(CHWY) 2020 Q4 法說會逐字稿

Good afternoon, and welcome to the Chewy Fourth Quarter and Full Year 2020 Results Call. (Operator Instructions) Note this event is being recorded.

下午好，歡迎參加耐嚼的 2020 年第四季度和全年業績電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Robert LaFleur, President of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係總裁 Robert LaFleur。請繼續。

Thank you for joining us on the call today to discuss our fourth quarter and full year results for fiscal 2020. Joining me today are Chewy's CEO, Sumit Singh; and CFO, Mario Marte.

感謝您今天加入我們的電話會議，討論我們 2020 財年第四季度和全年的業績。今天加入我的是 Chewy 的首席執行官 Sumit Singh；和首席財務官馬里奧·馬爾特。

Our earnings release and letter to shareholders, which were filed with the SEC on Form 8-K earlier today, have been posted to the Investor Relations section of our website, investor.chewy.com. A link to the webcast of today's conference call is also available on our site.

我們今天早些時候以 8-K 表格向美國證券交易委員會提交的收益報告和致股東的信已發佈到我們網站investor.chewy.com 的投資者關係部分。今天電話會議的網絡直播鏈接也可以在我們的網站上找到。

On our call today, we will be making forward-looking statements, including statements concerning Chewy's future prospects, financial results, business strategies, industry trends and our ability to successfully respond to business risks, including those related to the spread of COVID-19, including any adverse impacts on our supply chain, workforce, fulfillment centers, other facilities, customer service operations and future plans.

在今天的電話會議上，我們將做出前瞻性陳述，包括有關 Chewy 的未來前景、財務業績、業務戰略、行業趨勢以及我們成功應對業務風險（包括與 COVID-19 傳播相關的風險）的能力的陳述，包括對我們的供應鏈、勞動力、履行中心、其他設施、客戶服務運營和未來計劃的任何不利影響。

Such statements are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties, which could cause actual results to differ materially from those contemplated by our forward-looking statements. Reported results should not be considered an indication of future performance.

根據 1995 年《私人證券訴訟改革法案》，此類陳述被視為前瞻性陳述，並受到某些風險和不確定性的影響，這可能導致實際結果與我們的前瞻性陳述所設想的結果大不相同。報告的結果不應被視為未來業績的指標。

Also note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law. For further information, please refer to the risk factors and other information in Chewy's 10-K and 8-K filed earlier today and in our other filings with the SEC.

另請注意，本次電話會議的前瞻性陳述是基於我們截至今天可獲得的信息。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。有關更多信息，請參閱 Chewy 今天早些時候提交的 10-K 和 8-K 以及我們向 SEC 提交的其他文件中的風險因素和其他信息。

Also during this call, we will discuss certain non-GAAP financial measures. Reconciliations of these non-GAAP items to the most directly comparable GAAP financial measurements are provided on our Investor Relations website. And in our earnings release and letter to shareholders, which were filed with the SEC on Form 8-K earlier today and in our 10-K. These non-GAAP measures are not intended as a substitute for GAAP results.

同樣在本次電話會議中，我們將討論某些非公認會計原則的財務措施。我們的投資者關係網站上提供了這些非 GAAP 項目與最直接可比的 GAAP 財務指標的對賬。在我們今天早些時候以 8-K 表格和我們的 10-K 表格向美國證券交易委員會提交的財報和致股東的信中。這些非 GAAP 措施不能替代 GAAP 結果。

Finally, this call in its entirety is being webcast on our Investor Relations website. A replay of this call will also be included on our IR website shortly.

最後，本次電話會議的全部內容正在我們的投資者關係網站上進行網絡直播。該電話的重播也將很快包含在我們的 IR 網站上。

I'd now like to turn the call over to Sumit.

我現在想把電話轉給 Sumit。

Thanks, Bob. And thanks to all of you for joining us on the call.

謝謝，鮑勃。感謝大家加入我們的電話會議。

As we gathered for this call a year ago, we were just beginning to realize the scope of the COVID pandemic. Looking back, I'm incredibly proud of the way Chewtopians came together to execute through this incredibly challenging year. As a leadership team, we communicated frequently and honestly about how we would navigate the pandemic with our team member safety in the forefront. We made sure our teams had safe and healthy workspaces and implemented new team member friendly policies and benefits.

當我們在一年前為這次電話會議聚集在一起時，我們才剛剛開始意識到 COVID 大流行的範圍。回首往事，我為 Chewtopians 齊心協力度過這個充滿挑戰的一年感到無比自豪。作為一個領導團隊，我們經常坦誠地交流我們將如何以團隊成員的安全為首要任務來應對這一流行病。我們確保我們的團隊擁有安全健康的工作空間，並實施了新的團隊成員友好政策和福利。

In response, our teams redoubled their dedication to our customers and made sure that their pets receive the vital products and care that they needed. In the face of surge in volume, we kept our supply chains operating and our fulfillment centers or FCs open. Our corporate staff and customer service teams quickly adapted to working from home, and our tech and product teams solved challenge after challenge to seamlessly foster that transition.

作為回應，我們的團隊加倍致力於我們的客戶，並確保他們的寵物獲得他們需要的重要產品和護理。面對數量激增，我們保持供應鏈正常運轉，並保持我們的履行中心或 FC 開放。我們的企業員工和客戶服務團隊迅速適應了在家工作，我們的技術和產品團隊解決了一個又一個挑戰，無縫地促進了這種過渡。

Despite the disruptions caused by COVID, and in some cases, because of them, we accelerated the rollout of several strategic initiatives, including the launch of eGift cards and personalized products, the introduction of service innovations like our telehealth offering, Connect With a Vet, and compounding services, and the opening of our first automated and first high velocity fulfillment centers. These accelerated rollouts speak to the adaptability and the innovative spirit of our entire Chewy team.

儘管 COVID 造成了乾擾，在某些情況下，由於這些干擾，我們加快了多項戰略舉措的推出，包括推出電子禮品卡和個性化產品，引入服務創新，如我們的遠程醫療產品 Connect With a Vet，和復合服務，以及開設我們的第一個自動化和第一個高速履行中心。這些加速推出說明了我們整個 Chewy 團隊的適應性和創新精神。

And even with the COVID backdrop, our teams remain relentlessly focused on the strong execution required to deliver a superior customer experience to over 19 million pet parents who trusted us to deliver on that promise. It is for all these reasons that 2020 will go down as a landmark year in Chewy's history.

即使在 COVID 的背景下，我們的團隊仍然堅持不懈地專注於為超過 1900 萬信任我們兌現承諾的寵物父母提供卓越的客戶體驗所需的強大執行力。正是出於所有這些原因，2020 年將成為 Chewy 歷史上具有里程碑意義的一年。

Over the next few minutes, I will briefly discuss our Q4 and FY 2020 results. I will then use the balance of my remarks to outline our long-term vision for Chewy and why we believe this vision leaves us well positioned for long-term sales and profitability growth. After that, I will turn the call over to Mario to discuss our fourth quarter and full year 2020 results in greater detail as well as our first quarter and full year 2021 guidance.

在接下來的幾分鐘內，我將簡要討論我們的第四季度和 2020 財年業績。然後，我將利用餘下的發言概述我們對 Chewy 的長期願景，以及為什麼我們相信這一願景使我們能夠為長期銷售和盈利增長做好準備。之後，我將把電話轉給馬里奧，以更詳細地討論我們的第四季度和 2020 年全年業績以及我們的第一季度和 2021 年全年指導。

Q4 net sales increased 50.8% year-over-year to $2.04 billion, bringing 2020 full year net sales to $7.15 billion or 47.4% annual growth. Exceeding $2 billion of quarterly net sales is another milestone for us. It took us 7.5 years to reach our first $1 billion quarter and only 2 years to reach the $2 billion quarterly sales mark. Active customer growth and continued strength in purchasing behavior were key drivers of Q4 and full year 2020 momentum. During Q4, our new customer acquisition pace accelerated relative to Q3. Customer reactivations increased by 40%, and customer retention improved by 240 basis points. As a result, we added 1.4 million net active customers in the fourth quarter and ended the year with 19.2 million active customers.

第四季度淨銷售額同比增長 50.8% 至 20.4 億美元，使 2020 年全年淨銷售額達到 71.5 億美元，年增長率為 47.4%。超過 20 億美元的季度淨銷售額對我們來說是另一個里程碑。我們用了 7.5 年才達到第一個 10 億美元的季度銷售額，而僅用了 2 年就達到了 20 億美元的季度銷售額。積極的客戶增長和購買行為的持續強勁是第四季度和 2020 年全年增長勢頭的主要驅動力。在第四季度，我們的新客戶獲取速度相對於第三季度有所加快。客戶重新激活增加了 40%，客戶保留率提高了 240 個基點。因此，我們在第四季度增加了 140 萬淨活躍客戶，到年底有 1920 萬活躍客戶。

As we have shared with you in the past, efficiently adding new customers to our platform and then growing their share of wallet is a key part of our growth strategy. For the full year, we added 5.7 million net active customers, reflecting a 42.7% annual growth. The customer cohorts we acquired in 2020 were highly engaged and displayed similar and in some cases, stronger purchase and repurchase behavior compared to legacy cohorts. These positive behaviors were driven by a wider product assortment and by a growing set of customer offerings, such as gift cards, personalized products, compounding services and Connect With a Vet.

正如我們過去與您分享的那樣，有效地將新客戶添加到我們的平台，然後增加他們的錢包份額是我們增長戰略的關鍵部分。全年，我們增加了 570 萬淨活躍客戶，年增長率為 42.7%。我們在 2020 年獲得的客戶群體參與度很高，並且表現出相似的，在某些情況下，與傳統群體相比，購買和回購行為更強。這些積極行為是由更廣泛的產品種類和不斷增長的客戶產品組合推動的，例如禮品卡、個性化產品、複合服務和與獸醫聯繫。

Assessing our progress by business vertical, we are pleased to note that our core consumables business remains strong, and we continue to gain traction in hardgoods, health care and proprietary brands. Looking at the Q4 trends within our key verticals, third-party hardgoods sales grew 40% faster than the business overall, and proprietary brand hardgoods sales more than doubled year-over-year. Further within hardgood, our proprietary brand's penetration increased 570 basis points year-over-year to reach 21%, continuing the share gains we have reported throughout the year. These results provide us confidence that we are on the right track and that there is a lot of opportunity in front of us to continue winning customers' hearts and minds in these areas.

通過垂直業務評估我們的進展，我們很高興地註意到我們的核心消耗品業務依然強勁，並且我們繼續在耐用品、醫療保健和自有品牌方面獲得牽引力。從我們關鍵垂直領域的第四季度趨勢來看，第三方硬貨銷售增長速度比整體業務快 40%，自有品牌硬貨銷售額同比增長一倍以上。在 hardgood 內部，我們自有品牌的滲透率同比增長 570 個基點，達到 21%，延續了我們全年報告的份額增長。這些結果使我們相信我們走在正確的軌道上，並且我們面前有很多機會繼續在這些領域贏得客戶的心。

Now let's review our margin performance. We are encouraged to see our effort to increase customer lifetime value, or LTV, drive higher margins. Fourth quarter gross margin expanded 300 basis points year-over-year to 27.1%. Full year 2020 gross margin was 25.5%, up 190 basis points versus 2019 and a record high on a full year basis. Approximately half of our Q4 gross margin improvement came from structural and sustainable drivers like higher penetration rates into higher-margin verticals like hardgood, proprietary brands and health care.

現在讓我們回顧一下我們的保證金表現。我們很高興看到我們為提高客戶生命週期價值或 LTV 所做的努力推動了更高的利潤率。第四季度毛利率同比增長 300 個基點至 27.1%。 2020 年全年毛利率為 25.5%，較 2019 年上升 190 個基點，全年創歷史新高。我們第四季度毛利率的提高大約有一半來自結構性和可持續的驅動因素，例如更高的滲透率進入高利潤率的垂直領域，如硬貨、自有品牌和醫療保健。

Notably, on a year-over-year basis, we executed a 510 basis point mix shift out of lower-margin consumables and into higher-margin verticals like health care and hardwood. Higher gross margins and rigorous focus on bottom line execution translated into another quarter of positive EBITDA.

值得注意的是，與去年同期相比，我們執行了 510 個基點的組合轉變，從利潤率較低的消耗品轉向利潤率較高的垂直行業，如醫療保健和硬木。更高的毛利率和對底線執行的嚴格關注轉化為另一個季度的正 EBITDA。

Fourth quarter adjusted EBITDA was $60.8 million, translating to adjusted EBITDA margin of 3%, a 340 basis point improvement year-over-year. For the full year, adjusted EBITDA was $85.2 million, and adjusted EBITDA margin improved 290 basis points to 1.2%. Both Q4 and full year 2020 adjusted EBITDA includes a $15.9 million benefit from releasing a prior tax reserve. And even if we back out this onetime tailwind, we generated $150 million more in adjusted EBITDA in 2020 than we did in 2019, demonstrating our ability to successfully scale the business and drive incremental profitability.

第四季度調整後 EBITDA 為 6080 萬美元，調整後 EBITDA 利潤率為 3%，同比提高 340 個基點。全年調整後 EBITDA 為 8520 萬美元，調整後 EBITDA 利潤率提高 290 個基點至 1.2%。第四季度和 2020 年全年調整後的 EBITDA 都包括從釋放先前的稅收儲備中獲得的 1590 萬美元的收益。即使我們放棄這一曾經的順風，我們在 2020 年的調整後 EBITDA 也比 2019 年增加了 1.5 億美元，這表明我們有能力成功擴展業務並推動增加盈利能力。

Our performance and dynamics of this past year have provided us with an advanced look at Chewy's future. We believe that our future is bright, given the size of the opportunity in front of us and our relentless focus. Moving forward, we plan on executing against this opportunity in order to realize even greater scale and improved profitability.

我們過去一年的表現和動態讓我們對 Chewy 的未來有了更深入的了解。鑑於擺在我們面前的機會的規模和我們不懈的關注，我們相信我們的未來是光明的。展望未來，我們計劃抓住這個機會，以實現更大的規模和更高的盈利能力。

I will focus the balance of my remarks today, outlining the scale of the large and growing opportunity in front of us, and in sharing with you the ways we intend to meet the challenge of realizing it. Let's start with 3 important trends and why we believe Chewy is well prepared to capitalize on that.

今天我將重點平衡我的發言，概述擺在我們面前的巨大且不斷增長的機會的規模，並與您分享我們打算如何應對實現它的挑戰。讓我們從 3 個重要趨勢開始，以及為什麼我們認為 Chewy 已做好充分準備利用這一趨勢。

First is the increase in the number of pet owning households. Pet adoption surged in 2020 as millions of people sought out comfort, companionship and the joy of pet parents. According to industry analysts, the number of pet earning households increased by 5.7% in 2020, a significant acceleration from the prepandemic 5-year CAGR of 0.6%.

首先是擁有寵物的家庭數量的增加。 2020 年，隨著數百萬人尋求寵物父母的舒適、陪伴和快樂，寵物收養量激增。據行業分析師稱，2020 年養寵物的家庭數量增加了 5.7%，比疫情前 5 年 0.6% 的複合年增長率顯著加快。

Looking at our own data, it is clear to us that these new pet parents are joining us early in their journey. For example, in 2020, we observed a 35% year-over-year increase in the creation of pet profiles for puppies and kitten and a 40% increase in the creation of profiles for newly adopted pets. We get excited about these insights because that newly adopted Chewy puppy is going to grow up, eat more food and shred more toys, leading to a long-lasting relationship with us, resulting in a stream of recurring revenues for years to come. Understanding our customers and anticipating their wants and needs, help us create sustainable advantages to win in the pet space.

查看我們自己的數據，我們很清楚這些新的寵物父母在他們旅程的早期就加入了我們。例如，在 2020 年，我們觀察到為小狗和小貓創建寵物檔案的數量同比增長 35%，為新收養的寵物創建的寵物檔案數量增加了 40%。我們對這些見解感到興奮，因為這只新收養的耐嚼小狗會長大，吃更多的食物並撕碎更多的玩具，從而與我們建立長期的關係，從而在未來幾年產生經常性收入流。了解我們的客戶並預測他們的需求，幫助我們創造可持續的優勢，在寵物領域取勝。

The second trend is the size of the U.S. pet market opportunity. And our ability to expand the competitive playing field. Today, we compete in roughly 70% of the $100 billion U.S. pet market, and we do so primarily in the areas of food supplies and prescription drugs and diet. That leaves us with an additional $30 billion opportunity in health care and services to grow into, and we are confident in our vision and our ability to do so. Equally exciting to note is that we are continuing to increase our penetration into a growing U.S. pet market that is expected to reach $120 billion by 2024. At $7 billion in net sales, Chewy is clearly only [starting].

第二個趨勢是美國寵物市場機會的規模。以及我們擴大競爭環境的能力。今天，我們在 1000 億美元的美國寵物市場中佔據了大約 70% 的份額，我們主要在食品供應、處方藥和飲食領域進行競爭。這讓我們在醫療保健和服務領域有額外 300 億美元的發展機會，我們對我們的願景和這樣做的能力充滿信心。同樣令人興奮的是，我們正在繼續增加對不斷增長的美國寵物市場的滲透，預計到 2024 年將達到 1200 億美元。Chewy 的淨銷售額為 70 億美元，顯然只是 [開始]。

And finally, the third tenet is growing e-commerce penetration within the U.S. pet market. Online penetration rates in the retail food and supplies category are estimated to have grown from 7% in 2015 to 30% in 2020, and are expected to reach 53% by 2025, which is in line with the current online penetration rate of categories like books and electronics.

最後，第三個原則是電子商務在美國寵物市場的滲透率不斷提高。預計零售食品和用品品類的在線滲透率從 2015 年的 7% 增長到 2020 年的 30%，預計到 2025 年將達到 53%，這與目前圖書等品類的在線滲透率一致和電子產品。

Further, as we are observing, health care and services have already begun to shift online, and we believe this trend will continue and accelerate. Equally importantly, we believe this shift in favor of e-commerce channels are durable and largely permanent. This is where we believe Chewy has won and will continue to win for years to come. Years of preparation and focus have positioned us as the Internet-preeminent neighborhood pet store and a leading pure-play e-commerce company in the pet space. We look forward to a future marked by ongoing innovation, winning customer hearts and minds and growing market share.

此外，正如我們所觀察到的，醫療保健和服務已經開始在線轉移，我們相信這一趨勢將繼續並加速。同樣重要的是，我們認為這種有利於電子商務渠道的轉變是持久的，並且在很大程度上是永久性的。這就是我們相信 Chewy 已經獲勝並將在未來幾年繼續獲勝的地方。多年的準備和專注使我們成為互聯網領先的鄰里寵物商店和寵物領域領先的純電商公司。我們期待一個以持續創新、贏得客戶的心和不斷增長的市場份額為標誌的未來。

Overall, we see 2020 and the impact of COVID as much more than a onetime growth accelerator. We see the past year as a catalyst that sped up a secular shift towards e-commerce that was already underway. There are multiple growth vectors ahead of us, which make the market opportunity so compelling, and moving forward, we plan to continue following the growth and margin expansion road map that we have used since our IPO. That road map consists of the following: acquire new customers, increase share of wallet for existing customers, expand assortment, grow proprietary brands and health care offering, launch services; and when the time is right, expand the business outside of the U.S.

總體而言，我們認為 2020 年和 COVID 的影響不僅僅是一次性的增長加速器。我們將過去的一年視為加速向已經開始的電子商務的長期轉變的催化劑。我們面前有多個增長向量，這使得市場機會如此引人注目，並且展望未來，我們計劃繼續遵循我們自首次公開募股以來使用的增長和利潤率擴張路線圖。該路線圖包括以下內容：獲取新客戶，增加現有客戶的錢包份額，擴大產品種類，發展專有品牌和醫療保健產品，推出服務；時機成熟時，將業務擴展到美國以外。

As we continue to successfully execute in each of these areas, we will also continue to invest wisely to grow our base of recurring revenues, scale our operating expenses and drive profitable growth over the long term.

隨著我們繼續在這些領域中成功執行，我們還將繼續明智地投資以擴大我們的經常性收入基礎，擴大我們的運營費用並推動長期盈利增長。

Let's look at how our efforts are translating into tangible results. Increased wallet share is a truly powerful growth catalyst. We captured 12% more initial wallet share from our 2020 new customer cohort than we did from their 2019 predecessors, and we accomplished this while absorbing our largest new customer cohorts ever. An additional data point, which lends us confidence that our efforts are delivering results is the fact that year 1 contribution profit per customer, which we calculate as gross profit less variable costs, has increased at an average annual rate of 16% over the past 2 years.

讓我們看看我們的努力是如何轉化為實際成果的。增加錢包份額是真正強大的增長催化劑。我們從 2020 年的新客戶群體中獲得的初始錢包份額比從 2019 年的前任群體中獲得的初始錢包份額多 12%，我們在吸收我們有史以來最大的新客戶群體的同時實現了這一目標。另一個讓我們相信我們的努力正在取得成果的數據點是，第一年每位客戶的貢獻利潤（我們計算為毛利潤減去可變成本）在過去 2 年中以 16% 的平均年增長率增長年。

Reiterating what I mentioned earlier in my comments, these gains across share of wallet and profitability are being realized as a direct result of our efforts and reflect the impact of catalog extension, improved discoverability and the incremental contribution from high-margin verticals like healthcare, hardgoods and proprietary brands.

重申我之前在評論中提到的內容，這些在錢包份額和盈利能力方面的收益是我們努力的直接結果，反映了目錄擴展的影響、提高的可發現性以及醫療保健、硬商品等高利潤垂直行業的增量貢獻和專有品牌。

In the past 3 years, we have nearly doubled our total SKU count, including executing a sevenfold increase in higher-margin proprietary brand SKUs. Within health care, we are unlocking value for ourselves, our customers and our partners in this large and growing $35 billion market opportunity. You will likely recall that we recently launched 2 services in the health care space, Connect With a Vet and Compounding. In 2020, these services were live just for a few months. But in 2021, we will get a full 12 months of financial benefits these services provide as well as vital knowledge that we continue to accumulate as we operate and refine these businesses.

在過去的 3 年中，我們的 SKU 總數幾乎翻了一番，其中利潤率更高的自有品牌 SKU 增加了七倍。在醫療保健領域，我們正在為我們自己、我們的客戶和我們的合作夥伴在這個巨大且不斷增長的 350 億美元的市場機會中釋放價值。您可能還記得我們最近在醫療保健領域推出了 2 項服務，即 Connect With a Vet 和 Compounding。 2020 年，這些服務僅上線了幾個月。但在 2021 年，我們將獲得這些服務提供的整整 12 個月的財務收益，以及我們在運營和完善這些業務時不斷積累的重要知識。

In the year ahead and beyond, we will remain focused on expanding our customer base. Sustained improvements in customer LTV continue to support our strategy of disciplined investing in advertising and marketing. As we quickly and efficiently convert new customers into engaged active customers, our growing customer base, in turn, generates the profit that we then reinvest into acquiring even more customers, thereby completing the flywheel effect that drive both top line and bottom line growth.

在未來一年及以後，我們將繼續專注於擴大我們的客戶群。客戶 LTV 的持續改進繼續支持我們在廣告和營銷方面有紀律的投資戰略。隨著我們快速有效地將新客戶轉化為活躍的活躍客戶，我們不斷增長的客戶群反過來產生了利潤，然後我們再投資於獲取更多客戶，從而完成推動收入和利潤增長的飛輪效應。

Additionally, we expect to continue leveraging SG&A. Along the way, we may choose to make incremental investments to strengthen our employee value proposition. However, our playbook shows us offsetting these investments over time with efficiencies from the technology and productivity enhancements that we began implementing in 2020. We are confident that these investments will drive long-term growth and profitability.

此外，我們預計將繼續利用 SG&A。在此過程中，我們可能會選擇進行增量投資以加強我們的員工價值主張。然而，我們的劇本顯示，隨著時間的推移，我們通過從 2020 年開始實施的技術和生產力提升中的效率來抵消這些投資。我們相信這些投資將推動長期增長和盈利能力。

More specifically, in 2021, we will invest approximately $60 million in higher wages and benefits, the bulk of which will be directed to our fulfillment and customer service team. This investment is necessary to help us attract and retain team members, drive higher employee engagement and increase productivity over time.

更具體地說，在 2021 年，我們將投資約 6000 萬美元用於提高工資和福利，其中大部分將用於我們的履行和客戶服務團隊。這項投資對於幫助我們吸引和留住團隊成員、提高員工敬業度並隨著時間的推移提高生產力是必要的。

At the same time, we expect to see productivity gains accelerate in 2021 from the technology and automation investments we have made in our fulfillment center network. You may recall that in October 2020, we opened our first fully automated FC. A month earlier than that, we began realizing a different style of efficiency when we opened our first limited catalog, High Velocity FC. Given their launch timing, these FCs provided only modest ramp benefit to us in fiscal 2020.

與此同時，我們預計到 2021 年，我們在履行中心網絡中進行的技術和自動化投資將加速提高生產力。您可能還記得，在 2020 年 10 月，我們開設了第一家全自動 FC。在那之前的一個月，當我們打開我們的第一個限量目錄 High Velocity FC 時，我們開始意識到一種不同的效率風格。考慮到它們的推出時間，這些 FC 在 2020 財年只為我們提供了適度的收益。

In 2021, we expect to realize accelerated productivity gains from their full year operations. We also expect to open our second automated fulfillment center in Q2 2021 in Kansas City, and another limited catalog facility in Q3 2021. Additionally, in 2022, we will begin automation retrofits at select fulfillment centers. We will keep you apprised of the specific timing of these events on our upcoming calls. We believe these investments in our people and automation are not only prudent, but they also have the potential to drive step function changes in our variable cost structure and contribute meaningfully to effective SG&A leverage levels.

到 2021 年，我們預計他們的全年運營將加速提高生產力。我們還預計於 2021 年第二季度在堪薩斯城開設我們的第二個自動化履行中心，並在 2021 年第三季度開設另一個有限的目錄設施。此外，2022 年，我們將在選定的履行中心開始自動化改造。我們將在即將召開的電話會議上讓您了解這些活動的具體時間。我們相信，這些對我們的人員和自動化的投資不僅是審慎的，而且還有可能推動我們可變成本結構的階梯函數變化，並對有效的 SG&A 槓桿水平做出有意義的貢獻。

Finally, I would like to share that having achieved our first full year of positive adjusted EBITDA in 2020, and our first quarter of positive net income in Q4, we have taken a meaningful step forward on our path to profitability and in demonstrating our ability to get big fast and get fit costs. Going forward, our margins may fluctuate quarter-to-quarter, but we believe our profit trajectory is clear and positive.

最後，我想分享一下，我們在 2020 年實現了第一個全年的正調整 EBITDA，並且在第四季度實現了我們第一季度的正淨收入，我們在實現盈利的道路上邁出了有意義的一步，並展示了我們的能力快速變大並獲得合適的成本。展望未來，我們的利潤率可能會逐季波動，但我們相信我們的利潤軌跡是清晰而積極的。

I will end my comments by reiterating that 2020 was an incredibly challenging and unpredictable year for all of us. During this time, Chewy performed exceptionally well and made significant strategic and operational program. We navigated the safety concerns of the pandemic and kept delivering for our pet parent and business partners. We proactively grew our market share by offering a low level of service to the millions of new customers who adopted pets during the pandemic. Further, we capitalized on the accelerated and sustainable shift of consumers to e-commerce channels. As a result, we grew our customer base by 43% and ended the year with 19.2 million active customers.

最後，我將重申 2020 年對我們所有人來說都是極具挑戰性和不可預測的一年。在此期間，Chewy 表現異常出色，並製定了重要的戰略和運營計劃。我們克服了大流行的安全問題，並繼續為我們的寵物父母和業務合作夥伴提供服務。我們通過向在大流行期間收養寵物的數百萬新客戶提供低水平的服務來積極擴大我們的市場份額。此外，我們利用消費者加速和可持續地轉向電子商務渠道的機會。結果，我們的客戶群增長了 43%，到年底有 1920 萬活躍客戶。

Perhaps most importantly, we dramatically increased our market size by launching new services in the pet health and wellness space. These expanded offerings help us reach additional customers and improve our ability to increase wallet share with our existing customers. We are entering 2021 with significant momentum, and we are confident in our ability to deliver.

也許最重要的是，我們通過在寵物健康和保健領域推出新服務，大幅擴大了市場規模。這些擴展的產品幫助我們接觸更多客戶，並提高我們與現有客戶增加錢包份額的能力。我們正以強勁的勢頭進入 2021 年，我們對自己的交付能力充滿信心。

With that, I will turn the call over to Mario. Mario?

有了這個，我會把電話轉給馬里奧。馬里奧？

Thank you, Sumit.

謝謝你，蘇米特。

We knew the 2020 holiday season will be unprecedented and we were prepared for a range of outcomes. The season got off to an early and strong start and market conditions remained favorable throughout the balance of the quarter.

我們知道 2020 年的假期將是前所未有的，我們為一系列結果做好了準備。本季開局較早且強勁，本季度餘下時間市場狀況保持良好。

Fourth quarter net sales were $2.04 billion, reflecting 50.8% year-over-year growth. This brought full year 2020 net sales to $7.15 billion, a $2.3 billion or 47.4% increase year-over-year. Along with accelerated customer growth, we also saw sustained high levels of customer engagement as traffic and conversion metrics improved from December into January, reversing their typical seasonal pattern.

第四季度淨銷售額為 20.4 億美元，同比增長 50.8%。這使 2020 年全年淨銷售額達到 71.5 億美元，同比增長 23 億美元或 47.4%。隨著客戶增長的加快，我們還看到了持續的高水平客戶參與度，因為從 12 月到 1 月的流量和轉化指標有所改善，扭轉了典型的季節性模式。

Pricing and promotions are usually a reflection of the broader market environment, and both remained balanced and stable throughout the quarter. This allowed us to maintain pricing integrity and lower the volume of promotional discounts offered.

定價和促銷通常反映了更廣泛的市場環境，並且在整個季度都保持平衡和穩定。這使我們能夠保持定價的完整性並降低提供的促銷折扣量。

Looking at customer cohort behavior, the positive trends we saw earlier in 2020 continued through the fourth quarter. Engagement levels remain high and basket size and reorder trends remain favorable, which led to a 12% increase in Q4 average spend per new customer versus the Q4 2019 cohort.

從客戶群體行為來看，我們在 2020 年初看到的積極趨勢一直持續到第四季度。參與度仍然很高，購物籃大小和再訂購趨勢仍然有利，這導致第四季度每位新客戶的平均支出與 2019 年第四季度相比增長了 12%。

Closing out the fourth quarter top line discussion, Autoship net sales represented 68.2% of total net sales and net sales per active customer, or NetPac, increased to $372. This represented sequential growth of $9 or 2.5% and year-over-year growth of $12 or 3.3%. NetPac growth accelerated this quarter as the mechanics of the NetPac calculation began to reflect the positive revenue impact of the millions of customers who joined the platform in 2020. As is our usual reminder, net sales per active customer reflects trailing 4-quarter net sales divided by the number of active customers at the end of the quarter.

結束第四季度的頂線討論，Autoship 淨銷售額佔總淨銷售額的 68.2%，每位活躍客戶或 NetPac 的淨銷售額增加到 372 美元。這意味著連續增長 9 美元或 2.5%，同比增長 12 美元或 3.3%。由於 NetPac 計算機制開始反映 2020 年加入該平台的數百萬客戶對收入的積極影響，本季度 NetPac 增長加速。正如我們通常提醒的那樣，每位活躍客戶的淨銷售額反映了過去 4 個季度的淨銷售額除以按季度末的活躍客戶數量計算。

It's also worth noting that we no longer need to adjust our year-over-year NetPacquisition comparisons for the extra week in 2018 as Q4 2018 has now aged out of the comp period.

還值得注意的是，我們不再需要為 2018 年的額外一周調整我們的同比 NetPacquisition 比較，因為 2018 年第四季度現在已經超出了比較期。

Moving on to the financials. Fourth quarter gross margin was 27.1%, a year-over-year increase of 300 basis points and a high watermark for the company to date. For the full year, gross margin came in at 25.5%, up 190 basis points versus 2019, continuing to our drive towards incremental annual gross margin improvement.

繼續財務。第四季度毛利率為 27.1%，同比增長 300 個基點，是公司迄今為止的高水位。全年毛利率為 25.5%，比 2019 年上升 190 個基點，繼續推動我們不斷提高年度毛利率。

As Sumit mentioned, approximately half of the 300 basis point improvement in gross margin came from sustainable, structural drivers like the improved mix into higher-margin verticals like hardgoods, proprietary brands and health care as well as increased scale benefits. The remainder came from pricing stability and the more restrained promotional environment.

正如 Sumit 所提到的，毛利率提高 300 個基點的大約一半來自可持續的結構性驅動因素，例如改善對高利潤率垂直行業（如硬貨、自有品牌和醫療保健）的組合以及增加的規模效益。其餘來自定價穩定和更受限制的促銷環境。

Turning now to operating expenses. Fourth quarter operating expenses, which include SG&A and advertising and marketing, were $532.6 million or 26.1% of net sales, scaling 250 basis points year-over-year.

現在轉向運營費用。包括 SG&A 以及廣告和營銷在內的第四季度運營費用為 5.326 億美元，占淨銷售額的 26.1%，同比增長 250 個基點。

For the full year, operating expenses were $1.91 billion or 26.7% of net sales, scaling 210 basis points versus full year 2019. SG&A, which includes all fulfillment, customer service, credit card processing fees, corporate G&A, corporate payroll and share-based compensation -- or 18.7% of net sales, a 230 basis points year-over-year improvement. SG&A expenses in the quarter include a $15.9 million benefit from the release of a non-income tax reserve and approximately $13 million of COVID-related expenses.

全年運營費用為 19.1 億美元，占淨銷售額的 26.7%，比 2019 年全年增長 210 個基點。SG&A，包括所有履行、客戶服務、信用卡處理費、公司 G&A、公司工資和股份制薪酬——或淨銷售額的 18.7%，同比提高 230 個基點。本季度的 SG&A 費用包括從釋放非所得稅準備金中獲得的 1590 萬美元收益和約 1300 萬美元的 COVID 相關費用。

Excluding these 2 items, SG&A as a percentage of net sales was 18.9%, a 210 basis point improvement year-over-year. For the full year, SG&A was $1.40 billion or 19.6% of net sales and scaled 40 basis points year-over-year. Excluding the $15.9 million non-income tax benefit in the fourth quarter and approximately $42 million of COVID-related expenses incurred throughout the year, SG&A scaled 80 basis points year-over-year.

排除這兩項，SG&A 占淨銷售額的百分比為 18.9%，同比提高 210 個基點。全年，SG&A 為 14 億美元，占淨銷售額的 19.6%，同比增長 40 個基點。不計第四季度 1590 萬美元的非所得稅優惠和全年發生的約 4200 萬美元的 COVID 相關費用，SG&A 同比增長 80 個基點。

Fourth quarter advertising and marketing was $150.1 million or 7.3% of net sales, scaling 20 basis points year-over-year. As we discussed last quarter, the elevated organic acquisition rates we saw in the first half of 2020 began normalizing in the third quarter, and that trend carried through to the fourth quarter. As expected, we also saw channel input cost recover from the lower rates we saw in the first half of the year. We adapted to these changes, adjusted our acquisition marketing efforts and drove accelerated customer acquisition in the fourth quarter while still improving our year-over-year efficiency.

第四季度廣告和營銷為 1.501 億美元，占淨銷售額的 7.3%，同比增長 20 個基點。正如我們上個季度所討論的，我們在 2020 年上半年看到的較高的有機收購率在第三季度開始正常化，並且這種趨勢一直持續到第四季度。正如預期的那樣，我們還看到渠道投入成本從上半年的較低利率中恢復。我們適應了這些變化，調整了我們的收購營銷工作，並在第四季度加速了客戶收購，同時仍提高了我們的同比效率。

On a full year basis, advertising and marketing represented 7.2% of net sales, scaling 160 basis points versus 2019. We estimate that roughly half of the marketing efficiency in 2020 was a result of the pandemic-driven boost to traffic and conversion.

在全年的基礎上，廣告和營銷占淨銷售額的 7.2%，與 2019 年相比增長了 160 個基點。我們估計，2020 年營銷效率的大約一半是由大流行驅動的流量和轉化率推動的結果。

In Q4, we delivered our first quarter of positive net income. Net income was $21 million, and net margin was 1%, a 550 basis points improvement year-over-year. Excluding share-based compensation expense of $24 million, fourth quarter net income was $45 million, with net margin excluding share-based compensation, improving 330 basis points to 2.2%.

在第四季度，我們實現了第一季度的正淨收入。淨收入為 2100 萬美元，淨利潤率為 1%，同比提高 550 個基點。剔除 2400 萬美元的股權激勵費用，第四季度淨利潤為 4500 萬美元，不包括股權激勵的淨利潤率提高 330 個基點至 2.2%。

On a full year basis, our 2020 net loss improved $92.5 million from $252.4 million in the prior year, and our net margin improved 390 basis points to negative 1.3%. Full year net income, excluding share-based compensation, was $36.7 million compared to a loss of $116.1 million last year. And net margin, excluding share-based compensation, improved 290 basis points to 0.5%.

按全年計算，我們 2020 年的淨虧損從上一年的 2.524 億美元減少了 9250 萬美元，我們的淨利潤率提高了 390 個基點至負 1.3%。全年淨收入（不包括股權補償）為 3670 萬美元，而去年虧損 1.161 億美元。不包括股票薪酬的淨利潤率提高了 290 個基點至 0.5%。

Fourth quarter adjusted EBITDA was $60.8 million, and adjusted EBITDA margin improved 340 basis points to 3%. For the full year, adjusted EBITDA was $85.2 million and adjusted EBITDA margin improved 290 basis points year-over-year to 1.2%.

第四季度調整後 EBITDA 為 6080 萬美元，調整後 EBITDA 利潤率提高 340 個基點至 3%。全年調整後 EBITDA 為 8520 萬美元，調整後 EBITDA 利潤率同比提高 290 個基點至 1.2%。

Turning now to free cash flow. Fourth quarter free cash flow was $47 million, reflecting $77.5 million in positive cash flow from operating activities and $30.5 million of capital expenditures. The positive operating cash in Q4 was primarily a function of Q4 profitability in our favorable working capital strategy.

現在轉向自由現金流。第四季度的自由現金流為 4700 萬美元，反映了 7750 萬美元的經營活動正現金流和 3050 萬美元的資本支出。第四季度的正運營現金主要是我們有利的營運資本戰略中第四季度盈利能力的函數。

Capital investments continue to be focused on capacity build, including cash outlays for our new automated FCs in Archival, Pennsylvania and Kansas City and our next limited catalog, high velocity fulfillment center. We finished the year with $563 million of cash and cash equivalents on the balance sheet and free cash flow was essentially breakeven for the year.

資本投資繼續集中在能力建設上，包括為我們在檔案館、賓夕法尼亞州和堪薩斯城的新自動化 FC 以及我們的下一個有限目錄高速履行中心的現金支出。我們在資產負債表上以 5.63 億美元的現金和現金等價物結束了這一年，自由現金流在這一年基本上實現了盈虧平衡。

Let me highlight 2 points regarding our free cash flow. First, in 2020, we invested in higher inventory levels to protect our supply chain and to ensure that we could meet our customers' needs, especially during peak holiday season.

讓我強調關於我們的自由現金流的兩點。首先，在 2020 年，我們投資了更高的庫存水平，以保護我們的供應鏈並確保我們能夠滿足客戶的需求，尤其是在假期旺季期間。

Second, note that we have continued to execute on our strategy to reinvest excess cash flow to grow the business and improve the bottom line. This is evident by the fact that in the last 2 years, we consume no cash while at the same time, we more than doubled our top line, launched 4 fulfillment centers and improved our adjusted EBITDA margin by 770 basis points. Our strategy remains intact, and we remain committed to execution and results in 2021.

其次，請注意，我們繼續執行我們的戰略，將多餘的現金流再投資以發展業務並提高利潤。事實證明，在過去 2 年中，我們不消耗現金，同時我們的收入增加了一倍多，推出了 4 個履行中心，並將調整後的 EBITDA 利潤率提高了 770 個基點。我們的戰略保持不變，我們將繼續致力於 2021 年的執行和結果。

That concludes my fourth quarter and 2020 recap. So now, let's discuss our first quarter and full year 2021 outlook. In 2020, we benefited from many tailwinds, some of which we expect to continue into 2021, and some of which may not. On balance, while we believe that consumer behavior post pandemic is still somewhat challenging to predict, we also believe that our strong value proposition, which includes expanding customer choices, provides us real intangible advantages as we execute on our mission.

我的第四季度和 2020 年回顧到此結束。那麼現在，讓我們討論一下我們對 2021 年第一季度和全年的展望。 2020 年，我們受益於許多順風，其中一些我們預計將持續到 2021 年，而其中一些可能不會。總的來說，雖然我們認為大流行後的消費者行為仍然難以預測，但我們也相信，我們強大的價值主張，包括擴大客戶選擇，在我們執行使命時為我們提供了真正的無形優勢。

To start, the positive demand trends we saw in Q4 have carried over into the new year. Customer spending on our platform remains strong and business vertical mix remains structurally sound. Additionally, the pricing and promotional environment has, thus far, remained stable and in line with our expectations.

首先，我們在第四季度看到的積極需求趨勢已經延續到新的一年。我們平台上的客戶支出依然強勁，業務垂直組合在結構上保持穩健。此外，到目前為止，定價和促銷環境保持穩定並符合我們的預期。

On the other hand, there are certain headwinds that we continue to navigate through the first quarter. We expect some of these to be temporary in nature, while others are likely to remain active hotspots for us to manage throughout the year. For example, we are observing an industry-wide disruption in the availability and supply of wet canned food, which is driving elevated at our stock levels and suboptimal inventory positioning across our network. Thus far, this has not had a material impact on our business, but it is an area where we intend to remain vigilant.

另一方面，我們在第一季度繼續面臨某些不利因素。我們預計其中一些在性質上是暫時的，而另一些可能仍然是我們全年管理的活躍熱點。例如，我們觀察到濕罐頭食品的供應和供應在全行業範圍內出現中斷，這導致我們的庫存水平上升，並且整個網絡的庫存定位欠佳。到目前為止，這還沒有對我們的業務產生重大影響，但我們打算在這個領域保持警惕。

In advertising and marketing, we intend to remain disciplined in our marketing spend while balancing external variables across advertising platforms and the normalization of market conditions in a postpandemic world. At the same time, we don't intend to leave any opportunities on the table and reserve the option of making investments that produce long-term customer acquisition benefits, even as they affect short-term profitability.

在廣告和營銷方面，我們打算在營銷支出方面保持自律，同時平衡廣告平台的外部變量和大流行後世界市場條件的正常化。同時，我們不打算放棄任何機會，並保留進行能夠產生長期客戶獲取利益的投資的選擇，即使它們會影響短期盈利能力。

We expect to continue scaling SG&A in 2021. The labor market continues to remain pressure driven by strong e-commerce demand and in certain geographies, persistent competition against extended unemployment benefits. We believe that our investments in automation and productivity gains will continue to help us manage these headwinds.

我們預計 2021 年將繼續擴大 SG&A。勞動力市場繼續受到強勁的電子商務需求的推動，在某些地區，與延長失業救濟金的持續競爭。我們相信，我們在自動化和生產力提升方面的投資將繼續幫助我們應對這些不利因素。

Further, while we will make bold investments, like the $60 million of spending on higher wages and benefits that we outlined earlier, we continue to believe that improvements in turnover, productivity and engagement, when combined with the efficiencies we expect to realize from the other investments that we've made in tech capabilities in machine learning will yield even larger long-term benefits.

此外，雖然我們將進行大膽的投資，例如我們之前概述的 6000 萬美元用於提高工資和福利的支出，但我們仍然相信，當與我們期望從其他方面實現的效率相結合時，營業額、生產力和敬業度的提高我們對機器學習技術能力的投資將產生更大的長期利益。

With the above perspective in mind, our 2021 guidance balances the opportunities we see with potential headwinds that may arise. We are establishing guidance as follows: first quarter net sales of between $2.11 billion and $2.13 billion, representing year-over-year growth of 36% to 37%, when adjusting for the $70 million of estimated pantry stocking benefit we identified in Q1 2020. Full year 2021 net sales of between $8.85 billion and $8.95 billion representing year-over-year growth of 25% to 26% when adjusting for the Q1 2020 pantry stocking benefit. And finally, full year 2021 adjusted EBITDA margin expansion of 50 to 100 basis points.

考慮到上述觀點，我們的 2021 年指導平衡了我們看到的機會與可能出現的潛在不利因素。我們制定的指導如下：第一季度淨銷售額在 21.1 億美元至 21.3 億美元之間，同比增長 36% 至 37%，根據我們在 2020 年第一季度確定的 7000 萬美元的估計食品儲藏收益進行調整。 2021 年全年淨銷售額在 88.5 億美元至 89.5 億美元之間，在調整 2020 年第一季度食品儲藏福利後，同比增長 25% 至 26%。最後，2021 年全年調整後的 EBITDA 利潤率擴大 50 至 100 個基點。

As you update your models for 2021, here are a few other things to keep in mind. You should expect to see our net active customer apps in 2021, returning to something closer to their pre-COVID levels. Reflecting the normal retention patterns we see from any given cohort from the first year into the second year, and this will be especially pronounced this year given the size of the 2020 cover. At the same time, we expect NasPac to increase in 2021 versus 2020 as pre 2020 customer cohorts continue to mature, and we capture a greater share of wallet from the 2020 cohort.

當您更新 2021 年的模型時，請記住以下一些其他事項。您應該期望在 2021 年看到我們的淨活躍客戶應用程序，恢復到更接近 COVID 之前的水平。反映了我們從第一年到第二年從任何給定隊列中看到的正常保留模式，鑑於 2020 年的覆蓋範圍，今年這一點尤其明顯。同時，隨著 2020 年之前的客戶群繼續成熟，我們預計 2021 年 NasPac 將比 2020 年增加，並且我們從 2020 年的群組中獲得更大份額的錢包。

And one final note. With the PetSmart separation complete, we will bring a limited number of administrative functions like tax and insurance in-house that were previously run under a shared services agreement with PetSmart. Even with this change, the operational and financial impact of the separation is de minimis.

最後一點。隨著 PetSmart 分離的完成，我們將在內部帶來有限數量的管理職能，例如稅務和保險，這些職能之前是根據與 PetSmart 的共享服務協議運行的。即使有這種變化，分離對運營和財務的影響也是微乎其微的。

2020 presented us with many challenges, but it also brought about many beneficial changes in our marketplace. We were well positioned to meet these challenges and we're flexible enough operationally to take advantage of the opportunities. As a result, our 2020 performance was strong across the board. We added a record number of new active customers, produced strong revenue growth and generated 4 quarters of positive adjusted EBITDA, all of which demonstrates the clear progress we're making on our path to profitability.

2020 年給我們帶來了許多挑戰，但也為我們的市場帶來了許多有益的變化。我們已經做好了迎接這些挑戰的準備，並且我們在運營上足夠靈活，可以利用這些機會。因此，我們 2020 年的表現全面強勁。我們增加了創紀錄的新活躍客戶數量，實現了強勁的收入增長，並實現了 4 個季度的正調整 EBITDA，所有這些都表明我們在盈利道路上取得了明顯進展。

Looking ahead to 2021, we will continue to benefit from the evolving marketplace and our strategic execution should enable us to generate 25% revenue growth or more and further expand our adjusted EBITDA margins.

展望 2021 年，我們將繼續受益於不斷變化的市場，我們的戰略執行將使我們能夠實現 25% 或更多的收入增長，並進一步擴大調整後的 EBITDA 利潤率。

With that, I'll turn the call over to the operator. Operator?

有了這個，我會把電話轉給接線員。操作員？

(Operator Instructions) Our first question today will come from Nat Schindler with Bank of America.

（操作員說明）我們今天的第一個問題將來自美國銀行的 Nat Schindler。

Just really wanted to go a little bit more into the deceleration you're baking into guidance. I understand it was a pretty radical year this year in how things change. But obviously, all those customers who got pets and all that new customer growth that occurred all throughout this year is going to be additive to growth for the bulk of next year at least -- well, on average, half of the year.

只是真的想更深入地了解您正在為指導提供的減速。我知道今年事情的變化是非常激進的一年。但顯然，所有那些養寵物的客戶以及今年全年發生的所有新客戶增長將至少在明年的大部分時間裡增加增長 - 平均而言，是今年的一半。

So shouldn't the deceleration curves -- barring the 3 percentage point hit roughly that the pantry stocking did in 1Q of last year, barring that shouldn't be a much smoother slower deceleration in the subscription model like yours?

那麼減速曲線不應該——除非像去年第一季度的食品儲藏室那樣大致達到 3 個百分點，除非在像你這樣的訂閱模式中減速不應該更平穩嗎？

Nat, this is Sumit. I'll take that one. So our guidance has us adding $1.8 billion on top line sales this year on top of a record year in 2020. And I think it's important to, first of all, say that we remain confident in our ability to execute through the current environment, which, in our opinion, remains challenging. So giving guidance, to us, contains reflecting on all of the headwinds and tailwinds and appropriately balancing the risk and opportunity to be able to provide a point of view this early in the year when we understand consumer behavior and the environment to be evolving and challenging at the same time. So overall, we feel good about these numbers and our ability to execute towards them.

納特，這是蘇米特。我會拿那個。因此，我們的指導讓我們今年在 2020 年創紀錄的一年的基礎上增加了 18 億美元的營收。我認為首先要說的是，我們對在當前環境中執行的能力仍然充滿信心，這很重要。 ，在我們看來，仍然具有挑戰性。因此，向我們提供指導，包含對所有不利因素和不利因素的反思，並適當平衡風險和機會，以便在我們了解消費者行為和環境不斷發展和挑戰時能夠在今年年初提供觀點同時。所以總的來說，我們對這些數字以及我們對它們執行的能力感到滿意。

And I think another thing needs to be said in the way that we should interpret this. See, we believe that with this guidance of $1.8 billion incremental growth, we're going to capture more than 50% of growth that will happen in the online channels in 2021, which is a powerful statement in itself. So we'll continue to sort of evaluate this and continue to keep you updated on how we -- if we update our models internally at the right time.

我認為需要以我們應該解釋這一點的方式說另一件事。看，我們相信，在 18 億美元增量增長的指導下，我們將在 2021 年獲得在線渠道增長的 50% 以上，這本身就是一個強有力的聲明。因此，如果我們在適當的時間在內部更新我們的模型，我們將繼續對此進行評估，並繼續讓您了解我們如何更新。

Just a quick follow-up on that. How much of the incremental growth in the online channel in 2020 do you think you captured?

只是對此的快速跟進。您認為 2020 年在線渠道的增量增長有多少？

If you do the math, the way -- we believe that online grew roughly $6 billion, $6.2 billion year-over-year. And this year, buy online, pickup in store, which was a popular kind of mechanism, is rolled up under online. And if you back that out, pure e-commerce, pure-play e-commerce grew roughly $4 billion. And Chewy grew 2.3% off that $4 billion, so capturing 57% of pure-play e-commerce growth.

如果你算一下，我們認為在線增長大約 60 億美元，同比增長 62 億美元。而今年，網購、店內取貨這一流行的機制，被捲入了網購之下。如果你支持這一點，純電子商務，純電子商務增長了大約 40 億美元。 Chewy 在 40 億美元的基礎上增長了 2.3%，因此佔據了純電子商務增長的 57%。

Our next question will come from Brian Fitzgerald with Wells Fargo.

我們的下一個問題將來自富國銀行的 Brian Fitzgerald。

A great quarter. The average annual increase in year 1 of the contribution profit at 60% over the past 3 years, could you tell us what that was in 2020 and in '19, maybe more specifically? And then any thoughts on how that might continue to trend over the next 3 years. And then I got one quick follow-up.

一個很棒的季度。在過去 3 年中，貢獻利潤第一年的平均年增長率為 60%，您能否告訴我們 2020 年和 19 年的情況，也許更具體地說？然後是關於未來 3 年這種趨勢如何繼續發展的任何想法。然後我得到了一個快速的跟進。

Brian, it's Sumit. I'll take it. So we haven't broken down numbers. As you know, we don't provide contribution profit-level detail. What we are observing and why we wanted to come out and share this is because it was indicative of the results that we're observing as a result of the -- direct result of the efforts that we're putting in to drive consumer LTV and profitability in the portfolio. And so when you sort of roll these back, the answer the second part of your question on a longer-term basis, these gains across share of wallet and profitability, as we evaluate them internally, are being realized and reflect the impact of catalog expansion, improved discoverability and the incremental contributions from higher-margin verticals such as health care, hardgoods and proprietary brands.

布賴恩，是蘇米特。我要買它。所以我們沒有分解數字。如您所知，我們不提供貢獻利潤級別的詳細信息。我們所觀察到的以及我們為什麼要出來分享這一點是因為它表明了我們所觀察到的結果，這是我們為推動消費者 LTV 和投資組合中的盈利能力。因此，當您回滾這些問題時，從長遠角度回答您問題的第二部分，當我們在內部評估時，這些收益在錢包和盈利能力方面的收益正在實現並反映目錄擴展的影響、提高可發現性以及來自高利潤垂直行業的增量貢獻，例如醫療保健、耐用品和專有品牌。

As we mentioned in our share -- in our remarks, I believe, we mentioned this. We've nearly doubled our total SKU count in the last 3 years, including executing a sevenfold increase in higher-margin proprietary-branded SKUs. So when you look at sort of margin growth from here on out, we believe we're still sort of in early innings of what remains, really focused road map on how we plan to execute our playbook and grow margins from here on out. Less than 1/3 or approximately 1/3 of our total customer base is today buying a proprietary-branded product, which leaves an opportunity for 2/3 of roughly 20 million customers to be exposed to higher-margin proprietary brands.

正如我們在分享中提到的那樣——我相信，在我們的發言中，我們提到了這一點。在過去 3 年中，我們的 SKU 總數幾乎翻了一番，其中包括將利潤率更高的專有品牌 SKU 增加了七倍。因此，當您從現在開始查看利潤率增長時，我們相信我們仍然處於剩餘的早期階段，真正專注於我們計劃如何執行我們的劇本並從現在開始增加利潤率的路線圖。今天，我們總客戶群中不到 1/3 或大約 1/3 的人購買了專有品牌產品，這為大約 2000 萬客戶中的 2/3 提供了接觸利潤率更高的專有品牌的機會。

When you look at health care being a newer vertical, that number is far lesser than the 1/3 that I mentioned, providing us even more headroom to grow. So as we sort of continue to play out our playbook on putting more focus on innovation around products and services and the complementarity between them, you should expect us to drive incremental gradual profit from here on out. That's how we think about that.

當您將醫療保健視為一個較新的垂直領域時，這個數字遠低於我提到的 1/3，為我們提供了更大的增長空間。因此，隨著我們繼續發揮我們的劇本，更多地關注圍繞產品和服務的創新以及它們之間的互補性，你應該期望我們從現在開始逐步推動利潤的增長。我們就是這麼想的。

Great. And just kind of a related one for me is just the increase in wallet share you've seen during the pandemic. Just wondering if you could talk us through maybe how many new pet adoptions and new pet purchases might be impacting that. For example, if you have a higher mix of new pet parents, how that is influencing the wallet share, the purchases of kennels and bedding.

偉大的。對我來說，與之相關的是你在大流行期間看到的錢包份額的增加。只是想知道您是否可以告訴我們有多少新寵物收養和新寵物購買可能會影響這一點。例如，如果你有更多的新寵物父母，這將如何影響錢包份額、狗窩和床上用品的購買。

Maybe said another way, within the life cycle of a pet, right, because -- maybe an odd analogy, but the newborn gets no holds barred, they get everything new and fresh. And then by the time they get old and you have newborn 2 or 3 or 4, you start to recycle clothes. And just wondering if you're seeing any impact from how you think that meters through the wallet share?

也許換一種說法，在寵物的生命週期內，對，因為——也許是一個奇怪的類比，但新生兒沒有受到限制，他們得到了一切新鮮和新鮮的東西。然後當他們變老並且你有 2 或 3 或 4 個新生兒時，你開始回收衣服。只是想知道你是否看到了你認為通過錢包份額衡量的任何影響？

I think that's -- it's a great question. So for us, if you recall, a data point that we shared this around in the script, we said we've seen a 35% increase in creation of pet profiles for puppies and kittens. And a 40% increase in pet profiles for adoption. Well, I mean, that Chewy puppy, so sure, you might not recycle that credit as early as next year. First of all, puppies grow out of crates, so you likely have to, depending upon the kind of puppy that you brought home, but let's assume hypothetically that you didn't. Well, even then, I think what makes the category attractive to us, is the fact that pet sales are mostly recurring in consumables and health care, and the puppy is going to grow up and eat more food an shred more toys and require greater health care needs. And we are here to service all of them. So any kind of impact that we're seeing right now, we do believe, ultimately, there's sustainable momentum behind these kind of profiles or this kind of data that we're capturing.

我認為這是 - 這是一個很好的問題。所以對我們來說，如果你還記得，我們在腳本中分享的一個數據點，我們說我們已經看到為小狗和小貓創建的寵物檔案增加了 35%。用於收養的寵物資料增加了 40%。好吧，我的意思是，那隻耐嚼的小狗，所以可以肯定的是，你可能不會最早在明年回收這筆信用。首先，小狗是從板條箱里長出來的，所以你可能必須這樣做，這取決於你帶回家的小狗種類，但我們假設你沒有。好吧，即便如此，我認為這個類別對我們有吸引力的原因是，寵物銷售主要是在消費品和醫療保健領域反復出現，而且小狗會長大，吃更多的食物，撕碎更多的玩具，需要更健康護理需求。我們在這里為所有人提供服務。因此，我們現在看到的任何類型的影響，我們都相信，最終，這些檔案或我們正在捕獲的數據背後都有可持續的動力。

Net-net, we have -- we kind of looked at our database last week. We have over 170 million data points, across these pet profiles that are created that feed in into our recommendation and personalization services and engines and provide us a greater ability to engage customers from here on out. So the game is very much on, and we're very much focused on continuing to engage customers and gain share of wallet there.

Net-net，我們有-- 我們上週查看了我們的數據庫。我們在這些創建的寵物檔案中擁有超過 1.7 億個數據點，這些數據點輸入到我們的推薦和個性化服務和引擎中，並為我們提供了從現在開始吸引客戶的更大能力。所以遊戲非常火爆，我們非常專注於繼續吸引客戶並在那裡獲得錢包份額。

Our next question will come from Steph Wissink with Jefferies.

我們的下一個問題將來自 Jefferies 的 Steph Wissink。

Congrats on a great year. Sumit, I have a question for you just on the multiyear. If you look back at the IPO model, it looks like you're running more than 2 years ahead of your EBITDA target at that time. So I'm curious if you can contextualize for us how much of that is leverage related to the underlying gains of the food and supplies business? And how much of that is kind of the pull forward of some of the strategic initiatives that you listed in your script, like health and compounding and other things? And how should we think about the leverage in the model?

祝賀偉大的一年。 Sumit，我有一個關於多年的問題。如果你回顧一下 IPO 模型，看起來你比當時的 EBITDA 目標提前了 2 年多。因此，我很好奇您能否為我們提供背景信息，其中有多少是與食品和供應業務的潛在收益相關的槓桿？其中有多少是你在劇本中列出的一些戰略舉措的推動力，比如健康和復合等等？我們應該如何考慮模型中的槓桿作用？

Great question. So I would say that we are -- first of all, we're executing exactly the road map we said we would. The scale benefits provide us an ability to drive more fixed cost leverage in our investments and higher variable cost scale in our fulfillment center network, given the density of volume that we drive through that network.

好問題。所以我想說我們是——首先，我們正在執行我們所說的路線圖。考慮到我們通過該網絡驅動的體積密度，規模優勢使我們能夠在我們的投資中推動更多的固定成本槓桿，並在我們的履行中心網絡中推動更高的可變成本規模。

The shift in gross margins that you observed on top of the SG&A lever is primarily driven -- I would -- if I were to characterize the impact rate of contribution of net new verticals, I would say, 60% is driven by our work towards increasing assortment and choices across proprietary brands, health care and hardgoods and roughly 40%, just -- I'm just doing some loose math here, is driven by incremental scale across the totality of the business and the Autoship leverage that we get, given incremental sales that we push through the Autoship channel.

您在 SG&A 槓桿上觀察到的毛利率變化主要是由 - 我會 - 如果我要描述淨新垂直行業的影響率，我會說，60% 是由我們的工作推動的增加專有品牌、醫療保健和耐用品的分類和選擇，大約 40%，只是 - 我只是在這裡做一些鬆散的數學，是由整個業務的增量規模和我們獲得的 Autoship 槓桿驅動的，給定我們通過 Autoship 渠道推動的增量銷售。

Mario, anything to add?

馬里奧，有什麼要補充的嗎？

I mean, I would add to the point on Autoship. But if you look at the sales for Autoship in last year alone, about $4.9 billion, as we reported it, that's greater than the entire sales -- total net sales in the previous year. So you can see how that portion also is driving leverage. And we said how that impacts, not only our ability to better plan or inside our 4 walls of our warehouses, but across both our incoming vendors or our OEMs, and then our logistics partners. So it is a point of leverage in gross margin as well.

我的意思是，我會補充一點關於 Autoship 的內容。但是，如果您僅查看 Autoship 去年的銷售額，正如我們報告的那樣，大約為 49 億美元，這比整個銷售額——前一年的總淨銷售額還要高。所以你可以看到這部分也是如何推動槓桿的。我們談到了這將如何影響，不僅是我們更好地計劃或在我們倉庫的 4 面牆內的能力，而且對我們的傳入供應商或我們的原始設備製造商，然後是我們的物流合作夥伴都有影響。因此，這也是毛利率的一個槓桿點。

The way we think about it, what's most important, what's helpful is food is a staple so that makes up the necessity of why you would likely visit Chewy. Well, we're changing that also. But if you just stick with the legacy logic, that's what attracted you plus the proposition of high-touch, high-bar customer service. And then our ability to build a basket around that has significantly improved.

我們思考它的方式，最重要的是，有幫助的是食物是主食，因此這構成了您可能訪問 Chewy 的必要性。好吧，我們也在改變它。但如果你只是堅持傳統邏輯，那就是吸引你的地方，加上高接觸、高標準的客戶服務的主張。然後我們圍繞它構建籃筐的能力顯著提高。

Well, now, we've actually -- with the choices that we've expanded and improved discoverability, you're not only discovering food, you're actually interacting with us via content channels and figuring out that Connect With a Vet is a service that's available to you, that you might have heard by word of mouth, and health care is an area that we service you effectively in. We've got a Disney collection that is exclusive to us that nobody else has.

好吧，現在，我們實際上 - 通過我們擴展和提高可發現性的選擇，您不僅在發現食物，而且實際上是通過內容渠道與我們互動，並發現與獸醫聯繫是一種為您提供的服務，您可能已經口耳相傳，而醫療保健是我們為您提供有效服務的領域。我們擁有獨一無二的迪士尼系列。

I think we're creating these sort of -- these differentiations and these advantages that we believe complement each other and ultimately go back and provide benefit to the entire basket and that, that scale provides leverage to our fixed cost infrastructure.

我認為我們正在創造這些差異化和我們認為相輔相成的優勢，最終回過頭來為整個籃子帶來好處，而這種規模為我們的固定成本基礎設施提供了槓桿作用。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

This is Katy on for Doug. So hoping you can provide an update on your Connect With a Vet initiative. What have the early learnings been about far? And how does this shape your expectations around monetization this year?

這是道格的凱蒂。因此，希望您能提供有關與獸醫聯繫計劃的最新信息。早期的學習是關於什麼的？這將如何影響您對今年貨幣化的期望？

And then on pharmacy, last quarter, you laid out a target for $500 million of GMV in fiscal '20. Curious where you came in relative to your expectation, and then also how your thinking about the growth potential of pharma this year.

然後在藥房，上個季度，你制定了 20 財年 5 億美元 GMV 的目標。好奇您的預期與您的預期相比，以及您對今年製藥業增長潛力的看法。

Katy, this is Sumit. So Connect With a Vet is -- we're pleased with the progress of Connect With a Vet. As you -- just for the benefit of the audience, it's a telecom service -- primarily a tele-triage that we launched in Q3 that allows us to connect customers with licensed veterinarians to be able to service their needs on most commonly asked questions or health and wellness-related concerns.

凱蒂，這是蘇米特。所以 Connect With a Vet 是——我們對 Connect With a Vet 的進展感到高興。正如您一樣——只是為了觀眾的利益，它是一項電信服務——主要是我們在第三季度推出的一項遠程分診，使我們能夠將客戶與持牌獸醫聯繫起來，以便能夠滿足他們對最常見問題的需求或健康和與健康相關的問題。

We're pleased with the progress of Connect With a Vet. At this point, we've completed -- we're very much in learning mode. We've completed over 30,000 sessions with customers, and we're learning a ton. Our Net Promoter Score remains high, above 85%. 70% of the customers who've interacted with the service have provided a 10-on-10 rating, which we're pleased about.

我們對 Connect With a Vet 的進展感到高興。在這一點上，我們已經完成了——我們非常處於學習模式。我們已經完成了與客戶的 30,000 多次會議，並且我們正在學習大量內容。我們的淨推薦值仍然很高，超過 85%。與該服務進行過互動的客戶中有 70% 提供了 10 對 10 的評分，我們對此感到高興。

Very recently, we've expanded Connect With a Vet from purely a chat functionality to video capability, which we're now leaning into progressively. And we've also expanded hours of operation -- or sorry, in about 2 weeks, we're going to expand hours of operation from 8:00 p.m. to 11:00 p.m. to add greater availability of the service to West Coast customers.

最近，我們將 Connect With a Vet 從純粹的聊天功能擴展到了視頻功能，我們現在正在逐步進行。我們還延長了營業時間——或者抱歉，大約 2 週後，我們將從晚上 8:00 開始延長營業時間。到晚上 11:00為西海岸客戶增加服務的可用性。

Today, the service continues to remain available to Autoship customers for free. We do believe in monetization of the service and availability of it to our entire customer base, and I will come and share that with you closer in to the time when we're ready to do that.

今天，該服務繼續免費提供給 Autoship 客戶。我們確實相信服務的貨幣化及其對我們整個客戶群的可用性，我將在我們準備好這樣做的時候與您分享這一點。

And then on health care -- or your second question was about pharmacy, yes, overall, we did achieve the numbers that we had shared with you, about the $500 million net sales for pharmacy overall. We did hit that.

然後是醫療保健——或者你的第二個問題是關於藥房的，是的，總的來說，我們確實實現了與你分享的數字，即藥房的整體淨銷售額約為 5 億美元。我們確實做到了。

And your third question was our potential or future growth on pharmacy. Yes, it's just a vertical that we continue to remain excited in, right? Pharmacy is -- when you look at prescription as a vertical, we believe it's roughly $7 billion to $10 billion in market size, growing at 10% CAGR, which would be even in a pandemic year growing at 2x the rate that food and supplies is. And we are early stages of -- or early innings in that playbook, and we remain excited about the upside potential here.

您的第三個問題是我們在藥房方面的潛力或未來增長。是的，這只是一個我們繼續保持興奮的垂直領域，對吧？藥房是——當您將處方視為一個垂直領域時，我們認為它的市場規模約為 70 億至 100 億美元，複合年增長率為 10%，即使在大流行年的增長率是食品和供應品的 2 倍.我們處於該劇本的早期階段或早期階段，我們仍然對這裡的上行潛力感到興奮。

And Katy, this is Marty. Just to add one more data point to that. You're right that we said about $500 million gross revenue, but of course, not all that flow through our financials, about $360 million did.

凱蒂，這是馬蒂。只是為了再添加一個數據點。您說得對，我們說的總收入約為 5 億美元，但當然，並非所有這些都流經我們的財務，大約 3.6 億美元。

Our next question will come from Oliver Wintermantel with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Oliver Wintermantel。

Yes, Mario, you just mentioned ownership and as a percent of sales, it looks like that continued to decline for the third quarter in a row. Is that just because people didn't have yet the chance to sign up for Autoship or is that the expansion of more verticals and more health goods? If you could give us a little bit more details on that, please.

是的，馬里奧，你剛剛提到了所有權和銷售額的百分比，看起來這在連續第三個季度繼續下降。這僅僅是因為人們還沒有機會註冊 Autoship，還是因為更多垂直領域和更多健康產品的擴張？如果你能給我們更多的細節，請。

Yes Oli, yes. So you're right, there was a small change, but that's all within the variance that we would expect any given quarter. If you look at for the full year, it was 100 basis point difference between last year and this year. But remember, this year, we also had a record number of active customers. And as you pointed out, that is part more about timing and when we expect those customers to sign up to Autoship to discover the benefits there. But that is certainly within range of what we'd expect.

是的，奧利，是的。所以你是對的，有一個小的變化，但這都在我們預期任何給定季度的差異範圍內。如果你看一下全年，去年和今年之間有 100 個基點的差異。但請記住，今年，我們的活躍客戶數量也創歷史新高。正如您所指出的，這更多地是關於時間安排以及我們希望這些客戶何時註冊 Autoship 以發現那裡的好處。但這肯定在我們預期的範圍內。

Got it. And a quick follow-up just on the gross margin line. You mentioned half of it was structural and sustainable, the rest was less promotions. If I look into 2021, if that structural keeps on playing out and we get back to more promotion, should we -- is it that easy that we should expect another half of that gross margin expansion expected in 2021? Or what are the other moving parts on that, please?

知道了。並在毛利率線上快速跟進。您提到其中一半是結構性的和可持續的，其餘的是較少的促銷活動。如果我展望 2021 年，如果這種結構繼續發揮作用並且我們重新進行更多促銷，我們是否應該 - 我們應該期待 2021 年毛利率增長的另一半那麼容易嗎？或者那上面還有什麼其他的活動部分，請問？

So I'll start and maybe, Sumit, if he wants to add -- something to add. But we have said that the improvement that we saw in the fourth quarter, half of it was structural. None of that is any different than 2021. When we think about the vectors that we're firing against right now, continuing to grow our hardgoods catalog, health care proprietary brands, expanding share of wallet and increasing what we sell to our customers, all those things are in place.

所以我會開始，也許，Sumit，如果他想添加-- 一些要添加的東西。但我們已經說過，我們在第四季度看到的改善，其中一半是結構性的。這與 2021 年沒有什麼不同。當我們考慮到我們現在所針對的載體時，繼續擴大我們的硬貨目錄、醫療保健專有品牌、擴大錢包份額並增加我們向客戶銷售的產品，所有這些這些東西已經到位。

What you may find is quarter-to-quarter, there may be some fluctuations in gross margin, and that's simply because we do see some activity in certain times of the year in terms of promotions and maybe some more advertising in the marketplace. But the reality is, structurally, those things, we don't expect to change.

您可能會發現每個季度的情況，毛利率可能會有一些波動，這僅僅是因為我們確實在一年中的某些時間看到了一些促銷活動，並且可能在市場上看到了更多的廣告。但現實是，從結構上講，這些事情我們預計不會改變。

The only thing I would add is, at this time, we're not baking in any top line or bottom line impact related to any material disruptions in supply chain or logistics networks. So far, we're assuming recovery and we're assuming a quality of recovery that does not impede the momentum of the business. And everything that we're hearing right now seem -- that is an assumption that we're comfortable with.

我唯一要補充的是，目前，我們沒有受到與供應鍊或物流網絡中任何重大中斷相關的任何頂線或底線影響。到目前為止，我們假設復甦並且我們假設復甦的質量不會阻礙業務的發展勢頭。我們現在聽到的一切似乎——這是一個我們很滿意的假設。

In some instances, we have the proper amount of inventory and the inventory might be unevenly distributed through our fulfillment network. And while that does not result in any out-of-stock situation, it does lead to higher levels of cross-shipment or split orders that result in suboptimal shipping costs that rolls up to gross margin.

在某些情況下，我們有適當數量的庫存，並且庫存可能在我們的履行網絡中分佈不均。雖然這不會導致任何缺貨情況，但它確實會導致更高水平的交叉發貨或拆分訂單，從而導致運輸成本不理想，最終導致毛利率上升。

So I think there is some pluses and minuses, but on the balance, we do expect customers to continue to engage and discover the higher-margin verticals that we continue to focus on, and therefore, provide gradual structural changes to gross margin.

所以我認為有一些優點和缺點，但總的來說，我們確實希望客戶繼續參與並發現我們繼續關注的利潤率更高的垂直行業，因此，逐步對毛利率進行結構性改變。

Our next question comes from Seth Basham with Wedbush Securities.

我們的下一個問題來自 Wedbush Securities 的 Seth Basham。

My question is around your fulfillment expense outlook. For 2020, with some of the additional costs that you called out seems like you did deleverage your fulfillment expenses. Should we think about the outlook for 2021 and the moving pieces with additional investment in wages, et cetera, would you expect you out to leverage for telling expenses or not?

我的問題是關於您的履行費用前景。對於 2020 年，您提出的一些額外費用似乎確實降低了您的履行費用。我們是否應該考慮 2021 年的前景以及在工資方面進行額外投資的動人等等，您是否希望您能夠利用槓桿來支付費用？

Yes. So Seth, this is Mario. I'll answer that. We did in the -- on the prepared remarks and the earlier discussion points, we said that we were investing the $60 million in wages and benefits. Most of that is going to be in fulfillment and customer service.

是的。所以賽斯，這是馬里奧。我會回答的。我們在準備好的評論和之前的討論點中做了，我們說我們將 6000 萬美元投資於工資和福利。其中大部分將用於履行和客戶服務。

We also mentioned that we're launching 2 new fulfillment centers this year. And so you would expect there the same type of investments we made in the past, especially last year, because one of them is going to be a high-velocity, limited-catalog fulfillment center, just like the one we launched in Kansas City last year. And the other one is going to be a fully automated -- or an automated facility much like the one that we launched in October in Archibald, Pennsylvania. So if your question is, do we expect those investments to be reflected in our SG&A this year? The answer is yes.

我們還提到，我們今年將推出 2 個新的履行中心。所以你會期待我們過去進行的相同類型的投資，尤其是去年，因為其中一個將是一個高速、有限目錄的履行中心，就像我們上次在堪薩斯城推出的那樣年。另一個將是完全自動化的——或者是一個自動化設施，很像我們 10 月份在賓夕法尼亞州阿奇博爾德推出的那個。因此，如果您的問題是，我們是否預計這些投資會反映在我們今年的 SG&A 中？答案是肯定的。

Got you. Well, when we think about the composition on your margin expansion for 2021, are you expecting both gross margin and SG&A leverage?

得到你。好吧，當我們考慮到 2021 年您的利潤率擴張的構成時，您是否期望毛利率和 SG&A 槓桿？

I think, Seth, we just provided guidance, and the checks and balances so far flow through the guidance that we provided for the full year. And as the quarter progresses, I think we'll keep you updated and share more information on a granular basis.

我認為，賽斯，我們剛剛提供了指導，到目前為止，我們為全年提供的指導進行了製衡。隨著季度的進展，我認為我們會及時更新並分享更多詳細信息。

Our next question comes from Peter Keith with Piper Sandler.

我們的下一個問題來自 Peter Keith 和 Piper Sandler。

It's Bobby Friedner on for Peter. I wonder if you could discuss what you're seeing and how you're thinking about price inflation of pet food in 2021? And how should we think about retail pricing across the entire portfolio of products in an inflationary environment?

這是彼得的鮑比弗里德納。我想知道您是否可以討論您所看到的以及您如何看待 2021 年寵物食品的價格上漲？在通脹環境下，我們應該如何考慮整個產品組合的零售定價？

Your question is a little broad, Bobby. So I'll try to answer this as best as I understand it, and if not, then please, clarify. As we've mentioned, pricing environment has remained relatively stable and prices -- the discounting levels are relatively muted on a seasonal basis. And that is driving some higher prices and inflation in the marketplace.

你的問題有點寬泛，鮑比。所以我會盡力回答這個問題，如果沒有，請澄清。正如我們所提到的，定價環境保持相對穩定，價格——折扣水平在季節性基礎上相對溫和。這正在推動市場價格上漲和通貨膨脹。

But pet is a category that we believe is resilient towards recession or inflation. And in that particular manner, we haven't really seen an impediment to demand our momentum in the business right now. We expect that to continue to be the case. And as supply chains start recovering and inventory positions become healthier, we do believe this to abate and ultimately go back to the pricing environment that we were, pre-pandemic.

但寵物是我們認為能夠抵禦衰退或通脹的類別。以這種特殊的方式，我們現在還沒有真正看到要求我們在業務中發展勢頭的障礙。我們預計情況將繼續如此。隨著供應鏈開始復蘇，庫存狀況變得更健康，我們確實相信這種情況會減弱並最終回到大流行前的定價環境。

Our next question comes from Lauren Schenk with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Lauren Schenk。

Great. I guess, marrying a few of the previous questions. When we look at your guidance for the 50 to 100 basis points of margin improvement versus the revenue guidance, I think it implies a flow-through rate of around 6%, understanding the $60 million in wages, which brings you closer to 9.5%. But can you just help us think about if there's any other sort of onetime investments, maybe the second automated DC that is holding back flow-through or potentially offsetting some of the COVID costs that I would have thought would have sort of benefited flow-through this year?

偉大的。我想，結合前面的幾個問題。當我們查看您對利潤率提高 50 到 100 個基點的指導與收入指導時，我認為這意味著流通率約為 6%，了解 6000 萬美元的工資，這使您接近 9.5%。但是你能不能幫我們考慮一下是否有任何其他類型的一次性投資，也許是第二個自動化 DC 阻礙流通或可能抵消一些我認為會受益流通的 COVID 成本今年？

And then as a follow-up, maybe this is a piece of it, but we're hearing from a variety of different retailers about shipping delays, freight cost increases. Anything that you're seeing there on sort of a like-for-like basis heading into 2021?

然後作為後續行動，也許這只是其中的一部分，但我們從各種不同的零售商那裡聽到了關於運輸延誤和運費增加的消息。進入 2021 年，您在類似的基礎上看到了什麼？

Okay. Lauren, this is Mario. I'll take the first part. So when you think about the guidance we provided, there are several factors that go into it. And obviously, we're providing the guidance based on the balance of risk and opportunities we see for the year. So if you think about the revenue, we mentioned we have positive demand trends that carry into the first quarter. Pricing promotions remain stable, which are going to be the pluses to the guidance range. On the other hand, the customer behavior itself is still -- post pandemic is still evolving. And there are some industry-wide supply chain challenges for certain products. So that's how we consider the headwinds. So I'll give you the plus and minus on that to the -- on the revenue guidance range.

好的。勞倫，這是馬里奧。我將採取第一部分。因此，當您考慮我們提供的指導時，其中有幾個因素。顯然，我們正在根據我們今年看到的風險和機遇的平衡來提供指導。因此，如果您考慮收入，我們提到我們有持續到第一季度的積極需求趨勢。定價促銷保持穩定，這將成為指導範圍的優勢。另一方面，客戶行為本身仍在——大流行後仍在發展。某些產品還存在一些全行業的供應鏈挑戰。這就是我們考慮逆風的方式。所以我會在收入指導範圍內給你加減。

And then to the adjusted EBITDA portion of it, we called out a few factors that we know this year or that we expect this year to be in a certain way, things like marketing, our investments there; the launch of the automated DC that you mentioned; and then the incremental $16 million or so in wages and benefits for our team members. And it is those factors that, depending how they materialize, it's going to determine exactly where we end up in that guidance range, and then what is the actual flow through to EBITDA?

然後對於調整後的 EBITDA 部分，我們提出了一些我們今年知道的或我們預計今年會以某種方式出現的因素，比如營銷、我們在那裡的投資；您提到的自動化 DC 的推出；然後為我們的團隊成員增加了 1600 萬美元左右的工資和福利。正是這些因素，取決於它們如何實現，將確定我們最終在該指導範圍內的確切位置，然後流向 EBITDA 的實際流量是多少？

Lauren, so -- sorry, [one second] here. So as we've said before, look, we operate the business over the long term. So we, this year, may choose to make some short-term investments, including marketing and additional capacity. That may impact profitability in the short-term but produce benefits over the long term. So that's all in the guidance range we provided.

勞倫，所以 - 對不起，[一秒鐘]在這裡。因此，正如我們之前所說，看，我們長期經營業務。因此，我們今年可能會選擇進行一些短期投資，包括營銷和額外產能。這可能會在短期內影響盈利能力，但從長遠來看會產生收益。所以這一切都在我們提供的指導範圍內。

Well, I think advertising and marketing is an interesting one in 2021, and it's hard to predict sitting so far up in the year on how this line is actually going to play out. So it's helpful to sort of extract ourselves from the current and look at it as a 30,000 foot view. We've been -- first of all, we believe 6% to 7% spend of net sales in advertising and marketing to be the right range for a business like this. And the past couple of years, particularly -- specifically the last 3 years, we've scaled marketing expense from 11% of revenue in 2018 to this past -- we were 8.8% in 2019 and then 2020 was 7.2%, 7.3%.

好吧，我認為廣告和營銷在 2021 年是一個有趣的領域，而且很難預測這一年到目前為止這條線將如何發揮作用。因此，將自己從電流中提取出來並將其視為 30,000 英尺的視圖是有幫助的。我們一直 - 首先，我們認為 6% 到 7% 的淨銷售額用於廣告和營銷是適合此類業務的合適範圍。在過去的幾年裡，特別是在過去的三年裡，我們將營銷費用從 2018 年佔收入的 11% 擴大到了過去——我們在 2019 年為 8.8%，然後到 2020 年為 7.2%、7.3%。

The 160 basis point improvement, as we mentioned in the script, we believe half of that was driven by organic pandemic-driven efficiency, and so that would have put the scaling at right about 8% of marketing. And so I think starting with kind of current inputs on how we scale marketing, how we understand evolving trends, how do advertising platforms evolve and the ambiguity around that plus any opportunity that we find to be able to invest in marketing and drive scale, it's a tough area to talk to right now. So I think as we play the quarters out, we'll likely keep you more updated on our long-term -- on our yearly thinking here.

正如我們在腳本中提到的那樣，160 個基點的改進，我們相信其中一半是由有機大流行驅動的效率驅動的，因此這將使規模擴大到大約 8% 的營銷。因此，我認為從我們如何擴大營銷規模、我們如何理解不斷變化的趨勢、廣告平台如何發展以及圍繞這一點的模糊性以及我們發現能夠投資於營銷和擴大規模的任何機會開始，這是現在是一個難以交談的領域。所以我認為當我們打完幾個季度時，我們可能會讓你更多地了解我們的長期 - 關於我們在這裡的年度想法。

And let me just add one more item because I want to make sure that it's clear how we think about the EBITDA for the year. The guidance we provided would have us adding over $100 million of EBITDA to the bottom line, even while we grow $1.8 billion both at midpoint of the guidance. So this is a pretty significant increase, both top line and bottom line.

讓我再添加一項，因為我想確保清楚我們對今年 EBITDA 的看法。我們提供的指導將使我們在利潤中增加超過 1 億美元的 EBITDA，即使我們在指導的中點都增長了 18 億美元。所以這是一個非常顯著的增長，無論是頂線還是底線。

And then your second question was about shipping. The variability and peakiness in demand and forecasting in a business is punitive than planning a supply chain or transportation network. And that is where we believe -- we're proud of the teams for jointly planning our forecasts and coming through with a high degree of forecast accuracy, of course, supported by the fact that 70% of our sales -- roughly 70% goes through the Autoship model.

然後你的第二個問題是關於運輸的。與規劃供應鍊或運輸網絡相比，業務中需求和預測的可變性和峰值是懲罰性的。這就是我們相信的地方——我們為團隊共同規劃我們的預測並以高度的預測準確性而感到自豪，當然，這得益於我們 70% 的銷售額——大約 70% 的銷售額通過 Autoship 模型。

And so in some way, we provide a predictable and stable baseload forecast to our suppliers and transportation carrier partners that then enables them to optimize their micro- and macro-level asset utilization. And that, combined with the strategic nature of our partnerships, I mean, it's shielded us from any material changes in rate structure during the holiday season or present fleet.

因此，我們以某種方式為我們的供應商和運輸承運商合作夥伴提供可預測且穩定的基本負荷預測，從而使他們能夠優化其微觀和宏觀層面的資產利用率。而且，再加上我們合作夥伴關係的戰略性質，我的意思是，它使我們免受假日季節或當前機隊的費率結構的任何重大變化的影響。

This concludes our question-and-answer session. I would like to turn the conference back over to Sumit Singh for any closing remarks.

我們的問答環節到此結束。我想把會議轉回給 Sumit Singh 做任何閉幕詞。

Thank you very much for the questions, everybody. Thank you.

非常感謝大家的提問。謝謝你。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。