家得寶 (HD) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Home Depot First Quarter 2024 Earnings Conference Call. (Operator Instructions)

您好，歡迎參加家得寶 2024 年第一季財報電話會議。 （操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

提醒一下，本次會議正在錄製中。現在我很高興向大家介紹你們的主人，伊莎貝爾詹奇。請繼續。

Thank you, Christine, and good morning, everyone. Welcome to Home Depot's First Quarter 2024 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.

謝謝克里斯汀，大家早安。歡迎參加家得寶 2024 年第一季財報電話會議。今天參加我們電話會議的還有董事長、總裁兼執行長 Ted Decker；安瑪莉‧坎貝爾，資深執行副總裁； Billy Bastek，行銷執行副總裁；麥克菲爾（Richard McPhail），執行副總裁兼財務長。

Following our prepared remarks, the call will be open for questions. Questions will be limited to analysts and investors. And as a reminder, please limit yourself to one question with one follow-up. If we are unable to get to your question during the call, please call our Investor Relations department at (770) 384-2387.

在我們準備好的發言之後，電話會議將開放提問。問題將僅限於分析師和投資者。提醒一下，請限制自己只回答一個問題並進行一次跟進。如果我們在通話期間無法解答您的問題，請致電 (770) 384-2387 聯絡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.

在我將電話轉給 Ted 之前，請允許我提醒您，今天的新聞稿和我們高管所做的演示包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。

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.

這些陳述存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。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。今天的演示還將包括某些非公認會計原則措施。我們的網站上提供了這些措施的協調表。

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. Sales for the first quarter were $36.4 billion, down 2.3% from the same period last year. Comp sales declined 2.8% from the same period last year. Our U.S. stores had negative comps of 3.2%. Diluted earnings per share were $3.63 in the first quarter compared to $3.82 in the first quarter last year. The team executed a high level in the quarter, continued to grow market share. While the quarter was impacted by a delayed start to spring and continued softness in certain larger discretionary projects, we feel great about our store readiness, product assortment and associate engagement.

謝謝你，伊莎貝爾，大家早安。第一季銷售額為364億美元，比去年同期下降2.3%。比較銷售額較去年同期下降 2.8%。我們的美國商店的淨利潤為 3.2%。第一季稀釋後每股收益為 3.63 美元，去年第一季為 3.82 美元。該團隊在本季度執行高水平，市場份額持續增長。儘管本季受到春季開工延遲和某些大型可自由支配項目持續疲軟的影響，但我們對商店準備、產品種類和員工敬業度感到滿意。

Our associates are energized and ready to serve our customers as spring breaks across the country. As you will hear from Billy, where weather was favorable, we saw good customer engagement and strength in outdoor projects. In addition, our focus remains on creating the best interconnected experience growing pro wallet share with a differentiated set of capabilities and building new stores. Driving sales growth with our pro customers remains one of our top focus areas.

我們的員工充滿活力，準備在春假期間為全國各地的客戶提供服務。正如您從比利那裡聽到的那樣，那裡的天氣很好，我們看到了良好的客戶參與度和戶外項目的實力。此外，我們的重點仍然是創造最佳的互聯體驗，透過一系列差異化的功能來提高專業錢包份額並建立新商店。與我們的專業客戶一起推動銷售成長仍然是我們最關注的領域之一。

Remember, we operate in a $45 trillion asset class, which represents the installed base of homes in the United States. And we serve a highly fragmented addressable market of approximately $1 trillion. Within that TAM, the greatest opportunity is with the residential pro contractor who shops across many categories of home improvement products while working on complex projects.

請記住，我們營運的資產類別為 45 兆美元，這代表了美國的住宅安裝基礎。我們服務於高度分散的約 1 兆美元的潛在市場。在該 TAM 中，最大的機會是住宅專業承包商，他們在從事複雜項目的同時購買多種類別的家居裝修產品。

We've defined that specific opportunity as an approximately $250 billion TAM, of which we have relatively little share today. We also know that to effectively serve this TAM, we need an expanded set of capabilities and services that we referred to as our pro ecosystem. And while the store remains the center of that ecosystem, we are developing more fulfillment options, a dedicated sales force, specific digital assets, trade credit and order management capabilities geared at the residential pro to shops across categories.

我們將這一特定機會定義為約 2500 億美元的 TAM，但目前我們所佔的份額相對較少。我們也知道，為了有效地服務這個 TAM，我們需要一套擴展的功能和服務，我們稱之為專業生態系統。雖然商店仍然是該生態系統的中心，但我們正在開發更多的履行選項、專門的銷售團隊、特定的數位資產、貿易信貸和訂單管理功能，以適應住宅專業人士和跨類別商店的需求。

As we've shared with you before, our more mature markets with this pro ecosystem have seen great success, so we're expanding to other markets. As you heard last quarter, we'll have the foundational elements of our ecosystem in 17 markets by the end of the fiscal year. And while these 17 markets are currently at different maturity levels, they are outperforming our other large pro markets in aggregate. Earlier this quarter, we announced our intent to acquire SRS, a residential specialty trade distributor with a leading position in 3 large, highly fragmented specialty trade verticals serving the roofer, the pool contractor and the landscape professional.

正如我們之前與您分享的那樣，我們擁有這個專業生態系統的更成熟的市場已經取得了巨大的成功，因此我們正在擴展到其他市場。正如您在上個季度聽到的那樣，到本財年末，我們將在 17 個市場中擁有生態系統的基本要素。雖然這 17 個市場目前處於不同的成熟度水平，但它們的整體表現優於我們其他大型專業市場。本季度早些時候，我們宣布有意收購SRS，這是一家住宅專業貿易分銷商，在3 個大型、高度分散的專業貿易垂直領域處於領先地位，為屋頂工人、泳池承包商和景觀專業人士提供服務。

SRS is complementary to the ecosystem we've been building, giving us another avenue to more effectively serve the complex project occasion. They also give us the right to win with specialty trade pro customer. SRS does an exceptional job serving the specialty trade pro who typically only shops one category and needs specialized capabilities to complete their project. In addition, SRS is an exceptionally well-run business with a world-class management team as we build out our own ecosystem, we can leverage their expertise in deep product catalog in the verticals in which they operate.

SRS 是我們一直在建構的生態系統的補充，為我們提供了另一條途徑來更有效地服務複雜的專案場合。它們也賦予我們贏得專業貿易專業客戶的權利。 SRS 為專業貿易專業人士提供了出色的服務，他們通常只購買一個類別，並且需要專業能力來完成他們的專案。此外，SRS 是一家運作非常良好的企業，擁有世界一流的管理團隊，因為我們建立了自己的生態系統，我們可以利用他們在其運營的垂直領域的深度產品目錄方面的專業知識。

We have significant growth opportunities in front of us, and we are very happy with the operational execution in our core business. And despite pressure in the market, we continue to invest in our business. We are gaining share of wallet with our customers whether they are shopping in our stores, on our digital assets or through our pro ecosystem. Our merchants, store MET teams, supplier partners and supply chain teams are always ready to serve in any environment. They 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.

我們面前有巨大的成長機會，我們對核心業務的營運執行感到非常滿意。儘管市場面臨壓力，我們仍繼續投資於我們的業務。無論客戶是在我們的商店、在我們的數位資產上還是透過我們的專業生態系統購物，我們都在贏得客戶的錢包份額。我們的商家、商店 MET 團隊、供應商合作夥伴和供應鏈團隊隨時準備在任何環境下提供服務。他們在整個季度為我們的客戶提供了價值和服務，表現出色，最後我要感謝他們的奉獻和辛勤工作。

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

接下來，讓我把電話轉給安。

Thanks, Ted, and good morning, everyone. As we head into a bigger selling season, our associates continue to be engaged, excited and ready to serve our customers. As Ted mentioned, growing share of wallet with the pro and winning the pros working on complex projects continues to be our largest growth opportunity. We know that delivering the best shopping experience for any purchase occasion is critical to our success. That is why we continue to invest in our pro sales teams and capabilities.

謝謝，特德，大家早安。隨著我們進入更大的銷售季節，我們的員工繼續積極投入、興奮並準備好為我們的客戶提供服務。正如特德所提到的，不斷增加專業人士的錢包份額並贏得從事複雜項目的專業人士仍然是我們最大的成長機會。我們知道，為任何購買場合提供最佳的購物體驗對於我們的成功至關重要。這就是為什麼我們繼續投資我們的專業銷售團隊和能力。

We have developed new capabilities within our pro intelligence tool which feeds our CRM platform and leverages data science to bring better insight to our sales teams. These tools are helping us to both assist in identifying the optimal pro target in a market as well as the highest value cross-selling opportunities to drive action and sales. Another critical component of the shopping experience is being in stock with the right products and ensuring those products are on shelf and available for sale.

我們在專業智慧工具中開發了新功能，為我們的 CRM 平台提供支持，並利用數據科學為我們的銷售團隊帶來更好的洞察力。這些工具可幫助我們確定市場中的最佳專業目標，以及推動行動和銷售的最高價值交叉銷售機會。購物體驗的另一個關鍵組成部分是庫存有合適的產品，並確保這些產品上架並可供銷售。

We've talked to you before about Sidekick and Computer Vision and are thrilled with the results we've seen so far. This year, we will continue to lean in to improve our OSA and drive productivity by creating consistent, actionable and directed task for our associates. What's really exciting is how we are also now leveraging Computer Vision for other applications across the store. For example, Computer Vision helps us maintain the integrity of our base by ensuring that the products on the shelf meets our quality standards. Maintaining high-quality, damage-free product is a key component of delivery on the customer experience.

我們之前曾與您討論過 Sidekick 和電腦視覺，並且對迄今為止所看到的結果感到非常興奮。今年，我們將繼續致力於改善我們的 OSA 並透過為我們的員工創建一致、可操作和有針對性的任務來提高生產力。真正令人興奮的是我們現在如何將電腦視覺用於整個商店的其他應用程式。例如，電腦視覺透過確保貨架上的產品符合我們的品質標準來幫助我們保持基地的完整性。保持高品質、無損壞的產品是交付客戶體驗的關鍵組成部分。

Additionally, we have also deployed this technology in our self-checkout floral to help us mitigate shrink. Computer Vision can identify complex carts or high-value carts and signal the cashier to help the customer with their basket to ensure all products are scanned and accounted for. While we will continue to improve upon all of these technology-enabled applications, we are thrilled with the early results we are seeing.

此外，我們還在自助結帳花藝中部署了這項技術，以幫助我們減少損失。電腦視覺可以識別複雜的購物車或高價值的購物車，並向收銀員發出信號，幫助顧客整理購物籃，以確保所有產品都經過掃描和清點。雖然我們將繼續改進所有這些技術支援的應用程序，但我們對所看到的早期結果感到興奮。

Last quarter, we talked with you about one of our areas of opportunity within our post-sale experience, specifically within our returns process. I'm excited to update you that over 70% of online orders are now able to be self-service returns from their My Account profile on our website. Now our customers can create their own return of an online order and drop it off at UPS with a scan of a barcode. Later this year, we will enable job site pickup or returns back to our [FTC], which will be a game changer for pro shopping experience.

上季度，我們與您討論了我們在售後體驗中的機會領域之一，特別是在我們的退貨流程中。我很高興地通知您，超過 70% 的線上訂單現在可以透過我們網站上的「我的帳戶」個人資料進行自助退貨。現在，我們的客戶可以創建自己的線上訂單退貨，並透過掃描條碼將其發送到 UPS。今年晚些時候，我們將啟用工作現場取貨或返回到我們的 [FTC]，這將改變專業購物體驗。

This enhancement will allow our customers primarily the residential pro to initiate a return from their job site versus having to return big and bulky items to the store. This is a massive win, not only for pros, but also for associates and/or stores and will drive better customer satisfaction and greater store productivity. These initiatives are just a few examples of the different ways we are improving the shopping experience for customers and/or associates. I am so excited about all we are doing to drive sales in our stores, and I look forward to the opportunity that's ahead of us. None of this would be possible without our amazing associates and I want to thank them for all they do to take care of our customers.

這項增強功能將使我們的客戶（主要是住宅專業人士）能夠從工作現場發起退貨，而不必將大而笨重的物品退回商店。這是一個巨大的勝利，不僅對專業人士來說，而且對員工和/或商店也是如此，並將提高客戶滿意度和商店生產力。這些舉措只是我們改善客戶和/或員工購物體驗的不同方式的幾個例子。我對我們為推動商店銷售所做的一切感到非常興奮，我期待著我們面前的機會。如果沒有我們出色的員工，這一切都是不可能的，我要感謝他們為照顧我們的客戶所做的一切。

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

接下來，讓我把電話轉給比利。

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. As you heard from Ted, during the first quarter, our sales were impacted by a delayed start to spring and continued softness in certain larger discretionary projects. However, where weather was favorable, we saw good customer engagement and strength in outdoor projects.

謝謝你，安，大家早安。首先，我還要感謝我們所有的員工和供應商合作夥伴持續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，在第一季度，我們的銷售受到春季開工延遲和某些大型可自由支配項目持續疲軟的影響。然而，在天氣有利的情況下，我們看到了良好的客戶參與度和戶外專案的實力。

Before providing commentary on our comp performance, it's important to note that we made some merchandising department changes to more closely reflect our customers shopper categories and better align with our merchandising growth efforts. We now have 16 departments up from 14 previously and have separated electrical and lighting and kitchen and bath. Additionally, we have renamed our tools department to power and included outdoor power equipment to capture synergies and maximize the strength of our battery-powered platforms.

在對我們的比較績效進行評論之前，需要注意的是，我們對銷售部門進行了一些調整，以更準確地反映我們的客戶購物者類別，並更好地配合我們的銷售成長工作。我們現在有 16 個部門，以前有 14 個部門，並且電氣和照明、廚房和浴室是分開的。此外，我們將工具部門更名為動力部門，並納入了戶外動力設備，以發揮協同效應並最大限度地發揮我們電池供電平台的優勢。

Turning to our department comp performance for the first quarter. Our building materials and power departments posted positive comps, while outdoor garden, paint, lumber, plumbing and hardware were all above the company average. During the first quarter, our comp transactions decreased 1.5% and comp average ticket decreased 1.3%. However, we continue to see our customers trading up for new and innovative products. Big ticket comp transactions or those over $1,000 were down 6.5% compared to the first quarter of last year. We continue to see softer engagement in larger discretionary projects where customers typically use financing to fund the projects such as kitchen and bath remodels.

轉向我們第一季部門的業績表現。我們的建築材料和電力部門公佈了積極的業績，而戶外花園、油漆、木材、管道和五金均高於公司平均水平。第一季度，我們的贈品交易量下降了 1.5%，贈品平均票價下降了 1.3%。然而，我們繼續看到我們的客戶購買新的創新產品。與去年第一季相比，大額門票交易或 1,000 美元以上的交易下降了 6.5%。我們繼續看到對大型全權委託專案的參與程度越來越低，客戶通常使用融資來資助廚房和浴室改造等專案。

Turning to total company online sales. Sales leveraging our digital platforms increased 3.3% compared to the first quarter of last year. For those customers that chose to transact with us online during the first quarter nearly half of our online orders were fulfilled through our stores. We are incredibly focused on removing friction for our customers to create an excellent interconnected shopping experience.

轉向公司總線上銷售額。與去年第一季相比，利用我們數位平台的銷售額成長了 3.3%。對於那些在第一季選擇與我們在線上交易的客戶，我們近一半的線上訂單是透過我們的商店完成的。我們非常致力於為客戶消除摩擦，創造卓越的互聯購物體驗。

We continue to work on improving our online search functionality and serving the most relevant product offerings to our customers. To do this, we rolled out an intent-based search engine that combines keywords, behaviors and intent to deliver more targeted results. And we enhanced our filtering capabilities, improving the customer's ability to find exactly what they are looking for.

我們繼續致力於改進我們的線上搜尋功能，並為我們的客戶提供最相關的產品。為此，我們推出了基於意圖的搜尋引擎，該引擎結合了關鍵字、行為和意圖，以提供更有針對性的結果。我們也增強了過濾能力，提高了客戶準確找到他們想要的東西的能力。

All of these initiatives work together to drive strong results in our online business. Pro and DIY customers performance was relatively in line with one another, but both were negative for the quarter. While pro backlogs remain relatively stable, we hear from our pros that homeowners continue to take on smaller projects. The investments we are making are resonating with our pros as we see increased engagement. For example, we have made significant progress with the pro who paints and continue to see share gains with this customer.

所有這些舉措共同努力，推動我們的線上業務取得強勁成果。專業客戶和 DIY 客戶的表現相對一致，但本季均為負值。雖然專業人士的積壓工作保持相對穩定，但我們從專業人士那裡得知，房主繼續承接較小的專案。隨著我們看到參與度的增加，我們所做的投資與我們的專業人士產生了共鳴。例如，我們在油漆專業人士方面取得了重大進展，並繼續看到與該客戶的分享收益。

Our partnerships with BEHR and PPG as well as enhanced capabilities around their in-store service and job site delivery capabilities are helping to remove friction from their experience. During the end of the first quarter, we hosted our annual Spring Black Friday and spring gift center events and saw strong performance across both events. Our merchants did a fantastic job curating the best products and we saw strong engagement with our customers throughout the event. We are pleased with the results we saw, particularly in categories like riding lawn mowers and outdoor power equipment, where we had experienced some discretionary pull forward over the last couple of years.

我們與 BEHR 和 PPG 的合作夥伴關係以及增強的店內服務和工地交付能力正在幫助消除他們體驗中的摩擦。在第一季末，我們舉辦了年度春季黑色星期五和春季禮品中心活動，這兩項活動都表現強勁。我們的商家在策劃最好的產品方面做得非常出色，我們在整個活動中看到了與客戶的密切互動。我們對所看到的結果感到滿意，特別是在騎乘式割草機和戶外動力設備等類別中，在過去幾年中我們在這些類別中經歷了一些酌情的推動。

The trend away from gas to battery-powered products is continuing, and we are well positioned with our assortment. We have the brands our customers are looking for, whether it's RYOBI, Milwaukee, DEWALT, Makita or RIDGID. We estimate that there are nearly 500 million batteries in the market today, and our assortment covers the vast majority of these batteries. In fact, more than 70% of batteries with brands that are exclusive to The Home Depot in the big box channel with hundreds of products across each of these platforms, this is one of the best loyalty programs that keeps customers coming back to The Home Depot.

從汽油驅動產品轉向電池驅動產品的趨勢仍在繼續，我們的產品種類處於有利地位。我們擁有客戶正在尋找的品牌，無論是 RYOBI、Milwaukee、DEWALT、Makita 還是 RIDGID。我們估計現今市場上有近 5 億顆電池，而我們的產品種類涵蓋了其中的絕大多數。事實上，超過70% 的電池是家得寶(The Home Depot) 獨家品牌，在大賣場通路中每個平台都有數百種產品，這是讓顧客再次光臨家得寶(The Home Depot) 的最佳忠誠度計劃之一。

And our live goods category looks incredible. We are ready for spring with everything from shrubs to a variety of flowers, herbs and vegetables for every type of gardener. We're excited about spring breaking across the country, and we remain ready to help our customers with all of their outdoor projects and outdoor living needs.

我們的直播商品類別看起來令人難以置信。我們為春天做好了準備，為各種類型的園丁準備了從灌木到各種花卉、香草和蔬菜的一切。我們對全國各地的春假感到興奮，我們隨時準備好幫助我們的客戶滿足他們所有的戶外項目和戶外生活需求。

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

說到這裡，我想把電話轉給理查。

Thank you, Billy, and good morning, everyone. In the first quarter, total sales were $36.4 billion, a decrease of approximately 2.3% from last year. During the first quarter, our total company comps were negative 2.8% with comps of negative 4% in February, negative 0.8% in March and negative 3.3% in April. Comps in the U.S. were negative 3.2% for the quarter with comps of negative 4.8% in February, negative 1.3% in March and negative 3.6% in April.

謝謝你，比利，大家早安。第一季總銷售額為364億美元，較去年下降約2.3%。第一季度，我們公司的綜合成本為負 2.8%，其中 2 月為負 4%，3 月為負 0.8%，4 月為負 3.3%。美國本季的綜合指數為負 3.2%，其中 2 月為負 4.8%，3 月為負 1.3%，4 月為負 3.6%。

For the quarter, Mexico posted positive comps, whereas Canada was slightly below the company average. In the first quarter, our gross margin was 34.1%, an increase of approximately 45 basis points from the first quarter last year, primarily driven by benefits from lower transportation cost and shrink.

本季度，墨西哥公佈了積極的業績，而加拿大則略低於公司平均水平。第一季度，我們的毛利率為34.1%，較去年第一季成長約45個基點，主要得益於運輸成本下降和收縮帶來的好處。

During the first quarter, operating expense as a percent of sales increased approximately 140 basis points to 20.2% compared to the first quarter of 2023. The increase was primarily driven by a benefit from a legal settlement that we are overlapping from the first quarter of fiscal 2023 as well as deleverage from our top line results. Our operating expense performance was in line with our expectations.

與2023 年第一季相比，第一季營運費用佔銷售額的百分比增加了約140 個基點，達到20.2%。季度財報重疊的法律和解帶來的好處。我們的營業費用表現符合我們的預期。

Our operating margin for the first quarter was 13.9% compared to 14.9% in the first quarter of 2023. Interest and other expense for the first quarter decreased by $13 million to $428 million. In the first quarter, our effective tax rate was 22.6% compared to 24.2% in the first quarter of fiscal 2023. Our diluted earnings per share for the first quarter were $3.63, a decrease of 5% compared to the first quarter of 2023.

我們第一季的營業利潤率為 13.9%，而 2023 年第一季為 14.9%。第一季度，我們的有效稅率為 22.6%，而 2023 財年第一季為 24.2%。

During the first quarter, we opened 2 new stores, bringing our total store count to 2,337. Retail selling square footage was approximately 242 million square feet. At the end of the quarter, merchandise inventories were $22.4 billion, down approximately $3 billion or 12% compared to the first quarter of 2023, and inventory turns were 4.5x, up from 3.9x last year.

第一季度，我們新開了 2 家門市，門市總數達到 2,337 家。零售銷售面積約2.42億平方英尺。截至本季末，商品庫存為 224 億美元，比 2023 年第一季減少約 30 億美元，或 12%，庫存週轉率為 4.5 倍，高於去年的 3.9 倍。

Turning to capital allocation. During the first quarter, we invested approximately $850 million back into our business in the form of capital expenditures. And during the quarter, we paid approximately $2.2 billion in dividends to our shareholders, and we returned approximately $600 million to shareholders in the form of share repurchases. As a reminder, in March, we announced our intent to acquire SRS Distribution, and as a result, we paused share repurchases. As you've heard us say many times, we maintain a disciplined approach to capital allocation, and that is not changing.

轉向資本配置。第一季度，我們以資本支出的形式向業務投資了約 8.5 億美元。在本季度，我們向股東支付了約 22 億美元的股息，並以股票回購的形式向股東返還了約 6 億美元。提醒一下，我們在 3 月宣布了收購 SRS Distribution 的意向，因此我們暫停了股票回購。正如您多次聽到我們所說，我們對資本配置保持嚴格的方法，這一點沒有改變。

First and foremost, we will invest in the business and expect capital expenditures of approximately 2% of sales on an annual basis. After investing in the business, we plan to pay the dividend, and it is our intent to return any excess cash to shareholders in the form of share repurchases. From time to time, we will also invest in the business through acquisitions to enhance our capabilities and to accelerate our strategic objectives.

首先也是最重要的是，我們將對該業務進行投資，預計每年的資本支出約為銷售額的 2%。投資該業務後，我們計劃支付股息，我們打算以股票回購的形式將多餘現金回饋給股東。我們也會不時地透過收購來投資業務，以增強我們的能力並加速實現我們的策略目標。

Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was 37.1% down from 43.6% -- excuse me, down from 43.6% in the first quarter of fiscal 2023.

根據過去 12 個月期初和期末長期債務和股本的平均值計算，投資資本回報率為 37.1%，低於 2023 財年第一季的 43.6%，低於 43.6%。

Now I will comment on our guidance for fiscal 2024. Today, we are reaffirming our guidance for 2024. As a reminder, our guidance does not currently reflect any impact from the announced acquisition of SRS. The acquisition is currently under regulatory review, and we expect it to close by the end of fiscal 2024. We expect total sales growth to outpace sales comp with sales growth of approximately positive 1% and comp sales of approximately negative 1%. Total sales growth will benefit from a 53rd week, and we expect the 53rd week will contribute approximately $2.3 billion in sales.

現在我將評論我們對 2024 財年的指導。此次收購目前正在接受監管審查，我們預計將於 2024 財年末完成。總銷售額成長將受益於第 53 週，我們預計第 53 週將貢獻約 23 億美元的銷售額。

Our gross margin is expected to be approximately 33.9%, an increase of approximately 50 basis points compared to fiscal 2023. We expect operating margin of approximately 14.1%. Our effective tax rate is targeted at approximately 24.5%. We expect net interest expense of approximately $1.8 billion, and our diluted earnings per share percent growth is targeted to be approximately 1% compared to fiscal 2023. It is our intent to update guidance as appropriate once the SRS transaction closes.

我們的毛利率預計約為 33.9%，比 2023 財年增加約 50 個基點。我們的有效稅率目標約為 24.5%。我們預計淨利息支出約為 18 億美元，與 2023 財年相比，我們的稀釋後每股收益成長目標約為 1%。

We believe that we have positioned ourselves to meet the needs of our customers in any environment. The investments we've made in our business have enabled agility in our operating model. As we look forward, we will continue to invest to strengthen our position with our customers, leverage our scale and low-cost position to drive growth faster than the market and deliver shareholder value.

我們相信，我們的定位是能夠滿足客戶在任何環境下的需求。我們對業務的投資使我們的營運模式變得敏捷。展望未來，我們將繼續投資以鞏固我們在客戶中的地位，利用我們的規模和低成本地位來推動比市場更快的成長並創造股東價值。

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

感謝您參加今天的電話會議。克里斯汀，我們現在準備好提問了。

(Operator Instructions) Our first question comes from the line of Chris Horvers with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Chris Horvers。

Can you talk about how the -- how you think the bathtub effect could play out? Do you have a sense of how much maybe the weather was a net headwind year-over-year, understanding that last spring was also wonky. And related to that, Billy mentioned being pleased with spring where the weather was good and some positive commentary and some early COVID-winning categories. So where there was normal weather? Did you see comps maybe get flat or even -- or maybe up around the spring business.

您能談談您認為浴缸效應如何發揮作用嗎？你知道去年春天的天氣也很不穩定嗎？與此相關的是，比利提到對春天很滿意，那裡的天氣很好，還有一些正面的評論和一些早期的新冠獲獎類別。那麼哪裡天氣正常呢？您是否看到業績可能會持平甚至持平，或者可能在春季業務期間有所上升。

Chris, wonky is a great word to describe this spring. We can't really point to one geography that has had consistently good weather. But yes, certain markets, particularly in some of the northern most markets where we've had some good weekends, business was just incredible. And that's really what powered the positive comp in our power business. A lot of that is driven by outdoor power equipment. We talk a lot about the battery platforms and the brands we have and customers are really responding to that category.

克里斯，「古怪」這個詞來形容這個春天是一個很好的詞。我們無法真正指出哪一個地區的天氣一直都很好。但是，是的，某些市場，特別是在最北部的一些市場，我們在那裡度過了一些愉快的周末，生意真是令人難以置信。這確實是我們電力業務中積極競爭的動力。其中很大一部分是由戶外電力設備驅動的。我們談論了很多關於電池平台和我們擁有的品牌，客戶對此類別確實有反應。

But we just haven't had the consistent weather across the country. We were looking for much improved Western division this year given how bad weather was last year in the West, but that really didn't happen. So the bathtub is in effect but we still have a long way to go. Our biggest selling weeks are ahead of us and certainly hope for some drier weather and sunnier days. But Billy, maybe you can add some commentary.

但我們全國各地的天氣並不一致。考慮到去年西部的惡劣天氣，我們希望今年西部賽區能有很大的改善，但這確實沒有發生。所以浴缸已經生效，但我們還有很長的路要走。我們最暢銷的幾週即將到來，當然希望天氣乾燥、陽光明媚。但是比利，也許你可以添加一些評論。

Yes. No, thanks for the question, Chris. And as Ted mentioned, I mean, if you go back and we knew that there was pull forward in a lot of discretionary categories, single item purchases, if you will. And we're really pleased to see some of those businesses more normalized to the cyclical cycle of what you would typically see. And there's no question that was -- had been an impact certainly last year. And so really pleased with seeing some of that.

是的。不，謝謝你的提問，克里斯。正如特德所提到的，我的意思是，如果你回去，我們知道很多可自由支配的類別、單品購買（如果你願意的話）都出現了增長。我們非常高興看到其中一些業務更加規範化，並適應您通常看到的周期性週期。毫無疑問，去年確實產生了影響。看到其中的一些真的很高興。

Yes, where the weather has been great, which hasn't been or consistent, I should say, we've seen great customer engagement. I mentioned our Spring Black Friday event, our spring gift center events. We've seen great consumer customer engagement there. And there's still the continued pressure that we see in financed big projects as they called out in kitchen and bath, specifically in the kind of remodeling finance projects, but really pleased with some of the customer engagement, some of those pull-forward categories so far.

是的，在天氣一直很好的地方，我應該說，我們看到了很好的客戶參與。我提到了我們的春季黑色星期五活動，我們的春季禮品中心活動。我們在那裡看到了巨大的消費者客戶參與度。我們在廚房和浴室中呼籲的大型融資項目中仍然面臨持續的壓力，特別是在改造融資項目中，但對一些客戶參與度非常滿意，其中一些到目前為止的拉動類別。

And just to dig in on that a little bit on the big ticket sort of 2 sides to the coin, is the big ticket finance project business. Did it get worse because rates spiked in on the other side. Categories like garden equipment and grills and patio, are you seeing any emergence of replacement cycle where you could see maybe those categories start to get back to flat, if not up?

深入研究硬幣的兩面，就是大額金融專案業務。情況是否因為另一邊的利率飆升而變得更糟？像花園設備、烤架和庭院這樣的類別，您是否看到任何更換週期的出現，您可能會看到這些類別開始恢復平穩（如果不是上漲的話）？

Chris, this is Richard. So just from a year-over-year perspective, we saw big ticket pressure last Q1, which was more of the item purchase as customers deferred those sort of item purchases. We saw big ticket pressure this Q1 as well and yet the dynamic has changed and the dynamic really that we began to see towards the back half of last year was this deferral of large projects like Billy called out. So the pressure in those categories has actually increased. It's a different story of Q1 '23 versus '24. And maybe, Bill, you talk about particular categories.

克里斯，這是理查德。因此，僅從同比的角度來看，我們在上一季看到了巨大的門票壓力，這更多是由於客戶推遲了此類商品的購買而造成的。我們在第一季也看到了巨大的門票壓力，但動態已經發生了變化，我們從去年下半年開始真正看到的動態是像比利這樣的大型項目的推遲。所以這些類別的壓力其實有增加。 23 年第一季與 24 年第一季的情況不同。也許，比爾，你談論的是特定類別。

Yes. Again, the kitchen and bath remodel project, cabinets and so forth. I mean, anything that's financed, we continue to see even a little bit more pressure. Conversely, and you just mentioned, Chris, some of the categories more item buying. I mean the category like riding mower is well over $1,000 purchase, and we're seeing just in a few categories like that, terrific customer engagement. Again, we had pulled forward, but we're really pleased with some of those specific item purchases even the ones that are over $1,000, as I mentioned, riding mowers and some other categories where we've seen really back to that cyclical customer engagement. We're really pleased with some of those pieces that we're seeing in the business.

是的。再次，廚房和浴室改造工程、櫥櫃等。我的意思是，無論有什麼融資，我們都會繼續面臨更大的壓力。相反，克里斯，你剛才提到了一些類別更多的物品購買。我的意思是，像騎乘式割草機這樣的類別的購買金額遠遠超過 1,000 美元，而且我們僅在少數此類類別中就看到了出色的客戶參與度。我們再次向前推進，但我們對其中一些特定商品的購買感到非常滿意，甚至是那些超過1,000 美元的商品，正如我提到的，騎式割草機和其他一些類別，我們確實看到了周期性客戶參與。我們對在業務中看到的一些作品感到非常滿意。

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

我們的下一個問題來自西蒙·古特曼與摩根士丹利的對話。

My first is a macro, and I'm going to follow up with a micro. I want to ask your opinion on lock-in effect versus turnover. If it's clear that we need turnover now for stronger demand? And if you can talk about demand in regions of the country where pricing is more noticeably going up than others, seeing if there is a real lock-in effect that can happen. And the contingency is if we don't get rate decreases, what sort of normal could look like?

我的第一個是宏觀的，接下來我將是微觀的。我想詢問您對鎖定效應與營業額的看法。如果我們現在顯然需要營業額來滿足更強的需求？如果你能談論該國價格比其他地區上漲更明顯的地區的需求，看看是否會發生真正的鎖定效應。意外情況是，如果我們不降低利率，那麼正常情況會是什麼樣子？

So Simeon, I think you have to think about this short term and longer term. So if we think about lock-in effect and the impact of housing turnover. Clearly, we've seen 2 years of significant decrease in housing turnover to the point where we're at really sort of at historical lows. And most folks think that, that can't get much lower. When you're thinking about current performance, obviously, that puts pressure on our business. When a customer buys or sells a home, they spend more in that year than in a year when they don't.

所以西蒙，我認為你必須考慮短期和長期。因此，如果我們考慮鎖定效應和房屋週轉率的影響。顯然，我們已經看到兩年來房屋成交量大幅下降，達到了真正的歷史低點。大多數人認為，這個數字不能再低了。當你考慮當前的業績時，顯然這會對我們的業務造成壓力。當客戶購買或出售房屋時，他們當年的支出會比沒有購買或出售房屋時的支出更多。

And so there's no doubt that we're missing some of that project demand, and that's what's weighing on our sales as we had anticipated. Then you have to ask yourself though, the lock-in effect, the interest rate environment, at this point, a lot is subject to the macro. I think the question is at what point current interest rates become sort of the new normal. This is not something that we're making a prediction on. It's just thinking about behavior. At some point, spend on housing shifts from discretionary to something that you simply must do. We know that there's pent-up demand for household formation.

因此，毫無疑問，我們錯過了一些專案需求，而這正是我們預期的影響我們銷售的因素。然後你必須問自己，鎖定效應、利率環境，在這一點上，很多都受到宏觀的影響。我認為問題是當前利率在什麼時候成為新常態。這不是我們正在做出預測的事情。只是考慮行為。在某些時候，住房支出會從可自由支配的支出轉變為您必須做的事情。我們知道組成家庭的需求被壓抑。

And so again, I'd say short term, it is having an impact on our customers' mindset. And it's not just housing turnover related spend. It's really all large projects. As Billy said, sort of debt finance spend where we are seeing interest rates sort of weigh on the mind of customers. And look, we're not immune to this. If you look at the national figures on what's really driving the consumer right now, it's services. Goods are underperforming services and durable goods are seeing the most pressure and in particular, home-related categories.

因此，我想說，從短期來看，它正在對我們客戶的心態產生影響。這不僅僅是與住房週轉相關的支出。確實都是大項目。正如比利所說，我們看到利率在一定程度上影響了客戶的想法，因此債務融資支出增加。看，我們也不能倖免。如果你看全國數據，看看目前真正推動消費者的是什麼，那就是服務。商品表現落後於服務業，耐久財面臨的壓力最大，尤其是與家居相關的類別。

So this is not a surprise and this is baked into our expectations for the year. The question will be how it evolves over time.

因此，這並不令人意外，而且這已納入我們對今年的預期中。問題是它如何隨著時間的推移而演變。

That's helpful, Richard. My follow-up, transaction is still negative, but on a stack, it looks like they're getting a little better if we're not overreading it, and that's despite the spring weather, not breaking it. So if you look at your transactions on an improving trend line, is that industry bottoming, getting better? Or is that Home Depot taking share?

這很有幫助，理查德。我的後續行動，交易仍然是負面的，但從堆棧上看，如果我們不過度解讀的話，看起來他們會好一點，儘管是春天的天氣，但沒有打破它。因此，如果您以改善的趨勢線觀察您的交易，您會發現該行業是否已觸底、正在好轉？還是家得寶正在搶佔份額？

Well, those are challenging to tease out. I would say our sense is we are taking share. That's from third-party reporting on 4441, but transactions, I think you have 2 dynamics going on, and they relate to your prior question, Simeon. We've talked about the COVID and the lap of the COVID is sort of like the giant storm and the hurricane. And for a couple of years, after you pulled so much demand forward, you suffer from lower sales in those categories. And that's what we were talking about last year and Billy was just reviewing this item buying, there was no doubt, grills and riders and patio sets, these big-ticket items were pulled forward.

好吧，這些很難弄清楚。我想說的是，我們的感覺是我們正在分享。這是來自 4441 的第三方報告，但交易，我認為有兩種動態正在發生，它們與你之前的問題相關，Simeon。我們已經討論了新冠病毒，新冠病毒的影響有點像巨大的風暴和颶風。幾年來，在你拉動如此多的需求之後，你會遭遇這些類別的銷售下降。這就是我們去年談論的內容，比利剛剛審查了該商品的購買情況，毫無疑問，烤架、騎手和露台套裝，這些大件商品都被提前了。

We're seeing now that sort of naturally lap sort of like that hurricane effect lapping. What is newer, and we chatted about this before, is the housing turnover, which while historically not a huge driver of demand, it's steady state demand as housing turnover is fairly steady. But in the last 18-odd months that has dropped from over 6 million units a year. I think at some run rates in certain months, it was even under $4 million, that dramatic decrease in housing activity is sort of the newer hurricane, if you will. And we don't see that going much lower. It's hard to predict. But as Richard said, tough to call the macro. But at some point, people will start to lap the interest rates and the lock-in effect.

我們現在看到的是那種自然的繞圈，有點像颶風效應的繞圈。我們之前討論過的新問題是住房週轉率，雖然從歷史上看，這並不是需求的巨大驅動因素，但它是穩態需求，因為住房週轉率相當穩定。但在過去 18 個多月裡，這一數字已從每年 600 萬台以上下降。我認為在某些月份的某些運行率下，甚至低於 400 萬美元，如果你願意的話，住房活動的急劇減少可以說是一種新的颶風。我們認為這一數字不會降低太多。很難預測。但正如理查所說，很難稱之為宏觀。但到了某個時候，人們就會開始接受利率和鎖定效應。

We've already seen percentages of houses with mortgages and all the various interest rate strata, the percentage that we're in that under 3.5% is past peak. So you're already starting to see a bit of an unlock there. But all of that then leads to your transaction question. So we are starting to see some increase in transaction as we're lapping more of the COVID pull forward some newer pressure with the housing turnover dynamic. But net-net, we like the trend of transactions in units per basket were also up and we like seeing that trend as well. So not unexpected, as Richard said, and all baked into our guidance for 2024.

我們已經看到了抵押貸款房屋的百分比以及所有不同的利率層級，低於 3.5% 的百分比已經過了高峰。所以你已經開始看到一些解鎖的東西了。但這一切都會導致你的交易問題。因此，隨著新冠肺炎疫情對房屋成交量動態帶來新的壓力，我們開始看到交易量增加。但淨淨來看，我們喜歡每籃子交易量的趨勢也在上升，我們也喜歡看到這種趨勢。正如理查德所說，這並不意外，而且所有這些都已納入我們對 2024 年的指導中。

And just to add to that, you think about how we're performing in spite of large projects, having seen the pressure, if you just look at debt financing and you look at some of the statistics around where we're sitting. HELOC withdrawals or HELOC borrowings down 23% year-over-year that's a Q4 statistic, but I think we're in the same territory in Q1. In dollars, that's dropping somewhere from $70 billion a quarter to $50 billion a quarter. And you look at cash out refinancing down 14% year-over-year in dollars, this peaked around $80 billion, and they were $17 billion last quarter. And so you've got a significant drop, more than 75% from peak to where we are today.

除此之外，如果你只看一下債務融資並看看我們所處的一些統計數據，你會想到儘管有大型項目，我們的表現如何，也看到了壓力。根據第四季度的統計數據，HELOC 提款或 HELOC 借款年減 23%，但我認為我們在第一季處於同一領域。以美元計算，這一數字從每季 700 億美元下降到每季 500 億美元。再看看以美元計算的現金再融資年減 14%，高峰約 800 億美元，上季為 170 億美元。因此，我們看到了顯著的下降，從高峰到今天的水平下降了 75% 以上。

And so that's to us interesting context for the fact that transactions have actually begun to recover on a sequential basis. So we're punching through the environment. But in some respects, as Ted said, the macro has been against us for a little while now. And you could almost say those statistics are stabilizing at least on the bottom.

因此，這對我們來說是一個有趣的背景，因為交易實際上已經開始按順序恢復。所以我們正在突破環境。但在某些方面，正如泰德所說，宏觀經濟已經對我們不利一段時間了。你幾乎可以說這些統計數據至少在底部趨於穩定。

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

我們的下一個問題來自富國銀行的 Zach Fadem。

I want to start with a clarification on the outlook. You've got 1% EPS growth. I just want to confirm that this incorporates the buyback pause post Q1. And then second, transaction growth stepping in the right direction. Curious if this was more pro or DIY driven or both? And any color on the health of small and midsized pros versus larger pros?

我想先澄清一下前景。您的 EPS 成長了 1%。我只是想確認這包括第一季後的回購暫停。其次，交易成長朝著正確的方向邁進。好奇這是否更專業或 DIY 驅動或兩者兼而有之？中小型專業人士與大型專業人士的健康狀況有何不同？

Great. So Zach, I'll take the first part. It's Richard. So look, as we have reiterated guidance and see no reason to do anything about that. And when you think about the pause in share repurchases, think about the fact that we're also accumulating cash. As we accumulate cash, we earn interest on that cash. You'll see on our balance sheet, we have over $4 billion in cash right now, which is around $3 billion higher than last year. So given where short-term interest rates are, that interest income is a really strong offset to the impact from paused share repurchases and therefore, the net of it wouldn't change our guidance.

偉大的。扎克，我將參加第一部分。這是理查德。因此，我們已經重申了指導意見，並且認為沒有理由對此採取任何行動。當您考慮股票回購的暫停時，請考慮我們也在累積現金的事實。當我們累積現金時，我們就會從這些現金中賺取利息。你會在我們的資產負債表上看到，我們現在擁有超過 40 億美元的現金，比去年增加了約 30 億美元。因此，考慮到短期利率的情況，利息收入確實可以強有力地抵消暫停股票回購的影響，因此，其淨值不會改變我們的指導。

And on the pro DIY, each were negative for the quarter, more or less the same rate. And within pro, the larger pro continues to outperform particularly those engaging in the ecosystem. I'll let Chip comment some more about our performance there?

而在專業 DIY 領域，該季度的每一項都是負數，大致相同。在專業人士中，規模較大的專業人士的表現繼續優於那些參與生態系統的專業人士。我會讓奇普對我們在那裡的表現發表更多評論嗎？

Yes. Thanks, Zach, where we've expanded our capabilities around our supply chain capabilities and the expansion of our outside sales teams, we've seen noticeable outperformance in those markets and positive comps. So very pleased with that march of expansion. And as we move into this next 9 months, we'll expand in another 3 FTC markets that we've mentioned, 1 in LA, 1 in Detroit and 1 in San Antonio. So we're very pleased with our progress.

是的。謝謝，扎克，我們圍繞供應鏈能力和外部銷售團隊的擴張擴大了我們的能力，我們在這些市場和積極的競爭中看到了明顯的優異表現。對這次擴張感到非常滿意。進入接下來的 9 個月，我們將在我們提到的另外 3 個 FTC 市場進行擴張，其中 1 個在洛杉磯，1 個在底特律，1 個在聖安東尼奧。所以我們對我們的進展感到非常滿意。

Got it. Appreciate the color. And then, Richard, quickly, it looks like your SG&A on a per store basis was about flat year-over-year when you exclude the legal impact. And I'm curious if this is the right way to think about productivity this year or if you have any other levers at your disposal through the year.

知道了。欣賞顏色。然後，理查德，很快，當你排除法律影響時，你的每家商店的銷售及管理費用似乎與去年同期持平。我很好奇這是否是考慮今年生產力的正確方法，或者您全年是否有其他可以使用的槓桿。

Well, look, again, I would encourage you to look at our full year guidance because operating expense management can vary quarter-to-quarter. Obviously, we wanted to make sure that we were fully staffed in our stores. And as we said, we had a little bit later start to spring than we would have liked. And so but we wanted to make sure that we were right there in front of our customer. We had other favorability. I mean, hats off to all our teams driving productivity throughout the portfolio, but in that particular point, operating expense is controlled by our operations team, just did a fantastic job [landing] the quarter. And that's all baked into the reaffirmation of guidance.

好吧，我再次鼓勵您查看我們的全年指導，因為營運費用管理可能會因季度而異。顯然，我們希望確保我們的商店配備齊全的人員。正如我們所說，我們的春天開始得比我們希望的要晚一些。因此，我們想確保我們就在客戶面前。我們還有其他好處。我的意思是，向我們所有在整個投資組合中提高生產力的團隊致敬，但在這一特定點上，營運費用由我們的營運團隊控制，在本季度[登陸]方面做得非常出色。這一切都融入了指導方針的重申中。

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

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

The scope of the answer here might be a little beyond this conversation. But in general, can you talk about how you plan to utilize SRS and their discrete set of pro relationships to potentially leverage your broader complex pro initiatives?

這裡的答案範圍可能有點超出了這次談話。但總的來說，您能否談談您計劃如何利用 SRS 及其離散的專業關係集來潛在地利用您更廣泛的複雜專業計劃？

Sure, Scot. First and foremost, SRS is just a great company operating in 3 large, highly fragmented markets. So we talked about our TAM being $950 billion at the investor conference. With SRS in their market of roofing, specialty trade, pool and landscape, that opens up $50 billion increased TAM where they are a strong #2 in each of those segments. So just well-run company in 3 great growth markets where they have strong share positions.

當然，斯科特。首先，SRS 是一家在 3 個高度分散的大型市場中營運的偉大公司。所以我們在投資者大會上談到我們的 TAM 是 9500 億美元。隨著 SRS 在屋頂、專業貿易、泳池和景觀市場的發展，TAM 增加了 500 億美元，他們在每個細分市場中都位居第二。因此，這家公司在三個快速成長的市場中運作良好，在這些市場中擁有強大的市場份額。

So first and foremost, you get capability that lets you engage and win in a completely new TAM. How it's complementary to what we're doing, all the things that we are building, they have as a distributor. We've been a retailer for 45 years and we're building wholesale capability, things like trade credit, things like much more robust on time and complete delivery to job sites, things like order management, things like incentivized field sales forces. So these are all things that they've done for years, and we look forward to being able to engage with them and learn from them.

因此，首先也是最重要的是，您將獲得讓您參與並贏得全新 TAM 的能力。它如何與我們正在做的事情以及我們正在建造的所有東西互補，他們作為經銷商。我們作為零售商已經有 45 年了，我們正在建立批發能力，例如貿易信用，更準時和完整地交付到工作地點，例如訂單管理，例如激勵現場銷售人員。這些都是他們多年來所做的事情，我們期待著能夠與他們接觸並向他們學習。

But then they can also serve our customers. I mean our customers will benefit from their deep broad catalogs in those verticals, and we can cross-sell their product into our residential focused pro customer. So we look at this as just a great opportunity to expand market, to expand capabilities and to better service our customers.

但他們也可以為我們的客戶提供服務。我的意思是，我們的客戶將受益於他們在這些垂直領域的廣泛目錄，我們可以將他們的產品交叉銷售給我們以住宅為重點的專業客戶。因此，我們認為這是一個擴大市場、擴大能力和更好地服務客戶的絕佳機會。

Very helpful. And then just, hopefully, a quickie. You talked about being in 17 markets by end of the year for the complex pro capabilities. How many markets do you ultimately see that capability rolled out to, 17 going to x.

很有幫助。然後，希望是快速的。您談到今年年底要進入 17 個市場，以實現複雜的專業功能。您最終會看到該功能推廣到多少個市場，其中 17 個市場將推廣到 x 個市場。

I mean, we would expect to over time to be in -- we often talk about the top 40, kind of 80-20 rule of demand in our space, and that would be the expectation.

我的意思是，隨著時間的推移，我們預計會進入前 40 名，即我們領域的 80-20 需求規則，這就是預期。

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

我們的下一個問題來自瑞銀集團的 Michael Lasser。

In light of the start to the year, have you -- did you give any internal discussions to moderating your expectation around the way the rest of the year could unfold especially in light of what's likely to be now fewer rate cuts than was expected 90 days ago, which may mean that the overall rate of home improvement, the market may see less of an acceleration from here?

鑑於今年年初，您是否進行過任何內部討論，以緩和您對今年剩餘時間的預期，特別是考慮到現在的降息次數可能少於 90 天的預期以前，這可能意味著市場整體的家裝速度可能會從這裡開始加速？

Yes, Michael, we're not fed watchers here necessarily. And we said at the beginning of this year that we had a neutral stance on housing. We weren't going to take a bet on cuts or how many cuts. And that hasn't changed. What we are focused on and what our internal discussions do evolve around is our level of execution in the core business. And as I said, we couldn't be happier with how engaged this team is and how well we executed during the quarter.

是的，邁克爾，我們這裡不一定有觀察員。我們在今年年初表示，我們對住房持中立立場。我們不會在削減或削減多少上下賭注。這一點沒有改變。我們關注的焦點以及我們內部討論的重點是我們在核心業務中的執行水平。正如我所說，我們對這個團隊的參與程度以及我們在本季的執行情況感到非常滿意。

And if I can just take a minute to rattle off a few of these telltales, when you think what Hector has done in the stores, in terms of shrink, in leveraging our wage investments to getting attrition way down, which is helping with safety instances, what we're doing with technology and process in the store that Ann mentioned in her remarks about not just the better in-stock, but the supply chain is delivering but the actual on-shelf availability that all our tools are delivering, our supply chain and merchant teams. What an incredible job in the face of negative comps, they took out $3 billion of inventory at cost, increased our turnover 60 basis points to 4.5x and increased in-stock and on-shelf availability levels. I mean that is just incredible performance.

如果我能花一點時間來講述一些這些故事，當你想到赫克託在商店裡所做的事情時，在收縮方面，在利用我們的工資投資來減少人員流失方面，這有助於安全情況，我們在商店中使用技術和流程所做的事情，安在她的評論中提到，不僅是更好的庫存，而且供應鏈正在交付，而且我們所有工具正在交付的實際貨架可用性，我們的供應連鎖和商家團隊。面對負面的競爭，他們以成本價取出了30 億美元的庫存，將我們的營業額提高了60 個基點，達到4.5 倍，並提高了庫存和貨架可用性水平，這是多麼令人難以置信的工作。我的意思是，這真是令人難以置信的表現。

And then add our price position. We talked about prices having settled in the marketplace. We're not any more promotional this year, but our overall price position with that roller coaster that we experienced during the COVID years, we're as well positioned on price and value and innovative products as we've been in some time. And then productivity in general remains a flywheel at the Home Depot. And a lot of that SG&A leverage that you noticed, and we delivered was the efficiency in the model in having executed that $500 million in cost out that we had signaled at the end of last year.

然後加入我們的價格定位。我們談論了市場價格已經穩定下來的問題。今年我們不再進行促銷活動，但我們的整體價格定位與我們在新冠疫情期間經歷的過山車一樣，我們在價格、價值和創新產品方面的定位與一段時間以來一樣。整體而言，生產力仍然是家得寶的飛輪。您注意到，我們交付的許多 SG&A 槓桿是模型中的效率，即執行了我們去年年底表示的 5 億美元成本支出。

So Michael, that's what we focus on internally is controlling what we can control, and that's why I'm just so pleased with this team and their high level of execution in the quarter.

所以邁克爾，我們內部關注的重點是控制我們可以控制的事情，這就是為什麼我對這個團隊及其本季的高水準執行力感到非常滿意。

My follow-up is, there is a school of thought out there that the SRS acquisition could be a sign that Home Depot's efforts to address the complex pro segment of the market has just proved to be a little bit more difficult than what was originally expected. How would you respond to that?

我的後續觀點是，有一種觀點認為，收購 SRS 可能表明家得寶為解決複雜的專業市場領域所做的努力被證明比最初預期的要困難一些。你對此有何反應？

Well, I'd respond to say what we are doing to capture pro share of wallet with wholesale distribution capabilities is challenging, which is why no one has done it before, but we are doing it, and we are succeeding in it and we like what we see, and that's why we continue to roll out to additional markets. We also know it's a journey. This isn't open up a DC, building a physical DC is about the simplest thing for us to do in our whole ecosystem that we're building. But it is putting together all the pieces of the ecosystem and introducing our customers to those capabilities.

好吧，我想說的是，我們正在做的事情是透過批發分銷能力來獲取錢包的專業份額，這是具有挑戰性的，這就是為什麼以前沒有人這樣做過，但我們正在這樣做，並且我們正在取得成功，我們喜歡我們所看到的，這就是我們繼續向其他市場推出的原因。我們也知道這是一段旅程。這不是開放一個資料中心，建立一個實體資料中心是我們在我們正在建構的整個生態系統中要做的最簡單的事情。但它正在將生態系統的所有部分整合在一起，並向我們的客戶介紹這些功能。

And as we've said before, as we introduce customers to the capabilities it is a linear relationship between increased comp and increased engagement with those capabilities. So we're still optimistic, and green and progressing on our organic efforts. SRS really is a completely different discussion in that a terrific asset and management team was brought to our attention that opened up a specialty distribution TAM that they have just a terrific position in. So at the end of the day, we keep reminding ourselves that we service a $45 trillion asset class with a $1 trillion TAM with the Home Depot at only about $150 billion in sales. We have so much share to gain with our consumers, in-store, online shopping with our existing pros who largely shop our stores with this complex purchase occasion with larger pros that we're building out the ecosystem.

正如我們之前所說，當我們向客戶介紹這些功能時，薪酬的增加和對這些功能的參與度的增加之間存在線性關係。因此，我們仍然樂觀、綠色，並在我們的有機努力中取得進展。 SRS 確實是一個完全不同的討論，因為一個出色的資產和管理團隊引起了我們的注意，他們開闢了一個專業分銷TAM，他們在其中佔據了極好的地位。自己，我們家得寶 (Home Depot) 以 1 兆美元的 TAM 為 45 兆美元的資產類別提供服務，而其銷售額僅為 1500 億美元左右。我們可以從我們的消費者、店內、網上購物中獲得如此多的份額，我們現有的專業人士大多在我們的商店中與更大的專業人士一起在這個複雜的購買場合購物，我們正在建立這個生態系。

And now SRS gives us a whole new white space to go play in 3 other verticals to take even more share. So very, very different propositions.

現在，SRS 為我們提供了一個全新的空白空間，可以在其他 3 個垂直領域中發揮作用，以獲得更多份額。非常非常不同的主張。

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

我們的下一個問題來自查克·格羅姆和戈登·哈斯克特的對話。

Curious on the DIY side. Have you seen any changes in spending between income cohorts? And as a follow-up, you spoke to the delayed start to spring. Curious, a few weeks here into the month of May. Maybe you could frame out how business is tracking relative to the first quarter or April.

對 DIY 方面感到好奇。您是否發現收入群體之間的支出有任何變化？作為後續行動，您談到了春季延遲開始的問題。奇怪的是，五月已經過去幾週了。也許您可以列出相對於第一季或四月的業務追蹤情況。

So on the income cohorts, it's actually really more about project size than it is about income cohort right now. And as I said, the -- as we said, the majority of the demand pressure is in those larger projects. And that really sort of spreads itself across cohorts, you could even say that, that almost tends to show as pressure in higher income cohorts. As we said before, though, this seems to be is it's not the inability to fund projects, it's a deferral mindset. You have this odd irony of every sound bite you read. Well, interest rates are going -- they're coming down soon.

因此，就收入群體而言，現在實際上更多的是專案規模而不是收入群體。正如我所說，正如我們所說，大部分需求壓力來自那些較大的項目。這確實在不同群體之間傳播，你甚至可以這樣說，這幾乎往往表現為高收入群體的壓力。不過，正如我們之前所說，這似乎並不是無法為專案提供資金，而是一種推遲心態。你讀到的每一段原聲片段都有這種奇怪的諷刺。嗯，利率正在上升——很快就會下降。

Our customers tell us, "Hey, with that in mind, with that on the horizon, we're just going to wait." So that's really the most important dynamic from an income perspective.

我們的客戶告訴我們，“嘿，考慮到這一點，考慮到這一點即將到來，我們只會等待。”因此，從收入角度來看，這確實是最重要的動態。

Yes. And then, Chuck, just on the first couple of weeks of May. I mean, it really has been the same story where weather has been favorable. We've seen great customer engagement, strengthened outdoor projects, really pleased with what we've seen where the weather has been favorable, which is my prepared remarks, the same kind of dynamic we saw through, especially later in the quarter as the weather got a little bit better in certain parts of the country.

是的。然後，查克，就在五月的前幾週。我的意思是，天氣狀況良好時，情況確實如此。我們看到了良好的客戶參與度，加強了戶外項目，對我們在天氣有利的情況下所看到的情況感到非常滿意，這是我準備好的評論，我們看到了同樣的動態，特別是在本季度末，隨著天氣的好轉該國某些地區的情況有所改善。

Okay. And then, Richard, one for you. Just you spoke to confirming the 33.9% gross margin rate for the year. Is there anything today that makes you feel better or maybe worse about the underlying assumptions that got you there 90 days ago in terms of shrink, transportation mix?

好的。然後，理查德，給你一張。剛才您談到確認今年的毛利率為33.9%。今天有什麼事情讓您對 90 天前在收縮、交通組合方面實現這一目標的基本假設感覺更好或更糟嗎？

I think -- so we're executing on all cylinders. And from a transportation perspective, from the merchants managing retail and costs through one of the most volatile periods last year in our history, fantastic results. And then just to add to it, look, with respect to shrink, shrink is a problem for retail, organized retail crime is not going away, it's a problem for all of us.

我認為——所以我們正在全力執行。從運輸的角度來看，從去年我們歷史上最動蕩的時期之一管理零售和成本的商家來看，取得了驚人的成果。然後補充一點，看，關於收縮，收縮是零售業的一個問題，有組織的零售犯罪不會消失，這是我們所有人的問題。

The external environment is only getting tougher. As a result, we've done a tremendous amount of work. It is amazing, the effort put forth by our teams in making investments that pay off with significant return on investment. And so when we look at our shrink performance, I hate to say this, but the external environment is not helping. Our teams are succeeding in blunting the impact. It's still a problem, it's still a pressure in our P&L. We want to keep attacking it, but we know that we've got the best in the business facing it. And it's not only a return on investment in terms of financial performance, it's a return on investment from a customer and associate safety perspective. And so we're really happy about that.

外部環境只會變得更嚴峻。結果，我們做了大量的工作。令人驚訝的是，我們的團隊在投資方面付出的努力得到了顯著的投資回報。因此，當我們看到我們的收縮表現時，我不想這麼說，但外在環境並沒有幫助。我們的團隊成功地減輕了影響。這仍然是一個問題，仍然是我們損益表中的一個壓力。我們想繼續攻擊它，但我們知道我們擁有業內最優秀的人才來應對它。這不僅是財務績效的投資回報，也是從顧客和員工安全角度來看的投資回報。所以我們對此感到非常高興。

I think that there's one dynamic, you asked about margin. There's a dynamic here that I think it's worth calling out when you think about the shape of the year, and so I'll just go there. It is not insignificant when you think about the price dynamic last year, and how we saw retail settle in the market during the first half of 2023 and then essentially become what we would call settled during the second half of 2023, which has continued into Q1 and Q2 of this year. So when you think about the AUR pressure within ticket, we reported ticket in spite of AUR pressure, that is, in essence, about 2 percentage points this quarter year-over-year.

我認為有一個動態，你問的是利潤率。當你思考今年的情況時，我認為這裡有一個動態值得指出，所以我就去那裡。考慮到去年的價格動態，以及我們如何看到零售在2023 年上半年在市場上穩定下來，然後在2023 年下半年基本上成為我們所謂的穩定狀態，並一直持續到第一季度，這一點並非無關緊要。因此，當您考慮工單內的 AUR 壓力時，儘管存在 AUR 壓力，我們仍報告了工單，也就是說，本季度實質上同比增長了約 2 個百分點。

And what I want to remind you of is that's a year-over-year comparison. So we had kind of the height of well, let's put it in a different way. We had a lot of retail and cost settling during the first half of the year. So that 2% pressure is an artifact of a year-over-year measurement. It is not an observation on where -- what prices are doing today, and they're relatively steady. As we move through the year, that pressure halves from Q1 to Q2, so you'll have about 1 percentage point of pressure in Q2, it'll halve again in Q3 and then in essence, be going in Q4. So you asked the question about margin. I think that is a point with respect to shape of the year that is important to put out there.

我想提醒您的是，這是逐年比較。所以我們有井的高度，讓我們用不同的方式來表達。今年上半年我們進行了大量的零售和成本結算工作。因此，2% 的壓力是逐年測量的結果。這並不是對今天價格走勢的觀察，而且它們相對穩定。隨著這一年的推移，壓力從第一季到第二季減半，因此第二季的壓力將減少約1 個百分點，第三季將再次減半，然後實質上將在第四季繼續。所以你問了關於保證金的問題。我認為，關於今年的形勢，這一點很重要。

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。

I want to follow up on Michael Lasser's question. Can you just help us understand what drives the second half improvement in same-store sales, just given the fact that the first half has been a little bit softer here with this delayed start to spring.

我想跟進邁克爾·拉瑟的問題。您能否幫助我們了解是什麼推動了下半年同店銷售的改善，因為由於春季開工延遲，上半年的銷售情況有些疲軟。

Well, the primary factor is actually AUR, which we just outlined. So if you think about pressure going from the beginning of the year in Q1 of 2 percentage points to sort of falling to 0 by the end of the year. That's really the majority of the arithmetic with respect to the year.

嗯，主要因素實際上是我們剛剛概述的 AUR。因此，如果你考慮壓力從年初第一季的 2 個百分點到年底下降到 0。這實際上是與這一年有關的算術的大部分。

Okay. And then to follow up on gross margin, maybe it's a question for Billy. Spring Black Friday did well. We did notice there was a new spring sale from an online-only competitor. Do you think the promotional environment is changing at all, I guess, especially on the DIY side of the business as you try to compete for that customer?

好的。然後跟進毛利率，也許這是比利的問題。春季黑色星期五表現不錯。我們確實注意到一家僅在線競爭對手推出了新的春季促銷活動。我想，您認為促銷環境是否正在發生變化，尤其是在您試圖爭奪客戶時的 DIY 業務方面？

Yes. So I'll speak to the promotional piece and thanks for the question. Listen, it's -- we're in a very rational market. And it's important to note that when we do events, we do events to drive excitement, to drive foot traffic in certain times of the year, no different than most folks do a Black Friday event, but we're doing that to drive excitement, bring value to the marketplace. We're not putting stuff, pulsing stuff on sale.

是的。所以我將談談宣傳片並感謝您的提問。聽著，我們處於一個非常理性的市場。重要的是要注意，當我們舉辦活動時，我們舉辦活動是為了激發興奮，在一年中的某些時間增加人流量，與大多數人舉辦黑色星期五活動沒有什麼不同，但我們這樣做是為了激發興奮，為市場帶來價值。我們不會出售那些令人興奮的東西。

The promotional business, as it stands today in 2024, looks exactly like it did pre-COVID and before. It's no different. In fact, we've talked about appliances a little bit, but the environment really is normalized to what it was pre-COVID. And I think it's, again, important to note that we do that to drive excitement, footsteps and absolutely try to bring value to our customers at these key times of the selling year.

2024 年的促銷業務看起來與新冠疫情之前及之前的情況一模一樣。沒什麼不同。事實上，我們已經討論過一些電器，但環境確實已經恢復到了新冠疫情之前的水平。我認為，再次強調，我們這樣做是為了激發興奮、腳步，並絕對嘗試在銷售年度的這些關鍵時刻為我們的客戶帶來價值。

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

我們的下一個問題來自布萊恩·內格爾和奧本海默的對話。

So my first question, and I apologize. I know this is going to be a bit repetitive to at least a couple of the prior questions. But so I maybe ask it a little bit different way. As you look at -- today, you reiterated guidance for '24. As you think about what we see would transpire, so to say, in Q1. We talked a lot through the call about the macro pressures. The macro disruption is still impacting Home Depot. So the question I have is to get to that guidance, the guidance you've reiterated today, do you need some type of change, some type of solidification in the macro environment from what you're seeing today?

這是我的第一個問題，我很抱歉。我知道這對於至少之前的幾個問題來說有點重複。但所以我可能會以稍微不同的方式問它。正如您今天所看到的，您重申了 '24 的指導。當你思考我們所看到的情況時，可以說，在第一季會發生什麼。我們透過電話討論了很多關於宏觀壓力的問題。宏觀擾亂仍在影響家得寶。因此，我的問題是得到您今天重申的指導意見，您是否需要對宏觀環境進行某種類型的改變，從您今天所看到的情況進行某種類型的鞏固？

This -- no, Brian. Really, the only impact here was a delayed spring and we manage this business in halves and no matter when spring comes, it always comes and it never impacts our annual results or guidance. So that's what we reaffirm today.

這——不，布萊恩。事實上，這裡唯一的影響是春天的延遲，我們將這項業務分成兩部分管理，無論春天何時到來，它總是會到來，並且永遠不會影響我們的年度業績或指導。這就是我們今天重申的。

Got it. That's helpful. Then my second question, look, this with some of the macro guidance and there's more chatter out there about a potential reemergence, if you will, of inflationary pressures. So I guess the question I have for you is, I mean, within your business, particularly maybe more the commodity side of this, are you starting to see this, a? And then, b, as you think about to the extent that we are seeing some type -- potentially some type of reemergence of inflation. How do you view at this juncture, the ability of Home Depot to pass those type of costs along to consumers as it has in the past.

知道了。這很有幫助。然後是我的第二個問題，看，這與一些宏觀指導有關，如果你願意的話，還有更多關於通膨壓力可能會重新出現的討論。所以我想我要問你的問題是，在你的業務中，特別是在商品方面，你是否開始看到這一點？然後，b，正如你所想，我們正在看到某種類型——可能某種類型的通貨膨脹的重新出現。在這個關頭，您如何看待家得寶​​像過去一樣將此類成本轉嫁給消費者的能力。

If you look at the national statistics, and you actually parse inflation, inflation is being driven in the goods space -- sorry, the services space, not in the goods space and particularly not in home-related categories, Bill, maybe just talk about observations.

如果你看一下國家統計數據，你實際上會解析通貨膨脹，通貨膨脹是在商品領域驅動的——對不起，是服務領域，而不是商品領域，特別是與家庭相關的類別，比爾，也許只是談論觀察。

Yes. And from a commodity standpoint, Brian, we've seen no impact. Obviously, we talked a lot in the last year about not only lumber, but copper, and we're pleased with the fact that there's no impact on commodities at this point and see a very stable environment.

是的。從商品的角度來看，布萊恩，我們沒有看到任何影響。顯然，去年我們不僅談論了木材，還談論了銅，我們對目前大宗商品沒有受到影響並且看到一個非常穩定的環境這一事實感到高興。

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史蒂文·福布斯與古根漢的關係。

I was hoping maybe to just expand on the weakness in certain discretionary projects such as kitchen and bath, any way to help us better understand if there's line of sight to stabilization in the project size headwind this year and/or pressure rolling off, meaning is it cycling compares still? Or are you still seeing project size moderate, right, relative to some baseline, whether it's a year ago or sort of from peak levels?

我希望也許只是擴大某些可自由支配項目（例如廚房和浴室）的弱點，以任何方式幫助我們更好地了解今年項目規模逆風是否有穩定的視線和/或壓力滾落，意思是騎車還比嗎？或者，您仍然認為專案規模相對於某些基線而言是適中的，無論是一年前還是峰值？

Yes. It's -- I mean, for sure, the single biggest pressure outside of the AUR that Richard went through was from discretionary larger decor-oriented projects. And as we've said last year, it was more of an item story. This year, it's more of a discretionary generally finance story. If you take something like kitchen cabinets and countertops, I mean those are probably the only categories where we've seen not just some falloff in projects and size of projects, but actually a little bit of trading down. So it's focused on those categories. That's the only place we've seen it and are seeing it. That too will pass. I mean I think that is now going through. There's -- we've always had the idea that if turnover would drop, people would improve in place.

是的。我的意思是，理查德所經歷的 AUR 之外最大的壓力來自於可自由支配的大型裝飾項目。正如我們去年所說，這更多的是一個物品故事。今年，這更像是一個可自由支配的一般金融故事。如果你拿廚櫃和檯面之類的東西來說，我的意思是，這些可能是我們看到的唯一類別，不僅項目和項目規模有所下降，而且實際上有一點下降。所以它專注於這些類別。這是我們見過並且正在看到它的唯一地方。那也會過去的。我的意思是，我認為現在正在經歷這種情況。我們一直有一個想法，如果人員流動率下降，員工就會在進步。

I think we're still seeing the fallout from the turnover being down so dramatically. I mean it was just 6 months ago that interest rates hit their peak in October of '23 mortgage rates. So those are the type of projects when you move into a new house, you update your kitchen, you update a master bathroom, et cetera. And then if you are going to stay in place, and take on those type of projects outside of a move, you're generally going to finance. And as we've seen the rates tick up and the impact of rates ticking up, that's impacting that demand. So right now, you would see a lap of that dynamic.

我認為我們仍然看到營業額急劇下降的影響。我的意思是，就在 6 個月前，利率在 23 年 10 月達到了抵押貸款利率的高峰。這些就是當你搬進新房子、更新廚房、更新主浴室等等時的項目類型。然後，如果您打算留在原地，並在搬遷之外承擔此類項目，那麼您通常會融資。正如我們所看到的利率上升以及利率上升的影響，這正在影響需求。所以現在，你會看到這種動態的一圈。

We don't see housing turnover going lower. And then the question is interest rates, what does happen to interest rates in higher for longer, what does that mean, you guys know as much as we do on that score?

我們認為房屋成交量不會下降。然後問題是利率，利率在較長時間內較高會發生什麼，這意味著什麼，你們在這方面的了解和我們一樣多？

And then maybe just a quick follow-up. I think it was Chip's comments earlier about the pro comp, right, being positive. I believe you said within those markets that are servicing the complex pro, so maybe just clarifying if that's what he said. And does that imply that you've seen a widening in the performance gap between those markets where you're servicing the complex pro versus the company average? Maybe relative to what you guys stated at the Analyst Day last year?

然後也許只是快速跟進。我認為這是 Chip 早些時候對職業比賽的評論，對，是積極的。我相信你說過在那些為複雜的專業人士提供服務的市場中，所以也許只是澄清他是否這麼說。這是否意味著您發現您為複雜專業人士提供服務的市場與公司平均水平之間的績效差距正在擴大？也許與你們去年分析師日所說的有關？

Yes. Just reaffirming what I said, we have seen positive comps in those markets where we've invested in sales professionals and our FTC markets.

是的。只是重申我所說的，我們在那些投資銷售專業人員的市場和我們的 FTC 市場中看到了積極的回報。

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

Janci 女士，我現在想將發言權交還給您以供結束發言。

Thank you for joining us today. We look forward to speaking with you on our second quarter earnings call in August.

感謝您今天加入我們。我們期待在八月的第二季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。