Chewy Inc (CHWY) 2019 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Chewy Fourth Quarter and Full Year 2019 Financial Results Conference Call.

女士們，先生們，感謝您的支持，並歡迎參加耐嚼的 2019 年第四季度和全年財務業績電話會議。

(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, Bob LaFleur, Vice President of Investor Relations and Capital Markets.

我現在想把會議交給你今天的演講者，投資者關係和資本市場副總裁 Bob LaFleur。

Thank you.

謝謝你。

Please go ahead.

請繼續。

Thank you for joining us on the call today to discuss our fourth quarter and full year 2019 results.

感謝您今天加入我們的電話會議，討論我們 2019 年第四季度和全年的業績。

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

今天加入我的是 Chewy 的首席執行官 Sumit Singh；和首席財務官馬里奧·馬爾特。

Our earnings release and letter to shareholders, which were 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 is also available 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。

On our call today, we will be making forward-looking statements, including statements concerning Chewy's future prospects, financial results, business strategies, industry trends and our ability to successfully respond to business risks, including those related to the spread of COVID-19, including any adverse impacts on our supply chain, workforce, fulfillment centers, other facilities, customer service operations and future plans.

在今天的電話會議上，我們將做出前瞻性陳述，包括有關 Chewy 的未來前景、財務業績、業務戰略、行業趨勢以及我們成功應對業務風險（包括與 COVID-19 傳播相關的風險）的能力的陳述，包括對我們的供應鏈、勞動力、履行中心、其他設施、客戶服務運營和未來計劃的任何不利影響。

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

根據 1995 年《私人證券訴訟改革法案》，此類陳述被視為前瞻性陳述，並受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。

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

報告的結果不應被視為未來業績的指標。

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

另請注意，本次電話會議的前瞻性陳述是基於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-K and 8-K filed earlier today and in our other filings with the SEC.

有關更多信息，請參閱 Chewy 今天早些時候提交的 10-K 和 8-K 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.

同樣在本次電話會議中，我們將討論某些非公認會計原則的財務措施。

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

這些非 GAAP 項目與最直接可比的 GAAP 財務指標的對賬在我們的投資者關係網站以及我們的收益發布和致股東的信函中提供，這些信息已於今天早些時候以 8-K 表格形式提交給 SEC。

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

這些非 GAAP 措施不能替代 GAAP 結果。

Additionally, as a reminder, prior period results this quarter include an extra week.

此外，提醒一下，本季度的前期結果包括額外的一周。

So on an as-reported basis, Q4 2019 results reflect 13 weeks of operations while Q4 2018 results reflect 14 weeks.

因此，在報告的基礎上，2019 年第四季度的業績反映了 13 週的運營，而 2018 年第四季度的業績反映了 14 週。

Likewise, full year fiscal 2019 results reflect 52 weeks of operations while full year fiscal 2018 results reflect 53 weeks of operations.

同樣，2019 財年全年業績反映了 52 週的運營，而 2018 財年全年業績反映了 53 週的運營。

In our reported results for Q4 and full year of fiscal 2018, the extra week contributed $82.9 million in additional net sales, which included $49.1 million of Autoship customer sales.

在我們報告的 2018 財年第四季度和全年業績中，額外的一周貢獻了 8290 萬美元的額外淨銷售額，其中包括 4910 萬美元的 Autoship 客戶銷售額。

For comparability, during our call today, all year-over-year growth rates discussed regarding net sales, Autoship customer sales and net sales per active customer reflect comparable 13- or 52-week periods.

為了可比性，在我們今天的電話會議中，討論的所有關於淨銷售額、Autoship 客戶銷售額和每位活躍客戶的淨銷售額的同比增長率都反映了可比的 13 週或 52 週期間。

Finally, this call in its entirety is being webcast on our Investor Relations website.

最後，本次電話會議的全部內容正在我們的投資者關係網站上進行網絡直播。

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

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, Bob, and thanks to all of you for joining us on the call.

謝謝鮑勃，也感謝大家加入我們的電話會議。

Before I get started, I want to welcome Bob to the Chewy team.

在開始之前，我想歡迎 Bob 加入 Chewy 團隊。

He brings extensive experience on both the sell-side and investor relations areas, and we are excited to have him on the team as we enter our second year as a public company.

他在賣方和投資者關係領域都帶來了豐富的經驗，我們很高興在我們進入上市公司的第二個年頭時讓他加入團隊。

While 2019 closed on a high note and 2020 got off to a similarly strong start, suddenly the world changed in a big way.

雖然 2019 年以高調結束，2020 年開局同樣強勁，但突然間，世界發生了巨大變化。

As we have seen, the COVID-19 outbreak has caused significant disruption to global commerce and financial markets.

正如我們所見，COVID-19 的爆發對全球商業和金融市場造成了重大破壞。

Our hearts go out to those directly affected by this disease and those suffering from the economic and social dislocation that have followed in its wake.

我們的心與那些直接受到這種疾病影響的人以及那些遭受隨之而來的經濟和社會混亂的人同在。

It is in times like these when our mission to be the most trusted and convenient online destination for pet parents everywhere rings truer than ever.

在這樣的時代，我們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的使命比以往任何時候都更加真實。

As pet parents, we know how special and comforting the bond is between humans and pets, especially in these stressful times, how soothing a simple act like a game of fetch with your dog or curling up on the couch with your cat can be.

作為寵物父母，我們知道人類和寵物之間的紐帶是多麼特別和令人欣慰，尤其是在這些壓力大的時期，一個簡單的動作，比如和你的狗玩取物遊戲或和你的貓蜷縮在沙發上是多麼的舒緩。

We devote ourselves every day to supporting these special relationships.

我們每天都致力於支持這些特殊的關係。

We are here for our pet parents and their pets working 24/7 to meet their needs while caring for the safety and well-being of our team members.

我們在這里為我們的寵物父母和他們的寵物提供 24/7 全天候工作以滿足他們的需求，同時照顧我們團隊成員的安全和福祉。

Our shop-at-home business is proving resilient amidst the current economic disruption.

在當前的經濟混亂中，我們的在家購物業務證明了彈性。

Our volumes have increased as customers have chosen to stay at home and take advantage of the shopping convenience that we provide.

隨著客戶選擇呆在家裡並利用我們提供的購物便利，我們的銷量有所增加。

We will discuss the financial impact of current trends and our guidance a little later in this call.

我們將在本次電話會議稍後討論當前趨勢的財務影響和我們的指導。

Taking care of our team members' health and well-being is essential to all of us in the Chewy leadership team, and we are being highly proactive in our internal response to the COVID-19 outbreak.

照顧我們團隊成員的健康和福祉對於 Chewy 領導團隊中的所有人來說都是必不可少的，我們在內部應對 COVID-19 爆發時非常積極主動。

We are in constant communication to plan and adapt as swiftly as possible to these rapidly evolving conditions, and our COVID-19 response team is providing daily updates to our team members across the company.

我們不斷溝通，以盡可能快地計劃和適應這些迅速變化的情況，我們的 COVID-19 響應團隊每天向我們全公司的團隊成員提供更新。

We have expanded our health benefits and revised our PTO and sick day policies to meet the evolving needs of this unique situation.

我們擴大了我們的健康福利並修改了我們的 PTO 和病假政策，以滿足這種獨特情況不斷變化的需求。

Additionally, we have materially increased cleaning and sanitizing procedures throughout our work sites, including our customer service sites and fulfillment centers.

此外，我們在整個工作場所（包括我們的客戶服務場所和履行中心）大幅增加了清潔和消毒程序。

We have instituted work from home at our corporate locations as well as for a portion of our customer service teams.

我們已經在我們的公司所在地以及我們的部分客戶服務團隊開始在家工作。

Regarding our fulfillment centers and customer service centers, we have detailed contingency plans in place should we experience an on-site COVID-19 outbreak.

關於我們的履行中心和客戶服務中心，我們制定了詳細的應急計劃，以防發生現場 COVID-19 疫情。

We have the ability to divert fulfillment and/or customer service contacts to other facilities while we isolate and restore the affected facility.

在隔離和恢復受影響的設施時，我們有能力將履行和/或客戶服務聯繫人轉移到其他設施。

We believe we can absorb the facility being off-line for a short period of time with minimal incremental disruption to customer service levels.

我們相信，我們可以在短時間內吸收設施離線，而對客戶服務水平的增量干擾最小。

So with that, let's discuss our Q4 financial performance and some of the key milestones and achievements contained in our full year 2019 results.

因此，讓我們討論一下我們的第四季度財務業績以及我們 2019 年全年業績中包含的一些關鍵里程碑和成就。

I'll update you on some business initiatives and then turn the call over to Mario to discuss our Q4 and full year results in more detail and to discuss our guidance.

我將向您介紹一些業務計劃的最新情況，然後將電話轉給馬里奧，以更詳細地討論我們的第四季度和全年業績，並討論我們的指導。

As I indicated, we closed 2019 on a high note.

正如我所指出的，我們以高調結束了 2019 年。

In Q4, net sales grew 35% to $1.4 billion or 1.5x full year sales just 3 years ago, underscoring the power of our business model.

第四季度，淨銷售額增長了 35%，達到 14 億美元，是 3 年前全年銷售額的 1.5 倍，凸顯了我們商業模式的力量。

We ended the quarter and year with 13.5 million active customers, an increase of 2.9 million customers compared to the end of fiscal 2018, and our net sales per active customer grew 10% to $360.

我們在本季度和年度結束時擁有 1350 萬活躍客戶，與 2018 財年末相比增加了 290 萬客戶，我們每個活躍客戶的淨銷售額增長 10% 至 360 美元。

Our subscription-like Autoship business remains strong, with Autoship customers representing over 70% of total net sales in Q4.

我們的訂閱式 Autoship 業務依然強勁，Autoship 客戶佔第四季度總淨銷售額的 70% 以上。

Higher spending from our existing customers and growing Autoship sales reflect strong business momentum as more customers continue to shift their spending to Chewy, driving increased basket size and higher repeat purchase activity.

我們現有客戶的更高支出和不斷增長的 Autoship 銷售反映了強勁的業務勢頭，因為越來越多的客戶繼續將他們的支出轉移到 Chewy 上，從而推動了購物籃規模的增加和重複購買活動的增加。

In Q4, we were again able to expand margins while growing the top line.

在第四季度，我們再次能夠在增加收入的同時擴大利潤率。

Q4 gross margin expanded 320 basis points versus prior year fourth quarter to 24.1%.

第四季度毛利率較去年第四季度增長 320 個基點至 24.1%。

Q4 adjusted EBITDA margin expanded 470 basis points over Q4 2018 to negative 0.4%, reflecting the progress we have made on gross margin expansion and the ongoing scaling of our advertising and marketing spend.

第四季度調整後 EBITDA 利潤率比 2018 年第四季度增長 470 個基點至負 0.4%，反映了我們在毛利率擴張方面取得的進展以及我們的廣告和營銷支出的持續擴大。

Looking broadly at 2019, the sum of our efforts came through in our results.

縱觀 2019 年，我們的努力總和體現在我們的成果中。

For the full year, we grew net sales by 40% to $4.85 billion, expanded gross margin by 340 basis points to 23.6% and improved our adjusted EBITDA margin by 480 basis points to negative 1.7%.

全年，我們的淨銷售額增長 40% 至 48.5 億美元，毛利率增長 340 個基點至 23.6%，調整後的 EBITDA 利潤率提高 480 個基點至負 1.7%。

We continue to get big fast while getting fit fast as demonstrated by growth in our top line and improvement in our bottom line.

正如我們的收入增長和利潤的改善所證明的那樣，我們在快速適應的同時繼續快速增長。

We know the opportunity in front of us remains large and now even more so.

我們知道擺在我們面前的機會仍然很大，現在更是如此。

As some of you may already know, in 2019 the Chewy team made great strides towards becoming the most trusted and convenient destination for pet parents everywhere.

你們中的一些人可能已經知道，2019 年，Chewy 團隊在成為世界各地寵物父母最值得信賴和最方便的目的地方面取得了長足的進步。

We innovated at pace, made smart investments in marketing and site merchandising and introduced new products and solutions that enhanced and streamlined the shopping experience for pet parents, fueling greater trust towards our brand.

我們加快了創新步伐，在營銷和網站營銷方面進行了明智的投資，並推出了新產品和解決方案，增強並簡化了寵物父母的購物體驗，增強了對我們品牌的信任。

We continued to grow and make targeted investments in our strategic pillars, private brands and Chewy Pharmacy, and we expanded our network of fulfillment centers.

我們繼續增長並對我們的戰略支柱、自有品牌和 Chewy Pharmacy 進行有針對性的投資，並擴大了我們的履行中心網絡。

The American Pet Products Association, or APPA, recently announced that U.S. sales of pet products and services surpassed $95 billion in 2019 and are projected to reach nearly $100 billion in 2020.

美國寵物用品協會 (APPA) 最近宣布，美國寵物產品和服務的銷售額在 2019 年超過 950 億美元，預計到 2020 年將達到近 1000 億美元。

So not only is the addressable market larger than previously estimated, but the pace of growth remains robust.

因此，不僅潛在市場比先前估計的要大，而且增長速度仍然強勁。

Additional research from APPA indicates that 72% of pet owners reported making at least one online purchase for their pet in the past 12 months.

APPA 的另一項研究表明，72% 的寵物主人報告說在過去 12 個月中至少為他們的寵物進行了一次在線購買。

Of those making subscription-based purchases of pet products, 94% report that their buying frequency has increased or stayed the same in the past 12 months.

在那些基於訂閱購買寵物產品的人中，94% 的人表示他們的購買頻率在過去 12 個月中增加或保持不變。

Clearly, these trends all bode well for the future sustainability of our overall value proposition at this pace.

顯然，這些趨勢對於我們以這種速度發展的整體價值主張的未來可持續性來說都是好兆頭。

When you combine a growing category, customer migration from off-line to online and Chewy's unique shopping experience and award-winning customer service, we believe that we are still in the early innings of our growth.

當您將不斷增長的類別、從線下到線上的客戶遷移以及 Chewy 獨特的購物體驗和屢獲殊榮的客戶服務結合起來時，我們相信我們仍處於增長的早期階段。

To this end, the core inputs of our business continue to trend positively.

為此，我們業務的核心投入繼續向好的方向發展。

We remain maniacally focused on execution and are delivering the best possible customer experience for pet parents.

我們仍然瘋狂地專注於執行，並為寵物父母提供盡可能好的客戶體驗。

We are convinced that we are positively transforming an industry by creating a truly unique and personalized shopping experience, one that builds trust, brand loyalty and drives repeat purchasing.

我們堅信，我們正在通過創造真正獨特和個性化的購物體驗來積極改變一個行業，這種體驗可以建立信任、品牌忠誠度並推動重複購買。

Our focus on these pillars ultimately supports our long-term goals of sustainable top line growth at scale and incremental margin expansion.

我們對這些支柱的關注最終支持了我們實現規模可持續頂線增長和增量利潤率擴張的長期目標。

Now I would like to share a few business highlights from our fourth quarter and, broadly, full year 2019 and also provide insight into our thinking for fiscal year 2020.

現在，我想分享我們第四季度以及廣義上的 2019 年全年的一些業務亮點，並深入了解我們對 2020 財年的想法。

As I noted on the Q3 earnings call in December, we went into the Q4 holiday cycle well planned and ready to delight customers.

正如我在 12 月的第三季度財報電話會議上指出的那樣，我們進入了精心策劃的第四季度假期週期，並準備好取悅客戶。

Our thoughtful and integrated go-to-market approach resonated well with customers and reflected in both our demand and conversion metrics, leading to record-setting days with Cyber Monday being the single biggest shopping day in our company's history.

我們深思熟慮和整合的市場營銷方法與客戶產生了良好的共鳴，並反映在我們的需求和轉化指標中，從而創造了創紀錄的日子，網絡星期一是我們公司歷史上最大的購物日。

We continue to remain disciplined and data-driven in every investment-related decision that we make.

在我們做出的每一個投資相關決策中，我們都將繼續保持紀律性和數據驅動。

For instance, in marketing, we closely track key metrics like customer acquisition cost and lifetime value and have been investing in tools to optimize our model and drive further efficiencies.

例如，在營銷方面，我們密切跟踪客戶獲取成本和生命週期價值等關鍵指標，並一直在投資工具來優化我們的模型並進一步提高效率。

The data management platform, or the DMP, combined with our ongoing optimizations in marketing data science, is enabling us to more efficiently target existing and new customer audiences across the industry, resulting in more efficient use of our marketing spend.

數據管理平台或 DMP 與我們在營銷數據科學方面的持續優化相結合，使我們能夠更有效地針對整個行業的現有和新客戶受眾，從而更有效地利用我們的營銷支出。

For example, in Q4, our performance marketing teams, in conjunction with our marketing science teams, use the DMP to target new prospective audiences.

例如，在第四季度，我們的績效營銷團隊與我們的營銷科學團隊一起使用 DMP 來定位新的潛在受眾。

Within the specific channels where we were most utilizing our DMP, we observed favorable trends in both customer acquisitions and cost per acquisition.

在我們最常使用 DMP 的特定渠道中，我們觀察到客戶獲取和每次獲取成本的有利趨勢。

Looking back at 2019, we are pleased with the progress we have made across Chewy private brands and Chewy Healthcare, 2 areas we discussed in some detail on last quarter's call.

回顧 2019 年，我們對 Chewy 自有品牌和 Chewy Healthcare 取得的進展感到高興，這兩個領域我們在上一季度的電話會議上進行了詳細討論。

Both are critical components of the overall value proposition we offer Chewy customers.

兩者都是我們為 Chewy 客戶提供的整體價值主張的關鍵組成部分。

And in 2020, we will build upon the momentum established last year in these 2 important business lines.

而在 2020 年，我們將在這兩條重要業務線去年建立的勢頭的基礎上再接再厲。

As we look ahead to 2020, we are staying ahead of the curve and driving innovations in areas that not only enhance the customer experience but also increase efficiency and streamline our cost structures.

展望 2020 年，我們將保持領先地位，並在不僅能提升客戶體驗、還能提高效率和精簡成本結構的領域推動創新。

One such area this year is our fulfillment network where, barring any disruptions related to a broadening of the COVID-19 crisis, we are planning to launch 2 new fulfillment centers, or FCs, in FY 2020 starting with our new facility in Salisbury, North Carolina, which is planned to launch later this month.

今年的一個這樣的領域是我們的履行網絡，除非與擴大 COVID-19 危機有關的任何中斷，我們計劃在 2020 財年啟動 2 個新的履行中心或 FC，從我們在北部索爾茲伯里的新設施開始卡羅萊納州，計劃於本月晚些時候推出。

This will be our 10th FC and will enable us to more quickly and efficiently reach millions of customers across the Mid-Atlantic and Southeast region.

這將是我們的第 10 個 FC，將使我們能夠更快、更有效地接觸到大西洋中部和東南地區的數百萬客戶。

Then later in the year, barring any unforeseen delays or schedule changes caused by COVID-19-related government mandates, we expect to launch our 11th FC in Archbald, Pennsylvania, which is currently under construction.

然後在今年晚些時候，除非與 COVID-19 相關的政府命令導致任何不可預見的延誤或時間表變更，否則我們預計將在賓夕法尼亞州的 Archbald 推出我們的第 11 家 FC，目前正在建設中。

This will be our first automated fulfillment center, and we are very excited about it.

這將是我們的第一個自動化履行中心，我們對此感到非常興奮。

This state-of-the-art facility will raise the bar on future upgrades to our fulfillment network.

這個最先進的設施將提高我們履行網絡未來升級的標準。

Over the last few years, we have made significant improvements across our fulfillment operations, which you may recall is largely manual and driven by lean manufacturing principles, driving efficiency and reducing our fixed and variable fulfillment cost per unit in the process.

在過去的幾年裡，我們在履行操作方面取得了重大改進，您可能還記得，這主要是手動的，並且受精益製造原則的驅動，提高了效率並降低了我們在此過程中的固定和可變的每單位履行成本。

These initiatives have yielded meaningful cost savings that, over time, will accelerate our SG&A efficiency curve.

這些舉措已經產生了有意義的成本節約，隨著時間的推移，這將加速我們的 SG&A 效率曲線。

Automating the Archbald fulfillment center will enable us to increase throughput capacity of this building versus similarly sized facilities by more than 25%, increase labor productivity by more than 50% and, as a direct result of all of the above, enable us to further lower our fixed and variable fulfillment cost per unit by over 30%.

Archbald 履行中心的自動化將使我們能夠將這棟建築的吞吐能力與類似規模的設施相比提高 25% 以上，將勞動生產率提高 50% 以上，並且作為上述所有措施的直接結果，使我們能夠進一步降低我們每單位的固定和可變履行成本降低了 30% 以上。

Equally importantly, it will create a safer and more productive environment for our team members to work within.

同樣重要的是，它將為我們的團隊成員創造一個更安全、更高效的工作環境。

Leaning on our disciplined, data-driven approach, we make bold investments in the areas where we believe we can improve experience and generate outsized returns for our shareholders, put a rigorous measurement framework around it and then aim to execute flawlessly to achieve the results.

依靠我們嚴謹、數據驅動的方法，我們在我們認為可以改善經驗並為股東創造超額回報的領域進行大膽投資，圍繞它建立嚴格的衡量框架，然後力求完美執行以取得成果。

The same framework is an application here, and we expect to generate attractive returns on investments we are making into our fulfillment network.

相同的框架是這裡的一個應用程序，我們希望在我們對履行網絡的投資中產生有吸引力的回報。

As in many ways, the payback is more direct.

在許多方面，回報更為直接。

The investments we make in driving efficiencies in our fulfillment network, which you'll see in our SG&A and CapEx, result in direct cost savings, which fall, dollar-for-dollar, straight to the bottom line and are meaningful profitability accelerators.

我們在提高履行網絡效率方面所做的投資（您將在我們的 SG&A 和資本支出中看到）導致直接成本節約，以美元對美元的價格直接下降，並且是有意義的盈利加速器。

A final note on COVID-19 situation before I conclude.

在我結束之前，關於 COVID-19 情況的最後說明。

I touched on the demand side of this equation in my opening remarks, but I know many of you are also curious about potential vulnerabilities in our supply chain.

我在開場白中談到了這個等式的需求方面，但我知道你們中的許多人也對我們供應鏈中的潛在漏洞感到好奇。

When you look at the details of our supply chain, consumables, mostly food and treats, represent over 70% of our sales.

當您查看我們供應鏈的詳細信息時，消耗品（主要是食品和零食）占我們銷售額的 70% 以上。

These products are sourced almost exclusively in the U.S., and we were proactive in jointly planning supply and transportation requirements with our strategic vendors.

這些產品幾乎完全在美國採購，我們積極主動地與我們的戰略供應商共同規劃供應和運輸要求。

Our hard goods sourcing is more diversified, and we actively manage our inventory levels to protect against potential disruptions in the supply chain given the long lead times from order to having the inventory on hand.

我們的硬貨採購更加多樣化，我們積極管理我們的庫存水平，以防止供應鏈中潛在的中斷，因為從訂購到有庫存的交貨時間很長。

Last but not least, our proactive and extensive cleaning and sanitizing procedures throughout our work sites, including our fulfillment centers and customer service sites, have thus far prevented any confirmed COVID-19 cases across our work sites, minimizing any disruptions to our network.

最後但並非最不重要的一點是，到目前為止，我們在整個工作場所（包括我們的履行中心和客戶服務場所）都採取了主動和廣泛的清潔和消毒程序，從而防止了我們工作場所出現任何確診的 COVID-19 病例，最大限度地減少了對我們網絡的任何干擾。

So far, we have not seen material disruptions in our operations or supply chain.

到目前為止，我們還沒有看到我們的運營或供應鏈出現重大中斷。

However, the situation is evolving on a daily basis, and we continue to monitor the impact on our business and our future plans for the business.

然而，情況每天都在變化，我們將繼續監控對我們業務的影響以及我們未來的業務計劃。

Regarding guidance, given where we are in the first quarter, we are comfortable providing guidance for the current quarter, and Mario will discuss this shortly.

關於指導，鑑於我們在第一季度的情況，我們很樂意為當前季度提供指導，馬里奧將很快討論這個問題。

Due to the evolving situation with the COVID-19 outbreak as well as the active risk it poses to all of us, including our partners and network, we do not think it prudent to provide full year guidance at this time.

由於 COVID-19 疫情的不斷變化以及它對我們所有人（包括我們的合作夥伴和網絡）構成的積極風險，我們認為此時提供全年指導並不謹慎。

We do not take this move lightly, especially because at this time, as I indicated in my opening remarks, volumes are running ahead of our expectations from earlier in the quarter.

我們不會掉以輕心，特別是因為此時，正如我在開場白中指出的那樣，交易量超出了我們本季度早些時候的預期。

That said, in light of the unprecedented nature of the current pandemic, the steps being taken to mitigate the outbreak and the sheer number of other variables outside our control, we believe that this is the best course of action.

話雖如此，鑑於當前大流行的史無前例的性質、為緩解疫情而採取的措施以及我們無法控制的大量其他變量，我們認為這是最好的行動方案。

We thank you in advance for your understanding on this matter, and we hope to be able to update you with more clarity on our Q1 call in early June.

我們提前感謝您對此事的理解，我們希望能夠在 6 月初的第一季度電話會議上為您提供更清晰的最新信息。

2019 was an important year for Chewy, and while I'll note that we were pleased with our IPO last June, it was just one step in a long journey.

2019 年對 Chewy 來說是重要的一年，雖然我注意到我們對去年 6 月的 IPO 感到滿意，但這只是漫長旅程中的一步。

We continue to believe that we are in early stages of a large market opportunity of offering pet parents a unique value proposition.

我們仍然相信，我們正處於為寵物父母提供獨特價值主張的巨大市場機會的早期階段。

We are working towards building an enduring franchise through exceptional rigor that delivers top line growth and expanded operating margins and disciplined cash flow management.

我們正在努力通過異常嚴謹的方式建立一個持久的特許經營權，以實現收入增長、擴大經營利潤率和嚴格的現金流管理。

We are as excited as ever about the opportunity ahead of us, and we look forward to a great 2020.

我們對擺在我們面前的機會一如既往地感到興奮，我們期待著美好的 2020 年。

Now I will turn the call over to Mario, who will provide the details on our Q4 results and walk you through our current financial outlook.

現在我將把電話轉給馬里奧，他將提供我們第四季度業績的詳細信息，並帶您了解我們目前的財務前景。

Mario?

馬里奧？

Thank you, Sumit.

謝謝你，蘇米特。

Good afternoon, everyone.

大家下午好。

Our fourth quarter results highlight our disciplined execution and the power of a customer-centric model combined with the convenience of e-commerce in the pet category.

我們第四季度的業績突出了我們嚴格的執行和以客戶為中心的模式的力量，以及寵物類別電子商務的便利性。

Fourth quarter net sales reached $1.35 billion, bringing our total fiscal 2019 net sales to $4.85 billion.

第四季度淨銷售額達到 13.5 億美元，使我們 2019 財年的總淨銷售額達到 48.5 億美元。

Removing the impact of the extra week in the fourth quarter last year, this represents 35% growth in the quarter and 40% growth for the year driven by continued growth in our customer base and net sales per active customer.

除去去年第四季度額外一周的影響，這意味著在我們的客戶群和每位活躍客戶的淨銷售額持續增長的推動下，該季度增長了 35%，全年增長了 40%。

Autoship customer sales growth outpaced overall net sales growth for both Q4 and full year 2019.

2019 年第四季度和全年的汽車銷售客戶銷售額增長均超過了整體淨銷售額增長。

Autoship customer sales for the fourth quarter of 2019 were $954.2 million, representing 70.4% of total net sales and reflected 40.8% growth compared to the fourth quarter of 2018.

2019 年第四季度 Autoship 客戶銷售額為 9.542 億美元，佔總淨銷售額的 70.4%，與 2018 年第四季度相比增長 40.8%。

Autoship customer sales for the full year were $3.36 billion or 69.4% of total net sales, reflecting 47.9% growth compared to 2018.

全年汽車客戶銷售額為 33.6 億美元，佔總淨銷售額的 69.4%，與 2018 年相比增長 47.9%。

We ended the fourth quarter and year with 13.5 million active customers, an increase of 2.9 million customers versus the end of fiscal year 2018.

我們在第四季度和第四季度結束時擁有 1350 萬活躍客戶，與 2018 財年末相比增加了 290 萬客戶。

The increase in active customers is new customers added in the period minus any customers who have not made a purchase in the last 364 days.

活躍客戶的增加是該期間增加的新客戶減去過去 364 天內未購買的任何客戶。

Net sales per active customer for fiscal 2019 increased 10.4% year-over-year to $360.

2019 財年每位活躍客戶的淨銷售額同比增長 10.4% 至 360 美元。

As a reminder, net sales per active customer for any period equals that period's trailing 4-quarter net sales divided by the number of active customers at the end of said period.

提醒一下，任何時期每位活躍客戶的淨銷售額等於該期間過去 4 個季度的淨銷售額除以該期間結束時的活躍客戶數量。

Net sales per active customer in fiscal 2018 and first 3 quarters of 2019 benefited by approximately $7 to $8 from the inclusion of the extra week in Q4 2018 without any corresponding increase in active customers.

2018 財年和 2019 年前 3 季度每位活躍客戶的淨銷售額從 2018 年第四季度的額外一周中受益約 7 至 8 美元，而活躍客戶沒有任何相應增加。

Q4 gross margin increased 320 basis points to 24.1%.

第四季度毛利率增長 320 個基點至 24.1%。

For the full year, gross margin increased 340 basis points to 23.6%.

全年毛利率增長 340 個基點至 23.6%。

As we have shared previously, our goal is to deliver gradual and incremental gross margin expansion on an annual basis.

正如我們之前所分享的，我們的目標是每年實現逐步和增量的毛利率增長。

2019 gross margins benefited from growth in average order values, higher Autoship sales, increasing mix from our newest verticals and the overall leveraging of our cost structure.

2019 年的毛利率受益於平均訂單價值的增長、更高的 Autoship 銷售額、來自我們最新垂直行業的組合增加以及我們成本結構的整體槓桿作用。

Q4 operating expenses, which include SG&A and advertising and marketing, were $386.8 million or 28.6% of net sales.

包括 SG&A 以及廣告和營銷在內的第四季度運營費用為 3.868 億美元，占淨銷售額的 28.6%。

For the full year 2019, operating expenses totaled $1.4 billion or 28.8% of full year net sales.

2019 年全年，運營費用總計 14 億美元，佔全年淨銷售額的 28.8%。

SG&A, which comprises all fulfillment costs, customer service, credit card processing fee, corporate G&A, public company costs and corporate payroll, including share-based compensation, totaled $284.9 million in the fourth quarter or 21% of net sales.

SG&A 包括所有履行成本、客戶服務、信用卡處理費、公司 G&A、上市公司成本和公司工資，包括基於股票的薪酬，第四季度總計 2.849 億美元，占淨銷售額的 21%。

Excluding share-based compensation and public company costs such as D&O insurance and increased audit and legal services, SG&A was 17.2% of net sales in the fourth quarter of 2019 compared to 15.8% last year.

不計股權薪酬和上市公司成本，如 D&O 保險以及增加的審計和法律服務，SG&A 佔 2019 年第四季度淨銷售額的 17.2%，而去年為 15.8%。

For full year 2019, SG&A was 20% of net sales compared to 16.7% in 2018.

2019 年全年，SG&A 占淨銷售額的 20%，而 2018 年為 16.7%。

Excluding share-based compensation and public company costs, SG&A was 16.8% of net sales in 2019 compared to 16.3% in 2018.

不計股權薪酬和上市公司成本，SG&A 佔 2019 年淨銷售額的 16.8%，而 2018 年為 16.3%。

We continue to aggressively manage our SG&A cost structure.

我們繼續積極管理我們的 SG&A 成本結構。

The operational areas of SG&A, fulfillment and customer service represents most of this line item.

SG&A、履行和客戶服務的運營領域代表了這一行項目的大部分。

In these areas, we have successfully scaled our head count and reduced our related expenses as a percent of net sales by 20 basis points in 2019.

在這些領域，我們成功地擴大了員工人數，並在 2019 年將相關費用占淨銷售額的百分比降低了 20 個基點。

The rate of growth we saw in SG&A in 2019 in excess of our net sales growth was almost exclusively related to the share-based compensation and the additional professional services and other costs associated with becoming and being a public company.

我們在 2019 年看到的 SG&A 增長率超過我們的淨銷售額增長率幾乎完全與股票薪酬以及與成為和成為上市公司相關的額外專業服務和其他成本有關。

As we look forward, we believe we will continue to scale SG&A in that, on a fully loaded basis, annual SG&A as a percentage of net sales should decline versus fiscal 2019.

展望未來，我們相信我們將繼續擴大 SG&A，因為在滿負荷的基礎上，年度 SG&A 占淨銷售額的百分比應該會比 2019 財年下降。

Looking at SG&A, excluding share-based compensation and public company expenses, we expect to see positive leverage materialize towards the back half of 2020.

從 SG&A 來看，不包括基於股票的薪酬和上市公司費用，我們預計將在 2020 年下半年看到積極的槓桿作用。

Q4 advertising and marketing was $101.8 million or 7.5% of net sales, tailing 330 basis points year-over-year.

第四季度廣告和營銷為 1.018 億美元，占淨銷售額的 7.5%，同比下降 330 個基點。

For the year, advertising and marketing improved 230 basis points to 8.8% of net sales.

全年，廣告和營銷提高了 230 個基點，占淨銷售額的 8.8%。

As Sumit mentioned, customer retention remains strong, and we are pleased that our various growth initiatives and investments in enhancing the customer experience are contributing to ongoing expansion in the lifetime value, or LTV, of our customers.

正如 Sumit 所提到的，客戶保留率仍然很高，我們很高興我們在增強客戶體驗方面的各種增長計劃和投資正在為客戶生命週期價值或 LTV 的持續增長做出貢獻。

LTV measures the cumulative contribution profit we derive from each of our cohorts.

LTV 衡量我們從每個群組中獲得的累積貢獻利潤。

When we compare our customer acquisition costs, or CAC, to lifetime values on our most recent marketing investments, we are finding equal or faster payback periods that prove out the efficacy of our recent efforts.

當我們將客戶獲取成本或 CAC 與我們最近的營銷投資的生命週期價值進行比較時，我們發現相同或更快的投資回報期證明了我們最近努力的有效性。

Fourth quarter net loss was $60.9 million as net margin improved 160 basis points to negative 4.5%.

第四季度淨虧損為 6090 萬美元，淨利潤率提高 160 個基點至負 4.5%。

Excluding share-based compensation of $45.9 million, our fourth quarter net loss was $15.1 million, and net margin improved 460 basis points to negative 1.1%.

不包括 4590 萬美元的股票薪酬，我們第四季度的淨虧損為 1510 萬美元，淨利潤率提高 460 個基點至負 1.1%。

For the full year, net loss was $252.4 million, and net margin improved 240 basis points to negative 5.2%.

全年淨虧損為 2.524 億美元，淨利潤率提高 240 個基點至負 5.2%。

Excluding share-based compensation of $136.2 million, our net loss was $116.1 million, and net margin improved 480 basis points to negative 2.4%.

不包括 1.362 億美元的股票薪酬，我們的淨虧損為 1.161 億美元，淨利潤率提高 480 個基點至負 2.4%。

Our Q4 adjusted EBITDA loss was $5.8 million, and our adjusted EBITDA margin improved 470 basis points to negative 0.4%.

我們第四季度調整後的 EBITDA 虧損為 580 萬美元，調整後的 EBITDA 利潤率提高了 470 個基點至負 0.4%。

For the full year 2019, adjusted EBITDA loss was $81 million, and our adjusted EBITDA margin improved 480 basis points to negative 1.7%.

2019 年全年，調整後 EBITDA 虧損為 8100 萬美元，調整後 EBITDA 利潤率提高 480 個基點至負 1.7%。

Improvements in both adjusted EBITDA and adjusted EBITDA margin reflect our ability to grow the top line, improvements in gross margin, scaling of advertising and marketing and improved efficiencies in SG&A, all of which is consistent with our 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增加收入的能力、毛利率的改善、廣告和營銷的規模以及 SG&A 效率的提高，所有這些都符合我們的長期可持續增長和利潤率戰略擴張。

Adjusted EBITDA continues to be a managed output in that we invest the profits we earn from repeat orders and the cash we generate from managing our working capital into new customer acquisition.

調整後的 EBITDA 仍然是一項管理產出，因為我們將通過重複訂單獲得的利潤和通過管理營運資金產生的現金投資於新客戶的獲取。

In Q4, we generated a positive free cash flow of $64.2 million, with $74.3 million of positive cash from operations offset by $10.1 million in capital investment.

在第四季度，我們產生了 6420 萬美元的正自由現金流，其中 7430 萬美元的運營正現金流被 1010 萬美元的資本投資所抵消。

Q4 is a seasonally strong cash-generating quarter for us, whereas in Q1, we expect to be a net user of cash.

第四季度對我們來說是一個季節性強勁的現金產生季度，而在第一季度，我們預計將成為現金的淨用戶。

Q4 capital investments were primarily comprised of cash outlays for IT equipment, capitalization of internal and external labor and payments associated with our new fulfillment centers in Dayton, Ohio and Salisbury, North Carolina.

第四季度的資本投資主要包括 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在俄亥俄州代頓和北卡羅來納州索爾茲伯里的新履行中心相關的付款。

For the full year 2019, free cash flow was negative $2.1 million, with $46.6 million of positive cash from operations, offset by $48.7 million in capital investments.

2019 年全年，自由現金流為負 210 萬美元，其中 4660 萬美元來自運營的正現金流，被 4870 萬美元的資本投資抵消。

We ended the year with $212 million in cash and cash equivalents on the balance sheet.

我們在資產負債表上擁有 2.12 億美元的現金和現金等價物。

As evidenced by our full year results, in 2019 we successfully reinvested our profits from existing customers and cash from working capital to essentially break even on a free cash flow basis.

正如我們的全年業績所證明的那樣，在 2019 年，我們成功地將來自現有客戶的利潤和來自營運資金的現金進行再投資，以在自由現金流的基礎上實現基本收支平衡。

Now I'll turn to guidance.

現在我將轉向指導。

Entering 2020, our team is singularly aligned on our mission, and we continue to see investment opportunities that will bolster our growth strategy and further extend our market leadership.

進入 2020 年，我們的團隊對我們的使命非常一致，我們繼續看到將支持我們的增長戰略並進一步擴大我們的市場領導地位的投資機會。

As Sumit mentioned, the disruption caused by the COVID-19 outbreak has altered consumer shopping behavior in recent weeks.

正如 Sumit 所提到的，最近幾週，由 COVID-19 爆發造成的破壞改變了消費者的購物行為。

We have seen this at Chewy as concerned pet parents stocked up on necessities like food and other essentials and as customers shift to their shopping from off-line to online channels in support of social distancing efforts.

我們在 Chewy 看到了這一點，因為擔心寵物父母囤積了食物和其他必需品等必需品，而且顧客從線下渠道轉向在線購物，以支持社交距離的努力。

Beginning in late February, we saw an acceleration in sales, which has continued through today, and our first quarter guidance reflects these trends.

從 2 月下旬開始，我們看到了銷售的加速增長，這種情況一直持續到今天，我們的第一季度指引反映了這些趨勢。

So for the first quarter of 2020, we are expecting net sales between $1.50 billion and $1.52 billion, representing year-over-year growth of between 35% and 37%.

因此，對於 2020 年第一季度，我們預計淨銷售額在 15 億美元至 15.2 億美元之間，同比增長 35% 至 37%。

To reiterate Sumit's comments, we are still in a rapidly evolving situation, one in which we are planning and adapting to swiftly and appropriately.

重申 Sumit 的評論，我們仍處於快速發展的形勢中，我們正在迅速適當地計劃和適應這一形勢。

And at this time, we do not believe it is prudent to provide full year guidance.

目前，我們認為提供全年指導並不謹慎。

While we are not giving full year guidance at this time, I will leave you with a few things to keep in mind as you build out your models.

雖然我們目前沒有提供全年指導，但在您構建模型時，我會留給您一些注意事項。

The high operational tempo required to meet peak demand periods like we are experiencing now can impact efficiency on the fulfillment side.

像我們現在所經歷的那樣，滿足高峰需求期所需的高運營節奏可能會影響履行方面的效率。

Also, when the coronavirus situation abates, we may experience some moderation of demand as customers draw down their stockpiled supplies.

此外，當冠狀病毒情況減弱時，隨著客戶減少庫存供應，我們的需求可能會有所放緩。

As you would expect from us by now, we are monitoring all relevant metrics, and we'll make decisions based on all available data, keeping the long-term strategic goals in mind.

正如您現在對我們所期望的那樣，我們正在監控所有相關指標，我們將根據所有可用數據做出決策，牢記長期戰略目標。

My last modeling note is a reminder that 2020, like 2019, will be a 52-week year.

我最後的建模筆記提醒我們，2020 年和 2019 年一樣，將是 52 週的一年。

In fact, we won't have another 53-week year until 2024.

事實上，到 2024 年，我們不會再有 53 週的年份。

I will conclude by saying we are pleased with our full year 2019 results and look forward to full year 2020.

最後，我要說，我們對 2019 年全年業績感到滿意，並期待 2020 年全年。

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 Lauren Cassel with Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Lauren Cassel。

I wanted to ask about the acceleration that you've seen since late February.

我想問一下你們自 2 月下旬以來看到的加速情況。

Maybe give us some color on what the key drivers of that acceleration have been.

也許讓我們了解一下加速的關鍵驅動因素是什麼。

Has it been existing customers placing larger orders or ordering more frequently?

是現有客戶下了更大的訂單還是更頻繁地訂購？

Or have you actually seen an acceleration in new customer growth over the past 4 to 5 weeks?

或者在過去的 4 到 5 週內，您是否真的看到了新客戶增長的加速？

Lauren, this is Sumit.

勞倫，這是蘇米特。

I'll take that.

我會接受的。

So first of all, I think as we anticipate, our business continues to be recession-resilient during this time, and we're proud to be serving millions of customers who are relying on us.

因此，首先，我認為正如我們預期的那樣，我們的業務在這段時間裡繼續保持經濟衰退的彈性，我們為能夠為數百萬依賴我們的客戶提供服務而感到自豪。

We've seen -- the acceleration in demand and the elevated demand patterns are coming from both sides.

我們已經看到——需求的加速和需求模式的上升來自雙方。

We've seen our existing customers, 13.5 million of them, order in, but we've also seen a meaningful lift in new customers coming in through the platform.

我們已經看到現有客戶（其中 1350 萬）訂購，但我們也看到通過該平台進入的新客戶顯著增加。

So at this point, it's a combination.

所以在這一點上，它是一個組合。

Okay.

好的。

Great.

偉大的。

And then just any incremental color on not specific numbers but just sort of the cadence of the acceleration.

然後只是沒有特定數字的任何增量顏色，而只是加速的節奏。

Has -- was there a peak maybe 2 weeks ago when things have moderated a bit, or are you still seeing really strong demand even this week?

有 - 可能在兩週前出現了一個高峰，當時情況有所緩和，或者即使在本週你仍然看到非常強勁的需求？

We are continuing to seeing strong demand through -- as Mario mentioned in the script, through the end of February up until as of yesterday.

正如馬里奧在劇本中提到的那樣，從 2 月底到昨天，我們繼續看到強勁的需求。

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。

First, I just wanted to ask about gross margins.

首先，我只是想問一下毛利率。

We saw the 320 basis points of year-over-year expansion.

我們看到了 320 個基點的同比擴張。

Can you just update us where you are on private label and how big you think that can become?

你能告訴我們你在自有品牌上的位置以及你認為它會變得多大嗎？

And then anything to specifically point out in terms of where you saw some other leverage and scale with partners?

然後有什麼要特別指出的，您在哪裡看到了與合作夥伴的其他影響力和規模？

And then just on the COVID-19 impact, just trying to understand kind of your view and confidence in your ability to handle the extra demand and now that -- I understand why you wouldn't give guidance for the full year, but given the fact that you're 2/3 through the quarter, as you pointed out, why not give the 1Q profit guide?

然後只是關於 COVID-19 的影響，只是想了解您的觀點以及對您處理額外需求的能力的信心，現在 - 我理解您為什麼不提供全年的指導，但考慮到事實上，正如您所指出的，您已經完成了本季度的 2/3，為什麼不給出 1Q 利潤指南呢？

Doug, this is Sumit.

道格，這是蘇米特。

I'll take that one.

我會拿那個。

So private brands continues to be a strategic vector for us.

因此，自有品牌仍然是我們的戰略載體。

We were -- we continue to see private brands grow at the rate of 1.5x.

我們 - 我們繼續看到自有品牌以 1.5 倍的速度增長。

We also continued to see private brands improve their profit margin roughly 500 basis points year-over-year.

我們還繼續看到自有品牌的利潤率同比提高約 500 個基點。

So -- and most of that was led by our focus on hard goods because as you remember from our strategy, we are careful about going into market not creating one-for-one SKU where customers might have loyalty to certain brands.

所以——其中大部分是由我們對硬商品的關注導致的，因為正如你從我們的戰略中記得的那樣，我們在進入市場時非常小心，而不是在客戶可能對某些品牌有忠誠度的情況下創建一對一的 SKU。

But where product lines are commoditized or where we can find differentiated value proposition, we are opportunistic about offering that assortment to -- and convenience to customers.

但是，在產品線被商品化或我們可以找到差異化價值主張的地方，我們在向客戶提供這種分類以及為客戶提供便利方面是機會主義的。

So that's how I would look at that.

所以我會這麼看。

In terms of COVID, your second question was do we -- hang on, handling the extra demand.

就 COVID 而言，您的第二個問題是我們 - 堅持下去，處理額外的需求。

Can you repeat the second question, Doug?

道格，你能重複第二個問題嗎？

Confidence in handling the extra demand that you're seeing in terms of fulfillment in the warehouses.

有信心處理您在倉庫履行方面看到的額外需求。

And then why not at least guide to profitability for fiscal 1Q?

那麼為什麼不至少為第一財季的盈利能力提供指導呢？

Okay.

好的。

Okay.

好的。

Yes, yes.

是的是的。

So super proud of the internal team at Chewy at this time coming together in the way that we have.

為 Chewy 的內部團隊在這個時候以我們擁有的方式聚集在一起感到非常自豪。

We continue to take care of our team members, and our team members continue to take care of our customers.

我們繼續照顧我們的團隊成員，我們的團隊成員繼續照顧我們的客戶。

Of course, demand requires executing to it, and we're executing to our demand.

當然，需求需要執行，我們正在執行我們的需求。

We don't have concerns.

我們沒有顧慮。

All of the controllable factors, which we control, we're maniacally focused on.

我們控制的所有可控因素，我們都瘋狂地關注。

And we believe our ability to execute is -- and confidence towards executing that demand remains high.

我們相信我們的執行能力是——並且對執行這一需求的信心仍然很高。

In terms of not guiding to profit, we believe that we're still in a rapidly evolving situation.

在不引導利潤方面，我們認為我們仍處於快速發展的局面。

We're making -- we're seeing headwinds and tailwinds that might -- that do not provide us the full clarity at this time.

我們正在製造 - 我們正在看到可能的逆風和順風 - 目前無法為我們提供完全清晰的信息。

For example, we're making meaningful investments in personnel in -- to make sure that our employees feel valued at this time.

例如，我們正在對人員進行有意義的投資——以確保我們的員工此時感到受到重視。

And we're also investing in making sure that we are hiring 6,000 to 10,000 more people during this time.

我們還在投資以確保在此期間招聘 6,000 到 10,000 人。

So our level of operation and investment is as you would expect to see during peak periods.

因此，我們的運營和投資水平正如您在高峰期所期望的那樣。

We've also invested in elevated sanitization and cleaning procedures.

我們還投資於提高消毒和清潔程序。

On the flip side, on -- if you look at the demand side, we're seeing increased OE and increased participation from customers, but we're also seeing an increased meaningful lift in new customers that actually -- where we have to provide first-time discounts and Autoship discounts that are going out.

另一方面，如果你看需求方面，我們看到 OE 增加，客戶參與度增加，但我們也看到新客戶的有意義的提昇實際上是我們必須提供的即將推出的首次折扣和自動發貨折扣。

And then finally, we're just not sure of any kind of disruptions that might occur from this point onwards.

最後，我們只是不確定從那時起可能會發生任何類型的中斷。

So at this point, we don't believe it's prudent to provide profit guidance.

因此，在這一點上，我們認為提供利潤指導並不謹慎。

Is that 6,000 to 10,000 you mentioned, is that all in fulfillment centers?

您提到的 6,000 到 10,000 是在履行中心嗎？

Or is some of that in customer service as well?

還是在客戶服務中也有一些？

It is primarily in fulfillment centers to handle the demand shock that we've seen.

它主要在履行中心處理我們所看到的需求衝擊。

We're seeing slightly elevated levels of backlog, and to handle that backlog, we're upping our forecast at this point for labor, which we're proud of.

我們看到積壓的水平略有上升，為了處理這些積壓，我們目前正在上調我們對勞動力的預測，這是我們引以為豪的。

I mean supporting employment at this time in the marketplace is something that we're proud that we're doing.

我的意思是在這個時候在市場上支持就業是我們為我們正在做的事情而感到自豪的事情。

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。

I wanted to ask about what -- stock-outs and extended shipping times, what impacts that's having on demand.

我想問一下——缺貨和延長的運輸時間，這對需求有什麼影響。

It does not seem to be dissuading purchases.

它似乎並沒有勸阻購買。

We've done some simple polling, and it says, "Hey, I may not be getting the beef, but I'm switching over to chicken," that type of thing.

我們做了一些簡單的民意調查，它說，“嘿，我可能吃不到牛肉，但我正在改吃雞肉，”那種事情。

Can you talk about is it dissuading purchases or causing breakage?

您能談談是勸阻購買還是造成破損？

Or is it instead a substitution maybe into more private label?

或者它是否可以替代更多的私人標籤？

Can you unpack that a bit for us?

你能幫我們解開一點嗎？

Sure.

當然。

So we've seen no material disruption to supply chain or customer ordering behavior.

因此，我們沒有看到供應鍊或客戶訂購行為出現重大中斷。

Our conversion for the most part remains intact.

我們的轉變在很大程度上保持不變。

And the reason for that is as you intuited.

原因正如你所直覺。

Even though a small percentage of our portfolio is out of stock, most customers -- or 2 points there: One, we preempt and protect and reserve inventory allocation for our Autoship customers.

儘管我們的產品組合中有一小部分缺貨，但大多數客戶 - 或有 2 分：第一，我們為 Autoship 客戶搶占並保護和保留庫存分配。

And then two, most customers are able to either switch into a different pattern, design or brand.

其次，大多數客戶能夠轉換成不同的圖案、設計或品牌。

So the overall loss at this point is minimal driven by out-of-stocks.

因此，此時的整體損失是由缺貨驅動的。

We're also jointly deep with planning and recovery efforts with our suppliers and vendors who are being super supportive at this point.

我們還與我們的供應商和供應商一起深入規劃和恢復工作，他們在這一點上提供了超級支持。

Your next question comes from Mark Mahaney with RBC.

您的下一個問題來自 RBC 的 Mark Mahaney。

I have 2 questions, please.

我有2個問題，請。

First, that increase in the -- is it APC -- APPA estimate of pet sales, Sumit, do you have any detail behind that?

首先，增加 - 是 APC - APPA 對寵物銷售的估計，Sumit，你有什麼背後的細節嗎？

What would have caused them to increase their estimates?

什麼會導致他們增加他們的估計？

Any color there?

那裡有顏色嗎？

I assume you probably have a little bit of the background on that.

我想你可能對此有一點背景。

And then in terms of the new customers that have come on, you talked about the acceleration in growth, greater-than-expected growth, whatever this quarter being both existing and the new customers.

然後就已經出現的新客戶而言，您談到了增長的加速，超過預期的增長，無論本季度是現有客戶還是新客戶。

Do you have any read into what the quality of these new customers is like in the first 4, 6 weeks?

您是否了解這些新客戶在前 4、6 週內的質量如何？

Are they acting like new customers have in the past?

他們是否像過去的新客戶一樣行事？

Is there anything that suggests that they are going to be less loyal, less spending in the future with you, that they're migrating faster or slower?

是否有任何跡象表明他們將不那麼忠誠，未來與你的花費更少，他們遷移得更快或更慢？

Is there anything that suggest that they're going to act differently than your prior cohorts?

是否有任何跡象表明他們的行為會與你之前的同類不同？

Or is it just too early to tell?

還是說現在還為時過早？

Mark, both good questions.

馬克，兩個好問題。

I'll take the second one first.

我先拿第二個。

It is too early for us to tell.

我們現在說還為時過早。

We know that we are offering the same great service and similar value proposition.

我們知道我們提供同樣優質的服務和類似的價值主張。

Some of the core input metrics of AOE and units per order and basket size and the mixing seems very similar to our existing cohorts.

AOE 的一些核心輸入指標和每個訂單的單位和籃子大小以及混合似乎與我們現有的同類群組非常相似。

But then again, we're acquiring these customers during duress and an unprecedented time, and so it's hard for us to really calculate at this time how sticky these customers are going to be or how much similarly they're going to behave through our existing cohorts.

但是話又說回來，我們是在脅迫和前所未有的時期獲得這些客戶的，因此我們目前很難真正計算出這些客戶的粘性或通過我們現有的行為會有多大的相似性同夥。

That being said, we are going to work very hard on our side to ensure that we have -- we engender long-term loyalty from this particular cohort that we're acquiring during this time.

話雖如此，我們將非常努力地工作，以確保我們擁有 - 我們在此期間獲得的這個特定群體的長期忠誠度。

So the bits -- that's sort of the checks and balances that I was talking about when I was answering Doug's question earlier as well.

所以這些位——這也是我在早些時候回答道格的問題時所說的製衡。

In terms of the first question, I think the increase is driven by a couple of different trends.

關於第一個問題，我認為增長是由幾個不同的趨勢驅動的。

One, there's a lot more awareness about pets.

一，對寵物的認識要多得多。

And as millennials come into the marketplace, there's a higher degree of pet ownership that we're seeing from that segment.

隨著千禧一代進入市場，我們從該細分市場看到了更高程度的寵物所有權。

Number two, we've always known and talked about the premiumization in this space, which is actually pushing up ASPs for newer and fresher categories that are entering the marketplace right now that might mature over the next few years.

第二，我們一直都知道並談論這個領域的高端化，這實際上推動了正在進入市場的更新和更新類別的平均售價，這些類別可能在未來幾年內成熟。

So likely a combination there.

所以很可能是那裡的組合。

We continue to monitor and watch this one.

我們將繼續監視和觀看這一事件。

Your next question comes from Eric Sheridan with UBS.

您的下一個問題來自瑞銀的 Eric Sheridan。

Thanks for the update, Sumit, from you and the team.

感謝您和團隊的更新，Sumit。

Hope everyone's family and friends are well, dealing with what we're dealing with.

希望每個人的家人和朋友都很好，處理我們正在處理的事情。

Wanted to ask a question about the data-driven marketing push.

想問一個關於數據驅動營銷推動的問題。

There's been a lot of dislocation in digital and the off-line advertising over the last 4 to 6 weeks.

在過去的 4 到 6 週內，數字廣告和線下廣告出現了很多錯位。

You guys have made a lot of investments around data-driven marketing.

你們圍繞數據驅動的營銷進行了大量投資。

Is there anything you guys are doing in terms of changing the channels where you might be allocating investments to drive positive ROI marketing decisions?

在改變可能分配投資以推動積極的投資回報率營銷決策的渠道方面，你們有沒有做任何事情？

Are you arcing any changes in the way you're making investment?

您是否正在改變您的投資方式？

Or are you seeing any changes in ROI in the current environment?

或者您是否看到當前環境下的投資回報率有任何變化？

Eric, thank you for the question.

埃里克，謝謝你的問題。

I hope you're safe and well as well.

我希望你也平安無事。

I won't speak to the specific channels for competitive sensitivity reasons.

出於競爭敏感性的原因，我不會談論具體的渠道。

I will provide overall color.

我將提供整體顏色。

We have seen a strong influx of organic demand, and we're utilizing and doubling down on our relationship- and content-driven marketing in this time to be able to reach consumers and utilizing those channels to be able to educate consumers not only on the benefit of health and wellness but also on how to engage with pets during stay at home.

我們已經看到大量的有機需求湧入，我們正在利用並加倍加強我們的關係和內容驅動的營銷，以便能夠接觸到消費者，並利用這些渠道來教育消費者，而不僅僅是健康和保健的好處，以及如何在家中與寵物互動。

So what that's done to us is it's driven -- we've taken advantage of this period and actually scaled back on marketing, where we believe it's not prudent to overspend during this time and are banking on those efficiencies during this time, fully realizing that we don't really, really, really know the quality of the cohort that we're acquiring, so we might have to go back and actually invest a little bit of that back into retention.

所以這對我們所做的是它是驅動的——我們已經利用了這段時間並實際上縮減了營銷規模，我們認為在這段時間內超支是不明智的，並且在這段時間內依靠這些效率，充分意識到我們並不真正、真正、真正了解我們所獲得的同類群組的質量，因此我們可能不得不返回並實際將其中的一部分投入到留存中。

But we'll continue to be data-driven and disciplined around that as well.

但我們將繼續以數據為導向，並圍繞這一點自律。

Your next question comes from Erin Wright with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Erin Wright。

How big is your pharmacy segment now?

你的藥房現在有多大？

Does that include prescription as well as over-the-counter therapeutics?

這包括處方藥和非處方藥嗎？

And are you seeing more meaningful traction just in the current environment?

您是否在當前環境中看到了更有意義的牽引力？

Are veterinarians more willing to work with you in light of the COVID disruption?

鑑於 COVID 中斷，獸醫是否更願意與您合作？

Erin, I'll start with the second one.

艾琳，我將從第二個開始。

We're not seeing material disruption at this point.

在這一點上，我們沒有看到實質性的破壞。

There are a couple of things that we're observing in the environment and the field right now.

我們現在正在環境和現場觀察到幾件事。

We're seeing vets more and more either reduce their hours or reduce the availability of services to more critical-type services.

我們看到越來越多的獸醫要么減少他們的工作時間，要么減少對更關鍵類型服務的服務可用性。

That being said, parasiticides and heartworm that drive primarily the share in the category, we haven't seen a -- we actually have seen continued growth, an acceleration across the pharmacy business for us during this time, fully realizing we're in peak.

話雖如此，主要推動該類別份額的殺蟲劑和心絲蟲，我們還沒有看到 - 我們實際上已經看到了持續增長，在此期間我們的藥房業務加速增長，充分意識到我們正處於高峰期.

I think another thing that we are benefited by is our scripts that are on Autoship continue to be fulfilled.

我認為我們受益的另一件事是我們在 Autoship 上的腳本繼續被執行。

And on the flip side -- and we haven't seen a drop in approval rates during this time.

另一方面——在這段時間裡，我們沒有看到批准率下降。

So on a macro level, we're not seeing much.

所以在宏觀層面上，我們沒有看到太多。

Heartworm prescription is where you do need to go see the vet.

心絲蟲處方是您需要去看獸醫的地方。

And if the vet is closed, if there was any impact, we wouldn't be seeing it right now because there's a bit of a lag because only the scripts that are expiring in the last few weeks would be subject to that particular condition.

如果獸醫關閉，如果有任何影響，我們現在不會看到它，因為有一點滯後，因為只有在過去幾周到期的腳本才會受到這種特定條件的影響。

So that's -- hopefully, that provides a little bit of a color.

這就是- 希望這提供了一點顏色。

Overall, we continue to see strong demand and the same acceleration in our Rx business as well.

總體而言，我們繼續看到強勁的需求以及我們的 Rx 業務的同樣加速。

And then in our pharmacy, when we talk about pharmacy, we speak only specifically prescription.

然後在我們的藥房中，當我們談論藥房時，我們只說具體的處方。

We don't consider -- we're not counting OTC drugs as part of that.

我們不考慮 - 我們沒有將非處方藥計算在內。

Okay.

好的。

Great.

偉大的。

And then we also noticed -- this is another health care question, but we also noticed you had a meaningful presence at VMX this year for the first time.

然後我們還注意到 - 這是另一個醫療保健問題，但我們也注意到您今年第一次在 VMX 上有意義地出席。

Are you seeing material traction when establishing those formal relationships with veterinarians and utilization of your prescription management platform?

在與獸醫建立正式關係並使用您的處方管理平台時，您是否看到了實質性的吸引力？

I guess can you speak to sort of the economics behind some of those relationships directly with the veterinarians where you've been able to establish those?

我想您能否直接與您能夠建立這些關係的獸醫談談其中一些關係背後的經濟學？

Good question.

好問題。

We were at VMX because we continue to believe that we are a brand that can drive meaningful penetration into the category by educating consumers and driving more and more consumers to visit vet clinics, which then expands the overall share of the TAM that is currently available, not only by increasing the visits but also increasing repeat purchase rates for prescription.

我們之所以加入 VMX，是因為我們仍然相信，我們是一個能夠通過教育消費者和推動越來越多的消費者訪問獸醫診所來推動有意義地滲透到該類別的品牌，從而擴大目前可用的 TAM 的整體份額，不僅增加了訪問量，而且增加了處方的重複購買率。

On the basis of that, we are -- we were there educating -- displaying our products that essentially go towards educating customers.

在此基礎上，我們正在——我們在那裡進行教育——展示我們的產品，這些產品基本上是為了教育客戶。

We were also showcasing our products that we've developed for vet offices and for vets to be able to increase their productivity in office and also to invite them to write for Pet MD, which is a tremendous asset that they engage with that provides benefit back into our customers, and the vets actually are compensated for that.

我們還展示了我們為獸醫辦公室和獸醫開發的產品，以便能夠提高他們在辦公室的工作效率，並邀請他們為 Pet MD 寫作，這是他們參與的一項巨大資產，可以帶來收益進入我們的客戶，獸醫實際上得到了補償。

So there's a lot in the evolution right now.

所以現在有很多進化。

We were pleased to be there.

我們很高興在那裡。

We will continue to talk about how we can add meaningful value and also find opportunities where we can meaningfully partner with veterinarians, but still early in the journey there.

我們將繼續討論如何增加有意義的價值，並尋找可以與獸醫進行有意義合作的機會，但仍處於起步階段。

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 from us.

我們提出了兩個問題。

So first, Mario, can you elaborate a little bit on the first quarter guidance?

那麼首先，馬里奧，你能詳細說明一下第一季度的指導嗎？

March accelerated nicely with Feb -- compared to Feb.

與 2 月相比，3 月與 2 月相比加速很好。

Are you expecting acceleration in April in your outlook?

您是否預計 4 月份的前景會加速？

And is there any way you can kind of maybe quantify the March trends versus Feb?

有沒有什麼方法可以量化 3 月與 2 月的趨勢？

And then a big-picture question for Sumit.

然後是 Sumit 的一個宏觀問題。

Where do you think online/off-line mix would be in the post-COVID-19 world?

您認為在 COVID-19 之後的世界中，在線/離線混合會在哪裡？

Do you expect any meaningful disruption to the off-line channels that could accelerate the online penetration gains in the next, say, 12 to 18 months?

您是否預計在接下來的 12 到 18 個月內，可能會加速在線滲透率增長的線下渠道的任何有意義的中斷？

Deepak, good to talk to you.

迪帕克，很高興和你談談。

To your question on what we expect in April, look, we just provided guidance.

對於您對我們在 4 月的預期的問題，請看，我們剛剛提供了指導。

And the fact is that we are operating in an unprecedented time, and the situation is evolving as we speak.

事實是，我們正處於一個前所未有的時代，而且在我們說話的時候，情況也在不斷變化。

So at this time, I think we're comfortable providing the guidance that we just shared a few minutes ago, and there's probably nothing more to add in terms of speed or velocity in -- for April.

所以在這個時候，我認為我們很樂意提供我們幾分鐘前剛剛分享的指導，而且可能沒有什麼可以在四月份的速度或速度方面增加了。

Deepak, this is Sumit.

迪帕克，這是蘇米特。

In terms of the second question, we've always maintained the data that we've known is the online penetration should get to north of 20%, 25% over the next couple of years.

關於第二個問題，我們一直保持我們所知道的數據是在線滲透率應該在未來幾年達到 20%、25% 以上。

We remain bullish on that trend.

我們仍然看好這一趨勢。

We don't know why online penetration cannot get north of 35%, 40%, 45%.

我們不知道為什麼在線滲透率不能超過 35%、40%、45%。

And occurrences like the one that we're in right now provide motivation and tailwinds to a shift in consumer pattern and behavior.

像我們現在所發生的那樣的事件為消費者模式和行為的轉變提供了動力和順風。

We are yet to obviously see how much of that is going to be sticky over the long term, but there's definitely going to be an impact here over the long term.

從長遠來看，我們還沒有清楚地看到其中有多少是粘性的，但從長遠來看，肯定會產生影響。

Your next question comes from Mark Kelley with Nomura.

您的下一個問題來自野村的 Mark Kelley。

Two quick ones.

兩個快的。

The first one, just on the acceleration that you're seeing.

第一個，就在你看到的加速度上。

Curious if it's concentrated in the hardest-hit areas like in New York City area?

好奇它是否集中在紐約市等受災最嚴重的地區？

Or is it broader than that?

還是比這更廣泛？

And second, I'd love to hear what you guys are seeing on the advertising front given that your ad budget is fairly broad.

其次，鑑於你們的廣告預算相當廣泛，我很想听聽你們在廣告方面的看法。

You gave some good color on the D&P a bit, but curious where are you seeing the biggest opportunities with less demand on the advertising front.

您對 D&P 進行了一些很好的說明，但很好奇您在哪裡看到了對廣告需求較少的最大機會。

Mark, good to hear from you.

馬克，很高興收到你的來信。

No, we're not seeing any major concentrations in the way that demand is right now segregated.

不，我們沒有看到目前需求被隔離的方式有任何重大集中。

We're seeing a fairly uniform lift across the country, and we're fulfilling that across our fulfillment centers all across the country.

我們在全國范圍內看到了相當統一的提升，我們正在全國各地的履行中心實現這一目標。

In terms of advertising channels, I will refrain from speaking specifically to the advertising channels again for sensitivity reasons.

在廣告渠道方面，出於敏感原因，我將不再專門針對廣告渠道發言。

But we -- as you would expect, I mean, people are -- folks have more time to be able to engage with content-driven channels.

但是我們——正如你所期望的，我的意思是，人們是——人們有更多的時間來參與內容驅動的渠道。

And we are fairly, fairly observant of that, and we're adapting to our strategy in a similar manner and also pulling back on channels where we don't believe is optimal due to the organic nature of people translating their queries and, therefore, being able to find us in an organic fashion.

我們對此相當、相當觀察，我們正在以類似的方式適應我們的策略，並且由於人們翻譯他們的查詢的有機性質，我們也撤回了我們認為不是最佳的渠道，因此，能夠以有機的方式找到我們。

Hopefully, that provides some color.

希望這能提供一些顏色。

Your next question comes from Brent Thill with Jefferies.

您的下一個問題來自 Jefferies 的 Brent Thill。

Just on the head count side, if you took the midpoint of your head count hiring, that would be a 67% increase from the February.

就人數而言，如果你計算招聘人數的中點，那將比 2 月份增加 67%。

And I'm just curious how you think about the efficiency of those hires, and there's been a lot of conversations around the cost of hiring right now.

我只是好奇你如何看待這些招聘的效率，現在有很多關於招聘成本的討論。

Give us a sense of how you're able to build that out with controlling the expense scale.

讓我們了解您如何通過控制費用規模來實現這一目標。

We continue to see head count leverage across our businesses that are stable and mature across corporate head count, and we're very prudent and very disciplined in the way that we invest for that head count.

我們繼續看到我們業務中的員工人數槓桿在公司員工人數方面是穩定和成熟的，我們在投資人數方面非常謹慎和自律。

To give you a perspective, we're a company of somewhere between 13,000, 14,000 employees.

為了給您一個視角，我們是一家擁有 13,000 到 14,000 名員工的公司。

And our corporate, even at this point, at being the scale that we are, is roughly 1,200 people.

我們的公司，即使在這一點上，就我們現在的規模而言，大約有 1,200 人。

So most of our investments are in fulfillment and customer service.

因此，我們的大部分投資都在履行和客戶服務方面。

And the -- we are continuing to invest in our fulfillment capabilities and customer service to be able to service customers because that really is our moat in the way that we earn trust and maintain long-term loyalty.

而且 - 我們將繼續投資於我們的履行能力和客戶服務，以便能夠為客戶服務，因為這確實是我們贏得信任和保持長期忠誠度的護城河。

And when you think about the positive momentum you're seeing, does that give you more conviction to experiment and look at adjacent spaces where you're at?

當你想到你所看到的積極勢頭時，這是否會讓你更有信心去嘗試和觀察你所在的相鄰空間？

Or do you say, in this period, just stay focused on your core mission right now, which is the core products you're serving today?

或者你說，在這個時期，只關注你現在的核心使命，你今天服務的核心產品是什麼？

We continue to remain focused in making sure that experience is protected and our services are coming across to customers in a high-fidelity, high-accuracy manner.

我們將繼續專注於確保體驗受到保護，並且我們的服務以高保真、高精度的方式傳遞給客戶。

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。

Yes, I think my question might have been touched on at several other places.

是的，我認為我的問題可能已經在其他幾個地方被觸及。

But as you've seen an acceleration in Q1 particularly as we've come into stay-at-home and work-at-home environment, are you also seeing a drop in the marketing costs to acquire those customers, both from the fact that there are more customers coming in the door?

但是，正如您在第一季度看到的加速增長，特別是當我們進入居家和在家工作的環境時，您是否也看到了獲得這些客戶的營銷成本下降，這兩個事實都是有更多的顧客進門？

But additionally, have other companies pulled out of marketing channels that have allowed you to now make less expensive options available?

但此外，是否有其他公司退出了讓您現在可以提供更便宜的選擇的營銷渠道？

Both of those assumptions are correct.

這兩個假設都是正確的。

I won't go into quantifying each of them versus the other.

我不會去量化它們中的每一個與另一個。

But yes, there is a higher degree of marketing efficiency and a greater yield, and the dollar invested is going much further.

但是，是的，營銷效率更高，收益更高，投資的美元走得更遠。

But then again, remember, we are not sure of the quality of the cohort that we're acquiring, so we stand ready to ensure that we're engaging with customers and reinvesting to -- for long-term retention purposes.

但話又說回來，請記住，我們不確定我們所獲得的同類群組的質量，因此我們隨時準備確保我們與客戶互動並進行再投資 - 以實現長期保留的目的。

Well, I know you said that there was a little bit of what you think of this kind of panic buying or hoarding mentality that people were building up supply.

嗯，我知道你說過，你對這種恐慌性購買或囤積心態有一點看法，人們正在增加供應。

Of your new customers coming in, were they at a similar percentage that were signing up for your Autoship as normal?

在您的新客戶中，他們與正常情況下註冊您的 Autoship 的百分比相似嗎？

More or less, yes.

或多或少，是的。

Your next question comes from Oliver Wintermantel with Evercore ISI.

您的下一個問題來自於 Evercore ISI 的 Oliver Wintermantel。

Yes, I'm -- just on the existing customers that are now spending more, is it more ticket or traffic?

是的，我只是針對現在花費更多的現有客戶，是更多的票還是更多的流量？

So in other words, is it more do they spend more?

所以換句話說，他們花的錢越多嗎？

Or do they just come more often right now?

還是他們現在來得更頻繁？

And the related question to that is, of the sales, is that mostly consumable?

與此相關的問題是，在銷售方面，這主要是消耗品嗎？

Or do you also see hard goods and pharma sales?

或者您是否也看到硬商品和藥品銷售？

Oliver, this is Mario.

奧利弗，這是馬里奧。

I'll take that one.

我會拿那個。

It's a combination of both.

這是兩者的結合。

So existing customers buying up bigger baskets and also placing more orders.

因此，現有客戶會購買更大的籃子並下更多訂單。

In terms of what we're seeing in the mix of what they're buying, it is, as in the past, we see a larger uptick -- a greater percentage of the sales being on the consumable side, and it's the kind of behavior you would expect if you were stocking the pantry.

就我們在他們購買的產品組合中看到的情況而言，與過去一樣，我們看到了更大的增長——更大比例的銷售是在消耗品方面，這是一種如果您在儲藏室備貨，您會期望的行為。

I can provide some more color there.

我可以在那裡提供更多顏色。

So you're seeing essentials as #1.

因此，您將必需品視為#1。

We're seeing -- with also the pet adoption trend that's up, so a lot of new pets being brought home, we're seeing a healthy uptick on the hard goods side, everything that a pet parent would need to service that need.

我們看到 - 隨著寵物收養趨勢的上升，很多新寵物被帶回家，我們看到硬商品方面的健康上升，寵物父母需要滿足這一需求的一切。

And then the category that might be really impacted at this time across the industry is truly discretionary spend such as pet tech.

然後，此時整個行業可能真正受到影響的類別是真正的可自由支配支出，例如寵物技術。

Your next question comes from Dylan Carden with William Blair.

您的下一個問題來自 Dylan Carden 和 William Blair。

Just curious, reading some things to suggest things, particularly like fostering and adoption is maybe up in this environment.

只是好奇，閱讀一些東西來提出一些建議，尤其是在這種環境中可能會出現培養和收養。

Are you seeing -- of the new customers coming in, can you tell how many of those are actually new pet owners as well?

您是否看到 - 在新客戶中，您能說出其中有多少實際上是新的寵物主人嗎？

And then can you just remind us sort of what happened in the last recession as per the acceleration in this space, sort of what drove that and, well, maybe you're expecting from here?

然後你能提醒我們上次經濟衰退中發生了什麼，就像這個領域的加速一樣，是什麼推動了這一點，好吧，也許你期待從這裡開始？

Could you repeat the question, please?

請你再重複一遍這個問題好嗎？

We didn't quite catch it.

我們沒有完全抓住它。

Sorry about that.

對於那個很抱歉。

Yes, just curious if you're seeing any -- of the new customers coming in in this environment, if you can tell how many are also new pet owners, and if there's any sort of reason to suggest that might be a stickier long-term customer?

是的，只是好奇你是否看到任何新客戶進入這種環境，你是否能說出有多少也是新寵物主人，以及是否有任何理由表明這可能會更粘人——長期客戶？

And then why the industry itself accelerated in the last recession, what was sort of the driving force behind that?

那麼為什麼行業本身在上次衰退中加速，這背後的驅動力是什麼？

So we haven't really gone back to the drawing board and pulled that data.

所以我們還沒有真正回到繪圖板並提取數據。

It would be dependent upon customers creating a pet profile and telling us really how many are new pet parents or -- so it's a little bit harder to sort of really get at that right now as we're focused on really handling the demand shock and making sure that our experience and fulfillment remains intact.

這將取決於客戶創建寵物檔案並告訴我們真正有多少是新的寵物父母，或者 - 所以現在要真正了解這一點有點困難，因為我們專注於真正處理需求衝擊和確保我們的經驗和成就保持不變。

On the increase, I mean, the fact that the nature of this business is recurring staple purchases, and during this time, attention and care for pets actually goes up, a combination of all of that is what, in our mind, maintains and drives the spending patterns during times like these.

我的意思是，這項業務的性質是經常性的主食購買，在此期間，對寵物的關注和照顧實際上上升了，所有這些的結合是我們認為維持和推動的在這樣的時期的消費模式。

Ladies and gentlemen, we have reached the end of the allotted time for the question-and-answer session.

女士們，先生們，我們已經到了問答環節的規定時間。

I will turn the call back over to management for closing remarks.

我會將電話轉回給管理層以結束髮言。

Thanks all for the continued interest in Chewy.

感謝大家對 Chewy 的持續關注。

Please stay safe.

請注意安全。

Stay healthy.

保持健康。

And we will talk to you again in June.

我們將在六月再次與您交談。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。