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.

您好，歡迎來到家得寶財報電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

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

現在很高興向您介紹主持人 Isabel Janci。請繼續。

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.

謝謝你，克里斯汀，大家早上好。歡迎來到家得寶 2021 財年第四季度和財報電話會議。在今天對我們的業績發表評論之後，我們將花幾分鐘時間向您介紹我們的戰略重點，因為我們展望下一階段的增長。我們將保留所有問題，直到我們準備好的評論結束。之後，電話將公開提問。問題僅限於分析師和投資者。 （操作員說明）如果我們在通話期間無法回答您的問題，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，正如我們在季度收益發布中所提到的，在電話會議之後，我們將在投資者關係網站上發布一些補充幻燈片。今天加入我們電話會議的還有董事長兼首席執行官 Craig Menear； Ted Decker，總裁兼首席運營官；和執行副總裁兼首席財務官 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，讓我提醒您，今天的新聞稿和我們高管所做的陳述包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。這些陳述受到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大相徑庭。這些風險和不確定性包括但不限於新聞稿和我們提交給證券交易委員會的文件中確定的因素。今天的演講還將包括某些非公認會計原則的措施。我們的網站上提供了這些措施的對賬。

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.

謝謝你，伊莎貝爾，大家早上好。感謝您今天早上加入我們的電話會議。如您所知，這是我最後一次召開財報電話會議，在過去的 7.5 年中擔任 CEO 為我們的客戶、員工、股東和社區服務是一種祝福和榮幸。我為這個團隊共同取得的進步感到非常自豪，但也許我們最大的成就是培育了我們公司的文化，我認為這是一種競爭優勢。我相信這個領導團隊將有效地指導家得寶度過其下一階段的增長。

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.

但在我們談論這個之前，讓我們先討論一下我們今年的業績。 2021 財年是家得寶又一個創紀錄的一年，我們實現了銷售額超過 1500 億美元的里程碑。我們繼續以敏捷的方式駕馭充滿挑戰和流動性的環境。這導致我們在 2020 財年實現了近 20% 的薪酬增長，而 2021 財年實現了兩位數的薪酬增長。

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.

在過去的兩年裡，我們的業務增長了超過 400 億美元。就背景而言，在大流行之前，從 2009 年到 2018 年，我們花了 9 年時間將業務增長超過 400 億美元。因此，在 2 年內實現這一增長水平確實證明了我們的投資、我們的團隊及其出色的執行力。

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.

如果沒有我們的橙血同事，過去 2 年所取得的成就是不可能實現的。我們的員工一直堅持不懈地關注客戶，同時應對持續的大流行、全行業供應鏈中斷、通貨膨脹和緊張的勞動力市場。

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的長期關係和牢固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建立深度，並儘可能快速有效地將產品流向商店和配送中心。我為我們的員工繼續表現出的韌性和力量感到無比自豪，我要感謝他們和我們所有的合作夥伴，感謝他們的辛勤工作和為我們的客戶、社區和彼此服務的奉獻精神。他們在 2021 財年的非凡努力創造了創紀錄的“成功分享”，這是我們為每小時員工提供的獎勵計劃。

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

有了這個，我想把它交給 Ted，他將提供一些關於我們第四季度業績的更多細節。

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，克雷格，大家早上好。由於家居裝修需求依然強勁，我們在今年結束時又迎來了一個特殊的季度。第四季度銷售額增長約 35 億美元至 357 億美元，比去年增長 10.7%。可比銷售額比去年增長 8.1%，美國的可比銷售額為 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.

在第四季度，我們所有的地區和商品部門都發布了積極的業績。高於公司平均水平的部門是管道、電氣、建築材料、木製品、裝飾和存儲以及油漆。我們的廚衛部門符合公司平均水平。五金工具、木材、地板、電器和我們的園藝部門是積極的，但低於公司平均水平。

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.

在第四季度，我們的平均票價增長了 12.3%。 Comp 交易減少 3.8%。我們的平均票價增長主要是由幾個產品類別的通貨膨脹推動的。在木材、建築材料和銅的通脹推動下，核心商品類別在第四季度對我們的平均票價增長產生了約 185 個基點的積極影響。

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.

木材價格仍然波動。例如，僅在第四季度，框架材的價格就從每千板英尺約 585 美元到超過 1,200 美元不等，漲幅超過 100%。在 2 年的基礎上，第四季度的補償平均票和補償交易都是健康和積極的。與去年第四季度相比，大額補償交易或超過 1,000 美元的交易增長了約 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.

我們在 Pro 和 DIY 客戶中看到了持續的實力。在第四季度，Pro 銷售增長超過了 DIY 增長。相對於第三季度，我們的 Pro 和 DIY 客戶的銷售增長在第四季度加速，並且在兩個客戶群的 2 年內都顯示出強勁的兩位數增長。

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.

利用我們的數字平台的銷售額在第四季度增長了約 6%，全年增長了約 9%。在過去的兩年裡，我們數字平台的銷售額增長了 100% 以上。我們專注於提供無摩擦、相互關聯的購物體驗，這引起了客戶的共鳴，因為在 2021 財年，我們大約 50% 的在線訂單是通過我們的商店完成的。我們對自己作為家居裝修第一零售商的地位感到非常滿意，我們期待期待在繁忙的春季銷售季節為我們的客戶服務。

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.

在我將電話轉給 Richard 之前，我還要非常感謝我們所有的員工以及我們的供應商和運輸合作夥伴在 2021 年所做的令人難以置信的努力。在過去的一年裡，我們面臨著許多挑戰，包括不斷上升的成本壓力、整個供應鏈的中斷以及持續的大流行。我們非常感謝我們的跨職能團隊與我們的合作夥伴合作以緩解這些挑戰，同時專注於為我們的客戶和社區服務。

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

有了這個，我想把電話轉給理查德。

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.

謝謝你，泰德，大家早上好。第四季度，總銷售額為 357 億美元，比去年同期增長約 35 億美元或 10%——10.7%。本季度我們的公司總收入為 8.1%，11 月份為 7.3%，12 月份為 10.2%，1 月份為 7%。本季度美國的收入為 7.6%，11 月份為 7.2%，12 月份為 10.9%，1 月份為 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.

我們第四季度的業績再次受到整個業務和地區廣泛實力的推動。美國所有 19 個地區都公佈了積極的業績，加拿大和墨西哥在第四季度都公佈了兩位數的積極業績。

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%.

今年，我們的銷售額達到創紀錄的 1512 億美元，與 2020 財年相比，銷售額增長了 190 億美元或 14.4%。全年，公司總銷售額增長 11.4%，美國公司銷售額增長 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%，比去年下降了約 35 個基點。全年，我們的毛利率為 33.6%，比去年下降約 30 個基點，主要受產品組合和供應鍊網絡投資的推動。

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，營業費用約佔銷售額的 19.7%，比去年下降約 120 個基點。我們在第四季度的運營槓桿反映了與我們在 2020 年第四季度為支持我們的員工而發生的重大 COVID 相關費用的比較，這是與第四季度完成 HD Supply 收購相關的 1.1 億美元非經常性費用的周年紀念2020 年，以及本季度穩健的費用管理。在 2021 財年第四季度，我們還發生了大約 1.25 億美元的 COVID 相關費用。

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.

全年，營業費用約佔銷售額的 18.4%，比 2020 財年減少了約 170 個基點。我們 2021 財年的營業費用槓桿反映了與去年相比，我們與 COVID 相關的成本有所下降，部分被工資所抵消在 2020 年底以及整個 2021 年採取的行動。我們今年的運營費用包括對我們業務的持續投資水平，我們打算繼續這樣做。今年，我們對我們能夠提供的運營費用槓桿感到非常滿意。

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%.

我們第四季度的營業利潤率約為 13.5%，全年約為 15.2%。第四季度的利息和其他費用與去年基本持平。第四季度，我們的有效稅率為 25.5%，2021 財年為 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.

我們第四季度的稀釋後每股收益為 3.21 美元，與 2020 年第四季度相比增長了 21.1%。2021 財年的稀釋後每股收益為 15.53 美元，與 2020 財年相比增長了 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.

年內，我們開設了 7 家新店，並通過小規模收購增加了 14 家新店，使我們的店鋪數量在 2021 財年末達到 2,317 家。到 2021 財年末，零售面積約為 2.41 億平方英尺。總計2021 財年每零售平方英尺的銷售額約為 605 美元，這是我們公司歷史上的最高水平。本季度末，商品庫存為 221 億美元，比去年增加 54 億美元。庫存周轉率為 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.

繼續進行資本配置。在第四季度，我們以資本支出的形式向我們的業務投資了大約 8.3 億美元。這使 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.

年內，我們向股東支付了約 70 億美元的股息。隨著收益的增長，我們希望每年增加股息。今天，我們宣布我們的董事會將我們的季度股息提高 15% 至每股 1.90 美元，這相當於 7.60 美元的年度股息。

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大約 150 億美元，其中包括第四季度的 45 億美元。根據過去 12 個月開始和結束的長期債務和股權的平均數計算，投資資本回報率為 44.7%，高於 2020 財年第四季度的 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.

現在我將評論我們對 2022 年的展望。更廣泛的住房環境繼續支持家居裝修。房屋需求持續強勁，可供出售的現有房屋庫存仍接近歷史低點，從而支持房價持續上漲。平均而言，自 2019 年第一季度以來，隨著美國房屋淨值總價值增長約 35% 或 6.5 萬億美元，房主的資產負債表繼續加強。住房存量持續老化，客戶告訴我們對房屋裝修項目的需求所有尺寸都是健康的。

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的持續和彈性需求感到鼓舞，但在通貨膨脹的影響、供應鏈動態以及消費者支出將如何在全年演變方面仍然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 年全年指引仍然具有挑戰性。因此，我們的 2022 財年指導基於我們在過去兩個季度觀察到的美元需求運行率。我們根據歷史季節性調整此美元運行率，以計算我們 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發生重大變化，我們計算出 2022 財年的銷售增長和復合銷售增長將略微為正。我們預計 2022 財年的營業利潤率將與 2021 年持平。我們預計低與 2021 財年相比，攤薄後每股收益實現個位數百分比增長。在 2022 財年，我們計劃以資本支出的形式向我們的業務投資約 30 億美元，符合我們約 2% 的年度預期的銷售量。

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，我們已經將自己定位為在任何環境中滿足客戶的需求，我們的結果證明了這一點。我們對業務的投資使我們的運營模式變得靈活。展望未來，我們將繼續投資以加強我們在客戶中的地位，利用我們的規模和低成本地位，以比市場更快的速度推動增長並為股東創造價值。

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

有了這個，我會把它交還給克雷格。

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，理查德。再一次，讓我祝賀球隊度過了非凡的一年。稍後，Ted 和 Richard 將分享他們對我們公司下一階段發展的看法。在過去的一年裡，領導團隊花了很多時間談論家得寶的下一步發展，我對擺在我們面前的機會感到前所未有的興奮。

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.

雖然我們的業務不斷變化，但我們的戰略重點始終如一：在家居裝修方面提供最佳客戶體驗，並擴大我們的低成本供應商地位。我們擴大市場份額和提供卓越股東價值的目標也沒有改變。正如 Ted 將詳述的那樣，我們已經並將繼續在整個業務中對差異化能力進行的投資將釋放機會，以提供我們認為在我們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.

我們完全有能力利用我們獨特的競爭優勢來利用我們領域引人注目的增長機會。我們擁有世界一流的領導團隊，他們有遠見和經驗帶領我們的公司邁上新的高度。我們擁有一支由大約 500,000 名員工組成的團隊，他們致力於傳承我們的創始人在 40 多年前灌輸給我們業務的文化。無論運營環境如何，這些員工都表現出卓越的執行力和對客戶的堅定承諾。

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.

我相信家得寶最偉大的日子就在我們前面。我很榮幸將電話轉給 Ted，他將更多地分享我們 2022 年及以後的戰略重點。

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。讓我花一點時間對您在 25 年的職業生涯中為這家公司所做的一切表示由衷的感謝。您是我們文化的偉大管家，確保我們的價值觀指導我們作為領導團隊做出的每一個決定。您帶領我們度過了轉型期，並為我們的未來做好了準備。所以代表我們所有的同事，謝謝你。

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.

我相信家得寶是一個與眾不同的組織。我們的成功源於我們的橙血員工、獨特的文化、以客戶為中心和卓越的運營。這就是 The Home Depot 的力量，也是我們成為家居裝修第一零售商的原因。我想花一些時間談談未來，這家偉大公司的下一步是什麼。

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.

我們已經看到了我們公司歷史上的幾個轉折點，所有這些都是出於保持伯尼和亞瑟在 40 多年前徹底改變家居裝修行業時所創造的成長心態和創業精神的願望。多年來，我們利用這些拐點來適應不斷變化的市場條件和客戶期望。

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，我們從作為增長動力的新店轉向以生產力為動力的增長。多年後，我們開始構建功能，以通過端到端方法更好地實現多渠道購物體驗。近年來，我們專注於客戶支持的方法，以提供最佳的家居裝修互聯購物體驗。客戶的期望在不斷發展，在購物過程中幾乎不能容忍任何摩擦。因此，我們將繼續適應以保持領先於客戶。

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.

在過去的十年中，我們看到了巨大的增長。自 2019 年底以來，我們無法預測到超過 400 億美元的增長。隨著這種增長，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?

我將把它交給理查德，他將簡要介紹我們的目標，並幫助我們在整個潛在市場的背景下構建機會。富有的？

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，特德。我們擴大市場份額和提供卓越股東價值的目標沒有改變。與這些目標一致，我們的目標是：首先，將業務增長到 2000 億美元的銷售額，這意味著我們現在的增量增長約 500 億美元；其次，同樣重要的是，提供一流的營業利潤美元增長和投資資本回報。

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.

我們相信，我們將通過我們有信心為我們的客戶、我們的員工和我們的股東贏得勝利的公式來實現這些目標。我們的目標是：提供最好的家裝體驗，擴大我們作為低成本供應商的地位，成為家裝領域最有效的資本投資者。

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.

在過去 2 年中，隨著我們的銷售額增長超過 400 億美元，我們的潛在市場也在增長。我們現在估計，我們在北美的總潛在市場超過 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.

我們已經投資於提高我們競爭地位的能力，讓我們能夠抓住過去無法有意義地解決的機會，這為消費者和專業人士提供了重要的增長機會。我們估計，這些各自的客戶群體中的每一個都代表了整個潛在市場的 50% 左右。我們還估計，這些重要的客戶群體中的每一個都占我們總銷售額的約 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，我們相信這個可尋址的終端市場超過 4500 億美元。在這個終端市場中，我們相信我們的可尋址維護、維修和運營或 MRO 空間已擴大到超過 1000 億美元。因此，雖然我們在所有地區都是排名第一的家居裝飾零售商，但在過去 2 年顯著擴張的龐大且分散的總潛在市場中，我們只佔相對較小的一部分。

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.

為了支持我們的增長目標，我們有一個簡單的資本配置方法，該方法也將保持不變。投資業務是我們的首要資本配置優先事項，我們了解到以更加一致和靈活的方式進行投資至關重要。我們的投資節奏變得更加實時，使我們能夠更快地進行調整，讓我們在看到積極成果時能夠更快地行動。在投資業務之後，我們打算通過支付健康股息和進行股票回購的平衡方式向股東返還多餘的現金。

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.

雖然在我們微調新的上市戰略和改進我們的流程以更好地為我們的客戶服務時，還有更多工作要做，但我們相信我們正在創造的東西將擴大我們的領導地位。我們打算利用我們無與倫比的規模，繼續優化資產和能力，以更具顛覆性的方式進行競爭。宏觀經濟環境是有利的，我們面前的機會是令人信服的，我們的資本分配原則將繼續為我們的利益相關者創造價值。

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，理查德。我們擁有強大的基礎和明顯的競爭優勢。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仍然是競爭優勢。其次，我們的商店是我們業務的中心，在未來的家居裝飾零售業中將永遠是重要的。我們擁有一流的房地產足跡，為客戶提供便利。

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相關的品牌和產品，並不斷推動市場創新。第四，我們擁有一流的供應鏈，並展示了我們靈活運營和駕馭任何環境的能力。最後，隨著我們的客戶越來越多地將物理世界和數字世界融合到他們的項目中，我們不斷改善互聯購物體驗。

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.

我們將繼續投資並加強這些優勢，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中的摩擦方面取得了重要進展。讓我給你一個真實的例子，說明我們在整個業務領域所做的投資如何為我們贏得更多客戶的錢包份額。

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 Pro 客戶為例。多年前，這家大型維修/改造商主要在我們的商店中與我們一起購物，主要是出於方便的目的。隨著時間的推移，他們的店內支出增加了，他們被指派了一位專門的專業客戶代表或 PAR，以加深我們與他們的關係。隨著我們對相互關聯的體驗進行投資，該客戶更頻繁地與我們互動，並且偶爾使用我們進行工作現場交付。在這一點上，我們看到他們在 The Home Depot 上的支出每年增長到超過 100,000 美元，但仍然主要用於店內計劃外的即時需求購買。

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，該客戶現在使用了許多新的和/或改進的功能。去年，這位客戶下載了我們的移動應用程序。他們的移動訂單增加了。他們加入了我們的 Pro 忠誠度計劃，並通過我們的 B2B 網站與我們進行了身份驗證。我們開始為某些產品提供個性化定價。他們從我們的幾個新的履行中心接收了第一批貨物，包括我們的一個新的平板配送中心。因此，我們看到該客戶每年的支出增加了兩倍多，達到 300,000 美元以上。雖然這是一個例子，但我們看到客戶增加了與我們的支出，因為他們對我們的能力建立了信心。

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.

雖然我們繼續為該客戶提供計劃外的即時需求購買服務，但我們現在相信我們的能力已開始滿足重要的計劃購買場合。我們相信，隨著我們努力實現 2000 億美元的銷售里程碑，為專業人士計劃內和計劃外的購買場合提供服務的能力將成為增長的重要驅動力。

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 是未來增長的重要推動力，但消除 DIY 客戶的摩擦同樣重要。讓我們以一個我們稱之為 Geena 的客戶為例，他是 4 年前進行浴室改造的 DIY 客戶，並將其與今天的相同購物體驗進行比較。 4 年前，她會非常依賴我們的商店和網站來幫助完成她的項目。 Geena 參與我們的數字應用程序有點困難。移動體驗沒有那麼直觀，搜索結果沒有那麼相關，相關推薦也很有限。因此，她可能多次去商店購買她不知道自己需要的物品。當她確實去商店時，在線購買、店內取貨或 BOPUS 基本上是傳統的現金攜帶模式之外的唯一選擇，用於收集她的項目所需的任何工具和材料。

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.

今天，吉娜的經歷將大為不同，因為她的購物過程中遇到的摩擦少了很多。隨著 Geena 在網上開始她的項目，搜索方面的改進為她提供了更相關的結果。我們還可以更好地了解她購物之旅的意圖，並可以提出支持她整個項目的建議。我們知道這些與產品相關的建議很重要。在過去 4 年中，我們看到產品推薦推動了銷售額的顯著增長。

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 Geena 來到我們的商店時，我們最近更新的移動應用程序和改進的標牌幫助她更輕鬆地瀏覽我們的過道。我們在前端進行了投資，以改善她的結賬體驗。和往常一樣，我們知識淵博的同事會在 Geena 的整個項目中為她提供幫助。

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 Geena 選擇在線下訂單以在商店取貨，她有多種履行選擇。她可以在服務台取走她的物品，從儲物櫃中取出這些物品，或者通過路邊取貨將它們帶到她的車上。 Geena 還可以收到數千件商品的當日或次日送達服務。我們已經看到像 Geena 這樣的客戶增加了他們在 The Home Depot 的支出，因為我們改善了店內體驗、更強大和個性化的在線購物旅程以及更多的交付和履行選項。

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.

我們也在轉變我們的思維方式，以提供真正無縫的互聯體驗。我們正在構建的飛輪超越了零售業的傳統渠道思維方式，成為一個功能和運營效率的生態系統，共同消除客戶購物旅程每一步的摩擦。

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鍊網絡是變革性的，但這與建築物本身無關。價值在於它們與改善客戶體驗的整體履行和商店生態系統的聯繫。新的履行中心使我們能夠擴大我們的分類和庫存深度，並提供更快、更可靠的交付選擇。此外，這些新設施消除了過去對商店施加的一些履行壓力，創造了更好的店內購物體驗，並讓員工騰出時間來幫助推動額外的銷售。

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.

我們的目標是建立一個無與倫比的家居用品配送網絡。在早期，我們繼續發展我們的能力，我們感到鼓舞的是，我們看到銷售額有了顯著提升，購物體驗更加互聯。

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增長，我們將繼續專注於提高生產力，這是家得寶的長期標誌。在技術的支持下，我們專注於消除不必要的任務並提高我們的流程效率，同時讓我們的購物體驗成為家居裝修中的最佳體驗。當我想到我們的商店時，我想到了這些年來巨大的生產力，所有這些都幫助我們在 2021 年實現了每零售平方英尺超過 600 美元的銷售額。當我們將目光投向 2000 億美元的銷售額目標時，我們有很多機會來改善整個商店的貨運流量，並推動進一步的空間優化和 SKU 生產力。生產力計劃不僅僅存在於我們的商店中。我們在整個業務中看到了許多機會。

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.

當我們的創始人在 40 多年前創辦家得寶時，他們改變了一個行業。我們正在延續這一傳統，但以相互關聯的方式這樣做。我們相信，我們正在建立的互聯生態系統將提高我們獲取份額的能力。我們打算用新的上市戰略來顛覆傳統的商業模式。今天擺在我們面前的機會與我們剛開業時一樣令人興奮，我很榮幸能幫助帶領這家公司進入下一個發展階段。

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，我們現在可以提問了。

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

（操作員說明）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，祝賀過渡。我的第一個問題是關於銷售前景的。因此，如果您正在指導略微積極的比較，並且我們假設，如果這是正確的假設，您提到的通脹水平在 2% 左右，這意味著今年的單位大致持平。您能否告訴我們您所看到的表明交易量持平的情況？

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?

我聽到了理查德關於過去兩個季度業務運行的評論，但是是否有任何住房部分或利率增加？您是否認為這最終會成為一種更保守的指導方法，而不是錨定某種類型的住房或利率指標？

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.

西蒙，關於通貨膨脹的評論，讓我澄清一下我們如何處理這個問題。在過去兩個季度中，我們在市場上看到的嵌入我們業務的情況是我們未來的假設。我們是中立的。當我們確立一個觀點，總結我們的前景時，我們不會從那個時候開始計劃通貨膨脹或通貨緊縮。我們只是處理我們遇到的任何事情。所以如果你願意的話，沒有內置的通貨膨脹。這就是今天的業務。然後我們將處理 22 年發生的事情。

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.

我想回到你的宏觀問題，然後我們可以談談單元，在宏觀方面，正如我們所說，看，現在環境中有很多動態。因此，很難對任何給定的宏觀經濟假設進行指導。

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.

這就是為什麼當我們回顧 2021 年的最後兩個季度時，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 22 年。因此，它實際上更多的是基於當前需求模式的數學練習，而不是宏觀經濟學。現在我們知道住房環境支持家裝需求。在這種情況下，泰德也許可以給單位一些顏色。

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。因此，在 2020 年令人難以置信的一年中，單位交易量一直為負數，但與我們在第二季度和第三季度看到的情況相比，它們在兩年的基礎上有所改善。我們在需求方面真正看到的是，當我們想到單位交易時，它與風暴環境並沒有什麼不同，西蒙。這是一個問題 - 特別是在面向專業的類別中，當我們收到貨物並將它們放在貨架上時，它們就會消失。雖然我們看到很多替代品，但我們仍然認為隨著供應鏈繼續補充我們的貨架，還有很多好處。

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?

知道了。好的。然後我的後續行動是一流的營業利潤美元增長。不想讓數字的字母變得可愛，但它是誰？是行業相關的零售嗎？你提到的終端市場，Pro 或 MRO，有什麼實際上會稀釋利潤的嗎？

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，這是 - 好吧，我想說我們是從我們的行業來看的，我們的 9000 億美元以上的潛在市場。我想說我們有許多不同的機會，但我要分享一件事，那就是提供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.

還有西蒙，當你回顧我們的業務歷史時，我們的專業人士會在整個商店購物。例如，我們的 Pro 業務本身就是我們 DIY 業務相對常見的利潤率概況。當然，在特定行業中，您會遇到泥瓦匠與畫家之間的差異。但總的來說，它非常相似。

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 Michael Lasser。

Craig and Ted, congrats.

克雷格和泰德，恭喜。

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，但你忘了包括你預計達到 2000 億美元的年份。所以，如果你能很快進入那種狀態，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.

所以邁克爾，我們已經制定了 2000 億美元銷售額的目標。我們打算以可持續和盈利的方式盡快到達那裡。

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?

您是否預計增長率會更高，接近您上次提供正式長期展望時所暗示的 3.5% 至 4%？

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.

目前我們的市場有很多動態，但我們有信心的是我們有能力在任何環境中佔有一席之地。我們打算在每個時期都增加市場份額。

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，當我們想到這 2000 億美元時，這顯然是下一階段的增長。顯然，團隊和投資者的目標是，在超過 1500 億美元之後，我們將目光投向了 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.

在不涉及具體的增長部分的情況下，我們認為我們在一個巨大的市場中運營，正如理查德所描述的那樣，我們認為這個市場更大，達到 900 多億美元。這個市場非常健康並且正在增長。顯然，我們的基礎增長水平可以與該市場保持一致。隨著時間的推移，我們還證明了我們已經能夠佔據份額，我們相信我們將繼續在該市場佔據份額。

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.

然後也許最重要的是，正如我們在準備好的評論中談到的那樣，我們正在努力開發最佳的零售互聯體驗。因此，如果您採用 Geena 的產品，當我們構建這種無縫、互聯的購物體驗時，我們認為我們將獲得更多與消費者和專業客戶的分享。我們正在構建的內容與消費者和專業人士都相關。

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.

但對於專業人士而言，當您考慮達拉斯的專業人士示例時，我們正在利用專業人士生態系統構建能力，以加速專業人士的份額增長，特別是在計劃購買方面。我們一直在談論我們大樓裡的每個 Pro。對於專業人士、便利性、價值、巨大的產品和品牌，我們有點像 7-11。但是我們現在正在構建的是完全不同的、革命性的東西，可以讓 Pro 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 MRO 空間，現在我們認為通過收購 HD Supply 價值 1000 億美元，然後用我們的生產力標誌來包裝這一切，我們知道每次有貨架時我們都會把錢留在桌子上。我們已經與您討論了商店中的所有生產力活動：間接費用維護、貨運流程、貨架可用性、John 和團隊正在建立的供應鏈以提高我們的貨架可用性、他們的份額只是通過做得更好有存貨。我們肯定會看到，在我們現在所處的這種風暴式的環境中。這就是我們如何看待下一個 500 億美元增長的大致框架。

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行/下行？如果您的銷售額下降，稱之為低個位數，在這種情況下您還能保持平穩的營業利潤率嗎？如果你的銷售額增長了個位數，你會因為你的營業利潤率上升而讓它流向底線嗎？或者您是否希望將其重新投資於業務？

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.

好吧，謝謝你，邁克爾。首先，我們明確我們的重點，即推動營業利潤美元增長。我們確實在我們的模型中保持了一定程度的財務靈活性，因此我們能夠做出我們認為合適的調整。

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.

我認為重要的是要說，在這樣一個動態的環境中，我們必須了解情況才能圍繞我們做出決定——我們可能會採取什麼管理行動。但我們在模型中確實具有這種程度的財務靈活性。隨著數量的增長，我們有提供運營費用槓桿的歷史，我們打算這樣做。

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?

祝賀大家退休，泰德，你的新工作。真的令人激動。你能談談這個通脹評論嗎？你們的一些供應商已經宣佈在新的一年進一步漲價。他們有點假設單位大致平坦。你接受這些價格上漲嗎？當您將這些問題傳遞給消費者時，您是否看到過任何實際的彈性問題？

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 Ted，感謝您的評論。顯然，對於兩位數的 AUR，我們正在承擔成本。我會說 AUR 增加了大約 2/3 的價格，其中包括我們調用的 185 個基點的商品，以及大約 1/3 的混合新品。如果我能打一會兒。

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.

我們繼續看到產品的巨大創新以及客戶願意換取更具創新性的產品。所以這繼續推動大約 1/3。如果你還記得，上個季度，它是 50-50。因此，上個季度的通脹成分增加到了 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.

我想說我們的商人每天都在處理這個問題。 Jeff 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討論。當我們考慮成本時，我們正在努力成為客戶的價值倡導者。我們認為作為一個規模玩家，這很重要。再說一次，端到端的價值方程式，我們應該能夠在任何環境中提供最佳價值，包括這種通貨膨脹環境。

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，我們不預測任何進一步的通脹，就像我們不預測商品通脹一樣。我們只是在一年結束的那一年開始，我們假設中立。我們也在為商品通脹做同樣的事情。好吧，我們的價格是按成本定價的，並且定價在我們年底時的水平，我們的計劃中沒有任何增量通脹。

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貿易下降，替代率非常高。

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.

所以——是的。所以關於你的彈性問題，當然，每個產品 - 並且產品類別不同，但每個類別都有其彈性曲線，商家非常仔細地觀察。例如，正如我們在第二季度用木材所說的那樣，當木材在去年初達到這些非同尋常的高點時，我們看到單位生產率急劇下降，然後我們也看到木材價格迅速下降。隨著本季度木材價格回升，我們開始看到木材單位面臨一些壓力。但是，我要再說一遍，其中很多也與供應有關。我的意思是我們可以 - 當我們遇到供應失衡時，要完全正確地獲得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.

但可以肯定的是，克里斯，每個產品類別都有彈性曲線。我們不是在開玩笑，而是在適當地管理它。我們的商家都是為了推動單位數量。這就是我們的接線方式。我們將始終按單位體積定價。

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.

知道了。然後我的後續問題是，想想第四季度的毛利率和明年的前景，第四季度的毛利率有什麼獨特之處嗎？鑑於您在建立履約時會在供應鏈中增加大量成本，我認為這將意味著毛利率的持續壓力和機會出現在運營費用線上。

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.

對，克里斯。因此，對於今年的第四季度，這實際上是一個年復一年回扣時間的故事。幾年來我們每個季度都面臨著建立一個供應鏈的壓力。那——隨著我們在 2022 年繼續建立一個供應鏈，毛利率的壓力將繼續存在。這就是我們考慮貨運的方式。

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.

我還要說，克里斯，我們的商家不一定區分運輸成本，供應鏈中的大部分壓力來自商品的初始成本。它們都是投資組合中需要涵蓋的成本，我認為我們在整個 2021 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.

總體而言，2021 年是銷售產品的混合，以及來自對 One Supply Chain 故事的投資的輕微壓力。

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

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

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?

祝賀偉大的一年。我對 Pro 的積壓水平很好奇。如果你能在這方面給我們一個更新。然後也很好奇，鑑於這些通脹壓力和 1 月份刺激措施的結束，您是否看到收入群體的支出模式有任何明顯變化？

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 客戶那裡聽到的一切都是他們的工作量超出了他們的能力範圍。我自己知道，要讓別人在我家周圍做一些簡單的項目需要一段時間。我們在全國都能聽到。因此，Pro 業務積壓是健康的。

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.

這真的有點像整個行業。正如泰德所說，當您將彈性評論帶到更宏觀的層面時，這是一個類似風暴的環境。當您查看外部第三方對改造商的調查時，指數數字從未如此之高。所以所有這些都指向健康的狀況。

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.

對於您的問題，不會說我們已經看到了變化。我們還沒有看到客戶模式發生任何戲劇性的變化。再說一次，現在有點困難，因為正如 Ted 所說，這幾乎就像暴風雨環境。我的意思是你得到了產品，它去。很難看到任何變化很大的模式。

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。然後更大的圖景，我想知道你們是否只是在空間優化和 SKU 生產力方面深入挖掘。只是在你認為可以從每平方英尺 600 美元的銷售額中獲得改進的商店中，可能只是多一點顏色。

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.

好吧，我們上個季度在準備好的評論中提到的是——我們稱之為讓商店正確，GSR 倡議，我們在其中進行了一年多的測試。這主要是關於宏觀空間分配以及獲得飾面和庫存深度來推動我們所做的交易量。正如你所說，那是每平方英尺 600 美元。我們繼續對這一舉措感到興奮。去年我們開了幾百家店，這將是我們最大的門店投資，將在 2022 年繼續。今年我們將再開數百家店。

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

傑夫，也許你可以給你所看到的東西一些顏色。

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，泰德。 GSR 對我們來說工作得非常好。它正在解決我們在銷量最高的商店中每平方英尺的銷售機會。更不用說，由於缺乏更好的術語，我們正在將大量知識帶回所有商店，以解決每個 8 英尺的間隔，並且我們正在提高空間生產力。因此，GSR 的巨大機會。除此之外，我們確實管理了一個非常長期的產品線審查流程，我們每年都會繼續查看數百個程序，以再次提高我們商店的生產力。

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

我們的下一個問題來自Scot Ciccarelli 和Truist 的台詞。

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?

我希望你能提供更多關於你剛才討論的 TAM 增加的信息。我認為這比上次增加了很多。而且我想我想知道的是，其中有多少只是擴展家得寶已經具有高度競爭力的現有市場。相對而言，我們稱之為新市場滲透的一個相當大的組成部分，如果你願意的話，像 MRO 這樣的東西作為一種新市場？

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。因此，可能與您要求的順序不同。因此，首先，我們一直在競爭的市場的基礎增長在過去 2 年中表現出色。因此，如果你看看美國，看看加拿大，看看墨西哥，這些市場已經擴大了。你可以看到，如果你對它進行三角測量——衡量這個市場是一種三角測量的藝術。我們正在查看人口普查數據。我們正在查看第三方諮詢數據。我們正在詢問我們的供應商。我們非常有信心，我們對此有很好的看法。我們對所有這些進行三角測量，您只需查看這些第三方數據集中存在的數字，您就會看到異常增長。

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.

值得注意的是，我們首次將加拿大和墨西哥的業務包括在我們的定義中。因此，超過 9000 億美元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.

我們並沒有真正包括——你提到了新的市場機會。本身並沒有真正的新市場機會，除了 MRO，通過收購 HD Supply，我們變得更好地擴大份額。隨著我們對該業務變得更加聰明，因為我們已經在理解它的機會方面變得更加聰明，這導致我們調整了機會的大小。所以這些是構建塊。但過去兩年的增長令人印象深刻。持續增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邁克爾貝克與 D.A.戴維森。

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.

我會問一些短期類型的問題。但是，在過去，您已經對迄今為止的當前季度趨勢給出了一些顏色。我認為現在這可能特別重要，因為我們要從一年前開始循環經濟刺激。然後——抱歉，1 個問題分為 2 個部分。在您對 2022 年的指導中，您包括哪些股票回購？我不認為你這麼說，除非我錯過了。

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.

謝謝你。好吧，隨著今年的開始，我們有了一個良好的開端。一個為期 13 週的季度已經過去了 2 週，我們在 3 月和 4 月得到了今年更困難的比較。所以現在下結論還為時過早。顯然，春季的時機對於今年上半年很重要，但我們的開局良好。

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——對不起，泰德，你願意嗎——關於股票回購，我們打算繼續通過股息和股票回購向股東返還多餘的現金，今年我們將再次這樣做。我們目前的股份授權計劃中剩餘 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?

因此，我想對此進行跟進，是否公平-我的意思是您必須在 EPS 計劃中有一個數字。在過去，你已經提供了。公平地說，這包括與您的授權相關的全部回購嗎？

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持有的現金和流動性頭寸上保持一定程度的靈活性。但您可以放心，我們打算將多餘的現金返還給股東。

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，如果我可以問一個後續。我不知道這是否算作我的後續行動，但是——對於在這裡接近一個小時來說，這個問題可能太長了。但是當你談到以更具破壞性的方式競爭時，我認為有時我們會認為這不僅僅是價格嗎？那不是——您是否就定價策略的變化發出任何信號？還是比這更大？

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，這是一個能力評論。我們根本不會改變我們的促銷或定價方式。破壞是在我們正在建立的生態系統中。 42 年來，我們一直是排名第一的家居裝修零售商。我們已經建立——一直在建立並將繼續建立無摩擦、相互關聯的體驗，我們認為，當我們的客戶在物理世界和數字世界之間穿梭時，它們的無摩擦本質本質上是顛覆性的。可以是安裝，可以是交付，可以是取貨，可以是現金和攜帶。當我們建立無摩擦的生態系統時，我們認為這本身就是破壞性的，因為我們的目標是建立下一個級別的無摩擦體驗。

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.

然後也許更具破壞性的是我們對 Pro 計劃購買的追求。正如我們所說，所有的專業人士都在我們的大樓裡。我們總是使用專業人士將我們用作 7-11 的術語。當然，我們在較小的 Pro 中擁有更多的錢包份額。但是，更大的專業人士有機會建立他們的信心，相信家得寶將為他們提供銷售代表、適當的定價、可靠的交付、庫存的廣度和深度，這才是真正的顛覆。如果我可以擴展一分鐘。

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.

當我們考慮我們在 Pro 計劃購買中看到的內容時，我提到了這一點，我相信上個季度，我們正在重新定義我們認為的工作批次數量。我們一直在談論成為一個項目商店，在商店裡有很多工作。我想我用了一個外國工作的例子，我們可能在商店裡有 3 多個工作的地板。因此，平均工作可能是 1,000 平方英尺。所以我們在任何時候都有 3,000 平方英尺的商店來滿足 3 個工作崗位。我們所看到的平板配送中心的訂單量為 7,000 平方英尺，完全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，在木製品中，如果您想到室內門，我們有不同的寬度，左右擺動。對於任何特定 SKU，我們可能有 20 門庫存。就在本週，我們從 FDC 交付了 150 扇門的訂單。這完全重新定義了我們對 Pro 計劃購買的履行能力。這就是我們所說的破壞性。

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，祝你職業生涯的下一步。泰德，恭喜你獲得新角色。

Thank you.

謝謝你。

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?

我對業務的營業利潤率前景有疑問。我知道重點是運營美元增長，但在過去 4 年中，毛利率一直是 EBIT 利潤率的障礙。該業務比該業務先前的峰值毛利率低約120個基點。您認為隨著時間的推移，該業務能否恢復到該水平的毛利率？還是在結構上發生了一些變化？

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.

沒有。結構上沒有任何變化。我們一直並將繼續成為我們市場上的低成本供應商。這為我們提供了很多機會以多種方式追求機會。

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.

但讓我們 - 讓我們談談營業利潤率。所以首先，我們今天設定了一個目標，即銷售額達到 2000 億美元。但我們說同樣重要的是，我們將提供一流的營業利潤美元增長和投資回報率。我們將關注營業利潤率，但美元增長和回報是我們關注的焦點。

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.

因此，我們可以分解營業利潤率問題。營業利潤率是兩件事的函數：它是營業費用槓桿的函數和毛利率美元增長的函數。首先，關於運營費用槓桿。從歷史上看，我們已經實現了營業利潤率的擴張，主要是由運營費用槓桿推動的。我們預計這種關係將繼續下去，並且我們致力於利用數量來利用費用。

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.

毛利率美元增長將取決於我們為推動超額股票收益而採取的機會。縱觀我們的歷史，我們在毛利率高於公司平均水平和低於公司平均水平的類別中推動了股票收益，但我們始終創造了我們引以為豪的營業利潤美元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.

所以電器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。我的意思是電器是一項業務——我們從事該業務已有一段時間了，但最初我們不想從事這項業務，因為我們認為它的利潤率很低。但我們意識到，毛利率是隨著我們所建立的業務量的類型而產生的，特別是因為它在某種意義上是虛擬庫存，所以都是特殊訂單。當然，這比我們的平均水平要低得多，但毛利率美元投資回報率是我們最高的之一。它所帶來的營業利潤以及我們建立的價值數十億美元的家電業務的增長讓我們感到興奮，我們最終傾向於這樣做。

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

因此，如果我們有機會分享並推動強勁的資本回報，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?

偉大的。這是非常有用的上下文。只是對外部供應鏈環境的跟進。也許只是談談它現在的狀態。隨著我們進入 2022 年，您對供應鏈環境有何期望？隨著我們度過這一年，您是否看到情況在任何時候有所改善？

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。這是約翰迪頓。我們看到了一些改善，但我們認為行業供應鏈的限制可能在短期內持續存在。具體來說，我們已經看到我們港口的壓力有所緩解，但我們已經為此做好了計劃，並且比平時更早地登陸產品，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與 Evercore ISI 的 Greg Melich。

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

再次，克雷格，感謝多年來的所有幫助。還有泰德，恭喜。

Thank you.

謝謝你。

Thank you.

謝謝你。

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，我想確保我做對了。如果票價在第四季度上漲 12%，其中 2/3 是通貨膨脹，大約 800 個基點。那是 - 我在考慮正確的方式嗎？

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.

知道了。因此，當我們考慮今年的指導方針時，當我們談論通脹水平時，基本上是——我們是從那種運行速度開始的。據推測，它會在一年中下降，並且在您的指導中可能是全年的中個位數。

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.

我們不知道它去了哪裡。因此，假設我們根據我們的運行率確定該前景時內置的費率。在我們提供的指導中，我們沒有計劃調整，向上或向下。所以我們計劃 - 換句話說，從我們建立指導的時間點開始認為通脹是中性的。

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。所以從今天開始，但那 - 是從庫存價格來看嗎？如果利率同比上漲 800 個基點並且水平保持不變，那麼大概到年底，如果我們保持在這些水平，到第四季度我們將基本實現 0 通脹。但在第一季度，你可能會有積極的一面。

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.

這是正確的。 AUR 有一個週年紀念日。這是在 21 年拍攝的，反映在 2020 年。這是正確的，而且你的 - 你思考它的方式是公平的。

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?

知道了。因此，如果你考慮一下——也許理查德，你可以幫助我們理解這一點——當我們考慮全年的節奏時，也許過渡會是，不一定是頂線，甚至是成本和運營費用，什麼有什麼不尋常的事情嗎？或者，考慮到您在我們今年考慮建模時採取的所有 COVID 成本和工資措施，2021 年現在是一個合理的基礎嗎？

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.

我會說 2021 年仍然包括 COVID 費用。我會告訴你，在兩年內增長了 400 億美元之後，我們真的很高興看到在 2 年前所未有的增長之後，我們看到了超出這個基礎的增長。

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 年確實包括，特別是在第四季度，大量的 COVID 費用。僅 1 月份就出現了真正的高峰，而且已經下降。我們仍然在 2022 年的展望中包含了一些 COVID 費用。因此，我們還沒有完全通過我所說的可能，至少，希望，未來的非經常性費用。所以在 2022 年會有一點點。

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?

知道了。是否有任何工資行動？我的意思是我們已經看到那裡的勞動力成本和緊張程度不斷上升。您如何看待春運高峰？您是否看到即將採取任何額外的工資行動？

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，我們出去了——正如我們已經指出的那樣，我們希望在春季招聘 100,000 人。我們將利用我們所有的能力和我們的信息來吸引人們到家得寶。我們已經能夠做到這一點。

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.

在工資方面，我們一直在做同樣的事情。我們每個月都會查看這個。我們逐個市場研究，我們將確保我們在市場上具有競爭力，以便我們可以吸引人們進入家得寶。那裡沒有什麼不同。肯定會有比過去更多的行動和更大的壓力，但我們的方法沒有改變。

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，我認為招聘 100,000 人的好消息是申請數量明顯增加。因此，我們對聘用那個春季隊列感到滿意。

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

我們的下一個問題來自 Peter Benedict 和 Baird。

Congrats, too, Craig, Ted.

也恭喜克雷格，泰德。

Thank you.

謝謝你。

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。我的第一個問題是關於庫存。當你坐在這裡時，它比 2019 年的水平增長了 50% 以上，銷售額增長了不到 40%。在我們度過 22 年時，您如何看待這種差距以及正確的庫存水平是多少？我知道你的 - 早些時候有一個關於登陸產品的評論。因此，也許可以告訴我們庫存情況，您現在所處的位置以及您如何看待這一年的流動。

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，有幾條評論。我的意思是，首先，我們對庫存的構成感覺良好。正如約翰所說，我們正在努力提早帶貨，以確保我們為春天做好準備。那是我們一年中最忙的時候。

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.

我認為重要的事情要退後一步看看是我們交付了 5.2 個回合。該轉折水平高於大流行前的水平，後者為 4.9。因此，我們對現有的庫存生產力感覺非常好。去年的 5.8 是脫離了這樣一種情況，即我們在今年的大部分時間裡都沒有達到我們想要的商品水平。

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，由於它與庫存有關，正如這裡的電話會議中提到的那樣，我們處於 - 仍然在許多類別中，我們處於類似風暴的環境中。我們得到的商品越多，我們賣出的就越多。商家和供應鏈團隊一直在瘋狂地工作，繼續建立庫存，以找出真正的高需求水平。所以我們有點關註生產力。同時，我們根本不擔心 50 億美元的庫存增加。

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。然後我想我的下一個問題是關於類別的觀點。地板在下面提到了一點，我猜是公司的平均水平。只是好奇該類別中是否有任何事情發生，例如整體音調或您所看到的。或者這不是真正的實質性變化？

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，我是傑夫金納德。我們有一個很棒的地板季度。我們對我們的業務感到滿意。硬表麵類別異常強大。如果您查看乙烯基地板、電氣化瓷磚業務，對我們部署的 LifeProof 自有品牌戰略感到興奮。最重要的是，我們只是 - 我們正在利用 Ted 與我們的供應鍊和更大格式磁貼交談的新功能。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海姆的史蒂夫福布斯。

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?

恭喜四方。我想專注於 2021 年的費用建設。所以也許從理查德開始。您能否提醒我們成功分享計劃在 2021 年相對於計劃的趨勢如何？然後，當我們考慮全年的激勵性薪酬時，在我們展望 2022 年的時候，是否有什麼可以對業務產生影響的重要因素？

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.

我們為我們出色的員工付出了令人印象深刻的成功分享而感到自豪。我們確實看到獎金在 2022 年正常化。所以這是動態的一部分，使我們能夠在略微積極的銷售環境中保持營業利潤率持平。

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?

然後只是一個後續行動，也許是考慮更長遠的事情，對 Ted 或 Richard 來說也是如此。當我們考慮您所指示的投資支出水平時，因為聽起來投資支出將更加穩定。但是，關於您如何看待正確的支出水平的任何更新想法？或者，也許您可以向我們介紹您如何處理投資支出規劃流程的方法。我們應該將一定比例的銷售額視為正常的基本案例水平嗎？關於我們應該如何思考投資相關支出的模型含義的任何高層想法？

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.

我們確實認為對企業的資本投資採取穩定而靈活的方法是正確的。在 2018 年至 2020 年期間，當我們加大資本投資時，我們客觀地說是獲得了非凡的投資回報。但從去年開始，我們制定了一種指導方針，我們預計適當的資本支出佔銷售額的 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.

我們打算在更加一致但更加靈活的基礎上進行投資。而且我認為我們從過去兩年中獲得的一個好處是對我們的投資去向以及我們是否看到回報進行了更頻繁、幾乎常青的不斷重新評估。

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.

我們在 2021 年期間在資本計劃和損益表中進行了大量投資，但這並不意味著它是增量的。我們剛剛看到我們在哪裡可以獲得更有利的投資回報，這就是我們去的地方。 GSR 是過去 2 年的一個很好的例子，我們出色的員工確實從基層推動了這一想法，並且從生產力的角度來看，它已成為我們正在做的事情的主要組成部分。所以這是很長的答案。簡短的回答是，我們認為 2% 的銷售額應該足夠了。

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，重要的是要注意，我們在我們進行的大多數資本投資中都進行了相當穩健的測試場景。我們希望在實際滾動之前進行測試並查看結果。這是我們在過去 15 年的大部分時間裡一直在使用的過程。

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 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.

關於 TAM 和市場份額的幾個問題。因此，當您查看您在 2019 年的份額時，我在 6500 億美元的 TAM 中的份額約為 16%。然後，當我查看 21 年時，在 9000 億美元的 TAM 上，您仍然處於 16% 的水平。所以我想第一個問題是，為什麼你的份額沒有增加？也許我沒有在 TAM 上使用蘋果對蘋果，但也許只是澄清一下。

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，我認為這是一門不精確的科學。我們試圖讓你感覺到這是一個巨大的市場，而且它是分散的。我認為試圖精確地衡量市場份額是很困難的。這就是為什麼當我們檢查自己的市場份額增長時，我們會做很多三角測量、供應商合作夥伴、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.

而且——但就 6500 億美元和 9000 億美元而言，它們都有各自的優勢。再一次，這不是完全的蘋果對蘋果。我們已經包括了整個北美。我們擴大了對 MRO 的看法。此前，我們對該市場的看法是 550 億美元。我們知道市場只是一個更大的市場，我們的份額比我們想像的要小。我喜歡這個超過 9000 億美元的數字是我們有巨大的增長空間。

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。然後關於你 22 年關於銷售增長的指導，基本上與息稅前利潤保持一致，我的意思是，如果在某個時候銷售急劇放緩，你能否談談你必須保持在息稅前利潤指導範圍內的槓桿?然後就這一點，您能否提醒我們您認為您的補償槓桿點現在與大流行前相比是什麼？

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，同樣，這取決於我們所處的環境。這就是為什麼我們在我們的模型中創造了足夠的財務靈活性。在銷售額下降的情況下，我們的可變費用會隨著銷售額而減少。我們有一定程度的可以減少的固定費用。我們有一定程度的可自由支配開支可以減少。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，我們歷來能夠在低個位數的競爭環境中推動運營費用槓桿。我們相信我們有足夠的財務靈活性來繼續這樣做。

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，你以前聽過我們這樣說，但我們最大的運營費用是每小時工資單和基於活動的模型。如果銷售額下降、交易、單位等，我們的勞動力模型會隨之調整，您可以減少勞動力費用。

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

實時管理它，是的，也非常實時。

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.

謝謝你。

Thank you.

謝謝你。

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.

因此，我希望您能就您在 2019 年分析師日討論過的單一供應鏈戰略提供最新信息。在過去的 2 年中，添加 FDC、RDC、MDO，您最終能夠完成什麼。我的意思是在資本支出前景中計劃了很多設施。我敢肯定，由於 COVID 造成了一些干擾。所以只是好奇22年的資本支出前景中有多少可能包括其中一些供應鏈投資。

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。我將提供有關 One Supply Chain 推出的一些背景信息，然後讓 Richard 評論資本支出。正如 Ted 所說，我們的供應鍊是我們正在構建的生態系統的重要組成部分，旨在更好地為客戶服務並提高生產力。如您所知，我們供應鏈轉型的目的是為家裝產品建立最快、最高效、最可靠的交付網絡，為大約 90% 的人口提供當日或次日送達的包裹，無論是大件還是大件和平板送貨。

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劃需要大約 150 個新設施。雖然其中許多設施將在 2022 年底前完工，但由於我們看到的與 COVID 相關的限制以及我們最近收購的 HD Supply，有些設施將需要更長的時間。

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.

就我們的市場交付業務或 MDO 而言，我們預計到年底我們計劃的 100 家中約有 85 家將全面投入運營。就我們的市場交付中心而言，我們今天有幾個開放，但我預計這些中心將需要更多時間才能推出，因為我們收購了 HD Supply，我們要求我們暫時暫停推出以確定遺留問題HD Supply 資產將納入我們更廣泛的供應鏈計劃。

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.

這導致我們決定重新考慮 MDC 設施的範圍，這些設施最初旨在承載交付最多的商店 SKU 以及 MRO SKU。我們決定利用傳統的 HD Supply 網絡來實現 MRO，釋放 MDC 的容量，以便我們能夠更好地作為基於商店的 SKU 的本地直接履行中心運營。

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，我們預計到年底將實現我們預期目標的大約 15 個或大約一半。達拉斯的 FDC 是我們第一個站起來的。它已經運行了 2 年多，我們真的很喜歡從這個設施中看到的東西。但我們了解到，對這些建築進行分類、優化和真正商業化需要時間。因此，我們對我們在單一供應鏈戰略方面取得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.

所以只是對資本支出的一些澄清，完成一個供應鏈的資本支出嵌入在我們對資本支出的預期中，約佔銷售額的 2%。我認為，雖然我們在收購 HD Supply 後為進一步優化這些資產對我們的終端市場可能意味著什麼而出現了一些延遲和一些巨大的機會，但我們仍然在 2 年內增長了 400 億美元，這也是非常值得注意的。因此，雖然我們確實處於單一供應鏈的早期階段，但它是生態系統的一部分，創造了巨大的市場份額捕獲和收入增長。我們很高興繼續投資——因為我們是生態系統的其他成員。

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.

現在我經常說，Liz，我們在這裡談論的是經營業務和用我們的新能力改變業務。供應鏈團隊必須在大流行期間經營業務並改變業務。所以他們已經完成了一項了不起的工作。

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，我只想回到 - 你提到了幾次商店裡類似風暴的情況，如果你有更多庫存或者當你拿到庫存時，你可以很快賣掉它。然而交易量卻在下降。所以我只是想澄清一下，你是否暗示交易下降是因為你沒有合適的庫存？還是這兩件事無關？

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.

由於某些類別的庫存水平，肯定存在交易壓力。如果您願意的話，過去 1.5 年業務中的壓力領域之一就是電氣領域。正如 Ted 所說，我們的商家做得非常出色，我不記得上個季度或前一個季度在獲取商品方面獲得了更多容量，Carlon 盒子成為家得寶的獨家產品。我的意思是我們確實看到交易量顯著增加。庫存並沒有改善一丁點，因為它在我們得到它時就盡快下架。

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.

因此，我們的 Pro 客戶發生的部分情況是，當他們看到商品時，他們正在購買。在過去，他們可能會在更接近工作的地方購買它並且實際上更頻繁地購物，當他們在貨架上看到它時，他們實際上是在抓住他們看到的東西。

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。然後從長遠來看，在市場份額方面，正如您在未來 2 或 3 年所考慮的那樣，商店中的某些類別或商店中的部門是否讓您對獲得份額的機會感到最興奮？

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，真的，它在商店對面，丹尼斯。你以前聽我講過創新。我們在商店的每個角落都有創新。我們仍然是一個項目業務，我不能說今天任何一個項目，傑夫，你的想法，比任何其他項目都更能推動業務。

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，它在商店的對面。如果您考慮木材業務和復合地板；如果您考慮幹牆、絕緣和屋頂類別的建築材料。如果你看看地板，我們談到了豪華乙烯基瓷磚和 LifeProof 策略，以及其他硬表面地板的機會。如果您看看 Pro paint 以及我們與 PPG 和 Behr 合作的機會。如果您查看 Milwaukee 和 RYOBI 的電動工具以及我們在 25 種工具部門推動的其他項目； 26、27、水管工和電工。我的意思是，Ted，在 28 歲的戶外花園類別中，就市場份額機會而言，它跨越了整個行業，僅舉幾例。

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，所以讓我以 Jeff 對 Pro Paint 的評論為基礎。我的意思是，我們剛剛看到塗料業務的巨大增長。通過 Behr，我們已經擁有一個消費品牌和評價最高的消費品牌已有一段時間了。在與 PPG 和 Behr 合作制定一個非常強大的 Pro 上市戰略時，我們 -- Behr 已經在我們的商店中製定了 Pro 專用塗料。

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，他們還擁有外部銷售人員，與我們的外部銷售人員和我們的商店合作，再次獲得更大的 Pro 計劃購買油漆。我們正在用 PPG 做同樣的事情。 PPG 擁有非常龐大的外部銷售隊伍。他們現在正在推出他們的 PPG 品牌塗料。所以想想 SPEEDHIDE 油漆。這是 PPG 首次在我們的商店推出的專業市場專用塗料，然後還利用他們的商店和外部銷售人員。我們對我們的 2 個供應商進入市場的主張以及獲得這些 Pro 品牌和外部銷售人員感到非常興奮。我們只是 - 我們對我們在 Pro 油漆中構建的東西感到非常滿意。

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

Janci 女士，我現在想把發言權轉回給你，以完成最後的評論。

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.

謝謝你，克里斯汀，謝謝大家今天加入我們。我們期待在 5 月的第一季度財報電話會議上與您交談。

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。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。