Chewy Inc (CHWY) 2019 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Chewy Second Quarter 2019 Earnings Call. (Operator Instructions)

女士們，先生們，感謝您的支持，歡迎參加 Chewy 2019 年第二季度財報電話會議。 （操作員說明）

I would now like to hand the conference over to your speaker today, Kelsey Turcotte. Please go ahead.

我現在想把今天的會議交給你的演講者，凱爾西·特科特。請繼續。

Thank you for joining us on the call today to discuss the results for our second quarter of fiscal 2019. Joining me on today's call are Sumit Singh and Mario Marte, Chewy's CEO and CFO, respectively. Our earnings release and the 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. A link to the webcast of today's conference call can also be found on our site.

感謝您今天加入我們的電話會議，討論我們 2019 財年第二季度的業績。加入我今天電話會議的分別是 Chewy 的首席執行官和首席財務官 Sumit Singh 和 Mario Marte。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報告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。今天電話會議的網絡直播鏈接也可以在我們的網站上找到。

We will be making forward-looking statements on this call, including statements concerning Chewy's future prospects, financial results, business strategies and industry trends. Such statements are 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. Reported results should not be considered as an indication of future performance. Also note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements except as required by law. For further information, please refer to the risk factors and other information in Chewy's 10-Q filed with the SEC on July 19, 2019, and the Form 8-K that we filed earlier today and our other filings with the SEC.

我們將在此次電話會議上發表前瞻性聲明，包括有關 Chewy 未來前景、財務業績、業務戰略和行業趨勢的聲明。此類陳述是 1995 年《私人證券訴訟改革法案》下的前瞻性陳述，並受到某些風險和不確定性的影響，可能導致實際結果與我們的前瞻性陳述所設想的結果大不相同。報告的結果不應被視為未來業績的指標。另請注意，本次電話會議的前瞻性陳述是基於我們截至今天可獲得的信息。除法律要求外，我們不承擔任何更新任何前瞻性陳述的義務。如需更多信息，請參閱 Chewy 於 2019 年 7 月 19 日向 SEC 提交的 10-Q 文件中的風險因素和其他信息，以及我們今天早些時候提交的 8-K 表格以及我們向 SEC 提交的其他文件。

Also, during this call, we will discuss certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings release or letter to our shareholders on our Investor Relations website which were filed with the SEC on Form 8-K earlier today. These non-GAAP measures are not intended to be a substitute for GAAP results.

此外，在本次電話會議中，我們將討論某些非公認會計原則的財務措施。與最直接可比的 GAAP 財務指標的對賬在今天早些時候以 8-K 表格向美國證券交易委員會提交的投資者關係網站上的收益發布或致股東的信中提供。這些非 GAAP 措施並非旨在替代 GAAP 結果。

Finally, this call in its entirety is being webcast on our Investor Relations website. A replay of this call will also be available on our IR website shortly.

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。該電話的重播也將很快在我們的 IR 網站上提供。

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

我現在想把電話轉給 Sumit。

Thanks, Kelsey, and thanks to all of you for joining us on the call. We are pleased with our results for the second quarter. As Kelsey mentioned, our shareholder letter is posted to our Investor Relations website, and I encourage you to review it. I'll start this afternoon by sharing financial highlights for the quarter, then I'll discuss a few business updates. And finally, I will turn the call over to Mario to discuss our financial results and guidance.

謝謝，凱爾西，感謝大家加入我們的電話會議。我們對第二季度的業績感到滿意。正如凱爾西所提到的，我們的股東信已發佈到我們的投資者關係網站，我鼓勵您查看它。今天下午我將首先分享本季度的財務亮點，然後我將討論一些業務更新。最後，我將把電話轉給馬里奧，討論我們的財務業績和指導。

Net sales for the quarter grew 43% year-over-year to $1.15 billion, reflecting the strength of our underlying business model, including expansion in our customer base and higher spending among existing customers. Active customers grew 3.4 million year-over-year to 12 million customers. Net sales per active customer increased approximately 10% to $352, up from $320 in Q2 2018. Autoship customers' sales as a percent of net sales reached 69.3%. Gross margin for Q2 was 23.6%, up 300 basis points year-over-year as a result of continuing execution on the growth and margin vectors that we have shared with you previously. Finally, our adjusted EBITDA margin of negative 2.5% improved 410 basis points versus Q2 2018 as a result of gross margin expansion and scaling of operating expenses.

本季度的淨銷售額同比增長 43% 至 11.5 億美元，這反映了我們基礎業務模式的實力，包括我們客戶群的擴大和現有客戶的更高支出。活躍客戶同比增長 340 萬至 1200 萬。每個活躍客戶的淨銷售額從 2018 年第二季度的 320 美元增長約 10% 至 352 美元。汽車客戶銷售額占淨銷售額的百分比達到 69.3%。由於我們之前與您分享的增長和利潤率向量的持續執行，第二季度的毛利率為 23.6%，同比增長 300 個基點。最後，由於毛利率的擴大和運營費用的擴大，我們調整後的 EBITDA 利潤率為負 2.5%，與 2018 年第二季度相比提高了 410 個基點。

The inputs of our business remained strong, and we continue to drive top line growth at scale and optimize the business for margin expansion through disciplined data-driven decisions. Time and again, we hear from pet parents that their experience shopping with Chewy is one of the things that sets us apart in the industry. From our knowledgeable award-winning customer service teams to our broad assortment of brands, to our fast 1- to 2-day delivery, to the convenience of e-commerce, high-touch personalized experiences drive customer engagement which fuels brand loyalty and repeat purchasing. Keeping the customer at the center of everything we do is core to our mission of becoming the most trusted and convenient online destination for pet parents, and the team continues to execute well against our strategy of long-term sustainable growth.

我們的業務投入依然強勁，我們繼續推動營收規模增長，並通過嚴格的數據驅動決策優化業務以擴大利潤率。一次又一次，我們從寵物父母那裡得知，他們在 Chewy 購物的經歷是使我們在行業中脫穎而出的原因之一。從我們知識淵博的屢獲殊榮的客戶服務團隊到我們種類繁多的品牌，到我們快速的 1 到 2 天交貨，再到電子商務的便利性，高接觸個性化體驗推動了客戶參與度，從而提高了品牌忠誠度和重複購買.將客戶放在我們所做的一切工作的中心是我們成為寵物父母最值得信賴和最方便的在線目的地的使命的核心，並且該團隊繼續很好地執行我們的長期可持續增長戰略。

Now I'd like to share a few business highlights from our Q2. Given the rapid and consistent payback levels from our customers, we strategically invest free cash flow in new customer acquisition marketing. We are disciplined on how we deploy this capital, closely monitoring key metrics like acquisition costs and lifetime value. To that end, in the second quarter, we launched a new Data Management Platform, or DMP, to more effectively manage our investments across current and future marketing channels. Moreover, we consider our relatively low levels of aided and unaided brand awareness as an opportunity to invest in studying the market and customer inputs more thoroughly so that this research can form the foundation of a broader brand strategy in the future. We expect that increased brand visibility and awareness will benefit all marketing channels, including search, and our team is excited about this next phase in our marketing strategy.

現在我想分享我們第二季度的一些業務亮點。鑑於我們客戶的快速和一致的回報水平，我們戰略性地將自由現金流投資於新客戶獲取營銷。我們對如何部署這些資本有紀律，密切監控關鍵指標，如購置成本和生命週期價值。為此，我們在第二季度推出了新的數據管理平台（DMP），以更有效地管理我們在當前和未來營銷渠道中的投資。此外，我們認為我們相對較低水平的輔助和獨立品牌知名度是投資於更徹底地研究市場和客戶投入的機會，以便這項研究可以為未來更廣泛的品牌戰略奠定基礎。我們預計品牌知名度和知名度的提高將使包括搜索在內的所有營銷渠道受益，我們的團隊對我們營銷戰略的下一階段感到興奮。

In Q2, another area where we made significant progress was on the data and customer segmentation front. We consolidated all customer pet and veterinarian data into a single master data set to create a proprietary customer data platform, allowing for clean, reliable and consistently formatted data. Our marketing and merchandising teams will utilize this data for enhanced customer targeting and segmentation across all our platforms: on-site and mobile app. Our team is constantly identifying new ways to improve the shopping experience for pet parents. To that end, we made further headway into launching new features on our mobile app platforms in the second quarter. A sample set of these include voice search to enable customers to conveniently find their products of choice using voice commands through search and browse and navigation redesigns which are now providing a consistent and enjoyable browsing experience across all our platforms.

在第二季度，我們取得重大進展的另一個領域是數據和客戶細分方面。我們將所有客戶寵物和獸醫數據整合到一個單一的主數據集中，以創建一個專有的客戶數據平台，從而提供乾淨、可靠且格式一致的數據。我們的營銷和銷售團隊將利用這些數據在我們所有的平台（現場和移動應用程序）中增強客戶定位和細分。我們的團隊不斷尋找新的方法來改善寵物父母的購物體驗。為此，我們在第二季度在移動應用平台上推出新功能方面取得了進一步進展。其中一組示例包括語音搜索，使客戶能夠通過搜索和瀏覽以及導航重新設計使用語音命令方便地找到他們選擇的產品，這些現在在我們的所有平台上提供一致和愉快的瀏覽體驗。

Our newest business, Chewy Pharmacy, continues to deliver strong results and received favorable reviews from our customers who love our overall value prop space and then evangelize it to their network of family and friends. We are also proud to be taking a leading position in a joint effort with manufacturers in the introduction and enforcement of minimum advertised pricing, or MAP, in the pet pharma industry. We believe that fair and transparent pricing across channels in the space is a big trifecta win for our customers, our suppliers and the veterinarian community alike.

我們最新的業務 Chewy Pharmacy 繼續取得強勁的業績，並獲得了喜歡我們整體價值道具空間的客戶的好評，然後將其傳播給他們的家人和朋友網絡。我們也很自豪能夠與製造商共同努力，在寵物製藥行業引入和執行最低廣告定價 (MAP) 方面處於領先地位。我們相信，跨渠道的公平和透明定價對於我們的客戶、供應商和獸醫社區來說是一個巨大的三連勝。

Furthering our goal of improving pet health and wellness, we continue to invest in product and business innovation that will make it easier for pet parents to shop at our Chewy Pharmacy and veterinarians to partner with us, including tools targeted specifically at improving the vet experience. Our newly launched RxManager is continuing to help customers better manage their pets' prescription diets and medications in a streamlined manner, making compliance and record-keeping easier for pet parents. And we continue to evolve this product to provide similar convenience to the vet community in the future.

為了進一步實現我們改善寵物健康的目標，我們將繼續投資於產品和業務創新，這將使寵物父母更容易在我們的耐嚼藥房購物和獸醫與我們合作，包括專門用於改善獸醫體驗的工具。我們新推出的 RxManager 將繼續幫助客戶以簡化的方式更好地管理寵物的處方飲食和藥物，使寵物父母更容易遵守規定和記錄。我們將繼續改進該產品，以便在未來為獸醫社區提供類似的便利。

Last but not least, we recently broke ground on our ninth fulfillment center location in Salisbury, North Carolina, which will enhance delivery capabilities across the Mid-Atlantic region. The 700,000-square-foot facility will be one of our largest in the network and is expected to employ approximately 1,200 Chewtopians once completed. New fulfillment centers like the one in North Carolina will enable us to reach millions of customers even faster. And we continue to improve our logistics infrastructure as well. Most recently, we've implemented an industrial-grade enterprise transport management system to drive continuous improvement in transportation and overall supply chain management. With the robust functionality the system will deliver, we will be able to better plan inbound and cross-fulfillment center transportation operations. These investments are all designed to further improve the customer experience, which is core to Chewy's mission.

最後但同樣重要的是，我們最近在北卡羅來納州索爾茲伯里的第九個履行中心破土動工，這將提高整個大西洋中部地區的交付能力。 700,000 平方英尺的設施將成為我們網絡中最大的設施之一，一旦建成，預計將僱用約 1,200 名 Chewtopians。像北卡羅來納州這樣的新履行中心將使我們能夠更快地接觸到數百萬客戶。我們還將繼續改善我們的物流基礎設施。最近，我們實施了工業級企業運輸管理系統，以推動運輸和整體供應鏈管理的持續改進。憑藉該系統將提供的強大功能，我們將能夠更好地規劃入境和跨履行中心的運輸運營。這些投資都旨在進一步改善客戶體驗，這是 Chewy 使命的核心。

Overall, we are pleased with our Q2 results and the underlying strength of our business. We will continue to look for and make thoughtful investments in the areas of marketing and new business opportunities which, when combined with our ever-expanding product selection, attractive prices and personalized customer service, will continue to raise the experienced bar for pet parents in this category. The team continues to make progress in executing our strategy and taking care of our customers.

總體而言，我們對第二季度的業績和業務的潛在實力感到滿意。我們將繼續在營銷和新商機領域尋找並進行深思熟慮的投資，結合我們不斷擴大的產品選擇、有吸引力的價格和個性化的客戶服務，將繼續提高寵物父母在這一領域的經驗標準。類別。該團隊在執行我們的戰略和照顧我們的客戶方面繼續取得進展。

Now I will turn the call over to Mario who will provide a more detailed review of our Q2 results and walk you through our financial outlook. Mario?

現在我將把電話轉給馬里奧，他將對我們的第二季度業績進行更詳細的審查，並引導您了解我們的財務前景。馬里奧？

Thank you, Sumit. Good afternoon, everyone.

謝謝你，蘇米特。大家下午好。

Our second quarter results highlight our business philosophy and focused execution. Net sales exceeded $1.15 billion, an increase of 43% compared to $805.6 million in Q2 2018. And Autoship customer sales reached $799.6 million, an increase of 49% compared to $538.4 million in Q2 2018, outpacing growth in overall net sales. We ended the second quarter with 12 million active customers, an increase of 3.4 million customers versus Q2 2018 and an increase of 1.4 million versus the end of fiscal year 2018. Gross margin for the quarter was 23.6%, a 300 basis point improvement driven by our disciplined execution to improve product margin and supply chain efficiencies.

我們的第二季度業績突出了我們的經營理念和專注的執行。淨銷售額超過 11.5 億美元，與 2018 年第二季度的 8.056 億美元相比增長 43%。Autoship 客戶銷售額達到 7.996 億美元，與 2018 年第二季度的 5.384 億美元相比增長 49%，超過了整體淨銷售額的增長。我們在第二季度結束時有 1200 萬活躍客戶，與 2018 年第二季度相比增加了 340 萬客戶，與 2018 財年末相比增加了 140 萬。本季度的毛利率為 23.6%，提高了 300 個基點我們嚴格執行以提高產品利潤和供應鏈效率。

Q2 operating expenses were $355.3 million or 30.8% of net sales, increasing 240 basis points versus Q2 2018. SG&A was $244.6 million or 21.2% of net sales. As we have shared previously, SG&A for us includes all fulfillment and customer service costs as well as credit card processing fees and share-based compensation, a noncash expense. Excluding share-based compensation expense in Q2 2019 and Q2 2018, SG&A as a percent of net sales increased 60 basis points year-over-year to 17.4%. The increase in SG&A as a percent of net sales was largely driven by costs related to operating as a public company. Advertising and marketing was $110.8 million or 9.6% of net sales, scaling year-over-year as a percent of net sales as a marketing investments continue to be primarily focused on customer acquisition. As a result, the recurring and long-term revenue stream from existing customers allows us to increase our acquisition marketing investments in absolute terms over time while also scaling this line as a percent of our net sales.

第二季度運營費用為 3.553 億美元，占淨銷售額的 30.8%，比 2018 年第二季度增加 240 個基點。SG&A 為 2.446 億美元，占淨銷售額的 21.2%。正如我們之前所分享的，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和基於股票的薪酬，這是一項非現金費用。不計 2019 年第二季度和 2018 年第二季度的股權激勵費用，SG&A 占淨銷售額的百分比同比增長 60 個基點至 17.4%。 SG&A 占淨銷售額的百分比增加主要是由與作為上市公司運營相關的成本推動的。廣告和營銷為 1.108 億美元，占淨銷售額的 9.6%，同比增長占淨銷售額的百分比，因為營銷投資繼續主要集中在客戶獲取上。因此，來自現有客戶的經常性和長期收入流使我們能夠隨著時間的推移以絕對值增加我們的收購營銷投資，同時還將這條線擴大到我們淨銷售額的百分比。

Q2 net loss was $82.9 million, an increase of $19.8 million compared to Q2 2018. Our net margin was negative 7.2%, improving 60 basis points year-over-year. Excluding the impact of share-based compensation in both Q2 2019 and Q2 2018, net loss improved $20 million or 33.8%, and net margin improved 390 basis points year-over-year. Q2 adjusted EBITDA loss was $29.2 million, an improvement of $24.2 million compared to Q2 2018. Our adjusted EBITDA margin was negative 2.5%, improving 410 basis points year-over-year. Improvements in both adjusted EBITDA and adjusted EBITDA margin reflect our ability to execute on the growth and margin vectors that we have previously shared with you and gradually scale our operating expenses at the same time.

第二季度淨虧損為 8290 萬美元，與 2018 年第二季度相比增加了 1980 萬美元。我們的淨利潤率為負 7.2%，同比提高 60 個基點。剔除 2019 年第二季度和 2018 年第二季度股票薪酬的影響，淨虧損減少了 2000 萬美元或 33.8%，淨利潤率同比提高了 390 個基點。第二季度調整後的 EBITDA 虧損為 2920 萬美元，與 2018 年第二季度相比增加了 2420 萬美元。我們調整後的 EBITDA 利潤率為負 2.5%，同比提高 410 個基點。調整後 EBITDA 和調整後 EBITDA 利潤率的改善反映了我們執行之前與您共享的增長和利潤率向量的能力，同時逐步擴大我們的運營費用。

We generated positive free cash flow of $9.9 million in Q2 2019 comprised of cash from operations of positive $21.8 million partially offset by capital investments of $11.9 million. In the second quarter, capital investments were primarily comprised of cash outlays for IT equipment, capitalization of internal labor and the launch of the Dayton, Ohio fulfillment center. We ended the second quarter with $150.8 million in cash and cash equivalents, including proceeds from the closing of our IPO, which added $117 million of cash to our balance sheet, net of underwriting cost.

我們在 2019 年第二季度產生了 990 萬美元的正自由現金流，其中包括正 2180 萬美元的運營現金，部分被 1190 萬美元的資本投資所抵消。在第二季度，資本投資主要包括 IT 設備的現金支出、內部勞動力的資本化以及俄亥俄州代頓履行中心的啟動。我們在第二季度結束時擁有 1.508 億美元的現金和現金等價物，包括我們 IPO 結束時的收益，這為我們的資產負債表增加了 1.17 億美元的現金，扣除了承銷成本。

Now I'll turn to guidance. As a reminder, fiscal 2018 was a 53-week year while fiscal 2019 will be a 52-week year. This will impact year-over-year growth for both full year 2019 and Q4 2019. We would also like to 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. This, coupled with our favorable cash conversion cycle, may lead our cash from operations to fluctuate from cash use to cash production between quarters.

現在我將轉向指導。提醒一下，2018 財年是 53 週的一年，而 2019 財年將是 52 週的一年。這將影響 2019 年全年和 2019 年第四季度的同比增長。我們還想指出，從歷史上看，我們在推出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都會建立我們的庫存水平.再加上我們有利的現金轉換週期，可能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。

For Q3 2019, we expect net sales between $1.19 billion to $1.21 billion, representing growth of 36% to 38% year-over-year. For fiscal year 2019, we expect the following: net sales between $4.75 billion and $4.8 billion, representing growth of 35% to 36% year-over-year. Adjusted for the extra week in fiscal 2018, year-over-year growth is expected to be between 38% and 39%. Adjusted EBITDA margin for the fiscal year is expected to improve 420 to 450 basis points versus fiscal 2018. Included in our EBITDA guidance are costs related to operating as a public company. We are excited about the financial and operating results for the second quarter.

對於 2019 年第三季度，我們預計淨銷售額在 11.9 億美元至 12.1 億美元之間，同比增長 36% 至 38%。對於 2019 財年，我們預計：淨銷售額在 47.5 億美元至 48 億美元之間，同比增長 35% 至 36%。根據 2018 財年的額外一周調整後，預計同比增長將在 38% 至 39% 之間。與 2018 財年相比，本財年調整後的 EBITDA 利潤率預計將提高 420 至 450 個基點。我們的 EBITDA 指導中包括與作為上市公司運營相關的成本。我們對第二季度的財務和經營業績感到興奮。

And with that, I'll turn over the call to the operator for questions. Operator?

有了這個，我會把電話轉給接線員提問。操作員？

(Operator Instructions) And your first question comes from Brian Novak with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Brian Novak。

I have 2. Just the first one, I think it's interesting to have a new Data Management Platform and marketing. Would be curious to hear about, as you're looking at data, what do you think are the 1 or 2 key factors you need to bring new pet owners onto the platform who are pet owners but not yet current buyers. How do you target those people? Then the second question is on health care. Maybe walk us through sort of the road map to really drive more of your current buyers to start purchasing health care and pharmacy products from you guys.

我有 2 個。只是第一個，我認為擁有一個新的數據管理平台和營銷很有趣。很想知道，當您查看數據時，您認為將新寵物主人帶入平台所需的 1 或 2 個關鍵因素是寵物主人但尚未成為當前買家。你如何瞄準這些人？然後第二個問題是關於醫療保健的。也許可以引導我們完成某種路線圖，以真正推動更多現有買家開始從你們那裡購買醫療保健和藥房產品。

Hey, Brian, this is Sumit. Good to hear from you. I'll take the first one, and then I'll probably have you repeat the second question. On the marketing side, remember, we target -- I think it's helpful to recognize that primarily, our spend is acquisitory marketing direct response. And so not only are we able to target across off-line channels and online channels, such as the classical TV and direct mail techniques, but also across an array of digital techniques, starting with kind of the Google network moving over to social media networks and so forth and so on. And because of the nature of our spend and the response pattern, we're able to not only target, we're also able to attribute spend pretty accurately. And the investment that we're making in our marketing technology stack continues to refine that attribution so that we can essentially effectively recognize the fact -- we recognize already that our customers live full lives across marketing channels. So for us, it's about reaching them and then optimizing -- or optimizing both their experience as well as our spend on our site. That's how we think about it.

嘿，布賴恩，這是蘇米特。很高興聽到你的消息。我會回答第一個問題，然後我可能會讓你重複第二個問題。在營銷方面，請記住，我們的目標是 - 我認為認識到我們的支出主要是獲得性營銷直接響應是有幫助的。因此，我們不僅能夠跨越離線渠道和在線渠道，例如傳統的電視和直郵技術，還能夠跨越一系列數字技術，從谷歌網絡轉向社交媒體網絡等等等等。由於我們支出的性質和響應模式，我們不僅能夠定位，還能夠非常準確地歸因支出。我們在營銷技術堆棧上的投資繼續完善該歸因，以便我們能夠從根本上有效地認識到這一事實——我們已經認識到我們的客戶在營銷渠道中過著充實的生活。所以對我們來說，這是關於接觸他們，然後優化——或者優化他們的體驗以及我們在我們網站上的支出。這就是我們的想法。

And then the second question was around health care and the road map to drive customers to start buying health care products. Yes, it's a great question. I think we think about it in multiple different angles. First of all, most of our current health care growth, which we're pleased with, is coming via organic momentum, both organic momentum of the business as well as the exposure that we're bringing to our existing active customers on the proposition of health and wellness, a broad catalog of superior customer experience and utilizing mostly our off-line and some part of our online tactics to be able to reach newer customers.

然後第二個問題是圍繞醫療保健和推動客戶開始購買醫療保健產品的路線圖。是的，這是一個很好的問題。我認為我們從多個不同的角度考慮它。首先，我們感到高興的是，我們目前的大部分醫療保健增長都是通過有機動力來實現的，既包括業務的有機動力，也包括我們為現有活躍客戶帶來的關於健康和保健，廣泛的卓越客戶體驗目錄，並主要利用我們的離線和部分在線策略來接觸新客戶。

So I said 2 things there. On active customers, we're relying on, a, the great conversations we're having with our customers -- that our customer service teams are having with our customer base. We're also relying on the knowledge that we have, more than 3 million pet profiles on file, and the way that we -- and the fact that we have a connection and a direct reach into these customers. On newer customers, go back to the tactics that we deploy. And there, we're actively utilizing existing channels to layer on the proposition of health care, not just pharmacy, because we recognize how customers buy and shop across other prescription diet or medication but would also use the health and wellness supplements, et cetera, et cetera. And then last but not least, don't forget the site merchandising efforts that we put in. Rx product manager is an example that we put in. Our customer engagement there is something that we measure pretty maniacally, and we're happy with the way that customers are engaging with that particular product and across our site merchandising assets.

所以我在那裡說了兩件事。對於活躍的客戶，我們依賴於，a，我們與客戶進行的精彩對話——我們的客戶服務團隊與我們的客戶群進行的對話。我們還依賴於我們所擁有的知識、超過 300 萬份寵物檔案存檔，以及我們的方式——以及我們與這些客戶建立聯繫和直接接觸的事實。對於新客戶，請回到我們部署的策略。在那裡，我們正在積極利用現有渠道來推廣醫療保健的主張，而不僅僅是藥房，因為我們認識到客戶如何購買和購買其他處方飲食或藥物，但也會使用健康和保健補充劑等，等等。最後但並非最不重要的一點是，不要忘記我們投入的網站營銷工作。Rx 產品經理就是我們投入的一個例子。我們的客戶參與度是我們非常瘋狂地衡量的東西，我們對客戶與該特定產品以及在我們網站上的商品資產互動的方式。

Your next question comes from Doug Anmuth with JPMorgan.

您的下一個問題來自摩根大通的 Doug Anmuth。

I just want to ask 2. Just first on gross margins, it looks like they expanded about 300 basis points year-over-year and then also 70 basis points sequentially. Can you just talk about the initiatives that are having the biggest impact there? And then how do you think about that as you're kind of approaching the low end of your longer-term target? And then on Autoship, a nice increase there to 69% in the quarter. Can you just talk about how much of that was driven around promotion, around Prime Day and then if there's anything early around retention for that cohort?

我只想問 2。首先是毛利率，看起來他們同比增長了約 300 個基點，然後連續增長了 70 個基點。你能談談在那裡產生最大影響的舉措嗎？然後，當您接近長期目標的低端時，您如何看待這一點？然後在 Autoship 上，該季度增長了 69%。您能否談談其中有多少是圍繞促銷、Prime Day 以及該群體的早期留存率推動的？

Hey, Doug, this is Mario. I'll take the first part of the question, and then Sumit will answer on the Autoship. In regards to second quarter gross margins, so there are a few factors here at play. One is, as we've shared before, as we grow, the scale and predictability of the revenue enables us to lower the cost out of the entire supply chain which benefits us and benefits our partners as well. The second item is that we expanded our catalog, and we're always looking for additional product to include in our product offering. In the second quarter alone, we expanded the SKU count by about 10%. And 3/4 of that was in hard goods which have a better margin profile, as we've shared before. And the third one is the mix of sales. As the percent of sales that come from existing customer increases, that provides a nice tailwind to our margin. I would say going forward, we do expect promotional activity seasonality to cause some gross margin fluctuations from quarter-to-quarter.

嘿，道格，這是馬里奧。我將回答問題的第一部分，然後 Sumit 將在 Autoship 上回答。關於第二季度的毛利率，這裡有幾個因素在起作用。一是，正如我們之前分享的那樣，隨著我們的成長，收入的規模和可預測性使我們能夠降低整個供應鏈的成本，這對我們有利，也有利於我們的合作夥伴。第二項是我們擴展了我們的目錄，我們一直在尋找其他產品以包含在我們的產品中。僅在第二季度，我們就將 SKU 數量擴大了約 10%。正如我們之前分享的那樣，其中 3/4 是利潤率更高的硬貨。第三個是銷售組合。隨著來自現有客戶的銷售額百分比增加，這為我們的利潤提供了很好的順風。我想說的是，我們確實預計促銷活動的季節性會導致季度間毛利率出現一些波動。

Doug, this is Sumit. I'll take the second part of your question around Autoship. So we are pleased by the fact that 69% of our net sales came from Autoship. I think there are a couple of different factors. And to hit the question head-on, nothing of this number was really driven by promotions around Prime Day. This is a longer-reaching number, and so there are a couple of different factors that are playing in here in the increase. One is, of course, the -- I'll pick up from the point that Mario mentioned as his third point which is, as the mix of sales increases, you're sort of seeing the power of active customers engage with Autoship program over a larger base. So that's one. Number two, I think I'll repeat the 2 inputs that we're constantly improving and improvising upon: one is the assortment that we put in front of our customers that is eligible for Autoship and then two is the fact that our recommendation and personalization engines continue to sense and our care [staff] recommend better and more meaningful choices for customers to be able to interact into when they're browsing and engaging with our site.

道格，這是蘇米特。我將回答你關於 Autoship 的問題的第二部分。因此，我們很高興 69% 的淨銷售額來自 Autoship。我認為有幾個不同的因素。直面這個問題，這個數字中沒有任何一個是由 Prime Day 前後的促銷活動推動的。這是一個影響深遠的數字，因此有幾個不同的因素在增加。一個是，當然， - 我會從馬里奧提到的第三點開始，即隨著銷售組合的增加，你會看到活躍客戶參與 Autoship 計劃的力量更大的基礎。所以這是一個。第二，我想我將重複我們不斷改進和即興發揮的兩個輸入：一個是我們放在客戶面前的符合 Autoship 條件的分類，第二個是我們的推薦和個性化的事實引擎繼續感知，我們的護理 [員工] 為客戶推薦更好、更有意義的選擇，以便他們在瀏覽和與我們的網站互動時能夠與之互動。

The third thing that we're seeing there, which is I think interesting for me to point out and for us to observe as an entity, are the hypotheses that our health care customers are building complementary baskets and engaging in the way that they're engaging with the Autoship product. It was our hypotheses that with our way of engaging with our customers, the tactics we use, the way we educate them, the products we develop and the way we communicate with them, the response pattern for Autoship should even be stronger for health care. And we're seeing that come through. So without getting into specific numbers today, I think I can leave you with some of those nuggets.

我們在那裡看到的第三件事，我認為有趣的是我指出並作為一個實體來觀察，是假設我們的醫療保健客戶正在構建互補的籃子並以他們的方式參與參與 Autoship 產品。我們的假設是，通過我們與客戶互動的方式、我們使用的策略、我們教育他們的方式、我們開發的產品以及我們與他們溝通的方式，Autoship 的響應模式應該對醫療保健更加強大。我們看到了這一點。所以今天不談具體數字，我想我可以給你留下一些掘金。

Your next question comes from Nat Schindler with Bank of America.

您的下一個問題來自美國銀行的 Nat Schindler。

Probably expanding a little bit on what Doug asked, if you look at your gross margin growth and compare that also to your Autoship growth, one thing seems pretty clear is that you're actually not getting the benefit yet, or it seems that you're not getting the benefit yet, from mix shift towards your higher gross margin products, i.e., away from food. Autoship would mostly be food, I assume. If that's the case, how much more incremental margin do you think that you could get besides vendor efficiencies which seem to be driving these? How much more could you get just for simply increasing the share of your revenue coming from hard goods, house brands and also pharmacy?

可能會擴展 Doug 的問題，如果您查看您的毛利率增長並將其與您的 Autoship 增長進行比較，有一件事似乎很清楚，您實際上還沒有獲得收益，或者您似乎從混合轉向更高毛利率的產品（即遠離食品）尚未獲得好處。我想，汽車運輸主要是食物。如果是這種情況，您認為除了似乎推動這些的供應商效率之外，您還能獲得多少增量利潤？僅僅增加來自硬貨、自有品牌和藥房的收入份額，你還能得到多少？

Nat, elaborate on that question before I answer it. I think it's a bit of a broad question. I started tracking with you, but I lost track of the question kind of midway. Can you rephrase that?

納特，在我回答之前詳細說明這個問題。我認為這是一個有點寬泛的問題。我開始和你一起跟踪，但我在中途忘記了這個問題。你能改寫一下嗎？

Well, okay. Actually, could you just -- could you give us a little bit more data on your mix shift in the quarter? Are you continuing to see mix shift towards higher gross margin products like hard goods and pharma? And if they are not the major driver, as you have said, of gross profit, the 300 basis points improvement on a year-over-year, probably because they're too small at this point, I'm guessing, how -- if they became -- in your estimation, as you grow those businesses further, how much more could they contribute to gross margin?

哦，那好吧。實際上，您能否就本季度的混合轉變向我們提供更多數據？您是否繼續看到混合向高毛利產品（如硬貨和製藥）的轉變？如果它們不是你所說的毛利潤的主要驅動力，同比增長 300 個基點，可能是因為它們在這一點上太小了，我猜，如何-如果它們成為 - 在您看來，隨著您進一步發展這些業務，它們對毛利率的貢獻有多大？

Got it. Okay. Here's how we answer that question, right? The way we think about it is that we're going to go back to the way that we're executing our strategy. The first part is doing more of the same which is the larger the base of active customers, bringing on our customers to platform and growing our assortment in a meaningful manner are sort of the first bucket that we always talk about. And so the expansion that you're seeing today is attributed primarily to those 3, right? The second bucket that we always talk about is expanding -- or the way that we're differentiating ourselves with, a, the health care segment and then, b, bringing private-branded assortment not that it's competitive to our national brands but bringing private-branded assortment that is differentiating to our customers and filling out voids. These are 2 vectors that we fire that haven't fully landed.

知道了。好的。這就是我們如何回答這個問題，對吧？我們思考它的方式是，我們將回到我們執行戰略的方式。第一部分是做更多相同的事情，即活躍客戶群越大，將我們的客戶帶到平台並以有意義的方式增加我們的分類是我們經常談論的第一個桶。所以你今天看到的擴張主要歸功於這三個，對吧？我們經常談論的第二個桶是擴展——或者說我們區分自己的方式，a，醫療保健領域，然後，b，帶來自有品牌的分類，不是說它對我們的民族品牌有競爭力，而是帶來私有- 為我們的客戶提供差異化並填補空白的品牌分類。這是我們發射的 2 個尚未完全著陸的向量。

And my previous response to Doug was in allusion of the -- was alluding to the fact that our health care hypotheses is, of course, the fact that when customers interact with health care, we should be seeing them engage with Autoship and build mix baskets. So a small portion of that is starting to show through. Essentially, our hypothesis is starting to show through but not much to talk about there. And then the third vector was -- or the third bucket is our strategy on vectors that we have not yet fired or launched which are future expansions. Does that help answer the question?

我之前對 Doug 的回應是暗指 - 暗示我們的醫療保健假設當然是這樣一個事實，即當客戶與醫療保健互動時，我們應該看到他們與 Autoship 互動並構建混合籃.因此，其中一小部分開始顯現出來。從本質上講，我們的假設開始得到證實，但在那裡談不上太多。然後第三個向量是 - 或者第三個桶是我們尚未啟動或啟動的向量策略，它們是未來的擴展。這有助於回答問題嗎？

Yes. But just to maybe nail a little bit what Doug said before, you're already at 23.6%. You want to have 140 basis points to go to the low end of your 5-year target. With more mix shift, shouldn't you easily exceed that and way before 5 years?

是的。但只是為了稍微了解一下 Doug 之前所說的話，你已經達到了 23.6%。您希望有 140 個基點達到 5 年目標的低端。隨著更多的混合轉變，你不應該在 5 年之前輕鬆超過那個嗎？

I think the way that we think about it is we provided a 500 to 800 basis point expansion opportunity from the 20 points that we exited 2018 at, so just to sort of baseline it. And the way we think about it is that bucket number 1 and 2 that I talked about, right, should get us -- as you're seeing -- I mean that's the major progress that we're making, so that's where we're delivering the margin. And then a combination of bucket 1, 2 and 3 essentially over the long term gets us to the upper range of that. And honestly, we continue to improvise and innovate. So at some -- some part of this is we're kind of learning our way into this. And as we learn our way -- as we learn stronger, we update our guidance accordingly.

我認為我們考慮它的方式是，我們從 2018 年退出的 20 個點提供了 500 到 800 個基點的擴張機會，所以只是作為基準。我們的想法是我談到的第 1 號和第 2 號桶，對，應該讓我們 - 正如你所看到的 - 我的意思是這是我們正在取得的主要進展，所以這就是我們的地方重新交付保證金。然後從長遠來看，桶 1、2 和 3 的組合基本上使我們達到了上限。老實說，我們繼續即興創作和創新。所以在某些方面——其中的一部分是我們正在學習如何進入這個領域。隨著我們學習我們的方式——隨著我們學習得越來越強，我們會相應地更新我們的指導。

Your next question comes from Deepak Mathivanan with Barclays.

您的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

Two questions. So first, can you talk about the benefits of the new Data Management Platform and the master data set specifically with respect to the marketing initiatives? Should we expect to see ROI improve from better attribution and targeting from these? Is that something that would show up in net adds over the next few quarters? And then the second question related to SG&A in the quarter, it was a little bit higher than our forecast. Obviously, some of that was due to SBC and then the new fulfillment center launch. Are there other areas like transport management systems maybe from a technology standpoint or actually initiative standpoint where expenses aren't meaningfully incremental?

兩個問題。那麼首先，您能否談談新數據管理平台和主數據集在營銷計劃方面的優勢？我們是否應該期望通過這些更好的歸因和定位來提高投資回報率？在接下來的幾個季度中，這是否會出現在淨增加值中？然後第二個問題與本季度的 SG&A 有關，它比我們的預測要高一點。顯然，其中一些是由於 SBC 和新的履行中心的推出。是否有其他領域，如運輸管理系統，可能從技術角度或實際倡議的角度來看，費用不會有意義地增加？

Thanks, Deepak. So Sumit will take the first question, I'll take the second one on the SG&A. Actually, let me just go ahead and answer the SG&A portion. I think to your point, the percent -- SG&A as a percent of revenue, it did increase. But it is really limited to a couple of items. One is we launched the new FC in Dayton, Ohio. We also booked higher share-based compensation expense, and that was a $37 million increase versus Q1. And then we also began to report some costs related to operating as a public company. If you normalize for those 3 items, Deepak, you are basically at the same percent of net sales as Q2 last year. So really, those 3 items drove the increase.

謝謝，迪帕克。所以Sumit 將回答第一個問題，我將回答關於SG&A 的第二個問題。實際上，讓我繼續回答 SG&A 部分。我認為就你的觀點而言，SG&A 佔收入的百分比確實增加了。但它實際上僅限於幾個項目。一是我們在俄亥俄州代頓市推出了新的 FC。我們還計入了更高的股票薪酬費用，與第一季度相比增加了 3700 萬美元。然後我們還開始報告與作為上市公司運營相關的一些成本。如果你對這 3 個項目進行標準化，Deepak，你基本上與去年第二季度的淨銷售額百分比相同。真的，這 3 個項目推動了增長。

And the first one, Deepak, on the DMP. So there's 2 things that happened, right? So we -- one, we internally have now created a master data set that connects our pet data, our vet data, our customer data all at the same time, which is a pretty powerful combination to have, because if you think about us as -- I want us to think -- internally, right, Chewtopians, know that Chewy, we don't think ourselves as an e-tailer of products and supplies. We think of ourselves as building an experience-led proposition on the back of product technology and good data. And that's essentially the stepping-stone of this. So when you have data like that, it allows you to do a couple of different things tactically and strategically.

第一個，迪帕克，在 DMP 上。所以發生了兩件事，對吧？所以我們 - 一個，我們現在在內部創建了一個主數據集，它同時連接我們的寵物數據、我們的獸醫數據、我們的客戶數據，這是一個非常強大的組合，因為如果你認為我們是- 我希望我們思考 - 在內部，對，Chewtopians，知道 Chewy，我們不認為自己是產品和供應的電子零售商。我們認為自己是在產品技術和良好數據的基礎上構建以體驗為導向的主張。這基本上是這件事的墊腳石。所以當你有這樣的數據時，它可以讓你在戰術上和戰略上做一些不同的事情。

The measurement, since we just put it in, there's not much data or measurement to talk about, but I'll speak to you on 2 fronts on how we seek to utilize this information. One is obviously allowing us to better -- segmentation ability gets better and our targeting gets sharper. As we do that, the efficient frontier for us, to find the efficient frontier and drive efficiencies through our marketing, gets better. So that's kind of your point on are you going to attribute better. Yes, that's our learning hypotheses, and that's what we're leading in with. Number two, what it allows us to do is build experiences. I mean think about the fact that we have the millions of active pet profile data that allows us to connect and personalize that experience into a customer. But not just that, when we recognize health and wellness needs, we can actually surface that and connect the pet parent to the vet community. And that's the second angle that we're thinking of it as. So there's 2 there. And our -- and on the back of product and tech that we're bringing to the -- to our platform and to the marketplace, that's how we think about those 2 connecting.

測量，因為我們只是把它放進去，沒有太多的數據或測量可以談論，但我會從兩個方面與你談談我們如何尋求利用這些信息。一個顯然是讓我們變得更好——細分能力變得更好，我們的目標變得更加清晰。當我們這樣做時，我們的有效前沿，通過我們的營銷找到有效前沿並提高效率，變得更好。所以這就是你的觀點，你會更好地歸因。是的，這就是我們的學習假設，這就是我們正在引領的。第二，它允許我們做的是建立經驗。我的意思是想想我們擁有數百萬活躍的寵物檔案數據，這些數據使我們能夠將這種體驗與客戶聯繫起來並將其個性化。但不僅如此，當我們認識到健康和保健需求時，我們實際上可以將其浮出水面並將寵物父母與獸醫社區聯繫起來。這是我們認為的第二個角度。所以那裡有2個。而我們的 - 以及我們帶來的產品和技術的支持 - 我們的平台和市場，這就是我們如何看待這兩個連接。

Okay. Mario, if I can just ask to elaborate, sort of related to that point on -- with respect to the full year guidance. Obviously, you raised the full year revenue guidance, and gross margins continue to see pretty good tailwinds. But the EBITDA margin was only revised like 20 basis points higher on the low end. I mean are there incremental costs that you think, as you go forward for the rest of the year, that we should be aware of?

好的。馬里奧，如果我可以要求詳細說明的話，有點與這一點有關——關於全年指導。顯然，您提高了全年收入指引，毛利率繼續保持良好勢頭。但 EBITDA 利潤率僅在低端上調了 20 個基點。我的意思是，您認為在今年餘下的時間裡，我們應該注意哪些增量成本？

Deepak, the way I would answer it is that we do have incremental costs but that we're beginning to see those reflected in the Q2 results and us operating as a public company, things like insurance and professional fees and filing fees and the like, but we've counted -- accounted for that in the guidance we provided.

迪帕克，我的回答是，我們確實有增量成本，但我們開始看到這些成本反映在第二季度的結果中，我們作為一家上市公司運營，比如保險、專業費用和申請費等，但我們已經計算了 - 在我們提供的指導中考慮了這一點。

Your next question comes from Brent Thill with Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

You've done a great job of adding customers to the base. I guess many are asking about the competitive differentiators that you're seeing that are helping to stand out and anything new that you're seeing from some of the larger players in the space that have been notable, either headwinds or tailwinds that you're seeing currently.

您在將客戶添加到基礎方面做得很好。我想很多人都在詢問您所看到的有助於脫穎而出的競爭差異化因素，以及您從該領域一些值得注意的大型參與者那裡看到的任何新事物，無論是逆風還是順風目前看到。

No problem. This is Sumit. I'll take that one. It's good to hear from you. I think it's -- we're completely focused on running our business, executing to the strategy that we've laid out and ensuring that our team is fully focused and feels empowered to go out and deliver the results that we seek to deliver. From that standpoint, as you can see, we're focused on innovation. We're focused on bringing the customer base on. We're focused on differentiating ourselves. We're focused on the same vectors that we always talk about: the health care, the private brands, the expansion of assortment, the experience building. I think now, what you're starting to hear us also talk about is our emphasis on building products -- experiences on the back of product and tech. And that's how we see ourselves. If there's a more specific question, happy to take it.

沒問題。這是蘇米特。我會拿那個。很高興收到您的來信。我認為是——我們完全專注於經營我們的業務，執行我們制定的戰略，並確保我們的團隊完全專注並感到有能力走出去並交付我們尋求交付的結果。如您所見，從這個角度來看，我們專注於創新。我們專注於吸引客戶群。我們專注於讓自己與眾不同。我們專注於我們經常談論的相同載體：醫療保健、自有品牌、產品種類的擴展、體驗建設。我想現在，你開始聽到我們談論的是我們對構建產品的重視——產品和技術背後的體驗。這就是我們看待自己的方式。如果有更具體的問題，很樂意接受。

Yes. I guess just anything new competitively that you've seen from anyone in the last couple of quarters that's changed your view in terms of what the landscape looks like.

是的。我猜你在過去幾個季度從任何人那裡看到的任何新的競爭都改變了你對景觀的看法。

Nothing that I would characterize out of normal, run-the-business operation.

沒有什麼是我認為不正常的業務運營的特徵。

Your next question comes from Mark Mahaney with RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Mark Mahaney。

Could you just drill down on customer acquisition costs, what you saw in the quarter, and then just talk about how you think though should trend going forwards?

您能否深入了解客戶獲取成本，您在本季度看到的情況，然後談談您認為未來應該如何發展？

Mark, this is Mario. I'll take that question. No difference in the trends that we've seen in years' past. Q2, some of the input costs tend to rise a bit. The TV is a bit more expensive in Q1 on a regular basis, and we've seen that in prior years. But other than that, we didn't see a significant difference in the acquisition cost. I would say if you look at what did happen in our active customers, we did see an increase, a significant increase year-over-year, 12 million active customers at the end of Q2, a 40% increase versus Q2 last year. So we feel really good about where we are in active customers.

馬克，這是馬里奧。我會回答這個問題。我們在過去幾年看到的趨勢沒有什麼不同。 Q2，部分投入成本趨於上升。電視在第一季度經常會貴一點，我們在前幾年已經看到了這一點。但除此之外，我們沒有看到收購成本有顯著差異。我想說，如果你看看我們的活躍客戶發生了什麼，我們確實看到了增長，同比顯著增長，在第二季度末有 1200 萬活躍客戶，比去年第二季度增長了 40%。所以我們對我們在活躍客戶中的位置感覺非常好。

Mark, this is Sumit. Here's what I will layer on, on top of that then. So when you think about -- recall the commentary on the way that we go to market today in a way that are -- in both our targeting and our response is acquisitory in spend. And we are starting to lean in, recognize the fact that there's opportunity for us to take advantage of our low awareness numbers and therefore connect the dots across lower, middle and upper funnel and refining our approach and sophistication in how we go to market. So I think that's what we mentioned in the earnings script as well. So as we go learn, I think we'll come back and talk to you more about that, but we expect that to drive a lot of good learning into our engine.

馬克，這是蘇米特。這就是我將在此之上的內容。因此，當您考慮時 - 回想一下關於我們今天以某種方式進入市場的方式的評論 - 在我們的目標和我們的反應中都是收購性的支出。我們開始向前傾斜，認識到我們有機會利用我們的低認知度數字，從而連接下、中和上漏斗的點，並改進我們進入市場的方法和復雜性。所以我認為這也是我們在收益腳本中提到的。因此，當我們開始學習時，我想我們會回來與您討論更多有關此問題的信息，但我們希望這會為我們的引擎帶來很多好的學習。

Your next question comes from Eric Sheridan with UBS.

您的下一個問題來自瑞銀的 Eric Sheridan。

Maybe one about Chewy Pharmacy. Obviously, it's still relatively early days but curious about what sort of uptake of the product you're seeing, how you're thinking about that product maybe arcing or changing the trajectory of customer lifetime value on the platform as people sort of adopt it and what are some of the key investments you think you need to make as you look out over the next 6, 12, 18 months to make sure you're successful in that vertical just so it's front of mind for investors.

也許是關於耐嚼藥房的。顯然，現在還處於相對早期的階段，但很好奇你看到的產品是什麼樣的，你是如何看待該產品的展望未來 6、12 和 18 個月，您認為需要進行哪些關鍵投資，以確保您在該垂直領域取得成功，從而成為投資者的首要考慮因素。

Sure. It's good to hear from you, Eric. First of all, what we know is that greater than 75% of pet parents out there have at least one pet that has a necessity for a health and wellness check or a health and wellness need in some way or the other. Recognizing that, we also know that we have 12 million active customers, and we're early in that stage. Our level of focus and investment has gone in 2 areas so far: one, understanding our customer needs and providing an assortment in front of them; and then tying that back with an experience and targeted marketing which is where I think the comment that I made was that the Autoship subscribe rate into health care, the stickiness of that customer, the way that they're building baskets, our hypotheses across the board on these 3 or 4 different metrics that we're tracking, we're pleased with it.

當然。很高興收到你的來信，埃里克。首先，我們所知道的是，超過 75% 的寵物父母至少有一隻寵物需要進行健康檢查或以某種方式需要健康和保健。認識到這一點，我們也知道我們有 1200 萬活躍客戶，而且我們還處於那個階段的早期。到目前為止，我們的重點和投資水平已經在兩個領域：一，了解我們的客戶需求並在他們面前提供分類；然後將其與經驗和有針對性的營銷聯繫起來，這就是我認為我所做的評論是 Autoship 訂閱醫療保健的比率，該客戶的粘性，他們構建籃子的方式，我們的假設關注我們正在跟踪的這 3 或 4 個不同的指標，我們對此感到滿意。

The type of investments that are making is we're investing sometimes ahead of the curve to protect customer experience, and that's how we do business, and I believe that's the right way to do business. And in that, we are expanding our capacity. Last week -- last time, I talked to you about expanding our presence in the Phoenix location. So we have -- so we're shipping out of Phoenix now. There, our licenses have expanded. We have now licenses to ship to 40 states from our Phoenix location, so we're coming along as planned. And then in Q2, we also opened another location where we brought on a wholesale license. So at this point, we have not only retail licenses, we also have wholesale licenses in the way that we want to service our customers as well as our vet community.

正在進行的投資類型是我們有時會提前投資以保護客戶體驗，這就是我們開展業務的方式，我相信這是開展業務的正確方式。在這方面，我們正在擴大我們的能力。上週——上一次，我和你談過擴大我們在鳳凰城的業務。所以我們有 - 所以我們現在從鳳凰城發貨。在那裡，我們的許可證已經擴大。我們現在擁有從鳳凰城向 40 個州發貨的許可證，因此我們將按計劃進行。然後在第二季度，我們還開設了另一個地點，在那裡我們獲得了批發許可證。因此，在這一點上，我們不僅擁有零售許可證，我們還擁有批發許可證，以我們希望為客戶和獸醫社區提供服務的方式。

I will say one last thing. Our focus on building products for not only for pet parents but also for the vet community is something that we are completely focused on. Last time, I spoke about the RX product manager launch which our customers are engaging with. As we continue to interact with each other, I hope to come back and talk to you more about the products that we're building for the vet community which we believe should be tremendously powerful as well.

我要說最後一件事。我們專注於為寵物父母和獸醫社區打造產品，這是我們完全專注的事情。上次，我談到了我們的客戶正在參與的 RX 產品經理髮布。隨著我們繼續相互交流，我希望回來與您更多地討論我們為獸醫社區打造的產品，我們認為這些產品也應該非常強大。

Your next question comes from Brian Fitzgerald with Wells Fargo.

您的下一個問題來自富國銀行的 Brian Fitzgerald。

A couple of questions on the Salisbury coming online. Can you remind us how the tempo progresses there in terms of on how it's been trending from ground break to launch? And on the transportation management system, is that fully rolled out across all the FCs? Finally, one more on the logistic side. Given the Ohio and North Carolina builds, how do you think about regional penetration or awareness differences? And how do you think you can penetrate those areas and those opportunities where you're less densely populated with consumers?

關於索爾茲伯里上線的幾個問題。你能提醒我們從破土動工到發布的趨勢，那裡的節奏是如何發展的嗎？在運輸管理系統上，是否已在所有 FC 中全面推廣？最後，還有一個在後勤方面。鑑於俄亥俄州和北卡羅來納州的建築，您如何看待區域滲透或意識差異？您認為您如何能夠滲透到那些消費者密度較低的領域和機會？

This is Sumit. I'll take a crack at that, so 3 questions there. North Carolina remains on track to open next year, no change there, nothing new to share. Second question is TMS. We rolled out TMS. We consider this a Phase 1 successful rollout. And we're rolling it out in 3 phases. And the next 2, we believe, are fast follows. And the full rollout will happen before the end of the year. The third question is how do we think about logistics across Ohio and North Carolina build and how can -- I'm trying to recall, how can we penetrate those areas of opportunities.

這是蘇米特。我會對此進行破解，所以那裡有3個問題。北卡羅來納州仍有望在明年開放，那裡沒有任何變化，也沒有什麼新東西可以分享。第二個問題是TMS。我們推出了 TMS。我們認為這是第一階段的成功推出。我們分三個階段推出它。我們相信，接下來的 2 個很快就會緊隨其後。全面推出將在今年年底之前進行。第三個問題是我們如何看待俄亥俄州和北卡羅來納州的物流建設以及如何——我試圖回想一下，我們如何才能滲透到這些機會領域。

So yes. The question was around building more East Coast-centric versus West Coast-centric and how you think about regional penetrations and awareness differences maybe across different regions and how you penetrate those opportunities.

所以是的。問題是圍繞建立更多以東海岸為中心與以西海岸為中心，以及您如何看待不同地區的區域滲透和意識差異以及您如何滲透這些機會。

Sure. I mean if you look at it traditionally, logistics networks in North America are built to support where the demand and population density lies. So kind of roughly breaking down, that breakdown is generally 40% on the East Northeast, 30% Mid, 30% West. And if -- we're very diligent and very strategic about where we place FCs. We have a long planning process that goes behind it. We want to connect the logistics arc in the right way. We take -- we look at where our transportation partners are playing. We want to make sure that our click to deliver, our delivery to our customers is fast, reliable. All of those factors go into play. And on the back of that is how we're thinking about launching Ohio and North Carolina. If there's something more specific that you're going for, just ask.

當然。我的意思是，如果您從傳統角度來看，北美的物流網絡是為支持需求和人口密度所在的地方而建立的。如此粗略地分解，這種分解通常在東部東北部佔 40%，在中部佔 30%，在西部佔 30%。如果 - 我們在放置 FC 的位置上非常勤奮且非常具有戰略意義。我們有一個漫長的規劃過程。我們希望以正確的方式連接物流弧線。我們採取 - 我們看看我們的運輸合作夥伴在哪裡玩。我們希望確保我們的點擊交付，我們向客戶的交付是快速、可靠的。所有這些因素都會起作用。在這背後是我們如何考慮推出俄亥俄州和北卡羅來納州。如果您有更具體的要求，請詢問。

Your next question comes from Mark Kelley with Nomura.

您的下一個問題來自野村的 Mark Kelley。

First one is can you just talk about the labor market a bit? I know it remains tight, but it sounds like some areas are tighter than others like Roxbury, for example. What are your thoughts on just how competitive you are in the market? And second, along with your DMP commentary, it sounds like your continuing to build out the marketing tech stack, just curious what else do you think you'll need at this point and what investments do you still need to make there.

第一個是你能談談勞動力市場嗎？我知道它仍然很緊，但聽起來有些區域比其他區域更緊，例如 Roxbury。您對自己在市場上的競爭力有何看法？其次，連同您的 DMP 評論，聽起來您繼續構建營銷技術堆棧，只是好奇您認為此時您還需要什麼以及您還需要在那裡進行哪些投資。

Hey, Mark, this is Mario. I'll answer the first part of the question. In regards to labor market and how competitive we are, look, we believe we provide our nearly 11,000 team members with competitive wages, good and improving benefits and a great working environment. And we strive to do that every single day. So from our point of view, we've been successful in attracting talent in all our locations.

嘿，馬克，這是馬里奧。我將回答問題的第一部分。關於勞動力市場和我們的競爭力，看，我們相信我們為近 11,000 名團隊成員提供有競爭力的工資、良好和不斷提高的福利以及良好的工作環境。我們每天都在努力做到這一點。因此，從我們的角度來看，我們在所有地點都成功地吸引了人才。

I'll take the second one. On our marketing stack journey, I would characterize us being 70% of the way there. We have a DMP, a DSP identification software and all that stuff already hooked up together. And now it's about really connecting [the stack] and understanding how we really -- rather than treating these as singular unit systems, how do we collectively go to market with smart segmentation and smart attribution in the back. That's what we have to do.

我要第二個。在我們的營銷堆棧之旅中，我認為我們已經完成了 70% 的工作。我們有一個 DMP、一個 DSP 識別軟件和所有這些東西已經連接在一起。現在它是關於真正連接 [堆棧] 並了解我們如何真正 - 而不是將這些視為單個單元系統，我們如何以智能細分和智能歸因在背後共同進入市場。這就是我們必須做的。

There are no further questions. I'll turn the call back to Sumit Singh for closing remarks.

沒有進一步的問題。我會將電話轉回 Sumit Singh 進行結束髮言。

Thank you all for your attention and participation today. We look forward to seeing many of you in the coming quarters. Have a nice evening.

感謝大家今天的關注和參與。我們期待在未來幾個季度見到你們中的許多人。祝你有個愉快的夜晚。

This concludes today's conference call. Thank you for joining us. You may now disconnect.

今天的電話會議到此結束。感謝您加入我們。您現在可以斷開連接。