅假設未來可能的價格變動幅度有限。

While we have passed along some incremental price increases in 2026, resulting primarily from the cost pressures due to the increased crude oil prices, we are cautious as to how long these benefits will persist through the balance of the year. We are also cautious concerning the potential adverse impact to consumers and their resulting response in the face of continued economic pressure.

雖然我們在2026年已轉嫁部分額外的價格上調，主要源自原油價格上升所帶來的成本壓力，但我們對於這些效益在今年剩餘期間能持續多久仍持審慎態度。我們也審慎看待在經濟壓力持續之下，對消費者可能造成的不利影響以及其相應反應。

We have some very relevant recent experience that points to the potential for choppiness in consumer demand in the face of volatility and price levels. However, we have been pleased with the resiliency of the consumer and believe our customers have adjusted well to the current economic conditions and will continue to prioritize the maintenance and repair of their existing vehicles.

我們近期有一些非常相關的經驗，顯示在波動與價格水準的影響下，消費者需求可能出現起伏。不過，我們對消費者的韌性深感欣慰，並相信我們的客戶已良好適應目前的經濟環境，且將持續優先投入於其既有車輛的保養與維修。

Ultimately, we remain optimistic about the health of our industry and our teams are committed as ever to build on our strong sales momentum, but we believe it's prudent to incorporate into our updated guidance expectations some potential volatility as we finished out 2026.

總體而言，我們仍對產業的健康狀況保持樂觀，我們的團隊也一如既往致力於在強勁的銷售動能上再接再厲；但我們認為，在更新後的指引中納入一些在2026年收官階段可能出現的波動預期，是審慎之舉。

Before I move on from our guidance, I would also like to note that we are increasing our full-year diluted earnings per share guidance to a range of $3.20 to $3.30. Our increase in EPS guidance is driven by our sales and operating performance in the first half of 2026, and the impact of shares repurchased through the date of our earnings release yesterday.

在我結束對指引的說明之前，我也想提到，我們將全年稀釋後每股盈餘（EPS）指引上調至3.20美元至3.30美元的區間。我們上調EPS指引，主要是受2026年上半年銷售與營運表現的帶動，以及截至昨日發布財報之日已回購股份所帶來的影響。

Before I wrap up my prepared comments and turn the call over to Brent, I'd like to spend a few minutes discussing our strategic priorities for use of capital, and how these priorities align with the growth opportunities we see for our business.

在我結束事先準備的發言並把電話會議交給Brent之前，我想花幾分鐘談談我們在資本運用上的策略優先順序，以及這些優先順序如何與我們所看到的業務成長機會相契合。

We are off to a strong start in 2026, and we remain extremely excited about our opportunities to build on this momentum, to drive continued growth, and to capture a larger share of the fragmented addressable market in our industry. We have refined our strategy to capitalize on this tremendous opportunity over many years, building and strengthening a world-class customer service organization and executing a sustainable growth plan.

我們在2026年開局強勁，並且對於在此動能基礎上再創佳績、推動持續成長、並在本產業分散的可服務市場中取得更大市占率的機會，仍感到非常振奮。多年來，我們不斷精進策略以把握這項巨大機會，建立並強化世界級的客戶服務組織，同時執行可持續的成長計畫。

Our capital allocation priorities directly align with that consistent long-term strategy. Our top priorities for use of capital continue to be reinvestments in our existing store and distribution network and organic growth through new store openings. We are currently 6,695 stores strong across North America, and Team O'Reilly includes over 95,000 of the most technically competent and customer-focused professional parts people in our industry.

我們的資本配置優先順序與這項一貫的長期策略直接一致。我們資本運用的首要優先事項仍是對既有門市與配送網路再投資，以及透過新店開設推動有機成長。目前我們在北美共有6,695家門市，而O'Reilly團隊包含超過95,000名本產業技術能力最強、最以客戶為中心的專業零件人員。

Our greatest opportunity to grow our business is to match the hard work and dedication of these team members with attractive stores, robust inventory availability, and enhanced technology. Our teams operate with a continuous improvement mindset, and we have been pleased with the returns on targeted investments in our existing business, which have helped fuel industry-leading comparable store sales growth.

我們拓展業務的最大機會，是以具吸引力的門市、充足且強健的庫存可得性，以及更強化的科技，來匹配這些團隊成員的辛勤付出與投入。我們的團隊以持續改善的思維運作；我們也對於在既有業務中進行的精準投資所帶來的報酬感到滿意，這些投資有助於推動我們達成產業領先的同店銷售成長。

We have also been pleased with the continued success of our organic store growth and remain excited about opportunity to further consolidate the industry through the opening of stores in both new geographies and existing market areas. The success of our organic growth strategy is the result of our commitment to never compromise on our proven model.

我們也對有機展店持續成功感到欣慰，並對於透過在新地理區域與既有市場區域開設門市、進一步整併產業的機會仍感到興奮。我們有機成長策略的成功，源自我們承諾絕不在已驗證的商業模式上妥協。

For each new store we open, we aggressively identify and develop a knowledgeable and enthusiastic team of professional parts people to provide unsurpassed customer service from day one, supported by the very best inventory availability and selling tools in the industry.

對於每一家新開門市，我們都積極辨識並培育一支具備專業知識且充滿熱忱的專業零件團隊，從第一天起就提供無與倫比的客戶服務，並由業界最佳的庫存可得性與銷售工具提供支援。

Over the course of our history, we have supplemented our capital investments in our existing network and organic store growth with targeted opportunistic acquisitions. While we continue to view the acquisition of existing park stores as an effective use of capital, we will also remain highly selective and strategic as we evaluate future opportunities consistent with our proven framework.

在公司發展歷程中，除了對既有網路與有機展店進行資本投資外，我們也透過具針對性、把握時機的併購來補充成長。雖然我們仍認為收購既有的「park」門市是有效的資本運用方式，但在評估未來符合我們既有框架的機會時，我們也將保持高度選擇性與策略性。

Our success with acquisitions has been directly tied to the discipline we apply in selecting and executing on those opportunities and then the process we undertake to integrate the acquired companies. Our blueprint is focused on opportunities with a clear strategic rationale where we have a high degree of confidence we can implement the O'Reilly culture as well as our business and operating models.

我們在併購上的成功，與我們在機會選擇與執行上的紀律，以及之後整合被收購公司的流程，直接相關。我們的藍圖聚焦於具明確策略理由的機會，且我們高度有信心能導入O'Reilly文化，以及我們的商業與營運模式。

This disciplined strategy has allowed us to accelerate growth in markets that complement our existing footprint by quickly establishing both the proven O'Reilly model and a strong core of local parts professionals who have strong long-standing customer relationships.

這項嚴謹的策略，使我們能在與既有版圖互補的市場中加速成長，透過快速建立已驗證的O'Reilly模式，以及一支與客戶長期維繫穩固關係的在地專業零件核心團隊。

We have successfully executed this strategy through acquisitions ranging from a single store to over 1,000 stores. With our commitment to fully integrating every acquisition, we view each transaction as significant. However, with our current footprint, we expect the universe of opportunities that meet our strategic criteria to be primarily smaller tuck-in acquisitions and expansion markets. This also means we have no expectation or intention of executing a large transformative acquisition in the foreseeable future.

我們已成功透過從單店到超過1,000家門市規模的併購來執行此策略。基於我們承諾將每一項併購完整整合，我們視每筆交易都具有重要性。然而，以我們目前的版圖而言，我們預期符合策略標準的機會範圍將主要是較小型的補強式（tuck-in）併購與擴張市場。這也意味著，在可預見的未來，我們不預期也無意進行大型、具轉型性的併購。

Our final priority for use of capital after we have exhausted all opportunities to invest in our business is to return value to shareholders through our share repurchase program. Jeremy will provide a recap of the execution of our buyback program in his prepared remarks, but I would emphasize that we continue to feel good about the effectiveness of this program.

在我們用盡所有投資於本業的機會之後，資本運用的最後一項優先事項，是透過股票回購計畫向股東回饋價值。Jeremy將在其事先準備的發言中回顧我們回購計畫的執行情況，但我想強調的是，我們仍對此計畫的有效性抱持正面看法。

As I wrap up my prepared comments, I would like to once again thank Team O'Reilly for their continued dedication to our company and strong performance in the second quarter.

在我結束事先準備的發言之際，我想再次感謝O'Reilly團隊持續對公司投入奉獻，並在第二季展現強勁表現。

Now, I'll turn the call over to Brent.

現在，我把電話會議交給Brent。

I would also like to join Brad in congratulating Team O'Reilly on a strong performance in the second quarter, driven by their steadfast dedication to our customers. I would like to begin my comments this morning by discussing our second quarter gross margin results and our outlook for the remainder of 2026.

我也想與Brad一同祝賀O'Reilly團隊在第二季的強勁表現，這主要來自他們對客戶始終如一的投入。我今天早上的發言將先從第二季毛利率結果談起，並說明我們對2026年剩餘期間的展望。

For the second quarter, our gross margin of 51.4% was unchanged from the second quarter of 2025. In establishing our gross margin outlook, we assumed a slightly lower gross margin rate in the second quarter as compared to the full year, which is typical for the seasonal composition of our product mix.

第二季毛利率為51.4%，與2025年第二季持平。在制定毛利率展望時，我們假設第二季毛利率會略低於全年水準，這符合我們產品組合季節性結構的典型情況。

So while our gross margin rate for the second quarter came in slightly below our full-year guidance range, our results were in line with our expectations for the quarter. We continue to see very stable, solid gross margin performance with only a few minor puts and takes driving the outcome for the quarter.

因此，雖然第二季毛利率略低於我們全年指引區間，但結果仍符合我們對本季的預期。我們持續看到毛利率表現非常穩定且扎實，僅有少數輕微的正負因素推動本季結果。

We continue to benefit from incremental acquisition cost reductions and improved leverage of distribution costs on our strong top-line sales performance. On a year-over-year basis, these benefits were offset by mixed pressures from the faster rate of professional sales growth and our product mix in the quarter.

我們持續受惠於額外的採購成本降低，以及在強勁營收表現下配送成本槓桿效益的提升。以年對年來看，這些效益被本季專業客戶（professional）銷售成長較快的速度，以及產品組合所帶來的混合壓力所抵銷。

We also faced our most challenging quarterly comparison in 2026 related to the timing benefit that we realized in the second quarter of 2025 from the impact of tariff-related cost and pricing adjustments.

我們在2026年也面臨最具挑戰性的季度比較，原因是2025年第二季因關稅相關成本與定價調整的影響而產生的時點效益。

Given our inline first-half performance and the current stable market environment, we are maintaining our full year gross margin guidance range of 51.5% to 52%. At the midpoint, this reflects an expansion of 16 basis points compared to 2025.

鑑於我們上半年表現符合預期，以及目前穩定的市場環境，我們維持全年毛利率指引區間為51.5%至52%。以中位數計算，這相較於2025年擴張16個基點。

Through the first half of 2026, we are on track with our full-year target. With our year-to-date gross margin rate of 51.5%, representing an 11-basis point expansion over the prior year, we are pleased to be able to continue to deliver incremental margin expansion while at the same time generating the robust gross profit dollar increases that come with our market-leading professional sales growth.

截至2026年上半年，我們正按計畫達成全年目標。今年迄今毛利率為51.5%，較去年同期擴張11個基點；我們很高興能在持續帶來額外毛利率擴張的同時，也能受惠於我們市場領先的專業客戶銷售成長，帶動強勁的毛利金額增加。

Our experienced merchandise and supply chain teams continue to successfully partner with our supplier network to drive value for our customers and deliver these great results, while also proactively managing through any disruptions to global supply chains.

我們經驗豐富的商品與供應鏈團隊持續成功與供應商網絡合作，為客戶創造價值並交出亮眼成果，同時也主動因應全球供應鏈可能出現的任何中斷。

Moving to SG&A, our second quarter SG&A per store grew at 4.8%, which included incremental spend to support elevated sales volumes, similar to what we saw in the first quarter. We also experienced some modest incremental pressure from higher fuel prices.

接著談SG&A，第二季每店SG&A成長4.8%，其中包含為支援較高的銷售量而增加的支出，與第一季所見情況類似。我們也受到油價上漲帶來的一些溫和額外壓力。

We continue to be pleased with our team's effectiveness in driving productivity through the management of our operating structure and our spin in the second quarter and first half of 2026 was within the range of our expectations. As we outlined coming into 2026, we anticipated growth in SG&A per store to be higher in the first half of the year, driven in part by expected year-over-year SG&A pressures from self-insurance and legal line items that ramped in the second half of 2025.

我們持續對團隊透過管理營運架構以提升生產力的成效感到滿意，而我們在第二季及2026年上半年的「spin」表現落在我們預期範圍內。如同我們在進入2026年時所說明的，我們預期上半年每店SG&A成長會較高，部分原因是自我保險與法律等費用項目在2025年下半年開始攀升，帶來預期的年對年SG&A壓力。

Our experience for the first six months of 2026 for those line items has been in line with our expectations. So while we saw modest pressure to our SG&A as a percent of sales, deleveraging 9 basis points in the second quarter, we outperformed versus our expectations as a result of the strong sales growth generated by our team.

2026年前六個月上述費用項目的實際情況符合我們的預期。因此，雖然我們看到SG&A占銷售比率出現些許壓力、第二季去槓桿9個基點，但由於團隊帶動強勁的銷售成長，我們的表現仍優於預期。

We continue to expect our full-year SG&A per store growth to be at or below 4%, but we are making a slight revision to tighten our full-year range to 3.5% to 4%, which incorporates the flow through of our results for the first half of 2026. This reflects an expected moderation of per store operating expense in the back half of the year as comparisons ease, which is unchanged from our prior guidance.

我們仍預期全年每店SG&A成長將在4%或以下，但我們將全年區間小幅修正並收斂至3.5%至4%，以反映2026年上半年的實際結果所帶來的延續影響。這反映出隨著比較基期趨於容易，下半年每店營運費用預期將放緩；此點與我們先前的指引一致。

We are also reiterating our full year operating profit guidance range of 19.3% to 19.8%, which reflects the sales, gross margin, and operating expense forecast that we have outlined today. For the first half of 2026, our operating margin expanded 21 basis points, split evenly between gross margin expansion and SG&A leverage, and driving an increase in operating profit dollars of 10%.

我們也重申全年營業利益率指引區間為19.3%至19.8%，反映我們今天所說明的銷售、毛利率與營運費用預測。2026年上半年，我們的營業利益率擴張21個基點，其中毛利率擴張與SG&A槓桿各占一半，並帶動營業利益金額成長10%。

We strongly believe that our greatest long-term strategic opportunity is our ability to leverage our industry-leading business model and execution to provide the best customer service in our industry.

我們堅信，長期而言我們最大的策略性機會，在於運用我們業界領先的商業模式與執行力，提供本產業最佳的客戶服務。

Our company operates in a fragmented industry and still holds a small percentage of the total addressable market. We have demonstrated that we are willing to aggressively lean into the investments and initiatives that equip us to address this opportunity, and we are very pleased to deliver productive returns on those efforts so far in 2026.

本公司所處產業相當分散，而我們目前仍僅占整體可服務市場的一小部分。我們已證明願意積極投入各項投資與計畫，以把握此一機會；而截至2026年目前為止，我們也很高興這些努力已帶來具生產力的回報。

Before I turn the call over to Jeremy, I want to provide an update on our store growth and capital investments for the first half of 2026 and our outlook for the remainder of the year. Year-to-date, we have opened 110 net new stores, with that growth spread across 31 US states, Puerto Rico, Mexico, and Canada. And we remain on track to open 225 to 235 net new stores in 2026.

在我把電話交給Jeremy之前，我想先更新我們2026年上半年的展店成長與資本投資情況，以及對今年剩餘期間的展望。今年迄今我們淨新增110家門市，成長分布於美國31個州、波多黎各、墨西哥與加拿大。我們仍按計畫在2026年淨新增225至235家門市。

Capital expenditures in the first six months of 2026 were $552 million and we still expect a total capital expenditure investment for 2026 of $1.3 billion to $1.4 billion. Our planned expenditures in 2026 mirror the capital allocation priorities that Brad outlined earlier, including acceleration in new store growth.

2026年前六個月資本支出為5.52億美元，我們仍預期2026年全年資本支出總投資為13億至14億美元。我們2026年的規劃支出與Brad先前說明的資本配置優先順序一致，包括加速新店成長。

Corresponding enhancement of our distribution capabilities to support our industry-leading inventory availability, and targeted initiatives to maintain and refresh the image and appearance of our store fleet, and enhance our technology tools.

並相應提升我們的配送能力，以支援我們業界領先的庫存可得性，以及推動具針對性的計畫以維持並更新門市群的形象與外觀，並強化我們的科技工具。

We continue to pair these capital investments in our existing business with targeted investments in inventory. Inventory per store finished the second quarter at $892,000, which was up 7% from this time last year and up 2% from the end of 2025.

我們持續將既有業務的資本投資與對庫存的重點投資相結合。第二季末每店庫存為89.2萬美元，較去年同期增加7%，較2025年底增加2%。

This growth is slightly below what we originally projected for the first half of the year as a result of normal seasonal timing differences in the deployment of inventory. However, we are still targeting growth of 5% per store by the end of 2026.

由於庫存投放在正常季節性時點上的差異，這項成長略低於我們原先對上半年的預估。不過，我們仍以在2026年底達成每店5%的成長為目標。

We are excited to be able to highlight the tangible impact of these investments when we host our upcoming Analyst Day at our new Atlanta Distribution Center on September the 17. We relocated our previous DC in Atlanta to this new 690,000 square foot facility at the end of 2024.

我們很期待在9月17日於全新的亞特蘭大配送中心舉辦即將到來的分析師日，屆時能重點展示這些投資所帶來的具體影響。我們在2024年底將先前位於亞特蘭大的配送中心搬遷至這座新的69萬平方英尺設施。

The incremental distribution capacity provided by this DC is enabling us to unlock additional expansion in the Southeastern United States and support import processing capabilities. This new facility is a great illustration of our proven business model and the continuous improvements we make to refine the processes and technology in our buildings to relentlessly enhance inventory availability and the value proposition that we offer our customers.

該配送中心所提供的新增配送產能，使我們得以在美國東南部解鎖更多擴張，並支援進口處理能力。這座新設施充分展現我們經驗證的商業模式，以及我們持續改進、精進建築內流程與技術，以不懈提升庫存可得性與我們提供給客戶的價值主張。

As I close my comments, I want to once again thank Team O'Reilly for their commitment to providing excellent, consistent customer service to all our customers each and every day.

在結束我的發言前，我想再次感謝O'Reilly團隊每天對所有客戶提供卓越且一致的客戶服務之承諾。

Now, I'll turn the call over to Jeremy.

現在，我把電話交給Jeremy。

Thanks, Brent. I would also like to thank all of Team O'Reilly for another strong quarter. Now we will fill in some additional details on our second quarter results and outlook for the remainder of 2026. For the second quarter, sales increased $367 million, driven by a 6% increase in comparable store sales and a $100 million non-comp contribution from stores opened in 2025 and 2026 that have not yet entered the comp base.

謝謝你，Brent。我也要感謝所有O'Reilly團隊，讓我們再度交出強勁的一季。接下來我們將補充第二季業績與2026年剩餘期間展望的更多細節。第二季銷售額增加3.67億美元，主要由同店銷售成長6%所帶動，另有1億美元的非同店貢獻，來自於2025年與2026年新開、尚未納入同店基期的門市。

For 2026, we now expect our total revenues to be between $18.9 billion and $19.2 billion. Our second quarter effective tax rate was in line with our expectations at 22.6% of pre-tax income, comprised of a base rate of 23.3%, reduced by a 0.7% benefit for share-based compensation. This compares to the second quarter of 2025 rate of 22.4% of pre-tax income, which was comprised of a base tax rate of 23.2% reduced by a 0.8% benefit for share-based compensation.

對於2026年，我們目前預期總營收介於189億至192億美元之間。第二季有效稅率符合我們預期，為稅前所得的22.6%，由23.3%的基礎稅率構成，並因股權基礎薪酬帶來0.7%的稅務利益而降低。相較之下，2025年第二季有效稅率為稅前所得的22.4%，由23.2%的基礎稅率構成，並因股權基礎薪酬帶來0.8%的稅務利益而降低。

For the full year of 2026, we now expect an effective tax rate of 22.5%. We expect the quarterly rate to fluctuate due to variations in the tax benefit from share-based compensation and the totaling of certain tax periods in the fourth quarter.

就2026年全年而言，我們目前預期有效稅率為22.5%。我們預期季度稅率將因股權基礎薪酬稅務利益的變動，以及第四季對某些稅務期間進行彙總結算而有所波動。

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 2026 was $1.5 billion versus $904 million in the first half of 2025. The increase in free cash flow was primarily driven by robust growth in operating income and the timing of payment for renewable energy credits with a higher cash outflow for these payments occurring in the second quarter of 2025.

接下來我們將談自由現金流，以及推動我們結果的各項組成因素。2026年前六個月自由現金流為15億美元，對比2025年上半年為9.04億美元。自由現金流的增加主要來自營業利益的強勁成長，以及再生能源抵減額度付款時點的影響；其中較高的現金流出發生在2025年第二季。

For the full year of 2026, our expected free cash flow guidance remains unchanged at a range of $1.8 billion to $2.1 billion. I also want to touch briefly on our AP to inventory ratio. We finished the second quarter at 124%, which was in line with the same level at the end of 2025. For 2026, we expect to see continued moderation resulting from our planned incremental inventory investment and expect to finish the year at a ratio of approximately 122%.

就2026年全年而言，我們對自由現金流的預期指引維持不變，區間為18億至21億美元。我也想簡要談一下我們的應付帳款（AP）對庫存比率。我們在第二季結束時為124%，與2025年底的水準一致。展望2026年，我們預期在計畫性增加庫存投資的影響下，該比率將持續溫和回落，並預期年底約為122%。

Moving on to debt, we finished the second quarter with an adjusted debt to EBITDA ratio of 2.17 times, which was an increase from our ratio at the end of 2025 of 2.03 times. This incremental step-up in leverage reflects additional borrowings through our commercial paper program. And it's consistent with our intention to prudently approach our optimal leverage target of 2.5 times.

接著談負債，我們第二季結束時的調整後負債對EBITDA比率為2.17倍，較2025年底的2.03倍有所上升。這一小幅槓桿上升反映了我們透過商業本票計畫新增借款。這也符合我們審慎朝2.5倍的最佳槓桿目標邁進的意圖。

We continue to be pleased with the execution of our share repurchase program and during the second quarter, we repurchased 17 million shares at an average share price of $90.40 for a total investment of $1.5 billion. Our 2026 year-to-date share repurchases through the date of yesterday's press release totaled 34 million shares for a total investment of $3.1 billion.

我們持續對股票回購計畫的執行感到滿意；在第二季，我們以每股平均90.40美元回購了1,700萬股，總投資金額為15億美元。截至昨日新聞稿發布日止，2026年年初至今的股票回購累計為3,400萬股，總投資金額為31億美元。

We have consistently viewed our buyback program as an effective means of returning excess capital to our shareholders, and the step-up in share repurchase volume in 2026 reflects our strong cash flow generation and incremental borrowings as we move towards our leverage.

我們一向將回購計畫視為向股東返還多餘資本的有效方式，而2026年回購量的提升反映了我們強勁的現金流創造能力，以及在朝目標槓桿水準邁進過程中的新增借款。

As Brad discussed earlier, we are very excited about the opportunities we have to execute our strategic roadmap, and we will continue to prioritize capital investments in our existing business to grow market share. When it is appropriate to return excess capital to shareholders, we are very confident that the average repurchase price is supported by the expected discounted future cash flows of our business.

如Brad先前所提，我們對執行策略路線圖所擁有的機會感到非常振奮，並將持續優先投入資本於既有業務，以提升市占率。當適合將多餘資本返還給股東時，我們非常有信心，平均回購價格是由我們業務預期的折現未來現金流所支撐。

Before I open up the call to your questions, I would like to thank our team for their commitment to the excellent customer service that drives our success. This concludes our prepared comments.

在我開放提問之前，我想感謝我們的團隊致力於提供卓越的客戶服務，這正是推動我們成功的關鍵。以上為我們事先準備的發言。

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.

此刻，我想請接線員Matthew回到線上，我們很樂意回答各位的問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（接線員指示）

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

Brad, right or wrong, the investment community is going to parse all of your very helpful words around O'Reilly's approach to capital allocation and M&A very carefully. And this is all coming up given the speculation around O'Reilly's interest in the business of one of its main competitors.

Brad，不論對錯，投資界都會非常仔細地解讀你剛才對O'Reilly資本配置與併購（M&A）策略所做的、非常有幫助的說明。而這一切的背景，是市場對O'Reilly可能對其主要競爭對手之一的業務感興趣的揣測。

And the interpretation is, if that was the case, is this a signal that O'Reilly either sees the competitive landscape or the customer consolidation changing such that it needs to at least look at a competitor for an acquisition to maintain its competitive position in the market? Can you address that and potentially put this to rest one last time?

外界的解讀是：如果真是如此，這是否代表O'Reilly看到競爭格局或客戶整併正在改變，以致於為了維持市場競爭地位，至少需要考慮收購一個競爭對手？你能否回應一下，並且可能最後一次把這件事釐清？

So, yeah, I want to start out by stating, as it's been our longtime practice and our current practice not to comment or spend unproductive time on speculation or rumors. I think we were very clear in our prepared comments what our priorities are today, and are going to be over the foreseeable future.

所以，是的，我想先說明，依照我們長期以來以及目前的做法，我們不會對揣測或謠言發表評論，也不會把時間花在沒有成效的討論上。我認為我們在事先準備的發言中已非常清楚地說明了我們當前以及可預見未來的優先事項。

And I think to the kind of latter part of your question, the answer to that is no. We work in this amazing industry where we have 10% of the market. It's crazy for me to think over my 30-year history this year. starting in 1996 that we have well over 6,500 stores and we still only have 10% of the market both in the US and when you look across North America.

至於你問題的後半段，我的答案是否定的。我們身處一個很棒的產業，而我們只擁有10%的市場。以我今年滿30年的職涯來看，從1996年開始，想到我們已經有超過6,500家門市，但在美國以及整個北美的市場份額仍只有10%，這對我來說很不可思議。

And so, what I would say to that, Michael, is we are more convicted than ever about the fundamentals of our industry. We're more convicted than ever about the strength of O'Reilly and the fact that we feel like there's going to continue to be consolidation organically through us running our playbook, doing what we do well, focusing on our culture, promoting from within, being a store and customer-centric business that is focused on taking DIY share from our DIY competitors, and continuing to do what we do on the DIFM side.

因此，Michael，我想說的是，我們比以往任何時候都更堅信這個產業的基本面。我們也比以往任何時候都更堅信O'Reilly的實力，並且我們認為，隨著我們依照既定作戰手冊執行、把我們擅長的事情做好，將會持續以有機方式推動產業整併：專注於我們的文化、內部晉升，成為以門市與客戶為中心的企業，致力於從DIY競爭對手手中取得DIY市占，並在DIFM端持續做好我們該做的事。

Investing in inventory, getting it closer to the customer, delivery service, relationships, all the things we're doing to continue to consolidate the industry on the DIFM side. So my answer to you is no, there's nothing structural or fundamentally different about how we think about our ability to take market share in running our playbook that you know so very well.

在DIFM端，我們持續投資庫存、把庫存更貼近客戶、強化配送服務、經營關係，以及我們正在做的所有事情，來持續推動產業整併。所以我的回答是否定的；在依照你非常熟悉的作戰手冊運作、並取得市占這件事上，我們的看法並沒有任何結構性或根本性的改變。

Thank you very much for that, Brad. My follow-up question is there's a lot of debate on what the demand and sales trends in the industry are going to look like in the back half of the year as this like-for-like inflation starts to fade. So is it your expectation that particularly on the DIY side, there will be an acceleration in units as the moderation in pricing happens, especially at a time where gas prices probably remain elevated and there's a lot of distraction out there.

非常感謝你，Brad。我的追問是：市場對於今年下半年，隨著同店通膨開始消退，產業需求與銷售趨勢會呈現什麼樣貌有很多討論。那麼，你是否預期，特別是在DIY端，隨著價格漲幅趨緩，銷量（units）會加速成長？尤其是在油價可能仍偏高、外部干擾又很多的時候。

And have you seen an acceleration in units in July, does that give you any incremental confidence that the outlook would remain consistent even as this pricing dynamic unfolds? Thank you very much.

另外，你們在7月是否看到銷量加速？這是否讓你們對於即使價格動態正在變化、整體展望仍能維持一致更有信心？非常感謝。

So just want to start this one out with the fact that we in the room here couldn't be more pleased with our team's results on the DIY side of the business as any year goes, in DIY, there's puts and takes month to month, quarter to quarter, just so excited about not only the second quarter. But even more so what we've been able to do on the DIY side of the business in the first half of the year. We feel strongly that we're taking market share and we're always working to continue to drive foot traffic and do everything we can. To drive our retail business.

我先從一點開始：我們在場的各位，對團隊在DIY業務端所交出的成果感到無比滿意。每一年在DIY業務上，月與月、季與季之間都會有起伏與拉扯；我們不僅對第二季感到非常振奮，更對我們在上半年於DIY端所做到的表現感到更為興奮。我們強烈認為自己正在取得市占，並且我們一直努力持續帶動來客數，盡一切所能推動我們的零售業務。

Second thing I would say is just to reiterate what we said earlier is as we work through the second quarter, it was evident as we got toward the end of the quarter, it was just wet and not as hot as it can normally be in the latter part of the second quarter. We absolutely saw pressure to some of those hot weather-related categories that we would normally start to really see solid performance, especially in June.

第二點我想說的是，再次重申我們先前提到的：在第二季的過程中，隨著接近季末，我們很明顯感受到天氣偏濕、也沒有像第二季後段通常那樣炎熱。我們確實看到一些與炎熱天氣相關的品類承受壓力；這些品類通常會開始出現穩健表現，尤其是在6月。

And we've been really pleased to see that come back here these first 3.5, four weeks of July. It's evident so far that those hot weather-related categories, it's absolutely gotten hot in the far majority of our markets. And we feel really good about where our DIY business is headed, at least for the beginning of the third quarter here.

而我們很高興看到，在7月的前3個半到4週，這些品類的表現已經回升。到目前為止很明顯，與炎熱天氣相關的品類受惠於我們大多數市場確實轉熱。就第三季一開始的情況而言，我們對DIY業務的走向感到非常樂觀。

That said, there's a lot of quarter left, and we just want to be really careful, and we want to balance the fact that we feel like we have good momentum. We feel like our consumer and our customer specifically continues to be relatively healthy. But we also want to remain cautious in the way we're looking at the back half, not knowing what the future holds here in the short-term with oil prices, fuel prices.

話雖如此，這一季還有很長一段時間，我們希望非常謹慎，並在我們認為動能良好的同時取得平衡。我們覺得消費者、特別是我們的客戶，整體仍相對健康。但我們也希望在看待下半年時保持審慎，因為短期內未來仍有許多不確定性，例如原油價格、燃料價格。

Just still a cautious consumer. And so, we want to just as we always do, make sure that we balance that out with some cautiousness as it relates to how we feel like the rest of the year is going to play out.

仍然只是個謹慎的消費者。因此，我們希望一如既往，確保在我們對今年剩餘時間走勢的判斷上，能在各方面取得平衡，同時保持一定的審慎。

I may let Jeremy just talk a little bit about your question on units and versus the inflation lap.

我可能讓 Jeremy 先就你關於銷量（units）以及相較於通膨基期（inflation lap）的問題，稍微談一下。

To some degree how we think about the back half, we're always going to be a little bit reluctant to polish our crystal ball any more than the rest of you guys do about what we see happening. But in large part the way that we thought about it coming into this year and for sure now that we're halfway into the year about how to think about back half of the year, it's a little bit more consistent with what our broader view around guidance and expectations would be in any period.

在某種程度上，談到我們如何看待下半年，我們一向都會有點不太願意把水晶球擦得比各位更亮，去過度預測接下來會發生什麼。但很大一部分來說，我們在今年年初以及現在已經過了半年之後，對下半年該如何思考的方式，其實更符合我們在任何時期對指引與預期的整體觀點。

And we continue to expect that average ticket is going to be a solid driver of our sales growth opportunity. Historically, for us, it's typically meant a benefit from SKU inflation, but it's been a little bit more muted within our industry in a lot of the periods of the time of the year or in our history when we would have kind of formed this type of outlook.

我們仍然預期，平均客單價（average ticket）將會是推動我們銷售成長機會的穩健動能。就歷史而言，對我們來說，這通常意味著來自 SKU 通膨的助益，但在我們產業中，這種效應在一年中的許多時段，或在我們過去形成這類展望的時期，表現得相對更為溫和。

So we think we get a little bit from SKU, but then some of the average ticket benefits that we get around the complexity of the mix of products that we sell that continues to be more valuable and costly even as that engineering and technology gets better for our customers. And then having that average ticket supplemented by ticket count growth for our business that we feel like is still an opportunity for us.

因此我們認為會從 SKU 得到一些助益，但我們在平均客單價上獲得的部分好處，也來自於我們所銷售產品組合的複雜度；即便工程與技術對客戶而言持續進步，這些產品仍然更有價值、成本也更高。此外，我們也認為，若平均客單價再加上交易筆數（ticket count）成長，對我們的業務而言仍是一個機會。

For sure, on the professional side of the business, that's been more robust. I think that's true broadly for the industry and for where we're at. DIY ticket counts just from a secular perspective are challenged by some of the same dynamics around the increased complexity of the parts, but we still think that we've got tremendous opportunity for growth in that area as well.

確實，在專業客（professional）業務端，表現更為強勁。我想這在整個產業以及我們所處的位置上，大致都是如此。從長期結構性（secular）的角度來看，DIY 的交易筆數受到零件複雜度提高等相同動態的挑戰，但我們仍認為在該領域也有非常可觀的成長機會。

So as we thought about the back half of the year, that'sf the outlook that we carry into most periods as to how we can drive comps and what our opportunity is to outperform the market. Ultimately, there are. Opportunities for volatility that we could see, and we've outlined those, I think, pretty clearly.

因此，當我們思考今年下半年時，這就是我們在多數時期所持有的展望：我們如何推動同店成長（comps），以及我們超越市場的機會在哪裡。最終，確實存在。我們可能會看到波動的機會，而我們也已經相當清楚地把這些因素說明出來。

For sure, there was some of that last year. There were some partial offsets to the same SKU benefit that we saw in some of those components that we think revert back to their norms. And that's how we would lay out what our expectations and that's what's implicit in what we've guided to finish out the year here.

確實，去年就出現過其中一些情況。我們在某些零組件上看到的部分抵消因素，對應到我們在部分項目上享受到的同樣 SKU 助益；而我們認為這些項目會回歸常態。這就是我們如何陳述我們的預期，而這些也已隱含在我們對今年剩餘時間所給出的指引之中。

Christopher Horvers, JPMorgan.

Christopher Horvers，摩根大通（JPMorgan）。

I wanted to dig more in on the DIY customers. The stacks looks like they slowed from the first quarter to the second quarter. You also had a moment where gas prices reached $4.50 in the middle of May. So I guess how would you diagnose what looks like a two-point slowdown sequentially on gas versus DIY starting to exaggerate deferral as gas prices peak there?

我想更深入了解 DIY 客戶。分解（stacks）看起來從第一季到第二季有所放緩。你們也遇到一個時點：5 月中旬汽油價格一度達到每加侖 4.50 美元。所以我想問，你會如何診斷：看起來油價與 DIY 之間，序列上出現約兩個百分點的放緩，是油價上升導致 DIY 延後（deferral）被放大，還是其他因素？

And then how are you thinking about the risk in the back half of the year? As we got into the third quarter last year, there was a moment where you started to lap easy comparisons on the easier comparisons on the DIY side of the business but then sort of the macro uncertainty and some of the pressures facing that low-end consumer sort of kept the trend where it was versus being alleviated by the easier comparison.

另外，你們如何看待下半年的風險？去年進入第三季時，有一段時間你們開始遇到 DIY 端較容易的比較基期（easy comparisons），但隨後宏觀不確定性以及低端消費者面臨的一些壓力，使得趨勢維持原狀，並沒有因為比較基期變容易而明顯改善。

So a broad question of how you think about what happened in DIY from 1Q to 2Q. What was the intra-quarter behavior around gas prices and how are you thinking about the deferral potential in the back half of the year?

所以整體來說，想請教你們如何看待 DIY 從 1Q 到 2Q 發生了什麼。在季度內，油價上升時的行為變化是什麼？以及你們如何看待下半年延後消費（deferral）的可能性？

Yeah, all great questions, Chris, and we'll try to take them in order of how you talked about them. For sure, some level of month-to-month change as we move through first quarter and here through second quarter. The gas price question is always a little bit of a challenge to parse out because often the reaction is not extended at any point in time.

是的，Chris，這些都是很好的問題，我們會依照你提問的順序來回答。確實，當我們走過第一季並進入第二季時，月與月之間會有一定程度的變化。油價的問題一向有點難以拆解，因為消費者的反應往往不會在任何時間點持續很久。

And you don't know that we would really point to anything in particular about consumer reaction to that we think is drill noteworthy or meaningful as we move through the quarter. For sure, maybe for a short period of time in May, we could have seen some of that flow through. Sometimes when you start to park too short a time frame, it gets a little bit challenging.

而且我們不確定是否能指出消費者對此有什麼特別值得深挖或具重大意義的反應，尤其是在季度推進的過程中。當然，也許在 5 月的短暫期間，我們可能看到一些影響反映出來。有時候如果把時間框架切得太短，就會變得有點難判讀。

When we just think about overall first quarter versus second quarter, obviously, pleased with where our first quarter was at. We talked quite a bit about it last quarter on the call. We had an extremely strong March and a good start to the spring selling season. Absolutely felt like that was buoyed by some solid tax refund money that was working its way through the system and saw that as a really solid start to the quarter.

當我們只看第一季相較第二季的整體表現時，顯然我們對第一季的狀況感到滿意。我們在上季的電話會議中也談了很多。我們 3 月表現非常強勁，春季銷售季開局也很好。我們確實感覺到，這在一定程度上受到可觀的退稅資金在系統中逐步流動的帶動，並將其視為該季一個非常扎實的開端。

In the second quarter in April, not quite as strong as April as we were in March, but all things I think we spoke through. The more we move through second quarter, we feel like we settled at a level that was indicative of strong results for us. We're pleased with how the caves of the quarter progressed as we move through it.

第二季的 4 月，表現不如 3 月那麼強，但我想我們也把各項因素都說明過了。第二季越往後走，我們覺得表現趨於一個水準，而這個水準對我們而言仍代表強勁的結果。我們對本季推進過程中的走勢感到滿意。

But certainly, we I think we understood that there was some part of what we saw in the first quarter that was unique to the weather and the consumer benefits around tax refunds that we saw within the quarter. As we move through that and into the back half of the year, second quarter, to Brad's point, finished on some of the hot weather categories, not quite as robust as you like to see, we figured we probably pick that back up here in July and then we'll move through the balance of the year.

但當然，我們也理解第一季所看到的部分表現，與天氣以及消費者受惠於退稅等因素有關，且這些因素是在該季內發生的。當我們走過這些因素並進入下半年時，第二季如 Brad 所說，在一些炎熱天氣相關品類的收尾表現沒有你希望看到的那麼強勁；我們認為 7 月可能會回升，然後再走完今年剩餘時間。

To your point, some of the comparisons were choppy as the broader economy and consumers move through some of the responses to price levels being increased really more broadly across the economy. And we talked through those last year. I think you articulated very well. We don't necessarily think that we'll see that level of volatility in the back half of the year.

如你所說，當整體經濟與消費者在面對更廣泛的物價上升時，部分比較基期會顯得起伏不定（choppy）。我們去年也談過這些。我認為你表述得非常到位。我們不一定認為下半年會出現那種程度的波動。

We think that there's probably a lot more stability there, although we're cognizant that we could see some of that again just depending upon what happens from a broader consumer perspective. But we'll have the opportunity in some of those periods to lap periods of time where maybe consumers were reacting a little bit to the things that were happening in 2025.

我們認為下半年可能會更穩定一些，儘管我們也意識到，這種情況仍可能再次出現，取決於更廣泛的消費者面向會發生什麼。但在某些時段，我們也有機會去對比（lap）那些消費者可能因 2025 年發生的事情而出現較大反應的期間。

Broadly speaking, ultimately, we'll see where it all lands as we move through the rest of the year. We feel pretty good about momentum that we've been able to create from an execution perspective relative to where the market is at. So our focus and intention is to outperform, and to be able to deliver solid results in any market and ultimately sometimes the highs and lows are determined by the short-term things that we see in the consumer.

整體而言，隨著今年剩餘時間推進，我們最終會看到結果落在哪裡。就執行面而言，相對於市場現況，我們對自己所建立的動能感到相當不錯。因此，我們的重點與意圖是要跑贏市場，並在任何市場環境下交出穩健的成果；而最終，有時高低起伏會由我們在消費者端看到的短期因素所決定。

Absolutely seems like this year your share gains have really widened. I wanted to follow-up on the outlook for inflation, understanding in the back half of the year you're baking in the normalcy and what you assumed really at the start of 2026. But I want to pull apart, are you seeing product cost increase requests related to the fuel cost of shipping products over from Asia that your vendors want to pass on from you? And if you get them, would you pass them through, and then on the other hand, more of the periodic cost of shipping from DC to customer and to store.

看起來今年你們的市占提升確實大幅擴大了。我想追問一下通膨展望；我理解你們在今年下半年假設回歸常態，而你們在2026年初的假設是什麼。但我想拆開來問：你們是否看到供應商因為從亞洲運貨過來的燃料成本而提出產品成本上調的要求，並希望轉嫁給你們？如果有，你們會把它轉嫁出去嗎？另外一方面，還有從配送中心（DC）到客戶以及到門市的這種週期性的運輸成本。

How do you anticipate handling that? Do you have a do you has your outlook changed at all in that regard, and as you look back on the industry historically. Does the industry pass on that sort of periodic cost of domestic transportation from DC to store and to customer versus for sure passing on the product input cost side?

你們預期會如何處理？在這方面，你們的展望是否有任何改變？以及回顧產業歷史，相較於產品投入成本端（通常會轉嫁），產業是否會把這類從DC到門市與到客戶的國內運輸週期性成本轉嫁出去？

Yeah, great questions, Chris. I'll start there and Brad or Brent might want to add to anything I missed. From the over the ocean freight, the inbound cost as we think about it as a component of our acquisition costs, that obviously fluctuates from period to period. And we've seen some minor impacts there, but nothing of huge concern to us at this point.

是的，Chris，問題很好。我先回答，Brad或Brent也許會補充我遺漏的部分。就跨洋海運而言，我們把進口運費視為取得成本的一部分，這項成本當然會隨期間波動。我們確實看到一些輕微影響，但到目前為止沒有任何讓我們高度擔憂的地方。

And to your point, we would characterize that within the context of just broadly where we see acquisition and cost pressures and so forth. And we would tell you that that's all been pretty rational and stable this year and the industry continues to operate to pass those through to the customers as appropriate for what we see and what others would see. So nothing really kind of I think in that dynamic that we would view as unusual, and that's kind of incorporated into how we have thought about that normal rate of inflation that we're expecting for the back half of the year.

如你所說，我們會在更廣泛的取得成本與成本壓力等脈絡下來看待它。我們會告訴你，今年整體而言都相當理性且穩定，而產業也持續以適當的方式把這些成本轉嫁給客戶，取決於我們看到的情況以及其他同業看到的情況。所以在這個動態上，我們沒有看到任何不尋常之處；這也已納入我們對今年下半年所預期的正常通膨率之中。

From an operating cost standpoint, we're seeing I think like everybody would be to run our trucks to maintain a high level of service to our customers. We're seeing some pressure from fuel prices that have been increased. We would just to dimensionalize that a little bit for you. It falls within the range of some of the normal puts and takes that we see within our RSG&A spend. Brent outlined it within his comments.

從營運成本角度來看，我想我們跟大家一樣，為了讓卡車運行並維持對客戶的高服務水準，確實感受到燃料價格上升帶來的一些壓力。我稍微量化一下給你：它落在我們在RSG&A支出中常見的正常增減變動範圍內。Brent在他的評論中也有提到。

That was pretty much in line with our expectations of any given quarter, we're going to have a range of where we think they'll sit, and we were probably closer to the top end of that range with the sales volume being what it is and some of that incremental. But by and large, in most instances, that's managed along with the overall cost structure of the business. And it's not an item that you would see a discrete price change move through.

這大致符合我們的預期：在任何一個季度，我們都會預期它落在某個區間內；以目前的銷售量以及部分增量因素來看，我們可能更接近區間上緣。但總體而言，多數情況下這會與公司的整體成本結構一起被管理。而這不是你會看到以單獨項目形式推動明確調價的那種成本。

Having said that, that's just part of the broader inflation that's always going to be a part of our operating costs below the gross profit line. And those are all things that as we see inflation and acquisition costs in our industry is very rational in how we pass those through. It's always been our approach to make sure we're maintaining gross margin rate in those instances, and that benefit helps us to cover the normal operating cost inflation dynamics that we see in our business, and they typically sync up pretty well.

話雖如此，這只是更廣泛通膨的一部分，而通膨永遠會是我們毛利線以下營運成本的一部分。當我們看到通膨與取得成本時，我們的產業在如何轉嫁方面一向非常理性。我們一貫的做法是在這些情況下確保維持毛利率，而這樣的好處能幫助我們吸收業務中所看到的正常營運成本通膨動態，而且兩者通常能相當好地同步。

If we were ever in a situation where we saw even more enhanced pressure on fuel or any other items that was dislocated from the cost we paid for our products, then we feel really comfortable that we could identify that and pass it through. The market would be rational about that. But those things typically in our history and our business have worked pretty much in sync and in tandem.

如果我們曾遇到燃料或其他項目出現更強的壓力，且與我們支付的產品成本脫鉤，我們也很有信心能辨識出來並加以轉嫁。市場對此會是理性的。但就我們的歷史與業務而言，這些因素通常大致是同步、並行運作的。

Zach Fadem, Wells Fargo.

Wells Fargo 的 Zach Fadem。

You're pointing us to an SG&A per store level that's moving back closer to that 3% range. And the first question is whether you think this is the right run rate now as we move past an elevated period. And as we normalize, is it fair to think about a 3% comp leverage point? And should we anticipate a return to operating margin expansion at this level?

你們提到單店SG&A水準正回到更接近3%的區間。第一個問題是，當我們走過一段偏高的期間後，你們是否認為這就是現在合理的運行水準（run rate）？在正常化之後，把3%的同店成長槓桿點（comp leverage point）作為思考基準是否合理？在這個水準下，我們是否應預期營業利益率會重新擴張？

Yeah, good morning, Zach. This is Jeremy. I'll take the first stab at that question as well and completely understand and appreciate the question on the longer-term run rate. I'd be remiss if I didn't remind you that we'll provide guidance to you guys for 2027 as we move closer to the year. And so, we're always reluctant to put a stake in the sand around what the expected kind of core year-to-year thought process should be on that because every environment just becomes a little bit unique and different.

是的，早安，Zach。我是Jeremy。我也先嘗試回答這個問題，並且完全理解也很感謝你對長期運行水準的提問。如果我不提醒你們：我們會在更接近2027年時提供2027年的指引，那我就失職了。因此，我們一向不太願意就預期的核心年度間思考框架在此立下明確定錨，因為每個環境都會變得有些獨特且不同。

For sure, for us in the back half of the year, we're calendaring up against some pretty substantial pressures in our business, and we spent a lot of time, I think, last year talking about some of the things that we saw in third quarter and fourth quarter that elevated our SGA level to levels that had been higher than what we had seen before.

確實，對我們而言，今年下半年在日曆比較上會面對一些相當顯著的壓力；我想我們去年花了很多時間談到第三季與第四季看到的一些事情，這些因素把我們的SG&A水準推升到比以往更高的程度。

And so, I think the one positive of that is that we, as we calendar against some of those things, we'll see the impact of some of those pressures being built into the base and not necessarily seeing a re-acceleration on top of that in the back half of the year. And that's part of why we've got comfort and why implicitly the purchase for SG&A growth rate within our guidance is less in the back half of the year than it is in the front half of the year.

因此，我認為其中一個正面因素是：當我們在日曆上對比到那些因素時，部分壓力的影響會被納入基期，而不一定會在今年下半年再出現額外的再加速。這也是為什麼我們有信心、以及為什麼在我們的指引中，隱含的SG&A成長率在下半年會低於上半年。

I would caution again saying, well, that's now the new run rate because we'll roll into 2027. We'll obviously have to have a read on where we think the broader inflation environment is and the broader economy, particularly as it pertains to wage rates and those types of things.

我仍要提醒，不要就此說「這就是新的運行水準」，因為我們會進入2027年。屆時我們顯然必須判讀更廣泛的通膨環境與整體經濟，特別是與薪資水準等相關的因素。

And then we'll also continue to be proactive and aggressive in our posture where we see that we have opportunities to lean into our business and do the types of things that we know will enhance the value that we create for our customers that helps us to drive the share gains that we have.

此外，我們也會持續以主動且積極的姿態，在看到有機會時加大投入，做我們知道能提升為客戶創造價值的事情，這也有助於推動我們已取得的市占提升。

So it's not trying to be invasive around the question, but I would tell you, we don't view it internally in those ways. We're going to make sure that we match the business opportunities that we have in the market that we have to be sure that we're driving the right result for our customers on a long-term perspective that we know is going to help us to address this great opportunity that we talked about on the call.

所以這不是要迴避你的問題，但我會告訴你，我們內部不會用那樣的方式來看。我們會確保把市場上的業務機會與我們所處的市場相匹配，確保從長期角度為客戶帶來正確的結果；我們知道這將幫助我們把握我們在電話會議中談到的這個巨大機會。

Yes, Zach, I may just add that I feel really good about the back half and where we've said we're going to land. Still a lot of year to go but have a lot of conviction about our ability to execute, but I'd be remiss if I didn't. When I think about our 7% year-to-date comparable store sales increase over top-line growth of over 9%, our focus priority one is this 10% of the market we have. We feel like we can change that very aggressively over the next few years, especially over the next decade.

是的，Zach，我可能再補充一下：我對下半年以及我們所說會落點的位置感覺非常好。今年還有很長一段路要走，但我對我們的執行能力很有信心；不過如果我不提這點也會失職。當我看到我們年初至今同店銷售成長7%，而營收（top-line）成長超過9%，我們的首要重點是我們目前僅有的10%市場份額。我們覺得未來幾年、尤其是未來十年，我們可以非常積極地改變這個狀況。

So our focus is on taking profitable share. First and foremost, our next priority is solidly driving operating profit dollar growth. And so, we just want to stay focused on those things. But we also want to balance that with the fact that we're very proud of the operating profit percentages we've been able to generate over the last couple of decades as well as our leverage points to make sure, we're dragging it to the bottom line.

因此，我們的重點是取得有利可圖的市占率。首先也是最重要的，我們下一個優先事項是穩健推動營業利益金額的成長。所以，我們只是希望持續專注在這些事情上。但我們也希望在此之間取得平衡：我們對過去幾十年來所能創造的營業利益率感到非常自豪，同時也會運用我們的槓桿點，確保把成果帶到最終盈餘。

And so, we're focused on both, but we want to keep an eye on that topline, and we're not going to make short-term decisions that are going to affect our ability to take share for the mid and long-term.

因此，我們兩者都會兼顧，但我們也會留意營收端，而且我們不會做出影響我們在中長期取得市占能力的短期決策。

And putting your share gains aside for a minute, I think there is some concern that the broader industry is beginning to slow, call it inflation, consumer pressures, oil prices, et cetera. And I'm curious to hear whether or not you agree with that sentiment and how you would view industry trends right now for both DIY and Pro, and how these dynamics influence your expectations for the broader category this year?

先把你們的市占提升放一邊不談，我認為市場上有些擔憂，整體產業正開始放緩，可能是通膨、消費者壓力、油價等等。我想聽聽你是否同意這種看法，以及你目前如何看待 DIY 與專業（Pro）兩端的產業趨勢？這些動態又會如何影響你們對今年整體品類的預期？

Yeah, no, great question, happy to address it, Zach. I mean, I think for us, clearly there's going to be some impact from just the calendaring of the price increases that the industry passed through last year. And so, I think like the clearest point of deceleration and really the one that I think we've been very clear about and articulating the back half of the year, that's just the dynamic around comparison that we should expect to see.

是的，這問題很好，我很樂意回應，Zach。我的意思是，對我們而言，顯然會受到一些影響，主要來自於產業去年轉嫁的漲價在日曆期間上的落點。因此，我認為最明顯的減速點——也是我們在下半年一直很清楚、持續說明的——就是我們應該預期會看到的比較基期效應所帶來的動態。

I think one of the benefits, obviously, that we have been able to see this day-to-day and week to week is we kind of understand the cadence of our business and the volumes that we do and what we see in terms of customers and their transaction accounts, that kind of moves from period to period. And so, as we look at our consumer and what they have looked like in 2026, we still feel good about the resiliency of that consumer to be able to adjust to some of the pressures that are occurring within the broader marketplace.

我認為我們的一個優勢，顯然是我們能夠日復一日、週復一週地看到：我們大致了解自身業務的節奏、我們的量體，以及我們在客戶與其交易筆數方面所看到的情況，這些會隨期間而變動。因此，當我們觀察我們的消費者，以及他們在 2026 年的表現時，我們仍然對這位消費者的韌性有信心，能夠調整以因應更廣泛市場中正在發生的一些壓力。

We think that even as we've moved over the last calendar year through some of the stuff that it caused some volatility last year, and some of the puts and takes from fuel prices this year, that we still operate an industry with a very resilient consumer and that they'll respond well, that they're going to take care of their vehicles and want to keep them on the road at higher mileages and older ages because that's a great decision for a car owner to do that.

我們認為，即使在過去一個曆年中，我們經歷了一些在去年造成波動的因素，以及今年油價帶來的一些此消彼長，我們所處的產業仍然擁有非常具韌性的消費者；他們會有良好反應，會照顧他們的車輛，並希望在更高里程與更高車齡的情況下讓車子繼續上路，因為對車主而言，這是一個很好的決策。

And we think all of those things lend probably more stability to how we view the outlook than it would be volatility. We're always going to be cautious the back half of the year. We know we'll get into further into the year and start to get into the holiday selling season, everything else that could impact our customer.

我們認為，這些因素讓我們對前景的看法更偏向穩定，而不是波動。我們在下半年一向會保持謹慎。我們知道，隨著時間推進、進入假期銷售季等階段，還有其他可能影響我們客戶的因素。

But outside of a very real calendaring of inflation that will moderate back to kind of normal levels, the rest of how we would view the broader industry is positive and consistent with our broader view on our industry in most periods.

但除了通膨在日曆期間上的影響會回落、趨於正常水準這個非常真實的因素之外，我們對整體產業的其他看法是正向的，並且與我們在多數期間對產業的整體觀點一致。

Yeah, Zach, I would just wrap that up by saying that while it's always a little hard for us to set share gains aside because that's our focus every day is taking an existing share out in the market and turning it into a rally share. But if I do do that, I just got to pull it back up to the fact that I don't know that I agree that the industry is going to slow. There could be some volatility.

是的，Zach，我補充總結一下：雖然要我們把市占提升先放一邊談總是有點難，因為我們每天的重點就是在市場上拿下既有份額，並把它轉化為我們的市占。但如果我真的先把它放一邊，我得回到一點：我不確定我同意產業會放緩。可能會有一些波動。

We'll see what happens with the pressure to the consumer, but I'm sitting here looking at over 293 million light -- car and light truck vehicles in the US now. That's an increasing number. Average age, as you know. Continues to increase to 13 years old. We're over 3.3 trillion miles driven in 2025 in the US alone. And those dynamics are very similar in Mexico and in Canada.

我們會看看消費者承受壓力的情況會如何發展，但我現在看到的是：美國目前有超過 2.93 億輛乘用車與輕型卡車。這個數字還在增加。平均車齡，如你所知，持續上升到 13 年。僅在美國，2025 年行駛里程超過 3.3 兆英里。而這些動態在墨西哥與加拿大也非常相似。

And so, while there could be some short-term volatility, I think really the way that Jeremy articulated and when I think about the core fundamentals of our industry, used car prices, new car prices, I don't know that I totally agree that we're going to see an industry slowdown.

因此，雖然短期可能會有一些波動，但我認為，正如 Jeremy 所闡述的，當我思考我們產業的核心基本面——二手車價格、新車價格——我不確定我完全同意我們會看到產業放緩。

Greg Melick, Evercore ISI.

Greg Melick，Evercore ISI。

I wanted to follow-up on what really drove a lot of the like-for-like inflation, which is the tariffs. Have you guys received any rebates so far and/or any forthcoming in your guidance plans in the back half? And then my follow-up is on Phase II there.

我想追問一下，究竟是什麼因素真正推動了許多同店（like-for-like）的通膨，也就是關稅。你們到目前為止有收到任何回扣嗎？以及／或者在你們下半年指引規劃中是否有任何即將到來的回扣？然後我的追問是關於第二階段（Phase II）。

Yeah, Greg, this is Brent. I can start on the tariffs, and these guys can add in. But yeah, I mean, you think about obviously the tariff environment has been pretty choppy for some time now. And our team has done a fantastic job navigating through that. Our merchandise team has done a tremendous job working with suppliers on that.

是的，Greg，我是 Brent。我可以先談關稅，其他人也可以補充。不過是的，你想想，顯然關稅環境一段時間以來都相當起伏不定。而我們的團隊在因應這些變化方面做得非常出色。我們的商品團隊也在與供應商合作上做得非常卓越。

But one thing I will remind you is we are not paying a lot of direct tariffs. A lot of our sourcing model historically has been driven by other suppliers that were the importer of record. So in terms of just having a big tariff rebate check per se, that's really not the way our supply chain model has historically worked.

但我想提醒你一點：我們並沒有支付很多直接關稅。我們過去的採購模式在很大程度上是由其他供應商擔任進口登記人（importer of record）所驅動。因此，就「收到一大筆關稅回扣支票」這件事而言，這並不是我們供應鏈模式歷來的運作方式。

Now with that said, we've worked very diligently and the team has done a fantastic job working with our suppliers to make sure that as those tariff refunds come in that we are benefiting from sharing the benefit from those refunds with our supplier partners.

話雖如此，我們一直非常努力地推進，而團隊也與供應商密切合作、做得非常出色，確保當那些關稅退稅款進來時，我們能夠與供應商夥伴共享退稅帶來的利益，並從中受益。

In addition to that, as we always do, the team continues to do a fantastic job diversifying our supply chain, country of origin. We continue to make progress in that in the first half of the year, very pleased with what we see there. And we're continuing to build capabilities that allow us to, in the cases that it benefits us, become that importer of record, in the cases it doesn't not be that importer of record.

此外，一如既往，團隊持續在供應鏈與原產地多元化方面做得非常出色。我們在上半年在這方面持續取得進展，對目前看到的成果非常滿意。同時，我們也持續建立能力，使我們在對我們有利的情況下可以成為進口登記人，而在不利的情況下則不擔任進口登記人。

But when you think about just direct tariff rebates or refunds, as some retailers have spoken about it, that's something we are doing in cost and cost of goods and how we negotiate the cost of goods. And we've been very pleased with the job that the team has done throughout the tariff regime of the last year and a half. And certainly, been very proud of the work of the team in the first half of this year, and feel comfortable with the ability to do even more of that as we move into the back half of the year and move forward in terms of benefit of best first cost of goods and best utilization of transportation dollars in bringing those goods to market at the best possible cost to be able to maximize our margin opportunities.

但當你想到一些零售商所談到的那種直接關稅回扣或退稅時，對我們而言，這是反映在成本與銷貨成本，以及我們如何談判銷貨成本上。我們對團隊在過去一年半的關稅制度期間所做的工作一直非常滿意。而且，我們也為團隊在今年上半年的表現感到非常自豪，並且對於在下半年、以及往後能做得更多感到有信心——以取得最佳的初始進貨成本（first cost of goods），並最佳化運輸費用的運用，把商品以盡可能最低的成本帶到市場，從而最大化我們的毛利機會。

So that's really the way we think about it and that's the way we've been operating and just feel like the team's done a great job. But yeah, there is maybe a little bit of a misinterpretation about direct refunds when you think about our supply chain model versus some others in retail that maybe you guys could cover.

所以這就是我們的思考方式，也是我們一直以來的運作方式；我們覺得團隊做得非常好。但確實，當你把我們的供應鏈模式與零售業中其他一些模式相比時，對於「直接退稅」這件事可能存在一些誤解，你們也許可以在研究覆蓋中加以說明。

And maybe then a follow-on to that is, given you're working with your vendors, when you're working with them, is this something that basically ends up being an offset from what might be other rising energy cost pressures? And if there's a way to think about having more perhaps rate go up in gross margin to offset what you're seeing in SG&A from fuel costs?

也許接著想追問的是，鑑於你們正與供應商合作，在與他們合作時，這是否基本上會成為對沖其他可能上升的能源成本壓力的一種抵銷？以及是否有辦法思考，讓毛利率或許提高更多，以抵銷你們在SG&A中看到的燃料成本？

Yes, everything is on the table in those negotiations. And yes, any input cost, whatever that may be, whether it's commodities, labor, raw materials, transportation, whatever those components are of cost of goods in total, everything is a part of those negotiations.

是的，在那些談判中，一切都在討論範圍內。而且是的，任何投入成本，不論是什麼，無論是大宗商品、勞動力、原材料、運輸，或是構成銷貨成本的任何組成部分，全部都是談判的一部分。

So what I would tell you is we feel very confident in our ability and partnership with those suppliers to be able to continue to improve our gross margin performance just like I pointed to at the midpoint of the year in terms of our guide and maintaining that. We feel confident there as we look to the back half and feel confident even with some of the newer capabilities that we're building to even further address that as we move forward.

所以我想告訴你的是，我們對自身能力以及與這些供應商的合作夥伴關係非常有信心，能夠持續改善我們的毛利表現，就像我在年中指引的中點所提到並維持那樣。當我們展望下半年時，我們對此很有信心；而且即便考量到我們正在建立的一些新能力，隨著未來推進，我們也有信心能進一步加以因應。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

I know you guys don't manage the stock price, but one of the premises is that the profit growth would need to accelerate to create earnings upside to drive the multiple and then obviously, more earnings. So the sales are good. We know SG&A is coming down. I wanted to focus on gross margin, if there's any levers there that can be cranked up to think about how incremental margins can accelerate going forward.

我知道你們不管理股價，但其中一個前提是，獲利成長需要加速，才能創造盈餘上行空間，進而推動估值倍數，然後當然也帶來更多盈餘。所以銷售表現不錯。我們知道SG&A正在下降。我想把焦點放在毛利率上，看看是否有任何槓桿可以加大力度，以思考未來增量利潤率如何能加速提升。

Yeah, I can start there, Simeon, and Brad, Britt can jump in. Brent said it in his prepared comments, we feel good about our gross margin performance in the second quarter for half of the year. There is, I think, for us a pretty consistent playbook around how we feel like we can make incremental improvements from a margin perspective. We've proven over the long course of time that we're a great partner for our suppliers.

好的，Simeon，我可以先從這裡開始，Brad、Britt也可以補充。Brent在事先準備的發言中提到，我們對第二季以及上半年毛利表現感覺良好。我認為，對我們而言，在如何從毛利角度做出增量改善方面，有一套相當一致的作法。長期以來我們已證明，我們是供應商非常好的合作夥伴。

We view the opportunities that we have in the businesses as a combined set of opportunities for us and our supplier partners. And as we grow, they benefit from it. And that I think helps us to be able to articulate a great value proposition that we can leverage to acquire parts better as we move forward.

我們把業務中的機會視為我們與供應商夥伴共同的一組機會。而當我們成長時，他們也會受益。我認為這有助於我們清楚闡述一個很好的價值主張，並在未來用它來取得更好的採購條件。

I think that also has been inclusive of how we've managed our portfolio of proprietary brands and being very thoughtful and strategic about how we position ourselves around those. And then obviously, distribution is a huge part of our business and we're working hard to lever those costs. But with a real eye towards the incredible productivity that our efforts there drive and the ability to drive sales gains and growth.

我認為這也包含了我們如何管理自有品牌組合，以及我們在定位上非常審慎且具策略性。然後很明顯地，配送是我們業務中非常重要的一部分，我們正努力槓桿化這些成本。但同時也非常著眼於我們在那方面的努力所帶來的驚人產能提升，以及推動銷售增長與成長的能力。

And really, that's the underpinning of everything that we do is how do we think about what's going able to allow us to support creating the best value proposition for our customers, and how do you drive that gross profit dollar growth by being able to consolidate the industry and grow faster.

而且，這其實是我們所做一切的基礎：我們如何思考什麼能讓我們支援並打造對客戶最好的價值主張，以及如何透過整合產業並更快成長，來推動毛利金額的成長。

But at the same time, there are opportunities to incrementally improve that margin rate. Our capabilities and our flexibility to really leverage our supply chain from the point of manufacturers continue to improve over the course of time that's evolved as we work through a few care cycles and we've been able to diversify country of origin. And we'll continue to pursue and exploit opportunities there to get incrementally better.

但同時，也有機會逐步改善毛利率。隨著時間推進，我們的能力與彈性持續提升，能夠從製造商端更有效地槓桿化我們的供應鏈；這些能力也在我們經歷幾個保養週期的過程中逐步演進，並且我們已能分散原產地國家。我們將持續追求並善用這些機會，讓表現逐步變得更好。

But it's really all consistently focus on what do we think the right long-term strategy is there. In any given quarter, we're going to perform within a little bit tighter band, and there'll be puts and takes, but we feel good about the longer-term trajectory of what we can do with gross margin rates.

但整體而言，我們始終一致地聚焦在：我們認為正確的長期策略是什麼。在任何單一季度，我們的表現會落在較窄的區間內，期間會有利有弊，但我們對毛利率的長期走勢感到樂觀。

Okay. And then a follow-up, flipping it back to sales and SG&A leverage. Would you invest more for another incremental point of comp? Meaning, you think the business at its current run rate taking an appropriate amount of share or would you, if you could drive the gross profit dollars faster vis-a-vis more sales, you wouldn't let the business run back down to SG&A per score, call it three, you'd keep it a little higher?

好的。接著一個追問，把話題拉回到銷售與SG&A槓桿。你們會為了再多一個百分點的同店成長而投入更多嗎？也就是說，你們認為以目前的運行速度，業務已在取得適當的市占；或者如果你們能透過更多銷售讓毛利金額成長更快，你們不會讓業務回落到SG&A占比（或每分數）降到比如說3，而是會把它維持在稍高一些？

Yeah, hey, Simeon, it's Brad. Great question. That's what our teams focus on balancing every day is, where our next best dollar spent is, the return on that dollar. And I would just say that we feel really great with your question right where we're at. We feel like we're making the right investments that we have the right ROI on. We feel like our store staffing when it comes to store payroll.

是的，Simeon，我是Brad。問得很好。我們團隊每天都在專注於平衡：下一筆最值得花的錢在哪裡，以及那筆錢的回報。我只能說，對於你提出的問題，我們對目前所處的位置感覺非常好。我們覺得我們正在做出正確的投資，而且投資報酬率（ROI）是合適的。我們也覺得我們在門市人力配置方面，尤其是門市薪資。

Jason Tarrant and his team are doing an unbelievable job walking that piano while they walk every day, making sure that we are giving excellent customer service, taking market share and also managing our largest controllable expenses for payroll. So we evaluate that ongoing, but we feel like we found the sweet spot in terms of what we're currently investing to get that top-line return.

Jason Tarrant和他的團隊做得非常出色，一邊「扛著鋼琴」一邊每天前進，確保我們提供卓越的客戶服務、取得市占，同時也管理我們最大且可控的費用——薪資。所以我們會持續評估，但我們覺得在目前的投入水準下，為了取得營收端回報，我們已找到甜蜜點。

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

我們已到達提問時間的上限。現在我將把電話會議交回給Brad Beckham先生作結語。

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.

謝謝你，Matthew。我們想在今天的電話會議結束前，感謝整個O'Reilly團隊持續為客戶付出的奉獻。也感謝各位今天參與我們的電話會議。

I'd also like to remind everyone that we will be webcasting our Analyst Day on Thursday, September 17, beginning at 8:00 AM Eastern Time. Details will be available on our website, and we hope you'll be able to join us either virtually or in person. Thank you.

我也想提醒各位，我們將於9月17日（星期四）美東時間上午8:00開始，網路直播我們的分析師日（Analyst Day）。相關細節將公布在我們的網站上，我們希望你能以線上或親臨現場的方式參與。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。此刻你可以掛斷電話線，祝你有美好的一天。感謝你的參與。