Chewy Inc (CHWY) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to the Chewy second-quarter 2025 earnings call. My name is Emily, and I'll be coordinating your call today. (Operator Instructions)

大家好，歡迎參加 Chewy 2025 年第二季財報電話會議。我叫艾米麗，今天我將負責協調您的通話。（操作員指示）

I would now like to hand over to Natalie Nowak, Director of Investor Relations. Natalie, please go ahead.

現在我想把麥克風交給投資人關係總監 Natalie Nowak。娜塔莉，請繼續。

Thank you for joining us on the call today to discuss our second quarter results for fiscal year 2025. Joining me today are Chewy's CEO, Sumit Singh; and Will Billings, our Chief Accounting Officer and Interim Principal Financial Officer. Will is a respective leader with extensive finance and accounting experience, and we appreciate his dedication to Chewy as he takes on this expanded role while we continue to search for a permanent CFO.

感謝您今天參加我們的電話會議，討論我們 2025 財年第二季的業績。今天與我一起出席的還有 Chewy 的首席執行官 Sumit Singh；以及我們的首席會計官兼臨時首席財務官 Will Billings。Will 是一位擁有豐富財務和會計經驗的優秀領導者，我們感謝他對 Chewy 的奉獻，他擔任這一重要的職務，同時我們將繼續尋找一位永久的首席財務官。

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. 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. 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.

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、策略性舉措、股票回購計劃以及我們的營運環境的陳述。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。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。

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.

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

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。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. Q2 net sales grew by nearly 9% year-over-year to $3.1 billion, exceeding the high end of our guidance range. Moreover, against an industry backdrop of low to mid-single-digit growth, our Q2 performance demonstrates a clear share gain outcome. Strength of our Autoship program in categories such as consumables and health anchored Q2 net sales performance.

謝謝，娜塔莉。大家早安。第二季淨銷售額年增近 9%，達到 31 億美元，超過了我們預期範圍的高端。此外，在行業低至中等個位數成長的背景下，我們的第二季業績顯示出明顯的份額成長結果。我們的自動出貨計畫在消耗品和健康等類別的優勢鞏固了第二季的淨銷售業績。

Second quarter Autoship customer sales of $2.58 billion represented 83% of our Q2 net sales, reaching a new record high for the company. Growth in Autoship customer sales once again outpaced overall top line growth increasing by nearly 15% in Q2. We are also pleased to see the continued strength within our hard goods business, which grew over 15% in the second quarter, primarily on the back of structural volume growth. And finally, a rapidly strengthening Chewy+ program exceeded our expectations in the second quarter. I will comment more on our progress with this program in a moment.

第二季自動出貨客戶銷售額為 25.8 億美元，占我們第二季淨銷售額的 83%，創下公司新高。Autoship 客戶銷售額的成長再次超過整體營業額的成長，第二季成長了近 15%。我們也很高興看到我們的耐用品業務持續保持強勁成長，第二季成長超過 15％，這主要得益於結構性銷售成長。最後，快速增強的 Chewy+ 計劃在第二季度超出了我們的預期。我稍後將對該計劃的進展發表更多評論。

Moving to customers. We ended the second quarter with 20.9 million active customers, reflecting 4.5% year-over-year growth. Importantly, the strength and quality of our new customers continue to improve. New customer NSPAC for the Q2 2025 cohort strengthened quarter-over-quarter and is trending mid-single digits higher on a year-over-year basis relative to the comparable Q2 2024 cohort. For total Chewy, we continue to expand customer share of wallet in the quarter with NSPAC reaching $591, representing 4.6% year-over-year growth.

轉向客戶。截至第二季度，我們擁有 2,090 萬活躍客戶，較去年同期成長 4.5%。重要的是，我們新客戶的實力和品質不斷提高。2025 年第二季的新客戶 NSPAC 環比成長，與 2024 年第二季相比，年比呈現中個位數成長趨勢。就 Chewy 整體而言，我們在本季度繼續擴大客戶錢包份額，NSPAC 達到 591 美元，年增 4.6%。

Moving down the P&L to profitability. Gross margin reached 30.4% in the quarter, expanding on both a sequential and year-over-year basis by nearly 80 basis points and 90 basis points, respectively. For Q2, main drivers of gross margin were both our fast-growing sponsored ads business and favorable mix into premium categories. Pricing and promotion remained rational and did not have a material impact on gross margins in the second quarter.

將損益表降低至獲利水準。本季毛利率達30.4%，季增近80個基點，較去年同期成長近90個基點。對於第二季度，毛利率的主要驅動力是我們快速成長的贊助廣告業務和優質類別的有利組合。定價和促銷保持合理，對第二季的毛利率沒有重大影響。

Continuing on the topic of profitability. We generated $183.3 million of adjusted EBITDA in the quarter, representing a 5.9% margin and a year-over-year increase of over 80 basis points. We also generated nearly $106 million of free cash flow in the quarter. Our robust profitability and compelling free cash flow generation enabled us to not only invest in our strategic growth initiatives but also return meaningful capital to shareholders as reflected by the nearly $125 million we deployed towards share repurchases in the quarter.

繼續討論盈利能力的話題。本季度，我們的調整後 EBITDA 為 1.833 億美元，利潤率為 5.9%，年成長超過 80 個基點。本季我們也產生了近 1.06 億美元的自由現金流。我們強勁的獲利能力和令人信服的自由現金流創造使我們不僅能夠投資於我們的戰略成長計劃，而且還能向股東返還有意義的資本，正如我們在本季度用於股票回購的近 1.25 億美元所反映的那樣。

Now, I would like to provide an update on some of Chewy's strategic initiatives. The Chewy Vet Care, or CVC network continues to outperform relative to expectations in terms of demand generation and driving broader ecosystem benefits. We are consistently observing that CVC customers drive both the highest and fastest netback curves for Chewy. Additionally, we remain on track to open 8 to 10 new practices in fiscal year 2025 to reach a total count approaching 20 by year-end, and we look forward to keeping you updated on our progress.

現在，我想介紹一下 Chewy 的一些策略舉措的最新情況。Chewy Vet Care 或 CVC 網路在需求產生和推動更廣泛的生態系統效益方面繼續表現超乎預期。我們一直觀察到，CVC 客戶為 Chewy 帶來最高和最快的淨回值曲線。此外，我們仍有望在 2025 財年開設 8 至 10 家新診所，到年底診所總數將達到接近 20 家，我們期待隨時向您通報我們的進展。

Shifting gears, let's talk about Chewy+, our paid membership program. As a reminder, today, Chewy+ members receive the following benefits: free shipping on all orders, 5% rewards to redeem on future orders, limited time seasonally relevant member exclusive offers, and a 30-day free trial period. At the end of the free trial period, members pay an introductory price of $49 per year and convert to paid members.

換個話題，我們來談談我們的付費會員方案 Chewy+。提醒一下，今天，Chewy+ 會員可享受以下優惠：所有訂單免費送貨、未來訂單可兌換 5% 的獎勵、限時季節性會員專屬優惠以及 30 天免費試用期。免費試用期結束時，會員需支付每年 49 美元的介紹價格並轉為付費會員。

As I shared in my remarks earlier, the Chewy+ membership program is rapidly strengthening, indicating a strong product market fit. In the month of July, roughly 3% of Chewy's total monthly sales were to Chewy+ members. Importantly, we are observing strong incrementality in spend, NSPAC, and positive contribution profit per customer across Chewy+ customers compared to nonmembers.

正如我之前的評論中所說，Chewy+ 會員計劃正在迅速加強，表明產品市場契合度很高。7 月份，Chewy 約 3% 的月總銷售額來自 Chewy+ 會員。重要的是，我們觀察到與非會員相比，Chewy+ 客戶的支出、NSPAC 和每位客戶的正貢獻利潤都有著強勁的成長。

Furthermore, other key leading indicators of success are promising. These customers are buying at a higher frequency and attaching a higher number of products to their orders. Additionally, we are observing incremental Autoship adoption and greater mobile app usage from Chewy+ members relative to nonmembers. All of this is leading to both higher as well as accelerated NSPAC curves for Chewy+ customers compared to nonmembers, which in turn is contributing positively to Chewy's net sales flywheel.

此外，其他關鍵的成功領先指標也令人鼓舞。這些客戶的購買頻率更高，訂單中包含的產品數量也更多。此外，我們觀察到與非會員相比，Chewy+ 會員的自動出貨採用率和行動應用程式使用率有所提高。所有這些都導致​​ Chewy+ 客戶的 NSPAC 曲線比非會員更高且更快速，這反過來又對 Chewy 的淨銷售飛輪產生了積極貢獻。

As we exit this year, we expect approximately mid-single-digit percentage of our net sales to go through the Chewy+ program. Further, we expect the program to generate positive gross profit dollars in fiscal 2025, though at a gross margin rate below Chewy overall, reflecting both the ramp that we anticipate in the second half of this year and the mix of paid versus free trial members. As we scale, we will remain disciplined in evaluating the program structure, including pricing and member benefits.

隨著我們今年的退出，我們預計大約有中等個位數百分比的淨銷售額將透過 Chewy+ 計劃實現。此外，我們預計該計劃將在 2025 財年產生正毛利潤，儘管毛利率低於 Chewy 整體，但這既反映了我們預計今年下半年的增長，也反映了付費和免費試用會員的組合。隨著規模的擴大，我們將繼續嚴格評估計劃結構，包括定價和會員福利。

Moving on. Now, let's talk about Chewy private brands. I am excited to share that in August, we launched Get Real, our new Chewy exclusive private brand of healthy fresh dog food. The Fresh and Frozen segment represents a fast-growing TAM fueled by trends of humanization and premiumization in pet. Consumers believe that their pets deserve fresh and nutritious food, leading to longevity and an overall higher quality of life for their beloved pets.

繼續。現在，我們來談談 Chewy 自有品牌。我很高興地告訴大家，我們在八月推出了 Get Real，這是我們全新的 Chewy 獨家健康新鮮狗糧自有品牌。新鮮和冷凍食品領域代表著快速成長的 TAM，受寵物人性化和高端化趨勢的推動。消費者認為他們的寵物應該得到新鮮、有營養的食物，從而延長它們的壽命並提高它們的生活品質。

Get Real, a new line of minimally processed fresh dog food available only at Chewy comes in three different pup-approved recipes, including chicken and Brussels sprouts, beef and sweet potato, and turkey and cranberry, all available as both full meals and meal toppers made with 10 or fewer ingredients plus vitamins and minerals.

Get Real 是 Chewy 獨家推出的全新低加工新鮮狗糧系列，有三種不同的幼犬適用配方，包括雞肉和球芽甘藍、牛肉和紅薯、火雞和蔓越莓，均有全餐和餐食配料可供選擇，由 10 種或更少的原料加上維生素和礦物質製成。

Additionally, this premium product is delivered to your doorstep in pre-portioned ready-to-serve meals just thaw and serve. Although the product has only been in market a few weeks customer reception is strong. Customers are pleased with the palatability, quality, and overall experience, which includes shopping, delivery, and consumption.

此外，這種優質產品以預先分好的即食餐形式送到您家門口，只需解凍即可食用。儘管產品上市僅幾週，但客戶反應卻十分熱烈。顧客對口味、品質以及購物、送貨和消費等整體體驗感到滿意。

I am also pleased to share that we have already built-up sufficient capacity through 2028 to support our growth in the Fresh and Frozen segment broadly, both for Get Real and for our national brand partners while remaining very much at the lower end of our previously set CapEx guidance range of between 1.5% to 2% of net sales.

我也很高興地告訴大家，到 2028 年，我們已經建立了足夠的產能，以廣泛支持我們在新鮮和冷凍領域的增長，無論是為 Get Real 還是為我們的全國品牌合作夥伴，同時仍處於我們之前設定的資本支出指導範圍的低端，即淨銷售額的 1.5% 至 2% 之間。

With the capital investment behind us, we are now in process of scaling to a national footprint by leveraging our existing fulfillment center topology. By the end of 2025, we expect to be ready to deliver a majority of our fresh food offering to customers within a one-day transit time. Furthermore, Get Real is exclusively an Autoship subscription business that results in high gross profit per unit at scale, supporting both broad leverage across our operational infrastructure and our aspiration of becoming a leading profitable player in the Fresh and Frozen segment.

憑藉資本投資，我們現在正利用現有的履行中心拓撲結構將業務擴展到全國範圍。到 2025 年底，我們預計將能夠在一天的運輸時間內向客戶交付大部分新鮮食品。此外，Get Real 是一家專門從事自動發貨訂閱業務的公司，規模化後每單位毛利潤很高，這不僅支持了我們在整個運營基礎設施中的廣泛槓桿作用，也支持了我們成為新鮮和冷凍食品領域領先盈利企業的願望。

While still early, we are pleased with the launch of this product and the positive response from our customers. Beyond Get Real, we are working on bringing other Chewy branded product innovation to market in the second half of 2025, and I look forward to keeping you updated on our progress.

雖然還處於早期階段，但我們對該產品的推出以及客戶的積極回應感到高興。除了 Get Real 之外，我們還致力於在 2025 年下半年將其他 Chewy 品牌產品創新推向市場，我期待著向您通報我們的進展。

Before I turn the call over to Will, I would like to leave you with a few closing thoughts. The first half of 2025 has been an exciting and productive period for Chewy, reflecting the strength of our differentiated value proposition and the momentum across our business.

在我將電話轉給威爾之前，我想告訴你幾點結束語。2025 年上半年對 Chewy 來說是令人興奮且富有成效的時期，反映了我們差異化價值主張的實力和整個業務的發展勢頭。

Looking ahead, we expect the second half of the year to be even more dynamic given the evolving macro. As many retailers prepare to pass tariff-related costs on to customers, we believe Chewy is well positioned to mitigate these pressures. Our higher mix of consumables and health and proactive investments in onshoring incremental discretionary inventory provide meaningful safeguards. These actions will help deliver a superior customer experience by selectively evaluating pricing while protecting product margins.

展望未來，鑑於宏觀經濟情勢的變化，我們預計下半年將更加活躍。由於許多零售商準備將與關稅相關的成本轉嫁給客戶，我們相信 Chewy 完全有能力緩解這些壓力。我們更高的消耗品和健康產品組合以及對增量可自由支配庫存的積極投資提供了有意義的保障。這些舉措將透過選擇性地評估價格同時保護產品利潤來幫助提供卓越的客戶體驗。

Additionally, instead of absorbing these pressures, we plan to lean into growth by investing behind the expansion of programs like Chewy+ and our private brands. Customers are embracing these initiatives for their compelling value proposition, and we are equally encouraged by their strong return on investment. Overall, we see the second half of 2025 as an opportunity to further accelerate market share gains in the US and position Chewy for even greater long-term success.

此外，我們不會承受這些壓力，而是計劃透過投資 Chewy+ 和我們的自有品牌等項目的擴張來實現成長。顧客之所以接受這些舉措，是因為它們具有引人注目的價值主張，而它們強勁的投資回報也同樣令我們感到鼓舞。總體而言，我們認為 2025 年下半年是進一步加速美國市場份額成長並為 Chewy 取得更大長期成功做好準備的機會。

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

說完這些，我會把電話轉給威爾。

Thank you, Sumit. And thank you all for joining us today. Let's review our financial results and outlook. Second quarter net sales grew 8.6% and year-over-year to $3.1 billion, exceeding the high end of the Q2 guidance range we provided last quarter. We reported second quarter gross margin of 30.4% and representing approximately 90 basis points of margin expansion year-over-year.

謝謝你，Sumit。感謝大家今天的到來。讓我們回顧一下我們的財務表現和前景。第二季淨銷售額年增 8.6%，達到 31 億美元，超過了我們上個季度提供的第二季指引範圍的高端。我們報告第二季的毛利率為 30.4%，年增約 90 個基點。

Shifting to operating expenses. Q2 SG&A, excluding share-based compensation and related taxes, came in at $592.8 million or 19.1% of net sales, deleveraging approximately 30 basis points year-over-year. Q2 deleverage was driven by the ongoing ramp of our Houston fulfillment center, which launched in April, coupled with the wind down of certain shifts at our Dallas facility.

轉向營運費用。第二季銷售、一般及行政費用（不含股權激勵費用及相關稅費）為 5.928 億美元，佔淨銷售額的 19.1%，較去年同期下降約 30 個基點。第二季的去槓桿化是由於我們休士頓配送中心（於 4 月啟動）的持續擴張以及達拉斯工廠某些班次的減少。

We also incurred higher inbound inventory processing costs, primarily within hard goods to ensure we have the right assortment for pet parents as we head into the peak holiday periods, while also allowing us to mitigate impact from tariffs in 2025. Additionally, a smaller contribution came from increases in wage and benefit cost within the period. Importantly, we believe these increases are primarily temporary in nature, and we continue to expect to deliver modest SG&A leverage in fiscal year 2025.

我們也承擔了更高的入庫庫存處理成本，主要是耐用品，以確保在進入假期高峰期時為寵物主人提供合適的商品，同時也讓我們能夠減輕 2025 年關稅的影響。此外，同期薪資和福利成本的增加也貢獻較小。重要的是，我們認為這些成長主要是暫時的，我們仍然預計在 2025 財年將實現適度的銷售、一般和行政費用槓桿。

Second quarter advertising and marketing expense was $200.6 million or 6.5% of net sales, in line with our expectations and consistent with our previously stated target of 6% to 7% of net sales.

第二季廣告和行銷費用為 2.006 億美元，佔淨銷售額的 6.5%，符合我們的預期，也與我們先前提出的佔淨銷售額 6% 至 7% 的目標一致。

Q2 adjusted net income was $141.1 million, representing a 34.8% increase year-over-year and we delivered $0.33 of adjusted diluted earnings per share within the guidance range we provided last quarter.

第二季調整後淨收入為 1.411 億美元，年增 34.8%，調整後每股攤薄收益為 0.33 美元，符合上季提供的指導範圍。

Second quarter adjusted EBITDA came in at $183.3 million representing a 5.9% adjusted EBITDA margin, which reflects 80 basis points of year-over-year margin expansion. We reported Q2 free cash flow of $105.9 million, which reflects $133.9 million of net cash provided by operating activities and $28 million of capital expenditures. For full year 2025, we reiterate our expectation to convert approximately 80% of adjusted EBITDA to free cash flow and CapEx will be at the low end of our previously stated range of 1.5% to 2% of net sales.

第二季調整後的 EBITDA 為 1.833 億美元，調整後的 EBITDA 利潤率為 5.9%，反映出利潤率較去年同期擴大 80 個基點。我們報告第二季度自由現金流為 1.059 億美元，其中經營活動提供的淨現金為 1.339 億美元，資本支出為 0.28 億美元。對於 2025 年全年，我們重申我們的預期，即將約 80% 的調整後 EBITDA 轉換為自由現金流，而資本支出將處於我們之前所述的淨銷售額 1.5% 至 2% 範圍的低端。

In the second quarter, we repurchased approximately 3 million shares for a total of approximately $125 million. At the end of Q2, we had $359.8 million of remaining capacity under our existing program for future repurchases. We ended the quarter with approximately $592 million in cash and cash equivalents, and we remain debt free with an overall liquidity position of approximately $1.4 billion.

第二季度，我們回購了約 300 萬股，總額約 1.25 億美元。截至第二季末，我們現有計畫下剩餘的 3.598 億美元容量可用於未來回購。本季末，我們的現金和現金等價物約為 5.92 億美元，我們仍然沒有債務，整體流動資金狀況約為 14 億美元。

Now, I'd like to discuss our third quarter and full year 2025 outlook. We expect third-quarter 2025 net sales of between $3.07 billion and $3.1 billion or approximately 7% to 8% year-over-year growth, and we are raising and narrowing our full year 2025 net sales outlook to between $12.5 billion and $12.6 billion or approximately 7% to 8% year-over-year growth when adjusted to exclude the impact of the 53rd week in fiscal year 2024. This represents $175 million increase to the midpoint of our guidance range.

現在，我想討論一下我們對 2025 年第三季和全年的展望。我們預計 2025 年第三季淨銷售額將在 30.7 億美元至 31 億美元之間，或同比增長約 7% 至 8%，並且我們上調並縮小了 2025 年全年淨銷售額預期至 125 億美元至 126 億美元之間，或同比增長約 7% 至 82024 週的第 53 週和第 53 週增長約 7% 至 53 週（排除年經 53 週）以排除年經 53 週的第 53 週。這意味著我們的指導範圍中點增加了 1.75 億美元。

Moving to profitability guidance. We are maintaining our full year 2025 adjusted EBITDA margin outlook of 5.4% to 5.7%. As Sumit shared in his remarks, we believe it is prudent to remain on the offense in the second half of 2025 and invest to strengthen Chewy's share position in the pet category.

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。正如蘇米特在演講中所說，我們認為在 2025 年下半年保持攻勢並進行投資以加強 Chewy 在寵物類別中的份額地位是明智之舉。

The midpoint of our guidance range indicates 75 basis points of adjusted EBITDA margin expansion year-over-year. Furthermore, at the midpoint of our 2025 net sales and adjusted EBITDA margin guidance ranges, we expect to deliver approximately 15% adjusted EBITDA flow-through for the year, in line with our previously stated long-term target.

我們的指導範圍的中點顯示調整後的 EBITDA 利潤率較去年同期擴大 75 個基點。此外，在我們 2025 年淨銷售額和調整後 EBITDA 利潤率指導範圍的中點，我們預計今年的調整後 EBITDA 流轉將達到約 15%，這符合我們先前提出的長期目標。

Importantly, and consistent with our comments last quarter, we continue to expect approximately 60% of our adjusted EBITDA margin expansion to be driven by improvements in gross margin, confirming that we expect to continue to deliver healthy gross margin expansion year-over-year in fiscal 2025 with Q2 being the high point for the year. And finally, we also expect Q3 adjusted diluted earnings per share in the range of $0.28 to $0.33.

重要的是，與我們上個季度的評論一致，我們繼續預計調整後的 EBITDA 利潤率擴張的約 60% 將由毛利率的提高推動，這證實了我們預計 2025 財年將繼續實現健康的毛利率同比擴張，而第二季度將是全年的最高點。最後，我們也預計第三季調整後每股攤薄收益將在 0.28 美元至 0.33 美元之間。

For the full year 2025, we are also reiterating our previously stated expectations related to share-based compensation expense, including related taxes, of approximately $315 million and weighted average diluted shares outstanding of approximately $430 million. 2025 net interest income of approximately $25 million to $30 million, and we continue to expect our effective tax rate to be between 20% to 22% for 2025.

對於 2025 年全年，我們也重申了先前所述的與股權激勵費用（包括相關稅費）相關的預期，約為 3.15 億美元，加權平均稀釋流通股約為 4.3 億美元。 2025 年淨利息收入約為 2,500 萬至 3,000 萬美元，我們繼續預期 2025 年有效稅率在 20% 至 22% 之間。

Before we open the call for questions, I'd like to reiterate that our strong Q2 results underscore the continued momentum in the business and strength of execution by our Chewy team members. We believe that Chewy remains exceptionally well positioned to continue to deliver share gaining growth and enhanced shareholder value.

在我們開始提問之前，我想重申，我們強勁的第二季業績凸顯了業務的持續發展勢頭以及 Chewy 團隊成員的執行力。我們相信，Chewy 仍處於非常有利的地位，能夠繼續實現份額成長和股東價值提升。

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) Doug Anmuth, JPMorgan.

（操作員指示）摩根大通的 Doug Anmuth。

Sumit, can you talk more about the investments that are required in the back half and into 2026 just as you lean into growth, a little bit more detail on those? And then also just how are you promoting and increasing awareness of some of the new offerings like Chewy+ and Get Real?

Sumit，您能否更詳細地談談下半年以及 2026 年在您傾向於成長之際所需的投資？那麼，您該如何推廣和提高 Chewy+ 和 Get Real 等新產品的知名度呢？

So let's start with the second question first because it will give you a sense for the investments that we're thinking about. So as you know, we have a very large base of customers, which continues to grow. This customer base is sticky and the programs like Chewy+ allow us to enhance the process of discoverability and get customers to attach both explore, discover and then attach even a greater set of product or a greater range of products and services offered by Chewy.

因此，我們首先從第二個問題開始，因為它可以讓您了解我們正在考慮的投資。如您所知，我們擁有非常龐大的客戶群，而且這個數字還在不斷增長。這個客戶群具有黏性，像 Chewy+ 這樣的程序使我們能夠增強可發現性的過程，並讓客戶參與探索、發現，然後加入 Chewy 提供的更豐富的產品或更廣泛的產品和服務。

So our first attack strategy is to essentially expose Chewy+ to existing members. And so far, we have not spent any incremental dollar on marketing the program externally, and we don't intend to do so as we ramp the program up. We're seeing really good participation of existing two members converting to become Chewy+ members. So the marginal cost of that acquisition is zero or nearly zero to us, and most of the exposure is being provided by on-site and funnel shopping experiences.

因此，我們的第一個攻擊策略是向現有會員展示 Chewy+。到目前為止，我們還沒有花費任何額外的資金來對外行銷該計劃，而且我們也不打算在擴大該計劃的過程中這樣做。我們看到現有兩位會員的參與度非常高，他們已轉變為 Chewy+ 會員。因此，對我們來說，此次收購的邊際成本為零或接近零，且大部分的曝光都是由現場和漏斗購物體驗提供。

Now, coming to Get Real, our approach is very similar. Large audience, we have what we believe really good recognition of what looks like premium cohorts and consumables for us. So our strategy is much more leaning into the broader value proposition of Chewy externally as the place, which is a destination for you to take care of your pets and providing food supplies, health, and other services and really gearing ourselves for conversion, right, rather than consideration building when customers come to our website. And so from that standpoint, the inputs that we've been really focused on is getting the quality of the product, the palatability of the product exactly where we want it. And we're pleased to see the customer response.

現在，談到 Get Real，我們的方法非常相似。我們擁有龐大的受眾群體，我們相信，他們對優質群體和消費品有著非常好的認知。因此，我們的策略更傾向於 Chewy 的外部更廣泛的價值主張，即作為一個地方，為您提供照顧寵物和提供食品供應、健康和其他服務，並真正為轉換做好準備，對吧，而不是在客戶訪問我們的網站時考慮建立。因此從這個角度來看，我們真正關注的投入是讓產品的品質和適口性達到我們想要的水平。我們很高興看到客戶的反應。

Number two, we're price competitive. There are many products out there that are priced much higher. And we believe the value prop or the balance of quality and price that we deliver really passes good value to the consumer.

第二，我們的價格具有競爭力。市面上有許多產品的價格要高得多。我們相信，我們提供的價值主張或品質與價格的平衡確實為消費者帶來了良好的價值。

Third, if you explore this product in the way that we've built it, this is not a standard product listing page experience. We've built a curated experience that allows customers to engage with this category in a manner that it allows them to seek the education, have the content at their fingertips. We've paired that up with really high CRM capability internally. And that will be our strategy moving forward as well.

第三，如果您按照我們建立的方式探索該產品，這不是標準的產品清單頁面體驗。我們建構了一種精心策劃的體驗，讓客戶能夠以一種讓他們尋求教育、隨時獲取內容的方式參與這一類別。我們在內部將其與非常高的 CRM 功能結合。這也將成為我們未來的策略。

So from that standpoint, we're not -- you shouldn't expect us to lean very heavily in marketing dollars. Currently, we're pairing Get Real with a strong acquisition offer, but candidly, Get Real customers or Fresh and Frozen customers are high NSPAC customers, you're looking at plus $2,500 spend full meal customers and running into the high hundreds for topper customers. But these customers are also really propense towards health and wellness and other high spend categories. So broadly, we see tremendous potential for this category being the highest gross profit per unit category in the company.

所以從這個角度來看，我們不是——你不應該指望我們會過度依賴行銷資金。目前，我們正在為 Get Real 提供強有力的收購優惠，但坦白說，Get Real 的客戶或新鮮和冷凍客戶是 NSPAC 的高客戶，您需要為全餐客戶支付額外 2,500 美元，而為頂級客戶支付數百美元。但這些顧客也確實傾向於健康、保健和其他高消費類別。因此，從整體來看，我們認為該類別具有巨大的潛力，成為公司單位毛利最高的類別。

The fact that we've already spent the money in building CapEx or capacity should essentially make you comfortable to the point that we don't have incremental CapEx investments coming up through 2028. Of course, if the program exceeds our expectation in a major manner, then that's a high-quality problem to have, and we'll talk about it at that particular point. But broadly speaking, these are high-margin sales, high sales, high-margin verticals, and we're excited to be finally leaning into them. and driving even stronger netback consolidation.

事實上，我們已經在建設資本支出或產能上投入了資金，這基本上可以讓你放心，因為到 2028 年我們不會有增量資本支出投資。當然，如果程式在很大程度上超出了我們的預期，那麼這就是一個高品質的問題，我們會在那個特定時刻討論它。但從廣義上講，這些都是高利潤銷售、高銷售額、高利潤垂直行業，我們很高興最終能夠傾向於它們，並推動更強勁的淨回值整合。

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

One question on the SG&A deleverage. And you may to put some guardrails on the magnitude of temporary costs here and how much maybe we can attribute to some of the FC changes versus the hard good processing costs. And because of that, how should we think about the leverage path into the back half?

關於銷售、一般及行政費用去槓桿的問題。並且您可能會對這裡的臨時成本的規模設置一些限制，以及我們可以將多少成本歸因於 FC 變化與硬商品加工成本。正因為如此，我們該如何看待後半部的槓桿路徑？

Yeah. Nathan, me provide broader commentary on SG&A and also answer your question very specifically. So first of all, as we discussed on the call, we expect roughly 60% of our adjusted EBITDA margin expansion to come from gross margin and 40% to come from OpEx leverage. So we do expect to deliver SG&A leverage in 2025. And by inference of our first half performance, you can expect that, that leverage will come in the back half of the year.

是的。內森，我對銷售、一般及行政費用 (SG&A) 提供了更廣泛的評論，並且也非常具體地回答了你的問題。首先，正如我們在電話會議上討論的那樣，我們預計調整後的 EBITDA 利潤率成長中約 60% 來自毛利率，40% 來自營運支出槓桿。因此，我們確實預期在 2025 年實現銷售、一般及行政費用槓桿。根據我們上半年的表現，你可以預期，槓桿作用將在下半年顯現。

Number two, yes, the amount of SG&A leverage on a year-over-year basis in '25 will be lower than '24. But I think that's the ebb and flow of SG&A, right? Let me kind of elaborate on that a bit. So this will ebb and flow in cycles a bit. As we elaborated in our Capital Markets Day in December '23, we set a target of roughly 200 basis points to deliver. So far, roughly two years out, we've already delivered 100 basis points or 50% of that target. The majority of that leverage has come from us ramping four fulfillment sites, which are automated 2G sites and roughly flowing 40%-plus of the volume through these states of automation within the company, right? By Q2 of next year, we expect nearly 50% of our volume will be automated, especially as Houston ramps up.

第二，是的，25 年銷售、一般及行政費用 (SG&A) 槓桿率年將低於 24 年。但我認為這是銷售、一般和行政費用的起伏，對嗎？讓我稍微詳細地解釋一下這一點。因此，這種情況將會週期性地出現一些起伏。正如我們在 2023 年 12 月的資本市場日上所闡述的那樣，我們設定的目標約為 200 個基點。到目前為止，大約兩年後，我們已經實現了 100 個基點，即該目標的 50%。這種槓桿作用的大部分來自於我們擴大四個履行站點，這些站點是自動化的 2G 站點，並且大約 40% 以上的業務量通過公司內部的這些自動化狀態流動，對嗎？到明年第二季度，我們預計將有近 50% 的業務量自動化，尤其是隨著休士頓業務量的增加。

Now, let me talk about the specifics in the quarter. So there's a couple of things that are happening in the quarter and in '25, right? So we launched Houston in April of this year, and it takes roughly six months for a Gen 2 facility to ramp sufficiently to start delivering leverage. And I went back and checked my notes from Q1 and perhaps we should have been a little more clear on that point upfront, right? So this facility is ramping well. It's ramping as expected, but it takes about six months for a Gen 2 facility to ramp for it to deliver sufficient leverage. As such, we do expect to see leverage out of the facility beginning in the second half of this year.

現在我來介紹一下本季的具體情況。那麼本季和 25 年會發生一些事情，對嗎？因此，我們在今年 4 月啟動了休士頓項目，第二代工廠大約需要六個月的時間才能充分發展並開始發揮槓桿作用。我回去檢查了 Q1 的筆記，也許我們應該提前更清楚地了解這一點，對嗎？所以這個設施運作良好。它正在按預期進行擴張，但第二代設施需要大約六個月的時間才能擴張到提供足夠的槓桿作用。因此，我們確實預計今年下半年該工具的槓桿率將會開始下降。

Now, the second thing that's going on in SG&A is, look, the faster we grow in 2025. And as you can infer, we're growing purely on the basis of units. Its structural growth, which is comping first half growth where we had pricing benefit. And so what you'll see is that SG&A that is a variable cost element, right, will essentially be enhanced, the faster we grow on the basis of units. But that's a high-quality problem to have because it builds density. It allows us to extract more cost out and get the economies of scale as our facilities fully ramp up. So again, that's a transitory thing and we expect this to be a lot easier and better as we step out from '25 into '26.

現在，銷售、一般和行政費用 (SG&A) 方面發生的第二件事是，你看，2025 年我們的成長速度會更快。正如您所推斷的，我們的成長純粹是基於單位的。它的結構性成長與我們享有定價優勢的上半年成長一致。因此，您會看到，隨著我們單位基礎成長速度的加快，銷售、一般及行政費用（即可變成本要素）將得到本質上的增強。但這是一個高品質的問題，因為它會增加密度。隨著我們的設施全面投入使用，它使我們能夠提取更多成本並獲得規模經濟。所以，這只是一個暫時現象，我們預計，隨著我們從 25 年邁入 26 年，情況會變得更加容易和好。

Now, let's talk about the onetime elements. So we picked up incremental inventory in hard goods because as you can see from the commentary in the market, prices are expected to rise in the back half of the year, right? And so we wanted to both shore up the inventory to deliver and immaculate customer experience from an in-stock point of view. But you know what, we might invest in price, right? We may invest in price to take share while everybody else is raising price, Chewy becomes another destination for pet parents to really extract the maximum value.

現在，我們來討論一次性元素。因此，我們增加了耐用品庫存，因為正如您從市場評論中看到的那樣，預計下半年價格會上漲，對嗎？因此，我們希望既能補充庫存，又能從庫存的角度提供完美的客戶體驗。但你知道嗎，我們可能會投資價格，對吧？當其他公司都在提高價格時，我們可能會投資價格來搶佔市場份額，而 Chewy 將成為寵物主人真正獲得最大價值的另一個目的地。

So temporarily, we believe this is a situation which is opportunistic, and we should lean in and improve our share position. You talked about -- and so roughly, we spent about $3 million to $5 million in this particular element in higher inbound processing cost, right? And the last component that we talked about in the script was higher wages and benefits and higher wages and expenses, which was a smaller element, which is sometimes cyclical, and that was about $2 million to -- $2 million to $3 million per se.

因此，我們暫時認為這是一個機會主義的情況，我們應該抓住機會，提高我們的市場份額。您談到了——粗略地說，我們在這個特定的更高入站處理成本上花費了大約 300 萬到 500 萬美元，對嗎？我們在劇本中討論的最後一個組成部分是更高的工資和福利以及更高的工資和支出，這是一個較小的因素，有時是週期性的，本身約為 200 萬至 300 萬美元。

The important takeaway is that you can expect SG&A costs to moderate in the back half of the year relative to the first half, and we expect to deliver SG&A leverage in '25.

重要的一點是，你可以預期銷售、一般及行政費用 (SG&A) 在下半年會相對於上半年有所緩和，並且我們預計在 25 年將實現銷售、一般及行政費用槓桿。

David Bellinger, Mizuho.

瑞穗的戴維·貝林格。

Hey, everyone. Good morning. Let me just squeeze a few together here. Maybe if we could just start on the Q2 gross margin improvement. You mentioned the premium products. That seemed like somewhat of a shift also maybe talking about some of this price investment in the back half. So can you unpack all that for us and how we should think about the drivers of gross margin expansion in Q3 and Q4?

嘿，大家好。早安.讓我在這裡把其中幾個放在一起。也許我們可以從第二季的毛利率改善開始。您提到了優質產品。這似乎是一種轉變，也許談論的是後半部分的一些價格投資。那麼您能為我們解釋所有這些嗎？我們該如何看待第三季和第四季毛利率擴張的驅動因素？

And then also just on the new OpEx investments, can you help us understand, is all this fully in your control and making decisions to further accelerate the top line and share gains versus something more reactionary or something changing in the external marketplace is forcing you to do this. Can you just help us understand that split in Chewy+ and Fresh and Frozen, this might impact the 15% incremental EBITDA margins for the business?

然後，僅就新的營運支出投資而言，您能否幫助我們理解，這一切是否完全在您的掌控之中，並且做出決策以進一步加速營收和分享收益，而不是採取更激進的行動或外部市場的變化迫使您這樣做。您能否幫助我們理解 Chewy+ 和 Fresh and Frozen 的拆分，這可能會影響業務 15% 的增量 EBITDA 利潤率？

Yes. Sure. No, it's a good question. Let's dive into it. So there's a couple of questions built into that. So let's carry on the part. So gross margin first. We're pleased with the gross margin expansion that we've delivered this quarter, right? And the drivers of gross margin, David, have remained very consistent over the past few quarters and overall in line with our story or the narrative that we brought to the street, right? They include product mix across our merchandising led businesses.

是的。當然。不，這是個好問題。讓我們深入研究一下。這裡面有幾個問題。那麼讓我們繼續這個部分。所以首先要考慮的是毛利率。我們對本季的毛利率成長感到滿意，對嗎？大衛，在過去幾個季度中，毛利率的驅動因素一直保持非常穩定，並且總體上與我們向華爾街傳達的故事或敘述一致，對嗎？它們包括我們以商品銷售為主導的業務的產品組合。

So you've heard us talk about health, premium consumables. Now, hard goods is starting to grow double digit, albeit at a smaller contribution, but still were encouraged to see kind of where this goes. So that's kind of why we use the word product mix across merchandising led businesses because it isn't just pharmacy, which has continued to contribute. It is health and wellness supplements, it's premium consumables. It's hard goods growth, et cetera.

您已經聽過我們談論健康、優質消費品。現在，耐用品的銷售額開始呈現兩位數成長，儘管貢獻較小，但我們仍然期待看到其未來發展。所以這就是為什麼我們在商品主導的業務中使用產品組合這個詞，因為它不僅僅是藥房，它一直在做出貢獻。它是健康和保健補品，是優質消耗品。這是耐用品的成長，等等。

So number two -- so the drivers of gross margin include product mix across merchandising led businesses, increasing Autoship penetration and scale that provides economies of scale and our ramping sponsored ads initiative, right? So that's very consistent commentary. For Q2, the promotional environment remained highly rational, right? And we don't expect the promotional environment to be irrational in the back half of the year. So as Will mentioned in his remarks, Q2 represent the high point of gross margin for the year, and I especially want to note that gross margin will fluctuate on a quarterly basis, right? And that would be helpful to remember.

那麼第二點——毛利率的驅動因素包括商品主導業務的產品組合、自動發貨滲透率的提高和提供規模經濟的規模以及我們不斷增加的贊助廣告計劃，對嗎？所以這是一個非常一致的評論。對Q2來說，促銷環境仍然非常理性，對嗎？我們預計下半年的促銷環境不會不合理。所以正如威爾在他的評論中提到的那樣，第二季度代表了今年毛利率的最高點，我特別想指出的是，毛利率會按季度波動，對嗎？這將有助於記住。

This is the case because while we pride ourselves on being disciplined, we also pride ourselves in being able to run the business dynamically each quarter. So for example, we will lean into opportunities where we believe July will benefit long term. For instance, we may lean into Autoship subscription growth if we're seeing the right conditions that signals from our marketing teams or on the program ramp, supplier ramp, the ramp of phasing the suppliers and sponsored ads may lead to one quarter being more meaningful than the other in terms of contribution.

這是因為我們一方面為自己嚴守紀律而感到自豪，另一方面也為自己能夠每季動態地經營業務而感到自豪。例如，我們將抓住我們認為 7 月將帶來長期利益的機會。例如，如果我們看到正確的條件，即來自我們的行銷團隊或計劃坡道、供應商坡道、分階段供應商和贊助廣告的坡道的信號可能導致一個季度在貢獻方面比另一個季度更有意義，我們可能會傾向於自動發貨訂閱增長。

The important point to remember for 2025 and in general, is that we plan on delivering a healthy level of gross margin expansion on an annualized basis. So specific to '25, if you recall our guidance, we expect approximately 60% of 25% EBITDA margin expansion to cover gross margin. So clearly, the inferring here is that we do expect to deliver meaningful gross margin expansion this year as well. So where are we investing in the back half. So if you look at our guidance, I'll just sort of like plain mass it out for us, right?

對於 2025 年以及總體而言，需要記住的一點是，我們計劃在年度基礎上實現健康的毛利率成長水準。因此，具體到 25 年，如果您還記得我們的指導，我們預計 25% 的 EBITDA 利潤率擴張中約有 60% 將涵蓋毛利率。因此很明顯，這裡的推論是我們確實預期今年的毛利率也將實現有意義的成長。那我們後半部投資在哪裡呢？因此，如果您看一下我們的指導，我就會像簡單地為我們進行大規模分析一樣，對嗎？

At the midpoint, our guidance is expanding by roughly $175 million, 15% of flow-through, you'd expect call an incremental $20 million, $25 million to flow to the bottom line. But we're choosing, right, to invest that back into the growth of the company whether that's growing the Chewy+ membership program that we believe is going to be super incremental and part of that incrementality is reflected in our top line guidance or whether it's continuing to grow Autoship stronger or whether it's opportunistically evaluating the market in the back half and seeing if there is selective pricing lean and opportunity? If there isn't, then great, we'll take it to the bottom line.

在中間點，我們的指引擴大了約 1.75 億美元，流通量為 15%，您預計增量為 2,000 萬美元、2,500 萬美元流入底線。但是，我們選擇將其重新投資到公司的成長中，無論是擴大我們認為將超級增量的 Chewy + 會員計劃，並且部分增量反映在我們的頂線指導中，還是繼續增強 Autoship 的實力，還是在下半年機會主義地評估市場並查看是否存在選擇性定價精益和機會？如果沒有，那太好了，我們會把它帶到底線。

But we've sort of left ourselves open to play the marketplace. And SG&A, structurally, this is all within our control. So these are two different things that are happening in the way that we will invest in the growth of the business. And the SG&A story, which is a very standardized certain onetime elements, but generally the ramp of our fulfillment facility.

但我們已經對市場持開放態度。從結構上來說，銷售、一般及行政費用 (SG&A) 都在我們的控制範圍內。因此，在我們投資業務成長的方式中，發生了兩件不同的事情。銷售、一般及行政費用 (SG&A) 故事是某些非常標準化的一次性元素，但一般來說，它是我們履行設施的坡道。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

So just going back to Get Real and some of your Fresh and Frozen efforts at this juncture, how big do you think the business can go over time? And then I know it's early, but just any characteristics of the initial customers that you're getting into the franchise. And in this sense, are you getting sense of -- do you have a sense of whether you're actually getting new customers just given that launch?

那麼，現在回到 Get Real 和您在 Fresh 和 Frozen 方面的努力，您認為隨著時間的推移，業務可以發展到多大？我知道現在還為時過早，但這只是你進入特許經營的初始客戶的任何特徵。從這個意義上來說，您是否知道——您是否知道在推出產品後您是否真的獲得了新客戶？

Sure. Yeah. So if we look at the TAM of the category today, we believe it's somewhere in the $3 billion, $4 billion range. And over the next several years, we expect this category to be north of $8 billion, so somewhere in the $8 billion to $12 billion range. The category is growing at mid-teens levels. It was growing faster up until last year. Now, it's growing at mid-teens level. And that's a really healthy growth rate for us to be able to get excited about, right?

當然。是的。因此，如果我們看一下今天該類別的 TAM，我們認為它介於 30 億美元至 40 億美元之間。在接下來的幾年裡，我們預計這一類別的規模將超過 80 億美元，介於 80 億美元至 120 億美元之間。該類別正以十幾歲的水平增長。直到去年，它的成長速度才有所加快。現在，它的成長率達到了十幾歲的水平。對我們來說，這是一個真正健康的成長率，值得我們感到興奮，對吧？

Number three, there is a lot of interest in this category from around the industry, right? You've seen some de novo players already leaning in. You've seen national branded players start announcing their announcement or their product offerings. We're really excited to be partnering with the national branded partners as they bring their products to life in the back half of this year. And alongside that, right, Get Real, we expect to have a meaningful amount of share as the category grows. What is meaningful? We would consider roughly a share position commensurate to Chewy's share position in the industry to be a meaningful share outcome, right?

第三，整個產業對這個類別很感興趣，對嗎？您已經看到一些新進玩家已經開始行動。您已經看到國家品牌企業開始宣布他們的公告或產品。我們非常高興能夠與國家品牌合作夥伴合作，他們將在今年下半年推出他們的產品。除此之外，隨著類別的成長，我們預期 Get Real 的市佔率將顯著增加。什麼才有意義？我們認為與 Chewy 在行業中的份額地位大致相當的份額地位是一個有意義的份額結果，對嗎？

Now, given that we've built the capacity, given that we've built the topology to be a one-day network, right, and given the sophistication that we have in our supply chain, we expect, right, the high gross margin possibility of the vertical to efficiently translate into high EBITDA as well, right? And alongside, you asked about the quality of the customer.

現在，考慮到我們已經建立了產能，考慮到我們已經建立了一日網路的拓撲結構，考慮到我們供應鏈的複雜性，我們預計，垂直行業的高毛利率可能性也會有效地轉化為高 EBITDA，對吧？同時，您也詢問了客戶的品質。

Let me answer that now. So, so far, it's early days. We've been at it, what, less than four weeks, five weeks. And so far, we're seeing roughly 70% of the customers are existing customers, 30% of the customers are net new customers. And that is -- as my earlier comments to Doug indicated, we'd expect that, right?

現在讓我來回答這個問題。所以，到目前為止，一切還處於早期階段。我們已經這樣做了，不到四周，五週。到目前為止，我們發現大約 70% 的客戶是現有客戶，30% 的客戶是淨新客戶。那是——正如我之前對 Doug 的評論所表明的那樣，我們預料到了這一點，對嗎？

So we're benefiting from the general traffic that the industry will create in marketing the product and we are priming ourselves for conversion using our site experience with Get Real. We'd expect the NSPAC of these customers to be north of $800 for toppers because we believe they will attach two or three more categories. And for full meals, we expect this to be a plus $2,500 customer on an annual basis. So we're excited about it.

因此，我們受益於行業在行銷產品時產生的整體流量，我們正在利用我們在 Get Real 上的網站經驗為轉換做好準備。我們預計這些客戶的 NSPAC 禮帽價格將超過 800 美元，因為我們相信他們會附加兩個或三個以上的類別。對於全餐，我們預計這將為顧客每年帶來 2,500 美元的額外收入。所以我們對此感到很興奮。

Shweta Khajuria, Wolfe Research.

Shweta Khajuria，沃爾夫研究公司。

Let me try two, please. Sumit, could you please talk about the advertising environment is the conversations you've had through the quarter? And what is top of mind across advertisers as we think about the back half of this year and potentially even next year? And how it is and how ad revenue is trending or I guess, advertising business, not revenue is trending for you versus your expectations?

請讓我試兩次。Sumit，您能否談談本季的廣告環境？當我們考慮今年下半年甚至明年時，廣告主最關心的是什麼？那麼情況如何？廣告收入趨勢如何？或者我猜，廣告業務（而不是收入）的趨勢與您的預期相比如何？

And then the second question is, generally, what are your expectations as we think about the macro in terms of net household formations for the remainder of this year and also next year. And I asked because there could be inflationary pressure. So how are you thinking about the mix of customer growth versus pricing? Do you still expect it to be call it, low to mid-single-digit percentage growth rate in the back half? Or is there potential for acceleration in the back half of this year?

第二個問題是，總體而言，從宏觀角度考慮今年剩餘時間和明年的家庭淨形成情況，您的預期是什麼。我之所以問這個問題是因為可能有通膨壓力。那麼您如何考慮客戶成長與定價的組合？您是否仍預期下半年的成長率將達到低至中個位數？或是今年下半年是否有加速的潛力？

Okay. There are three questions there. State of the industry and key inputs, our composition of new customers and NSPAC, and then three, ad rev pricing. So let's take them one by one.

好的。這裡有三個問題。行業狀況和關鍵投入、我們的新客戶和 NSPAC 的組成，然後是廣告收入定價。讓我們一一討論。

So in terms of the lay of the land, so let's start with pet household formation trends. Overall, the trends that we spoke about last several quarters have remained consistent, and we're not seeing notable changes relative to those comments, right?

因此，就地形而言，讓我們從寵物家庭形成趨勢開始。總體而言，我們在過去幾個季度談到的趨勢保持一致，並且我們沒有看到相對於這些評論的顯著變化，對嗎？

With respect to data, the shelter channel, net adoptions remain stable, and relinquishments continue to trend down year-over-year. And so overall, we expect at households to be broadly flat to slightly up in 2025, right? So the point on industry continues to normalize, seems to be holding true.

從收容所管道的數據來看，淨收養數量保持穩定，而放棄數量則持續逐年下降趨勢。因此，總體而言，我們預計到 2025 年家庭支出將基本持平或略有上升，對嗎？因此，關於產業繼續正常化的觀點似乎是正確的。

Now, across the conversations that we're having with our suppliers and interpreting the market from a consumer standpoint, we believe the back half of the year or generally for 2025, the industry remains in low single digit to kind of perhaps the low end of the mid-single-digit range in terms of growth. And so we are clearly taking share, growing on a 52-week basis between 7% and 8% and 53-week basis, the 6% range or so. which we're excited about. And this is on top of the fact that we have tougher comps that we're comping as we move into the back half of the year. So we're excited about that.

現在，透過與供應商的對話以及從消費者的角度解讀市場，我們認為，今年下半年或整個 2025 年，該行業的成長率仍將保持在低個位數到中個位數範圍的低端。因此，我們的市場份額顯然在 52 週的基礎上增長了 7% 到 8%，在 53 週的基礎上增長了 6% 左右。我們對此感到興奮。除此之外，隨著進入下半年，我們的競爭情勢也變得更加嚴峻。所以我們對此感到很興奮。

Now, let's talk about our composition. So our growth algorithm, as we've guided long term is a combination of active customers growing low single digit to mid-single digit and NSPAC growing mid-single digits, right? And so we're pleased to essentially maintain that for the rest of the year. We're encouraged by the steady and consistent return to active customer growth that we have delivered over the past several quarters and we expect that to continue on a sequential basis, right?

現在，我們來談談我們的作文。因此，正如我們長期指導的那樣，我們的成長演算法是活躍客戶成長從低個位數到中等個位數以及 NSPAC 成長中等個位數的組合，對嗎？因此，我們很高興在今年剩餘時間內基本保持這一水平。我們對過去幾季活躍客戶穩定、持續的成長感到鼓舞，我們預計這種成長將持續下去，對嗎？

I would remind you that we will be lapping our return to active customer growth in Q4 which will result in modestly tougher comps for us in Q4. And even with the tougher comps, we continue to expect to grow active customers at the high end of the low single-digit range in 2025, right?

我想提醒大家的是，我們將在第四季度恢復活躍客戶成長，這將導致我們第四季的業績略微艱難。即使面對更嚴峻的競爭情勢，我們仍預期 2025 年活躍客戶數量將成長至低個位數的高端，對嗎？

And then when you look at NSPAC, we delivered 4.5% growth in Q2. That is in a normalized environment, which would -- where there is some pricing benefit. Right now, there is no pricing -- or no material pricing benefit flowing through. So we're growing netback at 4.5%, and we would expect, right, NSPAC to continue to trend in that 4.5% to 5%, 5.5% range as we move into the back half.

然後，當您查看 NSPAC 時，我們在第二季度實現了 4.5% 的成長。這是在正常化的環境中，會有一定的定價優勢。目前，沒有定價——或者沒有實質的定價利益。因此，我們的淨回值成長率為 4.5%，我們預計，隨著我們進入下半年，NSPAC 將繼續保持在 4.5% 至 5%、5.5% 的範圍內成長。

And again, this is through stronger Autoship, stronger product mix, programs like Chewy+ that are driving consolidation. So it makes a lot of sense for us to lean in and continue to capitalize on the growth that we're seeing.

再次強調，這是透過更強大的自動發貨、更強大的產品組合以及 Chewy+ 等推動整合的計劃來實現的。因此，我們很有必要繼續關注並利用我們所看到的成長。

And then your final question on advertising, the market -- competitive intensity is high. We don't see generally from a lean end point of view, either suppliers or competitors lean out. So competitive intensity remains high. We are really pleased with the metrics that we are seeing on our side. For example, our net traffic was up 14% in the quarter, number of sessions.

然後是關於廣告的最後一個問題，市場競爭激烈。從精實的角度來看，我們一般不會看到供應商或競爭對手出現精實的情況。因此競爭強度仍然很高。我們對我們所看到的指標感到非常滿意。例如，本季我們的淨流量（會話數）成長了 14%。

And then on the mobile app side, right, sessions were up over 25% year-over-year. And so broadly speaking, we're attracting customers, and we like that translation layer. When we think about sponsored ads, that continues to resonate really loudly. And we feel good about the continued progress that the business made on ads this quarter, which, again, grew sequentially and we have strong conviction in our long-term target of the 1% to 3% that we have brought to the table.

然後在行動應用程式方面，會話量比去年同期增加了 25％ 以上。從廣義上講，我們正在吸引客戶，我們喜歡翻譯層。當我們想到贊助廣告時，它仍然會引起強烈的共鳴。我們對本季廣告業務的持續進展感到滿意，廣告業務再次實現了環比增長，我們對我們提出的 1% 至 3% 的長期目標充滿信心。

Michael Morton, Towers.

邁克爾·莫頓，塔樓。

Question for Sumit. Bigger picture and then maybe a more near-term one. But Chewy has done an excellent job kind of disproving the fears around competing with retail giants and there are the obvious competitive advantages like customer service.

問 Sumit 一個問題。先看更大的圖景，然後也許是更近期的圖景。但 Chewy 出色地消除了人們對與零售巨頭競爭的擔憂，並且擁有明顯的競爭優勢，例如客戶服務。

But we were wondering if you could maybe speak to some of the aspects that are missed by us on the outside, where you think your real opportunity is to continue gaining incremental share? And then maybe just internally how this is reflected in your outlook as pet household formation continues to improve? And then just on the hard goods recovery, maybe just a little bit details on volume versus ASP would be helpful.

但我們想知道您是否可以談談我們外界忽略的一些方面，您認為您的真正機會在哪裡是繼續獲得增量份額？那麼，隨著寵物家庭組成情況的不斷改善，這是否從內部反映在您的觀點中？然後，就耐久財的復甦而言，也許稍微了解一下銷量與平均售價的細節會有所幫助。

So let's start with the second question. It's all primarily volume. There is a very little ASP benefit right now in the hard goods recovery. The primary drivers of hard goods recovery are, as you've heard me talk about it last quarter, I will reiterate that a rapid acceleration and expansion of in stock, higher -- more products for customers to choose from. We've onboarded over 1,500 brands this year already, and customer reception on the freshness of that inventory is really encouraging for us to see.

那麼讓我們先從第二個問題開始。一切主要都與數量有關。目前耐久財復甦中的平均售價收益非常小。正如你們在上個季度聽到我談論的那樣，耐用品復甦的主要驅動力是庫存的快速成長和擴張，以及更多的產品供客戶選擇。今年我們已經加入了 1,500 多個品牌，看到客戶對庫存新鮮度的接受度確實讓我們感到鼓舞。

Number two, our in-stock levels have remained really high, and we want to keep them high and hence, the investment in inventory in Q2 as we move into the back half of the year.

第二，我們的庫存水準一直保持在高位，我們希望保持高水平，因此，隨著進入下半年，我們將在第二季度加大對庫存的投資。

Number three, continued exposure for hard goods customers in the way that we're communicating with them, both on-site and off-site. And so overall, we're encouraged by what we are seeing in hard goods and don't expect it to slow down as we've played Q3 so far. So a good story there.

第三，透過與耐久財客戶進行現場和場外溝通的方式，持續吸引他們的注意。因此，總體而言，我們對耐用品的銷售情況感到鼓舞，並且預計其銷售速度不會放緩，就像我們迄今為止所經歷的第三季度一樣。這是一個好故事。

And then your higher order question around differentiation. And look, we really always interpreted the playing field as much broader than food and supplies. And when you essentially interpret $140 billion, $150 billion TAM, right, which is increasingly online. The value prop that we are bringing to the market, which is credibly connecting food suppliers, the entire health ecosystem alongside B2C, B2B, or B2B2C type services options.

然後是關於區分的高階問題。瞧，我們確實總是將競爭環境理解為比食物和補給更為廣闊。當你從本質上解釋 1400 億美元、1500 億美元的 TAM 時，對的，它越來越在線。我們為市場帶來的價值主張是可靠地連接食品供應商、整個健康生態系統以及 B2C、B2B 或 B2B2C 類型的服務選項。

And then really keeping customers in our funnel and building that layer cake. We do it, in my opinion, in one of the most efficient and powerful ways relative to anybody out there. And so there are reasons for that, right. So in the food and supply side, you would think that we are a scaled e-commerce player, but with the personalized service you would expect in a local neighborhood pet store. And that combination is very hard to achieve. And we continue to achieve and outperform and are never satisfied with our performance when you think about it at the scale that we're operating.

然後真正將客戶留在我們的頻道中並建立那層蛋糕。在我看來，我們採用的方法比任何人都更有效、更強大。所以這是有原因的，對吧。因此，在食品和供應方面，您可能會認為我們是一家規模化的電子商務公司，但我們也提供您在當地社區寵物商店中所期望的個人化服務。但這種結合非常難以實現。如果你考慮到我們的營運規模，我們會繼續取得成就並超越目標，並且永遠不會對我們的表現感到滿意。

Then next to it, we have stood up a very large and compelling health TAM, which now we're playing in nearly 100% of the $50 billion health TAM that is growing at 2 times the rate of food and supplies and within that, we've built a very credible set of offerings. So whether it's the fact that less than a fourth of our customers are interacting through verticals like pharmacy which gives us tremendous headroom to continue to grow in pharmacy, particularly as the vertical continues to move more and more online or whether it's the growth of our compounding business.

除此之外，我們還建立了一個非常龐大且引人注目的健康 TAM，現在我們在 500 億美元健康 TAM 中的佔比接近 100%，其增長速度是食品和用品的兩倍，並且在此範圍內，我們構建了一套非常可靠的產品。因此，無論是因為只有不到四分之一的客戶透過藥房等垂直行業進行互動，這為我們在藥房領域繼續增長提供了巨大的空間，特別是隨著垂直行業越來越多地轉向在線，還是因為我們的複合業務的增長。

We haven't talked about compounding for a while. That -- the gross margin -- the compounding -- there's only two credible compounders in the country, and we stepped into compounding to offer the first B2C offering for customers, but we're also becoming a more and more choice product for veterinarians who want to lead into compounding services. And the gross margins for compounding are even higher than gross margins for pharmacy and the barriers to entry are really high, right?

我們已經有一段時間沒有談論複利了。那就是毛利率——複合——全國只有兩家可靠的複合企業，我們進入複合領域，為客戶提供首個 B2C 產品，但我們也越來越成為那些想要進入複合服務的獸醫的首選產品。複方藥物的毛利率甚至比藥局的毛利率還要高，而且進入門檻很高，對嗎？

Next to it, we've built a very credible B2C and B2B software business, which continues to ramp. And so broadly speaking, and now with CVC ramping higher than expectation, it's only excitement that we can sort of project moving in the future. Chewy+ is a program we're excited about, and that's why we believe it was important to inform you that the program is quickly ramped up to become 3% of net sales, exiting the last month of last quarter, and we expect it to continue, right?

除此之外，我們還建立了非常可靠的 B2C 和 B2B 軟體業務，而且該業務仍在持續成長。從廣義上講，現在 CVC 的成長速度高於預期，我們對未來的預測令人興奮。Chewy+ 是一個讓我們興奮的項目，這就是為什麼我們認為有必要通知您，該項目已迅速提升至淨銷售額的 3%，在上個季度的最後一個月結束，我們預計它會繼續下去，對嗎？

We see this program in line with the Amazon Prime or Costco membership or a Walmart+ with similar benefits and similar returns. And so our job is to position it as the best cat membership program in the industry. We're excited about that. So there's lots -- there's lots in front of us that allows us to compete without really being concerned about competitive intensity, that's always -- we are observant of that, but we're really obsessed over our customers.

我們認為該計劃與 Amazon Prime 或 Costco 會員或 Walmart+ 會員類似，具有類似的福利和回報。因此，我們的工作是將其定位為業內最好的貓會員計劃。我們對此感到很興奮。因此，我們面前有很多機會，讓我們能夠參與競爭，而不必真正擔心競爭強度，這一點始終是——我們對此保持關注，但我們真正關心的是我們的客戶。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

Thanks. Sumit, curious, you had some earlier comments about sort of the quality of cohorts improving year-over-year. And I was just wondering if you could elaborate on that. Is that just sort of simply the industry itself stabilizing and improving? Are you doing things to kind of stimulate that? And the growth maybe sort of a related topic, but the growth in Autoship and the outperformance there, which has been relatively sustained over the last three quarters. How long do you think that runs?

謝謝。Sumit，我很好奇，您之前曾評論過群體品質逐年提高的情況。我只是想知道您是否可以詳細說明一下。這是否只是產業本身的穩定與改善？您是否正在做一些事情來刺激這一點？成長可能是個相關話題，但 Autoship 的成長和優異表現在過去三個季度一直相對持續。您認為這會持續多久？

So the quality of the cohorts improving is a result of two different things, Dylan, and they're both complementing us. One is -- the more customers we push into programs like Autoship or bring in through programs like Chewy+, the more our ability to keep them in the funnel get them more opportunities we have to talk to them, to get them to consolidate their NSPAC, and the faster netback consolidation that we see from them. So within the program itself, then we have worked towards improving settlement rates.

因此，群體品質的提升是兩個不同因素共同作用的結果，迪倫，它們都在補充我們。一是——我們推動客戶加入 Autoship 等計劃或透過 Chewy+ 等計劃吸引的客戶越多，我們留住這些客戶的能力就越強，我們與他們交談的機會就越多，讓他們整合他們的 NSPAC，我們看到他們的淨回值整合速度就越快。因此，在該計劃本身內，我們一直致力於提高解決率。

So for example, if you think about Autoship, there's a -- it's a two-sided far, right? We're bringing in growth subscription and then we're retaining net subscribers. So we will grow both of our rate of gross subscription add to Autoship has increased, and our second order, third order, fourth order settlement rates into Autoship has improved, which then means that the net retention in Autoship is much better. And you see that layer cake building pretty effectively. That continues to push a greater portion of our sales moving through ownership.

舉例來說，如果你考慮自動發貨，那麼 - 這是一個雙面的事情，對嗎？我們正在引入成長訂閱量，然後保留淨訂閱量。因此，我們的自動出貨總訂購量增加率將會提高，我們的第二單、第三單、第四單自動出貨結算率也會提高，這意味著自動出貨的淨保留率會好得多。而且您會看到，層狀蛋糕的建造過程非常有效。這將繼續推動我們的銷售額透過所有權轉移。

With Chewy+, we're seeing a similar effect, right? Chewy+ members are engaging with and adding, and on an average, three more categories than nonmembers to their baskets, right? And the mix of cohort is really interesting to us because it opens up Chewy right, to all of the low spending cohorts where we can rapidly consolidate baskets and it's opening us up for high-spend cohorts to expand and discover other products, which are also expanding basket size. So on an average, we see really strong incrementality and the quality of cohorts of the Chewy+ program is healthy.

使用 Chewy+，我們看到了類似的效果，對嗎？Chewy+ 會員參與的商品類別平均比非會員多，並且會添加到購物籃中，對嗎？我們對群體組合非常感興趣，因為它為 Chewy 開闢了道路，讓我們能夠向所有低消費群體快速整合購物籃，同時也為高消費群體打開了擴展和發現其他產品的機會，這也擴大了購物籃的規模。因此，平均而言，我們看到了非常強勁的增量，並且 Chewy+ 計劃的群組品質是健康的。

Then we have a large and growing health business and a premium consumables business. Remember, every time I've talked about this in the past, we've mentioned that when it comes to the low-end value segment of the market, which is roughly, in our opinion, 12% of the market or customers. That's slightly not the place for Chewy, but everybody else, right. Chewy is the place.

我們擁有龐大且不斷成長的健康業務和優質消費品業務。請記住，過去每次我談論這個問題時，我們都會提到，當涉及低端價值市場時，我們認為這大約佔市場或客戶的 12%。那不太適合 Chewy，但適合其他人，對吧。Chewy 就是這個地方。

And then the final thing is more and more people move in online. So clearly, online is consolidating share from off-line and once we lock these customers in, which we were not doing as well, in my opinion, in '22, '23, you're seeing the results sort of come through here.

最後，越來越多的人轉向網路。顯然，線上正在鞏固線下份額，一旦我們鎖定了這些客戶，我認為我們在 2022 年、2023 年做得併不好，你就會看到結果。

And just curious, Chewy+, I get that it's early days as far as sort of mid-single-digit revenue penetration. But for a lot of loyalty programs, you mentioned prime, as kind of the majority of the business. Is that part of the intention here. And just from a margin standpoint, let's assume it's the majority of the business, that would be margin accretive.

只是好奇，Chewy+，我知道就中等個位數的收入滲透率而言，現在還處於早期階段。但是對於許多忠誠度計劃來說，您提到了 Prime，這是業務的絕大部分。這是這裡的部分意圖嗎？僅從利潤率的角度來看，我們假設大部分業務都會增加利潤率。

So look, I mean, I think we've shared the stat in the fact that in the past that at some point, we did the survey not so long ago, three-fourths of our customers are prime members, right? And so I think that's probably well understood, given how broad the penetration of that program is.

所以，我的意思是，我認為我們已經分享過這樣的統計數據，即我們不久前做過的調查，四分之三的客戶都是主要會員，對嗎？因此，考慮到該計劃的普及範圍之廣，我認為這是可以理解的。

But candidly, what we're observing is what we've also shared in the past is that our -- generally, it is well understood that we retain a very high percentage of our customers from going into year two, right? And so our attrition is de minimis, past kind of a 30-month mark. And you saw that in the way that our pandemic cohorts have settled out, right?

但坦白說，我們觀察到的情況和我們過去分享過的情況一樣，一般來說，眾所周知，我們在第二年保留了很大比例的客戶，對嗎？因此，我們的人員流失率很低，通常超過 30 個月即可。您從我們的疫情群體的安頓下來的方式中看到了這一點，對嗎？

And so what happens is that once we have a customer past the 30-month mark, in the past, right, they would rapidly consolidate their share of wallet over to Chewy, right, regardless of whether they are a prime member or not. And now with Chewy+, we're seeing that that consolidation is happening even faster, right? With Autoship, we're seeing that, that consolidation happens even faster because we've improved the proposition on the Autoship program itself. So that was my point on why we're seeing it both accelerated as well as credibly built netback curves on the back of these two programs.

所以發生的情況是，一旦我們的客戶超過 30 個月，在過去，對吧，他們會迅速將他們的錢包份額轉移到 Chewy，對吧，無論他們是否是主要會員。現在有了 Chewy+，我們看到這種整合正在發生得更快，對吧？透過自動出貨，我們發現整合發生得更快，因為我​​們改進了自動出貨計畫本身的主張。所以這就是我的觀點，為什麼我們看到它在這兩個項目的推動下既加速又可靠地建立了淨回值曲線。

And then your other question was around margin. Yeah, we expect Chewy+ to be margin accretive right? So as the program ramps, obviously, we're leaning in into the 30-day free trial period. There is the mix of new members to paid members. It will take a few months for the netback consolidation to start coming through. But broadly so, yeah, the program will be gross margin rate dilutive, but on a dollar basis, it will be highly accretive and on a contribution profit basis, it will be highly accretive. And so I think you would essentially underwrite a business case where we came to you and said, hey, we're investing X basis points, but we get 6x the return in top line, okay? I think that grow is something that we will underwrite.

然後您的另一個問題是關於利潤。是的，我們預計 Chewy+ 能夠增加利潤，對嗎？因此，隨著該計劃的推進，我們顯然傾向於 30 天的免費試用期。有新會員和付費會員。淨回值整合需要幾個月的時間才能開始實現。但從廣義上講，是的，該計劃將稀釋毛利率，但以美元計算，它將具有高度的增值性，以貢獻利潤計算，它將具有高度的增值性。因此，我認為你基本上會承保一個商業案例，我們來找你並說，嘿，我們投資 X 個基點，但我們獲得 6 倍的頂線回報，好嗎？我認為，成長是我們會承擔的責任。

Thank you. Those are 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討論的所有問題。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。