家得寶 (HD) 2025 Q3 法說會逐字稿

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Greetings, and welcome to The Home Depot third-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

大家好，歡迎參加家得寶2025年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我很榮幸地向大家介紹主持人伊莎貝爾詹西。請繼續。

Thank you, Christine, and good morning, everyone. Welcome to Home Depot's third-quarter 2025 earnings call. Joining us on our call today are Ted Decker, Chair, President, and CEO; Ann-Marie Campbell, Senior Executive Vice President; Billy Bastek, Executive Vice President of Merchandising; and Richard McPhail, Executive Vice President and Chief Financial Officer.

謝謝你，克里斯汀，大家早安。歡迎參加家得寶2025年第三季財報電話會議。今天參加我們電話會議的有：董事長、總裁兼執行長 Ted Decker；資深執行副總裁 Ann-Marie Campbell；商品銷售執行副總裁 Billy Bastek；以及執行副總裁兼財務長 Richard McPhail。

(Operator Instructions) If we are unable to get to your question during the call, please call our Investor Relations department at 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.

（操作員說明）如果在通話期間我們無法解答您的問題，請致電我們的投資者關係部門，電話號碼為 770-384-2387。在將電話交給泰德之前，請允許我提醒各位，今天的新聞稿和我們高管的演講包含聯邦證券法（包括 1995 年《私人證券訴訟改革法案》中定義的證券法）所界定的前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, the factors identified in the release, in our most recent annual report on Form 10-K, and in our other filings with the Securities and Exchange Commission.

這些聲明存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。這些風險和不確定性包括但不限於本公告、我們最新的 10-K 表格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所列的因素。

Today's presentation will also include certain non-GAAP measures including, but not limited to, adjusted operating margin, 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.

今天的演示還將包括一些非GAAP指標，包括但不限於調整後的營業利潤率、調整後的稀釋每股盈餘和投資資本回報率。有關這些及其他非GAAP指標與對應GAAP指標的調節表，請參閱我們的獲利新聞稿和我們的網站。

Now let me turn the call over to Ted.

現在我把電話交給泰德。

Thank you, Isabel, and good morning, everyone. Sales for the third quarter were $41.4 billion, up 2.8% from the same period last year. Comp sales increased 0.2% from the same period last year, and comps in the US increased 0.1%.

謝謝你，伊莎貝爾，大家早安。第三季銷售額為 414 億美元，比去年同期成長 2.8%。與去年同期相比，同店銷售額成長了 0.2%，其中美國同店銷售額成長了 0.1%。

Adjusted diluted earnings per share were $3.74 in the third quarter, compared to $3.78 in the third quarter last year. In local currency, Canada and Mexico posted positive comps. Our results missed our expectations primarily due to the lack of storms in the third quarter, which resulted in greater-than-expected pressure in certain categories.

第三季經調整後的稀釋每股收益為 3.74 美元，去年同期為 3.78 美元。以當地貨幣計算，加拿大和墨西哥的年增幅均為正。我們的業績未能達到預期，主要是因為第三季缺乏風暴，導致某些類別的壓力高於預期。

Additionally, while underlying demand in the business remain relatively stable sequentially, an expected increase in demand in the third quarter did not materialize. We believe the consumer uncertainty and continued pressure in housing are disproportionately impacting home improvement demand. Today, we've revised our guidance for fiscal 2025, which Rich will take you through in a moment.

此外，雖然業務的潛在需求較上季保持相對穩定，但第三季預期的需求成長並未出現。我們認為，消費者的不確定性和房屋市場的持續壓力對房屋裝修需求產生了不成比例的影響。今天，我們修訂了 2025 財年的業績預期，Rich 稍後會為大家詳細介紹。

We remain focused on controlling what we can control. Our teams are executing at a high level, and we believe we are growing market share. We continue to invest across the business, supporting our associates, and delivering the value proposition expected by our customers.

我們始終專注於控制我們能夠控制的事情。我們的團隊執行力很強，我們相信我們的市場份額正在成長。我們將繼續增加對業務各方面的投資，支持我們的員工，並提供客戶期望的價值主張。

In September, SRS completed the acquisition of GMS, a leading distributor of specialty building products, including drywall, ceiling, and steel framing related to remodeling and construction projects. GMS further enhances SRS' position as the leading multi-category building materials distributor, bringing differentiated capabilities, product categories, and customer relationships that are highly complementary to SRS' existing business.

9 月，SRS 完成了對 GMS 的收購，GMS 是一家領先的專業建築產品分銷商，其產品包括與改造和建築項目相關的石膏板、天花板和鋼結構框架。GMS進一步鞏固了SRS作為領先的多品類建築材料分銷商的地位，帶來了差異化的能力、產品類別和客戶關係，與SRS現有的業務高度互補。

We could not be more excited to welcome GMS to the family and look forward to bringing a truly differentiated value proposition to our Pro customers. We're excited to see many of you in person in a few weeks at our investor conference, the New York Stock Exchange on December 9.

我們非常高興地歡迎 GMS 加入我們的大家庭，並期待為我們的專業客戶帶來真正差異化的價值主張。我們很高興能在幾週後的12月9日於紐約證券交易所舉行的投資者大會上與大家見面。

We will update you on our strategic initiatives, our unique positioning in the marketplace, our investments, and the traction we are seeing with our customers, as we continue to position ourselves to win market share in both the near and long term.

我們將向您匯報我們的策略舉措、我們在市場中的獨特定位、我們的投資以及我們從客戶那裡獲得的進展，我們將繼續努力，在短期和長期內贏得市場份額。

In closing, I would like to thank our store associates, merchants, supply chain teams, and vendor partners who continue to take care of our customers and execute at a high level. With that, let me turn the call over to Ann.

最後，我要感謝我們的門市員工、採購人員、供應鏈團隊和供應商合作夥伴，感謝他們一直以來對顧客的照顧和高水準的執行。那麼，我把電話交給安吧。

Thanks, Ted, and good morning, everyone. Our associates did an incredible job focusing on our customers and delivering exceptional customer service in our stores during the quarter. We continue to lean in on initiatives that help our associates do their jobs more effectively while also driving productivity in our operations.

謝謝你，泰德，大家早安。本季度，我們的員工在門市中表現出色，專注於為顧客提供卓越的客戶服務。我們將繼續大力推行各項舉措，協助員工更有效地完成工作，同時提高營運效率。

I'm going to highlight our progress across a number of initiatives that have helped improve the associate experience and are resulting in a better customer experience and increased customer satisfaction. Last year, we rolled out our freight flow application to all our stores, which has improved our freight processes and driven efficiency in our operations.

我將重點介紹我們在多項措施中的進展，這些措施有助於改善員工體驗，並帶來更好的客戶體驗和更高的客戶滿意度。去年，我們將貨運流程應用程式推廣到所有門市，這改善了我們的貨運流程，並提高了營運效率。

This initiative has significantly improved our cartons per hour metric, resulting in greater efficiency in our onload and packout process. We also continue to focus on-shelf availability. And through computer vision and sidekick, we have reached record in-stock and on-shelf availability levels.

這項措施顯著提高了我們每小時的紙箱產量指標，從而提高了我們的裝貨和包裝流程效率。我們也會繼續關注貨架供應情況。借助電腦視覺和輔助工具，我們的庫存和貨架供應量達到了歷史新高。

Lastly, our faster fulfillment efforts, leveraging both our stores and distribution centers that you've heard about over the last few quarters, have driven an over 400-basis-point increase in our customer satisfaction scores. In addition, we continue to focus on our Pro ecosystem, maturing the new capabilities we have built for Pros working on complex projects while enhancing the tools we have to serve Pros.

最後，正如您在過去幾個季度中所了解到的，我們加快了履行訂單的步伐，充分利用了我們的門市和配送中心，這使得我們的客戶滿意度得分提高了 400 多個百分點。此外，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，同時增強我們為專業人士提供的工具。

We are pleased with the progress we are seeing as our customers engage with our capabilities. There are two new tools we have deployed over the last several months that help us differentiate our offering. The first is a new project planning tool that we launched in September, which allows our Pros to create and manage material lift and track orders and deliveries.

我們很高興看到客戶在使用我們產品的過程中取得了進展。在過去的幾個月裡，我們部署了兩款新工具，幫助我們實現產品和服務的差異化。首先是我們在 9 月推出的全新專案規劃工具，它允許我們的專業人員創建和管理物料搬運，並追蹤訂單和交付情況。

The second tool, blueprint takeoffs, will transform the way Pros plan and prepare for their projects. This new tool leverages advanced AI and proprietary algorithms to deliver accurate blueprint takeoffs and material estimates in record time.

第二個工具，即藍圖提取工具，將改變專業人士規劃和準備專案的方式。這款新工具利用先進的人工智慧和專有演算法，能夠在創紀錄的時間內提供準確的藍圖計算和材料估算。

Both can then quickly and easily purchase all materials they need for their project through The Home Depot, simplifying this complex process by going through a single supplier. This technology replaces a manual intensive process that took weeks to complete, increasing accuracy and reliability.

這樣一來，他們兩人都可以透過家得寶快速便捷地購買專案所需的所有材料，透過單一供應商簡化了這個複雜的流程。這項技術取代了耗時數週的人工密集流程，提高了準確性和可靠性。

Adding this advanced technology to our ecosystem of capabilities to better serve the Pro working on complex projects will further enable us to be the one-stop shop for all project needs, from initial planning to material delivery, saving our Pros time and money.

將這項先進技術添加到我們的生態系統能力中，以便更好地服務於從事複雜專案的專業人士，這將進一步使我們能夠成為滿足所有專案需求的一站式服務商，從初步規劃到材料交付，從而節省專業人士的時間和金錢。

We look forward to seeing you in a few weeks in New York to provide a holistic view of how our full ecosystem is resonating with our Pros and allowing us to gain traction and win in the market.

我們期待幾週後在紐約與您見面，以便全面展示我們的整個生態系統如何與我們的專業人士產生共鳴，並使我們能夠獲得市場認可並取得成功。

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

那麼，我把電話交給比利吧。

Thank you, Ann, and good morning, everyone. I want to start by also thanking all of our associates and supplier partners for their ongoing commitment to serving our customers and communities. As you heard from Ted, the underlying demand in the quarter was relatively similar to what we saw in the second quarter.

謝謝你，安，大家早安。首先，我要感謝我們所有的同事和供應商合作夥伴，感謝他們一直以來對服務客戶和社區的承諾。正如泰德所說，本季的潛在需求與第二季的情況相對相似。

However, our results were below our expectations, largely due to a lack of storms relative to historic norms which most notably impacted areas of the business such as roofing, power generation, and plywood, to name a few.

然而，我們的業績低於預期，這主要是由於風暴數量少於歷史平均水平，尤其對屋頂、發電和膠合板等業務領域造成了顯著影響。

Turning to our merchandising department comp performance for the third quarter, 9 of our 16 merchandising departments posted positive comps, including kitchen, bath, outdoor garden, storage, electrical, plumbing, millwork, hardware, and appliances.

再來看我們第三季的商品部門同店銷售業績，我們 16 個商品部門中有 9 個實現了正增長，包括廚房用品、浴室用品、戶外花園用品、儲物用品、電氣用品、管道用品、木工用品、五金用品和家電用品。

During the third quarter, our comp average ticket increased 1.8% and comp transactions decreased 1.6%. The growth in comp average ticket primarily reflects a greater mix of higher-ticket items, customers continuing to trade up for new and innovative products, as well as modest price increases. Big-ticket comp transactions for those over $1,000 were positive 2.3% compared to the third quarter of last year.

第三季度，我們的同店平均客單價成長了 1.8%，同店交易量下降了 1.6%。同店平均客單價的成長主要反映了高價商品佔比的增加、顧客不斷升級購買創新產品以及價格的適度上漲。與去年第三季相比，超過 1000 美元的大額同店交易成長了 2.3%。

We were pleased with the performance we saw in categories such as appliances, portable power, and gypsum. However, we continue to see softer engagement in larger discretionary projects where customers typically use financing to fund renovation projects.

我們對家用電器、便攜式電源和石膏等類別的表現感到滿意。然而，我們仍然看到，在客戶通常會使用融資來資助裝修專案的大型可自由支配專案中，參與度有所下降。

During the third quarter, both Pro and DIY comp sales were positive and relatively in line with one another. We saw strength across Pro-heavy categories like gypsum, insulation, siding, and plumbing. In DIY, we saw strength across our seasonal product offerings, including live goods, hardscapes, and other garden products.

第三季度，專業版和DIY版的銷售額均呈現正成長，兩者基本持平。我們看到石膏、保溫材料、外牆板和管道等專業重型材料類別表現強勁。在 DIY 領域，我們的季節性產品供應強勁，包括活體植物、硬景觀和其他園藝產品。

Turning to total company online comp sales, sales leveraging our digital platforms increased approximately 11% compared to the third quarter of last year. We're excited about the continued success we're seeing across our interconnected platforms. Our faster delivery speeds are resonating with customers and driving greater engagement and sales.

從公司整體線上同店銷售額來看，利用我們數位平台實現的銷售額比去年第三季成長了約 11%。我們對旗下互聯平台持續取得成功感到非常興奮。我們更快的配送速度引起了客戶的共鳴，並推動了更高的參與度和銷售額。

We know that as we remove friction from the experience, we see incremental customer engagement, leading to greater sales across all points of interaction. 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.

我們知道，隨著我們消除體驗中的摩擦，客戶參與度會逐步提高，從而在所有互動點上帶來更高的銷售。第三季度，我們舉辦了年度供應商合作夥伴會議，重點討論瞭如何繼續攜手合作，將最好的產品推向市場，提供簡化項目的創新解決方案，並透過一流的功能和優勢提供巨大的價值。

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. They include [Leaderson], Cobra Tork, Feather River, Milwaukee, RYOBI, Frigidaire, CIATA, Traeger, and many more. We are proud of the innovation and partnership that our suppliers bring to The Home Depot and the value we're able to offer both our Pro and DIY customers.

在本次活動中，我們表彰了各個類別的眾多供應商，他們每天都在為我們的客戶帶來創新，並不斷改變整個產業。其中包括[Leaderson]、Cobra Tork、Feather River、Milwaukee、RYOBI、Frigidaire、CIATA、Traeger 等眾多品牌。我們為供應商為家得寶帶來的創新和合作感到自豪，也為我們能夠為專業客戶和DIY客戶提供的價值感到自豪。

As we turn our attention to the fourth quarter, we're looking forward to the excitement we will bring with our annual holiday, Black Friday, and Gift Center events. 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, Diablo, Husky, and more.

隨著我們把注意力轉向第四季度，我們期待著透過一年一度的假期、黑色星期五和禮品中心活動為大家帶來激動人心的時刻。在我們的禮品中心活動中，我們繼續主推對顧客而言最重要的品牌，包括 Milwaukee、RYOBI、Makita、DEWALT、RIDGID、Diablo、Husky 等品牌。

We'll have something for everyone, whether it's our wide assortment of cordless RYOBI tools or Milwaukee hand tools. And in appliances for Black Friday, we have exciting offers on LG, Samsung, Bosch, Whirlpool, GE, and Frigidaire. Our assortment includes multiple exclusive products like LG's stainless steel French store refrigerator with Craft Ice and Frigidaire's new gallery dishwasher with a wash cycle time of only 50 minutes.

我們這裡有適合每個人的產品，無論是種類繁多的RYOBI無線工具還是Milwaukee手動工具。黑色星期五期間，LG、三星、博世、惠而浦、通用電氣和弗里吉戴爾等品牌的家電都有令人興奮的優惠活動。我們的產品系列包括多款獨家產品，例如 LG 的不銹鋼法式冷藏櫃（帶有 Craft Ice 製冰功能）和 Frigidaire 的新 Gallery 洗碗機（洗滌週期僅需 50 分鐘）。

This quarter, I'm also excited to announce the addition of PGT Windows to a wide assortment of exclusive retail brands, including American Craftsman and Andersen windows. PGT's impact-resistant windows are engineered to meet some of the highest performance standards in the industry, reducing storm damage risk, providing energy efficiency, UV protection, and sound reduction.

本季度，我還很高興地宣布，PGT Windows 已加入我們眾多獨家零售品牌的行列，其中包括 American Craftsman 和 Andersen 窗戶。PGT 的抗衝擊窗戶經過精心設計，符合業界一些最高的性能標準，可降低風暴損壞風險，提供節能、紫外線防護和隔音效果。

And they will be exclusive to The Home Depot in the big box channel. Our merchandising organization remains focused on being our customers' advocate for value. This means continuing to provide a broad assortment of best-in-class products that are in stock and available for our customers.

它們將由家得寶等大型零售通路獨家銷售。我們的商品銷售部門始終致力於成為顧客追求價值的代言人。這意味著我們將繼續為客戶提供種類繁多、品質一流的產品，這些產品庫存充足，隨時可供購買。

It is the power of our vendor relationships, coupled with our best-in-class merchant organization, that allows us to offer our customers the best brands with the most innovation to solve pain points, increase functionality, and enhance performance at the best value in the market.

正是我們強大的供應商關係，加上我們一流的商家組織，使我們能夠為客戶提供最具創新性的頂級品牌，以解決痛點、增強功能並提升效能，同時提供市場上最有價值的產品。

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

接下來，我想把電話交給理查。

Thank you, Billy, and good morning, everyone. In the third quarter, total sales were $41.4 billion, an increase of $1.1 billion or approximately 3% from last year. Total sales include approximately $900 million from the recent acquisition of GMS, which represents approximately eight weeks of sales in the quarter.

謝謝你，比利，大家早安。第三季總銷售額為 414 億美元，比去年同期成長 11 億美元，增幅約 3%。總銷售額包括近期收購 GMS 帶來的約 9 億美元，相當於本季約八週的銷售額。

During the third quarter, our total company comps were positive 0.2%, with comps of positive 2% in August, positive 0.5% in September, and negative 1.5% in October. Comps in the US were positive 0.1% for the quarter with comps of positive 2.2% in August, positive 0.3% in September, and negative 1.7% in October.

第三季度，我們公司整體同店銷售額成長了 0.2%，其中 8 月成長了 2%，9 月成長了 0.5%，10 月下降了 1.5%。美國同店銷售額本季成長0.1%，其中8月成長2.2%，9月成長0.3%，10月下降1.7%。

For the quarter and in local currency, Canada and Mexico posted positive comps. In the third quarter, our gross margin was 33.4%, flat compared to the third quarter of 2024, which was in line with our expectations. During the third quarter, operating expense as a percent of sales increased approximately 55 basis points to 20.5% compared to the third quarter of 2024.

本季以當地貨幣計算，加拿大和墨西哥的年增幅均為正。第三季度，我們的毛利率為 33.4%，與 2024 年第三季持平，符合我們的預期。第三季度，營業費用佔銷售額的百分比較 2024 年第三季成長約 55 個基點，達到 20.5%。

Our operating expense included transaction fees related to the acquisition of GMS, but otherwise were in line with our expectations. Our operating margin for the third quarter was 12.9%, compared to 13.5% in the third quarter of 2024. In the quarter, pretax intangible asset amortization was $158 million. Excluding the intangible asset amortization in the quarter, our adjusted operating margin for the third quarter was 13.3%, compared to 13.8% in the third quarter of 2024.

我們的營運費用包括與收購 GMS 相關的交易費用，但除此之外，其他費用均符合我們的預期。第三季我們的營業利益率為 12.9%，而 2024 年第三季為 13.5%。本季稅前無形資產攤銷額為 1.58 億美元。剔除本季無形資產攤銷後，我們第三季的調整後營業利潤率為 13.3%，而 2024 年第三季為 13.8%。

Interest and other expense for the third quarter was $596 million, which is in line with our expectations. In the third quarter, our effective tax rate was 24.3%, compared to 24.4% in the third quarter of fiscal 2024. Our diluted earnings per share for the third quarter were $3.62, compared to $3.67 in the third quarter of 2024.

第三季利息及其他支出為 5.96 億美元，符合我們的預期。第三季度，我們的實際稅率為 24.3%，而 2024 財年第三季的實際稅率為 24.4%。我們第三季稀釋後每股收益為 3.62 美元，而 2024 年第三季為 3.67 美元。

Excluding intangible asset amortization, our adjusted diluted earnings per share for the third quarter were $3.74, compared to $3.78 in the third quarter of 2024. During the third quarter, we opened three new stores, bringing our total store count to 2,356. At the end of the quarter, merchandise inventories were $26.2 billion, up approximately $2.3 billion compared to the third quarter of 2024. And inventory turns were 4.5 times, down from 4.8 times last year.

剔除無形資產攤銷後，我們第三季的調整後稀釋每股收益為 3.74 美元，而 2024 年第三季為 3.78 美元。第三季度，我們新開了三家門市，使我們的門市總數達到 2,356 家。本季末，商品庫存為 262 億美元，比 2024 年第三季增加了約 23 億美元。庫存週轉率為 4.5 次，低於去年的 4.8 次。

Turning to capital allocation. During the third quarter, we invested approximately $900 million back into our business in the form of capital expenditures. And we paid approximately $2.3 billion in dividends to our shareholders. Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was 26.3%, down from 31.5% in the third quarter of fiscal 2024.

接下來討論資本配置。第三季度，我們以資本支出的形式將約 9 億美元重新投入我們的業務。我們向股東支付了約 23 億美元的股息。根據過去 12 個月的期初和期末長期債務和權益的平均值計算，投資資本回報率為 26.3%，低於 2024 財年第三季的 31.5%。

Now I will comment on our outlook for fiscal 2025. Today, we are updating our fiscal 2025 guidance to include softer-than-expected results in the third quarter, continued pressure in the fourth quarter from the lack of storm activity, ongoing consumer uncertainty and housing pressure, as well as the inclusion of the GMS acquisition into our consolidated results.

現在我將談談我們對2025財年的展望。今天，我們更新了 2025 財年的業績預期，其中包括第三季度業績低於預期、第四季度風暴活動不足帶來的持續壓力、消費者持續的不確定性和住房壓力，以及將 GMS 收購納入我們的合併業績。

For fiscal 2025, we expect total sales growth of approximately positive 3%, with GMS expected to contribute approximately $2 billion in incremental sales; and comp sales growth percent to be slightly positive compared to fiscal 2024. Our gross margin is expected to be approximately 33.2%.

2025 財年，我們預計總銷售額將成長約 3%，其中 GMS 預計將貢獻約 20 億美元的增量銷售額；與 2024 財年相比，同店銷售額成長率將略微為正。我們的毛利率預計約為 33.2%。

Further, we expect operating margin of approximately 12.6% and adjusted operating margin of approximately 13%. Our effective tax rate is targeted at approximately 24.5%. We expect net interest expense of approximately $2.3 billion.

此外，我們預期營業利潤率約為 12.6%，調整後營業利潤率約為 13%。我們實際稅率的目標約為 24.5%。我們預計淨利息支出約為23億美元。

We expect our diluted earnings per share to decline approximately 6% 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 5% compared to fiscal 2024, when comparing the 52 weeks in fiscal 2025 to the 53 weeks in fiscal 2024.

我們預計，與 2024 財年相比，2025 財年（52 週）的稀釋後每股盈餘將下降約 6%（2024 財年為 53 週）。我們預計，與 2024 財年相比，2025 財年（52 週）和 2024 財年（53 週）的調整後稀釋每股盈餘將下降約 5%。

We plan to continue investing in our business with capital expenditures of approximately 2.5% of sales for fiscal 2025. 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%。我們相信，透過加強與客戶的競爭地位，並在家居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，現在我們可以開始提問了。

(Operator Instructions) Simeon Gutman, Morgan Stanley.

（操作說明）西蒙古特曼，摩根士丹利。

Hey, good morning, everyone. My first question is more short term on the fourth quarter. So when you guided for the full year after the second quarter, we didn't have GMS in the numbers; and now we do. And then we now know your third quarter came in a little light and that the fourth quarter may be a little lighter on revenue as well.

嘿，大家早安。我的第一個問題是關於第四季的短期情況。所以，在第二季之後對全年業績進行預測時，我們的數據中沒有 GMS；而現在我們有了。我們現在知道你們第三季的業績略顯疲軟，第四季的營收可能也會略有下降。

So there's some deleverage. We're having a tough time getting to the full amount of, call it, EBIT dollar shortfall because GMS looks like they made money last year. Are there any expenses that are tied to it, or how do we think about the deleverage?

所以槓桿率有所下降。我們很難估算出所謂的 EBIT 美元缺口的全部金額，因為 GMS 去年看起來是獲利的。是否有與之相關的費用？或者我們該如何看待去槓桿化？

Yeah. Simeon, thanks for the question. I think you could look at it two ways. Let's talk about fiscal year, and then let's talk about Q4. So fiscal year, as you know, we've revised our guidance by 40 basis points from 13.4% adjusted operating margin to 13% operating margin.

是的。西蒙，謝謝你的提問。我認為可以從兩個角度來看這個問題。我們先來談談財政年度，然後再談談第四季。如您所知，本財年我們將業績預期下調了 40 個基點，從 13.4% 調整後營業利潤率下調至 13% 營業利潤率。

The walk there, let's talk about the most significant item, which is GMS, the inclusion of GMS in our results. If you take their likely impact to 2025 and you add the transaction expenses to it, you're basically at 20 basis points of year-over-year impact to operating margin. You then take into account the decrease in our comp sales from one comp to slightly positive. And then we -- so that assumption would have obviously deleverage that we've spoken of previously.

說到這件事，讓我們來談談最重要的一點，那就是 GMS，也就是 GMS 在我們的結果中的應用。如果將它們可能對 2025 年產生的影響加上交易費用，基本上會對營業利潤率造成 20 個基點的同比影響。然後，您需要考慮我們同店銷售額從一家競爭對手略微下降到略微上升的情況。然後我們——所以這個假設顯然會導致我們之前提到的去槓桿化。

And then with respect to SRS and its impact, first, SRS continues to perform extremely well. There is significant pressure in the roofing market. We know that shipments are down double digits from the absence of storm activity this year. SRS actually comped flat for Q3. And so we think that they are taking significant share.

至於 SRS 及其影響，首先，SRS 的表現依然非常出色。屋頂材料市場面臨巨大壓力。我們知道，由於今年沒有風暴活動，出貨量下降了兩位數。SRS 第三季實際上與上一季持平。因此我們認為他們佔據了相當大的市場份額。

But as our expectations have weakened slightly for them in the full year rather than seeing them grow at mid-single digits -- they're likely to grow low single digits -- you do see some deleverage in SRS in the supply chain and in OpEx. And so you add those together and get your revision to the fiscal year guide.

但由於我們對它們全年的預期略有減弱，而不是像之前預期的那樣實現個位數中段的增長——它們很可能實現個位數低段的增長——因此，在供應鍊和運營支出方面，SRS 確實出現了一些去槓桿化。因此，將這些加起來，就得到了財政年度指南的修訂版。

And really, you just add to that -- if you're talking about Q4, you have all the same dynamics. But let's not forget, you're comparing -- Q4 last year has 14 weeks of expense. Q4 this year has 13 weeks of expense. And so you've got 50-ish basis points of operating expense deleverage in the quarter. So, hopefully, that will help you with the walk.

實際上，你只需在此基礎上添加——如果你說的是第四季度，你會發現所有情況都一樣。但別忘了，你正在進行比較——去年第四季有 14 週的費用。今年第四季有 13 週的支出。因此，本季營運費用槓桿率下降了約 50 個基點。希望這能對你的散步有所幫助。

Yeah, that helps a lot. Thanks. And then a follow-up. You mentioned on this call and in the release that there was an expectation of increased or improving demand, I guess, for the remainder of the year at one point.

是的，這很有幫助。謝謝。然後還有後續報道。您在這次電話會議和新聞稿中提到，預計今年剩餘時間的需求將會增加或改善，我想應該是這樣。

Was that an expectation based on housing or an expectation that there would be storms? And if there was any volatility related to government shutdown, do you have enough time looking backwards since the reopening that there's been an improvement in how the consumer is behaving?

這是基於住房狀況的預期，還是基於對暴風雨的預期？如果政府停擺導致市場出現波動，那麼自重新開放以來，您是否有足夠的時間回顧市場變化，以判斷消費者的行為是否有所改善？

Yeah, Simeon, let me step back and just paint a broader picture of what we're seeing with the consumer in our sector. Our comps definitely slowed as the quarter progressed. But great work by the team to register the positive comp for the entire quarter.

是的，西蒙，讓我退後一步，從更宏觀的角度描述一下我們這個行業中消費者的現狀。隨著季度推進，我們的同店銷售額明顯放緩。但團隊表現出色，實現了整個季度的正成長。

And as we said, the primary driver of that sales pressure was the lack of storm activity in the quarter. We don't plan per storms per se, but there's always some weather impact in the baseline. And given last year, a pretty significant storm activity; in this year, truly zero. There was no storm activity this year.

正如我們所說，造成銷售壓力的主要原因是該季度缺乏風暴活動。我們不會專門針對風暴進行規劃，但基本計畫中總會包含一些天氣影響。鑑於去年風暴活動相當頻繁，而今年則完全沒有風暴。今年沒有出現風暴活動。

So we saw that most acutely in October. That was the single heaviest impacted month. And that's where, as Richard called out, the comp progression turned negative in October. And then you talked about the overall economy in housing. We did expect to start seeing some pickup in demand in the second half of the year. And this wasn't just the calendar dynamic of -- things will be better in the second half.

所以我們在十月最明顯地感受到了這一點。那是受影響最嚴重的一個月。正如理查德指出的那樣，薪資成長在 10 月轉為負成長。然後您談到了住房領域的整體經濟狀況。我們預計下半年需求會開始回升。這不僅僅是日程安排上的巧合——下半年情況會好轉。

We're expecting interest rates and mortgage rates to come down, which they did; that would have been some assistance to housing. But we really just saw ongoing consumer uncertainty and pressure in housing that are disproportionately impacting home improvement demand.

我們預期利率和抵押貸款利率會下降，而它們也確實下降了；這本應會為房屋市場帶來一些幫助。但我們確實看到消費者持續的不確定性和住房壓力對房屋裝修需求產生了不成比例的影響。

I think the good news is the team, as I said, is executing at a very high level, and we believe we're taking share. And if you adjust for the storm activity, our Q3 comp, the underlying business comp, was essentially the exact same as Q2. In adjusting, again, for storm and weather, call that underlying business to be about a 1% comp in each of Q2 and Q3.

我認為好消息是，正如我所說，團隊的執行力非常高，我們相信我們正在贏得市場份額。如果將風暴活動的影響考慮在內，我們第三季的業績（即基本業務業績）與第二季基本相同。再次調整風暴和天氣因素，預計第二季和第三季的基本業務成長率約為 1%。

So now here we are going into Q4, and we're going to see even more quarter-over-quarter pressure from the storm activity. So again, there's nothing that's happened this year. The storm activity and the rebuild and repair continued into Q4 last year. So we'll have even more storm pressure year over year in Q4. And then we just don't see the catalyst to increase that underlying storm-adjusted demand in the market.

現在我們進入了第四季度，我們將看到風暴活動帶來的季度環比壓力進一步增大。所以，今年什麼事都沒發生。去年第四季度，風暴活動以及重建和修復工作仍在繼續。因此，第四季我們將面臨比去年同期更大的風暴壓力。因此，我們看不到任何能夠刺激市場增加受風暴影響的潛在需求的催化劑。

So it's certainly a very interesting consumer dynamic out there. On the one hand, you look at certain economic indicators and you say, geez, things are pretty good. You look at GDP. You look at PCE. Those are both strong. But on the other hand, what's impacting us and home improvement is the ongoing pressure in housing and incremental consumer uncertainty.

所以，目前的消費市場動態確實非常有趣。一方面，你看看某些經濟指標，然後你會說，哇，情況相當不錯。你看的是GDP。你看PCE。兩者都很強。但另一方面，影響我們和家居裝修的是持續的住房壓力和消費者日益增長的不確定性。

So take housing. I mean, housing has been soft for some time. We all know the higher interest rates and affordability concerns. But what we're seeing now is even less turnover. The housing activity is truly a 40-year lows as a percentage of housing stock. I think we're at 2.9% turnover.

以住房為例。我的意思是，房地產市場疲軟已經有一段時間了。我們都知道高利率和人們的負擔能力問題。但我們現在看到的是人員流動率甚至更低。住房活動佔房屋存量的比例確實已降至 40 年來的最低點。我認為我們的員工流動率為2.9%。

And then home prices have started to adjust in even more markets over this past quarter. And then when you look at the consumer, what's going to spark the consumer, we still believe we have one of the healthiest consumer segments in the whole economy.

過去一個季度，更多市場的房價也開始出現調整。然後，當我們審視消費者，思考什麼能激發消費者的購買欲時，我們仍然相信我們擁有整個經濟體中最健康的消費群體之一。

But again, the economic uncertainty continues largely now due to living costs, affordability's a word that's being used a lot, layoffs, increased job concerns, et cetera. So that's why we don't see uptick in that underlying storm-adjusted demand in the business.

但經濟不確定性依然存在，主要原因是生活成本上漲、負擔能力下降、裁員、就業擔憂加劇等等。所以這就是為什麼我們沒有看到受風暴影響的潛在業務需求成長的原因。

So as I said earlier, we're going to keep controlling what we can control, support our associates and deliver just a great value proposition for the customer. And I believe we took share in Q3 and year to date this year, and do the same thing in Q4.

正如我之前所說，我們將繼續控制我們能夠控制的事情，支持我們的員工，並為客戶提供極具價值的產品和服務。我相信我們在今年第三季和年初至今都取得了市場份額，並且第四季也將取得相同的成績。

Okay, thanks. Thanks. See you in two weeks.

好的，謝謝。謝謝。兩週後見。

Zack Fadem, Wells Fargo.

札克法德姆，富國銀行。

Hey, good morning. Wanted to start on the average ticket. I guess, any call-outs on commodities versus same-SKU inflation? And then with last quarter ticking down on promo, curious how Q3 played out and whether you'd expect the industry to be more or less promotional this Q4.

嘿，早安。想先從平均票價說起。我想問一下，大家對大宗商品價格與同品類商品價格上漲之間的關係有什麼看法？隨著上一季促銷活動接近尾聲，我很好奇第三季的情況如何，以及您是否預計第四季度該行業的促銷力度會更大還是更小。

Yeah. Hey, Zack. It's Billy. Thanks for the question. As it relates to ticket, as we've talked about on the few calls, I mean, we've continued to see customers trade up for innovation. In fact, we really haven't seen any trade down that we haven't spoken about in previous calls as it relates to that.

是的。嘿，扎克。是比利。謝謝你的提問。至於票務方面，正如我們在幾次電話會議中討論的那樣，我們一直看到客戶為了創新而升級服務。事實上，就這一點而言，我們還沒有看到任何我們之前沒有在電話會議中討論過的下跌行情。

So a modest increase in ticket. But most notably, that was from people, innovation, and things in the marketplace that we've seen. As it relates to the promotional activity, it's really consistent year over year, both in Q3 and Q4. And as Ted mentioned, the fundamental demand in our business, while it didn't increase, certainly was very consistent with what we saw in Q2 outside, as you mentioned, in the storm impact.

所以票價略有上漲。但最值得注意的是，這主要來自我們所看到的市場上的人員、創新和事物。就促銷活動而言，無論是第三季或第四季度，都與往年同期保持相當的一致性。正如泰德所提到的那樣，我們業務的基本需求雖然沒有增加，但與我們在第二季度看到的情況非常一致，正如你所提到的，風暴的影響除外。

So from a fundamental (technical difficulty) standpoint, feel very good about that and continue to see customers engage projects. As I mentioned, they're going to continue to have pressure where they're financed. But from a promotional activity standpoint, it's really a similar environment than it was in really for the balance of the year. And certainly, as it relates to Q4 a year ago, it's a similar environment for us as well.

因此，從根本上（技術難度）角度來看，我對此感到非常滿意，並繼續看到客戶參與專案。正如我之前提到的，他們的資金來源將繼續面臨壓力。但從宣傳活動的角度來看，這與今年剩餘時間的情況非常相似。當然，與去年第四季相比，我們面臨的環境也類似。

Got it. And then, Richard, a couple of follow-ups on GMS. First of all, on operating expenses, could you help us understand what's one time in terms of impact transactions, et cetera, on Q3 and Q4? And then on the inventory growth, up about 10%, any color you can offer on how much is GMS versus underlying volume versus pricing?

知道了。然後，理查德，關於GMS還有幾個後續問題。首先，關於營運費用，您能否幫我們了解第三季和第四季中哪些是一次性影響交易等費用？然後是庫存成長，成長了約 10%，您能否提供一些關於 GMS 與基礎銷售和定價之間關係的資訊？

Sure. You can think about the GMS transaction fees as about 5 basis points of margin to the year or 5 basis points of expense, either way you put it, about 15 basis points to the quarter. Obviously, Q3 is one of our larger quarters. And you can think of the impact as about $0.05 of EPS for the year for GMS transaction fees, and those all occurred in Q3.

當然。你可以把 GMS 交易費看成是每年約 5 個基點的利潤，或是 5 個基點的支出，無論你怎麼理解，每季約 15 個基點。顯然，第三季是我們業績較大的季度之一。你可以把這看作是 GMS 交易費對全年每股收益的影響約為 0.05 美元，而這些費用都發生在第三季。

With respect to the inventory, inventory increases reflect, principally, the inclusion of GMS now in our balance sheet and the fact that we've leaned into investments, in particular investments with respect to hitting our speed promise. So we've seen fantastic results from improving our speed and reliability of delivery over the last year. That's something we've leaned into.

就庫存而言，庫存增加主要反映了 GMS 現在已納入我們的資產負債表，以及我們加大了投資力度，特別是加大了在實現速度承諾方面的投資力度。因此，在過去一年中，我們透過提高交付速度和可靠性，取得了顯著的成果。這是我們一直以來努力的方向。

We have our DFC network, which we think is unmatched in our market. And as we see results from it -- and obviously, this quarter, you saw an 11% comp online -- we're going to continue to lean into that investment. So for the most part, it's investments in the business.

我們擁有自己的DFC網絡，我們認為這在我們的市場上是無與倫比的。隨著我們看到成果——顯然，本季線上銷售額成長了 11%——我們將繼續加大投資力度。所以，大部分都是對企業的投資。

Thanks for the time. See you in a couple of weeks.

謝謝你抽出時間。幾週後見。

Thanks.

謝謝。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Good morning. Thank you so much for taking my question. Given all the comments from this morning, it begs the question, can home improvement demand recover without some assistance from either an increase in underlying housing activity or a reduction in interest rates? And how should this foster the market's expectation towards the recovery or potential recovery in 2026? Thank you very much.

早安.非常感謝您回答我的問題。鑑於今天早上的所有評論，不禁令人質疑，如果沒有潛在住房活動的增加或利率的降低等因素的幫助，房屋裝修需求能否復甦？這又將如何促進市場對 2026 年經濟復甦或潛在復甦的預期呢？非常感謝。

Thanks, Michael. We've talked about all the different drivers of demand in our segment. And there are leads and lags in all of them. And we've clearly called out over time that the most statistically relevant would be home price appreciation and household formation and housing turnover.

謝謝你，麥可。我們已經討論了我們這個細分市場中所有不同的需求驅動因素。而且所有這些過程中都存在領先和滯後。我們一直以來都明確指出，最具統計意義的因素是房價上漲、家庭組成和房屋更換。

Those three right now are pressured, for sure. But we also know that we've more than worked our way through the pull forward of the COVID years. And there are many industry reports and calculations of now under-spend per household.

那三個人現在肯定都承受著巨大的壓力。但我們也知道，我們已經順利度過了新冠疫情帶來的衝擊。目前有許多行業報告和計算表明，每個家庭的支出都很低。

So on one hand, we're looking at something as much as a $50 billion cumulative under-spend in normal repair and remodel activity in US housing. On the other hand, we have less turnover and home price appreciation. So that tension is going to have to balance itself out as we work through the rest of this year and into next year.

一方面，我們看到美國住房正常維修和改造活動累計支出不足高達 500 億美元。另一方面，我們的房屋週轉率較低，房價上漲幅度也較小。因此，隨著我們度過今年剩餘的時間並進入明年，這種緊張局勢必須得到平衡。

But fundamentally, our job is to put great value propositions in front of the customer and take share in any environment. So can The Home Depot grow? The answer is yes. Will the industry have some shorter-term pressures with turnover in home price? Yes, as well.

但從根本上講，我們的工作是向客戶提出極具價值的主張，並在任何環境下贏得市場份額。那麼家得寶還能發展壯大嗎？答案是肯定的。房地產行業是否會面臨房價波動帶來的短期壓力？是的，我也是。

Thank you for that. My second question is, as The Home Depot has taken a significant number of big steps over the last few years to gain market share, particularly in the Pro segment, has The Home Depot increased its fixed cost structure, such that it's now experiencing deleverage as sales are under pressure, but this can act as a significant tailwind to the earnings outlook as sales improve? Thank you very much.

謝謝。我的第二個問題是，鑑於家得寶在過去幾年中採取了許多重大舉措來獲取市場份額，尤其是在專業領域，家得寶是否提高了其固定成本結構，以至於在銷售承壓的情況下正在經歷去槓桿化，但隨著銷售額的改善，這可能會對盈利前景產生重大推動作用？非常感謝。

Yeah. I mean, you're right, Mike. We have had a number of big steps on Pro. It's -- we've talked about the size of the overall home improvement TAM at $1 trillion-plus and evenly split between Pro and Consumer, and how strong we've always been in both sectors out of our stores, the Pro and the Consumer, but identified real opportunity to bring increased value proposition to that Pro space by building out wholesale-esque-type capabilities to capture more share of wallet with that customer.

是的。我的意思是，你說得對，麥克。我們在Pro版上取得了許多重大進展。我們已經討論過整個家裝市場規模超過 1 兆美元，專業人士和消費者各佔一半，而且我們一直以來在專業門市和消費者門市這兩個領域都實力雄厚，但我們發現，透過建立類似批發的能力，為專業人士領域帶來更高的價值主張，從而贏得更多客戶的錢包份額，這確實是一個機會。

And that's what we've been doing, and we'll talk a lot about that more in a few weeks in New York. But we're very, very happy with all the initiatives and the organic investments we've made to build out those capabilities. And then we've augmented that with two acquisitions of very, very strong wholesale platforms with each of SRS and GMS.

這就是我們一直在做的事情，幾週後在紐約我們會更詳細地談談這件事。但我們對為建構這些能力所採取的所有措施和進行的自主投資都非常滿意。然後，我們又透過收購 SRS 和 GMS 這兩個非常強大的批發平台，進一步增強了我們的實力。

Your question specifically on fixed cost structure. What's interesting, we've mentioned this several times, the organic effort is reasonably asset light. This -- the -- regardless of whether we lease our DCs or not, the capital deployed in those DCs is, first and foremost, for general store replenishment.

您提出的問題具體是關於固定成本結構的。有趣的是，我們已經多次提到，有機成長所需的資產相對較少。無論我們是否租用配送中心，投入這些配送中心的資金首先也是最重要的，是用於一般商店的補貨。

It's an added benefit that we're able then to deliver to the customer out of those buildings. And as Richard said, the speed equation is a flywheel that works. And all our investments in our direct fulfillment centers, regardless of what we're doing with the Pro, that's to serve all customers and increase the speed, which we have done very effectively.

這樣一來，我們就能從這些建築物中向客戶交付貨物，這也是一大優勢。正如理查所說，速度方程式就像一個運轉的飛輪。無論我們對 Pro 版產品做什麼，我們對直接配送中心的所有投資都是為了服務所有客戶並提高配送速度，而我們在這方面做得非常出色。

And then all the other related operating costs, we have variable incentive pay structures for our outside salespeople. We lease trucks, and we add trucks and take trucks away from markets as volume ebbs and flows through the season.

此外，還有所有其他相關的營運成本，我們為外部銷售人員制定了浮動激勵薪酬結構。我們租賃卡車，並根據季節的貨運量波動，在市場上增加卡車或減少卡車。

So, really, other than an IT spend, which is modest investment in the scheme of things, there's not been a lot of incremental fixed cost put into the business to support the Pro organic initiatives.

所以，實際上，除了 IT 支出（從整體來看，這只是一筆適度的投資）之外，並沒有投入太多額外的固定成本來支持 Pro 的有機成長計畫。

Thank you very much, and good luck.

非常感謝，祝你好運。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks. Good morning. So I wanted to follow up on the implied 4Q operating margin question. It looks like you're saying about 10.3%. Did you say that 50 basis points of that was the 53rd week lap?

謝謝。早安.因此，我想就第四季隱含營業利潤率的問題進行進一步探討。看來你的意思是大約是 10.3%。你是說其中的 50 個基點是第 53 週的圈速嗎？

And is there anything like unique that we should think about that this is not -- this is or is not the right level to start to think about building the business as we look to the out-year? So for example, 53rd week lap or perhaps the seasonality of the SRS and GMS business structurally changing the normal flow of operating margin over the year?

有沒有什麼獨特的因素值得我們考慮，現在是否是開始考慮在未來一年發展業務的合適時機？例如，第 53 週的週期，或 SRS 和 GMS 業務的季節性變化，是否會從根本上改變全年的正常營業利潤率？

I would -- yeah, thanks, Chris. I would use our full-year guide as the appropriate jumping-off point. I think Q4 has a couple items of noise. The first was the 53rd week. The second actually is the shape of the business.

好的——好的，謝謝你，克里斯。我會以我們的全年指南作為合適的切入點。我認為第四季有一些幹擾因素。第一個是第 53 週。第二點其實是企業的形態。

And if you look, you can actually see, for instance, the public filings of GMS, when they were a public company and see the Q4 -- or rather, our Q4 -- is a significant low point from a volume perspective. That's true for SRS as well.

如果你仔細查看，你會發現，例如，GMS 作為一家上市公司時的公開文件，你會發現第四季度——或者更確切地說，我們的第四季度——從成交量的角度來看是一個顯著的低谷。SRS也是如此。

And so SRS and GMS see seasonal swings that are greater than Home Depot. You're going to just see that amplified if you hold Q4 in isolation. And so that's why I would really point you to full year as the right jumping-off point for your modeling.

因此，SRS 和 GMS 的季節性波動比家得寶更大。如果你單獨分析 Q4，你會發現這個現像被放大了。所以，這就是為什麼我強烈建議你以全年資料作為建模的正確起點。

That's super helpful. Thank you. I mean, if you step back about (multiple speakers) --

這太有幫助了。謝謝。我的意思是，如果你退後一步…（多位發言者）——

And the 53rd week is a year-over-year contract. So it doesn't impact your 2025 numbers, but it does impact the year over year.

第 53 週是一份同比合約。所以這不會影響你 2025 年的數據，但會影響年比數據。

Got it. Makes sense. If you think about this quarter, I mean, if you look at the monthly basis, even with the really tough weather/hurricane-driven compare in October, if you also look at the last -- the first three quarters of the year, the two-year trend seems to be improving on the line, which points to replacement cycle demand and maybe some pricing and just life moves on.

知道了。有道理。如果你考慮一下這個季度，我的意思是，如果你按月來看，即使考慮到10月份惡劣的天氣/颶風的影響，如果你再看看今年前三個季度，兩年的趨勢似乎正在改善，這表明更換週期需求和價格可能都在上漲，生活仍在繼續。

I guess -- and then there's some research out there that points to maybe the consumer is waiting for the full effect of the head. We have a couple of meetings coming up. And you had all this noise with a government shutdown that impacted even retailers that sell milk and eggs, and take share every day.

我猜——而且也有一些研究表明，消費者可能正在等待頭部的全部效果。接下來我們有幾個會議要開。政府停擺造成了各種混亂，甚至影響了銷售牛奶和雞蛋的零售商，他們每天都在進行交易。

So why wouldn't we think that the launch point into 2026 is, sort of, 1 -- or if not better than this 1%, sort of, underlying demand? Just because uncertainty goes away, full effect to the Fed, housing stock ages, and life moves on, and replacement cycle demand continues to build.

那麼，我們為什麼不認為 2026 年的啟動點是 1%——或者即使不是比這 1% 更好，也是某種程度上的潛在需求呢？即使不確定性消失，聯準會的全面政策也無濟於事，房屋存量老化，生活繼續向前，而房屋更換週期需求卻持續增長。

Yeah. And, Chris, another positive add. There'll be more robust tax returns and the tax rates going into effect in '26. So, yeah, there is a positive story there. But again, the underlying 1%, that is what it was. And this ongoing consumer uncertainty we're talking about, and specifically housing turnover and now price, those are near-term and newer phenomenon.

是的。克里斯，又一個積極的補充。2026 年將有更完善的報稅表和稅率生效。所以，是的，這裡面確實有一個正面的方面。但歸根究底，還是那1%的問題。我們現在談論的這種持續的消費者不確定性，特別是房屋週轉率和現在的價格，這些都是近期出現的新現象。

Let me -- Chris, may I just circle back? I was focusing on your question in context of Q4 being a jumping-off point and thinking about 53rd week. Let me add something, though. When you pro forma GMS, we do need to take that into account.

讓我——克里斯，我能再說一次嗎？我當時關注的是你提出的問題，因為第四季是一個起點，而我考慮的是第 53 週的情況。不過，我還要補充一點。在進行GMS預估時，我們確實需要考慮這一點。

So on a pro forma basis, recall, we've sort of guided you to -- within The Home Depot numbers now with SRS included, SRS changes our margin profile by about 80 basis points of gross margin and about 40 basis points of operating margin. GMS, which was about half the size of SRS, is about half the impact.

因此，根據模擬財務報表，回想一下，我們已經引導您了解了——在包含 SRS 的家得寶數據中，SRS 將我們的毛利率改變約 80 個基點，營業利率改變約 40 個基點。GMS 的規模大約是 SRS 的一半，其影響也大約是 SRS 的一半。

So you've got a pro forma -- this is not fiscal year, but a pro forma impact of about 40 basis points of GMS and about 20 basis points of operating margin for GMS, so 40, 20. You add those together, you roughly have a change in our profile with both of them together of 120 basis points of gross margin and 60 basis points of operating margin.

所以，你有一個預測——這不是財政年度，而是預測對 GMS 的影響約為 40 個基點，對 GMS 的營業利潤率的影響約為 20 個基點，即 40，20。把這些加起來，我們這兩項措施加起來，毛利率大致變動了 120 個基點，營業利率大致變動了 60 個基點。

Now when you're talking fiscal year 2025, obviously, we have some wonkiness in the comparison periods. We've owned SRS for a full year of 2025, but only on a partial year in 2024. We've owned GMS for about five months in 2025 and own them for no months in 2024.

現在，當我們談到 2025 財年時，很顯然，比較期間會出現一些問題。我們已經擁有 SRS 2025 年整整一年的所有權，但只擁有 2024 年部分年份的所有權。我們在 2025 年擁有 GMS 約 5 個月，在 2024 年沒有擁有過他們。

So I'm just going to avoid all the steps in the math and tell you on a fiscal-year perspective, you've got about a 55-basis-point impact to gross margin year over year, reflecting the ownership of both SRS and GMS; and about a 35-basis-point impact to operating margin mix, reflecting the year-over-year comparison of those ownership periods of SRS and GMS.

所以我打算省略所有計算步驟，直接從財政年度的角度來看，毛利率同比受到約 55 個基點的影響，這反映了 SRS 和 GMS 兩家公司的所有權；營業利潤率組合受到約 35 個基點的影響，這反映了 SRS 和 GMS 所有權期間的同比比較。

We'll clarify this more just one more time when we move forward and in the future talk about future years. But hopefully, that gives you a little bit more clarity. So I do want to put an asterisk. The jumping-off point is our full-year guidance. But you also have to include that comparison -- or rather, the full-year impacts of GMS next year.

我們將在推進工作以及未來幾年討論未來幾年時再次對此進行更詳細的說明。但願這能讓你更清楚地了解情況。所以我確實想加個星號。出發點是我們全年的業績指引。但你還必須把這個比較也考慮進去——或者更確切地說，是明年GMS的全年影響。

Right, offset by a tick of transaction fees?

對，扣除少量交易手續費就行了？

That would be correct. Yeah.

沒錯。是的。

Awesome. Thanks so much. We'll see you soon.

驚人的。非常感謝。我們很快就會再見。

Thanks.

謝謝。

Zhihan Ma, Bernstein.

馬志漢，伯恩斯坦。

Hi, thank you. I wanted to follow up on the complex Pro and GMS side. So firstly, a short-term question, the $2 billion contribution to sales from GMS this year, I think if we do the math based on the reported numbers last year, kind of implies a high single-digit-percentage decline on a year-over-year basis.

您好，謝謝。我想跟進一下複雜的Pro和GMS方面的問題。首先，一個短期問題，GMS今年對銷售額的20億美元貢獻，我認為，如果我們根據去年公佈的數據進行計算，這意味著同比下降了相當高的個位數百分比。

I don't know if I completely got the math right. If that's true, how much of that is macro weakness versus underlying share dynamics? And is there any additional color you can provide on that underlying market?

我不知道我的計算是否完全正確。如果情況屬實，其中有多少是宏觀經濟疲軟所致，又有多少是股票本身的動態變化所致？您能否就該基礎市場提供其他資訊？

So, basically, you're owning it for a quarter plus eight weeks, and you're heading into the lowest quarter of the year for GMS' fiscal year. There was also weather impact across Home Depot, SRS, and GMS. No one was immune to the broader weather impacts in the market.

所以，基本上，你要持有它一個季度加八週，而這正值 GMS 財年業績最差的季度。天氣也對家得寶、SRS 和 GMS 造成了影響。市場上沒有人能免於天氣帶來的整體影響。

And so $2 billion is an approximation. We know that GMS continues to take share. We continue to take shares in enterprise and particularly in all of GMS' categories. And we feel great about that business going forward.

因此，20億美元只是一個近似值。我們知道GMS的市佔率仍在持續成長。我們持續增持企業股份，尤其是GMS的所有類別。我們對這項業務未來的發展充滿信心。

Got it. Thank you. And then a long-term question to your point about the current margin dilution impact from the acquisitions. Is there a long-term argument that as you further consolidate, assume if you further consolidate in the complex Pro space, is there a path for you to structurally improve or recover your margins as you start to gain more bargaining power versus suppliers? Thank you.

知道了。謝謝。然後，關於您提到的收購對當前利潤率稀釋的影響，我想提出一個長期問題。從長遠來看，隨著進一步的整合，假設你在複雜的專業領域進一步整合，是否有可能透過結構性地改善或恢復利潤率，從而在與供應商的議價能力對比中獲得更大的優勢？謝謝。

Well, there's structural differences in the margins of the wholesale business and in retail. I mean, at the highest level, retail would have higher gross and lower operating cost in the inverse with wholesale.

批發業務和零售業務的利潤率存在結構性差異。我的意思是，從最高層面來看，零售業的毛利更高，營運成本更低，這與批發業的情況正好相反。

Of course, as we drive synergies between the two platforms -- and the most important synergy is the cross-sell and the value proposition to the Pro -- we'll be able to leverage incremental sales in both retail and wholesale platforms to leverage the businesses.

當然，隨著我們推動兩個平台之間的協同效應——其中最重要的協同效應是交叉銷售和對專業用戶的價值主張——我們將能夠利用零售和批發平台的增量銷售來提升業務。

And, of course, just operating efficiencies across a larger-scale business, we'll be able to drive efficiencies as well. But the fundamental difference of wholesale margin structure and retail margin structure would be the case going forward. Those wouldn't dramatically change.

當然，在更大規模的業務中，我們也能提高營運效率。但批發利潤結構和零售利潤結構的根本差異在未來仍將存在。這些不會發生劇烈變化。

Got it. Thank you very much.

知道了。非常感謝。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Hey, good morning, everyone. I had a couple of follow-up questions. Just first on transactions slowed while ticket accelerated this quarter. Just curious, how do you read that? Are there any signs of elasticity? Maybe just elaborate on price changes that you made in the quarter. Or is the slowdown in transaction just really storm-related?

嘿，大家早安。我還有幾個後續問題。本季，交易量增速放緩，而票務量增速加快。我只是好奇，你是怎麼解讀這句話的？是否有彈性跡象？或許可以詳細說明一下本季你們的價格調整狀況。或者交易放緩真的只是與風暴有關？

Yeah. Thanks, Seth. It's Billy. I'll answer your last question first. As it relates to the transaction, that was really related strictly to the storm impact that we called out. As I mentioned in our Q2 call, after some policy changes were made around tariffs, we would take some moderate price moves with the entire strategy to make sure we protected the project.

是的。謝謝你，塞思。是比利。我先回答你的最後一個問題。至於這筆交易，那確實完全與我們先前提到的風暴影響有關。正如我在第二季電話會議中提到的，在關稅政策做出一些改變之後，我們將對整個策略進行一些適度的價格調整，以確保我們保護該專案。

And so as it relates to elasticity, it's a little early. And then you couple that with a lot of dynamics in the marketplace over the last 60 days, 90 days since our last call. It's a little early to say how much of that was going to -- the elasticity piece will play out.

所以就彈性而言，現在下結論還太早。再加上自我們上次通話以來的過去 60 天、90 天市場發生的諸多變化。現在說其中有多少會發生還為時過早——彈性因素還有待觀察。

I'm thrilled with the work that the team has done. If you go into our stores right now and look at Gift Center and all the value that we have there -- and certainly with our holiday program, same thing. So we're watching that.

我對團隊的工作成果感到非常滿意。如果您現在走進我們的商店，看看禮品中心以及我們在那裡提供的所有超值商品——當然還有我們的節日促銷活動，情況也是如此。所以我們正在關注此事。

Again, our entire goal was to protect the project. And it bears also to point out that over 50% of our inventory is not part of tariffs, and it's obviously sourced domestically. So we'll continue to watch that and look forward to the Q4.

再次強調，我們的目標是保護這個計畫。還值得指出的是，我們超過 50% 的庫存不屬於關稅範圍，而且顯然是從國內採購的。所以我們會繼續關注，並期待第四季。

Okay. Thanks for that. And then just to follow up on some of the demand comments today and what seems like a more cautious view on the consumer, I'm just trying to figure out how to reconcile that with big ticket still outperforming?

好的。謝謝。然後，針對今天一些關於需求的評論，以及消費者似乎更加謹慎的觀點，我只是想弄清楚如何調和這種觀點與高價商品仍然表現優異之間的矛盾？

You've had a few quarters of big ticket being positive that continued this quarter. And I guess, just based on what you've seen historically, should that be a leading indicator for big projects that have still been pressured? How do you think about that?

過去幾季你們的大宗交易都取得了正面成果，這個季度也延續了這一勢頭。我想，根據你過去所看到的，這是否應該成為大型專案仍然面臨壓力的領先指標？你對此有何看法？

Well, I mean, you pointed it out correctly. And in my prepared comments, I talked about big-ticket transactions, over $1,000 or positive 2.3%. But I wouldn't read into that from a project standpoint. Think about appliances. Think about power tools and some of those pieces.

嗯，我的意思是，你指出的沒錯。在我準備好的評論中，我談到了超過 1000 美元的大額交易，即正 2.3% 的交易額。但從專案角度來看，我不會這樣解讀。想想家用電器。想想電動工具以及其中的一些零件。

Those are individual items as we've kind of talked about that metric in the past versus more of the project-oriented pieces that customers are still challenged based on all the things that we talked about earlier.

這些是個別項目，正如我們過去討論過的指標，而不是客戶仍然面臨的基於我們之前討論的所有因素的、以項目為導向的部分。

I think some of that -- some of the big ticket as well -- we've called out, there was pressure on commodities overall. But some of that big ticket is the success in our Pro initiatives.

我認為其中一些因素——包括一些大宗商品——我們已經指出，整體大宗商品市場都面臨壓力。但其中一部分重要因素來自於我們 Pro 專案的成功。

I mean, the managed accounts, the activities that my growing team are driving to capture more share of larger Pro complex purchase. That is also driving that. So it's not so much that it's an indicator of demand as it is an indication of our taking share in bigger-ticket Pro-oriented project.

我的意思是，我管理的帳戶，以及我的團隊為了在大型專業複雜採購中獲得更多份額而開展的各項活動。這也是造成這種情況的原因之一。所以，與其說這是需求的指標，不如說這是我們在高價專業導向專案中佔據份額的指標。

Got it. Okay. That's helpful. Thanks so much.

知道了。好的。那很有幫助。非常感謝。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Hey, thanks a lot. Good morning. There's a lot of talk about a K-shaped economy right now. But we're starting to see more evidence of job losses for white-collar employees. So I guess, I'm curious when you look at your data, is there anything you see that supports more fatigue in your upper-income customer base? And I guess, as a follow-up, anything regionally that you'd call out over the past couple of months?

嘿，非常感謝。早安.現在很多人都在談論K型經濟。但我們開始看到越來越多的白領員工失業的跡象。所以我想問的是，當你查看你的數據時，你是否發現任何跡象表明你的高收入客戶群更容易感到疲勞？那麼，作為後續問題，在過去的幾個月裡，您在地區層面上有什麼特別值得一提的事情嗎？

Well, I think that, regionally, the most acute difference, again, is the storm and weather patterns. On the larger -- the higher-income cohort, we don't see anything specific. As Billy said, there has not been a lot of trade down and we've talked in the past.

我認為，從區域上看，最顯著的差異還是風暴和天氣模式。對於更大的群體——高收入群體，我們沒有看到任何具體情況。正如比利所說，目前還沒有太多降級交易，我們之前也討論過這個問題。

Things like countertops, there's been some trade down. But we have still not seen trade down across the broader assortment in the store. If there's an indication of maybe some fatigue in taking on bigger projects, we have seen Pro backlogs and larger backlogs start to diminish a little bit.

像廚房檯面之類的東西，價格已經下降。但我們尚未看到店內其他品類商品的交易量出現下降。如果說員工在承擔大型專案方面出現了一些疲倦，那麼我們已經看到專業版和大型版專案的積壓工作開始略有減少。

So our Pros are reporting months that they're booked out. As we know, some time ago, you couldn't find a Pro. And then they all had full books, and we're seeing a little softening in larger-project backlog. I can't say we've tied that directly to an income cohort, so we've definitely seen the dynamic.

我們的專業人士反映，他們的檔期已經排到幾個月之後了。眾所周知，以前根本找不到專業人士。然後他們的訂單都排滿了，我們看到大型專案積壓的情況略有緩解。我不能說我們已經將其與收入群體直接聯繫起來，但我們確實看到了這種動態。

Okay. Thank you. And then just, Richard, can we just double-click on the opportunity to improve the margin structures of both GMS and SRS? It sounds like 35 basis points of pressure this year. You probably have some wrap of that into '26. But just like broader picture over the next few years, I mean, how should we think about the improvement line for those two businesses? Thanks.

好的。謝謝。然後，理查德，我們能不能雙擊一下，抓住機會，改進 GMS 和 SRS 的利潤結構？聽起來今年的壓力是35個基點。你可能有一些關於 '26 的包裝。但就未來幾年的整體情況而言，我的意思是，我們應該如何看待這兩家企業的改善路線呢？謝謝。

Well, we don't like to separate them out. While they do operate independently, as Ted said, the name of the game here is synergies and synergies in the form of cross-selling. And so I think the leverage in the businesses is going to be a function of how we create a differentiated value proposition across the entire enterprise, including SRS and GMS.

我們不喜歡將它們分開。雖然它們各自獨立運作，但正如泰德所說，關鍵在於協同效應，而協同效應體現在交叉銷售上。因此，我認為企業能否獲得槓桿效應，將取決於我們如何在整個企業（包括 SRS 和 GMS）中創造差異化的價值主張。

So look, SRS, the combined entity is an engine for growth for The Home Depot. And so we're just getting started. So I wouldn't put a formula on it. But it's all going to be a function of how fast we can drive cross-sell.

所以你看，SRS，合併後的實體是家得寶的成長引擎。所以我們才剛起步。所以我不會給它設定公式。但這最終取決於我們推動交叉銷售的速度。

Thank you.

謝謝。

Steve Forbes, Guggenheim.

史蒂夫福布斯，古根漢美術館。

Good morning. Maybe, Richard, on the idea of cross-selling, I would love to sort of hear high-level thoughts on -- I don't know if you can like rank-order how you guys see the cross-selling opportunities to get today now that GMS is integrated.

早安.理查德，關於交叉銷售，我很想聽聽你們的一些高層次想法——我不知道你們能否對你們眼中，在 GMS 集成之後，目前有哪些交叉銷售機會，進行排名。

What are you sort of building the business for from a cross-selling standpoint as we head into next year? Like rank-order the opportunities would be great.

從交叉銷售的角度來看，你們明年的業務發展方向為何？就像排名一樣，機會也會很多。

Yeah. I mean, it's [Mike] here. Thanks for the question. We see just from the relationships that have already been established between the outside sales force that we've got -- were here within Home Depot, combined with the sales forces that they have originally with SRS and now with GMS, there is account handoffs that happened.

是的。我的意思是，麥克就在這裡。謝謝你的提問。從我們現有的外部銷售團隊（包括家得寶內部的銷售團隊）與原本隸屬於 SRS 和現在隸屬於 GMS 的銷售團隊之間已經建立的關係來看，已經發生了客戶交接。

So a great example, recently, with GMS engaged in a large roofing sale on a property. The customer was looking for much more in terms of product, in terms of whether it be framing, flooring, and more. And that relationship then that SRS introduced to The Home Depot outside sales force to come in and sell that engagement to the contractor, worked quite successful.

最近，GMS 參與了一項大型房產屋頂銷售項目，就是一個很好的例子。客戶對產品的要求更高，無論是框架、地板等等。隨後，SRS 將這段關係引入到家得寶的外部銷售團隊中，讓他們向承包商推銷這項服務，結果非常成功。

And that's just one example of many that have happened, and they happen both ways. Whereby the Home Depot sales organization recognizes a large roofing opportunity that they can pass over to SRS or a large drywall opportunity that they can pass over to GMS. And those engagements are happening on a daily and weekly basis.

這只是眾多類似事件中的一個例子，而且這類事件是雙向的。由此，家得寶銷售組織意識到一個很大的屋頂工程機會可以轉讓給 SRS，或者一個很大的石膏板工程機會可以轉讓給 GMS。而這些活動每天、每週都在發生。

And then just a quick follow-up. I was hoping to maybe explore the branch growth opportunity across SRS, DMS, and Heritage. So I don't know, Ted, if you can provide a current update on branch counts across the various assets?

然後還有一個簡短的後續問題。我原本希望能夠探索 SRS、DMS 和 Heritage 的分支成長機會。所以，Ted，我不知道你是否能提供各個資產分支數量的最新情況？

And then, like, what's the right way to think about or think through the out-year branch growth opportunity? And I don't know if you can, sort of, talk about, like, what's the end state as you see it today versus the 1,200 you have today? How do we sort of think about the footprint evolving over the next three, five, or so years?

那麼，思考或考慮未來一年分支機構成長機會的正確方法是什麼？我不知道你是否可以談談，例如，你今天看到的最終狀態是什麼，與你現在擁有的 1200 個相比，又是什麼？我們該如何看待未來三到五年左右的足跡演變呢？

Yeah. We'll certainly go into a lot more detail in a few weeks. But the model that SRS deploys is very similar to GMS, that they'll drive organic comp growth through existing branches. They open greenfield branches, and then they'll focus on tuck-in customer list expansion-oriented acquisitions.

是的。幾週後，我們會詳細介紹。但 SRS 採用的模式與 GMS 非常相似，即透過現有分公司推動有機薪酬成長。他們會開設全新的分支機構，然後專注於透過收購來擴大客戶名單。

And they've been doing that quite successfully on the branches. Think of SRS, GMS, 40 to 50 branches a year. And they've been sort of running at that pace since we acquired SRS. And then they've done a handful of little tuck-in acquisitions.

他們在分枝處這樣做相當成功。想想SRS、GMS，每年40到50家分行。自從我們收購 SRS 以來，他們一直保持著這樣的發展速度。然後他們又進行了一些小規模的收購。

And again, these can be a one-branch $5 million-ish acquisition or a smaller regional $30 million, $40 million, $50 million a couple of few branch operations. So it's going really, really well, and we see that continuing to be a key part of their business model.

同樣，這些收購可能涉及一個分支機構，金額約為 500 萬美元；也可能涉及規模較小的區域性業務，金額為 3000 萬美元、4000 萬美元、5000 萬美元，涉及幾個分支機構。所以進展非常順利，我們看到這將繼續成為他們商業模式的關鍵部分。

And I mean, just to -- it's not just about our plans; it's actually happening right now. If you talk about our noncomp sales, putting new stores and new SRS branches together, you've got about 0.5 point of sales growth driven by those two investments. And so we're thrilled with that.

我的意思是，這不僅僅是我們的計劃；它現在實際上正在發生。如果談到我們的非同店銷售額，包括新店和新的SRS分店，這兩項投資大約帶來了0.5個百分點的銷售成長。所以，我們對此感到非常興奮。

Thank you.

謝謝。

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 Zaccone, Citi.

史蒂文‧扎科內，花旗集團。

Great. Good morning. Thanks so much for squeezing me in. I wanted to follow up on the storm impact. So it sounds like it was 80 basis points for the third quarter, pressure to same-store sales. How large will that be in the fourth quarter? And then we should be mindful that that's also a headwind to think about in the first half of next year.

偉大的。早安.非常感謝你擠出時間幫我。我想跟進了解風暴的影響。聽起來第三季同店銷售額面臨 80 個基點的壓力。第四季這個數字會有多大？此外，我們也應該意識到，這也是明年上半年需要考慮的一個不利因素。

Well, thanks. As Ted said, the underlying demand for the business was sort of similar Q2 to Q3. If you talk about storm Q3 to Q4, we absolutely are lapping strong results, in fact, even slightly higher sales last year in Q4 than in Q3.

謝謝。正如泰德所說，第二季和第三季的業務潛在需求大致相同。如果說的是第三季到第四季的暴風雪，我們絕對取得了強勁的業績，事實上，第四季的銷售額甚至比去年第三季還要略高。

Let's call it relatively even. So let's say, you basically -- if you've got underlying minus the storm impact, you've got pretty much similar run rates for Q3 and Q4.

我們姑且稱之為勢均力敵吧。假設，如果你的基本面減去風暴的影響，那麼第三季和第四季的運行率就非常相似。

Okay. Understood. And then your comments on the housing pressure, how does that inform you maybe near to medium-term outlook for SRS and GMS, right? Like, these are new assets for Home Depot. So should we think that original expectation of mid-single-digit growth for SRS stepping down to low single digits? Is that kind of a run rate we should consider for the near to medium term?

好的。明白了。那麼，您對住房壓力的看法，如何影響您對SRS和GMS的中短期前景呢？例如，這些都是家得寶的新資產。那麼我們是否應該認為，SRS最初預期的中位數個位數成長會降至低個位數成長呢？這種運轉速度是我們近期到中期內應該考慮的嗎？

I mean, I wouldn't say that. We'll, again, talk more about this in a few weeks. But the first thing to remember is, SRS is much more in the reroof than new construction. So they're 80%-plus reroof. So yes, they're 15%, 20% of the business that goes into new construction is impacted.

我的意思是，我不會這麼說。我們會在幾週後再次詳細討論這個問題。但首先要記住的是，SRS 更多地應用於屋頂翻新，而不是新建工程。所以他們有超過 80% 的房子需要重新鋪屋頂。是的，有 15% 到 20% 的新建築業務受到了影響。

But the fundamental business is reroof activity, again, which is why it's disproportionately impacted with storms, particularly in their home and biggest market, which is Texas, which is by far, we think of hurricanes, we think of hail, and other wind events. There was none such in 2025.

但其根本業務仍然是屋頂翻新，因此它更容易受到風暴的影響，尤其是在其總部所在地和最大的市場——德克薩斯州。我們一想到德州，就會想到颶風、冰雹和其他強風天氣。2025年沒有這樣的情況。

So, no, we look at SRS as a long-term mid-single-digit grower. And this is principally a storm-impacted dynamic that's taken them down to flattish right now. But as Richard said earlier, we think roofing shipments -- you can see this by reported data. Roofing square shipments into the market are down mid-teens, and SRS was flat. So clearly taking share.

所以，不，我們認為 SRS 是一家長期維持中位數個位數成長率的公司。這主要是受風暴影響，導致它們現在變得比較平坦。但正如理查德之前所說，我們認為屋頂材料的出貨量——你可以從公佈的數據中看出這一點。屋頂材料方形材料的出貨量下降了十幾個百分點，而SRS（結構、表面和結構材料）則持平。顯然是在搶佔市場。

Okay. Understood. See you guys in two weeks.

好的。明白了。兩週後見。

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，請您作總結發言。

Thanks, Christine, and thank you, all, for joining us today. We look forward to speaking with you at our investor conference on December 9.

謝謝克里斯汀，也謝謝各位今天能來參加。我們期待在12月9日的投資者大會上與您交流。

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

女士們、先生們，今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。