Chewy Inc (CHWY) 2019 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Chewy Third Quarter Earnings Call.

女士們，先生們，感謝你們的支持，歡迎來到耐嚼的第三季度財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

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

我現在想把今天的會議交給你的演講者，凱爾西·特科特。

Thank you.

謝謝你。

Please go ahead.

請繼續。

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

感謝您今天加入我們的電話會議，討論我們 2019 財年第三季度的業績。

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

和我一起參加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。

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。

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

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.

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。

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.

此類陳述是 1995 年《私人證券訴訟改革法案》下的前瞻性陳述，存在某些風險和不確定性，可能導致實際結果與我們的前瞻性陳述所設想的結果大不相同。

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.

此外，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。

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

除法律要求外，我們不承擔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 10-Q filed with the SEC on September 17, 2019, the Form 8-K that we filed earlier today and our other filings with the SEC.

如需更多信息，請參閱 Chewy 於 2019 年 9 月 17 日向 SEC 提交的 10-Q 文件、我們今天早些時候提交的 8-K 表格以及我們向 SEC 提交的其他文件中的風險因素和其他信息。

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

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。

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

我們的投資者關係網站上維護了與最直接可比的 GAAP 財務指標的對賬，包括今天早些時候以 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函。

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

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.

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 be available on our IR website shortly.

本次電話會議的重播將很快在我們的 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.

謝謝，凱爾西，感謝大家加入我們的電話會議。

As Kelsey mentioned, our shareholder letter is posted to our Investor Relations website, and I encourage you to review it.

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。

I'll start this afternoon by sharing financial highlights of the quarter, then I'll discuss a few business updates.

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。

And finally, I will turn the call over to Mario to discuss our financial results and guidance.

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 40% year-over-year to $1.23 billion, reflecting the strength of our business model as active customers grew 33% year-over-year to 12.7 million, net sales per active customer grew 11% to $360, and Autoship customer sales as a percent of net sales reached 70.4%.

本季度的淨銷售額同比增長 40% 至 12.3 億美元，反映了我們業務模式的實力，活躍客戶同比增長 33% 至 1270 萬，每位活躍客戶的淨銷售額增長 11% 至 360 美元， Autoship 客戶銷售額占淨銷售額的百分比達到 70.4%。

The highest spending among existing customers and strong Autoship sales are a result of growth in assortment across new and existing verticals, including a more than 25% year-over-year expansion in SKUs, improved site merchandising and continuous innovation around the customer experience.

現有客戶的最高支出和強勁的 Autoship 銷售是新的和現有垂直領域的產品組合增長的結果，包括 SKU 同比增長超過 25%、改進的網站銷售和圍繞客戶體驗的持續創新。

Gross margin for Q3 was 23.7%, up 410 basis points year-over-year.

第三季度毛利率為 23.7%，同比增長 410 個基點。

Finally, our adjusted EBITDA margin of negative 2.5% improved 530 basis points versus Q3 2018 as a result of the growth and margin expansion across the businesses as well as scaling of our marketing spend as a percentage of net sales.

最後，我們調整後的 EBITDA 利潤率為負 2.5%，與 2018 年第三季度相比提高了 530 個基點，這是由於業務的增長和利潤率擴張以及我們的營銷支出占淨銷售額的比例擴大。

Chewy's mission is to be the most trusted and convenient online destination for pet parents everywhere.

Chewy 的使命是成為世界各地寵物父母最值得信賴和最方便的在線目的地。

We believe we are positively transforming the industry with a superior value proposition that keeps our customers at the center of everything we do from our high-touch customer service to our broad assortment of brands, to delivering on the core tenets of e-commerce of speed and convenience.

我們相信，我們正在以卓越的價值主張積極改變行業，使我們的一切工作始終以客戶為中心，從我們的高接觸客戶服務到我們廣泛的品牌，再到實現電子商務的核心原則和方便。

We are maniacally focused on providing a truly unique and personalized shopping experience that builds trust, brand loyalty and drives repeat purchasing.

我們瘋狂地專注於提供真正獨特和個性化的購物體驗，以建立信任、品牌忠誠度並推動重複購買。

Our team is executing well against our mission and the business continues to demonstrate strong forward momentum.

我們的團隊在執行我們的使命時表現良好，業務繼續展現出強勁的前進勢頭。

We believe that there is significant market opportunity ahead of us and remain focused on our strategy of sustainable top line growth at scale and margin expansion.

我們相信，我們面前存在著巨大的市場機會，並繼續專注於我們在規模和利潤率擴張上實現可持續收入增長的戰略。

Recent investments in both private brands and Chewy Pharmacy, 2 pillars of our growth and margin strategy, contributed positively to both our year-over-year increase in net sales and gross margin expansion in the quarter.

最近對自有品牌和 Chewy Pharmacy 的投資是我們增長和利潤戰略的兩大支柱，為本季度淨銷售額和毛利率的同比增長做出了積極貢獻。

I will now provide some color on both of these important strategic verticals.

我現在將為這兩個重要的戰略垂直領域提供一些顏色。

Chewy private brands remain an important part of our proposition to delight customers with high-quality products.

耐嚼的自有品牌仍然是我們以高品質產品取悅客戶的主張的重要組成部分。

Over the past year, we have grown our Chewy private brands assortment by over 80%, a significant portion of which was in higher margin hard good products.

在過去的一年裡，我們的 Chewy 自有品牌品種增長了 80% 以上，其中很大一部分是利潤率較高的硬質產品。

As part of this process, we work backwards from customer needs and bring high quality, exceptional customer-rated products to life.

作為這一過程的一部分，我們從客戶需求出發，將高質量、卓越的客戶評價產品帶入生活。

For example, our Frisco-branded beds, dog apparel and waste management products enjoy an average of 4.5 out of 5 stars or higher rating and over 90% customer repeat purchase recommendations.

例如，我們的 Frisco 品牌床、狗服裝和廢物管理產品平均獲得 4.5 顆星或更高的評分，以及超過 90% 的客戶重複購買建議。

As a result of high-quality assortment growth and continued focus on smart site merchandising, Chewy private brands sales grew more than 60% year-over-year in our third quarter or 1.5x our overall net sales growth.

由於高質量的品類增長和對智能網站銷售的持續關注，Chewy 自有品牌的銷售額在第三季度同比增長超過 60%，或者是我們整體淨銷售額增長的 1.5 倍。

These private brands now enjoy double-digit share of sales at Chewy in several growing subcategories such as frozen foods, jerky treats and natural bones and chews.

這些自有品牌現在在 Chewy 的幾個不斷增長的子類別中享有兩位數的銷售額份額，例如冷凍食品、肉乾零食以及天然骨頭和咀嚼物。

Similarly, in hard goods, Frisco potty pads, poop bags, apparel and leashes have reached over 30% of sales in their specific subcategories.

同樣，在硬商品中，Frisco 便盆墊、便便袋、服裝和皮帶在其特定子類別中的銷售額已達到 30% 以上。

Our private brands portfolio has the potential to contribute meaningfully over time and is yet another proof point against our strategy of delivering growth and incremental profitability.

隨著時間的推移，我們的自有品牌組合有可能做出有意義的貢獻，這也是我們實現增長和增加盈利戰略的又一個證據。

Chewy Pharmacy continued its rapid expansion as the fastest growing vertical in the company and continues to receive favorable reviews from our customers who love our overall value proposition in this space and then evangelize to their network of friends and family.

Chewy Pharmacy 繼續快速擴張，成為公司增長最快的垂直領域，並繼續獲得我們客戶的好評，他們喜歡我們在這個領域的整體價值主張，然後向他們的朋友和家人網絡傳福音。

We believe that we are playing an important role in pet health and wellness.

我們相信我們在寵物健康方面發揮著重要作用。

In addition to driving growth in this vertical, we are focused on building a structurally profitable and enduring franchise.

除了推動這一垂直領域的增長外，我們還專注於建立一個結構性盈利和持久的特許經營權。

Gross margin for the Pharmacy business improved more than 650 basis points year-over-year in Q3, driven by mix of existing customers converting to Pharmacy, MAP pricing discipline as well as improved logistics costs as we ramp up our Phoenix operation to service West Coast customers.

藥房業務的毛利率在第三季度同比增長超過 650 個基點，這得益於現有客戶轉向藥房、MAP 定價紀律以及物流成本的改善，因為我們擴大了鳳凰城業務以服務西海岸顧客。

Additionally, we continue to work on products and process improvements behind the scenes to raise the productivity and efficiency of our pharmacy operations.

此外，我們將繼續在幕後改進產品和流程，以提高我們藥房運營的生產力和效率。

As a result of these efforts, pharmacy's fulfillment and customer service costs improved by over 1,000 basis points year-over-year and the business reached profitability at the order level.

由於這些努力，藥房的履行和客戶服務成本同比提高了 1,000 多個基點，業務在訂單層面實現了盈利。

On the product side, an increasing number of pharmacy customers continue to use our My Pet Prescriptions product, which helps them better manage information and accessibility of their pet's prescriptions and easily order prescription refills, therefore driving up engagement with our platforms.

在產品方面，越來越多的藥房客戶繼續使用我們的“我的寵物處方”產品，這有助於他們更好地管理信息和寵物處方的可訪問性，並輕鬆訂購處方補充品，從而提高與我們平台的互動。

These data points continue to lend confidence that our service and overall value proposition is resonating with customers and that we are making progress towards our mission of becoming the destination for food, supplies and medication for pet parents.

這些數據點繼續讓人相信我們的服務和整體價值主張正在引起客戶的共鳴，並且我們正在朝著成為寵物父母食品、用品和藥物目的地的使命取得進展。

Overall, for Chewy, we ended the third quarter with 12.7 million active customers, an increase of 3.1 million customers versus Q3 2018 and 2.1 million versus the end of fiscal year 2018.

總體而言，對於 Chewy，我們在第三季度末擁有 1270 萬活躍客戶，與 2018 年第三季度相比增加了 310 萬，與 2018 財年末相比增加了 210 萬。

Customer retention rates continue to be stable, and we are pleased that initiatives such as increased assortment, improvements in site merchandising and maturation in both Pharmacy and private brands are contributing to ongoing expansion in lifetime value and an equal or faster payback period that proves out the efficacy of investments in new customer acquisition.

客戶保留率繼續保持穩定，我們很高興看到諸如增加品種、改進網站銷售和藥房和自有品牌的成熟等舉措正在促進生命週期價值的持續增長以及相同或更快的投資回收期，這證明了新客戶獲取投資的有效性。

We believe we can further drive growth and profitability through innovation and technology that makes the process of finding and buying the right products easy, convenient and enjoyable.

我們相信，我們可以通過創新和技術進一步推動增長和盈利，使尋找和購買合適產品的過程變得簡單、方便和愉快。

Our Pet Profiles feature has provided us valuable insights into our customers and their pets.

我們的寵物資料功能為我們提供了對客戶及其寵物的寶貴見解。

We now have more than 5 million Pet Profiles, which enable us to provide pet parents with a more personalized experience that helps them discover new products, including treats and toys that are breed- and age-appropriate.

我們現在擁有超過 500 萬份寵物資料，這使我們能夠為寵物父母提供更加個性化的體驗，幫助他們發現新產品，包括適合品種和年齡的零食和玩具。

In addition, we recently upgraded our core shopping checkout experience by launching digital payment products, starting with PayPal, which is recognized as a leading name in payments, as a payment option across all of our shopping platforms.

此外，我們最近通過推出數字支付產品升級了我們的核心購物結賬體驗，首先是被公認為支付領域的領先品牌 PayPal，作為我們所有購物平台的支付選項。

This represents another step in our journey of providing current and future customers with easy to use and broadly accepted payment options.

這代表了我們為當前和未來客戶提供易於使用和廣泛接受的支付選項的旅程的又一步。

Foundational to Chewy's success and leadership in our industry is our customer-centric culture, fueled by the common purpose of our team members.

Chewy 在我們行業的成功和領導地位的基礎是我們以客戶為中心的文化，由我們團隊成員的共同目標推動。

United by our love for pets, we are building a great place to work for more than 12,000 Chewtopians located at corporate offices, customer service centers and fulfillment centers across the country.

由於我們對寵物的熱愛，我們正在為遍布全國的公司辦公室、客戶服務中心和履行中心的 12,000 多名 Chewtopians 建立一個工作的好地方。

Growing our Boston team has been a strategic priority that has allowed us to tap into one of the leading U.S. markets for top talent.

發展我們的波士頓團隊一直是我們的戰略重點，這使我們能夠進入美國領先的頂尖人才市場之一。

Today, our Boston core headquarter is home to over 325 Chewtopians.

今天，我們的波士頓核心總部擁有超過 325 名 Chewtopians。

Recently, we were publicly recognized as an employer of choice in Boston.

最近，我們被公認為波士頓的首選雇主。

We are proud of this recognition as it represents our commitment to building a great place to work, a strong culture and an engaged workplace community.

我們為這一認可感到自豪，因為它代表了我們對建立一個偉大的工作場所、強大的文化和參與的工作社區的承諾。

As a city that is recognized as a hub for tech innovation, we look forward to further developing our Boston headquarters and deepening our presence in the community.

作為一個被公認為技術創新中心的城市，我們期待進一步發展我們的波士頓總部並加深我們在社區中的影響力。

From our dual headquarters to our pharmacy sites and our customer service and fulfillment centers throughout the U.S., we have put in place an experienced team that is focused on providing a high-bar customer experience, delivering a unique customer value proposition and driving outsized value for our shareholders.

從我們的雙總部到我們遍布美國的藥房和客戶服務和履行中心，我們建立了一支經驗豐富的團隊，專注於提供高標準的客戶體驗、提供獨特的客戶價值主張並為我們的股東。

Before I turn the call over to Mario, I'd like to take a few minutes to talk about our Q4 holiday season.

在我把電話轉給馬里奧之前，我想花幾分鐘談談我們的第四季度假期。

These annual celebrations allow us to tap into that unique bond between pet parents and their furry family members, delivering more joy to everyone.

這些年度慶祝活動讓我們能夠利用寵物父母與其毛茸茸的家庭成員之間的獨特聯繫，為每個人帶來更多歡樂。

This year, we launched a fully coordinated Holiday Shop, which provides a broad yet personalized selection of holiday products for every type of pet and pet parent.

今年，我們推出了一個完全協調的假日商店，為各類寵物和寵物父母提供廣泛而個性化的假日產品選擇。

The holidays provide us an opportunity to expand our assortment and category depth in our most popular seasonal categories of holiday toys, treats, costumes and apparel and particularly in hard goods and our private brands.

假期為我們提供了一個機會，可以擴大我們最受歡迎的季節性節日玩具、零食、服裝和服裝的分類和類別深度，特別是在硬商品和我們的自有品牌方面。

For example, this year, we launched seasonal toys and dog beds as part of our private label brand Frisco and have already seen a positive customer response to the newly launched categories.

例如，今年，我們作為自有品牌 Frisco 的一部分推出了季節性玩具和狗床，並且已經看到客戶對新推出的類別的積極反應。

To further support our holistic assortment, we implemented an integrated marketing approach to amplify visibility of our Holiday Shop through a combination of smart and well-thought-out social media, e-mail, on-site and digital tactics.

為了進一步支持我們的整體分類，我們實施了一種整合營銷方法，通過結合智能和深思熟慮的社交媒體、電子郵件、現場和數字策略來擴大我們假日商店的知名度。

Last, but not least, we enhanced our recommendation engine, leveraging our vast amount of data to make better and more targeted product suggestions.

最後但並非最不重要的一點是，我們增強了我們的推薦引擎，利用我們的海量數據提出更好、更有針對性的產品建議。

This strategy, which we designed to be even more deliberate this year, given the shorter holiday calendar, has been well received by our new and existing customers.

鑑於假期日曆較短，我們今年設計的這一策略更加深思熟慮，得到了我們新老客戶的好評。

We are thrilled that Black Friday and Cyber Monday were record-setting days, with Cyber Monday being the single biggest shopping day in our company's history.

我們很高興黑色星期五和網絡星期一是創紀錄的日子，網絡星期一是我們公司歷史上最大的購物日。

Overall, we are pleased with our Q3 results and the underlying strength of our business.

總體而言，我們對第三季度的業績和業務的潛在實力感到滿意。

We continue to deliver market-leading growth at scale, driven by our commitment to our customers and informed by a long-range mindset that allows us to make decisions and investments, which maximize value.

在我們對客戶的承諾和長期思維的驅動下，我們繼續實現市場領先的規模增長，使我們能夠做出決策和投資，從而實現價值最大化。

We look forward to a busy holiday season and a strong finish to the year.

我們期待著一個繁忙的假期和一個強勁的一年結束。

Now I will turn the call over to Mario, who will provide a more detailed review of our Q3 results and walk you through our financial outlook.

現在我將把電話轉給馬里奧，他將對我們的第三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。

Mario?

馬里奧？

Thank you, Sumit.

謝謝你，蘇米特。

Good afternoon, everyone.

大家下午好。

Our third quarter results highlight our business philosophy and focused execution.

我們的第三季度業績突出了我們的經營理念和專注的執行。

Net sales reached $1.23 billion, an increase of 40% compared to $875.6 million in Q3 2018 driven by growth in our customer base, catalog expansion particularly in hardgoods and private brands, and growth in our Pharmacy business.

淨銷售額達到 12.3 億美元，與 2018 年第三季度的 8.756 億美元相比增長了 40%，這得益於我們客戶群的增長、目錄擴張（尤其是硬貨和自有品牌）以及我們藥房業務的增長。

Autoship customer sales reached $865.2 million, an increase of 49.2% compared to $579.9 million in Q3 2018, again, outpacing growth in overall net sales.

Autoship 客戶銷售額達到 8.652 億美元，與 2018 年第三季度的 5.799 億美元相比增長 49.2%，再次超過整體淨銷售額的增長。

We ended the third quarter with 12.7 million active customers, an increase of 3.1 million customers versus Q3 2018 and 2.1 million versus the end of fiscal year 2018.

我們在第三季度結束時擁有 1270 萬活躍客戶，與 2018 年第三季度相比增加了 310 萬，與 2018 財年末相比增加了 210 萬。

As a reminder, the increase in active customers in a reporting period captures both the inflow of new customers as well as the outflow of customers who have not made a purchase in the last 364 days.

提醒一下，報告期內活躍客戶的增加既包括新客戶的流入，也包括過去 364 天內未購買的客戶的流出。

Gross margin for the quarter was 23.7%, a 410 basis point increase year-over-year, driven by gross margin expansion across all business verticals, including improvements in the margin profile of private brands and Pharmacy.

本季度毛利率為 23.7%，同比增長 410 個基點，這得益於所有業務垂直領域的毛利率擴張，包括自有品牌和藥房利潤率狀況的改善。

Q3 operating expenses, which are comprised of SG&A and advertising and marketing, were $370.6 million or 30.1% of net sales.

由 SG&A 以及廣告和營銷組成的第三季度運營費用為 3.706 億美元，占淨銷售額的 30.1%。

SG&A was $258.5 million or 21% of net sales.

SG&A 為 2.585 億美元，占淨銷售額的 21%。

The increase in SG&A as a percent of net sales was driven by share-based compensation, which increased $36.1 million year-over-year, and the incremental costs associated with being a public company, driven primarily by D&O insurance as well as legal and audit expenses.

SG&A 占淨銷售額的百分比增加是由基於股份的薪酬（同比增加 3610 萬美元）以及與上市公司相關的增量成本推動的，主要由 D&O 保險以及法律和審計推動花費。

Excluding these 2 items, SG&A as a percent of net sales was nearly flat year-over-year.

排除這兩個項目，SG&A 占淨銷售額的百分比與去年同期相比幾乎持平。

Recall that SG&A for us includes fulfillment labor and facilities as well as customer service costs, merchant fees and corporate payroll facilities.

回想一下，我們的 SG&A 包括履行人工和設施以及客戶服務成本、商戶費用和公司工資單設施。

I'd also like to note that the team's disciplined execution drove a 40 basis point year-over-year cost reduction, driven by improvement in labor productivity and fixed fulfillment cost, which was offset by enterprise software investments, which we believe to be short-term in nature and scalable.

我還想指出，由於勞動生產率和固定履行成本的提高，團隊紀律嚴明的執行推動了 40 個基點的成本同比下降，這被企業軟件投資所抵消，我們認為這是短期的- 術語本質上和可擴展性。

Advertising and marketing was $112.1 million or 9.1% of net sales, scaling 230 basis points year-over-year.

廣告和營銷為 1.121 億美元，占淨銷售額的 9.1%，同比增長 230 個基點。

As Sumit mentioned, our customer retention rates continue to be stable, and we are pleased that our various initiatives and investments in growth and customer experience enhancements are contributing to ongoing expansion in customer lifetime value, or LTV, which we measure as the cumulative contribution profits derived from the cohorts.

正如 Sumit 所提到的，我們的客戶保留率繼續保持穩定，我們很高興我們在增長和客戶體驗增強方面的各種舉措和投資正在為客戶終身價值或 LTV 的持續擴張做出貢獻，我們將其衡量為累積貢獻利潤來源於同夥。

This is valuable to us, because we measure the efficiency of our new customer acquisition on the basis of LTV to CAC.

這對我們來說很有價值，因為我們根據 LTV 到 CAC 來衡量我們新客戶獲取的效率。

And we are observing an equal or faster payback period that continues to prove out the efficacy of our marketing investment strategy.

我們正在觀察一個相等或更快的投資回收期，這將繼續證明我們的營銷投資策略的有效性。

It may also be helpful to recall that our repeat orders from customers are profitable, and we'll reinvest those profits to acquire more new customers in a disciplined and data-driven manner, while keeping a keen eye on these marketing efficacy metrics.

回想一下，我們從客戶那裡獲得的重複訂單是有利可圖的，這也可能會有所幫助，我們將把這些利潤再投資，以有紀律和數據驅動的方式獲得更多新客戶，同時密切關注這些營銷效果指標。

Q3 net loss was $79 million, nearly flat versus Q3 2018, due to the impact of share-based compensation, which was $39.3 million in Q3 2019 and $3.2 million in Q3 2018.

由於股票薪酬的影響，第三季度淨虧損為 7900 萬美元，與 2018 年第三季度幾乎持平，2019 年第三季度為 3930 萬美元，2018 年第三季度為 320 萬美元。

Net margin was negative 6.4%, improving 260 basis points year-over-year.

淨利潤率為負 6.4%，同比提高 260 個基點。

Excluding the impact of share-based compensation in both Q3 2019 and Q3 2018, net loss improved $35.7 million or 47.4%.

剔除 2019 年第三季度和 2018 年第三季度股票薪酬的影響，淨虧損減少了 3570 萬美元或 47.4%。

And net margin of negative 3.2% improved 540 basis points year-over-year.

負 3.2% 的淨利潤率同比提高 540 個基點。

Q3 adjusted EBITDA loss was $30.2 million, an improvement of $38.4 million compared to Q3 2018.

第三季度調整後的 EBITDA 虧損為 3020 萬美元，與 2018 年第三季度相比增加了 3840 萬美元。

Our adjusted EBITDA margin was negative 2.5%, improving 530 basis points year-over-year.

我們調整後的 EBITDA 利潤率為負 2.5%，同比提高 530 個基點。

Improvements in both adjusted EBITDA and adjusted EBITDA margin reflects our ability to grow the top line while improving the bottom line, executing against a strategy of long-term sustainable growth and margin expansion.

調整後 EBITDA 和調整後 EBITDA 利潤率的改善反映了我們在提高利潤的同時增加收入的能力，執行長期可持續增長和利潤率擴張的戰略。

As we have shared previously, our adjusted EBITDA is a managed output.

正如我們之前所分享的，我們調整後的 EBITDA 是一項管理產出。

We earn profits from repeat orders, and we take those profits plus the cash we generate from our favorable working capital strategy to invest in acquiring new customers.

我們從重複訂單中賺取利潤，我們將這些利潤加上我們從有利的營運資本戰略中產生的現金投資於獲取新客戶。

Free cash flow was a net use of $12.8 million in Q3 2019 and was comprised of cash from operations of positive $1.6 million and capital investments totaling $14.4 million.

自由現金流在 2019 年第三季度淨使用 1280 萬美元，其中包括正 160 萬美元的運營現金和總計 1440 萬美元的資本投資。

In the third quarter, capital investments were primarily comprised of cash outlays for IT equipment, capitalization of internal and external labor and spend associated with our Dayton, Ohio and Salisbury, North Carolina fulfillment centers.

在第三季度，資本投資主要包括 IT 設備的現金支出、內部和外部勞動力的資本化以及與我們俄亥俄州代頓和北卡羅來納州索爾茲伯里履行中心相關的支出。

We ended the third quarter with $135.9 million in cash and cash equivalents.

我們在第三季度結束時擁有 1.359 億美元的現金和現金等價物。

Now I'll turn to guidance.

現在我將轉向指導。

As we have shared previously, fiscal year 2018 was a 53-week year, while fiscal 2019 will be a 52-week year.

正如我們之前分享的那樣，2018 財年是 53 週的一年，而 2019 財年將是 52 週的一年。

The revenue contribution for this 53rd week in 2018 was approximately $83 million, which will be a headwind to year-over-year growth for full year 2019, and more meaningfully, for Q4 2019 as well as a mid-single dollar headwind to fourth quarter net sales per active customer.

2018 年第 53 週的收入貢獻約為 8300 萬美元，這將是 2019 年全年同比增長的逆風，更有意義的是，對於 2019 年第四季度以及第四季度的中單美元逆風每個活躍客戶的淨銷售額。

More information about the net sales impact of the extra week in 2018 can be found in our shareholder letter.

有關 2018 年額外一周的淨銷售影響的更多信息，請參閱我們的股東信函。

Finally, we expect share-based compensation, which is reported in SG&A of approximately $40 million in the fourth quarter and first 3 quarters of 2020.

最後，我們預計基於股票的薪酬，SG&A 報告的 2020 年第四季度和前三個季度約為 4000 萬美元。

We will provide additional guidance for fiscal year 2020 on our Q4 earnings call.

我們將在第四季度財報電話會議上為 2020 財年提供額外指導。

For Q4 2019, we expect net sales between $1.33 billion and $1.35 billion, representing year-over-year growth of between 32% and 34%, excluding the extra week in Q4 2018.

對於 2019 年第四季度，我們預計淨銷售額在 13.3 億美元至 13.5 億美元之間，同比增長 32% 至 34%，不包括 2018 年第四季度的額外一周。

For fiscal year 2019, we are raising guidance as follows: net sales between $4.82 billion and $4.84 billion, representing year-over-year growth of 40%, excluding the extra week in fiscal 2018.

對於 2019 財年，我們上調如下指引：淨銷售額在 48.2 億美元至 48.4 億美元之間，同比增長 40%，不包括 2018 財年的額外一周。

This increase in guidance reflects third quarter outperformance as well as our improved outlook for the fourth quarter.

指引的增加反映了第三季度的優異表現以及我們對第四季度的展望改善。

Adjusted EBITDA margin for the fiscal year is expected to improve 440 to 460 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 440 至 460 個基點。

This represents an increase to both the low end and high end of our previously provided guidance range.

這代表了我們之前提供的指導範圍的低端和高端的增加。

As we have previously shared, our EBITDA guidance includes costs related to operating as a public company.

正如我們之前所分享的，我們的 EBITDA 指導包括與作為上市公司運營相關的成本。

Financial and operating results through the first 3 quarters of 2019 demonstrate our ability to execute against our strategic plan and provide strong momentum as we close out 2019 and look ahead to 2020.

2019 年前三個季度的財務和經營業績表明我們有能力執行我們的戰略計劃，並在我們結束 2019 年並展望 2020 年時提供強勁動力。

With that, I'll turn the call over 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) Your first question comes from the line of Doug Anmuth with JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Doug Anmuth。

It's Cory Carpenter on for Doug.

道格是科里·卡彭特。

Our question on gross margins, up sequentially despite which is typically a seasonally lower quarter for you guys.

我們關於毛利率的問題，儘管這對你們來說通常是一個季節性較低的季度，但按順序上升。

It sounded like Pharmacy and private label were nice tailwinds.

聽起來藥房和自有品牌是不錯的順風。

But could you just talk more about the initiatives having the biggest impact on overall gross margins?

但是，您能否多談談對整體毛利率影響最大的舉措？

And then is there anything we should think about in terms of 4Q seasonality?

那麼在 4Q 的季節性方面我們應該考慮什麼？

Cory, this is Mario.

科里，這是馬里奧。

I'll start off the answer and then Sumit can add maybe more color as we go through.

我將從答案開始，然後 Sumit 可以在我們進行時添加更多顏色。

We saw strength in pricing across the business in the quarter.

我們在本季度看到了整個業務的定價優勢。

And as you can tell by what we included in the script and in the shareholder letter, we're excited about the contribution of the new verticals, both Pharmacy and private brands.

從我們在腳本和股東信中包含的內容可以看出，我們對新垂直領域的貢獻感到興奮，包括藥房和自有品牌。

And in the quarter, we were pleased to see the impact of MAP pricing in Pharmacy in the back half of the quarter.

在本季度，我們很高興看到 MAP 定價在本季度後半段對藥房產生的影響。

So the business overall is performing well.

因此，整體業務表現良好。

We'd be happy to take a follow-up if you have one.

如果您有後續跟進，我們將很高興。

Your next question comes from the line of Lauren Cassel with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Lauren Cassel。

Maybe just following up on Pharmacy, any update on what percentage of the business that should represent at the end of this year?

也許只是跟進藥房，關於今年年底應該佔多少業務百分比的任何更新？

Any other milestones you reached in that business during the quarter that you could share?

您在本季度在該業務中達到的任何其他里程碑，您可以分享嗎？

And then just one follow-up on Black Friday, Cyber Monday.

然後只是黑色星期五，網絡星期一的後續行動。

Any commentary on the promotional environment for yourself and for competitors around those 2 days?

對這兩天對自己和競爭對手的促銷環境有何評論？

This is Sumit.

這是蘇米特。

On Pharmacy, we're still growing the business.

在藥房方面，我們仍在發展業務。

And we're very happy with the way that we're growing the business.

我們對我們發展業務的方式感到非常滿意。

I think the meaningful input this way -- this time is the fact that as we continue to invest behind the growth and the customer experience, we're also driving to be a meaningful and profitable franchise, which is reflected in the way that we've grown gross margins both by the support of assortment.

我認為這種有意義的投入——這一次是因為我們繼續投資於增長和客戶體驗，我們也在努力成為一個有意義和有利可圖的特許經營權，這反映在我們的方式上在分類的支持下，毛利率都在增長。

I think one of the hypothesis that we've said in the past is Autoship subscriber rates to Pharmacy should be higher and attractive.

我認為我們過去所說的假設之一是藥房的自動訂閱用戶費率應該更高且更具吸引力。

And we're seeing those kind of data points start to come through.

我們看到這些數據點開始出現。

The business is still in its growth phase.

該業務仍處於增長階段。

And so we are going to continue to invest and grow it in a meaningful manner.

因此，我們將繼續以有意義的方式投資和發展它。

Not much more to comment there today.

今天沒有更多的評論。

On Black Friday, Cyber Monday promotional activity, look, I think first thing to be said is we planned diligently, thoroughly and executed flawlessly in the way that we went to market.

在黑色星期五，網絡星期一促銷活動，看，我認為首先要說的是我們在進入市場的方式上認真、徹底地和完美地執行了計劃。

We were happy to see that promotional environment as far as we were concerned was relatively stable, and there's not much to mention outside of that.

我們很高興看到我們所關心的促銷環境相對穩定，除此之外沒有什麼可提的。

Your next question comes from the line of Brent Thill with Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

This is John Colantuoni on for Brent Thill.

這是 Brent Thill 的 John Colantuoni。

Revenue guidance in Q4 implies growth accelerates sequentially quite a bit even after adjusting for 1 less week.

第 4 季度的收入指引意味著即使在減少 1 週的調整後，增長也會連續加速。

Can you discuss the puts and takes of your Q4 revenue guidance and how we should think about the outlook in terms of your forward growth potential?

您能否討論一下您對第四季度收入指導的看法以及我們應該如何看待您的未來增長潛力的前景？

Yes.

是的。

John, this is Mario.

約翰，這是馬里奧。

I'll take that one first.

我先拿那個。

When you're talking about in total, absolute dollar terms, it still implies significant growth year-over-year.

當您談論總體絕對美元時，它仍然意味著同比顯著增長。

But the base is getting larger.

但基數越來越大。

So just naturally, we'll see a -- as a percent -- as the revenue base gets larger, we would see a decrease in terms of percentage.

所以很自然，我們會看到一個 - 百分比 - 隨著收入基礎變得更大，我們會看到百分比下降。

But I would say this, we -- the range for full year and by connection, for fourth quarter on the revenue side, both the low end and the high end went up in this guidance.

但我想說的是，我們 - 全年和連接的範圍，對於第四季度的收入方面，低端和高端都在這個指導中上升。

Great.

偉大的。

And we also noticed during the quarter that the first order Autoship discount fluctuated at certain periods of the quarter.

我們在本季度還注意到，第一筆訂單 Autoship 折扣在本季度的某些時期出現波動。

Can you discuss if this was a reflection of promotions around the holiday, a competitive reaction of some sort?

您能否討論一下這是否反映了假期期間的促銷活動，或者某種競爭反應？

Or are you just continuing to test the right balance of promotions?

還是您只是在繼續測試促銷的正確平衡？

John, I think you may be referring to the temporarily -- we increased our first time Autoship order to about 60% off with a cap of about $30.

約翰，我想你可能指的是暫時的——我們將我們的第一次 Autoship 訂單提高到大約 60% 的折扣，上限約為 30 美元。

And that's just natural during the holidays.

這在假期裡是很自然的。

And then when we see competitors doing something similar, we are -- we remain competitive in the market.

然後當我們看到競爭對手做類似的事情時，我們就是——我們在市場上保持競爭力。

But that was very limited.

但那是非常有限的。

I think it lasted about 3 days possibly.

我認為它可能持續了大約 3 天。

Your next question comes from the line of Erin Wright with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Erin Wright。

Can you speak to your efforts to align yourself with the veterinary practices to capture greater share in pharmacy?

您能否談談您為使自己與獸醫實踐保持一致以在藥房中獲得更大份額的努力？

Where are you at in the process, or even a pilot process in terms of better partnering with the veterinarians that still control the vast majority of the scripts?

在與仍控制著絕大多數腳本的獸醫更好地合作方面，您在這個過程中處於什麼階段，甚至是一個試點過程？

This is Sumit.

這是蘇米特。

I'll take that.

我會接受的。

Thanks for the question.

謝謝你的問題。

We continue to have meaningful conversations with our veterinary partners across the country.

我們繼續與全國各地的獸醫合作夥伴進行有意義的對話。

Notice that, first, we believe that we are meaningfully contributing to health and wellness for pet and the pet space.

請注意，首先，我們相信我們正在為寵物和寵物空間的健康做出有意義的貢獻。

And there's a couple of dimensions in that answer.

這個答案有幾個維度。

One is we -- with the way that we know our customers, the way we track that information, the way that relationships are built, we have a unique ability to interact with them and educate them and make them aware of the health and wellness space, but also the advantage of taking their pets to the vet at the required frequency.

一個是我們——通過我們了解客戶的方式、跟踪信息的方式、建立關係的方式，我們擁有與他們互動、教育他們並使他們了解健康和保健空間的獨特能力，而且還有按要求的頻率帶寵物去看獸醫的優勢。

One of the things that plagues the industry today is the fact that compliance overall in the veterinarian space is lower than it really should be or could be.

當今困擾該行業的一件事是，獸醫領域的整體合規性低於實際應該或可能達到的水平。

And we are stepping in into the middle of that via our products like Autoship and via our deep connection with our customers and our marketing tools and our directed capabilities to be able to go out and create that education and awareness with them, drive that traffic back into veterinarian channel.

我們正在通過我們的產品（例如 Autoship）以及我們與客戶的深厚聯繫、我們的營銷工具以及我們的定向能力進入其中，以便能夠走出去與他們一起創造教育和意識，推動流量回來進入獸醫頻道。

So that's one.

所以這是一個。

Number two, I think the second conversation that we're having is, look, veterinarians spend a lot of time in their offices.

第二，我認為我們正在進行的第二次談話是，看，獸醫在他們的辦公室裡度過了很多時間。

Vets should be focused on taking care of their pets, and they love doing that.

獸醫應該專注於照顧他們的寵物，他們喜歡這樣做。

And so we're stepping into that equation and developing or having conversations about developing the products and tools that will help increase productivity in the vet space.

因此，我們正在進入這個等式，並開發或討論開發有助於提高獸醫領域生產力的產品和工具。

And the early days in the conversation, and there are many different dimensions that we will consider.

在對話的早期階段，我們將考慮許多不同的維度。

And we're happy about the way that we're treating it right now.

我們對我們現在處理它的方式感到高興。

If there is a specific follow-up, happy to take it.

如果有具體的後續，樂於接受。

Yes, I do have a -- it's quite specific, but I do have a follow-up.

是的，我確實有一個 - 它非常具體，但我確實有一個後續行動。

So I'm curious both on the prescription side and over-the-counter side your positioning and exposure to parasiticides, particularly heading into next year.

因此，我對處方藥和非處方藥方面的定位和接觸寄生蟲劑感到好奇，尤其是進入明年。

So that would include flea, tick and heartworm preventatives, both over-the-counter and prescription.

所以這將包括跳蚤、蜱蟲和心絲蟲預防劑，包括非處方藥和處方藥。

Just heading into next year, there will be a new combination flea, tick and heartworm product that will hit the market in the first quarter.

進入明年，將有一種新的跳蚤、蜱蟲和心絲蟲組合產品將在第一季度上市。

Do you think you're at risk for some cannibalization of your OTC business?

你認為你的場外交易業務有被蠶食的風險嗎？

Or how should we anticipate that will impact pricing across that category?

或者我們應該如何預期這將影響該類別的定價？

It is a highly seasonal category, so it will be more important kind of heading into next year.

這是一個季節性很強的類別，因此進入明年它將變得更加重要。

But I guess, will this dynamic be material from a financial perspective for you?

但我想，從財務角度來看，這種動態對你來說是否重要？

I think, yes.

我想是的。

Our tenet is to bring the broadest assortment to the customers and offer it in the most competitive prices at the best experience.

我們的宗旨是為客戶帶來最廣泛的品種，並以最具競爭力的價格和最佳體驗提供。

And that philosophy will not change for us regardless of how the mix changes in the industry.

無論行業組合如何變化，這種理念對我們來說都不會改變。

So we're here to play and watch the game alongside with you.

所以我們在這里和你一起玩和看比賽。

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

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

Just one question.

就一個問題。

The Autoship penetration rose.

Autoship 滲透率上升。

I think that was a record high.

我認為這是創紀錄的高點。

Just, if you could please, talk to the drivers of that and how to think about that going forward?

只是，如果可以的話，請與驅動因素談談，以及如何考慮未來的發展？

Mark, good to hear from you.

馬克，很高興收到你的來信。

This is Sumit.

這是蘇米特。

I'll take that one.

我會拿那個。

I think the first input is the assortment growth that we are proudly positioning at 25% increase in year-over-year assortment.

我認為第一個輸入是我們自豪地定位為同比增長 25% 的分類增長。

A bunch of that was in consumables, a bunch of that was in hard goods.

一堆是消耗品，一堆是硬貨。

Number two, I would attribute it to the increase in the targeting capability that we have, both driven by an improvement in our recommendation science, but also in a way that we are able to extract data from Pet Profiles to be able to make more meaningful market size recommendation at the point that the customer is interacting with us.

第二，我將其歸因於我們所擁有的定位能力的提高，這既是由我們的推薦科學的改進推動的，也是我們能夠從寵物資料中提取數據以使其更有意義的方式客戶與我們互動時的市場規模建議。

Last, but not least, I would point back to the newer subverticals, particularly Pharmacy in the way that these businesses are growing and starting to mix in.

最後但並非最不重要的一點是，我會指出較新的子行業，尤其是藥房，這些業務正在成長並開始融入其中。

Those 3 are a combination, and that's what's driving the rate.

這三個是一個組合，這就是推動這一速度的原因。

Your next question comes from the line of Deepak Mathivanan with Barclays.

您的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

So first, on the private label business, seems like there's strong penetration already in some of the categories like hard goods.

因此，首先，在自有品牌業務方面，似乎已經在一些類別（如硬貨）中具有很強的滲透力。

What do you need to do to achieve similar penetration on bigger categories like consumables over the next few quarters?

在接下來的幾個季度中，您需要做些什麼才能在消耗品等更大的類別中實現類似的滲透？

And then second question on the pharmacy business gross margin.

然後是關於藥房業務毛利率的第二個問題。

You called out 650 basis points improvement, but how should we think about the gross margin profile of pharmacy products currently versus other categories like consumers -- sorry, consumables?

你說提高了 650 個基點，但我們應該如何看待目前藥房產品的毛利率狀況與消費者等其他類別——抱歉，消耗品？

And then also, how do you expect that to be long term?

然後，您如何期望這是長期的？

Deepak, this is Sumit.

迪帕克，這是蘇米特。

I'll take that.

我會接受的。

Look, the core inputs of fast growing private label, we're happy with the way that we're growing penetration of these categories.

看，快速增長的自有品牌的核心投入，我們對這些類別不斷增長的滲透方式感到滿意。

These categories are -- in terms of the growth, our assortment built is not completely built out.

這些類別是——就增長而言，我們建立的分類並沒有完全建立起來。

So in meaningful categories, high ASP categories such as crates, such as dog beds, we're still really rolling out assortment.

因此，在有意義的類別中，高 ASP 類別，例如板條箱，例如狗床，我們仍然在真正推出分類。

That's one in the way that we grow assortment in the way that we see penetration increasing in hard goods.

這是我們增加分類的方式之一，我們看到硬商品的滲透率在增加。

On the consumables side, I think, recall that we've said, we're careful about creating brands that are competitive in nature.

在消耗品方面，我想，回想一下我們說過，我們對創建具有競爭力的品牌非常謹慎。

And in that way, we have great brands, products like Tylee's, behind which we're getting and making sure that these newer type subcategories, right -- we've mentioned freeze-dried here and natural bones and chews.

通過這種方式，我們擁有偉大的品牌，像 Tylee's 這樣的產品，在這些產品的背後，我們正在獲得併確保這些新類型的子類別，對 - 我們在這裡提到了凍乾以及天然骨頭和咀嚼物。

These are really premium categories that we're getting behind to be able to grow them into a meaningful share.

這些是我們真正落後的優質類別，以便能夠將它們發展成有意義的份額。

And then last, but not least, our American Journey brand of products, which is a full suite of products across food of different grades as well as different treats, is something that we are starting to integrate back into our merchandising to go to market in a much more coherent and smart merchandise manner.

最後但並非最不重要的一點是，我們的 American Journey 品牌產品是一整套產品，涵蓋不同等級的食品和不同的零食，我們正開始將其重新整合到我們的營銷中，以進入市場一種更加連貫和智能的商品方式。

So that's the answer to the private brands.

這就是自有品牌的答案。

On the Rx, I think recall that we've said that over the long term, we expect Rx to be 300 to 500 basis points gross profit accretive to the base business.

在 Rx 方面，我記得我們曾說過，從長遠來看，我們預計 Rx 將為基礎業務增加 300 到 500 個基點的毛利潤。

And we're maintaining that stand as of today's call.

我們在今天的電話會議上保持這一立場。

Your next question comes from the line of 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.

幾個問題。

It's been a couple of quarters or 1.5 quarters since you put the new DMP in place.

自從您實施新的 DMP 以來，已經過去了幾個季度或 1.5 個季度。

How would you grade your integration and execution there?

您如何評價您的集成和執行？

Any color on what you're seeing in terms of channel breadth or exercising more strategic and tactical marketing muscles as we progress through Q4?

隨著我們在第四季度的進展，您在渠道廣度或行使更多戰略和戰術營銷力量方面看到的任何顏色？

And then on the -- you talked a bit about the RxManager.

然後——你談到了 RxManager。

Did you mention what the penetration is there and maybe what customer acquisition channels are giving you the most bang for the buck there?

你有沒有提到那裡的滲透率，也許哪些客戶獲取渠道給你帶來了最大的收益？

Sure.

當然。

So 2-part question, DMP in general and then Pharmacy.

所以兩部分的問題，一般是 DMP，然後是 Pharmacy。

I'll take the first one first.

我先拿第一個。

DMP, so we are seeing -- we're continuing to experiment with the DMP.

DMP，所以我們看到——我們正在繼續試驗 DMP。

And we have utilized it both in our private brands segmentation exercises as well as our go-to-market with Pharmacy.

我們已經在我們的自有品牌細分練習以及我們的藥房進入市場中使用了它。

And these are smaller verticals, but they're allowing us to prove out the efficacy of the DMP.

這些是較小的垂直領域，但它們使我們能夠證明 DMP 的功效。

In the holiday season, particularly when we went to market across the Cyber Week, we did use the DMP to be able to cross-check against smart segmentation.

在假期期間，特別是當我們在網絡週期間進入市場時，我們確實使用了 DMP 來交叉檢查智能細分。

And so from that point of view, early days for us, not much more than that to comment.

因此，從這個角度來看，對於我們來說，早期的日子，僅此而已。

But you can see, it lends you insight into the way that we're utilizing the data and the capability of the management -- data management platform to be able to perform smart segmentation and tie that to our marketing channel mix and go-to market overall.

但您可以看到，它讓您深入了解我們利用數據的方式和管理能力——數據管理平台能夠執行智能細分並將其與我們的營銷渠道組合和進入市場聯繫起來全面的。

That's the first part of the answer.

這是答案的第一部分。

The second question was on RxManager progress.

第二個問題是關於 RxManager 的進展。

Look, we believe we are early days in terms of product innovation across Rx products.

看，我們相信我們在 Rx 產品的產品創新方面處於早期階段。

We're happy with the way My Pet Prescriptions is going.

我們對 My Pet Prescriptions 的發展方式感到滿意。

And as of this point, about 10% to 15% of our customers are engaging with it.

截至目前，大約 10% 到 15% 的客戶正在使用它。

And that is pretty tremendous progress, considering that we launched that product less than 4 months ago.

考慮到我們在不到 4 個月前推出了該產品，這是相當巨大的進步。

In terms of customer acquisition channels that are performing best, I think the way I would say that is that we have a tremendous proposition in front of us to be able to make sure that we can expose our 12.7 million existing customers to Pharmacy.

就表現最佳的客戶獲取渠道而言，我認為我想說的是，我們面前有一個巨大的提議，能夠確保我們能夠將 1270 萬現有客戶展示給 Pharmacy。

And they love that proposition.

他們喜歡這個提議。

Along the same way, we've opened up a channel that is a new channel of acquisition for us, and we're happy about that as well.

同樣，我們開闢了一個渠道，這對我們來說是一個新的獲取渠道，我們也對此感到高興。

I think that's -- I will limit my comments to that for now.

我認為那是——我現在將我的評論僅限於此。

Your next question comes from the line of Mark Kelley from Nomura.

您的下一個問題來自野村的 Mark Kelley。

The first question is, looking back at Q4 of last year, I think that was the first quarter where you guys stepped up your first Autoship order discount at 30% from 15%.

第一個問題是，回顧去年第四季度，我認為那是你們將首次 Autoship 訂單折扣從 15% 提高到 30% 的第一季度。

Curious if you could remind us how much of a bump do you think that provided to annual growth last year, just to kind of level set?

想知道您是否可以提醒我們，您認為這對去年的年度增長有多大影響，只是達到某種水平？

And then number two, I know it's a little early to think about next year.

然後第二點，我知道現在考慮明年還為時過早。

You gave us a little bit of color on some of the stock-based comp stuff, which is helpful.

你給了我們一些基於股票的comp的東西，這很有幫助。

Just curious if you can give us a little bit of help on the seasonality and cadence of gross margins next year.

只是好奇你能否在明年毛利率的季節性和節奏上給我們一點幫助。

I would imagine it's similar to this year, given that you're launching the North Carolina FC in Q2, and it's kind of the same size as Dayton.

考慮到您將在第二季度推出北卡羅來納足球俱樂部，並且它的規模與代頓相同，我想它與今年相似。

But any thoughts there would be really helpful.

但是那裡的任何想法都會非常有幫助。

Okay.

好的。

I'll take the first one.

我會拿第一個。

It's nice to hear from you, Mark.

很高興收到你的來信，馬克。

I'll take the first one.

我會拿第一個。

Mario will take the second one.

馬里奧將拿下第二個。

The Autoship, the way to think about that, it's actually not a clean way to think about it in the way that you're asking the question.

Autoship，思考這個問題的方式，它實際上並不是以你提出問題的方式來思考它的一種干淨的方式。

Autoship, remember, is a 4-quarter rolling number in the back.

請記住，Autoship 是後面的 4 個季度滾動數字。

So our increase -- look, we are extremely data-driven, disciplined and we spend cash in a responsible manner.

所以我們的增長——看，我們非常受數據驅動，紀律嚴明，我們以負責任的方式花錢。

So when we change discount levels, we are careful about not only the subscription rate that comes in at the top of the funnel, we're also careful about the cancellation rate that might occur at the bottom of that funnel.

因此，當我們更改折扣級別時，我們不僅要注意漏斗頂部的訂閱率，還要注意漏斗底部可能出現的取消率。

And we're trying to find that point of optimality where we actually go out and price the Autoship discount and cap it to the dollar value.

我們正試圖找到那個最優點，我們實際走出去並為 Autoship 折扣定價並將其限制在美元價值。

That's how we think about it.

這就是我們的想法。

So the level that we're at right now is the optimal level for us, and we're happy about that.

所以我們現在所處的水平對我們來說是最佳水平，我們對此感到高興。

That's really the way to think about Autoship.

這確實是思考 Autoship 的方式。

Mario?

馬里奧？

Yes.

是的。

And I'll take the question on stock-based compensation.

我將回答有關基於股票的薪酬的問題。

So 2 things about it.

所以關於它的兩件事。

I believe your question is, what should you expect on that going forward.

我相信你的問題是，你應該期待什麼。

And as we said in the prepared remarks, the expense of $40 million is something that we capture both in Q2, Q3, and we expect in Q4 and at least the first 3 quarters of 2020.

正如我們在準備好的評論中所說，4000 萬美元的費用是我們在第二季度、第三季度以及我們預計在第四季度以及至少在 2020 年前三個季度都獲得的費用。

I can expand on that if you have any additional question.

如果您有任何其他問題，我可以對此進行擴展。

Yes, sir.

是的先生。

I meant more gross margin, Mario, sorry about that.

我的意思是更多的毛利率，馬里奧，對此感到抱歉。

Got it.

知道了。

Yes.

是的。

Just with Dayton -- with North Carolina coming on and just kind of the moving pieces as we go through the year, that would be great.

就在代頓——隨著北卡羅來納州的到來，以及我們這一年的一些變化，那就太好了。

Yes, certainly.

是的，當然了。

I think your question then on next year, 2 things.

我認為你的問題是明年，兩件事。

One is there are many factors that go into gross margin.

一是影響毛利率的因素很多。

And what we've shown is that we can expand gross margin while continuing to grow the top line.

我們所展示的是，我們可以在繼續增加收入的同時擴大毛利率。

We have shown a record of that.

我們已經展示了這方面的記錄。

Seasonality, we don't experience much with seasonality in the business, as you've seen in our historical financials.

季節性，正如您在我們的歷史財務數據中所見，我們對業務的季節性影響不大。

But quarter-to-quarter, you would expect some fluctuations, and that's driven by discounting, market dynamics.

但是每季度，您會預期會出現一些波動，這是由貼現和市場動態驅動的。

The fact that we're launching a new facility in North Carolina would be helpful, like every other facility we've launched.

我們在北卡羅來納州啟動一個新設施的事實會有所幫助，就像我們已經啟動的所有其他設施一樣。

It helps close the arc to the customer.

它有助於關閉客戶的弧線。

But the reality is that there are so many other factors, not necessarily related to that specific -- not to the, let's say, network topology, let me put it that way.

但現實情況是，還有很多其他因素，不一定與特定因素相關 - 與網絡拓撲無關，讓我這麼說吧。

Your next question comes from the line of Erin Wright with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Erin Wright。

Great.

偉大的。

So my first one is on FDA warnings on grain-free dog food that caused canine cardiomyopathy.

所以我的第一個是關於 FDA 關於導致犬心肌病的無穀物狗糧的警告。

I guess, do you think that, that has created an opportunity for you to switch customers over to higher-margin, private label or premium options that are not grain-free?

我想，你認為這是否為你創造了一個機會，讓你將客戶轉向更高利潤、自有品牌或非無穀物的高級選項？

And has this caused any sort of disruption or opportunity for you?

這是否對您造成了任何破壞或機會？

And then a separate question is on MAP pricing.

然後一個單獨的問題是關於 MAP 定價。

I guess, how much did that benefit consolidated gross margin, and when will you officially lap that benefit next year?

我想，這對綜合毛利率有多少好處，明年你什麼時候才能正式獲得這種好處？

I'll take the second question first.

我先回答第二個問題。

The MAP pricing that we talked about, I believe, is in Pharmacy, and it just came into perspective, about roughly 6 to 8 weeks ago.

我相信，我們談到的 MAP 定價是在藥房，大約在 6 到 8 週前才開始考慮。

So not much more to comment there.

所以沒有更多的評論。

On the FDA warnings on grain-free dog food, look, it definitely provides us an opportunity, because we're having meaningful conversations with customers as they call in.

關於 FDA 關於無穀物狗糧的警告，看，它絕對為我們提供了一個機會，因為我們正在與客戶進行有意義的對話，因為他們來電。

And that is one of the strength of the Chewy business model as well as our proposition to our customers.

這是 Chewy 商業模式的優勢之一，也是我們對客戶的主張。

The impact that we're seeing is proportional to the impact that the industry has seen.

我們看到的影響與行業已經看到的影響成正比。

But our ability to be able to have meaningful conversations and drive the right amount of recommendation and mix shift is also something that is really attractive to us.

但是我們能夠進行有意義的對話並推動適量的推薦和混合轉變的能力也對我們非常有吸引力。

Yes, both of those are happening.

是的，這兩種情況都在發生。

There are no further questions at this time.

目前沒有其他問題。

I will turn the call back over to Sumit.

我會將電話轉回 Sumit。

Thank you all for your attention and participation today, and happy holidays.

感謝大家今天的關注和參與，節日快樂。

We look forward to seeing many of you to the rest of the quarter.

我們期待在本季度剩下的時間裡見到你們中的許多人。

Have a nice evening.

祝你有個愉快的夜晚。

Thanks.

謝謝。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。