O'Reilly Automotive Inc (ORLY) 2022 Q1 法說會逐字稿

Welcome to the O'Reilly Automotive, Inc. First Quarter 2022 Earnings Conference. My name is Richard, and I'll be your operator for today's call. (Operator Instructions)

歡迎參加歐萊利汽車公司2022年第一季財報電話會議。我是理查德，將擔任今天電話會議的接線生。 （接線生操作說明）

I will now turn the call over to Tom McFall. Mr. McFall, you may begin.

現在我將把電話交給湯姆·麥克福爾先生。麥克福爾先生，您可以開始了。

Thank you, Richard. Good morning, everyone, and thank you for joining us. During today's conference call, we will discuss our first quarter 2022 results and our full year outlook for the remainder of 2022. After our prepared comments, we'll host a question-and-answer period.

謝謝理查德。大家早安，感謝各位參加今天的電話會議。在今天的會議中，我們將討論2022年第一季的業績以及2022年剩餘時間的全年展望。在我們發言結束後，我們將進行問答環節。

Before we begin this morning, I'd 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.

在今天上午會議開始之前，我想提醒大家，我們今天的發言包含前瞻性陳述，我們打算並聲明我們將受到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。您可以透過諸如「估計」、「可能」、「可以」、「打算」、「相信」、「預期」、「會」、「考慮」、「應該」、「預計」、「計劃」、「打算」或類似詞語來識別這些前瞻性陳述。

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, 2021, and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call.

由於本公司截至2021年12月31日止年度的最新10-K表格年度報告及其他近期提交給美國證券交易委員會（SEC）的文件中所述的若干重要因素，公司的實際業績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任何前瞻性陳述的義務。

At this time, I would like to introduce Greg Johnson.

在此，我謹向大家介紹格雷格·約翰遜。

Thanks, Tom. Good morning, everyone, and welcome to the O'Reilly Auto Parts first quarter conference call. Participating on the call with me this morning are Brad Beckham, our Chief Operating Officer; and Tom McFall, our Chief Financial Officer; Brent Kirby, our Chief Supply Chain Officer; Greg Henslee, our Executive Chairman; and David O'Reilly, our Executive Vice Chairman, are also present on the call.

謝謝，湯姆。大家早安，歡迎參加歐萊利汽車配件公司第一季財報電話會議。今天早上與我一同參加會議的有：營運長布拉德·貝克漢姆；財務長湯姆·麥克福爾；首席供應鏈官布倫特·柯比；執行董事長格雷格·亨斯利；以及執行副董事長大衛·歐萊利。

I'd like to begin our call today by thanking Team O'Reilly for their hard work and commitment to drive another solid quarter, ensuring we deliver excellent service to each and every customer. Our team of over 84,000 dedicated professional parts people across the U.S. and Mexico continually reinforces our O'Reilly culture of excellent customer service. Their unwavering commitment to achieving such high standards and going the extra mile for our customers is key to our repeated success.

今天，我首先要感謝歐萊利團隊的辛勤付出和敬業精神，正是他們的努力才使得我們又一個季度業績穩健增長，確保我們為每一位客戶提供卓越的服務。我們在美國和墨西哥擁有超過84,000名敬業的專業零件人員，他們不斷實踐歐萊利以卓越客戶服務為核心的企業文化。他們對高標準的堅定承諾以及為客戶竭盡全力，是我們持續成功的關鍵。

Our first quarter results were headlined by a 4.8% increase in comparable store sales, which is on top of the record 24.8% comparable store sales we delivered in the first quarter last year, resulting in an impressive comparable store sales 2-year stack of 29.6%. These top line results produced diluted earnings per share of $7.17, which is an increase of 2% over our extremely strong first quarter of 2021 when we grew EPS by 78%, representing an outstanding 34% compounded annual growth rate when compared to the first quarter of 2020.

我們第一季的業績亮點在於同店銷售額成長了4.8%，這延續了去年同期創紀錄的24.8%的同店銷售額成長，使得過去兩年的同店銷售額累計成長達到令人矚目的29.6%。這些營收成長帶來了每股攤薄收益7.17美元，較2021年第一季強勁的78%成長了2%，與2020年第一季相比，複合年增長率更是高達34%。

Now I'd like to provide some color on our comparable store sales results and what we saw on both sides of our business as we move through the quarter. I'll begin by reiterating what we noted in our press release yesterday. Historically, weather creates volatility in our first quarter from both the type and severity of winter weather at the beginning of the quarter and from the timing of the onset of spring weather, and we definitely experienced choppiness in our first quarter this year. We encountered the volatility more significantly on the DIY side of our business, which I'll cover in a few minutes, but I'll start by discussing our professional business, which is much more consistent and the stronger performer in the quarter.

現在我想詳細談談我們的同店銷售業績，以及本季我們業務各個方面的情況。首先，我想重申我們昨天在新聞稿中提到的內容。從歷史數據來看，天氣因素會為我們的第一季帶來波動，這不僅包括季度初冬季天氣的類型和嚴重程度，也包括春季到來的時間。今年第一季度，我們的業績確實出現了波動。這種波動在我們DIY業務方面更為顯著，我稍後會詳細介紹。現在，我想先談談我們的專業業務，這項業務更加穩定，也是本季表現最強勁的業務。

In our professional business, we started the quarter with some pressure from the Omicron variant. And outside of this short period, our professional business in the quarter was consistent and in line with our expectations, with comp strongly positive in each month of the quarter. We're encouraged by the resiliency and consistency of our professional customer demand and still anticipate this side of the business to be the larger driver of our growth in 2022 as we share and consolidate the market -- as we grow share and consolidate the market. We have been pleased with the results from the professional pricing initiative we began rolling out company-wide in February. Brad will provide more color on this initiative in his remarks, but I'd like to comment that the market reaction from our competitors, thus far has been muted as expected and pricing remains rational.

在我們的專業業務方面，本季初我們受到了Omicron變體帶來的一些壓力。但除此短暫時期外，本季我們的專業業務表現穩定，符合預期，每個月的同店銷售額均實現了強勁成長。我們對專業客戶需求的韌性和穩定性感到鼓舞，並且仍然預期隨著我們市場份額的擴大和整合，這部分業務將在2022年成為我們成長的主要驅動力。我們對2月開始在全公司範圍內推行的專業定價方案的成果感到滿意。 Brad將在演講中更詳細地介紹這項方案，但我想指出的是，正如預期的那樣，到目前為止，競爭對手的市場反應較為溫和，定價仍然保持合理。

Turning to the DIY business. As I mentioned earlier, we saw much more volatility during the quarter on this side of the business. Early in the quarter, in addition to the headwind from inclement weather and Omicron, we also faced headwinds to DIY traffic for macroeconomic pressures stemming from the spike in gas prices and global instability. However, over the last 8 weeks, beginning in March and stretching into the beginning of our second quarter through the call today, volumes have become more consistent, though still hampered by less than ideal spring weather as our business benefits when we see an early start to spring.

接下來談談DIY業務。正如我之前提到的，本季這部分的業務波動性較大。季度初，除了惡劣天氣和Omicron專案帶來的不利影響外，我們還面臨宏觀經濟壓力帶來的挑戰，例如油價飆升和全球經濟不穩定。然而，在過去的八周里，從三月開始，一直到我們第二季度初，直至今天的電話會議，業務量已經趨於穩定，儘管春季天氣仍然不太理想，這在一定程度上影響了業務，因為我們的業務更需要早春的到來。

Our DIY customers also often perform their routine jobs outside of their driveways and will take advantage when warmer weather hits to catch up on the repair, maintenance and tune up items that have been temporarily on hold at the end of winter. This year, we have seen cold wet weather persist through much of spring in many of our markets. However, the corresponding impact to demand matches up with what we have historically seen in similar environments and we've been encouraged that DIY results have stabilized from volatility earlier in the quarter.

我們的DIY客戶也經常在自家車道外進行日常維護工作，他們會利用天氣轉暖的機會，完成冬季末期暫時擱置的維修、保養和調校工程。今年，我們許多市場都經歷了寒冷潮濕的天氣，並持續到春季的大部分時間。然而，由此對需求的影響與我們以往在類似環境下觀察到的情況相符，令人欣慰的是，DIY業務的業績已從本季初的波動中趨於穩定。

From a cadence perspective, our DIY business faced very challenging year-over-year comparisons in March, driven by government stimulus payments that -- during that month of the last year. We also faced a step-up in professional comp comparison in March due to last year's stimulus, though to a lesser degree than our DIY business. However, the cadence for total comparable store sales for the quarter levels out on a 2- and 3-year stack basis, which eliminates the pandemic and stimulus impacts, with March being in the relative strongest over this extended period of time.

從銷售節奏來看，受去年同期政府刺激性補貼的影響，我們的DIY業務在3月面臨非常嚴峻的年比挑戰。雖然專業零售業務在3月也面臨年比業績的下滑，但幅度小於DIY業務。然而，從過去2年和3年的數據來看，季度整體同店銷售額的銷售節奏趨於平穩，這消除了疫情和刺激性補貼的影響，其中3月份的銷售額在這一較長時間段內表現相對較好。

The durable nature of our sales volumes, as evidenced by a 2-year stack of nearly 30%, demonstrates our team's ability to differentiate our in-store experience and service levels to the many new customers we encountered over the last 2 years and convert those new customers into repeat loyal customers.

從近兩年銷售額成長近 30% 的成績可以看出，我們的銷售量保持穩定，這證明了我們的團隊有能力為過去兩年遇到的眾多新客戶提供差異化的店內體驗和服務水平，並將這些新客戶轉化為忠實的回頭客。

Next, I'd like to provide some color on our ticket count and average performance. The pressure to DIY ticket counts from the volatility we experienced throughout the quarter was offset by strong growth in average ticket, resulting in flat DIY comps for the quarter. We also saw a strong benefit from average ticket on the professional side of our business, which combined with an increase in ticket count drove double-digit professional comp growth. The continued strength in average ticket is in line with our expectation and reflects the benefit from the pass-through of cost increases into selling prices. Same SKU inflation was in line with our expectation for the quarter in the high single digits.

接下來，我想詳細介紹我們的訂單數量和平均業績。本季DIY訂單數量受市場波動影響，但平均訂單數量的強勁成長抵消了這一影響，最終使DIY業務的同店銷售額與上季持平。此外，專業業務的平均訂單數量也顯著增長，加上訂單數量的增加，推動了專業業務同店銷售額的兩位數增長。平均訂單數量的持續走強符合我們的預期，也反映了成本上漲轉嫁到售價上的正面影響。同店銷售額的通膨率也符合我們本季的預期，維持在較高的個位數水準。

However, we have seen additional pricing increases since we communicated our guidance outlook on last quarter's call. These additional price increases and any additional inflation moving forward will help our average ticket throughout the year but may create traffic headwinds as consumers deal with broader inflation across the economy.

然而，自從上季財報電話會議公佈業績預期以來，我們已看到價格進一步上漲。這些額外的價格上漲以及未來可能出現的通膨，將有助於提升全年平均客單價，但同時也可能對客流量造成不利影響，因為消費者需要應對整體經濟通膨。

Now I'd like to turn our sales guidance. Now I'd like to turn our -- to our sales guidance and full year outlook. We are maintaining our full year comparable store sales guidance to a range of 5% to 7% and total sales guidance of $14.2 billion to $14.5 billion. Based on first quarter results, we are currently trending below our midpoint, but where we land will partly depend on how much of the wet weather impacts we experienced in the first quarter have deferred business later in the spring. We do believe we experienced necessary harsh winter to support demand of undercurrent categories as we move through the next 2 quarters.

現在我想談談我們的銷售預期和全年展望。我們維持全年同店銷售額成長預期在5%至7%之間，總銷售額預期為142億美元至145億美元。根據第一季的業績，我們目前的趨勢低於預期中位數，但最終結果將部分取決於第一季潮濕天氣對春季晚些時候的業務影響程度。我們相信，我們經歷的嚴冬對於支撐未來兩季低迷品類的需求至關重要。

We also saw volatility in the DIY traffic in the first quarter that was likely driven in part by economic shocks from the spike in gas prices and global instability, and we remain cautious in how we think about the impact of macroeconomic pressures as we move forward. However, we also continue to remain confident with the broader industry backdrop with steady recovery of miles driven and increasing employment underpinning stable, robust growth trends in the automotive aftermarket. This, coupled with a strong value proposition, compelling consumers to invest in their vehicles as a result of the combination of quality engineered and manufactured vehicles capable of being driven to higher mileages and new vehicle supply constraints, elevating demand for used vehicles.

第一季度，DIY 業務流量出現波動，這可能部分受到油價飆升和全球經濟不穩定的衝擊。展望未來，我們對宏觀經濟壓力的影響仍持謹慎態度。然而，我們對整個產業的前景依然充滿信心，汽車行駛里程的穩定恢復和就業人數的成長支撐著汽車售後市場穩定強勁的成長趨勢。此外，高品質的車輛設計製造工藝和製造工藝，使其能夠行駛更高的里程，加之新車供應受限，都促使消費者加大對車輛的投入，從而推高了二手車的需求。

Beyond these macro factors, we remain confident in our ability to capture market share on both sides of the business through our service-driven business model and robust supply chain.

除了這些宏觀因素之外，我們仍然有信心透過我們以服務為導向的商業模式和強大的供應鏈，在業務的各個方面都獲得市場份額。

Shifting to gross margin. For the quarter, our gross margin of 51.8% was 126 basis point decrease from the first quarter of 2021 gross margin, in line with our expectations for the quarter with a decrease driven by the rollout of our professional pricing initiative. As a reminder, we began rolling out this initiative in February, so we did not see the full impact in the first quarter. But our gross margin results from both professional pricing and the higher mix of professional business was in line with our plan.

接下來談談毛利率。本季度，我們的毛利率為51.8%，較2021年第一季下降126個基點，符合我們對本季的預期，下降的主要原因是專業定價方案的推出。需要說明的是，我們從2月開始推行這項方案，因此第一季並未完全反映其影響。但專業定價方案以及專業業務佔比提高帶來的毛利率成長均符合我們的預期。

Our gross margin outlook for the full year remains unchanged at a range of 50.8% to 51.3%. Earnings per share for the first quarter of $7.17 represents a 2-year increase over $7.06 in the first quarter of 2021 and a compounded 2-year growth rate of over 34% compared to the first quarter of 2020. Again, I would like to thank team O'Reilly for their unrelenting focus on driving profitable growth through excellent customer service. We are maintaining our full year 2022 EPS guidance of $32.35 to $32.85. Our EPS guidance includes the impact of shares repurchased through this call but does not include any additional share repurchases.

我們對全年毛利率的預期維持不變，仍為50.8%至51.3%。第一季每股收益為7.17美元，較2021年第一季的7.06美元實現了兩年的成長，與2020年第一季相比，兩年複合成長率超過34%。再次感謝O'Reilly團隊，他們始終致力於透過卓越的客戶服務推動獲利成長。我們維持2022年全年每股收益預期為32.35美元至32.85美元。我們的每股盈餘預期包含了本次電話會議期間回購的股票的影響，但不包括任何額外的股票回購。

Before I turn the call over to Brad, I'd like to take a moment to discuss the executive leadership transition we announced in our press release yesterday. After almost 16 years of exceptional leadership and service, Tom expressed his interest in taking on a different role with the company. Therefore, effective May 9, 2022, Tom will step down from his role as Chief Financial Officer and will continue his employment with O'Reilly in the role of Executive Vice President. And at that time, Jeremy Fletcher, our Senior Vice President of Finance and Controller, will be promoted to the position of Executive Vice President and Chief Financial Officer.

在將電話轉給布拉德之前，我想花一點時間談談我們昨天在新聞稿中宣布的高階主管人事變動。湯姆在公司兢兢業地領導和服務了近16年，他表示有興趣在公司擔任其他職位。因此，自2022年5月9日起，湯姆將卸任財務長一職，但仍將繼續留在奧萊利公司擔任執行副總裁。屆時，我們的高級副總裁兼財務總監傑里米·弗萊徹將晉升為執行副總裁兼財務長。

Tom has been an important part of our success during his tenure, not only providing valuable operational and financial guidance, but also by identifying and mentoring many of today's senior leaders. We are very happy that Tom will continue to be an important part of our executive leadership team, and he will retain his current responsibilities for our information technology, real estate, legal and risk management efforts. We place great importance on succession planning as an integral part of our culture, and Tom has done an extraordinary job preparing Jeremy for this new role.

在湯姆任職期間，他為我們的成功做出了重要貢獻，不僅提供了寶貴的營運和財務指導，還發掘並培養了許多如今的高階領導者。我們非常高興湯姆將繼續擔任我們高階主管團隊的重要成員，並繼續負責資訊科技、房地產、法律和風險管理等工作。我們高度重視繼任計劃，並將其視為企業文化的重要組成部分。湯姆在幫助傑瑞米勝任新職位方面做得非常出色。

Jeremy has been an O'Reilly team member for 16 years, with the last 5 years of service as Senior Vice President of Finance and Controller, and is also an exceptional leader who is well suited for the position of Chief Financial Officer. I'm very confident in his ability to help lead our company to continued success well into the future.

傑里米在奧萊利公司工作了16年，最近5年擔任高級副總裁兼財務總監，他是一位傑出的領導者，完全勝任首席財務官一職。我對他帶領公司在未來持續成功充滿信心。

To wrap up my comments, I want to again thank Team O'Reilly. Your dedication to living out our culture and taking care of our customers every day drives our continued success. I'll now turn the call over to Brad Beckham. Brad?

最後，我要再次感謝奧萊利團隊。你們對實踐公司文化和日常客戶服務的執著，是我們持續成功的動力。現在，我將把電話交給布拉德貝克漢。布拉德？

Thanks, Greg, and good morning, everyone. I would also like to thank Team O'Reilly for their outstanding efforts during the quarter. Similar to last year, we knew coming into 2022, we were facing extremely tough comparisons, but I'm extremely proud of our team's continued focus on what's next, not what's behind us. We are well aware of the opportunities in the marketplace on both the DIY and the professional fronts and are excited to continue earning our customers' business each and every day. .

謝謝格雷格，大家早安。我也要感謝奧萊利團隊在本季的出色表現。和去年一樣，我們很清楚2022年將面臨非常嚴峻的業績對比，但我為我們團隊始終專注於未來而非過去而感到無比自豪。我們充分意識到DIY和專業市場都蘊藏著巨大的機遇，並期待每天都能繼續贏得客戶的信賴。

Our team is energized and intently focused on outhustling and outservicing our competition. First, I would like to give some added color on our professional pricing initiative. As discussed on our last conference call, we began rollout company-wide in February, and all pricing actions associated with this initiative were completed in all of our markets during that month. Our store and sales teams immediately engaged with our existing customers as well as prospective new customers to ensure there was broad awareness of the changes we implemented.

我們的團隊充滿活力，全神貫注於超越競爭對手，提供更優質的服務。首先，我想詳細介紹我們的專業定價方案。正如我們在上次電話會議上討論的那樣，我們於二月開始在全公司範圍內推廣該方案，所有相關的定價措施均已於當月在所有市場完成。我們的門市和銷售團隊立即與現有客戶以及潛在新客戶進行溝通，以確保他們充分了解我們實施的這些變化。

This has generated a lot of excitement for our team and our customers. We have really just begun to see the fruits of this initiative and remain excited about our long-range opportunities to accelerate our professional customer share gains within this highly fragmented market.

這令我們的團隊和客戶都感到非常振奮。我們才剛開始看到這項措施的成果，並且對未來在這個高度分散的市場中加速提升專業客戶份額的長期機會充滿信心。

As I discussed on our last call as we were rolling out this initiative, our more competitive pricing, combined with excellent customer service provides a superior value proposition, enhancing our ability to take share and generate long-term sustainable business. However, we continue to strongly believe our growth will be fueled by the same key competitive advantages of exceptional customer service and rapid inventory availability.

正如我在上次電話會議上討論這項舉措時所說，我們更具競爭力的定價，加上卓越的客戶服務，提供了更優的價值主張，增強了我們搶佔市場份額和實現長期可持續業務的能力。然而，我們仍然堅信，卓越的客戶服務和快速的庫存供應這兩大關鍵競爭優勢將繼續推動我們的成長。

We are still in early innings with this initiative, but are pleased with the momentum we've generated and we'll continue to execute our proven game plan and take share in the professional market. As Greg noted, pricing in the professional market has remained rational and we haven't seen significant competitive pricing actions in response to our initiative. This lines up with what we expected since we still continue to be priced at a premium, albeit now a smaller premium to the traditional players in the professional market.

這項計劃目前仍處於初期階段，但我們對已取得的進展感到滿意，並將繼續執行我們行之有效的策略，在職業市場中佔有一席之地。正如格雷格所指出的，職業市場的定價依然合理，我們尚未看到競爭對手因我們的計劃而採取顯著的價格戰。這與我們的預期相符，因為我們的定價仍然高於市場平均水平，儘管與傳統職業玩家相比，目前的溢價有所降低。

We expect to -- we expect pricing to remain rational moving forward and we'll continue to execute our long-standing practice of passing through acquisition cost increases as well as reviewing and adjusting pricing on a tactical basis to ensure we are appropriately and competitively priced in each of our markets.

我們預計——我們預計價格將在未來保持合理，我們將繼續執行我們長期以來的做法，即把收購成本的增長轉嫁給消費者，並根據實際情況審查和調整價格，以確保我們在每個市場都具有適當的價格競爭力。

Now I'd like to discuss our SG&A results for the quarter. SG&A as a percentage of sales was 31.5%, a deleverage of 78 basis points from the first quarter of 2021. As a reminder, we leveraged SG&A an incredible 450 basis points in the first quarter of 2021 and called out at that time as not being the right long-term level of SG&A expense leverage for our business.

現在我想談談本季的銷售、管理及行政費用（SG&A）情況。 SG&A佔銷售額的31.5%，較2021年第一季下降了78個基點。需要提醒的是，我們在2021年第一季的SG&A槓桿率高達450個基點，當時我們就指出，這對於我們公司的長期業務而言並非合適的SG&A費用槓桿水準。

On an average per-store basis, our SG&A grew 6.4%, which was in line with our expectations for the quarter, but above our anticipated full year run rate. Our guidance continues to incorporate a full year SG&A per store growth of approximately 2.5% with the first quarter exceeding that full year average as a result of the SG&A comparison to the first quarter of 2021.

以平均單店計算，我們的銷售、管理及行政費用成長了6.4%，符合我們對本季的預期，但高於我們預期的全年成長率。我們持續維持全年單店銷售、管理及行政費用成長約2.5%的預期，第一季高於全年平均是由於與2021年第一季相比，銷售、管理及行政費用增加。

From an inflation perspective, we continue to see wage pressure in our distribution centers and our stores, but these have been within our expectations thus far. However, we have also seen pressure from rising energy costs in the form of fuel, freight, and utilities that have been above our expectations, and it's simply too early to tell how long these cost pressures will persist within the remainder of the year. Ultimately, we micromanage our operating cost to ensure a long-term focus on building strong relationships with our customers through excellent customer service.

從通膨角度來看，我們配送中心和門市的薪資持續面臨壓力，但到目前為止，這些壓力都在預期之內。然而，我們也看到能源成本上漲帶來的壓力，包括燃料、貨運和公用事業費用，這些成本都超出預期。目前尚難預測這些成本壓力會在今年剩餘時間內持續多久。最終，我們嚴格控制營運成本，以確保能夠長期專注於透過卓越的客戶服務與客戶建立牢固的關係。

We will remain diligently focused on evaluating expenses to appropriately respond to the match and sales environment ongoing. That said, as I previously mentioned, we will always staff our stores with professional parts people that can and will provide top-notch excellent customer service to ensure our long-term success. Consistent with our unchanged sales and gross margin guidance, we are also maintaining our full year 2022 operating profit margin guidance of 20.6% to 21.1%.

我們將繼續密切關注各項支出，並根據當前的市場行情和銷售環境做出適當調整。同時，正如我之前提到的，我們將始終為門市配備專業的零件銷售人員，他們能夠也必將提供一流的客戶服務，以確保我們的長期成功。與先前維持不變的銷售額和毛利率預期一致，我們也維持2022年全年營業利潤率預期在20.6%至21.1%之間。

Next, I'll provide an update on our store growth during the first quarter. We opened 52 net new stores across 25 states in the U.S. as well as 2 stores in Mexico, keeping us on pace for our plan of 175 to 185 net new store openings for the year. We remain very pleased with our new store performance and continue to be excited about our ability to attract, recruit, retain and develop outstanding teams of professional parts people and quality leadership in our new stores.

接下來，我將報告我們第一季的門市成長。我們在美國25個州淨增52家門市，並在墨西哥新增2家門市，這使我們有望實現全年淨增加175至185家門市的目標。我們對新店的業績非常滿意，並對我們吸引、招募、留住和培養新店中優秀的專業零件人員和卓越領導團隊的能力充滿信心。

Our distribution strategy and long-term steadfast commitment to industry-leading parts availability is a key driver of our growth. Expansion of our distribution network has always gone hand-in-hand with our new store growth plans. To that end, we are very excited to announce that we have begun construction on our first O'Reilly prototype distribution center in Mexico. Our new facility is located in Guadalajara with a metro population of over 5 million people and will have a footprint of approximately 370,000 square feet. This new facility will have the ability to provide company store and job or distribution to the Guadalajara metro area and support growth in the surrounding region.

我們強大的分銷策略以及對業界領先的零件供應的長期堅定承諾，是我們成長的關鍵驅動力。分銷網絡的擴張始終與我們新店的擴張計劃並行不悖。為此，我們非常高興地宣布，我們在墨西哥的首個歐萊利原型分銷中心已開始建造。新設施位於瓜達拉哈拉，都會區人口超過500萬，佔地約37萬平方英尺。該新設施將能夠為瓜達拉哈拉都會區提供公司直營店和就業配送服務，並支持週邊地區的成長。

Our distribution teams are well seasoned in the design, planning and construction of new facilities, and we have been very pleased with our progress in working with our leadership team in Mexico to get this project rolling in true O'Reilly fashion. We are targeting a completion date of the first half of 2023 and continue to be excited about the growth opportunities we see in the Mexican automotive aftermarket.

我們的經銷團隊在新建設施的設計、規劃和建造方面經驗豐富，我們與墨西哥領導團隊的合作進展非常順利，專案也以歐萊利一貫的風格穩步推進。我們計劃在2023年上半年完成項目，並對墨西哥汽車售後市場的成長機會充滿信心。

As travel restrictions have eased, it's been very nice for our U.S.-based leadership team to get back in person with our outstanding team in Mexico. Our leadership teams in the U.S. and Mexico are working hand in hand to execute our store, distribution and infrastructure growth strategies in the Mexican market.

隨著旅行限制的放寬，我們位於美國的領導團隊很高興能夠與我們在墨西哥的優秀團隊再次面對面交流。我們美國和墨西哥的領導團隊正攜手合作，共同推動我們在墨西哥市場的門市、分銷和基礎​​設施成長策略。

Now turning to inventory, and as we shared on our last call, we intend to aggressively add incremental dollars to our store level inventories as we move throughout 2022, seizing the opportunity to build upon our industry-leading parts availability. We finished the first quarter of 2022 with an average inventory per store of $659,000, which was up approximately 3% from both the beginning of the year and this time last year. Our supply chain leaders and teams are working diligently with all of our distribution centers and suppliers as our supply chain still has kinks and is uneven with constraints on certain commodities and with certain suppliers. That said, we are still in line with our plans to increase per store inventory over 8% by year-end.

現在來說說庫存狀況。正如我們在上次電話會議上提到的，我們計劃在2022年全年積極增加門市庫存，抓住機遇，進一步鞏固我們行業領先的零件供應能力。 2022年第一季末，我們平均每家店的庫存為65.9萬美元，比年初和去年同期均成長了約3%。由於供應鏈仍存在一些問題，部分商品和供應商的供應受到限制，導致供應鏈不夠均衡，我們的供應鏈負責人和團隊正與所有配送中心和供應商密切合作。儘管如此，我們仍有望實現年底前每家門市庫存成長超過8%的目標。

Before I finish my comments, I want to echo Greg and sincerely thank you, Tom, for your dedicated service the last 16 years serving as our CFO. You have been an incredible mentor to me, a partner in driving the success of O'Reilly and a great friend. I am very excited about this new chapter and continue to work closely with you to drive our performance for the remainder of 2022 and beyond. We are all very excited about Jeremy's well-deserved promotion and you've done an incredible job preparing him and the team for the future.

在我結束演講之前，我想和格雷格一樣，真誠地感謝湯姆過去16年來擔任財務長的盡心盡力。你一直是我非常棒的導師，是推動奧萊利公司成功的合作夥伴，也是我的摯友。我對新的篇章充滿期待，並將繼續與你緊密合作，推動公司在2022年剩餘時間及以後取得更好的業績。我們都為傑里米實至名歸的晉升感到無比興奮，你為他和團隊的未來發展所做的準備工作非常出色。

I want to once again thank Team O'Reilly for their commitment, hard work and dedication to excellent customer service and in turn, our great company. I am confident in our team's ability to execute on the many initiatives we have in progress to grow our company, and I look forward to a strong performance throughout the rest of 2022.

我再次衷心感謝奧萊利團隊的付出、辛勤工作和對卓越客戶服務的奉獻，正是他們的努力成就了我們偉大的公司。我對團隊執行我們正在推進的眾多公司發展計劃的能力充滿信心，並期待他們在2022年剩餘的時間裡取得優異的成績。

Now I'll turn the call over to Tom.

現在我把電話交給湯姆。

Thanks, Brad. I'd also like to thank all of Team O'Reilly for their continued commitment to our customers and our success. Now we'll take a closer look at our first quarter results and review our guidance for the full year.

謝謝布拉德。我也要感謝奧萊利團隊的所有成員，感謝他們對客戶和公司成功的持續付出。現在，我們將仔細分析第一季的業績，並回顧全年的業績預期。

For the quarter, sales increased $205 million comprised of $144 million increase in comp store sales, a $51 million increase in noncomp store sales and a $10 million increase in noncomp nonstore sales. For 2022, we continue to expect our total revenues to be between $14.2 billion and $14.5 billion.

本季銷售額成長2.05億美元，其中同店銷售額成長1.44億美元，非同店銷售額成長5,100萬美元，非同店非門市銷售額成長1,000萬美元。我們預計2022年總收入仍將在142億美元至145億美元之間。

Greg previously covered our gross margin performance for the first quarter, but I want to briefly recap our LIFO accounting for the quarter and expectations moving forward. As we noted when we established our full year gross margin guidance in February, our LIFO reserve had flipped back to a credit balance in the back half of 2021 as a result of inflation and acquisition costs, and we are now back to more typical LIFO accounting and no longer valuing the inventory at the lower replacement cost. As a result, we are expecting a limited benefit from LIFO during 2022 versus the more significant tailwind we saw throughout 2021.

Greg 之前已經介紹了我們第一季的毛利率表現，但我想簡要回顧一下我們本季的後進先出法（LIFO）會計處理以及未來的預期。正如我們在二月制定全年毛利率預期時所指出的，由於通貨膨脹和收購成本的影響，我們的 LIFO 儲備在 2021 年下半年轉為貸方餘額。目前，我們已恢復採用更常規的 LIFO 會計處理方法，不再以較低的重置成本對存貨進行估價。因此，我們預期 LIFO 在 2022 年帶來的收益有限，遠不及 2021 年的顯著利多。

As we unwound our historical debit LIFO reserve, our first quarter results were in line with those expectations, and our outlook on this item for the year is unchanged. Our first quarter effective tax rate was 23.9% of pretax income, comprised of a base rate of 24.3%, reduced by a 0.4% benefit for share-based compensation. This compares to the first quarter of 2021 rate of 23.5% of pretax income, which was comprised of a base tax rate of 24.4%, reduced by a 0.9% benefit for share-based compensation. The first quarter of 2022 base rate was in line with our expectations.

隨著我們逐步取消歷史借方後進先出法（LIFO）儲備，第一季業績符合預期，我們對該專案全年的展望保持不變。第一季實際稅率為稅前利潤的23.9%，其中基準稅率為24.3%，並扣除0.4%的股權激勵收益。相較之下，2021年第一季實際稅率為稅前利潤的23.5%，其中基準稅率為24.4%，扣除0.9%的股權激勵收益。 2022年第一季基準稅率符合預期。

For the full year of 2022, we continue to expect an effective tax rate of 23.2% comprised of a base rate of 23.7%, reduced by a benefit of 0.5% per share-based compensation. We expect the fourth quarter rate to be lower than the other 3 quarters due to the expected timing of benefits from renewable energy tax credits and the tolling of certain tax periods. Also, variations in the tax benefit for share-based compensation can create fluctuations in our quarterly tax rate.

我們預計2022年全年實際稅率仍為23.2%，其中基本稅率為23.7%，並扣除每股股權激勵0.5%的稅收優惠。由於再生能源稅收抵免的生效時間以及部分稅期的中止，我們預計第四季度的稅率將低於其他三個季度。此外，股權激勵稅收優惠的波動也可能導致季度稅率出現波動。

Now we'll move on to free cash flow and the components that drove our results. Free cash flow for the first quarter was $579 million versus $790 million in the first quarter of 2021, with the decrease driven by a smaller benefit from reduction of debt inventory investment in '22 versus '21, and the differences in accrued compensation. For 2022, our expected free cash flow guidance remains unchanged at a range of $1.3 billion to $1.6 billion.

接下來我們將分析自由現金流及其構成要素。第一季自由現金流為5.79億美元，而2021年第一季為7.9億美元。自由現金流下降的主要原因是2022年債務存量投資減少帶來的收益小於2021年，以及應計薪資的差異。我們對2022年的自由現金流預期維持不變，仍為13億美元至16億美元。

Our AP-to-inventory ratio at the end of the first quarter was 129%, which once again has set an all-time high for our company, and was heavily influenced by the extremely strong sales volumes and inventory turns over the last 12 months. We anticipate our AP-to-inventory ratio to moderate off this historic high as we complete our additional inventory investments. We continue to expect to finish 2022 at a ratio of approximately 120%.

第一季末，我們的應付帳款與庫存比率為129%，再次創下公司歷史新高，主要得益於過去12個月強勁的銷售量和庫存週轉率。隨著我們完成額外的庫存投資，預計應付帳款與庫存比率將從這段歷史高點回落。我們仍預計2022年底該比率將維持在120%左右。

Moving on to debt. We finished the first quarter with an adjusted debt-to-EBITDA ratio of 1.72x as compared to our 2021 ratio at the end of the year of 1.69x. We continue to be below our leverage target of 2.5x, and we will approach that number when appropriate. We continue to execute our share repurchase program. And during the first quarter, we repurchased 1.2 million shares with an average share price of $664.15 for a total investment of $775 million. Subsequent to the end of the quarter and through the date of our press release, we repurchased an additional 0.2 million shares at an average share price of $694.70. We remain very confident that the average repurchase price is supported by the expected future discounted 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 includes the impact of shares repurchased through this call, but does not include any additional share repurchases.

接下來談談債務情況。第一季末，我們調整後的負債與EBITDA比率為1.72倍，而2021年底的比率為1.69倍。我們目前的槓桿率仍低於2.5倍的目標，並將在適當的時候接近該目標。我們繼續執行股票回購計畫。第一季度，我們以平均每股664.15美元的價格回購了120萬股，總投資額為7.75億美元。在第一季末至本新聞稿發布之日，我們又以平均每股694.70美元的價格回購了20萬股。我們仍然非常有信心，平均回購價格能夠得到我們業務預期未來折現現金流的支持，我們仍然認為股票回購計畫是向股東返還剩餘資本的有效途徑。再次提醒，我們的每股盈餘預期包含了透過本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 to your questions, I want to make a few comments on my decision to step down from the CFO position and transition into a different role with O'Reilly. It's been an honor to have been part of this outstanding team for over the past 16 years. Working together, our team has pushed O'Reilly to incredible levels of success, and I'm very grateful that I can continue to be part of our growth moving forward, as I focus more of my time on enhancing our team and the processes we use to provide even better levels of customer service.

在正式開始回答各位的問題之前，我想先談談我卸任財務長一職，轉任奧萊利其他職位的決定。過去16年來，能夠成為這支傑出團隊的一員，我深感榮幸。我們團隊齊心協力，將奧萊利推向了令人矚目的成功高度。我非常感激能夠持續參與公司未來的發展，並將更多精力投入到提升團隊實力和優化流程，從而為客戶提供更優質的服務。

I could not be more excited for Jeremy as he transitions into his well-deserved and earned promotion to CFO. Jeremy and I have worked closely together since my first day at O'Reilly, and he has been a trusted adviser ever since. I'm extremely confident in Jeremy's abilities, and I know his transition will be seamless and successful. I want to thank our team for their support over the years, and I'm excited about the opportunities we have in the future.

我為傑里米即將晉升為財務長而感到無比興奮，這是他應得的榮譽。自從我加入奧萊利的第一天起，傑里米就與我密切合作，他一直是我值得信賴的顧問。我對傑瑞米的能力充滿信心，相信他的過渡一定會順利成功。我要感謝團隊多年來的支持，也對我們未來的發展機會充滿期待。

This concludes our prepared comments. And at this time, I'd like to ask Richard, the operator, to return to the line, and we'll be happy to answer your questions.

我們的發言到此結束。現在，請接線員理查德回到電話線，我們很樂意回答您的問題。

(Operator Instructions) And our first question on line comes from Greg Melich from Evercore ISI.

（操作說明）我們的第一個線上問題來自 Evercore ISI 的 Greg Melich。

First, congrats, Jeremy. And Tom, we'll find a way to hunt you down now and then. Thanks for everything. My question, I would say twofold. One, inflation in the first quarter, did you say it was high single digits? And was that number for the whole company or just DIY or Pro?

首先，恭喜你，傑瑞米。湯姆，我們會不時找機會跟你聊聊。謝謝你們所做的一切。我的問題有兩個。第一，關於第一季的通膨率，你們說是接近兩位數嗎？這個數字是整個公司的數據，還是只是DIY或專業版的數據？

It was high single digits, and that was for the whole company, Greg.

格雷格，整個公司的情況都是個位數高位。

Got it. And it sounds like going forward in your guidance, would you assume in that 5% to 7% comp for the year that it would be high single digits, or would it moderate to more like mid-single?

明白了。聽起來，根據您先前的預測，您認為今年5%到7%的業績成長幅度會是接近兩位數，還是會放緩到接近個位數？

We saw inflation pick up significantly in the back half of last year. So as we lap those, we would expect to have less inflation, although we continue to see moderately more. So the answer is, at this point, we would anticipate seeing less inflation in the back half of the year.

我們看到去年下半年通膨顯著上升。因此，隨著下半年的結束，我們預計通膨會下降，儘管我們仍然會看到略微上升的趨勢。所以，目前來看，我們預計今年下半年通膨會下降。

But in the 5% to 7% comp guide, you're assuming less in the back half, but it might be mid-single digits? Would that be fair?

但在5%到7%的薪酬指導中，你假設後半段的薪酬會更低，但可能只有個位數？這樣合理嗎？

Time will tell what that number is. It will be somewhere, plus or minus, mid-single digits.

時間會證明一切。它應該在個位數的中間位置，上下浮動一點。

Got it. And I guess my second question, I'll give someone else a chance, on the SG&A. So with the higher growth in the first quarter, but still 2.5% for the year, how do you manage to do that with headcount up 9% on some wage inflation out there? Like what are the -- what initiatives are there to help moderate the growth in SG&A dollars?

明白了。我的第二個問題，我想先給其他人一個機會，關於銷售、管理及行政費用（SG&A）。第一季成長較高，但全年成長率仍為2.5%，在員工人數成長9%且薪資通膨加劇的情況下，你們是如何做到這一點的？你們採取了哪些措施來控制SG&A費用的成長？

Yes, Brad, do you want to take that one?

是的，布拉德，你想接那個嗎？

Yes. Really, the way that we're thinking about SG&A, especially from a store and distribution payroll standpoint is, as you've always heard us say, we do everything we can to manage our payroll headcount, everything that goes into our staffing, both in the stores and the DCs, best we can for the short term. But most importantly, we want to do the right things for service levels for the mid and long term.

是的。的確，我們對銷售、管理及行政費用（SG&A）的考量，尤其是在門市和配送中心的人員薪資方面，正如您一直聽到我們所說，我們會盡一切努力在短期內盡可能地控制好員工人數，包括門市和配送中心的人員配置。但最重要的是，我們希望在中長期採取正確的措施來提升服務水準。

And really, the first quarter, Greg, was kind of a story starting out, even though it seems like old news. Today, we started out with Omicron and a few things that we were still under some quarantine protocols and things like that within the company. And we had to run probably more hours than we would have wanted to for the sales volumes, but we needed to be there for our customers. We want to always be there every hour they need us.

格雷格，其實第一季就像是故事的開端，雖然現在看來好像是舊聞了。今天，我們以Omicron計畫開局，當時公司內部還有一些隔離措施之類的。為了確保銷量，我們不得不加班加點，比預期的時間要長，但我們必須隨時為客戶提供服務。我們希望在他們需要我們的時候，都能隨時出現。

And so we started out a little bit less desirable in the quarter. But as the quarter went on and volumes ramped, we continue to make sure we are doing the right thing. And really it was more of a story of sales than it was payroll. We felt like we had to make sure we were doing the right thing heading into the busy season, heading into spring. And though we could always adjust a little bit more on the short term, we didn't feel like that was the right thing to do headed into the remainder of 2022 to ensure we're supporting service levels and some of the initiatives you asked about to take share this year.

因此，本季初我們的業績略顯不佳。但隨著季度推進和業務量的成長，我們始終確保各項措施都符合預期。實際上，這與銷售而非薪資有關。我們感到必須確保在旺季來臨、春季到來之前，各項工作都能步入正軌。雖然短期內我們總是可以做出一些調整，但考慮到2022年剩餘時間的業績，我們認為不宜進行調整，以確保服務水準能夠維持，並推進您提到的那些旨在提升市場份額的舉措。

Yes, Greg, and to add to that, as Brad said in his prepared comments, comparing against first quarter last year, we had unusually low SG&A last year, and we're comparing against that -- first half of last year, I'm sorry, specifically first quarter.

是的，格雷格，而且正如布拉德在準備好的評論中所說，與去年第一季度相比，我們去年的銷售、一般及行政費用異常低，我們是在與去年上半年，抱歉，具體來說是第一季度進行比較。

And as we compare against that, as we've said last year and Brad and Jeff before him said, that was really a number that we knew needed to increase from a service level standpoint. So we plan for a little higher SG&A in the first quarter, and we fully expect that to come back down in that 2.5 range for the balance of the year.

正如我們去年以及之前的布拉德和傑夫所說，與此相比，我們知道從服務水準的角度來看，這個數字確實需要提高。因此，我們計劃第一季銷售、管理及行政費用略高一些，並完全預期在今年剩餘時間內會回落到2.5%左右。

You see Greg, it's a little bit more about if we could have spent more last year, we would have.

格雷格，你看，這更多的是關於如果我們去年能多花點錢，我們就會這麼做。

Our next question on line comes from Chris Horvers from JPMorgan.

我們下一個線上提問者是摩根大通的克里斯霍弗斯。

So my first question is on the intra-quarter shocks of the gas price surge and the war, can you talk about how that played out? Did the consumers initially sort of dipped down, but then sort of the trend subsequently rebound after that initial shock? And is that what ultimately allowed you to have that strong 2-year and 3-year trend in March?

我的第一個問題是關於季度內油價飆升和戰爭帶來的衝擊，您能談談這些衝擊是如何產生的嗎？消費者最初是否有所下降，但隨後趨勢在最初的衝擊之後有所反彈？這是否最終促成了3月份強勁的兩年和三年來的銷售成長趨勢？

Yes, Chris, I'll tell you, as we said, the first part of the quarter was really choppy, especially on the DIY side. There was a lot of -- there was more fluctuation in sales volume early in the quarter for the reasons you called out. The resurgence of Omicron, we felt like that impacted us earlier in the quarter.

是的，克里斯，正如我們之前所說，本季前半段確實波動很大，尤其是在DIY方面。正如你所提到的，由於種種原因，季度初的銷售波動比較大。我們感覺到Omicron的復甦對我們本季初的業績產生了一定的影響。

Fuel impact, probably didn't happen as much until the midpoint of the quarter until the back half of the quarter. But as I said in my prepared comments, we started to see more consistency in our DIY comp as we progressed through the quarter, specifically in the last month of the quarter and leading up to the call today.

燃油價格的影響可能直到季度中期到下半季才開始顯現。但正如我在事先準備好的發言稿中所說，隨著季度的推進，尤其是在季度最後一個月以及今天電話會議召開之前，我們的DIY競爭對手數據開始變得更加穩定。

Got it. And then maybe can you talk more specifically about what you're seeing in April in markets where spring has at least started to break. Are you seeing that 3-year trend that you saw in March hold?

明白了。那麼，您能否更具體地談談您在四月觀察到的市場情況，尤其是在春季已經開始到來的市場。您認為三月觀察到的三年趨勢是否仍然有效？

And then on your comment that you're trending below the midpoint of the guide, is that a year-to-date comment? And would you say that you're trending below the low end of the guide as well?

至於您提到的目前數據低於指南中點，這是指年初至今的數據嗎？您認為目前數據也低於指引下限嗎？

Chris, I appreciate the question. April is a short portion -- April to date is a short portion of the second quarter. So probably not appropriate for us to parse that out. Again, refer back to the last 8 weeks have been much more consistent volume.

克里斯，感謝你的提問。四月只是第二季的一小部分——四月至今也只是第二季的一小部分。所以，我們可能不太適合單獨分析這部分數據。再次強調，過去八週的交易量穩定得多。

Our next question on line comes from Zach Fadem from Wells Fargo.

下一個線上提問者是來自富國銀行的紮克法德姆。

Congrats to Jeremy and Tom on the new roles. So first question, is there any way to quantify the weather headwind on the quarter for both DIY and do-it-for-me comp? And how do you think about the dynamics between purely lost sales versus sales that could land later once weather begins to cooperate?

恭喜 Jeremy 和 Tom 榮升新職。首先，有沒有辦法量化天氣對 DIY 和代客服務業務季度業績的影響？另外，您如何看待純粹的銷售損失與天氣好轉後可能帶來的銷售成長之間的動態關係？

Yes, Zach, great, great question. I wish I had a crystal ball and really understood exactly what the impact was. I'll tell you there's really 2 facets to weather in the first quarter that we've dealt with, as long as I've been in the industry, and that is: one, winter weather; and two, spring weather.

是的，扎克，問得好。我真希望自己有水晶球，能真正了解它究竟會產生什麼影響。我可以告訴你，在我入行這麼多年，第一季的天氣主要分為兩類：一是冬季天氣；二是春季天氣。

So when you look at winter weather, specifically in the early part of the quarter, bad winter weather helps us in some markets short term with sales of things like batteries and wipers, and where people have -- their cars won't start because their battery died because of the cold weather. Then there's a lingering effect that based on the winter that we saw this year, we would expect to see some benefit in the second and third quarters. That's typically caused by rusting components under vehicles from salty roads, damage to steering and chassis components because of roads being damaged by the harsh weather. That would come typically later in the year post spring.

所以，當我們觀察冬季天氣，尤其是在季度初時，惡劣的冬季天氣在某些市場短期內會促進電池和雨刷等產品的銷售，因為人們的汽車電池會因為寒冷天氣而無法啟動。此外，根據我們今年經歷的冬季情況，我們預計第二季和第三季也會有一些持續的益處。這通常是由於道路上的鹽分導致車輛底部部件生鏽，以及惡劣天氣對道路造成的轉向和底盤部件損壞。這種情況通常會在春季過後出現。

The other weather component would be lighter in the quarter, and that's based on the timing of spring weather coming. And that's really what's been choppy this year is spring. It seems like every time you get a nice day, there's -- it gets cold again and starts raining. And a lot of our DIY customers depend on non-wet dry, warm days on the weekend to do their repairs. And it seems like we've been pressured with a lot of damp weekends in a lot of our markets this year.

另一個影響因素是天氣，這個季度天氣會比較溫和，這取決於春季到來的時間。而今年春季的天氣確實變化無常。似乎每次好天氣過後，氣溫又會下降，然後開始下雨。我們許多自己動手維修的客戶都依賴週末晴朗溫暖的天氣來維修。但今年，我們許多市場都面臨著週末潮濕天氣的壓力。

So weather has had an impact. Quantifying that as a portion of some of the other headwinds we talked about that we've seen, we really just can't do that.

所以天氣確實產生了影響。但要量化這種影響，並將其與我們之前討論過的其他一些不利因素的影響結合起來，我們真的做不到。

Got it. I appreciate the color. And then a follow-up with respect to the outlook. Can you help me understand the dynamics around your sales, EBIT and EPS outlooks all staying the same? But since you're now incorporating about $700 million in incremental buybacks versus last quarter, does this imply that we should think about your sales or margins closer to the low end of the range versus the previously higher end of the range? And are there any particular line items that would be most impacted by this?

明白了。我很喜歡這個顏色。接下來我想問關於前景展望的問題。您能否幫我理解一下，在銷售額、息稅前利潤和每股盈餘預期保持不變的情況下，背後的動態變化是什麼？但鑑於您本季相比上一季增加了約7億美元的股票回購，這是否意味著我們應該將您的銷售額或利潤率預期調整到預期範圍的下限，而不是先前的上限？還有哪些具體的財務項目會受到最大的影響？

So when we look at our guidance in our prepared comments, we said currently, we're trending towards the lower end of our range. Gross margin was where we thought it would be, SG&A total spend was where we thought it would be. A little more pressure on the SG&A than the gross margin, which is the change in the EPS where we've brought shares in. And to the extent that there is a benefit to those shares -- well, there is a benefit for those shares for the rest of the year, implied a little bit down on EPS, mostly driven by the SG&A spend from the first quarter.

因此，正如我們在準備好的評論中所提到的，目前我們的業績正朝著預期範圍的下限靠攏。毛利率及銷售、管理及行政費用總額均符合預期。銷售、管理及行政費用帶來的壓力略大於毛利率，直接影響每股收益的變化，而我們已將部分股票納入考量。如果這些股票受益——實際上，這些股票在今年剩餘時間內受益——則意味著每股收益將略有下降，這主要是由於第一季銷售、管理及行政費用的增加所致。

(Operator Instructions) Our next question on line comes from Mr. Brian Nagel from Oppenheimer.

（操作說明）我們下一個線上提問來自奧本海默公司的布萊恩·納格爾先生。

First of all, Tom and Jeremy, congratulations on your new roles. So my first question, I know it's going to be a bit of a follow-up. But just with respect to gas prices, obviously, now higher gas prices are getting a lot of attention as a potential headwind to consumer spending. I mean historically, gas prices have had impacts upon O'Reilly in the category broadly.

首先，湯姆和傑瑞米，恭喜你們榮升新職。我的第一個問題，我知道可能有點離題。但就汽油價格而言，顯然，目前汽油價格上漲備受關注，因為它可能對消費者支出構成不利影響。我的意思是，從歷史上看，汽油價格一直對歐萊利汽車零件產業產生影響。

I guess -- so I guess what I'm asking for is just maybe a little more color on what you're seeing. So if I hear the comments you made in the prepared comments in addition to some of the response to the questions for, it seems like there may have been a an initial impact to higher gas prices, but then you've seen that fade.

我想——所以我想問的是，您能否更詳細地描述一下您看到的情況。如果我聽了您事先準備好的評論以及您對一些問題的回答，似乎汽油價格上漲最初確實產生了一定的影響，但之後這種影響似乎已經消退了。

So I guess -- or just maybe a little more color on what you're seeing in gas prices. And frankly, if you're in -- if you're surprised at all with how the consumer is, this time, reacting to gas prices.

所以我想——或者說，或許可以更詳細地談談你目前看到的汽油價格走勢。坦白說，如果你也關注汽油價格，並且對消費者這次對汽油價格的反應感到驚訝的話。

Yes, Brian, this is Greg. I'll take that one and then see if Brad or Tom or Brent has anything to add. I don't look at price point specifically to driving consumers' driving habits. Gas prices definitely are going to impact miles driven over time. Unfortunately, miles-driven data, as you guys know, lingers for a couple of months, and we don't have data for the past few weeks.

是的，布萊恩，我是格雷格。我先回答這個問題，然後看看布萊德、湯姆或布倫特還有什麼要補充的。我不會專門針對價格因素來判斷消費者的駕駛習慣。汽油價格肯定會對行駛里程產生長期影響。遺憾的是，正如你們所知，行駛里程資料會保留幾個月，而我們沒有過去幾週的資料。

But what we believe is if gas prices ramp up incrementally over time, especially the DIY consumer who's typically more economically challenged, we'll adapt to that and budget for it. When you see spikes in fuel prices, like we saw late February, early March, often that will have more of an impact on miles driven and impact our business a little differently.

但我們認為，如果汽油價格隨著時間的推移逐步上漲，尤其是對於那些通常經濟狀況較為拮据的DIY消費者而言，我們會適應這種情況並做好預算。而當油價出現像2月底3月初那樣的飆升時，通常會對行駛里程產生更大的影響，並對我們的業務造成不同的衝擊。

But that's a short-term impact. I mean over time, those customers and consumers will have to budget a different portion of their income for fuel, because they've got to drive to work, they've got to drive their vehicles. One of the things that's a little different this quarter than what we've historically talked about fuel prices is we're in an inflationary environment, and a lot of things are moving from a cost perspective right now. But at the same time, we're all experiencing wage inflation.

但這只是短期影響。我的意思是，隨著時間的推移，這些客戶和消費者將不得不調整收入中用於燃油的預算比例，因為他們需要開車上班，需要駕駛車輛。本季燃油價格與我們以往討論的情況略有不同，因為我們正處於通膨環境下，許多東西的成本都在上漲。同時，我們也都在經歷薪資上漲。

So as fuel prices have increased, wages have increased as well. And we're optimistic that, that's offsetting some of the pressure that fuel prices we've got on miles driven. Do you guys have anything to add, Tom or...

隨著燃油價格上漲，薪資也隨之上漲。我們樂觀地認為，這在一定程度上抵消了燃油價格上漲對行駛里程帶來的壓力。湯姆，你們還有什麼要補充的嗎？

It's an unusual environment. As Greg said in the past, you can kind of isolate fuel independently. But as we see these costs increases across the economy, it's just one of many. And in addition to rising prices, we see growing employment numbers, which is also a positive for our business.

這是一個不同尋常的環境。正如格雷格之前所說，你可以把燃料成本單獨拿出來討論。但隨著整個經濟成本的上漲，這只是眾多因素之一。除了價格上漲，我們也看到就業人數增加，這對我們的業務來說也是個利好消息。

Brian, this is Brad. The only other thing I'd add to that, I think it's well said by Greg and Tom. But as you well know, with our company, either way, it's obviously a concern with the longer-term fuel prices and miles driven. But some of the years we've had that pressure are the years that we all face that, us and our competitors, the small competitors and the large competitors.

布萊恩，我是布萊德。我唯一想補充的是，格雷格和湯姆說得很好。但你也知道，對我們公司來說，無論如何，長期燃油價格和行駛里程顯然都是我們關注的問題。但有些年份，我們和所有競爭對手，包括小型競爭對手和大型競爭對手，都面臨同樣的壓力。

And so just operationally, as you know, like we always talk, we don't operationally, our teams aren't out there talking about gas prices or weather and things like that, they're out there trying to figure out how to take market share. And some of the times that we've had some of those headwinds over the years we felt like we took the most share. So that's how we're looking at it.

所以，正如你所知，在營運層面，我們不會像你常說的那樣，在營運層面上，我們的團隊不會去討論油價或天氣之類的事情，他們只會努力想辦法搶佔市場份額。這些年來，我們遇到過一些不利因素，但我們感覺反而搶佔了最大的市場份額。這就是我們看待這個問題的方式。

That's all really helpful. I appreciate it. And then my follow-up question, and I think this is a question I've asked a lot in the prior calls, too. But just with regard to inflation and in product price inflation, are you seeing yet any indications of demand destruction as the cost of your products have started to rise, or continue to rise?

這些都很有幫助，非常感謝。接下來我想問一個問題，這個問題我在之前的電話會議中也問過很多次了。關於通貨膨脹和產品價格上漲，隨著產品成本開始上漲或持續上漲，您是否已經看到任何需求萎縮的跡象？

Yes, Brian, we're watching that really closely. We look at our product in a good, better, best category mix. And we have not seen evidence thus far of any trade down or any significant trade down.

是的，布萊恩，我們正在密切關注這一點。我們會將我們的產品置於「好」、「更好」、「最佳」這三個類別中進行評估。到目前為止，我們還沒有發現任何降級或顯著降級的跡象。

What we have seen is more of a supply chain issue than a pricing issue where some of our customers have been willing to trade from branded to proprietary or proprietary to branded, or up and down the value spectrum as needed when we don't have maybe exactly the brand of oil they want and stock at that time, they'll trade across brands or trade up and down. But from a price inflation standpoint, we've seen no evidence of consumers trading down.

我們看到的更多是供應鏈問題而非價格問題。有些顧客願意根據需要，在品牌油和自有品牌油之間進行轉換，或在不同的價位區間內上下浮動。例如，當我們暫時沒有他們想要的品牌油時，他們會選擇不同品牌的油來轉換。但從價格上漲的角度來看，我們沒有看到任何消費者降價購買的跡象。

Congrats again.

再次恭喜。

Our next question on line comes from Bret Jordan from Jefferies.

下一個線上提問者是來自傑富瑞集團的布雷特喬丹。

Could you talk a little bit more about Mexico now that you're putting a DC in down there, maybe what you see as a potential, eventual store count. And if the profit model down there is meaningfully different than what you see in the U.S?

既然你們要在墨西哥設立配送中心，能否再詳細談談墨西哥市場？例如你們預計最終的門市數量是多少？墨西哥的獲利模式與美國相比是否有顯著差異？

Sure. So we're slow to announce some things, and we wanted to wait until the DC was underway and the contracts were signed and everything before we talked about that publicly, Bret. But we're happy with our progress we're making in Mexico. We're opening stores, albeit at a slow pace.

當然。我們有些事情比較慢，不想操之過急。布雷特，我們想等到配送中心開工、合約簽署完畢等等所有手續都辦妥之後，再公開談論這些。不過，我們對在墨西哥的進展感到滿意。我們正在開店，雖然速度比較慢。

Our strategy in Mexico is similar to our strategy here in the U.S. We want to make sure we've got the supply chain infrastructure in place before we really ramp up our store growth at a more aggressive pace because we want that customer experience to be what it's going to be long term, and we want that service level from our DC, for our professional customers, to be at the very highest level from day 1.

我們在墨西哥的策略與我們在美國的策略類似。我們希望確保供應鏈基礎設施到位，然後再以更積極的步伐真正加快門市擴張，因為我們希望客戶體驗能夠長期保持穩定，並且我們希望從第一天起，我們配送中心為專業客戶提供的服務水平就能達到最高水平。

So we're growing the market incrementally. You won't see the O'Reilly brand down in Mexico right now. You will still see Mayasa, Orma, and that's part of our strategy. We'll transition that over time. But the first step is to get the distribution center open. As Brad said, that will happen in the first half of next year. And then we would plan to ramp up our growth -- our store count growth in Mexico. And as we grow, consider additional distribution centers at that time.

所以我們正在逐步拓展市場。目前在墨西哥你還看不到O'Reilly品牌。你仍然會看到Mayasa和Orma，這是我們策略的一部分。我們會逐步過渡。但第一步是開設配送中心。正如Brad所說，這將在明年上半年實現。之後，我們將計劃加快成長——增加在墨西哥的門市數量。隨著業務的成長，屆時我們會考慮增設配送中心。

As far as capacity, one of our major competitors has over 600 stores down there. And we feel like there's a pretty big opportunity to grow our store count somewhere in that range in Mexico as well.

就產能而言，我們的一個主要競爭對手在墨西哥擁有超過600家門市。我們覺得在墨西哥，我們也有很大的機會將門市數量擴展到類似的規模。

Okay, great. And then on the pricing actions, it was hard to find a lot of disruption in the first quarter around that strategy. Could you talk about maybe how broadly it's been rolled out, maybe as a percentage of SKUs? Is it all behind the counter? And is it pretty much done? Are there other areas you're going to address pricing? Or is what you announced on the fourth quarter pretty much in place now?

好的，太好了。關於定價策略，第一季似乎並沒有太大的變化。您能否談談這項策略的推廣範圍，例如涵蓋了多少SKU？是否所有產品都已調整？是否已經基本完成？您是否還會針對其他領域的定價進行調整？或者說，您在第四季宣布的策略現在已經基本落實到位了？

Brad, do you want to take that one?

布拉德，你想接那個嗎？

Yes. Bret, I'll be glad to talk to that and try to answer your question the best I can. Look, we're a couple of months into this, Bret, as you know. As we said earlier, we did complete what we're going to do in February, and that was completely rolled out to our entire organization.

是的，布雷特，我很樂意和你談談，並盡我所能回答你的問題。布雷特，你也知道，這件事已經進行了好幾個月了。正如我們之前所說，我們已經完成了二月要做的事情，並且已經全面推廣到我們整個組織。

As you know, on the installer side, the professional side of the business, it's a far majority backroom hard parts to your question. So that would be a yes overall on your question there. What I kind of want to just go back to that we talked about last quarter when we did this, Bret, is this is an absolute long-term play. It's a share gain play. It's something that we tested out extremely thoroughly, really throughout the entire year last year.

如您所知，就安裝人員而言，也就是業務的專業方面，絕大多數都是幕後繁瑣的工作，這與您的問題關係不大。所以，從整體來說，答案是肯定的。布雷特，我想回到我們上個季度討論過的內容，這絕對是一項長期投資，旨在提升市場份額。我們去年全年都對此進行了非常徹底的測試。

We tested our test -- tested our tests, and we used a lot of science, a lot of data. We used isolated markets. We used markets, metro markets, rural markets, and this was all about something that we felt like would absolutely be a share play, and especially a unit growth and gross margin dollar growth strategy over time.

我們反覆測試我們的測試——反覆測試我們的測試，我們運用了大量的科學方法和數據。我們選取了獨立的市場，包括都市市場和鄉村市場，這一切都是為了實現我們認為絕對能帶來市場佔有率成長，尤其是長期來看能夠實現銷售成長和毛利率成長的策略。

As you well know, Bret, the way that our installers and professional customers, whether it be independent garage or a national or regional account, they make their buying decisions based upon the overall value proposition, and us building our business, especially our professional business, which is how we founded our company on the professional customer, pricing is on down the list. It's critically important to have the right price, but all that falls behind.

布雷特，你很清楚，我們的安裝人員和專業客戶，無論是獨立維修廠還是全國或區域性客戶，他們的購買決策都基於整體價值主張。而我們公司正是以服務專業客戶為核心來發展業務的，因此價格並不是我們考慮的重點。當然，合適的價格至關重要，但價格並非首要考慮因素。

Getting a car off the rack every day for those shops, then buying from somebody they know and trust the overall service and value proposition. And honestly, as an operator, I would just tell you that I feel even better about it as I did 60 days ago. The more we've moved on and seen the confidence in the team and what we're hearing from our existing customers and the future customers, potential customers that we're calling on, they feel really good about everything we're doing.

每天從這些商店的貨架上取下一輛車，然後從他們認識且信任的商家那裡購買，這能提升整體服務和價值主張。說實話，身為一個經營者，我感覺比60天前更好了。隨著我們不斷推進，我們看到了團隊的信心，也聽到了現有客戶和潛在客戶的回饋，他們對我們所做的一切都非常滿意。

And lastly, I'd just remind you that what we did with pricing, we're still at a premium like we said earlier. We don't want to be the cheapest. That's not a winning strategy for us. We don't feel that's a winning strategy in the professional business. And so we really didn't expect to see any reaction from our big public competitors nor the independents. So that doesn't surprise us that we're not seeing a lot.

最後，我想再次提醒各位，正如我們之前所說，我們的定價策略仍然是高價位。我們不想成為最便宜的，那不是我們的致勝之道，我們認為在專業領域，低價策略行不通。因此，我們並沒有預料到大型上市競爭對手或獨立機構會對此做出任何反應。所以，目前沒有太多反響，我們並不感到意外。

It was very rifle approach. I think Greg said that earlier. It was very targeted to the SKUs we felt like would not only give us a shot at moving more units with the discounted items, but the overall basket and the entire delivery with an entire job.

這完全是步槍式的策略。我想格雷格之前也說過。我們將重點放在那些我們認為不僅能透過折扣商品提高銷量，還能提升整體銷售額和整個訂單交付量的產品。

Yes. And Bret, to add one more comment to that, is our pricing team continues to do what they do day in and day out, and that's monitor, make sure we're competitive in all of our markets. And we talk about the price decreases we made on the professional side, but keep in mind that's offset. We're looking for opportunities to increase prices as well as decrease our prices, and our pricing team will continue on that effort.

是的。布雷特，我還要補充一點，我們的定價團隊一直在兢兢業業地工作，那就是監控並確保我們在所有市場都保持競爭力。我們談到了專業產品價格的下調，但請記住，這只是部分調整。我們既在尋找漲價的機會，也在尋找降價的機會，我們的定價團隊將繼續努力。

Our next question on line comes from Seth Basham from Wedbush Securities.

我們下一個線上提問者是來自 Wedbush Securities 的 Seth Basham。

Congrats Jeremy and Tom on your new roles. My question is around inflation. First, just in terms of LIFO, Tom, you mentioned no major impacts despite higher inflation. Can you walk us through why you're not seeing any significant change to your LIFO forecast despite higher-than-expected inflation?

恭喜傑瑞米和湯姆榮升新職。我的問題是關於通貨膨脹的。首先，就後進先出法（LIFO）而言，湯姆，你提到儘管通貨膨脹加劇，但並未受到重大影響。你能解釋為什麼在通膨高於預期的情況下，你認為後進先出法的預測沒有任何顯著變化嗎？

Well, now that we're in a typical LIFO accounting last in, first out. So as we add layers, we're running the cost of goods from the late last purchases through, and we don't have a debit balance to run off anymore.

現在我們採用的是典型的後進先出（LIFO）會計方法。隨著層級的增加，我們把最後一批採購的商品成本也算進去，所以不再有借方餘額需要結轉了。

Got it, okay. And then secondly, as it relates to inflation impact on DIY comps. For the balance of the year, you expect higher inflation to offset lower transactions, such that DIY comp outlook for the second to fourth quarter is unchanged from what you communicated in February?

明白了，好的。其次，關於通膨對DIY市場的影響。您預計今年剩餘時間裡，更高的通膨將抵銷交易量的下降，因此，您對第二季至第四季DIY市場前景的展望與您在2月所表達的相同嗎？

We expect to continue to benefit from average ticket on the DIY side of the business. And based on the incredible growth of DIY traffic over the last 2 years to have some pressure there.

我們預期DIY業務的平均客單價將持續成長。但鑑於過去兩年DIY流量的驚人成長，這部分業務也面臨一定的壓力。

Got it. And you're expecting additional pressure because of the inflation in terms of transaction counts or not necessarily?

明白了。您認為通膨會對交易量帶來額外的壓力嗎？還是不一定？

Our expectations from the beginning of the year and currently, continue to be that we're going to have some pressure on DIY tickets because of the extraordinary growth over the last 2 years.

從年初到現在，我們的預期仍然是，由於過去兩年來的驚人增長，DIY門票將面臨一些壓力。

Our next question on line comes from Simeon Gutman from Morgan Stanley.

下一個線上提問者是摩根士丹利的西蒙古特曼。

Congratulations, Jeremy, Tom. My first question, it's been asked. I'm not sure if this is an area we're going to speak to. Can you -- the markets in which weather has been more favorable, at least in the first quarter, nothing to do with April. Is the business performing the way you'd expect or better? Is there any commentary you can provide there to build the confidence that when the weather normalizes, we'll see the business come back everywhere?

恭喜傑瑞米和湯姆。我的第一個問題之前有人問過。我不確定我們是否會討論這個主題。你們能否談談－至少在第一季度，天氣比較有利的市場（與四月無關）的業務表現是否符合預期，甚至更好？你們能否提供一些評論，以增強大家對天氣恢復正常後業務全面復甦的信心？

Brad, do you want to take that?

布拉德，你想接嗎？

Simeon, as you know, it's a fine line between the weather that hurts and the weather that helps, especially the long term. We're calling out weather so much because we do feel like it's really impacted our DIY business, so much more than the DIFM business.

西蒙，你也知道，天氣好壞之間的界線很模糊，尤其從長遠來看更是如此。我們之所以如此強調天氣，是因為我們確實覺得它對我們的DIY業務影響巨大，遠大於DIFM業務。

When you look at the first quarter of 2022, we did have some markets that are used to the winter weather, so to speak, that when they got it, it was a little bit of difference in between what we are seeing in other markets. But when you look at our plan, by region, by division and the 2-year stack, our performance, you didn't see the big weather swings from region to region.

回顧2022年第一季度，我們發現有些市場由於比較適應冬季氣候，因此在冬季來臨時，其表現與其他市場略有不同。但從我們按地區、按部門以及兩年規劃來看，我們的業績並沒有出現明顯的地區間氣候差異。

Really, what we were seeing that kind of washed out by the end of the quarter, Simeon, is -- it wasn't like markets were off due to weather from month-to-month. It was more kind of a day-to-day, week-to-week thing. You would see a market that had unfavorable, kind of lack of that spring weather we talked about over a weekend, and they bounce right back the next weekend and vice versa.

西蒙，實際上，我們在季度末看到的現象——並非是市場每月都受到天氣影響而波動——而是更偏向於每日、每週的波動。你會看到，某個市場可能因為週末缺乏我們之前提到的那種春季天氣而出現不利波動，但到了下一個週末，市場就會迅速反彈，反之亦然。

So not a lot of regional differences. A little bit of difference in the first quarter. But again, when you look at the 2-year stack and we look at our plan by region and division, very, very consistent.

所以區域差異不大。第一季略有不同。但話說回來，當我們審視兩年的發展規劃，並按地區和部門查看我們的計劃時，就會發現它們非常非常一致。

Okay. That's helpful. And then the follow-up is looking back at the volume that the business has gained over the last 2 years and what's lapping underneath the comparison, there's probably been some discretionary business that happened when people were staying home, and I know there's no crystal ball to measure that.

好的，這很有幫助。接下來需要回顧過去兩年公司業務量的成長情況，以及在比較過程中可能存在的重疊因素，例如人們居家隔離期間可能出現了一些非必需消費，我知道這無法預測。

But it seems like in the conference call script today, you talked about some of these risks a little bit more than maybe even the last quarter. Is that fair? Are you questioning, do we really know what's in there, what's reversion versus weather, gas prices, et cetera? It's really just testing the confidence that the business reaccelerates from here.

但似乎在今天的電話會議記錄中，您談到這些風險的次數比上個季度要多一些。這樣說對嗎？您是在質疑我們是否真的了解這些風險，哪些是市場回暖，哪些是天氣、油價等等因素造成的？這其實只是在檢驗我們對公司業務能否從目前狀況重新加速成長的信心。

Yes. Simeon, we remain bullish both on the industry and on our company performance. Our DIFM business has been strong, and we expect it to be strong for the balance of the year. The uncertainty is around the DIY consumer. And we're still very optimistic there, but there's just -- when you look at fuel prices and you look at some of the headwinds that we talked about in our prepared comments, we just wanted to make sure that we acknowledged the risk for the balance of the year.

是的，西蒙，我們對整個產業以及公司業績依然充滿信心。我們的DIFM業務一直表現強勁，預計今年剩餘時間也將保持強勁勢頭。不確定因素主要集中在DIY消費者身上。我們仍然非常樂觀，但考慮到燃油價格以及我們在事先準備好的評論中提到的一些不利因素，我們希望確保已經充分認識到今年剩餘時間存在的風險。

We're still bullish. We still feel good. There's a lot of positives that will impact our DIY consumer. They're driving their vehicles, more miles, they're keeping them longer. There's a lack of new car inventory. So there's puts and takes in this. But we're not trying to be negative, we're just trying to acknowledge that there are some headwinds potentially.

我們依然看好市場，依然充滿信心。有許多利多因素將對我們的DIY消費者產生影響。他們駕駛車輛的里程數更高，車輛使用時間也更長。新車庫存不足。所以，市場有利有弊。但我們並非想唱衰，只是想指出可能存在一些不利因素。

Our next question online comes from Scot Ciccarelli from Truist.

我們下一個線上提問來自 Truist 的 Scot Ciccarelli。

So did your commercial sales actually accelerate during the quarter as you made your pricing investments because you said it was having the desired effect?

那麼，正如你所說，隨著你在定價方面的投入，你的商業銷售是否真的在本季加速成長了？

What we would say -- last year, there was volatility in the quarterly numbers because of the stimulus. What we would say is versus our expectation the professional business performed better at the end of the quarter versus our expectations in the beginning of the quarter.

我們想說的是──去年，由於刺激政策的影響，季度數據出現了波動。我們想說的是，與我們的預期相比，專業業務在季度末的表現優於季度初的預期。

Roger that. And then just a quick follow-up, just wanted to clarify, did you guys make any price investments in the DIY side? Or was it all concentrated on the Pro side?

收到。還有一個後續問題想確認一下，你們在DIY方面有投入成本嗎？還是所有成本都集中在專業版方面了？

The DIY side of the business is much easier to monitor pricing in the industry. And we always have and always will continue to make sure we're competitive on that side of our business. So DIY side is ongoing price adjustments, both up and down to ensure our competitiveness. On the DIFM side, it's a little tougher, and we took a more aggressive approach on the DIFM side this year.

DIY業務的價格更容易監控。我們一直並將持續確保DIY業務的價格競爭力。因此，我們會持續調整DIY業務的價格，包括上調和下調，以確保我們的競爭力。而DIFM業務的價格則更具挑戰性，今年我們在DIFM業務方面採取了更積極的策略。

Okay. So just so everyone is clear, your actual, let's call it, more aggressiveness on the pricing side was really focused on the Pro and the DIY, you're always kind of pricing against the market.

好的。為了讓大家清楚，你們在定價方面真正採取的，我們姑且稱之為更激進的策略，主要集中在專業版和DIY版上，你們的定價始終是在與市場競爭。

That's correct.

沒錯。

Yes, that's correct.

是的，沒錯。

And we have reached our allotted time for questions. I will now turn the call back over to Mr. Greg Johnson for closing remarks.

我們的提問時間已經到了。現在我將把電話交還給格雷格·約翰遜先生，請他作總結發言。

Thank you, Richard. We'd like to conclude our call today by thanking the entire O'Reilly team for your continued hard work in delivering yet another solid quarter. I'd like to thank everyone for joining our call today, and we look forward to reporting our second quarter results in July. Thank you.

謝謝理查德。今天電話會議的最後，我們要感謝奧萊利團隊全體成員的辛勤付出，感謝你們又一次取得了穩健的季度業績。感謝各位今天參加我們的電話會議，我們期待在七月公佈第二季業績。謝謝。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝各位。今天的會議到此結束。感謝各位的參與。現在可以斷開連線了。