“As it relates to incremental acquisitions, we would expect to build HVAC into, call it, SRS' fifth vertical, and we would look to add geographies of the key manufacturers with modest -- these would be modest full-time acquisitions to that HVAC vertical platform.”

In context

“You talked about that gives you a great point to start playing in the parts market as well. But on the original HVAC side of things, it is a very distribution rights centric market. Does that mean that there's more acquisitions that you need to make to continue to grow there? Edward Decker: So Mingledorff's is a leading distributor in the Southeast, as I mentioned. They're a carrier-focused distributor. What we like about the parts business is while you have regional exclusives on distribution in certain geographies of a brand of the HVAC equipment, you're actually able to sell parts nationwide. So we look to leverage all the infrastructure, The Home Depot, the stores and our online capabilities and direct fulfillment centers to start building a more robust parts distribution nationally. As it relates to incremental acquisitions, we would expect to build HVAC into, call it, SRS' fifth vertical, and we would look to add geographies of the key manufacturers with modest -- these would be modest full-time acquisitions to that HVAC vertical platform. Isabel Janci: Christine, we have time for one more question. Operator: Our next question comes from the line of Brian Nagel with Oppenheimer. Brian Nagel: So I guess I want to -- I apologize, I want to just be an economist for a bit for a second, too. With regard to -- obviously, there's a lot of moving pieces out there, a lot of factors that are impacting Home Depot's business at this point. But if you look at gas prices, I guess the question I want to ask is, historically, how have higher gas prices impacted your consumer? And then also, maybe looking at it in a different way, as you think about just from an input cost into Home Depot and the various ways that gas prices affect your business. I mean how should we be thinking about that dynamic here? Richard McPhail: Well, first of all,”