Chewy Inc (CHWY) 2025 Q3 法說會逐字稿

Hello, and welcome to the Chewy Third Quarter 2025 Earnings Call. My name is Emily, and I will be coordinating your call today. (Operator Instructions) I will now hand over to our host, Natalie Nowak, to begin. Please go ahead.

大家好，歡迎參加 Chewy 2025 年第三季財報電話會議。我叫艾米麗，今天我將負責協調您的通話。（操作員指示）現在我將把主持權交給我們的主持人娜塔莉·諾瓦克，由她開始。請繼續。

Thank you for joining us on the call today to discuss our third quarter results for fiscal year 2025. Joining me today are Chewy's CEO, Sumit Singh; Will Billings, our Chief Accounting Officer and Interim Principal Financial Officer; and Chris Depee, our Head of Commercial Finance and FP&A. 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.

感謝您今天參加我們的電話會議，討論我們 2025 財年第三季的業績。今天與我一同出席的有 Chewy 的首席執行官 Sumit Singh；我們的首席會計官兼臨時首席財務官 Will Billings；以及我們的商業財務和財務規劃與分析主管 Chris Depee。我們今天稍早向美國證券交易委員會提交的獲利報告已發佈在我們網站的投資者關係部分。除了財報發布外，我們還在公司網站 investor.chewy.com 上提供一份總結業績的簡報。

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 really 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，我們將發表一些前瞻性聲明，包括有關 Chewy 的財務業績和表現、行業趨勢、策略舉措、股票回購計劃以及我們所處環境的聲明。根據 1995 年《私人證券訴訟改革法案》，此類聲明屬於前瞻性聲明。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。我們建議您查閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格中題為「風險因素」的部分，其中討論了這些風險。

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. 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. Be it non-GAAP measures are non-intended as a substitute for GAAP results, additionally much otherwise stated all comparison discussed on today's call will be against the comparable period of fiscal year 2024.

已公佈的結果不應被視為未來業績的指標。另外，請注意，本次電話會議中的前瞻性陳述是基於我們截至今日可獲得的資訊。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。此外，在本次電話會議中，我們也將討論一些非GAAP財務指標。這些非GAAP專案與最直接可比較的GAAP財務指標的調節表已在我們的投資人關係網站和獲利報告中提供。但需要說明的是，非GAAP指標並非旨在取代GAAP結果；此外，儘管另有說明，今天電話會議上討論的所有比較都將與2024財年的同期進行比較。

Finally, this call has been entirely being webcast on our Investor Relations website. A replay of the webcast will also be available on our Investor Relations website shortly. And with that, I'd like to turn the call over to Sumit.

最後，本次電話會議已在我們的投資者關係網站上進行了全程網路直播。網路直播的回放也將很快在我們的投資者關係網站上提供。接下來，我想把電話交給蘇米特。

Thanks, Natalie, and good morning, everyone. Chewy continues to outperform the pet category and expand market share with profits once again growing faster than sales. We are delivering consistent year-over-year profitability gains and remain firmly on track toward our long-term objective of 10% adjusted EBITDA margin.

謝謝娜塔莉，大家早安。Chewy 繼續在寵物用品類別中表現優異，市場份額不斷擴大，利潤成長速度再次超過銷售額成長速度。我們實現了持續的年度獲利成長，並繼續朝著10%的調整後EBITDA利潤率的長期目標穩步前進。

Q3 results build on the momentum from the first half of fiscal 2025 and highlight the structural resilience of our model as well as the efforts and execution quality of every team member at Chewy. We exceeded the high end of our net sales guidance, expanded margins and accelerated free cash flow generation. Let's get into the details.

第三季業績延續了 2025 財年上半年的良好勢頭，突顯了我們模式的結構韌性，以及 Chewy 每位團隊成員的努力和執行品質。我們超額完成了淨銷售額預期，擴大了利潤率，並加快了自由現金流的產生。讓我們深入了解一下細節。

First, our financial and customer performance. Q3 net sales grew over 8% year-over-year to $3.12 billion, primarily driven by unit volume growth, not price. Growth in Autoship customer sales outpaced total company growth increasing 13.6% to $2.61 billion. As we have discussed before, Autoship revenues are highly predictable and allow operational planning to reduce cost and grow margin in a way that gives Chewy unique structural competitive advantages. We ended Q3 with 21.2 million active customers, up nearly 5% year-over-year and delivered improvements across every part of the active customer funnel.

首先，我們來看財務和客戶表現。第三季淨銷售額年增超過 8%，達到 31.2 億美元，主要由銷售成長推動，而非價格上漲。自動出貨客戶銷售額的成長速度超過了該公司整體的成長速度，成長了 13.6%，達到 26.1 億美元。正如我們之前討論過的，自動發貨收入具有高度可預測性，並允許透過營運規劃來降低成本和提高利潤率，從而為 Chewy 帶來獨特的結構性競爭優勢。第三季末，我們的活躍客戶數量達到 2,120 萬，年增近 5%，並且在活躍客戶轉換漏斗的各個環節都取得了改進。

Marketing efficiency continues to strengthen as we deploy spend with greater precision, attracting high-quality customers, driving stronger conversion and improving LTV to CAC ratios. Enhanced mobile app functionality is lifting direct traffic with app customers and app orders up approximately 15% year-over-year. These improvements supported marketing leverage in the quarter while enabling year-over-year growth in both new customers and reactivations alongside lower churn. Net sales per active customer reached $595, up nearly 5% year-over-year.

隨著我們更精準地投放支出，行銷效率不斷提高，吸引高品質客戶，推動更高轉換率，並提高客戶終身價值與客戶獲取成本比率。增強的行動應用程式功能提升了直接流量，應用程式用戶和應用程式訂單年增約 15%。這些改進措施增強了本季的行銷實力，同時實現了新客戶和客戶重新激活數量的同比增長，並降低了客戶流失率。每位活躍客戶的淨銷售額達到 595 美元，較去年同期成長近 5%。

Now let's review profitability and free cash flow. After which, I will comment on some of our ongoing initiatives. Gross margin expanded roughly 50 basis points year-over-year to 29.8%, driven by sponsored ad growth, a strong Autoship baseline and favorable category mix. We believe that these gains will structurally enhance our margins going forward. Adjusted EBITDA reached $181 million, up 30% year-over-year.

現在我們來回顧一下獲利能力和自由現金流。之後，我將就我們正在進行的一些項目發表看法。毛利率年增約 50 個基點至 29.8%，主要得益於贊助廣告的成長、強勁的自動出貨基數以及有利的品類組合。我們相信，這些收益將從根本上提高我們未來的利潤率。調整後 EBITDA 達到 1.81 億美元，年增 30%。

Adjusted EBITDA margin reached 5.8%, representing 100 basis points of year-over-year expansion and flow-through of about 18%. Margin gains reflect strong gross margin execution disciplined SG&A management and continued efficiency in advertising and marketing. And finally, we generated approximately $176 million of free cash flow in the quarter up nearly $70 million sequentially. Our profitability and cash generation enabled us to repurchase $55 million of shares, while self-funding strategic investments that position Chewy for durable long-term value creation.

調整後 EBITDA 利潤率達到 5.8%，較去年同期成長 100 個基點，傳導效應約 18%。利潤率的成長反映了強勁的毛利率執行、嚴格的銷售、一般及行政管理以及廣告和行銷方面的持續高效。最後，本季我們產生了約 1.76 億美元的自由現金流，比上一季增加了近 7,000 萬美元。我們的獲利能力和現金流使我們能夠回購價值 5,500 萬美元的股票，同時為策略性投資提供自籌資金，使 Chewy 能夠實現持久的長期價值創造。

Now I would like to provide an update on some of Chewy's ongoing initiatives, starting with Chewy's health offerings. Chewy Vet Care or CVC, continues to exceed expectations, driving strong utilization, supporting ecosystem engagement and strengthening customer loyalty through recurring high-margin services. Each clinic acts as both an acquisition channel and a retention driver supporting deeper Autoship and health program participation. We have opened two additional CVC practices since our last earnings call including our first one in Phoenix, bringing our total to 14 locations across five states. Two more clinics are opening soon keeping us on track with our previously stated plan to open 8 locations to 10 locations this fiscal year.

現在我想向大家介紹一下 Chewy 正在進行的一些舉措，首先是 Chewy 的健康產品。Chewy Vet Care（簡稱 CVC）持續超越預期，透過持續的高利潤服務推動強勁的使用率，支持生態系統參與並增強顧客忠誠度。每家診所既是客戶獲取管道，也是客戶留存驅動因素，從而促進客戶更深入參與自動續費和健康計畫。自從上次財報電話會議以來，我們又開設了兩家 CVC 診所，其中包括我們在鳳凰城的第一家，使我們在五個州的診所總數達到 14 家。另有兩家診所即將開業，這將使我們按計劃在本財年開設 8 至 10 家診所。

Staying on the topic of Chewy's health offerings, on October 30, we announced the acquisition of SmartEquine a leading Equine Health brand with strong loyalty and repeat purchase behavior. The transaction is expected to be accretive to adjusted EBITDA margins upon closing. SmartEquine enhances Chewy's premium health and nutraceutical assortments and strengthens our position in high-value wellness categories.

繼續談到 Chewy 的健康產品，10 月 30 日，我們宣布收購了 SmartEquine，這是一個領先的馬匹健康品牌，擁有強大的忠誠度和重複購買行為。預計交易完成後將提高調整後 EBITDA 利潤率。SmartEquine 豐富了 Chewy 的高端健康和營養保健品系列，並鞏固了我們在高價值健康類別中的地位。

By layering its premium assortment over Chewy's network and scale, we see significant opportunity to enhance our health and wellness mix and expand both net sales within this category as well as margins. Our paid membership program, Chewy+, continues to outperform our expectations, driving higher order frequency, broader category engagement, higher mobile app adoption and stronger auto ship participation. After launching at an introductory price of $49 per year with a 30-day free trial, we raised the annual fee to $79 at the end of October.

透過將我們的高端產品系列與 Chewy 的網絡和規模相結合，我們看到了提升健康和保健產品組合、擴大該類別淨銷售額和利潤率的巨大機會。我們的付費會員計畫 Chewy+ 持續超出預期，推動了更高的訂單頻率、更廣泛的品類參與度、更高的行動應用程式採用率和更強的自動出貨參與度。該產品最初以每年 49 美元的優惠價格推出，並提供 30 天免費試用期。 10 月底，我們將年費提高到 79 美元。

Early data shows continued growth and strong conversion from free to paid memberships. Paid Chewy+ members are already delivering gross margins in line with the overall enterprise and with higher pricing in place, we remain confident in the program's growth and margin potential. I would now like to turn the call over to Will for a detailed recap of our results and guidance. After which, I will make some final closing remarks about 2026 and Chewy's future. Will?

早期數據顯示，會員數量持續成長，免費會員轉換成付費會員的率也很高。Chewy+ 付費會員的毛利率已經與整個企業的毛利率持平，隨著定價的提高，我們對該計劃的成長和利潤潛力仍然充滿信心。現在我想把電話交給威爾，讓他詳細總結我們的結果和指導。最後，我將就 2026 年和 Chewy 的未來做一些總結性演講。將要？

Thank you, Sumit. Third quarter net sales grew 8.3% year-over-year to $3.12 billion, above the high end of our Q3 guidance range. Gross margin expanded approximately 50 basis points to 29.8%. Q3 SG&A, excluding share-based compensation and related taxes, was $588.6 million or 18.9% of net sales and includes approximately $2.7 million of onetime transaction costs primarily related to the pending SmartEquine acquisition. Excluding SBC and these onetime costs, we delivered SG&A leverage of 20 basis points year-over-year.

謝謝你，蘇米特。第三季淨銷售額年增 8.3% 至 31.2 億美元，高於我們第三季業績預期範圍的上限。毛利率成長約 50 個基點至 29.8%。第三季銷售、一般及行政費用（不包括股權激勵和相關稅項）為 5.886 億美元，佔淨銷售額的 18.9%，其中包括約 270 萬美元的一次性交易成本，主要與待完成的 SmartEquine 收購有關。除 SBC 和這些一次性成本外，我們實現了同比 20 個基點的 SG&A 槓桿率。

Consistent with our expectations, we returned SG&A leverage as our newest automated facility in Houston scaled and as we cycle past certain transitory costs related to the Dallas FC and inventory pull forward.

正如我們所預期的那樣，隨著我們在休士頓最新的自動化工廠規模擴大，以及我們逐步淘汰與達拉斯足球俱樂部和提前提取庫存相關的某些暫時性成本，我們恢復了銷售、一般及行政費用槓桿。

Advertising and marketing expense was $197.9 million or 6.3% of net sales, reflecting about 40 basis points of year-over-year leverage. As Sumit noted, this leverage is driven by higher productivity of spend, not reduced investments. We are attracting high-quality customers and are quickly converting them into Autoship, Chewy+ and health programs, which deepens loyalty and increases lifetime value. These efficiencies reflect more discipline, allocation of marketing dollars and stronger flywheel effects that we expect to build as we scale.

廣告和行銷費用為 1.979 億美元，佔淨銷售額的 6.3%，較去年同期成長約 40 個基點。正如 Sumit 指出的那樣，這種槓桿作用是由更高的支出效率驅動的，而不是減少的投資。我們正在吸引高品質的客戶，並迅速將他們轉化為自動發貨、Chewy+ 和健康計劃的會員，這加深了客戶忠誠度並提高了終身價值。這些效率的提高反映了我們更加自律，行銷資金的合理分配，以及隨著規模擴大而預期將產生的更強的飛輪效應。

Q3 adjusted net income was $135.7 million, up 59.6% year-over-year and adjusted diluted earnings per share of $0.32, landed near the high end of our prior guidance range. Third quarter adjusted EBITDA was $180.9 million, representing a 5.8% adjusted EBITDA margin, up 100 basis points year-over-year and adjusted EBITDA flow-through of 17.9%. Free cash flow for the quarter was $175.8 million, driven by $207.9 million of cash from operating activities and $32.1 million of capital expenditures.

第三季調整後淨收入為 1.357 億美元，年增 59.6%；調整後稀釋每股收益為 0.32 美元，接近我們先前預期範圍的高端。第三季調整後 EBITDA 為 1.809 億美元，調整後 EBITDA 利潤率為 5.8%，年增 100 個基點，調整後 EBITDA 轉嫁率為 17.9%。本季自由現金流為 1.758 億美元，其中經營活動產生的現金流為 2.079 億美元，資本支出為 3,210 萬美元。

For full year 2025, we continue to expect to convert approximately 80% of adjusted EBITDA to free cash flow. In addition, based on year-to-date performance, we now expect 2025 capital expenditures to come in around 1.3% of net sales, below the low end of our prior target range of 1.5% to 2% of net sales.

預計到 2025 年全年，我們將把大約 80% 的調整後 EBITDA 轉化為自由現金流。此外，根據今年迄今的業績，我們現在預計 2025 年的資本支出將佔淨銷售額的 1.3% 左右，低於我們先前設定的淨銷售額 1.5% 至 2% 的目標範圍的下限。

During the quarter, we repurchased approximately 1.5 million shares for $55 million. We ended Q3 with $304.9 million of remaining authorization under our existing repurchase program. We closed the quarter with approximately $675 million in cash and cash equivalents, remain debt-free and had total liquidity of approximately $1.5 billion.

本季度，我們以 5,500 萬美元的價格回購了約 150 萬股股票。第三季末，我們現有回購計畫的剩餘授權額度為 3.049 億美元。本季末，我們持有約 6.75 億美元的現金及現金等價物，沒有債務，總流動資金約 15 億美元。

Turning to guidance. Recall that in Q2, we raised our full year net sales guidance by $175 million at the midpoint, reflecting our bullishness to outperform a market which is expected to grow low single digits in FY 2025. Today, we are narrowing our full year 2025 net sales outlook to between $12.58 billion and $12.6 billion, or approximately 8% year-over-year growth when adjusted to exclude the impact of the 53rd week in fiscal year 2024, with even greater confidence in our ability to deliver incremental margins.

尋求指導。回想一下，在第二季度，我們將全年淨銷售額預期中位數上調了 1.75 億美元，這反映出我們對超越市場表現的樂觀態度，預計 2025 財年市場成長率將為個位數。今天，我們將 2025 年全年淨銷售額預期範圍縮小至 125.8 億美元至 126 億美元之間，即同比增長約 8%（已剔除 2024 財年第 53 週的影響），並且我們對實現利潤增長的能力更有信心。

We are also narrowing our full year 2025 adjusted EBITDA margin outlook to 5.6% to 5.7% or approximately 90 basis points of adjusted EBITDA margin expansion at the midpoint year-over-year. Consistent with our comments last quarter, we expect approximately 60% of our adjusted EBITDA margin expansion to be driven by improvements in gross margin.

我們同時將 2025 年全年調整後 EBITDA 利潤率預期收窄至 5.6% 至 5.7%，即按年中位數計算，調整後 EBITDA 利潤率較去年同期擴張約 90 個基點。與上個季度的評論一致，我們預計調整後 EBITDA 利潤率的成長約有 60% 將由毛利率的提高推動。

We expect fourth quarter 2025 net sales of between $3.24 billion and $3.26 billion or approximately 7% to 8% year-over-year growth when adjusted to exclude the impact of the 14th week in Q4 of fiscal year 2024. Our fourth quarter guidance takes into account the strong year-over-year comps of approximately 7% net sales growth in the fourth quarter of last year. We also expect Q4 adjusted diluted earnings per share in the range of $0.24 to $0.27. The which includes an estimated $10 million of closing costs related to the pending acquisition of SmartEquine.

我們預計 2025 年第四季淨銷售額將在 32.4 億美元至 32.6 億美元之間，或年增約 7% 至 8%（已剔除 2024 財年第四季第 14 週的影響）。我們的第四季業績預期考慮到了去年第四季強勁的同比增幅，淨銷售額增長約 7%。我們也預計第四季度調整後稀釋每股收益在 0.24 美元至 0.27 美元之間。其中包括與待完成的 SmartEquine 收購相關的約 1000 萬美元的交易費用。

And finally, given our performance in the first three quarters of the year, we now expect advertising and marketing expense to come in at approximately 6.5% to 6.6% of net sales for the full year.

最後，鑑於我們今年前三個季度的業績，我們現在預計全年廣告和行銷費用將佔淨銷售額的 6.5% 至 6.6%。

For the full year 2025, we are also expecting share-based compensation expense, including related taxes of approximately $315 million and weighted average diluted shares outstanding of approximately $430 million. We now expect 2025 net interest income of approximately $15 million to $20 million. And lastly, we expect our effective tax rate to be between 16% to 18% for 2025. I would now like to turn the call back to Sumit for some closing remarks.

2025 年全年，我們也預期股權激勵費用（包括相關稅費）約為 3.15 億美元，加權平均稀釋後流通股數約為 4.3 億股。我們現在預計 2025 年淨利息收入約為 1,500 萬美元至 2,000 萬美元。最後，我們預計 2025 年的實際稅率將在 16% 至 18% 之間。現在我想把電話轉回蘇米特，請他做些總結發言。

Thanks, Will. Before we take your questions, I would like to make a few important remarks. First, on Chewy's margin expansion and its path cadence and durability as we head into 2026. Chewy has an unmatched position in a uniquely attractive industry. In chewy.com, we have the leading sales engine in our industry, evidenced by the 84% of our sales on Autoship layered on top of a built-out world-class fulfillment network.

謝謝你，威爾。在回答各位的問題之前，我想先說明幾點重要事項。首先，我們來談談 Chewy 的利潤擴張及其在 2026 年的發展路徑節奏和可持續性。Chewy 在極具吸引力的行業中擁有無可比擬的地位。在 chewy.com，我們擁有業內領先的銷售引擎，84% 的銷售額來自自動發貨，這得益於我們完善的世界一流物流網絡。

The best-in-class consumer satisfaction that results from this combination leads customers to trust us with ever-increasing levels of business. As you can see from the growth of our pharmacy business, and our multiyear steadily rising NASDAQ.

這種組合帶來的卓越客戶滿意度，使客戶對我們的信任度不斷提高，業務合作也日益增加。從我們藥房業務的成長以及我們多年來在納斯達克穩步上升的股價可以看出這一點。

Q3 shows the result. We delivered both revenue growth and margin expansion even as we made high-return targeted investments in the business. Gross margins continue to expand on a structural basis, supported by sponsored ads, category mix and a growing health ecosystem. SG&A leverage is returning as automated facilities scale and as we cycle through transitory costs. And marketing is becoming more efficient as we increase direct share of traffic and grow our business inside the mobile app. And to be clear, we grew at approximately twice the market rate, taking share again without pricing below inflation or sacrificing margin.

Q3 顯示了結果。我們實現了收入成長和利潤率擴張，同時對業務進行了高回報的定向投資。毛利率在結構上持續成長，這得益於贊助廣告、品類組合和不斷發展的健康生態系統。隨著自動化設施規模的擴大以及我們逐步淘汰過渡性成本，銷售、管理及行政費用槓桿正在回歸。隨著我們增加直接流量份額並在行動應用程式內發展業務，行銷效率也越來越高。需要明確的是，我們的成長速度大約是市場速度的兩倍，在不低於通貨膨脹率或犧牲利潤率的情況下再次奪回了市場份額。

In 2026, we intend to press these competitive advantages and continue our pursuit of scalable self-funding initiatives that simultaneously enhance profitability. While we will always prioritize disciplined customer-centric growth, our unique flywheel-like operating model gives us high confidence in our ability to deliver consistent durable EBITDA expansion over the next several years. Our long-term framework is unchanged, and the underlying engines that drive margin expansion are strengthening. We remain firmly on track towards the long-term margin profile of 10% adjusted EBITDA that we outlined at Investor Day.

2026年，我們計劃鞏固這些競爭優勢，並繼續推動可擴展的自籌資金計劃，同時提高獲利能力。雖然我們將始終優先考慮以客戶為中心的穩健成長，但我們獨特的飛輪式營運模式讓我們對未來幾年持續實現 EBITDA 成長的能力充滿信心。我們的長期框架保持不變，推動利潤率擴張的根本動力正在增強。我們仍堅定地朝著我們在投資者日上提出的長期利潤率目標——調整後 EBITDA 為 10%——穩步前進。

Turning to investment levels into 2026 and beyond. What is temporary versus structural? We are highly disciplined in how we deploy capital. A number of the cost impacts you have seen in recent quarters, such as inventory pull forward one-time launch expenses within fresh food, for instance, and early stage Chewy+ incentives are all temporary by design. Our structural investments include automation and health services. And all investments have clear ROI thresholds and measurable payback periods.

展望2026年及以後的投資水準。什麼是臨時性措施，什麼是結構性措施？我們在資本運用上有著高度的自律性。最近幾季您看到的一些成本影響，例如生鮮食品的庫存提前提取一次性啟動費用，以及早期 Chewy+ 激勵措施，都是設計上的暫時性措施。我們的結構性投資包括自動化和醫療服務。所有投資都有明確的投資報酬率門檻和可衡量的投資回收期。

As we move into 2026 and as we press our unique competitive advantages, we expect the balance of investment to shift towards operating leverage. The framework is simple. Invest where returns are compelling and durable, moderate spend where benefits have been captured and drive leverage using our scale across the platform. We look forward to wrapping up 2025 from a position of strength and to a successful 2026. With that, we will now take your questions.

隨著我們邁入 2026 年，並不斷發揮我們獨特的競爭優勢，我們預計投資重點將轉向營運槓桿。這個框架很簡單。在回報可觀且持久的地方進行投資，在已經獲得收益的地方適度支出，並利用我們在整個平台上的規模來推動槓桿作用。我們期待以強勁的勢頭結束 2025 年，並​​取得成功 2026 年。接下來，我們將回答各位的問題。

Thank you, we will now begin the question-and-answer session. (Operator Instructions) Our first question today comes from Eric Sheridan with Goldman Sachs. Eric, please go ahead.

謝謝，現在我們將開始問答環節。（操作員說明）我們今天的第一個問題來自高盛的艾瑞克·謝裡丹。埃里克，請繼續。

Thanks so much for taking my question, maybe two, if I can. Curious as the team continues to scale offerings like Autoship and Chewy+ how you continue to evolve your learnings about the lifetime value of customers on the platform. And the second part of the question would be how does those learnings feed back into your strategic initiatives in support of growth given the commentary right there towards the end of the call can submit on some of your priorities over the next 12 months to 18 months. Thanks so much.

非常感謝您回答我的問題，如果可以的話，也許還能問兩個問題。很好奇，隨著團隊不斷擴大 Autoship 和 Chewy+ 等產品的規模，你們是如何不斷累積關於平台客戶終身價值的知識的。問題的第二部分是，鑑於通話結束時的評論，這些經驗教訓如何反饋到您的策略舉措中以支持增長，您可以就未來 12 到 18 個月的一些優先事項提交一些意見。非常感謝。

Hey, good morning, thanks for the question. We may first of all, it's a broad question. So I'll try not to ramble and give you some frameworks on how we're thinking about this and why we believe these sort of build on top of each other. Like an intersecting one diagram, there's a strong intersection and strong complementarity between the programs.

嘿，早上好，謝謝你的提問。首先，這可能是個廣泛的問題。所以我會盡量不囉嗦，跟大家介紹一下我們思考這個問題的框架，以及為什麼我們認為這些框架是相互依存的。就像相交圖一樣，這些項目之間存在著強烈的交集和互補性。

So I want you to visualize three sort of flywheels, the Autoship, Chewy+, CVC. And I want you to then imagine all of these built onto a closed-loop, highly personalized app, mobile app. And so as you envision that these are separate programs that essentially compound NSPAC curves, increased retention, cohort retention, reduced churn and drive both top line as well as greater efficiency in the way that we deliver profitability.

所以我想讓你們想像三款飛輪：Autoship、Chewy+、CVC。然後，我希望你們想像一下，所有這些都建立在一個閉環的、高度個人化的應用程序，也就是行動應用程式上。因此，您可以設想，這些是獨立的項目，它們本質上疊加了 NSPAC 曲線，提高了留存率、群體留存率，降低了流失率，並推動了收入成長以及我們實現盈利方式的效率提高。

Autoship is a rinse-and-repeat product merchandise program that has high reliability and accuracy both in terms of planning, in terms of delivery and high satisfaction rating. Chewy+ is a program that is designed to accelerate the process of discoverability of multiple offerings at Chewy beyond consumables and health, which are sort of top discoverable categories. And in addition to accelerating discovery, it is meant to accelerate NSPAC consolidation. Chewy+ Autoship is applicable to the entire cohort of customers that Chewy, Chewy+ is more propense in our intention to grow NSPAC for customers that spend somewhere between $300 and $700 with Chewy so that there is tremendous incrementality that we can extract from them.

自動出貨是一種可重複使用的商品銷售計劃，在計劃、交付和客戶滿意度方面都具有很高的可靠性和準確性。Chewy+ 是一項旨在加快用戶在 Chewy 上發現多種商品和服務（除了消費品和健康產品之外，而消費品和健康產品是目前最容易被發現的類別）的計劃。除了加速發現之外，它還旨在加速NSPAC的整合。Chewy+ 自動出貨適用於 Chewy 的所有客戶，Chewy+ 更傾向於我們為在 Chewy 消費 300 至 700 美元的客戶增加 NSPAC，以便我們可以從他們身上獲得巨大的增量收益。

A proof point of Chewy+, now that we've continued to run the program, another 6 weeks or 7 weeks since the last time we spoke to you, penetration in categories like hard goods and specialty is running higher than the average penetration for Chewy+ indicating the power of Chewy+ to consolidate discretionary categories, build AOE and provide larger basket sizes.

Chewy+ 的一個證明是，自從我們上次與您交談以來，又過了 6 到 7 週，我們繼續運行該計劃，硬商品和特色商品等類別的滲透率高於 Chewy+ 的平均滲透率，這表明 Chewy+ 有能力整合非必需品類別，建立 AOE 並提供更大的購物籃金額。

And then CVC, as the -- as we've spoken in the past, and as I spoke on the script, is a lever that essentially expands TAM to incremental $40 billion of health services but also creates an entire health ecosystem where the customer can start the journey online or offline, and ultimately, their Chewy is better off for it and the customer is better off for it. The mobile app, obviously, is a closed-loop system that pushes more and more direct traffic, much more personalized interactions, repeat purchase rates and apps are stronger, AOEs are stronger, Autoship subscriber rates, there's a lot of complementarity of Chewy+ and Autoship inside the app, et cetera.

然後，正如我們過去所討論的，也正如我在腳本中所說，CVC 是一種槓桿，它不僅能將 TAM 擴大到 400 億美元的醫療服務增量，還能創建一個完整的健康生態系統，讓客戶可以在線上或線下開始他們的旅程，最終，Chewy 和客戶都會因此受益。顯然，行動應用程式是一個閉環系統，它能帶來越來越多的直接流量、更個人化的互動、更高的重複購買率和更強的應用程式、更強的AOE（應用程式體驗）和更高的自動發貨訂閱率，Chewy+和應用程式內的自動發貨功能有很多互補性等等。

So if you think about the way that we're making investments at the top level, we have multiple top line and margin driving initiatives. Then comes the automation and the power of scale that we are -- and in the future, not too long, not too far out the power of AI to compound those gains across our fulfillment, customer care and the rest of the company. And then at the bottom, it built on a really strong unified data layer and modern architecture built around a world-class fulfillment network. So I'm not sure if I hit kind of exactly what you were looking for, but happy to take a follow-up.

所以，如果你思考一下我們在高層進行投資的方式，我們會發現我們有多項旨在提高營收和利潤率的措施。接下來就是自動化和規模的力量——而且在不久的將來，人工智慧的力量將進一步增強我們在履行、客戶服務和公司其他方面的這些優勢。然後，在底層，它建立在非常強大的統一資料層和圍繞世界一流物流網路所建構的現代化架構之上。所以我不確定我是否完全滿足了您的需求，但我很樂意接受後續諮詢。

No, that's super helpful, thanks so much.

不，這太有幫助了，非常感謝。

Our next question comes from Doug Anmuth with JPMorgan. Please go ahead.

下一個問題來自摩根大通的道格·安穆斯。請繼續。

Thank you so much for taking my question. Sumit, the active customer growth was the strongest it's been in a few quarters. Can you just talk about some of the drivers there and then just how you're thinking about that in 4Q and into '26 along with just health of the industry. And then just a follow-up on the investment levels in '26. Is there a way to frame just kind of how you're thinking about that relative to what we've seen in '25?

非常感謝您回答我的問題。Sumit，活躍客戶成長是近幾季以來最強勁的。您能否談談其中的一些驅動因素，以及您對第四季和 2026 年的展望，以及整個產業的健康狀況？然後，再跟進一下 2026 年的投資水準。能否用某種方式來闡述你對這件事的看法，以及它與我們在 2025 年所看到的情況之間的關係？

Hey, Doug, thank you for the questions. So let's start with the active customers. So yes, so Q3 active customer performance exceeded our expectation and was driven by improvements across the customer fund. The strength in active customer reflects sort of both gross adds strengthening as well as churn lowering or improvements in retention as we would call it. .

嘿，道格，謝謝你的提問。那麼，我們先從活躍用戶開始。是的，第三季活躍客戶表現超出了我們的預期，這得益於客戶基金各方面的改進。活躍客戶數量的成長反映了新增客戶數量的增加以及客戶流失率的降低或客戶留存率的提高（我們稱之為客戶留存率的提高）。。

On the acquisition side of gross add side, we're benefiting from higher direct traffic, increasing engagement in the mobile app and improved conversion across our platforms, both app and web. To give you data points, we lowered first time to have conversion. We increased daily active usages. We improved SEO performance by double-digit gains on a year-over-year basis. our traffic was up mid-single digits on a year-over-year basis.

在新增用戶方面，我們受益於更高的直接流量、行動應用參與度的提高以及應用程式和網站等平台轉換率的提升。為了提供數據點，我們降低了首次轉換率。我們提高了每日活躍用戶數。我們的搜尋引擎優化效果實現了兩位數的年成長。我們的流量也實現了中等個位數的年成長。

So the combination of SEO plus app and overall increased traffic was then met with better experiences on the platforms that drove higher conversion and as such, new customer conversion was better. So these things added up in Q3 and in our opinion, are durable moving forward. Retention at the same time, continues to strengthen as customers deepen their engagement especially across categories like premium consumables, health care, our goods, once again, was strong, I think, 18% year-over-year growth. And as customers increasingly consolidate their spend with us, given that they're finding both value and convenience (inaudible).

因此，SEO 加上應用程式和整體流量的增加，帶來了更好的平台體驗，從而提高了轉換率，因此，新客戶的轉換率也更高了。因此，這些因素在第三季累積起來，我們認為這些因素將持續下去。同時，隨著客戶參與度的加深，客戶留存率持續增強，尤其是在高端消費品、醫療保健等品類中，我們的產品再次實現了強勁增長，同比增長 18%。而且，由於客戶發現我們既物有所值又方便快捷，因此他們越來越多地將消費集中在我們這裡。（聽不清楚）

Now moving to the subpart of the same question. So you're asking about how we're thinking about Q4 and then in '26. So '26, we expect durability in net adds file continuing to increase. Let me hit Q4 more directly. So the implied moderation in Q4, if you calculate the fill in the blanks kind of question, you'll end up at the high end of low single digit for Q4.

現在來看同一個問題的子部分。所以你是在問我們對第四季以及 2026 年的規劃。因此，2026 年，我們預期淨新增文件的持久性將持續提高。讓我更直接地談談第四季。因此，第四季的隱含調整幅度，如果你計算一下填空題類型的問題，你最終會發現第四季的調整幅度在個位數的高端。

And that perhaps offers some moderation of roughly 150,000 customers from Q3 on a sequential basis, right? So the implied moderation in Q4 is largely comp driven and reflects timing more than anything else. We're cycling a much stronger Q4 from last year in terms of net adds, that naturally creates a tougher comparison.

這樣或許可以比第三季季減約 15 萬名客戶，對吧？因此，第四季的成長放緩主要是受同業比較數據的影響，更反映了時機而非其他因素。就淨新增客戶而言，我們正經歷一個比去年同期強勁得多的第四季度，這自然會造成更艱難的比較。

I should also note that when looking at Q4 quarter till date, we like the momentum that we're seeing on net adds, and we're running ahead of our forecast. There's still half the quarter left to go. So for now, it's prudent to hold kind of the conservatism that we're bringing forward here. What else. Okay.

我還應該指出，從第四季至今的情況來看，我們對淨新增用戶的成長勢頭感到滿意，而且我們的成長速度也超過了預期。還剩一半的季度要過。所以就目前而言，謹慎的做法是堅持我們所提出的這種保守主義立場。還有什麼？好的。

Now moving to the second part of your second question, which was investment levels on -- can you repeat the second question?

現在進入第二個問題的第二部分，即投資水平——你能重複第二個問題嗎？

Just really just trying to understand your comments towards the end there just on investment levels in '26 relative to what we've seen in '25.

我只是想了解一下您在文章結尾處關於 2026 年投資水準相對於 2025 年投資水準的評論。

Yes. Okay. So first of all, I would like to perhaps just say that we've seen 2025 being characterized as an investment year. And the reality is, I mean, we're driving both strong top line growth and meaningful margin expansion. We're growing at more than 2 times the market.

是的。好的。首先，我想說的是，我們已經看到 2025 年被認為是投資年。而現實情況是，我們既實現了強勁的營收成長，也實現了顯著的利潤率擴張。我們的成長速度是市場平均的兩倍以上。

We've narrowed our margin guidance, delivering 90 basis points of expansion at midpoint. And we're doing this simultaneously growth in margin kind of moving together. '26 going to be better, right? So we expect to take share. And at the same time, investment levels are more structural and durable investment levels moving forward, while we continue to self-fund a bunch of the temporary investments that you've seen us take in kind of Q1 or Q2 of this year.

我們收窄了利潤率預期，中位數預期為擴張 90 個基點。而且，我們的利潤率也在同步成長。 2026年會更好，對吧？因此，我們期望能夠獲得市場份額。同時，投資水準將更加結構化和持久化，而我們將繼續自籌資金進行今年第一季或第二季的一些臨時性投資。

So overall, we're going to be thinking about investments in a much more strategic manner and fund structural investments while pulling back on temporary investments because we feel they can self-fund them. The business is continuing to perform better and better each quarter as we move from '25 into '26, especially as our fulfillment center scale, our customer service skills and our marketing drives greater efficiency into '26.

所以總的來說，我們將以更具策略性的方式考慮投資，為結構性投資提供資金，同時減少臨時性投資，因為我們認為這些投資可以自我融資。從 2025 年到 2026 年，公司業務每季都在持續好轉，尤其是隨著我們的物流中心規模、客戶服務技能和行銷在 2026 年取得更大的效率。

Great, thank you Sumit.

太好了，謝謝你，蘇米特。

Our next question comes from Steven Zaccone with Citigroup. Please go ahead, Steven.

下一個問題來自花旗集團的 Steven Zaccone。請繼續，史蒂文。

Hey, good morning. Thank you for taking my question. I want to follow up on Doug's question there. When you think about '26, can you share a little bit more on your mining outlook for demand you talked about net adds, but how do you think about the overall backdrop of the industry? And obviously, '25 has been an improvement versus '24. So how do you think about '26. And then in that context, pricing, we haven't really seen it in the industry. Do you see that being more of a tailwind as we get into next year?

嘿，早安。感謝您回答我的問題。我想就道格提出的問題做個後續探討。展望 2026 年，您能否再多分享您對採礦業需求的展望？您談到了淨新增需求，但您如何看待整個產業的整體狀況？顯然，2025 年比 2024 年有所進步。那你對26年有什麼看法？而在這種背景下，定價問題，我們在業界還沒有真正看到。你認為到明年這會成為更大的順風嗎？

Yes, sure. So as of this point, we're looking at '26 more or less like 2025. When we'd entered '25, we were expecting stronger industry normalization by the time we exited 2025. As defined in terms of net household formation in terms of pricing returning back into the industry and strong demographic growth across the category.

當然可以。所以從目前來看，2026 年的情況大致相當於 2025 年。進入 2025 年時，我們預計到 2025 年底，產業將出現更強勁的正常化趨勢。根據淨家庭形成情況的定義，價格回升至行業水平，並且該類別的人口增長強勁。

As we exit 2025, we -- our current read is to view '26 more or less like '25. So industry growing at low single digit, perhaps the low end of mid-single digit. Net household formation kind of remaining flattish. We are -- if you look at the shelf in adoption numbers, we're running at about 100,000, 150,000 surplus between adoption and returns we would like to see this number probably five times, six times higher to be able to call it a normalized industry.

2025 年即將結束，我們—我們目前的理解是，2026 年與 2025 年大致相同。因此，該產業的成長率為個位數低段，或許是中個位數低段。淨家庭形成類型保持平坦。我們——如果你看看貨架的採用數量，你會發現採用數量和退貨數量之間大約有 10 萬到 15 萬的盈餘，我們希望這個數字能提高五到六倍，才能稱之為正常的行業。

Pricing, if you look at pricing growth in the industry, typically, you'd see a 1.5% -- 1% to 2% pricing improvements on a year-over-year basis. And we'll wait for 2026 to kind of the signals to become a little more clear. I'll address your pricing question here in one second. But for the most part, we're viewing '26, much like '25.

定價方面，如果你觀察一下產業內的價格成長情況，通常你會看到每年價格成長1.5%到1%到2%。我們將等到 2026 年，看看各種訊號是否會變得更加明朗。我馬上就回答您的價格問題。但總的來說，我們對 2026 年的看法與 2025 年的看法非常相似。

Underneath of it, as you've heard us comment, we plan to bring forward a plan that is very clearly share taking in '26. I'll stay away from guidance and we will come talk to you more in March, when we report Q4 and discuss 2026.

正如你們所聽到的，我們計劃在 2026 年推出一項非常明確的股份收購計劃。我不會給予業績指引，我們將在三月公佈第四季財報並討論2026年計畫時與大家進行更深入的交流。

In terms of latest perspective on pricing, so pricing has remained rational and stable, with no material benefit or detriment from inflation or deflation in recent quarters, right? And as I alluded, we're maintaining healthy and regular dialogue with our supplier partners, and so far, we're watching this very closely. For the most part, we believe '26 is going to be a structural unit volume growth here, perhaps the pricing benefit is going to be slightly larger than what we've seen in '25, which was nearly muted or zero. So more to come when we talk in 2026.

從最新的定價視角來看，近幾個季度以來，定價一直保持理性穩定，沒有受到通貨膨脹或通貨緊縮的實質影響，對嗎？正如我之前提到的，我們與供應商夥伴保持健康、定期的溝通，到目前為止，我們正在密切關注事態發展。總的來說，我們認為 2026 年的銷售量將出現結構性成長，價格的收益可能會比 2025 年略高，2025 年的價格收益幾乎沒有成長，甚至為零。所以，等到2026年我們再詳細討論吧。

Our next question comes from Nathan Feather with Morgan Stanley. Nathan, please go ahead.

下一個問題來自摩根士丹利的內森費瑟。內森，請繼續。

(inaudible) thanks for taking my question, from my end, first, we talked about the strong net adds, and with that marketing still showing really nice leverage year-on-year. So what's working in the customer acquisition funnel to help you be more efficient in acquiring cohorts should that persist? And then on the margin side, the full year '25 margin guidance does imply 4Q EBITDA margins take a step down on a sequential basis. Can you just help us think through the margin puts and takes at the end of 4Q.

（聽不清楚）謝謝你回答我的問題，就我而言，首先，我們討論了強勁的淨新增用戶，以及行銷方面仍然表現出非常好的逐年增長勢頭。那麼，在客戶獲取管道中，哪些因素能夠幫助你更有效地獲取客戶群，以應對這種情況？此外，在利潤率方面，2025 年全年利潤率預期意味著第四季度 EBITDA 利潤率將環比下降。您能幫我們分析一下第四季末的保證金交易嗎？

Sure, Nathan. So on marketing, I think you have to go back two years and build from there. And I'm sorry to take you back two years. But really, this is the compounding effect of the journey that I have been very transparent and articulating over the last two years. If you recall, we started with connecting the funnel all the way from lower middle and upper funnel. And that takes time to sort of build and mature because you have to essentially rev up your creative engine, you've to rev up your concepting and go to market. And so that takes a little bit of time.

當然可以，內森。所以，在行銷方面，我認為你需要回顧兩年前的情況，並從那裡開始建立。我很抱歉帶你回到兩年前。但實際上，這是我在過去兩年裡一直非常坦誠地闡述和描述的這段歷程所帶來的累積效應。如果你還記得的話，我們一開始是將漏斗從下部中部一直連接到上部漏斗。這需要時間來建立和成熟，因為你基本上需要啟動你的創造力引擎，你需要啟動你的概念構思並進入市場。所以這需要一些時間。

Underneath of that, we were pushing for -- I came to this call two years ago and I said, we're going to be mobile first and mobile is going to be a priority. And so we have continued to see the mobile app become stronger in terms of the percentage of traffic going through a percentage of owners going through it and overall metrics of retention of the customer file that we essentially extract through our mobile ecosystem.

在此基礎上，我們一直在推動——兩年前我參加了這個會議，我說，我們將優先發展行動端，行動端將成為優先事項。因此，我們看到行動應用程式在流量百分比、用戶百分比以及我們透過行動生態系統提取的客戶檔案的整體保留指標方面都變得越來越強大。

Number three, we last year, you heard me come to the call and talk about rebuilding our CRM engines, rebuilding bidding protocols, improving models and connecting these together. And so essentially, if you step back from the details, two things have happened, right? The output of these efforts have been, a, there's increased traffic that we are pulling which is the result of net new assortment programs like Autoship strengthening, much more offerings, (inaudible) program. So we've continued to innovate and bring new offerings to customers. We've continued to improve the way that we go to market.

第三，去年，你們都聽到我參加了電話會議，談到了重建我們的 CRM 引擎、重建競價協議、改進模型以及將這些引擎連接起來。所以，從本質上講，拋開細節，發生了兩件事，對吧？這些努力的成果是，a，我們吸引了更多流量，這是由於新的產品系列計劃（如自動發貨計劃的加強、更多產品、（聽不清楚）計劃）所致。因此，我們不斷創新，為客戶帶來新的產品和服務。我們不斷改進市場推廣方式。

These two results, we have continued to improve these results in higher traffic. Then we -- underneath of it, there is the power of SEO and the power of apps that actually converts a bunch of the third party into one traffic. Then when traffic hits the website, you're working on improvement and experiences, and our app fundamentally looks different from how it looked 18 months ago. Next year, it is going to look even better than what it looks right now. So we expect continued improved conversion.

我們持續改進這兩項成果，並在更高的流量下取得了更好的結果。然後，在背後，是搜尋引擎優化 (SEO) 的力量和應用程式的力量，它們實際上可以將大量的第三方流量轉化為單一流量。當流量湧入網站時，你就在致力於改進和提升用戶體驗，我們的應用程式從根本上來說已經與 18 個月前的樣子截然不同了。明年，它看起來會比現在更好。因此，我們預計轉換率將持續提高。

And so it's basically a calls and clicks and conversion-driven sort of phenomena underneath of it is a lot of activity and built around a lot of innovation that we are bringing to the market in leading as a single category captain.

因此，這基本上是一種以電話、點擊和轉化為驅動的現象，其背後是大量的活動，並且是圍繞著我們作為單一品類領導者為市場帶來的大量創新而建立的。

And then -- so yes, as we do this, marketing is getting more efficient. We've talked about it now for a couple of quarters. This one, this quarter was more definitive than the previous one. Signals are more clear to us. We expect to take these signals into 2026 and come talk to you more in greater detail in March.

所以——是的，隨著我們這樣做，行銷效率會越來越高。我們已經討論這個問題好幾個季度了。本季比上一季更有決定性。我們能更清楚地看到訊號。我們預計這些訊號將持續到 2026 年，並計劃在 3 月與您進行更詳細的討論。

Was there a follow-up?

後續有進展嗎？

Margin (inaudible).

利潤（聽不清楚）

Yes. So on margin, it's not atypical for us to view Q4 as an investment quarter, right? Multiple things are going on. A, promo levels are higher, pricing is generally not helpful -- not your friend in Q4. On top of that, structurally, you're essentially pushing a lot more units through your fulfillment center.

是的。所以從利潤率來看，我們把第四季視為投資季度並不罕見，對吧？同時發生很多事情。A，促銷力道更大，定價通常不太有利——在第四季度，價格不是你的朋友。除此之外，從結構上看，你實際上是在透過你的配送中心處理更多的產品單元。

So leverage that you expect in other quarters, you don't get the same type of leverage in Q4 and then marketing intensity and media rates are elevated in Q4. So it's kind of hard to evaluate Q4 on a sequential basis. We feel very good about the momentum that we have right now and the quality of execution that the team is delivering through.

因此，在其他季度你期望獲得的槓桿作用，在第四季度你無法獲得同樣的槓桿作用，而且第四季的行銷強度和媒體價格也會上升。因此，很難按順序評估第四季度的情況。我們對目前的勢頭以及團隊的執行品質感到非常滿意。

On a year-over-year basis, we're delivering at midpoint 90 basis points, and that equates to roughly 25% profit increase year-over-year on growth that is roughly -- that is at 8% levels. So three times incremental profit than growth on a rate basis. We're quite pleased with that.

與去年同期相比，我們的業績中位數為 90 個基點，這相當於在約 8% 的成長水準下，利潤年增約 25%。因此，增量利潤是按成長率計算的三倍。我們對此非常滿意。

Our next question comes from Shweta Khajuria with Wolfe Research. Please go ahead.

我們的下一個問題來自 Wolfe Research 的 Shweta Khajuria。請繼續。

Thank you for taking my question. Can I please try to -- first, Sumit, on gross margins, can you please talk about the trends in gross margins and how we should be thinking about it going forward, especially as we think of 2026 and just the puts and takes, how much of 2025 will actually apply for 2026 when we think about gross margin trends? And second, is when you think about the customer adds for '26 and the durability of customer adds, how should we be thinking about how much of retention is a driver versus gross adds? Where do you feel more confident? And which of the two factors do you think will be a bigger contributor. Thank you.

感謝您回答我的問題。首先，Sumit，關於毛利率，你能談談毛利率的趨勢以及我們未來應該如何看待它嗎？尤其是在考慮 2026 年以及各種利弊時，2025 年的哪些因素實際上適用於 2026 年的毛利率趨勢？其次，在考慮 2026 年的客戶新增量和客戶新增量的持續性時，我們應該如何看待客戶留存率與新增量之間的驅動因素？你覺得在哪些方面更有自信？你認為這兩個因素哪一個影響較大？謝謝。

So on the first one, gross margin. So again, I'll stay away from specifics on '26. But let's look at the view the forest rather than the trees on this particular call, and we'll come talk to you on the trees in 2026. So the view of the forest is the following, right?

首先是毛利率。所以，關於26年的具體情況，我還是避而不談。但這次通話，讓我們著眼於整體而非細節，我們將在 2026 年再來討論細節問題。所以，從森林中看到的景像是這樣的，對嗎？

At exit of this year, we have less than 450 basis points to go to hit the 10% long-term EBITDA margin. We expect roughly half of that will come from gross margin. The other half will come from OpEx. And so what that tells you is, first of all, there are expansion opportunities, growth opportunities and gross margin that we will continue to bank upon. Now what are they -- now there are several gross margin expanding levers, and these expand gross margin on a structural basis.

今年底，我們距離達到 10% 的長期 EBITDA 利潤率目標還差不到 450 個基點。我們預計其中大約一半將來自毛利。另一半將來自營運支出。所以，這首先告訴我們，有擴張機會、成長機會和毛利率，我們將繼續依靠這些機會和機會。現在它們是什麼呢？現在有幾個提高毛利率的槓桿，這些槓桿從結構上提高了毛利率。

There is adds that is continuing to grow steadily. There are premium category mixes that we are very well known for and continue to capitalize and consolidate share in private label is strengthening with the launch of fresh. We will have more exciting news on private label to share with you on our March April call, the health ecosystem is continuing to strengthen Chewy+. There were concerns coming into last quarter about margin headwinds. We've kind of clearly articulated our position on it. So there's not a drag from that point of view moving forward. We expect incrementality perhaps.

廣告投放量持續穩定成長。我們擁有一些非常知名的優質品類組合，並將繼續利用這些組合來鞏固自有品牌市場份額，隨著新鮮產品的推出，自有品牌市場份額也在不斷增強。我們將在三、四月的電話會議上與您分享更多關於自有品牌的令人興奮的消息，健康生態系統正在不斷加強 Chewy+。上個季度開始前，人們曾擔心利潤率會受到不利影響。我們已經相當明確地闡明了我們對此的立場。所以從這個角度來看，前進不會受到阻礙。我們或許期待的是漸進式的。

So when we look at our scale, continued growth of Autoship, there are so many different vectors that are on different arcs. Now there will be a few years where these vectors will compound and you will see amplified gross margins for that particular year. On other years, we might essentially choose to -- in other years, you'll see more similarly focused returns coming from a handful of these vectors versus the cumulative effect. But when you take the long view, when you take a multiyear view, these are compounding vectors that give us confidence on the trajectory of gross margin. As we've continued to educate and earn trust relative to the fact when we came to market in 2018, 2019, when gross margins were at 20% levels. So that's how I would characterize gross margin.

所以，當我們審視我們的規模、自動出貨的持續成長時，會發現有很多不同的方向，它們處於不同的發展軌跡上。接下來幾年，這些因素會不斷累積，你會看到那一年的毛利率大幅增加。在其他年份，我們可能會選擇這樣做——在其他年份，你會看到少數幾個這樣的向量帶來的收益更加集中，而不是累積效應。但從長遠來看，從多年角度來看，這些都是相互疊加的因素，讓我們對毛利率的走勢充滿信心。隨著我們不斷進行教育和贏得信任，我們取得了長足的進步。要知道，當我們在 2018 年和 2019 年進入市場時，毛利率只有 20%。這就是我對毛利率的定義。

In terms of customers, as I mentioned, we expect customer adds to be durable. On the backdrop of a market that is going to look very much like '25, we're in the middle of forecasting 2026. And so I'll stay away from guidance, but we do expect the performance that we've shown this year alongside some of the improvements that I've talked about the marketing and the engine and the innovation to be durable as we move into '26.

就客戶而言，如我所提到的，我們希望新增客戶能夠保持穩定。在市場情勢與 2025 年非常相似的背景下，我們正在預測 2026 年的市場狀況。因此，我不會給出具體指導意見，但我們確實希望今年我們所展現出的性能，以及我之前提到的在行銷、引擎和創新方面的一些改進，能夠持續到 2026 年。

In terms of gross adds versus retention, look, this is actually -- it's not which one is more important. The purpose of a business is to both acquire and to retain customers. So it's an and, it's not an or, in our opinion, but it's a mathematical equation. If you look at the overall market, there is 90 million U.S. households on a normal year when normalizations kicked in, you're seeing 10 million to 15 million new pets incrementally in each sort of household.

就新增用戶數和留存率而言，實際上，這不是哪個更重要的問題。企業的目的既在於獲取客戶，也在於留住客戶。所以，我們認為這是一個「與」關係，而不是一個「或」關係，但它是一個數學等式。如果從整體市場來看，正常年份美國有 9,000 萬戶家庭，當一切恢復正常後，你會發現每種類型的家庭每年都會新增 1,000 萬到 1,500 萬隻寵物。

On top of that, we believe we have roughly 50 more million people that we should be touching out there. Of which 15 million of these are highly propense to online. And the last 5 million, 7 million, 10 million are perhaps not the right type of Chewy customer.

除此之外，我們認為還有大約 5,000 萬人需要我們去接觸。其中1500萬人極易上網。而最後剩下的 500 萬、700 萬、1000 萬可能並不是 Chewy 的目標客戶。

So the point is that we have a very large set of households that we can still touch. The refresh rate is not a static refresh rate. So when normalization kicks in, you should only expect tailwind on top of the results that we're delivering. And then our internal engines like Chewy+, like Autoship, like app, CVC, the health ecosystem, et cetera, this helps us continue to improve retention. So it's an and equation to us, and we are squarely focused on both, not just one.

所以關鍵是，我們仍然有很多家庭可以聯繫。刷新率並非固定不變。因此，當標準化開始發揮作用時，您應該只會期待在我們已取得的成果基礎上獲得進一步的推動。然後，我們的內部引擎，如 Chewy+、Autoship、應用程式、CVC、健康生態系統等等，這有助於我們持續提高用戶留存率。所以對我們來說，這是一個二元對立的等式，我們完全專注於兩者，而不僅僅是其中之一。

Thanks Sumith.

謝謝Sumith。

Our next question comes from Anna Andreeva with Piper Sandler. Please go ahead.

下一個問題來自安娜·安德烈耶娃和派珀·桑德勒。請繼續。

Thanks so much. Let me add my congrats. Nice quarter. Curious on Chewy+, can you talk about if you've seen any changes in retention when you raised the fee to $79 from $49 previously. And great to hear about expectations that the program is no longer dilutive. How should we think about that penetration into next year? And then we had a follow-up.

非常感謝。我也要向你表示祝賀。不錯的街區。我對 Chewy+ 很感興趣，您能否談談將費用從之前的 49 美元提高到 79 美元後，用戶留存率是否有任何變化？很高興聽到大家期望該項目不再稀釋現有成員的權益。我們該如何看待明年的市場滲透情況？然後我們進行了後續跟進。

Okay. So in terms of the elasticity, the conversion that we saw once we raised price, conversion has remained quite strong, and has exceeded our internal expectation from an elasticity point of view. So the percentage of price increase and the loss of demand conversion is essentially the ratio that I'm talking about, that is better than what we forecasted. So we like that.

好的。因此，就彈性而言，我們提價後看到的轉換率一直保持強勁，從彈性角度來看，已經超過了我們的內部預期。因此，價格上漲百分比與需求轉換率損失的比率，基本上就是我所說的比率，這比我們預測的還要好。我們很喜歡這一點。

Number two, yes, on the margins, like, look, I mentioned that our paid -- is members are already delivering gross margins that are in line with the enterprise and the higher pricing only strengthens the profile. So from an economic standpoint, we feel good about where the program is today and how it scales. It is early.

第二，是的，在邊緣方面，例如，你看，我提到過，我們的付費會員已經實現了與企業一致的毛利率，而更高的定價只會增強這種形象。因此，從經濟角度來看，我們對該計劃目前的進展及其擴展能力感到滿意。現在還早。

Another data point that I'll give you is, at this point, 80% of our member mix is now paid right? So you can kind of see that as the program scales, right, it will continue to become more efficient, right? So the initial investments get recouped very quickly, even quicker with the increased pricing and then the conversion is holding better than expected. Obviously, it's slightly lower than what it was at 49%, but nothing that we're too concerned about at this point.

我再補充一點數據，目前我們80%的會員都是付費會員，對吧？所以你可以看出，隨著程式規模的擴大，它的效率也會不斷提高，對吧？因此，初始投資很快就能收回，隨著價格上漲，收回速度甚至更快，轉換率也比預期好。顯然，這個數字比之前的 49% 略低，但目前我們並不太擔心。

Let me see. How should we think about penetration next year? So I'll stay away from comments on next year. In terms of what we've said about last quarter, our expectations for the program haven't changed since we've spoken last quarter. Another data point that I shared on this call today was we're seeing strong member penetration in categories like hard goods and specialty that aid basket building and drive NSPAC consolidation.

讓我看看。明年我們該如何看待市場滲透率？所以，關於明年我就不發表評論了。就我們上個季度所說的話而言，我們對該計劃的預期與上個季度我們談論時相比並沒有改變。我今天在電話會議上分享的另一個數據點是，我們看到硬商品和特色商品等類別的會員滲透率很高，這有助於建立購物籃並推動 NSPAC 的整合。

So we kind of like all the signals that we're getting. It's acting as a complementary program driving discovery across platform especially across some of the discovery discretionary categories.

所以我們對收到的所有訊號都挺滿意的。它作為一個補充計劃，推動了跨平台的內容發現，尤其是在一些自主發現類別中。

That's really great, thank you so much for that. And just as a follow-up, on the 4Q guide, you mentioned that a running ahead of plan. Just anything else you can share what are you seeing in the business quarter-to-date? Just any learnings from the Black Friday and Cyber Week. I think you had mentioned previously that Chewy might lean into promotions in the fourth quarter.

太好了，非常感謝！另外，關於第四季度業績指引，您提到業績超出了預期。您還能分享一下本季迄今的業務情況嗎？從黑色星期五和網路星期一中學到些什麼。我想你之前提到過，Chewy可能會在第四季度加大促銷力度。

So far, I don't think we've seen that any update on that thinking?

到目前為止，我還沒看到這方面有任何更新？

Yes. So we were pleased with the performance during this important peak period, the Black Friday, Cyber Monday week. The week came in, in line, very much in line with our expectations. The team performed really well. Execution was strong, supply chain backlogs were healthy, in-stock levels were maintained at really healthy levels. So overall, we were very pleased with it. The discipline around promotional spend and marketing efficiency we talked about in the call continued through this important holiday event. So your observation is spot on. Net sales in Engage sessions were up year-over-year, while total event spend and customer acquisition costs were down year-over-year.

是的。因此，我們對黑色星期五、網路星期一這一重要高峰期的表現感到滿意。這一週的進展完全符合我們的預期。球隊表現非常出色。執行力強勁，供應鏈積壓情況良好，庫存水準維持在非常健康的水準。總的來說，我們非常滿意。我們在電話會議中討論的有關促銷支出和行銷效率的紀律，在這個重要的節日活動中仍然得以延續。所以你的觀察完全正確。Engage 會議的淨銷售額較去年同期成長，而活動總支出和客戶獲取成本則較去年同期下降。

Overall, we've built this -- as I answered Doug's question, we are running ahead of plan currently. So I don't want to get into revised guidance given that we just gave guidance, but yes, quarter-to-date, we like the momentum that we're -- that we've headed into December with still sort of a lot of the quarter left to go. So we'll come talk to you about this in April. And all of our scenarios are built into the guidance that we've just provided for a few minutes ago.

總的來說，我們已經完成了這項工作——正如我回答道格的問題時所說，我們目前的進度比計劃提前了。鑑於我們剛剛發布了業績指引，我不想再討論修訂後的指引，但是，是的，就本季度至今而言，我們對目前的勢頭感到滿意——進入 12 月，本季度還有很長一段時間要走。所以我們會在四月和你們談談這件事。我們所有的設想都已融入我們幾分鐘前提供的指導方針中。

We have time for one final question. And our last question today comes from Dylan Carden with William Blair. Dylan, please go ahead.

我們還有時間回答最後一個問題。今天最後一個問題來自 Dylan Carden 和 William Blair。迪倫，請繼續。

Really appreciate that, thank you. I'm curious the interaction between Chewy+ and Autoship, it is the idea that the number of auto ship customers could equate to the number of plus customers and it's just expanding the basket, reaching into more discretionary categories. And to the extent the scalability of that, you've provided numbers on box productivity, which, given your current scale, it doesn't move the needle much. But can you provide -- you kind of mentioned some of the broader ecosystem implications, kind of where are you seeing the benefits and maybe some of the markets where you have those open.

非常感謝。我很好奇 Chewy+ 和自動發貨之間的互動，自動發貨客戶的數量可能與 Chewy+ 客戶的數量相等，這只是擴大了購物籃，涵蓋了更多非必需品類別。至於可擴展性方面，您提供了包裝盒生產率的數據，但鑑於您目前的規模，這並沒有帶來多大的改變。但是您能否提供一些東西——您剛才提到了一些更廣泛的生態系統影響，例如您看到了哪些好處，以及您在哪些市場已經開放了這些好處？

Dylan, so the interaction of Chewy+ and Autoship. So I think I was trying to articulate this at the beginning of the call with Eric's question, let me take a crack at it again. So these two are complementary programs. Autoship to us is a merchandise product level membership program. It's free in nature, and it delivers, it works like -- it works like a quasi subscription, very much predictable and highly reliable.

Dylan，所以 Chewy+ 和 Autoship 的互動。所以我覺得我在通話開始時，針對艾瑞克的問題，我已經試著闡明這一點了，讓我再試著解釋一下。所以這兩個項目是互補的。自動出貨服務對我們來說是一種商品等級的會員計畫。它是免費的，而且效果顯著，它的運作方式就像——它的運作方式就像一種準訂閱服務，非常可預測且高度可靠。

It's sort of a rinse and repeat, fill it, shut it, forget it kind of a model. What we like about Autoship is it's not a dormant program. So we see continued activity on customers from customers that participate in core seasonal events and attach rates. At the same time, Chewy+, right, the purpose of launching Chewy+ is multifold. A, it is a discoverability driver given that Chewy has so much more to offer than just consumables and health. So it is a discoverability offering.

這是一種反覆操作的模式：裝滿水，蓋上蓋子，然後就不用管了。我們喜歡自動訂購服務的一點是，它不是一個停滯不前的計劃。因此，我們看到參與核心季節性活動和附加費率的客戶持續活躍。同時，Chewy+ 的推出目的也多元。A，這是一個可發現性驅動因素，因為 Chewy 提供的遠不止消費品和健康產品。所以它是一種提升產品發現率的服務。

Number two, it accelerates NSPAC consolidation. And number three, we're early, so the data is still sort of building for us. But hopefully, next year, we're going to come and talk to you about this when the cohorts are large enough, it should aid in a very healthy way in improving our retention from already strong levels that we are seeing currently. So those are the three sort of net purposes. As you can see, the purpose is kind of aligned back and forth between Chewy+ and Autoship. The difference is live here Chewy+ is targeted and propense to members that are spending $300 to $600, $700 with us so that there is incrementality of spend.

第二，它加速了非上市公司的整合。第三，我們現在還處於早期階段，所以數據還在持續累積中。但希望明年，當學員人數夠多時，我們能來和你們談談這件事，這應該有助於以非常健康的方式提高我們目前已經很高的學員留存率。所以，以上就是三種主要用途。如您所見，Chewy+ 和 Autoship 的目標在某種程度上是相互一致的。差別在於 Chewy+ 的目標群是消費在 300 到 600、700 美元之間的會員，這樣可以增加消費額。

Number two, it's driving consolidation of basket. So faster discoverability of hard goods, the toy that you have to add, you don't have to think about kind of reaching shipping thresholds. So it's improving order frequency, the repeat sort of traffic that we've seen on the website is multifold increase from customers, et cetera, et cetera.

第二，它正在推動購物車商品的整合。因此，硬商品（例如您需要添加的玩具）的發現速度更快，您不必考慮達到發貨門檻之類的問題。因此，訂單頻率有所提高，我們在網站上看到的回頭客流量也成倍增長，等等。

So those are the two -- and they layer on because if you combine the two, the value and convenience essentially increases multifold, and so underneath of it, we'll make sure that the program retains economic sensibility. But from a customer end point of view, these are very good programs to go to market with.

所以這就是兩者——它們相互疊加，因為如果將兩者結合起來，價值和便利性基本上會成倍增加，因此，在此基礎上，我們將確保該計劃保持經濟合理性。但從顧客的角度來看，這些都是非常好的市場推廣方案。

On CVC wet, you said box productivity not overly material. Can you expand on the ecosystem benefits. So I mean recall, again, at the end of the year, we will come forward with a detailed review slash memo on how CVC is performing and our expectations for the future. So we are going to open up a look under the hood in the next few months. For now, I'll stick to the commentaries that we provided.

關於 CVC 濕式生產，您說盒子生產率不是特別重要。能否詳細介紹生態系的益處？所以我的意思是，再次提醒大家，在年底，我們將發布一份詳細的審查報告/備忘錄，說明 CVC 的業績表現以及我們對未來的期望。因此，在接下來的幾個月裡，我們將深入探討其內部構造。目前，我還是堅持我們提供的評論。

We're seeing customer incrementality, 4 customers out of 10 customers that are walking into CVC, our net new to Chewy. In a very short time, we see 50% of customers in CVC reach out and expand their connection to chewy.com by adding many more categories. Our Retention rates are running high. Our CSAT has continued to run at 4.8%, and these are not internal metrics. These are Google ratings that I'm quoting.

我們看到客戶數量呈現成長趨勢，每 10 位走進 CVC 的客戶中就有 4 位是 Chewy 的新客戶。在很短的時間內，我們看到 CVC 中 50% 的客戶透過增加更多類別來擴大他們與 chewy.com 的聯繫。我們的客戶留存率很高。我們的客戶滿意度 (CSAT) 一直維持在 4.8%，而這些並非內部指標。我引用的是谷歌的評分。

So overall, the product is resonating really well. Wet recruiting and retention has remained really well for us, and we continue to expand. At the end of this year, we expect to be in the 16% to 18% range that we have originally forecasted.

總的來說，這款產品反應非常好。我們的招募和留任工作一直非常順利，我們也不斷擴張。今年年底，我們預計成長率將達到我們最初預測的 16% 至 18% 的區間。

Great. I'll wait for that. I guess the question on Autoship versus Chewy+ -- I mean, is it simple math to think that all Autoship customers are available to become plus numbers and therefore, expanding you mentioned sort of net bet consolidation?

偉大的。我會等的。我想問的是 Autoship 與 Chewy+ 的區別——我的意思是，所有 Autoship 客戶都可以升級為 Chewy+ 客戶，從而擴大您提到的淨投注整合範圍，這在數學上是否簡單？

Yes. Yes. But remember, the comments that I'm making now, Chewy+ affords us the ability to be targeted and segmented. And that's the power of running programs on digital platforms. We can consume unified data signals in a much more accurate and precise way and target and segment the program to customers who we believe will benefit from the programs or who will find the program attractive, but also Chewy will benefit equally well from those type of sign-ups.

是的。是的。但請記住，我現在所說的這些，Chewy+ 使我們能夠進行精準定位和細分。這就是在數位平台上運行程式的優勢所在。我們能夠以更準確和精確的方式使用統一的數據訊號，並將計劃定位並細分給那些我們認為會從計劃中受益或覺得計劃有吸引力的客戶，同時 Chewy 也會從這些類型的註冊中同樣受益。

So while Autoship is applicable to 100% of customers, Chewy+ may or may not be and the overlap, you have to sort of combine my two statements in terms of NSPAC thresholds. And penetration in X categories, X being non-consumer and health categories to be able to find the intersection there.

因此，雖然 Autoship 適用於 100% 的客戶，但 Chewy+ 可能適用於也可能不適用於，並且存在重疊，您必須根據 NSPAC 閾值將我的兩個說法結合起來。以及在 X 個類別中的滲透率，其中 X 為非消費品和健康類別，以便找到交集。

Thank you very much

非常感謝

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.

今天我們只能回答這些問題了。通話到此結束。感謝各位的參與。現在您可以斷開線路了。