Stitch Fix Inc (SFIX) 2019 Q4 法說會逐字稿

Good day, everyone, and welcome to the Stitch Fix Fourth Quarter 2019 Earnings Conference.

大家好，歡迎來到 Stitch Fix 2019 年第四季度財報會議。

Today's call is being recorded.

今天的通話正在錄音中。

At this time, for opening remarks, I'd like to turn things over to David Pearce.

現在，關於開場白，我想把事情交給 David Pearce。

Please go ahead, sir.

請繼續，先生。

Thank you for joining us on the call today to discuss the results for our fourth quarter and full fiscal year for 2019.

感謝您今天加入我們的電話會議，討論我們 2019 年第四季度和整個財年的業績。

Joining me on today's call are Katrina Lake, Founder and CEO of Stitch Fix; Mike Smith, President and COO; and Paul Yee, our CFO.

和我一起參加今天電話會議的還有 Stitch Fix 的創始人兼首席執行官 Katrina Lake；總裁兼首席運營官 Mike Smith；和我們的首席財務官 Paul Yee。

We have posted complete Q4 and full year financial results in our shareholder letter on our IR section of our website, investors.stitchfix.com.

我們已經在我們網站 investors.stitchfix.com 的 IR 部分的股東信中發布了完整的第四季度和全年財務業績。

A link to the webcast of today's conference call can also be found on our site.

也可以在我們的網站上找到指向今天電話會議網絡廣播的鏈接。

We would like to remind everyone that we will be making forward-looking statements on this call, which involve risks and uncertainties.

我們想提醒大家，我們將在本次電話會議上做出前瞻性陳述，這涉及風險和不確定性。

Actual results could differ materially from those contemplated by our forward-looking statements.

實際結果可能與我們的前瞻性陳述中預期的結果存在重大差異。

Reported results should not be considered as an indication of future performance.

報告的結果不應被視為未來業績的指標。

Please review our filings with the SEC for a discussion of the factors that could cause the results to differ.

請查看我們提交給美國證券交易委員會的文件，以討論可能導致結果不同的因素。

Also, note that the forward-looking statements on this call are based on information available to us as of today's date.

另請注意，本次電話會議的前瞻性陳述是基於截至今天我們可獲得的信息。

We disclaim any obligation to update any forward-looking statements, except as required by law.

除非法律要求，否則我們不承擔任何更新任何前瞻性陳述的義務。

During this call, we will discuss certain non-GAAP financial measures.

在這次電話會議中，我們將討論某些非 GAAP 財務措施。

Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our IR website.

我們的 IR 網站上的股東信中提供了與最直接可比的 GAAP 財務指標的對賬。

These non-GAAP measures are not intended to be a substitute for our GAAP results.

這些非 GAAP 措施無意替代我們的 GAAP 結果。

Finally, this call, in its entirety, is being webcast on our IR website, and a replay of this call will be available on the website shortly.

最後，我們的 IR 網站正在通過網絡直播此次電話會議的全部內容，並且很快就會在網站上提供此次電話會議的重播。

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

我現在想把電話轉給卡特里娜颶風。

Thanks, David, and thank you for joining us.

謝謝，大衛，感謝您加入我們。

After the market close today, we issued our quarterly shareholder letter with more details on our results and our strategy, which I encourage you to read.

今天收市後，我們發布了季度股東信函，詳細介紹了我們的業績和戰略，我鼓勵您閱讀。

I'm excited to share our fourth quarter and full fiscal year results, which demonstrate strong top line growth in both periods while we continue to make strategic investments to drive long-term growth and profitably.

我很高興與大家分享我們第四季度和整個財年的業績，這兩個時期都顯示出強勁的收入增長，同時我們繼續進行戰略投資以推動長期增長和盈利。

In Q4 '19, we generated net revenue of $432 million at the high end of our guidance range, reflecting 36% year-over-year growth.

在 19 年第四季度，我們在指導範圍的高端產生了 4.32 億美元的淨收入，同比增長 36%。

As a reminder, fiscal year 2019 was a 53-week year, with Q4 '19 consisting of 14 weeks.

提醒一下，2019 財年有 53 週，其中 19 年第四季度有 14 週。

Removing the impact of the extra week in Q4, we grew revenue by 26% in the quarter.

除去第四季度額外一周的影響，我們本季度的收入增長了 26%。

We also delivered $7.2 million in net income and $6.4 million in adjusted EBITDA, in line with our guidance.

根據我們的指導，我們還實現了 720 萬美元的淨收入和 640 萬美元的調整後 EBITDA。

During the quarter, we grew our active client count to 3.2 million

本季度，我們的活躍客戶數量增加到 320 萬

(technical difficulty)

（技術難度）

[494,000] clients and 18% year-over-year.

[494,000] 客戶，同比增長 18%。

In addition, we grew net revenue per active client by 9% year-over-year, our fifth consecutive quarter of growth and a reflection of our strengthening ability to help clients find what they love.

此外，我們每個活躍客戶的淨收入同比增長 9%，這是我們連續第五個季度實現增長，這反映了我們幫助客戶找到他們喜歡的東西的能力增強。

2019 was a very busy year for us, and we're proud of all that we accomplished in our second year as a public company.

2019 年對我們來說是非常忙碌的一年，我們為上市公司第二年所取得的成就感到自豪。

We grew net revenue 29% year-over-year to $1.58 billion, generated positive adjusted EBITDA for our fifth consecutive year and deliver $37 million in net income.

我們的淨收入同比增長 29% 至 15.8 億美元，連續第五年產生正的調整後 EBITDA 並實現 3700 萬美元的淨收入。

We captured more of our large addressable client base by adding nearly 0.5 million active clients in 2019, and we're serving those clients even better, evidenced by our growth in revenue per active client in every quarter in fiscal 2019.

通過在 2019 年增加近 50 萬活躍客戶，我們贏得了更多龐大的可尋址客戶群，並且我們正在更好地為這些客戶提供服務，我們在 2019 財年每個季度每個活躍客戶的收入增長就證明了這一點。

We further extended our addressable market by launching in the U.K., our first international market, and recently, celebrated our 1-year anniversary of Kids.

我們通過在英國推出我們的第一個國際市場進一步擴大了我們的潛在市場，最近還慶祝了我們的兒童產品一周年。

We're excited about the longer-term opportunity for both of these markets, which add to the already significant opportunity we have to continue growing our Women's and Men's categories.

我們對這兩個市場的長期機會感到興奮，這增加了我們必須繼續發展女性和男性類別的重要機會。

Even while we invested in our Kids and U.K. categories, the health and scale of our Women's and Men's categories allowed us to offset these investments and drive leverage across our business.

即使我們投資於我們的兒童和英國類別，我們的女性和男性類別的健康和規模也使我們能夠抵消這些投資並推動我們業務的槓桿作用。

We grew our gross margin year-over-year and turned our inventory at a rate of more than 6x annually, a function of our continued scale, strengthening capabilities and the growing impact of data science, such as our inventory optimization algorithm and Style Shuffle platforms.

我們的毛利率同比增長，並以每年超過 6 倍的速度周轉我們的庫存，這得益於我們持續的規模、增強的能力和數據科學日益增長的影響，例如我們的庫存優化算法和 Style Shuffle 平台.

We also continue to invest in, strengthen and diversify our marketing capabilities.

我們還繼續投資、加強和多樣化我們的營銷能力。

Our marketing strategy focuses on return on investment and quick payback.

我們的營銷策略側重於投資回報和快速回報。

This means, we may not always be managing to the lowest customer acquisition cost without regard to quality of client, and it also means that we are not spending to a hypothetical lifetime value, but instead, optimizing for payback within a few quarters.

這意味著，在不考慮客戶質量的情況下，我們可能無法始終以最低的客戶獲取成本進行管理，這也意味著我們不會花費假設的生命週期價值，而是在幾個季度內優化投資回報。

We wanted to illustrate this strategy with data in a onetime disclosure in our Q4 shareholder letter.

我們想在我們的第四季度股東信中一次性披露數據來說明這一戰略。

This disclosure shows that over 4 recent quarterly cohorts, each has generated payback on marketing spend of over 2 to 4x in their first 3 to 6 full quarters.

這份披露顯示，超過 4 個最近的季度隊列，每個隊列在前 3 到 6 個完整季度中都產生了超過 2 到 4 倍的營銷支出回報。

Having both near-term paybacks and returns that grow as clients continue to engage with us over many years is a strategy that helps us to deliver long-term growth as well as probability.

隨著客戶多年來繼續與我們合作，短期回報和回報都會增長，這是一種幫助我們實現長期增長和可能性的戰略。

To share one last highlight on the marketing front, 2019 also marked our first investment in [longer-lens] marketing channels with the launch of our first integrated brand campaign.

為了分享營銷方面的最後一個亮點，2019 年還標誌著我們對 [長鏡頭] 營銷渠道的首次投資，推出了我們的第一個整合品牌活動。

We're excited about the prospect of using brand marketing as another channel to frame our value proposition and drive greater awareness and affinity with both new and existing clients over time.

我們對使用品牌營銷作為另一個渠道來構建我們的價值主張並隨著時間的推移提高新老客戶的知名度和親和力的前景感到興奮。

I'd now like to take a moment to look forward and discuss the significant opportunity we see to extend the reach of our personalization capabilities to capitalize on the extensive market share we have available to us in 2020 and beyond.

我現在想花點時間展望未來並討論我們看到的重要機會，即擴大我們個性化能力的範圍，以利用我們在 2020 年及以後可用的廣泛市場份額。

For many years, we have characterized the business that we are in as that of personalization.

多年來，我們一直將我們所從事的業務描述為個性化業務。

We believe strongly that winners in apparel retail will be those who most effectively help clients find what they love.

我們堅信，服裝零售業的贏家將是那些最有效地幫助客戶找到他們喜歡的東西的人。

This company was founded with the premise that personalization is the best way to help clients navigate the crowded world of apparel retail.

該公司成立的前提是個性化是幫助客戶駕馭擁擠的服裝零售世界的最佳方式。

This was our belief in 2011, and we have even deeper conviction today that personalization is the future.

這是我們在 2011 年的信念，今天我們更加堅信個性化是未來。

We've been in this business of personalization for almost a decade, and we believe that our investments in these capabilities is precisely what sets us up to be successful for many decades to come.

我們從事個性化業務將近十年，我們相信，我們對這些能力的投資正是讓我們在未來幾十年取得成功的基礎。

Almost all of the nearly 5 billion of apparels and accessories we sold in the last 5 years have been through recommendation, not chosen by the end customer.

我們在過去 5 年銷售的近 50 億件服裝和配飾中，幾乎所有都是通過推薦，而不是最終客戶選擇的。

Our business model has required us to build an incredibly strong set of recommendation capabilities, made possible by the wealth of data we've collected across these transactions.

我們的業務模型要求我們建立一套非常強大的推薦功能，而我們在這些交易中收集的大量數據使這成為可能。

We now have a personalization engine that gives us the ability to deeply understand clients and products and generate powerful recommendations on what products will be successful and with whom.

我們現在擁有一個個性化引擎，使我們能夠深入了解客戶和產品，並就哪些產品會成功以及與誰合作產生強有力的建議。

To date, this personalization engine has generated great value to us and it has powered our primarily 5 items fixed format.

迄今為止，這個個性化引擎已經為我們帶來了巨大的價值，它為我們主要的 5 項固定格式提供了支持。

While this one form factor has served us and our clients extremely well, we believe the market opportunity for personalized experiences and apparels is massive and that our platform can be extended much more broadly than this one form factor, and we're excited to start talking about it and demonstrating it in 2020.

雖然這種外形為我們和我們的客戶提供了非常好的服務，但我們相信個性化體驗和服裝的市場機會是巨大的，而且我們的平台可以比這種外形擴展得更廣泛，我們很高興開始討論關於它並在 2020 年展示它。

With that, I'd like to discuss one example of an initiative that demonstrates how we plan to extend our personalization platform.

有了這個，我想討論一個倡議的例子，它展示了我們計劃如何擴展我們的個性化平台。

Recently, we began testing an offering called Shop Your Looks.

最近，我們開始測試一種名為 Shop Your Looks 的產品。

This offering is part of our new direct-buy functionality, which enables clients to choose and purchase items outside of a Fix directly from our website.

此產品是我們新的直接購買功能的一部分，使客戶能夠直接從我們的網站選擇和購買 Fix 之外的項目。

However, unlike most e-commerce offerings, which choose to show every available product to every visitor, what's unique about Shop Your Looks is that it's hyper curated and personalized to every client.

然而，與選擇向每位訪問者展示所有可用產品的大多數電子商務產品不同，Shop Your Looks 的獨特之處在於它為每位客戶精心策劃和個性化。

The feature is based on items that clients have already purchased from us, but also presents a personalized subset of algorithmically generated items delivered to clients in a form of shoppable styling recommendations for pieces already in their closet.

該功能基於客戶已經從我們這裡購買的商品，但也呈現了算法生成的個性化商品子集，以針對客戶衣櫥中已有商品的可購物款式推薦的形式交付給客戶。

At any given time, we might have tens of thousands of items available in our inventory assortment that we could be showing clients, but we are so confident in our personalization capability that we choose to only show clients an average of 30 to 40 shoppable items at one time on this page.

在任何給定時間，我們的庫存分類中可能有數以萬計的商品可供我們展示給客戶，但我們對自己的個性化能力非常有信心，因此我們選擇僅向客戶展示平均 30 到 40 件可購物商品一次在此頁面上。

We are excited and optimistic that even an imperfect, not yet optimized beta test offered to a portion of our Women's clients that through this hyper-personalized shoppable experience, we've seen success.

我們感到興奮和樂觀，即使是不完美、尚未優化的 Beta 測試也提供給我們的一部分女性客戶，通過這種超個性化的可購物體驗，我們已經看到了成功。

In fact, in just a brief 8-week beta test, over 1/3 of clients that purchased through Shop Your Looks engaged with us multiple times, and approximately 60% of clients, who buy through the offering, purchased 2 items or more.

事實上，在短短的 8 週 Beta 測試中，超過 1/3 通過 Shop Your Looks 購買的客戶與我們進行了多次互動，並且大約 60% 通過該產品購買的客戶購買了 2 件或更多商品。

While Shop Your Looks is still early and there remains a lot for us to learn and enhance with the products.

雖然 Shop Your Looks 還為時過早，但我們仍有很多需要學習和改進產品的地方。

The offering leverages the personalization engine we've built over the last 8 years and demonstrates its tremendous potential as we explore maximizing our capabilities in new and incremental ways.

該產品利用了我們在過去 8 年中構建的個性化引擎，並在我們探索以新的和漸進的方式最大限度地發揮我們的能力時展示了它的巨大潛力。

Leveraging these capabilities in a direct-buy format is an exciting step for us and one that has the potential to drive further engagement between Fixes, increase our ability to serve clients well and get deeper share of wallet.

以直接購買的形式利用這些功能對我們來說是令人興奮的一步，它有可能推動 Fixes 之間的進一步互動，提高我們為客戶提供良好服務的能力，並獲得更大的錢包份額。

Innovation, such as this one, also provides potential benefit with respect to new clients.

諸如此類的創新也為新客戶帶來了潛在的好處。

Enabling more ways for clients to experience the benefit of personalization can provide new entry points into our business and allow us to customize the ways in which people want to buy and engage with us to address many more types of clients [in these days].

為客戶提供更多體驗個性化優勢的方式可以為我們的業務提供新的切入點，並允許我們定制人們想要購買和與我們互動的方式，以解決更多類型的客戶 [in these days]。

It's this confidence in our personalization platform that feeds our investment strategy in 2020.

正是這種對我們個性化平台的信心推動了我們 2020 年的投資戰略。

Last year, we invested in new categories to extend our market opportunity, and in 2020, we'll be investing in our digital products, creating more possibilities in making the incredible capabilities that we have more expansive and better positioned to capitalize on the enormous opportunity in the markets we are in.

去年，我們投資於新類別以擴大我們的市場機會，而在 2020 年，我們將投資於我們的數字產品，創造更多可能性，使我們擁有的令人難以置信的能力更加廣泛和更好地利用巨大的機會在我們所處的市場中。

We have deep conviction in the capabilities we have developed and excitement for what we can do in the near and long term.

我們對我們已經開發的能力深信不疑，並對我們在近期和長期可以做的事情感到興奮。

This gives us confidence in 2020 to guide at the high end of our long-term growth target as Paul will share in a few moments.

這讓我們有信心在 2020 年引導我們實現長期增長目標的高端，保羅將在稍後分享。

Now I'll turn it over to Mike, who'll discuss how our strengthened data science capabilities and improved inventory assortment have allowed us to enhance our personalization.

現在我將把它交給邁克，他將討論我們加強的數據科學能力和改進的庫存分類如何使我們能夠增強我們的個性化。

Thanks, Katrina, and hello to everyone joining us on today's call.

謝謝，卡特里娜颶風，向參加今天電話會議的所有人問好。

Over the course of 2019, we've talked about how we continued to invest in our data science advantage and in our inventory assortment to deliver greater personalization to our client.

在 2019 年的整個過程中，我們討論了我們如何繼續投資於我們的數據科學優勢和我們的庫存分類，以便為我們的客戶提供更好的個性化服務。

I'd like to take a few minutes to discuss both of these areas and highlight how these investments are supporting stronger client and business outcomes.

我想花幾分鐘時間討論這兩個領域，並強調這些投資如何支持更強大的客戶和業務成果。

Let me take a minute to step back and remind people of the advantages of scale that we've achieved in this business and how it relates to this platform.

讓我花點時間退後一步，提醒人們我們在這項業務中取得的規模優勢，以及它與這個平台的關係。

To date, we've shipped over 200 million items and saw that over 85% of shipments in 2019 result in direct client feedback.

迄今為止，我們已經運送了超過 2 億件物品，並且發現 2019 年超過 85% 的出貨量產生了直接的客戶反饋。

We believe that these client feedback loops and the resulting rich data we receive are instrumental in strengthening our recommendations and capabilities.

我們相信，這些客戶反饋循環以及我們收到的由此產生的豐富數據有助於加強我們的建議和能力。

Over time, we've begun leveraging our data science strength to more broadly inform our strategic decisions.

隨著時間的推移，我們已經開始利用我們的數據科學實力來更廣泛地為我們的戰略決策提供信息。

One recent example of this is Style Shuffle, which has become a valuable platform that is now fueling multiple areas of our business.

最近的一個例子是 Style Shuffle，它已經成為一個有價值的平台，現在正在推動我們業務的多個領域。

As a reminder, we launched Style Shuffle in 2018, and as of today, we've collected over 3 billion ratings with over 80% of our active clients providing detailed feedback.

提醒一下，我們在 2018 年推出了 Style Shuffle，截至今天，我們已經收集了超過 30 億個評分，超過 80% 的活躍客戶提供了詳細的反饋。

To date, we've used the ratings to learn about our clients' style preferences and to inform better inventory matching.

迄今為止，我們已使用評級來了解客戶的風格偏好並為更好的庫存匹配提供信息。

Over time, we've seen multiple other end uses of the platform that include informing our merchandise buys, testing new styles and further personalizing our marketing campaigns.

隨著時間的推移，我們已經看到該平台的多種其他最終用途，包括通知我們的商品購買、測試新款式以及進一步個性化我們的營銷活動。

Most recently, we integrated Style Shuffle data into our styling application to improve our recommendations.

最近，我們將 Style Shuffle 數據集成到我們的樣式應用程序中以改進我們的推薦。

Style is one of the most challenging areas of retail to unlock, and we believe that this data enables us to address this pain point.

風格是零售業最具挑戰性的領域之一，我們相信這些數據使我們能夠解決這個痛點。

We've now translated Style Shuffle learnings into visual galleries that provide stylists with greater visibility into each clients' style preferences.

我們現在已經將 Style Shuffle 的經驗轉化為視覺畫廊，讓造型師能夠更好地了解每位客戶的風格偏好。

Since integrating these insights for our Women's clients, we've increased the number of items purchased per Fix, average order value and client satisfaction.

自從為我們的女性客戶整合這些見解以來，我們增加了每次修復購買的商品數量、平均訂單價值和客戶滿意度。

The deep insights from Style Shuffle reinforce our powerful data advantage and show the platform's growing impact across our businesses.

Style Shuffle 的深刻見解增強了我們強大的數據優勢，並展示了該平台對我們業務的日益增長的影響。

Nearly 1/3 of our data scientists used Style Shuffle insights to power other initiatives across the business.

我們近 1/3 的數據科學家使用 Style Shuffle 洞察來推動整個企業的其他計劃。

This investment continues to clearly show a competitive advantage and, as Paul will share, is why we plan to continue investing in building our data science and technology teams in 2020.

這項投資繼續清楚地顯示出競爭優勢，正如保羅將分享的那樣，這就是我們計劃在 2020 年繼續投資建設數據科學和技術團隊的原因。

In 2019, as we further improved our inventory management capabilities to match product and clients, we reinvested the resulting working capital gains in the inventory breadth to support our growing and diverse client base.

2019 年，隨著我們進一步提高庫存管理能力以匹配產品和客戶，我們將由此產生的營運資本收益再投資於庫存廣度，以支持我們不斷增長和多樣化的客戶群。

This investment enables us to apply our launch-and-learn strategy to new categories, such as Kids in the U.K., expand our addressable market and capture a greater wallet share.

這項投資使我們能夠將我們的啟動和學習策略應用於新類別，例如英國的兒童，擴大我們的潛在市場並獲得更大的錢包份額。

For example, in Women's, we increased the number of brands we shipped by nearly 50% and grew the number of styles we offer by nearly 70% over the last 2 years, which allowed us to further penetrate our addressable market and serve more clients.

例如，在女裝領域，我們在過去 2 年中出貨的品牌數量增加了近 50%，我們提供的款式數量增加了近 70%，這使我們能夠進一步滲透目標市場並為更多客戶提供服務。

We also grew our assortment of items with distinct end uses, such as workwear, special occasion and casual wear by over 5x since 2017, enabling us to better serve our clients' diverse needs and drive greater wallet share.

自 2017 年以來，我們還增加了具有不同最終用途的商品種類，例如工作服、特殊場合和休閒服，數量增加了 5 倍以上，使我們能夠更好地滿足客戶的多樣化需求並推動更大的錢包份額。

In Men's, we also expanded our assortment of brands, styles and end uses.

在男裝方面，我們還擴大了品牌、款式和最終用途的種類。

In active wear specifically, we doubled the number of products and brands over the last year to more closely align with our clients' style and fit preferences.

特別是在運動服方面，去年我們的產品和品牌數量翻了一番，以更貼近客戶的風格和合身偏好。

Even while making these investments, we continued to quickly turn our inventory at a rate of more than 6 times annually.

即使在進行這些投資的同時，我們仍繼續以每年 6 倍以上的速度快速周轉庫存。

Over time, we plan to use data science to inform even more of our inventory decisions, enabling us to enhance our assortment, better serve clients and capture greater wallet share.

隨著時間的推移，我們計劃使用數據科學為我們的庫存決策提供更多信息，使我們能夠增強我們的分類，更好地為客戶服務並獲得更大的錢包份額。

In today's shareholder letter, we discussed how our enhanced data science capabilities and strengthened inventory assortment have allowed us to deliver stronger personalization for our client.

在今天的股東信中，我們討論了我們增強的數據科學能力和加強的庫存分類如何使我們能夠為客戶提供更強大的個性化服務。

Specifically, we shared that in both 2018 and 2019 cohorts, we grew our average success rates for items across clients' first, second and third Fixes.

具體來說，我們分享了在 2018 年和 2019 年的隊列中，我們提高了客戶第一次、第二次和第三次修復項目的平均成功率。

For clients in our 2018 cohort, we've increased success rates between their first and second Fix by 8%, and between their first and third Fix by 14%.

對於 2018 年隊列中的客戶，我們將他們的第一次和第二次修復之間的成功率提高了 8%，第一次和第三次修復之間的成功率提高了 14%。

We saw increasing success rates across Fixes in our 2019 cohort as well.

在 2019 年的隊列中，我們也看到修復的成功率有所提高。

In addition to illustrating our success within a cohort, we also highlight our strengthened personalization capabilities across cohorts.

除了說明我們在一個隊列中的成功之外，我們還強調了我們在隊列中增強的個性化能力。

For example, the success rate of items sent in the first Fix of our 2019 cohort was 17% higher than in the first Fix of our 2018 cohort.

例如，我們 2019 年隊列的第一次修復中發送的項目的成功率比我們 2018 年隊列的第一次修復高 17%。

We believe this shows that our data science insights, paired with our strengthened inventory assortment, offer significant competitive advantage that we expect will grow over time.

我們相信這表明我們的數據科學洞察力與我們加強的庫存分類相結合，提供了我們預計會隨著時間的推移而增長的顯著競爭優勢。

With that, I will now turn the call over to Paul, who will discuss our financial performance and outlook.

有了這個，我現在將把電話轉給保羅，他將討論我們的財務業績和前景。

Thanks, Mike.

謝謝，邁克。

Our results demonstrate our ability to invest for the long term while balancing growth and profitability.

我們的業績表明我們有能力在平衡增長和盈利能力的同時進行長期投資。

We delivered revenue growth in both Q4 and full year 2019 above our stated long-term range of 20% to 25%.

我們在 2019 年第四季度和全年實現的收入增長均高於我們規定的 20% 至 25% 的長期範圍。

At the same time, we made strategic investments in talent, inventory and marketing that fueled healthy client growth and gains in net revenue per client.

與此同時，我們在人才、庫存和營銷方面進行了戰略投資，推動了客戶的健康增長和每位客戶淨收入的增長。

We also laid down planks for future growth with the first-ever integrated brand campaign and our expansion into the U.K.

我們還通過首次整合品牌活動和我們在英國的擴張為未來的增長奠定了基礎。

Katrina highlighted new ways we're using our personalization capabilities to engage with clients, and Mike shared how we continue to harness the power of data and feedback loops to serve them better.

Katrina 強調了我們使用個性化功能與客戶互動的新方式，Mike 分享了我們如何繼續利用數據和反饋循環的力量更好地為他們服務。

As we look to FY '20, we remain firmly committed to self-funding initiatives that widen these competitive moats, and our FY '20 revenue guidance reflects our confidence.

展望 20 財年，我們仍然堅定地致力於擴大這些競爭護城河的自籌資金計劃，我們的 20 財年收入指引反映了我們的信心。

Q4 net revenue was $432 million, representing 35.8% growth year-over-year.

第四季度淨收入為 4.32 億美元，同比增長 35.8%。

FY '19 net revenue was $1.58 billion, 28.6% above last year.

19 財年淨收入為 15.8 億美元，比去年增長 28.6%。

Removing the impact of the extra week, the revenue growth rate for both Q4 and the full year was approximately 26%.

除去額外一周的影響，第四季度和全年的收入增長率約為 26%。

Gains in both periods were at the high end of our guidance and were driven by both Women's and Men's as we continue to ramp Kids in the U.K.

這兩個時期的收益都處於我們指導的高端，並且隨著我們繼續在英國增加兒童業務，女性和男性都受到了推動。

Active clients grew to 3.2 million or 18% year-over-year.

活躍客戶增長至 320 萬，同比增長 18%。

Active clients represent anyone who check out of Fix or was shipping items using our new direct-buy service in the preceding 52 weeks, measured as of the last date of that period.

活躍客戶代表在過去 52 週內使用我們新的直接購買服務結賬或使用我們新的直接購買服務運送商品的任何人，以該期間的最後一天計算。

Net revenue per active client grew 9% year-over-year or 7%, excluding the impact of the extra week, representing our fifth consecutive quarter of growth, even as Men's and Kids became a higher mix of our business.

每個活躍客戶的淨收入同比增長 9% 或 7%，不包括額外一周的影響，這是我們連續第五個季度增長，即使男裝和童裝成為我們業務的更高組合。

Q4 gross margin was above our expectations at 44.1%.

第四季度毛利率為 44.1%，高於我們的預期。

This represent a 30 basis point decline from last year driven by the increase in inventory reserve as we invested in inventory year-over-year.

這比去年下降了 30 個基點，這是由於我們逐年投資於庫存，導致庫存儲備增加。

Full year gross margin was 44.6%, representing a 90 basis point improvement versus last year.

全年毛利率為 44.6%，較去年提高 90 個基點。

This expansion was driven by lower clearance as we managed our inventory effectively and implemented initiatives to reduce shrink.

由於我們有效地管理庫存並實施了減少收縮的舉措，因此清倉率下降推動了這種擴張。

Q4 advertising was 9.0% of net revenue versus 9.1% in Q4 '18.

第四季度廣告占淨收入的 9.0%，而 18 年第四季度為 9.1%。

This leverage reflected our choice to spend less in July and deploy marketing dollars more effectively at other times of the year.

這種槓桿作用反映了我們選擇在 7 月減少支出，並在一年中的其他時間更有效地部署營銷資金。

For the full year, advertising was 9.6% of net revenue compared to 8.3% in FY '18 driven by our brand investments concentrated in Q3.

全年來看，廣告占淨收入的 9.6%，而 18 財年這一比例為 8.3%，這主要是因為我們的品牌投資集中在第三季度。

Other SG&A, excluding advertising, was 34.6% of net revenue in Q4 and 33.4% for the full year.

其他 SG&A（不包括廣告）佔第四季度淨收入的 34.6%，佔全年的 33.4%。

This line increased year-over-year as we built out our U.K. team and invested in payroll and stock-based compensation to attract and retain top talent.

隨著我們建立英國團隊並投資工資單和基於股票的薪酬以吸引和留住頂尖人才，這條線路逐年增加。

Together, our over 200 engineers and 125 data scientists introduced new product features, strengthened our Style Shuffle platform and expanded the ecosystem of algorithms that guide our daily operations.

我們的 200 多名工程師和 125 名數據科學家共同推出了新的產品功能，加強了我們的 Style Shuffle 平台，並擴展了指導我們日常運營的算法生態系統。

Notably, these SG&A investments were partially funded by higher efficiencies in our warehouse and styling teams.

值得注意的是，這些 SG&A 投資的部分資金來自我們倉庫和造型團隊的更高效率。

Today, variable labor costs represent less than half of our other SG&A, excluding advertising, reflecting a very strong unit economics.

如今，可變勞動力成本占我們其他 SG&A（不包括廣告）的不到一半，反映出非常強大的單位經濟效益。

We expect to continue leveraging variable costs through efficiency initiatives and expansion of our direct-buy capabilities over time.

隨著時間的推移，我們希望通過提高效率的舉措和擴大我們的直接購買能力來繼續利用可變成本。

Q4 adjusted EBITDA was $6.4 million or 1.5% of net revenue, and FY '19 adjusted EBITDA was $39.6 million or 2.5% of net revenue, in line with our guidance ranges.

第四季度調整後的 EBITDA 為 640 萬美元，占淨收入的 1.5%，19 財年調整後的 EBITDA 為 3960 萬美元，占淨收入的 2.5%，符合我們的指導範圍。

Q4 net income was $7.2 million and diluted EPS was $0.07.

第 4 季度淨收入為 720 萬美元，稀釋後每股收益為 0.07 美元。

For FY '19, net income was $36.9 million and diluted EPS was $0.36.

對於 19 財年，淨收入為 3690 萬美元，攤薄後每股收益為 0.36 美元。

Lastly, we're proud of our ability to grow our business in a capital-efficient way.

最後，我們為能夠以資本高效的方式發展業務而感到自豪。

In 2019, we self-funded meaningful investments across technology, marketing in new markets, and did so while maintaining profitability and generating $47.8 million in free cash flow.

2019 年，我們在技術、新市場營銷方面自籌資金進行了有意義的投資，同時保持了盈利能力並產生了 4780 萬美元的自由現金流。

We ended the year with $368 million in cash, cash equivalents and highly rated securities and no debt.

我們在年底擁有 3.68 億美元的現金、現金等價物和高評級證券，並且沒有債務。

Our healthy balance sheet continues to enable us to self-fund our growth and maintain flexibility.

我們健康的資產負債表繼續使我們能夠為我們的增長提供自籌資金並保持靈活性。

Before I provide 2020 guidance, I'd like to step back and share how we're approaching decisions around growth and investments and their impact on our financial outlook.

在我提供 2020 年指導意見之前，我想退後一步，分享一下我們如何圍繞增長和投資做出決策，以及它們對我們財務前景的影響。

First, on growth.

首先，關於增長。

We are more confident than ever in our platform of personalization and our ability to extend our capabilities to enhance the size of our addressable market and improve our ability to serve clients.

我們比以往任何時候都對我們的個性化平台和我們擴展我們的能力以擴大我們的目標市場規模和提高我們服務客戶的能力的能力充滿信心。

In addition, our early reads across our direct-buy platform only fuel our conviction.

此外，我們在直接購買平台上的早期閱讀只會助長我們的信念。

This confidence is reflected in the full year growth outlook that I'll share in a moment.

這種信心反映在我稍後將分享的全年增長前景中。

We also believe that by investing more aggressively in these capabilities, we'll strengthen our service and extend our leadership in personalization.

我們還相信，通過更積極地投資於這些能力，我們將加強我們的服務並擴大我們在個性化方面的領導地位。

As a result, we plan to invest more heavily in technology and talent in 2020 to accelerate our momentum.

因此，我們計劃在 2020 年加大對技術和人才的投資，以加快發展勢頭。

With that, I'll start with our full year fiscal 2020, and then share how our Q1 outlook fits within this year.

有了這個，我將從我們的 2020 財年全年開始，然後分享我們今年第一季度的前景如何。

For full year fiscal 2020, we expect net revenue in the range of $1.90 billion to $1.93 billion, representing growth of 20.5% to 22.5% year-over-year.

對於 2020 財年全年，我們預計淨收入在 19 億美元至 19.3 億美元之間，同比增長 20.5% 至 22.5%。

Importantly, adjusting out the impact of a 53rd week in FY '19, our guidance range reflects growth of 23% to 25%, the high end of our long-term growth target.

重要的是，調整了 19 財年第 53 週的影響，我們的指導範圍反映了 23% 至 25% 的增長，這是我們長期增長目標的高端。

In line with my earlier commentary on our ramping FY '20 talent investments, we expect EBITDA in the range of $10 million to $30 million.

根據我之前對我們增加 20 財年人才投資的評論，我們預計 EBITDA 在 1000 萬至 3000 萬美元之間。

Besides investments across our operations, this guidance includes stock-based compensation, or SBC, of $75 million as we plan to invest aggressively in our data science engineering teams to advance our personalization capabilities, including direct-buy.

除了對我們的運營進行投資外，該指南還包括 7500 萬美元的基於股票的薪酬或 SBC，因為我們計劃積極投資於我們的數據科學工程團隊，以提高我們的個性化能力，包括直接購買。

Given these talent investments, as we look ahead, we recognize the need to balance the ongoing importance of SBC while driving leverage in our business.

鑑於這些人才投資，展望未來，我們認識到需要平衡 SBC 的持續重要性，同時推動我們業務的槓桿作用。

At the same time, we know that comparable companies exclude SBC from adjusted EBITDA.

同時，我們知道可比公司將 SBC 排除在調整後的 EBITDA 之外。

As a result, in FY '20, we'll provide EBITDA, both including and excluding SBC, and believe that by providing this visibility, we can more clearly demonstrate the leverage we drive across our business.

因此，在 20 財年，我們將提供 EBITDA，包括和不包括 SBC，並且相信通過提供這種可見性，我們可以更清楚地展示我們在整個業務中推動的槓桿作用。

In FY '20, this will result in adjusted EBITDA, excluding SBC, in the range of $85 million to $105 million.

在 20 財年，這將導致調整後的 EBITDA（不包括 SBC）在 8500 萬至 1.05 億美元之間。

By comparison, this range is higher than last year's adjusted EBITDA, excluding SBC, of $75 million.

相比之下，這一範圍高於去年 7500 萬美元的調整後 EBITDA（不包括 SBC）。

Finally, note this guidance includes impacts in the recently announced List 4 tariffs.

最後，請注意本指南包括對最近宣布的清單 4 關稅的影響。

While today, these tariffs have been immaterial to our business, we're working closely with brand partners to mitigate potential future impacts while also continuing to diversify our supply chain.

雖然今天，這些關稅對我們的業務來說並不重要，但我們正在與品牌合作夥伴密切合作，以減輕未來的潛在影響，同時繼續使我們的供應鏈多樣化。

For Q1 '20, we expect net revenue in the range of $438 million to $442 million, representing growth of 20% to 21% year-over-year.

對於 20 年第一季度，我們預計淨收入在 4.38 億美元至 4.42 億美元之間，同比增長 20% 至 21%。

We planned Q1 softer than our full year growth for 2 reasons.

由於兩個原因，我們計劃第一季度的增長低於全年增長。

First, we've had greater success this year with summer products, like T-shirts and sleeveless tops.

首先，我們今年在 T 恤和無袖上衣等夏季產品方面取得了更大的成功。

While these items carry a lower average unit retails and average order values, we're happy to see this seasonal product successful deep into December season.

雖然這些商品的平均單位零售價和平均訂單價值較低，但我們很高興看到這種季節性產品在 12 月銷售季取得成功。

Second, as I noted earlier, we spent less on marketing in late Q4, which meant we had fewer clients to contribute to revenue at the start of Q1.

其次，正如我之前提到的，我們在第四季度末的營銷支出較少，這意味著我們在第一季度初為收入做出貢獻的客戶較少。

Our guidance reflects continued momentum in our revenue per client growth, which was 9% in Q4, and consistent client count growth, which was 18% year-over-year in Q4.

我們的指引反映了我們每個客戶收入增長的持續勢頭，第四季度為 9%，以及客戶數量持續增長，第四季度同比增長 18%。

We expect Q1 EBITDA in the range of negative $7 million to negative $4 million.

我們預計第一季度 EBITDA 在負 700 萬美元至負 400 萬美元之間。

This includes SBC cost of $13 million as well as planned investments in marketing in the U.K., resulting in adjusted EBITDA, excluding SBC, in the range of $6 million to $9 million.

這包括 1300 萬美元的 SBC 成本以及計劃在英國進行的營銷投資，導致調整後的 EBITDA（不包括 SBC）在 600 萬至 900 萬美元之間。

Looking ahead to Q2, we expect EBITDA to return to positive levels.

展望第二季度，我們預計 EBITDA 將回到正水平。

In summary, we are proud of the strong growth and profitability we delivered in 2019 and are confident the strategic investments we're making in 2020 will fuel our personalization capabilities and allow us to capture greater market share over time.

總之，我們為 2019 年實現的強勁增長和盈利能力感到自豪，並相信我們在 2020 年進行的戰略投資將增強我們的個性化能力，並讓我們隨著時間的推移獲得更大的市場份額。

With that, we're ready to open it up for questions.

有了這個，我們準備好打開它來提問。

Operator, over to you.

接線員，交給你了。

(Operator Instructions) We'll hear first today from Edward Yruma with KeyBanc Markets.

（操作員說明）我們今天將首先從 KeyBanc Markets 的 Edward Yruma 那裡聽到。

I guess first, it seems like you've unlocked an exciting growth opportunity in kind of more self-selection through Extras and maybe now Shop Your Looks.

我想首先，您似乎已經通過 Extras 和現在的 Shop Your Looks 開啟了更多自我選擇的激動人心的增長機會。

How does that change the longer-term economic model, given that it seems like a more automated process?

鑑於這似乎是一個更加自動化的過程，這將如何改變長期經濟模型？

And then I guess as a follow-up on tariffs, I know, Paul, you mentioned that you're working to mitigate, but what's the impact that you baked into guidance?

然後我想作為關稅的後續行動，我知道，保羅，你提到你正在努力減輕，但你在指導中提到的影響是什麼？

Thanks, Ed.

謝謝，埃德。

I'll take your question probably to start on new models, and then Paul can speak a little bit about the financials and the tariffs.

我會回答你的問題，可能是從新模型開始，然後保羅可以談談財務和關稅。

Yes.

是的。

We're really excited about kind of being able -- for years, we've talked about how -- what we're building is a set of capabilities and this ecosystem of personalization.

我們真的很興奮能夠——多年來，我們一直在談論如何——我們正在構建的是一套能力和這個個性化生態系統。

And this is -- it's just really exciting for us to be able to demonstrate how we're going to take that outside of the box format.

這是 - 能夠展示我們將如何採用開箱即用的格式，這對我們來說真的很令人興奮。

So I think we shared pretty early results here.

所以我認為我們在這里分享了很早的結果。

We're about 8 weeks into the beta test that we have.

我們已經進行了大約 8 週的 Beta 測試。

And so while we can't speak specifically to like how much of our business will this be or what will that kind of -- what proportionality will it be in the future, I think Paul has some perspective on the financial side, and he can speak to tariffs as well.

因此，雖然我們不能具體說明這將占我們業務的多少，或者那種 - 未來的比例是多少，但我認為保羅在財務方面有一些看法，他可以也談談關稅。

Ed, right now, as you're aware, we have a very positive [view at] economics.

埃德，現在，正如你所知，我們對經濟學的 [看法] 非常積極。

So as you think about direct-buy as a future channel of growth, we see opportunities to be additive on that front.

因此，當您將直接購買視為未來的增長渠道時，我們看到了在這方面增加的機會。

So over time, we'll give you more color on that.

所以隨著時間的推移，我們會給你更多的顏色。

But as we scale the business, we see opportunities to improve our margins overall for the business with direct-buy.

但隨著我們擴大業務規模，我們看到了通過直接購買提高業務整體利潤率的機會。

And specifically with tariffs, I noted in my remarks that we've integrated the impact of tariffs, including the List 4-A, 4-B tariffs in our guidance.

特別是關於關稅，我在評論中指出，我們已經整合了關稅的影響，包括我們指南中的清單 4-A、4-B 關稅。

We deem the net impact of these tariffs to be immaterial.

我們認為這些關稅的淨影響並不重要。

We've been working very closely with our brand and manufacturing partners to mitigate the impact.

我們一直與我們的品牌和製造合作夥伴密切合作，以減輕影響。

And so overall, for the year, we deem the number to be fairly immaterial, and we'll give you updates along the way as we see how this progresses.

所以總的來說，今年，我們認為這個數字相當無關緊要，我們會在看到進展情況時向您提供最新信息。

We'll hear next from Doug Anmuth with JPMorgan.

接下來我們將聽到來自摩根大通的 Doug Anmuth 的講話。

First, I was just hoping you could talk a little bit more about why you spent less on marketing in late 4Q.

首先，我只是希望你能多談談為什麼你在第四季度後期的營銷支出減少了。

What the trend is going forward?

未來的趨勢是什麼？

And why you think the growth will accelerate through 2020?

為什麼您認為到 2020 年增長會加速？

And then also just on stock-based comp for this coming year, the $75 million, has something changed in the business or does it just reflect the competitive nature of the industry?

然後，僅就來年的股票補償而言，7500 萬美元的業務發生了變化，還是僅反映了行業的競爭本質？

Right.

正確的。

Thanks, Doug.

謝謝，道格。

I'll start a little bit on marketing, and then I'll have Paul wrap it up.

我將從市場營銷開始，然後我會讓 Paul 總結一下。

I mean firstly, we're really happy to share disclosures on the marketing side.

我的意思是，首先，我們真的很高興在營銷方面分享披露信息。

And so just philosophically stepping back, we talked a little bit on the call and our disclosure show that we're -- on -- our philosophy and marketing is not to acquire clients just for the sake of acquiring clients, we're looking to acquire thoughtfully clients that are going to be successful through our business and that generate quick payback, and we're not kind of spending to this hypothetical LTV.

因此，從哲學上退後一步，我們在電話中談了一點，我們的披露表明我們——關於——我們的理念和營銷不是為了獲得客戶而獲得客戶，我們正在尋求深思熟慮地獲得將通過我們的業務取得成功並產生快速回報的客戶，我們不會為這個假設的 LTV 花錢。

And so the disclosures hopefully can help to share a little bit of kind of what the strategy is around there.

因此，這些披露有望有助於分享一些關於該戰略的內容。

And so as we're thinking about planning out our year, as we are looking to kind of -- as we finished out this last year, we're looking to be on the high end of our growth range again in the next year.

因此，當我們正在考慮規劃我們的一年時，正如我們希望的那樣 - 正如我們去年完成的那樣，我們希望在明年再次處於增長范圍的高端。

And we're really thoughtful about where we're placing those marketing dollars so that we can make sure that we're generating the best return on those dollars, and at the same time, achieving our growth goals at a high level.

我們非常認真地考慮將這些營銷資金投入何處，以確保我們能從這些資金中獲得最佳回報，同時實現我們的高水平增長目標。

Doug, this is Paul.

道格，這是保羅。

In regards to your question around SBC, now that we've been a public company for 2 years, when we look back, we're very proud of the capabilities we built, the competitive [notes] we built in personalization, and what underpins that is talent.

關於您關於 SBC 的問題，既然我們已經成為一家上市公司 2 年，當我們回顧時，我們為我們建立的能力、我們在個性化方面建立的競爭性 [notes] 以及支撐的東西感到非常自豪那就是天賦。

And as we looked and planned out 2020, we knew that we had an opportunity to continue to widen that moat, not only to continue to hire and retain great data engineering and -- data science and engineering talent but also hire world-class leaders.

當我們展望和規劃 2020 年時，我們知道我們有機會繼續拓寬這條護城河，不僅要繼續聘用和留住優秀的數據工程和數據科學與工程人才，還要聘請世界級的領導者。

That translates into our SBC guidance of $75 million for the year.

這轉化為我們今年 7500 萬美元的 SBC 指導。

We think this visibility is helpful for investors to understand that we do feel confident in growing this business over the long term.

我們認為這種知名度有助於投資者了解我們確實對長期發展這項業務充滿信心。

That being said, a lot of other companies, as we benchmark, do exclude SBC from EBITDA.

話雖這麼說，正如我們的基準一樣，許多其他公司確實將 SBC 從 EBITDA 中排除。

And we felt by sharing that number, people can do their own analysis, it is a noncash expense, but internally, we have looked at that as an investment and one that will pay out over time.

我們覺得通過分享這個數字，人們可以進行自己的分析，這是一項非現金支出，但在內部，我們將其視為一項投資，並且會隨著時間的推移而得到回報。

And just a follow-up, any more clarity just on the acceleration through the course of the year, just what drives the confidence there?

只是一個後續行動，更清楚地說明了這一年的加速情況，是什麼推動了那裡的信心？

Absolutely.

絕對地。

So our guidance for the full year is 23% to 25% on an adjusted 52-week basis.

因此，在調整後的 52 週基礎上，我們對全年的指導是 23% 至 25%。

One area is direct-buy.

一個領域是直接購買。

It's very much an early -- in early stages today, but the reads we have so far give us confidence that will play out over the course of the year.

這是非常早的 - 今天處於早期階段，但我們到目前為止的閱讀給了我們信心，這將在一年中發揮作用。

We have a whole variety of other initiatives.

我們還有各種各樣的其他舉措。

Style Shuffle is a platform that's continuing to allow us to get to know clients better and get them the right product.

Style Shuffle 是一個繼續讓我們更好地了解客戶並為他們提供合適產品的平台。

So those initiatives are reflected in our full year guidance.

因此，這些舉措反映在我們的全年指導中。

And then finally, while Kids in the U.K. are still small, they are growing and they will continue to grow throughout the year.

最後，雖然英國的孩子還小，但他們正在成長，而且他們將全年繼續成長。

So all of these initiatives come together to reflect a full year guidance of 23% to 25% on an adjusted basis, which is on the high end on our range on the long-term basis.

因此，所有這些舉措共同反映了調整後 23% 至 25% 的全年指導，這在我們的長期範圍內處於高端。

From Barclays, we'll move to Ross Sandler.

從巴克萊銀行，我們將轉向羅斯桑德勒。

Team, I had 3 questions.

團隊，我有 3 個問題。

So first one, the gross margin was down a little bit, then you mentioned inventory.

所以首先，毛利率下降了一點，然後你提到了庫存。

I assume this is mix into the new categories.

我認為這是混合到新類別中的。

Can you talk a little bit about the trends that you're seeing with gross margin in Women's versus kind of the newer categories?

你能談談你看到的女性毛利率與新類別毛利率的趨勢嗎？

Is that mostly just the mix or any color there would be helpful?

主要是混合還是任何顏色會有幫助？

And then, Katrina, going back to the marketing comment.

然後，卡特里娜颶風，回到營銷評論。

So you mentioned in your prepared remarks that you can actually target higher-quality clients and pay a higher CAC because you know the frequency or the retention might be better.

因此，您在準備好的評論中提到，您實際上可以瞄準更高質量的客戶並支付更高的 CAC，因為您知道頻率或保留率可能更好。

So is this a new capability or is this something that you've done fairly recently to get those payback period improvement?

那麼這是一項新功能還是您最近為改善投資回收期所做的事情？

Any color there.

那裡有任何顏色。

Lastly, and sorry for the 3 questions, Amazon recently rolled out a personal shopper product for wardrobe.

最後，抱歉這 3 個問題，亞馬遜最近推出了衣櫃個人購物產品。

So any initial thoughts on that -- are you seeing any impact on -- from that offering?

那麼關於這個的任何初步想法 - 你是否看到任何影響 - 來自該產品？

Sure.

當然。

I'll probably have Paul start, and then I can take your questions on competition and on marketing.

我可能會讓保羅開始，然後我可以回答你關於競爭和營銷的問題。

Ross, it's Paul.

羅斯，是保羅。

In regards to your question on our gross margin, it was 30 basis points lower year-over-year and that was in line with our expectations.

關於您關於我們毛利率的問題，毛利率同比下降 30 個基點，這符合我們的預期。

There was a slight mix impact due to the U.K., but more notably, this reflects our choice midyear last year to invest in more inventory.

英國帶來了輕微的混合影響，但更值得注意的是，這反映了我們去年年中選擇投資更多庫存。

We knew we had an opportunity to meet customer demand in the second half and continue to broaden our inventory, speaking to what Mike talked about, to build a sort of broader and more diverse client base.

我們知道我們有機會在下半年滿足客戶需求，並繼續擴大我們的庫存，就像邁克所說的那樣，建立更廣泛、更多樣化的客戶群。

And when you have higher inventory, you do have a reserve impact.

當你有更高的庫存時，你確實會對儲備產生影響。

So year-over-year, we did have a higher inventory reserve cost that was reflected in our gross margins.

因此，與去年同期相比，我們的毛利率確實反映了更高的庫存儲備成本。

We'll see this sort of annualize in the first half of 2020, and again, it's reflective of our confidence in our ability to buy the right inventory and get the right clients.

我們將在 2020 年上半年看到這種年化，這再次反映了我們對購買合適庫存和獲得合適客戶的能力的信心。

And so overall, the health of our gross margins by virtue of our inventory management and operating efficiencies will shrink and also expanding in excess of brand as those trends continue, and we'll just have some investments underneath it that we're allowing -- that these initiatives are allowing us to invest accordingly.

因此，總的來說，隨著這些趨勢的繼續，我們的庫存管理和運營效率所帶來的毛利率健康狀況將下降，並且還會擴大到超過品牌，我們將在允許的基礎上進行一些投資——這些舉措使我們能夠進行相應的投資。

Ross, so your question on marketing.

羅斯，你的問題是關於營銷的。

So firstly, I think we -- the capability of I guess like there's a 2-part question here.

所以首先，我認為我們 - 我猜這裡有一個由兩部分組成的問題的能力。

Like one is really just like our philosophy, and our philosophy is not new.

就像一個人真的就像我們的哲學，我們的哲學並不新鮮。

And so we've been thinking about our customer acquisition cost and payback in a short period of time for a long time.

因此，我們長期以來一直在考慮我們在短時間內的客戶獲取成本和回報。

And that's why we've been profitable for 5 years now.

這就是我們 5 年來一直盈利的原因。

This has been a strategy that we have employed since the early days of how we can make sure that we're building a healthy business with healthy margins along the way.

這一直是我們從早期就採用的策略，我們可以確保我們在此過程中建立一個健康的業務和健康的利潤率。

I think what you're seeing that's newer is in the last -- in probably 2019 or so, we really honed our capabilities on the using algorithms in the marketing world, being able to target clients that we can actively know that we can spend more for, but that we know we're going to get payback for.

我認為你最近看到的是最近的——大概在 2019 年左右，我們真正磨練了我們在營銷領域使用算法的能力，能夠瞄准我們可以主動知道我們可以花更多錢的客戶因為，但我們知道我們會得到回報。

And I would say that was newer in the last year or so compared to prior years and so that helps us to get confidence to buy -- to spend more in certain times versus others because we can feel like we're going to see that really good payback.

我想說的是，與前幾年相比，這是去年左右的更新，因此這有助於我們獲得購買的信心——在某些時候比其他時候花更多的錢，因為我們覺得我們真的會看到這一點好的回報。

And so that's a good new capability that we're really proud of.

因此，這是我們真正引以為豪的一項很好的新功能。

On the competition for -- I mean just to step back, we're in a huge -- we have $400 billion of market opportunity here and 80% of that market opportunity is still in stores.

關於競爭——我的意思是退後一步，我們處於一個巨大的——我們這裡有 4000 億美元的市場機會，而其中 80% 的市場機會仍在商店中。

And so I would say that our -- from -- our competition is really the migration of those dollars that are stuck in kind of retail stores and migrating those dollars online.

因此，我想說我們的 - 來自 - 我們的競爭實際上是那些停留在零售店的美元的遷移，以及在線遷移這些美元。

And so I think head-to-head competition-wise like we're not necessarily looking at look-alike models of who the competitive set is.

因此，我認為在面對面的競爭中，我們不一定要看競爭對手是誰的相似模型。

And I think we see our differentiation as being really strong and that why my personalization is entirely what we're focused on.

而且我認為我們認為我們的差異化非常強大，這就是為什麼我的個性化完全是我們關注的重點。

Even in Shop Your Looks which we talked about, which has more of a direct buying component, in that case, we are doing almost the opposite of showing you everything.

即使在我們談到的 Shop Your Looks 中，它有更多的直接購買成分，在這種情況下，我們所做的幾乎與向您展示一切相反。

We are taking tens of thousands of things and actually only showing you at any given time 30 or 40 shoppable items.

我們正在收集數以萬計的東西，實際上在任何給定時間只向您展示 30 或 40 件可購買的商品。

And so it's a very counter approach to what a lot of other e-commerce does, and that's really compelling and that's really driven by our feedback model.

因此，這是一種與許多其他電子商務所做的截然相反的方法，這真的很有吸引力，而且確實是由我們的反饋模型驅動的。

And Mike reinforced the statistic that we had that 85% of our interactions are generating this really powerful first-person, high-signal feedback data, and that's really what helps us to be able to deliver that capability, to be able to understand that people are going to love.

邁克強調了我們的統計數據，即我們 85% 的互動都產生了這種非常強大的第一人稱、高信號反饋數據，這確實有助於我們提供這種能力，能夠理解人們會愛上。

And then lastly, we're differentiated in our roles with vendors and brands.

最後，我們在供應商和品牌方面的角色有所不同。

I mean brands love working with us, and we're a channel that really helps them to preserve their brand integrity that helps them to be introduced to clients in a really authentic way, and I think that's another huge point of differentiation in our model.

我的意思是品牌喜歡與我們合作，我們是一個真正幫助他們保持品牌完整性的渠道，幫助他們以真正真實的方式被介紹給客戶，我認為這是我們模型中另一個巨大的差異化點。

Next, we'll hear from Mark Mahaney with RBC Capital Markets.

接下來，我們將聽取 RBC Capital Markets 的 Mark Mahaney 的意見。

Can I ask 2 questions, please?

我可以問2個問題嗎？

First, your year-end Stitch Fix for Kids, could you talk about some of the learnings you've had from that?

首先，你的年終兒童縫紉機，你能談談你從中學到的一些東西嗎？

And then secondly, on this direct-buy functionality, I think this is fascinating.

其次，關於這種直接購買功能，我認為這很吸引人。

I think it could be highly material.

我認為它可能非常重要。

And I wonder if you already know to what extent it increases spend per customer.

我想知道您是否已經知道它在多大程度上增加了每個客戶的支出。

I get the data point about how you have these -- this short -- very short-term cohort had whatever 2 items or more purchasers, the clients who did buy that way.

我得到了關於你如何擁有這些——這個短期——非常短期的隊列的數據點，有 2 件或更多的購買者，那些以這種方式購買的客戶。

What I can't tell is, is that cannibalistic from what they would've bought from their Fix.

我不能說的是，他們從他們的修復中購買的東西是自相殘殺的。

And if not, that's highly accretive.

如果沒有，那將是高度增值的。

If you assume, in a 6-day week period, that your average customer would maybe purchase 2 items a month or 3 items a month, you're talking about 25% to 50% increase in spend potentially.

如果您假設，在每週 6 天的時間段內，您的普通客戶可能每月購買 2 件商品或 3 件商品，那麼您的支出可能會增加 25% 到 50%。

So just talk about whether it's too early to know?

所以只談現在知道是否為時過早？

Or what your guess is, is to how much of that's going to be incremental spend with you?

或者您的猜測是，其中有多少是您的增量支出？

Or how much of that could actually be just reduction in what they purchase from Fixes?

或者其中有多少實際上只是減少了他們從 Fixes 購買的商品？

Thanks, Mark.

謝謝，馬克。

Thanks for your questions and for your enthusiasm.

感謝您的提問和熱情。

I'll have Mike start out, and then I'll talk a little bit about direct-buy.

我會讓邁克開始，然後我會談談直接購買。

Yes.

是的。

We continue to be really excited about Kids' product market acceptance with all of our clients, boys and girls with a wide range of ages continues to be very strong.

我們對兒童產品的市場接受度感到非常興奮，我們所有的客戶，年齡範圍廣泛的男孩和女孩仍然非常強大。

We continue to learn that we can develop great product on the [exclusive] brand side and have a phenomenal market brand business.

我們不斷了解到，我們可以在 [獨家] 品牌方面開發出色的產品，並擁有非凡的市場品牌業務。

Our team is really strong, and I think the combination of exclusive brands and market brands and the product acceptance and the strength of the team gives me a lot of confidence that sort of when I was GM of Men's, we had this very good glide path expectations of gross margin and where we would land, and I'm seeing the same thing in Kids.

我們的團隊真的很強大，我認為獨家品牌和市場品牌的結合以及產品的接受度和團隊的力量給了我很大的信心，當我擔任男裝總經理時，我們有很好的滑行路徑對毛利率的預期以及我們將在哪裡著陸，我在孩子們身上看到了同樣的事情。

Kids has now kind of expanded into 2 warehouses versus it was just in one.

Kids 現在已經擴展到 2 個倉庫，而不是原來只有一個。

Men's is now in 4. And it's fun to kind of see these businesses start as seedlings as Kat has talked about in the past, and then ultimately, grow to more maturity.

男裝現在是 4 歲。看到這些企業像 Kat 過去所說的那樣從幼苗開始，然後最終成長到更加成熟，這很有趣。

So as we get further along in Kids, we'll be able to share more as we learn and grow, just like we did in Men's.

因此，隨著我們在 Kids 中的進一步發展，我們將能夠在學習和成長的過程中分享更多內容，就像我們在 Men's 中所做的那樣。

But excited about where Kids is today.

但對孩子們今天的位置感到興奮。

And then on direct-buy, we definitely -- we share your enthusiasm and excitement.

然後在直接購買方面，我們絕對 - 我們分享您的熱情和興奮。

That being said, it's 8 weeks in, and so I don't think we are in a place right now to know exactly how this is going to interact with our other ways of buying.

話雖這麼說，它已經 8 週了，所以我認為我們現在還不能確切地知道這將如何與我們的其他購買方式互動。

But we definitely think that in aggregate, it's very incremental and it's going to be very incremental in that.

但我們絕對認為，總的來說，它是非常漸進的，而且在這方面會非常漸進。

This is allowing people another way to buy and another way to find things where they are looking for something more specific, where they can have confidence that we recommend that it's going to fit and that it's going to fit their style.

這允許人們以另一種方式購買和另一種方式來尋找他們正在尋找更具體的東西的東西，他們可以相信我們建議它會適合併且會適合他們的風格。

And the other thing is, eventually -- and this isn't today, but eventually, we see that this is actually going to be a way that we can actually bring people into the Stitch Fix ecosystem in a more productive way, in a more lightweight way.

另一件事是，最終 - 這不是今天，但最終，我們看到這實際上將成為一種方式，我們可以以更高效的方式，更有效地將人們帶入 Stitch Fix 生態系統輕量級的方式。

And so while dollar-for-dollar, we'll have to figure out how much of it is going to be overlap in spend.

因此，雖然以美元換美元，但我們必須弄清楚其中有多少會在支出上重疊。

And there will be a small portion of that, that will be cannibalistic.

並且會有一小部分，那將是自相殘殺的。

It is broadly really incremental to our company and our service because it's really allowing people another touch point to engage with Stitch Fix that, in some cases, is going to allow them to increase their share of wallet with us, and in some cases, actually might allow for a better entry point or a more productive entry point into the Stitch Fix ecosystem.

從廣義上講，它對我們公司和我們的服務來說確實是增量的，因為它確實讓人們可以通過另一個接觸點與 Stitch Fix 互動，在某些情況下，這將使他們增加與我們的錢包份額，在某些情況下，實際上可能允許更好的切入點或更高效的切入點進入 Stitch Fix 生態系統。

And so we're excited.

所以我們很興奮。

Katrina, when will Shop Your Looks be available for Men?

Katrina，Shop Your Looks 何時可用於男士？

That's a great question.

這是一個很好的問題。

Right now, it's actually only available to, I think, 20% of Women's.

現在，我認為它實際上只適用於 20% 的女性。

So it's still a pretty narrow beta.

所以它仍然是一個非常狹窄的測試版。

And we will definitely share more as we roll it out.

我們肯定會在推出時分享更多。

We'll hear next from Scott Devitt with Stifel.

接下來我們將聽到 Scott Devitt 與 Stifel 的對話。

I had 2. First one is just a clarification on the first reason for the 1Q guide relating to the summer products.

我有 2 個。第一個只是對與夏季產品相關的 1Q 指南的第一個原因的澄清。

And I just wanted to make sure that I understand it.

我只是想確保我理解它。

I think what you're saying is that you're comping summer -- lower-priced summer products relative to fall sales last year because the weather was warmer in the first 2 months of the quarter.

我想你的意思是你在競爭夏季——相對於去年秋季銷售的夏季產品價格較低，因為本季度前兩個月天氣較暖和。

So just want to make sure that, that is actually what you're saying.

所以只是想確保，這就是你所說的。

And then secondly, on China and supply and you mitigating the impact.

其次，關於中國和供應，你減輕了影響。

Could you talk about how much supply does come from China?

你能談談有多少供應來自中國嗎？

And how you're mitigating it or suppliers sourcing from other moving manufacturing out into other locations?

以及您如何緩解它或供應商從其他移動製造商採購到其他地點？

Are they digesting the tariffs and not passing prices on to you?

他們是在消化關稅而不是將價格轉嫁給你嗎？

Or are you tweaking price to the consumer?

還是您在向消費者調整價格？

Which of those levers are you pulling or suppliers pulling to kind of mitigate the impact?

您正在使用哪些槓桿或供應商正在使用哪些槓桿來減輕影響？

Scott, this is Paul, thanks for your questions.

斯科特，我是保羅，謝謝你的提問。

First, with regards to Q1, we noted that we are selling more summer product this year year-over-year.

首先，關於第一季度，我們注意到今年夏季產品銷量同比增長。

It's still hot in August, which is the first month of Q1, and we were really pleased that we are able to serve those clients' needs.

8 月仍然很熱，這是第一季度的第一個月，我們很高興能夠滿足這些客戶的需求。

A lot of retailers out there mark down all of their goods in July.

許多零售商在 7 月份對所有商品進行降價。

By comparison, we knew that we have a high demand to meet and be able to satisfy clients.

相比之下，我們知道我們有很高的需求來滿足並能夠滿足客戶。

So year-over-year, there was an impact on AOV early part in the quarter, and those metrics have normalized now that we're squarely in the fall season.

因此，與去年同期相比，本季度早期的 AOV 受到了影響，現在我們正處於秋季，這些指標已經正常化。

And specifically to tariffs, our mix of China, like a lot of apparel retailers, is large.

具體到關稅，我們在中國的組合，就像很多服裝零售商一樣，很大。

It's a big source of manufacturing for the apparel industry.

它是服裝行業的重要製造來源。

The good news is we have 3 key parts of our toolkit to allow us to mitigate that cost.

好消息是我們的工具包中有 3 個關鍵部分可以幫助我們降低成本。

And that's why the financial impacts in our full year guidance is not material.

這就是為什麼我們全年指導中的財務影響並不重要。

First and foremost, we have very strong partnerships with our brands as well as our manufacturing partners.

首先，我們與我們的品牌以及我們的製造合作夥伴建立了非常牢固的合作夥伴關係。

So as a result, we can partner together on finding ways upstream to reduce cost and mitigate the tariffs.

因此，我們可以合作尋找上游的方法來降低成本和降低關稅。

Two, we talked about this before, with our data science capabilities, we do have an ability to look at pricing options.

第二，我們之前談到過這一點，憑藉我們的數據科學能力，我們確實有能力查看定價選項。

Should we have to [surgically] pass on cost to clients, we can do so in ways that are not very impactful.

如果我們必須[外科手術]將成本轉嫁給客戶，我們可以採用影響不大的方式來進行。

And then finally, more long term, working with both our brands as well as our own exclusive brand partners is to reduce our mix in terms of country of origin from China.

最後，從長遠來看，與我們的品牌以及我們自己的獨家品牌合作夥伴合作是為了減少我們在中國原產國方面的組合。

That work is already underway.

這項工作已經在進行中。

That is longer term in mind, and we want to balance sort of the marketplace and make sure we have a diversification on that front.

這是一個長期的考慮，我們希望平衡某種市場，並確保我們在這方面實現多元化。

So all in all, we feel very confident in our tools, and we'll, again, update you as we see how this progresses.

所以總而言之，我們對我們的工具非常有信心，我們會再次向您更新我們看到的進展情況。

We'll move on to Piper Jaffray's Erinn Murphy.

我們將繼續討論 Piper Jaffray 的 Erinn Murphy。

Two questions as well for me.

還有兩個問題問我。

I guess first, just following up on the inventory up 39% versus your low-20s guidance for sales in the first quarter.

我想首先，只是跟進庫存增長 39%，而第一季度的銷售指導低於 20 多歲。

Can you just kind of walk through what that disconnect is?

你能簡單介紹一下這種脫節是什麼嗎？

And I guess, Paul, as it relates to that, are you expecting pressure on the gross margin in Q1 as a result?

我想，保羅，就此而言，你是否預計第一季度的毛利率會因此受到壓力？

And then secondly, Katrina, for you, more on the U.K., can you share what you're learning?

其次，卡特里娜颶風，對於你來說，更多關於英國，你能分享你正在學習的東西嗎？

Kind of how the brand mix is evolving there?

那裡的品牌組合是如何演變的？

How long it takes on average for a customer to get their Fix?

客戶平均需要多長時間才能獲得修復？

And then just any kind of expectations of what's implied in 2020's guidance for the scaling of that business?

然後是對 2020 年該業務擴展指南中暗示的任何期望？

All right.

好的。

Thanks, Erinn, I'll have Paul start out.

謝謝，Erinn，我會讓 Paul 開始。

Actually, I'll probably have Mike, who's a little closer to the U.K. business, talk a little bit more on the U.K.

事實上，我可能會讓邁克，他更接近英國業務，多談談英國。

Sounds good.

聽起來不錯。

Erinn, this is Paul.

艾琳，這是保羅。

We ended the year with 39% higher inventory and that was in line with our expectations, our plans.

我們年底的庫存增加了 39%，這符合我們的預期和計劃。

We noted earlier, Q2 last year, we made the conscious decision to invest in inventory.

我們早些時候注意到，去年第二季度，我們有意識地決定投資庫存。

We turned 6 times a year.

我們每年轉 6 次。

And so we knew we had an opportunity to reinvest some of our working capital gains and the ability to personalize.

因此，我們知道我們有機會對我們的部分營運資本收益和個性化能力進行再投資。

And Mike talked about some changes we've been able to make year-over-year in terms of broadening our number of brands, our SKUs in Women's as well as across the business.

邁克談到了我們在擴大品牌數量、女裝 SKU 以及整個業務方面能夠逐年做出的一些改變。

And that gives really great confidence to be able to serve a very broad set of clients.

這讓我們非常有信心能夠為非常廣泛的客戶提供服務。

And so that's been an investment that continues in the first half of this year.

因此，這是今年上半年繼續進行的一項投資。

So from a gross margin standpoint, less on clearance but more on inventory reserve, which is a function of how much inventory we have in the books.

因此，從毛利率的角度來看，更少的清倉，更多的是庫存儲備，這是我們賬面上庫存量的函數。

We do see that reflected in our gross margins in the first half, and that's reflected in the guidance I've given for Q1.

我們確實看到這反映在我們上半年的毛利率中，也反映在我為第一季度給出的指導中。

But stepping back, we are really good at managing inventory, and we're really excited that we'd be able to use that capability to serve even more clients better going forward.

但退一步說，我們真的很擅長管理庫存，我們很高興能夠利用這種能力更好地為更多客戶提供服務。

Erinn, on the U.K., it's still early, we launched in May, but there's a couple sort of nuggets that I'd say: one is, our Men's product is really reaching clients in a favorable way, like our clients love the Men's product; and I'd say the second thing is brands, we were able to work with all brands that we want to work with.

Erinn，在英國，現在還早，我們是在 5 月份推出的，但我想說的有幾點：一個是，我們的男士產品確實以一種有利的方式吸引了客戶，就像我們的客戶喜歡男士產品一樣;我想說的第二件事是品牌，我們能夠與我們想要合作的所有品牌合作。

And so it's really fun to have a wide range of brands, both in Men's and Women's as well as work with all the brands we want to work with.

因此，擁有廣泛的男裝和女裝品牌以及與我們想要合作的所有品牌合作真的很有趣。

Some learnings for us is like how do you do click and collect.

對我們來說，一些學習就像你如何點擊和收集。

And how do you have different transportation options.

以及您如何有不同的交通選擇。

So we're working through those kind of as we launch, and as a reminder, we talked about on the call, we spend a lot -- a decent amount of time in this launch-and-learn phase between sort of new businesses.

因此，我們正在開展這些工作，作為一個提醒，我們在電話中談到，我們花了很多時間——在這種新業務之間的啟動和學習階段花費了相當多的時間。

And it allows us to better the customer experience, figure out what capabilities like Style Shuffle, kind of when to include them into these newer business lines.

它使我們能夠改善客戶體驗，找出像 Style Shuffle 這樣的功能，以及何時將它們包含到這些較新的業務線中。

And that's kind of where we are in the stage of the U.K.

這就是我們在英國階段所處的位置。

And from SunTrust, we'll move on to Youssef Squali.

我們將從 SunTrust 轉到 Youssef Squali。

I have 2 questions.

我有兩個問題。

Can you speak to growth in the Women's category, I guess, relative to what you've seen in the last couple of quarters?

你能談談女性類別的增長嗎，我想，相對於你在過去幾個季度看到的情況？

What I'm trying to figure out is are we really -- are we seeing any signs of maturation in this category since it's your oldest.

我想弄清楚的是，我們真的 - 我們是否看到了這一類別的任何成熟跡象，因為它是你最老的。

And then second, you rolled out a new onboarding flow.

其次，您推出了新的入職流程。

Trying to figure out what kind of impact is it having on conversions and marketing efficiency.

試圖弄清楚它對轉化率和營銷效率有什麼樣的影響。

I think one of your employees was quoted or had a blog in which she talked about seeing maybe a 15% lift in style profile completion rate.

我認為您的一位員工被引用或有一個博客，她在博客中談到看到風格檔案完成率可能提高 15%。

Just trying to see if that potentially could be a good indicator [of lift] in conversions as well.

只是想看看這是否也可能成為轉化率 [of lift] 的良好指標。

Youssef, this is Paul.

優素福，這是保羅。

I'll take the first question, and then we'll get to the next one.

我將回答第一個問題，然後我們將進入下一個問題。

So overall, Women's continues to be very healthy part of our business.

所以總的來說，女裝仍然是我們業務中非常健康的一部分。

Our client growth in Q4 was across Men's, Women's and Kids.

我們在第四季度的客戶增長涉及男裝、女裝和童裝。

U.K. was very early.

英國很早。

And then as I noted, 9% growth in revenue per client would only be possible because of Women's.

然後正如我指出的那樣，只有女性才能實現每位客戶 9% 的收入增長。

The newer categories -- while still very exciting opportunities have a lower revenue per client.

較新的類別 - 雖然仍然是非常令人興奮的機會，但每個客戶的收入較低。

So Women's continues to be very healthy.

所以女性仍然非常健康。

In fact, we're investing in inventory to broaden our ability to serve many Women's clients.

事實上，我們正​​在對庫存進行投資，以擴大我們為許多女性客戶提供服務的能力。

It gives us great conference going forward in 2020.

它為我們帶來了 2020 年的精彩會議。

And Youssef, this is Mike, I'll take the onboarding flow question.

Youssef，我是 Mike，我來回答入職流程問題。

I mean we are testing a lot of different things on conversion all the time, and we have a very robust kind of EV test as we talk about.

我的意思是我們一直在測試很多關於轉換的不同東西，而且我們有一種非常強大的 EV 測試，正如我們所說的那樣。

To Paul's point about the investment strategy and data science and engineering, we're going to continue to do that because of how much opportunity I think we have to optimize the experience.

對於保羅關於投資策略和數據科學與工程的觀點，我們將繼續這樣做，因為我認為我們有很多機會來優化體驗。

But some of these tests work and some of them don't, and it's an important part of our profile to always be testing things that we think are going to improve the client experience.

但是其中一些測試有效，而另一些則無效，並且始終測試我們認為會改善客戶體驗的事物是我們配置文件的重要組成部分。

So no kind of specific conversation about that specific conversion test but we do that all the time.

所以沒有關於特定轉換測試的特定對話，但我們一直這樣做。

We'll hear next from Ike Boruchow with Wells Fargo.

接下來我們將聽到 Ike Boruchow 和 Wells Fargo 的對話。

Apologies, 3 questions from me.

抱歉，我有 3 個問題。

So first, you say you spent less on marketing in 4Q.

所以首先，你說你在第四季度的營銷支出減少了。

I was curious is that a dynamic that should reverse in 1Q.

我很好奇，這種動態應該會在第一季度逆轉。

Just kind of curious, maybe Paul, what's baked in for marketing spend in the first quarter in that guidance.

只是有點好奇，也許是保羅，在該指南中第一季度的營銷支出中包含了什麼。

The Q1 revenue, just curious, the revenue dynamics, if I kind of plug in similar type of rev per customer, that gives me, basically, no net adds.

第一季度的收入，只是好奇，收入動態，如果我在每個客戶中插入類似類型的收入，那基本上沒有淨增加。

I'm kind of curious if you could comment rev per customer versus net adds.

我很好奇你是否可以評論每個客戶的收入與淨增加的收入。

And then apologies, the last question.

然後道歉，最後一個問題。

Bigger picture, I think this year is an implied around 1% full year EBITDA margin, which includes the SBC, and now we have the shift in the direct-buy strategy.

更大的圖景，我認為今年隱含的全年 EBITDA 利潤率約為 1%，其中包括 SBC，現在我們已經轉變了直接購買策略。

I'm just curious how does this all inform your thinking on the longer-term EBITDA margin guide of 11% to 13%, just longer term when you think about the business.

我很好奇這一切如何影響您對 11% 至 13% 的長期 EBITDA 利潤率指南的思考，只是從長遠來看，當您考慮業務時。

Is any of that changing when you think about 5, 10 years down the road?

當您考慮未來 5 年、10 年時，這些情況會發生變化嗎？

Ike, this is Paul.

艾克，這是保羅。

So your first question was around our marketing spend.

所以你的第一個問題是關於我們的營銷支出。

So we were in July, this was the depth of summer.

所以我們在七月，這是盛夏。

We didn't just see the efficiencies there, so we made the choice not to invest in that period and just rather spend it when there are efficiencies.

我們不僅看到那裡的效率，所以我們選擇不在那段時間投資，而是在有效率的時候才花錢。

We are very focused on ROI, and we'll be spending some of that in Q1.

我們非常關注投資回報率，我們將在第一季度花費其中的一部分。

But we did leverage our marketing spend, as I noted, 9.0% this year versus 9.1% last year.

但正如我所指出的，我們確實利用了我們的營銷支出，今年為 9.0%，而去年為 9.1%。

In Q1, now that we're in the fall, where we do see efficiencies, we have real confidence in spending both paid and brand in the quarter, and these investments are reflected in my EBITDA guidance for Q1.

在第一季度，現在我們正處於秋季，我們確實看到了效率，我們對本季度的付費和品牌支出都有真正的信心，這些投資反映在我對第一季度的 EBITDA 指導中。

Specifically, to the -- sort of drivers of Q1, we see growth in both revenue per client, seeing that momentum continue, that was 9% in Q4 but also consistent growth in client counts.

具體來說，對於第一季度的驅動因素，我們看到每個客戶的收入都在增長，看到這種勢頭繼續下去，第四季度為 9%，但客戶數量也持續增長。

So there will be -- mathematically when you do that, net adds quarter-over-quarter.

所以會有 - 從數學上講，當你這樣做時，淨增加季度環比。

And that's a reflection of our continue to focus on ROI-positive performance marketing initiatives.

這反映了我們繼續關注投資回報率積極的績效營銷計劃。

And then finally, in terms of your EBITDA question for long term, we are very confident in our long-term margins of 11% to 13% and also growing 20%, 25% for many years to come.

最後，就您的長期 EBITDA 問題而言，我們對我們 11% 至 13% 的長期利潤率非常有信心，並且在未來許多年內還將增長 20%、25%。

We're also confident in our investments this year.

我們對今年的投資也充滿信心。

Again, 2 years in, we've been able to set the stage and deliver on our commitments.

同樣，兩年後，我們已經能夠做好準備並兌現我們的承諾。

And this year, we see near-term opportunities investing in amazing talent that's continued to build the pipeline of initiatives.

今年，我們看到了投資於繼續建立計劃管道的優秀人才的近期機會。

Shop Your Look is just one of many initiatives we have ahead of us to continue to engage with clients and to get to know them really well.

Shop Your Look 只是我們要繼續與客戶互動並真正深入了解他們的眾多舉措之一。

So from that standpoint, that's the fuel that's going to allow us to grow 20%, 25% for many years to come and that's the path of scale that will get us to the long-term margins.

因此，從這個角度來看，這是讓我們在未來許多年內增長 20%、25% 的燃料，這就是讓我們獲得長期利潤的規模化道路。

But right now, we see the opportunities, and again, we have great confidence given our past 2 years of performance.

但現在，我們看到了機會，而且鑑於我們過去兩年的表現，我們再次充滿信心。

We'll now hear from Rick Patel with Needham.

我們現在將聽到 Rick Patel 和 Needham 的對話。

Two for me as well.

我也有兩個。

So a very nice continuation of growth in sales per active client.

因此，每個活躍客戶的銷售額持續增長非常好。

Can you provide some additional color on what the drivers of this were in the fourth quarter?

您能否就第四季度的驅動因素提供一些額外的顏色？

And your confidence in the sustainability of this trend as you look out to fiscal '20?

展望 20 財年，您對這一趨勢的可持續性有信心嗎？

It sounds like direct buying will be a pretty big driver, but curious what else is embedded in guidance.

聽起來直接購買將是一個很大的推動力，但很好奇指南中還嵌入了什麼。

And the second question is really around investment spending going forward.

第二個問題實際上是關於未來的投資支出。

So if we put SBC aside, you plan incremental investments for the U.K. in the back half of fiscal '19.

因此，如果我們將 SBC 放在一邊，您計劃在 19 財年的後半段對英國進行增量投資。

As we look out to fiscal '20, I'm assuming this will continue to be a pressure point until you anniversary it.

當我們展望 20 財年時，我假設這將繼續成為一個壓力點，直到你周年紀念日為止。

But what else may be in the pipeline for investment spend that we should be keeping in mind?

但是，我們還應該牢記在投資支出的管道中還有什麼？

Rick, thanks for your questions.

里克，謝謝你的提問。

This is Paul.

這是保羅。

So first of all, yes, we're really excited with the fact that we've grown revenue per client 5 quarters in a row and that is a function of a whole variety of initiatives.

所以首先，是的，我們真的很興奮，因為我們已經連續 5 個季度增加了每個客戶的收入，這是各種舉措的結果。

Specific to Q4, we talked about Style Shuffle has being -- as being transformative and our ability to understand client style, so we've embedded that information into our algorithms to guide our stylists and that's helped us drive wallet share.

具體到第 4 季度，我們談到 Style Shuffle 具有變革性和我們理解客戶風格的能力，因此我們將該信息嵌入到我們的算法中以指導我們的造型師，這有助於我們提高錢包份額。

Another thing we talked about earlier is that our client base is quite diverse.

我們之前談到的另一件事是我們的客戶群非常多樣化。

And early on, we've had opportunities for clients who are very early in our journey with us to serve them better.

在早期，我們有機會為剛開始與我們合作的客戶提供更好的服務。

Mike talked about the fact that over the first 3 Fixes, we've gotten better at increasing our success rates over those 3 Fixes.

Mike 談到了這樣一個事實，即在前 3 個修復中，我們在提高這 3 個修復的成功率方面做得更好。

And that's helping us drive overall improvements in revenue per client.

這有助於我們推動每位客戶收入的整體改善。

And then final driver is the fact that we've invested in inventory and broadened the assortment.

最後一個驅動因素是我們投資於庫存並擴大了產品種類。

And that, again, continues to allow us to serve clients well.

而且，這再次使我們能夠為客戶提供良好的服務。

All of these initiatives continue to play out in 2020 and then direct-buy is layered on top of that.

所有這些舉措將在 2020 年繼續發揮作用，然後直接購買是最重要的。

In terms of the investments we're making in 2020 beyond SBC, as you noted, we really ramped up cost in terms of people and infrastructure in the U.K. in the second half.

正如您所指出的，就我們在 2020 年在 SBC 之外進行的投資而言，下半年我們在英國的人員和基礎設施方面確實增加了成本。

That was $12 million in the second half of last year.

這是去年下半年的 1200 萬美元。

Those will be analyzing in the first half and that's reflected in my guidance for Q1 and the full year.

這些將在上半年進行分析，這反映在我對第一季度和全年的指導中。

Secondly, marketing.

其次，營銷。

We ended last year with marketing as a percent of revenue at 9.6%.

我們去年結束時營銷佔收入的百分比為 9.6%。

That's the low end of our stated long-term range of 9% to 11%.

這是我們規定的 9% 至 11% 長期範圍的低端。

You've seen the quick paybacks we have in our shareholder letter.

您已經在我們的股東信中看到了我們的快速回報。

We're starting to really build out our brand capabilities.

我們開始真正建立我們的品牌能力。

So we see for the full year opportunity to inch that up further to the midpoint of the range and continue to drive long-term returns on our marketing spend.

因此，我們認為全年有機會進一步將其提高到範圍的中點，並繼續推動我們營銷支出的長期回報。

So all of these investments taken together give us great confidence that we can grow 20% to 25% for the long term, and that's also reflected in the full year guidance for 2020.

因此，所有這些投資加在一起讓我們充滿信心，我們可以長期增長 20% 到 25%，這也反映在 2020 年的全年指導中。

And at this time, I'd like to turn things back to Katrina for closing remarks.

在這個時候，我想把事情轉回卡特里娜颶風的閉幕詞。

Great.

偉大的。

Thank you all for joining us.

謝謝大家加入我們。

We look forward to seeing many of you on the road, and we'll connect next quarter.

我們期待在路上見到你們中的許多人，我們將在下個季度聯繫。

That does conclude today's conference.

今天的會議到此結束。

Again, thank you all for joining us.

再次感謝大家加入我們。