星巴克 (SBUX) 2021 Q4 法說會逐字稿

Good afternoon. My name is Alex, and I will be your conference operator today. I would like to welcome everyone to Starbucks' Fourth Quarter and Fiscal Year-End 2021 Conference Call. (Operator Instructions) I will now turn the call over to Greg Smith, Vice President of Investor Relations. Mr. Smith, you may now begin your conference.

午安.我叫亞歷克斯，今天我將擔任你們的會議接線生。歡迎各位參加星巴克2021財年第四季及全年業績電話會議。（操作員指示）現在我將把電話轉交給投資者關係副總裁格雷格·史密斯。史密斯先生，您現在可以開始會議了。

Good afternoon, everyone. Thank you for joining us today to discuss Starbucks' Fourth Quarter and Fiscal Year-End 2021 results. Today's discussion will be led by Kevin Johnson, President and CEO; and Rachel Ruggeri, CFO. And for Q&A, we will be joined by John Culver, Group President, North America and Chief Operating Officer; Michael Conway, Group President, International and Channel Development; and Leo Tsoi, Chief Executive Officer, Starbucks China. This conference call will include forward-looking statements, which are subject to various risks and uncertainties that could cause our actual results to differ materially from these statements. Any such statement should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our last annual report on Form 10-K and quarterly report on Form 10-Q. Starbucks assumes no obligation to update these forward-looking statements or information.

大家下午好。感謝您今天與我們一起討論星巴克2021財年第四季和全年業績。今天的討論將由總裁兼執行長凱文·約翰遜和財務長雷切爾·魯傑裡主持。在問答環節，我們將邀請到星巴克北美集團總裁兼營運長約翰·庫爾弗、星巴克國際及通路發展集團總裁麥可·康威以及星巴克中國執行長蔡磊。本次電話會議將包含前瞻性陳述，這些陳述受到各種風險和不確定性的影響，可能導致我們的實際結果與這些陳述有重大差異。任何此類聲明都應與我們在盈利報告中的警示性聲明以及我們在提交給美國證券交易委員會的文件（包括我們最新的 10-K 表格年度報告和 10-Q 表格季度報告）中的風險因素討論一並考慮。星巴克不承擔更新這些前瞻性聲明或資訊的義務。

GAAP results in fiscal 2021 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items. These items are excluded from our non-GAAP results. For non-GAAP financial measures mentioned in today's call, please refer to the earnings release and our website at investor.starbucks.com to find a reconciliation of these non-GAAP measures to their corresponding GAAP measures.

2021 財年的 GAAP 結果包括與策略行動相關的幾個項目，包括重組和減損費用、交易和整合成本以及其他項目。這些項目不計入我們的非GAAP業績。對於今天電話會議中提到的非GAAP財務指標，請參閱收益報告和我們的網站 investor.starbucks.com，以查找這些非GAAP指標與其對應的GAAP指標的調節表。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, November 26, 2021. For your calendar planning purposes, please note that our first quarter and fiscal year 2022 earnings conference call has been tentatively scheduled for Tuesday, February 1, 2022.

本次電話會議將進行網路直播，網路直播的存檔將在我們的網站上保留至 2021 年 11 月 26 日星期五。為了方便您安排日程，請注意，我們 2022 年第一季及全年財報電話會議暫定於 2022 年 2 月 1 日星期二舉行。

Before we begin, there are 4 reminders I'd like to make with respect to the numbers that will be discussed on today's call. First, as noted in our earnings release, we have realigned our fully licensed Latin America and Caribbean markets to our International segment. As a result, we renamed the Americas segment to North America. All discussions and comparisons today are reflective of the resegmentation.

在開始之前，關於今天電話會議將要討論的數字，我想提醒大家四點。首先，正如我們在獲利報告中所述，我們已將獲得全面許可的拉丁美洲和加勒比海市場重新調整到我們的國際業務部門。因此，我們將美洲業務板塊更名為北美業務板塊。如今所有的討論和比較都反映了重新劃分市場的情況。

Second, a reminder that Starbucks' fiscal year 2021 is a 53-week year instead of the usual 52 weeks. Fiscal year 2021 results on today's call are on a 14-week basis for the quarter and 53-week basis for the year, except the year-on-year comparative metrics, including revenue growth, comp growth, EPS growth and margin expansion, which are based on a 13-week or 52-week basis to exclude the impact of an extra fiscal week.

其次，提醒大家星巴克 2021 財年為 53 週，而不是平常的 52 週。本次電話會議上公佈的 2021 財年業績，季度業績按 14 週計算，年度業績按 53 週計算，但同比比較指標除外，包括收入增長、同店銷售增長、每股收益增長和利潤率擴張，這些指標按 13 週或 52 週計算，以排除額外一周的財政週期的影響。

Third, all references on today's call are on a non-GAAP basis, unless otherwise noted. And lastly, effective in the first quarter of fiscal 2022, certain international integration-related expenses previously excluded from our non-GAAP results will be included as they are expected to be representative of ongoing operations. Please refer to the reconciliation of these measures and a schedule showing adjusted fiscal 2021 EPS to bridge year-on-year impacts of this recast as well as reconciliations of 53-week to 52-week metrics at the supplemental financial data section of our website at investor.starbucks.com.

第三，除非另有說明，否則今天電話會議中的所有參考資料均以非GAAP為基礎。最後，自 2022 財年第一季起，先前從我們的非 GAAP 業績中排除的某些國際整合相關費用將被納入其中，因為預計這些費用將代表持續經營活動。請參閱我們網站 investor.starbucks.com 的補充財務數據部分，以了解這些措施的調節表和顯示調整後的 2021 財年每股收益的時間表，以彌合此次重述的同比影響，以及 53 週指標與 52 週指標的調節表。

I will now turn the call over to Kevin.

現在我將把通話轉給凱文。

Well, thank you, Greg, and welcome, everyone, to today's call. I'm very pleased to comment on the record Q4 and FY '21 results Starbucks reported today. I'm particularly pleased that we were able to deliver these results in Starbucks' 50th anniversary year and in the face of increased costs and unprecedented operating challenges resulting from the global pandemic. Today's results reflect very strong operating and financial performance across the board, with Q4 revenue growing 22% and full year non-GAAP EPS of 168% over prior year. This was a record Q4 that punctuates a very strong FY '21 performance with record highs in revenue, non-GAAP operating income and non-GAAP EPS.

好的，謝謝你，格雷格，也歡迎各位參加今天的電話會議。我非常高興能對星巴克今天公佈的創紀錄的第四季和 2021 財年業績發表評論。我特別感到高興的是，在星巴克成立 50 週年之際，面對全球疫情帶來的成本增加和前所未有的營運挑戰，我們仍然取得了這些成果。今天的業績反映了公司各方面非常強勁的營運和財務表現，第四季度收入增長了 22%，全年非 GAAP 每股收益比上年增長了 168%。這是創紀錄的第四季度，也為 2021 財年強勁的業績畫上了圓滿的句號，營收、非 GAAP 營業收入和非 GAAP 每股收益均創歷史新高。

Our performance accelerated throughout FY '21, fueling revenue growth of 21%. Non-GAAP operating income grew 139% and translated to a non-GAAP earnings of $3.24 per share, near the high end of our guidance for the year. Perhaps more persuasively than ever, the strength and resilience of the Starbucks brand and the power and opportunity afforded by the authentic connection and the deep trust and loyalty we have built with customers around the world is resonating.

2021財年，我們的業績持續成長，推動營收成長21%。非GAAP營業收入成長139%，轉化為每股非GAAP收益3.24美元，接近我們全年預期的上限。星巴克品牌的實力和韌性，以及我們與世界各地顧客建立的真誠聯繫、深厚信任和忠誠所帶來的力量和機遇，比以往任何時候都更具說服力，並引起了廣泛共鳴。

Today's results demonstrate that despite the pandemic, Starbucks' long-term double-digit Growth at Scale model remains solidly intact. Today's results also underscore the passion and dedication of our over 400,000 Starbucks Green Apron partners who serve nearly 100 million customer occasions around the world every week. And I'm humbled by our partners' commitment to each other and to our customers as we continue to navigate through the pandemic. Their resilience and service honors the company and our history, and I could not be more appreciative of their efforts.

現今的業績表明，儘管受到疫情影響，星巴克長期兩位數規模成長模式依然穩固。今天的業績也凸顯了我們超過 40 萬名星巴克綠圍裙夥伴的熱情和奉獻精神，他們每週在全球各地為近 1 億名顧客提供服務。在持續應對疫情的過程中，我們的合作夥伴展現了彼此之間以及對客戶的承諾，這讓我深感敬佩。他們的堅韌和奉獻精神為公司和我們的歷史贏得了榮譽，我對他們的努力感激不盡。

Finally, today's results demonstrate the success of the investments we have made and will continue to make ahead of the growth curve in our people, digital, beverage and food innovation and store experiences. These investments are driving and strengthening our global business and setting us up for even greater success in the future.

最後，今天的業績證明了我們在人才、數位化、飲料和食品創新以及門市體驗方面所做的投資取得了成功，並將繼續在成長曲線之前進行投資。這些投資正在推動和加強我們的全球業務，並為我們未來更大的成功奠定基礎。

Starbucks' long-standing view is that our partners guide this company, and we applaud other like-minded companies who are following our lead. Starbucks has been at the forefront of investing in our people since we opened our first store in the Pike Place market in Seattle in 1971. We offer paid company health care 25 years before the Affordable Care Act; equity ownership in the form of Bean Stock to eligible part-time partners; free college tuition through the Starbucks College Achievement Plan with Arizona State University; and mental health support through our partnership with Lyra. Investing in our people is the cornerstone of our storied 50-year history and tradition. And these investments continue to deliver real measurable value to our partners, our customers and our shareholders.

星巴克一直以來的觀點是，我們的夥伴引領著公司的發展，我們讚賞其他與我們理念相近、效法我們的公司。自 1971 年我們在西雅圖派克市場開設第一家門市以來，星巴克一直走在投資員工的前端。我們在《平價醫療法案》推出 25 年前就提供公司付費醫療保健；向符合條件的兼職夥伴提供 Bean Stock 形式的股權；透過與亞利桑那州立大學合作的星巴克大學成就計劃提供免費大學學費；並透過我們與 Lyra 的合作提供心理健康支持。投資員工是我們50年輝煌歷史和傳統的基石。這些投資持續為我們的合作夥伴、客戶和股東帶來實質可衡量的價值。

I'll be providing granularity around the incremental partner investments we made beginning last year and the additional partner investments we will be making in fiscal '22 in a moment. On today's call, I will highlight Q4 performance in our key markets and provide detail around some of our actions and investments since the pandemic first surfaced in Q2 of 2020 that are contributing to our performance today and setting us up for accelerated growth in the future. I'll also open a window on our exciting holiday plans and several initiatives that will launch over the near term. Then I'll turn the call over to Rachel to provide a deep dive into our Q4 and fiscal year performance and share our guidance for fiscal '22. We'll then move on to Q&A.

稍後我將詳細介紹我們從去年開始進行的新增合作夥伴投資以及我們將在 2022 財年進行的額外合作夥伴投資。在今天的電話會議上，我將重點介紹我們在主要市場的第四季度業績，並詳細介紹自 2020 年第二季度疫情首次出現以來，我們採取的一些行動和投資，這些行動和投資正在促進我們今天的業績，並為我們未來的加速增長奠定基礎。我也會向大家介紹我們令人興奮的假期計劃以及近期即將推出的幾項舉措。然後我將把電話交給瑞秋，讓她深入分析我們第四季和本財年的業績，並分享我們對 2022 財年的展望。接下來我們將進入問答環節。

Over the last 18 months, Starbucks, like most global retail operators, has been confronted with a seemingly never-ending wave of consumer and business headwinds. Many businesses in our space have not survived. From day 1 of the pandemic, Starbucks leaders around the world were determined to use the company's size and scale to navigate whatever challenges lie ahead with steadfast commitment to our people, our mission and values. A set of principles guided us through the pandemic. Every decision was rooted in our core purpose and reason for being. These decisions have made the Starbucks of today stronger and better positioned to profitably grow, extend our coffee leadership around the world and create more value for our shareholders more than ever before in our history.

在過去的18個月裡，星巴克和大多數全球零售業商一樣，面臨著似乎永無止境的消費者和商業逆風。我們這個行業裡很多企業都倒閉了。從疫情爆發的第一天起，星巴克全球領導階層就決心利用公司的規模和實力，堅定不移地致力於服務員工、履行使命、實踐價值觀，以應對未來可能面臨的任何挑戰。一系列原則指導我們度過了疫情難關。我們所做的每一個決定都源自於我們存在的核心目標和理由。這些決策使今天的星巴克更加強大，更有能力實現獲利成長，擴大我們在全球咖啡領域的領先地位，並為股東創造比以往任何時候都更多的價值。

Last year, we made significant pandemic-driven strategic investments, including providing our partners with financial support and economic certainty, avoiding layoffs while most of our stores were temporarily closed and accelerating our U.S. store portfolio transformation by opportunistically repositioning 500 stores to better locations with more favorable economics. To this last point, we expanded our portfolio of drive-throughs, introduced new store formats to meet our customers where they are and turbocharged growth in our digital customer relationships in the U.S. and China.

去年，我們進行了重大的疫情驅動型策略投資，包括為我們的合作夥伴提供財務支持和經濟確定性，在大部分門市暫時關閉期間避免裁員，並透過抓住機會將 500 家門市重新定位到經濟效益更好的地點，加快了我們美國門市組合的轉型。關於最後一點，我們擴大了得來速門市組合，推出了新的門市形式以滿足客戶的需求，並加速了我們在美國和中國的數位客戶關係的成長。

As a result of these successful investments, we are entering fiscal '22 with strong momentum around the world. In the U.S., our largest global market, our key growth driver is comparable sales. We grew a strong 2-year comp to 11% in Q4 despite variance across the country that created a dynamic set of city-by-city COVID restrictions which we had to navigate. We made significant progress addressing supply chain issues and experienced an overall improvement in inventory availability as we moved through the quarter by increasing production at existing suppliers, onboarding new suppliers and strategically prioritizing key holiday and Q1 merchandise. While we made significant progress addressing supply chain challenges as fiscal 2021 progressed, we remain cautious and vigilant as we enter fiscal '22 given the dynamic nature of the situation.

由於這些成功的投資，我們帶著強勁的發展勢頭進入了 2022 財年，並在全球範圍內保持成長。在美國這個我們最大的全球市場，我們主要的成長動力是同店銷售額。儘管全國各地疫情情況不一，導致各城市實施了不同的新冠疫情限制措施，我們不得不應對這些措施，但我們第四季度仍實現了強勁的兩年同店銷售額增長，達到 11%。我們在解決供應鏈問題方面取得了重大進展，隨著本季度的推進，我們透過提高現有供應商的產量、引入新供應商以及對關鍵假日和第一季度商品進行戰略性優先排序，庫存可用性得到了全面改善。儘管我們在 2021 財年應對供應鏈挑戰方面取得了重大進展，但鑑於情況的動態性，我們在進入 2022 財年時仍將保持謹慎和警惕。

The recovery in Q4 surged forward as evidenced by the sequential acceleration of 2-year comp growth. We exited Q4 with even stronger 14% 2-year comp growth in September and closed to a record average ticket driven by the strength of our fall beverage lineup, a shift in customer behavior toward more premium beverages and strong food attach. We have great confidence for the year ahead given the comp momentum throughout the quarter, combined with holiday plans certain to excite and delight our customers and increasing consumer demand around the world today for everything Starbucks.

第四季復甦勢頭強勁，兩年同業成長率的環比加速證明了這一點。9 月份，我們第四季度實現了更強勁的 14% 兩年同店銷售額增長，並創下了平均客單價的歷史新高，這主要得益於我們秋季飲料系列的強勁表現、顧客行為向更高端飲料的轉變以及對食品的強烈需求。鑑於本季同業銷售的強勁勢頭，加上必將令顧客興奮和愉悅的假期計劃，以及當今世界各地消費者對星巴克產品日益增長的需求，我們對未來一年充滿信心。

Yesterday, we made an important announcement to raise wages across the U.S. in fiscal '22 to ensure we continue to attract and retain talented partners as consumer mobility continues to increase. We believe this investment, combined with our industry-leading benefits program, will enable us to remain an employer of choice. This builds on the historic partner investments and meaningful wage increases we made in fiscal year '21 and prioritizes significant additional investment to address inflation and wage compression that our tenured partners have experienced while also increasing our wage floor.

昨天，我們發布了一項重要公告，將在 2022 財年提高美國各地員工的薪資，以確保隨著消費者流動性的不斷增強，我們能夠繼續吸引和留住優秀人才。我們相信，這項投資，加上我們領先業界的福利計劃，將使我們能夠繼續成為首選雇主。這建立在我們 2021 財年對合作夥伴的歷史性投資和有意義的工資增長之上，並優先考慮進行大量額外投資，以應對我們長期合作夥伴所經歷的通貨膨脹和工資壓縮，同時提高我們的最低工資標準。

In December of 2020, I announced our intention to provide a starting wage of at least $15 an hour for our store partners across the country. And by the summer of '22, we will have delivered on that plan. Effective in January, partners with 2 or more years of service will get up to a 5% raise, and partners with 5 or more years will get up to a 10% raise in keeping with our long-standing history of investing in our partners. And next summer, hourly partners in the U.S. will make an average of nearly $17 an hour, with barista rates ranging from $15 to $23 an hour across the country. In total, the FY '21 and FY '22 investments represent approximately $1 billion in incremental annual wages and benefits.

2020 年 12 月，我宣布我們計劃為全國各地的門市合作夥伴提供至少每小時 15 美元的起薪。到 2022 年夏天，我們將實現這項計劃。自 1 月起，服務滿 2 年或以上的合夥人將獲得最高 5% 的加薪，服務滿 5 年或以上的合夥人將獲得最高 10% 的加薪，這與我們長期以來投資於合夥人的傳統相一致。明年夏天，美國時薪員工的平均時薪將接近 17 美元，而全國各地的咖啡師時薪則在 15 美元到 23 美元之間。2021 財年和 2022 財年的總投資相當於每年新增薪資和福利約 10 億美元。

We continue to build a great and enduring company by investing ahead of the growth curve, not just in wages but in training and technology and the overall Starbucks experience for both our partners and our customers. And as we have seen in the past, we expect investment in the partner experience will be accretive to profits over time.

我們透過提前投資，不斷打造一家偉大而持久的公司，不僅投資於工資，還投資於培訓、技術以及提升我們夥伴和顧客的整體星巴克體驗。正如我們過去所看到的，我們預計對合作夥伴體驗的投資將隨著時間的推移增加利潤。

We believe the U.S. market is at a unique inflection point. Stakeholders and companies whose leaders correctly identify emerging trends, thoughtfully shape strategic action and invest in the future will be big winners over the long term. In the quarters ahead, Starbucks will continue to target investment in high-returning assets that we believe will accelerate our double-digit Growth at Scale model, driving long-term sustainable and profitable growth.

我們認為美國市場正處於一個獨特的轉捩點。從長遠來看，那些領導者能夠正確識別新興趨勢、深思熟慮地制定策略行動並投資於未來的利害關係人和公司將成為大贏家。在接下來的幾個季度裡，星巴克將繼續專注於投資高回報資產，我們相信這將加速我們兩位數的規模成長模式，從而推動長期可持續的獲利成長。

We continue to build and leverage our technology-first mobile and digital capabilities and accelerate growth in active Starbucks Rewards membership. We grew our 90-day active Starbucks Rewards members, representing our most loyal engaged customers by approximately 30% in fiscal year '21 to 24.8 million members. Noteworthy is that in Q4, 51% of U.S. tender for company-operated stores was generated by this loyal customer base. We continue to nurture and deepen our direct personalized digital relationship with our members with enhancements to the program like Stars for Everyone to expand reach and through payment partnerships with PayPal and Bakkt, where a customer can now reload their Starbucks card with a range of cryptocurrencies, including bitcoin, Ethereum and others, by converting digital currencies to physical currency and reloading their Starbucks card.

我們將繼續建立和利用我們以技術為先導的移動和數位能力，並加速星巴克獎勵計劃活躍會員的成長。在 2021 財年，我們的 90 天活躍星巴克獎勵會員（代表我們最忠誠的參與客戶）數量增加了約 30%，達到 2,480 萬會員。值得注意的是，在第四季度，美國公司自營門市的採購額中有 51% 來自這個忠實客戶群。我們不斷加強和深化與會員的直接個人化數位關係，透過「人人有星」等計畫的改進來擴大覆蓋範圍，並透過與 PayPal 和 Bakkt 的支付合作，讓顧客現在可以透過將數位貨幣兌換成實體貨幣並充值星巴克卡，使用包括比特幣、以太幣等在內的各種加密貨幣來充值星巴克卡。

Through blockchain or other innovative technologies, we are exploring how to tokenize Stars, create the ability for other merchants to connect their rewards program to Starbucks Rewards. This will enable customers to exchange value across brands, engage in more personalized experiences, enhance digital services and exchange other loyalty points for Stars at Starbucks. An example of this innovation is evident in the recent launch of our Canadian loyalty program with Air Canada.

我們正在探索如何透過區塊鏈或其他創新技術將星星代幣化，使其他商家能夠將其獎勵計劃與星巴克獎勵計劃連接起來。這將使顧客能夠在不同品牌間交換價值，享受更個人化的體驗，提升數位服務，並將其他忠誠度積分兌換成星巴剋星星。我們最近與加拿大航空合作推出的加拿大常旅客計畫就是這種創新的一個例子。

Over the next year, you will see the first instance of this loyalty points exchange with other consumer brands. This approach will also serve as a foundation for a more aspirational concept for new, modern payment rails that align payment expenses with the value received by customers and merchants. We intend to be at the forefront of this disruptive innovation, which will unfold over the next few years.

在接下來的一年裡，您將看到這種忠誠度積分與其他消費品牌進行兌換的首次嘗試。這種方法也將為建立更具雄心壯志的新型現代化支付體系奠定基礎，使支付支出與客戶和商家獲得的價值保持一致。我們計劃走在這場顛覆性創新的前沿，這場創新將在未來幾年內展開。

Finally, a rich pipeline of innovation will elevate the Starbucks experience in our stores and drive in-store productivity gains. Examples include our Mastrena 2 espresso machines that more efficiently pulls triple shots of high-quality espresso; our Deep Brew artificial intelligence platform that has automated daily inventory management; and store staffing and training improvements designed to reduce complexity in our stores. Simplifying this workflow helps reduce the strain on our partners, resulting from the ever-increased demand in our stores and enables our partners to connect and engage with their customers, which is at the heart of the Starbucks experience.

最後，豐富的創新產品將提升星巴克門市的體驗，並提高門市的生產力。例如，我們的 Mastrena 2 義式咖啡機可以更有效率地萃取三份高品質意式濃縮咖啡；我們的 Deep Brew 人工智慧平台實現了日常庫存管理的自動化；以及旨在降低門市營運複雜性的門市人員配備和培訓改進措施。簡化這項工作流程有助於減輕我們合作夥伴因門市需求不斷增長而承受的壓力，並使我們的合作夥伴能夠與顧客建立聯繫和互動，而這正是星巴克體驗的核心。

Starbucks is entering fiscal year '22 with strong customer demand and solid momentum in our U.S. business and expanding and accelerating in-store channels and digital flywheel and Green Apron partners eager to deliver an elevated Starbucks experience to their customers. Having navigated through so many challenges over the past year, we are excited and optimistic about the year that has just begun while remaining humble and mindful of unknown challenges.

星巴克進入 2022 財年之際，美國市場客戶需求強勁，業務發展勢頭穩健，同時不斷拓展和加速店內通路和數位化飛輪，而 Green Apron 合作夥伴也渴望為顧客提供更優質的星巴克體驗。經歷了過去一年的許多挑戰，我們對剛開始的一年感到興奮和樂觀，同時也保持謙遜，時刻警惕未知的挑戰。

On to China. Starbucks China extended our market leadership position in Q4 despite pandemic-driven disruptions, propelled by an accelerated pace of store development and significant growth in digital customer relationships, all while achieving record customer engagement scores in the quarter and in the year. Starbucks has built one of the most respected consumer brands in China, with 1 in 2 consumers preferring Starbucks to any other brands in away-from-home coffee.

接下來前往中國。儘管受到疫情帶來的衝擊，星巴克中國在第四季度仍鞏固了市場領先地位，這得益於門店發展速度的加快和數位化客戶關係的顯著增長，同時，星巴克中國在本季度和全年都取得了創紀錄的客戶參與度得分。星巴克在中國打造了最受尊敬的消費品牌之一，每兩名消費者中就有一名在外出喝咖啡時更喜歡星巴克而不是其他品牌。

Our growth strategy in the market continues to differentiate us and position us well for the long game. We continue to invest meaningfully in all aspects of our China business, including accelerated investment in our partners; the creation of award-winning, experiential store designs; unprecedented benefits like health care for partners and their parents; rent assistance; and programs that offer career paths for young people from rural and remote provinces. Together, these investments further elevate the Starbucks brand and partner experience. They instill pride in our China partners and deepen our customer engagement and connection.

我們在市場上的成長策略不斷使我們脫穎而出，並為長遠發展奠定了良好的基礎。我們將繼續對中國業務的各個方面進行有意義的投資，包括加快對合作夥伴的投資；打造屢獲殊榮的體驗式門市設計；提供前所未有的福利，例如為合作夥伴及其父母提供醫療保健；提供租金援助；以及為來自農村和偏遠省份的年輕人提供職業發展道路。這些投資將進一步提升星巴克品牌和員工體驗。它們增強了我們中國合作夥伴的自豪感，並加深了我們與客戶的互動和聯繫。

Starbucks continues to be in a strong market expansion cycle. And as such, much of our growth in China comes as we aggressively expand our store footprint and introduce more customers to the Starbucks experience. We expanded the store footprint with 225 net new stores in Q4, and we are going deeper and broader, deeper into existing cities and broader by opening in new cities.

星巴克持續處於強勁的市場擴張週期。因此，我們在中國的成長主要來自於我們積極擴大門市規模，讓更多顧客體驗星巴克。我們在第四季新增了 225 家門市，擴大了門市覆蓋範圍，我們正在不斷深化和拓展業務，既深入現有城市，也拓展到新城市。

For the full fiscal year, we opened a record 654 net new stores and ended the year with 5,360 stores in 208 cities throughout China. As we noted on our Q3 earnings call, our recovery in China will not be linear. In Q4, we experienced COVID-related restrictions that constrained customer mobility in 18 provincial-level regions. At its peak in mid-August, approximately 80% of our stores in China were impacted by the pandemic, with some stores fully closed or operating at different levels of elevated public health protocols, such as mobile ordering only, limited seating or health stations. Our recovery momentum was below expectation and pushed our 2-year comps to a minus 10% in Q4. Cities with local COVID cases were impacted the most, with stores relying on transportation and tourism also materially impacted during the quarter.

在整個財年，我們淨增門店數量創下紀錄，達到 654 家，到年底時，我們在中國 208 個城市共擁有 5360 家門市。正如我們在第三季財報電話會議上所指出的，我們在中國的復甦不會是線性的。第四季度，我們經歷了與新冠疫情相關的限制措施，這些措施限制了18個省級地區的客戶出行。疫情高峰期在 8 月中旬，我們在中國約 80% 的門市受到疫情影響，部分門市完全關閉，或採取不同程度的公共衛生防疫措施，例如僅提供手機下單、限制座位或設立衛生站。我們的復甦動能低於預期，導致第四季兩年同期業績年減 10%。出現本地新冠病例的城市受到的影響最大，依賴交通運輸和旅遊業的商店在本季度也受到了實質影響。

Notably, though, much like the U.S., China's 2-year comp also accelerated in the month of September as we remain optimistic for the recovery. Despite these strong headwinds, China grew revenue 11% year-on-year. While our overall reported comp growth was minus 7% for Q4, if we exclude the lap of a VAT subsidy we received in fiscal year '20, along with the stores and cities that experienced local COVID cases or were in transportation and tourism zones, our core fleet of stores comped positive. Starbucks' business and operating margins remained strong, and our commitment to China and our confidence in our long-term growth strategy in China is unwavering.

不過值得注意的是，與美國的情況類似，中國兩年同期經濟成長率在9月也加速成長，我們對經濟復甦仍保持樂觀。儘管面臨這些強勁的不利因素，中國市場營收仍年增 11%。雖然我們第四季的整體報告同店銷售額成長為 -7%，但如果排除我們在 2020 財年獲得的增值稅補貼，以及出現本地新冠病例或位於交通和旅遊區的門市和城市，我們的核心門市同店銷售額則為正增長。星巴克的業務和營運利潤率依然強勁，我們對中國的承諾以及對在中國長期成長策略的信心堅定不移。

In addition to expanding our portfolio of stores in China, we also expanded our digital footprint with 90 days Starbucks Rewards active members, reaching an all-time high of 17.9 million in Q4. This represents a sequential increase of 5% over Q3 and an increase of 33% over prior year. Frequency of purchases by our Gold members remained at pre-pandemic levels despite the mobility limitations in the quarter, demonstrating the effectiveness of our efforts in up-leveling member engagement. One example was our Star Dash gift with purchase campaign that successfully lifted member frequency and spend and evolved into a highly anticipated activity for members to earn limited availability to Starbucks' 50th anniversary merchandise.

除了擴大我們在中國的門市數量外，我們還擴大了我們的數位影響力，90 天星巴克獎勵計劃活躍會員數量在第四季度達到了創紀錄的 1790 萬。這比第三季環比成長 5%，比上年同期成長 33%。儘管本季出行受到限制，但我們黃金會員的購買頻率仍保持在疫情前的水平，這表明我們在提升會員參與度方面所做的努力是有效的。例如，我們的「星光衝刺」購物贈禮活動成功提高了會員的消費頻率和消費額，並發展成為會員們翹首以盼的活動，透過該活動可以獲得數量有限的星巴克 50 週年紀念商品。

With operations heavily impacted by COVID-related safety restrictions in the quarter, we are laser-focused on what we can control in China while continuing to elevate our partner and customer experiences to further elevate the Starbucks brand and build on the loyalty that will continue to drive our long-term growth.

由於本季營運受到新冠疫情相關安全限制的嚴重影響，我們正全力專注於在中國能夠控制的事情，同時繼續提升我們的合作夥伴和顧客體驗，以進一步提升星巴克品牌，並鞏固將繼續推動我們長期增長的忠誠度。

Including the U.S. and China, Starbucks' presence in 84 markets around the world provides us with a unique perspective on the global recovery from this pandemic. There's no doubt that we are seeing continued recovery in our markets.

星巴克在全球 84 個市場（包括美國和中國）的業務，讓我們對全球從這場疫情中復甦有了獨特的視角。毫無疑問，我們的市場正在持續復甦。

Latin America grew system sales by 113% in Q4 driven by a strong recovery in Mexico. EMEA posted system sales growth of 52% in the quarter. And Japan navigated through a challenging quarter, turning the corner towards renewed growth. We see positive signs in many other markets as well as reinforcing our belief that pandemic-related headwinds are temporary.

受墨西哥強勁復甦的推動，拉丁美洲第四季系統銷售額成長了 113%。歐洲、中東和非洲地區本季系統銷售額成長了 52%。日本度過了充滿挑戰的一個季度，扭轉頹勢，重回成長軌道。我們看到許多其他市場也出現了正面跡象，這更加堅定了我們對疫情相關不利因素是暫時的看法。

In addition, our strategic channel partnerships with the North American Coffee Partnership with PepsiCo and our Global Coffee Alliance with Nestlé are on plan and have propelled Starbucks to #1 share positions in the U.S. and throughout many other markets around the world, further underscoring the strength and resilience of the Starbucks brand and illuminating the decades-long runway of growth ahead.

此外，我們與百事可樂北美咖啡合作夥伴以及雀巢全球咖啡聯盟的戰略管道合作均按計劃進行，並已推動星巴克在美國和世界許多其他市場佔據市場份額第一的位置，進一步凸顯了星巴克品牌的實力和韌性，並預示著未來幾十年的增長前景。

As we enter fiscal year '22, we are fully prepared for a record-breaking holiday with strong growth planned around the world and a holiday campaign designed to build genuine human connection as only Starbucks can at a time when human connection is more important than ever.

進入 2022 財年，我們已做好充分準備，迎接破紀錄的假期季節。我們計劃在全球範圍內實現強勁增長，並推出假日營銷活動，旨在建立真正的人與人之間的聯繫，而這正是星巴克在人與人之間聯繫比以往任何時候都更加重要的時刻所能做到的。

In addition to new and iconic seasonal products, we are integrating brand building and transaction-driving marketing programs to demonstrate our values and touch our customers' hearts. We are prepared with inventory this holiday, and we are also anticipating that nearly $3 billion will be loaded on Starbucks Cards this season by leveraging our digital and out-of-store distribution channels and creating a promotional presence in drive-through lanes, where we have seen significant channel shift during the pandemic. We are ready for this holiday.

除了推出全新標誌性季節性產品外，我們還整合了品牌建立和交易驅動型行銷計劃，以展現我們的價值觀並打動顧客的心。我們已為這個假期做好了庫存準備，並且預計本季將有近 30 億美元的金額通過我們的數位和店外分銷渠道以及在得來速通道建立促銷活動（我們在疫情期間已經看到渠道發生了顯著變化）充值到星巴克卡上。我們已經準備好迎接假期了。

In closing, Starbucks' strong performance through the recovery is a direct result of the hard work and dedication of our partners as well as the investments we made both before and during the pandemic. We remain confident in our future and steadfast in our commitment to deliver long-term value to all stakeholders. This confidence supports the plan we announced today to return $20 billion to shareholders over the next 3 years through dividends and share repurchases. I'm particularly pleased that hundreds of thousands of Starbucks partners who are also Starbucks shareholders through our Bean Stock program will also benefit from this plan.

總之，星巴克在復甦過程中取得的強勁業績，直接歸功於我們合作夥伴的辛勤工作和奉獻精神，以及我們在疫情前後所做的投資。我們對未來充滿信心，並堅定不移地致力於為所有利害關係人創造長期價值。這種信心支撐著我們今天宣布的計劃，在未來 3 年內透過股利和股票回購向股東返還 200 億美元。我特別感到高興的是，透過我們的「豆股計畫」成為星巴克股東的數十萬星巴克夥伴也將從這項計畫中受益。

50 years ago, Starbucks was founded as a different kind of company, a company that would balance profit with social conscious and embrace the ideal that doing good for one another and for society would actually be very good for business over the long term. Our performance in 2021 demonstrates the wisdom and correctness of that founding principle. As we enter our second 50 years, we continue to honor our history and heritage just as we boldly reimagine our future.

50 年前，星巴克創立之初是一家與眾不同的公司，它力求在盈利與社會責任之間取得平衡，並秉持著「為彼此和社會做好事，從長遠來看實際上對企業非常有益」的理念。我們在 2021 年的表現證明了這項創始原則的智慧和正確性。進入第二個五十年之際，我們將繼續銘記歷史和傳統，同時大膽地重新構想未來。

And with that, I'll now turn the call over to Rachel. Rachel?

接下來，我會把電話交給瑞秋。瑞秋？

Thank you, Kevin, and good afternoon, everyone. It's my privilege to share with you Starbucks' strong finish to fiscal 2021, our 50th year in business, delivering the highest full year revenue, operating income and EPS in company history, an accomplishment that is truly special considering the profound challenges we have navigated throughout the pandemic.

謝謝你，凱文，大家下午好。我很榮幸與大家分享星巴克在 2021 財年（公司成立 50 週年）的強勁收官，實現了公司歷史上最高的全年營收、營業收入和每股收益，考慮到我們在整個疫情期間所面臨的巨大挑戰，這一成就尤為特別。

Please note that as Greg discussed at the top of the call, fiscal '21 results that I will discuss today are non-GAAP, unless noted, and on a 14-week basis for the quarter and a 53-week basis for the year, except year-on-year revenue, comp, operating margin and EPS growth metrics, which will be on a 13-week or 52-week basis to exclude the impact of an extra fiscal week for comparative purposes.

請注意，正如 Greg 在電話會議開始時所討論的，除非另有說明，我今天將要討論的 2021 財年業績均為非 GAAP 業績，季度業績按 14 週計算，年度業績按 53 週計算，但同比收入、同店銷售額、營業利潤率和每股收益除外，這些因素將按 13 週的經濟週期的估計值 13 週。

In Q4, Starbucks Global revenue reached $8.1 billion, up 22% from the prior year, setting another quarterly record, along with a fiscal year record of $29.1 billion, primarily driven by the continued momentum in the U.S. and strong contributions from across the globe despite the severe headwinds of the COVID Delta variant. Our consolidated operating margin was 19.6% in Q4, up 580 basis points from the prior year. The increase was primarily driven by sales leverage across the P&L as we lap the COVID-19 impacts and related costs as well as pricing in North America. These were partially offset by rapid inflation related to logistics, commodities and labor costs across our supply chain.

第四季度，星巴克全球營收達到 81 億美元，比上年成長 22%，再次創下季度紀錄，同時創下 291 億美元的財年紀錄，這主要得益於美國市場的持續增長勢頭以及全球各地市場的強勁貢獻，儘管面臨 COVID Delta 變異株帶來的嚴重不利影響。第四季度，我們的綜合營業利潤率為 19.6%，比上年同期成長 580 個基點。此次成長主要得益於損益表中的銷售槓桿效應，因為我們正在應對 COVID-19 疫情的影響和相關成本，以及北美地區的定價。這些損失部分被供應鏈中物流、商品和勞動成本的快速通貨膨脹所抵銷。

Q4 GAAP EPS was $1.49, inclusive of a $0.56 divestiture gain from the Starbucks Coffee Korea transaction, which yielded pretax proceeds of almost $1.2 billion. Q4 non-GAAP EPS was $1, capping off the company's most profitable year ever with non-GAAP EPS of $3.24.

第四季 GAAP 每股收益為 1.49 美元，其中包括從星巴克韓國咖啡交易中獲得的 0.56 美元剝離收益，該交易產生了近 12 億美元的稅前收益。第四季非GAAP每股收益為1美元，使公司有史以來獲利最高的一年以非GAAP每股收益3.24美元收官。

I will now provide some segment highlights for Q4 and then we'll provide guidance for fiscal 2022. The North America segment delivered revenue of $5.8 billion in Q4, 27% higher than the prior year, primarily driven by a 22% increase in comparable store sales, including 18% comp transaction growth and a 3% increase in average ticket. In the U.S., comparable store sales reached 22% in Q4 driven by transaction comp of 19%, delivering another sequential improvement in 2-year transaction comp in the face of COVID Delta variant disruptions. Simultaneously, we maintained our strength in average ticket, up 3% over the prior year in Q4, remaining near record levels and posting 2-year ticket comp of over 20% for the sixth consecutive quarter. Cold beverages reached 75% of total sales in Q4, contributing to our ticket strength, along with outstanding results from our fall promotion and another record quarter of food attach.

接下來我將介紹第四季的一些業務亮點，然後我們將提供 2022 財年的業績指引。北美業務第四季營收達 58 億美元，較上年同期成長 27%，主要得益於同店銷售額成長 22%，其中同店交易額成長 18%，平均客單價成長 3%。在美國，第四季度同店銷售額成長 22%，交易額成長 19%，在 COVID Delta 變體幹擾的情況下，兩年交易額再次達到季比成長。同時，我們保持了平均客單價的強勁勢頭，第四季度比上年同期增長了 3%，接近歷史最高水平，並且連續第六個季度實現了兩年客單價同比上漲 20% 以上。第四季冷飲銷售額佔總銷售額的 75%，這得益於我們秋季促銷活動的出色表現以及食品銷售額的另一個創紀錄季度。

North America's operating margin was 22.5% in Q4, expanding 510 basis points from the prior year, driven by sales leverage as we lap the impacts of COVID as well as continued strength in ticket, including pricing. The segment's operating margin exceeded the pre-pandemic level in Q4 fiscal 2019 by 170 basis points, primarily due to the leadership conference and labor hour investments in Q4 fiscal 2019. Strong ticket and the benefit of trade area transformation also offset the margin headwind of approximately 270 basis points over the past 2 years from sizable investments in wage and benefits as well as supply chain inflationary pressures.

北美地區第四季營業利潤率為 22.5%，較上年同期增長 510 個基點，這主要得益於銷售槓桿效應，因為我們已逐漸擺脫 COVID 的影響，以及包括定價在內的客單價持續走強。該部門 2019 財年第四季的營業利潤率比疫情前水準高出 170 個基點，這主要是由於 2019 財年第四季的領導層會議和工時投資。強勁的客單價和貿易區轉型帶來的好處也抵消了過去兩年因工資和福利方面的大量投資以及供應鏈通膨壓力而造成的約 270 個基點的利潤率逆風。

Moving on to International. The International segment delivered record revenue of $1.9 billion in Q4, growing 18% over the prior year. The growth was driven by an 8% increase in net new stores over the past 12 months, strong sales growth from our international licensees as well as a 3% increase in comparable store sales. Both company-operated and licensed markets across our international portfolio are contributing meaningfully, with double-digit sales growth in key markets like Japan, the U.K., Korea and Mexico.

接下來是國際部分。國際業務部門第四季營收創歷史新高，達 19 億美元，比上年同期成長 18%。過去 12 個月淨新增門市數量成長 8%，國際特許經營商的銷售強勁成長，以及同店銷售額成長 3%，推動了業績成長。無論是公司自營市場或授權市場，我們國際業務組合中的市場都做出了顯著貢獻，在日本、英國、韓國和墨西哥等主要市場實現了兩位數的銷售成長。

Kevin noted that the COVID-related volatility drove comp sales down 7% in China in Q4. However, our experienced team and 22-year history continue to serve us well as operating income was only down 1% versus last year. Our team in China and across the globe has done a tremendous job of managing through the volatility. In fact, operating margin for the International segment was 22.8% in Q4, expanding 650 basis points from the prior year, well above pre-pandemic levels, mainly driven by sales leverage as the segment continued to recover from the pandemic.

凱文指出，受新冠疫情影響，第四季中國同店銷售額下降了 7%。然而，我們經驗豐富的團隊和 22 年的歷史繼續為我們帶來良好效益，營業收入與去年相比僅下降了 1%。我們在中國和全球各地的團隊在應對市場波動方面做得非常出色。事實上，第四季度國際業務部門的營業利潤率為 22.8%，比上年同期增長了 650 個基點，遠高於疫情前的水平，這主要得益於該部門從疫情中持續復甦，銷售槓桿效應推動了這一增長。

Higher government subsidies, lapping store asset impairments in the prior year as well as store and overhead labor efficiencies also contributed to the expansion. We expect margin to settle a bit in fiscal '22 versus the levels of the past 2 quarters as government subsidies are not expected to repeat and we have pressures relating to the impacts of inflation. The opportunity ahead, coupled with tremendous experience and a strong diversified portfolio, has us very optimistic for the future growth of China and our other international markets.

政府補貼增加、上一年門市資產減損損失的抵銷以及門市和管理費用的提高也促進了擴張。我們預計 2022 財年的利潤率將比過去兩個季度的水平略有穩定，因為政府補貼預計不會再次出現，而且我們面臨著與通貨膨脹影響相關的壓力。未來的機遇，加上我們豐富的經驗和強大的多元化投資組合，使我們對中國和其他國際市場的未來成長非常樂觀。

On to Channel Development. Revenue was $438 million in Q4, a decline of 10% from the prior year, primarily driven by Global Coffee Alliance transition-related activities, including a structural change in our single-serve business. When excluding the approximately 20% adverse impact of these transition-related activities, Channel Development's revenue increased by 10% in Q4, primarily driven by growth in the Global Coffee Alliance as well as other International ready-to-drink business. As a reminder, Q4 was the last quarter we will be lapping this transition so we expect Channel Development to return to more normalized reported revenue growth levels in fiscal 2022.

接下來是通路開發。第四季營收為 4.38 億美元，比上年同期下降 10%，主要原因是全球咖啡聯盟過渡相關活動，包括我們單杯咖啡業務的結構性變化。在排除這些轉型相關活動帶來的約 20% 的不利影響後，通路發展部門第四季的營收成長了 10%，主要得益於全球咖啡聯盟以及其他國際即飲咖啡業務的成長。提醒一下，第四季度是我們經歷這段過渡期的最後一個季度，因此我們預計通路發展將在 2022 財年恢復到更正常的報告收入成長水準。

The segment's operating margin was 50.2% in Q4, up 960 basis points from the prior year. Normalizing for the 890 basis point impact of Global Coffee Alliance transition-related activities I just mentioned, Channel Development's operating margin expanded 70 basis points in Q4, driven primarily by lower trade spend in our International ready-to-drink business.

該業務部門第四季的營業利潤率為 50.2%，比上年同期成長 960 個基點。在剔除我剛才提到的全球咖啡聯盟轉型相關活動帶來的 890 個基點的影響後，通路發展業務的營業利潤率在第四季度增長了 70 個基點，這主要是由於我們國際即飲咖啡業務的貿易支出減少所致。

Now I will turn to our fiscal '22 outlook. For fiscal 2022, we are expecting global comp sales growth to reach high single digits as we lap prior year impacts of COVID and continue to build on our Q4 momentum. This also reflects our thoughtful pricing actions, which are expected to further bolster our comp growth as we work to offset the impacts of inflation across our supply chain.

現在我將談談我們2022財年的展望。2022 財年，我們預計全球同店銷售額成長將達到高個位數，因為我們將消除前一年 COVID 的影響，並繼續保持第四季度的成長動能。這也體現了我們深思熟慮的定價策略，預計這些策略將進一步促進我們的同店銷售成長，因為我們將努力抵消通貨膨脹對整個供應鏈的影響。

New stores will also contribute meaningfully to our growth in fiscal 2022. We expect to add approximately 2,000 net new stores globally in fiscal 2022, up significantly from 1,173 in fiscal 2021 as we successfully completed closures under our North America trade area transformation program and are now refocusing on expansion. We estimate that approximately 75% of our net new stores will come from outside the U.S. as we continue to diversify our global portfolio across highly profitable markets. This represents global net new store growth of 6%, returning to our ongoing growth model.

新店也將為我們 2022 財年的成長做出重大貢獻。我們預計在 2022 財年全球將新增約 2,000 家淨門市，較 2021 財年的 1,173 家大幅成長，因為我們已成功完成北美貿易區轉型計畫下的門市關閉工作，現在正重新專注於擴張。我們預計，隨著我們繼續在全球高利潤市場實現投資組合多元化，約 75% 的新增門市將來自美國以外地區。這代表全球淨新增門市數量增加了 6%，回歸到我們持續成長的模式。

With this powerful combination of global comp and store growth, coupled with the continued strength in our Channel Development segment, we are expecting consolidated revenue to range between $32.5 billion and $33 billion in fiscal 2022, going well above our long-term guidance of 8% to 10% growth, setting us up for another year of record performance.

憑藉全球同店銷售和門市銷售的強勁成長，以及通路發展部門的持續強勁表現，我們預計 2022 財年合併收入將在 325 億美元至 330 億美元之間，遠超我們 8% 至 10% 的長期增長預期，這將使我們再創一年的業績紀錄。

As Kevin mentioned, fiscal 2022 will be a pivotal year of investment marked by increase in wage investments to further support our store partners in this critical moment, helping to ensure we have, one, the very best talent to drive our business forward; and two, the ability to continue capturing and maintaining meaningful category share gains.

正如凱文所提到的，2022 財年將是投資的關鍵一年，其特點是增加工資投入，以在這個關鍵時刻進一步支持我們的門店合作夥伴，從​​而確保我們擁有：第一，最優秀的人才來推動我們的業務向前發展；第二，能夠繼續獲得併保持有意義的品類份額增長。

Accelerating our growth in share is fuel for future margin expansion as sales leverage is one of the most meaningful expansion opportunities we have. So while we'll see an impact to operating margin in fiscal 2022 resulting from these investments, increasing our share of customers now will drive long-term earnings and value for all Starbucks stakeholders. The success of Starbucks starts with our partners, and we are committed to continuing to invest in them as a critical strategic differentiator for our business.

加速市佔率成長是未來利潤率擴張的動力，因為銷售槓桿是我們最有意義的擴張機會之一。因此，雖然這些投資會在 2022 財年對營業利潤率產生影響，但現在增加客戶份額將為所有星巴克利害關係人帶來長期收益和價值。星巴克的成功始於我們的夥伴，我們致力於繼續投資於他們，因為他們是我們業務的關鍵策略差異化因素。

With these investments, we expect fiscal 2022 operating margin to be approximately 17%, below our long-term target, driven by approximately 400 basis points of impact related to the wage investments, coupled with an additional headwind of approximately 200 basis points from a combination of inflationary pressures, other growth investments and discontinuation of government subsidies. Further, our fiscal 2022 margin expectation reflects factors unrelated to our core performance with an approximately 40 basis point dilutive impact from a combination of the Starbucks Korea transition as well as a change in non-GAAP reporting treatment, both representing a onetime step-down in margin.

由於這些投資，我們預期 2022 財年的營業利潤率約為 17%，低於我們的長期目標，這主要是由於薪資投資的影響約為 400 個基點，再加上通膨壓力、其他成長投資和政府補貼停止等因素帶來的約 200 個基點的額外不利影響。此外，我們對 2022 財年的利潤率預期反映了與核心業績無關的因素，其中星巴克韓國的轉型以及非 GAAP 報告處理方式的改變，將導致利潤率一次性下降約 40 個基點，從而產生稀釋影響。

However, we will meaningfully offset these margin impacts in fiscal year 2022 with benefits from pricing, leveraging on our expected strong sales and productivity gains. Importantly, given our continued proactive actions to continue to drive margin expansion and leverage accelerated sales growth, we expect our operating margin to return to the ongoing target of 18% to 19% in fiscal 2023. While fiscal 2022 margin represents a departure from our long-term growth algorithm, we believe the value of these strategic investments will create for our partners, our business and all of our stakeholders will endure for many years to come.

然而，我們將在 2022 財年透過定價收益，利用我們預期的強勁銷售和生產力提升，來有效抵銷這些利潤率影響。重要的是，鑑於我們持續採取積極措施來繼續擴大利潤率並利用加速的銷售成長，我們預計到 2023 財年，我們的營業利潤率將恢復到 18% 至 19% 的持續目標。儘管 2022 財年的利潤率與我們長期的成長演算法有所不同，但我們相信，這些策略投資將為我們的合作夥伴、我們的業務以及所有利害關係人創造價值，並將持續多年。

We are pleased that as we had previously committed, we successfully managed our leverage ratio back within our target at the end of fiscal 2021. As a result, we plan to reinstitute our share repurchase program beginning this quarter and are committed to returning $20 billion to shareholders or approximately 15% of our current market capitalization over the next 3 years. With this commitment, Starbucks will have returned over $45 billion to shareholders since fiscal 2018 or approximately 35% of our current market capitalization while simultaneously delivering on our algorithm for double-digit EPS growth at scale. Approximately 2/3 of this $20 billion will come in the form of share repurchases, with the proceeds from the Korea transaction pushing fiscal 2022 repurchases a bit higher than the following 2 years. The remaining 1/3 will come through a very competitive dividend, targeting an approximate 50% payout. To support this plan, we plan on issuing a moderate amount of incremental debt while retaining leverage below our target of 3x rent-adjusted EBITDA, consistent with our existing BBB+ rating. As a result, we expect interest expense to be between $490 million and $500 million in fiscal 2022 versus $470 million in fiscal 2021.

我們很高興，正如我們之前承諾的那樣，我們在 2021 財年末成功地將槓桿率控制在了目標範圍內。因此，我們計劃從本季開始重新啟動股票回購計劃，並承諾在未來 3 年內向股東返還 200 億美元，約占我們目前市值的 15%。透過這項承諾，自 2018 財年以來，星巴克將向股東返還超過 450 億美元，約占我們目前市值的 35%，同時實現我們大規模兩位數 EPS 成長的演算法。這 200 億美元中約有 2/3 將以股票回購的形式出現，而韓國交易的收益將使 2022 財年的股票回購額略高於接下來的兩年。剩餘的 1/3 將透過極具競爭力的股息支付，目標是派發約 50% 的股息。為了支持這項計劃，我們計劃發行適量的新增債務，同時將槓桿率保持在低於我們3倍租金調整後EBITDA的目標水平，這與我們現有的BBB+評級一致。因此，我們預計 2022 財年的利息支出將在 4.9 億美元至 5 億美元之間，而 2021 財年為 4.7 億美元。

Capital expenditures in fiscal 2022 are expected to total approximately $2 billion, up from $1.5 billion in fiscal 2021 and back to pre-COVID levels, reflecting increases in new store development and technology initiatives in our stores. As always, we plan to focus on capital spending in fiscal 2022 on opportunities that drive significant returns across our global retail portfolio.

預計 2022 財年的資本支出總額約為 20 億美元，高於 2021 財年的 15 億美元，恢復到新冠疫情前的水平，這反映了我們門市新開發和技術舉措的增加。與以往一樣，我們計劃在 2022 財年將資本支出重點放在能夠為我們全球零售業務組合帶來顯著回報的機會上。

We expect our non-GAAP effective tax rate to be between 24% and 25%. This range translates to an EPS headwind of roughly 4% year-on-year and is meaningfully higher than the non-GAAP tax rate of 21.3% in fiscal 2021, which benefited from certain discrete tax benefits that are not expected to repeat to the same degree in fiscal 2022.

我們預計非GAAP實際稅率將在24%至25%之間。這一區間意味著每股收益同比下降約 4%，遠高於 2021 財年 21.3% 的非 GAAP 稅率，後者受益於某些特殊的稅收優惠，預計這些優惠在 2022 財年不會以同樣的程度重複出現。

When you add it all up, on a 52-week comparative basis, we expect fiscal 2022 GAAP EPS to decline by 4% or less. We expect our fiscal 2022 non-GAAP EPS growth to be at least 10% from the base of $3.10 in fiscal 2021 that excludes the extra week and is adjusted for the change in non-GAAP treatment of certain integration costs.

綜合所有因素，以 52 週的比較基準計算，我們預計 2022 財年 GAAP 每股盈餘將下降 4% 或更少。我們預計 2022 財年非 GAAP 每股盈餘成長將比 2021 財年的 3.10 美元至少增加 10%（不包括額外一周，並已根據某些整合成本的非 GAAP 處理方式的變化進行了調整）。

With the phased rollout of wage investments and the ongoing global recovery from COVID throughout the year, we expect fiscal 2022 quarterly non-GAAP EPS to be the lowest in Q2 before peaking in Q3 to form a strong back half of the year. We recognize that this earnings guidance is a temporary change from the outlook discussed at our Investor Day in December 2020, driven by wage investments as well as faster-than-expected recovery in fiscal 2021. We continue, however, to stand by our commitment to the growth algorithm over the longer term. The strategic investments in our partners are the right thing to do for our business and all of our stakeholders, and we are confident this provides the foundation necessary to continue to grow our coffee leadership position for many years to come.

隨著工資投資的分階段推出以及全年全球從新冠疫情中持續復甦，我們預計 2022 財年季度非 GAAP 每股收益將在第二季度最低，然後在第三季度達到峰值，從而形成強勁的下半年。我們認識到，這項獲利預期與我們在 2020 年 12 月投資者日上討論的前景相比，是一種暫時性的變化，主要原因是薪資投資以及 2021 財年比預期更快的復甦。但是，我們仍然堅持對長期成長演算法的承諾。對合作夥伴進行策略性投資對我們的業務和所有利益相關者來說都是正確的做法，我們相信這將為我們在未來多年繼續鞏固咖啡產業的領導地位奠定必要的基礎。

To summarize, here are the 3 key takeaways for my discussion today. First, we are thrilled with what we accomplished in fiscal 2021, far surpassing the pre-pandemic performance levels to deliver record high revenue, operating income and EPS even as global consumer mobility remains suppressed and inflationary headwinds pressure our business.

總而言之，我今天討論的三個主要要點如下。首先，我們對 2021 財年的成就感到非常興奮，遠遠超過了疫情前的業績水平，實現了創紀錄的收入、營業收入和每股收益，即便全球消費者的出行仍然受到抑制，通膨逆風也給我們的業務帶來了壓力。

Second, fiscal 2022 will be a year of outsized investments prioritizing our store partners and ensuring we have the very best talent to drive, capture and maintain lasting category share gains while still delivering double-digit EPS growth and initiating a return of $20 billion to our shareholders over the next 3 years.

其次，2022 財年將進行大規模投資，優先考慮我們的門市合作夥伴，確保我們擁有最優秀的人才來推動、獲取和維持持久的品類份額增長，同時實現兩位數的每股收益增長，並在未來 3 年內向股東返還 200 億美元。

And finally, we remain fully committed to our ongoing growth model and expect to progress towards our algorithm with an operating margin of 18% to 19% in fiscal 2023 while continuing to balance returns and investments necessary to sustain this performance over the long term.

最後，我們將繼續全力以赴地推進我們的成長模式，並期望在 2023 財年實現 18% 至 19% 的營業利潤率，同時繼續平衡回報和必要的投資，以長期維持這一業績。

Of course, all of this is made possible because of the significant efforts of our Starbucks partners around the world who proudly wear the Green Apron. It is their unwavering commitment to serving our customers that drives the financial results and outlook that I've shared today.

當然，這一切都離不開世界各地星巴克夥伴們的辛勤付出，他們都自豪地穿著綠色圍裙。正是他們對服務客戶的堅定承諾，推動了我今天分享的財務表現和前景。

With that, Kevin and I are happy to take your questions, joined by John Culver, Michael Conway and Leo Tsoi. Thank you, operator.

接下來，我和凱文很高興回答大家的問題，約翰·庫爾弗、麥可·康威和李奧·崔也加入了我們。謝謝接線生。

(Operator Instructions) Our first question comes from the line of David Tarantino with Baird.

（操作說明）我們的第一個問題來自大衛·塔倫提諾和貝爾德的對話。

My question, Rachel, is on the margin outlook that you gave, 17% this year and then growing to 18% to 19% in 2023. And I'm just wondering if you could sort of paint the picture of how you get from this year's margin outlook to next year's margin outlook. Are there certain offsets that are going to develop throughout the year that will lead to better performance? Or is there something onetime in the cost structure this year? Anything you can do to help provide some visibility on that path would be great.

瑞秋，我的問題是關於你給出的利潤率預期，今年是 17%，然後到 2023 年增加到 18% 到 19%。我想請您大致描述一下，您是如何從今年的利潤率預期過渡到明年的利潤率預期的。今年是否存在某些有利因素會逐漸顯現，從而帶來更好的業績？或者說，今年的成本結構中是否有一次性支出？如果您能為提高人們對這條道路的認識做出一些貢獻，那就太好了。

Yes. Thank you for the question. What I'd say is when we look at our margins that we're guiding for this year and we think about where we're headed to next year, as you know, there are over 640 basis points of dilution to our margin this year given the investments we're making as well as some of the inflationary headwinds and changes, as outlined in my prepared remarks. We're going to work this year to offset the majority of that through pricing, through sales leverage, through productivity and other efficiency measures.

是的。謝謝你的提問。我想說的是，當我們審視今年的利潤率預期，並思考明年的發展方向時，正如你們所知，考慮到我們正在進行的投資以及一些通膨不利因素和變化，今年我們的利潤率將下降超過 640 個基點，正如我在準備好的發言稿中概述的那樣。今年我們將努力透過定價、銷售槓桿、生產力和其他效率措施來抵消大部分損失。

As we move into FY '23, we'll continue those efforts, and that's going to allow us to return back to the 18% to 19% margin that we guided for the long term. We feel confident that given that our Growth at Scale agenda and our focus on pipeline of innovation, our ability to continue to grow our digital customer memberships and our ability to continue to accelerate the service experience through new stores and through the experience we're creating in stores, coupled with productivity and efficiency throughout our global network, is really what allows us to continue on that path towards 18% to 19% margin in line with our long-term guidance.

進入 2023 財年，我們將繼續努力，這將使我們能夠恢復到長期預期的 18% 至 19% 的利潤率。我們相信，憑藉我們的規模化成長策略和對創新管道的關注，我們能夠繼續發展我們的數位客戶會員，並透過新店和我們在店內創造的體驗不斷提升服務體驗，再加上我們全球網絡的生產力和效率，這才是真正能夠讓我們繼續朝著長期目標——18%至19%的利潤率——邁進的關鍵。

And David, this is Kevin. Let me just add to Rachel's comments. The strategic investments we are making in wage, here's how to think about it. First, our Q4 and FY '21 revenue results demonstrate that we are growing faster than the coffee addressable market as estimated by Euromonitor. We are taking market share. Then if you look at consumer mobility, it's going to continue to increase, and we want to recruit and retain the very best talent for our stores. The most important investment we can make is in our Green Apron partners. We know this to be true because it has been proven time and time again throughout our 50-year history. That when we take care of our partners, they always rise to the occasion and create that unique Starbucks experience for our customers. Clearly, from my perspective, this investment in our partners is not only the right thing to do for them. It's also the right thing to do for all stakeholders, including our shareholders.

大衛，這位是凱文。我只想補充一下瑞秋的評論。以下是我們對薪資進行策略性投資的思考方式。首先，我們的 2021 財年第四季和全年營收業績表明，我們的成長速度超過了歐睿國際估計的咖啡目標市場的成長速度。我們正在搶佔市場份額。然後，如果你觀察消費者的移動性，它將會持續成長，我們希望為我們的門市招募和留住最優秀的人才。我們最重要的投資就是投資我們的綠色圍裙合作夥伴。我們知道這是真的，因為在我們50年的歷史中，這一點已經一次又一次地得到了證明。當我們善待我們的夥伴時，他們總是能挺身而出，為我們的顧客創造獨特的星巴克體驗。顯然，從我的角度來看，對我們的合作夥伴進行這項投資不僅對他們來說是正確的做法。這樣做對包括股東在內的所有利害關係人來說都是正確的。

We're on the front foot right now, and we have this opportunity to accelerate by investing into the growth curve. This means with this investment, we predict higher market share gains as consumers return to our stores, and these share gains will be permanent. And these share gains will create long-term shareholder value. If you think about it and you model this, those permanent gains, we know we get operating leverage as we get more customers. So if you just take the share gains and you run the spreadsheets on operating leverage, that is what's going to create -- this is actually going to increase the terminal value calculation for Starbucks. And we're so confident in this strategy, in this investment, that's why we're committing this $20 billion return to shareholders over the next 3 years.

我們現在處於領先地位，我們有機會透過投資成長曲線來加速發展。這意味著，透過這項投資，我們預期隨著消費者重返我們的門市，市場佔有率將獲得更高的成長，而這些市場佔有率的成長將是永久性的。這些股價上漲將創造長期的股東價值。如果你仔細想想，並建立模型，你會發現，隨著客戶數量的增加，我們就能獲得營運槓桿效應，從而實現永久性收益。所以，如果你只考慮股票收益，然後對經營槓桿進行電子表格計算，那麼這將實際上增加星巴克的終值計算結果。我們對這項策略、這項投資充滿信心，因此我們承諾在未來 3 年內向股東返還 200 億美元。

So this is all about leaning into the growth, taking market share that's going to be permanent, and the benefit of that market share is going to create significantly more shareholder value than we would have created without the investment. And we're so confident we're $20 billion returned to shareholders in dividends and buybacks. That's how I think about it, and that's how I think every shareholder ought to think about this investment.

所以這一切都是為了抓住成長機會，獲得永久性的市場份額，而市場份額帶來的好處將創造比沒有投資時更大的股東價值。我們非常有信心，將以股利和股票回購的形式向股東返還 200 億美元。我就是這麼想的，而且我認為每個股東都應該這樣看待這項投資。

Your next question comes from Andrew Charles with Cowen.

下一個問題來自考恩公司的安德魯查爾斯。

I just have a 2-part question. Kevin, what do you attribute to the U.S. acceleration in September? I think investors are trying to get a sense if this is something more enduring like a post -- like a larger post-Labor Day return to office or perhaps something more transitory like a successful PSL season.

我的問題分為兩部分。凱文，你認為美國9月經濟加速成長的原因是什麼？我認為投資人正在試圖判斷這究竟是像勞動節後大規模復工那樣更持久的現象，還是像南瓜香料拿鐵（PSL）賽季成功那樣更短暫的現象。

And Rachel, just to clarify one piece of the guidance. The non-GAAP EPS guidance of $3.40 plus, does that incorporate share buybacks? Or is that excluded from the EPS guidance? And if you can just provide a share count that guidance is contingent on to help flesh that out, that would be very helpful.

瑞秋，我來澄清一下指導原則中的一點。非GAAP每股盈餘預期為3.40美元以上，是否包含了股票回購？或者說，這部分內容不包含在每股盈餘預期中？如果您能提供一份與指導意見相關的股份數量數據，以幫助完善相關細節，那就非常有幫助了。

Yes, Andrew, I'll take the first part of your question, then I'll hand it to Rachel. Look, with COVID cases, in this case, the Delta variant, it creates the variability in consumer behavior. So as you saw in the United States more government restrictions, and many of these were done state by state and city by city, that we had to respond to, that I think was the impact in August. And as we responded to those and certainly as I think consumers start to see the Delta variance, the curve starting to slow, consumer mobility unfolds. So these are all transitory and they're unpredictable. It's all related to the pandemic. So the acceleration that we saw in both the U.S. and China are the exact same reason. It's just a variable of dealing with the global pandemic. And when these Delta variants and these other things pop up, it does have some impact on consumer mobility.

好的，安德魯，我先回答你問題的第一部分，然後再交給瑞秋。你看，就新冠肺炎病例而言，就目前的情況而言，是 Delta 變異株，它造成了消費者行為的波動。正如你在美國看到的那樣，政府推出了更多限制措施，其中許多措施都是由各州和各城市逐一實施的，我們不得不對此做出回應，我認為這就是八月份的影響。隨著我們對這些問題做出回應，而且我認為消費者也開始看到 Delta 差異，曲線開始放緩，消費者流動性也隨之展開。所以這些都是暫時的，而且難以預測。這一切都與新冠疫情有關。因此，我們在美國和中國看到的加速成長的原因完全相同。這只是應對全球疫情的變數。當這些達美航空的衍生機型和其他機型出現時，確實會對消費者的出行產生一定影響。

But the one thing we know for sure, absolutely, we see it in every market around the world, that as the spread of COVID gets under control in -- market by market, customers return to our stores immediately. That's why this investment in wage and ensuring we staff our stores with the very best and most talented Green Apron partners we can is so important. This is the right time to make that investment, and we're confident that, that investment is going to return significant value to shareholders. Rachel, do you want to take the second part of the question?

但有一件事我們非常確定，而且在世界各地的每個市場都看到了，隨著 COVID-19 疫情在各個市場得到控制，顧客會立即回到我們的商店。正因如此，我們才如此重視對薪資的投入，並確保我們的門市配備最優秀、最有才華的 Green Apron 合作夥伴。現在正是進行這項投資的好時機，我們相信這項投資將為股東帶來巨大的價值。瑞秋，你想回答問題的第二部分嗎？

Sure. And for the second part, Andrew, what I would say is generally, we're looking at about approximately 1% impact to EPS from the share repurchases, which is in line with our long-term guidance. Slightly elevated this year just given that this year's repurchases will be a little bit higher than '23 and '24 given the impact of the proceeds from Korea. But approximately 1%, and that's provided in our guidance.

當然。至於第二部分，安德魯，我想說的是，總的來說，股票回購對每股盈餘的影響約為 1%，這與我們的長期指導一致。鑑於韓國的收益影響，今年的回購額將比 2023 年和 2024 年略高，因此今年的回購額略高一些。但大約為 1%，這一點在我們的指南中已有說明。

Our next question comes from the line of John Ivankoe with JPMorgan.

我們的下一個問題來自摩根大通的約翰·伊万科。

Just looking at the numbers, it seems like one of your biggest opportunities is bringing back the U.S. traffic counts, I guess, to at least what they were in 2019, if not even above what they were in 2019. So I just wanted to get your sense of the visibility of that happening. If there are any green shoots, for example, suburban drive-throughs, for example, that are seeing that increase in traffic. And do you think you have the staffing today in the stores that would allow that return to traffic? Or would it be necessary to add a step function change in some of the labor hours to reach that increased consumer demand?

單從數據來看，你們最大的機會之一似乎是將美國的交通流量至少恢復到 2019 年的水平，甚至超過 2019 年的水平。所以我想了解你對這件事的關注度有何看法。如果出現任何復甦的跡象，例如郊區的汽車餐廳，客流量正在增加。您認為目前門市的員工配備是否足以恢復客流量？或者，是否需要對部分勞動時間進行階躍式調整，以滿足不斷增長的消費者需求？

Thanks, John. We'll hand to John Culver to share perspective on your question.

謝謝你，約翰。接下來我們將請約翰·庫爾弗就您的問題分享他的看法。

Yes, John, we're seeing obviously a record number of customers coming back into our stores, and that's signaled by the significant transaction growth we saw quarter-over-quarter at plus 18%. What we're seeing from a behavior standpoint are very similar behaviors from customers as we've had in prior quarters in pre-COVID. So routines are beginning to normalize. I think it speaks to a little bit around what Kevin said that as people become more mobile and particularly as we launched our fall campaign, normal routines entered with kids going back to school.

是的，約翰，我們顯然看到創紀錄數量的顧客回到我們的商店，這從我們季度環比交易量增長 18% 的顯著增長中可見一斑。從行為角度來看，我們看到客戶的行為與新冠疫情爆發前幾季的行為非常相似。所以日常生活開始恢復正常。我認為這在某種程度上印證了凱文所說的，隨著人們的出行越來越頻繁，尤其是在我們啟動秋季活動之後，隨著孩子們重返校園，正常的日常生活也隨之恢復。

Our peak hours have returned to pre-COVID behavior. They started in Q3 and continued into Q4. Morning daypart, very strong growth on a year-over-year basis as well as midday. And then into the afternoon, we're seeing a very high beverage and food attach. And really a shift to cold beverages that we talked about on the last earnings call. Cold beverages actually accounted for 75% of our beverage sales in the quarter. But food equally was strong. We were up 35%, espresso was up 34%, and we are seeing larger tickets come through as well.

我們的高峰時段已經恢復到新冠疫情前的水平。他們從第三季開始，一直持續到第四季。上午時段和中午時段的年成長率都非常強勁。然後到了下午，我們看到飲料和食物的消費非常高。而我們在上次財報電話會議上討論的，確實是轉向冷飲市場的轉變。本季度，冷飲實際上占我們飲料銷售額的 75%。但食物同樣也佔了重要地位。我們的銷售額成長了 35%，濃縮咖啡銷售額成長了 34%，而且我們也看到大訂單的出現。

So when you look at it from a store standpoint, we're very pleased with what the performance has been. First, in rural and suburban areas where our drive-throughs are most common, and which helped carry us through the COVID period and over the last 18 months were very strong, and they continue to show strong performance. Our urban stores have reached recovered status, and we're very encouraged by that. And then from a central business district, recovery has been slower, but it continues. For the second quarter in a row, central business district has returned to a positive comp performance as well.

所以從門市的角度來看，我們對目前的業績非常滿意。首先，在鄉村和郊區，我們的免下車服務最為普遍，這些服務幫助我們度過了新冠疫情時期，並且在過去 18 個月中表現非常強勁，而且它們繼續表現出強勁的業績。我們的城市門市已經恢復正常運營，我們對此感到非常鼓舞。而從中央商務區來看，復甦速度較慢，但仍在持續。中央商務區連續第二季恢復了正向同店銷售成長。

And then the last thing I would just leave you with is what we're seeing on the convenience aspect of Starbucks and in particular, the growth of drive-thru and the growth of MOP. And we've done a lot of this during the trade area transformation work we did around the stores. Today, drive-through and MOP accounted for 70% of transactions, which is up 15% versus pre-pandemic levels. So we're very encouraged with the momentum that we've been able to build. And then obviously, with the investments that we're making in our people from a wage perspective, we expect to continue to increase staffing levels, continue to increase the training for our partners, and we are very, very well positioned for a very strong holiday season.

最後，我想和大家分享我們在星巴克便利性方面所看到的，特別是得來速和行動支付的成長。我們在門市週邊商圈改造工作中做了很多這方面的工作。今天，免下車和行動支付佔交易量的 70%，比疫情前水準增加了 15%。因此，我們對目前所取得的進展動能感到非常鼓舞。顯然，從薪資角度來看，我們對員工進行了大量投資，我們預計將繼續增加員工人數，繼續加強對員工的培訓，我們已做好充分準備，迎接一個非常強勁的假期季節。

Our next question comes from Sharon Zackfia with William Blair.

下一個問題來自 Sharon Zackfia 和 William Blair。

Just kind of building on John's question, could you kind of quantify where U.S. staffing is relative to pre-pandemic? And maybe even some metrics around where your hourly turnover and managerial turnover is relative to 2019 would be helpful.

承接約翰的問題，您能否量化一下美國目前的人員配置與疫情前相比如何？或許提供一些關於貴公司小時工流動率和管理人員流動率相對於 2019 年的指標也會有所幫助。

Yes. What I'd say, Sharon, is a couple of things. Obviously, like all other retailers, we're navigating a very complex and unprecedented environment. And yes, we have seen some staffing challenges in certain parts of the country. But I think from the results we've been able to deliver, it demonstrates our ability to navigate through these challenges, whether it be staffing, whether it be any of the supply chain challenges or any of the inflationary pressures. When you look at it, one of the things that we've done during this time as we've looked at adjusting the staffing levels and how do we manage through this is we've also taken action to adjust store operating hours. And when I say that, we've really looked at the evening daypart and pulled that back from an hours perspective, and that has enabled us to redeploy staffing into other stores where we need it. So we're continuing to do that.

是的。莎倫，我想說兩點。顯然，與其他零售商一樣，我們正在應對一個非常複雜且前所未有的環境。是的，我們確實看到國內某些地區面臨人員配備的挑戰。但我認為，從我們所取得的成果來看，這顯示我們有能力應對這些挑戰，無論是人員配備、供應鏈挑戰或通膨壓力。仔細想想，在這段時間裡，我們在調整員工人數以及如何應對這種情況的同時，也採取了調整商店營業時間的措施。我的意思是，我們已經認真研究了晚間時段，並從工時角度縮短了營業時間，這使我們能夠將員工重新部署到其他需要的門市。所以我們會繼續這樣做。

In terms of your question around attrition, we are -- over the last year, approximately 70% of our hourly partners are new to Starbucks, and we continue to make investments in them from a training standpoint as we announced yesterday for all our partners. In addition, we've made investments now and we announced this yesterday around recruiting and adding recruiters, more recruiters into the regions to really focus and find and attract new talent. And then also, at the same time, we continue to work very closely with our partners to understand how we can continue to make them effective as well as reduce complexity in the store.

關於您提出的員工流失問題，我們——在過去一年中，大約 70% 的小時工夥伴都是星巴克的新員工，我們將繼續從培訓的角度對他們進行投資，正如我們昨天宣布的那樣，這將惠及我們所有的伙伴。此外，我們昨天宣布，我們已經進行了投資，在招募和增加招募人員方面，在各個地區增加更多招募人員，以便真正專注於尋找和吸引新人才。同時，我們也持續與合作夥伴緊密合作，了解如何才能繼續提高他們的效率，並降低商店的複雜性。

Complexity is a big thing for us, a big focus. And in that, we're looking at 2 things. Number one is driving automation in the stores. We've driven automated ordering for food and merchandise. It will be fully rolled out across all of our U.S. company-owned stores by the middle of this quarter. And then in addition, we continue to make investments in equipment. And from an equipment standpoint, whether it's Mastrena, whether it's our warming ovens or whether it's our cold brew system, all these equipment investments also make our partners more effective and free up time for them as they do their tasks.

複雜性對我們來說非常重要，是我們重點關注的問題。由此，我們來看兩件事。第一要務是推動門市自動化。我們推動了食品和商品的自動化訂購。到本季中期，這項服務將全面推廣到我們所有美國公司自營門市。此外，我們也持續投資設備。從設備角度來看，無論是 Mastrena 設備、保溫烤箱還是冷萃咖啡系統，所有這些設備投資也使我們的合作夥伴更加高效，並為他們完成任務騰出時間。

So a lot of work going on. I'm very proud of the way in which our partners have navigated over the course of the last year, in particular. And as we've experienced some of these challenges, we feel as though we are in a very good spot in managing through this and we'll continue to make investments in this area. It's an area we're watching very closely.

所以有很多工作正在進行中。我尤其為我們的合作夥伴在過去一年中的表現感到非常自豪。經歷了這些挑戰之後，我們感覺自己在應對這些挑戰方面處於非常有利的地位，我們將繼續在這個領域進行投資。這是我們正在密切關注的領域。

Our next question comes from the line of Sara Senatore with Bank of America.

我們的下一個問題來自美國銀行的薩拉·塞納托雷。

Sorry, can you hear me now? Hello?

抱歉，現在能聽到我說話嗎？你好？

Yes.

是的。

Okay. Sorry about that. I have a question and then a follow-up. The first is on China. It sounds like you're seeing just the impact of the pandemic rather than, say, slower macro growth or what others have alluded to or competition. So I guess just if you could just kind of talk about that in the context of what you're seeing there in terms of transaction and ticket, giving back a little bit of the ticket. I didn't know if there's sort of an underlying dynamic there outside of just the pandemic that might be playing out.

好的。抱歉。我有一個問題，然後還有一個後續問題。第一點是關於中國的。聽起來你看到的只是疫情的影響，而不是宏觀經濟成長放緩、其他人提到的其他因素或競爭的影響。所以我想，如果您能結合目前看到的交易和票務情況，談談返還部分票款這件事，那就太好了。我不知道除了疫情之外，是否還有其他潛在的因素在起作用。

And then my follow-up was on the investments you're making holistically. I certainly understand why -- and to your point, the payoff has been visible. But why not sort of approach it more ratably as opposed to a lot upfront in the coming year just given the volatility in the operating environment and you're coming off of kind of obviously depressed earnings growth from the pandemic. Can you just talk about the timing and sort of the front-loading of it?

然後我的後續問題是，你正在進行的整體投資。我完全理解其中的原因——而且正如你所說，回報已經顯而易見。但考慮到經營環境的波動性，以及疫情導致獲利成長明顯低迷，為什麼不採取更均衡的方式，而不是在來年一次性投入大量資金？您能談談時機和前期準備工作嗎？

Yes. Thanks, Sara. For your first question on China, Leo is joining us on the call from Shanghai. So Leo, why don't I hand the question over to you?

是的。謝謝你，莎拉。關於您提出的第一個有關中國的問題，Leo 正在上海透過電話連線與我們交流。那麼，Leo，不如我把這個問題交給你來問吧？

Certainly. Thank you, Kevin. My pleasure to take this question. Actually, in Q4 last year -- last fiscal year, we were impacted by 3 waves of COVID resurgence in the entire quarter, which hit 42 cities in total across the quarter. Now what it means is that we saw elevated public health measures were implemented, which significantly reduced the customer mobility and disrupted the consumption patterns.

當然。謝謝你，凱文。我很榮幸能回答這個問題。事實上，在去年第四季（上個財政年度），我們受到了三波新冠疫情反彈的影響，整個季度共有 42 個城市受到影響。這意味著我們看到公共衛生措施得到加強，這大大降低了顧客的流動性，並擾亂了消費模式。

As you know, the borders also remained closed. And when we see -- what this impacts us, it means that over half of our stores were located in cities hit by local cases. And around 80% of our stores were operating under the elevated safety protocols at the peak of the resurgence. So that's why, weighed down by these headwinds, we in Q4 delivered an 11% revenue growth year-on-year, as Kevin pointed out. And that means in Q4, the comp was up -- minus 7% or minus 3% if we exclude the lapping over of FY '20 VAT relief. However, I must say that when we exclude the stores in the cities with local cases as well as transportation and tourist stores, our comp was actually positive, excluding the FY '20 VAT relief.

如你所知，邊境也仍然關閉。當我們看到這對我們造成的影響時，這意味著我們超過一半的門市都位於受本地病例影響的城市。在疫情反彈高峰期，我們約有 80% 的門市都在執行更高的安全規程。所以，正如凱文指出的那樣，儘管面臨這些不利因素，我們在第四季度仍實現了 11% 的同比增長。這意味著第四季度同店銷售額下降了 7%，如果排除 2020 財年增值稅減免的延續，則下降了 3%。不過，我必須說，如果我們排除本地病例所在城市的商店以及交通和旅遊商店，我們的比較實際上是正的，不包括 2020 財年的增值稅減免。

And more importantly, as Rachel also pointed out, our operating income was minus 1% versus last year. And if we actually exclude the one-off COVID-related benefits in FY '20, we actually achieved improved -- an improvement on the operating income. So this is really showing and demonstrating our team's operational agility.

更重要的是，正如瑞秋也指出的那樣，我們的營業收入比去年下降了 1%。如果排除 2020 財年與 COVID 相關的一次性收益，我們實際上實現了改善——營業收入有所提高。這充分展現了我們團隊的營運彈性。

So what I would say, Sara, we are seeing this pandemic dynamics happening in the market. But I'm confidently saying that this is short term and they're going to recover, we're going to recover. And this is why our focus right now is focused on what we can control to navigate all these short-term volatilities with our team's abilities while capturing the key opportunity by, for example, generating our store growth and elevating our digital engagement and our customer experience. I think this is all going to power our future growth and build sustainable competitive advantage of Starbucks China. Turning over to you.

所以我想說的是，薩拉，我們正在看到疫情對市場的影響。但我有信心說，這只是暫時的，他們會恢復的，我們也會恢復的。因此，我們現在的重點是控制我們能夠控制的事情，利用我們團隊的能力來應對所有這些短期波動，同時抓住關鍵機遇，例如，促進門市成長，提升我們的數位互動和客戶體驗。我認為這一切都將推動我們未來的成長，並為星巴克中國建立可持續的競爭優勢。輪到你了。

Thank you, Leo. Sara, let me take the second half of your question -- the back half of your question regarding these investments. And I just want to start by just sort of looking back at some of the strategic investments that we made through this pandemic, starting with the decision we took in March of 2020 to give our partners economic certainty and pay them with no lapse, no furloughs, pay them while we closed all of our stores in the United States and just kept drive-throughs open, that was a big strategic decision. And we made that decision certainly staying true to our mission and values and taking care of our partners. But we also knew that as this pandemic began to ease and the recovery came back, our partners would be there, and they were.

謝謝你，Leo。薩拉，讓我來回答你問題的後半部分——關於這些投資的後半部分問題。首先，我想回顧一下我們在這次疫情期間做出的一些戰略投資，從我們在 2020 年 3 月做出的​​決定開始，那就是為我們的合作夥伴提供經濟保障，在關閉美國所有門市、僅保持免下車服務開放的情況下，不間斷地支付他們的工資，不讓他們休假，不間斷工資支付，這是一個重大的戰略決策。我們做出這個決定，當然是為了堅持我們的使命和價值觀，並照顧好我們的合作夥伴。但我們也知道，隨著疫情開始緩解，經濟逐漸復甦，我們的合作夥伴會一直陪伴在我們身邊，而他們也確實做到了。

And so why do you think we drove a faster recovery than people expected? Why did we drive a faster recovery than others in the industry? Answer, because we had the courage to make that strategic bet at that time in March of 2020. Then in June of 2020, we made the strategic decision to transform the trade area portfolio, the store portfolio in the United States. We basically repositioned nearly 600 stores to reposition them to better serve our customers and to give us better economics and to elevate the customer experience. That strategic decision -- we had the courage to make that. And that strategic decision today is giving us margin expansion, an elevated customer experience, and that, too, is contributing to our recovery.

那麼，你認為我們實現比人們預期更快復甦的原因是什麼？為什麼我們的復甦速度比業界其他公司更快？答案是，因為我們在 2020 年 3 月有勇氣做出那項策略性賭注。隨後在 2020 年 6 月，我們做出了策略決策，對美國的貿易區域組合和門市組合進行轉型。我們基本上重新定位了近 600 家門市，以便更好地服務我們的客戶，獲得更好的經濟效益，並提升客戶體驗。那項戰略決策──我們有勇氣做出它。而我們今天所做的這項策略決策，正在為我們帶來利潤率的提升、客戶體驗的改善，這也有助於我們的復甦。

I think about this decision on this wage investment the very same way we have in the past. We're going to stay true to our mission and values. And we know for certain, because we've seen it time and time again that when we invest in our partners, they rise to the occasion. And we also know this pandemic is transitory. We know vaccines work. We know that when we see markets, as governments just reduced restrictions, customers are back into our stores. So this is an opportunity for us to move now.

我對這項薪資投資決策的思考方式，與我們過去的做法完全相同。我們將始終堅守我們的使命和價值觀。我們確信這一點，因為我們已經一次又一次地看到，當我們投資於我們的合作夥伴時，他們就會不負眾望。我們也知道這場疫情是暫時的。我們知道疫苗有效。我們知道，隨著政府逐步放寬限制，市場也開始回流到我們的門市。所以這是我們現在行動的機會。

We can't wait. This is the time to take that market share that we know we can take, and that market share gain is permanent. That market share gain will build long-term customer engagement, long-term customer loyalty, and that market share gain will also drive operating leverage in our stores. In addition to that, we also know that we have a combination of in-store productivity innovation that's going to help offset that. We also have pricing power. And we're very thoughtful about how we take price, but we are taking price and we will continue to take price in an inflationary environment.

我們等不及了。現在正是我們奪取市場份額的時候，我們知道我們能夠奪取這些市場份額，而且這種市場份額的成長是永久性的。市場份額的成長將建立長期的客戶參與度、長期的客戶忠誠度，市場份額的成長也將提高我們門市的營運槓桿。除此之外，我們也知道，我們擁有一系列店內生產力創新措施，這些措施將有助於抵消這項影響。我們也擁有定價權。我們對價格的接受方式非常謹慎，但我們現在接受價格，而且在通貨膨脹的環境下，我們將繼續接受價格。

So we just believe this is the absolute right thing to do at this moment in time. And this investment, like the other 2 that I just described, will return value to shareholders. Because of that, that's why we reinforced our confidence with this $20 billion return to shareholders in the form of repurchases and buybacks. Thanks for your question.

所以我們相信，在這個時候這樣做是絕對正確的。這項投資，就像我剛才提到的另外兩項投資一樣，將會為股東帶來價值。正因如此，我們才透過回購和股票再投資的方式，向股東返還 200 億美元，以增強我們的信心。謝謝你的提問。

Our next question comes from the line of John Glass with Morgan Stanley.

我們的下一個問題來自摩根士丹利的約翰·格拉斯。

In addition to the wage pressure, you called out the supply chain pressures. I'm wondering how transient you think those are. Is that something that dissipates over the next couple of quarters? And maybe specifically, what are those issues? What specific items? Is it coffee? Is it food? Is it supplies for stores? And how do you -- are you confident or certain you've got the supplies needed, I guess, to get through this holiday season given you're expecting such a large increase in sales?

除了薪資壓力，你也提到了供應鏈壓力。我想知道你認為這些現象的持續時間有多長。這種情況會在接下來的幾季逐漸消散嗎？具體來說，這些問題是什麼？具體是哪些物品？是咖啡嗎？這是食物嗎？這是給商店供貨的嗎？那麼，鑑於您預計今年假期銷售額將大幅增長，您是否有信心或確定您已備足所需物資以應對這一挑戰？

Okay. Let me -- I'll have Rachel comment. Then I want John Culver to give you sort of the perspective on where we're at in supply chain. But Rachel?

好的。讓我來——我請瑞秋發表意見。然後我想請約翰·庫爾弗為大家介紹我們目前在供應鏈方面所處的位置。但是瑞秋呢？

Thank you. I'll start with the perspective in terms of how we think about it within our guidance, and then I'll turn it over to John, and he can speak more to the specifics. But from a guidance standpoint, as I talked about in my prepared remarks, there's are about 200 basis points of margin dilution related to a combination of the supply chain pressures, inflation related to the supply chain pressures as well as hopping over government subsidies from prior year investments.

謝謝。我先從我們指導原則的角度談談這個問題，然後交給約翰，讓他更詳細地談談具體情況。但從業績指引的角度來看，正如我在準備好的發言稿中提到的，由於供應鏈壓力、與供應鏈壓力相關的通貨膨脹以及從上一年投資中扣除政府補貼等因素，利潤率將下降約 200 個基點。

When we look at this past quarter, Q4, we had about a 90 basis point impact from inflationary pressures across the globe. It was a combination of logistics, labor as well as commodities. As we move into Q1 and Q2, we would expect that to increase, and that will start to settle in Q3 and Q4. But we concluded it as part of our guidance throughout the year because we really don't know when these are going to -- when these inflationary pressures will subside. And to that point, we've got some planned in this year. Of course, it could increase. We don't know what's going to happen, but we feel confident we've got at least an approach based on what we've seen in Q3 and Q4 this year, and we've accounted for that into next year. But it does impact us more meaningfully in Q1 and Q2 than what we would have originally thought, and then again settled in Q3 and Q4 from a margin perspective. And so with that, I'll turn it over to John for specifics.

回顧上個季度（第四季），全球通膨壓力對我們造成了約 90 個基點的影響。它是物流、勞力和商品的綜合體現。隨著我們進入第一季和第二季度，我們預計這種情況會加劇，並且這種情況將在第三季和第四季開始趨於穩定。但我們將其作為全年指導意見的一部分，因為我們真的不知道這些通膨壓力何時會消退。對此，我們今年已經有一些計劃了。當然，它可能會增加。我們不知道將會發生什麼，但我們有信心，根據今年第三季和第四季的情況，我們至少已經制定了應對方案，並且我們已經將這些因素考慮在內，以應對明年的情況。但它對我們第一季和第二季的影響比我們最初預想的要大得多，然後從利潤率的角度來看，第三季和第四季的影響又趨於穩定。那麼，接下來就交給約翰來詳細介紹吧。

Yes. John, just real quick, on the inflationary impacts from a supply chain standpoint, we are seeing impacts, and that's evident by some of the inventory levels in our stores. But I feel very good about the way in which we've been able to navigate it. Those supply impacts began in mid-fiscal '21, and we would expect that they will continue into this coming year, all right? And what we're seeing is headwinds on commodity pricing, challenges around transportation and also the ability for our distributors and manufacturers to find labor to work in their factories and distribution centers.

是的。約翰，我簡單說一下，從供應鏈的角度來看，通貨膨脹的影響是存在的，我們已經看到了這種影響，這一點從我們商店的一些庫存水平就能看出來。但我對我們應對此事的方式感到非常滿意。這些供應方面的影響始於 2021 財年中期，我們預計這些影響將持續到明年，對嗎？我們看到的是大宗商品價格面臨逆風，運輸方面面臨挑戰，而且我們的經銷商和製造商也難以找到工人到他們的工廠和配送中心工作。

A couple of things that we've done with the team is, number one, we've worked very closely to add new manufacturing and supply partners across our critical categories. And that is paying dividends for us, and we're seeing inventory ease in those categories, i.e., oat milk, breakfast sandwiches, egg bites, et cetera. We're building throughput and production capacity. We have suppliers adding new lines so that they can increase their safety stock. We work with suppliers to invest in wage for their workers, and many of them have done so.

我們與團隊一起做了兩件事，第一，我們與團隊緊密合作，在我們關鍵的品類中增加了新的製造和供應合作夥伴。這給我們帶來了回報，我們看到這些類別的庫存有所緩解，例如燕麥奶、早餐三明治、雞蛋餅等等。我們正在提升產能和生產能力。我們的一些供應商正在增加新的生產線，以便提高安全庫存。我們與供應商合作，投資提高其員工的薪資，許多供應商已經這樣做了。

And the last thing I would say that what we've done is we've really focused our production efforts on high-volume items. And some of those lower-volume items we pulled back on and deprioritized. So all that work and the actions that we've taken, we started early on as we began to see these challenges. We've addressed them. We're not out of the woods yet, but we feel very good about the path that we're on.

最後我想說的是，我們所做的就是將生產精力真正集中在大批量產品上。而對於一些銷售較低的產品，我們則減少了投入，降低了優先順序。因此，我們所進行的所有工作和採取的行動，都是在我們開始意識到這些挑戰之初就著手進行的。我們已經解決了這些問題。我們還沒完全脫離困境，但我們對目前所走的道路感到非常滿意。

And as Kevin highlighted, we're very confident that as we head into holiday, our inventory position is very strong. And we'll continue to watch this very closely, and we'll continue to work with our supply network to ensure we've got an adequate supply of products in our stores.

正如凱文所強調的，我們非常有信心，隨著假期的臨近，我們的庫存狀況非常強勁。我們將繼續密切關注事態發展，並繼續與我們的供應鏈網路合作，以確保我們的門市有充足的產品供應。

And then the last thing I would say is that clearly, like other retailers, we're seeing customers come back into our stores at record levels. And the strength of our business is very strong. So we're very encouraged around the progress that we're making and the growth opportunities that we see going forward.

最後我想說的是，很明顯，和其他零售商一樣，我們看到顧客以創紀錄的水平重返我們的門市。我們公司的實力非常強勁。因此，我們對目前所取得的進展以及未來發展機會感到非常鼓舞。

And since you raised coffee, John, we're 14 months price-locked on coffee with several months of inventory in the warehouse. So we're -- there's not a risk on coffee.

約翰，既然你提了咖啡的價格，我們就鎖定咖啡價格14個月，倉庫裡還有幾個月的庫存。所以，喝咖啡沒有風險。

Our next question comes from Jeffrey Bernstein with Barclays.

下一個問題來自巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Just a follow-on to that return of cash discussion, which is obviously a bullish sign, that $20 billion investment you're making. But with that said, Kevin, just thinking bigger picture, I think you said in your press release that you're currently 50-50, company-owned and licensed. Just wondering what the thoughts are around increasing that licensing mix over time, which would seemingly generate a higher-margin annuity stream of royalty income, allow for greater balance sheet leverage, maybe return incremental cash. I'm not sure whether that would require a change in the China ownership structure, but we've obviously seen that at your largest multinational QSR peers. So I'm just essentially looking for an update to the thoughts on that 10, 20, 30 scenario from the 2020 Investor Day just to kind of get your sense for the outlook on the ownership structure.

偉大的。剛才談到現金回歸，這顯然是一個利好訊號，你們正在進行的 200 億美元投資就是一個很好的例子。但話說回來，凱文，從更宏觀的角度來看，我想你在新聞稿中說過，你目前是公司所有和授權經營各佔50%的股份。我只是想知道大家對於隨著時間的推移增加授權組合有什麼看法，這似乎會產生利潤更高的年金式特許權使用費收入，允許更大的資產負債表槓桿作用，也許還能帶來額外的現金回報。我不確定這是否需要改變中國公司的所有權結構，但我們顯然已經在你們最大的跨國快餐連鎖同行身上看到了這一點。所以，我主要是想了解您在 2020 年投資者日上提出的關於 10、20、30 股的方案的最新想法，以便了解您對所有權結構前景的看法。

Yes, Jeffrey, thanks for the question. I think clearly, our Growth at Scale agenda identifies the U.S. and China as our 2 lead markets, and we're very happy with that agenda. I think China still has a significantly long runway of growth. And you see us continue to expand and accelerate the number of new stores we're building in market, as Leo highlighted. And so we're very bullish on the long term in China. U.S. continues to -- the comp growth that we're seeing and the opportunities we see to continue to grow the U.S. in terms of new stores and comp growth, still very, very bullish on that as well.

是的，傑弗裡，謝謝你的提問。我認為很顯然，我們的「規模化成長」計畫將美國和中國確定為我們的兩大主要市場，我們對這項計畫非常滿意。我認為中國仍有相當大的成長空間。正如Leo所強調的那樣，你會看到我們不斷擴大規模，並加快在市場上新建門市的數量。因此，我們非常看好中國的長期發展前景。美國市場持續成長－我們看到同店銷售額持續成長，我們看到了在美國繼續發展新店和實現同店銷售額成長的機會，對此我們仍然非常非常看好。

As we said, in December 2020, we're always evaluating markets, and you saw that the Korea joint venture, we did sell our 50% stake to a long-term license partners, who's been operating that market and will continue to operate that market. So we're always evaluating that. But we're happy with where we are today and I guess that's how -- that's what I would say. If you think about U.S. and China, our 2 lead growth markets, I think we're very happy with where we are today, and we see long-term growth ahead in both of those markets.

正如我們所說，在 2020 年 12 月，我們一直在評估市場，你們也看到了，我們已將韓國合資企業的 50% 股份出售給了長期授權合作夥伴，該合作夥伴一直在運營該市場，並將繼續運營該市場。所以我們一直在評估這一點。但我們對現狀很滿意，我想這就是原因——這就是我想說的。如果你考慮美國和中國這兩個我們領先的成長市場，我認為我們對目前的狀況非常滿意，我們看到這兩個市場未來都將有長期成長。

Our final question comes from Jon Tower with Wells Fargo.

最後一個問題來自富國銀行的喬恩‧托爾。

I know, Kevin, you had mentioned a couple of times on this call pricing action and the idea that you have a good amount of pricing power kind of pent up in your business. So I was wondering if you could give us some guide on what you're expecting for fiscal '22 given like food away from home inflation is in that mid-single-digit range right now. And obviously, the inflationary pressures are going to remain.

我知道，凱文，你之前幾次提到過這次的選擇權定價策略，以及你認為你的業務中蘊藏著相當大的定價權。所以我想知道，鑑於目前外出用餐的通膨率處於個位數中段，您能否就 2022 財年的預期給我們一些指引？很顯然，通膨壓力將會持續存在。

And then just following up on the guidance piece, Rachel. I was hoping you could give us a little bit more clarity on the EPS that you had offered. I think you had mentioned about the 10% EPS growth off the non-GAAP fiscal '21 of $3.10. And I think based on the metrics that you offered, I'm having a hard time getting to that $3.40-plus range in '22. So maybe some more clarity on some of the line items would be great, please.

然後，瑞秋，我還要就指導部分做個後續說明。我希望您能更詳細地解釋一下您先前提出的每股盈餘 (EPS) 方案。我想你之前提到過，2021財年非GAAP每股盈餘成長了10%，達到3.10美元。我認為根據你提供的指標，我在 2022 年很難達到 3.40 美元以上的水平。所以，如果能對某些項目進行更詳細的說明就太好了。

All right, Jon, let me take the first part of your question, and then I'll hand to Rachel on the second part. Look, when it comes to pricing, we continue to be very thoughtful and very strategic in how we look at pricing. And we're actually using machine learning and some of the Deep Brew technologies that inform our pricing team on where and how to take that price. I prefer not to say, hey, here's the amount of price we've built into this plan. But I think we certainly have more upside in price if we need it. But it is a dynamic thing because we're watching inflation and we really want to do this in a way that stays true to the thoughtfulness that we've always had in the past. And part of this is how do you take the right amount of price at the right time and not have customer attrition.

好的，喬恩，我先回答你問題的第一部分，然後第二部分交給瑞秋。你看，在定價方面，我們始終非常謹慎，並採取非常有策略的定價方式。我們實際上正在使用機器學習和一些 Deep Brew 技術，這些技術可以為我們的定價團隊提供信息，讓他們了解在哪里以及如何定價。我不想說，“嘿，這是我們在這個計劃中預留的價格金額。”但我認為，如果需要的話，價格肯定還有上漲空間。但這是一個動態的過程，因為我們在關注通貨膨脹，我們真的希望以一種能夠秉承我們過去一貫深思熟慮的方式來做這件事。其中一部分問題在於，如何在適當的時間提供適當的價格，同時避免客戶流失。

We're the share -- we want to grow share of customer occasions right now and so that's the balance that we strike. And it's really a fairly dynamic thing. So for us, we just -- I prefer not to say, here's what we built in, because I think we actually have more if we need it and we can take less if we don't need it. All I will say is that I think we've got a world-class pricing team backed up by world-class analytics and insights. And we are -- we were very good at this in fiscal '21, and we're going to be very good at it going forward. Rachel?

我們追求的是份額——我們現在想要提高客戶體驗的份額，所以這就是我們所追求的平衡。而且這確實是一個相當動態的事物。所以對我們來說，我們只是——我不太想說，這是我們建造的，因為我認為如果我們需要的話，我們實際上可以擁有更多，如果我們不需要的話，我們可以減少。我只想說，我認為我們擁有一支世界級的定價團隊，並擁有世界一流的分析和洞察力作為支撐。我們－我們在 2021 財年在這方面做得非常好，而且我們未來也會繼續做得非常好。瑞秋？

Sure. And Jon, what I would say is if you look at our non-GAAP EPS for FY '21, the $3.24, from a baseline perspective, we're removing the additional week, so that's about $0.10. In addition to that, we have a change in our treatment of some non-GAAP reporting for purposes of integration costs related to acquisitions. That's another $0.04. So that combination of the $0.14 is what we're reducing this year's non-GAAP EPS of $3.24 down to an adjusted FY '21 non-GAAP EPS of $3.10. And then we're encouraging a growth rate off of that baseline of at least 10%.

當然。Jon，我想說的是，如果你看一下我們 2021 財年的非 GAAP 每股收益，即 3.24 美元，從基準角度來看，我們剔除了額外的一周，所以大約是 0.10 美元。除此之外，我們對一些非GAAP報告的處理方式進行了改變，以用於與收購相關的整合成本。那又是 0.04 美元。因此，由於 0.14 美元的變動，我們將今年的非 GAAP 每股收益從 3.24 美元下調至 2021 財年調整後的非 GAAP 每股收益 3.10 美元。然後，我們鼓勵在此基礎上實現至少 10% 的成長率。

And again, that 10% is given the dynamic operating environment that we're in, this unprecedented level of investments that we're taking as well as the pressures we still see related to the supply chain and the inflationary pressures as well as the pressures we're seeing from the COVID vaccine -- or from the COVID environment. We think the combination of that and the dynamic environment we're in that, that at least 10% growth reflects a lot of confidence and optimism for where we're headed, even though it's quite a challenging environment ahead.

再次強調，這 10% 的成長是考慮到我們所處的動態經營環境、我們正在進行的空前規模的投資，以及我們仍然看到的與供應鏈和通膨相關的壓力，還有我們從 COVID 疫苗或 COVID 環境中獲得的壓力。我們認為，在當前充滿活力的環境下，至少 10% 的成長反映了我們對未來發展方向的極大信心和樂觀，儘管未來的環境充滿挑戰。

Thank you. At this time, there are no further questions. I will now turn the call over to Kevin Johnson for closing remarks.

謝謝。目前沒有其他問題了。現在我將把電話交給凱文·約翰遜，請他作總結發言。

Well, thank you. And before we close today's call, I want to take this opportunity to welcome Tiffany Willis to Starbucks as our new Vice President of Investor Relations. And I also want to congratulate Greg Smith on his new role leading finance for our International and channels business. Tiffany brings great experience in finance and IR from multiple industries, including food and beverage, consumer products and technology. And we look forward to introducing her to our investment community as she begins her journey at Starbucks with us. So Tiffany, welcome.

謝謝。在今天的電話會議結束之前，我想藉此機會歡迎蒂芙尼威利斯加入星巴克，擔任我們新的投資者關係副總裁。我還要祝賀 Greg Smith 先生履新，擔任我們國際和通路業務的財務主管。Tiffany 在金融和投資者關係方面擁有豐富的經驗，涉及食品飲料、消費品和科技等多個行業。我們期待著將她介紹給我們的投資界人士，開啟她在星巴克的職業生涯。蒂芙尼，歡迎你。

I also want to reiterate for all of you that consumer demand is strong, and this moment in time is an inflection point. It's an opportunity for Starbucks to invest ahead of the growth curve and deliver long-term gains for all stakeholders. I think with the strategic actions that we've made, we are well positioned to grow share of customer occasions and dramatically strengthen engagement and loyalty for long-term sustainable growth.

我還要再次向大家強調，消費者需求強勁，而此刻正是一個轉捩點。對於星巴克來說，這是一個提前投資、引領成長趨勢並為所有利害關係人帶來長期收益的機會。我認為，憑藉我們採取的策略行動，我們完全有能力擴大客戶消費場景份額，並大幅加強客戶參與度和忠誠度，從而實現長期永續成長。

And with that, we look forward to welcoming all of you to our stores this holiday season so that you can enjoy your seasonal favorites. And with that, have a great evening. Thanks, everybody.

因此，我們期待在這個假期期間歡迎各位光臨我們的門市，讓您盡情享受您喜愛的節日商品。祝您有個美好的夜晚。謝謝大家。

This concludes Starbucks' Fourth Quarter and Fiscal Year-End 2021 Conference Call. You may now disconnect.

星巴克2021財年第四季及全年業績電話會議到此結束。您現在可以斷開連線了。