家得寶 (HD) 2022 Q3 法說會逐字稿

Greetings, and welcome to The Home Depot Third Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

您好，歡迎來到家得寶 2022 年第三季度收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。現在我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 Third Quarter 2022 Earnings Call. Joining us on our call today are Ted Decker, Chair, President and CEO; 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. (Operator Instructions) If we are unable to get your questions 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 Home Depot 2022 年第三季度財報電話會議。主席、總裁兼首席執行官泰德·德克爾 (Ted Decker) 今天加入我們的電話會議；營銷執行副總裁 Jeff Kinnaird；執行副總裁兼首席財務官 Richard McPhail。在我們準備好的發言之後，電話會議將公開提問。 （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門。

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

在我將電話轉給 Ted 之前，讓我提醒您，今天的新聞稿和我們的高管所做的介紹包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些陳述受風險和不確定因素的影響可能導致實際結果與我們的預期和預測存在重大差異。這些風險和不確定性包括但不限於新聞稿和我們向美國證券交易委員會提交的文件中確定的因素。今天的演講還將包括某些非 GAAP 措施。我們的網站上提供了這些措施的協調。

Now let me turn the call over to Ted.

現在讓我把電話轉給泰德。

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

謝謝伊莎貝爾，大家早上好。感謝您今天早上加入我們的電話會議。

Sales for the third quarter were $38.9 billion, up 5.6% from the same period last year. Comp sales were up 4.3% from the same period last year, and our U.S. stores had positive comps of 4.5%. Diluted earnings per share were $4.24 in the third quarter compared to $3.92 in the third quarter of last year.

第三季度銷售額為 389 億美元，比去年同期增長 5.6%。比較銷售額比去年同期增長了 4.3%，我們的美國商店的銷售額為 4.5%。第三季度稀釋後每股收益為 4.24 美元，而去年第三季度為 3.92 美元。

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

從地理角度來看，我們在美國的 19 個地區都與去年相比取得了積極的業績，而墨西哥的業績高於公司平均水平，加拿大低於公司平均水平，均以當地貨幣計算。該團隊在為我們的客戶提供出色的服務的同時，繼續應對全球供應鏈中斷、勞動力市場緊張的通貨膨脹等問題。

This quarter also marked another active hurricane season. As they always do, our associates and suppliers did an incredible job supporting those in the path of both Hurricanes Fiona and Ian and our thoughts continue to be with those impacted by these storms.

本季度還標誌著另一個活躍的颶風季節。一如既往，我們的員工和供應商在支持颶風菲奧娜和伊恩途中的人們方面做出了令人難以置信的工作，我們的想法繼續與那些受到這些風暴影響的人在一起。

Our results in the quarter reflect continued solid demand for home improvement projects. While we did see some deceleration in certain products and categories, as Jeff will detail, the project business remains strong across most of our departments. We also saw year-over-year growth with both our Pro and DIY customers in the quarter.

我們在本季度的業績反映了對家居裝修項目的持續強勁需求。雖然我們確實看到某些產品和類別出現了一些減速，正如 Jeff 將詳述的那樣，但我們大多數部門的項目業務仍然強勁。本季度，我們的 Pro 和 DIY 客戶也實現了同比增長。

While the business performed very well and our consumer remains resilient, 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 business and believe we have the tools, team and the experience to effectively manage in any environment. Despite near-term uncertainties, we believe the long-term underpinnings of demand for home improvement remains strong, and we are well positioned to leverage our distinct competitive advantages to capitalize on compelling growth opportunities in our space.

雖然業務表現非常好並且我們的消費者保持彈性，但我們正在駕馭一個獨特的環境。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。然而，我們繼續密切關注我們業務的彈性和趨勢，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。儘管近期存在不確定性，但我們相信家居裝修需求的長期基礎依然強勁，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。

We are pleased with the traction we are seeing in our interconnected business as we continue to build on our momentum with both our Pro and DIY customers. For example, as we have better functionality and capabilities in our Home Depot app, we see greater engagement. In fact, throughout the year, we have seen strong double-digit growth in monthly active users versus last year.

我們對我們在相互關聯的業務中看到的牽引力感到高興，因為我們繼續與我們的專業和 DIY 客戶建立我們的勢頭。例如，由於我們的 Home Depot 應用程序具有更好的功能和能力，我們看到了更大的參與度。事實上，在這一年中，我們看到每月活躍用戶與去年相比實現了兩位數的強勁增長。

The growth is attributable to several enhancements we have made, including an improved online experience for our Pro Loyalty program, the seamless connectivity we've provided for a military program and the launch of our new store mode feature, which makes navigating the store and interacting with products much easier. These enhancements translate to less friction of our customers as they navigate the digital world and connect into the physical world.

增長歸功於我們所做的幾項改進，包括改進我們的 Pro Loyalty 計劃的在線體驗、我們為軍事計劃提供的無縫連接以及我們新的商店模式功能的推出，這使得在商店中導航和互動與產品更容易。這些增強功能可以減少我們客戶在數字世界和連接到物理世界時的摩擦。

We also remain focused on driving continuous improvement in productivity within the 4 walls of our store to enhance both the associate and customer experience. We are currently launching a new application on our in-store mobile devices called Sidekick, which is an in-aisle tasking tool designed to direct associates to the highest value tasks in real time.

我們還繼續專注於推動我們商店 4 堵牆內生產力的持續提高，以增強員工和客戶的體驗。我們目前正在我們的店內移動設備上推出一個名為 Sidekick 的新應用程序，這是一種通道內任務分配工具，旨在實時指導員工執行最高價值的任務。

The tool direct associates to key bays were on-shelf availability is low or out exists. By simplifying our operations, we can generate productivity to enhance both the customer and associate experience.

該工具直接關聯到關鍵隔間，貨架可用性低或不存在。通過簡化我們的運營，我們可以提高生產力以增強客戶和員工的體驗。

For the Pro customer, we remain focused on investing in an ecosystem of capabilities, including enhanced fulfillment, a more personalized online experience as well as other business management tools to drive deeper engagement with these customers. While we are focused on removing friction from the shopping experience, we are also onboarding capabilities to help our Pros run their businesses more efficiently.

對於專業客戶，我們仍然專注於投資功能生態系統，包括增強的履行能力、更個性化的在線體驗以及其他業務管理工具，以推動與這些客戶的更深入互動。在我們專注於消除購物體驗中的摩擦的同時，我們還提供了一些能力來幫助我們的專業人士更有效地開展業務。

Our Pros tell us that finding qualified skilled labor is a pain point in their business. To that end, we recently announced our Tap to Pro platform, connecting skilled trades people with hiring trades professionals. This unique and proprietary platform is available at no cost to all Pro Xtra members. It already contains thousands of candidates and Pros have begun posting their open jobs.

我們的專業人士告訴我們，尋找合格的熟練勞動力是他們業務中的一個痛點。為此，我們最近宣布推出 Tap to Pro 平台，將熟練的貿易人員與招聘的貿易專業人員聯繫起來。所有 Pro Xtra 會員都可以免費使用這個獨特的專有平台。它已經包含了數以千計的求職者，專業人士已經開始發布他們的空缺職位。

Our team remains focused on what is most important, our associates and customers, our merchants, store MET teams, supplier partners and supply chain teams did an outstanding job delivering value and service to our customers throughout the quarter.

我們的團隊仍然專注於最重要的事情，我們的員工和客戶、我們的商家、商店 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做得非常出色。

I'd like to close by thanking them for their dedication and hard work. With that, let me turn the call over to Jeff.

最後，我想感謝他們的奉獻精神和辛勤工作。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 third quarter, we continued to see solid 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，感謝他們一直致力於為我們的客戶和社區提供服務。正如您從泰德那裡聽到的那樣，在第三季度，我們繼續看到對家居裝修項目的強勁需求以及我們團隊和供應商合作夥伴的強勁執行力。

Turning to our comp performance during the third quarter. 11 of our 14 merchandising departments posted positive comps: build materials, plumbing, lumber, millwork, paint and hardware had comps above the company average. All other departments with the exception of appliances, flooring and indoor garden were positive, but below the company average. During the third quarter, our comp average ticket increased 8.8% and comp transactions decreased 4.4%. 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.

轉向我們在第三季度的表現。我們 14 個銷售部門中有 11 個發布了積極的業績：建築材料、管道、木材、木製品、油漆和硬件的業績高於公司平均水平。除家電、地板和室內花園外，所有其他部門均表現良好，但低於公司平均水平。第三季度，我們的平均票價增長了 8.8%，交易量下降了 4.4%。我們平均票價的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。

Inflation from core commodity categories positively impacted our average ticket growth by approximately 200 basis points during the third quarter, driven by inflation in build materials, lumber and copper. Big ticket comp transactions or those over $1,000 were up 10.1% compared to the third quarter of last year. We saw a big ticket strength across many Pro-heavy categories like fasteners, pipe and fittings and gypsum.

在建築材料、木材和銅的通脹推動下，核心商品類別的通脹在第三季度對我們的平均票價增長產生了大約 200 個基點的積極影響。與去年第三季度相比，大額補償交易或超過 1,000 美元的交易增長了 10.1%。我們在緊固件、管道和配件以及石膏等許多專業重型類別中看到了巨大的實力。

During the third quarter, both Pro and DIY sales growth were positive, with Pro outpacing DIY. We're encouraged by the continued momentum we are seeing with both our Pro and DIY customers. In addition, our Pros tell us their backlogs remain strong.

第三季度，Pro 和 DIY 的銷售額均呈正增長，其中 Pro 的增速超過 DIY。我們對 Pro 和 DIY 客戶的持續發展勢頭感到鼓舞。此外，我們的專業人士告訴我們，他們的積壓訂單量仍然很大。

During the quarter, our project business remained healthy. This can be seen in the double-digit comp performance of our build materials, plumbing, lumber and new work departments as well as in other categories like fencing, siding, conduit boxes and fittings, hubs and showers and cabinets.

本季度，我們的項目業務保持健康。這可以從我們的建築材料、管道、木材和新工作部門以及其他類別（如圍欄、壁板、導管盒和配件、集線器和淋浴間和櫥櫃）的兩位數的業績中看出。

We're also encouraged by the momentum we continue to see with our larger Pro customers. These medium to large repair remodel Pros continue to post strong double-digit comps. We believe we are building a unique interconnected Pro ecosystem that will increase our ability to grow share in a $450 billion addressable Pro space. To serve the Pro, it's about removing friction through a multitude of enhanced product offerings and capabilities. We feel confident that the investments across our Pro ecosystem are resonating and that we continue to gain share with this important customer.

我們也對我們繼續看到更大的 Pro 客戶的勢頭感到鼓舞。這些大中型維修改裝專業人士繼續發布強勁的兩位數補償。我們相信我們正在構建一個獨特的互連專業生態系統，這將提高我們在 4500 億美元的可尋址專業空間中增加份額的能力。為 Pro 服務，就是要通過大量增強的產品供應和功能來消除摩擦。我們相信，我們的 Pro 生態系統中的投資正在產生共鳴，並且我們將繼續與這個重要客戶分享份額。

As you know, we've been on a journey to remove friction from our interconnected shopping experience. A great example of this was our announcement in December of 2017 to own more of the appliance delivery end-to-end. And in the third quarter, we achieved an important milestone. We now have 100% of our appliance delivery volume managed through our market delivery operations. This has significantly improved the customer experience. On-time and complete deliveries have increased meaningfully and customer satisfaction metrics have increased by approximately 6 percentage points compared to the third quarter of last year.

如您所知，我們一直致力於消除互聯購物體驗中的摩擦。一個很好的例子是我們在 2017 年 12 月宣布擁有更多的端到端設備交付。在第三季度，我們實現了一個重要的里程碑。我們現在 100% 的設備交付量是通過我們的市場交付業務來管理的。這顯著改善了客戶體驗。與去年第三季度相比，準時和完整交付顯著增加，客戶滿意度指標提高了約 6 個百分點。

Turning to total company online sales. We are very pleased with the performance of our digital assets. Sales leveraging our digital platforms increased nearly 10% compared to the third quarter of last year. This was driven by our continued investments, which are resonating with our customers. For example, during the quarter, lead times improved across different fulfillment capabilities, which drove greater conversion.

轉向公司在線總銷售額。我們對我們數字資產的表現感到非常滿意。與去年第三季度相比，利用我們數字平台的銷售額增長了近 10%。這是由我們的持續投資推動的，這引起了我們客戶的共鳴。例如，在本季度，不同履行能力的交貨時間有所改善，從而推動了更高的轉化率。

For those customers that chose to transact with us online during the third quarter, approximately 50% of our online orders were fulfilled through our stores, a testament to the power of our interconnected retail strategy. We're excited about the holiday season. During the third quarter, we hosted our Halloween event and could not be happier with the results. 2022 was a record sales year for our Halloween program, both in-store and online, as our customers continue to add to their collection with our unique and exclusive assortment.

對於那些在第三季度選擇與我們在線交易的客戶，我們大約 50% 的在線訂單是通過我們的商店完成的，這證明了我們相互關聯的零售戰略的力量。我們對假期感到興奮。在第三季度，我們舉辦了萬聖節活動，對結果感到非常高興。 2022 年是我們萬聖節計劃（包括店內和網上）銷售創紀錄的一年，因為我們的客戶繼續通過我們獨特而獨家的分類來增加他們的收藏。

As we turn our attention to the fourth quarter, we intend to continue this momentum with our annual holiday, Black Friday and gift center events. Our teams have sourced the most compelling artificial tree assortment we have ever had, which makes it easier for our customers to find the perfect tree for their holiday. In terms of our decorative holiday program, we couldn't be happier with our industry-leading assortment with extraordinary features and functionality that looks great and also reflects exceptional value.

當我們將注意力轉向第四季度時，我們打算通過年度假期、黑色星期五和禮品中心活動來延續這一勢頭。我們的團隊採購了我們有史以來最引人注目的人造樹品種，這使我們的客戶更容易找到適合他們假期的完美樹。就我們的裝飾性假期計劃而言，我們對我們行業領先的產品系列感到非常滿意，這些產品具有非凡的特性和功能，看起來很棒，也體現了非凡的價值。

In our gift center, we continue to lean into brands that matter most for our customers with our assortment of Milwaukee, RYOBI, Makita, DEWALT, RIDGID, Husky and more. Earlier this fall, we launched the next generation of the Milwaukee drill and Drive M18 fuel lineup, offering more power, run time and increased safety for our customers. In our gift center, we are featuring this innovation in combo kits with 4 tools and 2 tools. And we have our exclusive RIDGID 4 tool, 18-volt brushless combination kit with 2 free tools, all backed by our lifetime service agreement.

在我們的禮品中心，我們繼續專注於對客戶最重要的品牌，包括 Milwaukee、RYOBI、Makita、DEWALT、RIDGID、Husky 等。今年秋天早些時候，我們推出了下一代 Milwaukee drill and Drive M18 燃料系列，為我們的客戶提供更多動力、運行時間和更高的安全性。在我們的禮品中心，我們以 4 件工具和 2 件工具的組合套件展示了這一創新。我們擁有獨家的 RIDGID 4 工具、18 伏無刷組合套件和 2 個免費工具，所有這些都由我們的終身服務協議提供支持。

And in appliances, we have exciting offers on LG, Samsung, Flash, Oraple, GE and Frigidaire. We have multiple exclusive offers, including the LG side-by-side refrigerator with craft ice, a great innovation and ice-making. As with prior years, we've extended these events over several weeks, and we believe we are well positioned with the right brands, the right inventory and a great customer experience.

在家電方面，我們為 LG、三星、Flash、Oraple、GE 和 Frigidaire 提供令人興奮的優惠。我們提供多項獨家優惠，包括帶工藝冰塊的 LG 對開門冰箱，這是一項偉大的創新和製冰工藝。與往年一樣，我們已經將這些活動延長了數週，我們相信我們已經擁有合適的品牌、合適的庫存和出色的客戶體驗。

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

有了這個，我想把電話轉給理查德。

Thank you, Jeff, and good morning, everyone.

謝謝你，傑夫，大家早上好。

In the third quarter, total sales were $38.9 billion, an increase of $2.1 billion or 5.6% from last year. During the third quarter, our total company comps were positive 4.3%, with positive comps of 7.1% in August, 4.4% in September and 2.1% in October. Comps in the U.S. were positive 4.5% for the quarter, with positive comps of 7.2% in August, 4.2% in September and 2.5% in October. On a 3-year basis, monthly comps were consistent across the quarter.

第三季度總銷售額為389億美元，比去年增加21億美元或5.6%。第三季度，我們的公司總收入為正 4.3%，8 月份為 7.1%，9 月份為 4.4%，10 月份為 2.1%。美國本季度的利潤率為 4.5%，8 月份為 7.2%，9 月份為 4.2%，10 月份為 2.5%。在 3 年的基礎上，整個季度的月度補償是一致的。

In the third quarter, our gross margin was approximately 34%, a decrease of approximately 10 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.

第三季度，我們的毛利率約為 34%，較去年下降約 10 個基點，主要受供應鏈投資的推動。我們繼續成功地抵消巨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 third quarter, operating expense as a percent of sales decreased 18 basis points to 18.2%. Our operating expense performance was in line with our expectations, which reflected continued wage investments as well as planned investments designed to drive efficiency in our store environment.

第三季度，營業費用佔銷售額的百分比下降 18 個基點至 18.2%。我們的運營費用表現符合我們的預期，這反映了持續的工資投資以及旨在提高商店環境效率的計劃投資。

Our operating margin for the third quarter was 15.8% compared to 15.7% in the third quarter of 2021. Interest and other expense for the third quarter increased by $80 million to $406 million due primarily to higher long-term debt levels than 1 year ago. In the third quarter, our effective tax rate was 24.4%, down from 24.5% in the third quarter of fiscal 2021. Our diluted earnings per share for the third quarter were $4.24, an increase of 8.2% compared to the third quarter of 2021.

我們第三季度的營業利潤率為 15.8%，而 2021 年第三季度為 15.7%。第三季度的利息和其他費用增加了 8000 萬美元，達到 4.06 億美元，這主要是由於長期債務水平高於一年前。第三季度，我們的有效稅率為 24.4%，低於 2021 財年第三季度的 24.5%。第三季度攤薄後每股收益為 4.24 美元，比 2021 年第三季度增長 8.2%。

During the third quarter, we opened 3 new stores, 1 in the U.S. and 2 in Mexico, bringing our total store count to 2,319. Retail selling square footage was approximately 241 million square feet. At the end of the third quarter, inventories were $25.7 billion, up $5.1 billion compared to the third quarter of 2021. Inventory turns were 4.3x, down from 5.4x last year. And our inventory growth primarily reflects product cost inflation and strategic decisions in response to continued global supply chain disruption.

第三季度，我們新開了 3 家門店，1 家在美國，2 家在墨西哥，使我們的門店總數達到 2,319 家。零售面積約為 2.41 億平方英尺。第三季度末，庫存為 257 億美元，比 2021 年第三季度增加 51 億美元。庫存周轉率為 4.3 倍，低於去年的 5.4 倍。我們的庫存增長主要反映了產品成本膨脹和應對全球供應鏈持續中斷的戰略決策。

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 third quarter, we invested $770 million back into our business in the form of capital expenditures. And during the quarter, we paid approximately $1.9 billion in dividends to our shareholders and we returned approximately $1.2 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，我們打算以股份回購的形式將多餘的現金返還給股東。第三季度，我們以資本支出的形式向我們的業務投資了 7.7 億美元。在本季度，我們向股東支付了約 19 億美元的股息，並以股票回購的形式向股東返還了約 12 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 43.3%, down from 43.9% in the third quarter of fiscal 2021.

根據過去 12 個月期初和期末長期債務和股權的平均值計算，投資資本回報率約為 43.3%，低於 2021 財年第三季度的 43.9%。

Now I will comment on our guidance for fiscal 2022. As you heard from Ted, we are very pleased with the solid performance we saw during the third quarter. Today, we are reaffirming our guidance for 2022. We expect comp sales growth of approximately 3% for fiscal 2022. We expect comp sales to be positive for the fourth quarter. We expect our fiscal 2022 operating margin to be approximately 15.4% for the year. And we expect mid-single-digit percentage growth and diluted earnings per share compared to fiscal 2021.

現在我將評論我們對 2022 財年的指導意見。正如你從泰德那裡聽到的那樣，我們對第三季度的穩健表現感到非常滿意。今天，我們重申了我們對 2022 年的指導。我們預計 2022 財年的複合銷售額將增長約 3%。我們預計第四季度的複合銷售額將為正。我們預計我們 2022 財年的營業利潤率約為 15.4%。與 2021 財年相比，我們預計將實現中等個位數百分比增長和攤薄後每股收益。

As we've said throughout the year, we find ourselves in a unique environment with many cross-currents. We are 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.

正如我們全年所說的那樣，我們發現自己處於一個獨特的環境中，有許多交叉流。我們在基礎廣泛的通脹環境中運營，這是 4 年來未見的，同時通過受限的全球供應鏈條件進行管理，所有這些都是在貨幣政策轉變的背景下旨在緩和需求。

To date, our customer has proven resilient. 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.

迄今為止，我們的客戶已證明具有彈性。我們相信，我們將繼續在充滿活力的環境中靈活管理，同時比我們的市場增長更快，並提供卓越的股東價值。

Before opening the call for questions, we are pleased to announce that we will be holding an investor conference on June 13, 2023 in New York City. We will share more details in the near future, but for now, please hold the date.

在開始提問之前，我們很高興地宣布，我們將於 2023 年 6 月 13 日在紐約市舉行投資者會議。我們將在不久的將來分享更多細節，但現在請暫緩日期。

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

感謝您參與今天的電話會議。 Christine，我們現在準備好提問了。

(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集團的 Michael Lasser。

The sentiment and narrative around your stock is so heavily focused right now on factors that are out of the Home Depot's control, like the state of the housing market and its ultimate impact on home improvement demand. So can you help frame what easing your control? If home improvement demand, for example, was down 5% next year, is the state of your initiative such that Home Depot could gain a couple of hundred basis points of market share. And in that environment, you'd only be down, call it, 3%.

圍繞你的股票的情緒和敘述現在非常關注家得寶無法控制的因素，比如房地產市場的狀況及其對家居裝修需求的最終影響。那麼你能幫助構建什麼可以減輕你的控制嗎？例如，如果明年家居裝修需求下降 5%，那麼家得寶就可以獲得幾百個基點的市場份額。在那種環境下，你只會下降，稱之為 3%。

And if your comps were only down 3%, given the flexibility that you have with your cost structure coupled with your current capitalization that affords you to buy back a lot of stock, you could actually grow earnings in that sort of scenario.

如果你的公司只下降了 3%，考慮到你的成本結構具有靈活性，加上你目前的資本化可以讓你回購大量股票，那麼在這種情況下你實際上可以增加收益。

Michael, thanks for the question. A lot of detail there that I won't get into specifics, but assure you that we look forward to taking share in any environment. There is a lot of noise around housing and home improvement. And you've heard some of this before, but if I can just step back a minute and lay out the environment the way we see it. I mean, we still feel very good, Michael, about our business. We just reported another strong quarter and reaffirmed our guidance for the year.

邁克爾，謝謝你的提問。那裡有很多細節，我不會詳細說明，但向您保證，我們期待在任何環境中分享。住房和家庭裝修周圍有很多噪音。你以前聽過其中的一些，但如果我能退後一步，按照我們看到的方式佈置環境。我的意思是，邁克爾，我們對我們的業務仍然感覺很好。我們剛剛報告了另一個強勁的季度，並重申了我們今年的指導方針。

And remember, we've grown this business $47 billion in the last 2 and 3 quarters a year. From our core customer, we think our customer is still healthy. I mean our customer tends to have a good job, growing wages, strong balance sheets. They own their home and have seen increased home equity. However, as Richard said in his prepared notes, I mean it is a unique environment, lots of cross-currents, inflation and rising interest rates, et cetera.

請記住，在過去的 2 個和 3 個季度中，我們使這項業務增長了 470 億美元。從我們的核心客戶來看，我們認為我們的客戶仍然健康。我的意思是我們的客戶往往有一份好工作、不斷增長的工資和穩健的資產負債表。他們擁有自己的房屋，並且房屋淨值有所增加。然而，正如理查德在他準備好的筆記中所說，我的意思是這是一個獨特的環境，有很多交叉趨勢、通貨膨脹和利率上升等等。

But given all that, our customer has remained resilient and engaged. As we said, both our Pro and DIY customers grew again in this past quarter. Project demand, in particular, is very strong. Our Pro sales are strong and our Pro intercepts with our customers indicate that their backlogs are still very healthy.

但考慮到這一切，我們的客戶仍然保持彈性和參與度。正如我們所說，我們的 Pro 和 DIY 客戶在上個季度再次增長。項目需求尤其強勁。我們的 Pro 銷售強勁，我們的 Pro 與客戶的攔截表明他們的積壓訂單仍然非常健康。

Customers are still spending lots of time at home. We're not all back at work 5 days a week. These homes continue to age. And they're worth 40% more than they were pre pandemic. Now I'm sure we'll get into some housing questions in housing values may go down a bit, but we're still going to be up meaningfully on a 2-year basis.

客戶仍然有很多時間待在家裡。我們並非每週 5 天都恢復工作。這些房屋繼續老化。而且它們的價值比大流行前高出 40%。現在我確定我們會進入一些住房問題，住房價值可能會下降一點，但我們仍然會在 2 年的基礎上有意義地上升。

We did see some deceleration in certain products and categories. And again, that's difficult to get at a root cause. Is it a consumer pulling back in general? Is there a reaction to price inflation? Do we have some pull forward in certain categories that people bought so much of certain categories during the pandemic? Or are they moving on to other projects?

我們確實看到某些產品和類別出現了一些減速。而且，這很難找到根本原因。是不是消費者普遍退縮了？對價格通脹有反應嗎？在大流行期間人們購買瞭如此多的某些類別的某些類別，我們是否有一些推動力？或者他們正在轉向其他項目？

Our transactions have been stronger than initially thought with this inflation. I mean that's why we have raised guidance throughout the year is that the price sensitivity wasn't as strong as we thought it would be. However, our guidance implies that fourth quarter comps will be the lowest for the year, albeit positive and we have tougher comps from Q4 last year.

在這種通貨膨脹的情況下，我們的交易比最初想像的要強勁。我的意思是，這就是我們全年提高指引的原因，因為價格敏感性並不像我們想像的那麼強。然而，我們的指引暗示第四季度的業績將是今年最低的，儘管是積極的，而且我們的業績比去年第四季度更嚴格。

So with all of that as a backdrop, I mean, as I said in my comments, we believe we have the team, the strategy, the initiatives with each of our consumer and Pro that we'll continue to take share in any operating environment. And while there may be some of these cross-currents in the next X quarters in housing, we still feel the backdrop of housing, the fundamental shortage of housing in this country and the aging of homes is incredibly strong for our space in the medium to long term.

因此，在所有這一切的背景下，我的意思是，正如我在評論中所說，我們相信我們擁有團隊、戰略、我們的每個消費者和專業人士的倡議，我們將繼續在任何運營環境中分享.雖然在接下來的 X 個季度中可能會出現一些這樣的交叉趨勢，但我們仍然感受到住房的背景，這個國家的住房基本短缺和房屋老化對於我們在中期到中期的空間來說非常強大長期。

That's very helpful framework. But in light of some of the deceleration that you're seeing, one might assume that, that might be a prelude to what could be a more pronounced deceleration into '23, especially as some of the material benefit from inflation that the Home Depot has experienced this year fades. So is it best to recalibrate our expectations and think and model more about a negative comp in 2023 for the Home Depot, even if it's just slightly negative?

這是非常有用的框架。但鑑於你看到的一些減速，人們可能會認為，這可能是進入 23 世紀更明顯減速的前奏，尤其是家得寶從通貨膨脹中獲得的一些物質利益經歷了這一年的淡去。那麼，是否最好重新調整我們的預期，並更多地思考和模擬 Home Depot 在 2023 年的負面表現，即使它只是略微負面？

Well, we'll talk about '23 after our fourth quarter earnings call in February. Again, we remain incredibly bullish. There are certainly factors outside of our control, are the Fed actions going to ultimately take us to a recession? If so, how deep that might be? Those are things that we're all wrestling with and everyone has an opinion. But we're focused on what we can control, rolling out our strategies, delighting our customers and taking share in any environment.

好吧，我們將在 2 月的第四季度財報電話會議後討論 23 年。同樣，我們仍然非常樂觀。肯定有我們無法控制的因素，美聯儲的行動最終會讓我們陷入衰退嗎？如果是這樣，那可能有多深？這些是我們都在努力解決的問題，每個人都有自己的看法。但我們專注於我們可以控制的事情，推出我們的戰略，取悅我們的客戶並在任何環境中分享。

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

我們的下一個問題來自 Simeon Gutman 與摩根士丹利的對話。

Focusing on housing. So housing metrics are decelerating much quicker than your comps or your comp stacks. Is this just a lag effect? I don't know if this lag is longer than other lags or -- and Ted, you just made the case that maybe sales decouple from these metrics. I assume it's temporary because of home equity, and we're spending more time in our home? Or are you suggesting that maybe it's not temporary because we're spending more time in our home?

專注於住房。因此，住房指標的減速速度比您的補償或補償堆棧要快得多。這只是滯後效應嗎？我不知道這個滯後時間是否比其他滯後時間長，或者 - 泰德，你剛剛提出銷售可能與這些指標脫鉤的情況。我認為這是暫時的，因為房屋淨值，我們花更多的時間在家裡？或者你是在暗示這可能不是暫時的，因為我們在家裡待的時間更多了？

So Simeon, it's Richard. Just to maybe sort of put some further points on Ted's backdrop, a lot is made of home prices and -- home price appreciation change and home price appreciation, we think, has always driven home improvement demand, and we've talked that to you for a long time. But what we also really ran into even, I'd call it, the middle part of the last decade was that as home prices begin to call it, become more steady, price discovery, in our view, became a little bit harder.

西蒙，是理查德。只是為了進一步說明泰德的背景，很多都是由房價構成的——房價升值變化和房價升值，我們認為，一直推動著家居裝修需求，我們已經和你談過了需很長時間。但我們也真正遇到過，我稱之為過去十年的中期，隨著房價開始變得更加穩定，在我們看來，價格發現變得更加困難。

And so the question has always been, number one, is there a lag to spending? Are you going to spend in that specific period when you know your home price is appreciated or is there a halo effect that lags over multiple periods? And our hypothesis is yes. That's what we saw in the last decade. And I think that, that just sort of holds true from an intuitive perspective.

所以問題一直是，第一，支出是否滯後？當您知道房價升值時，您是否打算在那個特定時期消費，或者是否存在滯後於多個時期的光環效應？我們的假設是肯定的。這就是我們在過去十年中看到的情況。我認為，從直覺的角度來看，這在某種程度上是正確的。

But I think there's another -- there are so many points that are important and I think we are all somewhat anchored to what we observed in 2008 and '09, and many of the folks on this call, in fact, almost all of us were here during 2008, 2009. You have a situation where 25% of homeowners were underwater on their mortgages. You had really a relationship that we saw in our comp sales driven by acceleration in foreclosures.

但我認為還有一點——有很多重要的點，我認為我們都在某種程度上錨定了我們在 2008 年和 09 年觀察到的情況，事實上，參加這次電話會議的許多人，幾乎我們所有人都是在 2008 年和 2009 年期間。您遇到的情況是 25% 的房主的抵押貸款不足。我們在取消抵押品贖回權的加速推動下，我們在我們的 comp 銷售中看到了您真正的關係。

So it wasn't -- we were not in a period of home price depreciation that you're talking about single digits. We had a massive price correction in 2006 to 2008. There was price discovery every single day on the front of the newspaper and millions of forced sellers that were creating that price discovery.

所以它不是 - 我們不是在你談論個位數的房價貶值時期。我們在 2006 年到 2008 年進行了一次大規模的價格調整。報紙頭版每天都有價格發現，數以百萬計的被迫賣家正在創造這種價格發現。

When I look at the situation now, as Ted said, we have home price appreciation of essentially 40% year-over-year -- sorry, over the last 3 years. In fact, year-over-year home prices are up 13%. Since December, home prices are up 8%. It is decelerating. But I think if you ask -- or you listen to most observers, and I think most people are calling for, if there is a correction, a modest one.

當我看現在的情況時，正如 Ted 所說，我們的房價同比上漲了 40%——抱歉，在過去 3 年裡。事實上，房價同比上漲了 13%。自 12 月以來，房價上漲了 8%。它正在減速。但我認為，如果你問 - 或者你聽取了大多數觀察者的意見，而且我認為大多數人都在呼籲，如果有修正，適度的修正。

So my question is, how will the price discovery occur? And then second, is that price depreciation actually meaningful enough to change folks' spending behavior? Because as Ted said, if you're a homeowner, you've done quite well from a balance sheet perspective. You likely have a job, you likely have cash in the bank. And then we're seeing another just interesting dynamic where with mortgage rates increasing, our customer is becoming more and more likely to stay in place and begin a project. So improved in place.

所以我的問題是，價格發現將如何發生？其次，價格貶值是否真的足以改變人們的消費行為？因為正如泰德所說，如果您是房主，那麼從資產負債表的角度來看，您已經做得很好了。你可能有一份工作，你可能在銀行里有現金。然後我們看到另一個有趣的動態，隨著抵押貸款利率的上升，我們的客戶越來越有可能留在原地並開始一個項目。所以改進到位。

And so just sort of going back to the health of the homeowner back in over a decade ago, 25% of mortgages were underwater back then. Let's look at the credit standing of the housing stock in the U.S. now. Of owner-occupied households, 40% are owned outright, no mortgage. Of the 60% that do have a mortgage, 90% of those mortgages are fixed rate, 73% of those mortgages are fixed rate below 4%.

因此，回到十多年前房主的健康狀況，當時有 25% 的抵押貸款處於水下狀態。讓我們看看現在美國住房存量的信用狀況。自住家庭中，40% 是完全擁有，沒有抵押。在有抵押貸款的 60% 中，90% 的抵押貸款是固定利率，73% 的抵押貸款利率低於 4%。

So we are now seeing a dynamic of stay in place and improve their home. And that's what our customers are telling us, and that's what the Pros are telling us their customers are telling them.

所以我們現在看到了留在原地並改善他們的家的動態。這就是我們的客戶告訴我們的，這也是專業人士告訴我們他們的客戶告訴他們的。

That's helpful. A follow-up on another very easy to forecast variable, inflation. Can you frame maybe what percentage of your sales could be at risk from disinflation? Is it 100? Or it shouldn't be 100 because some parts of your product mix aren't going to be vulnerable?

這很有幫助。另一個非常容易預測的變量通貨膨脹的後續行動。您能否確定您的銷售額中有多少百分比可能會受到反通貨膨脹的威脅？是100嗎？或者它不應該是 100，因為您的產品組合的某些部分不會受到攻擊？

It's Jeff Kinnaird. We're watching inflation very carefully. We have seen some deceleration in inflation in the recent months which is good for our consumers. But broadly, we are still experiencing some inflation in some specific categories. I'll call it the lumber market. We have seen a deflationary market in lumber over the recent weeks. In fact, we've seen a lot of stabilization in that industry versus the prior 2 years.

我是傑夫·金奈德。我們正在非常仔細地觀察通貨膨脹。最近幾個月，我們看到通脹有所放緩，這對我們的消費者有利。但總的來說，我們仍在某些特定類別中經歷一些通貨膨脹。我稱之為木材市場。最近幾週，我們看到木材市場出現通縮。事實上，與前 2 年相比，我們已經看到該行業已經穩定了很多。

I did call out an impact from inflation in lumber for the quarter that was more representative of early days in the quarter. But we're looking at it carefully or managing category by category. We're working closely with our suppliers in terms of managing cost and cost components. We have a very good and deep understanding of virtually all cost components of all products that we sell. And again, we're managing it very closely.

我確實提到了本季度木材通貨膨脹的影響，這更能代表本季度的早期。但我們正在仔細研究或分類管理。我們在管理成本和成本構成方面與我們的供應商密切合作。我們對我們銷售的所有產品的幾乎所有成本構成都有非常深入的了解。再一次，我們正在非常密切地管理它。

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 maybe to summarize your comments today, I guess, it's that you are incrementally more cautious because you're seeing certain categories maybe become slowing or more volatile but it's not dramatic and it's more the uncertainty of what the Fed's rate raising is going to affect the business in the future potentially?

所以也許總結一下你今天的評論，我想，你越來越謹慎，因為你看到某些類別可能會變得放緩或更加波動，但這並不劇烈，更多的是美聯儲加息將影響什麼的不確定性未來的業務有潛力嗎？

That's -- yes, I think that's a fair representation, Chris.

那是——是的，我認為這是一個公平的陳述，克里斯。

Okay. And then -- so can you talk about some of the KPIs you're watching? I guess, what category specifically are concerning you? Are you seeing DIY trade down? Are you seeing maybe unit trends in the project business slowing? It seems like the commodity inflation is driving some of your best project categories. And are you seeing any more sort of volatility from the consumer, I guess, over the past couple of months that is adding that element of caution.

好的。然後 - 那麼你能談談你正在觀察的一些 KPI 嗎？我想，具體是哪一類與您有關？你看到 DIY 貿易下降了嗎？您是否看到項目業務的單位趨勢正在放緩？商品通貨膨脹似乎正在推動您的一些最佳項目類別。我想，在過去的幾個月裡，你是否看到消費者出現更多的波動，這增加了謹慎的因素。

Well, I would say that the healthiest thing we see, and as you can imagine, we look at every data set and by geography and category, et cetera. The healthiest thing about the business is the project nature of the demand. We are a project-oriented business and all the categories that Jeff called out that is driving that project demand remains incredibly strong. And we look at it with both our Pro customers, household Pros versus consumers, and that project demand remains strong with each of the Pro and the consumer.

好吧，我會說我們看到的最健康的事情，正如你可以想像的那樣，我們查看每個數據集並按地理和類別等。業務最健康的是需求的項目性質。我們是一家以項目為導向的企業，傑夫提到的所有推動項目需求的類別仍然非常強勁。我們與我們的專業客戶、家庭專業人士和消費者一起審視它，並且每個專業人士和消費者的項目需求仍然強勁。

Some of the caution is -- and again, was it pull forward? Is it finally some price sensitivity on some of these whole good items? We've talked about certain appliance categories or grills. Those definitely have come off the boil. And again, as everyone has purchased in the last 3 years, a lot of those categories, and they've moved into more project and home improvement. Or is there a reaction to inflation. That's what's a little harder to tease out.

一些警告是——再一次，它是向前推進的嗎？這些好東西中的一些終於對價格敏感了嗎？我們已經討論過某些電器類別或烤架。那些肯定已經結束了。再一次，因為每個人在過去 3 年裡都購買了很多這樣的類別，他們已經進入了更多的項目和家庭裝修。或者對通貨膨脹有反應。這就是更難梳理的地方。

Here's a case in point. You look at our indoor garden business, 2 big categories, you might say, are more discretionary, grills and patio. Grills was down. But patio, we had one of the strongest patio quarters that I can remember. So there are definitely some mixed signals. It's definitely got our attention, and that's why we're cautious.

這是一個很好的例子。你看看我們的室內花園業務，你可能會說，兩大類是更隨意的，烤架和庭院。烤架倒下了。但是露台，我們有我記憶中最堅固的露台宿舍之一。所以肯定有一些混合信號。它肯定引起了我們的注意，這就是我們保持謹慎的原因。

And I guess just following up, you talked about consistent 3-year trends over the month. Obviously, October was an incredibly strong month last year. I guess is it -- was that just -- we've heard a lot about the consumer shopping early last year and the holiday season is normalizing. To what extent do you think maybe the election has had an impact on the business in November? And just overall, how are you thinking about the positioning today and then into the holiday season.

我猜只是跟進，你談到了本月一致的 3 年趨勢。顯然，去年 10 月是一個非常強勁的月份。我想是不是 - 只是 - 我們在去年初聽到了很多關於消費者購物的消息，假期正在正常化。您認為選舉對 11 月的業務產生了多大程度的影響？總的來說，你如何看待今天的定位，然後進入假期。

Yes, Jeff Kinnaird. Look, we see some normalization back to 2019 in terms of the consumer trend. In the last couple of years, we've seen pull forward in concerns of supply chain-driven shortages across retail. So we do see potentially just the return back to more normal holiday spend by the consumer. As I commented in our prepared remarks, we feel very good about our Black Friday, our gift center, our decorative holiday assortments, and we're excited about the overall Black Friday season.

是的，傑夫金奈德。看，就消費趨勢而言，我們看到一些正常化回到 2019 年。在過去的幾年裡，我們看到了對供應鏈驅動的零售短缺的擔憂。因此，我們確實看到消費者可能會恢復到更正常的假期消費。正如我在準備好的評論中所評論的那樣，我們對黑色星期五、我們的禮品中心、我們的裝飾性節日分類感覺非常好，我們對整個黑色星期五季節感到興奮。

And just in case you don't have the numbers in front of you, Chris, you called out monthly cadence. So really, our comps were consistent across the months, so not just a 3-year but also a 2-year basis. Just keeping in mind that last year's comps in August, September and October were [3 1], [4 5] and [9 9] sequentially. So if you look at a 2- or 3-year basis, maybe smoothing some of that out, the 1-year months don't tell you quite as much.

為了以防萬一你面前沒有數字，克里斯，你叫出了每月的節奏。所以真的，我們的補償在幾個月內是一致的，所以不僅是 3 年而且是 2 年的基礎。請記住，去年 8 月、9 月和 10 月的比賽依次為 [3 1]、[4 5] 和 [9 9]。因此，如果您查看 2 年或 3 年的基礎，可能會平滑其中的一些，1 年的月份並不能告訴您那麼多。

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。

Congrats on the strong results. To follow up on Chris' commentary about the recent performance. Has there been any impact from the hurricane recovery spend to call out maybe the end of the third quarter and thus far in 4Q?

祝賀你取得了優異的成績。跟進克里斯對最近表現的評論。颶風恢復支出是否對第三季度末和第四季度迄今的預測產生了任何影響？

It was relatively minimal. So we think we had about $120 million impact from hurricanes this quarter. But keep in mind, we were overlapping a similar amount from last year. So these hurricanes and storm impacts extend across quarters. What we're more concerned about is the health and safety of our customers and our associates. And our minds and hearts are certainly with them right now.

這是相對最小的。因此，我們認為本季度颶風對我們造成了大約 1.2 億美元的影響。但請記住，我們與去年重疊了類似的數量。因此，這些颶風和風暴的影響會延伸到各個角落。我們更關心的是客戶和員工的健康和安全。我們的思想和心靈現在肯定與他們同在。

Okay. A lot of discussion around the top line outlook given the housing uncertainty, but I wanted to focus on margin. I know there's not a target in place on a multiyear basis. But can you help us think through the levers to protect margin rate if sales growth were to weaken in the future? I guess, specific to gross margin, is there an opportunity for gross margin rate improvement as supply chain costs ease?

好的。鑑於住房的不確定性，圍繞頂線前景進行了很多討論，但我想關注利潤率。我知道沒有一個多年的目標。但是，如果未來銷售增長減弱，您能否幫助我們思考保護利潤率的槓桿？我想，具體到毛利率，隨著供應鏈成本的降低，毛利率是否有提升的機會？

We're managing margin closely, Steven. We look at it quarter-on-quarter. There's a lot of ins and outs when it comes to margin as we look forward.

史蒂文，我們正在密切管理利潤率。我們按季度來看。正如我們所期待的那樣，在保證金方面有很多來龍去脈。

We -- look, I'd just add that we think we have the tools and the experience and the people to manage pricing costs as well above than anyone else here. We've proven that. Over the last 3 years, there's been a mix disruption, right, in our value chain. And yes, I think the proof is in the playing when you look back at our history.

我們——看，我只想補充一點，我們認為我們擁有管理定價成本的工具、經驗和人員，比這裡的其他任何人都高。我們已經證明了這一點。在過去的 3 年裡，我們的價值鏈出現了混合中斷。是的，當你回顧我們的歷史時，我認為證據就在眼前。

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

我們的下一個問題來自 Scot Ciccarelli 與 Truist 的對話。

So I think everyone here kind of understands there's some uncertainty around the broader home improvement environment given what's happening with interest rates. But how are you guys thinking about the growth potential prospects of the large Pro business as we roll out to '23 because you guys will obviously have a lot more infrastructure and more relationships still at that stage?

所以我認為在座的每個人都明白，鑑於利率的變化，更廣泛的家居裝修環境存在一些不確定性。但是，隨著我們推出 23 年，你們如何看待大型 Pro 業務的增長潛力前景，因為你們顯然會在那個階段擁有更多的基礎設施和更多的關係？

Thanks for the question, Scot. That actually, we couldn't be more excited as we've identified a $450 billion addressable market. And an understanding of what capabilities we need to deliver to get a larger share of wallet with that large Pro repair remodeler. I've been here, as you may know, over 22 years, and we've always known what we needed to do to capture our share of wallet with that Pro.

謝謝你的問題，斯科特。實際上，當我們確定了一個價值 4500 億美元的潛在市場時，我們感到非常興奮。並了解我們需要提供哪些功能才能通過大型 Pro 維修改造商獲得更大的錢包份額。你可能知道，我來這裡已經超過 22 年了，我們一直都知道我們需要做些什麼才能通過 Pro 獲得我們的錢包份額。

And what's so exciting is that Hector and his team right now are actually building out the capability set to get more share of wallet with that large Pro. And as we build out these capabilities, introduce them to the customers, we're seeing the engagement and the incrementality of sales growth take off and Hector, can you give us a little more insight of what you're building would be great.

令人興奮的是，Hector 和他的團隊現在實際上正在構建能力集，以便通過那個大型 Pro 獲得更多的錢包份額。當我們建立這些能力，將它們介紹給客戶時，我們看到了參與度和銷售增長的增量起飛，Hector，你能不能讓我們更深入地了解你正在構建的東西會很棒。

Yes, Scot, just -- we continue to be super excited about the response from our Pros as we continue to enable capabilities to remove friction from our ecosystem. Very excited about the expansion of our outside sales resources and the growth of those customers are driving. We're seeing those customers grow, not just with direct sales with our outside sales associates, but they're also engaging more on our digital platform and engaging more in our stores for that unplanned purchase.

是的，Scot，只是 - 我們繼續對專業人士的回應感到非常興奮，因為我們繼續啟用功能以消除我們生態系統中的摩擦。對我們外部銷售資源的擴展以及這些客戶的增長正在推動感到非常興奮。我們看到這些客戶在增長，不僅僅是通過與我們的外部銷售人員進行直接銷售，而且他們也在我們的數字平台上進行更多的參與，並在我們的商店中進行更多的計劃外購買。

And as we continue to grow around other capabilities, whether it's in the B2B digital platform, or in-store platform, we just continue to be super excited about the response of our Pros. And we are just removing friction, we are removing friction from all the different channels, and our customers continue to engage with us more and more.

隨著我們繼續圍繞其他功能發展，無論是在 B2B 數字平台還是店內平台，我們仍然對專業人士的反應感到非常興奮。我們只是在消除摩擦，我們正在消除來自所有不同渠道的摩擦，我們的客戶繼續越來越多地與我們互動。

Is there a way to potentially size or at least for us to conceptually think about kind of what the potential revenue ramp is as these capabilities get filled out?

有沒有一種方法可以潛在地確定規模，或者至少讓我們從概念上考慮，隨著這些能力的增強，潛在的收入增長是多少？

As Ted said, we're excited. One of the reasons we're so excited because it's such a fragmented market, such a fragmented market of suppliers. And so we just think the opportunity is exciting and tremendous and part of the excitement is sort of its size.

正如泰德所說，我們很興奮。我們如此興奮的原因之一是因為它是一個如此分散的市場，如此分散的供應商市場。所以我們只是認為這個機會是令人興奮和巨大的，部分令人興奮的是它的規模。

But I can say, I mean, we don't break out these numbers, but each of Pro and consumer grew again this quarter, and the Pro yet again grew meaningfully faster than the consumer. And our large Pro, the ones who are engaging with what Hector and team are developing, are growing the fastest yet.

但我可以說，我的意思是，我們沒有公佈這些數字，但本季度 Pro 和消費者都再次增長，而且 Pro 的增長速度再次明顯快於消費者。而我們的大 Pro，那些參與 Hector 和團隊正在開發的人，增長最快。

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 的對話。

Overall transaction is down a little over 4%. I was wondering if you could pack that for us across the Pro and DIY customer base.

整體交易量下降了 4% 以上。我想知道您是否可以在 Pro 和 DIY 客戶群中為我們打包。

I don't know if we break that out, but the strongest, again, was the large Pro.

我不知道我們是否打破了這一點，但最強大的還是大型 Pro。

Okay. All right.

好的。好的。

Look, I'd say -- I mean maybe the way to put it, too, is our Pros shop across our assortment. So you're going to sort of see similar dynamics, ticket transaction across the business, generally speaking. But as Ed said, the strength is with Pro.

聽著，我想說——我的意思是說也許也可以說，我們的 Pros shop 涵蓋了我們的各種產品。所以你會看到類似的動態，一般來說，整個企業的票務交易。但正如 Ed 所說，優勢在於 Pro。

Okay. Makes sense. And then on the cost pressure front, as costs start to ease, how do you think about the pricing environment? Do you think you and peers are likely to hold on to prices as costs start to moderate and you retain that margin as a result? Or are you likely to lower prices and try to maintain the same gross profit margin dollars?

好的。說得通。然後在成本壓力方面，隨著成本開始下降，您如何看待定價環境？您是否認為您和同行可能會隨著成本開始下降而保持價格不變並因此保持利潤率？還是您可能會降低價格並嘗試保持相同的毛利率美元？

Chuck, we watch this very closely. We are the customer's advocate for value, and we watch the market and our competitors very closely. I will say that there has been an enormous shift to trading up to more innovation and more innovative products. We see that in our tool category. We see that in the outdoor garden business. We could see it across multiple categories. We still see that willingness to trade up for great value and great innovation.

查克，我們密切關注這一點。我們是客戶的價值倡導者，我們非常密切地關注市場和我們的競爭對手。我要說的是，交易已經發生了巨大的轉變，轉向了更多的創新和更多的創新產品。我們在我們的工具類別中看到了這一點。我們在戶外花園業務中看到了這一點。我們可以在多個類別中看到它。我們仍然看到人們願意為巨大的價值和偉大的創新進行交易。

But -- and on the cost side, Chuck, it's definitely easing. So if you look at commodities, in particular, commodities have been down 6, 7 months in a row. Lumber is obviously way down from peaking at nearly $1,500 to now under $500 from peak to current during these last 3 years. However, we still see inflation across the store. So while some will be coming down in certain categories with costs and retails, our forecast at this point is that net inflationary cost pressures continue into 2023.

但是——在成本方面，查克，它肯定在放鬆。所以如果你看看大宗商品，特別是大宗商品已經連續 6、7 個月下跌。在過去 3 年中，木材的價格從峰值近 1,500 美元明顯下降到現在的 500 美元以下。然而，我們仍然看到整個商店通貨膨脹。因此，雖然某些類別的成本和零售會有所下降，但我們目前的預測是，淨通脹成本壓力將持續到 2023 年。

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

我們的下一個問題來自 Brian Nagel 與 Oppenheimer 的對話。

Nice quarter. So my first question, I think I want to ask that -- to Chuck's question, maybe a little bit differently. But I mean, with regard to inflation, what we've seen now for a while as Home Depot has done a remarkable job kind of strategically pass along inflation. So Ted, you've mentioned a few times now you're starting to see some inflationary pressures ease.

不錯的季度。所以我的第一個問題，我想我想問查克的問題，也許有點不同。但我的意思是，關於通貨膨脹，我們現在已經看到了一段時間，因為 Home Depot 在戰略性地傳遞通貨膨脹方面做得非常出色。所以泰德，你已經提到過幾次，現在你開始看到一些通脹壓力有所緩解。

Just the question I have is, are you seeing or would you expect that as inflationary pressures ease, even if pricing doesn't necessarily slowly go down, you see some type of elasticity and demand meaning that unit demand would pick up in that type of environment?

我的問題是，你是否看到或者你會期望隨著通脹壓力的緩解，即使價格不一定會緩慢下降，你也會看到某種類型的彈性和需求，這意味著單位需求會在這種情況下回升環境？

Well, it's a great question, and you could say, hey, if elasticities weren't as sensitive on the up, would they also likely not be on the moderation, if you will. It's to be determined. I think broadly, the price sensitivity wasn't as sharp as we expected the last 2 years. That's why we started each year more or less a flat forecast expectation and has beaten that each of the past 2 years.

好吧，這是一個很好的問題，你可以說，嘿，如果彈性在上升時不那麼敏感，如果你願意的話，它們是否也可能不會適度。這是要確定的。我認為，從廣義上講，過去 2 年的價格敏感性並不像我們預期的那麼敏銳。這就是為什麼我們每年都或多或少地開始一個持平的預測預期，並且在過去兩年中每年都超過了這一預期。

On certain commodities, lumber, copper wire, where we're pricing to market weekly, you see a much more classic reaction to price and unit productivity. With other categories, and I hate to bring up grills again. But there's some classic price points on some plastic grills. And when we saw those grills get up over $600, we saw a more dramatic drop off in engagement.

在我們每周向市場定價的某些商品、木材、銅線上，您會看到對價格和單位生產率的更經典的反應。對於其他類別，我討厭再次提起烤架。但是一些塑料烤架有一些經典的價格點。當我們看到這些烤架的價格超過 600 美元時，我們發現參與度急劇下降。

And when Jeff and the teamwork those prices down even to the low 400s or high 400s, low 500s, you saw a response with unit productivity. Across the board, though, there has been -- and Jeff mentioned this, there has been so much innovation across our categories. If you think of the dramatic shift of outdoor power equipment in power tools, in appliances and what the features and benefits of these products are, the technology embedded in these products. I'm not sure it's quite an iPhone, but we're getting close to power tools being in that genre.

當 Jeff 和團隊將這些價格降低到 400 美元或 400 美元以上、500 美元以下時，您會看到單位生產率的響應。不過，從整體上看，傑夫提到了這一點，我們的品類已經有了很多創新。如果您想到戶外動力設備在電動工具、家用電器中的巨大轉變，以及這些產品的特性和優勢是什麼，以及這些產品中嵌入的技術。我不確定它是否真的是一部 iPhone，但我們正在接近那種類型的電動工具。

And people love the newness and the innovation and they're albeit higher prices, but people are responding in buying. So I think it's a mix, Brian, across the categories, and that's what Jeff and our merchant teams do such a great job managing every day.

人們喜歡新奇和創新，雖然價格更高，但人們正在購買。所以我認為這是一個混合，布賴恩，跨類別，這就是傑夫和我們的商業團隊每天所做的如此出色的管理工作。

Got it. That's very helpful. And then my follow-up and a quick one, just for Richard, you gave us like the cadence of comps through the quarter, obviously, we saw the reiteration of guidance, but any commentary more specific on just the trended business here into Q4?

知道了。這很有幫助。然後是我的後續行動和快速行動，只是為了理查德，你給了我們整個季度的 comp 節奏，顯然，我們看到了指導的重申，但是任何關於第四季度趨勢業務的更具體的評論？

Nothing in the first 2 weeks of Q4 changes our view on 2022 guidance. And as we said, we expect comps to be positive in the quarter.

第四季度的前兩週沒有改變我們對 2022 年指引的看法。正如我們所說，我們預計本季度的收入將是積極的。

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

我們的下一個問題來自 Zach Fadem 與 Wells Fargo 的對話。

As you think about your DIY customers specifically and the well-documented challenges in the first half of the year, is it fair to say that your DIY customer improved on a 1- and 3-year basis this quarter? And as you think about consumer behavior in tighter economic and housing conditions ahead, is there a scenario where the DIY category outperforms Pro as customers trade down or maybe pull back on bigger projects?

當您特別考慮您的 DIY 客戶和今年上半年有據可查的挑戰時，可以公平地說您的 DIY 客戶在本季度的 1 年和 3 年基礎上有所改善嗎？當您考慮未來更緊縮的經濟和住房條件下的消費者行為時，是否存在 DIY 類別表現優於 Pro 的情況，因為客戶交易減少或可能撤回更大的項目？

Zack, I may have to get you to repeat the second part of the question. On the first part of the question, look, we're really pleased with our consumer business through the year. Q1, we had what we always refer to as bathtub effect in some respects. And so we had a seasonal impact to consumer in Q1 of this year. Q2 and Q3 have both been positive, and we're very happy with that business. Could you -- would you mind repeating the second part of your question?

扎克，我可能不得不讓你重複問題的第二部分。關於問題的第一部分，看，我們對全年的消費者業務非常滿意。 Q1，我們在某些方面一直稱之為浴缸效應。因此，我們在今年第一季度對消費者產生了季節性影響。 Q2 和 Q3 都是積極的，我們對這項業務非常滿意。你能不能——你介意重複你問題的第二部分嗎？

Yes. Is there a scenario where DIY outperforms Pro as customers trade down or pull back on bigger projects?

是的。是否存在 DIY 優於 Pro 的情況，因為客戶會減少交易或撤回更大的項目？

Well, I don't think that there's an easy way to conjecture that. I do think that what we walk about this business is it's all end customer demand regardless of the channel that appears through. But we are -- we don't have a target Pro penetration for the business. And what we've seen through cycles is that, number one, we do very well with both. And you can see some fluctuation between the 2. But really, what we have going right now is what we're observing, which is the Pro business is leading the company that shows us that the demand for large projects is very healthy right now.

好吧，我不認為有一種簡單的方法可以推測出這一點。我確實認為我們開展這項業務是所有最終客戶的需求，無論通過何種渠道出現。但我們 - 我們沒有針對業務的目標 Pro 滲透率。我們通過週期看到的是，第一，我們在這兩個方面都做得很好。你可以看到兩者之間存在一些波動。但實際上，我們現在所做的就是我們所觀察到的，即專業業務正在引領公司向我們表明目前對大型項目的需求非常健康。

And we -- someone asked this question before I'm not sure we answered it. We are not seeing a trade down. If you take my grill or appliance example, it's not that people ultimately bought and they traded down. I think it's that people have already purchased in the past few years. And when people do purchase, again, they're buying innovation. Our Traeger business, for example, is incredibly strong as they bring out innovation, customers response.

我們——在我不確定我們是否回答之前有人問了這個問題。我們沒有看到交易下降。如果你以我的烤架或電器為例，並不是人們最終購買了，而是降價交易。我認為人們在過去幾年已經購買了。當人們再次購買時，他們購買的是創新產品。例如，我們的 Traeger 業務非常強大，因為它們帶來了創新和客戶響應。

Got it. And when you think about your sixth straight quarter of transaction declines and the fact that there is a more stable repair and maintenance component of your business, to what extent do you believe we fully cycled away from all the pull-forward in excess discretionary category demand in 2020 and 2021? And when would you expect this to translate to a more normalized positive transaction cadence?

知道了。當你想到你的交易連續第六個季度下降以及你的業務有更穩定的維修和維護部分這一事實時，你認為我們在多大程度上完全擺脫了對過度可自由支配類別需求的所有拉動在 2020 年和 2021 年？您預計什麼時候這會轉化為更正常化的積極交易節奏？

Well, that's such a great question, and it's something we observe and build our theories of the case. When you go back now, what are we, we're 11 quarters of this pandemic. And the first 5, 6, we had tremendous transaction growth, right? We all know the story of what happened. Not necessarily a lot of cost inflation at that point. And then the last 6 quarters, we start to lap that tremendous activity but also saw for all the reasons we know, supply chain, commodities, global cost pressures, we saw significant cost in our business, and comps were driven as they were this past quarter with ticket over transactions.

好吧，這是一個很好的問題，這是我們觀察並建立我們的案例理論的東西。當你現在回去時，我們是什麼，我們是這場大流行病的 11 個季度。前 5、6 個，我們有巨大的交易增長，對吧？我們都知道發生的故事。在這一點上不一定會有很多成本通脹。然後在過去的 6 個季度，我們開始進行大量活動，但由於我們所知的所有原因，供應鏈、大宗商品、全球成本壓力，我們看到了我們業務中的巨大成本，並且 comps 像過去一樣受到驅動季度與票超過交易。

What we see now as you step back approaching 3 years is our transaction run rate, our sort of 3-year CAGR at this point, is more or less pre-pandemic rates. And you could look at that at one hand and say, "Wow, here's the slowdown." On the other hand, Richard views the term holding serve, you can look and say, "Oh my gosh, this industry erupted with demand for 1.5 years.

當你退後一步接近 3 年時，我們現在看到的是我們的交易運行率，我們此時的 3 年復合年增長率，或多或少是大流行前的利率。你可以一方面看著它說，“哇，這是減速。”另一方面，Richard 對持有服務這個詞的看法，你可以看看並說，“哦，我的天哪，這個行業爆發了 1.5 年的需求。

Then it cycled significant cost increases, the customer hung in there and was resilient and your net over this 3-year period up in transactions and units despite what we believe you'll hold on to these price levels. I think that all goes back to my opening comments of what is the dynamic of this overall industry and the health and the engagement level of this customer.

然後它循環顯著增加成本，客戶掛在那裡並且有彈性，並且儘管我們相信您會堅持這些價格水平，但在這 3 年期間您的淨交易量和單位數都在增加。我認為這一切都可以追溯到我對整個行業的動態以及該客戶的健康和參與水平的開場評論。

And if we normalize from here, gosh, more than great. There's obviously all these questions about recession that we can't answer any better than you all can. But when you digest and look back on what's happened in the last 3 years, you'd say, wow, that's a pretty incredible market segment.

如果我們從這裡正常化，天哪，那就太好了。顯然，所有這些關於經濟衰退的問題，我們都無法比你們更好地回答。但是當你消化並回顧過去 3 年發生的事情時，你會說，哇，這是一個非常不可思議的細分市場。

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

我們的下一個問題來自 Mike Baker 和 D.A.戴維森。

Okay. I appreciate the color you gave on the fourth quarter outlook. But you've done such a great job improving your holiday business. In fact, in 10 of the last 13 years, your fourth quarter comp has been better than your third quarter comp. And by definition, that's occurring on tougher comparisons. Can you talk about what you've done to make the fourth quarter such a bigger quarter for you? And why that might be different this year?

好的。我很欣賞你對第四季度展望的評價。但是您在改善假期業務方面做得非常出色。事實上，在過去 13 年中的 10 年中，您的第四季度業績優於第三季度業績。根據定義，這是在更嚴格的比較中發生的。你能談談你做了什麼讓第四季度對你來說更重要嗎？為什麼今年會有所不同？

Mike, it's Jeff. Yes, we've had an exceptional fourth quarter. We've -- in the past year, we've built the business on the backs of decorative holiday. And the customer's advocate for value in that category, and we have great involution and gain great value for our customers. Second, we've built the business of gifting in our gift centers. And you look at the innovation that we're delivering to our Pro and to our consumer, it's exceptional.

邁克，是傑夫。是的，我們有一個出色的第四季度。我們 - 在過去的一年裡，我們在裝飾性節日的支持下建立了業務。而客戶在該類別中的價值倡導者，我們有很大的參與度，並為我們的客戶獲得了巨大的價值。其次，我們在禮品中心開展了禮品業務。你看看我們為我們的專業人士和我們的消費者提供的創新，它是非凡的。

I spoke earlier about the M18 Milwaukee drill and driver combo kit, the innovation is just exceptional, as Ted talked to earlier. And then appliances. Appliances is an enormous category for The Home Depot. It's been a category that we've built at an incredible rate. We're investing in capabilities like I spoke earlier, in terms of delivery. We're investing in dot-com capabilities, in terms of our customers' willingness to review and purchase online.

我之前談到了 M18 Milwaukee 鑽頭和驅動器組合套件，正如 Ted 之前所說的那樣，創新非常出色。然後是電器。電器是家得寶的一個巨大類別。這是我們以令人難以置信的速度建立的類別。就交付而言，我們正在像我之前所說的那樣投資於能力。我們正在根據客戶在線評論和購買的意願投資網絡功能。

Then I'd also say we're building a great project and business in the fourth quarter. The fourth quarter is a great time for a project. We see a lot of consumers eating, doing smaller projects around their home and getting ready for the holidays. And then finally, I'd say, storage. Storage organization. We have an incredible storage event. We gain on the customer's advocate for value when it comes to storage across the business.

然後我還要說我們正在第四季度建立一個偉大的項目和業務。第四季度是一個項目的好時機。我們看到很多消費者正在吃飯，在家裡做一些小項目，並為假期做準備。最後，我想說的是存儲。存儲組織。我們有一個令人難以置信的存儲事件。當涉及到整個企業的存儲時，我們贏得了客戶對價值的擁護。

And then finally, we've built an incredible dot-com business. And this is -- we called out the performance in Q3. We're expecting a great Q4 with Cyber Monday and a big part of that is our digital performance, our app performance. I've got Jordan Broggi here, our President of online. Jordan, do you want to make a couple of comments around the app?

最後，我們建立了令人難以置信的網絡業務。這是——我們在第三季度公佈了業績。我們期待網絡星期一的第四季度表現出色，其中很大一部分是我們的數字性能，我們的應用程序性能。我有 Jordan Broggi，我們的在線總裁。 Jordan，你想對應用程序發表一些評論嗎？

Yes, sure. Yes. Thanks, Jeff. I mean Ted called out at the front, the experience is what it's all about. We love the experience improvements we've made. A lot of it's around in-store connectivity. We talked about store mode. We talked about military, we talked about loyalty. We've got some features coming out on Pro for in-store checkout experience. And our customers really respond. I mean we love the ratings in the App Store, 4.8 with Apple, 4.7 with Google, but we see it in our numbers as well, strong double-digit performance and growth in downloads and MAUs, monthly average users in our traffic. It's our fastest-growing online property. We're got billions of dollars of sales through the app. We couldn't be more excited.

是的，當然。是的。謝謝，傑夫。我的意思是泰德在前面大聲喊叫，體驗就是一切。我們喜歡我們所做的體驗改進。其中很多都與店內連接有關。我們談到了商店模式。我們談到了軍事，我們談到了忠誠。我們在 Pro 上推出了一些功能，用於店內結賬體驗。我們的客戶確實做出了回應。我的意思是我們喜歡 App Store 的評級，Apple 為 4.8，Google 為 4.7，但我們也從我們的數字中看到了這一點，強勁的兩位數表現以及下載量和 MAU 的增長，月平均用戶流量。這是我們增長最快的在線資產。我們通過該應用獲得了數十億美元的銷售額。我們非常興奮。

Great. If I could ask one more follow-up. Your buyback did slow a little bit this quarter. Is that maybe a function of higher borrowing costs? Or how should we think about buybacks going forward?

偉大的。如果我可以再問一個後續問題。本季度您的回購確實有所放緩。這可能是藉貸成本上升的結果嗎？或者我們應該如何考慮未來的回購？

We don't ascribe to necessarily a smooth cadence of buybacks, and that will typically reflect just sort of how we think about working capital investment through the year and a cash buffer throughout the year. So there's really nothing to read into that.

我們並不認為回購的節奏一定是平穩的，這通常只會反映出我們對全年營運資本投資和全年現金緩衝的看法。所以真的沒有什麼可讀的。

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

我們的下一個問題來自 MKM Partners 的 David Bellinger。

So going back to some of the category comments. Are you seeing some evidence that the, call it, more discretionary items are turning lower and at a faster pace? I know last quarter, you mentioned some of those higher ticket $300, $400 Halloween items being pretty much as discretionary as it gets and performing pretty well. We saw some discounts on those items in the weeks preceding Halloween. So any indications that those splurge items are starting to cool off and more quickly than the rest of the business?

所以回到一些類別評論。你是否看到一些證據表明，稱之為更多的可自由支配的項目正在以更快的速度變低？我知道上個季度，你提到了一些 300 美元、400 美元的萬聖節高價商品，它們幾乎可以自由支配，而且表現非常好。我們在萬聖節前幾週看到了這些商品的一些折扣。那麼，是否有跡象表明這些揮霍物品開始降溫，而且降溫的速度比其他業務更快？

David, we had -- we have commented earlier, we had record sales, both in-store and online in Halloween that included the infamous Skelly, which has been one of our best sellers in terms of the innovation and value we offer our customers is really unmatched in the marketplace. And we couldn't be happier with our Halloween performance.

大衛，我們有——我們早些時候評論過，我們在萬聖節期間的店內和網上銷售都創下了紀錄，其中包括臭名昭著的 Skelly，就我們為客戶提供的創新和價值而言，它一直是我們最暢銷的產品之一。在市場上確實無與倫比。我們對萬聖節的表演感到非常高興。

If I turn to the fourth quarter, we're really excited about our decor holiday assortment. We've got great innovation and great value for our customers across the assortment of trees, if it's light, if it's decorations, we feel very good about the category. And our consumers are reacting exceptionally well to it.

如果我轉向第四季度，我們對我們的裝飾節日分類感到非常興奮。我們在各種各樣的樹木上為我們的客戶帶來了巨大的創新和巨大的價值，如果它是輕的，如果它是裝飾品，我們對這個類別感覺非常好。我們的消費者對此反應異常好。

Got it. I have a Skelly, so I know exactly what you're talking about. My follow-up, just on the inventory levels. How much of that growth is aimed at Pro customers? So is there a piece of that inventory that's not sitting in the stores? Maybe it's a facilities like in Dallas so that the number looks to be a bit more elevated to us at the store level. Just help us unpack the 25% inventory growth number and just get us comfortable that you aren't sitting on too much at this point, especially with some of the deceleration you're now seeing.

知道了。我有一個 Skelly，所以我很清楚你在說什麼。我的後續行動，只是關於庫存水平。有多少增長是針對專業客戶的？那麼，是否有一部分庫存不在商店中？也許這是像達拉斯這樣的設施，因此在商店級別上，我們的數字看起來更高一些。只需幫助我們解開 25% 的庫存增長數字，讓我們放心，您此時並沒有坐太多，尤其是您現在看到的一些減速。

Well, so look investment in inventory in our One Supply Chain facility is certainly one of the factors in inventory growth year-over-year. But the primary factor is really just inflation as part of the inventory value. And then we made strategic decisions to land inventory earlier in the year than we have prior. And really, just to give you some numbers around that and to reflect the fact, we feel fantastic about our inventory position.

好吧，所以看看我們 One Supply Chain 設施中的庫存投資肯定是庫存同比增長的因素之一。但主要因素實際上只是作為庫存價值一部分的通貨膨脹。然後我們做出戰略決策，在今年比以前更早地投放庫存。真的，只是為了給你一些數字並反映這一事實，我們對我們的庫存狀況感到非常滿意。

In Q2, we grew our inventory 38% year-over-year. In Q3, that number dropped to 27% year-over-year. And actually, if you look throughout our history, we actually typically build inventory from Q2 to Q3. In this case, our inventory actually came down by $400 million from Q2 to Q3. Our inventory is healthy, and we're happy with our position.

在第二季度，我們的庫存同比增長了 38%。在第三季度，這一數字同比下降至 27%。事實上，如果你縱觀我們的歷史，我們通常會在第二季度到第三季度建立庫存。在這種情況下，我們的庫存實際上從第二季度到第三季度減少了 4 億美元。我們的庫存很健康，我們對自己的狀況很滿意。

Christine, we have time for one more question.

克里斯汀，我們還有時間再問一個問題。

Our final question will come from the line of Steven Forbes with Guggenheim.

我們的最後一個問題將來自古根海姆的史蒂文福布斯。

Maybe just a follow-up or focus on the quarterly performance. If I look at the press release, the selected sales data, obviously excludes HD Supply. So curious, Ted, if you can expand on the performance of that asset in today's backdrop as it looks like it may be driving some upside to the overall performance of the business.

也許只是跟進或關注季度業績。如果我看新聞稿，所選的銷售數據，顯然不包括 HD Supply。很好奇，泰德，如果你能在今天的背景下擴展該資產的表現，因為它看起來可能會推動業務的整體表現有所上升。

Yes, Steven, thanks. Yes, another great quarter for HD Supply. We mentioned this last quarter and they are just doing a terrific job. Shane O'Kelly and his team are running the largest and the best focused MRO business for multifamily housing and hospitality, extended living, et cetera. We are -- remain well ahead of all our financial projections, and we made the acquisition. Their integration is tracking, they're integrating sales forces, customer records and now starting the work or on their way in the work of integrating the supply chain. So that one has just been a terrific acquisition that we're super happy about.

是的，史蒂文，謝謝。是的，HD Supply 又是一個不錯的季度。我們在上個季度提到了這一點，他們做得非常好。 Shane O'Kelly 和他的團隊經營著最大、最專注的 MRO 業務，涉及多戶住宅和酒店、長壽等。我們 - 仍然遠遠領先於我們所有的財務預測，我們進行了收購。他們的整合是跟踪，他們正在整合銷售隊伍、客戶記錄，現在開始或正在整合供應鏈的工作中。因此，這是一次了不起的收購，我們對此感到非常高興。

And then maybe just a quick follow-up for Richard or Ted. Given the performance, can you remind us on what percentage of sales that business is today? And then as we look at the sort of spread between comp and net sales growth, any reason to think that the current sort of year-to-date spread doesn't hold into the fourth quarter?

然後可能只是理查德或泰德的快速跟進。鑑於業績，您能否提醒我們該業務今天的銷售額百分比是多少？然後，當我們查看 comp 和淨銷售額增長之間的差價時，有什麼理由認為目前的年初至今差價不會持續到第四季度？

Well, we don't break HD Supply out. But as Ted said, we're so happy with it. On the difference between sales and comp, we've always seen a gap there. It just comp reflect sales. From the POS, sales reflects sales as they're actually delivered or installed. You're going to see that number there. We'll probably -- through the year, sales will be a little higher than comp guide, but the important guide here is comp because that's our activity-based metric around sales.

好吧，我們不會破壞 HD Supply。但正如 Ted 所說，我們對此非常滿意。關於銷售和薪酬之間的區別，我們總是看到那裡存在差距。它只是比較反映銷售。在 POS 中，銷售額反映了實際交付或安裝時的銷售額。你會在那裡看到那個數字。我們可能會——在這一年中，銷售額會略高於 comp 指南，但這裡的重要指南是 comp，因為這是我們基於活動的銷售指標。

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

歡迎 Janci 女士，我現在想把發言權交還給您，請您發表結束評論。

Thank you, Christine, and thank you for joining us today. We look forward to speaking with you on our fourth quarter earnings call in February.

謝謝你，克里斯汀，感謝你今天加入我們。我們期待在 2 月份的第四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。