Chewy Inc (CHWY) 2025 Q1 法說會逐字稿

Warm welcome to Chewy's first quarter 2025 earnings call. My name is Emily, and I'll be coordinating your call today. (Operator Instructions)

熱烈歡迎參加 Chewy 2025 年第一季財報電話會議。我叫艾米麗，今天我將負責協調您的通話。（操作員指示）

I will now hand over to our host, Natalie Nowak, Director of Investor Relations, to begin. Natalie, please go ahead.

現在，我將把主持人、投資者關係總監 Natalie Nowak 交給她開始。娜塔莉，請繼續。

Thank you for joining us on the call today to discuss our first quarter results for fiscal year 2025. 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 2025 財年第一季的業績。今天與我一起出席的還有 Chewy 的執行長 Sumit Singh 和財務長 David Reeder。

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.

我們的收益報告已於今天稍早提交給美國證券交易委員會 (SEC)，並已發佈在我們網站的投資者關係部分。除了收益報告外，我們的網站 investor.chewy.com 上還提供了一份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 in which we operate, share repurchase program, and the environment in which we operate. Such statements are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements involve certain risks, uncertainties, and other factors that could cause actual results to differ materially from 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 的財務結果和業績、行業趨勢、戰略舉措、股票回購計劃以及我們的經營環境、股票回購計劃以及我們的經營環境的陳述。根據 1995 年《私人證券訴訟改革法》，此類聲明被視為前瞻性聲明。這些聲明涉及某些風險、不確定性和其他因素，可能導致實際結果與我們的前瞻性聲明有重大差異。

We encourage you to review our SEC filings, including the section titled Risk Factors in our most recent Form 10-K for a discussion of these risks. 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 assume no obligation to update any forward-looking statements, except as required by law.

我們鼓勵您查看我們向美國證券交易委員會 (SEC) 提交的文件，包括我們最新的 10-K 表中題為「風險因素」的部分，以討論這些風險。報告的結果不應被視為未來表現的指標。另請注意，本次電話會議中的前瞻性陳述是基於我們截至今天所掌握的資訊。除非法律要求，否則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. These non-GAAP measures are not intended as a substitute for GAAP results.

此外，在本次電話會議中，我們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收益報告中提供了這些非 GAAP 項目與最直接可比較的 GAAP 財務指標的對帳表。這些非 GAAP 指標並非旨在取代 GAAP 結果。

Additionally, unless otherwise stated, all comparisons discussed on today's call will be against the comparable period of fiscal year 2024.

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 2024 財年的可比時期進行比較。

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

最後，本次電話會議的完整內容將在我們的投資者關係網站上進行網路直播。我們的投資者關係網站也將很快提供音訊網路廣播的重播。

And with that, I'd like to turn the call over to Sumit.

說完這些，我想把電話轉給 Sumit。

Thanks, Natalie, and good morning, everyone. The momentum at Chewy continues. Our team delivered a strong start to 2025, achieving top line results exceeding expectations, continued growth in active customers and solid profitability and free cash flow generation. Our Q1 results are a testament to the hard work and dedication of every Chewy team member and Chewy's ability to continue to take market share amidst a resilient pet category.

謝謝，娜塔莉，大家早安。Chewy 的勢頭仍在繼續。我們的團隊在 2025 年取得了良好的開端，實現了超出預期的營收業績、活躍客戶持續成長以及穩健的獲利能力和自由現金流產生。我們第一季的業績證明了 Chewy 團隊每位成員的辛勤工作和奉獻精神，以及 Chewy 在寵物品類市場中繼續佔據市場份額的能力。

Now, let's review the specifics. Q1 net sales exceeded the high end of our guidance range, increasing by over 8% to $3.12 billion. Net sales performance was underpinned by strong participation from new and existing customers across a variety of Chewy's offerings and our favorable mix of core consumables and health and wellness categories.

現在，讓我們回顧一下具體情況。第一季淨銷售額超出了我們預期範圍的高端，成長了 8% 以上，達到 31.2 億美元。淨銷售業績得益於新舊客戶對 Chewy 各種產品的積極參與以及我們核心消費品和健康保健類別的良好組合。

Also notable this quarter was the 12.3% year-over-year growth we delivered within hardgoods. Over the last several quarters, you have heard me talk about our ongoing efforts to refresh assortment and improve overall experience, and we believe that customers appreciate the new offerings available in this category.

本季同樣值得注意的是，我們的耐用品銷售額年增 12.3%。在過去的幾個季度中，您聽到我談論了我們為更新產品種類和改善整體體驗所做的持續努力，我們相信客戶會欣賞此類別的新產品。

Further, our Autoship subscription program continues to be a pillar of strength and differentiation for Chewy, enabling high visibility and predictability in our business while also enhancing customer loyalty. First quarter Autoship customer sales of $2.56 billion represented approximately 82% of Q1 net sales reaching a record high for the company. Growth in Autoship customer sales once again outpaced overall top line growth, increasing by nearly 15% in the first quarter.

此外，我們的自動出貨訂閱計畫繼續成為 Chewy 的優勢和差異化支柱，使我們的業務具有較高的可見性和可預測性，同時也提高了客戶忠誠度。第一季自動出貨客戶銷售額為 25.6 億美元，約佔第一季淨銷售額的 82%，創下公司歷史新高。Autoship 客戶銷售額的成長再次超過整體營業額的成長，第一季成長了近 15%。

Moving on to the topic of active customers. The momentum we spoke about last quarter continued through Q1, and we ended the quarter with 20.8 million active customers, reflecting 3.8% year-over-year growth and an increase of approximately 240,000 customers sequentially. Active customer growth was driven by continued strength in gross additions along with improvement in gross churn.

繼續討論活躍客戶的話題。我們上個季度談到的勢頭持續到了第一季度，本季結束時我們擁有 2,080 萬活躍客戶，年增 3.8%，比上一季增加了約 24 萬名客戶。活躍客戶的成長得益於總新增客戶的持續強勁成長以及總流失率的改善。

Moving down the P&L. Gross margin came in at 29.6% for the quarter. Recall that last year we highlighted approximately 70 basis points of onetime items that benefited the Q1 fiscal 2024 P&L. Adjusting for these onetime benefits in the comparable prior year period, we expanded gross margin by approximately 60 basis points year-over-year.

降低損益。本季毛利率為29.6%。回想一下，去年我們重點介紹了約 70 個基點的一次性項目，這些項目對 2024 財年第一季的損益產生了影響。經過去年同期這些一次性福利的調整，我們的毛利率較去年同期增加了約 60 個基點。

Dave will provide additional color on our gross margin performance. We generated $192.7 million of adjusted EBITDA in the quarter representing a 6.2% adjusted EBITDA margin and a year-over-year increase of approximately 50 basis points. Accounting for the previously mentioned onetime items, which positively impacted first quarter 2024, adjusted EBITDA margin increased approximately 120 basis points year-over-year.

Dave 將為我們的毛利率表現提供更多細節。本季我們的調整後 EBITDA 為 1.927 億美元，調整後 EBITDA 利潤率為 6.2%，年增約 50 個基點。考慮到前面提到的一次性項目對 2024 年第一季產生正面影響，調整後的 EBITDA 利潤率年增約 120 個基點。

Our adjusted EBITDA performance in Q1 reflects our strong gross margin performance, continued OpEx discipline and the timing of certain marketing campaigns resulting in modest advertising and marketing leverage inside the quarter.

我們第一季的調整後 EBITDA 表現反映了我們強勁的毛利率表現、持續的營運支出紀律以及某些行銷活動的時機，從而導致本季度內廣告和行銷槓桿適度。

And finally, we generated nearly $50 million of free cash flow and deployed $23.2 million towards share repurchases in the quarter, in line with our internal expectations.

最後，我們在本季產生了近 5,000 萬美元的自由現金流，並部署了 2,320 萬美元用於股票回購，這符合我們的內部預期。

Now, I would like to provide an update on some of Chewy's strategic initiatives. Starting with Chewy Vet Care, or CVC. Since our last earnings call, we have opened three additional Chewy Vet Care practices bringing our current CVC count to 11 locations across four states. The encouraging signs of success we have spoken about over the last several quarters remained strong through Q1.

現在，我想介紹一下 Chewy 的一些策略舉措的最新情況。從 Chewy Vet Care（或 CVC）開始。自上次收益電話會議以來，我們又開設了三家 Chewy Vet Care 診所，使我們目前的 CVC 數量達到四個州的 11 個地點。我們在過去幾季中談到的令人鼓舞的成功跡像在第一季依然強勁。

Our current footprint continues to outperform relative to expectations in terms of demand generation and driving broader ecosystem benefits, as customers deepen their commitment to Chewy.

隨著客戶對 Chewy 的承諾不斷加深，我們目前的足跡在需求產生和推動更廣泛的生態系統效益方面繼續超越預期。

Additionally, we continue to gain valuable insight and learnings from each of our CVC locations as they ramp, allowing us to apply those learnings to our recently opened and future clinics as we drive more efficient unit economics. We remain on track to open 8 to 10 new clinics in fiscal year 2025, and we look forward to keeping you updated on our progress as we continue to build this business.

此外，隨著我們各個 CVC 門市的擴張，我們不斷從中獲取寶貴的見解和經驗，從而將這些經驗應用到我們最近開設的和未來的診所，從而實現更有效率的單位經濟效益。我們仍計劃在 2025 財年開設 8 至 10 家新診所，我們期待在繼續發展這項業務的同時向您通報我們的進展。

Our sponsored ads business continues to perform well and grew sequentially quarter-over-quarter. The successful migration to our 1P platform that I spoke about last quarter has enabled us to broaden our suite of ad products and content capabilities, including the expansion of offsite ads. We are thoughtfully ramping off-site across search and social with demand exceeding internal expectations.

我們的贊助廣告業務持續表現良好，並且環比成長。我上個季度談到的成功遷移到我們的 1P 平台使我們能夠擴展我們的廣告產品和內容功能，包括擴展站外廣告。由於需求超出內部預期，我們正在深思熟慮地擴大搜尋和社交領域的場外業務。

We continue to be excited about our sponsored ads business. Elsewhere, I am excited to share that we have transitioned the Chewy+ membership program out of beta phase following a successful testing period. While still in its nascency, we are excited about our ability to drive even stronger loyalty as we expand access and engagement with the Chewy+ paid membership program.

我們繼續對我們的贊助廣告業務感到興奮。另外，我很高興地告訴大家，經過成功的測試期後，我們已經將 Chewy+ 會員計劃從測試階段過渡到測試階段。儘管仍處於起步階段，但隨著我們擴大 Chewy+ 付費會員計畫的訪問範圍和參與度，我們很高興能夠獲得更強的忠誠度。

Before I wrap up, I would like to briefly share my perspective on Chewy's long-term outlook. We have a strong and growing confidence in our ability to deliver on the strategic road map and long-term financial model that we outlined at Capital Markets Day in December 2023. That confidence is grounded in our execution to date and the meaningful progress we are making towards those goals.

在結束之前，我想簡單分享一下我對 Chewy 長期前景的看法。我們對自己實現 2023 年 12 月資本市場日上概述的策略路線圖和長期財務模式的能力充滿信心，而且這種信心還在不斷增強。這種信心是基於我們迄今為止的執行情況以及我們為實現這些目標所取得的有意義的進展。

To illustrate, achieving the midpoint of our FY 2025 adjusted EBITDA margin guidance range would represent over 220 basis points of margin expansion from 3.3% to approximately 5.6% in just two years. Importantly, consistent with last year, approximately 80% of that profitability is expected to convert into free cash flow translating to approximately $550 million, all while continuing to fund our strategic growth initiatives through the P&L.

舉例來說，實現我們 2025 財年調整後 EBITDA 利潤率指導範圍的中點，將意味著利潤率在短短兩年內擴大 220 個基點，從 3.3% 增加到約 5.6%。重要的是，與去年一致，預計約 80% 的盈利將轉化​​為自由現金流，約為 5.5 億美元，同時繼續透過損益表為我們的策略成長計畫提供資金。

Key verticals like health sponsored ads and private brands remain early in their life cycle and programs such as Autoship, our retail business and broader competitive moats continue to scale. These developments support our path to achieving our long-term adjusted EBITDA margin target of 10%.

健康贊助廣告和自有品牌等關鍵垂直行業仍處於其生命週期的早期階段，而自動發貨、我們的零售業務和更廣泛的競爭護城河等計劃則繼續擴大規模。這些發展支持我們實現 10% 的長期調整後 EBITDA 利潤率目標。

Lastly, as you know, earlier this month, we announced that Dave Reeder, our CFO, will be leaving Chewy to pursue a CEO role in the semiconductor industry. Dave will remain in his role for the next several weeks to ensure a smooth transition. We thank him for his contributions and wish him continued success.

最後，如你所知，本月早些時候，我們宣布我們的首席財務官戴夫·里德 (Dave Reeder) 將離開 Chewy，去半導體行業擔任首席執行官一職。戴夫將在接下來的幾週內繼續擔任原始職務，以確保順利過渡。我們感謝他的貢獻並祝他繼續取得成功。

With strong internal talent, a differentiated strategy and solid momentum, we remain confident in our ability to deliver a share gaining FY 2025 and sustained long-term value for our shareholders.

憑藉強大的內部人才、差異化策略和強勁的發展勢頭，我們堅信我們有能力在 2025 財年實現股價上漲，並為股東創造長期價值。

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

說完這些，我會把電話轉給戴夫。

Thank you, Sumit, and thank you all for joining us today. Our strong first quarter results showcase the resilience of the pet industry, the durability of Chewy's business model and continued momentum in the business.

謝謝你，Sumit，也謝謝大家今天加入我們。我們強勁的第一季業績展現了寵物產業的韌性、Chewy 商業模式的持久性以及業務的持續發展勢頭。

First quarter net sales grew 8.3% year-over-year to $3.12 billion, exceeding the high end of the Q1 guidance range we provided last quarter. We saw continued momentum in active customer growth and ended Q1 with 20.8 million active customers, reflecting a year-over-year increase of approximately 3.8%.

第一季淨銷售額年增 8.3% 至 31.2 億美元，超過了我們上個季度提供的第一季指導範圍的高端。我們看到了活躍客戶持續成長的勢頭，第一季結束時活躍客戶數量為 2,080 萬，年成長約 3.8%。

Once again, we outperformed internal expectations and delivered year-over-year improvement across all elements of the active customer equation. New customers and reactivations grew year-over-year, while gross churn improved over the same period.

我們再次超越了內部預期，並在活躍客戶方程式的所有要素上實現了同比增長。新客戶和重新激活客戶數量年增，而同期總流失率有所改善。

Autoship customer sales increased by 14.8% to $2.56 billion in the first quarter, with growth in Autoship customer sales outpacing overall top line growth by approximately 650 basis points. Additionally, Autoship customer sales represented 82.2% of our total net sales in Q1, a new high for the business. NSPAC reached $583 as of Q1, representing an increase of 3.7% year-over-year.

第一季度，自動出貨客戶銷售額成長 14.8%，達到 25.6 億美元，自動出貨客戶銷售額的成長速度比整體營業收入的成長速度高出約 650 個基點。此外，自動出貨客戶銷售額占我們第一季總淨銷售額的 82.2%，創下業務新高。截至第一季度，NSPAC 達到 583 美元，年增 3.7%。

Moving to profitability. We reported first quarter gross margin of 29.6%. As Sumit mentioned, last year in our first quarter 2024 earnings script, we identified approximately 70 basis points of onetime items that benefited the Q1 fiscal 2024 P&L, resulting in a normalized gross margin of approximately 29% in the first quarter of 2024.

轉向盈利。我們報告第一季的毛利率為29.6%。正如 Sumit 所提到的，去年在我們 2024 年第一季的收益腳本中，我們確定了約 70 個基點的一次性項目，這些項目有利於 2024 財年第一季的損益表，從而使 2024 年第一季的正常化毛利率達到約 29%。

Adjusting for these onetime benefits in the comparable prior year period, we expanded first quarter 2025 gross margin by approximately 60 basis points year-over-year. Sponsored ads continues to be the largest driver of gross margin improvement year-over-year, combined with strong Autoship baseload and products mix shift into margin-accretive categories.

在調整去年同期的這些一次性福利後，2025 年第一季的毛利率年增了約 60 個基點。贊助廣告持續成為毛利率年增的最大推動力，再加上強大的自動出貨基載和產品組合轉向利潤增值的類別。

Shifting to operating expenses. Please note that my discussion of SG&A excludes share-based compensation expense and related taxes. In the first quarter, SG&A was $575.1 million or 18.5% of net sales. For fiscal year 2025, we expect to deliver modest SG&A leverage driven by ad scale fixed cost infrastructure and ongoing discipline and efficiency with respect to corporate payroll.

轉向營運費用。請注意，我對銷售、一般和行政費用 (SG&A) 的討論不包括股權激勵費用和相關稅費。第一季度，銷售、一般及行政費用為 5.751 億美元，佔淨銷售額的 18.5%。對於 2025 財年，我們預計在廣告規模固定成本基礎設施以及企業工資方面的持續紀律和效率的推動下，實現適度的銷售、一般和行政費用槓桿。

First quarter advertising and marketing expense was $193.8 million or 6.2% of net sales. Based on the timing of certain marketing campaigns, this expense category delivered modest leverage benefit in the first quarter.

第一季廣告和行銷費用為 1.938 億美元，佔淨銷售額的 6.2%。根據某些行銷活動的時機，這個費用類別在第一季帶來了適度的槓桿效益。

For the year, we continue to expect advertising and marketing expense to be largely in line with the results we've delivered in the last two years or approximately 6.7% to 6.8% of net sales in fiscal year '23 and fiscal year '24, respectively. This remains consistent with our previously stated long-term target range of 6% to 7% of net sales.

對於今年，我們仍然預計廣告和行銷費用將與過去兩年的業績基本持平，分別佔 23 財年和 24 財年淨銷售額的約 6.7% 至 6.8%。這與我們先前提出的淨銷售額 6% 至 7% 的長期目標範圍一致。

First quarter adjusted net income was $148.9 million, representing an 8.6% increase year-over-year. We delivered $0.35 of adjusted diluted earnings per share, the high end of our guidance range.

第一季調整後淨收入為1.489億美元，年增8.6%。我們實現了每股 0.35 美元的調整後攤薄收益，這是我們指導範圍的高端。

First quarter adjusted EBITDA came in at $192.7 million, representing a 6.2% adjusted EBITDA margin, which equated to approximately 50 basis points of year-over-year margin expansion. Excluding the 70 basis points of onetime benefit in first quarter 2024 gross margin, our adjusted EBITDA flow-through for Q1 2025 was approximately 21%.

第一季調整後的 EBITDA 為 1.927 億美元，調整後的 EBITDA 利潤率為 6.2%，相當於利潤率較去年同期擴大約 50 個基點。不包括 2024 年第一季毛利率中的 70 個基點的一次性收益，我們 2025 年第一季的調整後 EBITDA 流向約為 21%。

In the first quarter, we reported free cash flow of $48.7 million, which reflects $86.4 million of net cash provided by operating activities and $37.7 million of capital expenditures. For full year 2025, we expect approximately 80% of adjusted EBITDA to convert into free cash flow and that CapEx will be at the low end of our previously stated range of 1.5% and 2% of net sales.

第一季度，我們報告的自由現金流為 4,870 萬美元，其中經營活動提供的淨現金為 8,640 萬美元，資本支出為 3,770 萬美元。對於 2025 年全年，我們預計約 80% 的調整後 EBITDA 將轉化為自由現金流，而資本支出將處於我們先前所述的淨銷售額 1.5% 和 2% 的低端。

We continue to reinvest back into the business using our free cash flow, while also returning capital to shareholders. We continue to periodically execute open market repurchases pursuant to the $500 million share repurchase authorization we announced at this time last year.

我們繼續利用自由現金流重新投資業務，同時也向股東返還資本。根據去年此時宣布的 5 億美元股票回購授權，我們將繼續定期執行公開市場回購。

In the first quarter, we repurchased approximately 665,000 shares for a total of $23.2 million under our existing program. At the end of the first quarter, we had approximately $383.5 million of remaining capacity under our existing program for future repurchases. We ended the quarter with approximately $616 million in cash and cash equivalents, and we remain debt free with an overall liquidity position of approximately $1.4 billion.

第一季度，我們根據現有計劃回購了約 665,000 股，總計 2,320 萬美元。截至第一季末，我們現有計畫下的未來回購剩餘容量約為 3.835 億美元。本季末，我們擁有約 6.16 億美元的現金和現金等價物，並且仍然沒有債務，整體流動資金狀況約為 14 億美元。

Now, I'd like to discuss our second quarter and full year 2025 outlook. We expect second quarter 2025 net sales of between $3.06 billion and $3.09 billion or approximately 7% to 8% year-over-year growth. And we are maintaining our full year 2025 net sales outlook of between $12.3 billion and $12.45 billion or approximately 6% to 7% year-over-year growth when adjusted to exclude the impact of the 53rd week in fiscal year 2024.

現在，我想討論一下我們對 2025 年第二季和全年的展望。我們預計 2025 年第二季淨銷售額將在 30.6 億美元至 30.9 億美元之間，年增約 7% 至 8%。我們維持 2025 年全年淨銷售額預期，即在 123 億美元至 124.5 億美元之間，或經調整以排除 2024 財年第 53 週的影響後同比增長約 6% 至 7%。

Our first quarter results and second quarter net sales guidance indicate we are trending towards the upper half of our full year net sales guidance range. Given we still have much of the year ahead of us, we are reserving the flexibility to adjust the range upward, as we continue to progress throughout the year.

我們的第一季業績和第二季淨銷售額指引表明，我們正趨向於全年淨銷售額指引範圍的上半部。鑑於我們今年仍有很多時間，我們保留向上調整範圍的靈活性，因為我們全年都會繼續進步。

Moving to profitability guidance. We are maintaining our full year 2025 adjusted EBITDA margin outlook of 5.4% to 5.7%. The midpoint of our guidance range indicates approximately 75 basis points of year-over-year margin expansion and consistent with our comments last quarter and what we delivered in fiscal year 2024, we expect approximately 60% of our adjusted EBITDA margin expansion to be driven by improvements in gross margin.

轉向盈利指導。我們維持 2025 年全年調整後 EBITDA 利潤率 5.4% 至 5.7% 的預期。我們的指導範圍的中點表明利潤率同比擴張約 75 個基點，與我們上個季度的評論以及我們在 2024 財年的表現一致，我們預計調整後的 EBITDA 利潤率擴張的約 60% 將由毛利率的提高推動。

As such, and given our Q1 results, we expect to deliver sequential improvement in gross margin in the second quarter. Additionally, consistent with our comments last quarter pertaining to the 2025 quarterly progression of adjusted EBITDA margin, we expect first quarter results to represent the high point and expect modest sequential declines throughout the year due to typical seasonality and the timing of investments.

因此，鑑於我們的第一季業績，我們預計第二季毛利率將連續提高。此外，與我們上個季度關於 2025 年調整後 EBITDA 利潤率季度進展的評論一致，我們預計第一季的業績將代表最高點，並且由於典型的季節性和投資時機，預計全年業績將出現小幅連續下降。

We also expect second quarter adjusted diluted earnings per share in the range of $0.30 to $0.35. For the full year 2025, we also anticipate share-based compensation expense, including relating taxes, to be approximately $315 million and weighted average diluted shares outstanding of approximately $430 million.

我們也預期第二季調整後稀釋每股盈餘將在0.30美元至0.35美元之間。我們也預計2025年全年股權激勵費用（含相關稅費）約為3.15億美元，加權平均稀釋流通股數約為4.3億美元。

We expect 2025 net interest income of approximately $25 million to $30 million, and we expect our effective tax rate to be in the range of 20% to 22% for the year. And finally, as we discussed on our earnings call last quarter, we continue to embed in our guidance minimal expected impact from tariffs.

我們預計 2025 年淨利息收入約為 2,500 萬至 3,000 萬美元，預計當年有效稅率在 20% 至 22% 之間。最後，正如我們在上個季度的收益電話會議上所討論的那樣，我們繼續在我們的指導中嵌入關稅預期的最小影響。

In closing, I echo Sumit's perspective on Chewy's long-term outlook. The company has a clear differentiated strategy, and a strong leadership team focused on delivering exceptional customer experiences. These strengths position Chewy well to execute its road map, drive strong financial performance and continue to enhance shareholder value.

最後，我同意 Sumit 對 Chewy 長期前景的看法。該公司擁有明確的差異化策略和強大的領導團隊，致力於提供卓越的客戶體驗。這些優勢使 Chewy 能夠很好地執行其路線圖、推動強勁的財務業績並繼續提升股東價值。

Leaving Chewy is a bitter-sweet decision. I'm grateful for the opportunity to work alongside Sumit and the talented team here. Thank you to all the Chewy team members for all your dedication and discipline. I wish the company continued success in the years ahead.

離開 Chewy 是一個苦樂參半的決定。我很感激有機會與 Sumit 和這裡的優秀團隊一起工作。感謝所有 Chewy 團隊成員的奉獻和紀律。我祝福公司在未來的歲月裡繼續取得成功。

With that, I will turn the call over to the operator for questions.

說完這些，我將把電話轉給接線生來回答問題。

(Operator Instructions) Curtis Nagle, Bank of America.

（操作員指示）美國銀行柯蒂斯·納格爾。

Great. Maybe just sort of first one. Could we just dig into net customer adds exceeded expectations pretty nicely in 1Q. Is low single-digit growth still the right framework for customer count growth for the full year?

偉大的。也許只是第一種。我們能否深入了解第一季淨客戶增加量是否超出預期。低個位數成長是否仍然是全年客戶數量成長的正確框架？

Curtis, this is Sumit. Yes, so we were super pleased with the rate and the momentum that has continued from last quarter through Q1. And importantly, these results, as I've talked about in the previous quarter, we believe are predominantly due to the strength of execution and our own efforts.

柯蒂斯，這是薩米特。是的，我們對從上個季度到第一季的成長率和持續的勢頭感到非常滿意。重要的是，正如我在上一季談到的，我們認為這些結果主要歸功於強大的執行力和我們自身的努力。

And so as the market continues to normalize in the background, that should only serve as tailwind. That tailwind is not incorporated in our guidance and so everything that we're delivering and what's incorporated in guidance is primarily our execution and their efforts.

因此，隨著市場在背景下繼續正常化，這應該只會起到順風的作用。這種順風並沒有納入我們的指導中，因此，我們所提供和指導中所包含的一切主要是我們的執行和他們的努力。

And so I think it's a pretty good baseline to take the low single-digit rate, although, obviously, we're starting to operate at the higher end of that. And the reasons are pretty clear. We're adding more customers on the gross add side, and we're driving retention up. And so therefore, gross churn is down and the algorithm is essentially spitting out a nice cohort of customers, which are higher quality relative to kind of what we've seen coming out of the pandemic.

因此，我認為採用較低的個位數成長率是一個相當好的基準，儘管顯然我們開始以較高的水平運作。原因非常清楚。我們在總新增客戶方面增加了更多客戶，我們正在提高保留率。因此，總客戶流失率下降了，演算法本質上是在篩選出一批優質客戶，相對於我們在疫情期間看到的情況而言，這些客戶的品質更高。

So we're sort of pleased with both the rate of acquisition of customers or rate of ads as well as the quality of ads given the efforts that we've done here in the last two to three quarters.

因此，考慮到我們在過去兩到三個季度所做的努力，我們對客戶獲取率或廣告率以及廣告品質都感到滿意。

Got it. Understood. And then maybe just a quick update in terms of how you're thinking about growth for the industry this year. I think you pointed to still expecting normalization. But in terms of growth and how to think about household formation, just an update on kind of where that sits now from last quarter would be awesome.

知道了。明白了。然後，您可以快速更新您對今年行業成長的看法。我認為您指的是仍然期待正常化。但就成長和如何看待家庭組成而言，只要對上一季的情況進行更新就很好了。

Yes, sure. Sure, sure. So there's a couple of different data points that we're triangulating. First of all, when you look at growth in the industry is primarily from adoptions and relinquishments point of view, so net household formation has been flat. So it hasn't gone backwards relative to where we were in -- or how we came into the year. It's trending fairly flat, which is a continued kind of encouraging sign.

是的，當然。當然，當然。因此，我們正在對幾個不同的數據點進行三角測量。首先，當您觀察行業成長時，主要是從收養和放棄的角度來看，因此淨家庭形成一直持平。因此，相對於我們之前的狀況，或者相對於我們進入今年的情況而言，它並沒有倒退。趨勢相當平穩，這是持續令人鼓舞的跡象。

Number two, overall, when we look at the top line growth of the industry, we are estimating, based on the sources that we have in front of us, roughly a 3% to 4% growth of the market. And clearly, our guidance that we provided is a share gaining plan growing at roughly 2 times the growth of the market.

第二，整體而言，當我們觀察產業營收成長時，根據我們掌握的資料，我們估計市場成長率約為 3% 至 4%。顯然，我們提供的指導是份額成長計劃，成長率約為市場成長率的 2 倍。

And from a pricing standpoint, we're not really taking in any sort of inflation throughout the year, although it may not be surprising to hear that as sort of tariffs continue to roll out, the industry might actually react by adjusting some pricing in hardgoods or categories that are discretionary. And if that's the case, we stand ready to respond to that. But right now, what you're seeing in our guidance is structural growth driven primarily by growth of active ads as well as share of wallet increases.

從定價的角度來看，我們全年實際上並沒有考慮任何通貨膨脹，儘管聽到這樣的消息可能並不奇怪，隨著關稅的不斷推出，該行業實際上可能會通過調整一些耐用品或可自由支配類別的價格來做出反應。如果情況確實如此，我們隨時準備好回應。但目前，您在我們的指導下看到的是結構性成長，主要由活躍廣告的成長以及錢包份額的增加所推動。

Dave, anything to add?

戴夫，還有什麼要補充的嗎？

No, well summarized.

不，總結得很好。

Eric Sheridan, Goldman Sachs.

高盛的艾瑞克·謝裡丹。

Just want to build on some of the comments in the prepared remarks on the advertising opportunity. How are you guys thinking about the investments that need to be made, especially against the off-site advertising opportunity as we look not only across 2025, but out on a multiyear view?

只是想在準備好的評論中就廣告機會提出一些意見。你們如何看待需要進行的投資，尤其是針對場外廣告機會的投資，因為我們不僅著眼於 2025 年，而且著眼於多年期？

And how can you -- maybe you can give us a little bit more characterization of how conversations with advertisers continue to evolve both on and off-site? And what that might mean for ads as a percentage of the business over the longer term and whether you have any updated views on that?

您能否給我們更詳細地描述一下與廣告商的對話在站內和站外是如何發展的？從長遠來看，這對廣告業務的佔比意味著什麼？您對此有何最新看法？

Yes, maybe I'll start with the first part of that, Eric, and Sumit, maybe you can come in later and talk a little bit about some of the conversations with our suppliers. We feel great about the progress that we've made with respect to sponsored ads, both in 2024 as well as entering 2025. We're particularly excited, as we've talked about previously, about the first-party platform migration that we executed at the beginning of this year.

是的，也許我會從第一部分開始，Eric 和 Sumit，也許你們可以稍後再來談談與我們的供應商的一些對話。我們對 2024 年以及 2025 年在贊助廣告方面的進展感到非常高興。正如我們之前談到的，我們對今年年初執行的第一方平台遷移感到特別興奮。

To remind you, that's our first-party software stack that really kind of completes -- although we're always updating it, it kind of completes the portfolio and suite of products that we wanted to be able to offer to our suppliers. Specifically, it gives us the ability to support new content formats such as video. We're able to do more self-service. It enables us to do both on-site, like we did primarily last year as well as off-site, which we're increasingly doing this year given the pent-up demand there.

提醒您，這是我們的第一方軟體堆棧，它確實比較完整——儘管我們一直在更新它，但它完善了我們希望向供應商提供的產品組合和套件。具體來說，它使我們能夠支援影片等新的內容格式。我們能夠提供更多的自助服務。它使我們能夠同時進行現場和場外工作，就像我們去年主要做的那樣，而考慮到場外被壓抑的需求，我們今年將越來越多地進行場外工作。

And it just really enables us to kind of more fully offer to our partners the sponsored ads experience that they expect. So we're quite pleased with how it's performed. The momentum from fourth quarter last year and really all of 2024 has continued into 2025 and it looks like a good year for us in sponsored ads.

它確實使我們能夠更全面地為我們的合作夥伴提供他們期望的贊助廣告體驗。因此我們對它的表現非常滿意。從去年第四季到整個 2024 年的勢頭一直延續到 2025 年，對於我們贊助廣告來說，這似乎是豐收的一年。

Sumit, do you want to any comments on the --

Sumit，你對--

Yes, Eric, I would -- the framework that I would put in your mind, just building on what Dave said, is we're thinking of this as a demand side and supply side house, obviously. So last year, we focused on on-site product ramp and opening up supply primarily in, let's say, the consumables category.

是的，艾瑞克，我會的——我會在你腦海中建立一個框架，基於戴夫所說的，我們顯然將其視為需求方和供應方。因此，去年我們專注於現場產品提升和開放供應，主要集中在消耗品類別。

And so -- this year, we're expanding the suite of products, as Dave mentioned, into social and offsite, and we're going to expand this into other categories. So what you're seeing us is rapidly opening up supply. And our teams internally are very closely aligned with our partners, both activating more partners as well as more dollars from pocket to be able to apply to these -- to the supply that we're opening up on the website to drive higher utilization rates, right?

因此，正如戴夫所提到的，今年我們將把產品套件擴展到社交和場外領域，我們也將把它擴展到其他類別。所以您看到我們正在迅速開放供應。我們內部的團隊與合作夥伴保持著非常緊密的聯繫，既可以激活更多的合作夥伴，也可以從口袋中拿出更多的錢來用於我們在網站上開放的供應，從而提高利用率，對嗎？

We're super pleased with the utilization. And between our partners and us, we're super transparent and having a really good high-quality conversation on the ROI expected. And so far, we've continued to exceed ROI expectations, therefore, pretty nicely balancing the demand and supply side.

我們對利用率非常滿意。我們與合作夥伴之間非常透明，並就預期的投資回報率進行非常好的高品質對話。到目前為止，我們的投資回報率一直超出預期，因此，需求和供應方面得到了很好的平衡。

And then on top of that, you want to put the 1P platform that essentially allows us to flow through a greater portion to our bottom line and improve experience for our suppliers, including greater analytic capability that we didn't have or may not have had at the same level in the past.

在此基礎上，我們還需要使用 1P 平台，該平台實際上允許我們將更多的資金流向底線，並改善供應商的體驗，包括我們過去沒有或可能沒有達到相同水平的更強的分析能力。

And so we're fairly pleased with the bespoke product that we're building. In early stages, but we've quickly ramped up into getting to the 1%, a little bit beyond that, we are through to the 1% to 3% range that we've provided. The only implication you need to think about is, as we move from on-site into off-site, we're still going to flow through at pretty high margins, albeit slightly lower than just the on-site product.

因此，我們對我們正在打造的客製化產品非常滿意。雖然還處於早期階段，但我們已經迅速提升至 1%，再稍微高於這個數字，我們就達到了我們提供的 1% 到 3% 的範圍。您需要考慮的唯一含義是，當我們從現場轉向場外時，我們仍然會以相當高的利潤率流通，儘管略低於現場產品。

Mark Mahaney, Evercore ISI.

馬克‧馬哈尼 (Mark Mahaney)，Evercore ISI。

Okay. You talked about the -- could you talk about the sustainability of the active customer growth by drilling down a little bit into what's causing the -- what's enabling you to drive retention up for existing customers? And are there new sources of gross adds that you're able to tap into now that you weren't in the past? So just talk about both sides of that equation and the sustainability going forwards.

好的。您談到了——您能否透過深入了解導致活躍客戶成長的原因來談談活躍客戶成長的可持續性——是什麼讓您能夠提高現有客戶的保留率？現在您是否可以利用一些過去無法利用的新廣告來源？因此，只需討論等式的兩邊以及未來的可持續性。

Yes. Mark, I'll start, and Dave will add. So we feel pretty good about the sustainability. We're bullish, and we feel we're in the early stages of gaining momentum and momentum we continue to gain, as you from the last three quarters of combined results. Internal efforts primarily point to the work that we've done in taking a broader marketing funnel and strategy to the market.

是的。馬克，我先開始，戴夫接著補充。因此，我們對永續性感到非常滿意。我們非常樂觀，我們感覺我們正處於獲得動力的早期階段，我們將繼續獲得動力，正如您從過去三個季度的綜合業績中看到的那樣。內部努力主要指我們為將更廣泛的行銷管道和策略推向市場所做的工作。

Internally, they point to a better product, whether it's the storefront or whether it's the app. And internally -- and the quality of customer is what kind of drives confidence in the retention and the future sort of revenue flywheel of these type of customers.

從內部來看，他們指向更好的產品，無論是店面還是應用程式。而在內部，客戶的品質是推動人們對保留這類客戶以及未來收入飛輪的信心的因素。

So just to give you some data points. When you look at new customer NSPAC for the Q1 '25 cohort, it is trending low single digits higher. Right now, I'm just taking simple averages, so bear with me because the data is still early, but it's trending low single digits percentage higher on a year-over-year basis relative to Q1 2024 cohort.

只是為了給你一些數據點。當您查看 2025 年第一季的新客戶 NSPAC 時，它呈現低個位數成長趨勢。目前，我只是進行簡單的平均值計算，所以請耐心等待，因為數據還處於早期階段，但與 2024 年第一季的數據相比，其同比增幅呈低個位數百分比增長趨勢。

And you would -- and so what are the inputs of that? The inputs of that are, as Dave talked about and I talked about earlier, it's the increasing mix of Autoship baseload, it's the mix towards repeatable categories like consumables and health that drive about 85% of our revenue.

你會——那麼它的輸入是什麼？正如戴夫和我之前談到的，其輸入是自動發貨基本負荷的不斷增加，以及消耗品和健康等可重複類別的混合，這些類別推動了我們約 85% 的收入。

And so you would expect this then leading to improved reorder rates. Well, then you go over and see, well, did reorder rates actually improve? So when you look at new customer reorder rates, the new customer reorder rates also showed a steady improvement year-over-year, right? And relative to the cohorts of the previous 2024, reorder rates are also up by about low single-digit percentage points.

因此，您會期望這會導致重新訂購率的提高。那麼，您再看一下，重新訂購率是否真的提高了？因此，當您查看新客戶重新訂購率時，新客戶重新訂購率也顯示出同比穩定提高，對嗎？相對於先前 2024 年的族群，重新訂購率也上升了約個位數百分點。

And so the combined tells you both sort of the gross adds tactics are working as well as our -- I guess, our efforts to retain these customers are driven by more structural initiatives and actions that are more controllable rather than kind of taking advantage of any sort of industry trending that may or may not happen. That's how we're looking at the rest of the year.

因此，綜合起來看，這兩種總增加策略都是有效的——我想，我們留住這些客戶的努力是由更具結構性的舉措和更可控的行動驅動的，而不是利用可能發生或可能不會發生的任何行業趨勢。這就是我們對今年剩餘時間的展望。

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

Congrats on a really strong quarter here. I wanted to dig a little bit in the [movement of] data. I guess any way to kind of think about the adoption rates you've received on that tier. And how should we kind of contextualize the changes in both unit economics and wallet share once people join that program.

恭喜本季業績表現強勁。我想對數據[的運動]進行一些深入挖掘。我想以任何方式來思考您在該層級上獲得的採用率。一旦人們加入該計劃，我們應該如何理解單位經濟和錢包份額的變化。

Nathan, we had difficulty understanding your question. Would you mind perhaps repeating it for us?

內森，我們很難理解你的問題。您介意為我們重複一遍嗎？

Yes. Sorry about that. I want to talk about Chewy+, adoption rates you've received on that program? And any way to think about the changes in unit economics or wallet share once the people onboard it?

是的。很抱歉。我想談談 Chewy+，該計劃的採用率如何？一旦人們加入進來，有什麼辦法可以考慮單位經濟或錢包份額的變化嗎？

Yes, Nathan, I'll start, and Dave will add as he sees pertinent. So let's talk about Chewy+. So we had -- just to refresh our facts, we had a successful beta in 2024 from May, June of '24 all the way through January, February of this year, right?

是的，內森，我先開始，戴夫會根據自己的情況進行補充。那我們來談談 Chewy+。因此，我們 - 只是為了刷新我們的事實，我們在 2024 年從 2024 年 5 月、6 月一直到今年 1 月、2 月進行了一次成功的測試，對嗎？

And now we've chosen to expand the Chewy+, which is a paid program, to all of our customers starting sort of late February, early March. So we -- it's early stages. Also to recap, Chewy+ offers members free shipping, 5% rewards that are aggregated as a -- into the -- in their accounts and then limited time exclusive offers. Members enjoy a free 30-day trial and then pay an introductory fee of $49 for the year for the membership.

現在，我們選擇從二月底三月初開始向所有客戶推廣 Chewy+（一項付費方案）。所以我們——現在還處於早期階段。另外回顧一下，Chewy+ 為會員提供免費送貨、5% 的獎勵（這些獎勵將匯總到他們的帳戶中）以及限時獨家優惠。會員可享 30 天免費試用，然後支付每年 49 美元的會員費。

So now here are the results. Since expanding, Chewy+ has continued to show strong membership growth and positive customer feedback, right? We're measuring active sessions for members that are higher. So active sections are higher orders and frequency is higher, cross-category penetration is higher, which was one of the hypotheses or learning interest in the program to be able to see, hey, does it promote discoverability and does it promote attach rate and we're seeing that relative to the cross-category penetration of a non-Chewy+ member versus a Chewy+ member, right?

現在結果如下。自擴張以來，Chewy+ 一直保持著強勁的會員成長和正面的客戶回饋，對嗎？我們正在衡量更高級別的會員的活躍會話。因此，活躍部分的訂單量更高、頻率更高、跨類別滲透率更高，這是該計劃的假設或學習興趣之一，以便能夠看到，嘿，它是否促進了可發現性，是否促進了附加率，我們看到的是相對於非 Chewy+ 會員與 Chewy+ 會員的跨類別滲透率，對嗎？

And these numbers are up both on a year-over-year basis as well as compared to a similar cohort of non-members. So what you're essentially seeing is while Chewy+ continues to show strong net sales growth, given NSPAC is expanding and expanding faster than a non-Chewy+ member, costs, right, have stayed in line with expectations, and these members are now driving incremental contribution profit, right?

這些數字與去年同期相比以及與非會員群體相比都有所上升。因此，您基本上看到的是，雖然 Chewy+ 繼續顯示強勁的淨銷售額增長，但考慮到 NSPAC 的擴張速度比非 Chewy+ 成員更快，成本仍然與預期一致，而這些成員現在正在推動增量貢獻利潤，對嗎？

We're going to stay away from providing specific details today. But to give you early reads, the rate of membership sign-ups is now -- we've now expanded the program. You can essentially see it on the website across our shopping funnel. We're still ramping up. So it's not fully ramped yet and you should expect us to continue to ramp up. And on the background, we're going to keep it very disciplined on contribution profit and drive member growth on the front end.

今天我們不會提供具體細節。但為了讓您儘早了解，現在會員註冊率是—我們現在已經擴大了該計劃。您基本上可以在我們的購物管道網站上看到它。我們仍在努力。所以它還沒有完全提升，你應該期待我們繼續提升。在後台，我們將嚴格控制貢獻利潤，並推動前端會員的成長。

Do you have anything to add?

您還有什麼要補充的嗎？

Yes. Nathan, if I could just broaden up the commentary just for a moment and talk a little bit more about all of our loyalty programs and not just Chewy+, you saw Autoship have a tremendous quarter, up 460 bps on a year-over-year basis, continued engagement with that cohort of customers that have decided that they like the value proposition as well as the convenience of Autoship.

是的。內森，如果我可以稍微擴大一下評論範圍，多談談我們所有的忠誠度計劃，而不僅僅是 Chewy+，您會看到 Autoship 本季度表現非常出色，同比增長 460 個基點，並繼續與那群決定喜歡 Autoship 的價值主張和便利性的客戶互動。

So when you kind of put this together in a constellation, you've got growing brand awareness for Chewy, you've got more conversion of that brand awareness to active customers. You've got that active customer growth that is more likely than not to be propense to move into categories such as Autoship or Chewy+. You've got reduced then engagement, reduced -- or excuse me, increased engagement, reduced churn and then you get customers that have left realizing that they like the Chewy experience and coming back.

因此，當你將這些因素綜合起來時，Chewy 的品牌知名度就會不斷提高，品牌知名度也會更轉化為活躍客戶。您已經獲得了活躍客戶的成長，這些客戶很可能會轉向 Autoship 或 Chewy+ 等類別。然後，你的參與度就降低了，或者不好意思，參與度增加了，客戶流失減少了，然後你會發現，離開的顧客意識到他們喜歡 Chewy 的體驗，並會再次光顧。

All of this is coming together in the active customer growth that you're seeing as well as the NSPAC that you're seeing. Quite pleased with the first quarter, quite pleased with the momentum that we're carrying into second quarter and optimistic -- albeit early, optimistic for the implications for the year.

所有這些都體現在您所看到的活躍客戶成長以及 NSPAC 的成長中。我們對第一季度的表現非常滿意，對我們進入第二季度的勢頭也非常滿意，並且對今年的影響持樂觀態度——儘管為時過早。

Doug Anmuth, JPMorgan.

摩根大通的道格安穆斯 (Doug Anmuth)。

Just wanted to follow up on the Autoship comments, David and Sumit. In particular, we've seen Autoship customer sales I think improved from about 66% of the total several years ago at the IPO to 82% today. So hoping you could just talk about the path new customers are taking to becoming Autoship customers and how that's evolved over the years?

只是想跟進關於自動發貨的評論，David 和 Sumit。特別是，我們看到自動出貨客戶的銷售額從幾年前首次公開募股時佔總銷售額的 66% 左右提高到了今天的 82%。所以希望您能談談新客戶成為自動出貨客戶的途徑以及這些年來的演變過程？

And then second, can you just talk about hardgoods a little bit, the drivers of the 12% growth that you're seeing there and some of the changes you're making in terms of assortment and experience, how that's improving?

其次，您能否簡單談談耐用品，您看到的 12% 成長的驅動因素，以及您在產品種類和體驗方面所做的某些改變，以及這些改變是如何改善的？

Sure. I'll start and Dave will add to it. So Autoship, when you deconstruct it as a business in itself, the fundamental principles that we're applying are retention into Autoship -- acquisition into Autoship, followed by settlement and therefore, retention into Autoship, right?

當然。我先開始，然後 Dave 再補充。因此，當你將自動發貨解構為一項業務時，我們應用的基本原則是將保留納入自動發貨 - 將獲取納入自動發貨，然後進行結算，因此將保留納入自動發貨，對嗎？

And so in terms of acquisition of -- into Autoship, the road map follows some concepts that you would call are brilliance in the basics of retail, which is assortment, high in-stock and essentially paired with what you would consider is Chewy's moat and differentiation, which is a super convenient and high-powered personalized digital experience that allows customers discoverability and therefore, a higher rate of conversion than what you would expect or see in the rest of the industry.

因此，在收購 Autoship 方面，路線圖遵循一些您可以稱之為零售基礎精髓的概念，即分類、高庫存，本質上與您認為的 Chewy 的護城河和差異化相結合，這是一種超級便捷、高性能的個性化數位體驗，可讓客戶發現，因此轉換率高於您在其他行業中預期或看到的水平。

So broadly, that's been de template in how we've continued to grow the program. And kudos to our partners for continuing to believe and support, given how good a program this is to drive loyalty for a specific supplier brand and therefore, generate lifetime value for long periods of time.

總體來說，這就是我們如何繼續發展該計劃的模板。我們也要感謝合作夥伴一直以來的信任和支持，因為這個計畫對於提升特定供應商品牌的忠誠度，從而在長期內創造終身價值，起到了非常好的作用。

Now, on the retention side, we followed a similar playbook, allowing our personalized approach and one-on-one connection with customers to be able to really get them to feel like they're getting value out of the program, there -- it's a -- we talk about loyalty, and Dave said this well, when you talk about customer loyalty, right, it's -- we think about a model that is built in concentric circles.

現在，在保留方面，我們遵循了類似的策略，讓我們的個性化方法和與客戶的一對一聯繫能夠真正讓他們感受到他們從計劃中獲得了價值，這就是我們談論忠誠度，戴夫說得很好，當你談到客戶忠誠度時，對，這就是我們考慮的以同心圓建立的模型。

It starts with the way that we go to market with our high-touch service. It then builds around programs like Autoship. It then builds, introduces newer programs like Chewy+ that are now complementary to Autoship and we're seeing both play off of each other. The app ecosystem essentially keeps customers more engaged and, therefore, highly prepensed to more discoverability and growth of share of wallet.

首先，我們採用高接觸服務的方式進入市場。然後它圍繞 Autoship 等程式進行構建。然後，它構建並引入了像 Chewy+ 這樣的新程序，這些程序現在與 Autoship 相輔相成，我們看到兩者相互促進。應用程式生態系統本質上使客戶更加投入，因此更有利於提高可發現性和錢包份額的成長。

So anyway, I'll get back to the point of ownership. So that's -- so I think over the last few years, you've seen us add assortment, improve experience, both purchase and post purchase, and that's the path from 66% to 82%.

所以無論如何，我都會回到所有權的話題。所以，我認為在過去幾年中，您已經看到我們增加了商品種類，改善了購買和購買後的體驗，這就是從 66% 到 82% 的路徑。

Your second question was around hardgoods growth. This one I would say is, a, again, brilliance in the basics and the team's resilience and the quality of execution being driven from the team. So you've heard us talk about freshness and newness of assortment. You heard us talk about better life cycle management of inventory. You heard us talk about discoverability. And then you heard us talk about a personalized approach that drives a better experience on the website. So it's all a combination of that.

您的第二個問題是關於耐用品的成長。我想說的是，這再次體現了基礎的出色表現、團隊的韌性以及團隊執行力的高品質。您已經聽過我們談論品種的新鮮度和新穎性。您聽到我們談論了更好的庫存生命週期管理。您聽到我們談論可發現性。然後您聽到我們談論一種個人化的方法，它可以帶來更好的網站體驗。所以這一切都是這些因素的綜合作用。

Dave, anything to add?

戴夫，還有什麼要補充的嗎？

Yes. I mean while you were speaking, I was just refreshing my memory across all of the subcategories within hard goods. And Doug, as I look at the data here, on a year-over-year basis, all of -- I mean, almost all of the categories that, I'm kind of spot checking, are up year-over-year in hard goods.

是的。我的意思是，當你說話的時候，我正在刷新我對耐用品內所有子類別的記憶。道格，當我查看這裡的數據時，與去年同期相比，所有——我的意思是，幾乎所有我抽查的類別，耐用品的銷量都同比增長了。

I think that speaks both to all of the things that we've discussed with respect to active customer growth continued penetration with respect to share of wallet as well as refresh of assortment that did an excellent job on getting that refreshed assortment not only into our fulfillment centers, not only with our third-party shippers as well as first-party fulfillment, but also getting those products in front of customers at the point of time in which they are willing and able to make a discretionary purchase. All those things came together for us in first quarter and then momentum looks quite positive.

我認為這既說明了我們討論過的有關活躍客戶增長、錢包份額的持續滲透以及產品組合的更新的所有事情，我們在將更新的產品組合不僅帶入我們的履行中心、不僅通過我們的第三方托運人以及第一方履行，而且還在客戶願意並且能夠進行自由購買的時間點將這些產品擺在客戶面前方面做得非常出色。所有這些事情在第一季都出現了，因此發展勢頭看起來相當積極。

Doug, to give you to give you a few data points, I mean, we've added over 150 brands, new brands on the portfolio on the last two quarters. We reduced time to onboarding SKUs by about 40% to 50%. And so what you're essentially, if you put them together, you're saying, okay, you have more choices for customers, and you'll go to market is two times faster than where it was last year. I mean all of this translates to time and then you put the effort of discoverability and post-purchase experience that we deliver. It just drives the flywheel of a bit more efficiently. That's what you're seeing.

道格，給你一些數據點，我的意思是，在過去兩個季度，我們在產品組合中增加了 150 多個新品牌。我們將 SKU 的入職時間縮短了約 40% 至 50%。所以，如果你把它們放在一起，你會說，好吧，你為客戶提供了更多的選擇，而且你進入市場的速度將比去年快兩倍。我的意思是，所有這些都轉化為時間，然後您需要付出努力來實現我們提供的可發現性和購買後體驗。它只是更有效地驅動飛輪。這就是你所看到的。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

So I guess, I just want to go back to the top line, very strong momentum, broad-based category momentum as well. From a share perspective, where do you guys believe you're gaining market share? And any changes versus recent quarters?

所以我想，我只是想回到頂線，非常強勁的勢頭，以及廣泛的類別勢頭。從份額角度來看，你們認為你們在哪些方面獲得了市場份額？與最近幾季相比有什麼變化嗎？

Yes, no doubt about it. I mean whether you come at it from the industry growth at 3% to 4% and our guidance or you come at it from -- if you break that down mathematically what you would find is -- so let's just do kind of real-time math, let's say 3% of the industry at about $140 billion, that means the industry will add roughly $4 billion this year on a year-over-year basis.

是的，毫無疑問。我的意思是，無論您是從 3% 到 4% 的行業增長率和我們的指導來看，還是從 - 如果您從數學上分解，您會發現 - 讓我們做一些實時計算，假設行業的 3% 約為 1400 億美元，這意味著該行業今年將比去年同期增加約 40 億美元。

If you consider a penetration of somewhere in the 30% to 35% online and do the math of Chewy's revenue, what you would find is that we're picking up roughly $0.50 of every dollar that is moving online, which is higher than in the past, we've talked about $0.40 to $0.42 of every dollar that picking -- that's moving on buying. So there's clearly a share gain plan built in, and we're pleased with the way the teams are executing.

如果你考慮到線上滲透率在 30% 到 35% 之間，併計算一下 Chewy 的收入，你會發現我們從線上每一美元的流動中獲得了大約 0.50 美元的收入，這比過去的收入要高，我們說過，從每一美元的流動中，我們獲得了 0.40 到 0.42 美元的收入——這是通過購買的收入。因此，顯然有一個內建的股份收益計劃，我們對團隊的執行方式感到滿意。

Great. Dave, best of luck.

偉大的。戴夫，祝你好運。

Thanks, Rupesh.

謝謝，魯佩什。

David Bellinger, Mizuho.

瑞穗的戴維·貝林格。

Two questions from us. First one, just on gross margins within the core. And understanding the 70-basis point onetime benefit you had last year; it still seems like something might be changing within the gross margin line. So could you just help us understand the moving pieces there?

我們有兩個問題。第一個，只討論核心內部的毛利率。了解您去年獲得的 70 個基點的一次性收益；毛利率似乎仍可能發生一些變化。那麼你能幫助我們理解那裡的活動部分嗎？

And excluding the sponsored ads and that being the largest driver of margin expansion, are you seeing something promotions or something else within the core Chewy retail business where the gross margins are weakening in some way?

除了贊助廣告（利潤率擴張的最大驅動力）之外，您是否看到核心 Chewy 零售業務中的某些促銷或其他因素導致毛利率在某種程度上下降？

And then just the second question on the operating expense line, not much leverage despite the automation efforts. Just anything that stood out in Q1? And what's leading to the stronger leverage that's planned through the rest of the year?

然後是關於營運費用的第二個問題，儘管進行了自動化努力，但槓桿率並不高。Q1 中有什麼突出的事情嗎？那麼，什麼因素將導致今年剩餘時間內計劃的更強的槓桿作用呢？

Thanks, David. A couple of items to note with respect to gross margin. One, we were -- internally, we were pleased with our gross margin. It came in largely as we expected. Two, on a normalized basis, it expanded more than 60 bps year-over-year. If you recall, in our first quarter of 2024 that script, which you referenced, we did identify roughly 70 bps of onetime items that benefited us in gross margin last year that resulted in a first quarter '24 gross margin of 29%.

謝謝，大衛。關於毛利率，有幾點要注意。首先，從內部來看，我們對我們的毛利率感到滿意。其結果基本上符合我們的預期。二是以正常化計算，較去年同期成長超過60個基點。如果您還記得的話，在我們 2024 年第一季的腳本中（您引用的腳本），我們確實確定了大約 70 個基點的一次性項目，這些項目使我們去年的毛利率受益，導致 24 年第一季度的毛利率達到 29%。

So you normalize for that on a year-over-year basis, up 60 bps. in this call's prepared commentary, we indicated that we expect gross margin to increase sequentially from Q1 to Q2. We also reiterated that we expect our year-over-year EBITDA increase to be majority driven roughly 60% by gross margin. So kind of a lot to like about our first quarter results, the market share gaining revenue active customer growth, normalized year-over-year gross margin expansion, record EBITDA margin, continued momentum in the second quarter, a lot to like.

因此，您可以按同比計算將其標準化，即上漲 60 個基點。在本次電話會議的準備好的評論中，我們表示，我們預計毛利率將從第一季到第二季連續增加。我們也重申，預計 EBITDA 年成長率主要將由毛利率（約 60%）推動。我們第一季的業績有很多值得稱道的地方，市佔率增加，活躍客戶收入成長，毛利率年比正常化擴張，EBITDA 利潤率創歷史新高，第二季繼續保持成長勢頭，有很多值得稱道的地方。

The puts and takes for gross margin -- obviously, gross margin on a year-over-year basis normalized, as I mentioned, single biggest contributor sponsored ads followed by product mix accretion followed by, of course, the normal kind of fixed cost absorption that you get in those lines. So we expect that playbook to continue in a very similar vein as what we saw last year.

毛利率的投入和產出－顯然，毛利率與去年同期相比是正常化的，正如我所提到的，最大的貢獻者是贊助廣告，其次是產品組合的成長，當然，其次是這些產品線中正常的固定成本吸收。因此，我們預計該劇本將繼續以與我們去年所見非常相似的方式進行。

Moving to the operating expenses. We were pretty happy with the operating expenses for Q1. Obviously, you can't get to that EBITDA margin of 6.2% without being happy with a lot of the lines in the P&L. We expect to get a little bit more contribution from gross margin in the second quarter as well as the latter half of the year, I'm talking about on a year-over-year basis, and we expect to continue to get leverage from the OpEx lines.

轉向營運費用。我們對第一季的營運費用非常滿意。顯然，如果對損益表中的許多項目不滿意，就不可能達到 6.2% 的 EBITDA 利潤率。我們預計第二季以及下半年的毛利率貢獻會略有增加，我指的是同比增幅，我們預計將繼續從營運支出線中獲得槓桿作用。

We did have, as we called out, lower advertising and marketing expense in the first quarter. That was largely just a result of the timing of certain campaigns. So you've kind of seen that number on any specific quarter kind of bounce around between that 6% to 7% range. But we think for the year, advertising and marketing will be very consistent with what we've posted in prior years, so roughly 6.7%, 6.8% of net sales. So no real surprise on that line for the year. But of course, on any specific quarter, you may see a little movement just based on timing.

正如我們所說的那樣，我們第一季的廣告和行銷費用確實降低了。這很大程度只是某些活動時機所致。因此，你會看到任何特定季度的數字都在 6% 到 7% 的範圍內波動。但我們認為，今年的廣告和行銷將與我們前幾年公佈的水平非常一致，約佔淨銷售額的 6.7% 至 6.8%。因此，今年的這一情況並沒有什麼令人意外的。但當然，在任何特定季度，您可能會看到基於時間的一點變化。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

I have one on CVC. So you talked about three new additions, 11 locations across four states. Could you help us think about how big of an opportunity this could be for you, especially as it relates to demand gen? And what's your -- how do you think about expanding, call it, one to three years out?

我在 CVC 上有一個。所以您談到了三家新店，分佈在四個州的 11 個地點。您能否幫助我們思考這對您來說是一個多大的機會，特別是與需求產生相關的機會？您如何看待一至三年後的擴張？

I think what you're seeing us continue to do on CVC is just take a very measured approach with respect to rolling out vet clinics. As you know, we were very happy with the performance of the clinics that we rolled out in 2024. We expect to end this year in the high teens that clinic, so call it, roughly 10 plus/minus a little bit to vet clinics that we expect to roll out in 2025.

我認為，您看到我們在 CVC 上繼續做的事情就是在推出獸醫診所方面採取非常慎重的態度。如您所知，我們對 2024 年推出的診所的表現非常滿意。我們預計，今年年底，診所的數量將達到十幾歲，也就是說，與我們預計在 2025 年推出的獸醫診所的數量相比，大約有 10 個左右。

The performance of the vet clinics that are maturing, we've been quite pleased with. We continue to grow their utilization and their bookings. Forward booking rates remain quite strong and continue to strengthen actually. We've been happy with the new customers that are being introduced to Chewy, which are significantly higher than what we originally modeled and so that's been a very pleasant surprise to us.

我們對日趨成熟的獸醫診所的表現感到非常滿意。我們繼續提高他們的利用率和預訂量。預訂率仍然相當強勁，並且實際上還在繼續增強。我們很高興看到 Chewy 迎來了新客戶，他們的數量比我們最初預計的要多得多，所以這對我們來說是一個非常驚訝。

And then as we've mentioned on some prior calls on those new customers that are coming into the vet clinics, and that's their first experience with Chewy. About half of them are then following that visit up within 30 days and actually purchasing from chewy.com. So I would say in terms of vet retention, in terms of performance of individual for Wall Clinic, kind of all metrics green by and large, for the vet clinics and so we're quite pleased with that performance.

正如我們在之前與那些來到獸醫診所的新客戶的通話中提到的那樣，這是他們第一次使用 Chewy。其中約一半的人會在30天內進行後續跟進，並從chewy.com購買。所以，我想說，就獸醫的留存率，就沃爾診所的個人績效而言，獸醫診所的所有指標總體上都很好，我們對這種表現非常滿意。

And I think you'll continue to see us take a measured approach with respect to rolling out that clinics. In terms of the opportunity, I think the opportunity is clear. You've got roughly $20 billion-plus type of market for vet services in the U.S. This enables us to tap a portion of that market, albeit with a slow rollout as we kind of perfect our offering. It also enables us to continue to grow our pharmacy business and get more insight into all of the pharmacy that's offered within vet clinics, not just the portion that we're currently kind of seeing through our existing business.

我認為您將繼續看到我們在開設這些診所方面採取審慎的態度。就機會而言，我認為機會是明確的。美國的獸醫服務市場規模約有 200 多億美元。這使我們能夠挖掘出一部分市場，儘管我們在完善我們的服務過程中推廣速度會比較慢。它還使我們能夠繼續發展我們的藥房業務，並更深入地了解獸醫診所提供的所有藥房，而不僅僅是我們目前透過現有業務看到的部分。

And so I think from that perspective, in terms of opening up a large TAM for us on a go-forward basis, we're quite pleased. We're pleased with the results. Our customers are pleased with the services and the care that they're getting and perhaps that's the most important thing.

因此，我認為從這個角度來看，就為我們未來開闢一個更大的 TAM 而言，我們感到非常高興。我們對結果很滿意。我們的客戶對他們所獲得的服務和關懷感到滿意，也許這是最重要的事情。

Sumit, do you have anything to add?

Sumit，您還有什麼要補充的嗎？

I'd say two comments, starting with the TAM and then working backwards into how to think about CVC in addition to what Dave said. So starting with the TAM, the $20 billion, $25 billion that Dave's talking about doesn't fully encapsulate newer tech or newer vertical -- newer technologies like either tele health triage or insurance or software opportunities given how much opportunity there is to be able to bring a 1P solution to a fragmented software space or the data space in the pet health sector.

我想說兩點，先從 TAM 開始，然後除了 Dave 所說的之外，再回過頭來談談如何思考 CVC。因此，從 TAM 開始，戴夫談論的 200 億美元、250 億美元並沒有完全涵蓋新技術或新垂直領域——新技術，例如遠距醫療分診或保險或軟體機會，因為有多少機會能夠將 1P 解決方案帶入寵物健康領域分散的軟體空間或數據空間。

And if you recall from our Capital Markets Day, presentation, we laid out a pretty compelling vision of the stack that we're building and that the industry is starting to benefit from. So we're super excited about that in terms of how we can contribute to expanding the TAM beyond what is currently captured.

如果您還記得我們的資本市場日演講，我們闡述了我們正在建立的堆疊的非常引人注目的願景，並且該行業開始從中受益。因此，我們對此感到非常興奮，因為我們可以為擴大 TAM 做出貢獻，超越目前所捕獲的範圍。

Number two, when you think about CVC, you have to also think about CVC in similar lines as to how you think about Autoship or Chewy+, right? These are ecosystem-type concept that allows a customer to discover cx in a new place and then expand their engagement with Chewy regardless of their point of entry into Chewy.

第二，當您考慮 CVC 時，您還必須以類似於考慮 Autoship 或 Chewy+ 的方式考慮 CVC，對嗎？這些是生態系統類型的概念，允許客戶在新的地方發現 cx，然後擴大他們與 Chewy 的互動，無論他們從哪裡進入 Chewy。

And so we're -- these are highly defensible moats in the way that they bring customers in and keep customers in. And as we compound these moats, we only had auto ship several years ago. Now, we have Autoship. In the future, we're going to have CVC. In the middle, we have the app and the Chewy+ programs. And so we're sort of excited about how we think about customer engagement and growth of share of wallet. -- in addition to opportunity of acquiring new customers through these varying channels.

因此，我們——這些都是高度可防禦的護城河，可以吸引客戶並留住客戶。當我們建構這些護城河時，幾年前我們才擁有自動出貨能力。現在，我們有自動出貨功能。將來，我們將擁有 CVC。中間是應用程式和 Chewy+ 程式。因此，我們對客戶參與度和錢包份額的成長感到非常興奮——此外還有透過這些不同的管道獲取新客戶的機會。

Okay. Dave, congrats, and on all the best.

好的。戴夫，恭喜你，祝你一切順利。

Thanks, Shweta.

謝謝，Shweta。

Steven Zaccone, Citigroup.

花旗集團的史蒂文·扎科內。

I had two kind of quick ones. First one, just on pricing. So what have you seen from a pricing standpoint, tariffs are probably starting to impact some of the product costs out there in the industry. So has anything changed on your view of the year? And then the second is from an underlying category perspective, dogs versus cats, we've heard about more strength in the category this year. Has that been the case in your business as well?

我有兩種快速的方法。第一個問題，僅關於定價。那麼從定價的角度來看，關稅可能開始影響該行業的一些產品成本。那麼，您對今年的看法有什麼改變嗎？第二個是從基礎類別的角度來看，與貓相比，我們聽說今年狗這個類別的優勢更大。您的業務中也存在這種情況嗎？

Sure. I'll take pricing and Sumit, maybe you want to comment on dogs and cats. Look, from a pricing perspective, like-for-like, we see very little inflation in the industry right now. So again, I'm talking like-for-like products. That stated, we do see -- we continue to see humanization of pets and that humanization is leading to premiumization in terms of customers wanting more medicine, better supplements, better food for their pets to improve their overall pet health.

當然。我會接受定價和 Sumit，也許您想對狗和貓發表評論。從定價角度來看，我們發現目前該行業的通膨率非常低。所以，我再次談論同類產品。話雖如此，我們確實看到——我們繼續看到寵物的人性化，而且這種人性化正在導致寵物的高端化，即客戶希望為他們的寵物提供更多的藥物、更好的補品、更好的食物，以改善寵物的整體健康狀況。

And so while we're seeing -- we're continuing to see the trends towards premiumization we are not seeing kind of on a like-for-like product basis, much inflation right now. And I'm including the hard goods into that category. If you take the hard good category, even some of the ones that perhaps could be impacted by tariffs, you have to really look at how much inventory is physically in individual suppliers' locations onshore and so that inventory is still in place and I would say you haven't yet seen any increase from tariffs kind of flow through the hardgoods category.

因此，雖然我們看到了高端化的趨勢，但我們並沒有在同類產品的基礎上看到通貨膨脹。我將耐用品也歸入這一類別。如果你考慮耐用品類別，即使是一些可能受到關稅影響的類別，你也必須真正看看在各個供應商的境內實際有多少庫存，這樣庫存就仍然存在，我想說你還沒有看到關稅對耐用品類別的流量有任何增加。

So stay tuned on that front. As you know, from our perspective, the vast majority of our portfolio is consumables 85%-ish-plus of our portfolio is consumables with domestic input source streams, so we see very little impact from tariffs on Chewy in fiscal year '25 and what we have seen, we've embedded in our guidance. Sumit, so any comments on dogs versus cats.

因此請繼續關注此事。如您所知，從我們的角度來看，我們的投資組合中絕大多數是消耗品，85% 以上的投資組合是來自國內投入源的消耗品，因此我們認為 25 財年關稅對 Chewy 的影響很小，而且我們已經將所看到的情況納入了我們的指導中。Sumit，關於狗和貓有什麼評論嗎？

Yes. We love them all equally. And yes, in the previous call, we've come into the year sort of seeing the proportion of cats or cats being a popular choice. The data doesn't refresh as often, but we've continued to see strengthening of the cat business, and at the same time, the dog business as well, given that we drove 6% year-over-year growth in consumables which is -- which accounted for roughly 50% of the growth overall for Chewy. So happy with the performance.

是的。我們平等地愛他們每一個人。是的，在之前的電話會議中，我們已經看到了今年貓的比例或貓成為受歡迎的選擇。資料刷新頻率不高，但我們持續看到貓業務的加強，同時狗業務也同樣如此，因為我們推動了消耗品業務的同比增長 6%，這佔了 Chewy 整體增長的約 50%。我非常滿意這次演出。

Thank you. Those were all the questions we have time for today and so this concludes our call. Thank you all for your participation. You may now disconnect your lines.

謝謝。這些就是我們今天有時間回答的所有問題，所以我們的通話到此結束。謝謝大家的參與。現在您可以斷開線路了。