(CHWY) 2022 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Chewy Q1 FY '22 Earnings Call. My name is Hannah, and I will be your moderator for today's call. (Operator Instructions)

下午好。感謝您參加今天的 Chewy Q1 FY '22 財報電話會議。我的名字是漢娜，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the conference over to our host, Robert LaFleur, Vice President of Investor Relations. Please go ahead.

我現在想將會議轉交給我們的主持人，投資者關係副總裁羅伯特·拉弗勒。請繼續。

Thank you for joining us on the call today to discuss our first quarter 2022 results. Joining me today are Chewy's CEO, Sumit Singh; and CFO, Mario Marte.

感謝您今天加入我們的電話會議，討論我們 2022 年第一季度的業績。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 earlier today, have been posted to the Investor Relations section of our website, investor.chewy.com.

我們今天早些時候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。

On our call today, we will be making forward-looking statements, including statements concerning Chewy's future prospects, financial results, business strategies, investments, industry trends, and our ability to successfully respond to business risks, including those related to the spread of COVID-19. 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.

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、投資、行業趨勢以及我們成功應對業務風險（包括與 COVID 傳播相關的風險）的能力的陳述-19。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. Also note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law. For further information, please refer to the risk factors and other information in Chewy's 10-Q and 8-K filed earlier today and in our other filings with the SEC.

報告的結果不應被視為未來業績的指標。另請注意，本次電話會議的前瞻性陳述是基於我們截至今天可獲得的信息。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。有關更多信息，請參閱 Chewy 今天早些時候提交的 10-Q 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. Reconciliations of these non-GAAP items to the most directly comparable GAAP financial measures are provided on our Investor Relations website and in today's SEC filings. These non-GAAP measures are not intended as a substitute for GAAP results. Additionally, unless otherwise noted, results discussed today refer to the first quarter '22 and all comparisons are accordingly against the first quarter of 2021.

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。我們的投資者關係網站和今天提交給美國證券交易委員會的文件中提供了這些非公認會計原則項目與最直接可比的公認會計原則財務指標的對賬。這些非 GAAP 措施不能替代 GAAP 結果。此外，除非另有說明，今天討論的結果是指 22 年第一季度，所有比較都相應地與 2021 年第一季度進行比較。

Finally, this call in its entirety is being webcast on our Investor Relations website. A replay of this call will be also available on our IR website shortly. I'd now like to turn the call over to Sumit.

最後，本次電話會議的全部內容正在我們的投資者關係網站上進行網絡直播。該電話的重播也將很快在我們的 IR 網站上提供。我現在想把電話轉給 Sumit。

Thanks, Bob, and hello, everyone. On our Q4 earnings call in March, I characterized the environment at that time as a tug of war between the fundamentally strong consumer demand that underpins our business and the challenging operating environment. When evaluated through that lens, Q1 2022 was not much different, which is why I'm even more proud of our results. Across the organization, from our frontline teams and fulfillment and customer care to our corporate team members, Chewtopians came together and delivered topnotch service to our customers and strong top line and bottom line results for our shareholders. Our Q1 results are a testament to the resiliency of the pet category and clearly demonstrate our ability to capture consumer share of wallet and execute against our stated objectives. So with that, let's review our Q1 performance.

謝謝，鮑勃，大家好。在 3 月份的第四季度財報電話會議上，我將當時的環境描述為支撐我們業務的基本強勁的消費者需求與充滿挑戰的經營環境之間的拉鋸戰。通過這個鏡頭進行評估時，2022 年第一季度並沒有太大的不同，這就是為什麼我對我們的結果感到更加自豪的原因。在整個組織中，從我們的一線團隊、履行和客戶服務到我們的企業團隊成員，Chewtopians 齊心協力，為我們的客戶提供一流的服務，並為我們的股東提供強勁的頂線和底線結果。我們的第一季度業績證明了寵物類別的彈性，並清楚地證明了我們獲得消費者錢包份額並執行我們既定目標的能力。因此，讓我們回顧一下我們第一季度的表現。

2022 is off to a good start as we delivered solid top line growth and sequential improvements in both gross margin and overall profitability. Q1 net sales increased 14% to $2.43 billion. Consumables and health care were the strongest categories this quarter, reflecting their nondiscretionary nature and higher Autoship penetration rates. Notably, first quarter Autoship customer sales increased to 72.2% of net sales, which is a new record high for the company.

2022 年開局良好，因為我們實現了穩健的收入增長以及毛利率和整體盈利能力的連續改善。第一季度淨銷售額增長 14% 至 24.3 億美元。消耗品和醫療保健是本季度最強勁的類別，反映了它們的非自由裁量性質和更高的 Autoship 滲透率。值得注意的是，第一季度 Autoship 客戶銷售額占淨銷售額的 72.2%，創下公司歷史新高。

We saw strong spending behavior from both new and existing customers, as Q1 net sales per active customer or NSPAC increased 15% and reached an all-time high of $446. As a reminder, NSPAC is a powerful indicator and input to our long-term revenue growth. Since the pandemic began, we have grown NSPAC by $86 or 24%. The power of NSPAC metric is more fully appreciated when you also consider the fact that approximately 2/3 of our active customers have been acquired within just the last 3 years. So they're still relatively early in the process of consolidating their spend with us.

我們看到新老客戶都表現出強勁的消費行為，第一季度每位活躍客戶或 NSPAC 的淨銷售額增長了 15%，達到了 446 美元的歷史新高。提醒一下，NSPAC 是我們長期收入增長的有力指標和投入。自大流行開始以來，我們的 NSPAC 增長了 86 美元或 24%。當您還考慮到我們大約 2/3 的活躍客戶是在過去 3 年內獲得的這一事實時，NSPAC 指標的力量就會得到更充分的讚賞。因此，他們在整合與我們的支出的過程中仍處於相對早期的階段。

Overlaying this tenure data with a consistent lifetime spending curves our customers demonstrate over time, spending less than $200 their first year, over $400 by their second year, approximately $700 by their fifth year, with our oldest cohorts spending nearly $1,000 per year, you can truly appreciate how much future revenue growth is already embedded in our active customer base, revenue potential, which we can and will unlock over time.

將這些任期數據與我們的客戶隨時間推移展示的一致的終生消費曲線疊加起來，第一年花費不到 200 美元，第二年超過 400 美元，第五年大約 700 美元，我們最老的同夥每年花費近 1,000 美元，您可以真正體會到我們活躍的客戶群中已經嵌入了多少未來的收入增長，收入潛力，隨著時間的推移，我們可以並且將會解鎖。

Moving on to customers. Our active customer base grew 4.2% year-over-year and Q1 at 20.6 million. Mario will share specific details in his remarks, but let me spend a few moments talking about the customer engagement and cohort spending patterns that are key to understanding our business model. Each year, we acquire a new cohort of customers. While a certain percentage of those customers will attrite over time, we are focused on engaging with the high-value customers within each cohort, who will provide us with long-term record of revenue streams. These customers have predictable purchase patterns that are anchored by strong Autoship participation. They tend to stay with us over long periods of time and increase their spend with us year after year, which is clearly demonstrated in the cohort spend data I mentioned a moment ago.

轉向客戶。我們的活躍客戶群同比增長 4.2%，第一季度為 2060 萬。馬里奧將在他的講話中分享具體細節，但讓我花點時間談談對理解我們的商業模式至關重要的客戶參與和隊列消費模式。每年，我們都會獲得一批新客戶。雖然這些客戶中有一定比例會隨著時間的推移而流失，但我們專注於與每個群組中的高價值客戶互動，他們將為我們提供長期的收入流記錄。這些客戶具有可預測的購買模式，這些模式以強大的 Autoship 參與為基礎。他們傾向於長期與我們在一起，並年復一年地增加與我們的支出，這在我剛才提到的同類群組支出數據中得到了清楚的證明。

As a result of these predictable patterns, each cohort generates progressively more revenue for us every year, which more than replaces any revenue loss to subsequent cohort attrition. This pattern has repeated itself over time, resulting in net revenue retention in excess of 100% for each one of our cohorts going back to the original 2011 cohort. This is a key differentiator between our model and a fixed-rate subscription model. In our model, the ability to grow share of customer wallet over time is as important as adding customers is, if not more so, to the revenue flywheel that drives long-term growth.

由於這些可預測的模式，每個群組每年都會為我們帶來更多的收入，這足以彌補後續群組流失造成的任何收入損失。隨著時間的推移，這種模式不斷重複，導致我們每個群組的淨收入保留率都超過 100%，這可以追溯到最初的 2011 年群組。這是我們的模型與固定費率訂閱模型之間的關鍵區別。在我們的模型中，隨著時間的推移增加客戶錢包份額的能力與將客戶添加到推動長期增長的收入飛輪一樣重要，如果不是更重要的話。

Now shifting from top line and customer engagement to profitability. Q1 gross margin and adjusted EBITDA each showed positive sequential momentum from Q4. Q1 gross margin was 27.5%, down 10 basis points year-over-year and up 210 basis points sequentially compared to Q4 2021. We are pleased with the sequential rebound in gross margins, especially against the backdrop of a tough macro environment and our new outbound freight contract.

現在從頂線和客戶參與轉向盈利。第一季度毛利率和調整後 EBITDA 均顯示出自第四季度以來的正增長勢頭。第一季度毛利率為 27.5%，與 2021 年第四季度相比，同比下降 10 個基點，環比上升 210 個基點。我們對毛利率的連續反彈感到高興，特別是在宏觀環境嚴峻和我們的新出境貨運合同。

Our gross margin recovery this quarter reflects improved product margins, driven by pricing strength throughout Q1 and our disciplined execution around price management and promotions. Importantly, we have been able to execute these measures while preserving our competitive position in the market and maintaining the strong value proposition that customers expect from Chewy. Our Q1 gross margin performance also reflects the ongoing benefits of supply chain and logistics initiatives that we have undertaken to improve customer experience and to mitigate the higher freight costs associated with our new rate card and escalating fuel prices, which we said could be 100 to 150 basis points headwind this year.

我們本季度的毛利率恢復反映了產品利潤率的提高，這得益於整個第一季度的定價優勢以及我們圍繞價格管理和促銷的嚴格執行。重要的是，我們能夠在執行這些措施的同時保持我們在市場上的競爭地位，並保持客戶對 Chewy 的強烈價值主張。我們第一季度的毛利率表現也反映了我們為改善客戶體驗和減輕與我們的新費率卡和不斷上漲的燃料價格相關的更高運費成本而採取的供應鍊和物流計劃的持續收益，我們說這可能是 100 到 150今年的基點逆風。

In Q1, long zone shipments to customers improved 15% and on-time delivery improved sequentially by approximately 800 basis points, resulting in lower costs and a better customer experience. Even with our strong Q1 gross margin performance, we still expect the macro and supply chain environment to remain volatile and inflationary pressures to persist throughout the balance of the year. As always, we are prepared to react as these conditions change or as new challenges emerge.

第一季度，向客戶的長區發貨量提高了 15%，準時交貨量環比提高了約 800 個基點，從而降低了成本並改善了客戶體驗。儘管我們第一季度的毛利率表現強勁，但我們仍預計宏觀和供應鏈環境將保持波動，通脹壓力將在今年餘下時間持續存在。與往常一樣，我們隨時準備在這些情況發生變化或出現新挑戰時做出反應。

Moving on to marketing. Q1 advertising and marketing expenses scaled 80 basis points year-over-year to 6% of net sales. As I've articulated previously, we spend up to the level of optimal returns, closely monitoring marginal CPA and LTV levels, and our approach in Q1 was no different.

繼續營銷。第一季度廣告和營銷費用同比增長 80 個基點，占淨銷售額的 6%。正如我之前所闡述的，我們的支出達到了最佳回報水平，密切監控邊際 CPA 和 LTV 水平，我們在第一季度的方法也沒有什麼不同。

Q1 adjusted EBITDA was $60.5 million, and adjusted EBITDA margin was 2.5%, a year-over-year decline of 110 basis points. On a sequential basis, adjusted EBITDA margin improved 370 basis points from negative 1.2% in Q4, reflecting the strength of our gross margins, our focused execution as well as improved SG&A efficiency, which Mario will detail in his remarks.

第一季度調整後 EBITDA 為 6050 萬美元，調整後 EBITDA 利潤率為 2.5%，同比下降 110 個基點。在連續的基礎上，調整後的 EBITDA 利潤率從第四季度的負 1.2% 提高了 370 個基點，這反映了我們的毛利率、我們專注的執行以及提高的 SG&A 效率，馬里奧將在他的講話中詳細說明。

Moving out of our financials. I'd now like to update you on some of our latest innovations. Innovating to improve our customers' experience or value proposition is the cornerstone of our customer strategy. First up is CarePlus, our wellness and insurance offering, which is set to launch publicly this quarter. Recall that we've partnered with a high-quality partner in Trupanion to develop these bespoke wellness and insurance plans. CarePlus represents an important step in our mission to make pet health care more accessible and affordable.

擺脫我們的財務狀況。我現在想向您介紹我們的一些最新創新。創新以改善客戶體驗或價值主張是我們客戶戰略的基石。首先是 CarePlus，我們的健康和保險產品，將於本季度公開推出。回想一下，我們已經與 Trupanion 的優質合作夥伴合作開發這些定制的健康和保險計劃。 CarePlus 代表了我們使寵物保健更容易獲得和負擔得起的使命的重要一步。

Our wellness plans cover preventative care, such as annual exams, vaccines, routine lab tests, and parasiticides, while our insurance plans offer protection against accidents, unexpected illnesses and surgeries. Pet parents looking for comprehensive protection can purchase the plans together. As we built these bespoke plans, we were intentional about bringing together Chewy's unique assets that enable us to offer a differentiated value proposition to pet parents seeking wellness and insurance coverage. A few examples of this include access to Chewy's award-winning 24/7 customer care team for those seeking education on insurance.

我們的健康計劃涵蓋預防性護理，例如年度檢查、疫苗、常規實驗室測試和殺蟲劑，而我們的保險計劃則提供針對事故、意外疾病和手術的保護。尋求全面保護的寵物父母可以一起購買計劃。在製定這些定制計劃時，我們有意將 Chewy 的獨特資產整合在一起，使我們能夠為尋求健康和保險的寵物父母提供差異化的價值主張。這方面的一些例子包括為那些尋求保險教育的人訪問 Chewy 屢獲殊榮的 24/7 客戶服務團隊。

Our ability to offer telehealth service, connect with a vet as a program benefit to insurance customers, as well as 100% cash back after deductibles for medication purchase from Chewy Pharmacy. We also strive to make the vet experience and interaction with our offering seamless with direct payments at participating practices. Overall, CarePlus represents an opportunity to drive even greater brand loyalty, customer engagement and incremental consideration for health care purchases with Chewy.

我們提供遠程醫療服務的能力，與獸醫聯繫作為保險客戶的計劃福利，以及從 Chewy Pharmacy 購買藥物的免賠額後 100% 的現金返還。我們還努力使獸醫體驗和與我們產品的互動與參與診所的直接付款無縫銜接。總體而言，CarePlus 代表了一個機會，可以通過 Chewy 提高品牌忠誠度、客戶參與度和對醫療保健購買的更多考慮。

Today, we believe the U.S. pet insurance TAM is approximately $2.5 billion and covers less than 3% of the pet population. We see a compelling opportunity to serve our customers, expand this TAM, and gain meaningful market share in a highly profitable and underpenetrated part of the pet health ecosystem. We are looking forward to the launch and sharing our progress with you as we ramp up this exciting new offering.

今天，我們認為美國寵物保險 TAM 約為 25 億美元，覆蓋的寵物人口不到 3%。我們看到了一個令人信服的機會，可以為我們的客戶提供服務，擴大 TAM，並在寵物健康生態系統的高利潤和滲透率低的部分獲得有意義的市場份額。隨著我們推出這一令人興奮的新產品，我們期待著發布並與您分享我們的進展。

Moving to innovation within our logistics and supply chain, both the logistics initiatives that I mentioned on our last earnings call launched during Q1, and are off to a good start. Chewy Freight Services, or CFS, is our line-haul initiative where we are now operating a portion of our own middle mile network. We launched CFS in Phoenix market in Q1 and have since expanded it to cover 7 fulfillment centers or FCs. We will continue scaling this throughout 2022 and 2023.

在我們的物流和供應鏈中進行創新，我在上次財報電話會議上提到的這兩項物流計劃都是在第一季度推出的，並且開局良好。 Chewy Freight Services (CFS) 是我們的長途運輸計劃，我們現在在其中運營我們自己的中英里網絡的一部分。我們於第一季度在鳳凰城市場推出了 CFS，此後已將其擴展到 7 個履行中心或 FC。我們將在 2022 年和 2023 年繼續擴大規模。

Our second initiative, import routing, was also successfully launched in Q1. This initiative enables us to route international inventory more optimally and in larger batches, thereby improving our inventory allocation in our fulfillment centers and lowering our overall cost to serve. This initiative will be fully scaled in 2022.

我們的第二項舉措，進口路由，也在第一季度成功啟動。這一舉措使我們能夠以更優化的方式批量處理國際庫存，從而改善我們在履行中心的庫存分配並降低我們的整體服務成本。這一舉措將在 2022 年全面推廣。

And finally, let me wrap up this innovation section with an update on how our automated fulfillment centers are performing. The data points which I'm about to share showcase the magnitude of potential contribution that these FCs can have to our SG&A leverage and continue to give us the confidence that our strategy of investing in automated fulfillment centers is the right one. In Q1, we were able to significantly ramp our AVP2 Pennsylvania automated FC. As a result, AVP2 shipped over 10% of the entire network's volume at a variable fulfillment cost, which was 19% cheaper on average than our first-generation FCs.

最後，讓我以更新我們的自動化履行中心的表現來結束這個創新部分。我將要分享的數據點展示了這些 FC 對我們的 SG&A 槓桿作用的潛在貢獻的大小，並繼續讓我們相信我們投資自動化履行中心的戰略是正確的。在第一季度，我們能夠顯著提升我們的 AVP2 賓夕法尼亞自動化 FC。因此，AVP2 以可變的履行成本運送了超過 10% 的整個網絡量，這比我們的第一代 FC 平均便宜 19%。

During its peak weeks in Q1, this AVP2 site demonstrated overall throughput that was approximately 60% higher than the average throughput of our legacy FC network. We are encouraged by these results and believe that as we scale our network of automated FCs, this operational strategy will enable us to reduce our capital spend in the FC network footprint, thereby unlocking greater SG&A leverage and expanding free cash flow.

在第一季度的高峰期，這個 AVP2 站點的總吞吐量比我們傳統 FC 網絡的平均吞吐量高出大約 60%。我們對這些結果感到鼓舞，並相信隨著我們擴展我們的自動化 FC 網絡，這一運營策略將使我們能夠減少我們在 FC 網絡足跡中的資本支出，從而釋放更大的 SG&A 槓桿並擴大自由現金流。

Before turning over to Mario, let me close by saying that, even with the uncertainty that we see in today's macro environment, nothing has shaken our confidence in the secular current, which continues to flow strongly towards higher pet ownership, more per pet spending and greater online penetration, nor shaken our confidence in our long-term strategy and mindset. At the same time, we are cognizant of many operating challenges we continue to face, such as inflation, ongoing supply chain disruptions, and related stresses these are placing on consumers.

在轉向馬里奧之前，讓我先說，儘管我們在今天的宏觀環境中看到了不確定性，但沒有什麼能動搖我們對世俗潮流的信心，這種潮流繼續強勁地朝著更高的寵物擁有量、更高的每隻寵物支出和更大的在線滲透率，也沒有動搖我們對長期戰略和心態的信心。同時，我們認識到我們繼續面臨的許多運營挑戰，例如通貨膨脹、持續的供應鏈中斷以及這些給消費者帶來的相關壓力。

In response, our teams remain highly diligent and disciplined about our investments, and P&L management as we run the business and build appropriately scaled infrastructure that will support long-term growth and sustained profitability. Chewy's value proposition remains as compelling as ever, and our approach remains unchanged: innovate robustly, attract customers with high lifetime values, drive engagement, nurture loyalty and capture a greater share of wallet. As we follow our strategic road map towards that future, we remain as optimistic as ever.

作為回應，我們的團隊在我們經營業務並建立適當規模的基礎設施以支持長期增長和持續盈利時，對我們的投資和損益管理保持高度勤奮和自律。 Chewy 的價值主張與以往一樣引人注目，我們的方法也保持不變：大力創新，吸引具有高終生價值的客戶，提高參與度，培養忠誠度並獲得更大的錢包份額。在我們遵循通往未來的戰略路線圖時，我們將一如既往地保持樂觀。

With that, I'll turn the call over to Mario.

有了這個，我會把電話轉給馬里奧。

Thank you, Sumit.

謝謝你，蘇米特。

First quarter net sales increased 13.7% to $2.43 billion, a significant achievement in a quarter, where e-commerce sales have been flat to down across multiple industries. Net sales growth was driven by resilient consumer demand and pricing strength in our consumables and health care categories, while nondiscretionary categories such as hard goods remain pressured, which we believe is a result of strong year-over-year comps and the current inflationary environment. First quarter Autoship customer sales increased 18.5% to $1.75 billion, outpacing total net sales growth in the quarter by 480 basis points.

第一季度淨銷售額增長 13.7% 至 24.3 億美元，這是一個季度的顯著成就，其中電子商務銷售額在多個行業中持平或下降。淨銷售額增長是由我們的消費品和醫療保健品類的彈性消費需求和定價優勢推動的，而硬商品等非自由裁量品類別仍然承壓，我們認為這是強勁的同比增長和當前的通脹環境的結果。第一季度 Autoship 客戶銷售額增長 18.5% 至 17.5 億美元，超過該季度總淨銷售額增長 480 個基點。

First quarter Autoship customer sales as a percentage of total net sales increased 290 basis points to 72.2%. First quarter net sales per active customer or NSPAC, reached a new all-time high, increasing $58 or 14.9% to $446. As Sumit mentioned, since the pandemic began in Q1 2020, we have increased our NSPAC by $86 or 24%, demonstrating our ability to sustain robust growth in customer share of wallet across all of our customer cohorts.

第一季度 Autoship 客戶銷售額佔總淨銷售額的百分比增加了 290 個基點，達到 72.2%。第一季度每位活躍客戶或 NSPAC 的淨銷售額創下歷史新高，增長 58 美元或 14.9% 至 446 美元。正如 Sumit 所提到的，自 2020 年第一季度大流行開始以來，我們的 NSPAC 增加了 86 美元或 24%，這表明我們有能力在所有客戶群體中保持錢包客戶份額的強勁增長。

We ended Q1 with 20.6 million active customers, an increase of 4.2% year-over-year. On a sequential basis, active customers were basically flat compared to Q4 2021. As we expected, 1 year customer retention rates for the first quarter 2021 cohort were stable compared to the fourth quarter of 2020 cohort, and remain low single-digit percentage points lower than pre-pandemic levels. We believe these lower retention rates are the result of the reopening of the economy as well as the impact of inflation is having on discretionary spending in categories such as hard goods.

我們在第一季度結束時擁有 2060 萬活躍客戶，同比增長 4.2%。從環比來看，與 2021 年第四季度相比，活躍客戶基本持平。正如我們預期的那樣，與 2020 年第四季度相比，2021 年第一季度的 1 年客戶保留率保持穩定，並保持低個位數百分點高於疫情前水平。我們認為，這些較低的保留率是經濟重新開放以及通貨膨脹對硬商品等類別的可自由支配支出產生的影響的結果。

All of that said, we should know that the 2020 customer cohort had net revenue retention in excess of 100% in 2021, again demonstrating that the growth in individual customer spend more than offsets any customer attrition we may see for any given cohort.

綜上所述，我們應該知道 2020 年的客戶群體在 2021 年的淨收入保留率超過 100%，這再次表明個人客戶支出的增長超過了我們可能看到的任何給定群體的任何客戶流失。

Moving to the financials. First quarter gross margin was 27.5%, a 10 basis point decrease year-over-year and a 210 basis point improvement sequentially compared to Q4 2021. In Q1, we closed the gap between pricing and product costs through surgical pricing actions and better observe market compliance management. In the first quarter, we were also able to mitigate some of the impact of our new outbound shipping contract through improved inventory placement and supply chain logistics initiatives.

轉向財務。第一季度毛利率為 27.5%，與 2021 年第四季度相比，同比下降 10 個基點，環比提高 210 個基點。第一季度，我們通過外科定價行動縮小定價與產品成本之間的差距，更好地觀察市場合規管理。在第一季度，我們還能夠通過改進庫存配置和供應鏈物流計劃來減輕新的出境運輸合同的一些影響。

Now let's go through our OpEx details. SG&A, which includes all fulfillment and customer service costs, credit card processing fees, corporate overhead and share-based compensation, totaled $504.3 million in the first quarter or 20.8% of net sales compared to 19% in the first quarter of 2021. Excluding share-based compensation, SG&A totaled $477.1 million or 19.6% of net sales, an increase of 170 basis points versus the first quarter of 2021. On a sequential basis, SG&A, excluding share-based compensation, improved 140 basis points.

現在讓我們來看看我們的 OpEx 詳細信息。 SG&A 包括所有履行和客戶服務成本、信用卡處理費、公司間接費用和基於股份的薪酬，第一季度總計 5.043 億美元，占淨銷售額的 20.8%，而 2021 年第一季度為 19%。不包括份額基於薪酬的 SG&A 總計 4.771 億美元，占淨銷售額的 19.6%，與 2021 年第一季度相比增加了 170 個基點。按順序計算，不包括基於股票的薪酬，SG&A 增加了 140 個基點。

Let me provide some color on both. Three factors contributed to the year-over-year deleverage of SG&A, excluding share-based compensation. The first is the full quarter impact of higher wages and benefits that we began to implement halfway through the first quarter last year. We estimate the year-over-year wage and benefit cost increase to be approximately $20 million or 80 basis points.

讓我為兩者提供一些顏色。三個因素促成了 SG&A 的同比去槓桿，不包括基於股票的薪酬。首先是我們在去年第一季度中途開始實施的更高工資和福利對整個季度的影響。我們估計工資和福利成本同比增長約為 2000 萬美元或 80 個基點。

Second, in 2021, we launched our expanded 3 fulfillment centers and 2 pharmacy locations, which, along with higher depreciation, contributed to 80 basis points of deleverage year-over-year. The remainder of the increase in SG&A reflects the up-front investments we are making in personnel and technology to support our growth and profitability initiatives in areas such as Fresh & Prepared meals, health care, loyalty program and supply chain.

其次，2021 年，我們擴建了 3 個配送中心和 2 個藥房，加上較高的折舊，同比下降了 80 個基點。 SG&A 增長的其餘部分反映了我們在人員和技術方面進行的前期投資，以支持我們在生鮮和預製膳食、醫療保健、忠誠度計劃和供應鍊等領域的增長和盈利計劃。

The 140 basis point sequential improvement in SG&A, excluding share-based compensation, was primarily the result of tight operational execution, including the actions we took to optimally staff and run our fulfillment and customer service teams, strict operational discipline across all corporate G&A, and, to a lesser degree, the release of a small legal reserve.

SG&A 連續 140 個基點的改善（不包括基於股份的薪酬）主要是由於嚴格的運營執行，包括我們為優化人員配置和運營我們的履行和客戶服務團隊而採取的行動、所有公司 G&A 的嚴格運營紀律，以及，在較小程度上釋放了少量的法定儲備。

First quarter advertising and marketing expense was $144.7 million or 6% of net sales, an 80 basis point improvement over first quarter 2021. On a sequential basis, advertising and marketing expenses improved by 40 basis points. Our marketing spend in the quarter reflects advertising demand, our discipline in the investments we make to efficiently acquire new customers, and our customer development and reactivation initiatives.

第一季度廣告和營銷費用為 1.447 億美元，占淨銷售額的 6%，比 2021 年第一季度提高 80 個基點。廣告和營銷費用環比下降 40 個基點。我們在本季度的營銷支出反映了廣告需求、我們為有效獲取新客戶而進行的投資的紀律，以及我們的客戶開發和重新激活計劃。

Wrapping up the income statement, first quarter net income was $18.5 million, a decline of $20.2 million year-over-year. Net margin was 0.8%, a decline of 100 basis points versus the first quarter of 2021. Adjusted EBITDA was $60.5 million, a $16.8 million decline from first quarter of 2021. Adjusted EBITDA margin was 2.5%, a year-over-year decline of 110 basis points.

總結損益表，第一季度淨收入為 1850 萬美元，同比下降 2020 萬美元。淨利潤率為 0.8%，與 2021 年第一季度相比下降 100 個基點。調整後 EBITDA 為 6050 萬美元，比 2021 年第一季度下降 1680 萬美元。調整後 EBITDA 利潤率為 2.5%，同比下降110 個基點。

Notably, on a sequential basis, our adjusted EBITDA improved by $89 million and adjusted EBITDA margin increased by 370 basis points, returning to positive as a result of the recovery in gross margin and scaling of operating expenses noted earlier.

值得注意的是，我們調整後的 EBITDA 環比增長了 8900 萬美元，調整後的 EBITDA 利潤率增加了 370 個基點，由於毛利率的恢復和前面提到的運營費用的擴大，恢復了正值。

Moving on to free cash flow. First quarter free cash flow was $6.4 million, reflecting $82.4 million in cash flow from operating activities and $76 million of capital expenditures. Capital expenditures were primarily comprised of investments and upgrades to our existing fulfillment network, future fulfillment center launches, and ongoing investments in technology. We finished the quarter with $605 million of cash and cash equivalents on the balance sheet. And between cash and availability on our ABL, our liquidity stands at $1.1 billion.

繼續自由現金流。第一季度自由現金流為 640 萬美元，反映了 8240 萬美元的經營活動現金流和 7600 萬美元的資本支出。資本支出主要包括對我們現有履行網絡的投資和升級、未來履行中心的推出以及對技術的持續投資。我們在本季度結束時資產負債表上有 6.05 億美元的現金和現金等價物。在現金和 ABL 的可用性之間，我們的流動性為 11 億美元。

That concludes my first quarter recap. So now let's discuss our second quarter and full year 2022 guidance. While our core fundamentals remain strong, ongoing volatility in the macro environment continues to make accurate forecasting difficult. As always, our current guidance reflects the balance of the opportunities and risks we see today.

我的第一季度回顧到此結束。因此，現在讓我們討論我們的第二季度和 2022 年全年指導。儘管我們的核心基本面依然強勁，但宏觀環境的持續波動繼續使準確預測變得困難。與往常一樣，我們當前的指導反映了我們今天看到的機會和風險的平衡。

We expect second quarter net sales to be between $2.43 billion and $2.46 billion representing 13% to 14% year-over-year growth. We are reiterating our outlook for full year 2022 net sales to be between $10.2 billion and $10.4 billion representing year-over-year growth of 15% to 17%. We are also reiterating our outlook for full year 2022 adjusted EBITDA margin to be between breakeven and 1%.

我們預計第二季度淨銷售額將在 24.3 億美元至 24.6 億美元之間，同比增長 13% 至 14%。我們重申我們對 2022 年全年淨銷售額的展望在 102 億美元至 104 億美元之間，同比增長 15% 至 17%。我們還重申了我們對 2022 年全年調整後 EBITDA 利潤率的展望，將在盈虧平衡和 1% 之間。

As you update your models, here are a couple of housekeeping items to keep in mind. While we may see some quarter-to-quarter variability, we still expect our full year 2022 gross margin to be broadly in line with full year 2021 gross margin of 26.7%. Full year CapEx is expected to equal approximately 2.5% of net sales this year, and we expect that across 2022 and 2023, CapEx will balance out in our normal range of 1.5% to 2% in aggregate.

在更新模型時，請牢記以下幾點。雖然我們可能會看到一些季度間的變化，但我們仍然預計我們 2022 年全年的毛利率將與 2021 年全年的 26.7% 毛利率大致一致。全年資本支出預計約為今年淨銷售額的 2.5%，我們預計 2022 年和 2023 年，資本支出將在我們的正常範圍內平衡，即 1.5% 至 2%。

The pet category is durable and has proven itself to be resilient through the full range of economic cycles. Chewy continues to execute in the face of unprecedented macro volatility to deliver strong top line growth and improving sequential profitability. As we navigate the current economic landscape, we remain diligent and disciplined in the investments we are making to support the growth and margin expansion road map contained in our long-term strategic plan. We are pleased with the progress we've made to date and remain optimistic as we look towards the future.

寵物類別經久耐用，並已證明其在整個經濟周期中具有彈性。面對前所未有的宏觀波動，Chewy 繼續執行，以實現強勁的收入增長並提高連續盈利能力。在我們駕馭當前的經濟形勢時，我們在投資方面保持勤奮和自律，以支持我們長期戰略計劃中包含的增長和利潤擴張路線圖。我們對迄今為止取得的進展感到高興，並在展望未來時保持樂觀。

And with that, I'll turn the call over to the operator.

有了這個，我會把電話轉給接線員。

(Operator Instructions) The first question is from the line of Mark Mahaney with Evercore.

（操作員說明）第一個問題來自與 Evercore 的 Mark Mahaney。

If I could ask 2 questions, please. That advertising and marketing, I think, 6.0% of sales, I think that's a record low. Just talk about the sustainability of that. Is that -- are you at a point now, because of a buildup in the subscription model that, that's kind of the new normal going forward or is there anything that was onetime-ish that may have helped that stay down so low?

如果我可以問2個問題，請。我認為廣告和營銷佔銷售額的 6.0%，我認為這是創紀錄的低點。只談其可持續性。那是 - 你現在是否處於某個階段，因為訂閱模式的建立，這是一種新的常態，或者是否有任何曾經的東西可能有助於保持如此低的水平？

And then secondly, talk about, please, the net adds. So I think this was the first quarter in which your net adds declined sequentially. How should we think about that? And I know in the past, you've talked about some of the issues that you had in terms of the big cohorts, came out -- coming out of COVID and having normalized attrition against that, but was still leading to high churn numbers. When do we normalize that? What's the -- how should we expect to see net adds growth through the balance of the year?

然後其次，請談談，網絡補充說。所以我認為這是您的淨增加值連續下降的第一季度。我們應該怎麼想？而且我知道在過去，您已經談到了一些在大群體方面出現的問題——從 COVID 中出來並對此進行了正常化的減員，但仍然導致高流失率。我們什麼時候可以正常化？什麼是 - 我們應該如何期望在今年的餘額中看到淨增加的增長？

Mark, nice to hear from you. I'll take the first one. Mario will take the second question. On marketing, so if you recall, Mark, on the March -- at the March call, I'd said that 2022 is going to be a super interesting year, as we sort of figure out the ebb and flow of consumer mind share and spending patterns as the economy reopens and some of these other macro factors continue to trend through. And Q1 was no different. We executed with rigor and the discipline. And I can tell you, we're not guiding to a specific level of spend in this area. You've seen the line scale over time, and I expect will remain within our current range of spend, with some quarters being higher, but others being lower. We intend to remain disciplined. And at the same time, we don't intend to leave any opportunity on the table when it comes to making investments that will -- might or will drive acquisitions and engagement over time. I hope that helps.

馬克，很高興收到你的來信。我會拿第一個。馬里奧將回答第二個問題。關於營銷，馬克，如果你還記得，在 3 月的電話會議上，我說過 2022 年將是非常有趣的一年，因為我們有點弄清楚消費者心智份額的起起落落和隨著經濟的重新開放以及其他一些宏觀因素的持續趨勢，支出模式將繼續存在。 Q1 也不例外。我們以嚴謹和紀律執行。我可以告訴你，我們並沒有指導該領域的特定支出水平。隨著時間的推移，您已經看到了產品線的規模，我預計將保持在我們目前的支出範圍內，有些季度會更高，但其他季度會更低。我們打算保持紀律。同時，我們不打算在進行投資時留下任何機會，這些投資將 - 可能或將隨著時間的推移推動收購和參與。我希望這會有所幫助。

Mark, it's Mario. Great to hear from you. Look, I'll give you a bit of color on this one. So first, as we mentioned in the prepared remarks, we ended the first quarter with 20.6 million active customers, and that is an increase of 800,000 customers, over 4% year-over-year. On a sequential basis, our customers were basically flat. We retained 99.7% of active customers into Q1, and our revenue continued to grow. You can see that as well in both the top line and the NSPAC that we provided.

馬克，是馬里奧。很高興聽到你的消息。看，我會給你一點顏色。首先，正如我們在準備好的評論中提到的，我們在第一季度結束時擁有 2060 萬活躍客戶，即增加了 80 萬客戶，同比增長超過 4%。在連續的基礎上，我們的客戶基本持平。我們在第一季度保留了 99.7% 的活躍客戶，我們的收入繼續增長。您也可以在我們提供的頂行和 NSPAC 中看到這一點。

But let me break down the dynamics of the active customers again. You start with the retention rates. In the Q1 2021 cohort, which would have now anniversaried 1 year, their retention was in line with our expectations, and what we said on the last call, single-digit lower than historical levels, but nothing changed. No material change from that, and it was full stop. That's a retention level for that cohort.

但讓我再次分解活躍客戶的動態。您從保留率開始。在 2021 年第一季度的隊列中，現在已經是 1 週年紀念日，他們的保留率符合我們的預期，以及我們在上次電話會議上所說的，比歷史水平低個位數，但沒有任何變化。沒有實質性的變化，它是句號。這是該隊列的保留水平。

In terms of new customer acquisitions, those came in more or less in line with our expectations. And recall that we said that net active adds would be muted in the first half of the year. And we said that because the data was telling us two things. One was that Google searches on things like pet adoptions and categories like hard goods were down double-digit percentages in the first quarter, and we can see that in the data. That's basically in line with discretionary categories, which is down year-over-year. And for us and the industry, by the way, it's not just Chewy. And by connection, customer acquisitions were also softer in that category.

在新客戶獲取方面，這些或多或少符合我們的預期。回想一下，我們說過淨活躍增加將在今年上半年減弱。我們這麼說是因為數據告訴我們兩件事。一個是谷歌在第一季度對寵物收養和硬商品等類別的搜索下降了兩位數的百分比，我們可以在數據中看到這一點。這基本上與可自由支配的類別一致，同比下降。順便說一句，對於我們和整個行業來說，不僅僅是 Chewy。通過聯繫，該類別的客戶獲取也較為疲軟。

I should add that the customers that we did acquire in the first quarter, they show a favorable initial purchase behavior, and we look at that as well. They bought into stickier categories that correlate to longer -- to higher, long-term retention and lifetime values. So that's the way to think about it.

我應該補充一點，我們在第一季度確實獲得的客戶，他們表現出良好的初始購買行為，我們也會關注這一點。他們購買了與更長——更高、更長期的留存率和生命週期價值相關的更具粘性的類別。所以這就是思考它的方式。

Now you said -- I'll add one more thing, which is how you should think about it for the rest of the year. We did say -- first of all, we don't guide to active customers, of course, and we don't -- also don't guide to NSPAC. But we, as I said, in the Q4 call, we said we expected first half net active adds to be muted, and we still believe that's going to be the case in the second quarter. We do expect a year-over-year increase in active customers. So from that standpoint, we still continue to increase. But even on a flat active customers, our NSPAC would increase based on the guidance we provided on net sales. So hopefully, that gives you the full picture of how we think about net adds and NSPAC and everything else.

現在你說——我再補充一件事，那就是你在今年剩下的時間裡應該如何考慮。我們確實說過 - 首先，我們當然不引導活躍客戶，我們也沒有 - 也不引導 NSPAC。但正如我所說，我們在第四季度的電話會議中表示，我們預計上半年的淨活躍增加量將減弱，我們仍然相信第二季度會出現這種情況。我們確實預計活躍客戶將同比增長。所以從這個角度來看，我們仍然會繼續增加。但即使對於持平的活躍客戶，我們的 NSPAC 也會根據我們提供的淨銷售額指導增加。所以希望這能讓你全面了解我們如何看待淨增加和 NSPAC 以及其他一切。

Our next question comes from the line of Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Just given the 1Q upside on EBITDA, just hoping you could talk about some of the other considerations in maintaining the 0% to 1% outlook for the full year. And then second, can you talk about some of the ways that you're proactively engaging in those high-value customers, who have greater LTV within the COVID cohort?

剛剛考慮到 EBITDA 的第一季度上行空間，只是希望您能談談維持全年 0% 至 1% 前景的其他一些考慮因素。其次，您能否談談您積極吸引那些在 COVID 隊列中擁有更高 LTV 的高價值客戶的一些方式？

So Doug, this is Mario. I'll take the first question and Sumit will answer the second part. But -- so I'll start by saying that we're certainly pleased with the results of the first quarter. I think you can see that in just 1 quarter, from Q4 into Q1, we made material progress on adjusted EBITDA. We returned EBITDA to positive, and we had a $90 million improvement quarter-over-quarter, and that's just a ton of work by every team member in the company. So we are off to a good start, but it's just 1 quarter. So we still have 75% of the year to go. And so the way we're thinking about the year, we are still holding to our -- we're reiterating the guidance rather for the full year of being somewhere between breakeven and 1% on EBITDA.

所以道格，這是馬里奧。我將回答第一個問題，Sumit 將回答第二部分。但是 - 所以我首先要說我們當然對第一季度的結果感到滿意。我認為您可以看到，在從第四季度到第一季度的短短 1 個季度內，我們在調整後的 EBITDA 方面取得了實質性進展。我們將 EBITDA 恢復為正數，環比增長 9000 萬美元，這只是公司每個團隊成員的大量工作。所以我們有了一個良好的開端，但這只是一個季度。所以我們還有 75% 的時間要走。因此，我們對這一年的看法，我們仍然堅持我們的 - 我們重申指導方針，而不是全年在盈虧平衡點和 EBITDA 的 1% 之間。

And Doug, your second question was, you may need to repeat that for me, because I caught how are we driving engagement with high LTV customers. Was that the question?

Doug，您的第二個問題是，您可能需要為我重複一遍，因為我發現我們如何推動與高 LTV 客戶的互動。是這個問題嗎？

It was just how you're proactively engaging those higher LTV customers within the COVID cohort?

這就是您在 COVID 隊列中主動吸引那些 LTV 較高的客戶的方式嗎？

Sure, sure. So we -- I'll come at it from both standpoint. And I think this is important to understand how we grow NSPAC as well. In terms of us spending money externally to acquire customers, as we said, our philosophy is to spend or monitor marginal CPAs and spend to the highest level of LTVs. And our sophistication continues to improve as we invest in martech and science and our capabilities to target these customers and to propense them towards the right category and then incent them to grow spend from there is the way that we approach engaging with these customers.

一定一定。所以我們——我會從這兩個角度來看。我認為這對於了解我們如何發展 NSPAC 也很重要。正如我們所說，就我們在外部花錢以獲取客戶而言，我們的理念是花費或監控邊際 CPA，並花費到 LTV 的最高水平。隨著我們對營銷技術和科學的投資以及我們針對這些客戶並將他們推向正確的類別然後激勵他們增加支出的能力，我們的成熟度不斷提高，這是我們與這些客戶互動的方式。

So now once a customer is acquired, at this point, the site targeting and segmentation sort of takes over and our capabilities there are materially and rigorously improving on a year-over-year basis. So internally, when you look at our data, these are some of the data points that I've shared with you in the past, which is the number of customers, who are propensed towards health care in the way that, that ratio has grown from 5% of customers in 2019 to just under 20% of our customers at this point being propensed to a category like that.

因此，現在一旦獲得客戶，在這一點上，網站定位和細分就會接管，我們的能力每年都會有實質性和嚴格的改進。所以在內部，當您查看我們的數據時，這些是我過去與您分享的一些數據點，即傾向於醫療保健的客戶數量，該比例已經增長從 2019 年的 5% 的客戶到此時我們的不到 20% 的客戶傾向於這樣的類別。

And so that's us kind of developing and engaging an existing customer to be able to get them to purchase cross-category and enhance their participation per category across the company. We're combining services. We're flowing this back into our customer care engine and developing technology that allows our customer care agents to be able to recognize how to approach a customer, what conversations should we be having, where do the triggers lie for us to be able to incent the customer the right way to be able to complete their purchase consideration, et cetera. So those are just many ways.

這就是我們開發和吸引現有客戶的一種方式，以便能夠讓他們購買跨類別產品並提高他們在整個公司中每個類別的參與度。我們正在合併服務。我們正在將其反饋到我們的客戶服務引擎並開發技術，使我們的客戶服務代理能夠識別如何接近客戶、我們應該進行哪些對話、觸發器在哪裡讓我們能夠激勵客戶能夠以正確的方式完成他們的購買考慮等。所以這些只是很多方法。

And then underneath one last thing I would say, which I mentioned last -- in the last March call is, we're developing capability or enhancing our capability for CRM or customer relationship management, given that we have such a large customer file, and a huge network of complementary offerings, which we want to make sure that customers are discovering. And if not, then we are helping them discover, but also the fact that we're developing net new categories or complementary offerings in the future. So CRM is going to come in really handy and it will be fully live kind of within a 12-month period here.

然後我要說的最後一件事是我最後提到的——在去年 3 月的電話會議中，鑑於我們擁有如此龐大的客戶檔案，我們正在開發或增強我們的 CRM 或客戶關係管理能力，並且龐大的互補產品網絡，我們希望確保客戶能夠發現。如果沒有，那麼我們正在幫助他們發現，而且我們正在開發未來的全新類別或補充產品。所以 CRM 將會非常方便，它將在 12 個月內完全上線。

The next question is from the line of Nat Schindler with Bank of America.

下一個問題來自美國銀行的 Nat Schindler。

Yes, I just want to -- and I know this is probably an annoying question, but I want to follow up on the question that Mark asked earlier on net sub adds, and I know you don't guide to this, but because of the challenges of looking at -- you're looking at a trailing 12-month subscriber. So it gets very hard to know, did you actually service more customers in Q1 than you did in Q4? We don't have that answer. We have an answer of whether -- and it could be that those people fell off at the end of Q1 of last year. So can you help us -- guide us around when the timing of those subs have moved or users?

是的，我只是想 - 我知道這可能是一個煩人的問題，但我想跟進 Mark 之前在 net sub 上提出的問題，我知道你不會對此提供指導，但因為查看的挑戰 - 您正在查看 12 個月的訂閱用戶。所以很難知道，你在第一季度服務的客戶真的比在第四季度的多嗎？我們沒有那個答案。我們有一個答案是否 - 可能是這些人在去年第一季度末掉了下來。那麼你能幫助我們——指導我們何時移動這些潛艇或用戶的時間嗎？

Yes, absolutely. So we did -- of course, we did service more customers in Q1, Nat. In fact, when you look at the rate of customer acquisition, just to sort of double click on this a little bit more, it is not materially off of the pre-pandemic kind of levels, right? And so it's a really interesting dynamic, the ebb and flow of gross adds and net adds that we're seeing right now. And let me kind of qualify this, because I think it might actually answer some follow-up questions here. See, we -- what you saw in Q1 was when you come at it from a marketing end point of view, input costs or CPCs rose as search demand in the pet category softened. This -- Mario also kind of mentioned this about kind of the Google search as being down for certain type of searches.

是的，一點沒錯。所以我們做到了——當然，我們在第一季度為更多客戶提供了服務，Nat。實際上，當您查看客戶獲取率時，只需多雙擊一下，這在實質上並沒有脫離大流行前的水平，對吧？所以這是一個非常有趣的動態，我們現在看到的總增加和淨增加的潮起潮落。讓我對此進行限定，因為我認為它實際上可能會在這裡回答一些後續問題。看，我們 - 你在第一季度看到的是，當你從營銷終端的角度來看時，投入成本或每次點擊費用隨著寵物類別的搜索需求疲軟而上升。這——馬里奧也提到了這一點，因為谷歌搜索在某些類型的搜索中被關閉了。

And so as search demand in the pet category softened, what it also saw was, we saw resulting in shortages of the ad pool to bid on. So if you just -- if you sit back and just think about this observation, you'll find it to be consistent and logical to what I've articulated in our previous April -- March-April earning call also. So essentially, this is a result of 2 broad factors that is happening right now.

因此，隨著寵物類別的搜索需求減弱，我們也看到了導致可競價的廣告池短缺。因此，如果你只是——如果你坐下來想想這個觀察結果，你會發現它與我在之前的 4 月——3 月至 4 月的收益電話會議中闡述的內容一致且合乎邏輯。所以本質上，這是目前正在發生的兩個廣泛因素的結果。

First is factors like inflation are weighing in on consumers' minds, and as a result, they're rationing spend away from discretionary -- from nondiscretionary categories -- discretionary to nondiscretionary categories. And as a result, a higher degree of incentivization needs to be applied to get them to declare their intent to purchase. And the result of that actually is you have a smaller pool of customers that were shopping in Q1 and more dollars that are required to be spent per customer. And this is an industry statistic. This is not just kind of the Chewy specific.

首先是通貨膨脹等因素正在影響消費者的心智，因此，他們將支出從可自由支配的類別——從非可自由支配的類別——可自由支配的類別轉向非可自由支配的類別。因此，需要採取更高程度的激勵措施，讓他們宣布購買意向。這樣做的結果實際上是您在第一季度購物的客戶群更小，每個客戶需要花費更多的美元。這是一個行業統計數據。這不僅僅是耐嚼的那種。

Second is the fact that as the economy is reopening, but it's not exactly clear if all that traffic is normalizing into retail stores. To us, it reads as if some of that traffic is actually going back into retail, but the other portion is redirecting purchases towards categories such as travel and dining. This again is an indicator of customers holding back intent. And so -- and then retail marketing engines having to work harder to acquire and engage those customers. So we're -- amidst this dynamic, we are adding customers at a really healthy clip on nondiscretionary categories such as consumables and health care. And any shortage that we're seeing is primarily coming from discretionary categories.

其次是隨著經濟的重新開放，但目前尚不清楚所有的客流量是否正在正常化進入零售店。對我們來說，看起來好像其中一些流量實際上正在重新回到零售業，但另一部分正在將購買重定向到旅遊和餐飲等類別。這再次表明客戶阻礙了意圖。所以——然後零售營銷引擎必須更加努力地獲取和吸引這些客戶。所以我們 - 在這種動態中，我們正在以非常健康的方式增加非自由裁量品類別的客戶，例如消耗品和醫療保健。我們看到的任何短缺主要來自非必需品類別。

And so on top of that, our engagement with existing customers and their customer spend patterns remain really strong. So we're servicing a larger batch of customers, no doubt.

最重要的是，我們與現有客戶的互動以及他們的客戶消費模式仍然非常強大。因此，毫無疑問，我們正在為更多的客戶提供服務。

Okay. And just -- and to further clarify on this effect on the discretionary spend being limited and getting harder as the consumers are facing more inflation across other categories. If you look back historically, this category isn't seemingly impacted by recessions. Do you see that dynamic changing? Or is it just parts of this category are affected?

好的。而且只是 - 並進一步澄清這種對可自由支配支出的影響是有限的，並且隨著消費者在其他類別中面臨更多的通貨膨脹而變得越來越難。如果你回顧歷史，這個類別似乎並沒有受到經濟衰退的影響。你看到動態變化了嗎？或者只是這個類別的一部分受到影響？

So nondiscretionary category, which is where the resiliency that we're seeing, which I believe is consistent with the rest of the staple as well, is being seen in nondiscretionary categories. Discretionary categories such as hard goods, even treats to some degree are counted as discretionary, these subcategories are essentially seeing pressure and suffering from the current macro environment. The general resiliency that is pushing through is in consumables, core food and primarily in health care.

因此，非自由裁量類別，也就是我們所看到的彈性，我認為這與其他主食也是一致的，正在非自由裁量類別中看到。硬貨等可自由裁量品類，甚至某種程度的零食都算作可自由裁量品，這些子品類本質上是承受著當前宏觀環境的壓力和煎熬。正在推動的總體彈性體現在消費品、核心食品和主要醫療保健領域。

Even in health care, flea and tick, by the way, was soft in Q1 at the industry level, and we grew overall kind of pet med including OTC flea and tick at a very healthy clip, which indicates that we took share from the market in Q1.

順便說一下，即使在醫療保健領域，跳蚤和蜱蟲在第一季度的行業水平也很疲軟，我們以非常健康的速度增長了包括 OTC 跳蚤和蜱蟲在內的整體寵物藥物，這表明我們從市場中獲得了份額在第一季度。

The next question is from the line of Brian Fitzgerald with Wells Fargo.

下一個問題來自富國銀行的 Brian Fitzgerald。

I had a couple of questions on CarePlus offering, wondering if you talk to some of the ways you can increase penetration among the customer base. Where do you think awareness of pet insurance and wellness plans stands among the current customer base today? Could you talk through some of the potential drivers of penetration gains, whether that's the strength of the trust in Chewy product differentiation, wellness plans or your ability to highlight potential pharma savings? Anything you can share there?

我有幾個關於 CarePlus 產品的問題，想知道您是否討論了一些可以提高客戶群滲透率的方法。您認為目前的客戶群對寵物保險和健康計劃的認識在哪裡？您能否談談滲透率增長的一些潛在驅動因素，無論是對 Chewy 產品差異化、健康計劃的信任強度，還是您強調潛在的製藥節省的能力？有什麼可以分享的嗎？

And then second question is about -- I missed the current macro kind of trade wins. What are you seeing in terms of substitution to private label? We've been reading and hearing about people are weaning off of premier brands and going on to cheaper private label brands? Any color there?

然後第二個問題是關於 - 我錯過了當前的宏觀貿易勝利。您在替代自有品牌方面看到了什麼？我們一直在閱讀和聽說人們正在放棄頂級品牌並轉向更便宜的自有品牌？那裡有顏色嗎？

Sure. Brian. So on insurance, I don't believe I will satisfy your curiosity on the call today, since we are just preparing for our launch. And -- but let me just say a few things, right? We're excited to officially launch CarePlus over the next kind of few weeks, and we see this as an important step. We believe -- first of all, we're bringing bespoke offerings to the marketplace. So these are plans that are curated for our customers. And they were created with obviously a high-quality partner such as Trupanion hand-in-hand working backwards from what our consumers might actually be propensed towards.

當然。布賴恩。所以關於保險，我相信我不會滿足你今天電話會議的好奇心，因為我們只是在為我們的發布做準備。而且——但讓我說幾件事，對吧？我們很高興在接下來的幾週內正式推出 CarePlus，我們認為這是重要的一步。我們相信——首先，我們將定制產品推向市場。所以這些是為我們的客戶策劃的計劃。顯然，它們是與像 Trupanion 這樣的高質量合作夥伴攜手創建的，從我們的消費者可能真正傾向於的方向開始。

So the first kind of notion of earning trust with customers is to design products that will appeal to the segmentation or the demographic of customers that are propensed for these type of products. Number two, then it's about our ability to raise awareness. And we believe we have several opportunities to do this. One, obviously, we have a large active file where we have a direct one-to-one connection.

因此，贏得客戶信任的第一種概念是設計能夠吸引那些傾向於購買此類產品的細分市場或客戶群的產品。第二，這是關於我們提高認識的能力。我們相信我們有幾個機會來做到這一點。一，很明顯，我們有一個大的活動文件，我們有一個直接的一對一連接。

Number two, we have a highly customized, curated concierge customer care team. And we've actually trained a specific pod of our customer care team to be able to really, really have high engaged conversations and drive education and awareness, finding the right triggers when customers actually call in.

第二，我們擁有一支高度定制化、精心策劃的禮賓客戶服務團隊。我們實際上已經培訓了我們的客戶服務團隊的一個特定團隊，以便能夠真正、真正進行高度參與的對話並推動教育和意識，在客戶實際致電時找到正確的觸發因素。

Number three is our veterinary partners and the ability that insurance can be embedded in our complementary offering practice hub, just like compounding was last quarter, it allows us to fully close the loop from the service provider standpoint, which is the third very important leg of this particular stool. So I think we're thinking of all levers as we kind of build into the brand, which our marketing teams are working very hard with, to make sure that the brand is built both at the upper funnel level, but also down -- kind of down to the full funnel level.

第三是我們的獸醫合作夥伴，以及將保險嵌入到我們的互補產品實踐中心的能力，就像上個季度的複利一樣，它使我們能夠從服務提供商的角度完全閉合循環，這是第三個非常重要的環節這個特殊的凳子。因此，我認為我們在構建品牌時會考慮所有槓桿，我們的營銷團隊正在努力工作，以確保品牌既可以建立在漏斗的上層，也可以下層——善良下降到完整的漏斗級別。

So we believe we have a fairly well-thought-out construct of how we will generate awareness, awareness that builds consideration. Consideration, which on the back of trust, should drive customer conversion, is essentially the strategy that we will follow. Today, we believe awareness is -- familiarity of insurance is roughly 80%, 85% levels, but propensity of insurance is likely in the low teens. And actual conversion from that low teens is probably a few single-digit points, which is reflected in the penetration that you see today.

所以我們相信我們有一個相當深思熟慮的結構，我們將如何產生意識，建立考慮的意識。考慮，在信任的支持下，應該推動客戶轉換，本質上是我們將遵循的策略。今天，我們認為意識是——對保險的熟悉度大約是 80%、85% 的水平，但保險傾向可能在青少年時期。而從那個低青少年的實際轉換可能是幾個個位數的點，這反映在你今天看到的滲透率上。

So we clearly have an uphill challenge in front of us. But as I've articulated previously, we are bullish on our ability to unlock this vertical and to commercialize the space with the help of our partners, and in servicing our customers that way.

因此，我們顯然面臨著艱鉅的挑戰。但正如我之前所闡述的，我們看好我們在合作夥伴的幫助下解鎖這一垂直領域並將空間商業化的能力，並以這種方式為我們的客戶提供服務。

And then your second question was about macro trades on private label substitution. So just generally speaking, we're not seeing any material or noticeable trade-down effect in the business. And we're also not seeing any discernible shift towards private brands away from national brands. There are 2 reasons for this or there are possibly 2 reasons for this on our side. One is our private brands are built with the highest quality in mind. As you recall, we're not out there competing for 1 SKU per 1 SKU national brand. We bring SKUs that are highly valuable and highly desirable in a certain space, whether it be a certain price point or a certain subcategory, and we essentially anchor on quality, and we believe our private labels can drive attractive pricing and -- or attractive conversion on the back -- and they can hold their way on price. So we're not really offering "cheap private brands."

然後你的第二個問題是關於自有品牌替代的宏觀交易。所以一般來說，我們在業務中沒有看到任何實質性或明顯的折價效應。而且我們也沒有看到任何從民族品牌轉向自有品牌的明顯轉變。這有兩個原因，或者我們這邊可能有兩個原因。一是我們的自有品牌以最高質量為宗旨。您還記得，我們並不是在為每個 1 SKU 國家品牌爭奪 1 個 SKU。我們帶來在特定領域非常有價值和非常受歡迎的 SKU，無論是特定價格點還是特定子類別，我們基本上以質量為基礎，我們相信我們的自有品牌可以推動有吸引力的定價和 - 或有吸引力的轉換在後面——他們可以控制價格。所以我們並沒有真正提供“廉價的自有品牌”。

And then two, I believe we have work to do in terms of really building consideration behind our private brands. And so particularly in consumables, folks migrate to private brands when the brand is essentially well known, and we have work to do there.

其次，我相信我們在真正建立自有品牌背後的考慮方面還有工作要做。因此，特別是在消耗品方面，當品牌基本上眾所周知時，人們會轉向自有品牌，而我們有工作要做。

Our next question is from the line of Steph Wissink with Jefferies.

我們的下一個問題來自 Jefferies 的 Steph Wissink。

I had a question for you on like-for-like pricing. If you could just give us a sense on the consumable side of the business, how much pricing has been passed through to the consumer and how much may still need to be passed through based on the vendor conversations you're having?

我有一個關於同類定價的問題。如果您可以讓我們了解一下業務的消耗品方面，根據您與供應商的對話，有多少定價已經傳遞給消費者，還有多少可能需要傳遞？

Sure, Steph. So we -- if you look at Q1, pricing and volume both contributed to the growth that we saw in Q1. And to give you an idea, I think it's really helpful to take in this data point. In Q1, about half of our SKUs had a price that was flat or down versus Q1 2021. So broadly speaking, right, across our catalog, average prices increased in line with expectation, which was in the low to mid-single digits as we had articulated in our March earnings call. And the cost that has come through, nearly all of it has been converted into pricing.

當然，斯蒂芬。因此，如果您查看第一季度，價格和數量都對我們在第一季度看到的增長做出了貢獻。為了給你一個想法，我認為接受這個數據點真的很有幫助。在第一季度，我們大約一半的 SKU 的價格與 2021 年第一季度持平或下降。所以從廣義上講，對，在我們的目錄中，平均價格上漲符合預期，因為我們處於低到中個位數在我們 3 月份的財報電話會議中已經闡明。而付出的成本，幾乎都轉化成了定價。

Now what remains to be seen is, if there are future rounds of costs that are going to flow through, which we are getting some indication from our supply partners that might be the case. And we stand ready to act in a manner that is responsible fiscally and at the same time, takes into consideration that we don't erode competitive position, and we're going to be watching demand really carefully when that happens.

現在還有待觀察的是，如果未來會有幾輪成本流過，我們從供應合作夥伴那裡得到了一些可能的跡象。我們隨時準備以對財政負責的方式採取行動，同時考慮到我們不會削弱競爭地位，當這種情況發生時，我們將非常仔細地觀察需求。

That's really helpful. Can I ask one other follow-up question on the impact of out of stocks? I don't recall you talking much about it in your prepared remarks, which actually might be a good thing. I just want to make sure we close the loop on out of stock.

這真的很有幫助。我可以再問一個關於缺貨影響的後續問題嗎？我不記得你在準備好的發言中談得太多，這實際上可能是一件好事。我只是想確保我們在缺貨時關閉循環。

Sure. I mean out of stocks, we didn't see any material impact of out of stocks that was beyond our expectations that we'd already projected. And number two, we're seeing some positive signs of recovery as we indicated towards the latter half of the year, the sustainability of that remains to be -- remains yet to be seen. And then three, we did deliberate work around positioning our inventory, as I talked about or as we've mentioned in the prepared remarks today, that has helped drive greater or better availability within the right zones that has essentially improved customer experience and also helped lower some cost for us in Q1.

當然。我的意思是缺貨，我們沒有看到缺貨的任何實質性影響超出我們已經預測的預期。第二，我們看到了一些積極的複蘇跡象，正如我們在下半年所指出的那樣，這種情況的可持續性仍有待觀察 - 還有待觀察。然後第三點，正如我所談到的或正如我們今天在準備好的評論中提到的那樣，我們確實圍繞庫存定位進行了深思熟慮的工作，這有助於在正確的區域內推動更大或更好的可用性，從而從根本上改善客戶體驗並幫助在第一季度為我們降低了一些成本。

The next question comes from the line of Dylan Carden with William Blair.

下一個問題來自 Dylan Carden 和 William Blair。

Yes, just on sort of a broader level, do you guys have a sense of what the online pet space grew in the quarter, even sort of broad strokes and whether or not you're kind of starting to see some of that overcorrection maybe to the retail channel start to revert back maybe to the industry trend? And then I just wanted to quickly confirm the Trupanion launch, that's not necessarily any meaningful capacity in guidance at this point. Is that -- do I have that right?

是的，只是在更廣泛的層面上，你們是否了解本季度在線寵物空間的增長情況，甚至是廣泛的筆觸，以及你是否開始看到一些過度修正可能會零售渠道開始回歸行業趨勢？然後我只是想快速確認 Trupanion 的發布，目前這不一定是任何有意義的指導能力。那是——我有這個權利嗎？

Starting with the second one, that is right, Dylan. The first part of your question, so there is no refresh of specific to pet e-com growth data. What we have is a couple of different triangulations in the way that we're understanding the overall retail landscape as well as the pet landscape, and I'll share those data points with you. When you look at overall retail, retail grew 11% year-over-year in Q1. E-com sales, overall retail, not pet, grew 6.5%. So clearly, you're seeing some impact of economy reopening and traffic going back into retail in this particular case.

從第二個開始，沒錯，迪倫。你的問題的第一部分，所以沒有刷新特定於寵物電子商務增長的數據。在我們了解整體零售格局以及寵物格局的過程中，我們有幾個不同的三角測量，我將與您分享這些數據點。從整體零售來看，第一季度零售額同比增長 11%。電子商務銷售，整體零售，而非寵物，增長了 6.5%。很明顯，在這種特殊情況下，您會看到經濟重新開放和流量重新回到零售業的一些影響。

When you put Chewy e-com on top of these data points, clearly, we grew 14%. Of course, this is not an apples-and-apples data point. But it is an indication of the fact that we continue to up the trend in general. When you look at Nielsen data, what we can see is that we grew consumables -- categories such as consumables, roughly 300 to 350 basis points higher than the pet industry. We also -- you also see similar data in our pet medication, flea and tick type spaces, where we materially outpaced the industry in Q1.

當你把 Chewy e-com 放在這些數據點之上時，很明顯，我們增長了 14%。當然，這不是一個千篇一律的數據點。但這表明我們總體上繼續上升趨勢。當你查看尼爾森的數據時，我們可以看到我們增長的消耗品——例如消耗品等類別，比寵物行業高出大約 300 到 350 個基點。我們還 - 您還在我們的寵物藥物、跳蚤和蜱類空間中看到了類似的數據，我們在第一季度大大超過了行業。

All of this indicates -- and then finally, when you combine this data point to what Mario was mentioning, which is search intent or traffic as a proxy for online share, all of this indicates that, yes, there is ebb and flow going back into retail. And on top of that, e-comm continues to grow, not sure what level and Chewy continues to grow and take share.

所有這一切都表明——最後，當你將這些數據點與馬里奧提到的內容（搜索意圖或流量作為在線分享的代理）結合起來時，所有這些都表明，是的，潮起潮落會倒退進入零售。最重要的是，e-comm 繼續增長，不確定到什麼水平，Chewy 繼續增長並佔據份額。

Understood. And just -- you had mentioned it so real quick. The intent on things like adoption, do you think that, that's some early signs of an exhaustion, just given kind of the 2 years that we've had as far as sort of what do you expect from pet ownership from here?

明白了。只是 - 你這麼快就提到了它。像收養這樣的事情的意圖，你認為這是疲憊的一些早期跡象，只是考慮到我們已經經歷了 2 年的時間，你對這裡的寵物所有權有什麼期望？

Yes. When you look at pet adoption data, so far, in Q1, roughly 480,000 pets have been adopted and 478,000, I mean, this data is obviously not exact, but what we see is that it's one-to-one on adoption and relinquishment, that's what we saw in Q1. Now when you double-click underneath of that, obviously, what would be interesting is to correlate income data to be able to see if the relinquishments is actually coming from low income and the adoption is actually continuing to push into other categories, which is our -- our data point corresponds with the -- so whatever adoption pet profiles we are seeing, corresponds to the fact that it's right now propensed towards kind of medium or higher income.

是的。當您查看寵物收養數據時，到目前為止，在第一季度，大約有 480,000 隻寵物被收養，其中 478,000 只，我的意思是，這個數據顯然不准確，但我們看到的是收養和放棄是一對一的，這就是我們在第一季度看到的。現在，當您雙擊其下方時，很明顯，有趣的是關聯收入數據，以便能夠查看放棄是否實際上來自低收入，而採用實際上是否繼續推進到其他類別，這是我們的- 我們的數據點對應於 - 所以無論我們看到什麼收養寵物資料，都對應於它現在傾向於中等或更高收入的事實。

Our next question is from the line of Lauren Schenk with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Lauren Schenk。

Wondering if you could parse out the magnitude of the contribution and sequential 1Q gross margin improvement between the improved pricing, the commercial discipline and then the logistics initiatives? And then any commentary with what you're seeing on pricing and promotions in May?

想知道您是否可以分析出改進的定價、商業紀律和物流計劃之間的貢獻和第一季度毛利率連續提高的幅度？然後您對 5 月份的定價和促銷活動有何評論？

And then a second question, just back to your commentary around sort of pet adoption and hard goods search is weaker in 1Q. I guess what gives you confidence that those trends will improve as we enter the second half of the year?

然後是第二個問題，回到你關於寵物收養和硬商品搜索在第一季度的評論較弱。我想是什麼讓你相信隨著我們進入下半年，這些趨勢會有所改善？

Lauren, this is Sumit. I'll take the first one. Mario will take out the second one. So in terms of passing out the magnitude of sequential improvement, again, I won't fully satisfy your curiosity, but I'll give you a directional indication that pricing and discipline on promotions played a bigger part or a material part, and the logistics initiatives played a lesser part given that we're still early in the innings here. So I would kind of just leave it at that.

勞倫，這是蘇米特。我會拿第一個。馬里奧將拿出第二個。因此，在傳遞連續改進的幅度方面，我不會完全滿足你的好奇心，但我會給你一個方向性的指示，即促銷的定價和紀律發揮了更大的作用或物質作用，以及物流鑑於我們仍處於早期階段，主動性發揮的作用較小。所以我就這樣吧。

And then I think you also asked May. We're expecting a rational environment, Lauren, for the balance of the year on promo and pricing. And I think, so far, nothing gives us the indication that, that is changing.

然後我想你也問了梅。我們期待一個理性的環境，勞倫，今年剩餘的促銷和定價。而且我認為，到目前為止，沒有任何跡象表明這種情況正在發生變化。

Lauren, so the second part of your question was about what gives us confidence for the growth in the second half of the year, yes?

勞倫，所以你問題的第二部分是關於什麼讓我們對下半年的增長充滿信心，是嗎？

Yes. And specifically around maybe that hard goods and pet adoption improving.

是的。特別是在硬商品和寵物收養方面可能有所改善。

Yes. Yes. So a good question. I think there are a couple of factors that drive our expectations of pickup in growth in the second half. First, if you look at comps, they get a little easier in the second half, mainly, as we said, in hard goods. If you look at 2021, that part of the business grew faster in the first half than the second half. I mean first quarter 2021 was roughly 42% growth year-over-year in hard goods and then moderated into the second half. So comps get easier.

是的。是的。所以一個很好的問題。我認為有幾個因素推動了我們對下半年增長的預期。首先，如果你看一下比賽，他們會在下半場變得容易一些，正如我們所說的，主要是硬商品。如果你看 2021 年，這部分業務在上半年的增長速度快於下半年。我的意思是 2021 年第一季度的硬商品同比增長約 42%，然後在下半年放緩。所以comps變得更容易了。

The second part is, as we articulated on the Q4 call, so the last time we spoke, is that we're expecting in-stock levels to be relatively better in the second half of the year versus this first half of the year. So the question earlier about where is in stock and how we expect those levels to play out, they're playing out roughly in line with what we expected and what we said we expected last time we spoke.

第二部分是，正如我們在第四季度電話會議上所闡明的，所以我們上次發言時，我們預計下半年的庫存水平會比上半年的要好。因此，之前關於庫存在哪里以及我們期望這些水平如何發揮作用的問題，它們的表現大致符合我們的預期以及我們上次發言時所說的預期。

So it's a combination of those 2 factors that drive why we expect growth to be higher in the second half versus the first half. Now I think in our opinion, we're all obviously and naturally going to have to watch where inflation trends continue to develop, and that's product, fuel, other inputs that are competing for share of wallet from the customer. But specifically, how much inflation is left in the system and how that -- how much more of the inflation can consumers absorb without impacting demand. We're obviously watching that part of the -- looking ahead.

因此，正是這兩個因素的結合推動了我們為什麼預計下半年的增長將高於上半年。現在我認為，在我們看來，我們顯然都自然而然地必須關注通脹趨勢繼續發展的方向，那就是產品、燃料和其他正在爭奪客戶錢包份額的投入。但具體來說，系統中還剩下多少通脹，以及如何——消費者在不影響需求的情況下還能吸收多少通脹。我們顯然正在關注這部分——展望未來。

The next question is from the line of Deepak Mathivanan with Wolfe Research.

下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

So I'll ask the question earlier on gross margin a little bit differently, more specifically on the logistics initiatives. What percentage of the volumes or sales currently is kind of served under this import routing and the injection into the cheaper delivery models at this time? And where do you sort of see that go towards the end of the year?

因此，我將在較早的時候就毛利率提出一些不同的問題，更具體地說，是關於物流計劃。目前有多少百分比的數量或銷售額是在這種進口路線下提供的，並且此時注入更便宜的交付模式？到今年年底，你認為這會發生什麼？

And then another piece on the pricing side. Sumit, you noted that your conversations with vendors is indicating potentially additional cost inflationary trends on certain products. Can you elaborate on that? What type of SKUs are those? How do you think about kind of the MAP compliance on that going forward?

然後是定價方面的另一塊。 Sumit，您注意到您與供應商的對話表明某些產品可能存在額外的成本通脹趨勢。你能詳細說明一下嗎？這些是什麼類型的 SKU？您如何看待未來的 MAP 合規性？

Yes. So I'll take the second one first, Deepak. We don't have perfect visibility, but this is going to be broadly across the catalog given that it's the core inputs that are fundamentally absorbing the cost and that essentially passes through. So it's primarily -- we've heard this less from hard goods vendors, obviously, we've heard it more from consumables vendors. So perhaps that gives you an indication of kind of the core inputs flowing through into the inflation here.

是的。所以我會先拿第二個，迪帕克。我們沒有完美的可見性，但這將在整個目錄中廣泛存在，因為它是從根本上吸收成本並且基本上通過的核心投入。所以主要是 - 我們從硬貨供應商那裡聽到的聲音較少，顯然，我們從消耗品供應商那裡聽到的更多。因此，也許這可以讓您了解流入通貨膨脹的核心投入的種類。

In terms of MAP keeping pace, see, I think it's -- your question also grounds or baselines from what we saw in Q4, and I think it's helpful perhaps to spend a minute understanding the different dynamics between the seasonal changes in quarters. So what we saw in Q4 from a price and product cost, like price normalization tends to be delayed during the holidays, and that's especially true for e-commerce channel given the transparency. And so when you look at kind of pressures on MAP, it actually exacerbates or escalates during the holiday season, which we don't expect to get into as we play to Q2 or Q3.

在 MAP 保持同步方面，我認為這是 - 你的問題也是我們在第四季度看到的基礎或基線，我認為花一點時間了解季度季節性變化之間的不同動態可能會有所幫助。因此，我們在第四季度從價格和產品成本中看到的情況，例如價格正常化往往會在假期延遲，考慮到透明度，電子商務渠道尤其如此。因此，當你看到 MAP 面臨的壓力時，它實際上會在假期期間加劇或升級，我們預計在第二季度或第三季度比賽時不會遇到這種壓力。

And then second, our Q1 results demonstrate kind of 2 things. One, our ability to take action and to do so reasonably quickly. The second as well as the fact that our pricing technology can work surgically and be impactful in effecting change when we decide to take action. So we're looking at pricing through a surgical lens, and we're going to be really thoughtful and deliberate about not making perhaps blanket pricing changes and considering how pricing actions will impact customer trust in the short and the long term, and how those actions could shape customer demand. But we'll be fiscally responsible without eroding customer trust is the way that we're going to play this out.

其次，我們的第一季度結果證明了兩件事。一，我們採取行動並合理迅速地採取行動的能力。第二個事實是，當我們決定採取行動時，我們的定價技術可以像外科手術一樣發揮作用並在影響變革方面產生影響。因此，我們正在通過外科手術鏡頭來看待定價，我們將非常深思熟慮並慎重考慮不進行可能的全面定價更改，並考慮定價行為將如何影響短期和長期的客戶信任，以及這些行動可以塑造客戶需求。但我們將在不損害客戶信任的情況下承擔財務責任，這是我們將要實現的方式。

And then your first part of your question on gross margins. There's a lot going on amongst -- within logistics right now. So it's hard to actually specifically pin down or put too much weight on the 2 initiatives. So let me give you an example. Like we -- in Q1, right, we improved our utilization of spot rates, right, where we essentially pay beyond contracted rates by roughly 15% to 20% levels on a year-over-year basis. And that contributed roughly 15 basis points of impact to gross margins.

然後是關於毛利率的問題的第一部分。現在在物流中發生了很多事情。因此，實際上很難具體確定或過多重視這兩項舉措。所以讓我給你舉個例子。就像我們一樣——在第一季度，我們提高了即期匯率的利用率，對，我們基本上比合同利率支付了大約 15% 到 20% 的同比水平。這對毛利率產生了大約 15 個基點的影響。

And so it's -- what is that? That's the impact of better planning, developing tools and tech that provides us the transparency and the reactionary measures to be able to play through changing -- change in inputs on an appropriate basis. Some of these other ones that I've talked about, like Chewy Freight Services, for example, I mean on an entitlement basis, we could see 30%, 40%, 50% of our volume flowing through this, right? But this is a longer-term initiative that scales over perhaps 8 to 10 quarters.

所以它 - 那是什麼？這就是更好的規劃、開發工具和技術的影響，它為我們提供了透明度和反動措施，以便能夠在變化中發揮作用——在適當的基礎上改變投入。我談到的其他一些服務，例如 Chewy Freight Services，我的意思是在權利的基礎上，我們可以看到 30%、40%、50% 的流量通過它流動，對嗎？但這是一項長期計劃，可能會跨越 8 到 10 個季度。

The import service that we launched will actually scale over the next 4 quarters. So you can say, "Hey, you guys have played through 25% of the entitlement right now, and that's likely flowing in several basis points of improvement into the gross margin that you saw in Q1." So hopefully, that gives you a bit of an appreciation for the ebb and flow in how the team is looking at to overturning each lever.

我們推出的進口服務實際上將在接下來的 4 個季度內擴展。所以你可以說，“嘿，你們現在已經使用了 25% 的權利，這很可能會在第一季度看到毛利率的幾個基點提高。”因此，希望這能讓您對團隊正在考慮推翻每個槓桿的起起落落有所了解。

I'll also mention the order routing technologies that we've actually been developing to make sure that our inventory is placed in the right zone, closest to the customer, so that we don't incur long-zone shipping costs, which you saw improved by 15%. Long zone improved by 15%, as mentioned in the prepared remarks. All of this essentially plays through and lowers our freight entitlement, that flows through to gross margin. Hope that context helps.

我還將提到我們實際上一直在開發的訂單路由技術，以確保我們的庫存放置在離客戶最近的正確區域，這樣我們就不會產生您看到的長區域運輸成本提高了 15%。如準備好的評論中所述，長區提高了 15%。所有這一切基本上都在發揮作用並降低了我們的貨運權利，這會影響毛利率。希望上下文有所幫助。

Our next question is from the line of Justin Kleber with Baird.

我們的下一個問題來自 Justin Kleber 和 Baird。

I wanted to just ask about the profitability of Autoship, recognizing you probably don't look at the business -- or that business in a silo. But it's annualizing at $7 billion today. So just curious what's the EBITDA margin profile look like on those sales given marketing and ad spend related to retention? It's fairly low with your model. Any perspective you guys can share on that, I think, would be helpful.

我想問一下 Autoship 的盈利能力，認識到你可能不看業務——或者孤立的業務。但它今天的年化收入為 70 億美元。所以只是好奇在考慮到與保留相關的營銷和廣告支出的情況下，這些銷售的 EBITDA 利潤率概況如何？你的模型相當低。我認為你們可以分享的任何觀點都會有所幫助。

Justin, without staying away from specific numbers, I'll build your intuition on, obviously, why Autoship is helpful to us. One, the AOV, average order values, for Autoship orders are higher kind of mid- to high-single digits over non-Autoship orders. So it just -- it starts there. And then you multiply on top of that, the fact that we're able to get customers to consolidate their baskets or build baskets around an Autoship order, because our Autoship customers are not dormant customers. It's not like they're not engaging. They're very much actively engaging to put peripherals or build attach, and we help them build that attach.

賈斯汀，在不迴避具體數字的情況下，我將建立你的直覺，顯然，為什麼 Autoship 對我們有幫助。一，Autoship 訂單的 AOV 平均訂單價值高於非 Autoship 訂單的中高個位數。所以它只是 - 它從那裡開始。然後你再乘以最重要的是，我們能夠讓客戶整合他們的購物籃或圍繞 Autoship 訂單構建購物籃，因為我們的 Autoship 客戶不是休眠客戶。這不像他們不參與。他們非常積極地參與放置外圍設備或構建連接，我們幫助他們構建連接。

So that, again, gives you a perspective of how we kind of build AOV around an Autoship order and how that order might actually provide leverage through the fixed infrastructure that we've built, because those are fixed costs that the Autoship order is leveraging. Underneath of that, clearly, the base that runs through Autoship allows us to lower the entire cost structure for the company because you need fewer number of people. You can plan using algorithms versus tons of humans trying to plan a business that is repeat and predictable. You -- better labor planning leads to better staffing levels, better staffing level leads to better optimal productivity levels.

因此，這再次讓您了解我們如何圍繞 Autoship 訂單構建 AOV，以及該訂單如何通過我們構建的固定基礎設施實際提供槓桿作用，因為這些是 Autoship 訂單正在利用的固定成本。在此之下，顯然，貫穿 Autoship 的基礎使我們能夠降低公司的整個成本結構，因為您需要的人數更少。您可以計劃使用算法，而不是試圖計劃重複和可預測的業務的大量人員。你——更好的勞動力計劃導致更好的人員配備水平，更好的人員配備水平導致更好的最佳生產力水平。

We can build effective middle-mile routes, right? One of the reasons we're taking on the freight initiatives, right? We have predictability in last-mile delivery. We provide a baseload to our carrier network that allows us to leverage to draw favorable or the most favorable rates in the industry. So it's -- without giving you specific kind of impact, it just broadly permeates through our network and allows us to run a really efficient business and a really disciplined operation. So hopefully, that context helps.

我們可以建立有效的中英里路線，對嗎？我們採取貨運計劃的原因之一，對吧？我們在最後一英里交付方面具有可預測性。我們為我們的運營商網絡提供基本負載，使我們能夠利用這一點來獲得行業中有利或最優惠的費率。所以它 - 沒有給你具體的影響，它只是廣泛地滲透到我們的網絡中，讓我們能夠經營一個真正高效的業務和一個真正有紀律的運營。所以希望，這種情況會有所幫助。

No, that's helpful. Just a follow-up. Sorry, go ahead, Mario.

不，這很有幫助。只是一個後續。對不起，繼續，馬里奧。

Justin, this is Mario. What I wanted to add was that I think the point that you brought up is exactly right. I mean that business -- that part of our business now it is over $7 billion run rate. And as Sumit mentioned, that is a consistent flow of products that helps every single order that flows through our warehouses. So there's real power in the Autoship program.

賈斯汀，這是馬里奧。我想補充的是，我認為你提出的觀點是完全正確的。我的意思是業務——我們業務的這一部分，現在它的運行速度超過 70 億美元。正如 Sumit 所提到的，這是一種一致的產品流，可以幫助流經我們倉庫的每一個訂單。因此，Autoship 計劃具有真正的力量。

Yes, great. Just a follow-up then on unrelated, but was there any headwind on gross margin from mix, just given the 8% decline in hard goods during 1Q? And is it fair to assume that you think that the first quarter marks the low point for hard goods, just in terms of year-over-year change, given the comparisons, as you mentioned, start to ease here in 2Q and over the balance of the year?

對，很好。只是隨後無關緊要的後續行動，但考慮到第一季度硬商品下降 8%，混合毛利率是否有任何阻力？假設您認為第一季度是硬商品的低點，就同比變化而言，是否公平，因為您提到的比較，在第二季度和余額中開始緩和年度？

Yes. The second part of your question is an interesting one. We're not speculating and we're not kind of -- we're not yet kind of providing guidance on how we feel about this. It goes back to Mario's point about just waiting and watching how macro trends change, and how the consumers' mindset continues to remain pressured and when those constraints actually alleviate to the back half of the year or to the rest of the year. So we'll share more in our Q2 results on that. And...

是的。你問題的第二部分很有趣。我們不是在猜測，也不是——我們還沒有就我們對此的感受提供指導。這可以追溯到馬里奧的觀點，即只是等待和觀察宏觀趨勢如何變化，消費者的心態如何繼續承受壓力，以及這些限制何時真正緩解到今年下半年或今年剩餘時間。因此，我們將在第二季度的結果中分享更多信息。和...

Yes, I would say to your point about the mix, I mean, if it was all going into the consumables part of the business, there will be more of a mix pressure. But if you notice how fast our other revenue grew in the quarter, you can see that the shift is mostly happening to the other part of the revenue stream. So I would say that's not necessarily the case. And I would not project Q1 gross margin through the rest of the year. Think about the full year guidance or at least color that we provided in terms of gross margin. That's how you should think about sort of the ebbs and flows on gross margin quarter-to-quarter throughout this year.

是的，我想說的是關於混合的觀點，我的意思是，如果這一切都進入了業務的消耗品部分，那麼混合壓力將會更大。但是，如果您注意到本季度我們的其他收入增長速度有多快，您會發現這種轉變主要發生在收入流的其他部分。所以我會說不一定是這樣。而且我不會預測今年剩餘時間的第一季度毛利率。考慮一下我們在毛利率方面提供的全年指導或至少顏色。這就是你應該如何考慮今年全年毛利率的起伏。

That concludes the Q&A session. I will now hand the call over to Sumit for closing remarks.

問答環節到此結束。現在，我將把電話交給 Sumit 進行結束髮言。

Thank you, everyone. Stay safe, and we'll see you next quarter.

謝謝大家。保持安全，我們下個季度見。

That concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開線路。