Welcome to the O'Reilly Automotive Inc. Third Quarter Earnings Conference Call. My name is Ellen, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded. I would now turn the call over to Mr. Tom McFall. Mr. McFall, you may begin.

Thank you, Ellen. Good morning, everyone, and thank you for joining us. During today's conference call, we'll discuss our third quarter 2014 results, our outlook for the remainder of the year, and after our prepared comments, we'll host a question-and-answer period. 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 expect, believe, anticipate, should, plan, intend, estimate, project, will or similar words. The company's actual results could differ materially from any forward-looking statements due to several important factors described in the company's latest annual report on Form 10-K for the year ended December 31, 2013 and other recent SEC filings. The company assumes no obligation to update any forward-looking statements made during this call. At this time, I'd like to introduce Greg Henslee.

Thanks, Tom. Good morning, everyone, and welcome to the O'Reilly Auto Parts Third Quarter Conference Call. Participating on the call with me this morning is, of course, Tom McFall, our Chief Financial Officer; and Jeff Shaw, our Executive Vice President of Store Operations and Sales. David O'Reilly, our Executive Chairman, is also present. Once again, I would like to begin our call today by congratulating Team O'Reilly on another great quarter. Our team's relentless commitment to providing consistent, excellent customer service every day continues to drive our record-breaking results, and allows us to profitably grow market share. And I would like to take this opportunity to thank each of our Team Members for their hard work and their dedication to our company's long-term success. As you listen to today's conference call, I think you'll find that it sounds very similar to our second quarter call as we, again, exceeded our guidance and posted extremely good results. As we saw last quarter, the wear and tear on vehicles caused by the harsh winter continued to contribute to demand for our products and helped us exceed the top end of our 3% to 5% third quarter comparable store sales guidance with a very robust 6.2% increase. And these impressive results were on top of a solid 4.6% comparable store sales increase for the third quarter of 2013. Total sales for the quarter increased 8.6% to $1.9 billion, and we are especially proud of our team's ability to robustly grow sales profitably, evidenced by our 18.3% third quarter operating margin, which is a 94-basis-point increase over the third quarter of 2013. Our team's commitment to consistent, excellent customer service over the long term delivered EPS growth of 22% for the quarter, which represents the 23rd consecutive quarter earnings per share growth and has…

Thanks, Greg, and good morning, everyone. I'll begin today by echoing Greg's comments and expressing my sincere appreciation to Team O'Reilly for another incredible quarter. Our industry-leading 6.2% comparable store sales results for the third quarter and our year-to-date 5.9% comparable store sales results couldn't have been accomplished and wouldn't be possible without the dedication of all of our Team Members working together each day to provide consistent top-notch customer service. It takes all of our store, DC and corporate Team Members' relentless focus on outhustling and outservicing our competitors to achieve this level of market share gains, and for that and so much more, I thank you. I'll now take a few minutes to add some color to our operational results for the third quarter including the progress of our distribution expansion activities and our new store expansion. SG&A levered 22 basis points for the third quarter due to our strong comp performance. Average SG&A per store increased 3.5%. Similar to our second quarter, the increase in average SG&A per store for the third quarter was higher than we expected and was driven by higher-than-expected litigation in Team Member cost. We continue to work hard at limiting our exposure to litigation costs especially as it relates to the more highly regulated markets where we operate. However, during the third quarter, we again experienced some negative outcomes on certain litigation that is inherent to the normal course of our business. On the Team Member cost front, we've always managed these costs at a granular level. Our operations groups, both stores and DCs are passionately focused on ensuring our store staffing levels are appropriate to control costs, while at the same time providing consistent top-notch customer service that allows us to profitably grow our business. As I mentioned in the past,…

Thanks, Jeff. I'd also like to begin today by thanking Team O'Reilly for your continued dedication to excellent customer service, which drove our outstanding third quarter performance. Now we'll take a closer look at our results and provide updates to our guidance. Comparable store sales for the third quarter increased 6.2%, which exceeded our guidance of 3% to 5% as we benefited from continued strong demand in hard part undercar categories. For the quarter, sales increased to $149 million, comprised of $105 million increase in comp store sales; a $43 million increase in noncomp store sales; a $2 million increase in comp -- excuse me, $2 million increase in noncomp nonstore sales; and a $1 million decrease in closed stores. This strong sales performance, combined with solid expense control, resulted in a 22% increase in diluted earnings per share to $2.06, which exceeded the top end of our third quarter guidance range by $0.11. Now I'd like to update you on gross margin in the impact LIFO accounting had on our margins. As we discussed in the last several calls, our success at reducing our acquisition costs over time has exhausted our LIFO reserve, with the result that additional cost decreases create one-time noncash headwinds to gross margin as we adjusted our existing inventory on hand that will lower cumulative acquisition cost. During the third quarter, our gross margin of 51.6% included a LIFO headwind of $6 million, which was slightly higher than we projected going into the quarter, but still within our expectations as we continue to be successful in reducing acquisition costs. Looking forward to the fourth quarter, we would continue to expect to see some LIFO headwinds. However, year-over-year comparison to the fourth quarter of 2013 benefits significantly from calendaring the $14 million LIFO impact we saw…

[Operator Instructions] Our first question is from Chris Horvers with the JPMorgan. Christopher Horvers - JP Morgan Chase & Co, Research Division: On the polar vortex and the cadence of the quarter, can you talk about how that's played out throughout the year? I -- it seems like there's a big DIY lift in its transition to the commercial side. But has any of that faded? And did any of that contribute to the cadence of the sale during the quarter?

Well, Chris, it's really hard to know. We -- we're -- when we opened our stores every day, we're out building demand by calling on customers, and we're waiting for demand for DIY customers who walk in our store driven by marketing and advertising, to some degree. The best way for us to look at it is just the types of sales we make, what products are selling best and those kinds of things. And I can tell you that many of our hard parts categories, many of which would be subject to the extreme winter that we had, undercar parts, ride control, chassis, brake parts, to some degree, that those categories done well. At the same time, some of our maintenance categories, motor oils, filters, stuff like that, where people are just maintaining their cars, they did well also. So it's really a hard thing to quantify. The vehicle population continues to age, so we're at record levels now. So it's a little bit of an unknown as to what types of parts will have the most demand as vehicles go through their second round of major maintenance or third round of major maintenance or whatever it is, but we know it has some positive effect. It's just hard for us to quantify. Christopher Horvers - JP Morgan Chase & Co, Research Division: So it's not as if you could say there was really much of a fading that has -- that occurred during the past few months?

We would not be able to say that. As I would -- it would be really be hard for us to say that a big portion of the improvement in business we've seen this year is related to that. We just speculate that based on the types of sales we make and the sales that we make by category. Christopher Horvers - JP Morgan Chase & Co, Research Division: Interesting. And then, Tom, I was curious. It doesn't look like -- well, you didn't take out any debt through the third quarter. Historically, you've -- in the past couple of years, you've taken out debt in the third quarter. How do you think about the need to add leverage in the fourth quarter to execute the buyback?

Well, we still have quite a bit of cash on hand. As we talked about in our comments, our AP to inventory ratio has exceeded our expectations this year, and our goal is to run with minimal cash on the balance sheet. We continue to deploy that cash against new DCs and new stores and to the expense we have extra to buy back shares in a prudent manner. So until we have used up the cash in our balance sheet, I would expect us not to look to add more leverages. We don't want to pay for the negative carry cost.

The next question is from Scot Ciccarelli with RBC Capital Markets.

A lot of retailers have to make a trade-off between gross margin and payable terms, and yet you guys have been able to post pretty consistent improvements in product procurement costs for the last few years, and obviously, as we've talked about the improvement we've seen in payable to inventory ratios. What's the right way to think about your vendor negotiations going forward on both of these fronts? And is there a preference on your part to focus on more on one side of the ledger than the other?

Well, we focus on both. Of course, payable terms has been a significant initiative of ours over the past 5 years or so, especially post-CSK. But at the same time, as our company grew as much as it did with the CSK acquisition, we expect it to be looked at a little bit differently by some of our suppliers. We're very fortunate to be a company that has strong partnerships with many of our best suppliers, and I feel like, and I hope, that we're a preferred customer for those suppliers. And I think for that reason, we're in a good position to negotiate well on both fronts. In a rising interest rate environment, of course, that changes suppliers' cost when it comes to doing business with us, if they're making their money on a factoring program, and if we're ever in that environment, then we'll, of course, weigh that in those negotiations. But right now, I would say we weigh both as important factors. And with each vendor, it's a different type of negotiation, but we don't really lean one way or the other right now.

Okay. And yet, Greg, you mentioned, if we do get in a rising interest rate environment, there might be more of a focus on the gross margin side rather than the payable. That would be the trade-off you'd be looking for?

Tom, do you have any comments on that?

When we look at a rising interest rate environment, that's the same for everyone, but to the extent that, that happens, we look at vendor supply financing. It's really that incremental rate and access to capital earlier. To the extent that interest rates go up, we would expect to see inflation in the acquisition cost and the retail cost of our items. So really, when we look at vendor financing, it's centered around what's that incremental spread over LIBOR.

The next question is from Gary Balter with Crédit Suisse. Gary Balter - Crédit Suisse AG, Research Division: This is probably more for Jeff, and if not -- you talked about all the DCs and their opening, how well Florida is doing, Boston, Chicago, et cetera. The other companies that you look at whether it's advanced with WORLDPAC and now AutoZone with their acquisition of what I'll call WORLDPAC mini, because I forgot the name, they're doing those separately, and you guys have a pretty big international program going on. Is that all flowing through your DC? And is that being treated? Is there a separate sales force or anything separate in your international efforts? Or is that all part of the overall O'Reilly experience?

No, no, no. It's a -- it's all ran through O'Reilly which is O'Reilly sales force and O'Reilly stores.

Yes, Gary, the kind of the -- the kind of way we look at this is that -- and we've looked at it for -- this way for a long time, even back in my young days with the company, one of the first positions I came in to, when I came to the corporate office, it was in our inventory management department. We have always looked at the parts that we deploy in our stores and our distribution centers based on the vehicles that are being driven in each market. And I think we were one of the first adapters of using vehicle population as a means of deploying inventory. So as import cars have become more prevalent, we have focused our efforts on making sure that we have the parts that -- if the cars are being driven, and to the extent that there's a brand or product-type preference by the individuals that are using those parts, we make sure that the products that we carry are appropriate. And that's why our -- the private label line that we now have, that covers more of the international car part, is -- has done as well as it has, and we'll continue to expand that. And because we have such a strong distribution network and because we've kind of always have done it this way, our sales team is just kind of geared to speak to both a specialist on import cars, a specialist on domestic cars, and really, today, they're more mixed than ever. Although there is a population of shops who specialize in import cars that sometimes like to use more OE-type parts, and we're gearing our import direct line to better fit those types of shops.

The next question is from Simeon Gutman with Morgan Stanley.

First, Greg, on the top line, which has been strong for a while and I think surprised people even this quarter, can you talk -- can we try to, I don't know, parse out what you think is really driving it? You mentioned undercar. Can you give us a sense of what the average price points for -- on undercar parts or repairs look like? Are you selling more items per basket? We've talked about loyalty program. Is that making a difference? Is your in-stock level different? I'm sure it's a host of a lot of these things, but if there's anything to pinpoint, I'd appreciate it.

Yes. It's the sum of all the things you mentioned. Our -- the number of items per ticket, we've not seen a significant swing in that. Probably what I would lean on most is what I said on my prepared comments, and that is that as we continue to see a vehicle population that is a little more complex, uses more technology, the vehicle repairs cost a little more. And while the -- on a SKU-by-SKU basis, we don't see inflation in what are part cost this year versus what it cost last year and what it sells for, we are seeing the demand for parts that cost a little more, be a little higher in these undercar repairs that are typically the result of both higher-mileage vehicles and also vehicles that have weathered a rough winter at these higher mileages. Those are good drivers of ticket average, and we continue to see a little uptick in our ticket average. Of course, the do-it-for-me side of the business is a higher ticket average than the DIY side of our business, primarily for that reason because most of those repairs are not light repairs. They're repairs that are more heavy repairs, and the DIY customers tend to focus on repairs that are typically more light-type repairs.

My follow-up is on gas prices. We know that they go down. They should be good, but I think -- and I forgot if it was you or Tom mentioned in the remarks that we're not that different from a year ago. But what about gas prices that coincide or lower gas prices that just happen to coincide with the holiday period? If you look back at fourth quarters, does it tend to have a more diluted impact because there's other discretionary dollars moving around and maybe we'll see some deferral till next year? Or does that -- does holiday period not matter? It's more about what that customer can buy today.

I'll let Tom make a comment on that.

What we see in the fourth quarter is it's our most valid total quarter. It's the most weather-susceptible. People are making the choice to spend their dollars on holidays, and to the extent that they can defer maintenance, they will. Luckily, for us, it's also the lowest volume quarter on a daily basis. So although it's great to have lower gas prices than we had in the third quarter, we wouldn't expect in this quarter to have a huge impact. To the extent that they stay around this number for multiple quarters, we would expect to see a year-over-year advantage in 2015.

The next question is from Mike Baker with Deutsche Bank.

I wanted to ask 2 questions. One, just on your loyalty card. Can you update us there? How's the penetration? Is it growing year-over-year? And what do you expect going forward? And then secondly, just in general, some industry data that comes out and some of your competitors seem to have softened a little bit this quarter. You guys were better. To me, that's clearly market share gains. But could you just address that? How much of your comp acceleration this quarter do you think is due to external factors? And how much do you think is market share gains? If there's any way you can parse that out.

On our loyalty program, we continue to be very happy with it. It's based on the analysis that we do. Those customers are very loyal customers. They -- their ticket average is higher, and so we're very happy with those customers. We think -- I haven't got an update in a couple of weeks, but I think we're probably around 9 million customers that are signed up for that program now and actively using it. So we're very pleased with it, and I would say that it's a contributor to our DIY business' growth. On the -- whether the -- our results or the results of just the industry dynamics or the market share gains, I'd say it's a little bit of both. It's really hard to speak to why our comps are better than some of our competitors, but I would say that we worked hard to make that happen. It's kind of -- every day when Jeff and his guys are out on a street, making sales calls and we're competing with all the guys that we compete with, we very respectfully try to get a little more market than they do. So to the degree that we're successful at that, we're very happy with that, but I think at the same time, feel like we're in a very solid industry, one that is growing at a steady pace, and one that offers all of us good opportunity to grow our business. And just like they are, we're out there every day trying to take as much market share as we can. And we're very fortunate to have -- had the success that we've had.

The next question is from Daniel Hofkin with William Blair & Company. Daniel Hofkin - William Blair & Company L.L.C., Research Division: Just wanted to follow up a little bit on the DIY. And I guess, in addition to loyalty, any -- maybe you could sort of rank orders the things that you think have been most impactful on your DIY business, which seems to be outperforming category, the DIY segment, in general, in particular, the last couple of years. Just wondering is it loyalty, is it some of your POS initiatives, some of the store labor, bilingual initiatives? Just what you think has been most impactful so far, and how sustainable you think that is the next year or 2.

Well, the thing I think is the biggest driver of our DIY success, I feel like, it's very sustainable because it is our people and it's the service that we provide. And it's been the initiatives that we've put in place over the last 2 or 3 years to be a little more aggressive when it comes to the light services that we provide for our DIY customers that walk in our stores. As we've talked about in the past, we've always been very careful not to intrude on the businesses for our most important customers, which are our professional customers. But as we realized that many DIY customers or these light jobs that they're going to do, like a battery or wiper blades or a tail light bulb or something like that, that they're simply not going to take their vehicles to a shop to do those things. And that some of our competitors were quickly providing those services in their parking lot, and we decided that -- let's do some of those things, too. And I think that to the degree that we have very, very good and knowledgeable professional parts people on our stores, we're pretty good at that stuff. And as we've kind of allowed them to be a little more focused on those kinds of services, it's played out very well for us in the DIY growth side. So I would say that service, #1; I'd say product availability, I put that right there, 2. Our distribution network and our hub store network and the number of drops in stores in metro areas get each day from either a hub store or a distribution center is very powerful. If you're a DIY customer and you walk into one of our stores, and we don't have something in our 24,000 SKUs mix at an average store to have double or 3x those SKUs available in our hub store, and 5x, 6x, 7x those SKUs available from a distribution center is a big deal. Having the parts sometimes makes all the difference, and being able to get it to the customers' hand the quickest makes a lot of difference. And I'd say those things would be what I would -- they're the most important. Daniel Hofkin - William Blair & Company L.L.C., Research Division: Okay, great. And then I just have a quick follow-up. Could you -- you made a comment, I think, during your prepared remarks about the cadence. Could you just repeat that a little bit, the cadence kind of as the quarter progressed and where that -- if there was a change in that, where -- if it was more pronounced in DIFM or DIY?

Both DIY and DIFM were pretty comparable throughout the period. The period started at just -- it was very steady week-to-week, so I don't want to make this seem as though there was any dips or soft spots because there really wasn't. But it did start out a little bit softer than when it ended. The best part of the quarter was on the end, and the weakest part was on the beginning, but the differences there were not very significant.

What I would add to that, Dan, is, in the beginning of July, we didn't see much heat in air-conditioning and air-conditioning-related products, our big seller during that period. And although the undercar business was very similar throughout the quarter and strong, that lowered temperatures, and less of that seasonal business made the beginning of July slightly softer.

The next question is from Alan Rifkin with Barclays.

A couple of times, Greg, you mentioned the outperformance of stores in the newer markets. I was wondering if you could add a little bit more color. Where exactly are you seeing the greater performances, on the DIY or the commercial side? And who do you think you're taking share from in some of those newer markets?

Well, as has historically been the case, when we open a new store, we typically perform a little better to start on the DIY side than we do the do-it-for-me side as we -- to gain credibility and just kind of establish ourselves as a worthy provider and some of our newer markets. And I'll mention the Southeast, for instance, because I'd rather not talk about all the markets that we do well in. And we think -- we focus on trying to get all of our new stores off to a good start. But in the Southeast, for instance, where we've built a really strong team of professionals that are very capable of servicing the do-it-for-me market. They know the lingo. They know the parts. Our do-it-for-me business has started off quicker in those markets than they historically have in our new stores. As far as who the market share comes from, it's everyone that's in the do-it-for-me business there, to some degree. There's no -- I don't feel like that we take business away from one competitor more than others, and many times, we don't know for sure who all a shop is buying parts from because almost never do you exclusively have all the shops' parts business. It's usually shared between multiple suppliers, to some degree. And of course, we all try to get all of their business, but that -- none of us are very successful at actually getting 100% all the time. But everyone is doing business down there. Some of our toughest competitors these days are 2-step undercar warehouses that focus just on the do-it-for-me side, have good people run their locations and have good access to inventory, good brands, high-quality products, solid pricing, all those things. So those companies are companies that we feel like we take business from, but then also the -- our publicly traded competitors who do so well, also, we feel like that in new markets, we are happy to be able to share business with them as we open a new store and establish ourselves as a worthy provider.

Okay, Greg, one more for you, if I may. You talked about the benefits of the weather, but here we are, we're really 7, 8 months removed from the end of the winter. And we're really on a cusp of a new winter first starting. Have you -- and I know you guys are pretty modest, to be fair, but have you ever seen a tail as long as what you've seen in 2014 from the weather? Is it possible that it's really not the weather helping you, but really, there are secular improvements at your stores, such that for the market share gains are permanent regardless of weather patterns?

Let me make a comment, and I'll let Tom and he'll comment, too. What I would say is that we've been through a lot of tough winters, and this is my -- I'll be here 30 years in November. And there's been a lot of hard winters, and we've had good business following those. I've never -- I don't remember a tough winter that we talked about as much as we have this year. And I'm not really sure what's driven that other than the fact that, I guess, maybe those of us that report publicly have mentioned enough times that we've drawn a lot of attention to it. What I would say is that some portion of our comp store sales results and the success that we're having is related to the fact that we've had some -- a tough winter and that helps business. I think probably a bigger driver of demand these days is just the fact that vehicles are staying on the road longer, and the good drive trains, the better bodies, the lack of rust, the better interiors make cars more comfortable and make consumers more willing to drive them at higher mileages. And I feel like that's at least as big of a contributor. But I know that the extreme weather is also a contributor, but yes, that's really about the extent of my analysis on that because we really just don't have good information to put me in a position where I could say anything different. But I think Tom might have some comments, too.

Alan, what I would comment on is, the 2014 has been a much better year than 2012. If we look back at 2012, we had a very, very mild winter. And we saw demand for -- in our industry be soft through the third quarter, so I think this is the opposite of that.

Okay. And just one last quick one for Jeff. Jeff, you mentioned that SG&A per store year-to-date is up 3.5%, but you're looking for 3% for the year, which would imply only 1% to 1.5% in Q4. Especially with Q4 being a relatively low-revenue quarter, what would be driving a pretty significant decline in SG&A spending per store in Q4?

Well, as we mentioned in the prepared comments and Greg just mentioned earlier, I mean, we've -- there's been some initiatives that we've focused on in the past 9 to 12 months, whether it'd be the retail initiatives, maybe some additional retail staffing for entitlement as well as just our -- in the investment in hub stores. I mean, we invested quite a bit of money in hub inventory. We've got to distribute that inventory. And to distribute that inventory, it takes infrastructure, material handling, trucks, staffing, to move those parts from hubs to the spoke stores, additional routes. And for the most part, we're in pretty good shape on that now going into the fourth quarter.

And just as we do every year, Alan, we expect a seasonal decline in business, and we staff our stores appropriately. During the summer time, we've been pretty aggressive making sure as Jeff said our service levels are high and that we were in the best position possible to gain market share in a relatively robust market. This -- the fact that we're in a seasonal decline now is not something that's unforeseen, and we're in the process now of gearing our stores and making sure our schedules are set to reflect a -- this expected decline in business, and that's the reason for the 3% SG&A increased forecast for the year.

The next question is from Michael Lasser with UBS.

Outside of the quarters that you were incorporating CSK, you haven't had 3 quarters in a row of SG&A per store growth north of 2.5% going back all the way since the 1990s. And now that your overall operating margin is approaching 17.5%, is it just harder to get some inherent leverage in the business? Maybe another way to say it is, are you having to invest more operating expenses in order to drive the growth?

Well, I think I would say this, Michael. You make a lot of choices in a business our size relative to what the opportunities are, kind of the way you go to market. And in this case where we are in -- we feel like in a period of a significant growth, and we're having a lot of success with some of the initiatives that we have underway now, we're putting -- trying to put ourselves in the best position possible to continue to gain market share. Could we run our stores at a lower payroll than we run it today? Yes, we could. And could we do so and generate the comp store sales that we're currently generating? I don't know. I don't think we could or we would be doing that. So to some degree, it's really our own initiatives that are driving that. But at the same time, we know we have opportunity to better manage overtime, to better manage our schedules, to optimize how we staff our stores and that we staff for the right -- for traffic on the both sides of the business at the right time and things like that. So there's always opportunity, but it's really -- there's nothing happening that we are not seeing coming and planning for. And really, what I would say is that what we're doing right now is driven by intent, and that we're -- we -- our comp store sales is driven, to some degree, by the fact that we're ratcheting up our service levels.

And that's helpful commentary and very fair. I guess my question is, do you have to make those investments in order to drive the comp today, whereas maybe 5 or 10 years ago, you didn't have to make as such intense investments because the stores were at a less maturity stage?

Yes. Well, I wouldn't say we have do. What I would say is that we're in a position where we're not comfortable not making those kinds of investments in what we view as customer service initiatives and putting our stores in the best position to provide the highest level of service. The only way you really know is to ratchet it down to see what happens, and right now, we're just in a position where we want to continue growing comp store sales at a robust rate. So we're making sure that we put ourselves in the best position to do that.

That makes sense. The other question I had is, we've heard that there's been some changes amongst your competitors and different vendors in the industry on the heels of some consolidation. Do you think that, that has, in turn, benefited you at all as some of these vendors come to you and say, you've become more important to us because we're no longer dealing with some other players in the industry?

Yes. I think that's helpful to us. As a matter of fact, there's -- I won't mention the brands, but I think I know exactly who you're bringing up -- talking about. And yes, we're pretty pleased with that. I think that -- on a couple of fronts, one, there are -- there's a lot of demand for those products, and the customers that use those products most prevalent are professional customers, so you know where they're at. We can call on them. Now, we have competitors that have those products, too, so it's -- it doesn't all come our way. You got to out and work for it and earn it. But we're also very pleased with the fact that those -- the suppliers of those products recognize us as a company that they want to represent them in marketing those products. And so that's a good feeling knowing that some of the most important brands and suppliers in the industry have chosen us, whose business model is really similar these days to some of our more retail competitors as they've made the transition towards professional, where we're very happy that they continue to rely on us as a company that can adequately represent very valuable brands that they own.

We have reached our allotted time for questions.

Okay. Thank you, Ellen. We would like to conclude our call today by thanking the entire O'Reilly Team for an outstanding quarter. Our record-breaking results are directly attributable to your continued focus on providing consistent, exceptional customer service. We're very proud of our strong year-to-date results. We remain extremely confident in our ability to continue to aggressively and profitably gain market share, and we are focused on finishing off a record-breaking year with a strong fourth quarter performance. Thanks to all of you for attending our call today, and we look forward to reporting our 2014 fourth quarter and full year results in early February. Thank you very much.

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