Chewy Inc (CHWY) 2020 Q2 法說會逐字稿

Good afternoon, and welcome to the Chewy's Second Quarter 2020 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

下午好，歡迎來到 Chewy 的 2020 年第二季度財報電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Bob LaFleur, Vice President, Investor Relations and Capital Market. Please go ahead.

我現在想將會議轉交給投資者關係和資本市場副總裁 Bob LaFleur。請繼續。

Thank you for joining us on the call today to discuss our second quarter fiscal 2020 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 on Form 8-K earlier today, have been posted to the Investor Relations section of our website, investor.chewy.com. A link to the webcast of today's conference call is also available on the site.

感謝您今天加入我們的電話會議，討論我們的 2020 財年第二季度業績。今天加入我的是 Chewy 的首席執行官 Sumit Singh；和首席財務官馬里奧·馬爾特。我們今天早些時候以 8-K 表格向美國證券交易委員會提交的收益報告和致股東的信已發佈到我們網站investor.chewy.com 的投資者關係部分。網站上還提供了今天電話會議網絡直播的鏈接。

On our call today, we will be making forward-looking statements, including statements concerning Chewy's future prospects, financial results, business strategies, industry trends and our ability to successfully respond to business risks, including those related to the spread of COVID-19, including any adverse impacts on our supply chain, workforce, fulfillment centers, other facilities, customer service operations and future plans. Such statements are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties, which could cause actual results to differ materially from those contemplated by our forward-looking statements. Reported results should not be considered an indication of future performance.

在今天的電話會議上，我們將做出前瞻性陳述，包括有關 Chewy 的未來前景、財務業績、業務戰略、行業趨勢以及我們成功應對業務風險（包括與 COVID-19 傳播相關的風險）的能力的陳述，包括對我們的供應鏈、勞動力、履行中心、其他設施、客戶服務運營和未來計劃的任何不利影響。根據 1995 年《私人證券訴訟改革法案》，此類陳述被視為前瞻性陳述，並受到某些風險和不確定性的影響，可能導致實際結果與我們的前瞻性陳述所設想的結果大不相同。報告的結果不應被視為未來業績的指標。

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.

另請注意，本次電話會議的前瞻性陳述是基於我們截至今天可獲得的信息。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。有關更多信息，請參閱 Chewy 今天早些時候提交的 10-Q 和 8-K 以及我們向 SEC 提交的其他文件中的風險因素和其他信息。

Also during this call, we will discuss certain non-GAAP financial measures. Reconciliations of these non-GAAP items to the most directly comparable GAAP financial measures are provided on our Investor Relations website and in our earnings release and letter to shareholders, which were filed with the SEC on Form 8-K earlier today. These non-GAAP measures are not intended as a substitute for GAAP results.

同樣在本次電話會議中，我們將討論某些非公認會計原則的財務措施。這些非 GAAP 項目與最直接可比的 GAAP 財務指標的對賬在我們的投資者關係網站以及我們的收益發布和致股東的信函中提供，這些信息已在今天早些時候以 8-K 表格形式提交給 SEC。這些非 GAAP 措施不能替代 GAAP 結果。

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

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

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

我現在想把電話轉給 Sumit。

Thanks, Bob, and thanks to all of you for joining us on the call. The strong demand we observed in the first quarter carried over into Q2. And once again, thanks to the high-quality execution from the Chewy team, we achieved record net sales growth and customer additions.

謝謝鮑勃，也感謝大家加入我們的電話會議。我們在第一季度觀察到的強勁需求延續到第二季度。再一次，由於 Chewy 團隊的高質量執行，我們實現了創紀錄的淨銷售額增長和客戶增加。

In recent months, it has become clear that the retail industry, in general, and e-commerce, in particular, is going through a period of transformative change. Growth curves that were supposed to play out over years have been compressed into quarters and even months.

近幾個月來，整個零售行業，尤其是電子商務，正在經歷一段變革時期。原本應該持續數年的增長曲線已被壓縮為季度甚至數月。

Over the past few years, we have invested in technology, new businesses, fulfillment capacity and in building an extraordinary team. This has prepared us to quickly adapt to the acceleration of our own growth curve and to provide top-notch service to the growing millions of pet-owning households in the U.S. who depend on Chewy.

在過去的幾年裡，我們在技術、新業務、履行能力和建立一支非凡的團隊方面進行了投資。這讓我們準備好快速適應我們自身增長曲線的加速，並為美國日益增長的數百萬依賴 Chewy 的寵物擁有家庭提供一流的服務。

We built chewy by putting the customer at the center of everything that we do. In a world of uncertainty, qualities like trust, convenience and customer service really matter, especially when it comes to caring for family or loved ones, whether they're people, pets or both.

我們通過將客戶置於我們所做的一切的中心來打造耐嚼。在一個充滿不確定性的世界裡，信任、便利和客戶服務等品質真的很重要，尤其是在照顧家人或親人時，無論他們是人、寵物還是兩者兼而有之。

We have taken these millions of customer relationships and built a large base of repeat business that enables our rapid scaling and fuels our profitability on an accelerated timetable. As empowering as all of this is, we are just getting started.

我們已經建立了數以百萬計的客戶關係，並建立了龐大的重複業務基礎，這使我們能夠快速擴展並加快我們的盈利能力。儘管這一切都充滿力量，但我們才剛剛開始。

In the next few minutes, I will discuss our Q2 results and then share some updates on the purchasing behavior of our newest customer cohorts as well as how we interpret their lifetime value potential. I will also update you on our fulfillment center network and distribution strategy, planning for the upcoming holiday season and then wrap up my remarks with some closing thoughts about Chewy's market share opportunity and how we fit in, in the broader pet e-commerce space. Finally, I will turn the call over to Mario to discuss our second quarter results and guidance in more detail.

在接下來的幾分鐘內，我將討論我們的第二季度業績，然後分享一些關於我們最新客戶群的購買行為的更新，以及我們如何解釋他們的終身價值潛力。我還將向您介紹我們的履行中心網絡和分銷策略，為即將到來的假日季節做計劃，然後用一些關於 Chewy 的市場份額機會以及我們如何適應更廣泛的寵物電子商務領域的想法來結束我的發言。最後，我將把電話轉給馬里奧，以更詳細地討論我們的第二季度業績和指導。

Chewy's advantageous position in the race towards e-commerce and our culture of innovation and customer service resulted in another quarter of outperformance. Q2 net sales were $1.7 billion, increasing 47% year-over-year. Autoship customer sales were $1.16 billion or 68.3% of net sales.

Chewy 在電子商務競賽中的優勢地位以及我們的創新文化和客戶服務導致另一個季度的優異表現。第二季度淨銷售額為 17 億美元，同比增長 47%。 Autoship 客戶銷售額為 11.6 億美元，占淨銷售額的 68.3%。

We ended the second quarter with 16.6 million active customers, an increase of $4.6 million compared to second quarter 2019, breaking last quarter's customer acquisition record. Net sales per active customer, or NSPAC, was $356, representing 3.2% annual growth after adjusting to exclude the extra week in 2018.

我們在第二季度結束時擁有 1660 萬活躍客戶，與 2019 年第二季度相比增加了 460 萬美元，打破了上一季度的客戶獲取記錄。每個活躍客戶或 NSPAC 的淨銷售額為 356 美元，在排除 2018 年的額外一周後，年增長率為 3.2%。

We delivered strong gross margins with Q2 actualizing at 25.5%, a 190 basis point increase year-over-year. By early Q2, we had cleared the backlogs and corrected the inventory imbalances that weighed on Q1 gross margins.

我們實現了強勁的毛利率，第二季度實現了 25.5%，同比增長 190 個基點。到第二季度初，我們已經清理了積壓並糾正了影響第一季度毛利率的庫存失衡。

Our newest business verticals, private label and health care combined contributed 140 basis points to the year-over-year expansion in gross margin. In the Rx business, we served our broadest customer base on record, serving millions of American households at a time when they needed us the most.

我們最新的垂直業務、自有品牌和醫療保健合計為毛利率的同比增長貢獻了 140 個基點。在 Rx 業務中，我們為有史以來最廣泛的客戶群提供服務，在數百萬美國家庭最需要我們的時候為他們提供服務。

Additionally, our newest Rx sites in Kentucky and Phoenix became fully licensed in Q2 to fulfill customer orders nationwide, allowing us to further improve customer experience and optimize logistics costs.

此外，我們在肯塔基州和鳳凰城的最新 Rx 站點在第二季度獲得了完全許可，可以在全國范圍內履行客戶訂單，使我們能夠進一步改善客戶體驗並優化物流成本。

Another area of focus has been our hard goods business, which continued its strong growth in Q2, positively contributing to the overall gross margin trajectory. Within the hard goods categories, we expanded our mix of private label products and private label hard goods penetration reached 15% of net sales, providing clear gross margin benefits.

另一個重點領域是我們的硬貨業務，該業務在第二季度繼續強勁增長，對整體毛利率軌跡做出了積極貢獻。在硬商品類別中，我們擴大了自有品牌產品的組合，自有品牌硬商品滲透率達到淨銷售額的 15%，提供了明顯的毛利率優勢。

We remain excited about the progress we are making across multiple initiatives ongoing within the company. We executed tightly against our sales momentum while expanding gross margin and controlling costs to deliver our second consecutive quarter of positive adjusted EBITDA. Q2 adjusted EBITDA was $15.5 million at a margin of 0.9%, reflecting 340 basis points of year-over-year margin improvement.

我們仍然對公司內部正在進行的多項計劃所取得的進展感到興奮。我們嚴格執行我們的銷售勢頭，同時擴大毛利率和控製成本，以實現我們連續第二個季度調整後的 EBITDA 為正。第二季度調整後的 EBITDA 為 1550 萬美元，利潤率為 0.9%，反映了利潤率同比提高 340 個基點。

Now let me briefly touch on customer behavior for our new and existing customers over the course of the year. We continue to monitor the behavior of post-COVID customer cohorts we acquired in Q1 and Q2 for any notable variances against our more mature pre-COVID customer cohorts and are encouraged to observe a high degree of consistency in customer behavior between the 2. The Q1 cohorts remained positively engaged and the initial engagement levels of the Q2 cohorts matched their Q1 peers.

現在讓我簡要談談我們新老客戶在這一年中的客戶行為。我們將繼續監控我們在第一季度和第二季度獲得的 COVID 後客戶群的行為，以發現與我們更成熟的 COVID 前客戶群的任何顯著差異，並鼓勵觀察兩者之間客戶行為的高度一致性。第一季度隊列保持積極參與，並且第二季度隊列的初始參與水平與第一季度的同行相匹配。

Overall customer acquisition rates remained above pre-pandemic levels and other metrics such as basket size, reorder rates and Autoship sign-up remained healthy and stable. We are encouraged by these trends.

總體客戶獲取率仍高於大流行前水平，其他指標，如購物籃大小、重新訂購率和 Autoship 註冊保持健康和穩定。我們對這些趨勢感到鼓舞。

The new active customers we added in Q1 and Q2 of this year surpassed the total active customers we added across the entirety of 2019. These new cohorts are not only large in number, but given their initial engagement levels, they are also potentially significant in their unrealized contribution to our future revenue and profitability. As with our mature cohorts, we expect their NSPAC to increase significantly over time, reaching approximately $500 by year 2 and over $700 by year 5.

我們在今年第一季度和第二季度新增的活躍客戶數量超過了我們在 2019 年全年新增的活躍客戶總數。這些新客戶群不僅數量龐大，而且考慮到他們最初的參與度，他們在他們的潛在客戶中也具有重要意義。對我們未來收入和盈利能力的未實現貢獻。與我們的成熟群體一樣，我們預計他們的 NSPAC 會隨著時間的推移顯著增加，到第 2 年達到約 500 美元，到第 5 年達到 700 美元以上。

An exciting new development, however, is that unlike our earlier cohorts who were primarily purchases of food and essentials, we now have the ability to expose our newer cohorts to a large variety of purchase options earlier in their customer life cycle. For example, Rx prescriptions, a wide variety of hard goods options fueled by our private label products, or gift cards for friends and family members. These expanded offerings allow us to serve the customer more fully from their initial purchase and expedite the capture of greater wallet share. This, in turn, allows us to scale their lifetime values or LTV beyond their historical ranges.

然而，一個令人興奮的新發展是，與我們早期主要購買食品和必需品的群體不同，我們現在有能力在他們的客戶生命週期的早期讓我們的新群體接觸到各種各樣的購買選擇。例如，處方藥、由我們的自有品牌產品推動的各種硬貨選擇，或送給朋友和家人的禮品卡。這些擴展的產品使我們能夠從客戶的初始購買開始更全面地為他們服務，並加快獲取更大的錢包份額。反過來，這使我們能夠將它們的生命週期價值或 LTV 擴展到它們的歷史範圍之外。

This focus on new businesses and product innovation is critical for our long-term success, and each has been on the strategic road map that we've shared with our shareholders and investors since our IPO. It is also what will continue to amplify Chewy's growth and profitability flywheel as we look to the future.

對新業務和產品創新的關注對於我們的長期成功至關重要，自首次公開募股以來，每一項業務都在我們與股東和投資者分享的戰略路線圖上。當我們展望未來時，這也將繼續擴大 Chewy 的增長和盈利能力飛輪。

Another important contributor to our ability to serve millions of customers is our dedicated fulfillment network, which continues to expand to meet the needs of our growing business. Our next fulfillment center, or FC, launch will be Archibald, Pennsylvania facility, which began shipping orders by mid-October. Archibald will be our 10th FC overall and our first automated facility.

我們服務數百萬客戶的能力的另一個重要貢獻者是我們專門的履行網絡，該網絡將繼續擴大以滿足我們不斷增長的業務的需求。我們的下一個履行中心 (FC) 將在賓夕法尼亞州阿奇博爾德 (Archibald) 工廠推出，該工廠於 10 月中旬開始運送訂單。 Archibald 將成為我們的第 10 個 FC，也是我們的第一個自動化設施。

In addition to the Archibald and the North Carolina FCs, which were planned fulfillment center launches for 2020, just last week, we expanded our network with the opening of a new limited catalog fulfillment center in Kansas City. This incremental fulfillment capacity added by Kansas City provides us the flexibility to effectively load balance across our other FCs and gives us available buffer capacity as we head into the busy second half of 2020. This new FC is a capital-light, high-velocity operation focused on fast fulfillment during peak demand periods. This facility was not part of our original FC network plan for 2020 and demonstrates our ability to improvise and adapt quickly to changing conditions in order to maintain business continuity and to protect customer experience.

除了計劃在 2020 年推出的履行中心的 Archibald 和北卡羅來納 FC，就在上週，我們擴大了我們的網絡，在堪薩斯城開設了一個新的有限目錄履行中心。堪薩斯城增加的這種增量履行能力為我們提供了在其他 FC 之間有效負載平衡的靈活性，並在我們進入繁忙的 2020 年下半年時為我們提供了可用的緩衝能力。這個新的 FC 是一種資本輕、高速的運營專注於需求高峰期的快速履行。該設施不是我們最初的 2020 年 FC 網絡計劃的一部分，它展示了我們即興發揮和快速適應不斷變化的條件以保持業務連續性和保護客戶體驗的能力。

Looking a little further out, we also announced that we will be adding a second automated FC to our network in mid-2021. This one will also be located in Kansas City. Mario will share some more details on this project shortly. This second center will give us option value as we scale operations in the Kansas City area from 2020 into 2021.

再往前看，我們還宣布將在 2021 年年中向我們的網絡添加第二個自動化 FC。這個也將位於堪薩斯城。馬里奧將很快分享這個項目的更多細節。隨著我們從 2020 年到 2021 年在堪薩斯城地區擴大業務，第二個中心將為我們提供選擇價值。

By the end of 2020, our fulfillment center network will consist of 11 centers with over 7 million square feet plus 3 pharmacy-focused fulfillment centers. We believe this makes us one of the largest dedicated e-commerce fulfillment networks in the U.S. and is certainly unparalleled in the dedicated pet space.

到 2020 年底，我們的配送中心網絡將包括 11 個中心，面積超過 700 萬平方英尺，以及 3 個以藥房為重點的配送中心。我們相信這使我們成為美國最大的專用電子商務履行網絡之一，並且在專用寵物領域肯定是無與倫比的。

Expanding our distribution capabilities is just one of these we are taking in preparation for the upcoming holiday shopping season. The rapid changes we've seen in retail and e-commerce are likely to rewrite the rules of this year's holiday and cyber seasons. Our preparations are already underway so that we are ready to ensure that our systems, inventory and staffing levels are in place and able to adapt to any contingencies.

擴大我們的分銷能力只是我們為即將到來的假日購物季做準備的其中之一。我們在零售和電子商務領域看到的快速變化可能會改寫今年假期和網絡旺季的規則。我們的準備工作已經在進行中，以便我們準備好確保我們的系統、庫存和人員配備水平到位，並能夠適應任何突發事件。

Also with the holidays in mind, we continue to expand our assortment of innovative, high-quality products that surprise and delight our customers. In Q1, we launched gift cards. In Q2, we took pet personalization to a whole new level by launching a service that allows pet parents to personalize dozens of people products like coffee mugs, water bottles and picture frames to celebrate their pets or create personalized gifts. Using a first-of-its-kind, 3D-powered user interface, pet parents can easily upload images and add customizable text and then interact in real-time with a 3D rendition of their item before ordering. We are excited to expand this experience to pet products like collars, ID tags and beds in our growing personalization catalog.

同樣考慮到假期，我們繼續擴大創新、優質產品的種類，讓我們的客戶感到驚喜和愉悅。在第一季度，我們推出了禮品卡。在第二季度，我們通過推出一項服務將寵物個性化提升到一個全新的水平，該服務允許寵物父母個性化數十種產品，如咖啡杯、水瓶和相框，以慶祝他們的寵物或製作個性化禮物。使用首創的 3D 驅動用戶界面，寵物父母可以輕鬆上傳圖像並添加可自定義的文本，然後在訂購前與他們的物品的 3D 再現進行實時交互。我們很高興將這種體驗擴展到我們不斷增長的個性化目錄中的項圈、ID 標籤和床等寵物產品。

Before I end, I would like to share some compelling data points about the rapidly growing online segment of the U.S. pet products market. Industry data provider Packaged Facts predicts that online pet product sales in the U.S. will increase by $3.9 billion this year, with online sales gaining 5 points of market share year-over-year to reach 27% of all pet product sales. Against that backdrop, the midpoint of our 2020 guidance has us growing our revenue by approximately $2 billion year-over-year. In doing so, we would capture over half of the total forecasted growth of online pet product sales this year.

在結束之前，我想分享一些關於美國寵物產品市場快速增長的在線細分市場的令人信服的數據點。行業數據提供商 Packaged Facts 預測，今年美國在線寵物產品銷售額將增加 39 億美元，其中在線銷售額同比增長 5 個百分點，達到所有寵物產品銷售額的 27%。在這種背景下，我們 2020 年指導的中點使我們的收入同比增長約 20 億美元。通過這樣做，我們將獲得今年在線寵物產品銷售總預測增長的一半以上。

The Chewy team continues to execute against our strategic plan and we have never been more steadfast in our mission of being the most trusted and convenient destination for pet parents and partners everywhere. We are proud that despite all of the challenges our team members have faced on the job and in their personal lives, they remain focused on taking care of our customers and the pets who depend on them.

Chewy 團隊繼續執行我們的戰略計劃，我們從未像現在這樣堅定地致力於成為世界各地寵物父母和合作夥伴最值得信賴和最方便的目的地。我們感到自豪的是，儘管我們的團隊成員在工作和個人生活中面臨所有挑戰，但他們仍然專注於照顧我們的客戶和依賴他們的寵物。

I will now turn the call over to Mario, who will provide the details of our second quarter results and financial outlook. Mario?

我現在將把電話轉給馬里奧，他將提供我們第二季度業績和財務前景的詳細信息。馬里奧？

Thank you, Sumit. Second quarter net sales reached $1.7 billion, increasing $546.3 million or 47.4% year-over-year. This marks the second time we have added more than $500 million of net sales year-over-year in a single quarter. Altogether, we added over $1 billion to the top line in the first half of 2020 as we attracted more customers to our platform, expanding the catalog and helped our customers build bigger baskets.

謝謝你，蘇米特。第二季度淨銷售額達到 17 億美元，同比增長 5.463 億美元或 47.4%。這標誌著我們第二次在一個季度內實現了超過 5 億美元的淨銷售額同比增長。我們在 2020 年上半年的總收入中增加了超過 10 億美元，因為我們吸引了更多客戶到我們的平台，擴大了目錄並幫助我們的客戶建立了更大的購物籃。

Autoship customer sales for the second quarter totaled $1.16 billion or 68.3% of total net sales and, again, topped $1 billion in a single quarter. Autoship customer sales increased 45.3% year-over-year, continuing the program's uninterrupted growth since launch.

第二季度 Autoship 客戶銷售額總計 11.6 億美元，佔總淨銷售額的 68.3%，單季度再次突破 10 億美元。 Autoship 客戶銷售額同比增長 45.3%，延續了該計劃自啟動以來的不間斷增長。

In the second quarter, we added 1.6 million active customers, bringing our total active customers to 16.6 million. On a year-over-year basis, we added 4.6 million active customers, an increase of 37.9%. Growing our customer base is a key long-term driver for top and bottom line expansion, and we are pleased with the results so far this year having added more active customers in the first 6 months of 2020 than we did in all of 2019.

第二季度，我們增加了 160 萬活躍客戶，使我們的活躍客戶總數達到 1660 萬。與去年同期相比，我們增加了 460 萬活躍客戶，增長了 37.9%。擴大我們的客戶群是頂線和底線擴張的關鍵長期驅動力，我們對今年迄今為止的結果感到滿意，在 2020 年的前 6 個月增加了比 2019 年全年更多的活躍客戶。

Net sales per active customer, or NSPAC, as of Q2 2020 reached $356, an increase of 3.2% year-over-year when adjusting the second quarter of 2019 NSPAC to exclude the benefit of the extra week in the fourth quarter of 2018. As a reminder, net sales per active customer equals trailing fourth quarter net sales divided by the number of active customers at the end of the quarter. In this case, and through the third quarter of 2020, we adjust out the impact of the extra week in the fourth quarter of 2018 when presenting year-over-year growth versus 2019.

截至 2020 年第二季度，每位活躍客戶或 NSPAC 的淨銷售額達到 356 美元，在調整 2019 年第二季度 NSPAC 以排除 2018 年第四季度額外一周的收益時，同比增長 3.2%。提醒一下，每位活躍客戶的淨銷售額等於第四季度的淨銷售額除以季度末的活躍客戶數量。在這種情況下，到 2020 年第三季度，我們在呈現與 2019 年相比的同比增長時調整了 2018 年第四季度額外一周的影響。

NSPAC was virtually flat quarter-over-quarter as a result of the large influx of new customers in Q2. Recall that all new customers are included in the active customer count, but their impact on net sales is limited to the most recent quarter. As we have shared on prior calls, customers spend more with us, the longer they stay with us.

由於第二季度新客戶的大量湧入，NSPAC 的季度環比幾乎持平。回想一下，所有新客戶都包含在活躍客戶數量中，但它們對淨銷售額的影響僅限於最近一個季度。正如我們在之前的電話中所分享的那樣，客戶在我們身上花費的時間越多，他們與我們在一起的時間就越長。

From their initial order, they discover the value, selection, convenience and best-in-class customer experience we offer, and they quickly consolidate their purchases with us. As Sumit mentioned earlier, our most recent cohorts are displaying the same purchase and engagement consistency as our more mature cohorts, and we're encouraged by these trends.

從他們的初始訂單中，他們發現了我們提供的價值、選擇、便利和一流的客戶體驗，並迅速與我們鞏固了他們的購買。正如 Sumit 之前提到的，我們最近的同類群組顯示出與我們更成熟的同類群組相同的購買和參與一致性，我們對這些趨勢感到鼓舞。

Gross margin in the second quarter reached 25.5%, increasing 190 basis points year-over-year, surpassing the low end of our long-term target range for the first time in a single quarter. Early in the quarter, we addressed the COVID-19-related backlog issues that were a drag on first quarter gross margin, limiting the impact from higher freight and packaging costs that we expect there will be a drag on second quarter margins.

第二季度毛利率達到 25.5%，同比增長 190 個基點，單季度首次超過我們長期目標範圍的低端。在本季度初，我們解決了與 COVID-19 相關的積壓問題，這些問題拖累了第一季度的毛利率，限制了運費和包裝成本上漲的影響，我們預計這將拖累第二季度的利潤率。

Gross margin also benefited from a favorable sales mix into hard goods and strong contributions from our private label and health care offerings, which combined drove almost 3/4 of the year-over-year gross margin improvement.

毛利率還受益於硬商品的有利銷售組合以及我們的自有品牌和醫療保健產品的強勁貢獻，這些共同推動了近 3/4 的同比毛利率增長。

Q2 operating expenses, which include SG&A and advertising and marketing, were $465.6 million or 27.4% of net sales, gaining 340 basis points year-over-year. SG&A, which includes all fulfillment, customer service, credit card processing fees, corporate G&A, corporate payroll and share-based compensation, totaled $343.2 million in the second quarter or 20.2% of net sales. This represents a 100 basis point improvement year-over-year and demonstrates our ability to scale this line while we continue to expand our fulfillment center network, invest in our team members and address the incremental costs driven by COVID-19, which in the second quarter, added $11 million or 60 basis points to SG&A.

包括 SG&A 以及廣告和營銷在內的第二季度運營費用為 4.656 億美元，占淨銷售額的 27.4%，同比增長 340 個基點。 SG&A，包括所有履行、客戶服務、信用卡處理費、公司 G&A、公司工資和基於股票的薪酬，在第二季度總計 3.432 億美元，占淨銷售額的 20.2%。這比去年同期提高了 100 個基點，證明了我們在繼續擴大履行中心網絡、投資於我們的團隊成員並解決由 COVID-19 驅動的增量成本的同時擴大這條生產線的能力，這是第二個季度，為 SG&A 增加了 1100 萬美元或 60 個基點。

Q2 advertising and marketing was $122.4 million or 7.2% of net sales, gaining 240 basis points year-over-year. While organic customer acquisition remained strong throughout the quarter, we did see input costs rise quarter-over-quarter as media rates began to recover from their Q1 lows. By accurately targeting our marketing efforts, we were able to add more than twice as many net active customers on a year-over-year basis in Q2 this year with just 11% more marketing spend. Over the long term, the CAC efficiency we have achieved with our 2020 cohort so far, combined with our strong expected purchasing behavior, should produce LTV-to-CAC ratios for them as a group that are well above their predecessor cohorts.

第二季度廣告和營銷為 1.224 億美元，占淨銷售額的 7.2%，同比增長 240 個基點。儘管整個季度的有機客戶獲取保持強勁，但隨著媒體費率開始從第一季度的低點回升，我們確實看到投入成本環比上升。通過準確定位我們的營銷工作，我們能夠在今年第二季度增加兩倍以上的淨活躍客戶，而營銷支出僅增加了 11%。從長遠來看，到目前為止，我們在 2020 年隊列中實現的 CAC 效率，再加上我們強烈的預期購買行為，應該會為他們帶來遠高於其前輩隊列的 LTV 與 CAC 比率。

Second quarter net loss was $32.8 million, and net margin improved 530 basis points year-over-year to negative 1.9%. Second quarter net income, excluding share-based compensation of $37.8 million, was positive $5 million. Net margin, excluding share-based compensation, was positive for the first time ever, improving 370 basis points to 0.3%. Second quarter adjusted EBITDA was $15.5 million, and adjusted EBITDA margin improved 340 basis points year-over-year to 0.9%, exceeding breakeven for the second time this year.

第二季度淨虧損為 3280 萬美元，淨利潤同比增長 530 個基點至負 1.9%。第二季度淨收入，不包括 3780 萬美元的股票薪酬，為正 500 萬美元。不包括股票薪酬在內的淨利潤率有史以來首次為正，提高 370 個基點至 0.3%。第二季度調整後 EBITDA 為 1550 萬美元，調整後 EBITDA 利潤率同比提高 340 個基點至 0.9%，今年第二次超過盈虧平衡。

Turning now to free cash flow. Q2 free cash flow was negative $56 million, reflecting $28.9 million of negative cash flow from operating activities and $27.1 million of capital expenditures. The negative operating cash in Q2 was primarily a function of increasing our inventory levels to match current and anticipated demand levels and to protect the customer experience. Capital investments continue to be focused on capacity build, including cash outlays for our new fulfillment center in Archibald, Pennsylvania, that is scheduled to open next month.

現在轉向自由現金流。第二季度自由現金流為負 5600 萬美元，反映了 2890 萬美元的經營活動負現金流和 2710 萬美元的資本支出。第二季度的負運營現金主要是由於增加我們的庫存水平以匹配當前和預期的需求水平並保護客戶體驗。資本投資繼續集中在產能建設上，包括為我們位於賓夕法尼亞州阿奇博爾德的新履行中心的現金支出，該中心計劃於下個月開放。

Before I turn to guidance, I want to remind you of the near-term investments we are making that we believe will enable us to scale the business and move us forward along the path to profitable growth. Our goal is to provide you with further clarity on the rest of 2020 and help you think about the shape of the P&L and free cash flow over the next 6 to 12 months.

在轉向指導之前，我想提醒您我們正在進行的短期投資，我們相信這些投資將使我們能夠擴展業務並推動我們沿著盈利增長的道路前進。我們的目標是讓您更清楚地了解 2020 年剩餘時間，並幫助您思考未來 6 到 12 個月的損益表和自由現金流的形狀。

We recently announced plans to launch our 12 fulfillment center. There's one in the Kansas City area in the second half of 2021. This facility will have the same automation layout as our Archibald, Pennsylvania facility that is set to open in mid-October. A portion of the initial investments associated with this facility will be recorded this year.

我們最近宣布了啟動我們的 12 個履行中心的計劃。 2021 年下半年在堪薩斯城地區有一個。該設施將具有與我們定於 10 月中旬開放的賓夕法尼亞州阿奇博爾德工廠相同的自動化佈局。與該設施相關的部分初始投資將於今年入賬。

First, a reminder that all of fulfillment costs are included in SG&A. So launching new facility requires capital investments, inventory build and a short-term increase in SG&A as a percent of net sales as we hire and train personnel ahead of ramping the site to full capacity. Costs associated with the recent and upcoming launches of the Kansas City and Archibald facilities will be reflected in our Q3 and Q4 financials and are incorporated into current guidance.

首先，提醒一下所有履行成本都包含在 SG&A 中。因此，啟動新設施需要資本投資、庫存建設和短期增加 SG&A 占淨銷售額的百分比，因為我們在將場地提升至滿負荷之前僱用和培訓人員。與最近和即將推出的堪薩斯城和阿奇博爾德設施相關的成本將反映在我們的第三季度和第四季度財務數據中，並納入當前的指導。

Second, I want to reiterate the benefits we expect to gain from FC automation: up to a 60% improvement in safety and economics-related metrics, 25% increase in throughput capacity per square foot, 50% increase in labor productivity and 30% reduction in fixed and variable fulfillment cost per unit. These investments will also allow Chewy to maintain our competitive edge as well as our coveted position as a top experience provider. This is especially critical since COVID-19 is rapidly influencing the way we live, shop and serve our customers.

其次，我想重申一下我們期望從 FC 自動化中獲得的好處：安全和經濟相關指標提高多達 60%，每平方英尺的吞吐能力提高 25%，勞動生產率提高 50%，減少 30%每單位的固定和可變履行成本。這些投資還將使 Chewy 保持我們的競爭優勢以及我們夢寐以求的頂級體驗提供商的地位。這一點尤其重要，因為 COVID-19 正在迅速影響我們的生活、購物和服務客戶的方式。

Now to guidance. As we enter the back half of 2020, we have good visibility on a sizable share of our future sales, thanks to the recurring nature of our Autoship program. At the same time, we acknowledge that opportunities and risks exist side-by-side in today's unique and operating environment, and we are prepared to capitalize on opportunities and mitigate risks as and when they arise.

現在來指導。隨著我們進入 2020 年下半年，由於我們的 Autoship 計劃的經常性，我們對未來銷售額的相當大份額有很好的可見性。同時，我們承認在當今獨特的運營環境中機會和風險並存，我們準備在機會出現時抓住機會並降低風險。

So with that, for the third quarter, we are expecting net sales to be between $1.70 billion and $1.72 billion, representing year-over-year growth of between 38% and 40%. For the full year 2020, we are expecting net sales to be between $6.775 billion and $6.825 billion, representing year-over-year growth of between 40% and 41%. As our guidance suggests, we expect to deliver nearly $2 billion of net sales growth in 2020, divided roughly 50-50 between the first and second half of the year. As Sumit indicated earlier, we expect to capture over half of the growth in online pet product sales that the industry experts predict for 2020.

因此，我們預計第三季度的淨銷售額將在 17.0 億美元至 17.2 億美元之間，同比增長 38% 至 40%。對於 2020 年全年，我們預計淨銷售額將在 67.75 億美元至 68.25 億美元之間，同比增長 40% 至 41%。正如我們的指導所暗示的那樣，我們預計 2020 年將實現近 20 億美元的淨銷售額增長，上半年和下半年之間的比例約為 50-50。正如 Sumit 早些時候指出的那樣，我們預計將獲得行業專家預測的 2020 年在線寵物產品銷售增長的一半以上。

Full year 2020 adjusted EBITDA margin is expected to be approximately breakeven plus or minus 30 basis points. We are holding our adjusted EBITDA guidance constant with the guidance we gave last quarter. While we have good visibility on the demand side of the business as we enter the second half of the year, there are some areas of the current operating environment where we don't have full clarity on potential cost headwinds.

預計 2020 年全年調整後 EBITDA 利潤率約為盈虧平衡正負 30 個基點。我們將調整後的 EBITDA 指導與上個季度給出的指導保持一致。雖然我們在進入下半年時對業務的需求方面有很好的了解，但在當前運營環境的某些領域，我們對潛在的成本不利因素並沒有完全清楚。

For example, media costs in Q3 and Q4 are likely to see some upward pressure from factors like the economy continuing to open, the upcoming election and increased competition as we approach the holidays. Similarly, during peak periods, we could make additional investments and employee benefits or freight and logistics to respond to elevated volumes, protect customer experience or both. Our present guidance reflects these potential headwinds, many of which are attributable to market conditions related to COVID-19 and its impact on the broader economy and e-commerce more specifically. We view these as nonrecurring in nature and don't see them affecting the underlying profitability of the business that we demonstrated in the first half of 2020 and expect to carry forward into 2021.

例如，第三季度和第四季度的媒體成本可能會受到經濟繼續開放、即將到來的選舉以及臨近假期的競爭加劇等因素的一些上行壓力。同樣，在高峰期，我們可以進行額外的投資和員工福利或貨運和物流，以應對增加的數量，保護客戶體驗或兩者兼而有之。我們目前的指導反映了這些潛在的不利因素，其中許多可歸因於與 COVID-19 相關的市場狀況及其對更廣泛的經濟和電子商務的影響。我們認為這些本質上是非經常性的，並且認為它們不會影響我們在 2020 年上半年展示並預計將延續到 2021 年的業務的潛在盈利能力。

I will conclude by saying that our Q2 results demonstrate our continuing ability to attract and retain customers, gain market share, achieve scale and operate profitably. We remain optimistic about our future and look forward to the second half of 2020.

最後，我要說的是，我們的第二季度業績證明了我們吸引和留住客戶、獲得市場份額、實現規模和盈利運營的持續能力。我們對未來保持樂觀，並期待 2020 年下半年。

With that, I'll turn the call over to the operator. Operator?

有了這個，我會把電話轉給接線員。操作員？

(Operator Instructions) Our first question today comes from Mark Mahaney with RBC Capital Markets.

（操作員說明）我們今天的第一個問題來自 RBC Capital Markets 的 Mark Mahaney。

I want to ask about the NSPAC outlook. And could you just detail how that NSPAC goes from whatever $350, $356 now to the $500 to $700. I know you just -- I know you're talking about that with particular cohorts. As the overall customer base ages, you'll inevitably drive up there. But just talk about how that happens. Is it greater frequency? Is it spend across different categories? I'm sure it's all of the above, but what have you typically seen in terms of the drive up of that NSPAC?

我想問一下 NSPAC 的前景。您能否詳細說明 NSPAC 如何從現在的 350 美元、356 美元到 500 美元到 700 美元。我知道你只是 - 我知道你在談論特定的同夥。隨著整體客戶群的老化，您將不可避免地開車到那裡。但只是談談這是如何發生的。是不是頻率更高？它是否在不同類別中花費？我敢肯定以上都是，但是您通常看到的 NSPAC 的推動作用是什麼？

Mark, this is Mario. So I'll take the question. What would happen is, like in the first quarter, we had a record influx of new customers that diluted NSPAC in the second quarter. And so it was basically flat quarter-over-quarter, but up 3.2% year-over-year. And I think you have the dynamics right that as we add more new customers, that affects NSPAC in the short term. But over time, those customers mature and they shift their spending to us.

馬克，這是馬里奧。所以我會回答這個問題。會發生什麼，就像第一季度一樣，我們在第二季度有創紀錄的新客戶湧入稀釋了 NSPAC。因此，環比基本持平，但同比增長 3.2%。而且我認為您的動態是正確的，即隨著我們增加更多新客戶，這會在短期內影響 NSPAC。但隨著時間的推移，這些客戶逐漸成熟，他們將支出轉移給我們。

And so then your question of how does that evolve over time? It's a mixture of, as you said, all of the above. Not only do they find the selection, convenience, price, customer service to be so appealing that they move their spending to us, but we also continue to expand the catalog and the categories that we serve them, and that increases they're spending with us over time.

那麼你的問題是隨著時間的推移如何演變？正如您所說，它是上述所有內容的混合體。他們不僅發現選擇、便利、價格、客戶服務如此吸引人，以至於他們將支出轉移給我們，而且我們還繼續擴展我們為他們服務的目錄和類別，這增加了他們的支出我們隨著時間的推移。

And you're right to think that, as we have shared within the past, first year tends to be about $150, $200. By year 3, that grows $100, $200. By year 4 or 5, you're in the $500, $600 range. So the longer they stay with us, the more they spend with us. But it's a combination of all the things you mentioned.

你認為，正如我們過去所分享的，第一年往往是 150 美元、200 美元左右，這是對的。到第 3 年，增長 100 美元，200 美元。到第 4 年或第 5 年，你的收入在 500 美元到 600 美元之間。所以他們和我們在一起的時間越長，他們和我們在一起的時間就越多。但它是你提到的所有事情的組合。

Mark, also -- this is Sumit. I think it's helpful to remember that the number that you're quoting, right? The number -- the NSPAC number that we're quoting is a weighted average number. And when we look at the number of customers that we've acquired, so the net additions that have happened in the last 3 years form a bulk of the customers on the platform. So just by the mathematics of it, the cumulative rate gets dragged down by the maturity of the cohorts that we bring on. But when you look at our older cohorts that have been active with us over 4, 5, 6 years, those are the cohorts that are spending north of $500, $600, $700.

馬克，還有——這是Sumit。我認為記住你引用的數字很有幫助，對吧？數字——我們引用的 NSPAC 數字是加權平均數字。當我們查看我們獲得的客戶數量時，過去 3 年發生的淨增加構成了平台上的大部分客戶。因此，僅從它的數學角度來看，累積率就會被我們引入的群體的成熟度所拖累。但是，當您查看我們與我們一起活動超過 4、5、6 年的老同夥時，那些消費超過 500 美元、600 美元、700 美元的同夥。

And so that's -- I think that's an important consideration, which is why in the past, we've said, it's really important for us to bring customers online. And then what we gain confidence is we build relationships with these customers, and they spend, the more they spend -- they the longer they stay with us, the more money they shift from their share of wallet from their basket over to Chewy. And so you take that dynamic and you take the dynamic of, let's say, the food and supplies market in the North American space, and you take a $100 billion pet space, you take 65% of that as just food and supplies and you take 90 million households, that math is roughly about $700 per share of wallet per household just attributed to food and supplies.

所以這就是 - 我認為這是一個重要的考慮因素，這就是為什麼在過去，我們說過，讓客戶上網對我們來說真的很重要。然後我們獲得信心的是，我們與這些客戶建立了關係，他們花的錢越多——他們和我們在一起的時間越長，他們從他們的錢包裡轉移到 Chewy 的錢就越多。所以你利用這種動態，比如說，北美空間的食品和用品市場，你拿了一個價值 1000 億美元的寵物空間，你把其中的 65% 作為食物和用品，你拿9000 萬個家庭，這個數字大約是每戶人家每戶錢包大約 700 美元，這僅歸功於食品和供應品。

And so when you start putting these 2 together, and you see results in the way that we go to market and engage these customers and the offerings that we're offering, that Mario suggested, that's how the math works out.

因此，當您開始將這兩個放在一起時，您會看到我們進入市場並吸引這些客戶的方式以及我們提供的產品的結果，馬里奧建議，這就是數學的結果。

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。

A couple of questions. The first one is you seem to continue to acquire customers very efficiently in the quarter. Anything you could tell us about the media pricing environment during the quarter, exiting the quarter. And then channels giving you the best leverage or color on the media mix there? And then I have one follow-up.

幾個問題。第一個是您似乎在本季度繼續非常有效地獲得客戶。您可以告訴我們有關本季度（退出本季度）的媒體定價環境的任何信息。然後是頻道為您提供最佳的媒體組合影響力或色彩？然後我有一個後續行動。

Sure. Brian, Sumit here. So not much to break that down, but what we are continuing to see is, as anticipated, channel input cost across an array of media began to increase from the lows that we saw in Q1. And so our marketing team has had to smartly pivot to make the level of investment. And one thing that benefits an engine like ours is that because we are efficient in going to market on the performance side, we're able to also attribute spend on short-term basis and change that spend if we don't see the yields coming back in.

當然。布賴恩，蘇米特在這裡。因此，沒有太多可以打破這一點，但我們繼續看到的是，正如預期的那樣，一系列媒體的渠道投入成本開始從我們在第一季度看到的低點開始增加。因此，我們的營銷團隊不得不巧妙地調整投資水平。讓像我們這樣的引擎受益的一件事是，由於我們在性能方面高效地進入市場，我們還能夠將支出歸因於短期基礎上，並在我們看不到收益的情況下改變支出早在。

So for us, it's all about guiding ourselves to the LTV-to-CAC metric. And then on top of that, we're continuing to find the efficient frontier.

所以對我們來說，這一切都是為了引導自己使用 LTV-to-CAC 指標。最重要的是，我們繼續尋找有效邊界。

So for example, as you move out, Mario alluded to media cost due to election year. And typically, what happens is that you should expect TV costs to start going up but also visibility goes up or viewership goes up during this time. And there's a headwind and a tailwind that actually brings to the equation. I think what's a little bit murky this year is how due to pandemic, if the viewership is scaled back, how that actually impacts media cost.

例如，當你搬出去的時候，馬里奧提到了選舉年的媒體成本。通常情況下，您應該預期電視費用會開始上升，但在此期間可見度也會上升或收視率上升。有一個逆風和順風實際上帶來了這個等式。我認為今年有點模糊的是，由於大流行，如果收視率下降，這實際上如何影響媒體成本。

So we're watching all of this, but at least on the performance side, where we spend the bulk of our money, we're more targeted, and we have the ability to dial back or dial-up as the yield comes in.

所以我們正在關注所有這一切，但至少在性能方面，我們花費了大部分資金，我們更有針對性，我們有能力在收益到來時回撥或撥入。

Got it. And the other one I just had was on the new automation, and I want to know if you kind of compare or contrast the CapEx and the OpEx footprint of those facilities, the new automation ones versus the rest of the network. Is there an opportunity to upgrade or augment some of your existing facilities with some of this automation you're talking about?

知道了。我剛剛擁有的另一個是關於新自動化的，我想知道您是否比較或對比這些設施的資本支出和運營支出足跡，新自動化與網絡的其他部分。是否有機會通過您所說的某些自動化來升級或增強您現有的一些設施？

Yes. I mean, absolutely. We've built -- in the last few years, we've built our existing network with a point of view of if the data comes into our expectation like where the data points that we're providing, we have an opportunity to go back and retrofit or upgrade our existing facilities. And automation for us is a strategic choice, and we believe that now more so than ever, we have confidence that we're making the right choice in investing in automation to be able to get out the benefits across safety, variable cost as well as full customer -- full cost per unit for the network.

是的。我的意思是，絕對的。我們已經建立——在過去的幾年裡，我們建立了我們現有的網絡，考慮到數據是否符合我們的預期，比如我們提供的數據點在哪裡，我們有機會回去改造或升級我們現有的設施。自動化對我們來說是一個戰略選擇，我們相信現在比以往任何時候都更有信心，我們在自動化投資方面做出了正確的選擇，以便能夠在安全、可變成本以及全客戶——網絡的每單位全部成本。

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。

Sumit, I was hoping you could just talk a little bit more about the services marketplace, potentially just if the pandemic is perhaps accelerating your thinking there at all and just how you'd think about what a potential product could look like and then also monetization around that product.

Sumit，我希望你能多談談服務市場，可能只是因為大流行可能會加速你在那裡的思考，以及你會如何思考潛在產品的外觀以及貨幣化圍繞那個產品。

When we think about services, first of all, and the concept of a marketplace, we think about it broadly. So we're not really pegging ourselves to a product-oriented marketplace or a particular retail environment of a service-oriented marketplace. We believe us helping customers in the health and wellness space where a lot of customers are migrating towards finding more and more information, especially due to vet clinics closed, is a service that we could provide.

當我們首先考慮服務和市場的概念時，我們會廣泛地考慮它。因此，我們並沒有真正將自己與面向產品的市場或面向服務的市場的特定零售環境掛鉤。我們相信，我們可以在許多客戶正在遷移以尋找越來越多信息的健康和保健領域為客戶提供幫助，尤其是由於獸醫診所關閉，這是我們可以提供的服務。

We believe offering up our assortment to small business providers at a time when they needed the most could be a service that we could provide. Pet insurance could be a service that we could provide.

我們相信，在小型企業供應商最需要的時候向他們提供我們的產品可能是我們可以提供的服務。寵物保險可能是我們可以提供的一項服務。

So services for us is a broad term, Doug. And there's not much to share regarding our progress other than the fact that we continue to evaluate ideas and put our thought behind it. And when we have something more to share, I'll come back and share it with you.

所以對我們來說，服務是一個廣義的術語，道格。除了我們繼續評估想法並將我們的想法置於其背後的事實之外，關於我們的進展沒有什麼可分享的。當我們有更多的東西要分享時，我會回來與你分享。

Our next question comes from Lauren Cassel with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Lauren Cassel。

Great. I just wanted to ask about strategies that you're thinking about to retain these new buyers that you've acquired in the back half of the year and into 2021. And then sort of on the same vein, how are you thinking about marketing spending in the back half of the year given some of the efficiency that you've seen in the first half?

偉大的。我只是想問一下您正在考慮採取哪些策略來留住您在今年下半年和 2021 年獲得的這些新買家。然後類似地，您如何考慮營銷支出鑑於您在上半年看到的一些效率，在下半年？

Lauren, it's Sumit, I'll take that one. The -- so first of all, we are encouraged by the fact that the new customer cohort is displaying behavior, which is consistent to our older cohorts, which then tells us that we don't have to do something unnatural to engage them. What we are also encouraged by the -- is the fact that we have different choices for them to engage with.

勞倫，我是蘇米特，我要那個。 - 首先，我們對新客戶群體表現出的行為感到鼓舞，這與我們的老群體一致，然後告訴我們，我們不必做一些不自然的事情來吸引他們。我們也受到鼓舞的是——我們有不同的選擇讓他們參與。

For example, if you look back a couple of years, you had the choice of either buying food or buying your supplies from us. Today, you have -- as a customer, you have a much broader array of choices. And so when you really think about how we deploy marketing now for engaged customers, it's about understanding their life cycle and at what point do we expose them to these offerings and how do we smartly convert them from one vertical or complementary offerings to their portfolio to accelerate their basket size relative to older cohorts. So that's how we're thinking about it.

例如，如果您回顧幾年，您可以選擇從我們這裡購買食物或供應。今天，作為客戶，您有更廣泛的選擇。因此，當您真正考慮我們現在如何為參與的客戶部署營銷時，它是關於了解他們的生命週期以及我們在什麼時候讓他們接觸這些產品，以及我們如何巧妙地將它們從一種垂直或互補產品轉變為他們的產品組合相對於較老的同夥，加快他們的籃子規模。所以我們就是這麼想的。

Number -- your second part of the question is efficiency in the back half of the year or how we look at marketing outlook. As I alluded, we expect channel input costs across an array of media to begin to increase. And our team -- one, we expect organic traffic and customer acquisition trends to remain elevated relative to pre-COVID levels. Then is the notion of how paid marketing should be executed. And there, we're going to continue to spend money with the operating philosophy of either driving the business to cash neutrality or until we hit the efficient frontier and keeping LTV-to-CAC ratios as our guiding point.

數字——你問題的第二部分是下半年的效率或我們如何看待營銷前景。正如我所提到的，我們預計一系列媒體的渠道投入成本將開始增加。而我們的團隊——第一，我們預計自然流量和客戶獲取趨勢將相對於 COVID 之前的水平保持較高水平。然後是如何執行付費營銷的概念。在那裡，我們將繼續按照將業務推向現金中性或直到我們達到有效邊界並將 LTV 與 CAC 比率作為我們的指導點的經營理念來花錢。

Overall, we expect net customer adds to be higher than pre-COVID levels. And overall, we expect to deliver marketing efficiency from a year-over-year point of view.

總體而言，我們預計淨客戶增加將高於 COVID 之前的水平。總體而言，我們希望從同比的角度來看能夠提高營銷效率。

Our next question comes from Dylan Carden with William Blair.

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

Just curious if you could touch on the behavior you're seeing with the pharmacy customers, if there's anything different as far as attachment rate. And then also, as you look to the back half, kind of keeping the -- at least the earnings guidance relatively in line on higher sales, if that's just maintaining some sort of conservatism just given the visibility or if you're seeing kind of incrementally higher costs or reason to be cautious?

只是好奇您是否可以觸及您在藥房客戶中看到的行為，是否有任何不同的依戀率。然後，當你看後半部分時，至少保持盈利指導相對於更高的銷售額，如果這只是保持某種保守主義只是考慮到可見性，或者如果你看到某種成本越來越高還是有理由保持謹慎？

Dylan, it's Sumit. I'll take the first one, and Mario will take the second one. On pharmacy, not much different to report. We are encouraged. By the way, pharmacy continues to resonate with our customers, and we continue to be pleased with the results.

迪倫，是蘇米特。我會拿第一個，馬里奧會拿第二個。在藥房，報告沒有太大的不同。我們受到鼓舞。順便說一句，藥房繼續與我們的客戶產生共鳴，我們繼續對結果感到滿意。

As we've noted, pharmacy made positive contributions to the company's Q2 revenue and margin expansion goals, and we continue to benefit from the efficiencies provided by the expanded network of our Rx fulfillment centers that allows us to deliver an even sharper experience and faster delivery times.

正如我們所指出的，藥房為公司的第二季度收入和利潤擴張目標做出了積極貢獻，我們繼續受益於我們的 Rx 履行中心擴大網絡所提供的效率，這使我們能夠提供更清晰的體驗和更快的交付次。

So we continue to expand the proposition which will make Chewy a stronger proposition for customers either wanting to adopt pharmacy for the first time or existing customers who want to try out our pharmacy platforms, and we're happy about that.

因此，我們繼續擴展這一主張，這將使 Chewy 成為第一次想要採用藥房的客戶或想要試用我們的藥房平台的現有客戶的更強有力的主張，我們對此感到高興。

And Dylan, this is Mario. For the second part of your question, I'll start off by saying that we feel good about being able to provide guidance. And like always, we weigh the risk and opportunities, and our guidance reflects the balanced view of optimism versus what's less clear in the environment that we're operating in.

迪倫，這是馬里奧。對於您問題的第二部分，我首先要說我們對能夠提供指導感到滿意。和往常一樣，我們權衡風險和機遇，我們的指導反映了樂觀與我們所處環境中不太清楚的平衡觀點。

So you asked specifically about the bottom line, but let me just give you the top line and the bottom line so you can see how we arrive at it. But for the top line, Autoship and the predictable customer behavior that we've seen over time is what gives us the visibility to be able to raise the guidance by $200 million and guide to almost $2 billion increase year-over-year.

所以你特別問了底線，但我只給你頂線和底線，這樣你就可以看到我們是如何達到的。但就收入而言，Autoship 和我們隨著時間的推移看到的可預測的客戶行為使我們能夠將指導提高 2 億美元並指導同比增長近 20 億美元。

For the bottom line, though, we held the EBITDA, as you mentioned, flat to the last call, and that's for 2 main reasons. One is there are some potential cost headwinds. As Sumit has mentioned, variability and media costs, higher logistic expenses and potentially short-term costs related to COVID-19. And it's how much of these headwinds materialize in the second half that will drive us to one end or the other end of the range. And of course, we're going to continue to manage -- to actively manage the headwinds using all the data available to us.

不過，就底線而言，正如您所提到的，我們將 EBITDA 與上次通話持平，這主要有兩個原因。一是存在一些潛在的成本阻力。正如 Sumit 所提到的，可變性和媒體成本、更高的物流費用以及與 COVID-19 相關的潛在短期成本。正是這些逆風中有多少會在下半年實現，這將推動我們到達該範圍的一端或另一端。當然，我們將繼續管理 - 使用我們可用的所有數據積極管理逆風。

So the second portion is that we may choose to make some short-term investments in customer experience, marketing and other areas that may impact profitability in the short term but are exactly the kind of strategic decisions that we make on a regular basis that drive our growth over time. So our guidance provides us the flexibility to do -- to make those types of investments and decisions in the back half.

所以第二部分是我們可能會選擇在客戶體驗、營銷和其他可能會在短期內影響盈利能力的領域進行一些短期投資，但這些正是我們定期做出的戰略決策，從而推動了我們的發展。隨著時間的推移而增長。因此，我們的指導為我們提供了靈活性——在後半部分進行這些類型的投資和決策。

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。

I have a question about the behavior of the pre versus post-COVID customer cohorts. You're talking about being able to expose these post cohorts -- or post-COVID cohorts to a larger variety of purchase options. It seems like they're not spending more at their life cycle point than pre-COVID customer cohorts. Is that correct? Or if not, please correct me, if so, please provide some color.

我對 COVID 前後客戶群體的行為有疑問。您說的是能夠將這些帖子群組或 COVID 之後的群組展示給更多種類的購買選項。似乎他們在生命週期點上的花費並沒有比 COVID 之前的客戶群多。那是對的嗎？或者如果不是，請糾正我，如果是，請提供一些顏色。

No, Seth, short answer, that's not correct. In fact, I think Mario alluded to this in his script as well, that the LTV-to-CAC ratios of these newer cohorts are superlative compared to the older cohorts. And it's not just because of the CAC efficiency, it's also because of the strength in the LTV that we're seeing.

不，賽斯，簡短的回答，這是不正確的。事實上，我認為馬里奧在他的劇本中也提到了這一點，即這些新群體的 LTV 與 CAC 比率與舊群體相比是最高的。這不僅是因為 CAC 效率，還因為我們看到的 LTV 的實力。

Okay. That's excellent. Understand. And then secondly, as it relates to fulfillment costs, you saw deleverage this quarter that was a little bit more than last quarter. You talked about potential headwinds going forward. Could you enumerate or elaborate on the headwinds that you might expect going forward and whether or not we should see more or less deleverage in the back half relative to the first half?

好的。那太好了。理解。其次，由於它與履行成本有關，您看到本季度的去槓桿化程度略高於上一季度。你談到了未來的潛在不利因素。您能否列舉或詳細說明您可能預計未來會遇到的不利因素，以及我們是否應該看到後半部分相對於上半年出現更多或更少的去槓桿化？

Fulfilling cost, we touched on that as part of SG&A. And what we -- what I mentioned in my opening remarks is that we would see a deleveraging related to opening our new fulfillment center. That happens every time we open a new FC. Because at the beginning, we have to recruit and train and ramp, from a productivity standpoint, those new team members. But over time, the productivity increases, volume in that facility increases, and that effect ameliorates. So it's a temporary effect of opening up new fulfillment centers.

履行成本，我們將其作為 SG&A 的一部分進行了討論。我們 - 我在開場白中提到的是，我們將看到與開設新的履行中心相關的去槓桿化。每次我們打開一個新的 FC 時都會發生這種情況。因為一開始，我們必須從生產力的角度招募、培訓和提升這些新團隊成員。但隨著時間的推移，生產力會提高，該設施的容量會增加，並且這種效果會有所改善。因此，開設新的履行中心只是暫時的效果。

And Seth, a point about headwinds on the labor side or the investments is essentially us trying to anticipate how playing through the back half of the year while continuing to live in a pandemic is going to pan out. There's lack of clarity on the stimulus side, and they are changing macroeconomic environments at this point. And we just stand ready to invest in short-term wage and benefits, if we need to align our labor curves with the demand forecast that we have to execute to protect customer experience.

賽斯，關於勞工方面或投資方面的逆風，本質上是我們試圖預測如何在今年下半年繼續生活在大流行中的情況下發揮作用。刺激方面缺乏明確性，目前它們正在改變宏觀經濟環境。如果我們需要將我們的勞動力曲線與我們必須執行以保護客戶體驗的需求預測保持一致，我們就隨時準備投資於短期工資和福利。

Our next question comes from Oliver Wintermantel with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Oliver Wintermantel。

My question is regarding the sales cadence throughout the quarter, how you entered the quarter and how -- at what velocity you exited the quarter? And then if you could give us maybe like an outlook or how it's trending in the third quarter so far? And then the follow-up question would be advertising revenue opportunities on your own side.

我的問題是關於整個季度的銷售節奏，你是如何進入這個季度的，以及你是如何以什麼速度退出這個季度的？然後，如果你能給我們一個展望，或者到目前為止第三季度的趨勢如何？然後後續問題將是您自己的廣告收入機會。

Oli, it's Mario. I'll take the first part, and Sumit can answer -- will answer the second part. But to your -- the first question, net sales in customer acquisition in August were consistent with our Q2 exit rate. And so the best way to describe the current pace of customer acquisition is that we are running above pre-COVID levels but below the peak rates we saw in March and April. And the guidance we provided reflects it.

奧利，是馬里奧。我會回答第一部分，Sumit 可以回答——將回答第二部分。但是對於您的第一個問題，8 月份客戶獲取的淨銷售額與我們第二季度的退出率一致。因此，描述當前客戶獲取速度的最佳方式是，我們的運行速度高於 COVID 之前的水平，但低於我們在 3 月和 4 月看到的峰值。我們提供的指導反映了這一點。

Oli, its Sumit. Not much to add to the advertising revenue opportunities on our side. When we have something to share, we'll come back and share it.

奧利，它的蘇米特。沒有太多可以增加我們這邊的廣告收入機會。當我們有東西要分享時，我們會回來分享。

Our next question comes from Deepak Mathivanan with Barclays.

我們的下一個問題來自巴克萊銀行的 Deepak Mathivanan。

It's Trevor on for Deepak. Two ones from us. I'm just dovetailing on one of the earlier questions. Now that you have 6 months of data on post-COVID cohorts, can you give us any color on like average basket sizes, frequency and churn there? I know you gave some comments there on spend levels, which is very helpful.

迪帕克是特雷弗。我們的兩個。我只是與前面的問題之一相吻合。既然你有 6 個月的 COVID 後群組數據，你能給我們提供任何顏色，比如平均購物籃大小、頻率和流失率嗎？我知道您在那裡就支出水平發表了一些評論，這非常有幫助。

And then second one, dovetailing on that, last quarter, you flagged about $70 million in pantry stocking contributing to revenue. Any update on that metric this quarter? Have you seen that kind of stabilize? Or have you seen that inventory that's in pantry drawdown?

然後是第二個，與上個季度相吻合，您指出大約 7000 萬美元的食品儲藏室為收入做出了貢獻。本季度該指標有任何更新嗎？你見過這樣的穩定嗎？或者你有沒有看到儲藏室縮水的庫存？

Sure. I'll take both of these. First of all, we're not seeing pantry destocking. We continue to see high levels of engagement from our customers. And as we alluded to in the Q1 call, we don't expect the pantry destock impact to come in or at least come into perspective so quickly. So not much more to say there.

當然。這兩個我都要。首先，我們沒有看到食品儲藏室去庫存。我們繼續看到客戶的高參與度。正如我們在第一季度電話會議中提到的那樣，我們預計食品儲藏室去庫存的影響不會出現或至少會如此迅速地出現。所以這裡不多說了。

And on the new cohort trends and basket size reorder, so without specifically commenting, we continue to see basket sizes are bigger or larger and their other metrics such as frequency, mean time to order, purchase rate, Autoship subscriber rates, et cetera, are consistent with our mature cohorts.

關於新的隊列趨勢和購物籃大小的重新排序，因此在沒有特別評論的情況下，我們繼續看到購物籃大小或更大或更大，並且它們的其他指標，如頻率、平均訂購時間、購買率、Autoship 訂戶率等，都是與我們的成熟人群一致。

(Operator Instructions) Our next question will come from Brent Thill with Jefferies.

（操作員說明）我們的下一個問題將來自 Jefferies 的 Brent Thill。

This is John Colantuoni on for Brent. When we back into implied Q4 sales using Q3 and full year guidance, we get somewhere around low 30s growth, which implies a moderation from Q3 guidance. Should we take this as conservatism? Or is there something you're seeing in customer trends or from competition that leaves you to believe top line growth will start to slow towards the end of the year?

這是布倫特原油的約翰·科蘭托尼。當我們使用第三季度和全年指導回到第四季度的隱含銷售額時，我們得到了大約 30 年代的低增長，這意味著第三季度的指導有所放緩。我們應該將此視為保守主義嗎？還是您在客戶趨勢或競爭中看到的某些東西讓您相信收入增長將在年底開始放緩？

John, it's Mario. I'll take that one. Our updated guidance delivers nearly $2 billion of sales growth this year and just over half of that coming in the first half and the remainder in the second half. And that $2 billion equal to 40% growth year-over-year, which is the same growth rate we had in 2019, but off a larger base.

約翰，是馬里奧。我會拿那個。我們更新後的指引今年實現了近 20 億美元的銷售額增長，其中一半多一點出現在上半年，其餘則出現在下半年。這 20 億美元相當於 40% 的同比增長，這與我們在 2019 年的增長率相同，但基數更大。

So the growth in absolute terms is quite meaningful in the second half and right in line with what we saw in the first half. And I think the other thing you should take away is that our projected growth of $2 billion this year is equivalent to more than half of the total growth in the market for online. So pretty significant.

因此，絕對值的增長在下半年非常有意義，並且與我們在上半年看到的一致。我認為你應該帶走的另一件事是，我們今年預計的 20 億美元增長相當於在線市場總增長的一半以上。非常有意義。

Our next question is a follow-up from Dylan Carden with William Blair.

我們的下一個問題是 Dylan Carden 與 William Blair 的後續問題。

Just curious on the hard goods, the total growth in that category is 52%. What drove that acceleration? And am I right in that the private label hard goods is actually in the other line item? And if so, kind of if you're seeing private label hard goods grow ahead of that? And is that having sort of a benefit for the hard goods category more broadly?

只是對硬商品感到好奇，該類別的總增長率為 52%。是什麼推動了這種加速？我說得對嗎？自有品牌硬貨實際上是在其他行項目中？如果是這樣，如果您看到自有品牌的硬商品在此之前增長？這對更廣泛的硬商品類別有好處嗎？

So yes, private label hard goods is in the other category. And we attribute the hard goods growth. Growing hard goods has been an important part of our growth strategy, and we've alluded to this in the past ever since our IPO. And it's been an important part of the growth strategy, both on the branded side as well as the central driver of our private label hard good business as well.

所以，是的，自有品牌硬商品屬於另一類。我們將其歸因於硬商品的增長。發展硬貨一直是我們增長戰略的重要組成部分，自從我們的首次公開募股以來，我們過去就提到過這一點。它一直是增長戰略的重要組成部分，無論是在品牌方面，還是我們自有品牌硬好業務的核心驅動力。

So what you saw in Q2 is the result of ongoing efforts in investing behind the business, both in going to market, smart merchandising, assortment and higher quality products, both across product lines, but also expansion of price points in addition to some external factors that we benefited from, such as increase in pet adoption and engaged pet parents.

因此，您在第二季度看到的是持續努力投資於業務背後的結果，包括上市、智能銷售、分類和更高質量的產品，無論是跨產品線，還是價格點的擴大以及一些外部因素我們從中受益，例如寵物收養的增加和寵物父母的參與。

Sorry, if there was a second question, I'm going to have you repeat that, please.

對不起，如果還有第二個問題，我會讓你重複一遍，拜託。

Yes. No, I was just curious, I guess I am right that the private label hard goods is embedded in the other category. So I guess I was just curious if the -- you called out private label hard goods, I think, in the gross margin comments. It would stand to reason that you're seeing private label hard goods maybe grow ahead of your third-party hard goods and if there's some benefit there, I guess, in the broader hard goods category growth.

是的。不，我只是好奇，我想我是對的，自有品牌硬貨被嵌入到另一個類別中。所以我想我只是好奇——你是否在毛利率評論中提到了自有品牌的硬商品。有理由認為，自有品牌的硬貨可能會比第三方硬貨增長，如果有一些好處，我猜，在更廣泛的硬貨類別的增長中。

All right. I mean, first of all, recall that our private brand strategy is to develop high-quality customer affinity products and bring them to life. We don't necessarily -- we don't create products that compete one-to-one head-on. That's really not our strategy.

好的。我的意思是，首先，請記住，我們的自有品牌戰略是開發高質量的客戶親和力產品並將其變為現實。我們不一定——我們不會創造一對一競爭的產品。這真的不是我們的策略。

In the -- on the hard goods side, where product lines are commoditized or people -- or customers may appreciate diversity of choices, yes, we're super-encouraged by the way that customers are interacting with our products, the star rating that we're receiving for these high-quality products as well as the acceleration and the meaningful penetration that they're driving into overall hard goods, reaching 15% at Q2 exit.

在硬商品方面，產品線商品化或人 - 或者客戶可能會欣賞選擇的多樣性，是的，我們對客戶與我們的產品互動的方式感到非常鼓舞，星級評級我們收到了這些高質量的產品以及它們推動整體硬商品的加速和有意義的滲透，在第二季度退出時達到 15%。

And Dylan, this is Mario…

還有迪倫，這是馬里奧……

And 15% is total…

總共有15％……

Yes, 15% penetration for hard goods private label.

是的，硬商品自有品牌的滲透率為 15%。

Mario, yes. Sorry.

馬里奧，是的。對不起。

Yes, I may have misheard you, but I thought you -- I heard you say 52% growth in hard goods, but actually, it grew 72% year-over-year in the quarter.

是的，我可能聽錯了，但我以為你——我聽到你說硬商品增長 52%，但實際上，該季度同比增長 72%。

Okay. I just have some bad numbers perhaps.

好的。也許我只是有一些不好的數字。

This will conclude our question-and-answer session, and I would like to turn the call back over to management for any closing remarks.

這將結束我們的問答環節，我想將電話轉回給管理層，以聽取任何結束語。

Thanks, all. Have a great evening.

謝謝大家。有一個美好的夜晚。

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。