家得寶 (HD) 2024 Q3 法說會逐字稿

Greetings and welcome to the Home Depot's third quarter 2024 earnings conference call (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加家得寶 2024 年第三季財報電話會議（操作員說明） 謹此提醒，本次會議正在進行錄音。

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

現在我很高興向大家介紹你們的主人，伊莎貝爾詹奇。

Please go ahead.

請繼續。

Thank you, Christine, and good morning, everyone.

謝謝克里斯汀，大家早安。

Welcome to Home Depot's third quarter 2024 earnings call.

歡迎參加家得寶 2024 年第三季財報電話會議。

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.

今天參加我們電話會議的還有董事長、總裁兼執行長 Ted Decker；安瑪莉‧坎貝爾，資深執行副總裁； Billy Bastek，行銷執行副總裁；麥克菲爾（Richard McPhail），執行副總裁兼財務長。

Following our prepared remarks, the call will be open for questions.

在我們準備好的發言之後，電話會議將開放提問。

Questions will be limited to analysts and investors.

問題將僅限於分析師和投資者。

And as a reminder, please limit yourself to one question with one follow-up.

提醒一下，請限制自己只回答一個問題並進行一次跟進。

If we are unable to get to your question during the call, please call our Investor Relations department at 770-384-2387.

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.

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。

These risks and uncertainties include but are not limited to the factors identified in the release and in our filings with the Securities and Exchange Commission.

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 operating margin and adjusted diluted earnings per share.

今天的演示還將包括某些非公認會計原則措施，包括但不限於調整後的營業利潤率和調整後的稀釋每股收益。

For a reconciliation of these and other non-GAAP measures to the corresponding GAAP measures, please refer to our earnings press release and our website.

有關這些和其他非公認會計準則衡量標準與相應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。

Now let me turn the call over to Ted.

現在讓我把電話轉給泰德。

Thank you, Isabel, and good morning, everyone.

謝謝你，伊莎貝爾，大家早安。

Sales for the third quarter were $40.2 billion, an increase of 6.6% from the same period last year.

第三季銷售額為402億美元，較去年同期成長6.6%。

Comp sales declined 1.3% from the same period last year and our US stores had negative comps of 1.2%.

比較銷售額比去年同期下降 1.3%，我們的美國商店的比較負數為 1.2%。

Adjusted diluted earnings per share were $3.78 in the third quarter compared to $3.85 in the third quarter last year.

第三季調整後攤薄每股收益為 3.78 美元，去年第三季為 3.85 美元。

From a geographical perspective, storms and more favorable weather throughout the quarter drove a higher degree of variability in the performance across our divisions, and 4 of our 19 US regions delivered positive comps.

從地理角度來看，整個季度的風暴和更有利的天氣導致我們各部門的業績波動更大，美國 19 個地區中有 4 個地區實現了積極的業績成長。

In local currency, Mexico and Canada posted comps above the company average with Mexico posting positive comps in the quarter.

以當地貨幣計算，墨西哥和加拿大的業績高於公司平均水平，其中墨西哥本季的業績為正。

In the third quarter, our associates and communities were impacted by two hurricanes.

第三季度，我們的員工和社區受到兩次颶風的影響。

As you'll hear from Ann, our associates and supplier partners worked tirelessly under difficult circumstances to serve our customers and communities.

正如您將從 Ann 那裡聽到的那樣，我們的員工和供應商合作夥伴在困難的情況下不知疲倦地工作，為我們的客戶和社區提供服務。

Our thoughts continue to be with those impacted by Hurricanes Helene and Milton.

我們繼續關注那些受到颶風海倫和米爾頓影響的人們。

Excluding the impacts from the hurricanes, our third quarter performance exceeded our expectations.

排除颶風的影響，我們第三季的業績超出了我們的預期。

As weather normalized, we saw better engagement across seasonal goods in certain outdoor projects.

隨著天氣正常化，我們看到某些戶外項目中季節性商品的參與度有所提高。

But as Billy will detail, we continue to see pressure on larger remodeling projects, driven by the higher interest rate environment and continued macroeconomic uncertainty.

但正如比利將詳細介紹的那樣，在較高的利率環境和持續的宏觀經濟不確定性的推動下，我們繼續看到大型改建項目面臨壓力。

Today, we updated our guidance primarily as a result of the better performance in the third quarter as well as expected hurricane-related demand in the fourth quarter.

今天，我們更新了指導意見，主要是由於第三季度的業績更好以及第四季度颶風相關需求的預期。

For fiscal 2024, we now expect our sales to grow approximately 4%, comps to decline approximately 2.5% and adjusted diluted earnings per share to decline approximately 1%.

對於 2024 財年，我們目前預計銷售額將成長約 4%，比較將下降約 2.5%，調整後稀釋每股盈餘將下降約 1%。

Richard will take you through the details in a moment.

理查德稍後將帶您了解詳細資訊。

Despite the continued uncertainty in the macroeconomic environment, our focus remains on creating the best interconnected experience, growing pro wallet share through a differentiated set of capabilities in building new stores.

儘管宏觀經濟環境持續存在不確定性，但我們的重點仍然是創造最佳的互聯體驗，透過建立新商店的一套差異化能力來增加專業錢包份額。

Today, I would like to highlight where we are improving the interconnected experience.

今天，我想強調一下我們正在改進互聯體驗的地方。

Recall that over the last several years, we built a network of downstream supply chain facilities, including 19 direct fulfillment centers, allowing us to reach 90% of the US population with same or next day delivery.

回想一下，在過去幾年中，我們建立了下游供應鏈設施網絡，包括 19 個直接履行中心，使我們能夠為 90% 的美國人口提供當日或隔天送達服務。

Recently, we expanded our assortment in these facilities to allow for faster delivery speeds across more products.

最近，我們擴大了這些設施的品種，以加快更多產品的交付速度。

We made significant website enhancements to better communicate faster delivery options.

我們對網站進行了重大改進，以更好地傳達更快的交付選項。

Many customers were not aware of our robust delivery options.

許多客戶不知道我們強大的交付選項。

In the third quarter, we launched a marketing campaign that builds awareness of our faster delivery speeds.

在第三季度，我們發起了一項行銷活動，以提高人們對我們更快的交付速度的認識。

While this is just launched, we are seeing the intended results, greater customer engagement, higher conversion and incremental sales.

雖然它剛剛推出，但我們已經看到了預期的結果：更高的客戶參與度、更高的轉換率和增量銷售。

This is also the first quarter that reflects a full period of SRS in our financials.

這也是我們財務數據中反映完整 SRS 週期的第一季。

SRS gives us the right to win with a specialty trade pro customer who need specialized capabilities to complete their project.

SRS 讓我們有權贏得需要專業能力來完成專案的專業貿易專業客戶。

The SRS team did an exceptional job in the quarter and is on track to deliver $6.4 billion in sales for the approximately seven months we'll owe them in fiscal 2024.

SRS 團隊在本季表現出色，預計在 2024 財年的大約 7 個月內實現 64 億美元的銷售額。

As you would expect, the immediate focus with SRS is supporting their growth, both organically and through acquisitions.

正如您所料，SRS 的當務之急是支持其有機成長和收購成長。

However, we are also seeing incremental cross-sell opportunities from our distinct product catalogs and competitive advantages.

然而，我們也從我們獨特的產品目錄和競爭優勢中看到了增量交叉銷售機會。

As you can tell, we remain excited about the growth opportunities in front of us, and we are committed to investing in our capabilities to continue growing share in any environment.

如您所知，我們對眼前的成長機會仍然感到興奮，並且我們致力於投資我們的能力，以在任何環境中繼續增加份額。

Our merchants, store (technical difficulty) supplier partners and supply chain teams did an outstanding job executing throughout the quarter, and I'd like to thank them for their dedication and hard work.

我們的商家、商店（技術難度）供應商合作夥伴和供應鏈團隊在整個季度的執行工作中表現出色，我要感謝他們的奉獻和辛勤工作。

Before I turn the call over to Ann, I'd like to take a moment to reflect on the legacy of our Co-Founder, Bernie Marcus.

在將電話轉給安之前，我想花點時間回顧一下我們的聯合創始人伯尼·馬庫斯的遺產。

We own a measurable debt of gratitude to Bernie.

我們對伯尼懷有深深的感激之情。

He was a master merchant and a retail visionary.

他是一位商人大師和零售業的遠見卓識。

But even more importantly, he valued our associates, customers and communities above all.

但更重要的是，他首先重視我們的員工、顧客和社區。

He's left us with an invaluable legacy in the backbone of our company, our values and culture.

他為我們公司的支柱、我們的價值觀和文化留下了寶貴的遺產。

The entire Home Depot family is deeply saddened by his passing.

整個家得寶家族對他的去世深感悲痛。

He will be missed.

人們會想念他的。

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

現在，讓我把電話轉給安。

Thanks, Ted, and good morning, everyone.

謝謝，特德，大家早安。

First, I want to extend my deepest sympathy and support to all the residential communities that have been impacted by Hurricanes Helene and Milton.

首先，我想向所有受到颶風海倫和米爾頓影響的住宅社區表示最深切的同情和支持。

One of the hallmarks of the Home Depot has always been to support our communities through natural disasters, and we're incredibly proud of the tireless efforts of our teams and post the storms to stage and deliver the needed products while ensuring the safety of our associates.

家得寶的標誌之一一直是支持我們的社區度過自然災害，我們為我們團隊的不懈努力感到無比自豪，他們在暴風雨過後準備並交付所需的產品，同時確保我們員工的安全。

In the aftermath of the storms, the efforts of both our field and store support center teams have been extraordinary and demonstrate the culture and exceptionalism of our amazing associates who are committed to providing the necessary support and resources to help rebuild and restore their communities.

風暴過後，我們的現場和商店支援中心團隊做出了非凡的努力，展示了我們出色的員工的文化和卓越精神，他們致力於提供必要的支持和資源，以幫助重建和恢復他們的社區。

Our thoughts and prayers continue to be with all of our affected associates and communities as they navigate this challenging time.

在所有受影響的員工和社區度過這個充滿挑戰的時期時，我們的思念和祈禱將繼續與他們同在。

Over the last year, I have been providing some key insights on the progress we're making with our pro ecosystem capabilities that serve pro is working on larger complex products.

在過去的一年裡，我一直在提供一些關於我們在專業生態系統功能方面所取得的進展的重要見解，這些功能服務於專業人士正在開發更大的複雜產品。

We are pleased with the performance of this pro ecosystem, which is now in 17 US markets.

我們對這個專業生態系統的表現感到滿意，該生態系統現已進入 17 個美國市場。

Today, I would like to take a moment to highlight some of the investments we are making in our stores to deliver the best experience for every pro buying occasion.

今天，我想花點時間重點介紹我們在商店中進行的一些投資，以便為每個專業購買場合提供最佳體驗。

You've heard us talk about our focus on improving on-shelf availability through multiple initiatives, but we are also enhancing leadership oversight, processes and systems to drive the overall in-store pro customer experience.

您已經聽過我們談論我們致力於透過多項措施提高貨架可用性，但我們也在加強領導力監督、流程和系統，以推動整體店內專業客戶體驗。

We recently introduced a pro customer experience manager to help drive a higher level of connectivity with our in-store pro and outside sales team in order to deliver a more seamless experience and exceptional service.

我們最近引入了專業客戶體驗經理，幫助推動與店內專業和外部銷售團隊的更高水準的聯繫，從而提供更無縫的體驗和卓越的服務。

This new leadership role with our existing teams enables us to focus more on the needs of the (inaudible) with a focus on building relationships with our most important Pros, ensuring we have that large quantities available for sale on critical SKUs and allocated more labor hours to the pro desks during peak shopping times.

我們現有團隊的這一新領導角色使我們能夠更加關注（聽不清楚）的需求，重點是與我們最重要的專業人士建立關係，確保我們有大量可供銷售的關鍵SKU 並分配更多的工時在購物高峰期前往專業服務台。

We also continue to improve my view with more robust insights to drive a deeper level of engagement and more actionable outcomes for pro customers.

我們也繼續透過更強大的見解來改進我的觀點，以推動專業客戶更深層的參與和更可行的成果。

These tools combined with the process improvements, leadership engagement and increased emphasis on service are driving more customer engagement and improving the in-store shopping experience for pro customers.

這些工具與流程改善、領導層參與和對服務的日益重視相結合，正在推動更多的客戶參與並改善專業客戶的店內購物體驗。

I would also like to take a minute to share with you a bit more around the progress we have seen over the last few quarters as it relates to shrink.

我還想花一點時間與大家分享我們在過去幾季中所看到的與收縮相關的進展。

For us, our focus on mitigating shrink has been a continual and evolving process, leveraging our cross-functional teams and investing in technology to test and learn the most effective methods of reducing shrink.

對我們來說，我們對減少損耗的關注是一個持續不斷發展的過程，利用我們的跨職能團隊並投資技術來測試和學習減少損耗的最有效方法。

While the external environment continues to be challenging, we're incredibly pleased with the positive momentum we are seeing and improve results through our shrink mitigating initiatives.

儘管外部環境仍然充滿挑戰，但我們對所看到的積極勢頭感到非常滿意，並透過減少收縮舉措改善了業績。

I could not be more excited about the progress we are making across the business to drive a best-in-class experience for customers.

我對我們在整個業務領域為客戶提供一流體驗所取得的進展感到非常興奮。

Our stores are ready, and our associates stay engaged, and I would like to thank them for all that they do.

我們的商店已經準備就緒，我們的員工也一直積極參與，我要感謝他們所做的一切。

Lastly, as one of the hundreds of thousands of Home Depot associates inspired by Bernie's passion for giving back to our associates and communities, I want to extend my deepest condolences to the entire Marcus family.

最後，身為受到伯尼回饋員工和社區熱情的數十萬家得寶員工之一，我想向整個馬庫斯家族致以最深切的哀悼。

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

接下來，讓我把電話轉給比利。

Thank you, Ann, and good morning, everyone.

謝謝你，安，大家早安。

I want to start by also thanking all of our associates and supplier partners for their ongoing commitment to serving our customers and communities.

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。

As you heard from Ted, our performance during the third quarter exceeded our expectations as we saw better engagement in some seasonal categories as a result of more favorable weather throughout the quarter.

正如您從 Ted 那裡聽到的，我們第三季度的表現超出了我們的預期，因為整個季度天氣更加有利，我們看到一些季節性類別的參與度有所提高。

In addition, we also saw incremental sales as a result of the hurricanes.

此外，我們也看到颶風帶來的銷售增量。

However, the higher interest rate environment and greater macroeconomic uncertainty continues to pressure overall project demand.

然而，較高的利率環境和更大的宏觀經濟不確定性繼續給整體專案需求帶來壓力。

Turning to our merchandizing department comp performance for the third quarter, our power, outdoor garden, building materials, indoor garden and paint departments posted positive comps while lumber, plumbing and hardware were all above the company average.

談到第三季我們的銷售部門的業績表現，我們的電力、室外花園、建築材料、室內花園和油漆部門的業績表現良好，而木材、管道和五金部門的業績均高於公司平均水平。

During the third quarter, our comp transactions decreased 0.6% and comp average ticket decreased 0.8%.

第三季度，我們的贈品交易量下降了 0.6%，贈品平均票價下降了 0.8%。

However, we continue to see our customers trading up for new and innovative products.

然而，我們繼續看到我們的客戶購買新的創新產品。

Big ticket comp transactions or those over $1,000 were down 6.8% compared to the third quarter of last year.

與去年第三季相比，大額門票交易或 1,000 美元以上的交易下降了 6.8%。

We continue to see softer engagement in larger discretionary projects where customers typically use financing to fund the project such as kitchen and bath remodels.

我們繼續看到較大的全權委託專案的參與度下降，客戶通常使用融資來資助廚房和浴室改造等專案。

During the third quarter, pro sales were positive and outpaced the DIY customer and those pros engaging with elements of our pro ecosystem who also have a dedicated salesperson who are our strongest performing pros in the quarter.

在第三季度，專業銷售表現良好，超過了 DIY 客戶和那些參與我們專業生態系統元素的專業人士，他們還擁有專門的銷售人員，他們是我們本季表現最強勁的專業人士。

Turning to total company online sales, sales leveraging our digital platforms increased 4% compared to the third quarter of last year.

就公司線上總銷售額而言，利用我們數位平台的銷售額與去年第三季相比成長了 4%。

And for those customers that chose to transact with us online during the third quarter, nearly half of our online orders were fulfilled through our stores.

對於那些在第三季選擇與我們在線上交易的客戶來說，我們近一半的線上訂單是透過我們的商店完成的。

In addition, as you heard from Ted, we are focused on continuing to improve our interconnected retail experience, whether it is our faster delivery speeds, our more relevant and personalized search results or our enhanced product review summaries powered by AI, all of which are leading to greater purchasing confidence for our customers.

此外，正如您從Ted 那裡聽到的，我們致力於繼續改善我們的互聯零售體驗，無論是我們更快的交付速度，我們更相關和個性化的搜尋結果，還是我們由人工智慧支援的增強的產品評論摘要，所有這些都是為我們的客戶帶來更大的購買信心。

During the third quarter, we hosted our Annual Supplier Partnership meeting where we focused on how we will continue to work together to bring the best products to market, deliver innovative solutions that simplify the project and offer great value with best-in-class features and benefits.

在第三季度，我們舉辦了年度供應商合作夥伴關係會議，會議重點討論了我們將如何繼續合作，將最好的產品推向市場，提供創新的解決方案，簡化項目並通過一流的功能和技術提供巨大的價值。

At the event, we recognized a number of vendors across categories who continue to transform the industry with the innovation they bring to our customers on a daily basis.

在此次活動中，我們表彰了許多不同類別的供應商，他們每天為客戶帶來創新，並不斷改變產業。

This included Starlink, Milwaukee, RYOBI, WAGO, Glacier Bay, Henry Roofing and many more.

其中包括 Starlink、Milwaukee、RYOBI、WAGO、Glacier Bay、Henry Roofing 等。

We are proud of the innovation and partnership that our suppliers bring to the Home Depot and the value that we're able to offer both our pro and DIY customers.

我們為我們的供應商為家得寶帶來的創新和合作夥伴關係以及我們能夠為專業客戶和 DIY 客戶提供的價值感到自豪。

We also hosted our Annual Labor Day and Halloween events and we're pleased with the results.

我們還舉辦了年度勞動節和萬聖節活動，我們對結果感到滿意。

During our Labor Day event, we were encouraged with the customer's engagement across a number of categories including grills which had positive comps for the quarter led by Traeger and 2024 was another record sales year for our Halloween program both in-store and online as our customers continue to add to their collection with our unique and exclusive product assortment.

在我們的勞動節活動期間，我們對客戶在多個類別的參與感到鼓舞，其中包括燒烤爐，這些類別在Traeger 的帶領下在本季度取得了積極的業績，並且2024 年是我們的萬聖節計劃在店內和網路上的另一個創紀錄的銷售年，作為我們的客戶繼續透過我們獨特且獨家的產品種類來添加他們的系列。

As we turn our attention to the fourth quarter, we plan to maintain our momentum with our annual holiday, Black Friday and gift center events.

當我們將注意力轉向第四季度時，我們計劃透過年度假期、黑色星期五和禮品中心活動來保持勢頭。

In our gift center event, we continue to lean into brands that matter most for our customers with our assortment of Milwaukee, RYOBI, Makita, DEWALT, RIDGID, Husky and more.

在我們的禮品中心活動中，我們繼續關注對客戶最重要的品牌，包括 Milwaukee、RYOBI、Makita、DEWALT、RIDGID、Husky 等。

We'll have something for everyone whether it's our wide assortment of cordless RYOBI tools, Milwaukee M18 fuel tool kits and our new Husky BITE tools.

無論是我們種類繁多的無線 RYOBI 工具、Milwaukee M18 燃油工具套件還是我們的新型 Husky BITE 工具，我們都會為每個人提供適合的東西。

We are bringing more innovation in batteries with RYOBI Edge, DEWALT XR and the expansion of the Milwaukee [Fords] lineup with new 8 and 12 amp hour batteries, all designed to bring more power to our customers.

我們透過 RYOBI Edge、DEWALT XR 帶來更多電池創新，並透過新型 8 和 12 安培小時電池擴展 Milwaukee [Fords] 產品線，所有這些都旨在為我們的客戶帶來更多動力。

And the innovative Husky BITE tool technology offers increased grip on new and rounded fasteners, better access, more torque and more leverage, making them a great addition to any toolbox at a great value and they are exclusive to the Home Depot.

創新的Husky BITE 工具技術增強了對新型圓形緊固件的抓握力、更好的接觸能力、更大的扭矩和更大的槓桿作用，使其成為任何工具箱的絕佳補充，物超所值，並且是家得寶(Home Depot) 獨有的。

Our merchandizing organization remains focused on being our customer's advocate for value.

我們的銷售組織仍然專注於成為客戶的價值倡導者。

This means continuing to provide a broad assortment, best-in-class products that are in stock and available for our customers when they need it.

這意味著繼續提供品種齊全、一流的產品，這些產品有庫存，可以在客戶需要時提供給他們。

We will also continue to provide innovative product solutions that simplify the project, saving our customers time and money.

我們也將繼續提供創新的產品解決方案，以簡化項目，節省客戶的時間和金錢。

That's why I'm so excited about the innovation we continue to bring to the market.

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。

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

說到這裡，我想把電話轉給理查。

Thank you, Billy, and good morning, everyone.

謝謝你，比利，大家早安。

In the third quarter, total sales were $40.2 billion, an increase of approximately 6.6% from last year.

第三季總銷售額為402億美元，較去年成長約6.6%。

During the third quarter, our total company comps were negative 1.3%, with comps of negative 3.3% in August, negative 2.3% in September and positive 1% in October.

第三季度，我們公司的總成本為負 1.3%，其中 8 月為負 3.3%，9 月為負 2.3%，10 月為正 1%。

Comps in the US were negative 1.2% for the quarter with comps of negative 3.5% in August, negative 2.2% in September and positive 1.4% in October.

美國本季的綜合指數為負 1.2%，其中 8 月為負 3.5%，9 月為負 2.2%，10 月為正 1.4%。

The progression of our monthly comps reflects in large part hurricane-related sales.

我們每月比較的進展很大程度上反映了與颶風相關的銷售。

Our results for the third quarter include a net contribution of approximately $200 million in hurricane-related sales, which positively impacted total company comps by approximately 55 basis points for the quarter, and approximately 120 basis points for October.

我們第三季的業績包括與颶風相關的銷售額約 2 億美元的淨貢獻，這對本季公司整體業績產生了約 55 個基點的正面影響，對 10 月產生了約 120 個基點的正面影響。

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

第三季度，我們的毛利率約為 33.4%，比去年第三季度下降約 40 個基點，主要是由於收購 SRS 導致的混合推動，但部分被較小的收縮帶來的好處所抵消。

During the third quarter, operating expense as a percent of sales increased approximately 45 basis points, to 19.9% compared to the third quarter of 2023.

與 2023 年第三季相比，第三季營運費用佔銷售額的百分比增加了約 45 個基點，達到 19.9%。

Our operating expense performance was in line with our expectations.

我們的營業費用表現符合我們的預期。

Our operating margin for the third quarter was 13.5% compared to 14.3% in the third quarter of 2023.

我們第三季的營業利潤率為 13.5%，而 2023 年第三季為 14.3%。

In the quarter, pre-tax intangible asset amortization was $138 million, including $86 million related to SRS.

本季度，稅前無形資產攤銷為 1.38 億美元，其中與 SRS 相關的 8,600 萬美元。

Excluding the intangible asset amortization in the quarter, our adjusted operating margin for the third quarter was 13.8% compared to 14.5% in the third quarter of 2023.

不包括本季的無形資產攤銷，我們第三季調整後的營業利潤率為 13.8%，而 2023 年第三季為 14.5%。

Interest and other expense for the third quarter increased by $157 million to $595 million, due primarily to higher debt balances than a year ago.

第三季的利息和其他費用增加了 1.57 億美元，達到 5.95 億美元，主要是因為債務餘額高於一年前。

In the third quarter, our effective tax rate was 24.4% compared to 23.3% in the third quarter of fiscal 2023.

第三季度，我們的有效稅率為 24.4%，而 2023 財年第三季為 23.3%。

Our diluted earnings per share for the third quarter were $3.67, a decrease of approximately 4% compared to the third quarter of 2023.

我們第三季的攤薄每股收益為 3.67 美元，較 2023 年第三季下降約 4%。

Excluding intangible asset amortization, our adjusted diluted earnings per share for the third quarter were $3.78, a decrease of approximately 2% compared to the third quarter of 2023.

不計無形資產攤銷，我們第三季調整後稀釋每股收益為3.78美元，較2023年第三季下降約2%。

During the third quarter, we opened five new stores bringing our total store count to 2,345.

第三季度，我們開了 5 家新店，使門市總數達到 2,345 家。

Retail selling square footage was approximately 243 million square feet.

零售銷售面積約2.43億平方英尺。

At the end of the quarter, merchandise inventories were $23.9 billion, up approximately $1.1 billion compared to the third quarter of 2023, and inventory turns were 4.8 times, up from 4.3 times last year.

截至本季末，商品庫存為 239 億美元，較 2023 年第三季增加約 11 億美元，庫存週轉率為 4.8 倍，高於去年的 4.3 倍。

Turning to capital allocation.

轉向資本配置。

During the third quarter, we invested approximately $820 million back into our business in the form of capital expenditures.

第三季度，我們以資本支出的形式向我們的業務投資了約 8.2 億美元。

And during the quarter, we paid approximately $2.2 billion in dividends to our shareholders.

在本季度，我們向股東支付了約 22 億美元的股息。

Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was approximately 31.5%, down from 38.7% in the third quarter of fiscal 2023.

根據過去 12 個月期初和期末長期債務和股本的平均值計算，投資資本回報率約為 31.5%，低於 2023 財年第三季的 38.7%。

Now I will comment on our updated outlook for fiscal 2024.

現在我將評論我們更新的 2024 財年展望。

As you heard from Ted, while macro uncertainty remains and continues to pressure home improvement demand, our performance in the third quarter was better than expected.

正如您從 Ted 那裡聽到的，雖然宏觀不確定性依然存在，並繼續對家居裝修需求構成壓力，但我們第三季的業績好於預期。

Our performance reflects hurricane-related sales in the third quarter, and we expect some hurricane-related sales in the fourth quarter.

我們的業績反映了第三季與颶風相關的銷售，我們預計第四季會出現一些與颶風相關的銷售。

Given the better-than-expected performance in the third quarter and incremental hurricane-related sales, we have updated our fiscal 2024 guidance.

鑑於第三季的業績優於預期以及颶風相關銷售的增量，我們更新了 2024 財年指引。

We now expect total sales growth of approximately 4%, including SRS and the 53rd week.

我們現在預計總銷售額成長約為 4%，其中包括 SRS 和第 53 週。

The 53rd week is projected to add approximately $2.3 billion to total sales and SRS is expected to contribute approximately $6.4 billion in incremental sales.

第 53 週預計總銷售額將增加約 23 億美元，SRS 預計將貢獻約 64 億美元的增量銷售額。

Comparable sales are expected to decline approximately 2.5% and for the 52 week period.

預計 52 週內的可比銷售額將下降約 2.5%。

We expect to open approximately 12 new stores.

我們預計將開設約 12 家新店。

Our gross margin is expected to be approximately 33.5%.

我們的毛利率預計約為33.5%。

We expect operating margin to be approximately 13.5% and adjusted operating margin to be approximately 13.8%.

我們預計營業利潤率約為 13.5%，調整後的營業利潤率約為 13.8%。

Our effective tax rate is targeted at approximately 24%.

我們的有效稅率目標約為 24%。

We expect net interest expense of approximately $2.1 billion.

我們預計淨利息支出約為 21 億美元。

We expect our diluted earnings per share to decline approximately 2% compared to fiscal 2023 with the extra week contributing approximately $0.30 per share.

我們預計，與 2023 財年相比，稀釋後每股收益將下降約 2%，額外一週貢獻每股約 0.30 美元。

And we expect our adjusted diluted earnings per share to decline approximately 1% compared to fiscal 2023 with the extra week contributing approximately $0.30 per share.

我們預計，與 2023 財年相比，調整後的稀釋每股收益將下降約 1%，額外一週貢獻每股約 0.30 美元。

We believe that we will grow market share in any environment.

我們相信，在任何環境下我們都會增加市場佔有率。

We are continuing to invest to strengthen our competitive -- to strengthen our competitive position with our customers and leverage our scale and low-cost position to drive growth faster than the market and deliver shareholder value.

我們將繼續投資以增強我們的競爭力——加強我們與客戶的競爭地位，並利用我們的規模和低成本地位來推動比市場更快的成長並創造股東價值。

Thank you for your participation in today's call.

感謝您參加今天的電話會議。

And Christine, we are now ready for questions.

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。

Morning, everyone.

早安，大家。

(technical difficulty)

（技術難度）

Scot, you're breaking up.

史考特，你們要分手了。

Can you repeat your question, please?

您能重複一下您的問題嗎？

Sales were better than then we would have expected.

銷售情況比我們預期的要好。

I know you guys outlined

我知道你們概述了

(technical difficulty)

（技術難度）

Scot, sorry to cut you off.

史考特，很抱歉打斷你的話。

We can't really hear you.

我們真的聽不到你說話。

So we're going to go to the next question, and we'll come back to you.

所以我們將討論下一個問題，然後我們會再回答您。

Zach Fadem, Wells Fargo.

札克法德姆，富國銀行。

Hey, good morning.

嘿，早安。

So, starting with the hurricane impact, Richard, you called out about 55 basis points in Q3.

因此，理查德，從颶風的影響開始，您在第三季度提出了大約 55 個基點。

Any color on category impacts and if those sales skewed more DIY versus pro?

對品類影響有何影響？

And then as you think about Q4, how would you characterize the implied down 2.5% comp guide between hurricane driven and the underlying business?

然後，當您考慮第四季度時，您如何描述颶風驅動和基礎業務之間隱含的 2.5% 的補償指引？

Yeah.

是的。

Hey, Zach, it's Billy.

嘿，札克，我是比利。

And then I'll turn it over to Richard to answer the back half of that question.

然後我會把它交給理查回答這個問題的後半部。

Just in terms of the hurricane piece, obviously, pretty similar to all events.

就颶風而言，顯然與所有事件都非常相似。

Think about generators, think about cleanup.

想想發電機，想想清理工作。

You think about, obviously, lumber, is it relates to what we do to help our communities get ready for those events.

顯然，你會想到木材，它是否與我們幫助我們的社區為這些事件做好準備所做的事情有關。

So pretty similar from a product assortment standpoint.

從產品分類的角度來看非常相似。

And obviously, all that's consumer-driven as customers ready themselves for that event.

顯然，當客戶為該活動做好準備時，所有這些都是消費者驅動的。

And I'll flip it to Richard to answer the back half of that.

我會把它轉給理查回答後半部。

Yeah.

是的。

So Zach just talking about the guide of 2.5% for the year, our guidance really principally reflects the outperformance that we saw in Q3 driven by hurricane related sales as well as reflecting the fact that we just saw exceptional weather across the entire country for most of the quarter.

因此，扎克只是談論今年2.5% 的指導，我們的指導實際上主要反映了我們在第三季度看到的由颶風相關銷售推動的優異表現，也反映了我們剛剛看到全國大部分時間的特殊天氣這一事實。

So the full-year view is basically the flow through of that Q3 performance with some Q4 impact of hurricane related sales.

因此，全年的觀點基本上是第三季業績的流動，以及颶風相關銷售對第四季的一些影響。

Got it.

知道了。

Appreciate the color.

欣賞顏色。

And just taking a step back, how much of your business would you categorize as needs based versus discretionary today?

退一步來說，您現在的業務中有多少屬於基於需求的業務，而不是可自由支配的業務？

And is it still fair to say that the larger and bigger ticket projects are being deferred while needs based break fix type projects are getting done?

越來越大的門票項目被推遲，而基於需求的中斷修復類型項目正在完成，這樣說還公平嗎？

And also, any color on how those two buckets have been trending through the year?

另外，這兩個桶今年的趨勢如何？

Yeah, Zach, that's always difficult to parse out needs based versus discretionary project.

是的，扎克，總是很難解析出基於需求的項目和可自由支配的項目。

We would say your needs based projects are getting done.

我們會說您基於需求的項目正在完成。

We've talked about there being strong engagement in home improvement and certainly with our pros, but the larger more discretionary projects are the ones that are being deferred and that balance has been consistent throughout this year.

我們已經談到了對家居裝修的大力參與，當然還有我們的專業人士的參與，但較大的、可自由支配的項目被推遲，而且這種平衡在今年一直保持一致。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Hey, good morning.

嘿，早安。

Thanks very much.

非常感謝。

Can you discuss SRS and the progress you've made in cross-selling products and services across the two businesses?

您能否討論一下 SRS 以及您在兩家公司交叉銷售產品和服務方面取得的進展？

And then can you also touch on the volume contribution specifically in the third quarter?

那麼您能否具體談談第三季的銷售貢獻？

Sure.

當然。

So we're very pleased with our progress with SRS.

因此，我們對 SRS 的進展感到非常滿意。

As I said in my prepared remarks, job one is to support them executing their play of growing their business which they do with what we would call comp growth through their existing branches, opening up new branches and then doing tuck in M&A.

正如我在準備好的演講中所說，第一項工作是支持他們發展業務，他們透過現有分支機構、開設新分支機構、然後進行併購來實現我們所謂的公司成長。

They've continued to do that through the third quarter.

他們在第三季繼續這樣做。

They opened a number of branches.

他們開設了多家分店。

They grew the business and they even made a couple small tuck-in acquisitions.

他們發展了業務，甚至進行了幾項小型收購。

So the strategic game plan for SRS is proceeding as expected.

因此，SRS的戰略博弈計劃正在按預期進行。

On the cross-sell opportunity, the initial things we're working on is to make their catalog available to our customers largely through the Pro Desk and through our outside sales resources and we're seeing terrific take up on that.

關於交叉銷售機會，我們首先要做的事情是主要透過 Pro Desk 和我們的外部銷售資源向我們的客戶提供他們的目錄，我們看到了這方面的出色進展。

The comp sales of SRS product through The Home Depot ecosystem, while obviously a very small base is accelerating incredible triple-digit comp growth with those specific sales.

SRS 產品透過家得寶生態系統進行的可比銷售，雖然顯然基數很小，但這些具體銷售額正在加速令人難以置信的三位數可比成長。

And then, we're also beginning to quote our product into their customer base.

然後，我們也開始向他們的客戶群報價我們的產品。

Now, remember they're specialty trade and they're focused on roofers, landscapers, folks putting down hardscapes in backyards and then working on repairing and maintaining pools and irrigation.

現在，請記住，他們是專業貿易，他們專注於屋頂工人、景觀設計師、在後院鋪設硬景觀、然後修復和維護水池和灌溉的人們。

However, those customers do engage in some broader home improvement activity, and we've already begun to actively quote our broader catalog into their customer base, very, very early days, but the sales teams are working together incredibly well getting to know each other, going on some joint customer calls together.

然而，這些客戶確實參與了一些更廣泛的家居裝修活動，我們已經開始積極地將我們更廣泛的產品目錄引用到他們的客戶群中，非常非常早，但銷售團隊正在合作得非常好，相互了解，一起進行一些聯合客戶拜訪。

So early days on that, but again the strategic thesis is playing out exactly how we had hoped.

雖然還處於早期階段，但戰略主題再次完全按照我們的希望進行。

And Chuck, you asked for specifics.

查克，你問了具體細節。

They contributed $2.9 billion in the third quarter.

他們第三季貢獻了 29 億美元。

They're on track to deliver the expected $6.4 billion in sales contribution for the roughly seven months that we'll end them.

在我們結束他們的大約七個月內，他們有望實現預期的 64 億美元銷售貢獻。

Okay, great.

好的，太好了。

Thanks very much.

非常感謝。

And then one for you, Richard, on gross margins, down 40 basis points.

理查德，還有一份關於毛利率的報告，下降了 40 個基點。

It sounds like SRS was the lion share.

聽起來 SRS 佔了最大份額。

Is there any way to double click on that and just unpack?

有什麼辦法可以雙擊它並解壓縮嗎？

I think it was about 35 basis points of pressure last quarter.

我認為上季壓力約為 35 個基點。

And then just looking out, can we think about broader puts and takes for gross margins?

然後，我們可以考慮一下更廣泛的看跌期權和毛利率嗎？

I mean relative to where you were pre-COVID which was north of 34%.

我的意思是相對於新冠疫情爆發前的情況而言，這一數字高出了 34%。

How do we think about the gross margin trajectory over the next few years?

我們如何看待未來幾年的毛利率軌跡？

Thanks.

謝謝。

Sure.

當然。

Well, so specifically, look when you look year-over-year, the major impact in gross margin versus last year was simply the mix impact from SRS.

嗯，具體來說，當您逐年查看時，毛利率與去年相比的主要影響僅僅是 SRS 的混合影響。

And so, that was actually an 80 basis point impact for the quarter.

因此，這實際上對該季度產生了 80 個基點的影響。

So let's talk about gross margin.

那我們來談談毛利率。

It was in-line with our expectations.

這符合我們的預期。

In fact, our guidance for gross margin for the full-year has not changed.

事實上，我們對全年毛利率的指導並沒有改變。

So again, in Q3, the impact was around 80 basis points from SRS.

同樣，在第三季度，SRS 的影響約為 80 個基點。

So you can do the math and see that the remainder of the business was up significantly and was in-line with our expectations, and that also reflected benefits from shrink that Ann had mentioned.

因此，您可以計算一下，發現其餘業務顯著成長，符合我們的預期，這也反映了安提到的收縮帶來的好處。

And just to remind you, SRS will be for the year 2024, it will have about a 45 basis point impact on the year because remember, we will have only owned them for about seven months.

只是提醒您一下，SRS 將針對 2024 年，它將對這一年產生大約 45 個基點的影響，因為請記住，我們只擁有它們大約七個月。

But an annualized number for SRS impact to gross margin is about 70 basis points.

但 SRS 對毛利率影響的年化數字約為 70 個基點。

So if you just allow me a second to make sure everyone got that, that's 70 basis points of expected shift in our gross margin profile from adding them to our business.

因此，如果您允許我花點時間確保每個人都明白這一點，那麼將它們添加到我們的業務中，我們的毛利率狀況預計將發生 70 個基點的變化。

Our gross margin again was right where we expected it to be.

我們的毛利率再次達到了我們的預期。

Transportation expense or rather benefits from decreasing transportation expense were dynamic in the first half of the year, but that's largely sort of gone away as year-over-year comparisons flatten out.

今年上半年，交通費用，或者更確切地說，交通費用減少的好處是動態的，但隨著同比比較趨於平緩，這種情況基本上消失了。

And so, we were very pleased with our margin performance.

因此，我們對利潤率表現非常滿意。

And as I said, we have not changed our guidance for the full-year gross margin.

正如我所說，我們沒有改變對全年毛利率的指導。

Look, as far as long-term goes in June of 2023, at our Investor Conference, we laid out a base case that in essence said.

看，就 2023 年 6 月的長期發展而言，在我們的投資者會議上，我們提出了一個基本情況，本質上是這樣的。

Look, we anticipate flat gross margin as part of our operating model.

看，我們預計毛利率將持平，作為我們營運模式的一部分。

There's a ton of productivity that our amazing supply chain team drives every single year that we reinvest in that gross margin, but that's reflective of our position as the sharpest value in the market for our customers and that's our intention.

我們優秀的供應鏈團隊每年都會在毛利率上再投資，從而提高生產力，但這反映了我們作為客戶市場上最大價值的地位，這就是我們的意圖。

But again, the acquisition of SRS does present a shift in our margin base for the business.

但同樣，收購 SRS 確實使我們的業務利潤基礎發生了變化。

Seth Sigman, Barclays.

塞思‧西格曼，巴克萊銀行。

Hey, good morning, everyone.

嘿，大家早安。

Nice progress in the quarter.

本季取得了不錯的進展。

My main question is around market share.

我的主要問題是市場佔有率。

Obviously, macro and housing matters a lot here, but you're also doing a lot to better serve your customer and all the different types of customers.

顯然，宏觀和住房在這裡很重要，但您也做了很多工作來更好地服務您的客戶和所有不同類型的客戶。

I guess, in that context, it does seem like Home Depot's performance improved relative to the industry this quarter.

我想，在這種背景下，家得寶本季的業績相對於產業來說確實有所改善。

Can you speak to that?

你能談談嗎？

And any specific categories you would call out where you do think you're gaining more share?

您認為自己在哪些特定類別中獲得了更多份額？

Thanks.

謝謝。

I'll hit on the broader topic and pass over to Billy.

我會談到更廣泛的話題，然後交給比利。

We've always said it is tough to parse out market share.

我們總是說很難解析市場佔有率。

But if you look at PC expenditures in home, in furnishings those were deeper negative as reported in government statistics in our results.

但如果你看看家庭的個人電腦支出，你會發現家具的支出呈現更嚴重的負面影響，正如我們結果中政府統計數據所報告的。

So if you look at that broader macro, we would the highest-level macro, we would say we took share and then we obviously look at reported results from competitors who are functioning in certain product categories that we operate in.

因此，如果你看更廣泛的宏觀，我們會看到最高層級的宏觀，我們會說我們佔據了份額，然後我們顯然會查看在我們經營的某些產品類別中運作的競爭對手的報告結果。

And again, in most of those, we see our businesses outperforming those of publicly traded companies results.

同樣，在大多數業務中，我們看到我們的業務表現優於上市公司的業績。

And Billy, if you want to hit on some categories?

比利，如果你想進入某些類別？

Yeah.

是的。

As we said in our prepared remarks, certainly our seasonal performance, we saw increased great engagement across our seasonally related categories and that includes Halloween.

正如我們在準備好的演講中所說，當然是我們的季節性表現，我們看到季節性相關類別（包括萬聖節）的參與度增加。

Paint continues to be a great story for us.

油漆對我們來說仍然是一個很棒的故事。

And while we did see some exterior business just related on the weather that we called out, we're certainly making great progress with the pro that paints, our partnerships with BEHR, PPG, our in-store service model enhancements, our job site delivery expansion has really helped us grow share in that segment and really pleased with the performance of the team there.

雖然我們確實看到一些與我們呼籲的天氣相關的外部業務，但我們在油漆專業人士、我們與BEHR、PPG 的合作夥伴關係、我們店內服務模式的增強、我們的工作現場交付方面確實取得了巨大進展擴張確實幫助我們增加了該領域的份額，並且對那裡團隊的表現非常滿意。

And then, you talk about building materials, continue to see really strong performance in our building materials.

然後，你談論建築材料，繼續看到我們建築材料的強勁表現。

That's multiple quarters on top of multiple quarters.

這是多個季度之上的多個季度。

So as Ted mentioned, pretty hard to kind of parse that out.

正如特德所提到的，很難解析它。

We look at a lot of different data sets but feel very confident that in any market we're going to continue to take share.

我們查看了許多不同的數據集，但非常有信心在任何市場中我們都將繼續佔據份額。

But, that's a few of the areas that we've seen great continued acceleration and as I mentioned in building materials specifically ongoing terrific improvement there.

但是，這是我們看到持續加速發展的一些領域，正如我在建築材料方面提到的那樣，特別是那裡正在進行的巨大改進。

Okay.

好的。

That's helpful.

這很有幫助。

I guess a follow-up question would be around big ticket more specifically.

我想後續問題將更具體地圍繞著大票。

It does seem like it took a step down this quarter even in light of hurricane, certain categories you mentioned like generators.

即使考慮到颶風，您提到的某些類別（例如發電機），本季的銷量似乎也有所下降。

How do you categorize that?

你如何分類？

I mean, you mentioned interest rates.

我的意思是，你提到了利率。

Do you think there was some election noise?

你認為有一些選舉噪音嗎？

I mean, I guess ultimately, we're trying to think about what needs to change in your view to really get those categories inflecting?

我的意思是，我想最終，我們正在嘗試思考您的觀點需要做出哪些改變才能真正使這些類別發生變化？

Well, maybe I'll just step back on how we look at this overall environment and what we're seeing.

好吧，也許我會回顧我們如何看待這個整體環境以及我們所看到的情況。

I mean, clearly, our sales during the quarter as we said were more favorable than we expected a lot with weather and hurricane related demand.

我的意思是，顯然，正如我們所說，由於天氣和颶風相關的需求，我們本季的銷售比我們預期的要有利得多。

And don't forget on weather, it's not just that you're doing garden because the weather is nice.

別忘了天氣，你做園藝不只是因為天氣好。

Think of limited days loss from a pro because they can be out of the job site through virtually every day in October it was dry throughout the country.

想想專業人士的有限天數損失，因為他們幾乎每天都在十月份全國乾燥的天氣裡離開工作現場。

Now, the issue we continue to watch are the macroeconomic uncertainties in the higher rate environment that continues to pressure larger remodeling projects.

現在，我們繼續關注的問題是高利率環境下的宏觀經濟不確定性繼續給大型改造項目帶來壓力。

So we look at the reversion of personal consumption from goods to services that's largely worked its way out and we've largely navigated our way through the pull-forward of demand that we saw during the pandemic.

因此，我們著眼於個人消費從商品轉向服務的回歸，這在很大程度上已經解決了，而且我們在很大程度上已經通過了大流行期間看到的需求拉動。

So, again today this higher rate environment is pressuring the larger normally debt financed remodeling projects as well as existing home sales.

因此，今天這種較高的利率環境再次給較大的通常債務融資的改造項目以及現有房屋銷售帶來壓力。

So we all know that the Fed's cut interest rates two cycles here.

所以我們都知道聯準會在這裡降息了兩個週期。

But, from the cut in September, mortgage rates have actually increased about 60 basis points.

但自 9 月降息以來，抵押貸款利率實際上上升了約 60 個基點。

So two rate cuts combined 75 basis points, yet the 10 year and then therefore the mortgage rates are up about 60 basis points.

因此，兩次降息總計 75 個基點，但 10 年期及之後的抵押貸款利率上漲了約 60 個基點。

That continues to impact housing turnover, which were just about 3% of homes turning over, which is a 40 year low at this point.

這繼續影響著房屋週轉率，房屋週轉率僅為 3% 左右，目前為 40 年來的最低水準。

And you might say that the worst is behind us.

你可能會說，最糟糕的時期已經過去了。

How much lower are we going to go, usually we're at about 4.5%, 5% turnover.

我們會降低多少，通常我們的換手率約為 4.5%、5%。

I think we actually touched on sort of 2.99%.

我認為我們實際上觸及了 2.99%。

So one could argue we're near the low there.

因此有人可能會說我們已經接近最低點了。

But then the larger projects often require financing whether it's cash out financing or home equity lines of credit.

但較大的專案通常需要融資，無論是現金融資或房屋淨值信貸額度。

Those are down.

那些都下來了。

So, our HELOCs those track more directly the drop-in short-term rates.

因此，我們的 HELOC 更直接地追蹤短期利率的下降。

So those are down 75 basis points, but still historically high at over 8%.

因此，這些數字下降了 75 個基點，但仍處於歷史高位，超過 8%。

So with that, we're encouraged with certain green shoots if you will in the business with the pull-forward working its way through the categories that Billy just went through.

因此，如果您願意在業務中通過比利剛剛經歷的類別進行前拉，我們會受到某些新芽的鼓舞。

But what we're looking for is just one is the timing of homeowners starting those larger remodeling projects.

但我們要尋找的只是房主開始大型改建工程的時機。

So we remain super bullish on the outlook for home improvement.

因此，我們仍然非常看好家居裝修的前景。

We'll have to work our way through this current macro uncertainty and the interest rates pressuring home improvement demand, but this is a market after all, and markets return to equilibrium and remodeling will as well.

我們必須努力克服當前的宏觀不確定性和利率對居家裝修需求的壓力，但這畢竟是一個市場，市場會回歸平衡，重塑也會回歸平衡。

We just don't think we're quite there yet.

我們只是認為我們還沒有完全做到這一點。

Steven Zaccone, Citi.

史蒂文·扎科內，花旗銀行。

Great.

偉大的。

Good morning.

早安.

Thanks very much for taking my question.

非常感謝您提出我的問題。

I wanted to follow-up on gross margin briefly.

我想簡單地跟進一下毛利率。

So in the quarter, was there any mix pressure on gross margin from the higher hurricane related sales?

那麼，在本季度，颶風相關銷售額的增加是否對毛利率造成了任何混合壓力？

And then just to follow-up on the longer-term, there's a good amount of discussion around shrink.

然後，為了長期跟進，圍繞收縮進行了大量討論。

You've made a lot of progress there.

你在那裡取得了很大的進步。

Can you help us understand how much of an opportunity that is over the medium-term?

您能否幫助我們了解中期機會有多大？

Is this something that's in the 10 basis points to 20 basis points, or could it be something more meaningful over time?

這是 10 個基點到 20 個基點之間的事情，還是隨著時間的推移可能會變得更有意義？

Right.

正確的。

Yeah.

是的。

So as far as gross margin goes for the quarter, there was a slight amount of mix pressure to margin.

因此，就本季的毛利率而言，利潤率存在輕微的混合壓力。

And just think about how Billy characterizes at the beginning of hurricane prep and then through cleanup, you're just selling higher volumes of lower gross margin goods.

想想比利在颶風準備開始時的特徵，然後透過清理，你只是銷售更多的毛利率較低的商品。

And so, there was some slight pressure there.

所以，那裡有一些輕微的壓力。

And as far as shrink goes, look, we are frankly just head down and the teams are working so hard every single day.

就心理醫生而言，坦白說，我們只是低著頭，團隊每天都在努力工作。

They have made major investments, not just financially, but also in the amazing number of initiatives they've brought forward to combat in essence, the results of organized retail theft and other crime.

他們不僅在經濟上進行了重大投資，而且還提出了數量驚人的舉措，以從本質上打擊有組織的零售盜竊和其他犯罪的結果。

This is a problem for all of retail.

這是所有零售業都面臨的問題。

It's hard to quantify.

很難量化。

What we can tell you is that our investments are paying off.

我們可以告訴您的是，我們的投資正在獲得回報。

They've led now to multiple quarters of benefits year-over-year, tangible results from investments we've made.

現在，它們已經為我們帶來了多個季度的同比收益，並從我們的投資中獲得了實際的成果。

That does not mean that the operating environment is getting any easier.

這並不意味著操作環境變得更容易。

In fact, it's getting harder and harder.

事實上，它變得越來越難。

So our hats are off to our teams, and it's an everyday initiative that our teams are fighting every single day.

因此，我們向我們的團隊致敬，這是我們的團隊每天都在努力的日常舉措。

Yeah.

是的。

Understood.

明白了。

My follow-up question, I know there's no 2025 guidance today, but I think as we -- I'm curious like as you look at the backdrop, right, the view for 2024 was like housing was going to be net neutral.

我的後續問題是，我知道今天沒有 2025 年的指導，但我認為，當你看到背景時，我很好奇，對吧，2024 年的觀點是住房將保持淨中性。

As you sit here today, it's tough to call rates.

當你今天坐在這裡時，很難打電話給費率。

But as you think about '25 would you think the housing backdrop turns a little bit more favorable for you, or is it still like think about housing as net neutral as kind of the base case scenario?

但當你想到 25 世紀時，你會認為住房背景變得對你更有利一些，還是仍然認為住房是淨中性的，作為基本情景？

Well, Steven, I'd repeat the comments I just made.

好吧，史蒂文，我會重複我剛才發表的評論。

One could argue that the rate environment is settling down and turnover certainly even under 3% last reported period would be at a low, but just don't know and not obviously ready to talk about '25, and they're not ready as we sit here today to call that this is a turn on larger remodeling projects.

有人可能會說，利率環境正在穩定下來，即使上一個報告期的營業額低於3%，也肯定會處於較低水平，但只是不知道，而且顯然還沒有準備好談論25 年，而且他們還沒有準備好，因為我們今天坐在這裡呼籲這是一個更大的改造項目的轉折。

Scot Ciccarelli, Truist.

斯科特·西卡雷利，真理論者。

Thanks, guys.

謝謝，夥計們。

I apologize for the tech issues.

對於技術問題，我深表歉意。

Richard, I know you outlined the impact of hurricane related sales, but is there a broader estimate for the weather impact in the quarter?

理查德，我知道您概述了颶風相關銷售的影響，但是對於本季天氣影響是否有更廣泛的估計？

And then second, can you guys give us an idea of the magnitude of difference in performance in the 17 markets where you rolled out incremental pro capabilities versus the rest of the base just so we can better understand the impact that those capabilities are having?

其次，你們能否讓我們了解你們推出增量專業功能的 17 個市場與其他基礎市場的表現差異程度，以便我們更了解這些功能所產生的影響？

Thanks.

謝謝。

So the first part of your question, Scot, look, we had outstanding weather across the country.

所以你問題的第一部分，斯科特，你看，我們全國各地的天氣都很好。

So, it becomes harder to parse out what the weather impact is when you literally don't have a control group.

因此，當你實際上沒有對照組時，就很難分析出天氣的影響。

However, we know when the sun was shining, our customers were engaged and that's huge testament to our merchants and our operators for inspiring them to do outdoor projects and the like.

然而，我們知道，當陽光明媚時，我們的客戶就會參與其中，這對我們的商家和經營者激勵他們進行戶外專案等是一個巨大的證明。

So, it's hard to parse out weather, and therefore, we're cautious with respect to extrapolating Q3, just given how favorable the weather truly was across the country.

因此，很難解析天氣情況，因此，考慮到全國各地的天氣確實有多有利，我們對推斷第三季持謹慎態度。

And Ann, Chip, maybe you can talk about pro markets.

安、奇普，也許你們可以談談專業市場。

Yeah.

是的。

I'll jump in and I'll turn it over a little to Chip and Hector.

我會介入並將其交給奇普和赫克托。

But as we've mentioned, just tremendous opportunity as we think about greater share of wallet with the complex pro, and we invest in across the end-to-end, experience.

但正如我們所提到的，當我們考慮在複雜的專業人士中獲得更大的錢包份額時，這是巨大的機會，並且我們投資於端到端的體驗。

We have talked about previously of what we're doing with capabilities on the complex side of the business.

我們之前已經討論過我們正在利用業務複雜方面的功能來做什麼。

And today, I highlighted a lot of great work that Hector and his team is doing with the in-store pro.

今天，我重點介紹了 Hector 和他的團隊與店內專業人士所做的許多出色工作。

And when we think about it across the entire ecosystem, we want to have a great experience outside the stores and we want to have a great experience inside the store.

當我們考慮整個生態系統時，我們希望在商店外獲得良好的體驗，並且希望在商店內獲得良好的體驗。

So we have to be working on these initiatives simultaneously.

因此，我們必須同時致力於這些措施。

To your point, the more they engage with our capabilities, we are seeing tremendous upside.

在你看來，他們越多地利用我們的能力，我們就會看到巨大的優勢。

And it's important for us as we think about these 17 markets to ensure that we're delivering an excellent experience where we build the level of confidence.

當我們考慮這 17 個市場時，確保我們提供卓越的體驗並建立信心水平對我們來說非常重要。

So Chip, I know you continue to work on some key capabilities and if you're going to turn it over to Hector on some of the things he's doing in-store.

所以 Chip，我知道你會繼續研究一些關鍵功能，如果你打算將其交給 Hector 來處理他在店內所做的一些事情。

Yeah.

是的。

Thanks Ann.

謝謝安。

And Scot, we're very encouraged in what's going on in the 17 investment markets where we've been building out the ecosystem that Ann referenced.

Scot，我們對 17 個投資市場正在發生的事情感到非常鼓舞，我們一直在這些市場上建立 Ann 提到的生態系統。

The investment in our foundational capabilities, breadth and depth of inventory, supply chain, delivery and importantly our sales force has led to share gains and outperformance in all those markets, low-single-digits in those markets.

對我們的基礎能力、庫存、供應鏈、交付以及重要的是我們的銷售隊伍的廣度和深度的投資，導致我們在所有這些市場中取得了份額收益和優異的業績，在這些市場中實現了低個位數的成長。

So very, very pleased.

非常非常高興。

As Billy mentioned, these customers that are interacting with our ecosystem are some of our very best performing customers.

正如比利所提到的，這些與我們的生態系統互動的客戶是我們表現最好的客戶之一。

Just as an example, we've launched our trade credit offering where it's early days, but it is really resonating with our customers and we've been able to take share in some of their projects that we normally cannot participate in.

舉個例子，我們已經推出了貿易信貸服務，雖然還處於早期階段，但它確實引起了我們的客戶的共鳴，我們已經能夠分享他們通常無法參與的一些項目。

So very pleased with what's happening.

對所發生的事情非常滿意。

Hector?

赫克托？

Yeah.

是的。

And Scot, I would just add that we are super pleased with the engagement of our team in-store to drive just a great experience for that in-store pro.

史考特，我想補充一點，我們對店內團隊的參與感到非常滿意，他們為店內專業人士帶來了良好的體驗。

I'd mentioned some of the strategic adjustments that we made going into the second half of the year to drive that engagement from our leaders.

我提到了我們在下半年進行的一些策略調整，以推動我們領導者的參與。

We're laser focused on driving speed and ease for checkout for our pros, making sure that we are driving in-stock on large quantities of the products that the customers need and integrating the tools and resources and features that Chip and team are developing for the outside pro that are also adding value to the in-store pro experience.

我們專注於提高專業人士結帳的速度和便利性，確保我們能夠提供客戶需要的大量產品的庫存，並整合 Chip 和團隊正在開發的工具、資源和功能外部專業人士也為店內專業人士體驗增加價值。

So we just like how the ecosystem is coming together in those markets and beyond.

因此，我們非常喜歡生態系在這些市場及其他市場的整合方式。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good morning.

早安.

Thank you so much for taking my question.

非常感謝您回答我的問題。

Ted, are you looking at the multi-year home improvement outlook as the longer that rates remain elevated, the more that homeowners are deferring projects and as soon as rates come down, that will lead to a more robust recovery.

泰德，您是否正在考慮多年的房屋裝修前景，因為利率保持高位的時間越長，房主推遲項目的程度就越多，而一旦利率下降，這將導致更強勁的復甦。

So there's a relationship between what's happening right now and the magnitude of the recovery.

因此，現在發生的事情和復甦的程度之間存在著某種關係。

And I guess as part of that, if rates don't come down next year, can the home improvement industry grow in 2025?

我想作為其中的一部分，如果明年利率不下降，家居裝修行業可以在 2025 年增長嗎？

Yeah.

是的。

Michael, we think about that quite a bit as you can imagine.

邁克爾，正如你想像的那樣，我們對此進行了很多思考。

I mean certainly rates have been high.

我的意思是利率肯定很高。

They pressured turnover most specifically, but even HELOC extraction -- HELOC extraction is something like 25% right now of more recent period extraction.

他們對營業額施加了最具體的壓力，但即使是 HELOC 提取——HELOC 提取現在大約是近期提取的 25%。

So clearly rates are impacting.

顯然，利率正在產生影響。

But I'm not sure that we've talked about when rates came down towards the 6% we immediately saw activity in housing.

但我不確定我們是否討論過當利率降至 6% 時我們立即看到房屋市場的活動。

And we were seeing that just a matter of weeks, months ago before this latest change when rates actually went up.

我們看到，就在幾週前、幾個月前，在最新的變化之前，利率實際上已經上升了。

I think there's a little bit of so much discussion about where rates are going and that the certainty of that they were going down has caused people to wait for that lower rate.

我認為，關於利率走向的討論太多了，而且利率下降的確定性導致人們等待更低的利率。

But if you get stability at any rate might be more important at this point.

但無論如何，如果你能獲得穩定，那麼此時可能更重要。

So once rates settle and there's probably a gradual easing of rates, but I don't think we need a dramatic drop.

因此，一旦利率穩定下來，利率可能會逐漸放鬆，但我認為我們不需要大幅下降。

We just need the talk of the big drops are coming and market equilibrium will set in.

我們只需要談論大幅下跌即將到來以及市場平衡即將到來。

Either that or people simply get used to the higher rates, which historically are still pretty decent rates.

要嘛就是人們只是習慣了較高的利率，而從歷史上看，這仍然是相當不錯的利率。

And life cycles will continue, new household formation, increasing size of home, decreasing size of homes, second homes that normal equilibrium of housing activity will be reestablished.

生命週期將繼續，新的家庭形成，住房面積增加，住房面積縮小，第二套住房，住房活動的正常平衡將被重新建立。

We've just had such a dramatic increase in value, increase in rates followed by this expectation of a meaningful short-term drop in rates over a very short period of time that has changed that stable turnover rate that we've seen for years and years to be what now you would argue could be a low.

我們剛剛經歷了價值的大幅增長，利率的上漲，隨後預期利率會在很短的時間內出現有意義的短期下降，這改變了我們多年來看到的穩定的周轉率，幾年後，您現在可能會認為這可能是個低點。

So I don't think again to answer your question that they have to drop quickly and meaningfully.

所以我不想再回答你的問題，即它們必須迅速且有意義地下降。

They just need to stabilize and all the talk of what the Fed is going to do sort of gets out of the national conversation.

他們只需要穩定下來，所有關於聯準會將要做什麼的討論都從全國性的對話中消失了。

Got you.

明白你了。

It's very helpful.

這非常有幫助。

My follow-up question is I want to get the team's perspective on tariffs.

我的後續問題是我想了解團隊對關稅的看法。

So as part of that, what percentage of sales for the Home Depot could be subject to tariffs in China, and what about from other countries?

那麼，作為其中的一部分，家得寶在中國的銷售額有多少比例可能需要繳納關稅，而在其他國家的銷售額又如何呢？

And is the bigger risk from tariffs related to the sheer increase in merchandise costs or the indirect impact of potentially reaccelerating inflation and that impact on consumer spending?

關稅帶來的更大風險與商品成本的大幅增加有關，還是與潛在通膨加速的間接影響以及對消費者支出的影響有關？

Thank you.

謝謝。

Sure.

當然。

And I'll let Billy and John Deaton who runs our supply chain comment on tariffs.

我將讓負責我們供應鏈的比利和約翰迪頓對關稅發表評論。

I would say, first and foremost, whatever happens in tariffs will be an industry-wide impact, it won't discriminate against different retailers and distributors who are importing goods.

我想說，首先，無論關稅發生什麼，都會對整個行業產生影響，它不會歧視進口商品的不同零售商和分銷商。

The type of product as an industry is generally sourced from the named countries.

作為一個行業的產品類型通常來自指定國家。

There has been some diversification of those sources, but clearly a bit of concentration in Southeast Asia and China in particular.

這些來源有些多樣化，但顯然有點集中在東南亞和中國。

We source well more than half of our goods domestically and in North America, but there certainly will be an impact.

我們一半以上的商品是在國內和北美採購的，但這肯定會產生影響。

But again, given our scale, our experience going through the previous tariffs on at 25% on I guess was a couple of $100 billion of industry import goods going back a number of years ago, I'd bet on this team's ability to work with the type of suppliers we have to work through this in a differentiated manner than others in the industry.

但同樣，考慮到我們的規模，我們之前對價值 1000 億美元的工業進口商品徵收 25% 關稅的經驗可以追溯到幾年前，我敢打賭這個團隊有能力與對於供應商的類型，我們必須以不同於業內其他供應商的方式來解決這個問題。

But Billy and John, why don't you give some input?

但是比利和約翰，你們為什麼不提供一些意見呢？

Yeah.

是的。

Michael, it's Billy.

邁克爾，是比利。

Thanks.

謝謝。

As Ted mentioned, I mean, our teams have been through this before.

正如特德所提到的，我的意思是，我們的團隊以前經歷過這種情況。

We anticipate we'll manage through any new tariffs similarly to how we've done this in the past.

我們預計我們將像過去一樣處理任何新的關稅。

As Ted mentioned, the majority of our goods are sourced in North America.

正如泰德所提到的，我們的大部分商品都來自北美。

And listen, we've been focused on diversifying, sourcing for several years and we'll continue to assess that going forward.

聽著，我們多年來一直專注於多元化和採購，我們將繼續評估未來的發展。

And I'll hand it to John.

我會把它交給約翰。

I mean, we're focused on that, but frankly there's some other things that John and the team are also focused on.

我的意思是，我們專注於此，但坦白說，約翰和團隊也關注其他一些事情。

Yeah.

是的。

More near-term, we're focused on the resolution of the East Coast port situation and any implications that might have on our ability to move product through our supply chain.

從更近期的角度來看，我們的重點是東海岸港口情況的解決以及可能對我們透過供應鏈運輸產品的能力產生的任何影響。

As Billy and Ted said, we have a lot of experience in this area in terms of being able to manage through these types of disruptions and these types of changes in terms of trade policy and we feel very confident with our ability to manage through whatever is to come in the future.

正如比利和特德所說，我們在這一領域擁有豐富的經驗，能夠應對貿易政策方面的此類幹擾和變化，並且我們對應對任何挑戰的能力充滿信心。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Hi.

你好。

Good morning, everyone.

大家早安。

First a short-term question on Q3 to Q4.

首先是關於第三季到第四季的短期問題。

You mentioned Q3 exceeded expectations ex the hurricanes.

您提到第三季超出了除颶風之外的預期。

There was weather and you mentioned that weather helped as well.

還有天氣，你提到天氣也有幫助。

And thinking about the movement to Q4, it looks like it's a decel on stacks and obviously the absolute number.

考慮到第四季度的走勢，看起來這是堆疊上的減速，而且顯然是絕對數量。

So is the assumption that weather is less helpful?

那麼天氣的假設是否沒有那麼有幫助呢？

Is there some conservatism or any other things that change into the fourth quarter?

第四季是否存在一些保守主義或其他變化？

Thanks, Simeon.

謝謝，西蒙。

It's Richard.

這是理查德。

Look, bottom line, we don't expect the fundamentals of our business to decelerate.

瞧，最重要的是，我們預期我們業務的基本面不會放緩。

We're just being cautious about extrapolating Q3 results that saw significant benefit from weather.

我們只是對推斷第三季的結果持謹慎態度，因為天氣帶來了顯著的好處。

And also, just as a reminder, the guide is for approximately negative 2.5% comp sales.

另外，提醒一下，該指南適用於大約負 2.5% 的銷售額。

Okay, fair enough.

好吧，很公平。

Then second on the macro, this is trying to get a sense of how you're thinking, and I know a lot of it this call was helpful in that regard.

其次是宏觀方面，這是試圖了解你的想法，我知道這個電話在這方面很有幫助。

The weight that you're thinking about in terms of tappable equity, which we've talked about recently versus something like housing turnover, both are impacted by rates.

您所考慮的可動用資產的權重​​（我們最近討論過）與住房週轉率等因素相比，兩者都受到利率的影響。

But could this tappable equity idea become like a lock-in effect at some point?

但這種可利用的股權理念是否會在某個時候變得像鎖定效應一樣？

When does that kick in?

什麼時候開始？

Can it kick in even with rates being higher?

即使利率更高，它還能發揮作用嗎？

Yeah.

是的。

The question is often posed to us with housing turnover there's obviously more spend and if you don't move then you remove the place.

我們經常會遇到這樣的問題：隨著房屋週轉，支出顯然會增加，如果你不搬家，那麼你就會搬走這個地方。

And while we haven't, we've seen the decrease in moving one does the repair or the remodel in place take effect.

雖然我們還沒有看到，但我們已經看到，如果修復或改造生效，搬家數量就會減少。

Clearly, that has been delayed and we would point to the higher rates.

顯然，這已經被推遲了，我們會指出更高的利率。

But even more importantly, our surveys over the prior several months more than cost of project and higher rates, the number one issue that people were citing in our surveys were general macroeconomic and even political uncertainty.

但更重要的是，我們過去幾個月的調查不僅僅是專案成本和更高的利率，人們在我們的調查中提到的第一個問題是整體宏觀經濟甚至政治的不確定性。

So as those dissipate, I think you'll see people again with the lower rates HELOCs are variable.

因此，隨著這些消散，我認為您會再次看到人們的利率較低，HELOC 是可變的。

So those are down 75 basis points since the cuts and assuming, we're going to get another cut here in December, huge amount of tappable equity that's nearly doubled since the end of '19.

因此，自從削減以來，這些利率已經下降了 75 個基點，並且假設我們將在 12 月再次削減，可動用的股權數量自 19 年底以來幾乎翻了一番。

It went from just under $6 trillion to $11.5 trillion.

它從近 6 兆美元增至 11.5 兆美元。

I mean, a trillion with a T.

我的意思是，一兆個T。

So tremendous amount of tappable equity.

如此巨大的可利用股權。

Recall back in the housing boom, I think folks were taking out as much as $120 billion a quarter.

回想一下房地產繁榮時期，我認為人們每季的支出高達 1200 億美元。

That was more recently [$60 billion, $80 billion] a quarter and now we're down to [$20 billion] a quarter.

最近是每季 [600 億美元、800 億美元]，現在我們已降至每季 [200 億美元]。

So, don't think it goes much lower.

所以，不要認為它會降低很多。

When people get some confidence back in macro and political dynamic, it's a big project.

當人們對宏觀和政治動態恢復信心時，這是一個大項目。

And for someone to make that decision to pull the trigger on $25,000, $50,000, $75,000 project, there's a certain amount of confidence that goes into that.

對於做出啟動 25,000 美元、50,000 美元、75,000 美元專案的決定的人來說，需要有一定的信心。

And one would hope that we're headed toward a change in overall confidence levels.

人們希望我們的整體信心水準正在改變。

And 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。

Good morning.

早安.

Ted, appreciate the color around cross-selling opportunities at SRS.

Ted，欣賞 SRS 交叉銷售機會的色彩。

But I wanted to explore maybe some of the learnings you're gaining from monitoring the sales force over there.

但我想探討一下您從監控那裡的銷售人員中獲得的一些經驗教訓。

So can you remind us on how large the sales force is today at SRS and what you're tracking to maybe inform your decision on how you're thinking about scaling the sales force at HD?

那麼，您能否提醒我們 SRS 目前的銷售人員規模有多大，以及您正在追蹤的內容，以便您決定如何考慮擴大 HD 的銷售人員規模？

Right.

正確的。

So their outside sales force is about 2,500 people.

因此，他們的外部銷售人員約為 2,500 人。

They also have inside sales force capabilities and account managers.

他們還擁有內部銷售人員能力和客戶經理。

It did some observing what they do and how they do it has given us confidence in what our approach is in terms of variable compensation, in terms of management structure, and how we go to market.

它對他們做了什麼以及如何做進行了一些觀察，這讓我們對我們在可變薪酬、管理結構以及如何進入市場方面的方法充滿信心。

So clearly, we're in the hundreds of outside sales folks.

很明顯，我們是數百名外部銷售人員中的一員。

There are multiples of that and the way they're compensated, managed, the tools they use to go to market, all that is reinforcing what we're doing.

這些因素有很多，他們的薪酬、管理方式、他們用於進入市場的工具，所有這些都在加強我們正在做的事情。

Chip mentioned the credit.

奇普提到了功勞。

Credit is a huge unlock for these larger projects and almost all their sales are on open account, house account.

對於這些大型專案來說，信貸是一個巨大的釋放，幾乎所有的銷售都是透過賒帳、自家帳戶進行的。

And as we've introduced and again it's just hundreds of customers at this time.

正如我們所介紹的，目前只有數百名客戶。

We're seeing much, much larger purchases, the type of purchase that you just wouldn't get from putting it on a credit card at a Pro Desk at a Home Depot store.

我們看到了越來越大的購買量，這種購買方式是在家得寶商店的專業櫃檯上用信用卡支付所無法獲得的。

So yeah, great learnings.

所以是的，學到了很多。

Chip and his team are in contact regularly with the SRS sales team and just going really well.

Chip 和他的團隊定期與 SRS 銷售團隊保持聯繫，進展非常順利。

And then, maybe just a quick follow-up on that.

然後，也許只是對此進行快速跟進。

Can you maybe just update us on the current timeline or thinking behind the full rollout of bill upon delivery capabilities within the order management system?

您能否向我們介紹一下目前的時間表，或是在訂單管理系統內全面推出「即付即付」功能背後的想法？

Yeah.

是的。

Hi, Steve, it's Chip.

嗨，史蒂夫，我是奇普。

We plan to rollout order management by the end of 2025.

我們計劃在 2025 年底前推出訂單管理。

There's elements of order management that are being turned on as we speak including inventory reservation, which is a key win for us as pros manage larger projects to be able to reserve that inventory for future delivery is a big win.

正如我們所說，訂單管理的一些要素正在啟用，包括庫存預訂，這對我們來說是一個關鍵的勝利，因為專業人士管理更大的項目，能夠為未來的交付保留庫存是一個巨大的勝利。

So we'll light that up through the course of 2025 with completion at the end of the year.

因此，我們將在 2025 年期間實現這一目標，並在年底完成。

Thank you.

謝謝。

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

Janci 女士，我想將發言權交還給您以供結束發言。

Thanks, Christine.

謝謝，克里斯汀。

Thank you all for joining us today.

感謝大家今天加入我們。

We look forward to speaking with you on our fourth quarter earnings call in February.

我們期待在二月的第四季財報電話會議上與您交談。

Ladies and gentlemen, this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation and have a wonderful day.

感謝您的參與，祝您有美好的一天。