百思買 (BBY) 2022 Q4 法說會逐字稿

Good morning, everyone. My name is Mollie O'Brien, and I'm Head of Investor Relations at Best Buy. We are very happy to welcome you all this morning. Thank you for joining us. Hopefully, you were able to review our earnings press release from this morning. This press release and the downloadable PDF of today's slide presentation can be found on our IR website, investors.bestbuy.com.

大家，早安。我叫 Mollie O'Brien，是百思買的投資者關係主管。我們很高興今天早上歡迎大家。感謝您加入我們。希望您能夠從今天早上開始查看我們的收益新聞稿。本新聞稿和今天幻燈片演示的可下載 PDF 可在我們的投資者關係網站investors.bestbuy.com 上找到。

Today, you will hear from several Best Buy executives, including Corie Barry, our CEO; Matt Bilunas, our CFO; Jason Bonfig, our Chief Merchant; Damien Harmon, our EVP of Omnichannel; and Deborah DiSanzo, our President of Best Buy Health. Here is our agenda for the morning. First, Corie and Matt will recap our Q4 and fiscal '22 financial results as well as our fiscal '23 outlook. Then we will begin the strategic update portion of the event.

今天，您將聽到幾位百思買高管的講話，包括我們的首席執行官 Corie Barry；我們的首席財務官 Matt Bilunas；我們的首席商人 Jason Bonfig； Damien Harmon，我們的全渠道執行副總裁；和百思買健康總裁 Deborah DiSanzo。這是我們早上的議程。首先，科里和馬特將回顧我們的第四季度和 '22 財年財務業績以及我們的 '23 財年展望。然後我們將開始活動的戰略更新部分。

Corie will start with the strategic setup and discuss our membership program. As part of the strategic setup, Jason will talk about technology innovation and merchandising. Damien will follow them with a review of our omnichannel initiatives. Then Deborah will provide an update on Best Buy Health. After that, Matt will come back to the stage for the financial discussion.

Corie 將從戰略設置開始並討論我們的會員計劃。作為戰略設置的一部分，Jason 將談論技術創新和商品推銷。 Damien 將跟隨他們審查我們的全渠道計劃。然後 Deborah 將提供有關 Best Buy Health 的最新信息。之後，馬特將回到舞台進行財務討論。

Corie will provide a quick wrap-up before we break. We expect to take a 10-minute break at approximately 9:20 A.M. Eastern time. After the break, we will start our Q&A session.

在我們休息之前，Corie 將提供一個快速總結。我們預計在上午 9 點 20 分左右休息 10 分鐘。東部時間。休息後，我們將開始我們的問答環節。

Before we begin, I would like to note that our presentation today contains non-GAAP financial measures that exclude the impact of certain business events. GAAP to non-GAAP explanations and reconciliations can be found in our earnings release and our presentation materials available on our website. Today's presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and the company undertakes no obligation to update or revise such statements to reflect events or circumstances that may arise after today's event.

在開始之前，我想指出，我們今天的演示文稿包含非公認會計準則財務指標，不包括某些業務事件的影響。 GAAP 與非 GAAP 的解釋和調節可以在我們的收益發布和我們網站上提供的演示材料中找到。今天的演示文稿包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述，公司不承擔更新或修改此類陳述以反映今天事件後可能出現的事件或情況的義務。

Again, thank you so much for joining us. We are looking forward to a great meeting. And now I could not be more excited to turn the meeting over to Corie Barry, CEO of Best Buy.

再次感謝您加入我們。我們期待著一次偉大的會議。現在，我非常興奮地將會議轉交給百思買首席執行官科里·巴里（Corie Barry）。

Thank you so much, Mollie. Good morning, everyone. We are so pleased you could join us today as we report our fiscal '22 results and take this opportunity to update our longer-term strategy and our multiyear financial outlook.

非常感謝你，莫莉。大家，早安。我們很高興您今天能加入我們，我們將報告我們的 22 財年業績，並藉此機會更新我們的長期戰略和多年財務展望。

Today, we will discuss how our business has evolved and how we are planning to drive value over the next few years. We're not planning to cover all our initiatives or all our business units. We've tried to be as succinct as possible to focus on the topics and initiatives that we believe are most important for you to understand about our business, our plans and where we believe we're headed, both for fiscal '23 and for the longer term.

今天，我們將討論我們的業務是如何發展的，以及我們計劃在未來幾年如何推動價值。我們不打算涵蓋我們所有的計劃或所有業務部門。我們試圖盡可能簡潔地專注於我們認為對您了解我們的業務、我們的計劃以及我們認為我們在 23 財年和長期。

First, let's discuss our fiscal '22 results. Fiscal '22 was another record year. In addition to record revenue and earnings, our leaders continue to drive new ways of operating and our employees continue to do amazing things in the face of unprecedented challenge and change to support our customers' technology needs in knowledgeable, fast and convenient ways. As we discussed when we entered the year, we anchored on 3 concepts we believe to be permanent and structural implications of the pandemic that were and are shaping our strategic priorities and investments.

首先，讓我們討論一下我們的 '22 財年結果。 '22 財年又是創紀錄的一年。除了創紀錄的收入和收益外，我們的領導者繼續推動新的運營方式，我們的員工在面對前所未有的挑戰和變化時繼續做出驚人的事情，以知識淵博、快速和方便的方式支持客戶的技術需求。正如我們在進入這一年時所討論的那樣，我們以三個概念為基礎，我們認為這些概念對大流行具有永久性和結構性影響，這些概念過去和現在都在塑造我們的戰略重點和投資。

One, customer shopping behavior will be permanently changed in a way that is even more digital and puts customers entirely in control to shop how they want. Our strategy is to embrace that reality and to lead, not follow. Two, our workforce will need to evolve in a way that meets the needs of customers while still providing more flexible opportunities for our employees. And three, technology is a need and is playing an even more crucial role in people's lives. And as a result, our purpose to enrich lives through technology has never been more important.

第一，客戶的購物行為將以更加數字化的方式永久改變，讓客戶完全控制他們想要的購物方式。我們的戰略是接受這一現實並領導而不是跟隨。第二，我們的員工隊伍將需要以一種滿足客戶需求的方式發展，同時仍為我們的員工提供更靈活的機會。第三，技術是一種需求，在人們的生活中發揮著越來越重要的作用。因此，我們通過技術豐富生活的目標從未如此重要。

With these concepts in mind, we piloted numerous store formats to test and learn in the past year. We advanced our flexible workforce initiative and invested in our employees' well-being. We introduced new technology tools designed to support both our customers and also our employees. And we also launched a bold new membership program called Best Buy Totaltech, designed to significantly elevate our customer experience and drive incremental sales. We will be talking more about all these topics today.

考慮到這些概念，我們在過去一年中試行了多種商店形式來測試和學習。我們推進了靈活的勞動力計劃，並投資於員工的福祉。我們引入了旨在支持我們的客戶和員工的新技術工具。我們還推出了一項名為 Best Buy Totaltech 的大膽的新會員計劃，旨在顯著提升我們的客戶體驗並推動增量銷售。我們今天將更多地討論所有這些主題。

All of this was against a constantly evolving backdrop. During the year, we navigated supply chain and transportation challenges, uncertainty as virus peaks rolled across the country and then most recently, the disruption from the Omicron wave. Our teams did an amazing job against that backdrop, expertly managing supply chain challenges since the beginning of the pandemic to bring in products our customers needed.

所有這一切都是在不斷變化的背景下發生的。在這一年中，我們應對了供應鍊和運輸方面的挑戰、病毒高峰在全國范圍內蔓延的不確定性，以及最近的 Omicron 浪潮帶來的破壞。在這種背景下，我們的團隊做得非常出色，自大流行開始以來就熟練地管理供應鏈挑戰，為我們的客戶帶來所需的產品。

During the year, we continued serving our customers digitally at much higher rates. Our online revenue was 34% of our domestic revenue, and while it declined versus last year, it was up 115% or $8.8 billion compared to 2 years ago. At the same time, we also reached our fastest package delivery speeds ever.

在這一年中，我們繼續以更高的速度為客戶提供數字化服務。我們的在線收入佔國內收入的 34%，雖然與去年相比有所下降，但與兩年前相比增長了 115% 或 88 億美元。同時，我們也達到了有史以來最快的包裹遞送速度。

We are an industry leader in fast and convenient product fulfillment for our customers. In fact, the percent of online orders we delivered in 1 day was twice as high as pre-pandemic levels despite the significant increase in volume during that same time frame. These record results are driven by the investment decisions we have made in the last several years in supply chain, store operations, our people and technology, many of which we discussed at our investor updates both in 2017 and 2019.

我們是為客戶提供快速便捷的產品交付的行業領導者。事實上，我們在 1 天內交付的在線訂單百分比是大流行前水平的兩倍，儘管在同一時間範圍內數量顯著增加。這些創紀錄的結果是由我們過去幾年在供應鏈、商店運營、我們的人員和技術方面做出的投資決策推動的，其中許多我們在 2017 年和 2019 年的投資者更新中進行了討論。

More importantly, these results are driven by our amazing associates across the company. Over the past 24 months, they have flexibly dealt with rapidly changing store operations as we responded to impacts of the pandemic. They created safe environments for our customers, and they worked tirelessly to provide excellent service. In fact, despite all the changes we went through in the last year, we delivered NPS improvements both online and in our stores. I am truly grateful for and continue to be impressed by our associates' dedication, resourcefulness and flat-out determination.

更重要的是，這些結果是由我們整個公司的優秀員工推動的。在過去的 24 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。他們為我們的客戶創造了安全的環境，他們孜孜不倦地提供優質的服務。事實上，儘管我們在去年經歷了所有變化，但我們在網上和我們的商店都提供了 NPS 改進。我非常感謝並繼續為我們員工的奉獻精神、足智多謀和堅定的決心留下深刻印象。

From a financial perspective, we delivered record revenue and earnings per share. Our comparable sales growth was 10.4% on top of a very strong 9.7% last year, growing $8 billion over the past 2 years. Our non-GAAP earnings per share was just over $10, up 27% compared to last year. And compared to 2 years ago, we expanded our non-GAAP operating income rate by 110 basis points. Our non-GAAP return on investment improved 840 basis points compared to 2 years ago, and we drove more than $6.5 billion of free cash flow in the last 2 years. In fiscal '22, we returned $4.2 billion of that to shareholders in the form of dividends and share repurchases.

從財務角度來看，我們實現了創紀錄的收入和每股收益。在去年非常強勁的 9.7% 的基礎上，我們的可比銷售額增長了 10.4%，在過去兩年中增長了 80 億美元。我們的非公認會計準則每股收益剛剛超過 10 美元，與去年相比增長了 27%。與 2 年前相比，我們將非公認會計準則營業收入率擴大了 110 個基點。與 2 年前相比，我們的非 GAAP 投資回報率提高了 840 個基點，我們在過去 2 年推動了超過 65 億美元的自由現金流。在 22 財年，我們以股息和股票回購的形式向股東返還了 42 億美元。

We also continued to deepen our commitment to the community and the environment. Many of you may have had the opportunity to view the video that was playing before the event started. We continue to believe that our ESG efforts are directly tied to long-term value creation. And I am proud of all our initiatives but we only have time for me to cover a few examples today. We committed to spend at least $1.2 billion with BIPOC and diverse businesses by 2025. The goal is to create a stronger community of diverse suppliers and to help increase BIPOC representation in the tech industry.

我們還繼續深化我們對社區和環境的承諾。你們中的許多人可能有機會觀看活動開始前正在播放的視頻。我們仍然相信，我們的 ESG 努力與長期價值創造直接相關。我為我們所有的舉措感到自豪，但今天我們只有時間讓我介紹幾個例子。我們承諾到 2025 年在 BIPOC 和多元化企業上至少花費 12 億美元。目標是創建一個更強大的多元化供應商社區，並幫助提高 BIPOC 在科技行業的代表性。

We also committed to opening 100 Teen Tech Centers by fiscal '25. During fiscal '22, we opened 9 to end the year with a total of 44. These provide teens in disinvested communities access to the training, tools and mentorship needed to succeed in post-secondary opportunities and careers. In addition, we're building a diverse talent pipeline for jobs of the future.

我們還承諾在 25 財年之前開設 100 個青少年技術中心。在 22 財年期間，我們開設了 9 家，到年底共有 44 家。這些為缺乏投資社區的青少年提供了獲得成功獲得高等教育機會和職業所需的培訓、工具和指導的機會。此外，我們正在為未來的工作建立多元化的人才管道。

In terms of the environment, in fiscal '22, we were a founding member of the Race to Zero initiative, committing to accelerate climate action within the retail industry. We are also driving sustainability through the unique consumer electronic circular economy. We help keep devices in use longer and out of landfills by leveraging our customer trade-in program, Geek Squad repair services, responsible recycling and Best Buy outlets. These are initiatives our customers and vendors value and capabilities no one else has at our scale and breadth, and we are honored to be recognized for our work.

在環境方面，在 22 財年，我們是“零競賽”倡議的創始成員，致力於加快零售行業的氣候行動。我們還通過獨特的消費電子循環經濟推動可持續發展。通過利用我們的客戶以舊換新計劃、Geek Squad 維修服務、負責任的回收和百思買網點，我們幫助延長設備的使用時間並避免被填埋。這些是我們的客戶和供應商重視的舉措以及在我們的規模和廣度上沒有其他人擁有的能力，我們很榮幸能夠因我們的工作而獲得認可。

Notably, we have placed in the top 5 on Barron's Most Sustainable Companies list for the past 5 years in a row. This ranking recognizes our strong performance across all aspects of ESG. In addition, we are on the CDP Climate A List for the fifth year, which recognizes leadership in making a positive impact on the environment.

值得注意的是，我們連續 5 年位列《巴倫周刊》最具可持續性公司榜單前 5 名。該排名表彰了我們在 ESG 各個方面的強勁表現。此外，我們連續第五年入選 CDP 氣候 A 級名單，該名單表彰了在對環境產生積極影響方面的領導地位。

Now let's move on to our Q4 results. I am extremely proud of what we accomplished during the fourth quarter. Our team showed remarkable execution and dedication to serving our customers throughout the important gift-giving season. This was evidenced by the fact that we drove improvement in year-over-year customer NPS metrics across almost all areas, particularly for in-store, online and chat experiences.

現在讓我們繼續我們的第四季度業績。我為我們在第四季度取得的成就感到非常自豪。我們的團隊在重要的送禮季節表現出卓越的執行力和奉獻精神，為我們的客戶提供服務。事實證明，我們推動了幾乎所有領域的客戶 NPS 指標的同比改進，特別是在店內、在線和聊天體驗方面。

In fact, we saw our best ever customer satisfaction scores for our in-store pickup experience. Online sales were almost 40% of domestic revenue compared to 43% last year and 25% in Q4 of fiscal '20. We reached our fastest holiday delivery times ever, shipping products to customer homes more than 25% faster than last year and 2 years ago. We also completed the purchase of 2 companies that aligned with our strategy, which Jason and Deborah will talk about later this morning.

事實上，我們在店內取貨體驗中看到了有史以來最好的客戶滿意度得分。在線銷售幾乎佔國內收入的 40%，而去年為 43%，20 財年第四季度為 25%。我們達到了有史以來最快的假期交貨時間，將產品運送到客戶家中的速度比去年和 2 年前快了 25% 以上。我們還完成了對 2 家符合我們戰略的公司的收購，Jason 和 Deborah 將在今天上午晚些時候談到這一點。

We are deliberately investing in our future and furthering our competitive differentiation. This, as we expected, is temporarily impacting our profitability. The biggest areas of investment in Q4 were our new membership program, technology and Best Buy Health, all core to our future growth potential. In the face of unexpected change, I remain inspired by the way our teams across the enterprise remain flexible to ensure our customers were able to find the perfect gift. We remain well positioned as we head into fiscal '23 as the unique technology provider for the home.

我們有意投資於我們的未來，並進一步提升我們的競爭優勢。正如我們預期的那樣，這暫時影響了我們的盈利能力。第四季度最大的投資領域是我們的新會員計劃、技術和百思買健康，這些都是我們未來增長潛力的核心。面對意想不到的變化，我仍然對我們整個企業的團隊保持靈活性以確保我們的客戶能夠找到完美禮物的方式感到鼓舞。在進入 23 財年時，我們仍然處於有利地位，成為家庭的獨特技術提供商。

I'll turn the meeting over to Matt to cover more details on our Q4 results and fiscal '23 outlook. Matt?

我將把會議交給馬特，以介紹我們第四季度業績和 23 財年展望的更多細節。馬特?

Thank you, Corie, and good morning, everyone. Hopefully, you were all able to view our press release this morning with our detailed financial results.

謝謝科里，大家早上好。希望你們今天早上都能看到我們的新聞稿以及我們詳細的財務業績。

Our Q4 revenue was $16.4 billion. Our domestic comparable sales declined 2.1%, and our enterprise comp sales declined 2.3%. Revenue grew 8% versus 2 years ago. It was only slightly below the low end of our revenue guidance for the quarter due to a few factors.

我們第四季度的收入為 164 億美元。我們的國內可比銷售額下降了 2.1%，我們的企業可比銷售額下降了 2.3%。與兩年前相比，收入增長了 8%。由於一些因素，它僅略低於我們本季度收入指導的低端。

The first factor was inventory availability. We expected to have pockets of inventory constraints as we entered the quarter and called out a few areas, including appliances, gaming and mobile phones. As the quarter progressed, inventory was more constrained than we anticipated within a few categories and brands. These constraints included some high-demand holiday items, and the categories most impacted were mobile phones and computing.

第一個因素是庫存可用性。當我們進入本季度時，我們預計會有一些庫存限制，並提到了一些領域，包括電器、遊戲和手機。隨著本季度的進展，一些類別和品牌的庫存比我們預期的更受限制。這些限制因素包括一些高需求的假日商品，受影響最大的類別是手機和計算機。

The second factor impacting our results was Omicron. The Omicron wave and the resulting high levels of employee call-outs led to a temporary reduction in our store hours in January and to start fiscal '23. In mid-February, our staffing levels started to improve, and we increased store operating hours for the majority of our stores.

影響我們結果的第二個因素是 Omicron。 Omicron 浪潮和由此產生的大量員工召回導致我們在 1 月份的商店營業時間暫時減少，並從 23 財年開始。 2 月中旬，我們的人員配備水平開始提高，我們增加了大部分門店的營業時間。

Excluding these 2 factors, our revenue would have been comfortably in the guidance range we provided for the quarter. From a category standpoint, on a weighted basis, the top areas with positive comparable sales growth included appliances, virtual reality, home theater and headphones. We saw comparable sales declines in gaming, mobile phones, tablets and services.

排除這兩個因素，我們的收入本來可以輕鬆地處於我們為本季度提供的指導範圍內。從類別的角度來看，在加權基礎上，可比銷售額增長最高的領域包括電器、虛擬現實、家庭影院和耳機。我們看到遊戲、手機、平板電腦和服務的可比銷售額下降。

Turning now to gross profit. Our non-GAAP gross profit rate decreased 50 basis points to 20.2%. This was about 20 basis points lower than we expected primarily due to increased promotionality. When comparing to last year, the largest driver was our services category, primarily driven by Totaltech.

現在轉向毛利潤。我們的非公認會計原則毛利率下降 50 個基點至 20.2%。這比我們預期的低約 20 個基點，主要是由於促銷活動的增加。與去年相比，最大的驅動力是我們的服務類別，主要由 Totaltech 驅動。

Our product margins were largely flat to last year as the benefit from category sales mix was offset by increased promotions. Higher profit sharing revenue from our credit card arrangement was a benefit to gross profit rate compared to last year. Lastly, our International gross profit rate improved 210 basis points to last year, which provided a weighted benefit of approximately 20 basis points to our enterprise results.

我們的產品利潤率與去年基本持平，因為類別銷售組合的好處被增加的促銷活動所抵消。與去年相比，我們的信用卡安排帶來的更高利潤分成收入對毛利率有利。最後，我們的國際毛利率比去年提高了 210 個基點，這為我們的企業業績提供了大約 20 個基點的加權收益。

Our enterprise non-GAAP SG&A dollars grew 5% versus last year, less than our guide of 8% growth primarily due to lower-than-anticipated incentive compensation. Within our Domestic segment, our SG&A dollars increased $139 million. The largest drivers were: one, advertising, which included campaigns for both holiday and to drive awareness for our new membership offering; two, technology; three, increased store and call center labor that helped drive the record customer satisfaction scores Corie shared; and four, Best Buy Health, which includes the impact associated with our acquisition.

我們的企業非 GAAP SG&A 美元與去年相比增長了 5%，低於我們 8% 的增長指導，這主要是由於激勵薪酬低於預期。在我們的國內部門，我們的 SG&A 美元增加了 1.39 億美元。最大的驅動因素是：一是廣告，其中包括假日活動和提高對我們新會員服務的認識；二、技術；第三，增加商店和呼叫中心的勞動力，這有助於推動 Corie 分享的創紀錄的客戶滿意度得分；第四，百思買健康，其中包括與我們收購相關的影響。

Before I discuss the fiscal '23 financial outlook, let me spend some time on our new Totaltech membership program. Corie will provide a more holistic overview later in her presentation, but I will add some color on the impacts to our Q4 results and for next year.

在討論 23 財年的財務前景之前，讓我花點時間了解一下我們新的 Totaltech 會員計劃。 Corie 稍後將在她的演講中提供更全面的概述，但我將對我們的第四季度業績和明年的影響添加一些顏色。

Totaltech is a near-term investment to drive long-term value. The thesis is that over time, we will capture incremental product sales from our members that will lead to higher operating income, but as we discussed in prior earnings calls, it does come with near-term profitability impacts. First, at $199, the stand-alone membership is profitable. It just isn't as profitable as legacy service memberships due to the breadth of benefits and the cost to fulfill them.

Totaltech 是一項旨在推動長期價值的短期投資。論文的論點是，隨著時間的推移，我們將從會員那裡獲得增量產品銷售，這將帶來更高的營業收入，但正如我們在之前的財報電話會議中所討論的那樣，它確實會帶來近期的盈利能力影響。首先，199 美元的獨立會員資格是有利可圖的。由於利益的廣度和實現這些利益的成本，它不像傳統服務會員那樣有利可圖。

Second, there's a loss of revenue and profit from existing revenue streams that are now included as benefits in the program. For example, previously stand-alone services like extended warranties and products installations are now included within our Totaltech membership. We still offer these services on a stand-alone basis or to nonmembers, but you can imagine there's an aspect of cannibalization as members are no longer paying incrementally for these items.

其次，現有收入流中的收入和利潤會有所損失，這些收入流現在已作為福利包含在該計劃中。例如，以前的獨立服務（如延長保修期和產品安裝）現在包含在我們的 Totaltech 會員中。我們仍然以獨立的方式或向非會員提供這些服務，但您可以想像存在自相殘殺的一個方面，因為會員不再為這些項目增加支付費用。

So what does all this mean? We expect that the gross profit rate of our services category will reset to a new level going forward that is lower than it was prior to launching Totaltech. The way to drive more operating income despite this lower services gross profit rate is to add far more members than we thought was possible under our previous membership offerings. The key to increased profit will be through increased volume through a combination of more recurring membership revenue and incremental product purchases of our members.

那麼，這意味著什麼？我們預計，我們服務類別的毛利率將重新設置到低於推出 Totaltech 之前的新水平。儘管服務毛利率較低，但要提高營業收入的方法是增加比我們以前的會員服務所能想像的要多得多的會員。增加利潤的關鍵是通過增加經常性會員收入和增加會員的產品購買量來增加銷量。

The number of memberships grew very nicely in Q4, and our plans for fiscal '23 assume continued growth. But it will take some time to reach the scale necessary to offset the lower gross profit rate I just described. Therefore, Totaltech remains a pressure in fiscal '23 but we expect it to be a meaningful driver of both higher sales and operating income dollars in fiscal '25 targets.

會員數量在第四季度增長得非常好，我們的 23 財年計劃假設持續增長。但要達到抵消我剛才描述的較低毛利率所需的規模還需要一些時間。因此，Totaltech 在 23 財年仍然是一個壓力，但我們預計它將成為 25 財年目標中更高的銷售額和營業收入的重要推動力。

Now let's talk about our overall fiscal '23 outlook. Our guide is anchored around a comparable sales decline in the range of 1% to 4% and a 5.4% non-GAAP operating income rate. Our non-GAAP diluted EPS outlook is $8.85 to $9.15.

現在讓我們談談我們對 23 財年的總體展望。我們的指南基於 1% 至 4% 的可比銷售額下降和 5.4% 的非 GAAP 營業收入率。我們的非公認會計原則攤薄後每股收益前景為 8.85 美元至 9.15 美元。

Before we discuss the broader assumptions driving our guide, I want to touch on our expected tax rate. Our non-GAAP effective tax rate is planned at a more normalized level of 24.5% in fiscal '23 compared to 19% rate in fiscal '22. As you may recall, our Q2 results this past year included a $0.47 diluted EPS benefit from the resolution of certain discrete matters.

在我們討論推動我們指南的更廣泛假設之前，我想談談我們的預期稅率。與 22 財年的 19% 相比，我們的非 GAAP 有效稅率計劃在 23 財年達到更正常化的 24.5% 水平。您可能還記得，我們去年的第二季度業績包括從解決某些離散事項中獲得的 0.47 美元攤薄每股收益。

Now I would like to share a few important assumptions underpinning our guidance. First, we anticipate the traditional CE industry to decline in the low to mid-single digits next year as we lap the high levels of growth in stimulus actions from this past year. In addition, we anticipate the number of store closures to be in the range of 20 to 30, which is consistent with the trend over the past 5 years.

現在，我想分享一些支持我們指導的重要假設。首先，我們預計傳統消費電子行業明年將出現低至中個位數的下滑，因為過去一年刺激行動的高增長水平。此外，我們預計關閉門店的數量將在 20 至 30 家之間，這與過去 5 年的趨勢一致。

As I mentioned, our fiscal '23 guidance assumes non-GAAP operating income rate of approximately 5.4% compared to 6% in fiscal '22. To be clear, the biggest driver of the lower operating income rate in fiscal '23 is our investment in Totaltech. As I just described, this near-term pressure will drive long-term value for our shareholders.

正如我所提到的，我們的 23 財年指導假設非 GAAP 營業收入率約為 5.4%，而 22 財年為 6%。需要明確的是，23 財年營業利潤率下降的最大驅動因素是我們對 Totaltech 的投資。正如我剛才所描述的，這種近期壓力將為我們的股東帶來長期價值。

There are, of course, other factors that we expect to impact our results that for the most part offset each other in fiscal '23. We do expect higher levels of promotional activity to pressure our gross profit rate, which is partially offset by the favorable impact of expected growth and our monetization of our advertising business or Best Buy Ads. We expect our full year SG&A expense to be lower than fiscal '22 levels. The largest year-over-year variance is lower incentive compensation expense as we reset our plans after paying out at higher levels in fiscal '22 due to the overachieving of our performance targets.

當然，我們預計還有其他因素會影響我們的結果，這些因素在 23 財年中大部分會相互抵消。我們確實預計更高水平的促銷活動會給我們的毛利率帶來壓力，這部分被預期增長的有利影響和我們的廣告業務或百思買廣告的貨幣化所抵消。我們預計我們全年的 SG&A 費用將低於 22 財年的水平。最大的同比差異是較低的激勵補償費用，因為我們在 22 財年因超額完成業績目標而在更高水平支付後重新制定了計劃。

We expect a lower incentive comp to be partially offset by a few areas. The first area is higher technology cost primarily due to annualizing spend in fiscal '22. The second area is higher depreciation and store remodel expense, as Damien will discuss later. And lastly, we expect to see higher SG&A dollars in support of our Best Buy Ads business.

我們預計較低的激勵補償將被一些領域部分抵消。第一個領域是較高的技術成本，主要是由於 22 財年的年度支出。第二個方面是較高的折舊和商店改造費用，Damien 將在後面討論。最後，我們預計會看到更高的 SG&A 美元來支持我們的百思買廣告業務。

Finally, as you may have noticed, we are not providing quarterly guidance, but I would like to provide some insight on the assumed phasing for fiscal '23. Due to the strong first half comps last year, we expect our full year comparable sales decline to be weighted more heavily in the first half of the year. In addition, we expect to see significantly more year-over-year operating income rate pressure in the first half of the year compared to the back half.

最後，您可能已經註意到，我們沒有提供季度指導，但我想就 23 財年的假設階段提供一些見解。由於去年上半年的強勁業績，我們預計我們全年可比銷售額下降在上半年的權重將更大。此外，與下半年相比，我們預計上半年的營業收入同比壓力將顯著增加。

To summarize, the 2 largest variables for fiscal '23 financial results are the short-term industry declines as we lap high growth in government stimulus and the investment in our new membership program that will drive long-term value. As we look to fiscal '25, we expect the CE industry will return to the high levels we saw in fiscal '22 and that Totaltech will drive meaningful growth.

總而言之，23 財年財務業績的兩個最大變量是短期行業下滑，因為我們在政府刺激措施中實現了高速增長，以及對將推動長期價值的新會員計劃的投資。當我們展望 25 財年時，我們預計消費電子行業將回到我們在 22 財年看到的高水平，並且 Totaltech 將推動有意義的增長。

I will now turn the meeting back over to Corie to begin our strategic update.

我現在將會議轉回給 Corie，開始我們的戰略更新。

Thank you so much, Matt. As I noted closing out my Q4 summary, we remain well positioned as we head into fiscal '23. I'd like to expand on this a bit as we highlight our strategic positioning.

非常感謝，馬特。正如我在結束我的第四季度總結時指出的那樣，我們在進入 23 財年時仍然處於有利地位。在我們強調我們的戰略定位時，我想對此進行一些擴展。

There are 3 key points you should take away from this morning. First, technology is a necessity and we are the unique tech solutions provider for the home. Second, we have built an ecosystem of customer-centric assets, delivering experiences no one else can. And third, we believe our differentiated abilities and ongoing investments in our business will drive compelling financial returns over time.

你應該從今天早上帶走 3 個關鍵點。首先，技術是必需品，我們是獨特的家庭技術解決方案提供商。其次，我們建立了以客戶為中心的資產生態系統，提供其他人無法提供的體驗。第三，我們相信我們的差異化能力和對業務的持續投資將隨著時間的推移帶來可觀的財務回報。

We believe we have the right strategy to deliver growth and value for all stakeholders, and we are excited to go into more detail about our plans. But first, let's do some level setting. Our purpose is unchanged, and more relevant today, this minute than ever, our purpose to enrich lives through technology is enduring. And we have honed our 5-year vision.

我們相信我們有正確的戰略來為所有利益相關者帶來增長和價值，我們很高興能更詳細地了解我們的計劃。但首先，讓我們進行一些級別設置。我們的目標沒有改變，而且在今天比以往任何時候都更加重要，我們通過技術豐富生活的目標是持久的。我們已經磨練了我們的 5 年願景。

We personalize and humanize technology solutions for every stage of life. Technology is no longer a nice to have, it is a necessity and it is expanding into all parts of our lives and homes. Working has forever changed. Streaming content has exponentially grown. The metaverse is coming to life.

我們為生活的每個階段提供個性化和人性化的技術解決方案。擁有技術不再是一件好事，它是一種必需品，它正在擴展到我們生活和家庭的方方面面。工作永遠改變了。流媒體內容呈指數增長。元宇宙即將復活。

We can power our homes with connected solar panels. Cars are connected. And we can monitor our health, including connecting with the physician, from our living room. Every aspect of our lives has changed with technology, and we uniquely know how to make it human in our customers' homes, right for their lives.

我們可以用連接的太陽能電池板為我們的家供電。汽車已連接。我們可以在客廳監控我們的健康狀況，包括與醫生聯繫。隨著科技的發展，我們生活的方方面面都發生了變化，我們獨特地知道如何在客戶的家中讓它變得人性化，適合他們的生活。

For example, we will send a consultant to your home for free to optimize the tech you have or add the tech you want. We can repair your phone's screen and you can try VR headsets while you wait. You can meet with a fitness consultant in our virtual store, who will match your fitness goals with our fitness products or you can use our Lively device to connect with a caring center agent who can help you schedule a lift. These are just some examples, and you'll see this come to life in many more ways throughout our presentation this morning.

例如，我們將免費派顧問到您家，以優化您擁有的技術或添加您想要的技術。我們可以修復您的手機屏幕，您可以在等待時試用 VR 耳機。您可以在我們的虛擬商店與健身顧問會面，他將通過我們的健身產品匹配您的健身目標，或者您可以使用我們的 Lively 設備與可以幫助您安排電梯的關懷中心代理聯繫。這些只是一些示例，在我們今天上午的演示中，您會以更多方式看到這一點。

From a financial perspective, we delivered remarkable results over the past 2 years, and we are far ahead of where we expected to be when we set our long-term financial targets back in 2019. As I mentioned earlier, in the past 2 years, we have delivered more than $8 billion of revenue growth and improved our operating income rate by 110 basis points to 6%. We are in a strong position to drive the business forward and deliver growth.

從財務角度來看，我們在過去 2 年取得了驕人的成績，並且遠遠領先於我們在 2019 年設定長期財務目標時的預期。正如我之前提到的，在過去的 2 年中，我們實現了超過 80 億美元的收入增長，並將我們的營業收入率提高了 110 個基點，達到 6%。我們在推動業務發展和實現增長方面處於有利地位。

We do not for 1 minute believe we hit our peak revenue and margin this past year. As Matt outlined, we do expect fiscal '23 to look different as the industry cycles the last 2 years of unusually strong demand and we leverage our position of strength to continue to invest in our future. But in fiscal '25, we expect to deliver revenue growth and expand our operating income rate beyond what we reported in fiscal '22. As we have always said, in order to deliver these financial results, it is paramount that we stay focused on our goal to remain a best place to work and we continue to deepen relationships with our customers.

我們沒有一分鐘相信我們在過去一年中達到了峰值收入和利潤率。正如馬特所概述的那樣，我們確實預計 23 財年看起來會有所不同，因為行業在過去兩年異常強勁的需求中循環，我們利用我們的優勢地位繼續投資於我們的未來。但在 25 財年，我們預計將實現收入增長並將我們的營業收入率擴大到超出我們在 22 財年報告的水平。正如我們一直所說，為了實現這些財務成果，我們必須始終專注於保持最佳工作場所的目標，並繼續加深與客戶的關係。

As you can see, our new fiscal '25 targets are materially higher than what we thought just back in 2019. We now expect to generate approximately $1 billion more in operating income than our original targets. Given our margin rate, this is considerable growth in operating income dollars.

如您所見，我們新的 25 財年目標大大高於我們在 2019 年的預期。我們現在預計將比我們最初的目標多產生約 10 億美元的營業收入。鑑於我們的利潤率，這是營業收入美元的可觀增長。

So what's changed since 2019? Well, the CE industry is larger than we expected. Our online mix has nearly doubled. We have found ways to make our operating model more flexible and efficient while also investing in wages and benefits. We are accelerating our category expansion, and we have launched an entirely new membership program.

那麼自 2019 年以來發生了什麼變化？嗯，消費電子行業比我們預期的要大。我們的在線組合幾乎翻了一番。我們已經找到了使我們的運營模式更加靈活和高效的方法，同時也投資於工資和福利。我們正在加速我們的品類擴張，我們推出了全新的會員計劃。

On the flip side, the financial contribution from Best Buy Health is clearer but also a bit longer term than we had originally modeled. This is based on primarily 2 things. First, demand in the active aging business and product constraints were impacted by the pandemic. Additionally, based on our internal learnings and insights from consumer behavior changes over the past 2 years, we tuned our strategy to focus on the growing virtual care opportunity, which Deborah will discuss in more detail later.

另一方面，百思買健康的財務貢獻比我們最初建模的更清晰，但也更長一些。這主要基於兩件事。首先，活躍老齡化業務的需求和產品限制受到大流行的影響。此外，根據我們對過去 2 年消費者行為變化的內部學習和洞察，我們調整了戰略，專注於不斷增長的虛擬護理機會，Deborah 稍後將對此進行更詳細的討論。

As we think about our strategy going forward, it is important to look at how dramatically our business has evolved over the past several years. Here, we use fiscal '15 to give a longer-term view to what a different business we have become. Most of these changes were already in motion before the pandemic and then accelerated significantly in the past 2 years. Let me expand on a few points here.

當我們考慮我們未來的戰略時，重要的是要看看我們的業務在過去幾年中取得了多麼巨大的發展。在這裡，我們使用 '15 財年來更長遠地看待我們已經成為的不同業務。這些變化中的大部分在大流行之前就已經開始了，然後在過去的兩年中顯著加速。讓我在這裡擴展幾點。

I already mentioned our fiscal '22 online business was 34% of our Domestic sales. That is more than $16 billion in sales compared to just $3.5 billion in fiscal '15. When you look at how we use our stores for fulfillment, the increase in the sheer number of products customers are picking up in our stores is impressive. This is even more meaningful when you consider the fact that our delivery speed is industry leading and we cut delivery speed essentially in half over the past several years. Clearly, customers value our stores and the convenience and choice they provide. As Damien is going to discuss, we are increasingly interacting with customers via digital channels like chats and video and in their homes.

我已經提到我們 22 財年的在線業務占我們國內銷售額的 34%。與 15 財年的 35 億美元相比，銷售額超過 160 億美元。當您查看我們如何使用我們的商店進行履行時，客戶在我們商店中購買的產品數量的絕對增長令人印象深刻。當您考慮到我們的交付速度是行業領先的事實並且我們在過去幾年中將交付速度基本上降低了一半時，這一點就更有意義了。顯然，客戶重視我們的商店以及他們提供的便利和選擇。正如 Damien 將要討論的那樣，我們越來越多地通過聊天和視頻等數字渠道以及在家中與客戶進行互動。

And finally, membership is incredibly important, both now and into our future. Our Totaltech membership is a big theme of today's presentation, but don't lose sight of the fact that we were a pioneer in loyalty programs. And our My Best Buy program now has more than 100 million total members.

最後，會員資格非常重要，無論是現在還是我們的未來。我們的 Totaltech 會員資格是今天演講的一個重要主題，但不要忽視我們是忠誠度計劃的先驅這一事實。我們的“我的百思買”計劃現在擁有超過 1 億會員。

So with all of that as background, I'd like to tap back to our first key takeaway. Technology is a necessity and we are the unique tech solutions provider for the home. So let's start with some industry context.

因此，以所有這些為背景，我想回到我們的第一個關鍵要點。技術是必需品，我們是獨特的家庭技術解決方案提供商。因此，讓我們從一些行業背景開始。

The traditional CE industry is large and growing. There's no perfect external source that tracks our business, so here, we're showing a historical view based on selected government PCE category data. Our outlook is based on multiple industry forecasts and internal data. As you can see on this chart, the industry was growing for several years and then accelerated during the last 2 years. As Matt mentioned, we expect it to step back this year as the industry absorbs the very high growth of the past 2 years. By fiscal '25, we believe it can be back to fiscal '22 levels, which is materially higher than it was pre pandemic.

傳統的消費電子行業規模龐大且不斷增長。沒有完美的外部資源可以跟踪我們的業務，因此在這裡，我們展示了基於選定的政府 PCE 類別數據的歷史視圖。我們的展望基於多個行業預測和內部數據。正如您在此圖表中所見，該行業在過去幾年中一直在增長，然後在過去 2 年中加速增長。正如馬特所提到的，我們預計今年它會退後一步，因為該行業吸收了過去兩年的高速增長。到 25 財年，我們相信它可以回到 22 財年的水平，這大大高於大流行前的水平。

In addition, we're expanding our addressable market by entering new categories in areas like health and electric bikes that are being disrupted by technology in a good way as well as areas where we can really complete solutions for customers like indoor and outdoor living. Jason will provide a bit more detail on these in a few minutes.

此外，我們正在通過進入健康和電動自行車等領域的新類別來擴大我們的目標市場，這些領域正被技術以良好的方式顛覆，以及我們可以真正為室內和室外生活等客戶完成解決方案的領域。 Jason 將在幾分鐘內提供有關這些內容的更多詳細信息。

As a reminder, this is also a stable industry. Contrary to some sentiment, technology is no more volatile or cyclical than other large durable goods categories over time, and the last 2 years have significantly underscored the importance of technology in day-to-day life. What historically was seen as a want has become a need. 40% of Americans use digital technology or the Internet in new or different ways compared with before the pandemic, and the use of telemedicine is triple what it was in just Q1 of 2020.

提醒一下，這也是一個穩定的行業。與某些觀點相反，隨著時間的推移，技術並不比其他大型耐用品類別更具波動性或週期性，並且過去兩年顯著強調了技術在日常生活中的重要性。歷史上被視為需要的東西現在變成了需要。與大流行之前相比，40% 的美國人以新的或不同的方式使用數字技術或互聯網，遠程醫療的使用量是 2020 年第一季度的三倍。

The majority of people who started or increased activities like online fitness, telemedicine, videoconferencing and connecting socially with others virtually say they plan to continue this increased usage even after the pandemic. 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 and they're also more tech connected than they ever had been before.

大多數開始或增加在線健身、遠程醫療、視頻會議以及與他人進行社交聯繫等活動的人實際上表示，即使在大流行之後，他們也計劃繼續增加使用量。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，它們re 也比以往任何時候都更多地連接技術。

As a result, there is an overall larger installed base of consumers using technology. People own more tech devices than ever before. This combination of more devices and more activities also means customers need their tech to work seamlessly every day. True tech support when the customer wants it underpins living this way and is our unique asset across all these devices.

因此，使用技術的消費者的總體安裝基礎更大。人們擁有的科技設備比以往任何時候都多。這種更多設備和更多活動的組合也意味著客戶需要他們的技術每天都能無縫工作。當客戶需要時，真正的技術支持支持以這種方式生活，並且是我們在所有這些設備上的獨特資產。

And technology is extending into all aspects of our home, and we've all grown to depend on it. This is not a heat-driven category. It is an industry that is need-based, stable and has been growing. We firmly believe people will continue to use technology more and both need and want to replace or upgrade their products. Billions of dollars of R&D spend by some of the world's largest companies and likely some we haven't even heard of yet means innovation is constant, and that innovation drives interest, upgrades and experimentation into the future. This is not a static industry.

技術正在擴展到我們家庭的各個方面，我們都已經成長為依賴它。這不是一個熱驅動的類別。這是一個以需求為基礎、穩定且不斷發展的行業。我們堅信人們將繼續更多地使用技術，並且都需要並且想要更換或升級他們的產品。一些世界上最大的公司以及我們可能甚至還沒有聽說過的一些最大公司的數十億美元研發支出意味著創新是持續的，而創新推動了未來的興趣、升級和實驗。這不是一個靜態的行業。

So to talk about this exciting world of technology innovation, I'm honored to welcome Jason Bonfig, our Chief Merchandising Officer.

因此，談到這個令人興奮的技術創新世界，我很榮幸地歡迎我們的首席營銷官 Jason Bonfig。

Thanks, Corie. Good morning. We continue to lead the tech industry with significant high share in high-consideration categories. What I mean by a high-consideration category, generally higher ASPs and a longer period of time from when you start to think about purchasing to when you actually purchase.

謝謝，科里。早上好。我們繼續引領科技行業，在備受關注的類別中佔有很高的份額。我所說的高考慮類別，通常較高的 ASP 以及從您開始考慮購買到實際購買的時間較長。

Continuing to grow our share in these large categories like television and computing will always be a cornerstone of our strategy, but to be truly there for our customers and all their technology needs, we need to accelerate our share across other areas of technology as well and also some new spaces. This is where Totaltech comes in. On products with lower ASPs and shorter upgrade and consideration cycles, our share is generally lower. Totaltech creates a new value proposition that benefits customers when they consolidate their technology shopping at Best Buy.

繼續增加我們在電視和計算機等大型類別中的份額將始終是我們戰略的基石，但要真正滿足我們的客戶及其所有技術需求，我們還需要加快我們在其他技術領域的份額，並且還有一些新空間。這就是 Totaltech 的用武之地。在 ASP 較低、升級和考慮週期較短的產品上，我們的份額通常較低。 Totaltech 創造了一個新的價值主張，當客戶在百思買整合他們的技術購物時，他們會從中受益。

I want to give 3 examples of a customer journey that illustrate this point. Let's start with a customer that actually wants to upgrade their kitchen. They want to buy an entirely new kitchen suite with 3 pieces. That customer that has Totaltech does not have to worry about delivery and install. It's included in the price. That could be between a $400 and $500 value.

我想舉 3 個客戶旅程示例來說明這一點。讓我們從真正想要升級廚房的客戶開始。他們想購買一套全新的廚房套件，包含 3 件。擁有 Totaltech 的客戶不必擔心交付和安裝。它包含在價格中。這可能在 400 到 500 美元之間。

A little bit later in the year, the same customer hypothetically breaks their phone. They want to get a new iPhone. When they purchase that iPhone at Best Buy, AppleCare is included. Just in the first year, that's just under $120 of value. Then a little bit later in the year, they want to get a new pair of wireless headphones. If you purchase those headphones at Best Buy, the warranty is also included if you're a Totaltech member. That's a $30 value. Examples like these is where Totaltech benefits come to life for our customers and create a reason to make a considered visit to our app, our website, our store and increases Best Buy share across all of the categories on the slide behind me.

今年晚些時候，假設同一位客戶打破了他們的手機。他們想買一部新 iPhone。當他們在百思買購買 iPhone 時，AppleCare 已包含在內。就在第一年，它的價值還不到 120 美元。然後在今年晚些時候，他們想要一副新的無線耳機。如果您在百思買購買這些耳機，如果您是 Totaltech 會員，則還包括保修。那是 30 美元的價值。像這樣的例子是 Totaltech 為我們的客戶帶來的好處，並創造了一個理由來考慮訪問我們的應用程序、我們的網站、我們的商店，並在我身後幻燈片上的所有類別中增加百思買的份額。

Technology innovation never stops. And even when you look over the past 3 years, you can see value of the new technology and what it creates for our customers. During the pandemic, the majority of the focus was around creating products to meet customer demand. This was a distraction, but even with that, there was significant innovation and value created by our vendors.

技術創新從未停止。即使回顧過去 3 年，您也可以看到新技術的價值以及它為我們的客戶創造的價值。在大流行期間，大部分重點是圍繞創造產品來滿足客戶需求。這讓人分心，但即便如此，我們的供應商也創造了重大的創新和價值。

The slide behind me highlights an upgrade over a 3-year period of similar price points across laptops and televisions. While I won't hit on every new feature and advancement that happened, I'll highlight a few. For televisions, you get a full 10 inches more in screen size, almost no Bezel and the ability to navigate your TV with voice if you'd like to. On the laptop side, you can log in with your face. It's faster, thinner, lighter and has significantly longer battery life.

我身後的幻燈片突出了筆記本電腦和電視在 3 年內類似價格點的升級。雖然我不會談到發生的每一個新功能和進步，但我會強調一些。對於電視，您可以獲得整整 10 英寸的屏幕尺寸，幾乎沒有邊框，並且如果您願意，還可以通過語音導航您的電視。在筆記本電腦端，您可以使用面部登錄。它更快、更薄、更輕，並且電池壽命顯著延長。

These continued evolutionary innovation cycles are never ending, and they drive growth. They create reasons to upgrade and unlock new and better experiences for our customers each and every year. In fact, when we look at our customers' behavior, we're seeing a 7% to 15% reduction in the amount of time it takes a customer to get back into a category. They're coming back to categories faster because of these innovations by our vendors.

這些持續的進化創新周期永無止境，它們推動著增長。他們每年都有理由為我們的客戶升級和解鎖新的更好的體驗。事實上，當我們查看客戶的行為時，我們發現客戶重新進入某個類別所需的時間減少了 7% 到 15%。由於我們供應商的這些創新，他們可以更快地回到類別。

I've highlighted how Totaltech and our vendor innovations will drive growth. Now I'd like to highlight some macro trends that will also drive opportunities in our business. I'll start with 5G and fiber. The expansion of speed and networks in general are really, really good for customers and technology. You can download a movie in minutes, collaborate with others instantly, access a video game or video content anywhere you want without latency. These are things that will drive new experiences and growth for our customers.

我已經強調了 Totaltech 和我們的供應商創新將如何推動增長。現在，我想強調一些宏觀趨勢，這些趨勢也將為我們的業務帶來機遇。我將從 5G 和光纖開始。總體而言，速度和網絡的擴展對客戶和技術都非常非常有益。您可以在幾分鐘內下載電影、立即與他人協作、隨時隨地訪問視頻遊戲或視頻內容，而不會出現延遲。這些將為我們的客戶帶來新的體驗和增長。

The next trend is the metaverse and cloud. Have virtual experiences, play golf with friends or family members virtually, travel to places that you actually can't and have a full experience in the virtual world. In addition to that, when you look at the virtual world and cloud, there are new experiences that are created. Previously, you could just play a game on a gaming system and your television. Now you can take that same game seamlessly from the system to your phone to your tablet. In fact, if some of you have children like I do, you're constantly battling the ability for them to play anywhere they want, anytime they want.

下一個趨勢是元界和雲。擁有虛擬體驗，與朋友或家人虛擬打高爾夫球，前往您實際上無法前往的地方，並在虛擬世界中獲得完整的體驗。除此之外，當您查看虛擬世界和雲時，會產生新的體驗。以前，您可以只在遊戲系統和電視上玩遊戲。現在，您可以將相同的遊戲從系統無縫傳輸到手機再到平板電腦。事實上，如果你們中的一些人像我一樣有孩子，那麼你們會一直在努力爭取讓他們隨時隨地玩。

The cloud also solves a significant customer pain points. Previously, our customers would tell us when they wanted to upgrade a computing product, it would take them 60 minutes to get it the exact way they'd want to that would be moving their icons, their data, just getting it the way the old one was and having the features of the new. Today, with cloud, you simply put in your credentials and in 10 to 15 minutes, it's actually exactly the way you want. You get all the benefits of the new technology and you get all of the placement and all the setup of your old product instantly. That does drive upgrade and it drives interest in customers in upgrading more frequently.

雲還解決了一個重要的客戶痛點。以前，我們的客戶會告訴我們，當他們想要升級計算產品時，他們需要 60 分鐘才能得到他們想要的確切方式，即移動他們的圖標、他們的數據，只是以舊的方式獲得一個是並且具有新的功能。今天，有了雲，您只需輸入您的憑據，然後在 10 到 15 分鐘內，這實際上正是您想要的方式。您可以獲得新技術的所有好處，並且您可以立即獲得舊產品的所有放置和所有設置。這確實推動了升級，並推動了客戶更頻繁地升級的興趣。

The next trend I would like to talk about is automation and support. The connected home has been around for years, and it's now moving into automation and support more specifically. Single-function devices like robot vacuums today; tomorrow, they'll move into security of the entire home, communication and assistance for individuals. This is very, very important as our population ages and people want to stay in their homes longer. Automation and support is one of the ways where technology can enable people to just do that and accomplish their goals and solve that pain point.

我想談的下一個趨勢是自動化和支持。互聯家庭已經存在多年，現在它正在轉向自動化和更具體的支持。今天的機器人吸塵器等單功能設備；明天，他們將進入整個家庭的安全、通信和個人援助領域。這是非常非常重要的，因為我們的人口老齡化並且人們希望在家裡待更長時間。自動化和支持是技術使人們能夠做到這一點並實現他們的目標並解決該痛點的方式之一。

Next, I'd like to talk about customization and personalization. Customers have always wanted to express themselves, and technology is not excluded from that. But there has been significant advancement in manufacturing from appliances to cellphones where customers can express themselves with a touch of color, a family photo or any other type of personal expression that they'd like to integrate into the products.

接下來，我想談談定制和個性化。客戶一直想表達自己，技術也不排除在外。但是，從電器到手機的製造已經取得了顯著進步，客戶可以通過色彩、家庭照片或任何其他類型的個人表達來表達自己，他們希望將其融入產品中。

Sustainability is also a significant trend that's important to customers but also very important to Best Buy. I'll start with a vendor example. Samsung televisions that we sell in our stores today have what is called Samsung solar cell technology in their remote controls. This eliminates the need for batteries, which is obviously very beneficial to the environment. But it also charges off of not only solar but ambient light in the home, and it means that you're never going to have a remote that's out of power. That solves a significant customer pain point. Technology like this will expand to more and more categories and drive upgrade cycles.

可持續性也是一個重要趨勢，對客戶很重要，對百思買也很重要。我將從供應商示例開始。我們今天在商店銷售的三星電視在其遙控器中採用了所謂的三星太陽能電池技術。這消除了對電池的需求，這顯然對環境非常有益。但它不僅可以通過太陽能充電，還可以通過家裡的環境光充電，這意味著你永遠不會有一個沒電的遙控器。這解決了一個重要的客戶痛點。像這樣的技術將擴展到越來越多的類別並推動升級週期。

In addition to that, we want to make sure that we're supporting customers that want to upgrade more frequently. Today, you see that come to life with our recycling and trade-in programs which are a very important part of our value proposition to customers. Over time, that will start to move into new usage models that may actually be upfront conversations about exactly how long a customer wants to use a product and when that next upgrade will happen. Will it be 1 year? Will it be 2 years? Or will it be 3 years as we move forward?

除此之外，我們希望確保我們支持想要更頻繁升級的客戶。今天，您會看到我們的回收和以舊換新計劃成為我們對客戶價值主張的重要組成部分。隨著時間的推移，這將開始進入新的使用模式，這實際上可能是關於客戶想要使用產品多長時間以及何時進行下一次升級的前期對話。會是1年嗎？會是2年嗎？還是我們前進的三年？

Let's watch a video highlighting many of the areas I've talked about and even some new additional areas that will drive growth.

讓我們看一段視頻，重點介紹我談到的許多領域，甚至是一些將推動增長的新領域。

(presentation)

（介紹）

I'd like to thank our friends at Samsung for that assist and that demo. As we look over the past decade, we've had over $12 billion in sales growth with the vast majority coming from large categories like TVs, computing and appliances and 1/3 coming from new categories like wearables and VR, just to name a few. As we move forward, that innovation will continue, and there will continue to be new categories that don't even exist today.

我要感謝我們在三星的朋友的幫助和演示。回顧過去十年，我們的銷售額增長超過 120 億美元，其中絕大多數來自電視、計算機和電器等大類別，1/3 來自可穿戴設備和 VR 等新類別，僅舉幾例.隨著我們向前發展，創新將繼續，並且將繼續出現今天甚至不存在的新類別。

We're also looking to accelerate that expansion by entering new categories that are aligned with where our customers want us to be and places where Best Buy can solve real customer pain points. For the next 12 to 24 months, we'll continue to focus on these 5 areas of expansion. I'll go a bit deeper on 3 of these, fitness and wellness, outdoor living and personal electric transportation, in the next few minutes.

我們還希望通過進入與客戶希望我們成為的地方以及百思買可以解決真正客戶痛點的地方相一致的新類別來加速這種擴張。在接下來的 12 到 24 個月內，我們將繼續專注於這 5 個擴展領域。在接下來的幾分鐘內，我將深入探討其中的 3 個方面，即健身和保健、戶外生活和個人電動交通。

I'll start with fitness and wellness. This is a $34 billion industry that we are uniquely positioned to compete in with our Blue Shirts but also our large product fulfillment network that was built for televisions and appliances. Our assortment has grown by 650% in the last 12 months, and we are implementing a larger, more premium experience in 90 stores over the next 18 months with dedicated zones for vendors. Damien will touch on the virtual store a little bit later, but customers today actually have the ability to have a virtual chat or video consultation with a fitness expert.

我將從健身和健康開始。這是一個價值 340 億美元的行業，我們具有獨特的優勢，可以與我們的 Blue Shirts 以及我們為電視和電器建立的大型產品履行網絡競爭。在過去 12 個月中，我們的產品種類增加了 650%，我們將在未來 18 個月內為 90 家商店提供更大、更優質的體驗，並為供應商提供專門的區域。 Damien 稍後會談到虛擬商店，但今天的客戶實際上可以與健身專家進行虛擬聊天或視頻諮詢。

The next area I'd like to talk about is personal electric transportation. This is a $3 billion industry with rapid growth. We've introduced 250 new products this holiday with 500 additional accessories around those products. We'll be adding physical assortment to 900 stores and a more premium experience in 90 stores over the next 18 months. We currently offer assembly, and we're in the pilot stages of service and support and repair for our customers.

我想談的下一個領域是個人電動交通。這是一個價值 30 億美元且增長迅速的行業。我們在這個假期推出了 250 種新產品，並圍繞這些產品增加了 500 種配件。在接下來的 18 個月裡，我們將在 900 家商店中增加實體店，並在 90 家商店中提供更優質的體驗。我們目前提供組裝服務，我們正處於為客戶提供服務、支持和維修的試點階段。

The last category I'd like to highlight is outdoor living. This is over a $30 billion industry, and our acquisition of Yardbird, a leading premium outdoor furniture company, provides the ability for us to accelerate this business across a nationwide network. That acquisition, combined with our strength in outdoor television and audio and new partnerships with leading brands like Traeger, Weber and Bromic, create a comprehensive solution for our customers. When we couple that assortment with our home consultants and the physical and digital experiences that we've developed for customers, this is a really, really fast-moving category that has the ability to grow. You'll start to see Yardbird products as fast as this spring in Southern California market, and we're very excited about that.

我想強調的最後一個類別是戶外生活。這是一個價值超過 300 億美元的行業，我們收購領先的高端戶外家具公司 Yardbird，使我們能夠在全國范圍內加速這項業務。此次收購，加上我們在戶外電視和音頻領域的實力以及與 Traeger、Weber 和 Bromic 等領先品牌的新合作夥伴關係，為我們的客戶創造了一個全面的解決方案。當我們將這些分類與我們的家庭顧問以及我們為客戶開發的物理和數字體驗結合起來時，這是一個真正、真正快速發展的類別，具有增長的能力。今年春天，您將開始在南加州市場上看到 Yardbird 產品，我們對此感到非常興奮。

To reiterate, we expect growth from Totaltech, consistent innovation from our vendors, macro trends that I've mentioned, new product categories that we don't even know about yet and 5 new areas of expansion to move our business forward. Thank you. I'll hand it back to you, Corie.

重申一下，我們期待 Totaltech 的增長、我們供應商的持續創新、我提到的宏觀趨勢、我們甚至還不知道的新產品類別以及 5 個新的擴展領域，以推動我們的業務向前發展。謝謝你。我會把它還給你的，科里。

Thanks so much, Jason. Obviously, you are the expert. Back to our second key takeaway. We have built a unique ecosystem of customer-centric assets delivering experiences that no one else can.

非常感謝，傑森。顯然，你是專家。回到我們的第二個關鍵要點。我們建立了一個獨特的以客戶為中心的資產生態系統，提供其他人無法提供的體驗。

Consumer electronics is a distinctive industry. The products are constantly evolving, they're connected to networks that are constantly evolving, they all use different operating systems and they range from small and powerful to large and breakable, often at high price points. And customers are more comfortable using tech than they have ever been yet. They also admit it's likely not doing all it could to make their lives better.

消費電子是一個特色產業。這些產品在不斷發展，它們連接到不斷發展的網絡，它們都使用不同的操作系統，它們的範圍從小而強大到大而易碎，通常價格很高。客戶比以往任何時候都更舒適地使用技術。他們還承認，它可能沒有盡一切努力讓他們的生活變得更好。

Against that backdrop, we have built a unique ecosystem of assets that all work together to create a stickier and more valuable relationship with the customer. And we're investing in this ecosystem as we pivot against a backdrop of even higher customer expectations. We'll provide more depth on a number of these assets through the rest of the presentation.

在這種背景下，我們建立了一個獨特的資產生態系統，這些資產共同作用以與客戶建立更緊密、更有價值的關係。在客戶期望更高的背景下，我們正在投資這個生態系統。我們將在接下來的演示文稿中更深入地介紹其中的一些資產。

So anchoring this ecosystem is our expert advice and service. Customers are excited about tech and want to be confident in their purchase. We provide that in ways literally no one else can, from our expertly curated assortment to in-home consultations all the way to tech support when your tech isn't working the way you want or trade in and recycling when you want to upgrade. And then building on that strength, our Totaltech membership ties these experiences together and provides unique benefits that customers value and no one else can provide. We then combine those unique experiences with our strength in omnichannel retailing, industry-leading and seamless shopping experiences and services across all channels, including in home, in store, digitally, remotely and virtually.

因此，錨定這個生態系統是我們的專家建議和服務。客戶對技術感到興奮，並希望對他們的購買充滿信心。我們提供的方式幾乎是其他人無法提供的，從我們專業策劃的分類到家庭諮詢，再到技術支持（當您的技術無法按照您想要的方式運行時，或者在您想要升級時進行交易和回收利用）。然後在這種優勢的基礎上，我們的 Totaltech 會員將這些體驗聯繫在一起，並提供客戶重視且其他人無法提供的獨特利益。然後，我們將這些獨特的體驗與我們在全渠道零售、行業領先和無縫購物體驗以及所有渠道（包括家庭、商店、數字、遠程和虛擬）服務方面的優勢相結合。

And finally, all these interactions provide us rich data and insights across customer experiences to create personalized technology solution tailored to the customer-specific technology and needs. And all this data fuels our business like Best Buy Ads, matching our partners' marketing to the most appropriate audiences based on our first-party data. When this ecosystem works together, it provides a unique experience tailored to the customer. It also reaches beyond our consumers into business partners, suppliers and other strategic relationships that leverage our capabilities. Whether it's our consultative services highlighted on partners' websites or vendors leveraging our in-store pickup to fulfill from their websites, others value our capabilities.

最後，所有這些交互為我們提供了豐富的客戶體驗數據和洞察力，以創建針對客戶特定技術和需求量身定制的個性化技術解決方案。所有這些數據都像百思買廣告一樣為我們的業務提供動力，根據我們的第一方數據將我們合作夥伴的營銷與最合適的受眾相匹配。當這個生態系統協同工作時，它會為客戶提供量身定制的獨特體驗。它還超越了我們的消費者，進入了利用我們能力的業務合作夥伴、供應商和其他戰略關係。無論是我們在合作夥伴網站上突出顯示的諮詢服務，還是供應商利用我們的店內取貨從他們的網站上完成，其他人都看重我們的能力。

So let me add some color around the first part of the ecosystem. As I said, customers are excited about tech and want to be confident with their purchase, particularly when it's part of their daily life at home. So instead of me trying to describe all the parts and pieces to you, I think this video does an excellent job bringing to life the unique ways we provide expert advice and services seamlessly across all our touch points.

所以讓我在生態系統的第一部分添加一些顏色。正如我所說，客戶對科技感到興奮，並希望對他們的購買充滿信心，尤其是當它成為他們日常生活的一部分時。因此，我沒有試圖向您描述所有部分和片段，而是認為該視頻做得非常出色，使我們在所有接觸點無縫地提供專家建議和服務的獨特方式栩栩如生。

(presentation)

（介紹）

So again, just to reinforce, there is no one else that can provide this type of immersive experience at scale in a world where more and more of our lives are being lived in a way that requires technology. And we felt it was important to double down on our unique capabilities with an equally unique membership offer. This represents literally years of customer research and innovation and truly puts the customer at the center of our investments.

因此，再次強調，在我們越來越多的生活以需要技術的方式生活的世界中，沒有其他人可以提供這種大規模的沉浸式體驗。我們認為通過同樣獨特的會員優惠加倍發揮我們獨特的能力非常重要。這實際上代表了多年的客戶研究和創新，真正將客戶置於我們投資的中心。

Matt talked earlier about the financial implications of our new membership program. Now I get to talk about the fun part. Fundamentally, Totaltech is designed to provide our customers complete confidence in their technology, buying it, getting it up and running, enjoying it and fixing it if something goes wrong. Matt and Jason already mentioned some of the benefits, but as a reminder, Totaltech includes product discounts and periodic access to hard-to-get inventory, free delivery and installation, free technical support, extended warranties on products and much more.

馬特早些時候談到了我們新會員計劃的財務影響。現在我來談談有趣的部分。從根本上說，Totaltech 旨在讓我們的客戶對他們的技術充滿信心，購買它、啟動並運行它、享受它並在出現問題時修復它。 Matt 和 Jason 已經提到了一些好處，但提醒一下，Totaltech 包括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、產品延長保修等等。

Because the membership is so comprehensive, it has broad appeal among our customers. There is truly something for everyone. And the benefit that's most appealing can vary based on a customer's unique shopping journey or their stage in life. So let me share some early examples. I say early because as a reminder, we literally just rolled this program nationally in mid-October.

由於會員資格如此全面，因此在我們的客戶中具有廣泛的吸引力。這對於每個人都是實在的東西。最吸引人的好處可能會根據客戶獨特的購物旅程或他們的生活階段而有所不同。所以讓我分享一些早期的例子。我說得早是因為提醒一下，我們實際上只是在 10 月中旬在全國范圍內推出了這個計劃。

The benefits associated with purchasing products like product warranty and member pricing are being leveraged the most. Younger generations are using these benefits, especially AppleCare, at a higher rate than older generations. This is exciting and important as extended warranties as a stand-alone business was definitely not a growing part of our business or strategy. And additionally, it's exciting that our employees have embraced this offer. Realizing the suite of benefits means there is something in it for every customer. This makes for a more comfortable and natural sales environment and allows the employees to truly focus on the customers' needs.

與購買產品相關的好處（如產品保修和會員定價）得到了最大程度的利用。年輕一代使用這些福利的頻率高於老一代，尤其是 AppleCare。這是令人興奮和重要的，因為作為獨立業務的延長保修絕對不是我們業務或戰略中不斷增長的一部分。此外，令人興奮的是，我們的員工接受了這項優惠。實現一系列好處意味著每個客戶都能從中受益。這創造了一個更舒適自然的銷售環境，讓員工真正關注客戶的需求。

The VIP access to phone and chat support and access to Geek Squad support and services in general are used more often by older generations, which our legacy plans over indexed on. And the access to hard-to-get inventory is resonating with some of our most engaged customers who already interact and spend with us very frequently. That broad appeal is one of the main reasons we rolled out this program. We have significantly elevated the customer experience by packaging up unique benefits our customers value that no one else can provide, and by doing so, we believe we have made it inconceivable for them to purchase their tech anywhere else.

老一代人更經常使用 VIP 訪問電話和聊天支持以及訪問 Geek Squad 支持和服務，這是我們的傳統計劃過度索引的基礎。訪問難以獲得的庫存正在引起我們一些最活躍的客戶的共鳴，他們已經非常頻繁地與我們互動和消費。這種廣泛的吸引力是我們推出該計劃的主要原因之一。我們通過整合客戶認為其他人無法提供的獨特優勢顯著提升了客戶體驗，並且通過這樣做，我們相信我們讓他們在其他任何地方購買他們的技術變得不可思議。

From a business perspective, of course, the goal is to increase customer frequency and capture a larger share of CE spend. As a specialty retailer, our customer frequency has a different profile than mass merchants. As a result, it is even more crucial that we stay in the consideration set as customers are building out their technology solutions. I am incredibly happy to say that we are indeed seeing increased interactions with our Totaltech customers to the tune of about 60%. Also, when we look at NPS surveys specifically from customers who are Totaltech members, they are running about 1,400 basis points higher than nonmembers. From a spend perspective, it's difficult to calculate with precision given the early stage of the membership and our historical customer frequency, but we currently believe customers who sign up for the membership are spending about 20% more than they would have if they did not have the membership.

當然，從業務角度來看，目標是提高客戶頻率並在消費電子支出中佔據更大份額。作為專業零售商，我們的客戶頻率與大眾商家不同。因此，當客戶正在構建他們的技術解決方案時，我們留在考慮範圍內變得更加重要。我非常高興地說，我們確實看到與 Totaltech 客戶的互動增加了約 60%。此外，當我們特別查看來自 Totaltech 會員客戶的 NPS 調查時，他們比非會員高出約 1,400 個基點。從支出的角度來看，考慮到會員的早期階段和我們的歷史客戶頻率，很難精確計算，但我們目前認為，註冊會員的客戶的支出比沒有會員時的支出高出約 20%會員資格。

We already have 4.6 million members. Now to be transparent, we auto converted 3.7 million Totaltech support and other legacy support programs. We have actively enrolled more than 1 million members since launching nationwide in October, and we see a path to double the number of members by the end of fiscal '25. This membership program is a vital addition to our customer relationship ecosystem, providing an offer that no one else can and interaction data that is incredibly valuable to all aspects of our business, fueling our growth over time. And to deliver this offer seamlessly, we leverage another part of our ecosystem: omnichannel retailing strength.

我們已經有 460 萬會員。現在為了透明起見，我們自動轉換了 370 萬個 Totaltech 支持和其他遺留支持計劃。自 10 月在全國范圍內推出以來，我們已經積極註冊了超過 100 萬會員，我們看到到 25 財年結束時會員數量將翻一番。該會員計劃是我們客戶關係生態系統的重要補充，提供其他人無法提供的優惠和對我們業務的各個方面都非常有價值的交互數據，隨著時間的推移推動我們的增長。為了無縫提供此優惠，我們利用了我們生態系統的另一部分：全渠道零售實力。

To provide more depth on the evolution of our omnichannel retailing model, I am pleased to welcome Damien Harmon, our EVP of Omnichannel, to the stage to talk to you about how we are optimizing our workforce, reimagining our physical presence and leveraging technology. Damien?

為了更深入地介紹我們的全渠道零售模式的演變，我很高興歡迎我們的全渠道執行副總裁 Damien Harmon 上台與您討論我們如何優化我們的員工隊伍、重新構想我們的實體存在和利用技術。達米安？

Thank you, Corie. It's great to be here with you today to talk about our accomplishments and our plans for this year and beyond across our omnichannel portfolio. As Corie mentioned earlier, omnichannel retail is a critical component of our strategic ecosystem. It's the most direct way to connect our strategy to the needs of our customers and employees.

謝謝你，科里。很高興今天能在這裡與您討論我們的成就以及我們今年及以後在全渠道產品組合中的計劃。正如 Corie 之前提到的，全渠道零售是我們戰略生態系統的重要組成部分。這是將我們的戰略與客戶和員工的需求聯繫起來的最直接方式。

Let's look at the last 2 years before we dive into where we're going. These last 2 years have challenged our employees in ways we could have never imagined. Powered by our strategic investments, we were able to serve our customers' needs and grow the business.

在深入探討我們要去的地方之前，讓我們看看過去的兩年。過去 2 年以我們無法想像的方式挑戰了我們的員工。在我們的戰略投資的推動下，我們能夠滿足客戶的需求並發展業務。

There are 2 areas I want to highlight. First, the connection between our online sales, which expanded to 34% of our total Domestic revenue, and the 150% growth we've seen in our virtual interaction across video, chat and voice. Today, 84% of Best Buy customers use digital channels throughout their shopping journey. These virtual opportunities have created new ways for us to offer customers the immediate ability to shop with an expert wherever they are.

我想強調兩個領域。首先，我們的在線銷售額（佔國內總收入的 34%）與我們在視頻、聊天和語音的虛擬互動中看到的 150% 增長之間存在聯繫。如今，84% 的百思買客戶在整個購物過程中使用數字渠道。這些虛擬機會為我們創造了新的方式，讓客戶能夠立即與專家一起購物，無論他們身在何處。

Second, and also connected to our customers using digital channels throughout their shopping journey, is we've seen a 72% growth in customers who are using our app while in our stores. This also creates an opportunity for us to build more digital interactions and technology-related solutions to support their needs. These numbers are amazing. We could not be more proud of our teams and how they've delivered. Just as importantly, it gives us an incredible foundation for continued growth and optimism as we look to the future.

其次，我們的客戶在整個購物過程中都使用數字渠道與他們聯繫起來，我們看到在我們的商店中使用我們的應用程序的客戶增長了 72%。這也為我們創造了一個機會來建立更多的數字交互和技術相關的解決方案來支持他們的需求。這些數字是驚人的。我們為我們的團隊以及他們的交付方式感到無比自豪。同樣重要的是，它為我們在展望未來時的持續增長和樂觀提供了令人難以置信的基礎。

Now from an omnichannel perspective, we look at the combination of customer experience, loyalty plus operating efficiency. The 2 main drivers of that and what I'm going to talk about today are how we optimize our workforce and reimagine our physical presence in ways that serve our customers' needs in an ever-growing digital world. Our focus is on further developing our teammates to give them the skills to help customers inside and outside of our stores, but more importantly, through any number of digital channels at our customers' fingertips. At the same time, we will optimize our store portfolio, and as Matt mentioned, we will maintain the trend of closing 20 to 30 stores per year. However, with online penetration growing so rapidly in the last 2 years, we're making investments in our stores to provide a better, more seamless shopping experience as customers move from online shopping to visiting our stores to video chatting from their home.

現在從全渠道的角度來看，我們關注客戶體驗、忠誠度和運營效率的結合。這兩個主要驅動因素以及我今天要討論的內容是，我們如何優化我們的員工隊伍，並以在不斷增長的數字世界中滿足客戶需求的方式重新構想我們的實體存在。我們的重點是進一步培養我們的團隊成員，讓他們具備幫助店內和店外客戶的技能，但更重要的是，通過客戶觸手可及的任意數量的數字渠道。同時，我們將優化我們的門店組合，正如馬特所說，我們將保持每年關閉 20 到 30 家門店的趨勢。然而，隨著過去 2 年在線滲透率的快速增長，我們正在對我們的商店進行投資，以提供更好、更無縫的購物體驗，因為客戶從在線購物轉向訪問我們的商店，再到在家中進行視頻聊天。

So I'll start with our people. We have significantly improved efficiency and productivity of our store labor model. We've seen a more than 100 basis point improvement in store domestic labor expense as a percentage of revenue compared to FY '20. We've also materially increased store productivity over the past 2 years. We've done this by reskilling our teammates and making investments that lean into physical and digital shopping experience.

所以我將從我們的人開始。我們顯著提高了商店勞動力模式的效率和生產力。與 20 財年相比，我們看到商店國內勞動力費用佔收入的百分比提高了 100 多個基點。在過去的 2 年裡，我們還大大提高了商店的生產力。我們通過重新培訓我們的隊友並進行投資於實體和數字購物體驗來做到這一點。

A few examples include our fulfillment improvements, consultation labor and our virtual store. This allows us to leverage our employees more effectively inside and outside of our stores. The great news is that as we've made these adjustments, we've maintained a strong NPS in our stores. These investments in our people have allowed us to help them learn new skills, grow their careers, gain flexibility and realize their dream by keeping them with us longer.

一些例子包括我們的履行改進、諮詢勞動力和我們的虛擬商店。這使我們能夠在商店內外更有效地利用我們的員工。好消息是，在我們進行這些調整後，我們的門店保持了強勁的 NPS。這些對我們員工的投資使我們能夠幫助他們學習新技能、發展他們的職業、獲得靈活性並通過與我們保持更長時間來實現他們的夢想。

We've increased our average wage rate 20% in the last 2 years by raising our minimum wage to $15 an hour and shifting some of our employees into higher-skilled, higher-paying roles. In fact, our average wage for our field employees this year will be over $18 an hour. Since we've started our flexible workforce initiative in 2020, 80% of our talented associates are now skilled to support multiple jobs inside and outside of our stores, and we're proud of the fact that our field turnover rates remain significantly below retail average and are near our pre-pandemic turnover rates.

在過去的 2 年裡，我們通過將最低工資提高到每小時 15 美元並將我們的一些員工轉移到技能更高、薪水更高的職位上，將平均工資率提高了 20%。事實上，今年我們現場員工的平均工資將超過每小時 18 美元。自從我們在 2020 年啟動靈活勞動力計劃以來，我們 80% 的才華橫溢的員工現在具備支持商店內外多種工作的技能，我們為我們的現場離職率仍然遠低於零售平均水平而感到自豪並且接近我們大流行前的流動率。

Overall, we're in a place we like right now. We're becoming more efficient without losing sight of delivering amazing experiences for our customers and our employees. We're going to continue to strike the balance between spend and productivity as we look at the factors that I've just outlined.

總的來說，我們現在在一個我們喜歡的地方。我們正在變得更加高效，同時又不忘為我們的客戶和員工提供令人驚嘆的體驗。當我們審視我剛剛概述的因素時，我們將繼續在支出和生產力之間取得平衡。

Now an obvious differentiator for our workforce is our Geek Squad team, which continues to deliver an experience that creates repeat customers, builds trust and drives incremental spend. As I showcased earlier, we have nearly 21 million services interactions across in-store and in-home services. We've significantly expanded our repair capabilities in categories that are important to customers' everyday lives like mobile phone repair.

現在，我們員工隊伍的一個明顯差異化因素是我們的 Geek Squad 團隊，該團隊繼續提供能夠創造回頭客、建立信任並推動增加支出的體驗。正如我之前展示的，我們在店內和家庭服務中進行了近 2100 萬次服務交互。我們在手機維修等對客戶日常生活很重要的類別中顯著擴展了維修能力。

This work is expanding our customer base. In fact, 35% of our mobile phone customers are new or reengaged with Best Buy. This is enabled by a technical workforce that has an average tenure of almost 9 years and a retention rate at 86%. No one can match that level of expertise at the scale we can. That's huge. That tenure has helped us produce fantastic NPS results in store, in home and through our remote support. And after we complete the repairs, customers spend 1.7x more and engage 1.6x more often across all Geek Squad services. Geek Squad will be a vital part of our Totaltech initiative, and we'll continue to offer stand-alone services that matter to customers, deepen those relationships and drive frequency.

這項工作正在擴大我們的客戶群。事實上，我們 35% 的手機客戶是新客戶或重新參與百思買。這是由平均任期近 9 年、保留率高達 86% 的技術人員實現的。在我們所能達到的規模上，沒有人能比得上這種專業水平。那是巨大的。這一任期幫助我們在商店、家里和通過我們的遠程支持產生了出色的 NPS 結果。在我們完成維修後，客戶在所有 Geek Squad 服務中的花費增加了 1.7 倍，參與次數增加了 1.6 倍。 Geek Squad 將成為我們 Totaltech 計劃的重要組成部分，我們將繼續提供對客戶至關重要的獨立服務，加深這些關係並提高頻率。

Our customers are also leveraging our expertise through consultations as well, both inside and outside of our stores. These consultations provide a direct access to customers for our ever-growing set of experts. Employees who have the skill sets to complete a consultation has grown by 78% last year. And with each consultation, we can inspire what's possible. Customers spend 17% more across their lifetime value and they purchase more often when engaged for a consultation. Customers are loving this experience, and we're seeing strong NPS. When surveyed, 92% of customers say they will likely continue working with their expert. And when customers are engaged with one of our consultants or designers, they shop with Best Buy 2x more frequently. So looking ahead, we believe our annual consultations will grow by more than 200% by fiscal '25.

我們的客戶也通過我們商店內外的諮詢來利用我們的專業知識。這些諮詢為我們不斷增長的專家組提供了直接接觸客戶的途徑。具有完成諮詢技能的員工去年增長了 78%。通過每次諮詢，我們都可以激發靈感。客戶在其整個生命週期價值中的支出增加了 17%，並且他們在接受諮詢時購買的頻率更高。客戶喜歡這種體驗，我們看到了強大的 NPS。在接受調查時，92% 的客戶表示他們可能會繼續與他們的專家合作。當客戶與我們的一位顧問或設計師互動時，他們在百思買購物的頻率會提高 2 倍。因此，展望未來，我們相信到 25 財年，我們的年度諮詢量將增長 200% 以上。

As you saw earlier, we had 45 million virtual interactions across all channels, creating opportunities to engage our customers differently. We're excited about the virtual store, which just launched last fall. To date, our virtual store in comparison to historical chat experiences is generating higher close rate, higher sales and a 20% improvement in customer satisfaction.

如您之前所見，我們在所有渠道中進行了 4500 萬次虛擬互動，創造了以不同方式吸引客戶的機會。我們對去年秋天剛剛推出的虛擬商店感到興奮。迄今為止，與歷史聊天體驗相比，我們的虛擬商店正在產生更高的關閉率、更高的銷售額和 20% 的客戶滿意度提升。

And that's not all. Our vendors are extremely excited about it as well. We started with 17 vendors onboard, and we will end fiscal '23 with over 60 vendors investing in our virtual store. This is an investment in us and the belief that we're creating a totally differentiating experience. We're expanding our virtual store and adding more categories like appliances and home theater, and we expect our virtual sales interactions to double by fiscal '25.

這還不是全部。我們的供應商也對此感到非常興奮。我們從 17 家供應商開始，到 23 財年結束時將有 60 多家供應商投資於我們的虛擬商店。這是對我們的投資，也是對我們正在創造一種完全不同的體驗的信念。我們正在擴大我們的虛擬商店並添加更多類別，如電器和家庭影院，我們預計到 25 財年我們的虛擬銷售互動將翻一番。

So let's talk about ways we're reimagining our store in support of our physical and digital shopping experiences. We are very excited about the things that we're testing, learning and in some cases, implementing in our stores. First, let's talk about our experiential store. In 2020, we launched a test in one of our Houston stores and added 2 additional locations since then.

因此，讓我們談談我們重新構想商店以支持我們的實體和數字購物體驗的方式。我們對我們正在測試、學習以及在某些情況下在我們的商店中實施的東西感到非常興奮。首先說一下我們的體驗店。 2020 年，我們在休斯頓的一家門店進行了測試，此後又增加了 2 個門店。

Some of the key enhancements include dedicated showcase spaces for some of the new categories Jason mentioned earlier like e-transportation, outdoor living, fitness. We expanded our Microsoft and Apple shops and dedicated more space to premium experiences like appliances, home theater and audio. We expanded our Geek Squad presence for more customer interactions and space for repair services.

一些關鍵的改進包括 Jason 前面提到的一些新類別的專用展示空間，如電子交通、戶外生活、健身。我們擴大了 Microsoft 和 Apple 商店，並為電器、家庭影院和音頻等高級體驗提供了更多空間。我們擴大了 Geek Squad 的存在，以獲得更多的客戶互動和維修服務空間。

And we've also enhanced fulfillment capabilities to include exterior lockers, additional space for shipping, packing and fulfilling from our store warehouses.

我們還增強了履行能力，包括外部儲物櫃、額外的運輸空間、包裝和從我們的商店倉庫履行。

And we're excited about the performance. We've seen a 370 basis point improvement in NPS. We've seen a steady lift in customer penetration in the retail trade area as well as overall customer spend. And we expect to continue to see strong revenue lift in these experiential stores. And we will remodel 50 locations in fiscal '23 and about 300 locations expected by fiscal '25.

我們對錶演感到興奮。我們已經看到 NPS 提高了 370 個基點。我們已經看到零售貿易領域的客戶滲透率和整體客戶支出穩步提升。我們預計這些體驗店的收入將繼續強勁增長。我們將在 23 財年改造 50 個地點，預計到 25 財年改造大約 300 個地點。

Now I want to highlight our 16 outlet stores that are sort of open box, clearance, end-of-life and otherwise distressed large product inventory across major appliances and televisions which might otherwise be liquidated at a significant lower recovery rate. These outlets unlock value by alleviating space and capacity from our core stores, and they are an important element of our circular economy strategy by providing a second opportunity for products to be resold instead of ending up in the landfill.

現在，我想重點介紹一下我們的 16 家直銷店，它們是開箱、清倉、報廢和其他陷入困境的大型電器和電視產品庫存，否則這些產品可能會以顯著較低的回收率清算。這些門店通過減輕我們核心商店的空間和容量來釋放價值，它們是我們循環經濟戰略的重要組成部分，為產品提供了第二次轉售機會，而不是最終進入垃圾填埋場。

In FY '22, gross liquidation recovery rate is almost 2x higher than alternative channels. These locations are attracting new and reengaged customers. 16% of customers are new and 37% of customers are reengaged. In FY '23, we will double the amount of outlet stores, and we'll test expanding our assortments by adding computing, gaming and mobile phones.

在 22 財年，總清算回收率幾乎是替代渠道的 2 倍。這些地點正在吸引新的和重新參與的客戶。 16% 的客戶是新客戶，37% 的客戶是重新參與的。在 23 財年，我們將把直銷店的數量增加一倍，我們將通過增加計算、遊戲和手機來測試擴大我們的產品種類。

As we discussed last year, we launched a test in Charlotte of a new holistic market approach. And as I mentioned earlier, the ways people are shopping today are entirely different than how they shop 2 years ago, and our stores and the way they operate need to change and adjust accordingly. This work in Charlotte is a manifestation of the shopping evolution, and this pilot leverages all of our assets in a forward portfolio strategy across stores, fulfillment, services, outlets, consultation labor, and we bring it all together with our digital app.

正如我們去年所討論的，我們在夏洛特啟動了一項新的整體市場方法的測試。正如我之前提到的，人們今天的購物方式與兩年前的購物方式完全不同，我們的商店和他們的經營方式需要相應地改變和調整。夏洛特的這項工作是購物發展的體現，該試點利用我們的所有資產製定了跨商店、履行、服務、奧特萊斯、諮詢勞動力的前瞻性投資組合戰略，我們將所有這些與我們的數字應用程序結合在一起。

Within the test, we are looking at how a variety of store formats across 15,000, 25,000 and 35,000 square feet locations can serve the customer's needs. And this summer, we will be introducing a 5,000-square-foot store into the marketplace. When you look at the before and after map of the Charlotte market, you can see we have reduced our overall square footage by 5% and yet, we've increased our customer coverage in the marketplace from 76% to 85%. We've also added 260 access points where customers can get their gear and employee delivery covers nearly half of the metro. So looking ahead, we'll be focusing on using this market to learn in fiscal '23 before we make decisions on what to scale or what not do.

在測試中，我們正在研究 15,000、25,000 和 35,000 平方英尺的各種商店形式如何滿足客戶的需求。今年夏天，我們將在市場上推出一家 5,000 平方英尺的商店。當您查看夏洛特市場的前後地圖時，您會發現我們的總面積減少了 5%，但我們將市場上的客戶覆蓋率從 76% 提高到了 85%。我們還增加了 260 個接入點，客戶可以在這些接入點獲取他們的裝備，員工送貨覆蓋了近一半的地鐵。因此，展望未來，我們將專注於利用這個市場在 23 財年學習，然後再決定擴大規模或不擴大規模。

Technology enhancements are at the center of many of the changes I just mentioned, from self-checkout to virtual store, technology supporting our teams and customers in new and exciting ways. Take a look at this video to see what we're doing.

技術改進是我剛才提到的許多變化的核心，從自助結賬到虛擬商店，技術以令人興奮的新方式支持我們的團隊和客戶。看看這個視頻，看看我們在做什麼。

(presentation)

（介紹）

As you can see, technology brings it all together in support of our optimized workforce and how our physical locations will enhance the shopping experience inside and outside of our stores. We're excited about this year and our future as we focus on the combination of customer experience, loyalty plus operating efficiency.

如您所見，技術將這一切結合在一起，以支持我們優化的員工隊伍，以及我們的實體店將如何增強我們商店內外的購物體驗。我們對今年和我們的未來感到興奮，因為我們專注於客戶體驗、忠誠度和運營效率的結合。

Now I'd like to turn it over to our President of Best Buy Health, Deborah DiSanzo.

現在我想把它交給我們的百思買健康總裁 Deborah DiSanzo。

Thank you, Damien. Here is the ecosystem slide Corie and Damien shared, and it's a perfect introduction to Best Buy Health as our work is an excellent example of the Best Buy ecosystem and flywheel.

謝謝你，達米安。這是 Corie 和 Damien 分享的生態系統幻燈片，這是對 Best Buy Health 的完美介紹，因為我們的工作是 Best Buy 生態系統和飛輪的一個很好的例子。

Today, I will share the strategy of health at Best Buy. But first, let's see it come to life in this video.

今天，我將分享百思買的健康策略。但首先，讓我們在這個視頻中看到它變得栩栩如生。

(presentation)

（介紹）

I hope the video begins to answer the question that I hear often: Why in the world is Best Buy in health? I understand the question because health is complex, it has a longer return on investment and other companies have not succeeded.

我希望視頻開始回答我經常聽到的問題：為什麼世界上的百思買是健康的？我理解這個問題，因為健康很複雜，它的投資回報期更長，而其他公司沒有成功。

So why will Best Buy succeed? We didn't build this strategy to be like any other company or to change who Best Buy is. We built our strategy on Best Buy's strengths, our world-class omnichannel, distribution and logistics, strong analytics, presence in the home and our empathetic caring center agents.

那麼為什麼百思買會成功呢？我們制定這一戰略並不是為了像任何其他公司一樣或改變百思買的身份。我們的戰略建立在百思買的優勢、我們世界級的全渠道、分銷和物流、強大的分析、在家中的存在以及我們善解人意的關懷中心代理人的基礎上。

Our strategy is supported by the rapid consumerization of health and 2 significant trends. First, technology is moving into health. We recognize an $80 billion market opportunity for health technology and the desire for consumers to use technology to manage their health.

我們的戰略得到健康快速消費化和兩個重要趨勢的支持。首先，技術正在進入健康領域。我們認識到健康技術具有 800 億美元的市場機會以及消費者使用技術來管理他們的健康的願望。

And second, health is moving into the home. By 2025, an estimated $265 billion in Medicare services will move into the home and 61% of patients say they would choose hospital care at home. And Best Buy has long proven we're a trusted adviser for technology in the home. 70% of the U.S. population lives within 10 miles of a Best Buy store, able to shop health and wellness products, speak with our expert Blue Shirts and utilize our distribution hubs to fulfill their health technology needs. Geek Squad makes 9 million home visits annually, helping consumers set up technology and perhaps more importantly, teaching them how to use it.

其次，健康正在進入家庭。到 2025 年，估計有 2650 億美元的醫療保險服務將進入家庭，61% 的患者表示他們會選擇在家住院治療。百思買早已證明我們是值得信賴的家庭技術顧問。 70% 的美國人口居住在百思買商店 10 英里範圍內，能夠購買健康和保健產品，與我們的專家 Blue Shirts 交談並利用我們的分銷中心來滿足他們的健康技術需求。 Geek Squad 每年進行 900 萬次上門訪問，幫助消費者建立技術，或許更重要的是，教會他們如何使用它。

And we have the confidence of our customers and partners as we work to help enhance the health industry. Our strategy is to enable care at home, building on the strengths in 3 focal areas. In consumer health, we provide curated health and wellness products. In active aging, we offer health and safety solutions to enable adults to live and thrive at home. In virtual care, we connect patients with their physicians and enable care at home. Our presence in each of these focal areas creates a flywheel where growth in one adds momentum to the other 2. This is the strength of our story.

在我們努力幫助提升健康產業的過程中，我們得到了客戶和合作夥伴的信任。我們的戰略是在 3 個重點領域的優勢基礎上實現居家護理。在消費者健康方面，我們提供精選的健康和保健產品。在積極老齡化方面，我們提供健康和安全解決方案，使成年人能夠在家中生活和茁壯成長。在虛擬護理中，我們將患者與他們的醫生聯繫起來，並實現在家護理。我們在這些重點領域的每一個都創造了一個飛輪，其中一個的增長為另一個增加了動力2。這就是我們故事的力量。

Now let us look at the customer journey. Jason touched on a few areas of consumer health earlier, and our video introduced you to Angela, a 45-year-old mother and caregiver to an aging father. You saw her purchase a Tyto Care home medical kit when her son was sick, and Angela can find countless other products to support the health of her family, from weighted blankets to exercise equipment to blood pressure cuffs and more. These products not only support our customers in their day-to-day health but also serve as an entry to our other 2 focal areas: active aging and virtual care.

現在讓我們看看客戶旅程。傑森早些時候談到了消費者健康的幾個領域，我們的視頻向您介紹了安吉拉，她是一位 45 歲的母親，也是一位年邁父親的照顧者。您看到她在兒子生病時購買了 Tyto Care 家庭醫療包，安吉拉可以找到無數其他產品來支持她家人的健康，從加重毛毯到健身器材再到血壓袖帶等等。這些產品不僅支持我們客戶的日常健康，還可以作為我們其他兩個重點領域的入口：積極老齡化和虛擬護理。

Lively supports adults who want to age independently at home. Our easy-to-use phones and personal emergency response devices feature one-touch access to our caring center and services like urgent response, fall detection and more, providing patients and caregivers with the peace of mind that care is only a call away. Last year, we launched our new Lively brand and a Lively partnership with Apple to feature our health and safety services on Apple Watch. And today, I'm happy to announce Lively on Alexa, which will launch this spring.

Lively 支持想要在家中獨立變老的成年人。我們易於使用的電話和個人應急響應設備具有一鍵式訪問我們的護理中心和緊急響應、跌倒檢測等服務的功能，讓患者和護理人員放心，只需一個電話即可獲得護理。去年，我們推出了新的 Lively 品牌，並與 Apple 建立了 Lively 合作夥伴關係，以便在 Apple Watch 上展示我們的健康和安全服務。今天，我很高興地宣布將於今年春天推出的 Alexa 上的 Lively。

Our Lively monthly subscription service provides a consistent revenue stream, and last year, we drove 15% year-over-year growth by adding 348,000 new lives served. Our caring center agents connected with our customers over 9 million times last year, offering a variety of health and safety services.

我們的 Lively 月度訂閱服務提供了穩定的收入來源，去年，我們通過增加 348,000 條新生命，推動了 15% 的同比增長。去年，我們的關懷中心代理人與我們的客戶聯繫超過 900 萬次，提供各種健康和安全服務。

So let's jump back to Angela's story. Angela worries about her father living at home alone so she purchases a Lively smartphone and an Amazon Echo for her dad from Best Buy, along with a monthly Lively health and safety subscription plan. Jacob uses his Lively Smart to request a Lyft ride to a doctor's office through a caring center agent. He had a minor fall at home and uses his Amazon Echo to alert the caring center, who can follow protocol to determine if emergency medical services are needed. And this patient journey is just one example of the many ways Lively supports active aging adults at home.

所以讓我們回到安吉拉的故事。安吉拉擔心父親一個人在家，因此她從百思買為父親購買了 Lively 智能手機和 Amazon Echo，以及每月的 Lively 健康和安全訂閱計劃。雅各布使用他的 Lively Smart 請求通過護理中心代理乘坐 Lyft 前往醫生辦公室。他在家中輕微跌倒，並使用他的 Amazon Echo 向護理中心發出警報，護理中心可以按照協議確定是否需要緊急醫療服務。而這次耐心的旅程只是 Lively 在家中支持活躍的老年人的眾多方式中的一個例子。

Now let's look at virtual care. Accelerated by the COVID-19 pandemic, perhaps the most exciting opportunity lies within virtual care, where we enable patients to connect with their care teams. In November, we acquired Current Health. Current Health is making inroads into care at home through securing strong partnerships with successful programs at Baptist Health, Mount Sinai, AbbVie, the Defense Health Agency and more. Our acquisition merges Current Health's FDA-cleared at-home platform with Best Buy's scale, expertise and connection to the home. Together, we create a powerful virtual care experience.

現在讓我們看看虛擬護理。在 COVID-19 大流行的加速下，也許最令人興奮的機會在於虛擬護理，我們使患者能夠與他們的護理團隊建立聯繫。 11 月，我們收購了 Current Health。 Current Health 通過與 Baptist Health、Mount Sinai、AbbVie、Defense Health Agency 等成功項目建立牢固的合作關係，正在進軍家庭護理領域。我們的收購將 Current Health 獲得 FDA 批准的家庭平台與百思買的規模、專業知識和與家庭的聯繫相結合。我們共同創造了強大的虛擬護理體驗。

Jacob is in the hospital with sepsis. The hospital physician identifies and enrolls Jacob into the hospital's hospital at home program. Best Buy sets up Jacob's home with the technology needed for remote patient monitoring and trains both Jacob and Angela on how to use it. This ensures the hospital physician can focus on treating patients rather than being a tech consultant. This is a job that physicians had to play during the pandemic and it overtaxed our health system.

雅各布因敗血症住院。醫院醫生識別並讓 Jacob 加入醫院的家庭醫院計劃。百思買用遠程病人監護所需的技術為雅各布的家設置了技術，並培訓了雅各布和安吉拉如何使用它。這確保了醫院醫生可以專注於治療患者，而不是成為技術顧問。這是醫生在大流行期間必須從事的工作，它使我們的衛生系統負擔過重。

At home, Jacob is monitored by Current Health's platform and a virtual command center. The hospital physician checks in daily with video visits to ensure he's healing on track. The command center coordinates Jacob's home medications and notices a lack of data from his monitor. After discovering that he's improperly wearing the device, the Geek Squad is deployed to a system. The platform's algorithm alerts the command center that Jacob has a persistent fever and the on-call health system physician prescribes therapeutic, which is delivered by the pharmacy partner. When Jacob recovers, the hospital physician discharges Jacob, and Jacob continues to be supported by Lively.

在家裡，Jacob 受到 Current Health 平台和虛擬指揮中心的監控。醫院醫生每天通過視頻訪問進行檢查，以確保他的康復正常。指揮中心協調雅各布的家庭用藥，並註意到他的顯示器缺少數據。在發現他不正確地佩戴設備後，極客小隊被部署到一個系統中。該平台的算法會提醒指揮中心 Jacob 持續發燒，並且待命的衛生系統醫生開出治療處方，由藥房合作夥伴提供。雅各布康復後，醫院的醫生讓雅各佈出院，雅各布繼續得到萊弗利的支持。

A few of the pieces in this patient journey are still in development, the Geek Squad integrated with Current Health, for example, but this is our direction. And you can see Best Buy is there for the patient with technology, support and connections to enable care at home.

這個患者旅程中的一些部分仍在開發中，例如與 Current Health 集成的 Geek Squad，但這是我們的方向。您可以看到百思買為患者提供技術、支持和聯繫，以實現在家護理。

And we're not building this alone. We're creating an ecosystem to support consumers in their care-at-home journey. Consumers are at the heart of our strategy, and throughout a lifetime of health needs, Best Buy is there to help enrich and save lives through technology and meaningful connections.

而且我們不是獨自建造的。我們正在創建一個生態系統來支持消費者的居家護理之旅。消費者是我們戰略的核心，在我們一生的健康需求中，百思買通過技術和有意義的聯繫幫助豐富和拯救生命。

As I mentioned earlier, our health opportunity creates a flywheel, driving growth in all 3 focal areas. Our revenue in fiscal year '22 was $525 million. We're growing 35% to 45% a year, and we are accretive in fiscal year '27 as the health industry has a longer return on investment.

正如我之前提到的，我們的健康機會創造了一個飛輪，推動了所有三個重點領域的增長。我們在 22 財年的收入為 5.25 億美元。我們每年以 35% 到 45% 的速度增長，並且由於健康行業的投資回報率更長，我們在 27 財年實現了增長。

Thank you for your time, and I'll turn it back to Matt.

謝謝你的時間，我會把它轉回給馬特。

Thank you, Deborah. You've heard details from Corie, Jason, Damien and Deborah about some key areas that give us excitement about the opportunity in front of us. We firmly believe our differentiated capabilities and focused investments will lead to compelling returns over time. While fiscal '22 was certainly an amazing year, we see a path to even higher revenue and earnings by fiscal '25. And as we look beyond fiscal '25, we see even more opportunity for revenue growth and operating income rate expansion as the benefits from our initiatives like Totaltech and Best Buy Health grow even further.

謝謝你，黛博拉。您已經從 Corie、Jason、Damien 和 Deborah 那裡聽到了一些關鍵領域的詳細信息，這些領域讓我們對擺在我們面前的機會感到興奮。我們堅信，隨著時間的推移，我們的差異化能力和專注的投資將帶來可觀的回報。雖然 22 財年無疑是令人驚嘆的一年，但我們看到了到 25 財年實現更高收入和收益的道路。隨著我們展望 25 財年之後，隨著 Totaltech 和 Best Buy Health 等舉措的收益進一步增長，我們看到了更多收入增長和營業收入率擴張的機會。

Before I share additional details on our fiscal '25 targets, I would like to review a few guiding behaviors that have been our brand for several years. First, we plan to fund our growth through the cash we generate to return excess cash to shareholders. Second, we are committed to leveraging cost reductions and efficiencies to help offset investments and pressures in our business. Our current target set in 2019 is to achieve an additional $1 billion in annualized cost reductions and efficiencies by the end of fiscal '25. We achieved approximately $200 million during fiscal '22, taking our cumulative total to $700 million towards the $1 billion goal.

在分享有關我們 25 財年目標的更多細節之前，我想回顧一下我們多年來一直作為品牌的一些指導行為。首先，我們計劃通過我們產生的現金為我們的增長提供資金，以將多餘的現金返還給股東。其次，我們致力於通過降低成本和提高效率來幫助抵消我們業務中的投資和壓力。我們在 2019 年設定的當前目標是在 25 財年末實現額外 10 億美元的年度成本削減和效率提升。我們在 22 財年實現了大約 2 億美元，使我們的累計總額達到 7 億美元，朝著 10 億美元的目標邁進。

Let me take a moment to reflect on our past performance. We have talked about our record results over the past couple of years, but it is also important to note that we have had very steady growth in the years leading up to the pandemic. This past year was the eighth straight year of comparable sales growth.

讓我花點時間回顧一下我們過去的表現。我們談到了過去幾年的創紀錄業績，但同樣重要的是要注意，在大流行之前的幾年裡，我們的增長非常穩定。過去一年是可比銷售額連續第八年增長。

In addition, we have expanded our operating income rate, earnings per share and ROI. Earlier in the presentation, we shared our fiscal '25 targets, so I won't cover them in detail here, but I'd like to spend a few minutes on our fiscal '25 assumptions.

此外，我們還擴大了營業收入率、每股收益和投資回報率。在演講的早些時候，我們分享了我們的 25 財年目標，所以我不會在這裡詳細介紹它們，但我想花幾分鐘時間來談談我們的 25 財年假設。

We expect our revenue in fiscal '25 to be in the range of $53.5 billion to $56.5 billion. This range reflects a 3-year compound annual growth rate of approximately 1% to 3%, despite the anticipated decline in sales in fiscal '23. I would also note that due to expected store closures, our comparable sales CAGR would be approximately 2% to 4%.

我們預計我們在 25 財年的收入將在 535 億美元至 565 億美元之間。這一範圍反映了 3 年復合年增長率約為 1% 至 3%，儘管預計 23 財年的銷售額會下降。我還要指出，由於預期的商店關閉，我們的可比銷售額複合年增長率約為 2% 至 4%。

There are a few key assumptions underlying the revenue expectations. First, as Corie shared, we believe the consumer electronics industry will remain significantly higher than it was prepandemic, and we expect that fiscal '25 will be back to a level similar to fiscal '22.

收入預期背後有一些關鍵假設。首先，正如 Corie 所分享的，我們認為消費電子行業仍將顯著高於疫情前的水平，我們預計 25 財年將回到與 22 財年相似的水平。

Second, we believe we have an opportunity to capture even more market share than we have in the past. This is due to growth from Totaltech and the store initiatives that Damien talked about.

其次，我們相信我們有機會獲得比過去更多的市場份額。這是由於 Totaltech 的增長和 Damien 談到的商店計劃。

As it relates to Totaltech, we believe that the combination of membership revenue and incremental purchases by members will add approximately $1.5 billion in revenue by fiscal '25 compared to fiscal '23. This is a net impact. So it incorporates the impact of cannibalizing other stand-alone services now part of our membership offering. Of course, we also expect revenue growth from Best Buy Health and the expansion into additional categories that Jason shared earlier.

由於它與 Totaltech 相關，我們認為，與 23 財年相比，到 25 財年，會員收入和會員增量購買相結合將增加約 15 億美元的收入。這是一個淨影響。因此，它包含了蠶食其他獨立服務的影響，這些服務現在是我們會員服務的一部分。當然，我們還預計百思買健康的收入增長以及傑森早些時候分享的其他類別的擴張。

As we move to our fiscal '25 operating income rate outlook, we expect to expand our rate to a range of 6.3% to 6.8%. As we have highlighted, Totaltech is currently pressuring our fiscal '23 operating income rate. Health has also been an area of investment for us over the past few years. However, as each of them scales, we expect them both to meaningfully contribute to our fiscal '25 rate outlook. We also see opportunities to lean in even further on capabilities like our in-house media business, Best Buy Ads, which as Corie mentioned earlier, is fueled by our first-party data.

隨著我們轉向我們的 25 財年營業收入率展望，我們預計將把我們的利率擴大到 6.3% 至 6.8% 的範圍。正如我們所強調的，Totaltech 目前正在對我們的 23 財年營業收入率施加壓力。在過去的幾年裡，健康也是我們的一個投資領域。然而，隨著它們各自的規模擴大，我們預計它們都將為我們的 25 財年利率前景做出有意義的貢獻。我們還看到了進一步依賴我們內部媒體業務百思買廣告等能力的機會，正如 Corie 之前提到的，我們的第一方數據推動了這些能力。

We expect this business will benefit our fiscal '23 operating income with benefits increasing in the out-years. In addition, we expect to see rate benefits from our continued focus on finding cost efficiencies that benefit both gross profit and SG&A. Damien highlighted a number of strategies that are part of this effort.

我們預計這項業務將使我們在 23 財年的營業收入受益，並在未來幾年內增加收益。此外，我們預計會從我們繼續專注於尋找有利於毛利潤和 SG&A 的成本效率中看到利率收益。 Damien 強調了作為這項工作一部分的一些策略。

As we've discussed over the past few years, technology will be critical in unlocking many of these opportunities. Of course, there are areas where we will likely see pressure on our rate in the future. The first example of this is pricing. Throughout most of the pandemic, the level of promotions in our categories has been well below levels of fiscal '20. This has been largely a result of higher demand and more challenged or constrained inventory environment. We have seen pockets of promotional activity increase over the past 2 quarters, and our belief is that the promotions will continually progress back to fiscal '20 levels.

正如我們在過去幾年中所討論的，技術對於釋放其中許多機會至關重要。當然，在某些領域，我們可能會在未來看到我們的利率壓力。第一個例子是定價。在大流行的大部分時間裡，我們類別的促銷水平遠低於 20 財年的水平。這主要是由於更高的需求和更具挑戰性或受限制的庫存環境。在過去的兩個季度中，我們看到一些促銷活動有所增加，我們相信促銷活動將繼續回到 20 財年的水平。

A second area I would highlight is increased spend in technology in our store portfolio. As we have shared over a number of quarters, our technology spend has been increasing in support of our initiatives and overall omnichannel experience. In addition, we expect more depreciation expense from our capital investments in our stores.

我要強調的第二個領域是增加我們商店組合中的技術支出。正如我們在多個季度中分享的那樣，我們的技術支出一直在增加，以支持我們的計劃和整體全渠道體驗。此外，我們預計我們對商店的資本投資會產生更多的折舊費用。

Lastly, there are a few other factors we will continue to assess, but at this point, don't see as being material to our rate in fiscal '25 compared to fiscal '23. First, from a store labor standpoint, we expect to maintain expenses at a similar rate of revenue. We will continue to invest in higher pay for our employees, but expect to balance the higher wages to efficiencies, leveraging technology and more flexible workforce.

最後，我們將繼續評估其他一些因素，但在這一點上，與 23 財年相比，我們認為 25 財年的利率並不重要。首先，從商店勞動力的角度來看，我們預計費用將保持在類似的收入水平。我們將繼續投資於提高員工的薪酬，但希望在更高的工資與效率、利用技術和更靈活的勞動力之間取得平衡。

Second, we do not expect channel mix to have a material impact to our rate. As Damien shared earlier, our outlook assumes closing 20 to 30 stores per year through fiscal '25. This assumption reflects our belief that the online channel mix will grow approximately to 40% in fiscal '25.

其次，我們預計渠道組合不會對我們的費率產生重大影響。正如 Damien 早些時候分享的那樣，我們的展望假設到 25 財年每年關閉 20 到 30 家商店。這一假設反映了我們的信念，即在線渠道組合將在 25 財年增長約 40%。

We will continue to apply a rigorous process for lease renewals to ensure we are comfortable with the financial return and overall customer experience. Currently, the vast majority of our stores are cash flow positive, and we believe are essential for us to serve our customers. I'll move next to our cash flow and our capital allocation approach.

我們將繼續採用嚴格的續租流程，以確保我們對財務回報和整體客戶體驗感到滿意。目前，我們絕大多數商店的現金流都是正數，我們認為這對我們為客戶服務至關重要。我將繼續討論我們的現金流和資本分配方法。

To start with, we have been generating healthy levels of free cash flow for several years, which provides us ample room to fund our growth investments. Our average annual free cash flow over the past 5 years is more than $2.3 billion. Our capital allocation strategy has been consistent for several years. Our first priority is to reinvest in our business to drive growth, highlighted by the strategies you've heard today. This includes both capital expenditures and operating expense investments.

首先，我們幾年來一直在產生健康水平的自由現金流，這為我們提供了充足的空間來為我們的增長投資提供資金。過去 5 年，我們的年均自由現金流超過 23 億美元。多年來，我們的資本配置策略始終如一。我們的首要任務是對我們的業務進行再投資以推動增長，這一點在您今天聽到的戰略中得到了強調。這包括資本支出和運營費用投資。

Next, we may explore additional partnerships and acquisitions if we believe they will accelerate our ability to achieve more profitable growth. We also plan to continue to be a premium dividend payer and return excess cash through share repurchases. Let me quickly expand on a few of these areas.

接下來，如果我們相信它們將加速我們實現更多盈利增長的能力，我們可能會探索更多的合作夥伴關係和收購。我們還計劃繼續成為溢價股息支付者，並通過股票回購返還多餘的現金。讓我快速擴展其中一些領域。

We expect our annual capital expenditures to increase to a range of $1 billion to $1.2 billion over the next 3 years. Earlier, Damien outlined a number of changes to our stores to further our strategy. Consistent with our iterative approach, we will test, learn and deploy once we have vetted anticipated returns of our initiatives. Technology investments are expected to remain similar to fiscal '23, simply decreasing as a mix of our capital deployment.

我們預計未來 3 年我們的年度資本支出將增加到 10 億至 12 億美元。早些時候，Damien 概述了我們商店的一些變化，以推進我們的戰略。與我們的迭代方法一致，一旦我們審查了我們計劃的預期回報，我們將測試、學習和部署。技術投資預計將與 23 財年相似，只是隨著我們的資本部署而減少。

This morning, we announced a 26% increase in our quarterly dividend to $0.88 per share. Our targeted dividend payout remains in the range of 35% to 45% of prior year's non-GAAP diluted earnings per share.

今天早上，我們宣布將季度股息提高 26% 至每股 0.88 美元。我們的目標股息支付仍然在上一年非公認會計原則攤薄每股收益的 35% 至 45% 之間。

Lastly, this year marked a record level of share repurchases at $3.5 billion. In fiscal '23, we plan to spend approximately $1.5 billion on share repurchases. So with that, let me turn the stage back over to Corie.

最後，今年的股票回購達到創紀錄的 35 億美元。在 23 財年，我們計劃在股票回購上花費約 15 億美元。因此，讓我把舞台轉回給科里。

Thank you so much, Matt. Extraordinary ecosystems have formed over the past 20, 30, 40 years as digital has transformed every aspect of how we all do business. That same transformation is happening in our homes, meaningfully accelerated in the last 2 years. And while we started as a music retailer selling fun-to-have products, we're now the only company built around the same extraordinary transformation of technology in our lives and in our homes. While others sell some of the same products we do, we alone offer the complete technology solution across manufacturers and operating systems. We are the only company in all channels and at scale that can do everything from design your personalized hardware and software solution in the home, to install and connect all of it, to keep it working when there are any issues from unreliable networks to broken screens. These assets appeal not only to our customers, but they are also unique and investable for our marketing partners, technology vendors, small business and education relationships and other strategic connections.

非常感謝，馬特。在過去的 20 年、30 年、40 年中，隨著數字化改變了我們開展業務的方方面面，非凡的生態系統已經形成。同樣的轉變正在我們的家中發生，在過去的兩年中明顯加速。雖然我們最初是一家銷售有趣產品的音樂零售商，但我們現在是唯一一家圍繞我們生活和家庭中同樣非凡的技術轉型而建立的公司。當其他人銷售與我們相同的產品時，我們獨自提供跨製造商和操作系統的完整技術解決方案。我們是所有渠道和規模中唯一一家可以做所有事情的公司.這些資產不僅對我們的客戶有吸引力，而且對於我們的營銷合作夥伴、技術供應商、小型企業和教育關係以及其他戰略聯繫來說也是獨一無二的和可投資的。

As we look to the future, we see technology as a permanent and growing need in the home, constantly evolving as the world's largest companies innovate with new use cases around the metaverse, transportation, green electricity and health, just to name a few. We have a unique value creation opportunity into the future and are investing now as we have successfully invested ahead of change in our past to ensure we pivot to meet the needs of our customers and retain our exclusive position in our industry. We are excited to help customers enrich lives through technology in ways no one else can. And with that, we will break for 10 minutes before beginning our Q&A session.

展望未來，我們將技術視為家庭中永久且不斷增長的需求，隨著世界上最大的公司圍繞虛擬世界、交通、綠色電力和健康等新用例進行創新，技術不斷發展，僅舉幾例。我們在未來擁有獨特的價值創造機會，並且現在正在投資，因為我們在過去的變革之前已經成功投資，以確保我們能夠滿足客戶的需求並保持我們在行業中的獨家地位。我們很高興能以其他人無法做到的方式通過技術幫助客戶豐富生活。有了這個，我們將在開始問答環節之前休息 10 分鐘。

(Break)

（休息）

Welcome back. We are excited to begin the Q&A portion of our event, which we expect to run approximately 45 minutes. But before we do, I want to take this opportunity to introduce and welcome Mark Irvin, our new Chief Supply Chain Officer. Many of you spent time with Rob Bass and may know that he recently announced that he is stepping away from a life in retail to pursue some other passions as we have been discussing for quite some time. We are so excited for him and thank him for his incredible work on our supply chain transformation.

歡迎回來。我們很高興開始我們活動的問答部分，我們預計會進行大約 45 分鐘。但在此之前，我想藉此機會介紹並歡迎我們新任首席供應鏈官 Mark Irvin。你們中的許多人都與 Rob Bass 一起度過了一段時間，並且可能知道他最近宣布他將放棄零售生活，以追求我們已經討論了一段時間的其他激情。我們為他感到非常興奮，並感謝他在我們的供應鏈轉型方面所做的出色工作。

That incredible work extended to his ability to bring in top-tier talent. One example of that is Mark Irvin, who came to Best Buy in 2013, specifically to work with and learn from Rob. Mark has been an instrumental part of the team that has led our supply chain transformation and is ready to use his lifetime of knowledge in the space to continue to advance our industry-leading supply chain efforts. We are thrilled to have Mark Irvin taking over the reins in supply chain. And we've invited him to join us for Q&A.

這項令人難以置信的工作延伸到他引進頂級人才的能力。其中一個例子是 Mark Irvin，他於 2013 年來到百思買，專門與 Rob 一起工作並向 Rob 學習。 Mark 在領導我們的供應鏈轉型的團隊中發揮了重要作用，並準備利用他一生在該領域的知識繼續推進我們行業領先的供應鏈工作。我們很高興 Mark Irvin 接管供應鏈。我們已經邀請他加入我們的問答環節。

So operator, we are now ready for our first question.

所以操作員，我們現在準備好回答第一個問題了。

Your first question is from the line of Chris Horvers from JPMorgan. Moving on to the next question, Mr. Simeon Gutman from Morgan Stanley.

您的第一個問題來自摩根大通的 Chris Horvers。繼續下一個問題，摩根士丹利的 Simeon Gutman 先生。

Hopefully, you can hear me and hopefully my mugshot doesn't stay on as Chris'. Okay. Great. So my first question is on the industry outlook. So you're effectively saying that the industry will revert or digest in '22. And I want to make sure I understand that in '23, it starts to grow. Can you talk about why does it grow? Why doesn't this revert for 2 years given the consumption growth we've had? I assume it's having to do with the innovation and [share] replacement, but why doesn't that begin in '24 as opposed to '23?

希望你能聽到我的聲音，希望我的面部照片不會像克里斯一樣繼續存在。好的。偉大的。所以我的第一個問題是關於行業前景。因此，您實際上是在說該行業將在 22 年恢復或消化。我想確保我明白，在 23 年，它開始增長。能說說為什麼會長大嗎？鑑於我們已經擁有的消費增長，為什麼這種情況在 2 年內不恢復？我認為這與創新和 [分享] 替代有關，但為什麼不是從 24 年而不是 23 年開始呢？

Yes, I'll start and maybe Matt can add some color. I think that what we're looking at is, as you said, a little bit of a step back in the next year as we lap some of the stimulus. But I think there's a number of factors, and we outlined some of them in the prepared remarks that we believe will continue to boost the inventory as we head to the other side of next year.

是的，我會開始，也許馬特可以添加一些顏色。正如你所說，我認為我們正在關注的是，在我們實施一些刺激措施時，明年會稍微退後一步。但我認為有很多因素，我們在準備好的評論中概述了其中一些因素，我們相信隨著我們明年的另一邊前進，這些因素將繼續增加庫存。

So some of the things that we cited, first of all, you have this real phenomenon or technology is all over our and we are very dependent on that technology, and this nesting factor being in our homes is a very sticky behavior.

所以我們引用的一些事情，首先，你有這種真實的現像或技術遍布我們，我們非常依賴這種技術，而這種嵌套因素存在於我們的家中是一種非常棘手的行為。

And that's because secondarily, a lot of what we're doing is leveraging tech. And people are saying they expect to continue to do that, things like streaming or learning or obviously, all of us probably in some way, shape or form, hybrid working. Those are really -- gaming is another great example. Those are really sticky behaviors that we continue to expect to see over time. And not only that, now you've got 2x as many connected devices in the home as you had 2 years ago. So you have this proliferation of devices.

這是因為其次，我們正在做的很多事情都是利用技術。人們說他們希望繼續這樣做，比如流媒體或學習，或者顯然，我們所有人都可能以某種方式，形狀或形式，混合工作。這些是真的——遊戲是另一個很好的例子。隨著時間的推移，我們繼續期望看到這些非常棘手的行為。不僅如此，現在您家中的聯網設備數量是 2 年前的 2 倍。所以你有這種設備的擴散。

And because the innovation cycles are continuing to ramp, we're also seeing in most of our key categories that replacement cycle already start to shorten. We could literally see it in the last 2 years in our customers, that replacement cycles shortening. And so while we think there's a bit of a step back next year, all of this massive interest in the industry, the new ways that people are using technology, the innovations that are happening in spaces like metaverse or some of the things that Jason talked about in his prepared remarks, all of those, we believe, start to create that ramp as we get on the other side of a little bit step back in the next year.

而且由於創新周期在持續增加，我們還看到在我們的大多數關鍵類別中，更換週期已經開始縮短。在過去的 2 年中，我們可以在客戶身上看到，更換週期縮短了。因此，雖然我們認為明年會有一些退步，但所有這些對行業的巨大興趣、人們使用技術的新方式、在元界等空間中發生的創新或傑森談到的一些事情關於在他準備好的講話中，我們相信，隨著我們在明年稍微退後一步，所有這些都開始形成這種坡道。

Okay. And maybe as a follow-up to Totaltech, this will just have a couple of pieces, but I promise it's all Totaltech-related. Any quantification of the impact to the EBIT or the EBIT dollars in '22 or fiscal '23? Can you share what you think or expecting or modeling for renewal for year 1 of Totaltech?

好的。也許作為 Totaltech 的後續，這將只有幾部分，但我保證這都是 Totaltech 相關的。對 22 年或 23 財年 EBIT 或 EBIT 美元的影響有任何量化嗎？您能分享一下您對 Totaltech 第 1 年更新的想法、期望或建模嗎？

And then you mentioned you're seeing 20% lift in some of the early sign-ups. Is there a danger or risk you're basing that off of the period of very good consumption when there was stimulus money hanging around? So how are you confident that's a good level to think about going forward?

然後你提到你在一些早期註冊中看到了 20% 的提升。有沒有危險或風險，你把它建立在消費非常好的時期，當時有刺激資金徘徊？那麼你如何確信這是一個考慮前進的好水平？

Yes. I'll start maybe and then Matt can talk a little bit about the EBIT. On the renewal, we haven't come out with renewal rates. The good news is they continue to be in line with our expectations. So we're happy with what we're seeing from a renewal perspective, but we do want to give that a bit of time.

是的。我可能會開始，然後馬特可以談談息稅前利潤。關於續訂，我們還沒有給出續訂率。好消息是它們繼續符合我們的預期。因此，我們對從更新的角度看到的情況感到滿意，但我們確實想給這一點時間。

I think to your second question around the period of time that we're using. First, we've been overt in saying it is a short period of time. We just rolled this out in October, but we wanted to at least give some color on what we're seeing.

我想關於我們使用的時間段的第二個問題。首先，我們一直在說這是很短的一段時間。我們剛剛在 10 月份推出了這個功能，但我們至少想為我們所看到的內容提供一些顏色。

Second, while you're right, this is a unique period of time. We're comparing it against a control group in the same period of time. So all of the behaviors that we comparing because what we're looking at in that 20% lift is a lift in people who purchased and are using Totaltech versus those who would not or had not purchased it.

其次，雖然你是對的，但這是一個獨特的時期。我們在同一時期將其與對照組進行比較。所以我們比較的所有行為，因為我們在這 20% 的提升中看到的是購買和使用 Totaltech 的人與那些不會或沒有購買它的人的提升。

And so you've got a comparative group there. So both behaviors in theory should be different. But still, it's holiday, like we've said, it's a short period of time. We wanted to give the initial color, and then we'll keep watching that as we go through the next year, obviously.

所以你有一個比較組。所以理論上這兩種行為應該是不同的。但是，正如我們所說，這是假期，時間很短。我們想給最初的顏色，然後我們會在明年繼續觀察，很明顯。

Sure. And maybe just to adjust the overall impact to EBIT next year, we talked about the OI rate being at 5.4% and last year it ended at 6%. That decline is mostly coming from our gross profit rate decline and the majority of that gross profit rate decline has been -- is due to the Totaltech membership rollout.

當然。也許只是為了調整明年對 EBIT 的整體影響，我們談到 OI 率為 5.4%，去年為 6%。這種下降主要來自我們的毛利率下降，而毛利率下降的大部分是由於 Totaltech 會員資格的推出。

As you know, we launched the membership in Q3, at the end of Q3 last year, and we don't cycle that until Q3 of next year at FY '23. So that majority of that gross profit decline is coming from the Totaltech launch, to give you a general size of the impact.

如您所知，我們在去年第三季度末的第三季度推出了會員資格，直到明年第三季度的 23 財年我們才開始循環。因此，毛利潤下降的大部分來自 Totaltech 的推出，以便您了解影響的總體規模。

Your next question is from the line of Chris Horvers from JPMorgan.

您的下一個問題來自摩根大通的 Chris Horvers。

Clearly, I need some Totaltech support there. So I guess my first question is a bit of a follow-up. You talked about a 2% to 4% CAGR over the next 3 years. If you're down at the midpoint, it looks like you're embedding, if I checked my math, roughly like a 5% comp in the out 2 years. And if you look back 2015 and 2019, you sort of did a 3%.

顯然，我需要一些 Totaltech 支持。所以我想我的第一個問題是一個後續問題。你談到了未來 3 年 2% 到 4% 的複合年增長率。如果你在中點下降，看起來你正在嵌入，如果我檢查了我的數學，在接下來的 2 年內大約是 5% 的補償。如果你回顧 2015 年和 2019 年，你做了 3%。

So a 2-part question is, first, what drives the confidence in that? And then the second part of it is, are you assuming share gains in core categories like PC and TV? And to what extent is the contributor from these new opportunity categories that you've talked about?

因此，一個由兩部分組成的問題是，首先，是什麼推動了人們對此的信心？然後它的第二部分是，您是否假設 PC 和電視等核心類別的份額增加？您談到的這些新機會類別的貢獻者在多大程度上？

Yes. Thanks, Chris. Yes. So essentially, you're right that roughly, as we think about our path to FY '25, FY '22 we talked about it being down as the industry is assumed to be in the low single digits to mid-single digits. As you move to FY '25, that would assume a higher pace of growth in those couple of years, not necessarily being linear, but a little higher pace of growth than we have historically.

是的。謝謝，克里斯。是的。所以基本上，你大致是對的，當我們考慮我們通往 25 財年和 22 財年的道路時，我們談到它正在下降，因為該行業被認為處於低個位數到中個位數。當您進入 25 財年時，這將假設這幾年的增長速度更快，不一定是線性的，但比我們歷史上的增長速度要快一些。

What gives us confidence in the ability to do that is a lot of the initiatives that you heard today. So we've outlined a number of things, Totaltech, changes to our stores, expanding our assortment, growing into Best Buy Health. Those things give us confidence in being able to accelerate our sales as we look out past FY '23.

你們今天聽到的許多倡議讓我們對這樣做的能力充滿信心。所以我們概述了一些事情，Totaltech，我們商店的變化，擴大我們的品種，成長為百思買健康。這些事情讓我們有信心在 23 財年之後能夠加速銷售。

What's assumed in that number as well is essentially, we would expect to still modestly gain share on a baseline of our business but then be able to accelerate our share growth with these initiatives that we talked about and then expand our markets with the items that Jason shared and also Best Buy Health as well.

該數字的假設本質上是，我們預計仍會在我們的業務基線上適度獲得份額，但隨後能夠通過我們討論過的這些舉措加速我們的份額增長，然後通過 Jason 的項目擴展我們的市場共享以及百思買健康。

Understood. And then my follow-up question is any further cadence commentary on the top line? Obviously, you got a couple of years of stimulus here in the first quarter. Is it fair to think that 1Q is the low point in the year and you hit the midpoint of the range? Or is your expectation that in the fourth quarter, you could flip to the positive?

明白了。然後我的後續問題是對頂行的任何進一步的節奏評論？顯然，您在第一季度獲得了幾年的刺激。認為 1Q 是一年中的低點，而你達到了區間的中點，這是否公平？或者您是否期望在第四季度可以轉為積極？

Yes. So what we outlined was a minus 1% to minus 4% comp for FY '23. We also talked about how the weight of that decline is in the first half of the year. So you could assume that something maybe towards the bottom end of that range or a little worse on the first half of this year. So you could imagine any number of outcomes as you look at the back half.

是的。因此，我們概述的是 23 財年的負 1% 到負 4% 的補償。我們還談到了上半年下降的影響。因此，您可以假設今年上半年的情況可能接近該範圍的底端或更糟。因此，當您查看後半部分時，您可以想像任意數量的結果。

Your next question is from the line of Karen Short from Barclays.

您的下一個問題來自巴克萊銀行的 Karen Short。

These other elements that are going to flow into the P&L. But wondering if you could talk a little bit about what you think the actual 4-wall margin structure will do in the time period from today until fiscal '25. And then I have one other follow-up.

這些將流入損益表的其他元素。但是想知道您是否可以談談您認為從今天到 25 財年這段時間內實際的 4 壁邊距結構會做什麼。然後我有另一個跟進。

Yes. I'm not sure I caught the entirety of the first part of that question. But in terms of the store 4-wall operating rate in the future, we would expect to continue to find efficiencies in our store operating. Damien outlined a number of things that we're doing.

是的。我不確定我是否完全理解了該問題的第一部分。但就未來的門店四壁開工率而言，我們預計將繼續在門店運營中尋找效率。 Damien 概述了我們正在做的一些事情。

It's also important to know that the store is connected to the broadness of how our whole business works from an omnichannel perspective, whether it's the store, our digital presence, our chat or virtual sales that we're now engaging in. So we're always going to find ways to create efficiencies.

同樣重要的是要知道，從全渠道的角度來看，商店與我們整個業務運作方式的廣泛性相關，無論是商店、我們的數字存在、我們的聊天還是我們現在參與的虛擬銷售。所以我們總是想方設法提高效率。

Obviously, there are some levels of inflation in fixed costs within our stores that we're always choosing to navigate, but we would expect that there's still opportunities for us to continue to drive a better outcome on the store side, but from a profitability standpoint.

顯然，我們的商店內固定成本存在一定程度的通貨膨脹，我們總是選擇駕馭，但我們預計我們仍有機會繼續在商店方面取得更好的成果，但從盈利能力的角度來看.

Karen, I just want to underscore, it is incredibly difficult for us to separate the performance of the stores from digital performance from what Matt was alluding to virtual and call. And if you think about Q4 alone, 65%-ish of what we sold online was either picked up in stores, that was about 45%; or shipped from a store, that was about 20%.

凱倫，我只想強調一下，我們很難將商店的表現與數字表現與馬特暗指的虛擬和電話區分開來。如果您僅考慮第四季度，我們在線銷售的商品中有 65% 是在商店購買的，大約是 45%；或從商店發貨，大約是 20%。

And so when you have that amount of crossover, literally, I mean, it's the best example of like true omnichannel behaviors with our customers. Piecing those things apart is incredibly difficult. And instead, what we're trying to do, to Matt's point, is really build in effectiveness and efficiency across those. So you create those real frictionless experiences for customers. You have both the convenience, but you also have that amazing experience when they want it.

所以當你有這麼多的交叉時，從字面上看，我的意思是，這是與我們的客戶進行真正的全渠道行為的最好例子。將這些東西分開是非常困難的。相反，在馬特看來，我們正在嘗試做的實際上是在這些方面建立有效性和效率。因此，您可以為客戶創造真正的無摩擦體驗。您既有便利，也有他們想要的美妙體驗。

No, that's helpful. And then I'm just curious, with respect to the Charlotte test, any color or metrics you can give on the overall margin, I guess, and/or sales lift in that store? I realize that there's a decline in sales floor square footage. But any time on rolling that out to other markets?

不，這很有幫助。然後我只是好奇，關於夏洛特測試，我猜你可以給出關於整體利潤率和/或那家商店的銷售額提升的任何顏色或指標？我意識到銷售樓層的面積有所下降。但是有時間將其推廣到其他市場嗎？

Yes. I'll start and maybe Damien can add some color. We aren't yet providing any of the metrics on performance. And that's because it still is a, relatively new; and b, this is how a bunch of stores are working together.

是的。我會開始，也許達米安可以添加一些顏色。我們尚未提供任何有關性能的指標。那是因為它仍然是一個相對較新的； b，這就是一堆商店一起工作的方式。

And I just want to underscore back to the first question that you asked. The beautiful thing about Charlotte is we're really trying to say, what do our stores need to do in the future. Obviously, our online penetration has doubled in the last 2 years. And that means the role of the store is different. The store is incredibly important. It showcases all the experiences. It is the cornerstone for convenience. And as Matt said in the prepared remarks, more than 99% of our stores are cash flow positive.

我只想強調一下你提出的第一個問題。夏洛特的美妙之處在於我們真正想說的是，我們的商店未來需要做什麼。顯然，我們的在線滲透率在過去 2 年翻了一番。這意味著商店的角色是不同的。商店非常重要。它展示了所有的經驗。這是方便的基石。正如馬特在準備好的評論中所說，我們 99% 以上的商店都是正現金流。

So in and of itself, the stores are amazing experiential moments with our customers. And we know that the role of the store will continue to evolve. And so what we want to make clear with Charlotte is this is a market now with the same quantity of stores before and after. But you have 24% less selling square footage, 100% more warehousing and fulfillment and an overall reduction in square footage of 9% in the market. But you also have consultants going into home. You have more access points than ever, and you cover the market, about 41% of it, with employee delivery. And so what you're trying to do is create a bigger draw in the market for more customers because you just have all these different experiences. Damien, I don't know if you have anything you want to add?

因此，就其本身而言，這些商店是與我們的客戶一起體驗美妙的時刻。而且我們知道商店的角色將繼續發展。所以我們想和夏洛特說清楚的是，這是一個現在前後商店數量相同的市場。但是您的銷售面積減少了 24%，倉儲和履行增加了 100%，市場面積的總體減少了 9%。但是您也有顧問進入家中。您擁有比以往更多的接入點，並且通過員工交付覆蓋了大約 41% 的市場。因此，您要做的是在市場上為更多客戶創造更大的吸引力，因為您擁有所有這些不同的體驗。達米安，不知道你有什麼要補充的嗎？

The only thing I would add is, traditionally, we've looked at one store at a time and how that particular store can create an experience for a customer. Now you're looking at the full portfolio, all of our assets in a particular geography, and you're finding ways to be able to navigate that customer experience and what they're expecting across a multitude of different experiences.

我唯一要補充的是，傳統上，我們一次只查看一家商店，以及該特定商店如何為客戶創造體驗。現在，您正在查看完整的產品組合、我們在特定地區的所有資產，並且您正在尋找能夠駕馭這種客戶體驗以及他們對眾多不同體驗的期望的方法。

I think that's what's really important is we've never done that before because it's been in each individual store. Now being able to say across a 15,000 or 25,000 or a 35,000 square foot store in an outlet experience and our consultation labor, we can take care of that customers' needs across the board, and our teams are working across the stores. Our teams are working across different customer expectations and really delivering a unique experience in that marketplace and we're continuing to learn over time, and then we'll apply that as we see what's working best for us or what's not.

我認為真正重要的是我們以前從未這樣做過，因為它已經在每個單獨的商店中。現在可以說，在奧特萊斯體驗和我們的諮詢工作中，跨越 15,000 或 25,000 或 35,000 平方英尺的商店，我們可以全面滿足客戶的需求，我們的團隊正在跨商店工作。我們的團隊正在針對不同的客戶期望開展工作，並在該市場上真正提供獨特的體驗，隨著時間的推移，我們將繼續學習，然後我們將在看到什麼對我們最有效或什麼不適合時應用它。

Your next question is from the line of Greg Melich from Evercore ISI.

您的下一個問題來自 Evercore ISI 的 Greg Melich。

I guess I'd like to start on understanding a little bit more about the pricing commentary that you made and your outlook for the next couple of years. And if we look at just average unit size versus number of transactions last year, could you give us that? And then help us understand as you get that 2% to 4% comp, how much of it do you expect from ASP as opposed to transactions?

我想我想開始更多地了解您所做的定價評論以及您對未來幾年的展望。如果我們只看平均單位規模與去年的交易數量，你能告訴我們嗎？然後幫助我們了解，當您獲得 2% 到 4% 的補償時，您對 ASP 的期望值是多少，而不是交易？

Sure, I can start and then Corie can jump in, too. If I look just outward towards our FY '25 goals, we talked about how we'll always need to be price competitive in our business. So that is fundamental to how our consumers want to interact with us and to the market. And so we'll always make the right decisions to be price-competitive and create value for them.

當然，我可以開始，然後科里也可以加入。如果我只是向外看我們的 25 財年目標，我們談到了我們將如何始終需要在我們的業務中具有價格競爭力。因此，這對於我們的消費者希望如何與我們和市場互動至關重要。因此，我們將始終做出正確的決定，以具有價格競爭力並為他們創造價值。

If I think about what happened this last quarter in terms of ASPs and units and transactions and thus last year, on a year-over-year basis, a lot of our growth [in most circles] was coming from ASP increases, which was coming from a couple of different avenues. So premium mix is up. That's the majority of our ASP increases. Secondly, we have some pricing increases from what we've been seeing from inflation, but the majority is that premium mix.

如果我考慮上個季度在 ASP、單位和交易方面發生的事情，因此去年，與去年同期相比，我們 [在大多數圈子中] 的大部分增長來自 ASP 的增長，這即將到來從幾個不同的途徑。所以溢價組合上升了。這是我們的 ASP 增長的大部分。其次，我們從通貨膨脹中看到了一些價格上漲，但大部分是溢價組合。

Transactions in traffic were down in the quarter, as you would imagine from a sales -- the sales decline. But it's important to know, too, if you look all the way back into our history, ASPs have been increasing year after year after year. There's an interesting dynamic happening in our organics, which can distort the view of organics in total. We've been seeing actually unit and transaction growth and ASP growth in our higher ASP areas like computing and appliances and televisions, where we're seeing the unit declines in transaction is on the very low ASP items, things that have been shifting over to the digital mediums like gaming software or music or movies. And so that's what's creating some of the dynamic on the units and transactions. So we really like the fact that our units and our ASPs are growing in those areas where we can really create a better experience for our customers in totality.

正如您從銷售中想像的那樣，本季度的流量交易有所下降 - 銷售額下降。但同樣重要的是要知道，如果您一直回顧我們的歷史，ASP 會年復一年地增加。在我們的有機物中發生了一種有趣的動態，這可能會完全扭曲對有機物的看法。我們已經看到實際單位和交易量的增長以及我們較高 ASP 領域的 ASP 增長，例如計算、電器和電視，我們看到交易單位的下降是在非常低的 ASP 項目上，事情已經轉移到遊戲軟件、音樂或電影等數字媒體。這就是在單位和交易上創造一些動態的原因。因此，我們非常喜歡這樣一個事實，即我們的單位和 ASP 在我們可以真正為我們的客戶整體創造更好體驗的領域不斷增長。

And I think you addressed next year. Next year, I think we don't plan our business based on ASPs in units and transactions. We would continue to expect, though, that as our business shifts and we start, you see our Totaltech offers and our better experience stores take hold at our ASP and our premium mix would continue to grow and provide a better solution overall, but also be able to add in some of those lower ASP items as we continue to create a better experience holistically.

我想你明年會談到。明年，我認為我們不會根據單位和交易的 ASP 來規劃我們的業務。不過，我們將繼續期待，隨著我們的業務轉變和我們開始，您會看到我們的 Totaltech 產品和我們更好的體驗店在我們的 ASP 中佔據一席之地，我們的優質組合將繼續增長並提供更好的整體解決方案，但也隨著我們繼續從整體上創造更好的體驗，能夠添加一些較低的 ASP 項目。

Great. I'd love to follow up on that a little bit on the Best Buy advertising. Is that more of a revenue opportunity or a margin opportunity? And how important is it -- is that basically selling at the current vendors? Or are there opportunities more broadly?

偉大的。我很想在百思買廣告上跟進一點。這更多的是收入機會還是利潤機會？它有多重要——基本上是在當前的供應商處銷售嗎？還是有更廣泛的機會？

Yes, I'll start. I think that there are broad opportunities in the Best Buy Ads business. Obviously, we have what we would call audiences or kind of sweeps of customers and information about those customers that's certainly very valuable to our vendors, which is where we over-index right now but can be more valuable broadly to other partners who might be looking for potential consumers who have the kind of same look and feel as our consumer base.

是的，我會開始的。我認為百思買廣告業務存在廣泛的機會。顯然，我們擁有我們所謂的受眾或客戶的種類以及關於這些客戶的信息，這些信息對我們的供應商來說肯定非常有價值，這是我們現在過度索引但可能對其他可能正在尋找的合作夥伴更有價值的地方適用於與我們的消費群具有相同外觀和感覺的潛在消費者。

And so while we start kind of near in with those who really understand this unique customer that we have and the unique knowledge we have with that customer, everything from service interactions to purchase interactions to how they decide to use the app, all of these are important behavioral points that are important, not just to our vendors, but ultimately, probably to a wider swath of partners.

因此，雖然我們開始接觸那些真正了解我們擁有的獨特客戶以及我們對客戶的獨特知識的人，從服務互動到購買互動再到他們決定如何使用應用程序，所有這些都是重要的行為點，不僅對我們的供應商，而且最終可能對更廣泛的合作夥伴都很重要。

I don't know if you want to hit on the financials.

我不知道你是否想了解財務。

Sure. The Best Buy ads business for now, it's -- most of that is coming through our current vendors. And when that's the case, what it does, it actually drives margin rate, it's recorded as an offset to cost of sales. So overall, when you take that in addition to the SG&A required to drive it, it does create an OI rate positive experience for us, but it is more of a rate offset in margin. To the extent we drive more sales with people that aren't our vendors and we go outside of our ecosystem, that actually would then show up into revenue in the future.

當然。就目前而言，百思買廣告業務是——其中大部分來自我們目前的供應商。在這種情況下，它的作用實際上是推動利潤率，它被記錄為對銷售成本的抵消。因此，總體而言，除了推動它所需的 SG&A 之外，它確實為我們創造了 OI 率積極體驗，但它更多地是利潤率的費率抵消。在某種程度上，我們與不是我們的供應商的人一起推動更多的銷售，並且我們走出了我們的生態系統，這實際上會在未來出現在收入中。

Your next question is from the line of Anthony Chukumba from Loop Capital Markets.

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

But in terms of my actual questions, I guess you mentioned that the promotional -- promotions did increase year-over-year. And obviously, that's kind of a -- it sounds like it's a sort of end of pandemic type of normalization to some extent. I guess my first question is, I guess, where were promotional levels relative to the fourth quarter of, I guess, 2020?

但就我的實際問題而言，我猜你提到促銷活動確實逐年增加。顯然，這在某種程度上是一種 - 聽起來像是大流行類型正常化的一種結束。我想我的第一個問題是，我想，相對於 2020 年第四季度，促銷水平在哪裡？

Yes. I'll start and maybe Jason can jump in after that. Compared to FY '20, some of our categories actually did start to get close to or back to FY '20 levels in Q4. So there were places we saw more promotionality in Q4 on a year-over-year basis and as it relates back to '20 were things like computing, headphones and wearables and even TV started to get back to levels close to FY '20. And so that's where we've been seeing some of the more promotions in this last quarter.

是的。我會開始，也許傑森可以在那之後加入。與 20 財年相比，我們的某些類別實際上確實在第四季度開始接近或回到 20 財年的水平。因此，在某些地方，我們在第四季度看到了更多的促銷活動，與 20 世紀相關的是計算機、耳機和可穿戴設備，甚至電視開始回到接近 20 財年的水平。這就是我們在上個季度看到更多促銷活動的地方。

We actually saw computing start to be more promotional on a year-over-year basis back in Q3. So that's where we're starting to see. And you're right, as we look to FY '23, we would expect more and more categories to start to return to more normal FY '20 levels based on how inventory starts to flow. There are some still inventory things we're watching in terms of the chipsets and some supply constraints. But as inventory starts to normalize and get into next year for more categories, we would expect more of them to return to levels closer to FY '20.

實際上，早在第三季度，我們就看到計算開始逐年推廣。這就是我們開始看到的地方。你是對的，當我們展望 23 財年時，我們預計根據庫存開始流動的方式，越來越多的類別將開始恢復到更正常的 20 財年水平。在芯片組和一些供應限制方面，我們仍在關註一些庫存情況。但隨著庫存開始正常化並進入明年更多類別，我們預計其中更多類別將恢復到接近 20 財年的水平。

Got it. That's helpful. And then just a quick follow-up. You talked a little bit about this in the press release. Just even directionally, what was the impact from, I guess, supply chain issues, product availability issues on your fourth quarter results? And what do you expect the impact to be even just directionally on your F 2023 guidance?

知道了。這很有幫助。然後只是快速跟進。您在新聞稿中談到了這一點。甚至在方向上，我猜，供應鏈問題、產品可用性問題對您的第四季度業績有什麼影響？你認為這對你的 F 2023 指導意見有什麼方向性的影響？

Yes. We did see some pressure from freight warehousing in Q4. It wasn't as material as some of the other things we've talked about. So we are seeing higher rates come through just the transportation and carrier mix of what we're having to supply, it was offset a little bit by a parcel reduction. So overall, there was a little bit more pressure in Q4.

是的。我們確實在第四季度看到了來自貨運倉儲的一些壓力。它不像我們討論過的其他一些事情那麼重要。因此，我們看到更高的費率來自我們必須提供的運輸和承運人組合，它被包裹減少所抵消。因此，總體而言，第四季度的壓力更大。

As you think about next year, we are expecting to see freight warehousing continue to be a pressure as we continue to move through the year, not as material as some other things that we've laid out, but it would be something that we're going to continue to navigate over the next number of quarters.

正如您對明年的看法，我們預計貨運倉儲將繼續成為壓力，因為我們將繼續度過這一年，不像我們已經佈置的其他一些事情那麼重要，但這將是我們的事情將繼續瀏覽接下來的幾個季度。

And Anthony, I think the other part of your question was around the inventory levels that we saw in Q4, and we haven't sized it specifically, but I think it's fair to say we would have been healthy in our range had we not had some of those very targeted -- and again, I want to be clear, they're very targeted inventory constraints that were just a bit larger than we thought. And I think we expect to see some of those continue into, especially the first half of next year and again in a more targeted way. But our overall inventory situation, I think that's some of what you're seeing in the promotional environment, our overall inventory situation is very healthy. I mean they are up 6%, 15% versus 2 years ago. So it's just these pockets where we've seen more demand, so that's good, but a little bit more constrained than we were expecting.

安東尼，我認為你的問題的另一部分是關於我們在第四季度看到的庫存水平，我們沒有具體確定它的大小，但我認為公平地說，如果我們沒有，我們會在我們的範圍內保持健康其中一些非常有針對性 - 我想再次明確，它們是非常有針對性的庫存限制，比我們想像的要大一點。而且我認為我們希望看到其中一些繼續下去，尤其是明年上半年，並以更有針對性的方式再次出現。但是我們的整體庫存情況，我認為這是您在促銷環境中看到的一些情況，我們的整體庫存情況非常健康。我的意思是它們比兩年前增長了 6% 和 15%。所以只是這些口袋我們看到了更多的需求，所以這很好，但比我們預期的要多一些限制。

Your next question is from the line of Michael Lasser from UBS.

您的下一個問題來自瑞銀的 Michael Lasser。

Best Buy has a long history of doing what it says it's going to do, setting realistic expectations and then following through on those expectations. If you do get some feedback or there is sentiment coming out of this event, it might be that you set really aggressive targets over the next few years, especially on the profitability side.

百思買長期以來一直在做它所說的事情，設定切合實際的期望，然後實現這些期望。如果您確實收到了一些反饋或對此事件產生了情緒，則可能是您在未來幾年設定了非常激進的目標，尤其是在盈利方面。

To put some perspective around that, the midpoint of the 6.3% to 6.8% operating margin expectation would be 50 basis points better than what Best Buy has ever done in the past, and that was during a pandemic. And to get to the midpoint, Best Buy was able to achieve 50 basis points of annual operating margin in fiscal '24 and fiscal '25, whereas prior to the pandemic, it was generating about 20 basis points of annual operating margin expansion.

從某種角度來看，6.3% 至 6.8% 的營業利潤率預期的中點將比百思買過去所做的高 50 個基點，那是在大流行期間。為了達到中點，百思買在 24 財年和 25 財年實現了 50 個基點的年度營業利潤率，而在大流行之前，它的年度營業利潤率擴大了約 20 個基點。

So as you look out, what's changed about the model to make it more -- that much more profitable than Best Buy has been in the past? Is it really health care advertising? You've been able to master the profitability of the online business.

因此，正如您所看到的，該模型發生了哪些變化以使其變得更多-比過去百思買的利潤要高得多？真的是保健廣告嗎？您已經能夠掌握在線業務的盈利能力。

And as part of that, could you talk about the contribution from Totaltech, Best Buy Ads, Best Buy Health and cost reductions and efficiencies, would they all equally contribute to the profitability expectations a couple of years from now?

作為其中的一部分，您能否談談 Totaltech、Best Buy Ads、Best Buy Health 以及降低成本和提高效率的貢獻，它們是否都對幾年後的盈利預期做出了同樣的貢獻？

Sure. I'll take that from a couple of different angles, Michael. First, I'd say, over the last couple of years, this team you see on the camera, everyone in the building and in the field have been doing an amazing job just navigating and accelerating a number of the strategies to lift our business and improve the profitability over the last couple of years managing through the pandemic.

當然。我會從幾個不同的角度來理解，邁克爾。首先，我想說，在過去的幾年裡，你在鏡頭中看到的這個團隊，大樓里和現場的每個人都做得非常出色，只是導航和加速了一些提升我們業務的戰略，在過去幾年中通過大流行管理提高盈利能力。

There is certainly a number of things we've changed about our operating model that has allowed us to navigate very easily through a store channel to an omnichannel to now a virtual channel and the chat situation. So the team has done an amazing job just finding ways to efficiently operate this business, and that's helping us drive profitability now and as we look forward. And we'll continue to do that.

當然，我們已經對我們的運營模式進行了許多更改，這使我們能夠非常輕鬆地通過商店渠道導航到全渠道，再到現在的虛擬渠道和聊天情況。因此，團隊在尋找有效運營這項業務的方法方面做得非常出色，這有助於我們現在和展望未來提高盈利能力。我們將繼續這樣做。

As you look to the out-years in terms of profitability, we have been -- we've been talking about investments in areas like health and technology. And now we're talking about investing in our stores. All those things are intended to pay back, not just payback from a sales perspective, but also continue to improve from a rate and an operating dollar and an operating rate perspective as well.

當您在盈利能力方面展望未來幾年時，我們一直 - 我們一直在談論對健康和技術等領域的投資。現在我們正在談論投資我們的商店。所有這些都是為了回報，不僅僅是從銷售的角度來回報，而且從利率和運營美元以及運營率的角度來看也將繼續改善。

So they are, as we've laid out in our materials, ways we're going to help expand our rate from FY '23 up to the range of 6.3% to 6.8% in FY '25. We believe those initiatives will help generate more profit being more accretive over time. And at the same time, we'll keep working hard to make -- create the efficiencies in our stores and navigate through the different channels very seamlessly. We'll never stop trying to find those improvements, and this team has been hard at work doing that.

因此，正如我們在材料中所闡述的那樣，我們將幫助將我們的利率從 23 財年擴大到 25 財年的 6.3% 到 6.8% 的範圍。我們相信，這些舉措將有助於產生更多利潤，隨著時間的推移更具增值性。同時，我們將繼續努力——在我們的商店中創造效率，並在不同的渠道中非常無縫地導航。我們將永遠不會停止嘗試尋找這些改進，而這個團隊一直在努力做到這一點。

Michael, I think you have stacked -- you actually nailed and laid out a lot of them. But you have this kind of stacked quantity of things that both have happened and that we're investing in. I mean, we have tremendously more scale than we had just 2 years ago with $8 billion added to the top line. And obviously, that -- majority all coming through are digital experiences. So we've navigated a massive change in the composition of our business.

邁克爾，我認為你已經堆積了——你實際上已經釘牢並佈置了很多。但是你有這種堆積的事情，既發生了，我們正在投資。我的意思是，我們的規模比兩年前要大得多，收入增加了 80 億美元。顯然，大多數都通過數字體驗。因此，我們已經駕馭了我們業務構成的巨大變化。

Under that, we've also created material efficiency and effectiveness because I think it's really important to note, we also noted in the prepared remarks, in Q4, we saw some of our best NPS results, particularly on the in-store side of things. Our teams are doing incredible work garnering skills, 80% of our associates have more than 1 skill, which allows us to move this labor really flexibly and allows really interesting career paths.

在此之下，我們還創造了物質效率和有效性，因為我認為值得注意的是，我們還在準備好的評論中指出，在第四季度，我們看到了一些最好的 NPS 結果，特別是在店內方面.我們的團隊正在做令人難以置信的工作來獲得技能，我們 80% 的員工擁有不止一項技能，這使我們能夠真正靈活地轉移這項工作，並提供非常有趣的職業道路。

So you've got scale, you've got a really efficient and effective model that now has moved through this changing dynamic. And then we're layering on top distinct initiatives that we have expectations around return. Totaltech being one, the ads business being another, the health business that we're investing in for our future the store experience side of things, all of these, we are using behavioral history that we're seeing in our customers to help us predict how we think this model looks in the future.

所以你有規模，你有一個非常有效和有效的模型，現在已經通過這種不斷變化的動態。然後我們將我們對回報的期望放在最重要的不同舉措上。 Totaltech 是一個，廣告業務是另一個，我們為未來投資的健康業務，商店體驗方面，所有這些，我們都在使用我們在客戶身上看到的行為歷史來幫助我們預測我們認為這個模型未來的樣子。

And I would just underscore what Matt said, I give the team a great deal of credit for choosing to double down on these investments now because we do think this is what unlocks exponential growth for us as we head into the future.

我只想強調馬特所說的話，我對團隊現在選擇加倍投資這些投資給予了很大的讚揚，因為我們確實認為這是在我們走向未來時為我們解鎖指數增長的原因。

That's helpful perspective. My follow-up question is embedded in your guidance for the next couple of years is it looks like a mid-single-digit comp for the domestic business. If it proves that it's more like a 3% top line growth for the domestic business from 2024 and 2025, can you still get to the 6.3% to 6.8% operating margin? Or should we think more like a 6% operating margin in that scenario?

這是有用的觀點。我的後續問題包含在您對未來幾年的指導中，它看起來像是國內業務的中個位數組合。如果它證明它更像是 2024 年和 2025 年國內業務的 3% 的頂線增長，你還能達到 6.3% 到 6.8% 的營業利潤率嗎？還是我們應該認為在這種情況下更像是 6% 的營業利潤率？

Yes. Certainly, the ranges we gave from a revenue and OI perspective have those ranges on all the initiatives and various components of our plan. So we would continue to strive for those targets that we gave for operating rate income despite maybe coming at the bottom end of that scale.

是的。當然，我們從收入和 OI 角度給出的範圍涵蓋了我們計劃的所有舉措和各個組成部分的範圍。因此，儘管可能處於該規模的底端，我們仍將繼續努力實現我們為運營率收入設定的目標。

There's obviously a range of outcomes to the initiative, but also just the work in our baseline business to create efficiency. So we would continue to target that even if it was towards the lower end. But obviously, we're going to make the right decisions for the long term. So we'll always choose to invest as we need to along the way.

該計劃顯然有一系列成果，但也只是我們在基線業務中創造效率的工作。所以我們會繼續瞄準，即使它是低端的。但顯然，從長遠來看，我們將做出正確的決定。因此，我們將始終選擇根據需要進行投資。

Your next question is from the line of Scott Mushkin from R5 Capital.

您的下一個問題來自 R5 Capital 的 Scott Mushkin。

So getting to the margins, I was wondering if you could give us like cadence. Obviously, you're going to be down to the -- this year but then sharply up in '24 and '25. I mean is it balanced between those 2 years? Or is it mostly expected in '25, the improvements?

所以進入邊緣，我想知道你是否可以給我們喜歡的節奏。顯然，今年你會下降到 - 但隨後在 24 年和 25 年急劇上升。我的意思是這兩年之間是否平衡？還是在 25 年主要是預期的改進？

Yes. So we haven't given the numbers for FY '24. So obviously, we're giving ourselves a little bit of flexibility in how we get to the FY '25 goals, not just in terms of the lines of P&L, but even the year's as well. We would expect to see improvements each year, if you will, the general size is we haven't actually sized for anyone, but we wouldn't expect to see improvements as we progress in each of the years going forward.

是的。所以我們還沒有給出 24 財年的數字。所以很明顯，我們在如何實現 25 財年目標方面給了自己一點靈活性，不僅僅是在損益表方面，甚至在今年也是如此。我們希望每年都能看到改進，如果你願意的話，總體規模是我們實際上並沒有為任何人確定規模，但我們不希望隨著我們在未來每一年的進步中看到改進。

Okay. And then my second question is, obviously, on the revenue side, there's some pretty ambitious targets. I think Michael was talking about that a second ago. But I was wondering, you're obviously attacking new areas and new categories. When you think about the comp, how much is coming from those new areas? And how much is it increasing your addressable market? I know you threw $300 million out there. But is your market now actually going to be bigger than that as you attack new areas for the business?

好的。然後我的第二個問題是，顯然，在收入方面，有一些非常雄心勃勃的目標。我想邁克爾在一秒鐘前就談到了這一點。但我想知道，你顯然是在攻擊新領域和新類別。當您考慮補償時，這些新領域有多少？它在多大程度上增加了您的潛在市場？我知道你扔了 3 億美元。但是，隨著您為業務開拓新領域，您的市場現在真的會比這更大嗎？

Yes. We didn't size the -- expanding our assortment within the numbers. We gave some indication for some of the other areas that if you go from the mid-range of FY '23 to FY '25, that's about $5 billion. Totaltech was $1.5 billion of that number, and that includes the cannibalization of the stand-alone services and offerings that we have.

是的。我們沒有調整 - 在數字範圍內擴展我們的分類。我們對其他一些領域給出了一些指示，如果你從 23 財年的中檔到 25 財年，那大約是 50 億美元。 Totaltech 是其中的 15 億美元，其中包括對我們擁有的獨立服務和產品的蠶食。

We also talked about how health is at $525 million today and that we're going to grow at a high CAGR rate over the next number of years, that would indicate that by FY '25, it's about $900 million of growth, too. So we're breaking those parts out.

我們還談到了今天的健康狀況如何達到 5.25 億美元，並且我們將在未來幾年內以高複合年增長率增長，這表明到 25 財年，也將增長約 9 億美元。所以我們正在分解這些部分。

What's left is what we would expect to expand in our -- from our categories and our physical assets. So we would expect those to provide some meaningful growth as well as the other items.

剩下的是我們期望從我們的類別和我們的實物資產中擴展的東西。因此，我們希望這些能夠提供一些有意義的增長以及其他項目。

Your next question is from the line of Peter Keith from Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Peter Keith。

I'll also echo, great presentation today. First question I had was just around Best Buy Health. We've been talking about this, I feel like, for about 5 years. So it seems like we're making some progress. But I was wondering if you could also kind of look back in terms of what hasn't worked that you've learned and discontinued versus what you're leaning into more aggressively as you see future opportunity.

我也會回應，今天的演講很棒。我遇到的第一個問題是關於百思買健康。我們一直在談論這個，我覺得，大約 5 年。所以看起來我們正在取得一些進展。但我想知道你是否也可以回顧一下你已經學會和停止的那些沒有奏效的東西，以及你看到未來機會時更積極地傾向於的東西。

Maybe I'll start with a little bit of context, and then I'll ask Deborah to come in since she came in partway through the journey. I think it's maybe not as much about what maybe what didn't perform as well. I think it's what we're learning about a consumer that has changed a great deal, particularly in the last 2 years.

也許我會從一點背景開始，然後我會請黛博拉進來，因為她是在旅程的中途進來的。我認為這可能與表現不佳的地方無關。我認為這是我們所了解的消費者發生了很大變化，尤其是在過去兩年中。

So some of those early hypotheses we had around health moving into the home, around people wanting to age in their homes with technology, I think those hypotheses were actually exponentially sped up over the last couple of years. And we started to see some new use cases around virtual care in particular.

所以我們早期的一些關於健康的假設進入家庭，關於人們希望通過技術在家中變老，我認為這些假設實際上在過去幾年中呈指數級加速。我們開始看到一些特別是圍繞虛擬護理的新用例。

So I think we felt like we were pointed in the right direction even 3, 4 years ago, it's just that the consumer behaviors have really changed in the last 2 years, having gone through the pandemic. And now we're refining our focus a bit so that we really target where the industry is going. Maybe, Deborah, you could add some color.

因此，我認為即使在 3、4 年前，我們也覺得我們的方向是正確的，只是在過去的 2 年中，經歷了大流行，消費者的行為確實發生了變化。現在我們正在稍微調整我們的重點，以便我們真正瞄準行業的發展方向。也許，黛博拉，你可以添加一些顏色。

Corie, I think you pretty much covered most of it. I think I would just say, in the active aging space, we -- people will continue to actively age in their home, live independently in their home.

科里，我認為你幾乎涵蓋了大部分內容。我想我只想說，在積極老齡化的空間中，我們——人們將繼續在家中積極老齡化，在家中獨立生活。

If you think about it, we target consumers are 65 years and older, and these consumers like -- actually, they like a physical store experience. So that in the past couple of years, when our stores were closed, we couldn't go in. We couldn't see the phones. We couldn't see the personal emergency response devices, we really saw that pick up, though, in Q4 of this year.

如果你仔細想想，我們的目標消費者是 65 歲及以上，這些消費者喜歡——實際上，他們喜歡實體店體驗。所以在過去的幾年裡，當我們的商店關門時，我們不能進去。我們看不到手機。我們看不到個人應急響應設備，但在今年第四季度，我們確實看到了這種情況的回升。

So we are very optimistic about that market. And I just want to emphasize what Corie said again, really, in the pandemic, consumers thoughts of digital health changed dramatically. In the health technology space for about a decade, people have been talking about the consumerization of health care, but the pandemic really brought the consumerization of health care.

所以我們非常看好這個市場。我只想再次強調科里所說的話，真的，在大流行中，消費者對數字健康的看法發生了巨大變化。在健康科技領域，大約十年來，人們一直在談論醫療保健的消費化，但大流行真正帶來了醫療保健的消費化。

So now consumers want to take care of themselves and their family in their home 365 days a year. They do it with technology, and they need help with that technology. And I think that with Best Buy enabling them to connect with their physician, helping them with their technology is really what's driving our optimism in the market.

因此，現在消費者希望一年 365 天在家中照顧自己和家人。他們用技術來做這件事，他們需要技術方面的幫助。而且我認為百思買使他們能夠與他們的醫生建立聯繫，幫助他們使用他們的技術確實是推動我們對市場持樂觀態度的原因。

Okay. Maybe another question I would want to pivot over to Jason on some of the macro and product trends. Here again, 5G, we've been talking about for a couple of years. It seems like it's starting to come to life. Metaverse, maybe a couple of years out. Could you bring those to life for us a little bit more in terms of types of products you would expect to sell and how you might be involved from a services implementation as we think about product cycles in these areas?

好的。也許另一個問題我想就一些宏觀和產品趨勢轉向杰森。再說一次，5G，我們已經談論了幾年。它似乎開始變得生動起來。 Metaverse，也許幾年後。在我們考慮這些領域的產品週期時，您能否在您希望銷售的產品類型以及您如何參與服務實施方面為我們帶來更多的生命？

Thanks for the question. 5G, I think you're going to continue to see happen at more of a market level. So it will be almost a rolling change as it hits the individual markets and the potential for that additional speed is unlocked with customers. That shows up not only in products, but it also just shows up in the ability to make more connected products, the expansion into things like tablets, watches, laptops to really take advantage of that faster connection.

謝謝你的問題。 5G，我認為你將繼續看到更多的市場層面發生。因此，這幾乎是一個滾動的變化，因為它觸及了各個市場，並且客戶釋放了這種額外速度的潛力。這不僅體現在產品上，還體現在製造更多互聯產品的能力上，擴展到平板電腦、手錶、筆記本電腦等產品，以真正利用這種更快的連接。

The other area is metaverse, it's very, very much alive, and we're seeing the trends with our customers. When we look at VR, our VR business grew double year-over-year in Q4, but actually also for the entire fiscal year of FY '22, showing the customer interest in wanting to experience the metaverse, want to try some of the different things from a virtual reality perspective and the amount of products and the amount of customers just will continue to evolve as they find more and more ways to take advantage of the technology that's going to just continue to expand experiences for customers and the ability to plug into these new networks and new experiences as we move forward.

另一個領域是元宇宙，它非常非常活躍，我們正在與客戶一起看到趨勢。當我們看 VR 時，我們的 VR 業務在第四季度同比增長了兩倍，但實際上在 22 財年的整個財年中也是如此，這表明客戶有興趣體驗虛擬世界，想要嘗試一些不同的從虛擬現實的角度來看，產品的數量和客戶的數量將繼續發展，因為他們找到越來越多的方法來利用技術，這些技術將繼續為客戶擴展體驗和插入的能力這些新的網絡和新的體驗隨著我們前進。

Peter, your question about services. This is so interesting because what we're seeing is this really high level of interest and yet confusion around what it is and what I'd do with it. I just read a survey that said that 70% of consumers age 65 and older want to try VR experiences, but aren't even sure exactly where to start.

彼得，你關於服務的問題。這非常有趣，因為我們看到的是這種非常高水平的興趣，但對它是什麼以及我會用它做什麼感到困惑。我剛剛閱讀了一項調查，該調查顯示 70% 的 65 歲及以上的消費者想要嘗試 VR 體驗，但甚至不確定從哪裡開始。

And so sometimes this is consulting services in the home. But sometimes this is as simple as having that wide array of products from all of the vendors and just being willing to help people kind of dabble into, whether it's metaverse or 5G, which becomes really relevant as we're talking about getting out of our homes actually and being on-the-go and being able to game and work and learn on-the-go. So I think for us, that's a long continuum all the way from coming to the store, we can just help you understand what this is, all the way to now I have twice as many connected devices in my home. I want to learn how to leverage a 5G network and maybe get off WiFi. How do I do all of that? And I think over time that, again, from our unique point of view, that's where we can be helpful to the consumer.

所以有時這是在家中的諮詢服務。但有時這就像擁有來自所有供應商的各種產品一樣簡單，只是願意幫助人們涉足，無論是元宇宙還是 5G，當我們談論擺脫我們的真正的家，在旅途中，能夠在旅途中玩遊戲、工作和學習。所以我認為對我們來說，從來到商店開始，這是一個漫長的連續過程，我們可以幫助您了解這是什麼，一直到現在，我家中的連接設備數量是原來的兩倍。我想學習如何利用 5G 網絡，或許還能擺脫 WiFi。我該怎麼做？而且我認為隨著時間的推移，從我們獨特的角度來看，這就是我們可以為消費者提供幫助的地方。

Your next question is from the line of Zach Fadem from Wells Fargo.

您的下一個問題來自富國銀行的 Zach Fadem。

Can you help us bridge the gap from your current gross margin profile of [25.5%] and help us understand what's embedded in the 6.5% EBIT margin target? And specifically, could you walk us through the expected Totaltech drag in 2023, how that's expected to normalize? And how we should think about the other moving parts mixing around new categories and promo, et cetera?

您能否幫助我們縮小與您當前毛利率 [25.5%] 的差距，並幫助我們了解 6.5% 息稅前利潤率目標中包含的內容？具體來說，您能否帶我們了解 2023 年預計的 Totaltech 阻力，預計這將如何正常化？以及我們應該如何考慮圍繞新類別和促銷等混合的其他活動部分？

Sure. So overall, for FY '23, we've talked about how the majority of that step back is -- in operating rate is driven by the Totaltech launch that we did in FY '22. And so we cycle that at the end.

當然。因此，總體而言，對於 23 財年，我們已經討論了大部分退步的情況——開工率是由我們在 22 財年推出的 Totaltech 推動的。所以我們在最後循環。

And so what's essentially happening is the what used to be higher services gross profit rate is now being impacted by the launch of Totaltech, which is a much more complete offer. So it includes product warranties, installation, things like that. So the gross -- the services gross profit rate is coming down, if you will.

因此，本質上發生的是，過去較高的服務毛利率現在受到 Totaltech 推出的影響，這是一個更加完整的產品。所以它包括產品保修、安裝等。因此，如果您願意的話，服務毛利率正在下降。

What we're doing, though, is driving more members much faster than we did in our previous service membership and driving more product incremental sales. The stand-alone offer at Totaltech is actually profitable on its own but we're navigating this period of time where we're cycling a different services offer and also building and scaling the incremental sales of the offer itself.

然而，我們正在做的是比我們之前的服務會員更快地推動更多的會員，並推動更多的產品增量銷售。 Totaltech 的獨立產品本身實際上是有利可圖的，但我們正在導航這段時間，我們正在循環提供不同的服務產品，並建立和擴展產品本身的增量銷售。

So all that takes some time, and we're not necessarily pointed towards a gross profit rate or an SG&A rate. We're looking at driving OI rate over time and OI rate dollars over time. And so we haven't given guidance over that period from FY '25 because we're obviously going to give ourself a little bit of flexibility as we navigate a very new offer in Totaltech as we understand just the incrementality and the frequency, but also just the usage.

因此，所有這些都需要一些時間，我們不一定要針對毛利率或 SG&A 率。我們正在研究隨著時間的推移推動 OI 率和 OI 率美元隨著時間的推移。因此，我們沒有在 25 財年的那段時間提供指導，因為我們顯然會給自己一點靈活性，因為我們了解 Totaltech 的一個非常新的報價，因為我們只了解增量和頻率，而且只是用法。

So we haven't given those -- the breakouts of the different. We will also expect gross profit expansion in other areas, though, so health has a very healthy gross profit rate. Best Buy Ads also has the ability to drive gross profit rates. There are things that help us mitigate what might come from a lower services gross profit rate in the future.

所以我們沒有給出那些——不同的突破。不過，我們也預計其他領域的毛利潤會有所增長，因此健康的毛利率非常健康。百思買廣告也有能力提高毛利率。有些事情可以幫助我們減輕未來服務毛利率下降可能帶來的影響。

And on that OI rate expansion from 5.4% to 6.5% in 2025, it suggests a 100 basis point improvement over a 2-year period. Is it fair to assume that, that will be evenly distributed in '24 and '25? Or are there certain drivers or initiatives that are more weighted towards the front or back end?

在 2025 年 OI 利率從 5.4% 擴大到 6.5% 的情況下，這表明在 2 年內將提高 100 個基點。假設這將在 24 年和 25 年均勻分佈是否公平？或者是否有某些更偏重於前端或後端的驅動因素或舉措？

Yes, we haven't given -- we're not going to give the exact breakout by initiative. But all of them are contributing to that OI rate expansion from '23 to the targets we gave for FY '25.

是的，我們沒有給出——我們不會主動給出確切的突破。但所有這些都有助於將 OI 率從 23 年擴大到我們為 25 財年設定的目標。

There are a lot of moving parts. So -- but each of them, the initiatives of health and Best Buy -- or Totaltech as well as Ads, those are all contributing to the growth in the operating income rate.

有很多活動部件。所以——但它們中的每一個，健康和百思買的舉措——或 Totaltech 以及廣告，都對營業收入率的增長做出了貢獻。

Your next question is from the line of Scott Ciccarelli from Truist Securities.

您的下一個問題來自 Truist Securities 的 Scott Ciccarelli。

So I had a health care follow-up. I think in response to Peter's question, you guys were talking about an acceleration of consumer need for aging employees, et cetera. But I think your business has actually ramped slower than expected. So what do you think the impediments have been to faster adoption? Is it the value equation? Is it an awareness issue, et cetera? And then what can you do to accelerate the adoption of your health care services?

所以我進行了醫療保健隨訪。我認為在回答彼得的問題時，你們談論的是消費者對老齡員工的需求加速等等。但我認為你的業務實際上比預期的要慢。那麼，您認為加快採用速度的障礙是什麼？是價值方程式嗎？這是一個意識問題，等等？然後你可以做些什麼來加速你的醫療保健服務的採用？

Scott, thank you. Thanks so much. I'll take that. So think about it this way. First of all, the health presentation that we presented today is a bit different than the strategy that you saw previously.

斯科特，謝謝。非常感謝。我會接受的。所以這樣想吧。首先，我們今天介紹的健康介紹與您之前看到的策略有點不同。

So this is really one strategic area, 3 focal points: taking advantage of the rapid consumerization of health care, which did really not exist before 2 years ago. Second, we continue with active aging. People still do want to live healthy and happy and independently in their homes. And the third area of virtual care is also an area which essentially did not exist before the pandemic. Now hospitals want to have hospital home programs. They want to take care of helping people get better in their homes where they are surrounded by loved ones and feel comfortable. And so hospitals all over the country are really putting in hospital at home programs, putting in chronic disease management programs. These are growth areas that did not exist before.

所以這確實是一個戰略領域，三個重點：利用醫療保健的快速消費化，這在 2 年前真的不存在。二是繼續積極老齡化。人們仍然希望在家中過上健康、快樂和獨立的生活。而虛擬醫療的第三個領域也是疫情之前基本不存在的領域。現在醫院希望有醫院家庭計劃。他們想照顧幫助人們在家中變得更好，讓他們被親人包圍並感到舒適。因此，全國各地的醫院都在實施居家住院計劃，實施慢性病管理計劃。這些是以前不存在的增長領域。

Our focus before was in active aging. And as I said in my prior remarks, those are consumers 65 years and older and for our products, so the active aging products, they really appreciated a physical store experience. And so when we had different hours in the last 21 months, when we had some store closures, it did impact the active aging business. But we see it now really, we had a very strong Q4, and we see that continuing.

我們之前的重點是積極老齡化。正如我在之前的評論中所說，那些是 65 歲及以上的消費者，對於我們的產品，即活性老化產品，他們非常欣賞實體店體驗。因此，當我們在過去 21 個月中有不同的營業時間時，當我們關閉一些商店時，它確實影響了活躍的老齡化業務。但我們現在真的看到了，我們有一個非常強勁的第四季度，我們看到這種情況還在繼續。

Okay. And then a quick housekeeping item. Matt, given the economics of the Totaltech program, if membership actually grows faster than expected, does it take longer to kind of shift in the profitability mode?

好的。然後是一個快速的家政項目。馬特，考慮到 Totaltech 計劃的經濟性，如果會員的增長速度實際上比預期的快，那麼盈利模式的轉變是否需要更長的時間？

Not necessarily. The growth in membership is indicative of the value of the offer, the interactions that they want to have with us. And so we would see membership revenue grow, but also to the extent that members are growing, the incremental product sales that they would grow, we'd grow with that. So it wouldn't necessarily impact the pace at which we could actually drive profitability.

不必要。會員人數的增長表明了報價的價值以及他們希望與我們進行的互動。因此，我們會看到會員收入增長，而且在會員增長的程度上，他們會增長的增量產品銷售，我們也會隨之增長。因此，它不一定會影響我們實際提高盈利能力的速度。

Your next question is from the line of Steven Forbes from Guggenheim.

您的下一個問題來自古根海姆的 Steven Forbes。

I wanted to start with customer relationships event, maybe a topic from the last Analyst Day. So Corie, if you can, really, if you could help frame where we are with those events across the various interactions and provide some high-level insight on how the relationship events over the past 2 years have or maybe amplify the business strategy that you laid out, supporting the upwardly revised targets?

我想從客戶關係活動開始，也許是上一個分析師日的主題。所以科里，如果你能，真的，如果你能幫助我們在各種互動中的這些事件中確定我們的位置，並提供一些關於過去 2 年的關係事件如何產生或可能放大你的業務戰略的高級見解制定，支持向上修訂的目標？

Yes. So if you go back to 2, 3 -- 2 years ago, 2019, we talked about specifically these customer relationship events. And at the time, if you recall, we underscored things like using the app and having the app. We underscored at that point, Total Tech Support, which we've now evolved into Totaltech, obviously. We underscored customers who shop in multiple categories.

是的。因此，如果您回到 2、3、2 年前的 2019 年，我們專門討論了這些客戶關係事件。如果您還記得的話，當時我們強調了使用該應用程序和擁有該應用程序之類的事情。我們當時強調了 Total Tech Support，很明顯，我們現在已經發展成 Totaltech。我們強調了在多個類別中購物的客戶。

There were like specific events that people who use our financial services. There were specific events that we were looking at that we said, when customers interact with us in this way, we tend to keep them in our ecosystem. They tend to spend more, they tend to be those more loyal customers. You can imagine, over the last 2 years, the good news is we have seen some acceleration in those type of events. We've seen more app downloads. We're seeing a 72% increase in people using the app when they're in our stores, great. That's a great data point. We're seeing to what Matt just said, more people take up the Totaltech offering than we were seeing in Total Tech Support, although that was still growing over the last couple of years. We're seeing more -- we just saw a whole bunch of new customers, and we're seeing those customers shop us in multiple categories. So we're seeing that grow.

使用我們的金融服務的人會發生一些特定的事件。我們正在研究一些特定的事件，我們說，當客戶以這種方式與我們互動時，我們傾向於將它們保留在我們的生態系統中。他們往往會花更多的錢，他們往往是那些更忠誠的客戶。您可以想像，在過去的 2 年中，好消息是我們已經看到這類事件的加速。我們看到了更多的應用下載。我們看到在我們的商店中使用該應用程序的人數增加了 72%，非常棒。這是一個很好的數據點。我們看到 Matt 剛才所說的，接受 Totaltech 產品的人比我們在 Total Tech Support 中看到的更多，儘管在過去幾年中這種情況仍在增長。我們看到了更多——我們剛剛看到了一大批新客戶，我們看到這些客戶在多個類別中購買我們。所以我們看到這種增長。

I think you can see in the presentation that we gave today, it is still very important for us to continue to drive those customer -- deep customer relationships. And we're continuing to evolve how we see those interactions that are most important to those longer-term relationships. And almost every strategy that we underscore today, whether it is what Damien talked about in terms of our more experiential stores or whether it is Totaltech or whether it is a relationship with patient or someone we were helping to provide help for, all of those are the types of relationships that keep customers stickier to the brand.

我認為您可以在我們今天的演示文稿中看到，繼續推動這些客戶 - 深厚的客戶關係對我們來說仍然非常重要。我們正在繼續改進我們如何看待那些對這些長期關係最重要的互動。幾乎我們今天強調的每一個策略，無論是 Damien 談到的我們更具體驗性的商店，還是 Totaltech 或者是與患者或我們幫助提供幫助的人的關係，所有這些都是使客戶對品牌更加忠誠的關係類型。

And given we talked a little bit, our frequency is a little bit lower than you can imagine someone who has grocery or someone who has consumables. And so this idea of increasing the frequency, staying relevant in the selection is really important to us. And that's, I think, what you can see, all of the strategy is geared around those deeper and more prevalent customer relationships.

鑑於我們談了一點，我們的頻率比你想像的有雜貨店或有消耗品的人要低一點。所以這個增加頻率的想法，在選擇中保持相關性對我們來說非常重要。這就是，我認為，你可以看到，所有的戰略都圍繞著那些更深、更普遍的客戶關係。

That's helpful. And then just a quick follow-up as we revisit the holistic market approach. Just curious what's sort of incorporated around that strategy over the next 2 or 3 years in those longer-term targets that you laid out?

這很有幫助。然後在我們重新審視整體市場方法時進行快速跟進。只是好奇在您制定的那些長期目標中，在接下來的 2 或 3 年內，圍繞該戰略的內容是什麼？

The holistic.

整體的。

The market spread. So when Matt was talking about the capital guides that we kind of gave and you could see some of that increase in capital. At some point, we're assuming -- and Damien talked specifically about the experiential stores, there probably will be some other store concepts that we may choose to roll.

市場蔓延。因此，當馬特談論我們提供的資本指南時，您可以看到資本的一些增加。在某個時候，我們假設——Damien 特別談到了體驗店，可能會有一些其他的商店概念可供我們選擇推出。

But what I want to say is we've been very clear that the Charlotte market is a pilot, and we mean that. Sometimes people say pilot and then they fully know exactly everything they're going to roll from there. It is a pilot. We are learning from it. And we assume that at some point, we will continue to roll pieces of that model, but we're not yet ready to say this is exactly the concepts, exactly how many and exactly in what markets.

但我想說的是，我們非常清楚夏洛特市場是一個試點市場，我們是認真的。有時人們會說飛行員，然後他們完全知道他們將從那裡推出的所有內容。這是一名飛行員。我們正在從中學習。而且我們假設在某個時候，我們將繼續推出該模型的各個部分，但我們還沒有準備好說這正是概念，確切的數量和確切的市場。

Sorry for the confusion there. Yes, we would assume there are some revenue impact and profitability impact from the broad work on our store portfolio, namely the experiential store rollouts that we're doing. And as we continue to look at the market approach, any other changes, we would include that into the revenue outcome as well.

很抱歉那裡的混亂。是的，我們會假設我們的商店組合的廣泛工作會對收入和盈利能力產生一些影響，即我們正在做的體驗式商店推出。隨著我們繼續關注市場方法以及任何其他變化，我們也會將其納入收入結果中。

Your last question is from the line of Liz Suzuki from Bank of America.

您的最後一個問題來自美國銀行的 Liz Suzuki。

Just a short-term one on the comp guidance. I guess since 2-year growth rates are starting to get thrown off by the start of COVID 2 years ago. Do you think we should be looking at 3-year growth rates as we think about the cadence of quarterly comp?

只是一個短期的補償指南。我想自從 2 年前 COVID 開始時，2 年的增長率開始下降。您認為我們應該在考慮季度薪酬的節奏時關注 3 年增長率嗎？

Yes. It's increasingly difficult to look at 2 years and 3-year stacks of growth rates. I think the best guidance for us would be if you look at the next year's guide of 1% to 4% and think about the first half versus back half, the first half is going to see a bigger weighted sales decline just based on the [37% comp] we did in Q1 last year and then the [20% comp] in Q2. How that works out exactly, it won't necessarily be even from a 3-year perspective or a 2-year perspective. But if you think about a first half, back half for next year is probably the easiest way. And then think about the overall guide of 1% to 4% and how that -- where they may land in that order.

是的。越來越難以查看 2 年和 3 年的疊加增長率。我認為對我們來說最好的指導是，如果您查看明年 1% 到 4% 的指導，並考慮上半年與下半年相比，上半年將看到更大的加權銷售額下降，僅基於 [ 37% comp] 我們在去年第一季度做了，然後在第二季度做了 [20% comp]。這究竟是如何運作的，甚至不一定從 3 年或 2 年的角度來看。但如果你考慮上半年，明年的下半年可能是最簡單的方法。然後考慮 1% 到 4% 的總體指導，以及它們如何按此順序降落。

Got you. And then, I guess, just to that point on kind of 3-year growth rates. I mean, the implication from the guidance would suggest some reacceleration from the fourth quarter exit rate. So can you quantify the impact of Omicron and the inventory shortages on that fourth quarter comp and if you consider those sales to have been lost permanently?

得到你。然後，我想，就到那時的 3 年增長率。我的意思是，該指導的含義將表明第四季度退出率會重新加速。那麼，您能否量化 Omicron 和庫存短缺對第四季度比較的影響，以及您是否認為這些銷售已經永久損失？

Yes, we didn't quantify it. What we said is we believe we have been pretty safely in the range of our revenue performance in Q4 if we hadn't had to reduce our store hours and if we had seen the level of inventory in certain products and categories that we were expecting. Some of that wouldn't necessarily be lost because we find that people do come back to us after maybe an attempt that they couldn't or if the product wasn't available. So it isn't necessarily lost as you look into next year, but we do believe we would have been pretty safely in the range of revenue had those 2 factors not happened.

是的，我們沒有量化它。我們所說的是，如果我們不必減少營業時間，並且如果我們看到某些產品和類別的庫存水平符合我們的預期，我們相信我們在第四季度的收入表現範圍內已經相當安全。其中一些不一定會丟失，因為我們發現人們確實會在嘗試他們無法嘗試或產品不可用之後回到我們身邊。因此，當您展望明年時，它不一定會丟失，但我們確實相信，如果這兩個因素沒有發生，我們將在收入範圍內相當安全。

Thank you so much. And with that, we will actually wrap today's investor event. And on behalf of our panelists and all of Best Buy, it has been our pleasure to share our progress with you, and we genuinely thank you for taking the time and all of your questions. Have a great rest of your day.

太感謝了。有了這個，我們實際上將結束今天的投資者活動。並代表我們的小組成員和所有百思買，我們很高興與您分享我們的進展，我們真誠地感謝您抽出時間和您的所有問題。好好休息一天。