百思買 (BBY) 2019 Q4 法說會逐字稿

Ladies and gentlemen thank you for standing by.

女士們、先生們，感謝你們的支持。

Welcome to Best Buy's Q4 2019 Fiscal Earnings Conference Call.

歡迎參加百思買 2019 年第四季財政收益電話會議。

(Operator Instructions) As a reminder, this call is being recorded for playback and will be available by approximately 1:00 p.m.

（操作員說明）謹此提醒，此通話正在錄音以供回放，並將在下午 1:00 左右播放。

Eastern Time today.

今天東部時間。

(Operator Instructions)

（操作員說明）

I'll now turn the conference over to Mollie O'Brien, Vice President of Investor Relations.

我現在將會議交給投資者關係副總裁 Mollie O'Brien。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

Joining me on the call today are Hubert Joly, our Chairman and CEO; and Corie Barry, our CFO.

今天和我一起參加電話會議的是我們的董事長兼執行長休伯特‧喬利 (Hubert Joly)；和我們的財務長科里·巴里 (Corie Barry)。

During the call today, we will be discussing both GAAP and non-GAAP financial measures.

在今天的電話會議中，我們將討論公認會計原則和非公認會計原則財務指標。

A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures and an explanation of why these non-GAAP financial measures are useful can be found in this morning's earnings release, which is available on our website, investors.bestbuy.com.

這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的對帳以及這些非 GAAP 財務指標為何有用的解釋可以在今天早上的收益報告中找到，該報告可在我們的網站 Investors.bestbuy 上找到。 .

Some of the statements we will make today are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995.

我們今天將發表的一些聲明被認為是 1995 年《私人證券訴訟改革法案》意義上的前瞻性聲明。

These statements may address the financial condition, business initiatives, growth plans, investments and expected performance of the company and are subject to risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.

這些陳述可能涉及公司的財務狀況、業務計劃、成長計劃、投資和預期業績，並受到可能導致實際結果與此類前瞻性陳述有重大差異的風險和不確定性的影響。

Please refer to the company's current earnings release and our most recent 10-K for more information on these risks and uncertainties.

有關這些風險和不確定性的更多信息，請參閱公司當前的盈利報告和我們最新的 10-K 報告。

The company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this call.

本公司不承擔更新或修改任何前瞻性陳述以反映本次電話會議之後可能發生的事件或情況的義務。

As a reminder, the fourth quarter we are reporting today includes 13 weeks compared to last year's 14-week quarter.

提醒一下，我們今天報告的第四季包括 13 週，而去年的季度為 14 週。

We estimate the extra week last year was approximately $760 million in revenue and approximately $0.20 of non-GAAP diluted EPS.

我們估計去年額外一周的收入約為 7.6 億美元，非 GAAP 攤薄後每股收益約為 0.20 美元。

Last year's extra week is excluded from our comparable sales calculations.

去年的額外一周不包括在我們的可比銷售額計算中。

I'll now turn the call over to Hubert.

我現在將把電話轉給休伯特。

Good morning, everyone, and thank you for joining us.

大家早安，感謝您加入我們。

I will begin today with a review of our fourth quarter and our fiscal 2019 annual performance.

今天我將先回顧我們第四季和 2019 財年的年度業績。

I will provide an update on our progress as we implement our Best Buy 2020: Building The New Blue strategy, and I will discuss our priorities for fiscal 2020.

我將提供百思買 2020 年實施進展的最新資訊：建立新藍色策略，並將討論我們 2020 財年的優先事項。

I will then turn the call over to Corie for additional details on our quarterly results and our financial outlook.

然後我會將電話轉給 Corie，以了解有關我們季度業績和財務前景的更多詳細資訊。

But first, we are very proud of the financial results we've just delivered.

但首先，我們對剛剛交付的財務表現感到非常自豪。

In the fourth quarter, we grew our Enterprise comparable sales by 3%, which is on top of 9% last year.

第四季度，我們的企業可比銷售額成長了 3%，高於去年的 9%。

We also expanded our non-GAAP operating income rate by 30 basis points and delivered non-GAAP diluted EPS of $2.72, which is up 23% compared to last year excluding the extra week on a reported basis.

我們還將非 GAAP 營業利潤率提高了 30 個基點，並實現了非 GAAP 攤薄後每股收益 2.72 美元，與去年相比增長了 23%（不包括報告的額外一周）。

Including last year's extra week, our non-GAAP EPS was up 12%.

包括去年的額外一周，我們的非 GAAP 每股收益成長了 12%。

On a full year basis, we grew our Enterprise comparable sales by 4.8% on top of 5.6% in fiscal 2018.

全年來看，我們的企業可比銷售額在 2018 財年增長 5.6% 的基礎上增長了 4.8%。

This is the best 2-year stacked comparable sales in 14 years.

這是 14 年來最好的 2 年疊加可比銷售額。

We expanded our operating income rate approximately 10 basis points and grew our non-GAAP EPS by 26% on a 52-week comparable basis.

在 52 週可比較基礎上，我們的營業利潤率提高了約 10 個基點，非 GAAP 每股盈餘成長了 26%。

I note that with the annual revenue of $42.9 billion and non-GAAP operating income of $2 billion we just delivered, we essentially met our fiscal 2021 target, provided at our Investor Day in 2017, 2 years earlier than we said we would.

我注意到，我們剛剛實現了 429 億美元的年收入和 20 億美元的非 GAAP 營業收入，基本上實現了 2017 年投資者日提出的 2021 財年目標，比我們承諾的提前了兩年。

From a capital allocation standpoint, we returned $2 billion to our shareholders through dividends and share repurchases.

從資本配置的角度來看，我們透過股利和股票回購向股東返還了20億美元。

And our non-GAAP return on invested capital now stands at 25.8%, indicating that our formula of investments in our future, revenue growth and cost takeout is producing very attractive returns.

我們的非公認會計原則投資資本回報率為 25.8%，這表明我們對未來、收入成長和成本支出的投資公式正在產生非常有吸引力的回報。

In addition to these strong financial results during fiscal 2019, we also made significant progress implementing our Best Buy 2020 strategy to enrich lives with technology and further develop our competitive differentiation.

除了 2019 財年強勁的財務業績外，我們在實施百思買 2020 策略方面也取得了重大進展，以透過科技豐富生活並進一步發展我們的競爭優勢。

Let me provide some highlights, starting with our customers.

讓我從我們的客戶開始提供一些亮點。

Our customers are noticing the improved experience we provide them as they interact with us digitally, in stores or in their homes.

當我們的客戶在商店或家中與我們進行數位互動時，他們注意到我們為他們提供了更好的體驗。

For the year, our Net Promoter Score increased more than 300 basis points.

今年，我們的淨推薦值增加了 300 個基點以上。

And our brand love with our core customer segment also rose more than 300 basis points.

我們對核心客戶群的品牌喜愛度也上升了 300 個基點以上。

We saw our customers increasingly interact with us across all of our channels, driving revenue growth in our stores, online and in our in-home channel.

我們看到客戶越來越多地透過我們的所有管道與我們互動，推動了我們商店、線上和家庭管道的收入成長。

I note, in particular, that 22% of the domestic business in Q4 came through the online channel.

我特別注意到，第四季有22%的國內業務來自線上通路。

Our success with our customers is driven by the enthusiasm and the talent of our employees.

我們與客戶的成功取決於員工的熱情和才華。

Our employee engagement scores remain remarkably high, and we further reduced turnover rate in our stores to new record lows.

我們的員工敬業度得分仍然非常高，我們進一步將商店的營業額降低到歷史新低。

Strategically, we've made progress in expanding what we do for our customers and how we interact with them.

從策略上講，我們在擴大為客戶提供的服務以及與他們互動的方式方面取得了進展。

Here are a handful of examples.

這裡有一些例子。

The first example is the launch of our Total Tech Support program.

第一個例子是我們全面技術支援計畫的啟動。

Having a service that provides members unlimited Geek Squad support for all their technology, no matter where or when they bought it, is a compelling and unique value proposition for our members.

對於我們的會員來說，擁有一項服務可以為會員的所有技術提供無限的 Geek Squad 支持，無論他們在何處或何時購買技術，這都是一個令人信服且獨特的價值主張。

We continue to be pleased with the customer enrollments and ended the year with more than 1 million members.

我們對客戶註冊情況持續感到滿意，到年底會員數已超過 100 萬。

Another example is the expansion of our In-Home Advisor program.

另一個例子是我們的家庭顧問計劃的擴展。

During fiscal 2019, we expanded the program from 300 to approximately 530 advisers and provided more than 175,000 free in-home consultations to customers across the nation.

2019 財年，我們將該計劃的顧問人數從 300 名擴大到約 530 名，並向全國各地的客戶提供了超過 175,000 次免費上門諮詢。

The revenue per order that we generate from these interactions continues to be much higher than in the store and online, and it tends to have a higher gross profit rate as well due to the basket and higher attach rate of paid services.

我們從這些互動中產生的每個訂單的收入仍然遠高於商店和網路上，而且由於付費服務的籃子和更高的附加率，它往往也具有更高的毛利率。

Both employees and customers love it.

員工和客戶都喜歡它。

The Net Promoter Score is high, and the adviser employee turnover is low.

淨推薦值高，顧問員工流動率低。

In health, we acquired a leading connected health services provider for aging consumers, GreatCall, and took a tangible step forward in our strategy to help seniors live longer in their homes with the help of technology.

在健康領域，我們收購了一家領先的老年消費者互聯健康服務提供商 GreatCall，並在我們的策略上邁出了切實的一步，即藉助技術幫助老年人在家中延長壽命。

Since we acquired the company in October, the integration has been seamless, and the value creation opportunities we envision have begun to materialize.

自從我們十月份收購該公司以來，整合一直是無縫的，我們設想的價值創造機會已經開始實現。

During fiscal 2019, we continued to elevate the customer experience around product fulfillments, enabled by the advancement of our supply chain transformation.

2019 財年，透過供應鏈轉型的推廣，我們持續提升圍繞產品履行的客戶體驗。

For small products, through a combination of initiatives, including expanded partnerships and automation, we continue to improve our speed of delivery to customers and expanded next day and same-day delivery options.

對於小型產品，透過擴大合作夥伴關係和自動化等一系列舉措，我們持續提高向客戶交付的速度，並擴大隔天和當日交付選項。

We now offer same-day delivery on thousands of items in 40 metro areas and next day in 60 metro areas.

現在，我們在 40 個都會區提供數千種商品的當日送達服務，並在 60 個都會區提供隔日送達服務。

And, of course, customers also have the option to pick up their products in our stores within 1 hour of placing their product -- their order.

當然，客戶也可以選擇在下訂單後 1 小時內到我們的商店取貨。

For large products like appliances and TVs, we expanded our distribution center capacity and brought locations closer to customers, which is driving significant improvements in the quality of our delivery and installation service.

對於電器和電視等大型產品，我們擴大了配送中心的容量並拉近了地點與客戶的距離，這推動了我們的交付和安裝服務品質的顯著提高。

In parallel to the customer experience work, we continued to drive efficiencies and reduce cost in order to fund investments and offset pressures.

在客戶體驗工作的同時，我們繼續提高效率並降低成本，以便為投資提供資金並抵消壓力。

During fiscal 2019, we achieved $[255] million in annualized cost reductions and efficiencies, bringing the cumulative total to $500 million since Q2 fiscal 2018.

2019 財年期間，我們實現了年度成本削減和效率提升 [2.55] 億美元，使自 2018 財年第二季以來的累計總額達到 5 億美元。

This is towards our fiscal 2021 goal of $600 million.

這是為了實現我們 2021 財年 6 億美元的目標。

And since the launch of Renew Blue in 2012, we have now taken $1.9 billion of costs out.

自 2012 年推出 Renew Blue 以來，我們現在已經節省了 19 億美元的成本。

In addition to these accomplishments, we're very proud of our progress in advancing our corporate social responsibility and sustainability efforts.

除了這些成就之外，我們對在推動企業社會責任和永續發展努力方面取得的進展感到非常自豪。

In fact, we were just named #1 on Barron's annual 100 Most Sustainable Companies list.

事實上，我們剛剛在《巴倫周刊》年度 100 家最具永續發展公司排行榜上名列第一。

So in summary, we are very pleased with the results we are producing as we implement our Best Buy 2020 strategy, and I so appreciate the hard work of our associates as well as our partners in driving these terrific results and I want to recognize them publicly here.

總而言之，我們對實施百思買 2020 策略時所取得的成果感到非常滿意，我非常感謝我們的員工和合作夥伴在推動這些出色成果方面所做的辛勤工作，我想公開表彰他們這裡。

So as we look forward, we are excited about the opportunities ahead of us.

因此，展望未來，我們對眼前的機會感到興奮。

Before I say more about these, let me say a few words about the economic environments.

在詳細討論這些之前，讓我先談談經濟環境。

There has been much discussion about the economy.

關於經濟有很多討論。

I would note that the latest Bloomberg composite forecast, which aggregates a basket of economic forecast, calls for consumer spending to increase 2.7% in 2019, which is similar to 2018 levels and another 2.1% in 2020.

我要指出的是，最新的彭博綜合預測總結了一籃子經濟預測，預計2019年消費者支出將成長2.7%，與2018年水準相似，2020年將再成長2.1%。

So on this basis, we expect to continue to operate in a positive consumer environment in 2019.

因此在此基礎上，我們預計2019年將繼續在積極的消費環境中運作。

Now beyond this, what drives our performance is primarily 2 factors: Technology innovation and the relevance of our strategy and quality of our execution.

除此之外，推動我們業績的主要因素有兩個：技術創新以及我們策略的相關性和執行品質。

In this context, we are excited by the opportunities related to technology innovation that have the potential to drive customer demand over the next several years.

在這種背景下，我們對與技術創新相關的機會感到興奮，這些機會有可能在未來幾年推動客戶需求。

These come in 3 shapes: expanded penetration of existing technology; introduction of new technology in existing categories; and expansion of consumer technologies in new areas.

它們有三種形式：擴大現有技術的滲透；在現有類別中引進新技術；以及消費科技在新領域的擴展。

Notably, in existing categories like home theater, we see opportunities related to increasing penetration of large screen sizes, 4K and OLED, and from the introduction of new technologies such as 8K.

值得注意的是，在家庭劇院等現有類別中，我們看到了與大螢幕尺寸、4K 和 OLED 滲透率不斷提高以及 8K 等新技術的引入相關的機會。

In mobile, we see new technology innovation in areas like wireless power, security and accessibility.

在行動領域，我們看到無線充電、安全性和可訪問性等領域的新技術創新。

We're also excited to watch as foldable phones emerge over the next several months.

我們也很高興看到可折疊手機在未來幾個月內出現。

And, of course, we'll be actively participating in the rise of 5G, which has the potential to unlock very interesting use cases over the next several years.

當然，我們將積極參與 5G 的興起，它有可能在未來幾年解鎖非常有趣的用例。

In computing, the interest in gaming continues to accelerate, and the performance necessary for this is driving innovation across both hardware and accessories.

在計算領域，人們對遊戲的興趣不斷增強，而遊戲所需的性能正在推動硬體和配件的創新。

We also see significant opportunities in smart home technology.

我們也看到智慧家居科技的巨大機會。

Notably, the U.S. retail market size of Internet of Things connected hardware is forecasted to triple by 2025.

值得注意的是，到 2025 年，美國物聯網連接硬體的零售市場規模預計將增加兩倍。

This growth is buoyed by products like smart home connected cameras, which according to a recent report from consulting firm, Activate, are expected to grow from 18% penetration of U.S. homes in 2018 to more than 50% penetration by 2022.

這項成長受到智慧家庭連網攝影機等產品的推動，根據顧問公司Activate 最近的一份報告，預計智慧家庭連網攝影機在美國家庭中的滲透率將從2018 年的18% 增長到2022 年的50% 以上。

We also believe that digital health is an exciting area with enormous opportunity from the use of technology to help customers with their health, fitness, sleep, et cetera, across multiple age groups from babies to seniors.

我們也相信，數位健康是一個令人興奮的領域，透過使用科技來幫助從嬰兒到老年人的多個年齡層的客戶的健康、健身、睡眠等方面提供巨大的機會。

As an illustration of the opportunity, the number of digital health exhibitors at the Consumer Electronics Show in January was up almost 25% versus last year.

作為這一機會的例證，一月份消費電子展的數位健康參展商數量比去年增加了近 25%。

The next reason we are excited about the opportunities ahead of us is we believe the purpose driving our strategy is extremely relevant.

我們對眼前的機會感到興奮的下一個原因是，我們相信推動我們策略的目的是極為相關的。

Our purpose is to enrich lives with technology by addressing key customer needs in areas such as entertainment, productivity, communication, food, security and health and wellness.

我們的目標是透過滿足娛樂、生產力、通訊、食物、安全以及健康和保健等領域的關鍵客戶需求，用科技豐富人們的生活。

We encourage -- we are encouraged by the first steps we have taken in this direction and see the potential from expanding this focus to build deeper lasting customer relationships.

我們對我們朝這個方向邁出的第一步感到鼓舞，並看到了擴大這一重點以建立更深層、持久的客戶關係的潛力。

In parallel to this, we continue to be excited by the potential for further cost reduction opportunities that can help us fund the investments in our strategy and offset pressures in the business.

同時，我們繼續對進一步降低成本的機會感到興奮，這些機會可以幫助我們為策略投資提供資金並抵消業務壓力。

Finally, I am particularly excited by the power of our incredibly talented people who are engaged, customer-oriented and driven by our purpose and strategy.

最後，我對我們才華橫溢的員工的力量感到特別興奮，他們敬業、以客戶為導向，並受我們的宗旨和策略驅動。

As you know, we've recently realigned senior roles, responsibilities and resources to better align with the strategy, and we can already see this has the potential to accelerate our pace.

如您所知，我們最近重新調整了高階職位、職責和資源，以更好地與策略保持一致，我們已經看到這有可能加快我們的步伐。

Altogether, this gives us the sense that now is the time to play offense to play to win and to accelerate our transformation both from a customer and revenue standpoint and from an efficiency standpoint.

總而言之，這讓我們感覺到，現在是時候進攻，贏得勝利，並從客戶和收入的角度以及效率的角度加速我們的轉型。

So with this as a backdrop, let me talk about our priorities for fiscal 2020.

以此為背景，讓我談談我們2020財年的優先事項。

At the highest level, our priority is to continue to transform the company in support of our purpose to enrich lives with technology by bringing to market solutions that solve real customer needs and by building customer relationships.

在最高層，我們的首要任務是繼續對公司進行轉型，以支持我們的目標，即透過向市場推出解決實際客戶需求的解決方案並建立客戶關係，以技術豐富人們的生活。

As such, we will continue to expand what we do for customers.

因此，我們將繼續擴大我們為客戶提供的服務。

So as it relates to Total Tech Support, we plan to grow the member base and improve the experience by adding new capabilities around self-service and proactive support.

因此，就全面技術支援而言，我們計劃透過圍繞自助服務和主動支援添加新功能來擴大會員基礎並改善體驗。

We will continue to expand our health business by scaling both the GreatCall consumer devices and services and the commercial monitoring service with a focus on the senior population.

我們將透過擴展 GreatCall 消費者設備和服務以及以老年人為重點的商業監控服務，繼續擴大我們的健康業務。

As children of aging parents, many of us will appreciate the potential power of our health monitoring service that enable seniors to live longer in their homes while reducing related health care cost.

作為年邁父母的孩子，我們中的許多人都會意識到我們的健康監測服務的潛在力量，它使老年人能夠在家中活得更久，同時降低相關的醫療保健成本。

We're currently in pilots with a number of managed care organizations, and over time, we believe this could become a material growth opportunity for us.

我們目前正在與許多管理式醫療組織進行試點，隨著時間的推移，我們相信這可能會成為我們的一個實質成長機會。

Now we are not the only company who is interested in the digital health space, but we believe our unique focus that combines our technology solution, our talent and our ability to go to people's homes gives us a unique advantage.

現在，我們並不是唯一一家對數位健康領域感興趣的公司，但我們相信，我們獨特的專注將我們的技術解決方案、我們的人才和我們深入人們家中的能力結合在一起，為我們帶來了獨特的優勢。

In support of our strategy, we'll continue to work with our vendor partners in new and expanded ways that leverage our unique capabilities to meet the needs of our customers.

為了支持我們的策略，我們將繼續以新的和擴展的方式與我們的供應商合作夥伴合作，利用我們獨特的能力來滿足客戶的需求。

For example, we've partnered with several vendors to create offers for our Total Tech Support members, and many partners are engaged and in line to train, support and create solutions for our in-home advisers.

例如，我們與多家供應商合作，為我們的全面技術支援會員提供優惠，許多合作夥伴也積極參與並為我們的家庭顧問提供培訓、支援和創建解決方案。

In parallel, we will continue to evolve the way we interact with our customers.

同時，我們將繼續改進與客戶互動的方式。

In the home channel, we will continue to expand our In-Home Advisor program, including adding advisers and investing in tools to maximize their productivity.

在家庭管道中，我們將繼續擴大我們的家庭顧問計劃，包括增加顧問和投資工具以最大限度地提高他們的生產力。

Our In-Home Advisor program is just one of the ways that we deliver experiences in the home today, and so we are developing a holistic home channel strategy to leverage all of the ways we currently interact with customers in the home to create meaningful relationships and further differentiate Best Buy.

我們的家庭顧問計畫只是我們當今提供家庭體驗的方式之一，因此我們正在製定整體家庭通路策略，以利用我們目前與家庭客戶互動的所有方式來建立有意義的關係和進一步區分百思買。

From a digital standpoint, we'll continue to innovate and design multi-channel experiences that solve customer needs across our websites, app and other channels in ways that continue to improve the experience across online and physical shopping.

從數位化的角度來看，我們將繼續創新和設計多通路體驗，透過我們的網站、應用程式和其他管道解決客戶需求，從而持續改善線上和實體購物的體驗。

We will continue with our supply chain transformation, including using technology, automation and process improvements to expand fulfillment options, increase delivery speed and improve delivery and installation.

我們將繼續進行供應鏈轉型，包括利用技術、自動化和流程改進來擴大履行選項、提高交付速度並改善交付和安裝。

And we'll continue to enhance both the proficiency of our associates and optimize the way they work in order to give stronger -- to drive stronger customer relationships and fulfill our customers' unique needs.

我們將繼續提高員工的熟練程度並優化他們的工作方式，以便變得更強大——推動更牢固的客戶關係並滿足客戶的獨特需求。

In addition, as has been our brand over the last several years, we will keep driving cost reductions and efficiencies throughout the business.

此外，正如過去幾年我們的品牌一樣，我們將繼續推動整個業務的成本降低和效率提高。

We've been on a run rate of more than $250 million in annualized reductions for the past 2 years, and we are not planning to slow down.

過去 2 年，我們的年化削減額已超過 2.5 億美元，而且我們不打算放慢腳步。

So in conclusion, we are energized by our results, our momentum and our opportunities as we implement our Best Buy 2020 strategy.

總而言之，在實施百思買 2020 策略時，我們對我們的成果、動力和機會感到充滿活力。

As we look at our fiscal 2020 guidance specifically, we're expecting comparable sales growth of 0.5% to 2.5%.

當我們具體審視 2020 財年指引時，我們預期可比銷售額成長為 0.5% 至 2.5%。

This growth expectation is, of course, on top of the best 2-year stack in 14 years and reflects factors such as the anticipation -- anticipated cyclical slowdown of the console gaming category and the continuing maturation of the mobile phone category.

當然，這一成長預期是在 14 年來最好的兩年成長之上的，並反映了諸如預期的因素——主機遊戲類別的預期週期性放緩以及手機類別的持續成熟。

We are, again, planning to hold our operating rates -- operating income rates constant, reflecting our focus on balancing investments in our strategy, pressures in the business and efficiencies.

我們再次計劃保持我們的營業率（營業收入率）不變，這反映出我們注重平衡策略投資、業務壓力和效率。

We like the continued rate of technology innovation and the capabilities technology can bring to people's lives.

我們喜歡科技創新的持續速度以及科技為人們的生活帶來的能力。

We like our opportunity to offer customers a more consultative approach to truly address their needs, provide them an increasing range of services and solutions, expand our relationship with them and become a bigger part of their lives.

我們希望有機會為客戶提供更具諮詢性的方法來真正滿足他們的需求，為他們提供越來越多的服務和解決方案，擴大我們與他們的關係，並成為他們生活中更重要的一部分。

And we particularly like the opportunities we have in the connected health space following the acquisition of GreatCall.

我們特別喜歡收購 GreatCall 後在互聯健康領域獲得的機會。

And now I'd like to turn the call over to Corie for more details on our Q4 performance and our fiscal 2020 guidance.

現在我想將電話轉給 Corie，以了解有關我們第四季度業績和 2020 財年指導的更多詳細資訊。

Good morning, everyone.

大家，早安。

Before I talk about our fourth quarter results versus last year, I would like to talk about them versus the expectations we shared with you last quarter.

在談論我們第四季度的業績與去年相比之前，我想談談它們與我們上季度與您分享的預期。

On Enterprise revenue of $14.8 billion, we delivered non-GAAP diluted earnings per share of $2.72.

企業營收為 148 億美元，非 GAAP 攤薄後每股收益為 2.72 美元。

The EPS results exceeded our expectations, and our revenue performance was at the high end of our guidance range.

每股收益結果超出了我們的預期，我們的收入表現處於我們指導範圍的高端。

From a product category standpoint, we saw better-than-expected comparable sales results in our wearable and gaming categories and lower-than-expected sales in mobile phones.

從產品類別的角度來看，我們的穿戴和遊戲類別的可比銷售業績好於預期，而手機的銷售表現低於預期。

Our operating income rate exceeded our expectations, primarily due to strong expense management.

我們的營業收入超出了我們的預期，這主要歸功於強有力的費用管理。

I will now talk about our fourth quarter results versus last year.

我現在將談論我們第四季度的業績與去年相比。

As Mollie stated, this year's fourth quarter included 13 weeks, which compares to last year's 14-week quarter.

正如 Mollie 所說，今年第四季包括 13 週，而去年的季度為 14 週。

We estimate the extra week last year was approximately $760 million in revenue and approximately $0.20 of non-GAAP diluted EPS.

我們估計去年額外一周的收入約為 7.6 億美元，非 GAAP 攤薄後每股收益約為 0.20 美元。

Enterprise comparable sales increased 3%.

企業可比銷售額成長3%。

Revenue decreased 3.7% to $14.8 billion, primarily driven by the lapping of last year's extra week.

營收下降 3.7% 至 148 億美元，主要是由於去年額外一周的結束。

Enterprise non-GAAP diluted EPS increased $0.30 or 12% to $2.72.

企業非 GAAP 稀釋後每股盈餘增加 0.30 美元，或 12%，達到 2.72 美元。

This increase was primarily driven by higher operating income, a $0.22 per share benefit from the net share count change and an $0.08 per share benefit driven by a lower non-GAAP effective income tax rate.

這一增長主要是由於營業收入增加、淨股數變化帶來的每股 0.22 美元的收益以及非公認會計原則有效所得稅率降低帶來的每股 0.08 美元的收益推動的。

These items were partially offset by non-GAAP diluted EPS of approximately $0.20 from the extra week last year.

這些項目被去年額外一周約 0.20 美元的非 GAAP 攤薄後每股收益部分抵消。

As we expected and shared with you last quarter, our comparable sales growth of 3% included a positive 50 basis point impact from the calendar shift.

正如我們上季度預期並與您分享的那樣，我們 3% 的可比較銷售額成長包括日曆轉變帶來的 50 個基點的正面影響。

As a reminder, our reported comparable sales are computed on like-for-like fiscal weeks and are not shifted to more closely aligned calendar weeks following last year's 53-week year.

提醒一下，我們報告的可比銷售額是按同類會計週計算的，並沒有轉移到去年 53 週的年度之後更緊密一致的日曆週。

In our Domestic segment, comparable sales increased 3% and revenue decreased 3.5% to $13.5 billion.

在我們的國內部門，可比銷售額成長 3%，營收下降 3.5%，至 135 億美元。

This revenue decrease was primarily driven by lapping of last year's extra week and the loss of revenue from 257 Best Buy Mobile and 12 large format store closures in the past year.

收入下降的主要原因是去年額外增加一周的時間以及過去一年 257 家百思買行動商店和 12 家大型商店關閉帶來的收入損失。

Partially offsetting these declines were the 3% comparable sales gain and revenue from GreatCall, which was acquired in our fiscal third quarter.

GreatCall 的可比銷售收益和收入成長了 3%，部分抵消了這些下降，GreatCall 是我們在第三財季收購的。

From a merchandising perspective, the largest comparable sales growth drivers were: wearables; appliances, which includes both major and small appliances; smart home; and gaming.

從銷售角度來看，最大的可比較銷售成長驅動因素是：穿戴式裝置；電器，包括大型電器和小型電器；智慧家庭；和遊戲。

These drivers were partially offset by declines in our mobile phone category.

這些驅動因素被我們的手機類別的下降部分抵消。

Domestic online revenue of $2.96 billion was 21.9% of Domestic revenue compared to 20% last year.

國內線上收入為 29.6 億美元，佔國內收入的 21.9%，去年為 20%。

On a comparable basis, our online revenue increased 9.3% on top of 17.9% growth in the fourth quarter of last year, primarily driven by higher conversion and increased traffic.

在可比較基礎上，我們的線上營收在去年第四季成長 17.9% 的基礎上成長了 9.3%，這主要是由於轉換率提高和流量增加所致。

In our International segment, comparable sales increased 2.5% and revenue decreased 5.2% to $1.3 billion.

在我們的國際部門，可比銷售額成長 2.5%，營收下降 5.2%，至 13 億美元。

The increase was primarily due to the lapping of last year's extra week and approximately 470 basis points of negative foreign currency impact.

這一增長主要是由於去年額外增加了一周以及大約 470 個基點的負面外匯影響。

The comparable sales increase was driven by both Canada and Mexico.

可比銷售額的成長是由加拿大和墨西哥推動的。

Turning now to gross profit.

現在轉向毛利。

The Enterprise gross profit rate decreased 10 basis points to 22.2%.

企業毛利率下降10個基點至22.2%。

The Domestic gross profit rate was 22.1% versus 22.3% last year.

國內毛利率為22.1%，去年為22.3%。

The 20 basis point decline was driven primarily by an approximate 30 basis point negative impact from a lower periodic profit sharing benefit from the company's services plan portfolio and an approximately 30 basis point negative impact from higher supply chain costs, including both investments and higher transportation costs.

下降 20 個基點的主要原因是公司服務計畫組合的定期利潤分享收益降低帶來約 30 個基點的負面影響，以及供應鏈成本上升（包括投資和運輸成本上升）帶來約 30 個基點的負面影響。

The impact of the profit share was worse than expected and the higher supply chain costs were in line with expectations.

利潤分成的影響比預期更差，供應鏈成本上升符合預期。

These pressures were partially offset by: one, the impact of GreatCall's higher gross profit rates; two, an improved gross profit rate in the services category, which included a refinement in the revenue recognition of the company's Total Tech Support offer; and three, improved product margin rates, which included the benefit of gross profit optimization initiatives.

這些壓力被以下因素部分抵銷：一是GreatCall毛利率較高的影響；第二，服務類別毛利率提高，其中包括公司全面技術支援產品收入確認的細化；第三，提高產品利潤率，其中包括毛利優化措施的好處。

Regarding the revenue recognition refinement.

關於收入確認細化。

We now have sufficient history of member utilization of the program to move from recognizing revenue on a straight-line basis over the membership contract to recognizing revenue on a usage basis, therefore better matching the fulfillment cost with the revenue.

現在，我們擁有足夠的會員使用該計劃的歷史，可以從根據會員合約直線確認收入轉變為根據使用情況確認收入，從而更好地將履行成本與收入相匹配。

This refinement of revenue recognition impacted new contracts created during our fiscal fourth quarter.

收入確認的這種改進影響了我們在第四財季創建的新合約。

This accelerated both revenue and gross profit recognition compared to our previous revenue recognition timing.

與我們先前的收入確認時間相比，這加速了收入和毛利的確認。

This revenue recognition refinement was contemplated in the guidance we provided last quarter, but the actual impact was slightly more favorable than we had estimated in our initial usage analysis.

我們在上個季度提供的指導中考慮了這種收入確認的改進，但實際影響比我們在最初使用分析中估計的要稍微有利一些。

The International non-GAAP gross profit rate increased 50 basis points to 22.9%, primarily due to a higher year-over-year gross profit rate in Canada, which was driven by improved gross profit rates in several product categories and increased revenue in the higher-margin rate services category.

國際非 GAAP 毛利率成長 50 個基點至 22.9%，主要是由於加拿大毛利率同比上升，這是由多個產品類別的毛利率提高以及較高水平的收入增加所推動的。

These improvements were partially offset by an approximate 30 basis point negative impact from a lower periodic profit sharing benefit and gross profit rate pressure in the mobile phone category.

這些改善被行動電話類別較低的定期利潤分享福利和毛利率壓力約30個基點的負面影響部分抵消。

Now turning to SG&A.

現在轉向SG&A。

Enterprise non-GAAP SG&A was $2.29 billion or 15.5% of revenue, which decreased $150 million and 40 basis points to last year as a percentage of revenue.

企業非 GAAP SG&A 為 22.9 億美元，佔營收的 15.5%，比去年減少 1.5 億美元，佔營收的百分比下降了 40 個基點。

Domestic non-GAAP SG&A was $2.08 billion or 15.4% of revenue versus $2.22 billion or 15.8% of revenue last year.

國內非 GAAP SG&A 為 20.8 億美元，佔營收的 15.4%，去年為 22.2 億美元，佔營收的 15.8%。

The $134 million decrease was primarily due to the lapping of last year's extra week and cost reductions.

1.34 億美元的減少主要是由於去年增加的一周和成本削減所致。

There were a number of other largely offsetting items as lower expenses associated with incentive compensation and stronger expense management were offset by: growth investments, which include specialty labor and higher depreciation expense; GreatCall operating expenses; and higher variable costs associated with increased revenue.

還有許多其他很大程度上抵消的項目，因為與激勵薪酬相關的較低費用和更強的費用管理被以下因素所抵消： 成長投資，其中包括專業勞動力和較高的折舊費用； GreatCall 營運費用；以及與收入增加相關的更高的變動成本。

International non-GAAP SG&A was $207 million or 15.9% of revenue versus $223 million or 16.2% of revenue last year.

國際非 GAAP SG&A 為 2.07 億美元，佔營收的 15.9%，去年為 2.23 億美元，佔營收的 16.2%。

The $16 million decrease was primarily due to the favorable impact of foreign exchange rates and lapping the extra week last year, which were partially offset by higher payroll and incentive-related expenses in Canada and the impact of new stores opened in Mexico in the past year.

減少 1,600 萬美元主要是由於去年匯率和額外一周的有利影響，但加拿大的工資和激勵相關費用增加以及過去一年在墨西哥開設新店的影響部分抵消了這一影響。

On a non-GAAP basis, the effective tax rate decreased to 24.6% from 27% last year.

以非公認會計準則計算，實際稅率從去年的 27% 降至 24.6%。

The lower effective tax rate was primarily due to the reduction in the U.S. statutory corporate tax rate as a result of tax reform, partially offset by a larger benefit from the resolution of discrete tax matters in the prior year.

有效稅率下降主要是由於稅收改革導緻美國法定企業稅率降低，但上一年解決離散稅務問題帶來的更大收益部分抵消了這一影響。

As a reminder, the lower statutory tax rate became effective on January 1 and was applied to our full quarter this year compared to approximately 1 month in last year's comparable quarter.

提醒一下，較低的法定稅率於 1 月 1 日生效，並適用於我們今年的整個季度，而去年同期的稅率約為 1 個月。

From a cash flow perspective, we ended the year with a 4% higher inventory balance compared to last year, whereas our accounts payable increased 8%.

從現金流的角度來看，我們年底的庫存餘額比去年增加了 4%，而應付帳款增加了 8%。

The lower owned inventory position was primarily due to the timing of inventory receipts over the holiday season.

自有庫存狀況較低主要是因為假期期間庫存收貨時間所致。

In fiscal 2020, we will adopt a new standard for lease accounting.

2020 財年，我們將採用新的租賃會計準則。

We anticipate the new standard will materially increase our assets and liabilities.

我們預計新準則將大幅增加我們的資產和負債。

But we expect it will have an immaterial impact on our net earnings.

但我們預計這將對我們的淨利潤產生無關緊要的影響。

As it relates to capital allocation, our approach has not changed.

由於涉及資本配置，我們的做法沒有改變。

Our strategy is to fund operations and investments in growth, including potential acquisitions and then to return excess free cash flow over time to shareholders through dividends and share repurchases, while maintaining investment-grade credit metrics.

我們的策略是為成長的營運和投資提供資金，包括潛在的收購，然後透過股息和股票回購將多餘的自由現金流隨著時間的推移返還給股東，同時保持投資級信用指標。

We continue to target a non-GAAP dividend payout ratio between 35% and 45%.

我們繼續將非 GAAP 股息支付率目標定在 35% 至 45% 之間。

This morning, we announced that we increased our quarterly dividend 11% to $0.50 per share and provided an outlook for share repurchases of $750 million to $1 billion in fiscal 2020.

今天早上，我們宣布將季度股息提高 11% 至每股 0.50 美元，並提供 2020 財年股票回購額 7.5 億美元至 10 億美元的前景。

We also announced that the Board of Directors approved a new share repurchase authorization of $3 billion superseding the existing authorization from February 2017.

我們也宣布，董事會批准了 30 億美元的新股票回購授權，以取代 2017 年 2 月起的現有授權。

I would now like to talk about our full year fiscal 2020 financial guidance.

我現在想談談我們的 2020 財年全年財務指引。

Enterprise revenue in the range of $42.9 billion to $43.9 billion; Enterprise comparable sales of 0.5% to 2.5%; Enterprise non-GAAP operating income rate of approximately 4.6%, which is flat to fiscal '19's rate; Enterprise non-GAAP diluted EPS in the range of $5.45 to $5.65; a non-GAAP effective income tax rate of approximately 24.5%; and capital expenditures in the range of $850 million to $900 million.

企業收入在429億美元至439億美元之間；企業可比較銷售額的0.5%至2.5%；企業非公認會計準則營業利潤率約為 4.6%，與 19 財年的水平持平；企業非公認會計準則稀釋後每股收益在 5.45 美元至 5.65 美元之間；非 GAAP 有效所得稅率約為 24.5%；資本支出在8.5億至9億美元之間。

I would like to call out a number of assumptions reflected in our annual guidance.

我想指出我們年度指導中反映的一些假設。

Our investments, in particular, in specialty labor, technology and increased depreciation related to strategic capital investments and ongoing pressures in the business, will be partially offset by a combination of returns from new initiatives and ongoing cost reductions and efficiencies.

我們的投資，特別是在專業勞動力、技術以及與策略資本投資和業務持續壓力相關的折舊增加方面，將被新措施的回報以及持續的成本削減和效率的結合所部分抵消。

Although, there may be variations between quarters, our outlook for the full year assumes gross profit as a percent of revenue will be approximately flat to fiscal 2019 as continued investments in supply chain and higher transportation costs are offset by the higher margin rate of GreatCall.

儘管各季度之間可能存在差異，但我們對全年的展望假設毛利佔收入的百分比將與2019 財年大致持平，因為GreatCall 較高的利潤率抵消了對供應鏈的持續投資和較高的運輸成本。

SG&A dollars are expected to grow as a percentage in the low single digits and be approximately flat as a percentage of revenue to fiscal 2019.

SG&A 美元預計將以低個位數成長，佔 2019 財年營收的百分比大致持平。

Increased expenses of GreatCall and continued investments in technology and wages are expected to be partially offset by lower incentive compensation expense as we reset our performance targets to align with our fiscal 2020 expectations.

隨著我們重新設定績效目標以符合 2020 財年的預期，GreatCall 費用的增加以及對技術和工資的持續投資預計將被較低的激勵薪酬費用所部分抵消。

As it relates to U.S. tariffs on imports of certain products from China, we told you last quarter that we estimate the $200 billion list that went into effect in September touches only about 7% or around $2.3 billion of our total cost of goods sold.

由於涉及美國對從中國進口的某些產品徵收的關稅，我們上個季度告訴大家，我們估計 9 月生效的 2000 億美元清單僅涉及我們銷售商品總成本的 7% 左右，即 23 億美元左右。

Our fiscal 2020 outlook assumes that the tariffs stay at the current rate of 10%.

我們對 2020 財年的展望假設關稅維持在目前 10% 的水平。

I would also like to talk specifically about Q1 where we are expecting the following: Enterprise revenue in the range of $9.05 billion to $9.15 billion; Enterprise comparable sales growth of flat to 1%; non-GAAP diluted EPS of $0.83 to $0.88; a non-GAAP effective income tax rate of approximately 22.5%; and a diluted weighted average share count of approximately 272 million shares.

我還想具體談談第一季度，我們的預期如下： 企業營收在 90.5 億美元至 91.5 億美元之間；企業可比銷售額成長持平至1%；非 GAAP 稀釋後每股收益為 0.83 美元至 0.88 美元；非 GAAP 有效所得稅率約為 22.5%；稀釋後加權平均股數約2.72億股。

Finally, as Hubert referenced, we have essentially met our previous revenue and operating income target for fiscal 2021 2 years early.

最後，正如 Hubert 所提到的，我們提前兩年基本上實現了先前 2021 財年的收入和營業收入目標。

We plan to host an Investor Day during our fiscal third quarter, where we will provide an update on the progress of our strategy and share more details on our mid-range financial goals.

我們計劃在第三財季舉辦投資者日，屆時我們將提供有關我們戰略進展的最新信息，並分享有關我們中期財務目標的更多細節。

I will now turn the call over to the operator for questions.

我現在將把電話轉給接線員詢問問題。

(Operator Instructions) Our first question will come from Scott Mushkin with Wolfe Research.

（操作員說明）我們的第一個問題將來自 Wolfe Research 的 Scott Mushkin。

So I think -- as I look at -- first of all, great results and I think probably way better than people thought.

所以我認為——正如我所看到的——首先，結果很好，而且我認為可能比人們想像的要好得多。

But as we look at the outlook, one of the things that even we've struggled with a lot with Best Buy is just how do we grow the business and look at the growth of the business going forward?

但當我們展望前景時，即使我們在百思買方面也遇到了很多困難，但我們如何發展業務並看待未來業務的成長？

I mean, obviously, the guidance is fairly de minimis growth on the EBIT line.

我的意思是，顯然，該指導對息稅前利潤的成長相當微乎其微。

How should we look at it over a more multi-year period in driving comps over longer term?

我們該如何看待更長時期的長期競爭？

And what's that level?

那是什麼水平？

I mean, can we think of it as a 2% to 3% comp grower?

我的意思是，我們可以將其視為 2% 到 3% 的種植者嗎？

Or is that still hard to do?

或者說這仍然很難做到？

Thank you for the question and also the compliment on the results.

感謝您的提問以及對結果的讚揚。

I would -- the longer-term outlook, if you go back to the Investor Day that we had in the fall of 2017, we put an outlook out there that said we believe strongly we have the ability to grow in that low single-digits range with flattish operating income at least in the mid-term, which at that point went through fiscal 2021.

我會 - 長期前景，如果你回到 2017 年秋天的投資者日，我們提出了一個前景，表示我們堅信我們有能力以低個位數增長至少在中期（當時整個 2021 財年）營業收入持平。

We've delivered a bit ahead of that the last couple years, obviously, the guide, though, for the next year is right in line with that.

顯然，過去幾年我們已經提前發布了一些內容，但明年的指南與此一致。

And given the environment, as Hubert talked about, the amount of excitement we have about technology, the execution and just how strongly we feel our strategy is positioned well with our customers, we feel like that line of thinking is appropriate as we look out at least through that 2021 range.

正如休伯特所說，考慮到環境，我們對技術、執行的興奮程度，以及我們對我們的策略與客戶的定位有多麼強烈的感覺，我們覺得這種思路是合適的，因為我們著眼於至少在2021 年範圍內。

And then, obviously, we'll update you more as we have our Investor Day in Q3 on how we're thinking about any longer term after that.

然後，顯然，我們將在第三季的投資者日向您通報更多關於我們如何考慮此後的長期計劃的最新情況。

But I think you've seen our guide's consistent with that point of view, and we don't see anything in front of us that changes our belief in that trajectory.

但我想你已經看到我們的指南與這一觀點是一致的，而且我們沒有看到我們面前的任何事情改變我們對這條軌蹟的信念。

Our next question comes from Peter Keith with Piper Jaffray.

我們的下一個問題來自 Piper Jaffray 的 Peter Keith。

Great results from me as well.

我也取得了很好的成績。

Corie, I just wanted to dig into the margin guidance.

Corie，我只是想深入了解保證金指導。

So I can appreciate you guys want to stick to the flat EBIT margin year-on-year.

因此，我可以理解你們希望堅持同比持平的息稅前利潤率。

However, going into this year, I was thinking you had some easier compares because the Total Tech Support launch was about 15 to 20 basis points of pressure, which I thought you might claw back.

然而，進入今年，我認為你有一些更容易的比較，因為全面技術支援的推出帶來了大約 15 到 20 個基點的壓力，我認為你可能會收回這一壓力。

So could you just walk us through that flat EBIT margin outlook in the face of these easy compares, what some of the offsets are?

那麼，面對這些簡單的比較，您能否向我們介紹息稅前利潤率持平的前景，其中一些抵消是什麼？

Yes, you bet.

是的，你敢打賭。

So one of the things that we wanted to make sure we landed as well, we had hit the financial goals that we laid out when we had our Investor Day in the fall of 2017.

因此，我們想要確保實現的一件事是，我們已經實現了 2017 年秋季投資者日時所設定的財務目標。

I think, all of us would say we still have room to grow in terms of our strategic goals, meaning the -- bringing to light some of those customer solutions that Hubert talked about and really finding ways to improve those relationships with our customers.

我認為，我們所有人都會說，我們在策略目標方面仍然有成長的空間，這意味著——揭示休伯特談到的一些客戶解決方案，並真正找到改善與客戶關係的方法。

And we've started down that road with offerings like the IHA experience, TTS as an example and even just the early interactions we have and offerings we have with GreatCall.

我們已經開始沿著這條路走下去，提供了 IHA 體驗、TTS 等產品，甚至只是我們的早期互動以及與 GreatCall 的產品。

That being said, we still feel strongly we have a long way to go to make those really stickier and more repetitive relationship-based offerings with our customers.

話雖這麼說，我們仍然強烈地感到，要為客戶提供那些真正更具黏性和更多重複性的基於關係的產品，我們還有很長的路要走。

And so there are additional investments, which we had always pondered since we talked with you all at Investor Day, that we knew we would need to make over time.

因此，自從我們在投資者日與大家交談以來，我們一直在考慮額外的投資，我們知道隨著時間的推移我們需要進行這些投資。

And while Total Tech Support was kind of one part of that in launching that last year, there are continued investments in things like supply chain.

雖然全面技術支援是去年推出的一部分，但供應鏈等方面仍在持續投資。

We specifically called out specialty labor in our stores.

我們特別在我們的商店中召集了專業勞動力。

And we also specifically called out a continued technology build that will help us enable some of the strategies and bring those to life.

我們也特別呼籲持續的技術建設，這將幫助我們實現一些策略並將其付諸實踐。

And so the reason that we laid out a longer kind of mid-term view in 2017 is because we knew this would be a multi-year journey of investments.

因此，我們之所以在 2017 年提出更長期的中期觀點，是因為我們知道這將是一個多年的投資之旅。

And while Total Tech Support represented one type of those, there will continue to be additional investments as we go in the future.

雖然全面技術支援代表了其中的一種，但我們未來將繼續進行額外的投資。

Now obviously, we're offsetting a number of those with the continued cost reduction.

現在顯然，我們正在透過持續降低成本來抵消其中的一些影響。

But we're trying to find that balance between making sure we actually -- and Hubert said it, continue to actually accelerate our investments because we like what we're seeing in a way that's going to create those differentiated customer experiences.

但我們正試圖在確保我們實際上——休伯特所說的話——繼續實際加速我們的投資之間找到平衡，因為我們喜歡我們所看到的，這種方式將創造那些差異化的客戶體驗。

And so you see those continuing into FY '20 in a way that we think will develop better experiences for our customers.

因此，您將看到這些措施將持續到 20 財年，我們認為這將為我們的客戶帶來更好的體驗。

So in other words, Peter, this is a choice.

換句話說，彼得，這是一個選擇。

We could decide to slow down the investments and increase the operating income rate.

我們可以決定放慢投資速度並提高營業利潤率。

We believe the best way for us to create long-term value for our shareholders is to continue to play to win, invest in our future because we think the reward -- the medium term, long-term reward of building this unique differentiation, these relationships, these solutions is very exciting.

我們相信，為股東創造長期價值的最佳方式是繼續贏得勝利，投資於我們的未來，因為我們認為建立這種獨特差異化的中期、長期回報，這些回報關係方面，這些解決方案非常令人興奮。

And so that's why we are managing the business this way.

這就是我們以這種方式管理業務的原因。

Okay.

好的。

Well, I can't argue with the returns you're getting thus far.

好吧，我無法否認您迄今為止所獲得的回報。

I might bend the rules a little bit here, just want to stick on that Total Tech Support.

我可能會稍微改變一下規則，只是想堅持全面技術支援。

The comp in the services segment, nearly 14%, was as high as I can remember.

服務領域的薪資接近 14%，是我記憶中最高的水準。

I'm curious if that was due to the change in the revenue recognition policy?

我想知道這是否是由於收入確認政策的變化所致？

And just as we play that forward, should the services comp kind of run at a above average rate for the next couple of quarters as a result of the change?

正如我們向前推進的那樣，由於這一變化，未來幾季的服務收入是否應該以高於平均的速度運行？

Yes, about half of the growth that we saw in that services comp was due to the refinement in the revenue recognition policy.

是的，我們在服務公司中看到的成長大約有一半是由於收入確認政策的完善。

And you're going to continue to see that into the next couple quarters while we roll that out over last year's straight line.

當我們在去年的直線上推出這一點時，您將在接下來的幾季中繼續看到這一點。

So that will continue to be.

所以這種情況將會持續下去。

But the good news is with -- even with the being half still sitting under that, there's a good healthy growth in that services business.

但好消息是，即使有一半的人仍處於困境中，該服務業務仍呈現良好的健康成長。

Our next question comes from Dan Wewer with Raymond James.

我們的下一個問題來自丹·韋爾和雷蒙德·詹姆斯。

Just wanting to see if you could comment a bit further on the changes in the Total Tech Support offer.

只是想看看您是否可以對全面技術支援服務中的變更進行進一步評論。

And then also with respect to the accounting change, Corie, you talked about the impact the next few quarters.

然後，關於會計變更，科里，您談到了未來幾季的影響。

Will it benefit all of 2020 EBIT rate as it did in the fourth quarter?

是否會像第四季一樣使2020年全部息稅前利潤受益？

So I'll start with the last question.

那麼我將從最後一個問題開始。

It won't be the entire year because obviously we're going to lap the change next year when we get to Q4.

這不會是一整年，因為顯然我們將在明年第四季時進行更改。

So you'll see some of it as you run the early part of the year, but you'll ultimately lap the change.

因此，當您在年初運行時，您會看到其中的一些變化，但您最終將接受這些變化。

Your first question was to expand a little bit on the change and exactly why we refined the methodology.

您的第一個問題是稍微擴展一下這項變更以及我們改進方法的確切原因。

Basically, we have sufficient history now.

基本上，我們現在有足夠的歷史。

We've had the program long enough.

我們這個計劃已經有足夠長的時間了。

We ran full rollout last year around May.

我們去年五月左右進行了全面部署。

And once we had the sufficient history, it was much easier for us to actually match the revenue with the actual usage because we had enough history for us to know that customers were using it a bit more upfront than ratably over the life of the contract, which is how we were initially recognizing it.

一旦我們有了足夠的歷史記錄，我們就可以更容易地將收入與實際使用情況進行匹配，因為我們有足夠的歷史記錄讓我們知道客戶在合約有效期內的前期使用情況比按比例使用它要多一些，這就是我們最初認識它的方式。

And so that means you pull a bit more of the revenue to match more precisely with the fulfillment cost early in the life of the contract versus ratably over the contract.

因此，這意味著您可以在合約有效期的早期提取更多的收入，以更精確地匹配履行成本，而不是在合約期間按比例增加。

We'll keep watching the usage and make sure we're continuing to match the revenue with the usage.

我們將繼續關注使用情況，並確保我們繼續將收入與使用情況相符。

Because the truth is all the things the team is working on is to make sure people are using it more consistently over the life of the contract.

因為事實是團隊正在做的所有事情都是為了確保人們在合約有效期內更一致地使用它。

And so I think you'll see us continue to tweak the offering and tweak what do those customers get in a way that will help us drive more consistent usage throughout the life of the contract.

因此，我認為您會看到我們繼續調整產品和調整這些客戶所獲得的內容，以幫助我們在整個合約生命週期中推動更一致的使用。

But for now, we're really interested in matching principle and making sure that the revenue is in line with the fulfillment cost.

但目前，我們真正感興趣的是匹配原則並確保收入與履行成本一致。

If the customers are front-loading the usage of Total Tech Support, is there a risk that the renewal rate could drop more than you would expect because they're probably not using Total Tech Support in maybe in months 10, 11 and 12?

如果客戶提前使用全面技術支持，是否存在續訂率下降幅度超出您預期的風險，因為他們可能在第 10、11 和 12 個月內可能不會使用全面技術支援？

Interest -- sorry.

興趣——抱歉。

I was going to say then the renewal rates are in line with our expectations.

我想說的是續訂率符合我們的預期。

In my prepared remarks, I did comment on the fact that we were going to continue to invest in the development of the customer experience in order -- and precisely to build these stickier customer relationships.

在我準備好的演講中，我確實評論了這樣一個事實：我們將繼續投資於客戶體驗的開發，以便建立這些更具黏性的客戶關係。

So I've talked about more self-service capabilities, also more proactive support.

所以我談到了更多的自助服務功能，以及更主動的支援。

So for example, being able to proactively tell you that your firmware needs to be upgraded or that maybe you have opportunities to clean up your computer to get back to that speed that you had initially or maybe advice around parental control and security.

例如，能夠主動告訴您您的韌體需要升級，或者您可能有機會清理電腦以恢復到最初的速度，或者可能提供有關家長控制和安全的建議。

So self-service proactive.

所以自助服務很主動。

And also in my prepared remarks I talked about how we are expanding the vendor partnerships in new ways, getting into more of these service areas.

在我準備好的演講中，我還談到了我們如何以新的方式擴大供應商合作夥伴關係，進入更多此類服務的領域。

And so you'll see us continue to innovate because one of our -- precisely one of our goals is to expand these customer relationships and make them stickier over time.

因此，您會看到我們繼續創新，因為我們的目標之一——確切地說是我們的目標之一是擴大這些客戶關係並隨著時間的推移使它們變得更加粘稠。

So again in line with expectations, but opportunity to continue to evolve our customer relationships.

因此，再次符合預期，但有機會繼續發展我們的客戶關係。

Our next question comes from Anthony Chukumba with Loop Capital Markets.

我們的下一個問題來自 Loop Capital Markets 的 Anthony Chukumba。

I just wanted to add my congratulations on a great finish to a great year as well.

我只是想祝賀這一偉大的一年圓滿成功。

So I just wanted to kind of take a step back because I was sort of looking through my notes.

所以我只是想退後一步，因為我正在查看我的筆記。

When we had this call a year ago, you were coming off of your best year in quite some time.

一年前我們接到這個電話時，您正經歷著相當長一段時間以來最好的一年。

You did that 9% comp in the fourth quarter of 2017.

您在 2017 年第四季實現了 9% 的補償。

That was your best comp, I believe, in 13 years.

我相信這是你 13 年來最好的陣容。

And you guided to $4.80 to $5 a share in EPS and a 0 to 2% comp for the full year.

您預計全年每股收益為 4.80 至 5 美元，每股收益為 0 至 2%。

You did $5.32 in EPS and a 4.8% comp.

您的每股收益為 5.32 美元，淨利潤率為 4.8%。

And that was with slowing iPhone sales, that was with Amazon carrying more Apple products.

這是因為 iPhone 銷售放緩，亞馬遜銷售了更多的蘋果產品。

So I'm just trying to understand like, clearly, there's a lot that broke right in 2018.

所以我只是想弄清楚，2018 年有很多問題發生。

I would just love your comments just in terms of what went right in 2018 that maybe you weren't expecting?

我很想聽聽您對 2018 年發生的、也許您沒有預料到的事情的評論？

Or were you just being very conservative when you guided to the $4.80 to $5 and the 0 to 2% comp?

或者，當您指導 4.80 至 5 美元以及 0 至 2% 的補償時，您是否只是非常保守？

There were a couple of things that we actually talked about at the start of the year that broke right here to your praising.

我們在今年年初實際上討論過一些事情，這些事情在這裡引起了你們的讚揚。

One, we've talked about our belief that the gaming cycle might actually slow a bit heading into last year.

第一，我們已經討論過我們的信念，即遊戲週期實際上可能會在去年有所放緩。

And we were very clear that tends to be a more cyclical business after having such great Switch results.

我們非常清楚，在取得如此出色的 Switch 業績後，這往往是一個更具週期性的業務。

What we didn't have line of visibility to was the phenomenon that would become Fortnite in particular and the social gaming side of things because that carried not only the Switch as a console but lifted all boats in gaming.

我們沒有看到的是後來成為《要塞英雄》和社交遊戲方面的現象，因為它不僅將 Switch 作為遊戲機，而且還提升了遊戲領域的所有水平。

It lifted computing gaming, it lifted peripherals or the headphones and the things that you use with gaming.

它提升了計算遊戲、週邊設備或耳機以及遊戲中使用的東西。

It lifted all boats.

它抬起了所有的船。

And that genuinely was something that we didn't see in front of us being quite as strong as it turned out to be for the year.

這確實是我們在我們面前看到的事情並沒有像今年那樣強勁。

And that was a material change versus our original expectations.

這與我們最初的期望相比是一個重大變化。

If you look at the rest of the business, and I think Hubert talked about this a little bit when he was talking about what is it that makes us excited about where we are.

如果你看看其他業務，我認為休伯特在談論是什麼讓我們對我們所處的位置感到興奮時談到了這一點。

I also think there was an execution element around the strategy that continued to be beyond a little bit of what our initial expectations were at the start of the year.

我還認為，圍繞該戰略的執行因素仍然超出了我們年初的最初預期。

Obviously, a good consumer environment helped.

顯然，良好的消費環境有所幫助。

But on the back of a good consumer environment and clear interest in technology, our execution and our ability to deliver on that more relationship-based experience in our stores, in home, online, I think actually genuinely performed even better than necessarily we had thought going into the year.

但在良好的消費者環境和對科技的明確興趣的支持下，我們的執行力以及我們在商店、家庭、網路上提供更多基於關係的體驗的能力，我認為實際上表現得比我們想像的還要好進入今年。

And when you have a better consumer environment, than necessarily you imagine.

當你擁有比你想像的更好的消費環境。

And you put on top of that even better execution and better acceleration of the strategy, I think you also just end up accelerating the results in a way you didn't necessarily expect at the beginning of the year.

除了更好的執行和更好的策略加速之外，我認為您最終還會以一種您在年初不一定預期的方式加速結果。

Our next question comes from Michael Lasser with UBS.

我們的下一個問題來自瑞銀集團的麥可·拉塞爾。

Can you break down your outlook -- your comp outlook for 2020 in terms of what you expect the consumer electronics market to grow at and what you think your share gains are going to be in the year ahead?

您能否詳細分析您的展望——您對 2020 年的比較展望，即您對消費電子市場成長的預期以及您認為未來一年的份額收益將是多少？

Also you rolled out a new leasing program, lease to own.

你們也推出了新的租賃計劃，就是先租後買。

How much have you factored into your guidance that, that will contribute in the year ahead?

您在未來一年的指導中考慮了多少因素？

So let's start with the first question around kind of what we're thinking through the industry.

讓我們從第一個問題開始，圍繞著我們對整個行業的思考。

The last couple years, the industry, depending on the quarter, obviously, there's ebbs and flows, but you've seen flat to up slightly across the industry.

在過去的幾年裡，這個行業，根據季度的不同，顯然有起有落，但你會看到整個行業的走勢持平到略有上升。

And remember, this is a broader definition of the industry, not just NPD.

請記住，這是行業的更廣泛定義，而不僅僅是 NPD。

You have to think about things like gaming and phones and appliances and a lot of the Apple products.

你必須考慮遊戲、手機、電器以及許多蘋果產品等事情。

You've definitely seen flat to up a little bit.

您肯定已經看到了持平到上漲的情況。

As Hubert intoned in some of his opening remarks, we don't see anything in front of us that says the trajectory of the industry massively changes.

正如休伯特在開場白中所言，我們沒有看到任何表明該行業軌跡發生巨大變化的內容。

And so we're expecting that same kind of range of maybe it's flattish, maybe it's up a little bit, but something in that realm would makes sense given the guide that we're seeing.

因此，我們預計同樣的範圍可能是平坦的，也許會上升一點，但考慮到我們所看到的指南，該領域的某些內容是有意義的。

Therefore, share gains is anywhere from maintaining the share that we have today to maybe slight share gains over the year.

因此，股票收益可以是維持我們今天所擁有的份額，也可以是一年中輕微的股票收益。

In terms of the leasing program, we have -- we were testing an expanded leasing program in a couple markets.

就租賃計劃而言，我們正在幾個市場測試擴大的租賃計劃。

We were pleased with the results that we've been seeing and, therefore, are now going to expand the number of stores with our leasing solution.

我們對所看到的結果感到滿意，因此，現在將透過我們的租賃解決方案擴大商店數量。

I think what we like about it is it actually opens up the opportunity for customers who might not otherwise be able to have credit or otherwise be able to have access to the kind of products that we sell.

我認為我們喜歡它的原因是它實際上為那些可能無法獲得信貸或無法獲得我們銷售的產品的客戶提供了機會。

It opens up access to that product to a whole new customer base for us.

它為我們開啟了一個全新客戶群對該產品的存取途徑。

That is included in the guide that we gave you.

這包含在我們為您提供的指南中。

And so you can assume that we've factored that in.

所以你可以假設我們已經考慮到了這一點。

But most importantly, we like that we can potentially open up the experiences that we offer to a whole customer base that might not otherwise have the chance to purchase the kind of products that we sell.

但最重要的是，我們希望能夠向整個客戶群開放我們提供的體驗，否則他們可能沒有機會購買我們銷售的此類產品。

And if I could just sneak one last question in because we're getting the question, what was the contribution from the accounting change around Total Tech Support in the fourth quarter?

如果我可以偷偷地問最後一個問題，因為我們收到了這樣的問題，第四季圍繞著全面技術支援的會計變更有何貢獻？

So remember, not an accounting change, it is a refinement of how we're recognizing the revenue, just to be very clear.

因此請記住，這不是會計變更，而是我們確認收入的方式的改進，只是非常清楚。

We haven't called out exactly what the amount is.

我們還沒有具體說明金額是多少。

But I would think about it as roughly enough to kind of offset the impact that we saw -- or about half the impact that we saw, excuse me, from our warranty program.

但我認為它大致足以抵消我們看到的影響 - 或者大約是我們看到的影響的一半，對不起，我們的保固計劃。

So the downside of the warranty about half of that was offset by the upside from the refinement of the revenue recognition on Total Tech Support.

因此，大約一半的保固負面影響被全面技術支援收入確認細化帶來的正面影響所抵消。

Our next question comes from Scot Ciccarelli with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Scot Ciccarelli。

So can you help us understand how you're thinking about the impact of Apple's expanded distribution on a 1P basis to Amazon and Costco?

那麼，您能否幫助我們了解您如何看待蘋果在 1P 基礎上擴大分銷對亞馬遜和 Costco 的影響？

Obviously, they're an incredibly important partner of yours.

顯然，他們是您非常重要的合作夥伴。

And just trying to think about the potential dilutive impact of their expanded distribution on your business?

只是想考慮他們擴大的分銷對您的業務的潛在稀釋影響嗎？

Yes, thank you, Scot.

是的，謝謝你，斯科特。

So we reported in Q4 comps that were at the top end of our range at 3%.

因此，我們在第四季度的比較中報告稱，該比率處於我們範圍的上限，為 3%。

And that reflected or that included the impact of the expanded distribution of Apple.

這反映了或包括蘋果擴大分銷的影響。

So we feel good about this.

所以我們對此感覺良好。

What I would say is that when we work with our key vendor partners, we work to make sure that the customer experience we offer is very unique and really meets the customer expectations.

我想說的是，當我們與主要供應商合作夥伴合作時，我們努力確保我們提供的客戶體驗非常獨特並且真正滿足客戶的期望。

And frankly, in the case of Apple, in particular, we are very proud of the experience we provide both in our stores and online.

坦白說，特別是就蘋果而言，我們對我們在商店和網路上提供的體驗感到非常自豪。

We have 900 Apple Stores within our stores.

我們的專賣店內有 900 家 Apple Store 零售店。

We have 3,000 Apple experts in our stores.

我們的商店中有 3,000 名 Apple 專家。

We've also expanded our relationship with them around services.

我們也圍繞著服務擴大了與他們的關係。

We probably are the largest reseller of AppleCare, and we provide Apple service in some of our stores.

我們可能是最大的 AppleCare 經銷商，並且在我們的一些商店中提供 Apple 服務。

And frankly, as is the case with our key vendor partners, we'll continue to innovate and move the relationship forward in ways that are in line with the goals of that vendor partner and advance the customer experience.

坦白說，與我們的主要供應商合作夥伴的情況一樣，我們將繼續創新並以符合供應商合作夥伴目標並提升客戶體驗的方式推動關係向前發展。

So we live in a world where we get to compete with some of the world's foremost companies.

因此，我們生活在一個可以與世界上一些最重要的公司競爭的世界。

You've named a couple, and there's a few others, and that makes our sport stimulating.

你已經提到了幾個，還有其他幾個，這讓我們的運動變得刺激。

And so these kinds of moves for us are encouragement to keep moving the customer experience forward so that we offer a unique customer experience, and we drive innovation and experiences to our customers.

因此，這些舉措對我們來說是一種鼓勵，不斷推動客戶體驗向前發展，以便我們提供獨特的客戶體驗，並為客戶推動創新和體驗。

Right.

正確的。

Just to be clear, it looks like mobile phones actually declined in the quarter.

需要明確的是，本季手機銷量實際上有所下降。

Is the expectation as we kind of roll through calendar '19, Mobile is in kind of a perpetual decline situation?

當我們回顧 19 年月曆時，我們是否期望行動業務處於永久衰退的情況？

Or was this kind of like the initial impact and you guys expect your share in, obviously, sales in Mobile to continue to ramp?

或者這是否像最初的影響一樣，你們預計你們在行動領域的銷售份額將繼續上升？

So just to be clear, I would -- I'd separate the Mobile discussion a little bit from the expanded distribution discussion.

因此，為了明確起見，我會將移動討論與擴展發行版討論分開。

Mobile, what we're seeing in Mobile is a different question.

移動，我們在移動中看到的是一個不同的問題。

I think you've seen lots written and lots in the public eye about just, in general, a maturation of the mobile cycle, the replacement cycles extending for people who are buying mobile phones and general softness.

我認為您已經在公眾視野中看到了很多關於移動週期成熟、購買手機的人的更換週期延長以及普遍疲軟的文章和公眾關注。

For us, we actually don't feel like this was as much a question of share loss associated with any kinds of distribution changes.

對我們來說，我們實際上並不認為這是與任何類型的分配變化相關的股份損失問題。

This is more just a question of, broadly, how often are people buying what are now pretty spendy phones and replacing them.

從廣義上講，這只是一個問題，即人們多久購買現在相當昂貴的手機並更換它們。

And we've taken that -- and we said it specifically in our prepared remarks.

我們已經接受了這一點——並且我們在準備好的發言中具體說了這一點。

We've taken some of that expectation and pushed it forward into our guide for next year.

我們已經採取了一些這種期望，並將其推進到我們明年的指南中。

And by the way, we've been pretty consistent on our expectations for the Mobile business over the last couple years.

順便說一句，過去幾年我們對行動業務的期望非常一致。

Our next question comes from Chris Horvers with JPMorgan.

我們的下一個問題來自摩根大通的克里斯霍弗斯。

I wanted to follow up on the operating margin question, which I -- clearly a focal point out there.

我想跟進營業利潤率問題，這顯然是一個焦點。

So Corie, can you share what the operating margin expanded on a 52 versus 52-week basis?

Corie，您能分享一下 52 週與 52 週相比營業利潤率的成長情況嗎？

Presumably, if it was up 30 and against the 53rd week or the 14th week, it would have been up something higher than that.

據推測，如果它比第 53 週或第 14 週上漲 30，則漲幅會更高。

So the question on '19 is basically, so are investments accelerating?

因此，19 年的問題基本上是，投資是否正在加速？

Because it doesn't sound like the expense opportunity is slowing.

因為聽起來支出機會並沒有放緩。

Or is the level of comp perhaps the difference?

還是補償水準可能存在差異？

So if you did a 3% comp in '19 like you did in 4Q, would you actually see operating margin expansion?

因此，如果您在 19 年像第四季度那樣將利潤率設為 3%，您真的會看到營業利潤率擴張嗎？

So for the year, if I were to adjust FY '19 versus FY '18 on a 52 to 52-week basis, you had 10 basis points of operating income rate expansion.

因此，就今年而言，如果我以 52 至 52 週為基礎調整 19 財年與 18 財年，那麼營業利潤率將擴大 10 個基點。

If you remember, at the beginning of the year, we had guided flat on a 52-week basis, which would have been the 4.5%.

如果你還記得的話，在今年年初，我們的指導是 52 週持平，即 4.5%。

So we had 10 basis points of operating income rate expansion.

因此，我們的營業利潤率擴大了 10 個基點。

And that was on a pretty significantly higher top line than we expected, obviously, almost a 5% comp on the top line.

顯然，這比我們預期的收入要高得多，幾乎佔收入的 5%。

And so I think as you look into next year, obviously, we gave you the range and we believe that will lead to a flattish operating income rate.

因此，我認為，當您展望明年時，顯然，我們給了您範圍，我們相信這將導致營業收入持平。

I wouldn't say the investments have accelerated.

我不會說投資已經加速。

I think, it goes back to the original conversation we were having, which is we continue to make targeted investments in the places that we told you in the fall of '17 that will help us accelerate our progress on our initiatives.

我認為，這又回到了我們最初的對話，我們繼續在 17 年秋天告訴你們的地方進行有針對性的投資，這將幫助我們加快我們的舉措的進展。

They are different really in pace than we had expected at the beginning.

它們的節奏確實與我們一開始的預期不同。

And we feel pretty comfortable that we actually like the pacing in there, in line with what we had thought at the time that we gave the original guidance.

我們感到很舒服，因為我們實際上喜歡那裡的節奏，這與我們在給出最初指導時的想法一致。

And so to your question, yes, if you massively outperform the top line, obviously, we may come back to you with a different economic equation.

因此，對於你的問題，是的，如果你的業績大幅超過營收，顯然，我們可能會用不同的經濟方程式來回答你。

But for what we see in front of us, I feel pretty comfortable that what we're showing you takes into account both the cost reductions we see in front of us and the investment profile.

但對於我們所看到的情況，我感到非常放心，我們向您展示的內容既考慮了我們所看到的成本降低，又考慮了投資狀況。

Understood.

明白了。

And then -- and as a follow-up, there's a lot of noise out there around tax refunds.

然後——作為後續行動，圍繞退稅有很多噪音。

Can you remind us a few years ago, when they were delayed, did that actually impact your business?

您能否提醒我們幾年前，當他們被推遲時，這實際上對您的業務產生了影響嗎？

And is there anything that you're seeing in the business now with tax refund dollars being lower year-over-year such that are you expecting some catch-up in the latter part of the quarter?

您現在在業務中是否看到退稅金額年減，因此您是否預計本季後半段會有所回升？

So it was 2 years ago, we actually specifically commented at this exact time, I remember the call distinctly, on there being a slowdown in the quantity of tax returns.

所以那是兩年前的事了，我們實際上在這個時候專門發表了評論，我清楚地記得那個電話，關於納稅申報表數量放緩的問題。

And that year what we saw was actually most of that did come back to us and most of it back in Q1 as the quantity of tax returns evened out throughout the quarter.

那一年，我們看到的實際上是大部分確實回到了我們身邊，而且大部分在第一季度回到了我們，因為整個季度的納稅申報表數量持平。

We're feeling a little bit of softness right now due to what has very clearly, publicly been both a quantity of tax returns being down but also the amount per return right now is down.

我們現在感覺有點疲軟，因為公開的情況很明顯，報稅表的數量下降了，而且現在每份申報表的金額也下降了。

And what we're keeping an eye on is not as much even just a quantity question but also the amount per return and how that ultimately will impact our business over the quarter.

我們關注的不僅僅是數量問題，還包括每次回報的金額以及這最終將如何影響我們本季的業務。

The good news is at the end of the day, people will see reductions in their tax rates, meaning their take-home pay throughout the year, no matter what the amount of the return is in and of itself.

好消息是，最終，人們將看到稅率降低，這意味著他們全年的實得工資，無論回報本身的金額是多少。

So it kind of becomes a timing question throughout the year.

因此，這成了一個全年的時間問題。

But we're definitely watching and have incorporated some of those thoughts into the Q1 guide.

但我們確實在關注並將其中一些想法納入第一季指南中。

Our next question comes from Curtis Nagle with Bank of America Merrill Lynch.

我們的下一個問題來自美銀美林的柯蒂斯·內格爾。

So just wanted to focus a little bit more on the lease-to-own program.

所以只是想更多地關注從租賃到擁有的計劃。

I guess, a, how much of it is in the guide?

我猜，a，指南中有多少內容？

And then, b, just, I guess, more of a theoretical question, why did you choose to roll it out?

然後，b，我想，更多的是一個理論問題，為什麼你選擇推出它？

I know you guys had said that it's helping.

我知道你們說過這很有幫助。

But -- and I know in terms of credit risk, you're probably not going to bear any, but inherently, it is a lower-quality business and perhaps it's arguably less sustainable given that these are customers who typically can't qualify credit and are typically lower income.

但是，我知道就信用風險而言，您可能不會承擔任何風險，但從本質上講，這是一項質量較低的業務，考慮到這些客戶通常無法獲得信貸資格，因此可以說它的可持續性較差且通常收入較低。

So I guess, do you see any risk to that?

所以我想，你認為這有什麼風險嗎？

So first of all, obviously, we're not going to comment on the exact amount that's included in the guide, but we've included some amount in the guide.

首先，顯然，我們不會評論指南中包含的確切金額，但我們已經在指南中包含了一些內容。

We specifically did test this in a couple markets.

我們專門在幾個市場對此進行了測試。

And I think what's important here is that this genuinely is a whole new tranche of customers that would not be able to purchase products with us.

我認為這裡重要的是，這確實是一群無法向我們購買產品的全新客戶。

The agreement that we have, we don't bear the risk over the longer term of the agreement and so it is -- I think it makes a ton of sense for us.

我們所達成的協議，我們不承擔協議的長期風險，所以我認為這對我們來說非常有意義。

That being said, I think it makes even more sense for the customers.

話雖如此，我認為這對客戶來說更有意義。

At the end of the day what we want to do is be able to serve the widest swath of customers we can and give them access to the type of products that we sell.

歸根結底，我們想要做的是能夠為最廣泛的客戶提供服務，並讓他們能夠接觸到我們銷售的產品類型。

And these are customers who likely would not qualify for the current credit offering that we have.

這些客戶可能沒有資格獲得我們目前提供的信貸服務。

And therefore, this gives them an option to be able to actually qualify for some type of agreement with Best Buy and then be able to pay that off over time.

因此，這給了他們一個選擇，使他們能夠真正有資格與百思買達成某種類型的協議，然後能夠隨著時間的推移還清這筆費用。

And so I think we feel pretty passionately because it actually opens the door to a whole new -- I mean, think about it, sometimes this isn't just people who have bad credit, this is people who in some cases just have no credit, and this is the start for them to be able to build a credit portfolio and actually will lead to a much more robust credit portfolio over time.

所以我認為我們感到非常熱情，因為它實際上打開了通往全新大門的大門 - 我的意思是，想一想，有時這不僅僅是信用不良的人，在某些情況下是沒有信用的人，這是他們能夠建立信貸投資組合的開始，隨著時間的推移，實際上將導致更穩健的信貸投資組合。

And history has shown us very, very, very few to the less than 1% range of these customers go delinquent on their agreements.

歷史告訴我們，這些客戶中很少有（不到 1%）拖欠協議的。

And so this is actually a very nice offering and, in fact, I think helps a swath of population create credit when they might not otherwise have some.

所以這實際上是一個非常好的產品，事實上，我認為它可以幫助一部分人創造信貸，而他們原本可能沒有信貸。

So this is a customer acquisition play with catching people early on in their credit history and with a view to build relationship over time.

因此，這是一種客戶獲取策略，旨在儘早抓住人們的信用記錄，並隨著時間的推移建立關係。

So this is actually consistent with our overall strategy of helping customer.

所以這其實與我們幫助客戶的整體策略是一致的。

It's going to help more customers and allow them to enrich their lives with technology with the view of a relationship over time.

它將幫助更多的客戶，讓他們透過科技豐富他們的生活，並隨著時間的推移建立關係。

This is not a deviation from the strategy.

這並不是偏離戰略。

So we're excited about it because it makes sense from a customer standpoint and obviously from a financial standpoint as well.

所以我們對此感到興奮，因為從客戶的角度來看，而且從財務的角度來看，這顯然也是有意義的。

All right.

好的。

That makes sense.

這就說得通了。

And just a really quick one on the buyback.

而且只是一個非常快速的回購。

It looks like guidance is lower than what you did for this year.

看起來指導值低於今年的指導值。

Is that just some conservatism?

這只是某種保守主義嗎？

It does look like your cash flow probably would support more.

看來你的現金流可能會支持更多。

So just curious how you think about that.

所以只是好奇你對此有何看法。

Obviously, behind the scenes, we're always taking a look at the cash flow making sure we feel like we have a minimum level of cash that makes sense and would support us through a number of different scenarios.

顯然，在幕後，我們總是關注現金流，以確保我們擁有合理的最低現金水平，並能在許多不同的情況下支持我們。

We clearly spent almost $1 billion last year on our GreatCall acquisition, and so very in line with our capital allocation strategy.

去年我們顯然花了近 10 億美元收購 GreatCall，這非常符合我們的資本配置策略。

We've always said we're first going to invest in the business either to fund operations or through acquisitions.

我們總是說，我們首先要投資該業務，要麼為營運提供資金，要麼透過收購。

Second, premium dividend payer.

第二，溢價股利支付者。

And then third, with that excess, and by excess we mean above and beyond whatever that minimum balance as we feel we need, we will then return that to shareholders.

第三，有了超額，我們所說的超額是指超出我們認為需要的最低餘額的部分，然後我們會將其退還給股東。

And so that's, in essence, the math that we did this year, and we'll keep revisiting that every single year depending on the cash flow that we generate, but this seemed like the right amount given what has historically been our capital positioning.

因此，本質上，這就是我們今年所做的數學計算，我們將根據我們產生的現金流量每年重新審視這項計算，但考慮到我們歷史上的資本定位，這似乎是正確的金額。

(Operator Instructions) Our last question comes from Matt McClintock with Barclays.

（操作員說明）我們的最後一個問題來自巴克萊銀行的馬特·麥克林托克（Matt McClintock）。

I was wondering, Hubert, because -- 2 questions real quick.

我想知道，休伯特，因為──很快就有兩個問題。

The first one is just you talk about the customer relationship extensively on this call and creating that relationship with in-home advisers.

第一個是您在這次電話會議上廣泛談論客戶關係，並與內部顧問建立這種關係。

And I was wondering now that the program has been out for well over a year, what efforts have you made in terms of monetizing the tail of that relationship throughout the year?

我現在想知道該計劃已經推出一年多了，在這一年中，您在將這種關係​​的尾部貨幣化方面做出了哪些努力？

Have you had some success there?

你在那裡取得了一些成功嗎？

Yes, I think we are still at the beginning of our journey to build ongoing customer relationships.

是的，我認為我們仍處於建立持續客戶關係之旅的開始階段。

I think an in-home adviser provides us opportunity, but I think we're still learning client setting at scale.

我認為家庭顧問為我們提供了機會，但我認為我們仍在大規模地學習客戶設定。

It's interesting as a retailer, historically, we've been -- and we've said this before, we've been focused on transactions and selling products.

有趣的是，作為零售商，從歷史上看，我們一直 - 我們之前說過，我們一直專注於交易和銷售產品。

We're moving towards selling solutions and building relationships.

我們正致力於銷售解決方案和建立關係。

This journey is at the beginning and we're learning.

這趟旅程才剛開始，我們正在學習。

I think we're seeing -- we're very excited about the results.

我想我們正在看到——我們對結果感到非常興奮。

But building that institutional capability is something that will take time.

但建立這種機構能力需要時間。

As an illustration that involves modifying or adding a new focus on new key performance indicators.

舉例來說，涉及修改或添加新的關鍵績效指標。

As a retailer you would focus on transactions, close rates, basket and so forth.

作為零售商，您將關注交易、收盤價、購物籃等。

As a customer relationship-focused retailer, you're going to be focused in a local market that -- how many households are there?

作為一家以客戶關係為中心的零售商，您將重點關注當地市場——那裡有多少家庭？

How many of them are Best Buy customers with whom we have a relationship?

其中有多少是與我們有關係的百思買客戶？

What's my share of wallet?

我的錢包佔多少？

But just by saying these things, I think you can feel the magnitude of the change we're operating and that relates to the investments we're making, the training, the tools and so forth.

但只要說出這些話，我想你就能感受到我們正在實施的變革的規模，這與我們正在進行的投資、培訓、工具等有關。

And we're just at the beginning of that journey, which personally for me is the side of excitement because you can see the upside and I don't see that we have captured any meaningful part of the upside from this.

我們正處於這段旅程的開始，對我個人來說，這是令人興奮的一面，因為你可以看到好處，但我看不到我們從中獲得了任何有意義的好處。

So very early on in the innings of that journey.

所以在那段旅程的早期階段。

And then if I could squeeze one or more in.

然後我是否可以擠入一個或多個。

Just in terms of Mobile, you brought up 5G and you brought up the foldable phone.

就移動而言，你提出了5G，你提出了可折疊手機。

Could you talk about how that could revitalize the category overall and potentially be a game changer?

您能否談談這將如何重振整個類別並可能改變遊戲規則？

Meaning, it seems like with the ASPs of the foldable phone, you might be looking at something similar to, historically, how tablets impacted your business overall?

這意味著，對於可折疊手機的 ASP，您可能會看到類似於歷史上平板電腦如何影響您的整體業務的東西？

And with us on the call we have Mike Mohan, our Chief Operating Officer for the U.S. business, and Mike is going to take that question, and then we'll just wrap.

與我們一起參加電話會議的還有我們美國業務的首席營運官邁克·莫漢 (Mike Mohan)，邁克將回答這個問題，然後我們就結束了。

Thanks for the question, Matt.

謝謝你的提問，馬特。

It's an exciting time to see what's happening in technology.

現在是了解技術領域正在發生的事情的令人興奮的時刻。

Clearly, we have talked about the increasing price of all mobile devices, and so all of this new technology is going to have a fairly limited appeal from an acquisition standpoint, but an extremely high level of interest from a consumer on what it can do for them and how does it solve their use cases.

顯然，我們已經討論過所有行動裝置的價格不斷上漲，因此從購買的角度來看，所有這些新技術的吸引力都相當有限，但消費者對其用途的興趣極高它們以及它如何解決它們的用例。

So we're most excited about is showcasing the technology, inviting customers into our stores, onto our site and even having some of this product in our In-Home Advisor when we go visit people so we can show people what they can do.

因此，我們最興奮的是展示技術，邀請客戶進入我們的商店、訪問我們的網站，甚至在我們拜訪人們時在我們的家庭顧問中提供一些這種產品，以便我們可以向人們展示他們可以做什麼。

And I think it positions us in a really unique place to show how technology will continually help enrich people's lives, and I think that's probably the best way to put our excitement in this area.

我認為它使我們處於一個非常獨特的位置，可以展示科技如何持續幫助豐富人們的生活，我認為這可能是讓我們對這一領域感到興奮的最佳方式。

We'll always lean forward on something that will help customers solve a problem, and I think they would expect Best Buy to take a leadership position here.

我們將始終致力於幫助客戶解決問題的事情，我認為他們會期望百思買在這方面佔據領導地位。

That's wonderful.

那好極了。

Thank you, Mike.

謝謝你，麥克。

And in closing, I want to again show my heartfelt appreciation for the work and talent and passion of all of our associates across all functions in the business.

最後，我想再次對我們業務各職能部門的所有員工的工作、才華和熱情表示衷心的讚賞。

You guys are amazing.

你們太棒了。

And I want to thank you for joining our call and your interest in Best Buy, and we look forward to continue to update you as we continue to move forward.

我要感謝您加入我們的電話會議以及您對百思買的興趣，我們期待在我們繼續前進的過程中繼續向您通報最新情況。

So you have a great day.

所以你有美好的一天。

Thank you.

謝謝。

Thank you, ladies and gentlemen.

謝謝你們，女士們、先生們。

This concludes today's teleconference.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。