Chewy Inc (CHWY) 2021 Q3 法說會逐字稿

Good day, and welcome to the Chewy Third Quarter 2021 Earnings Conference Call. (Operator Instructions)

美好的一天，歡迎來到耐嚼的 2021 年第三季度收益電話會議。 （操作員說明）

Please note this event is being recorded. I would now like to turn the conference over to Robert LaFleur, Vice President of Investor Relations. Please go ahead.

請注意正在記錄此事件。我現在想將會議轉交給投資者關係副總裁 Robert LaFleur。請繼續。

Thank you for joining us on the call today to discuss our third quarter 2021 results. Joining me today 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. On our call today, we will be making forward-looking statements, including statements concerning Chewy's future prospects, financial results, business strategies, investments, industry trends, and our ability to successfully respond to business risks, including those related to the spread of COVID-19.

感謝您今天加入我們的電話會議，討論我們 2021 年第三季度的業績。今天加入我的是 Chewy 的首席執行官 Sumit Singh；和首席財務官 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。在我們今天的電話會議上，我們將做出前瞻性陳述，包括關於 Chewy 的未來前景、財務業績、業務戰略、投資、行業趨勢以及我們成功應對業務風險（包括與 COVID 傳播相關的風險）的能力的陳述-19。

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

根據 1995 年《私人證券訴訟改革法案》，此類陳述被視為前瞻性陳述，並受某些風險和不確定因素的影響，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。

Reported results should not be considered an indication of future performance. Also note that the forward-looking statements on this call are based on information available to us as of today's date. We disclaim any obligation to update any forward-looking statements, except as required by law. For further information, please refer to the risk factors and other information in Chewy's 10-Q and 8-K filed earlier today and in our other filings with the SEC. Also during this call, we will discuss certain non-GAAP financial measures.

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。有關更多信息，請參閱今天早些時候提交的 Chewy 的 10-Q 和 8-K 以及我們向美國證券交易委員會提交的其他文件中的風險因素和其他信息。同樣在本次電話會議中，我們將討論某些非 GAAP 財務措施。

Reconciliations of these non-GAAP financial measures 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 substitutes for GAAP results. Additionally, unless otherwise noted, results discussed today refer to third quarter 2021, and all comparisons are accordingly against the third quarter of 2020.

我們的投資者關係網站和今天向美國證券交易委員會提交的文件中提供了這些非 GAAP 財務指標與最直接可比的 GAAP 財務指標的對賬。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 2021 年第三季度，因此所有比較都是與 2020 年第三季度進行的。

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.

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。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, Bob, and thanks to all of you for joining us on the call. Demand and customer engagement remained strong throughout the third quarter. Q3 net sales were $2.21 billion, adding 24% growth on top of strong comps last year. These top line results and our continued growth this year demonstrate the durability of our business model and the overall strength of the pet category. Our metrics, measuring demand and customer engagement, such as site traffic, new customer acquisition, order volume, order size, purchase frequency and net sales per active customer or NSPAC were strong throughout the quarter.

謝謝 Bob，也感謝大家加入我們的電話會議。整個第三季度的需求和客戶參與度依然強勁。第三季度淨銷售額為 22.1 億美元，在去年強勁的業績基礎上增長了 24%。這些頂級業績和我們今年的持續增長證明了我們商業模式的持久性和寵物類別的整體實力。我們衡量需求和客戶參與度的指標，例如站點流量、新客戶獲取、訂單量、訂單大小、購買頻率和每個活躍客戶或 NSPAC 的淨銷售額在整個季度都很強勁。

We ended Q3 with 20.4 million customers, a year-over-year increase of 15%. Consistent with the trends we have seen throughout 2021, gross customer adds continue to exceed pre-pandemic levels and retention rates continue to track in line with historical levels.

我們在第三季度末擁有 2040 萬客戶，同比增長 15%。與我們在整個 2021 年看到的趨勢一致，總客戶增加量繼續超過大流行前的水平，保留率繼續與歷史水平保持一致。

More importantly, the strength and quality of our new and active customers continues to improve. For example, we estimate that the expected lifetime values of the Q3 2021 new customer cohort is 12% higher than the pre-pandemic counterpart. Additionally, third quarter Autoship customer sales as a percent of net sales increased 140 basis points to 70.6%, reaching a new company high. And last, but not least, the average order value for new to Chewy customers was 6% and 13% higher than the Q3 2020 and Q3 2019 cohorts, respectively.

更重要的是，我們新活躍客戶的實力和質量不斷提升。例如，我們估計 2021 年第三季度新客戶群體的預期生命週期價值比大流行前的同類群體高 12%。此外，第三季度 Autoship 客戶銷售額占淨銷售額的百分比增長 140 個基點，達到 70.6%，創下公司新高。最後但同樣重要的是，Chewy 新客戶的平均訂單價值分別比 2020 年第三季度和 2019 年第三季度高出 6% 和 13%。

These positive new customer behaviors flow through to NSPAC, which is an important gauge of overall customer engagement and lifetime customer contribution. Here, we are pleased to share that the third quarter NSPAC increased 15% to $419. This reflects year-over-year growth of [$56] which is a record increase for us. It is exciting for us to see NSPAC growth accelerate as a large 2020 cohort matures and our expanded customer choices and increased discoverability expedite share of wallet gains.

這些積極的新客戶行為會影響 NSPAC，這是衡量總體客戶參與度和終生客戶貢獻的重要指標。在這裡，我們很高興地分享第三季度 NSPAC 增長 15% 至 419 美元。這反映了 [56 美元] 的同比增長，這對我們來說是創紀錄的增長。我們很高興看到 NSPAC 的增長隨著 2020 年大量人群的成熟而加速，我們擴大的客戶選擇和增加的可發現性加快了錢包收益的份額。

Even with these gains, we are still only capturing a fraction of the average U.S. pet spend per household from the over 20 million loyal customers who deemed Chewy their preferred destination for everything pet. And so further expanding NSPAC is an important piece of our growth and profitability flywheel. We are encouraged to see our efforts bear fruit in this area, and at the same time, we are highly motivated and remain focused on driving additional NSPAC growth. Moving on to gross margins. Third quarter gross margin expanded 90 basis points year-over-year to 26.4%. This is something we're proud of achieving when operating in the present challenging environment.

即使有了這些收益，我們仍然只從超過 2000 萬忠實客戶中獲得了美國每個家庭平均寵物支出的一小部分，他們認為 Chewy 是所有寵物的首選目的地。因此，進一步擴大 NSPAC 是我們增長和盈利飛輪的重要組成部分。我們很高興看到我們的努力在這一領域取得成果，與此同時，我們充滿動力並繼續專注於推動 NSPAC 的額外增長。轉向毛利率。第三季度毛利率同比增長 90 個基點至 26.4%。這是我們在當前充滿挑戰的環境中運營時為取得的成就而感到自豪的事情。

As we executed Q3, we observed 2 factors that affected gross margin that had been largely absent through the first half of the year, elevated inbound freight costs and product cost inflation. Together, these 2 factors, net of a favorable mix shift and pricing adjustment muted gross margin expansion in the quarter by approximately 100 basis points. The elevated inbound freight costs reflect macro trends that are impacting imports and the flow of shipments across the country.

在我們執行第三季度時，我們觀察到影響毛利率的兩個因素在今年上半年基本沒有，即入境運費上漲和產品成本上漲。這兩個因素加在一起，扣除有利的組合轉變和定價調整後，使本季度的毛利率增長放緩了約 100 個基點。入境運費上漲反映了影響進口和全國貨運流量的宏觀趨勢。

And we believe these costs will remain elevated in the near term until the global supply chain disruptions begin to abate. On product costs, we saw inflation ramp up on an expanded assortment of inventory items throughout the quarter. In consumables-led categories, many large national brand suppliers have raised MAP to pass through the higher product costs, and we are adjusting our prices accordingly.

我們認為，在全球供應鏈中斷開始減弱之前，這些成本在短期內將繼續上升。在產品成本方面，我們看到通貨膨脹率在整個季度內因庫存項目種類的增加而上升。在耗材主導的品類中，許多大型民族品牌供應商已經提高了MAP以轉嫁更高的產品成本，我們正在相應地調整我們的價格。

In hardgood-led categories, which are typically not governed by MAP pricing, we have seen a greater delta between cost and price, which is primarily driven by higher demand elasticity of products in these categories. Given the inherent price transparency across online channels, this lag between higher cost inputs and the eventual rationalization of consumer-facing prices creates a short-term drag on profitability. Over time, we expect increased prices will offset higher product costs and negate any long-term negative impact to gross margin without impacting customer demand. On the advertising and marketing front, we reversed the sequential spike that we saw last quarter and delivered higher marketing efficiency even as customer acquisitions remained steady and NSPAC ramped nicely.

在通常不受 MAP 定價約束的硬商品主導的類別中，我們發現成本和價格之間存在更大的差異，這主要是由這些類別中產品的更高需求彈性驅動的。鑑於在線渠道固有的價格透明度，較高的成本投入與面向消費者的價格最終合理化之間的這種滯後會對盈利能力造成短期拖累。隨著時間的推移，我們預計價格上漲將抵消更高的產品成本，並在不影響客戶需求的情況下抵消對毛利率的任何長期負面影響。在廣告和營銷方面，我們扭轉了上個季度出現的連續飆升，並在客戶獲取保持穩定且 NSPAC 增長良好的情況下實現了更高的營銷效率。

Q3 marketing expenses scaled to 6.8% of net sales. The drivers of improved efficiency in Q3 are a combination of ad costs correcting from their Q2 high and sharper, more targeted execution from our team across channels and across customer segments. Our efforts, which included predictive propensity modeling, while taking macro conditions into account proved effective in aligning customer segments and maximizing acquisition LTV. The results of this approach were twofold.

第三季度營銷費用占淨銷售額的 6.8%。第三季度效率提高的驅動因素是廣告成本從第二季度的高位開始修正，以及我們團隊跨渠道和跨客戶群更清晰、更有針對性的執行。我們的努力，包括預測傾向建模，同時將宏觀條件考慮在內，證明在調整客戶群和最大化獲取 LTV 方面是有效的。這種方法的結果是雙重的。

First, we saw a strengthening of traffic or sessions to our website, which we converted at a higher rate, both sequentially and year-over-year. Second, we also improved efficiency across various channels and reduced CPA in the quarter by 12% sequentially. Moving on to SG&A. The higher labor costs and related costs we saw in SG&A during Q3 essentially offset our gross margin improvement and marketing efficiencies, leading to Q3 adjusted EBITDA margin that was flat compared to last year.

首先，我們看到我們網站的流量或會話有所增加，我們以更高的速度轉換，無論是連續還是同比。其次，我們還提高了各種渠道的效率，並將本季度的 CPA 環比降低了 12%。轉到 SG&A。我們在第三季度在 SG&A 中看到的更高的勞動力成本和相關成本基本上抵消了我們的毛利率改善和營銷效率，導致第三季度調整後的 EBITDA 利潤率與去年持平。

Shifting gears from in-quarter performance to innovations across Chewy, I'd like to share some of the latest developments in our growing Chewy Health franchise. First, I'm pleased to announce that we have expanded access to our popular connect with a vet telehealth service to our entire base of 20 million active customers plus any new to Chewy customers on a pay per consult basis across chat and video. Access for Autoship customers remains free of charge, and now non-Autoship customers can also enjoy the peace of mind that comes from having nationwide access to professional veterinarian care 15 hours a day, 365 days a year.

從季度業績轉向整個 Chewy 的創新，我想分享我們不斷增長的 Chewy Health 特許經營權的一些最新發展。首先，我很高興地宣布，我們已經通過聊天和視頻以每次諮詢付費的方式將我們的流行連接與獸醫遠程醫療服務擴展到我們的整個 2000 萬活躍客戶群以及任何新的 Chewy 客戶。 Autoship 客戶仍然免費使用，現在非 Autoship 客戶也可以享受全國范圍內一年 365 天、每天 15 小時的專業獸醫護理帶來的安心。

Continuing our innovation streak in Chewy Health, we recently announced that we will offer an exclusive suite of pet health insurance and wellness and preventative plans in partnership with Trupanion starting in spring 2022. Since its inception, the mission of Chewy Health has been making pet health care more accessible and affordable. And these insurance and wellness plans were designed to do both. In designing them, we wanted to give pet parents the peace of mind to always say, yes, when it comes to taking the best possible care of their pets.

延續我們在 Chewy Health 的創新步伐，我們最近宣布，我們將從 2022 年春季開始與 Trupanion 合作提供一套獨家的寵物健康保險和保健及預防計劃。自成立以來，Chewy Health 的使命一直是讓寵物健康更容易獲得和負擔得起的護理。這些保險和健康計劃旨在同時做到這兩點。在設計它們時，我們想讓寵物父母安心，讓他們總是說，是的，當涉及到盡可能最好地照顧他們的寵物時。

We will share more details on future earnings calls. Finally, in Chewy Health, our rollout of Practice Hub is continuing to generate buzz and interest in the industry. 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.

我們將在未來的財報電話會議上分享更多細節。最後，在 Chewy Health 中，我們推出的 Practice Hub 繼續在業界引起轟動和興趣。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。

Using our proprietary app, vets can easily create preapproved and manage Rx and (inaudible) prescriptions, all in one place. Then they can earn revenue as a seller on our marketplace when customers place an order in clinic or purchase their items at home on chewy.com, with Chewy handling all of inventory, fulfillment, shipping and customer service. Our managed initial rollout of Practice Hub continues with over 50 clinics participating on an invitation-only basis and we continue to receive positive feedback from veterinarians and staff using the product. We have a healthy pipeline of hundreds of interested users, ranging from independently operated practices to multiclinic veterinary groups.

使用我們專有的應用程序，獸醫可以在一個地方輕鬆創建和管理 Rx 和（聽不清）處方。然後，當客戶在診所下訂單或在家中在 chewy.com 上購買商品時，他們可以作為我們市場上的賣家賺取收入，而 Chewy 將處理所有庫存、履行、運輸和客戶服務。我們管理的 Practice Hub 初始推出繼續進行，超過 50 家診所僅應邀參與，我們繼續收到來自使用該產品的獸醫和員工的積極反饋。我們擁有數百名感興趣的用戶的健康管道，從獨立運營的實踐到多診所獸醫團體。

We are excited about the initial success of Practice Hub and look forward to expanding the rollout to the broader vet community. When evaluating the potential contribution of Chewy Health to our long-term objectives and within the $35 billion pet health TAM, it is worth emphasizing that presently less than 15% of Chewy customers are Chewy Health customers. So the opportunity within our base of 20 million customers is meaningful, not to mention the opportunity from pet parents who are not yet Chewy customers. Integrating new health care services like insurance, wellness plans, connect with a vet and Practice Hub with our existing pharmacy operations, where we have nearly tripled our run rate pharmacy revenue over the short 10-quarter period since our IPO will help us drive deeper penetration into this vertical with our customers and vet partners.

我們對 Practice Hub 的初步成功感到興奮，並期待將其推廣到更廣泛的獸醫社區。在評估 Chewy Health 對我們長期目標和 350 億美元寵物健康 TAM 的潛在貢獻時，值得強調的是，目前只有不到 15% 的 Chewy 客戶是 Chewy Health 客戶。因此，我們 2000 萬客戶群中的機會是有意義的，更不用說還不是 Chewy 客戶的寵物父母的機會了。將保險、健康計劃等新的醫療保健服務與獸醫和實踐中心聯繫起來，與我們現有的藥房業務相結合，自 IPO 以來的短短 10 個季度內，我們的藥房收入增長了近兩倍，這將有助於我們推動更深入的滲透與我們的客戶和獸醫合作夥伴一起進入這個垂直領域。

I'd also like to take a moment to reiterate that we continue to manage Chewy for the long term by looking beyond the near-term noise in the macro environment today and instead by sticking to the strategic road map, which has been Chewy's north star since our IPO. Key components of that road map include customer life cycle management, which includes both acquiring customers and expanding their share of wallet. It also includes growing our private label brands and expanding our health care offerings. Since 2018, we've nearly doubled our customer base and increased NSPAC by 30%. Our private label catalog has more than quadrupled and its penetration in the hard goods business has increased to nearly 20%.

我還想花點時間重申，我們將繼續長期管理 Chewy，方法是超越當今宏觀環境中的近期噪音，而是堅持戰略路線圖，這一直是 Chewy 的北極星自我們首次公開募股以來。該路線圖的關鍵組成部分包括客戶生命週期管理，包括獲取客戶和擴大他們的錢包份額。它還包括發展我們的自有品牌和擴大我們的醫療保健產品。自 2018 年以來，我們的客戶群幾乎翻了一番，NSPAC 增加了 30%。我們的自有品牌目錄翻了兩番多，其在耐用品業務中的滲透率增加到近 20%。

Additionally, I just outlined the progress we are making in Chewy Health with our B2C and B2B offerings to customers and veterinarians. Overall, when evaluating Chewy's progress from a customer's lens, we now offer a rapidly growing multidimensional customer experience that spans consumables, hard goods, private label brands and an emerging full ecosystem of health offerings. This makes our customers stickier and gives them an opportunity to strengthen their engagement and spend with us.

此外，我剛剛概述了我們通過向客戶和獸醫提供 B2C 和 B2B 產品在 Chewy Health 方面取得的進展。總的來說，當從客戶的角度評估 Chewy 的進步時，我們現在提供快速增長的多維客戶體驗，涵蓋消耗品、耐用品、自有品牌和新興的完整健康產品生態系統。這使我們的客戶更具粘性，並讓他們有機會加強與我們的互動和消費。

And finally, while we have not made any announcements yet on our last 2 road map components, non-vet services and international expansion, both remain questions of when and not if. So looking back, we have accomplished a lot and have much to be proud of. But looking forward, tremendous opportunity still lies ahead. And in so many ways, we are just getting started. With that, I will wrap up by reiterating that we are pleased with our Q3 performance and our ability to deliver strong results in the face of disruptions and challenging macro conditions. Looking beyond these near-term challenges, there is plenty of reason for optimism. Consumer engagement is high, business momentum is strong, and we believe the long-term positive trends of more pet ownership, higher per pet spending and increased e-commerce penetration are as strong as ever.

最後，雖然我們還沒有就我們的最後兩個路線圖組成部分、非獸醫服務和國際擴張發布任何公告，但兩者都仍然是時間問題。回顧過去，我們取得了很多成就，也有很多值得驕傲的地方。但展望未來，巨大的機遇仍在前方。在很多方面，我們才剛剛開始。最後，我將重申，我們對我們第三季度的表現以及我們在面對中斷和充滿挑戰的宏觀條件下取得強勁業績的能力感到滿意。展望這些近期的挑戰，我們有充分的理由感到樂觀。消費者參與度高，業務勢頭強勁，我們相信更多寵物擁有者、更高的寵物消費和電子商務滲透率的長期積極趨勢一如既往地強勁。

Amidst this, our ability to retain the significant revenue gains we recorded last year during the height of the pandemic and then adding meaningful growth on top of that this year clearly reflects the soundness of our long-term strategy and our efforts to build an enduring franchise to serve millions of loyal pets and pet parents. In short, we are bullish about Chewy's future. And with that, I'll turn the call over to Mario. Mario?

在這種情況下，我們有能力保持去年大流行高峰期間錄得的顯著收入增長，然後在今年的基礎上實現有意義的增長，這清楚地反映了我們長期戰略的穩健性以及我們為建立持久特許經營權所做的努力為數百萬忠誠的寵物和寵物父母服務。簡而言之，我們看好 Chewy 的未來。有了這個，我會把電話轉給馬里奧。馬里奧？

Thank you, Sumit. Our third quarter net sales were $2.21 billion, representing 24.1% growth. On a 2-year stack basis, year-to-date net sales through the third quarter grew by more than $3 billion or 80% versus the same period in 2019. As Sumit mentioned in his remarks, demand remained strong throughout the quarter, while inflationary pressures, product shortages and labor constraints made execution challenging. Shortages of wet dog food persisted, while out-of-stock levels in areas like third-party and proprietary branded hard goods also increased. As a result of these, the negative impact of supply shortages in Q3 net sales was approximately $15 million more than our internal expectations. Third quarter Autoship customer sales increased 26.7% to $1.56 billion, faster than overall net sales growth and up 80% on a 2-year stack basis. Third quarter Autoship customer sales as a percentage of net sales increased 140 basis points to 70.6%.

謝謝你，蘇米特。我們第三季度的淨銷售額為 22.1 億美元，增長 24.1%。按 2 年堆棧計算，截至第三季度的年初至今淨銷售額與 2019 年同期相比增長超過 30 億美元或 80%。正如 Sumit 在他的評論中提到的那樣，整個季度的需求依然強勁，而通貨膨脹壓力、產品短缺和勞動力限制使執行具有挑戰性。濕狗糧持續短缺，而第三方和專有品牌耐用品等領域的缺貨水平也有所增加。因此，供應短缺對第三季度淨銷售額的負面影響比我們的內部預期高出約 1500 萬美元。第三季度 Autoship 客戶銷售額增長 26.7% 至 15.6 億美元，快於整體淨銷售額增長，按 2 年累計增長 80%。第三季度 Autoship 客戶銷售額占淨銷售額的百分比增長了 140 個基點，達到 70.6%。

This improvement in Autoship penetration rate reflects maturation of the 2020 customer cohort in Autoship's unmatched value proposition, including free access to Connect to the Vet. Third quarter net sales per active customer, or NSPAC, increased $56 or 15.4% to $419. On an absolute dollar and percentage basis, the year-over-year NSPAC improvements were the largest in the company's history. We expect NSPAC growth to remain strong for the balance of 2021 as we continue to successfully grow customer share of wallet across all cohorts. Our strong NSPAC performance is a clear indication of the health of the underlying customer demand that continues to drive our top line results. We had 20.4 million active customers at the end of Q3, an increase of 14.7% year-over-year.

Autoship 滲透率的提高反映了 2020 年 Autoship 無與倫比的價值主張中客戶群的成熟，包括免費訪問 Connect to the Vet。第三季度每個活躍客戶的淨銷售額 (NSPAC) 增長 56 美元或 15.4% 至 419 美元。按絕對美元和百分比計算，NSPAC 同比增長是公司歷史上最大的。我們預計 NSPAC 增長將在 2021 年剩餘時間內保持強勁，因為我們將繼續成功地增加所有隊列中的客戶錢包份額。我們強勁的 NSPAC 業績清楚地表明了潛在客戶需求的健康狀況，這些需求繼續推動我們的收入增長。截至第三季度末，我們擁有 2040 萬活躍客戶，同比增長 14.7%。

As a reminder, net customer adds are a function of new customers added in the period and the retention of customers acquired in prior periods. Consistent with our year-to-date trends, our gross customer adds continue to run above the pre-pandemic levels of 2019 and below the elevated levels we saw in 2020 during the peak of the pandemic and quarantine. Retention rates for customers heading from their first year into their second year remained within the historic range as do retention rate for our more mature cohorts.

提醒一下，淨客戶增加是該期間增加的新客戶和前期獲得的客戶保留的函數。與我們年初至今的趨勢一致，我們的總客戶增加量繼續高於 2019 年大流行前的水平，但低於我們在 2020 年大流行和隔離高峰期看到的高水平。從第一年進入第二年的客戶保留率保持在歷史範圍內，我們更成熟的客戶保留率也是如此。

Moving down the income statement. Third quarter gross margin increased 90 basis points to 26.4%. Our ability to expand gross margin 90 basis points against the backdrop of higher inbound freight costs and accelerating product cost inflation reflects our ability to navigate a challenging operating environment while still making solid progress towards our long-term targets, protecting customer experience and remaining competitive in the market.

向下移動損益表。第三季度毛利率增長 90 個基點至 26.4%。在入境運費上漲和產品成本通脹加速的背景下，我們將毛利率提高 90 個基點的能力反映了我們在充滿挑戰的經營環境中駕馭的能力，同時仍在朝著我們的長期目標、保護客戶體驗和保持競爭力的方向穩步前進市場。

On the SG&A front, we entered Q3 expected to see improvement in labor markets. That has not materialized to the extent we expected, and labor shortages continue to hinder our efforts to fully staff our fulfillment centers. This affects our ability to process both inbound and outbound shipments and achieve optimal levels of operational productivity. In the face of these macro-driven challenges, we spent more to maintain customer experience and business continuity, which was a drag on Q3 profitability. Third quarter operating expenses, which include SG&A and advertising and marketing, were $616.8 million or 27.9% of net sales compared to 27.3% in the third quarter of 2020. The 60 basis points of OpEx deleveraging reflects significant labor cost pressure in SG&A, offset by positive operating leverage in advertising and marketing.

在 SG&A 方面，我們進入了第三季度，預計勞動力市場將有所改善。這並沒有達到我們預期的程度，勞動力短缺繼續阻礙我們為運營中心配備充足員工的努力。這會影響我們處理入站和出站貨物以及實現最佳運營效率水平的能力。面對這些宏觀驅動的挑戰，我們花了更多的錢來維持客戶體驗和業務連續性，這拖累了第三季度的盈利能力。包括 SG&A 以及廣告和營銷在內的第三季度運營費用為 6.168 億美元，占淨銷售額的 27.9%，而 2020 年第三季度為 27.3%。OpEx 去槓桿化的 60 個基點反映了 SG&A 的巨大勞動力成本壓力，被廣告和營銷方面的積極經營槓桿。

Let's go through the OpEx details. SG&A, which includes all fulfillment and customer service costs, credit card processing fees, corporate overhead and share-based compensation totaled $466.4 million in the third quarter, or 21.1% of net sales compared to 19.8% in the third quarter of 2020. Excluding share-based compensation, SG&A totaled $447.3 million or 20.2% of net sales, an increase of 180 basis points versus the third quarter of 2020. This deleveraging of SG&A net of share-based compensation is largely driven by ongoing increases in labor costs. As has been widely reported across the country, demand for labor continues to outpace supply. And as a result, labor costs have yet to stabilize. In the face of these ongoing labor shortages, we spent an incremental $30 million on higher wages, benefits, recruiting and hiring incentives in the third quarter, which was in line with the expectations we laid out in our previous earnings call.

讓我們來看看 OpEx 的詳細信息。 SG&A，包括所有履行和客戶服務成本、信用卡手續費、公司管理費用和基於股份的薪酬，第三季度總計 4.664 億美元，占淨銷售額的 21.1%，而 2020 年第三季度為 19.8%。不包括股份基於薪酬的 SG&A 總額為 4.473 億美元，占淨銷售額的 20.2%，比 2020 年第三季度增長 180 個基點。SG&A 扣除股權薪酬後的去槓桿化主要是由於勞動力成本的持續增加。正如全國廣泛報導的那樣，對勞動力的需求繼續超過供應。因此，勞動力成本尚未穩定下來。面對這些持續的勞動力短缺，我們在第三季度增加了 3000 萬美元用於提高工資、福利、招聘和僱用激勵措施，這符合我們在之前的財報電話會議上提出的預期。

Q3 SG&A expenses also included approximately $10 million in cloud computing and software costs related to our build-out efforts as we upgrade our technology infrastructure to meet the needs of growing customer demand and increased work from home capabilities. These investments provide us with a solid tech platform on which to grow the business, which, over time, allows us to focus more of our CapEx on building out our fulfillment capacity. Net of the $40 million attributable to incremental labor costs and the computing and remote work infrastructure expenses, which would not have been in SG&A expenses last year, Q3 SG&A, excluding share-based compensation would represent 18.4% of net sales, which is flat compared to Q3 last year.

第三季度的 SG&A 費用還包括大約 1000 萬美元的雲計算和軟件成本，這些成本與我們升級技術基礎設施以滿足不斷增長的客戶需求和增加的在家工作能力的需要而進行的擴建工作有關。這些投資為我們提供了一個堅實的技術平台來發展業務，隨著時間的推移，這使我們能夠將更多的資本支出集中在建立我們的履行能力上。扣除因增量勞動力成本和計算和遠程工作基礎設施支出而產生的 4000 萬美元（這些支出不會在去年的 SG&A 支出中），不包括基於股份的薪酬的第三季度 SG&A 將占淨銷售額的 18.4%，與去年相比持平到去年第三季度。

As we have shared previously, our ability to scale costs in our existing network and corporate functions enable us to fund new initiatives, technology and incremental fulfillment capacity. Over time, we expect the deployment of automation combined with the revenue growth and margin accretive businesses to drive improvements in this line.

正如我們之前分享的那樣，我們在現有網絡和企業職能中擴展成本的能力使我們能夠為新計劃、技術和增量履行能力提供資金。隨著時間的推移，我們預計自動化的部署與收入增長和利潤增長業務相結合將推動這一領域的改進。

As Sumit elaborated on earlier, third quarter advertising and marketing expense was $150.3 million or 6.8% of net sales, an 80 basis point improvement over third quarter 2020. Third quarter net loss was $32.2 million, improving $0.6 million versus the third quarter of 2020 and net margin improved 30 basis points to negative 1.5%. Adjusted EBITDA was $6 million, improving $0.5 million versus the third quarter of 2020, and adjusted EBITDA margin was flat at 0.3% as gross margin improvement and greater marketing efficiencies were offset by cost pressures in SG&A. Moving on to free cash flow. Third quarter free cash flow was $2.3 million, reflecting $74.3 million in cash flow from operating activities and $72 million of capital expenditures.

正如 Sumit 早些時候詳述的那樣，第三季度廣告和營銷費用為 1.503 億美元，占淨銷售額的 6.8%，比 2020 年第三季度減少 80 個基點。第三季度淨虧損為 3220 萬美元，比 2020 年第三季度減少 60 萬美元，淨利潤率提高 30 個基點至負 1.5%。調整後的 EBITDA 為 600 萬美元，比 2020 年第三季度增加了 50 萬美元，調整後的 EBITDA 利潤率持平於 0.3%，這是因為 SG&A 的成本壓力抵消了毛利率的改善和更高的營銷效率。繼續自由現金流。第三季度自由現金流為 230 萬美元，反映了 7430 萬美元的經營活動現金流和 7200 萬美元的資本支出。

Operating cash in Q3 reflects a nearly $100 million increase in inventory since the start of the year as we took action to protect against further supply chain deterioration and prepared for holiday sales. Capital investments include initial spend related to our new fulfillment centers in Reno and Nashville, which are projected to launch in 2022. Our most recent FC opening in Kansas City and capitalized labor for software development. In line with historical trends, over 80% of our capital spend this quarter was focused on building capacity for growth. We finished the quarter with $727 million of cash and cash equivalents on the balance sheet and no debt. This cash, combined with available capacity on our ABL provides us with nearly $1.2 billion of available liquidity. That concludes my third quarter recap.

第三季度的運營現金反映了自年初以來庫存增加了近 1 億美元，因為我們採取行動防止供應鏈進一步惡化並為假日銷售做準備。資本投資包括與我們在里諾和納什維爾的新運營中心相關的初始支出，這些運營中心預計將於 2022 年啟動。我們最近在堪薩斯城開設的 FC 以及用於軟件開發的資本化勞動力。根據歷史趨勢，本季度我們 80% 以上的資本支出都集中在建設增長能力上。我們在本季度末的資產負債表上有 7.27 億美元的現金和現金等價物，並且沒有債務。這筆現金與我們 ABL 的可用容量相結合，為我們提供了近 12 億美元的可用流動資金。我的第三季度回顧到此結束。

So now let's discuss our fourth quarter and full year 2021 guidance. As Sumit also articulated in his remarks, we have plenty of reasons to be optimistic about the pet industry, e-commerce in general and our business in particular. The overarching positive trends of more pet ownership, higher spending per pet and the secular shift to online are as strong as they've ever been. Balancing the strength of these underlying demand trends against the expected sales impact of ongoing supply shortages, our current revenue outlook is as follows: We expect fourth quarter net sales to be between $2.40 billion and $2.44 billion, representing 17% to 19% year-over-year growth. This brings our full year outlook for 2021 net sales to between $8.90 billion and $8.94 billion, representing year-over-year growth of 25% or approximately $1.8 billion.

所以現在讓我們討論我們的第四季度和 2021 年全年指導。正如蘇米特在他的評論中所闡明的那樣，我們有充分的理由對寵物行業、電子商務，尤其是我們的業務持樂觀態度。更多的寵物擁有權、更高的每隻寵物支出以及長期轉向在線的總體積極趨勢與以往一樣強勁。平衡這些潛在需求趨勢的強度與持續供應短缺的預期銷售影響，我們目前的收入前景如下：我們預計第四季度淨銷售額將在 24 億美元至 24.4 億美元之間，同比增長 17% 至 19% -年增長。這使我們對 2021 年全年淨銷售額的預期達到 89 億美元至 89.4 億美元，同比增長 25% 或約 18 億美元。

At the same time, macro uncertainty remains elevated, and we expect supply chain disruptions, labor shortages and product and inbound freight cost inflation will continue to weigh on near-term profitability. Additionally, we will start to absorb higher shipping costs in January when our outbound freight and logistic contract renews. Reflecting these factors, we now expect our full year 2021 adjusted EBITDA margin to be in line with full year 2020. With these net sales and adjusted EBITDA margin ranges, 2021 adjusted EBITDA would increase 26% year-over-year.

與此同時，宏觀不確定性依然高漲，我們預計供應鏈中斷、勞動力短缺以及產品和入境貨運成本通脹將繼續對近期盈利能力構成壓力。此外，當我們的出境貨運和物流合同續籤時，我們將在 1 月份開始吸收更高的運輸成本。考慮到這些因素，我們現在預計 2021 年全年調整後的 EBITDA 利潤率將與 2020 年全年持平。根據這些淨銷售額和調整後的 EBITDA 利潤率範圍，2021 年調整後的 EBITDA 將同比增長 26%。

Here at Chewy, we continue to execute and follow our long-term growth and margin expansion road map. Even as consumer demand patterns shift from a pandemic to post-pandemic footing, we will add significant growth on top of the record growth we achieved in 2020. This is a testament to the strength and durability of demand in the pet category and of Chewy's ability to attract new customers, expand share of wallet and gain market share.

在 Chewy，我們繼續執行並遵循我們的長期增長和利潤擴張路線圖。即使消費者需求模式從大流行病轉變為大流行病後的基礎，我們仍將在 2020 年創紀錄的增長基礎上實現顯著增長。這證明了寵物類別需求的強度和持久性以及 Chewy 的能力以吸引新客戶，擴大錢包份額並獲得市場份額。

Moreover, during a period of unprecedented cost pressures on multiple fronts, including inventory, labor and freight, we still expect to expand gross margins and grow adjusted EBITDA on a full year basis. As we continue to execute our long-term strategic plan, we remain optimistic about the future and the progress we are making in our journey to be the most trusted and convenient destination for pet parents and partners everywhere. And with that, I'll turn the call over to the operator.

此外，在包括庫存、勞動力和運費在內的多方面面臨前所未有的成本壓力的時期，我們仍預計全年毛利率和調整後 EBITDA 將有所增長。隨著我們繼續執行我們的長期戰略計劃，我們對未來和我們在成為各地寵物父母和合作夥伴最值得信賴和方便的目的地的旅程中取得的進展保持樂觀。有了這個，我會把電話轉給接線員。

(Operator Instructions) Our first question will come from Doug Anmuth with JPMorgan.

（操作員說明）我們的第一個問題將來自摩根大通的 Doug Anmuth。

Sumit, maybe you could just talk about customer acquisitions a little bit. I know you said they remain above pre-pandemic levels. I'm not sure if you quantified perhaps at all relative to the 20% growth that you talked about in the first half of the year. And then related to that is your view on the higher LTV for the current cohort, is that essentially just driven by the higher NSPAC that you're seeing early on for that cohort? And then just perhaps on the cost side, any sense of visibility or how you're thinking about timing around easing of freight cost and product cost inflation, labor and I suppose the competitor pricing dynamics as well?

Sumit，也許你可以談談客戶獲取。我知道你說過他們仍然高於大流行前的水平。我不確定你是否量化了你在今年上半年談到的 20% 的增長。然後與此相關的是您對當前隊列較高 LTV 的看法，這基本上只是由您在該隊列早期看到的較高 NSPAC 驅動的嗎？然後可能只是在成本方面，任何能見度或你如何考慮緩解運費和產品成本通脹、勞動力的時間，我想競爭對手的定價動態也是如此？

Sure, Doug. So 3 questions. In terms of quantifying the ratio or the volume of acquisitions, they remained within range that we've reported before, Doug, so not much to report there. The exciting trend continued to be on the NSPAC side without any concern on the acquisition side is the way that we interpreted the business in third quarter. And so on the LTV, we're projecting or estimating this on 2 bases. One, yes, on the way the customers are interacting with NSPAC. So for example, when you look at the cohort now that has completely matured 1 full year the cohort of customers that we acquired even last year, when they've lapped the full year, they're actually spending roughly $420 in NSPAC, which is higher than the 3 quarter cohorts when you compare them to 2019 levels by a reasonable amount. So that's sort of a data point on indication.

當然，道格。所以3個問題。道格，就量化比率或收購量而言，它們仍在我們之前報告的範圍內，所以在那里報告的內容不多。令人興奮的趨勢繼續出現在 NSPAC 方面，而收購方面沒有任何擔憂，這是我們解釋第三季度業務的方式。因此，在 LTV 上，我們在 2 個基礎上進行預測或估計。一，是的，在客戶與 NSPAC 交互的過程中。因此，例如，當您查看現在已經完全成熟 1 整年的客戶群時，我們甚至在去年獲得的客戶群，當他們已經整整一年時，他們實際上在 NSPAC 上花費了大約 420 美元，這是當您將它們與 2019 年的水平進行合理比較時，高於 3 個季度的同類群組。所以這是一個關於指示的數據點。

Number two, we're looking at customers engaging with Autoship and the way that they're building baskets and the way that they're interacting with our other verticals, institutions that we're launching. So a combination of all of that is how we're sort of estimating or predicting LTV. And usually, we're fairly good at -- we're fairly accurate at this point. Because this is also something that we guide in the background to be able to make marketing investments, which then guide their LTV to CAC ratios in the way that it spins and amplifies our investments in marketing and the customer acquisition. And then that spins the NSPAC (inaudible) et cetera, et cetera.

第二，我們正在研究與 Autoship 互動的客戶，以及他們構建購物籃的方式，以及他們與我們其他垂直行業、我們正在推出的機構互動的方式。因此，所有這些的結合就是我們估算或預測 LTV 的方式。通常，我們相當擅長——我們在這一點上相當準確。因為這也是我們在後台引導能夠進行營銷投資的東西，然後以旋轉和放大我們在營銷和客戶獲取方面的投資的方式引導他們的 LTV 與 CAC 的比率。然後旋轉 NSPAC（聽不清）等等，等等。

Your last question on cost and timing. So costs, we're really seeing -- just to summarize, we're seeing 3 different types of costs. One is in terms of the flow of material domestically and internationally, what hit Q3 was primarily import driven by port congestion and container rates really spiking. In fact, what we saw in Q3 was a 3x increase in inflation on spot rates relative to Q1 timeframes. And Q3 is generally a quarter when you start ramping up or preparing for peak and holiday and therefore, the ramp curve multiplied by the rate of inflation that we saw on that side is what drove the costs. We have seen that starting to abate. So there, we expect the prognosis to be in the next couple of quarters, we should essentially be able to claw back any investments that went towards increased import freight management.

關於成本和時間的最後一個問題。所以成本，我們真的看到了——總而言之，我們看到了 3 種不同類型的成本。一是在國內和國際材料流動方面，第三季度主要是由港口擁堵和集裝箱運價真正飆升推動的進口。事實上，我們在第三季度看到的是，相對於第一季度的時間框架，即期利率通脹增加了 3 倍。第三季度通常是您開始增加或為高峰和假期做準備的四分之一，因此，增加曲線乘以我們在那邊看到的通貨膨脹率是推動成本的因素。我們已經看到這種情況開始減弱。因此，我們預計未來幾個季度的預測，我們基本上應該能夠收回任何用於增加進口貨運管理的投資。

The second type of cost that we're seeing, of course, is product inflation costs, which, as we've articulated in the script, there was an escalated or an escalation both in terms of rate as well as in terms of the volume or the assortment that actually took the inflation. Now given the price transparency that exists in e-commerce channels, price catches up to cost a little more gradually. And we have to execute through that thoughtfully and deliberately so as not to impact customer demand in the near term. So we expect a few quarters in the way that this price sort of moves through the marketplace. It also depends on how others react to the demand that they might be seeing in their channel and therefore, how the rest of the market invest in pricing to be able to drive demand.

當然，我們看到的第二種成本是產品通貨膨脹成本，正如我們在腳本中所闡明的那樣，無論是在利率還是數量方面，都出現了升級或升級或實際承受通貨膨脹的品種。現在，鑑於電子商務渠道中存在的價格透明度，價格會逐漸趕上成本。我們必須深思熟慮地執行，以免在短期內影響客戶需求。因此，我們預計這種價格會在幾個季度內在市場上波動。它還取決於其他人如何應對他們可能在他們的渠道中看到的需求，因此，市場的其他部分如何投資定價以推動需求。

So in that way, we remain in observation mode and providing a clear answer is a little bit hard today. But we don't expect this to be a long-term thing, should be a few quarters. And then the final one is labor cost. That's been -- everybody has been following the same data patterns that we have. And in terms of labor, our fill rates did improve post the September timeframe that we were anticipating, but we still remain materially below our fill rate in terms of the expectation and what we need to run our network in an optimal manner. And there, we are not projecting any near-term recovery. We're not projecting recovery and rather we'll just sort of wait for signals in the market as we exit 2021 and enter 2022. So more to come, and I'm sure we'll have more conversations on that front.

因此，以這種方式，我們仍處於觀察模式，今天提供明確的答案有點困難。但我們不認為這是一個長期的事情，應該是幾個季度。最後一個是人工成本。那就是——每個人都在遵循與我們相同的數據模式。在勞動力方面，我們的填充率確實在我們預期的 9 月時間框架後有所改善，但就預期和我們以最佳方式運行網絡所需的條件而言，我們仍然大大低於我們的填充率。在那裡，我們預計近期不會出現任何復蘇。我們並不是在預測復甦，而是在我們退出 2021 年並進入 2022 年時等待市場上的信號。未來還會有更多，我相信我們會在這方面進行更多對話。

Our next question will come from Steph Wissink with Jefferies.

我們的下一個問題將來自 Jefferies 的 Steph Wissink。

Can we have 2 rated questions about marketing. The first is just on your marketing efficiency. It seemed like there was a nice step-up in efficiency in the quarter. I'm wondering how sustainable you think that is. Is that related to ad rates or just better precision around the money you're spending? And then related to that, I think you mentioned in your prepared remarks, there were some shortages that accounted for about $50 million of maybe missed revenue in the third quarter. Did you pull back on marketing because of shortages? Or was there an opportunity maybe to lean a little bit more heavily into marketing or can you in the coming quarter to try to drive either actives or NSPAC?

我們可以有 2 個關於營銷的額定問題嗎？首先是關於您的營銷效率。本季度的效率似乎有了很好的提升。我想知道你認為這有多可持續。這與廣告費率有關，還是與您花錢的準確性有關？然後與此相關的是，我想你在準備好的發言中提到，第三季度存在一些短缺，可能導致收入損失約 5000 萬美元。您是否因為短缺而取消營銷？或者是否有機會更傾向於營銷，或者您能否在下個季度嘗試推動活躍或 NSPAC？

Steph, it's Sumit. I'll take that one. So your read on marketing in Q3 is exactly right. It was a combination of both ad costs reverting from their Q2 highs as well as the team executing just on a more targeted and just executing sharp. And we provided the details in the script around the way that we demand generated across certain audiences and the way that our propensity modeling kicked in to be able to generate greater efficiency, which we also saw when customers came through our website. If you were to quantify the 2, I would say, likely a 65-35 sort of ratio where ad costs probably were responsible for 60% of the improvement, 60%, 65%. And then the rest was our own efforts.

斯蒂芬，是蘇米特。我會拿那個。所以你對第三季度營銷的解讀是完全正確的。這是廣告成本從第二季度的高位回升以及團隊執行更有針對性和執行敏銳的結合。我們在腳本中提供了關於我們在某些受眾群體中產生需求的方式的詳細信息，以及我們的傾向建模能夠產生更高效率的方式，當客戶訪問我們的網站時，我們也看到了這一點。如果你要量化 2，我會說，可能是 65-35 的比率，其中廣告成本可能對改進的 60%、60%、65% 負責。然後剩下的就是我們自己的努力了。

In terms of sustainability, so far, Q4 is coming in line with our expectation. So we'll continue to monitor this. And any investments that we've baked in are already reflected in the way that we were providing guidance today. And yes, of course, when out-of-stocks escalate, it does reflect directly in the way that we go to market and spend marketing towards that particular set of assortment that then drives customer acquisition. So there was definitely opportunity, probably a few more million dollars that we could have spent in marketing. But outside of that, we optimize marketing to the full extent.

在可持續性方面，到目前為止，第四季度符合我們的預期。因此，我們將繼續對此進行監控。我們進行的任何投資都已經反映在我們今天提供指導的方式中。是的，當然，當缺貨升級時，它確實直接反映在我們進入市場的方式上，並將營銷花費在特定的分類上，然後推動客戶獲取。所以肯定有機會，我們本可以在營銷上多花幾百萬美元。但除此之外，我們還最大限度地優化營銷。

Our next question will come from Mark Mahaney with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Mark Mahaney。

Okay. I apologize, I came in late. I hope these aren't repetitive questions. At the end, you talk about a new road -- the last 2 road map components, one is non vet services. Could you just remind us again what would be in there? Secondly, on the Trupanion deal, are you disclosing any economics around that? And how should we interpret that? Our guess from Evercore's part is that, that should be a nice over time and nice gross margin boost for you. But if you could explain -- talk through that and who's going to own the customer relationship or who's going to record the revenue maybe that would be a useful way for us to think through the gross margin impact of that deal.

好的。抱歉，我來晚了。我希望這些不是重複的問題。最後，你談到了一條新道路——最後兩個路線圖組成部分，一個是非獸醫服務。你能再提醒我們一下里面會有什麼嗎？其次，關於 Trupanion 交易，您是否披露了相關的任何經濟學信息？我們應該如何解釋呢？我們從 Evercore 的部分猜測是，隨著時間的推移，這應該是一個不錯的增長，並且對您來說毛利率也不錯。但是，如果你能解釋——談談這個，誰將擁有客戶關係，或者誰將記錄收入，這可能是我們思考該交易對毛利率影響的一種有用方式。

Sure. Mark, this is Sumit. Your first question was the -- okay, the non-vet services. So on non-vet services, we interpret that market to be everything that is not related to health care services, which is boarding, grooming, puppy training, anything that you would like to add in there in that regard. So we anticipate or estimate that to be roughly $10 billion to $14 billion in TAM. And the way we think about it, I think I'll just add a note here. Our entry here will not -- we will not have to prepare our business and our teams to enter this vertical from scratch. And in that way, the investments that we've made in developing our architecture and technology around health care solutions, you should -- the best way to think about that is we're creating a scalable and dynamic platform that allows us to reach customers.

當然。馬克，這是蘇米特。你的第一個問題是——好吧，非獸醫服務。因此，對於非獸醫服務，我們將該市場解釋為與醫療保健服務無關的一切，即寄宿、美容、小狗訓練，以及您想在這方面添加的任何內容。因此，我們預計或估計 TAM 約為 100 億至 140 億美元。我們考慮它的方式，我想我只是在這裡添加一個註釋。我們不會在這裡進入 - 我們不必準備我們的業務和我們的團隊從頭開始進入這個垂直領域。通過這種方式，我們在圍繞醫療保健解決方案開發架構和技術方面所做的投資，你應該 - 最好的思考方式是我們正在創建一個可擴展的動態平台，使我們能夠接觸到客戶.

And on the other side of the platform today in terms of the business provider, you could consider a veterinarian. But tomorrow, we could very -- we could efficiently extend that same service to a different service provider such as a groomer. And so in that way, it's not a net new effort on our part, and it's a matter of focus and prioritization. And that's why we say it's a matter of when and not if. Now coming to the second part of your question in terms of insurance. So a couple of different things there. We haven't disclosed the deal structure in its entirety or detail, and we'll have more detailed conversations when we get closer to launch in the spring timeframe. But what I can tell you today is that the deal is a combination of cash and equity.

在當今平台的另一端，就業務提供商而言，您可以考慮獸醫。但是明天，我們可以非常 - 我們可以有效地將相同的服務擴展到不同的服務提供商，例如美容師。因此，以這種方式，這並不是我們的全新努力，而是一個重點和優先次序的問題。這就是為什麼我們說這只是時間問題，而不是是否會發生。現在就保險而言，進入您問題的第二部分。所以那裡有一些不同的東西。我們尚未完整或詳細地披露交易結構，當我們在春季時間框架內接近啟動時，我們將進行更詳細的對話。但我今天可以告訴你的是，這筆交易是現金和股權的結合。

And we will essentially respect Trupanion's IRR guidelines and allowing them to stay within their IRR guidelines and extracting a maximum value against that, some in cash and some in equity. And we will utilize the cash, which will essentially be -- you can view that as cost of marketing or acquisition to be able to fund the growth in business, to be able to drive customer conversion, education awareness. And we are essentially providing the customer base and the platform, and Trupanion is underwriting the policies.

我們將基本上尊重 Trupanion 的 IRR 準則，並允許他們保持在其 IRR 準則之內，並從中提取最大價值，一些是現金，一些是股權。我們將利用現金，這基本上是——你可以將其視為營銷或收購成本，以便能夠為業務增長提供資金，從而能夠推動客戶轉化和教育意識。我們實質上是在提供客戶群和平台，而 Trupanion 正在承保保單。

Our next question will come from Brian Fitzgerald with Wells Fargo.

我們的下一個問題將來自富國銀行的 Brian Fitzgerald。

You kind of talked to us a little bit, but I wanted to ask about the reduction of the high end of the annual revenue guidance range. Could you walk us through the key factors influencing your thinking there? Is that supply chain issues and stock-outs or the need to get a little slower in marketing despite the improved efficiencies you're seeing given the various supply chain issues, cost pressures, SG&A and so forth. I want to drill down a little bit on the key drivers there.

你有點和我們談過，但我想問一下年度收入指導範圍高端的減少。你能告訴我們影響你在那裡思考的關鍵因素嗎？是供應鏈問題和缺貨，還是需要放慢營銷速度，儘管您看到各種供應鏈問題、成本壓力、SG&A 等提高了效率。我想深入了解那裡的關鍵驅動因素。

Sure. Brian, it's Mario. So I'll take that question. Look, as we said in the opening remarks, the consumer is healthy, demand was strong. Site traffic, conversion, customer acquisition, order volume, basket size, purchasing frequency, all those are strong and we see positive trends in the third quarter. What we're doing with the guidance is we're acknowledging what we're seeing in the market. And as you said, out-of-stock remains a persistent in certain part of the catalog. So coming into the third quarter, we expected additional capacity to come online in the wet food category specifically, and that has yet to happen. In fact, supply has become more constrained than it was in the second quarter. So I think you're exactly right.

當然。布賴恩，是馬里奧。所以我會回答這個問題。看，正如我們在開場白中所說，消費者健康，需求強勁。網站流量、轉化率、客戶獲取、訂單量、購物籃大小、購買頻率，所有這些都很強勁，我們在第三季度看到了積極的趨勢。我們正在做的指導是我們承認我們在市場上看到的東西。正如您所說，缺貨在目錄的某些部分仍然存在。因此，進入第三季度，我們預計濕食品類的額外產能將上線，而這尚未發生。事實上，與第二季度相比，供應變得更加緊張。所以我認為你是完全正確的。

The short answer to your question is, that our updated guidance is simply just reflecting the facts, the reality on the ground. Now keep in mind that we have continued to provide top line guidance throughout the entire pandemic. And even with all the macro uncertainty that has been around supply chain and labor, we've been exceptionally accurate. If you look at our net sales guidance range and where we've come in, we have either hit or exceeded our guidance range for the -- since we went public, by the way. And in the last 2 quarters, we've been right in the middle of the very tight guidance range. So again, what we're doing is reflecting the reality on the ground when it comes to supply.

對你的問題的簡短回答是，我們更新的指南只是反映事實，即當地的現實。現在請記住，我們在整個大流行期間繼續提供一線指導。即使存在圍繞供應鍊和勞動力的所有宏觀不確定性，我們也非常準確。如果你看看我們的淨銷售額指導範圍和我們進入的位置，我們已經達到或超過了我們的指導範圍 - 自從我們上市以來，順便說一句。在過去的兩個季度中，我們一直處於非常嚴格的指導範圍的中間。因此，我們正在做的是再次反映供應方面的實際情況。

Our next question will come from Deepak Mathivanan with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Deepak Mathivanan。

Just a couple of ones from us. So first, on the NSPAC side, you're seeing nice benefits from the maturation of large COVID cohorts this year. But as we go into next year, what will be the main drivers of sustained NSPAC growth? I mean can NSPAC continue to grow at these rates as some of the larger cohorts mature further? And then the second question on the cost side, thanks for all the color on the cost side, in response to Doug's question. Could you elaborate on 2 areas? One is the aggressive competitor pricing that you noted in the prepared remarks. And then the second, the increase in freight cost that's kicking off in January. Maybe some color on how much they contributed to gross margin and how we should think about some preliminary expectations for gross margin trends for next year.

我們只有幾個。因此，首先，在 NSPAC 方面，您會看到今年大型 COVID 隊列的成熟帶來了不錯的好處。但隨著我們進入明年，NSPAC 持續增長的主要驅動力是什麼？我的意思是，隨著一些較大的群體進一步成熟，NSPAC 能否繼續以這些速度增長？然後是成本方面的第二個問題，感謝成本方面的所有顏色，以回答道格的問題。你能詳細說明2個方面嗎？一個是您在準備好的評論中提到的激進的競爭對手定價。其次，一月份開始的運費上漲。也許他們對毛利率的貢獻有多少，以及我們應該如何考慮對明年毛利率趨勢的一些初步預期。

Deep, it's Mario. So I'll start off and maybe Sumit can touch on the second part of your question. So in terms of NSPAC, let me not comment on 2022 just yet. But what I'll tell you is this, if you look at what's happened this year, Sumit touched on this in one of his answers just a few minutes ago. We've had the maturation of our 2020 cohort, which is very large, and it's proven to be a more engaged early on cohort than prior than if we look at, for example, 2019. So we're seeing their first year revenue or purchases with us to be even higher than the 2019 cohort.

深，這是馬里奧。所以我會開始，也許 Sumit 可以談談你問題的第二部分。因此，就 NSPAC 而言，我暫時不評論 2022 年。但我要告訴你的是，如果你看看今年發生的事情，蘇米特幾分鐘前在他的一個回答中提到了這一點。我們已經成熟了 2020 年的隊列，這個隊列非常大，而且事實證明，與我們查看 2019 年相比，它在隊列早期的參與度更高。所以我們看到他們第一年的收入或通過我們購買的商品甚至高於 2019 年的同類商品。

If you then turn to what we're seeing this year. Cohorts that we've acquired in 2021 are showing that their first order is even higher than the ones from last year, which already was higher than the year before. And in fact, it was about 6% higher than what we saw customers purchase in the initial order in 2020 and 13% higher than 2019. Factors that are driving that of course, it is we expand the catalog. We've gotten better at our -- at the selection we're providing to our customers. We certainly have provided a broader set of categories. And we've talked about that in terms of our proprietary brand catalog and the development in that area, which tends to focus on the white space. So products that are not in the market that we create and offer to our customers.

如果你再看看我們今年看到的情況。我們在 2021 年收購的隊列顯示，他們的第一筆訂單甚至高於去年，而去年已經高於前一年。事實上，它比我們看到的客戶在 2020 年初始訂單中購買的數量高出約 6%，比 2019 年高出 13%。當然，推動這一增長的因素是我們擴大了目錄。我們在為客戶提供的選擇方面做得更好。我們當然提供了更廣泛的類別。我們已經就我們的專有品牌目錄和該領域的發展進行了討論，該領域往往側重於空白區域。因此，我們創造並提供給客戶的市場上沒有的產品。

And of course, our pharmacy business, which is doing very well, and the more customers get exposed to and buy from our pharmacy, the bigger the NSPAC. All of that is absolutely evident in our revenue breakdown that we show in the 10-Q. If you look at our other category, which includes proprietary brand and pharmacy, that's growing at almost twice the speed as the rest of the business. So think about it that way. There are -- there's catalog expansion, there's category expansion, and we're just getting better at presenting the customer with what they want, when they want it, which means that their -- we can continue to expand NSPAC. And Sumit, if you want to touch on the (inaudible) contract.

當然，我們的藥房業務做得很好，接觸我們藥房並從我們藥房購買的客戶越多，NSPAC 就越大。所有這些在我們在 10-Q 中顯示的收入明細中是絕對明顯的。如果你看看我們的其他類別，包括專有品牌和藥房，它的增長速度幾乎是其他業務的兩倍。所以這樣想吧。有 - 有目錄擴展，有類別擴展，我們正在更好地向客戶展示他們想要的東西，當他們想要的時候，這意味著他們 - 我們可以繼續擴展 NSPAC。還有 Sumit，如果你想談談（聽不清）合同。

Deepak, you had 2 questions in your second question. I'm not sure I fully followed the competitive pricing comments, I'll have you repeat that, but let me offer you the FedEx answer first. So logistics companies, as you know, were very clear in their recent earnings call that they were looking to raise rates in 2022. And we recently completed negotiations on a new contract that goes into effect in January, and we will see outbound shipping rates in 2022 go up under this calendar. That said, we're pleased with our new contract as pleased as we can be and believe that our new rate card, while higher and it remains favorable relative to the broader market.

Deepak，你的第二個問題有兩個問題。我不確定我是否完全遵循有競爭力的定價評論，我會讓你重複一遍，但讓我先給你聯邦快遞的答案。因此，如您所知，物流公司在最近的財報電話會議上非常明確地表示，他們希望在 2022 年提高費率。我們最近完成了一份新合同的談判，該合同將於 1 月生效，我們將在 2020 年看到出境運費2022 年在這個日曆下上升。也就是說，我們對我們的新合同感到滿意，並相信我們的新價目表雖然更高，但相對於更廣泛的市場仍然有利。

It's too early to quantify the impact of gross margin, impact of these higher rates, given the many factors that will ultimately drive our outbound freight costs in '22 including volume, average shipping distance and others, plus we're very actively still dealing with many macro uncertainties and constraints. So we'll have more details to share with you in the next quarter when we provide 2022 guidance.

現在量化毛利率的影響、這些較高費率的影響還為時過早，因為許多因素最終將推動我們在 22 年的出境貨運成本，包括體積、平均運輸距離和其他因素，而且我們仍在非常積極地處理許多宏觀不確定性和製約因素。因此，我們將在下一季度提供 2022 年指南時與您分享更多詳細信息。

Got it. Yes. Sumit, the first part was, basically, you noted one of the factors of gross margin that impacted gross margins were aggressive competitive pricing. Is that just related to the product inflation that you're not seeing some competitors kind of follow in the marketplace? Or is there something else, maybe one competitor is being aggressive with prices more broadly?

知道了。是的。 Sumit，第一部分基本上是，您注意到影響毛利率的毛利率因素之一是激進的競爭性定價。這是否僅與您在市場上沒有看到某些競爭對手效仿的產品通脹有關？還是有其他原因，也許一個競爭對手在更廣泛的價格上更具侵略性？

Is that a Q3 question you're asking? Or is that a carryover from Q2 that you're asking about?

這是您要問的 Q3 問題嗎？還是您要問的是第二季度的結轉？

Q3 question.

Q3問題。

Because the -- all we're essentially saying is that there is a delay between MAP and cost inflation increases given the -- because it takes some -- it takes a little bit of time on the online channels for the MAP pricing that determines the floor in the market and the prices to reflect that. Plus if you notice the range of the cost inflation that has come through, that usually needs to be piecemealed back into the market, so as to not impact demand or momentum. Any pricing comment that I believe was made in the past has been in relation to muted pricing environment or the lack of promotions and discounting given the supply chain constraints. And we've seen that obviously starting to abate a bit, but it normally does as you exit Q3 into Q4 because it's a more seasonal and demand-elastic period. But on the balance, that phenomenon or that effect has not gone away yet.

因為——我們基本上要說的是，考慮到——因為這需要一些時間——在 MAP 定價的在線渠道上需要一點時間來確定 MAP 定價，因此 MAP 和成本通脹增加之間存在延遲。地板在市場和價格中反映出來。此外，如果您注意到已經出現的成本通脹範圍，通常需要將其零碎地重新投入市場，以免影響需求或勢頭。我認為過去做出的任何定價評論都與定價環境低迷或鑑於供應鏈限製而缺乏促銷和折扣有關。我們已經看到這種情況明顯開始有所減弱，但通常會在您退出第三季度進入第四季度時出現，因為這是一個更具季節性和需求彈性的時期。但總的來說，那個現像或者那個影響還沒有消失。

Our next question will come from Dylan Carden with William Blair.

我們的下一個問題將來自 Dylan Carden 和 William Blair。

Just curious the comments about stable NSPAC fourth quarter to third quarter. Was that meant to be in dollar terms or sequential or annual growth. I'm just curious when the sort of churn overhang eases. Should we start seeing that by the fourth quarter? Or do we really need to get into 2022? And then finally, related on the gross adds running higher than sort of pre-pandemic levels. Do you attribute that to still some benefit in that there's some broader sort of consumer anxiety and being in stores? Or do you think that's actually now at this point, more organic online migration?

只是好奇有關穩定 NSPAC 第四季度至第三季度的評論。那是指以美元計算還是按順序或年度增長。我只是很好奇這種流失懸而未決的情況何時會緩解。我們應該在第四季度開始看到嗎？或者我們真的需要進入 2022 年嗎？最後，相關的總增加量高於大流行前的水平。您是否認為這仍然有一些好處，因為存在更廣泛的消費者焦慮和進店？還是您認為現在實際上是更有機的在線遷移？

Dylan, this is Mario. Maybe I'll start and maybe Sumit can add some to my answer. But when it comes to the stable NSPAC, I'm not sure -- I don't think I mentioned that. I don't think I said that. So maybe I'll ask for a clarification on that one. Maybe, let's start there.

迪倫，這是馬里奧。也許我會開始，也許 Sumit 可以在我的答案中添加一些內容。但是當談到穩定的 NSPAC 時，我不確定——我想我沒有提到這一點。我不認為我說過那個。所以也許我會要求對此進行澄清。也許，讓我們從這裡開始。

Yes. Sorry, that might have just been me being distracted. I thought the comment was that NSPAC growth would be stable 3Q versus 4Q. And I was just wondering if that was in dollar terms or if you think maybe you'll get 15% sort of steady-state growth into the next quarter?

是的。抱歉，那可能只是我分心了。我認為評論是 NSPAC 增長將在第三季度與第四季度保持穩定。我只是想知道這是否以美元計算，或者您是否認為下個季度可能會實現 15% 的穩態增長？

So actually, I would maybe flip that, Dylan, and say that we expect NSPAC growth to continue to be strong through the rest of the year. That's maybe more of the takeaway there. You can see that in our sales guidance and obviously where we're trending in terms of active customers for the year. In terms of the overhang, you really have to get into 2022. And the reason being is that when we look at the 2020 cohort, very large cohort like we talked about before, it was pretty evenly spaced throughout the year. And so any first year into second year attrition that we normally see with every cohort from the beginning of the company, we're going to see that happen throughout this year. So the impact will continue to be through 2021, and we should work through that as we enter 2022.

所以實際上，我可能會翻轉這一點，迪倫，並說我們預計 NSPAC 的增長將在今年餘下的時間裡繼續保持強勁。這可能是那裡更多的外賣。您可以在我們的銷售指南中看到這一點，並且很明顯我們在今年活躍客戶方面的趨勢。就懸垂而言，你真的必須進入 2022 年。原因是當我們查看 2020 年的隊列時，就像我們之前談到的非常大的隊列，全年分佈非常均勻。因此，從公司成立之初我們通常會在每個隊列中看到的任何第一年到第二年的人員流失，我們將在今年全年看到這種情況。因此，影響將持續到 2021 年，我們應該在進入 2022 年時解決這個問題。

Great. And then I was just curious on the sort of the comments around gross adds being above pre-pandemic levels to what you attribute if that's more organic online migration or still some benefit from sort of the environment that we're in?

偉大的。然後我只是想知道關於總增加值高於大流行前水平的評論是什麼，你認為這是更多的有機在線遷移，還是仍然從我們所處的環境中受益？

Yes. So maybe I'll touch on this one and then Sumit if you want to add anything. But part of it is we are investing more. You can see that in our financials to drive -- to help more people find us. But it is the shift to online that we are not only benefiting from, but also we're helping customers find the -- find us and find the products and the services they need online.

是的。因此，如果您想添加任何內容，我可能會先談一談，然後再提交。但部分原因是我們正在投資更多。您可以在我們的財務狀況中看到這一點——幫助更多人找到我們。但是，我們不僅從中受益，而且還幫助客戶找到 - 找到我們並在線找到他們需要的產品和服務。

Yes, Dylan, we're not -- this is not -- I don't think it's apples and oranges compare. So we're purely comparing organic state that existed up until 2019 to the same organic state, and I don't believe we're getting any benefit from the pandemic movement or the ongoing pandemic in this particular case.

是的，迪倫，我們不是——這不是——我不認為這是蘋果和橙子的比較。因此，我們純粹是將 2019 年之前存在的有機狀態與相同的有機狀態進行比較，我認為在這種特殊情況下，我們不會從大流行運動或持續的大流行中獲得任何好處。

Our next question will come from Lauren Schenk with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的 Lauren Schenk。

This is Nathan Feather on for Lauren Schenk. I know in the past, you guys have talked about being more of a price taker in the market. Given the inflationary environment, is there any change in your price strategy? Or is that broadly similar? And then are you able to quantify to what extent you're flowing through this increased cost and prices? Or how much that delay between the change in [MAP] pricing and the actualization within prices affects revenue.

這是 Lauren Schenk 的 Nathan Feather。我知道過去，你們談論過在市場上更多地接受價格。鑑於通脹環境，您的價格策略是否有任何變化？還是大致相似？然後你能量化你在多大程度上經歷了這種增加的成本和價格？或者 [MAP] 定價變化與價格實現之間的延遲對收入的影響有多大。

Sure. Not much more to add than what I've already provided context. So at the risk of being slightly redundant, we are reflecting in one of our tenants, the most competitive prices that we can be at, which is usually respecting MAP guidelines. So -- because we believe that's an important tenant to retain customer trust in the marketplace and through -- and in relation to our brand. The comment on MAP and the cost and price catching up, we're not estimating yet the number of quarters it might take us. But in certain large consumables brands, MAP's already reflected and fully caught up.

當然。除了我已經提供的上下文之外，無需添加更多內容。因此，冒著稍微多餘的風險，我們正在向我們的一位租戶反映我們可以提供的最具競爭力的價格，這通常符合 MAP 準則。所以 - 因為我們相信這是保持客戶對市場和通過 - 以及與我們品牌相關的信任的重要租戶。關於 MAP 的評論以及成本和價格的上漲，我們還沒有估計它可能需要我們多少個季度。但在某些大型耗材品牌中，MAP已經體現並全面赶超。

So I think we will have to go and observe this on a piece-by-piece and a portfolio-by-portfolio basis. It will also depend upon the demand and supply balance between in the way that inventory flows through or supply becomes available in the marketplace in how quickly or how much of a lag there exists in the way that this corrects itself. So as we play through Q4, we'll come back and educate you and share with you more in the -- on the March earnings call relative to that.

所以我認為我們將不得不逐個和逐個投資組合地觀察這一點。它還將取決於庫存流動或供應在市場上可用的方式之間的需求和供應平衡，以及這種自我糾正的方式存在多快或多少滯後。因此，當我們玩完第四季度時，我們會回來教育你，並在 3 月份的財報電話會議上與你分享更多與此相關的內容。

Our next question will come from Eric Sheridan with Goldman Sachs.

我們的下一個問題將來自高盛的 Eric Sheridan。

Maybe just one question on the health side of the equation. You gave the stat around 15% as the overlap between core customers and health customers. Can you give us a little bit sense of how you want to align investments, especially on the marketing side to drive adoption of the health initiatives and create a sort of larger Ven diagram between the customer sets as we look out to '22 and beyond?

也許只是等式的健康方面的一個問題。作為核心客戶和健康客戶之間的重疊，你給出了大約 15% 的統計數據。您能否讓我們了解一下您希望如何調整投資，尤其是在營銷方面，以推動健康計劃的採用，並在我們展望 22 歲及以後的客戶群之間創建一種更大的 Ven 圖？

Eric, this is Sumit. I think the mental model is very much aligned to investing as heavily as we can up until the point that we see a return. So this is, as you know, is a legacy category. And the rate of migration towards online has been muted up until the point we believe we've credibly improved the customer experience on the online side, and therefore, we're driving sort of a rate of migration towards online, which is different than what consumers have enjoyed or are used to as it comes to buying dog food or their accessories online. So there's a little bit of that, that impacts this particular conversion that we're driving. In that way, we're balancing investment, the conversion and the returns that we're getting.

埃里克，這是蘇米特。我認為心智模型非常適合盡可能多地投資，直到我們看到回報為止。所以，如您所知，這是一個遺留類別。在我們相信我們已經可靠地改善了在線方面的客戶體驗之前，向在線遷移的速度一直很緩慢，因此，我們正在推動向在線遷移的速度，這與以往不同消費者喜歡或習慣於在線購買狗糧或其配件。因此，有一點影響了我們正在推動的這一特定轉化。通過這種方式，我們正在平衡投資、轉化和我們獲得的回報。

Now of course, we've mentioned in the past that health care customers are more profitable than higher LTV, given the stickiness and the longevity of the need state that we're serving there. So that naturally also suggests that the LTV of a customer is higher, and therefore, we tolerate a higher marketing cost on a per customer basis in health care as well. But again, it goes back to the methodology of LTV to CAC and we don't have a specific budget that we spend to. We spend as long as there is a return that we can find. Overall, this is an enterprise-level priority for us. And we're -- what you're seeing us do here is we're leaning in, offering many different choices. So if you're interested in insurance, we can offer you that. If you're interested in telehealth, we can get you to that.

當然，我們過去曾提到，考慮到我們在那裡服務的需求狀態的粘性和長期性，醫療保健客戶比更高的 LTV 更有利可圖。因此，這自然也表明客戶的 LTV 更高，因此，我們也可以容忍醫療保健中每個客戶的營銷成本更高。但同樣，它可以追溯到 LTV 到 CAC 的方法，我們沒有具體的預算。只要我們能找到回報，我們就會花錢。總的來說，這是我們的企業級優先事項。而且我們 - 你在這裡看到我們所做的是我們正在傾斜，提供許多不同的選擇。因此，如果您對保險感興趣，我們可以為您提供。如果您對遠程醫療感興趣，我們可以幫助您。

If you just have a pharmacy prescription need, we can serve you the best customer experience in the market right now. If you would like to subscribe to veterinarian diet, we can do that as well. And so overall, you should think about us building an ecosystem that has many tentacles and attracts customers through many different dimensions and keep them within that ecosystem and connect it in a closed-loop manner across the veterinarian community is the way that we would grow health care.

如果您只是需要藥房處方，我們現在可以為您提供市場上最好的客戶體驗。如果您想訂閱獸醫飲食，我們也可以這樣做。所以總的來說，你應該考慮我們建立一個生態系統，這個生態系統有很多觸角，通過許多不同的維度吸引客戶，並將他們留在這個生態系統中，並以閉環的方式連接整個獸醫社區，這是我們發展健康的方式關心。

And Eric, this is Mario. So 2 quick things. One is welcome back. It's good to hear you, your voice. Number 2 is, last time we spoke about the overlap, it was about 10%. We had said -- so you can see the progress we're making and getting more of our customers to shop across more categories on our platform.

埃里克，這是馬里奧。所以 2 快速的事情。歡迎回來。很高興聽到你，你的聲音。第二，上次我們談到重疊時，大約是 10%。我們說過——所以你可以看到我們正在取得的進步，讓更多的客戶在我們的平台上購買更多類別的商品。

Our next question will come from Seth Basham with Wedbush Securities.

我們的下一個問題將來自 Wedbush Securities 的 Seth Basham。

My first question is just around the gross adds that you mentioned. So you said that they're higher than 2019. Last quarter, you said that the first half was up about 20% versus 2019. Year-to-date now, are they still up 20% versus 2019?

我的第一個問題是關於您提到的總添加量。所以你說它們高於 2019 年。上個季度，你說上半年比 2019 年增長了約 20%。今年迄今為止，它們是否仍比 2019 年增長 20%？

Yes. I think -- so Sumit answered that question a few minutes ago that it is -- they're still about in line with what we had shared with you before.

是的。我認為——所以 Sumit 幾分鐘前回答了這個問題——它們仍然與我們之前與您分享的內容一致。

So in line with the rate of the second quarter or 20% versus 2019?

那麼與第二季度的增長率一致，還是與 2019 年相比增長 20%？

It's not a metric that we're planning on repeating every quarter. I think the perspective was important and slightly different when we shared it last time, but mostly customer adds continue to run above 2019 and very much in line with what we've seen so far throughout the rest of the year as well throughout the preceding year as well.

這不是我們計劃每個季度重複的指標。我認為我們上次分享時的觀點很重要並且略有不同，但大多數客戶增加繼續在 2019 年以上運行，並且與我們在今年餘下時間以及去年全年所看到的情況非常一致以及。

Got it. Okay. And my follow-up question is just around the supply product constraints that you mentioned, which were more pronounced on the branded side of the business. But I don't think you called out private label mix shift being a positive driver of gross margin like you did last quarter. Can you square away those 2 things?

知道了。好的。我的後續問題是圍繞您提到的供應產品限制，這些限制在業務的品牌方面更為明顯。但我不認為你像上個季度那樣稱自有品牌組合轉變是毛利率的積極推動因素。你能解決這兩件事嗎？

So private label was a driver. If you look at the overall hardgood growth, [3P] hardgoods grew at about 8% year-over-year, but private label grew 32% year-over-year, taking share. And so the private label component is also where our import supply chain kicks in. And as a result of the disruptions, we were, in fact, delayed in launching some assortment that we had planned to launch in Q3 and in Q4, which is, of course, reflected in the elevated out-of-stock numbers that we've quoted here in Q3 and that we're baking into the guidance. But on a growth basis, private label in Q3 grew at 32% and the penetration remained between 18% and 20% levels.

所以自有品牌是一個驅動因素。如果你看一下整體耐用品的增長，[3P] 耐用品同比增長約 8%，但自有品牌同比增長 32%，佔據份額。因此，自有品牌部分也是我們進口供應鏈的切入點。由於中斷，我們實際上推遲了原定於第三季度和第四季度推出的一些產品系列的推出，即，當然，這反映在我們在第三季度此處引用的缺貨數據中，我們正在將其納入指導。但在增長的基礎上，自有品牌在第三季度增長了 32%，滲透率保持在 18% 至 20% 的水平。

Our next question will come from Peter Keith with Piper Sandler.

我們的下一個問題將來自 Peter Keith 和 Piper Sandler。

Looking at the guidance now for EBITDA margin to be flat, I guess, we're calculating Q4 EBITDA margin is going to decline about 300 basis points year-on-year. So I'm wondering if -- is this kind of the low point for margin decline because there's maybe some nuances to Q4 with hardgoods or freight wages. Could you just kind of help frame that up for us? Or is this the pressure that certainly could continue into next year?

看看現在 EBITDA 利潤率持平的指導，我想，我們正在計算第四季度 EBITDA 利潤率將同比下降約 300 個基點。所以我想知道是否 - 這是利潤率下降的低點，因為第四季度的硬貨或運費可能存在一些細微差別。你能幫我們安排一下嗎？還是這種壓力肯定會持續到明年？

The answer essentially lies in a combination of how do we see -- so far, right, if you break down Chewy's progress, through our IPO, gross margin has expanded 700 basis points. Marketing has scaled roughly 400 basis points. And SG&A was on track of scale up until we started absorbing the cost that has come through the pandemic. So in terms of the way you should think about EBITDA moving forward is we still have room to expand gross margin along with the balance of dealing with headwinds of obviously rising freight costs and the inflation that we talked about today. In terms of marketing efficiency, we continue to deliver that.

答案基本上取決於我們如何看待——到目前為止，如果你分解 Chewy 的進展，通過我們的首次公開募股，毛利率已經擴大了 700 個基點。營銷規模擴大了大約 400 個基點。在我們開始吸收大流行帶來的成本之前，SG&A 一直在擴大規模。因此，就您應該考慮 EBITDA 向前發展的方式而言，我們仍然有擴大毛利率的空間，同時還要平衡應對運費明顯上漲和我們今天談到的通貨膨脹的不利因素。在營銷效率方面，我們繼續提供這一點。

So -- and so that brings us back to EBITDA -- brings us back to SG&A, where we've essentially incurred roughly $100 million of investment in 2020. And up until the point the labor markets kind of relax or the imports get better, it's hard to assess the health and state of SG&A as of this point. And all of that is baked into the EBITDA guidance for the year. If there's a more specific question, happy to answer it.

所以——這讓我們回到 EBITDA——讓我們回到 SG&A，我們在 2020 年基本上已經招致了大約 1 億美元的投資。直到勞動力市場有所放鬆或進口變得更好，到目前為止，很難評估 SG&A 的健康狀況。所有這些都納入了今年的 EBITDA 指南。如果有更具體的問題，很樂意回答。

Sure. Maybe I'll just focus specifically on gross margin. You're not guiding for gross margin. But it seems like what you're talking about with ocean freight pressure in the competitive environment that gross margin is going to be abnormally pressured in the fourth quarter. So can you confirm that? And then are these pressures peaking in the fourth quarter? Maybe hardgood mix come down a little bit as we get into the early part of next year, and so the overall gross margin pressure abates somewhat.

當然。也許我會特別關注毛利率。你沒有指導毛利率。但是，在競爭激烈的環境中，您所談論的海運壓力似乎是第四季度毛利率將異常承壓的情況。那麼你能證實嗎？然後這些壓力會在第四季度達到頂峰嗎？隨著我們進入明年年初，hardgood 組合可能會有所下降，因此整體毛利率壓力會有所減輕。

Certainly, this is Mario. So I won't comment on 2022 just yet. But it's what we talked about when we explained the Q3 results and how some of the challenges on the cost side are not abating just yet for the fourth quarter. So let's take that off the table and say, look, we expect that to continue in the fourth quarter. If you compare it to -- so that would obviously affect gross margin. If you compare it to last year -- Q4 last year, we also had a, let's call it, a onetime item or a special item that was a $16 million reserve release that flowed through to EBITDA. So you have to take those 2 things off the table. And then you say, okay, what else is new this year?

當然，這是馬里奧。所以我暫時不評論 2022 年。但這就是我們在解釋第三季度的結果以及成本方面的一些挑戰如何在第四季度尚未減弱時所談論的內容。所以讓我們把它從桌面上拿下來說，看，我們預計第四季度會繼續。如果你將它與 - 進行比較，那顯然會影響毛利率。如果你將它與去年進行比較——去年第四季度，我們還有一個一次性項目或特殊項目，即 1600 萬美元的儲備金釋放流入 EBITDA。所以你必須把這兩件事從桌面上拿下來。然後你說，好吧，今年還有什麼新的？

Well, we have the higher labor costs that are still affecting us, and we expect it to continue into fourth quarter. We expect that to abate -- we expect that [not] to abate in the second half. However, it did not abate in Q3, and now we're expecting to continue into Q4. And in fact, for Q4, we expect it now to be $30 million as opposed to the roughly $15 million that we had guided to or had spoken about and when we did the second quarter call. So take the onetime item off the table, you say gross margin continues to be somewhat pressured in the near term. And then you have the higher labor cost and that kind of gets you the maths on fourth quarter.

好吧，我們仍然有更高的勞動力成本影響我們，我們預計它會持續到第四季度。我們預計這種情況會減弱——我們預計下半年 [not] 會減弱。然而，它在第三季度並沒有減弱，現在我們預計將繼續進入第四季度。事實上，對於第四季度，我們預計現在為 3000 萬美元，而不是我們在第二季度電話會議時指導或談到的大約 1500 萬美元。所以把一次性項目從桌面上拿開，你說毛利率在短期內繼續受到一定壓力。然後你有更高的勞動力成本，這會讓你在第四季度得到數學。

Our next question will come from Rick Patel with Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Rick Patel。

I'm hoping we can zoom out and we can talk about how you see NSPAC trending in the future relative to your IPO plan. So historically, I believe when you acquire a new customer, year 1 spend is between $150 to $200, jumps to $300 in year 2 and so on. But the curve has obviously shifted higher. So just curious what's the right way to think about spend for newer cohorts as we think about their multiyear journey with you?

我希望我們可以縮小範圍，我們可以談談你如何看待 NSPAC 未來相對於你的 IPO 計劃的趨勢。所以從歷史上看，我相信當你獲得一個新客戶時，第一年的支出在 150 美元到 200 美元之間，第二年躍升至 300 美元，依此類推。但曲線顯然已經上移。所以很好奇，當我們考慮他們與您的多年旅程時，考慮新隊列支出的正確方法是什麼？

Spend to acquire those customers? Or you mean their spend? Yes, the NSPAC. Yes. So I answered this question a few minutes ago. I won't comment on 2022 and beyond at this point. But I can tell you that what we're seeing from customers that we acquired last year and that we acquired this year is that their NSPAC curves are shifting up. One of the things that we talked about before is that the way we improve LTV to CAC for our customers over time or accelerated payback period is by acquiring more of the share of wallet earlier, moving up the NSPAC and making every order more profitable. We're doing exactly that.

花錢獲得這些客戶？或者你的意思是他們的花費？是的，NSPAC。是的。所以我幾分鐘前回答了這個問題。在這一點上，我不會對 2022 年及以後發表評論。但我可以告訴你，我們從去年和今年收購的客戶那裡看到的是，他們的 NSPAC 曲線正在上移。我們之前談到的一件事是，隨著時間的推移或加速的投資回收期，我們將客戶的 LTV 提高到 CAC 的方法是通過更早地獲得更多的錢包份額，提高 NSPAC 並使每個訂單更有利可圖。我們正是這樣做的。

Over the last 2 years, you've seen us expand gross margin by 300 basis points roughly. And year-over-year, we're looking to increase gross margin. You've seen us also increase NSPAC. And we've talked about specifically for cohorts in 2020 and 2021 and how their NSPAC is moving up. So normally, we are grabbing more of the share of wallet from those customers, then also moving out the overall curve and we're making those orders or those dollars more profitable. All of that helps us in the payback period. All of that helps us in improve the LTV to CAC. And so these are very good indicators for us this early on in their journey.

在過去的 2 年中，您看到我們的毛利率大致提高了 300 個基點。與去年同期相比，我們希望提高毛利率。你已經看到我們也增加了 NSPAC。我們已經專門討論了 2020 年和 2021 年的人群，以及他們的 NSPAC 如何提升。所以通常情況下，我們會從這些客戶那裡獲得更多的錢包份額，然後也將整體曲線移出，我們正在使這些訂單或那些美元更有利可圖。所有這些都有助於我們在投資回收期。所有這些都有助於我們將 LTV 提高到 CAC。因此，在他們旅程的早期，這些對我們來說是非常好的指標。

Our next question will come from Chris Bottiglieri with BNP Paribas Exane.

我們的下一個問題將來自法國巴黎銀行 Exane 的 Chris Bottiglieri。

So first one is just more high level on the Trupanion partnership. Should we view this as an isolated high-margin revenue stream? Or are there meaningful synergies with your broader health offering? Trying to understand if there's incentives in place for insurance to use telehealth, Rx drugs or even to like refer some of these pet insurance customers towards Practice Hub. Can you give us any sense of the strategic view there would be helpful.

所以第一個是關於 Trupanion 合作夥伴關係的更高級別。我們是否應該將其視為一個孤立的高利潤收入來源？還是與您更廣泛的健康產品有有意義的協同作用？試圖了解保險是否有激勵措施使用遠程醫療、Rx 藥物，甚至喜歡將這些寵物保險客戶中的一些推薦給 Practice Hub。你能告訴我們任何有幫助的戰略觀點嗎？

Sure. So we believe the value of insurance is dual fold. Presently, pet insurance in the U.S. is 2% to 3% penetrated versus markets such as U.K., where the penetration, as I was mentioning, was north of 25%. So we view this as a huge opportunity to open up TAM. Additionally, we expect -- we even expect insurance to be a profit center in itself. But in addition to that, we also expect it to drive greater customer engagement, brand loyalty, and greater consideration for health care purchases that happens on or through our platforms, like the ones that you're alluding to. Now we aren't -- we have a lot of innovation left. We will launch in spring and kind of go on a state-by-state basis.

當然。所以我們相信保險的價值是雙重的。目前，美國的寵物保險滲透率為 2% 至 3%，而英國等市場的滲透率，正如我剛才提到的，滲透率超過 25%。所以我們認為這是開放 TAM 的巨大機會。此外，我們預計——我們甚至預計保險本身就是一個利潤中心。但除此之外，我們還希望它能推動更高的客戶參與度、品牌忠誠度，以及更多地考慮在我們的平台上或通過我們的平台進行的醫療保健購買，就像你提到的那樣。現在我們不是——我們還有很多創新。我們將在春季啟動，並逐個州進行。

So there's going to be many opportunities for us to have these type of conversations as we come and share sort of the plans that we're bringing to market, the value proposition behind that plan, the way that we will perhaps think about go-to-market or marketing strategy in a way that we talk to customers and veterinarians, which I believe will provide more light to some of these questions that you're asking. But broadly speaking, what you should walk away with it is it's a long-term play. We expect it to drive greater engagement and greater consideration for health care purchases that happens on or through our platforms.

因此，我們將有很多機會進行此類對話，分享我們將推向市場的計劃、該計劃背後的價值主張，以及我們可能會考慮的方式-以我們與客戶和獸醫交談的方式進行市場或營銷策略，我相信這將為您提出的一些問題提供更多信息。但從廣義上講，你應該放棄的是它是一個長期的遊戲。我們希望它能推動在我們的平台上或通過我們的平台進行的醫療保健購買有更多的參與和考慮。

Got you. That's really helpful. And then just the last one, I'm not sure if you can answer this or willing to answer it. But can you give us a sort of sense that there's obviously a difference between MAP pricing and the hardgood side. Can you give us a sense of either cost inflation or price inflation, how that compares between the 2 and overall, I think just throughout retail, we're seeing somewhere between 4% and 7% inflation in a lot of our categories. Just trying to get a sense of where that stands for pet and how that's impacting NSPAC.

明白了這真的很有幫助。然後就是最後一個，我不確定你是否可以回答這個問題或者願意回答這個問題。但是你能不能給我們一種感覺，即 MAP 定價和硬貨方面之間顯然存在差異。你能給我們一個成本通脹或價格通脹的感覺嗎，我認為在整個零售業，我們看到很多類別的通脹率在 4% 到 7% 之間。只是想了解它代表寵物的位置以及它對 NSPAC 的影響。

That's actually a pretty good range. Our upper end of the range lies all the way up to 9%, but that's a fairly -- you've banded it fairly well.

這實際上是一個很好的範圍。我們的範圍上限一直高達 9%，但這是一個相當——你已經很好地限制了它。

This concludes our question-and-answer session. I would like to turn the conference back over to Sumit Singh, CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給首席執行官 Sumit Singh，聽取任何閉幕詞。

Thank you very much. We hope you have a happy, healthy and safe holidays. Thank you.

非常感謝你。我們希望您度過一個愉快、健康和安全的假期。謝謝你。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。