Chewy Inc (CHWY) 2019 Q1 法說會逐字稿

Good afternoon.

下午好。

My name is Jesse and I will be your conference operator today.

我叫 Jesse，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Chewy first-quarter 2019 earnings call.

此時，我想歡迎大家參加 Chewy 2019 年第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝你。

Kelsey Turcotte, you may begin your conference.

Kelsey Turcotte，你可以開始你的會議了。

Thank you for joining us on the call today to discuss the results of our first-quarter fiscal 2019.

感謝您今天加入我們的電話會議，討論我們 2019 財年第一季度的業績。

Joining me on today's call are Sumit Singh and Mario Marte, Chewy's CEO and CFO.

與我一起參加今天電話會議的還有 Chewy 的首席執行官兼首席財務官 Sumit Singh 和 Mario Marte。

Our earnings release and a letter to shareholders, which we filed with the SEC on Form 8-K earlier today, have been posted to the investor relations section of our website, investor.chewy.com.

我們今天早些時候以 8-K 表格向美國證券交易委員會提交的收益發布和致股東的信已發佈到我們網站 investor.chewy.com 的投資者關係部分。

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

也可以在我們的網站上找到指向今天電話會議網絡廣播的鏈接。

We would also like to remind everyone that we will be making forward-looking statements on this call, including statements concerning Chewy's future prospects, financial results, business strategies, and industry trends.

我們還想提醒大家，我們將在本次電話會議上做出前瞻性陳述，包括有關 Chewy 未來前景、財務業績、業務戰略和行業趨勢的陳述。

Such statements are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties which could cause actual results to materially differ from those contemplated by our forward-looking statements.

根據 1995 年《私人證券訴訟改革法案》，此類陳述被視為前瞻性陳述，並受某些風險和不確定性的影響，這些風險和不確定性可能導致實際結果與我們的前瞻性陳述中預期的結果存在重大差異。

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

報告的結果不應被視為未來業績的指標。

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

另請注意，本次電話會議的前瞻性陳述是基於截至今天我們可獲得的信息。

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

除非法律要求，否則我們不承擔任何更新任何前瞻性陳述的義務。

For further information, please refer to the risk factors and other information in Chewy's final prospectus filed with the SEC on June 17, 2019, the Form 8-K that we filed earlier today, and other filings with the SEC.

有關更多信息，請參閱 Chewy 於 2019 年 6 月 17 日向美國證券交易委員會提交的最終招股說明書、我們今天早些時候提交的 8-K 表格以及向美國證券交易委員會提交的其他文件中的風險因素和其他信息。

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

同樣在本次電話會議中，我們將討論某些非 GAAP 財務措施。

Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings release and the letter to our shareholders on our IR website, which were filed with the SEC on Form 8-K earlier today.

在我們的 IR 網站上的收益發布和致股東的信中提供了與最直接可比的 GAAP 財務指標的對賬，這些信息已於今天早些時候以 8-K 表格提交給美國證券交易委員會。

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

這些非 GAAP 財務指標無意替代 GAAP 結果。

Finally, this call in its entirety is being webcast on our investor relations website.

最後，本次電話會議的全部內容正在我們的投資者關係網站上進行網絡直播。

A replay of this call will also be available on our IR website shortly.

我們的 IR 網站也將很快提供此次通話的重播。

And now I would like to turn the call over to Sumit.

現在我想把電話轉給 Sumit。

Thanks, Kelsey, and thanks to all of you for joining us on the call today.

謝謝，凱爾西，也感謝大家今天加入我們的電話會議。

We are excited to report our first quarterly results as a public company.

我們很高興報告我們作為一家上市公司的第一季度業績。

I want to extend special thanks to our new investors for their confidence in our team and our Company.

我要特別感謝我們的新投資者對我們團隊和公司的信任。

I'd also like to thank the Chewy team for their support during the IPO process.

我還要感謝 Chewy 團隊在 IPO 過程中給予的支持。

Since we provided significant detail in the shareholder letter, I will address a few highlights from this quarter but will maintain my comments on trends in our business.

由於我們在股東信中提供了重要細節，因此我將介紹本季度的一些亮點，但將保留我對我們業務趨勢的評論。

As this is our first earnings call, I also want to take some time to share the Chewy story and tell you about our operating philosophy.

由於這是我們的第一次財報電話會議，我還想花點時間分享 Chewy 的故事，並向您介紹我們的經營理念。

After that, I will turn the call over to Mario to discuss our financial results and guidance and then we will take your questions.

之後，我會把電話轉給馬里奧討論我們的財務業績和指導，然後我們會回答你的問題。

Net sales for the quarter grew 45% year over year to $1.1 billion, reflecting our focus on customer experience and the strength of our underlying business model, including growth in spending among existing customers.

本季度的淨銷售額同比增長 45% 至 11 億美元，反映出我們對客戶體驗的關注以及我們基礎業務模式的優勢，包括現有客戶支出的增長。

Q1 marked our second quarter with greater than $1 billion in sales.

第一季度標誌著我們第二季度的銷售額超過 10 億美元。

Active customers grew 3.5 million year over year to 11.3 million active customers.

活躍客戶同比增長 350 萬，達到 1130 萬活躍客戶。

Net sales per active customer increased approximately 9%, from $315 to $343.

每個活躍客戶的淨銷售額增長了約 9%，從 315 美元增加到 343 美元。

Autoship customer sales as a percent of net sales represented 67.1% of our revenue.

Autoship 客戶銷售額占淨銷售額的百分比占我們收入的 67.1%。

Gross margin for Q1 was 22.9%, up 330 basis points year over year and the highest level in the Company's eight-year history.

第一季度的毛利率為 22.9%，同比上升 330 個基點，是公司八年來的最高水平。

This margin improvement is a result of our disciplined execution to improve product margin and supply chain efficiencies.

這種利潤率的提高是我們嚴格執行以提高產品利潤率和供應鏈效率的結果。

Finally, our adjusted EBITDA margin of negative 1.4% improved 530 basis points versus Q1 2018 as a result of gross margin expansion and leveraging of our operating expenses.

最後，由於毛利率擴張和我們運營費用的槓桿作用，我們調整後的 EBITDA 利潤率為負 1.4%，比 2018 年第一季度提高了 530 個基點。

The core inputs of our business are trending positively as we continue to innovate with a keen focus on growth and on delivering the best possible customer experience.

隨著我們繼續創新，專注於增長和提供最佳客戶體驗，我們業務的核心投入呈積極趨勢。

We are pleased with our Q1 results and believe we are in the early stages of our growth.

我們對第一季度的業績感到滿意，並相信我們正處於增長的早期階段。

Now turning to the Chewy story.

現在轉向 Chewy 的故事。

We are on a mission to become the most trusted and convenient online destination for pet parents, offering a broad assortment of pet products, supplies, and prescriptions at competitive prices, coupled with a high-touch personalized customer experience and fast, reliable delivery.

我們的使命是成為寵物父母最值得信賴和方便的在線目的地，以具有競爭力的價格提供種類繁多的寵物產品、用品和處方，並提供高度接觸的個性化客戶體驗和快速、可靠的交付。

There are currently more than 10,000 Chewy employees, known as Chewtopians, across the country who are united by our goal to provide each customer with best-in-class service every day.

目前，全國各地有 10,000 多名 Chewy 員工（稱為 Chewtopians），他們團結一致，我們的目標是每天為每位客戶提供一流的服務。

From our headquarters in South Florida and Boston to our customer service and fulfillment centers across the country, we are passionate about our work and are constantly thinking of new ways to make the customer experience even better.

從我們位於南佛羅里達州和波士頓的總部到我們遍布全國的客戶服務和運營中心，我們對工作充滿熱情，並不斷思考新的方法來改善客戶體驗。

The pet industry is a large and growing market, with approximately $70 billion in annual spend in 2017.

寵物行業是一個龐大且不斷增長的市場，2017 年的年支出約為 700 億美元。

In addition, the pet care market is resilient during economic downturns because of the nature of the pet parent/pet relationship and is experiencing a secular shift from off-line channels into online.

此外，由於寵物父母/寵物關係的性質，寵物護理市場在經濟低迷時期具有彈性，並且正在經歷從線下渠道向線上渠道的長期轉變。

Pet humanization and the increased focus on pet health and wellness are also notable trends that are driving growth in the pet industry.

寵物人性化和對寵物健康的日益關注也是推動寵物行業發展的顯著趨勢。

The momentum of our business is rooted in innovation and we are always identifying new ways to enhance the customer experience.

我們業務的發展勢頭植根於創新，我們一直在尋找新的方法來提升客戶體驗。

We are bringing customers the convenience of e-commerce along with the expertise and personalized service of the best local neighborhood pet store.

我們正在為客戶帶來電子商務的便利以及當地最好的鄰里寵物店的專業知識和個性化服務。

From our convenient autoship subscription program to our personalized shopping features to our wide selection of products, including our proprietary brands, we are leveraging key opportunities to drive repeat and recurring purchases and ultimately build brand loyalty and long-term growth.

從我們方便的自動訂購訂閱計劃到我們的個性化購物功能，再到我們廣泛的產品選擇，包括我們的專有品牌，我們正在利用關鍵機會來推動重複和經常性購買，並最終建立品牌忠誠度和長期增長。

We believe our personalized high-touch customer service is what sets us apart in the industry.

我們相信，我們個性化的高接觸客戶服務使我們在行業中脫穎而出。

Over the past eight years, we have successfully created a customer-centric culture with 24/7 access where pet parents can reach our knowledgeable award-winning customer service team at any time to interact with a live team member in either our Hollywood, Florida, or Dallas, Texas, customer service centers.

在過去的八年裡，我們成功地創造了一種以客戶為中心的文化，提供 24/7 全天候訪問，寵物父母可以隨時聯繫我們知識淵博、屢獲殊榮的客戶服務團隊，與我們佛羅里達州好萊塢的現場團隊成員互動，或德克薩斯州達拉斯的客戶服務中心。

As part of our customer service, we create special moments that wow and delight our customers, from sending handwritten welcome cards to new customers to surprising pet parents with hand-painted portraits of their pets.

作為我們客戶服務的一部分，我們創造了讓客戶驚嘆和愉悅的特殊時刻，從向新客戶發送手寫的歡迎卡到用手繪的寵物肖像給寵物父母驚喜。

Our experiences build memories and customer engagement, which fuels long-term loyalty for our Company and our brands.

我們的經驗可以建立記憶和客戶參與度，從而增強對我們公司和品牌的長期忠誠度。

In addition to our high-touch customer experience, we make shopping easy and enjoyable for pet parents.

除了我們高度接觸的客戶體驗外，我們還讓寵物父母的購物變得輕鬆愉快。

And that makes finding and buying the right product an amazing start to the customer journey.

這使得尋找和購買合適的產品成為客戶旅程的絕佳開端。

We are proud of what we have accomplished thus far in 2019 and look forward to executing on our strategy for the remainder of the year.

我們為 2019 年迄今取得的成就感到自豪，並期待在今年餘下的時間裡執行我們的戰略。

And now I would like to highlight a few milestones.

現在我想強調幾個里程碑。

This month marks one year since we launched our online pharmacy, Chewy Pharmacy, complementing our healthcare offerings of veterinary, which I will refer to as vet moving forward, diet products.

本月是我們推出在線藥店 Chewy Pharmacy 一周年，該藥店補充了我們的獸醫保健產品，我將其稱為獸醫推進飲食產品。

These offerings reflect our commitment to the health and wellness of pets and is another step in our mission to become the most trusted and convenient destination for pet parents to fulfill all of their pet needs.

這些產品反映了我們對寵物健康和保健的承諾，並且是我們成為寵物父母滿足其所有寵物需求的最值得信賴和方便的目的地的使命的又一步。

Improving pet health and wellness is a common goal that we share with the vet community.

改善寵物的健康狀況是我們與獸醫界的共同目標。

We also enjoy a deep connection with our customers and are continuing to raise awareness on pet health and preventative care by utilizing our marketing abilities.

我們還與客戶建立了深厚的聯繫，並利用我們的營銷能力繼續提高人們對寵物健康和預防保健的認識。

This, along with our autoship program, helps drive increased compliance for vet prescription diets and medication, benefiting pets, customers, and vets alike.

這與我們的自動送貨計劃一起，有助於提高獸醫處方飲食和藥物的合規性，從而使寵物、顧客和獸醫都受益。

To further that goal, we now offer a new product feature, My Prescriptions, which is akin to a human medicine cabinet and provides customers a convenient and transparent way to view and manage all of their pet prescriptions, like tracking refills and prescription expiration dates.

為了進一步實現這一目標，我們現在提供了一項新的產品功能，即我的處方，它類似於人類藥櫃，為客戶提供了一種方便、透明的方式來查看和管理他們所有的寵物處方，例如跟踪續藥和處方有效期。

To accommodate the growth of Chewy Pharmacy, in Q1, we launched a new pharmacy colocated within our fulfillment center in Phoenix, Arizona, and we operate this new location under our own licenses.

為了適應 Chewy Pharmacy 的增長，在第一季度，我們在亞利桑那州鳳凰城的運營中心內開設了一家新藥房，我們根據自己的許可證經營這個新地點。

As we celebrate our first anniversary, we have been pleased with the customer response thus far.

在我們慶祝成立一周年之際，我們對迄今為止客戶的反應感到滿意。

We are still early in the pharmacy offering and will continue to look for opportunities to deepen our engagement with veterinarians and pet parents as we expand in this area.

我們在藥房產品方面仍處於早期階段，隨著我們在這一領域的擴張，我們將繼續尋找機會加深與獸醫和寵物父母的接觸。

Keeping pace with our continued top-line growth, we opened our eighth fulfillment center, this one in Dayton, Ohio, which began operations last month.

為了跟上我們持續的收入增長，我們在俄亥俄州代頓開設了第八個運營中心，該中心於上個月開始運營。

Growing our physical capacity and extending our delivery network is an important part of our operational strategy.

增加我們的物理容量和擴展我們的交付網絡是我們運營戰略的重要組成部分。

We continuously improve our logistics processes and drive efficiencies every time we open a new facility.

每次我們開設新設施時，我們都會不斷改進我們的物流流程並提高效率。

Each fulfillment center has been ideally positioned in key locations throughout the country to provide our customers with fast delivery times on their orders.

每個履行中心都理想地位於全國的主要地點，以便為我們的客戶提供快速的訂單交貨時間。

Last, but not least, we continue to innovate and improve customer experience through product and tech initiatives.

最後但同樣重要的是，我們通過產品和技術舉措繼續創新和改善客戶體驗。

For example, in Q1, we launched a new notifications platform, one that is more robust and customer-friendly and enhances our ability to communicate with our customers with push notifications.

例如，在第一季度，我們推出了一個新的通知平台，該平台更強大、對客戶更友好，並增強了我們通過推送通知與客戶溝通的能力。

Furthermore, our mobile app continues to be an important tech development, providing our customers with an even more convenient and personalized shopping experience.

此外，我們的移動應用程序繼續成為一項重要的技術開發，為我們的客戶提供更加方便和個性化的購物體驗。

We continue to improve functionality and usability, including enhanced shipment tracking and notification, a unique Q&A feature allowing pet parents to directly engage with Chewy's customer service, improvements in customization features, and touch and facial ID functions for increased security.

我們繼續改進功能和可用性，包括增強貨運跟踪和通知、允許寵物父母直接與 Chewy 的客戶服務互動的獨特問答功能、改進定制功能以及觸摸和麵部 ID 功能以提高安全性。

We have also recently rolled out improvements to the app, such as voice search and search autocomplete, product searches enabled by UPC codes, and enhanced autoship management, which delights our customers and have resulted in a significant improvement in our mobile app's ranking.

我們最近還對該應用程序進行了改進，例如語音搜索和搜索自動完成、通過 UPC 代碼啟用的產品搜索以及增強的自動發貨管理，這讓我們的客戶感到滿意，並顯著提高了我們移動應用程序的排名。

Product and tech innovation remain a key priority for us as we strive to make the product discovery purchase and post-purchase experience across all platforms easy and enjoyable for our customers.

產品和技術創新仍然是我們的首要任務，因為我們努力讓我們的客戶在所有平台上輕鬆愉快地進行產品發現購買和售後體驗。

Now I would like to transition to our operating philosophy.

現在我想過渡到我們的經營理念。

I will note that our IPO in June was an important milestone for Chewy, but it is only one step in our journey.

我會指出，我們 6 月份的 IPO 是 Chewy 的一個重要里程碑，但這只是我們旅程中的一步。

We believe that we are positively transforming an industry with a superior value proposition that delivers customers an exceptional and personalized care and service at the scale and convenience of e-commerce.

我們相信，我們正在積極改變一個具有卓越價值主張的行業，以電子商務的規模和便利為客戶提供卓越和個性化的關懷和服務。

This is a mission that will continue to require us to keep both a long-range mindset as well as a maniacal focus on day-to-day execution, understanding our customers' needs and then innovating, investing, and flawlessly executing on their behalf to earn and to retain their loyalty.

這一使命將繼續要求我們既保持長遠的心態，又要瘋狂地專注於日常執行，了解我們客戶的需求，然後代表他們進行創新、投資和完美執行，以贏得併保持他們的忠誠度。

To maintain a long-range focus implies making decisions which maximize value for customers and shareholders alike because over the long term, these are the same.

保持長期關注意味著做出能夠為客戶和股東帶來最大價值的決策，因為從長遠來看，這些都是相同的。

With this in mind, we have chosen to invest in building the best customer experience for our customers and to maximize our growth while keeping cash flow as the governor of our growth.

考慮到這一點，我們選擇投資於為我們的客戶打造最佳的客戶體驗，並在保持現金流作為我們增長的主導因素的同時最大限度地實現我們的增長。

We will continue to act in this matter and make big bold bets that satisfy the above criteria.

我們將繼續在此事上採取行動，並進行符合上述標準的大膽賭注。

Last, but not least, our success in getting to where we are today has come as a result of the hard work of our talented team, of which we are incredibly proud to be a part.

最後但並非最不重要的一點是，我們取得今天的成就是我們才華橫溢的團隊辛勤工作的結果，我們為能成為其中的一員而感到無比自豪。

Our team while delivering growth at scale and customer experience has also demonstrated an execution rigor that has resulted in expanding gross margins and improved operating losses while at the same time showcasing a highly disciplined cash flow management approach.

我們的團隊在實現規模增長和客戶體驗的同時，還表現出嚴格的執行力，從而擴大了毛利率並改善了運營虧損，同時展示了高度紀律的現金流管理方法。

In this way, we are focused on building an enduring franchise.

通過這種方式，我們專注於建立持久的特許經營權。

We will continue to be relentless regarding this.

我們將繼續對此毫不留情。

Thank you for your attention today.

感謝您今天的關注。

It has been an exciting few months and we are pleased with our Q1 results.

這幾個月令人興奮，我們對第一季度的結果感到滿意。

More importantly, we look forward to continuing to strengthen our operating performance and serving even more pet parents as we execute on our long-term roadmap.

更重要的是，我們期待在執行長期路線圖時繼續加強我們的經營業績並為更多的寵物父母提供服務。

Now I will turn the call over to Mario, who will provide a more detailed review of our Q1 results and walk you through our financial outlook, which calls for continued growth and scale and improvement in EBITDA.

現在我將電話轉給馬里奧，他將對我們的第一季度業績進行更詳細的審查，並向您介紹我們的財務前景，這需要 EBITDA 的持續增長、規模和改善。

Mario?

馬里奧？

Thank you, Sumit.

謝謝你，蘇米特。

Good afternoon, everyone.

大家下午好。

I would also like to thank you for your support of Chewy throughout the IPO process.

我還要感謝您在整個 IPO 過程中對 Chewy 的支持。

Given that this is our first call as a public company, I want to start this afternoon by giving you some insights into how we operate Chewy from a financial perspective and some of our key financial takeaways.

鑑於這是我們作為一家上市公司的第一次電話會議，我想從今天下午開始，向您介紹我們如何從財務角度運營 Chewy 以及我們的一些關鍵財務要點。

We use cash flow as the engine of growth and invest cash and profits generated from our existing and profitable customer base to acquire new customers.

我們將現金流量作為增長引擎，並將從現有盈利客戶群產生的現金和利潤投資於獲取新客戶。

We retain these customers over long periods of time by offering them a superb value proposition comprised of a broad selection of great products, the convenience of e-commerce, competitive prices, and what we believe is an unrivaled customer experience.

我們為這些客戶提供卓越的價值主張，包括廣泛的優質產品選擇、電子商務的便利性、有競爭力的價格以及我們認為無與倫比的客戶體驗，從而長期留住這些客戶。

Our first-quarter results highlight our business philosophy and focused execution.

我們第一季度的業績突出了我們的經營理念和專注的執行力。

Net sales exceeded $1.1 billion, an increase of 45% compared to $763.5 million in Q1 2018.

淨銷售額超過 11 億美元，與 2018 年第一季度的 7.635 億美元相比增長 45%。

And autoship customer sales continued to grow faster than overall net sales, reaching $743.9 million, an increase of 56% compared to $477.4 million in Q1 2018.

自動裝運客戶銷售額的增長速度繼續快於整體淨銷售額，達到 7.439 億美元，與 2018 年第一季度的 4.774 億美元相比增長了 56%。

We ended the first quarter with 11.3 million active customers, up 3.5 million year over year.

第一季度結束時，我們擁有 1130 萬活躍客戶，同比增長 350 萬。

Gross margin for the quarter was 22.9%, a 330-basis-point improvement driven by our disciplined execution to improve product margin and supply chain efficiencies.

本季度的毛利率為 22.9%，提高了 330 個基點，這得益於我們嚴格執行以提高產品利潤率和供應鏈效率。

Q1 operating expenses of $284.2 million or 25.6% of net sales decreased 190 basis points versus Q1 2018.

第一季度的運營費用為 2.842 億美元，占淨銷售額的 25.6%，與 2018 年第一季度相比下降了 190 個基點。

SG&A was $181.9 million or 16.4% of net sales.

SG&A 為 1.819 億美元，占淨銷售額的 16.4%。

As we have shared previously, SG&A for us includes all fulfillment and customer service costs as well as credit card processing fees.

正如我們之前分享的那樣，我們的 SG&A 包括所有履行和客戶服務成本以及信用卡處理費。

The year-over-year increase was primarily driven by higher sales, expansion of our fulfillment network, and additions to our corporate team.

同比增長的主要原因是銷售額增加、我們的履行網絡擴大以及我們公司團隊的增加。

Advertising and marketing was $102.3 million or 9.2% of net sales, scaling year over year even as we continue to grow our active customer base.

廣告和營銷為 1.023 億美元，占淨銷售額的 9.2%，即使我們繼續擴大活躍客戶群，也同比增長。

Q1 net loss was $29.6 million, $30.3 million better than Q1 2018.

第一季度淨虧損為 2960 萬美元，比 2018 年第一季度減少了 3030 萬美元。

Our net margin was negative 2.7%, improving 510 basis points year over year.

我們的淨利潤率為負 2.7%，同比提高 510 個基點。

Q1 adjusted EBITDA loss was $15.8 million, an improvement of $35.7 million compared to Q1 2018.

第一季度調整後的 EBITDA 虧損為 1580 萬美元，與 2018 年第一季度相比減少了 3570 萬美元。

Our adjusted EBITDA margin was negative 1.4%, improving 530 basis points year over year.

我們調整後的 EBITDA 利潤率為負 1.4%，同比提高 530 個基點。

Improvements in both adjusted EBITDA and adjusted EBITDA margin demonstrate our ability to continue to grow at scale while also improving the margin profile of the business.

調整後的 EBITDA 和調整後的 EBITDA 利潤率的改善表明我們有能力繼續大規模增長，同時改善業務的利潤率狀況。

Free cash flow of negative $63.4 million in Q1 2019 or negative 5.7% of net sales is a result of our net cash used in operating activities coupled with capital investments of $12.2 million, which were mainly associated with the launch of a Dayton, Ohio, fulfillment center and capacity expansion of our Kentucky and Phoenix pharmacy locations.

2019 年第一季度自由現金流為負 6340 萬美元或占淨銷售額的負 5.7%，這是由於我們在經營活動中使用的淨現金加上 1220 萬美元的資本投資，這主要與俄亥俄州代頓工廠的啟動有關我們的肯塔基州和鳳凰城藥房地點的中心和產能擴張。

Cash from operations of negative $51.1 million was consistent with prior cycles.

負 5110 萬美元的運營現金與之前的周期一致。

We ended the first quarter with $29.3 million in cash and cash equivalents.

我們在第一季度結束時擁有 2930 萬美元的現金和現金等價物。

The closing of our IPO added an additional $117 million of cash to our balance sheet prior to underwriting and other IPO-related expenses and will be reflected in our Q2 statement of cash flows.

我們 IPO 的結束在承銷和其他 IPO 相關費用之前的資產負債表中增加了額外的 1.17 億美元現金，並將反映在我們的第二季度現金流量表中。

Now I will turn to guidance.

現在我將轉向指導。

First, a few comments to help you understand our reporting calendar and seasonality.

首先，一些評論可幫助您了解我們的報告日曆和季節性。

Please note that fiscal 2018 was a 53-week year while fiscal 2019 will be a 52-week year.

請注意，2018 財年是 53 週的一年，而 2019 財年將是 52 週的一年。

This will impact year-over-year growth for both full year 2019 and Q4 2019.

這將影響 2019 年全年和 2019 年第四季度的同比增長。

You should also note that historically, we build our inventory levels when we launch a new fulfillment center and in the third quarter as we prepare for Q4 sales.

您還應該注意，從歷史上看，我們在啟動新的履行中心時以及在第三季度為第四季度銷售做準備時建立庫存水平。

This, coupled with our favorable cash conversion cycle, may lead our cash from operations to fluctuate from cash use to cash production between quarters.

這一點，再加上我們有利的現金轉換週期，可能會導致我們的運營現金在季度之間從現金使用到現金生產波動。

As we begin life as a public company, we want to ensure that we provide clarity and transparency to our shareholders into how we operate the business while maintaining our long-term focus as well as our ability to move quickly to capitalize on growth opportunities or to make the right investments which will maximize value for our customers, Company, and shareholders.

當我們作為一家上市公司開始生活時，我們希望確保我們向股東提供關於我們如何運營業務的清晰度和透明度，同時保持我們的長期關注以及我們迅速採取行動以利用增長機會或進行正確的投資，為我們的客戶、公司和股東創造最大價值。

Balancing these two priorities, we are taking a thoughtful and deliberative approach to provide annual guidance on net sales and adjusted EBITDA margin and quarterly guidance on net sales.

平衡這兩個優先事項，我們正在採取深思熟慮的方法來提供有關淨銷售額和調整後 EBITDA 利潤率的年度指導以及有關淨銷售額的季度指導。

We are committed to being transparent about both our performance as well as our investments in the quarters and years to come so shareholders are informed and understand our operating decisions.

我們致力於在未來幾個季度和幾年內對我們的業績以及我們的投資保持透明，以便股東了解並理解我們的經營決策。

For Q2 2019, we expect net sales between $1.12 billion to $1.14 billion, representing growth of 39% to 42% year over year.

對於 2019 年第二季度，我們預計淨銷售額在 11.2 億美元至 11.4 億美元之間，同比增長 39% 至 42%。

For fiscal year 2019, which ends February 2, 2020, we expect the following: net sales between $4.675 billion to $4.75 billion, representing growth of 32% to 34% year over year.

對於截至 2020 年 2 月 2 日的 2019 財年，我們預計如下：淨銷售額在 46.75 億美元至 47.5 億美元之間，同比增長 32% 至 34%。

Adjusted for the extra week in fiscal 2018, year-over-year growth is expected to be between 36% and 38%.

針對 2018 財年的額外一周進行調整後，同比增長率預計在 36% 至 38% 之間。

Adjusted EBITDA margin for the fiscal year is expected to improve 400 basis points to 450 basis points versus fiscal 2018.

與 2018 財年相比，本財年調整後的 EBITDA 利潤率預計將提高 400 個基點至 450 個基點。

Included in our EBITDA guidance are costs related to being a public company, which will begin to impact us during the second quarter of fiscal 2019.

我們的 EBITDA 指南中包括與上市公司相關的成本，這將在 2019 財年第二季度開始影響我們。

We are pleased with our Q1 results and our guidance demonstrates that we are still in the early stages of our growth.

我們對第一季度的業績感到滿意，我們的指導表明我們仍處於增長的早期階段。

We are very excited about our future and look forward to reporting on our progress in the quarters to come.

我們對我們的未來感到非常興奮，並期待在未來幾個季度報告我們的進展。

With that, I will turn over the call to the operator for questions.

有了這個，我會把電話轉給接線員提問。

Operator?

操作員？

(Operator Instructions) Doug Anmuth, JPMorgan.

（操作員說明）摩根大通的 Doug Anmuth。

Great.

偉大的。

Thanks for taking the questions.

感謝您提出問題。

I have two.

我有兩個。

First, Sumit, can you just talk more about autoship customer revenue?

首先，Sumit，你能多談談自動訂貨客戶的收入嗎？

You talked about how it increased to 67% in 1Q.

你談到它如何在第一季度增加到 67%。

Do you have any kind of targets or thought on where that can potentially go over time?

隨著時間的推移，你有什麼目標或想法嗎？

And then how do you utilize the initial order discount, given the seemingly temporary increase that we saw during the past week by Chewy?

鑑於我們在過去一周看到 Chewy 看似暫時的增長，您如何利用初始訂單折扣？

And then the second question: can you just help us understand drivers of the revenue guide for 2Q and the full year?

然後是第二個問題：您能否幫助我們了解第二季度和全年收入指南的驅動因素？

We know you are not specifically laying out anything around active customers and then net sales per active customer, but are there any puts and takes that we should be thinking about through the year?

我們知道您並沒有專門圍繞活躍客戶佈置任何東西，然後是每個活躍客戶的淨銷售額，但是我們應該在這一年中考慮任何看跌期權和看跌期權嗎？

Thanks.

謝謝。

Hi, Doug.

嗨，道格。

It's good to hear from you.

很高興收到你的來信。

The first one -- you know, first of all, the autoship -- I mean, net sales of 67.1% number itself is a pretty high bar for e-commerce.

第一個——你知道，首先是自動發貨——我的意思是，67.1% 的淨銷售額本身對電子商務來說是一個相當高的標準。

Two, I think the other point I would make there is for the number of customers that have subscribed into autoship, there is a reasonably large number outside of that who behave like autoship.

第二，我想我要說的另一點是訂閱自動訂貨的客戶數量，除此之外還有相當多的人表現得像自動訂貨。

So the contribution is actually larger than that.

所以貢獻其實比這更大。

Third, I think areas that we invest in to be able to make sure that that number continuously increases are possibly a couple different areas.

第三，我認為我們投資的領域能夠確保這個數字持續增加可能是幾個不同的領域。

One: we are always looking to increase assortment.

第一：我們一直在尋求增加品種。

Always looking to make sure that what part of our assortment is actually autoship eligible and if there is and we are incrementally upping that investment.

始終希望確保我們的產品組合中的哪一部分實際上符合自動發貨條件，如果有的話，我們會逐步增加這項投資。

Two: launching complementarity.

二：開展互補。

So healthcare is a good example where the numbers that we are projecting do not contain any kind of numbers or autoship synergies that we are starting to see from our healthcare vertical because it is still pretty small.

因此，醫療保健是一個很好的例子，我們預測的數字不包含我們開始從我們的醫療保健垂直領域看到的任何類型的數字或自動發貨協同效應，因為它仍然很小。

But the hypothesis is that those complementarities build in.

但假設是這些互補性是內在的。

And the third one is of course as we continue to improve our algorithmic science around personalization and recommendations to be able to offer customers an ability to build more relevant baskets than they already are, that actually also contributes to the increase of that autoship number.

第三個當然是隨著我們繼續改進圍繞個性化和推薦的算法科學，以便能夠為客戶提供構建比現有更多相關購物籃的能力，這實際上也有助於增加自動裝運數量。

So those are the three areas that we are focused on.

這就是我們關注的三個領域。

And the second part of your question was around general trends or projections for our focus on the rest of the year.

你問題的第二部分是圍繞我們今年剩餘時間的總體趨勢或預測。

It's do more of the same.

它做更多相同的事情。

It's three things.

這是三件事。

One is do more of the same, so continue to focus on customer acquisition as well as offering customers a tremendous service to be able to engage them, retain them, drive repeat purchases from the active customer base.

一個是做更多相同的事情，因此繼續專注於客戶獲取並為客戶提供優質服務，以便能夠吸引他們、留住他們並推動活躍客戶群的重複購買。

Two, continue to focus on growing our private brands.

第二，繼續專注於發展我們的自有品牌。

Three, thoughtfully, like we always do it thoughtfully in the way that we go to market and the way that we find the opportunity in the market to peg back into how we think about private brands.

第三，深思熟慮，就像我們總是以我們進入市場的方式以及我們在市場上找到機會重新審視我們對自有品牌的看法一樣深思熟慮地做到這一點。

And then three, of course, continue to invest and grow our healthcare offering.

然後三個，當然，繼續投資和發展我們的醫療保健產品。

So we will broadly attack all of these together.

所以我們將廣泛地一起攻擊所有這些。

Great, thank you.

太好了謝謝。

Brian Nowak, Morgan Stanley.

布萊恩·諾瓦克，摩根士丹利。

Thanks for taking my questions.

感謝您回答我的問題。

I have two.

我有兩個。

The first one is on active buyer growth.

第一個是活躍的買家增長。

You did a good job of growing the buyer base so far.

到目前為止，您在擴大買家群方面做得很好。

I was wondering -- could you just talk to us about some of the high-level hurdles you think you need to clear to continue to bring new customers on the platform?

我想知道 - 您能否與我們談談您認為需要清除的一些高級障礙，以繼續為平台帶來新客戶？

What is sort of the biggest gating factor you have found and how do you overcome that?

您發現的最大門控因素是什麼？您如何克服它？

And for customers you lose, what is the top reason they leave and how do you bring them back?

對於您失去的客戶，他們離開的主要原因是什麼？您如何將他們帶回來？

And then I was also just wondering if there is any update on the steps that we should be looking for as you start to build out the vet and the pharmacy side?

然後我也想知道在您開始建立獸醫和藥房方面時我們應該尋找的步驟是否有任何更新？

Thanks.

謝謝。

Hi, Brian.

嗨，布萊恩。

It's good to hear from you.

很高興收到你的來信。

So customer acquisition, a couple different ways to think about it.

因此，客戶獲取有幾種不同的思考方式。

One: we are playing in a large industry itself.

一：我們本身就是在一個大行業裡玩。

E-commerce penetration is low.

電子商務滲透率低。

Not only are we enjoying a secular shift from off-line channels into online, we are obviously creating that shift as well.

我們不僅享受著從線下渠道向線上渠道的長期轉變，而且顯然我們也在創造這種轉變。

We utilize -- our marketing techniques are both a combination of classical and digital.

我們利用 - 我們的營銷技術是經典和數字的結合。

So you should expect us to continue to initiate that.

所以你應該期待我們繼續啟動它。

We are launching newer offerings and newer verticals.

我們正在推出更新的產品和更新的垂直領域。

So healthcare is an example of that, where now we have got pharmacy not only as an acquisition channel but active customers are engaging with pharmacy.

因此，醫療保健就是一個例子，現在我們不僅將藥房作為獲取渠道，而且活躍的客戶也在與藥房打交道。

You should expect us to continue to fire on these cylinders as we go out and broadly acquire customers from all channels.

當我們走出去並從所有渠道廣泛獲得客戶時，您應該期望我們繼續對這些氣瓶開火。

Because the proposition that we are bringing to the table is offering that high-class personalized customer service that you see in a local neighborhood pet store, but at the scale and convenience of e-commerce.

因為我們提出的建議是提供您在當地社區寵物店看到的那種高級個性化客戶服務，但規模和便利程度不亞於電子商務。

So fishing from a wide net in that perspective.

因此，從那個角度來看，從寬網捕魚。

The second part of your question was the top customers -- top reasons customer leave.

你問題的第二部分是頂級客戶——客戶離開的主要原因。

First of all, I think helpful to remind that our engagement -- customers are highly engaged with us and we retain them for a long time fueling their loyalty.

首先，我認為提醒我們的參與度很有幫助——客戶與我們的互動度很高，我們會長期留住他們，從而提高他們的忠誠度。

And we never take that loyalty for granted.

我們從不認為這種忠誠是理所當然的。

The reasons when they do leave, primarily -- there is nothing really insightful to discuss there.

他們離開的原因，主要是 - 那裡沒有什麼真正有見地的討論。

Unfortunately, sometimes a pet passes away.

不幸的是，有時寵物會過世。

That would be a reason when we temporarily see customers disengage from the platform.

這就是我們暫時看到客戶脫離平台的原因。

But our data suggests that a large number of over 80% of pet parents bring home another pet within six to nine months of a pet passing away.

但我們的數據表明，超過 80% 的寵物父母會在寵物過世後的六到九個月內將另一隻寵物帶回家。

The other one could be if you literally live right next door to a pet store, you may actually just be able to get that transaction transactionally, something like that.

另一個可能是如果你真的住在寵物店隔壁，你實際上可能只能通過交易來獲得交易，類似的東西。

The third part of the question was what should we be looking out as you build out pharmacy.

問題的第三部分是在您建立藥房時我們應該注意什麼。

I think we are early in this inning.

我認為我們在這一局中處於早期階段。

We are out there building assortment, offering the experience.

我們在那裡建立分類，提供經驗。

We are looking to partner, enhance the proposition of health and wellness and keeping Chewy in the center of the pet parent and the vet community equation.

我們正在尋找合作夥伴，加強健康和保健的主張，並讓 Chewy 成為寵物父母和獸醫社區等式的中心。

We believe this is a tripod of an equation.

我們相信這是一個等式的三腳架。

And utilizing the tools and techniques that we have, the compliance that we can drive, the education and awareness that we can create, we believe we are going to fire on multiple cylinders here as well.

利用我們擁有的工具和技術、我們可以推動的合規性、我們可以創造的教育和意識，我們相信我們也將在這裡開火。

Great, thanks.

太謝謝了。

Nat Schindler, Bank of America Merrill Lynch.

Nat Schindler，美銀美林。

Yes, hi.

是的，嗨。

Thank you for taking my questions and congratulations on your first public quarter and your IPO.

感謝您回答我的問題並祝賀您的第一個公共季度和首次公開募股。

Could you just go a little bit more detail into the gross margin ramp that you saw this quarter?

您能否更詳細地了解本季度您看到的毛利率上升情況？

If we look at last year's trends, you actually trended up through the year.

如果我們看一下去年的趨勢，您實際上整年都呈上升趨勢。

And I would expect that your mix of other goods, hardgoods, to food would be highest in Q4 around the Christmas sales.

而且我預計您的其他商品、耐用品和食品的組合將在聖誕節銷售前後的第四季度達到最高水平。

So I would expect that gross margin would go up and Q4 would be the highest of the year, but you were up 200 basis points over Q4.

所以我預計毛利率會上升，第四季度將是今年最高的，但你比第四季度上升了 200 個基點。

You did that also the previous year, but then trended up through the year.

前一年你也是這樣做的，但隨後這一年呈上升趨勢。

Is there anything you can talk to us about the seasonality here and what is driving this up?

關於這裡的季節性以及推動這種情況的原因，您有什麼可以和我們談談的嗎？

And what we should expect for the rest of the year?

在今年餘下的時間裡我們應該期待什麼？

I will talk to you broadly about that.

我會和你廣泛地談談這個。

A couple different factors drive gross margin.

幾個不同的因素推動了毛利率。

It's a combination of the fact that we are getting more sophisticated in helping people build larger baskets.

這是我們在幫助人們構建更大的籃子方面變得越來越成熟這一事實的結合。

And that is a function of us having assortment and really knowing what our customers need and want.

這是我們擁有分類並真正了解我們的客戶需要和想要什麼的功能。

And which we do, because we have that amount of data with them plus our customer service actually comes in really -- and plays a large part of that.

我們這樣做了，因為我們擁有他們的大量數據，加上我們的客戶服務實際上真正發揮了作用 - 並且發揮了很大一部分作用。

Number two, our economies of scale allows us to be able to not only drive supply chain efficiencies, but we are also using a lot of data science in our supply chain to be able to make sure that our cartonization principles are intact, that our density is maximized within the cartons that we are sending out.

第二，我們的規模經濟使我們不僅能夠提高供應鏈效率，而且我們還在供應鏈中使用大量數據科學，以確保我們的裝箱原則完好無損，我們的密度在我們發送的紙箱內最大化。

And overall predictability of the business allows us to level load that demand and lower our overall cost structure.

業務的整體可預測性使我們能夠平衡需求的負載並降低我們的整體成本結構。

And all of that flows through gross margin.

所有這些都流經毛利率。

So it's a combination of multiple things.

所以它是多種事物的組合。

The jump from -- and we have been on a path here, so nothing specifically to talk about jumped from Q4 into Q1.

從 - 我們一直走在這裡的道路上，所以沒有什麼特別要談論的從第四季度跳到第一季度。

There might be a little bit of a timing in play there, but that is how I would answer that question.

那裡可能會有一些時間安排，但這就是我回答這個問題的方式。

And would you expect to see the sequential improvement occur from rest of the year?

您是否希望看到今年剩餘時間出現連續改善？

Yes, you should expect us to continue to be -- you should expect us to continue to maniacally focus on the above principles, the three principles that I have talked about.

是的，你應該期待我們繼續——你應該期待我們繼續瘋狂地關注上述原則，我已經談到的三個原則。

A, helping customers build bigger baskets; two, continuing to optimize our operations and our supply chain to be able to extract costs out.

A、幫助客戶建立更大的籃子；第二，繼續優化我們的運營和供應鏈，以降低成本。

We are focused on gradual and incremental improvements.

我們專注於漸進和漸進的改進。

Great, thank you.

太好了謝謝。

Deepak Mathivanan, Barclays.

迪帕克·馬蒂瓦南，巴克萊銀行。

Hey, guys.

大家好。

Thanks for taking the questions.

感謝您提出問題。

Two questions from us.

我們有兩個問題。

So first on the marketing expense for the quarter, I mean, I know that you guys have been testing out a few marketing programs related to building our brand on that side rather than just purely performance.

因此，首先是本季度的營銷費用，我的意思是，我知道你們一直在測試一些與在這一方面建立我們的品牌相關的營銷計劃，而不僅僅是純粹的績效。

Can you talk about how much of that is factored into sort of 2Q guidance?

你能談談 2Q 指導中有多少因素嗎？

And then how should we think about the expected ramp through the year?

然後我們應該如何考慮全年的預期增長？

And then secondly on the fulfillment center, you guys just opened up the new one and it is about a month in operation.

其次在履行中心，你們剛剛打開了新中心，它已經運行了大約一個月。

How much of the cost to rent the fulfillment center is in the 2Q?

租用運營中心的成本有多少是在第二季度？

And then what should be the expected investment period before it sort of reaches max efficiency levels?

那麼在達到最高效率水平之前的預期投資期應該是多長？

Thank you.

謝謝你。

Hi, Deepak.

嗨，迪帕克。

It's nice to hear from you.

很高興收到你的來信。

On marketing, you are right in your observation.

在營銷方面，您的觀察是正確的。

Most of our spend is primarily acquisatory spend, direct response spend.

我們的大部分支出主要是收購支出，直接反應支出。

So we spend in a muted fashion on brand marketing.

因此，我們在品牌營銷上花錢的方式是低調的。

One of the reasons we also do that is because the high level of engagement and care that we provide and the val mechanisms that we deploy allow us to be able to obviously create that network effect and get the halo of a little bit of building the brand.

我們也這樣做的原因之一是因為我們提供的高水平參與和關懷以及我們部署的 val 機制使我們能夠明顯地創造這種網絡效應並獲得一點建立品牌的光環.

But generally, our brand awareness is something that we will invest in.

但總的來說，我們會投資我們的品牌知名度。

For Q1, Q2, it was still primarily acquisatory because there is a little bit of a ramp that you need to be able to build out your upper funnels and your middle funnels in that way.

對於 Q1、Q2，它仍然主要是收購性的，因為你需要有一點坡度才能以這種方式構建你的上層漏斗和中層漏斗。

That is how I would think about that.

這就是我的想法。

So it will gradually increase as we move forward into 2019 to 2020, that kind of stuff.

所以隨著我們進入 2019 年到 2020 年，它會逐漸增加，諸如此類。

Fulfillment center, how much of the cost to ramp is in Q2.

履行中心，第二季度有多少成本增加。

And then we look at this as a pretty tight -- we plan our fulfillment center network two, three years out, but we invest very tightly in six- to twelve-month increments.

然後我們將其視為一個非常嚴格的計劃——我們計劃兩年、三年後的履行中心網絡，但我們以六到十二個月的增量進行非常嚴格的投資。

And that is because of the predictability that we have.

那是因為我們擁有可預測性。

That is also because of the industrial engineering teams and the science that we deploy there.

這也是因為我們在那裡部署的工業工程團隊和科學。

So our payback is also fairly consistent and tight there.

因此，我們的回報在那裡也相當一致且嚴格。

Brent Thill, Jefferies.

傑富瑞的布倫特·希爾。

Good afternoon.

下午好。

Maybe you could just talk a little bit about the pathway to profitability and what gives you conviction over time that the bottom line can look a lot like what you are doing on the top line.

也許你可以談談盈利的途徑，以及是什麼讓你隨著時間的推移確信底線看起來很像你在頂線上所做的事情。

And share with us -- perhaps it would seem that some of these new businesses seem to be potentially even higher margin that you are moving into than you are in currently.

並與我們分享——也許看起來這些新業務中的一些似乎比你目前的利潤率更高。

If you can highlight what you are seeing there.

如果您可以突出顯示您在那裡看到的內容。

Thank you.

謝謝你。

Sure.

當然。

I will say a couple things there.

我會在那裡說幾件事。

First of all, you know, you have noticed our ability to -- as we are getting big fast, we are also focused on getting fit fast.

首先，你知道，你已經註意到我們的能力——隨著我們快速成長，我們也專注於快速適應。

And that is evident from the fact that we are delivering not only the top line or growing the top line but also improving our margin profiles.

從我們不僅提供收入或增加收入而且還改善我們的利潤率這一事實可以看出這一點。

And that is a function of the previous disciplined approach that I have spoken about.

這是我之前談到的紀律嚴明的方法的一個功能。

Number two, we have clearly identified growth and margin vectors that we are going to continue to execute on as we move from today into the longer term.

第二，我們已經清楚地確定了我們將繼續執行的增長和利潤向量，因為我們從今天進入更長期。

You should think about those in two different buckets -- or three buckets, I would say rather.

你應該考慮兩個不同的桶——或者三個桶，我更願意說。

The first bucket is doing more of the same, which is our active customers that engage with us, the longer they stay with us, the more share of wallet or net sales that they actually spend with us.

第一個桶做更多相同的事情，即與我們互動的活躍客戶，他們與我們在一起的時間越長，他們實際花在我們身上的錢包或淨銷售額的份額就越大。

And that base to us is a profitable base.

對我們來說，這個基地是一個有利可圖的基地。

And that defines the power of the Chewy business model.

這定義了 Chewy 商業模式的力量。

Number two, you should think about as two other vectors that we fired which we are focused on growing and investing and offering a tremendous value proposition on, these are healthcare and private brands.

第二，您應該將我們解僱的另外兩個載體視為我們專注於增長和投資並提供巨大價值主張的載體，它們是醫療保健和自有品牌。

Private brands typically portfolio in a -- we are currently -- exiting 2018, we were about 5% of our sales.

自有品牌通常在 - 我們目前 - 退出 2018 年的組合中，我們約佔銷售額的 5%。

And we aspire to play where typically large retailers or mature consumables players play, north of 15% over the long term.

我們渴望在大型零售商或成熟的消費品玩家通常參與的地方開展業務，從長期來看，這一比例超過 15%。

And at that scale, we expect private brands to be profitable over our base business.

在這種規模下，我們預計自有品牌將比我們的基礎業務更有利可圖。

And then the third one is vectors that we have not fired, which is in our effort to build a destination for pet parents.

然後第三個是我們還沒有發射的矢量，這是我們努力為寵物父母建立一個目的地。

When we are ready and when we are ready to talk about it, you could think about services type of models that are inherently high-gross-profit verticals.

當我們準備好並準備好談論它時，您可以考慮本質上是高毛利垂直行業的服務類型模型。

So a combination of those are how we are thinking about it.

因此，將這些結合起來就是我們的思考方式。

The last thing I would say is look at our guidance.

我要說的最後一件事是看看我們的指南。

We have provided adjusted EBIT margins improving 400 basis points to 450 basis points year over year, which are lending the confidence that we are -- while we execute our strategy, we are also focused on the bottom line.

我們提供的調整後息稅前利潤率同比提高 400 個基點至 450 個基點，這讓我們充滿信心——在我們執行戰略的同時，我們也關注利潤。

Great, thanks.

太謝謝了。

Mark Mahaney, RBC.

馬克馬哈尼，加拿大皇家銀行。

Thanks.

謝謝。

Two questions, please.

請教兩個問題。

Sumit, I think you talked about -- I want to ask about autoship.

Sumit，我想你談到了——我想問一下自動送貨。

You said you had customers that acted like autoship that actually weren't on autoship, i.e., they purchase pretty frequently.

你說你的客戶表現得像自動發貨，但實際上並沒有自動發貨，也就是說，他們購買的頻率很高。

Does it matter to you and to the business whether they stay where they are?

他們是否留在原地對您和企業來說重要嗎？

Are there any advantages to incentivize those kind of quasi- or shadow autoshippers to actually become full autoshippers?

是否有任何優勢可以激勵那些准或影子自動托運人真正成為完全自動托運人？

Is that an opportunity?

那是機會嗎？

And then second, just generally, I know you were asked about it a lot during the IPO roadshow, but anything new in terms of thinking on international markets?

其次，一般來說，我知道你在 IPO 路演期間被問到很多，但在國際市場上有什麼新想法嗎？

Thanks a lot.

非常感謝。

Hi, Mark.

嗨，馬克。

It's good to hear from you.

很高興收到你的來信。

You know, when we study our autoship customers that are not on autoship, it isn't necessarily a defect that we are out to fix.

您知道，當我們研究未進行自動訂購的自動訂購客戶時，這不一定是我們要修復的缺陷。

They have chosen not to remain on autoship for a variety of personal reasons.

出於各種個人原因，他們選擇不繼續使用自動訂貨。

For example, they could be -- they could have been burned by previous subscription services, so they just like to retain control.

例如，他們可能——他們可能已經被以前的訂閱服務燒掉了，所以他們只是想保留控制權。

Although ours is completely no tax attached, easy to subscribe into, subscribe out of, super-intuitive, super easy, but just a personal preference.

雖然我們的完全不附加稅，訂閱很容易，訂閱退出，超級直觀，超級簡單，但這只是個人喜好。

Other things that we have heard from people are look, we travel so much that we'd rather just maintain control of that ordering pattern rather than putting it on an autoship type subscription service.

我們從人們那裡聽到的其他事情是，我們經常旅行，以至於我們寧願只控制這種訂購模式，而不是將其置於自動訂購類型的訂閱服務中。

So not really a defect that we are out to sort all fix.

所以這並不是我們要解決所有問題的真正缺陷。

But if they want to convert at any point, we will be happy to take them.

但如果他們想在任何時候皈依，我們會很樂意接納他們。

International.

國際的。

The way I would answer that is the same as we had in the roadshow, which is we are currently focused on the United States.

我的回答方式與我們在路演中的回答方式相同，即我們目前專注於美國。

We have a large opportunity in front of us.

我們面前有一個巨大的機會。

While I fully believe that the merits of our business model as well as platform are extendable to anywhere where pet parents live, Mark, today we are focused on the US.

雖然我完全相信我們的商業模式和平台的優點可以擴展到寵物父母居住的任何地方，馬克，但今天我們專注於美國。

When I am ready to talk about international, we will definitely come back and speak to that.

當我準備好談論國際時，我們一定會回來談論它。

Okay.

好的。

Thank you, Sumit.

謝謝你，蘇米特。

Eric Sheridan, UBS.

埃里克謝里丹，瑞銀。

Thanks very much for taking the question.

非常感謝您提出這個問題。

Maybe two, if I can, as well.

也許兩個，如果可以的話。

Obviously, we're getting a lot of questions on the competitive landscape, given some of the pricing and discounting moves in the space over the last very short period of time.

顯然，考慮到過去很短時間內該領域的一些定價和折扣舉措，我們對競爭格局提出了很多疑問。

Just philosophically, can you help us understand the way you approach competition?

只是從哲學上講，你能幫助我們理解你對待競爭的方式嗎？

And how you think about reacting to competitive moves, especially around price, that you see across the broader industry?

您如何看待在更廣泛的行業中看到的競爭性舉措，尤其是價格方面的反應？

That is number one.

那是第一。

And number two, maybe driving back to some of the questions from earlier, can we talk a little bit about where you are seeing some of your better returns on marketing dollars?

第二，也許回到之前的一些問題，我們能否談談您在哪些方面看到了更好的營銷資金回報？

And how you think about aligning those marketing dollars against ROI, whether it be on driving increased spend or increased buyer and user initiatives around the platform?

您如何考慮將這些營銷資金與投資回報率相結合，無論是推動增加支出還是增加平台周圍的買家和用戶主動性？

Thanks so much, guys.

非常感謝，伙計們。

Sure.

當然。

You know, the first question about pricing environment and that kind of stuff, look, e-commerce pricing and promotional space is always dynamic and that's just the nature of the beast.

你知道，第一個關於定價環境和諸如此類的問題，看，電子商務定價和促銷空間總是動態的，這就是野獸的本性。

Some months more than others.

比其他人多幾個月。

We have the ability to monitor and effectively respond and that is what we do.

我們有能力監控並有效應對，這就是我們所做的。

We are constantly monitoring to make sure that we are competitive.

我們不斷監控以確保我們具有競爭力。

We feel we have a good ability.

我們覺得我們有很好的能力。

We feel confident about our ability to execute in that space.

我們對自己在該領域的執行能力充滿信心。

And overall, we just remain focused on delivering the core value proposition.

總的來說，我們只是專注於提供核心價值主張。

Pricing is a part of it, no more no less meaty or weighted there.

定價是其中的一部分，同樣重要或重要。

So our ability to execute, our ability to respond to that keeps us whole.

因此，我們的執行能力和對此做出反應的能力使我們保持完整。

Number two, I think it is important to remember that our partners, our suppliers, our brands do a great job in really demonstrating responsible price leadership with minimum advertised price, or MAP principles, in the marketplace.

第二，我認為重要的是要記住，我們的合作夥伴、我們的供應商、我們的品牌在以最低廣告價格或 MAP 原則在市場上真正展示負責任的價格領導地位方面做得很好。

That also allows sort of a general pricing discipline in the industry.

這也允許在行業中形成一種普遍的定價紀律。

Second part of the marketing, you know, we are very data-driven.

營銷的第二部分，你知道，我們非常注重數據。

Our direct response marketing.

我們的直接反應營銷。

We invest broadly across classical and digital techniques, but at the same time, we measure the efficiency on sort of attractive LTV to CAC ratios.

我們廣泛投資於經典技術和數字技術，但與此同時，我們通過具有吸引力的 LTV 與 CAC 比率來衡量效率。

And lifetime value for us, we don't just look at it on a gross revenue basis; we take it down to profitability.

對我們來說，終身價值，我們不只是在總收入的基礎上看它；我們將其歸結為盈利能力。

And then we super-load our customer acquisition cost to be able to make sure that our ratios remain attractive to us as we go out and invest in these channels.

然後我們超載我們的客戶獲取成本，以確保我們的比率在我們出去投資這些渠道時仍然對我們有吸引力。

And because we are direct attributed and direct response and data-driven, we are able to effectively attribute and change our strategies when we want to or as we need to.

而且因為我們是直接歸因和直接響應以及數據驅動的，所以我們能夠在我們想要或需要時有效地歸因和改變我們的策略。

And that is how we think about marketing and that is what we will continue to do.

這就是我們對營銷的看法，也是我們將繼續做的事情。

Brian Fitzgerald, Wells Fargo.

布賴恩菲茨杰拉德，富國銀行。

Mark Kelley, Nomura.

馬克·凱利，野村證券。

Great.

偉大的。

Thanks very much, guys.

非常感謝，伙計們。

I kind of want to follow up on the last question about the competitive environment and discounting.

我有點想跟進關於競爭環境和折扣的最後一個問題。

Sumit, you pointed out that it has always been a dynamic pricing environment in e-commerce.

Sumit，你指出電子商務一直是一個動態的定價環境。

And I think perhaps investors' focus is squarely on you guys because you are such a new public company and we don't have all the history and context.

而且我認為也許投資者的注意力完全集中在你們身上，因為你們是一家如此新的上市公司，我們沒有所有的歷史和背景。

But it seems like the majority of discounts are usually on getting new autoship customers, in your case, or similar products to Amazon.

但似乎大部分折扣通常用於獲得新的自動訂購客戶，在您的情況下，或與亞馬遜類似的產品。

And that is where the big discounts come in.

這就是大幅折扣的來源。

And given that you are already at 67%-plus of sales are from autoship customers, the incremental customer discounts really don't move the dial for margins.

鑑於您已經有超過 67% 的銷售額來自自動訂購客戶，增量客戶折扣確實不會改變利潤率。

It doesn't appear to be the case in your outlook and certainly over the last handful of quarters.

在您的展望中似乎並非如此，在過去的幾個季度中肯定不是這樣。

Can you maybe give us just some context around that dynamic competitive pricing environment over the last several years, just to give us some comfort that your margin outlook and the long-term margin structure really won't be impacted by discounting like that?

你能不能給我們一些關於過去幾年動態競爭定價環境的背景信息，只是為了讓我們感到安慰，你的利潤率前景和長期利潤率結構真的不會受到這樣的折扣的影響？

And then second, in terms of spend per active customer, how much do you think the healthcare piece of your business will draw some of that growth?

其次，就每個活躍客戶的支出而言，您認為您業務的醫療保健部分將在多大程度上推動增長？

And what is the right way for us to think about percent of customers that will use your healthcare products?

我們考慮將使用您的醫療保健產品的客戶百分比的正確方法是什麼？

Thank you.

謝謝你。

Okay, there is a lot in your first question.

好的，你的第一個問題有很多。

I was trying to sort of deconstruct it, but I think what you are trying to get at is how resilient is the general industry on pricing dynamics and pricing fluctuations.

我試圖對其進行解構，但我認為你想要了解的是整個行業在定價動態和價格波動方面的彈性有多大。

I would point back to the point that I just made a few minutes ago; perhaps didn't come across as clearly as I wanted it to.

我想回到我幾分鐘前剛剛提出的觀點；也許沒有像我想要的那樣清楚。

But the industry is generally MAP compliant.

但該行業通常符合 MAP 標準。

So there is a minimum advertised price and there is a little bit of a fluctuation that happens around the MAP above and to it.

所以有一個最低廣告價格，上面的 MAP 周圍會發生一點點波動。

And that is the kind of space that we effectively monitor and respond on.

這就是我們有效監控和響應的空間。

So that is how we look at the pricing dynamic.

這就是我們看待定價動態的方式。

The other question was on healthcare.

另一個問題是關於醫療保健的。

Healthcare share of wallet I think was the question.

我認為醫療保健在錢包中的份額是個問題。

If we look at the industry and break it down, I believe the share of wallet for healthcare is somewhere between $400 and $700 per household.

如果我們審視這個行業並將其分解，我相信每個家庭用於醫療保健的錢包份額在 400 到 700 美元之間。

We are really early stages right now, so too early to comment on what the numbers are there.

我們現在真的處於早期階段，所以評論那裡的數字還為時過早。

But we do believe that greater than 90% of that particular vertical is addressable by Chewy.

但我們確實相信，Chewy 可以解決超過 90% 的特定垂直領域。

And then last, the percent of customers that will use healthcare -- again, too early to sort of comment on that, but we don't see why it is not a uniformly applied proposition to our customers.

最後，將使用醫療保健的客戶百分比——同樣，對此發表評論還為時過早，但我們不明白為什麼它不是一個統一應用於我們客戶的提議。

Got it.

知道了。

Thanks, guys.

多謝你們。

Robert Coolbrith, Wells Fargo Securities.

富國銀行證券公司的 Robert Coolbrith。

Thanks, guys.

多謝你們。

It's Fitz on.

這是菲茨。

Sorry, I cut out on my line before.

抱歉，我之前斷線了。

A couple quick clarifications around the pharma business.

關於製藥業務的一些快速說明。

You call out in your letter that the new Arizona pharma facility operates under your own licenses versus the Kentucky facility.

你在信中指出，新的亞利桑那州製藥設施是根據你自己的許可證運營的，而不是肯塔基州的設施。

Is that operation -- operational arrangement still in place with PetSmart for the Kentucky one?

肯塔基州的 PetSmart 的運營安排是否仍然存在？

Can you remind us of the details there?

你能提醒我們那裡的細節嗎？

And then kind of walk us through the development process.

然後引導我們完成開發過程。

And then one more quick follow-up.

然後再進行一次快速跟進。

Any color on how prevalent autoship is amongst pharma maybe relative to consumables?

關於自動裝運在製藥公司中的流行程度的任何顏色可能與消耗品有關？

And any dynamic to call with how that penetration is ramping, autoship penetration is ramping among pharma or cross-sell dynamics?

有什麼動態可以說明這種滲透率是如何上升的，汽車滲透率是如何在製藥或交叉銷售動態中上升的？

Thanks.

謝謝。

Sure.

當然。

So yes, we have retained the ability to operate out of our traditional facility that has the PetSmart licenses.

所以是的，我們保留了在擁有 PetSmart 許可證的傳統設施之外運營的能力。

In the pharma space, the license is actually physically attached to a building.

在製藥領域，許可證實際上是附著在建築物上的。

So when we launch Phoenix, it also allows us the ability to ship from two sides of the country and therefore offers a better proposition for our customers in terms of bringing them faster delivery, just like we do for the rest of our network.

因此，當我們推出 Phoenix 時，它還使我們能夠從該國的兩側發貨，從而為我們的客戶提供更好的建議，讓他們更快地交貨，就像我們為網絡的其他部分所做的那樣。

And then how prevalent is the second part of the question with autoship around pharma.

然後問題的第二部分與圍繞製藥的自動送貨有多普遍。

Look, it's also tremendously attractive.

看，它也非常有吸引力。

In some cases, you would say that it is more.

在某些情況下，你會說它更多。

And our ability to actually drive that compliance is even stronger because we have a targeted relationship with the customer.

而且我們實際推動合規性的能力甚至更強，因為我們與客戶建立了有針對性的關係。

We are able to monitor and effectively approach them and help them convert to become autoship customers.

我們能夠監控並有效地接近他們，幫助他們轉變為自動訂貨客戶。

And remind them with our newer launch that we just launched with the medicine cabinet type feature, the Rx manager, it actually allows the customer to even track and reminders, which should actually increase compliance.

並通過我們剛剛推出的具有藥櫃類型功能的新產品提醒他們，Rx 管理器，它實際上允許客戶甚至跟踪和提醒，這實際上應該提高合規性。

Humans are bad at feeding humans medication; we sometimes forget to feed our pets.

人類不擅長給人類餵藥；我們有時會忘記餵養我們的寵物。

And that is where the power of an autoship program comes in and we are excited about what this could hold for us in the future.

這就是 autoship 程序的力量所在，我們很高興它能為我們帶來未來。

Great.

偉大的。

Thanks Sumit.

謝謝蘇米特。

(Operator Instructions) Dylan Carden, William Blair.

（操作員說明）迪倫卡登，威廉布萊爾。

Thanks very much.

非常感謝。

Just sticking with pharmacy here, I'm curious how at year-end, so to speak, your conversations are going with vets and how you are positioned here in the competitive landscape.

只是在這裡堅持藥房，我很好奇在年底，可以這麼說，你與獸醫的談話是如何進行的，以及你在競爭格局中的定位如何。

I know there is a handful of other companies doing something not dissimilar.

我知道還有一些其他公司在做類似的事情。

And are you sort of making a big marketing push, either directly or a little more broadly to kind of shift customers over, shift their wallet spend over to that business?

你是不是在進行大規模的營銷推廣，直接或更廣泛地推動客戶轉移，將他們的錢包支出轉移到該業務上？

And how you kind of see it growing organically and whether or not how much of that is embedded in your numbers thus far?

您如何看待它的有機增長，到目前為止，您的數字中是否包含了多少？

Thanks.

謝謝。

I will start answering from the back.

我將從後面開始回答。

We are currently more focused on growing pharmacy organically.

我們目前更專注於有機地發展藥房。

The reason for that is because we are building out a customer experience and perfecting it as we continue to expand that offering with our customers and into the marketplace.

這樣做的原因是因為我們正在建立客戶體驗並完善它，因為我們將繼續與客戶一起擴展該產品並進入市場。

Number two, going back to the first question, so we believe we are in the mission of health and wellness alongside the vet community.

第二，回到第一個問題，所以我們相信我們與獸醫社區一起肩負著健康和保健的使命。

And so from that standpoint, the pet parent, the vet community, and Chewy together can deliver a tremendous value proposition in the industry, benefiting health and wellness propositions.

因此，從這個角度來看，寵物父母、獸醫社區和 Chewy 一起可以在行業中提供巨大的價值主張，有益於健康和保健主張。

The vet community sits in the center of the equation.

獸醫社區處於等式的中心。

The pet parent needs the advice and the encouragement of a reliable partner that can help drive compliance, that can help create education and awareness, that can actually provide them the convenience of e-commerce at the same time.

寵物父母需要可靠合作夥伴的建議和鼓勵，這可以幫助推動合規，可以幫助建立教育和意識，同時實際上可以為他們提供電子商務的便利。

And so there is many innings to be played and we will continue to do that over the next couple of years.

所以有很多局要打，我們將在未來幾年繼續這樣做。

That is how we are thinking about it.

這就是我們的想法。

Thank you very much.

非常感謝你。

That is all the time for questions that we have.

這就是我們所有問題的時間。

I will turn the call back to Sumit Singh for any closing remarks.

我會將電話轉回給 Sumit Singh 以獲取任何結束語。

Thank you for all your attention and participation today.

感謝大家今天的關注和參與。

We intend to be active with regard to our investor relations and look forward to seeing investors and analysts in the coming quarters.

我們打算積極處理我們的投資者關係，並期待在未來幾個季度見到投資者和分析師。

Have a nice evening, guys.

祝你們有個愉快的夜晚，伙計們。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。