Chewy Inc (CHWY) 2021 Q2 法說會逐字稿

Good afternoon, and welcome to the Chewy Second Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Bob LaFleur, Vice President of Investor Relations. Please go ahead.

下午好，歡迎來到 Chewy 2021 年第二季度收益電話會議。 （操作員說明）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 Bob LaFleur。請繼續。

Thank you for joining us on the call today to discuss our second 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.

感謝您今天加入我們的電話會議，討論我們 2021 年第二季度的業績。今天加入我的是 Chewy 的首席執行官 Sumit Singh；和首席財務官 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, business strategies, investments, industry trends and our ability to successfully respond to business risks, including those related to the spread of COVID-19. Such statements are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties, which could cause actual results to differ materially from those contemplated by our forward-looking statements.

在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的能力的陳述，包括與 COVID- 19.根據 1995 年《私人證券訴訟改革法案》，此類陳述被視為前瞻性陳述，並受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.

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。

Also, during this call, we will discuss certain non-GAAP financial measures. Reconciliations of these non-GAAP items to the most directly comparable GAAP financial measures are provided on our Investor Relations website and in today's SEC filings. These non-GAAP measures are not intended as a substitute for GAAP results. Additionally, unless otherwise noted, results discussed today refer to second quarter 2021, and all comparisons are accordingly against the second quarter of 2020.

此外，在本次電話會議中，我們將討論某些非 GAAP 財務措施。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 項目與最直接可比的 GAAP 財務指標的調節。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 年第二季度，因此所有比較都是與 2020 年第二季度進行的。

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. We have now crossed the halfway point of 2021, and our results once again demonstrate the strength of our business model and the incredible bond between pets and pet parents. Our business remains healthy. Customer engagement continues to grow. And we are confident in our ability to build upon the strong results we delivered last year while navigating the uncertain market conditions due to the ever evolving COVID-19 pandemic.

謝謝 Bob，也感謝大家加入我們的電話會議。我們現在已經過了 2021 年的一半，我們的結果再次證明了我們商業模式的實力以及寵物和寵物父母之間令人難以置信的聯繫。我們的業務保持健康。客戶參與度持續增長。我們有信心在去年取得的強勁成果的基礎上再接再厲，同時應對因不斷發展的 COVID-19 大流行而導致的不確定市場條件。

Let's start with our second quarter results. Q2 net sales rose 27% to $2.16 billion. To gain an even greater appreciation of our top line momentum, we believe it is also insightful to look at our net sales growth on a 2-year stack basis. Through this view, Q2 2021 net sales grew at a 2-year CAGR of 37%. We ended Q2 with 20.1 million customers, a year-over-year increase of 21% or 29% on a 2-year CAGR. Gross customer adds are running higher than pre-pandemic levels, but below the record levels we saw last year during the peak of the pandemic-driven lockdowns. In fact, year-to-date, we have acquired approximately 20% more new customers than we did in the first half of 2019 prior to the pandemic. Our retention rates remained stable as well.

讓我們從第二季度的業績開始。第二季度淨銷售額增長 27% 至 21.6 億美元。為了更好地了解我們的收入增長勢頭，我們認為以 2 年的堆棧為基礎查看我們的淨銷售額增長也很有見地。通過這種觀點，2021 年第二季度的淨銷售額以 37% 的 2 年復合年增長率增長。我們在第二季度結束時擁有 2010 萬客戶，按 2 年復合年增長率計算，同比增長 21% 或 29%。增加的總客戶數高於大流行前的水平，但低於我們去年在大流行驅動的封鎖高峰期看到的創紀錄水平。事實上，今年迄今為止，我們獲得的新客戶比大流行之前的 2019 年上半年多了約 20%。我們的保留率也保持穩定。

In addition to the number of customers we add, customer spending is equally as important to our growth equation. Second quarter net sales per active customer, or NSPAC, increased 14% to $404. This is a meaningful acceleration over the growth we reported in the first quarter and the first time in the company's history that NSPAC has surpassed $400. We have increased share of wallet from every cohort we've added to our platform over the past 10 years, and our long-term revenue retention levels from each cohort remain well above 100%.

除了我們增加的客戶數量外，客戶支出對我們的增長方程式同樣重要。第二季度每個活躍客戶的淨銷售額 (NSPAC) 增長 14% 至 404 美元。與我們在第一季度報告的增長相比，這是一個有意義的加速，也是公司歷史上 NSPAC 首次超過 400 美元。在過去 10 年中，我們增加了加入平台的每個群體的錢包份額，每個群體的長期收入保留水平仍遠高於 100%。

As a result, our base of recurring revenues grows over time as the revenue produced by each cohort stacks on top of one another, like the layers of a cake. Because revenue retention is above 100%, each new cohort's contribution to net sales is completely incremental to the base. This dynamic, combined with our ability to consistently improve margins, creates a powerful long-term growth and profitability flywheel.

結果，我們的經常性收入基礎隨著時間的推移而增長，因為每個群體產生的收入像蛋糕的層層疊疊。由於收入保留率高於 100%，每個新群體對淨銷售額的貢獻都是完全遞增的。這種動力與我們不斷提高利潤率的能力相結合，創造了強大的長期增長和盈利飛輪。

Returning to our second quarter results. Gross margin expanded 200 basis points to 27.5%. Driving 200 basis points of gross margin improvement in this difficult operating environment reflects our focused execution across multiple customer offerings and the strong and recurring purchase behaviors of our customers over time combined with the benefits of our scale. The pricing and promotion environment remained stable throughout Q2, and we estimated that this benefited gross margins by approximately 50 basis points.

回到我們的第二季度業績。毛利率擴大 200 個基點至 27.5%。在這種困難的經營環境中推動毛利率提高 200 個基點，反映了我們對多個客戶產品的專注執行，以及我們客戶隨著時間的推移強烈和經常性的購買行為，以及我們的規模優勢。整個第二季度的定價和促銷環境保持穩定，我們估計這使毛利率提高了約 50 個基點。

As was the case across much of the economy, labor market challenges persisted throughout Q2. This impeded our ability to staff our FCs at desired levels and achieve optimal productivity. Aligned with the expectations we shared with you on previous earnings calls, we increased our investments in wages, benefits and hiring incentives across our fulfillment network in order to maintain customer experience and business continuity. As a result of these increased investments, Q2 SG&A leverage was minimal.

與大部分經濟體的情況一樣，勞動力市場挑戰在整個第二季度持續存在。這阻礙了我們按預期水平配備我們的 FC 並實現最佳生產力的能力。根據我們在之前的財報電話會議上與您分享的期望，我們增加了對整個履行網絡的工資、福利和招聘激勵措施的投資，以保持客戶體驗和業務連續性。由於這些增加的投資，第二季度的 SG&A 槓桿作用很小。

Marketing is an area where the landscape evolved rapidly in Q2. The 80 basis point increase in advertising and marketing expenses as a percent of net sales in Q2 is the result of 2 main drivers. The first is the sharp recovery of input costs across advertising platforms. While this was expected to some degree, the magnitude of increase in Q2 was unprecedented. And second, seeing early signs of benefits from our continuous learning approach, we invested dollars into the opening of new marketing channels, which we believe will drive incremental long-term customer acquisition and build brand awareness.

營銷是第二季度發展迅速的一個領域。第二季度廣告和營銷費用占淨銷售額的百分比增加 80 個基點是兩個主要驅動因素的結果。首先是跨廣告平台的投入成本大幅回升。雖然這在某種程度上是意料之中的，但第二季度的增長幅度是前所未有的。其次，看到我們持續學習方法的早期跡象，我們投入資金開闢新的營銷渠道，我們相信這將推動增加長期客戶獲取並建立品牌知名度。

Usually, we see a couple of quarters lag between the initial investment in a new marketing channel and the realization of returns as those channels scale. The Q2 gross margin gains that were driven by our strong operating performance more than offset the environmental challenges from higher FC labor costs and elevated marketing expenses. And Q2 adjusted EBITDA margin expanded 20 basis points to 1.1%, and adjusted EBITDA increased 51% to $23.3 million. Mario will provide more color to this line item.

通常，我們會發現在新營銷渠道的初始投資與隨著這些渠道規模的擴大而實現回報之間會有幾個季度的滯後。我們強勁的經營業績推動的第二季度毛利率增長抵消了更高的 FC 勞動力成本和更高的營銷費用帶來的環境挑戰。第二季度調整後的 EBITDA 利潤率擴大 20 個基點至 1.1%，調整後的 EBITDA 增長 51% 至 2330 萬美元。 Mario 將為該訂單項提供更多顏色。

Next, I'm excited to share some of the many innovations we've been working on at Chewy. These initiatives are improving operational efficiency, driving higher customer engagement and advancing sustainability. Collectively, we believe these efforts will unlock additional top line growth and support long-term profitability. Let me start by updating you on the latest developments across our fulfillment network.

接下來，我很高興與大家分享我們在 Chewy 一直致力於的眾多創新中的一些。這些舉措正在提高運營效率，推動更高的客戶參與度並促進可持續性發展。總的來說，我們相信這些努力將釋放額外的收入增長並支持長期盈利能力。首先讓我向您介紹我們配送網絡的最新進展。

We recently announced that our 14th fulfillment center and fourth automated FC will open near Nashville, Tennessee, in the fall of 2022. Nashville now joins Kansas City and Reno in the pipeline of FCs that we will open over the next 12 to 14 months. Additional efficiency driving measures include technology, which custom makes boxes based on the size of the contents. This process is not only faster than manual pack-and-ship, but it also reduces the amount of corrugate and packaging materials used per order, which then reduces costs and is better for the environment.

我們最近宣布，我們的第 14 個運營中心和第四個自動化 FC 將於 2022 年秋季在田納西州納什維爾附近開業。納什維爾現在與堪薩斯城和里諾一起加入我們將在未來 12 到 14 個月內開設的 FC 管道。其他提高效率的措施包括根據內容物的大小定制盒子的技術。這個過程不僅比手動包裝和運輸更快，而且還減少了每個訂單使用的瓦楞紙和包裝材料的數量，從而降低了成本並且對環境更好。

We're also refining our pick, pack and ship processes to reduce the time spent configuring box contents, which helps expedite how quickly packages leave our FCs. Collectively, once these 3 automated facilities and efficiency measures are fully ramped, we expect that increased fulfillment productivity will produce 40 to 60 basis points of incremental SG&A operating leverage and reduce our future exposure to labor market volatility.

我們還改進了我們的揀貨、包裝和運輸流程，以減少配置箱子內容所花費的時間，這有助於加快包裹離開我們 FC 的速度。總的來說，一旦這 3 項自動化設施和效率措施得到全面提升，我們預計提高的履約生產力將產生 40 至 60 個基點的增量 SG&A 運營槓桿，並減少我們未來對勞動力市場波動的風險敞口。

We're also deploying new software across our FC network to improve productivity, reduce per unit fulfillment costs and positively impact sustainability. For example, in the second quarter, we launched proprietary machine learning-driven software, which streamlines order routing and allocation across our growing FC network to optimize shipment volume, customer promise and cost to fulfill. At our current scale, the fully realized benefits from this proprietary software are expected to be between 30 and 50 basis points of margin improvement.

我們還在我們的 FC 網絡中部署新軟件，以提高生產力、降低單位履行成本並積極影響可持續性。例如，在第二季度，我們推出了專有的機器學習驅動軟件，它簡化了我們不斷增長的 FC 網絡中的訂單路由和分配，以優化出貨量、客戶承諾和履行成本。以我們目前的規模，該專有軟件的完全實現收益預計將提高 30 至 50 個基點的利潤率。

Once fully ramped across our FC network, we expect these initiatives to contribute a combined 70 to 110 basis points of incremental adjusted EBITDA margin. Moreover, these efforts have become increasingly relevant as labor markets remain challenged, transportation networks become capacity-constrained and inflationary pressures on freight costs begin to rise.

一旦在我們的 FC 網絡中全面推廣，我們預計這些舉措將貢獻 70 至 110 個基點的增量調整後 EBITDA 利潤率。此外，隨著勞動力市場仍然面臨挑戰、運輸網絡變得容量受限以及貨運成本的通脹壓力開始上升，這些努力變得越來越重要。

Moving on to Chewy Health. We continue to think big and innovate rapidly to serve our growing base of customers and veterinarian partners. First, we are very excited to launch a marketplace for veterinarians directly on chewy.com to help them grow clinic revenues and improve experience for pet parents. This revolutionary free service enables veterinarians to choose items to list on chewy.com, set prices, create preapproved prescriptions and earn revenue when customers place an order in clinic or purchase from them via Chewy. Moreover, the service allows millions of Chewy customers to purchase pet medications directly from their veterinarian while shopping on chewy.com with fast, free shipping directly from our nationwide network of fulfillment centers.

繼續耐嚼健康。我們繼續大膽思考并快速創新，以服務於我們不斷壯大的客戶群和獸醫合作夥伴。首先，我們非常高興能直接在 chewy.com 上為獸醫推出一個市場，以幫助他們增加診所收入並改善寵物父母的體驗。這項革命性的免費服務使獸醫能夠選擇要在 chewy.com 上列出的物品、設定價格、創建預先批准的處方並在客戶在診所下訂單或通過 Chewy 向他們購買時賺取收入。此外，該服務允許數以百萬計的 Chewy 客戶在 chewy.com 上購物時直接從他們的獸醫那裡購買寵物藥物，並直接從我們的全國運營中心網絡快速免費送貨。

What is even more exciting is that the back-end prescription management capability of this platform is powered by a Petscriptions product, which is currently in use at more than 8,000 clinics across the country. Collectively, we are branding this innovative new platform as Practice Hub, through which we are offering veterinarians a complete e-commerce solution for their customers. Practice Hub leverages the benefits of our quick and reliable delivery, unparalleled customer care and convenient Autoship subscription service. We look forward to sharing more details with you in our future earning calls.

更令人興奮的是，該平台的後端處方管理能力由Petscriptions產品提供支持，目前已在全國8000多家診所使用。總的來說，我們將這個創新的新平台命名為 Practice Hub，我們通過該平台為獸醫的客戶提供完整的電子商務解決方案。 Practice Hub 利用我們快速可靠的交付、無與倫比的客戶服務和方便的自動訂貨訂閱服務等優勢。我們期待在未來的財報電話會議中與您分享更多詳細信息。

Second, we are pleased to announce that our third Chewy Pharmacy will open later this year. This new facility located in Pittston, Pennsylvania, will provide fulfillment services for pet medications and special dietary food, providing Chewy Health customers in the Northeast and Mid-Atlantic with even faster delivery of pet prescriptions and other health and wellness products.

其次，我們很高興地宣布，我們的第三家 Chewy Pharmacy 將於今年晚些時候開業。這個位於賓夕法尼亞州皮特斯頓的新設施將提供寵物藥物和特殊膳食食品的履行服務，為東北和大西洋中部的 Chewy Health 客戶提供寵物處方和其他保健產品的更快交付。

Last, but not least, we continue to be pleased with the ramp of our Compounding Pharmacy service since its launch last fall. It is still early days, but the results thus far are confirming our investment thesis. Compounding net sales increased by almost 50% sequentially between Q1 and Q2 on increased order volume and larger basket sizes. And Autoship penetration increased over 250 basis points over the same period.

最後但並非最不重要的一點是，自去年秋季推出以來，我們對 Compounding Pharmacy 服務的增長繼續感到滿意。現在還處於早期階段，但迄今為止的結果證實了我們的投資論點。由於訂單量增加和籃子尺寸增加，複合淨銷售額在第一季度和第二季度之間連續增長了近 50%。同期，Autoship 滲透率增加了 250 個基點以上。

More importantly, Compounding is attracting new customers to Chewy Health with 65% of new Compounding customers either being new to Chewy entirely or existing Chewy customers who are first-time health care consumers. Services like Compounding, which at the present moment are available only to our end customers, show how Chewy is uniquely positioned to assist pet parents who need customized solutions in an otherwise limited marketplace.

更重要的是，Compounding 正在為 Chewy Health 吸引新客戶，其中 65% 的新 Compounding 客戶要么完全是 Chewy 的新客戶，要么是 Chewy 的現有客戶，他們是首次購買保健品的消費者。目前僅向我們的最終客戶提供諸如 Compounding 之類的服務，這表明 Chewy 具有獨特的優勢，可以幫助在其他方面有限的市場中需要定制解決方案的寵物父母。

Here at Chewy, we are pleased with and proud of our progress in the pet health care space. With every innovation that improves customer or vet experience, we progress one step closer to fulfilling our mission to make pet health care more affordable and accessible for every pet parent in the country. And we are doing so by keeping veterinarians at the center of the equation. Further, each new product or service that we launch to benefit our customers or vet partners further positions us as the only player in the pet industry who is building out a full pet health care ecosystem that effectively services both pet parents and veterinarians.

在 Chewy，我們為我們在寵物保健領域取得的進步感到高興和自豪。通過每一項改善客戶或獸醫體驗的創新，我們離實現我們的使命又近了一步，即讓該國每一位寵物父母都能更負擔得起和更容易獲得寵物保健服務。我們通過讓獸醫處於等式的中心來做到這一點。此外，我們為使我們的客戶或獸醫合作夥伴受益而推出的每一項新產品或服務都進一步使我們成為寵物行業中唯一一家正在構建完整的寵物醫療保健生態系統以有效地為寵物父母和獸醫提供服務的參與者。

In doing so, we are positioning ourselves to assume market leadership in the $35 billion TAM. Our pet health and wellness offerings from Chewy Health include OTC medicines, veterinary diet, pharmacy, Compounding medication, telehealth, Petscriptions and now Practice Hub, a unique and innovative marketplace that provides the vet community a complete e-commerce solution that leverages all the strengths of chewy.com.

通過這樣做，我們將自己定位為在 350 億美元的 TAM 中佔據市場領導地位。 Chewy Health 提供的寵物保健產品包括非處方藥、獸醫飲食、藥房、複合藥物、遠程保健、Petscriptions 和現在的 Practice Hub，這是一個獨特的創新市場，為獸醫社區提供了一個充分利用所有優勢的完整電子商務解決方案chewy.com 的。

More importantly, we are just getting started. In addition to what we have shared today, we are working on multiple new initiatives across Chewy Health, and we look forward to sharing these with you in the not-too-distant future.

更重要的是，我們才剛剛開始。除了我們今天分享的內容外，我們還在 Chewy Health 開展多項新舉措，我們期待在不久的將來與您分享這些內容。

Let's exit these innovation updates with a brief check-in on our newest launch fresh, prepared foods. Our expansion in the fresh and prepared food space continues as planned. The launch is still in early days, and we are refining the product and service offerings based on customer feedback, keeping food safety and customer experience top of mind. Here are a few data points to apprise you of the ramp.

讓我們結束這些創新更新，簡要回顧一下我們最新推出的新鮮預製食品。我們在新鮮和熟食領域的擴張繼續按計劃進行。發布仍處於早期階段，我們正在根據客戶反饋改進產品和服務，始終將食品安全和客戶體驗放在首位。這裡有一些數據點可以讓您了解斜坡。

We can now successfully ship product in custom-designed sustainable packaging to customers across 25 states, covering 56% of the U.S. population. Overall customer feedback is positive, and we continue to fine-tune our product and service offering based on this feedback. Fresh and prepared Autoship sales as a percent of net sales are already approaching 50%. With fresh and prepared foods, we intend to deliver a customer experience that will rival how pet parents shop today by offering them a broad selection, great prices and the unparalleled convenience and customer service that are Chewy's hallmark.

我們現在可以成功地將採用定制設計的可持續包裝的產品運送給 25 個州的客戶，覆蓋美國 56% 的人口。總體客戶反饋是積極的，我們將繼續根據這些反饋微調我們的產品和服務。新鮮和準備好的 Autoship 銷售額占淨銷售額的百分比已經接近 50%。對於新鮮和預製食品，我們打算通過為他們提供廣泛的選擇、優惠的價格以及 Chewy 標誌性的無與倫比的便利和客戶服務，提供可與寵物父母今天的購物方式相媲美的客戶體驗。

I will conclude my remarks by reiterating my confidence in our second half outlook. Despite the uncertainty of the current operating environment, we continue to execute our business plan with rigor and enthusiasm. Our fundamental growth drivers, expanding our customer base, increasing share of wallet and building out our highly profitable verticals remain intact. We continue to drive year-over-year improvements in key metrics like net sales, gross margin, adjusted EBITDA margin, NSPAC and free cash flow.

最後，我將重申我對下半年前景的信心。儘管當前經營環境存在不確定性，但我們繼續以嚴謹和熱情的態度執行我們的業務計劃。我們的基本增長動力、擴大我們的客戶群、增加錢包份額以及建立我們高利潤的垂直行業都保持不變。我們繼續推動淨銷售額、毛利率、調整後 EBITDA 利潤率、NSPAC 和自由現金流等關鍵指標的同比改善。

And finally, amidst all the ongoing uncertainty, the Chewy team remains as relentless and customer-obsessed as ever, delivering new and exciting experiences to our pet parents and delivering top and bottom line growth for our shareholders.

最後，在所有持續存在的不確定性中，Chewy 團隊一如既往地堅持不懈和以客戶為中心，為我們的寵物父母提供新的令人興奮的體驗，並為我們的股東實現收入和利潤增長。

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

有了這個，我現在將把電話轉給馬里奧。

Thank you, Sumit. I am happy to share our results as the execution of our long-term growth strategy continues to bear fruit.

謝謝你，蘇米特。我很高興分享我們的成果，因為我們長期增長戰略的執行繼續取得成果。

Beginning with our top line results. Second quarter net sales were $2.16 billion, representing 26.8% growth. On a 2-year stack basis, Q2 2021 sales were $1 billion higher than the second quarter of 2019. Out-of-stock levels remained elevated in the second quarter, but they improved modestly versus the first quarter, resulting in a smaller drag on net sales in Q2. This is a result of supply chain conditions improving in some areas as certain vendors reduced backlogs. However, other areas like wet dog food are still being affected by industry-wide production capacity limitations.

從我們的頂級結果開始。第二季度淨銷售額為 21.6 億美元，增長 26.8%。按 2 年疊加計算，2021 年第二季度的銷售額比 2019 年第二季度高出 10 億美元。第二季度缺貨水平仍然很高，但與第一季度相比略有改善，因此對市場的拖累較小第二季度的淨銷售額。這是由於某些供應商減少了積壓，因此某些地區的供應鏈狀況有所改善。然而，濕狗糧等其他領域仍受到全行業產能限制的影響。

Second quarter Autoship customer sales increased 30.3% to $1.51 billion or a 37.6% CAGR over the last 2 years. Second quarter Autoship customer sales as a percentage of net sales increased 200 basis points to 70.3%. This improvement in Autoship penetration rate reflects maturation of the 2020 customer cohort in AutoShip's growing value proposition. Active customers were 20.1 million at the end of Q2, an increase of 21.1% year-over-year. 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. As Sumit mentioned, year-to-date gross customer adds are running 20% above the comparable pre-pandemic period in 2019, and retention rates are stable.

第二季度 Autoship 客戶銷售額增長 30.3% 至 15.1 億美元，過去 2 年的複合年增長率為 37.6%。第二季度 Autoship 客戶銷售額占淨銷售額的百分比增長 200 個基點至 70.3%。 AutoShip 滲透率的提高反映了 2020 年 AutoShip 不斷增長的價值主張中客戶群體的成熟。第二季度末活躍客戶為2010萬，同比增長21.1%。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。正如 Sumit 所提到的，年初至今的總客戶增加量比 2019 年大流行前的可比時期高出 20%，並且保留率穩定。

To better demonstrate the dynamics of new customer adds and retention as they relate to net active customer adds, we have included a supplemental section on this topic in our shareholder letter this quarter. Second quarter net sales per active customer, or NSPAC, increased $48 or 13.5% to $404. This was a $16 sequential increase over Q1. On an absolute dollar basis, both the year-over-year and sequential NSPAC increases were the largest in the company's history. We expect that NSPAC growth will remain strong for the balance of the year as the 2020 cohort continues to mature and we expand our customer offerings.

為了更好地展示新客戶增加和保留的動態，因為它們與淨活躍客戶增加有關，我們在本季度的股東信中包含了關於該主題的補充部分。第二季度每個活躍客戶的淨銷售額 (NSPAC) 增長 48 美元或 13.5% 至 404 美元。這比第一季度增加了 16 美元。按絕對美元計算，NSPAC 的同比增長和連續增長都是公司歷史上最大的。我們預計，隨著 2020 年隊列的不斷成熟和我們擴大客戶服務範圍，NSPAC 的增長將在今年餘下時間保持強勁。

Moving down to income statement. Second quarter gross margin increased 200 basis points to 27.5%. Delivering 200 basis points of gross margin expansion in the current environment is a strong testament to our ability to scale our operations, increase share of wallet and build a strong recurring revenue base by delivering best-in-class customer service to each and every pet parent.

向下移動到損益表。第二季度毛利率增長 200 個基點至 27.5%。在當前環境下實現 200 個基點的毛利率增長有力地證明了我們有能力通過向每一位寵物父母提供一流的客戶服務來擴大業務規模、增加錢包份額並建立強大的經常性收入基礎.

Second quarter operating expenses, which include SG&A and advertising and marketing, were $609.6 million or 28.3% of net sales compared to 27.4% in the second quarter 2020. The increase reflects the incremental investments we made in both SG&A to overcome the current demand and supply imbalance in labor markets and in marketing. I will expand on both of these areas next.

包括 SG&A 以及廣告和營銷在內的第二季度運營費用為 6.096 億美元，占淨銷售額的 28.3%，而 2020 年第二季度為 27.4%。這一增長反映了我們為克服當前需求和供應而在 SG&A 方面進行的增量投資勞動力市場和營銷失衡。接下來我將擴展這兩個領域。

SG&A, which includes all fulfillment and customer service costs, credit card processing fees, corporate overhead and share-based compensation, totaled $437.7 million in the second quarter or 20.3% of net sales compared to 20.2% in the second quarter of 2020. SG&A, excluding share-based compensation, totaled $412.1 million in the second quarter of 2021 or 19.1% of net sales, an increase of 110 basis points. This increase reflects the incremental $30 million we invested in wages, hiring incentives and recruiting in the second quarter.

SG&A 第二季度總計 4.377 億美元，包括所有履行和客戶服務成本、信用卡手續費、公司間接費用和基於股份的薪酬，占淨銷售額的 20.3%，而 2020 年第二季度為 20.2%。SG&A，不包括基於股份的薪酬，2021 年第二季度總計 4.121 億美元，占淨銷售額的 19.1%，增長 110 個基點。這一增長反映了我們在第二季度的工資、招聘激勵和招聘方面增加了 3000 萬美元的投資。

Not only was this budget that's been in line with the Q2 expectations we outlined on our last earnings call, but it is also approximately twice as much as we spent on these items in the first quarter. Without this $30 million of additional labor expenses, second quarter SG&A, excluding share-based compensation, would have scaled 30 basis points year-over-year to 17.7% of net sales.

該預算不僅符合我們在上次財報電話會議上概述的第二季度預期，而且大約是我們第一季度在這些項目上花費的兩倍。如果沒有這 3000 萬美元的額外人工費用，第二季度的 SG&A（不包括基於股份的薪酬）將同比增長 30 個基點，達到淨銷售額的 17.7%。

Said differently, the permanent leverage in SG&A that we have delivered and expect to deliver in the future is being offset by temporary macro factors that are driving incremental costs. This demonstrates our ability to fund needed FC capacity and still leverage operating expenses. We believe that the investments we are making in our team members, automation and technology will drive higher engagement, retention and productivity, enabling us to effectively scale SG&A over the long term.

換句話說，我們已經交付並期望在未來交付的 SG&A 的永久槓桿正在被推動增量成本的臨時宏觀因素所抵消。這表明我們有能力為所需的 FC 容量提供資金，並仍然利用運營費用。我們相信，我們在團隊成員、自動化和技術方面的投資將推動更高的敬業度、保留率和生產力，使我們能夠長期有效地擴展 SG&A。

Second quarter advertising and marketing was $172 million or 8% of net sales, an 80 basis point increase versus second quarter of 2020. While we expected an increase in this line item as ad rates have been on an upward trend since bottoming out in early 2020 and organic customer growth rates have returned to pre-pandemic levels, the rate of increase we saw in Q2 was unprecedented, even for the seasonally strong quarter.

第二季度廣告和營銷為 1.72 億美元，占淨銷售額的 8%，比 2020 年第二季度增長 80 個基點。雖然我們預計該訂單項會增加，因為廣告費率自 2020 年初觸底以來一直呈上升趨勢並且有機客戶增長率已恢復到大流行前的水平，我們在第二季度看到的增長率是前所未有的，即使對於季節性強勁的季度也是如此。

As we enter the third quarter, ad rates have moderated somewhat, but still remain above Q1 levels. It is worth noting that even with these 2 factors at play, when we take a 2-year view, marketing spend in the second quarter scaled 160 basis points, while at the same time, we acquired more customers in the second quarter of this year than we did in second quarter 2019.

隨著我們進入第三季度，廣告費率有所緩和，但仍高於第一季度的水平。值得注意的是，即使有這兩個因素在起作用，當我們從 2 年的角度來看，第二季度的營銷支出達到了 160 個基點，同時，我們在今年第二季度獲得了更多的客戶比我們在 2019 年第二季度所做的還要多。

What this reflects is the efficacy of our marketing spend, which primarily focuses on acquiring and then developing customers to produce higher levels of profitable sales that increase the longer they stay with us. As a result, marketing scales as we grow. This, combined with improvements in gross margin, drives our LTV to CAC ratios over time.

這反映了我們營銷支出的有效性，營銷支出主要側重於獲取和發展客戶，以產生更高水平的盈利銷售，從而增加他們與我們在一起的時間。因此，營銷規模隨著我們的成長而擴大。隨著時間的推移，這與毛利率的提高相結合，推動了我們的 LTV 與 CAC 的比率。

Second quarter net loss was $16.7 million, improving $16.1 million versus the second quarter of 2020. And net margin improved 110 basis points to a negative 0.8%. Adjusted EBITDA was $23.3 million, improving $7.8 million versus the second quarter of 2020. And adjusted EBITDA margin improved 20 basis points to 1.1%. As we have previously shared, we expect to make gradual and incremental improvement in profitability on an annual basis while retaining the flexibility to make short-term investments in a given quarter for the long-term benefit of the company and our shareholders.

第二季度淨虧損為 1670 萬美元，比 2020 年第二季度減少 1610 萬美元。淨利潤率提高 110 個基點至負 0.8%。調整後的 EBITDA 為 2330 萬美元，比 2020 年第二季度增加 780 萬美元。調整後的 EBITDA 利潤率提高 20 個基點至 1.1%。正如我們之前分享的那樣，我們希望每年逐步提高盈利能力，同時保留在給定季度進行短期投資的靈活性，以實現公司和股東的長期利益。

Moving on to free cash flow. Second quarter free cash flow was $60.3 million, reflecting $85.1 million in positive cash flow from operating activities and $24.8 million of capital expenditures. The positive operating cash in Q2 was primarily a function of favorable working capital, only partially offset by growth in our inventory levels as we work to protect our supply chain.

繼續自由現金流。第二季度自由現金流為 6,030 萬美元，反映出來自經營活動的 8,510 萬美元正現金流和 2,480 萬美元的資本支出。第二季度的正經營現金主要是有利的營運資金的作用，只是部分被我們努力保護供應鏈時庫存水平的增長所抵消。

Capital investments included additions to our fulfillment network, including cash outlays for our new FCs in Pennsylvania and Kansas City as well as ongoing IT projects. We finished the quarter with $725 million of cash and cash equivalents on the balance sheet and no debt. In addition, we recently upsized our ABL facility to $500 million. This facility remains undrawn and, combined with our cash on hand, provides us over $1.2 billion in available liquidity.

資本投資包括增加我們的履行網絡，包括我們在賓夕法尼亞州和堪薩斯城的新 FC 以及正在進行的 IT 項目的現金支出。我們在本季度末的資產負債表上有 7.25 億美元的現金和現金等價物，並且沒有債務。此外，我們最近將 ABL 設施擴大到 5 億美元。該貸款仍未提取，加上我們手頭的現金，為我們提供了超過 12 億美元的可用流動資金。

That concludes my second quarter recap. So now let's discuss our third quarter and full year guidance. Environmental crosscurrents continue to make precision forecasting difficult. Macro conditions seem to be improving as vaccination levels increase, although the Delta variant is clouding that picture. At the same time, supply chain and labor market challenges remain, and no one really knows how long or to what extent these might prevail. Still, there's a lot to be bullish about as the trends toward increased pet ownership, higher per pet spending and category shift towards online, all remain positive.

我的第二季度回顧到此結束。所以現在讓我們討論我們的第三季度和全年指導。環境逆流繼續使精確預測變得困難。隨著疫苗接種水平的提高，宏觀環境似乎正在改善，儘管 Delta 變種使情況蒙上了陰影。與此同時，供應鍊和勞動力市場的挑戰依然存在，而且沒有人真正知道這些挑戰會持續多久或持續到什麼程度。儘管如此，隨著寵物擁有量增加、每隻寵物支出增加以及品類轉向在線等趨勢，仍有很多值得樂觀的地方，所有這些都保持積極。

Consumers may have started redirecting some of their discretionary spending back to areas like travel or dining out, but on the whole, spending on the family pet isn't really discretionary. While there may be a few less indulgences on treats and toys as we return to the office and some consumers might cross-shop more as they venture out and about, we don't believe that it's going to alter the long-term trajectory of the pet category's ongoing shift towards greater online penetration.

消費者可能已經開始將他們的一些可自由支配的支出重新定向到旅行或外出就餐等領域，但總的來說，在家庭寵物上的支出並不是真正的自由支配。雖然當我們回到辦公室時，對零食和玩具的放縱可能會減少一些，而且一些消費者在外出走動時可能會更多地交叉購物，但我們認為這不會改變長期趨勢寵物品類正在向更高的在線滲透率轉變。

In fact, Chewy's growing product and service offerings, compelling value proposition and unparalleled customer service have positioned us well to capitalize on the industry's expected growth and to keep gaining market share as sales continue to migrate online. Despite the elevated opacity of the current operating environment, we remain confident in our ability to deliver another year of strong top line growth and adjusted EBITDA margin expansion.

事實上，Chewy 不斷增長的產品和服務、引人注目的價值主張和無與倫比的客戶服務使我們能夠很好地利用行業的預期增長，並隨著銷售繼續轉向在線而繼續獲得市場份額。儘管當前運營環境的不透明度增加，但我們仍然相信我們有能力實現又一年的強勁收入增長和調整後的 EBITDA 利潤率擴張。

With that, we are reiterating our full year top and bottom line outlook as follows. We expect third quarter net sales to be between $2.20 billion and $2.22 billion, representing 23% to 25% year-over-year growth. We expect our full year 2021 net sales to be between $8.9 billion and $9.0 billion, representing 25% to 26% year-over-year growth. And finally, we expect our full year 2021 adjusted EBITDA margin to expand between 80 and 120 basis points.

有鑑於此，我們重申我們的全年頂線和底線展望如下。我們預計第三季度淨銷售額將在 22 億美元至 22.2 億美元之間，同比增長 23% 至 25%。我們預計 2021 年全年淨銷售額將在 89 億美元至 90 億美元之間，同比增長 25% 至 26%。最後，我們預計 2021 年全年調整後的 EBITDA 利潤率將擴大 80 至 120 個基點。

As you update your models, please keep the following in mind. We still expect to add more new customers this year than we did in 2019, but not as many as we did during the pandemic last year. Normal attrition rates for a cohort as large as 2020 creates a meaningful headwind against net active customer adds this year. We expect this to be a 1-year phenomenon and the delta between gross and net adds is anticipated to normalize next year. As I mentioned, we added a supplemental section on this topic to our shareholder letter this quarter. So please check that out for more details on the mechanics and math behind net active customer adds.

在更新模型時，請牢記以下幾點。我們仍然預計今年會比 2019 年增加更多新客戶，但不會像去年大流行期間那樣多。與 2020 年一樣大的群體的正常流失率對今年的淨活躍客戶增加造成了重大不利影響。我們預計這將是 1 年的現象，總增幅和淨增幅之間的差值有望在明年正常化。正如我所提到的，我們在本季度的股東信中添加了關於這個主題的補充部分。因此，請查看它以了解有關淨活躍客戶增加背後的機制和數學的更多詳細信息。

Additionally, if the current labor shortages persist, they may lead to delays in orders leaving our FCs, similar to what we saw in the second quarter of last year, as demand surged and shipments lagged. This could affect reported net sales, because we do not book the revenue from an order until it ships. To be clear, this simply affects the timing of when sales are recognized, as reported revenue shifts from one quarter into the next. Any potential inter-quarter revenue facing is not incorporated into our current guidance, and improvements in the labor market could reduce or fully mitigate any risk.

此外，如果當前的勞動力短缺持續存在，它們可能會導致離開我們 FC 的訂單延遲，類似於我們在去年第二季度看到的情況，因為需求激增而出貨量滯後。這可能會影響報告的淨銷售額，因為我們不會在訂單發貨前計入訂單收入。需要明確的是，這只會影響確認銷售額的時間，因為報告的收入會從一個季度轉移到下一個季度。任何潛在的季度間收入都沒有納入我們目前的指導方針，勞動力市場的改善可以減少或完全減輕任何風險。

As we continue to execute against our strategic plan of increasing scale, growing share of wallet and expanding our product and service offerings, we remain focused on operational discipline and on driving meaningful margin expansion. Our 2021 guidance reflects net sales growth of 25% or better and adjusted EBITDA that is approximately 2x what we generated last year. We are delivering incremental profitability. At the same time, we are making meaningful investments in the infrastructure that will support our growth, as evidenced by the fact that we will nearly double our fulfillment footprint in 2 years. In short, we are bullish about Chewy's future.

隨著我們繼續執行我們擴大規模、增加錢包份額和擴大我們的產品和服務範圍的戰略計劃，我們仍然專注於運營紀律和推動有意義的利潤擴張。我們的 2021 年指引反映了 25% 或更高的淨銷售額增長以及調整後的 EBITDA 大約是我們去年產生的 2 倍。我們正在提供增量盈利能力。與此同時，我們正在對支持我們增長的基礎設施進行有意義的投資，事實證明，我們將在 2 年內將我們的履約足跡翻一番。簡而言之，我們看好 Chewy 的未來。

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

有了這個，我會把電話轉給接線員。

(Operator Instructions) Our first question today comes from Steph Wissink with Jefferies.

（操作員說明）我們今天的第一個問題來自 Jefferies 的 Steph Wissink。

We have 2 questions. One is more of a technical question just on your comments on the wet food still being limited. If you could just talk a little bit about what you think that might have been as an impact to Q2 sales. And then maybe if you could talk a little bit about the NSPAC. It seems like it's coming in much stronger than we would have expected even at this point in your maturation. So talk a little bit about how you're thinking about NSPAC contribution. I think you mentioned balance across net adds and NSPAC. But how are you thinking about NSPAC over the back half of the year and then maybe as we think about 2022?

我們有 2 個問題。一個更多的是技術問題，只是關於您對濕食品的評論仍然有限。如果你能談談你認為這可能對第二季度銷售產生的影響。然後也許你可以談談 NSPAC。即使在你成熟的這個階段，它的到來似乎也比我們預期的要強大得多。所以談談你對 NSPAC 貢獻的看法。我想你提到了淨增加和 NSPAC 之間的平衡。但是你如何看待今年下半年的 NSPAC，然後可能就像我們對 2022 年的看法一樣？

This is Sumit. I'll take the first one. Mario will take the second one. The -- we estimate the impact to be lower than Q1 and in the range of $25 million to $30 million for wet food production.

這是蘇米特。我要第一個。馬里奧會拿第二個。 - 我們估計濕食品生產的影響低於第一季度，在 2500 萬至 3000 萬美元之間。

This is Mario. So I'll take the second part. So NSPAC, you're right, the strength in NSPAC is meaningful. In fact, if you look at the $404 that we reported in the second quarter and you look back sequentially and year-over-year, that is the fastest growth we've seen in dollar terms for that metric.

這是馬里奧。所以我會講第二部分。所以 NSPAC，你是對的，NSPAC 的實力是有意義的。事實上，如果你看看我們在第二季度報告的 404 美元，然後按順序和同比回顧，這是我們看到的該指標以美元計算的最快增長。

But let me sort of give you color around what's happening around NSPAC. So if we start with the cohort that joined us in the first half of 2020, since that's been the topic of conversation in the past, we now have at least 1 full year of data for that cohort. Those customers now have a NSPAC in the following 4 quarters since joining of over $400. That's higher than cohorts in 2019 and the first year following their acquisition.

但是讓我給你一些關於 NSPAC 周圍發生的事情的顏色。因此，如果我們從 2020 年上半年加入我們的隊列開始，因為這是過去的談話主題，我們現在至少有該隊列的 1 整年數據。自加入以來，這些客戶現在在接下來的 4 個季度中擁有超過 400 美元的 NSPAC。這高於 2019 年和收購後第一年的同期人數。

So what it tells us is that the hypothesis we had, that not only were those customers going to spend more upfront, but that their spend going forward would be higher holds. Think about it in terms of the NSPAC curve that we've shared with you in the past. We believe that curve has shifted upwards for that cohort. So that's very positive, right? We also had a hypothesis that -- and we shared this with you last year that the 2020 cohort would develop LTV profiles that were as good, if not better than predecessor cohorts. And so far, that's also proving out to be the case.

所以它告訴我們的是，我們的假設是，這些客戶不僅會在前期花費更多，而且他們未來的支出會更高。考慮一下我們過去與您分享的 NSPAC 曲線。我們認為該人群的曲線已經向上移動。所以這是非常積極的，對吧？我們也有一個假設——我們去年與您分享了這一點，即 2020 年的人群將開發出與前一代人群一樣好的 LTV 概況，如果不是更好的話。到目前為止，事實也證明是這樣。

Now if we think about customer behavior more broadly, the average spend per new customer in the second quarter was higher than last year. So that -- the average spend per new customer in the quarter continues to rise year-over-year, and we've seen that trend in the last few quarters. Autoship sign-up rates remain strong, and they're running higher than last year. And the average basket size remain above pre-pandemic levels. And the sales mix within our basket size is supporting the gross margin expansion. So all those metrics and all those factors are helping in the various line items.

現在，如果我們更廣泛地考慮客戶行為，第二季度每位新客戶的平均支出高於去年。因此——本季度每個新客戶的平均支出同比繼續增長，我們在過去幾個季度看到了這種趨勢。自動訂貨註冊率依然強勁，而且高於去年。平均籃子規模仍高於大流行前的水平。我們籃子規模內的銷售組合支持毛利率的增長。因此，所有這些指標和所有這些因素都有助於各種訂單項。

Moreover, I think if you go back longer trend customer behavior, again, going back to what we shared with you in the past, remember that customers spend more the longer they stay with us. And those trends have repeated themselves year after year after year since our launch. And to give you an example of that, every cohort that we acquired in 2015 and prior to 2015 has a NSPAC in the last 12 months of over $800. So again, all the trends, all the metrics that we're seeing are still pointing in the right direction.

此外，我認為，如果您回顧更長期的趨勢客戶行為，再次回到我們過去與您分享的內容，請記住，客戶在我們這裡停留的時間越長，花費就越多。自我們推出以來，這些趨勢年復一年地重演。舉個例子，我們在 2015 年和 2015 年之前收購的每個隊列在過去 12 個月的 NSPAC 超過 800 美元。因此，我們看到的所有趨勢、所有指標仍然指向正確的方向。

Our next question comes from Mark Mahaney with Evercore ISI.

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

Let me ask a couple, please. First is, you talk about leaning more into some -- leaning into some new marketing channels, but I don't think you described what those were. Any color on those?

請讓我問一對夫婦。首先是，你談論更多地傾向於一些——傾向於一些新的營銷渠道，但我認為你沒有描述那些是什麼。那些有顏色嗎？

This is Sumit. No, we haven't provided color on those, Mark, just on the basis of sensitivity and information that we're still kind of experimenting and don't want to release publicly at this point.

這是蘇米特。不，我們還沒有提供顏色，馬克，只是基於我們仍在試驗的敏感性和信息，此時不想公開發布。

Okay. Understood. Then let me switch. These elevated costs you're seeing in labor and marketing, there's no particular reason why you have visibility into when those would change. Like as you think about it, to the extent to which they're temporary or permanent, I don't think there's a way to answer that, but do you have a strong point of view as to whether those elevated costs in both of those areas are things that -- are they permanent? Or is it after 3 or 4 quarters, those should abate? Any opinion on that?

好的。明白了。那我換吧您在勞動力和市場營銷中看到的這些高成本，沒有什麼特別的理由可以讓您了解這些成本何時會發生變化。就像你想的那樣，就它們是暫時的還是永久的而言，我認為沒有辦法回答這個問題，但你是否有強烈的觀點認為這兩種情況下的成本都增加了？區域是指——它們是永久的嗎？或者是在 3 或 4 個季度之後，這些應該會減少？對此有何看法？

When you say both areas, you mean labor and -- which one is the second area?

當你說這兩個領域時，你指的是勞動力——第二個領域是哪個？

[End mark], you talked about rising ad costs, price per ad or...

[結束標記]，你談到了廣告成本上升、每個廣告的價格或......

Okay. Let me provide color on both. So on labor, no, we don't have perfect visibility. What we are is we're triangulating data across markets where we have fulfillment centers and the forecasted -- our forecast and the fill that we are getting as a result of that, both in terms of short-term and long-term fill rates. And we've triangulated data to understand the impact of where the pandemic or the Fed benefits have retained versus where they have expired and the correlation to what labor inflow or increase they provided to us on an index basis.

好的。讓我提供兩者的顏色。所以在勞動力方面，不，我們沒有完美的能見度。我們的情況是，我們正在對我們擁有履行中心和預測的市場的數據進行三角測量——我們的預測和我們因此獲得的填充率，包括短期和長期填充率。我們對數據進行了三角測量，以了解大流行病或美聯儲福利保留的地方與它們已經到期的地方的影響，以及它們在指數基礎上向我們提供的勞動力流入或增加的相關性。

So what we have seen so far, Mark, is that the states where pandemic or the Fed benefits have expired have provided us somewhere between a 25% to 35% improvement in labor fill rates. And -- but the data is not -- it's empirical data, and we're triangulating across a couple of different sources, but we are tracking it closely. We don't have full confidence on how the situation might evolve. But we are waiting for labor markets to kind of reveal themselves in terms of data points a bit stronger over the next couple of weeks so that we can move into Q3 in the appropriate manner. For now, we're maintaining the level of investments that we've committed to make sure that there is business continuity and customer experience preservation in terms of managing our shipments.

馬克，到目前為止，我們所看到的是，大流行病或美聯儲福利已經到期的州為我們提供了 25% 到 35% 的勞動力填充率提高。而且——但數據不是——它是經驗數據，我們正在對幾個不同的來源進行三角測量，但我們正在密切跟踪它。我們對情況可能如何演變沒有完全的信心。但我們正在等待勞動力市場在未來幾週內在數據點方面表現得更好一些，以便我們能夠以適當的方式進入第三季度。目前，我們將維持我們承諾的投資水平，以確保在管理我們的貨運方面保持業務連續性和客戶體驗。

Coming to marketing. Marketing is an area where the landscape evolved rapidly in Q2. And a part of this was expected in terms of ad cost recovering and participation rates improving from all players, online and retail. The rate, of course, as Mario mentioned, was unprecedented. And I'll give you a little bit of color there here in the next 1 minute. And then -- and so what we really saw was overall shopper demand in the online in pet category in Q2 was flat to slightly down on a year-over-year basis.

來營銷。營銷是第二季度發展迅速的一個領域。預計其中一部分是廣告成本回收和所有在線和零售玩家的參與率提高。當然，正如馬里奧所說，這個速度是前所未有的。在接下來的 1 分鐘內，我會在這裡給你一些顏色。然後——所以我們真正看到的是，第二季度寵物類別在線購物者的總體需求與去年同期相比持平或略有下降。

And before it started picking up again and towards the latter part of July and that uptick has actually continued into August. Amidst flat to declining industry-level pet traffic, Chewy's traffic in Q2 approximately increased or was up approximately 20 percentage point premium to the overall industry. And that indicates both a healthy inflow of customers, and it also indicates that we're actually gaining share as the year plays out.

在它再次開始回升之前，到 7 月下旬，這種回昇實際上一直持續到 8 月。在行業級寵物流量持平或下降的情況下，Chewy 在第二季度的流量大約增加或比整個行業高出約 20 個百分點。這既表明客戶的健康流入，也表明我們實際上在今年結束時獲得了份額。

Now the online segment softness in Q2, we also saw directly correlated with May and June, which were the months where queries for travel, restaurants, local retailers were at 12 months high, which makes sense because customers are venturing out pre-Delta evolution. So to counter this traffic decrease in online and at the same time to incent consumers to revert to their pre-pandemic store shopping behavior, both retailers and e-tailers spent marketing dollars vigorously on paid channels and participated across Q2 promotional events.

現在，第二季度的在線細分市場疲軟，我們還看到與 5 月和 6 月直接相關，這兩個月份對旅遊、餐廳、本地零售商的查詢達到 12 個月高點，這是有道理的，因為客戶正在冒險走出 Delta 發展之前。因此，為了應對這種在線流量的減少，同時激勵消費者恢復到大流行前的商店購物行為，零售商和電子零售商都在付費渠道上大力投入營銷資金，並參與了整個第二季度的促銷活動。

As a result of this behavior, we saw pricing inputs increase across the board. So just as a reference, Google CPCs climbed 51% year-to-date in pet supplies category. And Facebook's average ad prices increased 47% year-over-year. And in pet, we actually estimate CPMs increased over 80% year-over-year in these months. These have been the highest year-over-year increases that we've observed in this space.

由於這種行為，我們看到定價投入全面增加。因此，作為參考，谷歌在寵物用品類別中的每次點擊費用年初至今攀升了 51%。 Facebook 的平均廣告價格同比上漲 47%。在寵物方面，我們實際上估計這幾個月的每千次展示費用同比增長超過 80%。這是我們在該領域觀察到的最高同比增幅。

Now I'll exit by saying this. As we've alluded to before, I mean, we don't really have a -- we don't really spend to a predefined marketing budget. Instead, we let the returns and the LTV to CAC ratios guide our payback philosophies. All in all, we believe we spent incremental 50 basis points or $11 million higher than our internal forecast that could be attributed to these rising ad costs. Now as we step out of Q2 into Q3, ad costs have moderated. So they are running below Q2 highs and they're running above Q1 level at this point. So that's sort of the sentiment as we move into Q2.

現在我將退出。正如我們之前提到的，我的意思是，我們真的沒有——我們並沒有真正花在預定義的營銷預算上。相反，我們讓回報和 LTV 與 CAC 的比率指導我們的回報理念。總而言之，我們認為我們比內部預測增加了 50 個基點或 1100 萬美元，這可能歸因於這些不斷上漲的廣告成本。現在，當我們走出第二季度進入第三季度時，廣告成本有所下降。因此，它們目前運行在第二季度高點下方，並且高於第一季度水平。這就是我們進入第二季度時的情緒。

And sorry, one last quick question. Thanks a ton for that page -- that Slide 17 -- Page 17. I appreciate the simple math behind that. When in your press release -- in the shareholder letter, you talk about retention rates being consistent, that's the same thing as saying that the churn rates are relatively consistent? You're using the same terminology there?

抱歉，最後一個快速問題。非常感謝那個頁面——那個幻燈片 17——第 17 頁。我很欣賞它背後的簡單數學。在你的新聞稿中 - 在股東信中，你談到保留率是一致的，這與說流失率相對一致是一回事嗎？你在那裡使用相同的術語？

Yes. Yes, we're.

是的。是的，我們是。

Our next question comes from Doug Anmuth with JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

I have 2. First, just on customer additions. Would you still expect 2021 to return to pre-COVID or 2019 type of levels, which would suggest bigger sequential pickup in the back half? Or is the composition of how you get to that -- to your revenue a little bit different with customers somewhat below that and then just the higher NSPAC that you're seeing?

我有 2 個。首先，只是關於客戶添加。您是否仍預計 2021 年會恢復到 COVID 之前或 2019 年的水平，這表明後半段會有更大的連續回升？或者你如何實現這一目標的構成 - 你的收入與客戶略有不同，然後你看到的只是更高的 NSPAC？

And then secondly, Sumit, if you can talk a little bit about Chewy Practice Hub for vets. Curious on your view of how that opens up the addressable market for prescriptions. Any early feedback you can provide from vet partners and just what you've learned from the 8,000 clinics that you've been working with on the back end so far?

其次，Sumit，如果你能談談獸醫的 Chewy Practice Hub。想知道您對這如何打開可尋址的處方藥市場的看法。您可以從獸醫合作夥伴那裡提供任何早期反饋，以及到目前為止您從後端合作的 8,000 家診所中學到了什麼？

I'll take the first part of the question, and then Sumit will address your second part. But when you think about the active customer adds this year -- and this is why we included a supplemental in the shareholder letter is to show you the math behind it. I would expect the impact of the very large, I would say, record-size cohort in 2020 to still moderate or mask the number of adds we have this year.

我將回答問題的第一部分，然後 Sumit 將回答您的第二部分。但是，當你想到今年增加的活躍客戶時——這就是為什麼我們在股東信中加入了一份補充文件，目的是向你展示其背後的數學原理。我預計 2020 年規模非常大、創紀錄的隊列的影響仍會緩和或掩蓋我們今年的新增人數。

Said more plainly, I would expect our net active adds this year to continue to pace at a lower rate than we saw in 2019. Now that is a 1-year phenomenon. So by next year, by 2022, we expect the -- this very large cohort and the attrition that happens naturally in absolute terms to work itself through the sort of the cycle, let's call it that. On the flip side, what you have is NSPAC that is growing very quickly. So that means that the customers that we're retaining and the customers we're acquiring are spending more and more on the platform. That's a very good sign.

更直白地說，我預計今年我們的淨活躍增加將繼續以低於 2019 年的速度增長。現在這是一個 1 年的現象。因此，到明年，到 2022 年，我們預計——這個非常龐大的群體和自然發生的自然減員將在這種循環中發揮作用，我們就這樣稱呼它吧。另一方面，你擁有的是增長非常快的 NSPAC。因此，這意味著我們保留的客戶和我們獲得的客戶在平台上的花費越來越多。這是一個很好的跡象。

So not only have we acquired and are retaining a very large number of customers, in fact, adding more gross adds this year than we did in 2019, those customers are spending more and more with us over time. So those are very good dynamics that lead to expanding -- growing top line that lead to expanding gross margin, because repeat orders are more profitable than first orders, and also lead to more efficiencies in the supply chain and therefore expanding bottom line as well. So those are good inputs in terms of NSPAC and active customer adds.

因此，我們不僅獲得併保留了大量客戶，事實上，今年增加的總增加量比 2019 年還多，隨著時間的推移，這些客戶在我們這裡的消費越來越多。因此，這些都是導致擴張的非常好的動力——不斷增長的收入會導致毛利率的擴大，因為重複訂單比第一筆訂單更有利可圖，還會提高供應鏈的效率，從而擴大利潤。因此，就 NSPAC 和活躍客戶增加而言，這些都是很好的投入。

Okay. That's very clear.

好的。這很清楚。

Doug, I'll take the Practice Hub. So this one we're very excited about. The way -- if you recall, in previous earnings calls, I've shared that our research indicates 1/3 of pet parents do not take their pet to the vet or don't do so at a recurring frequency. So compliance is constrained or compressed in the industry that actually holds back TAM.

道格，我去練習中心。所以我們對此感到非常興奮。方式——如果你還記得，在之前的財報電話會議上，我曾分享過我們的研究表明，1/3 的寵物父母不會帶寵物去看獸醫，或者不會經常帶寵物去看獸醫。因此，在實際阻礙 TAM 的行業中，合規性受到限製或壓縮。

Secondly, this allows us to work with veterinarians more closely as direct partners, right? And we've always been clear about the fact that we're building an ecosystem where the pet, the vet and the pet parent are all very much in the center of the equation and Chewy becomes an enabler to improve experience and complete that journey.

其次，這使我們能夠與獸醫作為直接合作夥伴更緊密地合作，對嗎？我們一直很清楚，我們正在建立一個生態系統，在這個生態系統中，寵物、獸醫和寵物父母都處於等式的中心，而 Chewy 成為改善體驗和完成這一旅程的推動者。

So Practice Hub essentially allows us to accomplish both, right? Vets -- it offers veterinarian -- because veterinarians offers are directly listed on chewy.com, the vets get access to 20-plus million Chewy customers and they also get the benefit and not only access to our powerful Autoship program, but they get the benefit on earning revenue on all repeat Autoship orders. So it incentivizes improvement in compliance and working with a partner like us that actually understands customers and can build on those relationships from an education and awareness and driving repeat traffic point of view.

所以 Practice Hub 本質上可以讓我們同時實現這兩個目標，對吧？獸醫——它提供獸醫——因為獸醫的報價直接列在 chewy.com 上，獸醫可以接觸到 20 多萬 Chewy 客戶，他們也可以獲得好處，不僅可以使用我們強大的 Autoship 計劃，而且他們可以獲得從所有重複的自動訂貨訂單中賺取收益。因此，它鼓勵提高合規性，並與像我們這樣真正了解客戶並可以從教育和意識以及推動重複流量的角度建立這些關係的合作夥伴合作。

And so it just -- with this type of a proposition, it just creates a lucrative flywheel for the veterinarians to be able to effectively participate. And it opens up both the marketplace for not only the -- or the TAM for the veterinarians to participate, but also consumers in the way that we will improve compliance.

所以它只是 - 通過這種類型的提議，它只是為獸醫能夠有效參與創造了一個有利可圖的飛輪。它不僅為獸醫參與的 TAM 或 TAM 開闢了市場，而且也為我們提高合規性的消費者開闢了市場。

And then your second part of the question was the exposure. So today, we're working across several independent clinics and also a very well-known nationally recognized vet group, who have so far been onboarded, and they're helping us perfect the product, which is presently available on a curated and on an invite-only basis. But as the year plays out, we are rapidly looking forward to working across the 8,000 clinics or 8,000 veterinarian practitioners that we have a partnership with, who are already using Petscriptions. So excited about what's to come next.

然後你的問題的第二部分是曝光。所以今天，我們正在與幾個獨立診所和一個非常知名的國家認可的獸醫小組合作，他們到目前為止已經入職，他們正在幫助我們完善產品，目前可以在精选和僅限邀請的基礎。但隨著這一年的結束，我們很快期待與我們合作的 8,000 家診所或 8,000 名獸醫從業者合作，他們已經在使用 Petscriptions。對接下來要發生的事情感到非常興奮。

And what's the timing for when you think this will be kind of fully open to all that?

你認為這將對所有這些完全開放的時間是什麼時候？

Yes. So we will have more to share, Doug, in Q3. But we are actively working with our vet partners, and we believe we will be fully ramped over the next couple of quarters here.

是的。因此，道格，我們將在第三季度分享更多內容。但我們正在積極與我們的獸醫合作夥伴合作，我們相信我們將在接下來的幾個季度內全面提升。

Our next question comes from Brian Fitzgerald with Wells Fargo.

我們的下一個問題來自富國銀行的 Brian Fitzgerald。

I wanted to follow up on Doug's question. And it's in the mechanics of the Practice Hub marketplace. It sounds like it could evolve into a lead gen platform for vets eventually. And Sumit, I think you mentioned a couple of days ago on the CNBC Evolve, you said, look, we're -- the tele-vet is acting as a triage and we're at a point right now where vets are being outpaced -- their capacity is being outpaced by demand. And so it almost acts like a triage situation.

我想跟進 Doug 的問題。它在 Practice Hub 市場的機制中。聽起來它最終可能會演變成獸醫的領先平台。 Sumit，我想你幾天前在 CNBC Evolve 上提到過，你說，看，我們 - 遠程獸醫正在作為一種分類，我們現在正處於獸醫被超越的地步——他們的能力正在被需求所超越。因此，它幾乎就像一種分類情況。

Is this a situation where you could eventually parlay this into a paid product for vets that's helping them get leads, that's helping them manage and triage things and making them more kind of productive to getting the type of work that they need to do versus kind of sorting out stuff that really didn't demand a visit?

在這種情況下，您最終是否可以將其融入為獸醫提供的付費產品中，幫助他們獲得線索，幫助他們管理和分類事物，並使他們更有效率地獲得他們需要做的工作類型而不是那種類型的工作？整理那些真的不需要訪問的東西？

Yes, in short, we have a big bold vision for what we can do with Practice hub as we continue to develop and improve the product. We're starting out with the concept of a curated marketplace and backed by the power of Petscriptions. But your intuition and the way that we're thinking big, there are many -- yes, there are many ways that we're thinking about expanding the product and the service in the future.

是的，簡而言之，隨著我們繼續開發和改進產品，我們對可以使用 Practice hub 做什麼有一個大膽的願景。我們從策劃市場的概念開始，並以 Petscriptions 的力量為後盾。但是你的直覺和我們思考的方式有很多 - 是的，我們正在考慮在未來擴展產品和服務的方式有很多。

And then if I could ask a quick question. Do you have a rough figure for what percentage of the pharma business or the health care business is really akin to subscriptions like anti-parasiticals that heartworm pills show up every so often, you have to keep giving them to the pet?

然後我可以問一個簡短的問題。您是否有一個粗略的數字，即製藥業務或醫療保健業務中有多少百分比真正類似於心絲蟲藥經常出現的抗寄生蟲藥之類的訂閱，您必須繼續將它們給寵物？

Our Autoship subscribe rate is equal or better in the pharma space. Is that sort of where -- what you were asking? Or did I misinterpret your question?

我們的 Autoship 訂閱率在製藥領域等於或更好。那種地方 - 你問的是什麼？還是我誤解了你的問題？

Yes. No, that's helpful. I just -- I wasn't sure what percentage of the TAM anti-parasiticals make up of that $35 billion.

是的。不，那很有幫助。我只是——我不確定 TAM 抗寄生蟲藥物在這 350 億美元中所佔的百分比。

I see. Between heart and preventatives, it makes up 80% of the total $12 billion TAM that exists between OTC and pharma medication today. So extreme pain medication and such makes up roughly 15% to 20% of pharma.

我懂了。在心臟和預防藥物之間，它佔當今非處方藥和藥物之間存在的 120 億美元 TAM 總額的 80%。因此，極端止痛藥等約佔藥品的 15% 至 20%。

Our next question comes from Seth Basham with Wedbush Securities.

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

My question is on your gross add commentary. You talked about it being up 20% year-to-date versus 2019. What's your expectation for the full year 2021 versus 2019?

我的問題是關於您的總添加評論。你談到它今年迄今比 2019 年增長了 20%。你對 2021 年全年和 2019 年的預期是什麼？

Yes, Seth, this is Mario. I'll take this one. So look, we -- no, we don't guide to active customer adds in the year. I think the best way to think about the pacing is that it will -- the effect of the cohort that we acquired last year, you'll see that continue to have an impact, masking of the gross adds we're adding this year. So -- but from a breaking down gross adds and active adds in 2020 -- 2021 that is, we don't do that.

是的，賽斯，這是馬里奧。我要這個。所以看，我們 - 不，我們不會指導今年的活躍客戶增加。我認為考慮節奏的最佳方式是它會——我們去年收購的隊列的影響，你會看到它繼續產生影響，掩蓋了我們今年增加的總增加量。所以——但是從 2020 年的總增加量和活躍增加量來看——2021 年，我們不會那樣做。

Okay. Fair enough. And then secondly, as it relates to the customers acquired in this second quarter, what type of LTV do you expect to add those customers versus the customers acquired in the last year, given the record high CAC that I think that you guys are incurring this quarter?

好的。很公平。其次，由於它與第二季度獲得的客戶有關，考慮到創紀錄的高 CAC，我認為你們正在招致這些客戶，與去年獲得的客戶相比，您希望增加哪些類型的 LTV四分之一？

I'll start again and Sumit may add something to it. The LTV to CAC, you have to think about it in both terms. So yes, the -- potentially, there were some input costs that were higher in the second quarter, and therefore, leading to a higher CAC potentially in the second quarter. But the margin is amongst the highest we've ever recorded at 27.5%. They're also spending more upfront. So they've joined the platform and immediately started spending more and the dollars they're producing are at a higher margin level. So there is an indication that the LTV to CAC should be in line with historical levels. So I would say that.

我會重新開始，Sumit 可能會添加一些內容。 LTV 到 CAC，你必須從兩個方面考慮。所以是的，第二季度可能有一些投入成本較高，因此可能導致第二季度的 CAC 更高。但利潤率是我們有史以來最高的 27.5%。他們的前期支出也更多。所以他們加入了這個平台，並立即開始增加支出，他們生產的美元處於更高的利潤水平。所以有跡象表明，LTV 到 CAC 應該符合歷史水平。所以我會這麼說。

The customer of today in the way that they're exposed to expanding and broad choices and offerings from us, which we've incredibly expanded over the last 3 years, LTV expands by several hundred dollars on an annual basis. We haven't yet put a number to it, and it's hard because we're still graduating customers through different offerings that we've developed. And some of these offerings are early stages that we're actually maturing into.

今天的客戶以他們接觸到我們不斷擴展和廣泛的選擇和產品的方式，我們在過去 3 年中已經令人難以置信地擴展，LTV 每年擴展數百美元。我們還沒有給它一個數字，這很難，因為我們仍在通過我們開發的不同產品來吸引客戶。其中一些產品處於我們實際上正在成熟的早期階段。

But when you look at it from a maturity point of view, there are several hundred dollars of LTV to be added up top, which actually provides us a nice cushion at the expanding contribution margin to be able to tolerate CAC and to be able to participate very effectively in the marketing environment, whether it be the marketing environment of today or the future as we continue to acquire more customers and add them to our platform.

但是當你從成熟度的角度來看，有幾百美元的 LTV 要加起來，這實際上為我們提供了一個很好的緩衝，以應對不斷擴大的邊際貢獻，從而能夠容忍 CAC 並能夠參與在營銷環境中非常有效，無論是今天還是未來的營銷環境，因為我們將繼續獲得更多客戶並將他們添加到我們的平台。

Our next question comes from Lauren Schenk with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Lauren Schenk。

This is Nathan Feather on for Lauren. Can you just talk through a little bit more some of the puts and takes on gross margin expansion in the quarter? And where do you think that could have ended up without the short-term impact in terms of discounting and other?

這是 Lauren 的 Nathan Feather。您能否多談談本季度的一些看跌期權和毛利率擴張？如果沒有折扣和其他方面的短期影響，您認為這最終會在哪裡結束？

Sure. So Mario alluded to gross margin expansion, and we've provided the details in the script, not much more to provide there. Customers continue to robustly engage across the verticals that we've built out. We continue to see our work in improving discovery search and graduating customers into buying more cross-category as well as higher-margin verticals come to fruition. Combined with the benefits of our scale is how we're driving the gross margin improvements. And we saw -- we estimated a 50 basis point uplift or a 50 basis point addition to gross margin as a result of the muted pricing environment or promotional environment that we're seeing currently.

當然。所以馬里奧提到了毛利率擴張，我們已經在腳本中提供了細節，在那裡提供的不多。客戶繼續積極參與我們已經建立的垂直領域。我們繼續看到我們在改進發現搜索和使客戶畢業以購買更多跨類別以及利潤率更高的垂直領域方面的工作取得成果。結合我們規模的優勢，我們將如何推動毛利率的提高。我們看到——由於我們目前看到的定價環境或促銷環境低迷，我們估計毛利率將提高 50 個基點或增加 50 個基點。

And Nathan, I would add that -- back to the point that Sumit made in the opening remarks, but we've implemented the technology, what we call the ORS 2.0, our Order Routing System, that we estimate could lead to another 30 to 50 basis points of gross margin expansion. So there are puts and takes to gross margin expansion. We see the results in the second quarter. There is -- there are some initiatives that are in place that should expand that. And also, if you look at the mix of sales, consumables versus hard goods and other, there is opportunity to continue to move some of those sales to some of the more profitable mix in the future.

Nathan，我要補充一點——回到 Sumit 在開場白中提出的觀點，但我們已經實施了這項技術，我們稱之為 ORS 2.0，我們的訂單路由系統，我們估計這可能會導致另外 30 到毛利率擴大 50 個基點。因此，毛利率擴張有看跌期權和看跌期權。我們將在第二季度看到結果。有 - 已經制定了一些應該擴大這一範圍的舉措。而且，如果你看看銷售、消耗品與硬貨和其他產品的組合，你就有機會在未來繼續將其中一些銷售轉移到一些更有利可圖的組合中。

Okay. Great. And then on top of that, on the marketing side, did you see any shift in channels within the quarter in terms of where you're marketing outside of the introduction of some of those new channels? And was there any potential impact from IDFA in the quarter?

好的。偉大的。然後最重要的是，在營銷方面，除了引入一些新渠道之外，您是否看到本季度內渠道在營銷方面發生了任何變化？本季度 IDFA 是否有任何潛在影響？

Our marketing mix is dynamic, and we spend relative to the returns that we're getting. So we don't have a predefined budget for a predefined channel or a fixed go-to-market strategy. So it's a bit of a hard question to answer, because depending upon the dynamic nature and the volatility that we saw in Q2, we acted accordingly. And then what was the second part of your question?

我們的營銷組合是動態的，我們的支出與我們獲得的回報相關。因此，我們沒有針對預定義渠道的預定義預算或固定的上市策略。所以這是一個很難回答的問題，因為根據我們在第二季度看到的動態性和波動性，我們採取了相應的行動。那麼你問題的第二部分是什麼？

Just did you see any impact from the Apple App Store change -- or the Apple fee changes IDFA?

您是否看到 Apple App Store 變化或 Apple 費用變化 IDFA 的影響？

Yes. No. We've been actually working to sort of mitigate that from the beginning in the way that our architecture is built. So no, we didn't see a material impact on that so far.

是的。不。我們實際上一直在努力從一開始就以我們的架構構建方式來減輕這種影響。所以不，到目前為止，我們沒有看到對此產生實質性影響。

Our next question comes from Peter Keith with Piper Sandler.

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

Maybe a follow-up on the gross margin. It looks like you're seeing continued healthy mix shift. So with all of the new engagement with pet health, I think in the past, you've talked about health running about 500 to 800 basis points above your core business. When we think about like Practice Hub and Compounding rolling in and presumably growing very quickly, does that gross margin lift change in any way for better or for worse?

也許是毛利率的後續行動。看起來您正在看到持續健康的組合轉變。因此，隨著對寵物健康的所有新參與，我想過去，你曾談到健康比你的核心業務高出 500 到 800 個基點。當我們考慮 Practice Hub 和 Compounding 之類的產品並可能快速增長時，毛利率的提升是否會以任何方式發生變化，是好是壞？

Sure. It's Sumit, I'll take it. So we've said at scale, we expect health care to be 300 to 800 basis points higher gross margin than the base business. And we're on track to deliver that. And you can see some of that starting to come through in the gross margin uplift that we've continued to deliver on a year-over-year basis. And then from here on out, as I've said in the past, we have many initiatives that we're working on to complete the road map that builds out towards our long-term guide of 25% to 28%.

當然。是蘇米特，我來接。所以我們已經說過，我們預計醫療保健的毛利率將比基礎業務高 300 到 800 個基點。我們正在按計劃實現這一目標。你可以看到，其中一些開始體現在我們繼續實現的同比毛利率提升中。然後從現在開始，正如我過去所說的那樣，我們正在製定許多舉措來完成路線圖，以實現我們 25% 至 28% 的長期指南。

And so far, we've reserved the right to update that guidance because there's so much more interesting stuff for us to work on and reinvest dollars in where we see the long-term return taking place. So in terms of building out our road map, we still have a full non-health care -- we have health care to build out that we are starting to open up more and be more candid with here and starting to share with all of you. We still have non-healthcare services to build out, and we still have a lot of work to do in connecting the dots to be able to engage the customer holistically across these 3 or 4 verticals that connect the pet life cycle.

到目前為止，我們保留更新該指南的權利，因為我們有更多有趣的事情要做，並將美元再投資到我們看到長期回報的地方。因此，就制定我們的路線圖而言，我們仍然有一個完整的非醫療保健——我們有醫療保健要建立，我們開始更加開放，更加坦誠，並開始與大家分享.我們仍然有非醫療保健服務需要建立，我們還有很多工作要做，將這些點聯繫起來，以便能夠在連接寵物生命週期的這 3 或 4 個垂直領域全面吸引客戶。

And at the same time, we're thinking boldly about not just end consumers in the space, but also about the community that services pet, which is also embedded in our mission statement of being the destination for pet parents, but also partners. And a few of the examples that you've seen us bring to life so far are Compounding medications, which are today a B2C offering. And now with our telehealth, where we're working with veterinarians collectively and now with Practice Hub that we've actually opened up to veterinarians. So you should continue to expect us to innovate robustly and at pace and keep you apprised of gross margin expansion in the future.

同時，我們不僅大膽考慮該領域的終端消費者，還考慮為寵物服務的社區，這也體現在我們成為寵物父母和合作夥伴目的地的使命宣言中。到目前為止，您已經看到我們賦予生命的一些例子是複合藥物，今天是 B2C 產品。現在有了我們的遠程醫療，我們與獸醫一起工作，現在我們實際上已經向獸醫開放了實踐中心。因此，您應該繼續期待我們穩步推進創新，並讓您了解未來毛利率的增長情況。

Okay. Very helpful. Separately, I was wondering if you could address the growth for small animal. I know dog and cat gets a lot of attention, but we've been hearing rumblings out there that it's actually small animal adoption that remains white hot. I was wondering if you're seeing that in your business? And maybe is it too small to matter or any quantification of sort of the ex dog and cat business as a percent of sales would be helpful.

好的。非常有幫助。另外，我想知道您是否可以解決小動物的生長問題。我知道狗和貓得到了很多關注，但我們一直聽到傳言說實際上小動物收養仍然白熱化。我想知道您是否在您的業務中看到了這一點？也許它太小了，或者任何量化前貓狗業務佔銷售額的百分比都會有所幫助。

Yes. Your long-term trend is correct. Overall, in the United States, we believe somewhere between 30% and 40% of pets are small pets, and they are growing at slightly higher rate than large pets. It actually makes sense as a lot of Gen Y, Zs and millennials adopt pets. And at least pre-pandemic, city living and dwelling was a much more -- or was continuing to become a popular option.

是的。你的長期趨勢是正確的。總的來說，在美國，我們認為大約 30% 到 40% 的寵物是小型寵物，而且它們的生長速度略高於大型寵物。這實際上是有道理的，因為很多 Y 世代、Z 世代和千禧一代都收養寵物。至少在大流行前，城市生活和居住是一種更受歡迎的選擇，或者說正在繼續成為一種流行的選擇。

And when you look at the density of space and the pet type that might be more suitable, it does give a little bit of a tailwind to the small pet data point. But it's not materially shifting or has shifted to the point where we need to update our planning assumptions or educate customers a different way so far.

當你考慮空間密度和可能更合適的寵物類型時，它確實給小寵物數據點帶來了一點順風。但到目前為止，它並沒有發生實質性轉變，或者已經轉變到我們需要更新我們的規劃假設或以不同方式教育客戶的地步。

Our next question comes from Chris Bottiglieri with Exane BNP Paribas.

我們的下一個問題來自 Exane BNP Paribas 的 Chris Bottiglieri。

So it was helpful to see the illustrative curves. I wanted to drill a little bit deeper. I think your overall consolidated attrition rate just naturally benefits from cohort maturation, as you have more overall customers. So it just naturally blends down, at least historically anyway. If you look at your 2 attrition rates in '21 versus 2019, were the attrition rates better in '21 than '19? If you can comment there would be helpful.

因此，查看說明性曲線很有幫助。我想鑽得更深一點。我認為您的整體綜合流失率自然會受益於同類群組的成熟，因為您擁有更多的整體客戶。所以它自然而然地融合在一起，至少在歷史上是這樣。如果您查看 21 年與 2019 年的 2 次流失率，21 年的流失率是否比 19 年好？如果你能發表評論會有幫助。

Chris, this is Mario. I'll take it. The attrition rate, no matter how we look at it, and we do look at it from many different angles, has remained -- they've all remained at the historical levels. It doesn't matter if we're looking at the 2020 cohort or if we're looking at the 2018 or 2015, the curve of -- and the high levels of retention over time for those customer cohorts, almost regardless of the size of the cohort, remain steady. So I think that's the best way to answer that.

克里斯，這是馬里奧。我要買它。流失率，無論我們怎麼看，我們確實從很多不同的角度來看，都保持不變——它們都保持在歷史水平。不管我們是在看 2020 年的人群，還是在看 2018 年或 2015 年的曲線，以及這些客戶群隨時間推移的高水平保留率，幾乎與規模無關隊列，保持穩定。所以我認為這是回答這個問題的最佳方式。

Got you. Okay. That's helpful. And then wanted to check in on the Freshpet offering, with your own private label product and then with Freshpet selling their products now. Can you give us a sense for like what the early -- you gave us some growth rates, which was nice to see. But can you give us a sense, are you finding that your own customers are migrating up from kind of wet food and dry food into this? Or are you conquesting new customers from other channels with this initiative?

明白了好的。這很有幫助。然後想檢查 Freshpet 產品，使用您自己的自有品牌產品，然後 Freshpet 現在銷售他們的產品。你能給我們一個早期的感覺嗎？你給了我們一些增長率，這很高興看到。但是你能給我們一個感覺嗎，你是否發現你自己的顧客正在從一種濕食品和乾食品轉向這種食品？或者您是否正在通過此舉措從其他渠道贏得新客戶？

And then just lastly, there's like a perception in the market that this might be lower contribution margin, just given the elevated shipping costs again with this. Like what's your experience been so far from a contribution margin perspective? Is it similar to other consumables with a similar price point? Or has it been diluted thus far?

最後，市場上有一種看法，即考慮到運費再次上漲，這可能會降低邊際收益。從邊際貢獻的角度來看，到目前為止您的經驗是什麼？它與價格相近的其他耗材是否相似？或者到目前為止它已經被稀釋了嗎？

Sure. So for the first part of the question, it's still a very new business, and we're ramping it up with limited assortment so far. And so the customer base isn't large enough to have an interesting conversation. So far, it is ramping very quickly. And so far, we are seeing both, a lot of customers migrating, so existing Chewy customers migrating -- either fully migrating or actually using these as a topper, which I will use again in my second -- in the second part of your question. We're also seeing a lot of net new customers being acquired directly into the vertical itself. So it's supporting the investment hypothesis of existing and new customer acquisition channels.

當然。因此，對於問題的第一部分，它仍然是一項非常新的業務，到目前為止，我們正在通過有限的分類來提升它。因此，客戶群不夠大，無法進行有趣的對話。到目前為止，它的增長速度非常快。到目前為止，我們看到很多客戶都在遷移，所以現有的 Chewy 客戶也在遷移——要么完全遷移，要么實際上將它們用作禮帽，我將在我的第二個問題中再次使用——在你問題的第二部分.我們還看到許多淨新客戶直接進入垂直行業本身。因此，它支持現有和新客戶獲取渠道的投資假設。

And then to answer the second part of your question, yes, it has -- from a shipping point of view, okay, shipping supplies, when you utilize dry ice or cold chain, yes, you have a little bit of a higher burden on the shipping supplies cost. But at the same time, we are very good at building baskets with consumers and being able to drive repeat purchase using our Autoship program that allows us to plan better, forecast better and control all inputs that drive operational efficiency in a much more efficient manner. So on the whole, at scale, we expect this business to be contribution profit positive and accretive to the base business.

然後回答你問題的第二部分，是的，它有——從運輸的角度來看，好吧，運輸用品，當你使用乾冰或冷鏈時，是的，你的負擔有點重運輸用品成本。但與此同時，我們非常擅長與消費者建立購物籃，並能夠使用我們的 Autoship 計劃推動重複購買，這使我們能夠更好地計劃、更好地預測並控制所有投入，從而以更有效的方式提高運營效率。因此，總的來說，我們預計這項業務將貢獻積極的利潤並增加基礎業務。

Our next question comes from Justin Kleber with Baird.

我們的下一個問題來自 Justin Kleber 和 Baird。

Just wanted to follow up on the active customer add questions. Can you give us a sense how those gross customer adds flowed across the quarters in 2020? Were they meaningfully different than the net adds that you reported? Just trying to understand if you've already cycled over the peak period of gross adds and how that might influence the pace of net adds as we look to the back half of this year?

只是想跟進活躍的客戶添加問題。您能告訴我們這些增加的總客戶在 2020 年的各個季度是如何流動的嗎？它們與您報告的淨增加值有明顯不同嗎？只是想了解您是否已經在總增加的高峰期循環，以及這將如何影響我們展望今年下半年的淨增加速度？

It's Mario. The gross adds last year were even throughout the year, almost the same number of gross adds in Q1 versus Q4, Q3, Q2. So you won't find any discernible pattern there.

是馬里奧。去年的總增加量全年持平，第一季度與第四季度、第三季度、第二季度的總增加量幾乎相同。所以你不會在那裡找到任何可辨別的模式。

Okay. And then just lastly on -- as it relates to your outlook, what are you guys assuming from a promotional perspective in your guidance? Are you embedding a gradual return to a more normalized promo environment, particularly as we head into 4Q in the holidays?

好的。然後最後 - 因為它與你的前景有關，你們在你的指導中從促銷的角度假設了什麼？您是否正在逐步回歸更正常的促銷環境，尤其是在假期進入第四季度時？

So far -- this is actually directly correlated to the way supply chain and out-of-stock issues and overall freight conditions improve. And so, so far, we are continuing to assume a stable and relatively muted promotional environment as we move into the back half of the year.

到目前為止——這實際上與供應鍊和缺貨問題以及整體貨運狀況改善的方式直接相關。因此，到目前為止，隨著我們進入下半年，我們將繼續假設一個穩定且相對溫和的促銷環境。

Okay. And if I could just sneak one more in. Just wanted to ask about new pet parents and the maturation of their spending, particularly how it evolves in year 2 as you cycle some of those initial purchases associated with a new pet, picking things like a crate or a catcher. If you look at spending on an annualized basis of those new pet parents, do they grow in year 2 in terms of overall spend? Or do you see them take a bit of a step back?

好的。如果我能再偷偷進來一個。只是想問問新寵物父母和他們消費的成熟度，特別是當你循環一些與新寵物相關的初始購買時，它在第 2 年是如何演變的，挑選像板條箱或捕手。如果您查看這些新寵物父母的年化支出，他們在第 2 年的總支出是否有所增長？還是您看到他們後退了一步？

No. On a -- whether on a customer basis -- per customer basis or on a cohort basis, revenue retention improves year-over-year. And unlike a traditional e-tailer or retailer where revenue dips from year 1 into year 2, we see a steady, predictable increase from year 1 into year 2. We provided the shapes in the -- back in the S-1 document in 2019. But when you look at it for 8 years of cohorts, very predictable, the first year is at $150 to $200, the second year jumps to $300, $350.

不。無論是基於客戶還是基於群組，收入保留率逐年提高。與收入從第 1 年到第 2 年下降的傳統電子零售商或零售商不同，我們看到從第 1 年到第 2 年穩定、可預測的增長。我們在 2019 年的 S-1 文件中提供了形狀.但是當你看它8年的隊列時，非常有預見性，第一年是$150到$200，第二年跳到$300、$350。

And with Mario's recent comments today, we're actually seeing consumers spend higher earlier. So no, we don't see a compression. If you're buying full baskets for us, yes, generally, hard goods purchases are discretionary and the buying cycle is a little bit longer. So -- but on a consumables basis, we're able to forecast repeat purchase and frequency pretty accurately. And on a net basis, the spend actually increases from year 1 into year 2.

根據馬里奧今天最近的評論，我們實際上看到消費者更早地花錢了。所以不，我們沒有看到壓縮。如果您要為我們購買完整的籃子，是的，一般來說，硬貨採購是可自由支配的，而且購買週期會稍微長一些。所以——但在消耗品的基礎上，我們能夠非常準確地預測重複購買和頻率。在淨基礎上，支出實際上從第 1 年增加到第 2 年。

And our final question today comes from Steven Forbes with Guggenheim.

我們今天的最後一個問題來自古根海姆的史蒂文福布斯。

Sumit, I wanted to follow up on Chewy Health. You mentioned in the release that veterinarians can now earn revenue when a customer places an order. I was curious if you could provide any context around how this revenue share compares to other options that, that may have today and/or whether you think the improved value proposition has now neutralized the fulfillment preference, enabling the customer to truly drive the decision process as we think about the potential for market share gains into the future?

Sumit，我想跟進 Chewy Health。您在新聞稿中提到，獸醫現在可以在客戶下訂單時賺取收入。我很好奇，您是否可以提供有關此收入份額與今天可能有的其他選項相比如何的任何背景信息，和/或您是否認為改進的價值主張現在已經抵消了履行偏好，使客戶能夠真正推動決策過程當我們考慮未來市場份額增長的潛力時？

Our offering is very competitive, and we believe that it should allow the veterinarians to be -- the vets control a part of that equation in the way that they price products with us. And we might charge a small fulfillment fee, and that fulfillment fee is lower than what we currently see in the marketplace.

我們的產品非常有競爭力，我們相信它應該讓獸醫成為 - 獸醫以他們與我們一起為產品定價的方式控制該等式的一部分。我們可能會收取少量的履行費用，而且該履行費用低於我們目前在市場上看到的費用。

So from that standpoint, we believe this should be accretive and the vets should be very happy with the equation that -- or the overall equation when they engage with Chewy and our customers in a holistic manner. And then, I'm sorry, I did not follow the second part of your question. So would you please repeat that for me?

因此，從這個角度來看，我們認為這應該是增值的，並且當他們以整體方式與 Chewy 和我們的客戶接觸時，獸醫應該對方程式或整體方程式感到非常滿意。然後，很抱歉，我沒有聽懂你問題的第二部分。那麼請你為我重複一遍好嗎？

I think you answered. I was just curious whether you think the offering, right, that you're putting forth here really neutralizes the fulfillment preference among the vets enabling your customers, right, to really drive the decision process.

我想你回答了。我只是很好奇你是否認為你在這裡提出的產品真的抵消了獸醫之間的履行偏好，使你的客戶能夠真正推動決策過程。

We -- Practice Hub -- yes, sure, sure. Sorry. Yes, Practice Hub is -- we believe it's completely different than any other product or service in the marketplace currently. First, the service sits on chewy.com with 20 million active customers who now have immediate access to buy from their vet. Secondly, Chewy owns the entire customer experience. We ship for free over $49. We don't charge them for life-saving items like insulin, which currently are being charged. You could expect to pay $30 plus on a single order with services that are available out there right now.

我們——實踐中心——是的，當然，當然。對不起。是的，Practice Hub 是——我們相信它與目前市場上的任何其他產品或服務完全不同。首先，該服務位於 chewy.com 上，擁有 2000 萬活躍客戶，他們現在可以立即從他們的獸醫那裡購買。其次，Chewy 擁有整個客戶體驗。我們滿 49 美元免費送貨。我們不向他們收取胰島素等救生用品的費用，這些物品目前正在收費。您可以期望在單筆訂單上支付 30 美元以上的費用，並提供現在可用的服務。

We ship fast. It gets to you in 1 to 2 days, relative to the current delivery experience is somewhere between 4 and 6 days, the way that we've benchmarked it. And then Chewy customer care team is accessible to you, which is available 24/7 on top of us delivering tremendous value proposition on a P&L basis as well as customer base. So when you say neutralize, I actually believe that this is a really compelling superior product and an industry-defining, industry-disruptive product that we're bringing to life here. We're very proud of it.

我們發貨很快。它會在 1 到 2 天內送達，相對於當前的交付體驗是 4 到 6 天，這是我們對它進行基準測試的方式。然後您可以訪問 Chewy 客戶服務團隊，該團隊全天候 24/7 在我們之上提供基於損益和客戶群的巨大價值主張。因此，當你說中和時，我實際上相信這是一款真正引人注目的優質產品，也是我們在這裡實現的定義行業、顛覆行業的產品。我們為此感到非常自豪。

Super helpful. And then just a quick one for Mario, if I may. Just regarding the software enhancements that you discussed in the prepared remarks, any time frame behind the recognition of the benefits that were mentioned? And are there any incremental scaling benefits that we should be considering?

超級有幫助。如果可以的話，然後是馬里奧的一個快速的。關於您在準備好的評論中討論的軟件增強功能，認可所提到的好處背後的任何時間框架？是否有任何我們應該考慮的增量擴展優勢？

For the software, [H1] is fully deployed and fully ramped. There's no specific time line that I can provide you on that. But it's something that we've begun to roll out through the network. And then your second part of the question was about additional scaling benefits. Continued sale -- mix of sales shifting from -- into the higher-margin verticals that we've talked about. The simple math of increasing our repeat order base, because repeat orders tend to be more profitable than the first order. So -- and then scale alone, which should provide us additional benefits over time in the supply chain efficiencies. So there's a few tailwinds there.

對於軟件，[H1] 已完全部署並完全升級。我無法為您提供具體的時間表。但這是我們已經開始通過網絡推出的東西。然後你的問題的第二部分是關於額外的擴展優勢。持續銷售 - 銷售組合從 - 轉移到我們談到的利潤率更高的垂直領域。增加我們的重複訂單基礎的簡單數學，因為重複訂單往往比第一個訂單更有利可圖。所以 - 然後單獨擴展，隨著時間的推移，這應該為我們提供供應鏈效率方面的額外好處。所以那裡有一些順風。

What we find very encouraging and -- is the fact that we continue to improve customer engagement and develop our customers and achieve the -- combined with the benefits of our scale, we continue to deliver incremental gross margin, which is tremendous. Because the work that we're doing there is structural and customer-centric and P&L-centric.

我們發現非常令人鼓舞的是 - 事實上我們繼續提高客戶參與度並發展我們的客戶並實現 - 結合我們規模的優勢，我們繼續提供增量毛利率，這是巨大的。因為我們在那裡所做的工作是結構性的，以客戶為中心，以損益為中心。

At the same time, the -- when you flow this down, presently, there are macro environments that are hopefully temporary in nature that are holding back kind of the flow-through that goes from the gross margin all the way down to the EBITDA line. And even with the current constraints, we've delivered roughly $300 million on a stack basis over the last 2 years into the P&L. And on a year-over-year basis, we will deliver 2x the EBITDA this year relative to last year. So the scale and the efficiency and the work that we're doing with customers, we believe we're on the right path and the strategy is intact.

與此同時，當你向下流動時，目前，有一些宏觀環境希望在本質上是暫時的，它們阻礙了從毛利率一直到 EBITDA 線的流動.即使在當前的限制下，我們在過去 2 年的基礎上也向 P&L 交付了大約 3 億美元。與去年同期相比，我們今年的 EBITDA 將是去年的 2 倍。因此，我們與客戶所做的規模、效率和工作，我們相信我們走在正確的道路上，戰略是完整的。

This concludes our question-and-answer session. I'd like to turn the call back over to Sumit Singh for any closing remarks.

我們的問答環節到此結束。我想將電話轉回給 Sumit Singh 以聽取任何結束語。

Thank you very much. Stay safe. Have a great evening.

非常感謝你。注意安全。祝你有個愉快的夜晚。

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。