Chewy Inc (CHWY) 2023 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's Chewy Q1 Fiscal 2023 Earnings Call. My name is Hannah, and I will be your moderator for today's call. (Operator Instructions) I would now like to pass the conference over to our host, Jen Hsu, VP, Head of Investor Relations. You may go ahead.

下午好。感謝您參加今天的 Chewy 2023 財年第一季度收益電話會議。我叫漢娜，我將擔任今天電話會議的主持人。 （操作員說明）我現在想將會議轉交給我們的主持人 Jen Hsu，副總裁兼投資者關係主管。你可以繼續。

Thank you for joining us on the call today to discuss our first quarter 2023 results. Joining me are Chewy's CEO, Sumit Singh; and CFO, Mario Marte. 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.

感謝您今天加入我們的電話會議，討論我們 2023 年第一季度的業績。加入我的是 Chewy 的首席執行官 Sumit Singh；和首席財務官 Mario Marte。我們今天早些時候向美國證券交易委員會提交的收益發布和致股東的信函已發佈到我們網站 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, strategies and investments, industry trends and our ability to successfully respond to business risks. Such statements are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995 and are subject to certain risks, uncertainties and other factors described in the section titled Risk Factors in our annual report on Form 10-K and other subsequent quarterly reports, 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.

在我們今天的電話會議上，我們將做出前瞻性陳述，包括有關 Chewy 未來前景、財務業績、戰略和投資、行業趨勢以及我們成功應對業務風險的能力的陳述。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，並受某些風險、不確定性和我們關於 10-K 表格的年度報告和其他後續季度報告中標題為“風險因素”的部分所述的其他因素的影響，這可能導致實際結果與我們的前瞻性陳述中預期的結果存在重大差異。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截至今天我們可獲得的信息。除非法律要求，否則我們不承擔任何更新任何前瞻性陳述的義務。

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 our earnings release and letter to shareholders, which were filed with the SEC today. 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 of 2023 and all comparisons are accordingly against the first quarter of 2022. 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. I'd now like to turn the call over to Sumit.

此外，在本次電話會議中，我們將討論某些非 GAAP 財務指標。這些非 GAAP 項目與最直接可比的 GAAP 財務指標的對賬在我們的投資者關係網站以及我們今天向美國證券交易委員會提交的收益發布和致股東的信中提供。這些非 GAAP 措施無意替代 GAAP 結果。此外，除非另有說明，否則今天討論的結果指的是 2023 年第一季度的結果，所有比較均相應地與 2022 年第一季度進行比較。最後，我們的投資者關係網站上正在網絡直播此次電話會議的全部內容。我們的 IR 網站也將很快提供此次通話的重播。我現在想把電話轉給 Sumit。

Thanks, Jen, and thank you all for joining us on the call today. Before we begin, I would like to thank Bob LaFleur, who, after serving as our Head of Investor Relations for the past 3 years, has decided to move on to his next chapter after Chewy. We are all grateful to Bob for his years of service and for building out Chewy's IR function following our IPO. At the same time, today, I'd like to announce that Jen Hsu, our Head of Corporate Development and M&A, has now expanded her responsibilities to include our Investor Relations team. Before joining Chewy, Jen spent 12 years in technology-focused investment banking, and that background will continue to serve her well in her expanded role. Welcome, Jen.

謝謝 Jen，也感謝大家今天加入我們的電話會議。在我們開始之前，我要感謝 Bob LaFleur，他在過去 3 年擔任我們的投資者關係主管後，決定在 Chewy 之後繼續他的下一章。我們都感謝 Bob 多年的服務，並在我們首次公開募股後建立了 Chewy 的 IR 功能。與此同時，今天，我想宣布，我們的企業發展和併購主管 Jen Hsu 現在已將她的職責擴大到我們的投資者關係團隊。在加入 Chewy 之前，Jen 在以技術為中心的投資銀行業工作了 12 年，這一背景將繼續為她擴大的角色服務。歡迎，珍。

Now let's review our first quarter results. Throughout Q1, customers remained engaged with our platform, and shopping trends remained strong. Chewy's superior value proposition, along with our team's focus and high-quality execution, did the rest. As a result, in Q1, we reported $2.78 billion in net sales, an approximately 15% year-over-year increase, and a 4% adjusted EBITDA margin. Our active customer base steadied; and net sales per active customer, or NSPAC, grew 15% to exceed $500.

現在讓我們回顧一下我們的第一季度業績。在整個第一季度，客戶一直在使用我們的平台，購物趨勢依然強勁。 Chewy 卓越的價值主張，以及我們團隊的專注和高質量的執行，完成了剩下的工作。因此，在第一季度，我們報告的淨銷售額為 27.8 億美元，同比增長約 15%，調整後的 EBITDA 利潤率為 4%。我們活躍的客戶群穩定；每個活躍客戶的淨銷售額 (NSPAC) 增長了 15%，超過 500 美元。

Consistent NSPAC growth is driven by strong and ongoing customer engagement in programs like Autoship and expansion in cross-category purchases. Autoship customer sales represented nearly 75% of total net sales in the first quarter. Our Autoship subscription service is a powerful tool for us, driving recurring and predictable revenue and long-term customer loyalty. Net sales resulted from strength in categories such as consumables, premium and health care. Our customers continued to show durability and product loyalty in these nondiscretionary categories with no discernible trade down behavior, all of which translated to strength in average order size or AOV. A healthy start to the flea and tick season further supported performance in our health care business.

NSPAC 的持續增長是由客戶對 Autoship 等計劃的強大和持續參與以及跨類別採購的擴展推動的。 Autoship 客戶銷售額佔第一季度總淨銷售額的近 75%。我們的 Autoship 訂閱服務對我們來說是一個強大的工具，可以推動經常性和可預測的收入以及長期的客戶忠誠度。淨銷售額源於消耗品、保費和醫療保健等類別的強勁增長。我們的客戶繼續在這些非自由裁量品類中表現出耐用性和產品忠誠度，沒有明顯的折價行為，所有這些都轉化為平均訂單量或 AOV 的優勢。跳蚤和蜱蟲季節的健康開端進一步支持了我們醫療保健業務的表現。

Moving to profitability. Gross margin of 28.4% exceeded expectations and were buoyed by lower-than-anticipated promotional activity, overall strength in AOV and better-than-expected leverage at the freight and packaging level. Below the gross margin line, adjusted EBITDA margin expanded to a record 4% for the quarter. Mario will provide more detail on our financial performance momentarily. And before he does so, let me take some time to walk you through our growth investments and innovation.

轉向盈利。毛利率為 28.4%，超出預期，這得益於低於預期的促銷活動、AOV 的整體實力以及貨運和包裝層面的槓桿率好於預期。在毛利率線以下，本季度調整後的 EBITDA 利潤率擴大至創紀錄的 4%。 Mario 將立即提供有關我們財務業績的更多詳細信息。在他這樣做之前，讓我花點時間向您介紹一下我們的增長投資和創新。

On our last earnings call, we previewed the team's work to launch our first international market. Today, I am excited to announce that we expect to bring Chewy's superior value proposition, including our personalized and outstanding customer experience, to Canadian pet parents in Q3 of this year. Let me elaborate on a few key concepts: why now, why we believe we can win in Canada and how our model will allow us to grow sustainably and profitably in this market.

在我們上次的財報電話會議上，我們預覽了團隊為啟動我們的第一個國際市場所做的工作。今天，我很高興地宣布，我們希望在今年第三季度為加拿大寵物父母帶來 Chewy 的卓越價值主張，包括我們個性化和出色的客戶體驗。讓我詳細闡述幾個關鍵概念：為什麼是現在，為什麼我們相信我們可以在加拿大取勝，以及我們的模式將如何讓我們在這個市場上實現可持續和盈利的增長。

International expansion has long been a part of our strategic road map, and there are several reasons that make now the right time for us to embark on this journey. First, we have strengthened our fundamentals over the past few years, both operationally and financially, and have put our U.S. business on a steady trajectory of growth and profitability. Additionally, having undergone a multiyear transition of our tech stack into the cloud, we can now leverage our platform to be reliably deployed in Canada without meaningful incremental investment. As we assessed which geography would be more suitable for our expansion plans, we honed in on Canada's large and growing market where we see a path to achieving market share and profitability akin to our U.S. business.

長期以來，國際擴張一直是我們戰略路線圖的一部分，現在正是我們踏上這一旅程的最佳時機。首先，我們在過去幾年加強了運營和財務方面的基本面，並使我們的美國業務走上了穩定的增長和盈利軌道。此外，在經歷了多年的技術堆棧向雲端過渡之後，我們現在可以利用我們的平台在加拿大可靠地部署，而無需進行有意義的增量投資。當我們評估哪個地區更適合我們的擴張計劃時，我們著眼於加拿大龐大且不斷增長的市場，我們在該市場看到了實現與美國業務類似的市場份額和盈利能力的途徑。

Canada has a healthy and increasing e-commerce penetration where we can offer a differentiated value proposition relative to existing players in the market and build the same level of trust with Canadian pet parents that those in the U.S. have come to associate with the Chewy brand. Our initial launch will focus on the Greater Toronto market, which represents the largest metropolitan area in Canada, from which we plan to take a gradual and responsible approach to expanding our footprint. Our service delivery model would leverage our assets to create operational efficiency and attractive economics while ensuring a high bar customer experience. Specifically, we intend to support our Canada strategy with a scaled local third-party fulfillment and logistics partner. Our U.S. supply chain affords us an additional asset, and we will leverage our U.S. network in situations where it is strategically or economically advantaged to do so.

加拿大擁有健康且不斷增長的電子商務滲透率，我們可以提供相對於市場上現有參與者的差異化價值主張，並與加拿大寵物父母建立與美國寵物父母與 Chewy 品牌相關聯的相同水平的信任。我們最初的發布將集中在大多倫多市場，該市場代表加拿大最大的都市區，我們計劃從中採取漸進和負責任的方式擴大我們的足跡。我們的服務交付模式將利用我們的資產來創造運營效率和有吸引力的經濟效益，同時確保高標準的客戶體驗。具體來說，我們打算通過規模龐大的本地第三方履行和物流合作夥伴來支持我們的加拿大戰略。我們的美國供應鍊為我們提供了額外的資產，我們將在具有戰略或經濟優勢的情況下利用我們的美國網絡。

Taken together, this approach allows us to launch in Canada with a focus on optimal customer experience and without any material commitment to CapEx spend until the success and scale of the business supports an investment in this area. We do not anticipate this market requiring material CapEx investment through at least 2024. More broadly, on a company-wide level, we do not expect our investments in Canada to deviate us from our projected long-term profitability, cost or CapEx targets. We look forward to sharing our progress over the quarters to come.

總而言之，這種方法使我們能夠在加拿大推出專注於最佳客戶體驗的產品，並且在業務成功和規模支持對該領域的投資之前，無需對資本支出支出做出任何實質性承諾。我們預計這個市場至少到 2024 年都不需要大量資本支出投資。更廣泛地說，在整個公司範圍內，我們預計我們在加拿大的投資不會偏離我們預計的長期盈利能力、成本或資本支出目標。我們期待在未來幾個季度分享我們的進展。

Moving on from international and back to business States side, I am pleased to announce that we launched our fourth automated fulfillment center, this one in Nashville, Tennessee. Our growing network of automated FCs accompanied by our supply chain transformation, which I have discussed in previous earnings calls, are improving margin efficiency and we believe will contribute to the scaling of our long-term SG&A target.

從國際業務回到商業國家方面，我很高興地宣布我們推出了我們的第四個自動化履行中心，這個中心位於田納西州的納什維爾。我在之前的財報電話會議上討論過，我們不斷增長的自動化 FC 網絡以及我們的供應鏈轉型正在提高利潤效率，我們相信這將有助於擴大我們的長期 SG&A 目標。

Elsewhere, in Chewy Health, we are excited to announce the official launch of Lemonade as part of the CarePlus suite of wellness and insurance offerings. With this launch, CarePlus plans are now available across a wide spectrum of coverage options and price points from 2 best-in-class providers, Lemonade and Trupanion, allowing us to meet the needs of a broader range of pet parents. We expect these plans to be available nationwide to the vast majority of our customers by next quarter. As we drive broader awareness and education around our insurance product offering, we continue to see a compelling opportunity to expand TAM in this underpenetrated and highly profitable category.

在其他方面，在 Chewy Health，我們很高興地宣布 Lemonade 正式推出，作為 CarePlus 健康和保險產品套件的一部分。通過此次發布，CarePlus 計劃現在可從 2 家一流的提供商 Lemonade 和 Trupanion 獲得廣泛的覆蓋範圍選項和價格點，使我們能夠滿足更廣泛的寵物父母的需求。我們預計這些計劃將在下個季度在全國范圍內提供給我們的絕大多數客戶。隨著我們圍繞我們的保險產品提供更廣泛的意識和教育，我們繼續看到一個令人信服的機會，可以在這個滲透率低但利潤高的類別中擴展 TAM。

In closing, I am proud of our execution in the quarter as we entered the new fiscal year. With the base business performing robustly and with several new innovations in nascent stages, I remain incredibly encouraged by Chewy's prospects to deliver long-term growth and profitability and fuel positive and meaningful shareholder returns. With that, I will turn the call over to Mario.

最後，我為我們在進入新財政年度時在本季度的執行感到自豪。隨著基礎業務的強勁表現和幾項處於起步階段的新創新，我仍然對 Chewy 實現長期增長和盈利能力並推動積極和有意義的股東回報的前景感到非常鼓舞。有了這個，我會把電話轉給馬里奧。

Thank you, Sumit, and hello, everyone. I am happy to share results from our record-setting quarter for Chewy. Net sales increased 14.7% or $356.3 million to $2.78 billion. Nondiscretionary consumables and health care categories continued to support our growth and collectively represented over 84% of first quarter net sales. Autoship customer sales were $2.08 billion, up 18.6%, exceeding overall net sales growth by almost 400 basis points. Autoship customer sales have grown to represent 74.7% of total net sales. Our primary measure of customer engagement, NSPAC, grew 14.8% year-over-year to $512 driven primarily by our large customer base that spends more with us over time, growing Autoship customer sales and increasing levels of cross-category purchases by our customers. Both NSPAC and Autoship customer sales reached new record highs for the company.

謝謝 Sumit，大家好。我很高興分享我們創紀錄的 Chewy 季度業績。淨銷售額增長 14.7% 或 3.563 億美元，達到 27.8 億美元。非必需消費品和醫療保健品類繼續支持我們的增長，合計佔第一季度淨銷售額的 84% 以上。 Autoship 客戶銷售額為 20.8 億美元，增長 18.6%，超過整體淨銷售額增長近 400 個基點。 Autoship 客戶銷售額已增長到佔總淨銷售額的 74.7%。我們衡量客戶參與度的主要指標 NSPAC 同比增長 14.8% 至 512 美元，這主要是由於我們龐大的客戶群隨著時間的推移在我們這里花費更多、Autoship 客戶銷售額不斷增長以及客戶的跨類別購買水平不斷提高。 NSPAC 和 Autoship 的客戶銷售額均創下公司歷史新高。

We ended the first quarter with 20.4 million active customers, reflecting modest net active customer growth relative to Q4 2022. Gross adds continue to run ahead of pre-pandemic levels, and we are seeing the gradual waning of the attrition headwinds related to our outsized pandemic cohorts. As we move down the P&L, please note that my discussion of financials, were applicable, refers to metrics excluding share-based compensation expense and related taxes as well as certain other adjustments were relevant. The same applies to my discussion of guidance and financial outlook.

我們在第一季度結束時擁有 2040 萬活躍客戶，反映出相對於 2022 年第四季度的適度淨活躍客戶增長。總增加量繼續領先於大流行前的水平，我們看到與我們的超大流行病相關的減員逆風逐漸減弱同夥。當我們下調損益表時，請注意我對財務的討論是適用的，指的是不包括基於股份的補償費用和相關稅收以及某些其他相關調整的指標。這同樣適用於我對指導和財務前景的討論。

Gross margin reached 28.4% in Q1, expanding 90 basis points year-over-year. Gross margin exceeded expectations and, as Sumit noted in his remarks, were buoyed by lower-than-anticipated promotional activity, overall strength in average order size and better-than-expected leverage in freight packaging.

第一季度毛利率達到 28.4%，同比擴大 90 個基點。毛利率超出預期，正如 Sumit 在其評論中指出的那樣，受到低於預期的促銷活動、平均訂單規模的整體實力以及貨運包裝的槓桿作用好於預期的提振。

Continuing on to OpEx. SG&A, excluding share-based compensation and related taxes, totaled $529.9 million or 19% of net sales, improving 60 basis points compared to the first quarter of 2022. The main drivers of this improvement included operating leverage from higher average order size, incremental efficiencies and fulfillment costs, our team's operating discipline and to a smaller degree, favorability in the timing of spend to support the initiatives we announced on our last call. Q1 advertising and marketing expense was $183.7 million or 6.6% of net sales, in line with our expectation of 6% to 7% of net sales.

繼續討論 OpEx。 SG&A（不包括基於股份的薪酬和相關稅項）總計 5.299 億美元，占淨銷售額的 19%，與 2022 年第一季度相比提高了 60 個基點。這一改善的主要驅動因素包括平均訂單規模增加帶來的經營槓桿、提高效率和履行成本，我們團隊的運營紀律，以及在較小程度上支持我們在上次電話會議上宣布的舉措的支出時間安排。第一季度廣告和營銷費用為 1.837 億美元，占淨銷售額的 6.6%，符合我們對淨銷售額 6% 至 7% 的預期。

First quarter adjusted net income was $87.2 million, a year-over-year increase of $41.6 million. First quarter adjusted EBITDA increased $49.7 million to $110.2 million, and adjusted EBITDA margin expanded 150 basis points to 4%, a result of gross margin expansion and SG&A leverage. First quarter free cash flow was $126.8 million, reflecting $148.4 million in cash flow from operating activities and $21.6 million in capital expenditures. Capital expenditures were primarily comprised of investments in our new automated fulfillment center and ongoing technology projects. CapEx in the first quarter came in lower than our historical averages, but we expect overall 2023 CapEx to remain in the range of 1.5% to 2% of net sales. We finished Q1 with $803.2 million in cash and cash equivalents and marketable securities, nearly $200 million higher than the balance at this time last year. At the end of Q1, between cash on hand, marketable securities and availability in our ABL, our liquidity stood at $1.6 billion.

第一季度調整後淨收入為 8720 萬美元，同比增長 4160 萬美元。第一季度調整後的 EBITDA 增加 4970 萬美元至 1.102 億美元，調整後的 EBITDA 利潤率擴大 150 個基點至 4%，這是毛利率擴張和 SG&A 槓桿作用的結果。第一季度自由現金流為 1.268 億美元，反映了 1.484 億美元的經營活動現金流和 2160 萬美元的資本支出。資本支出主要包括對我們新的自動化履行中心和正在進行的技術項目的投資。第一季度的資本支出低於我們的歷史平均水平，但我們預計 2023 年整體資本支出將保持在淨銷售額的 1.5% 至 2% 的範圍內。我們以 8.032 億美元的現金和現金等價物以及有價證券結束了第一季度，比去年同期的餘額高出近 2 億美元。在第一季度末，在手頭現金、有價證券和我們 ABL 的可用性之間，我們的流動性為 16 億美元。

That concludes my first quarter recap. So now let me cover our second quarter and updated full year 2023 guidance. Our guidance reflects a balanced view that incorporates the strength of our business model and customer engagement along with the latest views on the evolving economic outlook. We expect second quarter net sales to be between $2.75 billion and $2.77 billion, representing year-over-year growth of approximately 13% to 14%. We are raising our full year 2023 net sales outlook to be between $11.15 billion and $11.35 billion, representing growth of approximately 10% to 12%. We are also raising our full year 2023 adjusted EBITDA margin to approximately 3%. As usual, let me provide you some further thoughts as you update your models for the rest of the year.

我的第一季度回顧到此結束。現在讓我介紹一下我們的第二季度和更新的 2023 年全年指南。我們的指引反映了一種平衡的觀點，該觀點結合了我們的商業模式和客戶參與的優勢以及對不斷變化的經濟前景的最新觀點。我們預計第二季度淨銷售額將在 27.5 億美元至 27.7 億美元之間，同比增長約 13% 至 14%。我們將 2023 年全年淨銷售額預期上調至 111.5 億美元至 113.5 億美元，增長約 10% 至 12%。我們還將 2023 年全年調整後的 EBITDA 利潤率提高到約 3%。像往常一樣，在您為今年剩餘時間更新模型時，讓我為您提供一些進一步的想法。

As we have shared before, our gross and adjusted EBITDA margins may fluctuate slightly from quarter-to-quarter driven by several factors, including the timing of investments, changes to vendor contracts and other accruals or releases as part of the normal course of business. For example, in Q2, as we begin operations at our automated fulfillment center in Nashville and ramp other initiatives, including the international launch, we will incur some temporary and incremental SG&A expense. Finally, you should expect our free cash flow for full year 2023 to increase alongside our expanded adjusted EBITDA margin guidance.

正如我們之前分享的那樣，我們的毛利率和調整後的 EBITDA 利潤率可能會因幾個因素而在每個季度之間略有波動，這些因素包括投資時間、供應商合同的變更以及作為正常業務過程一部分的其他應計費用或釋放費用。例如，在第二季度，當我們在納什維爾的自動化履行中心開始運營並推進其他計劃（包括國際發布）時，我們將承擔一些臨時和增量的 SG&A 費用。最後，您應該預計我們 2023 年全年的自由現金流會隨著我們擴大的調整後 EBITDA 利潤率指引而增加。

Before we open the call to questions, I'd like to recap what our latest financial results show, and that is that Chewy is built for the long term. Our operating philosophy remains intact, and our team is highly committed to driving sustainable, profitable growth. With that, I'll turn the call over to the operator for questions. Operator?

在我們開始提問之前，我想回顧一下我們最新的財務結果顯示的內容，那就是 Chewy 是為長期而建的。我們的經營理念保持不變，我們的團隊高度致力於推動可持續的盈利增長。有了這個，我會把電話轉給接線員詢問問題。操作員？

(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 Evercore 的 Mark Mahaney。

Just the sustainability of the gross margin trends, they've been kind of grinding higher now for quite some time. And I realize that there's seasonal fluctuations to it, but just talk through why we shouldn't expect kind of sustainably higher gross margins going forward. And then just on the revenue outlook for the balance of the year, you had pretty solid results this quarter. For some reason, your guidance implies kind of a decelerating growth rate, not dramatically, but somewhat decelerating through the back half of the year. I would have thought that as -- we would have thought as you've kind of worked through all of that COVID cohort digestion that you'd be able to kind of sustain growth rates at these levels or higher. So just are there any onetime-ish factors or comp issues we should know for the balance of the year?

只是毛利率趨勢的可持續性，它們現在已經上漲了很長一段時間。而且我意識到它存在季節性波動，但只是談談為什麼我們不應該期望未來的毛利率可持續增長。然後就今年餘下時間的收入前景而言，本季度的業績非常可觀。出於某種原因，您的指引暗示著某種程度的增長率放緩，雖然不是很明顯，但在今年下半年有所放緩。我本以為——我們本以為你已經完成了所有 COVID 隊列的消化，你將能夠在這些水平或更高的水平上維持增長率。那麼，在今年餘下的時間裡，我們是否應該知道任何一次性因素或薪酬問題？

Mark, it's Mario. I'll start, and Sumit may add something if I miss anything here. So to your first part of the question, the sustainability of gross margin trends, I think -- I'll start off with we had a good strong first quarter. The year started off on a high note. We were helped in the quarter by a leverage in the freight and packaging line because of the basket size. It exceeded our expectations. We also had a lower-than-anticipated promotional activity in the quarter. We may or may not get that into the second quarter and the rest of the year. And historically, we have seen fluctuations between quarters. So that's not -- that would not be a new change in the pattern here.

馬克，是馬里奧。我將開始，如果我在這裡遺漏了什麼，Sumit 可能會添加一些內容。因此，對於問題的第一部分，毛利率趨勢的可持續性，我認為 - 我將從第一季度表現強勁開始。這一年以高調開始。由於籃子的大小，貨運和包裝線的槓桿作用在本季度幫助了我們。它超出了我們的預期。我們在本季度的促銷活動也低於預期。我們可能會也可能不會將其納入第二季度和今年剩餘時間。從歷史上看，我們已經看到季度之間的波動。所以這不是——這不會是這裡模式的新變化。

When I look at the rest of the year in terms of your second question in terms of sales, I would say 2 things. One is, again, very good start to the first quarter. Q2 guidance would tell you another strong quarter is ahead of us, mid-teens, more than $300 million at an absolute dollar basis year-over-year growth. And that's at the midpoint of the guidance we provided. It's also more than any quarter in 2022, if you look back at what we added last year. So we're bullish about where we're heading in the second quarter. That said, we do see historically some seasonality in our hard good sales. There's a small pullback between first and second quarter. You can see that in our reported financials. And as we called out, we also had a strong flee and tick season in the first quarter. So take that into account when you think about the second quarter.

當我根據你關於銷售的第二個問題來看今年剩餘時間時，我會說兩件事。一個是第一季度的良好開端。第二季度的指引會告訴你，另一個強勁的季度即將到來，十幾歲左右，按絕對美元計算，同比增長超過 3 億美元。這是我們提供的指導的中點。如果你回顧一下我們去年增加的內容，它也比 2022 年的任何一個季度都多。因此，我們看好第二季度的發展方向。也就是說，從歷史上看，我們確實看到我們的硬商品銷售存在一些季節性。第一季度和第二季度之間出現小幅回調。您可以在我們報告的財務數據中看到這一點。正如我們所呼籲的那樣，我們在第一季度也經歷了一個強勁的逃亡和蜱蟲季節。因此，當您考慮第二季度時，請考慮到這一點。

Now what makes us bullish about the second quarter and the rest of the year is the fact that over 80% of our sales are in the categories that we talked about that are nondiscretionary in nature. They're consumables, they're health care and the like. And that's also helped by the fact that we have roughly 75% of our sales are to Autoship customers. So these are good indicators for us that makes us bullish about the rest of the year. Now very specific -- very long answer to your question, but when we look at the second half of the year, the implied guidance is still to add about $0.5 billion to the top line in the second half of the year. So it's a pretty big, sizable growth no matter how we look at it. And right now, our focus is making sure that we execute on the second quarter and that we're well positioned to, as a company, to play out through the rest of the year. Sumit, anything you want to add there?

現在讓我們看好第二季度和今年剩餘時間的事實是，我們超過 80% 的銷售額屬於我們談到的本質上是非自由裁量權的類別。它們是消耗品，它們是醫療保健品等。這也得益於我們大約 75% 的銷售額來自 Autoship 客戶。所以這些對我們來說是很好的指標，讓我們看好今年剩餘時間。現在非常具體 - 對你的問題的回答很長，但是當我們看下半年時，隱含的指導仍然是下半年的收入增加約 5 億美元。因此，無論我們如何看待它，這都是一個相當大的、可觀的增長。現在，我們的重點是確保我們在第二季度執行，並且作為一家公司，我們有能力在今年餘下的時間裡發揮作用。 Sumit，你有什麼要補充的嗎？

No, Mark. The only thing I would add is the first half, if you look at the dynamics between -- year-over-year dynamic between '23 over '22, the first half is, the composition of the growth when you looked at '22, was a combination of kind of equal weighting between price and volume. And what the second half guidance kind of implies is structural unit growth being overweighted relative to price. So the composition of the growth is more structural in nature as we get out of the first half into the second half. So that's kind of baked in. And then remember, we're not baking in any material reacceleration of the hard goods business, which has a stronger indication as we've executed Q1 as we move through the rest of the year. What we like about the current portfolio is the strong engagement. Autoship sales continue to be strong. NSPAC continues to be strong. And so we're baking in the checks and balances and flowing through. We'll get one more chance to update you, of course, as we play through Q2, and we're standing in the middle of the year.

不，馬克。我唯一要補充的是上半年，如果你看看 23 年與 22 年之間的同比動態，上半年是，當你看到 22 年時的增長構成，是一種價格和交易量之間權重相等的組合。下半年的指導意味著結構單位增長相對於價格的權重過高。因此，隨著我們從上半年進入下半年，增長的構成在本質上更具結構性。所以這有點像烘焙。然後請記住，我們沒有烘焙耐用品業務的任何實質性重新加速，這有更強烈的跡象，因為我們在今年剩餘時間裡執行了第一季度。我們喜歡當前投資組合的地方是強烈的參與。汽車銷售繼續強勁。 NSPAC繼續保持強勁。因此，我們正在烘烤製衡和流動。當然，我們將有更多機會向您介紹最新情況，因為我們正在玩第二季度，我們正站在年中。

The next question is from Doug Anmuth with JPMorgan.

下一個問題來自摩根大通的 Doug Anmuth。

I wanted to ask just how are you thinking about the timing for return to active customer growth? What needs to happen there just from a macro or attrition or acquisition perspective? And then what gives you the confidence in long-term active customer growth going forward?

我想問一下，您如何看待恢復活躍客戶增長的時機？從宏觀或消耗或收購的角度來看，那裡需要發生什麼？那麼是什麼讓您對未來長期活躍的客戶增長充滿信心？

Doug, this is Sumit. I'll start. So a couple of trends are encouraging to us and are worth taking note of. One, we delivered sequential growth, even though modest, on the active customer line. Number two, our gross adds continued to trend higher, and where the softness in any gross add metric is all in the hard goods categories and much less so in the consumables and health categories. So that's another data point. A third data point is we are observing the gradual waning of the attrition of the cohorts. And so overall, the net impact of the above 2 statements is that we have a steadying customer base, no longer on the active kind of decline trajectory that we were through kind of 2022.

道格，這是蘇米特。我會開始。因此，一些趨勢令我們鼓舞，值得我們注意。第一，我們在活躍的客戶線上實現了連續增長，儘管增長幅度不大。第二，我們的總增加量繼續呈上升趨勢，任何總增加量指標的疲軟都出現在耐用品類別中，而在消耗品和健康類別中則要少得多。這是另一個數據點。第三個數據點是我們正在觀察隊列的流失逐漸減弱。因此，總的來說，上述兩個陳述的淨影響是我們擁有穩定的客戶群，不再像 2022 年那樣處於活躍的下降軌道。

And so the pivot point that we're setting at relative to the strong execution that our marketing team and the rest of the Chewy value proposition, the in-stock, the pricing, the delivery convenience, all being sharper from a year-over-year point of view. We're just -- we're bullish on our ability to go to market much more so in the second half of the year as we've shared -- that same perspective was shared in the last earnings call, and we haven't come off of that. So the large active -- large kind of base of customers that still remains in front of us, plus the value proposition that continues to strengthen, is what gives us confidence alongside the steadying customer base that we observed as we've played through Q1. Anything to add, Mario?

因此，我們設定的關鍵點是相對於我們的營銷團隊和 Chewy 價值主張的其餘部分的強大執行力、庫存、定價、交付便利性，所有這些都比一年多更清晰-年的觀點。我們只是 - 我們看好我們在今年下半年進入市場的能力，正如我們所分享的那樣 - 在上一次財報電話會議上分享了同樣的觀點，但我們還沒有擺脫那個。因此，大量活躍的——仍然存在於我們面前的大量客戶群，加上不斷加強的價值主張，給了我們信心，同時我們在第一季度觀察到穩定的客戶群。有什麼要補充的嗎，馬里奧？

You got it.

你說對了。

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

下一個問題來自 Anna Andreeva 與 Needham 的對話。

Two questions from us. Mario, just a follow-up on the guide. You mentioned some incremental investments in the second quarter as you ramp international. Just any color on how we should be thinking about the expense on those? And secondly, good to see hard goods seeing some improvement sequentially, and you are lapping easier compares now. But can you talk about what drove that? And are you expecting to see continued stabilization in the category as we go through the year?

我們有兩個問題。馬里奧，只是指南的跟進。您在第二季度提到了一些增量投資，因為您正在擴大國際業務。關於我們應該如何考慮這些費用的任何顏色？其次，很高興看到堅硬的商品依次出現一些改善，而且與現在相比，您的研磨更容易。但你能談談是什麼推動了這一點嗎？您是否期望在我們度過這一年時看到該類別的持續穩定？

So let me start off with the first question, which is about the investments that we talked about. So we had said 50 to 75 basis points in SG&A and marketing, and that's across all the growth investments for this year. The largest component, we do expect that to be our Canada launch. We're still going to hold to that view of 50 to 75 basis points for the full year. Now you saw that in the first quarter that the investment was a little smaller than that. It's about 25 basis points in the first quarter. And so that means that the timing throughout the year is going to change. We're going to see that more pronounced in the second quarter. Now we are looking to self-fund. We have found ways to self-fund some of that investment, and that's what allows us to now grow our -- raise our EBITDA margin guidance for the full year, as you heard us say, to 3%. We had originally said somewhere between 25 and 50 basis points lower than that, about 2.75% to 2.5%. So we are now looking to raise that or have raised it to 3%.

所以讓我從第一個問題開始，這是關於我們談到的投資。所以我們在 SG&A 和營銷方面說了 50 到 75 個基點，這涵蓋了今年的所有增長投資。最大的組成部分，我們確實希望這是我們在加拿大的發布。我們仍將堅持全年 50 至 75 個基點的觀點。現在你看到第一季度的投資比那個小一點。第一季度約為 25 個基點。因此，這意味著全年的時間將會改變。我們將在第二季度看到更加明顯的情況。現在我們正在尋求自籌資金。我們已經找到了為部分投資提供自籌資金的方法，這就是我們現在能夠增長的原因——正如您聽到我們所說，將我們全年的 EBITDA 利潤率指導提高到 3%。我們最初說過比這低 25 到 50 個基點，大約 2.75% 到 2.5%。所以我們現在希望提高或已經提高到 3%。

Specifically to the second quarter, I'll tell you, the international investment is one of the things that you'll see us flow through in the quarter. But the other one is something as simple as the fact that we just launched our second -- our fourth automated fulfillment center. This one in Nashville. And every time we launch a fulfillment center, we see some small deleverage in SG&A in the quarter that we launched it and the following quarter. And then obviously, we've talked about the benefits it provides over the long term. So that's what you would expect to happen again in the second quarter. On your question on hard goods and when do we expect that to improve, let me make sure that I follow the question correctly...

具體到第二季度，我會告訴你，國際投資是你會看到我們在本季度經歷的事情之一。但另一個很簡單，因為我們剛剛啟動了我們的第二個——我們的第四個自動化履行中心。這個在納什維爾。每次我們啟動一個履行中心時，我們都會在啟動它的那個季度和下一個季度看到 SG&A 的一些小的去槓桿化。然後很明顯，我們已經討論了它提供的長期好處。所以這就是你期望在第二季度再次發生的事情。關於你關於耐用品的問題以及我們預計什麼時候會有所改善，讓我確保我正確地遵循了這個問題......

I'll take it. Anna, this is Sumit. So the improvement that we saw in Q1 is primarily a result of comping and lapping the years, particularly '22 over '21 and the effect in '23 year. And so that's that. We are not assuming any material reacceleration even though we are seeing trends starting to stabilize in what you would call replenishable hard good categories. Where hard goods is tied strictly to core pet household formation trends, for example, pet adoption or new pet in household, specifically to categories such as crates, et cetera. Those trends aren't yet improving sequentially or on a year-over-year basis. That would be the right type of color to provide.

我要買它。安娜，這是蘇米特。因此，我們在第一季度看到的改進主要是對這些年進行比較和重疊的結果，特別是 '22 年超過 '21 年以及 '23 年的影響。就是這樣。即使我們看到趨勢開始穩定在您所謂的可補充硬商品類別中，我們也不會假設任何實質性的再加速。耐用品與核心寵物家庭形成趨勢緊密相關，例如寵物收養或家庭新寵物，特別是板條箱等類別。這些趨勢尚未連續改善或同比改善。那將是要提供的正確顏色類型。

The next question is from the line of Rupesh Parikh with Oppenheimer.

下一個問題來自 Rupesh Parikh 與 Oppenheimer 的對話。

I just want to go back to your Canada expansion. So as you look at the expansion to Canada, just curious how you think about the recognition of the Chewy brand in Canada at this point and then how you'd compare the competitive landscape in Canada to what you experience right now in the U.S.

我只想回到你的加拿大擴張。因此，當您查看向加拿大的擴張時，很好奇您如何看待此時 Chewy 品牌在加拿大的知名度，以及您如何將加拿大的競爭格局與您現在在美國所經歷的競爭格局進行比較。

Sure. Rupesh, this is Sumit. So we've been doing some extensive work, as you would expect us to, both in terms of learning the market, the dynamics and particularly, customer behavior and shopping trends per se. So a few things that are noteworthy to us. One, it's encouraging for us to note that we're not starting at ground zero in Canada even though we're not present in Canada. Our market awareness broadly sits in the mid-20s. And even though that's lower than, obviously, what we enjoy here in the United States, it's worth noting that it's not 0. That's one.

當然。 Rupesh，這是 Sumit。因此，正如您所期望的那樣，我們一直在做一些廣泛的工作，包括了解市場、動態，特別是客戶行為和購物趨勢本身。所以有幾件事對我們來說值得注意。第一，令人鼓舞的是，儘管我們不在加拿大，但我們並沒有在加拿大從零開始。我們的市場意識大致在 20 多歲左右。儘管這顯然低於我們在美國享受的水平，但值得注意的是它不是 0。那是一個。

Number two, when we compare the value proposition of the Chewy brand against what the consumer really wants and desires, which is a propensity towards value, a propensity towards convenience and then in Canada, much more so in the United States, a heavy leaning towards service orientation, and compare that against the proposition that Chewy brings to market, we are tremendously bullish in our ability to meet the consumer where they want to be met. When you look at the landscape per se, the core inputs that drive e-commerce -- sustained e-commerce growth are present in Canada yet without a scaled e-comm provider and a high-quality e-comm provider, like ours, being present in Canada. So when you combine these inputs, the approach that we're taking, in our opinion, is well -- is insight-driven. And to the extent that our execution remains high quality, which we have no doubt that it [will not], the outputs and the outcome should follow.

第二，當我們將 Chewy 品牌的價值主張與消費者真正想要和渴望的東西進行比較時，這是對價值的傾向，對便利的傾向，然後在加拿大，在美國更是如此，強烈傾向於服務導向，並將其與 Chewy 推向市場的主張進行比較，我們非常看好我們能夠在他們想要的地方滿足消費者的能力。當你審視現狀時，推動電子商務的核心投入——持續的電子商務增長在加拿大已經存在，但還沒有像我們這樣的規模化的電子商務提供商和高質量的電子商務提供商。目前在加拿大。因此，當您將這些輸入結合起來時，我們認為我們採用的方法很好——是洞察力驅動的。如果我們的執行保持高質量，我們毫不懷疑它[不會]，產出和結果應該隨之而來。

The next question is from the line of Rick Patel with Raymond James.

下一個問題來自 Rick Patel 和 Raymond James。

Congrats on the strong execution. I wanted to follow up on the Canada question and help us to understand the opportunity a little bit better. What do you consider the TAM of that market? And how quickly is it growing? And it seems like you have a running start for brand awareness. I'm just curious what your go-to-market strategy is to capture new customers in light of that.

祝賀執行力強。我想跟進加拿大問題，幫助我們更好地了解這個機會。您認為該市場的 TAM 是多少？它的增長速度有多快？看起來你在品牌知名度方面有了一個良好的開端。我只是很好奇你的上市策略是什麼來吸引新客戶。

Yes. Sure. So the Canadian market is expected to be roughly between $12 billion and $15 billion over the next 4 to 5 years, growing at a slight premium to the United States, which is obviously an encouraging data point. When you look at e-comm penetration, e-comm penetration sits roughly 1,000 to 1,200 basis points below the United States, which is also an encouraging trend both from the point that you're not starting from ground zero. As I said, the inputs are there. And at the same time, the market could appreciate a scaled, high-quality provider such as ourselves, who has a proven playbook from our efforts here in the United States. And so in that way, we are going to combine what the customer desires in that particular market against the strong value proposition that we bring to the market, and the results should be amplified.

是的。當然。因此，加拿大市場預計在未來 4 到 5 年內大約在 120 億美元到 150 億美元之間，增長幅度略高於美國，這顯然是一個令人鼓舞的數據點。當您查看電子商務滲透率時，電子商務滲透率比美國低大約 1,000 到 1,200 個基點，從您不是從零開始的角度來看，這也是一個令人鼓舞的趨勢。正如我所說，輸入就在那裡。與此同時，市場可能會欣賞像我們這樣規模龐大、質量高的供應商，他們在美國的努力中擁有行之有效的策略。因此，通過這種方式，我們將把客戶在特定市場中的需求與我們為市場帶來的強大價值主張結合起來，結果應該會得到放大。

In terms of our customer acquisition strategy, look, we enjoy a dynamic range of -- or dynamic array of options in the way that we pick up customers, from kind of having a full funnel approach as we enter the market to utilizing our brand awareness, word -- strong word-of-mouth advertising that we enjoy here in the United States as well as an array of value mechanisms that we deploy to earn customer trust by delivering surprise and delight are all in the array of options in the way that we will go to market. And so we're looking forward to it.

就我們的客戶獲取策略而言，看，我們在獲取客戶的方式上享受動態範圍或動態選擇，從我們進入市場時採用完整的漏斗方法到利用我們的品牌知名度, word——我們在美國這裡享受的強大的口碑廣告，以及我們部署的一系列價值機制，通過提供驚喜和喜悅來贏得客戶信任，都在一系列選項中我們將去市場。所以我們很期待。

The next question is from the line of Corey Grady with Jefferies.

下一個問題來自 Corey Grady 與 Jefferies 的合作。

So I wanted to ask about any changes in consumer behavior you've seen during the quarter. You noted in your shareholder letter that you're seeing no signs of trade down. But I'm curious if you're seeing any other changes like trip consolidation or potentially, consumers trading up less.

所以我想問一下您在本季度看到的消費者行為的任何變化。您在致股東的信中指出，您沒有看到交易下降的跡象。但我很好奇你是否看到任何其他變化，比如旅行合併或潛在的消費者交易減少。

Corey, no, we're not. We are not seeing any -- we're seeing strengthening in behavior as it comes to nondiscretionary categories, which has been super encouraging for us to see. If you notice the Autoship customer growth -- or Autoship customer sales growth at 75%, it is a combination of improved active customer base in Autoship from a year-over-year point of view as well as improvement in NSPAC per customer subscribed to the Autoship program. So -- and by the way, that improvement in NSPAC is not -- price or ASP inflation is not the major driver there, which is obviously an encouraging point to note. So when we look at the proposition of us being in better inventory positions, sharper on pricing, improved delivery expectation and promise combined with the same kind of personalized service that customers look for, I'd say loyalty is stronger on the platform, which is keeping ASPs and also AOVs intact. And therefore, we're seeing the high engagement that we're talking about here.

科里，不，我們不是。我們沒有看到任何 - 我們看到在非自由裁量類別方面的行為有所加強，這對我們來說非常令人鼓舞。如果您注意到 Autoship 客戶增長——或 Autoship 客戶銷售額增長 75%，那麼從同比的角度來看，這是 Autoship 活躍客戶群的改善以及每個訂閱客戶的 NSPAC 改善的結合自動送貨程序。所以——順便說一下，NSPAC 的改善不是——價格或 ASP 通脹不是那裡的主要驅動因素，這顯然是一個令人鼓舞的問題。因此，當我們看到我們處於更好的庫存狀況、更敏銳的定價、改進的交付預期和承諾以及客戶尋求的同類個性化服務的主張時，我會說平台上的忠誠度更高，這是保持 ASP 和 AOV 完好無損。因此，我們看到了我們在這裡談論的高度參與。

The next question is from the line of David Bellinger with ROTH MKM.

下一個問題來自 David Bellinger 和 ROTH MKM。

In terms of promotional activity, it seems like somewhat of a shift Q4 to Q1, maybe a little more intense lately but not to the extent you are anticipating. So can you discern whether some of your promotions are, in fact, pulling in new customers? And to what extent can you use additional promos to get your net actives moving sustainably higher yet?

就促銷活動而言，似乎從第 4 季度到第 1 季度有所轉變，最近可能更激烈一些，但沒有達到您預期的程度。那麼，您能否辨別您的某些促銷活動是否真的在吸引新客戶？您可以在多大程度上使用額外的促銷活動來讓您的淨活躍用戶持續走高？

David, this is Sumit. I'll start. Mario might add something. So I think comparing Q1, first of all, to Q4 is a little bit of an apples and oranges given how seasonally relevant Q4 is to elasticity and Q1 isn't as much. So year-over-year comparison might be more accurate perspective, and from that point of view, we did see incremental promotional activity on a year-over-year basis. At the same time, we saw less-than-anticipated promo activity, which is obviously encouraging and which Mario, in his prepared remarks, said helped to kind of buoy some of the gross margin strength that we saw in the quarter as well. And so we're not -- that's the current dynamic, and we're using promos across an array of options.

大衛，這是蘇米特。我會開始。馬里奧可能會添加一些東西。因此，我認為首先將 Q1 與 Q4 進行比較有點像蘋果和橙子，因為 Q4 與彈性的季節性相關性很大，而 Q1 則沒有那麼多。因此，同比比較可能是更準確的角度，從這個角度來看，我們確實看到了同比增長的促銷活動。與此同時，我們看到促銷活動低於預期，這顯然令人鼓舞，馬里奧在他準備好的發言中表示，這也有助於提振我們在本季度看到的一些毛利率。所以我們不是——這是當前的動態，我們在一系列選項中使用促銷。

Yes, some part of it drives new customers. It also allows us to test for demand elasticity. It allows us to pass value by helping customers build bigger baskets, et cetera, et cetera. But we don't use promos as a repeatable CRM mechanism per se. So -- and then in terms of price, you've heard us kind of say in the past, we're not price leading. We prepare to make sure that we are competitively priced, sharply priced where we understand demand elasticity without really demand -- allowing for demand destruction while maintaining kind of profitability to the bottom line. Anything to add, Mario?

是的，它的一部分驅動了新客戶。它還允許我們測試需求彈性。它允許我們通過幫助客戶建立更大的籃子等等來傳遞價值。但我們不使用促銷作為一種可重複的 CRM 機製本身。所以——然後就價格而言，你過去聽過我們說過，我們沒有價格領先。我們準備確保我們的價格具有競爭力，在我們了解需求彈性而沒有真正需求的情況下大幅定價——允許需求破壞，同時保持一定程度的盈利能力。有什麼要補充的嗎，馬里奧？

I think you covered it.

我想你涵蓋了它。

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。

One of your larger omnichannel competitors called out some weakness in the consumer in the second half of Q1. It was driven by macro issues. They even cited regional banking crisis and lower tax refunds. Did you see any of that whatsoever in the consumer demand trajectory [intra] quarter?

您的一個較大的全渠道競爭對手在第一季度下半年指出了消費者的一些弱點。它是由宏觀問題驅動的。他們甚至引用了區域銀行業危機和較低的退稅。您是否在 [intra] 季度的消費者需求軌跡中看到任何這些？

No, Brian. We're not seeing that.

不，布萊恩。我們沒有看到這一點。

And then my next follow-up would just be on the Lemonade launch. Any view on how that helps you attack the TAM there? Anything you'd highlight in terms of the dynamics of the insurance market? And anything you can tell us about the existing level of awareness with your foray or your offerings in the insurance suite?

然後我的下一個跟進將是關於 Lemonade 的發布。關於這如何幫助您攻擊那裡的 TAM 有什麼看法嗎？關於保險市場的動態，您有什麼要強調的嗎？關於您在保險套件中的涉足或產品的現有意識水平，您能告訴我們什麼嗎？

Yes, Brian, we're really excited about this. As I mentioned in my prepared remarks, any time you can bring choice to consumer and on top of that, expand price points available to a consumer, it directly correlates to incremental outcome in terms of revenue. And therefore, with a vertical like insurance, we actually expect a high level of flow-through to the bottom line as well. So we're excited about the addition of Lemonade. Lemonade is a tech-forward player that appeals to a wide array of customers. And alongside Trupanion, which is obviously a high bar provider of insurance services, we, at this point, believe that we have the full spectrum covered, both from a range of customer demographic, customer psychographic as well as price point coverage in a way that we're going to market.

是的，布賴恩，我們對此感到非常興奮。正如我在準備好的評論中提到的那樣，任何時候你都可以為消費者帶來選擇，最重要的是，擴大消費者可用的價格點，它與收入方面的增量結果直接相關。因此，對於像保險這樣的垂直行業，我們實際上也期望高水平的收益流向底線。所以我們對加入 Lemonade 感到很興奮。 Lemonade 是一家技術領先的公司，吸引了廣泛的客戶。與 Trupanion 一起，這顯然是一家高標準的保險服務提供商，在這一點上，我們相信我們已經涵蓋了所有範圍，包括一系列客戶人口統計、客戶心理以及價格點覆蓋範圍，其方式是我們要去市場。

I can tell you, our quotes to conversion ratios are improving. Our overall traffic towards these policies is improving. And at the same time, the ramp is built towards the back half of the year into 2024 given that we've just onboarded Lemonade and we're going to be ramping them up. And as the prepared remarks suggested, it's really a month from now when we kind of go to market with 2 scaled providers. Anything to add, Mario?

我可以告訴你，我們的報價轉化率正在提高。我們對這些政策的整體流量正在改善。同時，鑑於我們剛剛加入 Lemonade，我們將在今年下半年到 2024 年建造斜坡，並且我們將增加它們。正如準備好的評論所暗示的那樣，實際上是一個月後我們將與 2 家規模化供應商一起進入市場。有什麼要補充的嗎，馬里奧？

[That's it].

[就是這樣]。

Brian, happy to take a follow-up, but that's our current point of view. We're excited about it.

布賴恩，很高興跟進，但這是我們目前的觀點。我們對此感到興奮。

Our next question is from Steven Zaccone with Citi.

我們的下一個問題來自花旗銀行的 Steven Zaccone。

Sumit, I was curious for your perspective on the competitive dynamics in the pet category if the consumer spending environment weakens. I know there's been some earlier questions here citing some peers have talked about softening trends. How do you think you're positioned if the consumer starts to pull back on spending? How do you think about your competitive positioning maybe on price or maybe loyalty? Would be curious to get your perspective.

Sumit，如果消費者支出環境減弱，我很好奇你對寵物類別競爭動態的看法。我知道這裡有一些較早的問題，引用一些同行談到了軟化趨勢。如果消費者開始縮減支出，您認為您的定位如何？您如何看待您在價格或忠誠度方面的競爭定位？很想知道你的觀點。

I think the results -- Steven, the results speak for themselves. I'll lead with 2 data points: a, over 84% of our sales were attributed to resilient categories such as consumables and health where we have a tremendously strong proposition of a wide assortment; b, sharp pricing. And when you look at delivery convenience, it has actually improved on a year-over-year basis. Let me give you some data points. Our on-time delivery relative to '22 is sitting at about 150 basis points higher. Our click to deliver is sitting roughly 20% better at this particular point. Our in-stock positions are sitting roughly at some of the lowest levels that we've observed in the last 2 years. And so when we combine these inputs alongside, again, I've mentioned the personalized experience that we deliver, it just sets you up for -- to continue to fuel the loyalty that we enjoy.

我認為結果——史蒂文，結果不言而喻。我將以 2 個數據點作為開頭：a，我們超過 84% 的銷售額歸因於消費品和健康等彈性類別，我們在這些類別中擁有非常強大的廣泛分類主張； b、銳利的定價。當您查看交付便利性時，它實際上比去年同期有所改善。讓我給你一些數據點。我們的準時交貨相對於 22 年高出約 150 個基點。在這個特定點，我們的點擊交付率提高了大約 20%。我們的庫存頭寸大致處於我們過去兩年觀察到的最低水平。因此，當我們將這些投入結合在一起時，我再次提到了我們提供的個性化體驗，它只是為您做好準備——繼續推動我們享有的忠誠度。

And the second proof point, I said I'll lead with 2 data points, the second data point is the Autoship sales. 75% of our sales going through the Autoship program allows a predictable, repeatable base of volume that allows us to fulfill that demand in a manner that optimizes asset utilization across the company and allows us to kind of flow that revenue into the bottom line.

第二個證明點，我說過我會用 2 個數據點來引導，第二個數據點是 Autoship 銷售。我們 75% 的銷售額通過 Autoship 計劃實現了可預測、可重複的銷量基礎，這使我們能夠以優化整個公司資產利用率的方式滿足這一需求，並使我們能夠將收入轉化為利潤。

So I would add that -- Sumit just hit on a very key point here that you have brand loyalty coupled with an Autoship program that serves the customer well, coupled with pricing, convenient selection that we believe are unparalleled. And you have the dynamics of that, I would say, that if that were to happen, the competitive dynamics change, we're well positioned. And we obviously have just raised our full year guidance given everything we know. So yes, we're well positioned.

所以我要補充一點——Sumit 剛剛指出了一個非常關鍵的點，即您擁有品牌忠誠度以及為客戶提供良好服務的自動訂貨計劃，再加上我們認為無與倫比的定價和方便的選擇。我想說的是，如果發生這種情況，競爭動態會發生變化，那麼我們就處於有利地位。鑑於我們所知道的一切，我們顯然剛剛提高了全年指導。所以是的，我們的位置很好。

Great. I appreciate the detail. The follow-up I had was just on gross margin. Because freight costs are coming down overall from an industry perspective, would you still expect freight to be a tailwind to gross margin over the balance of the year?

偉大的。我很欣賞細節。我的後續行動只是關於毛利率。由於從行業角度來看，運費成本總體上正在下降，您是否仍預計運費會在今年餘下時間成為毛利率的順風車？

For which part of the freight and packaging? Because we have a multiyear contract with our logistics provider. So the [rate], they are pretty locked in at this point. The thing that may fluctuate are things like fuel prices. Obviously, they can go up or down from where we are today, but that should be de minimis at this point. So it's more things that are under our control in terms of the logistics and the supply chain transformation initiatives that we've launched last year. And I think in the last call, we said that those have paid off very well and that we have offset most, if not all, of the increases on the rate card that we incurred starting in '22.

哪部分的運費和包裝？因為我們與物流供應商簽訂了多年合同。所以[利率]，他們在這一點上非常鎖定。可能波動的是燃料價格。顯然，它們可以從我們今天的位置上漲或下跌，但目前應該是微不足道的。因此，就我們去年推出的物流和供應鏈轉型計劃而言，更多的事情在我們的控制之下。我認為在上次電話會議中，我們說這些已經得到很好的回報，並且我們已經抵消了從 22 年開始的價目表上的大部分（如果不是全部）增長。

Steven, specifically, if we were to put a range on the transformation impact to [left] on freight and packaging, I'd say we'd likely be able to pull another 50 to 75 basis points out, but that will happen on a multiyear basis, right? It's not happening this year. We've -- like Mario said, we've pulled most of that out into the last kind of 15 months of execution, which helped us kind of buoy 2022 margins. And in '23, as we're heading into it, some of the -- outside of kind of fuel variances, we feel we're running this pretty tightly. And to the extent that supply chains improve, it helps us improve our inventory placements better, yes, that might buoy -- exploit freight a little bit. But from an input point of view, we're fairly well set.

史蒂文，具體來說，如果我們要對 [左] 對貨運和包裝的轉型影響設定一個範圍，我想我們可能會再拉出 50 到 75 個基點，但這將發生在多年基礎，對嗎？今年不會發生這種情況。我們——就像馬里奧說的那樣，我們已經將大部分資金投入到最後 15 個月的執行中，這幫助我們提高了 2022 年的利潤率。在 23 年，當我們進入它時，一些 - 除了燃料差異之外，我們覺得我們正在非常緊密地運行它。就供應鏈的改善而言，它可以幫助我們更好地改善庫存安排，是的，這可能會提振——稍微利用運費。但從輸入的角度來看，我們已經準備好了。

The next question is from the line of Lee Horowitz with Deutsche Bank.

下一個問題來自德意志銀行的 Lee Horowitz。

Can you spend a little bit of time talking about the underlying pet household growth? I think in the past, you've talked about it declining in the low single-digit range. Is this still what you're seeing in the underlying market? And are you maybe seeing any stabilization here that may give you hope that industry growth is perhaps on the horizon? And then can you update us on how your advertising data has been progressing? Had test customers driven compelling ROIs in the beta tests? And what are the markers that you were looking for before you roll out the advertising product to a broader set of partners?

你能花一點時間談談潛在的寵物家庭增長嗎？我想過去，你曾談到它在低個位數範圍內下降。這仍然是您在基礎市場上看到的嗎？您是否可能在這裡看到任何可能讓您希望行業增長即將到來的穩定？然後你能告訴我們你的廣告數據是如何進展的嗎？測試客戶是否在 Beta 測試中推動了令人信服的投資回報率？在向更廣泛的合作夥伴推出廣告產品之前，您要尋找的標記是什麼？

Sure. So your first question on underlying pet household growth, so I'll share 2 data points with you. Pet household formation is flat. So to the extent that we could consider that encouraging, yes, it's at least not declining like we have mentioned in the past. Our recent read is that it's flat. And then another data point is that when you look at shelter and rescue data, between adoption and relinquishments, adoptions aren't happening and relinquishments have steadied. So there isn't a growth in adoption. At the same time, we're not seeing relinquishments increase per se. So that's a helpful data point, which kind of signals towards the resilience overall long term for these inputs that fuel growth in pet over time. I will caveat it, as I always do, which is the source of this data isn't -- there aren't one -- there isn't one published source. We gather these data points from our relationships across 5,000 shelters and rescue communities that we work with along with our suppliers and vendors conversations, et cetera. So I just want to caveat it with that.

當然。所以你的第一個問題是潛在的寵物家庭增長，所以我將與你分享 2 個數據點。寵物家庭形成是扁平的。因此，就我們可以認為令人鼓舞的程度而言，是的，它至少沒有像我們過去提到的那樣下降。我們最近的讀物是它是平的。然後另一個數據點是，當你查看收容所和救援數據時，在收養和放棄之間，收養並沒有發生，放棄已經穩定下來。因此，採用率沒有增長。與此同時，我們並沒有看到放棄本身增加。所以這是一個有用的數據點，這種信號表明這些投入的整體長期彈性，隨著時間的推移推動寵物的增長。我會像往常一樣警告它，即這些數據的來源不是——沒有——沒有一個已發布的來源。我們從與我們合作的 5,000 個避難所和救援社區的關係中收集這些數據點，以及我們的供應商和供應商對話等。所以我只想警告一下。

Number two, on the advertising data, we're really encouraged by the way this is progressing. So I'll share a little bit of what I said last time. We're in process of ramping up supply, right? We have demand knocking at our doorstep. And what we are doing right now is phase gating that demand against the supply that is available on the website. So as we've entered -- as we've exited Q1 into Q2, we've actually kind of internally moved away from the word beta to a little bit more of a softer kind of ramp up per se because the guardrail that we're testing against is we are hyper conscious of the impact of expanding ads inventory on pet parent user experience. And so that's the guardrail that we're maintaining. We feel good about our ability to expand supply as we move towards the back half of the year and then ultimately, really kind of full ramp this program in 2024. I didn't quite catch the question. I think you had a ROAS question in there. And if you do, please repeat that. If not, then I think I would rest there.

第二，關於廣告數據，我們對這種進展方式感到非常鼓舞。所以我會分享一點我上次說的。我們正在增加供應，對吧？我們有敲門的需求。我們現在正在做的是根據網站上提供的供應來分階段控制需求。因此，當我們進入 - 當我們從第一季度退出第二季度時，我們實際上已經在內部從 beta 一詞轉移到更溫和的上升本身，因為我們的護欄重新測試是我們非常清楚擴大廣告庫存對寵物父母用戶體驗的影響。這就是我們正在維護的護欄。隨著我們進入今年下半年，我們對擴大供應的能力感到滿意，然後最終在 2024 年真正全面啟動該計劃。我沒有完全理解這個問題。我想你在那裡有一個 ROAS 問題。如果你這樣做了，請重複一遍。如果沒有，那麼我想我會在那裡休息。

Yes. The question was just sort of around the type of ROAS that you're seeing within [your beta asset]. And I know you've sort of answered the -- what the markers are for growth there.

是的。問題只是圍繞您在 [您的 beta 資產] 中看到的 ROAS 類型。而且我知道你已經回答了 - 在那裡增長的標誌是什麼。

Sure, sure, sure. So a thing that we are encouraged, which is unique to Chewy proposition, again, going back to the repeat, recurring purchase nature of how consumers trend their loyalty with us, is the concept of the LTV, right, which is fueled with programs like Autoship. And so when you consider that, you would also then consider that our approach to ROAS is slightly different from the direct ROAS that the industry is used to. And therefore, we would take into account the power of loyalty and LTV ROAS as we go to market. And by the way, that's been well understood, and it's well received. And when you compare the ROAS to LTV ROAS, we're actually seeing quite healthy returns above industry standard at this particular point. So we're encouraged by the ramp.

當然，當然，當然。因此，讓我們感到鼓舞的是，這是 Chewy proposition 獨有的，再次回到消費者如何傾向於他們對我們的忠誠度的重複，經常性購買性質，是 LTV 的概念，對，它是由像這樣的程序推動的自動送貨。因此，當你考慮到這一點時，你也會考慮我們的 ROAS 方法與行業習慣的直接 ROAS 略有不同。因此，我們在進入市場時會考慮忠誠度和 LTV ROAS 的力量。順便說一句，這已經很好理解，也很受歡迎。當你將 ROAS 與 LTV ROAS 進行比較時，我們實際上看到了在這個特定點上高於行業標準的相當健康的回報。所以我們對坡道感到鼓舞。

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

下一個問題來自 Dylan Carden 和 William Blair。

Just curious, the language that you're using with gross adds ahead of pre-pandemic levels, I guess the implication there would be that if churn normalizes, you'd be back to kind of net adds in line with kind of the 2018, 2019 period. Is that fair, without asking you to put a time frame on that?

只是好奇，您在大流行前水平之前使用的總增加量的語言，我想這意味著如果流失正常化，您將回到與 2018 年類似的淨增加量， 2019年期間。不要求您設定時間框架，這樣公平嗎？

Dylan, it's Mario. I'll answer that one. It's -- we are -- our gross adds are running ahead of pre-pandemic levels. And certainly, they're even running ahead of last year the same quarter. But I'm going to reserve making a statement that we expect to return to any sort of levels until we are ready to make that statement. Let me just say that. What we have said is that our thinking hasn't changed for this year, that we would expect second half growth in active customers.

迪倫，是馬里奧。我會回答那個。這是——我們是——我們的總增加量超過了大流行前的水平。當然，他們甚至在去年同一季度領先。但在我們準備好發表聲明之前，我將保留聲明我們希望恢復到任何級別。讓我這麼說吧。我們所說的是，我們今年的想法沒有改變，我們預計下半年活躍客戶會增長。

Okay. Fair enough. And then I guess -- what's that?

好的。很公平。然後我猜——那是什麼？

And I would say, we're pleased that we had stability in the active customer base in the first quarter. That's, yes, a given here.

我要說的是，我們很高興我們在第一季度的活躍客戶群中保持穩定。是的，這是給定的。

Right, right. Sure. And the spend per customer, are you seeing that kind of return to more normalized levels? I know in the middle of the pandemic, it kind of dipped down for certain year cohorts. Has that normalized? Or is the hard goods component of that still making that a noisy metric?

是的是的。當然。還有每位客戶的支出，您是否看到這種回歸到更正常的水平？我知道在大流行期間，某些年級的人數有所下降。那正常化了嗎？還是其中的耐用品成分仍然使它成為一個嘈雜的指標？

Well, the NSPAC, as we showed it, the $512, is a new record high for the company, and the increase of about 15% or so was similar to what we saw all of last year. So we're seeing strength there. That's obviously partly driven by the increasing prices, but it also is a volume play. So the customers that are staying with us, the longer they stay with us, the more they spend with us. That dynamic continues to hold through this quarter as well. Certainly, if we had more sales in hard goods, if we've seen that grow, that obviously would help with NSPAC and just overall spend per customer. But for now, we're seeing -- even without that, we're seeing an increase in NSPAC.

好吧，正如我們展示的那樣，NSPAC 為 512 美元，是該公司的新高，大約 15% 左右的增幅與我們去年全年看到的相似。所以我們在那裡看到了力量。這顯然在一定程度上是由價格上漲推動的，但它也是一種交易量。因此，與我們在一起的客戶，他們與我們在一起的時間越長，他們在我們這裡的花費就越多。這種動態也將持續到本季度。當然，如果我們在耐用品方面有更多的銷售，如果我們看到這種增長，那顯然將有助於 NSPAC 和每個客戶的總體支出。但就目前而言，我們看到——即使沒有，我們也看到 NSPAC 有所增加。

Okay. And then final one for me. I had thought kind of early on in your public history that the Autoship kind of penetration rate wasn't expected to grow too much. The 75% kind of surprised us as to where you've been able to get to. Do you think that there's more upside to that number? And are there any kind of quantifiable margin implications from adding the kind of 5 percentage points that you have over the last couple of years?

好的。然後是我的最後一個。在你的公共歷史的早期，我曾認為 Autoship 的滲透率預計不會增長太多。關於您能夠到達的地方，75% 讓我們感到驚訝。你認為這個數字還有更多的上升空間嗎？加上過去幾年你擁有的 5 個百分點，是否有任何可量化的利潤率影響？

Yes, Dylan, I think the comment we may have made at that point was not that we didn't expect it to grow. As we were saying -- I think at that point, we were around the 60% mark, give or take. And we were saying, look, 60% is really good when you're selling a product and you have to ship. And if it were -- if it grows, great. But at that level, every order in the company that flows through our warehouse was benefiting from that level of Autoship customer sales. Certainly, very happy that it's grown to about 75%. That's a function of a handful of things. One is the program just gets better over time. We find ways to reduce the friction to make the program easier on our customers.

是的，迪倫，我認為我們當時可能發表的評論並不是我們沒有預料到它會增長。正如我們所說的——我認為在那個時候，我們已經達到了 60% 左右，無論是給予還是接受。我們說，看，當你銷售產品並且必鬚髮貨時，60% 真的很好。如果它是——如果它增長了，那就太好了。但在那個水平上，公司中流經我們倉庫的每個訂單都受益於那個水平的 Autoship 客戶銷售。當然，很高興它增長到 75% 左右。這是少數事情的功能。一是程序會隨著時間的推移變得更好。我們找到了減少摩擦的方法，使我們的客戶更容易使用該程序。

Certainly, I think you know that this program is -- doesn't cost anything. In fact, it leads to a discount for the customers who sign up for that program, and that discount is funded by our vendors. So we don't have to fund it ourselves. So there -- between that and the fact that we are now seeing more of our sales shift to health care and consumables given the relative softness in hard goods, you're seeing that grow to the 75% or so that we just printed. So it's a handful of factors. It's a really good thing. We think about the program as a program and how we can make it better, but we're not necessarily sort of obsessing over whether we get it to 77% or 73% or anything like that.

當然，我想你知道這個項目是——不花任何錢。事實上，它會為註冊該計劃的客戶帶來折扣，而該折扣由我們的供應商提供資金。所以我們不必自己出資。因此 - 在那與我們現在看到更多的銷售轉向醫療保健和消耗品這一事實之間，鑑於硬質商品的相對柔軟，你會看到它增長到我們剛剛印刷的 75% 左右。所以這是幾個因素。這真是一件好事。我們把這個項目當作一個項目來考慮，我們如何才能讓它變得更好，但我們不一定會糾結於我們是把它達到 77% 還是 73% 或類似的水平。

It's -- the symbiotic relationship here really helps. It's one of the more effective mechanisms to fuel brand loyalty for our supplier brands. And obviously, their participation greatly showcases the value that both of us kind of find in it. And number two, customers -- I talked about the power of expanding kind of choices for customers. If you observe over the last 3 or 4 years, we've expanded the eligibility of SKUs in the particular program and have let customers, right -- our site experience continues to let customers engage in more productive manners to be able to build bigger baskets, which then they extract greater value from. So you can kind of see the inputs that are correlated to program growth. And then you put on categories such as health care, which we're obviously driving growth towards. It's all -- it all leads to the amplification that you're seeing here, which is why I mentioned the combination of both active customer growth in the program times the NSPAC increase that we're seeing on a year-over-year basis.

這是——這裡的共生關係真的很有幫助。這是為我們的供應商品牌提升品牌忠誠度的更有效機制之一。顯然，他們的參與極大地展示了我們雙方從中發現的價值。第二，客戶——我談到了為客戶擴大選擇範圍的力量。如果您在過去 3 或 4 年中觀察到，我們已經擴大了特定計劃中 SKU 的資格，並讓客戶，對 - 我們的網站體驗繼續讓客戶以更高效的方式參與，從而能夠構建更大的購物籃，然後他們從中提取更大的價值。因此，您可以看到與程序增長相關的輸入。然後你把醫療保健等類別放在我們顯然正在推動增長的方向。這一切——這一切都會導致你在這裡看到的放大，這就是為什麼我提到了該計劃中活躍客戶增長與我們看到的同比 NSPAC 增長相結合的原因。

Has the health care component been a big part of the increase in penetration?

醫療保健部分是否是滲透率增加的重要組成部分？

Well, it absolutely is, right? I mean when you think about over -- we started the health care category 4 years ago, and at this point, run the largest pharmacy in North America -- or pure-play e-comm pharmacy in North America. And it's a credible base that we are building from and serving customers who continue to enjoy the same propositions that we've talked about on this call. And when you think about the proposition of a health customer, humans are bad at feeding humans medication. We forget to feed our pets. So when you -- if you have the option of putting that on recurring delivery, combined with an ongoing engaged program and the notification engine put behind it, et cetera, et cetera, it fuels even stronger compliance rates. And so our compliance is really healthy relative to average compliance in the industry. Again, as I said, it's a symbiotic relationship between our suppliers and us who together kind of build brand loyalty, and the customers enjoy the return in that way.

好吧，絕對是，對吧？我的意思是，當你仔細想想——我們在 4 年前開始了醫療保健類別，在這一點上，經營著北美最大的藥房——或者北美的純電子商務藥房。這是一個可靠的基礎，我們正在為那些繼續享受我們在這次電話會議上談到的同樣主張的客戶建立和服務。當你考慮健康客戶的提議時，人類不擅長餵藥。我們忘記餵養我們的寵物。因此，當您 - 如果您可以選擇將其置於定期交付中，並結合正在進行的參與計劃和背後的通知引擎，等等，它會提高合規率。因此，相對於行業的平均合規性，我們的合規性非常健康。同樣，正如我所說，這是我們的供應商和我們之間的共生關係，他們共同建立了品牌忠誠度，客戶以這種方式享受回報。

Let me add one more data point, I think, just to kind of complete the thought here. But over 95% of our consumables SKUs or products are Autoship-eligible. 100% of our health care products are Autoship-eligible. So when you think about that and the fact that those components in our sales profile have grown over time as a percent of total sales, you get the lift in overall Autoship customer sales.

讓我再添加一個數據點，我想，只是為了完成這裡的想法。但我們超過 95% 的消耗品 SKU 或產品符合自動送貨條件。我們 100% 的保健產品都符合自動送貨條件。因此，當您考慮到這一點以及我們銷售概況中的這些組件佔總銷售額的百分比隨著時間的推移而增長的事實時，您會得到整體 Autoship 客戶銷售額的提升。

Our next question is from the line of Trevor Young with Barclays.

我們的下一個問題來自巴克萊銀行的 Trevor Young。

First one, just what was orders shipped growth in the quarter? I think the 10-Q mentioned that it was positive year-on-year, but it didn't specifically quantify. And then second one, we've had some questions from investors around some onetime supplier rebates that maybe started in 4Q and carried over into 1Q. I'm just wondering if you could clarify if there was, in fact, some onetime rebate this quarter and how much of a lift that was.

第一個，本季度的訂單出貨量增長情況如何？我認為 10-Q 提到它同比是積極的，但它沒有具體量化。然後是第二個，我們從投資者那裡收到了一些關於可能從第四季度開始並延續到第一季度的一次性供應商回扣的問題。我只是想知道你是否可以澄清一下，事實上，本季度是否有一些一次性回扣，以及有多少提升。

Yes. So I'll answer the first part of the question. We actually -- we purposely took it out of the 10-Q, Trevor, because it was causing some confusion. The way we were defining those orders, it was as packages shipped. And of course, as we get better at packaging -- at shipping fewer packages per order by consolidating the product into single boxes, and that's going to -- that was kind of throwing everybody off, and we had -- it just created a confusion. So better to say that the orders grew overall. Certainly, unit grew. You heard us say that 2/3 of the growth in the quarter came from unit growth. But because we're getting better at sending those orders and complete in a single package, the number of packages held -- grew at a slower rate, let me put it that way, than the overall sales.

是的。所以我會回答問題的第一部分。我們實際上 - 我們故意將它從 10-Q 中刪除，Trevor，因為它引起了一些混亂。我們定義這些訂單的方式是按照包裹發貨的方式。當然，隨著我們在包裝方面做得更好——通過將產品整合到單個盒子中，每個訂單運送更少的包裹，這將——這有點讓所有人失望，而我們——它只是造成了一種混亂.最好說訂單總體增長。當然，單位增長了。你聽我們說過，本季度 2/3 的增長來自單位增長。但是因為我們越來越擅長發送這些訂單並在一個包裹中完成，所以包裹數量的增長速度比整體銷售額要慢，讓我這麼說吧。

The second part of your question was around questions from investors on onetime supplier rebates. We did not see anything like that in the first quarter, nothing meaningful to call out. So let me just say that where you tend to see something like that, it's going to be towards the end of the year. And that is as you get growth rebates. But look, let's say, that's not something that we're sort of assuming at this point in the year. So nothing to call out in the first quarter.

你問題的第二部分是圍繞投資者關於一次性供應商回扣的問題。我們在第一季度沒有看到這樣的事情，沒有什麼有意義的呼籲。所以我只想說，你往往會在年底看到類似的東西。那就是當你獲得增長回扣時。但是，比方說，這不是我們在今年這個時候假設的事情。所以在第一季度沒有什麼可說的。

Our last question comes from the line of Lauren Schenk with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 Lauren Schenk。

Nice to see the net add turned positive. Is your expectation that, that will remain positive in the second quarter and then into the back half of the year? And just a clarifier on the customer growth expectations in the back half of the year. You're talking on a year-over-year basis that should be positive in 3Q and 4Q. And then lastly, any way to think about what the customer contribution from the Canada launch could look like in the second half of the year?

很高興看到淨增轉正。您是否預計，這將在第二季度保持積極，然後進入今年下半年？並且只是澄清了下半年的客戶增長預期。你說的是與去年同期相比，第三季度和第四季度應該是積極的。最後，有什麼方法可以考慮今年下半年加拿大推出的客戶貢獻會是什麼樣子？

Lauren, it's Mario. So I'll start off with your first question, which is the -- I'll start off with repeating your statement that you were pleased to see a positive net add in the quarter, or maybe I'm putting words in your mouth. I would say that we were pleased as well. But the reality is, look, this is all within the, I would like to call, the set of expectations we have internally, could have -- we went up a little bit. We could have gone down a little bit. And that would have been perfectly within the set of expectations for the first half of the year. I won't break down quarter-by-quarter because that's going to get us into just trouble. I'll just tell you that we are -- our thinking for the full year has not changed. We expect the first half to be around the mean point coming into the year and then second half to see some growth in active customers. Let me kind of keep it to that. I think it's going to be better than trying to guide you quarter-by-quarter.

勞倫，是馬里奧。所以我將從你的第一個問題開始，這是——我將首先重複你的陳述，即你很高興看到本季度的淨增長為正，或者我可能會把話放在你的嘴裡。我想說我們也很高興。但現實是，看，這一切都在我們內部的一系列期望之內，我想說的是——我們提高了一點。我們本可以下降一點。這完全符合今年上半年的預期。我不會按季度細分，因為那隻會讓我們陷入麻煩。我只是告訴你我們 - 我們對全年的想法沒有改變。我們預計上半年將接近今年的平均水平，然後下半年活躍客戶將有所增長。讓我堅持下去。我認為這比試圖逐個季度地指導你要好。

The customer contribution expected from Canada launch, what you have heard us say in this case is that Canada's -- we expect -- we're preparing now for a launch in the third quarter, and we expect it to not have a material impact on net sales, gross margin, NSPAC or active customers. The impact they will have is on EBITDA as we make those initial investments, and we outlined what that impact is. But nothing meaningful to call out for top line or active customers or NSPAC at this point.

加拿大推出的預期客戶貢獻，你聽到我們在這種情況下所說的是加拿大 - 我們預計 - 我們現在正在為第三季度的推出做準備，我們預計它不會對淨銷售額、毛利率、NSPAC 或活躍客戶。當我們進行這些初始投資時，它們將對 EBITDA 產生影響，我們概述了這種影響是什麼。但此時呼籲頂線或活躍客戶或 NSPAC 沒有任何意義。

That concludes the question-and-answer session. I will now pass the call over to the management team for any further remarks.

問答環節到此結束。我現在將把電話轉給管理團隊，徵求任何進一步的意見。

Thank you, team. This is Sumit. Have a great evening. Thank you for joining us.

謝謝你，團隊。這是蘇米特。祝你有個愉快的夜晚。感謝您加入我們。

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。