Chewy Inc (CHWY) 2024 Q2 法說會逐字稿

Good morning all, and thank you for joining us for the Chewy second-quarter 2024 earnings call.

大家早安，感謝您參加我們的 Chewy 2024 年第二季財報電話會議。

My name is Carlie and I’ll be the call coordinator today.

我叫卡莉，今天我將擔任通話協調員。

(Operator instructions) I’ll now hand over to your host, Jen Hsu, investor relations to begin.

（接線生指示）我現在將投資人關係工作交給主持人 Jen Hsu，開始。

Thank you for joining us on the call today to discuss our second-quarter results for fiscal year 2024.

感謝您今天加入我們的電話會議，討論我們 2024 財年第二季的業績。

Joining me today are Chewy’s CEO, Sumit Singh; and CFO, David Reeder.

今天加入我的是 Chewy 的執行長 Sumit Singh；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.

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。

In addition to the earnings release, a presentation summarizing our results is also available on our website at investor.chewy.com.

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 programs, and the environment that we operate in.

在今天的電話會議上，我們將做出前瞻性聲明，包括有關 Chewy 的財務業績和業績、行業趨勢、策略舉措、股票回購計劃以及我們營運環境的聲明。

Such statements are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995.

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。

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 from last quarter and in our other filings with the SEC, including the quarterly report on Form 10-Q filed earlier today, which could cause actual results to differ materially from those contemplated by our forward-looking statement.

並受到我們上季度10-Q 表格季度報告以及我們向SEC 提交的其他文件（包括提交的10-Q 表格季度報告）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今天早些時候，這可能會導致實際結果與我們前瞻性聲明中預期的結果有重大差異。

Reported results should not be considered an indication of future performance.

報告的結果不應被視為未來績效的指標。

Also, note that the forward-looking statements on this call are based on information available to us as of today’s date.

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。

We disclaim any obligation to update any forward-looking statements except as required by law.

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.

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。

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.

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.

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。

Additionally, unless otherwise stated, all comparisons discussed on today’s call will be against the comparable period of fiscal year 2023.

此外，除非另有說明，今天電話會議討論的所有比較都將與 2023 財年的可比較期間進行比較。

Finally, this call in its entirety is being webcast on our Investor Relations website.

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。

A replay of the audio webcast will also be available on our Investor Relations website shortly.

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。

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

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.

謝謝你，Jen，也謝謝大家參加今天的電話會議。

Our Q2 results reflect another quarter of strong execution against our strategic priorities.

我們第二季的業績反映出我們在策略重點方面又一個季度的強勁執行力。

We delivered top-line growth at the high end of our guidance range, continued significant adjusted EBITDA margin expansion, and compelling free cash flow generation.

我們在指導範圍的高端實現了營收成長，調整後的 EBITDA 利潤率持續大幅擴張，並產生了引人注目的自由現金流。

Initiatives, including Chewy Vet Care and Sponsored Ads are performing well, and I look forward to telling you more about these in a few minutes.

包括 Chewy Vet Care 和贊助廣告在內的舉措效果良好，我期待在幾分鐘內向您介紹更多有關這些的信息。

With that, let’s dive in.

接下來，讓我們深入了解一下。

Q2 net sales grew by approximately 3% to $2.86 billion.

第二季淨銷售額成長約 3%，達到 28.6 億美元。

Autoship customer sales grew by approximately 6% or double the rate of companywide net sales to reach 78% of net sales, reflecting both the convenience and the value of the program and the strength of our non-discretionary categories, including consumables and health, which collectively represented approximately 85% of our net sales in the quarter.

Autoship 客戶銷售額成長約6%，是全公司淨銷售額的兩倍，達到淨銷售額的78%，反映了該計劃的便利性和價值，以及我們非全權委託品類（包括消費品和健康產品）的實力，合計約佔本季淨銷售額的 85%。

In addition to the engagement created through our Autoship program, our ability to grow share of wallet was also evident in Q2 with metrics such as net sales per active customer or NSPAC, which set a new record at $565, growing over 6% in the quarter.

除了透過我們的Autoship 計劃創造的參與度之外，我們在第二季度增加錢包份額的能力也很明顯，例如每個活躍客戶的淨銷售額或NSPAC 等指標，創下了565 美元的新紀錄，本季度成長超過6% 。

NSPAC growth is being driven by factors such as strengthening mix of repeatable categories and growth in our premium product lines, for example, premium food and Chewy Health.

NSPAC 的成長是由加強可重複類別的組合以及我們的優質產品線（例如優質食品和耐嚼健康）的成長等因素所推動的。

Also notable this quarter was the strengthening customer engagement through our mobile app.

本季也值得注意的是透過我們的行動應用程式加強了客戶參與度。

Over the past year or so, we have been hard at work redesigning our mobile app and making the overall user experience more convenient for our customers.

在過去一年左右的時間裡，我們一直在努力重新設計我們的行動應用程序，使整體用戶體驗對我們的客戶來說更加方便。

This quarter, we saw some early signs of this strategy paying dividends.

本季度，我們看到了這項策略帶來紅利的一些早期跡象。

Unique customers who placed orders through our app increased by approximately 13% year over year, with overall mobile app orders increasing approximately 15% year over year.

透過我們的應用程式下訂單的獨特客戶年增約 13%，行動應用程式訂單總量年增約 15%。

We observed both higher units per order and better retention when customers download and use the Chewy app.

我們觀察到，當客戶下載和使用 Chewy 應用程式時，每個訂單的單位數量更高，保留率也更高。

On the topic of customers, we ended the second quarter with approximately 20 million active customers and are encouraged to see net ads grow, even if modestly, on a sequential basis for the first time since Q1 2023.

在客戶方面，我們第二季末的活躍客戶數量約為 2,000 萬，我們很高興看到淨廣告自 2023 年第一季以來首次環比成長，儘管成長幅度不大。

Our second-quarter performance carried on the trends we saw in Q1, with new customer acquisition, reactivations, and retention exceeding our internal expectations for the second quarter in a row.

我們第二季的業績延續了第一季的趨勢，新客戶獲取、重新啟動和保留連續第二季超出了我們的內部預期。

Additionally, this quarter we observed sequential improvement in gross churn and minimal inflationary cost pressure.

此外，本季我們觀察到總客戶流失率連續改善，通膨成本壓力最小。

Moving down the P&L, we delivered another quarter of robust profitability with gross margin coming in at 29.5%.

從損益表來看，我們又一個季度實現了強勁的獲利能力，毛利率達到 29.5%。

Our category teams are executing well, effectively navigating a dynamic and normalizing industry, ensuring that we remain competitive on things customers care about most.

我們的品類團隊執行得很好，有效地引導了充滿活力和標準化的行業，確保我們在客戶最關心的事情上保持競爭力。

For example, keeping prices sharp and our assortment fresh, innovative, and delivered quickly.

例如，保持價格低廉以及我們的品種新鮮、創新和快速交付。

Though gross margin will fluctuate on a quarterly basis, we expect this metric to continue to expand over time as our higher-margin businesses become a larger portion of our total sales.

儘管毛利率將按季度波動，但我們預計隨著時間的推移，隨著我們利潤率較高的業務佔總銷售額的比例越來越大，這一指標將繼續擴大。

We generated $145 million of adjusted EBITDA in the quarter, representing a 5.1% adjusted EBITDA margin and a year-over-year increase of approximately 190 basis points.

本季我們產生了 1.45 億美元的調整後 EBITDA，調整後 EBITDA 利潤率為 5.1%，年增約 190 個基點。

Our Q2 adjusted EBITDA results reflect our ongoing rigor around managing our operating expenses and driving operational efficiencies, where we over-delivered relative to our internal expectation.

我們第二季調整後的 EBITDA 結果反映了我們對管理營運費用和提高營運效率的持續嚴格態度，相對於我們的內部預期，我們超額交付了。

Notably, over 40% of order volume is now benefiting from automation and our proprietary supply chain software is enabling us to place inventory more optimally across our FC network, thus leading to both lower fulfillment cost and an improved customer experience.

值得注意的是，超過 40% 的訂單量現在受益於自動化，我們專有的供應鏈軟體使我們能夠在整個 FC 網路中更優化地放置庫存，從而降低履行成本並改善客戶體驗。

We continue to demonstrate strong discipline in managing the controllables while also seeing our business model benefit from fixed-cost leverage.

我們繼續在可控因素管理方面表現出嚴格的紀律，同時也看到我們的業務模式受益於固定成本槓桿。

Together, these levers enabled us to deliver compelling year-over-year margin expansion and have set us up to materially exceed our profitability commitments for the year.

總之，這些槓桿使我們能夠實現令人矚目的年比利潤成長，並使我們能夠大幅超越今年的獲利承諾。

Moving on to cash flow.

轉向現金流。

In the second quarter, we generated approximately $91 million of free cash flow and ended the quarter with $695 million of cash, cash equivalents, and marketable securities.

第二季度，我們產生了約 9,100 萬美元的自由現金流，季度末現金、現金等價物和有價證券為 6.95 億美元。

Our strong balance sheet combined with our compelling free cash flow generation enabled us to not only invest in strategic initiatives that support our long-term growth and margin objectives, but also return capital to our shareholders in a meaningful way through various share repurchase transactions, which Dave will describe in more detail.

我們強大的資產負債表加上令人矚目的自由現金流生成，使我們不僅能夠投資於支持我們長期成長和利潤目標的策略性舉措，而且能夠透過各種股票回購交易以有意義的方式向股東返還資本，這戴夫將更詳細地描述。

Now I will shift gears and provide an update on some of Chewy’s strategic initiatives and innovation.

現在我將換個方向，提供有關 Chewy 的一些策略舉措和創新的最新資訊。

I am excited to share that since our last earnings call, we have opened two additional Chewy Vet Care clinics, one in Denver, Colorado area, and another in South Florida, increasing our density in both of these markets and bringing our clinic count to six locations against our previously stated target range of four to eight clinic openings in 2024.

我很高興地告訴大家，自從上次財報電話會議以來，我們又開設了兩家Chewy Vet Care 診所，一家位於科羅拉多州丹佛地區，另一家位於南佛羅裡達州，增加了我們在這兩個市場的密度，使我們的診所數量達到六家我們之前提出的 2024 年開設 4 到 8 個診所的目標範圍。

With each additional week and month of operations across our clinic footprint, we are steadily accumulating data to prove out our initial theses around Chewy Vet Care.

隨著我們診所業務的每周和每月的運營，我們正在穩步積累數據，以證明我們圍繞耐嚼獸醫護理的最初論點。

Although it is early, the leading indicators are promising.

儘管現在還為時過早，但領先指標還是充滿希望的。

First, Chewy Vet Care is serving as an acquisition funnel with the proportion of net new customers acquired through our clinics, exceeding our expectation.

首先，Chewy Vet Care 正在充當一個收購漏斗，透過我們的診所獲得的淨新客戶比例超出了我們的預期。

Second, clinic engagement is accelerating our NSPAC curves, supported by both spending on veterinary services and strong cross-category shopping behavior.

其次，在獸醫服務支出和強勁的跨類別購物行為的支持下，診所的參與正在加速我們的 NSPAC 曲線。

In clinic, many customers are deepening their commitment to the Chewy ecosystem by purchasing pharmacy or food for the first time.

在臨床上，許多客戶透過首次購買藥品或食品來加深對 Chewy 生態系統的承諾。

And similarly, we are seeing a highly positive impact on Chewy.com visits following a clinic appointment.

同樣，我們看到診所預約後對 Chewy.com 訪問量產生了非常積極的影響。

Finally, and importantly, we continue to see high-interest levels from the veterinarian community who view the Chewy Vet Care value proposition as compelling and recognize the strength and halo effect of the Chewy brand.

最後，也是重要的是，我們繼續看到獸醫界的高度興趣，他們認為 Chewy Vet Care 的價值主張引人注目，並認識到 Chewy 品牌的實力和光環效應。

Vet NPS remained high and we are pleased with the engagement that our brand promise and commitment to veterinarians is resonating.

獸醫 NPS 仍然很高，我們很高興我們的品牌承諾和對獸醫的承諾引起了共鳴。

We look forward to sharing more with you in due course as we continue to build out this business.

隨著我們繼續發展這項業務，我們期待在適當的時候與您分享更多資訊。

Moving to Sponsored Ads.

轉向贊助廣告。

Our ads business continues to ramp up nicely and is on track to reach the low end of our long-term target of 1% to 3% of net sales exiting 2024.

我們的廣告業務持續良好成長，並有望達到我們長期目標的下限，即到 2024 年將佔淨銷售額的 1% 至 3%。

Performance has continued to exceed expectations driven by our thoughtful expansion of inventory, including mobile volume, advertiser demand growth, and increasing kick-through rates as we refine customer relevancy.

由於我們深思熟慮的庫存擴張（包括移動量、廣告商需求成長以及隨著我們完善客戶相關性而提高的啟動率），業績持續超出預期。

Furthermore, the team is on track to implement a new 1P technology stack, which will enable us to both improve supplier experience and lower our cost to serve.

此外，該團隊正在實施新的 1P 技術堆疊，這將使我們能夠改善供應商體驗並降低服務成本。

We are optimistic about further growing and refining this business over time, and look forward to keeping you updated on our progress.

我們對隨著時間的推移進一步發展和完善這項業務持樂觀態度，並期待向您通報我們的最新進展。

To conclude, our Q2 results reiterate Chewy’s differentiated value proposition, stickiness of our business model, and the efficiency of our rapidly scaling operations, which are enabling us to keep customers engaged, as well as deliver strong margin expansion and increasing levels of free cash flow.

總而言之，我們第二季度的業績重申了 Chewy 的差異化價值主張、業務模式的粘性以及快速擴展業務的效率，這些使我們能夠保持客戶參與度，並實現強勁的利潤擴張和不斷提高的利潤水平自由現金流。

We are in turn, both returning capital to shareholders and prudently and strategically investing in areas of our business that we expect will continue delivering attractive long-term returns.

反過來，我們既向股東返還資本，又審慎、策略性地投資於我們預計將繼續帶來有吸引力的長期回報的業務領域。

With that I will turn the call over to Dave.

這樣我就把電話轉給戴夫。

Thank you, Sumit.

謝謝你，蘇米特。

Second-quarter net sales of $2.86 billion came in at the high end of our guidance range and grew 2.6% year over year.

第二季淨銷售額為 28.6 億美元，處於我們指引範圍的高端，年增 2.6%。

These top-line results demonstrate the predictability and durability of our business model even in a normalizing market.

這些重要結果證明了即使在正常化的市場中，我們的業務模式也具有可預測性和持久性。

Active customers grew modestly on a sequential basis to approximately $20.0 million.

活躍客戶環比小幅成長，達到約 2,000 萬美元。

As Sumit noted earlier, gross ads once again exceeded our internal expectations this quarter, signaling that in addition to macro normalization, our efforts with respect to customer engagement continue to gain traction.

正如薩米特早些時候指出的那樣，本季度的廣告總額再次超出了我們的內部預期，這表明除了宏觀正常化之外，我們在客戶參與方面的努力繼續受到關注。

While we are encouraged by the trend of this metric and the team continues to execute our customer engagement strategy, we believe it is prudent to maintain our 2024 view of approximately flat active customers for the year.

雖然我們對該指標的趨勢感到鼓舞，團隊繼續執行我們的客戶參與策略，但我們認為，謹慎的做法是維持 2024 年活躍客戶大致持平的觀點。

Net sales per active customer or NSPAC came in at $565, reflecting an increase of 6.2%.

每位活躍客戶或 NSPAC 的淨銷售額為 565 美元，成長 6.2%。

NSPAC yet again reached the new record high demonstrating our continued ability to grow share of wallet.

NSPAC 再次創下新高，顯示我們有能力持續擴大錢包份額。

Our subscription like Autoship business continues to be a core pillar of strength for Chewy with Autoship customer sales of over $2.2 billion in the quarter growing 5.8% and representing 78.4% of our total net sales, up 230 basis points on a year-over-year basis.

我們的 Autoship 等訂閱業務仍是 Chewy 的核心優勢，本季 Autoship 客戶銷售額超過 22 億美元，成長 5.8%，占我們總淨銷售額的 78.4%，年增 230 個基點基礎。

Moving to profitability, we reported second-quarter gross margin of 29.5%, representing a 120 basis point year-over-year increase, coming in slightly ahead of expectations and underscoring the increasingly attractive mix of our business as well as our position as a strategic channel for our vendor partners.

談到獲利能力，我們報告第二季度毛利率為 29.5%，年成長 120 個基點，略高於預期，凸顯了我們業務組合日益有吸引力以及我們作為策略客戶的地位。的渠道。

We believe we have continued headroom to expand gross margin over time.

我們相信，隨著時間的推移，我們仍有繼續擴大毛利率的空間。

Shifting to operating expenses, please note that my discussion of SG&A excludes share-based compensation expense and related taxes.

轉向營運費用，請注意，我對 SG&A 的討論不包括基於股份的補償費用和相關稅費。

We continue to demonstrate opex leverage in the quarter with SG&A coming in at $538.8 million or 18.8% of net sales, representing 100 basis points of improvement on a year-over-year basis, and also shrinking on an absolute dollar basis for the first time.

我們繼續展示本季的營運支出槓桿率，SG&A 為 5.388 億美元，佔淨銷售額的 18.8%，比去年同期改善 100 個基點，並且以絕對美元計算也首次萎縮。

SG&A leverage was driven by continued discipline with respect to corporate payroll and the ongoing benefits resulting from our fulfillment center automation investments and other software and fulfillment related efficiencies.

SG&A 槓桿率是由公司薪資方面的持續紀律以及我們的履行中心自動化投資以及其他軟體和履行相關效率帶來的持續效益所推動的。

Second-quarter advertising and marketing expense was $190.5 million or 6.7% of net sales, consistent with our previously stated expectation of 6% to 7% of net sales.

第二季廣告和行銷費用為 1.905 億美元，佔淨銷售額的 6.7%，與我們先前預測的佔淨銷售額 6% 至 7% 的預期一致。

Second-quarter adjusted net income was $104.8 million, representing a 62% increase year over year.

第二季調整後淨利為 1.048 億美元，年增 62%。

This quarter’s adjusted net income excludes a one-time income tax benefit of approximately $276 million related to the release of a valuation allowance on our US federal and other state deferred tax assets.

本季度調整後的淨利潤不包括與美國聯邦和其他州遞延稅資產的估值津貼發放相關的約 2.76 億美元的一次性所得稅優惠。

Net income for the quarter was $299.1 million which translated into $0.70 and $0.68 earnings per share on a basic and diluted basis respectively.

該季度淨利潤為 2.991 億美元，基本每股收益和稀釋每股收益分別為 0.70 美元和 0.68 美元。

Our basic and diluted earnings per share include the one-time tax benefit of $0.64 and $0.63 respectively.

我們的基本每股收益和稀釋每股收益分別包括 0.64 美元和 0.63 美元的一次性稅收優惠。

Finally, we reported adjusted EBITDA of $144.8 million, representing a 5.1% adjusted EBITDA margin and 190 basis points of year-over-year margin expansion.

最後，我們報告調整後 EBITDA 為 1.448 億美元，調整後 EBITDA 利潤率為 5.1%，利潤率年增 190 個基點。

Approximately two-thirds of the improvement was driven by gross margin, with the remaining one-third driven by fulfillment and operating expense leverage.

大約三分之二的改善是由毛利率推動的，其餘三分之一是由履行和營運費用槓桿推動的。

We reported free cash flow of $91.5 million in the second quarter, reflecting $123.4 million of net cash provided by operating activities and $31.9 million of capital expenditures.

我們報告第二季自由現金流為 9,150 萬美元，反映出經營活動提供的淨現金 1.234 億美元和資本支出 3,190 萬美元。

Our significant free cash flow generation and strong balance sheet position afforded us the opportunity to return significant capital to shareholders within the quarter.

我們大量的自由現金流產生和強勁的資產負債表狀況使我們有機會在本季度內向股東返還大量資本。

I will now spend a few moments summarizing the various share repurchase transactions we completed in the quarter.

我現在將花一些時間總結我們在本季完成的各種股票回購交易。

In June, we repurchased approximately 17.6 million shares of Class A common stock directly from BC Partners for an aggregate repurchase price of $500 million.

6 月份，我們直接從 BC Partners 回購了約 1,760 萬股 A​​ 類普通股，回購總價為 5 億美元。

This repurchase was executed separately from our existing [500 million] share repurchase program and allowed us to reduce the ownership position of our largest shareholder.

此次回購與我們現有的[5億]股回購計畫分開執行，使我們能夠減少最大股東的所有權地位。

Additionally, during the quarter, we repurchased approximately 1.3 million shares of Class A common stock, spending approximately [32.7 million] under our [500 million] share repurchase program.

此外，在本季度，我們回購了約 130 萬股 A​​ 類普通股，根據我們的 [5 億] 股回購計畫花費了約 [3,270 萬股]。

At the end of the quarter, we had approximately 467.3 million of remaining capacity under the program for future repurchases.

截至本季末，該計畫下的剩餘產能約為 4.673 億美元，可供未來回購。

We remain excited about our ability to generate increasing levels of profitability and free cash flow, enabling us to invest in our business both organically and inorganically, as well as return capital to our shareholders.

我們仍然對我們產生不斷提高的盈利水平和自由現金流的能力感到興奮，這使我們能夠有機和無機地投資我們的業務，並向股東返還資本。

We ended the quarter with more than $695 million in cash, cash equivalents, and marketable securities, and we remain debt-free with an overall liquidity position of approximately $1.5 billion.

本季結束時，我們擁有超過 6.95 億美元的現金、現金等價物和有價證券，我們仍然沒有債務，整體流動性部位約為 15 億美元。

With that, I’d like to turn to our third quarter and updated full year 2024 guidance.

說到這裡，我想談談我們的第三季和更新的 2024 年全年指引。

We anticipate third-quarter net sales of between $2.84 and $2.86 billion or approximately 3% to 4% year-over-year growth, and we are maintaining our full-year 2024 net sales outlook of between $11.6 and $11.8 billion, or approximately 4% to 6% year over year growth.

我們預計第三季淨銷售額將在 2.84 至 28.6 億美元之間，年增約 3% 至 4%，我們維持 2024 年全年淨銷售額預期在 1160 至 118 億美元之間，約 4%較去年同期成長6%。

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.

該範圍包括2024財年53週的影響，第53週將在2024年第四季全面體現。

We are raising our full-year 2024 adjusted EBITDA margin guidance to a range of 4.5% to 4.7%.

我們將 2024 年全年調整後 EBITDA 利潤率指引上調至 4.5% 至 4.7%。

This second increase of the year demonstrates our continued execution toward a richer product mix and the increasing leverage in our business model.

今年的第二次成長表明我們繼續執行更豐富的產品組合以及不斷提高我們的業務模式的影響力。

The new guidance midpoint indicates expected adjusted EBITDA margin expansion of approximately 130 basis points year over year.

新的指導中點表明，調整後的 EBITDA 利潤率預計將年增約 130 個基點。

We continue to expect the 2024 adjusted EBITDA margin profile to follow a similar quarterly trend as that of 2023, declining sequentially throughout the year, averaging to the aforementioned guidance range due to the typical seasonality and timing of certain investments.

我們繼續預期 2024 年調整後 EBITDA 利潤率狀況將遵循與 2023 年類似的季度趨勢，全年連續下降，由於某些投資的典型季節性和時機，平均達到上述指導範圍。

We also 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%.

我們也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。

Finally, we are updating both our share-based compensation and shares outstanding expectations for the year.

最後，我們正在更新今年的股票薪酬和股票未償預期。

We now expect full-year 2024 stock-based compensation expense, including related taxes, to be approximately $305 million, down from our $330 million guidance at the onset of the year.

我們現在預計 2024 年全年股票薪酬費用（包括相關稅費）約為 3.05 億美元，低於我們年初的 3.3 億美元指引。

This reflects the continued discipline with which we are managing our operating expenses.

這反映了我們管理營運費用的持續紀律。

We expect basic shares outstanding at fiscal 2024 year-end to be approximately

我們預計 2024 財年末已發行基本股約為

[430 million].

[4.3億]。

This incorporates the nearly 19 million shares that we repurchased during this quarter and does not incorporate any potential future share repurchases.

這包括我們在本季回購的近 1,900 萬股股票，不包括任何未來潛在的股票回購。

Notably, due to the timing of our 2024 fiscal year-end, this share count guidance includes an incremental vesting event for our employees for awards granted during 2024.

值得注意的是，由於我們的 2024 財年結束時間，本股數指南包括為我們的員工在 2024 年期間授予的獎勵進行增量兌現活動。

With that, and in closing, our second-quarter results reflect another quarter of strong execution, solid growth against the backdrop of a normalizing pet industry, and continued margin expansion as our business benefits from incrementally higher profit flow through at scale.

最後，我們第二季度的業績反映出又一個季度的強勁執行力、在寵物行業正常化的背景下的穩健增長，以及隨著我們的業務受益於大規模利潤流的逐步增加而持續的利潤率擴張。

I am incredibly proud of the hard work that drove our results this quarter and want to thank each of our Chewy team members for their collective efforts.

我對推動我們本季業績的辛勤工作感到無比自豪，並感謝我們每一位 Chewy 團隊成員的集體努力。

I will now turn the call over to the operator for questions.

我現在將把電話轉給接線員詢問問題。

Thank you.

謝謝。

(Operator instructions) Doug Anmuth, JP Morgan.

（操作員說明）Doug Anmuth，JP Morgan。

Doug?

道格？

Thanks so much for taking the questions.

非常感謝您提出問題。

I have two.

我有兩個。

Last quarter, you talked about signs of green shoots with pet adoptions exceeding relinquishments for the first time in about two years.

上個季度，您談到了寵物收養量出現兩年來首次超過放棄量的跡象。

So hope you could talk more about whether those positive trends are continuing based on the data and surveys that you’re seeing.

因此，希望您能根據您所看到的數據和調查，並更多地討論這些正面趨勢是否仍在持續。

And then Sumit, I know it’s early, but just as you think about fiscal ‘25, is it fair to expect more balanced growth between active customers and NSPAC then?

然後是 Sumit，我知道現在還為時過早，但正如您考慮 25 財年那樣，期望活躍客戶和 NSPAC 之間的成長更加平衡是否公平？

Thank you.

謝謝。

Hi, Dough.

嗨，麵團。

Good morning.

早安.

So on the first one, household formation trends, at large we’re seeing similar trends this quarter as we did in Q1, albeit with some seasonality impact as Q2 is typically a peak period for pet relinquishments, primarily due to seasonal travel during the spring and the summer months, and January, February are typically peak adoption months in the U.S. at the very least.

因此，在第一個方面，即家庭形成趨勢，總體而言，本季度我們看到的趨勢與第一季相似，儘管存在一些季節性影響，因為第二季度通常是放棄寵物的高峰期，這主要是由於季節性旅行造成的。

As we’ve talked about previously, there’s no one source of truth for pet household formation growth data.

正如我們之前討論過的，寵物家庭形成成長數據沒有單一的真實來源。

However, big picture, we believe that adoptions in the quarter remain up.

然而，從大局來看，我們認為本季的採用率仍然上升。

From our data, we suggest kind of low-teens on a year-over-year basis, and relinquishments remain down, low to mid-single digits on a year-over-year basis, supporting our continued kind of theory on the green shoots.

從我們的數據來看，我們認為同比下降幅度在十幾歲左右，而放棄率仍然下降，同比下降到低至中個位數，這支持了我們關於萌芽的持續理論。

The absolute number still needs to recover.

絕對數量仍需恢復。

So when you look at overall pet household year over year, it’s relatively flattish, but the trends are certainly improving.

因此，當你逐年觀察整個寵物家庭時，會發現它相對持平，但趨勢肯定在改善。

On your second question, I think it’s helpful to understand.

關於第二個問題，我認為了解一下是有幫助的。

So I would start by saying we’re obviously not guiding, but yes, we would certainly hope so, right?

所以我首先要說的是，我們顯然不是在指導，但是，是的，我們當然希望如此，對吧？

As Chewy continues to grow and customers get attracted to the value propositions of various products and services and lines of businesses that we’re introducing.

隨著 Chewy 的不斷發展，客戶被我們推出的各種產品和服務以及業務線的價值主張所吸引。

NSPAC will continue to remain a prevalent force in our revenue algorithm.

NSPAC 將繼續在我們的收入演算法中發揮主導作用。

And at the same time, we certainly hope and expect to return to active customer growth next year, right?

同時，我們當然希望並期望明年恢復活躍的客戶成長，對吧？

It’s also helpful to understand what it is that drove kind of net ads grow to this quarter.

了解是什麼推動了本季網路廣告的成長也很有幫助。

And we believe it’s much more as a result of some of the efforts that we’ve been driving in the last several quarters, rather than the macro turning around.

我們相信，這更多是我們在過去幾季一直在推動的一些努力的結果，而不是宏觀經濟的改善。

Although there are certainly green shoots and macro which were encouraged by, quarter over quarter, that isn’t what drove our turnaround.

儘管季度復一季度確實出現了一些復甦跡象和宏觀調控，但這並不是推動我們扭虧為盈的原因。

So we’re certainly hopeful.

所以我們當然充滿希望。

Great.

偉大的。

Thank you, Sumit.

謝謝你，蘇米特。

Thank you.

謝謝。

Mark Mahaney, Evercore ISI.

馬克·馬哈尼，Evercore ISI。

Okay.

好的。

Thanks.

謝謝。

Two questions, please.

請教兩個問題。

That SG&A being flattish, even slightly down on a year-over-year basis.

SG&A 持平，甚至較去年同期略有下降。

Just talk about that going forward.

就談談接下來的事情吧。

Are you at a point in the cost structure where you -- where its sustainably -- you can keep it roughly at this level until you get a material reacceleration in revenue growth and decide to reinvest in growth?

在成本結構中，你是否處於這樣一個點——可持續地——你可以將其大致保持在這個水平，直到你的收入增長出現實質性的重新加速並決定對增長進行再投資？

And then, any quick comments on international markets, and particularly on Canada and what you’re seeing up in I think especially in the Toronto area?

然後，對國際市場，特別是加拿大以及您在我認為特別是多倫多地區看到的情況有什麼快速評論嗎？

Thank you very much.

非常感謝。

Good morning, Mark.

早上好，馬克。

This is Dave Reeder.

這是戴夫·里德。

I’ll take the first part of that question and then maybe I’ll just talk a little bit about the Canadian question.

我將回答該問題的第一部分，然後也許我會簡單談談加拿大問題。

With respect to SG&A, you’re exactly right.

關於 SG&A，您是完全正確的。

We’re an at-scale revenue business, roughly 78% slightly north of that of our revenue flowing through Autoships, so highly predictable.

我們是一家大規模收入企業，大約 78% 的收入略高於透過 Autoships 產生的收入，因此高度可預測。

And with that type of revenue profile, we are able to get quite a bit of leverage out of -- really the three parts of at scale portions of our business, the fixed fulfillment centers, the at scale software, and then of course, our at-scale human capital.

憑藉這種類型的收入狀況，我們能夠從我們業務的規模部分的三個部分中獲得相當多的槓桿，固定履行中心，規模軟體，當然還有我們的大規模的人力資本。

And so, we did have SG&A, excluding stock-based comp come down on a year-over-year basis in a relatively meaningful way.

因此，我們確實有SG&A（不包括基於股票的比較）以相對有意義的方式同比下降。

Our employees remain incredibly productive.

我們的員工仍然保持著令人難以置信的生產力。

And that is a trend that we expect on a go-forward basis to be relatively flat, albeit we are continuing to make investments.

儘管我們仍在繼續進行投資，但我們預計未來的趨勢將相對穩定。

Sumit, do you want to talk a little bit about Canada?

Sumit，你想談談加拿大嗎？

Mark, Canada is going as expected.

馬克，加拿大正在按預期進行。

In some areas exceeding our expectations, particularly in the way that customers are transacting through our app business in the way that they’re building their baskets in Canada.

在某些領域超出了我們的預期，特別是客戶透過我們的應用程式業務進行交易的方式，就像他們在加拿大建立購物籃一樣。

Assortment continues to grow in Canada.

加拿大的品種繼續增加。

Our service receives very high NPS, and customers are continually asking us when we are expanding.

我們的服務獲得了非常高的 NPS，客戶不斷詢問我們何時擴張。

Mid-to-high teens traffic is already coming out of Ontario as we build out our awareness in the Canadian marketplace and also that will help us drive efficiencies from a marketing investment point of view, because the quicker you can gain kind of the base from an awareness point of view up top, the more subsidized direct acquisition costs for us.

隨著我們在加拿大市場建立知名度，中高青少年流量已經來自安大略省，這也將幫助我們從行銷投資的角度提高效率，因為您可以更快地獲得基礎從上面的一個認知角度來看，對我們來說直接採購成本補貼越多。

So that’s been a little bit of our focus in the last few months.

所以這是我們過去幾個月的關注重點。

We’ve only been in the market three quarters and overall, results are as planned.

我們只進入市場三個季度，總體而言，結果符合計劃。

We’re not planning any incremental or materially incremental investment in Canada as we move through the back half of the year, so all of this is incorporated in the profit guidance.

今年下半年，我們不計劃在加拿大進行任何增量或實質增量投資，因此所有這些都納入了利潤指引中。

OK. Thank you, David.

好的。謝謝你，大衛。

Thank you, Sumit.

謝謝你，蘇米特。

Thanks, Mark.

謝謝，馬克。

Thank you very much.

非常感謝。

Michael Morton.

麥可莫頓.

Michael

麥可

Hello.

你好。

Hi, there.

你好呀。

Thank you for the question.

謝謝你的提問。

I was wondering, as the industry starts to improve from the COVID pull forward and it’s getting healthier with net adoption, could you maybe talk through over the last several years how you’ve seen the consumer journey change from top of the funnel maybe to bottom?

我想知道，隨著行業從新冠疫情的影響中開始改善，並且隨著網絡採用率的提高，行業變得更加健康，您能否談談在過去幾年中，您如何看到消費者旅程從上到下發生了變化？

And then as a result, as pet households start to improve these last three to six months.

結果，寵物家庭在過去三到六個月開始改善。

What is the reaction you’re seeing in the competitive environment, like specifically in the auction from your competitors?

您在競爭環境中看到的反應是什麼，特別是在競爭對手的拍賣中？

Thank you so much.

太感謝了。

Good morning, Michael.

早上好，麥可。

I’m trying to understand the first question a little bit more.

我試圖更多地理解第一個問題。

How have you seen customer journey change from the upper funnel to the lower funnel?

您如何看待客戶旅程從上漏斗到下漏斗的變化？

So the traffic trends continue.

因此，流量趨勢仍在持續。

Yeah, go ahead.

是的，繼續吧。

Yes, if you just think about a more digitally inclined consumer, right?

是的，如果你只考慮更傾向於數位化的消費者，對吧？

Like there is the world pre-COVID and then post-COVID.

就像新冠疫情之前的世界和新冠疫情之後的世界一樣。

And it’s different from walking into a brick and mortar store, how that’s evolved and then how the competition is evolving?

這與走進實體店不同，它是如何演變的以及競爭是如何演變的？

Yes, sure.

是的，當然。

So overall, clearly, if there was any question about the secular growth toward e-comm, that question is off the table at this point, given how rapidly the market shifted to e-commerce coming into the pandemic.

因此，總的來說，顯然，如果對電子商務的長期成長有任何疑問，那麼考慮到疫情期間市場轉向電子商務的速度有多快，這個問題目前已經不存在了。

We were kind of low 20s penetrated for e-comm coming out of the pandemic.

疫情過後，我們對電子商務的滲透率還不到 20 歲。

We were almost low 30s penetrated.

我們幾乎是30多歲的人了。

Now, some of that growth has gone back into retail as customers have sort of settled out, but the secular trend toward e-comm has very much continued.

現在，隨著客戶的安頓下來，部分成長又回到了零售業，但電子商務的長期趨勢仍在繼續。

This quarter we saw our traffic pick up low to mid-single digit on a year-over-year basis, which we hadn’t seen for the last couple of quarters.

本季我們的流量年增了低至中個位數，這是過去幾季我們沒有看到的。

And like I said, this is, in our opinion, more driven by the efforts that we’ve made in the last couple of quarters.

正如我所說，我們認為這更多是由我們在過去幾季所做的努力所推動的。

I’m happy to talk about that in greater detail.

我很高興能更詳細地談論這一點。

But overall, we are seeing efficiency in the channels, particularly on the lower funnel.

但總的來說，我們看到了渠道的效率，特別是在較低的漏斗上。

And at the same time, we continue to invest reasonably, appropriately on building awareness, because upper funnel awareness is an important trend to us.

同時，我們繼續合理、適當地投資於認知建設，因為上漏斗認知度對我們來說是一個重要趨勢。

So overall, I would say the secular trend continues and we’re best positioned to kind of capture a meaningful portion of the share that’s moving online as we always have.

因此，總的來說，我認為長期趨勢仍在繼續，我們最有能力像往常一樣抓住線上轉移份額的有意義的一部分。

And your second question on what are we seeing from competitive environment?

你的第二個問題是我們從競爭環境中看到了什麼？

So overall, I mean, innovation, there’s not a great degree of kind of product innovation coming to the market at this particular point.

所以總的來說，我的意思是創新，在這個特定的時刻，市場上還沒有很大程度的產品創新。

Most of the landscape is just trying to understand consumer, predict consumer behavior.

大多數景觀只是試圖了解消費者，預測消費者行為。

The innovations that we’ve brought to market are resonating well, whether it’s programs that we’ve launched around kind of improvement in Autoship, or improvement in our segmentation and targeting, or the app business, or the Chewy Plus paid membership programs, etc., etc. And so, we are -- these are not really things that are effectively competed against, because they build sort of a moat around you and the ecosystem.

我們推向市場的創新引起了良好的反響，無論是我們圍繞 Autoship 改進推出的計劃，還是我們細分和定位的改進，或者是應用程序業務，或者是 Chewy Plus付費會員計劃等等。 ——這些並不是真正可以有效競爭的東西，因為它們在你和生態系統周圍建立了某種護城河。

So we’re competing very effectively there.

因此，我們在那裡的競爭非常有效。

In terms of sort of promotionality, the market’s overall relatively stable.

從促銷方式來看，市場整體相對穩定。

And as we expected, and as you would expect, moving toward the back half of the year, there was slightly higher promotionality coming into Q2 and exiting Q2, primarily in non-discretionary categories.

正如我們所預期的那樣，正如您所預期的那樣，進入今年下半年，進入第二季和退出第二季的促銷活動略有增加，主要是在非全權委託類別。

So I believe everybody at this point is playing to their strengths.

所以我相信此時每個人都在發揮自己的優勢。

Competitors that are stronger in hard goods are really trying to drive elasticity there.

在硬商品領域實力更強的競爭對手確實在努力提高那裡的彈性。

Our revenue mix of 85% coming from consumables and health really provides us a solid insurance kind of coverage around volatility and demand.

我們 85% 的收入來自消耗品和健康，這確實為我們提供了圍繞波動和需求的可靠保障。

And then as you heard, 78% of the volume is going through Autoship.

正如您所聽到的，78% 的銷售量是透過 Autoship 進行的。

So overall, we’re playing through the playbook.

總的來說，我們正在按照劇本進行操作。

Thank you.

謝謝。

Thank you, Michael.

謝謝你，麥可。

Thank you very much.

非常感謝。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛。

Thank you so much for taking the question.

非常感謝您提出這個問題。

Following up on your comments on repair marks on mobile, maybe a two-parter, Sumit wanted to know if maybe first you could take a step back and talk a little bit about the journey you’ve been on in improving the mobile experience for consumers and how that’s approached up to this point?

繼您對行動裝置上的維修標記的評論之後，Sumit 想知道您是否可以先退後一步，談談您在改善行動體驗方面所經歷的旅程消費者以及到目前為止是如何做到這一點的？

And then in terms of what you’re seeing from the consumer on mobile, anything you want to call out in terms of how that might be a tailwind for the business beyond just 2024, any key investments you feel you need to make in mobile?

然後，就您從行動消費者那裡看到的情況而言，您想要指出的任何關於這可能對 2024 年之後的業務產生推動作用的內容，您認為需要在行動領域進行的任何關鍵投資？

Thank you.

謝謝。

So I’ll start with the second one.

所以我將從第二個開始。

If you look at, we started investing in the mobile ecosystem in the last several years more seriously.

如果你看一下，我們在過去幾年開始更認真地投資行動生態系統。

We’ve had an app for several years.

我們擁有一款應用程式已有好幾年了。

But the traffic going through the app, the orders transacting through the app, the conversion, the experience, our focus on retaining customers in the app and closed loop ecosystem hasn’t really elevated more than the last several quarters.

但透過應用程式的流量、透過應用程式處理的訂單、轉換、體驗、我們對在應用程式和閉環生態系統中留住客戶的關注並沒有真正比過去幾個季度增加。

And so the tailwinds that I -- or some of the early results that I talked about in the script are reflective of the efforts that we’ve put in the script are reflective of the efforts that we’ve put in that direction.

因此，我在劇本中談到的一些早期結果反映了我們在劇本中所做的努力，也反映了我們朝這個方向所做的努力。

We see the opportunity as large, less than 20% of our orders currently transact through our app.

我們認為機會很大，目前只有不到 20% 的訂單是透過我們的應用程式進行交易的。

And if you look at like-sized businesses, we should be north of 60% of orders going through our app.

如果您觀察類似規模的企業，我們應該有超過 60% 的訂單是透過我們的應用程式處理的。

Now, that’s a healthy aspiration, but it’s something that we believe should be achievable over time.

現在，這是一個健康的願望，但我們相信隨著時間的推移應該可以實現。

We see higher AOV, we see greater Autoship penetration, we see our ability to keep the customer in a closed-loop ecosystem, so you’re not spending on external marketing to be able to maintain these healthy relationships and drive conversion.

我們看到更高的AOV，我們看到更大的自動發貨滲透率，我們看到我們有能力將客戶保留在閉環生態系統中，因此您無需花費在外部營銷上就能維持這些健康的關係並推動轉化。

They’re one step away from letting you discover, letting them discover your, you know, best features that are launched.

他們距離讓您發現、讓他們發現您推出的最佳功能只有一步之遙。

It delivers the personalization journey much more effectively.

它更有效地提供個人化旅程。

So broadly speaking, I think the effort makes a lot of sense to us.

從廣義上講，我認為這項努力對我們來說很有意義。

And we’re early at the same time, rapidly innovating in the area.

同時，我們在該領域處於領先地位並快速創新。

Thank you very much.

非常感謝。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning, and thanks for taking my questions.

早上好，感謝您回答我的問題。

So my first question is just on monthly trends, just want to get a sense of the cadence of trends during the quarter, and then maybe what you’re seeing quarter to date?

所以我的第一個問題只是關於每月趨勢，只是想了解本季趨勢的節奏，然後也許您在本季度看到了什麼？

And then my second question is hard goods growth actually outpaced consumables.

我的第二個問題是，耐用品的成長其實超過了消費品。

So just curious more color on what you saw in hard goods and just confident in being able to sustain that positive momentum?

那麼，您只是對您在耐用品中看到的更多內容感到好奇，並且對能夠維持這種積極勢頭充滿信心嗎？

Good morning, Rupesh.

早上好，魯佩什。

With respect to monthly trends, I would say very much as we expected.

關於每月趨勢，我想說的非常符合我們的預期。

When you have such a large percentage of your business flow through consumables and even perhaps more importantly, the highest loyalty program that Chewy has, Autoship, and you have a pretty regular cadence from a monthly perspective.

當您的業務流量中有很大一部分是透過消費品，甚至可能更重要的是，Chewy 擁有的最高忠誠度計劃 Autoship 時，從每月的角度來看，您的節奏相當規律。

And so, I would say both the months through second quarter, as well as kind of what we’ve seen entering third quarter, I would say very much as we’ve expected and very much in line with our guidance.

因此，我想說的是，截至第二季的幾個月，以及我們進入第三季所看到的情況，我想說，這非常符合我們的預期，並且非常符合我們的指導。

With respect to hard goods, from a hard goods perspective, we would characterize hard goods as having kind of stabilized and being broadly flat on a quarter-to-quarter basis.

就耐用品而言，從耐久財的角度來看，我們將耐用品描述為已趨於穩定，並且按季度基本持平。

I think the positive signals that we’re seeing from hard goods is that we’ve reached a level of stability, which to us indicates with active customers growth sequentially Q1 to Q2 for the first time since Q1 of ‘23 with some of the pet household formation that Sumit highlighted earlier, we feel like hard goods broadly flat, stabilized at this stage, and very much in line and consistent with what we see as a normalizing market in 2024, with perhaps a full return to industry normality in 2025.

我認為，我們從耐用品中看到的積極信號是，我們已經達到了穩定水平，這對我們來說表明，自23 年第一季以來，第一季到第二季的活躍客戶首次連續成長，從 Sumit 先前強調的一些寵物家庭組成來看，我們認為現階段的硬商品大致持平、穩定，與我們所認為的 2024 年市場正常化非常一致，也許會完全恢復行業正常狀態2025年。

Sumit, anything you’d add to the hard good side?

Sumit，您想在硬性好的方面添加什麼嗎？

No.

不。

It’s good.

這很好。

Thank you for your question.

謝謝你的提問。

Great.

偉大的。

Thank you.

謝謝。

I’ll pass it on.

我會把它傳遞下去。

Thank you very much.

非常感謝。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

Great.

偉大的。

Thanks.

謝謝。

Two questions here.

這裡有兩個問題。

First, on the improvement in net ads, the first sequential growth in more than a year, how much of the contribution there was from Canada and were net ads in the U.S., maybe flatter or even up at this point?

首先，關於網路廣告的改善，這是一年多以來的首次連續成長，加拿大的貢獻有多少，美國的網路廣告此時可能持平甚至上升嗎？

And then second one, back to the mobile app discussion, what portion of orders are from mobile web at present?

然後第二個問題，回到行動應用程式的討論，目前有多少訂單來自行動網路？

And are you able to funnel those users toward the app install more quickly at this point?

此時您是否能夠更快地引導這些使用者安裝應用程式？

Or do we still have more work to do on the app before you’re willing to really push that app install?

或者，在您願意真正推動該應用程式安裝之前，我們是否還需要在該應用程式上做更多工作？

Hi, Trevor.

嗨，特雷弗。

So let me add some additional color on how active customers are trending at Chewy.

因此，讓我對 Chewy 的活躍客戶趨勢進行一些補充說明。

I’m looking at your question here, improving the -- how about Canada.

我在這裡考慮你的問題，改進——加拿大怎麼樣。

Canada was -- Canada is and was and is and remains kind of relatively immaterial to the scale of the customer base, given that the business is only three quarters in.

加拿大過去、過去、現在和現在對於客戶群的規模來說相對不重要，因為該業務僅佔四分之三。

And it’s meeting our expectations, but the curves are reasonably balanced there, so overall immaterial.

它滿足了我們的期望，但曲線相當平衡，因此總體而言並不重要。

So let me add some additional color into how active customers are trending.

因此，讓我為活躍客戶的趨勢添加一些額外的色彩。

So new to Chewy customers exceeded our internal expectations and remain a larger proportion of the overall gross ads.

因此，Chewy 的新客戶超出了我們的內部預期，並且在整體廣告總收入中仍佔較大比例。

That indicates to us that there remains a large pool of prospective customers we have yet to introduce to our ecosystem.

這向我們表明，仍有大量潛在客戶尚未引入我們的生態系統。

Additionally, we’re reactivating customers at an accelerated pace and are seeing improvements.

此外，我們正在加快重新激活客戶的速度，並看到了改進。

I’ve talked about CRM improvements in the past around personalization and customer segmentation, bear fruit.

我過去曾圍繞個人化和客戶細分談論 CRM 改進，並取得了成果。

Specifically, we’re taking advantage of our ability to segment and target customers who visit our website and drive purchase conversion.

具體來說，我們正在利用我們的能力來細分和定位造訪我們網站的客戶並提高購買轉換率。

This is an ability that we did not have last year.

這是我們去年所沒有的能力。

Hence, kind of my comment to tying back to the recent trending is more us than kind of the change or the rate of change in the macro.

因此，我對最近趨勢的評論更多的是我們的觀點，而不是宏觀變化或變化率。

Third, we’ve also materially stepped up our efforts on retention with a greater focus on areas such as onboarding and settling customers post their first order purchase, as well as an enhanced focus on post-purchase experience, whether it is through direct communication with customers or continued improvement delivery experience or keeping them in the locked app ecosystem, etc., etc. What this does is it helps reduce churn and improve second-order purchase rates for these customers.

第三，我們也大幅加大了留存力度，更加重視首次訂單購買後的客戶入職和安頓等領域，以及更加註重購買後體驗（無論是透過直接溝通）與客戶合作或持續改進交付體驗或將他們保留在鎖定的應用程式生態系統中等等。

So we’re seeing an improvement in each of these three areas, which is sort of the internal trending at Chewy.

因此，我們看到這三個領域都取得了進步，這也是 Chewy 的內部趨勢。

Your last question is around, or your other questions are on mobile app.

您的最後一個問題是圍繞，或者您的其他問題是在行動應用程式上。

So I’ll disappoint you by not sharing the specific details, but yes, I mean, as you would expect from the sources of traffic, mobile app is a healthy proportion, and yes, we have the ability now to be able to funnel these into the app.

因此，如果我不分享具體細節，我會讓您失望，但是，是的，我的意思是，正如您從流量來源中所期望的那樣，移動應用程序佔據了一個健康的比例，是的，我們現在有能力能夠匯集流量這些進入應用程式。

We’re not predicting or providing guidance on the rate of this migration.

我們不會預測或提供有關此遷移率的指導。

Customer behavior needs to be understood, and there’s a certain kind of organic trend that customers take regardless of your efforts.

需要理解客戶的行為，無論您如何努力，客戶都會採取某種自然趨勢。

So it’s a focus area for us and we’ll continue to shine some light here as we move forward.

因此，這是我們的重點領域，隨著我們的前進，我們將繼續在這裡發光發熱。

Thank you, Sumit.

謝謝你，蘇米特。

Thank you, Jack, and thank you.

謝謝你，傑克，謝謝你。

Dylan Carden, William Blair.

迪倫卡登，威廉布萊爾。

Appreciate it.

欣賞它。

I’m curious if there’s any nuance to margin as active customer growth returns to the model.

我很好奇，隨著活躍客戶成長回歸模型，利潤率是否有任何細微差別。

And particularly, Autoship now 78 plus percent, presumably that’s in large part because you have more mature customers making up the balance of the business, should that come in as active customer growth accelerates?

特別是，Autoship 現在超過 78%，想必這在很大程度上是因為您有更成熟的客戶構成了業務的平衡，這是否應該隨著活躍客戶成長的加速而出現？

And will you spend on marketing and how much into sort of a better demand environment would be the two ones that I’m most focused on, but anything you can add there would be helpful?

我最關注的兩個問題是你會在行銷上投入多少資金，以及在更好的需求環境上投入多少資金，但你可以在其中添加的任何內容都會有幫助嗎？

Thanks.

謝謝。

I can start quickly, and Dave can add as he sees fit.

我可以快速開始，戴夫可以根據他認為合適的方式添加。

The customers that we’re acquiring are, in our opinion, higher-quality customers than what we’ve picked up in the last couple of years.

我們認為，我們正在獲取的客戶比過去幾年獲取的客戶更高品質。

We’ve stopped and are not keen on picking up customers just for velocity.

我們已經停止，不再熱衷於僅僅為了速度而吸引客戶。

So the quality of customers as we interpret them, particularly to metrics like, repeatable category penetration, Autoship subscription rates, and three, their second order purchase or their overall kind of third order purchase settlement rates.

因此，我們解釋客戶的質量，特別是諸如可重複類別滲透率、自動發貨訂購率等指標，以及第三筆訂單購買或總體第三筆訂單購買結算率等指標。

These are sort of indicative metrics on customer quality.

這些是關於客戶品質的指示性指標。

Secondly, the NSPAC curves in these customers has remained healthy.

其次，這些客戶的 NSPAC 曲線保持健康。

And given the efficacy of the operation at this point, helps us sort of achieve a higher flow through, even if we have to attract or bid competitively up in the funnel when acquiring them.

考慮到此時操作的有效性，即使我們在收購它們時必須在通路中吸引或競爭性地出價，也可以幫助我們實現更高的流量。

Third, as you sort of just heard me share, there’s a healthy level of traffic that visits our website, given our high brand awareness, that we didn’t have the ability to convert.

第三，正如您剛剛聽到我分享的那樣，鑑於我們較高的品牌知名度，造訪我們網站的流量處於健康水平，但我們沒有能力進行轉換。

If we have the ability to pick up appropriate signals from this customer, then we should also have the ability to convert them effectively at a much lower cap than going out and fishing for these customers out in the marketplace.

如果我們有能力從該客戶那裡獲取適當的訊號，那麼我們也應該有能力以比在市場上尋找這些客戶低得多的上限有效地轉換它們。

So I feel like we’re appropriately focused here, appropriately disciplined, and appropriately bullish.

所以我覺得我們在這裡適當地集中註意力，適當地遵守紀律，適當地樂觀。

Dave, anything to add?

戴夫，有什麼要補充的嗎？

Yes, if I could just build on some of what Sumit said here.

是的，如果我能以蘇米特在這裡所說的一些內容為基礎的話。

When you think about nuance, Chewy is nuance to margin.

當你考慮細微差別時，Chewy 就是邊緣的細微差別。

If you extract out, you start with at-scale revenue, you start with the amount of recurring revenue that we have driven through Autoship.

如果你提取出來，你會從大規模收入開始，你會從我們透過自動發貨帶來的經常性收入開始。

That then flows down into product categories and the expanding product portfolio that Chewy is now offering everything from kind of core e-commerce ecosystem all the way flowing through healthcare now flowing through services as well as additional improvements like Sponsored Ads.

然後，這又會流向產品類別和不斷擴大的產品組合，Chewy 現在提供從核心電子商務生態系統一直到醫療保健、現在的服務以及贊助廣告等其他改進的一切。

And so not only do you have the ability to retain existing customers in the Chewy ecosystem, providing better service, better products, more capability in terms of care for their pet within Chewy, but your value proposition then to new customers also continues to expand.

因此，您不僅有能力留住Chewy 生態系統中的現有客戶，在Chewy 中提供更好的服務、更好的產品和更多的寵物護理能力，而且您對新客戶的價值主張也將繼續擴大。

And so, when you look at our increasing flow through for the second quarter, something like $56 million on $77 million of revenue, those are year-over-year numbers.

因此，當您查看第二季不斷增加的流量時，例如 7,700 萬美元收入中的 5,600 萬美元，這些都是同比數字。

And what you’re really seeing is you’re seeing more existing Chewy customers spend more in the Chewy active ecosystem.

您真正看到的是，您看到更多現有的 Chewy 客戶在 Chewy 活躍生態系統中花費更多。

Then you’re also seeing new customers that are coming to Chewy.

然後您還會看到新客戶來到 Chewy。

You’re seeing them exposed to more categories and spending more time as a new customer also in the ecosystem.

您將看到他們接觸到更多類別，並作為新客戶在生態系統中花費更多時間。

So we’re very pleased with the value proposition that we’re providing to our customers.

因此，我們對向客戶提供的價值主張非常滿意。

We continue to have a very, very high brand score with very satisfied customers, and the trajectory to us in the backdrop of normalizing the pet industry is quite pleasing right now.

我們繼續擁有非常非常高的品牌評分，客戶非常滿意，在寵物產業正常化的背景下，我們目前的發展軌跡非常令人高興。

Very good.

非常好。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you very much.

非常感謝。

Anna Andreeva, Piper Sandler.

安娜·安德烈娃，派珀·桑德勒。

Great.

偉大的。

Thanks so much for taking our question.

非常感謝您提出我們的問題。

And we have two.

我們有兩個。

First off, just to follow up on the positive net ads and congrats on that.

首先，只是為了跟進積極的網路廣告，並對此表示祝賀。

So sounds like the segmentation and the targeting initiatives that you guys have been working on are still early on and continuing.

聽起來你們一直在進行的細分和定位計劃仍處於早期階段並且仍在繼續。

And, Sumit, I think you said, 2Q tends to be the peak for relinquishments.

而且，Sumit，我想你說過，第二季往往是放棄的高峰。

So are you expecting net ads to be positive again for the third quarter?

那麼您是否預期第三季淨廣告將再次呈現正成長？

I know you’ve reaffirmed flattish for the year.

我知道您已經重申今年的業績持平。

And then, secondly, to Dave, really strong gross margins.

其次，對戴夫來說，毛利率非常高。

Can you rank the biggest drivers within that?

您能對其中最大的驅動因素進行排名嗎？

Just again, looking at Sponsored Ads, the mix and promotionality, and how do you feel about sustainability of those?

再一次，看看贊助廣告、組合和促銷，您對這些的可持續性有何看法？

Thanks so much.

非常感謝。

Sure, let me actually start on both of those with net ads first.

當然，讓我先從網路廣告開始。

When we started and guided for this year, what we spoke about was that we expected net ads to be flat to slightly down in the first half of this year, and then we expected net ads to be flat to slightly up in the second half of this year, largely kind of becoming equal to where we finished fourth quarter of 2023.

當我們開始並指導今年時，我們談到的是，我們預計今年上半年淨廣告將持平至小幅下降，然後我們預計下半年淨廣告將持平至小幅上升。的情況持平。

We haven’t really changed that guidance.

我們並沒有真正改變這項指導方針。

We do believe that we performed better in the first half than what we initially expected.

我們確實相信我們上半年的表現比我們最初預期的要好。

We do believe that we’re seeing some signals of a normalizing pet industry.

我們確實相信，我們正在看到寵物產業正常化的一些訊號。

We believe that the actions that we are driving specifically at Chewy are resulting in better than at least internally expected expectations or forecasts at the beginning first half of this year.

我們相信，我們在 Chewy 專門推動的行動至少比今年上半年的內部預期預期或預測要好。

But at this point in time, we’re not really changing our guidance on net ads for the year.

但目前，我們並沒有真正改變今年網路廣告的指導。

We feel like it’s a little early to be doing that.

我們覺得現在這樣做還太早。

I would characterize it as pleased with the first half, pleased with our efforts.

我認為對上半場感到滿意，對我們的努力感到滿意。

We believe we’re going to take share irrespective of what’s happening macro, but we’ll continue to enter the second half of the year with kind of the guidance that we gave at the beginning.

我們相信，無論宏觀情況如何，我們都將佔據份額，但我們將繼續按照我們一開始給出的指導進入今年下半年。

With respect to gross margins, we’ve been very pleased with our gross margins, as you would probably expect.

就毛利率而言，正如您可能所期望的那樣，我們對毛利率非常滿意。

We guided full-year gross margin now at about 29% for the year.

我們目前預計全年毛利率約為 29%。

Obviously, we posted higher than that in the first quarter, as well as the second quarter.

顯然，我們的業績比第一季和第二季都要高。

The biggest drivers on a year-over-year basis with respect to increasing gross margin, one would be the increase in Sponsored Ads.

毛利率年增的最大推動因素之一是贊助廣告的增加。

We’ve spoken about Sponsored Ads having the capability to reach kind of 1% to 3% of net sales at a quite high margin.

我們已經談到贊助廣告能夠以相當高的利潤達到淨銷售額的 1% 到 3%。

And we’re at the low end of that range, I’d say, toward the low end of that range margin and we’re at the low end of that range.

我想說，我們正處於該範圍的低端，接近該範圍裕度的低端，而且我們正處於該範圍的低端。

I’d say, toward the low end of that range and we think that by the end of this year we’ll be at the low end of that range in 2024.

我想說的是，接近該範圍的低端，我們認為到今年年底，2024 年我們將處於該範圍的低端。

So continuing to make good progress on Sponsored Ads, We characterize that as kind of growth quarter to quarter to quarter to quarter throughout 2024 and that is what we’re seeing.

因此，在贊助廣告方面繼續取得良好進展，我們將其描述為整個 2024 年逐季度的成長，這就是我們所看到的。

We’re seeing that value prop resonate with our vendors as well as with our customers.

我們發現這項價值主張與我們的供應商和客戶產生了共鳴。

Secondarily, in terms of the gross margin, we’re continuing to mix up the business.

其次，就毛利率而言，我們繼續混合業務。

We’re continuing to expose more customers at Chewy to our full product portfolio.

我們將繼續向 Chewy 的更多客戶展示我們完整的產品組合。

That includes healthcare.

這包括醫療保健。

And so as we continue to do that we continue to mix up that business.

因此，當我們繼續這樣做時，我們就會繼續混合該業務。

So Sponsored Ads, healthcare, and then of course all the scale that we’re getting out of our fixed fulfillment centers.

因此，贊助廣告、醫療保健，當然還有我們從固定履行中心獲得的所有規模。

All right.

好的。

Fair enough.

很公平。

Thanks so much.

非常感謝。

Thanks, Anna.

謝謝，安娜。

Curtis Nagle, Bank of America Merrill Lynch

柯蒂斯‧內格爾，美國銀行美林

Terrific.

了不起。

Thanks very much.

非常感謝。

Two from me.

我的兩個。

Just one, I’m wondering if you could talk a little bit more in terms of competitive trends, particularly from the larger online platforms.

只是一件事，我想知道您是否可以多談談競爭趨勢，特別是來自較大線上平台的競爭趨勢。

I think you mentioned, and this is consistent with other calls, that maybe you were seeing, I don’t know if it’s pressure or just some ramping up on hard goods, but just generally speaking from the larger platforms, what are you seeing there?

我想你提到過，這與其他呼籲一致，也許你看到了，我不知道這是壓力還是只是硬商品的增加，但一般來說，從更大的平台來看，什麼你看到那裡了嗎？

Competitive trends quarter over quarter haven’t really changed.

每季的競爭趨勢並沒有真正改變。

We see secular trending toward e-comm continue.

我們看到電子商務的長期趨勢仍在繼續。

We see us picking up a healthy portion of that growth that is moving online.

我們看到我們在線上成長中獲得了很大一部分。

On hard goods, we’ve stabilized.

在耐用品方面，我們已經穩定下來。

Coming into the year, I mentioned hard goods as an opportunity for Chewy, and our teams have rallied behind that.

進入這一年，我提到硬貨對 Chewy 來說是一個機會，我們的團隊已經團結起來支持這一點。

We’ve added assortment.

我們增加了品種。

We’ve sharpened conversion without really incrementally driving up discounting too much.

我們在沒有真正逐步提高折扣的情況下提高了轉換率。

So it’s not like we’ve actually overspent on our promotion side to drive the elasticity.

因此，我們實際上並沒有在促銷方面超支來推動彈性。

So the results are more kind of organic inputs of conversion.

所以結果是更多的有機投入的轉換。

So hard goods we consider as not declining more toward kind of stabilizing at this point.

因此，我們認為硬商品目前不會進一步趨於穩定。

On consumables and health, we are competing very effectively, out competing in several areas across those type of lines of businesses.

在消費品和健康方面，我們的競爭非常有效，在這些類型的業務領域的多個領域都處於領先地位。

Chewy Plus paid membership has been trending as per expectation.

Chewy Plus 付費會員資格的發展趨勢符合預期。

Our rate of customer acquisition is exceeding internal forecasts.

我們的客戶獲取率超出了內部預測。

Our rate of conversion from free to paid is exceeding our internal forecast.

我們從免費到付費的轉換率超出了我們的內部預測。

Engagement remains high.

參與度仍然很高。

So broadly speaking, I would characterize competitive trends as fairly stable on a quarter-over-quarter basis.

從廣義上講，我認為競爭趨勢在季度環比的基礎上相當穩定。

Did you have a follow-up, Curt?

你有後續行動嗎，柯特？

Understood.

明白了。

Yes, just a quick one on the clinics.

是的，只是簡單介紹一下診所。

Just sounds like in terms of acquiring vets, things are going well.

聽起來好像在招募獸醫方面一切都很順利。

Maybe dive into a little bit more in terms of what’s resonating.

也許可以更深入地探討什麼是引起共鳴的。

Is it compensations?

是補償嗎？

It’s strengthen the brand?

它強化了品牌嗎？

Where are you recruiting that’s primarily from?

您主要從哪裡招募？

Yes, so I would characterize the effort as broad-based.

是的，所以我認為這項努力是基礎廣泛的。

So it’s two things.

所以這是兩件事。

It’s A, the halo of the Chewy brand that has always been known, and we want it to be known for a customer’s first mentality that carries over to our partners.

它是 A，是一直以來廣為人知的 Chewy 品牌的光環，我們希望它以顧客至上的心態而聞名，並將這種心態傳遞給我們的合作夥伴。

So it’s not just a customer’s first mentality, it’s a partner first mentality as well.

因此，這不僅是客戶第一的心態，也是合作夥伴第一的心態。

Number two, we’ve really tried to understand the inputs of what drives vet satisfaction, vet retention.

第二，我們確實嘗試了解推動獸醫滿意度和獸醫保留率的因素。

Some of these are as simple as picking up vets from the right stages of their career stage, vets that are looking for growth opportunities, vets that are looking to spend more of their hours treating patients versus their hours solving back office challenges or entering data.

其中一些很簡單，例如從職業階段的正確階段挑選獸醫、正在尋找成長機會的獸醫、希望花更多時間治療患者而不是解決後台挑戰或輸入數據的獸醫。

So we’ve taken these type of dissatisfaction drivers or satisfaction drivers and dissat drivers and turned them into satisfaction drivers, right?

因此，我們將這些類型的不滿意驅動因素或滿意度驅動因素以及不滿意驅動因素轉化為滿意度驅動因素，對嗎？

So we’ve -- our tech allows us to reduce the amount of work that a vet spends in back office by over 50%, making them more efficient, and also more available to spend time in the front office or treating their patients, which is what they like to do.

因此，我們的技術使我們能夠將獸醫在後台的工作量減少 50% 以上，從而提高他們的效率，也讓他們有更多的時間在前台工作或治療患者，這是他們喜歡做的事情。

We are spending time and building relationships with kind of sources of recruitment going all the way back to universities, associations, showcasing them, detect the power of technology, the power of experience combined together.

我們花時間與各種招募來源建立關係，一直追溯到大學、協會，展示它們，發現技術的力量，經驗的力量結合在一起。

So I think its early days, but our approach to the market has been one that kind of works backwards from the veterinarians and tries to solve an experiential gap via kind of mentality and technology both.

所以我認為現在還處於早期階段，但我們進入市場的方法是一種從獸醫角度倒退的方法，並試圖透過心態和技術來解決經驗差距。

And that’s resonating.

這引起了共鳴。

Sorry, happy to take a follow-up.

抱歉，很樂意跟進。

And Curt, if I could just build on Sumit’s comment with respect to the brand.

科特，如果我能以蘇米特對品牌的評論為基礎的話。

About half of the customers that have visited our clinics have subsequently placed orders at Chewy on our e-commerce site.

大約一半曾造訪我們診所的客戶隨後在我們的電子商務網站上的 Chewy 下訂單。

And so, not only are we resonating with our vet community as well as our technician and kind of nurse community on the veterinarian side, but that service offering that has historically been very good at Chewy is flowing through not only on the vet care side, but then also it’s synergistically flowing back to the e-commerce side as well.

因此，我們不僅與我們的獸醫社區以及獸醫方面的技術人員和護士社區產生共鳴，而且 Chewy 歷來非常擅長提供的服務不僅在獸醫護理方面，但隨後它也會協同回流到電子商務方面。

Understood.

明白了。

Thanks for the insight.

感謝您的見解。

Thanks, Curt.

謝謝，柯特。

Thank you very much.

非常感謝。

We currently have no further questions.

目前我們沒有進一步的問題。

This concludes today's call.

今天的電話會議到此結束。

Thank you.

謝謝。

To everyone for joining.

歡迎大家加入。

You may now disconnect your lines.

現在您可以斷開線路。