mechanical protection Greg.

Install-
Straight from panel to outside wall location.With NM, all interior.
Now I drill a 1" hole from out side in,sleeve a piece of 1/2 pvc,inside out/mount an LB and drop down to the WP box.
The NM just slides in the conduit,thru the LB and terminates on the WR GFCI rec.

IMO,the conduit is a sleeve. BUT... Is it a wet location?