家得寶 (HD) 2025 Q2 法說會逐字稿

Greetings and welcome to the Home Depot second-quarter 2025 earnings conference call.

問候並歡迎參加家得寶 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

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

現在我很高興介紹您的主持人伊莎貝爾詹西 (Isabel Janci)。請繼續。

Thank you, Christine, and good morning, everyone.

謝謝你，克里斯汀，大家早安。

Welcome to Home Depot's second quarter 2025 earnings call.

歡迎參加家得寶 2025 年第二季財報電話會議。

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 Merchandizing; and Richard McPhail, Executive Vice President and Chief Financial Officer.

今天參加電話會議的有董事長、總裁兼執行長 Ted Decker、高級執行副總裁 Ann-Marie Campbell、商品銷售執行副總裁 Billy Bastek 和執行副總裁兼財務長 Richard McPhail。

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

在我們準備好發言之後，電話會議將開放提問。問題僅限於分析師和投資者，提醒一下，請將問題限制為一個，並進行一次跟進。如果我們在通話期間無法回答您的問題，請撥打投資者關係電話 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 under the federal securities laws, including as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include but are not limited to the factors identified in the release and in our most recent Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission. Today's presentation will also include certain non-GAAP measures, including but not limited to adjusted operating margins, adjusted diluted earnings per share, and return on invested capital. 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.

在我將電話轉給泰德之前，請允許我提醒您，今天的新聞稿和我們高層所做的陳述包括聯邦證券法下的前瞻性陳述，包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些聲明受風險和不確定性的影響，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本新聞稿、我們最近的 10-K 表年度報告以及我們向美國證券交易委員會提交的其他文件中確定的因素。今天的報告還將包括某些非公認會計準則指標，包括但不限於調整後的營業利益率、調整後的每股稀釋收益和投資資本回報率。有關這些和其他非 GAAP 指標與相應的 GAAP 指標的對賬，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 second quarter were $45.3 billion, up 4.9% from the same period last year. Comp sales increased 1% from the same period last year, and comps in the US increased 1.4%. Adjusted diluted earnings per share were $4.68 in the second quarter compared to $4.67 in the second quarter last year.

第二季銷售額為453億美元，比去年同期成長4.9%。同店銷售額較去年同期成長 1%，其中美國同店銷售額成長 1.4%。第二季調整後每股攤薄收益為 4.68 美元，去年同期為 4.67 美元。

In local currency, Canada and Mexico posted positive comps. Our second quarter results were in line with our expectations. The momentum that began in the back half of last year continued throughout the first half as we saw our customers engage more broadly in smaller home improvement projects.

以當地貨幣計算，加拿大和墨西哥的銷售額年增。我們第二季的業績符合我們的預期。我們看到客戶更廣泛地參與小型家居裝修項目，這種始於去年下半年的勢頭一直延續到上半年。

In fact, the performance across the business was the strongest we've seen in over two years. Our results are a testament to our focus on enhancing the customer experience as we invest in our strategic initiatives, from technology investments that drive productivity to the capabilities we're building with our Pro ecosystem to better serve complex purchases to faster delivery options for all of our customers. We are growing market share with these initiatives.

事實上，整個業務的表現是我們兩年多來見過的最強勁的。我們的業績證明了我們在投資策略舉措時對提升客戶體驗的重視，從推動生產力的技術投資到我們正在構建的 Pro 生態系統的功能，以便更好地服務於複雜的購買，為所有客戶提供更快的交付選擇。透過這些舉措，我們正在擴大市場份額。

Just over a year ago, we completed the acquisition of SRS. This strategic acquisition was important for several reasons. It gave us a right to win with a special trade Pro, enhanced development of our Pro ecosystem, and provided a number of cross-selling opportunities.

就在一年多前，我們完成了對 SRS 的收購。此次策略收購之所以重要有幾個原因。它使我們有權透過特殊的貿易 Pro 贏得勝利，增強了我們的 Pro 生態系統的發展，並提供了許多交叉銷售機會。

Over the past year, SRS has exceeded our expectations, driving market leading growth, accelerating our organic ecosystem efforts, and driving revenue synergies. We could not be more pleased with their performance.

在過去的一年裡，SRS 超越了我們的預期，推動了市場領先的成長，加速了我們的有機生態系統努力，並推動了收入協同效應。我們對他們的表現非常滿意。

As we announced in June, we are excited about the pending acquisition of GMS, a leading distributor of specialty building products, including drywall, ceilings, and steel framing related to remodeling and construction projects.

正如我們在六月宣布的那樣，我們對即將收購 GMS 感到非常興奮，GMS 是一家領先的專業建築產品分銷商，產品包括與改造和建築項目相關的乾牆、天花板和鋼框架。

This acquisition will add a highly complementary adjacent vertical to SRS's business with differentiated capabilities, product categories, and customer relationships. It will also broaden SRS's distribution footprint across the US and Canada.

此次收購將為 SRS 的業務增添一個高度互補的相鄰垂直領域，具有差異化的能力、產品類別和客戶關係。這也將擴大 SRS 在美國和加拿大的分銷範圍。

In fact, SRS will now have a network of more than 1,200 locations, a sales operation of over 3,500 associates and a fleet of nearly 8,000 trucks capable of making tens of thousands of job site deliveries per day. Additionally, GMS will be additive to our organic efforts to better serve Pros working on complex projects, enabling us to offer a deeper and broader assortment of interior building products and services, as well as additional fulfillment options.

事實上，SRS 現在擁有超過 1,200 個地點的網路、超過 3,500 名員工的銷售業務和近 8,000 輛卡車的車隊，每天能夠完成數萬次工地運送。此外，GMS 將增強我們的內部努力，更好地服務於從事複雜專案的專業人士，使我們能夠提供更深層、更廣泛的室內建築產品和服務，以及額外的履行選項。

Despite the uncertainty and volatility in the market, we are confident that we can effectively navigate this environment. Over the last several years, our teams have done an incredible job partnering with our vendors to diversify product sourcing, which gives us unique flexibility in our supply chain.

儘管市場充滿不確定性和波動性，但我們有信心能夠有效應對這種環境。在過去的幾年中，我們的團隊與供應商合作完成了出色的工作，實現了產品來源的多樣化，為我們的供應鏈帶來了獨特的靈活性。

We will continue to work with our vendors to ensure that we have the right products at the right value in stock and on shelf for our customers to purchase. I could not be more excited about the incredible opportunities in front of us to continue growing share with all our customers. Our store associates, merchants, supply chain teams, and vendor partners are executing at a high level, and I would like to thank them for all that they do.

我們將繼續與供應商合作，確保我們有合適的產品和合適的價格在庫存中，供客戶購買。我對我們面前令人難以置信的機會感到無比興奮，我們可以繼續與所有客戶一起擴大份額。我們的店員、商家、供應鏈團隊和供應商夥伴都表現出色，我要感謝他們所做的一切。

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

說完這些，讓我把電話轉給安。

Thanks, Ted, and good morning everyone.

謝謝，泰德，大家早安。

Our associates did an incredible job delivering exceptional customer service, and I'd also like to thank them for all that they do.

我們的員工表現出色，提供了卓越的客戶服務，我也要感謝他們所做的一切。

We know that when we enable our associates to focus on serving the customer, we grow sales. And over the last several years, we've been investing in a multitude of initiatives across our operations that not only allow our associates to more effectively serve customers but also drive productivity in our operations.

我們知道，當我們讓我們的員工專注於服務客戶時，我們的銷售額就會增加。在過去的幾年中，我們一直在投資於我們營運中的眾多計劃，這些計劃不僅使我們的員工能夠更有效地為客戶服務，而且還提高了我們營運的生產力。

From optimizing freight flow through a proprietary freight flow application to ensuring we have the right products in stock and on the shelf for customers to enhancing how we pick and stage online orders, we are excited about the progress we're making and the results we are seeing.

從透過專有貨運流應用程式優化貨運流，到確保我們為客戶提供庫存和貨架上的正確產品，再到增強我們挑选和安排線上訂單的方式，我們對所取得的進展和所看到的成果感到非常興奮。

Our stores continue to be the center of the ecosystem and critical hubs for customers shopping experience. And last year, we made technology improvements across our stores and DFCs to better leverage all of our assets, enabling faster delivery of online orders.

我們的商店繼續成為生態系統的中心和客戶購物體驗的關鍵樞紐。去年，我們對所有門市和直銷中心進行了技術改進，以更好地利用我們的所有資產，從而更快地交付線上訂單。

We have continued to improve delivery times and we now have the fastest delivery speeds across the greatest number of products in company history, both same day and next day. We're seeing a double digit lift in spend with customers who utilize for faster delivery options as they return more frequently to shop in stores and online.

我們不斷縮短交貨時間，目前我們擁有公司歷史上最快、最多產品的交貨速度，包括當天交貨和隔日交貨。我們發現，隨著顧客更頻繁地回到商店和網上購物，使用更快送貨服務的顧客的支出出現了兩位數的增長。

This is all a result of our efforts to shift from best location, which uses machine learning models to determine the optimal delivery mode to maximize speed and efficiency. To support this incremental demand, we've added more order fulfillment associates or OFAs in our stores, and through enhancements to our HD phones, we are now able to strategically direct them to more effectively manage online orders.

這一切都是我們努力從最佳位置轉變的結果，該位置使用機器學習模型來確定最佳交付模式，以最大限度地提高速度和效率。為了滿足這一不斷增長的需求，我們在商店中增加了更多的訂單履行助理或 OFA，並且透過增強我們的高清電話，我們現在能夠從策略上指導他們更有效地管理線上訂單。

For example, this quarter, we rolled out enhancements to OFA app that prioritizes orders and enables back fitting of several orders at once. Having dedicated associates for these orders coupled with powerful technology in their ends ensures that orders are efficiently and accurately picked, driving faster fulfillment times and higher customer satisfaction.

例如，本季度，我們推出了 OFA 應用程式的增強功能，可對訂單進行優先排序，並支援同時對多個訂單進行重新調整。擁有專門負責這些訂單的工作人員，並結合強大的技術，可以確保高效、準確地挑選訂單，從而縮短訂單履行時間並提高客戶滿意度。

As we've mentioned in the past, we continue to focus on our Pro ecosystem, maturing the new capabilities we have built for Pros working on complex projects. We're thrilled with the progress we've made across expanded assortments, fulfillment options, our sales teams, account management, and more recently, trade credit and order management.

正如我們過去所提到的，我們將繼續專注於我們的專業生態系統，完善我們為從事複雜專案的專業人士所建立的新功能。我們對在擴大產品種類、履行選項、銷售團隊、客戶管理以及最近的貿易信貸和訂單管理方面所取得的進展感到非常高興。

As you know, we've been leveraging SRS to continue to ramp up our trade credit capabilities. Today, we have several thousand Pros with a trade credit account, and we've seen a double digit lift in their spend across channels once these Pros started using their trade credit.

如您所知，我們一直在利用 SRS 來持續提升我們的貿易信貸能力。如今，我們擁有數千名擁有貿易信用帳戶的專業人士，一旦這些專業人士開始使用貿易信用，我們就會看到他們在各個管道的支出出現兩位數的成長。

And while we continue to roll this out more broadly, we're also focused on ensuring connectivity through a different sales channels included on B2B website and/or stores. For example, we want our Pros to be able to transact with our stores seamlessly, including checking and using the available credit on their account while they're shopping in those stores.

在我們繼續更廣泛地推廣這項服務的同時，我們也致力於確保透過 B2B 網站和/或商店等不同銷售管道連結。例如，我們希望我們的專業人士能夠與我們的商店無縫交易，包括在他們在這些商店購物時檢查和使用他們帳戶上的可用信用額度。

And later this year, we anticipate that all trade credit customers will be able to seamlessly use trade credit for in-store purchases. Our order management system is another important capability that enables us to more easily manage Pro product deliveries throughout the life of their project.

今年晚些時候，我們預計所有貿易信用客戶將能夠無縫使用貿易信用進行店內購買。我們的訂單管理系統是另一個重要功能，它使我們能夠在整個專案生命週期中更輕鬆地管理 Pro 產品交付。

Order management brings together systems and processes that enable us to effectively capture, modify, deliver, and offer post-sale support for Pro orders. And while there's still work to do, we have already deployed a number of benefits.

訂單管理匯集了系統和流程，使我們能夠有效地捕獲、修改、交付 Pro 訂單並提供售後支援。儘管仍有工作要做，但我們已經部署了許多福利。

In some markets, we can now reserve inventory, modify orders before fulfillment, and invoice upon delivery. For example, today, we can quickly and easily change an order from we'll call in a store to delivery to the job site.

在某些市場，我們現在可以保留庫存、在履行訂單之前修改訂單並在交貨時開立發票。例如，今天，我們可以快速輕鬆地將訂單從致電商店更改為送貨到工作現場。

These are a few of the critical features and benefits we're working on that will deliver exceptional value to a Pro.

這些是我們正在努力開發的一些關鍵功能和優勢，它們將為專業人士帶來非凡的價值。

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

說完這些，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同事和供應商合作夥伴，感謝他們持續致力於服務我們的客戶和社區。

As you heard from Ted, during the second quarter, we saw continued momentum in the underlying demand across home improvement related projects and our performance was the strongest it has been in over two years.

正如您從泰德那裡聽到的，在第二季度，我們看到家居裝修相關項目的潛在需求繼續保持強勁勢頭，我們的業績是兩年多來最強勁的。

Turning to our merchandizing department comp performance for the second quarter. 12 of our 16 merchandizing departments posted positive comps including storage, bath, hardware, building materials, indoor garden, electrical, kitchen, outdoor garden, millwork, power, plumbing, and appliances.

談到我們第二季的商品部門業績表現。我們 16 個商品部門中有 12 個部門的表現表現良好，包括倉儲、浴室、五金、建築材料、室內花園、電氣、廚房、室外花園、木製品、電力、管道和家電。

During the second quarter, our comp average ticket increased 1.4% and comp transactions decreased 0.4%. The growth in our comp average ticket primarily reflects a greater mix of higher ticket items, inflation from core commodity categories including lumber and copper, and a modest decrease in promotional activity relative to prior years.

第二季度，我們的同店平均票價上漲了 1.4%，同店交易量下降了 0.4%。我們同類商品平均票價的成長主要反映了高價商品組合的擴大、木材和銅等核心商品類別的通貨膨脹，以及促銷活動與前幾年相比略有減少。

Big ticket comp transactions or those over $1,000 were positive 2.6% compared to the second quarter of last year. We were pleased with the performance we saw in categories such as building materials, lumber, and hardware.

與去年第二季相比，大額交易或超過 1,000 美元的交易成長了 2.6%。我們對建築材料、木材和五金等類別的表現感到滿意。

However, we continue to see softer engagement in larger discretionary projects where customers typically use financing to fund the renovation project. During the second quarter, both Pro and DIY comp sales were positive and relatively in line with one another.

然而，我們仍然看到，大型可自由支配專案的參與度有所下降，因為客戶通常使用融資來資助改造專案。在第二季度，Pro 和 DIY 同類產品的銷售額均呈現正成長，且相對一致。

In the second quarter, we saw strength across many Pro-heavy categories like dimensional lumber, concrete, and decking. And in DIY, we saw strength across our seasonal product categories including patio, grills, and live goods.

在第二季度，我們看到許多專業重型類別（如規格木材、混凝土和甲板）表現強勁。在 DIY 方面，我們看到了季節性產品類別的優勢，包括露臺、烤架和活體商品。

Turning to total company online comp sales. Sales leveraging our digital platforms increased approximately 12% compared to the second quarter of last year. We're excited about the continued success we are seeing across our interconnected platforms.

轉向公司線上銷售總額。利用我們的數位平台的銷售額與去年第二季度相比增長了約 12%。我們對互聯平台不斷取得的成功感到非常興奮。

As Ann mentioned, our faster delivery speeds are resonating with customers and driving greater engagement in sales. We know that as we remove friction from the experience, we see incremental customer engagement.

正如安所說，我們更快的送貨速度引起了客戶的共鳴，並推動了更大的銷售參與度。我們知道，當我們消除體驗中的摩擦時，我們就會看到客戶參與度的提升。

We also continue to invest in improving search functionality, leveraging AI and enhanced our buy it again capabilities, allowing customers to easily and conveniently reorder products regardless of where the original purchase occurred.

我們也將繼續投資改進搜尋功能，利用人工智慧並增強我們的再次購買功能，讓客戶無論在哪裡購買都可以輕鬆方便地重新訂購產品。

During the second quarter, we leaned into products and projects that are resonating with our customers, and we continue to focus on innovation to deliver the best value proposition for home improvement projects while enhancing the customer experience.

在第二季度，我們傾向於與客戶產生共鳴的產品和項目，並繼續專注於創新，為家居裝修項目提供最佳價值主張，同時提升客戶體驗。

For example, in paint, we continue to see the benefits of the investments we are making with products, delivery, and loyalty. You might recall that we are the only home improvement big box retailer to offer KILZ branded primer.

例如，在油漆領域，我們繼續看到對產品、交付和忠誠度的投資所帶來的收益。您可能還記得，我們是唯一一家提供 KILZ 品牌底漆的家居裝飾大型零售商。

We also enhanced our fulfillment options, including our in-store service and job site delivery capabilities with the Pro who paints. All of these initiatives have driven continued share gains in the quarter. Across our power department, the strong competitive advantage that we have built with our extensive lineup of battery powered platforms continues to drive share growth in these categories.

我們還增強了我們的履行選項，包括我們的店內服務和與專業人士一起進行工作現場交付的能力。所有這些舉措都推動了本季股價的持續成長。在我們的電力部門，我們憑藉廣泛的電池供電平台陣容所建立的強大競爭優勢繼續推動這些類別的份額成長。

In fact, we achieved a company sales record for battery powered tools during the second quarter. And in our storage department, the team continues to bring new innovation to the market, whether it's our mini totes, the larger mega tote, or our improved storage systems.

事實上，我們在第二季創造了電池供電工具的公司銷售記錄。在我們的儲存部門，團隊不斷為市場帶來新的創新，無論是我們的迷你手提袋、更大的巨型手提袋，還是我們改進的儲存系統。

All of these products help drive positive sales and unit comps in the category for the quarter. Finally, we continue to see great success across our appliance business. As we've mentioned before, the improvements we've made to the shopping experience are resonating with our customers.

所有這些產品都有助於推動本季度該類別的銷售和單位成長。最後，我們的家電業務持續取得巨大成功。正如我們之前提到的，我們對購物體驗所做的改進引起了顧客的共鳴。

As we look ahead to the third quarter, our merchandizing organization remains focused on being our customers advocate for value. This means continuing to provide a bright assortment of best in class products that are in stock and available for our customers when they need it.

展望第三季度，我們的商品銷售組織仍然致力於成為客戶價值的倡導者。這意味著我們將繼續提供種類繁多、品質一流的產品，這些產品均有庫存，可供客戶在需要時隨時使用。

As we prepare for the holiday season in the back half of the year, we are committed to providing our customers with new and innovative products at a great value. This quarter, we are extremely excited about our lineup for Halloween as the products bring excitement to our stores and help drive traffic.

在我們為下半年的假期做準備時，我們致力於為客戶提供物超所值的全新創新產品。本季度，我們對萬聖節的產品陣容感到非常興奮，因為這些產品為我們的商店帶來了興奮並有助於增加客流量。

Our merchants have worked with our supplier partners to put together a compelling assortment of product offerings for this Halloween season, including the return of many fan favorites such as Skelly and Barkley, as well as the new collections for the Halloween enthusiasts.

我們的商家與供應商合作夥伴攜手合作，為這個萬聖節季節推出了一系列引人注目的產品，包括 Skelly 和 Barkley 等眾多粉絲最愛產品的回歸，以及為萬聖節愛好者推出的新系列。

Our sneak preview of our Halloween lineup was a huge success, and we look forward to the full roll out in the coming weeks.

我們對萬聖節陣容的預覽取得了巨大的成功，我們期待在未來幾週內全面推出。

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

說完這些，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 second quarter, total sales were $45.3 billion, an increase of $2.1 billion or approximately 4.9% from last year. As a reminder, SRS entered our total company comp base in late June. During the second quarter, our total company comps were positive 1% with comps of negative 0.3% in May, flat in June, and positive 3.1% in July.

第二季總銷售額為 453 億美元，比去年增加 21 億美元，增幅約 4.9%。提醒一下，SRS 在 6 月底進入了我們公司的總薪資基數。第二季度，我們公司整體同店銷售額成長 1%，其中 5 月同店銷售額下降 0.3%，6 月持平，7 月同店銷售額成長 3.1%。

Comps in the US were positive 1.4% for the quarter with comps of positive 0.3% in May, positive 0.5% in June, and positive 3.3% in July. For the quarter and in local currency, Canada and Mexico posted positive comps.

本季美國同店銷售額成長 1.4%，其中 5 月同店銷售額成長 0.3%，6 月同店銷售額成長 0.5%，7 月同店銷售額成長 3.3%。就本季而言，以當地貨幣計算，加拿大和墨西哥的業績表現良好。

Additionally, foreign exchange rates negatively impacted total company comps by approximately 40 basis points for the quarter. In the second quarter, our gross margin was 33.4%, a slight increase compared to the second quarter of 2024, which was in line with our expectations.

此外，外匯匯率對本季公司整體業績產生了約 40 個基點的負面影響。第二季度，我們的毛利率為33.4%，與2024年第二季相比略有成長，符合我們的預期。

During the second quarter, operating expense as a percent of sales increased approximately 65 basis points to 18.9% compared to the second quarter of 2024. Our operating expense performance was in line with our expectations.

第二季度，營業費用佔銷售額的百分比與 2024 年第二季度相比增加了約 65 個基點，達到 18.9%。我們的營運費用表現符合我們的預期。

Our operating margin for the second quarter was 14.5% compared to 15.1% in the second quarter of 2024. In the quarter, pre-tax intangible asset amortization was $139 million. Excluding the intangible asset amortization in the quarter, our adjusted operating margin for the second quarter was 14.8% compared to 15.3% in the second quarter of 2024.

我們第二季的營業利潤率為 14.5%，而 2024 年第二季為 15.1%。本季度，稅前無形資產攤銷為 1.39 億美元。不包括本季的無形資產攤銷，我們第二季的調整後營業利潤率為 14.8%，而 2024 年第二季為 15.3%。

Interest and other expense for the second quarter increased by $61 million to $550 million which was in line with our expectations. In the second quarter, our effective tax rate was 24.2% compared to 24.5% in the second quarter of fiscal 2024.

第二季利息和其他支出增加了 6,100 萬美元，達到 5.5 億美元，符合我們的預期。第二季度，我們的有效稅率為 24.2%，而 2024 財年第二季為 24.5%。

Our diluted earnings per share for the second quarter were $4.58 compared to $4.60 in the second quarter of 2024. Excluding intangible asset amortization, our adjusted diluted earnings per share for the second quarter were $4.68, a slight increase compared to the second quarter of 2024.

我們第二季的每股攤薄收益為 4.58 美元，而 2024 年第二季為 4.60 美元。不包括無形資產攤銷，我們第二季的調整後每股攤薄收益為 4.68 美元，與 2024 年第二季相比略有成長。

During the second quarter, we opened three new stores, bringing our total store count to 2,353. At the end of the quarter, merchandise inventories were $24.8 billion, up approximately $1.8 billion compared to the second quarter of 2024, and inventory turns were 4.6 times, down from 4.9 times last year.

第二季度，我們開了 3 家新店，使我們的門市總數達到 2,353 家。本季末，商品庫存為248億美元，較2024年第二季增加約18億美元，庫存週轉率為4.6次，低於去年的4.9次。

Turning to capital allocation. During the second quarter, we invested approximately $915 million back into our business in the form of capital expenditures, and during the quarter, we paid approximately $2.3 billion in dividends to our shareholders.

轉向資本配置。在第二季度，我們以資本支出的形式向我們的業務重新投資了約 9.15 億美元，並且在本季度，我們向股東支付了約 23 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 27.2%, down from 31.9% in the second quarter of fiscal 2024.

根據過去 12 個月期初和期末長期債務和股權的平均值計算，投資資本回報率為 27.2%，低於 2024 財年第二季的 31.9%。

Now I will comment on our outlook for fiscal 2025. As you heard from Ted, our performance during the second quarter was in line with our expectations. The customer engagement we saw in the back half of 2024 continued into the first half of 2025 with notable improvements in underlying demand during the second quarter.

現在我將評論一下我們對 2025 財年的展望。正如泰德所說，我們第二季的業績符合我們的預期。我們在 2024 年下半年看到的客戶參與度延續到了 2025 年上半年，第二季潛在需求顯著改善。

As we look to the remainder of the year, we are confident in our ability to manage through the macroeconomic environment as it stands today. As a result, we're reaffirming our fiscal 2025 guidance. As a reminder, our guidance does not include any assumptions on impacts from the pending GMS acquisition, fluctuations in foreign exchange rates, changes in the interest rate environment, or a recovery in demand for larger remodeling projects.

展望今年剩餘時間，我們對自己管理當前宏觀經濟環境的能力充滿信心。因此，我們重申 2025 財年指引。提醒一下，我們的指導不包括即將進行的 GMS 收購、外匯匯率波動、利率環境變化或大型改造專案需求復甦的影響的任何假設。

We expect total sales growth to outpace sales comp, with sales growth of approximately positive 2.8% and comp sales growth of approximately positive 1% compared to fiscal 2024. Our gross margin is expected to be approximately 33.4%, essentially flat compared to fiscal 2024.

我們預計總銷售額成長將超過銷售額成長，與 2024 財年相比，銷售額成長約為正 2.8%，銷售額成長約為正 1%。我們的毛利率預計約為 33.4%，與 2024 財年相比基本持平。

Further, we expect operating margin of approximately 13% and adjusted operating margin of approximately 13.4%. Our effective tax rate is targeted at approximately 24.5%. We expect net interest expense of approximately $2.2 billion.

此外，我們預期營業利潤率約為 13%，調整後營業利潤率約為 13.4%。我們的有效稅率目標約為24.5%。我們預計淨利息支出約為 22 億美元。

We expect our diluted earnings per share to decline approximately 3% compared to fiscal 2024 when comparing the 52 weeks in fiscal 2025 to the 53 weeks in fiscal 2024 and we expect our adjusted diluted earnings per share to decline approximately 2% compared to fiscal 2024.

我們預計，與 2024 財年相比，將 2025 財年的 52 週與 2024 財年的 53 週進行比較，我們的每股攤薄收益將下降約 3%，並且我們預計調整後的每股攤薄收益將下降約 2%。

On a 52 week basis, adjusted diluted earnings per share would be essentially flat compared to fiscal 2024. We plan to continue investing in our business with capital expenditures of approximately 2.5% of sales for fiscal 2025.

以 52 週計算，調整後的每股稀釋收益與 2024 財年相比基本持平。我們計劃繼續投資我們的業務，2025財年的資本支出約為銷售額的2.5%。

We believe that we will grow market share in any environment by strengthening our competitive position with our customers and delivering the best customer experience in home improvement.

我們相信，透過加強我們與客戶的競爭地位並在家庭裝修領域提供最佳的客戶體驗，我們將在任何環境下擴大市場份額。

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

感謝您參加今天的電話會議，克里斯汀，我們現在準備好回答問題了。

(Operator Instructions)

（操作員指示）

Zach Fadem, Wells Fargo.

富國銀行的紮克法德姆。

Starting with the July improvement and if you view this more of a catch up due to weather or underlying change in trend, and then as you think about the second half comp, about a 50 basis point improvement implied from Q2, couple points on a two year basis, perhaps we could level set on the drivers across traffic, ticket pricing, et cetera and whether you anticipate any changes there.

從 7 月的改善開始，如果您認為這更多的是由於天氣或潛在趨勢變化而導致的追趕，然後當您考慮下半年的比較時，從第二季度開始隱含著約 50 個基點的改善，兩年基礎上增加幾個基點，也許我們可以在交通、票價等方面確定驅動因素，以及您是否預計會發生任何變化。

That's a fulsome question.

這是一個很複雜的問題。

We feel really great about our Q2 performance. As you know, we had a really tough weather in the first quarter of the year, leading to relatively flat US comps and slightly negative overall with FX and recovered here with 1% for the company and 1.4% for the US and as you said, those comps got markedly stronger as the months went on through the quarter, and that's really a factor of two things.

我們對第二季的表現感到非常滿意。如您所知，今年第一季我們經歷了非常惡劣的天氣，導緻美國同店銷售額相對持平，外匯整體略有下降。但隨後，公司銷售額和美國同店銷售額分別回升了 1% 和 1.4%。正如您所說，隨著季度的推移，這些同店銷售額明顯走強，這實際上是兩個因素共同作用的結果。

First, we definitely saw broader engagement across the portfolio. These were the best comps we've seen across the most departments in nearly two years, as Billy said. The performance adjusted for some of the hurricane activity we saw last year across the regions was consistent and the consumers, both Pro and consumer engaged broadly across the business granted in smaller projects.

首先，我們確實看到了整個投資組合更廣泛的參與。正如比利所說，這是我們近兩年來在大多數部門看到的最好的表現。針對去年我們在各個地區看到的部分颶風活動進行調整後的表現是一致的，並且消費者（包括專業消費者和消費者）廣泛參與了整個業務範圍內的小項目。

We still haven't seen the recovery in much larger discretionary projects. And then finally, weather did have a big impact. We had a not a great spring overall and that went into Q2. But in July, in particular, the north, the weather in the north in particular really turned favorable and that team responded and we captured great sales.

我們仍然沒有看到更大規模的自由裁量計畫的復甦。最後，天氣確實產生了很大的影響。總體而言，我們的春季表現並不太好，這種情況一直持續到第二季。但到了七月份，特別是北方，天氣確實轉好，團隊做出了回應，我們獲得了很大的銷售。

So I feel great about underlying momentum in the business, helped by a little weather. And when you look at the back half of the year, just focus on the US and Richard can go into some exchange rate differentials. But when you look at the US, we're looking at just a slight uptick in comp to have that 1% for the full year.

因此，在天氣的幫助下，我對業務的潛在發展勢頭感到滿意。當你展望下半年時，只需關注美國，理查德就可以了解一些匯率差異。但當你看美國時，我們看到全年的銷售額僅略有上升，達到 1%。

So we're just under 1% in the first half, do a little better than 1% in the back half gets us to that 1% guide for the year. So we feel really good about our ability to do that, particularly with the broader engagement across the portfolio. And Richard, there's some FX.

因此，上半年我們的成長率略低於 1%，如果下半年的成長率略高於 1%，我們就能達到全年 1% 的預期。因此，我們對自己做到這一點的能力感到非常滿意，特別是在整個投資組合的更廣泛參與下。理查德，還有一些 FX。

Sure. Just to take out what Ted said. So recall when we established guidance at the beginning of the year, our guidance assumed a slight improvement and frankly, a continuation in the momentum that we had seen in the back half of 2024 to continue gradually through the year 2025.

當然。只是為了刪除 Ted 所說的話。因此，回想一下，當我們在年初制定指導方針時，我們的指導方針假設情況會略有改善，坦白說，我們在 2024 年下半年看到的勢頭將持續到 2025 年。

That's what we've seen today and so that is still embedded in the assumptions underlying our guidance. So just to take it out, we were a positive 0.9% in the US in the first half and as Ted said, we're assuming slight improvement in that trajectory.

這就是我們今天所看到的，因此這仍然體現在我們指導的基本假設中。因此，僅從數據上看，美國上半年的經濟成長率為 0.9%，正如 Ted 所說，我們預計這一趨勢會略有改善。

From an FX perspective, total company had a 55 basis point headwind from FX in the first half. At current FX rates, that actually flips to a 25 basis point tailwind. And so for those reasons, we feel confident in our guide and I think it's also important to note that the momentum that we saw through the second quarter has continued through the first two weeks of the third quarter.

從外匯角度來看，上半年公司整體面臨來自外匯的 55 個基點的阻力。以當前匯率計算，這實際上轉向了 25 個基點的順風。因此，出於這些原因，我們對我們的指南充滿信心，我認為同樣重要的是要注意，我們在第二季度看到的勢頭一直持續到第三季的前兩週。

And then just to follow up, there's been a lot more talk about the potential for rate cuts later this year and we also have some tax reform dynamics as well, so just curious to what extent these could be positive catalysts for your business and if you have any thoughts on the level of rate cut you'd need to see to begin seeing that impact.

然後，為了跟進，關於今年稍後降息的可能性有很多討論，我們也有一些稅收改革的動態，所以我很好奇這些在多大程度上可以成為您業務的積極催化劑，以及您對需要看到多大程度的降息才能開始看到這種影響有什麼看法。

Yeah. Certainly, some relief on mortgage rates in particular could help, I think referring to it a bit of a frozen housing market with 40 plus year low turnover rates and even new starts are struggling a bit. So lower rates would certainly help.

是的。當然，特別是降低抵押貸款利率可能會有所幫助，我認為，對於有點凍結的房地產市場來說，40 多年來的最低週轉率，甚至新開工的房屋也有些困難。因此降低利率肯定會有所幫助。

We don't have a crystal ball on what that number is. When we talk generally though to our customers, each of our sets of consumers and Pros, the number one reason for deferring the large project is general economic uncertainty. That is larger than prices of projects of labor availability, all the various things we've talked about in the past. By a wide margin, economic uncertainty is number one.

我們無法預知這個數字到底是多少。當我們與客戶、每一組消費者和專業人士進行一般性交談時，推遲大型專案的首要原因是普遍的經濟不確定性。這比我們過去討論過的勞動力可用性項目價格等各種事情都要高。經濟不確定性遙遙領先。

And when you look at things like the tax bill passing, last time we were together, we didn't know what tax rates would be corporate or personal rates. That's all been settled with even some more favorable lowering of taxes and increases in child tax credits and the like.

當你看到稅收法案通過之類的事情時，上次我們在一起時，我們並不知道哪些稅率是企業稅率或個人稅率。所有這些都已解決，甚至採取了一些更優惠的減稅措施、增加了兒童稅收抵免等措施。

So little help on the interest rate front would be helpful and then I think we have a great result with the tax package that passed that should put some more discretionary spending in our consumers' wallets.

因此，在利率方面提供一點幫助是有幫助的，而且我認為，通過的稅收方案將會帶來很好的效果，這將為消費者的錢包帶來更多的可自由支配的支出。

And just from a pure cash tax perspective, we will see a benefit from bonus depreciation, the full extension of R&D. That's not a book benefit, but it's a cash tax benefit, and we'll be thinking about how that factors into our plans going forward.

僅從純現金稅的角度來看，我們將看到獎金折舊和研發全面延伸帶來的好處。這不是帳面收益，而是現金稅收收益，我們會考慮這會如何影響我們未來的計畫。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

I want to follow up on Zach's second question there. Ted, when you think about some of the clarity you've gotten on the tax package and then we're waiting on rates, how does it inform your view on the shape of recovery in that large [project] activity? As we sit here today, do you think that's something that can materialize in the next 12 months?

我想跟進扎克的第二個問題。泰德，當您想到自己已經對稅收方案有了一定的了解，而我們現在正在等待利率時，這對您對大型[項目]活動的復甦形勢有何看法？今天我們坐在這裡，您認為這個目標能在未來 12 個月內實現嗎？

Well, again, we don't know when those rates will come. There's clearly expectation that we start to get some cuts in the second half of this year. Remember that the short term rates, while that will help on a HELOC rate, which is often utilized for larger projects, the longer rate is more associated, the mortgage rate is more associated with the 10 year and the longer bond rate.

嗯，我們再說一遍，我們不知道這些利率什麼時候會到來。人們顯然預計今年下半年我們會開始採取一些削減措施。請記住，雖然短期利率有助於 HELOC 利率（通常用於較大的項目），但長期利率的相關性更強，抵押貸款利率與 10 年期和長期債券利率的相關性更高。

So again, I'm optimistic that with some of the reduction in the overall deficit, that will be the longer, more sustainable benefit to the long term rates and we see some progress there. So with lower taxes and now permanent tax position that that certainty is removed and with lower rates, hard Steve, to pick the number that unlocks turnover and mobility in US housing and new construction, but things will certainly look better given tax and interest rates than the environment we're in right now.

因此，我再次樂觀地認為，隨著整體赤字的減少，這將對長期利率產生更長期、更永續的益處，而我們在這方面看到了一些進展。因此，隨著稅收降低和現在永久性稅收地位的確立，這種確定性被消除，並且利率降低，史蒂夫很難選擇出能夠解鎖美國住房和新建築的周轉率和流動性的數字，但考慮到稅收和利率，情況肯定會比我們現在所處的環境更好。

And then maybe just for the second half of the year, can you help us think a bit more about AUR and pricing? How did that perform in the quarter? It sounds like promotional activity was down a bit, but just as you think about the second half of the year, the complexion of ticket and transaction, how does pricing fit into that equation?

那麼也許只是在今年下半年，您能幫助我們更多地考慮 AUR 和定價嗎？本季的表現如何？聽起來促銷活動有所減少，但正如您所想到的下半年，門票和交易的狀況、定價如何融入其中？

This is Billy. Let me give some more color on that both kind of the macro piece for us, as we think about diversification and those things, and I can give you a little color on some of the Q2 performance that you asked about. But listen, I'd say a couple things on pricing.

這是比利。當我們考慮多樣化和那些事情時，讓我對這兩種宏觀部分進行更詳細的說明，我也可以對您詢問的一些第二季度的表現進行一些說明。但聽著，我想就定價說幾件事。

Going back to our call in May, first, it's super important to remember that over 50% of our products are sourced domestically and wouldn't be subject to any tariffs. Now some of the imported goods, obviously, tariff rates are significantly higher today than they were when we spoke in May.

回顧我們五月的電話會議，首先，非常重要的一點是要記住，我們超過 50% 的產品來自國內，不會受到任何關稅的影響。現在，一些進口商品的關稅稅率顯然比我們五月談話時高得多。

So as you'd expect, there'll be some modest price movement in some categories, but it won't be broad-based, and I think it's important to keep in mind as well, our customers tend to shop for the entire project and you think about a small flooring project tile, the grout, bathtub and vanity and a bath project and so we're laser focused on protecting the cost of the entire project.

因此，正如您所預料的，某些類別的價格會出現適度波動，但不會是大範圍的，我認為同樣重要的是要記住，我們的客戶傾向於購買整個項目，您可以考慮小型地板項目瓷磚、灌漿、浴缸和梳妝台以及浴室項目，因此我們專注於保護整個項目的成本。

And so listen, our goal is to maintain the best value for our customers. We're going to take a portfolio approach as we've talked a lot about in the past as we always do, and we'll have a price leadership position in home improvement.

所以聽著，我們的目標是為客戶保持最佳價值。我們將採取投資組合方法，正如我們過去經常談論的那樣，並且我們將在家庭裝修領域佔據價格領導地位。

The second piece that you alluded to some of the dynamics in Q2, when I mentioned in my prepared remarks about some promotional activity, that was really focused around just some of the smaller garden projects, think malts, think chemicals, those things, I mean those were the biggest headwinds that we had as it related to just the transaction comp in the quarter.

第二點，您提到了第二季度的一些動態，當我在準備好的發言中提到一些促銷活動時，這些活動實際上只集中在一些較小的花園項目上，例如麥芽、化學品等等，我的意思是，這些是我們遇到的最大阻力，因為它與本季度的交易比較有關。

So that was -- if you think about our job, which is to help impact some of the tariff pressure, being a little less promotional on a couple of those garden areas was just the nature of what we did in Q2. And so again, four of those five categories that we saw an impact from were just related to some of the lower ticket garden projects.

所以，如果你想想我們的工作，即幫助影響一些關稅壓力，那麼在第二季度，我們對幾個花園區域的促銷力度就會稍微減少一些。因此，我們看到受到影響的五個類別中有四個僅與一些低價花園項目有關。

Best of luck in the second half.

祝你下半場好運。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

So my first question is more near term than my thought. It's a bit more bigger picture. So following up on this last line in the question, there are a number of like puts and takes on in the back half around comp cadence that I'd love for you to talk about.

所以我的第一個問題比我想像的更近期。這是一個更宏觀的圖景。因此，根據問題的最後一行，後半部分圍繞著合成節奏有很多類似的放置和接受，我希望您能談談。

Do you expect much difference between the quarters? It looks like the hurricane lift was pretty similar, but then ticket inflation given inventory receipts and seasonal probably accelerates over the year, but on the other side of this, you have this sort of euphoric December post-election with the consumer.

您預計各季度之間會有很大差異嗎？看起來颶風帶來的推動作用非常相似，但考慮到庫存收入和季節性因素，票價通膨可能會在一年內加速，但另一方面，消費者在 12 月大選後會感到興奮。

So any thoughts there on the puts and takes of comp cadence in the back half?

那麼，對於後半段節奏的調整您有什麼看法嗎？

Yeah. Chris, as Rich and I outlined earlier, there's not a big uptick necessary to meet our guide. US business will be more or less a similar comp rate with no meaningful lift necessary, and we get that swing of 80 basis points of FX pressure for total company.

是的。克里斯，正如里奇和我之前提到的，不需要付出太大的努力就能滿足我們的指導。美國業務的利率或多或少會與此類似，無需進行任何有意義的提升，而我們得到的是整個公司 80 個基點的外匯壓力波動。

On ticket and transactions, you saw higher ticket in Q2 to transactions and as Billy said, that is really the increase in spend on large items where we had a 2.6% comp in tickets over $1,000 and again, that was broad-based.

在票務和交易方面，您會看到第二季度的交易票務增加，正如 Billy 所說，這實際上是大件物品支出的增加，其中 1,000 美元以上的票務支出增加了 2.6%，而且，這是廣泛的。

And the lack of a lot of promotional activity in outdoor garden that tends to be smaller ticket, that mix effect is what helped the ticket. It really wasn't price. And then similarly, that slight decrease in transactions was all in that modest pullback in outdoor garden promotions and -- but I mean, that explains all of the negative transactions that we saw.

而且，由於戶外花園缺乏大量的促銷活動，門票價格往往較低，因此這種混合效應有助於提高門票價格。這確實不是價格問題。同樣，交易量的輕微下降也是由於戶外花園促銷活動的適度回落造成的——但我的意思是，這解釋了我們看到的所有負面交易。

So you're going to cycle through -- we're not planning for any more hurricanes. The hurricane impacts were smaller in Q2 than they were in Q1. They'll be smaller yet again in three and four. So we're just looking at the continued momentum broadly in our departments, in our geographies to deliver that 1% guidance.

所以你將經歷這樣的循環——我們沒有為更多的颶風做任何準備。第二季颶風的影響比第一季小。三、四年後，它們的尺寸還會變得更小。因此，我們只是廣泛關注我們各部門、各地區的持續發展勢頭，以實現 1% 的指導。

And then bigger picture, on GMS, could you compare and contrast the business relative to the roofing business, which is SRS's largest vertical? From the outside, it seems to some that GMS is maybe more commodity oriented and something that perhaps you could have achieved through the expanded fulfillment offering that you have in about 20 markets in the large Pro side.

然後從更大的角度來看，在 GMS 方面，您能否將該業務與 SRS 最大的垂直業務屋頂業務進行比較和對比？從外部來看，有些人認為 GMS 可能更側重於商品，或許可以透過在大型 Pro 領域的約 20 個市場中提供擴展的履行服務來實現。

Is there something particularly in the assets that you want to acquire that was easier to buy than build? Is it sort of drywall, so foundational and so that's it's a big part of the market? Is it the sales force and so forth?

在您想要收購的資產中，是否有什麼東西是購買比建造更容易的？它是乾式牆嗎？那麼基礎，所以它佔了市場的很大一部分？是銷售人員等等嗎？

Sure. Chris, it's a number of those things. Let me just wind back a minute. As I said, we're super pleased with SRS. Roofing is the biggest category, also pool and landscape, and those are verticals that they run as a specialty trade distributor.

當然。克里斯，有很多這樣的事。讓我稍微回顧一下。正如我所說，我們對 SRS 非常滿意。屋頂是最大的類別，還有游泳池和景觀，這些都是他們作為專業貿易分銷商經營的垂直行業。

And from what we saw in public company announcements in Q2, we took share. We won in the marketplace in each of those three verticals. And when we look at the opportunity set in our Pro initiative, we talk about a game board, different categories and different customers in different purchase occasions, and where are there attractive profit pools and share opportunities, we're building out with our own organic Pro ecosystem a focus on the cross trade pro who's going to shop across the Home Depot store, which will increasingly engage with them with an outside sales force and sales trade credit and delivery as we've talked about.

從我們第二季上市公司公告的情況來看，我們佔據了市場份額。我們在這三個垂直領域的市場中都取得了勝利。當我們審視 Pro 計劃中的機會時，我們會討論遊戲板、不同類別和不同購買場合的不同客戶，以及哪裡有誘人的利潤池和共享機會，我們正在構建自己的有機 Pro 生態系統，重點關注將在 Home Depot 商店購物的跨貿易專業人士，正如我們所討論的那樣，這將通過外部銷售人員、銷售貿易信貸和交付與他們進行越來越多的互動。

But then we've also said, well, there are these verticals of specialty that are very attractive, SRS being incredibly attractive in roofing, pool and landscape and drywall in ceiling are very much adjacent complimentary verticals to that SRS business model.

但我們也說過，這些專業垂直領域非常有吸引力，SRS 在屋頂、游泳池和景觀方面極具吸引力，天花板上的石膏板與 SRS 商業模式非常相鄰，是互補的垂直領域。

So small branches, truckload delivery, high inventory turn, effective sales engagement, asset light, similar margins going into again, largely residential remodel and construction. We believe GMS is the best property, the best asset in that space, and we've been talking to them for some time.

因此，小型分公司、整車運輸、高庫存週轉率、有效的銷售參與、輕資產、類似的利潤率再次進入，主要是住宅改造和建設。我們相信 GMS 是該領域最好的財產、最好的資產，而且我們已經與他們談判了一段時間。

Dan Tinker in the SRS team had been in contact with John Turner in the leadership of GMS for some time. This was not something that happened overnight. This is something we've been engaging with them and thinking about how these two businesses could add value working together and the management teams, the cultures, the approach to single ERP systems, go-to-market strategies at the branch level are very, very similar to SRS.

SRS 團隊的 Dan Tinker 與 GMS 領導層的 John Turner 已經聯繫了一段時間。這不是一夜之間發生的事。我們一直在與他們合作，思考這兩家公司如何透過合作增加價值，而且他們的管理團隊、文化、單一 ERP 系統的方法、分支機構層面的市場進入策略都與 SRS 非常非常相似。

We think this will be a seamless integration under that SRS platform. And they'll attack their markets the way they always have, growing, especially trade business, and then Ann and Mike and our teams as we build out our Pro ecosystem, we have a great new list of larger customers.

我們認為這將是 SRS 平台下的無縫整合。他們會以一貫的方式進軍市場，不斷成長，尤其是貿易業務，然後安、麥克和我們的團隊在我們建立專業生態系統時，我們擁有了一大批新的大客戶。

We have an additional 400 nodes of distribution to add to the 800 that SRS already have. As I said in my remarks, 1,200 additional distribution branches in total that when Ann mentioned shipped from best location will be leveraging those branches as well combined with the 2,000 stores.

在 SRS 現有的 800 個分發節點基礎上，我們又增加了 400 個分發節點。正如我在發言中所說，安提到的從最佳地點發貨的分銷分支機構總數為 1,200 個，並將利用這些分支機構以及 2,000 家商店的優勢。

You can start to see this ecosystem that we're putting together with customers, with sales force, with distribution nodes and with delivery assets, we're just super excited on how we can take incremental share, bringing this unified capability set together.

您可以開始看到我們與客戶、銷售人員、分銷節點和交付資產共同建構的這個生態系統，我們對如何獲得增量份額並將這種統一的能力整合在一起感到非常興奮。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

I want to follow up please on -- with a phrase that Richard, you used in prepared remarks, and then I think Ted said it again, this notable improvement in underlying demand. You qualified it with some commentary around weather.

我想跟進一下——理查德，你在準備好的發言中用過一句話，然後我想泰德又說了一遍，即潛在需求的顯著改善。您透過一些有關天氣的評論來證明這一點。

I assume also maybe bathtub effect is the same definition. Can you talk about the degree to which you think there is underlying turning in housing, or was this market share or was this weather? Are we seeing an inflection?

我認為浴缸效應也許也是同樣的定義。您能否談談您認為房屋市場潛在轉變的程度，或者這是市場份額還是天氣？我們是否看到了拐點？

Well, as we've said, I think our assumption, what we've observed and the assumption going forward is that first, more than anything, we have a very healthy customer, right? Our customer is the homeowner or the pro that serves that homeowner. They're fully employed. They've seen strong income gains over the past several years.

嗯，正如我們所說的，我認為我們的假設、我們所觀察到的以及未來的假設是，首先，最重要的是，我們有一個非常健康的客戶，對嗎？我們的客戶是房主或為房主服務的專業人士。他們已充分就業。過去幾年裡，他們的收入大幅成長。

They have seen home price appreciation of 50% since 2019. They're sitting on tappable equity of over $11 trillion which is double that they were sitting on in 2019, and so as we predicted, we have observed a continued engagement and momentum in that engagement across the core of our categories.

自 2019 年以來，房價已上漲 50%。他們擁有超過 11 兆美元的可用資產，是 2019 年的兩倍，因此正如我們預測的那樣，我們觀察到我們各個核心類別的參與度和勢頭持續增強。

As Billy spelled out, 12 of 16 categories in positive comp territory, the strongest and broadest performance we've seen in over two years, and that's what we expected and that's what we've seen. As Ted pointed out and as we've discussed before, our customers still tell us that the rate environment is giving them pause on larger remodeling projects that would typically require debt financing, and Ted alluded to where mortgage rates and HELOC rates are.

正如比利所言，16 個類別中有 12 個處於正向競爭領域，這是我們兩年多來見過的最強勁、最廣泛的表現，這正是我們預期的，也是我們所看到的。正如 Ted 指出的以及我們之前討論過的，我們的客戶仍然告訴我們，利率環境讓他們暫停通常需要債務融資的大型改造項目，而 Ted 也提到了抵押貸款利率和 HELOC 利率的情況。

We know that that is still an impediment in our customers' mindset to executing on projects. What I think is important to note is our Pros, we survey every quarter and say that their customers tell them they're deferring projects. They're not canceling projects.

我們知道，這仍然是客戶執行專案思維的一個障礙。我認為值得注意的是我們的優點，我們每個季度都會進行調查，並說他們的客戶告訴他們他們正在推遲專案。他們沒有取消項目。

Home improvement demand persists and so our job is to position ourselves to be ready for that. At the same time, our guidance for the remainder of the year, as I said, doesn't assume any improvement in the outlook for larger projects or turn in housing per se.

家居裝修需求持續存在，因此我們的工作就是做好準備。同時，正如我所說，我們對今年剩餘時間的指導並不認為大型專案的前景或住房本身會有任何改善。

It really just assumes that consistent momentum that we've already seen really for four quarters now, and that continued in the first two weeks of the quarter.

它實際上只是假設我們已經看到了四個季度以來的持續勢頭，並且這種勢頭在本季度的前兩週得以延續。

And follow up, can I ask about proof points on complex projects or complex pro? Are you seeing sequential inflections whether it's some of the core capabilities that Home Depot has implemented or related to crossover benefits from SRS?

另外，我可以詢問有關複雜專案或複雜專業的證明點嗎？您是否看到了連續的變化，無論是家得寶實施的一些核心功能還是與 SRS 的交叉優勢有關？

Yeah. On your share comment, we believe we're taking shares because as I said, we looked at the public company disclosures that reporting of Q2 and how we performed and that includes paint roofing, landscape drywall.

是的。關於您的股票評論，我們相信我們正在收購股票，因為正如我所說，我們查看了上市公司披露的第二季度報告以及我們的表現，其中包括油漆屋頂、景觀石膏板。

We're starting to see some really neat cross synergies on distribution front and on the sales front and Mike or Ann, if you'd like to comment a little bit about the momentum we're seeing and our organic efforts and then with some of the cross sell with SRS.

我們開始看到分銷方面和銷售方面的一些非常好的交叉協同效應，Mike 或 Ann，如果您想對我們看到的勢頭和我們的有機努力以及與 SRS 的一些交叉銷售發表一些評論的話。

Yeah. As Ann mentioned in her prepared remarks, we're pretty thrilled with the progress making as we continue investing in the pro ecosystem, continue to optimize assortments as she talked about, account management, our sales force service model, fulfillment, among other things, notably for that cross sale pro.

是的。正如安在準備好的發言中提到的那樣，我們對取得的進展感到非常興奮，因為我們繼續投資於專業生態系統，繼續優化產品分類，正如她談到的，帳戶管理，我們的銷售團隊服務模式，履行等等，特別是對於交叉銷售專業人士。

So notably, delivery reliability, specifically related to being on time and complete or paramount for the pro experience, and we're pleased with the improvement that we've seen in terms of the pros feedback around customer satisfaction with their deliveries along with our improved performance for being on time and complete.

因此值得注意的是，交付的可靠性，特別是與準時和完整相關的，對於專業體驗至關重要，我們很高興看到專業人士對客戶對交付的滿意度的反饋以及我們在準時和完整方面的改進表現。

And we see this both for our large job site deliveries, notably on flatbeds and box trucks, but also their use of car deliveries. As we've leveraged our distribution assets for faster parcel delivery, we've seen a double digit lift in spend on parcel items enabling pros to stay on the job site.

我們在大型工地的運輸中，特別是平闆卡車和箱式貨車，以及汽車運輸中都看到了這一點。由於我們利用配送資產來加快包裹遞送速度，我們看到包裹物品支出呈兩位數增長，使專業人員能夠留在工作現場。

And then just further, with pro trade credit works hand in hand with the advances we're making with order management and delivery. And again, as Ann noted, seeing strong lift from now being able to invoice on delivery of goods versus upon the purchase of those goods.

更進一步的是，專業貿易信用與我們在訂單管理和交付方面取得的進步齊頭並進。正如安所指出的，從現在起，能夠在貨物交付時開立發票，而不是在購買貨物時開立發票，這將帶來強勁的成長。

Scot Ciccarelli, Truist.

斯科特·西卡雷利（Scot Ciccarelli），Truist。

I guess this is a bit of a follow up to Simeon's question. You had previously given us some figures on the incremental sales you've been able to generate from your complex pro efforts. Can you update us on that most recent performance and where you have rolled it out?

我想這是對 Simeon 問題的進一步回答。您之前曾向我們提供過一些數據，說明您透過複雜的專業努力所獲得的增量銷售。您能否向我們介紹最近的表現以及您在哪裡推出了它？

Obviously, you just talked about kind of the what's better happening, but how should we be thinking about the growth curve in those markets?

顯然，您剛才談到了正在發生的更好的事情，但是我們應該如何看待這些市場的成長曲線呢？

Scot, yeah, we're not going to keep updating that $1 billion. We just wanted to -- it's a nice hallmark for us to hit the $1 billion mark on incremental sales, but trust me, we are reviewing every week incrementality on all we're doing with the pro initiative.

史考特，是的，我們不會繼續更新那 10 億美元。我們只是想——對我們來說，增量銷售額達到 10 億美元是一個很好的標誌，但相信我，我們每週都會審查我們在專業計劃中所做的一切增量。

As Mike said, it starts with an engaged sales force. This is solution selling with a mature outside sales force supported with inside sales support. On time and complete delivery is paramount and that is where we've seen a real step change.

正如麥克所說，一切都始於一支敬業的銷售團隊。這是由成熟的外部銷售團隊和內部銷售支援進行的解決方案銷售。按時、完整地交付至關重要，而這正是我們看到的真正的進步變化。

John Deaton and his team on the delivery side from our FDCs, remember the 17 markets we have the flatbed distribution centers. We have 20 plus parcel delivery facilities. We have 200 plus market delivery operations which are the big and bulky product and appliances.

John Deaton 和他的團隊負責我們 FDC 的配送工作，請記住，我們在 17 個市場設有平板配送中心。我們有 20 多個包裹遞送設施。我們有 200 多個市場配送業務，主要配送大件和笨重的產品和電器。

Ann mentioned the ship from best location. We're leveraging stores as well. So we're putting all those nodes into an opportunity set to optimize delivery for the customer. From which node is going to have the quickest delivery time at the lowest cost at the greatest chance of being on time and complete for the customer and that's all the machine learning and AI we're putting into effect to make that happen. We've seen step change improvement in our on time and complete delivery.

安提到了這艘船的最佳位置。我們也正在利用商店。因此，我們將所有這些節點放入一個機會集中，以優化客戶交付。從哪個節點可以以最低的成本實現最快的交付時間，並最大程度地按時完成客戶的任務，這就是我們正在實施的機器學習和人工智慧，以實現這一目標。我們已經看到按時和完整交付方面取得了顯著的進步。

That's giving our sales team more confidence to sell. That's retaining customers who tried us once and liked us, try us again, we satisfy them again. Now you add trade credit to the equation. It's still such early days with trade credit and we have millions of pro customers and we literally have small single digit thousands on trade credit.

這讓我們的銷售團隊更有信心進行銷售。這就是留住那些曾經嘗試過我們並且喜歡我們的客戶，再次嘗試我們，我們會再次讓他們滿意。現在，您將貿易信用添加到等式中。貿易信貸仍處於早期階段，我們擁有數百萬專業客戶，但貿易信貸額度只有數千美元。

So this virtuous cycle of this whole ecosystem trying to work is gaining steam. And the great thing about having someone like SRS and then doing all the diligence and in the work with GMS, we actually understand in that part of the business is behaving like a distributor, and we are satisfying these larger pros in their complex purchase occasions as we need to as a true professional wholesale deliverer, so super excited and the momentum is building.

因此，整個生態系的良性循環正在不斷增強。擁有像 SRS 這樣的公司並進行所有盡職調查以及與 GMS 合作的偉大之處在於，我們實際上了解業務的這一部分就像一個分銷商，並且我們在復雜的購買場合中滿足這些大型專業人士的需求，因為我們需要作為一個真正的專業批發交付商，所以我們非常興奮並且勢頭正在增強。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

So over the last several years, Home Depot has taken some big swings, made some big calls including building the pro ecosystem, buying SRS and now GMS. Are these calls driven by something that you are seeing that is changing in the home improvement market or something that's changing in the Home Depot that's needing the -- prompting the need to take bigger calls in order to gain market share?

因此，在過去幾年裡，家得寶做出了一些重大舉措，包括建立專業生態系統、收購 SRS 以及現在的 GMS。這些電話是否是由您看到的家居裝飾市場正在發生的變化所驅動，或者是由於家得寶正在發生的變化而需要接聽更大的電話以獲得市場份額？

And it's part of this, how do you weigh the potential trade-off between growth and returns in these capital allocation decisions, or is that just a moot point because Home Depot is going to be able to achieve both in a robust recovery situation in the next few years.

其中的一部分是，在這些資本配置決策中，您如何權衡成長和回報之間的潛在權衡，或者這只是一個沒有實際意義的問題，因為家得寶將能夠在未來幾年強勁的復甦形勢下實現這兩者。

I'd also add, what we've done with e-commerce. In the big swing, we've done building out the distribution centers. Our e-commerce, which has taken a tremendous share. I'll let Richard talk about trade-off returns. As we've said, we look at this game board and this opportunity set of where their profit pools and where we can satisfy the customer.

我還要補充我們在電子商務方面所做的工作。在大規模轉型中，我們已經完成了配送中心的建設。我們的電子商務佔據了巨大的份額。我讓理查德來談談權衡回報。正如我們所說的，我們會查看這個遊戲板和這個機會集，看看他們的利潤池在哪裡，以及我們可以在哪裡讓客戶滿意。

But we're always looking customer back as we went into this, and what we were told by our pro customers, they're dealing with so many different suppliers. They're dealing with 20, 30, 50 different suppliers on a job site.

但我們在開展這項業務時始終關注客戶，我們的專業客戶告訴我們，他們正在與許多不同的供應商打交道。他們在工作現場與 20、30、50 個不同的供應商打交道。

If we can make their job easier, to take out five different sales calls, five other delivery trucks, five other invoice payment cycles, and that is making their business easier and that is our value proposition is that you can get a lot more from one supplier.

如果我們能夠讓他們的工作更輕鬆，減少五個不同的銷售電話、五輛送貨卡車、五個發票支付週期，這將使他們的業務更輕鬆，而我們的價值主張是您可以從一個供應商那裡獲得更多。

We'll never get 100% of someone's spend or even 100% of someone's spend in a particular category, but the more we can consolidate activity for them, particularly on a job site, in the selling cycle and the billing and payment cycle, that's our value proposition and that's where they told us we have a right to win and they're they're interested in that.

我們永遠無法獲得某人 100% 的支出，甚至無法獲得某人在特定類別中 100% 的支出，但我們越能為他們整合活動，特別是在工作現場、在銷售週期和計費和付款週期中，這就是我們的價值主張，這就是他們告訴我們我們有權獲勝的地方，他們對此很感興趣。

I'd also say that there is some consolidation. There's consolidation on the manufacturer side, on the distributor side and even the customer side and scale matters and we've always been the scale player and not in the pro wholesale type activity, but certainly, in home improvement.

我還想說，存在一些整合。製造商、經銷商甚至客戶方面都在進行整合，規模很重要，我們一直是規模參與者，雖然不是在專業批發類型的活動中，但肯定是在家居裝修中。

And we're satisfying that scale game as well, and we think the returns, you get there in a different way, but Richard, the return profile is attractive.

我們也對這種規模遊戲感到滿意，我們認為回報可以透過不同的方式實現，但理查德，回報狀況很有吸引力。

Absolutely. So look, when we think about capital allocation, as we've always told you, we invest in our business first and that's what we've leaned into in these last few years. We view -- our goal here is to drive sales growth through driving shared capture which then drives EPS growth.

絕對地。所以，當我們考慮資本配置時，正如我們一直告訴您的那樣，我們首先投資於我們的業務，而這正是我們在過去幾年中所傾向的。我們認為—我們的目標是透過推動共享捕獲來推動銷售成長，進而推動每股收益成長。

We have to do that in concert with creating shareholder value and so that's when returns -- we understand -- first of all, just on the TAM, in the share capture perspective, we've seen an increased TAM, but we've also increased our TAM through the acquisition of SRS and then GMS would further increase that TAM.

我們必須與創造股東價值相結合，這樣才能獲得回報——我們理解——首先，就 TAM 而言，從份額獲取的角度來看，我們已經看到 TAM 有所增加，但我們也透過收購 SRS 增加了我們的 TAM，然後 GMS 將進一步增加 TAM。

So we have one of the most attractive addressable markets in the, I call it the US consumer economy, North American consumer economy, and it starts there. Second, as you -- as Ted said, we're the scale player in that market and so we have tremendous opportunities and we feel like it's our responsibility to put ourselves in a unique position to win share.

因此，我們擁有最具吸引力的目標市場之一，我稱之為美國消費經濟、北美消費經濟，它就從那裡開始。其次，正如泰德所說，我們是該市場的規模參與者，因此我們擁有巨大的機會，我們覺得我們有責任讓自己處於獨特的位置來贏得份額。

So now let's talk about returns. Simply put, when we find an investment that allows us to drive share capture and drive earnings growth, that drives a return higher than our cost of capital with a little bit of a margin of safety built in, we're going to make that investment and so you've seen us lean in to a variety of investments over the last five years.

現在我們來談談回報。簡而言之，當我們發現一項投資能夠讓我們提高市場份額並推動盈利增長，並且能夠帶來高於資本成本的回報，同時還有一定的安全邊際時，我們就會進行這項投資，因此，您會看到我們在過去五年中傾向於進行各種投資。

What might surprise you is that many of these investments are more capital light and higher return -- that have a higher return profile than some of our more conventional investments. I'll give you two examples. When you think about an SRS branch, comparatively speaking, the capital required and then the return on that capital through time is actually lower capital required on a percent of sales basis than a Home Depot store would be and the return on that capital actually comes more quickly than it does at the Home Depot store.

您可能會感到驚訝的是，這些投資中的許多都是輕資本且回報率更高的——比我們的一些更傳統的投資具有更高的回報率。我給你舉兩個例子。當您考慮 SRS 分店時，相對而言，所需的資本以及隨時間推移的資本回報實際上比家得寶商店所需的資本（按銷售額百分比計算）要低，而且資本回報實際上比家得寶商店更快。

And by the way, we think that the Home Depot store is one of the most rock solid investments we can make, which is why we've leaned into that program. So SRS, wholesale distribution, a capital light model. Second, our DFCs.

順便說一句，我們認為家得寶商店是我們可以做出的最穩固的投資之一，這就是我們傾向於該計劃的原因。因此，SRS（批發分銷）是一種輕資本模式。第二，我們的發展金融公司。

If you take our DFCs and you look at where they are on their maturity curve, they're actually generating higher returns on invested capital than an equivalent Home Depot store would at this point in their life cycle. Again, if you're using the benchmark, a Home Depot store to us is almost like buying treasuries.

如果您看一下我們的 DFC 並觀察它們的成熟度曲線，您會發現它們實際上產生的投資資本回報率比同等的家得寶商店在其生命週期的這個階段產生的回報率要高。再說一次，如果你使用基準，那麼對我們來說，家得寶商店幾乎就像購買國債一樣。

I mean, that is as close to I'd say the most confident return we can drive in this business and the incremental investments we're making I'll argue our position to drive higher returns on that capital. Now if you look at it in the earlier stages of investment, ROIC is lower in the earlier stages and in the later stages of that same investment, it's higher.

我的意思是，這幾乎是我所能說的我們能在這個行業中獲得的最有信心的回報，而且我們正在進行的增量投資將確保我們能夠獲得更高的資本回報。現在，如果您看一下投資的早期階段，您會發現 ROIC 在早期階段較低，而在相同投資的後期階段則較高。

So we're simply ascribing to the fact that we have an opportunity to position ourselves like no one else in our $1 trillion total addressable market to win and win over the long term.

因此，我們只是認為，我們有機會在總額 1 兆美元的潛在市場中，以獨一無二的方式贏得勝利，並取得長期勝利。

My quick follow up is the decision to reduce promotional activity during the quarter was tied to the tariff situation. So A, how do you expect this to unfold? It's likely that tariffs are going to be with us for a while. Does that mean Home Depot's posture around promotional activity will be reduced?

我的快速跟進是，本季減少促銷活動的決定與關稅情況有關。那麼 A，您認為事情會如何發展呢？關稅很可能會伴隨我們一段時間。這是否意味著家得寶在促銷活動方面的姿態將會減弱？

And B, how do you expect this to impact the P&L over the next few quarters and what have you assumed that within your guidance?

B，您預計這會對未來幾季的損益產生什麼影響？在您的指導中您對此有何假設？

And as I mentioned a little bit earlier to Steven's question, we did pull back, again those were primarily in the outside garden space, which caused some of that transaction comp noise that I mentioned. I mean, listen, the Home Depot is an EDLP retailer and so anything that we can do to continue to drive value for our customers in this marketplace, and going forward and you're right, the tariffs have been increased since we met in May.

正如我之前在回答史蒂文的問題時提到的那樣，我們確實撤回了，這些主要是在戶外花園空間，這導致了我提到的一些交易噪音。我的意思是，聽著，家得寶是一家 EDLP 零售商，因此我們可以做任何事情來繼續為這個市場上的客戶創造價值，並且向前發展，你是對的，自從我們五月份開會以來，關稅已經提高了。

That's all in our go forward guidance. So listen, we feel great about the values I mentioned holiday. We have many things coming up in the back half of the year. We'll talk a little bit more in Q3 about our gift center and all the things that we'll have there.

這就是我們未來指引的全部內容。所以聽著，我們對我提到的假期價值觀感到非常滿意。今年下半年我們有很多事情要做。我們將在第三季進一步討論我們的禮品中心以及那裡的所有東西。

We're going to continue to be focused on EDLP and taking market share. We love our price position as it stands today, and we look forward to partnering even closer with our supplier partners and continuing to drive that value for customers and believe me, there'll be plenty of great opportunities for our consumers, our customers every day in our stores now through the back half of the year.

我們將繼續專注於 EDLP 並佔領市場份額。我們喜歡我們目前的價格定位，我們期待與我們的供應商合作夥伴建立更緊密的合作夥伴關係，並繼續為客戶創造價值，相信我，從現在到今年下半年，我們的消費者、我們的顧客每天都會在我們的商店裡享受到很多絕佳的機會。

Christine, we have time for one more question.

克里斯汀，我們還有時間再問一個問題。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

My question is for Billy. On category performance, I was hoping you could maybe double click on the areas where the business has most notably improved. You guys have called out 12 out of the 16 categories. That's the best breath of performance, I think, since, the second quarter of '22. So maybe just click on the categories a little bit and then also regionally, any call outs in the quarter?

我的問題是針對比利的。關於類別表現，我希望您可以雙擊業務最顯著改善的領域。你們已經指出了 16 個類別中的 12 個。我認為，這是自 2022 年第二季以來最好的表現。因此，也許只需點擊一下類別，然後再按區域點擊一下，查看本季度的任何呼叫？

Yeah, no, happy to talk through that. And Chuck, as you mentioned and we called out, 12 of our 16 departments posted positive comps. We actually had 13 in the US with some FX pressure in paint, but really it was the broader based performance that, as I mentioned, the strongest we've seen in over two years.

是的，不，很高興談論這個。查克，正如您所提到的，我們也知道，我們 16 個部門中有 12 個部門的表現表現良好。我們實際上在美國有 13 名球員在油漆區受到 FX 壓力，但實際上，正如我所提到的那樣，這是我們兩年多來見過的最強勁的表現。

So I called out some of the seasonal pieces, patio, live goods, and barbecue, but just to give some color on some of the other businesses, and I know Richard talked about this being much more broad-based, but if you think about our portable power business, our cleaning business, dimensional lumber, concrete, water heaters, vanities, interior paint, and in fact, the largest contributions to the quarter were really outside of seasonal, of course, we saw a pick up with, Ted mentioned the North picking up.

因此，我列舉了一些季節性產品、露台、生活用品和燒烤，但只是為了給其他一些業務一些顏色，我知道理查德談到這個業務的基礎更加廣泛，但如果你想想我們的便攜式電源業務、我們的清潔業務、規格木材、混凝土、熱水器、梳妝台、室內塗料，事實上，本季度最大的貢獻實際上不是季節性的，當然，我們看到了回升。

And certainly, more traffic in our stores drives more projects as well, but it was really broad based across the business, not only the 12 departments, but I gave you some color around just what we're seeing in inside some of those what we consider really core home improvement projects that are just outside of obviously your typical when spring comes and you sell a little bit more of the garden space.

當然，我們商店的客流量增加也會帶來更多的項目，但這確實涉及整個業務，不僅是 12 個部門，而且我還向您介紹了我們在一些我們認為是真正核心的家居裝修項目內部看到的情況，這些項目顯然超出了春天來臨時的典型情況，您可以多賣一點花園空間。

We're really, really pleased. Thrilled with the work that the merchant team has done along with our supply chain folks. Just incredible work. And really excited about the back half of the year and more the broad-based impact that we're seeing.

我們真的非常高興。我對商家團隊和我們的供應鏈人員所做的工作感到非常高興。真是令人難以置信的工作。我們對今年下半年的表現以及我們所看到的更廣泛的影響感到非常興奮。

And then I thought just on -- for Richard on gross margins flat year over year. Can we just talk about the moving parts in the quarter? How you're thinking about the cadence in the back half, and then zooming out, I think this will be the third straight year gross margins will be around 33.4%. I guess how you're thinking about that line item in the out years?

然後我就想到了——理查德的毛利率比去年同期持平。我們能不能談談本季的活動部分？您如何看待下半年的節奏，然後放大來看，我認為這將是連續第三年毛利率在 33.4% 左右。我猜你對未來幾年的這個計畫有什麼看法？

Right. Well, we'll keep our comments to this year. Gross margin, we got it at the beginning of the year that it's going to be essentially flat at 33.4%. You're not going to see a lot of movement in that line item other than seasonal swing a little bit that we always see and so we've reaffirmed guidance at that level and then we'll address future years when we get together in December.

正確的。好吧，我們將保留對今年的評論。毛利率，我們在年初就預測它將基本持平於 33.4%。除了我們經常看到的季節性波動之外，您不會看到該項目有太大的變動，因此我們重申了該水平的指導，然後我們將在 12 月聚會時討論未來幾年的問題。

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

詹西女士，我想把發言權交還給您，請您發表最後評論。

Thank you and thank you, all for joining us today.

謝謝大家，也謝謝大家今天加入我們。

We look forward to speaking with you on our third quarter earnings call in November.

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.

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.

現在您可以斷開線路。

Thank you for your participation and have a wonderful day.

感謝您的參與並祝您有美好的一天。