家得寶 (HD) 2024 Q2 法說會逐字稿

Greetings and welcome to The Home Depot's second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

各位好，歡迎參加家得寶（The Home Depot）2024 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。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 Home Depot's second 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 Christine，大家早安。歡迎參加家得寶 2024 年第二季財報電話會議。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；商品部執行副總裁 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. And as a reminder, please limit yourself to one question with one follow-up. If we are unable to get your question during the call, please call our Investor Relations department at (770) 384-2387.

在我們的準備發言之後，將開放提問。提問將限於分析師與投資人。並提醒各位，請每位僅提出一個問題，並可追問一次。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.

在我把電話交給 Ted 之前，先提醒各位：今天的新聞稿以及我們高階主管的簡報內容，包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。

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 factors identified in the release and in our filings with the Securities and Exchange Commission.

這些陳述受風險與不確定性影響，可能導致實際結果與我們的預期與推估出現重大差異。這些風險與不確定性包括但不限於新聞稿及我們向美國證券交易委員會（SEC）提交之文件中所列示的因素。

Today's presentation will also include certain non-GAAP measures, including but not limited to adjusted income, adjusted operating margins, and adjusted diluted earnings per share. For a reconciliation of these and other non-GAAP measures to our corresponding GAAP measures, please refer to our earnings press release and our website. Now let me turn the call over to Ted.

今天的簡報也將包含若干非 GAAP 指標，包括但不限於調整後淨利、調整後營業利益率，以及調整後稀釋每股盈餘。如需將上述及其他非 GAAP 指標與相對應的 GAAP 指標進行調節（reconciliation），請參閱我們的財報新聞稿與公司網站。現在我把電話交給 Ted。

Thank you, Isabel, and good morning everyone. Sales for the second quarter were $43.2 billion, an increase of 0.6% from the same period last year. Our sales in the quarter include $1.3 billion from SRS. Recall that we closed on the SRS acquisition on June 18, and we've included approximately six weeks their performance in our consolidated results.

謝謝 Isabel，大家早安。第二季銷售額為 432 億美元，較去年同期成長 0.6%。本季銷售額包含來自 SRS 的 13 億美元。提醒各位，我們於 6 月 18 日完成 SRS 收購，並在合併報表中納入其約六週的營運表現。

Comp sales declined 3.3% from the same period last year. Our US stores had negative comps of 3.6%. Adjusted diluted earnings per share were $4.67 in the second quarter compared to $4.68 in the second quarter last year.

同店銷售較去年同期下滑 3.3%。我們美國門市同店銷售為負 3.6%。第二季調整後稀釋每股盈餘為 4.67 美元，去年同期為 4.68 美元。

The team continues to navigate this unique environment, while executing at a high level. During the quarter, higher interest rates and greater macroeconomic uncertainty pressured consumer demand more broadly, resulting in weaker spend across home improvement projects.

團隊持續在這個獨特的環境中前行，同時維持高水準的執行力。本季較高的利率與更大的總體經濟不確定性，對整體消費需求造成壓力，導致居家改善專案的支出走弱。

Additionally, we saw continued softness in spring projects, which were also impacted by the extreme weather changes throughout the quarter. When we look at the performance in the first six months of the year as well as continued uncertainty around underlying consumer demand, we believe a more cautious sales outlook is warranted for the year.

此外，我們也看到春季專案持續疲弱，而本季期間的極端天氣變化亦造成影響。綜合今年前六個月的表現以及消費需求基本面仍存不確定性，我們認為今年需要採取更為審慎的銷售展望。

Richard will take you through the details in a moment, but we are now guiding to a comp sales decline of approximately 3% to 4% for fiscal 2024. Regardless of the current pressure in the environment, our team remains focused on serving our customers and ensuring we have the right products at the right values. And we remain focused on long term share growth in the highly fragmented, approximately $1 trillion home-improvement market.

Richard 稍後會說明細節，但我們目前對 2024 會計年度的指引為：同店銷售約下滑 3% 至 4%。不論當前環境壓力如何，我們的團隊仍專注於服務顧客，並確保以合適的價值提供正確的產品。我們也持續聚焦於在高度分散、規模約 1 兆美元的居家改善市場中，實現長期市占成長。

Remember, we operate in one of the largest asset classes, which is estimated at approximately $45 trillion, representing the installed base of homes in the United States. Today, we have roughly 17% market share with tremendous growth potential. That is why we have been investing and executing on our strategy to create the best interconnected experience for our pro wallet share through a differentiated set of capabilities and build new stores.

請記得，我們所處的是最大的資產類別之一，估計約 45 兆美元，代表美國既有住宅存量（installed base）。目前我們約有 17% 的市占率，仍具備龐大的成長潛力。因此，我們持續投資並執行策略，透過差異化能力組合，為專業客群（Pro）錢包份額打造最佳的互聯體驗（interconnected experience），並興建新門市。

Now I'll take a few moments to comment on our acquisition of SRS distribution. SRS has an exceptional team with a proven growth track record, and we are thrilled to welcome them into The Home Depot family. While our financials only reflect a portion of their first half performance for the first six month period, matching our first half, they generated high single digit top-line growth, while growing operating income largely in line with sales compared to the previous year.

接下來我花幾分鐘談談我們對 SRS Distribution 的收購。SRS 擁有卓越的團隊與經驗證的成長紀錄，我們非常高興歡迎他們加入家得寶大家庭。雖然我們的財務數字在前六個月期間僅反映其上半年表現的一部分（以我們上半年期間對齊），但他們的營收仍達到高個位數成長，且營業利益相較去年大致隨銷售同步成長。

We are incredibly excited about what we can achieve together by leveraging our combined assets, capabilities, and competitive advantages. We plan to drive incremental growth through several sales and cross synergy opportunities.

我們對於透過整合雙方的資產、能力與競爭優勢所能共同達成的成果感到非常振奮。我們計畫透過多項銷售與交叉協同（cross synergy）機會，推動增量成長。

We will make their more comprehensive product offering in roofing, pool, and landscape available to all our customers through our pro desk. And we will offer SRS customers form of credit tied to their account, which will make purchases at Home Depot stores, much more convenient. The fundamentals of the home improvement market remains strong. We have significant growth opportunities in front of us.

我們將透過專業服務櫃檯（Pro Desk），把他們在屋頂、泳池與景觀等更完整的產品組合提供給所有顧客。我們也將為 SRS 客戶提供與其帳戶連結的信用方案，讓他們在家得寶門市採購更加便利。居家改善市場的基本面依然強勁。我們面前有顯著的成長機會。

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

無論顧客是在門市、在我們的數位平台，或透過我們的專業客群生態系（Pro ecosystem）購物，我們都在提升其錢包份額。我們的商品團隊、門市與 MET 團隊、供應商夥伴以及供應鏈團隊，在任何環境下都隨時準備好提供服務。他們在本季為顧客提供價值與服務方面表現出色。最後，我要感謝他們的投入與辛勤付出。接下來我把電話交給 Ann。

Thanks, Ted, and good morning to everyone. As you heard from Ted, despite the environment, our associates continue to be engaged and ready to serve our customers. 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 associates, our in-store capabilities, our fulfillment channels, and the customer experience.

謝謝 Ted，大家早安。如同 Ted 所說，儘管環境充滿挑戰，我們的同仁仍持續投入並隨時準備服務顧客。我們知道，無論顧客在任何購買情境下，提供最佳的購物體驗都是我們成功的關鍵。因此，我們持續投資於同仁、門市能力、履約（fulfillment）通路，以及顧客體驗。

Over the past year, we have talked about the tools that help us create this differentiated experience, specifically our focus on in-stock and on-shelf availability or OSA with our sidekick and computer vision applications.

過去一年，我們談到協助我們打造差異化體驗的工具，特別是我們對庫存充足與貨架可得性（in-stock and on-shelf availability，OSA）的聚焦，以及我們的 sidekick 與電腦視覺應用。

Today, our in-stock and oversee are at best in class levels and provides the foundation for fast in and out convenient experience that many of our customers desires, especially our pro customers. We have also enhanced the tools our associates use for our in-store pros and specialty sellers. Within the my view tool, which has many in-store applications we have given our associates better visibility to our customers' activity with The Home Depot.

目前，我們的到貨可得性與貨架可得性已達到同業最佳水準，為許多顧客（尤其是專業客群）所重視的快速進出、便利體驗奠定基礎。我們也強化了同仁在門市服務專業客群與專業品類銷售人員所使用的工具。在具備多項門市應用的 my view 工具中，我們讓同仁能更清楚掌握顧客在家得寶的活動情況。

For example, for our in-store pros, we can see sales trends, specific buying patterns, and expiring perks, equipping our associates with insights to better partner, grow share of wallet, and deliver value for our customers.

例如，針對門市的專業客群，我們可以看到銷售趨勢、特定購買型態，以及即將到期的福利，讓同仁具備洞察以更好地合作、提升錢包份額，並為顧客創造價值。

To drive conversion for specialty customers, we launched a new platform known as pipeline management that enables interconnected product selling for kitchen designs. With this tool, associates and store leaders will now be able to have a consolidated digital view of their pipeline and all activities related to a customer's journey.

為了提升專業品類顧客的轉換率，我們推出了一個名為 pipeline management 的新平台，使廚房設計能進行互聯式的產品銷售。透過此工具，同仁與門市主管現在能以整合的數位視角，查看其銷售管線以及與顧客旅程相關的所有活動。

This allows associates to more easily manage multiple complex projects, while more effectively communicating with our customers throughout their journey. Additionally, we continue to make progress on our organic efforts around or different assets and capabilities to grow share of wallet with a complex project purchase occasion.

這讓門市同仁能更輕鬆地管理多個複雜專案，同時在客戶旅程的各個階段更有效地與客戶溝通。此外，我們也持續在有機成長方面取得進展，圍繞我們不同的資產與能力，於複雜專案的採購情境中提升客戶錢包份額。

We are pleased to announce that we now have key full capabilities in 17 markets included a broader product assortment, digital asset base, salesforce, and broader fulfillment options. Our trade credit pilot program is also underway. And while it's still early days, we have seen the program resonate with our customers and the benefits of extended credit for larger scale projects that are staged over a longer period of time.

我們很高興宣布，目前已有 17 個市場具備關鍵的完整能力，包括更廣泛的產品組合、數位資產基礎、銷售團隊，以及更廣泛的履約選項。我們的商業信用試點計畫也已展開。雖然仍在初期階段，但我們已看到該計畫獲得客戶共鳴，且延長信用期限對於分階段、跨較長期間執行的大型專案帶來益處。

We are also making progress on our order management system as we continue to roll out enhancements to the end to end selling system. We are very excited about for continued success serving the complex project purchase occasion, and are focused on delivering the best customer service to all our customers.

我們也在訂單管理系統方面持續取得進展，並持續推出端到端銷售系統的強化功能。我們對於持續成功服務複雜專案的採購情境感到非常振奮，並專注於為所有客戶提供最佳的客戶服務。

Our store readiness and execution is strong and all associates are engaged. I look forward to the many opportunities ahead of us, and I want to thank all our associates for all they do to take care of our customers. With that, let me turn the call over to Billy.

我們的門市整備與執行表現強勁，所有同仁都積極投入。我期待未來我們面前的眾多機會，也要感謝所有同仁為照顧客戶所付出的努力。接下來，我把電話交給 Billy。

Thank you, Ann. Good morning, everyone. I want to start by also thanking all of our associates and supplier partners for their ongoing commitment to serving our customers and communities. As you heard from Ted, during the second quarter, the higher interest rate environment and greater macro-economic uncertainty pressured overall project demand. In addition, our sales reflected softer spring selling season, which was also impacted by extreme changes in the weather throughout the quarter.

謝謝你，Ann。各位早安。我也想先感謝我們所有同仁與供應商夥伴，持續致力於服務我們的客戶與社區。如同 Ted 提到的，第二季在較高利率環境與更大的總體經濟不確定性下，整體專案需求承受壓力。此外，我們的銷售也反映出春季銷售旺季較為疲弱，而這也受到本季期間極端天氣變化的影響。

Turning to our merchandising department comp performance for the second quarter, our plumbing department posted a positive comp, while power building materials, appliances, and paint were all above the company average. During the second quarter our comp transactions decreased 2.2% and comp average ticket decreased to 1.3%.

談到第二季各商品部門的同店表現，我們的管材部門同店為正成長；而電動工具、建材、家電與油漆部門的表現皆高於公司平均。第二季同店交易筆數下降 2.2%，同店平均客單價下降 1.3%。

However, during the quarter, we continued to see our customers trading up for new and innovative products. Big ticket comp transactions or those over $1,000 were down 5.8% compared to the second quarter of last year.

不過在本季期間，我們仍持續看到客戶升級購買新穎且具創新的產品。大額交易（或單筆超過 1,000 美元）的同店交易筆數，較去年第二季下降 5.8%。

We continue to see softer engagements in larger discretionary projects where customers typically use financing to fund the project, such as kitchen and bath remodels. Pros outperformed the DIY customer, but both were negative for the quarter. We saw positive growth with pros who engaged in our Pro Xtra program deliveries to the job site in our B2B website.

我們仍看到在較大型的選擇性專案上互動偏弱，這類專案客戶通常會使用融資來支應，例如廚房與浴室翻修。專業客（Pros）表現優於 DIY 客群，但兩者在本季皆為負成長。我們在參與 Pro Xtra 計畫、並透過我們 B2B 網站選擇配送至工地的專業客上，看到正向成長。

Turning to total company online sales. Sales leveraging our digital platforms increased approximately 4% compared to the second quarter of last year. And for those customers that chose to transact with us online during the second quarter, nearly half of our online orders were fulfilled through our stores.

接著談全公司線上銷售。透過我們數位平台帶動的銷售，較去年第二季約成長 4%。而在第二季選擇線上與我們交易的客戶中，近一半的線上訂單是由門市完成履約。

In addition, during the second quarter, we expanded our partnership with Instacart to improve the interconnected shopping experience nationwide. While we are still in the early days of our expanded partnership, we are encouraged with the results we are seeing.

此外，第二季我們擴大與 Instacart 的合作，以提升全國範圍的互聯式購物體驗。雖然擴大合作仍在初期階段，但我們對目前看到的成果感到鼓舞。

During the second quarter, we leaned into products and projects that are resonating with our customers. We updated some line structures focused on innovation and continued to deliver a compelling value proposition ,while focusing on the customer experience. For example, we upgraded the durability of our lifeproof vinyl plank while also introducing on-trend colors patterns and lengths. This helped drive positive comps in the category for the quarter.

第二季我們聚焦於能引起客戶共鳴的產品與專案。我們更新了部分產品線架構，著重創新並持續提供具吸引力的價值主張，同時聚焦客戶體驗。例如，我們提升了 Lifeproof 乙烯基地板（vinyl plank）的耐用度，同時推出符合潮流的顏色、花紋與長度。這有助於帶動該品類本季同店正成長。

In water heaters, we recently modified our line structure to better serve the pro customer needs. We simplified our value proposition, adding new and better features, which drove increased engagement in the category.

在熱水器方面，我們近期調整了產品線架構，以更好地滿足專業客的需求。我們簡化了價值主張，加入更新且更好的功能，帶動該品類互動提升。

And in paint, we continue to see the benefits of the investments we are making around our products and our fulfillment options, including our in-store service and job site delivery capabilities with the program pace driving continued share gains in the quarter.

而在油漆方面，我們持續看到在產品與履約選項上的投資所帶來的效益，包括門市服務與工地配送能力；在計畫推進速度的帶動下，本季持續取得市占提升。

And finally, we continue to see tremendous success in our outdoor power equipment categories, driving both positive units and comps in the quarter. As we've mentioned before, we have built a strong competitive advantage with our extensive lineup of battery powered platforms that allows us to continue to grow share in these categories.

最後，我們在戶外動力設備品類持續看到極大的成功，本季帶動出貨量與同店皆為正成長。如同我們先前提到的，我們憑藉廣泛的電池供電平台產品陣容建立了強大的競爭優勢，使我們能持續在這些品類中擴大市占。

As we look ahead to the third quarter, 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.

展望第三季，我們的商品團隊仍專注於成為客戶在價值上的代言人。這意味著持續提供一系列同級最佳的產品，並確保有庫存、可供客戶在需要時取得。我們也將持續聚焦於能簡化專案的產品，為客戶節省時間與金錢。

That's why I'm so excited about the innovation we continue to bring to the market. This quarter, we are launching the first to market smart glass door with Feather River. Feather River is a leader in the fiberglass door market and continues to bring innovation to our customers.

這也是我對我們持續帶入市場的創新感到非常興奮的原因。本季我們將與 Feather River 推出市場首款智慧玻璃門。Feather River 是玻璃纖維門市場的領導者，並持續為我們的客戶帶來創新。

This new door technology allows customers to easily change the glass from privacy or frosted to clear with a push of a button and is compatible with our hub space ecosystem. This will be exclusive to The Home Depot in the big box retail channel.

這項新門片技術讓客戶只需按一下按鈕，就能輕鬆將玻璃在隱私／霧面與透明之間切換，並可與我們的 Hubspace 生態系相容。在大型賣場零售通路中，這將是 The Home Depot 的獨家產品。

Additionally, we continue to lean in with our exclusive partner, Milwaukee across the business and have seen great adoption of electrical hand tools. Our partnership is expanding with a broader assortment of Made in the USA tools. These tools provide a high degree of precision with lasting results for our pro customers and will continue to strengthen our position as the number one destination for the electrical trade in the big box retail channel. With that, I'd like to turn the call over to Richard.

此外，我們也持續與獨家合作夥伴 Milwaukee 在全業務範圍深化合作，並看到電工手工具獲得良好採用。我們的合作正擴展至更廣泛的「美國製造」工具組合。這些工具為專業客提供高度精準且持久的成果，並將持續強化我們在大型賣場零售通路中作為電工專業首選目的地的第一地位。接下來，我想把電話交給 Richard。

Thank you, Billy, and good morning, everyone. In the second quarter, total sales were $43.2 billion, an increase of approximately 0.6% from last year. Total sales include $1.3 billion from the recent acquisition of SRS, which represents approximately six weeks of sales in the quarter.

謝謝你，Billy，各位早安。第二季總銷售額為 432 億美元，較去年約增加 0.6%。總銷售額包含近期收購 SRS 所貢獻的 13 億美元，約代表本季六週的銷售。

During the second quarter, our total company comps were negative 3.3%, with comps of negative 3.7% in May, negative 0.9% in June, and negative 4.9% in July. Comps in the US were negative 3.6% for the quarter, with comps of negative 4.1% in May, negative 1.4% in June, and negative 5% in July.

第二季全公司同店為負 3.3%，其中 5 月同店為負 3.7%、6 月為負 0.9%、7 月為負 4.9%。美國市場同店本季為負 3.6%，其中 5 月為負 4.1%、6 月為負 1.4%、7 月為負 5%。

In the second quarter, our gross margin was approximately 33.4%, an increase of 40 basis points from the second quarter last year, primarily driven by benefits from lower transportation cost and shrink, partially offset by mix as a result of the SRS acquisition.

第二季毛利率約為 33.4%，較去年第二季增加 40 個基點，主要受惠於運輸成本下降與損耗（shrink）降低，部分被因 SRS 收購所致的組合影響所抵銷。

During the second quarter, operating expense as a percent of sales increased approximately 65 basis points to 18.3% compared to the second quarter of 2023. Our operating expense performance was in line with our expectations.

第二季營業費用占銷售額比重較 2023 年第二季約增加 65 個基點至 18.3%。我們的營業費用表現符合預期。

Beginning this quarter in addition to our GAAP measures, we are providing the following non-GAAP measures, adjusted operating income, adjusted operating margin, and adjusted diluted earnings per share, which excludes non-cash amortization of acquired intangible assets. We believe these supplemental measures will help investors better understand and analyze our performance.

自本季起，除我們的 GAAP 指標外，我們亦提供以下非 GAAP 指標：調整後營業利益、調整後營業利益率，以及調整後稀釋每股盈餘；上述指標排除已收購無形資產的非現金攤銷。我們相信這些補充性指標將有助於投資人更好地理解並分析我們的經營表現。

Our operating margin for the second quarter was 15.1% compared to 15.4% in the second quarter of 2023. In the quarter, pretax intangible asset amortization was $90 million, including $39 million related to SRS. Excluding the intangible asset amortization in the quarter, our adjusted operating margin for the second quarter was 15.3% compared to 15.5% in the second quarter of 2023.

第二季的營業利益率為 15.1%，相較於 2023 年第二季的 15.4%。本季稅前無形資產攤銷為 9,000 萬美元，其中包含與 SRS 相關的 3,900 萬美元。排除本季無形資產攤銷後，第二季調整後營業利益率為 15.3%，相較於 2023 年第二季的 15.5%。

Interest and other expense for the second quarter increased by $61 million to $489 million due primarily to higher debt balances than a year ago. In the second quarter our effective tax rate was 24.5% compared to 24.4% in the second quarter of fiscal 2023.

第二季利息及其他費用增加 6,100 萬美元至 4.89 億美元，主要由於相較一年前負債餘額較高。第二季的有效稅率為 24.5%，相較於 2023 會計年度第二季的 24.4%。

Our diluted earnings per share for the second quarter were $4.60, a decrease of approximately 1% compared to the second quarter of 2023. Excluding intangible asset amortization, our adjusted diluted earnings per share for the second quarter were $4.67, essentially flat compared to the second quarter of 2023.

第二季稀釋每股盈餘為 4.60 美元，較 2023 年第二季約下降 1%。排除無形資產攤銷後，第二季調整後稀釋每股盈餘為 4.67 美元，與 2023 年第二季基本持平。

During the second quarter, we opened three new stores, bringing our total store count to 2,340. Retail selling square footage was approximately 243 million square feet. At the end of the quarter, merchandise inventories were $23.1 billion, down approximately $200 million compared to the second quarter of 2023. And inventory turns were 4.9 times up from 4.4 times last year.

第二季期間，我們新開 3 家門市，使門市總數達到 2,340 家。零售銷售面積約為 2.43 億平方英尺。季末商品存貨為 231 億美元，較 2023 年第二季約減少 2 億美元。存貨週轉率為 4.9 次，高於去年的 4.4 次。

Turning to capital allocation. During the second quarter, we invested approximately $720 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. Our disciplined approach to capital allocation remains unchanged. First and foremost, we will invest in the business and expect capital expenditures of approximately 2% of sales on an annual basis.

接著談資本配置。第二季我們以資本支出形式回投於業務約 7.2 億美元。本季我們向股東支付股利約 22 億美元。我們嚴謹的資本配置方針維持不變。首要之務，我們將投資於業務，並預期年度資本支出約為銷售額的 2%。

After investing in the business, we plan to pay the dividend and is our intent to return any excess cash to shareholders in the form of share repurchases. Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital is approximately 31.9%, down from 41.5% in the second quarter of fiscal 2023.

在投資於業務之後，我們計畫支付股利，並意圖以庫藏股回購的形式將任何多餘現金回饋給股東。以過去 12 個月期初與期末長期負債及權益的平均值計算，投入資本報酬率約為 31.9%，低於 2023 會計年度第二季的 41.5%。

Now I will comment on our updated outlook for fiscal 2024. As you heard from Ted, given the softer than expected performance in the first half of the year and reflecting continued uncertainty around underlying consumer demand, we believe a more cautious outlook for the year is warranted.

接下來我將說明我們對 2024 會計年度更新後的展望。如同各位從 Ted 那裡聽到的，鑑於上半年表現較預期疲弱，並反映基礎消費需求仍存在不確定性，我們認為有必要對全年採取更為審慎的展望。

With the recent closing of the SRS acquisition. We are now including their results in our consolidated outlook for the year for the period matching our first half, which includes periods prior to the acquisition and not fully reflected in our financial statements, SRS generated high single digit percentage sales growth with operating income growing largely in line with sales.

隨著近期完成 SRS 收購案。我們現在將其業績納入本年度的合併展望中；就與我們上半年相對應的期間而言，其中包含收購前的期間且未能在我們財務報表中完整反映，SRS 的銷售成長為高個位數百分比，營業利益成長大致與銷售成長一致。

We believe that over the next several years, SRS on its own and through our combined pro efforts will help accelerate sales and earnings growth for our company.

我們相信在未來數年，SRS 本身以及透過我們合併後的專業客戶（Pro）業務努力，將有助於加速本公司銷售與獲利成長。

Updating our fiscal 2024 guidance for the factors we just discussed, we now expect total sales growth between 2.5% and 3.5% including the SRS acquisition in the 53rd week. The 53rd week is projected to add approximately $2.3 billion to total sales.

就我們剛討論的因素更新 2024 會計年度指引後，我們目前預期總銷售成長介於 2.5% 至 3.5%，其中包含 SRS 收購案以及第 53 週的影響。預估第 53 週將為總銷售額增加約 23 億美元。

SRS is expected to contribute approximately $6.4 billion in incremental sales. Comparable sales are expected to decline between negative 3% and negative 4% for the 52-week period. The high end of our range implies a consumer demand environment consistent with the first half of fiscal 2024.

預期 SRS 將貢獻約 64 億美元的增量銷售。在 52 週期間內，同店銷售預期將下滑介於負 3% 至負 4%。我們區間上緣所隱含的情境，代表消費需求環境與 2024 會計年度上半年一致。

While comparable sales for the company are not currently on the trajectory for the low end of the range and negative 4 comp implies incremental pressure on consumer demand beyond what we are seeing today.

雖然目前公司同店銷售的走勢並未朝向區間下緣發展，而負 4% 的同店表現意味著消費需求將承受比我們今日所見更進一步的壓力。

We expect to open approximately 12 new stores. Our gross margin is expected to be approximately 33.5%. We expect operating margin to be between 13.5% and 13.6% and adjusted operating margin to be between 13.8% and 13.9%.

我們預期將新開約 12 家門市。毛利率預期約為 33.5%。我們預期營業利益率介於 13.5% 至 13.6%，調整後營業利益率介於 13.8% 至 13.9%。

Our effective tax rate is targeted at approximately 24%. We expect net interest expense of approximately $2.2 billion. Our diluted earnings per share percent will decline between negative 2% and negative 4% compared to fiscal 2023, with the extra week contributing approximately $0.30.

我們的有效稅率目標約為 24%。我們預期淨利息費用約為 22 億美元。相較於 2023 會計年度，我們的稀釋每股盈餘百分比預期將下滑介於負 2% 至負 4%，其中額外一週約貢獻 0.30 美元。

We expect our adjusted diluted earnings per share percent to decline between negative 1% and negative 3% compared to fiscal 2023, with the extra week contributing approximately $0.3. We believe that we've 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.

相較於 2023 會計年度，我們預期調整後稀釋每股盈餘百分比將下滑介於負 1% 至負 3%，其中額外一週約貢獻 0.3 美元。我們相信，無論在任何環境下，我們都已做好準備以滿足客戶需求。我們對業務所做的投資，使我們的營運模式更具敏捷性。

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

展望未來，我們將持續投資以強化我們在客戶端的地位，運用我們的規模與低成本優勢，推動成長速度快於市場，並為股東創造價值。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) Scot Ciccarelli, Truist.

(接線員指示) Scot Ciccarelli，Truist。

Good morning, everyone. So it sounds like you guys are seeing a bit more of a shift towards, let's call it, broader consumer weakness from what previously seemed to be hesitancy around finance projects. Can you provide a couple of examples, just so we can and kind of the incremental hesitancy on consumer spending patterns?

各位早安。聽起來你們看到的情況，似乎更偏向於更廣泛的消費者疲弱；先前看起來比較像是對融資型專案的猶豫。你們能否提供幾個例子，讓我們了解一下，以及消費者支出型態上額外的猶豫程度？

Well, I think it's just in broader project, Scot. As we said in the prior couple of few quarters, the consumer remains engaged. Our consumer in particular, remains quite healthy. Again, these are consumers who have seen their home values go up 50% in the last four years. Their home equity has increased almost 70% since the -- right before the pandemic. So that translates to over $13 trillion.

Scot，我認為這主要反映在更廣泛的專案上。如同我們在前幾季所說，消費者仍然保持參與。尤其是我們的消費者，整體仍相當健康。再次強調，這些消費者在過去四年房屋價值上漲了 50%。他們的房屋淨值自疫情前——也就是疫情爆發前不久——以來增加了將近 70%。換算下來超過 13 兆美元。

Equity values have been strong. Jobs are strong. Earnings are strong. But we saw engagement the last several quarters in smaller projects. What we saw this most recent quarter is further pressure in larger projects. And we see that in building materials, in lumber categories that are very specifically tied to construction in a larger project. And that was really the change that we saw as the quarter progressed.

股權價值一直很強勁。就業情況強勁。所得也很強勁。但在過去幾季，我們看到消費者更多參與在較小型的專案。而在最近這一季，我們看到大型專案進一步承壓。我們在建材、木材等品類中看到了這點，這些品類與大型專案的施工高度相關。這就是我們在本季進行過程中所看到的主要變化。

So in other words, like it's not necessarily broadening out, but it's increased pressure on, let's call it project-oriented purchases.

所以換句話說，這不一定是需求面在擴大，但可以說是對我們所謂「以專案為導向」的採購帶來更大的壓力。

Yeah, and you said it, I mean, the change that we believe happened over the course of the quarter. And if you go back a bit to the environment that we've been working through this period of moderation, the first thing we saw was a shift in spending PC spending from goods back into services.

是的，而且你也說中了，我是說，我們認為這個變化是在本季期間發生的。如果你回頭看一下我們在這段「降溫期」所處的環境，第一個看到的是個人消費（PC）支出從商品回流到服務的轉移。

And we're effectively through that transition. The relative share of spend is more or less equal to where it was before the pandemic. And then we had on some certainly some pull forward in our segment. I'd say we're not completely through the pull forward, but largely I mean, we're now going on four years from the first spring of the pandemic when people were buying lots of grills and patio furniture, et cetera, we're largely working our way through that.

而我們基本上已經完成了那個轉換。支出占比大致上已回到疫情前的水準。接著，在我們的業務分部也確實出現了一些「提前拉貨」的情況。我會說我們還沒有完全走出提前拉貨的影響，但大致上——畢竟從疫情第一個春天算起已經快四年了，當時大家買了很多烤爐、庭院家具等等——我們大多正在把這些影響消化掉。

And then the higher interest rates started to impact on the housing market, in housing turnover in particular, which is down some 40%. And I think last quarter, last month we saw numbers that on an annualized basis were approaching 40-year lows.

然後，較高的利率開始影響房市，尤其是房屋交易周轉率，已下滑約40%。而我想在上一季、上個月我們看到的數據，按年化計算已接近40年來的低點。

That's also impacting customers' interest in financing larger projects. Everyone's expecting rates are going to fall. So we're deferring those projects. But again, what more recently has happened is a broader concern with the macro economy. There's just a lot of noise with political and geopolitical environment. Unemployment ticked up. Inflation keeps eating away at disposable income. And I think people just took a pause on as we progressed through the quarter or more of a pause because of these macro uncertainties.

這也在影響客戶對於為較大型專案融資的意願。大家都預期利率會下降。所以我們把那些專案延後了。但同樣地，最近發生的是對總體經濟更廣泛的擔憂。政治與地緣政治環境的雜音很多。失業率小幅上升。通膨持續侵蝕可支配所得。我認為隨著本季推進，人們只是先按下暫停鍵——或者說因為這些總體不確定性而更明顯地暫緩。

Seth Sigman, Barclays.

Seth Sigman，巴克萊。

Hey, good morning, everyone. I wanted to ask about just performance across different channels. So core Home Depot retail, I think that's pretty clear. But Home Depot's HD supply, it seems like it's outperformed, but kind of hard to tell from our side.

嗨，大家早安。我想問一下不同通路的表現。核心的 Home Depot 零售端，我想這點很清楚。但 Home Depot 的 HD Supply，看起來似乎表現更好，不過從我們這邊看有點難判斷。

And then on SRS, if you can maybe just elaborate more on the trends you're seeing there, as you step back and think about, hopefully an eventual recovery you've built up this very diverse business over the last few years. I mean, how do you think about the timing for these different segments and how they come out of this? Thank you.

另外關於 SRS，如果可以的話，能否再多談談你們看到的趨勢？當你們退一步思考、希望最終景氣回升時，過去幾年你們建立了非常多元的業務組合。我的意思是，你們如何看待這些不同分部的復甦時點，以及它們會如何走出這段低迷？謝謝。

Sure, so well, I'd say we're very proud of all components of our business. We are executing at an exceptionally high level across the core and across the businesses that you call out. While we don't split out HD Supply as part of our core, we are proud to say that we have had and HD Supply has had an exceptional track record as of late even penetrating through to generate positive sales growth in the second quarter. And so that's a real bright spot for the Home Depot.

當然。我會說，我們對業務的所有組成部分都非常自豪。無論是核心業務，或是你點名的那些業務，我們都以極高水準在執行。雖然我們不把 HD Supply 拆分為核心業務的一部分來揭露，但我們也很自豪地說，近期我們、以及 HD Supply，都有非常出色的表現，甚至在第二季仍能穿越逆風、實現正的銷售成長。所以這對 Home Depot 來說是一個非常亮眼的亮點。

Now SRS, as we told you when we acquired SRS, this is a growth company acquiring a growth company. SRS has a track record of growing faster than their competition in all of their verticals and has done so for the last 15 years.

至於 SRS，正如我們在收購 SRS 時告訴各位的，這是「成長型公司收購成長型公司」。SRS 在其所有垂直領域都有比競爭對手更快成長的紀錄，而且過去15年一直如此。

If you look at what SRS accomplished in the first six months of the year, again, we only own them for six weeks only. So we only booked six weeks of results, but they grew in the high single digit percentages in the first half. They had healthy growth in the second quarter, and we expect them to, again, book single-digit growth in the entirety of the year 2024, even though we'll only own them for seven months. So these two business models, HD Supply and SRS are great examples of market leaders who are accustomed to growing share and delivering the bottom line as well.

如果你看 SRS 在今年前六個月的表現——再次強調，我們其實只擁有他們六週。所以我們只認列了六週的業績，但他們在上半年仍以高個位數百分比成長。他們在第二季也有健康的成長，我們預期他們在2024全年仍將錄得個位數成長，儘管我們今年只會擁有他們七個月。因此，HD Supply 與 SRS 這兩種商業模式，是市場領導者的絕佳例子：他們習慣於提升市占，同時也能交出獲利表現。

And I'd add to that, Seth, we're not going to breakout operating segments, but in HD Supply's case, there's some appropriate comparatives. And SRS, there is very much publicly traded comparatives, and we feel really good about the MRO business, the roofing, the pool, and the landscape business against those comparables.

我再補充一下，Seth，我們不會拆分揭露營運分部，但就 HD Supply 而言，有一些合適的可比基期。而 SRS 方面，市場上也有非常明確的上市同業可比，我們對 MRO（維修、修繕與營運）業務、屋頂、泳池與景觀業務相對於這些可比對象的表現感到非常有信心。

Okay. That's super helpful. And then if we just zoom back in on a core Home Depot and maybe just speak about your relative performance. If there are categories that you may be seeing some widening gap, you called out a number of categories that seem to be under a lot of cyclical pressure, but were cited as bright spots for outdoor power equipment. You mentioned appliances above average. Obviously, that's been a tough category. I think you even mentioned vinyl plank having positive comps. So maybe just speak to some of those categories and where you may be seeing that widening gap. Thanks.

了解。這非常有幫助。那如果我們把焦點拉回核心 Home Depot，談談你們的相對表現。是否有一些品類你們看到差距正在擴大？你們提到不少品類正承受很大的景氣循環壓力，但也指出戶外動力設備是亮點。你們提到家電表現高於平均。顯然那一直是個艱難的品類。我想你們甚至提到塑膠仿木地板（vinyl plank）同店成長為正。所以能否談談這些品類，以及你們在哪些地方看到差距擴大？謝謝。

Thanks, Seth. So it's Billy. Listen, as I as I did mention in our prepared remarks in talking about, you know, the finance projects, we continue to see ongoing pressure. I don't think that's new news. Having said that, we called out a number of businesses that you just mentioned at, you know, vinyl plank. We saw great performance in both sales and unit comps, water heaters, as I mentioned, certainly paint, we're thrilled with the efforts we've had in paint with the pro to paints, in our paint business in total, and again, power across our platforms as well.

謝謝你，Seth。我是 Billy。聽著，正如我在事先準備的發言中提到、談到融資型專案時，我們仍持續看到壓力。我不認為這是什麼新消息。不過，我們也點出了你剛提到的幾個業務，例如塑膠仿木地板（vinyl plank）。我們在銷售與單位同店（unit comps）都看到很好的表現；熱水器也是；如我所說，油漆當然也是——我們對於在油漆業務上、特別是專業客戶（pro）到油漆（paints）的努力感到非常振奮；整體油漆業務也是如此；另外，我們各平台的動力設備（power）也表現不錯。

So non-finance projects, while we did see some softness in some of the seasonal pieces that we alluded to in our prepared remarks, the continued ongoing pressure of just the uncertainty as it relates to interest rates is going to continue to put some pressure on those financed projects, but we're pleased with some of the other pieces I mentioned, larger ticket, one-time purchase categories like riders, as an example. We continue to see you have good engagement, you know, in businesses like that as well.

所以在非融資型專案方面，雖然我們確實在一些季節性品項上看到些許疲軟——我們在事先準備的發言中也提到過——但就利率不確定性而言，這種持續的壓力仍會對那些融資型專案造成一些壓力。不過，我們對我提到的其他部分感到滿意，像是較高客單、一次性購買的品類，例如乘坐式割草機（riders）等。我們也持續看到在這類業務上有不錯的互動與參與度。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

Good morning. Thank you so much for taking my question. What do you think the key level for the 30-year fixed rate mortgage needs to fall too in order to drive Home Depot's business higher? And does that rate change or that level change as the decrease in rate is due to an erosion in the labor market rather than just a moderation in inflation?

早安。非常感謝讓我提問。你認為30年期固定利率房貸需要降到什麼關鍵水準，才能帶動 Home Depot 的業務走高？另外，如果利率下降是因為勞動市場走弱，而不只是通膨降溫，那麼這個利率變動或關鍵水準會不會有所不同？

Hey, Michael, good morning. Four question there. Hard to pinpoint what that magical rate number is, you know, historically and then as you say with some added pressure. All I can do is reference toward the end of last year when rates came off the highs over 7% in moderated down, I think even hit below 6.5% there for a bit, you saw an immediate increase in housing activity mortgage applications, mortgage refi applications.

嗨，Michael，早安。這個問題問得很好。很難精準指出那個「神奇」的利率數字——不論從歷史經驗，或如你所說在有額外壓力的情況下。我能做的就是參考去年底：當利率從7%以上的高點回落、逐步降溫，我想一度甚至降到6.5%以下時，你會看到房市活動立刻增加，包括房貸申請量、以及房貸再融資（refi）申請量。

And then unfortunately, the rate spike back up, it's almost 7% again. So we're trending down again. I think you're approaching 6.5% for qualified mortgage. And based on what we saw towards the end of last year, we would think you're approaching a level and that people are going to engage.

然後不幸的是，利率又飆回去，幾乎又到 7% 了。所以我們又再度呈現下行趨勢。我認為合格房貸利率正接近 6.5%。而根據我們在去年年底看到的情況，我們認為你正接近一個水準，屆時人們會開始進場。

A caveat to that would be, again, this broader economic geopolitical even concerns that people still might pause a little bit until some of this gets sorted out, which would be understandable. But as rates head down towards 6%, we would expect to see activity.

但需要補充的是，同樣地，較廣泛的經濟、地緣政治等疑慮，可能仍會讓人們在部分問題釐清前稍微觀望一下，這也可以理解。不過當利率往 6% 下降時，我們預期會看到活動回升。

But the other thought or piece of this whole puzzle is the amount of folks, as you know, who are in mortgages as low as 3%, plenty mortgages under 5%. There's definitely a little bit of a golden handcuff dynamic going on with those rates.

但這整個拼圖的另一個想法或環節是，如你所知，有相當多的人手上房貸利率低到 3%，也有很多房貸在 5% 以下。在這些利率之下，確實存在一點「黃金手銬」的效應。

But again, as time goes on, family dynamic changes and for one or two years, you might stay in those golden handcuffs and enjoy the low rate, but family size increases, household formation, moves for employment, retirement, et cetera. So we would see a gradual unlocking of that, even if that adds to a little bit of a delay response to housing from a traditional rate cut environment.

但同樣地，隨著時間推移，家庭結構會改變；你可能會在這種「黃金手銬」下待上一、兩年，享受低利率，但家庭人口增加、家庭形成、因工作而搬遷、退休等等。因此我們會看到這種狀態逐步解鎖，即便相較於傳統降息環境，這會讓房市反應稍微延後一些。

Okay. Thank you very much. My follow up question is the longer that this downturn persists, does Home Depot have an inclination to invest more in price or value as a way to grab market share that it could sustain on an eventual upturn?

好的。非常感謝。我的追問是，這波低迷持續越久，Home Depot 是否傾向於在價格或價值上投入更多，以便搶占市占，並在未來景氣回升時得以維持？

And maybe as a part of this, could you I pull apart your updated gross margin guidance to reflect the underlying dynamics within core Home Depot versus the influence of SRS on this line item? Thank you so much.

另外，作為這個問題的一部分，你能否拆解你們更新後的毛利率指引，反映核心 Home Depot 的基本動態，以及 SRS 對這個科目的影響？非常感謝。

Yeah, Michael, thanks. I'll take the first part of that, and then I'll hand it to Richard on the second piece of that question. As it relates to just the promotional activity, I mean, listen, we're going to continue to drive innovation to create value for our consumers.

好的，Michael，謝謝。我先回答第一部分，然後把第二部分交給 Richard。就促銷活動而言，我的意思是，聽著，我們會持續推動創新，為消費者創造價值。

We are in a very rational environment as it relates to the home improvement sector. While there's been some pressure in the category like appliances, we don't see the need nor are in the environment where we need to be more promotional.

就家居改善產業而言，我們所處的是一個非常理性的環境。雖然某些品類（例如家電）承受了一些壓力，但我們看不到需要、也不處於必須加大促銷力度的環境。

We're focused on driving innovation and value, creating opportunities for our customers come into our stores every day, we don't want to be in the promotional business. We feel very good about our position in creating these opportunities and excitement in our stores around those things.

我們專注於推動創新與價值，創造讓顧客每天走進門市的機會；我們不想做促銷生意。我們對自身在創造這些機會、並在門市圍繞這些事情帶來吸引力與熱度的定位感到非常有信心。

And we've seen great adoption. We've been able to bring value into the marketplace. Areas like our proprietary brands continue to perform very well and we're very pleased with that and don't see a change in really the promotional cadence going forward. Now I'll pass it to Richard for more on the gross margin piece.

而且我們看到很好的採用情況。我們能把價值帶進市場。像是我們的自有品牌持續表現非常好，我們對此非常滿意，也不認為未來促銷節奏會有實質改變。現在我把毛利率部分交給 Richard 補充。

Yeah, great, so let me actually broaden the question because I think it's important to give the broader context. If you're asking about gross margin, let's just talk about SRS for a moment. So in last June's investor conference, we laid out a base case and we said that there could be contributors to that base case that would push us to grow sales and earnings faster than that base case, right.

好的，很棒。那我其實想把問題拉大一點，因為我認為提供更完整的背景很重要。如果你問的是毛利率，我們先談一下 SRS。在去年六月的投資人會議上，我們提出了一個基本情境，並表示可能有一些因素會成為該基本情境的貢獻者，推動我們的營收與獲利成長速度快於基本情境，對吧。

So the base case was 3% to 4% top line and high single digit -- mid to high single digit EPS growth. The acquisition of SRS is one of those accelerants that we pointed to in our investor conference, pushing us towards the accelerated case. The objective of SRS is to grow our share with the pro to accelerate sales growth, to accelerate operating profit growth, and to accelerate EPS growth.

所以基本情境是營收年增 3% 到 4%，以及 EPS（每股盈餘）中高個位數的成長。收購 SRS 就是我們在投資人會議上指出的其中一個加速器，推動我們朝加速情境前進。SRS 的目標是提高我們在專業客戶（Pro）端的市占，以加速營收成長、加速營業利益成長，並加速 EPS 成長。

So from a sales and operating profit perspective, as you can see, it's already contributing to our company immediately from an EPS perspective, the acquisition of SRS will be cash, EPS accretive in the first 12 months of ownership, as we as we said in March.

因此從營收與營業利益的角度來看，如你所見，它已經立即對公司做出貢獻；從 EPS 的角度來看，正如我們在三月所說，收購 SRS 在持有的前 12 個月將對現金 EPS 具增益效果。

It will be cash EPS accretive in the first 12 months of ownership adjusting for the associated non-cash intangible amortization. So let's talk about how SRS is reflected in our financials. Again, just as a reminder, we include six weeks of results in Q2 from SRS, and we will include about seven months of SRS in our full year.

在調整相關的非現金無形資產攤銷後，它在持有的前 12 個月將對現金 EPS 具增益效果。那我們來談 SRS 如何反映在財報中。再次提醒，我們在第二季納入 SRS 六週的業績，而在全年則會納入約七個月的 SRS。

So just thinking about SRS. look they have a different product mix than Home Depot, right. About two-thirds of their product is roofing. And then the remaining third is in pool and landscape. Now, SRS carries' similar margins on similar products as the Home Depot, those products carry a lower gross margin rate than the Home Depot's Company average. But their margin simply reflects a different mix than the Home Depot.

所以只看 SRS，他們的產品組合與 Home Depot 不同，對吧。約三分之二的產品是屋頂材料。其餘三分之一則是泳池與景觀。SRS 在相似產品上的毛利率與 Home Depot 類似，但這些產品的毛利率水準低於 Home Depot 的公司平均。不過他們的毛利率只是反映了與 Home Depot 不同的產品組合。

And so when we think about gross margin, SRS impacted the second quarter gross margin by about 35 basis points. And if you think about what that means for kind of an annualized figure, you're talking a kind of a reset of our margin profile of about 45 basis points in gross margin.

因此當我們思考毛利率時，SRS 使第二季毛利率約下降 35 個基點。如果你思考這對全年化數字的意義，大概就是我們的毛利率結構重置約 45 個基點。

So again, that will be about 35 basis points for 2024. And then if you look at sort of an annualized figure, it's somewhere around 45 basis points. That's kind of a reset to reflect what is in effect a new mix of product at the Home Depot.

所以同樣地，2024 年大約會是 35 個基點。而如果你看的是某種全年化的數字，大約在 45 個基點左右。這算是一種重置，用來反映 Home Depot 產品組合在實質上出現了新的組成。

So now let's talk about operating margin and SRS's impact because it's important to look at gross margin in that context. So when you add SRS to our mix, it adjusts our base operating margin profile, lowering it by about 30 basis points in Q2, and it lowers our base operating margin profile by just about 40 basis points for the full year of 2024.

那現在我們來談營業利益率以及 SRS 的影響，因為在那樣的脈絡下看毛利率很重要。當你把 SRS 加進我們的組合時，它會調整我們的基礎營業利益率結構，使第二季約下降 30 個基點，並使 2024 全年基礎營業利益率結構約下降 40 個基點。

So that's 40 basis points for the full year of 2024. Again, if you annualize that number, then the adjustment to our base margin from SRS is about 60 basis points for an annual period. And those are GAAP numbers and we can get into adjusted numbers if you'd like.

也就是 2024 全年 40 個基點。同樣地，如果你把這個數字全年化，那麼 SRS 對我們基礎利潤率的調整，在一年期間大約是 60 個基點。而這些都是 GAAP（一般公認會計原則）數字；如果你願意，我們也可以談調整後數字。

When we think about gross margin, again for the quarter, we want to point out several exceptional performances across our operators. First of all significant transportation benefit was brought to us by our supply chain partners and our merchant partners and significant benefit from a decrease in shrink year over year.

當我們思考毛利率時，同樣地，就本季而言，我們想指出營運端有幾項非常突出的表現。首先，我們的供應鏈夥伴與採購團隊帶來了顯著的運輸成本效益，另外，庫存耗損（shrink）年對年下降也帶來了顯著助益。

We have now put several quarters of shrink benefit versus last year together in a row, and we can point directly at what drives that performance. It's a fantastic team that we continue to invest in and the returns on those investments are exceptional.

我們現在已經連續好幾季看到庫存耗損相較去年帶來的改善效益，而且我們可以直接指出是什麼驅動了這樣的表現。這是一支我們持續投資的出色團隊，而這些投資的回報非常卓越。

That's a long way of saying if you look at our gross margin performance year over year and you back out the SRS mix shift of 35 basis points, we were actually 75 basis points versus last year, an exceptional performance in gross margin across the board by our entire team.

換句話說，如果你看我們的毛利率表現年比年，並把 SRS 組合轉移的 35 個基點扣除掉，我們實際上相較去年提升了 75 個基點，這是我們整個團隊在各方面毛利率上的卓越表現。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

Morning, everyone. I have a question related to reversion. One way to look at it since 2019, if we look at transactions, they looked like they're flat to down a little bit. So to Ted's point earlier, most of that looks like it's given back on transactions. Ticket, though, is still up about 30%-ish, 34%. So I think that's a function of the number of items, consumers reporting in the basket because there was inflation. My question is if we look at just the inflation, are there any signs of product prices either deflating this inflating non-commodity stuff, non-lumber, any signs of pricing changing in the channel? Thank you.

各位早安。我有一個與回歸（reversion）相關的問題。自 2019 年以來，如果我們看交易筆數，看起來大致持平或略微下滑。所以呼應 Ted 先前的觀點，其中大部分看起來是交易筆數回吐所致。不過客單價（ticket）仍上升約 30% 左右、約 34%。所以我認為這與每筆購買的品項數有關，消費者回報購物籃中的品項數，因為有通膨。我的問題是，如果我們只看通膨，有沒有任何跡象顯示產品價格正在通縮，或是非大宗商品、非木材的品類仍在通膨？在通路端有沒有任何價格變動的跡象？謝謝。

No, Simeon, thanks for the question. Your math is sort of spot on there. The good news is no, we're not seeing on any broad step down in cost or retails. If you look at what we've laid out for AUR this year, we said that we'd have pressure of about a 150 basis points of AUR in the first half that would moderate to 50 basis points in the second half.

沒有，Simeon，謝謝你的提問。你的計算大致相當精準。好消息是，沒有，我們沒有看到成本或零售端出現任何廣泛性的下調。如果你看我們今年對 AUR（平均單價）的說明，我們表示上半年 AUR 會有約 150 個基點的壓力，而下半年會緩和到 50 個基點。

That is all a function of lapping that cost in associated retail moves from last year. There really isn't a lot of net new activity on the cost or the retail front. In fact, you know, sort of cost out and cost in activity. You know, we have a very robust team that works with our merchants on this. It's all pretty neutral, right now we're not a ton of activity.

這完全是因為去年成本以及相應零售調價的基期效應（lapping）。在成本或零售端其實沒有太多淨新增的動作。事實上，你知道，算是一些降本與增本的活動。我們有一個非常強健的團隊與採購同仁一起處理這些事。目前整體相當中性，活動不算多。

So as Billy said, we're not we're not going to be promotional. We're an EDLP retailer that has to give value to our particularly our pros every day. The cost environment is neutral. The price environment is neutral. We're not seeing a lot of trade-down in particular. We're not seeing an increase in OPP penetration, things are pretty neutral to several last periods of activity.

所以如 Billy 所說，我們不會走促銷路線。我們是 EDLP（天天低價）零售商，必須每天為我們的客戶、特別是專業客戶（pros）提供價值。成本環境是中性的。價格環境是中性的。我們沒有看到明顯的降級消費（trade-down）。我們也沒有看到 OPP 滲透率上升；整體狀況相較前幾個期間的活動都相當中性。

And what we're seeing on the AUR is a matter of lapping. So we're not seeing that. And we would expect the cost levels front where we are today to largely hold as well as the retail levels. Remember, there's in the cost levels from our supplier base, it's not just a matter of, you know, input costs in terms of materials, which you understand with our cost midstream, we have a very, very good you into that.

而我們在 AUR 上看到的變化是基期效應的結果。所以我們沒有看到你提到的那種情況。我們也預期目前的成本水準大致會維持，零售端的價格水準也會大致維持。請記得，供應商端的成本水準不只是材料等投入成本的問題；你也了解，我們在成本中游端有非常、非常好的掌握。

But everyone over the last four years has seen significant increase in labor costs. We're still working through transportation costs. So that's [30], you can say, you know, that's highly inflationary and that has to come back well. In fact, the cost structure of labor being a big component as increased similarly. And that's why we don't see the marketplace irrationally eroding those price levels.

但過去四年大家都看到勞動成本大幅上升。我們仍在消化運輸成本。所以那個[30]，你可以說，那是高度通膨性的，而且也必須回落才行。事實上，勞動力成本結構作為一個重要組成，也以類似幅度上升。這也是為什麼我們不認為市場會以不理性的方式侵蝕那些價格水準。

Okay. Follow up, trying to think about the core business is doing in terms of decremental margins in the second half. I think some of Richard's comments before gave us some more clues. But it looks like the EBITDA guidance for the whole business dollars are roughly the same, and we have a midpoint now we had a one single point before.

了解。追問一下，想從下半年核心業務的遞減毛利率（decremental margins）角度來思考。我想 Richard 先前的一些評論給了我們更多線索。但看起來整體業務的 EBITDA 指引金額大致相同，而且我們現在給的是一個中位數區間，之前是單一點位。

So whatever we're losing from the core, it seems like we're picking back up in SRS and it looks like the decremental are somewhere around 20% to 25%. Is that right? Is that the right run rate if this sort of negative comp or low negative comp environment?

所以核心業務少掉的部分，看起來我們在 SRS 又補回來了，而遞減率看起來大約在 20% 到 25% 左右。是這樣嗎？在這種同店為負或小幅為負的環境下，這是正確的運行水準（run rate）嗎？

So what I would add is what I would do is let's why don't we talk about performance to date and how our guidance reflects the performance today because we actually have, as I said, outperformed certain expectations in cost of goods sold.

我想補充的是，我會建議我們談談截至目前的表現，以及我們的指引如何反映當前表現，因為如我所說，我們在銷貨成本方面其實超出了一些預期。

And the team has managed expenses in an exceptional manner. And so let me let me walk through what that means for the guide. So you can recall, we began the year with the guide of a negative 1 comp with a 14.1% operating margin. In isolation, if we were to take well, as we take comp from a negative 1 to a negative 3, that is, call it 25 basis points to 30 basis points of natural deleverage that we would see that reduction in top line expectations.

而團隊在費用管理上也表現得非常出色。所以我來帶你走一遍這對指引意味著什麼。你可以回想一下，我們年初的指引是同店 -1，營業利益率 14.1%。單就這點來看，如果我們把同店從 -1 下修到 -3，大概會有 25 到 30 個基點的自然去槓桿（deleverage），也就是因為營收預期下修而看到的影響。

However, we've had favorability year to date, we know where it comes from. And that favorability enhances our earnings. And so instead of taking our 14.1% operating margin -- and by the way, I'm excluding SRS in this discussion.

然而，我們今年迄今有有利因素（favorability），而且我們知道它來自哪裡。這些有利因素提升了我們的獲利。因此，我們不是把 14.1% 的營業利益率——順帶一提，這段討論我先排除 SRS。

So for simplification, if we were to set SRS to the side for a moment, but naturally, our 14.1% operating margin would drop to something like 13.9% to 13.8% at a negative 3. Instead at a negative 3, again, with SRS to the side, we are now guiding operating margin of 14%.

為了簡化起見，如果我們先把 SRS 放在一旁，那麼在同店 -3 的情境下，我們原本 14.1% 的營業利益率自然會降到大約 13.9% 到 13.8%。但現在在同店 -3、同樣先不含 SRS 的情況下，我們指引的營業利益率是 14%。

So we have held in essence that core 14% operating margin at a negative 3 comp. That's because we are flowing through benefits that we have created through investments that we've made. Now if we include SRS in this, obviously, as I said, there's about a 40 basis point mix shift in our operating margin base so that 14% becomes the 13.6% that we've guided alongside of the negative 3 top end of the range today.

所以本質上，我們在同店 -3 的情況下仍守住了核心的 14% 營業利益率。這是因為我們把先前投資所創造的效益反映進來。現在如果把 SRS 納入，顯然如我所說，我們的營業利益率基礎會有約 40 個基點的組合轉移，因此 14% 會變成我們在目前區間上緣同店 -3 所指引的 13.6%。

Got it. Makes sense. Thank you.

了解。有道理。謝謝。

And just to tie it all up together that 13.6% corresponds with our adjusted operating margin of 13.9%. So for the year when we eliminate non-cash amortization expense on intangible assets, we expect to report operating margin of 13.9% on comp of negative 3.

再把整體串起來說，這個 13.6% 對應到我們 13.9% 的調整後營業利益率。所以就全年而言，當我們剔除無形資產的非現金攤銷費用後，我們預期在同店 -3 的情況下，將報告 13.9% 的營業利益率。

Chuck Grom, Gordon Haskett.

Chuck Grom，Gordon Haskett。

Thanks. Good morning. You just talked about as SRS revenue growth in the high single digit range year to date, which is really strong in this environment. I'm curious, you know, what's driving that success? Was there some acquisitions made by SRS or has it been all organic? And I guess, how do we think about that growth rate as we move into '25?

謝謝。早安。你剛提到 SRS 營收年初至今成長在高個位數區間，在這種環境下真的很強。我很好奇，是什麼在驅動這樣的成功？SRS 是否做了一些併購，還是完全是有機成長？另外，我們該如何看待進入 2025 年後的成長率？

Thanks, Chuck. Yes, they remain a robust share-taking grower and that high single digit is split between -- roughly equally split between organic growth and lapping of acquisitions.

謝謝你，Chuck。是的，他們仍然是強勁的市占率提升型成長者，而那個高個位數的成長大致上——約略各半——來自有機成長以及併購基期的消化（lapping）。

Okay, great. And then any thoughts on how the pace of that will go into '25?

好的，很棒。那麼對於這樣的步調在 2025 年會如何發展，有什麼想法嗎？

Yeah, we wouldn't give any guidance into '25, but remember their mode of growth, which they've demonstrated since inception in the mid-2000s, is they're a balanced grower between comping there existing branches, their open based branches, opening greenfield branches, and then some roll-up M&A, geographical customer list add-ons. So that's the profile that they've grown for years. And that is exactly the profile that we will support going forward.

是的，我們不會提供 2025 年的任何指引，但請記得他們的成長模式——自 2000 年代中期成立以來已經證明——是以均衡方式成長：既有分店的同店成長、其既有據點型分店的同店成長、開設綠地（greenfield）新店，然後再加上一些整併式併購（roll-up M&A）、地理區域與客戶名單的補強。所以這就是他們多年來的成長輪廓。而這也正是我們未來會持續支持的成長輪廓。

And just for clarity sake, SRS is not in our comp base. And so they are not reflected in our comp sales guidance. They will become comp once we've owned them for 12 months.

另外為了釐清，SRS 不在我們的同店基期中。因此他們不會反映在我們的同店銷售指引裡。等我們持有他們滿 12 個月後，他們才會納入同店。

That's helpful. And then, Richard, you've talked about the consumer deferring projects over the past few quarters, but as the prospects for lower rates begin to materialize and we can start to see the line of sight for maybe a 6% mortgage rate. Is it possible that the pace of deferrals begins to ramp higher over the next couple of quarters? And if that's the case, what parts of your business do you think could be most exposed?

這很有幫助。接著，Richard，你提到過去幾季消費者延後了專案，但隨著較低利率的前景開始成形，我們也可能開始看得到視線範圍內（line of sight）例如 6% 的房貸利率。是否有可能未來幾季延後的速度反而開始加快？如果是這樣，你認為你們業務中哪些部分可能最容易受到影響？

Intuitively, it's probably the converse of what we've seen. If you think about the categories, and Billy, please chime in. But those things are components of the large project, kitchen, bath, flooring, lighting, are all are under pressure and our customers tell us this because that large projects is being deferred.

直覺上，可能會是我們目前看到情況的相反。如果你想想這些品類——Billy 也請補充——像是大型專案的組成項目：廚房、衛浴、地板、照明，這些都承受壓力；我們的客戶也告訴我們，因為大型專案被延後了。

We're certainly not going to trying to call timing, but just to echo what Ted said, there is certainly a direct relationship between decreases in mortgage rates and the amount of activity that you at least see picking up in turnover.

我們當然不會試圖去預測時點，但呼應 Ted 說的，房貸利率下降與你至少會看到的換屋成交活躍度回升之間，確實存在直接關係。

And so I think the important point here is, as we've said for years. The long-term fundamentals of home-improvement demand are strong. We have continued to invest through this period of moderation. 2024 marks the highest amount of CapEx that we've invested back in the business really in the last 15 years because we are bullish on the future and the timing is uncertain, but we're going to be ready for it.

所以我認為這裡的重點是，正如我們多年來所說。居家修繕需求的長期基本面依然強勁。我們在這段放緩期間仍持續投資。2024 年是我們回投到業務中的資本支出（CapEx）最高的一年，實際上是過去 15 年來最高，因為我們看好未來；時點雖不確定，但我們會做好準備。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

Good morning. Thanks for taking my questions. So my first question was just with respect to the pace of comps. So there was just the numbers you gave in your prepared comments that there was a marked slowdown from June to July. Is there anything that's notable there? Or was it just that growing the ways we talked about?

早安。謝謝回答我的問題。我第一個問題是關於同店（comps）的步調。你們在事先準備的講稿裡提到，6 月到 7 月出現明顯放緩。這裡有什麼特別值得注意的嗎？還是只是如我們所談到的那些成長方式所致？

Yeah, Brian, thanks for the question. And to reiterate, our comps were [minus 3.7, minus 0.9, and then a minus 4.9]. While we did see some softness in July, as we alluded to in Ted's comments, there's no question that the extreme heat took some sales in weather related categories, think ACs and fans, think air circulation, think watering. Those typically come for us in the July timeframe.

是的，Brian，謝謝你的問題。再重申一次，我們的同店是[負 3.7、負 0.9，然後是負 4.9]。雖然我們在 7 月確實看到一些疲軟，如同我們在 Ted 的評論中提到的，毫無疑問，極端高溫影響了部分與天氣相關品類的銷售——像是冷氣與電扇、空氣循環、澆灌。這些通常會在 7 月期間對我們有貢獻。

And we saw, as I think everyone on the call is aware, we saw a pull-forward to that significantly back into June. So it was really just a shift as we saw, you know, some of those categories move into the back half of June, and I'll let Rich expand a little bit further.

而且我們看到——我想電話會議上的各位都知道——需求明顯提前到 6 月。所以這真的只是時間上的移轉：我們看到其中一些品類移到 6 月下半月；我也讓 Rich 再補充說明一些。

And Brian, Bill's comments were spot on. There were signs of may be a little more general weakness. The major driver were those heat-related categories. There were some signs, more general weakness that had an influence on our guidance range. But let's just let's talk about that range and kind of how we've started off quarter.

Brian，Bill 的評論非常到位。確實也有一些跡象顯示可能存在更普遍性的疲弱。主要驅動因素是那些與高溫相關的品類。也有一些更普遍的疲弱跡象，對我們的指引區間產生了影響。不過我們來談談那個區間，以及我們這一季一開始的表現。

August has started off at a level consistent with what we would expect in a negative 3 comp result for the year and August comps are better than July, right. And there were a lot of factors that went into our guidance. But again, now August has started off at a level consistent with what we'd expect in the negative 3 comp case.

8 月開局的水準與我們在全年同店負 3 的情境下所預期的一致，而且 8 月同店比 7 月好，對吧。我們的指引是由很多因素共同形成的。但再次強調，現在 8 月開局的水準與我們在同店負 3 情境下的預期一致。

That's very helpful. I appreciate that. And the second question, I have, I guess, the bigger picture, but we're talking a lot about SRS. The acquisition, now it's close, you're working on the integration. Because we're watching Home Depot, there's continued push into the professional market. I mean, should we be expecting you to be exploring other acquisition opportunities there?

這非常有幫助。謝謝。第二個問題，我想是更宏觀的：我們談了很多 SRS。這筆收購現在已經完成，你們正在進行整合。因為我們也在觀察 Home Depot，他們持續加碼專業客群市場。我的意思是，我們是否應該預期你們也會在那裡探索其他收購機會？

Well, Brian, I as I said, SRS will continue their activity to fill in geographies in segments, et cetera. Look, we just made a fairly large acquisition that we feel great about in early, early days of joint business planning and value creation.

嗯，Brian，正如我所說，SRS 會持續透過活動來補齊地理區域、細分領域等等。你看，我們剛在不久前完成了一筆相當大型的收購，我們對此感到非常好；目前仍在非常早期的共同業務規劃與價值創造階段。

We've always talked about utilizing M&A for growth opportunities, whether it's segments or geographies or customer bases and expect us to continue to do that, but do not expect us to do anything large, having just done this very significant transaction with SRS.

我們一直都在談，會運用併購（M&A）來取得成長機會，不論是細分領域、地理區域或客戶基礎；也請預期我們會持續這麼做，但不要預期我們會再做任何大型交易，因為我們才剛與 SRS 完成這筆非常重大的交易。

Zach Fadem, Wells Fargo.

Zach Fadem，Wells Fargo。

Hey, good morning. It sounds like the pro spread widened versus DIY relative to Q1, curious if there's any call out there. And then you mentioned positive comps for pros engaging in your new ecosystem. And I'm curious what percent of pros this now represents and how you'd expect this trajectory to trend now that SRS is under your belt?

嗨，早安。聽起來相較於第一季，專業客群（pro）相對 DIY 的差距擴大了，我想知道這裡有沒有什麼需要特別說明的。另外你提到，參與你們新生態系的專業客群同店為正。我也想知道這現在約占專業客群的百分之多少，以及在 SRS 納入麾下之後，你預期這個趨勢會如何發展？

Yeah, hi, Zach, this is Ann-Marie. Pro certainly outperformed do-it-yourselfers in the quarter. And as we have mentioned, we continue to invest in the full ecosystem to accelerate growth and really drive and grow shareholder wallet. I'll throw it over to Chip to speak a little bit about the investments and what we've seen there.

是的，嗨 Zach，我是 Ann-Marie。本季專業客群的表現確實優於 DIY 客群。而且如我們所提到的，我們持續投資完整生態系以加速成長，並真正推動與擴大股東錢包份額（shareholder wallet）。我把問題交給 Chip，請他談談相關投資以及我們看到的成果。

Yeah. Thanks, Zach. As we mentioned in the past, we're investing in markets and last year, we had 14 markets we invested in. We'll be fully invested in 17 markets this year. And when we talk about investing in markets, it's a distribution supply chain capability play foundational capabilities that help us better serve the pro.

好的。謝謝你，Zach。如同我們過去提到的，我們正在對市場進行投資；去年我們投資了 14 個市場。今年我們將在 17 個市場完成全面投資。當我們談到投資市場時，指的是配送與供應鏈能力的布局，以及一些基礎能力，幫助我們更好地服務專業客群。

And then most importantly, our expansion of our outside sales team. We've seen positive growth in all of those markets since we've been investing, and we see that quarter after quarter. So we're very, very pleased with our progress over the last 1.5 years as we've marched, and we continue to margin in '25 with the same progress and expectation of expansion.

然後最重要的是，我們擴編了外勤銷售團隊。自從我們開始投資以來，我們在所有這些市場都看到正向成長，而且一季接著一季都如此。因此，對於過去一年半我們一路推進所取得的進展，我們非常、非常滿意；我們也會在 2025 年以同樣的進度與擴張預期，持續推進並改善利潤率（margin）。

Got you. And then, Richard, two quick ones. First on buybacks and how we should think about the timeline around the return. And then second, on the long-term structural margins, you gave some good detail around the impact of SRS. Curious how we should think about the new high watermark in recovery over time?

了解。接著，Richard，兩個簡短問題。第一個關於庫藏股回購，以及我們應該如何看待恢復回饋的時間表。第二個關於長期結構性利潤率，你對 SRS 的影響提供了不少細節。想請教我們應該如何看待隨時間推移復甦的新高水位？

Well, let's talk about share repurchases. So as we announced as part of the SRS acquisition, we financed the acquisition with $10 billion in bond issuances and in some short term commercial paper raising. We are currently at a 2.6 times debt to EBITDA ratio. Now we'd like to see that ratio around 2.0 times. It's our intent to delever over time before we restart repurchases.

好，我們先談股票回購。如同我們在宣布收購 SRS 時所說，我們以 100 億美元的債券發行，以及部分短期商業本票融資來完成這筆收購。我們目前的負債對 EBITDA 比率為 2.6 倍。我們希望看到該比率回到約 2.0 倍。我們的意圖是在重新啟動回購之前，隨時間推移先行去槓桿。

Now that's going to take us likely into the year 2026. And we will obviously update our investors on how that looks over time. But that would be the kind of the current calculation, sometime in 2026, we return. And then from a long-term structural perspective, when we laid out our base and an accelerated case, we sat in the base case.

這可能會讓我們延續到 2026 年。我們也會隨時間推移，持續向投資人更新進展。但以目前的估算，大概會在 2026 年某個時點恢復。至於長期結構性的角度，當我們提出基準情境與加速情境時，我們採用的是基準情境。

Look, we anticipate in the base case that we will always generate some degree of operating leverage. And that will always remain true. We're not going to talk about a high watermark and we will continue to update you on our views.

你看，我們預期在基準情境下，我們始終會產生一定程度的營運槓桿。而這一點也會一直成立。我們不會去談所謂的高水位，我們會持續更新我們的看法。

But for now, we are executing with exceptional expense management, exceptional management, and cost of goods sold. And we are delivering -- we're over-delivering really on the profitability we would have expected at this top line rate. So we are happy that we're running the business as it should be run. And we believe in those base case and accelerated case that we laid out in June.

但就目前而言，我們正以卓越的費用管理、卓越的管理，以及銷貨成本控管來執行。而且我們所交出的成果——坦白說——在這樣的營收成長率下，獲利表現超出我們原先的預期。所以我們很高興公司正以應有的方式在運作。我們也相信我們在六月提出的基準情境與加速情境。

Christine, we have time for one more question.

Christine，我們還有時間再問一題。

Steven Forbes, Guggenheim.

Guggenheim 的 Steven Forbes。

Thanks, everyone. Good morning. Maybe just a quick follow-up on SRS. Ted, you mentioned the growth rate and broke it down 50-50 between comp and I think you said lapping acquisitions. So maybe just give us an update on where the branch count is today. And then how would you sort of summarize the capital spending needs of that business to fund both greenfield and acquisition-related expansion as included in the CapEx guidance? Thank you.

謝謝各位。早安。我想就 SRS 再追問一下。Ted，你提到成長率，並把它拆成 50-50，分別來自同店（comp）以及我記得你說的收購基期效應（lapping acquisitions）。所以能否更新一下目前的分支機構（branch）數量？另外，你會如何概括該業務為了支持綠地（greenfield）與收購相關擴張所需的資本支出需求，並且這些如何反映在 CapEx 指引中？謝謝。

Sure. The good news is on their greenfield operations, its reasonably capital flight, a lease of a more modest size facility than it's in Home Depot. DC would be think of this as a branch operation and high turning inventory and variable pay for the salesforce. So they tend to be breakeven in year one of operation.

當然。好消息是，他們的綠地營運相當輕資本，通常是租用規模較為適中的設施，不像 Home Depot 那麼大。你可以把這視為分支營運：庫存周轉快，且銷售團隊採用變動薪酬。因此，他們通常在營運第一年就能達到損益兩平。

Similarly, when they make infill acquisitions, they have a great process to get that acquisition upon there ERP system, they literally do it over the weekend. They acquire a company on a Friday. And when that company opens up on a Monday, they are on the core ERP system with SRS and that lets them get the operating process and technology synergies very quickly.

同樣地，當他們進行補強型（infill）收購時，他們有一套很棒的流程，能把被收購公司導入他們的 ERP 系統；他們真的就是在週末完成。他們在週五收購一家公司。而當那家公司在週一開門營業時，就已經接上 SRS 的核心 ERP 系統，這讓他們能非常快速地取得營運流程與技術上的協同效益。

And they have a track record of doubling EBITDA of acquired companies in the first three years of ownership. So it's reasonably asset light. It's quickly profitable on a greenfield basis. And it's multiples of earnings expansion on an acquired company. Since we've owned them, they've made, in fact, I think last Friday they closed on a small pool deal. They have a couple more under LOIs.

而且他們有一項紀錄：在取得被收購公司後的前三年內，能把該公司的 EBITDA 翻倍。所以這是一個相當輕資產的模式。綠地拓點能很快獲利。而對於收購案，則能帶來倍數的獲利擴張。自從我們擁有他們以來，他們也持續進行收購；事實上，我想上週五他們剛完成一筆小型泳池相關交易的交割。他們還有幾筆在 LOI（意向書）階段。

So these are these are modest infill acquisitions that they do in the normal course of business. So we're really excited to watch them grow. And again, it's reasonably asset-light on greenfield in the multiples, they're paying, as you can imagine on smaller regional companies are generally in single digit EBITDA multiples, so nice earnings profile on their acquisition case.

所以這些都是他們在日常業務中進行的、規模不大的補強型收購。我們非常期待看到他們成長。再說一次，綠地拓點相當輕資產；而在估值倍數方面，如你所想，小型區域性公司一般是個位數的 EBITDA 倍數，因此在收購情境下有不錯的獲利輪廓。

And maybe, Richard, maybe just a very quick follow-up. As we think about sort of restating last year's numbers for intangible amortization, the full year amount of a for last year, we're looking at 15 basis points as a percentage of sales or maybe correct me if I'm off there?

另外，Richard，可能再非常快速追問一下。當我們考慮把去年的數字就無形資產攤銷重新表達時，去年全年的金額，以銷售額百分比來看，我們估大約是 15 個基點；或如果我有偏差請你指正？

Yeah, the total amortization expense last year was $186 million for Home Depot for the full year of 2023.

是的，Home Depot 在 2023 全年的攤銷費用總額是 1.86 億美元。

Steve, on branches, they are at 775. So when we announced in March, it was 760. You can see their growth profile. They've opened 20-plus branches just in the last few months. So these folks are super growth oriented.

Steve，關於分支機構，他們目前是 775 家。所以我們在三月宣布時是 760 家。你可以看到他們的成長輪廓。他們在過去幾個月就新開了 20 多家分支。所以這些人非常以成長為導向。

Thank you, Ms. Janci, I will now turn the floor back over to you for closing comments.

謝謝 Janci 女士，現在我把時間交還給你做結語。

Thank you, Christine, and thank you, everybody, for joining us today, and we look forward to speaking with you on our third quarter earnings call in November.

謝謝 Christine，也謝謝各位今天加入我們；我們期待在十一月的第三季財報電話會議上再與各位交流。

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

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