Petco Health and Wellness Company Inc (WOOF) 2020 Q4 法說會逐字稿

Good day, ladies and gentlemen. Welcome to Petco's Fourth Quarter Fiscal 2020 Earnings Conference Call. (Operator Instructions) Please also note, today's event is being recorded. I would now like to turn the conference over to Kristy Moser, Vice President and Investor Relations Officer. Kristy, you may begin.

美好的一天，女士們先生們。歡迎參加 Petco 2020 財年第四季財報電話會議。（操作員說明）也請注意，今天的活動正在錄製中。我現在想將會議交給副總裁兼投資者關係官克里斯蒂·莫澤 (Kristy Moser)。克里斯蒂，你可以開始了。

Thanks very much, and welcome, everybody, to Petco's Fourth Quarter Fiscal 2020 Earnings Conference Call. We are webcasting live over the Internet. To access the call on the Internet, please log on to Petco's website at petco.com and follow the links from there. In addition to the earnings release, there is also a presentation available to download, summarizing our fourth quarter 2020 results. On the call today with me are Mr. Ron Coughlin, Petco's Chairman and Chief Executive Officer; and Mr. Mike Nuzzo, Petco's Chief Operating Officer and Chief Financial Officer.

非常感謝並歡迎大家參加 Petco 2020 年第四季財報電話會議。我們透過網路進行網路直播。若要透過網路通話，請登入 Petco 網站 petco.com 並點擊其中的連結。除了收益發布之外，還可以下載一份演示文稿，總結我們 2020 年第四季的業績。今天與我一起參加電話會議的是 Petco 董事長兼執行長 Ron Coughlin 先生；以及 Petco 營運長兼財務長 Mike Nuzzo 先生。

In a moment, Ron and Mike will walk you through Petco's recent financial and operating performance. Before we begin our remarks, I would like to remind you that in this call, we will be making forward-looking statements regarding our current beliefs, plans and expectations, which are not guarantees of future performance and are subject to a number of risks and uncertainties and other factors that could cause results to differ materially from results and events contemplated by such forward-looking statements. These risks and uncertainties include those set forth in our earnings release and our filings with the Securities and Exchange Commission. Those forward-looking statements are made only as of the date hereof, and except as required by law, we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise. In addition, today's presentation contains references to non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release and our filings with the Securities and Exchange Commission.

稍後，Ron 和 Mike 將帶您了解 Petco 最近的財務和營運表現。在我們開始發言之前，我想提醒您，在本次電話會議中，我們將就我們當前的信念、計劃和期望做出前瞻性聲明，這些聲明不是對未來業績的保證，並且會受到許多風險和影響。可能導致結果與此類前瞻性陳述預期的結果和事件有重大差異的不確定性和其他因素。這些風險和不確定性包括我們的收益報告和向美國證券交易委員會提交的文件中列出的風險和不確定性。這些前瞻性陳述僅在本協議發布之日作出，除非法律要求，我們不承擔更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。此外，今天的簡報還引用了非公認會計準則財務指標。這些非公認會計原則財務指標與最直接可比較的公認會計原則財務指標的調節包含在我們的收益發布和向美國證券交易委員會提交的文件中。

During the question-and-answer portion of today's call, please limit yourself to 1 question and 1 follow-up. Now let me turn it over to Ron. Ron?

在今天電話的問答部分，請將自己限制在 1 個問題和 1 次跟進。現在讓我把它交給榮恩。羅恩？

Thanks, Kristy, and good morning, everyone. Let me begin by saying that we could not be more pleased to be speaking with you for the first time since our IPO in January. We've been looking forward to sharing progress against our strategic priorities and how that translated to strong fourth quarter and full year results. We exited 2020 with momentum, delivering fourth quarter revenue growth of 16%, above our expectations, a 17% comparable store sales or comp sales, 90% plus digital growth, almost 1 million new customers into the franchise and 13% adjusted EBITDA growth.

謝謝克里斯蒂，大家早安。首先我要說的是，自從一月份首次公開募股以來，我們非常高興第一次與您交談。我們一直期待分享我們的策略重點的進展以及如何轉化為強勁的第四季度和全年業績。我們充滿動力地結束了2020 年，第四季度收入增長了16%，超出了我們的預期，可比商店銷售額或比較銷售額增長了17%，數字增長超過90%，特許經營新增近100 萬客戶，調整後EBITDA 成長了13%。

This contributed to an impressive 2020 performance overall, where we saw full year revenue growth of 11%, translating to 14% growth in adjusted EBITDA. And while the COVID environment has definitely provided a strong industry tailwind, looking forward, the millions of incremental new pets who entered homes in the past 12 months generates a predictable head spend annuity for years to come. And coupled with premiumization and humanization trends and the stickiness of our multichannel customer relationships, we see strong growth long into the future.

這使得 2020 年整體業績令人印象深刻，全年營收成長 11%，調整後 EBITDA 成長 14%。儘管新冠疫情環境無疑為行業帶來了強大的推動力，但展望未來，過去 12 個月內進入家庭的數以百萬計的新寵物將在未來幾年產生可預測的人頭支出年金。再加上高端化和人性化趨勢以及我們多通路客戶關係的黏性，我們看到了未來的強勁成長。

Mike will dive deeper into our financial performance and provide guidance for 2021. But before we do that, I want to ground everyone on why Petco is such a special growth company. For those of you who are new to our story, we are the health and wellness company for pets and pet parents, building off of a 55-year history of serving pets and the people who love them. Over the last 3 years, Petco has transformed into a disruptive, fully integrated and digitally led provider of premium products, services and veterinary care.

Mike 將更深入地了解我們的財務表現並為 2021 年提供指導。但在此之前，我想讓大家了解為什麼 Petco 是一家如此特別的成長型公司。對於那些不熟悉我們故事的人來說，我們是一家為寵物和寵物父母提供健康和保健服務的公司，擁有 55 年為寵物和愛它們的人們提供服務的歷史。在過去 3 年裡，Petco 已轉變為一家顛覆性、完全整合和數位化主導的優質產品、服務和獸醫護理提供者。

Our investment thesis starts with a phenomenal category that is large and growing. And within this category, Petco has an exceptional integrated into an ecosystem with the ability to reach customers when and how they choose. It is absolutely what pet parents want as industry research suggests 50% of customers who are looking for a one-stop shop for all of their pets' needs and our customer base over indexes in the highest quality seeking and highest spending at parents.

我們的投資主題始於一個規模龐大且不斷成長的現象級類別。在這一類別中，Petco 出色地融入了生態系統，能夠在客戶選擇的時間和方式下接觸到他們。這絕對是寵物父母想要的，因為行業研究表明，50% 的客戶正在尋找滿足其寵物所有需求的一站式商店，而我們的客戶群則以最高品質尋求和最高支出為指標。

Our transformation has delivered 9 consecutive quarters of growth. In particular, we had momentum going into 2020 with strong top line performance. Our performance accelerated through the pandemic, and we're on an exciting growth trajectory, even as COVID restrictions relax. Petco multichannel platform integrates our strong digital assets with our nationwide physical network. For example, we launched approximately 400 more shifts in store locations and curbside pickup in a matter of weeks. This nimble approach enable us to adapt to the environment in a way that would have just been impossible 2 years ago.

我們的轉型已實現連續 9 個季度的成長。特別是，我們在進入 2020 年時勢頭強勁，營收表現強勁。儘管疫情限制有所放鬆，但我們的業績在疫情期間有所加速，而且仍處於令人興奮的成長軌道上。Petco多通路平台將我們強大的數位資產與我們全國範圍內的實體網路整合在一起。例如，我們在幾週內在商店地點增加了約 400 個輪班和路邊取貨。這種靈活的方法使我們能夠以兩年前不可能的方式適應環境。

At Petco, though, great results start first with great people. I could not be more proud of how our knowledgeable, passionate and caring Petco partners have rallied together to do amazing things for pets, pet parents and each other. That health and safety remains our absolute #1 priority along with the customers and animals in our care. We've consistently met or been ahead of CDC safety guidelines. The protocols we've deployed in support we've provided our partners as a result in a Petco partner COVID infection rates, they are around 1/3 of the national average, despite everyday interaction with customers.

然而，在 Petco，偉大的成果首先始於優秀的人才。我對我們知識淵博、充滿熱情和關懷的 Petco 合作夥伴如何團結起來，為寵物、寵物父母和彼此做出令人驚嘆的事情感到無比自豪。健康和安全仍然是我們的絕對第一要務，以及我們照顧的顧客和動物。我們一直符合或領先 CDC 安全指南。我們為支援合作夥伴而部署的協議導致 Petco 合作夥伴的新冠病毒感染率約為全國平均水平的 1/3，儘管每天都與客戶互動。

Importantly, we have provided 5 COVID-related bonuses and established an employee emergency funds already provided support to over 1,300 partners and their families. We believe vaccinations are critical enablers to the fastest possible recovery. So last month, we launched a $75 incentive program for each Petco partner (inaudible) COVID-19 vaccination regimen. For each partner of vaccinated, we're also donating $25 to the Partner Assistance Fund.

重要的是，我們提供了 5 項與新冠病毒相關的獎金，並設立了員工應急基金，已經為 1,300 多名合作夥伴及其家人提供了支持。我們相信疫苗接種是最快康復的關鍵推動因素。因此，上個月，我們為每個 Petco 合作夥伴（聽不清楚）COVID-19 疫苗接種方案推出了 75 美元的獎勵計劃。對於每個接種疫苗的合作夥伴，我們也向合作夥伴援助基金捐贈 25 美元。

As we think about the road ahead, there are 2 critical factors that have us all very excited. First is the strength of our category today and forecasted into the future. Second, we are really just getting started, monetizing our unique end-to-end pet health and wellness ecosystem. The pet category has proven once again how resilient it is to economic cycles, industry projections, forecast accelerated growth for many years to come. That is powered by the seismic 3 million plus incremental new pets in 2020 and heightened adoption activity continuing into 2021.

當我們思考未來的道路時，有兩個關鍵因素讓我們都非常興奮。首先是我們類別今天的實力以及對未來的預測。其次，我們實際上才剛開始，將我們獨特的端到端寵物健康和保健生態系統貨幣化。寵物類別再次證明了它對經濟週期、產業預測和未來許多年加速成長的預測有多麼強的彈性。這是由 2020 年新增寵物數量突破 300 萬隻以及持續到 2021 年的收養活動的增加所推動的。

According to recent studies, the pet food and pet supplies categories were up mid-single digits and double digits, respectively, over the first few weeks of 2021. And while our lift nears other COVID beneficiaries like mass, home improvement and home goods, what makes us different is that once the garage is remodeled, you're not going to do that again for a decade. Conversely, once a cute puppy becomes part of your home, that will need to be fed, that will need to be groomed and vaccinated for a decade or more. And importantly, the spend per pet has increased 4% annually for years, as pet owners increasingly embrace their pets as part of their family.

根據最近的研究，寵物食品和寵物用品類別在 2021 年前幾週分別增加了中個位數和兩位數。雖然我們的電梯靠近其他新冠受益者，如大眾、家居裝修和家居用品，但我們的不同之處在於，一旦車庫改建，十年內你就不會再這樣做了。相反，一旦可愛的小狗成為你家的一部分，它就需要餵養、梳理和接種疫苗長達十年或更長時間。重要的是，隨著寵物主人越來越多地將寵物視為家庭的一部分，多年來每隻寵物的支出每年增加 4%。

Much like my dog, Yummy, he comes to work with me, eats salmon and sweet potatoes and not only sleeps in bed with us, but is a bed hog at that. This combination of more pets and better spend per pets resulted in industry experts raising their forecast from historical levels around 4% to 5%, up to 6% to 7%, with higher growth projections in key areas like premium food, services, vet and digital. The exact areas where we're focused in seeing accelerated growth.

就像我的狗 Yummy 一樣，他來和我一起工作，吃鮭魚和紅薯，不僅和我們一起睡在床上，而且還很愛睡覺。This combination of more pets and better spend per pets resulted in industry experts raising their forecast from historical levels around 4% to 5%, up to 6% to 7%, with higher growth projections in key areas like premium food, services, vet and數位的.我們重點關注的領域是加速成長。

All in all, pet has historically been a great high-growth category that accelerated in 2020 from COVID tailwinds, and that creates an annuity for many years to come. We also believe that there is no company better positioned to both provide world-class health and wellness and capture dominant share of wallet from these new pet parents. While we compete with peers across each of our channels, from our perspective, no one has the end-to-end integrated multichannel experience with the ecosystem that Petco provides pet parents from nutrition to own vets to vet clinics to training and grooming to our differentiated fulfillment options and more.

總而言之，寵物在歷史上一直是一個巨大的高成長類別，在 2020 年因新冠疫情的推動而加速成長，並在未來許多年創造年金。我們也相信，沒有一家公司能夠更好地提供世界一流的健康和保健服務，並從這些新寵物父母那裡奪取主要的錢包份額。雖然我們在每個管道上與同行競爭，但從我們的角度來看，沒有人擁有Petco 為寵物父母提供的生態系統的端到端整合多通路經驗，從營養到擁有獸醫、獸醫診所、培訓和美容，再到我們的差異化服務履行選項等等。

This results in tremendous stickiness. Our platform provides with a singular view of the customer, giving us what we believe is a significant better advantage relative to our peers. Let me give you an example to make this more tangible. Only a few weeks ago, I received a reminder of my Petco app that Yummy was due for his vaccinations. I scheduled the appointment online and took him in. While I was there, I picked up a few new treats, picked up a toy and scheduled the groom. Without an integrated ecosystem that enables one view of the customer, we never would have had all those touch points.

這導致了巨大的黏性。我們的平台為客戶提供了獨特的視角，這為我們帶來了我們認為相對於同行而言明顯更好的優勢。讓我給你舉一個例子，讓這一點更加明顯。就在幾週前，我收到 Petco 應用程式的提醒，說 Yummy 應該接種疫苗了。我在網上預約了他並帶他進去。當我在那裡時，我買了一些新零食，拿起一個玩具並安排了新郎。如果沒有一個能夠提供客戶單一視圖的整合生態系統，我們永遠不會擁有所有這些接觸點。

A key component of our ecosystem is our best-in-class digital platform, which show up 100% plus digital revenue in 2020 and has steadily gained share. Thanks to strategic investments in recent years. Our site speed is now as fast as any other player in the market. We were laggard 2 years ago. Our user experience is winning over customers and our assortment and pricing are now competitive, all of which drives substantial improvement in conversion. We're also seeing compelling results from our recurring revenue offerings for peak delivery and PupBox, which is our monthly subscription box program for puppies.

我們生態系統的關鍵組成部分是我們一流的數位平台，該平台在 2020 年的數位收入達到 100% 以上，並且份額穩步增長。得益於近年來的策略性投資。我們的網站速度現在與市場上任何其他參與者一樣快。兩年前我們是落後的。我們的使用者體驗正在贏得客戶，我們的產品種類和定價現在也具有競爭力，所有這些都推動了轉換率的大幅提高。我們還看到我們針對高峰交付和 PupBox 的經常性收入產品取得了引人注目的成果，PupBox 是我們針對小狗的每月訂閱盒計劃。

They were up over 40% and 100%, respectively, for the year. Shifting mix to recurring revenue is a strategic priority that is now tangibly impacting our business, and we're continuing to make great progress. One of the things I'm most excited about is a structured advantage created by our customer fulfillment. Our pet care center is now double as micro distribution centers, and our footprint of physical locations have become a huge asset.

今年它們的漲幅分別超過 40% 和 100%。將組合轉向經常性收入是一項策略重點，現在正在對我們的業務產生切實的影響，而且我們正在繼續取得巨大進展。我最興奮的事情之一是我們的客戶滿意度所創造的結構化優勢。我們的寵物護理中心現在兼作微型配送中心，我們的實體位置已成為一項巨大的資產。

At the onset of the pandemic, we launched curbside pickup. And over the holiday period, we launched same-day delivery and offering that our digital pure-play competitors just cannot offer. We believe this will further enhance our customer retention with almost 40% of early adopters saying they prefer same-day delivery. Today, over 80% of our petco.com orders are fulfilled from our pet care centers, enabling us to get the product to customers faster and at a lower cost on average than pure-play online competitors.

疫情爆發時，我們推出了路邊取貨服務。在假期期間，我們推出了當日送達服務，這是我們的純數位競爭對手無法提供的。我們相信這將進一步提高我們的客戶保留率，近 40% 的早期採用者表示他們更喜歡當日送達。如今，我們 80% 以上的 petco.com 訂單都是透過我們的寵物護理中心完成的，這使我們能夠比純粹的線上競爭對手更快、平均成本更低地將產品交付給客戶。

Also, by the end of the fourth quarter, our mobile app has been downloaded 3 million plus times and is driving merchandise sales and incremental services bookings. Our own brands and exclusive merchandise deepen our competitive moats and power our growth. Our team has demonstrated the ability to build brands and products that resonate with customers. In both Q4 and full year 2020, our own brands grow double-digit growth and are rapidly approaching 30% penetration, further fortifying our differentiation from our competitors.

此外，截至第四季末，我們的行動應用程式下載量已超過 300 萬次，正在推動商品銷售和增量服務預訂。我們的自有品牌和獨家商品加深了我們的競爭護城河並推動我們的成長。我們的團隊展現了打造與客戶產生共鳴的品牌和產品的能力。在 2020 年第四季和全年，我們的自有品牌都達到兩位數成長，滲透率迅速接近 30%，進一步強化了我們與競爭對手的差異化。

Our food brand, WholeHearted, which we launched in 2016, is now a top 3 offering. While our premium supplies brand, Reddy, grew almost 90% with aggressive expansion plans ahead. Complementing our own brand offering we also have exclusive partnerships bringing unique products. We're particularly excited about fresh food, which is projected to more than quadruple into a multibillion-dollar category over the next several years, according to industry forecasts.

我們於 2016 年推出的食品品牌 WholeHearted 目前已躋身前三名。我們的優質耗材品牌 Reddy 成長了近 90%，並制定了積極的擴張計劃。為了補充我們自己的品牌產品，我們還建立了獨家合作夥伴關係，帶來獨特的產品。我們對生鮮食品感到特別興奮，根據產業預測，生鮮食品預計在未來幾年內將成長四倍以上，達到數十億美元的類別。

We're focused on becoming a market maker in fresh. In 2021, we're set to more than double our Just Food For Dogs distribution, while our recent launch of premium-priced human grade, Honest Kitchen, has broken all our previous initial sales records. Overall, our own brands and brands exclusive to Petco and specific markets represent over half our portfolio, not only enhancing our gross margin, but also creating competitive insulation.

我們致力於成為生鮮市場的做市商。到 2021 年，我們的 Just Food For Dogs 分銷量將增加一倍以上，而我們最近推出的高價人類級 Honest Kitchen 則打破了我們之前所有的初始銷售記錄。總體而言，我們的自有品牌以及 Petco 和特定市場專有的品牌占我們產品組合的一半以上，不僅提高了我們的毛利率，而且還創造了具有競爭力的絕緣材料。

Petco's competitive inflation is further by services like our veterinary business. We are creating a new paradigm in the industry as well as grooming and training. We're rolling our full-service veterinary hospitals across the country to address the growing need for affordable pet healthcare, consistent with our mission to improve the lives of pets and their pet parents. By integrating these veterinary hospitals into existing pet care centers, we benefit from significant structural advantages, including lower cost of acquisition and additional basket opportunities compared to stand-alone veterinary care providers.

Petco 的競爭性通膨進一步得益於我們的獸醫業務等服務。我們正在業界以及美容和培訓方面創建新的範例。我們正在全國開設全方位服務的獸醫醫院，以滿足人們對負擔得起的寵物醫療保健日益增長的需求，這與我們改善寵物及其寵物父母的生活的使命相一致。透過將這些獸醫醫院整合到現有的寵物護理中心，我們受益於顯著的結構優勢，包括與獨立獸醫護理提供者相比較低的收購成本和額外的籃子機會。

This model enhances customer lifetime value and drives retention. Our vet hospital business is shifting into high years. We opened 20 additional hospitals in Q4, despite COVID-related construction and permitting delays. This brings our year-end total to 125 locations. Our hospital customer account is up strong double digits year-over-year. This performance comes with consistent 9 out of 10 customer satisfaction scores. We are executing what we believe is the fastest vet buildout in history and are seeing a strong performance ramp ahead of our expectations. Long term, we're targeting up to 900 vet hospitals and our pet care centers. This will have a tangible, annual and long-term impact on our financials.

該模型提高了客戶終身價值並提高了保留率。我們的獸醫醫院業務正進入高峰期。儘管因新冠肺炎相關的建設而導致延誤，但我們在第四季度又開設了 20 家醫院。這使得我們年底的營業地點總數達到 125 個。我們的醫院客戶帳戶年增兩位數。此表現的顧客滿意度分數始終為 9 分（滿分 10 分）。我們正在執行我們認為是歷史上最快的獸醫建設，並且看到強勁的業績成長超出了我們的預期。從長遠來看，我們的目標是多達 900 家獸醫醫院和寵物護理中心。這將對我們的財務狀況產生實際的、年度的和長期的影響。

In addition to our rapidly scaling vet hospital business, our mobile vaccination clinic business, Vetco, services over 800 pet care centers weekly and are seeing strong customer demand. We continue to expand in new markets like Reno Anchorage and Nashville, and have begun to pilot mobile clinic sites with other major retail partners.

除了我們快速擴張的獸醫院業務外，我們的行動疫苗接種診所業務 Vetco 每週為 800 多家寵物護理中心提供服務，並且看到了強勁的客戶需求。我們繼續在裡諾安克雷奇和納許維爾等新市場擴張，並已開始與其他主要零售合作夥伴試點行動診所站點。

I visited a pilot location several weeks ago in Phoenix and excited by the potential there. Needless to say, our vet offering stack is scaling into a major long-term growth engine for Petco. Turning now to grooming and training. COVID has had a tangible negative impact on our business, as we shuttered all group training classes and implemented capacity restrictions at grooming swarms. In spite of those restrictions, grooming began to rebound in the second half as we started to carefully be open.

幾週前，我參觀了鳳凰城的一個試點地點，並對那裡的潛力感到興奮。不用說，我們的獸醫產品組合正在擴展成為 Petco 的主要長期成長引擎。現在轉向美容和訓練。新冠疫情對我們的業務產生了明顯的負面影響，我們關閉了所有團體培訓課程，並對美容群實施了容量限制。儘管有這些限制，但隨著我們開始小心翼翼地開放，訓練在下半場開始反彈。

In grooming and training, we expect to continue to take share in a fragmented market as we compete primarily with single unit operators, and our digital marketing capabilities provide tangible advantages. Over 25% of grooming appointments are booked online or in our app. Our Spa Club loyalty program has over 200,000 customers. We successfully launched online training, which means new mall piece here in San Diego, was traded virtually by our star trainer, Chloe, in New York City, 3,000 miles away.

在美容和培訓方面，我們希望繼續在分散的市場中佔據份額，因為我們主要與單一單位運營商競爭，而我們的數位行銷能力提供了切實的優勢。超過 25% 的美容預約是在線上或在我們的應用程式中預訂的。我們的水療俱樂部忠誠度計畫擁有超過 20 萬名客戶。我們成功推出了線上培訓，這意味著聖地牙哥的新商場作品由我們在 3,000 英里外的紐約市的明星培訓師 Chloe 進行虛擬交易。

And lastly, we successfully applied digital media and search to local level. All capabilities, single unit operators typically lack. Due to the 2020 COVID-related closures, grooming and training will likely have a positive overlap dynamic from Q2 to Q4 of 2021, as we annualize stay-at-home restrictions. Bringing all our services business together, despite COVID-related headwinds and health and safety requirements, we achieved revenue growth in 2020 and returned double-digit growth in the fourth quarter.

最後，我們成功地將數位媒體和搜尋應用到地方層級。單一單位運營商通常缺乏所有能力。由於 2020 年新冠肺炎相關的關閉，隨著我們每年實施居家限制，美容和培訓可能會在 2021 年第二季至第四季出現積極的重疊動態。儘管存在與新冠肺炎相關的不利因素以及健康和安全要求，但將我們所有的服務業務整合在一起，我們在 2020 年實現了收入增長，並在第四季度實現了兩位數的增長。

And further powering our acceleration, we're leveraging our data analytics engine to drive new customer acquisition, both further momentum in multichannel purchase conversion. We have a base over 20 million active customers. And that grew by nearly 1 million customers in each of the third and fourth quarters. So today, approximately 90% of those customers, well, they are 1,000 loyalty members, which gives us insight into what they buy, where they buy, when they buy, one of the most robust databases of pet parents in the industry. We leverage this data across the entire organization from marketing to new products and services and how we operate our pet care centers.

為了進一步推動我們的加速，我們正在利用我們的數據分析引擎來推動新客戶的獲取，這兩者都進一步推動了多通路購買轉換。我們擁有超過 2000 萬活躍客戶。第三季和第四季的客戶數量均增加了近 100 萬人。所以今天，大約 90% 的客戶，嗯，他們是 1,000 名忠誠會員，這讓我們能夠深入了解他們購買什麼、在哪裡購買、何時購買，這是業內最強大的寵物父母資料庫之一。我們在整個組織中利用這些數據，從行銷到新產品和服務，以及我們如何經營寵物護理中心。

Importantly, we are very focused on having pet parents participate in more of our categories and channels. We call these multichannel customers. And our analytics show when a customer shops more of our categories and channels, their spend and our share of wallet increase exponentially. We drove double-digit growth in our multichannel customer base last year. And given next spring, I use a baseball analogy. I think we're only in the third inning and see a scale revenue growth opportunity from customer acquisition and this multichannel conversion effort.

重要的是，我們非常注重讓寵物父母參與我們更多的類別和管道。我們將這些客戶稱為多通路客戶。我們的分析顯示，當客戶購買更多我們的類別和管道時，他們的支出和我們的錢包份額會呈指數級增長。去年，我們的多通路客戶群實現了兩位數的成長。考慮到明年春天，我用棒球來比喻。我認為我們只處於第三局，並從客戶獲取和多通路轉換工作中看到了規模收入成長機會。

In support of these efforts, we're deploying enhanced CRM, digital marketing, analytics and customer segmentation capabilities with marketing ROIs double industry benchmarks as a result. These capabilities are driving our game-changing Vital Care membership program. It's the industry's first comprehensive membership program, covering checkups, vaccinations, grooming services and merchandise discount, in essence, bringing our unique ecosystem to life. We launched in mid-October and already have more than 50,000 participants. They appear providing better care for the pet and increase share of wallet for Petco.

為了支持這些努力，我們正在部署增強的 CRM、數位行銷、分析和客戶細分功能，使行銷投資回報率達到行業基準的兩倍。這些功能正在推動我們改變遊戲規則的 Vital Care 會員計劃。這是業界首個全面的會員計劃，涵蓋體檢、疫苗接種、美容服務和商品折扣，本質上是為我們獨特的生態系統注入活力。我們於 10 月中旬推出，目前已有超過 50,000 名參與者。它們似乎為寵物提供了更好的護理，並增加了 Petco 的錢包份額。

I will close by reinforcing both the importance suite placed on our North Star of purpose-driven performance and the significant progress we've made in the purpose area. We've made bold moves that demonstrate our commitment to improving lives of pets, pet parents and the partners that work at Petco. This year, like prior years, with the Petco Foundation, we helped, say, 400,000 animals from youth in Asia. And since our inception, we've helped find homes for more than 6.5 million animals.

最後，我將強調我們對目標驅動績效北極星的重要性以及我們在目標領域的重大進展。我們採取的大膽舉措表明我們致力於改善寵物、寵物父母和 Petco 合作夥伴的生活。今年，與往年一樣，我們與 Petco 基金會合作，幫助了 40 萬隻亞洲青少年動物。自成立以來，我們已幫助超過 650 萬隻動物找到了家園。

Ending pet youth in Asia is an absolute mission for Petco. Two years ago, we made the choice to eliminate products with artificial ingredients, the only national retailer to do so, and that choice resonated with pet parents and was an important step in our journey to differentiate ourselves as a pet health and wellness company.

終結亞洲寵物青春期是 Petco 的絕對使命。兩年前，我們決定淘汰含有人工成分的產品，這是唯一一家這樣做的全國性零售商，這一選擇引起了寵物父母的共鳴，也是我們作為寵物健康和保健公司脫穎而出的重要一步。

In October, we led the industry once again by removing electric shock collars, which caused stress and pain from our shelves and increased our advocacy for and provided a free introductory positive dog training classes. The response to this announcement was incredible. It generated more than 2.3 billion impressions and further establish Petco as the true health and wellness company. Our purpose also includes improving lives of Petco partners.

十月，我們再次引領行業，取消了電擊項圈，這些項圈給我們的貨架帶來了壓力和痛苦，並加強了我們對狗積極訓練的宣傳並提供了免費的介紹性積極狗訓練課程。對這項公告的反應令人難以置信。它產生了超過 23 億次展示次數，進一步確立了 Petco 作為真正的健康和保健公司的地位。我們的目標還包括改善 Petco 合作夥伴的生活。

As I mentioned earlier, we gave 5 COVID appreciation bonuses. And in 2020, our average wage rate increased by double digits, living up to our commitment that as the company does better, employees will be better. Similarly, we granted IPO shares with an extremely broad swath employees, reinforcing that when the company wins, our partners win. We're also committed to sustainability and are making strong strides. We'll be laying out details about our sustainability progress, targeting initiatives in the coming months. Pulling all that together, we've delivered strong results from a Q4 and full year 2020 standpoint, powered by a differentiated customer proposition, customer acquisition and engagement momentum obsessive execution by the Petco partners and a strong mission-based culture that drives us into the future with tailwinds from an accelerating industry.

正如我之前提到的，我們提供了 5 份新冠感謝獎金。2020年，我們的平均薪資成長了兩位數，兌現了我們的承諾：公司做得更好，員工也會更好。同樣，我們向極其廣泛的員工授予了首次公開募股股票，這強化了當公司獲勝時，我們的合作夥伴也會獲勝。我們也致力於永續發展並正在取得重大進展。我們將詳細介紹我們的永續發展進展，以及未來幾個月的目標措施。綜上所述，我們從第四季度和2020 年全年的角度來看，取得了強勁的業績，這得益於Petco 合作夥伴的差異化客戶主張、客戶獲取和參與勢頭、執著的執行力以及強大的基於使命的文化，推動我們進入行業加速發展帶來的順風順水的未來。

The scaling of our industry and power of our model is evident in our Q1 quarter-to-date revenue and customer acquisition momentum, which has given us added confidence for the year. We are beginning to lap the supercharge pantry loading from March 2020 and are pleased with what we're seeing. Petco has also strengthened beyond operational components. Our IPO and oversubscribed refinancing allowed us to lower debt and debt servicing obligations and provides more ability to invest for growth.

我們的行業規模和模型的力量在我們第一季至今的收入和客戶獲取勢頭中顯而易見，這給了我們今年更多的信心。我們從 2020 年 3 月開始對增壓儲藏室進行裝載，並對我們所看到的情況感到滿意。Petco 也加強了營運部門以外的業務。我們的首次公開發行和超額認購再融資使我們能夠降低債務和償債義務，並提供更多的投資成長能力。

In the near term, we would expect a lift in the recently passed stimulus as pet parents have increased spend on the beloved pets after receiving prior checks. And from a leadership standpoint, we've added terrific new Board members, including Sabrina Simmons, former CFO of Gap; Mike Mohan, President and COO of Best Buy; and Mary Sullivan, Senior Managing Director and Chief Talent Officer of Canada Pension Plan Investment Board. These moves will further enable us to continue to pull away from the competition, while doing everything in our power to improve lives.

在短期內，我們預計最近通過的刺激計劃將會有所提振，因為寵物父母在收到事先檢查後增加了在心愛寵物上的支出。從領導階層的角度來看，我們增加了優秀的新董事會成員，包括 Gap 前財務長 Sabrina Simmons；麥克‧莫漢 (Mike Mohan)，百思買總裁兼營運長；瑪麗‧沙利文 (Mary Sullivan)，加拿大退休金計畫投資委員會資深董事總經理兼首席人才長。這些舉措將進一步使我們能夠繼續擺脫競爭，同時竭盡全力改善生活。

We look forward to keeping you updated on our progress. And with that, let me now turn it over to Mike Nuzzo, who in addition to being our CFO, has done a terrific job leading our services business and supply chain as COO. Mike will walk you through the financial details on our fourth quarter and fiscal 2020.

我們期待向您通報我們的最新進展。現在，讓我把它交給邁克·努佐 (Mike Nuzzo)，他除了擔任我們的財務長之外，還在作為首席營運長領導我們的服務業務和供應鏈方面做得非常出色。Mike 將向您介紹我們第四季和 2020 財年的財務詳細資料。

Thanks, Ron. Good morning, everyone. Building on the strong business momentum that Ron discussed, I am pleased to share with you how this momentum is translating into strong financial and operational results. I'll start with the fiscal year 2020. Full year 2020 revenue grew 11% from 2019 to $4.9 billion, with total comp sales up 11%, consisting of digital up over 100%, services and vet up modestly despite COVID headwinds and brick-and-mortar merchandise up mid-single digits, reflecting robust trends discussed previously.

謝謝，羅恩。大家，早安。基於羅恩討論的強勁業務勢頭，我很高興與您分享這種勢頭如何轉化為強勁的財務和營運業績。我將從 2020 財年開始。2020 年全年收入較2019 年增長11%，達到49 億美元，總銷售額增長11%，其中數字銷售額增長超過100%，服務和審查小幅增長，儘管受到新冠疫情的不利影響，實體商品銷售額成長了中個位數，反映了先前討論的強勁趨勢。

Both transactions and average basket trends were strongly positive for the year. As Ron mentioned, our digital business continues to benefit from repeat delivery, which by the end of the year, represented almost 45% of total digital revenue and from local pet care center-based fulfillment, including buy online and pick up in store, curbside, ship from store and same-day delivery, which collectively represented approximately 80% of fulfilled digital orders.

今年的交易量和平均籃子趨勢都非常正面。正如 Ron 所提到的，我們的數位業務繼續受益於重複交付（到今年年底，重複交付佔數位總收入的近 45%）以及基於當地寵物護理中心的履行，包括線上購買和店內取貨、路邊、商店出貨和當日送達，合計約佔已完成數位訂單的80%。

Own brands delivered a teens growth rate for the year. Our services in vet businesses continued to benefit from momentum in grooming as well as the scaling of that hospitals. In spite of a challenging environment from COVID restrictions, in 2020, as we added 44 new full-service vet hospitals within pet care centers, ending the year with 125 hospitals. From a performance standpoint, our hospitals are expected to reach full revenue and EBITDA maturity at 5 years after launch.

自有品牌今年的成長率達到了十幾歲。我們在獸醫業務方面的服務繼續受益於美容和醫院規模的成長勢頭。儘管新冠肺炎限制令環境充滿挑戰，但 2020 年，我們在寵物護理中心內新增了 44 家全方位服務的獸醫院，年底醫院數量達到 125 家。從業績角度來看，我們的醫院預計將在啟動後 5 年內實現全部收入和 EBITDA 成熟。

Notably, our hospitals completing the third year of operations are ahead of model, generating over $1 million in revenue and over $200,000 in four-wall EBITDA in year 3. While our 2019 and 2020 cohorts are scaling meaningfully faster than modeled as we gained more vet service share within our target markets. In addition to these impressive hospital trends, the rest of store lift from our pet care center transformation remains strong, with vet locations delivering results that exceeded the rest of chain sales growth rate by mid-single digits in 2020.

值得注意的是，我們的醫院完成了第三年的運營，領先於模型，在第三年創造了超過100 萬美元的收入，四壁EBITDA 超過20 萬美元。雖然我們的2019 年和2020 年隊列的擴張速度明顯快於模型，因為我們獲得了更多的獸醫我們的目標市場中的服務份額。除了這些令人印象深刻的醫院趨勢之外，我們的寵物護理中心轉型對其他商店的提升仍然強勁，獸醫店的業績在 2020 年超過了其他連鎖店的銷售增長率中個位數。

Full year gross profit increased $200 million or 11%, in line with revenue growth to $2.1 billion. Gross profit as a percentage of revenue was 42.8% compared to 43% in 2019. Excluding certain COVID-related impacts within our services channel and distribution centers, 2020 gross margin rate would have been up modestly from 2019. SG&A expenses were $1.9 billion, up $135 million or 8% from prior year, inclusive of nonrecurring COVID-related expenses.

全年毛利成長 2 億美元，即 11%，與營收成長至 21 億美元一致。毛利佔收入的百分比為 42.8%，而 2019 年為 43%。排除我們的服務通路和分銷中心內與新冠疫情相關的某些影響，2020 年毛利率將較 2019 年小幅上升。SG&A 費用為 19 億美元，比前一年增加 1.35 億美元，或 8%，其中包括與新冠肺炎相關的非經常性費用。

SG&A as a percentage of sales was 38.9%, an improvement of 120 basis points versus prior year, reflecting expense leverage on sales growth and our cost management efforts. Adjusted EBITDA was $484 million, an increase of 14% from prior year, outpacing 11% revenue and gross profit growth. Adjusted EPS, which also excludes IPO-related debt extinguishment costs, improved by $0.33, $0.28 based on 211 million weighted average fully diluted shares for full year 2020 as well as a normalized effective tax rate of 26%, which excludes unusual onetime tax impacts, including the IPO transaction and the 2020 CARES Act.

SG&A 佔銷售額的百分比為 38.9%，比前一年提高 120 個基點，反映了銷售成長的費用槓桿和我們的成本管理工作。調整後 EBITDA 為 4.84 億美元，較上年成長 14%，超過 11% 的營收和毛利成長。調整後每股盈餘（也不包括IPO 相關的債務清償成本）提高了0.33 美元，根據2020 年全年2.11 億股加權平均完全稀釋股票以及26% 的標準化有效稅率（不包括異常的一次性稅收影響）計算，調整後每股收益提高了0.28 美元，包括 IPO 交易和 2020 年 CARES 法案。

Turning to the fourth quarter of 2020. Revenue grew 16% to $1.3 billion and comparable sales were up 17% and 20% on a 2-year basis, demonstrating acceleration in the second half of the year. This revenue performance was driven by 92% growth in digital, 13% growth in services in vet and 10% growth in brick-and-mortar merchandise, reflecting the strength of our multichannel platform.

時間轉到2020年第四季。營收成長 16%，達到 13 億美元，可比銷售額在兩年基礎上成長 17% 和 20%，顯示下半年的加速成長。這項營收業績的推動因素包括數位業務成長 92%、獸醫服務成長 13% 以及實體商品成長 10%，這反映了我們多通路平台的實力。

Fourth quarter gross profit increased $71 million or 14% to $569 million from Q4 2019. Gross profit as a percentage of revenue was in line with our plan at 42.6% compared to 43.3% in Q4 2019. Much of the gross profit rate difference was driven by COVID-related costs as well as the anniversary of a Q4 2019 actuarial true-up. The balance of the difference was from a modest channel mix impact, partially offset by gross margin rate improvements within key areas of the business.

第四季毛利較 2019 年第四季增加 7,100 萬美元，增幅 14%，達到 5.69 億美元。毛利佔收入的百分比為 42.6%，符合我們的計劃，而 2019 年第四季為 43.3%。毛利率差異很大程度上是由新冠肺炎相關成本以及 2019 年第四季精算調整週年紀念日造成的。差異的平衡來自於通路組合的適度影響，部分被業務關鍵領域毛利率的增加所抵銷。

SG&A expenses were $502 million, up $65 million or 15% from Q4 2019, inclusive of nonrecurring COVID and IPO-related expenses. SG&A as a percentage of revenue was 37.5% compared to 38.1% in Q4 2019, driven by expense leverage and cost management, even as we made incremental strategic investments in the safety of our partners and customers, capturing new customers with added digital media and performance-based bonuses for our team members.

SG&A 費用為 5.02 億美元，比 2019 年第四季增加 6,500 萬美元，或 15%，其中包括非經常性新冠肺炎和 IPO 相關費用。儘管我們在合作夥伴和客戶的安全方面進行了增量策略投資，透過增加數位媒體和效能來吸引新客戶，但在費用槓桿和成本管理的推動下，SG&A 佔收入的百分比為37.5%，而2019年第四季為38.1%為我們的團隊成員提供基於獎金的獎金。

Adjusted EBITDA was $149 million, an increase of 13% from Q4 2019. Adjusted EPS was $0.17 based on 216 million weighted average fully diluted shares and applying our 26% normalized effective tax rate, among other adjustments outlined in our GAAP EPS to adjusted EPS reconciliation. Turning to our pet care center base. We ended Q4 with 1,454 pet care centers, down 23 locations from a year ago. In the quarter, we added 1 new location and closed 15. We also added 20 additional vet hospitals within pet care centers and ended 2020 with 125 locations. We also ended the year with 96 pet care centers in Mexico, operated by our successful joint venture with Grupo Gigante, where we had double-digit comp growth in 2020.

調整後 EBITDA 為 1.49 億美元，較 2019 年第四季成長 13%。調整後每股收益為 0.17 美元，基於 2.16 億股加權平均完全稀釋股票，並應用我們 26% 的標準化有效稅率，以及我們的 GAAP 每股收益中概述的其他調整來調整每股收益調節。轉向我們的寵物護理中心基地。截至第四季度，我們共有 1,454 個寵物護理中心，比去年同期減少了 23 個。本季度，我們新增 1 家門市並關閉 15 家。我們也在寵物護理中心內新增了 20 家獸醫院，截至 2020 年底，地點已達 125 家。去年年底，我們還在墨西哥設立了 96 家寵物護理中心，由我們與 Grupo Gigante 的成功合資企業運營，2020 年我們在墨西哥實現了兩位數的複合增長。

For 2021, we expect the U.S. pet care center count to remain roughly flat to year-end 2020, but we expect to transform 70 pet care centers by adding full-service vet hospitals and other revenue-driving enhancements. We will also plan to add over 10 pet care centers in Mexico. Looking at our balance sheet, we continue to have strong liquidity at the end of the year of $499 million, inclusive of $111 million cash and cash equivalents and $388 million of availability on our revolving credit facility.

2021 年，我們預計美國寵物護理中心數量到 2020 年底將大致持平，但我們預計將透過增加全方位服務獸醫院和其他增加收入的增強措施來改造 70 個寵物護理中心。我們還計劃在墨西哥增加 10 多個寵物護理中心。從我們的資產負債表來看，我們在年底仍然擁有 4.99 億美元的強勁流動性，其中包括 1.11 億美元的現金和現金等價物以及 3.88 億美元的循環信貸額度。

On the cash flow side, we began the fiscal year with $149 million in cash and cash equivalents and generated $269 million in cash from operations. We invested $160 million in capital allocation, focused on IT infrastructure and innovation, the strategic transformation of our pet care centers with the addition of vet hospitals, Just Food For Dogs pantries and Reddy shops and other corporate and supply chain capabilities. All that said, free cash flow generation for the year was $109 million.

在現金流方面，我們以 1.49 億美元的現金和現金等價物開始本財年，並從營運中產生了 2.69 億美元的現金。我們投資了 1.6 億美元的資本配置，重點關注 IT 基礎設施和創新、寵物護理中心的策略轉型（增加了獸醫醫院、Just Food For Dogs 食品儲藏室和 Reddy 商店以及其他企業和供應鏈能力）。話雖如此，今年的自由現金流量為 1.09 億美元。

Moving to our leverage position. We recently took action to strengthen our balance sheet. First, in January, we successfully closed our initial public offering, which yielded net proceeds of approximately $939 million after deducting underwriting discounts and commissions. We used these proceeds and other funds to pay down debt, ending the year with net debt of just under $1.5 billion, a net leverage ratio of 3.2x. Second, after the fiscal year ended, we successfully completed a refinancing of our loan facility with borrowings under a new term loan facility with a principal balance of $1.7 billion maturing in 2028. Our refinancing enabled us to take advantage of low borrowing costs and actively manage our near and medium-term maturity profile.

轉向我們的槓桿位置。我們最近採取行動加強我們的資產負債表。首先，我們在一月成功完成了首次公開募股，扣除承銷折扣和佣金後，淨收益約為 9.39 億美元。我們用這些收益和其他資金來償還債務，年底淨債務略低於 15 億美元，淨槓桿率為 3.2 倍。其次，本財年結束後，我們利用新定期貸款安排下的借款成功完成了貸款安排的再融資，本金餘額為 17 億美元，將於 2028 年到期。我們的再融資使我們能夠利用較低的借貸成本並積極管理我們的近期和中期到期狀況。

When coupled with the deleveraging from our IPO and related recapitalization, we lowered our annual interest expense by over $100 million and our required principal payments by over $8 million annually, enhancing our ability to invest for growth while maintaining financial flexibility. Building on our strong 2020 performance, we are confident in our ability to drive continued growth in 2021. Our initial outlook and guidance for 2021 is as follows: total revenue in the range of $5.25 billion to $5.35 billion; adjusted EBITDA in the range of $520 million to $530 million; and adjusted EPS in the range of $0.63 to $0.66 based on approximately $90 million of interest expense, an effective tax rate of 26% and a weighted average fully diluted share count of approximately 266 million.

再加上我們IPO 的去槓桿化和相關資本重組，我們的年度利息支出減少了超過1 億美元，所需的本金支付每年減少了超過800 萬美元，增強了我們投資增長的能力，同時保持了財務靈活性。在 2020 年強勁業績的基礎上，我們對推動 2021 年持續成長的能力充滿信心。我們對 2021 年的初步展望與指引如下：總收入在 52.5 億美元至 53.5 億美元之間；調整後的 EBITDA 在 5.2 億至 5.3 億美元之間；根據約 9,000 萬美元的利息支出、26% 的有效稅率和約 2.66 億股的加權平均完全稀釋股份數，調整後每股收益在 0.63 美元至 0.66 美元之間。

Our 2021 revenue guidance reflects the continued strength of our business. Similar to other consumer and retail companies, we have a higher sales growth compared in the second half of 2021. However, unlike most businesses that benefited from COVID stay-at-home dynamic, the increase in pet ownership will generate meaningful ongoing industry sales growth tailwinds that we are well positioned to capture. We believe that the recent approved federal stimulus bill and the anticipated broad-based economic recovery should also be beneficial to us.

我們的 2021 年收入指引反映了我們業務的持續實力。與其他消費品和零售公司類似，我們在 2021 年下半年的銷售額成長較高。然而，與大多數受益於新冠疫情居家動態的企業不同，寵物擁有量的增加將產生有意義的持續產業銷售成長動力，我們完全有能力抓住這一機會。我們認為，最近批准的聯邦刺激法案和預期的廣泛經濟復甦也應該對我們有利。

And finally, as we stressed in our IPO process, we have a substantial multiyear growth runway across all parts of our business, complemented by exciting emerging capabilities. As we sit here today, we feel very good about both pet care market trends and the execution of our ecosystem strategy as our momentum has continued into Q1 of 2021. With that, I'll turn the call back over to Ron for some closing comments.

最後，正如我們在 IPO 過程中所強調的那樣，我們的所有業務部門都擁有可觀的多年成長跑道，並輔以令人興奮的新興能力。當我們今天坐在這裡時，我們對寵物護理市場趨勢和生態系統策略的執行感到非常滿意，因為我們的勢頭一直持續到 2021 年第一季。這樣，我會將電話轉回給羅恩，以徵求一些結束語。

Thanks, Mike. My closing point is the same one that I made on our IPO road show and asked how to think about Petco. Beyond being a mission-based strong growth company with a terrific management team, yes, I encourage you to think about us as a high-performing retail company. But we're also a digital and omnichannel innovator, as e-commerce business doubled in the last year. At the same time, we're a veterinary care and services provider. These vet footprint increased by over 50% in the last year. We are confident that the continued execution of our strategy will drive momentum across our business as reflected in our 2021 guidance and will enable us to continue to create long-term value for shareholders.

謝謝，麥克。我的結論與我在 IPO 路演中詢問如何看待 Petco 的觀點相同。除了成為一家擁有出色管理團隊、以使命為基礎的強勁成長公司之外，是的，我鼓勵您將我們視為一家高績效零售公司。但我們也是數位化和全通路創新者，去年電子商務業務翻了一番。同時，我們也是獸醫護理和服務提供者。去年，這些獸醫足跡增加了 50% 以上。我們相信，我們策略的持續執行將推動我們整個業務的發展勢頭，正如我們 2021 年指導方針所反映的那樣，並使我們能夠繼續為股東創造長期價值。

On behalf of our more than 26,000 passionate partners, I could not be more proud of our incredible performance in 2020, and we are just getting started. The #PetcoStrong is something that organically became a rallying cry this year, and I see us becoming Petco stronger every single day. We're excited about the future and appreciate you being a part of our journey. With that, Mike and I will now take your questions.

我代表我們超過 26,000 名熱情的合作夥伴，對我們在 2020 年取得的令人難以置信的業績感到非常自豪，而我們才剛剛開始。#PetcoStrong 自然成為今年的戰鬥口號，我看到我們每天都在變得更強大。我們對未來感到興奮，並感謝您成為我們旅程的一部分。接下來，麥克和我將回答你們的問題。

(Operator Instructions) Today's first question comes from Kate McShane with Goldman Sachs.

（操作員說明）今天的第一個問題來自高盛的 Kate McShane。

My question is centered around gross margins. It was nice to see that you were able to offset some of the pressure from a mix piece, which I know includes digital and services. So I wondered if you could maybe talk through that a little bit more? How much that mix impact did have on gross margins in Q4? And how should we think about the gross margins in the context of the guide for 2021?

我的問題集中在毛利率。很高興看到您能夠抵消混合部分的一些壓力，我知道其中包括數字和服務。所以我想知道你是否可以再談談這個問題？這種混合對第四季的毛利率有多大影響？我們該如何看待 2021 年指南中的毛利率？

Thanks, Kate. Appreciate it. Let me be clear. Our FY '20 and fourth quarter gross margins were in line with our expectations. We will continue to drive gross margin rate improvement in each area of our business as well as drive into high profit areas like own brands that offset that mix shift to digital. So from a longer-term standpoint, any gross margin rate erosion is going to be modest and moderating over time. I'll let Mike double-click into that, though.

謝謝，凱特。欣賞它。讓我說清楚。我們 20 財年和第四季的毛利率符合我們的預期。我們將繼續推動每個業務領域毛利率的提高，並進入高利潤領域，例如自有品牌，以抵消向數位化的組合轉變。因此，從更長期的角度來看，任何毛利率的侵蝕都將是溫和的，並且隨著時間的推移而趨於緩和。不過，我會讓麥克雙擊它。

Yes. Thanks, Ron. Thanks for the question, Kate. Yes, I would start by emphasizing that our gross margin rate for 2020 would have exceeded 2019's gross margin rate, excluding the COVID-related impacts, as we mentioned in our prepared remarks. In Q4, the major impact was the lapping of an actuarial true-up from 2019, and we also had COVID-related impacts. Channel mix was modest, but what we are seeing is gross margin rate improvement in major areas of our business.

是的。謝謝，羅恩。謝謝你的提問，凱特。是的，我首先要強調的是，正如我們在準備好的發言中提到的，不包括與新冠病毒相關的影響，我們 2020 年的毛利率將超過 2019 年的毛利率。第四季的主要影響是 2019 年精算調整的更新，我們也受到了與新冠病毒相關的影響。通路組合適度，但我們看到我們主要業務領域的毛利率有所改善。

And the other really positive thing is that we are seeing substantial opportunity for continued rate improvement. We've talked about the delivery optimization that we're doing in e-commerce, the productivity enhancement in services with the scaling of vets and the increased productivity around our grooming business, for example, own brands is a huge help to our gross margin rate. So we don't guide to the gross margin rate, it's embedded within our guidance. But we feel very good about our ability to manage this aspect of our business.

另一個真正積極的事情是，我們看到了持續提高利率的巨大機會。我們討論了我們在電子商務中所做的交付優化、隨著獸醫規模的擴大而提高的服務生產力以及我們的美容業務生產力的提高，例如，自有品牌對我們的毛利率有巨大的幫助速度。因此，我們不提供毛利率指導，它包含在我們的指導中。但我們對管理這方面業務的能力感到非常滿意。

And our next question today comes from Steven Zaccone with Citigroup.

今天我們的下一個問題來自花旗集團的 Steven Zaccone。

Congrats on the nice start to being a public company. Ron, when you look back on 2020, how much of the strength in the business was driven by the pandemic lifting demand versus the general transformation in the business that was already underway?

恭喜您成為上市公司的良好開端。Ron，當您回顧 2020 年時，與已經在進行的業務整體轉型相比，業務的強勁增長有多少是由大流行提升的需求推動的？

Steve, thanks for the well wishes for quarter number one. So if you break it down, in many ways, we were just perfectly positioned for COVID. The transformation that we engineered, we were already accelerating coming into COVID. So we're growing 6% coming into COVID with plans to accelerate from there. As COVID change behaviors, we had turned -- we've been in the process of turning our pet care Centers into micro distribution centers already.

史蒂夫，感謝您對第一季的祝福。因此，如果你仔細分析的話，從很多方面來看，我們都為應對新冠疫情做好了完美的準備。我們設計的轉型已經在加速進入新冠疫情時期。因此，我們在新冠疫情期間實現了 6% 的成長，並計劃在此基礎上加速成長。隨著新冠疫情改變人們的行為，我們已經開始將寵物護理中心轉變為微型配送中心。

So we immediately tripled the amount of shift from store locations. We launched curbside and then litter launched same-day delivery. All of these positioned us very well to capture the COVID opportunity. Now I know there's lots of conversations about stay-at-home beneficiaries versus companies that are going to surge with the reopening.

因此，我們立即將商店地點的班次增加了兩倍。我們推出了路邊送貨服務，然後垃圾推出了當日送貨服務。所有這些都使我們能夠很好地抓住新冠疫情的機會。現在我知道有很多關於留在家裡的受益人與隨著重新開放而激增的公司的討論。

I would tell you that we're a bit of a unicorn between the two. Yes, we got a benefit from COVID, but that benefit brought with it 3 million incremental new pets in 2020, and we see elevated pet adoptions. And we see waiting lines with breeders, and we see our live animal sales at an elevated level in the first half of '21. So that provides an annuity. If you look at a home gym, you're not going to do that once every 5 or 10 years. But once you have that new furry friend in your house, they're going to be fed, they're going to be groomed, they're going to need to be vaccinated. So that provides an annuity that gives us a bridge from the COVID beneficiary to the reopening beneficiary.

我想告訴你，我們有點像是介於兩者之間的獨角獸。是的，我們從新冠疫情中受益，但這種好處在 2020 年帶來了 300 萬隻新寵物，我們看到寵物收養率上升。我們看到飼養員在排隊等候，我們的活體動物銷售在 21 年上半年達到了較高水準。這樣就提供年金了。如果你看看家庭健身房，你不會每 5 年或 10 年就去一次。但是一旦你家裡有了新的毛茸茸的朋友，他們就會被餵食，他們會被梳理，他們將需要接種疫苗。因此，這提供了一份年金，為我們架起了從新冠受益人到重新開放受益人的橋樑。

So we bridge into both. We also have parts of our business that were hampered in COVID that are going to be -- have positive lap dynamics. And grooming training be perfect example. Out of abundance of caution, we stopped groom training. We reduced our throughput and footfall in our grooming salons. And those went negative for the first 2 quarters after the COVID. We got back to growth, and we got back to double-digit growth in Q4, but those are going to have a positive overlap dynamic as we head into the second half.

所以我們將兩者連結起來。我們的部分業務也因新冠疫情而受到阻礙，但這些業務將具有積極的單圈動態。儀容訓練就是一個完美的例子。出於謹慎考慮，我們停止了馬夫訓練。我們減少了美容沙龍的吞吐量和客流量。新冠疫情爆發後的前兩個季度，這些數字為負值。我們恢復了成長，並在第四季度恢復了兩位數成長，但隨著我們進入下半年，這些成長將產生積極的重疊動態。

And then when you look at total spend per pet, it is -- for the last 7 or 8 years has been up 4% as humanization and premiumization increases. So we see that continuing into the second half. So we're both a COVID beneficiary, but we're also a reopening beneficiary. And all the work we did in the leading up to COVID positioned us perfectly. Thanks for the question, Steve.

然後，當您查看每隻寵物的總支出時，您會發現，隨著人性化和高端化的增加，過去 7 或 8 年每隻寵物的總支出增加了 4%。所以我們看到這種情況會持續到下半場。因此，我們既是新冠疫情的受益者，也是重新開放的受益者。我們在應對新冠疫情之前所做的所有工作都讓我們處於完美的位置。謝謝你的提問，史蒂夫。

Yes, yes, that's great. Just a quick follow-up. Question on the e-com business. So you had very strong growth this year, but there's still a pretty sizable sales volume gap versus the industry's largest e-com pure play. What do you view as your key competitive advantages online to narrow that gap over time?

是的，是的，那太好了。只是快速跟進。關於電子商務業務的問題。因此，今年的成長非常強勁，但與業內最大的純電子商務公司相比，銷售量仍存在相當大的差距。您認為隨著時間的推移，縮小這一差距的主要線上競爭優勢是什麼？

Yes. So let me start by saying, we doubled our e-comm business in 2020. So obviously, we're very happy with that. We've steadily gained share from a digital standpoint. So we're happy about that. Where our depict our e-commerce business is into 3 buckets. We, historically, prior to those 3 buckets, had been overly promotionally oriented. We had an antiquated infrastructure and a promotion orientation. So phase 1 was getting the basics right, getting the fundamentals. We rebuilt the IT infrastructure underneath our digital business. And within 18 months, we launched repeat delivery, we launched our app, we launched buy online pickup in-store, et cetera. So we redid our IT infrastructure.

是的。首先我要說的是，2020 年我們的電子商務業務翻了一番。顯然，我們對此感到非常滿意。從數位化的角度來看，我們的市場佔有率穩定成長。所以我們對此感到高興。我們將電子商務業務分為三個部分。從歷史上看，在這三個桶子之前，我們一直過度以促銷為導向。我們的基礎設施已經過時，而且促銷導向也很老舊。所以第一階段就是打好基礎，打好基礎。我們重建了數位業務下的 IT 基礎架構。在 18 個月內，我們推出了重複配送、推出了應用程式、推出了線上購買、店內取貨等等。因此我們重新設計了 IT 基礎架構。

Then we closed gaps in areas like SKUs versus competition. We closed gaps in areas like pricing where we wanted to. We were the slowest site in the industry. Now we're either the fastest or as fast as anybody else. So we got our fundamentals right. And guess what happened when we did that. Our conversion grew by double digits. And then stage 3, which is the really exciting stage, is where we generate competitive advantage. And that really became clear to us in COVID.

然後我們在 SKU 等領域縮小了與競爭對手的差距。我們在定價等領域縮小了我們想要的差距。我們是業界最慢的網站。現在我們要嘛是最快的，要嘛和其他人一樣快。所以我們的基本原理是正確的。猜猜當我們這樣做時發生了什麼。我們的轉換率成長了兩位數。然後是第三階段，這是真正令人興奮的階段，也是我們產生競爭優勢的階段。在新冠疫情中，這一點對我們來說真的很清楚。

As we launched -- as we expanded our curbside, as we expanded our shift from stores, but really, really when we launch same-day delivery. Same-day delivery is now 30% of our orders. And the way to think about all of those offers is we get to the customer faster. So you have higher customer satisfaction at lower cost than pure online players who are shipping from And the best example of this is a big bag of dog food. So a big bag of dog food from a DC, 40-pound bag is going to get a UPS or FedEx charge based upon the weight going across zones to that customer.

當我們推出時——當我們擴大路邊面積時，當我們擴大從商店的班次時，但實際上，當我們推出當日送貨時。目前，當日交貨占我們訂單的 30%。考慮所有這些優惠的方法是我們更快地接觸客戶。因此，與純粹的線上玩家相比，您可以以更低的成本獲得更高的客戶滿意度，最好的例子就是一大袋狗糧。因此，來自 DC 的一大袋 40 磅的狗糧將根據跨區域到達該客戶的重量收取 UPS 或 FedEx 費用。

Instead, that big bag of dog food gets picked from one of our pet care centers, formerly known as stores, goes in the back of a DoorDash trunk, which costs us the same as if it was a tennis ball and get to that customer the same day, again, lower cost. So we believe we have structural advantages that will allow us at minimum to play our game, but -- and to continue to gain share, but we think it's competitive advantages versus the online players that the dedicated player would have very difficult time competing against.

相反，那一大袋狗糧是從我們的寵物護理中心（以前稱為商店）挑選出來的，放在 DoorDash 行李箱的後面，這與我們購買網球的成本相同，然後將其送到客戶手中。當天，再次，成本更低。因此，我們相信我們擁有結構性優勢，至少可以讓我們玩我們的遊戲，並且繼續獲得份額，但我們認為，與線上玩家相比，這是專業玩家很難與之競爭的競爭優勢。

Our next question today comes from Michael Lasser with UBS.

今天我們的下一個問題來自瑞銀集團的 Michael Lasser。

2 quick questions. First, if you look back at 2020, how is the overall promotional environment? And how did that contribute to your gross margin dynamics, especially in the fourth quarter? And second, what is your expectation for the contribution from inflation in 2021 in light of the sharp rises in commodity input costs for pet food?

2 個快速問題。首先，回顧2020年，整體促銷環境如何？這對您的毛利率動態有何貢獻，尤其是在第四季？其次，鑑於寵物食品的商品投入成本大幅上升，您對2021年通膨的貢獻有何預期？

Yes. So I'll front this and then Mike will tell this one. Thanks for the question. The good news is the promotional activity was severely backed off in 2020, which allowed us to see some of the margin offsets. Digital is a great example. We're expanded margins in our digital business. So promotional activity has been down. We don't see that more promotional pressure as we navigate into 2021.

是的。所以我會先講這個，然後麥克會講這個。謝謝你的提問。好消息是 2020 年促銷活動大幅減少，這讓我們看到了一些利潤抵銷。數位化就是一個很好的例子。我們正在擴大數位業務的利潤。因此促銷活動有所減少。進入 2021 年，我們不會看到更大的促銷壓力。

The other thing I would say is over half of our merchandise portfolio isn't sold at other places. So we have less promotional pressure than just about all of our competitors because we have much stronger mix on brands and much stronger mix in exclusives. We don't have that same promotional or commoditized pressure on our business. Where we really see pricing and promotions going is on the back of the analytics build out that we did in the last year, we've spent time building a data infrastructure. We brought in analytics experts. We created a cross enterprise analytics group with some phenomenal analytics talent from outside. And now we're getting hypertargeted at the individual customer level on what motivates them.

我要說的另一件事是，我們一半以上的商品組合不在其他地方出售。因此，我們的促銷壓力比幾乎所有競爭對手都要小，因為我們的品牌組合和獨家產品組合要強大得多。我們的業務沒有相同的促銷或商品化壓力。我們真正看到定價和促銷活動是在我們去年所做的分析基礎上進行的，我們花了時間建立數據基礎設施。我們引進了分析專家。我們創建了一個跨企業分析團隊，其中包括一些來自外部的傑出分析人才。現在，我們正在針對個人客戶層面進行高度針對性的激勵，以了解他們的動機。

And one of the examples right now is customers that we think would be prone to buy online, pick up in store. In that instance, they're doing the shipping for us. So we'll promote them into buy online, pick up in store, we see them turning into almost repeat delivery customers. So the long-term value of that customer is high. So we promote them into buy online, pick up in store, and then we increase our long-term value and obviously exponentially expand our margin, as just one example. But I'll let Mike expand.

目前的例子之一是我們認為客戶傾向於在線購買並在商店提貨。在這種情況下，他們正在為我們運送。因此，我們將推廣他們在線上購買、店內取貨，我們看到他們幾乎變成了回頭客。因此該客戶的長期價值很高。因此，我們將它們推廣為線上購買、店內取貨，然後我們增加了我們的長期價值，並且顯然呈指數級擴大了我們的利潤，這只是一個例子。但我會讓麥克擴展。

We've been migrating away from a heavily promotional environment in 2019 and 2020. So I can't say that we were meaningfully less promotional in 2020 related to 2019. I believe, as Ron was saying that we don't really feel like we would have to be more promotional in 2021 for the very reasons that Ron was talking about. As far as input costs, we have not seen a broad-based substantial increase in input related costs. Historically, as you know, Michael, this has been a business where there have been increases in input costs, they've been able to be incorporated into the pricing structure for us.

2019 年和 2020 年，我們已經擺脫了激烈的促銷環境。因此，我不能說 2020 年我們的促銷活動比 2019 年明顯減少了。我相信，正如 Ron 所說，我們並不真的覺得我們需要在 2021 年進行更多促銷，原因正是 Ron 所說的。就投入成本而言，我們尚未看到投入相關成本出現廣泛的大幅增加。從歷史上看，邁克爾，你知道，這是一家投入成本不斷增加的企業，它們已經能夠納入我們的定價結構中。

But as of right now, we feel pretty good about how we're positioned from a pricing standpoint. How we're positioned from a manufacturing input pricing structure.

但截至目前，我們對從定價角度的定位感到非常滿意。我們如何根據製造投入定價結構進行定位。

Our next question today is from Seth Sigman with Crédit Suisse.

今天我們的下一個問題來自瑞士信貸銀行的賽斯西格曼 (Seth Sigman)。

Congrats on all the progress. So you're exiting 2020 with significantly more customers than you started. And I'm just wondering, can you discuss the repeat behavior a little bit more? How have you been able to retain these customers to date? And I guess, just given the recurring nature of your business, presumably, that would support some higher level of baseline growth into '21? I'm just curious how do you think about that? How does that factor into your outlook?

祝賀所有的進展。因此，2020 年結束時，您的客戶將比開始時多得多。我只是想知道，你能多討論重複行為嗎？到目前為止，您是如何留住這些客戶的？我想，考慮到您業務的重複性，這可能會支持 21 世紀更高水準的基準成長？我只是好奇你對此有何看法？這對你的看法有何影響？

Thanks, Seth, a great question. So yes, we captured nearly 1 million customers in Q3. We captured nearly 1 million customers in Q4. And the Q3 number was competitive with our biggest online competitor who has been historically good at that. So we feel really good about those 2 numbers. So then the question becomes what you just said, which is what do we do with these customers. We have been actively shifting more of our customer base and more of our revenue base into recurring revenue customers, which makes it much more predictable and, quite frankly, much less promotional.

謝謝，賽斯，這是一個很好的問題。所以，是的，我們在第三季吸引了近 100 萬客戶。我們在第四季吸引了近 100 萬客戶。第三季的數據與我們最大的線上競爭對手相比具有競爭力，後者歷來在這方面表現出色。所以我們對這兩個數字感覺非常好。那麼問題就變成了你剛才所說的，就是我們要對這些客戶做什麼。我們一直在積極地將更多的客戶群和更多的收入基礎轉移到經常性收入客戶上，這使得它更加可預測，而且坦白說，促銷也少得多。

So whether it is a repeat delivery; whether it is PupBox, which is our monthly box for new puppies which is an on-ramp to our business, whether it's our insurance offer, whether it is our membership Vital Care offer, we are shifting mix to recurring revenue. And recurring revenue had a significant impact on our comp, both in Q3 and in Q4.

那麼是否是重複出貨；無論是 PupBox（我們每月為新小狗提供的盒子，這是我們業務的入口），無論是我們的保險產品，還是我們的會員 Vital Care 產品，我們正在將組合轉向經常性收入。在第三季和第四季度，經常性收入對我們的業績產生了重大影響。

Specific to repeat delivery, what we see is we see higher satisfaction scores from our repeat delivery. We see significant growth in our repeat delivery. Concurrent with that, though, one of the interesting things that's happening is we have a lot of customers that behave as if they are recurring revenue, these are programs like Spa Club and BOPUS customers that come every 2 or 3 weeks and pick up the same product.

具體到重複交付，我們看到重複交付的滿意度得分更高。我們看到重複交付量顯著成長。但同時，正在發生的一件有趣的事情是，我們有很多客戶表現得好像他們是經常性收入，這些是像Spa Club 和BOPUS 客戶這樣的計劃，每2 到3 週就會來一次，並獲得相同的收入。產品。

So more and more of our revenue is becoming recurring type revenue, either explicitly or implicitly. The other thing I would say is that our LTVs are going up and our retention is going up on our customer base. The customers that we acquired in the -- during the COVID years were higher retention and more profitable customers than prior years. So we feel really good about these nearly 1 million customers pick up in Q3 and Q4 and what we're doing with them.

因此，我們越來越多的收入正在成為經常性收入，無論是明確的還是隱含的。我要說的另一件事是，我們的生命週期價值正在上升，我們的客戶群保留率正在上升。在新冠疫情期間，我們獲得的客戶比前幾年擁有更高的保留率和更高的利潤。因此，我們對第三季和第四季獲得的近 100 萬客戶以及我們為他們所做的事情感到非常滿意。

Okay. That's great. Very helpful. If I could just follow-up on the guidance. So you're guiding sales towards the high end of the long-term algorithm that you've talked about. I guess you're guiding to EBITDA growth slightly above that. I realize the long-term outlook doesn't really embed a lot of EBITDA margin expansion, given some of the puts and takes you've talked about. But is there anything specifically that holds back the margin expansion in FY '21, maybe an assumption for continued COVID costs or anything else that you would flag?

好的。那太棒了。很有幫助。如果我能跟進指導就好了。因此，您正在引導銷售走向您所討論的長期演算法的高端。我猜你的目標是 EBITDA 成長略高於此。我意識到，考慮到您談到的一些看跌期權和期權，長期前景並沒有真正包含大量 EBITDA 利潤率擴張。但是，是否有什麼具體因素會阻礙 21 財年的利潤率擴張，也許是對持續的新冠疫情成本的假設，或者您會指出的其他因素？

Seth, I wouldn't call out anything in particular. I would emphasize, and we feel really good about the fact that in 2020, even with COVID expenses, we expanded our EBITDA margin by 20 basis points. So our guidance would imply a continued growth in the EBITDA margin. And as we have shown in the past, our ability to manage our cost structure, our ability to do that while smartly investing in the business, I think, gives us a lot of confidence that we can continue to expand EBITDA margins into 2021.

塞斯，我不會特別指出任何事。我想強調的是，我們對 2020 年的事實感到非常滿意，即使考慮到新冠疫情的支出，我們的 EBITDA 利潤率仍擴大了 20 個基點。因此，我們的指導意味著 EBITDA 利潤率將持續成長。正如我們過去所展示的那樣，我認為，我們管理成本結構的能力，以及在明智地投資業務的同時做到這一點的能力，讓我們充滿信心，相信我們可以繼續將EBITDA 利潤率擴大到2021 年。

Our next question today comes Teresa Radzinski from with Bank of America.

今天我們的下一個問題來自美國銀行的 Teresa Radzinski。

Are you seeing any meaningful changes in markets that are reopening, particularly on the services side? And do you also expect online penetration to come down as markets reopen? Or have consumers become so accustomed to buying online that, that acceleration in the online shift is now more likely to be permanent?

您是否看到重新開放的市場有任何有意義的變化，特別是在服務方面？您是否仍預期隨著市場重新開放，線上滲透率會下降？或者消費者已經習慣了網上購物，以至於線上轉變的加速現在更有可能是永久性的？

I'll do the first -- the second part of that, and then I'll pass it over to Mike just to the services reopening. We definitely have a change of behavior. Particularly, in older consumers, we're seeing all of a sudden, they are comfortable buying, purchasing in online and their digital savviness has gone up the state-at-home orders. At the same time, increasingly, we're not thinking about our customers as either/or. 39% of customers according to our studies are omnichannel customers. And those are our sweet spot, right? They want to do some activities online, but they also want to come into the pet care centers to get groomed, to get trained, to get advice from our amazing per center partners.

我將完成第一部分和第二部分，然後我會將其交給麥克，以重新開放服務。我們的行為確實改變了。特別是，在老年消費者中，我們突然發現，他們很樂意在網上購物，而且他們對數位技術的精通提高了在家中的訂單量。同時，我們也越來越不再將客戶視為非此即彼。根據我們的研究，39% 的客戶是全通路客戶。這些就是我們的最佳點，對吧？他們想在網路上做一些活動，但他們也想進入寵物護理中心接受美容、接受培訓，並從我們出色的每個中心合作夥伴那裡獲得建議。

So we see more and more omnichannel behavior. And actually, I'll give you 2 dynamics. First is, our -- as our digital business has surged 100% in 2020, it is driving pet car center traffic and growth, number one. The second thing I will tell you is we really dialed up as we over-delivered through the second half of 2020. We dialed up our performance marketing to aggressively acquire customers on the digital side of our house.

所以我們看到越來越多的全通路行為。事實上，我會​​給你兩個動力。首先，我們的數位業務在 2020 年飆升了 100%，它正在推動寵物汽車中心的流量和成長，位居第一。我要告訴你的第二件事是，我們確實全力以赴，因為我們在 2020 年下半年超額交付了。我們加強了績效行銷力度，積極在數位方面獲取客戶。

What we found, as we dialed up our marketing on the targeted against the digital side of our business, our traffic in our basket grew in our Pet Care Centers. So this is really one end-to-end ecosystem -- omnichannel ecosystem that is quite powerful. And we believe it's unique because we're the only one that as part of that owns our own debt network. And I'll pass it on to Mike to elaborate on services.

我們發現，當我們針對業務的數位方面加強行銷時，寵物護理中心的購物籃流量有所增長。所以這確實是一個端到端的生態系統——非常強大的全通路生態系統。我們相信它是獨一無二的，因為我們是唯一擁有自己債務網絡的公司。我會將其轉交給麥克，以詳細說明服務。

Yes, Liz, I would say, and I'm really proud about this. Our services business, our rebound has been broad-based. So it hasn't been market specific. It's been significant. So much quicker than I think we may have even anticipated. And I think one of the big drivers is what Ron was talking about, this link with digital and services, has become very, very powerful for us. So we talk about the 25% of appointments that are now booked online for grooming. The Spa Club program is all app-based. The rollout of online training, which we did in literally 3 weeks within COVID, that are now servicing Ron's mom's pet, that, coupled with Vetco, our mobile vaccinations, where we pivoted to an online scheduling system.

是的，莉茲，我會說，我對此感到非常自豪。我們的服務業務，我們的反彈是廣泛的。所以它並不是特定於市場的。這意義重大。比我想的要快得多。我認為最大的推動因素之一就是羅恩所說的，這種與數位和服務的連結對我們來說已經變得非常非常強大。因此，我們討論現在 25% 的美容預約是在網路上預訂的。水療俱樂部計劃全部基於應用程式。推出線上培訓，我們在新冠疫情期間實際上花了三週的時間，現在正在為羅恩媽媽的寵物提供服務，再加上 Vetco，我們的行動疫苗接種，我們轉向了線上調度系統。

All of these digital linkages have helped to accelerate the business have it rebound faster and have given us a lot of momentum as we get into the first part of the year. And just -- I'm really, really excited about it.

所有這些數位連結都有助於加速業務，使其更快反彈，並在進入今年上半年時為我們提供了巨大的動力。只是——我真的非常非常興奮。

The last thing I'd say, Liz, on that is our traffic and basket are up in our pet care center. So we didn't have this massive shift to digital and our pet care centers aren't growing. Our pet care centers are growing. Traffic is up and basket are up in our pet care centers, and that continues to this day.

我要說的最後一件事是，莉茲，我們的寵物護理中心的客流量和籃子都增加了。因此，我們沒有大規模轉向數位化，我們的寵物護理中心也沒有成長。我們的寵物護理中心正在不斷壯大。我們的寵物護理中心的客流量和籃子數量都在增加，這種情況一直持續到今天。

And our next question today comes from John Heinbockel with Partners.

今天我們的下一個問題來自 John Heinbockel 及其合作夥伴。

Maybe you could talk to what you think your current share is with the most lucrative customer segments that you have? And where you think that might be able to go to? And then how many -- where did you finish the year with multichannel customers? How many did you add in the fourth quarter?

也許您可以談談您認為您目前在最有利可圖的客戶群中所佔的份額？您認為這可能會去哪裡？那麼，今年您在哪裡結束了多通路客戶的數量？第四季增加了多少？

Yes. So from a share standpoint, we're gaining share everywhere where we were focused. So super premium food, including fresh, fresh food, training, grooming, veterinary, digital, we're gaining share everywhere where we're focused. Now talking about the customer, we have the highest value customers. So we over index in the highest value customers in the category. They're really the health focused at parents and the quality seekers. And the majority of our portfolio or our customer base is in this highest customer segment. And they spend over 40% more than your average pet parent. So we enjoy that customer. As we bring in new customers, they gravitate towards that higher-end spend and quality seeking. And part of it is because we have this unique end-to-end ecosystem.

是的。因此，從份額的角度來看，我們在我們關注的所有領域都獲得了份額。因此，超級優質食品，包括生鮮食品、培訓、美容、獸醫、數位食品，我們在我們關注的各個領域都獲得了份額。現在談論客戶，我們擁有最高價值的客戶。因此，我們對該類別中價值最高的客戶進行了過度索引。他們確實是父母關注的健康和品質的追求者。我們的投資組合或客戶群大多屬於這個最高的客戶群。他們的花費比普通寵物父母多 40% 以上。所以我們很喜歡這個客戶。當我們引進新客戶時，他們會傾向於高端消費和品質追求。部分原因是我們擁有獨特的端到端生態系。

If you go talk to customers, 50% of customers say they want a one-stop shop partner for the care of their pet. We are the only ones who have that. Nobody else has from own vets to training to grooming to the highest nutrition foods to supplies. Our leading pet specialty competitor spun out their vet, as you know. So we're the only ones who have that. So we feel really good about our over-indexing and our acquisition of the highest value customers in the pet space.

如果您與客戶交談，50% 的客戶表示他們想要一個一站式服務合作夥伴來照顧他們的寵物。我們是唯一擁有這個的人。沒有人擁有自己的獸醫、訓練、美容、最高營養的食物和用品。如您所知，我們領先的寵物專業競爭對手剝離了他們的獸醫。所以我們是唯一擁有這個的人。因此，我們對我們的過度索引和我們在寵物領域中獲取最高價值客戶感到非常滿意。

In terms of multichannel, we have steadily increased our multichannel growth. So when we first started the conversations, I think, in testing the water, we were single-digit growth. We went up to double-digit growth at the beginning of the road show. And then in Q4, we're in the 20s in terms of multichannel growth. Now importantly, multichannel customers spend between 2 and 3x more than our single channel customers. So they spend more as we drive them into more channels, like a food-only customer into adding grooming, a food and grooming customer into vet, they spend more. So it's great for our business.

在多通路方面，我們穩定提升多通路成長。因此，當我們第一次開始對話時，我認為，在試水時，我們的成長是個位數。在路演開始時，我們就實現了兩位數的成長。然後在第四季度，我們的多通路成長處於 20 多歲的水平。現在重要的是，多通路客戶的支出是單一通路客戶的 2 到 3 倍。因此，當我們推動他們進入更多管道時，他們會花更多的錢，就像只吃食物的顧客加入美容服務，把食物和美容顧客變成獸醫，他們會花更多的錢。所以這對我們的業務非常有利。

The headroom story of this is we only have 3.5 million customers that are multichannel out of our 20 million plus customers. So we have a lot of headroom in that.

最重要的是，在我們超過 2,000 萬的客戶中，只有 350 萬是多通路客戶。所以我們在這方面有很大的空間。

And our next question today comes from Peter Benedict with Baird.

今天我們的下一個問題來自彼得·本尼迪克特和​​貝爾德。

I guess, two questions. First, just can you maybe expand on your earlier comments around the fresh food category? Maybe give us a sense of what the size is today? I think you said it was going to quadruple. I'm just trying to understand frame those numbers. And how are you positioning Petco to take advantage of that and thinking about the opportunity for Just Food For Dog? That's my first question.

我想，有兩個問題。首先，您能否擴展一下您先前對新鮮食品類別的評論？或許能讓我們了解一下今天的規模有多大？我想你說過它會翻兩番。我只是想理解這些數字。您如何定位 Petco 來利用這一點並考慮 Just Food For Dog 的機會？這是我的第一個問題。

Yes. So pet isn't a phenomenal category for syndicated data. The data that we see from industry experts says that the pet category is roughly about -- I'm sorry, the fresh category is roughly about $650 million today, going up to $2 billion by 2024. And it is a major focus of ours. We feel like we have the best offering with Just Food For Dogs. And we will be doubling our footprint of Just Food For Dogs in 2021. We plan on being a market maker in this space. It's the highest ring in our pet care centers or on our digital sales from a food standpoint.

是的。因此，寵物對於聯合數據來說並不是一個非凡的類別。我們從行業專家那裡看到的數據表明，寵物類別大約是——對不起，新鮮類別今天大約是 6.5 億美元，到 2024 年將達到 20 億美元。這是我們一個主要的關注點。我們覺得 Just Food For Dogs 提供了最好的產品。到 2021 年，我們將把 Just Food For Dogs 的足跡擴大一倍。我們計劃成為這個領域的做市商。從食品的角度來看，這是我們的寵物護理中心或我們的數位銷售中最高的環。

The second thing that it does for us is it has twice the trip frequency and all the associated add-on baskets that happen with that frequency. So we are big fans of fresh from doing the right thing for pets and we're big fans of fresh in terms of what it does for our business.

它為我們做的第二件事是，它的出行頻率增加了一倍，並且所有相關的附加籃子都以該頻率發生。因此，我們是 Fresh 的忠實擁護者，因為我們為寵物做了正確的事情，而且我們也是 Fresh 的忠實擁護者，因為它為我們的業務帶來了好處。

Okay. That's great. And then we get a lot of questions about Petco's ability to source qualified vets. So just can you maybe update us on how your recruiting package is kind of resonating in the marketplace. I know you've got aggressive goals here in terms of adding. But just kind of any update on your success and how you go-to-market and attracting vets for your hospitals?

好的。那太棒了。然後我們收到了很多關於 Petco 尋找合格獸醫的能力的問題。那麼您能否向我們介紹一下您的招募方案在市場上產生的反應如何？我知道您在增加方面有雄心勃勃的目標。但能否介紹一下您的成功以及您如何進入市場並為您的醫院吸引獸醫的最新情況？

Peter, I'm really close to this. So I can tell you, I'm really excited about our progress on vet. The fact that we opened 44 hospitals during the COVID year and we have built this recruiting engine, that doesn't just happen. We've made a substantial amount of progress. I would tell you that our time to fill is better than the market. Our retention is much better than the market. And I really think it's because we've invested in field support and recruiting talent and compensation and benefits and really tried to shape a very positive vet culture that autonomy and Petco's mission is a huge help as well.

彼得，我真的很接近這個。所以我可以告訴你，我對我們在獸醫方面的進展感到非常興奮。事實上，我們在新冠疫情期間開設了 44 家醫院，並建立了這個招募引擎，這並不是偶然發生的。我們已經取得了很大進展。我會告訴你，我們的填補時間比市場更好。我們的保留率比市場好得多。我真的認為這是因為我們在現場支援、招募人才、薪資和福利方面進行了投資，並且確實努力塑造一種非常積極的獸醫文化，因此自主權和 Petco 的使命也提供了巨大的幫助。

In addition, as you know, we have the mobile vaccination clinic business, which gives us access to over [2,099] vets, and it becomes a great sourcing engine for the full-time vets that we can bring into our ecosystem of hospitals. So I can tell you, I'm on the phone with vets. I'm usually the closer in the recruiting process. And what I'm hearing more and more from them is that we're this great combination of a bigger company with resources and support, combined with a culture that feels like a really great family business. So we're seeing a lot of good progress.

此外，如您所知，我們擁有行動疫苗接種診所業務，這使我們能夠接觸到超過 [2,099] 名獸醫，並且它成為我們可以將其帶入我們的醫院生態系統的全職獸醫的強大採購引擎。所以我可以告訴你，我正在和獸醫通電話。我通常在招募過程中更接近。我從他們那裡聽到的越來越多的信息是，我們是一家擁有資源和支持的大公司的完美結合，與一種感覺就像真正偉大的家族企業的文化相結合。所以我們看到了很多好的進展。

And as we said, 70 next year, or this year in 2021, and we're on a really good runway of growth.

正如我們所說，明年或今年 2021 年將達到 70 個，我們正處於非常良好的成長軌道上。

That's great. I guess if I could sneak just one more in here. I know it's still early here, but the Vital Care effort initiative. Just can you talk about the enrollment trends there, what you're seeing and how you expect that to maybe scale as you go forward?

那太棒了。我想我是否可以再偷偷溜進去一趟。我知道現在還為時過早，但重要護理工作倡議。您能否談談那裡的入學趨勢、您所看到的情況以及您預計隨著您的發展，這種情況可能會如何擴大？

Yes. I am so excited about Vital Care. So we launched it in October, and we now have over 50,000 members in Vital Care. And what's beautiful about Vital Care is that we are increasing share of wallet. So if you look at what's happening, roughly 19% of our Vital Care customers are new to food. And 30%-plus are new to services. So we're getting share of wallet, which is the intent. From a strategic standpoint, really what it does is it brings our whole unique ecosystem to life for customers.

是的。我對重要護理感到非常興奮。所以我們在 10 月推出了它，現在 Vital Care 擁有超過 50,000 名會員。Vital Care 的美妙之處在於我們的錢包份額不斷增加。因此，如果您看看正在發生的情況，您會發現大約 19% 的 Vital Care 客戶是食品新手。超過 30% 的人是服務新手。所以我們正在獲得錢包份額，這就是我們的目的。從策略角度來看，它的真正作用是為客戶帶來我們整個獨特的生態系統。

So you get the check up, you get the vaccination, you get grooming, you get discounts on food. So it's really powerful for us. It's growing. You will see us continue to evolve the offer as we learn in the market, and you'll see us continue to dial up the marketing and the customer acquisition. So we're very much getting started. But it is the future a key future pillar of our business.

所以你接受檢查、接種疫苗、打扮、享受食物折扣。所以它對我們來說真的很強大。它正在增長。您將看到我們在了解市場的同時不斷改進產品，您將看到我們繼續加強行銷和客戶獲取。所以我們才剛開始。但這是未來我們業務的關鍵未來支柱。

Our next question comes from Zach Fadem with Wells Fargo.

我們的下一個問題來自富國銀行的 Zach Fadem。

Can we talk about the performance of your vet hospitals? You mentioned nearly all cohorts are ahead of your model. And I'm curious if you could talk a little more about the contribution to traffic and comps. And then as you think about the annual step up from a 40 to 45 vet hospitals to 70 plus, how should we think about the gradual comp and EBITDA lift in 2021? And how that builds in 2022 and beyond?

我們可以談談你們獸醫院的表現嗎？您提到幾乎所有群體都領先於您的模型。我很好奇您是否可以多談談對流量和競爭的貢獻。然後，當您考慮每年從 40 家到 45 家獸醫院增加到 70 家以上時，我們應該如何考慮 2021 年的補償和 EBITDA 逐步提升？2022 年及以後的情況如何？

Zach, great question. Yes, I would say that the health of the overall vet business is really strong. And as you indicated, we provided some information on some of our older cohorts and some of our newer cohorts. But I could say each cohort is showing a beat to model on both revenue and EBITDA. And we're seeing some acceleration in Q1, which is fantastic. What is driving that is our customer counts are up. The number of surgeries done at hospitals is ramping nicely. These are 2 really big contributors to the maturity of the vet hospital.

扎克，好問題。是的，我想說整個獸醫行業的健康狀況確實很強勁。正如您所指出的，我們提供了一些關於我們的一些老群體和一些新群體的資訊。但我可以說，每個群體在收入和 EBITDA 方面都表現出了良好的模型。我們看到第一季出現了一些加速，這非常棒。推動這一趨勢的是我們的客戶數量增加了。醫院完成的手術數量正在大幅增加。這些是獸醫醫院成熟的兩個真正重要的貢獻者。

As far as the contribution to the comp, as we have talked about, where we put our vet hospitals, where we do the transformation of our pet care centers, we're seeing a lift and we've consistently seen a lift of mid-single digits in those pet care centers. So the combination of the vet business scaling, we talked about that in the context of the overall services business contributing on our long-term algorithm, a couple of points of comp.

就對補償的貢獻而言，正如我們所討論的，我們在哪裡安置我們的獸醫醫院，在哪裡改造我們的寵物護理中心，我們看到了增長，而且我們一直看到中間的增長。這些寵物護理中心的數量為個位數。因此，結合獸醫業務擴展，我們在整體服務業務對我們的長期演算法做出貢獻的背景下討論了一些比較點。

And then you add to that, the incremental benefit from the transformation of the pet care center that includes the addition of the vet hospital, adding some additional comp points within the overall ecosystem of the business. So it becomes a very powerful engine for contributing to the overall growth of the company.

然後，您還可以添加寵物護理中心轉型帶來的增量收益，其中包括增加獸醫醫院，並在整個業務生態系統中添加一些額外的補償點。因此它成為促進公司整體成長的非常強大的引擎。

Thanks, Mike. That's helpful. And you talked a couple of times about the impact of COVID-related bonuses and expenses on the P&L this year. Curious if you could break out the impact for us in 2020 in terms of basis points? And as you think about the 2021 model, can you talk us through which costs are recurring and what won't recur and any of the offsets on the operating expense lines?

謝謝，麥克。這很有幫助。您多次談到了與新冠疫情相關的獎金和支出對今年損益表的影響。想知道您能否以基點的形式詳細說明 2020 年對我們的影響嗎？當您考慮 2021 年模型時，您能否告訴我們哪些成本是經常性的，哪些成本不會重複發生，以及營運費用項目上的任何抵銷？

Yes. Good question. For 2020, our total COVID expenses were around $45 million. About 3/4 of that would be in SG&A and about 1/4 of it would be in our gross margin. For Q4, I think it was around $8 million. So obviously, a big impact to us on the financials that we absorbed and still grew EBITDA, which is really good. As far as 2021, I can tell you that the increased sanitation and PTO, we've incorporated these in just running the business. And so we feel really good about those expenses embedded within our cost structure. We also have planned compensation investments that match up with our field bonuses that we gave during the year in 2020.

是的。好問題。2020 年，我們的新冠肺炎總支出約為 4,500 萬美元。其中大約 3/4 將用於 SG&A，大約 1/4 將用於我們的毛利率。對於第四季度，我認為約為 800 萬美元。顯然，這對我們的財務狀況產生了重大影響，我們吸收了這些影響，並且 EBITDA 仍然成長，這非常好。就 2021 年而言，我可以告訴您，我們已將衛生設施和 PTO 的增加納入業務運作中。因此，我們對成本結構中包含的這些費用感到非常滿意。我們還規劃了與 2020 年現場獎金相符的薪資投資。

So we feel like we're largely covered from a cost structure standpoint. You can't predict COVID. It's been relatively unpredictable. But as far as what we know, we feel like we're really good from an overall cost structure standpoint and what we've given you in the guidance related to that.

因此，我們覺得從成本結構的角度來看，我們基本上已經得到了保障。你無法預測新冠肺炎。這是相對不可預測的。但據我們所知，從整體成本結構的角度以及我們在相關指南中為您提供的內容來看，我們覺得我們真的很好。

Our next question today comes from Seth Basham with Wedbush Securities.

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

My first question is around your customer base. If you could give us a year-end customer accounts, that would be helpful? And related to that, what are you seeing in terms of the spend per customer on average? How has that trended through the year 2020 on a quarterly basis?

我的第一個問題是關於您的客戶群。如果您能給我們一份年終客戶帳目，會有幫助嗎？與此相關的是，您對每位客戶的平均支出有何看法？2020 年的季度趨勢如何？

Yes. We're really pleased with what we're seeing from a customer dynamic standpoint. As I said, we picked up near 1 million customers in Q3, nearly 1 million customers in Q4. And we're acquiring customers as we speak in Q1, our momentum has continued. So we feel really good about our ability to acquire customers. Our customer acquisition cost is either the lowest or one of the lowest in the industry, whether that be in digital or we have greater customer acquisition leverage in areas like vet that a mom-and-pop operator just can't compete with.

是的。從客戶動態的角度來看，我們對所看到的情況感到非常滿意。正如我所說，我們在第三季吸引了近 100 萬客戶，在第四季度吸引了近 100 萬客戶。正如我們在第一季所說的那樣，我們正在獲取客戶，我們的勢頭仍在繼續。因此，我們對自己獲取客戶的能力感到非常滿意。我們的客戶獲取成本要么是行業中最低的，要么是行業中最低的之一，無論是數位領域，還是我們在獸醫等領域擁有更大的客戶獲取槓桿，這是夫妻經營者無法競爭的。

So we have turned into a customer acquisition machine, and we have a virtuous cycle. As we invest, we acquire new customers that's driving our top line dropping, and we're able to invest back to acquire more. Concurrent with that, our LTVs continue to build. Our retention rates continue to build. And as I said earlier, the customers that we bring in and the customers that we over-index with are the highest value customers in the category with over 40% higher spend than your average pet customers.

所以我們變成了一個獲客機器，我們有一個良性循環。當我們投資時，我們會獲得新客戶，這導致我們的收入下降，並且我們能夠進行投資以獲得更多客戶。同時，我們的生命週期價值持續成長。我們的保留率持續上升。正如我之前所說，我們引入的客戶和我們過度索引的客戶是該類別中價值最高的客戶，其支出比普通寵物客戶高出 40% 以上。

So we feel really good about where we are from a customer standpoint, both in acquisition as well as the monetization. And I should say our customer satisfaction is up in every part of our business.

因此，從客戶的角度來看，無論是在收購方面還是在貨幣化方面，我們對自己的處境感到非常滿意。我應該說，我們業務的各個方面的客戶滿意度都在提高。

Got it. And then secondly, as a follow-up. Just thinking about your commentary around promoting into BOPUS, 25% off orders over $50. You're essentially giving away a fulfillment cost advantage you have versus the online peers. And that's depressing your gross margin versus in store sales, of course. How loyal are these customers? Should they stick after the promotion period wanes?

知道了。其次，作為後續行動。想想你關於推廣到 BOPUS 的評論，訂單超過 50 美元可享 25% 的折扣。與線上同行相比，您基本上放棄了履行成本優勢。當然，這會壓低你的毛利率與店內銷售的比較。這些客戶的忠誠度如何？促銷期間結束後他們應該堅持嗎？

Good question, Seth .This is what I was talking about earlier in terms of getting smarter from an analytics standpoint. So first of all, we're not doing kind of mass everybody promotions. So we're targeting those promotions at the customers that we think that makes financial sense for us, number one. Number two, I'm 54 years old, soon to be 55 years old. And one of the things that our digital leader had to teach me and get me up to speed is to change my mindset from profit today to an LTV orientation.

好問題，Seth。這就是我之前所說的從分析角度變得更聰明的問題。首先，我們不會對所有人進行大規模促銷。因此，我們將這些促銷活動瞄準了我們認為對我們來說具有經濟意義的客戶，也就是第一名。第二，我已經54歲了，很快就55歲了。我們的數位領導者必須教我並讓我跟上進度的一件事就是將我的心態從今天的利潤轉變為以生命週期價值為導向。

And so when we shift these customers into a more profitable way of buying from us, the LTV is higher. So yes, we will, short term, do some trade-off on that promotion. But long term, that is LTV good for our business. And that's the sophistication that we're bringing to our business that we didn't used to have. We suggest to across the board discounts to incent purchases.

因此，當我們將這些客戶轉向更有利可圖的購買方式時，生命週期價值就會更高。所以，是的，我們會在短期內對促銷活動進行一些權衡。但從長遠來看，這對我們的業務有利。這就是我們為我們的業務帶來的、以前沒有的複雜性。我們建議全面折扣以刺激購買。

Now we're driving people into the offers that have higher margin and have higher LTV. And that's a precision that we're bringing to our business.

現在，我們正在推動人們選擇利潤率更高、生命週期價值更高的產品。這就是我們為我們的業務帶來的精確度。

And our final question today comes from Oliver Wintermantel with Evercore ISI.

今天我們的最後一個問題來自 Evercore ISI 的 Oliver Wintermantel。

Congratulations on a successful IPO. It's good to have you guys back as a public company. The -- I have two quick questions. One is traffic versus ticket. If you could maybe comment on that, how that trended in the fourth quarter, but then also in 2020 as a whole? And then the second question is about labor costs. Average hourly wages are going up. So we just wanted to see how you guys model that going forward? And what kind of a headwind that would be for you guys?

祝賀首次公開募股成功。很高興你們能重新成為上市公司。- 我有兩個簡單的問題。一是流量與門票。如果您可以對此發表評論，那麼第四季度以及整個 2020 年的趨勢如何？第二個問題是關於勞動成本。平均每小時工資正在上漲。所以我們只是想看看你們接下來如何建模？這對你們來說會是怎樣的逆風呢？

Yes. So I will take the second part of that, and then I'll let Mike elaborate on that as well -- terms of labor costs and then as well as the average ticket. But average ticket, everything is going in the right direction. As I said, traffic and basket are going in the right direction. But I'll let Mike elaborate.

是的。所以我將討論第二部分，然後我將讓麥克詳細說明這一點——勞動成本以及平均票價。但票價一般，一切都朝著正確的方向發展。正如我所說，流量和購物籃都在朝著正確的方向發展。但我會讓麥克詳細說明。

One of our commitments to the partners of Petco is as the company does better, you will do better. We take it very, very seriously. That took on a different flavor in 2020 as we have partners that were looking out for pets and pet parents in the middle of a pandemic and putting themselves at risk.

我們對 Petco 合作夥伴的承諾之一是，隨著公司做得更好，您也會做得更好。我們非常非常認真地對待它。2020 年，這種情況呈現出不同的味道，因為我們的伴侶在大流行期間照顧寵物和寵物父母，並將自己置於危險之中。

So two things happened during this COVID year. The first thing is we wanted to make sure that they were compensated for being in a challenging environment, and we did 5 COVID appreciation bonuses. And I'd put that up against anybody, any retailer, anybody else who had in place on the front lines in terms of taking care of our people and that served them well and helped our bond.

今年新冠疫情期間發生了兩件事。首先，我們希望確保他們在充滿挑戰的環境中得到補償，我們提供了 5 項新冠感謝獎金。我會把這一點與任何人、任何零售商、任何其他在前線照顧我們員工、為他們提供良好服務並有助於我們建立聯繫的人進行比較。

The second thing that happened, though, is we had a terrific year, as evidenced by these results. And so we increased wages as we went through the year to compensate them because we don't only think it's a short-term list to our business. We fundamentally believe that there is a long-term lift to our business based upon having 3 million, 4 million, 5 million incremental new pets added into our mix. It provides an annuity for our business.

然而，發生的第二件事是我們度過了偉大的一年，這些結果證明了這一點。因此，我們在這一年裡提高了工資來補償他們，因為我們不認為這只是我們業務的短期清單。我們從根本上相信，將 300 萬、400 萬、500 萬隻新寵物添加到我們的組合中，將對我們的業務產生長期的提升。它為我們的業務提供了年金。

So as Mike said, we had EBITDA leverage in our P&L. So we have cost leverage in our P&L. We were able to offset that, but I'll let Mike expand.

正如麥克所說，我們的損益表中有 EBITDA 槓桿。因此，我們的損益表中有成本槓桿。我們能夠抵消這一點，但我會讓麥克擴大。

Yes. I would just say that the comp growth that we saw in Q2, Q3 and Q4 was very similarly driven by growth in average ticket and growth in transactions. So we've seen both of those key stats grow well and contribute the overall comp of the business. And we're seeing we're seeing the traffic, especially around our services business as that has rebounded, that has obviously helped drive total traffic growth to the total enterprise.

是的。我只想說，我們在第二季、第三季和第四季看到的比較成長與平均門票成長和交易成長非常相似。因此，我們看到這兩個關鍵統計數據都成長良好，並為業務的整體貢獻做出了貢獻。我們看到流量，特別是我們的服務業務周圍的流量已經反彈，這顯然有助於推動整個企業的總流量成長。

But on both steps, we've seen really strong performance.

但在這兩個步驟中，我們都看到了非常強勁的表現。

On both sides of our business to digital and pet care centers, yes. And then from a labor cost standpoint in terms of within the P&L?

從我們的業務雙方到數位和寵物護理中心，是的。那麼從損益表中的勞動成本角度來看呢？

Yes. We have -- as I think I mentioned, we have -- we've built within our budgets and what's reflected in our guidance is continued investment in our labor model.

是的。正如我所提到的，我們已經在預算範圍內進行了建設，我們的指導方針反映了對我們的勞動力模式的持續投資。

Ladies and gentlemen, this concludes the question-and-answer session. I'd like to turn it back over to Kristy Moser for final remarks.

女士們、先生們，問答環節到此結束。我想將其轉回給克里斯蒂·莫澤（Kristy Moser）以供最後評論。

Thank you, Rocco. That concludes Petco's Fourth Quarter 2020 Earnings Conference Call. Investor Relations will be available after the call if you have any follow-up questions. Thank you.

謝謝你，羅科。Petco 2020 年第四季財報電話會議到此結束。如果您有任何後續問題，將在電話會議後聯繫投資者關係。謝謝。

Thank you very much.

非常感謝。

And ladies and gentlemen, this concludes today's conference call. Thank you all for attending today's presentation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家參加今天的演講。您現在可以斷開連線。