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.

您好，歡迎來到家得寶 2022 年第二季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

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

現在很高興向您介紹主持人 Isabel Janci。請繼續。

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，克里斯汀，大家早上好。歡迎來到家得寶 2022 年第二季度財報電話會議。今天加入我們電話會議的是首席執行官兼總裁 Ted Decker； Jeff Kinnaird，商品銷售執行副總裁；和執行副總裁兼首席財務官 Richard McPhail。在我們準備好的講話之後，電話將開放接受提問。問題僅限於分析師和投資者。 （操作員說明）如果我們在通話期間無法回答您的問題，請致電 (770) 384-2387 聯繫我們的投資者關係部。

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.

在我將電話轉給 Ted 之前，讓我提醒您，今天的新聞稿和我們高管所做的陳述包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些陳述受到風險和不確定性的影響，可能導致實際結果與我們的預期和預測大相徑庭。這些風險和不確定性包括但不限於新聞稿和我們向證券交易委員會提交的文件中確定的因素。

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

今天的演講還將包括某些非公認會計原則的措施。我們的網站上提供了這些措施的對賬。

Now let me turn the call over to Ted.

現在讓我把電話轉給 Ted。

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

謝謝你，伊莎貝爾，大家早上好。感謝您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.

在第二季度，我們實現了公司歷史上最高的季度銷售額和收益。第二季度銷售額為 438 億美元，比去年同期增長 6.5%。比較銷售額比去年同期增長 5.8%，我們的美國商店的銷售額為 5.4%。第二季度每股攤薄收益為 5.05 美元，比去年第二季度的 4.53 美元增長 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.

從地理角度來看，與去年相比，我們在美國的 19 個地區中的每一個地區都實現了正收益，而墨西哥和加拿大的收益均高於公司平均水平。該團隊在為我們的客戶提供服務方面做得非常出色，同時繼續應對全球供應鏈中斷、通貨膨脹和勞動力市場緊張。

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.

我們在第二季度的業績反映了對家居裝修項目的持續強勁需求。正如 Jeff 將詳述的那樣，我們各部門的業務都很強勁。雖然我們的季節性業務在第二季度春季爆發時發布了積極的業績，但這些類別的表現低於我們對今年上半年的預期。這被超出我們預期的項目相關類別的實力所抵消。

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.

我們還看到本季度 Pro 和 DIY 客戶的增長，並鼓勵項目積壓保持健康。雖然業務表現非常好，我們的消費者在今年上半年仍然保持彈性，但我們正在經歷一個獨特的環境。我們無法預測不斷變化的宏觀經濟背景將如何影響我們的客戶未來。但是，我們將繼續密切關注各個類別的彈性和趨勢，並相信我們擁有在任何環境中有效管理的工具、團隊和經驗。

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.

儘管近期存在不確定性，但我們認為，家居裝修需求的長期基礎仍然強勁，並且我們有能力利用我們獨特的競爭優勢來利用我們領域引人注目的增長機會。

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.

對於 Pro 客戶，我們將繼續投資於功能生態系統，包括增強履行、更個性化的在線體驗以及其他業務管理工具，以推動與 Pro 客戶更深入的互動，我們相信我們的努力正在引起共鳴。 5 月，我們在 B2B 網站上推出了新功能，以增強專業人士的互聯購物和報價體驗。過去，我們的網站未與我們的訂購和報價系統集成，因此如果客戶在下訂單前有疑問或更改，員工無法無縫修改訂單。我們新的互聯功能消除了專業人士和員工之間的摩擦，使他們能夠在店內和在線訂單上進行協作。

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.

利用我們的數字平台的銷售額與去年第二季度相比增長了 12%。我們還通過我們的移動應用程序看到了創紀錄的下載量、流量和銷售量。隨著我們數字資產的持續改進正在與我們的客戶產生共鳴，我們繼續看到提高的轉化率。

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情，即我們的員工和客戶。我們的商家、商店和 MET 團隊、供應商合作夥伴和供應鏈團隊在整個季度為我們的客戶提供價值和服務方面表現出色。根據上半年的結果，我們 100% 的門店符合成功分享的資格，這是我們針對小時工的利潤分享計劃。最後，我要感謝他們的奉獻和辛勤工作。

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

有了這個，讓我把電話轉給傑夫。

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，泰德，大家早上好。首先，我還要感謝我們所有的員工和供應商合作夥伴，他們一直致力於為我們的客戶和社區服務。正如您從 Ted 那裡聽到的那樣，在第二季度，我們繼續看到對家居裝修項目的強勁需求以及我們的團隊和供應商合作夥伴的強大執行力。

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.

談到我們在第二季度的業績。我們所有的採購部門都發布了積極的補償。建築材料、管道、木製品、油漆和硬件均高於公司平均水平。電氣、裝飾和存儲、廚房和浴室、戶外園藝工具、電器、室內花園、木材和地板均呈正增長，但低於公司平均水平。

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.

正如您從 Ted 那裡聽到的那樣，雖然我們的季節性業務在第二季度發布了積極的業績，但在烤架、化肥、化學品和割草機等類別的推動下，它們的表現低於我們對上半年的預期。請記住，與過去兩年相比，我們面臨著非常艱難的比較，並且在這些類別中，當我們的客戶專注於戶外生活時，這些是我們表現最好的部門。

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.

在第二季度，我們的補償平均票價增長了 9%，補償交易量下降了 3.1%。我們的平均票價增長主要是由我們產品類別的通貨膨脹以及對新產品和創新產品的需求推動的。在 3 年的基礎上，補償平均門票和補償交易都是健康和積極的。

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.

核心商品類別的通脹在第二季度對我們的平均票價增長產生了 14 個基點的負面影響，主要是由於木材價格下跌。與去年第二季度相比，大額補償交易或超過 1,000 美元的交易增長了 11.6%。我們在管道和配件、石膏和緊固件等許多 Pro-heavy 類別中看到了巨大的實力。

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.

在第二季度，Pro 和 DIY 的銷售增長都是正的，Pro 超過了 DIY。我們對我們的專業人士看到的持續勢頭感到鼓舞，他們告訴我們他們的積壓工作仍然健康。在本季度，我們看到整個企業的項目需求強勁。這可以從我們的建築材料、管道和木製品部門以及某些與項目相關的類別（如圍欄、壁板、導管盒和配件、浴缸和淋浴間和檯面）的兩位數複合性能中看出。

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.

我們繼續推出旨在簡化項目、節省專業人士時間並幫助他們承擔更多工作的新產品和創新產品。我們在全國范圍內推出的建築材料的一個例子是亨利的 Tropi-Cool 屋頂塗料。這種新配方提供最大反射率，有助於降低冷卻成本。 Henry's Tropi-Cool 可在任何季節使用，15 分鐘內 100% 防水和防雨。而且這款產品是大盒渠道The Home Depot的獨家產品。

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.

在浴缸中，我們為我們的 Delta 浴缸和淋浴牆組合系列所取得的成功感到興奮。 Delta Classic 500 系列是一個簡單的浴缸或淋浴系統，可在很短的時間內為浴室帶來巨大的轉變。它易於安裝，其亞克力表面易於清潔。這個系列是家得寶獨家在大盒子頻道。

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.

轉向我們的在線銷售。我們對數字資產的表現感到非常滿意，因為我們實現了公司歷史上最高的銷售額。第二季度，利用我們數字平台的銷售額增長了 12%。這是由我們持續的投資推動的，這與我們的客戶產生了共鳴。增強的搜索功能、改進的 Pro 網站體驗和更強大的履行功能有助於推動在線轉化。

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.

對於那些在第二季度選擇與我們在線交易的客戶，我們超過 50% 的在線訂單是通過我們的商店完成的，這證明了我們互聯零售戰略的力量。

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.

展望下半年，我們將繼續致力於成為客戶的價值倡導者。上個季度，我們為客戶重點介紹了幾款新的創新產品。本季度，我們很高興地宣佈在我們的戶外電源類別中推出 Makita 新的 XGT 40 伏和 80 伏最大無繩設備和工具系統。 XGT 系統經過精心設計，可在不犧牲運行時間的情況下實現較重負載應用所需的最佳功率。這些 1 電池解決方案工具是 The Home Depot 在大盒子渠道中獨有的。

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.

我們也很高興能夠在 Hubspace 智能家居平台的成功基礎上再接再厲，將我們的產品種類擴展到門鎖、照明控制、固定裝置和吊扇等多個類別。 Hubspace 讓您更輕鬆地設置和管理您的智能家居產品，並與語音控制的操作系統完美搭配。該平台是 The Home Depot 獨有的。

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.

在車庫組織中，我們將推出我們的 Milwaukee PACKOUT 和 RYOBI LINK 牆壁系統，在整個系統中使用相同的鎖定技術，可以定制以滿足您從車間到工作場所的組織需求。

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.

我們也對萬聖節的陣容感到興奮。我們的商家與我們的供應商合作夥伴合作，為這個萬聖節季節提供了更多種類的產品。這些產品為我們的商店帶來了興奮並幫助增加了客流量，我們對萬聖節陣容的先睹為快取得了巨大的成功。我們很高興在接下來的幾週內全面推出。

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

有了這個，我會把電話轉給理查德。

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，傑夫，大家早上好。第二季度總銷售額為438億美元，比去年增加27億美元或6.5%。在第二季度，我們的公司總收入為 5.8%，5 月份為 5.2%，6 月份為 4.9%，7 月份為 7.1%。本季度美國的收入為 5.4%，5 月份為 4.1%，6 月份為 4.7%，7 月份為 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.

第二季度，我們的毛利率約為 33.1%，比去年下降約 15 個基點，主要受供應鏈投資的推動。我們繼續成功地抵消重大的運輸和產品成本壓力，同時保持我們作為客戶價值倡導者的地位。

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.

在第二季度，營業費用佔銷售額的百分比下降了約 50 個基點至 16.6%。我們在第二季度的運營槓桿反映了該季度穩健的費用管理。

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.

我們第二季度的營業利潤率為 16.5%，而 2021 年第二季度為 16.1%。第二季度的利息和其他費用增加了 5800 萬美元，達到 3.79 億美元，主要是由於長期債務水平高於一年前。

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.

第二季度，我們的有效稅率為 24.3%，高於 2021 財年第二季度的 23.9%。我們第二季度的攤薄後每股收益為 5.05 美元，與 2021 年第二季度相比增長了 11.5%。本季度末，我們的店鋪總數為 2,316 家，銷售面積為 2.4 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.

第二季度末，庫存為 261 億美元，比 2021 年第二季度增加 72 億美元。庫存周轉率為 4.5 倍，低於去年的 5.7 倍。庫存同比增長的大約一半反映了產品成本膨脹。我們的庫存還反映了故意投資和更高的庫存水平，以及為應對全球供應鏈持續中斷、對我們新供應鏈設施的投資以及一些春季季節性庫存的結轉而為後半期活動提前庫存。

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.

轉向資本配置。在投資我們的業務並支付股息後，我們打算以股票回購的形式將多餘的現金返還給股東。在第二季度，我們以資本支出的形式向我們的業務投資了大約 7.5 億美元。在本季度，我們向股東支付了約 20 億美元的股息，並以股票回購的形式向股東返還了約 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.

根據過去 12 個月開始和結束的長期債務和股本的平均值計算，投資資本回報率約為 45.6%，高於 2021 財年第二季度的 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.

現在我將評論我們對 2022 財年的指導。正如您從 Ted 那裡聽到的，我們對第二季度的強勁表現感到非常滿意，這符合我們的預期。今天，我們重申了我們對 2022 年的指導。我們預計 2022 財年的銷售額增長和補償銷售額增長約為 3%。我們預計上半年的補償銷售額將強於下半年。我們預計我們 2022 財年的全年營業利潤率約為 15.4%。與 2021 財年相比，我們預計攤薄後每股收益將實現中個位數百分比的增長。

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.

我們發現自己處於一個有許多交叉流的獨特環境中。我們在 4 年來未見的基礎廣泛的通脹環境中運營，同時通過受限的全球供應鏈條件進行管理，所有這些都是在旨在緩和需求的貨幣政策轉變的背景下進行的。我們還看到擁有強大資產負債表的敬業和有彈性的房主，消費者在家中花費更多時間，並為家居裝修項目需求提供持續的結構性支持。我們相信，我們將繼續在動態環境中靈活管理，同時增長速度超過我們的市場並提供卓越的股東價值。

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

感謝您參加今天的電話會議。克里斯汀，我們現在可以提問了。

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

（操作員說明）我們的第一個問題來自瑞銀的 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?

您是否看到任何跡象表明住房對業務產生負面影響？是否有一些季節性表現低於您的預期，是否表明住房方面的一些潛在挑戰開始滲透到家居裝修中？

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.

我們還沒有看到。事實上，由於本季度的強勁表現，我們地區的波動性一直是市場中最低的，也是我們一段時間以來看到的最低值。因此，我們都欣賞頭條新聞並密切關注這些頭條新聞。但是我們還沒有從宏觀住房方面看到我們的業務。

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.

泰德，有沒有一個案例在業務中並不明顯，因為你在家得寶過去幾年的投資中產生了非常健康的回報？也許您可以將其描述為達拉斯市場的情況，與您在其他市場所經歷的情況相比，達拉斯市場的一些分銷設施和 Pro 的努力已經存在最長時間。

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。邁克爾，我們將到達達拉斯，赫克托將帶我們了解我們在 Pro 上看到的一些東西，它非常強大。但是我們在整個行業中看到的情況，關於住房和經濟的問題，所有非常現實的問題，再次，我們正在密切關注的事情。但我的意思是，我們對自己的業務感覺再好不過了。我們剛剛公佈了創紀錄的季度銷售額和利潤，並重申了我們的指導方針，這是在過去 2 年 400 億美元的增長之上。我們看到一個非常投入的客戶，每個 DIY 和 Pro。正如理查德所說，儘管如此，我們在一個獨特的環境中運營，其中存在許多交叉流、通貨膨脹和利率以及供應鏈中斷等。

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?

但考慮到這一切，我們市場上的客戶具有難以置信的彈性。正如 Jeff 所說，項目需求非常強勁。尤其是我們的 Pro，非常強大，他們的積壓工作仍然很健康。在 DIY 中，我們確實看到了一些季節性的疲軟。但當我們分析這一點時，很難說，季節性業務的疲軟是否與前兩個令人難以置信的強勁年份的重疊？是不是我們在春末的天氣真的很糟糕，然後全國變得異常炎熱？或者它們是基本的需求壓力？

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.

同樣，我們還沒有看到業務中存在廣泛的基本需求壓力。所以我們對整體業務非常滿意，密切關注它。我只能說，正如我在評論中所說，邁克爾，無論發生什麼，我們都是一家敏捷的企業，一個經驗豐富的管理團隊，我們希望在任何環境中分享。還有赫克托，如果你能為整個職業選手，特別是達拉斯隊提供一些色彩，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。邁克爾，如您所知，我們正在建立一個獨特的、相互關聯的 Pro 生態系統，以獲取更多的丙烯採購。為了服務於我們的專業人士，它實際上是通過大量增強的產品供應和功能來消除摩擦，這一切都始於品牌分類和工作批量。

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.

如您所知，這些新的供應鏈資產使我們能夠在不同的層面上做到這一點。但它還包括數字工具和個性化體驗、可靠交付的多種履行選項、我們的 Pro Extra 忠誠度工具和其他增值產品，如信用、工具租賃、報價中心。對於我們較大的專業人士，我們必須通過單點聯繫為他們服務，因此我們正在擴大我們的現場銷售團隊並建立一個現場銷售團隊。

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.

我會專門告訴你達拉斯，達拉斯是最先進的市場，表現非常好。我們很高興看到我們的專業人士嘗試我們的能力或季度環比增長他們的支出。我將與您分享，對我們來說其他艱難的市場是我們擁有新供應鏈資產和生態系統其他部分的市場。

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

我們的下一個問題來自摩根士丹利的 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?

鑑於在 COVID 之後取得的顯著收益，我想問一個老歌但關於回歸的好人。我們一直在研究它的一種方式表明，大多數單位回歸基本上都在基礎中。因此，我們在 22 年重新確定了業務的重要部分，這為明年的增長打開了大門。我不是要求對 23 年的任何認可，而是好奇你是如何看待這個回歸問題的。當你看到它時，有什麼有趣的單位嗎？

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.

好吧，邁克爾——對不起。對不起，西蒙。這是個好問題。不過我認為，我們必須回到 Ted 的評論，即消費者，我們的客戶，Pro 中的消費者比我們年初預期的更有彈性。當我們預期時 - 當我們在年初發布指導時，我們假設我們會看到通貨膨脹推動的票價增長，並且實際上是一種類似的交易抵消。我們還沒有看到。這導致我們在第一季度增加了 3% 的指導。

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.

我們今天重申了這一指導。它確實假設了某種程度——它假設通貨膨脹持續在當前水平，並且我們可能會看到全年交易的抵消程度略高。但這是一個保守的假設，並不是真正基於現在的觀察。所以消費者是——而且客戶是有彈性的。

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.

西蒙，顯然，我們一直在關注 PCE 中的所有這些指標，以及商品分享和服務分享，很明顯，美國消費者已經重新參與了家庭以外的活動，旅行現在非常強勁，外出就餐和款待。因此，正如我們所想的那樣，PCE 已經轉向服務。

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.

但正如理查德所說，特別是家居裝修，再次令人難以置信地強勁，這導致我們將我們的指導從年初基本持平提高到我們剛剛確認的 3%。但我們只是沒有 - 我們沒有看到放緩，並且仍然對參與度非常樂觀。這真的是家裝的所有動態。

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.

再一次，經濟中出現瞭如此多的逆流。但是當你想到我們的核心客戶和他們的房屋淨值增加了 9 多億美元的財富、超額儲蓄率、強勁的就業和工資收入增長以及我們只是繼續在家里花更多時間的事實總的來說，人們仍然非常熱衷於改善他們花費更多時間的家。所以我們肯定會從這種長期動態中受益。

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.

而且我認為正在出現一種新的有趣的動態，這種動態會推動回歸。你想想那些幾年前可能想搬進另一所房子的人，我們正在查看他們的固定利率抵押貸款並說，“我喜歡這種抵押貸款。我喜歡我在家裡的股權。我是將留在原地並進行改造。”我們看到，在調查數據中，客戶表示他們從事各種規模項目的意願仍然很高。

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。我想我的後續行動，泰德和理查德，你基本上回答了。我要問為什麼你認為積壓仍然如此健康，因為看看整個消費群體的其他高價支出，其中很多都在收縮，但你基本上是在說我們並沒有真正看到或期待它。就你的觀點而言，我認為部分原因是房地產市場的活力。我不知道這是否是收入群體，但是否還有其他問題，因為您在最後一個問題的回答中大多回答了它，但好奇是否還有更多。

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.

我們的客戶嚴重偏向房主。我們的專業人士代表房主和我們的 DIY 客戶消費，超過 90% 的銷售額是給房主的。正如 Ted 所說，當您查看過去 2 年的財富創造，房價上漲近 40% 時，我們的客戶現在處於一個非常好的位置。而且我認為這也會影響到收入，如果你看一下我們客戶的實際購買力，它會比較有利。

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

我們的下一個問題來自Scot Ciccarelli 和Truist 的台詞。

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.

因此，我想，為了在這裡提出一個短期問題，很難不注意到 7 月份的銷售額在堆棧的基礎上上升了幾百個基點。我想我想知道，你們會指出任何具體的事情嗎，比如天氣，我們在利率或汽油價格方面看到的輕微放鬆？上面的任何顏色都可能會有所幫助。

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。在 3 年的基礎上，它或多或少是穩定的。因此，七月的比較相對容易。但我要說一件我們注意到的事情，因為我們的實力在前幾週一直持續到第三季度。我們認為 - 我再次提到 PCE 以及人們旅行和服務支出的增加。隨著人們回來，特別是在南方，我們很早就開始上學了，八月初。隨著包括專業人士在內的人們從假期中回來——我們在 7 月中旬的業務加速中看到了這一點，這種情況一直持續到 8 月。我認為人們從海灘、山脈等回到家中，然後又回到家中從事家居裝修項目。

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。然後你能確定上半年對季節性的不利影響嗎？顯然，它的期望值有點低。有沒有辦法為我們提供這樣的量級？

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 - 正如 Ted 所說，我們習慣於在我們的業務中進行抵消，我們著眼於整體的家居裝修需求。正如我們所說，我們達到了預期。有 - 我們從來沒有像我們認為的那樣達到四分之一，但我們對我們看到的需求感覺很好。

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

我們的下一個問題來自花旗銀行的 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?

泰德，我只是希望我們能重新審視你對宏觀背景的評論。您是否擔心需求可能會隨著時間的推移而放緩？因為在過去，您將房價升值視為家居裝修需求的關鍵因素。您擔心房價可能會保持平穩或可能從這裡下跌。這是否會改變您對中短期需求前景的看法？

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.

所以目前還沒有。這就是我們所看到的。我的意思是我們談論房價升值、交易、家庭組建等，以及住房的多種投入，但與我們的銷售最相關和最相關的是房價升值。現在，正如理查德所說，過去幾年增長了 30%、40%，我們相信，這意味著我們的核心客戶群增加了 8 萬億美元、9 萬億美元的財富。

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，當抵押貸款利率一分鐘觸及 6% 時，您肯定會立即看到新房建設的抵押貸款利率。如果我們有幾年的服務期，如果你願意的話，在這種令人難以置信的房屋價格上漲中，我們認為這不會影響需求。事實上，我們並沒有年復一年地上漲，而不是我們在過去兩年中上漲了這麼多，這些房屋的股權狀況如此強勁，再加上人們花更多的時間在他們的房屋，因此維修和改造，需求將因磨損而增加。

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.

你會想要更多的空間，只是為了改善家裡，因為你在那裡的頻率更高。然後是美國房屋存量正在老化的事實，當然，它每年都在老化，但它的老化程度不成比例，因為我們有很多年我們的住房建設不足。所以現在我們在美國有超過一半的房屋超過 40 年。因此，我們認為，所有這些具有令人難以置信的強勁升值的因素都會在未來一段時間內支持家居裝修，無論您在短期內是否有超過這些水平的升值。

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.

而且我們從未想過或看到房價升值與我們經常看到和聽說的不同時期相關，那裡存在跨越多個時期的滯後效應。正如泰德所說，我們認為這裡的基本面很強勁。

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?

偉大的。非常有幫助。只是對庫存水平的快速跟進。如果您可以分享，也許單件庫存增加了多少？你覺得你現在的業務庫存水平是否合適？

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.

是傑夫·金納德。從庫存的角度來看，我們是 - 如果您查看我們的總庫存，其中一半是我們在這種通脹環境中管理的通脹。其次是庫存改善。就您而言，我們對我們的改進、我們的商家、我們的供應鏈團隊感到滿意。今年與去年相比，我們的供應商攜手合作，打造了更好的庫存。在改進方面，我們還有很長的路要走，但對我們 - 我們在哪裡 - 我們如何進步感到非常滿意。

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.

我們仍然不得不向前拉庫存。如果您考慮當今的供應鏈環境，我們的重點是為我們的客戶服務，為我們的專業人士提供正確的工作批次數量以及事件和其他活動的正確時間安排。因此，我們的部分庫存過剩顯然是由於我們為客戶服務方面所做的工作。

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的結轉庫存，但我們正在管理並確保我們為下一季做好準備的低風險庫存。但總的來說，我們對我們的庫存狀況感覺非常好。我們正在管理庫存環境的膨脹，並將在庫存方面為我們的客戶服務。

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

我們的下一個問題來自布賴恩·內格爾和奧本海默的觀點。

Nice quarter, congratulations.

不錯的季度，恭喜。

Thank you.

謝謝你。

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?

所以我有幾個問題。首先，從歷史上看，在長期關注 Home Depot 之後，貴公司在理解宏觀投入和建立模型，然後據此預測自己的銷售額方面做得非常好。所以我的問題是——這有點——我知道對之前的一些問題有後續跟進。但是當你——我的意思是，你現在用你的模型，你看看各種變量——各種宏觀因素，你的業務跟踪是否與它應該在的地方一致？或者您實際上 - 是否存在某種類型的中斷，您現在實際上比宏變量所指示的表現更好？

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.

我認為，布賴恩，我們所處的環境如此獨特，以至於嘗試根據宏觀經濟因素構建模型可能不如花時間以敏捷的方式進行管理更有價值。我們有信心的是，我們一直在不斷地佔據市場份額，而且我們現在比以往任何時候都處於更好的位置，可以在任何環境中佔據市場份額。

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.

正如 Ted 之前所說，我們已經觀察了十多年相同的住房統計數據。我們有方向地思考，我們了解這裡發生了什麼。就房主而言，只有一個非常積極的環境。但是，至少目前，鑑於經濟的活力，我們不會將其與任何給定的宏觀經濟因素聯繫起來。

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。布賴恩，如果我可以補充一下，業務中是否有任何部分比我們預期的要好。我的意思是，正如 Hector 所概述的那樣，我們對 Pro 所做的事情真的很興奮。我們正在構建的這個 Pro 生態系統，我的意思是，我們正在真正構建一組在我們的市場中看不到的功能。在與我們的專業人士交談和我們所做的研究時，他們非常樂意使用 Home Depot 做更多事情，因為我們開發了能力來服務於他們更大的計劃購買。

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，但是隨著這個 Pro 生態系統的不同部分上線，我們現在在許多大型地鐵市場開放了許多 One Supply Chain 大樓，我們開始增加銷售隊伍的規模，我們的報價我在準備好的評論中提到了我們 B2B 網站的功能和集成，所有這些真正結合在一起，推動了令人難以置信的強大 Pro 和更大的 Pro 組合。

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，當我們今年早些時候將 TAM 更新為 9000 億美元，其中 4.5 億美元用於 Pro 時，我們看到了巨大的機會。我會說，是的，這是一個我們表現出色並為此感到高興的類別。

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。然後是我的後續問題，無關。關於通貨膨脹，通貨膨脹再次成為您業務的驅動力。我想我的問題是，您是否看到任何增量證據表明消費者開始在這些更高的價格點上有所退縮？

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.

布賴恩，我們是——我們有更高的平均單位零售增長，這高於通貨膨脹。所以真的沒有看到任何交易下降。我們的門票價格超過 1,000 美元，這對項目和 Pro 客戶來說都是如此。我們會說，在烤架、割草機、洗衣店和其他一些高價商品中，可能存在價格敏感性。但正如 Ted 評論的那樣，有 COVID 向前推進，有刺激效應。在我們的大多數市場中，我們從一個非常潮濕和寒冷的春天變成了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.

消費者正在關注其他項目。你認為消費者已經發生了變化。你想想去年，都是關於後院的。今年，它涉及油漆和其他大型翻新類別等類別，我們在整個業務中都看到了這一點。然後我還要說，我們繼續看到消費者和專業人士圍繞創新進行交易，我為商家和我們的供應商合作夥伴以及我們為客戶提供的創新成果感到無比自豪。我們有很多產品可以幫助我們的專業人士更快地完成工作並為我們的消費者簡化項目。因此，沒有發生重大的交易下跌。

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

我們的下一個問題來自摩根大通的 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.

所以關於 Pro 的後續問題。您能談談大型 Pro 與小型 Pro 之間的相對性能嗎？大型 Pro 表現出色嗎？你認為這是什麼原因？總體而言，我不確定您是否可以跟踪這一點，但您是否看到 Pro 交易增長？因為整體交易增長被壓低，大概是DIY。

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。克里斯，我將與你分享——我們的高消費 Pro 在過去幾個季度中的表現非常一致。所以我們很高興看到這一點。就客戶規模而言，我們看到 Pro 業務的其他領域環比增長。所以我們感覺真的很好。我們花了很多時間討論積壓，我們對接下來幾個季度的定位感到非常滿意。

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

所以 - 對不起，只是為了解釋。所以你是說大型 Pro 是表現最好的？

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

我們的大型專業人士是本季度表現最好的。沒錯，克里斯。

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

知道了。然後你能在交易層面上看它嗎？ Pro 的交易是否順利？

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

我們不會進一步打破這一點，但我們只是說更大的專業客戶的需求很強勁。

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?

知道了。然後跟進那個，有點，泰德，你對人們的觀點從假期回來並重新參與了這個類別。去年，這種情況似乎更多地發生在 DIY 重新參與的 9 月時間範圍內。您如何看待秋季的 DIY 業務與人們可能會回來並且有些事情需要完成並且孩子們要回到學校？但是你如何看待隨著秋季進入九月，DIY 的風險可能會消退？

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.

好吧，克里斯，這是一個很好的問題。坦率地說，當我們 - 鑑於上半年和第二季度的強勁表現，重申指導，這意味著下半年的薪酬較低，這對我們來說確實是個問題。坦率地說，我們不知道答案。我們對 Pro 非常滿意。那繼續前進。但下半場的問題以及比隱含補償做得更好的機會是消費者是否堅持下去。

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.

正如傑夫所說，在上半年表現相對不佳的各種潛在原因中，如果它更像是天氣，並且已經在後院集中了這麼長時間 2 年。如果他們去做其他事情，去海灘等等，然後他們在秋天回來並重新參與，那顯然是個好消息。但是對於這些交叉流，我們只是沒有調用它。這在下半年有點保守。

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

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

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?

只是為了建立克里斯的問題。我只是好奇你是如何在接下來的幾個季度甚至 23 年初從品類的角度來規劃業務的。您是否期望 Pro 繼續領先？或者你認為你在過去幾週所看到的我們開始看到這方面的轉變？

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.

看，在創新和價值方面，我們為項目客戶的延續做好了準備。我會指出萬聖節以及幾週前我們是如何推出萬聖節的，並且在早期推出中取得了巨大的成功，並在接下來的幾週內全部進入商店，並期待該類別的表現。談到 Pro 時，我們將在創新和工作批量以及利用我們的供應鏈能力和 Hector 談到的其他能力方面發揮作用。

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，計劃項目業務、Pro 業務的延續，我們將在幾週後到勞動節時為我們的消費者服務。我們為勞動節計劃了一個很棒的計劃。隨著萬聖節的到來，隨著我們進入黑色星期五的時間框架，我們將為我們的客戶提供巨大的價值，我們將繼續為我們的客戶提供價值的倡導者。

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。查克，有趣的是，在萬聖節之類的活動中，這不是一個龐大的類別。它本身不會改變 1500 億美元的銷售額。但是，該類別在交通中給我們帶來的興奮程度。當你考慮到對客戶的彈性和在明顯可自由支配的項目上的消費意願時，我們發布了其中一些產品的 2 個版本，非常非常具體，在此之前的數量有限。我們賣光了——我什至不知道是不是幾個小時，人們花 300 多美元購買一件明顯可自由支配的商品的速度有多快，但很有趣，價值創新很大，但很明顯，人們搶購了分鐘一個相當不錯的價格點，100% 可自由支配的項目。

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?

這顯然很高興聽到。只是稍微改變一下接下來的幾年。只是想知道你們是否可以討論你們在全國開設的新設施以及你們所看到的好處。你在達拉斯談過一點。但是，隨著您在很大程度上完成部署，在接下來的幾年裡會有多大的順風？

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.

是的。我會開始的。我們的供應鍊是我們為服務客戶和提高生產力而構建的生態系統的重要組成部分。我們的目標是真正建立最快、最高效、最可靠的家裝配送網絡，讓 90% 的家庭提供當日達、次日達的包裹和大件服務。

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.

我們最初的計劃是開闢 150 座新建築。雖然其中許多將在今年年底完成，但有些需要我們更長的時間，這是我們收購 HD Supply 的一個功能，我們暫停並重新評估了我們對提供類似功能的設施的需求以及我們與 COVID 相關的一些影響。

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.

我們對建築物的性能非常滿意。在我們計劃的 100 個市場交付業務中，我們已經完成了大約 85 個。我們有 11 個計劃中的 DFC 擴建項目，這些設施將為當地市場的包裹和大而笨重的客戶提供服務。最後，赫克托爾提到了這一點，我們的平板配送中心將在今年完成大約 15 或一半的預期目標，目前正步入正軌。

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.

達拉斯是我們支持這些能力的第一個市場。它已經運行了 2 年多，我們真的很喜歡 Hector 提到的達拉斯市場的生態系統。我們學到了很多東西，我們贏得了 Pro 計劃的購買。因此，我們對我們的投資和我們的單一供應鏈戰略仍然存在的可能性感到興奮。

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，你問我們在構建這個過程中認為順風是什麼，John (sic) [Richard] 提到，HD Supply 是我們為一個供應鏈構建的一個支點的一部分。我想 - 我只想說我們對 HD Supply 的收購感到非常高興。 Shane O'Kelly 和他的團隊做得非常好。這種整合在產品目錄、客戶和銷售人員整合方面進行得非常好，而且他們剛剛有了一個良好的開端，而且業務表現非常好。

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.

請記住，我們將排名第一和第二的多戶家庭玩家放在一起，並在多戶家庭中處於領先地位。然後隨著對 Supply 的收購，酒店和醫療保健、政府等領域的其他垂直行業都表現得非常好，我們對 HD Supply 感到非常滿意。

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

我們的下一個問題來自古根海姆的史蒂文福布斯。

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，我希望擴展 Pro 忠誠度計劃和 B2B 網站體驗，真正尋找您可以提供的任何具體數據點，以幫助我們更好地了解這些計劃的成熟優勢。比如你有多少成員？他們多久參與一次個性化優惠？ Pro帖子入職後的平均錢包份額發生了什麼變化？您能提供什麼幫助我們了解這裡的機會嗎？

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。這是來自在線團隊的 Jordan Broggi。我們不會打破這些。但我想說的是，我們對我們的忠誠客戶非常滿意。他們的表現優於平均水平，登錄到我們在線 B2B 體驗的客戶的表現明顯優於我們消費者方面的客戶。對不起。

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.

我也會加入 Pro Extra。就表現而言，第二年感到很興奮。去年春天，我們將 Pro Extra 忠誠度與我們的商業信用卡聯繫起來。就整體性能而言，這是另一個飛躍。我們看到現有的會員參與度很高。我們看到了很棒的新註冊。招生人數眾多，收入也很強勁。然後我們的專業人士正在享受額外的福利，我們看到這種參與程度顯著增長。

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?

然後只是一個快速的跟進，也許是為了理查德。我認為 Ted 提到了 100% 的商店符合成功分享的條件。與去年相比，或者我想，在我們考慮費用構建時，與當年的原始計劃相比，這筆付款有什麼顏色嗎？

It was roughly equivalent to last year.

與去年大致相當。

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. 的 Mike Baker。戴維森。

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.

所以我只是想問一下，很明顯，在環境中有很多活動部件，但通過這一切，看起來，至少根據你的指導，你們將在營業利潤率持平的情況下實現大約 3% 的競爭。這是從長遠角度考慮業務的正確方式嗎？那是你的目標補償和利潤盈虧平衡嗎？在大約 3% 時，您將實現盈虧平衡，高於此值，可能利潤率會上升，等等？只是想知道長遠的觀點。

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。我們通常將運營費用用於非常低的個位數補償。我們總是希望這樣做。利用運營費用是我們財務模型的一部分，也是我們開展業務的一部分。您會看到每個季度的波動，但我們今年已經達到了預期，並且對我們所處的位置以及我們的團隊如何在這種環境中進行管理感到非常滿意。

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.

從長遠來看，我們再次預計會產生運營費用槓桿。我們的目標是獲得市場份額並為股東創造價值。我們考慮在推動營業利潤美元增長方面為股東創造價值。這是一個對我們有用的公式，我們認為它會繼續為我們工作。

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?

因此，如果我能跟進這一點，這對我來說聽起來像是什麼，這兩個評論都利用了運營費用，但關注的是毛利潤。公平地說，您願意讓毛利率繼續下降嗎？我認為在過去幾年的每一年中，它們在過去 10 個季度中都有 6 個季度下降，幅度不大，每年僅下降 10 到 20 個基點。但是，只要它能夠推動競爭並利用 SG&A，我們是否可以接受毛利率下降一點點的想法？

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，我們考慮美元增長，我們首先考慮現金回報。我認為毛利率尤其是一種次要指標。我給你舉個例子。 10 多年前，我們將電器確定為一個主要競爭對手正在失去動力的類別，我們認為我們可以在該類別中取得一些進展。當時的問題是電器的毛利率低於公司平均水平。

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.

但是考慮到該模型的投資資本回報率，我們實際上並不擁有模型中的庫存，投資資本回報率非常好。因此，當我們回首往事時，這些設備對我們的業務產生了影響，我們會說我們每次都會再次這樣做。我們將尋找機會來提高市場份額、推動營業利潤增長並推動投資資本回報。

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

我們的下一個問題來自富國銀行的 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?

我想跟進你的達拉斯市場，因為業績似乎達到或高於你的預期。既然您已經有一些時間讓您的供應鍊和設施投資產生共鳴，那麼您是否可以在市場競爭提升、新客戶贏得或錢包份額收益與整體機隊之間分享任何量化？

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.

看，我們不會分解達拉斯的具體表現。但是，我要再次告訴您，就我們業務的 Pro 部分而言，達拉斯一直在我們的表現中名列前茅。我們看到客戶的反應和參與度很高，那些嘗試我們能力的人正在與我們重複購買，而且這些購物籃繼續增長。因此，我們很高興能夠繼續增強生態系統。

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.

我們剛剛第二次擴展了我們的外部銷售資源，這些團隊成員做得很好或為我們的 Pro 客戶提供服務。因此，我們對在達拉斯和其他市場看到的情況感到非常鼓舞。但同樣，這只是 - 它處於轉型的早期階段，處於生態系統構建的早期階段，但我們的客戶反饋了很好的信號。

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.

他們真的想鞏固他們的購買。當您想到我們的 Pro 客戶一年來我們的商店超過 60 次，然後不得不去其他零售商那裡補充他們的項目時，我們可以為我們的 Pro 客戶提供這些需求，並且他們希望與我們整合他們的購買。

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.

扎克，如果我可以補充的話，我之前已經提到過，我們還有四分之一的跟踪。當我們查看 Pro 的大小時，我們可以很好地細分他們是否購買小件緊急填充物與已交付的較大計劃購買天數。然後你看看我們正在構建的各種能力集，你希望看到的，期望看到的正是我們所看到的。隨著這些專業人士參與到能力中——所以他們獲得了銷售，一個專門的專業銷售資源。他們加入了我們的信貸計劃。他們加入了我們的忠誠度計劃。他們租用工具。他們使用我們更大的報價系統。他們收貨。隨著他們使用更多功能，我們看到了更大的購買量。我們看到更多的重複購買。同樣，您要繪製的所有內容都是您希望看到的以證明這是有效的，這正是我們所看到的。

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.

所以我們再高興不過了。這是一個旅程。正如我們所說，達拉斯是最成熟的市場，但我們現在在許多地鐵市場中擁有不同水平的這些能力。我們確實非常具體地看待達拉斯，我們著眼於增量，我們確切地知道我們需要什麼來推動一個 NPV 為正的項目，甚至增加一個增量銷售隊伍，一個單獨的銷售代表。我們正在跟踪銷售的增量，以確保我們為該資源付費。

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.

但是，這整個生態系統再次在不同的市場中工作——現在許多不同的市場具有不同的功能水平，這就是 Pro 和大型 Pro 令人難以置信的性能背後的原因。我的意思是，我們以我們發展 Pro 的方式發展 Pro 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.

扎克，又是赫克托耳。我唯一要補充的是，想想你參與的最後一個項目，每一個 Pro 計劃購買都會為同一個項目帶來很多計劃外的購買，而且還提前取貨。我們看到了這一點。我們看到客戶不僅追求大型交付產品，而且還回到商店進行計劃外購買以完成項目。因此，生態系統確實運作良好。

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?

知道了。這都很有幫助。我只是想問一下，隨著最近 CPI 趨於平穩以及商品籃子的下降，隨著運費或投入成本開始放緩，您是否可以在這裡談談影響。公平地說，您會立即將節省的資金轉嫁給您的客戶嗎？或者你認為最近的大部分價格上漲或多或少是可持續的？

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。我們管理大量商品。我們在競爭性定價分析方面做了大量工作，並將在市場上保持競爭力。我還要說，我們對我們銷售的幾乎所有產品的幾乎所有成本構成都有深刻的了解。我們正在與我們的供應商合作，研究當我們看到商品下跌時的情況。正如你所說，更廣泛的商品指數已經下跌。我們正在密切關注這一點，我們肯定會保持我們在市場上的競爭力，因為我們會觀察短期和中期大宗商品的走勢。

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

我們的最後一個問題來自 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?

幾個快速的。因此，您提到後半部分的銷售速度放緩，以達到今年 3% 的回報率。那麼，我們應該如何考慮與第三季度和第四季度的銷售增長相關的運營費用增長呢？在第二季度取得不錯的結果之後，您正在採取哪些具體措施來更好地利用成本？如果可以的話，請提醒我們，費用結構中有多少與工資單以及您實時上下調整的能力有關？

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 - 以相反的順序，我們不打破我們的工資佔銷售額的百分比。所以這是我們最大的運營費用，我們管理得非常嚴密。關於今年剩餘時間，我真的只是向您指出我們的指導。您將在每個季度的運營費用槓桿方面出現變化，但我們至少對我們認為今年的發展方向感到滿意。再一次，我會就我們的預期向您指出指導。

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。然後只是另外一個。你能談談股票回購前景嗎？剛剛考慮到第二季度的數字已經降落，任何潛在的股票回購加速？我們將在 1 月 1 日徵收 1% 的潛在附加稅。回購有什麼變化嗎？

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方法沒有變化。我們將繼續向股東返還多餘的現金。

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

Janci 女士，我現在想將發言權轉回給您，以完成最後的評論。

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

謝謝克里斯汀，謝謝大家今天加入我們。我們期待在 11 月的第三季度財報電話會議上與您交談。

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.

女士們，先生們，今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。