百思買 (BBY) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the Best Buy's Fiscal Year '20 Fourth Quarter Earnings Call.

歡迎參加百思買 20 財年第四季財報電話會議。

(Operator Instructions) As a reminder, this call is being recorded for playback and will be available by approximately 11:00 a.m.

（操作員說明）謹此提醒，此通話正在錄音以供回放，並將在上午 11:00 左右播放。

Eastern Time today.

今天東部時間。

(Operator Instructions)

（操作員說明）

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

我現在將電話會議轉給投資者關係副總裁 Mollie O'Brien。

Ma'am, please go ahead.

女士，請繼續。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

Joining me on the call today are Corie Barry, our CEO; Matt Bilunas, our CFO; and Mike Mohan, our President and COO.

今天和我一起參加電話會議的是我們的執行長科里·巴里 (Corie Barry)； Matt Bilunas，我們的財務長；以及我們的總裁兼營運長 Mike Mohan。

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。

I will now turn the call over to Corie.

我現在將把電話轉給科里。

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

大家早安，感謝您加入我們。

Today, we are excited to report strong Q4 results with revenue of $15.2 billion and non-GAAP earnings per share of $2.90.

今天，我們很高興地報告第四季度強勁的業績，收入為 152 億美元，非 GAAP 每股收益為 2.90 美元。

Our enterprise comparable sales growth for the quarter was 3.2%, above the high end of our guidance range and on top of 3% last year.

本季我們的企業可比銷售額成長率為 3.2%，高於我們指導範圍的上限，且高於去年的 3%。

We are posting our 12th straight quarter of comparable sales growth and showing our strength as a successful multichannel retailer who can meet customers when and where they want.

我們連續第 12 個季度實現可比銷售額成長，展現了我們作為成功的多通路零售商的實力，可以隨時隨地滿足客戶需求。

We offered compelling holiday deals that resonated with customers and provided a seamless shopping experience, great inventory availability and fast, free delivery.

我們提供了引人注目的假期優惠，引起了客戶的共鳴，並提供了無縫的購物體驗、良好的庫存可用性和快速、免費的送貨。

Across online, home and stores, we are fulfilling our purpose to help enrich people's lives with technology while also helping technology companies commercialize their product innovation.

透過線上、家庭和商店，我們正在實現我們的目標，即用科技幫助豐富人們的生活，同時幫助科技公司將其產品創新商業化。

Our Domestic segment comparable sales were up 3.4%.

我們的國內部門可比銷售額成長了 3.4%。

From a product category standpoint, the comp growth was driven by strength in headphones, computing, appliances, mobile phones and tablets, partially offset by gains.

從產品類別的角度來看，年成長是由耳機、電腦、家用電器、手機和平板電腦的強勁推動的，但部分成長被收益所抵消。

We also saw continued growth from our transformative initiatives like Total Tech Support and In-Home Consultation.

我們也看到全面技術支援和上門諮詢等變革措施的持續成長。

The enterprise Q4 non-GAAP operating income rate of 6.5% was better than we expected due to lower SG&A expense.

由於 SG&A 費用較低，第四季企業非 GAAP 營業利潤率為 6.5%，優於我們的預期。

On the gross profit rate line, the mix of products we sold in the quarter drove a lower rate than we anticipated.

在毛利率線上，我們本季銷售的產品組合導致毛利率低於我們的預期。

For the full year, we grew enterprise comparable sales 2.1%, expanded our non-GAAP operating income rate 30 basis points and increased our non-GAAP earnings per share 14% to $6.07.

全年，我們的企業可比銷售額成長了 2.1%，非 GAAP 營業利潤率提高了 30 個基點，非 GAAP 每股盈餘提高了 14% 至 6.07 美元。

We also returned $1.5 billion to our shareholders through dividends and share repurchases.

我們也透過股利和股票回購向股東返還 15 億美元。

In summary, we are proud of these results, and I want to thank all of our associates for their hard work, commitment to serving customers and amazing execution as we navigated ever-increasing customer expectations, a consistently competitive retail environment and a challenging tariff situation.

總而言之，我們對這些成果感到自豪，我要感謝我們所有員工的辛勤工作、對服務客戶的承諾以及出色的執行力，幫助我們應對不斷增長的客戶期望、持續競爭的零售環境和充滿挑戰的關稅形勢。

Against that backdrop, our associates also continue to drive significant progress against our Building the New Blue strategy.

在此背景下，我們的員工也持續推動我們的「建造新藍色」策略取得重大進展。

We believe our strategy will uniquely position us over the long-term by leveraging our combination of tech and touch to meet every day human needs and build more and deeper relationships with customers.

我們相信，從長遠來看，我們的策略將使我們處於獨特的地位，利用我們的技術和觸摸的結合來滿足人類的日常需求，並與客戶建立更多、更深的關係。

Let me provide some highlights of our progress, starting with how we are better serving our existing customers.

讓我介紹一下我們所取得的一些進展，首先是我們如何更好地服務現有客戶。

We continued to innovate and design digital experiences that solve customer needs across online and physical shopping.

我們持續創新和設計數位體驗，以滿足線上和實體購物的客戶需求。

This includes enhancing our digital shopping platform with new functionality and evolving our marketing strategies to drive engagement with our customers, with a particular focus on our app.

這包括透過新功能增強我們的數位購物平台，並改善我們的行銷策略以推動與客戶的互動，特別是我們的應用程式。

Our app continues to see strong customer ratings, and usage grew significantly through the year.

我們的應用程式繼續獲得強勁的客戶評價，並且使用量在這一年中顯著增長。

In fiscal '20, customer visits to the app were up 22% overall, and usage of our app within our stores was up approximately 17%.

在 20 財年，該應用程式的客戶訪問量總體增長了 22%，我們商店內應用程式的使用量增長了約 17%。

Customers on the Best Buy app engage with us 8 times more frequently than those who solely use our website or mobile sites.

使用百思買應用程式的客戶與我們互動的頻率是僅使用我們網站或行動網站的客戶的 8 倍。

At the same time, we continue to transform our supply chain using automation and process improvements to expand fulfillment options, increase delivery speed and improve the delivery and installation experience.

同時，我們繼續利用自動化和流程改進來改造我們的供應鏈，以擴大履行選項，提高交付速度並改善交付和安裝體驗。

We also continued to improve the buy online, pick-up in-store experience for our customers, including the introduction of curbside pickup and alternate pickup locations.

我們也持續改善客戶的線上購買、店內取貨體驗，包括引入路邊取貨和備用取貨地點。

As a result of all the work our teams have done throughout our supply chain transformation, in Q4, we promised free next-day delivery on thousands of items all season long to 99% of our customers with no membership or minimum purchase required.

由於我們的團隊在整個供應鏈轉型過程中所做的所有工作，我們在第四季度承諾向99% 的客戶提供全季數千種商品的免費隔日達服務，無需會員資格或最低購買量要求。

And we also promised online customers who wanted to pick up in store that their items would be ready within 1 hour of placing an order.

我們也向想要到店取貨的線上顧客承諾，他們的商品將在下單後 1 小時內準備好。

As a result, store pickup was up over 500 basis points to 42% of online sales in Q4.

結果，第四季店內取貨成長了 500 個基點，佔線上銷售額的 42%。

All of these improvements were made with our customer experiences in mind, and they contributed to continued online growth for the year.

所有這些改進都是在考慮客戶體驗的情況下進行的，它們為今年線上業務的持續成長做出了貢獻。

We saw particularly strong results in the fourth quarter, where online sales grew 18.7% and represented 25% of our total domestic revenue.

我們在第四季度看到了特別強勁的業績，線上銷售額成長了 18.7%，占我們國內總收入的 25%。

For the year, online sales represented almost 20% of our domestic revenue.

今年，線上銷售額幾乎占我們國內收入的 20%。

We also focused on enhancing the in-home experience for our customers.

我們也致力於增強客戶的家庭體驗。

During fiscal '20, we expanded our In-Home Consultation program from 530 to 725 advisers.

在 20 財年，我們將上門諮詢計畫的顧問數量從 530 名顧問擴大到 725 名。

This, combined with tools to maximize their productivity, helped us decrease the amount of time customers were waiting for an adviser appointment, a key driver of NPS and close rates, and allowed us to provide more than 250,000 free In-Home Consultations to customers across the nation.

這與最大限度地提高生產力的工具相結合，幫助我們減少了客戶等待顧問預約的時間，這是NPS 和成交率的關鍵驅動因素，並使我們能夠為全球各地的客戶提供超過250,000 次免費上門諮詢。

Both employees and customers continue to love it.

員工和客戶都繼續喜歡它。

The Net Promoter Score for purchasers is high at 87 and the adviser employee turnover remains low.

購買者的淨推薦值高達 87 分，而顧問員工的流動率仍然很低。

Additionally, we are now seeing a growing percentage of repeat purchases as customers develop and take advantage of their relationship with their advisers.

此外，隨著客戶發展並利用與顧問的關係，我們現在看到重複購買的比例越來越大。

This, of course, was the intent when we began the program.

當然，這就是我們開始該計劃時的意圖。

And we're delighted to see these relationships being built as we continue to increase investment in technology that is perfectly suited to this new kind of seamless customer interaction.

我們很高興看到這些關係正在建立，因為我們不斷增加對完全適合這種新型無縫客戶互動的技術的投資。

Providing 24/7 support for all their technology needs is another way we build relationships with our customers.

為他們的所有技術需求提供 24/7 支援是我們與客戶建立關係的另一種方式。

Our Total Tech Support program grew steadily during fiscal '20 to end the year with almost 2.3 million members.

我們的全面技術支援計畫在 20 財年到年底穩步成長，擁有近 230 萬名會員。

It continues to get strong customer reviews, and members spend more and are twice as likely to use other services than nonmembers.

它繼續獲得強烈的客戶評價，會員花費更多，使用其他服務的可能性是非會員的兩倍。

The average member uses the program approximately 2.5 times per year.

會員平均每年使用該計劃約 2.5 次。

During the year, we also rolled out pilots to test new member requested benefits related to networking, parental controls and data storage.

在這一年中，我們還推出了試點項目，以測試新會員所要求的與網路、家長監護和資料儲存相關的福利。

We also made progress on our initiatives to capture new demand and enter new spaces.

我們在捕捉新需求和進入新領域的舉措方面也取得了進展。

In fiscal '20, we became the nation's largest physical destination in terms of points of presence for Apple Authorized Repair Services, including same-day iPhone repairs.

在 20 財年，就 Apple 授權維修服務（包括當日 iPhone 維修）服務點而言，我們成為全美最大的實體目的地。

Almost 40% of these Apple Repair customers are either new to Best Buy or haven't made a purchase in the last year.

近 40% 的 Apple Repair 客戶要么是百思買的新客戶，要么去年沒有購買過產品。

Turning to Best Buy Health.

轉向百思買健康。

During fiscal '20, we continue to advance our initiatives designed to help seniors live longer in their homes with the help of technology.

在 20 財年，我們繼續推動旨在藉助科技幫助老年人在家中延長壽命的措施。

We successfully integrated 2 additional acquisitions that have given us unique and essential capabilities and infrastructure, talent and a base of customer relationships to build from.

我們成功整合了另外兩項收購，這些收購為我們提供了獨特且重要的能力和基礎設施、人才以及可供建立的客戶關係基礎。

We are encouraged by the integration with Best Buy and the conversations we are having with potential partners.

我們對與百思買的整合以及我們與潛在合作夥伴的對話感到鼓舞。

Of course, our success with customers and the progress we are making on our Building The New Blue strategy is driven by the enthusiasm, talent and purposeful leadership of our employees.

當然，我們與客戶的成功以及我們在「打造新藍色」策略方面所取得的進展是由我們員工的熱情、才華和目標明確的領導力所推動的。

During fiscal '20, we continued to invest in wages, training and many new employee benefits, including paid time off for part-time employees, paid caregiver leave, expanded mental health benefits, enhanced adoption assistance and a new surrogacy assistance benefit.

在 20 財年，我們繼續投資於工資、培訓和許多新的員工福利，包括兼職員工的帶薪休假、帶薪護理假、擴大的心理健康福利、加強的收養援助和新的代孕援助福利。

Our employee engagement is high, and our turnover rates in our stores remain in the low 30% range compared to 50% 5 years ago.

我們的員工敬業度很高，商店的人員流動率與 5 年前的 50% 相比，仍維持在 30% 的低水準。

Additionally, our average store general manager has been in his or her store for about 6 years, which is incredibly important from a store leadership and community perspective.

此外，我們的商店總經理平均在他或她的商店工作了大約 6 年，從商店領導和社區的角度來看，這非常重要。

In parallel to the customer experience work during fiscal '20, we continued to drive efficiencies and reduced costs in order to fund investments and offset pressure.

在 20 財年進行客戶體驗工作的同時，我們持續提高效率並降低成本，以便為投資提供資金並抵消壓力。

In the middle of the year, we completed the existing $600 million cost reduction target that we had set in fiscal '18.

今年年中，我們完成了 18 財年設定的 6 億美元成本削減目標。

In September, we announced our new target of an additional $1 billion in annualized cost reductions and efficiencies by the end of fiscal '25.

9 月份，我們宣布了新的目標，即到 25 財年末，每年額外削減 10 億美元的成本並提高效率。

We achieved approximately $160 million toward our new goal in the back half of the year.

今年下半年，我們為新目標實現了約 1.6 億美元的目標。

We are also proud of our progress in advancing our corporate social responsibility and sustainability efforts.

我們也為我們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自豪。

In fact, we were just named to the top 5 on Barron's Annual 100 Most Sustainable Companies list for the third consecutive year.

事實上，我們剛剛連續第三年躋身《巴倫周刊》年度 100 家最具永續發展公司排行榜前 5 名。

You can find more information about our efforts in our annual corporate responsibility and sustainability report, which can be found at investors.bestbuy.com.

您可以在我們的年度企業責任和永續發展報告中找到有關我們努力的更多信息，該報告可以在 Investors.bestbuy.com 上找到。

Similarly, I would like to note our progress related to our Teen Tech Centers, a program we are very proud of and passionate about.

同樣，我想指出我們在青少年技術中心方面取得的進展，我們對此感到非常自豪和充滿熱情。

These centers are after-school learning spaces equipped with cutting-edge technology where teams learn new tech skills, gain exposure to new career possibilities and benefit from positive adult and peer relationships.

這些中心是配備尖端技術的課後學習空間，團隊可以學習新技術，接觸新的職業可能性，並從積極的成人和同儕關係中受益。

We have added 11 Teen Tech Centers in the past year for a total of 33 locations across the country.

去年，我們新增了 11 個青少年科技中心，全國共有 33 個地點。

Moving forward, we will continue to invest in this program, with plans to open 11 new centers this year.

展望未來，我們將繼續投資該計劃，並計劃今年開設 11 個新中心。

And we know this work is making a difference.

我們知道這項工作正在發揮作用。

91% of teens say they are more optimistic about their futures because of their time at the Teen Tech Centers and 73% say they are interested or very interested in studying some aspect of STEM in the future.

91% 的青少年表示，由於在青少年科技中心的經歷，他們對自己的未來更加樂觀；73% 的青少年表示，他們有興趣或非常有興趣在未來學習 STEM 的某些方面。

I'm also incredibly proud to report that Best Buy was once again the top partner for the same Tuesday for Giving (sic) [GivingTuesday] campaign, helping raise a record $22 million through customer and employee donations in our stores and online this holiday season.

我還非常自豪地向大家報告，百思買再次成為同週二捐贈(原文如此) [GivingTuesday] 活動的頂級合作夥伴，在這個假期期間，透過我們商店和網上的客戶和員工捐款，幫助籌集了創紀錄的2200 萬美元。

That pushes our cumulative total to more than $100 million raised for the kids of St.

這使得我們為聖路易斯兒童籌集的累計總額超過 1 億美元。

Jude since we first partnered in 2013.

自 2013 年我們首次合作以來一直是 Jude。

As we enter fiscal '21, we are excited about our opportunities and are encouraged by our momentum.

當我們進入 21 財年時，我們對我們的機會感到興奮，並對我們的發展勢頭感到鼓舞。

As a reminder, back in September, we set 3 fiscal '25 targets focused on employees, customers and financials.

提醒一下，早在 9 月份，我們就設定了 3 個 25 財年目標，專注於員工、客戶和財務。

First, to be one of the best companies to work for in the U.S., exemplified by being named the Fortune 100 Best Companies To Work For list.

首先，成為美國最適合工作的公司之一，例如被評為《財星》100 家最適合工作的公司名單。

Second, double the number of significant customer relationship events to 50 million.

其次，將重要客戶關係事件的數量增加一倍，達到 5,000 萬次。

This includes Total Tech Support memberships, homes visited, active digital engagement, financial services and senior life support.

這包括全面技術支援會員資格、上門拜訪、積極的數位參與、金融服務和老年人生活支援。

And third, deliver continued top and bottom line growth over time, specifically, to get the $50 billion in revenue and a 5% non-GAAP operating income rate in fiscal '25.

第三，隨著時間的推移，實現營收和利潤的持續成長，特別是在 25 財年實現 500 億美元的收入和 5% 的非 GAAP 營業利潤率。

We believe our strategy will translate to an economic model that delivers results by better serving existing customers, capturing new demand, entering new spaces and building capabilities while maintaining profitability over time.

我們相信，我們的策略將轉化為一種經濟模式，透過更好地服務現有客戶、捕捉新需求、進入新領域和建立能力來交付成果，同時長期保持獲利能力。

I would like to highlight some focus areas for this year.

我想強調今年的一些重點領域。

First, in service of our existing customers, we will continue to bring our deep CE expertise and unique ability to partner with vendors to commercialize their new technology, offering customers great products and solutions.

首先，在服務現有客戶方面，我們將繼續利用深厚的CE專業知識和獨特的能力與供應商合作，將他們的新技術商業化，為客戶提供優質的產品和解決方案。

In this context, we are excited by the opportunities related to technology innovation over the next several years.

在這種背景下，我們對未來幾年與技術創新相關的機會感到興奮。

As we have discussed previously, these are technologies like 8K, OLED, dual screen notebook computers, foldable phones, consumer health products, connected fitness, new gaming consoles and new products that leverage 5G capability.

正如我們之前討論的，這些技術包括 8K、OLED、雙螢幕筆記型電腦、可折疊手機、消費者健康產品、連網健身、新型遊戲機和利用 5G 功能的新產品。

We will also launch new categories where we can leverage our digital-first mindset, supported by our expertise around curation and supply chain.

我們還將推出新的類別，在我們在策劃和供應鏈方面的專業知識的支持下，我們可以利用我們的數位優先思維。

Some of these will be online only and include areas such as hearing aids, sustainable living products, expanded connected fitness initiatives, and travel and luggage.

其中一些將僅在線提供，包括助聽器、可持續生活產品、擴展的互聯健身計劃以及旅行和行李等領域。

These are categories that we believe our customers would expect to find at Best Buy.

我們相信我們的客戶希望在百思買找到這些類別。

From a digital standpoint, we will continue to drive engagement with customers during their shopping and ownership journey while making it as seamless as possible for customers as they interact with us across channels.

從數位化的角度來看，我們將繼續推動客戶在購物和擁有過程中的參與度，同時讓客戶在跨渠道與我們互動時盡可能無縫地進行互動。

For example, in the app, we will make it much easier for customers to discover and benefit from the support services we offer, including scheduling appointments, which is something that currently requires a separate app download.

例如，在應用程式中，我們將使客戶更容易發現並受益於我們提供的支援服務，包括安排預約，目前需要單獨下載應用程式。

We also plan to utilize location data to make it even easier and more intuitive for customers in the app to see both product availability and the expanding options for fulfillment.

我們還計劃利用位置數據，讓應用程式中的客戶更輕鬆、更直觀地查看產品可用性和擴展的履行選項。

From an in-home standpoint, we will continue to enhance the experience for customers while at the same time testing new opportunities for growth and becoming more efficient in the way we are serving customers in their home.

從家庭角度來看，我們將繼續增強客戶的體驗，同時測試新的成長機會，並以更有效率的方式為客戶提供家庭服務。

As I mentioned earlier, we now have over 720 in-home advisers, and we continue to receive great customer feedback.

正如我之前提到的，我們現在擁有超過 720 名家庭顧問，我們不斷收到良好的客戶回饋。

In fiscal '21, we are testing new tiered adviser roles that will match the right employee with the right customer need.

在 21 財年，我們正在測試新的分層顧問角色，以將合適的員工與合適的客戶需求相匹配。

We are also continuing to enhance our clienteling technology platform to drive better customer experiences.

我們也將繼續增強我們的客戶技術平台，以推動更好的客戶體驗。

For example, the platform can increasingly help our advisers use knowledge about their clients' current and future needs to proactively communicate new promotions and product launches over time that can help meet those customers.

例如，該平台可以越來越多地幫助我們的顧問利用有關客戶當前和未來需求的知識，隨著時間的推移主動傳達新的促銷和產品發布，從而幫助滿足這些客戶的需求。

In addition to our in-home advisors, we also have approximately 900 Magnolia system designers, all of whom are supported by nearly 6,000 Geek Squad agents who are trained in premium home theater and custom installations.

除了我們的家庭顧問之外，我們還擁有大約 900 名 Magnolia 系統設計師，他們都得到近 6,000 名接受過高級家庭劇院和客製化安裝培訓的 Geek Squad 代理商的支援。

Looking forward, we see an opportunity to build upon all of these great resources collectively to enhance the customer experience.

展望未來，我們看到了共同利用所有這些優質資源來增強客戶體驗的機會。

Our stores remain incredibly important and must work in tandem with our digital and in-home experiences.

我們的商店仍然非常重要，必須與我們的數位和家庭體驗協同工作。

In fiscal '21, we will continue to enhance both the proficiency of our store associates and optimize the way they work in order to drive stronger customer relationships.

在 21 財年，我們將繼續提高商店員工的熟練程度並優化他們的工作方式，以推動更牢固的客戶關係。

We are also investing in technology, including the rollout of electronic shelf labels to all of our stores, to enhance the customer experience and generate cost savings through added efficiency.

我們還投資技術，包括在所有商店推出電子貨架標籤，以增強客戶體驗並透過提高效率節省成本。

Additionally, we will test and learn from a small number of new store and remodel pilots, with a focus on fulfillment and differentiated shopping experiences for our customers.

此外，我們還將向少數新店和改建試點進行測試和學習，重點是為客戶提供滿意的服務和差異化的購物體驗。

We will continue to develop and hone our local market focus by leveraging the strategic changes we made last year to our field operations.

我們將利用去年對現場營運所做的策略變革，繼續發展和磨練我們的本地市場重點。

Designed to create a more seamless experience across channels, these changes put single leaders in a position to be accountable for stores, services, supply chains and home propositions in their market.

這些變化旨在創造更無縫的跨通路體驗，使單一領導者能夠對其市場中的商店、服務、供應鏈和家居主張負責。

These leaders are supported by a channel-agnostic program centered around insights, data and analytics to view a market's largest opportunity and fast track initiative to accelerate growth.

這些領導者得到了以洞察、數據和分析為中心的與管道無關的計劃的支持，以查看市場最大的機會和加速增長的快速通道計劃。

In Total Tech Support, our focus will be on driving new memberships and ensuring our members continue to see the offering as something they can't live without.

在全面技術支援方面，我們的重點將是吸引新會員並確保我們的會員繼續將我們的產品視為他們無法離開的東西。

We know that our members tend to use the offering more in the initial months after becoming a member.

我們知道，我們的會員在成為會員後的最初幾個月往往會更多地使用該產品。

And our goal is to continue to see the usage increase over time across their membership.

我們的目標是繼續看到其會員的使用量隨著時間的推移而增加。

As we shared at our investor update last September, we see an opportunity over time to evolve our many customer memberships, which also includes our millions of My Best Buy customers.

正如我們在去年 9 月的投資者更新中分享的那樣，隨著時間的推移，我們看到了發展我們眾多客戶會員資格的機會，其中還包括我們數百萬的 My Best Buy 客戶。

We plan to roll out pilots during the year as we work on the best way to simplify offering and move from managing the economics offer-by-offer, which is how we look at it today, to a more holistic and streamlined offering that is centered on the customer.

我們計劃在今年推出試點，因為我們致力於尋找簡化產品的最佳方式，並從管理逐個報價的經濟性報價（這就是我們今天的看法）轉變為以中心為中心的更全面、更精簡的產品。

Turning to our focus on capturing new demand and entering new spaces.

轉向我們對捕捉新需求和進入新空間的關注。

In fiscal '21, we plan to expand our lease-to-own purchase option by building awareness throughout the year and then adding an option for customers to use lease-to-own for online transactions in the third quarter.

在 21 財年，我們計劃透過全年提高知名度來擴大從租賃到擁有的購買選項，然後在第三季度為客戶添加使用從租賃到擁有進行線上交易的選項。

Now I would like to talk about Best Buy Health.

現在我想談談百思買健康。

As we've shared before, most of the seniors we currently serve are utilizing easy-to-use mobile phone products and connected devices that are tailored for seniors and come with a range of relevant services.

正如我們之前所分享的，我們目前服務的大多數老年人都在使用易於使用的手機產品和連網設備，這些產品和設備專為老年人量身定制，並提供一系列相關服務。

For example, with our health and safety services, customers can talk to U.S.-based specially-trained agents who can connect them to family caregivers, provide concierge services and dispatch emergency personnel.

例如，透過我們的健康和安全服務，客戶可以與美國經過專門培訓的代理交談，他們可以將他們與家庭護理人員聯繫起來，提供禮賓服務並派遣急救人員。

As we enter fiscal '21, there are a number of developments that we believe will accelerate the growth of this direct-to-consumer business.

隨著我們進入 21 財年，我們相信許多發展將加速這一直接面向消費者的業務的成長。

First, we are launching a number of new products and services, including a new mobile medical alert device also called PERS, a wearable device and app designed for both seniors and their caregivers.

首先，我們推出了許多新產品和服務，包括一種新的行動醫療警報設備，也稱為 PERS，這是一款專為老年人及其照護者設計的可穿戴設備和應用程式。

Second, we are enhancing the customer experience in our Best Buy stores.

其次，我們正在增強百思買商店的客戶體驗。

This includes expanded shelf space and merchandising presentation as well as the ability for sales associates to help customers activate their devices at the time of purchase, so they can start using the services right away.

這包括擴大貨架空間和商品展示，以及銷售人員幫助客戶在購買時啟動其設備的能力，以便他們可以立即開始使用服務。

Third, we have a new distribution agreement with Walgreens to carry our new PERS device in 6,600 Walgreens stores across the country and walgreens.com.

第三，我們與 Walgreens 簽訂了新的分銷協議，在全國 6,600 家 Walgreens 商店和 walgreens.com 上銷售我們的新型 PERS 設備。

Fourth, we signed a new AARP agreement whereby the organization's 38 million members will get exclusive discounts on our health and safety devices.

第四，我們簽署了一項新的 AARP 協議，該組織的 3800 萬會員將在購買我們的健康和安全設備時獲得獨家折扣。

At the same time, we will continue to focus on the commercial health opportunities where the services we provide for seniors are paid for by health plans, health systems and others in the senior care industry.

同時，我們將繼續關注商業健康機會，我們為老年人提供的服務由健康計劃、衛生系統和老年護理行業的其他機構支付費用。

There is a high level of interest in our unique combination of tech and touch and the potential we have to reduce health care costs and bring greater peace of mind for seniors and their families and caregivers.

人們對我們獨特的技術和觸控結合以及我們降低醫療保健成本並為老年人及其家人和照護者帶來更多安心的潛力非常感興趣。

As we expected when we entered the space, the healthcare industry has long sales cycles, and this side of the business will take longer to ramp than the direct-to-consumer side.

正如我們進入該領域時所預期的那樣，醫療保健行業的銷售週期很長，這方面的業務比直接面向消費者的業務需要更長的時間才能實現成長。

Turning to supply chain.

轉向供應鏈。

We will focus on leveraging automation across the supply chain network and offering customers free next-day delivery, which leave you as table stakes across the industry.

我們將專注於利用整個供應鏈網路的自動化，並為客戶提供免費的隔日送達服務，這讓您成為整個行業的賭注。

We will also continue to roll out enhancements to buy online, pick-up in-store to make it even more convenient for our customers to get their products, including alternate pickup locations as well as curbside pickup at Best Buy stores.

我們也將繼續推出線上購買、店內取貨的增強功能，使我們的客戶能夠更方便地獲取他們的產品，包括備用提貨地點以及百思買商店的路邊提貨。

We have just expanded alternate pickup to approximately 2,000 locations across 9 markets and plan to expand to more markets throughout fiscal '21.

我們剛剛將替代取貨地點擴展到 9 個市場的約 2,000 個地點，並計劃在 21 財年擴展到更多市場。

These alternate pickup locations are in areas where either our store locations are not convenient or the ship-to-home option is not desired.

這些備用取貨地點位於我們的商店位置不方便或不需要送貨到家選項的區域。

Last quarter, we also introduced curbside pickup at approximately 100 stores, which allows customers to pick up their pack without even getting out of their car.

上季度，我們還在大約 100 家商店推出了路邊取貨服務，讓顧客甚至無需下車即可提貨。

Customers are finding value in this option as curbside already accounts for 15% of store pickup units at those locations, and we plan to expand this service to the majority of our stores in fiscal '21.

客戶發現此選項的價值，因為路邊取貨已佔這些地點商店提貨單位的 15%，我們計劃在 21 財年將這項服務擴展到我們的大多數商店。

Of course, to bring all of the initiatives we have just discussed to light, we will need to invest in technology.

當然，為了實現我們剛剛討論的所有舉措，我們需要對技術進行投資。

It is imperative to the success of our strategy that we continue to improve our clienteling and CRM program, enhance our data and analytics capabilities and drive artificial intelligence, machine learning and automation.

我們策略的成功至關重要的是，我們必須繼續改進我們的客戶服務和 CRM 計劃，增強我們的數據和分析能力，並推動人工智慧、機器學習和自動化。

Before I turn the call over to Matt, I want to note that we are closely monitoring the developments related to the coronavirus, and our thoughts are with all of those who had been infected.

在我把電話轉給馬特之前，我想指出，我們正在密切關注與冠狀病毒相關的發展，我們的想法與所有被感染的人同在。

We remain focused on supporting our people and vendor partners during this time.

在此期間，我們仍然專注於支持我們的員工和供應商合作夥伴。

As you all know, this is a very fluid situation that is changing daily, and thus, it is very difficult to determine exact financial impact.

眾所周知，這是一個非常不穩定的情況，每天都在變化，因此很難確定確切的財務影響。

Our guidance ranges for both Q1 and the full year reflects our best estimates at this time.

我們第一季和全年的指導範圍反映了我們目前的最佳估計。

Based on what we know today, we have assumed the majority of the impacts occur in the first half of the year.

根據我們今天所知，我們假設大部分影響發生在今年上半年。

Therefore, we view this as a relatively short-term disruption that does not impact our long-term strategy and initiatives.

因此，我們認為這是一次相對短期的干擾，不會影響我們的長期策略和舉措。

For the year, we expect comp growth of flat to up 2% and a non-GAAP operating income rate of approximately 4.8%.

我們預計今年的公司成長率將持平，達到 2%，非 GAAP 營業利潤率約為 4.8%。

This guide reflects our continued investment in those areas necessary to make strategic progress and deliver enhanced employee and customer experiences as well as our continued focus on driving cost savings and efficiency.

本指南反映了我們在取得策略進展和提供增強的員工和客戶體驗所需的領域的持續投資，以及我們對推動成本節約和效率的持續關注。

We remain confident that our fiscal '21 plan moves us along the path to achieve our fiscal '25 target, specifically, the financial targets of $50 billion in revenue and a 5% operating income rate.

我們仍然相信，我們的 21 財年計畫將推動我們實現 25 財年目標，特別是營收 500 億美元和營業收入 5% 的財務目標。

In summary, we are pleased to report strong results for the fourth quarter and full year, and our amazing teams are motivated and ready to deliver on our fiscal '21 initiative.

總而言之，我們很高興地報告第四季度和全年的強勁業績，我們出色的團隊充滿動力並準備好實現我們的 21 財年計劃。

As you can see, we have a lot of exciting work underway and ahead of us.

正如您所看到的，我們正在進行並等待著許多令人興奮的工作。

With that, I'll now turn the call over to Matt for more details on our fourth quarter results and our guidance.

現在，我將把電話轉給馬特，以了解有關我們第四季度業績和指導的更多詳細資訊。

Good morning.

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 $15.2 billion, we delivered non-GAAP diluted earnings per share of $2.90, both of which exceeded our expectations.

企業營收為 152 億美元，非 GAAP 攤薄後每股收益為 2.90 美元，均超出了我們的預期。

We had better than expected revenue results both online and within our international business.

我們的線上和國際業務收入都優於預期。

From a category perspective, we saw stronger than expected performance from computing and headphones, whereas gaming and smart home were a bit softer compared to our previous estimates.

從類別角度來看，我們看到計算和耳機的表現強於預期，而遊戲和智慧家庭的表現比我們先前的估計稍弱。

As Corie mentioned, our non-GAAP operating income rate also exceeded the high end of our expectations for the quarter.

正如科里所提到的，我們的非公認會計原則營業利潤率也超出了我們對本季預期的上限。

The higher operating income rate was driven by lower SG&A, which was primarily the result of lower than expected incentive compensation expense and strong expense management.

較高的營業利潤率是由較低的銷售管理費用（SG&A）推動的，這主要是由於激勵補償費用低於預期和強有力的費用管理的結果。

This was partially offset by a lower than expected gross profit rate.

這被低於預期的毛利率部分抵消。

I will share additional details on the gross profit rate drivers later in my prepared remarks.

我稍後將在準備好的演講中分享有關毛利率驅動因素的更多詳細資訊。

The favorable earnings per share results versus our guidance also included a net $0.03 per share benefit from a lower effective tax rate that was partially offset by a higher share count.

與我們的指導相比，每股收益的良好結果還包括每股 0.03 美元的淨收益，該收益來自較低的有效稅率，但該收益被較高的股票數量部分抵消。

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。

Enterprise revenue increased 2.7% to $15.2 billion, primarily due to the comparable sales increase of 3.2%.

企業營收成長 2.7%，達到 152 億美元，主要是因為可比銷售額成長 3.2%。

Enterprise non-GAAP diluted EPS increased $0.18 or 7% to $2.90.

企業非 GAAP 稀釋後每股盈餘增加 0.18 美元，或 7%，達到 2.90 美元。

This increase was driven by a $0.12 per share benefit from the net share count change and a $0.06 per share benefit from a lower effective tax rate.

這一增長是由於淨股數變化帶來的每股 0.12 美元的收益以及較低的有效稅率帶來的每股 0.06 美元的收益推動的。

In our Domestic segment, revenue increased 2.6% to $13.85 billion.

在我們的國內部門，營收成長 2.6% 至 138.5 億美元。

The comparable sales increase of 3.4% was partially offset by the loss of revenue from store closures in the past year.

可比銷售額成長 3.4%，但去年關閉門市造成的收入損失部分抵銷。

From a merchandising perspective, the largest comparable sales growth drivers were headphones, computing, appliances, mobile phones and tablets.

從商品銷售的角度來看，最大的可比較銷售成長驅動因素是耳機、電腦、家電、手機和平板電腦。

These drivers were partially offset by declines in our gaming category.

這些驅動因素被我們遊戲類別的下降部分抵消。

In addition, comparable sales in the services category were essentially flat to last year.

此外，服務類別的可比較銷售額與去年基本持平。

As we shared previously, the slower growth as compared to previous quarters is primarily due to lapping the refinement of revenue recognition for our Total Tech Support offer we made in Q4 of last year.

正如我們之前分享的，與前幾季相比成長放緩主要是由於去年第四季度我們對全面技術支援產品的收入確認進行了細化。

Within the quarter, growth from Total Tech Support revenue was largely offset by a decline in warranty revenue.

本季度內，整體技術支援收入的成長在很大程度上被保固收入的下降所抵消。

Looking forward, we expect comparable sales growth in the services category to be in the mid-single-digit range next quarter.

展望未來，我們預計下季服務類別的可比較銷售額成長將在中個位數範圍內。

Domestic online revenue of $3.5 billion was 25.4% of Domestic revenue, up from 21.9% last year.

國內線上收入為 35 億美元，佔國內收入的 25.4%，高於去年的 21.9%。

On a comparable basis, our online revenue increased 18.7% over the fourth quarter of last year.

以可比口徑計算，我們的線上收入比去年第四季成長了 18.7%。

The growth was primarily driven by higher average order values, but also benefited from increased traffic and improved conversion rates.

這一增長主要得益於平均訂單價值的提高，但也受益於流量的增加和轉換率的提高。

In our International segment, revenue increased 3.4% to $1.35 billion, primarily driven by comparable sales growth of 1.6% and approximately 160 basis points of positive foreign currency impact.

在我們的國際部門，營收成長 3.4%，達到 13.5 億美元，主要是由於可比銷售額成長 1.6% 以及約 160 個基點的正面外匯影響。

Turning now to gross profit.

現在轉向毛利。

The domestic gross profit rate was 21.2% versus 22.1% last year.

國內毛利率為21.2%，去年為22.1%。

The 90 basis point decrease was primarily driven by items we shared on last quarter's call.

下降 90 個基點主要是由我們在上個季度電話會議中分享的項目推動的。

These include: one, an unfavorable sales mix of products; two, rate pressure in our services category; and three, impacts associated with tariffs on goods imported from China, which was largely aligned with our expectations heading into the quarter.

其中包括：一是產品銷售結構不合理；二是我們服務類別的利率壓力；第三，與從中國進口的商品關稅相關的影響，這與我們進入本季的預期基本一致。

During the quarter, we experienced more pressure from product mix than we previously expected due to heavier mix in certain vendor products.

在本季度，由於某些供應商產品的混合程度較高，我們面臨的產品組合壓力比我們先前預期的要大。

International gross profit rate decreased 30 basis points to 22.6%, primarily due to a lower year-over-year gross profit rate in Canada.

國際毛利率下降30個基點至22.6%，主要是由於加拿大毛利率較去年同期下降。

Moving to SG&A.

轉向 SG&A。

Domestic non-GAAP SG&A decreased $48 million compared to last year.

國內非 GAAP SG&A 與去年相比減少了 4800 萬美元。

The decrease was primarily due to lower incentive compensation expense, which was partially offset by a number of items, including variable expenses associated with higher revenue and higher advertising.

減少的主要原因是激勵補償費用減少，但該費用被許多項目部分抵消，包括與收入增加和廣告增加相關的可變費用。

As a percentage of revenue, SG&A decreased approximately 70 basis points to 14.7%.

SG&A 佔營收的百分比下降約 70 個基點至 14.7%。

I would like to say a few words on incentive compensation expense, which has been a driver of lower SG&A expense compared to last year throughout fiscal '20.

我想就激勵補償費用說幾句話，與去年相比，這一直是整個 20 財年 SG&A 費用下降的推動因素。

Most of the favorability over the course of the year has been due to last year's results significantly exceeding our incentive performance targets.

這一年中的大部分好評都是由於去年的業績大大超出了我們的激勵績效目標。

Compared to our original expectations at the start of the year, lower than planned incentive compensation had an approximately 10 basis point favorable impact to our full year fiscal '20 operating income rate, with nearly all of the impact occurring in the fourth quarter.

與我們年初的最初預期相比，低於計劃的激勵薪酬對我們 20 財年全年營業利潤率產生了約 10 個基點的有利影響，幾乎所有影響都發生在第四季度。

International SG&A of $215 million increased $8 million and was flat to last year as a percentage of revenue.

國際 SG&A 為 2.15 億美元，增加了 800 萬美元，佔營收的百分比與去年持平。

The $8 million increase was primarily driven by expense associated with new store locations in Mexico and the negative impact of foreign exchange rates.

800 萬美元的成長主要是由於與墨西哥新店地點相關的費用以及外匯匯率的負面影響。

As Corie said, during fiscal '20, we returned $1.5 billion to shareholders through $1 billion in share repurchases and $527 million in dividends.

正如 Corie 所說，在 20 財年，我們透過 10 億美元的股票回購和 5.27 億美元的股息向股東返還了 15 億美元。

This morning, we announced that we increased our quarterly dividend 10% to $0.55 per share and provided an outlook for share repurchases of $750 million to $1 billion in fiscal '21.

今天早上，我們宣布將季度股息提高 10% 至每股 0.55 美元，並提供 21 財年股票回購額 7.5 億美元至 10 億美元的前景。

I would now like to talk about our outlook.

我現在想談談我們的展望。

Our full year fiscal '21 financial guidance is the following: Enterprise revenue in the range of $43.3 billion to $44.3 billion; Enterprise comparable sales of flat to 2%; Enterprise non-GAAP operating income rate of approximately 4.8%; Enterprise non-GAAP diluted EPS in the range of $6.10 to $6.30; and a non-GAAP effective income tax rate of approximately 23%.

我們的 21 財年全年財務指引如下： 企業營收介於 433 億至 443 億美元之間；企業可比銷售額持平至2%；企業非公認會計準則營業利益率約4.8%；企業非公認會計準則稀釋後每股收益在 6.10 美元至 6.30 美元之間；非公認會計原則有效所得稅率約為 23%。

I would like to call out a number of assumptions.

我想提出一些假設。

We expect to continue to operate in a positive consumer environment in 2020.

我們預計 2020 年將繼續在積極的消費環境中運作。

As Corie mentioned earlier, our revenue guidance also include our best estimate of the impacts from supply chain disruptions caused by the coronavirus outbreak.

正如科里之前提到的，我們的收入指引還包括我們對冠狀病毒爆發造成的供應鏈中斷影響的最佳估計。

We expect our gross profit rate to be approximately flat on a year-over-year basis.

我們預計我們的毛利率將與去年同期基本持平。

SG&A as a percentage of revenue is expected to be slightly up to fiscal '20.

到 20 財年，SG&A 佔收入的百分比預計將略有上升。

As it relates to capital expenditures, we plan to spend in the range of $800 million to $900 million as we continue to build the capabilities needed to execute our strategy.

由於與資本支出相關，我們計劃支出 8 億至 9 億美元，以繼續建立執行策略所需的能力。

The increase in capital expenditures will include some of the areas Corie noted previously, such as deploying electronic sign labels and continued investment in technology, health and supply chain.

資本支出的增加將包括科里之前提到的一些領域，例如部署電子標誌標籤以及對技術、健康和供應鏈的持續投資。

As it relates to the first quarter, we are expecting the following: Enterprise revenue in the range of $9.1 billion to $9.2 billion; Enterprise comparable sales growth of flat to 1%; non-GAAP diluted EPS in the range of $1 to $1.05; a non-GAAP effective income tax rate of approximately 22.5%; and a diluted weighted average share count of approximately 260 million shares.

就第一季而言，我們的預期如下： 企業營收在 91 億至 92 億美元之間；企業可比銷售額成長持平至1%；非 GAAP 攤薄後每股收益在 1 美元至 1.05 美元之間；非 GAAP 有效所得稅率約為 22.5%；稀釋後加權平均股數約2.6億股。

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 Peter Keith with Piper Sandler.

（操作員說明）我們的第一個問題將由 Peter Keith 和 Piper Sandler 提出。

I just want to ask on the full year guidance.

我只想問一下全年指導。

So it looks like at the midpoint, you're guiding to about 2% earnings growth, which is a little bit below last year's initial range and also below kind of the long-term CAGR to 2025 of about 4% before buyback.

因此，看起來在中點，你的獲利成長預期約為 2%，這略低於去年的初始範圍，也低於回購前到 2025 年約 4% 的長期複合年增長率。

So I would assume there's some coronavirus impact in the numbers.

所以我認為這些數字中存在一些冠狀病毒的影響。

But could you just kind of frame up why the overall earnings growth is a little bit below maybe normalized run rate?

但您能否解釋為什麼整體獲利成長略低於正常化運作率？

Sure.

當然。

This is Matt.

這是馬特。

I'll start with that.

我將從那開始。

First, as (inaudible) remarks, I believe we're operating in a very positive consumer environment similar to last year.

首先，正如（聽不清楚）所說，我相信我們正在一個與去年類似的非常積極的消費者環境中運作。

All the data points indicate a good consumer and employment's good.

所有數據點都顯示消費者和就業狀況良好。

Wage growth is good, consumer spending is good and wage forecast.

薪資成長良好，消費者支出良好，薪資預測良好。

That being said, separately, there is some supply chain-related issues as a result of the coronavirus.

話雖這麼說，但冠狀病毒導致了一些與供應鏈相關的問題。

So on the low end of our guide, we would assume that there's material disruption -- a supply chain disruption from that, and we -- and that we can't make it all up in the year.

因此，在我們指南的低端，我們會假設存在重大中斷——供應鏈中斷，而我們——而且我們無法在今年彌補這一切。

So that's one reason.

這就是原因之一。

As we said, we did factor in the coronavirus outbreak into the overall guidance in the range.

正如我們所說，我們確實將冠狀病毒的爆發納入了該範圍的整體指導中。

We're still very positive about a number of initiatives that we have, such as IHA and TTS growth.

我們對 IHA 和 TTS 成長等多項措施仍然非常樂觀。

There are certain categories that we still expect to perform strongly next year, such as appliances and headphones.

我們仍然預計某些類別明年將表現強勁，例如電器和耳機。

Like I said, Total Tech Support is still an area of growth for us next year.

正如我所說，全面技術支援仍然是我們明年的成長領域。

Gaming would be an area where we are expecting it to be down on a year-over-year basis as well.

我們預計遊戲領域也將年減。

We do expect to see new console launches in holiday period next year, but the first 3 quarters are -- will be down or we expect to be down.

我們確實預計明年假期期間會推出新的遊戲機，但前三個季度將會下降，或者我們預計會下降。

And then we still have moderate assumptions for TVs and mobile phones.

然後我們仍然對電視和手機有適度的假設。

To the extent that there is a better adoption of some of those new technologies like 5G and 8K, then that could help move us up towards [stellar] range.

如果 5G 和 8K 等新技術得到更好的採用，那麼這可能有助於我們邁向[一流]範圍。

So to your earlier point, yes, we did try to factor in the coronavirus outbreak into the overall year, and that did have some impact to the overall guidance.

因此，就您先前的觀點而言，是的，我們確實嘗試將冠狀病毒的爆發納入全年，這確實對整體指導產生了一些影響。

Okay.

好的。

And maybe a quick follow-on.

也許還有一個快速的後續行動。

Is there a way to think about the impact of coronavirus on first half of the year, maybe from a comp sales perspective?

有沒有辦法從比較銷售的角度來考慮冠狀病毒對今年上半年的影響？

Understanding that -- and it might be wrong, but it would be helpful to understand how much is factored in at this point.

理解這一點——這可能是錯誤的，但了解此時考慮了多少因素會很有幫助。

So Peter, this is Corie.

彼得，這是科里。

I think trying to size perfectly the coronavirus impact at this point is incredibly difficult.

我認為目前想要完美地衡量冠狀病毒的影響是非常困難的。

I think you -- as much as anyone would expect in this incredibly fluid situation.

我認為你——正如任何人在這種極不穩定的情況下所期望的那樣。

We are trying to, for Q1 and the full year, estimate as best we can the impact mainly in the form of lower sales volume, as you can imagine.

對於第一季和全年，我們正在盡力估計主要以銷量下降的形式產生的影響，正如您可以想像的那樣。

And we literally so far have gone vendor by vendor to analyze the size of the impact.

到目前為止，我們實際上已經逐一供應商來分析影響的大小。

But it is complicated and very difficult to size.

但它很複雜並且很難確定尺寸。

And we're trying to weigh things like which factories are back up and running, and they're all at varying capacities across Asia.

我們正在嘗試權衡哪些工廠已經恢復並運行，而亞洲各地的工廠產能各不相同。

Even if the product isn't final -- produced in Asia, some people are waiting for components that may flow from there.

即使該產品不是最終產品——在亞洲生產，有些人仍在等待可能從那裡流出的組件。

There are varying levels of safety stock across the industry, and global vendors have varying levels of global inventory.

整個產業的安全庫存水準不同，全球供應商的全球庫存水準也不同。

And then obviously, estimating the transportation situation once the production comes back is also difficult.

顯然，一旦生產恢復，估計運輸情況也很困難。

And so based on what we know today, we're assuming the majority of the impact is in the first half.

因此，根據我們今天所了解的情況，我們假設大部分影響發生在上半年。

And we do view it as a relatively short-term disruption that doesn't impact our longer-term strategy.

我們確實認為這是一種相對短期的干擾，不會影響我們的長期策略。

But obviously, right now, we are isolating our approach to the supply chain impacts.

但顯然，現在我們正在隔離我們應對供應鏈影響的方法。

And as Matt said, we're assuming the consumer continues on a relatively good pace.

正如馬特所說，我們假設消費者繼續保持相對良好的成長速度。

So there's still a lot for us to learn there, which means sizing it perfectly just doesn't seem appropriate at this point.

因此，我們還有很多東西要學習，這意味著完美地調整它的大小目前似乎並不合適。

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西蒙·古特曼。

This is [Josh] on for Simeon.

這是西蒙的[喬許]。

The complexion of your margin guidance is a little bit different from the recent past.

你們的保證金指導的情況與最近有所不同。

What are you doing to stabilize gross margins when some of the headwinds like tariffs appear to be rising?

當關稅等一些不利因素似乎在上升時，您正在採取哪些措施來穩定毛利率？

And are there internal or external factors responsible for the reversal of the SG&A leverage that you've seen over the past few years?

您在過去幾年中看到的 SG&A 槓桿逆轉是否有內部或外部因素造成？

Sure.

當然。

As it relates to gross profit in Q4, I think the implied guidance going into the quarter assumed about 60 to 70 basis points of pressure.

由於它與第四季度的毛利相關，我認為進入該季度的隱含指引假設了約 60 至 70 個基點的壓力。

What we saw in the quarter largely played out with what we expected in the same areas.

我們在本季看到的情況在很大程度上符合我們在相同領域的預期。

We -- as a reminder, what we said was one of the buckets was unfavorable sales mix of products, and vendor mix was part of that.

提醒一下，我們所說的其中一類是不利的產品銷售組合，而供應商組合就是其中的一部分。

Services pressure was another aspect to the pressure we saw going into the quarter.

服務壓力是我們在本季看到的壓力的另一個方面。

And then as well, we factored in tariffs on port of goods from China.

然後，我們也考慮了來自中國的貨物港口的關稅。

Largely, those all still played out.

很大程度上，這些都還沒結束。

What we did see was a little bit more pressure on the sales and vendor mix than we expected.

我們確實看到銷售和供應商組合面臨的壓力比我們預期的要大一些。

During the quarter, we made a point to meet the market in a few key categories.

在本季度，我們專注於在幾個關鍵類別上滿足市場需求。

We weren't leading the market from a promotional perspective.

我們並沒有從促銷的角度引領市場。

In those categories, the [cost in there] was very high, even higher than we probably even expected going into it.

在這些類別中，[那裡的成本]非常高，甚至比我們預期的還要高。

And the mix of that had a negative impact on margins.

這些因素的結合對利潤率產生了負面影響。

So we don't believe that -- we wouldn't characterize it as a rational or overly promotional, more or less just meeting the customer demand in a very thoughtful way.

所以我們不相信——我們不會將其定性為理性或過度促銷，或多或少只是以一種非常周到的方式滿足客戶的需求。

And if you step back and look at the entire year, the full year gross profit rate was down 20 basis points.

而如果退一步看全年，全年毛利率下降了20個基點。

Q4 was most of that decrease.

第四季的下降幅度最大。

And as we said, next year, we're expecting gross margin rates to be flat.

正如我們所說，明年，我們預計毛利率將持平。

So we do believe that pressure will start to stabilize next year.

因此，我們確實相信明年壓力將開始穩定。

Now we're not going to guide every quarter, and we don't expect it all to be the same, but from a full year perspective, we do expect some of that to stabilize through next year.

現在我們不會每個季度都提供指導，我們也不期望一切都一樣，但從全年的角度來看，我們確實預計其中一些將在明年穩定下來。

[I'll take] your question about go forward in nature for next year.

[我將回答]你關於明年繼續走向自然的問題。

And the reason we think they stabilized a bit more, there's a couple of things.

我們認為他們更加穩定的原因有幾個。

One, while tariffs had some impact on Q4, for the next year, we would expect there to be very minimal impact over the year as the teams work through their own efforts to mitigate.

第一，雖然關稅對第四季度產生了一些影響，但對於明年，我們預計全年的影響非常小，因為各團隊將透過自己的努力來緩解影響。

And obviously, that gets a little hard to measure along with the coronavirus impact, but we feel like the teams are very well positioned to mitigate the vast majority of the tariff impact for the next year.

顯然，這與冠狀病毒的影響一起有點難以衡量，但我們認為這些團隊處於非常有利的位置，可以減輕明年的絕大多數關稅影響。

So that's part of what changes the trajectory of that margin pressure as we head into next year as well.

因此，這也是我們進入明年時改變利潤率壓力軌跡的部分原因。

More of a stabilization of the services business, as Matt talked about, as we lap all of the changes to the Total Tech Support curves and all those things, next year, you have a bit of a stabilization there as well.

正如馬特所說，更多的是服務業務的穩定，當我們接受整體技術支援曲線和所有這些方面的所有變化時，明年，您也會有一定程度的穩定。

In terms of your SG&A leverage question, I think we would characterize that as 2 things: One, Matt mentioned the incentive comp implications over the last year, and we are pretty specific about that; and then two, the cost reduction and efficiencies work that the team has done, at least portions of that also flow through SG&A, and that's a bit of where we're also paying out some of that leverage.

就您的SG&A 槓桿問題而言，我認為我們會將其描述為兩件事：第一，馬特提到了去年的激勵補償影響，我們對此非常具體；第二，馬特提到了去年的激勵補償影響，我們對此非常具體。第二，團隊所做的降低成本和提高效率的工作，至少其中一部分也透過SG&A，這也是我們支付部分槓桿的地方。

Our next question comes from Brian Nagel with Oppenheimer.

我們的下一個問題來自布萊恩·內格爾和奧本海默。

So I apologize for hitting on the coronavirus issue.

因此，我對冠狀病毒問題表示歉意。

It's obviously topical.

這顯然是有話題性的。

I mean clearly, as you've mentioned, it's fluid.

我的意思很明顯，正如你所提到的，它是流動的。

But I guess the question I have is as you start to try to contemplate what impacts this could have on 2020 trends, could you help us understand what you're seeing, if anything, right now?

但我想我的問題是，當您開始嘗試思考這可能對 2020 年趨勢產生什麼影響時，您能否幫助我們了解您現在所看到的情況（如果有的話）？

Are you seeing indications of supply chain disruptions at the moment?

您目前是否看到供應鏈中斷的跡象？

Are they coming in the very near future?

他們會在不久的將來到來嗎？

Brian, it's Mike.

布萊恩，是麥克。

Thanks for the question.

謝謝你的提問。

When we do all of our product forecasts [for the purpose of] selection processes, we have full visibility to what's coming into the country through a variety of sources from our top vendors, including the things we source directly.

當我們[為了]選擇過程而進行所有產品預測時，我們可以全面了解透過頂級供應商的各種來源進入該國的產品，包括我們直接採購的產品。

So what we're trying to infer in our guidance, I think, you see is there's a handful of issues around some items that are going to either be delayed or we have some constraints that -- and now on full transparency and anything (inaudible) commence or get (inaudible) don't have yet, and what (inaudible) were not also speculating is any delayed launches of technologies.

因此，我認為，我們試圖在我們的指導中推斷出，你會看到圍繞某些項目存在一些問題，這些問題要么會被推遲，要么我們有一些限制——現在完全透明和任何事情（聽不見清楚） ）開始或得到（聽不清楚）還沒有，並且（聽不清楚）也沒有推測技術的任何延遲發布。

And so I think about this a little bit of how we thought about tariffs last year.

所以我想了一下我們去年對關稅的看法。

U.S. market is the most important consumer electronics market in the world, and we're a very significant part of that.

美國市場是世界上最重要的消費性電子市場，我們是其中非常重要的一環。

And so when we think about high-value goods and new technology and where consumer demand is, everything gets prioritized for this part of the world.

因此，當我們考慮高價值商品和新技術以及消費者需求在哪裡時，世界這一地區的一切都會優先考慮。

And I don't think that's going to change when things are back running at full speed.

我認為當一切恢復全速運轉時，這種情況不會改變。

And our partners want to work with Best Buy just like we're making sure everything we can do to help them during this trying time is in place.

我們的合作夥伴希望與百思買合作，就像我們確保在這段艱難時期為他們提供幫助的一切都已到位一樣。

So that's probably the best visibility I can give you right now.

這可能是我現在可以為您提供的最佳可見度。

That's really helpful.

這真的很有幫助。

And then if I could just slip one quick follow-up in.

然後我是否可以快速跟進。

As we look at the fourth quarter gross margin, and you called out a number of kind of transitory or unique factors that have contributed to that decline.

當我們審視第四季度的毛利率時，您指出了導致毛利率下降的一些暫時性或獨特因素。

But is there a way you could parse it out more just so we can understand the true margin performance of the business as we take into consideration guidance for flat margins here in the next year?

但是，有沒有一種方法可以更準確地解析它，以便我們在考慮明年的固定利潤率指導時能夠了解業務的真實利潤率表現？

Sure.

當然。

I think as we went into the quarter, we gave -- I gave you the big buckets of where the pressure was.

我認為，當我們進入本季時，我們給了——我給了你們壓力所在的大桶。

It was the product mix, sales and vendor mix and then services category as well as tariffs.

這是產品組合、銷售和供應商組合，然後是服務類別以及關稅。

Last time we spoke, we did got to indicate that most of those buckets kind of equally weighted.

上次我們談話時，我們確實必須表明大多數這些桶的權重是相等的。

And again, we implied the guidance to be down about 60 to 70 basis points.

我們再次暗示指引將下調約 60 至 70 個基點。

So you can do the math there.

所以你可以在那裡做數學計算。

As we went through the quarter, we also, as we just said a second ago, we did see a little bit more pressure on the mix for product and vendor mix.

在我們度過這個季度時，正如我們剛才所說，我們確實看到產品和供應商組合的壓力更大了。

So that would make that a little bit more of the increase from where we expected it to be.

因此，這將使我們的預期增幅略高一些。

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 actually will not be asking a coronavirus-related question.

實際上我不會問與冠狀病毒相關的問題。

I actually wanted to talk a little bit about rent-to-own.

我其實想談談先租後買的問題。

I guess I have 2 questions.

我想我有兩個問題。

First off is, was offering rent-to-own financing a significant contributor to the domestic comp performance?

首先，提供先租後買融資是否對國內比較績效做出了重大貢獻？

And then the second question, you mentioned -- it sounds like you're going to be maybe advertising a bit more aggressively.

然後是你提到的第二個問題——聽起來你可能會更積極地做廣告。

You also mentioned adding it online in the third quarter.

您還提到在第三季將其添加到線上。

And I was just wondering if you can just give a little more color in terms of -- on the advertising piece, in terms of what your plans are there for rent to own.

我只是想知道你是否可以在廣告片上，在你的出租和擁有的計劃方面提供更多的色彩。

I'll start with the significant question.

我將從一個重要的問題開始。

(inaudible) is definitely having a bit of a positive impact, but it is still relatively small in the scheme of things.

（聽不清楚）肯定會產生一些正面的影響，但從整體來看，影響仍然相對較小。

And so it's not -- I would not characterize it as significant to the nature of your question.

所以它不是——我不會認為它對你問題的本質很重要。

Second, in terms of advertising more or going online, we definitely think that having this as a digital offering is important just given the way we're seeing our customers shop.

其次，就更多廣告或上網而言，考慮到我們看到客戶購物的方式，我們絕對認為將其作為數位產品非常重要。

We want to be able to have this as an option online.

我們希望能夠將其作為線上選項。

So yes, you'll see that in Q3.

所以是的，你會在第三季看到這一點。

From an advertising or marketing perspective, we've been doing some regional testing on that.

從廣告或行銷的角度來看，我們一直在對此進行一些區域測試。

I wouldn't expect to see us go full scale, put a ton of muscle behind a big marketing or advertising campaign.

我不希望看到我們全力以赴，在大型行銷或廣告活動中投入大量精力。

I think we feel, right now, this is mainly a referral process.

我想我們現在覺得這主要是一個推薦過程。

As we've talked about before, we tend to start customers with our own branded private label card.

正如我們之前談到的，我們傾向於使用我們自己的品牌自有品牌卡來吸引客戶。

And if for any reason, they're unable to qualify for that, then we move on the lease-to-own option.

如果出於某種原因，他們無法獲得此資格，那麼我們將採用先租後買的選項。

And so I think it's a little bit less about a large scale advertising effort.

所以我認為這與大規模的廣告工作無關。

And we continue to see it as a nice secondary option.

我們仍然將其視為一個不錯的次要選擇。

And look, financing and purchasing is all about different purchase options, and that's what we feel like we can provide here.

看，融資和購買都是關於不同的購買選擇，這就是我們認為我們可以在這裡提供的。

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 -- want to focus on the either the aggressiveness or the conservative nature of the gross margin expectation for '20 -- fiscal 2021.

可以 - 希望關注 20 - 2021 財年毛利率預期的激進性或保守性。

So can you give us a sense for the cadence of gross margin over the course of the year?

那麼您能否讓我們了解一下全年毛利率的變化？

Do you expect it to be down in the front half and up in the back half?

你希望它前半部向下，後半部向上嗎？

And what would have to go right for it to be better than that?

怎麼樣才能讓它變得更好呢？

And what would have to be -- go wrong for it to be worse than that?

如果出了什麼問題，事情會變得更糟嗎？

And the question comes just on the heels of you missing your gross margin expectation in the fourth quarter because of mix.

這個問題是在您由於混合原因而未能達到第四季度毛利率預期之後出現的。

Yes.

是的。

Thank you.

謝謝。

In terms of next year's gross profit rate, I would characterize -- again, the year, we're expecting it to be flat.

就明年的毛利率而言，我們預計今年將持平。

And we outlined a little bit of the puts and takes there.

我們概述了一些看跌期權和賣出期權。

I think from a benefit perspective, we're -- we expect to see continued growth in our health business, and as Corie mentioned, continued cost-reduction efficiencies helping us on the margin rate.

我認為從效益的角度來看，我們預計我們的健康業務將持續成長，正如科里所提到的，持續的成本降低效率有助於我們提高利潤率。

On the pressure side, we will see a little bit pressure on the supply chain as we move bigger products through our supply chain system.

在壓力方面，當我們透過供應鏈系統運送更大的產品時，我們會看到供應鏈受到一點壓力。

We'll see a little bit of pressure there, too.

我們也會在那裡看到一點壓力。

Tariffs will be a little bit of an impact, but again, not a material impact next year.

關稅將會產生一點影響，但明年不會產生實質影響。

And services, when you take out health, will be a little bit of a pressure next year as -- again, as we're removing more large products.

當你剔除健康方面的服務時，明年將會帶來一些壓力，因為我們將剔除更多大型產品。

So those are kind of the major things that are benefiting and putting a little pressure on it.

因此，這些是對其有利但也帶來一些壓力的主要事情。

We're not going to give exact quarter guidance.

我們不會給出確切的季度指引。

Things aren't always going to be the same in every quarter, but I wouldn't expect any quarter to be much different than that basic makeup, meaning one materially down versus the others, at least as far as we can see right now.

每個季度的情況並不總是相同，但我不認為任何季度都會與基本組成有太大不同，這意味著一個季度與其他季度相比會出現實質下降，至少就我們現在所看到的而言是這樣。

We do expect it to stabilize for most of the year.

我們確實預計今年大部分時間它會保持穩定。

And we will -- some of that pressure we saw this Q4, we would expect to lap as we look into next year.

我們將會－我們在第四季看到的一些壓力，預計在我們展望明年時會消失。

If I can also add one clarifying question.

如果我還可以添加一個澄清問題。

Have you only assumed supply chain disruptions in your guidance?

您的指導中是否僅假設供應鏈中斷？

How long do you assume those will persist?

您認為這些會持續多久？

And have you assumed anything about changes in behavior -- consumer behavior because of all the headlines we're seeing?

由於我們看到的所有頭條新聞，您是否對行為（消費者行為）的變化做出了任何假設？

Right now, we have isolated it to supply chain disruption because, literally, every consumer indicator and every more macro forecasts that we can get our hands on right now would say you continue to see growth in the consumer.

目前，我們將其與供應鏈中斷隔離開來，因為從字面上看，我們現在掌握的每項消費者指標和每項宏觀預測都表明消費者將繼續看到成長。

And for us to predict exactly how the consumer is going to react, given how quickly this is evolving and changing every day, didn't seem prudent.

考慮到這種情況每天都在快速發展和變化，我們準確預測消費者將如何反應似乎並不謹慎。

Our next question comes from Steve Forbes with Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的史蒂夫福布斯。

Maybe just given all the near-term noise here with the virus, I kind of want to step back and revisit the 5% long-term EBIT margin target, right, given the achievement of that level in the U.S. segment this year.

也許只是考慮到病毒帶來的所有近期噪音，考慮到今年美國市場實現的這一水平，我有點想退後一步，重新審視 5% 的長期息稅前利潤率目標。

So if you can, maybe just discuss how the expectation breaks down on a segment basis, right, as we look out.

因此，如果可以的話，也許只是討論一下預期如何在細分市場上崩潰，對吧，正如我們所觀察的那樣。

And if possible, provide some directional color around the EBIT margin structure for 2020, 2021 on a segment basis.

如果可能，請按細分市場提供 2020 年、2021 年 EBIT 利潤率結構的一些方向性顏色。

Sure.

當然。

We -- so overall, I think as we try to achieve or as we look to achieve the 5% goal in FY '25.

總的來說，我認為我們正在努力實現或希望在 25 財年實現 5% 的目標。

I think we always talked about the path that, that wasn't going to exactly be linear.

我認為我們總是談論這條道路，這條道路不會完全是線性的。

We did achieve a pretty high operating income rate end of year.

年末我們確實實現了相當高的營業收入。

A chunk of that was actually due to the short-term incentive favorability that we had.

其中很大一部分實際上是由於我們擁有的短期激勵優惠。

So as we look at next year and the years out, we still expect health to be a good contributor to that expansion of OI rate.

因此，當我們展望明年和未來幾年時，我們仍然預期健康狀況將成為成骨不全率擴大的重要因素。

Internationally, I would say, more of the same, probably operating income rate more stabilized over that period of time.

我想說，在國際上，更多的是相同的，可能營業收入率在那段時間更加穩定。

Domestic is where we'll probably see more of the expansion as we look into FY '25 from a segment perspective.

當我們從細分市場的角度審視 25 財年時，我們可能會在國內看到更多的擴張。

Our next question comes from Kate McShane with Goldman Sachs.

我們的下一個問題來自高盛的凱特·麥克沙恩。

I wondered if I could talk about the holiday season.

我想知道我是否可以談談假期。

Just how did you manage the 6 fewer days?

少了 6 天，你是怎麼度過的？

And did you see any change in patterns of demand as a result?

您是否發現需求模式因此發生了任何變化？

And just from a promotional standpoint with promotions coming earlier, is that something that impacted gross margins during the quarter?

僅從促銷的角度來看，促銷活動提前進行，這是否會影響本季的毛利率？

So I'll start and Mike can add anything he would like to.

那麼我就開始吧，麥克可以添加他想要添加的任何內容。

I think one of the things we're most proud of in terms of Q4 is that it really felt like our investments in our digital experiences and our supply chain were really paying off.

我認為第四季度我們最引以為傲的事情之一是，我們確實感覺到我們對數位體驗和供應鏈的投資確實得到了回報。

And I would definitely extend kudos to our merchandising and marketing teams who just did a great job hitting promotions early in the holidays and ensuring that we had a really consistent plan throughout the holiday season.

我絕對要向我們的銷售和行銷團隊表示敬意，他們在假期初期的促銷工作做得很好，並確保我們在整個假期期間有一個真正一致的計劃。

We've said in our last call when we guided, we felt like the number of days was not nearly as large an impact this year as it had been in the past.

我們在上次指導時說過，我們覺得今年的天數影響不像過去那麼大。

Meaning, because there are so many ways in which you can get products fulfilled and how we felt about our strength with next day, same day, and particularly, in-store pickup, which we said was 42% of what we sold online, we had a really unique ability to offer customers what they wanted on the terms that they wanted it.

這意味著，因為您可以透過多種方式獲得產品，並且我們對隔日提貨、當日提貨、特別是店內取貨（我們稱其占我們在線銷售商品的 42%）的實力有何感受，所以我們擁有真正獨特的能力，能夠以客戶想要的條件為他們提供他們想要的東西。

And so I think this was a period where we really felt like you could see the investments that we have chosen to make up to this point shine.

因此，我認為在這個時期，我們真的覺得您可以看到我們迄今為止選擇的投資大放異彩。

Mike, I don't know if you have anything else you want to add.

麥克，我不知道你還有什麼要補充的嗎？

No.

不。

I would just -- thanks, Corie.

我只是——謝謝，科里。

Kate, I would just reinforce the efforts that we talked about at the investor event in September, really thinking about customer experience around fulfillment and what the role Best Buy could play more on a long-term basis.

凱特，我只想強調我們在 9 月的投資者活動中談到的努力，真正考慮圍繞履行的客戶體驗以及百思買在長期基礎上可以發揮更多作用。

We knew the environment would be different.

我們知道環境會有所不同。

And we've historically thought about the time frame broader than just the days between Thanksgiving and Christmas and being able to deliver things that consumers wanted when they want it and where they did, played out well for us.

從歷史上看，我們考慮的時間範圍不僅僅是感恩節和聖誕節之間的這幾天，能夠在消費者想要的時間和地點提供他們想要的東西，這對我們來說效果很好。

And I think that's a big part of our strategy going forward.

我認為這是我們未來策略的重要組成部分。

Okay.

好的。

And just one follow-up, an unrelated question.

只是一個後續問題，一個不相關的問題。

I think you talked about the decline in warranty growth during the quarter.

我想您談到了本季保固成長的下降。

But within the guidance for services for 2020, it sounds like you said it would be up mid-single digits.

但在 2020 年的服務指南中，聽起來您說它將成長到中個位數。

So I just wanted to know what the view is on warranties within that guidance.

所以我只是想知道對該指南中的保證有何看法。

Or will the majority of growth be from the Total Tech Support?

或者大部分成長將來自全面技術支援？

Yes.

是的。

Thank you for the question.

感謝你的提問。

Next year's Total Tech support will drive most of our services growth next year.

明年的全面技術支援將推動我們明年大部分服務的成長。

I think in Q4, we did see a bit lower warranty revenue.

我認為在第四季度，我們確實看到保固收入下降。

If you think about the mix of products we sold and heavier online mix as well, those tend to put a little bit of pressure on the warranty revenue which we saw in Q4.

如果你考慮我們銷售的產品組合以及更重的線上產品組合，這些往往會給我們在第四季度看到的保固收入帶來一些壓力。

Next year, we believe that stabilizes a bit.

明年，我們相信這一情況會穩定下來。

And -- but most of that growth we're going to see next year is on the Total Tech support side.

而且，我們明年將看到的大部分成長都來自整體技術支援方面。

Our next question comes from Mike Baker with Nomura.

我們的下一個問題來自野村證券的麥克貝克。

A couple of follow-ups.

一些後續行動。

In fact, I'll follow-up right on that services question.

事實上，我將立即跟進該服務問題。

So mid-single-digit from Total Tech Support, yet you have 2.3 million people signed up now.

整體技術支援的數量僅為個位數，但現在已有 230 萬人註冊。

And I think a year ago, it was like 1 million.

我想一年前，這個數字大約是 100 萬。

So that's like a double.

所以這就像一個雙重的。

So I guess, why wouldn't that be growing more than mid-single digit?

所以我想，為什麼成長不會超過中個位數？

That's one question.

這是一個問題。

The second follow-up is on incentive comp.

第二個後續行動是激勵補償。

You said 10 basis points, it helped relative to your plan for the year.

你說10個基點，這對你今年的計畫有幫助。

And you'd already been planning it down.

而且你已經計劃好了。

And that 10 basis points, it was mostly in the fourth quarter.

而這10個基點，主要是在第四季。

It's like 30 basis points in the quarter.

本季大概上漲了 30 個基點。

I guess the 2 questions there is, one, in such a short amount of time, how could it have been so much better than planned, especially with the fourth quarter being a pretty strong quarter?

我想有兩個問題，第一，在如此短的時間內，它怎麼可能比計劃好這麼多，特別是第四季度是一個相當強勁的季度？

Why would it have come in so much lower than planned?

為什麼它的收益會比計畫的低這麼多？

And in total, how much did it help year-over-year and not just relative to plan?

總的來說，它比去年同期有多少幫助，而不僅僅是相對於計劃？

So the TTS, the Total Tech Support side, and the growth that we're driving there, we're actually seeing that grow.

因此，TTS、全面技術支援方面以及我們正在推動的成長，我們實際上看到了這種成長。

And I think what you have to remember is this is one of those recurring revenue businesses that's going to pay back over time.

我認為你必須記住的是，這是那些會隨著時間的推移而獲得回報的經常性收入業務之一。

There is growth there.

那裡有增長。

On the flipside, we also plan to have -- invest more in free installation and delivery would eat away some of that growth.

另一方面，我們還計劃在免費安裝和交付方面投入更多資金，這將抵消部分成長。

It also shows up in the services line.

它也出現在服務行中。

I think broadly, I would go back to, though, what's important to us, is what we talked about at the Investor Day, which is services as is defined in that line on our 10-Q, and then there are services as we think about it, which is a much broader definition.

我認為，從廣義上講，我會回到對我們來說重要的是我們在投資者日討論的內容，即我們 10-Q 中該行所定義的服務，然後是我們認為的服務關於它，這是一個更廣泛的定義。

It includes things like the membership that we talked about, In-Home Consultations, like the broad range of things we offer for customers.

它包括我們談到的會員資格、上門諮詢等我們為客戶提供的廣泛服務。

And so I would absolutely ask you not to just think about services as the revenue that you see there, but as a broader suite of things that we provide for our customers.

因此，我絕對要求您不要只將服務視為您在那裡看到的收入，而是將其視為我們為客戶提供的更廣泛的東西。

Can I follow up on that?

我可以跟進嗎？

So when I pay the Total Tech Support, which I am a member, by the way, that was $199 spread out over a year.

順便說一下，當我向 Total Tech Support（我是其會員）支付費用時，一年的費用為 199 美元。

Does that fall into that services line item?

這屬於該服務項目嗎？

Yes.

是的。

Okay.

好的。

And then on the incentive comp, again, how could it have been so much better than planned if the fourth quarter is pretty good?

然後在激勵補償方面，如果第四季相當不錯，怎麼會比計畫好這麼多呢？

And then -- and what was the plan, I guess?

然後——我猜計劃是什麼？

Yes.

是的。

As you can imagine, every year, we set the FDI based on this year's budget.

你可以想像，每年我們都會根據今年的預算來設定FDI。

And going into the quarter, we had -- and then we change the guide and forecast every quarter during the year.

進入本季度，我們——然後我們在一年中每個季度都會更改指南和預測。

Going into Q4, we simply had a forecast that had us achieving some of those budgeted expectations that are the basis for both our store plans and our corporate plans.

進入第四季度，我們只是做了一個預測，讓我們實現了一些預算預期，這些預期是我們商店計劃和公司計劃的基礎。

And by the end of the quarter, we simply just didn't get to those budget expectations, and hence, the better-than-expected incentive compensation for the quarter.

到本季末，我們根本沒有達到這些預算預期，因此本季的激勵薪酬也比預期好。

So presumably, they were gross margin plans rather than sales plan?

那麼據推測，它們是毛利率計劃而不是銷售計劃？

We have -- the predominance of our plans are both revenue and operating income.

我們的計劃的重點是收入和營業收入。

Our next question comes from Ray Stochel with Consumer Edge Research.

我們的下一個問題來自 Consumer Edge Research 的 Ray Stochel。

Great.

偉大的。

Could you talk a little bit more about the electronic sign label investment?

能多談談電子標牌標籤的投資嗎？

I think we've seen that in stores.

我想我們已經在商店裡看到過這種情況。

What exactly are you referring to there?

你到底指的是什麼？

How significant is it?

它有多重要？

And how are you thinking about R&I -- ROI and strategy there?

您如何看待研發、投資報酬率和策略？

Ray, it's Mike.

雷，是麥克。

Thanks for the question.

謝謝你的提問。

You're correct.

你是對的。

We have rolled out approximately 200 stores in our chain with electronic signs.

我們已經在我們的連鎖店中推出了大約 200 家配備電子標誌的商店。

And we've been testing a variety of different ways of doing 2 things to truly see how to improve the customer experience with more accurate information on the tags, more flexibility on our pricing, which has a significant [core height] benefit of having less people needed to physically change price tags.

我們一直在測試各種不同的方法來做兩件事，以真正了解如何透過更準確的標籤資訊和更靈活的定價來改善客戶體驗，這具有更少的顯著[核心高度]優勢人們需要實際更改價格標籤。

And as you can imagine, in this omni-channel world, highly promotional time frames like the end of November through the Christmas selling season, we still have a lot of our employees who were dedicated to resetting the store, reprinting tags, setting up bundle promotions.

正如你可以想像的，在這個全通路的世界裡，在高度促銷的時間範圍內，比如 11 月底到聖誕節銷售季節，我們仍然有很多員工致力於重置商店、重新打印標籤、設置捆綁包促銷活動。

We do a lot of unique things.

我們做了很多獨特的事。

We needed to really pilot this to understand it could handle all the aspects of pricing for Best Buy because we're far different than a mass retailer or a grocery store.

我們需要真正進行試點，以了解它可以處理百思買定價的所有方面，因為我們與大型零售商或雜貨店有很大不同。

We're very happy with the outcomes that we're seeing.

我們對所看到的結果感到非常滿意。

And we finalized the program to scale this to the balance of chain.

我們最終確定了將其擴展到鏈平衡的計劃。

So we see it as a net benefit for us long term, both on a cost standpoint, an employee engagement standpoint, and most importantly, on a customer experience standpoint.

因此，無論從成本角度、員工敬業度角度，或是最重要的是從客戶體驗角度來看，我們認為這對我們來說是長期的淨效益。

Great.

偉大的。

And then could you give us a sense about -- around how toys performed for you all this holiday?

那麼您能否讓我們了解整個假期玩具對您的表現如何？

It looks like you've grown assortment over the last few years without Toys"R"Us in the market.

看起來您在過去幾年裡已經增加了產品種類，但市場上卻沒有玩具「反」斗城。

Is this a meaningful business for you all now?

現在這對你們來說是一項有意義的生意嗎？

And are you seeing any of the overhangs that other retailers discussed?

您是否看到其他零售商討論過的任何突出問題？

We are growing our toy assortment, Ray, but it is not a meaningful business for us.

雷，我們正在擴大我們的玩具品種，但這對我們來說並不是一項有意義的業務。

And I don't think it will be.

我認為不會。

We look at toys as a nice color to our gaming business.

我們將玩具視為我們遊戲業務的一個很好的色彩。

And while traditional gaming has been down, computing gaming is up significantly.

儘管傳統遊戲有所下滑，但計算遊戲卻大幅成長。

And we're always trying to find ways to meet our customers where they are from our shopping experience, and we'll continue to do that, but it's not a -- it's not a very large part of our business today.

我們一直在努力尋找方法來滿足客戶的購物體驗，我們將繼續這樣做，但這不是我們今天業務的很大一部分。

I don't see it being that in the future.

我不認為未來會是這樣。

I think the wonderful thing is the vast majority of our assortment is now being at toys by kids.

我認為美妙的事情是我們的絕大多數產品現在都是兒童玩具。

When you think about iPads, when you think about computing gaming, I mean toys for us is such a bigger answer because of the way kids are growing up today and what they value and want.

當你想到 iPad 時，當你想到電腦遊戲時，我的意思是玩具對我們來說是一個更大的答案，因為今天孩子們的成長方式以及他們重視和想要的東西。

So it's not just about the Toys open for us.

所以這不僅僅是關於向我們開放的玩具。

It's about being positioned right at holiday to finish the list, like Mike said.

正如麥克所說，關鍵是要在假期裡完成這份清單。

Our next question comes from Scott Mushkin with R5 Capital.

我們的下一個問題來自 R5 Capital 的 Scott Mushkin。

Yes, I think I want to touch on just the kind of the cadence of new technology coming to market.

是的，我想我想談談新技術進入市場的節奏。

I know, Corie, you kind of outlined some of the things in the next couple of years.

我知道，科里，你概述了未來幾年的一些事情。

But I know there's been some thought if 5G will really be a 2021 event and that the 8K TV cycle might disappoint a little bit.

但我知道有人認為 5G 是否真的會成為 2021 年的大事，而 8K 電視週期可能會有點令人失望。

So I was trying to get your view on kind of the cadence of new technology coming to market.

所以我試著去了解您對新技術進入市場的節奏的看法。

Yes.

是的。

Scott, I'll start and Corie could definitely chime in.

史考特，我先開始，柯瑞一定可以插話。

We're -- I mean, we're always excited about what technology has given -- the role we play.

我們——我的意思是，我們總是對科技所賦予的——我們所扮演的角色感到興奮。

I think is both -- it's a short-term and a long-term game.

我認為兩者都是——這是一場短期和長期的遊戲。

What I mean by that is short-term, there's a lot of noise out there around what 5G is or isn't from the mobile networks, just consolidation that likely is going to occur.

我的意思是短期的，圍繞 5G 是否來自行動網路存在很多噪音，只是可能會發生整合。

And that's just going to create confusion for consumers.

這只會給消費者帶來困惑。

When that happens, I think that quite plays a significant role.

當這種情況發生時，我認為這會發揮重要作用。

There's an advantage to what a 5G network will do today, but we're just starting to scratch the surface on what it will do longer-term when you think about it from an overall standpoint of being connected, both mobile and in your home.

5G 網路目前的功能有其優勢，但當您從移動和家庭連接的整體角度來考慮 5G 網路的長期功能時，我們才剛開始觸及皮毛。

I think Best Buy's position is, we'll be -- we're excited about it.

我認為百思買的立場是，我們對此感到興奮。

We're going to continue to lead in innovation that's currently helping consumers understand what it can do.

我們將繼續引領創新，目前正在幫助消費者了解它的功能。

And it will drive some demand on the mobile sector regardless because of the new devices that come out that people want to understand.

無論人們想要了解新設備的出現，這都將推動對行動領域的一些需求。

To the second question on 8K TV.

關於8K電視的第二個問題。

I think the technology, well, it's interesting what it does.

我認為這項技術的作用很有趣。

What it really does, it enables customers to get a better quality, larger television set.

它的真正作用是讓客戶能夠獲得品質更好、尺寸更大的電視機。

And that is one of the key driving things that we see -- because when we bring something home -- one of the reasons we actually get TVs returned today, one of the top reasons that they didn't buy as big of a TV as they thought they should have, even though they have the space.

這是我們看到的關鍵驅動因素之一 - 因為當我們把東西帶回家時 - 這是我們今天實際上退回電視的原因之一，也是他們沒有購買像這樣大的電視的主要原因之一他們認為他們應該這樣做，儘管他們有空間。

And the better the TV can look with 8K resolution, it helps -- the easier to have that conversation with the consumer and get them what they really need.

8K 解析度的電視看起來越​​好，就越容易與消費者進行對話並獲得他們真正需要的東西。

So we see it as a driver for large free TV, and that's been a significant part of the business segment to date, and I think it will continue to drive going forward.

因此，我們將其視為大型免費電視的驅動力，迄今為止，這一直是該業務領域的重要組成部分，我認為它將繼續推動向前發展。

And the only thing I would add to what Mike said is that, when it relates to 5G, I think we have a really unique advantage here.

對於 Mike 所說的，我唯一要補充的是，當涉及 5G 時，我認為我們在這裡擁有真正獨特的優勢。

When we think about our very localized market-based strategy and combined with our ability to commercialize new products, which will be coming over the next, to your point, multitude of years, we can help customers because it's going to be market-by-market, and it's going to be confusing for customers because some phones will be available, some phones won't.

當我們考慮我們非常本地化的基於市場的策略，並結合我們將新產品商業化的能力（這些產品將在未來幾年內推出）時，我們可以幫助客戶，因為這將是逐個市場的——市場，這會讓客戶感到困惑，因為有些手機可以使用，有些手機則不能。

And this is where I think our market strategy and our ability to commercialize technology really will show up over a multitude of years here.

我認為這就是我們的市場策略和我們將技術商業化的能力真正將在多年後顯現出來的地方。

And with that -- go ahead.

就這樣——繼續吧。

No.

不。

I was just going to -- because no one touched on it yet.

我正打算——因為還沒有人觸及它。

I just wanted a quick thought on the health care initiatives and what kind of the pushback you're getting from health care providers?

我只是想快速思考一下醫療保健舉措以及您從醫療保健提供者那裡得到了什麼樣的阻力？

I know it's right at the end, but I was just wondering if you can give us color there.

我知道它就在最後，但我只是想知道你是否可以在那裡給我們顏色。

Yes.

是的。

I think you're probably mainly referring to the commercial side of the business, which is where we're working on some [partners] -- yes, with providers.

我認為您可能主要指的是業務的商業方面，這就是我們正在與一些[合作夥伴]合作的地方——是的，與提供者合作。

I think it's less about pushback, and it's more about how do we collectively move it forward.

我認為這不是阻力，而是我們如何共同推動它向前發展。

It's very new.

這是很新的。

It's very different.

這是非常不同的。

Actually, everyone is very interested in health care in the home.

事實上，每個人都對家庭保健非​​常感興趣。

There isn't a partner we talked to who's not interested.

我們交談過的合作夥伴沒有一個不感興趣的。

It's a question of how do you fit it into the existing reimbursement methodologies, existing systems, existing way we think about care, and how do you provide enough room to test and pilot at a small level.

問題是如何將其融入現有的報銷方法、現有系統、我們對護理的現有思考方式，以及如何提供足夠的空間來進行小規模的測試和試點。

We can learn enough that it makes it worthwhile to roll out on a larger scale.

我們可以學到足夠的知識，因此值得更大規模的推廣。

So it's not actually pushback.

所以這其實並不是反擊。

There's a lot of interest.

有很多興趣。

It's a question of how that thing starts to pilot and then scale.

問題在於這個東西如何開始試點然後擴大規模。

And with that, I think that's our last question.

說到這裡，我想這是我們的最後一個問題。

I'm going to thank you all for joining us today, and we look forward to updating you on our next call in May regarding our Q1 results.

我要感謝大家今天加入我們，我們期待在 5 月的下一次電話會議上向您通報第一季業績的最新情況。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's teleconference.

女士們、先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。