百思買 (BBY) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Best Buy's Q3 FY 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded for playback and will be available by approximately 11 a.m. Eastern Time today. (Operator Instructions)

女士們，先生們，謝謝你們的支持。歡迎參加百思買 2022 財年第三季度收益電話會議。 （操作員說明）作為提醒，此電話正在錄音以供播放，並將在東部時間今天上午 11 點左右可用。 （操作員說明）

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

我現在將會議轉交給投資者關係副總裁 Mollie O'Brien。

Thank you, and good morning, everyone. Joining me on the call today are Corie Barry, our CEO; and Matt Bilunas, our CFO.

謝謝大家，大家早上好。今天和我一起參加電話會議的是我們的首席執行官 Corie Barry；和我們的首席財務官 Matt Bilunas。

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

在今天的電話會議中，我們將討論 GAAP 和非 GAAP 財務指標。這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的對賬，以及這些非 GAAP 財務指標為何有用的解釋，可以在我們的網站 Investors.bestbuy 上的今天上午的收益發布中找到。 com。

Some of the statements we will make today are considered forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Please refer to the company's current earnings release and our most recent 10-K and subsequent 10-Qs for more information on these risks and uncertainties. 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.

我們今天將發表的一些陳述被認為是 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。這些陳述可能涉及公司的財務狀況、業務計劃、增長計劃、投資和預期業績，並且是受到可能導致實際結果與此類前瞻性陳述大不相同的風險和不確定性的影響。有關這些風險和不確定性的更多信息，請參閱公司當前的收益發布和我們最近的 10-K 和隨後的 10-Q。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後可能出現的事件或情況的義務。

I will now turn the call over to Corie.

我現在將把電話轉給 Corie。

Good morning, everyone, and thank you for joining us. Today, we are reporting record Q3 financial results of $11.9 billion in sales and non-GAAP diluted earnings per share of $2.08, which is up 1% over last year and up 84% compared to 2 years ago.

大家早上好，感謝您加入我們。今天，我們報告了創紀錄的第三季度財務業績，銷售額為 119 億美元，非公認會計準則攤薄後每股收益為 2.08 美元，比去年增長 1%，比兩年前增長 84%。

Against a still of all the backdrop, our leaders continue to drive new ways of operating, and our employees continue to do amazing things to support our customers' technology needs in knowledgeable, fast and convenient ways. Our omnichannel capabilities and our ability to inspire and support across all of technology in a way no one else can means we are uniquely positioned to seize the opportunity in this environment and in the future.

在所有的背景下，我們的領導者繼續推動新的運營方式，我們的員工繼續做出令人驚嘆的事情，以知識淵博、快速和方便的方式支持客戶的技術需求。我們的全渠道能力以及以其他人無法企及的方式激發和支持所有技術的能力意味著我們具有獨特的優勢，可以在這種環境和未來抓住機遇。

We continue to capitalize on strong customer demand as more people sustainably work, entertain, cook and connect at home. And Domestic comparable sales growth was up 2% on top of 23% last year. From a merchandising perspective, the biggest contributors to our comparable sales growth in the quarter were appliances, home theater and mobile phones.

隨著越來越多的人在家裡可持續地工作、娛樂、烹飪和聯繫，我們將繼續利用強勁的客戶需求。國內可比銷售額增長在去年的 23% 的基礎上增長了 2%。從商品銷售的角度來看，本季度可比銷售額增長的最大貢獻者是電器、家庭影院和手機。

Product availability continued to improve throughout the quarter. We have pockets of constraints in areas like appliances, gaming and mobile phones. Similar to last quarter, however, we do not believe this materially limited our overall sales growth. While we have faced and continue to face supply chain challenges, including delays and higher costs, we are proactively navigating a situation that we have been dealing with for several quarters as our industry has been facing disruptions and supply constraints since early in the pandemic.

產品可用性在整個季度持續改善。我們在電器、遊戲和手機等領域存在諸多限制。然而，與上一季度類似，我們認為這不會嚴重限制我們的整體銷售增長。儘管我們已經並繼續面臨供應鏈挑戰，包括延誤和更高的成本，但我們正在積極應對這種情況，因為我們的行業自大流行初期以來一直面臨中斷和供應限制，因此我們已經處理了幾個季度。

Our merchant demand planning and supply chain teams made strategic sourcing and inventory decisions early in the year to set us up well heading into holiday. And we are resourcefully adapting to the constantly evolving environment with actions like pulling up product flow, adjusting store assortment based on availability and acquiring additional alternative transportation. We have deep, long-standing relationships with our transportation and logistics vendors, and they have been incredibly supportive as we navigate.

我們的商戶需求規劃和供應鏈團隊在年初制定了戰略採購和庫存決策，為我們在假期前做好準備。我們正在靈活地適應不斷變化的環境，採取諸如拉動產品流、根據可用性調整商店分類和獲取額外的替代運輸等行動。我們與我們的運輸和物流供應商有著深厚、長期的關係，他們在我們導航時給予了難以置信的支持。

In addition, through our close partnerships with our product vendors, we have a great deal of visibility into and can influence the status of product in the supply chain process. We have varying degrees of inventory and supply chain challenges every holiday season, and this year will be no different, but we entered Q4 with 15% more inventory year-over-year and feel confident in our ability to serve our customers throughout the holiday.

此外，通過我們與產品供應商的密切合作，我們對供應鏈流程中的產品狀態有很大的了解並可以影響產品的狀態。每個假期我們都會面臨不同程度的庫存和供應鏈挑戰，今年也不例外，但我們進入第四季度時庫存同比增加了 15%，並對我們在整個假期為客戶提供服務的能力充滿信心。

As expected, we did experience a more promotional environment for many of our products when compared to last year. When compared to 2 years ago, we still saw a less promotional environment during Q3. From a sales channel perspective, results were similar to last quarter. Customers are returning to stores and they are also choosing to interact with us digitally and via phone and chat at much higher rates than pre-pandemic.

正如預期的那樣，與去年相比，我們的許多產品確實經歷了更多的促銷環境。與 2 年前相比，我們在第三季度看到的促銷環境仍然較少。從銷售渠道的角度來看，結果與上一季度相似。客戶正在返回商店，他們還選擇以比大流行前高得多的速度與我們進行數字化、電話和聊天互動。

Online sales were 31% of Domestic revenue compared to 16% in Q3 of fiscal '20, growing by more than $2 billion during that time. Our app saw 19% increase in unique visitors versus last year, and phone and chat sales continued to climb versus last year and 2 years ago.

在線銷售額佔國內收入的 31%，而 20 財年第三季度為 16%，在此期間增長超過 20 億美元。與去年相比，我們的應用程序的唯一身份訪問者增加了 19%，電話和聊天銷售額與去年和 2 年前相比繼續攀升。

We continue to be an industry leader in fast and convenient product fulfillment for our customers. During the third quarter, we reached our fastest small product delivery times ever. Compared to last year, same-day delivery was up 400% and we nearly doubled the percent of products delivered within 1 day. Based on a third-party analysis of competitor websites, we are the leader in 1 day or less published shipping time across a sample of higher-volume ZIP codes and higher demand items.

我們繼續成為為客戶提供快速便捷的產品交付的行業領導者。在第三季度，我們達到了有史以來最快的小型產品交付時間。與去年相比，當日送達率提高了 400%，我們的產品在 1 天內送達的百分比幾乎翻了一番。根據對競爭對手網站的第三方分析，我們在 1 天或更短的時間發布運輸時間方面處於領先地位，因為我們提供了大量郵政編碼和更高需求商品的樣本。

In addition to partnering with a diversified set of delivery partners, we also thoughtfully used our employee delivery capability as we now have more than 400 stores doing employee deliveries, with almost 60% of our customers living within 10 miles of an employee delivery location. We also have an industry-leading in-store pickup experience. We have, by far, the broadest assortment of CE products available for pickup, and the process is incredibly fast.

除了與多元化的送貨合作夥伴合作外，我們還深思熟慮地利用了我們的員工送貨能力，因為我們現在有 400 多家門店進行員工送貨，近 60% 的客戶居住在距離員工送貨地點 10 英里範圍內。我們還擁有行業領先的店內取貨體驗。到目前為止，我們擁有種類最齊全的 CE 產品可供提貨，而且這個過程非常快。

In Q3, more than 90% of online orders that were available for product pickup were ready in less than 30 minutes of the order being placed. Customers clearly find value in coming to our stores to pick up their products as the percent of online sales picked up at our stores remained high at 42%, even with our fast home delivery options, with 1/3 of our store pickup customers choosing our convenient curbside option. And our customer NPS for order pickup in Q3 was up versus last year and 2 years ago. In fact, in the last year, 31% of all our purchasing customers bought online and picked up in store at least once.

在第三季度，超過 90% 的可用於取貨的在線訂單在下單後不到 30 分鐘內就準備好了。客戶清楚地發現到我們的商店取貨很有價值，因為我們商店的在線銷售百分比保持在 42% 的高位，即使使用我們的快速送貨上門選項，我們有 1/3 的商店取貨客戶選擇我們的方便的路邊選擇。我們的客戶在第三季度取貨的 NPS 與去年和 2 年前相比有所上升。事實上，在去年，我們所有採購客戶中有 31% 至少在網上購買並在實體店取貨一次。

These strong Q3 results and our market-leading omnichannel capabilities are due to our amazing associates across the company and the investment decisions we have made in the last several years in supply chain, store operations, our people, and technology. Clearly, our business has changed dramatically in the last 2 years, with digital sales more than double pre-pandemic levels and phone, chat, and in-home sales growing. Customers are starting their research and shopping online and then branching out from there to all forms of digital and physical shopping depending on their specific needs.

這些強勁的第三季度業績和我們市場領先的全渠道能力歸功於我們整個公司的出色員工以及我們在過去幾年中在供應鏈、商店運營、我們的人員和技術方面做出的投資決策。顯然，我們的業務在過去 2 年發生了巨大變化，數字銷售額是大流行前水平的兩倍多，電話、聊天和家庭銷售額也在增長。客戶開始他們的研究和在線購物，然後根據他們的具體需求從那裡擴展到各種形式的數字和實體購物。

Stores are crucial to our customer experience, and they need to be even more efficient and must keep pace with greater customer expectations. For example, we know customers sometimes seek out in-person help to answer questions, and other times, they would rather use digital tools to learn about products or pick up their orders in our stores.

商店對我們的客戶體驗至關重要，它們需要更加高效，並且必須跟上更高的客戶期望。例如，我們知道客戶有時會尋求當面幫助來回答問題，而其他時候，他們更願意使用數字工具來了解產品或在我們的商店取貨。

We have made the right investment decisions to position us as a leader in omnichannel retailing. While we are proud of our progress, there are even more opportunities ahead of us, and it is more important than ever to build on our position of strength and truly become a customer-obsessed company. This means we put the customer at the heart of all we do by anticipating their needs, listening, learning and applying those insights to create long-term relationships and seamless experiences. That led us to launch Best Buy Totaltech last month.

我們做出了正確的投資決策，將我們定位為全渠道零售的領導者。雖然我們為自己的進步感到自豪，但我們面前還有更多的機會，比以往任何時候都更重要的是鞏固我們的優勢地位，真正成為一家以客戶為中心的公司。這意味著我們通過預測他們的需求、傾聽、學習和應用這些見解來建立長期關係和無縫體驗，從而將客戶置於我們所做一切的核心。這導致我們上個月推出了百思買 Totaltech。

Totaltech is a bold new membership program, leveraging our strengths across merchandising, fulfillment, installation, tech support, and product repair, unique capabilities that customers value and no one else can match. Our membership program offers product discounts and periodic access to hard-to-get inventory, free delivery and installation, free technical support, free product protection and many other benefits.

Totaltech 是一項大膽的新會員計劃，利用我們在銷售、履行、安裝、技術支持和產品維修方面的優勢，以及客戶看重的獨特能力，其他任何人都無法比擬。我們的會員計劃提供產品折扣和定期訪問難以獲得的庫存、免費送貨和安裝、免費技術支持、免費產品保護和許多其他好處。

Let me provide a tangible example of how the offer can come to life. A Totaltech member purchases a 65-inch TV and gets a $150 member discount. She gets the TV delivered and mounted on the wall in her living room. The next month, she buys a new iPhone for her daughter. As long as she keeps up her membership, she gets 2 years of product protection on the TV she bought and 2 years of AppleCare+ protection for the phone.

讓我提供一個具體的例子來說明這個提議是如何實現的。 Totaltech 會員購買 65 英寸電視並獲得 150 美元的會員折扣。她把電視機送到了客廳的牆上。下個月，她為女兒買了一部新 iPhone。只要她保持會員身份，她就可以在她購買的電視上獲得 2 年的產品保護，並為手機獲得 2 年的 AppleCare+ 保護。

A few weeks later, she can't get her laptop to connect to her printer. So she hops on the dedicated chat line with Geek Squad who fixes the problem by remoting into her computer, so she can get on with a productive day of working from home. As a member, she received all those benefits for $199 per year. As you can see, not only do members receive significant savings, they can also be confident that whatever their technology needs are, we will be there to help.

幾週後，她的筆記本電腦無法連接到打印機。因此，她跳上了與 Geek Squad 的專用聊天線路，Geek Squad 通過遠程連接到她的計算機來解決問題，這樣她就可以在家工作，度過富有成效的一天。作為會員，她以每年 199 美元的價格獲得所有這些福利。如您所見，會員不僅可以節省大量費用，而且他們還可以確信無論他們的技術需求是什麼，我們都會提供幫助。

The goal is to create an experience that makes it inconceivable for members to purchase their tech from anyone else, driving a larger share of consumer electronic spend to Best Buy. We successfully rolled out the program nationally and online and converted more than 3 million former tech support members. It is very early as we just launched last month. But so far, we continue to see behaviors that we intend to drive and that we saw in the pilot, including more frequent interaction and higher incremental spend than nonmembers.

目標是創造一種體驗，讓會員無法從其他人那裡購買他們的技術，從而將更大的消費電子支出份額推向百思買。我們成功地在全國和網上推出了該計劃，並轉換了超過 300 萬前技術支持成員。我們上個月剛剛推出，現在還為時過早。但到目前為止，我們繼續看到我們打算推動的行為以及我們在試點中看到的行為，包括比非會員更頻繁的互動和更高的增量支出。

Given the breadth of the offer, it is resonating well across all customer demographics and our new members are skewing younger than our former Total Tech Support membership program. NPS numbers across all channels are higher than for nonmembers as well. And importantly, our employees believe in and love articulating the value of membership to our customers.

鑑於優惠的廣度，它在所有客戶群體中都引起了共鳴，而且我們的新成員比我們以前的 Total Tech Support 會員計劃更年輕。所有渠道的 NPS 數量也高於非會員。重要的是，我們的員工相信並喜歡向我們的客戶闡明會員的價值。

As we discussed in previous calls, we are in the midst of multiple store pilots and tests. Of course, we are always piloting concepts. But right now, we are very focused on piloting and testing to build a framework that will move us from a retailer that is focused foremost on its stores to a true omnichannel one that provides equal focus on all the ways customers shop with us.

正如我們在之前的電話會議中所討論的，我們正處於多個商店試點和測試之中。當然，我們總是在試驗概念。但是現在，我們非常專注於試點和測試，以建立一個框架，將我們從一個最關注其商店的零售商轉變為一個真正的全渠道零售商，同時關注客戶與我們一起購物的所有方式。

I will provide a few updates on our progress. We launched Phase 1 of our virtual store pilot last month. For this, we built out a physical store in one of our distribution centers with merchandising and products that is staffed with dedicated associates, including vendor-provided expert labor. It has no physical customers. Instead, customers interact with our experts via chat, audio, video and screen sharing depending on their preference and are able to see live demos, displays and physical products.

我將提供一些關於我們進展的更新。我們上個月啟動了虛擬商店試點的第一階段。為此，我們在我們的一個配送中心建立了一家實體店，配備了專門的員工，包括供應商提供的專家勞動力。它沒有實體客戶。相反，客戶可以根據自己的喜好通過聊天、音頻、視頻和屏幕共享與我們的專家互動，並能夠看到現場演示、展示和實物產品。

It is early, and we have not rolled out all the product categories yet, but initial results are showing much higher conversion rates as well as higher average order value than we see with historical chat interactions.

現在還為時過早，我們還沒有推出所有產品類別，但初步結果顯示，與歷史聊天互動相比，轉化率和平均訂單價值要高得多。

In Charlotte, we have made significant progress rolling out the market pilot designed to leverage all our assets in a portfolio strategy across stores, fulfillment services and outlet lockers, our digital app and both in-store and in-home consultation labor. We launched our new outlet featuring all product categories in addition to a new services hub model and remodeled 8 stores. And in Houston, we are continuing to see strong results from our experiential store pilot and plan to roll out aspects of this more broadly in stores across the country as we enter next year.

在夏洛特，我們在推出市場試點方面取得了重大進展，該試點旨在在商店、履行服務和奧特萊斯儲物櫃、我們的數字應用程序以及店內和家庭諮詢勞動力的投資組合戰略中利用我們的所有資產。除了新的服務中心模式外，我們還推出了涵蓋所有產品類別的新奧特萊斯，並改造了 8 家門店。在休斯頓，我們繼續從體驗店試點中看到強勁的成果，併計劃在明年進入時在全國各地的商店中更廣泛地推廣這方面的內容。

These are not the only pilots happening, and thus, they aren't the only pilots that will influence where we go as a company. From Northern California to Houston to The Bronx, we are assessing new formats and learning our way to the right physical model. At the same time, we are piloting and evolving our labor models in other markets to meet our customers' changing shopping behaviors. That means leveraging technology in stores that don't have as much labor and developing a much more flexible workforce.

這些並不是唯一正在發生的飛行員，因此，他們也不是唯一會影響我們公司發展方向的飛行員。從北加州到休斯頓再到布朗克斯，我們正在評估新的格式並學習如何找到正確的物理模型。同時，我們正在其他市場試點和發展我們的勞動力模式，以滿足客戶不斷變化的購物行為。這意味著在勞動力不足的商店中利用技術並發展更靈活的勞動力。

This is a workforce that can not only provide expert help across product categories, both in-store and virtually, but also flex into other activities like curbside fulfillment, and it empowers employees to flexibly pick up shifts at other stores or at our distribution centers.

這支員工隊伍不僅可以提供跨產品類別的專家幫助，包括店內和虛擬的，還可以靈活參與其他活動，例如路邊履行，它使員工能夠靈活地在其他商店或我們的配送中心接班。

I also want to highlight our unique ability to both inspire and support our customers through our consultation and our Geek Squad services. We have almost 3,000 consultants and designers to provide free consultations across customers' homes, in stores and virtually. These consultations represent one of our highest NPS experiences consistently over 80. Importantly, they also lead to longer-term and stickier customer relationships as more than 85% of customers who use the program stated they intend to continue shopping with their consultants.

我還想強調我們通過諮詢和 Geek Squad 服務激發和支持客戶的獨特能力。我們有近 3,000 名顧問和設計師在客戶家中、商店和虛擬環境中提供免費諮詢。這些諮詢代表了我們始終超過 80 歲的最高 NPS 體驗之一。重要的是，它們還帶來了更長期和更牢固的客戶關係，因為超過 85% 的使用該計劃的客戶表示他們打算繼續與他們的顧問一起購物。

Turning to the product support we provide, as many of you likely know, when something goes wrong with your products or delivery or installation, it is a highly unplanned and often emotional event. Not surprisingly, our customer research tells us that customers value quick response times and demand transparency, fast repair times, and quality repairs from a trusted provider. Our Geek Squad has an industry-leading set of capabilities that garner market-leading NPS and also drive additional revenue for Best Buy in the moment and over time.

談到我們提供的產品支持，你們中的許多人可能都知道，當您的產品或交付或安裝出現問題時，這是一個高度無計劃且經常情緒化的事件。毫不奇怪，我們的客戶研究告訴我們，客戶重視快速響應時間，並要求值得信賴的供應商提供透明、快速的維修時間和高質量的維修服務。我們的 Geek Squad 擁有一套行業領先的能力，能夠獲得市場領先的 NPS，並在當下和一段時間內為百思買帶來額外的收入。

Around 20% of our phone and computer repair customers purchase additional products the day they receive the repair. Additionally, our data shows that customers who have phone or computer repairs are far more likely to make a purchase in the following 12 months. Over time, we have also been evolving our partnerships with our vendors in response to changing customer shopping behavior.

我們大約 20% 的電話和電腦維修客戶在收到維修後會購買額外的產品。此外，我們的數據顯示，維修過手機或電腦的客戶更有可能在接下來的 12 個月內進行購買。隨著時間的推移，我們也一直在發展與供應商的合作夥伴關係，以應對不斷變化的客戶購物行為。

Our in-store vendor experiences are crucial to our customer experience and remain a significant source of competitive advantage. We have extended many of these in-store experiences to digital experiences. Our vendors partner with us to provide expert training and tools for our consultants and designers. And importantly, our vendors are increasingly sending sales leads from their own websites to our consultants and designers.

我們的店內供應商體驗對我們的客戶體驗至關重要，並且仍然是競爭優勢的重要來源。我們已將其中許多店內體驗擴展到數字體驗。我們的供應商與我們合作，為我們的顧問和設計師提供專家培訓和工具。重要的是，我們的供應商越來越多地將銷售線索從他們自己的網站發送給我們的顧問和設計師。

We are also leveraging our unique Geek Squad capabilities to strengthen and expand our partnerships with our vendors. We are already the nation's largest physical destination for Apple authorized repair services, including same-day iPhone repairs, attracting new customers as 1/3 of these Apple repair customers are new or reengaged customers for Best Buy.

我們還利用我們獨特的 Geek Squad 功能來加強和擴大我們與供應商的合作夥伴關係。我們已經是美國最大的 Apple 授權維修服務實體目的地，包括當日 iPhone 維修，吸引了新客戶，因為這些 Apple 維修客戶中有 1/3 是百思買的新客戶或重新參與的客戶。

In October, we launched Samsung authorized phone repair service nationally. Roughly 30% of our stores will offer same-day in-store repairs completed by Samsung certified Geek Squad agents, using Samsung parts, diagnostics and tools. Phone repair is a universal need for customers, and this expansion gives Best Buy the capability to repair the overwhelming majority of phones in the marketplace.

10月，我們在全國推出三星授權手機維修服務。我們大約 30% 的商店將提供由三星認證的 Geek Squad 代理使用三星零件、診斷程序和工具完成的當日店內維修。電話維修是客戶的普遍需求，這種擴展使百思買能夠維修市場上絕大多數電話。

In addition, we are also starting to leverage our industry-leading and convenient buy online, pick up in store experience in partnerships with our vendors. Customers purchasing select items on samsung.com now have the option to pick up their products at their local Best Buy store and shoppers purchasing Insignia, Toshiba and Pioneer Fire TVs on amazon.com can pick up their TVs at their local Best Buy stores.

此外，我們還開始利用我們行業領先且便捷的在線購買、與供應商合作的店內體驗。在 samsung.com 上購買精選商品的顧客現在可以選擇在當地的 Best Buy 商店取貨，在 amazon.com 上購買 Insignia、Toshiba 和 Pioneer Fire TV 的顧客可以在當地的 Best Buy 商店取貨。

For many of our vendors, we use our considerable supply chain expertise to transport their product often from the country of origin to our distribution centers. In addition to helping our vendors, it allows us to increase our level of visibility into incoming inventory and to garner greater scale.

對於我們的許多供應商，我們利用我們豐富的供應鏈專業知識將他們的產品經常從原產國運輸到我們的配送中心。除了幫助我們的供應商外，它還使我們能夠提高對進貨庫存的可見性並獲得更大的規模。

And finally, we have been investing in our long-standing advertising business, building new capabilities to help vendors effectively reach our customers. Best Buy's relevance, customer relationship, and first-party data have grown along with customers' technology needs and our ability to meet those needs. These are all great examples of value we can provide to our vendor partners that many other retailers cannot.

最後，我們一直在投資於我們長期存在的廣告業務，建立新的能力來幫助供應商有效地接觸我們的客戶。百思買的相關性、客戶關係和第一方數據隨著客戶的技術需求和我們滿足這些需求的能力而增長。這些都是我們可以向供應商合作夥伴提供許多其他零售商無法提供的價值的很好例子。

In addition to focusing our performance on our core CE and appliance categories, we are continuing to expand our assortment in newer categories where we can leverage our ability to commercialize new technology. For example, we created a robust online experience and assortment for electric transportation. And during Q3, our sales in the category more than doubled. As a result, we are expanding our online assortment of electric bikes by 4x and also plan to assort them in physical stores early next year.

除了將我們的表現集中在我們的核心 CE 和家電類別上，我們還在繼續擴大我們在新類別中的分類，我們可以在這些類別中利用我們將新技術商業化的能力。例如，我們為電動交通創造了強大的在線體驗和分類。在第三季度，我們在該類別的銷售額翻了一番多。因此，我們將電動自行車的在線分類擴大了 4 倍，併計劃明年初在實體店進行分類。

And because customers are looking to us to complete their solutions, we have been expanding our assortment in categories like outdoor living, as more and more consumers look to make over or upgrade their outdoor living spaces. This includes products like patio furniture, grills, fire pits, and electric mowers, just to name a few. In fact, earlier this month, we acquired Yardbird, a leading direct-to-consumer company that specializes in premium sustainable outdoor furniture, including dining sets, lounge seating, fire tables and accessories. We are excited about the opportunity to use our expertise in merchandising and supply chain to scale this business both online and in physical locations across the nation.

由於客戶希望我們完成他們的解決方案，我們一直在擴大戶外生活等類別的產品種類，因為越來越多的消費者希望改造或升級他們的戶外生活空間。這包括庭院家具、烤架、火坑和電動割草機等產品，僅舉幾例。事實上，本月早些時候，我們收購了 Yardbird，這是一家領先的直接面向消費者的公司，專門生產優質可持續戶外家具，包括餐桌椅、休息室座椅、壁爐台和配件。我們很高興有機會利用我們在銷售和供應鏈方面的專業知識在全國范圍內在線和實體店擴展這項業務。

We also made an exciting acquisition recently in the health space. Let me take a second to reiterate our overall health strategy and how the acquisition fits. Our Best Buy Health strategy focuses on 3 areas that start with our strength in retail and build to connecting patients to physicians. The first focus area is the consumer health category for customers who want to be healthier, sleep better, or need to monitor a chronic condition like diabetes or heart disease, for example. You can see this built out in a robust way on our website.

我們最近還在健康領域進行了一項激動人心的收購。讓我花一點時間重申我們的整體健康戰略以及此次收購的契合度。我們的百思買健康戰略側重於 3 個領域，這些領域從我們在零售方面的實力開始，並將患者與醫生聯繫起來。第一個重點領域是消費者健康類別，適用於想要更健康、睡得更好或需要監測糖尿病或心髒病等慢性病的客戶。您可以在我們的網站上以穩健的方式看到這一點。

The second area is active aging, which includes device-based emergency response and other services for Generation A, who wish to live independently in their homes. This opportunity shows up prominently in our physical stores. The third focus area is virtual care. Best Buy's role in virtual care is to enable people in their homes to connect seamlessly with their health care providers. The trend to this type of care is increasing, accelerated in large measure by the pandemic.

第二個領域是積極老齡化，其中包括基於設備的應急響應和為希望在家中獨立生活的 A 一代提供的其他服務。這個機會在我們的實體店中佔據顯著位置。第三個重點領域是虛擬護理。百思買在虛擬護理中的作用是讓人們在家中與他們的醫療保健提供者無縫連接。此類護理的趨勢正在增加，大流行在很大程度上加速了這種趨勢。

To more fully meet that growing customer demand and accelerate our work with new and innovative services, we acquired a company called Current Health. Current Health developed a market-leading remote patient monitoring platform that allows physicians to monitor and connect with patients in their home. Their platform includes an FDA-cleared wearable medical device that monitors vital signs, a home hub, which integrates to hundreds of other monitoring devices, and integration to the patient's electronic health record.

為了更充分地滿足不斷增長的客戶需求並通過新的創新服務加速我們的工作，我們收購了一家名為 Current Health 的公司。 Current Health 開發了一個市場領先的遠程患者監測平台，允許醫生在家中監測患者並與他們聯繫。他們的平台包括一個 FDA 批准的可監測生命體徵的可穿戴醫療設備、一個集成到數百個其他監測設備的家庭中心，以及集成到患者的電子健康記錄。

With their remote monitoring platform, combined with the scale, expertise and connection to the home that Best Buy has, we will be able to create a holistic care ecosystem that shows up for customers across all their health care needs. To be clear, even though the health care industry is evolving quickly, in many ways as a result of the pandemic impacts, it adopts new ways of doing things at a much slower pace than other industries like retail. Virtual care is a truly nascent space with significant opportunity, but it will take time and investment to develop our offerings and scale.

憑藉他們的遠程監控平台，結合百思買的規模、專業知識和與家庭的聯繫，我們將能夠創建一個全面的護理生態系統，滿足客戶的所有醫療保健需求。需要明確的是，儘管醫療保健行業發展迅速，但在許多方面，由於大流行的影響，它採用新的做事方式的速度比零售等其他行業慢得多。虛擬護理是一個真正新生的空間，擁有巨大的機遇，但開發我們的產品和規模需要時間和投資。

As you can see, technology developments are driving our initiatives across the company. We need technology tools and capabilities to help us as we transform and evolve the way we operate and serve our customers. That is why we continue to devote significant resources to technology investments. For example, we are leveraging our investments in electronic sign labels to very nimbly highlight Best Buy Totaltech member pricing for customers shopping in our stores. We also just launched the ability for our electronic sign labels to provide important messaging regarding product availability, so that customers will easily be able to see if the product is in stock in that store or at another store nearby or when it could be delivered and installed.

如您所見，技術發展正在推動我們在整個公司的舉措。我們需要技術工具和能力來幫助我們轉變和發展我們運營和服務客戶的方式。這就是我們繼續投入大量資源進行技術投資的原因。例如，我們正在利用我們對電子標牌的投資，為在我們商店購物的客戶非常靈活地突出 Best Buy Totaltech 會員定價。我們還剛剛推出了讓我們的電子標牌標籤提供有關產品可用性的重要信息的功能，以便客戶能夠輕鬆查看該產品是否在該商店或附近的另一家商店有庫存，或者何時可以交付和安裝.

Technology was instrumental in recently launching the first of many new communication enhancements to improve our award-winning appliance customer experience. Metro delivery customers, that utilize the appointment tracker page on the day of their delivery, can now see how many stops away their driver is at any given time. It may seem like a small enhancement, but already, we can see significant customer engagement with the page. Another step toward our goal to make customers feel confident and in control throughout the research, purchase, fulfillment and use of their large product.

技術在最近推出了許多新的通信增強功能中的第一個，以改善我們屢獲殊榮的家電客戶體驗。地鐵送貨客戶在送貨當天使用預約跟踪頁面，現在可以看到他們的司機在任何給定時間離他們多少站。這似乎是一個小的改進，但我們已經可以看到客戶對該頁面的大量參與。朝著我們的目標邁出的又一步，讓客戶在整個研究、購買、履行和使用他們的大型產品的過程中感到自信和掌控。

Technology was also crucial in our recent launching of next-day delivery of appliances and large TVs, which we are piloting first for in-store and online customers in our Minneapolis and Baltimore markets. Next month, we are launching a new capability, leveraging QR codes for high-velocity products that are locked up, particularly in areas of high shrink. Instead of waiting for an associate to unlock the product, the customer can scan the QR code and then proceed to check out to pay and pick up the product. And we recently implemented enhancements to our digital platform, improving flexibility across our workforce by seamlessly giving employees the ability to pick up open shifts at nearby locations in addition to their home location.

技術對於我們最近推出的次日送達家電和大型電視也至關重要，我們首先在明尼阿波利斯和巴爾的摩市場為店內和在線客戶進行試點。下個月，我們將推出一項新功能，將 QR 碼用於鎖定的高速產品，特別是在高度收縮的區域。顧客無需等待店員解鎖產品，只需掃描二維碼即可結賬，付款並取貨。我們最近對我們的數字平台實施了增強，通過無縫地讓員工能夠在他們的家庭位置之外的附近地點接班，提高了我們員工隊伍的靈活性。

These examples are a small token of the work our digital and technology teams are doing to improve the customer and employee experience. And of course, we are also continuing to make significant investments in fundamental technology capabilities like data and analytics, and broader cloud migration in order to drive scale, efficiency and effectiveness.

這些示例只是我們數字和技術團隊為改善客戶和員工體驗所做的工作的一個小標誌。當然，我們還將繼續對數據和分析等基礎技術能力以及更廣泛的雲遷移進行重大投資，以提高規模、效率和有效性。

I would like to take a moment to extend my gratitude to our people. Over the past 21 months, they have flexibly dealt with rapidly changing store operations as we responded to impacts of the pandemic. They created safe environments for customers and worked tirelessly to provide excellent service, even in situations where customers resisted following safety guidelines and in some cases were disrespectful.

我想花一點時間對我們的人民表示感謝。在過去的 21 個月中，隨著我們應對大流行的影響，他們靈活地應對了快速變化的商店運營。他們為客戶創造了安全的環境並孜孜不倦地提供優質服務，即使在客戶拒絕遵守安全準則並且在某些情況下不尊重的情況下也是如此。

In addition, we have increased the level of pilots and tests in the field as we evolve our operating model. This has introduced a great deal of change. We know that change is exciting, but we acknowledge it can also be challenging. I am truly grateful for and impressed by our associates' dedication, resourcefulness and flat-out determination. And I'm thrilled to say that our in-store NPS in Q3 increased versus last year and versus 2 years ago before the pandemic despite all of these disruptions.

此外，隨著我們運營模式的發展，我們提高了現場試點和測試的水平。這帶來了很大的變化。我們知道變化是令人興奮的，但我們承認它也可能具有挑戰性。我真的很感激我們員工的奉獻精神、足智多謀和堅定不移的決心，並給我留下了深刻的印象。我很高興地說，儘管有所有這些中斷，我們在第三季度的店內 NPS 與去年和大流行前兩年前相比有所增加。

Now I would like to briefly touch on our ESG efforts and how we are working across the company to have a positive impact on our planet. Earlier this month, we announced that we are a founding member of the Race to Zero initiative that aims to accelerate climate action within the retail industry. Best Buy's participation builds on our existing efforts to reduce our carbon footprint. We are proud of our progress in reducing emissions 61% since 2009, and we have pledged to be carbon neutral by 2040.

現在我想簡要談談我們在 ESG 方面所做的努力，以及我們如何在整個公司內開展工作以對我們的星球產生積極影響。本月早些時候，我們宣布我們是“零競賽”倡議的創始成員，該倡議旨在加快零售行業的氣候行動。百思買的參與建立在我們現有的減少碳足蹟的努力之上。我們為自 2009 年以來在減排 61% 方面取得的進展感到自豪，我們承諾到 2040 年實現碳中和。

We have also taken on a more specific focus on the circular economy within our operations and with our customers. In Q3, we collected and responsibly recycled more than 48 million pounds of consumer electronics, keeping products and commodities out of landfills. To help our customers live more sustainably, last quarter, we sold more than 5 million ENERGY STAR certified products, helping our customers reduce their carbon footprint and save on utility bills.

我們還更具體地關注我們運營中和客戶的循環經濟。在第三季度，我們收集並負責任地回收了超過 4800 萬磅的消費電子產品，使產品和商品遠離垃圾填埋場。為了幫助我們的客戶更可持續地生活，上個季度，我們售出了超過 500 萬件 ENERGY STAR 認證產品，幫助我們的客戶減少碳足跡並節省水電費。

We also kept more than 600,000 devices in use longer and out of landfills by leveraging our customer trade-in program, Geek squad repair services and Best Buy outlets. These are initiatives our customers and vendors value and capabilities no one else has at our scale and breadth.

我們還利用我們的客戶以舊換新計劃、Geek 小隊維修服務和百思買網點，讓超過 600,000 台設備的使用時間更長，並且不會被填埋。這些是我們的客戶和供應商重視和能力的舉措，在我們的規模和廣度上沒有其他人擁有。

In summary, we have delivered remarkable year-to-date results, and I am so proud of the execution of all our teams. We are looking forward to a strong holiday season and believe we are extremely well positioned with both the tech customers wants and fast and convenient ways to get it. We launched some of our Black Friday deals in mid-October that included a price guarantee for all customers. And this past Friday, started Black Friday early by making almost all of our Black Friday deals available.

總而言之，我們今年迄今取得了令人矚目的成績，我為我們所有團隊的執行力感到非常自豪。我們期待著一個強勁的假期季節，並相信我們在滿足技術客戶需求和快速便捷的獲取方式方面處於非常有利的地位。我們在 10 月中旬推出了一些黑色星期五交易，其中包括為所有客戶提供價格保證。在過去的這個星期五，通過提供幾乎所有的黑色星期五優惠，我們提前開始了黑色星期五。

Throughout the holiday season, we are promising free next-day delivery on thousands of items. And of course, store pickup, whether in-store or curbside, will be a great and convenient option for our customers to get their products.

在整個假期期間，我們承諾為數千件商品提供次日免費送貨服務。當然，無論是在店內還是路邊，商店取貨都將是我們的客戶獲取產品的絕佳便捷選擇。

Building on that, as we think about next year and beyond, we are mindful of just how much the consumer has changed and how enduring that change will be. Terms like home nesting and virtual care have been invented to describe what all of us know so well, that where we work, entertain, receive health care, and connect has changed, and our homes are now central to our lives more than ever before. The penetration of technology associated with this way of living has been and continues to be sizable. And we are already seeing shorter upgrade cycles as technology evolves and we constantly optimize our homes.

在此基礎上，當我們考慮明年及以後的時間時，我們會注意到消費者發生了多大的變化，以及這種變化的持久性。已經發明了諸如家庭嵌套和虛擬護理之類的術語來描述我們所有人都非常了解的事情，我們工作、娛樂、接受醫療保健和聯繫的地方已經發生了變化，我們的家現在比以往任何時候都更加成為我們生活的中心。與這種生活方式相關的技術滲透已經並將繼續相當大。隨著技術的發展和我們不斷優化我們的家園，我們已經看到更短的升級週期。

The demand for convenience and experience on the customers' terms has exponentially driven change. Our hypothesis has consistently been that true omnichannel retailing would create differentiated experiences that allow us to seamlessly and conveniently engage and retain customers. As such, we have continuously invested in these experiences and notably, we never defined omnichannel as being stores and online. Instead, we included our unique and powerful service, virtual and in-home capabilities.

客戶對便利性和體驗的需求以指數方式推動了變化。我們的假設一直是，真正的全渠道零售將創造差異化的體驗，使我們能夠無縫、方便地吸引和留住客戶。因此，我們不斷投資於這些體驗，值得注意的是，我們從未將全渠道定義為商店和在線。相反，我們包含了我們獨特而強大的服務、虛擬和家庭功能。

We are certain that technology will continue to play a more dominant role in consumers' lives. Given our omnichannel capabilities, the ones we have today and the ones we are building for the future, we are fully confident that we will capitalize on a much larger, more broadly defined consumer electronics category and be able to better serve a customer who will be using and upgrading much of that CE more frequently.

我們確信，技術將繼續在消費者的生活中發揮更重要的作用。鑑於我們今天擁有的全渠道能力以及我們正在為未來構建的能力，我們完全有信心利用更大、更廣泛定義的消費電子產品類別，並能夠更好地服務於將成為更頻繁地使用和升級大部分 CE。

We plan to hold an investor event next March to share more detail on our initiatives, provide our thoughts on our financial model going forward and introduce longer-term financial targets. I will now turn the call over to Matt for more color on our financial results.

我們計劃在明年 3 月舉行一次投資者活動，以分享更多關於我們舉措的細節，提供我們對未來財務模式的看法，並介紹長期財務目標。我現在將把電話轉給馬特，以獲得更多關於我們財務業績的信息。

Good morning, everyone. We are once again reporting strong financial results that continue to support our belief that technology plays an even more important role in everyone's lives, and we are uniquely positioned to serve them.

大家，早安。我們再次報告了強勁的財務業績，這繼續支持我們的信念，即技術在每個人的生活中發揮著更重要的作用，我們具有獨特的優勢來為他們服務。

Despite lapping the extraordinary 23% comparable sales growth from last year, we were once again able to generate positive comparable sales growth in each fiscal month of the third quarter.

儘管與去年相比，可比銷售額實現了 23% 的非凡增長，但我們在第三季度的每個財月再次實現了可比銷售額的正增長。

Compared to our guidance, Enterprise revenue of $11.9 billion exceeded the high end of our revenue outlook of $11.6 billion, driven by the better-than-expected comparable sales growth of 1.6% Our non-GAAP gross profit rate and SG&A expense were essentially in line with our expectations.

與我們的指引相比，119 億美元的企業收入超過了我們 116 億美元的收入預期的高端，這得益於好於預期的 1.6% 的可比銷售額增長我們的非公認會計準則毛利率和 SG&A 費用基本符合與我們的期望。

Compared to last year, Enterprise revenue grew $57 million, and our non-GAAP diluted earnings per share of $2.08 increased $0.02. A lower share count resulted in a $0.12 per share benefit on a year-over-year basis. Our non-GAAP operating income rate of 5.8% decreased 30 basis points as we invested in the launch of our new Totaltech membership.

與去年相比，企業收入增長了 5700 萬美元，我們的非 GAAP 攤薄後每股收益為 2.08 美元，增加了 0.02 美元。較低的股票數量導致每股收益同比增長 0.12 美元。由於我們投資推出了新的 Totaltech 會員，我們的非 GAAP 營業利潤率為 5.8%，下降了 30 個基點。

When comparing our results against 2 years ago for the third quarter of our fiscal '20, total revenue grew more than 20%. Additionally, our Domestic store channel revenue was approximately flat versus 2 years ago, while online revenue grew almost 150% in that time frame. As a result of the higher revenue and our ability to adjust to a new customer shopping behavior, our enterprise non-GAAP operating income rate was 160 basis points higher this quarter than the comparable quarter from 2 years ago.

將我們 20 財年第三季度的業績與 2 年前的業績進行比較時，總收入增長了 20% 以上。此外，我們的國內商店渠道收入與 2 年前大致持平，而在線收入在此期間增長了近 150%。由於更高的收入和我們適應新客戶購物行為的能力，本季度我們的企業非公認會計原則營業利潤率比兩年前的可比季度高出 160 個基點。

Let me now share more details specific to our third quarter. In our Domestic segment, revenue increased 1.2% to almost $11 billion. This increase was driven by a comparable sales increase of 2%, which was partially offset by the loss of revenue from store closures in the past year. As Corie shared, the biggest contributors to the comp sales growth in the quarter were appliances, home theater and mobile phones.

現在讓我分享更多關於我們第三季度的細節。在我們的國內部門，收入增長 1.2% 至近 110 億美元。這一增長是由 2% 的可比銷售額增長推動的，這部分被過去一年商店關閉造成的收入損失所抵消。正如科里所分享的，本季度複合銷售額增長的最大貢獻者是電器、家庭影院和手機。

After delivering significant growth for the past several quarters and lapping a 46% comp in the third quarter of last year, computing comparable sales were down slightly on a year-over-year basis, but still up nearly $1 billion from 2 years ago. In addition, our services comparable sales declined 5.6% this quarter. This was primarily the result of our new Totaltech membership, which includes benefits that were previously stand-alone revenue-generating services such as warranty and installation.

在過去幾個季度實現顯著增長並在去年第三季度實現 46% 的比較後，計算可比銷售額同比略有下降，但仍比兩年前增加了近 10 億美元。此外，本季度我們的服務可比銷售額下降了 5.6%。這主要是我們新的 Totaltech 會員資格的結果，其中包括以前獨立的創收服務，如保修和安裝。

In our International segment, revenue decreased 7.8% to $925 million. This decrease was driven by the loss of approximately $90 million in revenue from exiting Mexico and a comparable sales decline of 3% in Canada. Partially offsetting these items was the benefit of approximately 450 basis points from foreign currency.

在我們的國際部門，收入下降 7.8% 至 9.25 億美元。這一下降是由於退出墨西哥造成的約 9000 萬美元收入損失和加拿大可比銷售額下降 3% 所致。部分抵消這些項目的是大約 450 個基點的外幣收益。

Turning now to gross profit. The domestic gross profit rate decreased 60 basis points to 23.4%. As expected, the decrease was due to, one, lower profit margin rates, which were primarily driven by lapping lower levels of promotions, product damages and returns compared to last year as well as higher inventory shrink; and, two, lower services margin rates, which included rate pressure from Totaltech. The previous items were partially offset by higher profit sharing revenue from the company's private label and co-branded credit card arrangement.

現在轉向毛利潤。國內毛利率下降60個基點至23.4%。正如預期的那樣，下降是由於，一是利潤率下降，這主要是由於與去年相比，促銷、產品損壞和退貨水平較低，以及庫存收縮率較高；第二，較低的服務利潤率，其中包括來自 Totaltech 的費率壓力。之前的項目被公司自有品牌和聯合品牌信用卡安排帶來的更高利潤分成收入部分抵消。

The gross profit rate pressure from our new membership offering primarily relates to the incremental customer benefits and associated costs compared to our previous Total Tech Support offer. As Corie mentioned, like many others, we saw increased transportation costs within our supply chain. However, this pressure was offset by reduced parcel expense since our mix of online sales was lower than last year.

與我們之前的全面技術支持服務相比，我們新的會員服務帶來的毛利率壓力主要與增加的客戶利益和相關成本有關。正如 Corie 所提到的，與許多其他人一樣，我們看到供應鏈中的運輸成本增加了。然而，這種壓力被包裹費用的減少所抵消，因為我們的在線銷售組合低於去年。

The International non-GAAP gross profit rate increased 240 basis points to 25%. The higher gross profit rate was driven by improved product margin rates in Canada and a loss of lower-margin sales from the Mexico exit.

國際非公認會計準則毛利率增加 240 個基點至 25%。較高的毛利率是由於加拿大產品利潤率的提高以及墨西哥出口導致的利潤率較低的銷售損失。

Moving next to SG&A. Domestic non-GAAP SG&A increased $9 million and improved 20 basis points versus last year as a percentage of revenue. As expected, higher advertising expense and increased technology investments were partially offset by last year's $40 million donation to the Best Buy Foundation and lower incentive compensation.

搬到SG&A旁邊。國內非 GAAP SG&A 增加了 900 萬美元，佔收入的百分比與去年相比提高了 20 個基點。正如預期的那樣，較高的廣告費用和增加的技術投資被去年向百思買基金會捐贈的 4000 萬美元和較低的激勵補償部分抵消。

When comparing to 2 years ago, Domestic non-GAAP SG&A increased $155 million and decreased 230 basis points as a percentage of revenue. The largest drivers of the increase versus fiscal '20 were higher incentive compensation, increased technology and advertising investments and additional variable costs due to the higher sales volume. Partially offsetting these items was lower store payroll expense.

與 2 年前相比，國內非 GAAP SG&A 增加了 1.55 億美元，佔收入的百分比下降了 230 個基點。與 20 財年相比，增長的最大驅動因素是更高的激勵薪酬、增加的技術和廣告投資以及由於銷量增加而導致的額外可變成本。部分抵消這些項目的是較低的商店工資支出。

Moving to the balance sheet. We ended the quarter with $3.5 billion in cash. At the end of Q3, our inventory balance was 15% higher than last year's comparable period and was 13% higher than our Q3 ending inventory balance from 2 years ago. The increased inventory represents our plans to support the current demand for technology as well as last year's unusually low inventory balance.

轉移到資產負債表。我們以 35 億美元的現金結束了本季度。在第三季度末，我們的庫存餘額比去年同期高出 15%，比兩年前的第三季度末庫存餘額高出 13%。增加的庫存表明我們計劃支持當前對技術的需求以及去年異常低的庫存餘額。

Earlier this month, we completed our acquisitions of Current Health and Yardbird, which will be reflected on our cash flow statement in Q4. The combined purchase price of the 2 transactions was approximately $485 million and they were funded with cash. The Current Health acquisition was a larger cash outlay at approximately $400 million and is expected to have a slightly negative impact on our Q4 non-GAAP operating income. We are not expecting either acquisition to have a material impact on our revenue performance this year.

本月早些時候，我們完成了對 Current Health 和 Yardbird 的收購，這將反映在我們第四季度的現金流量表中。兩筆交易的總收購價約為 4.85 億美元，資金來源為現金。 Current Health 的收購是一筆較大的現金支出，約為 4 億美元，預計將對我們第四季度的非公認會計原則營業收入產生輕微的負面影響。我們預計這兩項收購都不會對我們今年的收入表現產生重大影響。

During the quarter, we returned a total of $577 million to shareholders through share repurchases of $405 million and dividends of $172 million. With a year-to-date share buyback spend of $1.7 billion, we still expect to spend more than $2.5 billion in share repurchases this year.

本季度，我們通過 4.05 億美元的股票回購和 1.72 億美元的股息向股東返還了 5.77 億美元。今年迄今的股票回購支出為 17 億美元，我們預計今年的股票回購支出仍將超過 25 億美元。

Let me next share more color on our guidance for the fourth quarter, which remains very similar to the implied guidance we provided last quarter. We expect comparable sales growth to be in the range of down 2% to up 1% to last year, which is on top of our 12.6% comparable sales growth in the fourth quarter of last year. Like other companies, we continue to monitor the evolving impacts of the pandemic and supply chain pressures driven by global demand. We are confident in our ability to navigate the ever-changing environment. From a profit rate perspective, we are planning for a non-GAAP rate that is approximately 30 basis points below last year's rate due to the estimated impact of our new Totaltech offer, which we expect to be partially offset by a more favorable product mix.

接下來讓我分享我們對第四季度的指導的更多色彩，這與我們上季度提供的隱含指導非常相似。我們預計可比銷售額增長將比去年下降 2% 至 1%，這是我們去年第四季度 12.6% 的可比銷售額增長的基礎。與其他公司一樣，我們將繼續監測全球需求推動的大流行和供應鏈壓力不斷變化的影響。我們對自己駕馭不斷變化的環境的能力充滿信心。從利潤率的角度來看，由於我們新的 Totaltech 報價的估計影響，我們計劃將非 GAAP 利率比去年的利率低約 30 個基點，我們預計這將被更有利的產品組合部分抵消。

From a non-GAAP SG&A standpoint, we are planning dollars to increase approximately 8% compared to last year. The largest drivers of SG&A increase are expected to be technology investments, increased advertising, health investments, and higher compensation, in addition, incentive compensation. In addition, we are planning on increased spend compared to our previous outlook for store labor and call center support this holiday season to better support the customer experience.

從非 GAAP SG&A 的角度來看，我們計劃與去年相比增加約 8%。預計 SG&A 增長的最大驅動因素是技術投資、增加的廣告、健康投資以及更高的薪酬以及激勵性薪酬。此外，與之前的預期相比，我們計劃在這個假期增加商店勞動力和呼叫中心支持的支出，以更好地支持客戶體驗。

Turning to our full year outlook. We expect the following: Enterprise revenue in the range of $51.8 billion to $52.3 billion compared to our previous guide of $51 billion to $52 billion. Comparable sales growth of 10.5% to 11.5% compared to our previous guide of 9% to 11%, and a non-GAAP gross profit rate slightly higher than last year. For SG&A, we expect growth of approximately 9.5%, which compares to our prior outlook of 9%. We expect our non-GAAP effective tax rate to be approximately 20%, and we expect capital expenditures to be in the range of $800 million to $850 million.

轉向我們的全年展望。我們預計如下： 企業收入在 518 億美元至 523 億美元之間，而我們之前的指南為 510 億美元至 520 億美元。與我們之前指導的 9% 至 11% 相比，可比銷售額增長 10.5% 至 11.5%，非美國通用會計準則毛利率略高於去年。對於 SG&A，我們預計增長約為 9.5%，而我們之前的預期為 9%。我們預計我們的非公認會計原則有效稅率約為 20%，我們預計資本支出將在 8 億美元至 8.5 億美元之間。

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

我現在將把電話轉給接線員提問。

(Operator Instructions) Our first question comes from Anthony Chukumba with Loop Capital Markets.

（操作員說明）我們的第一個問題來自 Loop Capital Markets 的 Anthony Chukumba。

Congrats on a great quarter, particularly your ability to comp the comp against that really tough comparison year-over-year. So having said all that, one thing that just struck me a little bit was that you called out shrink as a gross margin headwind. I was just wondering if you can just provide a little bit more color around that?

祝賀一個偉大的季度，特別是你有能力將比較與去年同期的非常艱難的比較進行比較。說了這麼多，讓我有點吃驚的是，你把收縮稱為毛利率逆風。我只是想知道你是否可以提供更多的顏色？

Yes, absolutely, Anthony. I think you've probably seen in the media that across retail, we are definitely seeing more and more, particularly, organized retail crime and incidence of shrink in our locations. And I think you've heard other retailers talk about it and we certainly have seen it as well. I want to start with, our priority has always been and will remain the safety of our people, whether that's the pandemic, whether that is unruly customers, whether that is outright theft, which is a great deal of what we're seeing right now. And this is a real issue that hurts and scares real people.

是的，絕對是，安東尼。我想您可能已經在媒體上看到，在整個零售業中，我們肯定會看到越來越多的情況，特別是有組織的零售犯罪和我們所在地區的萎縮事件。而且我認為您已經聽到其他零售商談論它，我們當然也看到了它。我想首先，我們的首要任務一直是並將仍然是我們人民的安全，無論是大流行，是否是不守規矩的客戶，是否是徹頭徹尾的盜竊，這是我們現在看到的很多事情.這是一個真實的問題，會傷害和害怕真實的人。

We are doing a number of things to protect our people and our customers. As we talked about in the prepared remarks, we are finding ways where we can lock up product, but still make that a good customer experience. In some instances, we're hiring security. We're working with our vendors on creative ways we can stage the product. We're working with trade organizations. But you can see that pressure in our financials. And more importantly, frankly, you can see that pressure with our associates. This is traumatizing for our associates and is unacceptable. We are doing everything we can to try to create as safe as possible environments.

我們正在做很多事情來保護我們的員工和客戶。正如我們在準備好的評論中談到的那樣，我們正在尋找可以鎖定產品的方法，但仍然可以提供良好的客戶體驗。在某些情況下，我們會僱傭保安。我們正在與我們的供應商合作，以創造性的方式展示產品。我們正在與貿易組織合作。但你可以在我們的財務狀況中看到這種壓力。更重要的是，坦率地說，你可以看到我們員工的壓力。這對我們的員工來說是一種創傷，而且是不可接受的。我們正在盡一切努力創造盡可能安全的環境。

Got it. Good luck with the holiday selling season.

知道了。祝節日銷售旺季好運。

Thank you, Anthony.

謝謝你，安東尼。

Our next question comes from Simeon Gutman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Simeon Gutman。

This is actually Hannah Pittock on for Simeon Gutman. I wanted to ask on your Q4 guide. On the top line, it implies a pretty big deceleration on the comp stack. Are you seeing a slowdown in demand? Was there some pull forward do you think in holiday purchasing into Q3? Or is there maybe some conservatism built in there? Any detail you can give?

這實際上是 Simeon Gutman 的 Hannah Pittock。我想問你的 Q4 指南。最重要的是，這意味著 comp 堆棧上有相當大的減速。您是否看到需求放緩？您認為第三季度的假日採購是否有一些進展？或者那裡可能存在一些保守主義？有什麼細節可以給嗎？

Sure. I'll take that. This is Matt. We're projecting Q4 comps to be up 1% to down 2% compared to last year. The guidance range we actually gave is slightly up from the implied guidance range from last quarter. As a reminder, in August, we materially raised our sales guidance for the back half of the year from the expectations we had that we started the year. We still feel really confident about our inventory levels and our positioning for the holiday. And so I'd say, Q4 is a little more unique of a period of time, a place where our category is leveraged by many retailers over the holiday gifting season.

當然。我會接受的。這是馬特。我們預計第四季度的業績將比去年增長 1% 至 2%。我們實際給出的指導範圍略高於上一季度的隱含指導範圍。提醒一下，在 8 月份，我們從年初的預期中大幅提高了下半年的銷售指導。我們仍然對我們的庫存水平和假期定位充滿信心。所以我想說，第四季度在一段時間內更加獨特，我們的類別在節日禮物季節被許多零售商利用。

I would also say that some sales probably got pulled into October similar to last year as a lot of the narrative in the media in supply chain constraints worried our consumers. So during the first 3 weeks of last year as well, the gaming consoles released, which provided a bit of a lift. And we're also very mindful of lapping the stimulus dollars that came in January. As we talked about last year, we saw strong results in October, the sales moderated, and they started to pick back up in January.

我還要說，一些銷售可能會像去年一樣被拖到 10 月份，因為媒體上關於供應鏈限制的許多敘述讓我們的消費者感到擔憂。因此，在去年的前 3 週，遊戲機也發布了，這提供了一些幫助。我們也非常注意一月份出台的刺激資金。正如我們去年所說，我們在 10 月份看到了強勁的業績，銷售額有所放緩，並在 1 月份開始回升。

The last thing I'd say about Q4 is Super Bowl. Actually, majority of the business is shifting into Q1 of next year. We're starting the November about flattish sales. So we're still encouraged by the holiday demand that the consumer is very strong still. And so we're excited and think we're well positioned.

關於第四季度，我要說的最後一件事是超級碗。實際上，大部分業務正在轉移到明年的第一季度。我們從 11 月開始，銷售持平。因此，我們仍然對消費者仍然非常強勁的假日需求感到鼓舞。所以我們很興奮，並認為我們處於有利地位。

That's very helpful. Maybe a quick follow-up just on your domestic versus International segment. Obviously, Domestic kind of decelerated sequentially, and International actually picked up. In Q4, can you tell us anything about kind of the relative contribution you expect?

這很有幫助。也許只是對您的國內與國際細分市場的快速跟進。顯然，國內類依次減速，而國際實際上有所回升。在第四季度，您能告訴我們您期望的相對貢獻類型嗎？

I would expect that contribution to be relatively the same in Q3. Our International business on a 2-year basis was pretty similar to the U.S. They actually did stronger sales in Q3 last year than the Domestic business. So relative to the U.S., pretty consistent. And a lot of the same drivers for the U.S. business are similar internationally as well.

我預計第三季度的貢獻將相對相同。我們兩年的國際業務與美國非常相似。他們去年第三季度的銷售額實際上比國內業務強。所以相對於美國來說，相當一致。美國業務的許多相同驅動因素在國際上也相似。

Our next question comes from Christopher Horvers with JPMorgan.

我們的下一個問題來自摩根大通的 Christopher Horvers。

So I guess focusing a little bit on the gross margin and the adoption of Totaltech. Just curious on that impact in the third quarter, and as you think about the fourth quarter, down 30 basis points expected, so the Totaltech is a number than that. I was just curious how much of that is sort of diminishment of warranty sales versus more of an accounting phenomenon that you're sort of recognizing the benefit of Totaltech over an extended period of time versus prior?

所以我想稍微關註一下毛利率和 Totaltech 的採用。只是對第三季度的影響感到好奇，當您考慮第四季度時，預計會下降 30 個基點，因此 Totaltech 是一個數字。我只是好奇這在多大程度上是保修銷售的減少，而不是更多的會計現象，您在一定程度上認識到 Totaltech 在較長時間內與以前相比的好處？

Yes, the Totaltech impact essentially is due to just the enhanced benefits for that offering versus the Total Tech Support offering as we talked about last quarter. It's really that additional benefit that drives more short-term pressure on the gross margin rate. There is a little bit of revenue recognition difference between Total Tech Support and Totaltech. Total Tech Support a bit more was recognized in the first couple of months. Totaltech is more spread out across the entire year, so more of that pressure is coming from that.

是的，Totaltech 的影響基本上是由於該產品與我們上個季度談到的 Total Tech Support 產品相比增強了優勢。確實是這種額外的好處給毛利率帶來了更多的短期壓力。 Total Tech Support 和 Totaltech 在收入確認上存在一些差異。在最初的幾個月裡，總技術支持得到了更多的認可。 Totaltech 在整個一年中更加分散，因此更多的壓力來自於此。

But I'd also note that the goal of Totaltech is to actually drive more sales and drive more product sales and that will take a little bit of time as we start to ramp up the program. So that will help offset some of the pressure you see from the cannibalization of the services business.

但我還要指出，Totaltech 的目標實際上是推動更多銷售和推動更多產品銷售，隨著我們開始擴大計劃，這將需要一點時間。因此，這將有助於抵消您從服務業務的蠶食中看到的一些壓力。

And just as a quick follow-up on the last question. Do you have a sense or an estimate of perhaps how much January actually benefited from stimulus as we think about the sequencing of the current quarter?

就像對最後一個問題的快速跟進一樣。當我們考慮當前季度的順序時，您是否對 1 月份實際從刺激措施中受益多少有感覺或估計？

Yes. I mean, we said all of last year that stimulus is really hard to break out. It certainly did have a benefit. We could see the business change in January from the previous months. So we know it did have an impact. It's really hard to break out specifically.

是的。我的意思是，我們去年一整年都在說刺激措施真的很難爆發。它確實有好處。我們可以看到 1 月份的業務與前幾個月相比發生了變化。所以我們知道它確實產生了影響。真的很難具體突破。

Got it. Understood. Have a great holiday season.

知道了。明白了。度過一個愉快的假期。

Thank you.

謝謝你。

Our next question comes from Liz Suzuki with Bank of America.

我們的下一個問題來自美國銀行的 Liz Suzuki。

Great. So there are some other big box retailers that have gotten more invested in helping customers age in place, which you talked about in the prepared remarks. Clearly, there's a bigger focus on technology and Connected Health at Best Buy. How are you working on increasing customer awareness? Like what does the marketing look like for this particular initiative?

偉大的。因此，還有一些其他大型零售商在幫助客戶就地老化方面投入更多，你在準備好的評論中談到了這一點。顯然，百思買更加關注技術和互聯健康。您如何努力提高客戶意識？就像這個特定計劃的營銷是什麼樣的？

Yes. Thanks for the question, Liz. We have been really focused on this idea that tech could be instrumental in helping people age more comfortably in their homes for quite a while. It started with our purchase of a GreatCall a few years ago. And part of the reason that we brought GreatCall on board is they had massive experience in dealing with an aging population. And specifically to your question, targeting the right messages to the right people, which is not just targeting the aging population, it's also targeting caregivers who may be looking for some of this product.

是的。謝謝你的問題，麗茲。我們一直非常關注這樣一個想法，即科技可以幫助人們在一段時間內更舒適地在家中變老。它始於幾年前我們購買了 GreatCall。我們引入 GreatCall 的部分原因是他們在應對人口老齡化方面擁有豐富的經驗。特別是針對您的問題，將正確的信息發送給正確的人，這不僅針對人口老齡化，還針對可能正在尋找該產品的護理人員。

And so you've seen us over time, we established a relationship with AARP back in March of 2020 as one of our venues. We have a lot of actually, in this space, direct mail and direct targeting because for the populations that we're looking at here, those are some of the most effective means that we have. And then over time, I think you're going to see some of our more broad-based Best Buy messaging, really pointing to the fact that we have a variety of solutions that can help people age in their homes. It's not always just the devices and the care wrappers. Sometimes it's things like a Facebook portal where you can connect with someone on the other side really simply and easily, or a device, a camera and a security system, where I can easily lock my door without having to get up or I can keep an eye on that aging loved one.

因此，隨著時間的推移，您已經看到我們，我們早在 2020 年 3 月就與 AARP 建立了合作關係，作為我們的場所之一。實際上，在這個領域，我們有很多直接郵件和直接定位，因為對於我們在這裡看到的人群來說，這些是我們擁有的一些最有效的手段。然後隨著時間的推移，我想你會看到我們的一些更廣泛的百思買信息，真正指出我們有各種各樣的解決方案可以幫助人們在家中變老。不僅僅是設備和護理包裝紙。有時是 Facebook 門戶，您可以在其中簡單輕鬆地與另一邊的人聯繫，或者是設備、攝像頭和安全系統，在那裡我可以輕鬆地鎖上門，而無需起床，或者我可以保持盯著那個年邁的親人。

And I think already, you've seen and will continue to see us run the gamut of both these very targeted messages to the population that we really want to inform all the way to these kind of more broad-based solution-driven messages about what we could help you do to care for a loved one.

而且我認為，您已經看到並將繼續看到我們將這些非常有針對性的信息傳遞給我們真正想要告知的人群，直到這些更廣泛的解決方案驅動的關於什麼的信息我們可以幫助您照顧親人。

Great. And just a follow-up on how Totaltech could potentially play into that? And if there are any key performance indicators you can highlight that you're looking at on total effect as you track the opportunity there?

偉大的。只是對 Totaltech 如何可能發揮作用的後續行動？如果有任何關鍵績效指標，您可以突出顯示您在跟踪機會時關注的總體效果？

Well, what's interesting about Totaltech in the aging in place scenario is that, it is more important than ever that your technology works for you if you're relying on it for your safety, or if you're a caregiver, if you're relying on it for the safety of others. And so the support wrapper around all of the things that we're talking about in health is incredibly important. And it also will help, obviously, this population, whether it's the caregiver again or the person being cared for, add more devices, feel comfortable adding devices; we can go to your home and help you install those, and then we can keep them up and running. And I think that's really important.

好吧，Totaltech 在就地老化的情況下的有趣之處在於，如果您依靠它來保障您的安全，或者如果您是護理人員，如果您是依靠它來保護他人的安全。因此，圍繞我們談論的所有健康問題的支持包裝非常重要。顯然，這也將有助於這個人群，無論是再次照顧者還是被照顧的人，添加更多設備，增加設備感覺很舒服；我們可以去您家幫助您安裝這些設備，然後我們可以讓它們保持正常運行。我認為這非常重要。

In terms of the KPIs that we look at, it's really across Totaltech. We're looking for things like increased frequency of interactions. And that may be everything from browsing on the website all the way to coming in the store and making an actual purchase. We're looking for stickiness of that consumer, meaning they're more willing to come back Best Buy, bigger share of wallet, more purchase behavior with Best Buy over the longer term. And that will be true whether we're talking about aging in place or whether we're talking about the other aspects of Totaltech. And then obviously, we're going to look for customer satisfaction and engagement with the brand and really trying to almost surprise and delight and overdeliver wherever we can for these paying members.

就我們所關注的 KPI 而言，它確實涉及 Totaltech。我們正在尋找諸如增加交互頻率之類的東西。這可能是從瀏覽網站一直到進入商店並進行實際購買的所有內容。我們正在尋找該消費者的粘性，這意味著他們更願意回到百思買、更大的錢包份額、更多在百思買的長期購買行為。無論我們是在談論就地老化還是在談論 Totaltech 的其他方面，這都是正確的。然後很明顯，我們將尋求客戶的滿意度和對品牌的參與度，並真正努力為這些付費會員提供幾乎驚喜、愉悅和超額交付。

Our next question comes from Brian Nagel with Oppenheimer.

我們的下一個問題來自奧本海默的 Brian Nagel。

Nice quarter, congrats.

不錯的季度，恭喜。

Thank you.

謝謝你。

So the question I have, just with regard to promotions. So you called out here in the third quarter, higher promotions is somewhat of a headwind to gross margins. But you also made the point that the promotional activity is still more subdued than it was pre-pandemic. And then I don't think you gave the guidance for Q4 within the down 30 basis points in gross margin, I think there was a mention promotion.

所以我有一個問題，只是關於促銷。所以你在第三季度在這裡呼籲，更高的促銷活動在某種程度上對毛利率不利。但是您也指出，促銷活動仍然比大流行前更加低調。然後我認為你沒有在毛利率下降 30 個基點內給出第四季度的指導，我認為有提及促銷。

So the question I have is, as you look at what's happening out with promotions, maybe some more color on -- greater color on kind of who or what's driving these promotions. And then where do you think we're going? Are we heading back to pre-pandemic levels or do you foresee promotional activity remaining more subdued as we go forward?

所以我的問題是，當您查看促銷活動的結果時，可能會增加一些色彩 - 對推動這些促銷活動的人或事物進行更多的色彩。然後你認為我們要去哪裡？我們是要回到大流行前的水平，還是您預計隨著我們前進，促銷活動會更加低迷？

Brian. Yes, I think in Q3, we've talked about how we expected promotionality to increase, and we certainly saw that, especially in places where inventory is starting to become a little more freeing up and notably in computing. We didn't call it out in Q4, and Q4 product margin rates are expected to be a little bit better, more from a product mix, mixing out of things, gaming consoles and computing. At this point, promotionality, we don't necessarily see it as a good guy or a bad guy in Q4. As you would imagine, Q4 is very promotional and competitive every year. So last year, we were very focused on that as well. This year, we will continue to look at it. But we don't expect it on a yearly basis to be necessarily more or less promotional.

布賴恩。是的，我認為在第三季度，我們已經討論了我們預計促銷活動將如何增加，我們當然看到了這一點，特別是在庫存開始變得更加自由的地方，尤其是在計算方面。我們沒有在第四季度說出來，第四季度的產品利潤率預計會好一點，更多來自產品組合、混合產品、遊戲機和計算。在這一點上，促銷，我們不一定將其視為第四季度的好人或壞人。正如您所想像的那樣，第四季度每年都非常具有促銷性和競爭力。所以去年，我們也非常關注這一點。今年，我們將繼續關注它。但我們並不期望它每年都會或多或少地進行促銷。

Now against 2 years ago, certainly, we would expect it to be a little less promotional than we saw 2 years ago. Where it heads is something that we're going to have to monitor. That's one of the kind of still things that we're evaluating for next year. Clearly, as inventory becomes more free, you can imagine that promotionality is going to start to increase in categories more one at a time as we get into next year. And so likely starting the year with a little bit more promotionality. But we're not really guiding next year, but I would expect that to start to turn over the next number of quarters.

現在與 2 年前相比，我們當然希望它比 2 年前看到的宣傳少一些。它的走向是我們必須監控的東西。這是我們明年正在評估的一種靜止的東西。顯然，隨著庫存變得更加免費，您可以想像，隨著我們進入明年，促銷活動將開始一次增加一個類別。因此，今年開始可能會有更多的促銷活動。但我們明年並沒有真正指導，但我預計這將在接下來的幾個季度開始轉變。

That's very helpful. A second quick follow-up, if I could. Just with regard to -- so appliance is a key sales driver here in Q3. Lot of talk about higher prices in appliances. So the question I have is, to what extent was inflation in that category actually an incremental sales driver for you?

這很有幫助。如果可以的話，第二次快速跟進。就 - 所以電器是第三季度的主要銷售驅動力。很多人都在談論電器價格上漲。所以我的問題是，該類別的通貨膨脹在多大程度上實際上是您的增量銷售驅動力？

Yes. Specifically to appliances, that is one of the areas where it's been pretty well noted that prices have gone up. And that's probably an area where, in most cases, we've flowed those prices on to the consumer. So those sales prices have increased. That's not to say that, that happens in all circumstances and a lot of categories where you still want to make sure you're very competitive with our pricing, even if costs do go up, you're actually being thoughtful about serving them in the best way possible.

是的。特別是對於電器，這是人們注意到價格上漲的領域之一。在大多數情況下，這可能是我們將這些價格傳遞給消費者的領域。所以這些銷售價格上漲了。這並不是說，在所有情況下都會發生這種情況，並且在許多類別中，您仍然希望確保您對我們的定價非常有競爭力，即使成本確實上漲，您實際上也在考慮在最好的方法。

I think generally, as you look at our ASPs, the inflation or cost of those goods going up is still a smaller part of what we would see as ASP increases right now. Still the bigger part of the ASP increases would be just premium mix of our business right now versus the inflation estimate. So it is a little higher generally overall than we saw in the first half of the year, but still not the biggest impact to ASPs.

我認為一般來說，當您查看我們的 ASP 時，這些商品的通貨膨脹或成本上升仍然只是我們現在看到的 ASP 增加的一小部分。儘管如此，平均售價增長的更大部分將只是我們目前業務的優質組合，而不是通脹估計。所以總體上比我們在上半年看到的要高一點，但仍然不是對 ASP 的最大影響。

And Brian, I think this is why in this space, we continue to really invest in the experience, because our ability to deliver on some of those more premium items in the assortment is really distinctive and different. And this is a great example of the investment and the experience is not just for today, but it's so that we continue to represent the premium side of the business over the longer term.

布賴恩，我認為這就是為什麼在這個領域，我們繼續真正投資於體驗，因為我們交付產品中一些更優質的產品的能力非常獨特和不同。這是投資的一個很好的例子，經驗不僅適用於今天，而且讓我們在長期內繼續代表業務的高端方面。

Our next question comes from Greg Melich with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Greg Melich。

I had a 2-part question. One was, I wanted to understand a little bit more about the SG&A dollar growth in the fourth quarter. How much of that is due to the acquisitions or the particular membership investment? And how much of that is just the inflation or normal growth in the business?

我有一個兩部分的問題。一個是，我想更多地了解第四季度的 SG&A 美元增長。其中有多少是由於收購或特定的會員投資？其中有多少只是通貨膨脹或業務的正常增長？

Sure. The Q4 SG&A, essentially, we have to first start with the idea. Our business is very different than it has been over the last few years. Over 2 years ago, the way customers were shopping, the channel they were shopping is very different. And there's just a lot more volume coming through generally compared to a couple of years ago. So as you look at a year-over-year difference, we're still seeing continued investments in technology and health being a driver of that SG&A increase.

當然。 Q4 SG&A，本質上，我們必須首先從這個想法開始。我們的業務與過去幾年大不相同。兩年多以前，顧客購物的方式、他們購物的渠道已經大不相同了。與幾年前相比，總體而言，成交量要多得多。因此，當您查看同比差異時，我們仍然看到對技術和健康的持續投資是 SG&A 增長的驅動力。

Our advertising is also an area where it's up year-over-year. And that is included and that is the Totaltech launch that we've talked about. We're actually also increasing our store and call center labor to better support the customer experience. Last year, in Q4, it was probably -- we would say probably running to the light from where we wanted to be. So we've made the decision to invest a little bit more from a customer experience standpoint.

我們的廣告也是一個同比增長的領域。這包括在內，這就是我們談到的 Totaltech 發布。我們實際上也在增加我們的商店和呼叫中心的勞動力，以更好地支持客戶體驗。去年，在第四季度，它可能是——我們會說可能是從我們想要的地方跑到光明的地方。因此，我們決定從客戶體驗的角度進行更多投資。

And while incentive compensation was flat on a year-over-year basis in the back half of this year, it's going to be flat. The pressure in Q4 is actually a pressure in Q4 versus slight of a good eye in Q3. So those are what's driving the SG&A on a year-over-year basis. And a lot of we're doing is really focused on investing as we've talked about to make sure our customer experience is in the right spot and we're actually positioning ourselves well for the future.

雖然今年下半年激勵薪酬與去年同期持平，但它將持平。第 4 季度的壓力實際上是第 4 季度的壓力，而第 3 季度的壓力很小。因此，這些都是推動 SG&A 逐年增長的原因。我們正在做的很多事情都真正專注於投資，因為我們已經談到確保我們的客戶體驗處於正確的位置，並且我們實際上為未來做好了自己的定位。

And maybe to flip it around a little bit, inventory up, I guess, 15% year-on-year and still 13% versus 2019. How should we think about that growth in inventory versus a comp that looks like it will be flattish in the fourth quarter, at least in your plan?

也許稍微翻轉一下，庫存增加，我猜，同比增長 15%，與 2019 年相比仍增加 13%。我們應該如何看待庫存增長與看起來會持平的比較第四季度，至少在你的計劃中？

Yes. I mean when you look at it versus a 2-year sales volume increase, I mean, the inventory is much more in line. We actually, when we look at our inventory, look at how many days of supply we have outstanding and we're in that very normal range of days of supply at this point. Now there's still pockets of constraint in areas like gaming consoles and things like that, but we feel really good about it on a 2-year basis. It's in line for us as we look forward to the sales.

是的。我的意思是，當您查看它與 2 年的銷量增長時，我的意思是，庫存更符合預期。實際上，當我們查看我們的庫存時，看看我們有多少天的供應未完成，此時我們處於非常正常的供應天數範圍內。現在在遊戲機等領域仍然存在一些限制，但我們在 2 年的基礎上對此感覺非常好。當我們期待銷售時，這符合我們的要求。

And Greg, I would just underscore something Matt said in his prepared remarks, we were unduly light last year in inventory. And that's why we're going back to the 2-year stacked growth of right in that 13% range and then inventory 2 year in that same range. So I just think last year is not a great indicator because I think everyone was looking -- we certainly were looking for more last year.

還有格雷格，我只想強調一下馬特在他準備好的講話中所說的話，我們去年的庫存過低。這就是為什麼我們要回到 13% 範圍內的 2 年堆疊增長，然後在同一範圍內進行 2 年的庫存增長。所以我只是認為去年不是一個很好的指標，因為我認為每個人都在尋找——去年我們當然在尋找更多。

Got it. And I guess, if I could cheat with one more. Has the seasonality of the operating margin sort of fundamentally changed now with the growth of services, Totaltech? Or is that still an anomaly, you think? Or (inaudible) margins that look like the rest of the year?

知道了。我想，如果我能再作弊的話。隨著服務業的增長，Totaltech 的營業利潤率的季節性是否發生了根本性的變化？或者你認為這仍然是一個異常現象？或者（聽不清）看起來像今年剩餘時間的利潤？

Yes, I think what you've seen from us this year, last year was a little unique each quarter. But this year, what you've seen is actually improved operating margin rates in each of the first 3 quarters more than what we've seen. If you look at a 2-year stack, it's much different in the first 3 quarters. I think just generally, technology is important for all our lives regardless of the seasons, and seasons that are starting to spread out across the year.

是的，我認為你在今年和去年從我們這裡看到的每個季度都有點獨特。但今年，你所看到的實際上是前三個季度每個季度的營業利潤率都比我們所看到的要高。如果你看一下 2 年的堆棧，前 3 個季度會有很大不同。我認為一般來說，無論季節如何，技術對我們所有人的生活都很重要，而且季節開始在一年中蔓延。

So the operating margins have on a relative 2-year basis been improving in the first 3 quarters. And quite honestly, the volumes in Q4, it's very important for us to make sure we have the right expense profile to support the customers.

因此，前三個季度的營業利潤率在相對兩年的基礎上一直在提高。老實說，第四季度的交易量對我們來說非常重要，以確保我們有正確的費用概況來支持客戶。

Just one more little bit of color, and again, Matt said it in his remarks, but this will be the first full quarter of Totaltech too. And so you'll start to see that go through into next year as you get into those other quarters. So that makes it a little different this year comparing Q4 to the rest of the quarters. But everything Matt said in the rest of it, I mean, our goal would actually be a little bit more even business throughout the year, ultimately.

再多一點顏色，馬特在他的講話中再次表示，但這也將是 Totaltech 的第一個完整季度。因此，當您進入其他季度時，您將開始看到這種情況持續到明年。因此，今年第四季度與其餘季度相比，情況有所不同。但馬特在其餘部分中所說的一切，我的意思是，最終我們的目標實際上是全年業務更加平衡。

Makes sense. Congrats. Have a great holiday.

說得通。恭喜。度過一個愉快的假期。

Our next question comes from Kate McShane with Goldman Sachs.

我們的下一個問題來自高盛的 Kate McShane。

I just had 2 questions on all the pilots that you mentioned in the prepared comments. First, with the virtual store, how are you thinking about this longer term? Do you think it will be a concept where you just need one? Or is it something that rolls out and will always be integrated into a DC? And then the flexible labor model, I know it's early and also in a pilot stage, but has this helped you at all in finding workers in this tight labor market? And how do you think about potential savings from this initiative?

我剛剛對您在準備好的評論中提到的所有飛行員提出了 2 個問題。首先，對於虛擬商店，您如何看待這個長期的問題？你認為這將是一個你只需要一個概念嗎？還是它會推出並始終集成到 DC 中？然後是靈活的勞動力模式，我知道它還處於早期階段，也處於試點階段，但這對您在這個緊張的勞動力市場中找到工人有幫助嗎？您如何看待這項計劃的潛在節省？

So I'll start with virtual store. Obviously, really early into this. We're really just getting our legs under it. So it's hard for me to say whether or not there's more than one. The nice part is, you should be able to get very good scale from one location in a model like this, right? Because you can flexibly queue people and you can move them through at your own speed, and you could do this across all the departments in this kind of fake store that's virtual. So I don't think this is going to be about a ton of virtual stores throughout the network. I think it's going to be about scale with few locations that can provide some interesting use cases.

所以我將從虛擬商店開始。顯然，真的很早就進入了這一點。我們真的只是把我們的腿放在它下面。所以我很難說是否不止一個。好的部分是，您應該能夠從這樣的模型中的一個位置獲得非常好的比例，對吧？因為你可以靈活地排隊人，你可以按照自己的速度讓他們通過，你可以在這種虛擬的假商店中跨所有部門這樣做。所以我認為這不會涉及整個網絡中的大量虛擬商店。我認為這將是關於規模的，很少有地方可以提供一些有趣的用例。

Because truthfully, it's not just about the customer use cases, where they might find the virtual store where they're doing digital shopping. It also could be about employee use cases, where I might be in the car installation area and may not have the expertise, but I could zoom right into one of our installation, our Autotech experts, who could help you in the moment even as an employee. It gives you a lot of confidence there, too.

因為說實話，這不僅僅是關於客戶用例，他們可能會在其中找到他們進行數字購物的虛擬商店。它也可能是關於員工用例，我可能在汽車安裝區域並且可能沒有專業知識，但我可以直接放大我們的安裝之一，我們的 Autotech 專家，即使作為一名員工。它也給你很大的信心。

So I think what we want to find out right now is what are the use cases? How often is it being used? And then ultimately, what does that customer experience look like? But like we said in the prepared remarks, we'd like what we're seeing early. And we'll see just how far you can stretch this kind of one asset that we have right now.

所以我認為我們現在想知道的是用例是什麼？它的使用頻率如何？然後最終，客戶體驗是什麼樣的？但就像我們在準備好的評論中所說的那樣，我們希望早日看到的東西。我們將看到您可以將我們目前擁有的這種資產延伸到多遠。

In terms of flexible labor, absolutely, it is helpful for us in this environment, and it's helpful on a couple of levels. One, the customer shopping behaviors have changed and they continue to change and they can change week-to-week depending on how important something like speed is, as an example. Like the week before Christmas, in-store pickup, curbside will become very important assets. And with a more flexible model, I can move employees and employees can opt into being moved to different areas in the store. That means they can pick up more hours or potentially more flexible hours.

就靈活勞動力而言，絕對是在這種環境下對我們有所幫助，並且在幾個層面上有所幫助。第一，例如，客戶的購物行為已經發生了變化，而且還在繼續變化，並且每週都在變化，具體取決於速度等因素的重要性。就像聖誕節前一周一樣，店內取貨、路邊取貨將成為非常重要的資產。通過更靈活的模式，我可以調動員工，而員工可以選擇調動到商店的不同區域。這意味著他們可以選擇更多時間或更靈活的時間。

The other thing that hasn't been brought to light as much is there still are many people calling in sick, which we want. If they're not feeling well, we want them to stay home. A model like this allows you to much more flexibly cover for those call offs. So it's not just about hiring and retention. It's actually about how can I move the labor around the store in the most flexible way.

另一件沒有被曝光的事情是仍然有很多人請病假，這是我們想要的。如果他們感覺不舒服，我們希望他們待在家裡。像這樣的模型可以讓您更靈活地應對這些取消。因此，這不僅僅是招聘和保留。這實際上是關於如何以最靈活的方式在商店中移動勞動力。

And then the last thing I would say is, we have more employees than ever in the history of the company that are skilled in multiple areas in the store. And that isn't just about us flexibly leveraging that labor. That is about them opting into potentially schedules and even in some cases, pay grades that meets whatever they want to try to accomplish in their lives. And that's really for the employee, the more positive side of the flexible arrangement and ultimately adding to more confidence in their capabilities and their interactions with customers. That's why we tend to see higher NPS correlate very highly with multiple skill sets.

然後我要說的最後一件事是，在公司的歷史上，我們擁有比以往任何時候都多的員工，他們在商店的多個領域都擁有熟練的技能。這不僅僅是關於我們靈活地利用這些勞動力。那是關於他們選擇潛在的時間表，甚至在某些情況下，支付符合他們想要在生活中完成的任何事情的成績。這真的是為了員工，靈活安排更積極的一面，最終增加了對他們的能力和與客戶互動的信心。這就是為什麼我們傾向於看到更高的 NPS 與多種技能高度相關。

Your next question comes from Seth Basham with Wedbush Securities.

您的下一個問題來自 Wedbush Securities 的 Seth Basham。

My first question is around the Totaltech offering and how we think about that into 2022? Should we be thinking about 20 to 30 basis points of gross margin pressure through at least the first half of the year? And should we think about additional sales contributions building through 2022?

我的第一個問題是關於 Totaltech 產品以及我們如何看待 2022 年的產品？我們是否應該至少在今年上半年考慮 20 到 30 個基點的毛利率壓力？我們是否應該考慮到 2022 年增加額外的銷售貢獻？

Yes. As you can imagine, we're not in a position to guide for next year. What we've talked about is the more benefits included in Totaltech certainly are causing a near-term pressure on the business. Some of those things will continue on. A lot of what we're still trying to do is understand the incrementality, the usage, the frequency, all of those things go into understanding what the overall increment does to the business. In addition to that, incremental sales of our products, we're still in the process of evaluating. So I would imagine it to be a continued pressure heading into next year, exactly how much, we're still trying to evaluate.

是的。您可以想像，我們無法為明年提供指導。我們談到的是 Totaltech 中包含的更多好處肯定會對業務造成近期壓力。其中一些事情將繼續下去。我們仍在嘗試做的很多事情是了解增量、使用、頻率，所有這些都可以理解整體增量對業務的影響。除此之外，我們產品的增量銷售，我們仍在評估過程中。所以我想這將是一個持續的壓力進入明年，究竟有多少，我們仍在努力評估。

Got it. And then my follow-up question is, when we think about the market's growth rate potential over the next year or so, given the fact that tech is more important than ever in consumers' lives, is this market one that's likely to continue growing in the near term? Or are there pressure points because some of the year-over-year comparisons with computing and other areas have seen such a surge in growth from the pandemic?

知道了。然後我的後續問題是，當我們考慮未來一年左右市場的增長率潛力時，鑑於科技在消費者生活中比以往任何時候都更加重要，這個市場是否有可能繼續增長？近期？或者是否存在壓力點，因為與計算和其他領域的一些同比比較已經看到大流行帶來瞭如此大的增長？

Yes. I think, certainly, it's something we're evaluating over what the market is going to look like over the next few years. We're certainly not in a position to guide next year from a sales perspective either. You're right, comping, there's going to be some big quarters next year. We grew 27% in the first half of last year. So we very much could see some bumpiness quarter-to-quarter. But again, fundamentally, we believe that our customers' need for technology has only grown and that we have a very unique way to serve those customers, and there's still a lot of long-term opportunities.

是的。我認為，當然，這是我們正在評估未來幾年市場的樣子。我們當然也無法從銷售的角度來指導明年。你是對的，comping，明年會有一些大季度。去年上半年，我們增長了 27%。因此，我們很可能會看到季度間出現一些波動。但再一次，從根本上說，我們相信我們的客戶對技術的需求只會增長，我們有一種非常獨特的方式來服務這些客戶，而且仍然有很多長期的機會。

We're excited about our Totaltech membership program. We're excited about investing more in our business around technology and our operating model changing in our store portfolio. So there's a lot of room for optimism in addition to understanding that Totaltech is just that much more important. We'll have to see where the industry goes.

我們對 Totaltech 會員計劃感到興奮。我們很高興圍繞技術和我們的商店組合改變我們的運營模式對我們的業務進行更多投資。因此，除了了解 Totaltech 更為重要之外，還有很大的樂觀空間。我們將不得不看看這個行業的發展方向。

Yes. And just to underscore, I think you'll continue to see product innovation at an accelerated pace. And you will see CE proliferate into other areas like you're seeing it proliferate into health care or even into outdoor spaces. And so I think that makes it even harder for us to answer the question because it's not even just about how you define the market today, it's about how the market, in essence, expands over time because it taps into new areas. And that's the part that really has us excited for the future even if, to Matt's point, there might be a bumpy quarter here or there. It's really the sustainability of CE as an ever-evolving space from here on out.

是的。只是為了強調一點，我認為您將繼續看到產品創新的加速。您會看到 CE 擴散到其他領域，就像您看到它擴散到醫療保健甚至戶外空間一樣。所以我認為這讓我們更難回答這個問題，因為它甚至不僅僅是關於你如何定義今天的市場，而是關於市場如何隨著時間的推移而擴展，因為它進入了新的領域。這才是真正讓我們對未來感到興奮的部分，即使在馬特看來，這里或那裡可能會有一個崎嶇不平的季度。從現在開始，作為一個不斷發展的空間，這確實是 CE 的可持續性。

And with that, I want to thank all of you so much for joining us today, and I know it's a very busy earnings season, so we appreciate it. And happy holidays to all of you, and we look forward to seeing you in March.

有了這個，我非常感謝你們今天加入我們，我知道這是一個非常繁忙的財報季，所以我們很感激。祝大家節日快樂，期待三月再見。

Thank you, ladies and gentlemen. This concludes today's presentation. You may now disconnect.

謝謝你們，女士們，先生們。今天的介紹到此結束。您現在可以斷開連接。