“Keep in mind, each of the last two years, we've guided operating income of 4% to 6% growth annually. This year, if you normalize for the effect of Leap Day in VIZIO transaction, our guidance suggests an outlook of 5% to 7%.”

In context

“ingly known for convenience. Our business is performing well. You asked about how we exited the year. January was actually our strongest comp in the U.S. business. But this increased relevance translates into improved financial performance for us as well. As we grow these digital businesses like e-commerce, the incremental margins in our e-commerce business globally for us in the quarter were 11% over twice the rate of what our overall margin is. But let me address what is maybe the question behind the question as it relates to the outlook for next year. Our business outperformed on virtually every operational and financial metric in the quarter. We feel like we're performing exceptionally well. The guidance that we provided, we feel is very consistent with what we've done in prior years. Keep in mind, each of the last two years, we've guided operating income of 4% to 6% growth annually. This year, if you normalize for the effect of Leap Day in VIZIO transaction, our guidance suggests an outlook of 5% to 7%. That reflects how we all feel about this business. We're really excited about what the year holds for us and what we can do there. We're one month into the year. So I think it's prudent to have an outlook that is somewhat measured. We don't want to get ahead of ourselves. There is certainly some unpredictability in any environment that we have. But we feel really good about our ability to navigate that. We feel really good about our relevance with customers. And we feel really good about how our business model is changing to inflect our profits upwards. Doug McMillon: Yes. When you take that noise out of the guidance, you can see that we're stepping things up a bit. I think that reflects our confidence. And to be in the position we're in right now with this momentum on the top line and th”