Chewy Inc (CHWY) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the Chewy first-quarter 2024 analyst call. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎致電 Chewy 2024 年第一季分析師電話。 （操作員說明）

I would now like to turn this conference call over to our host, Jennifer Hsu, VP of Investor Relations. Please go ahead.

我現在想將這次電話會議轉交給我們的主持人投資者關係副總裁 Jennifer Hsu。請繼續。

Thank you for joining us on the call today to discuss our first-quarter results for fiscal year 2024. Joining me today are Chewy's CEO, Sumit Singh; and CFO, David Reeder.

感謝您今天參加我們的電話會議，討論我們 2024 財年第一季的業績。和財務長大衛·里德。

Our earnings release, which was filed with the SEC earlier today, has been posted to the Investor Relations section of our website. In addition to the earnings release, a presentation summarizing our results is also available on our website at investor.chewy.com.

今天稍早向美國證券交易委員會提交的收益報告已發佈到我們網站的投資者關係部分。除了收益發布之外，我們的網站 Investor.chewy.com 上還提供了總結我們業績的簡報。

On our call today, we will be making forward-looking statements, including statements concerning Chewy's financial results and performance, industry trends, strategic initiatives, share repurchase program, and the environment that we operate in. Such statements are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995 and are subject to certain risks, uncertainties, and other factors described in the section titled Risk Factors in our quarterly report on Form 10-Q filed earlier today and in our other filings with the SEC, which could cause actual results to differ materially from those contemplated by our forward-looking statements.

在今天的電話會議上，我們將做出前瞻性陳述，包括有關 Chewy 的財務業績和業績、行業趨勢、戰略舉措、股票回購計劃以及我們經營環境的陳述。 1995 年私人證券訴訟改革法案，並受到我們今天早些時候提交的10-Q 表格季度報告以及我們向SEC 提交的其他文件中標題為“風險因素”的部分中描述的某些風險、不確定性和其他因素的影響，這可能導致實際結果與我們前瞻性陳述中預期的結果有重大差異。

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.

報告的結果不應被視為未來績效的指標。另請注意，本次電話會議的前瞻性陳述是基於截至今天為止我們所掌握的資訊。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

Also during this call, we will discuss certain non-GAAP financial measures. Reconciliations of these non-GAAP items to the most directly comparable GAAP financial measures are provided on our Investor Relations website and in our earnings release which was filed with the SEC today.

此外，在本次電話會議中，我們還將討論某些非公認會計準則財務指標。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收益報告中提供了這些非公認會計準則項目與最直接可比較的公認會計準則財務指標的對帳。

These non-GAAP measures are not intended as a substitute for GAAP results. Additionally, unless otherwise stated, all comparisons discussed on today's call will be against the comparable period of fiscal year 2023.

這些非公認會計準則衡量標準並非旨在取代公認會計準則結果。此外，除非另有說明，今天電話會議上討論的所有比較都將與 2023 財年的可比期間進行比較。

Finally, this call in its entirety is being webcast on our Investor Relations website. A replay of the audio webcast will also be made available on our Investor Relations 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將在我們的投資者關係網站上進行網路直播。音訊網路廣播的重播也將很快在我們的投資者關係網站上提供。我現在想把電話轉給蘇米特。

Thank you, Jen, and thank you, all, for joining us on today's call. We kicked off the year with strong performance, achieving solid top-line results, record-breaking profitability, and robust free cash flow. First-quarter success is a testament to the unwavering dedication and hard work of every Chewy team member, collectively delivering on our mission to be the most trusted and convenient destination for pet parents and partners everywhere.

謝謝你，Jen，也謝謝大家參加今天的電話會議。我們以強勁的業績拉開了新的一年的序幕，實現了穩健的營收業績、破紀錄的獲利能力和強勁的自由現金流。第一季的成功證明了每位 Chewy 團隊成員堅定不移的奉獻精神和辛勤工作，共同履行我們的使命，成為世界各地寵物父母和合作夥伴最值得信賴和最便捷的目的地。

With that introduction, let's dive in into first-quarter results. Q1 net sales exceeded the high end of our guidance range, increasing by approximately 3% to $2.88 billion. Two key factors contributed to this performance. First, our customers' loyalty in non-discretionary categories, such as consumables and health, remained strong, accounting for approximately 85% of our Q1 2024 net sales.

介紹完畢後，讓我們深入了解第一季的業績。第一季淨銷售額超出了我們指導範圍的上限，成長約 3%，達到 28.8 億美元。有兩個關鍵因素促成了這項業績。首先，我們的客戶對消費品和健康等非全權委託品類的忠誠度依然強勁，約占我們 2024 年第一季淨銷售額的 85%。

Second, Autoship customer sales achieved record levels, totaling $2.2 billion and representing 77.6% of net sales. The convenience and value of our Autoship program continues to resonate with customers. And Autoship customer sales growth outpaced our enterprise average, yet again increasing 6.4%. Our Autoship customer base remains healthy and is continuing to grow.

其次，Autoship 客戶銷售額達到創紀錄水平，總計 22 億美元，佔淨銷售額的 77.6%。我們的自動送貨計劃的便利性和價值繼續引起客戶的共鳴。 Autoship 客戶銷售成長再次超過了我們的企業平均水平，成長了 6.4%。我們的 Autoship 客戶群保持健康並持續成長。

Further, on the topic of customers, this quarter, we saw some encouraging customer trends. The work we have been doing to sharpen our already strong value proposition, for example, through pet type personalization, began to pay off this quarter.

此外，在客戶方面，本季我們看到了一些令人鼓舞的客戶趨勢。我們一直在努力強化我們已經很強大的價值主張，例如透過寵物類型個人化，在本季開始得到回報。

Our efforts are driving higher response rates and had a positive effect on net new customers as well as reactivated customers, which were particularly strong in the quarter and up mid-teens relative to the prior year period. Notably, for the first time since 2022, both new customer acquisition and reactivations modestly exceeded our internal expectations in Q1.

我們的努力正在推動更高的回應率，並對淨新客戶和重新激活的客戶產生了積極影響，與去年同期相比，本季度的淨新客戶和重新激活的客戶尤其強勁。值得注意的是，第一季的新客戶獲取和重新激活均略高於我們的內部預期，這是自 2022 年以來的首次。

Progressing through the P&L, we set new records for the company across our profitability metrics. Gross margin for the quarter of 29.7% exceeded expectations, as we benefited from the continued strength of our growing sponsored ads business, a higher mix shift into healthcare, and a rational promotional environment.

隨著損益表的不斷進展，我們在獲利指標方面為公司創造了新的記錄。本季 29.7% 的毛利率超出預期，這得益於我們不斷增長的搜尋廣告業務的持續強勁、向醫療保健領域的更高組合轉變以及合理的促銷環境。

Additionally, there were some one-time items that benefited our P&L this quarter, which Dave will elaborate upon later in this call. We generated $163 million of adjusted EBITDA, representing a 5.7% margin, supported by our strong gross margin performance and rigorous OpEx management. Across the company, teams at Chewy are executing methodically on all the controllable elements of our business in a highly disciplined manner.

此外，還有一些一次性項目使我們本季的損益受益，戴夫將在稍後的電話會議中詳細說明。在我們強勁的毛利率表現和嚴格的營運支出管理的支持下，我們產生了 1.63 億美元的調整後 EBITDA，即 5.7% 的利潤率。在整個公司範圍內，Chewy 團隊正在以高度紀律的方式有條不紊地執行我們業務的所有可控元素。

Finally, we generated more than $50 million of free cash flow in the quarter. From both a profitability and cash generation perspective, we believe that we have reached an exciting inflection point in our business. Significant free cash flow generation, coupled with our strong balance sheet, enables us the financial flexibility to deploy our capital in a variety of areas.

最後，我們在本季產生了超過 5000 萬美元的自由現金流。從獲利能力和現金產生的角度來看，我們相信我們的業務已經達到了一個令人興奮的轉折點。大量的自由現金流產生，加上我們強大的資產負債表，使我們能夠在財務上靈活地在各個領域部署我們的資本。

As we have always done, we will continue to invest in strategic initiatives across our business that support our long-term growth and margin objectives. Additionally, as Dave will describe in more detail, we believe we have the cash generation and surplus to begin returning a meaningful portion of our cash to our shareholders.

正如我們一貫所做的那樣，我們將繼續投資於整個業務的策略性舉措，以支持我們的長期成長和利潤目標。此外，正如戴夫將更詳細地描述的那樣，我們相信我們有足夠的現金產生和盈餘，可以開始將大部分現金回饋給股東。

Now, I'd like to provide an update on some of Chewy's strategic initiatives and innovations. I'm excited to share that earlier this month, we launched a compelling paid membership program, which we are calling Chewy Plus.

現在，我想介紹一下 Chewy 的一些策略舉措和創新的最新情況。我很高興與大家分享，本月早些時候，我們推出了一項引人注目的付費會員計劃，我們稱之為 Chewy Plus。

Chewy Plus offers a range of benefits including free shipping, cash accrual rewards, and exclusive member perks. The program is currently in its beta state. And throughout the year, we will explore different test and learn approaches to understand how it impacts discovery of our growing products and services, wallet consolidation, and net SPAC acceleration, all while maintaining economic sensibility. We are excited about the program and look forward to sharing more over the coming quarters.

Chewy Plus 提供一系列優惠，包括免費送貨、累積現金獎勵和會員專屬福利。該程式目前處於測試狀態。在這一年中，我們將探索不同的測試和學習方法，以了解它如何影響我們不斷增長的產品和服務的發現、錢包整合和淨 SPAC 加速，同時保持經濟敏感性。我們對該計劃感到興奮，並期待在未來幾季分享更多資訊。

Turning to Chewy Health, we are excited to share that since our last earning call, where we announced the launch of our first Chewy Vet Care clinic located near our company headquarters in Plantation, Florida, we have opened three additional Chewy Vet Care clinics: two locations in the greater Atlanta, Georgia, area; and one in Denver, Colorado. With four locations open today, we are excited to bring to market several more clinics later this year, reaching the high end of our stated range of four to eight clinic openings in 2024.

談到Chewy Health，我們很高興與大家分享，自上次財報電話會議以來，我們宣佈在佛羅裡達州種植園公司總部附近開設第一家Chewy Vet Care 診所，我們又開設了三個Chewy Vet Care 診所：兩個喬治亞州大亞特蘭大地區的地點；科羅拉多州丹佛市有一個。今天開設了 4 家診所，我們很高興能在今年稍後向市場推出更多診所，從而達到我們規定的 2024 年開設 4 到 8 家診所範圍的上限。

We remain focused on our ability to attract talent, and our capacity to generate strong demand for our veterinary services. And although it is early days, we are pleased with the performance across both areas.

我們仍然專注於吸引人才的能力以及對獸醫服務產生強勁需求的能力。儘管現在還處於早期階段，但我們對這兩個領域的表現感到滿意。

Clinic staffing and vet NPS scores remain strong, suggesting to us that our unique value proposition is resonating with vets. As it relates to demand generation, we are encouraged by the early signs of success we are observing. Net new customers to Chewy and appointment utilization are both trending better than our modeled expectations.

診所人員配置和獸醫 NPS 得分仍然強勁，這表明我們獨特的價值主張與獸醫產生了共鳴。由於它與需求產生有關，我們對觀察到的早期成功跡象感到鼓舞。 Chewy 的淨新客戶和預約利用率的趨勢都比我們的建模預期好。

Moving to our sponsored ads business. Our ads business continues to ramp well, delivering on the planned product roadmap of new digital products, while offering our partners a compelling and high ROI channel to deploy their marketing dollars. As we articulated at our Investor Day, long term, we see our sponsored ads business scaling to approximately 1% to 3% of net sales at attractive flow through to the bottom line.

轉向我們的搜尋廣告業務。我們的廣告業務繼續良好發展，實現了新數位產品的計劃產品路線圖，同時為我們的合作夥伴提供了一個引人注目的高投資回報率管道來部署他們的行銷資金。正如我們在投資者日所闡述的那樣，從長遠來看，我們的搜尋廣告業務將擴大到淨銷售額的約 1% 至 3%，並帶來有吸引力的利潤。

Lastly, our expansion into Canada continues to ramp in line with our expectations. We rolled out customer-facing features such as mobile app and additional payment options as planned this quarter. Additionally, we continue to expand our assortment, particularly in categories such as premium consumables.

最後，我們在加拿大的擴張繼續符合我們的預期。我們按本季度計劃推出了面向客戶的功能，例如行動應用程式和其他付款選項。此外，我們繼續擴大我們的產品種類，特別是在優質消耗品等類別中。

Customer awareness and demand continues to gradually build. Customer NPS remains high, and we remain focused on scaling a quality business, underpinned by programs such as Autoship and personalized customer care. With the pet category continuing its migration online, we believe we are well positioned to become a meaningful player in the Canadian market over time.

客戶意識和需求不斷逐步建立。客戶 NPS 仍然很高，我們仍然專注於擴大優質業務，並以 Autoship 和個人化客戶服務等計畫為基礎。隨著寵物類別繼續向線上遷移，我們相信隨著時間的推移，我們將成為加拿大市場上有意義的參與者。

In closing, our Q1 outperformance underscores our ability to successfully navigate this period of normalization for the pet industry. Moreover, we are cautiously optimistic that pet household formation trends are progressing in the right direction.

最後，我們第一季的優異表現凸顯了我們成功度過寵物產業正常化時期的能力。此外，我們對寵物家庭的形成趨勢正在朝著正確的方向發展持謹慎樂觀的態度。

Based on data from our shelter and rescue partners, we saw healthy growth rates in Q1 adoption on a year-over-year basis. And for the first time since 2022, we observed a positive balance between adoption and relinquishment.

根據我們的庇護所和救援合作夥伴的數據，我們看到第一季的採用率比去年同期呈現健康成長。自 2022 年以來，我們首次觀察到採用和放棄之間的積極平衡。

While it is premature to declare an industry turnaround, we maintain our perspective that the pet industry is on track towards normalization. Meanwhile, we remain confident in our ability to execute against our strategic roadmap and to deliver compelling results for our shareholders.

雖然現在宣布行業好轉還為時過早，但我們仍然認為寵物行業正在走向正常化。同時，我們對執行策略路線圖並為股東提供令人信服的業績的能力仍然充滿信心。

With that, I will turn the call over to Dave.

這樣，我會將電話轉給戴夫。

Thank you, Sumit. To start, I will take us through our Q1 financial results and then turn to our capital allocation strategy and outlook for the balance of the year.

謝謝你，蘇米特。首先，我將向我們介紹第一季的財務業績，然後轉向我們的資本配置策略和今年剩餘時間的展望。

First-quarter net sales grew 3.1% to $2.88 billion, exceeding the high end of our guidance range. Broadly in line with expectations, active customers declined marginally on a sequential basis to approximately 20 million, modestly exceeding our internal expectations.

第一季淨銷售額成長 3.1%，達到 28.8 億美元，超出了我們指導範圍的上限。與預期基本一致，活躍客戶較上季小幅下降至約 2,000 萬，略高於我們的內部預期。

Importantly to note, we believe that we are seeing early but positive signals with respect to macro pet household formation. And we believe that our enhanced CRM initiatives are beginning to bear fruit.

值得注意的是，我們相信我們正在看到有關宏觀寵物家庭形成的早期但積極的信號。我們相信，我們增強的 CRM 計劃已開始取得成果。

Net sales per active customer or NSPAC reached $562, reflecting an increase of 9.6%. Net SPAC growth meaningfully outpaced our overall top-line growth, driven by our ability to increase wallet share as customer cohorts mature and continued strong engagement, particularly in programs like Autoship and expansion into new categories, namely within Chewy Health.

每位活躍客戶或 NSPAC 的淨銷售額達到 562 美元，成長 9.6%。隨著客戶群的成熟和持續的強勁參與，我們有能力增加錢包份額，特別是在Autoship 等項目和擴展到新類別（即Chewy Health 內）的項目中，這推動了淨SPAC 的增長明顯超過了我們的整體營收成長。

Our scaled Autoship business continues to be a pillar of strength and differentiation for Chewy, driving predictable subscription-like revenue. Autoship customer sales came in at $2.2 billion in Q1, representing 77.6% of our total net sales in the quarter, up to 240 basis points on a year-over-year basis.

我們規模化的 Autoship 業務仍然是 Chewy 的實力和差異化支柱，推動可預測的訂閱類收入。第一季 Autoship 客戶銷售額為 22 億美元，佔該季度總淨銷售額的 77.6%，較去年同期成長 240 個基點。

We reported Q1 gross margin of 29.7%, representing 130-basis-point increase year over year and 150-basis-point increase sequentially. As Sumit previewed, Q1 gross margin benefited from certain one-time items, such as the timing of vendor reimbursements, lower fuel cost, and lower-than-expected promotionality. Adjusted for one-time items, Q1 gross margin would have landed at approximately 29%, reflecting approximately 60 and 80 basis points of year-over-year and sequential improvement, respectively.

我們報告第一季毛利率為 29.7%，年成長 130 個基點，較上季成長 150 個基點。正如薩米特所預測的那樣，第一季的毛利率受益於某些一次性項目，例如供應商報銷的時間、較低的燃料成本以及低於預期的促銷活動。在一次性項目進行調整後，第一季毛利率將降至約 29%，年比和季比分別改善約 60 和 80 個基點。

On a year-over-year basis, our sponsored ads program was the largest driver of our gross margin improvement, followed by product mix as Chewy Health and premium consumables net sales penetration expanded. These benefits were partially offset by a normalized discounting environment. It is worth a reminder that in Q1 2023, the promotional environment was operating below historical levels.

與去年同期相比，我們的搜尋廣告計劃是毛利率改善的最大推動力，其次是產品組合，因為耐嚼健康和優質消耗品淨銷售滲透率擴大。這些好處被正常化的折扣環境部分抵消。值得提醒的是，2023 年第一季度，促銷環境低於歷史水準。

Moving to OpEx, please note that my discussion of SG&A excludes share-based compensation expense and related taxes. OpEx in the quarter continued to scale nicely with revenue. First-quarter SG&A totaled $533.1 million or 18.5% of net sales, representing 50 basis points of improvement on a year-over-year basis and 150 basis points of improvement sequentially.

轉向營運支出，請注意，我對銷售及管理費用的討論不包括基於股份的補償費用和相關稅費。本季的營運支出隨著收入持續良好成長。第一季銷售、管理及行政費用總計 5.331 億美元，佔淨銷售額的 18.5%，較去年同期改善 50 個基點，較上季改善 150 個基點。

This leverage was driven by our continued disciplined management of payroll, with headcount across both our corporate and fulfillment network team members moderating favorably throughout the quarter and ending Q1 lower than planned. Additionally, we drove greater efficiency from our personnel in areas such as customer service and delivered improved cost management of G&A expenditures.

這種槓桿作用是由我們對薪資的持續嚴格管理所推動的，我們的公司和履行網路團隊成員的人數在整個季度都在平穩增長，並且第一季末低於計劃。此外，我們也提高了客戶服務等領域人員的效率，並改善了一般管理費用的成本管理。

First-quarter advertising and marketing expense was $186.8 million or 6.5% of net sales. I would note that we expect our advertising and marketing expense to run closer to the high end of our stated 6% to 7% target throughout the balance of the year due to the timing of certain marketing campaigns. First-quarter adjusted net income was $137.1 million, representing a 56% increase year over year and a 71% increase sequentially.

第一季廣告和行銷費用為 1.868 億美元，佔淨銷售額的 6.5%。我要指出的是，由於某些行銷活動的時間安排，我們預計今年餘下的時間裡，我們的廣告和行銷費用將接近我們既定的 6% 至 7% 目標的上限。第一季調整後淨利為 1.371 億美元，年增 56%，季增 71%。

Finally, we reported an adjusted EBITDA margin of 5.7% for the quarter or 170 basis points of margin expansion relative to Q1 2023 and 260 basis points of margin expansion sequentially. Adjusted EBITDA margin for the quarter exceeded our expectations due to better-than-expected gross margin and lower OpEx in the quarter, as I described earlier.

最後，我們報告本季調整後的 EBITDA 利潤率為 5.7%，即相對 2023 年第一季利潤率擴張 170 個基點，比上一季利潤率擴張 260 個基點。正如我之前所述，由於本季毛利率優於預期且營運支出較低，本季調整後 EBITDA 利潤率超出了我們的預期。

Overall, we are incredibly encouraged by the operating leverage we are unlocking in the business, which demonstrates the scalability of our cost structure. In turn, this leverage enables us to invest in accretive growth and profit initiatives.

總體而言，我們對業務中釋放的營運槓桿感到非常鼓舞，這證明了我們成本結構的可擴展性。反過來，這種槓桿作用使我們能夠投資於增值成長和利潤計劃。

In the first quarter, we reported free cash flow of $52.6 million, reflecting $81.9 million of net cash provided by operating activities and $29.3 million of capital expenditures. We ended the quarter with more than $1.1 billion in cash, cash equivalents, and marketable securities. And we remain debt-free with a strong liquidity position of $1.9 billion.

第一季度，我們報告的自由現金流為 5,260 萬美元，反映出經營活動提供的淨現金 8,190 萬美元和資本支出 2,930 萬美元。本季結束時，我們擁有超過 11 億美元的現金、現金等價物和有價證券。我們仍然沒有債務，擁有 19 億美元的強勁流動性部位。

In light of our expanding free cash flow generation, I would like to share an update with you regarding our capital allocation strategy. Reinvesting back into the business towards high ROI opportunities remains our first priority.

鑑於我們不斷擴大的自由現金流生成，我想與您分享有關我們資本配置策略的最新資訊。對業務進行再投資以獲得高投資回報率機會仍然是我們的首要任務。

Our strong balance sheet further provides us with sufficient firepower to pursue value-accretive acquisitions and strategic investments if and when such opportunities arise. Having taken all of this into account, we believe our growing cash position affords us the ability to further enhance shareholder returns by way of implementing a share repurchase program.

我們強大的資產負債表進一步為我們提供了足夠的火力，以便在出現此類機會時進行增值收購和策略性投資。考慮到所有這些，我們相信我們不斷增長的現金狀況使我們有能力透過實施股票回購計畫進一步提高股東回報。

Today, I am excited to share that our Board of Directors has authorized Chewy's first-ever share repurchase program of up to $500 million. In light of our strong balance sheet, track record of margin expansion, and long-term strategy, which we expect will continue to deliver incremental profitability, we believe share repurchases offer a compelling and accretive use of capital while also enabling us to mitigate the dilutive impact related to share-based compensation. We intend to commence repurchasing shares this quarter and look forward to providing you with updates as we progress through the program.

今天，我很高興地告訴大家，我們的董事會已批准 Chewy 的首次股票回購計劃，金額高達 5 億美元。鑑於我們強勁的資產負債表、利潤率擴張的記錄以及我們預計將繼續帶來增量盈利的長期策略，我們相信股票回購提供了令人信服和增值的資本使用，同時也使我們能夠減輕稀釋性影響。我們打算在本季開始回購股票，並期待在該計劃進展過程中向您提供最新資訊。

Now, I'd like to turn to our second-quarter and updated full-year 2024 guidance. While we are seeing certain green shoots and demand trends, we believe it is premature to revise our view on the pet industry's overall outlook for the balance of the year. We are, however, incredibly pleased with our team's execution irrespective of environment and our ability to exceed expectations with respect to profitability.

現在，我想談談我們的第二季和更新後的 2024 年全年指引。雖然我們看到了某些萌芽和需求趨勢，但我們認為現在修改我們對寵物產業今年剩餘時間整體前景的看法還為時過早。然而，無論環境如何，我們對我們團隊的執行力以及我們超出預期的盈利能力的能力感到非常滿意。

With that, we anticipate second-quarter net sales of between $2.84 billion and $2.86 billion or approximately 2% to 3% year-over-year growth. And we are maintaining our full-year 2024 net sales outlook of between $11.6 billion and $11.8 billion or approximately 4% to 6% year-over-year growth. As noted last quarter, this range includes the impact of a 53-week 2024 fiscal year, and the 53rd week will be fully reflected in the fourth quarter of 2024.

據此，我們預計第二季淨銷售額將在 28.4 億美元至 28.6 億美元之間，年增約 2% 至 3%。我們維持 2024 年全年淨銷售額預期在 116 億美元至 118 億美元之間，即年增約 4% 至 6%。如上季所指出的，這個範圍包括2024財年53週的影響，第53週將在2024年第四季充分體現。

Moving to profitability guidance, we are raising our full-year 2024 adjusted EBITDA margin guidance to a range of 4.1% to 4.3%. This reflects 20%-plus adjusted EBITDA flow-through at the midpoint of our guidance ranges, notably above the average of 15% flow-through that we expected to deliver on a per annum basis.

在獲利指引方面，我們將 2024 年全年調整後 EBITDA 利潤率指引提高至 4.1% 至 4.3% 的範圍。這反映了我們指導範圍中點超過 20% 的調整後 EBITDA 流通量，明顯高於我們預期每年實現的 15% 流通量平均值。

Similar to the 2023 quarterly profile, we expect first-quarter results to represent the high point of 2024 adjusted EBITDA margin. And we expect margin to decline sequentially throughout the year, averaging to the aforementioned guidance range. We continue to expect full-year capital expenditures in the range of 1.5% to 2% of net sales and free cash flow conversion to remain above 80%.

與 2023 年季度概況類似，我們預計第一季業績將代表 2024 年調整後 EBITDA 利潤率的高點。我們預計全年利潤率將連續下降，平均至上述指引範圍。我們繼續預期全年資本支出佔淨銷售額的 1.5% 至 2%，自由現金流轉換率將維持在 80% 以上。

Before we open the call to questions, I'd like to reiterate that we are incredibly proud of our strong start to the year. We continue to believe that Chewy is exceptionally well equipped to execute against our strategic roadmap, deliver compelling results, and drive shareholder value.

在我們開始提問之前，我想重申，我們對今年的強勁開局感到無比自豪。我們仍然相信，Chewy 非常有能力執行我們的策略路線圖、交付令人信服的成果並推動股東價值。

I'd like to thank all of our dedicated Chewy team members for their collective efforts and execution in the quarter, as we advance our enduring mission of being the most trusted and convenient destination for pet parents and partners everywhere. With that, I will turn the call over to the operator for questions.

我要感謝我們所有敬業的 Chewy 團隊成員在本季度的集體努力和執行力，因為我們正在推進我們的持久使命，即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。這樣，我會將電話轉給接線生詢問問題。

(Operator Instructions) Trevor Young, Barclays.

（操作員指示）Trevor Young，巴克萊銀行。

Great, thanks. First one on the net ads, improving a bit Q-on-Q versus the prior trends, and appreciate some of the commentary on the improving macro. Should we still contemplate a softer 1H and a back-half inflection? And is that really a 2H uptick, or is it more so a 4Q story? That's my first question.

萬分感謝。第一個關於網路廣告的廣告，與先前的趨勢相比，環比有所改善，並欣賞一些關於宏觀改善的評論。我們是否也應該考慮更柔和的 1H 和後半部變形？這真的是 2H 的上漲，還是 4Q 的故事？這是我的第一個問題。

Good morning, Trevor. Yes, similar to the guidance or consistent with the guidance that we provided last quarter, year over year, we expect active customers to be pretty flat, slightly down in the first half, with some recovery in the second half, but very consistent with what we said last quarter. Did you have a follow-up?

早上好，特雷弗。是的，與我們上季度提供的指導類似或與去年同期的指導一致，我們預計活躍客戶將相當平穩，上半年略有下降，下半年有所恢復，但與去年同期非常一致我們上個季度說過。你有後續行動嗎？

Yeah. And on the launch of the four event centers, how should we think about measuring progress there? What sort of guideposts are you going to give us in the coming quarters to kind of track that ramp? And how many quarters do you expect a typical center to get to EBITDA breakeven?

是的。對於四個活動中心的啟動，我們應該如何考慮衡量那裡的進展？在接下來的幾個季度裡，您將為我們提供什麼樣的路標來追蹤這個坡道？您預計一個典型的中心需要多少個季度才能實現 EBITDA 損益平衡？

Hey, Trevor. This is Sumit. I'll start, and Dave might add here. So as we've articulated in the past, there are a few dimensions that we are viewing success from.

嘿，特雷弗。這是蘇米特。我先開始，戴夫可能會在這裡補充。正如我們過去所闡明的，我們從幾個維度來看成功。

The inputs that we will be highly focused on are a customer satisfaction scores both across sort of for key customers to Chewy and for the veterinarian community. Number two is our ability to recruit staff and retain veterinarians. So it's demand generation, vet retention, and recruitment.

我們將高度關注的輸入是 Chewy 關鍵客戶和獸醫界的客戶滿意度評分。第二是我們招募員工和留住獸醫的能力。所以這就是需求的產生、獸醫的保留和招募。

And the third one is operational execution throughout these clinics. And so far, what we're seeing, we're actually happy with. Our clinics are fully staffed. We have a good building pipeline for future clinics that we're contemplating at this point.

第三個是這些診所的運作執行。到目前為止，我們對所看到的東西實際上感到滿意。我們的診所人員齊全。我們目前正在考慮為未來的診所建立良好的建設管道。

And so as we roll these through, the initial returns, as we've sort of mentioned in the earnings script around net new customer acquisition traffic or demand generation trends or vet recruitment trends, they're all trending positive. In terms of returns, this is not a multi-year observation period. This is likely a few-quarter observation period, and we'll be back with more. Dave?

因此，當我們進行這些分析時，正如我們在收益腳本中圍繞淨新客戶獲取流量或需求生成趨勢或獸醫招聘趨勢所提到的那樣，初始回報都呈現正面趨勢。就回報而言，這不是一個多年觀察期。這可能是幾個季度的觀察期，我們會帶來更多的觀察期。戴夫？

Yeah, I'd reiterate what Sumit said. And I would just add that we're currently running ahead of our internal models. And we do still expect towards the end of this year to release some type of white paper after we get a little bit more learning through the testing process here. But I would say cautiously optimistic on the initial clinics that we've launched.

是的，我會重申蘇米特所說的話。我想補充一點，我們目前的運行速度領先於我們的內部模型。在我們透過這裡的測試過程獲得更多了解後，我們仍然希望在今年年底發布某種類型的白皮書。但我想說的是，我們對我們最初推出的診所持謹慎樂觀的態度。

Great. Thank you, both.

偉大的。謝謝你們倆。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning, and thanks for taking the question. So first, just on the share buyback program, I'm just curious how you approach your buybacks. Is it more of an opportunistic strategy or more of a consistent cadence to offset dilution?

早上好，感謝您提出問題。首先，關於股票回購計劃，我只是好奇你如何進行回購。它更多的是一種機會主義策略還是更多的是一種一致的節奏來抵消稀釋？

Sure. Good morning, Rupesh. From a share repurchase perspective, I think I'd start with, we're going to be in the market this quarter here in second quarter. We're very, very pleased with our cash generation.

當然。早上好，魯佩什。從股票回購的角度來看，我想我首先會說，我們將在第二季進入市場。我們對我們的現金產生感到非常非常滿意。

Last year, we delivered well over 80% conversion of EBITDA to cash. We've guided again for this year to do the same. So very happy with our current balance sheet position of cash, $1.1 billion, and our future cash generation.

去年，我們將超過 80% 的 EBITDA 轉化為現金。我們今年再次指導要做同樣的事情。我們對目前 11 億美元的資產負債表狀況以及未來的現金產生能力感到非常滿意。

With respect to how we'll be in the market, we think this is an attractive valuation at this stage. So we have plenty of capital. We have the authorization from the Board. We have the willingness to enter the market. And I think you'll see us enter the market on the share repurchase side, both opportunistically as well as somewhat consistently and methodically. So we'll do both.

就我們在市場上的表現而言，我們認為現階段這是一個有吸引力的估值。所以我們有充足的資金。我們已獲得董事會的授權。我們有進入市場的意願。我認為你會看到我們在股票回購方面進入市場，既是機會主義的，也是一致和有條不紊的。所以我們兩者都會做。

Did you have a follow-up, Rupesh?

魯佩什，你有後續嗎？

Yeah, just one follow-up question. So as we look at the hard goods category, so it declined this quarter. As you look at the category, are you guys seeing any green shoots in hard goods at this point, or do you expect challenges to continue in the near term?

是的，只有一個後續問題。因此，當我們觀察耐用品類別時，本季它有所下降。當您審視這一類別時，您是否看到了硬商品的新芽，或者您預計挑戰在短期內會繼續嗎？

Hey, Rupesh. This is Sumit. So yes, your observation is correct about us being able to arrest sort of declining trends that we've been seeing. So we saw a couple of things.

嘿，魯佩什。這是蘇米特。所以，是的，您關於我們能夠阻止我們所看到的下降趨勢的觀察是正確的。所以我們看到了一些事情。

From an industry point of view -- this is sort of the encouragement that we pushed through in the script as well -- search volume for hard goods was up. Intent was up, and after a long period, we saw consumers return with specific categories that they're declaring intent for. This is likely tied to the adoption and relinquishment trend that was mentioned in the script. So these inputs kind of move together.

從行業的角度來看——這也是我們在劇本中推動的鼓勵——耐用品的搜尋量有所增加。意圖上升，經過很長一段時間後，我們看到消費者帶著他們聲稱意向的特定類別回歸。這可能與劇本中提到的採用和放棄趨勢有關。所以這些輸入是一起移動的。

On our side, we saw traffic. Our traffic has continued to increase in the low-to-mid-single digit every period this year. And year to date, we're up about mid-single digits as well.

在我們這邊，我們看到了交通。今年每個時期我們的流量都持續以中低個位數成長。今年迄今為止，我們的漲幅也達到了中個位數。

Secondly, we saw the rate of hard goods decline arresting inside the company. We've actually cut it to the tune of high teens and to the low 30% from where we started the year. So it's encouraging.

其次，我們看到公司內部的硬商品下降速度明顯加快。事實上，我們已經將其削減到了 10% 左右，從年初的水平開始削減到了 30%。所以這是令人鼓舞的。

And we're not sort of resting. We know the environment will take a little bit of time to normalize here. So everything that is controllable on our side, we've put our best talent on this type of stuff. We are looking at turning all knobs and levers while being economically sensible about how we both generate demand as well as maximize demand conversion for our categories.

我們並沒有在休息。我們知道這裡的環境需要一點時間才能恢復正常。因此，凡是我們可控的事情，我們都將最好的人才投入這類事情。我們正在考慮轉動所有旋鈕和槓桿，同時在經濟上明智地考慮如何既創造需求又最大限度地提高我們類別的需求轉換。

That's a general comment for the way that we're going to play through 2024 and especially, too, for hard goods.

這是對 2024 年我們的經營方式的一般性評論，尤其是對於耐用品而言。

Great. Thank you for all the color.

偉大的。謝謝你所有的顏色。

Sure.

當然。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

Thanks so much for taking the questions. Sumit, you talked about sponsored ads being the biggest driver of gross margin upside. Maybe you can just talk a little bit about the early feedback that you're hearing from marketers, and if you have any thoughts on quantifying the impact here early on.

非常感謝您提出問題。 Sumit，您談到搜尋廣告是毛利率上升的最大推動力。也許您可以談談您從行銷人員那裡聽到的早期回饋，以及您是否對早期量化影響有任何想法。

And then, second, just on Chewy Plus, anything you can add on how the rollout might proceed going forward and how that interacts with Autoship. Thanks.

然後，第二，就在 Chewy Plus 上，您可以添加任何有關如何繼續推出以及如何與 Autoship 互動的內容。謝謝。

Sure. I'll make the gross margin question a bit longer, Doug, so just kind of fair warning. But let's start with the question that you asked.

當然。道格，我會把毛利率問題說得更長一點，所以只是一個公平的警告。但讓我們從你問的問題開始。

So sponsored ads, we're seeing good response curve. Last quarter, I mentioned us bringing forward even more products to life, such as branded search ads on the platform. We've done that now.

因此，搜尋廣告，我們看到了良好的反應曲線。上個季度，我提到我們推出了更多產品，例如平台上的品牌搜尋廣告。我們現在已經做到了。

We've improved and increased the inventory, as well as improved on the efficacy of return that we're seeing internally. And the demand that flowed through in first quarter were stronger than our forecast.

我們改進並增加了庫存，並提高了我們內部看到的退貨效率。第一季的需求量強於我們的預測。

And so all of that is positive. We're on track to exit the year with the low end of the 1% to 3% range that we've guided for, which is consistent with what we communicated a few months ago. So all's good on this side.

所以所有這些都是積極的。我們有望以我們指導的 1% 至 3% 範圍的低端結束今年，這與我們幾個月前傳達的內容一致。所以這方面一切都很好。

In terms of just -- if you back out and sort of look at the forest from the trees here, so to say, gross margin improvement has been a journey over the last few years, right? And we've consistently talked about the building blocks of gross margins, starting from strong net SPAC development, premiumizing the business, achieving stability in the economies of scale, improving freight and logistics.

就而言，如​​果你回過頭來看看這裡的樹木，可以說，毛利率的改善是過去幾年的一段旅程，對嗎？我們一直在談論毛利率的組成部分，從強勁的淨SPAC發展開始，使業務優質化，實現規模經濟的穩定性，並改善貨運和物流。

All of that, the work that we've been working through sort of the last three, four years, is starting to culminate. And then there are these newer green shoots, such as sponsored ads, which are now starting to compound the yield that you're seeing pass through.

所有這些，我們在過去三、四年所做的工作，都開始達到頂峰。然後還有這些新的萌芽，例如搜尋廣告，它們現在開始增加您所看到的收益。

So overall, we remain bullish on the gross margin story. We haven't yet started talking about our private brands' business credibility, which is something that we're excited about. Other components of our health businesses are native or nascent -- they're both native, and they're nascent. And we're excited about the potential that they might contribute in the future. So there's a lot of iron in the fire, and we're excited about the gross margin journey here.

因此總體而言，我們仍然看好毛利率。我們還沒有開始談論我們自有品牌的商業信譽，這是我們感到興奮的事情。我們健康業務的其他組成部分是原生的或新生的——它們既是原生的，也是新生的。我們對他們未來可能做出的貢獻感到興奮。因此，這裡有很多鐵，我們對這裡的毛利率之旅感到興奮。

Number two, Chewy rollout and how it interacts -- is that Autoship? Okay. So that's a great question and a very insightful one. We believe, first of all, we're being very thoughtful. We've invited in beta a cohort of customers, which is well represented across their buying kind of behavior and their pet type.

第二，Chewy 的推出及其互動方式——是 Autoship 嗎？好的。所以這是一個很好的問題，也是一個非常有洞察力的問題。我們相信，首先，我們考慮得非常周到。我們在測試版中邀請了一群客戶，這些客戶在他們的購買行為和寵物類型方面得到了很好的體現。

And we've also sort of diversified the thinking across Autoship and non-Autoship customers. We see these two really nested and complementary to each other. I mean, think of a -- I mean, why wouldn't you be attracted to a message that says, hey, here's a paid membership program that gives you all of these perks. And oh, by the way, if you want even greater savings and convenience, subscribe to Autoship. And the whole thing just compounds on itself and vice versa.

我們也對自動出貨和非自動出貨客戶進行了多元化的思考。我們看到這兩者確實是相互嵌套且互補的。我的意思是，想一想——我的意思是，為什麼你不會被一條訊息所吸引，上面寫著，嘿，這是一個付費會員計劃，可以為你提供所有這些福利。哦，順便說一下，如果您想要更多的節省和便利，請訂閱 Autoship。整件事情只會自行複合，反之亦然。

Autoship can be an attractive funnel of entry, which it currently is. And then you essentially approach customers while saying, look, the price of the program is less than what you pay for a latte. And for all of this, you get all these great benefits.

自動出貨可能是一個有吸引力的進入管道，目前也是如此。然後你基本上會在接近客戶時說，看，該計劃的價格比你買一杯拿鐵咖啡的價格還要低。儘管如此，您仍可以獲得所有這些巨大的好處。

So we believe the behavior that we want to sort of incent and observe are consistent in terms of repeat purchase rate, net SPAC, basket building engagement, so forth and so on. Lots to learn in front of us, but so far, we're thinking of these as complementary programs.

因此，我們相信我們想要激勵和觀察的行為在重複購買率、淨 SPAC、購物籃參與度等方面是一致的。我們面前有很多東西需要學習，但到目前為止，我們認為這些是補充計劃。

Thank you, Sumit.

謝謝你，蘇米特。

Sure.

當然。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thank you so much, and maybe if I could just ask a two-parter. When you see the environment you're characterizing with respect to customer dynamics, can you give us a little bit better sense of what your priorities are on the marketing side when you think about the skew of either acquisition of new net customers versus retention or incentivizing behavior among existing customers that might maximize for ROI against those marketing investments?

非常感謝，也許我可以問一個兩人合作的問題。當您看到您所描述的客戶動態環境時，當您考慮獲取新淨客戶與保留或激勵的偏差時，您能否讓我們更了解您在行銷方面的優先事項是什麼？的行為是否可以最大限度地提高這些行銷投資的投資報酬率？

And then the second part would be -- you talked about marketing being towards the upper band of what you've historically talked about in terms of a range. Is that brand spend? Is that lined up against Plus, following up on Doug's question? Or how would you characterize what's pushing the upper band of that spend as we go through this year, just so we know what that's sort of aimed at? Thank you so much.

然後第二部分是——你談到行銷是朝著你歷史上談論過的範圍的上限進行的。這是品牌支出嗎？這是針對 Plus 的，是針對 Doug 的問題提出的嗎？或者，您如何描述今年推動支出上限的因素，以便我們知道其目的為何？太感謝了。

Sure. Eric, this is Sumit. I'll start, and Dave might add as pertinent. So good question on the current dynamic and marketing priorities. Think of it this way. We're focused on -- first of all, these are two independent efforts around new customer acquisition as well as the CRM reactivation or retention of cohorts.

當然。艾瑞克，這是蘇米特。我先開始，戴夫可能會補充相關內容。關於當前動態和行銷重點的好問題。這樣想吧。我們的重點是——首先，這是兩項圍繞新客戶獲取以及 CRM 重新激活或保留群體的獨立工作。

They're led by two teams, and the redundancies are avoided when we make sure that we're not passing the same customer back and forth to each other. So we're being careful about that. So now when you look at the marketing efforts, you could essentially think of this as a full funnel marketing effort.

他們由兩個團隊領導，當我們確保不會將同一客戶來回傳遞時，就可以避免冗餘。所以我們對此非常小心。因此，現在當您查看行銷工作時，您基本上可以將其視為完整的漏斗行銷工作。

So we are building awareness up in the upper funnel. And our awareness and our familiarity levels have increased several hundred basis points, particularly as it comes to Gen Z and the millennial segment, which is something that we were internally focused on and something that we're happy about.

因此，我們正在提高漏斗上層的意識。我們的認知度和熟悉度提高了數百個基點，尤其是 Z 世代和千禧世代，這是我們內部關注的事情，也是我們感到高興的事情。

So as a result of that, we want to capture incremental traffic that comes to the website. So we are spending to capture that incremental traffic. And once you come to the website or when customers declare kind of intent at the lower funnel, then they're primed for conversion, which the efforts that we're putting across our site then allows you to sort of say, what type of conversion do we want?

因此，我們希望捕獲網站的增量流量。因此，我們正在花錢來捕獲增量流量。一旦您訪問網站，或者當客戶在漏斗下部聲明某種意圖時，他們就做好了轉換的準備，我們在網站上所做的努力讓您可以說，什麼類型的轉換我們想要嗎？

Is it a net new conversion, or is it an existing customer that wants to convert to a highly lucrative or a high-LTV-type of category? So it's the full funnel effort that we're essentially spending money across. You recall a couple of quarters ago, perhaps two quarters ago, I'd mentioned to you that we now have the ability to segment and target our cohorts because we've rebuilt the entire content platform internally inside the company.

是淨新轉化，還是現有客戶想要轉化為高利潤或高 LTV 類型的類別？因此，我們本質上是在整個通路上花錢。您還記得幾個季度前，也許是兩個季度前，我向您提到，我們現在有能力細分和定位我們的群體，因為我們已經在公司內部重建了整個內容平台。

And so that allows us more precise targeting once we identify a customer, even with the loss of kind of targeting, because we have fingerprinting ID that we can sort of associate the customer back to an account or back to their browse behavior per se. So this type of work is exciting to us in the future. And as the market kind of recuperates or shows signs of recovery, we hope and we believe that this will compound and generate greater returns.

因此，一旦我們識別出客戶，即使失去了某種定位，我們也可以更精確地定位，因為我們有指紋 ID，我們可以將客戶與帳戶或瀏覽行為本身關聯起來。所以這種類型的工作對我們來說是未來令人興奮的。隨著市場的復甦或出現復甦的跡象，我們希望並相信這將會復合並產生更大的回報。

In terms of the marketing spend, look, I mean, it's a tight range, 6% to 7%. And so the variance is not that much. There's a lot of year to play through. And we want to retain the option value of, A, making sure that all of the nascent efforts that we've got going on, if we see the need to invest, we can essentially lean in and do that. Or if we see the market change in one direction or the other, then we can respond to that.

就行銷支出而言，我的意思是，範圍很窄，6% 到 7%。所以差異並沒有那麼大。還有很多年可以玩。我們希望保留 A 的選擇權價值，確保我們正在進行的所有新生努力，如果我們看到投資的需要，我們基本上可以依靠並做到這一點。或者，如果我們看到市場朝著一個方向或另一個方向變化，那麼我們就可以做出反應。

Yeah. And perhaps, just for clarification of the guidance, in 2023, advertising and marketing was about 6.7% of sales. We've historically guided from 6% to 7% of net sales. First quarter, just due to some timing of some marketing campaigns, was a little bit lower. It was about 6.5%.

是的。也許，為了澄清指導意見，2023 年，廣告和行銷約佔銷售額的 6.7%。我們歷來指導淨銷售額的 6% 到 7%。第一季度，只是由於一些行銷活動的一些時機，略有下降。大約是6.5%。

And so for the remainder of the year, what we articulated in our prepared commentary was that we would be towards the higher end of the 6% to 7% range for the rest of the year, landing ultimately probably in a spot that's somewhat similar to 2023.

因此，在今年剩餘時間裡，我們在準備好的評論中闡述的是，我們將在今年剩餘時間裡朝著 6% 至 7% 範圍的高端前進，最終可能會落在一個有點類似於2023 年。

Great. Thank you.

偉大的。謝謝。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

Hey, everyone. Thanks for the question. So in 1Q, sales came in a bit above your guidance. Where did you see that outsized strength? Anything you can share on how that evolved over the quarter, given the green shoots you called out along with 2Q quarter to date? Thanks.

嘿大家。謝謝你的提問。因此，第一季的銷售額略高於您的指引。這麼大的實力你從哪裡看出來的？考慮到您在第二季度迄今所發出的曙光，您能分享一下本季的發展嗎？謝謝。

Sure. Let me start. And then Sumit, if there's anything you want to highlight, feel free. First quarter, as you highlighted, we ended up, from an EBITDA margin perspective, at 5.7%; gross margin percentage of 29.7%. So due to some one-time items, primarily in gross margin, if you excluded those items, we would have ended at about 29%. And that's what we articulated in the prepared commentary.

當然。讓我開始吧。 Sumit，如果您有什麼想要強調的，請隨意。正如您所強調的，第一季度，從 EBITDA 利潤率的角度來看，我們最終達到 5.7%；毛利率為29.7%。因此，由於一些一次性項目（主要是毛利率），如果排除這些項目，我們最終的利潤率將約為 29%。這就是我們在準備好的評論中闡述的內容。

When you think about the underlying drivers that's driving the gross margin increase from Q1 of last year to really, let's call it, a normalized Q1 of this year, it's really our improvement in product mix, which we expect to continue as we work through time here. We are mixing up our business, being led by sponsored ads, also being led by healthcare and within healthcare pharmacy.

當你思考推動毛利率從去年第一季到今年第一季正常化的根本驅動因素時，這實際上是我們產品組合的改進，我們預計隨著時間的推移，這種改進將繼續下去這裡。我們正在混合我們的業務，由搜尋廣告主導，也由醫療保健和醫療保健藥房主導。

So we do continue to accrete product margin and product mix, which is averaging up our business, which, of course, gives us that confidence that we presented at Capital Markets Day in December of last year. So ultimately, over time, get to that 10% EBITDA margin marker that we placed out there.

因此，我們確實繼續增加產品利潤和產品組合，這使我們的業務平均化，這當然給了我們去年 12 月資本市場日上所表現出的信心。因此，最終，隨著時間的推移，我們將達到 10% 的 EBITDA 利潤率標記。

So on a go-forward basis, really, I would summarize by saying continued improvement in product mix, continued scaling of the business. And the scaling of the business is really associated, one, with our fixed cost infrastructure, which is at scale and more of a kind of run-maintain mode at this stage, although with ongoing productivity improvements; and our digital infrastructure, which is also at scale, albeit with continued improvements in rollouts and capabilities and features.

因此，在未來的基礎上，實際上，我會總結說，產品組合的持續改進，業務的持續擴展。業務的擴展確實與我們的固定成本基礎設施有關，儘管生產力不斷提高，但在現階段，固定成本基礎設施已經規模化，更多的是一種運作維護模式；我們的數位基礎設施也已規模化，儘管在推出、功能和功能方面不斷改進。

So improving product mix, scaling infrastructure, increasing margin and profitability. Did you have a follow-up, Nathan?

因此，改善產品組合、擴展基礎設施、提高利潤和獲利能力。內森，你有後續行動嗎？

Yeah. And as we think about the top-line guidance, what exceeded there for 1Q? And then anything you can share kind of quarter to date in 2Q, how those green shoots are kind of flowing into your progress?

是的。當我們考慮營收指引時，第一季超出了哪些指標？然後你可以分享第二季度迄今為止的任何事情，這些萌芽是如何流入你的進展的？

Sure. So from a top-line perspective, I would say broadly in line with our guidance, obviously, at the high end of the range or slightly above the high end of the range. As we look across the outlook for this year, I would say that our sentiment is pretty much, very much in line with what we communicated last quarter for the full year, which is why we held our guidance for the year of $11.6 billion to $11.8 billion.

當然。因此，從營收角度來看，我想說，顯然，在範圍的高端或略高於範圍的高端，與我們的指導大體一致。當我們展望今年的前景時，我想說，我們的情緒與我們上季度傳達的全年業績非常一致，這就是為什麼我們維持 116 億美元至 11.8 美元的全年指引。

And as we take a step back and we say, well, what did we see that leads to the commentary that we think the industry is continuing to normalize and maybe there's a precursor to green shoots that we're seeing in the market? Number one, for the first time since 2022, we had more adoptions versus relinquishments in our pet shelter data that we receive from the many pet shelters around the US that we collect data from.

當我們退後一步時，我們會說，好吧，我們看到了什麼導致了我們認為該行業正在繼續正常化的評論，也許我們在市場上看到了萌芽的先兆？第一，自 2022 年以來，我們從美國各地的許多寵物收容所收到的寵物收容所數據中，首次出現了更多的收養與放棄的數據。

So that was a positive signal. And then also internally specific to Chewy, for the first time since 2022 as well, we actually exceeded our own internal models and forecasts for active customers. And that was really driven by net new customers as well as by reactivations of prior customers.

所以這是一個正面的訊號。然後，在 Chewy 內部，自 2022 年以來，我們首次實際超出了我們自己的內部模型和對活躍客戶的預測。這實際上是由淨新客戶以及舊客戶的重新激活所推動的。

So those are the two metrics that we're kind of looking at that we're seeing, I would say, some signs of normalization in the industry. It's probably premature to determine if the industry is going to be fully normalized this year. But certainly, we're seeing what we think are signs of green shoots.

因此，這就是我們正在關注的兩個指標，我想說的是，我們看到了產業正常化的一些跡象。現在判斷該行業今年是否會完全正常化可能還為時過早。但可以肯定的是，我們看到了我們認為的萌芽跡象。

Steven Forbes, Guggenheim Partners.

史蒂文‧福布斯，古根漢合夥人。

Good morning, Sumit, David. Sumit, realizing it's probably early, but you sound pretty optimistic about the Vet Care clinics.

早安，蘇米特，大衛。 Sumit，意識到現在可能還為時過早，但你聽起來對獸醫護理診所相當樂觀。

So I was curious if you could maybe speak to what you're seeing in regards to the customer journey in new versus existing Chewy.com account members, repeat trends, transfer rate right over to other product categories. I mean, what's sort of underpinning the excitement and the optimism around maybe a more accelerated rollout?

因此，我很好奇您是否可以談談您所看到的關於新的和現有的 Chewy.com 帳戶成員的客戶旅程、重複趨勢、轉移到其他產品類別的比率。我的意思是，是什麼支撐著人們對加速推出的興奮和樂觀情緒？

Hey, Steve. I'll try to satisfy your curiosity. I might not be able to get into it in too much detail, but let's look at it.

嘿，史蒂夫。我會盡力滿足你的好奇心。我可能無法詳細討論它，但讓我們看一下。

So why I sound optimistic is because we believe the inputs are thoughtfully planned and designed, and the outputs are responding as expected or better than our plan. So what are these inputs?

所以我聽起來很樂觀是因為我們相信輸入是經過深思熟慮的規劃和設計的，輸出的響應符合預期或比我們的計劃更好。那麼這些輸入是什麼呢？

A, as you know, we've very thoughtfully designed the clinic, both the infrastructure as well as the experience that we're providing to the customers. It's modern. It's customer forward. It's veterinarian forward. And so it's just -- we expect to be able to cash in on that tailwind. And you're seeing that, right? Response rates have been really good. Customer NPS is really strong. Vet NPS is really strong.

答，如您所知，我們對診所進行了非常周到的設計，包括基礎設施以及我們為客戶提供的體驗。這是現代的。這是客戶前進。前鋒是獸醫。因此，我們希望能夠利用這台順風車獲利。你也看到了，對吧？反應率非常好。客戶 NPS 確實很強。 Vet NPS 確實很強。

Number two, what plagues the industry is really vet recruiting. And in parallel or very next to it is vet retention. Vets are stressed. Capacity is going to continue to outrun or underrun the vet demand. And so from that standpoint, getting a team that is motivated is very important. And we believe we have the right attractive value proposition to be able to attract vets.

第二，困擾該行業的其實是獸醫招募。與此並行或緊鄰的是獸醫保留。獸醫壓力很大。容量將繼續超出或低於獸醫需求。因此從這個角度來看，建立一支充滿動力的團隊非常重要。我們相信我們擁有正確且有吸引力的價值主張來吸引退伍軍人。

And then three, when we look at demand generation trends, when we look at the sell-through rate of the membership plans in the clinic, when we look at new customer versus existing customer mix, when we look at the repeat purchase rate of appointments that have been signed up, these are all indicative kind of metrics that suggest a future larger building and more profitable business. So it's a bit of a long-winded answer, but hopefully, you understand how we're evaluating the inputs and what our expectations are.

第三，當我們查看需求產生趨勢時，當我們查看診所會員計劃的售出率時，當我們查看新客戶與現有客戶組合時，當我們查看預約的重複購買率時這些都是指示性指標，顯示未來會有更大的建築和更有利可圖的業務。所以這是一個有點冗長的答案，但希望您能理解我們如何評估輸入以及我們的期望是什麼。

No, that's great to hear. And then maybe just a quick follow-up for David. I was just -- maybe if you can maybe expand on the expectation -- I think your comments for margins to decline sequentially throughout the year, if I heard you correctly.

不，很高興聽到這個消息。然後也許只是大衛的快速跟進。我只是——也許如果你可以擴大預期的話——我認為你對利潤率的評論全年都會連續下降，如果我沒聽錯的話。

I get the step-up in advertising expenses that you guys have called out very specifically. But maybe just help us on what would be the incremental pressure on margins 3Q over 4Q, 4Q over 3Q.

我了解到你們特別指出的廣告費用的增加。但也許只是幫助我們了解第三季相對於第四季、第四季相對於第三季的獲利增量壓力。

Sure. And for clarity, you're referring to EBITDA margin or, at least, I was referring to EBITDA margin in the prepared commentary. So first, let me kind of start at a high level.

當然。為了清楚起見，您指的是 EBITDA 利潤率，或至少我在準備好的評論中指的是 EBITDA 利潤率。首先，讓我從高層次開始。

We're just incredibly excited about our ability to drive continued Autoship penetration as well as continuing to provide product mix shift into areas such as sponsored ads and healthcare. And if we continue to perform and execute as we did in the first quarter, then we're going to have a very good year. And we would expect to be aligned more toward the high end of our range versus the lower end of our range.

我們對推動 Autoship 持續滲透以及繼續向搜尋廣告和醫療保健等領域提供產品組合轉變的能力感到非常興奮。如果我們繼續像第一季那樣表現和執行，那麼我們將度過一個非常好的一年。我們希望更多地向我們範圍的高端而不是範圍的低端調整。

And from a seasonality perspective, if you look at 2023, we did guide that the profile this year would look similar to that. So I think kind of a step-down in EBITDA margin from kind of the first part of the year all the way through the fourth quarter of the year would be somewhat normal and customary of a normalized market. And so that's what we've kind of indicated.

從季節角度來看，如果你看看 2023 年，我們確實認為今年的情況與此類似。因此，我認為 EBITDA 利潤率從今年上半年一直到第四季的下降在正常化市場中是正常且慣例的。這就是我們所指出的。

And then finally, talking about the lower part of the range. The lower end of the range would really require something significant softening in either macroeconomic environment or the pet industry or perhaps a more aggressive promotional environment, which are all things that we're not currently seeing.

最後，談論範圍的較低部分。這個範圍的下限確實需要宏觀經濟環境或寵物產業的顯著軟化，或者可能需要更積極的促銷環境，而這些都是我們目前沒有看到的。

And so we feel good about what we delivered in first quarter. We feel good about the long-term trends for us to continue to product mix up our business, both in sponsored ads into healthcare and pharmacy, ultimately, into vet clinics as well. And we think the year from a profile perspective looks pretty similar in 2024 to what it looked like in 2023.

因此，我們對第一季的交付感到滿意。我們對繼續產品組合我們的業務的長期趨勢感到滿意，無論是在醫療保健和藥房的搜尋廣告中，還是最終在獸醫診所中。我們認為，從概況角度來看，2024 年與 2023 年非常相似。

Thank you.

謝謝。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Thank you for taking the question. This is Sachin Verma on behalf of Michael Lasser. The question is, when do you expect your year-over-year customer accounts turn positive? And longer term, what would drive higher e-commerce penetration in the category, given the growth it has seen the last few years?

感謝您提出問題。我是邁克爾·拉塞爾 (Michael Lasser) 的代表薩欽·維爾瑪 (Sachin Verma)。問題是，您預期您的年比客戶帳戶何時會轉為正值？從長遠來看，考慮到過去幾年的成長，什麼會推動該類別的電子商務滲透率更高？

Maybe I'll start on year-over-year customer accounts. And Sumit, please chime in if you have anything to add.

也許我會從逐年的客戶帳戶開始。 Sumit，如果您有什麼要補充的，請補充。

So as we mentioned last quarter, we did expect this year to be relatively flat from an active customer account, with a little bit weaker -- kind of flat to slightly down maybe in the first half, flat to slightly up in the second half. But ultimately, for the full-year period, looking pretty flat 2024 to 2023.

正如我們上個季度提到的，我們確實預計今年的活躍客戶帳戶將相對持平，略有疲軟——上半年可能持平到略有下降，下半年持平到略有上升。但最終，就全年而言，2024 年至 2023 年的情況看起來相當平穩。

In terms of what we saw in the fourth -- in the first quarter, we saw kind of exactly what we expected, albeit with one slight difference. And that was that we actually exceeded our internal forecast with respect to active customer accounts, driven by both new customer adds as well as an increase in reactivations.

就我們在第四季度看到的情況而言，在第一季度，我們看到的情況與我們的預期完全一致，儘管有一點細微的差異。那就是，在新客戶增加和重新激活增加的推動下，我們實際上超出了關於活躍客戶帳戶的內部預測。

And then in addition to that, as I mentioned, it feels like that we're starting to see normalization in the industry from an adoption versus relinquishment of pet perspective. That's certainly the data that we saw from the shelters. So positive on that front as well.

除此之外，正如我所提到的，我們似乎開始從收養寵物和放棄寵物的角度看到該行業的正常化。這當然是我們從避難所看到的數據。在這方面也非常積極。

So from what -- would turn customer accounts positive versus maybe the trends that we've seen over the last couple of years, we have mentioned a couple of times over the last several calls that, really, we needed inflation to normalize. And that inflation in the market normalizing would free up kind of discretionary income for consumers, would give them the ability to then become additional pet parents in the future.

因此，與過去幾年我們看到的趨勢相比，什麼會讓客戶帳戶變得積極，我們在過去的幾次電話會議中多次提到，實際上，我們需要通貨膨脹才能正常化。市場正常化的通貨膨脹將為消費者釋放一些可自由支配的收入，使他們有能力在未來成為更多的寵物父母。

And then as more of the market moves online, we would be disproportionately favored in that scenario. And so when we talk about normalization of the market, what we're really referring to is normalization of pet households, normalization of inflationary pressures that are putting discretionary spending with the consumer under pressure. So normalization of that.

然後，隨著越來越多的市場轉向線上，我們在這種情況下將受到不成比例的青睞。因此，當我們談論市場正常化時，我們真正指的是寵物家庭的正常化，通膨壓力的正常化，這些都給消費者的可自由支配支出帶來了壓力。因此，將其正常化。

And I would say that we're currently seeing -- I think what we're seeing is some green shoots with respect to that normalization that we've been talking about. Sumit, anything you'd add?

我想說的是，我們目前看到的是——我認為我們看到的是我們一直在談論的正常化方面的一些萌芽。蘇米特，你還有什麼要補充的嗎？

On the question on why would higher e-commerce penetration continue -- well, look, I mean, the core insights around customers not wanting to lug heavy product back from retail stores, dog food bags are heavy. Cat litter pails are heavy and inconvenient.

關於為什麼更高的電子商務滲透率會持續下去的問題 - 嗯，看，我的意思是，圍繞客戶不想從零售商店拖著沉重的產品回來的核心見解，狗糧袋很重。貓砂桶很重，不方便。

And so the convenience of transacting through the online channel remains a value proposition that continues to propel the migratory trends from retail to online. Online is expected to reach 45% or north of 45% over the next few years.

因此，透過線上管道進行交易的便利性仍然是一個價值主張，繼續推動從零售向線上的遷移趨勢。預計未來幾年在線比例將達到 45% 或 45% 以上。

And the second thing is when you look at delivering personalized experiences, the way that you can deliver personalized experience via digital sort of touchpoints -- technology is much better, and we do a much better in the way that we understand customers, put them through the high-touch ecosystem that we have, and keep them and retain their trust, and develop and nurture their interest over time, et cetera, et cetera. So overall, we're bullish on e-comm penetration trends continuing from this point onwards.

第二件事是，當你考慮提供個人化體驗時，透過數位接觸點提供個人化體驗的方式——技術要好得多，我們在了解客戶、讓他們了解客戶方面做得更好。高接觸生態系統，留住他們並保持他們的信任，隨著時間的推移發展和培養他們的興趣，等等。因此，整體而言，我們看好從現在開始的電子商務滲透趨勢。

Thank you. And my follow-up is, how do you plan on growing revenue without increasing your customers this year? Is growing NSPAC a sustainable strategy?

謝謝。我的後續問題是，今年您計劃如何在不增加客戶的情況下增加收入？發展 NSPAC 是一項永續策略嗎？

This is something that we've talked about in the past as well. Look, unlike a fixed subscription model, right, where you must have customers to continue your growth, at Chewy, share of wallet, it has been a bit of an underappreciated strength of the ecosystem.

這也是我們過去討論過的事情。看，與固定訂閱模式不同，你必須擁有客戶才能繼續成長，在 Chewy，錢包份額，它的生態系統的力量有點被低估。

So first -- and the second point is, we're not shifting our focus away from customer addition to share of wallet. We believe in combining the power of customer addition to share of wallet, right? A pet lives for 12, 14, 15, 18 years. During that time, a pet and a pet parent spend anywhere from $1,200 to $2,500, with an average of $1,600 to $1,800 of LTV.

因此，第一點和第二點是，我們不會將重點從增加客戶轉移到錢包份額。我們相信將客戶增加的力量與錢包份額結合起來，對吧？寵物的壽命為 12 年、14 年、15 年、18 年。在此期間，寵物和寵物父母的花費從 1,200 美元到 2,500 美元不等，平均 LTV 為 1,600 美元到 1,800 美元。

And we have shown the power of growing that net SPAC. It grew over 9.5% this quarter, reaching $562, which means that right now, we're capturing about a third of the net SPAC in the market. Roughly about 20% of our customers are health customers, and they continue to mix in into the overall pool of customer bases, right? Our other businesses are fairly nascent.

我們已經展示了成長淨SPAC的力量。本季成長超過 9.5%，達到 562 美元，這意味著目前我們佔據了市場上約三分之一的淨 SPAC。我們大約 20% 的客戶是健康客戶，他們繼續融入整個客戶群，對吧？我們的其他業務還相當新生。

So we are bullish and expectant of growing our net sales per active customer number. And at the same time, when you look at net adds, that's comprised of three different components: acquisition, retention, and reactivation.

因此，我們對每活躍客戶數量的淨銷售額成長持樂觀態度並期望成長。同時，當你觀察淨增加時，你會發現它由三個不同的組成部分組成：獲取、保留和重新激活。

Our reactivation engine is firing on all cylinders, so we're happy about that. In terms of retention, we're seeing better retention in cohort behavior. We saw lower churn come into the quarter from a year-over-year point of view. So we were pleased with that.

我們的重新啟動引擎正在全速運轉，所以我們對此感到高興。在保留率方面，我們發現隊列行為的保留率較高。從同比的角度來看，我們看到本季的客戶流失率有所下降。所以我們對此感到滿意。

And then finally, on acquisition, as Dave was explaining, right now, you essentially have a shallower pool of customers that are not declaring intent, given inflation is still pretty high, food and treats are suppressed, and discretionary categories haven't yet sort of recovered.

最後，在收購方面，正如戴夫所解釋的那樣，目前，鑑於通貨膨脹仍然相當高，食品和零食受到抑制，而且非必需類別尚未排序，因此基本上沒有宣布意向的客戶群較少的恢復。

So broadly speaking, the value proposition of Chewy continues to resonate really loudly, whether it's price selection and convenience or whether it's overall personalization and customer intent capture. So we remain bullish.

從廣義上講，Chewy 的價值主張繼續引起廣泛共鳴，無論是價格選擇和便利性，還是整體個人化和客戶意圖捕捉。所以我們還是看漲。

Thank you.

謝謝。

Sure.

當然。

Seth Basham, Wedbush.

塞思‧巴沙姆，韋德布希。

Hi. This is Matt McCartney on for Seth. I was hoping you could give some more color on behavior for existing cohorts, just specifically on the recent cohorts, just how they're trending relative to historic levels in terms of retention and their net SPAC maturation.

你好。這是馬特麥卡尼為賽斯配音。我希望您能夠對現有群組的行為提供更多信息，特別是最近的群組，以及他們在保留率和淨 SPAC 成熟度方面相對於歷史水平的趨勢。

Sure. Not much deviation from the trends that we've seen. We continue to see customers lean into health-related categories. We continue to see customers lean into condition-based and premiumized categories. Treats and toys continues to be sort of muted given the pressure, but we're seeing kind of strong performance across other categories.

當然。與我們所看到的趨勢沒有太大偏差。我們繼續看到客戶傾向於與健康相關的類別。我們繼續看到客戶傾向於基於條件和高端類別。考慮到壓力，零食和玩具繼續保持沉默，但我們看到其他類別的表現強勁。

In terms of -- when you take a look at our cohorts from back half of 2022 and project cohort membership retention for 12-, 15-, 18-month timeframe, each of these cohorts is in the positive, in the low single-digit-percentage-point range relative to past cohorts or relative to pandemic cohorts.

就我們 2022 年下半年的群組以及 12、15、18 個月時間範圍內的群組成員保留率項目而言，這些群組中的每一個都處於正值，處於較低的個位數-相對於過去隊列或相對於大流行隊列的百分比範圍。

So that is definitely encouraging. So broadly speaking, Matt, not much more to comment relative to what we've already said on the call today.

所以這絕對是令人鼓舞的。從廣義上講，馬特，相對於我們今天在電話會議上已經說過的內容，沒有太多可評論的。

Yeah. I would just build on that and say that one very positive trend that we're also seeing is that new customers signing up for Autoship is some of the highest that we've seen as a company. So that's another positive signal for us with respect to the new cohorts. Did you have a follow-up, Seth (sic - "Matt")?

是的。我想在此基礎上說，我們也看到的一個非常積極的趨勢是，註冊 Autoship 的新客戶是我們公司所見過的最高的客戶之一。因此，這對我們來說是關於新群體的另一個積極信號。你有後續嗎，賽斯（原文如此－「馬特」）？

Yes. Just was wondering specifically on your ability to target specific cohorts with your new CRM -- I know it's pretty early -- but are you seeing benefits from that program yet in terms of retention? Or when might those sorts of benefits materialize here?

是的。只是特別想知道您是否有能力使用新的 CRM 來定位特定群體 - 我知道現在還為時過早 - 但您是否看到該計劃在保留方面帶來的好處？或者什麼時候這些好處才能在這裡實現？

We are seeing benefit. We're seeing benefit both in terms of improvement in second purchase rate as well as in reactivation. Both the programs are run out of our CRM teams. We're also seeing greater participation on the Chewy app business, which is up multifold on a year-over-year basis.

我們看到了好處。我們看到了二次購買率提高和重新活化方面的好處。這兩個專案都是由我們的 CRM 團隊運作的。我們也看到 Chewy 應用程式業務的參與度有所提高，該業務同比增長了數倍。

Great. Thank you.

偉大的。謝謝。

Lee Horowitz, Deutsche Bank.

李‧霍洛維茨，德意志銀行。

Great. Thanks for squeezing me in. Maybe one on share and then just a follow-up on users. I guess, on share, it strikes us that given the success you guys are seeing in healthcare -- you're most certainly taking share in that vertical -- discretionary and hard goods, you seem to have decided to not chase bad share in that vertical and perhaps, seeing some there.

偉大的。感謝您讓我參與其中。我想，就份額而言，令我們震驚的是，鑑於你們在醫療保健領域所看到的成功——你們肯定在該垂直領域——非必需品和硬商品中佔據了份額，你們似乎已經決定不再追逐該領域的不良份額垂直的，也許在那裡看到一些。

Then I guess, that leaves consumables, which grew about 2% in the quarter. But that number likely a bit higher given some contribution from health in that line of your business. Can you help us better understand how you think Chewy share in the consumable category is progressing at the moment and how you expect that to evolve through the course of the year?

然後我想，剩下的就是消耗品，該季度成長了約 2%。但考慮到您所在業務領域健康狀況的一些貢獻，這個數字可能會更高一些。您能否幫助我們更好地了解您認為 Chewy 在消費品類別中的份額目前的進展情況以及您預計這一份額在這一年中將如何發展？

Sure. I'll start with a higher-level commentary. If you look at the market growth in Q1, it ranged from negative 2% to positive 2% to 3%.

當然。我將從更高層次的評論開始。如果你看看第一季的市場成長，你會發現它的範圍從負 2% 到正 2% 到 3%。

That's sort of the range in the market relative to the players that we're observing, and we generally have a fairly good read of demand in the marketplace. We're obviously sitting on the high end of that. And therefore, the share story is consistent, right? We will take share this year.

這是相對於我們正在觀察的參與者的市場範圍，而且我們通常對市場需求有相當好的了解。我們顯然處於高端。因此，分享的故事是一致的，對吧？今年我們將分享。

Now when you break that down -- I would reframe the way you positioned our intent in discretionary and hard goods. It's not that we're not chasing. In fact, we remain competitive as a team.

現在，當你將其分解時，我會重新定義你對可自由支配商品和硬商品的意圖的定位方式。並不是我們不去追逐。事實上，我們作為一個團隊仍然保持競爭力。

And we're seeing positive green shoots in that category relative to where the industry performed in at least half of the categories, right? The other half, we're still focused on making sure that -- as I mentioned in the past, there are certain categories that we just need to make sure that our assortment and proposition resonates loudly within hard goods and discretion. So we're absolutely focused on it.

相對於該行業在至少一半類別中的表現，我們看到該類別出現了積極的萌芽，對嗎？另一方面，我們仍然專注於確保——正如我過去提到的，在某些類別中，我們只需要確保我們的分類和主張在硬商品和自由裁量權範圍內引起強烈共鳴。所以我們絕對專注於它。

And then in consumables, we held share in the kind of the value segment, you could say. And then we gained share across all premium segments and consumables. So that's -- it's a bit of -- it's a positive story overall, but there is a bit of a range depending upon the customer segmentation and the cohort that you see.

然後，在消費品領域，我們在價值領域佔有份額，你可以說。然後我們在所有高端細分市場和消費品領域獲得了份額。所以，總的來說，這是一個積極的故事，但根據客戶細分和你看到的群體，有一個範圍。

Did you have a follow-up, Lee?

李，你有後續嗎？

Very helpful. And maybe -- yeah, maybe one follow-up on users. We talked a lot about reactivation and new acquisition exceeding your expectations with green shoots in terms of household formation. But I guess, overall customer declines -- I guess, steepened in the quarter.

很有幫助。也許——是的，也許是對用戶的後續行動。我們談論了很多有關重新激活和新收購超出您的預期以及家庭形成方面的萌芽的問題。但我想，整體客戶數量下降——我想，本季下降幅度更大。

Can you maybe just talk a bit more on how churn is progressing at this point? And I think, Sumit, you talked about churn down -- churn improving year on year. But I guess, how does that put relative to reactivations and new acquisition being the bigger outperformer in the quarter? And I guess, how do you think churn should progress through the balance of the year? Any more color would be very helpful. Thanks so much.

能否多談談目前客戶流失的進展？我認為，蘇米特，您談到了客戶流失率—客戶流失率逐年改善。但我想，這與重新激活和新收購相比如何成為本季表現更好的企業？我想，您認為今年剩下的時間客戶流失率該如何發展？任何更多的顏色都會非常有幫助。非常感謝。

Sure, sure, sure. I can see what you're trying to correlate here. So here's the deal. So our reactivations was up mid-teens as we said year over year. At the same time, our net new acquisition was higher than the reactivation rate, right? So I just want to be clear about that, that reactivations aren't surpassing net new acquisition, right?

當然，當然，當然。我可以看到你想在這裡關聯什麼。所以這就是交易。因此，正如我們所說，我們的重新激活率逐年上升了十幾歲。同時，我們的淨新增量高於重新激活率，對嗎？所以我只是想澄清這一點，重新啟動並沒有超過淨新收購量，對吧？

Our acquisition is continuing to be held back by the amount of customer share -- customer intent declaration in the discretionary categories, right? So there is a pool of customers that's missing there that will add to the trend that we're seeing or connecting to industry normalization.

我們的收購繼續受到客戶份額的阻礙——自由裁量類別中的客戶意向聲明，對吧？因此，那裡缺少一批客戶，這將增加我們所看到的趨勢或與行業正常化的連結。

Then you come to churn. So the statement is true that churn was down year over year, yet the -- if you recall, we had signaled that our cohorts in the last three years or so are churning, right, at rates that are low to mid-single digit higher than our legacy cohorts, right?

然後你就會流失。因此，流失率逐年下降的說法是正確的，但是——如果你還記得的話，我們曾表示，在過去三年左右的時間裡，我們的群組正在以低至中個位數的速度流失，對吧？

And so that number hasn't reversed materially, given that we're still playing through those cohorts. But the green shoots that we are seeing is in the back half of 2022 cohorts, which are sort of more out of the pandemic cohorts per se. So year over year, trending is better. But there's still a healthy base that we need to sort of arrest at the bottom, which continues to normalize alongside us.

因此，考慮到我們仍在研究這些群體，這個數字並沒有實質逆轉。但我們看到的萌芽是在 2022 年的後半部群體中，這些群體本身更多地來自於疫情群體。因此，年復一年，趨勢更好。但我們仍然需要一個健康的基礎來阻止底部，並繼續與我們一起正常化。

Yeah. And perhaps, just for some helpful color. Churn in Q1 of '24, it's a decline in absolute numbers from the churn and percentage for that perspective churn from Q1 of '23. And it's down from a churn of Q1 of 2022. And of course, it's down sequentially from Q4 of '23. So all data points that kind of -- again, kind of point to some of those early green shoots that we believe we're seeing in the normalization of the industry.

是的。也許，只是為了一些有用的顏色。 24 年第一季的流失情況，與 23 年第一季相比，流失的絕對數量和百分比有所下降。與 2022 年第一季相比有所下降。因此，所有數據都表明，我們相信我們在行業正常化過程中看到了一些早期的萌芽。

Very helpful. Thank you.

很有幫助。謝謝。

Ladies and gentlemen, this now concludes today's call. I'd like to thank you all for joining. Have a great rest of your day. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我要感謝大家的加入。祝您有個愉快的一天。現在您可以斷開線路。