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.

歡迎參加家得寶 2024 年第二季財報電話會議。 （操作員指示）謹此提醒，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 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.

謝謝克里斯汀，大家早安。歡迎參加家得寶 2024 年第二季財報電話會議。今天參加我們電話會議的有董事長、總裁兼執行長 Ted Decker，資深執行副總裁 Ann-Marie Campbell； 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 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，請致電我們的投資者關係部門：(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 factors identified in the release and in our filings with the Securities and Exchange Commission.

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。

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.

今天的演示還將包括某些非公認會計準則指標，包括但不限於調整後收入、調整後營業利潤率和調整後稀釋每股收益。有關這些和其他非公認會計準則衡量標準與我們相應的公認會計準則衡量標準的調節，請參閱我們的收益新聞稿和我們的網站。現在讓我把電話轉給泰德。

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.

謝謝你，伊莎貝爾，大家早安。第二季銷售額為432億美元，較去年同期成長0.6%。我們本季的銷售額包括來自 SRS 的 13 億美元。回想一下，我們於 6 月 18 日完成了對 SRS 的收購，並且我們已將其大約六週的業績納入我們的合併業績中。

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.

比較銷售額較去年同期下降 3.3%。我們的美國商店的負面表現為 3.6%。第二季調整後攤薄每股收益為 4.67 美元，去年第二季為 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.

該團隊繼續在這個獨特的環境中航行，同時以高水準執行。本季度，較高的利率和更大的宏觀經濟不確定性給消費者需求帶來了更廣泛的壓力，導致家居裝修項目的支出疲軟。

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，我們看到春季專案持續疲軟，這也受到整個季度極端天氣變化的影響。當我們審視今年前六個月的表現以及潛在消費者需求的持續不確定性時，我們認為今年的銷售前景應該更加謹慎。

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 稍後將向您介紹詳細信息，但我們現在的目標是 2024 財年的公司銷售額下降約 3% 至 4%。我們擁有具有正確價值的正確產品。我們仍然關注高度分散、價值約 1 兆美元的家居裝修市場的長期份額成長。

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.

請記住，我們經營的資產類別是最大的資產類別之一，估計價值約為 45 兆美元，相當於美國的住宅安裝基數。如今，我們的市佔率約為 17%，具有巨大的成長潛力。這就是為什麼我們一直在投資和執行我們的策略，透過一套差異化的功能和建立新商店為我們的專業錢包份額創造最佳的互聯體驗。

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.

現在我將花一些時間來評論我們對 SRS 發行版的收購。 SRS 擁有一支出色的團隊，擁有良好的成長記錄，我們很高興歡迎他們加入家得寶大家庭。雖然我們的財務數據僅反映了前六個月上半年業績的一部分，與我們的上半年業績相匹配，但它們實現了高個位數的營收成長，同時營業收入的成長與去年的銷售額基本一致。

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.

我們對透過利用我們的資產、能力和競爭優勢共同實現的目標感到非常興奮。我們計劃透過多項銷售和交叉協同機會來推動增量成長。

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.

我們將透過我們的專業服務台向所有客戶提供他們在屋頂、游泳池和景觀方面更全面的產品。我們將為 SRS 客戶提供與其帳戶綁定的信用形式，這將使在家得寶商店購物變得更加方便。家居裝修市場的基本面依然強勁。我們面前有巨大的成長機會。

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.

無論客戶是在我們的商店中使用我們的數位資產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、商店和 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中提供服務。他們在整個季度為我們的客戶提供價值和服務方面表現出色。最後，我要感謝他們的奉獻和辛勤工作。接下來，讓我把電話轉給安。

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，特德，大家早安。正如您從 Ted 那裡聽到的那樣，儘管環境惡劣，我們的員工仍然積極參與並準備好為我們的客戶提供服務。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於我們的員工、店內能力、履行管道和客戶體驗。

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.

在過去的一年裡，我們討論了幫助我們創造這種差異化體驗的工具，特別是我們對庫存和貨架可用性或 OSA 以及我們的伙伴和電腦視覺應用程式的關注。

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.

如今，我們的庫存和監管處於一流水平，為許多客戶（尤其是專業客戶）所渴望的快速進出便利體驗奠定了基礎。我們也增強了員工為店內專業人員和專業賣家使用的工具。在我的檢視工具（包含許多店內應用程式）中，我們讓我們的員工更了解客戶在 The Home Depot 的活動。

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，對於我們的店內專業人員來說，我們可以看到銷售趨勢、特定購買模式和即將到期的福利，從而為我們的員工提供洞察力，以更好地合作、增加錢包份額並為客戶提供價值。

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.

為了推動專業客戶的轉化，我們推出了一個稱為管道管理的新平台，可以實現廚房設計的互連產品銷售。借助此工具，員工和商店領導現在將能夠對其管道以及與客戶旅程相關的所有活動擁有統一的數位視圖。

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.

這使員工能夠更輕鬆地管理多個複雜的項目，同時在整個旅程中更有效地與客戶溝通。此外，我們繼續圍繞不同的資產和能力進行有機努力，以透過複雜的項目購買場合增加錢包份額。

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.

我們很高興地宣布，我們現在在 17 個市場擁有關鍵的全面能力，包括更廣泛的產品種類、數位資產基礎、銷售團隊和更廣泛的履行選項。我們的貿易信貸試點計劃也在進行中。雖然現在還處於早期階段，但我們已經看到該計劃引起了客戶的共鳴，以及為長期實施的大型專案提供延期信貸的好處。

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.

隨著我們繼續推出端到端銷售系統的增強功能，我們的訂單管理系統也取得了進展。我們對在複雜的專案採購場合繼續取得成功感到非常興奮，並致力於為所有客戶提供最好的客戶服務。

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.

我們的商店準備工作和執行力很強，所有員工都積極參與。我期待著我們面前的許多機會，我要感謝我們所有的員工為照顧我們的客戶所做的一切。接下來，讓我把電話轉給比利。

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，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 Ted 那裡聽到的，第二季度，較高的利率環境和更大的宏觀經濟不確定性給整體專案需求帶來了壓力。此外，我們的銷售反映了春季銷售季節的疲軟，這也受到整個季度天氣極端變化的影響。

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%.

談到第二季度我們的銷售部門的業績表現，我們的管道部門公佈了積極的業績，而電力建築材料、電器和油漆均高於公司平均水平。第二季度，我們的贈品交易量下降了 2.2%，贈品平均票價下降至 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.

然而，在本季度，我們繼續看到客戶購買新的創新產品。與去年第二季相比，大額門票交易或超過 1,000 美元的交易下降了 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.

我們繼續看到大型全權委託項目的參與度下降，客戶通常使用融資來資助項目，例如廚房和浴室改造。專業人士的表現優於 DIY 客戶，但本季兩者皆表現不佳。我們看到參與 Pro Xtra 計劃的專業人士在我們的 B2B 網站上向工作地點交付內容的積極增長。

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.

轉向公司總線上銷售額。與去年第二季相比，利用我們數位平台的銷售額成長了約 4%。對於那些在第二季度選擇與我們在線交易的客戶來說，我們近一半的線上訂單是透過我們的商店完成的。

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，在第二季度，我們擴大了與 Instacart 的合作夥伴關係，以改善全國範圍內的互聯購物體驗。雖然我們仍處於擴大合作關係的早期階段，但我們對所看到的結果感到鼓舞。

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.

在第二季度，我們專注於與客戶產生共鳴的產品和項目。我們更新了一些專注於創新的產品線結構，並繼續提供令人信服的價值主張，同時專注於客戶體驗。例如，我們升級了救生乙烯基板的耐用性，同時也引入了流行的顏色圖案和長度。這有助於推動本季度該類別的積極業績。

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，我們最近修改了生產線結構，以便更好地滿足專業客戶的需求。我們簡化了價值主張，增加了新的、更好的功能，從而提高了該類別的參與度。

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.

在油漆方面，我們繼續看到圍繞我們的產品和履行選項進行的投資的好處，包括我們的店內服務和工作現場交付能力，以及推動本季度份額持續增長的計劃進度。

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，我們繼續看到我們的戶外動力設備類別取得了巨大成功，推動了本季的積極單位和比較。正如我們之前提到的，我們透過廣泛的電池供電平台陣容建立了強大的競爭優勢，使我們能夠繼續擴大在這些類別中的份額。

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.

當我們展望第三季時，我們的銷售組織仍然專注於成為客戶價值的倡導者。這意味著繼續提供種類繁多的一流產品，這些產品有庫存，可以在客戶需要時提供給他們。我們也將持續致力於開發能夠簡化專案、節省客戶時間和金錢的產品。

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.

這就是為什麼我對我們繼續為市場帶來的創新感到如此興奮。本季度，我們將與 Feather River 合作推出首款推向市場的智慧玻璃門。 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.

這種新的門技術使客戶只需按一下按鈕即可輕鬆將玻璃從隱私玻璃或磨砂玻璃更改為透明玻璃，並且與我們的樞紐空間生態系統相容。這將是家得寶 (The Home Depot) 大型零售通路的獨家產品。

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，我們在整個業務領域繼續與我們的獨家合作夥伴 Milwaukee 合作，並看到電動手動工具的廣泛採用。我們的合作關係不斷擴大，美國製造的工具種類更加豐富。這些工具為我們的專業客戶提供了高精度和持久的結果，並將繼續鞏固我們作為大型零售通路中電氣貿易第一目的地的地位。說到這裡，我想把電話轉給理查。

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，比利，大家早安。第二季總銷售額為432億美元，較去年成長約0.6%。總銷售額包括最近收購 SRS 帶來的 13 億美元，相當於本季約六週的銷售額。

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.

第二季度，我們公司的總成本為負 3.3%，其中 5 月為負 3.7%，6 月為負 0.9%，7 月為負 4.9%。美國本季的綜合指數為負 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.

第二季度，我們的毛利率約為 33.4%，較去年第二季度增長 40 個基點，主要是由於運輸成本下降和收縮帶來的好處，但部分被 SRS 收購帶來的混合所抵消。

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.

與 2023 年第二季相比，第二季營運費用佔銷售額的百分比增加了約 65 個基點，達到 18.3%。

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.

從本季開始，除了我們的GAAP 指標外，我們還將提供以下非GAAP 指標：調整後的營業收入、調整後的營業利潤率和調整後的稀釋每股收益，其中不包括收購的無形資產的非現金攤銷。我們相信這些補充措施將有助於投資者更了解和分析我們的業績。

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.

我們第二季的營業利潤率為 15.1%，而 2023 年第二季為 15.4%。不計本季的無形資產攤銷，我們第二季調整後的營業利潤率為 15.3%，而 2023 年第二季為 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.

第二季的利息和其他費用增加了 6,100 萬美元，達到 4.89 億美元，主要是由於債務餘額比去年同期增加。第二季我們的有效稅率為 24.5%，而 2023 財年第二季為 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.

我們第二季的稀釋每股收益為4.60 美元，比2023 年第二季下降約1%。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.

第二季度，我們新開了 3 家門市，使門市總數達到 2,340 家。零售銷售面積約2.43億平方英尺。截至本季末，商品庫存為 231 億美元，比 2023 年第二季減少約 2 億美元。

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.

轉向資本配置。第二季度，我們以資本支出的形式向我們的業務投資了約 7.2 億美元。在本季度，我們向股東支付了約 22 億美元的股息。我們嚴格的資本配置方法保持不變。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%。

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.

投資該業務後，我們計劃支付股息，並打算以股票回購的形式將多餘現金回饋給股東。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，投資資本回報率約為 31.9%，低於 2023 財年第二季的 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.

現在我將評論我們對2024 財年的最新展望。會更加謹慎保證。

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.

最近完成了 SRS 收購。我們現在將他們的業績納入我們今年上半年的綜合展望中，其中包括收購之前的時期，但未完全反映在我們的財務報表中，SRS 實現了高個位數百分比的銷售增長，營業收入大幅增長與銷量一致。

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，在未來幾年中，SRS 本身以及透過我們的共同努力將有助於加速我們公司的銷售和獲利成長。

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.

根據我們剛剛討論的因素更新我們的 2024 財年指引，我們現在預計總銷售額成長在 2.5% 至 3.5% 之間，其中包括第 53 週的 SRS 收購。第 53 週預計總銷售額將增加約 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.

SRS 預計將貢獻約 64 億美元的增量銷售額。預計 52 週內可比銷售額將下降 3% 到 4% 之間。我們範圍的高端意味著消費者需求環境與 2024 財年上半年一致。

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.

雖然該公司的可比銷售額目前並未處於該範圍低端的軌道上，但負 4 比較意味著消費者需求的壓力將超出我們今天所看到的。

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%.

我們預計將開設約 12 家新店。我們的毛利率預計約為33.5%。我們預計營業利潤率將在 13.5% 至 13.6% 之間，調整後營業利潤率將在 13.8% 至 13.9% 之間。

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%。我們預計淨利息支出約為 22 億美元。與 2023 財年相比，我們的稀釋每股收益百分比將下降負 2% 至負 4%，額外一週貢獻約 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.

我們預計，與 2023 財年相比，調整後的稀釋每股盈餘百分比將下降負 1% 至負 3%，額外一週貢獻約 0.3 美元。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。

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。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) Scot Ciccarelli, Truist.

（操作員說明）Scot Ciccarelli，真理論者。

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?

大家早安。因此，聽起來你們看到了更多的轉變，讓我們稱之為，更廣泛的消費者疲軟，從以前似乎對金融項目的猶豫不決。您能否提供幾個例子，讓我們了解消費者支出模式日益猶豫的情況？

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.

嗯，我認為這只是在更廣泛的項目中，斯科特。正如我們在前幾個季度所說的那樣，消費者仍然參與其中。特別是我們的消費者仍然相當健康。同樣，這些消費者的房屋價值在過去四年裡上漲了 50%。自疫情爆發前夕以來，他們的房屋淨值增加了近 70%。因此，這相當於超過 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.

股票價值一直很強勁。就業機會很強大。獲利強勁。但我們在過去幾個季度看到了較小項目的參與。我們在最近一個季度看到的是大型專案的進一步壓力。我們在建築材料、木材類別中看到了這一點，這些類別與大型項目的建設密切相關。隨著本季的進展，這確實是我們看到的變化。

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

換句話說，它不一定會擴大，但會增加壓力，我們稱之為專案導向型採購。

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，你說過，我的意思是，我們認為在本季發生了變化。如果你回顧我們在這段溫和時期所努力的環境，我們看到的第一件事就是個人電腦支出從商品轉向服務。

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.

我們正在有效地完成這項轉變。支出的相對份額或多或少與大流行之前持平。然後我們在我們的領域取得了一些進展。我想說，我們還沒有完全渡過難關，但我的意思是，從大流行的第一個春天開始，我們已經過去了四年，當時人們購買了大量的烤架和露台家具等，我們'我們正在努力解決這個問題。

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地產市場，尤其是房屋成交量，下降了約 40%。我認為上個季度、上個月我們看到按年化計算的數字接近 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.

這也影響了客戶對大型專案融資的興趣。每個人都預期利率將會下降。所以我們推遲這些項目。但最近發生的事情又是對宏觀經濟的更廣泛擔憂。政治和地緣政治環境存在著許多噪音。失業率上升。通貨膨脹不斷侵蝕可支配所得。我認為，由於這些宏觀不確定性，人們在本季或更長時間內暫停了。

Seth Sigman, Barclays.

塞思‧西格曼，巴克萊銀行。

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.

嘿，大家早安。我想問一下不同管道的表現。我認為家得寶零售的核心是非常明確的。但家得寶的高清供應似乎表現出色，但從我們這邊很難判斷。

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.

然後在 SRS 上，如果您可以詳細說明您在那裡看到的趨勢，當您退後一步思考時，希望您在過去幾年中建立了這個非常多元化的業務，希望最終能夠復甦。我的意思是，您如何看待這些不同細分市場的時機以及它們是如何產生的？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，我想說，我們對我們業務的所有組成部分都感到非常自豪。我們在整個核心以及您提到的業務中都以極高的水平執行。雖然我們沒有將 HD Supply 作為我們核心的一部分進行拆分，但我們很自豪地說，我們和 HD Supply 迄今為止都擁有出色的業績記錄，甚至在第二季度實現了積極的銷售成長。所以這對家得寶來說是一個真正的亮點。

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.

現在，SRS，正如我們在收購 SRS 時告訴您的那樣，這是一家成長型公司收購一家成長型公司。 SRS 在所有垂直領域都擁有比競爭對手更快的成長速度，並且在過去 15 年中一直如此。

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.

如果你再看看 SRS 在今年前六個月所取得的成就，你會發現我們只擁有它們六週。因此，我們只預訂了六週的結果，但它們在上半年以高個位數百分比增長。他們在第二季度實現了健康成長，我們預計他們將在 2024 年全年實現個位數成長，儘管我們只持有他們七個月。因此，HD Supply 和 SRS 這兩種商業模式是市場領導者的典範，他們習慣於增加份額並實現盈利。

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.

我想補充一點，Seth，我們不會突破營運部門，但就 HD Supply 而言，有一些適當的比較。 SRS 有許多公開交易的可比較產品，與這些可比較產品相比，我們對 MRO 業務、屋頂、游泳池和景觀業務感覺非常好。

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.

好的。這非常有幫助。然後，如果我們放大到核心家得寶，也許只談談你的相對錶現。如果您可能會發現某些類別的差距正在擴大，那麼您指出了一些似乎承受很大週期性壓力但被認為是戶外動力設備亮點的類別。您提到的電器高於平均水平。顯然，這是一個艱難的類別。我想你甚至提到乙烯基板有正面的比較。因此，也許只需談談其中的一些類別，以及您可能會看到差距不斷擴大的地方。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，塞思。所以是比利。聽著，正如我在我們準備好的演講中提到的那樣，您知道，金融項目，我們繼續面臨持續的壓力。我不認為這是什麼新消息。話雖如此，我們還是點名了您剛才提到的一些企業，您知道，乙烯基板。正如我所提到的，我們在銷售和單位比較、熱水器方面都看到了出色的表現，當然還有油漆，我們對我們在油漆方面與油漆專業人士、在我們的油漆業務中所做的努力感到非常興奮，再說一次，我們的平台也具有強大的力量。

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.

因此，非金融項目，雖然我們確實看到了我們在準備好的發言中提到的一些季節性因素的疲軟，但與利率相關的不確定性所帶來的持續壓力將繼續給非金融項目帶來一些壓力。我們繼續看到您在此類企業中也有良好的參與。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

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.非常感謝您回答我的問題。您認為 30 年期固定利率抵押貸款的關鍵水平還需要下降多少才能推動家得寶的業務走高？當利率下降是由於勞動市場的侵蝕而不僅僅是通貨膨脹的緩和時，該利率或該水準是否會改變？

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.

嘿，邁克爾，早安。有四個問題。你知道，從歷史上看，很難確定這個神奇的利率數字是多少，然後正如你所說，有一些額外的壓力。我所能做的就是參考去年年底的情況，當時利率從 7% 以上的高位溫和下降，我認為即使暫時低於 6.5%，你也會看到住房活動抵押貸款申請、抵押貸款再融資立即增加應用程式.

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，利率再次飆升，幾乎再次達到 7%。所以我們的趨勢再次下降。我認為合格抵押貸款的利率已接近 6.5%。根據我們去年年底所看到的情況，我們認為你已經達到了一定水平，人們將會參與其中。

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.

再次需要注意的是，這種更廣泛的經濟地緣政治甚至擔心人們仍然可能會稍微停頓，直到其中一些問題得到解決，這是可以理解的。但隨著利率下降至 6%，我們預計會出現活動。

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.

但整個難題的另一個想法或部分是，如您所知，抵押貸款利率低至 3% 的人的數量，許多抵押貸款利率低於 5%。這些利率肯定存在一些金手銬動態。

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，隨著時間的推移，家庭動態發生變化，在一兩年內，你可能會戴上金手銬，享受低利率，但家庭規模會增加，家庭組建、就業、退休等等。因此，我們將看到這一點逐步解鎖，即使這會在傳統降息環境下對房屋市場的反應有所延遲。

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。我的後續問題是，這種低迷持續的時間越長，家得寶是否傾向於在價格或價值上進行更多投資，以搶佔市場份額，以便在最終好轉時維持下去？

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.

也許作為其中的一部分，您能否將更新後的毛利率指導進行分析，以反映核心 Home Depot 內部的基本動態以及 SRS 對此訂單項目的影響？太感謝了。

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.

是的，邁克爾，謝謝。我將回答第一部分，然後將問題的第二部分交給理查德。因為它只涉及促銷活動，我的意思是，聽著，我們將繼續推動創新，為我們的消費者創造價值。

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.

我們正處於一個非常理性的環境，因為這與家居裝修行業有關。雖然電器等類別面臨一些壓力，但我們認為沒有必要，也不處於需要進行更多促銷的環境中。

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和價值，為每天進入我們商店的顧客創造機會，我們不想從事促銷業務。我們對自己在商店中圍繞這些事情創造這些機會和興奮的地位感到非常滿意。

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.

我們已經看到了廣泛的採用。我們已經能夠為市場帶來價值。我們的自有品牌等領域繼續表現出色，我們對此感到非常滿意，並認為未來的促銷節奏不會發生真正的變化。現在我將把它交給理查德，以了解更多有關毛利率的資訊。

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.

是的，太好了，所以讓我實際上擴大這個問題，因為我認為提供更廣泛的背景很重要。如果你問的是毛利率，我們就簡單討論SRS。因此，在去年六月的投資者會議上，我們提出了一個基本情景，我們說該基本情景可能會有一些貢獻者，這將推動我們以比該基本情景更快的速度增長銷售和盈利，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.

因此，基本情況是 3% 到 4% 的營收成長和高個位數的每股盈餘成長。收購 SRS 是我們在投資者會議上指出的加速劑之一，推動我們走向加速案例。 SRS 的目標是增加我們與專業人士的份額，以加速銷售成長、加速營業利潤成長和加速每股盈餘成長。

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，從銷售和營業利潤的角度來看，正如您所看到的，從EPS 的角度來看，它已經立即為我們公司做出了貢獻，收購SRS 將是現金，在所有權的前12 個月內EPS 會增加，正如我們在行進。

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.

在所有權調整相關非現金無形攤銷後的前 12 個月內，現金每股收益將會增加。那麼我們來談談 SRS 如何反映在我們的財務數據中。再次提醒一下，我們在第二季度包含了 SRS 六週的結果，並且我們將在全年中包含大約七個月的 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.

所以只考慮SRS。看起來他們的產品組合與家得寶不同，對吧。他們大約三分之二的產品是屋頂。剩下的三分之一是在水池和景觀中。現在，SRS在類似產品上的利潤率與家得寶相似，這些產品的毛利率低於家得寶公司的平均值。但他們的利潤率只是反映了與家得寶不同的組合。

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，當我們考慮毛利率時，SRS 對第二季毛利率的影響約為 35 個基點。如果你考慮一下這對年化數字意味著什麼，你所說的是我們毛利率約 45 個基點的利潤狀況的重置。

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.

同樣，到 2024 年，這一數字將約為 35 個基點。這是一種重置，以反映家得寶實際上的新產品組合。

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.

現在讓我們來談談營業利益率和 SRS 的影響，因為在這種情況下考慮毛利率很重要。因此，當您將SRS 添加到我們的組合中時，它會調整我們的基本營運利潤率，第二季將其降低約30 個基點，並將2024 年全年的基本營運利潤率降低約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.

因此，2024 年全年為 40 個基點。這些是 GAAP 數字，如果您願意，我們可以調整數字。

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.

當我們再次考慮本季的毛利率時，我們想指出我們營運商的幾項出色表現。首先，我們的供應鏈合作夥伴和商業夥伴為我們帶來了顯著的運輸效益，並且從逐年減少的損耗中獲得了顯著的效益。

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.

現在，我們將幾個季度的收縮效益與去年相比連續放在一起，我們可以直接指出推動這一業績的因素。這是一支出色的團隊，我們將繼續投資，而這些投資的回報非常豐厚。

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.

這是一個很長的說法，如果你逐年查看我們的毛利率表現，並且取消 35 個基點的 SRS 組合變化，我們實際上比去年提高了 75 個基點，全面毛利率表現出色我們整個團隊。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，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.

早安，大家。我有一個與回歸相關的問題。從 2019 年以來的一個角度來看，如果我們看一下交易量，我們會發現交易量似乎持平甚至略有下降。因此，按照泰德之前的觀點，其中大部分看起來都是透過交易得到回報的。不過，票價仍上漲了約 30% 至 34%。因此，我認為這是消費者在購物籃中報告的商品數量的函數，因為存在通貨膨脹。我的問題是，如果我們只關注通貨膨脹，是否有任何產品價格的跡象，或者是否有任何跡象表明通貨膨脹的非大宗商品、非木材、通路中的價格發生變化？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.

不，西蒙，謝謝你的提問。你的數學在這方面很出色。好消息是沒有，我們沒有看到成本或零售有任何大幅下降。如果你看看我們今年為 AUR 制定的計劃，我們表示上半年 AUR 面臨約 150 個基點的壓力，下半年將放緩至 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.

這都是去年相關零售活動成本的結果。在成本或零售方面確實沒有太多淨新活動。事實上，你知道，有點成本支出和活動成本。您知道，我們擁有一支非常強大的團隊，與我們的商家在這方面合作。這一切都非常中性，現在我們沒有太多活動。

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.

正如比利所說，我們不會進行促銷。我們是一家 EDLP 零售商，每天必須為我們尤其是我們的專業人士提供價值。成本環境是中性的。價格環境是中性的。我們並沒有看到太多的折扣交易。我們沒有看到 OPP 滲透率的增加，與最近幾個時期的活動相比，情況相當中性。

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.

我們在 AUR 上看到的是研磨問題。所以我們沒有看到這一點。我們預計成本水平和零售水平將基本保持在今天的水平。請記住，我們的供應商基礎的成本水平，這不僅僅是材料方面的投入成本的問題，您可以透過我們的中游成本來了解這一點，我們對此非常非常了解。

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了勞動成本的大幅上漲。我們仍在努力解決運輸成本問題。所以這就是[30]，你可以說，你知道，這是高度通貨膨脹的，而且必須很好地恢復。事實上，作為一個重要組成部分的勞動成本結構也有類似的成長。這就是為什麼我們沒有看到市場非理性地侵蝕這些物價水準。

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.

好的。跟進，試著思考核心業務在下半年利潤率下降的表現。我想理查德之前的一些評論給了我們更多線索。但看起來整個業務美元的 EBITDA 指引大致相同，我們現在有一個中點，我們之前有一個點。

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?

因此，無論我們從核心中損失什麼，我們似乎都會在 SRS 中恢復，並且看起來減少量大約在 20% 到 25% 左右。是這樣嗎？如果這種負面補償或低負面補償環境，這是正確的運行率嗎？

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.

因此，我要補充的是，我們為什麼不討論迄今為止的業績以及我們的指導如何反映今天的業績，因為正如我所說，我們實際上在銷售商品成本方面超出了某些預期。

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.

該團隊以出色的方式管理費用。那麼讓我來解釋一下這對指南意味著什麼。所以你可以回想一下，我們年初的指導方針是負 1 比較，營業利益率為 14.1%。孤立地看，如果我們採取得好，當我們將比較從負1調整為負3時，即稱其為自然去槓桿化25個基點至30個基點，我們將看到收入預期的下降。

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，今年迄今為止我們已經獲得了好感，我們知道它來自哪裡。這種好感度提高了我們的收入。因此，我沒有考慮 14.1% 的營業利潤率，順便說一句，我在本次討論中排除了 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%.

因此，為了簡單起見，如果我們將 SRS 暫時放在一邊，但自然地，我們 14.1% 的營業利潤率將在負 3 時降至 13.9% 至 13.8% 左右。言，我們現在指導營運利潤率為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.

因此，我們實質上以負 3 的比較維持了 14% 的核心營業利潤率。這是因為我們正在享受透過投資創造的利益。現在，如果我們將 SRS 納入其中，顯然，正如我所說，我們的營業利潤率基礎大約有 40 個基點的混合變化，因此 14% 變成了我們在該範圍的負 3 上限旁邊指導的 13.6%今天。

Got it. Makes sense. Thank you.

知道了。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.

綜上所述，13.6% 與我們調整後的營業利益率 13.9% 相對應。因此，當我們消除無形資產的非現金攤銷費用時，我們預計在負 3 的基礎上報告營業利潤率為 13.9%。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

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.您剛才談到，今年迄今為止，SRS 收入成長處於高個位數範圍，這在這種環境下確實非常強勁。我很好奇，你知道，是什麼推動了這種成功？ SRS 是否進行了一些收購，或者都是有機收購？我想，當我們進入 25 世紀時，我們如何看待這個成長率？

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，查克。是的，他們仍然是一個強勁的股權成長者，並且高個位數的成長在有機成長和收購之間大致平均分配。

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

好的，太好了。那麼對於 25 年的進展速度有什麼想法嗎？

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，我們不會對25 世紀提供任何指導，但請記住他們的成長模式，他們自2000 年代中期成立以來就已經證明了這一點，他們是與現有分支機構、開放式分支機構進行比較之間的平衡種植者，開設新建分支機構，然後進行一些匯總併購，地理客戶列表附加服務。這就是他們多年來不斷發展的形象。這正是我們未來將支援的輪廓。

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.

為清楚起見，SRS 不在我們的補償範圍內。因此，它們沒有反映在我們的比較銷售指南中。一旦我們擁有它們 12 個月，它們就會成為補償。

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。然後，理查德，您在過去幾個季度談到了消費者推遲項目，但隨著利率降低的前景開始成為現實，我們可以開始看到抵押貸款利率可能達到 6% 的前景。在接下來的幾季中，延期的步伐是否有可能開始加快？如果是這樣的話，您認為您的業務的哪些部分最容易受到影響？

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，這可能與我們所看到的相反。如果你考慮一下這些類別，比利，請插話。

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.

我們當然不會試圖確定時機，但只是為了呼應特德所說的，抵押貸款利率的下降和你至少看到營業額增加的活動量之間肯定存在直接關係。

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的那樣。家裝需求的長期基本面強勁。在這段溫和時期，我們繼續進行投資。 2024 年標誌著我們在過去 15 年來真正投資於該業務的資本支出最高金額，因為我們看好未來，而且時機不確定，但我們將為此做好準備。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

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.感謝您回答我的問題。所以我的第一個問題是關於比賽的節奏。因此，您在準備好的評論中給出的數字表明，從 6 月到 7 月，經濟成長明顯放緩。那裡有什麼值得注意的地方嗎？還是只是我們談論的方式不斷發展？

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，布萊恩，謝謝你的提問。重申一下，我們的比較是[-3.7，-0.9，然後是-4.9]。雖然我們確實在7 月看到了一些疲軟的情況，正如我們在特德的評論中提到的那樣，但毫無疑問，極端炎熱的天氣影響了與天氣相關的產品的一些銷售，例如空調和風扇、空氣流通、澆水。這些通常是在七月的時間範圍內為我們提供的。

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.

我認為參加電話會議的每個人都知道，我們看到這一情況明顯提前到了 6 月。所以這實際上只是一個轉變，正如我們所看到的，你知道，其中一些類別會進入六月下旬，我會讓里奇進一步擴展一點。

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.

布萊恩，比爾的評論是正確的。有跡象表明可能會出現更普遍的疲軟。主要驅動力是那些與熱相關的類別。有一些跡象，更普遍的疲軟影響了我們的指導範圍。但讓我們來談談這個範圍以及我們如何開始季度。

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 月的開局水準與我們預期的今年 3 負的比較結果一致，而且 8 月份的比較結果比 7 月份要好，對吧。我們的指導中有很多因素。但同樣，現在 8 月的開始水準與我們在負 3 比較情況下的預期一致。

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。我很欣賞這一點。第二個問題，我想，我有更大的願景，但我們談了很多關於 SRS 的事情。收購現在已經接近尾聲，你正在致力於整合。因為我們正在關注家得寶，所以它不斷進軍專業市場。我的意思是，我們是否應該期待您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.

好吧，Brian，正如我所說，SRS 將繼續他們的活動，以細分市場等來填補地理區域。看，我們剛剛進行了一項相當大的收購，在聯合業務規劃和價值創造的早期階段，我們對此感到非常滿意。

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.

我們一直在談論利用併購來獲取成長機會，無論是細分市場、地理或客戶群，並希望我們繼續這樣做，但不要指望我們會做任何大事，因為我們剛剛與SRS 完成了這一非常重要的交易。

Zach Fadem, Wells Fargo.

札克法德姆，富國銀行。

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?

嘿，早安。聽起來專業人士與 DIY 相對於第一季的差距有所擴大，好奇是否有任何呼籲。然後您提到了參與新生態系統的專業人士的積極補償。我很好奇現在這代表了多少比例的職業選手，以及既然 SRS 已經掌握在你手中，你預計這一軌跡將如何發展？

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，札克，我是安瑪莉。專業人士在本季的表現無疑優於 DIY 人士。正如我們所提到的，我們繼續投資整個生態系統，以加速成長，並真正推動和增加股東的錢包。我將把它交給奇普，讓他談談投資以及我們在那裡看到的情況。

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.

是的。謝謝，扎克。正如我們過去提到的，我們正在投資市場，去年我們投資了 14 個市場。當我們談論市場投資時，這是分銷供應鏈能力發揮的基礎能力，可以幫助我們更好地為專業人士服務。

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.

最重要的是，我們擴大了外部銷售團隊。自從我們進行投資以來，我們已經看到所有這些市場都出現了積極成長，而且我們每個季度都看到了這種成長。因此，我們對過去 1.5 年的進展感到非常非常滿意，並且我們將在 25 年繼續保持相同的進展和擴張預期。

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?

明白你了。然後，理查德，兩個快的。首先是回購以及我們應該如何考慮回報的時間表。其次，關於長期結構性利潤，您提供了有關 SRS 影響的一些詳細資訊。好奇我們該如何看待隨著時間的推移而復甦的新高水位？

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.

好吧，我們來談談股票回購。因此，正如我們所宣布的，作為 SRS 收購的一部分，我們透過發行 100 億美元的債券和一些短期商業票據籌集資金為收購提供資金。我們目前的債務與 EBITDA 比率為 2.6 倍。現在我們希望看到該比率約為 2.0 倍。我們的目的是在重新開始回購之前逐步去槓桿化。

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.

現在我們很可能會進入 2026 年。但這就是目前的計算方式，我們會在 2026 年的某個時候回歸。然後從長期結構的角度來看，當我們制定基礎和加速案例時，我們坐在基礎案例中。

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.

看，我們預計在基本情況下，我們總是會產生一定程度的營運槓桿。這將永遠如此。我們不會談論高水位線，我們將繼續向您通報我們的最新觀點。

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.

但目前，我們正在執行卓越的費用管理、卓越的管理和銷售成本。我們正在交付——我們確實超額交付了我們在此頂線水平下預期的盈利能力。因此，我們很高興我們正在按照應有的方式經營業務。我們相信我們在 6 月提出的那些基本案例和加速案例。

Christine, we have time for one more question.

克里斯汀，我們還有時間再問一個問題。

Steven Forbes, Guggenheim.

史蒂文福布斯，古根漢。

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.

謝謝大家。早安.也許只是 SRS 的快速跟進。 Ted，您提到了成長率，並將其細分為 50-50，我認為您提到了重疊收購。因此，也許只需向我們提供今天分支數量的最新情況即可。然後，您如何總結該業務的資本支出需求，以資助資本支出指南中包含的綠地和收購相關的擴張？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業務、合理的資本外逃、租賃比家得寶規模更適中的設施。 DC 會將此視為分公司營運、高週轉庫存和銷售人員的可變薪酬。因此，他們在營運的第一年往往會實現收支平衡。

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，當他們進行填充收購時，他們有一個很好的流程來將收購納入 ERP 系統，他們實際上是在周末完成的。他們在周五收購了一家公司。當該公司週一開業時，他們會使用 SRS 的核心 ERP 系統，這讓他們能夠非常快速地獲得營運流程和技術協同效應。

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.

他們擁有在收購後的頭三年內將被收購公司的 EBITDA 翻倍的記錄。所以它是相當輕資產的。它在綠地基礎上很快就能獲利。這是被收購公司獲利擴張的倍數。自從我們擁有它們以來，事實上，我認為上週五他們完成了一筆小額交易。他們還有更多的意向書。

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.

因此，這些都是他們在正常業務過程中進行的適度的填充收購。所以我們很高興看到他們成長。再說一次，綠地資產的倍數相當輕，他們正在付出代價，正如你可以想像的那樣，較小的區域公司的 EBITDA 倍數通常為個位數，因此他們的收購案例的盈利狀況非常好。

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?

也許，理查德，也許只是一個非常快速的後續行動。當我們考慮重述去年的無形攤銷數據時，即去年的全年金額，我們正在考慮 15 個基點佔銷售額的百分比，或者如果我偏離了那裡，也許可以糾正我？

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

是的，家得寶 2023 年全年的攤銷費用總額為 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，在分店中，他們的數量是 775。 所以當我們在 3 月宣佈時，數量是 760。光是過去幾個月，他們就開設了 20 多家分行。所以這些人都是超級成長型的。

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

謝謝您，Janci 女士，我現在將發言權交還給您，請您發表結束意見。

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，也謝謝大家今天加入我們，我們期待在 11 月的第三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。