勞氏公司 (LOW) 2025 Q2 法說會逐字稿

Good morning, everyone. Welcome to today's conference call to discuss Lowe's Companies second quarter 2025 earning results, and Lowe's agreement to acquire Foundation Building Materials or FBM.

大家早安。歡迎參加今天的電話會議，討論勞氏公司 2025 年第二季的獲利結果，以及勞氏收購 Foundation Building Materials 或 FBM 的協議。

My name is Rob and I'll be your operator for today's call.

我叫羅布，今天我將擔任您的電話接線生。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I'll now turn the call over to Kate Pearlman, Vice President of Investor Relations and Treasurer.

現在我將把電話轉給投資者關係副總裁兼財務主管凱特‧珀爾曼 (Kate Pearlman)。

Thank you and good morning.

謝謝，早安。

Here with me today are Marvin Ellison, Chairman and Chief Executive Officer; Bill Boltz, our Executive Vice President, Merchandising; Joe McFarland, our Executive Vice President of Stores; and Brandon Sink, our Executive Vice President and Chief Financial Officer.

今天與我一起出席的有董事長兼首席執行官馬文·埃里森 (Marvin Ellison)、商品銷售執行副總裁比爾·博爾茨 (Bill Boltz)、門店執行副總裁喬·麥克法蘭 (Joe McFarland) 和執行副總裁兼首席財務官布蘭登·辛克 (Brandon Sink)。

As noted in our press release this morning, announcing the definitive agreement to acquire FBM, there are accompanying slides to today's comments, which will be referenced on today's call. I would like to remind you that our notices regarding forward-looking statements are included in our press releases and presentation that can be found on Lowe's Investor Relations website. During this call, we will be making comments that are forward-looking, including our expectations for fiscal 2025. Actual results may differ materially from those expressed or implied as a result of various risks, uncertainties, and important factors, including those discussed in the risk factors, MD&A, and other sections of our annual report on Form 10-K and our other SEC filings. Additionally, we'll be discussing certain non-GAAP financial measures. A reconciliation of these items to US GAAP can be found on the Quarterly Earnings section of our Investor Relations website.

正如我們今天早上在宣布收購 FBM 的最終協議的新聞稿中所述，今天的評論附有幻燈片，將在今天的電話會議上參考。我想提醒您，我們關於前瞻性聲明的通知包含在我們的新聞稿和簡報中，可以在 Lowe 的投資者關係網站上找到。在本次電話會議中，我們將發表前瞻性評論，包括我們對 2025 財年的預期。由於各種風險、不確定性和重要因素，實際結果可能與明示或暗示的結果有重大差異，包括風險因素、MD&A 以及我們 10-K 表年度報告和其他 SEC 文件中的其他部分所討論的結果。此外，我們也將討論某些非公認會計準則財務指標。您可以在我們投資者關係網站的季度收益部分找到這些項目與美國公認會計準則 (US GAAP) 的對帳表。

Now, I'll turn the call over to Marvin.

現在，我將把電話轉給馬文。

Thank you, Kate and good morning, everyone.

謝謝你，凱特，大家早安。

This morning, we announced the acquisition of Foundation Building Materials or FBM, a premier distributor of interior building products including drywall, metal framing, ceiling systems, insulation, commercial doors and hardware, and other complementary products.

今天上午，我們宣布收購 Foundation Building Materials 或 FBM，這是一家室內建築產品的頂級分銷商，產品包括乾牆、金屬框架、天花板系統、隔熱材料、商用門和五金件以及其他配套產品。

This acquisition represents a transformational move when it comes to advancing our Total Home strategy and enhancing long-term shareholder value. With the acquisition of FBM, we are strategically expanding our Pro offering to serve the Large Pro, especially their planned spend.

此次收購代表我們推動「全方位家居」策略和提升長期股東價值的一次變革性舉措。透過收購 FBM，我們正在策略性地擴展我們的專業服務，以服務大型專業客戶，尤其是他們的計劃支出。

We're now well positioned to not only continue driving growth with our core DIY and small-to-medium Pro customers, but this acquisition also unlocks our ability to serve the Larger Pro within a $250 billion total addressable market.

現在，我們不僅已做好準備，繼續透過核心 DIY 和中小型專業客戶推動成長，而且此次收購還釋放了我們在 2500 億美元總目標市場中為大型專業客戶提供服務的能力。

The acquisition of FBM strengthens our portfolio, diversifies our revenue streams, and allow us to capture a larger portion of Pro sales, all of which is expected to deliver significant long-term value to our shareholders.

收購 FBM 增強了我們的產品組合，使我們的收入來源多樣化，並使我們能夠獲得更大比例的 Pro 銷售，所有這些都有望為我們的股東帶來重大的長期價值。

Brandon and I will discuss this acquisition in more detail later in the call. But first, I'll turn to our results for the quarter. In the second quarter of 2025, we delivered sales of $24.0 billion with comparable sales up 1.1%. We drove solid performance in both Pro and DIY and strength seasonal sales as weather improved throughout the quarter.

布蘭登和我稍後將在電話會議中更詳細地討論這項收購。但首先，我將介紹本季的業績。2025 年第二季度，我們的銷售額達到 240 億美元，可比銷售額成長 1.1%。隨著整個季度天氣好轉，我們在 Pro 和 DIY 方面均取得了穩健的業績，並且強勁的季節性銷售。

In addition to sales growth, our persistent focus on productivity drove better-than-expected operating performance, leading to adjusted diluted earnings per share of $4.33, an increase of 5.6% over last year. And our Perpetual Productivity Improvement or PPI initiatives continue to deliver results we set out to achieve.

除了銷售成長之外，我們對生產力的持續關注推動了好於預期的經營業績，導致調整後每股攤薄收益達到 4.33 美元，比去年增長 5.6%。我們的永久生產力改善或 PPI 計劃繼續實現我們預期的成果。

This is a testament to the culture we’ve built prioritizing continuous improvement throughout the business. Later in the call, Bill and Joe will share specific examples of these initiatives. Across the board, we're pleased with the results we delivered as we continue to execute against our long-term strategy and invest in areas that position us for sustainable growth.

這證明了我們在整個業務中優先考慮持續改進的文化。在稍後的通話中，比爾和喬將分享這些舉措的具體例子。總體而言，我們對所取得的成果感到滿意，因為我們將繼續執行我們的長期策略並投資於能夠實現永續成長的領域。

Through our Total Home Strategy, we were able to deliver continued Pro growth this quarter, stacking on top of strong mid-single-digit growth in Q2 of last year. Additionally, we grew our online sales by 7.5%, partly driven by a more immersive shopping experience and increased traction for My Lowe's Rewards, which is helping us increase customer loyalty and drive repeat purchases.

透過我們的“全面家居策略”，我們在本季度繼續實現了專業成長，這與去年第二季強勁的中位數成長形成了鮮明對比。此外，我們的線上銷售額成長了 7.5%，部分原因是更身臨其境的購物體驗和 My Lowe's Rewards 的吸引力增強，這有助於我們提高客戶忠誠度並推動重複購買。

We also launched the first Home Improvement creator Network with MrBeast, the world's most-followed creator among the first to join. This network is aimed at partnering with influencers across social media as trusted voices to drive brand engagement for our products and services.

我們還與首批加入的全球粉絲最多的創作者 MrBeast 共同推出了首個家居裝修創作者網絡。該網路旨在與社交媒體上有影響力的人合作，作為值得信賴的聲音來推動我們產品和服務的品牌參與。

We're excited to see how our new creator network will enhance our connection with Gen Z and Millennial customers. We're also continuing our marketing partnership with Lionel Messi, widely recognized as the best soccer player in the world, as well as our sponsorship of the NFL as the official home improvement partner.

我們很高興看到我們的新創作者網絡將如何增強我們與 Z 世代和千禧世代客戶的聯繫。我們也將繼續與被公認為世界最佳足球員的梅西 (Lionel Messi) 保持行銷合作，並作為官方家居裝修合作夥伴贊助 NFL。

Turning to the macro environment homeowners remain financially healthy, supported by strong balance sheets, wage growth, and low unemployment. The medium to long-term outlook for the home improvement industry remains positive, driven by an aging housing stock which is at a record high, substantial homeowner equity, and the pent-up demand from delayed projects.

從宏觀環境來看，在強勁的資產負債表、薪資成長和低失業率的支持下，房主的財務狀況依然健康。受老齡化住房存量達到歷史最高水平、房主權益充足以及延期項目釋放的壓抑需求的推動，家裝行業的中長期前景依然樂觀。

In fact, industry analysts estimate that there's roughly $50 billion of deferred project demand as many homeowners have delayed larger discretionary projects over the past few years. At the same time, an estimated 18 million new homes are needed by 2033.

事實上，產業分析師估計，由於許多房主在過去幾年中推遲了較大的可自由支配項目，因此延期項目需求約為 500 億美元。同時，預計到2033年將需要1,800萬套新住房。

Together, these trends point to a healthy pipeline of demand for home improvement and new home construction ahead. That's why we're confident that our most recent investments and acquisitions will uniquely position us to accelerate sales growth when the market turns.

綜合起來，這些趨勢顯示未來家居裝修和新房屋建設的需求將保持健康。這就是為什麼我們相信，我們最近的投資和收購將使我們在市場轉變時獲得獨特的優勢來加速銷售成長。

Before closing, I would like to officially welcome the Artisan Design Group or ADG team to Lowe's. We closed on this acquisition in June, and we believe the future combination of ADG and FBM under the same umbrella will position Lowe's to offer large Pro customers a full complement of interior finishes to meet their needs.

最後，我想正式歡迎 Artisan Design Group 或 ADG 團隊加入 Lowe's。我們在 6 月完成了此次收購，我們相信，未來 ADG 和 FBM 合併在同一集團下將使 Lowe's 能夠為大型專業客戶提供全套室內裝飾以滿足他們的需求。

I also want to thank our Lowe's frontline associates for their commitment to serving our customers day in and day out. I love spending time in the stores with our frontline associates who remain the driving force behind our company.

我還要感謝我們的勞氏第一線員工日復一日地致力於為客戶服務。我喜歡在商店裡與我們的第一線員工一起度過時光，他們仍然是我們公司的推動力。

And with that, I’ll turn it over to Bill.

現在，我將把發言權交給比爾。

Thanks, Marvin, and good morning, everyone.

謝謝，馬文，大家早安。

This quarter, we delivered positive comps in 9 of our 14 Merchandise Divisions, driven by continued growth in Pro and online and a solid recovery in our spring seasonal categories. Starting in Hardlines, we delivered positive comps in Hardware, Lawn & Garden and Tools with widespread strength in key seasonal categories, especially as weather improved.

本季度，我們的 14 個商品部門中有 9 個實現了正成長，這得益於專業和線上業務的持續成長以及春季季節性類別的強勁復甦。從輕工業產品開始，我們在五金、草坪和花園以及工具方面取得了積極的業績，在主要季節性類別中普遍表現強勁，尤其是在天氣好轉的情況下。

We drove positive comps in Lawn & Garden, partly driven by a solid performance in live goods and the support of our growers as we navigated weather challenges early in the quarter. We also saw strength in Scott’s soils and fertilizers as customers responded to their great offers.

我們在草坪和花園領域取得了積極的業績，部分原因是活體商品的穩健表現以及我們在本季度初克服天氣挑戰時種植者的支持。我們也看到了 Scott 土壤和肥料的優勢，因為客戶對他們的優惠做出了積極的反應。

Turning to Tools. We delivered strong performance in Power Tools and Tool Storage. Customers gravitated toward our robust assortment and compelling offers, including buy one, get one free deals from brands like DeWalt, Craftsman, and Kobalt.

轉向工具。我們在電動工具和工具儲存方面表現強勁。顧客被我們豐富的產品種類和誘人的優惠所吸引，包括 DeWalt、Craftsman 和 Kobalt 等品牌的買一送一優惠。

Offers like these demonstrate our commitment to highlighting and delivering value for customers both online and in store.

這些優惠表明我們致力於為線上和店內客戶提供和傳遞價值。

Turning to Building Products, we drove positive comps across Building Materials, Rough Plumbing, and Lumber, as we're seeing continued momentum in repair and maintenance projects. We saw broad-based strength in interior categories like Plumbing Repair, Water Heaters, and Drywall, as well as in exterior categories like Roofing, Siding, and Composite Decking, where we offer the top three brands in Trex, Timber Tech, and Deckorators.

談到建築產品，我們在建築材料、毛坯管道和木材方面取得了積極的進展，因為我們看到維修和維護項目的持續成長勢頭。我們在管道維修、熱水器和乾牆等室內類別以及屋頂、牆板和複合地板等室外類別中看到了廣泛的優勢，我們在這些類別中提供 Trex、Timber Tech 和 Deckorators 三大品牌。

In Home Decor, we delivered positive comps in Paint, Flooring, and Appliances, where we continue to build on our momentum with both positive sales dollars and unit comps this quarter along with driving sales growth in all major appliance categories.

在家庭裝飾領域，我們在油漆、地板和家電方面取得了積極的業績，本季度我們繼續保持良好的勢頭，銷售額和單位銷售額均實現正增長，同時推動了所有主要家電類別的銷售增長。

Lowe's continues to offer unmatched value in Appliances with the broadest assortment and next day delivery available in virtually every ZIP code in the US. We're also pleased with our ongoing efforts to build out our powerful Pro brand lineup, making sure that we have the brands and products that are most important to these customers.

勞氏繼續提供無與倫比的家電產品價值，擁有最廣泛的品種，幾乎在美國每個郵遞區號地區都提供隔日送達服務。我們也很高興能夠持續努力打造強大的 Pro 品牌陣容，確保我們擁有對這些客戶來說最重要的品牌和產品。

Over the last few years, we've added brands like Klein Tools, Hubbell, Wal-Board Tools, and more. And today, we're excited to welcome Daltile to Lowe's, which is the best-selling tile brand in the country and the Pro preferred choice for tile across residential and commercial projects.

在過去的幾年裡，我們增加了 Klein Tools、Hubbell、Wal-Board Tools 等品牌。今天，我們很高興歡迎 Daltile 加入 Lowe's，它是該國最暢銷的瓷磚品牌，也是住宅和商業項目中專業人士的首選瓷磚。

Daltile offers direct-to-home and job site delivery, ensuring materials arrive when and where they're needed. As Marvin mentioned, we remain focused on driving our Perpetual Productivity Improvement, or PPI initiatives throughout the business.

Daltile 提供直接送貨上門和工地的服務，確保材料在需要的時間和地點送達。正如 Marvin 所提到的，我們將繼續專注於推動整個業務的永久生產力改善（PPI）計劃。

One example, we have enhanced our assortment planning tools for seasonal buys over the last few years, which is allowing us to better anticipate demand and optimize our inventory allocation. These enhancements have led to improved sell-through and less end-of-season clearance and ultimately improvement in gross margin.

例如，過去幾年來，我們增強了季節性採購的分類規劃工具，這使我們能夠更好地預測需求並優化庫存分配。這些改進提高了銷售量，減少了季末清倉，最終提高了毛利率。

This brings me to our approach to managing the global sourcing environment. I'm pleased that the teams are executing our playbook well and ensuring that we maintain strong assortments and excellent value for our customers with the goal of remaining price competitive.

這讓我想到了我們管理全球採購環境的方法。我很高興團隊能夠很好地執行我們的計劃，並確保我們為客戶提供強大的產品種類和卓越的價值，同時保持價格競爭力。

Our merchants are making great progress working closely with our suppliers to help mitigate cost pressures while ensuring a stable supply for our shared customers and accelerating our country-of-origin diversification to reduce our single-country dependency in any given product category.

我們的商家正在與供應商密切合作，以幫助減輕成本壓力，同時確保為我們的共同客戶提供穩定的供應，並加速我們的原產國多樣化，以減少我們在任何特定產品類別中對單一國家的依賴。

So as I wrap up, I want to thank our merchant team as well as our MST associates and our vendor partners for their continued efforts to deliver the results.

最後，我要感謝我們的商家團隊、MST 同事和供應商合作夥伴為取得成果所做的持續努力。

And now, I'd like to turn the call over to Joe.

現在，我想把電話轉給喬。

Thanks, Bill and good morning, everyone.

謝謝，比爾，大家早安。

I want to start by thanking our frontline associates for their hard work and dedication. Their extensive knowledge of home improvement, relentless customer focus, and willingness to adopt new technology are driving measurable impact across the business.

首先，我要感謝我們一線同事的辛勤工作和奉獻精神。他們對家居裝修的豐富知識、堅持不懈的客戶關注以及採用新技術的意願正在為整個業務帶來可衡量的影響。

We're seeing that impact in higher customer satisfaction scores with significant improvements in the areas of associate helpfulness and knowledge. These increases coincide with the rollout of Mylow Companion, our AI powered app designed specifically to support associates on the sales floor.

我們看到，客戶滿意度得分有所提高，員工幫助程度和知識水平也有了顯著提高。這些成長與 Mylow Companion 的推出相吻合，Mylow Companion 是我們專為支援銷售現場員工而設計的人工智慧應用程式。

The app is helping new associates build confidence early while enabling experienced associates to expand knowledge across departments. For example, a Paint department associate in the Garden Center can use the app to instantly calculate how much mulch a customer needs and recommend the right tools for spreading it, and a Hardware associate can help a customer in the Appliance department quickly identify the most energy efficient washer and dryer repair available under $1,500.

該應用程式可幫助新員工儘早建立信心，同時使經驗豐富的員工能夠跨部門擴展知識。例如，園藝中心的油漆部門員工可以使用該應用程式立即計算出客戶需要多少覆蓋物並推薦合適的鋪灑工具，五金部門的員工可以幫助家電部門的客戶快速找到價格低於 1,500 美元的最節能的洗衣機和烘乾機維修服務。

We're pleased with the strong adoption rate, which has already surpassed our targets and because the app is powered by AI, it has the capacity to learn from feedback and deliver even more helpful responses over time.

我們對強勁的採用率感到非常滿意，它已經超越了我們的目標，而且由於該應用程式由人工智慧驅動，它有能力從反饋中學習，並隨著時間的推移提供更有用的回應。

Likewise, our customer satisfaction scores remain strong with the Pro, and as Marvin mentioned, we continue to see year over year growth in this segment, building on mid-single-digit gains in the second quarter of last year. In a recent Pro survey, Pros indicated they are confident in their near-term prospects with stable backlogs.

同樣，我們的客戶滿意度評分對於 Pro 來說仍然很高，正如 Marvin 提到的，我們繼續看到這一領域的同比增長，在去年第二季度中個位數增長的基礎上。在最近的專業調查中，專業人士表示，由於積壓訂單穩定，他們對近期前景充滿信心。

Turning now to our Perpetual Productivity Improvement initiatives or PPI. Let me provide an update on one of this year's key initiatives, streamlining our Freight Flow Process. We're using smarter truck organization, improved labeling, and redesigned carts, creating a more direct path from truck to shelf.

現在來談談我們的永久生產力改進計劃或PPI。讓我介紹今年的重要舉措，即簡化我們的貨運流程。我們正在使用更聰明的卡車組織、改進的標籤和重新設計的推車，創建從卡車到貨架的更直接的路徑。

These enhancements reduce unnecessary touchpoints and footsteps, reducing the overall time to complete these processes, which in turn creates payroll productivity. Finally, I'm excited to share that we opened three new stores this quarter in key growth markets, North Fort Worth, Texas; Georgetown, Texas; and Maricopa, Arizona.

這些增強功能減少了不必要的接觸點和步驟，減少了完成這些流程的整體時間，從而提高了薪資的生產力。最後，我很高興地告訴大家，本季我們在主要成長市場開設了三家新店，分別是德州北沃斯堡、德州喬治敦和亞利桑那州馬里科帕。

And later this week, we are set to open a location in Braselton, Georgia. New stores are outfitted with our latest enhancements, including an updated front-end experience, optimized assortment, and upgraded technology.

本週晚些時候，我們將在喬治亞州布拉塞爾頓開設一家分店。新店配備了我們最新的改良設施，包括更新的前端體驗、優化的商品種類和升級的技術。

To drive awareness and engagement in these new communities, we host MyLowe's Rewards grand opening events where we offer members exclusives to accelerate enrollment.

為了提高這些新社區的知名度和參與度，我們舉辦了 MyLowe's Rewards 盛大開幕活動，為會員提供獨家優惠以加速註冊。

I'd like to personally welcome the new teams from each of these stores.

我謹親自歡迎來自各店的新團隊。

And with that, I'll turn the call over to Brandon.

說完這些，我將把電話轉給布蘭登。

Thank you, Joe, and good morning.

謝謝你，喬，早安。

Beginning with our Q2 results, we generate a GAAP diluted earnings per share of $4.27. In the quarter, we closed on our acquisition of ADG and recognized $43 million in pre-tax, transaction costs and purchase accounting adjustments.

從第二季業績來看，我們的GAAP稀釋每股收益為4.27美元。本季度，我們完成了對ADG的收購，並確認了4,300萬美元的稅前利潤、交易成本和收購會計調整。

Excluding these impacts, we delivered adjusted diluted earnings per share of $4.33, an increase of 5.6% compared to adjusted diluted earnings per share in the prior year quarter. Additionally, in the second quarter of last year, we recorded a pre-tax gain of $43 million associated with the 2022 sale of our Canadian retail business.

剔除這些影響後，我們的調整後每股攤薄收益為 4.33 美元，較去年同期的調整後每股稀釋收益成長 5.6%。此外，去年第二季度，我們因 2022 年出售加拿大零售業務而獲得了 4,300 萬美元的稅前收益。

My comments from this point forward will include certain non-GAAP comparisons that exclude these impacts, where applicable. Q2 sales were $24 billion with comparable sales up 1.1% in the quarter, driven by recovery in seasonal categories as weather improved, as well as continued strength in Pro, Online, and Appliances.

從現在開始，我的評論將包括某些非 GAAP 比較，在適用的情況下排除這些影響。第二季銷售額為 240 億美元，本季可比銷售額成長 1.1%，這得益於天氣好轉帶來的季節性類別復甦，以及專業、線上和家電業務的持續強勁成長。

Monthly comps were down 1.0% in May, up 0.3% in June, and in July, we delivered positive transactions and comps up 4.7%. For the quarter, comparable average ticket increased 2.9% and comparable transactions declined 1.8%.

5 月份月度同店銷售額下降 1.0%，6 月份上漲 0.3%，7 月份，我們實現了正交易，同店銷售額上漲 4.7%。本季度，可比平均票價上漲 2.9%，可比交易量下降 1.8%。

Adjusted Gross Margin was 33.8% in the quarter, up 37 basis points from last year with improvements in both Shrink and Credit revenue, as well as continued benefits from our Perpetual Productivity Improvement or PPI initiatives. And adjusted SG&A of 17.3% of sales de-leveraged 6 basis points, in line with our expectations.

本季調整後毛利率為 33.8%，較去年同期上升 37 個基點，這得益於收縮和信貸收入的提高，以及我們持續生產力改善或 PPI 計畫的持續效益。調整後的銷售、一般及行政費用佔銷售額的 17.3%，去槓桿率為 6 個基點，符合我們的預期。

Adjusted operating margin rate of 14.7% was up 23 basis points versus prior year, and the adjusted effective tax rate of 24.1% was in-line with prior year results. Inventory ended Q2 at $16.3 billion, down $499 million versus prior year.

調整後的營業利益率為 14.7%，較前一年上升 23 個基點，調整後的有效稅率為 24.1%，與前一年結果一致。第二季末庫存為 163 億美元，較上年減少 4.99 億美元。

We continue to manage our inventory replenishment in line with demand trends while also driving strong in-stocks across both Pro and DIY categories. ADG operations did not have a material impact to our Q2 operating results.

我們將繼續根據需求趨勢管理庫存補充，同時推動專業和 DIY 類別的強勁庫存。ADG 營運對我們的第二季營運表現沒有重大影響。

We are pleased with our performance this quarter as the organization continued to navigate this uncertain environment while offering compelling value for our customers across our product assortments. The teams leaned into our best-in-class tools and processes to rapidly adjust to changing demand trends through the quarter and deliver on our operating commitments.

我們對本季的業績感到滿意，因為公司繼續應對這種不確定的環境，同時透過我們的產品系列為客戶提供極具吸引力的價值。團隊依靠我們一流的工具和流程來快速適應整個季度不斷變化的需求趨勢並履行我們的營運承諾。

Turning now to capital allocation. In Q2, we generated $3.7 billion in free cash flow, inclusive of $495 million in capital expenditures, and we invested $1.3 billion for the acquisition of ADG. We paid $645 million in dividends at $1.15 per share and announced a $0.05 per share increase to $1.20 per share for the dividend paid on August 6.

現在來談談資本配置。在第二季度，我們產生了 37 億美元的自由現金流，其中包括 4.95 億美元的資本支出，我們投資 13 億美元用於收購 ADG。我們以每股 1.15 美元的價格支付了 6.45 億美元的股息，並宣布 8 月 6 日支付的股息將增加 0.05 美元至每股 1.20 美元。

And we ended the quarter with adjusted debt to EBITDAR of 2.96 times with $4.9 billion of cash and cash equivalents, and delivered a return on invested capital of 29.5%.

本季末，我們的調整後債務與 EBITDAR 比率為 2.96 倍，現金和現金等價物為 49 億美元，投資資本回報率為 29.5%。

Now turning to our financial outlook. Our first half results actualized within our expected range of outcomes, and looking ahead, our expectations for a roughly flat home improvement market and the performance of our core business remain unchanged.

現在來談談我們的財務前景。我們的上半年業績在我們的預期範圍內，展望未來，我們對家裝市場基本持平以及核心業務表現的預期保持不變。

The outlook assumes current consumer and home improvement trends persist, and our strategic initiatives continue to drive momentum, especially in Pro and online. Today, we are updating our full year 2025 outlook only to reflect the inclusion of ADG.

前景假設當前的消費者和家居裝修趨勢持續存在，我們的策略舉措繼續推動發展勢頭，尤其是在專業和線上領域。今天，我們僅更新了 2025 年全年展望，以反映 ADG 的納入。

Taking this into account, we are now expecting sales in the range of $84.5 billion to $85.5 billion, with comparable sales in a range of flat to up 1%. We also now expect full year adjusted operating margin in a range of 12.2% to 12.3%, and adjusted diluted earnings per share of approximately $12.20 to $12.45. And we continue to expect capital expenditures of approximately $2.5 billion as we invest in the business and open new stores.

考慮到這一點，我們現在預計銷售額將在 845 億美元至 855 億美元之間，可比銷售額將在持平至增長 1% 之間。我們也預期全年調整後營業利潤率將介於12.2%至12.3%之間，調整後每股稀釋收益約為12.20美元至12.45美元。隨著業務投資和新店開業，我們預計資本支出仍將達到約25億美元。

Please note that this outlook does not include any potential impacts related to the acquisition of FBM. On an annualized basis, we expect ADG to negatively impact consolidated adjusted operating margin by approximately 15 basis points.

請注意，該展望不包括與收購 FBM 相關的任何潛在影響。以年率計算，我們預計 ADG 將對合併調整後營業利潤率產生約 15 個基點的負面影響。

Now to assist you with your modeling, here are a few points to consider for the third quarter. We expect third quarter comp sales to be approximately 125 basis points, above the bottom end of our full year guide, and we also expect third quarter adjusted operating margin rate to be down approximately 20 basis points from prior year adjusted operating margin rate driven by ADG operating mix.

現在，為了幫助您進行建模，這裡有一些第三季需要考慮的要點。我們預計第三季可比銷售額約為 125 個基點，高於全年指引的底端，並且我們也預期第三季調整後的營業利潤率將比去年同期下降約 20 個基點，這主要受到 ADG 營運組合的影響。

In closing, we are confident our Total Home strategic initiatives are resonating with customers and that we are making the right investments, both organic and inorganic, to position the company for sustainable long-term sales growth and shareholder value creation.

最後，我們相信我們的「全方位家居」策略舉措正在引起客戶的共鳴，並且我們正在進行正確的投資，包括有機投資和無機投資，以使公司實現可持續的長期銷售成長和股東價值創造。

And with that, I will hand the call back over to Marvin to discuss this morning's announcement regarding the acquisition of FBM.

說完這些，我將把電話交還給馬文，討論今天上午有關收購 FBM 的公告。

Thank you, Brandon.

謝謝你，布蘭登。

Over the last couple of years, we've been assessing potential new opportunities for growth within our industry. We evaluated a number of options, including FBM. Since the beginning of this year, we met with the FBM management team many times and visited several of their sites across the country.

在過去的幾年裡，我們一直在評估產業內潛在的新成長機會。我們評估了許多選項，包括 FBM。自今年年初以來，我們多次與FBM管理團隊會面，並造訪了他們在全國各地的多個站點。

We continue to be impressed not only with their industry expertise, but also their strong focus on revenue growth which allowed them to seamlessly integrate multiple product verticals. We have now identified FBM as the right strategic fit for Lowe's to best complement our Total Home strategy and continue to position the company for long-term sustainable growth.

我們不僅對他們的行業專業知識印象深刻，而且他們對收入成長的高度關注使他們能夠無縫整合多個產品垂直領域。我們現在已經確定 FBM 是適合勞氏的正確策略選擇，可以最好地補充我們的「全屋」策略，並繼續為公司的長期可持續成長做好準備。

I'd like to start by highlighting their core strength and then I'll walk through the strategic rationale for this acquisition. As you can see on slides 6 and 7, FBM has a proven 14-year track record of growth and a strong reputation with both the residential homebuilder and with commercial Pros across new construction and repair and remodel applications.

我想先強調他們的核心優勢，然後我將闡述此次收購的策略理由。正如您在幻燈片 6 和 7 上看到的，FBM 擁有經過驗證的 14 年增長記錄，並在住宅建築商和新建築、維修和改造應用的商業專業人士中享有盛譽。

FBM has a diversified customer base in its commercial business, including hospitals, data centers, and office buildings. This mix creates more stability and better insulates the company from the ups and downs of the housing cycle.

FBM 在商業業務中擁有多樣化的客戶群，包括醫院、資料中心和辦公大樓。這種組合創造了更大的穩定性，並更好地使公司免受房地產週期波動的影響。

FBM also achieved scale the right way, both as a disciplined buyer and builder. And since its inception in 2011, the company has successfully integrated more than 60 acquisitions across multiple product verticals and opened more than 50 greenfield locations. The result, a purpose-built, highly scalable, multi-trade distribution platform.

FBM 也以正確的方式實現了規模化，既是自律的買家，也是建造者。自 2011 年成立以來，該公司已成功整合了多個產品垂直領域的 60 多項收購，並開設了 50 多個綠地工廠。最終成果是一個專門建構的、高度可擴展的多貿易分銷平台。

And today, FBM is a leader in Drywall, Ceiling Systems, and Metal Framing with an established presence, loyal customer base, and a highly effective sales force that optimizes advanced selling tools to drive engagement and conversion.

如今，FBM 已成為石膏板、天花板系統和金屬框架領域的領導者，擁有穩固的市場地位、忠實的客戶群和高效的銷售隊伍，能夠優化先進的銷售工具來推動參與度和轉換率。

One of the most compelling aspects of the FBM acquisition is the strategic presence in key geographies such as California, the Northeast, and the Midwest, regions where we currently have less of a presence. This provides us with significant growth opportunities to expand our Pro footprint and capture sales in these areas of dense population.

收購 FBM 最引人注目的方面之一是在加州、東北部和中西部等關鍵地區的策略存在，而我們目前在這些地區的存在感較低。這為我們提供了巨大的成長機會，以擴大我們的專業影響力並在人口密集的地區獲得銷售。

With over 370 branches across the US and Canada, FBM's extensive network is both expansive and highly complementary to our existing operations, further enhancing our ability to scale and drive long-term growth. Over the years, FBM has built a strong financial profile with consistent profitable growth.

FBM 在美國和加拿大擁有 370 多家分支機構，其廣泛的網絡不僅規模龐大，而且與我們現有的業務高度互補，進一步增強了我們擴大規模和推動長期增長的能力。多年來，FBM 建立了強大的財務狀況並持續獲利成長。

And from 2019 to 2024, FBM drove revenue CAGR of approximately 25% and adjusted EBITDA CAGR of 30% through a combination of acquisitions, organic growth, and greenfield expansions. This impressive track record outperformed their public peers in Pro distribution over this timeframe.

從 2019 年到 2024 年，FBM 透過收購、有機成長和綠地擴張等方式，實現了約 25% 的營收複合年增長率和 30% 的調整後 EBITDA 複合年增長率。這一令人印象深刻的業績記錄在這段時間內超越了 Pro 分銷領域的其他同行。

Now moving to slide 8. FBM is led by talented industry veterans at every level of the organization. Founder and CEO, Ruben Mendoza started with a single branch 14 years ago and built an industry-leading platform. He has a proven history of attracting and retaining top talent and a leadership team that's been with FBM for roughly a decade on average.

現在轉到投影片 8。FBM 的領導團隊由來自各個層級的才華橫溢的業內資深人士組成。創辦人兼執行長 Ruben Mendoza 14 年前從一家分公司起步，打造了一個業界領先的平台。他有著吸引和留住頂尖人才的出色經歷，並且領導團隊平均在 FBM 工作了大約十年。

This leadership team brings a disciplined approach to execution and an extensive base of 40,000 Pro customers. And like us, they focus on continuous improvement while always putting the customer first. And we're excited to welcome them to Lowe's and look forward to working with them as they continue to lead this business.

該領導團隊採取了嚴謹的執行方式，並擁有 40,000 名 Pro 客戶組成的龐大基礎。和我們一樣，他們專注於持續改進，同時始終把客戶放在第一位。我們非常高興地歡迎他們加入勞氏，並期待與他們合作，繼續領導這項業務。

Now I'd like to spend a moment on the strategic rationale for this acquisition. On slide 9, you can see how this deal strengthens Lowe's position and why we're so enthusiastic about the opportunity ahead. First, this acquisition enhances our offering for Pro customers and expands our capabilities in a number of ways.

現在我想花點時間談談此次收購的策略理由。在第 9 張投影片上，您可以看到這筆交易如何加強了 Lowe 的地位，以及我們為何對未來的機會如此熱情。首先，此次收購增強了我們為專業客戶提供的服務，並在許多方面擴展了我們的能力。

We'll have faster fulfillment for larger deliveries as we use FBM's capabilities to expand job site delivery for Lowe's. And we'll also expand our combined product offerings to both FBM and Lowe's Pro customers as we build on strong vendor relationships across both companies.

隨著我們利用 FBM 的功能來擴大 Lowe's 的工作現場交付，我們將能夠更快地完成更大批量的交付。隨著我們與兩家公司建立牢固的供應商關係，我們也將向 FBM 和 Lowe's Pro 客戶擴大我們的綜合產品供應。

In the short run, we plan to add key FBM products along with their fulfillment capabilities to the Pro Extended Aisle in our Lowe's stores. And we'll bring the catalog of Lowe's key Pro SKUs to FBM's Pro customers to drive greater attachment of Lowe's complementary products.

短期內，我們計劃將關鍵的 FBM 產品及其履行能力添加到我們 Lowe's 商店的 Pro Extended Aisle 中。我們將把 Lowe 的主要 Pro SKU 目錄帶給 FBM 的 Pro 客戶，以推動 Lowe 互補產品的更大附著力。

And further, we'll strengthen our Pro digital tools by using the myFBM mobile app, which offers real-time pricing, ordering, and delivery tracking for complex orders and is available in both English and Spanish. In addition, we plan to use FBM's AI Blueprint Takeoff technology to enhance our offering at our Lowe's store Pro desk, which will automatically extract material quantities and measurements from digital construction plans, significantly accelerating the speed and accuracy of the estimating process.

此外，我們將透過使用 myFBM 行動應用程式來增強我們的 Pro 數位工具，該應用程式為複雜的訂單提供即時定價、訂購和交付跟踪，並提供英語和西班牙語版本。此外，我們計劃使用 FBM 的 AI Blueprint Takeoff 技術來增強我們在 Lowe's 商店 Pro 服務台的服務，該技術將自動從數位施工計劃中提取材料數量和測量值，從而顯著加快估算過程的速度和準確性。

And we'll enhance our trade credit offering which will be helpful for Pros shopping our stores for larger projects. Second, this acquisition gives us the opportunity to create a platform for ongoing growth in Pro distribution.

我們將加強貿易信貸服務，這將有助於專業人士在我們的商店購買更大的項目。其次，此次收購使我們有機會創建一個平台，促進 Pro 分銷的持續成長。

Over the long-term, we plan to utilize FBM's successful integration playbook, including a rapid transition to a single ERP platform. This will position Lowe's for continued growth across key product categories. Also as I mentioned earlier, with our recent acquisition of ADG, we're excited to see how quickly both FBM and ADG will allow us to offer our customers a best-in-class comprehensive interior solutions platform as outlined on slide 10.

從長遠來看，我們計劃利用 FBM 成功的整合方案，包括快速過渡到單一 ERP 平台。這將使勞氏在主要產品類別中保持持續成長。另外，正如我之前提到的，隨著我們最近收購 ADG，我們很高興看到 FBM 和 ADG 將使我們能夠如此快速地為客戶提供一流的綜合內部解決方案平台，如幻燈片 10 所示。

With an estimated 18 million new homes needed by 2033, we envision incorporating the products and services from each company to provide large Pro customers with everything from drywall to ceiling systems, insulation to doors, as well as flooring, cabinets, and countertops.

預計到 2033 年將需要 1800 萬套新房，我們設想整合每家公司的產品和服務，為大型 Pro 客戶提供從石膏板到天花板系統、從隔熱材料到門以及地板、櫥櫃和檯面等所有產品。

While we continue to serve our DIY and small-to-medium Pro customers through our stores and online, we are confident that operating both FBM and ADG under the same umbrella will help us offer differentiated products and services for the Large Pro’s planned spend.

雖然我們繼續透過我們的商店和線上服務我們的 DIY 和中小型專業客戶，但我們相信，在同一品牌下經營 FBM 和 ADG 將幫助我們為大型專業客戶的計劃支出提供差異化的產品和服務。

And finally, this acquisition marks the next step in our multi-year strategy to transform our Pro offering, and it helps us deepen our reach with Pro customers, and it unlocks our ability to serve larger Pros within this $250 billion total addressable market.

最後，此次收購標誌著我們多年期策略轉型 Pro 產品線的下一步，它有助於我們加深與 Pro 客戶的聯繫，並釋放我們在這個價值 2500 億美元的總目標市場中為更廣大的 Pro 客戶提供服務的能力。

It will increase our Pro penetration while allowing us to better balance our DIY and Pro revenue streams, resulting in sustainable long-term sales growth. Taken together, these moves will allow us to serve Pros more comprehensively, achieving greater scale through our distribution network and move with greater speed and flexibility than ever before.

它將提高我們的專業滲透率，同時使我們能夠更好地平衡 DIY 和專業收入來源，從而實現可持續的長期銷售成長。綜合起來，這些舉措將使我們能夠更全面地為專業人士提供服務，透過我們的分銷網絡實現更大的規模，並以比以往更快的速度和更大的靈活性發展。

In closing, we couldn't be more excited about what's ahead for Lowe's as we combined forces with FBM. This acquisition will diversify our revenue streams and allow us to deliver long-term value to our shareholders.

最後，我們對與 FBM 強強聯手後 Lowe's 的未來充滿期待。此次收購將使我們的收入來源多樣化，並使我們能夠為股東創造長期價值。

And with that, I'd like to turn it over to Brandon, who will tell you more about the transaction details.

接下來，我想把時間交給布蘭登，他將向您介紹更多有關交易的細節。

Thanks, Marvin.

謝謝，馬文。

This is a great day at Lowe's as we announced this exciting transaction that will not only enhance our Pro offering but also better position the company for long-term sustainable sales and profit expansion. The transaction details are outlined on slide 11 and include a purchase price of $8.8 billion which reflects an adjusted EBITDA multiple of 13.4 times.

今天對勞氏來說是偉大的一天，因為我們宣布了這項令人興奮的交易，它不僅將增強我們的專業產品，而且還將使公司更好地實現長期可持續的銷售和利潤擴張。交易細節概述在第 11 張幻燈片中，其中包括 88 億美元的購買價格，這反映了調整後的 EBITDA 倍數為 13.4 倍。

The acquisition is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including regulatory approvals. It's expected to be accretive to adjusted diluted earnings per share in the first full year after closing, excluding synergies.

此次收購預計將於 2025 年第四季完成，但須滿足包括監管部門批准在內的慣例成交條件。預計交易完成後的第一個完整年度，不包括綜效，調整後每股稀釋收益將會增加。

We intend to fund the acquisition through a combination of short-term and long-term debt. We expect that the robust cash flow generation of our core business, combined with FBM's track record of strong cash flows will allow us to de-lever quickly down to our target ratio by the end of the second quarter of 2027.

我們打算透過短期和長期債務相結合的方式為收購提供資金。我們預計，核心業務強勁的現金流加上 FBM 強勁的現金流記錄將使我們能夠在 2027 年第二季末迅速將槓桿率降至目標比率。

We also plan to pause share repurchases until that time. We intend to maintain our solid investment grade credit ratings of BBB+ and Baa1. Our capital allocation priorities remain unchanged. We will continue to invest first in growth, to support our 35% dividend payout target and return excess capital to shareholders through share repurchases.

我們也計劃在此之前暫停股票回購。我們打算維持 BBB+ 和 Baa1 的穩健投資等級信用評等。我們的資本配置重點維持不變。我們將繼續首先投資於成長，以支持我們 35% 的股息支付目標，並透過股票回購將多餘的資本返還給股東。

As Marvin mentioned, the FBM team has delivered consistent profitable growth since its founding. In 2024, on a pro forma basis, FBM generated approximately $6.5 billion in revenue and $635 million in EBITDA. And looking ahead, we expect that FBM will continue to grow organically and through greenfield expansion in the near term.

正如 Marvin 所提到的，FBM 團隊自成立以來一直保持著持續的獲利成長。2024 年，以備考基礎計算，FBM 的營收約為 65 億美元，EBITDA 為 6.35 億美元。展望未來，我們預計 FBM 將在短期內繼續透過有機成長和綠地擴張來實現成長。

We also expect to drive incremental revenue in EBITDA with the cross-selling opportunities that Marvin outlined through our combined product offering. And we expect to deliver cost savings primarily by optimizing procurement, administrative and logistics spend.

我們也希望利用 Marvin 概述的透過組合產品提供的交叉銷售機會來推動 EBITDA 的增量收入。我們希望透過優化採購、行政和物流支出來實現成本節約。

In closing, this transaction will strengthen our competitive position, accelerate the execution of our long-term strategy, and further position the company for the expected market recovery. This in turn will create meaningful, lasting value for our shareholders.

最後，此交易將增強我們的競爭地位，加速我們長期策略的實施，並進一步使公司為預期的市場復甦做好準備。這反過來將為我們的股東創造有意義的、持久的價值。

And with that, we'll open it up for your questions.

接下來，我們將開始回答您的問題。

(Operator Instructions)

（操作員指示）

Steven Forbes, Guggenheim Securities.

古根漢證券公司的史蒂文福布斯。

Marvin, curious if you can expand on Foundation's year-to-date performance in 2025 given its pretty impressive growth track record for both sales and EBITDA and then comment on what percentage of the 33,000 SKUs will be net new to the broader Lowe's offering.

馬文，我很好奇您是否可以詳細說明 Foundation 在 2025 年迄今為止的業績，因為其銷售額和 EBITDA 的增長記錄都非常令人印象深刻，然後評論一下 33,000 個 SKU 中有多少百分比是 Lowe's 更廣泛的產品系列中的新產品。

Those are good questions. On their year to date performance, we're not going to get into that level of detail until after we close the transaction. I can tell you we're very excited. And we're excited about the historical trends in their performance from a sales EBITDA and profit performance.

這些都是很好的問題。關於他們今年迄今為止的表現，我們在交易完成之前不會深入討論細節。我可以告訴你我們非常興奮。我們對其銷售 EBITDA 和利潤表現的歷史趨勢感到興奮。

Again, we think they're the best player in the sector and it's one of the reasons why we were attracted to them. Relative to the SKUs, again, a little too early for us to get into that level of detail, but as Brandon and I both outlined in our prepared comments, we see an immediate benefit of Lowe's providing complementary attachment products to their large Pro customers and through our Pro desk, we just feel like that we have significant opportunities to get their products, their fulfillment capabilities connected to our customers and we think that's going to give us short-term benefits as we work through this entire process.

我們再次認為他們是該領域最好的公司，這也是我們被他們吸引的原因之一。再次強調，關於 SKU，我們現在討論這個細節還為時過早，但正如布蘭登和我在我們準備好的評論中所概述的那樣，我們看到了勞氏為其大型專業客戶提供補充附件產品的直接好處，透過我們的專業服務台，我們只是覺得我們有很大的機會將他們的產品、他們的履行能力與我們的客戶聯繫起來，我們認為這將在我們完成整個過程中完成我們的短期利益。

Steve, and I would just add, on the revenue side, we do believe meaningful synergy opportunities here. We think there's significant cross-selling opportunities. Marvin mentioned FBM's got a broader product offering, certain core categories that they carry drywall, ceilings, metal framing, insulation.

史蒂夫，我只想補充一點，在收入方面，我們確實相信這裡有有意義的協同機會。我們認為存在巨大的交叉銷售機會。馬文提到，FBM 提供更廣泛的產品，其核心產品類別包括乾牆、天花板、金屬框架和隔熱材料。

Our Pro extended aisle infrastructure that we've been building should allow us to quickly plug that in and access that across our stores, our MSAs, and then on the flip side, Lowe's has -- our broader product offering and complementary categories that we believe can help FBM drive greater attachment. Examples there, tools, safety equipment, fasteners. That's a very small percentage of what FBM's revenue mix is today.

我們一直在建立的專業擴展過道基礎設施應該允許我們快速插入並訪問我們的商店、我們的 MSA，另一方面，Lowe's 擁有更廣泛的產品供應和互補類別，我們相信這可以幫助 FBM 推動更大的依戀。例如，工具、安全設備、緊固件。這只是 FBM 目前收入結構中很小的一部分。

We think we can expand that further and more meaningfully.

我們認為我們可以進一步、更有意義地擴展這一點。

And then as a follow up, as we sort of explore Foundation's sort of solutions on their website, it looks like order management right trade credit offering are some of their highlights. Curious, Marvin to just get your initial thoughts on what those sort of solutions or offerings can mean for the broader Lowe's experience among the current Pro customer base.

然後作為後續行動，當我們在 Foundation 網站上探索其解決方案時，看起來訂單管理權貿易信貸產品是他們的一些亮點。好奇的是，Marvin，我只是想聽聽你對這些解決方案或產品對當前 Pro 客戶群中更廣泛的 Lowe's 體驗意味著什麼的初步看法。

That's one of the reasons why we selected them as the acquisition target. They have a very effective transformation process relative to how quickly they can convert their own roll-ups on their ERP platforms. So, they have a consistent companywide ERP which makes it a lot easier for us from an synergistic and integration perspective.

這也是我們選擇他們作為收購目標的原因之一。相對於他們在 ERP 平台上轉換自己的匯總的速度​​而言，他們擁有非常有效的轉型流程。因此，他們擁有一致的全公司 ERP，從協同和整合的角度來看，這對我們來說方便多了。

In addition to that, we talked about their AI-driven blueprint takeoff technology, which is the best I've ever seen. And we think we can immediately plug that into every Pro desk in our 1,750 plus stores. And as Brandon mentioned, the ability to get them connected to our endless aisle at our Pro desk from a product and fulfillment standpoint we think will immediately benefit some of our medium Pro customers and some of the large customers that come in and we can't service at a high level.

除此之外，我們還討論了他們的人工智慧驅動的藍圖起飛技術，這是我見過的最好的技術。我們認為我們可以立即將其插入我們 1,750 多家商店的每個 Pro 服務台。正如布蘭登所提到的，從產品和履行的角度來看，將他們連接到我們專業服務台的無盡過道的能力我們認為將立即使我們的一些中型專業客戶和一些大型客戶受益，而我們無法提供高水平的服務。

And their MyFBM mobile app is best in class. It provides real-time view of pricing, inventory availability, order deliveries, and that's also something we believe we can quickly plug in to our Pro desk. And so the key for us was we really believe that FBM could complement us from a large complex pre planned Pro, which is where we have capability needs, but we were even more attracted that FBM can help us in our 1,750 store Pro desk with our small to medium Pro with some of the capabilities that they have.

他們的 MyFBM 行動應用程式是同類中最好的。它提供定價、庫存可用性、訂單交付的即時視圖，我們相信這些也是我們可以快速插入到我們的專業辦公桌上的東西。因此，對我們來說，關鍵是我們真的相信 FBM 可以從大型複雜的預先計劃的 Pro 中為我們提供補充，而這正是我們的能力需求所在，但更吸引我們的是，FBM 可以透過我們擁有的一些功能，在我們的 1,750 個商店 Pro 辦公桌上為我們的中小型 Pro 提供幫助。

Not to mention, as I stated in my prepared comments, when you look at their geographic footprint, they have a dominant presence in California, which is their home base. They have a dominant presence in the Northeast and in the key metro markets in the Midwest, and these are areas that we have the least amount of store density and being able to have a Pro presence in these densely populated urban areas is something that Lowe's has been trying to accomplish for a couple of decades.

更不用說，正如我在準備好的評論中所說的那樣，當你看到他們的地理足跡時，你會發現他們在加州佔據主導地位，那裡是他們的大本營。他們在東北部和中西部的主要大都市市場佔據主導地位，而這些地區是我們商店密度最低的地區，能夠在這些人口稠密的城市地區擁有專業業務是勞氏幾十年來一直努力實現的目標。

And so we think this acquisition gives us the ability to start to build from there.

因此我們認為，此次收購使我們有能力從那裡開始建造。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

I'm going to stay with the core Lowe's business for now. But the first question, I saw that, yeah, I mean, you guys do a Pro sentiment survey every quarter. You mentioned the stable backlogs, but I'm wondering if you can kind of expand on that. Anything else you've got from those surveys this time around? Anything around labor availability or anything else that you would call out? That's my first question.

我目前將繼續負責勞氏的核心業務。但第一個問題，我看到了，是的，我的意思是，你們每季都會進行一次專業情緒調查。您提到了穩定的積壓，但我想知道您是否可以對此進行詳細說明。您從這次調查中還得到了什麼其他資訊嗎？關於勞動力可用性或其他方面您有什麼想說的嗎？這是我的第一個問題。

Yeah. So Peter, I think at a high level of the Pros, again, they reinforce the stable backlogs and that their business and their backlogs are healthy. Over 75% of the Pros stated that they were confident in their job prospects, which again is consistent with what we've heard in past quarters.

是的。因此，彼得，我認為，在專業人士的高層，他們再次加強了穩定的積壓，並且他們的業務和積壓都是健康的。超過 75% 的專業人士表示他們對自己的工作前景充滿信心，這與我們在過去幾季聽到的情況一致。

But they're also advising us. That they continue to concentrate on smaller projects, especially repair, remodel, and maintenance, which again, is what we're seeing and then the small to medium Pro, which has been our sweet spot from a customer segment, that's been the pivot for them with this lock-in effect with very low housing turnover.

但他們也為我們提供建議。他們繼續專注於較小的項目，特別是維修、改造和維護，這也是我們所看到的，然後是中小型專業項目，這是我們從客戶群中獲得的最佳選擇，這對他們來說是鎖定效應的關鍵，因為住房週轉率非常低。

The only concern they gave us is labor costs are going up for them. And so one of the reasons why Lowe's is one of the champions in the business roundtable of trying to create the skilled trade jobs in the country. There's becoming more and more of a shortage of skilled trades and master plumbers, carpentry, electricians, and we're starting to see that pop up in different parts of the country.

他們唯一讓我們擔心的是勞動成本正在上漲。這也是為什麼勞氏公司在商業圓桌會議中成為致力於在該國創造技術性貿易工作機會的倡導者之一的原因之一。熟練工種、水管工、木工、電工的短缺現象越來越嚴重，我們開始看到這種情況在全國各地出現。

But overall, our Pros feel really good about their prospects for the balance of the year and that bode well for us to continue to take share with the small and medium customer.

但總體而言，我們的專業人士對今年餘下的前景感到非常樂觀，這預示著我們將繼續在中小型客戶中佔據一席之地。

My follow up question is on the flooring category. It was called out as being a positive in the quarter. Maybe just talk about what's happening in flooring, which is something you're doing, something you're seeing more broadly, just maybe expand on that a little bit.

我的後續問題是關於地板類別的。這被認為是本季度的一個積極因素。也許只是談論地板行業正在發生的事情，這是您正在做的事情，也是您更廣泛地看到的事情，也許可以稍微擴展一下。

We saw strength in our flooring business really across a couple of key segments, across carpets, our soft surface business, as well as our tile business, adhesives, as we look at our strength with our Pro customer. And so a nice blend of both DIY and Pro business within our tile and flooring program as well as our carpet program.

我們看到我們的地板業務在幾個關鍵領域都表現強勁，包括地毯、軟表面業務、瓷磚業務、黏合劑，我們從專業客戶的角度看到了我們的實力。因此，我們的瓷磚和地板項目以及地毯項目將 DIY 和專業業務完美地融合在一起。

And then we're also excited as we announced in my prepared remarks of bringing Daltile to Lowe's, and so that's a significant brand of tile for us to be able to get access to for both the do it yourself and a Pro customer, and we're excited with what they bring to our program as we continue to strengthen what we're doing in flooring.

然後，我們也很高興，正如我在準備好的發言中宣布的那樣，將 Daltile 引入 Lowe's，因此，這對我們來說是一個重要的瓷磚品牌，我們能夠讓自己動手的人和專業客戶都能接觸到它，我們很高興他們為我們的項目帶來了什麼，因為我們將繼續加強我們在地板領域的工作。

And Peter, I'll just add we're also very pleased with our central selling. As you can remember, flooring was our first category that we centralized for selling. This has really freed up our Red Vest associates to really stay focused on the customer and in improving the LTR for installations, so we're making nice progress there as well.

彼得，我還要補充一點，我們對我們的中央銷售也非常滿意。您可能還記得，地板是我們集中銷售的第一個類別。這確實讓我們的 Red Vest 員工能夠真正專注於客戶並改善安裝的 LTR，因此我們在那裡也取得了良好的進展。

Good luck.

祝你好運。

David Bellinger, Mizuho Securities.

瑞穗證券的戴維·貝林格。

Just on this transformational deal, can you give us some of the customer numbers or maybe the makeup of those customers with what size they are in terms of annual revenues? And then also within that, is there one specific capability that you see the most opportunity from whether it's the delivery or trade credit? Where can that be most exciting for Lowe's especially porting over to the core business?

關於這項轉型交易，您能否提供我們一些客戶數量，或這些客戶的組成以及他們的年收入規模？那麼在這其中，您是否認為有一種特定的能力最有機遇，無論是交付還是貿易信貸？對勞氏來說，最令人興奮的事情是什麼，尤其是移植到核心業務？

Yeah. David, I'll hit the customer piece first. Really a diverse and highly fragmented base. They have about 40,000 customers and that's across the US and Canada and just from a concentration account, no single customer accounts for more than 1% of the revenue.

是的。大衛，我先來談談客戶部分。確實是一個多樣化且高度分散的基礎。他們在美國和加拿大擁有約 4 萬名客戶，僅從集中帳戶來看，沒有一個客戶的收入佔比超過 1%。

So really, when we look at the base, little to no concentration risk and I would also mention, we really like the mix of the business overall. It's about 45% residential, so that serves both single family, multi-family, 55% commercial, which is split between new construction, repair, remodel, and we believe this balance lends itself to diversification, provides that balance to our overall portfolio.

因此，實際上，當我們看基礎時，集中風險很小甚至沒有，而且我還要提到，我們真的很喜歡整體業務的組合。其中約 45% 為住宅，因此既可用於單戶住宅，也可用於多戶住宅；55% 為商業，分為新建、維修和改建，我們相信這種平衡有助於實現多樣化，為我們的整體投資組合提供平衡。

And specifically on the commercial side, less cyclicality and more of a sub end market diversification. So like the mix of the business overall, and again, little to no concentration risk from a customer standpoint.

具體到商業方面，週期性較低，終端市場多樣化程度較高。因此，就像整體業務組合一樣，從客戶的角度來看，集中風險很小甚至沒有。

Marvin, I'll toss the second part of that over to you.

馬文，我會把第二部分交給你。

Yeah. And look, the only thing I'll add, we talked about the combination of FBM and ADG, our previous acquisition, and what's interesting is that in some cases, when it comes to single-family construction, they serve the same large customer but they provide totally different solutions.

是的。而且，我要補充的唯一一點是，我們談到了 FBM 和 ADG 的合併（我們之前的收購），有趣的是，在某些情況下，當涉及到單戶住宅建設時，他們服務於同一個大客戶，但他們提供完全不同的解決方案。

And so we just have this vision that we can take ADG's core business model which focuses on countertops, cabinets, flooring, product and install and then you combine that with FBM and we just envisioned having the ability to provide drywall, ceiling systems, insulation, doors, flooring cabinets and countertops, all for one large customer and we think that's going to be incredibly beneficial to the large single-family, multi-family construction company and customer and we think this company is something that is one of the reasons why we're attracted to make this acquisition with the hopes that we could put these two companies together.

因此，我們有這樣的願景，我們可以採用 ADG 的核心業務模式，該模式專注於檯面、櫥櫃、地板、產品和安裝，然後將其與 FBM 相結合，我們設想有能力為一個大客戶提供乾牆、天花板系統、隔熱材料、門、地板櫥櫃和檯面，我們認為這將對大型單戶住宅、多戶天花板系統、隔熱材料、門、地板櫥櫃和檯面，我們認為這將對大型單戶住宅、多戶住宅系統、天花板

And I also wanted to pivot over to the guidance and what's implied in the back half, a bit of an acceleration and same store sales growth. So can you just help us understand how much of that is due to pricing? We have noticed some incremental price increases across the store.

我還想轉向指導以及下半年隱含的內容，即加速和同店銷售成長。那麼，您能否幫助我們了解其中有多少是因為定價造成的？我們注意到整個商店的價格都有上漲。

So is that fully embedded within the back half or is that potential upside as we move through Q3 and Q4?

那麼，這是否完全嵌入後半部分，或者在我們進入第三季和第四季時是否有潛在的上行空間？

Yeah. David, let me -- I'll just say the overall second half kind of guidance assumptions overall. I'll start with the macro piece first and really I think expectations there are more of the same as we look at the second half of our year.

是的。大衛，讓我——我只想說一下下半年的整體指導假設。我首先從宏觀角度開始，我認為當我們展望今年下半年時，預期會有更多相同的情況。

We're still working through some short-term challenges including elevated mortgage rates, cautious consumer, affordability remains a pressure point that results in the lock-in effect that we've been seeing and also a depressed housing market.

我們仍在努力應對一些短期挑戰，包括抵押貸款利率上升、消費者謹慎、負擔能力仍然是一個壓力點，導致我們所看到的鎖定效應以及房地產市場的低迷。

So similar to what we said at the beginning of the year and back in May, we expect the overall home improvement market to be flat for the full year. That expectation continues. When you look at the first half results, we landed roughly where we expected outside some tough weather early in Q2, where we started slower through Memorial Day holiday, but it accelerated as we moved through July.

因此，與我們年初和五月所說的類似，我們預計全年整體家裝市場將保持穩定。這種期望仍在繼續。從上半年的業績來看，除了第二季度初期的一些惡劣天氣外，我們的業績基本上達到了預期，在陣亡將士紀念日假期期間，我們的業績起步較慢，但進入 7 月份後，業績開始加速。

Really nice, almost 5% exit rate there. A portion of July comp was driven by the seasonal shift, but we also saw a solid performance in both Pro and DIY in Q2. So as we turn the page to the second half, our outlook really is unchanged since the beginning of the year.

真的很好，退出率幾乎達到 5%。7 月的年漲幅部分受到季節性變化的影響，但我們也看到第二季 Pro 和 DIY 的表現均表現穩健。因此，當我們翻開下半年的新篇章時，我們的展望自今年年初以來確實沒有改變。

The range implies flat to 2.5% comp. We expect that to be split evenly across Q3 and Q4. And we expected gradual improvements in the underlying business as we move through the year, and that's both on a one and two-year comp basis.

該範圍意味著持平至 2.5% 的補償。我們預計這一比例將在第三季和第四季平均分配。我們預計，隨著時間的推移，基礎業務將逐步改善，無論是一年期還是兩年期的比較。

And then we continue to expect to see benefits from our Total Home initiatives, Total Home strategy as that ramps across the back half of the year, and that's both in the Pro space and the DIY space.

然後，我們繼續期望從我們的「全屋家居」計畫和「全屋家居」策略中看到收益，因為它將在今年下半年蓬勃發展，無論是在專業領域還是 DIY 領域。

And David, this is Marvin. Specific to pricing, we said in our previous earnings call that we would maintain a portfolio approach. We would be price competitive and that's exactly what we've done in Q2. That's what we're continuing to do in the back half of the year.

大衛，這是馬文。具體到定價，我們在先前的收益電話會議上表示，我們將維持投資組合方法。我們將具有價格競爭力，這正是我們在第二季度所做的。這就是我們下半年要繼續做的事情。

Prices in retail will always be dynamic. Prices will fluctuate up and down through various categories based on competitive responses, internal algorithms. It's not like the old days where you're manually changing prices.

零售價格永遠是動態的。價格將根據競爭反應和內部演算法在各個類別中上下波動。這不像以前那樣需要手動更改價格。

A lot of this is systemic, and we feel like we have the best-in-class tools to manage that exceptionally well, and we've been very transparent about that, and that's how we're going to manage it. We feel good about our promotional strategy as well.

其中許多都是系統性的，我們覺得我們擁有一流的工具來非常好地管理它，而且我們對此非常透明，這就是我們將要管理它的方式。我們對我們的促銷策略也感到滿意。

You look at some of the things that we were able to do with Bill's team for July 4. We were promotional. We drove great footsteps. Bill talked about the positive unit comps in appliances as well as positive sales. And again, you could look at that and say it was a great value-oriented environment and we think that's going to be more of the same for us for the back half of the year.

您可以看看我們與比爾的團隊在 7 月 4 日一起完成的一些事情。我們正在進行促銷。我們踏出了偉大的腳步。比爾談到了家電產品的積極單位比較以及積極的銷售情況。再說一次，你可以這樣看待它，並說這是一個以價值為導向的偉大環境，我們認為今年下半年我們的情況將更加類似。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

So I'll follow up a bit on the weather question. You talked about $400 million potentially shifting into the second quarter from the first quarter. Did all of that happen and is it fair to say that weather was net neutral or do you think it was maybe a tailwind or headwind in the second quarter, especially thinking about the strength in July?

因此我將稍微討論一下天氣問題。您談到了 4 億美元可能從第一季轉移到第二季。所有這些都發生了嗎？可以說天氣是中性的嗎？或者您認為它可能是第二季度的順風或逆風，特別是考慮到 7 月的強勁勢頭？

Yeah. Chris, I would say we realized the large majority of that $400 million. If you go back to the beginning of the year, the way we cadenced out Q1, Q2, we planned for more normal weather Q2. We expected the seasonal shift of about $400 million.

是的。克里斯，我想說我們實現了那 4 億美元中的大部分。如果回顧今年年初，我們安排第一季和第二季的節奏，並計劃在第二季實現更正常的天氣。我們預計季節性變化約為 4 億美元。

I would say with the exception of the couple of weeks around Memorial Day where it was slower because of the wet, colder weather, as we got into to June and July, very much played out as expected. So really happy with engagement that we saw.

我想說，除了陣亡將士紀念日前後幾週由於潮濕寒冷的天氣而進展較慢之外，進入六月和七月，一切進展都與預期一致。我們對看到的參與感到非常高興。

We had great traffic in the store. As Marvin mentioned, great performance across our seasonal categories, and very much in line with our expectations.

我們店裡的客流量很大。正如馬文所提到的，我們的季節性類別表現非常出色，非常符合我們的預期。

And then on the acquisition side, my question is, is there sort of a secondary investment cycle that emerges in the core Lowe's supply chain as you build out larger Pro fulfillment operations to perhaps get ahead of the future revenues for the Pro plan purchase?

然後在收購方面，我的問題是，當您建立更大的 Pro 履行業務以便可能領先於 Pro 計劃購買的未來收入時，核心 Lowe 供應鏈中是否會出現某種二次投資週期？

Asked another way, does these acquisitions do sort of like the investment and fulfillment and branches and warehouses grow with the business or do you see the need to take this $2.5 billion of CapEx and make a step up to become more aggressive and get ahead of future growth?

換個角度問，這些收購是否有點像投資和履行，分支機構和倉庫是否隨著業務的增長而增長，或者您是否認為有必要利用這 25 億美元的資本支出，採取更積極的措施，領先於未來的增長？

Chris, it's a really good question. As we look at it now, we're going to work on integrating and getting this deal closed. We do see in the future some smaller tuck-ins on specific verticals, but we don't have anything in our current site to do another large acquisition like this one, but we do see a continuous investment in this platform.

克里斯，這是一個非常好的問題。現在看來，我們將致力於整合並完成這筆交易。我們確實看到未來在特定垂直領域會出現一些規模較小的收購，但我們目前的網站上沒有任何東西可以進行類似這樣的大型收購，但我們確實看到了對這個平台的持續投資。

This is, in fact, a platform that we purchased. One of the reasons why we chose FBM is because we love their ERP system. We love the verticals that they're in. As I mentioned, we love their geographic presence. We love the fact that they were one of the best technology platforms for a small company that I've ever witnessed including -- how they embrace AI and how they're leveraging that in a way to simplify the job and drive some efficiency.

這實際上是我們購買的一個平台。我們選擇 FBM 的原因之一是我們喜歡他們的 ERP 系統。我們喜歡他們所處的垂直領域。正如我所提到的，我們喜歡他們的地理位置。我們喜歡這樣一個事實，他們是迄今為止我見過的針對小公司的最好的技術平台之一，包括——他們如何擁抱人工智慧，以及如何利用它來簡化工作並提高效率。

And so we believe that we can take this platform and we can leverage our annual CapEx spend and we can continue to build this out to create something that we think is going to be a very dominant long-term sustainable revenue driver for us.

因此，我們相信，我們可以利用這個平台，利用我們的年度資本支出，繼續建立這個平台，創造出我們認為將成為我們長期可持續收入主要驅動力的東西。

Have a great Labor Day.

祝您勞動節快樂。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

This is Zach on for Simeon.

這是 Zach 取代 Simeon 上場的。

Does the comp inflection signal a turn in home improvement market overall or is it more of a weather and seasonal bounce at the end of the quarter?

這種變化是否預示著整個家裝市場的轉變，還是更多的是季度末的天氣和季節性反彈？

Yeah. So again, Zach, we're not expecting any sort of inflection from a macro standpoint. I mentioned more of the same as we look in the second half of the year. Similar challenges to how we build our guide at the beginning of the year, what we reinforced in May.

是的。所以，札克，從宏觀角度來看，我們並不期待任何形式的轉變。我提到了更多類似的情況，展望下半年。與我們在年初制定指南時面臨的挑戰以及我們在五月所強化的挑戰類似。

That's still what we're seeing. Now again, second half, we always had a bit of a gradual improvement baked in and then we also expect to see momentum and expect to take share in the second half as we scale our Total Home strategy initiatives.

我們現在看到的仍然如此。現在，再次回到下半年，我們總是會有一些逐步的改進，然後我們也期望看到發展勢頭，並期望在下半年佔據份額，因為我們會擴大我們的「全屋」戰略計劃。

So that's really the difference in the expectation first half versus the second half.

所以這確實是上半場與下半場預期之間的差異。

And then just as a follow up, I appreciate all the color on some of the strategic commentary, maybe bigger picture, can you comment on how Lowe's strategy is changing? It seems you're making a more concerted pivot into building products distribution first with ADG and now with FBM.

然後作為後續問題，我很欣賞一些策略評論，也許從更大的角度來看，您能否評論一下 Lowe 的策略是如何變化的？看來您正在更協調地轉向建立產品分銷，首先是使用 ADG，現在使用 FBM。

What is the vision here and what makes this pivot so compelling in your view, especially now?

這裡的願景是什麼？您認為是什麼讓這一轉變如此引人注目，尤其是現在？

So Zach, this is Marvin.

札克，​​這是馬文。

I think specifically for us, we started out with a focus on what we call retail fundamentals. Seven years ago, this company had a great balance sheet and a bad strategy. And so we've been working really hard with a great leadership team and some really, really dedicated associates to get the foundation of this business shored up and to create efficiency.

我認為，對我們來說，我們首先關注的是所謂的零售基本面。七年前，這家公司的資產負債表很好，但策略很糟糕。因此，我們一直與優秀的領導團隊和一些非常敬業的同事一起努力，鞏固業務基礎並提高效率。

And I would argue that we are now one of the best operating large retailers in the world. But as we look forward and we look at our Total Home strategy, which this acquisition and these two acquisitions totally support, the question was really simple. When housing recovers, where will the inflection happen and what categories and what parts of the business do we think we'll see the greatest growth from that inflection?

我認為我們現在是世界上營運最好的大型零售商之一。但當我們展望未來並審視我們的「全面家居」策略時，這個問題其實很簡單，這次收購和這兩項收購完全支持該策略。當房屋市場復甦時，拐點將發生在哪裡？我們認為哪些類別和哪些業務部分將從這種轉折點中獲得最大的成長？

And as we researched this in great detail, we believe that we had some strategic deficits. And how we could take advantage of the inflection that we think will be coming in housing. We talked about these pent-up demand and projects. We talked about 18 million homes needed by 2033.

當我們對此進行詳細研究時，我們認為我們存在一些策略缺陷。以及我們如何利用我們認為即將在房屋市場出現的轉折點。我們討論了這些被壓抑的需求和項目。我們談到 2033 年需要 1800 萬套房屋。

We were not positioned as a company to take advantage of that, and we didn't want to be sitting on the sidelines. And so the two acquisitions that we've made tie perfectly into what we are projecting will be the inflection point for housing, home improvement in this overall macro environment, and that is single-family, multi-family construction, in addition to repair, remodel, and having these capabilities to do this in a very efficient way.

我們公司並不想利用這一點，我們也不想袖手旁觀。因此，我們進行的兩次收購與我們的預測完美契合，我們預測這將成為整個宏觀環境下住房和家居裝修的轉折點，即單戶住宅和多戶住宅的建設，以及維修、改造，並擁有以非常有效的方式完成這些工作的能力。

And so it's not a change in strategy, it's an evolution in strategy and our Total Home strategy basically outlined that to a tee.

所以這不是策略的改變，而是策略的演變，我們的「Total Home」策略基本上完美地概括了這一點。

Good luck.

祝你好運。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Marvin, it seems like this Pro plan purchase segment of the market is in the early stages of consolidation, and Lowe's is bringing together several assets combined with the power of its existing platform to gain its fair share of that market.

馬文，看起來這個專業計劃購買市場正處於整合的早期階段，而勞氏正在整合多種資產並結合其現有平台的力量，以獲得其在該市場的公平份額。

In your mind, is that sufficient enough to be able to harvest a very suitable return on these investments that you've been making, or do you think these assets combined with Lowe's need to have a differentiated strategy, a differentiated position in the market as this consolidation unfolds in order to earn a compelling return?

在您看來，這是否足以讓您從這些投資中獲得非常合適的回報，或者您是否認為這些資產與勞氏相結合需要有一個差異化的戰略，在整合展開時在市場上有一個差異化的地位，才能獲得可觀的回報？

I think for us, we believe the combination of FBM and ADG does in fact create differentiation. We're excited about the possibility of leveraging both these platforms. When you combine them together, it gives us a real opportunity to go after this $250 billion total addressable market.

我認為對我們來說，我們相信 FBM 和 ADG 的結合確實創造了差異化。我們對能夠利用這兩個平台的可能性感到非常興奮。當你將它們結合在一起時，我們就有真正的機會去追逐這個總額 2500 億美元的潛在市場。

As I mentioned before, we have a vision that we'll be able to go to a customer and provide them everything from drywalls, ceiling systems, insulation, doors, flooring, cabinets, and countertops. There's no other player that can walk into a large single-family homebuilder, a large multi-family home builder and create that type of proposition and do it with advanced technology.

正如我之前提到的，我們的願景是能夠為客戶提供從乾牆、天花板系統、隔熱材料、門、地板、櫥櫃到檯面的一切產品。沒有其他參與者能夠走進大型獨戶住宅建築商、大型多戶住宅建築商並提出此類主張，並採用先進技術來實現。

And so it is our expectation and our goal that we're going to build out an offering, and a solution and fulfillment capabilities that will allow us to have differentiation in the space I just outlined.

因此，我們的期望和目標是，我們將打造一種產品、解決方案和履行能力，使我們能夠在我剛才概述的領域中實現差異化。

And my follow up question is if we are on the precipice of this recovery in home improvement, how does Lowe's ensure that all of the heavy lifting associated with integrating these assets that are being brought together does not interfere with Lowe's ability to harvest the recovery or gain its fair share as the recovery unfolds?

我的後續問題是，如果我們正處於家居裝修復甦的邊緣，勞氏如何確保整合這些資產所帶來的所有繁重工作不會影響勞氏收穫復甦成果或在復甦過程中獲得公平份額的能力？

No, look, Michael, it's another very fair question. I think it just comes down to organizational structure and commitment to execution. We have separate integration teams that will be working, that are working on ADG and FBM.

不，看，邁克爾，這又是一個非常公平的問題。我認為這只是取決於組織結構和執行承諾。我們有單獨的整合團隊負責 ADG 和 FBM。

We have separate teams working on the strategic initiatives that will create the synergies that Brandon outlined. We're not going to get distracted in the core business. Everyone sitting at this table and everyone on the senior leadership team at Lowe's understands how we create shareholder value and so we're going to be really focused on those Total Home strategy initiatives that we talked so much about, on our PPI initiatives that you hear us update you on every quarter.

我們有不同的團隊致力於戰略計劃，以創造布蘭登所概述的協同效應。我們不會因為核心業務而分心。在座的各位以及勞氏高級領導團隊的各位都了解我們如何創造股東價值，因此我們將真正專注於我們多次討論過的“全屋戰略”計劃，以及我們每個季度都會更新的 PPI 計劃。

And so my commitment to the shareholders is that we're not going to get distracted. We have separate teams managing these two exciting acquisitions, but we also have the core team focused on the Lowe's business, which we know is the key to our success long term.

因此，我對股東的承諾是，我們不會分心。我們有不同的團隊管理這兩項令人興奮的收購，但我們也有核心團隊專注於 Lowe 的業務，我們知道這是我們長期成功的關鍵。

Good luck.

祝你好運。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Congratulations.

恭喜。

My first question, I guess is on the trend of business. So clearly, comp sales accelerated as the quarter progressed. We discussed that, but I guess the question I want to ask is was there anything notable geographically maybe to help us break out, break apart the benefits of normalizing or improving weather through the period versus maybe some true underlying improvements in underlying demand?

我的第一個問題是關於商業趨勢的。顯然，隨著季度的進展，同店銷售額加速成長。我們討論過這個問題，但我想問的問題是，從地理位置上看，是否存在什麼值得注意的因素，可以幫助我們區分這一時期天氣正常化或改善帶來的好處，以及潛在需求的一些真正的潛在改善？

So Brian, I would say geographically, the only anomalies that we saw were hurricane overlaps which creates some degree of negative comps in certain geographies in addition to weather. Brandon mentioned and it's well noted that Memorial selling period was not great from a weather perspective, but it impacted certain geographies worse than others.

所以布萊恩，我想說，從地理上講，我們看到的唯一異常是颶風重疊，除了天氣之外，這還會在某些地區造成一定程度的負面影響。布蘭登提到，眾所周知，從天氣角度來看，紀念促銷期並不是很好，但它對某些地區的影響比其他地區更嚴重。

Other than that, as you can imagine, we're paying really, really close attention to all things macro, all things housing, all things governmental policies to determine if we're seeing any material impacts to certain geographies and today, there's nothing material that I can speak to.

除此之外，正如你所想像的，我們非常非常密切地關注所有宏觀事務、所有住房事務、所有政府政策，以確定我們是否看到對某些地區產生任何實質性影響，而今天，我還沒有任何實質性的影響可以說。

Then my second question, I guess, bigger picture or broader, just with respect to tariffs or trade. Yes, if I hear you correctly, I mean, you're saying that, Lowe's is managing the business. You take a portfolio approach to pricing, and you're doing what you have to do.

那麼我的第二個問題，我想，是更大範圍或更廣泛範圍的問題，只涉及關稅或貿易。是的，如果我沒聽錯的話，我的意思是，您說的是，勞氏正在管理這項業務。您採用投資組合方法進行定價，並且做您必須做的事情。

Are noticing -- is there anything changing competitively? I mean, and I guess the question I'm trying to ask is, the Lowe's is obviously one of the key skilled players within the space, but as these price adjustments are taking hold, these tariffs are taking hold, do you see an opportunity for Lowe's to be able to take even more market share than it had historically given its position as a skilled player?

您是否注意到—競爭力方面有什麼變化嗎？我的意思是，我想問的問題是，勞氏顯然是該領域的關鍵技術型參與者之一，但隨著這些價格調整的實施，這些關稅的實施，您是否認為勞氏有機會憑藉其技術型參與者的地位，獲得比歷史上更多的市場份額？

Brian, it's a good question. As you can imagine, it's something we spend a lot of time talking about. I think if you look at this at a really high level, it comes down to the customer segment that you're serving and how you can best serve that customer segment in this current environment.

布萊恩，這是個好問題。你可以想像，我們會花很多時間討論這個話題。我認為，如果你從高層次來看待這個問題，它就歸結為你所服務的客戶群，以及在當前環境下你如何為該客戶群提供最好的服務。

We have done, in my estimation, an excellent job of working cross functionally relative to looking for diversification. I mean, right now, roughly 60% of the goods we source are coming out of the US and it wasn't that way seven years ago.

我認為，我們在尋求多元化方面跨職能工作做得非常出色。我的意思是，目前我們採購的大約 60% 的商品都來自美國，而七年前並非如此。

And China's at 20%, but it was a lot higher than that seven years ago and Bill's team, they're taking methodical, really, really business savvy steps to just keep us from being so overly dependent on one country of origin.

中國佔 20%，但比七年前高得多，比爾的團隊正在採取有條不紊、非常精明的商業措施，以防止我們過度依賴一個原產國。

Having said that, as I said earlier, pricing is incredibly dynamic, and it's driven a lot by a set of business rules that we have internally based on competitive pricing and based on our own internal data on elasticity. And so we understand what our customers want and what they don't want and we understand the break point on units when you start to price in a way that you see demand go down.

話雖如此，正如我之前所說，定價是非常動態的，它很大程度上受到我們內部基於競爭性定價和我們自己的內部彈性數據制定的一套業務規則的驅動。因此，我們了解客戶想要什麼和不想要什麼，我們也了解當你開始以某種方式定價時，需求會下降，單位的臨界點。

And so we're managing this literally real time because this is uncharted waters, but because we dealt with this before years back when we didn't have great data and systems, the team is really efficient at managing it now that we have superior systems.

因此，我們實際上是即時管理這個問題，因為這是一個未知領域，但因為我們幾年前在沒有大量資料和系統的情況下處理過這個問題，所以現在我們擁有了優越的系統，團隊能夠非常有效率地管理它。

So that's a long-winded answer that may not have given you a direct response to the question, but it's a dynamic environment. We're paying close attention to it and we are absolutely trying to take share. We think what we were able to do in the second quarter when the weather improved is an example that we are taking share and that we're making the smart decisions that can give customers a reason to shop us versus the competition.

所以這是一個冗長的答案，可能沒有直接回答你的問題，但這是一個動態的環境。我們正在密切關注此事，並絕對會努力爭取份額。我們認為，當天氣好轉時，我們在第二季度所做的事情就表明我們正在佔領市場份額，並且我們正在做出明智的決定，這些決定可以讓客戶有理由選擇我們而不是競爭對手。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

My first one was on FBM. I wanted to double click on the faster fulfillment that could be realized here and just wanted to see if you could frame maybe the improvement in speed that Pro customers may potentially enjoy from FBM and Lowe's joining forces.

我的第一個是在 FBM 上。我想雙擊可以在這裡實現的更快的履行，只是想看看您是否可以構建出 Pro 客戶可能從 FBM 和 Lowe 的聯手中獲得的速度提升。

I wasn't sure if there's a way to understand time to serve today versus what could happen pro forma for this deal. That was my first question.

我不確定是否有辦法了解今天的服務時間以及這筆交易可能出現的形式上的時間。這是我的第一個問題。

Yeah. So Jonathan, it's one of the things we're really excited about. As an example, one of FBM's core competency is drywall, and they sell a lot of it and they can deliver it to multiple floors. If a customer comes into one of our stores today and we sell just to keep it simple, a flatbed ofdrywall, getting that sale received and delivered is a really, really painful process.

是的。所以喬納森，這是我們真正興奮的事情之一。舉個例子，FBM 的核心競爭力之一是乾牆，他們銷售大量的乾牆，並且可以將其運送到多個樓層。如果今天有一位顧客來到我們的一家商店，而我們只是為了簡單起見才賣一平板石膏板，那麼接收和交付這筆交易是一個非常非常痛苦的過程。

And today, with this partnership with FBM, through our endless aisle technology, we literally can get that sale sent over to them electronically. They can pick it, fulfill it within 24 hours or less. And so it's all about the geography.

如今，透過與 FBM 的合作，透過我們的無盡貨架技術，我們實際上可以透過電子方式將銷售訊息發送給他們。他們可以在 24 小時甚至更短的時間內挑選並完成。所以這一切都與地理有關。

And as I mentioned earlier, one of the most compelling reasons for this acquisition is where their geographic footprint is are places where we don't have a dense population of stores, primarily California, the Northeast, and these urban areas in the Midwest.

正如我之前提到的，此次收購最令人信服的原因之一是他們的地理覆蓋範圍是我們沒有密集商店的地方，主要是加州、東北部和中西部的這些城市地區。

This will be critical for us to not only drive Pro sales from the physical Lowe's stores in those locations, but to get salespeople on the ground in those locations to drive sales where we just don't have the density and scale right now, but the efficiency and fulfillment is going to be exponentially better.

這對我們來說至關重要，不僅可以推動這些地方的 Lowe's 實體店的專業銷售，還可以讓銷售人員到這些地方來推動我們目前密度和規模不足的銷售，但效率和履行情況將成倍提高。

And a quick follow up, you unveiled plans for the marketplace earlier this year. I think the initiative is still early days, but maybe Brandon, if you could dream the dream, how would you frame the working capital and inventory efficiencies that can materialize over time with the scaled 3P marketplace?

簡單跟進一下，您在今年早些時候公佈了市場計劃。我認為該計劃仍處於早期階段，但也許布蘭登，如果你能夢想一下，你會如何建立營運資金和庫存效率，以便隨著時間的推移透過規模化的 3P 市場實現這些效率？

I would say as it relates to our marketplace, continue to be very excited about the progress we're making. We're seeing expanded breadth of product offering across various price points. We're able to offer value to premium.

我想說，就我們的市場而言，我們對所取得的進展感到非常興奮。我們看到不同價位的產品供應範圍不斷擴大。我們能夠提供優質價值。

We spoke back in May about the launch of the Mirakl platform. We're making really good progress, adding vendors to the platform and very much rolling this out in a pace that meets our expectations. I wouldn't say, right, at this point in time, we have specific expectations around working capital or anything like that, but expect over the long term beyond 2025 for this to be a meaningful contributor to our online offering and what we're able to do through our Total Home strategy.

我們早在五月就談到了 Mirakl 平台的推出。我們正在取得非常好的進展，為平台增加了供應商，並且以符合我們預期的速度推出產品。我不會說，對的，目前我們對營運資金或類似的東西有具體的期望，但從 2025 年以後的長期來看，預計這將對我們的在線服務和我們通過“全屋”戰略能夠做的事情做出有意義的貢獻。

And Rob, with that, we have time for one more question.

羅布，好了，我們還有時間再問一個問題。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

Congrats on the acquisition.

恭喜收購成功。

First question was on the margin impact from buying this asset. So, given the difference in the business model, what should we expect as a preliminary view of kind of gross margin and EBIT margin rate by adding FBM?

第一個問題是購買該資產對利潤的影響。那麼，考慮到商業模式的差異，透過添加 FBM，我們應該對毛利率和息稅前利潤率的初步看法是什麼？

And then bigger picture, how does this impact some of your longer term financial targets? In the past, you've talked about reaching an operating margin of kind of 14.5% with a line of sight to 15%. Does this signal that margin dollars kind of matter more than margin rate in the next couple of years?

那麼從更大的角度來看，這對您的一些長期財務目標有何影響？過去，您曾談到要達到 14.5% 左右的營業利潤率，並爭取達到 15%。這是否意味著在未來幾年保證金金額比保證金金額更重要？

I think as it relates to financial expectations, I'll say first and foremost, we expect the FBM acquisition to help us deliver more sustainable long-term sales growth, and that's going to come with deeper Pro penetration, especially in Pro planned spend.

我認為就財務預期而言，我首先要說的是，我們預計 FBM 收購將幫助我們實現更永續的長期銷售成長，而這將帶來更深層的 Pro 滲透，尤其是在 Pro 計畫支出方面。

Marvin talked at length about our ability to access the $250 billion large complex Pro TAM that we really don't get much access to today. That'll translate, we believe, to increased operating profit. It's going to continue to support EPS growth over time.

馬文詳細地談到了我們獲得價值 2500 億美元的大型複雜 Pro TAM 的能力，而我們今天實際上很難獲得這些能力。我們相信，這將轉化為營業利潤的增加。隨著時間的推移，它將繼續支持每股收益的成長。

We're not going to specifically get into this point, dilution or expectations as it relates to 2026. We're going to provide an update after we close out FBM and the exact timing will depend on that but we expect to have more of an update there, November.

我們不會具體討論這一點、稀釋或與 2026 年相關的預期。我們將在關閉 FBM 後提供更新，具體時間將取決於此，但我們預計 11 月會有更多更新。

As it relates to the second part of the question on the long-term targets, right now, we're sticking with and focused on '25 and delivering on those commitments, showing our ability to do that, manage profitability really well, and any impacts from FBM on long-term targets, we're going to look forward to discussing that closer to the end of the year and as we start to look ahead to 2026.

至於問題的第二部分，即長期目標，目前，我們堅持並專注於 25 年並履行這些承諾，展示我們做到這一點的能力，很好地管理盈利能力，以及 FBM 對長期目標的任何影響，我們期待在年底前討論這個問題，並開始展望 2026 年。

And the follow up I had was on the capital allocation side. So, we saw that you paused the share of purchases to the second quarter of '27. Marvin, you alluded to the potential for more tuck in M&A in the future now that you've done this acquisition.

我的後續工作是關於資本配置方面。因此，我們看到您暫停了 27 年第二季的購買份額。馬文，您暗示，既然已經完成了這項收購，那麼未來就有可能進行更多的併購。

Should we expect share repurchases to kind of take a backseat for the next couple of years and even when you return, we'd see a lower level of share repurchase activity?

我們是否應該預期股票回購在未來幾年內會逐漸減少，甚至當你回來時，我們也會看到股票回購活動水準較低？

Yes, Steve, I'll take that. Very committed. As we've continued to reference to our 2.75 times target, and our existing credit rating, we are going to pay down debt aggressively here over the next couple of years to get back to that leverage target.

是的，史蒂夫，我接受。非常投入。由於我們繼續參考我們的 2.75 倍目標和我們現有的信用評級，我們將在未來幾年內積極償還債務，以回到該槓桿目標。

Over the next two years, '25, '26, we do expect to temporarily pause our share repurchases, and we expect that to resume in 2027 once we get back to that leverage target, but just more broadly as we look at trade-offs from this, again, our number one priority is to continue to invest in the business.

在接下來的兩年裡，即 2025 年和 2026 年，我們確實預計將暫停股票回購，並且我們預計在 2027 年恢復槓桿目標後將恢復股票回購，但從更廣泛的角度來看，當我們權衡利弊時，我們的首要任務是繼續對業務進行投資。

That's been stated through our capital allocation philosophy. We're going to invest in the business for growth. We believe the FBM acquisition is going to unlock operating leverage, cost synergies, cross-selling opportunities, and over time, we expect this will scale and ultimately, drive stronger returns in line with our target range.

我們的資本配置理念已經表明了這一點。我們將對業務進行投資，以實現成長。我們相信，FBM 收購將釋放營運槓桿、成本協同效應、交叉銷售機會，隨著時間的推移，我們預計這將擴大規模並最終推動更強勁的回報，符合我們的目標範圍。

And Steve, this is Marvin.

史蒂夫，這是馬文。

Last point, and any tuck-ins that we do will be within our capital allocation framework and within our CapEx commitment for whatever time period that we're in. To Brandon's point, we're excited about this acquisition. We're excited about building out the platform, but we're also committed to paying down debt and getting back to our leverage target.

最後一點，我們所做的任何調整都將在我們的資本配置框架內，並且在我們的資本支出承諾範圍內，無論我們處於哪個時間段。正如布蘭登所說，我們對這項收購感到非常興奮。我們對建立該平台感到非常興奮，但我們也致力於償還債務並回到我們的槓桿目標。

Thank you, all for joining us today.

謝謝大家今天的參與。

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。

This concludes today's conference.

今天的會議到此結束。

You may disconnect your lines at this time. We thank you for your participation.

現在您可以斷開線路。我們感謝您的參與。

Thanks, everyone. We're clear.

謝謝大家。我們清楚了。