星巴克 (SBUX) 2021 Q4 法說會逐字稿

Good afternoon.

下午好。

My name is Alex, and I will be your conference operator today.

我的名字是亞歷克斯，今天我將成為您的會議接線員。

I would like to welcome everyone to Starbucks' Fourth Quarter and Fiscal Year-End 2021 Conference Call.

我想歡迎大家參加星巴克 2021 年第四季度和財年末電話會議。

(Operator Instructions) I will now turn the call over to Greg Smith, Vice President of Investor Relations.

（操作員說明）我現在將把電話轉給投資者關係副總裁 Greg Smith。

Mr. Smith, you may now begin your conference.

史密斯先生，您現在可以開始您的會議了。

Good afternoon, everyone.

大家下午好。

Thank you for joining us today to discuss Starbucks' Fourth Quarter and Fiscal Year-End 2021 results.

感謝您今天加入我們討論星巴克第四季度和 2021 財年末的業績。

Today's discussion will be led by Kevin Johnson, President and CEO; and Rachel Ruggeri, CFO.

今天的討論將由總裁兼首席執行官 Kevin Johnson 主持；和首席財務官 Rachel Ruggeri。

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.

在問答環節，北美集團總裁兼首席運營官 John Culver 將加入我們的行列； Michael Conway，國際和渠道發展集團總裁；以及星巴克中國首席執行官蔡崇信。

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.

本次電話會議將包括前瞻性陳述，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存在重大差異。

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.

任何此類聲明都應與我們提交給美國證券交易委員會的文件中的收益發布和風險因素討論中的警示聲明一起考慮，包括我們上一份關於表格 10-K 的年度報告和關於表格 10-Q 的季度報告。

Starbucks assumes no obligation to update these forward-looking statements or information.

星巴克不承擔更新這些前瞻性陳述或信息的義務。

GAAP results in fiscal 2021 include several items related to strategic actions, including restructuring and impairment charges, transaction and integration costs and other items.

2021財年的公認會計原則結果包括與戰略行動相關的幾個項目，包括重組和減值費用、交易和整合成本以及其他項目。

These items are excluded from our non-GAAP results.

這些項目不包括在我們的非公認會計原則結果中。

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.

對於今天電話會議中提到的非公認會計原則財務指標，請參閱收益發布和我們的網站investor.starbucks.com，以找到這些非公認會計原則指標與其相應公認會計原則指標的對賬。

This conference call is being webcast, and an archive of the webcast will be available on our website through Friday, November 26, 2021.

本次電話會議正在進行網絡直播，網絡直播的存檔將在 2021 年 11 月 26 日星期五之前在我們的網站上提供。

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.

出於您日曆計劃的目的，請注意，我們的第一季度和 2022 財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.

在我們開始之前，關於今天電話會議中將討論的數字，我想提醒 4 點。

First, as noted in our earnings release, we have realigned our fully licensed Latin America and Caribbean markets to our International segment.

首先，正如我們在財報中所指出的，我們已將我們完全許可的拉丁美洲和加勒比市場重新調整到我們的國際部門。

As a result, we renamed the Americas segment to North America.

因此，我們將美洲部分重命名為北美。

All discussions and comparisons today are reflective of the resegmentation.

今天的所有討論和比較都反映了重新細分。

Second, a reminder that Starbucks' fiscal year 2021 is a 53-week year instead of the usual 52 weeks.

其次，提醒一下星巴克的 2021 財年是 53 週，而不是通常的 52 週。

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.

今天電話會議上的 2021 財年結果是本季度的 14 周和全年 53 週的結果，除了同比比較指標，包括收入增長、複合增長、每股收益增長和利潤率擴張，這以 13 週或 52 週為基礎，以排除額外財政週的影響。

Third, all references on today's call are on a non-GAAP basis, unless otherwise noted.

第三，除非另有說明，否則今天電話會議上的所有參考資料均基於非公認會計原則。

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.

最後，從 2022 財年第一季度開始，之前從我們的非公認會計原則結果中排除的某些與國際整合相關的費用將被包括在內，因為它們預計將代表正在進行的運營。

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.

請參閱我們網站補充財務數據部分的這些措施的對賬和顯示調整後的 2021 財年每股收益以彌合此次重鑄的同比影響的時間表以及 53 周至 52 週指標的對賬投資者.starbucks.com。

I will now turn the call over to Kevin.

我現在將把電話轉給凱文。

Well, thank you, Greg, and welcome, everyone, to today's call.

好吧，謝謝你，格雷格，歡迎大家參加今天的電話會議。

I'm very pleased to comment on the record Q4 and FY '21 results Starbucks reported today.

我很高興評論星巴克今天報告的第四季度和 21 財年創紀錄的業績。

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.

我特別高興的是，在星巴克成立 50 週年之際，面對全球大流行帶來的成本增加和前所未有的運營挑戰，我們能夠取得這些成果。

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.

今天的業績反映了非常強勁的運營和財務業績，第四季度收入增長 22%，全年非公認會計準則每股收益比上年增長 168%。

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.

這是創紀錄的第四季度，在收入、非公認會計原則營業收入和非公認會計原則每股收益方面創下了非常強勁的 21 財年業績。

Our performance accelerated throughout FY '21, fueling revenue growth of 21%.

我們的業績在整個 21 財年加速，推動收入增長 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.

非 GAAP 營業收入增長 139%，轉化為每股 3.24 美元的非 GAAP 收益，接近我們今年指引的高端。

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.

也許比以往任何時候都更有說服力的是，星巴克品牌的力量和韌性，以及我們與世界各地客戶建立的真實聯繫以及深厚的信任和忠誠所提供的力量和機會正在引起共鳴。

Today's results demonstrate that despite the pandemic, Starbucks' long-term double-digit Growth at Scale model remains solidly intact.

今天的結果表明，儘管發生了大流行，星巴克的長期兩位數規模增長模型仍然完好無損。

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.

今天的結果也凸顯了我們超過 400,000 名星巴克綠色圍裙合作夥伴的熱情和奉獻精神，他們每週為全球近 1 億客戶提供服務。

And I'm humbled by our partners' commitment to each other and to our customers as we continue to navigate through the pandemic.

在我們繼續度過大流行病的過程中，我們的合作夥伴對彼此以及對客戶的承諾讓我感到謙卑。

Their resilience and service honors the company and our history, and I could not be more appreciative of their efforts.

他們的堅韌和服務榮耀了公司和我們的歷史，我對他們的努力非常感激。

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.

最後，今天的結果表明我們所做的投資取得了成功，並將繼續在我們的人員、數字、飲料和食品創新以及商店體驗方面領先於增長曲線。

These investments are driving and strengthening our global business and setting us up for even greater success in the future.

這些投資正在推動和加強我們的全球業務，並使我們在未來取得更大的成功。

Starbucks' long-standing view is that our partners guide this company, and we applaud other like-minded companies who are following our lead.

星巴克長期以來的觀點是我們的合作夥伴指導這家公司，我們為其他志同道合的公司鼓掌。

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.

自 1971 年我們在西雅圖派克市場開設第一家門店以來，星巴克一直處於對員工進行投資的最前沿。

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.

我們在平價醫療法案出台前 25 年提供有償公司醫療保健；以 Bean Stock 形式向合格的兼職合夥人提供股權；通過與亞利桑那州立大學的星巴克學院成就計劃獲得免費大學學費；通過我們與 Lyra 的合作，提供心理健康支持。

Investing in our people is the cornerstone of our storied 50-year history and tradition.

投資於我們的員工是我們 50 年傳奇歷史和傳統的基石。

And these investments continue to deliver real measurable value to our partners, our customers and our shareholders.

這些投資繼續為我們的合作夥伴、客戶和股東帶來真正可衡量的價值。

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.

我將詳細介紹我們從去年開始進行的增量合作夥伴投資，以及我們將在 22 財年進行的額外合作夥伴投資。

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.

在今天的電話會議上，我將重點介紹我們主要市場的第四季度業績，並詳細介紹自大流行於 2020 年第二季度首次出現以來我們的一些行動和投資，這些行動和投資有助於我們今天的業績，並為我們未來的加速增長做好準備。

I'll also open a window on our exciting holiday plans and several initiatives that will launch over the near term.

我還將打開一個窗口，了解我們激動人心的假期計劃以及將在短期內推出的幾項舉措。

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.

然後我將把電話轉給雷切爾，深入了解我們的第四季度和財年業績，並分享我們對 22 財年的指導。

We'll then move on to Q&A.

然後我們將繼續進行問答。

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.

在過去的 18 個月裡，與大多數全球零售運營商一樣，星巴克面臨著看似永無止境的消費者和商業逆風浪潮。

Many businesses in our space have not survived.

我們這個領域的許多企業都沒有倖存下來。

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.

從大流行的第一天起，星巴克全球領導人就決心利用公司的規模和規模，以對員工、使命和價值觀的堅定承諾，應對面臨的任何挑戰。

A set of principles guided us through the pandemic.

一系列原則指導我們度過了這場大流行。

Every decision was rooted in our core purpose and reason for being.

每個決定都植根於我們的核心目標和存在的理由。

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.

這些決定使今天的星巴克變得更強大，更有能力實現盈利增長，擴大我們在全球的咖啡領導地位，並為我們的股東創造比我們歷史上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.

去年，我們進行了大流行驅動的重大戰略投資，包括為我們的合作夥伴提供財務支持和經濟確定性，避免在我們的大部分門店暫時關閉的情況下裁員，並通過機會性地將 500 家門店重新定位到更好的地點來加速我們的美國門店組合轉型。有利的經濟。

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.

至此，我們擴大了免下車服務組合，引入了新的商店形式以滿足我們的客戶的需求，並加速了我們在美國和中國的數字客戶關係的增長。

As a result of these successful investments, we are entering fiscal '22 with strong momentum around the world.

由於這些成功的投資，我們正以強勁的勢頭進入 22 財年。

In the U.S., our largest global market, our key growth driver is comparable sales.

在我們最大的全球市場美國，我們的主要增長動力是可比銷售額。

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.

儘管全國各地的差異造成了我們必須應對的一系列動態的逐市 COVID 限制，但我們在第四季度將 2 年的業績增長到了 11%。

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.

我們在解決供應鏈問題方面取得了重大進展，並且在本季度通過增加現有供應商的產量、招募新供應商以及戰略性地優先考慮關鍵假期和第一季度商品，我們的庫存可用性得到了整體改善。

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.

儘管隨著 2021 財年的進展，我們在應對供應鏈挑戰方面取得了重大進展，但鑑於形勢的動態性，我們在進入 '22 財年時仍保持謹慎和警惕。

The recovery in Q4 surged forward as evidenced by the sequential acceleration of 2-year comp growth.

2 年復合增長的連續加速證明了第四季度的複蘇向前推進。

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.

我們在 9 月份以 14% 的 2 年復合增長率退出了第四季度，並接近創紀錄的平均票價，這是由於我們秋季飲料陣容的強大、客戶行為轉向更優質的飲料和強烈的食物依戀。

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.

鑑於整個季度的競爭勢頭，再加上肯定會讓我們的客戶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所有產品的需求不斷增加，我們對來年充滿信心。

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.

昨天，我們發布了一項重要公告，將在 '22 財年提高美國各地的工資，以確保隨著消費者流動性的不斷增加，我們繼續吸引和留住有才華的合作夥伴。

We believe this investment, combined with our industry-leading benefits program, will enable us to remain an employer of choice.

我們相信，這項投資與我們行業領先的福利計劃相結合，將使我們能夠繼續成為首選雇主。

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.

這建立在我們在 21 財年進行的歷史性合作夥伴投資和有意義的工資增長的基礎上，並優先考慮大量額外投資，以解決我們的終身合作夥伴所經歷的通貨膨脹和工資壓縮，同時提高我們的工資底線。

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.

2020 年 12 月，我宣布我們打算為全國各地的商店合作夥伴提供至少每小時 15 美元的起薪。

And by the summer of '22, we will have delivered on that plan.

到 22 年夏天，我們將實現該計劃。

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.

從 1 月開始，服務年限為 2 年或以上的合作夥伴將獲得最高 5% 的加薪，而服務年限為 5 年或以上的合作夥伴將獲得最高 10% 的加薪，這與我們長期以來對合作夥伴的投資歷史保持一致。

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.

明年夏天，美國的時薪合夥人將平均每小時賺近 17 美元，全國各地的咖啡師費率從每小時 15 美元到 23 美元不等。

In total, the FY '21 and FY '22 investments represent approximately $1 billion in incremental annual wages and benefits.

總的來說，21 財年和 22 財年的投資代表了大約 10 億美元的年工資和福利增量。

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.

我們通過在增長曲線之前進行投資，不僅投資於工資，而且投資於培訓和技術，以及為我們的合作夥伴和我們的客戶提供星巴克的整體體驗，從而繼續建立一家偉大而持久的公司。

And as we have seen in the past, we expect investment in the partner experience will be accretive to profits over time.

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.

我們認為美國市場正處於一個獨特的拐點。

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.

從長遠來看，其領導者正確識別新興趨勢、深思熟慮地制定戰略行動並投資於未來的利益相關者和公司將成為大贏家。

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.

在未來幾個季度，星巴克將繼續將目標投資於高回報資產，我們認為這將加速我們的兩位數規模增長模式，推動長期可持續和盈利的增長。

We continue to build and leverage our technology-first mobile and digital capabilities and accelerate growth in active Starbucks Rewards membership.

我們將繼續構建和利用我們以技術為先的移動和數字功能，並加速活躍的星巴克獎勵會員的增長。

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.

在 21 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）增長了約 30%，達到 2480 萬會員。

Noteworthy is that in Q4, 51% of U.S. tender for company-operated stores was generated by this loyal customer base.

值得注意的是，在第四季度，美國 51% 的公司自營商店招標是由這一忠實客戶群產生的。

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.

我們繼續培育和深化我們與會員的直接個性化數字關係，增強 Stars for Everyone 等計劃以擴大覆蓋面，並通過與 PayPal 和 Bakkt 的支付合作夥伴關係，客戶現在可以使用一系列加密貨幣重新加載他們的星巴克卡，包括比特幣、以太坊等，通過將數字貨幣轉換為實物貨幣並重新加載他們的星巴克卡。

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.

通過區塊鍊或其他創新技術，我們正在探索如何將 Stars 代幣化，為其他商家創造將他們的獎勵計劃連接到 Starbucks Rewards 的能力。

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.

這將使客戶能夠跨品牌交換價值，參與更個性化的體驗，增強數字服務並為星巴克的 Stars 交換其他忠誠度積分。

An example of this innovation is evident in the recent launch of our Canadian loyalty program with Air Canada.

我們最近與加航合作推出的加拿大忠誠度計劃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.

在接下來的一年中，您將看到這種忠誠度積分與其他消費品牌交換的第一個實例。

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.

這種方法也將成為新的現代支付軌道概念的基礎，使支付費用與客戶和商家獲得的價值保持一致。

We intend to be at the forefront of this disruptive innovation, which will unfold over the next few years.

我們打算站在這種顛覆性創新的最前沿，這種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.

最後，豐富的創新渠道將提升星巴克在我們門店的體驗，並推動店內生產力的提高。

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.

示例包括我們的 Mastrena 2 濃縮咖啡機，它可以更有效地製作三份高品質濃縮咖啡；我們的 Deep Brew 人工智能平台具有自動化的日常庫存管理；商店人員配備和培訓改進，旨在降低我們商店的複雜性。

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.

簡化此工作流程有助於減輕我們的合作夥伴因門店不斷增長的需求而承受的壓力，並使我們的合作夥伴能夠與他們的客戶建立聯繫和互動，這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.

星巴克進入 '22 財年，客戶需求強勁，美國業務發展勢頭強勁，店內渠道擴張和加速，數字飛輪和 Green Apron 合作夥伴渴望為客戶提供提升的星巴克體驗。

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.

在過去的一年中經歷瞭如此多的挑戰，我們對剛剛開始的一年感到興奮和樂觀，同時保持謙虛和注意未知的挑戰。

On to China.

到中國。

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.

儘管受到大流行驅動的干擾，星巴克中國在第四季度擴大了我們的市場領導地位，這得益於門店發展步伐的加快和數字客戶關係的顯著增長，同時在該季度和當年實現了創紀錄的客戶參與度得分。

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.

星巴克打造了中國最受推崇的消費品牌之一，每 2 名消費者中就有 1 人更喜歡星巴克而不是任何其他品牌的非家庭式咖啡。

Our growth strategy in the market continues to differentiate us and position us well for the long game.

我們在市場上的增長戰略繼續使我們與眾不同，並使我們在長期競爭中處於有利地位。

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.

我們繼續在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；創建屢獲殊榮的體驗式商店設計；前所未有的福利，例如為合作夥伴及其父母提供醫療保健；租金援助；以及為來自農村和偏遠省份的年輕人提供職業道路的計劃。

Together, these investments further elevate the Starbucks brand and partner experience.

這些投資共同進一步提升了星巴克品牌和合作夥伴的體驗。

They instill pride in our China partners and deepen our customer engagement and connection.

他們為我們的中國合作夥伴注入了自豪感，並加深了我們的客戶參與和聯繫。

Starbucks continues to be in a strong market expansion cycle.

星巴克繼續處於強勁的市場擴張周期。

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.

因此，我們在中國的大部分增長來自於我們積極擴大門店足跡並為更多顧客帶來星巴克體驗。

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.

我們在第四季度以 225 家淨新店擴大了門店足跡，並且我們正在更深入、更廣泛地進入現有城市，並通過在新城市開設更廣泛的業務。

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.

整個財年，我們新開新店 654 家，創下歷史新高，到年底在中國 208 個城市開設了 5,360 家門店。

As we noted on our Q3 earnings call, our recovery in China will not be linear.

正如我們在第三季度財報電話會議上所指出的，我們在中國的複蘇不會是線性的。

In Q4, we experienced COVID-related restrictions that constrained customer mobility in 18 provincial-level regions.

在第四季度，我們在 18 個省級地區遇到了與 COVID 相關的限制，限制了客戶的流動性。

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.

在 8 月中旬的高峰期，我們在中國的大約 80% 的門店受到了大流行的影響，一些門店完全關閉或在不同級別的高公共衛生協議下運營，例如僅移動訂購、有限座位或衛生站。

Our recovery momentum was below expectation and pushed our 2-year comps to a minus 10% in Q4.

我們的複蘇勢頭低於預期，並將我們的 2 年業績在第四季度推低至負 10%。

Cities with local COVID cases were impacted the most, with stores relying on transportation and tourism also materially impacted during the quarter.

有本地 COVID 病例的城市受到的影響最大，依賴交通和旅遊業的商店在本季度也受到了重大影響。

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.

但值得注意的是，與美國一樣，中國的 2 年期收益率也在 9 月份加速，因為我們對複蘇仍持樂觀態度。

Despite these strong headwinds, China grew revenue 11% year-on-year.

儘管有這些強勁的逆風，中國的收入同比增長了 11%。

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.

雖然我們第四季度報告的整體複合增長率為負 7%，但如果我們排除我們在 20 財年收到的增值稅補貼的一圈，以及經歷當地 COVID 病例或位於交通和旅遊區的商店和城市，我們的核心商店車隊的業績為正。

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.

星巴克的業務和運營利潤率保持強勁，我們對中國的承諾以及我們對中國長期增長戰略的信心堅定不移。

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.

除了擴大我們在中國的門店組合外，我們還通過 90 天的星巴克獎勵活躍會員擴大了我們的數字足跡，在第四季度達到了 1790 萬的歷史新高。

This represents a sequential increase of 5% over Q3 and an increase of 33% over prior year.

這比第三季度連續增長 5%，比去年同期增長 33%。

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.

儘管本季度流動性受到限制，我們的黃金會員的購買頻率仍保持在大流行前的水平，這表明我們在提高會員參與度方面的努力是有效的。

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.

一個例子是我們的 Star Dash 禮品與購買活動成功地提高了會員頻率和消費，並演變成一項備受期待的活動，讓會員獲得有限的星巴克 50 週年紀念商品供應。

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.

由於本季度的運營受到與 COVID 相關的安全限制的嚴重影響，我們專注於我們在中國可以控制的事情，同時繼續提升我們的合作夥伴和客戶體驗，以進一步提升星巴克品牌並建立將繼續提升的忠誠度推動我們的長期增長。

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.

包括美國和中國在內，星巴克在全球 84 個市場的存在為我們提供了關於全球從這場大流行中復甦的獨特視角。

There's no doubt that we are seeing continued recovery in our markets.

毫無疑問，我們看到我們的市場持續復甦。

Latin America grew system sales by 113% in Q4 driven by a strong recovery in Mexico.

在墨西哥強勁復甦的推動下，拉丁美洲第四季度的系統銷售額增長了 113%。

EMEA posted system sales growth of 52% in the quarter.

EMEA 公佈本季度系統銷售增長 52%。

And Japan navigated through a challenging quarter, turning the corner towards renewed growth.

日本度過了一個充滿挑戰的季度，轉向重新增長。

We see positive signs in many other markets as well as reinforcing our belief that pandemic-related headwinds are temporary.

我們在許多其他市場看到積極跡象，並強化了我們的信念，即與大流行相關的逆風是暫時的。

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，我們與百事可樂的北美咖啡合作夥伴關係以及與雀巢的全球咖啡聯盟的戰略渠道合作夥伴關係正在計劃中，並推動星巴克在美國和全球許多其他市場的份額排名第一，進一步凸顯了實力星巴克品牌的韌性和韌性，並照亮了未來數十年的增長之路。

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.

隨著我們進入 '22 財年，我們已為破紀錄的假期做好充分準備，該假期計劃在全球範圍內實現強勁增長，以及旨在建立真正的人際關係的假期活動，在人際關係比以往任何時候都更重要的時候，只有星巴克才能做到這一點.

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.

除了新的和標誌性的季節性產品外，我們還在整合品牌建設和交易驅動營銷計劃，以展示我們的價值觀並觸動客戶的心。

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.

我們已經為這個假期做好了庫存準備，我們還預計通過利用我們的數字和店外分銷渠道以及在免下車通道建立促銷活動，本季將有近 30 億美元的星巴克卡充值。在大流行期間看到了顯著的渠道轉變。

We are ready for this holiday.

我們為這個假期做好了準備。

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.

最後，星巴克在復蘇過程中的強勁表現是我們合作夥伴的辛勤工作和奉獻精神以及我們在大流行之前和期間進行的投資的直接結果。

We remain confident in our future and steadfast in our commitment to deliver long-term value to all stakeholders.

我們對我們的未來充滿信心，並堅定地致力於為所有利益相關者提供長期價值。

This confidence supports the plan we announced today to return $20 billion to shareholders over the next 3 years through dividends and share repurchases.

這種信心支持我們今天宣布的計劃，即在未來 3 年內通過股息和股票回購向股東返還 200 億美元。

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.

我特別高興的是，通過我們的 Bean Stock 計劃成為星巴克股東的數十萬星巴克合作夥伴也將從該計劃中受益。

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.

50 年前，星巴克作為一家不同類型的公司成立，一家平衡利潤與社會意識的公司，並信奉這樣的理想，即為彼此和社會做好事實際上對長期的業務非常有益。

Our performance in 2021 demonstrates the wisdom and correctness of that founding principle.

我們在 2021 年的表現證明了這一建國原則的智慧和正確性。

As we enter our second 50 years, we continue to honor our history and heritage just as we boldly reimagine our future.

隨著我們進入第二個 50 年，我們將繼續尊重我們的歷史和傳統，就像我們大膽地重新構想我們的未來一樣。

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

有了這個，我現在把電話轉給瑞秋。

Rachel?

雷切爾？

Thank you, Kevin, and good afternoon, everyone.

謝謝你，凱文，大家下午好。

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.

我很榮幸與大家分享星巴克在 2021 財年的強勁業績，這是我們的第 50 個年頭，實現了公司歷史上最高的全年收入、營業收入和每股收益，考慮到我們在整個過程中應對的深刻挑戰，這一成就確實很特別流行病。

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，正如格雷格在電話會議開頭所討論的那樣，我今天將討論的 '21 財年結果是非公認會計原則，除非另有說明，並且以本季度 14 週為基礎，全年以 53 週為基礎，除了同比收入、薪酬、營業利潤率和每股收益增長指標外，這些指標將以 13 週或 52 週為基礎，以排除額外財政週的影響以進行比較。

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.

第四季度，星巴克全球收入達到 81 億美元，比上年增長 22%，再創一個季度記錄，以及 291 億美元的財年記錄，這主要得益於美國的持續增長勢頭和全球各地的強勁貢獻，儘管COVID Delta 變體的嚴重逆風。

Our consolidated operating margin was 19.6% in Q4, up 580 basis points from the prior year.

我們第四季度的綜合營業利潤率為 19.6%，比去年同期增長 580 個基點。

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.

這一增長主要是由損益表中的銷售槓桿推動的，因為我們了解了 COVID-19 的影響和相關成本以及北美的定價。

These were partially offset by rapid inflation related to logistics, commodities and labor costs across our supply chain.

這部分被我們供應鏈中與物流、商品和勞動力成本相關的快速通脹所抵消。

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.

第四季度 GAAP 每股收益為 1.49 美元，其中包括來自星巴克咖啡韓國交易的 0.56 美元剝離收益，該交易產生了近 12 億美元的稅前收益。

Q4 non-GAAP EPS was $1, capping off the company's most profitable year ever with non-GAAP EPS of $3.24.

第四季度非 GAAP 每股收益為 1 美元，以 3.24 美元的非 GAAP 每股收益結束了公司有史以來最賺錢的一年。

I will now provide some segment highlights for Q4 and then we'll provide guidance for fiscal 2022.

我現在將為第四季度提供一些細分市場亮點，然後我們將為 2022 財年提供指導。

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.

北美分部在第四季度實現收入 58 億美元，比去年同期增長 27%，主要受可比商店銷售額增長 22% 的推動，其中包括 18% 的比較交易增長和 3% 的平均票價增長。

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.

在美國，在 19% 的交易補償推動下，第四季度可比商店銷售額達到 22%，在 COVID Delta 變體中斷的情況下，2 年的交易補償又一次連續改善。

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.

同時，我們保持了平均票價的優勢，在第四季度比去年同期增長 3%，保持在接近創紀錄的水平，並且連續第六個季度公佈了超過 20% 的 2 年票務收入。

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.

冷飲在第四季度佔總銷售額的 75%，為我們的票務實力做出了貢獻，同時我們的秋季促銷活動取得了顯著成績，並創下了另一個創紀錄的季度食品附加。

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.

北美第四季度的營業利潤率為 22.5%，比上一年擴大了 510 個基點，這是由於我們受到 COVID 的影響以及機票（包括定價）的持續強勢推動的銷售槓桿。

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.

該部門的營業利潤率比 2019 財年第四季度的大流行前水平高出 170 個基點，這主要是由於 2019 財年第四季度的領導層會議和工時投資。

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.

強勁的門票和貿易區轉型的好處也抵消了過去 2 年因工資和福利的大規模投資以及供應鏈通脹壓力而帶來的約 270 個基點的利潤率逆風。

Moving on to International.

繼續國際。

The International segment delivered record revenue of $1.9 billion in Q4, growing 18% over the prior year.

國際業務在第四季度實現創紀錄的 19 億美元收入，比上年增長 18%。

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.

增長的推動因素是過去 12 個月淨新店增長 8%、我們的國際授權商的強勁銷售增長以及可比商店銷售額增長 3%。

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.

我們國際投資組合中的公司運營和許可市場都做出了有意義的貢獻，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額增長。

Kevin noted that the COVID-related volatility drove comp sales down 7% in China in Q4.

Kevin 指出，與 COVID 相關的波動導致第四季度中國的複合銷售額下降了 7%。

However, our experienced team and 22-year history continue to serve us well as operating income was only down 1% versus last year.

然而，我們經驗豐富的團隊和 22 年的歷史繼續為我們服務，營業收入僅比去年下降 1%。

Our team in China and across the globe has done a tremendous job of managing through the volatility.

我們在中國和全球的團隊在應對波動方面做了大量工作。

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.

事實上，第四季度國際業務的營業利潤率為 22.8%，比上年擴大 650 個基點，遠高於大流行前的水平，主要受銷售槓桿的推動，該業務繼續從大流行中復蘇。

Higher government subsidies, lapping store asset impairments in the prior year as well as store and overhead labor efficiencies also contributed to the expansion.

較高的政府補貼、上一年的商店資產減值以及商店和間接勞動效率的提高也促成了擴張。

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.

我們預計 22 財年的利潤率將與過去兩個季度的水平相比略有下降，因為預計政府補貼不會重複，而且我們面臨與通脹影響相關的壓力。

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.

未來的機遇，加上豐富的經驗和強大的多元化投資組合，讓我們對中國和我們其他國際市場的未來增長非常樂觀。

On to Channel Development.

進入渠道開發。

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.

第四季度收入為 4.38 億美元，比上年下降 10%，主要受全球咖啡聯盟轉型相關活動的推動，包括我們的單一服務業務的結構性變化。

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.

排除這些與轉型相關的活動帶來的約 20% 的不利影響後，Channel Development 的收入在第四季度增長了 10%，主要受全球咖啡聯盟以及其他國際即飲業務增長的推動。

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.

提醒一下，第四季度是我們將進行這一過渡的最後一個季度，因此我們預計渠道開發將在 2022 財年恢復到更正常的報告收入增長水平。

The segment's operating margin was 50.2% in Q4, up 960 basis points from the prior year.

該部門第四季度的營業利潤率為 50.2%，比去年同期增長 960 個基點。

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.

對於我剛才提到的全球咖啡聯盟過渡相關活動的 890 個基點影響正常化，Channel Development 的營業利潤率在第四季度擴大了 70 個基點，這主要是由於我們的國際即飲業務的貿易支出減少。

Now I will turn to our fiscal '22 outlook.

現在我將轉向我們的 22 財年展望。

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.

對於 2022 財年，我們預計全球複合銷售額增長將達到高個位數，因為我們會覆蓋上一年 COVID 的影響並繼續鞏固我們的第四季度勢頭。

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.

這也反映了我們深思熟慮的定價行動，隨著我們努力抵消整個供應鏈的通貨膨脹影響，預計這將進一步促進我們的薪酬增長。

New stores will also contribute meaningfully to our growth in fiscal 2022.

新店也將為我們在 2022 財年的增長做出有意義的貢獻。

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.

我們預計 2022 財年全球淨新增約 2,000 家新店，顯著高於 2021 財年的 1,173 家，因為我們成功完成了北美貿易區轉型計劃下的關閉，現在正重新專注於擴張。

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.

我們估計，隨著我們在高利潤市場繼續多元化我們的全球投資組合，我們大約 75% 的淨新店將來自美國以外。

This represents global net new store growth of 6%, returning to our ongoing growth model.

這代表全球新店淨增長 6%，回歸我們持續的增長模式。

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.

憑藉全球組合和門店增長的強大組合，再加上我們渠道開發部門的持續實力，我們預計 2022 財年的綜合收入將在 325 億美元至 330 億美元之間，遠高於我們 8% 的長期指導10% 的增長，讓我們再創紀錄。

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.

正如凱文所說，2022 財年將是投資的關鍵一年，其特點是工資投資增加，以在這個關鍵時刻進一步支持我們的商店合作夥伴，幫助確保我們擁有最優秀的人才來推動我們的業務向前發展；第二，繼續獲取和保持有意義的類別份額收益的能力。

Accelerating our growth in share is fuel for future margin expansion as sales leverage is one of the most meaningful expansion opportunities we have.

加速我們的份額增長是未來利潤率擴張的動力，因為銷售槓桿是我們擁有的最有意義的擴張機會之一。

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.

因此，雖然我們將看到這些投資對 2022 財年的營業利潤率產生影響，但現在增加我們的客戶份額將推動所有星巴克利益相關者的長期收益和價值。

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.

星巴克的成功始於我們的合作夥伴，我們致力於繼續對他們進行投資，將其作為我們業務的關鍵戰略差異化因素。

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.

通過這些投資，我們預計 2022 財年的營業利潤率約為 17%，低於我們的長期目標，原因是與工資投資相關的影響約為 400 個基點，再加上組合帶來的約 200 個基點的額外逆風通脹壓力、其他增長投資和政府補貼的終止。

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.

此外，我們的 2022 財年利潤率預期反映了與我們的核心業績無關的因素，星巴克韓國轉型以及非公認會計準則報告處理方式的變化對我們的核心業績產生了約 40 個基點的稀釋影響，這兩者都代表了利潤。

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.

然而，我們將在 2022 財年有意義地抵消這些利潤影響，並利用我們預期的強勁銷售和生產力提升，從定價中獲益。

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.

重要的是，鑑於我們繼續採取積極行動以繼續推動利潤率擴張並利用加速的銷售增長，我們預計我們的營業利潤率將在 2023 財年恢復到 18% 至 19% 的持續目標。

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.

雖然 2022 財年的利潤率與我們的長期增長算法背道而馳，但我們相信這些戰略投資的價值將為我們的合作夥伴、我們的業務和所有利益相關者創造價值，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.

我們很高興，正如我們之前承諾的那樣，我們成功地將槓桿率控制在 2021 財年末的目標範圍內。

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.

因此，我們計劃從本季度開始重新實施我們的股票回購計劃，並承諾在未來 3 年內向股東返還 200 億美元，約占我們當前市值的 15%。

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.

有了這一承諾，星巴克自 2018 財年以來將向股東返還超過 450 億美元，約占我們當前市值的 35%，同時實現我們的算法以實現兩位數的 EPS 規模增長。

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.

在這 200 億美元中，約有 2/3 將以股票回購的形式出現，韓國交易的收益推動 2022 財年的回購略高於接下來的 2 年。

The remaining 1/3 will come through a very competitive dividend, targeting an approximate 50% payout.

剩餘的 1/3 將通過極具競爭力的股息獲得，目標是大約 50% 的派息。

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.

為支持這一計劃，我們計劃發行適量的增量債務，同時將槓桿率保持在低於 3 倍租金調整後 EBITDA 的目標以下，與我們現有的 BBB+ 評級一致。

As a result, we expect interest expense to be between $490 million and $500 million in fiscal 2022 versus $470 million in fiscal 2021.

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.

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，並回到 COVID 之前的水平，這反映了我們門店新店開發和技術舉措的增加。

As always, we plan to focus on capital spending in fiscal 2022 on opportunities that drive significant returns across our global retail portfolio.

與往常一樣，我們計劃在 2022 財年將資本支出重點放在能夠推動我們全球零售投資組合顯著回報的機會上。

We expect our non-GAAP effective tax rate to be between 24% and 25%.

我們預計我們的非公認會計原則有效稅率將在 24% 至 25% 之間。

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.

這一範圍意味著每股收益同比下降約 4%，明顯高於 2021 財年 21.3% 的非公認會計原則稅率，後者受益於某些預計不會重複的離散稅收優惠2022財年學位。

When you add it all up, on a 52-week comparative basis, we expect fiscal 2022 GAAP EPS to decline by 4% or less.

將所有這些加起來，在 52 週的比較基礎上，我們預計 2022 財年 GAAP 每股收益將下降 4% 或更少。

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.

我們預計我們的 2022 財年非 GAAP 每股收益增長將至少比 2021 財年 3.10 美元的基數增長 10%，這不包括額外的一周，並根據非 GAAP 處理某些整合成本的變化進行調整。

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.

隨著工資投資的分階段推出以及全年全球從 COVID 中持續復甦，我們預計 2022 財年季度非公認會計原則每股收益將在第二季度達到最低水平，然後在第三季度達到頂峰，從而形成強勁的下半年。

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.

我們認識到，在工資投資以及 2021 財年復蘇快於預期的推動下，該收益指引與 2020 年 12 月投資者日討論的前景相比是暫時的變化。

We continue, however, to stand by our commitment to the growth algorithm over the longer term.

然而，我們繼續堅持我們對長期增長算法的承諾。

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.

對我們的合作夥伴進行戰略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許多年繼續發展我們的咖啡領導地位奠定必要的基礎。

To summarize, here are the 3 key takeaways for my discussion today.

總而言之，這是我今天討論的 3 個關鍵要點。

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.

首先，我們對我們在 2021 財年取得的成就感到興奮，儘管全球消費者流動性仍然受到抑制並且通脹逆風給我們的業務帶來壓力，但我們的業績遠遠超過了大流行前的表現水平，實現了創紀錄的高收入、營業收入和每股收益。

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 財年將是大筆投資的一年，我們將優先考慮我們的門店合作夥伴，並確保我們擁有最優秀的人才來推動、捕捉和保持持久的類別份額增長，同時仍實現兩位數的每股收益增長，並為我們的門店帶來 200 億美元的回報。未來 3 年的股東。

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，我們仍然完全致力於我們的持續增長模式，並期望在 2023 財年以 18% 至 19% 的營業利潤率向我們的算法邁進，同時繼續平衡長期維持這一業績所必需的回報和投資。

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.

當然，這一切都歸功於我們世界各地的星巴克合作夥伴的巨大努力，他們自豪地穿著綠色圍裙。

It is their unwavering commitment to serving our customers that drives the financial results and outlook that I've shared today.

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業績和前景。

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

有了這個，凱文和我很高興回答你的問題，約翰·卡爾弗、邁克爾·康威和 Leo Tsoi 也加入了進來。

Thank you, operator.

謝謝你，接線員。

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

（操作員說明）我們的第一個問題來自 David Tarantino 與 Baird 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.

瑞秋，我的問題是關於你給出的利潤率前景，今年為 17%，然後在 2023 年增長到 18% 到 19%。

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.

我只是想知道您是否可以描繪一下您如何從今年的利潤率展望到明年的利潤率展望。

Are there certain offsets that are going to develop throughout the year that will lead to better performance?

全年是否會有某些抵消措施會帶來更好的表現？

Or is there something onetime in the cost structure this year?

或者今年的成本結構中有什麼一次性的東西？

Anything you can do to help provide some visibility on that path would be great.

您可以做的任何事情來幫助在該路徑上提供一些可見性都會很棒。

Yes.

是的。

Thank you for the question.

感謝你的提問。

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.

我想說的是，當我們查看我們今年指導的利潤率並考慮明年的發展方向時，如您所知，今年我們的利潤率被稀釋了 640 多個基點正如我在準備好的評論中所概述的，鑑於我們正在進行的投資以及一些通脹阻力和變化。

We're going to work this year to offset the majority of that through pricing, through sales leverage, through productivity and other efficiency measures.

今年我們將努力通過定價、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.

隨著我們進入 23 財年，我們將繼續這些努力，這將使我們能夠回到我們長期指導的 18% 到 19% 的利潤率。

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.

我們相信，鑑於我們的規模增長議程和我們對創新管道的關注，我們有能力繼續增加我們的數字客戶會員，以及我們通過新店和我們正在創造的體驗繼續加速服務體驗的能力在商店中，再加上我們全球網絡的生產力和效率，確實使我們能夠按照我們的長期指導繼續朝著 18% 到 19% 的利潤率邁進。

And David, this is Kevin.

大衛，這是凱文。

Let me just add to Rachel's comments.

讓我補充一下 Rachel 的評論。

The strategic investments we are making in wage, here's how to think about it.

我們在工資方面進行的戰略投資，這裡是如何思考的。

First, our Q4 and FY '21 revenue results demonstrate that we are growing faster than the coffee addressable market as estimated by Euromonitor.

首先，我們的第四季度和 21 財年的收入結果表明，我們的增長速度超過了 Euromonitor 估計的咖啡目標市場。

We are taking market share.

我們正在佔領市場份額。

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.

然後，如果您看看消費者流動性，它將繼續增加，我們希望為我們的商店招募和留住最優秀的人才。

The most important investment we can make is in our Green Apron partners.

我們能做的最重要的投資是在我們的綠色圍裙合作夥伴身上。

We know this to be true because it has been proven time and time again throughout our 50-year history.

我們知道這是真的，因為在我們 50 年的歷史中一次又一次地證明了這一點。

That when we take care of our partners, they always rise to the occasion and create that unique Starbucks experience for our customers.

當我們照顧好我們的合作夥伴時，他們總是會順勢而為，為我們的顧客創造獨特的星巴克體驗。

Clearly, from my perspective, this investment in our partners is not only the right thing to do for them.

顯然，在我看來，對我們合作夥伴的這種投資不僅對他們來說是正確的。

It's also the right thing to do for all stakeholders, including our shareholders.

對於包括我們的股東在內的所有利益相關者來說，這也是正確的做法。

We're on the front foot right now, and we have this opportunity to accelerate by investing into the growth curve.

我們現在處於領先地位，我們有機會通過投資增長曲線來加速。

This means with this investment, we predict higher market share gains as consumers return to our stores, and these share gains will be permanent.

這意味著通過這項投資，我們預計隨著消費者返回我們的商店，市場份額將獲得更高的收益，而這些份額收益將是永久性的。

And these share gains will create long-term shareholder value.

而這些股票收益將創造長期的股東價值。

If you think about it and you model this, those permanent gains, we know we get operating leverage as we get more customers.

如果您考慮一下並對此進行建模，這些永久收益，我們知道隨著我們獲得更多客戶，我們將獲得運營槓桿。

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.

因此，如果您只是獲取份額收益並根據經營槓桿運行電子表格，這就是將要創造的東西——這實際上會增加星巴克的終值計算。

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.

我們對這項戰略和這項投資非常有信心，這就是為什麼我們承諾在未來 3 年內向股東提供 200 億美元的回報。

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.

因此，這一切都是為了向增長傾斜，佔據永久的市場份額，而市場份額的好處將創造比沒有投資時我們創造的更多的股東價值。

And we're so confident we're $20 billion returned to shareholders in dividends and buybacks.

而且我們非常有信心，我們將通過股息和回購向股東返還 200 億美元。

That's how I think about it, and that's how I think every shareholder ought to think about this investment.

這就是我的想法，也是我認為每個股東都應該考慮這項投資的方式。

Your next question comes from Andrew Charles with Cowen.

您的下一個問題來自 Andrew Charles 和 Cowen。

I just have a 2-part question.

我只有一個兩部分的問題。

Kevin, what do you attribute to the U.S. acceleration in September?

凱文，你認為美國 9 月份的加速增長是什麼原因？

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.

我認為投資者正試圖了解這是否像職位一樣更持久——比如更大的勞動節後重返辦公室，或者可能是更短暫的東西，比如成功的 PSL 季節。

And Rachel, just to clarify one piece of the guidance.

Rachel，只是為了澄清一個指導。

The non-GAAP EPS guidance of $3.40 plus, does that incorporate share buybacks?

3.40 美元以上的非公認會計原則每股收益指導是否包含股票回購？

Or is that excluded from the EPS guidance?

或者這是否被排除在 EPS 指南之外？

And if you can just provide a share count that guidance is contingent on to help flesh that out, that would be very helpful.

如果你能提供一個股票數量，指導取決於幫助充實這一點，那將非常有幫助。

Yes, Andrew, I'll take the first part of your question, then I'll hand it to Rachel.

是的，安德魯，我會回答你問題的第一部分，然後交給雷切爾。

Look, with COVID cases, in this case, the Delta variant, it creates the variability in consumer behavior.

看，對於 COVID 案例，在這種情況下是 Delta 變體，它會造成消費者行為的可變性。

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.

因此，正如您在美國看到的更多政府限制，其中許多是逐州和逐市實施的，我們必須做出回應，我認為這就是 8 月份的影響。

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.

當我們對這些做出回應時，當然當我認為消費者開始看到 Delta 差異時，曲線開始放緩，消費者流動性展開。

So these are all transitory and they're unpredictable.

所以這些都是暫時的，而且是不可預測的。

It's all related to the pandemic.

這一切都與疫情有關。

So the acceleration that we saw in both the U.S. and China are the exact same reason.

所以我們在美國和中國看到的加速是完全相同的原因。

It's just a variable of dealing with the global pandemic.

這只是應對全球大流行的一個變量。

And when these Delta variants and these other things pop up, it does have some impact on consumer mobility.

當這些 Delta 變體和其他這些東西出現時，它確實會對消費者的移動性產生一些影響。

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.

但是我們肯定知道的一件事是，我們在世界各地的每個市場都看到了這一點，即隨著 COVID 的傳播在各個市場得到控制，顧客會立即返回我們的商店。

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.

這就是為什麼對工資進行投資並確保我們的商店配備最優秀、最有才華的 Green Apron 合作夥伴非常重要。

This is the right time to make that investment, and we're confident that, that investment is going to return significant value to shareholders.

現在是進行這項投資的正確時機，我們相信，這項投資將為股東帶來可觀的價值。

Rachel, do you want to take the second part of the question?

瑞秋，你想回答問題的第二部分嗎？

Sure.

當然。

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.

對於第二部分，安德魯，我想說的是，我們一般認為股票回購對每股收益的影響約為 1%，這符合我們的長期指導。

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.

考慮到今年的回購將略高於'23和'24，考慮到韓國收益的影響，今年略有上升。

But approximately 1%, and that's provided in our guidance.

但大約 1%，這是在我們的指導中提供的。

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 John Ivankoe。

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.

僅看數字，您最大的機會之一似乎就是將美國的流量計數恢復到至少 2019 年的水平，甚至高於 2019 年的水平。

So I just wanted to get your sense of the visibility of that happening.

所以我只是想讓你了解這種情況的可見性。

If there are any green shoots, for example, suburban drive-throughs, for example, that are seeing that increase in traffic.

如果有任何綠芽，例如郊區的免下車，例如，就會看到交通量的增加。

And do you think you have the staffing today in the stores that would allow that return to traffic?

你認為你今天在商店裡有足夠的人員來讓這種情況恢復客流嗎？

Or would it be necessary to add a step function change in some of the labor hours to reach that increased consumer demand?

或者是否有必要在一些工時中增加一個階躍函數來滿足增加的消費者需求？

Thanks, John.

謝謝，約翰。

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

我們將交給 John Culver 就您的問題分享觀點。

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%.

是的，約翰，我們顯然看到了創紀錄數量的顧客回到我們的商店，這從我們看到的季度環比增長 18% 的顯著交易增長就可以看出這一點。

What we're seeing from a behavior standpoint are very similar behaviors from customers as we've had in prior quarters in pre-COVID.

從行為的角度來看，我們所看到的客戶行為與我們在前幾個季度在 COVID 之前的行為非常相似。

So routines are beginning to normalize.

因此，日常生活開始正常化。

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.

我認為這說明了凱文所說的一點，即隨著人們變得更加流動，特別是當我們推出秋季活動時，孩子們回到學校時會進入正常的日常生活。

Our peak hours have returned to pre-COVID behavior.

我們的高峰時間已經恢復到 COVID 之前的行為。

They started in Q3 and continued into Q4.

他們從第三季度開始，一直持續到第四季度。

Morning daypart, very strong growth on a year-over-year basis as well as midday.

上午時段，同比和中午非常強勁的增長。

And then into the afternoon, we're seeing a very high beverage and food attach.

然後到下午，我們看到了非常高的飲料和食物附加值。

And really a shift to cold beverages that we talked about on the last earnings call.

我們在上次財報電話會議上談到了真正轉向冷飲的轉變。

Cold beverages actually accounted for 75% of our beverage sales in the quarter.

冷飲實際上占我們本季度飲料銷售額的 75%。

But food equally was strong.

但食物同樣強烈。

We were up 35%, espresso was up 34%, and we are seeing larger tickets come through as well.

我們上漲了 35%，濃縮咖啡上漲了 34%，我們也看到了更大的門票。

So when you look at it from a store standpoint, we're very pleased with what the performance has been.

所以當你從商店的角度來看它時，我們對它的表現感到非常滿意。

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.

首先，在農村和郊區，我們的得來速服務最為常見，這幫助我們度過了 COVID 時期，過去 18 個月非常強勁，並且繼續表現出強勁的表現。

Our urban stores have reached recovered status, and we're very encouraged by that.

我們的城市商店已達到恢復狀態，我們對此感到非常鼓舞。

And then from a central business district, recovery has been slower, but it continues.

然後從中央商務區開始，恢復速度較慢，但仍在繼續。

For the second quarter in a row, central business district has returned to a positive comp performance as well.

連續第二個季度，中央商務區也恢復了積極的業績表現。

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.

然後我要留給您的最後一件事是我們在星巴克的便利性方面看到的，特別是得來速的增長和 MOP 的增長。

And we've done a lot of this during the trade area transformation work we did around the stores.

在圍繞商店進行的貿易區改造工作中，我們做了很多這樣的工作。

Today, drive-through and MOP accounted for 70% of transactions, which is up 15% versus pre-pandemic levels.

如今，免下車和澳門幣交易占交易的 70%，與大流行前的水平相比增長了 15%。

So we're very encouraged with the momentum that we've been able to build.

因此，我們對能夠建立的勢頭感到非常鼓舞。

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.

然後很明顯，隨著我們從工資角度對員工進行的投資，我們期望繼續增加人員配備水平，繼續增加對我們合作夥伴的培訓，我們非常非常有能力為一個非常強大的假期。

Our next question comes from Sharon Zackfia with William Blair.

我們的下一個問題來自 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?

只是基於約翰的問題，你能量化一下美國的人員配置與大流行前相比的情況嗎？

And maybe even some metrics around where your hourly turnover and managerial turnover is relative to 2019 would be helpful.

甚至一些關於你的每小時營業額和管理人員營業額相對於 2019 年的指標可能會有所幫助。

Yes.

是的。

What I'd say, Sharon, is a couple of things.

莎朗，我想說的是幾件事。

Obviously, like all other retailers, we're navigating a very complex and unprecedented environment.

顯然，與所有其他零售商一樣，我們正處於一個非常複雜和前所未有的環境中。

And yes, we have seen some staffing challenges in certain parts of the country.

是的，我們在該國某些地區看到了一些人員配備方面的挑戰。

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.

但我認為，從我們能夠交付的結果來看，它證明了我們應對這些挑戰的能力，無論是人員配備、供應鏈挑戰還是通脹壓力。

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.

當您查看它時，我們在此期間所做的其中一件事是我們已經研究了調整人員配備水平以及我們如何通過這一點進行管理，我們還採取了行動來調整商店的營業時間。

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.

當我這麼說的時候，我們真的看過晚上的白天，並從小時的角度把它拉回來，這使我們能夠將人員重新部署到我們需要的其他商店。

So we're continuing to do that.

所以我們將繼續這樣做。

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.

關於你關於員工流失的問題，我們 - 在過去一年中，大約 70% 的小時工合作夥伴是星巴克的新員工，我們將繼續從培訓的角度對他們進行投資，正如我們昨天為所有合作夥伴宣布的那樣。

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.

此外，我們現在已經進行了投資，我們昨天宣布了這一點，圍繞招聘和增加招聘人員，更多的招聘人員進入這些地區，以真正專注並尋找和吸引新人才。

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.

然後，與此同時，我們將繼續與我們的合作夥伴密切合作，以了解我們如何繼續使它們有效並降低商店的複雜性。

Complexity is a big thing for us, a big focus.

複雜性對我們來說是一件大事，一個大焦點。

And in that, we're looking at 2 things.

在這方面，我們正在研究兩件事。

Number one is driving automation in the stores.

第一是推動商店的自動化。

We've driven automated ordering for food and merchandise.

我們推動了食品和商品的自動訂購。

It will be fully rolled out across all of our U.S. company-owned stores by the middle of this quarter.

到本季度中期，它將在我們所有的美國公司擁有的商店中全面推出。

And then in addition, we continue to make investments in equipment.

此外，我們繼續對設備進行投資。

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.

從設備的角度來看，無論是 Mastrena，無論是我們的暖爐還是我們的冷沖泡系統，所有這些設備投資也使我們的合作夥伴更有效率，並在他們完成任務時為他們騰出時間。

So a lot of work going on.

所以很多工作正在進行。

I'm very proud of the way in which our partners have navigated over the course of the last year, in particular.

我為我們的合作夥伴在過去一年中的航行方式感到非常自豪，尤其是。

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.

由於我們經歷了其中的一些挑戰，我們覺得我們在管理這個方面處於一個非常好的位置，我們將繼續在這個領域進行投資。

It's an area we're watching very closely.

這是我們正在密切關注的一個領域。

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 Sara Senatore。

Sorry, can you hear me now?

對不起，你現在能聽到我說話嗎？

Hello?

你好？

Yes.

是的。

Okay.

好的。

Sorry about that.

對於那個很抱歉。

I have a question and then a follow-up.

我有一個問題，然後是跟進。

The first is on China.

第一個是關於中國的。

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.

聽起來您只看到了大流行的影響，而不是宏觀增長放緩或其他人暗示或競爭的影響。

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.

所以我想如果你可以在你所看到的交易和票證的背景下談論這個，回饋一點票證。

I didn't know if there's sort of an underlying dynamic there outside of just the pandemic that might be playing out.

我不知道除了可能正在上演的大流行之外，是否還有某種潛在的動力。

And then my follow-up was on the investments you're making holistically.

然後我的後續行動是關於你全面進行的投資。

I certainly understand why -- and to your point, the payoff has been visible.

我當然明白為什麼 - 就你而言，回報是可見的。

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.

但是，考慮到運營環境的波動性，以及您正在擺脫大流行帶來的明顯低迷的收益增長，為什麼不採取更合理的方式來應對它，而不是在來年提前很多。

Can you just talk about the timing and sort of the front-loading of it?

你能談談它的前置時間和類型嗎？

Yes.

是的。

Thanks, Sara.

謝謝，薩拉。

For your first question on China, Leo is joining us on the call from Shanghai.

對於您關於中國的第一個問題，Leo 正在上海加入我們的電話。

So Leo, why don't I hand the question over to you?

所以Leo，我為什麼不把這個問題交給你呢？

Certainly.

當然。

Thank you, Kevin.

謝謝你，凱文。

My pleasure to take this question.

我很高興回答這個問題。

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.

實際上，在去年第四季度——上一財年，我們在整個季度受到了 3 波 COVID 復甦的影響，整個季度共襲擊了 42 個城市。

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.

現在這意味著我們看到實施了更高的公共衛生措施，這大大減少了客戶的流動性並擾亂了消費模式。

As you know, the borders also remained closed.

如你所知，邊界也仍然關閉。

And when we see -- what this impacts us, it means that over half of our stores were located in cities hit by local cases.

當我們看到這對我們產生的影響時，這意味著我們一半以上的商店位於受本地病例襲擊的城市。

And around 80% of our stores were operating under the elevated safety protocols at the peak of the resurgence.

在復蘇高峰期，我們大約 80% 的商店都在更高的安全協議下運營。

So that's why, weighed down by these headwinds, we in Q4 delivered an 11% revenue growth year-on-year, as Kevin pointed out.

因此，正如凱文指出的那樣，這就是為什麼在這些不利因素的影響下，我們在第四季度實現了 11% 的收入同比增長。

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.

這意味著在第四季度，如果我們排除 20 財年增值稅減免的重疊，則該補償上漲了 - 7% 或 - 3%。

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.

但是，我必須說，當我們排除有本地案例的城市商店以及交通和旅遊商店時，我們的業績實際上是積極的，不包括 20 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.

更重要的是，正如 Rachel 還指出的那樣，我們的營業收入與去年相比是負 1%。

And if we actually exclude the one-off COVID-related benefits in FY '20, we actually achieved improved -- an improvement on the operating income.

而且，如果我們真的排除了 20 財年與 COVID 相關的一次性福利，我們實際上取得了進步——營業收入的提高。

So this is really showing and demonstrating our team's operational agility.

因此，這確實展示並展示了我們團隊的運營敏捷性。

So what I would say, Sara, we are seeing this pandemic dynamics happening in the market.

所以我想說的是，莎拉，我們正在看到市場上正在發生這種流行病的動態。

But I'm confidently saying that this is short term and they're going to recover, we're going to recover.

但我自信地說，這是短期的，他們會恢復，我們會恢復。

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.

這就是為什麼我們現在的重點是我們可以控制什麼，以利用我們團隊的能力駕馭所有這些短期波動，同時抓住關鍵機會，例如促進我們的商店增長和提升我們的數字參與度和客戶體驗.

I think this is all going to power our future growth and build sustainable competitive advantage of Starbucks China.

我認為這一切都將為我們未來的增長提供動力，並建立星巴克中國的可持續競爭優勢。

Turning over to you.

轉給你。

Thank you, Leo.

謝謝你，獅子座。

Sara, let me take the second half of your question -- the back half of your question regarding these investments.

薩拉，讓我來回答你問題的後半部分——關於這些投資的問題的後半部分。

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.

我只想首先回顧一下我們在這場大流行中所做的一些戰略投資，從我們在 2020 年 3 月做出的決定開始，該決定為我們的合作夥伴提供經濟確定性並無懈怠地向他們付款，沒有休假，在我們關閉在美國的所有商店並保持免下車營業的情況下向他們付款，這是一個重大的戰略決策。

And we made that decision certainly staying true to our mission and values and taking care of our partners.

我們做出這個決定當然是忠於我們的使命和價值觀，並照顧我們的合作夥伴。

But we also knew that as this pandemic began to ease and the recovery came back, our partners would be there, and they were.

但我們也知道，隨著這種流行病開始緩解和復蘇回來，我們的合作夥伴會在那裡，他們也在那裡。

And so why do you think we drove a faster recovery than people expected?

那麼，為什麼您認為我們推動的複蘇速度比人們預期的要快？

Why did we drive a faster recovery than others in the industry?

為什麼我們比業內其他公司推動了更快的複蘇？

Answer, because we had the courage to make that strategic bet at that time in March of 2020.

回答，因為我們當時有勇氣在 2020 年 3 月做出戰略性賭注。

Then in June of 2020, we made the strategic decision to transform the trade area portfolio, the store portfolio in the United States.

然後在 2020 年 6 月，我們做出了轉變貿易區組合、美國商店組合的戰略決策。

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.

我們基本上重新定位了近 600 家商店，以重新定位它們以更好地為我們的客戶服務，為我們提供更好的經濟效益並提升客戶體驗。

That strategic decision -- we had the courage to make that.

那個戰略決定——我們有勇氣做出這個決定。

And that strategic decision today is giving us margin expansion, an elevated customer experience, and that, too, is contributing to our recovery.

今天的戰略決策為我們帶來了利潤增長，提升了客戶體驗，這也有助於我們的複蘇。

I think about this decision on this wage investment the very same way we have in the past.

我以與我們過去相同的方式考慮這項工資投資的決定。

We're going to stay true to our mission and values.

我們將忠於我們的使命和價值觀。

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.

我們肯定知道，因為我們一次又一次地看到，當我們投資於我們的合作夥伴時，他們會順勢而為。

And we also know this pandemic is transitory.

我們也知道這種流行病是暫時的。

We know vaccines work.

我們知道疫苗有效。

We know that when we see markets, as governments just reduced restrictions, customers are back into our stores.

我們知道，當我們看到市場時，由於政府剛剛減少了限制，顧客就會回到我們的商店。

So this is an opportunity for us to move now.

所以這是我們現在搬家的機會。

We can't wait.

我們等不及了。

This is the time to take that market share that we know we can take, and that market share gain is permanent.

現在是搶占我們知道可以搶占的市場份額的時候了，而且市場份額的增長是永久性的。

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.

市場份額的增加將建立長期的客戶參與度、長期的客戶忠誠度，而市場份額的增加也將推動我們商店的經營槓桿。

In addition to that, we also know that we have a combination of in-store productivity innovation that's going to help offset that.

除此之外，我們還知道我們結合了店內生產力創新，這將有助於抵消這一點。

We also have pricing power.

我們也有定價權。

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.

我們非常考慮如何定價，但我們正在定價，我們將繼續在通脹環境中定價。

So we just believe this is the absolute right thing to do at this moment in time.

所以我們只是相信這是在這個時刻做的絕對正確的事情。

And this investment, like the other 2 that I just described, will return value to shareholders.

和我剛才描述的其他兩項投資一樣，這項投資將為股東帶來價值。

Because of that, that's why we reinforced our confidence with this $20 billion return to shareholders in the form of repurchases and buybacks.

正因為如此，這就是為什麼我們以回購和回購的形式向股東提供 200 億美元的回報來增強我們的信心。

Thanks for your question.

謝謝你的問題。

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.

除了工資壓力，您還提到了供應鏈壓力。

I'm wondering how transient you think those are.

我想知道你認為這些是多麼短暫。

Is that something that dissipates over the next couple of quarters?

這會在接下來的幾個季度中消散嗎？

And maybe specifically, what are those issues?

也許具體來說，這些問題是什麼？

What specific items?

具體有哪些項目？

Is it coffee?

是咖啡嗎？

Is it food?

是食物嗎？

Is it supplies for stores?

是商店的用品嗎？

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?

鑑於您預計銷售額會有如此大的增長，您如何 - 我猜您是否有信心或確定您擁有度過這個假期所需的用品？

Okay.

好的。

Let me -- I'll have Rachel comment.

讓我 - 我會讓 Rachel 發表評論。

Then I want John Culver to give you sort of the perspective on where we're at in supply chain.

然後我想讓約翰卡爾弗給你一些關於我們在供應鏈中所處位置的觀點。

But Rachel?

但是雷切爾？

Thank you.

謝謝你。

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.

我將從我們如何在我們的指導下思考它的角度開始，然後我將把它交給約翰，他可以更多地談論細節。

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.

但從指導的角度來看，正如我在準備好的評論中談到的那樣，由於供應鏈壓力、與供應鏈壓力相關的通貨膨脹以及跳過之前的政府補貼，利潤率稀釋了大約 200 個基點。年投資。

When we look at this past quarter, Q4, we had about a 90 basis point impact from inflationary pressures across the globe.

當我們回顧過去的第四季度時，全球通脹壓力對我們產生了大約 90 個基點的影響。

It was a combination of logistics, labor as well as commodities.

它是物流、勞動力和商品的結合。

As we move into Q1 and Q2, we would expect that to increase, and that will start to settle in Q3 and Q4.

隨著我們進入第一季度和第二季度，我們預計會增加，並將在第三季度和第四季度開始穩定。

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.

但我們將其作為全年指導的一部分得出結論，因為我們真的不知道這些何時會發生——這些通脹壓力何時會消退。

And to that point, we've got some planned in this year.

到那時，我們今年已經有了一些計劃。

Of course, it could increase.

當然，它可能會增加。

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.

我們不知道會發生什麼，但我們相信我們至少有一種基於今年第三季度和第四季度所見的方法，並且我們已經將其考慮到明年。

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.

但它在第一季度和第二季度對我們的影響確實比我們最初想像的更有意義，然後從利潤率的角度再次在第三季度和第四季度穩定下來。

And so with that, I'll turn it over to John for specifics.

因此，我將把它交給約翰了解具體情況。

Yes.

是的。

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.

約翰，很快，從供應鏈的角度來看，通貨膨脹的影響，我們正在看到影響，這從我們商店的一些庫存水平中可以看出。

But I feel very good about the way in which we've been able to navigate it.

但我對我們能夠駕馭它的方式感覺非常好。

Those supply impacts began in mid-fiscal '21, and we would expect that they will continue into this coming year, all right?

這些供應影響始於 21 財年中期，我們預計它們將持續到明年，好嗎？

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.

我們看到的是商品定價方面的逆風、運輸方面的挑戰以及我們的分銷商和製造商在他們的工廠和配送中心尋找勞動力的能力。

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.

我們與團隊一起做的幾件事是，第一，我們密切合作，在我們的關鍵類別中增加新的製造和供應合作夥伴。

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.

這為我們帶來了紅利，我們看到這些類別的庫存有所緩解，即燕麥奶、早餐三明治、雞蛋咬等。

We're building throughput and production capacity.

我們正在建設吞吐量和生產能力。

We have suppliers adding new lines so that they can increase their safety stock.

我們讓供應商增加了新的生產線，這樣他們就可以增加安全庫存。

We work with suppliers to invest in wage for their workers, and many of them have done so.

我們與供應商合作，為他們的工人投資工資，他們中的許多人已經這樣做了。

And the last thing I would say that what we've done is we've really focused our production efforts on high-volume items.

我要說的最後一件事是，我們真正將生產精力集中在大批量產品上。

And some of those lower-volume items we pulled back on and deprioritized.

還有一些我們撤回並取消優先級的小批量項目。

So all that work and the actions that we've taken, we started early on as we began to see these challenges.

因此，所有這些工作和我們採取的行動，在我們開始看到這些挑戰時就開始了。

We've addressed them.

我們已經解決了他們。

We're not out of the woods yet, but we feel very good about the path that we're on.

我們還沒有走出困境，但我們對我們所走的道路感覺非常好。

And as Kevin highlighted, we're very confident that as we head into holiday, our inventory position is very strong.

正如凱文所強調的那樣，我們非常有信心，隨著我們進入假期，我們的庫存狀況非常強勁。

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.

我們將繼續密切關注此事，我們將繼續與我們的供應網絡合作，以確保我們的商店有足夠的產品供應。

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.

然後我要說的最後一件事是，很明顯，就像其他零售商一樣，我們看到顧客以創紀錄的水平回到我們的商店。

And the strength of our business is very strong.

而且我們的業務實力非常強大。

So we're very encouraged around the progress that we're making and the growth opportunities that we see going forward.

因此，我們對我們正在取得的進展和我們看到的未來增長機會感到非常鼓舞。

And since you raised coffee, John, we're 14 months price-locked on coffee with several months of inventory in the warehouse.

自從你提出咖啡以來，約翰，我們對咖啡的價格鎖定了 14 個月，倉庫中有幾個月的庫存。

So we're -- there's not a risk on coffee.

所以我們 - 咖啡沒有風險。

Our next question comes from Jeffrey Bernstein with Barclays.

我們的下一個問題來自巴克萊銀行的 Jeffrey Bernstein。

Great.

偉大的。

Just a follow-on to that return of cash discussion, which is obviously a bullish sign, that $20 billion investment you're making.

只是現金回報討論的後續，這顯然是一個看漲的信號，你正在進行 200 億美元的投資。

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.

但話雖如此，凱文，只是考慮更大的圖景，我想你在新聞稿中說你目前是 50-50 歲，公司擁有並獲得許可。

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.

只是想知道隨著時間的推移增加許可組合的想法是什麼，這似乎會產生更高利潤的特許權使用費收入流，允許更大的資產負債表槓桿，可能會返回增量現金。

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.

我不確定這是否需要改變中國的所有權結構，但我們顯然已經在你們最大的跨國 QSR 同行中看到了這一點。

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.

因此，我基本上只是在尋找 2020 年投資者日對 10、20、30 情景的想法的更新，只是為了讓你對所有權結構的前景有所了解。

Yes, Jeffrey, thanks for the question.

是的，杰弗裡，謝謝你的問題。

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.

我清楚地認為，我們的規模增長議程將美國和中國確定為我們的兩個主要市場，我們對此議程感到非常滿意。

I think China still has a significantly long runway of growth.

我認為中國仍有相當長的增長軌道。

And you see us continue to expand and accelerate the number of new stores we're building in market, as Leo highlighted.

正如 Leo 強調的那樣，您會看到我們繼續擴大和加快我們在市場上建立的新店的數量。

And so we're very bullish on the long term in China.

所以我們非常看好中國的長期發展。

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.

美國繼續 - 我們看到的複合增長以及我們看到的在新店和復合增長方面繼續增長美國的機會，仍然非常非常看好這一點。

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.

正如我們所說，在 2020 年 12 月，我們一直在評估市場，你看到了韓國合資企業，我們確實將我們 50% 的股份出售給了長期許可合作夥伴，他們一直在運營該市場並將繼續運營該市場市場。

So we're always evaluating that.

所以我們一直在評估這一點。

But we're happy with where we are today and I guess that's how -- that's what I would say.

但是我們對我們今天的位置感到滿意，我想這就是 - 這就是我要說的。

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.

如果您考慮美國和中國這兩個領先的增長市場，我認為我們對今天的狀況感到非常滿意，並且我們看到這兩個市場都將實現長期增長。

Our final question comes from Jon Tower with Wells Fargo.

我們的最後一個問題來自富國銀行的 Jon Tower。

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.

我知道，凱文，你曾多次提到電話定價行動，以及你在業務中擁有大量定價權的想法。

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.

所以我想知道你是否可以給我們一些關於你對 22 財年的預期的指導，比如離家出走的食物通脹目前處於中個位數的範圍內。

And obviously, the inflationary pressures are going to remain.

顯然，通脹壓力將持續存在。

And then just following up on the guidance piece, Rachel.

然後只是跟進指導片，雷切爾。

I was hoping you could give us a little bit more clarity on the EPS that you had offered.

我希望您可以讓我們更清楚地了解您提供的 EPS。

I think you had mentioned about the 10% EPS growth off the non-GAAP fiscal '21 of $3.10.

我想你已經提到了非公認會計原則 21 財年每股收益增長 10% 的 3.10 美元。

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.

而且我認為根據您提供的指標，我很難在 22 年達到 3.40 美元以上的範圍。

So maybe some more clarity on some of the line items would be great, please.

因此，也許對某些行項目更清晰一些會很好，拜託。

All right, Jon, let me take the first part of your question, and then I'll hand to Rachel on the second part.

好的，喬恩，讓我回答你問題的第一部分，然後我將把第二部分交給雷切爾。

Look, when it comes to pricing, we continue to be very thoughtful and very strategic in how we look at pricing.

看，在定價方面，我們在如何看待定價方面繼續非常周到和非常具有戰略意義。

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.

我們實際上正在使用機器學習和一些 Deep Brew 技術，這些技術可以告知我們的定價團隊在哪里以及如何定價。

I prefer not to say, hey, here's the amount of price we've built into this plan.

我不想說，嘿，這是我們在這個計劃中設定的價格金額。

But I think we certainly have more upside in price if we need it.

但我認為，如果我們需要的話，我們肯定有更多的價格上漲空間。

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.

但這是一件動態的事情，因為我們正在關注通貨膨脹，我們真的希望以一種忠於我們過去一直深思熟慮的方式來做到這一點。

And part of this is how do you take the right amount of price at the right time and not have customer attrition.

其中一部分是您如何在正確的時間採取正確的價格而不會有客戶流失。

We're the share -- we want to grow share of customer occasions right now and so that's the balance that we strike.

我們就是份額——我們現在希望增加客戶場合的份額，這就是我們要達到的平衡。

And it's really a fairly dynamic thing.

這確實是一件相當動態的事情。

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.

所以對我們來說，我們只是 - 我不想說，這就是我們內置的，因為我認為如果我們需要它，我們實際上擁有更多，如果我們不需要它，我們可以減少它。

All I will say is that I think we've got a world-class pricing team backed up by world-class analytics and insights.

我要說的是，我認為我們擁有世界一流的定價團隊，並以世界一流的分析和洞察力為後盾。

And we are -- we were very good at this in fiscal '21, and we're going to be very good at it going forward.

而且我們 - 我們在 21 財年非常擅長這一點，我們將在未來非常擅長。

Rachel?

雷切爾？

Sure.

當然。

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.

喬恩，我想說的是，如果你從基線的角度來看我們 21 財年的非公認會計原則每股收益 3.24 美元，我們將取消額外的一周，因此約為 0.10 美元。

In addition to that, we have a change in our treatment of some non-GAAP reporting for purposes of integration costs related to acquisitions.

除此之外，為了與收購相關的整合成本，我們對一些非公認會計原則報告的處理方式有所改變。

That's another $0.04.

這又是 0.04 美元。

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.

因此，0.14 美元的組合就是我們將今年 3.24 美元的非 GAAP 每股收益降低到調整後的 21 財年非 GAAP 每股收益 3.10 美元。

And then we're encouraging a growth rate off of that baseline of at least 10%.

然後我們鼓勵增長率從至少 10% 的基線開始。

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.

再一次，這 10% 是考慮到我們所處的動態運營環境、我們正在進行的前所未有的投資水平以及我們仍然看到的與供應鍊和通脹壓力以及壓力相關的壓力我們從 COVID 疫苗或 COVID 環境中看到。

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.

我們認為，這與我們所處的動態環境相結合，至少 10% 的增長反映了我們對未來發展方向的信心和樂觀態度，儘管未來的環境充滿挑戰。

Thank you.

謝謝你。

At this time, there are no further questions.

此時，沒有進一步的問題。

I will now turn the call over to Kevin Johnson for closing remarks.

我現在將把電話轉給凱文·約翰遜（Kevin Johnson）做結束語。

Well, thank you.

嗯，謝謝。

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.

在我們結束今天的電話會議之前，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。

And I also want to congratulate Greg Smith on his new role leading finance for our International and channels business.

我還要祝賀格雷格·史密斯 (Greg Smith) 擔任我們國際和渠道業務財務主管的新角色。

Tiffany brings great experience in finance and IR from multiple industries, including food and beverage, consumer products and technology.

蒂芙尼帶來了來自多個行業的金融和投資者關係方面的豐富經驗，包括食品和飲料、消費品和技術。

And we look forward to introducing her to our investment community as she begins her journey at Starbucks with us.

當她和我們一起開始在星巴克的旅程時，我們期待著將她介紹給我們的投資界。

So Tiffany, welcome.

所以蒂芙尼，歡迎。

I also want to reiterate for all of you that consumer demand is strong, and this moment in time is an inflection point.

我還想向大家重申，消費者需求強勁，而這個時刻是一個拐點。

It's an opportunity for Starbucks to invest ahead of the growth curve and deliver long-term gains for all stakeholders.

這是星巴克在增長曲線之前進行投資並為所有利益相關者帶來長期收益的機會。

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.

我認為，通過我們所採取的戰略行動，我們已做好準備增加客戶場合的份額，並顯著加強參與度和忠誠度，以實現長期可持續增長。

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.

有了這個，我們期待在這個假期歡迎大家光臨我們的商店，以便您可以享受您的季節性最愛。

And with that, have a great evening.

有了這個，祝你有個美好的夜晚。

Thanks, everybody.

謝謝大家。

This concludes Starbucks' Fourth Quarter and Fiscal Year-End 2021 Conference Call.

星巴克第四季度和 2021 財年年底的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。