百思買 (BBY) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to Best Buy's First Quarter Fiscal Year 2020 Earnings Call.

歡迎參加百思買 2020 財年第一季財報電話會議。

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

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

Eastern Time today.

今天東部時間。

(Operator Instructions)

（操作員說明）

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

我現在將會議交給投資者關係副總裁 Mollie O'Brien。

Please go ahead.

請繼續。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

Joining me on the call today are Hubert Joly, our Chairman and CEO; Corie Barry, our CFO and Chief Transformation Officer; and Mike Mohan, our U.S. Chief Operating Officer.

今天和我一起參加電話會議的是我們的董事長兼執行長休伯特‧喬利 (Hubert Joly)； Corie Barry，我們的財務長兼首席轉型長；和我們的美國營運長 Mike Mohan。

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

在今天的電話會議中，我們將討論公認會計原則和非公認會計原則財務指標。

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

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

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

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

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

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

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

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

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

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

I will now turn the call over to Hubert.

我現在將把電話轉給休伯特。

Thank you, Mollie, and good morning, everyone.

謝謝你，莫莉，大家早安。

Thank you for joining us for what is my last earnings call as CEO of this great company.

感謝您參加我們作為這家偉大公司的執行長的最後一次財報電話會議。

As you know, we made an exciting announcement last month.

如您所知，我們上個月發布了一項令人興奮的公告。

On June 11, Corie Barry will become the fifth CEO in Best Buy's 53-year history.

6 月 11 日，科里·巴里 (Corie Barry) 將成為百思買 53 年歷史上的第五位執行長。

At that time, I will transition to the newly created role of Executive Chairman of the Board.

屆時，我將接任新任的董事會執行主席。

Also Mike Mohan's role will be elevated as he moves from being our Domestic Chief Operating Officer to the company's President and Chief Operating Officer.

此外，麥克莫漢 (Mike Mohan) 的角色也將得到提升，因為他將從我們的國內營運長晉升為公司總裁兼營運長。

I am very proud of the seamless transition we've decided to implement, as it reflects positively on our momentum as well as on our focus on executive development and succession planning.

我對我們決定實施的無縫過渡感到非常自豪，因為它積極地反映了我們的勢頭以及我們對高階主管發展和繼任計劃的關注。

It is clearly designed to ensure strategic and leadership continuity, and I'm grateful to the members of our Board of Directors for their diligence and care in overseeing this critical process.

它的目的顯然是為了確保策略和領導力的連續性，我感謝我們的董事會成員在監督這一關鍵過程中的勤奮和關懷。

Before I share more thoughts on our leadership transition, let me first review our quarterly performance and provide an update on our progress as we implement our Best Buy 2020: Building The New Blue strategy.

在我分享更多有關領導層過渡的想法之前，讓我先回顧一下我們的季度業績，並提供我們在實施百思買 2020 年：建立新藍色策略方面的最新進展。

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

然後我會將電話轉給 Corie，以了解有關我們財務業績和前景的更多詳細資訊。

So Q1 was a strong quarter and a good start to the year.

因此，第一季是一個強勁的季度，也是今年的良好開端。

We reported $9.14 billion in revenue and grew our Enterprise comparable sales by 1.1%, which was at the high end of our guidance.

我們公佈的收入為 91.4 億美元，企業可比銷售額成長了 1.1%，這是我們指導的上限。

We also delivered better-than-expected profitability.

我們也實現了好於預期的獲利能力。

We expanded our non-GAAP operating income rate by 50 basis points and delivered non-GAAP diluted EPS of $1.02, which was up 24% compared to the first quarter of last year.

我們將非 GAAP 營業利潤率提高了 50 個基點，非 GAAP 攤薄後每股收益為 1.02 美元，比去年第一季成長 24%。

And I want to thank our associates across the company for their hard work and dedication in delivering these strong results.

我要感謝全公司的員工為取得這些出色的成果而付出的辛勤工作和奉獻精神。

Before I discuss the progress we made on our Best Buy 2020 strategy, I'd like to share some brief thoughts on tariffs on goods from China.

在討論我們在百思買 2020 年策略上的進展之前，我想先分享一些關於中國商品關稅的簡短想法。

First, let me say that the administration has so far done a very good job of minimizing the impact of tariffs on U.S. consumers by limiting the number of consumer products on the tariff lists.

首先，我要說的是，到目前為止，政府透過限制關稅清單上的消費品數量，在盡量減少關稅對美國消費者的影響方面做得非常好。

They've done this in part by taking input from companies like us.

他們在某種程度上是透過聽取像我們這樣的公司的意見來做到這一點的。

And so far, we've been able to minimize the impact of these tariffs by employing a number of mitigation strategies, including by buying products ahead of the tariffs being implemented and by working with our vendors.

到目前為止，我們已經能夠透過採用多種緩解策略來最大限度地減少這些關稅的影響，包括在關稅實施之前購買產品以及與我們的供應商合作。

Second, no decision has been made by the administration at this point on the actual implementation of tariffs on additional product categories.

其次，政府目前尚未就額外產品類別的關稅實際實施做出決定。

There is a comprehensive process the administration will be going through to take input and we intend to be actively engaged in this process to help the administration continue to minimize the impact of tariffs on U.S. consumers.

政府將透過一個全面的流程來收集意見，我們打算積極參與這個流程，以幫助政府繼續盡量減少關稅對美國消費者的影響。

In addition, there is time for the trade negotiations to progress before any decision gets made.

此外，在做出任何決定之前，貿易談判還有時間進行。

As Corie will discuss, our fiscal '20 guidance incorporates the estimated impact of the recent move from 10% to 25% tariffs on List 3. As a reminder, we estimate that List 3, which is the $200 billion list that went into effect last September, touches only about 7% of our total annual cost of goods sold.

正如 Corie 將討論的那樣，我們的 20 財年指導方針納入了最近將清單 3 關稅從 10% 提高到 25% 的估計影響。 9 月份，僅涉及我們年度銷售商品總成本的7% 左右。

Many of the products on this list are accessories.

此列表中的許多產品都是配件。

And while we understand List 4 as proposed is comprised of many consumer items, including many electronics, we think it is premature to speculate on the impact of further tariffs as it is unclear whether List 4 will actually be implemented, what products would ultimately be included, at what rate and when.

雖然我們了解擬議的清單 4 包含許多消費品，包括許多電子產品，但我們認為推測進一步關稅的影響還為時過早，因為目前尚不清楚清單 4 是否會真正實施，以及最終將包括哪些產品，以什麼速率和時間。

But one thing is, of course, certain: As other retailers have noted, the impact of tariffs at 25% will result in price increases and will be felt by U.S. consumers.

但有一點當然是確定的：正如其他零售商所指出的，25% 關稅的影響將導致價格上漲，美國消費者也會感受到。

We will, of course, continue to work to minimize the impact of the trade negotiations on U.S. consumers and will continue to update you on this matter.

當然，我們將繼續努力盡量減少貿易談判對美國消費者的影響，並將繼續向您通報此事的最新情況。

Now let me update you on our progress as we implement our Best Buy 2020 strategy to enrich lives through technology and further develop our competitive differentiation.

現在，讓我向您介紹我們在實施百思買 2020 策略以透過科技豐富生活並進一步發展我們的競爭優勢方面取得的最新進展。

In health, we continue to make progress both in terms of scaling the GreatCall consumer devices and services and advancing our commercial monitoring service with a focus on aging seniors.

在健康方面，我們在擴展 GreatCall 消費者設備和服務以及推進我們的商業監控服務（重點關注老年人）方面繼續取得進展。

Our focus is to enable seniors to live longer in their homes and help reduce their health care costs.

我們的重點是讓老年人在家中壽命更長，並幫助降低他們的醫療費用。

We believe that the combination of technology and our human touch provided through the ability to access and engage people in their home, is a highly relevant and differentiated proposition.

我們相信，透過接觸和吸引人們在家中的能力，將科技與人性化相結合，是一個高度相關和差異化的主張。

We are excited to continue to build our capabilities to support the growth of this business.

我們很高興能夠繼續增強我們的能力來支持這項業務的成長。

First, we will be opening a third GreatCall caring center in October.

首先，我們將於 10 月開設第三個 GreatCall 關懷中心。

The center, located in San Antonio, Texas, will employ 400 care agents and provide 24/7 technical phone support, concierge services and urgent response services to customers.

該中心位於德克薩斯州聖安東尼奧，將僱用 400 名護理人員，並為客戶提供 24/7 技術電話支援、禮賓服務和緊急回應服務。

Second, this month we've acquired a senior-focused health services company called Critical Signal Technologies, or CST, to help scale the commercial monitoring business.

其次，本月我們收購了一家專注於老年人的健康服務公司，名為 Critical Signal Technologies (CST)，以協助擴大商業監控業務的規模。

CST has approximately 100,000 senior subscribers, some of whom access CST's services as a supplemental benefit under their Medicare Advantage plan.

CST 擁有約 10 萬名老年訂戶，其中一些將 CST 的服務作為其 Medicare Advantage 計劃的補充福利。

Coverage under Medicare Advantage plans is helpful to growing our commercial business because it allows us to engage with insurers and build our service into their plans as a way to both improve their member experience and help them save on costs.

Medicare Advantage 計劃的承保範圍有助於發展我們的商業業務，因為它使我們能夠與保險公司合作，並將我們的服務納入他們的計劃中，從而改善他們的會員體驗並幫助他們節省成本。

The acquisition of CST will thereby help facilitate our access to and penetration of the commercial market.

因此，收購 CST 將有助於我們進入和滲透商業市場。

We're excited about the prospects of combining CST's services and relationships with the existing GreatCall business.

我們對將 CST 的服務和關係與現有 GreatCall 業務相結合的前景感到興奮。

More broadly, this tuck-in acquisition together with GreatCall complements our existing capabilities like Geek Squad and In-Home Advisors to better serve both the seniors in their home and those who support them like payers and providers.

更廣泛地說，這次與GreatCall 的收購補充了我們現有的能力，如Geek Squad 和家庭顧問，以更好地為家裡的老年人以及那些支持他們的人（如付款人和提供者）提供服務。

During Q1, we also continued to expand our Total Tech Support program, which provides members unlimited Geek Squad support for all their technology no matter where or when they bought it.

在第一季度，我們還繼續擴大我們的全面技術支援計劃，該計劃為會員提供對其所有技術的無限 Geek Squad 支持，無論他們在何處或何時購買。

We continue to grow the member base at a steady rate while executing on our road map to drive the customer experience.

我們繼續以穩定的速度擴大會員基礎，同時執行我們的路線圖以提升客戶體驗。

Another first quarter example of how we are expanding what we do for customers is the rollout of our lease-to-own program.

第一季我們如何擴大為客戶服務的另一個例子是推出先租後買計畫。

The financing provided through our Best Buy Credit Card is an important benefit we offer customers, but there are people who may not be interested in getting a credit card or are unable to qualify for it because of low credit scores or in many cases simply no credit history.

透過我們的百思買信用卡提供的融資是我們為客戶提供的一項重要福利，但有些人可能對獲得信用卡不感興趣，或者由於信用評分低或在許多情況下根本沒有信用而無法獲得信用卡資格歷史。

Our lease-to-own program provides another option by enabling customers to make periodic payments over a fixed period, eventually leading to full ownership of the product once the agreement has been fulfilled.

我們的先租後買計畫提供了另一種選擇，使客戶能夠在固定期限內定期付款，最終在履行協議後獲得產品的完全所有權。

During the quarter, we launched the offer across 36 states or about 70% of our stores and expect to roll it out to another 9 states later this year.

本季度，我們在 36 個州（約 70% 的商店）推出了該優惠，預計今年晚些時候將其推廣到另外 9 個州。

Customers are using the option to acquire products across a wide variety of categories, with the largest being computing.

客戶正在使用該選項來獲取各種類別的產品，其中最大的是計算產品。

In addition, we found during the pilot that a significant number of customers are choosing to take advantage of Progressive Leasing's 90-day purchase option, which consists of a $79 initial payment plus the retail price.

此外，我們在試點期間發現，大量客戶選擇利用 Progressive Leasing 的 90 天購買選項，其中包括 79 美元的首期付款加上零售價。

The offering is consistent with our strategy to enrich lives through technology by opening up the experiences that we offer to new customers that might not otherwise have the chance to acquire the kind of solutions that we sell.

該產品符合我們透過科技豐富生活的策略，向新客戶開放我們提供的體驗，否則這些客戶可能沒有機會獲得我們銷售的解決方案。

In many cases, it will allow us to catch customers early on in their credit history and build a relationship with them over time.

在許多情況下，這將使我們能夠儘早抓住客戶的信用記錄，並隨著時間的推移與他們建立關係。

In addition to expanding what we do for customers, we're continuing to evolve the way we interact with our customers across their homes, our stores and digitally.

除了擴大我們為客戶提供的服務之外，我們還在繼續改進我們與客戶在家中、商店和數位化方面互動的方式。

As we mentioned during our last call, we are developing a holistic home strategy to leverage all of the ways we currently interact with customers in the home to create meaningful relationships and further differentiate Best Buy.

正如我們在上次電話會議中提到的，我們正在製定整體家居策略，以利用我們目前與家居客戶互動的所有方式來建立有意義的關係並進一步使百思買脫穎而出。

Our In-Home Consultation program is one of the ways that we deliver experiences in the home today.

我們的家庭諮詢計劃是我們當今提供家庭體驗的方式之一。

The program continues to build, and it is clear there is a real customer need we are addressing.

該計劃仍在繼續建設，很明顯，我們正在解決真正的客戶需求。

And from a financial standpoint, we continue to see higher revenue per order and higher gross profit from these interactions than in the store and online.

從財務角度來看，我們繼續看到這些互動比商店和網路上的每訂單收入和毛利更高。

We expect to add a similar number of advisers this year as we did last year, which would put us around 700 advisers at the end of the year.

我們預計今年將增加與去年類似數量的顧問，這將使我們在年底時擁有約 700 名顧問。

In addition, we're working to enhance the productivity of our advisers by eliminating manual processes so that they can focus more time on their customers.

此外，我們正在努力透過消除手動流程來提高顧問的工作效率，以便他們可以將更多時間集中在客戶身上。

For example, starting next quarter, we will begin automating our proposal and clienteling processes and enable the ability for customers to chat online real time with their adviser.

例如，從下個季度開始，我們將開始自動化我們的提案和客戶服務流程，並使客戶能夠與他們的顧問即時線上聊天。

I would also like to say a few words about how we are transforming our supply chain to improve the experience for our customers.

我還想談談我們如何改造供應鏈以改善客戶體驗。

When we laid out our multiyear plan at our Investor Day in 2017, we shared our belief that the vast majority of our assortment needed to be available anywhere you want it the next day at the latest.

當我們在 2017 年的投資者日制定我們的多年計劃時，我們一致認為，我們的絕大多數品種最遲需要在第二天就可以在任何您想要的地方買到。

Through a combination of initiatives, including expanded partnerships, the deployment of metro e-commerce centers across key cities and automation, we continue to improve our speed of delivery to customers and expand next-day and same-day delivery options.

透過擴大合作夥伴關係、在主要城市部署地鐵電子商務中心和自動化等一系列舉措，我們不斷提高向客戶送貨的速度，並擴大隔天和當日送貨選項。

As we shared last quarter, we offer same-day delivery on thousands of items in 40 metro areas.

正如我們上季度分享的那樣，我們在 40 個都會區提供數千種商品的當日送達服務。

In addition, we offer next-day delivery options in 60 metro areas on orders over $35 for free with no membership fees.

此外，我們還為訂單金額超過 35 美元的 60 個都會區免費提供隔日送達服務，且無需支付會員費。

In fact, customers can order as late as 8 p.m.

事實上，顧客最晚可以在晚上 8 點下單。

in Los Angeles and New York City and 5:30 p.m.

洛杉磯和紐約市下午 5:30

in the other metro areas and will get their package delivered the next day.

在其他都會區，包裹將在第二天送達。

77% of Best Buy customers are in a ZIP code where we are able to offer this service today and thousands of SKUs are eligible.

77% 的百思買客戶位於我們今天能夠提供此服務的郵遞區號地區，並且有數千個 SKU 符合資格。

In addition to our various shipping options, all of our customers also have the extremely convenient option to pick up their products in our stores within 1 hour of placing their order.

除了我們的各種運送選項外，我們所有的客戶還可以極其方便地選擇在下訂單後 1 小時內到我們的商店取貨。

Even with all the improved shipping options and enhancements available to our customers, they are increasingly choosing to pick up their products in one of our nearly 1,000 stores.

儘管我們的客戶可以使用所有改進的運輸選項和增強功能，但他們越來越多地選擇在我們近 1,000 家商店之一中提取產品。

So in-store pickup of online orders is now about 40% of our online revenue and growing.

因此，線上訂單的店內取貨現在約占我們線上收入的 40%，並且還在不斷增長。

Automation is an important part of our supply chain transformation.

自動化是我們供應鏈轉型的重要組成部分。

And starting in Q4 of last year, we've been rolling out new automated boxing technology in our distribution center that builds real-time custom boxes for products coming down a conveyor belt.

從去年第四季開始，我們一直在配送中心推出新的自動化裝箱技術，為傳送帶上下來的產品建造即時客製化盒子。

Earlier this year, Barron's named Best Buy #1 on its list of the 100 Most Sustainable Companies, and this cutting-edge boxing technology is an example of our sustainability efforts.

今年早些時候，《巴倫周刊》將百思買評為 100 家最具可持續發展能力的公司名單中的第一名，這種尖端的拳擊技術是我們可持續發展努力的一個例子。

In addition to driving productivity, it reduces environmental waste by eliminating excess corrugated cardboard and all plastic packaging fillers.

除了提高生產力之外，它還可以透過消除多餘的瓦楞紙板和所有塑膠包裝填料來減少環境浪費。

Overall, our supply chain strategy is to leverage our assets of stores, distribution centers and metro e-commerce centers in a portfolio approach.

整體而言，我們的供應鏈策略是以組合方式利用我們的商店、配送中心和都會電商中心的資產。

That allows us to optimize speed, convenience and cost to meet customer needs at the right time and place.

這使我們能夠優化速度、便利性和成本，以便在正確的時間和地點滿足客戶的需求。

We're still in the midst of this multiyear transformation, but we like where we are and where we're going.

我們仍處於這一多年的轉型之中，但我們喜歡我們現在的處境和我們要去的地方。

Of course, we are -- we also continue to drive efficiencies and reduce costs in order to fund investment and offset pressures.

當然，我們也持續提高效率並降低成本，以便為投資提供資金並抵消壓力。

During the first quarter, we achieved $75 million in annualized cost reductions and efficiencies, bringing the cumulative total to $575 million since Q2 fiscal 2018.

第一季度，我們實現了年化成本削減和效率 7,500 萬美元，使自 2018 財年第二季以來的累計成本達到 5.75 億美元。

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

這是為了實現我們 2021 財年 6 億美元的目標。

Before I turn the call over to Corie, I would now like to say a few words about our upcoming management transition and my excitement about the future of our company.

在將電話轉給 Corie 之前，我想談談我們即將進行的管理層過渡以及我對公司未來的興奮。

The choice of timing of a CEO transition is probably more of an art than a science.

CEO 換屆時機的選擇可能更像是一門藝術，而不是一門科學。

I personally felt it was the right time for me to trigger this leadership transition for several reasons.

我個人認為現在是我觸發領導層換屆的最佳時機，原因有幾個。

First, I felt we had achieved what I had hoped to accomplish when I joined the company in 2012.

首先，我覺得我們已經實現了2012年加入公司時所希望實現的目標。

I am proud of what we've delivered for our customers, our employees, our vendors, our shareholders and our communities.

我為我們為客戶、員工、供應商、股東和社區提供的服務感到自豪。

Second, I felt we had built the depth and breadth of talent necessary to carry Best Buy into the future.

其次，我認為我們已經建立了將百思買帶向未來所需的人才深度和廣度。

Last September, we put in place a new leadership organization by elevating Corie and Mike to new roles with greater responsibilities.

去年九月，我們任命 Corie 和 Mike 擔任新職務並承擔更大的責任，從而建立了新的領導組織。

In the time since then, I have been very impressed by the effectiveness of our team and these leaders.

從那時起，我們團隊和這些領導者的高效給我留下了深刻的印象。

Third, with a clear and exciting purpose to enrich lives through technology, we set out 2 years ago to implement a strategy focused on addressing key human needs in entertainment, productivity, communication, food, security and health and wellness.

第三，懷著透過科技豐富生活的明確而令人興奮的目標，我們在兩年前開始實施一項策略，重點關注滿足人類在娛樂、生產力、通訊、食物、安全以及健康和保健方面的關鍵需求。

We've essentially achieved our fiscal 2021 revenue and non-GAAP operating income targets 2 years ahead of plan.

我們基本上比計劃提前 2 年實現了 2021 財年收入和非 GAAP 營業收入目標。

And while we still have a lot to do from a transformation standpoint, it is clear that we are on the right path.

雖然從轉型的角度來看我們還有很多工作要做，但很明顯我們正走在正確的道路上。

Fourth, we've announced plans to host a meeting with the investment community later this year.

第四，我們宣布計劃在今年稍後與投資界舉辦一次會議。

I thought it was important that the leaders who stand in front of this audience to lay out our road map for the future be the team that is responsible for carrying that strategy forward.

我認為，站在觀眾面前製定未來路線圖的領導者必須是負責推進該策略的團隊，這一點很重要。

So in my new role, I will, of course, continue to lead the Board of Directors.

因此，在我的新職位上，我當然將繼續領導董事會。

I will also advise and support Corie on key matters such as strategy, capability building, M&A and external relationships.

我還將在策略、能力建構、併購和外部關係等關鍵事務上為 Corie 提供建議和支援。

In addition, I will assume certain responsibilities at Corie's request in areas like government affairs, community relations and leadership development.

此外，我還將應科里的要求承擔政府事務、社區關係和領導力發展等方面的某些職責。

In closing, let me say that I could not be more excited about the opportunities ahead of us and confident in the team we have built as well as our talent, culture, heart and soul.

最後，我要說的是，我對我們面前的機會感到非常興奮，並對我們所建立的團隊以及我們的人才、文化、心靈和靈魂充滿信心。

I look forward to continuing to work with Corie, our team and the Board in my new role, helping drive our strategy and transformation with one goal in mind: Fulfilling our purpose to enrich lives through technology, doing well by doing good.

我期待在我的新職位上繼續與 Corie、我們的團隊和董事會合作，幫助推動我們的策略和轉型，並牢記一個目標：實現我們透過科技豐富生活的目標，透過行善取得好成績。

I want to thank you, our shareholders and the analysts who cover us, for your support over the past 7 years.

我要感謝你們、我們的股東和關注我們的分析師在過去 7 年裡的支持。

I have thoroughly enjoyed our ongoing dialogue.

我非常喜歡我們正在進行的對話。

Our interactions have not only been stimulating, they have challenged us to be better as a management team and as a company.

我們的互動不僅令人興奮，而且還挑戰我們作為管理團隊和公司做得更好。

Likewise, I want to thank my colleagues for our collaboration and their friendship.

同樣，我要感謝我的同事們的合作和友誼。

Working together, we turned around and then began growing this wonderful company, and it has been the honor of my professional life to work with all of you as we did this.

我們共同努力，扭虧為盈，然後開始發展這家出色的公司，在我們這樣做的過程中與你們所有人一起工作是我職業生涯的榮幸。

The company is in good hands with our new leadership and the depth of talent we have.

公司在我們新的領導層和我們擁有的人才的幫助下得到了良好的管理。

And I'm confident that the journey we began in 2012 will continue well into the years ahead.

我相信，我們 2012 年開始的旅程將在未來幾年繼續下去。

And now I am very excited to turn the call over to our CFO and future CEO, Corie Barry.

現在，我非常高興將電話轉給我們的財務長和未來的執行長 Coreie Barry。

Good morning, everyone.

大家，早安。

I'm deeply grateful to Hubert and the rest of the Board of Directors for their confidence in me and their clear belief that this leadership evolution is in the best interests of Best Buy and all its stakeholders.

我深深感謝休伯特和董事會其他成員對我的信任，並明確相信這種領導層的演變符合百思買及其所有利害關係人的最佳利益。

Nearly 7 years ago, the Board made a stunningly good decision when they asked a Frenchman with no retail experience to save this company, and he brought his remarkable brain, boundless energy and deep passion to the job.

大約七年前，董事會做出了一個令人震驚的正確決定，他們請一位沒有零售經驗的法國人來拯救這家公司，而他將非凡的大腦、無限的精力和深厚的熱情投入到了工作中。

My personal gratitude to Hubert knows no limits, and I'm delighted to have him nearby to call upon for advice and counsel in his new role as Executive Chair.

我個人對休伯特的感激之情是無止境的，我很高興他在擔任執行主席的新職位上向我尋求建議和建議。

As I think about my new role, I could not be more fortunate to have Mike Mohan at my side as our President and COO.

當我思考我的新角色時，我非常幸運能夠有麥克·莫漢（Mike Mohan）作為我們的總裁兼營運長站在我身邊。

I've worked closely with Mike for the past 15 years, and I am so excited to continue to work with him and the rest of the leadership team in this next chapter as we implement the strategy that we helped build together.

在過去 15 年裡，我一直與 Mike 密切合作，我很高興能夠在下一章中繼續與他和領導團隊的其他成員合作，實施我們共同幫助制定的策略。

As far as my successor in the CFO role, we are in the midst of the search process for a new Chief Financial Officer.

至於我的財務長職位的繼任者，我們正在尋找新的財務長。

Now onto the Q1 financial details.

現在來看第一季的財務細節。

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

在談論我們第一季的業績與去年相比之前，我想談談它們與我們上季度與您分享的預期。

On Enterprise revenue of $9.14 billion, we delivered non-GAAP diluted earnings per share of $1.02.

企業營收為 91.4 億美元，非 GAAP 攤薄後每股收益為 1.02 美元。

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

每股收益結果超出了我們的預期，我們的收入表現接近我們指導範圍的高端。

Our operating income rate exceeded our expectations primarily due to a higher gross profit rate and strong expense management.

我們的營業收入超出了我們的預期，主要是由於較高的毛利率和強有力的費用管理。

A lower effective tax rate also provided a benefit of approximately $0.03 versus our earnings per share guidance.

與我們的每股盈餘指引相比，較低的有效稅率還帶來了約 0.03 美元的收益。

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

我現在將討論我們第一季的業績與去年相比。

Enterprise revenue increased 0.4% to $9.14 billion primarily due to the comparable sales increase of 1.1%.

企業營收成長 0.4%，達到 91.4 億美元，主要是因為可比銷售額成長 1.1%。

Enterprise non-GAAP diluted EPS increased $0.20 or 24% to $1.02.

企業非 GAAP 稀釋後每股盈餘增加 0.20 美元，或 24%，達到 1.02 美元。

This increase was primarily due to higher operating income, which was driven by lower incentive compensation and a $0.06 per share benefit from the net share count change.

這一增長主要是由於營業收入增加，而營業收入增加是由於激勵薪酬降低以及淨股數變化帶來的每股 0.06 美元的收益推動的。

In our Domestic segment, revenue increased 0.8% to $8.48 billion.

在我們的國內部門，營收成長 0.8% 至 84.8 億美元。

This increase was driven by a comparable sales increase of 1.3% and revenue from GreatCall, which was acquired in October 2018, partially offset by the loss of revenue from 105 Best Buy Mobile and 12 large-format store closures in the past year.

這一增長是由 1.3% 的可比銷售額增長以及 2018 年 10 月收購的 GreatCall 的收入推動的，但過去一年 105 家百思買移動和 12 家大型商店關閉造成的收入損失部分抵消了這一增長。

From a merchandising perspective, the largest comparable sales growth drivers were appliances, which includes both major and small appliances, wearables and tablets.

從商品銷售的角度來看，最大的可比銷售成長動力是家電，其中包括大型家電和小型家電、穿戴式裝置和平板電腦。

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

這些驅動因素被娛樂類別的下降部分抵消。

Domestic online revenue of $1.31 billion was 15.4% of Domestic revenue, up from 13.6% last year.

國內線上收入為 13.1 億美元，佔國內收入的 15.4%，高於去年的 13.6%。

On a comparable basis, our online revenue increased 14.5% on top of 12% growth in the first quarter of last year, which was primarily driven by higher average order values and increased traffic.

在可比較基礎上，我們的線上收入在去年第一季成長 12% 的基礎上成長了 14.5%，這主要是由平均訂單價值提高和流量增加所推動的。

In our International segment, revenue decreased 5.2% to $661 million.

在我們的國際部門，營收下降 5.2% 至 6.61 億美元。

This was primarily driven by approximately 390 basis points of negative foreign currency impact and a comparable sales decline of 1.2%.

這主要是由於匯率負面影響約 390 個基點以及可比銷售額下降 1.2%。

The comparable sales decline was driven by Canada and was partially offset by positive comparable sales in Mexico.

可比銷售額下降是由加拿大推動的，並被墨西哥可比銷售額的成長部分抵消。

Turning now to gross profit.

現在轉向毛利。

The Enterprise gross profit rate increased 40 basis points to 23.7%.

企業毛利率成長40個基點至23.7%。

The Domestic gross profit rate was 23.7% versus 23.3% last year.

國內毛利率為23.7%，去年為23.3%。

The 40 basis point increase was primarily driven by the impact of GreatCall's higher gross profit rate and improved product margin rates, which included the benefit of gross profit optimization initiatives.

40個基點的成長主要是由於GreatCall較高的毛利率和提高的產品利潤率的影響，其中包括毛利優化措施的好處。

These favorable items were partially offset by higher supply chain costs.

這些有利的項目被供應鏈成本上升部分抵銷。

The International non-GAAP gross profit rate increased 80 basis points to 24.2% primarily due to a higher year-over-year gross profit rate in Canada, which included improved gross profit rates in several product categories and increased revenue in the higher margin rate services category.

國際非公認會計準則毛利率成長 80 個基點至 24.2%，主要是由於加拿大毛利率同比上升，其中包括多個產品類別的毛利率提高以及較高利潤率服務的收入增加類別。

Now turning to SG&A.

現在轉向SG&A。

Enterprise non-GAAP SG&A was $1.82 billion or 19.9% of revenue, which decreased $5 million and 10 basis points to last year as a percentage of revenue.

企業非 GAAP SG&A 為 18.2 億美元，佔營收的 19.9%，比去年減少了 500 萬美元，佔營收的百分比下降了 10 個基點。

Domestic non-GAAP SG&A was $1.66 billion or 19.6% of revenue versus 19.7% of revenue last year.

國內非 GAAP SG&A 為 16.6 億美元，佔營收的 19.6%，去年為營收的 19.7%。

SG&A dollars were essentially flat to last year, as GreatCall operating expenses were primarily offset by lower incentive compensation expense.

SG&A 美元與去年基本持平，因為 GreatCall 營運費用主要被較低的激勵薪酬費用所抵消。

International non-GAAP SG&A was $158 million or 23.9% of revenue versus $164 million or 23.5% of revenue last year.

國際非 GAAP SG&A 為 1.58 億美元，佔營收的 23.9%，去年為 1.64 億美元，佔營收的 23.5%。

The $6 million decrease was primarily due to the favorable impact of foreign exchange rates, which were partially offset by the impact of new stores opened in Mexico in the past year.

減少 600 萬美元主要是由於匯率的有利影響，但去年在墨西哥開設新店的影響部分抵消了這一影響。

On a non-GAAP basis, the effective tax rate of 20.1% compared to 20% last year.

以非公認會計準則計算，實際稅率為 20.1%，去年為 20%。

Versus our guidance, the effective tax rate was approximately 250 basis points better than expected, which was primarily driven by a larger tax benefit related to stock-based compensation.

與我們的指引相比，有效稅率比預期高出約 250 個基點，這主要是由於與股票薪酬相關的更大稅收優惠所致。

From a cash flow perspective, we ended the quarter in line with our expectations.

從現金流角度來看，本季結束符合我們的預期。

We returned a total of $232 million to shareholders through share repurchases of $98 million and dividends of $134 million.

我們透過 9,800 萬美元的股票回購和 1.34 億美元的股息，總共向股東返還了 2.32 億美元。

Our regular quarterly dividend of $0.50 per share was an increase of 11% compared to the prior year.

我們的定期季度股息為每股 0.50 美元，比前一年增加了 11%。

As we announced last quarter, we intend to spend between $750 million and $1 billion on share repurchases in fiscal 2020.

正如我們上季度宣布的，我們計劃在 2020 財年花費 7.5 億至 10 億美元用於股票回購。

In the first quarter, we adopted a new standard for lease accounting.

第一季度，我們採用了新的租賃會計準則。

The most significant impact of adoption was the recognition of operating lease assets of $2.7 billion and operating lease liabilities of $2.8 billion, respectively.

採用該措施最顯著的影響是分別確認了 27 億美元的營業租賃資產和 28 億美元的營業租賃負債。

The standard does not materially affect our consolidated statements of earnings or cash flows.

此標準不會對我們的合併收益或現金流量表產生重大影響。

Lastly, I will discuss our outlook.

最後，我將討論我們的前景。

Our original full year guidance provided last quarter reflected our estimated impact from the List 3 tariffs at 10%.

我們上季度提供的最初全年指引反映了我們對清單 3 關稅 10% 的影響的估計。

Today, we are reiterating that guidance.

今天，我們重申這項指示。

It balances our better-than-expected Q1 earnings, the fact that it is early in the year and our best estimate of the impact associated with the recent increase in tariffs on goods imported from China.

它平衡了我們好於預期的第一季收益、今年年初的事實以及我們對近期中國進口商品關稅增加所帶來的影響的最佳估計。

Specifically, I'm referring to the increase in tariffs from 10% to 25% on the products on the $200 billion List 3 that originally went into effect last September.

具體來說，我指的是去年9月生效的2,000億美元清單3中的產品關稅從10%提高到25%。

Our fiscal '20 guidance does not incorporate a List 4.

我們的 20 財年指南不包含清單 4。

As a reminder, our full year fiscal 2020 guidance includes Enterprise revenue in the range of $42.9 billion to $43.9 billion and Enterprise comparable sales of 0.5% to 2.5%.

提醒一下，我們的 2020 財年全年指引包括企業收入在 429 億美元至 439 億美元之間，企業可比銷售額為 0.5% 至 2.5%。

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

這項營收成長預期是 14 年來最好的 2 年成長預期，反映了傳統遊戲機遊戲類別的預期週期性放緩和手機類別的持續成熟等因素。

We expect our Enterprise non-GAAP operating income rate to be approximately 4.6%, which is flat to fiscal 2019's rates and reflects our focus on balancing investments in our strategy, pressures in the business and efficiencies.

我們預期我們的企業非公認會計準則營業利潤率約為 4.6%，與 2019 財年的水平持平，反映出我們注重平衡策略投資、業務壓力和效率。

We expect our non-GAAP effective income tax rate to be approximately 24.5% and our non-GAAP diluted EPS to be in the range of $5.45 to $5.65.

我們預計我們的非 GAAP 有效所得稅率約為 24.5%，我們的非 GAAP 攤薄後每股收益將在 5.45 美元至 5.65 美元之間。

Finally, we expect capital expenditures to be in the range of $850 million to $900 million.

最後，我們預期資本支出將在 8.5 億至 9 億美元之間。

I would like to reiterate the assumptions reflected in our annual guidance that we shared last quarter.

我想重申我們上季度分享的年度指導中反映的假設。

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

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

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

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

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

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

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

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

For the second quarter specifically, we are expecting the following: Enterprise revenue in the range of $9.5 billion to $9.6 billion; Enterprise comparable sales growth of 1.5% to 2.5%; non-GAAP diluted EPS of $0.95 to $1; a non-GAAP effective income tax rate of approximately 24.5%; and a diluted weighted average share count of approximately 269 million shares.

具體來說，我們對第二季的預期如下： 企業營收在 95 億至 96 億美元之間；企業可比銷售額成長1.5%至2.5%；非 GAAP 攤薄後每股收益為 0.95 美元至 1 美元；非 GAAP 有效所得稅率約為 24.5%；稀釋後加權平均股數約2.69億股。

I would like to provide a few notes of color for Q2.

我想為第二季提供一些顏色註釋。

We expect our Q2 gross profit rate to expand slightly versus last year.

我們預計第二季毛利率將較去年略有上升。

We also expect our SG&A dollars to grow as a percentage in the low to mid-single digits.

我們也預期我們的銷售、管理及行政費用將以低至中個位數的百分比成長。

This increase in SG&A is expected to come primarily from the higher GreatCall operating expenses and increased advertising spend.

SG&A 的成長預計主要來自 GreatCall 營運費用的增加和廣告支出的增加。

Although the higher SG&A will be partially offset by lower incentive compensation expense, the benefit versus last year is anticipated to be considerably lower than the year-over-year benefit we realized in Q1.

儘管較高的銷售管理費用將被較低的激勵補償費用部分抵消，但與去年相比的收益預計將大大低於我們在第一季實現的同比收益。

Lastly, the acquisition of CST closed during Q2 and was funded with existing cash.

最後，對 CST 的收購在第二季完成，並由現有現金提供資金。

The acquisition is not expected to have a material impact on our revenue or non-GAAP operating income this fiscal year.

此次收購預計不會對我們本財年的收入或非公認會計原則營業收入產生重大影響。

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

我現在將把電話轉給接線員詢問問題。

(Operator Instructions) We will now take our first question from Brian Nagel of Oppenheimer.

（操作員說明）我們現在將回答奧本海默的 Brian Nagel 提出的第一個問題。

First off, congratulations to everyone on their new roles.

首先，祝賀大家擔任新職務。

Very well deserved.

非常當之無愧。

So I wonder, if I limit to one question, where -- don't talk about the lease-to-own program, Hubert, you mentioned in your prepared comments, but we started to roll this out now.

所以我想知道，如果我僅限於一個問題，休伯特，您在準備好的評論中提到過，不要談論先租後買計劃，但我們現在開始推出這一計劃。

I guess the question that how -- if you look at this program, how big could it be?

我想問題是——如果你看看這個程序，它有多大？

And the consumer that you are serving with this, is it truly an incremental consumer to Best Buy?

您所服務的消費者真的是百思買的增量消費者嗎？

And how should we think about any sort of, say, the financial ratifications to Best Buy from these sales?

我們應該如何考慮這些銷售對百思買的任何形式的財務批准？

Yes.

是的。

So I'll start and Hubert can pile on.

那我先開始，休伯特可以繼續。

I think what I'd start with first is what we want to offer is a variety of customer purchase options, and we think that's really important.

我認為我首先要開始的是我們想要提供的是各種客戶購買選擇，我們認為這非常重要。

And you know this, but I think it's important to start with our branded credit card, is already 25% of the business that we do.

你知道這一點，但我認為從我們的品牌信用卡開始很重要，它已經占我們業務的 25%。

You can see that in any of our filings.

您可以在我們的任何文件中看到這一點。

And so that's kind of our starting point in terms of customer purchase options.

這就是我們在客戶購買選擇方面的起點。

What we like then is adding Progressive on top of that because to what you're digging at, there is another suite of customers who just might not be able to qualify for the branded card or frankly might not want to and would like to look at something that's a little bit different.

然後，我們喜歡的是在此基礎上添加漸進式，因為您正在挖掘的內容中，還有另一群客戶可能無法獲得品牌卡的資格，或者坦率地說可能不想並且想要查看有點不同的東西。

We are seeing so far that customers that engage with this program do seem to be incremental to Best Buy and so they are not customers we've necessarily, for the most part, maybe seen before or haven't certainly seen in a while.

到目前為止，我們發現參與該計劃的客戶似乎確實是百思買的增量客戶，因此他們不一定是我們在很大程度上可能以前見過或一段時間沒有見過的客戶。

And you heard in our prepared remarks, we're now rolled out to almost 700 stores, 689, so about 2/3 right now.

您在我們準備好的演講中聽到，我們現在已向近 700 家商店推出，其中 689 家，所以現在大約有 2/3。

We're hoping that by the end of the year we can roll out to another 9 states before holiday and so that will get us significantly across our store base.

我們希望在今年年底，我們可以在假期前將其推廣到另外 9 個州，這樣我們的商店基礎就會顯著擴大。

We're not sizing it right now and because we're still rolling, we're learning a lot even as we roll.

我們現在還沒有確定它的大小，因為我們仍在滾動，所以即使在滾動的過程中我們也學到了很多東西。

Like we said in our prepared remarks, we've rolled halfway through the quarter and one of the things we know for sure is that as the stores are on the program longer, they become more and more proficient around the program.

正如我們在準備好的發言中所說，我們已經在本季度進行了一半，我們可以肯定的是，隨著商店參與該計劃的時間越來越長，他們對該計劃變得越來越熟練。

And so we like what we're seeing.

所以我們喜歡我們所看到的。

We feel like we really are addressing a customer need, very in line with the strategy and that we're providing a whole another suite of purchase option and we'll continue to see how it grows over time.

我們覺得我們確實正在滿足客戶的需求，非常符合我們的策略，我們正在提供另一套購買選項，我們將繼續看到它如何隨著時間的推移而成長。

Perfect.

完美的。

Congratulations.

恭喜。

Our next question will come from Joseph Feldman of Telsey.

我們的下一個問題將來自特爾西的約瑟夫·費爾德曼。

Congratulations to everybody.

恭喜大家。

I wanted to ask -- I noticed inventory was up a little bit.

我想問一下——我注意到庫存增加。

Is anything going on there that you talk about?

你所說的那裡發生了什麼事嗎？

Maybe it's just bringing in goods ahead of the tariff list?

也許只是在關稅清單之前進口貨物？

Or just ready for the spring?

或只是為春天做好準備？

Or anything with that?

或與此有關的什麼？

Thank you, Joe.

謝謝你，喬。

A little bit more of the latter, honestly, because if you think about when the tariffs were announced, it was actually very close to the end of our quarter.

老實說，後者更多一些，因為如果你考慮關稅宣布的時間，實際上已經非常接近我們的季度末了。

And so this is really about us making sure we felt like we're in a really good position heading into Memorial Day and then Father's Day and we were light in a couple of spots last year.

因此，這實際上是為了確保我們在陣亡將士紀念日和父親節之前感覺自己處於一個非常好的位置，去年我們在幾個地方表現得很輕鬆。

And so the team had the opportunity to bring in some inventory to make sure we were well set.

因此，團隊有機會引入一些庫存，以確保我們做好準備。

The other thing that I would say, I'm incredibly impressed by our merchant demand planning team and the health of the inventory is some of the best that we've ever seen.

我要說的另一件事是，我們的商家需求規劃團隊給我留下了深刻的印象，而且庫存的健康狀況是我們見過的最好的。

We have very, very low at risk right now and we've been moving through the inventory at nice pace.

我們現在的風險非常非常低，而且我們一直在以良好的速度清理庫存。

So really nothing to read into there.

所以那裡真的沒什麼好讀的。

Just preparing for what is a string of kind of secondary holidays that happen during Q2.

只是為第二季度發生的一系列次要假期做準備。

Got it.

知道了。

And then I know you'd mentioned just part of the SG&A may be being up a little bit in the second quarter.

然後我知道您提到第二季的銷售及管理費用 (SG&A) 的一部分可能會略有上升。

You talked about ad expenses being a little higher.

您談到廣告費用要高一點。

Is there a different strategy that you guys are employing this year to go after some of those like Father's Day, graduation holidays?

你們今年有沒有採取不同的策略來慶祝父親節、畢業假期等節慶？

Or what would be the reason for that?

或者說這會是什麼原因呢？

Yes.

是的。

I think we've liked so far what we've seen in some of our newer brand positioning.

我認為到目前為止我們對一些新的品牌定位所看到的感到滿意。

And you're absolutely right if we're going to over-index in a quarter, Q2 makes a lot of sense, given the string of secondary holidays we have.

如果我們要在一個季度內過度指數化，你是絕對正確的，考慮到我們有一系列的次要假期，第二季就很有意義。

You've got Memorial Day, you've got Father's Day, you've got 4th of July, even head into Prime Day later.

你有陣亡將士紀念日，你有父親節，你有 7 月 4 日，甚至稍後還有黃金日。

So you've got a whole spring here, and we feel like if we're going to over-index and look for the return on that spend, this is the right period of time for us to do it and we can lift up some new and refreshed brand messaging.

所以你已經在這裡度過了整個春天，我們覺得如果我們要過度索引並尋找支出的回報，這是我們這樣做的正確時間段，我們可以提高一些新的和更新的品牌資訊。

And so we felt like it was important time of the year for us to push a few more of our chips in on that.

因此，我們覺得現在是一年中重要的時刻，我們需要為此投入更多籌碼。

Our next question will come from Mike Baker of Deutsche Bank.

我們的下一個問題將來自德意志銀行的麥克貝克。

We will go to our next question from Simone Gutman (sic) [Simeon Gutman] of Morgan Stanley.

我們將討論摩根士丹利的西蒙·古特曼（Simone Gutman）（原文如此）[Simeon Gutman]提出的下一個問題。

Hubert, only fitting that my name gets like that.

休伯特，我的名字就是這樣。

I think it happened on the first call that you did a long time ago.

我想這發生在你很久以前打的第一次電話上。

So my first question -- I guess my only question is, anything surprise you about sales in the first quarter with regard to cadence, with regard to categories?

所以我的第一個問題 - 我想我唯一的問題是，第一季的銷售節奏和類別方面有什麼讓您感到驚訝的嗎？

And just drilling into the computing and mobile category, can we talk about laptops, desktop trends and then anything with mobile as far as replacement rate uptick in the category in general?

就深入到運算和行動類別，我們可以談談筆記型電腦、桌上型電腦趨勢以及行動裝置的整體替換率上升嗎？

So on the overall sales cadence, it actually played relatively closely to how we thought.

因此，就整體銷售節奏而言，它實際上與我們的想法相對接近。

So if you remember how we kind of set up the quarter, we said we felt like the consumer environment remained relatively favorable, and I think most metrics would point to that continuing to be a good environment.

因此，如果您還記得我們是如何設定本季的，我們說過我們認為消費者環境仍然相對有利，而且我認為大多數指標都會表明這仍然是一個良好的環境。

We did have a little bit of pause around tax refunds that we mentioned.

我們確實在我們提到的退稅問題上稍微猶豫了一下。

And if you remember when we were leading into the quarter, refunds, both quantity and amount, were down about 40%.

如果您還記得進入本季度時，退款數量和金額均下降了約 40%。

And we said we were still gauging how much of that would come back.

我們說我們仍在衡量其中有多少會回來。

You ended up based on the IRS data with tax return total amounts down about 2.4%.

根據 IRS 數據，您最終得出的報稅表總額下降了約 2.4%。

So we think that probably led to just a little bit of softness in the quarter, which again was kind of in line with how we guided for the quarter.

因此，我們認為這可能導致本季出現一點疲軟，這再次與我們對本季的指導一致。

And it is important to note, we also -- and we said we saw softer-than-expected revenue in International; now that's very much tied to the macro environment there.

值得注意的是，我們也表示，我們看到國際業務的收入低於預期；現在這與那裡的宏觀環境密切相關。

You can see that GDP is down in Canada and oil prices are struggling.

你可以看到加拿大的 GDP 下降，油價也陷入困境。

And so you've got a bunch of things happening there that we think are more macro side.

因此，那裡發生了很多我們認為更宏觀方面的事情。

But in general, there wasn't anything that was a huge outlier.

但總的來說，沒有什麼是巨大的異常值。

In terms of the computing and mobile business, I'm going to take those a little bit separately.

就計算和行動業務而言，我將分別進行一些討論。

Computing, we've kind of been looking at computing and tablets together.

計算方面，我們一直將計算和平板電腦放在一起研究。

We talked about tablets as being an area of strength, but it's a lot of the higher end, higher processing power big-gun kind of tablets, which you can imagine we kind of look at in light of computing.

我們談到平板電腦是一個優勢領域，但它是許多更高端、更高處理能力的大型平板電腦，你可以想像我們是從計算的角度來看它們的。

We didn't see a major theme in trajectory there as we think about those categories together.

當我們一起思考這些類別時，我們沒有看到發展軌蹟的主要主題。

A little bit more strength on the tablet side, a little bit less on the computing side, but we can see people kind of making trade-offs between those 2 spaces.

平板電腦方面的實力稍強一些，計算方面的實力稍弱一些，但我們可以看到人們在這兩個空間之間進行權衡。

From a mobile perspective, that was actually just a slightly bit better than we thought it would be, but it was still down year-over-year.

從移動的角度來看，這實際上比我們想像的要好一點，但仍然同比下降。

And so again that's the category where we've said for a while we kind of have some moderate expectations around growth there.

因此，我們已經說過一段時間了，我們對這類別的成長抱持著一些溫和的預期。

It's definitely maturing, and we continue to see it's a highly penetrated category where there [just isn't a ton of new reasons to buy].

它肯定正在成熟，我們繼續看到它是一個高度滲透的類別，[只是沒有大量新的購買理由]。

Our next question will come from Jonathan Matuszewski of Jefferies.

我們的下一個問題將來自 Jefferies 的 Jonathan Matuszewski。

So Total Tech Support seems to have some nice momentum lately in terms of enrollments and some healthy renewal rates based on our work.

因此，根據我們的工作，整體技術支援最近在註冊人數和續訂率方面似乎有一些良好的勢頭。

Could you just spend some time talking about the bigger picture here and the behavior of a typical Total Tech Support member since you rolled out the program acknowledging the fact that the initiative is still new?

您能否花一些時間討論一下這裡的大局以及自從您推出該計劃以來典型的全面技術支持成員的行為，並承認該計劃仍然是新的這一事實？

So when you're looking at the data, are you able to see a lift in the number of categories that these customers shop after joining or an increase in the number of visits to the store or better online engagement or anything along those trends?

因此，當您查看數據時，您是否能夠看到這些客戶在加入後購買的類別數量有所增加，或者商店訪問次數有所增加，或者在線參與度有所提高，或者與這些趨勢相關的任何內容？

And I guess related to that, when do you typically see a ramp in any of these kind of changes?

我想與此相關的是，您通常什麼時候會看到這些變化出現斜坡？

Is it after they utilize the membership a few times or after they renew their membership or some other guidepost?

是在他們使用會員資格幾次之後，還是在他們續訂會員資格或其他一些指導方針之後？

Absolutely.

絕對地。

So first, I'm just going to take one step back and say, the most important thing around Total Tech Support is we strategically like the relationship it helps us build with our customers.

首先，我要退後一步說，全面技術支援最重要的一點是，我們在策略上喜歡它幫助我們與客戶建立的關係。

Now what's tricky is that we are just now lapping our nationwide rollout of Total Tech Support.

現在棘手的是，我們剛剛在全國範圍內推出全面技術支援。

So we're just starting to see in a larger quantity what do renewal rates look like, what does customer behavior look like over a year.

因此，我們剛開始更大量地了解一年內的續約率以及客戶行為。

And again, with us it's a little trickier because our customers tend to have lower frequency overall than some other retailers.

再說一次，對我們來說，這有點棘手，因為我們的客戶整體頻率往往比其他一些零售商低。

So it takes us longer to figure out what are the longer-term customer behavioral implication.

因此，我們需要更長的時間才能弄清楚對客戶行為的長期影響是什麼。

We talked a little bit about it on the last call.

我們在上次通話中對此進行了一些討論。

We are definitely seeing nice usage upfront in the program and renewal rates have stuck at the levels we thought they would and so we're seeing usage in line with what we thought, we're seeing renewal rates in line with what we thought.

我們肯定會看到該計劃的前期使用情況良好，並且續訂率一直停留在我們預期的水平，因此我們看到的使用情況與我們的預期一致，我們看到的續訂率與我們的預期一致。

We aren't seeing a ton of surprises, but what we just don't have a lot of data on yet is, is it pushing more purchase behavior, is it keeping people engaged with Best Buy longer?

我們沒有看到太多驚喜，但我們還沒有大量數據表明，它是否會推動更多的購買行為，是否會讓人們與百思買保持更長時間的互動？

We just need a little bit longer on the program to be able to give you some more information and data around that.

我們只需要稍微花一點時間來了解該計劃，以便能夠為您提供更多有關該計劃的資訊和數據。

In terms of what we see when we try to ramp programs like this, as you can imagine, it's not just about ramping the program because that has proficiency implications with how we sell at the stores.

就我們在嘗試推出此類計劃時所看到的情況而言，正如您可以想像的那樣，這不僅僅是提高計劃，因為這會影響我們在商店的銷售方式。

Our associates have done an amazing job really learning about this program and then helping customers see the true benefit of it.

我們的員工做得非常出色，他們真正了解了這個計劃，然後幫助客戶看到它的真正好處。

It's a very different service sale than anything we've done historically.

這與我們以往所做的任何服務銷售都非常不同。

And I think our associates have learned a lot over the last year and continue to just get better and better at helping a customer understand why this would be perfect for them.

我認為我們的員工在過去的一年裡學到了很多東西，並且在幫助客戶理解為什麼這對他們來說是完美的方面繼續變得越來越好。

I think the other thing that we are also doing behind the scenes is continuously trying to improve the customer experience both from a digital perspective, how I can self-help, how I can see what I have, how I can look up how to repair something myself, but also importantly, from how we help you, how we prioritize your service visits and how we make sure we're helping you in the moment as quickly as possible.

我認為我們也在幕後做的另一件事是不斷嘗試從數位角度改善客戶體驗，我如何自助，我如何查看我擁有的東西，我如何找到如何修復我自己的一些事情，但同樣重要的是，我們如何幫助您，我們如何優先考慮您的服務訪問，以及我們如何確保我們盡快為您提供幫助。

And so I think you're going to continue to see a ramp in performance here, and it's not just proficiency, it's also how do we continue to add customer value proposition behind the scenes that makes this more and more palatable for customers as a way to engage with Best Buy.

因此，我認為您將繼續看到這裡的性能提升，這不僅僅是熟練程度，而且還包括我們如何在幕後繼續增加客戶價值主張，從而使這越來越為客戶所接受。

Our next question will come from Gregory Melich of Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Gregory Melich。

Corie, my congratulations, well deserved.

科里，我的祝賀，當之無愧。

So no good deed goes unpunished.

所以，善行無不受到懲罰。

Thank you for the tariff information.

感謝您提供關稅資訊。

If you were to look at List 4 now, what percentage of your COGS would that be?

如果您現在查看清單 4，它佔您的銷貨成本的百分比是多少？

It was nice to have the 7% on the current list, but could you help us on that front?

很高興能將 7% 列入目前名單，但您能在這方面幫助我們嗎？

And then I had a follow-up.

然後我進行了跟進。

So I think the trick with List 4 is that it hasn't actually -- it hasn't been defined, it hasn't even got into place, that is a lot of discussions that Hubert alluded to in his opening statement around what exactly will be included on that list and then it will go into implementation.

所以我認為清單 4 的技巧在於它實際上還沒有被定義，甚至還沒有到位，這是休伯特在他的開場白中提到的關於到底是什麼的大量討論。將付諸實施。

And so it's very difficult right now given the amount of change that's happening in that list for us to size it at this point.

因此，考慮到該清單中發生的變化量，我們現在很難確定其大小。

And we haven't come out yet with any sizing on that list.

我們尚未公佈該清單上的任何尺寸。

I think Hubert, you might have something to add?

我想休伯特，你可能有什麼要補充的嗎？

Yes, Greg, it's -- what I would highlight is that the administration is going to be going through a process of listening.

是的，格雷格，我要強調的是，政府將經歷一個傾聽的過程。

And as I said in my prepared remarks, no decision has been made.

正如我在準備好的演講中所說，尚未做出任何決定。

I think Secretary Mnuchin yesterday made a comment about the fact that he is going to be very attentive to the impact on consumers.

我認為姆努欽部長昨天發表了評論，表示他將非常關注對消費者的影響。

So this is a complex discussion.

所以這是一個複雜的討論。

No decision has been made.

尚未做出任何決定。

Even when decisions have been made, what rate will be applied, to what products, when, the when is going to be very important.

即使已經做出決定，將適用什麼利率、適用於哪些產品、何時、何時將非常重要。

And then, of course, we've always assumed that this negotiation process with China would not be linear.

當然，我們一直認為與中國的談判過程不會是線性的。

And so there is the meeting at the end of June and so forth.

所以就有了六月底的會議等等。

So rather than trying to forecast something, I think that our actions today are to be engaged in the discussion process and to be as helpful as we can in support of the administration's goals to minimize the impact on U.S. consumers.

因此，我認為我們今天的行動不是試圖預測某些事情，而是參與討論過程，並儘可能幫助支持政府的目標，以盡量減少對美國消費者的影響。

So expect us to be very active on this one, with a view to be helpful.

因此，希望我們在這方面非常積極，以期提供幫助。

Maybe given your experience with the washing machine or laundry product tariffs, maybe take us through what you think how that played out and the impact on consumers and any sort of demand response?

也許考慮到您在洗衣機或洗衣產品關稅方面的經驗，也許可以帶我們了解一下您認為這將如何發揮作用以及對消費者的影響以及任何類型的需求響應？

If you can glean anything from that, that would be helpful.

如果你能從中收集到任何東西，那將會很有幫助。

Yes.

是的。

So the appliances tariff is tricky, specifically washing machines.

因此，家電關稅很棘手，特別是洗衣機。

Definitely, the price increases were certainly, to begin with, passed on directly.

當然，價格上漲首先肯定是直接傳遞的。

Units did decline, but that impact was offset somewhat by higher prices.

單位數量確實下降了，但這種影響在一定程度上被價格上漲所抵消。

The hard part is I would not draw comparisons with that category because that's a category -- you go buy a washing machine because of duress or need.

困難的部分是我不會與該類別進行比較，因為那是一個類別 - 你因為脅迫或需要而去購買洗衣機。

And it doesn't have the same elasticities of some of the other products that we sell.

而且它不具有與我們銷售的其他一些產品相同的彈性。

And so I don't think that that's a great indicator of how behaviorally people will respond, and especially at the different levels 10% to 25%, I think you're going to end up with potentially some different consumer buying behaviors.

因此，我認為這並不是人們行為反應的一個很好的指標，特別是在 10% 到 25% 的不同水平上，我認為最終可能會出現一些不同的消費者購買行為。

And also across more categories, right, because ultimately people have to make decisions?

而且還涉及更多類別，對吧，因為最終人們必須做出決定？

Correct.

正確的。

Our next question will come from Zach Fadem of Wells Fargo.

我們的下一個問題將來自富國銀行的紮克法德姆。

I just wanted to talk about the demand you've seen over the years for appliances, home theater, smart home, et cetera.

我只是想談談您多年來看到的對家電、家庭劇院、智慧家庭等的需求。

And could you walk us through just how much of your business you believe is related or tied to housing?

您能否向我們介紹一下您認為您的業務有多少與住房相關或相關？

Whether you see that as a headwind today?

您今天是否認為這是一個逆風？

And maybe talk about how you see home services fitting into this ecosystem?

或許可以談談您如何看待家庭服務融入這個生態系統？

Yes.

是的。

So we actually -- we've done some correlations with how -- we actually don't have a super high correlation to housing.

所以我們實際上 - 我們已經做了一些相關性研究 - 我們實際上與住房沒有超高的相關性。

Some of those individual categories might have a slightly higher correlation, but we don't tend to have a very large one in total.

其中一些單獨的類別可能具有稍高的相關性，但我們通常不會有一個非常大的總體。

In terms of how we see services playing with those categories, definitely as we've grown larger TVs and large appliances, we've seen services like installation, delivery, those type of services expand materially as we have been able to grow those businesses.

就我們如何看待這些類別的服務而言，隨著我們生產更大的電視和大型電器，我們看到安裝、交付等服務隨著我們能夠發展這些業務而大幅擴展。

And so I think even part of what you're seeing and the reason people like Total Tech Support is it can help them with some of those delivery and installation experiences as they're buying these larger products.

因此，我認為，即使您所看到的部分內容以及人們喜歡全面技術支援的原因是，它可以幫助他們在購買這些大型產品時獲得一些交付和安裝體驗。

And so the nice part is we haven't seen any correlations right now in our business to housing, and we continue to see nice results in those categories.

因此，好的部分是，我們目前還沒有看到我們的業務與住房有任何相關性，並且我們繼續在這些類別中看到良好的結果。

And what I would add, Corie, is that above and beyond what the market does, which we continue to be very excited about and that's the essence of our strategy, is the opportunity to deepen the relationship with our customers.

Corie，我要補充的是，除了市場所做的之外，我們仍然對此感到非常興奮，這也是我們策略的本質，那就是加深與客戶關係的機會。

We had highlighted at our Investor Day back in 2017 that our share of wallet of existing customers was around 1/4 and a lot of the initiatives we have underway are designed to strengthen and deepen and broaden the relationship with these customers.

我們在 2017 年的投資者日上強調，我們現有客戶的錢包份額約為 1/4，我們正在進行的許多舉措都是為了加強、深化和擴大與這些客戶的關係。

And when you have a relatively low market share, which we think is our case, then you are excited about the upside from increasing that penetration, which could very much outweigh any kind of short-term situation in the underlying macro.

當你的市佔率相對較低時（我們認為這就是我們的情況），那麼你會對提高滲透率帶來的好處感到興奮，這可能遠遠超過基礎宏觀中的任何短期情況。

Congratulations as well.

也恭喜你。

Our next question comes from Scott Mushkin of Wolfe Research.

我們的下一個問題來自沃爾夫研究中心的斯科特·穆甚金。

I have a question on, I guess, more of a 2-part.

我想，我的問題更多地分為兩部分。

Sales drivers, I want to talk about the back half of the year, how you guys are thinking of what can maybe move the needle as we get in the back half.

銷售司機，我想談談今年下半年的情況，你們如何思考下半年可能發生的事情。

But then I want to think more long term and kind of looking out how we should view some of the strategic initiatives like GreatCall, CST, In-Home Advisor, Total Tech Support, the move to 5G in relation to kind of how you guys are thinking about your longer-term sales growth rate?

但我想從更長遠的角度思考，看看我們應該如何看待一些策略性舉措，例如 GreatCall、CST、家庭顧問、全面技術支援、向 5G 的轉變與你們的關係考慮一下您的長期銷售成長率嗎？

Yes.

是的。

So we'll start with the back half.

所以我們將從後半部分開始。

Definitely, some of the consistent sales drivers that we've even seen coming in to the first part of the year here, we continue to see appliances as an ongoing opportunity for us and feel very well situated there.

當然，我們甚至在今年上半年看到了一些持續的銷售驅動因素，我們仍然將電器視為我們持續的機會，並且感覺非常有利。

There continues to be interesting innovation in some of the other categories like what we're seeing in smart home and what we're even seeing in innovation.

在其他一些類別中仍然存在有趣的創新，例如我們在智慧家庭中看到的以及我們在創新中看到的。

And you can see the different categories at different times.

而且你可以在不同的時間看到不同的類別。

A new wave of tablets creates new interests, some of the new in-home automation parts creates new interest, some of the new TV, even evolutions, continued penetration in 4K and even the ability to see 8K in some of the new technologies, that continues to drive interests.

新一波的平板電腦創造了新的興趣，一些新的家庭自動化部件創造了新的興趣，一些新的電視，甚至演變，4K 的持續滲透，甚至在一些新技術中看到 8K 的能力，這繼續帶動興趣。

And so I think we just -- this combination of continued strength in some of the underlying categories like appliances and then a continued evolution of technology in a few of the other categories.

因此，我認為我們只是將一些基礎類別（例如電器）的持續優勢與其他一些類別的技術持續發展相結合。

We continue to see a lot of interest in the products that we carry.

我們繼續看到人們對我們所銷售的產品很感興趣。

Importantly, as we look ahead, I'll spend just a moment on health.

重要的是，當我們展望未來時，我將花一點時間討論健康問題。

I think -- and we've said from day 1 even when we had our Investor Day, health is a bit of a longer-term value driver for us, but we absolutely like what we're starting to see in health.

我認為，我們從第一天起就說過，即使我們有投資者日，健康對我們來說也是一個長期價值驅動因素，但我們絕對喜歡我們在健康方面開始看到的東西。

And if I could take you back for a second to why is it that we think we're uniquely well positioned in this space and why is it that we've built the relationship with GreatCall, I think importantly, number one, we've always said we feel like it's very in line with our strategy.

如果我可以帶您回​​想一下，為什麼我們認為我們在這個領域處於獨特的有利地位，為什麼我們與 GreatCall 建立了關係，我認為重要的是，第一，我們已經總是說我們覺得這非常符合我們的戰略。

It addresses that key human need question around health and wellness.

它解決了圍繞健康和保健的人類關鍵需求問題。

And in particular for us, when we're really trying to get pointed around our purpose, this is a very important purpose question around helping older Americans live a more independent life in their homes with the help of technology, which aligns very well to what we're trying to accomplish overall.

特別是對我們來說，當我們真正試圖明確我們的目標時，這是一個非常重要的目標問題，旨在幫助美國老年人在技術的幫助下在家中過上更獨立的生活，這與我們的目標非常吻合。

The space is exciting.

這個空間令人興奮。

There are 50 million people over 65, and that number is going to go 50 -- more than 50% in the next 20 years.

65 歲以上的人口有 5,000 萬人，未來 20 年內這個數字將增加到 50 人，超過 50%。

And so you have a real population of people who would like to have some help.

因此，確實有很多人想要獲得幫助。

And then with GreatCall, we felt like we really acquired a great asset with already 900,000 members and already a good profitable business.

然後透過 GreatCall，我們感覺我們真正獲得了一筆巨大的資產，已經擁有 900,000 名會員，並且已經是一項盈利良好的業務。

I think importantly between the 2 companies, now what we're seeing is that we jointly bring to life a number of really interesting value-creation opportunities.

我認為重要的是，在兩家公司之間，現在我們看到的是我們共同帶來了許多真正有趣的價值創造機會。

We're the only place that has a nationwide footprint of in-home capabilities around technology as well as importantly, the support backbone that keeps those things running over time.

我們是唯一一個擁有覆蓋全國的家庭技術能力的地方，更重要的是，我們擁有使這些東西長期運作的支援骨幹。

We're agnostic across ecosystems, so we'll help you with whatever technology you already have and whatever technology you want to put in.

我們對整個生態系統是不可知的，因此我們將利用您已經擁有的任何技術以及您想要採用的任何技術來幫助您。

And as we bring on GreatCall's assets, their ability to help us with the human touch combined with more predictive analytics, it becomes very powerful because then you can not only start to see major medical events might happen, but we can -- we have some of that human intervention that also is helpful.

當我們利用GreatCall 的資產時，他們透過人性化的方式幫助我們結合更具預測性的分析的能力，它變得非常強大，因為這樣你不僅可以開始看到可能發生的重大醫療事件，而且我們可以- 我們有一些人類的干預也是有幫助的。

And so I think we're continuing to build on that thesis, and I think you can hear us every time we talk to, we get a little bit more clear about the space that we play in that we feel like no one else can.

因此，我認為我們將繼續以這一論點為基礎，我認為每次我們交談時，您都可以聽到我們的聲音，我們對我們所處的空間有了更清晰的了解，我們覺得沒有其他人能做到這一點。

That being said, it's going to take us some time to continue to build the capabilities and then to build the footprint.

話雖這麼說，我們需要一些時間來繼續建立能力，然後建立足跡。

Right now, we just have a few small kind of publicly announced partnerships with Senior Whole Health of Massachusetts and long-term care insurer, CNA, which is one of the largest U.S. commercial property and casualty insurance companies.

目前，我們僅與馬薩諸塞州 Senior Whole Health 和長期照護保險公司 CNA 建立了一些公開宣布的小型合作夥伴關係，CNA 是美國最大的商業財產和意外傷害保險公司之一。

And those are a couple small proof points, and we're going to continue to try to build on those over time.

這些只是一些小證據，隨著時間的推移，我們將繼續努力在這些證據的基礎上繼續努力。

I think that's likely a longer-term thesis for us, but a very exciting one in terms of a unique space where we have capabilities.

我認為這對我們來說可能是一個長期的論文，但就我們擁有的能力的獨特空間而言，這是一個非常令人興奮的論文。

As I think about other growth mechanisms like 5G, I might actually turn it over to Mike and ask him to add a little color to what we think that could do for us.

當我考慮 5G 等其他成長機制時，我實際上可能會將其交給 Mike，並請他為我們認為可以為我們做的事情添加一點色彩。

Scott, it's Mike.

斯科特，這是麥克。

You brought up IHA and 5G, and they both apply in different ways, but we think there's some good excitement.

您提到了 IHA 和 5G，它們都以不同的方式應用，但我們認為有一些令人興奮的事情。

I will start with IHA.

我將從 IHA 開始。

We already know it's an incremental part to our business, and it just helps us build a deeper relationship with our customers and expand the share of wallet.

我們已經知道這是我們業務的增量部分，它只會幫助我們與客戶建立更深的關係並擴大錢包份額。

So if I look at that going forward, it's an area we think we just started -- we're in the first few innings of what that could look like to drive a longer, deeper relationship with customers across a whole host of products and services.

因此，如果我展望未來，我們認為這是一個剛開始的領域——我們正處於最初的幾局，看起來可能會在一系列產品和服務中與客戶建立更長久、更深入的關係。

When I think about 5G, it's a place for us where we're really in a good spot to help our carrier partners and OEMs bring new technology solutions to life because this one's going to get rolled out market by market and you're going to need an environment where you can actually get into people's homes, get into people's businesses with qualified and trained teams and then use our stores for opportunities to showcase what's possible with a higher network speed zone.

當我想到 5G 時，我們確實處於一個很好的位置，可以幫助我們的運營商合作夥伴和 OEM 廠商將新技術解決方案變為現實，因為這個解決方案將逐個市場推出，並且您將需要一個環境，讓您能夠真正進入人們的家中，透過合格且訓練有素的團隊進入人們的企業，然後利用我們的商店尋找機會展示更高網路速度區域的可能性。

We're optimistic about it.

我們對此持樂觀態度。

It's just starting, and we think it's going to be a great journey to be a participant in.

它才剛剛開始，我們認為作為參與者，這將是一次偉大的旅程。

And then of course, in terms of specific numbers, that's why we have this meeting in September in Q3, where the team will have the opportunity to try to update long-term prospects, and that's something we had announced on our call at the end of February.

當然，就具體數字而言，這就是我們在 9 月第三季召開這次會議的原因，團隊將有機會嘗試更新長期前景，這是我們在最後的電話會議上宣布的內容二月。

Our next question will come from Scot Ciccarelli of RBC Capital Markets.

我們的下一個問題將來自加拿大皇家銀行資本市場的斯科特·西卡雷利（Scot Ciccarelli）。

Unfortunately, I do have another tariff question.

不幸的是，我還有另一個關稅問題。

Corie, you have highlighted that tariffs were expected to impact about 7% of your COGS.

Corie，您強調關稅預計將影響您約 7% 的銷貨成本。

I guess what I'm trying to figure out is, of that 7% exposure, can you help us understand how much of your mitigation process was handled or managed through vendor negotiations, basically pushing that price increase, if you will, back on to the vendors?

我想我想弄清楚的是，在這7% 的風險中，您能否幫助我們了解您的緩解流程中有多少是透過供應商談判處理或管理的，基本上推動了價格上漲，如果您願意的話，回到供應商？

And then how much was handled through you guys having to increase prices, just so we can kind of think about how the forward tariffs may work?

那麼有多少是透過你們必須提高價格來處理的，這樣我們就可以思考遠期關稅如何運作？

Yes.

是的。

So I'll try to give some color.

所以我會嘗試給一些顏色。

We talked last time about some of the ways that we are going to try to mitigate tariffs.

我們上次討論了我們將嘗試降低關稅的一些方法。

And we broke it down into a few buckets.

我們把它分成幾個部分。

In some cases, we obviously have worldwide vendors who might make some decisions to push that across their whole worldwide business.

在某些情況下，我們顯然有全球供應商，他們可能會做出一些決定來推動其整個全球業務的發展。

In some cases, we also know that we have vendors who would absorb costs as a way to retain some of the business.

在某些情況下，我們也知道有些供應商會吸收成本，作為保留部分業務的方式。

And then in some cases, people already moving supply chains, moving the business around, finding other ways to bring things in.

然後在某些情況下，人們已經轉移了供應鏈，轉移了業務，尋找其他方式引入東西。

And then finally, there is the question of increasing cost.

最後，還有成本增加的問題。

I think what's difficult is at 10% for that List 3, there are -- you have a much greater ability to influence using these variety of methods.

我認為困難在於清單 3 的 10%，你有更大的能力來影響使用這些不同的方法。

And even the absorbing method becomes easier because at 10%, and you're not sure if it's an extended period of time or a limited period of time, you might be willing to absorb that.

而且甚至吸收的方法也變得更容易，因為到了10%，你不確定是延長的時間還是有限的時間，你可能願意吸收。

As you move to 25%, the discussion becomes quite different because there is a much lower likelihood that you can absorb that as a vendor completely and you have to really think differently about how quickly you can actually move your supply -- move your distribution.

當你轉向25% 時，討論就會變得非常不同，因為作為供應商，你完全吸收這一點的可能性要低得多，而且你必須真正以不同的方式思考你可以以多快的速度實際移動你的供應－移動你的分銷。

And it takes longer in the consumer electronic space.

在消費性電子領域，這需要更長的時間。

And so I wouldn't say that what we've seen in the 10%, where I think we haven't seen as much of an impact, is applicable to the 25%.

因此，我不會說我們在 10% 的人口中看到的情況（我認為我們沒有看到那麼大的影響）也適用於 25% 的人口。

Hubert said at the prepared remarks, at a 25% level, there will be higher prices for consumers.

休伯特在準備好的演講中表示，在25%的水平上，消費者的價格將會更高。

Now what's tricky, and I think you predict from a variety of retailers, is figuring out SKU by SKU, vendor by vendor, which of those tactics are going to work and which aren't and then how that will actually play into the back half.

現在最棘手的是，我認為您從各種零售商那裡預測，是逐個SKU、逐個供應商地計算出SKU，這些策略中哪些會起作用，哪些不會起作用，然後這將如何實際發揮到後半部分。

So that's the work the team is doing and definitely, we did our very best to try to size it, but there is still a lot of work to do there.

這就是團隊正在做的工作，當然，我們盡了最大努力來確定其規模，但仍有許多工作要做。

And I certainly want to comment the skills of our merchant teams, of course and given the size of the U.S. market -- size of Best Buy in this market and these things do a wonderful job of navigating these wars and that's one of the -- when I talk about the depth and breadth of talent of the company, that's clearly one of the areas where we have a wonderful asset.

當然，我想評論一下我們商人團隊的技能，考慮到美國市場的規模——百思買在這個市場的規模，這些東西在應對這些戰爭方面做得非常出色，這是其中之一——當我談到公司人才的深度和廣度時，這顯然是我們擁有寶貴資產的領域之一。

And looking at the clock, and this is not only my last call as CEO, but the last minutes of my last call as CEO and before we end the call, let me bluntly say this.

看看時鐘，這不僅是我作為執行長的最後一次通話，也是我作為執行長最後一次通話的最後幾分鐘，在我們結束通話之前，讓我直言不諱地說這一點。

I'm clearly passing the baton, which is a French word, to Corie and her team with a very happy and a full heart and with a strong conviction that the right team is in place for this pivotal moment in Best Buy's history, and I very much look forward to watching Corie and her team do their magic.

顯然，我懷著非常高興和飽滿的心情將接力棒（這是一個法語單詞）傳遞給科里和她的團隊，並堅信在百思買歷史上的這一關鍵時刻，正確的團隊已經就位。看到Corie 和她的團隊施展魔法。

So my thanks to all of you.

所以我感謝你們所有人。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's question-and-answer session.

女士們、先生們，今天的問答環節到此結束。

And this concludes today's call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。