家得寶 (HD) 2023 Q3 法說會逐字稿

Greetings and welcome to The Home Depot Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加家得寶（The Home Depot）2023 年第三季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。

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

現在很榮幸為各位介紹本次會議主持人 Isabel Janci。請開始。

Thank you, Christine, and good morning, everyone. Welcome to The Home Depot's Third Quarter 2023 Earnings Call. Joining us on our call today are Ted Decker, Chair, President and CEO; Ann-Marie Campbell, Senior Executive Vice President; Billy Bastek, Executive Vice President of Merchandising; and Richard McPhail, Executive Vice President and Chief Financial Officer.

謝謝你，Christine，各位早安。歡迎參加家得寶 2023 年第三季財報電話會議。今天與會的有董事長、總裁暨執行長 Ted Decker；資深執行副總裁 Ann-Marie Campbell；商品採購執行副總裁 Billy Bastek；以及執行副總裁兼財務長 Richard McPhail。

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.

在我們的準備發言結束後，將開放提問。提問僅限分析師與投資人。（接線員指示）若我們在會議中未能回答您的問題，請致電投資人關係部門：(770) 384-2387。

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

在我把電話交給 Ted 之前，提醒各位，今天的新聞稿以及我們高階主管的簡報內容包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述受風險與不確定性影響，可能導致實際結果與我們的預期與推估有重大差異。這些風險與不確定性包括但不限於新聞稿及我們向美國證券交易委員會提交文件中所列因素。今天的簡報亦將包含若干非 GAAP 指標；相關調節表已提供於我們的網站。

Now let me turn the call over to Ted.

現在我把電話交給 Ted。

Thank you, Isabel, and good morning, everyone. Sales for the third quarter were $37.7 billion, down 3% from the same period last year. Comp sales declined 3.1% from the same period last year and our U.S. stores had negative comps of 3.5%. Diluted earnings per share were $3.81 in the third quarter compared to $4.24 in the third quarter last year.

謝謝你，Isabel，各位早安。第三季銷售額為 377 億美元，較去年同期下降 3%。同店銷售較去年同期下降 3.1%，我們美國門市同店銷售為負 3.5%。第三季稀釋後每股盈餘為 3.81 美元，去年第三季為 4.24 美元。

The third quarter was in line with our expectations. Similar to the second quarter, we saw continued customer engagement with smaller projects and experienced pressure in certain big-ticket discretionary categories. In addition, lumber and copper and wire deflation and storm-related overlaps negatively impacted results in the quarter. Billy will discuss these and other business trends shortly.

第三季表現符合我們的預期。與第二季類似，我們看到客戶持續投入較小型的專案，同時在部分高單價的非必需品類別面臨壓力。此外，木材以及銅與電線價格下跌（通縮），以及與風暴相關的重疊效應，對本季結果造成負面影響。Billy 稍後將說明這些及其他業務趨勢。

During the third quarter, our Pro customer outperformed our DIY customer. While internal and external surveys suggest that Pro backlogs are lower than they were a year ago, they are still healthy and elevated relative to historical norms. There is only 1 quarter left in the year, we believe the endpoints for our previous guidance range are no longer likely outcomes.

第三季期間，我們的 Pro（專業客戶）表現優於 DIY（自行動手）客戶。雖然內外部調查顯示 Pro 的在手訂單（backlog）低於一年前，但仍然健康，且相較歷史常態仍處於較高水準。今年只剩 1 個季度，我們認為先前財測區間的端點已不太可能成為結果。

As a result, and as we announced in this morning's press release, we narrowed our guidance range for fiscal 2023. Richard will take you through the details in a moment.

因此，如同我們在今早新聞稿中宣布的，我們縮窄了 2023 會計年度的財測區間。Richard 稍後將為各位說明細節。

As we've discussed, this year reflects a period of moderation. However, we are confident in our ability to navigate through this unique environment. We remain very excited about our strategic initiatives and are committed to investing in the business to deliver the best interconnected shopping experience, capture wallet share with the Pro and grow our store footprint.

如同我們先前討論的，今年反映的是一段成長趨緩的期間。然而，我們對於在這個獨特環境中順利應對的能力充滿信心。我們仍對策略性計畫感到非常振奮，並致力於持續投資業務，以提供最佳的互聯式購物體驗、提升 Pro 的錢包份額（wallet share），並擴大我們的門市版圖。

As we discussed at the investor conference in June, we continue to invest and focus on creating a frictionless interconnected shopping experience for our customers. We are pleased with the progress we are making. homedepot.com is one of the largest retail websites in the United States, and our digital app is one of the most highly rated in all of retail.

如同我們在 6 月投資人會議所提到的，我們持續投資並聚焦於為客戶打造無摩擦的互聯式購物體驗。我們對目前的進展感到滿意。homedepot.com 是美國最大的零售網站之一，而我們的數位 App 也是全零售業評價最高的應用程式之一。

And yet, we believe there is still opportunity to reduce pain points across the shopping journey. Our teams are identifying areas of improvement like better communication throughout the shopping journey and an easier returns process and the ability to seamlessly and intuitively make changes to an order once placed.

然而，我們相信在整個購物旅程中仍有機會降低痛點。我們的團隊正在找出可改善之處，例如在購物旅程中提供更好的溝通、更簡化的退貨流程，以及在下單後能夠順暢且直覺地修改訂單。

For our Pros, we're investing in a multitude of initiatives. We remain focused on building out our unique ecosystem of products and services. As a result, we are evolving our organizational structure and recently elevated Ann-Marie Campbell to Senior Executive Vice President, better aligning our outside sales and service business in the global stores organization.

針對 Pro 客戶，我們正投資多項計畫。我們仍專注於打造我們獨特的產品與服務生態系。因此，我們正在調整組織架構，並近期將 Ann-Marie Campbell 晉升為資深執行副總裁，使我們的外部銷售與服務業務能在全球門市組織中更好地對齊。

Pro is one of our biggest growth opportunities, and this organizational change will allow us to better serve them by leveraging our full ecosystem of expertise, product assortment, fulfillment and operations. 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, and I'd like to close by thanking them for their dedication and hard work.

Pro 是我們最大的成長機會之一，而這項組織調整將使我們能更充分運用完整的專業能力、生產品類組合、履約與營運，從而更好地服務他們。本季期間，我們的採購團隊、門市 MET 團隊、供應商夥伴與供應鏈團隊在為客戶提供價值與服務方面表現出色；最後我也要感謝他們的投入與辛勤付出。

In addition, the Home Depot is proud to have tens of thousands of veterans, service members and military spouses and orange aprons. Last week, we announced The Home Depot Foundation surpassed the goal of $500 million invested in veterans causes and also increased the total commitment to $750 million by 2030.

此外，家得寶也以擁有數以萬計的退伍軍人、現役軍人與軍眷，以及橘色圍裙夥伴為榮。上週我們宣布，家得寶基金會（The Home Depot Foundation）已達成投入 5 億美元支持退伍軍人相關公益的目標，並將總承諾提高至 2030 年前達 7.5 億美元。

And with that, I'd like to turn the call over to Anne.

接下來，我想把電話交給 Anne。

Thanks, Ted, and good morning, everyone. Let me start by saying that I'm very excited about my new role and the alignment this will create between the outside sales and services business and the global store organization.

謝謝你，Ted，各位早安。我先說，我對自己的新職務感到非常振奮，這將使外部銷售與服務業務與全球門市組織之間的協同更加一致。

As you heard at our investor conference in June, capturing a greater share of the Pro's wallet is one of our largest growth opportunities. It represents roughly $475 billion in addressable market, and today, we have relatively little share.

如同各位在我們 6 月的投資人會議上所聽到的，提升 Pro 的錢包份額是我們最大的成長機會之一。其可觸及市場規模約為 4,750 億美元，而目前我們的市占相對仍小。

The beauty of The Home Depot is that we have unique competitive advantages. Our convenience stores, our leading brands, our engaged associates, our expansive fulfillment options that are unmatched and that can be leveraged for the benefit of our customers. And that's exactly what we aim to do.

家得寶的優勢在於我們具備獨特的競爭優勢：便利的門市、領先的品牌、投入的員工夥伴，以及無可匹敵且可為客戶所用的多元履約選項。而這正是我們要做到的。

To do that, our new organizational structure will create stronger momentum with our teams to drive success with the Pro.

為了達成這一點，我們新的組織架構將為團隊帶來更強的動能，推動 Pro 業務的成功。

Hector Padilla will focus on improving the experience for Pro's shopping in our stores. His 29-year tenure and knowledge of our store operations and new Pro capabilities will be instrumental in achieving our goals.

Hector Padilla 將專注於改善 Pro 在我們門市的購物體驗。他在公司 29 年的資歷，以及對門市營運與新 Pro 能力的了解，將是達成目標的關鍵。

And Chip Devine, our Head of Outside Sales, brings nearly 30 years of distribution experience. He will work on building out capabilities to better serve more complex private needs.

而我們的外部銷售主管 Chip Devine 擁有近 30 年的通路配送經驗。他將致力於建立相關能力，以更好地服務更複雜的專業需求。

Ultimately, we must focus on removing friction within our operations, so our customers have a great experience every single time no matter how they choose to shop with us, whether in the aisles of our stores, picking a product at the store, receiving product at their job site with a sales associate or digitally. We know that most of our Pros use many of these capabilities across our ecosystem when shopping with us. For us, we are building trust and a partnership that lasts for decades and across generations.

最終，我們必須專注於消除營運中的摩擦，讓客戶無論選擇何種方式與我們購物，每一次都能有很棒的體驗——不論是在門市走道中、在店內挑選商品、由銷售人員在工地交付商品，或透過數位渠道。我們知道，多數 Pro 在與我們購物時，會在我們的生態系中使用多項能力。對我們而言，我們正在建立一段可延續數十年、跨越世代的信任與夥伴關係。

This means we have to work hard to deliver a great experience regardless of their point of interaction.

這意味著，無論他們在哪個互動觸點，我們都必須努力提供卓越的體驗。

As you know, we have identified additional growth opportunities with the Pro, which requires us to invest in new capabilities and functionalities across the business. Think about the initiative we are undertaking with the complex Pro. This customer interacts differently. They are accustomed to interacting with their suppliers in a different way than our traditional business model. Pros working on complex projects want to reserve product, use trade credit and have products delivered to their job site in a staged manner.

如各位所知，我們已在 Pro 客群中識別出更多成長機會，這需要我們在全公司投資新的能力與功能。以我們針對複雜型 Pro 所推動的計畫為例，這類客戶的互動方式不同；他們習慣以不同於我們傳統商業模式的方式與供應商往來。從事複雜專案的 Pro 希望能預留商品、使用商業信用（trade credit），並讓商品以分批分段（staged）的方式配送到工地。

While these capabilities exist in the market today, we are incorporating them in our full ecosystem to serve Pro customers in a way no one else can. I could not be more excited about the opportunity that lies ahead.

雖然這些能力在市場上已經存在，但我們正把它們整合進我們完整的生態系，以一種無人能及的方式服務 Pro 客戶。我對前方的機會感到無比興奮。

And for the in-store experience, over the last several years, we have talked about the importance of in-stock, and ultimately, on-shelf availability or OSA. Having the right products in stock in the right quantity and on the shelf available for purchase is critical, and we've implemented several initiatives to help us do this more effectively and efficiently. In the past, we've talked about GSR or get stores right. GSR drives productivity by using our proprietary space allocation model coupled with our tenured field merchandising teams to determine which categories to invest in on a store-by-store basis.

至於門市體驗，過去幾年我們一直談到「有貨」（in-stock）的重要性，最終也就是「上架可得性」（on-shelf availability，OSA）。在正確的數量下備妥正確的商品，並確保商品在貨架上可供購買至關重要；我們已推動多項計畫，讓這件事做得更有效率、更有效能。過去我們談過 GSR（get stores right）。GSR 透過我們自有的空間配置模型，結合資深的現場商品陳列團隊，逐店決定要投資哪些品類，以提升生產力。

More recently, we have talked to you about our rollout of Sidekick and computer vision. Using machine learning technology, computer vision helps our associates quickly find de-palletized product in the overhead and Sidekick helps direct associates to key bays where OSA is low or outs exist.

近期我們也向各位談到 Sidekick 與電腦視覺的推廣。透過機器學習技術，電腦視覺可協助同仁快速在上方儲位中找到已拆棧板的商品，而 Sidekick 則協助引導同仁前往 OSA 偏低或缺貨（outs）的關鍵貨架區（bays）。

Today, these tools have been deployed across all U.S. stores. And while early days, they have driven meaningful improvement in our on-shelf availability.

如今，這些工具已在全美所有門市部署。雖然仍處於早期階段，但它們已為我們的貨架可得性帶來顯著改善。

The beauty of these initiatives is that they also drive productivity. They make it easier for associates to restock product, have a greater depth of high-velocity product and ensure we remain in stock with more products on the shelf and available for sale.

這些計畫的優點在於，它們同時也能提升生產力。它們讓門市同仁更容易補貨，增加高周轉商品的深度，並確保我們能維持充足庫存，讓更多商品上架並可供銷售。

As a result, we enable our associates to focus on the most important tasks and allocate more time to deliver a better shopping experience.

因此，我們讓門市同仁能專注於最重要的工作，並分配更多時間以提供更好的購物體驗。

These are just a few examples of the many different types of initiatives that can drive significant value for our customers, our associates and our shareholders.

以上只是眾多不同類型計畫中的幾個例子，這些計畫能為我們的顧客、門市同仁與股東創造可觀價值。

Despite a challenging year, our amazing associates have remained engaged and ready to serve our customers, and I want to thank them for all they do.

儘管今年充滿挑戰，我們優秀的門市同仁仍保持投入並隨時準備服務顧客，我想感謝他們所做的一切。

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

接下來，我把電話會議交給 Billy。

Thank you, Ann, 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.

謝謝你，Ann，各位早安。我也想先感謝我們所有門市同仁與供應商夥伴，持續致力於服務我們的顧客與社區。

As you heard from Ted, during the third quarter, our sales were in line with our expectations. However, we did have some unfavorable impacts from core commodity deflation and storm-related overlaps. We saw the continuation of the trend that we have been observing throughout the year with softness in certain big-ticket, discretionary-type purchases. Instead of engaging in larger projects, customers continued to take on smaller projects.

如同 Ted 所提到的，第三季我們的銷售符合預期。不過，核心大宗商品通縮以及與風暴相關的重疊效應，確實帶來一些不利影響。我們也看到今年以來一直觀察到的趨勢延續：在某些高單價、可選擇性（非必需）購買上出現疲弱。顧客沒有投入較大型的專案，而是持續進行較小型的專案。

Turning to our department comp performance for the third quarter. Our Building Materials department posted a positive comp and 7 of our remaining 13 merchandising departments posted comps above the company average, including plumbing, appliances, hardware, outdoor garden, millwork, tools and paint.

接著談第三季各部門的同店表現。我們的建材部門同店為正成長；其餘 13 個商品部門中有 7 個部門的同店表現高於公司平均，包括管材、家電、五金、戶外園藝、木作、工具與油漆。

During the third quarter, our comp transactions decreased 2.7% and comp average ticket decreased 0.3%. Excluding deflation from core commodities, we experienced comp average ticket growth, primarily driven by demand for new and innovative products.

第三季，同店交易筆數下降 2.7%，同店平均客單價下降 0.3%。若排除核心大宗商品通縮影響，我們的同店平均客單價其實呈現成長，主要由新穎創新產品的需求所帶動。

Deflation from core commodity categories negatively impacted our average ticket growth by approximately 60 basis points during the third quarter, driven by deflation in lumber and copper.

第三季，核心大宗商品類別的通縮使我們的平均客單價成長約減少 60 個基點，主要由木材與銅的通縮所致。

During the third quarter, we continued to see a decline in lumber prices relative to a year ago. As an example, on average, framing lumber was approximately $420 per thousand board feet compared to approximately $545 in the third quarter of 2022, representing a decrease of over 20%.

第三季，我們持續看到木材價格相較去年同期下滑。舉例來說，平均而言，結構用木材約為每千板英尺 420 美元，而 2022 年第三季約為 545 美元，降幅超過 20%。

Big-ticket comp transactions or those over $1,000 were down 5.2% compared to the third quarter of last year. We continue to see softer engagement in big-ticket discretionary categories like flooring, countertops and cabinets.

高單價同店交易（或單筆超過 1,000 美元者）較去年第三季下降 5.2%。我們仍看到在地板、檯面與櫥櫃等高單價、可選擇性品類的參與度較為疲弱。

However, we saw big ticket strength in Pro-heavy categories like roofing, insulation and portable power.

不過，在以專業客（Pro）為主的品類，例如屋頂、隔熱材料與可攜式電力設備方面，我們看到高單價表現強勁。

Turning to total company online sales. Sales leveraging our digital platforms increased approximately 5% compared to the third quarter of last year. We continued to invest in the digital experience across our website and app and released a variety of enhancements in the third quarter. These range from simple improvements to help customers track orders to more complex things like updating our search and recommendation algorithms. For those customers that transacted with us online during the third quarter nearly half of our online orders were fulfilled through our stores.

接著談全公司線上銷售。透過我們數位平台完成的銷售額較去年第三季成長約 5%。我們持續投資於網站與 App 的數位體驗，並在第三季推出多項強化功能，從協助顧客追蹤訂單的簡單改進，到更新搜尋與推薦演算法等較複雜的項目。第三季在線上與我們交易的顧客中，近一半的線上訂單是由門市完成履約。

During the third quarter, we hosted our Annual Labor Day appliance in Halloween events, and we're pleased with the results. In appliances, we were encouraged with the customers' engagement during the event. And 2023 was another record sales year for our Halloween program, both in-store and online, as our customers continued to add to their collection with our unique and exclusive product assortment.

第三季，我們舉辦了年度勞動節家電與萬聖節活動，對成果感到滿意。在家電方面，我們對顧客在活動期間的參與度感到鼓舞。而 2023 年也是我們萬聖節計畫再創銷售紀錄的一年，無論門市或線上皆然，顧客持續透過我們獨特且獨家的商品組合擴充其收藏。

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. In our gift center, we continued to lean into brands that matter most for our customers with our assortment of Milwaukee, RYOBI, Makita, DEWALT, RIDGID, Husky and more. We will have something for everyone, whether it's our wide assortment of cordless RYOBI tools, DEWALT Atomic Drill and impact kits or our new Milwaukee M18 FORGE batteries. These new M18 FORGE batteries will be a game changer for our Pro customer, providing the most powerful fastest-charging and longest life of any battery on the Milwaukee M18 platform.

展望第四季，我們計畫透過年度節慶、黑色星期五與禮品中心活動延續這股動能。在禮品中心，我們持續聚焦對顧客最重要的品牌，提供 Milwaukee、RYOBI、Makita、DEWALT、RIDGID、Husky 等更多品牌的商品組合。我們將提供適合每個人的選擇，無論是我們豐富的無線 RYOBI 工具、DEWALT Atomic 電鑽與衝擊套組，或是全新的 Milwaukee M18 FORGE 電池。這些新的 M18 FORGE 電池將為我們的專業客帶來顛覆性改變，在 Milwaukee M18 平台上提供最強功率、最快充電與最長壽命。

This quarter, I'm also excited to announce the addition of WAGO to our powerhouse assortment of Pro brands including Milwaukee, USG, Custom Building Products, Leviton and QEP to name a few. It is these strategic vendor relationships that make us the product authority in home improvement and the addition of WAGO will help extend our position. WAGO is one of the top requested most innovative Pro brands in the wire connector segment that features a releasable level log wire connector that speeds up installation and save space in tight applications.

本季我也很高興宣布，WAGO 加入我們強大的專業品牌商品組合，其中包括 Milwaukee、USG、Custom Building Products、Leviton 與 QEP 等。正是這些策略性的供應商合作關係，使我們成為居家修繕領域的產品權威，而 WAGO 的加入將有助於延伸我們的領先地位。WAGO 是線材連接器領域中最受期待、最具創新性的專業品牌之一，其特色為可釋放式槓桿（lever-lock）線材連接器，可加快安裝速度，並在狹小空間應用中節省空間。

We recently launched a number of SKUs in our stores, which are exclusive to The Home Depot in the national big box retail channel.

我們近期在門市上架了多個 SKU，這些商品在全國大型量販通路中為 The Home Depot 獨家販售。

Our merchandising organization remains focused on being our customers' advocate for value. This means continuing to provide a broad assortment of best-in-class products that are in stock and available for our customers when they need it. We will also continue to lean into products that simplify the project, saving our customers time and money. That's why I'm so excited about the innovation we continue to bring to the market.

我們的商品團隊仍專注於成為顧客價值的倡議者。這意味著持續提供廣泛的一流商品組合，並確保在顧客需要時有庫存且可供購買。我們也將持續聚焦能簡化專案的產品，為顧客節省時間與金錢。這也是我對我們持續帶入市場的創新感到非常振奮的原因。

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

接下來，我想把電話會議交給 Richard。

Thank you, Billy, and good morning, everyone. In the third quarter, total sales were $37.7 billion, a decrease of approximately $1.2 billion or 3% from last year.

謝謝你，Billy，各位早安。第三季總銷售額為 377 億美元，較去年減少約 12 億美元，或下降 3%。

During the third quarter, our total company comps were negative 3.1% with comps of negative 2.1% in August, negative 3.4% in September and negative 3.7% in October. Comps in the U.S. were negative 3.5% for the quarter with comps of negative 2.5% in August, negative 3.8% in September and negative 4.1% in October.

第三季，全公司同店為負 3.1%；其中 8 月同店為負 2.1%、9 月為負 3.4%、10 月為負 3.7%。美國市場第三季同店為負 3.5%；其中 8 月為負 2.5%、9 月為負 3.8%、10 月為負 4.1%。

In local currency, Mexico and Canada posted comps above the company average. It is important to note that adjusting for storm-related overlaps and some seasonal shift, monthly comps were relatively consistent across the quarter.

以當地貨幣計，墨西哥與加拿大的同店表現高於公司平均。需要注意的是，若調整與風暴相關的重疊效應及部分季節性移轉後，各月同店在整個季度內相對一致。

In the third quarter, our gross margin was 33.8%, a decrease of approximately 20 basis points from the third quarter last year, which was in line with our expectations.

第三季毛利率為 33.8%，較去年第三季下降約 20 個基點，符合我們的預期。

During the third quarter, operating expense as a percent of sales increased approximately 120 basis points to 19.4% compared to the third quarter of 2022. Our operating expense performance during the third quarter reflects our previously executed compensation increases for hourly associates as well as deleverage from our top line results.

第三季，營業費用占銷售比重較 2022 年第三季增加約 120 個基點至 19.4%。第三季的營業費用表現反映了我們先前已執行的時薪門市同仁薪酬調升，以及因營收表現而產生的槓桿不利（deleverage）。

Our operating margin for the third quarter was 14.3% compared to 15.8% in the third quarter of 2022.

第三季營業利益率為 14.3%，相較 2022 年第三季的 15.8%。

Interest and other expense for the third quarter increased by approximately $30 million to $438 million.

第三季利息及其他費用增加約 3,000 萬美元至 4.38 億美元。

In the third quarter, our effective tax rate was 23.3%, down from 24.4% in the third quarter of fiscal 2022.

第三季有效稅率為 23.3%，低於 2022 會計年度第三季的 24.4%。

Our diluted earnings per share for the third quarter were $3.81, a decrease of 10.1% compared to the third quarter of 2022.

第三季稀釋後每股盈餘為 3.81 美元，較 2022 年第三季下降 10.1%。

During the third quarter, we opened 7 new stores, bringing our total store count to 2,333. Retail selling square footage was approximately 242 million square feet.

第三季我們新開 7 家門市，使門市總數達到 2,333 家。零售銷售面積約為 2.42 億平方英尺。

At the end of the quarter, merchandise inventories were $22.8 billion, down $2.9 billion or 11% compared to the third quarter of 2022. And inventory turns were 4.3x flat to 1 year ago.

截至季度末，商品存貨為 228 億美元，較 2022 年第三季減少 29 億美元或 11%。存貨周轉率為 4.3 倍，與一年前持平。

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.

接著談資本配置。在投資本業並支付股利之後，我們的意圖是以庫藏股回購的方式，將多餘現金回饋給股東。

During the quarter, we invested approximately $670 million back into our business in the form of capital expenditures. And during the quarter, we paid approximately $2.1 billion in dividends to our shareholders, and we returned approximately $1.5 billion to shareholders in the form of share repurchases.

本季我們以資本支出形式回投約 6.70 億美元至本業。同時，本季我們向股東支付約 21 億美元股利，並以股份回購形式向股東回饋約 15 億美元。

Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was approximately 38.7%, down from 43.3% in the third quarter of fiscal 2022.

以過去12個月期初與期末的長期負債與權益平均數計算，投入資本報酬率約為38.7%，較2022會計年度第三季的43.3%下降。

Now I will comment on our guidance for fiscal 2023. As you heard from Ted, with one quarter remaining in fiscal 2023, we no longer expect the end points of our previous guidance range as likely outcomes, and therefore, we are narrowing our guidance for 2023.

接下來我將評論我們對2023會計年度的指引。如同各位從Ted那裡聽到的，2023會計年度僅剩一季，我們不再預期先前指引區間的端點會是可能的結果，因此我們正在收斂2023年的指引。

We expect fiscal 2023 sales and comp sales to decline between 3% and 4%. We are targeting an operating margin between 14.2% and 14.1% for the year.

我們預期2023會計年度銷售額與同店銷售將下滑3%至4%。我們的年度營業利益率目標為14.2%至14.1%。

Our effective tax rate is targeted at approximately 24.5%. We expect interest expense of approximately $1.8 billion. And we are anticipating between a 9% and 11% decline in diluted earnings per share compared to fiscal 2022.

我們的有效稅率目標約為24.5%。我們預期利息費用約為18億美元。此外，我們預期稀釋後每股盈餘相較2022會計年度將下滑9%至11%。

In addition, as you heard from Ann, we continue to focus on driving productivity in the business. We have taken a number of actions that will help us realize the previously announced $500 million in annualized cost savings in 2024 and are fully confident that we will deliver on this commitment.

此外，如同各位從Ann那裡聽到的，我們持續聚焦於提升業務生產力。我們已採取多項行動，將協助我們在2024年實現先前宣布的年化5億美元成本節省，並且我們完全有信心能履行這項承諾。

We also remain focused on meeting the needs of our customers with our leading product authority in home improvement, strong in-stock levels and knowledgeable associates. We will continue to prudently invest to strengthen our competitive position and leverage our scale and low-cost position to outperform our market and deliver shareholder value.

我們也仍然專注於以我們在居家修繕領域的領先產品專業、強勁的現貨庫存水位，以及具備專業知識的門市同仁，來滿足客戶需求。我們將持續審慎投資以強化競爭地位，並運用我們的規模與低成本優勢以優於市場表現並為股東創造價值。

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

感謝各位參與今天的電話會議。Christine，我們現在準備開始問答。

(Operator Instructions) Our first question comes from the line of Simeon Gutman with Morgan Stanley.

（接線員指示）我們的第一個問題來自Morgan Stanley的Simeon Gutman。

In thinking about inflections and when we might see one, looking at the spread maybe between DIY and Pro is the story of this quarter that maybe DIY has stabilized, but the Pro is getting a little bit worse?

在思考拐點以及我們何時可能看到拐點時，觀察DIY與Pro之間的差距，這可能是本季的重點：也許DIY已經穩定下來，但Pro則稍微變得更差？

And then if that's right, and feel free to correct if that's wrong, would that mean that it could take a little longer than for the Pro sort of normalizing to play out? And actually, the overall comp could get a little worse before it gets better?

如果這個判斷是對的——當然如果不對也請指正——是否意味著Pro要回到正常水準可能需要更久一些？而且整體同店表現可能在好轉之前還會再稍微變差？

Thanks for the question. I would say Pro and consumer, it had the narrowest performance gap in some time. So they both performed reasonably well. If you step back and look at the quarter, we feel really good about the third quarter and we narrowed our comp guidance for the year because of that. And in fact, if you look at the performance of the business overall this year, if you look at the seasonality of Q1 and Q2, we're pretty smooth in that minus 3% comp through the first 3 quarters of this year, and that's normalized for weather and storms and commodity price deflation.

謝謝你的問題。我會說Pro與消費者端之間的表現差距是相當長一段時間以來最小的一次，所以兩者表現都算不錯。若退一步看本季，我們對第三季感到非常滿意，也因此收斂了全年同店指引。事實上，如果你看今年整體業務表現，考量第一季與第二季的季節性因素，今年前三季同店約為-3%，走勢相當平穩，而這已經排除了天氣、風暴以及商品價格通縮的影響。

And then our regional businesses are also pretty consistent. We've seen the least variability in regions. And as I said, the narrowest gap between Pro and consumer. We had really good seasonal sell-through. And as prices have settled with abating deflation, we feel pretty good about that. And our operations are increasingly getting back to normal. The supply chain is operating very well. Our inventory positions are better. Our in-stock rates are much better, as Ann took you through all the things we're doing in the store to improve on-shelf availability. Our value propositions, as Billy mentioned, are in great shape and product innovation is better than it's ever been. And the wage investments are paying off. Our attrition is way down. And with that attrition being down, our associates have had more time in the store, their ability to serve customers has improved.

此外，我們各區域業務也相當一致，我們看到區域間的變動性是最小的。正如我所說，Pro與消費者之間的差距最小。我們的季節性商品銷售去化表現很好。隨著通縮趨緩、價格趨於穩定，我們對此感覺相當不錯。而且我們的營運也愈來愈回到正常。供應鏈運作非常良好；我們的庫存水位更佳；現貨供應率也大幅改善，Ann也帶各位了解我們在門市端為提升貨架可得性所做的各項工作。我們的價值主張如Billy所提到的，狀態非常好；產品創新也比以往任何時候都更強。薪資投資也正在發揮效果；人員流失率大幅下降。隨著流失率下降，我們的同仁在店內累積更多時間，服務客戶的能力也有所提升。

So all of that really is what delivered that consistent comp throughout the year. But to answer your specific question, as we sit here feeling really good about the operations, the share shift of PCE from pre-COVID to today has not completely reverted and we're still not exactly sure where that reverts to. The asset class for home improvement is worth $15-odd trillion more than it was pre-pandemic. And we know now that the Fed definitely has a higher-for-longer monetary posture and that's going to continue to pressure durable goods, in financing or motivation for larger home improvement projects.

因此，以上種種確實帶來了全年一致的同店表現。但回到你具體的問題：就我們目前而言，對營運狀況感到非常好；然而，PCE（個人消費支出）在疫情前到現在的占比移轉尚未完全回到原狀，我們也還不完全確定會回到哪個水準。居家修繕這個資產類別的規模比疫情前多了約15兆美元。我們也已經知道，聯準會明確採取「利率維持較高水準更久」的貨幣政策立場，這將持續對耐久財造成壓力，並影響大型居家修繕專案的融資或動機。

So as we said, we see great engagement, engagement in seasonal goods, engagement with smaller projects. It's the larger projects are a bit down at the moment. So that's what we're watching. I mean we're not obviously talking about 2024 today, but lots of good news in the operations of the business. Great news with still a very resilient customer. I mean we just came off of 4.9% GDP in Q3, driven by the consumer. But as you know, we're looking at it this year, this period of moderation for home improvement spend. But I couldn't feel better about the business and our operations overall.

所以如同我們所說，我們看到很高的參與度：季節性商品的參與度高、小型專案的參與度也高；但大型專案目前稍微偏弱。這就是我們正在觀察的部分。當然我們今天不會談2024年，但在營運面有很多好消息；而且客戶仍然非常有韌性，這也是很好的消息。畢竟我們剛看到第三季GDP成長4.9%，由消費者帶動。但如各位所知，我們今年看到的是居家修繕支出進入一段放緩期。不過我對整體業務與營運狀況的信心從未如此之高。

And then maybe the follow-up, you mentioned GDP. Given that home prices seem to be pretty sticky even with pretty weak turnover and may not get any better, how should we think about GDP -- should we revert to GDP as maybe a better proxy for how the business could do?

那接著追問一下，你提到GDP。鑑於房價即使在成交量相當疲弱的情況下似乎仍很有黏著性、也可能不會改善，我們該如何看待GDP——是否應該回到以GDP作為衡量業務表現的更佳代理指標？

Simeon, this is Richard. We have tried to take the most thoughtful approach possible in -- over the last few years of what the drivers of the business are and those things that indicate to us how we have settled back out of the pandemic period, and that's why we focused on share of PCE.

Simeon，我是Richard。過去幾年我們一直嘗試以最周全的方式來看待——業務的驅動因素是什麼，以及哪些指標能告訴我們在疫情期間之後已回到什麼樣的常態，因此我們才會聚焦在PCE占比。

Like Ted said, we're not going to talk about 2024 today. There is an underlying kind of layer of economic activity that supports the business. But as Ted pointed out, number one, we still haven't reverted all the way back to 2019 levels of PCE share. And the Fed stance of higher-for-longer has had and could have increasing pressure on the outlook for durables and housing-related spend.

如同Ted所說，我們今天不會談2024年。確實存在一個支撐業務的經濟活動底層動能。但正如Ted指出的，第一，我們的PCE占比仍未完全回到2019年的水準；第二，聯準會「利率維持較高水準更久」的立場已經、且可能會對耐久財與住房相關支出的前景帶來更大的壓力。

So like Ted said, that's what we're watching at the moment. And we will talk about 2024 when we get to our call next quarter.

所以如同Ted所說，這就是我們目前正在觀察的重點。我們會在下季的電話會議談到2024年。

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

我們的下一個問題來自Wells Fargo的Zach Fadem。

Richard, considering all the ins and outs of your cost base this year with wage investments, you've got the legal settlement in Q1 plus the cost saves next year, is it fair for us to assume your operating margins can expand in 2024? Or is there a certain level of comp that you will need to see to hold this 14%-plus margin?

Richard，考量你們今年成本基礎的各種增減因素，包括薪資投資、第一季的法律和解，以及明年的成本節省，我們是否可以合理假設你們在2024年的營業利益率能夠擴張？或者你們需要看到某個程度的同店表現，才能維持14%以上的利潤率？

Thanks for that question. Margin expansion is largely a function of top line growth. There is a point there in the low positive comp digits where you see expense turn from deleverage to leverage.

謝謝你的問題。利潤率擴張在很大程度上取決於營收成長。當同店成長落在低個位數的正成長區間時，你會看到費用從「去槓桿」轉為「槓桿」。

We're not going to take on 2024 guidance today. What we have done is we have put in place measures, and in fact, now have essentially completed actions that will provide us with a $500 million cost buffer heading into 2024. And so regardless of the outlook, that provides some buffer in margin.

我們今天不會提供2024年的指引。我們已經採取相關措施，而且事實上現在基本上已完成可在2024年帶來5億美元成本緩衝的行動。因此，不論景氣展望如何，這都能在利潤率上提供一些緩衝。

Got it. And then you mentioned that you would reinvest the legal settlement gain from Q1. So first of all, any color on what this reinvestment actually is or what it would look like? And then is it fair to say the investment will be largely in Q4? Or was there a part of that in Q3?

了解。接著你提到會把第一季法律和解的收益再投資。首先，能否說明一下這個再投資實際是什麼、或會長什麼樣子？其次，是否可以說這些投資主要會在第四季發生？還是第三季已經有一部分？

We've had part of that spent throughout the year. I think it is still a correct assumption that, that favorability will be fully offset by the end of the year. And so I really point you to our guidance as the best jumping off point for your modeling.

我們今年已經陸續支出了一部分。我認為仍可合理假設，到年底為止，這部分的有利因素將會被完全抵銷。因此我會建議你以我們的指引作為建模時最好的起點。

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

我們的下一個問題來自Truist的Scot Ciccarelli。

So in some other retail verticals or a lot of other retail verticals, we're seeing a return to pre-COVID purchasing patterns where you probably see more activity, purchasing activity on weekends and around holidays and events with, frankly, bigger lulls in between.

在一些其他零售垂直領域，或其實很多零售垂直領域，我們看到購買模式回到COVID之前：你可能會在週末、假期以及活動期間看到更多購買行為，但坦白說，中間的空窗期也更大。

So the questions are: one, are you seeing a similar general pattern? And two, assuming that is the case, are there ways for you guys to take advantage of that pattern from an operational standpoint to improve productivity?

所以問題是：第一，你們是否也看到類似的整體模式？第二，若確實如此，你們是否能從營運角度利用這種模式來提升生產力？

Yes. Thanks for the question, Scot. It's Billy. Listen, if it relates to different fluctuations in customer patterns and so forth, we haven't seen that. It's been very consistent throughout the quarter. And as Ted mentioned in his prepared remarks, really throughout the year when you account for some of the weather and some of the best effect we saw in the first half. So we haven't seen that.

是的。謝謝你的提問，Scot。我是 Billy。聽著，如果你指的是客戶行為模式等方面出現不同的波動，我們沒有看到那種情況。本季整體一直非常一致。而且如 Ted 在事先準備的發言中提到的，若把一些天氣因素以及我們在上半年看到的一些基期效應納入考量，其實全年也是如此。所以我們沒有看到那種情況。

Listen, if it relates to promotional activity whatsoever. We have events in our stores that we love to execute and drive excitement for our customers. But from a promotional activity standpoint, it's really reverted back to pre-COVID times. Our pricing is certainly, as Ted mentioned, settled over the last several months. The environment certainly stabilized. So we operate in a very -- we operate in a very rational market and promotional environment. As I said, this has returned to kind of pre-pandemic times.

聽著，如果你指的是任何促銷活動。我們在門市會舉辦一些我們很喜歡執行的活動，來為顧客帶來興奮感。但就促銷活動的角度來看，確實已經回到疫情前的狀態。如 Ted 所提到的，我們的定價在過去幾個月已經趨於穩定。整體環境也確實穩定下來。因此我們是在一個非常——我們是在一個非常理性的市場與促銷環境中營運。正如我所說，這已經回到某種疫情前的狀態。

And we will always -- Scot, we will always focus on EDLP. I mean we have events during certain seasons that they're a lot of fun. They're engaging with the associates. They're engaging for our customers. But day in and day out, 12 months a year, we strive to be an EDLP retailer with great values every day.

而且我們永遠——Scot，我們永遠會聚焦在 EDLP。我是說，我們在某些季節會有一些活動，這些活動很有趣，能讓同仁更投入，也能讓顧客更投入。但日復一日，一年 12 個月，我們都致力於成為一家每天都提供超值的 EDLP 零售商。

Got it. And then just a quick follow-up. On the big-ticket discretionary, is there any specific areas where you're actually seeing a positive inflection? Or are they all still trending, call it, mid-single-digit negative?

了解。那再快速追問一下。關於高單價的選擇性消費品類，有沒有任何特定領域你們其實看到正向的拐點？還是它們都仍在走勢上，姑且說，是中個位數的負成長？

No. We called out in my prepared remarks, categories like portable power and so forth, where we have seen great engagement. And candidly, we're thrilled with the innovation that we continue to partner with our supplier base on that we bring to the market. And where we continue to see innovation, we continue to see great engagement with both the Pro and the consumer.

有的。我在事先準備的發言中提到過，像是可攜式電源等品類，我們看到很高的互動與參與度。坦白說，我們對於持續與供應商夥伴合作、把創新帶到市場上感到非常振奮。而在我們持續看到創新的地方，我們也持續看到無論是專業客（Pro）或一般消費者都有很高的參與度。

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

下一個問題來自 JPMorgan 的 Chris Horvers。

So a couple of follow-ups to prior questions. My first one is, with the gross margin decline in the third quarter, can you talk a little bit about what drove that? You were lapping storm-related demand and you had some commodity deflation. So I would have thought that those would be positive. So is that fair?

我有幾個針對前面問題的追問。第一個是，第三季毛利率下滑，你能談談是什麼驅動的嗎？你們在比較基期上有颶風相關需求，而且也有一些大宗商品通縮。所以我原本以為這些應該是正面因素。這樣理解合理嗎？

And what were the offsets to that drove it lower?

那有哪些抵銷因素導致毛利率走低？

Thanks for the question, Chris. I'll go back to Billy's comments and Ted mentioned this as well, I think the most important observation we've made is that the worst of the inflationary environment is behind us. And as a result, as Billy said, retail prices are settling in the market. Some prices are settling at levels higher than 2022, others are settling lower. But we're seeing some stabilization there that Billy can talk about. Specific to the quarter and gross margin, there are some timing differences as some prices settled ahead of anticipated product and transportation cost benefits that will come through as we turn through our inventory. But those are -- I'd really sort of consider those timing.

謝謝你的提問，Chris。我回到 Billy 的評論，Ted 也提到過，我認為我們最重要的觀察是：通膨環境最糟的階段已經過去了。因此，如 Billy 所說，市場上的零售價格正在趨於穩定。有些價格穩定在高於 2022 年的水準，另一些則穩定在更低的水準。但我們看到那裡出現一些穩定性，Billy 也可以再補充。就本季與毛利率而言，因為部分價格的穩定發生在我們預期的產品與運輸成本效益反映到損益之前——這些效益會在我們庫存周轉時逐步體現——所以存在一些時點差異。但那些——我會把它們主要視為時點因素。

For the full year, our view on gross margin hasn't changed and we expect to see slight pressure year-over-year. But Billy, maybe just talk about kind of the settling of prices.

就全年而言，我們對毛利率的看法沒有改變，我們預期年對年會有些微壓力。不過 Billy，也許你可以談談價格趨於穩定的情況。

Yes. I mean, as you mentioned, the inflation environment seems to be behind us. Prices absolutely settled in. And again, I reiterate what I said, work in a very rational market.

是的。我的意思是，如你所提到的，通膨環境似乎已經在我們身後。價格確實已經穩定下來。而且我再次重申我說過的：我們是在一個非常理性的市場中運作。

And the other thing I'd add is this is no different than any other time frame, frankly. We have a portfolio approach to how we take on, whether it's lumber deflation that we've talked a lot about throughout the year or other ins and outs as it relates to the P&L. So a very normalized environment, rational and really a stabilization that we've seen across the board as it relates to pricing.

另外我想補充的是，坦白說，這跟其他任何時期並沒有不同。我們在面對損益表相關的各種進出因素時，採取的是投資組合式的做法——不論是我們今年談了很多的木材通縮，或是其他因素。因此，這是一個非常正常化、理性、而且我們在定價方面看到全面穩定的環境。

Got it. Got it, got it, got it. So that makes sense. And then on the variable cost side, you talked about a low single-digit leverage point historically and the $500 million of cost savings next year. You've had -- at the same time, you've had negative transactions for quite some time now.

了解、了解、了解、了解。這樣就說得通了。那接著在變動成本方面，你提到歷史上低個位數的槓桿點，以及明年 5 億美元的成本節省。同時，你們的交易筆數已經負成長一段時間了。

So can you talk about where we are in terms of the -- how labor can maybe become -- how it becomes less variable over time, maybe in the context of the percentage of stores on minimum staffing levels. And if there is negative comps in '24 or over the next 6 months, is the flexibility that you get from the $500 million offset by the fact that you'll be -- you could be having still negative transactions and less flexibility.

所以你能談談我們目前的狀況嗎——也就是勞動力如何可能——它如何隨時間變得較不具變動性，或許可以放在「有多少門市已經在最低人力配置水準」的脈絡下來看。另外，如果 2024 年或未來 6 個月同店銷售仍為負成長，從這 5 億美元得到的彈性，是否會被你們仍可能面臨負交易筆數、以及彈性變小的事實所抵銷？

Chris, thanks for the question. There's a lot of kind of 2024 conjecture built into that answer. I'll tell you that -- you're right. So I think when you're talking about changes in the nature of our labor model, the degree of change in transactions really isn't material enough to say that changes the nature of our labor model.

Chris，謝謝你的提問。這個問題的答案裡包含了不少對 2024 年的推測。我可以告訴你的是——你說得對。所以我認為，當你在談我們勞動力模型性質的變化時，交易筆數變動的幅度其實並不大到足以說它會改變我們勞動力模型的本質。

Our next question comes from the line of Michael Lasser with UBS.

下一個問題來自 UBS 的 Michael Lasser。

You talked about the promotional environment discounting being very rational. If the cycle or the downturn for home improvement remains protracted and extended, under what conditions would you expect that discounting will be more intense than it was in 2019 across the industry?

你提到促銷環境的折扣非常理性。如果居家修繕的循環或下行期持續且拉長，在什麼條件下你會預期全產業的折扣力度會比 2019 年更激烈？

And if that were to be the case, would Home Depot choose to remain true to the everyday low price and the portfolio approach that it has or would it look to protect market share and participate in some of that activity?

如果真的出現那種情況，Home Depot 會選擇維持每日低價（EDLP）以及其投資組合式做法的原則，還是會為了保護市占而參與部分那樣的活動？

We will stay committed to EDLP. And our promotional cadences, as we said earlier, the Black Friday, appliances and gift center and some spring events for seasonal garden items to get traffic in stores, those have been the playbook for years and years, right, Billy, and we don't see us going away from that. In fact, we've stayed truer to reductions of promotions when you think of categories like ceiling fans that I remember was constantly on and off 10% and 20% off. Paint, which was a promotional category, were 5% and 10% and then it went to 10% and 20s, we've backed off all of that. And on the margin, we prefer to be even less promotional than we are today.

我們會持續承諾 EDLP。而我們的促銷節奏，如同先前所說，黑色星期五、家電與禮品中心，以及春季針對季節性園藝商品的一些活動，用來帶動門市人流——這些多年來一直都是既定的操作手冊，對吧，Billy？我們不認為會偏離這些。事實上，當你想到像吊扇這類品項，我記得以前總是反覆做 9 折、8 折。油漆以前也是促銷品類，先是 95 折、9 折，後來變成 9 折、8 折，我們已經把那些都收回了。就毛利而言，我們偏好比現在更少做促銷。

If you had a protracted downturn in the market, I mean, for sure, we're going to be competitive. And for sure, we are going to protect our share. But when you think of the nature of large home improvement projects, certainly one done by a pro, the labor component is such a big piece of that job. I mean just take paint, for example. If you're painting your living room for $500, the paint in that job is going to be less than $100 and it's your labor bill, either your opportunity cost as a consumer or the pro doing your job for you.

如果市場出現長期的下行，我的意思是，當然，我們會保持競爭力；當然，我們也會保護我們的市占。但當你想到大型居家修繕專案的本質，尤其是由專業人士（Pro）執行的專案，人工成本是那份工作中非常大的一部分。以油漆為例，如果你把客廳粉刷的總費用是 500 美元，其中油漆的成本可能不到 100 美元，剩下主要是你的人工成本——對消費者而言是你的時間機會成本，或是由專業人士替你施工的人工費。

So being super aggressive to take $10 off the $100 component of a $500 job I don't think really moves the needle, and that's why our bias, our starting position would be no, we wouldn't chase a lot of price in that dynamic.

所以，為了在一個 500 美元的工作中，把那個 100 美元的部分再便宜 10 美元而採取非常激進的作法，我不認為真的能帶來多大改變；這也是為什麼我們的偏好、我們的起始立場會是：不，我們不會在那種情境下去追逐大量的降價。

Got you. Very helpful. My follow-up question is, historically, Home Depot has underpromised and overdelivered in just about all facets. Is it realistic to think that you took the same approach when building this $500 million of net cost savings for next year such that there could be upside to that number?

明白了。非常有幫助。我的追問是，歷史上 Home Depot 幾乎在各方面都採取「保守承諾、超額交付」。那麼，在建立明年 5 億美元的淨成本節省目標時，你們是否也採取了同樣做法，以致這個數字可能還有上行空間？

Well, that cost number was really more a function of having built capacity to handle the explosion in our volume during COVID.

嗯，那個成本數字其實更多是因為我們在 COVID 期間為了應對銷量爆發而建立了產能。

And then the sort of other side of that pill, where we pulled capacity in many forms back. And so it was the right thing to do regardless of the environment. It does happen to provide a buffer for our operating margin as we move into 2024.

然後在另一方面，我們以多種形式把產能拉回來。所以不論環境如何，那都是正確的事。而且它確實在我們邁入 2024 年時，為營業利益率提供了一個緩衝。

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

下一個問題來自 Citi 的 Steven Zaccone。

Congrats on the new role. I wanted to focus on the Pro side of the business. So the commentary about growing with the complex Pro. In the past, there's been a focus on the flatbed distribution centers and the rollout on a regional basis. Is that still very much the strategy for the next couple of years?

恭喜你擔任新職務。我想聚焦在專業客（Pro）業務這一塊。關於與複雜型 Pro 一起成長的評論。過去一直著重在平板卡車配送中心（flatbed distribution centers）以及以區域為單位的推進。這在未來幾年仍然是非常核心的策略嗎？

And as you zoom out and think about the opportunity with the complex Pro, what are the top priorities within those next 1 to 2 years?

當你把視角拉遠、思考複雜型 Pro 的機會時，在接下來 1 到 2 年內的首要優先事項是什麼？

Steven, thank you so much for the kind words there. Chip is in the room, and he has been intimately knowledgeable about that. And so I'm going to throw it over to Chip, and he'll talk a little bit about some of the capabilities that we continue to leverage and some of the functionalities and capabilities that we will continue to build.

Steven，非常感謝你剛才的美言。Chip 也在現場，而且他對這方面非常熟悉。所以我把問題交給 Chip，他會談談我們持續運用的一些能力，以及我們將持續打造的一些功能與能力。

Yes. Thank you, Steven. We are going to continue certainly our march down to the expansion of our outside sales teams and continue to grow the complex Pro as it was mentioned in the earlier remarks, the connectivity into the store is an important part of this asset build as well. Our Pros shop in our stores every single day and connecting that ecosystem to our flatbed delivery systems is part of that.

是的。謝謝你，Steven。我們當然會持續推進擴大我們的外部銷售團隊，並持續成長複雜型 Pro。正如先前提到的，與門市的連結也是這項資產建置的重要一環。我們的 Pro 每天都在門市採購，而把那個生態系與我們的平板卡車（flatbed）配送系統串接起來，也是其中的一部分。

So as we look and expand into different markets as we move forward from where we currently are, we will continue to evaluate the best opportunity to expand those distribution assets as well to support our growth in Pro.

因此，當我們從目前所在的位置往前推進、擴展到不同市場時，我們也會持續評估擴充那些配送資產的最佳機會，以支援我們在 Pro 的成長。

Okay. I wanted to revisit Simeon's question about inflection because I know it's a challenging backdrop to predict. But I guess as you think about the business, what are the key building blocks to take the business from this period of moderation to a more stable market backdrop when you talked about low single-digit market growth? I'm curious if you could opine on, is it really the PCE shift? Is it rates? Just any help you provide would be helpful.

好的。我想回到 Simeon 關於拐點（inflection）的問題，因為我知道在這樣具挑戰性的背景下很難預測。但我想從你們對業務的看法來問：要把業務從這段放緩期帶到你們所說的、低個位數市場成長的較穩定市場背景，關鍵的組成要素是什麼？我想知道你是否能評論一下：主要是 PCE 的轉移嗎？是利率嗎？你能提供的任何協助都會很有幫助。

Yes, Steven, for that, we're always looking at a balance between ticket and transactions. And what was interesting during the COVID period, we had inflation. So we had AUR up and we had ticket up, also driven by basket size.

是的，Steven，針對這點，我們一直在看客單價（ticket）與交易量（transactions）之間的平衡。有趣的是，在 COVID 期間我們面臨通膨，所以 AUR（平均單價）上升、客單價也上升，同時也受到購物籃大小（basket size）帶動。

But the engagement was so high, you really didn't have elasticities. You had driving ticket in transactions, and that's what led to the 25% comp.

但當時的參與度非常高，你幾乎看不到需求彈性。客單價與交易量都在推升，這也是導致 25% 同店成長（comp）的原因。

As inflation has abated in primarily commodities and those prices have come down, you've seen a falloff in ticket. And you didn't get the elasticity initially that you'd expect, and that was because people were still powering through projects.

隨著通膨在主要是大宗商品上趨緩、價格回落，你就看到客單價下滑。而一開始並沒有出現你預期的彈性反應，因為人們仍在持續推進各種專案。

And now it's a mix of what's the level of response from pricing versus pull forward versus the Fed stance and higher interest rates. So that's all the dynamic that it's muddying the traditional ticket and transaction dynamic.

而現在則是多種因素交織：定價帶來的反應程度、需求提前（pull forward）的影響、以及聯準會立場與較高利率。因此，這些動態讓傳統的客單價與交易量關係變得更不清晰。

But what's healthy for us is a solid comp equally balanced between ticket and transactions. And that's what we'd be looking for. And now as we've said, prices have essentially leveled. Our ticket was down modestly. And if you take out commodity, our ticket would have been up for the quarter. And then transactions, we're still working through a bit of that PCE shift pull forward, whatever that dynamic might be. But we'd be looking for growth in each in a nice balance going forward.

但對我們而言，健康的狀態是同店成長能在客單價與交易量之間均衡貢獻，這也是我們所期待的。正如我們所說，價格基本上已經趨於持平；我們的客單價小幅下滑。若排除大宗商品因素，本季客單價其實會是上升的。至於交易量，我們仍在消化一些 PCE 轉移、提前需求等可能的動態。不過往前看，我們希望兩者都能成長，並維持良好的平衡。

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

下一個問題來自 Oppenheimer 的 Brian Nagel。

The question I have, I think Michael may have asked previously just about price actions, but I guess maybe to expand that a bit further. So we've been discussing now this trend and weakness in bigger tickets for a while. I mean, obviously, a very unique demand backdrop.

我想問的問題，我想 Michael 之前可能已經問過一些關於價格動作的，但我想再延伸一下。我們已經討論一段時間大額客單（bigger tickets）的趨勢與疲弱。顯然，這是非常獨特的需求背景。

But again, from your perspective, particularly as you look towards '24, are there other levers that Home Depot could pull to potentially spur better demand within big-ticket other than price?

但從你們的角度，特別是展望 2024 年，除了價格之外，Home Depot 是否還有其他槓桿可以拉動，以可能刺激大額客單的需求改善？

Well, the #1 way that we're focused to drive demand is with the complex Pro. So it's -- that is our key strategy and that's what we're focused on. It's a $200 billion space as we've defined the $950 billion split evenly pro and consumer. And if the $475 billion that's Pro, there's $200 billion that is larger pros, more complex spend that we're building out the capabilities to serve that demand.

嗯，我們最專注用來帶動需求的第一方式，就是複雜型 Pro。所以——這是我們的關鍵策略，也是我們聚焦的方向。正如我們所定義的，這是一個 2,000 億美元的市場空間；整體 9,500 億美元市場大致由 Pro 與消費者各占一半。而在 Pro 的 4,750 億美元之中，有 2,000 億美元屬於規模更大、支出更複雜的 Pro，我們正在建置能力來服務這部分需求。

And that, Brian, is what we're very, very focused on and I think for years and years, that is going to be a driver of our business as we take share in that sort of $200 billion white space.

Brian，這就是我們非常、非常專注的重點。我認為在未來很多很多年，當我們在這約 2,000 億美元的白地市場（white space）中取得市占時，這都會成為我們業務的驅動力。

Thanks, Ted. Got it. And then my second -- my follow-up, much quicker. Obviously, you narrowed your guidance for the balance of the year. You talked about trends in the fiscal third quarter. But any commentary on sales trends early here in fiscal Q4?

謝謝你，Ted，了解。那我的第二個——追問，會快一點。你們已經收斂了今年剩餘期間的指引，也談到會計年度第三季的趨勢。那對於會計年度第四季初期的銷售趨勢，有沒有任何評論？

Our performance in the first 2 weeks is on track to achieve our full year 2023 guidance.

我們前兩週的表現符合達成 2023 全年指引的進度。

Our next question comes from the line of Peter Benedict with Baird.

下一個問題來自 Baird 的 Peter Benedict。

Another one on average ticket here. So pre-COVID average ticket around $67. I think now it's kind of trending closer to $90, so up 35%.

再問一題關於平均客單。COVID 之前平均客單大約 67 美元，我想現在的趨勢接近 90 美元，上升約 35%。

Richard, I just wonder if you have any perspective on kind of the like-for-like SKU inflation component there versus the big-ticket mix? It sounds like your like-for-like inflation is -- seems to be stabilizing. I know there's innovation that can make things not like-for-like. But just curious, as you think about the big-ticket exposure there and what could potentially play out there? How big of a deal is that?

Richard，我想知道你是否能分享一些看法：其中同品項（like-for-like）SKU 的通膨成分，相對於大額客單組合（big-ticket mix）各占多少？聽起來你們的同品項通膨——似乎正在穩定。我知道創新可能會讓產品不完全可比。但我想問的是，當你思考大額客單曝險以及可能的發展時，這件事有多重要？

Thanks for the question. I think there are a few answers to that.

謝謝你的問題。我想這有幾個答案。

First of all, we have seen inflation abate and really kind of settle on a like-for-like basis across the portfolio. I think it's interesting you see some -- we've seen different dynamics in big-ticket over the years as we've had lumber inflation and deflation, in particular, skewing those results in big ticket.

首先，我們確實看到通膨趨緩，並且在整體產品組合上以同品項基礎來看已大致穩定下來。我覺得有趣的是，過去幾年我們在大額客單上看到一些不同的動態，特別是木材價格的通膨與通縮，會扭曲大額客單的結果。

But Billy, maybe you talk a little bit about trends there.

不過 Billy，也許你可以談談那邊的趨勢。

Yes. I mean -- and I'll just -- Ted's response back to Brian on you see categories like drywall where we have capabilities, roofing, insulation, portable power where we've added innovation, we continue to see great both Pro and consumer reaction to just the innovation and things we're seeing.

好的。我的意思是——我補充一下——Ted 回答 Brian 時提到，你會看到像石膏板（drywall）這類品類，我們具備相關能力；還有屋頂、隔熱材、可攜式電力（portable power），我們加入了創新。我們持續看到無論是 Pro 或消費者，對於這些創新與我們看到的各種新事物都有很好的反應。

As it relates to big-ticket, obviously, you've seen some deferral and so forth, as we talked about. Certainly, the pull forward is probably still playing a part in that as we continue to get further away from the pandemic.

至於大額客單，顯然你已經看到一些延後（deferral）等等，正如我們所談到的。當我們離疫情越來越遠，先前需求提前（pull forward）可能仍在其中扮演一部分角色。

So we'll watch that closely. We don't see anything. As I mentioned, stabilized pricing, rational environment and we don't see anything different from what we've seen over the last multiple months now.

所以我們會密切觀察。我們沒有看到任何——如我所提到的，定價已穩定、環境理性，我們也沒有看到與過去幾個月相比有任何不同。

Okay. Thanks for that guide. And then I just -- I guess, turning to maybe the leverage and the pace of buyback. And if we stay in this environment of, let's call it, moderation in demand, how do you think about just maybe balancing your buyback approach leverage? I mean, you're still operating below the 2x. Is there anything that prevents you from kind of moving up to that 2x?

好的。謝謝這些指引。然後我想——我想轉到槓桿與回購速度。如果我們仍處在這種、姑且稱之為需求溫和放緩的環境，你們如何看待在回購策略與槓桿之間的平衡？我的意思是，你們仍在 2 倍以下運作。有什麼因素會阻止你們把槓桿提高到 2 倍嗎？

Are you -- just kind of curious on your latest thoughts around those topics.

只是想了解你們對這些議題最新的想法。

Thank you. We've maintained a position very close to that 2x debt-to-EBITDA leverage ratio and we intend to do so in the foreseeable future. We will also really maintain consistency with respect to capital allocation. We invest in the business first. We pay our dividends. And then as we determine excess cash, we flow that to our shareholders in the form of repurchases.

謝謝。我們一直把淨負債對 EBITDA 的槓桿比率維持在非常接近 2 倍的位置，並且在可預見的未來也打算如此。我們也會在資本配置上維持一致性：我們優先投資於業務；支付股利；然後在我們判定有多餘現金時，以庫藏股回購的形式回饋給股東。

To your point, to date, we've repurchased $6.5 billion. There's really no change in our stance. And so I think that's the important takeaway there.

如你所說，截至目前我們已回購 65 億美元。我們的立場沒有任何改變。我想這就是最重要的重點。

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

下一個問題來自 D.A. Davidson 的 Michael Baker。

Okay. Just thinking about the fourth quarter, if we take the midpoint of the implied guidance, it does suggest a little bit of a deceleration yet. It does seem like your business has been consistent. Is that just a function of -- am I reading too much into that? Or do we expect a deceleration?

好的。想請教第四季，如果我們取隱含指引的中點，確實顯示還會有一點點再度放緩。但你們的業務看起來一直很一致。這只是——是我解讀過度了嗎？還是我們確實應該預期會放緩？

And maybe a second part of that, as you said, Halloween was really strong. Historically, all into your trim a tree or your holiday decorating business. I think it's like in 10 of the last 14 years, your fourth quarter comp has been better than the third quarter. Why should this year be different than that?

另外第二部分，你們提到萬聖節表現非常強。歷史上，這會帶動你們的修剪聖誕樹或節慶裝飾業務。我記得在過去 14 年中有 10 年，你們第四季同店表現都優於第三季。為什麼今年會不同？

Thanks for the question. The narrowing of the range is truly what it is. We saw the extreme points of that range become less likely and so we felt it would be helpful for our investors for us to narrow that range.

感謝提問。區間收窄確實就是這麼回事。我們看到該區間的極端點變得不太可能出現，因此我們認為，為了對投資人更有幫助，我們應該收窄該區間。

There has been an assumption all year from the beginning of the year that our guidance reflected a reversion of our share of PCE from the pandemic time period back to 2019 levels. Our prior guidance range assumes that, that share will continue to revert throughout the year. We've seen that reversion gradually and steadily. And our current range still has an assumption built in for Q4. We're largely reverted, but not all the way back. So there is some notion of that in our guide.

從年初開始，全年一直有一個假設：我們的指引反映的是，我們在疫情期間的 PCE 份額會回歸到 2019 年的水準。我們先前的指引區間假設該份額會在全年持續回歸。我們確實看到這種回歸是逐步且穩定地發生。而我們目前的區間仍然在第四季內建了一個假設。我們大致已經回歸，但還沒有完全回到原點，所以我們的指引中仍包含這方面的考量。

Okay. So sounds like it's -- like I said, it's just a function of getting to the middle of the range.

好的。所以聽起來——就像我說的——這只是往區間中位數靠攏的結果。

If I could ask one other question. You talked a little bit about storms and seasonality. I think a lot of retailers have said it's been a warm fall. How does that impact you? Do you need it to get cold in -- as we go through the fourth quarter to drive your business? How should we think about that?

如果我可以再問一個問題。你們稍微談到風暴與季節性。我想很多零售商都說今年秋天偏暖。這對你們有什麼影響？隨著我們進入第四季，你們是否需要天氣轉冷來帶動業務？我們應該如何看待這件事？

It's been a little warmer, obviously, but not a big impact. We started to see where the weather has normalized. We started to see some of that fall cleanup and fall business really take off. Haven't seen obviously snow and so forth.

確實有比較暖一些，這點很明顯，但影響不大。我們開始看到天氣回到較正常的狀態，也開始看到一些秋季清理與秋季相關業務真的開始起飛。當然，目前還沒有看到下雪之類的情況。

So it's kind of right in line with what we'd say is a little more normalized year and where you see the weather act a little more fallish. You've seen the categories and businesses that you'd expect to trend up -- trend in that positive direction.

所以這大致符合我們所說的較為正常的一年：天氣表現得更像秋天。你也看到你預期會走強的品類與業務——確實朝著正向方向趨勢上升。

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

下一個問題來自 Guggenheim 的 Steven Forbes。

Tad, or maybe for Ann, just a follow-up on Pro sales, really focusing on the Dallas market, what's the chain average. Can you update us on how that market is performing?

Tad，或許 Ann 也可以回答，關於 Pro 銷售的追問，特別聚焦在達拉斯市場，與全鏈平均相比如何？你們能否更新一下該市場的表現？

And then maybe just comment on any behavioral differences that you're noting between Pro markets based on the maturity of your strategic initiatives focused on the complex Pro. I mean, can you -- are you seeing and being able to analyze very like predictable behavioral changes?

另外，也請談談你們是否注意到不同 Pro 市場之間的行為差異，這些差異是否與你們針對複雜型 Pro 的策略性計畫成熟度有關。我的意思是，你們是否看到並能分析出非常可預測的行為變化？

Yes. I'll start off by just saying that the capabilities and functionalities that Hector and Chip have been working on over the last several years are certainly going to help us engineer a deal of momentum and success with the Pro. And Chip, I'll throw it over to you again because of how intimately you are knowledgeable about that.

是的。我先說，Hector 和 Chip 在過去幾年所打造的能力與功能，肯定會幫助我們在 Pro 端創造相當的動能與成功。Chip，我再把問題交給你，因為你對這部分非常熟悉。

But there is -- this is -- the Pro ecosystem is what we are focused on. Now -- and not the in-store side -- or not only the in-store side, but the complex Pro. And as we build out these capabilities and we see the effectiveness of these capabilities, we're going to continue to leverage those. And Chip, I'll throw it over to you to kind of give a little bit more details on Dallas.

不過——我們聚焦的是 Pro 生態系。現在——不是只看店內端——或者不僅是店內端，而是複雜型 Pro。隨著我們建置這些能力並看到其成效，我們會持續加以運用。Chip，我把問題交給你，請你就達拉斯提供更多細節。

Yes. Thanks, Ann. And Steven, yes, absolutely, where we built capabilities inclusive of assets, distribution assets and where we've expanded our sales force, we've seen meaningful impact in growth. Our outside sales team is the best-performing cohort of all Pro. So we're going to continue, as I mentioned before, to invest in that and then add assets where necessary in the appropriate markets.

好的。謝謝你，Ann。Steven，是的，完全正確。在我們建置能力（包含資產、配送資產）並擴大銷售團隊的市場，我們看到成長有顯著的影響。我們的外勤銷售團隊是所有 Pro 群體中表現最好的。因此我們會如我先前提到的，持續投資，並在適當市場於必要時增添資產。

Maybe just a quick follow-up for Richard or Billy, all the ticket conversations here, any way to just sum up how the quarter for big-ticket progressed relative to expectations? It sounds like it performed better than expected. You have sort of stabilization in multiyear big-ticket comp trends. I would imagine that wasn't the expectation. But any way to help us frame on how the quarter progressed for big-ticket versus internal plan?

也許再快速追問 Richard 或 Billy，這裡談了很多客單價（ticket）的話題。能否簡要總結一下，本季大件商品（big-ticket）的走勢相對於預期如何？聽起來表現優於預期。你們的大件商品多年同店趨勢似乎出現某種穩定，我想這原本不是預期。但能否幫我們理解，大件商品本季相對於內部計畫的進展？

Yes. I think listen, it was largely how we planned it. We -- I called out some great interaction from our consumers is it related to appliances. Having said that, we were in a better inventory position there. So we saw some tailwind from just our better inventory position as it relates to that. But it largely played out exactly how we had thought it would.

是的。我想，聽著，基本上就是照我們的規劃在走。我——我提到過，消費者在家電方面的互動非常好。話雖如此，我們在那一塊的庫存狀況更好，因此在這方面我們確實因較佳的庫存狀況而得到一些順風。但整體而言，基本上完全如我們所預期地發展。

And really, again, back to the prior comments, a very balanced year across the board when you account for some of the weather shifts early on and then what we were lapping with the hurricane, very balanced across the board and across the regions.

而且再次呼應先前的評論，若把年初的一些天氣變化，以及我們在颶風基期（lapped）上的影響納入考量，整體來看這是一個相當均衡的一年——不論是各品類、各區域都很均衡。

I think it's important to thematically just to sort of repeat the point, this stance by the Fed of higher for longer is sort of coming across in surveys. There is a deferral of larger projects. And so if you just want to zoom all the way back to the true macro here and the forces on ticket that we're watching, that's probably the largest macro for us.

我認為從主題上重要的是再重申一次：聯準會「高利率維持更久」（higher for longer）的立場，正逐步反映在各種調查中。較大型的專案被延後。因此如果你要把鏡頭拉回到真正的總體環境，以及我們正在觀察的影響客單價的力量，這可能是對我們而言最大的宏觀因素。

That's right.

沒錯。

Our final question comes from the line of Dean Rosenblum with Bernstein.

我們最後一個問題來自 Bernstein 的 Dean Rosenblum。

My question is about the Pro and really just understanding the performance of the Pro relative to the comp overall and then splitting that out between store sales to Pro versus complex project sales to Pro.

我的問題是關於 Pro，主要是想了解 Pro 的表現相對於整體同店（comp）如何，並且把它拆分為：店內對 Pro 的銷售，與對 Pro 的複雜專案銷售。

So just to make sure I'm understanding, you put up, call it, a negative 3% comp. DIY and Pro, very close to one another, U.S. slightly worse than Canada and Mexico. So I'm assuming U.S. Pro, call it, down 2%, 2.5%? And then can you just either verify or correct that. And then can you characterize Pro sales in the store relative to Pro sales outside of the store through the outside sales force and the CFCs?

所以為了確認我理解正確，你們做出大約負 3% 的同店。DIY 和 Pro 彼此非常接近，美國略差於加拿大與墨西哥。所以我推測美國的 Pro 大約下滑 2% 到 2.5%？你們能否確認或更正。然後你們能否描述一下：店內的 Pro 銷售，相對於透過外勤銷售團隊與 CFCs 在店外完成的 Pro 銷售，兩者的情況如何？

Well, taking your last part first, it's an ecosystem like Ann said. We're actually not we don't have goals or targets with respect to the separation of store and delivered sales. The point is actually lifting all sales. And that's what we've seen consistently in every market where we've rolled out capabilities.

好，我先回答你最後一部分。就像 Ann 說的，這是一個生態系。事實上，我們並沒有針對店內與配送（delivered）銷售的拆分設定目標或指標。重點其實是拉升所有銷售。而這正是我們在每一個導入能力的市場中一貫看到的結果。

Originally, we worried, okay, our delivered sales is going to begin to cannibalize the store. The opposite has proven true. And so we are progressing in a way that we're pleased.

一開始我們擔心，好吧，我們的配送銷售會開始侵蝕店內。結果證明恰恰相反。因此我們的進展方式讓我們感到滿意。

With respect to your first question, factually, the Pro did outperform the consumer in Q3, albeit at the narrowest margin we've seen in quite some time. If you actually normalize for commodity impact, the Pro was essentially flat for the quarter.

至於你的第一個問題，從事實上看，第三季 Pro 的表現確實優於一般消費者，儘管差距是我們相當長一段時間以來看到最小的。如果你把大宗商品（commodity）影響正常化，Pro 本季基本上是持平。

Okay. Great. And I guess my follow-up would be when you guys measure big project versus small projects, can you just clarify for us how you're determining what constitutes a big project versus a small? Is it like transaction size over $1,000? And if you could clarify that for us, that would be great.

好的，很好。那我接著追問的是，當你們衡量大型專案與小型專案時，能否釐清你們如何界定什麼是大型專案、什麼是小型？例如交易金額超過 1,000 美元？如果你們能釐清這點就太好了。

We infer from category sales and from class sales. When you look at categories that are more likely to sell at higher volumes in larger projects, kitchens, flooring, millwork to an extent, we are doing some inference. We also ask our customers what they're seeing and what kind of projects they're working on. We use external survey data that tells us that the nature of projects is kind of shifting from larger to smaller. And so it's a triangulation.

我們會從品類銷售與類別（class）銷售來推論。當你看那些更可能在較大型專案中以更高量銷售的品類——例如廚房、地板、以及某種程度上的木作（millwork）——我們會做一些推論。我們也會詢問客戶他們看到的情況，以及他們正在進行哪些類型的專案。我們使用外部調查數據，顯示專案的性質正從較大轉向較小。因此這是一種三角驗證（triangulation）。

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

Janci 女士，我想把時間交回給你做結語。

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

謝謝你，Christine，也謝謝各位今天加入。我們期待在二月的第四季財報電話會議上再與各位交流。

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

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