(CHWY) 2022 Q2 法說會逐字稿

Good afternoon. Thank you for attending today's Chewy Q2 Fiscal Year '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 Q2 財政年度 '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 second 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 年第二季度的業績。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 on 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 the call today, we will be making forward-looking statements, including statements concerning Chewy's future prospects, financial results, business strength, investments, industry trends and our ability to successfully respond to business risks, including those related to inflation and its effect on the economy and our industry. 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. 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 section and other information in Chewy's 10-Q and 8-K filed earlier today and in our other filings with the SEC, including our annual report on Form 10-K.

在今天的電話會議上，我們將發表前瞻性陳述，包括有關 Chewy 的未來前景、財務業績、業務實力、投資、行業趨勢以及我們成功應對業務風險的能力的陳述，包括與通脹相關的風險及其影響經濟和我們的行業。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，這可能導致實際結果與我們的前瞻性陳述所設想的結果大不相同。報告的結果不應被視為未來業績的指標。另請注意，本次電話會議的前瞻性陳述是基於我們截至今天可獲得的信息。除法律要求外，我們不承擔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部分和其他信息，包括我們關於 10-K 表格的年度報告。

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 second quarter of 2022, and all comparisons are accordingly against the second 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 2022 年第二季度，所有比較都相應地與 2021 年第二季度進行比較。

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

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

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

我現在想把電話轉給 Sumit。

Thanks, Bob, and thank you all for joining us on the call today.

謝謝，鮑勃，感謝大家今天加入我們的電話會議。

We are proud of our Q2 performance and ability to deliver double-digit top line growth and margin expansion during a period when accelerating inflation placed incremental pressure on an already stressed consumer. Across the pet category, pricing escalated throughout the second quarter. Consumers in the pet category responded to growing economic uncertainty by curtailing some of their purchase activity, leading to industry-wide declines in unit volume. Even as consumers pull back in select areas, Chewy outperformed broader industry trends on the strength of our market leadership in nondiscretionary recurring revenue categories like food and health care, the product categories that are most important to pet parents.

我們為第二季度的業績以及在通脹加速給已經壓力重重的消費者帶來越來越大壓力的時期實現兩位數的收入增長和利潤率擴張的能力感到自豪。在整個寵物類別中，整個第二季度的價格都在上漲。寵物類別的消費者通過減少部分購買活動來應對日益增長的經濟不確定性，導致整個行業的單位數量下降。即使消費者在特定領域有所回落，Chewy 的表現仍優於更廣泛的行業趨勢，這得益於我們在食品和醫療保健等非可自由支配的經常性收入類別中的市場領導地位，這些產品類別對寵物父母最重要。

Chewy grew Q2 net sales by 13% to $2.43 billion, reflecting our ability to drive steady demand in nondiscretionary categories. Demand that is anchored by the superior value proposition that we offer pet parents and the predictable nature of our Autoship program. Collectively, these categories represent more than 80% of our overall business, which provides us with distinct structural advantages in the current environment. At the same time, we saw softer demand in the second quarter for discretionary products with longer replacement cycles, such as hard goods, which offset some of our positive momentum in food and health care. Altogether, Chewy's strength and competitive advantages in the pet category were evident in Q2 as customer engagement metrics such as Autoship and NSPAC set new records at 73.1% of net sales and $462, respectively.

Chewy 第二季度淨銷售額增長 13% 至 24.3 億美元，反映了我們推動非自由裁量品類別穩定需求的能力。由我們為寵物父母提供的卓越價值主張和我們的 Autoship 計劃的可預測性所支撐的需求。這些類別合計占我們整體業務的 80% 以上，這為我們在當前環境下提供了明顯的結構優勢。與此同時，我們看到第二季度對更換週期較長的非必需品（如硬貨）的需求疲軟，這抵消了我們在食品和醫療保健領域的一些積極勢頭。總而言之，Chewy 在寵物類別中的實力和競爭優勢在第二季度顯而易見，因為 Autoship 和 NSPAC 等客戶參與度指標分別創下淨銷售額的 73.1% 和 462 美元的新紀錄。

Shifting to profitability. Q2 gross margin was 28.1%, an improvement of 60 basis points both year-over-year and sequentially. This improvement was led by pricing, which continued to strengthen in the second quarter as the favorable delta between price and cost increases widened by approximately 100 basis points compared to last quarter. Additionally, moderating fuel costs and our ongoing efforts to improve supply chain and logistics capabilities also contributed to the strong second quarter gross margin performance. Specifically, during the second quarter, we improved system-wide inventory placement which reduced average delivery distance, improved delivery speed, lowered costs and enhanced customer experience, which I will expand on shortly. Q2 adjusted EBITDA was $83.1 million and adjusted EBITDA margin was 3.4%, a year-over-year increase of 230 basis points and a sequential improvement of 90 basis points reflecting our gross margin expansion, greater marketing efficiency and improved execution in several SG&A functions that we will detail shortly.

轉向盈利。第二季度毛利率為 28.1%，同比和環比均提高 60 個基點。這種改善是由定價引領的，隨著價格和成本增長之間的有利差異與上一季度相比擴大了約 100 個基點，第二季度價格繼續走強。此外，降低燃料成本以及我們不斷努力改善供應鍊和物流能力也促成了強勁的第二季度毛利率表現。具體來說，在第二季度，我們改進了系統範圍的庫存配置，從而縮短了平均交貨距離、提高了交貨速度、降低了成本並增強了客戶體驗，我將很快對此進行擴展。第二季度調整後 EBITDA 為 8310 萬美元，調整後 EBITDA 利潤率為 3.4%，同比增長 230 個基點，環比增長 90 個基點，反映了我們的毛利率擴張、更高的營銷效率和幾個 SG&A 職能的改進執行我們將很快詳細說明。

Moving next to our customers. We ended the quarter with 20.5 million active customers, in line with the expectations we shared on our last call. Our Q2 net adds reflect gross customer additions that have come off their pandemic highs and the retention behavior of the large cohorts we acquired during the pandemic. The number of gross customers that we added in Q2 2022, was mid-single-digit percentage points higher than their comparable pre-pandemic cohort from Q2 2019, even as softer demand across discretionary categories put some pressure on customer acquisition. Once we fully cycle the effects of elevated pandemic pet adoptions and the macro environment recovers, we believe the customer acquisition headwinds related to discretionary demand levels will abate. Additionally, retention rates on the customers we acquired during the pandemic in 2020 and 2021 are still running low single-digit percentage points lower than their comparable pre-pandemic cohorts which continues to affect total net adds due to the large size of these cohorts.

移動到我們的客戶旁邊。我們在本季度結束時擁有 2050 萬活躍客戶，這與我們在上次電話會議上分享的預期一致。我們的第二季度淨增加反映了從大流行高點回落的總客戶增加以及我們在大流行期間獲得的大型群組的保留行為。我們在 2022 年第二季度增加的總客戶數量比 2019 年第二季度的大流行前同類群組高出中個位數百分點，儘管可自由支配類別的需求疲軟給客戶獲取帶來了一些壓力。一旦我們完全循環了大流行寵物收養率上升的影響並且宏觀環境恢復，我們相信與可自由支配的需求水平相關的客戶獲取逆風將會減弱。此外，我們在 2020 年和 2021 年大流行期間獲得的客戶的保留率仍然比大流行前同類群組低個位數的百分點，由於這些群組的規模很大，這繼續影響總淨增加量。

Having said this, we are encouraged to observe that the [complexion] of the new cohorts that we have acquired so far in 2022 is more consistent with the long-term retention profile of our pre-pandemic cohorts. Notably, we believe that the dynamics that are impacting both gross adds and retention are temporary in nature. And it is important to remember that over the long term, our business model produces incredibly sticky customers, which result in retention curves that stabilize after the first 2 years of a customer's relationship with Chewy.

話雖如此，我們很高興地觀察到，我們在 2022 年迄今為止獲得的新隊列的 [膚色] 與我們大流行前隊列的長期保留情況更加一致。值得注意的是，我們認為影響總增加量和留存率的動態本質上是暫時的。重要的是要記住，從長遠來看，我們的商業模式會產生令人難以置信的粘性客戶，這導致保留曲線在客戶與 Chewy 建立關係的前 2 年後趨於穩定。

Now moving on from financials, let me update you on several innovation areas across Chewy. Let's start with supply chain, logistics and transportation. As I have shared over previous earnings calls, we have multiple initiatives underway to improve profitability and customer experience by improving inventory placement, reducing inbound and outbound freight costs and driving incremental fulfillment cost leverage through automation.

現在從金融開始，讓我向您介紹 Chewy 的幾個創新領域。讓我們從供應鏈、物流和運輸開始。正如我在之前的財報電話會議上所分享的那樣，我們正在採取多項舉措，通過改善庫存配置、降低進出境貨運成本以及通過自動化提高履約成本槓桿來提高盈利能力和客戶體驗。

To this end, we successfully launched our third automated fulfillment center last month located in Reno, Nevada. The benefits from automation continue to expand across our network and our pace of realizing these benefits continue to accelerate. For example, based on the learnings from our first 2 automated FC launches, we expect that it will take Reno half as long to ramp up to its comparable performance benchmarks as it took for our first automated FC.

為此，我們上個月成功啟動了位於內華達州里諾的第三個自動化履行中心。自動化帶來的好處繼續在我們的網絡中擴展，我們實現這些好處的步伐繼續加快。例如，根據我們前 2 次自動化 FC 發布的經驗，我們預計 Reno 將需要一半的時間才能達到我們的第一個自動化 FC 所需的性能基準。

As we expand our network of automated FCs, these facilities are handling an increasingly larger share of our outbound shipment volume, and they are doing so at progressively lower variable costs per package. For example, during the second quarter, nearly 25% of our outbound network volume shipped from our first 2 automated FCs at a variable cost per unit that was approximately 15% lower than our legacy network. By this time next year, 1/3 of our outbound volume is expected to shift from automated FCs. Based on these trends, as we have shared with you in the past, we are confident in our ability to realize the 40 to 60 basis points of targeted SG&A leverage over time from our 3 existing automated FCs. We expect to benefit from further SG&A leverage as we open additional automated FCs in 2023 and beyond.

隨著我們擴大自動化 FC 網絡，這些設施在我們的出境貨運量中所佔的份額越來越大，而且每件包裹的可變成本也越來越低。例如，在第二季度，我們近 25% 的出站網絡量來自我們的前 2 個自動化 FC，每單位可變成本比我們的傳統網絡低約 15%。到明年這個時候，預計我們 1/3 的出境量將從自動化 FC 轉移。基於這些趨勢，正如我們過去與您分享的那樣，我們有信心從我們現有的 3 個自動化 FC 中實現 40 到 60 個基點的目標 SG&A 槓桿。隨著我們在 2023 年及以後開設更多自動化 FC，我們預計將受益於進一步的 SG&A 槓桿作用。

On the transportation front, we recently launched our second import-routing facility, this 1 on the East Coast. With facilities on both coasts, we are now able to optimize freight distribution to our FCs and reduce inbound freight costs on more than 3/4 of our import volume. Elsewhere in Transportation, Chewy Freight Services, or CFS also continued to grow in the second quarter. As a reminder, CFS is our linehaul initiative, where we operate a portion of our own middle-mile network. In Q2, we carried triple the volume that we did last quarter, which led to reduced costs and improved delivery performance. Looking forward, we will keep adding capacity to this program throughout the remainder of the year. Combined, these automation and transportation initiatives are generating savings in cost per package and improvements in delivery performance and customer experience.

在運輸方面，我們最近在東海岸推出了我們的第二個進口路由設施，這 1 個。憑藉在兩個海岸的設施，我們現在能夠優化到我們的 FC 的貨運分配，並減少超過 3/4 的進口量的入境貨運成本。在運輸的其他地方，Chewy Freight Services 或 CFS 在第二季度也繼續增長。提醒一下，CFS 是我們的線路計劃，我們在其中運營我們自己的中英里網絡的一部分。在第二季度，我們的銷量是上一季度的三倍，這導致成本降低並提高了交付績效。展望未來，我們將在今年剩餘時間內繼續增加該計劃的容量。結合起來，這些自動化和運輸計劃正在節省每個包裹的成本，並改善交付性能和客戶體驗。

Next, let's move on to Chewy Health and the progress we are making in our mission to make pet health care more affordable and accessible and to improve the lives of pets and pet parents. First is the successful public launch of CarePlus, our wellness and insurance program. After a 2-state soft launch in June, we are now up and running in 31 states as of today, with expectations to complete our nationwide rollout by the end of the year. While it is still early days, we are pleased with the initial customer response to our bespoke insurance and stand-alone wellness plans. Innovations like CarePlus that improve customer experience, increase engagement and enhance retention are the cornerstone of our customer strategy.

接下來，讓我們繼續討論 Chewy Health 以及我們在使寵物保健更實惠和更容易獲得以及改善寵物和寵物父母的生活方面所取得的進展。首先是我們的健康和保險計劃 CarePlus 的成功公開發布。在 6 月進行 2 個州的軟啟動後，截至今天，我們已在 31 個州啟動並運行，預計將在今年年底前完成在全國范圍內的推廣。雖然現在還處於初期階段，但我們對客戶對我們的定制保險和獨立健康計劃的初步反應感到滿意。像 CarePlus 這樣改善客戶體驗、提高參與度和提高保留率的創新是我們客戶戰略的基石。

Our primary goal this year is to iterate and learn all we can about this new space from our customers and partners. So while CarePlus won't have a meaningful financial impact on 2022, over the longer term, we believe CarePlus will provide us an opportunity to help grow the historically underpenetrated pet insurance TAM and gain market share in a high-margin business. We look forward to sharing more with you on our insurance rollout in the quarters to come.

我們今年的主要目標是迭代並從我們的客戶和合作夥伴那裡了解這個新空間。因此，雖然 CarePlus 不會對 2022 年產生有意義的財務影響，但從長遠來看，我們相信 CarePlus 將為我們提供一個機會，幫助我們發展歷史上滲透率較低的寵物保險 TAM，並在高利潤業務中獲得市場份額。我們期待與您分享更多關於我們在未來幾個季度推出的保險的信息。

Next is Practice Hub. I am pleased to share that we now have over 1,000 practices using the platform up from approximately 300 in March of this year. As a reminder, with Practice Hub, we have designed a complete e-commerce solution for veterinarians that can be integrated with their existing practice management software. Our proprietary app allows vets to easily create, preapprove and manage both medications and diet prescriptions all in 1 place and then earn recurring revenue when customers place an order in clinic or purchase their items at home on chewy.com, with Chewy handling all inventory, fulfillment, shipping and customer service.

接下來是實踐中心。我很高興地與大家分享，我們現在有超過 1,000 次使用該平台的實踐，而今年 3 月大約有 300 次。提醒一下，通過 Practice Hub，我們為獸醫設計了一個完整的電子商務解決方案，可以與他們現有的實踐管理軟件集成。我們的專有應用程序允許獸醫在一個地方輕鬆創建、預先批准和管理藥物和飲食處方，然後當客戶在診所下訂單或在家中通過 Chewy.com 購買物品時賺取經常性收入，Chewy 處理所有庫存，履行、運輸和客戶服務。

And finally, I'd like to note an important and proud milestone for our corporate philanthropy program. Chewy Gives Back. At the end of July, we reached the $100 million mark for pet food and essential supplies donated to over 9,000 nonprofit animal welfare organizations that serve pets in need throughout the U.S. Over the past 10 years, we have donated 96 million meals and helped feed millions of rescue pets.

最後，我想指出我們企業慈善計劃的一個重要而自豪的里程碑。耐嚼的回饋。 7 月底，我們向 9,000 多家非營利性動物福利組織捐贈的寵物食品和基本用品達到了 1 億美元大關，這些組織為美國各地有需要的寵物提供服務。在過去 10 年中，我們捐贈了 9600 萬份餐食並幫助養活了數百萬人的救援寵物。

Before turning things over to Mario, let me conclude with the following: the operating environment, including what we faced in the second quarter remains dynamic and evolving. As pet parents pull back in some areas, they refocus their spending on categories centered on the health and well-being of their pets. The strength and durability of our value proposition positions Chewy well to compete and take additional market share in this environment. Looking ahead, we believe these same strengths which include market leadership across recurring demand categories such as food and health care and rapid innovation in service of customers will enable us to keep winning in pet, a category that has proven its durability throughout economic cycles.

在將事情交給馬里奧之前，讓我總結以下幾點：運營環境，包括我們在第二季度面臨的情況，仍然是動態的和不斷發展的。隨著寵物父母在某些領域退縮，他們將支出重新集中在以寵物的健康和福祉為中心的類別上。我們價值主張的力量和持久性使 Chewy 能夠在這種環境中競爭並獲得額外的市場份額。展望未來，我們相信這些相同的優勢，包括在食品和醫療保健等經常性需求類別中的市場領導地位以及客戶服務的快速創新，將使我們能夠繼續在寵物領域獲勝，這一類別已在整個經濟周期中證明了其耐用性。

As we continue to navigate the challenges and opportunities ahead of us, our team remains focused on running the business towards incremental growth and profitability and on making decisions that deepen engagement and improve customer experience for millions of pets and pet parents. To that end, we remain guided by our mission to be the most trusted and convenient destination for pet parents and partners everywhere.

隨著我們繼續應對擺在我們面前的挑戰和機遇，我們的團隊仍然專注於經營業務以實現增量增長和盈利能力，並致力於為數百萬寵物和寵物父母做出加深參與和改善客戶體驗的決策。為此，我們始終以成為世界各地寵物父母和合作夥伴最值得信賴和最方便的目的地為使命。

With that, I will now turn the call over to Mario.

有了這個，我現在將把電話轉給馬里奧。

Thank you, Sumit.

謝謝你，蘇米特。

Second quarter net sales increased 12.8% to $2.43 billion. Nondiscretionary categories like consumables and health care was the primary driver of growth this quarter, representing 83% of our net sales. While hardgoods' sales declined year-over-year as consumers [ration] their dollars towards staples and nondiscretionary items, it is worth noting that our hardgoods business today is up substantially from pre-pandemic levels, with net sales up nearly 70% compared to Q2 2019. Looking forward, we believe that the current dynamic that we are observing in discretionary categories like hardgoods is temporary in nature and that demand will improve as consumer sentiment recovers and pet household growth returns to historical levels.

第二季度淨銷售額增長 12.8% 至 24.3 億美元。消費品和醫療保健等非全權委託類別是本季度增長的主要驅動力，占我們淨銷售額的 83%。儘管由於消費者 [配給] 將美元用於主食和非必需品，因此硬貨的銷售額同比下降，但值得注意的是，我們今天的硬貨業務與大流行前的水平相比大幅上升，淨銷售額與去年同期相比增長了近 70% 2019 年第二季度。展望未來，我們認為，我們在硬商品等非必需品類別中觀察到的當前動態本質上是暫時的，隨著消費者信心的恢復和寵物家庭增長恢復到歷史水平，需求將會改善。

Second quarter Autoship customer sales increased 17.3% to $1.78 billion, outpacing net sales growth by 450 basis points. As a percentage of total net sales, second quarter Autoship customer sales reached an all-time high of 73.1%, increasing 280 basis points year-over-year and 90 basis points sequentially.

第二季度 Autoship 客戶銷售額增長 17.3% 至 17.8 億美元，超過淨銷售額增長 450 個基點。第二季度 Autoship 客戶銷售額佔總淨銷售額的百分比達到 73.1% 的歷史新高，同比增長 280 個基點，環比增長 90 個基點。

Second quarter net sales per active customer or NSPAC reached another record, increasing $58 or 14.4% to $462. Since the beginning of the pandemic in early 2020, our NSPAC has increased by over $100 as we gain an ever-growing share of our customers' pet spend. We ended Q2 with 20.5 million active customers, an increase of 2.1% year-over-year. On a sequential basis, active customers were effectively flat versus Q1 2022. As we expected, Q2 net active customer growth was muted as gross customer adds come down from the elevated levels we saw in the pandemic and as we continue to work through them modestly lower retention rates of our COVID cohorts.

第二季度每位活躍客戶或 NSPAC 的淨銷售額再創紀錄，增長 58 美元或 14.4% 至 462 美元。自 2020 年初大流行開始以來，我們的 NSPAC 增加了 100 多美元，因為我們在客戶的寵物支出中獲得了越來越大的份額。我們在第二季度結束時擁有 2050 萬活躍客戶，同比增長 2.1%。在連續的基礎上，活躍客戶實際上與 2022 年第一季度持平。正如我們預期的那樣，隨著總客戶增加量從我們在大流行中看到的高水平下降，並且隨著我們繼續努力解決這些問題，第二季度淨活躍客戶增長放緩我們 COVID 隊列的保留率。

Moving to profitability. Second quarter gross margin expanded 60 basis points, both year-over-year and sequentially to 28.1%. As Sumit detailed in his remarks, growth in pricing during the quarter exceeded escalating cost inflation. Our gross margin performance also continues to reflect the progress we are making in our supply chain and logistics initiatives. As we move into Q3, we expect the positive price cost delta that we saw in Q2 to narrow as some costs catch up to the price increases that we saw in the second quarter, providing less of a gross margin tailwind in the back half of the year.

轉向盈利。第二季度毛利率同比增長 60 個基點，環比增長 28.1%。正如 Sumit 在他的講話中詳述的那樣，本季度定價的增長超過了不斷上升的成本通脹。我們的毛利率表現也繼續反映我們在供應鍊和物流計劃方面取得的進展。隨著我們進入第三季度，我們預計我們在第二季度看到的正價格成本增量將縮小，因為一些成本趕上了我們在第二季度看到的價格上漲，在下半年提供了更少的毛利率順風年。

Continuing on to OpEx. SG&A, which includes all fulfillment and customer service costs, credit card processing fees, corporate overhead and share-based compensation, totaled $517 million in the second quarter or 21.3% of net sales compared to 20.3% in the second quarter of 2021. Excluding share-based compensation, SG&A totaled $477.2 million or 19.6% of net sales, an increase of 50 basis points versus the second quarter of 2021 and flat on a sequential basis.

繼續運營支出。 SG&A，包括所有履行和客戶服務成本、信用卡處理費、公司管理費用和基於股票的薪酬，第二季度總計 5.17 億美元，占淨銷售額的 21.3%，而 2021 年第二季度為 20.3%。不包括份額基於薪酬的 SG&A 總計 4.772 億美元，占淨銷售額的 19.6%，與 2021 年第二季度相比增加了 50 個基點，環比持平。

Let me elaborate on the modest year-over-year deleverage of SG&A, excluding share-based compensation. First, larger basket sizes and improvements in fulfillment center productivity fueled by our deliberate strategy to invest in automation collectively drove 80 basis points of positive SG&A leverage in the second quarter. Offsetting the improvement in variable fulfillment cost productivity are 2 items. The first, which contributed to approximately 20 basis points of year-over-year deleveraging reflects higher fixed costs associated with the ramp-up of the facilities we have opened in the past year, including a new pharmacy in Pennsylvania and a new automated FC in Reno, Nevada. Second, of the upfront investments we began making in the second half of 2021 in personnel and technology to support our growth and profitability initiatives in areas like health care, fresh and premium, supply chain and transportation. This contributed approximately 110 basis points of year-over-year deleveraging. Consistent with what we have shared in the past, we expect these investments to begin scaling as we exit 2022.

讓我詳細說明 SG&A 的適度去槓桿，不包括基於股票的薪酬。首先，在我們有意投資自動化的戰略推動下，更大的籃子規模和履行中心生產力的提高共同推動了第二季度 80 個基點的 SG&A 正槓桿。抵消可變履行成本生產率的提高有 2 項。第一個，促成了約 20 個基點的同比去槓桿，反映了與我們在過去一年開設的設施的增加相關的固定成本增加，包括賓夕法尼亞州的一家新藥房和賓夕法尼亞州的一家新的自動化 FC。內華達州里諾。其次，我們在 2021 年下半年開始在人員和技術方面進行的前期投資，以支持我們在醫療保健、生鮮和優質、供應鍊和運輸等領域的增長和盈利計劃。這貢獻了約 110 個基點的同比去槓桿化。與我們過去分享的一致，我們預計這些投資將在我們退出 2022 年時開始擴大。

Second quarter advertising and marketing expense was $144.2 million or 5.9% of net sales, a 210-basis point decline over the second quarter of 2021. This year-over-year improvement is a function of both the spike in ad costs we saw in the second quarter of last year and the moderating consumer demand, particularly in hardgoods that we have observed in the second quarter of this year. Looking forward, we expect advertising and marketing to remain in the range of 5% to 7% of net sales as we continue to be ROI-driven and focused on the long-term value contribution of new and existing customers.

第二季度廣告和營銷費用為 1.442 億美元，占淨銷售額的 5.9%，比 2021 年第二季度下降 210 個基點。這一同比改善是我們在去年第二季度，消費者需求放緩，尤其是我們在今年第二季度觀察到的耐用品。展望未來，我們預計廣告和營銷將保持在淨銷售額的 5% 至 7% 範圍內，因為我們將繼續以 ROI 為導向並專注於新客戶和現有客戶的長期價值貢獻。

Wrapping up the income statement. Second quarter net income was $22.3 million, a year-over-year increase of $39 million. Net margin expanded 170 basis points to 0.9%. Second quarter adjusted EBITDA increased $59.8 million versus Q2 2021 to $83.1 million, and our adjusted EBITDA margin expanded 230 basis points to 3.4%. Sequentially, we added $22.5 million to our Q1 results and expanded adjusted EBITDA margin by 90 basis points, building upon this year's gross margin expansion and our discipline around OpEx.

總結損益表。第二季度淨收入為 2230 萬美元，同比增長 3900 萬美元。淨利潤率擴大 170 個基點至 0.9%。第二季度調整後 EBITDA 與 2021 年第二季度相比增加了 5980 萬美元，達到 8310 萬美元，我們調整後的 EBITDA 利潤率擴大了 230 個基點，達到 3.4%。隨後，我們在第一季度的業績中增加了 2250 萬美元，並將調整後的 EBITDA 利潤率擴大了 90 個基點，這是基於今年的毛利率擴張和我們圍繞運營支出的紀律。

Moving on to free cash flow. Second quarter free cash flow was near breakeven at $1 million, reflecting $49.2 million in cash flow from operating activities and $48.2 million of capital expenditures. Capital investments were primarily comprised of investments in our new automated FC and Reno and ongoing technology projects. We finished the quarter with $607 million of cash and cash equivalents on the balance sheet and between cash on hand and availability on our ABL, our liquidity stands at $1.1 billion.

繼續自由現金流。第二季度自由現金流接近收支平衡，為 100 萬美元，反映了來自運營活動的 4920 萬美元現金流和 4820 萬美元的資本支出。資本投資主要包括對我們新的自動化 FC 和 Reno 以及正在進行的技術項目的投資。本季度結束時，我們在資產負債表上擁有 6.07 億美元的現金和現金等價物，在手頭現金和 ABL 的可用性之間，我們的流動性為 11 億美元。

That concludes my second quarter recap. So now let me cover our third quarter and full year 2022 guidance. For the reasons that we have articulated throughout this call, we believe that we will continue to see differences in demand patterns between discretionary and nondiscretionary categories throughout the balance of the year. As such, we are revising our full year top line expectations. At the same time, we are raising our profitability outlook for the year. And as always, our current guidance reflects the balance of the opportunities and risks we see today. We expect third quarter net sales to be between $2.44 billion and $2.46 billion, representing year-over-year growth of 10% to 11%. We now expect full year 2022 net sales to be between $9.9 billion and $10 billion, representing year-over-year growth of 11% to 12% or $1 billion to $1.1 billion in absolute dollar growth over 2021. We are raising our outlook for full year 2022 adjusted EBITDA margin to 1.75% to 2%, up from our prior range of breakeven to 1%.

我的第二季度回顧到此結束。所以現在讓我介紹一下我們的第三季度和 2022 年全年指導。由於我們在本次電話會議中闡明的原因，我們相信在今年餘下的時間裡，我們將繼續看到可自由支配和非自由支配類別之間的需求模式差異。因此，我們正在修改我們的全年收入預期。與此同時，我們正在上調今年的盈利前景。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。我們預計第三季度淨銷售額將在 24.4 億美元至 24.6 億美元之間，同比增長 10% 至 11%。我們現在預計 2022 年全年淨銷售額將在 99 億美元至 100 億美元之間，同比增長 11% 至 12%，即 2021 年絕對美元增長 10 億美元至 11 億美元。 2022 年調整後的 EBITDA 利潤率為 1.75% 至 2%，高於我們之前的盈虧平衡範圍至 1%。

As you update your models, here are a few housekeeping items to keep in mind. We expect net active customer growth to remain muted for the balance of the year given the impact of softer-than-anticipated nondiscretionary demand on customer acquisition and the ongoing impact of lower retention for our COVID cohorts. We now expect full year 2022 gross margin to expand approximately 30 to 50 basis points from our full year 2021 gross margin of 26.7%. That said, our run rate gross margin for the second half of the year is likely to be lower than the first half as product cost increases catch up to the last round of MAP increases and we move through the normal increase in promotional activity that we see during the holiday season.

在您更新模型時，請記住以下幾點。鑑於非自主需求對客戶獲取的影響弱於預期，以及我們 COVID 隊列的保留率較低的持續影響，我們預計今年剩餘時間的淨活躍客戶增長將保持低迷。我們現在預計 2022 年全年毛利率將從 2021 年全年毛利率 26.7% 擴大約 30 至 50 個基點。也就是說，我們下半年的毛利率可能會低於上半年，因為產品成本增加趕上上一輪 MAP 增加，並且我們正在經歷我們看到的促銷活動的正常增加在假期期間。

While mindful of the economic backdrop, we continue to make investments in margin expanding growth initiatives to further improve customer experience. At the same time, we continue to strengthen our core operations, and we are already seeing the tangible bottom line results from many of these efforts, returns that are expected to multiply in the years to come. As we navigate through the current environment, we remain as confident as ever in our ability to drive sustainable, profitable growth and further our leadership in the pet category.

在考慮到經濟背景的同時，我們繼續投資於擴大利潤率的增長計劃，以進一步改善客戶體驗。與此同時，我們繼續加強我們的核心業務，我們已經看到許多這些努力帶來了切實的底線結果，預計未來幾年的回報將成倍增長。當我們在當前環境中導航時，我們對推動可持續、盈利增長並進一步提升我們在寵物類別中的領導地位的能力一如既往地充滿信心。

And 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 Instructions) The first question is from the line of Stephanie Wissink with Jefferies.

（操作員說明）第一個問題來自 Jefferies 的 Stephanie Wissink。

This is [Corey] on for Steph. I wanted to ask about retention still running low single digits below pre-pandemic levels. Can you break down the components of the retention headwind? Maybe how much is from out-of-stocks, how much might be tied to pet owners shifting back to brick-and-mortar? And how much might be tied to issues that you can potentially [solve] for the coming years? And what's the outlook for retention getting back to pre-pandemic levels?

這是斯蒂芬的[Corey]。我想問一下保留率仍然低於大流行前水平的低個位數。你能分解保留逆風的組成部分嗎？也許有多少來自缺貨，有多少可能與寵物主人轉回實體店有關？未來幾年您可能[解決]的問題可能與多少有關？保留率恢復到大流行前水平的前景如何？

[Corey], this is Sumit. We aren't breaking it down into those specific components, but I can tell you that supply chains continue to improve. And so we don't really see that as a headwind and the retention trends or the attrition trends are starting to stabilize as we've come out of Q1 -- as we've come out of Q2. So we believe this is normal recycling of our normal cycling of consumers as the economy opens up against the incremental headwind of inflation and the macroeconomic factors that we're cycling through now. Obviously, a large portion of those consumers that were acquired were also discretionary customers, which as we can -- as you can tell from the script and from what's going on in the marketplace, is impacted and continue to do so as we move through the year.

[Corey]，這是Sumit。我們沒有將其分解為那些特定的組件，但我可以告訴你，供應鏈正在繼續改進。因此，我們並沒有真正看到這是逆風，並且隨著我們從第一季度出來 - 當我們從第二季度出來時，保留趨勢或流失趨勢開始穩定下來。因此，我們認為這是對我們正常的消費者循環的正常循環，因為經濟在通脹的增量逆風和我們現在正在循環的宏觀經濟因素中開放。顯然，這些被收購的消費者中有很大一部分也是可自由支配的客戶，正如我們可以 - 正如你從劇本和市場上發生的事情中所看到的那樣，它們受到了影響，並且在我們通過年。

So when we look at the BU level, consumers that are interacting with the nondiscretionary categories, including in these cohorts, that represent high LTV-type customers are, in fact, getting better in terms of retention. So that's the plus and the minus that we're seeing in the overall stability in this particular metric.

因此，當我們查看 BU 級別時，與代表高 LTV 類型客戶的非自由裁量類別（包括在這些群組中）互動的消費者實際上在留存率方面變得更好。這就是我們在這個特定指標的整體穩定性中看到的正負。

If you notice the numbers for Q2, it's essentially all driven by gross adds delta as we move between Q1 and Q2. Sequentially, our gross adds between Q1 and Q2 are down as we've -- as a historical trend. So this quarter is much more related to that, even when our gross adds are running ahead of pre-pandemic levels, as the script alluded to by mid-single digits, there's still a little bit of a yin and yang that's playing through right now. Hope that helps.

如果您注意到 Q2 的數字，那麼當我們在 Q1 和 Q2 之間移動時，它基本上都是由總增量增量驅動的。因此，作為歷史趨勢，我們在第一季度和第二季度之間的總增加量下降了。因此，本季度與此更為相關，即使我們的總增加量超過了大流行前的水平，正如腳本中個位數所暗示的那樣，現在仍有一點陰陽在發揮作用.希望有幫助。

And [Corey], this is Mario. Let me add to one thing that Sumit said. In terms of the mix of customers when they first joined the platform in the first purchase, the effect of the more favorable mix we're seeing in the last couple of quarters as more customers purchase consumables or health care products in their first order with us, you would start to see that 1 year out. That retention, they're counted as an active customer for the next year, we start to see that affecting or the positive effect of that more than 1 year out.

還有 [Corey]，這是馬里奧。讓我補充一下 Sumit 所說的一件事。就首次購買時首次加入平台的客戶組合而言，我們在過去幾個季度看到的更有利組合的影響是因為越來越多的客戶首次向我們購買消耗品或保健品，你會開始看到那一年。這種保留，他們被視為明年的活躍客戶，我們開始看到一年多後的影響或積極影響。

That's really helpful. And then for my follow-up, I wanted to ask about just the impact from out-of-stocks in the quarter, how you're thinking about the impact of out-of-stocks in the back half? And then when do you expect stock rates to recover at this point?

這真的很有幫助。然後我的後續，我想問一下這個季度缺貨的影響，你如何看待後半段缺貨的影響？然後你預計股價何時會恢復？

We're seeing what we've anticipated and forecasted in our Q1 call, which is supply chains are getting better at the rate that we expected. We do expect to come out of this year, materially improve from the way that we entered the year. But really in terms of crew stabilization, I think 2023 is a better year to look to.

我們看到了我們在第一季度電話會議中的預期和預測，即供應鏈正以我們預期的速度變得更好。我們確實希望從今年出來，與我們進入這一年的方式相比有實質性的改善。但實際上就船員穩定性而言，我認為 2023 年是值得期待的一年。

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。

The improved inventory placement. Wondering if there is ongoing runway there for further improvement. You've noted that it will take some other supply chain initiatives CFS, import-routing kind of multiple quarters to play out. So just wondering if there are similar dynamics there and maybe kind of the classic, what inning are we in, in terms of inventory -- improved inventory placement?

改進的庫存放置。想知道那裡是否有正在進行的跑道以供進一步改進。您已經註意到，它將需要其他一些供應鏈計劃 CFS、進口路由類型的多個季度才能發揮作用。所以只是想知道那裡是否有類似的動態，也許是經典的，就庫存而言，我們處於什麼階段——改進的庫存放置？

Second question related to [inventory] fulfillment centers is the learnings from the automated fulfillment centers and then you're expecting Reno to take (inaudible) long to ramp from your first automated. Amazon has kind of intimated to us kind of takes about -- you get to a 2/3 level of capacity and then you have enough things running through the warehouses and fulfillment centers where you can really start to hone your optimization. Wondering is there a similar dynamic? It's -- we have to build these things. We have to input the optimization. Yes, we learned to optimize and automate better, but we also have to get to kind of a critical mass of volume flowing through them to affect our optimization.

與 [庫存] 履行中心相關的第二個問題是自動化履行中心的學習，然後您預計 Reno 需要（聽不清）很長時間才能從您的第一個自動化提升。亞馬遜向我們暗示了一些需要——你達到 2/3 的容量水平，然後你有足夠的東西在倉庫和履行中心運行，你可以真正開始磨練你的優化。想知道有沒有類似的動態？它是——我們必須建造這些東西。我們必須輸入優化。是的，我們學會了更好地優化和自動化，但我們還必須達到一定數量的流經它們的臨界量，以影響我們的優化。

Brian, nice to hear from you. On the -- let me hit kind of gross margins in broadly because I think the context is important to be able to answer the question that you asked. So when you compare year-over-year, in addition to strengthened pricing this quarter, our study and continued growth across higher profitable businesses like health care and Autoship is contributing year-over-year gross margin increase. In addition to that, as you noted, our continued work and success with the logistics and supply chain initiatives is helping offset some of the 100 to 150 basis points higher freight and fuel costs that we had outlined for you in the Q1 call in May.

布賴恩，很高興收到你的來信。關於 - 讓我大致談談毛利率，因為我認為背景對於能夠回答你提出的問題很重要。因此，當您與去年同期相比時，除了本季度的定價加強外，我們的研究以及醫療保健和汽車運輸等高利潤業務的持續增長正在推動毛利率同比增長。除此之外，正如您所指出的，我們在物流和供應鏈計劃方面的持續工作和成功正在幫助抵消我們在 5 月第一季度電話會議中為您概述的 100 至 150 個基點的運費和燃料成本上漲。

During the first half -- now to answer your question, during the first half, we believe that efforts that are helping improve inventory placement and other experience initiatives, we believe have now mitigated roughly 1/3 of that headwind. And so that's sort of the impact. At this point, we're continuing to observe how Q2 plays through. There's obviously some controllable elements in terms of how we execute against these initiatives. And there's also some natural glide paths across how inventory positions improve across the supply chain, and how fuel positions moderate as we move through the year. So it's a little bit hard to kind of forecast. So I think I'll keep my comments to, in the first half, we've actually already seen or we've mitigated roughly 1/3 of that 100 to 150-basis point impact.

在上半年——現在回答你的問題，在上半年，我們認為有助於改善庫存配置和其他體驗計劃的努力，我們認為現在已經緩解了大約 1/3 的逆風。這就是影響。在這一點上，我們將繼續觀察第二季度的表現。就我們如何執行這些舉措而言，顯然有一些可控的因素。在整個供應鏈中庫存狀況如何改善以及燃料狀況如何隨著我們全年的變化而緩和方面，還有一些自然的滑行路徑。所以有點難以預測。所以我想我會繼續我的評論，在上半年，我們實際上已經看到或者我們已經減輕了大約 1/3 的 100 到 150 個基點的影響。

In terms of your second question, do you want to take it, Mario?

關於你的第二個問題，馬里奧，你願意接受嗎？

Yes. Let me add 1 more thing to what Sumit said and where we are in the inning, I think it's your question, Brian. If you think about the approximately 1/3 of the headwind that we said we mitigated so far this year. We have said in the past that by the end of next year, we expect to have mitigated most of the headwind. So that gives you an indication of the inning, if that's what you're looking for. So there's more to come on that.

是的。讓我在 Sumit 所說的以及我們在局中的位置再補充 1 件事，我認為這是你的問題，Brian。如果您考慮一下我們所說的大約 1/3 的逆風，今年到目前為止我們已經減輕了。我們過去曾說過，到明年年底，我們預計將緩解大部分不利因素。如果這就是你要找的，那麼這會給你一個局的指示。所以還有更多的事情要做。

Yes. We are pleased with the progress that we're making, and we believe it's optimal and the teams are doing a really nice job executing behind these initiatives. In terms of your automation question, look, I think the -- our ramps are in the [1G] network before we'd launched automation, we've gotten to the point where we'd rapidly ramp up a fulfillment center within a matter of quarters. And we play booked the launch and the ramp really efficiently.

是的。我們對我們取得的進展感到滿意，我們相信這是最佳的，團隊在這些舉措背後的執行工作做得非常好。就您的自動化問題而言，看，我認為 - 在我們推出自動化之前，我們的坡道就在 [1G] 網絡中，我們已經到了可以在一個問題內迅速建立一個履行中心的地步宿舍。而且我們非常有效地預訂了發射和坡道。

In the [2G] sites that are fully automated networks, obviously, there's a lot more -- there's a bigger and steeper learning curve that we've gone through. And so from that point of view, Reno ramping up in half the time is impressive given that we've only launched 2 of these so far.

在完全自動化網絡的 [2G] 站點中，顯然還有更多——我們經歷了更大、更陡峭的學習曲線。所以從這個角度來看，鑑於我們迄今為止只推出了其中的 2 個，Reno 在一半的時間內加速增長是令人印象深刻的。

In terms of the volume density that we need, yes, the concept broadly is the same, which is as volume flows through, you see greater utilization, and therefore, greater leverage of productivity come through as well. Whether the numbers are 2/3 or not, I think it's a little bit different in the world where we're pushing stable volume, and we have predictability in terms of the Autoship that provides us the base load to be able to forecast better, labor plan better, eliminate kind of special cost variability as we move through our network and then deliver those orders effectively, including with high utilization on trucks. So that's a little bit of a structural advantage that we believe the network has that throws off the leverage that we're talking about here. Hopefully, that helps.

就我們需要的體積密度而言，是的，這個概念大體上是相同的，即當體積流過時，您會看到更高的利用率，因此也會產生更大的生產力槓桿作用。無論數字是 2/3 與否，我認為在我們推動穩定銷量的世界中有點不同，而且我們在 Autoship 方面具有可預測性，它為我們提供了能夠更好地預測的基本負載，更好地計劃勞動力，在我們通過網絡移動時消除某種特殊的成本可變性，然後有效地交付這些訂單，包括卡車的高利用率。因此，這是我們認為網絡具有的一點結構優勢，可以擺脫我們在這裡談論的影響力。希望這會有所幫助。

The next question comes from the line of Mark Mahaney with Evercore.

下一個問題來自與 Evercore 的 Mark Mahaney。

This is (inaudible) for Mark Mahaney. So I want to kind of circle back on the COVID cohort. Thanks for the explanation about just like why it's inherently, it's gotten some higher churn than (inaudible) cohorts. But is there any other kind of factors that we should think about, about this cohort in terms of like Autoship penetration in terms of the trajectory of NSPAC growth, if you can just like talk about anything else that we should look out for?

這是（聽不清）馬克·馬哈尼。所以我想回到 COVID 隊列。感謝您解釋為什麼它本質上是比（聽不清）同類群組更高的流失率。但是，關於這個隊列，我們是否應該考慮任何其他類型的因素，比如 Autoship 滲透率和 NSPAC 增長軌跡，如果你能談談我們應該注意的其他任何事情嗎？

And also, the second question is the -- I kind of talked about the benefits of pricing. Can you just like expand on (inaudible) pricing -- (inaudible) strategy for the pricing pass-through? Are you able to pass the majority of the price cost inflation? And how has that impacted this quarter's acquisition or retention?

此外，第二個問題是——我談到了定價的好處。您是否可以擴展（聽不清）定價-（聽不清）定價傳遞策略？你能通過大部分的價格成本通脹嗎？這對本季度的收購或保留有何影響？

Yes. I'll take the first one, and Sumit will take the second one. This is Mario. So in terms of the COVID cohorts, look, the good news here is that we saw the 1-year rate declined by low to single -- low-single digits, as we said before, and that has stabilized over the last several quarters. So from that end, that's a good development on the COVID cohorts.

是的。我會拿第一個，Sumit 會拿第二個。這是馬里奧。因此，就 COVID 隊列而言，看，這裡的好消息是，正如我們之前所說，我們看到 1 年利率下降到個位數 - 低個位數，並且在過去幾個季度中已經穩定下來。因此，從這一點來看，這對 COVID 隊列來說是一個很好的發展。

Why are we seeing changes or differences between those cohorts and pre-pandemic cohorts? The answer is, initially, they build bigger baskets, they order more, they spend more. When we look at their NSPAC behavior over time, I can tell you, we look at this on a regular basis, and there's no meaningful difference between those cohorts and previous cohorts. So the NSPAC curves look very similar over time. You may have slightly fewer customers, of course, as we've said, but the customers that stay with us are spending more. So from a NSPAC curve, if you do the math there, they will look very similar.

為什麼我們會看到這些群體與大流行前群體之間的變化或差異？答案是，最初，他們製造更大的籃子，他們訂購更多，他們花費更多。當我們隨著時間的推移查看他們的 NSPAC 行為時，我可以告訴你，我們會定期查看這一點，這些隊列與以前的隊列之間沒有有意義的區別。因此，NSPAC 曲線隨著時間的推移看起來非常相似。當然，正如我們所說，您的客戶可能會稍微少一些，但留在我們這裡的客戶會花費更多。所以從 NSPAC 曲線來看，如果你在那裡進行數學計算，它們看起來會非常相似。

In terms of the Autoship behavior, nothing there to note. So I'll kind of leave it in those 2 points that I mentioned.

就 Autoship 行為而言，沒有什麼需要注意的。所以我會把它留在我提到的那兩點上。

In terms of your question on pricing, the pricing dynamics that we saw in Q2 was as follows: first of all, to hit the question directly, yes, we're pleased with the ability, our ability to manage through the inflation and effectively portfolio price just very similarly to how we were playing Q1. What we saw in Q2 was product cost inflation accelerated in Q2 as Q2 progressed, similar to what the broader economy also saw. In this case, the costs were known increases. There were anticipated increases. And in that anticipation these cost increases, the industry and us in many places, we preemptively priced them in. And the result was escalating strength in pricing that outpaced cost inside of the quarter, which is why you heard us make that comment. Our team executed sharply in a timely manner and broadly speaking, we observed strong industry-wide discipline around these pricing slopes.

關於你關於定價的問題，我們在第二季度看到的定價動態如下：首先，直接回答這個問題，是的，我們對我們通過通脹和有效投資組合進行管理的能力感到滿意價格與我們玩 Q1 的方式非常相似。我們在第二季度看到的是，隨著第二季度的進展，第二季度的產品成本通脹加速，類似於更廣泛的經濟也看到的情況。在這種情況下，成本已知會增加。有預期的增長。在這些成本增加的預期中，行業和我們在許多地方，我們先發製人地將它們定價。結果是在本季度內定價超過成本的力量不斷升級，這就是你聽到我們發表評論的原因。我們的團隊及時迅速地執行，從廣義上講，我們觀察到圍繞這些定價斜率的強大的行業紀律。

It is important to call out that our competitive positioning within the industry actually improved during the quarter as we outpaced the industry in terms of growing units sold and net revenues. Our Q2 sales growth was driven year-over-year by increases in both unit volume and pricing growth, whereas when you follow the industry-wide volumes, the unit sold actually declined. So pricing contributed to more than 100% of the sales growth in the industry. So hopefully, that provides you a bit of a perspective on how kind of we played through pricing and how generally pricing impacted the volumes in the industry.

重要的是要指出，我們在行業內的競爭地位在本季度實際上有所改善，因為我們在銷售單位和淨收入方面的增長超過了行業。我們第二季度的銷售增長是由單位數量和價格增長的增長推動的，而當你關注整個行業的銷量時，銷售的單位實際上是下降的。因此，定價對行業銷售增長的貢獻率超過 100%。因此，希望這可以讓您對我們如何通過定價發揮作用以及總體定價如何影響行業數量有所了解。

The next question is from the line of Doug Anmuth with JPMorgan.

下一個問題來自摩根大通的 Doug Anmuth。

I have 2. First, I just wanted to follow up on pricing. Just trying to understand the drivers here in terms of whether prices went up more on inflation, more opportunistic increases or better math adherence?

我有 2 個。首先，我只是想跟進定價。只是想了解這裡的驅動因素是價格上漲更多是由於通貨膨脹、更多機會主義的上漲還是更好的數學依從性？

And then secondly, just trying to understand your view on the ability to continue to drive NSPAC higher going forward and kind of into '23, particularly if active customer growth remains impacted by inflation and some of the pressure on discretionary products?

其次，只是想了解您對繼續推動 NSPAC 繼續走高並進入 23 年的能力的看法，特別是如果活躍的客戶增長仍然受到通貨膨脹和非必需品產品壓力的影響？

Sure. So the following happened on pricing. Overall, there's more cost inflation that came through. So -- so there was more inflation that had to pass through, as we talked about in Q1. We were expecting that inflation to come through starting the month of June, entering July, and that is consistent with what we saw. On top of that, we continue to take a portfolio pricing approach where there was a portion of our catalog where we actually took price. There was a portion where we held price to price cost ratios. And there was a portion where we did not pass the entire cost through given the elasticity of demand impact.

當然。因此，定價發生了以下情況。總體而言，出現了更多的成本膨脹。所以——正如我們在第一季度談到的那樣，必須通過更多的通貨膨脹。我們預計通脹將從 6 月份開始，進入 7 月份，這與我們所看到的一致。最重要的是，我們繼續採用組合定價方法，在我們實際定價的目錄中有一部分。有一部分我們持有價格與價格成本的比率。考慮到需求影響的彈性，有一部分我們沒有通過全部成本。

What we found on a net basis was given the anticipation of cost increases, we preemptively -- and industry-wide, there was preemptive pricing increases, which helped provide some tailwind and price to cost delta that has flowed through into the strength of the gross margin. So the MAP compliance is actually a behavior that the industry demonstrates, which helped keep pricing discipline sharp as the quarter moved through. So hopefully, the cause and effect is sort of more clear there.

我們在淨額基礎上發現的是，考慮到成本增加的預期，我們先發製人地 - 在整個行業範圍內，先發製人地提高了定價，這有助於提供一些順風和價格與成本增量的關係，這些增量已經流入毛利率的強度利潤。因此，MAP 合規性實際上是行業展示的一種行為，這有助於在本季度進行時保持定價紀律。因此，希望那裡的因果關係更加清楚。

In terms of your question on NSPAC growth. This is an area we remain excited about. Given the fact that our health businesses are continuing to strengthen. Some of them very -- in very early stages such as Compounding, such as insurance, such as Practice Hub that are seeing -- or Connect with a Vet that (inaudible) health service that are seeing very strong customer response and engagement kind of put behind them.

關於您關於 NSPAC 增長的問題。這是一個我們仍然感到興奮的領域。鑑於我們的健康業務正在繼續加強這一事實。其中一些非常 - 在非常早期的階段，例如復合，例如保險，例如正在看到的實踐中心 - 或與獸醫聯繫，（聽不清）醫療服務看到非常強烈的客戶響應和參與度在他們後面。

At the same time, existing businesses such as Pharmacy continued to deliver strong double-digit increases on a year-over-year basis where we continue to both kind of acquire and demonstrate strong retention and demonstrate strong growth in spend from an active customer point of view. So the mix of customers buying multiple categories, right, increases as you kind of take a vertical like this into impact. We would expect much more of this to happen as we move through into Q3, our insurance rollouts complete throughout the nationwide and the economy kind of gets back on track. So that's kind of how we're seeing '23.

與此同時，藥房等現有業務繼續實現強勁的兩位數同比增長，我們繼續獲得併展示強大的保留率，並從活躍的客戶角度展示支出的強勁增長看法。因此，購買多個類別的客戶組合會隨著您對這樣的垂直行業產生影響而增加。隨著我們進入第三季度，我們預計會發生更多這種情況，我們的保險在全國范圍內的推廣工作已經完成，經濟也將重回正軌。這就是我們對 23 年的看法。

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

下一個問題來自摩根士丹利的 Lauren Schenk。

I think I ask a bigger picture question. I guess, has there been a philosophical change or sort of a change at the management level to prioritize profitability or margins a little bit more over top line growth? Or is this really just finally seeing to some of these investments made in the past couple of years? And then just a clarifying question. On unit customer growth in the back half, does that imply that it's possible that (inaudible) be negative in the back half?

我想我問一個更大的問題。我想，在管理層面是否發生了哲學上的變化或某種變化，以將盈利能力或利潤率置於頂線增長之上？或者這真的只是最終看到了過去幾年所做的一些投資嗎？然後只是一個澄清問題。關於後半部分的單位客戶增長，這是否意味著後半部分（聽不清）可能為負數？

Lauren, I'll take the first one. Mario will take the second one. No, there is no change in long-term strategy of continuing to gain incremental market share on the back of growth that we believe we can achieve and attain and continue to drive in the industry. What we're seeing right now is an incredible disciplined execution from the team and where we are finding pockets of -- or where we're finding the opportunity to benefit and take in margin, we're absolutely not giving up those opportunities, whether it's in sharper pricing or whether it's executing sharply on to OpEx control and SG&A-type initiatives as you've heard us articulate. Also super proud of the initiatives that are running through the company that improve experience and lower cost structure which, in our opinion, is structural and can be sustained moving forward. But broadly speaking, we remain steadfast on our mission of being the most trusted convenient destination for pet parents and partners, so not coming off of the growth story there. Mario?

勞倫，我要第一個。馬里奧將拿下第二個。不，在我們相信我們可以實現和實現並繼續推動行業增長的增長背景下，繼續獲得增量市場份額的長期戰略沒有改變。我們現在看到的是來自團隊的令人難以置信的紀律性執行以及我們在哪裡找到口袋——或者我們在哪裡找到受益和獲取利潤的機會，我們絕對不會放棄這些機會，無論是正如您聽到我們所說的那樣，它的定價更優惠，或者是否在運營支出控制和 SG&A 類型的舉措上執行得非常迅速。也為公司正在實施的改善體驗和降低成本結構的舉措感到非常自豪，在我們看來，這些舉措是結構性的，並且可以持續向前發展。但從廣義上講，我們仍然堅定不移地致力於成為寵物父母和合作夥伴最值得信賴的便捷目的地，因此不會脫離那裡的成長故事。馬里奧？

Lauren, on the active customers, as you know, we don't guide to active customers just as we don't guide to NSPAC. But obviously, that said, based on the current trends and we expect net adds to remain muted for the balance of the year. I think that's the key word there that we've said several times now. The adjustment to our outlook on the top line is 1 of the factors that is tied into our expectations in active customer growth through the balance of the year. So think about it that way.

Lauren，關於活躍客戶，如您所知，我們不引導活躍客戶，就像我們不引導 NSPAC 一樣。但顯然，根據目前的趨勢，我們預計今年餘下時間的淨增長將保持低迷。我認為這是我們現在已經多次說過的關鍵詞。我們對收入前景的調整是與我們在今年餘下時間對積極客戶增長的預期相關的因素之一。所以這樣想吧。

The next question is from the line of Anna Andreeva with Needham.

下一個問題來自 Anna Andreeva 和 Needham 的台詞。

Great. We have 2 quick ones. Just a follow-up on the guidance. So is the lower sales expectation entirely on the hardgoods category? And what's being implied for the back half of this category as part of the updated guide?

偉大的。我們有 2 個快速的。只是對指導的跟進。那麼，較低的銷售預期完全是在硬貨品類上嗎？作為更新指南的一部分，該類別的後半部分暗示了什麼？

And secondly, just bigger picture. You had mentioned units were down for the industry in the second quarter. Just what are you seeing the pet space growing this year?

其次，只是更大的圖景。您曾提到第二季度該行業的單位數量下降。您認為今年寵物空間的增長是什麼？

And on hardgoods -- so yes, so the first part of your question, the short answer is yes. Given the elevated inflation that has passed through Q2 and the ongoing macro trends, including lower interest towards new pet household formation, we believe that we're taking an appropriately more conservative view on consumer spending across discretionary categories such as hardgoods moving forward for the balance of the year. And that is what you see reflected in our guidance. So that was the first part of your question.

關於硬貨——是的，所以你問題的第一部分，簡短的回答是肯定的。鑑於通過第二季度的通脹上升和持續的宏觀趨勢，包括對新寵物家庭形成的興趣降低，我們認為我們對非必需品類別的消費者支出採取更保守的看法，例如硬商品，以實現平衡年。這就是您在我們的指導中看到的。所以這是你問題的第一部分。

Can I add one more thing, Sumit. So just to kind of expand on that, Anna. So for the, as you said, primary factor being hardgoods. Do keep in mind, 80% of our sales are in consumables and health care. Those 2 categories continue to grow. We're taking market share. For us, they're also more predictable given their recurring nature. So for us, those are very good indicators of how we think about revenue going forward.

我可以再補充一件事嗎，Sumit。所以只是為了擴展這一點，安娜。因此，正如您所說，主要因素是耐用品。請記住，我們 80% 的銷售額來自消耗品和醫療保健。這兩個類別繼續增長。我們正在搶占市場份額。對我們來說，考慮到它們的重複性，它們也更容易預測。所以對我們來說，這些都是我們如何看待未來收入的非常好的指標。

The 20% that is hardgoods, that's discretionary in nature, and we're seeing that across the industry. And for that part of the business, we continue to use our best judgment and the best data available to forecast demand. And based on what we saw in the first half of the year and how we expect inflation, we're going to continue biasing customer spending towards food and health care where we excel and away from hardgoods, again, these are data points that we use to think about our second half or just our revenue projections going forward.

20% 是耐用品，本質上是可自由支配的，我們在整個行業都看到了這一點。對於這部分業務，我們繼續使用我們的最佳判斷和可用的最佳數據來預測需求。根據我們在上半年看到的情況以及我們對通貨膨脹的預期，我們將繼續將客戶支出偏向於我們擅長的食品和醫療保健，而不是硬商品，這些是我們使用的數據點考慮我們的下半年或只是我們未來的收入預測。

Sumit made the point earlier, too, that we expect the growth in pet households to remain below pace from the last 2 years before returning to trend. And that's evident in the data that we have available. And so we believe that that's borne out by the data that's available out there. Now all that to say, we still expect double-digit growth in the second half of the year. And what we're seeing coming into the third quarter, it's encouraging to the numbers we see.

Sumit 早些時候也指出，我們預計寵物家庭的增長將低於過去兩年的增長速度，然後才恢復趨勢。這在我們現有的數據中很明顯。所以我們相信，現有的數據證實了這一點。綜上所述，我們仍然預計下半年會有兩位數的增長。我們在第三季度看到的情況對我們看到的數字來說是令人鼓舞的。

Anna, can you repeat your second question about market and units?

Anna，你能重複你關於市場和單位的第二個問題嗎？

The second question was about just the growth in the pet space, and I think you largely answered that, meaning that Chewy will be taking share. But I guess do you still expect the units to be down in the back half?

第二個問題是關於寵物領域的增長，我認為你在很大程度上回答了這個問題，這意味著 Chewy 將分一杯羹。但我想你是否仍然期望這些單位在後半部分下降？

We expect discretionary to continue to remain pressured. If you see unit demand in pet food, pet food unit demand industry-wide declined 1% compared to discretionary, which actually declined roughly 8%. So there's a big delta there. And we expect food and health to continue to recover and strengthen as the back half unfolds and discretionary to likely continue to remain pressured, yes.

我們預計全權委託將繼續承壓。如果您看到寵物食品的單位需求，則整個行業的寵物食品單位需求與非必需品相比下降了 1%，後者實際上下降了約 8%。所以那裡有一個很大的三角洲。我們預計，隨著後半部分的展開，食品和健康將繼續恢復和加強，並且可自由支配可能會繼續承受壓力，是的。

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

下一個問題來自 William Blair 的 Dylan Carden。

So I was just hoping to be kind of crystal clear, and sorry if I missed it, as to when you lap in your view, kind of the COVID disruption? Because I know there's some sort of nuance to the -- particularly the net add metric and around kind of the trailing nature of it. And then sort of a related question, the mid-single-digit underlying gross add growth, is that kind of the foreseeable future in this sort of new world where there's maybe been some pull forward in adoptions? Just trying to get a sense as far as expectations when we really clear through some of the noise in your view, at least on that item.

所以我只是希望能說得清楚一點，如果我錯過了，我很抱歉，至於你什麼時候在你的視野中出現這種 COVID 干擾？因為我知道這有一些細微差別——特別是淨添加指標和它的尾隨性質。然後是一個相關的問題，即中個位數的潛在總增加值增長，在這種可能會在採用方面取得一些進展的新世界中，這種可預見的未來是這樣的嗎？當我們真正清除您認為的一些噪音時，至少在該項目上，只是試圖了解預期的意義。

Yes, I'll start with the second one, Dylan, and Mario will likely jump in for the first one. In terms of like gross adds, there's definitely a base hit driven by the current macro because we believe that if -- so Q2 -- first of all, if you recall Q1, we said a couple of things. We said, hey, we expect Q2 to remain pressured on the pretext of really 2 broad things. One, consumer budget, it's continuing to get [rationed] away from discretionary but much more so into travel and so forth and so on. Number two, increasing inflation was a bit of a bogey that we said we need to watch and see how much more inflation gets passed through in Q2 and what is the impact of discretionary on that.

是的，我將從第二個開始，迪倫，馬里奧可能會加入第一個。就類似的總增加而言，當前宏觀肯定會帶來基本打擊，因為我們相信如果 - 所以第二季度 - 首先，如果你還記得第一季度，我們說了幾件事。我們說，嘿，我們預計第二季度將繼續以兩件廣泛的事情為藉口繼續承壓。一，消費者預算，它繼續[配給]遠離可自由支配的，但更多的是旅行等等。第二，通脹上升有點像我們所說的，我們需要觀察第二季度有多少通脹通過，以及自由裁量權對此有何影響。

Relative to Q1, double-digit inflation in pet got passed through to consumers in Q2, and the impact is very evident in discretionary. So when you compare that data point you look at categories that are weakening as we've come out of Q2, both interest in new pet and interest in hardgoods continues to trend down. For example, searches for hardgoods are down 24%. Searches for pet are also down roughly 20%, 22% levels. Searches for golden retriever puppies are down 45% coming out. So there's a distinct kind of correlation there and the gross adds in a rate that the industry is right now picking up, given the kind of the causality or the factors that I've actually talked about.

相對於第一季度，寵物的兩位數通脹在第二季度傳遞到了消費者身上，而非必需品的影響非常明顯。因此，當您比較該數據點時，您會看到隨著我們第二季度的到來而減弱的類別，對新寵物的興趣和對耐用品的興趣都繼續呈下降趨勢。例如，對耐用品的搜索量下降了 24%。寵物的搜索量也下降了大約 20%、22% 的水平。金毛幼犬的搜索量下降了 45%。所以那裡有一種明顯的相關性，考慮到我實際談到的因果關係或因素，該行業目前正在加速增長。

The encouraging part is that both of these factors are temporary and as the pressures abate or the economy resets or the macros abate, we do expect to -- we do expect that this headwind will actually mitigate. So hopefully, that provides you a greater color in terms of gross adds.

令人鼓舞的是，這兩個因素都是暫時的，隨著壓力減弱或經濟重啟或宏觀經濟減弱，我們確實希望——我們確實希望這種逆風實際上會減輕。因此，希望這可以為您提供更大的總添加量。

Do you want to talk about...

你想談...

I'll tell you, when we expect to lap the COVID disruption. So go back to the way we've explained our customer retention over time. Most of the attrition that happens in our -- for our COVID -- for our cohorts' period, no matter when we acquire them, happened year 1 into year 2. And why is that is because in the first year that they joined the platform, they're counted as active customers the entire time, even if they don't return to make a purchase. So we see the first effect 1 year out after their first purchase. There's also another step year 2 to year 3 because they may have come back throughout the first year and they get counted through the second year or at least 1 year from their last purchase, let's call it that way.

我會告訴你，我們預計什麼時候會出現 COVID 中斷。因此，回到我們解釋客戶保留率的方式。發生在我們的——對於我們的 COVID——在我們的同夥時期，無論我們何時獲得它們，大部分減員都發生在第 1 年到第 2 年。為什麼這是因為在他們加入平台的第一年，他們一直被視為活躍客戶，即使他們沒有回來購買。所以我們在他們第一次購買一年後看到了第一個效果。第 2 年到第 3 年還有另一個步驟，因為他們可能在整個第一年都回來了，他們在第二年或從上次購買後至少 1 年被計算在內，讓我們這樣稱呼它。

So if you think about the 2020 cohort, and by the way, after 2 years with us, they tend to stay with us for a very long time, and we can go back cohort after cohort year after year and see the same pattern over time. So if you think about the 2020 cohort, which would have been the first COVID cohort. Those customers are now -- have lapped 2 years with us, the first year of 2020, second year 2021. So now we're trying to see sort of this -- what we're saying they're stabilizing. The retention is stabilizing over time. 2021, they're in the middle of their second year. They counted all last year. They're in the middle of second year. So we're going to see that their stability, and we're starting to see some signals from there as well as we get into -- out of this year and into 2023.

因此，如果您考慮一下 2020 年的隊列，順便說一下，在與我們在一起 2 年後，他們往往會在我們身邊呆很長時間，我們可以逐年返回隊列，並隨著時間的推移看到相同的模式.因此，如果您考慮 2020 年的隊列，那將是第一個 COVID 隊列。這些客戶現在已經與我們合作了 2 年，2020 年的第一年，2021 年的第二年。所以現在我們正試圖看到這種情況——我們所說的他們正在穩定下來。隨著時間的推移，保留率正在穩定下來。 2021年，他們正處於第二年的中期。他們去年都數過了。他們在第二年的中旬。因此，我們將看到它們的穩定性，並且我們開始從那裡看到一些信號，以及我們進入 - 從今年到 2023 年。

All that to say, and I would add that 1 of the positive developments over the last couple of quarters is that the customers that are joining the platform, their initial purchase order tends to be in categories that have historically been more sticky for us, consumables, health care. So you would -- so I would expect, without giving you sort of a specific guidance that their retention over time would be potentially better than what we've seen in the last couple of years.

綜上所述，我要補充的是，過去幾個季度的積極發展之一是加入該平台的客戶，他們的初始採購訂單往往屬於歷史上對我們更具粘性的類別，消耗品， 衛生保健。所以你會 - 所以我會期望，如果沒有給你具體的指導，他們隨著時間的推移可能會比我們在過去幾年看到的更好。

The next question is from the line of Eric Sheridan, Goldman Sachs.

下一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I can. Sumit, on the competitive intensity side, are you seeing anything different that you have to respond to from the mix of online or off-line competitors that you have given both pandemic normalization theme as well as sort of the macro volatility you're calling out on the call? That would be question number one.

也許2，如果可以的話。 Sumit，在競爭強度方面，您是否看到了您必須從在線或離線競爭對手的組合中做出反應的任何不同之處，您已經給出了流行病正常化主題以及您所呼籲的宏觀波動在通話中？那將是第一個問題。

And then Mario, question 2, on the gross margin side, it seems what you're implying is that there are some headwinds to gross margin or some puts and takes to gross margin in the second half of the year that we should keep in mind. Can you just frame up again some of those puts and takes? And how should we be thinking about gross margin against your longer-term goals from the exit velocity you expect to see this fiscal year?

然後馬里奧，問題 2，在毛利率方面，您的意思似乎是我們應該牢記下半年毛利率或一些看跌期權和毛利率面臨一些不利因素.你能再次構架其中的一些看跌期權嗎？從本財年預期的退出速度來看，我們應該如何考慮毛利率與您的長期目標？

Eric, this is Sumit. I'll take the first one, Mario will take the second one. The short answer is no. We aren't seeing any increased intensity neither come through in terms of short-term transactional promo or demand driving levers in the marketplace, nor are we really seeing the pace of innovation or working backwards from customer innovation actually pick up. So in the second area, which we continue to actually put a lot of pride in ourselves, we have lots of good initiatives running inside the company that improve experience and strengthen the overall value proposition for Chewy. So not much to actually share there, but we're not seeing intensity pick up now.

埃里克，這是蘇米特。我會拿第一個，馬里奧會拿第二個。最簡潔的答案是不。在短期交易促銷或市場需求驅動槓桿方面，我們沒有看到任何增加的強度，我們也沒有真正看到創新的步伐或從客戶創新中倒退的步伐實際上正在加快。因此，在第二個領域，我們繼續為自己感到非常自豪，我們在公司內部開展了許多好的舉措，以改善體驗並加強 Chewy 的整體價值主張。因此，實際分享的內容並不多，但我們現在沒有看到強度回升。

And Eric, I would add to that, that if you think about our growth versus the industry, we're growing faster than the industry. Our growth versus general e-commerce growth in the U.S. in the second quarter was -- we grew twice as fast as general e-commerce. So you're seeing us both take share and also outperform overall e-commerce in the quarter. So I think a lot of that way in relation to our -- how we think about competitive actions in the quarter.

埃里克，我想補充一點，如果你考慮我們的增長與行業相比，我們的增長速度比行業快。我們第二季度在美國的增長與一般電子商務增長相比是——我們的增長速度是一般電子商務的兩倍。因此，您會看到我們在本季度的份額和表現都優於整體電子商務。因此，我認為這與我們 - 我們如何看待本季度的競爭行為有關。

Now. In terms of the gross margin. So there are a couple of factors there. One is, in Q2, we did see a favorable gap between MAP increases and product cost inflation. And I covered that in my prepared remarks. And that boosted second quarter gross margins. In the second half, we do expect some of that gap to remain positive but start to narrow as the costs catch up with the price increases. This is more about timing of when the vendors implemented MAP increases and they get implemented ahead of increasing cost in order to have more of a potential of keeping the MAP increase in place. Second, the promotional activity, which normally picks up around the second half of the year, primarily around holidays and that we do expect margins to be impacted there. And finally, we expect sales mix away from hardgoods in the second half as consumers continue to prioritize food and health care purchases, which again is where we -- that's over 80% of our sales.

現在。在毛利率方面。所以有幾個因素。一是，在第二季度，我們確實看到了 MAP 增長與產品成本通脹之間的有利差距。我在準備好的發言中提到了這一點。這提高了第二季度的毛利率。在下半年，我們確實預計其中一些差距將保持正數，但隨著成本趕上價格上漲而開始縮小。這更多是關於供應商何時實施 MAP 增加的時間，並且他們在增加成本之前實施，以便有更多的潛力保持 MAP 增加。其次，促銷活動通常在下半年左右開始，主要是在假期前後，我們確實預計那裡的利潤率會受到影響。最後，我們預計下半年的銷售組合將遠離硬貨，因為消費者繼續優先購買食品和保健品，這又是我們 - 這是我們銷售額的 80% 以上。

Eric, are you still there? Are we still there? Operator?

埃里克，你還在嗎？我們還在嗎？操作員？

Yes. It seems like Eric has gone on mute or disconnected.

是的。埃里克似乎已靜音或斷開連接。

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。

Great. Just a couple of ones. First, are you seeing any capacity of kind of trade downs or some sort of like a basket adjustments in the consumable category currently due to the broad inflationary trends?

偉大的。就幾個。首先，由於廣泛的通脹趨勢，您是否看到目前消耗品類別的貿易下降或某種類似一攬子調整的能力？

And then the second question, more broadly, can you give us some sense of the magnitude of inflation during 2Q, either as a -- maybe a percentage of SKUs that have seen price markups? And how should we think about the path for that in the second half?

然後是第二個問題，更廣泛地說，您能否讓我們對第二季度的通脹幅度有所了解，或者作為 - 也許是看到價格上漲的 SKU 的百分比？我們應該如何思考下半場的路徑？

Yes. Deepak, it's Mario. I'll take the second part of the question, and Sumit will cover the first part. But in terms of the catalog. It is not much different from what we saw in the first quarter. When we look at the entirety of the catalog, we've seen about half of the catalog with a price increase year-over-year, not surprising. And the other half is either flat or lower year-over-year. So when we look at pricing, we don't look at just sort of a monolithic approach about price increases. It's very surgical. It's very SKU by SKU, brand by brand. But that gives you an idea of how we think -- how the catalog has developed in terms of pricing over the last year. Sumit?

是的。迪帕克，是馬里奧。我將回答問題的第二部分，Sumit 將討論第一部分。但就目錄而言。這與我們在第一季度看到的沒有太大區別。當我們查看整個目錄時，我們已經看到大約一半的目錄價格同比上漲，這並不奇怪。另一半要么持平，要么同比下降。因此，當我們查看定價時，我們不會只考慮一種關於價格上漲的單一方法。這是非常手術的。這是一個 SKU by SKU，一個品牌一個品牌。但這讓您了解我們的想法 - 目錄在去年的定價方面是如何發展的。蘇米特？

No, Deepak, we did not see any -- or we're not seeing trade down coming out of Q2. So it's very similar to what we saw in Q1 which was also we did not see trade down for Q1 as well.

不，Deepak，我們沒有看到任何 - 或者我們沒有看到第二季度的貿易下降。所以這與我們在第一季度看到的非常相似，我們也沒有看到第一季度的交易下降。

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

下一個問題來自 Justin Kleber 和 Baird。

Yes. Just a couple of follow-ups. First, on the NSPAC. Can you size the impact of pricing or I guess, like-for-like SKU inflation on that 14.4% growth? Sumit, I think you mentioned double-digit inflation was passed through across the industry. It doesn't sound like that's a good proxy for the contribution that you're seeing in NSPAC, but just wanted to confirm that?

是的。只是一些後續行動。首先，關於 NSPAC。你能估計定價的影響嗎？或者我猜，同類 SKU 通脹對 14.4% 的增長的影響？ Sumit，我認為您提到了整個行業都出現了兩位數的通貨膨脹。聽起來這不能很好地代表您在 NSPAC 中看到的貢獻，但只是想確認一下？

Yes. I'll take -- I'll answer this question, Justin. So look, we don't break down necessarily how much of it is unit versus ASP or anything like that. But as you can see in our 10-Q, consumables and health care, were the main drivers of our net sales growth in the second quarter. A lot of that is going to be MAP priced, and there's MAP compliance in that part -- in the business. If you look at the inputs and I know we don't report this explicitly out. But we had orders -- order volume increase for us year-over-year. Each quarter was also bigger in terms of both units and dollars. So bigger baskets and more orders. and we continue to gain incremental share of wallet across the customer base. So it's those -- all those components together that are driving the NSPAC expansion for us.

是的。我會接受——我會回答這個問題，賈斯汀。所以看，我們不一定分解它有多少是單位與 ASP 或類似的東西。但正如您在我們的 10-Q 中看到的那樣，消耗品和醫療保健是我們第二季度淨銷售額增長的主要驅動力。其中很多都將以 MAP 定價，並且在這部分 - 在業務中存在 MAP 合規性。如果您查看輸入，我知道我們不會明確報告這一點。但是我們有訂單——我們的訂單量同比增長。每個季度的單位和美元都更大。所以更大的籃子和更多的訂單。我們繼續在整個客戶群中增加錢包份額。因此，正是這些——所有這些組件共同推動了我們的 NSPAC 擴張。

Okay. Very helpful. Just 1 other follow-up, kind of bigger picture question. You mentioned the demand for hardgoods, you think will improve as pet household growth returns to historical levels. Just any thoughts on the timeline of that return? There's this debate across a lot of retail categories around how much demand or consumption was pulled forward during the pandemic. So just curious if you have a view on that from a pet acquisition perspective. And if this is maybe a multiyear hangover or digestion period just in terms of pet acquisition?

好的。非常有幫助。只是另外 1 個後續，一種更大的圖片問題。您提到了對耐用品的需求，您認為隨著寵物家庭增長恢復到歷史水平，需求會有所改善。關於回歸時間表的任何想法？許多零售類別都存在關於在大流行期間推動了多少需求或消費的爭論。所以只是好奇你是否從寵物收購的角度對此有看法。如果這可能只是寵物收購方面的多年宿醉或消化期？

I think it depends categorically. If the macro factors abate, you should actually see normal spending resume on categories that are more recurring within hardgoods such as toys, or carriers that actually support travel, et cetera, come back to normal, in line with the macro recovery. Then there are categories that are impacted by household formation such as new adoptions driving to higher crate purchases, which I would also actually correlate back to the macro improving. And finally, there are refresh -- longer refresh cycle categories such as beds which we believe will actually remain muted for a bit while longer given the refresh cycle that beds went through over the last 2 years where every household likely bought multiple beds, et cetera. I'm obviously speculating a bit, and I don't have a crystal ball here, but that's generally in line with how we forecast and what we would predict trending to work.

我認為這取決於分類。如果宏觀因素減弱，您實際上應該會看到在玩具等硬商品中更經常出現的類別上的正常支出恢復正常，或者實際上支持旅行的運營商等恢復正常，與宏觀復甦一致。然後是受家庭形成影響的類別，例如新收養推動更高的板條箱購買，我實際上也將其與宏觀改善相關聯。最後，還有更新——更長的更新周期類別，例如床，考慮到過去 2 年中床經歷的更新周期，每個家庭可能購買多張床等等，我們認為這些類別實際上會保持靜音一段時間。 .我顯然是在猜測，我這裡沒有水晶球，但這通常與我們的預測方式以及我們預測的趨勢工作一致。

The next question is from the line of Chris Bottiglieri with BNP.

下一個問題來自 BNP 的 Chris Bottiglieri。

I'll take it. Can you talk about a couple of things? I guess I want to get a sense on private label penetration, both to the consumables and hardgoods as inflation has crept up, have you seen any increased adoption of these private label brands? And could you quantify it if so? And then I read the 10-Q, and it sounds like you quoted mix as a tailwind on gross margin, which, I guess, is surprising given the weakness in discretionary. Could you just elaborate more on what's driving that favorable mix?

我要買它。你能談談幾件事嗎？我想我想了解自有品牌的滲透率，無論是消耗品還是硬商品，隨著通貨膨脹的加劇，您是否看到這些自有品牌的採用率有所增加？如果是這樣，你能量化它嗎？然後我讀了 10-Q，聽起來你引用混合作為毛利率的順風，我想，鑑於可自由支配的疲軟，這令人驚訝。您能否詳細說明是什麼推動了這種有利的組合？

Sure. So in private brands, no, we haven't seen a dramatic uptick in private branded adoption -- our private brands adoption. The reason for that is on a weighted basis, hardgoods formed from a mix contribution point of view, hardgoods forms the majority of our mix. And as you can tell, hardgoods mix is actually down. And within hardgoods, we've seen some trade towards private brands and toys given Frisco is a strong brand. But broadly speaking, the purchase cycle isn't actually favorable now.

當然。所以在自有品牌中，不，我們沒有看到自有品牌採用率急劇上升——我們的自有品牌採用率。原因是在加權的基礎上，從混合貢獻的角度來看，耐用品構成了我們組合的大部分。正如你所知道的，硬貨組合實際上已經下降。在硬貨方面，鑑於 Frisco 是一個強大的品牌，我們已經看到一些對自有品牌和玩具的貿易。但從廣義上講，現在的購買週期實際上並不有利。

In terms of your second question, could you repeat that, Chris, please?

關於你的第二個問題，克里斯，你能重複一遍嗎？

Yes. I was just looking at the 10-Q and it sites that 1 of the drivers of COGS was that you're seeing favorable changes in our mix of sales. But given that discretionary sales are down, just trying to understand what drove the favorable mix?

是的。我只是在查看 10-Q，它表明 COGS 的驅動因素之一是您看到我們的銷售組合發生了有利的變化。但鑑於可自由支配的銷售額下降，只是想了解是什麼推動了有利的組合？

Fair enough. But if you look at the other category, that's where our health care sales are, and that grew the fastest of all 3 categories. So the change in mix, yes, some of it went to consumables but a fair amount of that also went to a more profitable category, which is the health care.

很公平。但如果你看看另一個類別，那就是我們的醫療保健銷售額，並且在所有 3 個類別中增長最快。所以組合的變化，是的，其中一些用於消耗品，但其中相當一部分也用於更有利可圖的類別，即醫療保健。

Our strength in health care offset decline in hardgoods.

我們在醫療保健方面的實力抵消了耐用品的下滑。

Thank you. That concludes the question-and-answer session. I will now hand the call over to Sumit Singh for closing remarks.

謝謝你。問答環節到此結束。現在，我將把電話轉給 Sumit Singh 進行閉幕詞。

Thank you all. Have a good evening, and we'll see you all soon.

謝謝你們。祝大家晚上愉快，我們很快再見。

That concludes today's Chewy Q2 fiscal year '22 earnings call. Thank you for your participation. Please enjoy your day, and you may now connect -- disconnect your lines.

今天的 Chewy Q2 財年 '22 財報電話會議到此結束。感謝您的參與。請盡情享受您的一天，您現在可以連接——斷開您的線路。