Warby Parker Inc (WRBY) 2021 Q4 法說會逐字稿

Hello, everyone, and welcome to the Warby Parker fourth quarter and fiscal year financial results conference call. My name is Victoria, and I will be coordinating the call today. (Operator Instructions)

大家好，歡迎來到 Warby Parker 第四季度和財年財務業績電話會議。我叫 Victoria，今天我將負責協調電話會議。 （操作員說明）

I'll now pass over to your host, Tina Romani, Head of Investor Relations, to begin. Please go ahead.

我現在將轉交給您的主持人，投資者關係主管蒂娜·羅曼尼 (Tina Romani) 開始。請繼續。

Thank you, and good morning, everyone. Here with me today are Neil Blumenthal and Dave Gilboa, our co-founders and co-CEOs; alongside Steve Miller, Senior Vice President and Chief Financial Officer.

謝謝大家，早上好。今天和我在一起的是我們的聯合創始人兼聯合首席執行官 Neil Blumenthal 和 Dave Gilboa；與高級副總裁兼首席財務官 Steve Miller 一起。

Before we begin, we have a couple of reminders. Our earnings release and slide presentation are available on our website at investors.warbyparker.com. During this call and in our presentation, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. For more information about some of these risks, please review the company's SEC filings, including the section titled Risk Factors in the company's latest 10-Q filings and the upcoming 10-K filing. These forward-looking statements are based on information as of March 17, 2022, and we assume no obligation to publicly update or revise our forward-looking statements.

在開始之前，我們有幾點提醒。我們的收益發布和幻燈片演示可在我們的網站 investors.warbyparker.com 上獲取。在此次電話會議和我們的演示中，我們將發表具有前瞻性的評論。由於各種風險和不確定性，實際結果可能與明示或暗示的結果存在重大差異。有關其中一些風險的更多信息，請查看公司提交給美國證券交易委員會的文件，包括公司最新的 10-Q 文件和即將提交的 10-K 文件中標題為“風險因素”的部分。這些前瞻性陳述基於截至 2022 年 3 月 17 日的信息，我們不承擔公開更新或修改我們的前瞻性陳述的義務。

Additionally, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of these items to the nearest U.S. GAAP measures can be found in this morning's press release and our slide deck available on our IR website.

此外，我們將討論某些非 GAAP 財務指標。這些非 GAAP 財務措施是對根據 GAAP 編制的財務業績措施的補充，而不是替代措施。這些項目與最近的美國 GAAP 措施的對賬可以在今天上午的新聞稿中找到，我們的幻燈片可以在我們的 IR 網站上找到。

With that, it's my pleasure to turn the call over to Dave to kick things off.

有了這個，我很高興把電話轉給戴夫來開始。

Thanks, Tina, and good morning, everyone. Thank you for joining us bright and early to discuss Warby Parker's fourth quarter and full year 2021 results as well as our outlook for 2022 and beyond.

謝謝，蒂娜，大家早上好。感謝您提早加入我們討論 Warby Parker 的第四季度和 2021 年全年業績以及我們對 2022 年及以後的展望。

Before we dive in, we wanted to use this public forum to thank our Buy a Pair, Give a Pair partners and congratulate our team on surpassing 10 million pairs of glasses distributed to people in need through our Buy a Pair, Give a Pair program. That means more than 10 million people now have the glasses they need to see, to learn, to work and to provide for their families. We're incredibly proud of the impact our team and partners are having, and we couldn't be more grateful to our customers and shareholders for making it possible.

在我們開始之前，我們想利用這個公共論壇來感謝我們的“買一副，贈一副”合作夥伴，並祝賀我們的團隊通過我們的“買一副，贈一副”計劃向有需要的人分發了超過 1000 萬副眼鏡。這意味著現在有超過 1000 萬人佩戴了他們在看東西、學習、工作和養家糊口所需的眼鏡。我們為我們的團隊和合作夥伴所產生的影響感到無比自豪，我們非常感謝我們的客戶和股東讓這一切成為可能。

This impact is hugely motivating for our team and enables us to attract and retain the most passionate, curious-driven employees, who wake up every day obsessed with delighting customers and helping people see and who, in turn, enable us to deliver strong financial results.

這種影響極大地激勵了我們的團隊，使我們能夠吸引和留住最熱情、好奇心驅動的員工，他們每天醒來都痴迷於取悅客戶並幫助人們看到，反過來又使我們能夠實現強勁的財務業績.

And now turning to those results. 2021 was a record year for Warby Parker, and we're proud that our team delivered another year of sustainable growth. We grew revenue 37% to $541 million, while expanding adjusted EBITDA margin 270 basis points to 4.6%, up from 1.9% in 2020. This was achieved while delivering exceptional customer experiences, resulting in another year with a Net Promoter Score above 80, while also making significant strides against our long-term strategic initiatives that will lead to sustainable growth for years and decades to come.

現在轉向這些結果。 2021 年對 Warby Parker 來說是創紀錄的一年，我們很自豪我們的團隊又實現了可持續增長。我們的收入增長了 37%，達到 5.41 億美元，同時將調整後的 EBITDA 利潤率從 2020 年的 1.9% 提高了 270 個基點，達到 4.6%。這是在提供卓越的客戶體驗的同時實現的，導致又一年的淨推薦值超過 80，同時我們的長期戰略舉措也取得了重大進展，這些舉措將導致未來數年和數十年的可持續增長。

We achieved these results in spite of many pandemic-related challenges, and in particular, in Q4, when we saw significant impairment during our peak selling season. Team Warby, thank you for your continued perseverance and resilience. As we look back on 2021, it was incredibly exciting to celebrate so many milestones alongside team Warby. In addition to the 10 million pairs distributed, we became the first public benefit corporation to go public through a direct listing.

儘管存在許多與流行病相關的挑戰，但我們還是取得了這些成果，尤其是在第四季度，我們在銷售旺季看到了重大減值。 Warby 團隊，感謝你們一直以來的毅力和韌性。當我們回顧 2021 年時，與 Warby 團隊一起慶祝如此多的里程碑令人非常興奮。除了發放的1000萬雙外，我們還成為第一家直接上市的公益企業。

We grew our active customer base by nearly 400,000 people, the most ever in a year to 2.2 million happy customers. We opened 35 new stores, the most we've ever opened in a year, ending 2021 with 161 stores. And the performance of these 35 new stores are in line with the first year performance of stores we launched pre-COVID.

我們的活躍客戶群增加了近 400,000 人，達到 220 萬滿意客戶，創歷史新高。我們開了 35 家新店，這是我們一年中開的最多的一次，到 2021 年底，我們新開了 161 家店。這 35 家新店的業績與我們在 COVID 之前推出的門店的第一年業績一致。

As you may recall, in our S-1, we discussed best-in-class unit economics targeting four-wall margins of 35% and paybacks in under 20 months. In 2021, we opened stores in 9 new markets from Sarasota, Florida to Albuquerque, New Mexico and Richmond, Virginia, and we continue to see a very consistent growth profile when entering new markets, with the entire market growing over 250% on average in the first year of opening a new store.

您可能還記得，在我們的 S-1 中，我們討論了以 35% 的四壁利潤率和 20 個月內的回報為目標的一流單元經濟性。 2021 年，我們在 9 個新市場開設了門店，從佛羅里達州薩拉索塔到新墨西哥州阿爾伯克基和弗吉尼亞州里士滿，我們在進入新市場時繼續看到非常穩定的增長態勢，整個市場在 2021 年平均增長超過 250%開新店的第一年。

We expanded our product assortment by launching 21 eyewear collections and introduced innovative first-to-market designs and constructions like our Tortoise Collage and Eshi Edition while also increasing our penetration of progressive lenses. And we made meaningful progress in our evolution from being primarily an eyewear company to a holistic vision care provider. We more than doubled the size of our contacts business and opened 36 new eye exam locations while hiring dozens of optometrists.

我們通過推出 21 個眼鏡系列擴大了我們的產品種類，並推出了率先上市的創新設計和構造，例如我們的 Tortoise Collage 和 Eshi Edition，同時還提高了我們漸進鏡片的普及率。我們在從主要的眼鏡公司發展為整體視力保健提供商的過程中取得了有意義的進展。我們的隱形眼鏡業務規模擴大了一倍多，並開設了 36 個新的眼科檢查點，同時僱用了數十名驗光師。

We opened our second optical lab, a 69,000 square foot facility in Las Vegas that further strengthens the vertically integrated supply chain we've built over the years and enables us to maintain the highest quality standards, exceed customer expectations and lower costs.

我們在拉斯維加斯開設了第二個光學實驗室，佔地 69,000 平方英尺，進一步加強了我們多年來建立的垂直整合供應鏈，使我們能夠保持最高質量標準，超越客戶期望並降低成本。

We also continue to focus on innovation in our category-leading e-commerce experience and digital tools. In 2021, we launched groundbreaking technologies like our Virtual Vision Test telehealth app, which allows eligible users to renew both glasses and contact lens prescriptions from anywhere at any time using just an iPhone in less than 10 minutes, and with continued adoption of our first of its kind, true to scale Virtual Try-On. As I mentioned, we accomplished all these milestones while maintaining an industry-leading Net Promoter Score of more than 80. Maintaining this metric is team Warby's north star and has been since day one. It ensures we're continuing to deliver above and beyond products and experiences for our customers, which in turn fuels our growth. And those happy customers are spending more with us than ever.

我們還繼續專注於類別領先的電子商務體驗和數字工具的創新。 2021 年，我們推出了突破性的技術，例如我們的 Virtual Vision Test 遠程醫療應用程序，它允許符合條件的用戶隨時隨地使用 iPhone 在不到 10 分鐘的時間內更新眼鏡和隱形眼鏡處方，並繼續採用我們的第一個它的種類，真實的規模虛擬試穿。正如我提到的，我們實現了所有這些里程碑，同時保持了超過 80 的行業領先的淨推薦值。保持這一指標是 Warby 團隊的北極星，從第一天開始就是如此。它確保我們繼續為我們的客戶提供超越產品和體驗，這反過來又推動了我們的發展。那些滿意的客戶在我們這里花費的錢比以往任何時候都多。

Our average revenue per customer for the year was $246, up $28 or 13% versus 2020. The largest increase we've ever seen in our 12 years since launch. That increase hasn't come from raising prices. It's come from 2 factors: first, more of our customers buying multiple categories of products from us. For example, eye exams and contacts in addition to glasses. And second, an increase in the penetration of progressive lenses and higher price point frames.

我們今年每位客戶的平均收入為 246 美元，比 2020 年增長 28 美元或 13%。這是我們推出 12 年來的最大增幅。這種增長並非來自提高價格。它來自兩個因素：首先，更多的客戶從我們這裡購買多種類別的產品。例如，除眼鏡外，還有眼科檢查和隱形眼鏡。其次，漸進鏡片和更高價位鏡架的普及率增加。

As a reminder, progressives are our highest price point and highest margin product, and this remains an area where we are significantly underpenetrated relative to the rest of the market. We launched selling prescription classes for $95 and we have not changed this price point in the 12-plus years since launch. But over the years, we have introduced many other products at different price points that have led to increasing average order value and improving customer economics over time. And as we have introduced these new price points, we have not seen them impact demand.

提醒一下，漸進式是我們的最高價位和最高利潤率產品，相對於其他市場，這仍然是我們滲透率嚴重不足的領域。我們以 95 美元的價格推出處方課程，並且自推出以來的 12 多年裡我們沒有改變過這個價格點。但多年來，我們以不同的價位推出了許多其他產品，隨著時間的推移，這些產品導致平均訂單價值增加並改善了客戶經濟效益。由於我們引入了這些新的價格點，我們沒有看到它們影響需求。

We know there's a lot of talk about inflation and we're seeing many companies increase prices, some because their margins are getting squeezed and some opportunistically at the expense of their customers. We started Warby Parker in large part because we were frustrated by the high price of glasses ourselves and wanted to create a much more customer-friendly alternative. As such, we will always focus on delivering great value and will leverage our structural advantage of controlling our supply chain whilst eliminating wholesaler markets and license and fees to pass savings onto our customers.

我們知道有很多關於通貨膨脹的討論，我們看到許多公司提高價格，一些是因為他們的利潤受到擠壓，一些是機會主義地以犧牲他們的客戶為代價。我們創辦 Warby Parker 很大程度上是因為我們自己對眼鏡的高價感到沮喪，並希望創造一種對客戶更友好的替代品。因此，我們將始終專注於提供巨大的價值，並將利用我們控制供應鏈的結構優勢，同時消除批發商市場和許可和費用，以將節省的成本轉嫁給我們的客戶。

We were excited that we were able to maintain our high gross margins and continue to improve our customer economics without resorting to sweeping price increases. As others in our category continue to raise prices, our value proposition will become even stronger over time, which we expect will lead to even greater sustainable competitive advantage. Of course, all of these positive results are due to the tireless efforts from our more than 3,000 team members who continue to be highly engaged.

我們很高興能夠保持高毛利率並繼續改善客戶經濟狀況，而無需訴諸大幅提價。隨著我們類別中的其他產品繼續提高價格，我們的價值主張將隨著時間的推移變得更加強大，我們預計這將帶來更大的可持續競爭優勢。當然，所有這些積極的成果都離不開我們3000多名持續高度敬業的團隊成員的不懈努力。

In a recent survey, 87% of employees said that they are proud to work for Warby Parker and 88% said they would recommend Warby Parker as a great place to work. And we couldn't be prouder of how our team has managed through the multiple waves of the pandemic, especially the most recent Omicron outbreak. Omicron was particularly impactful given the unique seasonality in our business. Because of FSA spending and digital insurance utilization at year-end, we typically we see our highest sales days of the year between Christmas and New Year's. This year, Omicron peaked during that same window in many of our biggest markets. As a result, we saw significantly lower retail foot traffic, staffing-related store closures, and fewer eye exams.

在最近的一項調查中，87% 的員工表示他們為在 Warby Parker 工作感到自豪，88% 的員工表示他們會推薦 Warby Parker 作為一個理想的工作場所。我們為我們的團隊如何度過大流行的多波浪潮，尤其是最近的 Omicron 爆發感到無比自豪。鑑於我們業務的獨特季節性，Omicron 特別有影響力。由於年底的 FSA 支出和數字保險利用率，我們通常會在聖誕節和新年之間看到一年中銷量最高的日子。今年，Omicron 在我們許多最大市場的同一窗口期達到頂峰。結果，我們看到零售客流量顯著減少，與人員配備相關的商店關閉以及眼科檢查減少。

We also saw many other retailers and optical shops close several or all of their stores for days or weeks at a time. This, in turn, led to fewer shoppers at neighboring stores and importantly, fewer people getting eye exams, preventing them from shopping with us. We believe Omicron resulted in nearly $5 million of lost sales in Q4 and over $15 million in Q1, stemming from fewer people shopping in our stores.

我們還看到許多其他零售商和眼鏡店一次關閉幾家或所有商店數天或數週。這反過來又導致附近商店的購物者減少，更重要的是，接受眼科檢查的人也減少，從而阻止他們到我們這裡購物。我們認為 Omicron 在第四季度造成近 500 萬美元的銷售額損失，在第一季度造成超過 1500 萬美元的銷售額損失，這是因為在我們商店購物的人減少了。

What we've seen from prior COVID surges is that store traffic and productivity does not immediately bounce back, and most customers don't immediately switch to shopping online. To do so, our customers need valid prescriptions and there's often a time lag for new exams to be scheduled. When the Delta variant emerged this summer, we saw a significant decline in store productivity relative to the same period in 2019 followed by a steady improvement for the following 4 months until Omicron appeared.

我們從之前的 COVID 激增中看到的是，商店客流量和生產力不會立即反彈，而且大多數顧客不會立即轉向在線購物。為此，我們的客戶需要有效的處方，而且安排新檢查通常會有時間延遲。當今年夏天出現 Delta 變體時，我們看到商店生產力相對於 2019 年同期顯著下降，隨後在接下來的 4 個月裡穩步提高，直到 Omicron 出現。

The subsequent Omicron-related decline in retail productivity was nearly twice as severe as that from Delta. As a result, we estimate that our Q4 revenue growth of 18% was negatively impacted by about 4 points, and our Q1 began with major headwinds. This is a temporary setback. In the most recent weeks, we're experiencing a similar recovery curve to what we saw from other pandemic surges, and we remain as confident as ever in our long-term growth plans and a reacceleration of our growth in the coming months.

隨後與 Omicron 相關的零售生產力下降幾乎是 Delta 的兩倍。因此，我們估計我們第四季度 18% 的收入增長受到了大約 4 個百分點的負面影響，而我們的第一季度開始時遇到了重大阻力。這是暫時的挫折。在最近幾週，我們正在經歷與我們從其他流行病激增中看到的相似的複蘇曲線，我們對我們的長期增長計劃和未來幾個月的增長重新加速仍然一如既往地充滿信心。

While the pandemic has been disruptive to our business, it has been more disruptive to others in our category. This has enabled us to continue to grow our customer base and take the material market share over the last 2 years. The U.S. eyewear market grew 5% from 2019 to 2021, while we grew 46%. In our differentiated omnichannel model, it's even more advantaged when consumers have easy access to eye doctors and prescriptions and feel fully comfortable shopping.

雖然大流行對我們的業務造成了破壞，但對我們類別中的其他業務造成的破壞更大。這使我們能夠在過去 2 年中繼續擴大客戶群並佔據材料市場份額。美國眼鏡市場從 2019 年到 2021 年增長了 5%，而我們增長了 46%。在我們差異化的全渠道模式中，當消費者可以輕鬆獲得眼科醫生和處方並感到完全舒適的購物時，它就更具優勢。

As consumer behavior rebounds in our category, we believe we will benefit differentially as our 160-plus stores regain foot traffic and return to full productivity, while we continue to serve customers through our unique and industry-leading digital tools and e-commerce platform.

隨著我們類別中消費者行為的反彈，我們相信，隨著我們的 160 多家商店恢復客流量並恢復全面生產力，我們將受益匪淺，同時我們將繼續通過我們獨特且行業領先的數字工具和電子商務平台為客戶提供服務。

And with that, I'll pass it over to my co-CEO and co-founder, Neil, to talk through why we remain so excited for the rest of 2022 and beyond.

有了這個，我將把它轉交給我的聯合首席執行官兼聯合創始人尼爾，談談為什麼我們在 2022 年剩餘時間及以後仍然如此興奮。

Thanks, Dave, and good morning, everyone. We're as excited about our business and category as when we first started 12 years ago. As many of you know, our category is different from other consumer categories. Our core product, eyewear, is a combination of a health product and a fashion accessory. We have a unique responsibility to provide vision while amplifying one's identity and style.

謝謝，戴夫，大家早上好。我們對我們的業務和類別感到興奮，就像我們 12 年前剛開始時一樣。正如你們許多人所知，我們的類別與其他消費者類別不同。我們的核心產品眼鏡是健康產品和時尚配飾的結合。我們肩負著獨特的責任，在提升個人身份和風格的同時提供願景。

We are fortunate to operate in a large and growing market, $160 billion globally and $44 billion in the U.S. alone. And one that provides essential products and services that are purchased in both strong and weak economic environments. Several factors contribute to this growth and durability. First, most people need vision correction with 76% of adults using some form of vision correction in 2021.

我們很幸運能夠在一個龐大且不斷增長的市場中開展業務，全球市場價值 1600 億美元，僅美國就有 440 億美元。以及提供在強勁和疲軟的經濟環境中購買的基本產品和服務的公司。有幾個因素促成了這種增長和持久性。首先，大多數人需要視力矯正，2021 年有 76% 的成年人使用某種形式的視力矯正。

Second, there is a natural replenishment cycle as prescriptions change or as people update their fashion preferences. Further, there are several macro factors contributing to rising vision correction needs and a steady influx of new customers who expect an exceptional vision care experience from an aging population and increased screen time usage to the acceleration of e-commerce penetration and increasing prominence of telehealth.

其次，隨著處方的改變或人們更新時尚偏好，存在一個自然的補貨週期。此外，有幾個宏觀因素導致視力矯正需求上升，新客戶穩定湧入，他們希望從人口老齡化中獲得卓越的視力保健體驗，屏幕使用時間增加，電子商務滲透加速，遠程醫療日益突出。

These trends support expectations that the industry will continue to grow and continue to become more favorable to our omnichannel approach. This is obviously exciting for us at Warby Parker. Despite being one of the only optical retailers to grow in 2020 and then accelerate that growth to 37% in 2021, reaching $541 million in revenue, we still just represent 1% of the U.S. market.

這些趨勢支持行業將繼續增長並繼續對我們的全渠道方法更加有利的預期。這對 Warby Parker 的我們來說顯然是令人興奮的。儘管我們是唯一一家在 2020 年實現增長並在 2021 年加速增長至 37%，收入達到 5.41 億美元的眼鏡零售商之一，但我們仍然只占美國市場的 1%。

Another optical industry dynamic that makes it particularly appealing to our vertically integrated business model is that roughly 50% of the market is served by independent eye doctors and their optical shops that purchase frames and lenses wholesale and then resell them. The other half of the market is served by retail chains. And of that 50% of the market that are chain stores, roughly 1/3 is owned by 1 company.

另一個對我們垂直整合的商業模式特別有吸引力的光學行業動態是，大約 50% 的市場由獨立的眼科醫生和他們的眼鏡店提供服務，他們批發購買鏡架和鏡片，然後轉售。另一半市場由零售連鎖店提供服務。在這 50% 的連鎖店市場中，大約 1/3 由一家公司擁有。

Customers come to Warby Parker often after spending significantly more on their glasses because they either bought them from an overpriced optical chain or an independent optometry practice.

顧客經常在眼鏡上花費更多錢後來到 Warby Parker，因為他們要么從定價過高的光學連鎖店購買，要么從獨立的驗光店購買。

The other interesting dynamic of our industry is the prescription nature of the product. You need a valid prescription to buy glasses and contacts. Industry-wide, approximately 70% of people buy glasses and contacts in the same location they have an eye exam.

我們行業的另一個有趣動態是產品的處方性質。您需要有效的處方才能購買眼鏡和隱形眼鏡。在全行業範圍內，大約 70% 的人在進行眼科檢查的同一地點購買眼鏡和隱形眼鏡。

This benefits us as we open up more stores with exam suites and optometrists. However, sales are negatively impacted when customers are not able to obtain prescriptions from us or their local optometrists due to Omicron or other variants. While the prescription dynamic protect incumbents by providing barriers to entry in normal times, it leads to a slower ramp-up in other categories after a COVID surge. In spite of COVID, the eyewear market is poised to continue to grow faster than GDP, with an outlook of a 5.3% CAGR from 2022 to 2025.

這對我們有利，因為我們開設了更多配備檢查室和驗光師的商店。但是，如果客戶因 Omicron 或其他變體而無法從我們或他們當地的驗光師那裡獲得處方，銷售就會受到負面影響。雖然處方動態通過在正常時期提供進入壁壘來保護現任者，但在 COVID 激增後，它會導致其他類別的增長放緩。儘管有 COVID，眼鏡市場仍有望繼續以高於 GDP 的速度增長，2022 年至 2025 年的複合年增長率預計為 5.3%。

If there's one phrase that you hear repeated in the offices of Warby Parker, it's sustainable growth. Our management philosophy is to drive predictable growth while expanding margins and delivering exceptional customer experiences to ensure future growth. Our long-term outlook remains the same. We plan to grow revenue consistently at 20% or more, maintain healthy gross margins of 58% to 60%, gain leverage and expand adjusted EBITDA margins 100 to 200 basis points per year to achieve 20-plus-percent adjusted EBITDA margins.

如果您在 Warby Parker 的辦公室裡反复聽到一句話，那就是可持續增長。我們的管理理念是推動可預測的增長，同時擴大利潤並提供卓越的客戶體驗，以確保未來的增長。我們的長期前景保持不變。我們計劃將收入持續增長 20% 或更高，保持 58% 至 60% 的健康毛利率，獲得槓桿作用並將調整後的 EBITDA 利潤率每年擴大 100 至 200 個基點，以實現 20% 以上的調整後 EBITDA 利潤率。

We also plan to continue to make appropriately sized investments in technology and in our team to ensure exceptional customer experiences that result in a Net Promoter Score greater than 80. In 2022, we anticipate growth consistent with our philosophy of continued sustainable growth. We expect to grow top line 20% to 22% to $650 million to $660 million.

我們還計劃繼續對技術和我們的團隊進行適當規模的投資，以確保卓越的客戶體驗，從而使淨推薦值超過 80。到 2022 年，我們預計增長將符合我們持續可持續增長的理念。我們預計收入將增長 20% 至 22%，達到 6.5 億至 6.6 億美元。

Ahead of our direct listing in September before the onset of Omicron, we provided a framework of 2022 net revenue growth of at least 25%. We arrived at our current range of 20% to 22% growth after taking into account the estimated $15 million impact from Omicron in Q1 and assuming our stores reach 90% of pre-pandemic levels in Q2 and full productivity in Q4 based on the recovery curves we observed from the onset of COVID and from the emergence of Delta.

在 Omicron 成立之前的 9 月直接上市之前，我們提供了 2022 年淨收入增長至少 25% 的框架。考慮到第一季度 Omicron 估計產生的 1500 萬美元影響，並假設我們的門店在第二季度達到大流行前水平的 90%，並根據恢復曲線在第四季度達到全生產率，我們得出了目前 20% 至 22% 的增長率範圍我們從 COVID 的出現和 Delta 的出現開始觀察。

We expect our gross margins to remain consistent at 58% to 60%, and we anticipate that we'll improve adjusted EBITDA 100 to 200 basis points. And of course, we expect to maintain a Net Promoter Score at or above 80. We see tremendous opportunity in front of us fueled by the natural tailwinds we have as the business having launched purely online, selling just single vision prescriptions glasses.

我們預計我們的毛利率將保持在 58% 至 60% 的水平，並且我們預計我們將提高調整後的 EBITDA 100 至 200 個基點。當然，我們希望將淨推薦值保持在 80 分或以上。我們看到巨大的機會擺在我們面前，因為我們擁有純在線業務的自然順風，只銷售單眼處方眼鏡。

We expect most of our 2022 growth to be driven by our retail channel as traffic and sales productivity rebound, particularly for our 63 urban locations whose productivity is currently 15 points lower than our suburban locations. We also plan to open 40 new stores in 2022 and end the year with 201 locations.

我們預計 2022 年的大部分增長將由我們的零售渠道推動，因為交通和銷售生產力反彈，特別是我們 63 個城市地區的生產力目前比我們的郊區地區低 15 個百分點。我們還計劃在 2022 年開設 40 家新店，並在年底開設 201 家門店。

Last year, we commissioned a third-party study that concluded our retail footprint has room to expand to over 900 retail locations in the U.S. while maintaining our best-in-class four-wall economics. This is still a fraction of the 41,000 optical shops that exists today. As we continue to expand our product and service offering, we believe this will also expand our store footprint opportunity. And of course, we'll continue to serve customers via our leading e-commerce channel using unique tools like our Virtual Try-On to make the shopping experience fun and convenient, both online and offline.

去年，我們委託進行了一項第三方研究，得出的結論是我們的零售足蹟有空間擴展到美國的 900 多個零售點，同時保持我們一流的四壁經濟性。這仍然是當今存在的 41,000 家眼鏡店的一小部分。隨著我們繼續擴大我們的產品和服務範圍，我們相信這也將擴大我們的門店足跡機會。當然，我們將繼續通過我們領先的電子商務渠道使用我們的虛擬試穿等獨特工具為客戶提供服務，讓線上和線下的購物體驗既有趣又方便。

Having a flexible omnichannel model has enabled us to grow significantly faster than others in our category, and we'll continue to be at structural competitive advantage going forward.

擁有靈活的全渠道模式使我們的增長速度明顯快於同類產品，並且我們將繼續保持結構性競爭優勢。

On the product front, we expect our progressives penetration will continue to increase, driving top line growth and gross margin expansion. Glasses with progressive lenses enable customers to see in the distance and up close. It's a product that is generally for customers 45 years and older.

在產品方面，我們預計我們的進步滲透率將繼續增加，推動收入增長和毛利率擴張。帶有漸進鏡片的眼鏡使客戶能夠看到遠處和近處。該產品通常面向 45 歲及以上的客戶。

Our progressive glasses start at $295 versus our single-vision product that starts at $95. In addition to the significantly higher ASP, progressives have a higher gross margin. We continue to be highly underpenetrated versus the industry with progressives making up approximately 45% of all prescription glasses sold in the U.S. today. While it's just 20% of our prescription business, up from 16% in 2020.

我們的漸進眼鏡起價為 295 美元，而我們的單視產品起價為 95 美元。除了顯著更高的平均售價外，漸進式產品的毛利率也更高。與行業相比，我們的滲透率仍然很低，漸進鏡片約佔當今美國銷售的所有處方眼鏡的 45%。雖然它僅占我們處方藥業務的 20%，高於 2020 年的 16%。

We're particularly excited by the fact that today, progressives purchases tend to skew more towards bricks and mortar given the complex nature of the prescription and the older customer demographic. So as we scale our retail footprint and our stores return to full productivity, we expect to see compounding growth of this product. We expect that our eyewear ASP and gross margin will continue to expand, thanks to our increased progressives penetration given the $200 price differential between our single-vision glasses and our progressive glasses.

我們特別興奮的是，鑑於處方的複雜性和年齡較大的客戶群，如今漸進式購買往往更傾向於實體店。因此，隨著我們擴大零售足跡並且我們的商店恢復全面生產力，我們預計會看到該產品的複合增長。我們預計我們的眼鏡平均售價和毛利率將繼續擴大，這要歸功於我們的漸進眼鏡滲透率提高，因為我們的單視眼鏡和漸進眼鏡之間存在 200 美元的價差。

We'll also continue to invest in our relatively new contact business, which doubled last year to 4% of our business and which we expect to grow at a similar pace in 2022. The contacts market alone is over $5.5 billion, and contacts typically account for 15% to 20% of an optical retailer's sales. So we believe we have many years of high growth ahead of us.

我們還將繼續投資我們相對較新的聯繫人業務，該業務去年翻了一番，占我們業務的 4%，我們預計 2022 年將以類似的速度增長。僅聯繫人市場就超過 55 億美元，聯繫人通常佔佔眼鏡零售商銷售額的 15% 到 20%。因此，我們相信我們還有很多年的高速增長。

We'll also continue to invest in our eye exam and vision testing business. Like contacts and progressives, we are underpenetrated in the eye care given our e-commerce beginnings. The eye care market is over $6.5 billion. And while exams typically account for 10% to 15% of an optical retailer sales, ours accounted for less than 2% of our sales in 2021. To drive growth, all 40 of our new in 2022 stores will offer eye exams.

我們還將繼續投資眼科檢查和視力測試業務。就像聯繫人和進步人士一樣，鑑於我們的電子商務開端，我們在眼部護理方面的滲透率不足。眼部護理市場超過 65 億美元。雖然檢查通常佔眼鏡零售商銷售額的 10% 到 15%，但我們在 2021 年只佔銷售額的不到 2%。為了推動增長，我們 2022 年的所有 40 家新店都將提供眼科檢查。

We anticipate ending the year providing eye exams in 154 stores, up from 107 in 2021. We'll also transition 40 existing stores in states where we cannot directly employ optometrists to a PC model, which will give us greater control over the customer experience and enable us to recognize the exam revenue. Lastly, we'll continue to lead the way in telehealth and expand the capabilities and awareness of our Virtual Vision Test.

我們預計年底將在 154 家商店提供眼科檢查，高於 2021 年的 107 家。我們還將在我們無法直接僱用驗光師的州的 40 家現有商店過渡到 PC 模式，這將使我們更好地控制客戶體驗和使我們能夠確認考試收入。最後，我們將繼續引領遠程醫療，並擴大我們虛擬視力測試的能力和知名度。

Of course, we recognize businesses like ours are currently facing unique challenges, but we feel confident in our team's ability to navigate through them. Despite Apple's IDFA update and privacy changes, we've not experienced significantly higher customer acquisition costs. Several years ago, we made the strategic decision to limit our dependency on paid social media platforms by reducing spend to less than 5% of our total media budget and instead leverage our highly flexible marketing model through a diverse mix of online and offline marketing channels.

當然，我們認識到像我們這樣的企業目前正面臨著獨特的挑戰，但我們對我們團隊應對這些挑戰的能力充滿信心。儘管 Apple 更新了 IDFA 並更改了隱私，但我們的客戶獲取成本並未顯著增加。幾年前，我們做出了一項戰略決策，通過將支出減少到媒體總預算的 5% 以下來限制我們對付費社交媒體平台的依賴，並通過線上和線下營銷渠道的多樣化組合來利用我們高度靈活的營銷模式。

Given our customer base generally skews more affluent, we did not detect an increase in sales last year because of the federal stimulus in March and are therefore not lapping a onetime bump. Regarding shipping, the majority of our customer shipments are made through carriers where we have a negotiated fixed price multiyear agreement in place that do not include fuel surcharges.

鑑於我們的客戶群通常更富裕，我們沒有發現去年銷售額因 3 月份的聯邦刺激措施而有所增加，因此不會出現一次性增長。關於運輸，我們的大部分客戶貨物都是通過承運商運送的，我們與承運商簽訂了不包括燃油附加費的協商固定價格多年協議。

As Dave mentioned, we expanded our manufacturing footprint in the U.S. by opening a second optical lab in Las Vegas last year. This enables us to make more glasses in-house, which leads to greater gross margins, higher quality and faster delivery times. We've been able to hire the talent required to scale operations faster than planned. In fact, we continue to attract and retain great talent across the organization from our manufacturing facilities to our stores, to our corporate offices.

正如 Dave 提到的，我們去年在拉斯維加斯開設了第二個光學實驗室，從而擴大了我們在美國的製造足跡。這使我們能夠在內部製造更多眼鏡，從而帶來更高的毛利率、更高的質量和更快的交貨時間。我們已經能夠聘請到比計劃更快地擴展運營所需的人才。事實上，從我們的製造設施到我們的商店，再到我們的公司辦公室，我們繼續在整個組織中吸引和留住優秀人才。

This is thanks to our employer brand, which has only gotten stronger because of our actions during the pandemic to protect the health, safety and financial well-being of our employees as well as our do-good efforts. Our team takes immense pride in our recent milestone of distributing 10 million pairs of glasses to people in need. While these are extraordinary times, team Warby is well prepared and fully energized to continue along the path of sustainable growth.

這要歸功於我們的雇主品牌，由於我們在大流行病期間採取行動保護員工的健康、安全和財務福祉，以及我們為做好事所做的努力，我們的雇主品牌才變得更加強大。我們的團隊為我們最近向有需要的人分發 1000 萬副眼鏡這一里程碑感到無比自豪。雖然現在是非常時期，但 Warby 團隊已做好充分準備並充滿活力，繼續沿著可持續增長的道路前進。

With that, I'll turn it over to Steve to talk about our results and provide color on our 2022 financial outlook.

有了這個，我將把它交給史蒂夫來談論我們的結果並為我們的 2022 年財務前景提供色彩。

Thanks, Neil and Dave. Good morning, everyone. Jumping right in. Revenue for the full year 2021 came in at $540.8 million, up 37% versus 2020 and up 46% versus 2019. We finished the year with 2.2 million active customers, an increase of 22% year-over-year. The power of our financial model stems from robust customer economics, which continued to strengthen.

謝謝，尼爾和戴夫。大家，早安。直接跳進去。2021 年全年的收入為 5.408 億美元，比 2020 年增長 37%，比 2019 年增長 46%。我們在這一年結束時擁有 220 萬活躍客戶，同比增長 22%。我們財務模型的力量源於強勁的客戶經濟，這種經濟持續增強。

During the year, we grew average revenue per customer by 13% to $246. Additionally, our retention rates through 2021 continue to demonstrate the long-term relationship we're able to form with our customers, which we believe is unique in the optical industry. Despite navigating through continued uncertainty for most of the year, these results demonstrate the strength of our brand and underscore the opportunity ahead as we execute against our growth strategies. For the fourth quarter, revenue came in at $132.9 million, up 18% year-over-year and up 42% compared to Q4 2019.

在這一年中，我們每位客戶的平均收入增長了 13%，達到 246 美元。此外，我們到 2021 年的保留率繼續證明我們能夠與客戶建立長期關係，我們認為這在光學行業是獨一無二的。儘管今年大部分時間都在持續不確定性中航行，但這些結果證明了我們品牌的實力，並強調了我們執行增長戰略時面臨的機遇。第四季度，收入為 1.329 億美元，同比增長 18%，與 2019 年第四季度相比增長 42%。

The onset of Omicron at the end of November has had a meaningful impact on our business given the unique seasonality aspects Dave talked through. Given the importance of Q1 within the optical industry and to our business, let me take a moment to walk you through the trends we have seen since the start of the year.

考慮到 Dave 談到的獨特的季節性因素，Omicron 在 11 月底的出現對我們的業務產生了有意義的影響。鑑於第一季度在光學行業和我們業務中的重要性，讓我花點時間向您介紹自今年年初以來我們所看到的趨勢。

The disruption from Omicron in January was twofold. First, the softer end to December resulted in a lower revenue deferral than we've historically seen in addition to the variant continuing to dampen traffic levels into January and February in our stores. We estimate the impact of Omicron at $5 million in top line for Q4 2021 and $15 million in top line for Q1 2022, most of which we view as lost business in the lead up to the expiration of FSA dollars, with the impact split across Q4 and Q1 and largely in December and January.

一月份來自 Omicron 的破壞是雙重的。首先，12 月底的疲軟導致收入遞延比我們歷史上看到的要低，此外變體繼續抑制我們商店 1 月和 2 月的客流量。我們估計 Omicron 對 2021 年第四季度收入的影響為 500 萬美元，對 2022 年第一季度收入的影響為 1500 萬美元，我們認為其中大部分是在 FSA 美元到期之前導致的業務損失，影響在第四季度分攤和第一季度，主要是在 12 月和 1 月。

Given the unique seasonality of optical purchases and customer FSA usage behavior, we do not expect to recapture the majority of these lost sales and have reflected this impact in our first quarter and full year outlook.

鑑於光學採購和客戶 FSA 使用行為的獨特季節性，我們預計不會收回大部分這些損失的銷售，並且已在我們的第一季度和全年展望中反映了這種影響。

With regards to e-commerce performance in the fourth quarter, while we saw an increase in e-commerce demand over the last 2 weeks of December, it did not offset the decline we experienced in retail traffic trends. For our business, the shift between retail and e-commerce may not be as natural or immediate as it is for other categories such as apparel, given the need for valid prescriptions and varying consumer comfort levels around purchasing eyewear online for the first time.

關於第四季度的電子商務表現，雖然我們看到 12 月最後兩週電子商務需求有所增加，但這並沒有抵消零售流量趨勢的下降。對於我們的業務而言，零售和電子商務之間的轉變可能不像服裝等其他類別那樣自然或直接，因為需要有效的處方，而且消費者對首次在線購買眼鏡的舒適程度各不相同。

For the fourth quarter, e-commerce represented 41% of our overall business versus 56% in 2020 and 34% in 2019. For the full year, e-commerce penetration was 46% versus 60% in 2020 and 35% in 2019. E-commerce grew 96% during the fourth quarter of 2020. As such, Q4 2021 e-commerce is down 14% but up 69% versus 2019, representing a 2-year CAGR of 30%. For the full year, e-commerce grew 5% on top of 83% growth last year, representing a 2-year CAGR of 39%.

第四季度，電子商務占我們整體業務的 41%，而 2020 年為 56%，2019 年為 34%。全年，電子商務滲透率為 46%，而 2020 年為 60%，2019 年為 35%。 E - 電子商務在 2020 年第四季度增長了 96%。因此，與 2019 年相比，2021 年第四季度電子商務下降了 14%，但增長了 69%，這意味著 2 年復合年增長率為 30%。全年來看，電子商務在去年增長 83% 的基礎上增長了 5%，兩年復合年增長率為 39%。

Before shifting gears to gross margin and SG&A, I wanted to reiterate some of the fourth quarter seasonality dynamics that I spoke with you about last quarter. Q4 is generally our lowest margin quarter given the revenue deferral and as we make several investments to support the important holiday selling season as well as the expiry of FSA benefits.

在轉向毛利率和 SG&A 之前，我想重申我上個季度與您談過的一些第四季度季節性動態。考慮到收入延遲，第四季度通常是我們利潤率最低的季度，因為我們進行了幾項投資以支持重要的假期銷售季節以及 FSA 福利到期。

These investments include marketing to support and generate customer demand; investments in shipping as we expedite orders to meet holiday timing; increasing store staffing to accommodate higher traffic and extended store hours; and increasing our customer experience staffing to support higher demand as well as elevated call volume related to flexible spending benefit questions.

這些投資包括支持和產生客戶需求的營銷；在我們加快訂單以滿足假期時間的同時投資於運輸；增加商店人員配備以適應更高的客流量和延長的營業時間；增加我們的客戶體驗人員配備，以支持更高的需求以及與靈活支出福利問題相關的更高呼叫量。

So while we believe our long-term outlook will show consistent high growth and steadily improving profitability on an annual basis, as we saw in 2021 where the quarter-to-quarter picture may fluctuate. We've also added to our earnings slides a historical view of revenue by quarter going back to 2016. As you can see, the revenue distribution is fairly equal across quarters in the same year with a significant step up in sequential growth from Q4 to Q1. We expect this cycle to continue post-pandemic given the consistency we've seen in our business over many years prior.

因此，儘管我們相信我們的長期前景將顯示出持續的高增長和穩步提高的盈利能力，但正如我們在 2021 年所看到的那樣，每個季度的情況可能會有所波動。我們還在收益幻燈片中添加了自 2016 年以來按季度劃分的收入歷史視圖。如您所見，同年各季度的收入分佈相當平均，從第四季度到第一季度的連續增長顯著加快.鑑於我們多年來在業務中看到的一致性，我們預計這一周期將在大流行後繼續。

With that in mind, let's move on to gross margin. As a reminder, our gross margin is [fund] loaded and accounts for a range of costs, including frames, lenses, optical labs, customer shipping, eye doctors, store rents and the depreciation of store build-outs. Our gross margin also includes stock-based compensation expense for our optometrists and optical lab employees.

考慮到這一點，讓我們繼續討論毛利率。提醒一下，我們的毛利率是 [fund] 加載的，並且考慮了一系列成本，包括框架、鏡片、光學實驗室、客戶運輸、眼科醫生、商店租金和商店擴建的折舊。我們的毛利率還包括我們的驗光師和光學實驗室員工的股票補償費用。

For comparability, I will be speaking to gross margin, excluding stock-based compensation. Fourth quarter adjusted gross margin came in at 57.5% compared to 57.8% and 57.0% in 2020 and 2019, respectively. For the full year, adjusted gross margin came in at 59.0% compared to 58.9% in 2020 and 60.2% in 2019. For the quarter, we have some unique costs and benefits impacting comparability as well as several operational puts and takes that I'll talk through.

為了可比性，我將談到毛利率，不包括基於股票的薪酬。第四季度調整後毛利率為 57.5%，而 2020 年和 2019 年分別為 57.8% 和 57.0%。全年，調整後的毛利率為 59.0%，而 2020 年為 58.9%，2019 年為 60.2%。對於本季度，我們有一些獨特的成本和收益會影響可比性，以及我將採取的一些運營措施談一談。

First, Q4 2020 benefited from a tariff rebate of approximately 70 basis points. Excluding this benefit, adjusted gross margin would have expanded. Next, the acceleration and penetration of our contacts business as a percentage of the total was the primary driver of slight moderation in fourth quarter gross margin. As Neil mentioned, expanding our contacts offering is a core part of scaling our holistic vision care offering and a key driver of increasing average revenue per customer.

首先，2020 年第四季度受益於大約 70 個基點的關稅退稅。排除這一好處，調整後的毛利率將會擴大。接下來，我們聯繫人業務的加速和滲透佔總業務的百分比是第四季度毛利率略有放緩的主要驅動因素。正如 Neil 所提到的，擴大我們的聯繫人服務是擴展我們整體視力保健服務的核心部分，也是增加每個客戶平均收入的關鍵驅動力。

While contact lenses have a lower gross margin versus our other product offerings, they are accretive to gross margin dollars given the higher purchase frequency and subscription-like purchase cycle of this product. Additionally, we typically experience higher sales retention rates for customers that purchase contacts given the ability to meet all of their eye care needs within the Warby Parker ecosystem.

雖然與我們的其他產品相比，隱形眼鏡的毛利率較低，但鑑於該產品的購買頻率較高和類似訂閱的購買週期，它們會增加毛利率。此外，由於能夠在 Warby Parker 生態系統中滿足他們所有的眼部護理需求，我們通常會為購買隱形眼鏡的客戶帶來更高的銷售保留率。

As we talked with you about last quarter, there was a moderate drag on gross margin as our second optical lab in Las Vegas ramps to 100% operating capacity. We expect the lab to reach scale in the back half of 2022, which will allow us to more efficiently serve our West Coast customers, ultimately supporting leverage within gross margin.

正如我們在上個季度與您討論的那樣，隨著我們在拉斯維加斯的第二個光學實驗室的運營能力達到 100%，毛利率受到了一定程度的拖累。我們預計該實驗室將在 2022 年下半年達到規模，這將使我們能夠更有效地為我們的西海岸客戶提供服務，最終支持毛利率內的槓桿作用。

Lastly, we saw a benefit to gross margin from continued inventory and product strategy optimization as well as the expansion of our higher-margin progressives business. For the full year, 2020 gross margin benefited from a tariff rebate of approximately 40 basis points. Excluding this benefit in 2020, adjusted gross margin expansion would have been greater in 2021, primarily driven by leverage on retail occupancy as we lapped store closures last year and leverage as we continue to scale our higher-margin progressives business, partially offset by the acceleration and penetration of our contacts business during the year.

最後，我們看到持續的庫存和產品策略優化以及我們利潤率較高的累進業務的擴張對毛利率有好處。全年，2020 年毛利率受益於約 40 個基點的關稅退稅。排除 2020 年的這一收益，調整後的毛利率擴張在 2021 年會更大，這主要是由於我們去年關閉商店時對零售入住率的槓桿作用以及隨著我們繼續擴大利潤率較高的累進業務而產生的槓桿作用，部分被加速增長所抵消年內我們聯繫人業務的滲透率。

Shifting gears to SG&A. SG&A for our business includes 3 main components: salary expense for our headquarters, customer experience and retail employees; marketing spend, including our Home Try-On program; and general corporate overhead expenses. Adjusted fourth quarter SG&A came in at $89.4 million or 67.3% as a percentage of net sales, in line with pre-pandemic spend levels as we make investments to support increased demand and deliver remarkable experience to our customers.

換檔到 SG&A。我們業務的 SG&A 包括 3 個主要部分：總部、客戶體驗和零售員工的工資支出；營銷支出，包括我們的家庭試穿計劃；和一般公司管理費用。調整後的第四季度 SG&A 為 8940 萬美元，占淨銷售額的 67.3%，與大流行前的支出水平一致，因為我們進行投資以支持不斷增長的需求並為客戶提供卓越的體驗。

The primary driver of the planned deleverage during the quarter was increased media investment. As we spoke with you about in November, during the third quarter, we pulled back on marketing spend in response to the uncertainty presented by the Delta variant with the intention to strategically redeploy those dollars in the fourth quarter.

本季度計劃去槓桿化的主要驅動力是媒體投資的增加。正如我們在 11 月與您談到的那樣，在第三季度，我們撤回了營銷支出以應對 Delta 變體帶來的不確定性，並打算在第四季度戰略性地重新部署這些資金。

When the Omicron variant emerged in late November, we made the strategic decision to continue to invest behind marketing, given the learnings we had gained after having navigated the first variant as well as the importance of the December selling season to our business. At less than 15% unaided brand awareness, each annual FSA expiry season is a prime opportunity to introduce new customers to the brand and reengage with existing customers.

當 Omicron 變體在 11 月下旬出現時，我們做出了繼續投資營銷的戰略決策，這是因為我們在應對第一個變體後獲得的經驗教訓以及 12 月銷售旺季對我們業務的重要性。獨立的品牌知名度不到 15%，每年的 FSA 到期季都是向品牌介紹新客戶並重新吸引現有客戶的絕佳機會。

We want to be at the top of our customers' minds when purchase intent is potentially higher than in other seasons. For the full year, on an adjusted basis, SG&A came in at $316 million or 58.4% as a percentage of net sales, an improvement of 3.2 points when compared to 2020 and about flat to 2019 as we realized leverage on both salaries and G&A, partially offset by investments in marketing.

當購買意向可能高於其他季節時，我們希望成為客戶的首要考慮因素。在調整後的全年，SG&A 收入為 3.16 億美元，占淨銷售額的 58.4%，與 2020 年相比提高了 3.2 個百分點，與 2019 年基本持平，因為我們實現了對工資和 G&A 的槓桿作用，部分被營銷投資所抵消。

For the fourth quarter, adjusted EBITDA margin was negative 4.8%, in line with our guidance driven by the investments I just spoke about, versus 0.9% last year and negative 5.4% in 2019. Given the fixed nature of the Q4 investments already described, we believe we would have realized healthy flow-through on the $5 million of lost sales in the quarter and adjusted EBITDA would have been higher.

第四季度，調整後的 EBITDA 利潤率為負 4.8%，符合我剛才談到的投資驅動的指導，而去年為 0.9%，2019 年為負 5.4%。鑑於已經描述的第四季度投資的固定性質，我們相信，本季度 500 萬美元的銷售損失會實現健康的流動，調整後的 EBITDA 會更高。

For the full year, adjusted EBITDA margin was 4.6% versus 1.9% last year and 5.9% in 2019, reflecting continued cost discipline and realizing leverage across SG&A categories. We finished the year with a strong balance sheet, reflecting $256 million in cash, which we'll continue to redeploy deliberately to support our growth and operations.

全年，調整後的 EBITDA 利潤率為 4.6%，去年為 1.9%，2019 年為 5.9%，反映了持續的成本控制和跨 SG&A 類別的槓桿作用。我們以強勁的資產負債表結束了這一年，反映了 2.56 億美元的現金，我們將繼續有意識地重新部署這些現金以支持我們的增長和運營。

Looking ahead, while consumers will likely continue to be impacted by near-term macro headwinds and global uncertainty, the optical industry is healthy and growing, and we remain confident in the long-term sustainable growth algorithm we communicated at our Investor Day in September.

展望未來，雖然消費者可能會繼續受到近期宏觀逆風和全球不確定性的影響，但眼鏡行業健康且不斷增長，我們對我們在 9 月的投資者日上傳達的長期可持續增長算法仍然充滿信心。

As it relates to the full year 2022, we are guiding to revenue between $650 million and $660 million, which represents growth of approximately 20% to 22%. This outlook reflects the impact of an estimated $15 million of lost sales in the first quarter that I spoke about previously. While we do not plan to guide on a quarterly basis, given the disruption of Omicron to the start of the year and the corresponding impact to our full year 2022 guidance, we wanted to provide additional color.

就 2022 年全年而言，我們預計收入將在 6.5 億美元至 6.6 億美元之間，增長約 20% 至 22%。這一前景反映了我之前談到的第一季度估計 1500 萬美元的銷售額損失的影響。雖然我們不打算按季度進行指導，但考慮到 Omicron 在年初的中斷以及對我們 2022 年全年指導的相應影響，我們希望提供更多顏色。

For Q1 2022, we're guiding to revenue between $153 million to $154.5 million, which represents growth of 10% to 11% year-over-year. This represents sequential top line growth of approximately 17% from Q4 2021 to Q1 2022. As you can see in our slides, pre-pandemic, we typically have seen sequential step-ups of 25% plus from Q4 to Q1 and would have expected a similar dynamic this year, if not for Omicron.

對於 2022 年第一季度，我們預計收入在 1.53 億美元至 1.545 億美元之間，同比增長 10% 至 11%。這表示從 2021 年第四季度到 2022 年第一季度的收入連續增長約 17%。正如您在我們的幻燈片中看到的那樣，在大流行之前，我們通常會看到從第四季度到第一季度連續增加 25% 以上，並且預計如果不是 Omicron，今年也有類似的動態。

Our full year guidance assumes continued retail recovery, reaching approximately 90% of pre-pandemic levels in Q2 and full productivity by year-end. For context, in 2019, our stores opened for 12 months or more, generated $2.6 million in revenue on average. While we remain optimistic we will ramp back to full productivity faster, we are maintaining a conservative stance as the timing and rate of recovery will continue to be impacted by changes in the COVID environment alongside some of the broader macro headwinds facing the consumer and the economy, both known and unknown.

我們的全年指導假設零售業持續復甦，第二季度達到大流行前水平的約 90%，並在年底前全面生產。就背景而言，2019 年，我們的門店開業 12 個月或更長時間，平均創造了 260 萬美元的收入。儘管我們保持樂觀，但我們將更快地恢復全面生產，但我們仍保持保守立場，因為複甦的時間和速度將繼續受到 COVID 環境變化以及消費者和經濟面臨的一些更廣泛的宏觀逆風的影響，已知的和未知的。

Our outlook also reflects our expectations for earlier timing of new store openings. Similar to 2021, we expect more than half of our openings to occur in the second and third quarters and underpins accelerated growth from Q2 forward. In line with the results delivered in 2021 and consistent with our long-term outlook for sustainable growth, we expect full year 2022 gross margin to be in the range of 58% to 60% and expect adjusted EBITDA margin improvement of 1 to 2 points, representing 5.6% to 6.6% adjusted EBITDA margin for full year 2022.

我們的前景也反映了我們對新店開業時間的預期。與 2021 年類似，我們預計一半以上的新店將出現在第二和第三季度，並支撐從第二季度開始的加速增長。根據 2021 年的業績以及我們對可持續增長的長期展望，我們預計 2022 年全年毛利率將在 58% 至 60% 之間，並預計調整後的 EBITDA 利潤率將提高 1 至 2 個百分點，相當於 2022 年全年調整後 EBITDA 利潤率 5.6% 至 6.6%。

We continue to expect sources of leverage to come from continued optimization of our retail and customer experience teams, a disciplined deployment of marketing spend and corporate overhead with revenue growth outpacing SG&A spend.

我們繼續預計槓桿來源將來自我們零售和客戶體驗團隊的持續優化、營銷支出和公司間接費用的嚴格部署以及收入增長超過 SG&A 支出。

In summary, we are very excited about the growth in the business, the continued recovery of our stores post-COVID and the opportunity in front of us.

總而言之，我們對業務的增長、COVID 後門店的持續復甦以及擺在我們面前的機遇感到非常興奮。

To quickly recap some of the highlights we want you to take away from today's call. First, our business grew significantly, expanded profitability and gain share despite being materially impacted by Omicron, given its timing during FSA season as well as its disruption of customers' ability to obtain eye exams and new prescriptions. Second, our business is not significantly impacted by increased shipping costs, labor shortages, Apple's privacy updates or lapping stimulus. Third, our business benefits from the reopening currently underway as our retail productivity and our channel mix normalize. Fourth, our enthusiasm and energy for the success of our customers, our shareholders, our coworkers and the communities we serve has never been higher, and we're excited for the year ahead.

快速回顧一下我們希望您從今天的電話會議中獲得的一些亮點。首先，儘管受到 Omicron 的重大影響，我們的業務仍顯著增長，擴大了盈利能力並獲得了份額，因為它在 FSA 季節期間的時間安排以及它對客戶獲得眼科檢查和新處方的能力的干擾。其次，我們的業務並未受到運輸成本增加、勞動力短缺、Apple 的隱私更新或研磨刺激措施的重大影響。第三，隨著我們的零售生產力和渠道組合正常化，我們的業務受益於目前正在進行的重新開放。第四，我們對客戶、股東、同事和我們服務的社區取得成功的熱情和精力從未如此高漲，我們對來年感到興奮。

With that, Neil, Dave and I are excited to take your questions. Operator, please open the line for Q&A.

有了這個，尼爾、戴夫和我很高興回答你的問題。接線員，請打開Q&A線路。

(Operator Instructions) And our first question comes from Mark Altschwager from Baird.

（操作員說明）我們的第一個問題來自 Baird 的 Mark Altschwager。

I guess to start off, I was hoping you could give us a bit of an update on how you're thinking about the competitive backdrop and maybe more specifically, competition at the lower end amid some of the increasing inflationary pressures on the consumers. And then related there, you talked a lot about the opportunities on the progressives front. Can you remind us how Warby's price point on progressives compares to the competition? And how does your -- do you have that same pricing gap that you see with the single-vision lens -- single-vision glasses.

我想首先，我希望你能告訴我們一些關於你如何看待競爭背景的最新情況，也許更具體地說，在消費者通脹壓力不斷增加的情況下，低端競爭。然後與那里相關，你談到了進步方面的機會。您能否提醒我們 Warby 的漸進式價格點與競爭對手相比如何？以及您的 - 您是否有與單視鏡片相同的價格差距 - 單視眼鏡。

Thanks so much for your question. And first, as you mentioned, our progressives glasses start at $295, which is a $200 step-up from our single-vision product at $95. When we price this product, the intent was to provide the same level of exceptional value. So we frequently see customers per spending $800 to $1,000 or more on a pair of progressives and then they come and -- from us are able to get glasses still at a fraction of what they would typically cost.

非常感謝你的問題。首先，正如您提到的，我們的漸進眼鏡起價為 295 美元，比我們單視產品 95 美元的價格高出 200 美元。當我們為該產品定價時，目的是提供相同水平的卓越價值。因此，我們經常看到客戶在一副漸進鏡片上花費 800 到 1,000 美元或更多，然後他們就來了——我們仍然能夠以通常成本的一小部分獲得眼鏡。

Similarly, in the competitive dynamic, we still find that our customers tend to skew more affluent and are coming to us from high-end optical shops, from optometric practices. We have not seen significant competitive pressure from the lower end of the market. We think in this inflationary environment, our pricing power just becomes more and more competitive and compelling to our customers.

同樣，在競爭動態中，我們仍然發現我們的客戶傾向於更加富裕，並且來自高端眼鏡店，來自驗光診所。我們沒有看到來自低端市場的巨大競爭壓力。我們認為在這種通貨膨脹的環境中，我們的定價能力對我們的客戶來說變得越來越有競爭力和吸引力。

That's great. A quick follow-up for Steve. If you could just give us a little bit more color on the bridge between the prior 25%-plus outlook and the current 20% to 23%. Even adjusting for the Omicron disruption, the $15 million at the midpoint, maybe a couple of points below the prior outlook. If you could give us a little bit more detail there, that would be great.

那太棒了。史蒂夫的快速跟進。如果你能在之前 25% 以上的前景和目前 20% 至 23% 之間的橋樑上給我們更多的顏色。即使針對 Omicron 的中斷進行調整，中點 1500 萬美元，也可能比先前的展望低幾個點。如果你能在那裡給我們更多的細節，那就太好了。

Sure. Thanks for the questions, Mark. And just on the last part of your question on our progressive pricing versus the competition. So if our average price is $295, for a similarly quality progressive frame and lens, you're talking anywhere from $600 to $1,200, depending on the retailer. So we believe that there still continues to be a tremendous pricing advantage that we offer based on the specific quality of our lens type and frame.

當然。謝謝你的問題，馬克。關於您關於我們的累進定價與競爭的問題的最後一部分。因此，如果我們的平均價格是 295 美元，那麼對於質量相似的漸進鏡框和鏡片，您所說的價格從 600 美元到 1,200 美元不等，具體取決於零售商。因此，我們相信，根據我們鏡頭類型和鏡框的特定質量，我們仍將繼續提供巨大的價格優勢。

In terms of the question regarding the full guide for 2022. So we attribute roughly $15 million of lost business in Q1 to Omicron, which accounts for roughly 3 full points of growth, which gets you from our 25% guide down to 22%. We've also modeled in some conservative assumptions as it relates to recovery of our stores to 100% productivity. And so that would account for the incremental 2 points of flexibility that we've built in our model. There's still a level of uncertainty in the environment. And although we're all optimistic that we're through the COVID era, it is not officially done yet. And while our stores are on their path to recovery and we're optimistic they will get back to 100% before year-end and 90% in Q2, we wanted to build in a level of conservatism just that we think is prudent.

關於 2022 年完整指南的問題。因此，我們將第一季度大約 1500 萬美元的業務損失歸因於 Omicron，這大約佔了 3 個完整的增長點，這使您從我們的 25% 指南下降到 22%。我們還對一些保守的假設進行了建模，因為這與我們的商店恢復到 100% 的生產力有關。因此，這將解釋我們在模型中構建的增量 2 點靈活性。環境中仍然存在一定程度的不確定性。儘管我們都樂觀地認為我們已經度過了 COVID 時代，但它還沒有正式結束。雖然我們的商店正在復蘇，而且我們樂觀地認為它們將在年底前恢復到 100%，在第二季度恢復到 90%，但我們希望建立一種我們認為謹慎的保守主義水平。

Our next question comes from Kimberly Greenberger from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Kimberly Greenberger。

Steve, I just wanted to follow up on your answer to Mark -- Mark's question there, if we could just start there. On the recovery in your urban store productivity, I'm wondering if you can help us understand if, first of all, the suburban stores have improved their productivity back to 2019 levels? In other words, have you seen post the original onset of COVID in the spring of 2020, have you seen your suburban stores retrace back and recover to full productivity?

史蒂夫，我只是想跟進你對馬克的回答——馬克在那裡的問題，如果我們可以從那裡開始的話。關於您城市商店生產力的恢復，我想知道您是否可以幫助我們了解，首先，郊區商店是否已將其生產力提高到 2019 年的水平？換句話說，你有沒有看到 2020 年春天 COVID 的最初發作，你有沒有看到你的郊區商店回溯並恢復到滿負荷生產？

And then on the urban store recovery embedded in your revenue guidance for 2022, are you assuming that office workers go back to their in-office habits of 2019 in order to get you back to that pre-pandemic level of productivity in your urban stores?

然後，關於您 2022 年收入指南中包含的城市商店復甦，您是否假設辦公室工作人員回到 2019 年的辦公室習慣，以便讓您的城市商店恢復到大流行前的生產力水平？

Thanks, Kimberly. This Is Neil. So our suburban stores have not yet reached full productivity. And again, our urban stores are more than 15 points below that. We are assuming sort of what we're seeing in our own business, which is we're calling back our New York headquarters starting April 5th. And we are also returning to the office mandatory 3 out of 5 days a week. So we are assuming a ramp to full productivity, but not necessarily full traffic to pre-pandemic levels. And part of our increases in productivity continue to be driven by increased progressive penetration, eye exams, contact sales, our urban stores have been impaired, not just because of reduced office worker traffic but in many neighborhoods, reduced tourism as well that we anticipate will rebound. So we do anticipate that the urban stores will return to full productivity at a slightly slower pace than our suburban locations.

謝謝，金佰利。這是尼爾。所以我們郊區的商店還沒有達到滿負荷生產。同樣，我們的城市商店比這低 15 個點以上。我們正在假設我們在自己的業務中看到的某種情況，即我們將從 4 月 5 日開始召回我們的紐約總部。我們還強制要求每週 5 天中的 3 天返回辦公室。因此，我們假設會全面提高生產力，但不一定會達到大流行前的水平。我們生產力的部分增長繼續受到漸進式滲透率、眼科檢查、接觸式銷售的增加的推動，我們的城市商店受到損害，這不僅僅是因為辦公室工作人員的交通減少，而且在許多社區，我們預計旅遊業也會減少反彈。因此，我們確實預計城市商店將以比我們郊區商店略慢的速度恢復全面生產。

Okay. Great, Neil, that's great color. And I just wanted to step back for a second and talk about the strategies that you might have in place either in 2022 or 2023 to enhance the Warby Parker proposition to consumers who have vision insurance. Any sort of incremental strategies or new ways of really tackling that insured market?

好的。太棒了，尼爾，那是很棒的顏色。我只想退後一步，談談您可能在 2022 年或 2023 年制定的戰略，以增強 Warby Parker 對擁有視力保險的消費者的主張。任何類型的增量策略或真正應對保險市場的新方法？

Sure. Thanks for the question, Kimberly. We believe insurance remains a massive opportunity for us. And within that, really think of it as 3 distinct opportunities. So the first is expanding our in-network relationships. We're currently in network with UnitedHealthcare, which covers roughly 20 million lives as well as being offering in-network benefits to large employers like GE and Boeing, and you'll see us continue to deepen relationships like this, and we think we'll have more news to share on that front later this year.

當然。謝謝你的問題，金伯利。我們相信保險對我們來說仍然是一個巨大的機會。在其中，真正將其視為 3 個不同的機會。所以首先是擴大我們的網絡關係。我們目前與 UnitedHealthcare 建立了網絡，它覆蓋了大約 2000 萬人的生命，並為通用電氣和波音等大型雇主提供網絡內福利，你會看到我們繼續加深這樣的關係，我們認為我們'今年晚些時候，我們將在這方面分享更多消息。

The second category within the world of insurance is building awareness about out-of-network benefits. And we did a recent survey of a couple of thousand consumers and found that industry-wide, most consumers are spending $130 out of pocket when they use their in-network benefits. But if those same consumers came to Warby Parker, they would have -- they would spend $0 out of pocket to purchase single-vision glasses. And we believe that there is a massive opportunity here to create education, both online and in our stores around how consumers can use those out-of-network benefits to pay even less at Warby Parker.

保險界的第二類是建立對網絡外福利的認識。我們最近對數千名消費者進行了一項調查，發現在整個行業範圍內，大多數消費者在使用網絡內福利時自掏腰包花費 130 美元。但如果同樣是這些消費者來到 Warby Parker，他們就會——他們會自掏腰包 0 美元購買單視眼鏡。我們相信，這裡有大量機會可以在網上和我們的商店中開展教育，圍繞消費者如何使用這些網絡外福利在 Warby Parker 支付更少的費用。

And then the third is really rethinking vision insurance and continuing to innovate as we have in other parts of the industry. And all the aspects of our expansion into a holistic vision care provider, continuing to open exam rooms throughout the country, continuing to hire optometrists, investing in telehealth, expanding our contacts business, all create the foundation that we believe will enable us to create more innovation in the category over a longer time period.

然後第三個是真正重新思考視力保險並繼續創新，就像我們在行業其他部分所做的那樣。我們擴展為整體視力保健提供商的所有方面，繼續在全國開設檢查室，繼續聘請驗光師，投資遠程醫療，擴大我們的聯繫人業務，所有這些都奠定了我們相信將使我們能夠創造更多的基礎該類別在較長時間內的創新。

Our next question comes from Paul Lejuez from Citigroup.

我們的下一個問題來自花旗集團的 Paul Lejuez。

I'm curious if you could talk about the drivers of your sales assumption for F '22, just in terms of active customer growth versus spend per average customer? And then also curious about any bottlenecks that you're running into getting stores open on the construction front or staffing front? And then last, just the number of stores that you're growing in new markets versus existing markets in '22.

我很好奇你是否可以談談你對 F '22 的銷售假設的驅動因素，就活躍客戶增長與平均每位客戶的支出而言？然後還想知道您在建設方面或人員配備方面遇到的任何瓶頸？最後，就是你在 22 年新市場與現有市場中增長的商店數量。

Cool. Thanks for the question, Paul. I'll answer the first part of the question and then turn it over to Neil. In terms of sales drivers and assumptions around active customer growth, one of the nice consistent aspects of our financial model really has been the consistency around which we've grown active customers, really in the 22% zone, so call it the low 20s. And coupled with that, we've seen our ability to increase average revenue per customer on a consistent basis. We've talked about how that's up 13% year-over-year to $246. And so we believe that we will continue to be able to deliver active customer growth in a very consistent way in line with how we have done that. And we also believe that we'll continue to drive increases in average revenue per customer, maybe not as high as 13%, but certainly consistent with how we've done so in the past.

涼爽的。謝謝你的問題，保羅。我將回答問題的第一部分，然後將其交給 Neil。就銷售驅動因素和圍繞活躍客戶增長的假設而言，我們財務模型的一個很好的一致方面確實是我們圍繞活躍客戶增長的一致性，實際上在 22% 的區域，所以稱之為低 20s。除此之外，我們已經看到我們有能力在一致的基礎上增加每個客戶的平均收入。我們已經討論過它是如何同比增長 13% 至 246 美元的。因此，我們相信，我們將繼續能夠按照我們的做法，以非常一致的方式實現積極的客戶增長。我們也相信，我們將繼續推動每位客戶平均收入的增長，可能不會高達 13%，但肯定與我們過去的做法一致。

From a demand generation perspective, there are a few factors to keep in mind that really underpin our ability to acquire customers. So one is opening up new stores. We plan to open up 40 new stores this year, 25 of them are in Q2 and Q3 which really underpin our accelerating growth targets over the course of the year. And we plan to continue to deploy a very disciplined marketing spend. We're very conscious of the equation between revenue growth and CAC and similar to this year and previous years, we want to make sure that our revenue growth is growing appreciably faster than CAC. And so ultimately, we're increasing contribution profit and contribution margin on a per customer basis.

從需求生成的角度來看，有幾個因素需要牢記，這些因素真正支撐著我們獲得客戶的能力。所以一個是開新店。我們計劃今年開設 40 家新店，其中 25 家在第二季度和第三季度，這確實支持了我們今年加速增長的目標。我們計劃繼續部署非常有紀律的營銷支出。我們非常清楚收入增長與 CAC 之間的等式，與今年和往年類似，我們希望確保我們的收入增長速度明顯快於 CAC。因此，最終，我們將在每個客戶的基礎上增加貢獻利潤和邊際貢獻。

So those are some of the factors and drivers that go into our customer acquisition model.

因此，這些是進入我們客戶獲取模型的一些因素和驅動因素。

And Paul, this is Neil. We are not seeing any bottlenecks or an inability for us to complete construction and maintain sort of our store opening timelines. And these new stores are performing in line with expectations and in line with per share performance of the stores that we launched pre-COVID. So trending towards our targeted 20-month paybacks and on 35% four-wall EBITDA. The other thing is in 2021, we opened 9 stores in new markets out of 35 stores that we opened, and we plan to sort of continue to open up in new markets in sort of a similar proportion.

保羅，這是尼爾。我們沒有看到任何瓶頸或無法完成建設和維持我們的商店開業時間表。這些新店的表現符合預期，符合我們在 COVID 之前推出的店的每股表現。因此趨向於我們的目標 20 個月投資回收期和 35% 的四壁 EBITDA。另一件事是在 2021 年，在我們開設的 35 家門店中，我們在新市場開設了 9 家門店，我們計劃繼續以類似的比例在新市場開設門店。

The rough split this year, Paul, is of the 30 markets we're opening, 25 will be existing markets and 5 will be new markets. So as Neil indicated, very similar to the split as to last year, but with this year, indexing a little bit more towards existing.

保羅，今年的粗略劃分是我們開放的 30 個市場，其中 25 個將是現有市場，5 個將是新市場。因此，正如 Neil 所指出的，與去年的拆分非常相似，但今年，索引更多地指向現有。

Our next question comes from Brooke Roach from Goldman Sachs.

我們的下一個問題來自高盛的布魯克羅奇。

Neil, Dave, I'd love to hear a little bit more about your plans for Warby's brand awareness campaigns and marketing strategy to drive that new customer growth into 2022 and beyond. Are there any insights that you can share on the marketing efficiency that you're seeing? And any noticeable differences between existing markets or new markets for the brand?

尼爾、戴夫，我很想听聽更多關於 Warby 的品牌知名度活動和營銷策略的計劃，以推動 2022 年及以後的新客戶增長。關於您所看到的營銷效率，您有什麼可以分享的見解嗎？該品牌現有市場或新市場之間有什麼顯著差異嗎？

Sure. This is Neil. I'll start. I think first, we should probably just talk a little bit about our marketing efficiency. And we know that a lot of companies are seeing challenges because of the IDFA changes. We have not and that's because we made a very deliberate decision several years ago to reduce our dependency on social media platforms, and it now represents less than 5% of our media spend.

當然。這是尼爾。我會開始。我想首先，我們或許應該談談我們的營銷效率。我們知道，由於 IDFA 的變化，許多公司都面臨著挑戰。我們沒有，那是因為我們幾年前做出了一個非常慎重的決定，以減少我們對社交媒體平台的依賴，現在它只占我們媒體支出的不到 5%。

We did see CAC in Q4 was elevated due to increased spend really in anticipation of our peak sales season, and we believe that CAC was indeed impacted by the decrease in sales due to Omicron. That being said, sort of -- we believe the fundamentals related to our customer acquisition model remains strong. Having average revenue, it's growing faster than CAC. Also increased retail productivity tends to benefit our CAC as stores are marketing vehicles, and we tend to see a higher percentage of new customers in our stores, vis-a-vis, our e-commerce channel.

我們確實看到第四季度的 CAC 由於預期我們的銷售旺季而增加了支出，並且我們認為 CAC 確實受到了 Omicron 導致的銷售額下降的影響。話雖如此，我們相信與我們的客戶獲取模型相關的基本面仍然強勁。擁有平均收入，它的增長速度超過 CAC。零售生產力的提高也有利於我們的 CAC，因為商店是營銷工具，而且我們傾向於在我們的商店中看到更高比例的新客戶，相對於我們的電子商務渠道。

And one of the ways that we raise awareness is by opening these stores and making them super beautiful. And this week, we're opening up a store in Hyde Park Village in Tampa. It's our second location in Tampa -- I'm sorry, our third location in Tampa, and it's just a stunning exterior. It is already sort of generating, I think, a lot of attention in that community. So you'll continue to see a good mix of performance and brand marketing that enables our customers to fall in love with us. And of course, just know that we exist.

我們提高知名度的方法之一是開設這些商店並使它們超級漂亮。本週，我們將在坦帕的海德公園村開設一家商店。這是我們在坦帕的第二家分店——對不起，這是我們在坦帕的第三家分店，它的外觀非常漂亮。我認為，它已經在該社區引起了很多關注。因此，您將繼續看到性能和品牌營銷的良好結合，使我們的客戶愛上我們。當然，只要知道我們存在。

And I would just add that from a marketing standpoint, we've never been overly dependent on paid marketing. Our customers have been and remain our best marketing channel and we're excited to maintain our industry-leading Net Promoter Score. And into this day, the majority of our customers continue to learn about us through word of mouth, and we expect that to continue to be the case.

我只想從營銷的角度補充一點，我們從未過度依賴付費營銷。我們的客戶一直是並且仍然是我們最好的營銷渠道，我們很高興能夠保持行業領先的淨推薦值。直到今天，我們的大多數客戶繼續通過口耳相傳了解我們，我們希望這種情況會繼續如此。

And if I could just ask one quick follow-up to some of the prior questions regarding the Omicron impact. Thanks for all of the color that you've provided so far. But I'd love to hear a little bit more about the signals that you're seeing in the business. Maybe in the suburban stores versus the urban stores that give you confidence that the lower store productivity that you're seeing through the end of February is truly a function of just Omicron relative to maybe a more challenging consumer backdrop given the inflationary pressures on the consumers' wallet.

如果我可以快速跟進一些關於 Omicron 影響的先前問題。感謝您迄今為止提供的所有顏色。但我很想听到更多關於您在業務中看到的信號。也許在郊區商店與城市商店相比，您有信心在 2 月底之前看到的較低的商店生產力確實只是 Omicron 的一個功能，相對於考慮到消費者的通貨膨脹壓力可能更具挑戰性的消費者背景' 錢包。

One thing that we continue to see is increased sort of conversion in our stores and again, increase or sort of stable Net Promoter Score. And we're not seeing sort of any concern or hearing from our customers necessarily about pricing. If anything, we're hearing sort of reinforcement around sort of the value that we continue to provide.

我們繼續看到的一件事是我們商店的轉化率增加，淨推薦值增加或穩定。而且我們沒有看到客戶對定價有任何擔憂或聽到任何消息。如果有的話，我們正在聽到某種關於我們繼續提供的價值的強化。

This is also that we've now lived through multiple waves of the pandemic, and we've seen similar patterns where when there are COVID outbreaks in a certain geography, there's an immediate drop in retail traffic. And then because of the prescription nature of our product, there's not an immediate bounce back like you might see in some other consumer categories. And so we have seen multi-month recovery curves, and we're seeing consistent patterns coming out of Omicron that give us confidence that store productivity will continue to increase.

這也是因為我們現在已經經歷了多波大流行，並且我們看到了類似的模式，即當特定地區爆發 COVID 時，零售流量會立即下降。然後由於我們產品的處方性質，不會像您在其他一些消費類別中看到的那樣立即反彈。因此，我們已經看到了數月的恢復曲線，並且我們看到 Omicron 出現了一致的模式，這讓我們相信商店生產力將繼續提高。

And just adding to that with some of the numbers that we shared in our investor slides, where we trying a spotlight on the recovery curve at the onset of Omicron. I think one of the interesting things we've all seen from Omicron is how quickly the impact occurred. And you can see that our stores at the beginning of December were at 90% of productivity and pretty quickly dropped to 75% by year-end. And they've rebounded now rather rapidly to the mid-80s. And as we project our recovery curve over the course of the year. And as a reminder, we believe that our stores will be at 90% by Q2, 100% by the full year. That is informed by how our stores have rebounded and recovered through the various time frames of the pandemic, the original onset of COVID, the onset of Delta and now the onset of Omicron and the recovery through it.

再加上我們在投資者幻燈片中分享的一些數字，我們試圖在 Omicron 開始時關注復甦曲線。我認為我們從 Omicron 身上看到的一件有趣的事情是影響發生的速度有多快。你可以看到我們的商店在 12 月初的生產力為 90%，到年底很快下降到 75%。他們現在已經相當迅速地反彈到 80 年代中期。當我們預測一年中的恢復曲線時。提醒一下，我們相信我們的商店到第二季度將達到 90%，到全年將達到 100%。這是通過我們的商店如何在大流行的不同時間範圍內、COVID 的最初發作、Delta 的發作以及現在 Omicron 的發作以及通過它的恢復而反彈和恢復的。

Our next question comes from Oliver Chen from Cowen.

我們的下一個問題來自 Cowen 的 Oliver Chen。

Regarding holistic vision care, would love your thoughts on the Virtual Vision testing telehealth app ahead and key catalysts there. And how the customer profile looks as well as the technology road map. And then as we think more near-term, with FSA and some changes in FSA in terms of the legislation, what should we be to monitoring and how that may impact your business and what's embedded in guidance? And you also mentioned macro factors, which are -- many of them are out of your control, but I was curious about which ones are most sensitive to store traffic and other factors?

關於整體視力保健，希望您對前面的 Virtual Vision 測試遠程醫療應用程序和那裡的關鍵催化劑有想法。以及客戶資料和技術路線圖的外觀。然後，當我們更近期地考慮 FSA 和 FSA 在立法方面的一些變化時，我們應該如何監控以及這將如何影響您的業務以及指南中包含的內容？你還提到了宏觀因素，其中很多是你無法控制的，但我很好奇哪些因素對商店流量和其他因素最敏感？

Thanks, Oliver, for the questions. I'll start with the telehealth one. So we remain incredibly excited about the prospect of telehealth, making it easier, faster, cheaper for our customers and patients to renew prescriptions and get new prescriptions. And we believe that we're uniquely positioned to bring some of this technology to market. And we're seeing very positive results from our Virtual Vision Test. It's still a new product. We introduced it a few months ago, but are getting incredible feedback from customers who use it to renew their prescriptions in just a few minutes for glasses and contacts from home.

謝謝奧利弗提出的問題。我將從遠程醫療開始。因此，我們仍然對遠程醫療的前景感到無比興奮，它使我們的客戶和患者更容易、更快、更便宜地更新處方和獲得新處方。我們相信我們具有獨特的優勢，可以將部分技術推向市場。我們從虛擬視力測試中看到了非常積極的結果。它仍然是一個新產品。我們在幾個月前推出了它，但從客戶那裡得到了令人難以置信的反饋，他們使用它在短短幾分鐘內就可以在家中更新眼鏡和隱形眼鏡的處方。

And you'll see us this year introduce new capabilities and new features that will make it even easier for us to prescribe additional products and extend the reach of our eye doctors. We also are excited about the potential of using other forms of telehealth, including in our stores. And continuing to invest in technology that make it easier for our eye doctors to serve more patients and drive efficiency in that part of our business.

你會看到我們今年推出了新功能和新特性，這將使我們更容易開出額外的產品，並擴大我們眼科醫生的服務範圍。我們也對使用其他形式的遠程醫療的潛力感到興奮，包括在我們的商店中。並繼續投資於技術，使我們的眼科醫生更容易為更多患者服務並提高我們這部分業務的效率。

I think from an FSA perspective, sort of we welcome legislation that makes the use of those funds more flexible. That being said, we found that customers tend to be pretty uninformed on changing legislation or even if their expiration date is not December 31st, there's just a perception of that. So while these changes may immediately take effect, we think that it will take several years for it to significantly influence customer behavior. It is almost a similar dynamic with even vision insurance, where many customers don't fully understand how their vision insurance works and the fact that it doesn't protect against catastrophic risk. And that's effectively a prepayment plan often with a high deductible. So the FSA changes may impact some seasonality in years ahead, but we don't expect it to significantly impact sort of our plans this year.

我認為從 FSA 的角度來看，我們歡迎立法使這些資金的使用更加靈活。話雖這麼說，我們發現客戶往往對更改立法一無所知，或者即使他們的到期日不是 12 月 31 日，也只是對此有一種看法。因此，雖然這些變化可能會立即生效，但我們認為它需要幾年時間才能顯著影響客戶行為。這幾乎與視力保險的情況類似，許多客戶並不完全了解他們的視力保險是如何運作的，也不知道它不能防範災難性風險。這實際上是一個通常具有高免賠額的預付款計劃。因此，FSA 的變化可能會影響未來幾年的一些季節性，但我們預計它不會對我們今年的計劃產生重大影響。

Okay. And on the macro side, just would love your take. And lastly, hopefully, there are no really scaled new variants, but there's always news about things happening. As you think longer term, are there ways to future-proof your business with respect to this dynamic? Would love your thoughts as you evaluate long-term strategy.

好的。在宏觀方面，我會喜歡你的看法。最後，希望沒有真正擴展的新變體，但總是有關於事情發生的新聞。從長遠來看，是否有辦法讓您的企業在這種動態方面面向未來？在您評估長期戰略時會喜歡您的想法。

One of the things that we did see in our business as traffic declined in our stores, conversion increased significantly. So as we think about retail productivity and our plans in '22, in particular, we feel like we don't need to model to get back to 100% or even higher traffic in order to reach full productivity and achieve our plans.

隨著我們商店的客流量下降，我們在業務中確實看到了一件事情，轉化率顯著增加。因此，當我們考慮零售生產力和我們在 22 年的計劃時，我們覺得我們不需要建模來恢復 100% 甚至更高的流量來達到全生產力並實現我們的計劃。

We think the macro environment tends to impact other categories more than the optical industry. Historically, the optical industry grows at a rate higher than GDP. On the same token, decreased traffic to neighboring stores, right, increases traffic into our stores. So that's something that we'll continue to monitor. I think that we -- when it comes to the variant and managing through the pandemic, we were an early mover and implemented health and safety protocols quickly. That earned us goodwill with our customers and our employees, and we continue to benefit from that today in our ability to recruit and retain top talent. And that's seen in our employee engagement scores. That's seen in our turnover rates. I think all businesses saw lower than usual churn, employee turnover in 2020 and then elevated in 2021. Ours was relatively stable, so we feel really great about that. And we continue to be just a preferred employer because of our culture, because of our social innovation.

我們認為宏觀環境對其他品類的影響往往大於眼鏡行業。從歷史上看，眼鏡行業的增長速度高於GDP。同樣，鄰近商店的客流量減少，正確的是，我們商店的客流量增加。所以這是我們將繼續監控的事情。我認為我們——當談到變異和管理大流行病時，我們是先行者，並迅速實施了健康和安全協議。這為我們贏得了客戶和員工的好感，今天我們繼續從中受益，因為我們有能力招募和留住頂尖人才。這可以從我們的員工敬業度分數中看出。這可以從我們的離職率中看出。我認為所有企業的流失率、員工流失率在 2020 年都低於往常，然後在 2021 年有所上升。我們的情況相對穩定，所以我們對此感覺非常好。由於我們的文化，由於我們的社會創新，我們繼續成為首選雇主。

And also just the digital capabilities that we have that are unique to our business in our category, will continue to ensure that we have flexibility to serve customers regardless of kind of what happens in terms of future variants or other surprises and has enabled us to continue to take meaningful market share throughout the pandemic. It enabled us to serve customers when we had to close all of our stores. And so kind of the omnichannel model that we have in those investments will continue to ensure that we are better positioned to serve customers regardless of kind of unexpected events that may pop up.

而且我們所擁有的數字化能力對於我們的業務在我們的類別中是獨一無二的，將繼續確保我們能夠靈活地為客戶提供服務，無論未來的變體或其他意外情況如何，並使我們能夠繼續在整個大流行期間佔據有意義的市場份額。當我們不得不關閉所有商店時，它使我們能夠為客戶提供服務。我們在這些投資中擁有的這種全渠道模式將繼續確保我們能夠更好地為客戶提供服務，而不管可能會出現什麼樣的意外事件。

And our final question for today comes from Mark Mahaney from Evercore.

我們今天的最後一個問題來自 Evercore 的 Mark Mahaney。

You mentioned the 40 new stores you're rolling out this year are all going to have eye exam capability. Can you just remind us how many of your existing stores have that? And what the difference is and the productivity of the stores that have eye exam capability versus those that don't? And if it's a large gap, the possibility or how appealing, feasible the idea of retrofitting all stores to have that is?

您提到今年要推出的 40 家新店都將具備視力檢查功能。您能否提醒我們您現有的商店有多少家？有視力檢查能力的商店與沒有視力檢查能力的商店有什麼區別和生產力？如果這是一個很大的差距，那麼改造所有商店以擁有它的可能性或吸引力如何？

Sure. Mark, thanks for the question. Approximately 107 of our stores today have eye exam capabilities. Roughly 40 of those we refer to as employed ODs, where we employ the doctor and recognize the revenue from the doctor. We've got another 60 or so independent ODs where we lease the doctor a small amount of space, typically adjacent to our store. We do not recognize the revenue from those eye exams, but we're optimistic, although we can't track it that the customer gets an examine then places an order in our store. As a reminder, roughly 70% of all prescription eyewear is purchased at the same place where an individual gets an eye exam. That number is higher for our stores. So we're optimistic as we continue to roll out eye exam capabilities everywhere. There'll be an elevated conversion rate where we're benefiting not just from the eye exam revenue, but from a conversion of that exam into a sale. And roughly just 2% of our business today, as a reminder, comes from the sale of eye exams.

當然。馬克，謝謝你的提問。今天，我們大約有 107 家商店具備眼科檢查功能。我們將其中大約 40 名稱為受僱 OD，我們僱用醫生並確認來自醫生的收入。我們還有另外 60 個左右的獨立 OD，我們在這些地方租給醫生少量空間，通常與我們的商店相鄰。我們不承認這些眼科檢查的收入，但我們很樂觀，儘管我們無法跟踪客戶接受檢查然後在我們的商店下訂單。提醒一下，大約 70% 的處方眼鏡是在個人接受眼科檢查的同一地點購買的。我們商店的這個數字更高。因此，我們很樂觀，因為我們會繼續在各地推出眼科檢查功能。轉換率將會提高，我們不僅從眼科檢查收入中受益，而且從該檢查轉化為銷售中受益。提醒一下，我們今天大約只有 2% 的業務來自眼科檢查的銷售。

The PC model that Neil talked about in his prepared remarks, we're planning to roll out roughly another 30 to 40 [PT-modeled] stores this year, and that will enable us in a market where we needed to partner with an independent OD, we'll be able to, for all intents and purposes, have an employer-like relationship with that OD and recognize the revenue from those eye exams and have a bit more control over the customer experience.

Neil 在他準備好的發言中談到的 PC 模型，我們計劃今年再推出大約 30 到 40 家 [PT 模型] 商店，這將使我們能夠進入一個我們需要與獨立 OD 合作的市場，出於所有意圖和目的，我們將能夠與該 OD 建立類似雇主的關係，並認識到這些眼科檢查的收入，並對客戶體驗有更多的控制權。

In terms of the incremental costs to add an eye doctor, the eye doctor, him or herself, more than pays for him or herself by virtue of the fact that we sell eye exams and our eye appointment slots are generally booked. We tend to book in 20-minute increments versus 10-minute increments. So we do believe that, that in and of itself is a factor that makes our work environment a bit more pleasant and manageable for an eye doctor at a Warby store versus at a competitor store.

就增加一名眼科醫生的增量成本而言，由於我們出售眼科檢查並且我們的眼科預約時段通常已被預訂，因此眼科醫生，他或她自己支付的費用超過了他或她自己的費用。我們傾向於以 20 分鐘為增量而不是以 10 分鐘為增量進行預訂。因此，我們確實相信，這本身就是一個因素，使我們的工作環境對於 Warby 商店的眼科醫生而言比在競爭對手的商店更舒適、更易於管理。

The cost to build out the space is negligible. It's well south of $100,000 and accounts for approximately 200 to 250 square feet. Stores with eye doctors generate moderately more revenue than stores without for the understandable reason. In terms of payback, we've seen very consistent paybacks for our stores at 20 months or below, and that also applies to stores where we add this eye doctor capability.

建造空間的成本可以忽略不計。它遠低於 100,000 美元，佔地面積約為 200 至 250 平方英尺。出於可以理解的原因，有眼科醫生的商店比沒有眼科醫生的商店產生的收入要多一些。在回報方面，我們看到我們的商店在 20 個月或更短的時間內獲得了非常一致的回報，這也適用於我們添加這種眼科醫生功能的商店。

And this brings us to the end of our Q&A session today. I would now like to pass the call back over to Neil for any final remarks.

今天的問答環節到此結束。我現在想將電話轉回給 Neil，請他發表最後的評論。

Great. Thank you all for your great questions today. Dave, Steve and I are so proud of what we and the team have accomplished in 2021, and we're incredibly excited for the months and years ahead. If you have any additional questions or follow-ups, please feel free to reach out to Tina or our Investor Relations inbox at investors@warbyparker.com, and we look forward to chatting with you all again in May. Thank you.

偉大的。謝謝大家今天提出的重要問題。戴夫、史蒂夫和我為我們和團隊在 2021 年取得的成就感到非常自豪，我們對未來的歲月感到無比興奮。如果您有任何其他問題或後續行動，請隨時聯繫 Tina 或通過 investors@warbyparker.com 聯繫我們的投資者關係收件箱，我們期待在 5 月再次與大家聊天。謝謝。

Thank you, everybody, for joining today's call. You may now disconnect your lines.

謝謝大家參加今天的電話會議。您現在可以斷開線路。