家得寶 (HD) 2021 Q4 法說會逐字稿

Greetings and welcome to The Home Depot earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加家得寶財報電話會議。 （操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Isabel Janci. Please go ahead.

現在，我很高興向大家介紹主持人伊莎貝爾詹西。請開始。

Thank you, Christine, and good morning, everyone. Welcome to Home Depot's Fourth Quarter and Fiscal Year 2021 Earnings Call. Following today's comments about our performance, we will take a few minutes to update you on our strategic priorities as we look towards the next phase of growth. We will hold all questions until the end of our prepared remarks. After that, the call will be open for questions. Questions will be limited to analysts and investors. (Operator Instructions) If we are unable to get to your question during the call, please call our Investor Relations department.

謝謝您，Christine，大家早安。歡迎參加家得寶2021財年第四季及全年業績電話會議。在今天回顧公司業績後，我們將利用幾分鐘時間，向您介紹我們展望下一階段成長的策略重點。所有問題將在準備好的發言結束前保留。發言結束後，電話會議將開放提問。提問僅限分析師和投資者。 （接線生指示）如果您在電話會議中無法解答您的問題，請致電我們的投資者關係部門。

In addition, as referenced in our quarterly earnings release, after the call, we will post a few supplemental slides to the Investor Relations website. Joining us on our call today are Craig Menear, Chairman and CEO; Ted Decker, President and Chief Operating Officer; and Richard McPhail, Executive Vice President and Chief Financial Officer.

此外，正如我們季度收益報告中所述，電話會議結束後，我們將在投資者關係網站上發布一些補充幻燈片。今天參加電話會議的嘉賓包括：董事長兼執行長 Craig Menear；總裁兼營運長 Ted Decker；以及執行副總裁兼財務長 Richard McPhail。

Before I turn the call over to Craig, let me remind you that today's press release and the presentations made by our executives include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to the factors identified in the release and in our filings with the Securities and Exchange Commission. Today's presentations will also include certain non-GAAP measures. Reconciliation of these measures is provided on our website.

在我將電話轉給克雷格之前，請允許我提醒您，今天的新聞稿以及我們高管所做的演示包含《1995年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述受風險和不確定性的影響，可能導致實際結果與我們的預期和預測有重大差異。這些風險和不確定性包括但不限於新聞稿和我們向美國證券交易委員會提交的文件中確認的因素。今天的演示還將包含某些非公認會計準則指標。這些指標的對帳表已發佈在我們的網站上。

Now let me turn the call over to Craig.

現在讓我把電話轉給克雷格。

Thank you, Isabel, and good morning, everyone. Thanks for joining our call this morning. As you know, this is my last earnings call, and it has been a blessing and an honor to serve our customers, associates, shareholders and communities for the last 7.5 years as CEO. I'm extremely proud of the progress this team has made together, but perhaps our greatest accomplishment has been nurturing the culture of our company, which I believe is a competitive advantage. I am confident that this leadership team will effectively guide The Home Depot through its next phase of growth.

謝謝伊莎貝爾，大家早安。感謝大家今天上午參加我們的電話會議。如你所知，這是我最後一次財報電話會議。在過去的7.5年裡，能夠擔任首席執行官，為我們的客戶、同事、股東和社區服務，我深感榮幸和幸福。我為團隊共同的進步感到無比自豪，但我們最大的成就或許是培育了公司文化，我相信這是一種競爭優勢。我相信，這個領導團隊將有效地引領家得寶邁向下一個成長階段。

But before we talk about that, let's first discuss our results for the year. Fiscal 2021 was another record year for The Home Depot as we achieved the milestone of over $150 billion in sales. We have continued to navigate a challenging and fluid environment with agility. This resulted in double-digit comp growth for fiscal 2021 on top of nearly 20% comp growth that we delivered in fiscal 2020.

但在討論這個之前，我們先來聊聊我們今年的業績。 2021財年對家得寶來說又是創紀錄的一年，銷售額突破1,500億美元，創下新高。我們繼續以敏捷的策略來應對充滿挑戰和變化的環境。這讓我們在2020財年實現近20%的同店銷售額成長的基礎上，2021財年實現了兩位數的同店銷售額成長。

We've grown the business by over $40 billion over the last 2 years. For context, prior to the pandemic, it took us 9 years from 2009 to 2018 to grow the business by over $40 billion. So to achieve that level of growth in 2 years' time is truly a testament to our investments, our teams and their exceptional execution.

過去兩年，我們的業務成長了超過400億美元。具體來說，疫情爆發前，我們花了9年時間（2009年至2018年）才實現400多億美元的業務成長。因此，在兩年內實現如此高的成長水平，充分證明了我們的投資、團隊以及他們卓越的執行力。

None of what has been accomplished over the past 2 years would have been possible without our orange-blooded associates. Our associates have maintained their relentless focus on the customer while simultaneously navigating the ongoing pandemic, industry-wide supply chain disruptions, inflation and a tight labor market.

過去兩年所取得的成就離不開我們這些充滿熱情的員工。我們的員工始終堅持以客戶為中心，同時應對持續的疫情、全行業供應鏈中斷、通貨膨脹以及勞動力市場緊張等挑戰。

The tenure and strength of our relationships with our supplier and transportation partners has also been key to our success. Our respective teams have worked tirelessly to build depth in key product categories and flow product to stores and distribution centers as quickly and efficiently as possible. I could not be more proud of the resilience and strength that our associates have continued to demonstrate, and I want to thank them and all of our partners for their hard work and dedication to serving our customers, communities and each other. Their extraordinary efforts in fiscal 2021 resulted in record Success Sharing, our bonus program for our hourly associates.

我們與供應商和運輸合作夥伴之間長期且牢固的關係也是我們成功的關鍵。我們各自的團隊孜孜不倦地努力，在關鍵產品類別上累積深度，並盡可能快速且有效率地將產品送達門市和配送中心。我為我們員工持續展現的韌性和力量感到無比自豪，我要感謝他們以及我們所有合作夥伴的辛勤工作和為服務客戶、社區以及彼此付出的奉獻。他們在2021財年的非凡努力，促成了我們為計時員工提供的獎金計劃「成功分享」（Success Sharing）創下紀錄。

With that, I'd like to turn it over to Ted, who will provide some additional details on our fourth quarter performance.

接下來，我想把時間交給泰德，他將提供有關我們第四季業績的更多細節。

Thanks, Craig, and good morning, everyone. We finished the year with another exceptional quarter as home improvement demand remained strong. Sales for the fourth quarter grew approximately $3.5 billion to $35.7 billion, up 10.7% from last year. Comp sales were up 8.1% from last year with U.S. comps of positive 7.6%.

謝謝，Craig，大家早安。由於家居裝修需求依然強勁，我們以另一個出色的季度結束了這一財年。第四季銷售額成長約35億美元，達357億美元，年增10.7%。同店銷售額較去年同期成長8.1%，其中美國同店銷售額成長7.6%。

During the fourth quarter, all our regions and merchandise departments posted positive comps. Departments of comps above the company average were plumbing, electrical, building materials, millwork, decor and storage and paint. Our kitchen bath department was in line with the company average. And hardware tools, lumber, flooring, appliances and our garden departments were positive but below the company average.

第四季度，我們所有地區和商品部門的業績均錄得正成長。管道、電氣、建築材料、木工製品、裝飾和倉儲以及油漆部門的表現高於公司平均水平。廚衛部門的業績與公司平均持平。五金工具、木材、地板、家電和花園部門的業績也呈正增長，但低於公司平均。

During the fourth quarter, our comp average ticket increased 12.3%. Comp transactions decreased 3.8%. The growth in our comp average ticket was driven primarily by inflation across several product categories. Core commodity categories positively impacted our average ticket growth by approximately 185 basis points in the fourth quarter driven by inflation in lumber, building materials and copper.

第四季度，我們的同店平均單價上漲了12.3%。同店交易量下降了3.8%。同店平均單價的成長主要受多個產品類別通膨的推動。受木材、建築材料和銅價格通膨的推動，核心商品類別在第四季度對我們的平均單價增長產生了約185個基點的正面影響。

Lumber prices remain volatile. For example, in the fourth quarter alone, the pricing for framing lumber ranged from approximately $585 to over $1,200 per thousand board feet, an increase of more than 100%. On a 2-year basis, both comp average ticket and comp transactions were healthy and positive in the fourth quarter. Big-ticket comp transactions or those over $1,000 were up approximately 18% compared to the fourth quarter of last year.

木材價格持續波動。例如，僅在第四季度，框架木材的價格就從每千板英尺約585美元到1200多美元不等，漲幅超過100%。以兩年來的數據來看，第四季的同類平均單價和同類交易均表現良好。大宗同類交易（即單價超過1000美元的交易）與去年同期相比增長了約18%。

We saw continued strength in both our Pro and DIY customers. During the fourth quarter, Pro sales growth outpaced DIY growth. Sales growth for both our Pro and DIY customers accelerated in the fourth quarter relative to the third quarter and showed strong double-digit growth on a 2-year basis for both customer groups.

我們看到專業客戶和DIY客戶的持續強勁成長。第四季度，專業客戶的銷售額成長超過了DIY客戶的銷售成長。第四季度，專業客戶和DIY客戶的銷售額成長均較第三季度有所加快，並且這兩個客戶群在過去兩年內均實現了強勁的兩位數增長。

Sales leveraging our digital platforms grew approximately 6% for the fourth quarter and approximately 9% for the year. Over the past 2 years, sales from our digital platforms have grown over 100%. Our focus on delivering a frictionless, interconnected shopping experience is resonating with our customers as approximately 50% of our online orders were fulfilled through our stores in fiscal 2021. We feel great about our position as the #1 retailer for home improvement, and we look forward to serving our customers in the busy spring selling season.

我們利用數位平台的銷售額在第四季成長了約6%，全年成長了約9%。過去兩年，我們數位平台的銷售額成長了100%以上。我們專注於提供順暢互聯的購物體驗，這得到了顧客的共鳴，2021財年，我們約50%的線上訂單是透過門市完成的。我們對自己作為家居裝飾領域排名第一的零售商的地位感到自豪，並期待在春季銷售旺季繼續為顧客提供服務。

Before I hand the call over to Richard, I also want to say a huge thank you to all our associates as well as our supplier and transportation partners for their incredible effort in 2021. Over the last year, we faced a number of challenges, including rising cost pressures, disruptions throughout the supply chain and the ongoing pandemic. We're extremely grateful for the way our cross-functional teams worked with our partners to mitigate these challenges while staying focused on serving our customers and communities.

在將電話交給理查德之前，我還要衷心感謝我們所有的同事以及供應商和運輸合作夥伴在2021年所做的傑出貢獻。過去一年，我們面臨許多挑戰，包括不斷上升的成本壓力、供應鏈中斷以及持續的疫情。我們非常感謝我們的跨職能團隊與合作夥伴攜手應對這些挑戰，同時專注於服務客戶和社區。

With that, I'd like to turn the call over to Richard.

說完這些，我想把電話轉給理查。

Thank you, Ted, and good morning, everyone. In the fourth quarter, total sales were $35.7 billion, an increase of approximately $3.5 billion or 10% -- 10.7% from last year. Our total company comps were positive 8.1% for the quarter with positive comps of 7.3% in November, 10.2% in December and 7% in January. Comps in the U.S. were positive 7.6% for the quarter with positive comps of 7.2% in November, 10.9% in December and 5.4% in January.

謝謝泰德，大家早安。第四季度，公司總銷售額為357億美元，比去年同期成長約35億美元，增幅達10%至10.7%。本季度，公司整體可比銷售額成長8.1%，其中11月可比銷售額成長7.3%，12月可比銷售額成長10.2%，1月可比銷售額成長7%。美國市場本季可比銷售額成長7.6%，其中11月可比銷售額成長7.2%，12月可比銷售額成長10.9%，1月可比銷售額成長5.4%。

Our results in the fourth quarter were once again driven by broad-based strength across the business and our geographies. All 19 U.S. regions posted positive comps, and Canada and Mexico both posted double-digit positive comps in the fourth quarter.

我們第四季的業績再次得益於整個業務和各地區業務的全面強勁成長。美國所有19個地區均實現了同比正增長，加拿大和墨西哥地區也均實現了兩位數的同比正增長。

For the year, our sales totaled a record $151.2 billion, with sales growth of $19 billion or 14.4% versus fiscal 2020. For the year, total company comp sales increased 11.4%, and U.S. comp sales increased 10.7%.

全年銷售額達到創紀錄的 1,512 億美元，與 2020 財年相比成長 190 億美元，增幅為 14.4%。全年公司同店銷售額成長 11.4%，美國同店銷售額成長 10.7%。

In the fourth quarter, our gross margin was 33.2%, a decrease of approximately 35 basis points from last year. And for the year, our gross margin was 33.6%, a decrease of approximately 30 basis points from last year, primarily driven by product mix and investments in our supply chain network.

第四季度，我們的毛利率為33.2%，較去年同期下降約35個基點。全年毛利率為33.6%，較去年同期下降約30個基點，主要受產品結構調整及供應鏈網絡投資的影響。

During the fourth quarter, operating expenses were approximately 19.7% of sales, representing a decrease of approximately 120 basis points from last year. Our operating leverage during the fourth quarter reflects comparisons against significant COVID-related expenses that we incurred in the fourth quarter of 2020 to support our associates, the anniversarying of $110 million of nonrecurring expenses related to the completion of the HD Supply acquisition in the fourth quarter of 2020, and solid expense management for the quarter. During the fourth quarter of fiscal 2021, we also incurred approximately $125 million of COVID-related expenses.

第四季度，營運費用約佔銷售額的19.7%，較去年同期下降約120個基點。我們第四季的營運槓桿反映了以下因素：與2020年第四季為支援員工而發生的與新冠疫情相關的重大支出相比，與2020年第四季完成HD Supply收購相關的1.1億美元非經常性支出的周年紀念，以及本季穩健的費用管理。 2021財年第四季，我們也發生了約1.25億美元的與新冠疫情相關的支出。

For the year, operating expenses were approximately 18.4% of sales, representing a decrease of approximately 170 basis points from fiscal 2020. Our operating expense leverage in fiscal 2021 reflects a decrease in our COVID-related costs compared to last year, partially offset by wage actions taken at the end of 2020 as well as throughout 2021. Our operating expenses for the year included a consistent level of investment in our business, which we intend to continue. For the year, we are very pleased with the operating expense leverage we were able to deliver.

本年度，營運費用約佔銷售額的18.4%，較2020財年下降約170個基點。 2021財年的營運費用槓桿率反映了新冠疫情相關成本較上年有所下降，但部分抵消了2020年底以及2021年全年採取的工資行動。本年度的營運費用包含了對業務的持續投資，我們計劃繼續保持這一水平。我們對本年度能夠實現的營運費用槓桿率感到非常滿意。

Our operating margin for the fourth quarter was approximately 13.5% and for the year was approximately 15.2%. Interest and other expense for the fourth quarter was essentially flat with last year. In the fourth quarter, our effective tax rate was 25.5%, and for fiscal 2021, was 24.4%.

我們第四季的營業利潤率約為13.5%，全年約為15.2%。第四季的利息及其他支出與去年基本持平。第四季的有效稅率為25.5%，2021財年的有效稅率為24.4%。

Our diluted earnings per share for the fourth quarter were $3.21, an increase of 21.1% compared to the fourth quarter of 2020. Diluted earnings per share for fiscal 2021 were $15.53, an increase of 30.1% compared to fiscal 2020.

我們第四季的每股攤薄收益為 3.21 美元，較 2020 年第四季成長 21.1%。 2021 財年的每股攤薄收益為 15.53 美元，較 2020 財年成長 30.1%。

During the year, we opened 7 new stores and added 14 new stores through a small acquisition, bringing our store count to 2,317 at the end of fiscal 2021. Retail selling square footage was approximately 241 million square feet at the end of fiscal 2021. Total sales per retail square foot were approximately $605 in fiscal 2021, the highest in our company's history. At the end of the quarter, merchandise inventories were $22.1 billion, an increase of $5.4 billion versus last year. And inventory turns were 5.2x, down from 5.8x from the same period last year.

本財年，我們開設了7家新店，並透過一項小型收購新增了14家新店，使門市數量在2021財年末達到2,317家。 2021財年末，零售面積約2.41億平方英尺。 2021財年每平方英尺零售總銷售額約605美元，創公司歷史新高。本季末，商品庫存為221億美元，較去年同期增加54億美元。庫存週轉率為5.2倍，低於去年同期的5.8倍。

Moving on to capital allocation. During the fourth quarter, we invested approximately $830 million back into our business in the form of capital expenditures. This brings total capital expenditures for fiscal 2021 to $2.6 billion.

再來說說資本配置。第四季度，我們以資本支出的形式向業務重新投資了約8.3億美元。這使得2021財年的總資本支出達到26億美元。

During the year, we paid approximately $7 billion of dividends to our shareholders. We look to grow our dividend every year as we grow earnings. And today, we announced our Board of Directors increased our quarterly dividend by 15% to $1.90 per share, which equates to an annual dividend of $7.60.

在本財年，我們向股東派發了約70億美元的股利。我們希望隨著獲利的成長，股息每年都能有所成長。今天，我們宣布董事會將季度股利調高15%，至每股1.90美元，相當於年度股利7.60美元。

And finally, during fiscal 2021, we returned approximately $15 billion to our shareholders in the form of share repurchases, including $4.5 billion in the fourth quarter. Computed on the average of beginning and ending long-term debt and equity for the trailing 12 months, return on invested capital was 44.7%, up from 40.8% in the fourth quarter of fiscal 2020.

最後，在2021財年，我們以股票回購的形式向股東返還了約150億美元，其中第四季回購了45億美元。以過去12個月期初及期末長期債務和股權的平均值計算，投資資本回報率為44.7%，高於2020財年第四季的40.8%。

Now I'll comment on our outlook for 2022. The broader housing environment continues to be supportive of home improvement. Demand for homes continues to be strong, and existing home inventory available for sale remains near record lows, resulting in support for continued home price appreciation. On average, homeowners' balance sheets continue to strengthen as the aggregate value of U.S. home equity grew approximately 35% or $6.5 trillion since the first quarter of 2019. The housing stock continues to age, and customers tell us the demand for home improvement projects of all sizes is healthy.

現在，我將談談我們對2022年的展望。整體住房環境持續支持房屋裝修。住房需求持續強勁，現有待售房屋庫存仍接近歷史低點，這為房價持續上漲提供了支撐。平均而言，隨著美國房屋淨值總價值自2019年第一季以來成長了約35%，即6.5兆美元，房主的資產負債表持續增強。房屋存量持續老化，客戶告訴我們，各種規模的房屋裝修工程的需求都很旺盛。

While we are encouraged by the consistent and resilient demand we've seen for home improvement, broader uncertainty remains with respect to the impact of inflation, supply chain dynamics and how consumer spending will evolve through the year. Given these factors, establishing full year 2022 guidance based on macroeconomic fundamentals remains challenging. As a result, our fiscal 2022 guidance is based on the run rate of dollar demand we have observed over the last 2 quarters. We adjust this dollar run rate for our historical seasonality to calculate our sales outlook for 2022.

雖然我們對家居裝修市場持續且強勁的需求感到鼓舞，但通膨影響、供應鏈動態以及全年消費支出的演變仍存在更廣泛的不確定性。鑑於這些因素，基於宏觀經濟基本面製定2022年全年業績指引仍具有挑戰性。因此，我們2022財年的業績指引是基於過去兩個季度觀察到的美元需求運作率。我們根據歷史季節性因素調整了這個美元運行率，以計算2022年的銷售前景。

Based on this approach and assuming there are no material shifts in demand, we calculate that sales growth and comp sales growth will be slightly positive for fiscal 2022. We would expect our fiscal 2022 operating margin to be flat to 2021. And we would expect low single-digit percentage growth in diluted earnings per share compared to fiscal 2021. Over the course of fiscal 2022, we plan to invest approximately $3 billion back into our business in the form of capital expenditures, in line with our annual expectation of approximately 2% of sales going forward.

基於這種方法並假設需求沒有重大變化，我們計算出 2022 財年的銷售額和可比銷售額成長將略微為正。我們預計 2022 財年的營業利潤率將與 2021 年持平。我們預計與 2021 財年相比，每股攤薄收益將實現低個位數百分比成長。在 2022 財年，我們計劃以資本支出的形式將約 30 億美元重新投資於我們的業務，這與我們未來約 2% 的年度銷售額預期一致。

We believe that we have positioned ourselves to meet the needs of our customers in any environment, as evidenced by our results. The investments we've made in our business have enabled agility in our operating model. As we look forward, we will continue to invest to strengthen our position with our customers, leverage our scale and low-cost position to drive growth faster than the market and deliver shareholder value.

我們相信，我們已做好準備，能夠在任何環境下滿足客戶的需求，這一點已由我們的業績證明。我們在業務上的投資使我們的營運模式更加靈活。展望未來，我們將繼續投資，以鞏固我們在客戶中的地位，利用我們的規模和低成本優勢，推動成長速度超過市場平均水平，並為股東創造價值。

With that, I'll hand it back to Craig.

說完這些，我就把它交還給克雷格。

Thank you, Richard. And again, let me congratulate the team on an exceptional year. In a few moments, Ted and Richard will share their thoughts on the next phase of growth for our company. The leadership team has spent a lot of time over the past year talking about what's next for The Home Depot, and I have never been more excited about the opportunities that are ahead of us.

謝謝你，理查。再次恭喜團隊度過了非凡的一年。稍後，泰德和理查德將分享他們對公司下一階段發展的看法。過去一年，領導團隊花了很多時間討論家得寶的未來發展，我對未來的機會感到無比興奮。

While change is constant in our business, our strategic priorities remain consistent: deliver the best customer experience in home improvement and extend our low-cost provider position. Our objectives to grow market share and deliver exceptional shareholder value are also unchanged. And as Ted will detail, the investments we have made and will continue to make in differentiated capabilities throughout the business will unlock the opportunity to deliver a value proposition that we believe is unique in our industry.

儘管我們的業務不斷變化，但我們的策略重點始終如一：在家居裝修領域提供最佳的客戶體驗，並鞏固我們低成本供應商的地位。我們擴大市場份額和創造卓越股東價值的目標也始終如一。正如Ted將詳細介紹的那樣，我們在整個業務領域對差異化能力的投入以及未來將繼續投入，將為我們帶來機遇，實現我們認為在行業中獨一無二的價值主張。

We are well positioned to leverage our distinct competitive advantages to capitalize on a compelling growth opportunity in our space. We have a world-class leadership team who have the vision and experience to guide our company to new heights. We have a team of approximately 500,000 associates who are committed to the culture that our founders instilled in our business over 40 years ago. These associates have demonstrated exceptional execution and an unwavering commitment to our customers regardless of the operating environment.

我們擁有得天獨厚的優勢，能夠充分利用我們獨特的競爭優勢，抓住我們領域中極具吸引力的成長機會。我們擁有一支世界一流的領導團隊，他們擁有遠見卓識和豐富經驗，能夠引領公司邁向新的高峰。我們擁有約50萬名員工，他們秉承創辦人40多年前灌輸給我們的企業文化。無論營運環境如何，這些員工都展現出卓越的執行力，並且始終堅定不移地致力於服務客戶。

I believe that the greatest days for The Home Depot are ahead of us. And it is my honor to turn the call over to Ted, who will share a bit more about our strategic priorities for 2022 and beyond.

我相信家得寶最輝煌的日子就在前方。我很榮幸地將電話會議交給泰德，他將進一步分享我們2022年及未來的策略重點。

Thank you, Craig. Let me take a moment to express my sincere appreciation for all that you have done for this company throughout your 25-year career. You're a tremendous steward of our culture, ensuring our values guide every decision we make as a leadership team. You led us through a transformational period and positioned us well for the future. So on behalf of all our associates, thank you.

謝謝你，克雷格。請容許我表達我最誠摯的謝意，感謝你在25年的職涯中為公司所做的一切。你是我們企業文化的傑出守護者，確保我們的價值觀引導著我們作為領導團隊所做的每一個決策。你帶領我們度過了轉型期，並為我們的未來做好了準備。因此，我代表我們全體員工，向你表示感謝。

I believe that Home Depot is an organization unlike any other. Our success is driven by our orange-blooded associates, unique culture, customer focus and operational excellence. This is the power of The Home Depot and why we are the #1 retailer for home improvement. I'd like to spend some time talking about the future, what's next for this great company.

我相信家得寶是一家與眾不同的公司。我們的成功源自於我們充滿活力的員工、獨特的文化、以客戶為中心以及卓越的營運。這正是家得寶的力量所在，也是我們成為全球排名第一的家居裝飾零售商的原因。我想花點時間談談這家偉大公司的未來，以及接下來的發展方向。

We've seen several inflection points in our company's history, all spurred by a desire to maintain the growth mentality and entrepreneurial spirit created by Bernie and Arthur when they revolutionized the home improvement industry over 40 years ago. Over the years, we have used these inflection points to adapt to changing market conditions and customer expectations.

我們公司歷史上經歷過數個轉捩點，所有這些轉捩點都源自於我們渴望延續伯尼和亞瑟40多年前革新家裝業時所開創的成長心態和創業精神。多年來，我們利用這些轉折點來適應不斷變化的市場環境和客戶期望。

Approximately 15 years ago, we pivoted from new stores as a driver of growth to growth driven by productivity. Years later, we began building capabilities to better enable a multichannel shopping experience through an end-to-end approach. In recent years, we focused on a customer-back approach to deliver the best interconnected shopping experience in home improvement. Customer expectations continue to evolve, and there is little tolerance for any friction in the shopping journey. So we will continue to adapt to stay ahead of the customer.

大約15年前，我們從依靠新店擴張作為成長驅動力，轉向以生產力為驅動力。多年後，我們開始建立能力，透過端到端的方式更能實現多通路購物體驗。近年來，我們專注於以客戶為中心，致力於在家居裝飾領域提供最佳的互聯購物體驗。顧客的期望不斷演變，購物過程中幾乎無法容忍任何摩擦。因此，我們將繼續適應變化，並始終領先於客戶。

We have seen a tremendous amount of growth in the past decade. We could have never predicted the more than $40 billion in growth since the end of 2019. With this growth, we are reimagining new milestones for the business.

過去十年，我們見證了巨大的成長。我們從未預料到自2019年底以來超過400億美元的成長。憑藉這一成長，我們正在重新構想業務的新里程碑。

I'm going to turn it over to Richard, who will briefly talk to our goals and help frame the opportunity within the context of our total addressable market. Rich?

我現在把時間交給理查德，他會簡單介紹我們的目標，並幫助我們在整個潛在市場範圍內建立這個機會。理查德？

Thanks, Ted. Our objectives to grow market share and deliver exceptional shareholder value are unchanged. Aligned with these objectives, our goals are: first, to grow the business to $200 billion in sales, which represents incremental growth of approximately $50 billion from where we are today; and second, and just as importantly, deliver best-in-class operating profit dollar growth and return on invested capital.

謝謝，泰德。我們擴大市場佔有率、創造卓越股東價值的目標始終沒有改變。為了實現這些目標，我們的目標是：首先，將業務銷售額提升至2000億美元，這意味著在現有基礎上增量增長約500億美元；其次，同樣重要的是，實現一流的營業利潤增長和投資回報率。

We believe that we will achieve these goals through what we are confident is the winning formula for our customers, our associates and our shareholders. We intend to: provide the best experience in home improvement, extend our position as the low-cost provider and be the most efficient investor of capital in home improvement.

我們堅信，憑藉我們堅信對客戶、員工和股東都有益的致勝之道，我們一定能夠實現這些目標。我們的目標是：提供最佳的家居裝修體驗，鞏固我們作為低成本供應商的地位，並成為家居裝修領域最高效的資本投資者。

Over the last 2 years, as we've grown by over $40 billion in sales, our addressable market has also grown. We now estimate that our total addressable market in North America is greater than $900 billion.

過去兩年，我們的銷售額成長了400多億美元，我們的潛在市場也隨之成長。目前，我們估計在北美的潛在市場總額超過9000億美元。

We have invested in capabilities that improve our competitive positioning and allow us to pursue opportunities we could not meaningfully address in the past, which provides significant growth opportunities with both consumers and Pros. We estimate that each of these respective customer groups represent about 50% of the total addressable market. We also estimate that each of these important customer groups represents approximately 50% of our total sales.

我們投資於提升競爭優勢的能力，並使我們能夠抓住過去未能有效掌握的機遇，這為消費者和專業人士帶來了巨大的成長機會。我們估計，這些客戶群分別約佔總潛在市場的50%。我們也估計，這些重要的客戶群約占我們總銷售額的50%。

For Pro, we believe this addressable end market is over $450 billion. Within this end market, we believe our addressable maintenance, repair and operations, or MRO space has expanded to over $100 billion. So while we are the #1 home improvement retailer across all of our geographies, we represent a relatively small part of a large and fragmented total addressable market that has expanded significantly over the past 2 years.

對於Pro系列而言，我們認為其潛在的終端市場規模超過4,500億美元。在這個終端市場中，我們認為我們潛在的維護、維修和營運（MRO）業務規模已擴大至1,000億美元以上。因此，儘管我們是所有地區排名第一的家居裝修零售商，但我們在龐大而分散的潛在市場中只佔相對較小的一部分，而該市場在過去兩年中已顯著擴張。

To support our growth objectives, we have a straightforward approach to capital allocation that will also remain unchanged. Investing in the business is our primary capital allocation priority, and we have learned that it is critical to invest in a more consistent and agile way. Our investment cadence has become more real time, allowing us to pivot more quickly, giving us the ability to move faster when we see positive results. After investing in the business, it is our intent to return excess cash to shareholders through a balanced approach of paying a healthy dividend and making share repurchases.

為了支持我們的成長目標，我們採取了簡潔明了的資本配置方法，而這個方法將保持不變。投資業務是我們資本配置的首要重點，我們認識到，以更一致、更靈活的方式進行投資至關重要。我們的投資節奏變得更加即時，使我們能夠更快地調整策略，並在看到積極成果時更快地採取行動。投資業務後，我們計劃透過支付健康股利和進行股票回購的平衡方式，將剩餘現金回饋給股東。

While there is more to do as we fine-tune new go-to-market strategies and refine our processes to better serve our customers, we believe what we are creating will extend our leadership position. We intend to leverage our unmatched scale as we continue to optimize assets and capabilities to compete in a more disruptive way. The macroeconomic environment is supportive, the opportunity in front of us is compelling, and our capital allocation principles will continue to create value for our stakeholders.

雖然我們還有很多工作要做，例如調整新的市場策略並完善流程以更好地服務客戶，但我們相信，我們正在創造的成果將鞏固我們的領導地位。我們計劃利用我們無與倫比的規模優勢，繼續優化資產和能力，以更具顛覆性的方式競爭。宏觀經濟環境有利，我們面前的機會令人矚目，我們的資本配置原則將繼續為利害關係人創造價值。

Thanks, Richard. We have a powerful foundation and distinct competitive advantages. First, as I mentioned earlier, our unique culture and values as well as our knowledgeable associates will remain a competitive differentiator. Second, our stores are the hub of our business and will always be important in the future of home improvement retail. We have a premier real estate footprint that provides convenience for the customer.

謝謝，理查。我們擁有堅實的基礎和獨特的競爭優勢。首先，正如我之前提到的，我們獨特的文化和價值觀，以及我們知識淵博的員工，將繼續成為我們競爭的優勢。其次，我們的門市是我們業務的中心，在未來的家居裝飾零售業中，它將始終佔據重要地位。我們擁有一流的門市佈局，為顧客提供便利。

Third, we believe we have the most relevant brands and products and are continuously driving innovation in the marketplace. Fourth, we have a best-in-class supply chain and have demonstrated our ability to operate with agility and navigate any environment. And finally, we have consistently improved the interconnected shopping experience as our customers increasingly blend physical and digital worlds for their projects.

第三，我們相信我們擁有最具相關性的品牌和產品，並持續推動市場創新。第四，我們擁有一流的供應鏈，並已證明我們能夠靈活運營，應對任何環境。最後，隨著客戶越來越多地將實體世界和數位世界整合到他們的專案中，我們也持續改善互聯購物體驗。

We continue to invest and strengthen these advantages to ensure the best experience for our customers. While there is more work to do, we've made important strides in removing friction from the customer experience. Let me give you real examples of how the investments we've made across the business are earning us more share of wallet with our customers.

我們持續投資並強化這些優勢，以確保為客戶提供最佳體驗。雖然還有更多工作要做，但我們在消除客戶體驗摩擦方面已取得重要進展。讓我用一些實際的例子來說明，我們在整個業務範圍內的投資如何為我們贏得了更高的客戶份額。

Let's take the example of one of our Pro customers in the Dallas market. Years ago, this large-scale repair/remodeler primarily shopped with us in our stores for their unplanned, immediate-need purchases, largely out of convenience. Over time, their in-store spend increased and they were assigned a dedicated Pro Account Representative, or PAR, to deepen our relationship with them. As we invested across the interconnected experience, this customer engaged with us more often and occasionally used us for job site delivery. At this point, we saw their spend with The Home Depot grow to more than $100,000 annually but still for mostly unplanned immediate-need purchases in store.

讓我們以達拉斯市場的一位專業客戶為例。幾年前，這家大型維修/改造公司主要在我們店內採購計劃外的、急需的商品，這主要是為了方便。隨著時間的推移，他們的店內消費額度不斷增加，我們為他們指派了一位專門的專業客戶代表（PAR），以加深與他們的關係。隨著我們在互聯體驗方面的投入，這位客戶與我們互動的頻率更高，偶爾會選擇我們進行現場送貨。此時，我們看到他們在家得寶的年消費額增長到10萬美元以上，但仍主要用於店內計劃外的急需採購。

Fast forward to today, this customer now utilize the number of new and/or improved capabilities. Last year, this customer downloaded our mobile app. Their mobile orders increased. They joined our Pro loyalty program and authenticated with us via our B2B website. We began offering personalized pricing on certain products. And they took their first deliveries from several of our new fulfillment centers, including one of our new flatbed distribution centers. As a result, we've seen spend with this customer more than triple to over $300,000 annually. While this is one example, we see that customers increase spend with us as they build confidence in our capabilities.

快進到今天，這位客戶現在正在使用我們眾多全新和/或改進的功能。去年，這位客戶下載了我們的行動應用程式。他們的行動訂單量有所增加。他們加入了我們的Pro會員計劃，並透過我們的B2B網站進行了身份驗證。我們開始為某些產品提供個人化定價。他們的首批貨物來自我們幾個新的配送中心，其中包括一個全新的平板配送中心。因此，我們看到這位客戶每年的支出成長了兩倍多，超過30萬美元。雖然這只是一個例子，但我們看到，隨著客戶對我們能力的信心增強，他們在我們這裡的支出也在增加。

While we continue serving this customer for their unplanned immediate-need purchases, we now believe our capabilities are beginning to satisfy important planned purchase occasions. We believe the ability to serve our Pros' planned and unplanned purchase occasions will be an important driver of growth as we work towards a $200 billion sales milestone.

在我們繼續為這位客戶提供計劃外的緊急採購服務的同時，我們相信，我們的能力已開始滿足重要的計劃內採購需求。我們相信，在我們努力實現2000億美元銷售目標的過程中，滿足我們專業人士計劃內和計劃外採購需求的能力將成為重要的成長驅動力。

And while Pro is an important driver of growth going forward, removing friction from the DIY customer is equally important. Let's take the example of a customer we'll call Geena, a DIY customer tackling a bathroom remodel 4 years ago and compare that with the same shopping experience today. 4 years ago, she would have relied heavily on our stores and website for helping completing her project. Geena's engagement on our digital applications is a little more difficult. The mobile experience wasn't as intuitive, search results weren't as relevant, and associated recommendations were limited. As a result, she likely made multiple trips to the store for items she didn't know she needed. And when she did go to the store, Buy Online, Pick-up in Store, or BOPUS, was essentially the only option outside of the traditional cash-and-carry model for collecting whatever tools and materials her project required.

雖然 Pro 是未來成長的重要驅動力，但消除 DIY 客戶的摩擦也同樣重要。讓我們以一位名叫 Geena 的客戶為例，她 4 年前是一位 DIY 客戶，正在著手改造浴室。我們將她現在的購物體驗與現在進行比較。 4 年前，她會嚴重依賴我們的門市和網站來幫助她完成專案。 Geena 在我們的數位應用程式上的互動要困難一些。行動體驗不那麼直觀，搜尋結果不那麼相關，相關推薦也有限。因此，她可能會多次前往商店購買她不知道自己需要的物品。而當她真的去商店時，除了傳統的現購自運模式外，在線購買、店內取貨 (BOPUS) 基本上是她收集項目所需工具和材料的唯一選擇。

Today, Geena's experience would be meaningfully different as her shopping journey is met with a lot less friction. As Geena begins her project online, improvements in search provide her with more relevant results. We also have a better understanding of the intent of her shopping journey and can make recommendations supporting her whole project. And we know these product-relevant recommendations matter. Over the last 4 years, we've seen a significant increase in sales driven by product recommendations.

如今，Geena 的購物體驗將發生翻天覆地的變化，因為她的購物過程將不再那麼順暢。隨著 Geena 在線上開展項目，改進的搜尋功能為她提供了更相關的搜尋結果。我們也更了解了她的購物意圖，並可以提出建議來支持她的整個專案。我們知道這些與產品相關的建議至關重要。在過去的四年裡，我們看到產品推薦帶來的銷售額顯著成長。

When Geena comes to our stores, our recently updated mobile app and improved signage help her more easily navigate our aisles. We've made investments in the front end to improve her checkout experience. And as always, our knowledgeable associates are there to help Geena throughout her project.

當吉娜來到我們的門市時，我們最近更新的行動應用程式和改進的標誌系統可以幫助她更輕鬆地在我們的門市中穿梭。我們在前端方面進行了投資，以改善她的結帳體驗。像往常一樣，我們經驗豐富的員工將在整個專案過程中為吉娜提供幫助。

If Geena chooses to place an order online for pick up in the store, she has multiple fulfillment options. She can pick up her items at the service desk, grab those items from a locker or have them brought to her car with curbside pickup. Geena can also receive same- or next-day delivery on thousands of items. We have seen customers like Geena increase their spend with The Home Depot as a result of our improved in-store experience, more robust and personalized online shopping journey and greater delivery and fulfillment options.

如果吉娜選擇在線上下訂單，然後在商店取貨，她有多種配送選擇。她可以在服務台取貨，也可以從置物櫃取貨，或是選擇路邊取貨，將商品送到她的車上。吉娜還可以享受數千種商品的當日或隔天送達服務。我們已經看到像吉娜這樣的顧客增加了在家得寶的消費，這得益於我們改進的店內體驗、更完善、更個性化的在線購物流程以及更豐富的配送和配送選項。

We are also shifting our mindset to deliver a truly seamless interconnected experience. The flywheel we are building goes beyond retail's traditional channel mindset to an ecosystem of capabilities and operational efficiencies working together to remove friction at every step of the customer shopping journey.

我們也在轉變思維模式，以提供真正無縫互聯的體驗。我們正在建構的飛輪超越了零售業傳統的通路思維，而是一個由各種能力和營運效率共同作用的生態系統，旨在消除顧客購物旅程中每一步的摩擦。

For example, while we believe the supply chain network we are building is transformational, it's just not about the buildings themselves. The value lies in their connection to the overall fulfillment and store ecosystem in the improved customer experience. The new fulfillment centers enable us to expand our assortment and inventory depth as well as offer faster and more reliable delivery options. In addition, these new facilities removed some fulfillment pressures historically placed on stores, creating a better in-store shopping experience and freeing up associates to help drive additional sales.

例如，雖然我們相信我們正在建立的供應鏈網路具有變革性，但這不僅僅關乎建築本身。其價值在於它們與整體履行和門市生態系統的聯繫，從而提升了客戶體驗。新的履行中心使我們能夠擴大產品種類和庫存深度，並提供更快、更可靠的配送選擇。此外，這些新設施也消除了以往門市面臨的一些履行壓力，創造了更好的店內購物體驗，並解放了員工，使其能夠幫助推動更多銷售。

Our intention is to build an unrivaled delivery network for home improvement goods. While early days, we continue to develop our capabilities, and we are encouraged as we see a measurable lift in sales with a more interconnected shopping experience.

我們的目標是打造一個無與倫比的家居裝飾用品配送網絡。雖然還處於起步階段，但我們仍在不斷提升自身能力，並且看到更加互聯互通的購物體驗帶來的銷售額顯著提升，我們倍感鼓舞。

As we move forward towards this next phase of growth, we will remain focused on driving productivity, a long-standing hallmark of The Home Depot. Enabled by technology, we are focused on eliminating unnecessary tasks and making our processes more efficient while also making our shopping experience the best in home improvement. When I think about our stores, I think about the tremendous amount of productivity over the years, all of which helped us achieve over $600 in sales per retail square foot in 2021. As we set our sights on our goal of $200 billion in sales, we have many opportunities to improve freight flow throughout the store and drive further space optimization and SKU productivity. The productivity initiatives don't reside solely in our stores. We see many opportunities across the business.

隨著我們邁向下一階段的成長，我們將繼續專注於提高生產力，這是家得寶長期以來的標誌性特徵。借助科技的力量，我們致力於減少不必要的任務，提高流程效率，同時打造家居裝飾領域的最佳購物體驗。每當我想起我們的門市，我就會想起多年來我們巨大的生產力提升，所有這些助力我們在2021年實現了每平方英尺零售面積超過600美元的銷售額。隨著我們瞄準2000億美元的銷售目標，我們有很多機會可以改善整個門市的貨運流程，並進一步優化空間和提高SKU（庫存單位）的生產力。提高生產力的措施不僅限於我們的門市。我們在整個業務領域都看到了許多機會。

When our founders started The Home Depot over 40 years ago, they transformed an industry. We are continuing that legacy but doing so in an interconnected way. We believe that the interconnected ecosystem we are building will increase our ability to capture share. We intend to disrupt traditional business models with new go-to-market strategies. The opportunity in front of us is as exciting today as it was when we first opened our doors, and I am honored to help lead this company into the next phase of growth.

40多年前，我們的創辦人創立了家得寶，他們徹底改變了一個產業。我們將繼續傳承這項傳統，並以互聯互通的方式實現這一目標。我們相信，我們正在建構的互聯生態系統將提升我們獲取市場份額的能力。我們計劃以全新的市場策略顛覆傳統的商業模式。如今，我們面臨的機會與新創時一樣令人振奮，我很榮幸能夠帶領公司邁入下一個成長階段。

Thank you for your interest in The Home Depot. And Christine, we are now ready for questions.

感謝您對家得寶的關注。克里斯汀，我們現在可以回答您的問題了。

(Operator Instructions) Our first question comes from the line of Simeon Gutman with Morgan Stanley.

（操作員指示）我們的第一個問題來自摩根士丹利的 Simeon Gutman。

Craig and Ted, congratulations on the transition. My first question is on the outlook for sales. So if you're guiding to slightly positive comps and we were to assume, if this is the right assumption, that the level of inflation that you mentioned around 2% just around it, that means units are roughly flat for the year. Can you tell us what you're seeing that would suggest that volumes are flat?

克雷格和泰德，祝賀你們的交接。我的第一個問題是關於銷售前景的。如果你們預測可比銷售額略有成長，而我們假設（如果這個假設正確的話）你們提到的通膨水準在2%左右，那麼這意味著全年銷量基本上持平。你們能告訴我們，哪些因素顯示銷量持平嗎？

I heard Richard's comment around the on the run the last 2 quarters of business, but is there any housing component or interest rate increases? And do you think this ends up being a more conservative approach to your guidance then as opposed to anchoring into some type of housing or interest rate metric?

我聽到理查德談到過去兩個季度業務的疲軟，但其中是否包含住房因素或利率上調？您是否認為這最終會成為您更保守的業績指引，而不是錨定某種住房或利率指標？

Simeon, on the comment around inflation, let me clarify how we approach that. The -- what we've seen in the marketplace that's embedded in our business over the last 2 quarters is kind of our assumption going forward. We're neutral. And as we establish a point, put together our outlook, we don't plan on inflation or deflation from that point forward. We just deal with whatever comes our way. So there is no inflation built in, if you will. It's what's there in the business today. And then we'll deal with what comes at us in '22.

Simeon，關於通貨膨脹的評論，請容許我解釋一下我們是如何應對的。過去兩個季度，我們看到的市場行情，以及我們業務的現狀，只是我們對未來的預測。我們保持中立。當我們確定一個觀點，並製定好我們的展望後，我們不會計劃從那時起出現通貨膨脹或通貨緊縮。我們只會應對可能發生的一切。所以，如果你願意這麼說的話，通貨膨脹本身並沒有影響我們。這只是我們目前業務的現狀。之後，我們再處理2022年可能出現的問題。

I think just to go back to your macro questions and then we can talk about unit, on the macro side, as we said, look, there are a lot of dynamics in the environment right now. And so it's difficult to rest guidance on any given set of macroeconomic assumptions.

我想回到你剛才提到的宏觀問題，然後我們可以談談單位。在宏觀方面，正如我們之前所說，現在的環境中有很多動態因素。因此，很難根據任何既定的宏觀經濟假設來提供指導。

That's actually why, when we look at the last 2 quarters of 2021, we saw a level of stability and consistency that gave us some confidence in being able to extrapolate those numbers on to '22. So it's really more of a math exercise based on current demand patterns than it is macroeconomics. Now we know the housing environment is supportive of home improvement demand. And Ted maybe can give some color on unit in that context.

正因如此，當我們回顧2021年最後兩個季度時，我們看到了一定程度的穩定性和一致性，這讓我們有信心將這些數字推斷到2022年。所以，這其實更像是基於當前需求模式的數學運算，而非宏觀經濟學。現在我們知道，住房環境有利於房屋裝修需求。 Ted或許可以在此背景下，就房屋裝修需求進行一些分析。

Yes. So transactions in units have been negative coming off that incredible year in 2020, but they have improved on a 2-year basis over what we saw in Q2 and Q3. And what we're really seeing on the demand side and as we think of transactions in units is it's not dissimilar to a storm environment, Simeon. It's a matter of -- particularly in Pro-oriented categories, when we receive the goods and get them on our shelves, they go. While we're seeing a lot of substitution, we still think there's plenty of upside as the supply chain continues to restock our shelves.

是的。 2020年那不可思議的一年之後，單位交易量一直為負值，但與第二季和第三季相比，兩年來有所改善。我們真正看到的是需求方面的情況，以及我們對單位交易量的思考，這與風暴環境並無二致，西蒙。尤其是在面向專業人士的品類中，當我們收到貨物並將它們上架時，它們就會被搶購一空。雖然我們看到了很多替代品，但隨著供應鏈持續補充庫存，我們仍然認為有很大的上漲空間。

Got it. Okay. And then my follow-up is the best-in-class operating profit dollar growth. Not trying to get cute to the letter of a number, but who is it? Is it sector-relative retail? And is there anything about the end markets that you mentioned, the Pro or MRO, that's actually margin-dilutive?

明白了。好的。接下來我想問的是，我們實現了業界最佳的營業利潤成長。我不是想精確地描述一個數字，但它究竟是誰呢？是產業相關的零售業務嗎？您提到的終端市場，例如Pro或MRO，是否真的會稀釋利潤率？

No. It's -- well, I'd say we think of it in terms of our sector, our $900 billion-plus addressable market. And I'd say we have opportunities that have many different profiles, but I'll share one thing, which is the ability to deliver exceptional return on capital. And so that's what we're looking to push.

不。嗯，我想說，我們是從我們所在的行業，也就是我們9,000多億美元的潛在市場的角度來考慮這個問題的。我們有很多不同類型的機會，但有一點我想分享，那就是實現卓越資本回報的能力。這就是我們想要推動的。

And Simeon, when you look at our business historically, we have Pros that shop across the store. Our Pro business, for example, in and of itself is a relatively common margin profile to our DIY business. Certainly, within specific trades, you have variation like masons versus painters. But in total, it's very similar.

Simeon，回顧一下我們的業務歷史，你會發現我們的專業客戶遍佈整個門市。例如，我們的專業業務本身，與我們的DIY業務相比，利潤結構相對相似。當然，在特定行業中，會存在差異，例如泥瓦匠和油漆工。但總的來說，情況非常相似。

Our next question comes from the line of Michael Lasser with UBS.

我們的下一個問題來自瑞銀的麥可‧拉瑟 (Michael Lasser)。

Craig and Ted, congrats.

克雷格和泰德，恭喜你們。

Thanks.

謝謝。

A little embarrassing, but you forgot to include the year that you expect to get to $200 billion. So if you could just get into that real quick, that would be great.

有點尷尬，你忘了寫預計達到2000億美元的年份了。所以，如果你能快速說一下，那就太好了。

So Michael, we've established a goal of $200 billion in sales. We intend to get there as soon as we can in a sustainable and profitable way.

邁克爾，我們已經設定了2000億美元的銷售目標。我們計劃盡快以可持續且盈利的方式實現這一目標。

Would you expect the growth rate to be higher, moving towards, in the 3.5% to 4% that you had signaled last time you provided a formal long-term outlook?

您是否預期成長率會更高，朝著上次提供正式長期展望時暗示的 3.5% 至 4% 的方向發展？

There are a lot of dynamics in our market right now, but what we are confident in is our ability to take share in any environment. And we intend to grow market share every -- in every period.

目前我們的市場動態很多，但我們有信心在任何環境下都能佔據市場。我們致力於在每個時期擴大市場佔有率。

So Michael, as we think about this $200 billion, it's clearly the next phase of growth. It's a goal for the team and investors, obviously, that having passed $150 billion that we set our sights on $200 billion.

所以邁克爾，當我們考慮這2000億美元時，這顯然是下一個成長階段。顯然，這是團隊和投資者的目標，在突破1500億美元後，我們將目光瞄準2000億美元。

And without getting into the specific growth components, the way we think about it is we operate in a huge market, as Richard described, a market that we think is larger at $900-odd billion. That market is very healthy and growing. And obviously, we have a level of base growth that would track with that market. We've also demonstrated over time that we've been able to take share, and we believe we'll continue to take share in that market.

且不論具體的成長因素，我們是這樣想的：正如理查所說，我們身處一個巨大的市場，我們認為這個市場規模高達9,000多億美元。這個市場非常健康，並且正在不斷成長。顯然，我們的基礎成長水準能夠與這個市場同步。我們也已經證明，我們能夠逐步佔領市場份額，我們相信，我們將繼續在這個市場上佔據份額。

And then perhaps most importantly, as we've chatted about in our prepared remarks, we're working on developing the best interconnected experience in retail. So if you take the artifact of Geena, as we build this seamless, interconnected shopping experience, we think we'll gain even more share with our consumer and Pro customers. What we're building is relevant for both consumers and Pros.

或許最重要的是，正如我們在準備好的發言中所提到的，我們正在致力於打造零售業最佳的連結體驗。因此，以 Geena 為例，隨著我們建立這種無縫互聯的購物體驗，我們相信我們將在消費者和專業客戶中獲得更多份額。我們正在建構的產品與消費者和專業人士息息相關。

But specific to Pros, when you think about the example of the Pro in Dallas, we're building capabilities with our Pro ecosystem to accelerate Pro share growth, particularly in planned purchases. We've always talked about every Pro is in our building. We're sort of the 7-Eleven for Pros, convenience, value, tremendous product and brands. But what we're building now is something completely different and revolutionary to get the Pro planned purchase.

但具體到專業人士，以達拉斯的專業人士為例，我們正在建立我們的專業人士生態系統，以加速專業人士的份額增長，尤其是在計劃購買方面。我們一直在說，每一位專業人士都在我們的平台上。我們就像專業人士版的7-11便利商店，提供便利、價值、優質的產品和品牌。但我們現在正在建造的是完全不同的、革命性的服務，旨在推動專業人士的計劃購買。

Add to that the expanded MRO space, now we think $100 billion with the acquisition of HD Supply, and then wrap that all with our hallmark of productivity, we know that we leave money on the table every time we have a shelf out. We've talked to you about all the productivity activities in the store: overhead maintenance, freight flow, on-shelf availability, the supply chain that John and team are building to increase our on-shelf availability, their share gain just by being better in stock. And we're certainly seeing that in this storm-esque environment we're operating in right now. So that's sort of a broad-brush framework of how we think about that next $50 billion of growth.

再加上擴大的維護、運作和維修（MRO）空間，現在我們收購了HD Supply，預計銷售額將達到1000億美元。再加上我們標誌性的生產力，我們知道每次上架產品時，我們都會節省不少成本。我們已經跟大家討論過店內所有與生產力相關的活動：維護成本、貨運週轉、貨架庫存、John和他的團隊為提高貨架庫存而構建的供應鏈，以及他們通過提高庫存水平帶來的市場份額增長。在目前這種風暴般的營運環境下，我們確實看到了這一點。所以，這就是我們對下一個500億美元成長目標的大致框架。

Understood. And my follow-up question is on the outlook for this year. How do you frame the upside/downside for this year with respect to your operating margin? If your sales are down, call it, low single digits, can you still have a flat operating margin in that scenario? And if your sales are up low single digits, would you let that flow through to the bottom line since your operating margin would be up? Or would you look to reinvest that back in the business?

明白了。我的後續問題是關於今年的前景。您如何看待今年營業利潤率的上升/下降？如果銷售額下降，比如說個位數低位，在這種情況下，您的營業利潤率還能維持平穩嗎？如果銷售額上升了個位數低位，由於營業利潤率上升，您會把這部分利潤轉化為淨利潤嗎？還是您會考慮把這部分利潤重新投資到公司業務？

Well, thank you, Michael. First, we're clear on our focus, which is to drive operating profit dollar growth. We do maintain a degree of financial flexibility in our model, and so we are able to make adjustments as we see fit.

好的，謝謝你，麥可。首先，我們的重點很明確，那就是推動營業利潤的成長。我們的模式確實保持了一定的財務靈活性，因此我們能夠根據需要進行調整。

I think it's important to say that in an environment as dynamic as this, we would have to understand the circumstances to make a decision around what we -- what management action we might take. But we do have that degree of financial flexibility in the model. We have a history of delivering operating expense leverage as volume grows, and we intend to do that.

我認為，在如此動態的環境中，我們必須了解具體情況，才能決定我們可能採取的管理措施。但我們的模式確實具備一定程度的財務彈性。我們過去一直致力於隨著業務量的增長而提高營運費用槓桿，我們打算繼續這樣做。

Our next question comes from the line of Chris Horvers with JPMorgan.

我們的下一個問題來自摩根大通的 Chris Horvers。

Congratulations to everybody on their retirement and, Ted, on your new job. Really exciting. Can you talk a little bit about this inflation commentary? Some of your vendors have announced further price increases coming in the new year. They're sort of assuming units roughly flat. Are you taking those price increases? And have you seen actual any elasticity issues as you've passed those through to the consumer?

祝賀各位退休，也祝賀Ted找到新工作。真是令人興奮。您能談談關於通膨的評論嗎？你們的一些供應商已經宣布新的一年將進一步提價。他們假設單位價格基本上持平。你們會接受這些漲價嗎？在把這些漲價轉嫁給消費者的過程中，你們是否真的看到了任何彈性問題？

Yes, Chris, it's Ted, and thanks for your comment. Clearly, with double-digit AUR, we are taking cost. I would say that AUR increase is about 2/3 price, which includes the 185 basis points of commodity we called out, and about 1/3 mix in new. If I can just hit on that for a moment.

是的，克里斯，我是泰德，謝謝你的評論。顯然，在兩位數的AUR（平均年化報酬率）下，我們是在計入成本。我認為AUR的漲幅大約是價格的三分之二，其中包括我們預測的185個基點的商品價格，以及大約三分之一的新混合價格。請容許我稍微解釋一下。

We continue to see tremendous innovation with the products and the customers' willingness to trade up to that more innovative product. So that continues to drive about 1/3. And if you may recall, last quarter, it was more 50-50. So the inflation component increased to 2/3 this past quarter.

我們持續看到產品的巨大創新，以及消費者升級到更具創新性產品的意願。因此，這繼續推動約1/3的銷售額成長。如果您還記得的話，上個季度，這一比例幾乎是50-50。因此，通貨膨脹因素在本季上升到了2/3。

I would say our merchants deal with this every day. Jeff and team are obviously in constant discussions with our suppliers working on the end-to-end cost and the value chain. And when we take cost, we're working to be the customers' advocate for value. We think being a scale player, that matters. And again, that end-to-end value equation, we should be able to offer the best value in any environment, including this inflationary environment.

我想說，我們的商家每天都要處理這個問題。傑夫和他的團隊顯然一直在與我們的供應商就端到端成本和價值鏈進行持續討論。當我們考慮成本時，我們努力成為客戶的價值代言人。我們認為規模化經營至關重要。再次強調，端到端的價值等式意味著我們應該能夠在任何環境下，包括當前的通膨環境下，提供最佳價值。

But as Craig said, we're not forecasting any further inflation, same way we don't forecast commodity inflation. We just start the year where we end the year, and we assume neutrality. We're doing the same for inflation in goods. Well, we're priced in cost and priced where we are as we end the year, and we don't have any incremental inflation in our plan.

但正如克雷格所說，我們不會預測任何進一步的通膨，就像我們不會預測大宗商品通膨一樣。我們只是在年初和年末假設通膨中性。我們對商品通膨也採取同樣的假設。嗯，我們已經根據成本定價，並在年末定價，我們的計劃中沒有任何增量通膨。

And you haven't seen the consumer trade down, and substitution has been very high.

而且你還沒有看到消費者的消費水準下降，而且替代率一直很高。

So -- yes. So on your elasticity question, for sure, every product -- and it's different by product categories, but every category has its elasticity curve, which the merchants watch very carefully. As we called out in Q2 with lumber, for example, when lumber hit those extraordinary highs in the early part of last year, we saw a dramatic unit productivity falloff, and then we also saw a very quick falloff in lumber prices. As lumber prices have recovered through this quarter, we are starting to see some unit pressure on lumber. But again, I'd say a lot of it is supply-related as well. I mean we could -- it's tougher to get that elasticity curve completely right when we have the supply imbalances.

是的。關於你的彈性問題，當然，每種產品——而且不同產品類別的情況不同——都有各自的彈性曲線，商家會非常仔細地觀察。例如，正如我們在第二季度提到的木材價格，當木材價格在去年年初達到驚人的高點時，我們看到單位生產率急劇下降，然後木材價格也迅速下跌。隨著本季木材價格的回升，我們開始看到木材面臨一些單位壓力。但我還是要說，這很大程度上也與供應有關。我的意思是，當供應失衡時，要完全正確地確定彈性曲線會更加困難。

But for sure, there's elasticity curve, Chris, for every product category. We're not kidding ourselves about that, but we're managing it appropriately. And our merchants are all about driving unit volume. That's the way we're wired. And we will always price per unit volume over rate.

但克里斯，每個產品類別肯定都有彈性曲線。我們對此並非自欺欺人，而是在妥善管理。我們的商家致力於提高單位銷售量。這就是我們的運作方式。我們始終會根據單位銷售量而非費率來定價。

Got it. And then my follow-up question is, just think about the fourth quarter gross margin and the outlook into next year, was there anything unique in the fourth quarter on gross margin? And given that you're pulling a lot of costs up in the supply chain as you build out the fulfillment, I would think that, that would mean continued pressure on gross margin and the opportunity comes in on the operating expense line.

明白了。接下來我的問題是，想想第四季的毛利率以及明年的展望，第四季的毛利率有什麼獨特之處嗎？考慮到你們在建立履行機制時，在供應鏈中投入了大量成本，我認為這將意味著毛利率將持續承壓，而營運費用方面則有機會。

Right, Chris. So for Q4 this year, it was really a story of sort of rebate timing year-over-year. There was pressure from the build-out of One Supply Chain as we've had every quarter for a few years. That -- the pressure on gross margin, as we continue building One Supply Chain out in 2022, will continue. And so that's sort of the way we're thinking about freight.

是的，克里斯。所以，今年第四季度，實際上是一個關於返利時機與去年同期相比的變化。正如我們過去幾年每季都面臨的情況一樣，One Supply Chain 的建設也帶來了壓力。隨著我們在 2022 年繼續建造 One Supply Chain，毛利率的壓力將持續存在。這就是我們對貨運的看法。

And I'd also say, Chris, that our merchants don't necessarily differentiate the transportation cost, where most of the pressure in supply chain is coming in from an initial cost of a good. They're both costs that need to be covered in the portfolio, which I think we did effectively throughout 2021.

克里斯，我還想說，我們的商家不一定會區分運輸成本，因為供應鏈中的大部分壓力都來自於商品的初始成本。這兩項成本都需要在產品組合中涵蓋，我認為我們在2021年全年都有效地做到了這一點。

As a whole, 2021 was a mix of products sold and a slight pressure from investment in One Supply Chain's story.

整體而言，2021 年 One Supply Chain 的產品銷售情況喜憂參半，但投資也略有壓力。

Our next question comes from the line of Chuck Grom with Gordon Haskett.

我們的下一個問題來自 Gordon Haskett 的 Chuck Grom。

Congrats on a great year. I was curious on Pro backlog levels. If you could just give us an update on that front. And then also was curious if you're seeing any noticeable changes in spending patterns by income cohorts in light of some of these inflationary pressures and the end of stimulus in January?

恭喜您度過了一個美好的一年。我很好奇 Pro 的積壓訂單量。能否請您更新一下這方面的最新情況？另外，考慮到一些通膨壓力以及 1 月刺激方案的結束，您是否發現不同收入群體的支出模式發生了顯著變化？

Everything we hear from our Pro customers is they've got more work than they can handle. I know for myself, it took a while to get somebody out to just do simple projects around my house. We hear that all over the country. And so the Pro business backlog is healthy.

我們從Pro客戶那裡聽到的都是，他們的工作量超出了他們的承受能力。我自己也經歷過，找人幫我做家事也花了不少時間。全國各地都有人這麼說。所以，Pro的業務積壓情況還算健康。

And it's really sort of across the business. When you take that elasticity comment to a more macro level, as Ted said, this is a storm-like environment. And when you look at external third-party surveys of remodelers, the index numbers have never been higher. So all of that points to healthy conditions.

這實際上影響了整個行業。正如泰德所說，如果從更宏觀的層面來看彈性，就會發現這是一個風暴般的環境。而當你查看外部第三方對裝修商的調查時，你會發現指數從未如此高。所以，所有這些都表明行業狀況良好。

Wouldn't say, to your question, that we've seen changes. We haven't seen any dramatic shifts in customer patterns. And again, it's a little hard right now because as Ted said, this is almost like a storm environment. I mean you get the product, it goes. And so pretty hard to see any patterns that have changed much.

回答你的問題，我不會說我們看到了改變。我們沒有看到客戶模式有任何顯著的變化。再說一次，現在有點困難，因為正如Ted所說，這幾乎就像一場風暴。我的意思是，你拿到產品，它就走了。所以很難看到任何模式發生了很大的變化。

Okay. That's helpful. And then bigger picture, I was wondering if you guys just dig a little bit deeper in terms of the space optimization and SKU productivity efforts. Just maybe just a little bit more color on where in the store you think you can gain improvement off that $600 in sales per square foot.

好的，這很有幫助。然後從更宏觀的角度來說，我想知道你們能否在空間優化和SKU生產力方面深入探討。能否更詳細說明一下，你們認為在門市哪些地方可以實現每平方英尺600美元的銷售額提升？

Well, we mentioned last quarter in our prepared remarks are -- what we call get stores right, GSR initiative, where we tested over more than a year. And this is largely about macro space allocation and getting the facings and the inventory depth to drive the volume that we do. As you say, that's $600 a square foot. And we continue to be thrilled with that initiative. We did several hundred stores last year, and that will be our largest store investment that will continue in 2022. And we'll do hundreds of more stores this year.

嗯，我們在上個季度的準備發言中提到了——我們稱之為「讓門市更合適」（GSR）的計劃，我們測試了一年多。這主要涉及宏觀空間分配，以及獲得合適的門店面和庫存深度，以推動我們的業務量。正如您所說，成本是每平方英尺 600 美元。我們對這項計劃仍然感到興奮。去年我們開設了數百家門市，這將是我們最大的門市投資，並將持續到 2022 年。今年我們還會開設數百家門市。

Jeff, maybe you can give some color of what you're seeing.

傑夫，也許你可以解釋一下你所看到的情況。

Yes. Thank you, Ted. GSR is working exceptionally well for us. It's addressing the sales per square foot opportunity we have in our highest-volume stores. Not to mention, we're gaining a tremendous amount of learning that we're taking back to all stores in terms of addressing every 8-foot bay, for lack of a better term, and we're improving space productivity. So an enormous opportunity on GSR. And then alongside that, we do manage a very long-standing product line review process, where we continue to look at hundreds of programs every year, again, to drive more productivity inside of our stores.

是的，謝謝你，Ted。 GSR 對我們來說非常有效。它解決了我們高客流量門市每平方英尺銷售額的提升機會。更不用說，我們累積了大量經驗，並將這些經驗帶回所有門市，例如如何優化每個 8 英尺隔間（我找不到更好的詞來形容它了），從而提高空間效率。所以，GSR 是一個巨大的機會。除此之外，我們也管理著一個非常長期的產品線審核流程，每年都會持續審核數百個項目，以提高門市內部的生產力。

Our next question comes from the line of Scot Ciccarelli with Truist.

我們的下一個問題來自 Truist 的 Scot Ciccarelli。

I was hoping you might be able to provide a little bit more color regarding the increase in TAM that you just discussed. I think it's a pretty big increase from the last time. And I guess what I'm wondering is, how much of that is just expansion of existing markets where Home Depot was already highly competitive. Versus how much is, let's call it, a sizable component from newer market penetration with kind of stuff like MRO as kind of newer market, if you will?

我希望您能更詳細地介紹一下您剛才提到的TAM的成長。我認為比上次增長了不少。我想知道的是，其中有多少只是家得寶在現有市場（家得寶在這些市場上已經競爭激烈）的擴張？有多少是，我們姑且稱之為，來自新市場滲透的相當大的部分，比如MRO之類的新市場，您願意這麼說嗎？

Sure, Scot. So in maybe a different order than you asked. So first of all, base growth in the market in which we've always competed has been exceptional over the last 2 years. And so if you look at the U.S., if you look at Canada, if you look at Mexico, those markets have expanded. And you can see that if you triangulate it -- and measuring this market is kind of an art in triangulation. We're looking at census data. We're looking at third-party consulting data. We're asking our vendors. We have a high degree of confidence we have a really good perspective on it. And we triangulate all that and you just look at the numbers that, again, exist in those third-party data sets, you see exceptional growth.

當然，斯科特。所以順序可能跟你問的不一樣。首先，我們一直參與競爭的市場在過去兩年內實現了顯著成長。如果你看看美國、加拿大和墨西哥，你會發現這些市場正在擴張。如果你進行三角測量，你會發現──衡量這個市場就像一門三角測量的藝術。我們查看人口普查數據，查看第三方諮詢數據，諮詢我們的供應商。我們非常有信心，我們對此有著非常好的判斷。我們對所有這些數據進行三角測量，你只要看看這些第三方資料集中的數字，就會發現顯著的成長。

It's notable to add that for the first time, we are including our Canadian and Mexican businesses within our definition. So $900 billion plus is a definition of our North American addressable market.

值得一提的是，我們首次將加拿大和墨西哥業務納入了我們的定義。因此，9000億美元以上是我們北美潛在市場的定義。

We don't really include -- you mentioned new market opportunities. There aren't really new market opportunities per se, with the exception of MRO, which with the acquisition of HD Supply, we became even better positioned to grow share in. And as we've gotten smarter about that business, as we've gotten smarter about understanding the opportunities of it, that led us to sort of resize the opportunity. So those are the building blocks. But the growth over the past 2 years has been impressive. The macro backdrop for continued growth is also really encouraging.

我們實際上並沒有納入——你提到了新的市場機會。實際上，除了MRO之外，並沒有真正的新市場機會。收購HD Supply後，我們在該領域獲得了更有利的市佔率成長。隨著我們對該業務的了解越來越深入，對其中機會的理解也越來越深刻，這促使我們調整了機會的規模。所以，這些都是基礎。過去兩年的成長令人印象深刻。持續成長的宏觀背景也確實令人鼓舞。

Our next question comes from the line of Michael Baker with D.A. Davidson.

我們的下一個問題來自 D.A. Davidson 的 Michael Baker。

I'll ask a few sort of shorter-term-type questions. But one, in the past, you've given some color on current quarter trends to date. I think that's maybe particularly important now as we cycle up against the stimulus from a year ago. And then -- sorry, 1 question in 2 parts. Within your guidance for 2022, what are you including for share buybacks? I don't think you said that, unless I missed it.

我會問幾個短期問題。首先，您過去曾對迄今為止本季的趨勢進行過一些闡述。我認為這在當前我們正處於與一年前刺激計劃的周期性調整之際尤為重要。然後——抱歉，一個問題分成兩個部分。在您的2022年業績指引中，您提到了哪些股票回購？我想您沒有提到這一點，除非我沒注意到。

Thank you. Well, we are off to a strong start as the year begins. It is 2 weeks into a 13-week quarter, and we've got the more difficult compares of the year coming up in March and April. So it's early to draw any conclusions there. And obviously, timing of spring is important for the first half of the year, but we're off to a strong start.

謝謝。嗯，新年伊始，我們開局不錯。這個季度有13週，現在已經過了2週，而今年3月和4月將是比較困難的時期。所以現在就下結論還太早。當然，春季的時機對上半年來說很重要，但我們的開局已經很好了。

With respect to share repurchases -- sorry, Ted, would you -- and with respect to share repurchases, we intend to continue to return excess cash to our shareholders through dividends and share repurchases, and we'll do that again this year. We have $9.5 billion remaining in our current share authorization program.

關於股票回購——抱歉，泰德，您好——關於股票回購，我們打算繼續透過股利和股票回購的方式向股東返還剩餘現金，今年我們還會繼續這樣做。我們目前的股票授權計畫剩餘資金為95億美元。

So I guess a follow-up on that, is it fair -- I mean you must have a number in the EPS plan. In the past, you've provided that. Is it fair to say that, that includes the full buyback relative to your authorization?

所以我想問一下，這公平嗎？我的意思是，你的每股盈餘計畫中必須有一個數字。過去，你已經提供過這個數字。這麼說公平嗎？這包括了你授權範圍內的全部回購。

We like to maintain some degree of flexibility in the cash that we hold on the balance sheet and our liquidity position. But you can rest assured that it's our intent to return excess cash to shareholders.

我們希望在資產負債表上的現金和流動性狀況上保持一定的彈性。但請您放心，我們的目標是將多餘的現金回饋給股東。

Yes. Okay. Understood. One more, if I could ask a follow-up. I don't know if that counts as my follow-up, but -- and maybe this is too long of a question for getting close to an hour here. But when you talk about competing in a more disruptive way, I think sometimes we think of that as -- is that more than just price? That's not -- are you signaling anything in terms of a change in your pricing strategy? Or is it bigger than that?

是的，好的。明白了。還有一個問題，如果我可以問一個後續問題的話。我不知道這算不算我的後續問題，但是──這個問題可能太長了，在這裡要花將近一個小時才能回答完。但是，當你談到以更具顛覆性的方式競爭時，我認為有時我們會認為——這不僅僅是價格問題嗎？不是——你是在暗示要改變定價策略嗎？還是說，影響比價格更大？

No. It's a capability comment. We're not changing our promotional or pricing approach at all. The disruption is in the ecosystem we are building. We are -- have been, 42 years, the #1 home improvement retailer. We are built -- have been building and will continue to build frictionless, interconnected experiences that we think are disruptive in the essence of the frictionless nature of them as our customers weave in between the physical and digital worlds. That can be installation, that can be delivery, that can be pickup, that can be cash and carry. As we build that frictionless ecosystem, we think that in of itself is disruptive because our aim is to build the next level of frictionless experience.

不，這是關於能力的評論。我們完全不會改變我們的促銷或定價方式。顛覆之處在於我們正在建構的生態系統。 42年來，我們一直是排名第一的家居裝飾零售商。我們一直在構建，並將繼續建構無摩擦、互聯的體驗，我們認為這種體驗的顛覆性在於其無摩擦的本質，讓我們的客戶在物理世界和數位世界之間穿梭。這種體驗可以是安裝，可以是送貨，可以是自提，可以是現金和自運。在我們建構無摩擦生態系統的過程中，我們認為這本身就具有顛覆性，因為我們的目標是創造更高層次的無摩擦體驗。

And then perhaps more disruptive is our pursuit of the Pro planned purchase. As we've said, all Pros are in our buildings. We always use the term that Pros use us as a 7-Eleven. Certainly, we have more share of wallet with smaller Pros. But the opportunity with larger Pros, to build their confidence that The Home Depot is going to be there for them with a sales representative, appropriate pricing, reliable delivery, breadth and depth of inventory, that is the real disruption. And if I can just expand on that for a minute.

或許更具顛覆性的是我們對專業型顧客的計畫購買追求。正如我們所說，所有專業型顧客都在我們的店裡。我們總是說，專業型顧客把我們當成7-11便利商店。當然，我們在小型專業型顧客中擁有更大的市場份額。但對於大型專業型顧客來說，我們有機會讓他們相信家得寶會透過銷售代表、合理的價格、可靠的配送以及豐富多樣的庫存為他們提供服務，這才是真正的顛覆性。請容許我稍微詳細地闡述一下。

When we think about what we're seeing in the Pro planned purchase, I mentioned this, I believe last quarter, that we're seeing a redefinition of what we thought was a job lot quantity. We've always talked about being a project store, having job lots in the store. And I think I used an example of a foreign job, that we might have had 3-odd jobs worth of flooring in the store. So an average job might be 1,000 square feet. So we'd have 3,000 square feet in the store at any one time to satisfy 3 jobs. What we're seeing going out of the flatbed distribution centers, orders of 7,000 square feet, completely redefining what a job lot quantity is.

當我們思考Pro計劃採購中看到的情況時，我提到過，我記得上個季度就提到過，我們正在重新定義我們所認為的「工作批次數量」。我們一直說，作為一家項目商店，店裡有工作批次。我記得我舉了一個國外計畫的例子，我們店裡可能有3個工作量。平均每個工作量可能是1000平方英尺。所以我們店裡隨時都有3000平方英尺的空間來滿足3個工作量。我們看到從平板配送中心發出的7000平方英尺的訂單，徹底重新定義了「工作批次數量」。

Recently, in millwork, if you think of interior doors, we have different widths, right- and left-hand swing. We might have 20 doors in stock of any particular SKU. Just this week, we are delivering door orders of counts of 150 doors out of our FDCs. This is completely redefining our fulfillment capability with the Pro for their planned purchase. So that's what we mean by disruptive.

最近，在木工方面，如果你想到室內門，我們會提供不同寬度、左右開門的門。我們可能每個SKU都有20扇門的庫存。就在本週，我們透過FDC交付了150扇門的訂單。這徹底改變了我們與Pro客戶按計畫採購的履行能力。這就是我們所說的「顛覆性」。

Our next question comes from the line of Steven Zaccone with Citi.

我們的下一個問題來自花旗銀行的 Steven Zaccone。

Craig, best wishes for the next step in your career. Ted, congrats on the new role.

克雷格，祝你職涯一切順利。泰德，祝賀你獲得新職位。

Thank you.

謝謝。

I had a question on the operating margin outlook for the business. I understand the focus is on operating dollar growth, but gross margin has been somewhat of a hindrance to EBIT margin in the past 4 years. The business is roughly 120 basis points below the prior peak gross margin in the business. Do you think the business could get back to that level of gross margin over time? Or has something changed structurally?

我對該業務的營業利潤率前景有一個疑問。我知道重點是營業利潤的成長，但過去四年，毛利率在一定程度上阻礙了息稅前利潤率的成長。目前，該業務的毛利率比之前的峰值低了約120個基點。您認為該業務的毛利率能否隨著時間的推移恢復到先前的水平？還是說，業務結構改變了？

Nothing. Nothing has changed structurally. We have been and will continue to be the low-cost provider in our market. That provides us with plenty of opportunities to go after opportunities in a lot of ways.

沒什麼。結構上沒有任何變化。我們一直是並將繼續是我們市場上的低成本供應商。這為我們提供了充足的機會，讓我們在很多方面去追逐機會。

But let's just -- let's talk about operating margins. So first of all, we set a goal today of driving to $200 billion in sales. But we said just as importantly, we're going to deliver best-in-class operating profit dollar growth and ROIC. We're going to watch operating margin, but dollar growth and returns are our focus.

但我們先來談談營業利益率。首先，我們今天設定的目標是實現2,000億美元的銷售額。但我們也說過，同樣重要的是，我們將實現業界最佳的營業利潤成長和投資報酬率。我們會關注營業利潤率，但成長和投資報酬率才是我們的重點。

So we can break the operating margin question down. Operating margin is a function of 2 things: it's a function of operating expense leverage and a function of gross margin dollar growth. So first, on operating expense leverage. Historically, we've delivered operating margin expansion, driven primarily by operating expense leverage. We expect this relationship to continue, and we're committed to levering expense with volume.

所以，我們可以把營業利益率的問題分解。營業利益率由兩個因素決定：營業費用槓桿率和毛利率成長。首先，是營業費用槓桿率。從歷史上看，我們的營業利潤率成長主要由營業費用槓桿率推動。我們預計這種關係將持續下去，並且我們致力於透過增加銷售量來槓桿化費用。

Gross margin dollar growth will be a function of the opportunities we take to drive outsized share gains. And throughout our history, we've driven share gains in categories that deliver gross margin rate higher than our company average and lower than company average, but we've always created operating profit dollar growth and shareholder value creation that we're proud of.

毛利率的成長將取決於我們為推動超額份額成長所抓住的機會。縱觀我們的發展歷程，我們推動毛利率高於公司平均水平和低於公司平均水平的品類的份額增長，但我們始終保持著引以為豪的營業利潤增長和股東價值創造。

So appliances is a great example. And Ted, maybe you can -- you'd want to talk about that.

家電就是一個很好的例子。泰德，也許你可以──你想談談這個。

Yes. I mean appliances was a business -- and we've been in it for some time, but it was a business initially we didn't want to be in because of what we thought was the low-margin profile. But what we realized is the gross margin dollars delivered with the type of volume of the business we've built, particularly since it's a virtual inventory in a sense, it's all special order. For sure, it's a much lower rate than our average, but the gross margin dollar return on investment is one of our highest. And the operating profit dollars that it delivered and the growth as we've built sort of a double-digit billion dollar appliance business is something we're thrilled we ultimately leaned into.

是的。我的意思是，家電業務本身就是一項業務——我們涉足其中已有一段時間了，但最初我們並不想涉足，因為我們認為它的利潤率很低。但我們意識到，我們建立的業務規模所帶來的毛利率，尤其是考慮到它某種意義上是虛擬庫存，全是特殊訂單。當然，它的毛利率遠低於我們的平均水平，但其投資回報率是我們最高的之一。它帶來的營業利潤，以及隨著我們打造出價值數十億美元的家電業務而實現的成長，讓我們非常激動，最終選擇了它。

And so if we have opportunities to take share and drive strong capital returns, we're going to continue to do that.

因此，如果我們有機會獲得市場份額並實現強勁的資本回報，我們將繼續這樣做。

Great. That's very helpful context. A follow-up just on the external supply chain environment. Maybe just talk about the status of it right now. What's your expectation for the supply chain environment as we move through 2022? Do you see the situation improving at any point as we get through the year?

太好了。這背景資訊很有幫助。接下來想問外部供應鏈環境。或許可以先談談目前的狀況。您對2022年的供應鏈環境有何預期？您認為今年的供應鏈環境會有所改善嗎？

Yes. This is John Deaton. We have seen some improvement, but we believe the constraints on the industry supply chain are likely to persist in the near term. Specifically, we've seen a little bit of easing of pressure at our ports, but we've planned for this and have been proactive in landing product earlier than usual to make sure that we're ready for the business.

是的，我是約翰‧迪頓。我們已經看到了一些改善，但我們認為行業供應鏈的限制在短期內可能會持續存在。具體來說，我們的港口壓力有所緩解，但我們已經為此做好了計劃，並積極主動地提前卸貨，以確保我們為業務做好準備。

Our next question comes from the line of Greg Melich with Evercore ISI.

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

Again, Craig, thanks for all the help over the years. And Ted, congrats.

再次感謝 Craig 多年來的幫助。還有 Ted，恭喜你。

Thank you.

謝謝。

Thank you.

謝謝。

The -- on inflation, I want to make sure I got this right. If ticket was up 12% in the fourth quarter, 2/3 of that was inflation, around 800 bps. Is that -- am I thinking about that the right way?

關於通貨膨脹，我想確認一下我的理解是否正確。如果第四季票面利率上漲了12%，其中三分之二是通貨膨脹，大約800個基點。我這樣想對嗎？

Yes.

是的。

Got it. And so then as we think about the guidance for this year and when we talk about the level of inflation, it's basically -- we're starting at that kind of run rate. And presumably, it would come down over the course of the year and might be mid-single digits for the full year in your guidance.

明白了。所以，當我們考慮今年的指導方針，以及談到通膨水平時，基本上——我們是從這樣的運行率開始的。據推測，通貨膨脹率會在一年內下降，按照您的指導，全年通膨率可能會保持在個位數左右。

We don't know where it goes. So presume the rate that was built in as we established that outlook based on our run rate. And we have no planned adjustment, up or down, in the guidance that we provided. So we plan -- in other words, think of inflation as neutral from the point in time that we established the guidance.

我們不知道通膨會走向何方。所以，我們根據運行率設定了通膨預期，並以此為基礎進行推算。我們目前提供的指引沒有計劃上調或下調。換句話說，我們計劃從設定指引的那一刻起，就將通膨視為中性。

Okay. So from today, but that -- is that looking at it on the price of inventories? If the rate is up 800 bps year-on-year and the level stays the same, then presumably by the end of the year, if we just stay at these levels, we'll basically have 0 inflation by the fourth quarter. But in the first quarters, you could have positive.

好的。那麼從今天開始，但這——這是根據庫存價格來看的嗎？如果通膨率年增800個基點，且水準保持不變，那麼到年底，如果我們維持在這個水平，那麼到第四季度，通膨率基本上會為零。但在第一季度，通膨率可能會是正數。

That's right. There is an anniversarying of AUR. That was taken in '21 that is reflected in 2020. That's correct, and your -- the way you're thinking about it is fair.

沒錯。 AUR 有一個週年紀念日。那是在 2021 年拍攝的，反映在 2020 年。沒錯，你的想法很合理。

Got it. And so then maybe the transition would be if you think about -- maybe Richard, you could help us understand that -- as we think about the cadence through the year, not necessarily on top line, but even on costs and operating expenses, what unusual things are there? Or is 2021 a reasonable base now given all the COVID costs and wage actions that you took as we're thinking about modeling out this year?

明白了。那麼，過渡期或許可以這樣考慮——理查德，你能不能幫我們理解一下——當我們思考全年的節奏時，不一定是營收，甚至成本和營運費用，會有什麼不尋常的事情？或者，考慮到所有新冠疫情造成的成本和你採取的工資措施，2021年是否是一個合理的基準？我們正在考慮對今年進行建模。

I would say 2021 still included COVID cost. I would tell you that we, after having grown $40 billion over 2 years, are really excited that we see growth beyond that base after 2 years of unprecedented growth.

我想說，2021年仍包含新冠疫情成本。我想說的是，在兩年內增長了400億美元之後，我們真的很高興看到在經歷了兩年前所未有的增長之後，我們的業績超越了這一基數。

2021 did include, particularly in the fourth quarter, a significant amount of COVID expense. Just the month of January alone was a real spike, and that has come down. We still do include some COVID expense in our 2022 outlook. And so we're not completely through what I would say could be, at least, hopefully, nonrecurring expenses going into the future. So there is a little bit of that in 2022.

2021年，尤其是在第四季度，確實包含了相當一部分新冠疫情支出。僅1月份就出現了大幅增長，但現在已經有所下降。我們的2022年展望中仍包含了一些新冠疫情支出。因此，我認為未來可能出現的非經常性支出（至少希望如此）還沒有完全結束。所以2022年還是會有一點這樣的支出。

Got it. And are there any wage actions? I mean we've seen rising labor costs and tightness there. How do you feel about getting people for the peak spring? And do you see any additional wage actions on the horizon?

明白了。現在有沒有什麼薪資調整措施？我的意思是，我們看到那裡的勞動成本上升，而且勞動力緊張。你覺得春季用工高峰期的招募情況怎麼樣？你認為未來還會有其他薪資調整措施嗎？

Greg, I mean, we're out -- as we've indicated, we're looking to hire 100,000 people for the spring. We're going to utilize all of our capabilities and our messaging around attracting folks to The Home Depot. We've been able to do that.

格雷格，我的意思是，正如我們之前提到的，我們計劃在春季招募10萬人。我們將竭盡全力，利用我們的訊息來吸引顧客到家得寶。我們已經做到了。

On the wage front, we're doing the same thing that we've always done. We look at this every single month. We look at market by market, and we're going to make sure that we're competitive in the marketplace so that we can attract folks into The Home Depot. Nothing's different there. There's certainly more action and more pressure than we've seen in the past, but our approach has not changed.

在薪資方面，我們的做法和以往一樣。我們每個月都會關注這個問題。我們會逐一考察，確保我們在市場上具有競爭力，從而吸引顧客光顧家得寶。在這方面沒有什麼不同。當然，我們採取的行動和麵臨的壓力都比過去更大，但我們的做法並沒有改變。

Greg, I think the good news on the hiring 100,000 people are applications are up meaningfully. So we feel good about hiring that spring cohort.

格雷格，我認為招募10萬名員工的好消息是，申請人數大幅增加。所以我們對春季招募這群員工感到很滿意。

Our next question comes from the line of Peter Benedict with Baird.

我們的下一個問題來自貝爾德的彼得·本尼迪克特。

Congrats, too, Craig, Ted.

也祝賀你，克雷格、泰德。

Thank you.

謝謝。

My question is on inventory. My first question is on inventory. As you sit here, it's up a little more than 50% over 2019 levels, sales up a little less than 40%. Just how are you thinking about that gap and what the right level of inventory is as we move through '22? I know your -- there was a comment earlier about landing product earlier. So just maybe talk us through the kind of the inventory situation, where you sit right now and how you see that flowing through the year.

我的問題是關於庫存的。我的第一個問題是關於庫存的。目前，庫存比2019年的水準成長了50%多一點，銷售額成長了不到40%。您如何看待這個差距？隨著2022年的到來，庫存的合理水準是多少？我知道您之前提到提前到貨。所以，請您談談庫存狀況，您目前的庫存狀況，以及您認為今年的庫存狀況如何。

Peter, a couple of comments. I mean, first of all, we feel good about the makeup of our inventory. As John said, we are working to bring goods in early to make sure that we're ready for spring. That's our busiest time of the year.

彼得，我想提幾點意見。首先，我們對庫存的組成感到滿意。正如約翰所說，我們正在努力提前進貨，確保為春季做好準備。春季是我們一年中最忙碌的時候。

I think an important thing to step back and look at is we delivered 5.2 turns. That turn level was higher than pre-pandemic levels, which ran 4.9. So we feel really good about the inventory productivity that we have in place. Last year's 5.8 was off of a scenario where we just didn't have a level of goods for a good portion of the year that we wanted to have.

我認為值得回顧的一點是，我們的周轉率達到了5.2。這個水準高於疫情前的4.9。因此，我們對現有的庫存生產力感到非常滿意。去年的5.8是在一年中的大部分時間裡，我們都沒有達到預期的庫存水準的情況下得出的。

And then finally, as it relates to the inventory, as it's been referenced on the call here, we're in a -- still in many categories, we're in a storm-like environment. The more goods we get, the more we sell. And the merchants and the supply chain team have been working like crazy to continue to build inventory to find out what the high level of demand actually is. So we're kind of watching the productivity. At the same time, we're not concerned about the inventory build at $5 billion at all.

最後，關於庫存，正如我們在電話會議上提到的，我們仍然處於一個——在許多類別中，我們仍然處於風暴般的環境中。我們進去的貨越多，賣的越多。商家和供應鏈團隊一直在瘋狂地持續增加庫存，以了解真正的高需求水準。所以我們正在關註生產力。同時，我們完全不擔心50億美元的庫存累積。

Okay. That's helpful. And then I guess my next question is on to a category standpoint. Flooring was mentioned a little bit below, I guess, the company average. Just curious if there's anything going on within that category from like just an overall tone or what you're seeing. Or is that not really a material change?

好的。這很有幫助。接下來想問的是產品類別的問題。地板業務的業績略低於公司平均。我只是好奇，從整體基調或您所看到的情況來看，這個類別是否發生了一些變化？或者說，這其實不是一個實質的改變？

Peter, it's Jeff Kinnaird. We had a great quarter in flooring. We're happy with our business. The hard surface categories are exceptionally strong. If you look at vinyl flooring, electrified tile business, thrilled with the LifeProof private brand strategy we've got deployed. And on top of that, we just -- we're leveraging new capabilities that Ted spoke to with our supply chain and larger format tile. Very happy with the flooring business.

彼得，我是傑夫‧金奈爾德。本季我們的地板業務表現非常出色。我們對業務非常滿意。硬地面產品類別表現特別強勁。如果您關注乙烯基地板和電氣化瓷磚業務，我們對我們部署的LifeProof自有品牌策略感到非常興奮。除此之外，我們正在利用泰德提到的供應鏈和大尺寸瓷磚方面的新功能。我們對地板業務非常滿意。

Our next question comes from the line of Steve Forbes with Guggenheim.

我們的下一個問題來自古根漢的史蒂夫福布斯。

Congrats all around. I wanted to focus on the 2021 expense build. So maybe to start with -- for Richard. Can you remind us how the Success Sharing program trended during 2021 relative to plan? And then as we think about incentive compensation for the whole year, is there anything to call out in terms of that weight right on the business as we look out to 2022?

恭喜大家！我想重點談談2021年的費用成長。所以，首先我想談談理查。您能否提醒我們一下，成功分享計畫在2021年相對於計畫的趨勢如何？然後，當我們考慮全年的激勵薪酬時，展望2022年，關於這項計劃對業務的影響，有什麼需要注意的嗎？

We're proud that we paid impressive levels of Success Sharing to our amazing associates. We do see that bonus normalizing in 2022. So that's part of the dynamic allowing us to keep operating margin flat in a slightly positive sales environment.

我們很自豪地向優秀的員工發放了令人印象深刻的成功分享獎金。我們預計這項獎金將在2022年正常化。因此，這也是我們在略微積極的銷售環境下保持營業利潤率平穩的動力之一。

And then just a follow-up, maybe thinking longer term, so for Ted or Richard. As we think about like the level of investment spending you're sort of indicating -- because it sounds like investment spending is going to be more constant. But any updated thoughts on how you sort of think about what the right level of spend is? Or maybe you could just update us on your methodology on how you sort of approach your planning process for investment spending. Is it a certain percentage of sales that we should think about as the normal sort of base case level? Any sort of high-level thoughts on how we should be thinking about the model implications of investment-related spending?

接下來是後續問題，也許是從更長遠的角度考慮，例如泰德或理查德。讓我們思考一下您提到的投資支出水準—因為這聽起來投資支出會更加穩定。但是，您對於合理的支出水準有什麼最新的看法嗎？或者，能否介紹一下您制定投資支出規劃流程的方法。我們是否應該將銷售額的某個百分比作為正常的基準水平？關於我們應該如何看待投資相關支出的模型意義，您有什麼高層次的想法嗎？

We do think that a steady and agile approach to capital investment in the business is the right one. We had what I would say is objectively an extraordinary return on investment in the period 2018 to 2020 when we ramped up our capital investment. But starting with last year, we established a sort of a guideline where we expect appropriate capital expenditures to be around 2% of sales.

我們確實認為，穩健且靈活的業務資本投資策略是正確的。客觀地說，在2018年至2020年期間，我們加強了資本投資力度，獲得了非凡的投資回報。但從去年開始，我們制定了一項指導方針，預計適當的資本支出應佔銷售額的2%左右。

We intend to invest on a much more consistent basis but also a much more agile basis. And I think one benefit that we took from the period over the last 2 years is a much more frequent, almost evergreen constant reevaluation of where our investments were going and whether we were seeing returns.

我們打算以更一致、更靈活的方式進行投資。我認為，過去兩年我們獲得的一個好處是，我們能夠更頻繁、幾乎一致地重新評估我們的投資方向以及是否獲得了回報。

We pivoted significant investment within the capital plan and within the P&L during 2021, but that didn't mean it was incremental. We just saw where we had more favorable return on investment, and that's where we went. GSR is a great example of that over the last 2 years, an idea that our brilliant associates really kind of drove from grassroots and has become a major component of what we're doing from a productivity perspective. So that's the long answer. The short answer is we think 2% of sales should be adequate.

2021年，我們在資本計畫和損益表中調整了重大投資，但這並不意味著投資是漸進式的。我們只是看到了哪些地方的投資報酬率更高，然後就轉向了那裡。 GSR 就是過去兩年來一個很好的例子，這個想法是由我們傑出的同事從基層推動的，並且從生產力的角度來說，它已經成為我們工作的重要組成部分。所以，長話短說，我們認為銷售額的2%應該就夠了。

Yes, it's important to note that we do a reasonably robust testing scenario in most capital investments that we make. And we look to test and see a result before we actually roll. And that's a process that we've been using for the better part of the last 15 years.

是的，需要注意的是，我們在大多數資本投資中都會進行相當嚴格的測試。我們會在實際投入使用前進行測試並查看結果。在過去15年的大部分時間裡，我們一直在使用這個流程。

Our next question comes from the line of Karen Short with Barclays.

我們的下一個問題來自巴克萊銀行的凱倫‧肖特 (Karen Short)。

A couple of questions just on, well, on the TAM and market share. So when you look at your share in 2019, I'm kind of at around 16% on the $650 billion TAM. And then when I look at '21, on a $900 billion TAM, you're kind of still at 16%. So I guess the first question is, why would your share not have increased? And maybe I'm not using apples-to-apples on the TAM, but maybe just clarify that.

我有幾個關於TAM和市場份額的問題。以2019年的市佔率來看，在6,500億美元的TAM中，你們的市佔率大概在16%左右。而以2021年9000億美元的TAM來看，你們的市佔率大概仍然在16%。所以我想第一個問題是，為什麼你們的市佔率沒有成長？也許我沒有用蘋果對蘋果的比較來比較TAM，但我想澄清一下。

Well, I think it is such an imprecise science. We're trying to give you a sense that this is a huge market and it is fragmented. I think that trying to measure market share with precision difficult. That's why when we check ourselves in market share gain, we do a lot of triangulation, vendor partners, third-party data.

嗯，我認為這是一門不太精確的科學。我們試著讓大家感受到這是一個龐大的市場，而且它非常分散。我認為，試圖精確地衡量市場佔有率非常困難。這就是為什麼我們在評估市場佔有率成長時，會進行大量的三角測量，參考供應商合作夥伴和第三方數據。

And -- but as far as thinking about the $650 billion and the $900 billion, both of them had pluses attached to them. Again, it's not completely apples-to-apples. We've included the entirety of North America. We've expanded our view of MRO. Previously, our view of that market was $55 billion. As we understand that market is just a bigger market, we have a smaller share than we thought. And what I love about the $900 billion-plus number is there's a tremendous amount of room to grow for us.

但就6500億美元和9000億美元而言，它們各有優勢。再說一次，這並非完全等價。我們涵蓋了整個北美市場。我們擴展了對MRO市場的認知。之前，我們對該市場的預期是550億美元。我們知道這個市場規模更大，但我們的份額比預想的要小。我喜歡9000多億美元這個數字，因為它為我們提供了巨大的成長空間。

Okay. That's helpful. And then with respect to your '22 guidance on sales growth basically growing in line with EBIT, I mean if there's a sharp slowdown in sales at some point, can you just talk a little bit about what levers you have to remain within your EBIT guidance? And then just on that also, can you just remind us what you think your comp leverage point is now versus pre-pandemic?

好的。這很有幫助。然後，關於您2022年的銷售成長指引，基本上與息稅前利潤（EBIT）同步成長。我的意思是，如果銷售額在某個時候急劇放緩，您能否稍微談談，您有哪些槓桿可以保持在息稅前利潤（EBIT）指引的範圍內？然後，關於這一點，您能否提醒我們，您認為現在的競爭槓桿點與疫情前相比是多少？

Well, again, it depends on the circumstance we find ourselves in. That's why we've created plenty of financial flexibility in our model. In a scenario where sales are decreasing, we have variable expense that decreases with sales. We have a degree of fixed expense that can be reduced. We have a degree of discretionary expense that can be reduced. But all of these things are levers that we have to consider in the moment.

嗯，這又取決於我們所處的環境。這就是為什麼我們在模型中設定了足夠的財務靈活性。在銷售額下降的情況下，我們的變動費用會隨著銷售額的下降而減少。我們也有一定程度的固定費用可以減少。我們也有一定程度的可自由支配費用可以減少。但所有這些都是我們目前必須考慮的槓桿。

As far as a flex point, we've historically been able to drive operating expense leverage in low single-digit comp environments. We feel confident that we have the financial flexibility to continue to do that.

就彈性點而言，我們過去一直能夠在低個位數的競爭環境中提高營運費用槓桿。我們相信，我們擁有繼續保持這種財務靈活性的能力。

And you've heard us say this before, Karen, but our largest operating expense is hourly payroll and having activity-based model. If sales drop off, transactions, units, et cetera, our labor model adjusts to that, and you reduce your labor expense.

凱倫，你之前也聽我們說過，我們最大的營運支出是小時工資和基於活動的模型。如果銷售額、交易量、單位數量等等下降，我們的勞動力模型就會隨之調整，進而減少勞動成本。

Manage it real time, yes, pretty real time as well.

即時管理，是的，相當即時。

Right. Okay. And my congratulations to Craig and Ted as well.

對。好的。我也祝賀克雷格和泰德。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Liz Zuki with Bank of America.

我們的下一個問題來自美國銀行的 Liz Zuki。

So I was hoping you could give an update just on the One Supply Chain strategy that you had discussed back at the Analyst Day in 2019. And what were you ultimately able to get done in those last 2 years adding FDCs, RDCs, MDOs. I mean there were a lot of facilities that were planned in the CapEx outlook. I'm sure there was some disruption due to COVID. So just curious how much of that CapEx outlook for '22 might include some of those One Supply Chain investments.

所以我希望您能更新一下您在2019年分析師日討論過的「一體化供應鏈」策略的最新情況。過去兩年，您透過增加FDC、RDC和MDO，最終取得了哪些成果？我的意思是，資本支出展望中有很多設施的規劃。我確信新冠疫情造成了一些幹擾。所以我很好奇，2022年的資本支出展望中有多少會包含「一體化供應鏈」的投資。

Yes. I'll give a bit of context on the One Supply Chain rollout, and then I'll let Richard comment on the CapEx. As Ted called out, our supply chain is an important component of the ecosystem we are building to better serve our customers and drive productivity. As you know, the intent of our supply chain transformation was to build the fastest, most efficient and reliable delivery network for home improvement products, reaching approximately 90% of the population with same- or next-day service for parcel, big and bulky and flatbed deliveries.

是的。我會簡單介紹一下「一體化供應鏈」的推出，然後讓理查德談談資本支出。正如泰德所說，我們的供應鏈是我們正在建立的生態系統的重要組成部分，旨在更好地服務客戶並提高生產力。如您所知，我們供應鏈轉型的目標是打造最快、最有效率、最可靠的家裝產品配送網絡，為約90%的人口提供當日或隔天達包裹、大件貨物和平板拖車的配送服務。

Our original supply chain investment plan called for approximately 150 new facilities. And while many of these facilities will be complete by the end of 2022, some will take a bit longer due to the constraints we've seen as it relates to COVID and also taking into account our recent acquisition of HD Supply.

我們最初的供應鏈投資計畫是新建約150個設施。雖然其中許多設施將在2022年底前竣工，但考慮到新冠疫情帶來的種種限制，以及我們最近收購HD Supply的因素，有些設施的竣工時間可能會更長一些。

In terms of our market delivery operations, or MDOs, we expect to have approximately 85 of the 100 that we plan fully operational by year-end. In terms of our market delivery centers, we have a handful open today, but I expect those will take a bit more time to roll out given the acquisition of HD Supply, which we required that we briefly pause the rollout in order to determine how legacy HD Supply assets would factor into our broader supply chain plans.

就我們的市場交付營運（MDO）而言，我們預計到年底將有約85個（我們計畫的100個）全面投入營運。就我們的市場交付中心而言，目前我們已開放了一些，但由於收購了HD Supply，我預計這些中心的部署將需要更多時間。我們要求暫停HD Supply的部署，以確定原有的HD Supply資產將如何納入我們更廣泛的供應鏈計畫。

This led us to a decision to rethink the scope of our MDC facilities, which were originally intended to carry the most delivered store SKUs as well as MRO SKUs. We decided that we would leverage the legacy HD Supply network for our MRO fulfillment, freeing up capacity in our MDCs so that we can better operate as a local, direct fulfillment center for store-based SKUs.

這促使我們決定重新考慮MDC設施的營運範圍。這些設施最初旨在承載交付量最大的門市SKU以及MRO SKU。我們決定利用原有的HD Supply網路來履行MRO，從而釋放MDC的產能，以便我們能夠更好地作為門市SKU的本地直銷履行中心運作。

Lastly, in terms of our flatbed distribution centers, we expect to end the year with approximately 15 or about half of our intended goal. The FDC in Dallas was the first we stood up. It has been operating for just over 2 years, and we really like what we're seeing out of this facility. But what we've learned is that it takes time to assort, optimize and really commercialize these buildings. So we're very pleased with the progress that we made regarding our One Supply Chain strategy but still have more work to do.

最後，就我們的平板配送中心而言，我們預計今年底將建成約15個，約佔預期目標的一半。達拉斯的平板配送中心是我們建立的第一個。它運作了兩年多，我們非常滿意目前的表現。但我們了解到，對這些設施進行分類、優化和真正商業化需要時間。因此，我們對「單一供應鏈」策略的進展感到非常滿意，但仍有更多工作要做。

And so just some clarification on the CapEx, the CapEx to complete One Supply Chain is embedded in our expectations for capital expenditures around 2% of sales. I think it's also really noteworthy to think that while there were some delays and some great opportunities we took after the acquisition of HD Supply to further optimize what these assets could mean to our end markets, we still grew by $40 billion over 2 years. And so while we're really sort of early days of One Supply Chain, it's one part of an ecosystem that has created tremendous market share capture and top line growth. We're excited to keep investing and -- as we are the rest of the ecosystem.

關於資本支出，我只想澄清一下。完成「一體化供應鏈」的資本支出已包含在我們預期的約佔銷售額2%的資本支出中。我認為同樣值得注意的是，儘管在收購HD Supply之後，我們經歷了一些延誤，也抓住了一些絕佳的機會，進一步優化了這些資產對我們終端市場的意義，但我們在兩年內仍然實現了400億美元的增長。因此，雖然「一體化供應鏈」專案還處於早期階段，但它是生態系統的一部分，該生態系統已經創造了巨大的市場份額和營收成長。我們很高興能夠繼續投資——因為我們也是生態系統的一部分。

Now I often say, Liz, that we talk here about running the business and changing the business with our new capabilities. And the supply chain team had to run the business during a pandemic and change the business. So they've done just a tremendous job.

莉茲，我常說，我們在這裡討論的是經營業務，以及如何利用我們的新能力來改變業務。供應鏈團隊必須在疫情期間營運業務，並進行業務變革。所以，他們做得非常出色。

Our next question comes from the line of Dennis McGill with Zelman & Associates.

我們的下一個問題來自 Zelman & Associates 的 Dennis McGill。

First question, I just want to go back to -- you mentioned a couple of times the storm-like situation in the stores and that if you had more inventory or when you get the inventory, you're able to sell it pretty quickly. And yet transactions are down. So I just wanted to clarify, are you implying that transactions are down because you don't have the right in-stocks? Or are those 2 things unrelated?

第一個問題，我想回到剛才的問題——您幾次提到門市的銷售情況像風暴一樣，如果庫存充足，或者到貨後很快就能賣出去，但交易量卻下降了。所以我想澄清一下，您是在暗示交易量下降是因為庫存不足嗎？還是說這兩件事本身沒有關聯？

There's certainly transaction pressure as a result of levels of inventory in certain categories. One of the pressured areas in the business over the last 1.5 years, if you will, has been in electrical. Our merchants did a phenomenal job, as Ted called out, I can't remember the last quarter or the quarter before on capturing more capacity in terms of getting goods, with the Carlon boxes becoming exclusive to The Home Depot. I mean we literally have seen the volume go up significantly. In-stock hasn't improved one iota because it moves off the shelf as fast as we get it.

某些品類的庫存水準確實存在交易壓力。過去一年半以來，我們業務中承受壓力最大的領域之一，可以說是電器行業。正如Ted所說，我們的經銷商做得非常出色，我記不清上一季或前一季在進貨方面取得了多大的提升，因為Carlon的盒子已經成為家得寶的獨家產品。我的意思是，我們確實看到銷量大幅成長。庫存情況絲毫沒有改善，因為我們進貨的速度和下架的速度一樣快。

And so part of what's happening with our Pro customers, when they see goods, they're buying it. Where in the past, they might have bought it closer to a job and actually shop more frequently, they're actually grabbing what they see when they see it on the shelf.

所以，我們Pro客戶現在的情況是，他們看到商品就會買。過去，他們可能會在工作地點附近買，而且購物頻率更高，但現在他們實際上是在貨架上看到商品就買。

Okay. That's helpful. And then longer term, on the market share side, as you think out over the next 2 or 3 years, are there certain categories in the store or departments in the store that you're most excited about share gain opportunity?

好的。這很有幫助。那麼從長遠來看，就市場佔有率而言，您設想未來2到3年，商店裡有哪些類別或部門是您最看好其市場份額成長機會的？

Well, I mean, truly, it's across the store, Dennis. You've heard me go on before about innovation. We literally have innovation in every bay of the store. We remain a project business and I can't say any one project today, Jeff, your thoughts, is driving the business more than any other.

嗯，我的意思是，這真的貫穿了整個商店，丹尼斯。你之前聽我說過創新。我們商店的每個角落都充滿了創新。我們仍然是一家專案型企業，傑夫，根據你的想法，我不能說今天任何一個專案比其他任何專案都更能推動業務發展。

Yes, it's across the store. If you think about the lumber business and composite decking; if you think about build materials in terms of the drywall and insulation and roofing categories. If you look at flooring, we talked about luxury vinyl tile and the LifeProof strategy, other hard surface flooring opportunities. If you look at Pro paint and the opportunity we have there with PPG and Behr. If you look at power tools in Milwaukee and RYOBI and other programs that we're driving across the 25-tool department; 26, 27, the plumber and the electrician. I mean, Ted, in 28, the outdoor garden category, it goes across the business in terms of market share opportunities to name a few.

是的，它貫穿整個門市。如果你考慮木材業務和複合地板；如果你考慮建築材料，例如石膏板、隔熱材料和屋頂類別。如果你考慮地板，我們討論了豪華乙烯基瓷磚和LifeProof策略，以及其他硬地板機會。如果你考慮專業塗料，以及我們與PPG和Behr合作的機會。如果你考慮到密爾瓦基的電動工具、RYOBI以及我們正在25個工具部門推廣的其他項目；26、27個工具部門，水管工和電工部門。我的意思是，Ted，在28個戶外花園類別中，它涉及整個業務，包括市場份額機會等等。

Yes, Dennis, so let me just build on Jeff's comment on Pro paint. I mean we have just seen a tremendous growth in our paint business. With Behr, we've had the one consumer brand and highest-rated consumer brand for some time. And in working with each of PPG and Behr to put together a very formidable Pro go-to-market strategy, we -- Behr has formulated Pro-specific paint that's in our store.

是的，丹尼斯，所以我想補充傑夫關於專業塗料的評論。我的意思是，我們的塗料業務剛剛實現了巨大的成長。有了百色海豹，我們一段時間以來一直是唯一的消費者品牌，而且是評價最高的消費者品牌。我們與PPG和百色海豹合作，制定了非常強大的專業市場推廣策略，百色海豹專門為我們店裡的產品配製了專業塗料。

They also have, as you've heard us mention before, outside sales force, working with our outside sales force and our stores to, again, get that larger Pro planned purchase in paint. And we're doing this exact same thing with PPG. PPG has very large external sales force. They are now introducing their PPG-branded paint. So think of SPEEDHIDE paint. This is the specced paint for the Pro market that PPG is introducing in our stores for the very first time, and then also leveraging their stores and their outside sales force. We're absolutely thrilled with our 2 supplier go-to-market proposition and getting these Pro brands and external sales forces. We're just -- we couldn't be happier with what we're building in Pro paint.

正如您之前聽到我們提到的，他們還有外部銷售團隊，與我們的外部銷售團隊和我們的門市合作，再次爭取更大的專業塗料計畫採購量。我們也在與 PPG 做同樣的事情。 PPG 擁有非常龐大的外部銷售團隊。他們現在正在推出 PPG 品牌的塗料。例如 SPEEDHIDE 塗料。這是 PPG 首次在我們的門市推出的針對專業市場的專用塗料，同時也利用了他們的門市和外部銷售團隊。我們對兩家供應商的市場推廣方案以及獲得這些專業品牌和外部銷售團隊感到非常興奮。我們對我們在專業塗料領域的發展感到非常滿意。

Ms. Janci, I would now like to turn the floor back over to you for closing comments.

詹西女士，現在我想把發言權交還給您，請您發表最後評論。

Thank you, Christine, and thank you all for joining us today. We look forward to speaking with you on our first quarter earnings call in May.

謝謝克里斯汀，也謝謝大家今天的到來。我們期待在五月的第一季財報電話會議上與大家交流。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。您可以掛斷電話了。感謝您的參與，祝您有美好的一天。