家得寶 (HD) 2022 Q2 法說會逐字稿

Greetings, and welcome to The Home Depot Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加家得寶（The Home Depot）2022 年第二季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

現在我很榮幸介紹本次會議主持人 Isabel Janci。請開始。

Thank you, Christine, and good morning, everyone. Welcome to Home Depot's Second Quarter 2022 Earnings Call. Joining us on our call today are Ted Decker, CEO and President; Jeff Kinnaird, Executive Vice President of Merchandising; and Richard McPhail, Executive Vice President and Chief Financial Officer. Following our prepared remarks, the call will be open for questions. Questions will be limited to analysts and investors. (Operator Instructions) If we are unable to get to your question during the call, please call our Investor Relations department at (770) 384-2387.

謝謝你，Christine，各位早安。歡迎參加家得寶 2022 年第二季財報電話會議。今天與會的有執行長兼總裁 Ted Decker；商品部執行副總裁 Jeff Kinnaird；以及執行副總裁兼財務長 Richard McPhail。在我們的準備發言之後，將開放提問。提問僅限分析師與投資人。（接線員指示）若我們在會議中未能回答您的問題，請致電投資人關係部門：(770) 384-2387。

Before I turn the call over to Ted, let me remind you that today's press release and the presentations made by our executives include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, the factors identified in the release and in our filings with the Securities and Exchange Commission.

在我把電話交給 Ted 之前，先提醒各位，今天的新聞稿以及我們高階主管的簡報內容包含《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述。這些陳述受風險與不確定性影響，可能導致實際結果與我們的預期與推估出現重大差異。這些風險與不確定性包括但不限於新聞稿及我們向美國證券交易委員會（SEC）提交文件中所列示的因素。

Today's presentations will also include certain non-GAAP measures. Reconciliation of these measures is provided on our website.

今天的簡報也將包含若干非 GAAP 衡量指標。相關調節表已於我們的網站提供。

Now let me turn the call over to Ted.

現在我把電話交給 Ted。

Thank you, Isabel, and good morning, everyone. We appreciate you joining us on our call this morning.

謝謝你，Isabel，各位早安。感謝各位今天早上加入我們的電話會議。

In the second quarter, we delivered the highest quarterly sales and earnings in our company's history. Sales for the second quarter were $43.8 billion, up 6.5% from the same period last year. Comp sales were up 5.8% from the same period last year, and our U.S. stores had positive comps of 5.4%. Diluted earnings per share were $5.05 in the second quarter, up 11.5% from $4.53 in the second quarter of last year.

第二季我們創下公司史上最高的單季銷售與獲利。第二季銷售額為 438 億美元，較去年同期成長 6.5%。同店銷售較去年同期成長 5.8%，美國門市同店銷售為正成長 5.4%。第二季稀釋後每股盈餘為 5.05 美元，較去年第二季的 4.53 美元成長 11.5%。

From a geographical perspective, each of our 19 U.S. regions delivered positive comps versus last year, while Mexico and Canada posted comps above the company average. The team has done a fantastic job serving our customers while continuing to navigate global supply chain disruptions, inflation and a tight labor market.

從地理區域來看，我們在美國的 19 個區域同店銷售皆較去年呈現正成長，而墨西哥與加拿大的同店銷售增幅高於公司平均。團隊在持續因應全球供應鏈中斷、通膨以及緊俏的勞動市場之際，仍出色地服務顧客。

Our results in the second quarter reflect continued strong demand for home improvement projects. As Jeff will detail, the business was strong across our departments. While our seasonal business posted positive comps as spring broke in the second quarter, these categories underperformed our expectations for the first half of the year. This was more than offset by strength in project-related categories that outperformed our expectations.

第二季的業績反映居家修繕專案需求持續強勁。正如 Jeff 將進一步說明，我們各部門表現皆強勁。雖然隨著春季在第二季到來，我們的季節性業務同店銷售為正成長，但這些品類在上半年低於我們的預期。不過，與專案相關的品類表現強於預期，足以抵銷上述影響。

We also saw growth with both our Pro and DIY customers in the quarter and are encouraged that project backlogs remain healthy. While the business performed very well and our consumer remained resilient through the first half of the year, we are navigating a unique environment. We can't predict how the evolving macroeconomic backdrop will impact our customer going forward. However, we continue to closely monitor elasticities and trends across our respective categories and believe we have the tools, team and the experience to effectively manage in any environment.

本季我們也看到專業客戶（Pro）與 DIY 客戶皆有成長，且我們對專案積壓量仍維持健康感到鼓舞。雖然上半年業務表現非常好、消費者也展現韌性，但我們正處於一個獨特的環境中。我們無法預測不斷演變的總體經濟背景將如何影響未來的顧客行為。然而，我們持續密切監測各品類的需求彈性與趨勢，並相信我們具備工具、團隊與經驗，能在任何環境下有效管理。

Despite near-term uncertainties, we believe that the long-term underpinnings of demand for home improvement remains strong and that we are well positioned to leverage our distinct competitive advantages to capitalize on compelling growth opportunities in our space.

儘管短期存在不確定性，我們相信居家修繕需求的長期基本面仍然強勁；同時，我們也具備良好定位，可運用我們獨特的競爭優勢，把握本產業具吸引力的成長機會。

For the Pro customer, we continue to invest in the ecosystem of capabilities, including enhanced fulfillment, more personalized online experience as well as other business management tools to drive deeper engagement with our Pro customers, and we believe our efforts are resonating. In May, we launched new capabilities on our B2B website to enhance the interconnected shopping and quoting experience for our Pros. In the past, our website was not integrated with our ordering and quoting systems so an associate could not seamlessly modify an order if a customer had questions or changes before placing the order. Our new interconnected capabilities remove friction for both Pros and associates, allowing them to collaborate on orders, both in-store and online.

針對專業客戶（Pro），我們持續投資於能力生態系，包括強化履約（fulfillment）、更個人化的線上體驗，以及其他業務管理工具，以提升與 Pro 客戶更深層的互動；我們相信這些努力正在產生共鳴。5 月，我們在 B2B 網站推出新功能，以強化 Pro 客戶的整合式購物與報價體驗。過去，我們的網站未與訂購與報價系統整合，因此在客戶下單前若有疑問或變更，門市同仁無法無縫修改訂單。我們新的互聯功能可降低 Pro 客戶與同仁的摩擦，讓他們能在門市與線上共同協作處理訂單。

Sales leveraging our digital platforms increased 12% versus the second quarter last year. We also saw record downloads, traffic and sales via our mobile app. We continue to see improved conversion rates as ongoing enhancements within our digital properties are resonating with our customers.

透過我們數位平台帶動的銷售額較去年第二季成長 12%。我們也在行動 App 上看到下載量、流量與銷售額創新高。隨著我們持續強化數位資產並獲得顧客認同，我們的轉換率也持續改善。

Our team is focused on what is most important, our associates and customers. Our merchants, store and MET teams, supplier partners and supply chain teams did an outstanding job delivering value and service to our customers throughout the quarter. Based on first half results, 100% of our stores qualified for Success Sharing, our profit-sharing program for hourly associates. I'd like to close by thanking them for their dedication and hard work.

我們的團隊專注於最重要的事：同仁與顧客。我們的採購團隊、門市與 MET 團隊、供應商夥伴以及供應鏈團隊，在整個季度為顧客提供價值與服務方面表現卓越。根據上半年業績，100% 的門市符合 Success Sharing（我們針對時薪同仁的利潤分享計畫）資格。最後，我要感謝他們的投入與辛勤付出。

With that, let me turn the call over to Jeff.

接下來我把電話交給 Jeff。

Thank you, Ted, and good morning, everyone. I want to start by also thanking all of our associates and supplier partners for their ongoing commitment to serving our customers and communities. As you heard from Ted, during the second quarter, we continued to see strong demand for home improvement projects and strong execution from our teams and supplier partners.

謝謝你，Ted，各位早安。我也想先感謝所有同仁與供應商夥伴，持續致力於服務我們的顧客與社區。正如 Ted 所說，第二季我們持續看到居家修繕專案需求強勁，且我們的團隊與供應商夥伴執行力出色。

Turning to our comp performance during the second quarter. All of our merchandising departments posted positive comps. Building materials, plumbing, millwork, paint and hardware were all above the company average. Electrical, decor and storage, kitchen and bath, outdoor garden tools, appliances, indoor garden, lumber and flooring were positive but below the company average.

接著談第二季同店表現。我們所有商品部門同店銷售皆為正成長。建材、管路（plumbing）、木作（millwork）、油漆與五金均高於公司平均。電工、裝飾與收納、廚房與衛浴、戶外園藝工具、家電、室內園藝、木材與地板則為正成長，但低於公司平均。

As you heard from Ted, while our seasonal businesses posted positive comps in the second quarter, they underperformed our expectations for the first half of the year, driven by categories like grills, fertilizers, chemicals and mowers. Keep in mind that we are up against very tough comparisons versus the last 2 years and -- in these categories when our customers focused on outdoor living and these were some of our best performing departments.

如同 Ted 提到的，雖然我們的季節性業務在第二季同店銷售為正成長，但在上半年低於我們的預期，主要受烤爐、肥料、化學品與割草機等品類影響。請注意，我們面臨過去兩年非常艱難的比較基期——在這些品類中，當時顧客聚焦戶外生活，這些部門曾是我們表現最好的部門之一。

During the second quarter, our comp average ticket increased 9%, and comp transactions decreased 3.1%. The growth in our comp average ticket was driven primarily by inflation across our product categories as well as demand for new and innovative products. On a 3-year basis, both comp average ticket and comp transactions were healthy and positive.

第二季同店平均客單價上升 9%，同店交易量下降 3.1%。同店平均客單價的成長主要由各產品品類的通膨，以及對新穎創新產品的需求所帶動。以三年為基礎來看，同店平均客單價與同店交易量皆維持健康且為正成長。

Inflation from core commodity categories negatively impacted our average ticket growth by 14 basis points during the second quarter driven primarily by lower lumber prices. Big-ticket comp transactions or those over $1,000 were up 11.6% compared to the second quarter of last year. We saw big-ticket strength across many Pro-heavy categories like pipe and fittings, gypsum and fasteners.

核心大宗商品品類的通膨在第二季使我們的平均客單價成長受到 14 個基點的不利影響，主要由木材價格走低所致。大額同店交易（即超過 1,000 美元的交易）較去年第二季成長 11.6%。我們在多個以 Pro 為主的品類中看到大額交易的強勁表現，例如管材與配件、石膏板以及緊固件。

During the second quarter, both Pro and DIY sales growth was positive with Pro outpacing DIY. We're encouraged by the continued momentum we are seeing with our Pros and they tell us their backlogs remain healthy. During the quarter, we saw a robust project demand across the business. This can be seen in the double-digit comp performance of our building materials, plumbing and millwork departments as well as in certain project-related categories like fencing, siding, conduit boxes and fittings, tubs and showers and countertops.

第二季 Pro 與 DIY 的銷售成長皆為正，其中 Pro 成長快於 DIY。對於我們在 Pro 客戶端持續看到的動能，我們感到鼓舞；他們也告訴我們其訂單積壓量仍維持健康。本季整體業務呈現強勁的專案需求，反映在建材、管路與木作部門同店表現達雙位數成長，以及某些與專案相關的品類，如圍籬、壁板、導管盒與配件、浴缸與淋浴設備以及檯面。

We continue to introduce new and innovative products aimed at simplifying the project, saving our Pros time and helping them take on more jobs. One example in building materials where we launched nationally, Henry's Tropi-Cool roof coatings. This new formula offers maximum reflectivity, helping reduce cooling costs. Henry's Tropi-Cool can be applied in any season with 100% waterproof and rain-safe within 15 minutes of application. And this product is exclusive to The Home Depot in the big-box channel.

我們持續推出新的創新產品，目標是簡化專案、為 Pro 客戶節省時間並協助他們承接更多工作。以建材為例，我們已在全國推出 Henry's Tropi-Cool 屋頂塗料。此新配方提供最高反射率，有助於降低冷房成本。Henry's Tropi-Cool 可在任何季節施工，且塗佈後 15 分鐘內即可達到 100% 防水並具備防雨效果。此外，在大型賣場（big-box）通路中，該產品為家得寶獨家販售。

In bath, we're excited about the success we're having with our great assortment of Delta tub-and-shower wall combinations. Delta Classic 500 series is a simple tub or shower system that delivers a big transformation to a bathroom in a fraction of the time. It is easy to install, and its acrylic surface makes it easy to clean. This series is exclusive to The Home Depot in the big-box channel.

在衛浴方面，我們對 Delta 浴缸與淋浴牆面組合的優質商品組合所取得的成功感到振奮。Delta Classic 500 系列是一套簡易的浴缸或淋浴系統，能在更短時間內為浴室帶來顯著改造。其安裝容易，且壓克力表面便於清潔。此系列在大型賣場（big-box）通路中為家得寶獨家販售。

Turning to our online sales. We are very pleased with the performance of our digital assets as we delivered the highest sales dollar volume in company history. Sales leveraging our digital platforms increased 12% during the second quarter. This was driven by our continued investments, which are resonating with our customers. Enhanced search capabilities, an improved Pro site experience and more robust fulfillment capabilities help drive online conversion.

接著談線上銷售。我們對數位資產的表現非常滿意，因為我們創下公司史上最高的銷售金額。第二季透過數位平台帶動的銷售額成長 12%。這主要來自我們持續的投資，並已獲得顧客認同。強化的搜尋功能、改善的 Pro 網站體驗，以及更強健的履約能力，有助於提升線上轉換。

For those customers that chose to transact with us online during the second quarter, more than 50% of our online orders were fulfilled through our stores, a testament to the power of our interconnected retail strategy.

對於第二季選擇在線上與我們交易的顧客而言，超過 50% 的線上訂單由我們的門市完成履約，這證明了我們互聯零售策略的強大力量。

As we look forward to the back half of the year, we remain committed to being our customers' advocate for value. Last quarter, we highlighted several new innovative products for our customers. This quarter, we're excited to announce the launch of Makita's new XGT 40-volt and 80-volt max system of cordless equipment and tools in our outdoor power categories. The XGT system is engineered to achieve the optimum power required for heavier load applications without sacrificing run time. And these 1-battery solution tools are exclusive to The Home Depot in the big-box channel.

展望今年下半年，我們仍致力於成為客戶在價值方面的代言人。上一季，我們為客戶重點介紹了數款創新新品。本季，我們很高興宣布在戶外動力品類推出牧田（Makita）全新 XGT 40 伏與 80 伏 max 無線設備與工具系統。XGT 系統的設計旨在於不犧牲續航時間的前提下，達到較重負載應用所需的最佳功率。此外，這些採用單電池解決方案的工具在大型賣場通路中為 The Home Depot 獨家販售。

We're also excited to build on the success of our Hubspace smart home platform, expanding our assortment across several categories such as door locks, lighting control, fixtures and ceiling fans. Hubspace makes it easier to set up and manage your smart home products and pairs well with voice-controlled operating systems. This platform is exclusive to The Home Depot.

我們也很高興在 Hubspace 智慧家庭平台的成功基礎上再接再厲，將商品組合擴展至多個品類，例如門鎖、照明控制、燈具與吊扇。Hubspace 讓智慧家庭產品的設定與管理更容易，並可與語音控制的作業系統良好搭配。此平台為 The Home Depot 獨家。

And in garage organization, we'll be rolling out our Milwaukee PACKOUT and RYOBI LINK wall systems, utilizing the same locking technology across the system that can be customized to meet your organizational needs from the workshop to the workplace.

在車庫收納方面，我們將推出 Milwaukee PACKOUT 與 RYOBI LINK 牆面系統，於整個系統中採用相同的鎖定技術，並可依您的收納需求自訂，從工作坊到工作現場皆適用。

We're also excited about our lineup for Halloween. Our merchants have worked with our supplier partners to put together an expanded assortment of product offerings for this Halloween season. These products bring excitement to our stores and help drive traffic, and our sneak preview of our Halloween lineup was a tremendous success. We are thrilled for the full rollout in the upcoming weeks.

我們也對萬聖節產品陣容感到振奮。我們的採購團隊與供應商夥伴合作，為本季萬聖節準備了更豐富的商品供應。這些產品為門市帶來熱度並有助於帶動來客數，而我們對萬聖節產品陣容的搶先預覽也獲得巨大成功。我們非常期待在未來幾週全面上市。

With that, I'll turn the call over to Richard.

接下來，我把電話交給 Richard。

Thank you, Jeff, and good morning, everyone. In the second quarter, total sales were $43.8 billion, an increase of $2.7 billion or 6.5% from last year. During the second quarter, our total company comps were positive 5.8%, with positive comps of 5.2% in May, 4.9% in June and 7.1% in July. Comps in the U.S. were positive 5.4% for the quarter, with positive comps of 4.1% in May, 4.7% in June and 7.2% in July.

謝謝你，Jeff，各位早安。第二季總銷售額為 438 億美元，較去年增加 27 億美元，增幅 6.5%。第二季公司整體同店銷售（comps）成長 5.8%，其中 5 月同店成長 5.2%、6 月 4.9%、7 月 7.1%。美國市場本季同店成長 5.4%，其中 5 月 4.1%、6 月 4.7%、7 月 7.2%。

In the second quarter, our gross margin was approximately 33.1%, a decrease of approximately 15 basis points from last year primarily driven by supply chain investments. We continue to successfully offset significant transportation and product cost pressures while maintaining our position as the customer's advocate for value.

第二季毛利率約為 33.1%，較去年下降約 15 個基點，主要由供應鏈投資所致。我們持續成功抵銷顯著的運輸與產品成本壓力，同時維持我們作為客戶價值代言人的定位。

During the second quarter, operating expense as a percent of sales decreased approximately 50 basis points to 16.6%. Our operating leverage during the second quarter reflects solid expense management for the quarter.

第二季營業費用占銷售額比率下降約 50 個基點至 16.6%。我們第二季的營運槓桿反映出本季穩健的費用管理。

Our operating margin for the second quarter was 16.5% compared to 16.1% in the second quarter of 2021. Interest and other expense for the second quarter increased by $58 million to $379 million due primarily to higher long-term debt levels than 1 year ago.

第二季營業利益率為 16.5%，高於 2021 年第二季的 16.1%。第二季利息及其他費用增加 5,800 萬美元至 3.79 億美元，主要因長期負債水準較一年前更高。

In the second quarter, our effective tax rate was 24.3%, up from 23.9% in the second quarter of fiscal 2021. Our diluted earnings per share for the second quarter were $5.05, an increase of 11.5% compared to the second quarter of 2021. Our total store count at the end of the quarter was 2,316, and selling square footage was 240 million square feet.

第二季有效稅率為 24.3%，高於 2021 會計年度第二季的 23.9%。第二季稀釋後每股盈餘為 5.05 美元，較 2021 年第二季成長 11.5%。本季末門市總數為 2,316 家，銷售面積為 2.40 億平方英尺。

At the end of the second quarter, inventories were $26.1 billion, up $7.2 billion compared to the second quarter of 2021. Inventory turns were 4.5x, down from 5.7x last year. Approximately half of the year-over-year increase in inventory reflects product cost inflation. Our inventory also reflects deliberate investments and higher in-stock levels and pull forward of inventory for back half events in response to continued global supply chain disruption, investment in our new supply chain facilities and carryover of some spring seasonal inventory.

第二季末存貨為 261 億美元，較 2021 年第二季增加 72 億美元。存貨周轉率為 4.5 倍，低於去年的 5.7 倍。約一半的存貨年增反映產品成本通膨。我們的存貨亦反映出刻意的投資，包括提高現貨供應水準、因應全球供應鏈持續受擾而為下半年活動提前備貨、投資新的供應鏈設施，以及部分春季季節性存貨的結轉。

Turning to capital allocation. After investing in our business and paying our dividend, it is our intent to return excess cash to shareholders in the form of share repurchases. During the second quarter, we invested approximately $750 million back into our business in the form of capital expenditures. And during the quarter, we paid approximately $2 billion in dividends to our shareholders, and we returned approximately $1.5 billion to shareholders in the form of share repurchases.

接著談資本配置。在投資業務並支付股利之後，我們的意圖是以股票回購的方式將多餘現金回饋股東。第二季我們以資本支出形式回投業務約 7.5 億美元。本季我們向股東支付約 20 億美元股利，並以股票回購形式向股東回饋約 15 億美元。

Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was approximately 45.6%, up from 44.7% in the second quarter of fiscal 2021.

以過去 12 個月期初與期末長期負債及股東權益的平均數計算，投入資本報酬率約為 45.6%，高於 2021 會計年度第二季的 44.7%。

Now I will comment on our guidance for fiscal 2022. As you heard from Ted, we are very pleased with the strong performance we saw during the second quarter, which was in line with our expectations. Today, we are reaffirming our guidance for 2022. We expect sales growth and comp sales growth of approximately 3% for fiscal 2022. We expect comp sales to be stronger in the first half of the year than in the second half of the year. We expect our fiscal 2022 operating margin to be approximately 15.4% for the year. And we expect mid-single-digit percent growth in diluted earnings per share compared to fiscal 2021.

現在我將說明我們對 2022 會計年度的展望。如同各位從 Ted 那裡聽到的，我們對第二季所見的強勁表現感到非常滿意，且符合我們的預期。今天，我們重申 2022 年的指引。我們預期 2022 會計年度銷售成長與同店銷售成長約為 3%。我們預期上半年同店表現將強於下半年。我們預期 2022 會計年度全年營業利益率約為 15.4%。此外，我們預期稀釋後每股盈餘相較 2021 會計年度將呈現中個位數百分比成長。

We find ourselves in a unique environment with many crosscurrents. We're operating in a broad-based inflationary environment not seen in 4 decades while managing through constrained global supply chain conditions, all against the backdrop of monetary policy shifts intended to moderate demand. We also see engaged and resilient homeowners who have strong balance sheets, consumers spending more time in their homes and continued structural support for home improvement project demand. We feel confident that we will continue to manage with flexibility through a dynamic environment while growing faster than our market and delivering exceptional shareholder value.

我們正處於一個獨特且多股力量交錯的環境。我們在近 40 年未見的廣泛通膨環境中營運，同時還要因應受限的全球供應鏈狀況，而這一切又是在貨幣政策轉向、意在抑制需求的背景之下。我們也看到積極且具韌性的屋主，擁有強健的資產負債表；消費者花更多時間待在家中；以及對居家改善專案需求持續存在的結構性支撐。我們有信心將持續以彈性因應動態環境，在市場中成長快於同業，並為股東創造卓越價值。

Thank you for your participation in today's call. And Christine, we are now ready for questions.

感謝各位參與今天的電話會議。Christine，我們現在準備開始提問。

(Operator Instructions) Our first question comes from the line of Michael Lasser with UBS.

（接線員指示）我們的第一個問題來自 UBS 的 Michael Lasser。

Are you seeing any signs that housing is having a negative impact on the business? Could it be that some of the seasonal performance that fell short of your expectation is a sign that some of the underlying challenges in housing are starting to leak its way into home improvement?

你們是否看到房市對業務造成負面影響的任何跡象？會不會是某些季節性表現未達你們預期，顯示房市的一些潛在挑戰正開始外溢到居家修繕領域？

We have not seen that yet. In fact, with the strong performance this quarter, the variability across our regions has been the lowest in markets, has been the lowest that we've seen in some time. So we all appreciate the headlines and follow those very closely. But we have not seen anything in our business yet from macro housing.

我們目前尚未看到。事實上，憑藉本季的強勁表現，我們各地區之間的差異性在市場中是最低的，也是我們一段時間以來所見最低的。因此，我們都理解並密切關注新聞標題。但就宏觀房市而言，我們的業務目前尚未看到任何影響。

Is there a case, Ted, where it's not evident in the business because you're generating a very healthy return on the investments that The Home Depot has made over the last couple of years? Perhaps you could frame this as what's going on in the Dallas market, which is where some of the distribution facilities and Pro efforts that have been in place for the longest, versus what you've experienced in the rest of the market.

Ted，有沒有一種可能是：之所以在業務上不明顯，是因為 The Home Depot 過去幾年所做的投資正在帶來非常健康的報酬？也許你可以用達拉斯市場來說明——那裡的一些配送設施與 Pro（專業客戶）相關措施推行最久——相較於你們在其他市場的經驗，有何不同？

Sure. And Michael, we'll get to Dallas and Hector will take us through some of the things we're seeing with our Pro, which is incredibly strong. But what we're seeing overall in the business, the questions about housing and the economy, all very real questions, again, things we're following closely. But I mean we just couldn't feel better about our business. We just reported record quarterly sales and profits and reaffirmed our guidance, and that's on top of the $40 billion in growth in the past 2 years. We see a very engaged customer, each DIY and Pro. And as Richard said, though, we are operating in a unique environment with many crosscurrents, inflation and interest rates and supply chain disruptions and the like.

當然可以。Michael，我們會談到達拉斯，Hector 也會帶我們看看我們在 Pro 端看到的一些情況，Pro 的表現非常強勁。不過就整體業務而言，關於房市與經濟的問題都非常真實，我們也再次強調，這些都是我們密切追蹤的事項。但我們對自身業務的感受再好不過了。我們剛公布創紀錄的季度銷售與獲利，並重申我們的指引，而這還是在過去兩年成長 400 億美元的基礎之上。我們看到 DIY 與 Pro 客戶都非常投入。正如 Richard 所說，我們確實處於一個獨特且多股力量交錯的環境，包括通膨、利率、供應鏈中斷等等。

But given all that, our customer in our markets has been incredibly resilient. As Jeff said, project demand is incredibly strong. Our Pro in particular, is very strong and their backlog remains healthy. In DIY, we did see some seasonal weakness. But as we parse through that, it's difficult to say, is that weakness in the seasonal businesses the overlap of the 2 prior incredibly strong years? Is it the weather where we had it really bad in late spring and then it turned incredibly hot across the country? Or are they fundamental demand pressures?

但即便如此，我們市場中的客戶仍展現出極強的韌性。如 Jeff 所說，專案需求非常強勁。尤其是我們的 Pro 客戶非常強，他們的在手訂單（backlog）仍維持健康。在 DIY 方面，我們確實看到一些季節性疲弱。但當我們進一步拆解時，很難判斷：季節性業務的疲弱是否是前兩年異常強勁所造成的高基期重疊？是否是天氣因素——晚春天氣很糟，接著全國又變得非常炎熱？或是基本面需求壓力所致？

Again, we have not seen a broad-based fundamental demand pressure in the business. So we couldn't be happier with the overall business, watching it very closely. And I can just say, as I said in my comments, Michael, whatever comes, we are an agile business, an experienced management team, and we look to take share in any environment. And Hector, if you can give some color on overall Pro and specifically Dallas, it would be great.

再次強調，我們尚未在業務中看到廣泛的基本面需求壓力。因此，我們對整體業務非常滿意，同時也會非常密切地觀察。我只能說，正如我在評論中提到的，Michael，不論接下來發生什麼，我們都是一家敏捷的企業，擁有經驗豐富的管理團隊，並且希望在任何環境下都能提升市占。Hector，如果你能就整體 Pro，尤其是達拉斯的情況補充一些說明，那就太好了。

Yes. And Michael, as you know, we're building a unique, interconnected Pro ecosystem to capture more of that propylene purchase. To serve our Pros, it's really about removing friction through a multitude of enhanced product offerings and capabilities, and it all starts with brand assortments and job lot quantities.

是的。而且 Michael，如你所知，我們正在打造一個獨特、相互連結的 Pro 生態系，以爭取更多的丙烯購買量。為了服務我們的 Pro 客戶，重點在於透過多元的強化產品組合與能力來降低摩擦，而這一切都從品牌品類組合與工地批量（job lot）數量開始。

And as you know, these new supply chain assets allow us to do that at a different level. But it also includes digital tools and personalized experience, a multitude of fulfillment options for reliable delivery, our Pro Extra loyalty tool and other value-added offerings such as credit, tool rental, quote center. And for our larger Pros, we have to serve them with a single point of contact, hence where we're expanding our onsite sales team and building an in-site sales team.

而且如你所知，這些新的供應鏈資產讓我們能在不同層級做到這一點。但也包括數位工具與個人化體驗、多種履約選項以確保可靠交付、我們的 Pro Extra 忠誠度工具，以及其他加值服務，例如信用服務、工具租賃、報價中心。對於規模更大的 Pro 客戶，我們必須以單一窗口來服務他們，因此我們正在擴編我們的駐點銷售團隊，並建立一支 in-site（現場）銷售團隊。

And I will tell you specifically to Dallas, Dallas is the most advanced market and is performing extremely well. We're thrilled to see our Pros trying our capabilities or growing their spend quarter-over-quarter. And I will share with you that other tough markets for us are markets where we have the new supply chain assets and other parts of the ecosystem live.

我會特別以達拉斯為例：達拉斯是最成熟的市場，表現非常出色。我們很高興看到 Pro 客戶在嘗試我們的各項能力，或是其支出逐季成長。我也想和你分享，對我們而言，其他較具挑戰的市場，往往是那些我們已部署新的供應鏈資產，且生態系其他部分也已上線運作的市場。

Our next question comes from the line of Simeon Gutman with Morgan Stanley.

下一個問題來自 Morgan Stanley 的 Simeon Gutman。

I wanted to ask an oldie but goodie on reversion given the significant gains that have occurred post COVID. One of the ways that we've been looking at it suggests that most of the unit reversion is basically in the base. So we've kind of rebaselined a significant part of the business in '22 and that -- it opens the door to growing next year. I'm not asking for any endorsement on '23, but curious how you're looking at this reversion question. And anything interesting on units as you look at it?

我想問一個老問題但很經典：在 COVID 之後出現顯著成長的情況下，關於回歸（reversion）。我們觀察的一種方式顯示，大部分的單位回歸基本上已反映在基期裡。因此我們在 2022 年已把相當大一部分業務重新定基（rebaseline），而這——為明年成長打開了空間。我不是要你們對 2023 年做任何背書，但想了解你們如何看待這個回歸問題。以及你們在看單位數（units）時，有沒有什麼有趣的觀察？

Well, Michael -- sorry. Sorry, Simeon. It's a good question. I think though, we have to return to Ted's commentary that the consumer, our customer, consumer in Pro has been more resilient than we even expected at the beginning of the year. When we expect -- when we issued guidance at the very beginning of the year, we assumed that we'd see ticket growth driven by inflation and really sort of a like-for-like offset in transaction. We haven't seen that. And so that led to our increased guidance in Q1 of a 3% comp.

嗯，Michael——抱歉。抱歉，Simeon。這是個好問題。不過我認為，我們得回到 Ted 的評論：消費者、我們的客戶——不論是一般消費者或 Pro 客戶——都比我們在年初預期的更具韌性。當我們——在年初發布指引時，我們假設客單價成長會由通膨帶動，而交易量大致會出現相對應的抵銷。我們並沒有看到那樣的情況。因此這也促使我們在第一季把指引上調到同店成長 3%。

We've reaffirmed that guidance today. It does assume some level as -- it assumes that inflation persists at current levels and that we may see a slightly greater offset in transactions through the year. But it's a conservative assumption and not really based on observation right now. So the consumer is -- and customer resilient.

我們今天重申了該指引。它確實假設某種程度上——假設通膨以目前水準持續，且我們可能會在全年看到交易量出現略大一些的抵銷。但這是偏保守的假設，並非真正基於目前的觀察。所以消費者——以及客戶——仍然很有韌性。

And Simeon, we've been watching, obviously, all those metrics in PCE and share on goods and share on services and clearly, the U.S. consumer has reengaged in activities outside the house and travel is incredibly strong right now and eating out and hospitality. So there has been the movement in PCE to services as we thought.

而且 Simeon，我們當然一直在觀察 PCE 的各項指標、商品占比與服務占比；很明顯，美國消費者已重新投入到居家以外的活動，旅遊目前非常強勁，外食與餐旅也很旺。因此 PCE 確實如我們所想，轉向服務。

But home improvement, in particular, has been, again, just incredibly strong, as Richard laid out, which led us to increase our guidance from what was essentially flat at the start of the year to the 3% we just affirmed. But we just don't -- we don't see a slowdown from that and remain incredibly bullish about the engagement level. It's really all the dynamic of the home improvement.

但居家修繕（home improvement）尤其是——再次強調——非常強勁，如 Richard 所說，這也讓我們把年初基本上持平的指引上調到我們剛剛重申的 3%。但我們就是——我們沒有看到那樣的放緩，並且對參與度水準仍然非常看多。這真的就是居家修繕的整體動態。

Again, so many crosscurrents in the economy. But when you think of the wealth that our core customers and their home equity up $9-odd billion, the excess savings rates, the strong jobs and earnings growth of wages and the fact that we're just continuing to spend more time at home in general, people are still super engaged in improving that home that they're spending more time in. So we're certainly benefiting from that longer-term dynamic.

再次強調，經濟中有許多相互拉扯的因素。但當你想到我們核心客戶的財富、他們的房屋淨值增加了約 90 億美元、超額儲蓄率、強勁的就業與薪資所得成長，以及我們整體而言仍持續花更多時間在家裡，人們仍高度投入於改善他們花更多時間居住的房子。因此我們確實受惠於這個較長期的趨勢。

And I think there's an emerging interesting dynamic that kind of pushes against reversion. And you think about those who may have looked to move into another house a few years ago, who we're looking at their fixed rate mortgage and saying, "I like that mortgage. I like my equity position in my home. I'm going to stay in place and remodel." We see that in the survey data where customers say their intent to do projects of all sizes is still very high.

我認為還有一個正在浮現、且某種程度上對回歸形成抵銷的有趣動態。你想想那些幾年前可能打算換房的人，現在看著他們的固定利率房貸，會說：「我喜歡這個房貸利率。我也喜歡我在房子裡的淨值部位。我會選擇留在原地並進行翻修。」我們在調查數據中也看到，客戶表示他們對各種規模專案的意圖仍然非常高。

Yes. And my follow-up, I think, Ted and Richard, you basically answered it. I was going to ask why you think the backlogs are still so healthy because looking at the other high-ticket spending across the consumer complex, a lot of it is contracting and yet you're basically saying we're not really seeing that or expecting it. I think it's partly the vibrancy of the housing market, to your point. I don't know if it's income cohort, but if there's anything else because you mostly answered it in the response to the last question, but curious if there's more.

是的。我的追問，我想 Ted 和 Richard 你們基本上已經回答了。我原本想問，為什麼你們認為積壓訂單（backlogs）仍然這麼健康，因為從消費者端其他高單價支出來看，很多都在收縮，但你們基本上是在說我們並沒有真正看到那樣的情況或預期會那樣。我想部分原因是房市的活絡，如你們所說。我不確定是否與收入族群有關，但如果還有其他因素——因為你們在上一題的回覆中多數已回答——但仍想知道是否還有更多補充。

Our customer skews heavily homeowner. Our Pros spend on behalf of homeowners, and our DIY customers, over 90% of that sales is to a homeowner. And as Ted said, when you look at the wealth creation over the last 2 years, home price appreciation of almost 40%, our customer is just in a really good place right now. And I think that also carries over to income, if you were to take a look at real purchasing power of our customer, it compares favorably.

我們的客戶結構高度偏向屋主。我們的 Pro 客戶是代表屋主支出，而我們的 DIY 客戶中，超過 90% 的銷售也是賣給屋主。正如 Ted 所說，當你看過去兩年的財富創造、房價上漲接近 40%，我們的客戶目前的狀況確實非常好。我認為這也延伸到收入面：如果你去看我們客戶的實質購買力，表現相對有利。

Our next question comes from the line of Scot Ciccarelli with Truist.

下一個問題來自 Truist 的 Scot Ciccarelli。

So at the sake of asking, I guess, a shorter-term question here, it's hard not to notice that July sales ticked up a couple of hundred basis points on a stack basis. And I guess I'm wondering, would you guys point to anything specific, be it weather, the slight easing we've seen in interest rates or gas prices? Any kind of color on that might be helpful.

那我冒昧問一個比較短期的問題：很難不注意到，7 月銷售在堆疊（stack）基礎上上升了幾百個基點。我想知道，你們會指向任何特定因素嗎？例如天氣、我們看到利率或油價略有緩和？如果能提供一些說明會很有幫助。

Yes. On a 3-year basis, it's more or less stable. So July had a relatively easier compare. But I will say one thing we have noticed because our strength has continued into Q3 here in the first couple of weeks. We think -- again, I mentioned PCE and people traveling and service spending going up. As people have come back, particularly in the South, we start school very early down here, early August. And as people, including Pros, came back from vacations -- we saw it in the acceleration of the business midway through July, and that has continued into August. I think people are back home and home from the beach, the mountains, et cetera and back engaging in home improvement projects.

是的。以三年基礎來看，大致上是穩定的。所以 7 月的比較基期相對容易一些。但我會說，我們注意到一件事：因為我們的強勢延續到第三季的前幾週。我們認為——再次提到 PCE、以及人們旅行、服務支出上升——當人們回來時，特別是在南方，我們這裡開學很早，8 月初就開學。當人們（包括 Pro 客戶）度假回來——我們在 7 月中旬看到業務加速，而這也延續到 8 月。我想人們回到家了，從海邊、山區等等回來，重新投入居家修繕專案。

Okay. That's helpful. And then just can you size the adverse impact on seasonal in the first half? Obviously, it came a little short of expectations. Is there a way to provide a magnitude of that for us?

好的，這很有幫助。那接著想問，你們能否量化上半年季節性因素帶來的不利影響？顯然結果比預期稍弱。有沒有辦法提供一個大致的幅度？

We -- as Ted said, we're accustomed to offsets in our business, and we look at home improvement demand in total. And so as we said, we met expectations. There's -- we never hit a quarter exactly the way we think we are, but we feel great about the demand that we saw out there.

我們——如 Ted 所說，我們習慣於業務中的相互抵銷，我們看的是整體的居家修繕需求。因此如我們所說，我們達到預期。——我們從來不會每一季都完全如我們所想那樣發展，但我們對我們所看到的需求感到非常好。

Our next question comes from the line of Steven Zaccone with Citi.

下一個問題來自 Citi 的 Steven Zaccone。

Ted, I was just hoping we could revisit your comments about the macro backdrop. Are you concerned there could be a lag in the sense that demand could slow over time? Because in the past, you've looked at home price appreciation as a key factor for home improvement demand. You're concerned that home prices could stay flattish or potentially decline from here. Does that alter your view on the demand outlook for the near to medium term?

Ted，我希望我們能回到你對總體背景的評論。你是否擔心可能會有滯後效應，也就是需求可能隨時間放緩？因為過去你們把房價上漲視為居家修繕需求的關鍵因素。你是否擔心房價可能在此後維持平盤，或甚至下跌？這會改變你對短中期需求展望的看法嗎？

So it hasn't as of yet. And this is what we're seeing. I mean we talk about home price appreciation, transactions, household formation, et cetera, multiple inputs on housing, but the strongest and most correlated for our sales is home price appreciation. Now that's gone up, as Richard said, 30%, 40% in the last couple of years, which we believe, translates to high $8 trillion, $9 trillion of increased wealth with what is our core customer base.

到目前為止還沒有。而這就是我們所看到的情況。我的意思是，我們談房價上漲、交易量、家庭形成等等，住房有多個投入因素，但與我們銷售最強、相關性最高的是房價上漲。現在如 Richard 所說，過去幾年已上升 30%、40%，我們相信這相當於約 8 兆到 9 兆美元的財富增加，而這正是我們的核心客群。

So when mortgage rates touched at 6% there for a minute, certainly, you saw new home construction in mortgage rates feel that immediately. If we have a couple of years of holding serve, if you will, on this incredible price appreciation in the home, we don't see that impacting demand. The fact that we're not going up year after year after year is less the point that we've gone up so much in the past 2 years and the equity position in these homes are so strong, coupled again with people spending more time in their homes, so repair and remodel, demand is going to increase from wear and tear.

因此當房貸利率一度觸及 6% 時，當然你會看到新屋建築與房貸利率立刻受到影響。如果我們在這波驚人的房價上漲之後，出現幾年維持現狀（hold serve）的情況，我們不認為那會影響需求。重點不在於我們是否年復一年持續上漲，而在於過去兩年已上漲了這麼多、這些房屋的淨值部位非常強，再加上人們花更多時間在家裡，因此維修與翻新需求會因磨損而增加。

You're going to want more space and just improvements in the home because you're there more often. And then the fact that the U.S. home stock is aging, and of course, it ages every year, but it's aging disproportionately because we had so many of those years where we underbuilt in housing. So now we have well over half the homes in the United States over 40 years old. So all those factors with that incredibly strong run-up in value, we think, supports home improvement for some time to come, regardless if you have appreciation beyond these levels in the near term.

你會希望家裡有更多空間並進行一些改善，因為你更常待在家。再者，美國的住宅存量正在老化，當然每年都會老化，但老化的速度不成比例，因為我們曾有很多年住宅建設不足。因此，現在美國超過一半的房屋屋齡已超過40年。綜合這些因素，再加上房價極其強勁的上漲走勢，我們認為無論短期內是否還能在目前水準之上繼續升值，居家修繕需求在未來一段時間仍將受到支撐。

And we never thought or saw home price appreciation correlated period-to-period that we've always seen and heard there's a lag effect there that stretches over multiple periods. So as Ted said, we think fundamentals here are strong.

而且我們從未認為或觀察到房價漲幅會在各期之間呈現同步相關；我們一直看到並聽到的是，這裡存在跨越多個期間的滯後效應。所以如同Ted所說，我們認為這裡的基本面很強。

Great. Very helpful. Just a quick follow-up on inventory levels. Maybe how much was inventory up on a unit basis, if you could share? And do you feel like you're at the right level of in-stocks in the business now?

很好，非常有幫助。關於庫存水位我想快速追問一下：如果方便分享的話，以件數來看庫存增加了多少？另外，你們覺得目前業務的現貨供應（in-stocks）水準已經在合適的水平了嗎？

It's Jeff Kinnaird. From an inventory perspective, we are -- if you look at our total inventory, half of that is inflation as we manage through this inflationary environment. Second is just in-stock improvement. To your point, we're happy with our improvement, our merchants, our supply chain team. Our suppliers have worked hand-in-hand in building a better in-stock this year versus last year. We still have a ways to go in terms of improvement, but very happy with our -- where we -- how we progress.

我是Jeff Kinnaird。從庫存角度來看——如果你看我們的總庫存，其中一半是因為我們在這個通膨環境中管理所帶來的價格因素。第二個原因就是現貨供應的改善。就你提到的點而言，我們對改善成果感到滿意；我們的採購團隊、供應鏈團隊，以及供應商今年相較去年一直密切合作，建立了更好的現貨供應。我們在改善上仍有一段路要走，但對我們——我們的進展方式與進度——非常滿意。

We are still having to pull inventory forward. If you think about today's supply chain environment, our focus is to be there for our customers, to be there for our Pros in terms of the right job lot quantities and the right timing of events and other activities. So part of our inventory overage is obviously due to that work in terms of being there for our customers.

我們仍然必須把庫存提前拉進來。若你想想當前的供應鏈環境，我們的重點是要能服務客戶、服務我們的專業客戶（Pros），在正確的工地批量（job lot）數量以及正確的時點配合促銷活動與其他活動。因此，我們部分的庫存偏高，顯然就是因為為了能服務客戶而做的這些工作。

We do have some carryover inventory from the spring season, but it is really low-risk inventory that we're managing through and ensuring that we're ready for next season. But overall, we feel very good about our in-stock position. We're managing the inflation of our environment in inventory and will be there for our customers in terms of in-stock.

我們確實有一些春季檔期延續下來的庫存，但那其實是我們正在管理、風險很低的庫存，並確保我們為下一季做好準備。整體而言，我們對現貨供應狀況感覺非常好。我們正在管理通膨環境下庫存的價格因素，並會在現貨供應方面確保能服務客戶。

Our next question comes from the line of Brian Nagel with Oppenheimer.

下一個問題來自Oppenheimer的Brian Nagel。

Nice quarter, congratulations.

這一季表現很好，恭喜。

Thank you.

謝謝。

So I have a couple of questions. First off, historically, having followed Home Depot now for a long time, your company has done a very good job of sort of, say, understanding the macro inputs and building a model and then forecasting your own sales off of that. So the question I have is -- this is somewhat -- I know a follow-up on some of the prior questions. But as you -- with your models right now, I mean, you look at the various variables out -- various macro factors, is your business tracking consistent with where it should be? Or you actually -- is there some type of break where you're actually performing better right now than the macro variables would dictate?

我有幾個問題。首先，長期以來我一直關注Home Depot，歷史上你們公司在理解總體環境的投入變數、建立模型，並據此預測自身銷售方面做得非常好。所以我的問題是——這算是對前面一些問題的延伸追問。我知道——但以你們目前的模型來看，當你們觀察各種變數——各種宏觀因素——你們的業務表現是否與模型所推導的應有水準一致？還是說出現某種「斷點」，也就是你們目前的表現其實比宏觀變數所暗示的還要更好？

I think, Brian, we're in such a unique environment that to try to build models off of macroeconomic factors is probably less valuable than spending our time managing in an agile way. What we are confident in is that we've been taking market share consistently and that we are positioned now better than ever to take market share in any environment.

Brian，我認為我們正處在一個非常獨特的環境中，試圖用宏觀經濟因素來建立模型，可能不如把時間用在以敏捷方式進行管理來得有價值。我們有信心的是，我們一直在持續取得市占，而且我們現在的定位比以往任何時候都更好，能在任何環境下取得市占。

As Ted said earlier, we've watched the same housing statistics for over a decade now. And we think directionally, we understand what's going on here. There's just a very positive environment with respect to the homeowner. But we're not going to, at least at this moment, given the dynamism in the economy, tie it to any given macroeconomic factor.

如同Ted先前所說，十多年來我們一直在觀察同樣的住房統計數據。我們認為在方向上，我們理解目前正在發生什麼。就屋主而言，環境非常正向。但至少在此刻，鑑於經濟的高度動態性，我們不會把它綁定到任何特定的宏觀經濟因素上。

Yes. Brian, and if I can add to that, on are there any parts of the business doing better than we expected. I mean we truly are just thrilled with what we're doing with the Pro, as Hector outlined. This Pro ecosystem that we're building, I mean, we are truly building a set of capabilities that is not seen in our marketplace. And in talking to our Pros and the research we did, they are more than comfortable to do more with Home Depot as we develop capabilities to serve their larger planned purchase.

是的，Brian，如果我可以補充一下，關於是否有任何業務部分表現優於我們預期。我們對於在專業客戶（Pro）方面的進展真的非常振奮，如Hector所概述的。我們正在打造的這個Pro生態系——我們確實正在建立一套在我們市場上前所未見的能力。而且在與我們的Pros交流以及我們所做的研究中，他們非常願意在Home Depot進行更多採購，只要我們持續發展能力來服務他們更大型、計畫性的採購需求。

And Hector talked specifically about Dallas, but as different parts of this Pro ecosystem come online, we have a number of One Supply Chain buildings now open in many large metro markets, we're starting to increase the size of the sales force, our quoting capabilities and integration of our B2B website, which I mentioned in my prepared remarks, all of this is really coming together to drive what is that incredibly strong Pro and larger Pro comp.

Hector特別談到了達拉斯，但隨著這個Pro生態系的不同部分陸續上線，我們目前在許多大型都會市場已經有多座One Supply Chain設施投入營運；我們也開始擴大銷售團隊規模、提升報價能力，並整合我們的B2B網站（我在事先準備的發言中也提到）。這一切正在匯聚，推動那個極其強勁的Pro以及更大型Pro的同店成長（comp）。

So as we updated our TAM to $900 billion earlier this year with $450 million of that being in Pro, we just see tremendous opportunity. And I would say, yes, that is a category that we are outperforming and happy for it.

因此，當我們今年稍早把總可服務市場（TAM）更新為9,000億美元，其中有4,500億美元來自Pro，我們看到非常巨大的機會。我會說，是的，這是一個我們表現優於預期、也很高興看到的類別。

That's very, very helpful. And then the follow-up question I have, unrelated. With regard to inflation, so once again, inflation has been a driver of your business. I guess the question I have is, are you seeing any incremental evidence that the consumer is starting to push back somewhat on these higher price points?

這非常、非常有幫助。接著我還有一個不相關的追問。關於通膨：通膨再一次成為你們業務的推動因素。我想問的是，你們是否看到任何額外跡象顯示，消費者開始對這些較高的價格點出現一些反彈或抗拒？

Brian, we are -- we have higher average unit retail growth, and that's higher than inflation. So really not seeing any trade down. We've got strength in our ticket above $1,000, and that speaks to the project and to the Pro customer. We will say in categories like grills, mowers, laundry and a few other bigger-ticket items, it's possible there is a price sensitivity. But as Ted commented, there's COVID pull forward, there's stimulus effect. We went from a very wet and cold spring to a very hot summer in the majority of our markets.

Brian，我們——我們的平均單位零售價格（average unit retail）成長更高，而且高於通膨。因此我們真的沒有看到明顯的降級消費（trade down）。我們在單筆金額超過1,000美元的交易（ticket）上仍然強勁，這反映了專案型需求以及Pro客戶。我們會說，在像是烤爐、割草機、洗衣設備以及其他一些高單價品類上，可能存在價格敏感度。但如同Ted所評論的，這裡有COVID期間需求提前釋放（pull forward）、也有刺激政策的影響。我們在大多數市場從一個非常潮濕寒冷的春天，轉為一個非常炎熱的夏天。

And the consumer is focusing on other projects. You think about that consumer has shifted. You think of the last year, it was all about the backyard. This year, it's about categories like paint and other large renovation categories, and we're seeing that across our business. Then I'll also say we continue to see the consumer and the Pro trade up around innovation, and I couldn't be more proud of the merchants and our supplier partners and what we delivered around innovation for our customers. We've got a lot of products helping our Pros finish the job faster and simplifying the project for our consumer. So no significant trade down taking place.

而消費者正把重心放在其他專案上。你想想消費者已經轉移了：去年重點都在後院；今年則轉向像是油漆以及其他大型翻新類別，我們在整體業務中都看到了這點。另外我也要說，我們持續看到消費者與Pro在創新產品上進行升級消費（trade up）。我對採購團隊與供應商夥伴，以及我們為客戶交付的創新成果感到非常自豪。我們有許多產品能幫助Pros更快完工，也能讓消費者的專案更簡化。因此，沒有出現顯著的降級消費。

Our next question comes from the line of Chris Horvers with JPMorgan.

下一個問題來自JPMorgan的Chris Horvers。

So a follow-up question on the Pro. Can you talk about the sort of the relative performance amongst the large Pro versus the smaller Pro? Is the large Pro outperforming? What would you attribute to that? And then overall, I'm not sure if you can track this, but are you seeing Pro transaction growth? Because overall transaction growth was ground down, presumably, that was DIY.

我想就Pro再追問一下。你能談談大型Pro與小型Pro之間的相對表現嗎？大型Pro是否表現更好？你會把這歸因於什麼？另外整體而言，我不確定你們是否能追蹤，但你們是否看到Pro的交易筆數成長？因為整體交易筆數成長放緩，推測那應該是DIY端。

Yes. Chris, I will share with you that is -- the performance of our high-spend Pro has been very consistent over the last several quarters. So we're very pleased to see that. We're seeing other areas of our Pro business as far as the customer size accelerate quarter-over-quarter. So we just feel really good. We spent a substantial amount of time within talking about backlogs, and we feel very good about where they're positioned for the next couple of quarters.

是的，Chris，我可以跟你分享的是——我們高消費Pro的表現，在過去幾個季度一直非常一致。我們很高興看到這點。我們也看到Pro業務的其他面向，就客戶規模而言，呈現季度對季度加速。因此我們整體感覺非常好。我們花了相當多時間討論在手訂單（backlogs），而我們對他們在未來幾個季度的狀況感到非常有信心。

So -- sorry, just to interpret. So you're saying that the large Pro has been the best performer?

所以——抱歉，我只是確認一下你的意思。你是說大型Pro一直是表現最好的？

Our large Pros were the best performers this quarter. That's right, Chris.

我們的大型Pro在本季確實是表現最好的。沒錯，Chris。

Got it. And then are you able to look at it on a transaction level? Were transactions up for the Pro?

了解。那你們能從交易筆數層面來看嗎？Pro的交易筆數有成長嗎？

We're not going to break that out any further, but let's just say that demand is strong with the larger professional customer.

我們不會再進一步拆分揭露，但可以這麼說：大型專業客戶的需求依然強勁。

Got it. And then the follow-up on that, sort of, Ted, your point on people came back from vacation and have reengaged in the category. Last year, that seemed to happen more in the September time frame where DIY reengaged. How are you thinking about the DIY business into the fall versus maybe people coming back and there are some things that need to get done and the kids are going back to school? But how do you think about the risk on DIY maybe fading as we get into September in the fall?

了解。那再追問一下，Ted，你提到人們度假回來後又重新投入這個品類。去年看起來比較像是在9月的時間點DIY才重新回流。你們如何看待秋季、相較之下DIY業務的走勢——也許人們回來後有些事情需要完成、孩子也要返校了。但你們如何看待DIY在進入9月、秋季時可能轉弱的風險？

Well, Chris, that's a great question. And frankly, when we -- given the strong first half and the strong second quarter, to reaffirm guidance, which implies a lower comp in the second half, that's really the question for us. And frankly, we don't know the answer. We're super comfortable with Pro. That continues to motor on. But the question for the second half and the opportunity to do better than that implied comp is if the consumer hangs in there.

嗯，Chris，這是個很好的問題。坦白說，當我們——鑑於上半年表現強勁、第二季也很強勁——去重申財測指引，而這意味著下半年同店比較會更低時，這其實就是我們要回答的問題。坦白說，我們不知道答案。我們對 Pro 非常有信心，這部分仍持續運轉得很好。但下半年的關鍵，以及有機會做得比該同店假設更好的前提，是消費者是否能撐得住。

As Jeff said, of the various potential reasons for seasonal relatively underperforming in the first half, if it's things more like weather and having focused for so long in the backyard for 2 years. If they went and did other things, go to the beach, et cetera, and then they get back in the fall and reengage, that will obviously be great news. But with these crosscurrents, we just haven't called that. And that's a little bit of conservatism in the second half.

如 Jeff 所說，關於季節性在上半年相對表現較弱的各種可能原因，如果是更像天氣因素，以及過去兩年長時間把重心放在後院相關的活動。如果他們去做了其他事情、去海邊等等，然後在秋季回來重新投入，那當然會是很好的消息。但在這些相互拉扯的因素之下，我們就是沒有把這點納入預測。這也讓我們在下半年稍微保守一些。

Our next question comes from the line of Chuck Grom with Gordon Haskett.

我們的下一個問題來自 Gordon Haskett 的 Chuck Grom。

Just to kind of build off Chris' question. I'm just curious how you're planning the business from a category perspective over the next couple of quarters and maybe into early '23. And is it your expectation that Pro continues to lead? Or do you think that what you've seen over the past few weeks that we start to see maybe a shift on that front?

我想延續 Chris 的問題。我很好奇你們在接下來幾個季度、甚至到 2023 年初，從品類角度是如何規劃業務的？你們是否預期 Pro 仍會持續領先？還是你們認為，從過去幾週看到的情況來看，可能會開始出現一些轉變？

Look, we are prepared for the continuation of the project customer when it comes to innovation and value. I'd point at Halloween and how we launched Halloween a few weeks ago and saw just great success in the early launch and all set in stores in the upcoming weeks and look forward to that category performing. When it comes to the Pro, we'll be there in terms of innovation and job lot quantities and leveraging our supply chain capabilities and the other capabilities that Hector spoke to.

你看，當談到創新與價值時，我們已準備好迎接專案型客戶的延續。我會以萬聖節為例：我們在幾週前推出萬聖節商品，提早上市就看到非常好的成功；接下來幾週也會在門市全面上架，我們期待該品類有良好表現。至於 Pro，我們會在創新、工地/批量（job lot）數量，以及運用我們的供應鏈能力與 Hector 提到的其他能力方面到位。

So planning the continuation of the project business, the Pro business, and we'll be there for our consumer when it comes to Labor Day, coming up in a few weeks. We've got a great program planned for Labor Day. As we move through Halloween, as we head into the Black Friday time frame, we'll be there for our customers with great value, and we'll continue being the advocate for value for our customers.

因此，我們在規劃上會延續專案型業務、Pro 業務；而在勞動節（Labor Day）方面——幾週後就到了——我們也會在消費者端到位。我們為勞動節規劃了很棒的方案。當我們走過萬聖節、進入黑色星期五（Black Friday）的時間窗口，我們也會以很好的價值回饋客戶，並持續成為客戶價值的倡議者。

Yes. Chuck, it's interesting, on something like Halloween, it's not a huge category. It's not going to move the needle on $150 billion in sales per se. But the level of excitement that, that category brings to us in the traffic. And when you think about resilience to the customer and willingness to spend on clearly discretionary items, we had 2 releases of some of that product, very, very specific, limited quantities leading up to this period. And we sold out in -- I don't even know if it was hours, how quickly people are spending $300-odd for a clearly discretionary item, but a lot of fun, great innovation in value, but clearly, people snapped up in minutes a pretty decent price point, 100% discretionary item.

是的。Chuck，很有意思的是，像萬聖節這樣的品類並不算大，嚴格來說不會對 1,500 億美元的銷售額產生決定性影響。但這個品類帶來的興奮感，會反映在我們的客流上。當你想到客戶的韌性，以及在明顯屬於可選消費的商品上仍願意花錢，我們在這段期間前釋出了兩波產品，都是非常、非常特定且數量有限。結果我們賣光了——我甚至不知道是不是以「小時」計，大家花 300 多美元買一個明顯屬於可選消費的商品的速度有多快——很有趣、很有創新也很有價值，但很明顯，人們在幾分鐘內就把一個價格不低、100% 可選消費的商品搶購一空。

That's obviously good to hear. Just switching gears a little bit to the next couple of years. Just wondering if you guys can discuss the new facilities that you've opened up across the country and the benefits you're seeing. You touched on it in Dallas a little bit. But how much of a tailwind can that be over the next couple of years as you largely complete that rollout?

這當然很高興聽到。稍微換個話題，談談未來幾年。我想請你們談談你們在全國各地新開設的設施，以及你們看到的效益。你們在達拉斯（Dallas）稍微提到一些。但當你們大致完成這波佈建後，未來幾年這能帶來多大的順風（tailwind）？

Yes. I'll start off. Our supply chain is an important component of the ecosystem that we're building to serve our customers and drive productivity. And our intent is really to build the fastest, most efficient and reliable delivery network in home improvement, reaching 90% of households with a same-day, next-day service on parcel and big and bulky.

好的。我先開始。我們的供應鏈是我們正在打造的生態系中非常重要的一環，用以服務客戶並提升生產力。我們的目標，是真正在居家修繕（home improvement）領域打造最快、最高效率且最可靠的配送網路，讓 90% 的家庭在包裹（parcel）以及大件/超大件（big and bulky）品項上，都能享有當日或次日服務。

Our original plan was to open up 150 new buildings. And while many of these will be complete by the end of this year, some are going to take us a little bit longer, and that's a function of our HD Supply acquisition, which we paused and reevaluated our needs in facilities that serve similar capabilities as well as some of the impact that we had associated with COVID.

我們原本的計畫是新增 150 棟新建物。雖然其中許多會在今年底前完成，但有些會需要更長時間；這主要是因為我們收購了 HD Supply，之後我們暫停並重新評估了在具備相似能力的設施方面的需求，另外也受到 COVID 相關影響。

We're very pleased with the performance of the buildings. We've got about 85 of our 100 planned market delivery operations. We've got 11 of our planned DFC expansions, and those facilities will serve both the parcel and the big and bulky customer in local markets. And then lastly, and Hector referenced this, our flatbed distribution centers that will finish the year with about 15 or half of our intended goals are right on track.

我們對這些建物的表現非常滿意。我們已完成約 85 個、在 100 個規劃中的市場配送營運據點（market delivery operations）。我們也完成了 11 個規劃中的 DFC 擴建，而這些設施將在當地市場同時服務包裹與大件/超大件客戶。最後，Hector 也提到，我們的平板車（flatbed）配送中心今年底將達到約 15 個、也就是目標的一半，進度完全符合計畫。

And Dallas was the first market that we stood up these capabilities. It's been operational for over 2 years, and we really like what we're seeing out of that ecosystem in the Dallas market that Hector mentioned. We're learning a great deal, and we're winning that Pro planned purchase. And so we're excited about the possibilities that remain with our investment and our One Supply Chain strategy.

而達拉斯是我們第一個建立這些能力的市場。它已營運超過兩年，我們非常喜歡從 Hector 提到的達拉斯市場生態系所看到的成果。我們學到很多，也在 Pro 的計畫性採購（planned purchase）上取得勝利。因此，我們對持續投資以及我們的 One Supply Chain 策略所帶來的可能性充滿期待。

Chuck, you asked what do we think tailwinds are as we build this out and John (sic) [Richard] mentioned, HD Supply is part of a pivot on what we were building for One Supply Chain. I'd like -- I'll just say that we couldn't be happier with the HD Supply acquisition. Shane O'Kelly and his team are just doing a terrific job. That integration is going incredibly well on product catalog, on customers and sales force integration, and they are just off to a great start, and that business is performing incredibly well.

Chuck，你問到當我們把這些建置完成後，哪些會是順風因素；而 John（原文如此）[Richard] 提到，HD Supply 是我們在 One Supply Chain 建置上的一個轉向的一部分。我想——我只想說，我們對 HD Supply 的收購再滿意不過了。Shane O'Kelly 和他的團隊做得非常出色。整合在產品目錄、客戶以及銷售團隊整合方面進展得非常順利；他們起步就很強，而那項業務的表現也非常好。

Remember, we put together the #1 and 2 multifamily players and have a leading position in multifamily. And then with the Supply acquisition picked up, additional verticals in hospitality and health care, government, et cetera, all of them are doing incredibly well, and we couldn't be happier with HD Supply.

請記得，我們把多戶住宅（multifamily）領域的第 1 與第 2 大業者整合在一起，並在多戶住宅市場取得領先地位。接著透過這次 Supply 的收購，我們也新增了飯店與醫療保健、政府等更多垂直領域；它們全都表現非常好，我們對 HD Supply 非常滿意。

Our next question comes from the line of Steven Forbes with Guggenheim.

我們的下一個問題來自 Guggenheim 的 Steven Forbes。

Ted, Jeff, I was hoping to expand on the Pro loyalty program and the B2B website experience, really looking for any specific data points you can provide to help us better understand the maturation benefits of these initiatives. Like how many members do you have? How often are they engaging in the personalized offers? What's happened to sort of average wallet share of the Pro post onboarding? Is there anything you can provide us to help us understand the opportunity here?

Ted、Jeff，我希望能延伸談談 Pro 忠誠度計畫以及 B2B 網站體驗。我想要一些你們能提供的具體數據點，幫助我們更好理解這些計畫成熟後帶來的效益。比如你們有多少會員？他們多常使用個人化優惠？Pro 客戶在完成導入（onboarding）後，平均錢包占比（wallet share）有什麼變化？你們能否提供任何資訊，幫助我們理解這裡的機會？

Thanks for the question. This is Jordan Broggi from the online team. We don't break those out. But what I would say is we're super happy with our loyalty customers. They are outperforming the average, and the customers that are logged into our B2B experience online outperformed pretty significantly the customers on our consumer side. I'm sorry.

謝謝你的問題。我是線上團隊的 Jordan Broggi。我們不會把那些數據拆分揭露。但我想說的是，我們對忠誠度客戶非常滿意，他們的表現優於平均；而在線上登入我們 B2B 體驗的客戶，其表現也顯著優於我們消費者端的客戶。抱歉。

I'll just jump in on Pro Extra as well. Just thrilled with the second year in terms of performance. We linked our Pro Extra loyalty to our commercial credit cards this past spring. That's been another leap forward in terms of overall performance. We see great existing member engagement. We see great new sign-ups. And the enrollments are strong, and the revenue is strong. And then our Pros are engaging in the perks, and we are seeing significant growth in that level of engagement.

我也補充一下 Pro Extra。我們對第二年的表現非常振奮。今年春天我們把 Pro Extra 忠誠度計畫與我們的商業信用卡連結起來，這在整體表現上又是一個躍進。我們看到既有會員的參與度很高，也看到大量新的註冊。註冊數很強、營收也很強。此外，我們的 Pro 客戶也在使用各項福利（perks），我們看到參與度出現顯著成長。

And then just a quick follow-up, maybe for Richard. I think Ted mentioned that 100% of the stores qualified for Success Sharing. Any color on how that payment compared to last year or, I guess, to the original plan for the year as we think about the expense build?

另外再追問一個，可能給 Richard。我想 Ted 提到 100% 的門市都符合 Success Sharing 的資格。能否談談那筆支付相較去年，或相較年初原始計畫的差異？因為我們在思考費用增加（expense build）時會用到。

It was roughly equivalent to last year.

大致上與去年相當。

Our next question comes from the line of Mike Baker with D.A. Davidson.

我們的下一個問題來自 D.A. Davidson 的 Mike Baker。

So I just wanted to ask, a lot of moving parts, obviously, in the environment, but through it all, it looks like, at least according to your guidance, you guys are going to comp at about 3% with flattish operating margins. Is that the right way to think about the business longer term? Is that where you sort of target the comp and the margin breakeven? At about 3%, you'd be breakeven, something above that, maybe margins go up, et cetera? Just wondering about the long-term view.

我想問的是，環境顯然有很多變動因素，但不管怎樣，至少依照你們的指引，看起來你們同店大約會在 3% 左右，而營業利益率大致持平。這是否是理解你們長期業務的正確方式？也就是說，你們的同店與利潤率損益兩平（breakeven）目標大概就在這裡？大約 3% 時你們會打平，再高一些可能利潤率就上升等等？想請教你們對長期的看法。

We -- thank you for the question. We typically lever operating expenses into the very low single-digit comp. And we would always expect to do so. Leveraging operating expense is a part of our financial model and been a part of how we do business. You're going to see fluctuation from quarter-to-quarter, but we've met expectations this year and feel great about where we sit and how our teams have managed through this environment.

我們——謝謝你的問題。我們通常能在非常低的個位數同店成長下，槓桿化（lever）營業費用。我們也一向預期能做到。槓桿化營業費用是我們財務模型的一部分，也一直是我們經營方式的一部分。你會看到季度之間的波動，但我們今年達成了預期，並且對我們目前的位置以及團隊在這個環境中管理應對的表現感到非常好。

Longer term, again, we expect to generate operating expense leverage. Our goal though here is to gain market share and deliver shareholder value. And we think about delivering shareholder value in terms of driving operating profit dollar growth. That's a formula that's worked for us, and we think it's going to keep working for us.

從較長期來看，我們同樣預期能夠產生營運費用槓桿。我們在這裡的目標是取得市占率並為股東創造價值。而我們對股東價值的思考方式，是透過推動營業利益金額的成長。這是一個對我們有效的公式，我們也認為它會持續有效。

And so if I could follow up on that, what that sounds like to me, both of those comments, leverage operating expenses but focus on gross profit dollars. Is it fair to say you're willing to let gross margins continue to tick down? I think they've been down something like 6 of the last 10 quarters in each of the last couple of years, not by much, just by 10 to 20 basis points a year. But is that the idea that we're okay with gross margins ticking down a little bit as long as it's driving comp and leveraging the SG&A?

那我想就此追問一下，聽起來這兩點評論都在說：在營運費用上做槓桿，但聚焦於毛利金額。是否可以說，你們願意讓毛利率持續小幅下滑？我想過去幾年裡，他們在最近 10 個季度中大概有 6 個季度是下滑的，幅度不大，每年大概只下滑 10 到 20 個基點。但這是否就是你們的想法：只要能帶動同店成長並讓 SG&A 形成槓桿，毛利率小幅下滑也沒關係？

We -- thank you for the question. Again, we think about dollar growth and we think about cash-on-cash returns, first and foremost. I think gross margin, in particular, is kind of a secondary metric. I'll give you an example. Over 10 years ago, we identified appliances as a category where we had a major competitor who is losing steam and where we thought we could make some inroads. The question at the time was that gross margin on appliances carried a gross margin that was below company average.

我們——謝謝你的問題。再次強調，我們首先關注的是金額成長，以及現金對現金（cash-on-cash）的報酬。我認為毛利率，尤其是，算是一個次要指標。我舉個例子。十多年前，我們把家電視為一個品類，當時我們看到一個主要競爭對手正在失去動能，而我們認為可以切入並取得一些進展。當時的問題在於，家電的毛利率低於公司平均。

But the return on invested capital given that model, where we really don't own the inventory in the model, the return on invested capital was fantastic. And so as we look back, that appliances impact on our business, we would say we'd do that again every single time. We will look for opportunities to drive market share, drive operating profit dollar growth and drive return on invested capital.

但在那個模式下的投入資本報酬率（我們在該模式中基本上不持有庫存），投入資本報酬率非常出色。因此回頭看家電對我們業務的影響，我們會說每一次都會再做一次。我們會尋找能夠推動市占率、推動營業利益金額成長，並推動投入資本報酬率的機會。

Our next question comes from the line of Zack Fadem with Wells Fargo.

下一個問題來自 Wells Fargo 的 Zack Fadem。

I wanted to follow up on your Dallas market as performance seems to be tracking at or above your expectations. And now that you've had some time for your supply chain and facility investments to resonate, is there any quantification you can share in terms of comp lift for the market, new customer wins or wallet share gains versus the overall fleet?

我想追問一下你們達拉斯市場的情況，因為其表現似乎符合或高於你們的預期。現在你們的供應鏈與設施投資也已經運作一段時間並開始發揮效果，能否分享一些量化資訊，例如該市場的同店提升幅度、新客戶贏取或錢包份額提升，相較於整體門店（fleet）的表現？

Look, we're not going to break down the specific performance for Dallas. But again, I would tell you that Dallas has been towards the top of our performance when it comes to the Pro segment of our business. We're seeing just great reaction and engagement from our customers, and those who are trying our capabilities are repeating purchases with us, and those baskets continue to grow. So we're excited to continue to enhance the ecosystem.

你看，我們不會拆解達拉斯的具體表現。不過我會再說一次，就 Pro（專業客戶）業務而言，達拉斯一直位於我們表現的前段班。我們看到客戶有非常好的反應與參與度；嘗試我們能力的客戶會持續回購，而他們的購物籃也在持續變大。所以我們很期待持續強化這個生態系。

We just expanded, for the second time, our outside sales resources, and those team members are doing great or servicing our Pro customers. So we're just very encouraged about what we're seeing in Dallas and other markets. But again, it's just -- it's early in the transformation, early in the build-out of the ecosystem but great signals coming back from our customers.

我們剛剛第二次擴充了外勤銷售資源，而這些團隊成員在服務我們的 Pro 客戶方面表現非常好。因此，對於我們在達拉斯及其他市場看到的情況，我們感到非常鼓舞。但再次強調——這仍然是在轉型的早期、在生態系建置的早期，不過客戶回饋的訊號非常正面。

And they really want to consolidate their purchases. When you think about our Pro customers coming to our stores over 60 times a year and then having to go to other retailers for complements of their projects, we can serve those needs to our Pro customers, and they want to consolidate their purchases with us.

而且他們真的希望把採購集中起來。當你想到我們的 Pro 客戶一年到店超過 60 次，然後還得去其他零售商購買其專案所需的配套品項，我們其實可以滿足 Pro 客戶的這些需求，而他們也希望把採購集中在我們這裡。

Zack, if I can add, I've mentioned this before, and we have another quarter of this tracking. As we look at the size of the Pro, and we have a pretty good breakdown of if they're buying small item emergency infill versus a larger planned purchase days out that's delivered. And then you look at the various capability sets that we're building, what you'd hope to see, expect to see is exactly what we're seeing. As these Pros engage in the capabilities -- so they get a sales, a dedicated professional sales resource. They join our credit program. They've joined our loyalty program. They rent tools. They use our larger quoting systems. They take delivery. As they engage with more capabilities, we're seeing larger purchases. We're seeing more repeat purchases. Again, everything you'd sort of map out is what would you want to see to demonstrate that this is working, that's exactly what we're seeing.

Zack，如果我可以補充一下，我之前提過這點，而我們又多追蹤了一個季度。當我們看 Pro 的規模時，我們對他們是購買小件的緊急補貨，還是提前幾天規劃、並由我們配送的較大型計畫性採購，有相當清楚的拆分。再看我們正在建置的各種能力組合，你希望看到、也預期看到的，正是我們現在看到的。當這些 Pro 客戶開始使用這些能力——例如獲得銷售服務、配置專屬的專業銷售資源；加入我們的信用方案；加入我們的忠誠計畫；租用工具；使用我們更大型的報價系統；採用配送——當他們使用更多能力時，我們看到更大的採購金額，也看到更多的重複購買。再次強調，你大致上會規劃出你想看到什麼來證明這套模式有效，而我們看到的正是那些結果。

So we couldn't be happier. It's a journey. As we've said, Dallas is the market that is most established, but we're in many metro markets right now with different levels of these capabilities. And we do look at Dallas very specifically, and we look at incrementality, and we know exactly what we need to drive an NPV-positive project, even to add an incremental sales force, single individual sales rep. We're tracking incrementality of sales to make sure we're paying for that resource.

所以我們再滿意不過了。這是一段旅程。正如我們所說，達拉斯是最成熟的市場，但我們目前在許多都會市場都有布局，只是各項能力的成熟度不同。我們也會非常具體地看達拉斯，並檢視增量效益（incrementality）；我們清楚知道要達成 NPV 為正的專案需要推動什麼，即便只是新增一支銷售力量、單一一位業務代表。我們會追蹤銷售的增量，確保這項資源投入能夠回本。

But this whole ecosystem, again, working in the different -- many different markets now with different levels of capabilities built is what is behind this incredible performance with the Pro and the large Pro in particular. I mean it's not by accident that we're growing our Pro the way we're growing them.

但整個生態系——再次強調——目前已在許多不同市場運作，且各市場的能力建置程度不同，這正是 Pro、尤其是大型 Pro 如此亮眼表現的原因。我的意思是，我們 Pro 的成長方式並非偶然。

And Zack, it's Hector again. The only thing I will add is that think about the last project that you engaged with, every Pro planned purchase pulls a lot of unplanned purchases for that same project and also advanced order pickup. And we're seeing that. We're seeing the customer not only go after the large deliver product, but also coming back to the store for that unplanned purchase to complete the project. So the ecosystem is really working well.

Zack，我是 Hector，再補充一點：想想你最近參與的那個專案，每一筆 Pro 的計畫性採購，都會帶動同一個專案的許多非計畫性採購，以及提前下單到店取貨（advanced order pickup）。我們正在看到這種情況。客戶不僅會購買需要配送的大型商品，也會回到門店做那些非計畫性採購來完成專案。所以這個生態系確實運作得很好。

Got it. That's all helpful. And I just wanted to ask, with the recent leveling out of CPI and also the step-down in your commodity basket, if you could just talk through the impact here as your freight or input costs start to moderate. Is it fair to say that you'll immediately pass that savings on to your customers? Or do you view the majority of recent price increases more or less sustainable?

了解，這些都很有幫助。我還想問，隨著近期 CPI 趨於持平、以及你們的商品組合成本下降，能否談談當運費或投入成本開始趨緩時的影響？是否可以說，你們會立即把這些節省讓利給客戶？或者你們認為近期多數的漲價大致上是可持續的？

Yes. We manage a large portfolio of goods. We do a lot of work on competitive pricing analysis and will stay competitive in the market. And I will also say we have a deep understanding of almost all cost components for almost all of the products that we sell. And we're working with our suppliers on what it looks like when we see commodities fall off. As you said, there's been a fall off on the broader commodity index. We're watching that very closely, and we will certainly maintain our competitiveness in the market as we watch what takes place with commodities in the short and in the midterm here.

是的。我們管理的是一個龐大的商品組合。我們做了大量競爭性定價分析，並會在市場上保持競爭力。我也要說，我們對幾乎所有所售產品的幾乎所有成本構成，都有很深的理解。我們也正與供應商合作，討論當我們看到大宗商品價格回落時應該如何應對。正如你所說，整體大宗商品指數已經回落。我們正非常密切地觀察，並且在短期與中期觀察大宗商品走勢的同時，我們一定會維持在市場上的競爭力。

Our final question comes from the line of David Bellinger with MKM Partners.

我們最後一個問題來自 MKM Partners 的 David Bellinger。

A couple of quick ones. So you mentioned a slower pace of sales implied in the back half to get to the 3% comp for the year. So how should we think about operating expense growth in relation to sales growth in both Q3 and Q4? Any specific measures you're taking to get better leverage on cost after the nice results in Q2? And just remind us, if you can, just how much of the expense structure is tied to payroll and your ability to flex that up or down in real time?

兩個快速問題。你們提到為了達成全年 3% 的同店成長，下半年隱含的銷售增速會較慢。那我們應該如何看待 Q3 與 Q4 的營運費用成長相對於銷售成長的關係？在 Q2 取得不錯成果之後，你們是否採取任何具體措施，以在成本上取得更好的槓桿？另外也請提醒我們一下，如果可以的話，你們的費用結構中有多少與薪資相關，以及你們即時向上或向下調整的彈性有多大？

We -- taken in reverse order, we don't break out our percentage of payroll to sales. So that is our largest operating expense, and we manage it very closely. With respect to the remainder of the year, I really just point you to our guidance. You're going to have variability quarter-to-quarter in operating expense leverage, but we feel great about at least where we think the year is heading. And again, I'd point you to guidance with respect to what we anticipate.

我們——倒過來回答，我們不會揭露薪資占銷售的比例。所以薪資是我們最大的營運費用，我們也非常密切地管理它。至於今年剩餘期間，我主要請你參考我們的指引。營運費用槓桿在季度之間會有波動，但我們對於我們認為全年走向的方向感到非常好。再次強調，關於我們的預期，我會請你參考指引。

Okay. And then just one other one. Can you talk about the share buyback outlook? Just given where Q2 numbers have landed, any potential share repurchase acceleration? We've got this potential 1% added tax coming January 1. Just any change on the buyback?

好的。那再一個問題。能否談談股票回購的展望？考量 Q2 的數字表現，是否有可能加速回購？另外明年 1 月 1 日可能會新增 1% 的稅負。回購方面有任何改變嗎？

There's no change in our capital allocation philosophy or approach. We will continue to return excess cash to shareholders.

我們的資本配置理念或做法沒有改變。我們將持續把多餘現金回饋給股東。

Ms. Janci, I'd now like to turn the floor back over to you for closing comments.

Janci 女士，我現在想把時間交還給你，請你做結語。

Thanks, Christine, and thanks, everybody, for joining us today. We look forward to speaking with you on our third quarter earnings call in November.

謝謝你，Christine，也謝謝各位今天的參與。我們期待在 11 月的第三季財報電話會議上再與各位交流。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

各位女士、先生，今天的電話會議到此結束。您現在可以掛線。感謝您的參與，祝您有美好的一天。