Chewy Inc (CHWY) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Chewy first-quarter 2026 earnings call. (Operator Instructions)

大家好。感謝各位加入我們，歡迎參加 Chewy 2026 會計年度第一季財報電話會議。(接線員指示)

I will now hand the conference over to Lee Horowitz, Head of Investor Relations and Strategic Finance. Lee, please go ahead.

現在我將把會議交給投資人關係與策略財務主管 Lee Horowitz。Lee，請開始。

Thank you for joining us on the call today to discuss our first-quarter results for fiscal year-end 2026. Joining me today are Chewy's CEO, Sumit Singh; and CFO, Chris Deppe. 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.

感謝各位今天參與本次電話會議，一同討論我們 2026 會計年度第一季的業績。今天與我一同出席的有 Chewy 執行長 Sumit Singh，以及財務長 Chris Deppe。我們的財報新聞稿已於今日稍早向美國證券交易委員會（SEC）申報，並已發布於我們網站的投資人關係專區。除財報新聞稿外，彙總我們業績的簡報也已上傳至 investor.chewy.com。

On our call today, we will be making forward-looking statements including statements concerning Chu'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.

在今天的電話會議中，我們將作出前瞻性陳述，包括關於 Chewy 的財務結果與表現、產業趨勢、策略性計畫、股份回購計畫，以及我們營運所處環境的相關陳述。此類陳述依據 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）被視為前瞻性陳述。

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

這些陳述涉及若干風險、不確定性及其他因素，可能導致實際結果與我們的前瞻性陳述存在重大差異。我們鼓勵各位查閱我們向 SEC 提交的文件，包括我們最新 Form 10-K 中題為「風險因素」的章節，以了解這些風險。已揭露的結果不應被視為未來表現的指標。

Also note that the forward-looking statements on this call are based on information available to us as of today's date. 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. These non-GAAP measures are not intended as a substitute for GAAP results.

另請注意，本次電話會議中的前瞻性陳述係基於截至今日我們所掌握的資訊。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。此外，在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。這些非 GAAP 項目與最直接可比的 GAAP 財務衡量指標之調節表，已提供於我們的投資人關係網站及財報新聞稿中。這些非 GAAP 衡量指標並非用以取代 GAAP 結果。

Additionally, unless otherwise stated, all comparisons discussed on today's call will be against the comparable period of fiscal year 2025. 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.

另外，除非另有說明，今天電話會議中所討論的所有比較，均以 2025 會計年度的可比期間為基準。最後，本次電話會議全程將於我們的投資人關係網站進行網路直播。音訊網路直播的重播也將於稍後在我們的投資人關係網站提供。

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

接下來，我想把電話會議交給 Sumit。

Thank you, Lee, and good morning, everyone. Chewy delivered solid results in Q1, continuing to outperform the broader pet category while further expanding profitability and free cash flow. Our results demonstrate the durability of our business model and the structural advantages embedded across the Chewy platform.

謝謝你，Lee，各位早安。Chewy 在第一季交出穩健的成績，持續跑贏整體寵物品類，同時進一步提升獲利能力與自由現金流。我們的成果展現了商業模式的韌性，以及深植於 Chewy 平台各環節的結構性優勢。

Despite the consumer environment that weakened in the latter parts of the quarter, we delivered nearly 200,000 net customer additions, achieved solid top-line growth and record profitability, generated strong free cash flow, and maintained consistent category share capture, all while continuing to advance strategic initiatives that we believe will deepen Chewy's competitive moats drive meaningful free cash flow dollars and deliver long-term shareholder value creation.

儘管本季後段消費環境轉弱，我們仍新增近 20 萬名淨新增客戶，實現穩健的營收成長與創紀錄的獲利能力，產生強勁的自由現金流，並維持一致的品類市占率提升；同時持續推進我們的策略性計畫。我們相信，這些計畫將加深 Chewy 的競爭護城河、帶來可觀的自由現金流金額，並創造長期股東價值。

Q1 net sales grew 7.7% year over year to approximately $3.6 billion. We ended the quarter with 21.5 million active customers, up 3.6% year over year, while net sales per active customer or netback increased to $597 Autoship customer sales once again outpaced overall company growth increasing over 10% year over year and reaching 84.4% of total net sales in the quarter further reinforcing the predictability, durability, and recurring nature of our revenue base.

第一季淨銷售額年增 7.7%，約達 36 億美元。本季結束時，我們的活躍客戶數為 2,150 萬名，年增 3.6%；每位活躍客戶的淨銷售額（或 netback）提升至 597 美元。Autoship 客戶銷售額再次超越公司整體成長，年增超過 10%，並在本季達到總淨銷售額的 84.4%，進一步強化我們營收基礎的可預測性、耐久性與經常性。

Importantly, our performance continues to validate what we have consistently said about the pet category and about Chewy specifically. Pet remains a resilient category, driven by recurring nondiscretionary needs and strong emotional attachment. At the same time, consumers are growing more discerning, driven in part by elevated fuel prices and broader macroeconomic pressures. However, even against this more challenged backdrop, Chewy continues to steadily gain share.

重要的是，我們的表現持續驗證我們一貫對寵物品類以及 Chewy 本身所做的論述。寵物仍是具韌性的品類，受經常性、非可選擇性需求與強烈情感連結所驅動。同時，消費者也變得更加精打細算，部分原因在於油價高企以及更廣泛的總體經濟壓力。然而，即便在更具挑戰的背景下，Chewy 仍持續穩步提升市占。

Our value proposition remains exceptionally strong, industry-leading convenience highly competitive pricing, trusted service, deep assortment and a recurring Autoship ecosystem that customers increasingly rely upon. We believe these advantages become even more relevant in periods where consumers prioritize value, reliability and trusted relationships. Importantly, our ability to continue expanding earnings and free cash flow in this environment further reinforces our confidence in the structural durability of the model.

我們的價值主張依然極具吸引力：業界領先的便利性、極具競爭力的價格、值得信賴的服務、深度的商品選擇，以及客戶日益依賴的經常性 Autoship 生態系統。我們相信，在消費者更重視價值、可靠性與信任關係的時期，這些優勢會變得更加重要。同樣重要的是，我們在此環境下仍能持續擴大獲利與自由現金流，進一步強化我們對該模式結構性耐久性的信心。

Now let me spend a few minutes on margins and the underlying drivers supporting our profitability trajectory. Q1 adjusted EBITDA margin reached 7.5%, representing approximately 130 basis points of year-over-year expansion on the back of exceptionally healthy EBITDA flow-through of greater than 25%.

接下來我將用幾分鐘談談毛利率與支撐我們獲利走勢的核心驅動因素。第一季調整後 EBITDA 利潤率達到 7.5%，在 EBITDA 流入率（flow-through）超過 25% 的強勁帶動下，年增約 130 個基點。

This level of profitability at our scale reflects continued strength across multiple areas of the business, including sponsored ads, category mix supply chain efficiencies, marketing productivity, OpEx discipline, and improving operating leverage across our network. As we discussed previously, our long-term framework for margin expansion remains unchanged.

以我們目前的規模達到這樣的獲利水準，反映出業務多個面向持續強勁，包括贊助廣告、品類組合、供應鏈效率、行銷生產力、營運費用（OpEx）紀律，以及我們網路中持續改善的營運槓桿。如我們先前所討論，我們長期的利潤率擴張框架維持不變。

We continue to believe Chewy has a unique and differentiated operating model, one that combines a leading recurring revenue engine with a highly scaled fulfillment and health platform, and we remain on track to reach our 10% adjusted EBITDA margin target over time.

我們仍相信 Chewy 擁有獨特且差異化的營運模式，結合領先的經常性營收引擎與高度規模化的履約與健康平台；我們也仍按計畫在時間推移下達成 10% 的調整後 EBITDA 利潤率目標。

Importantly, our model does not require outsized industry growth or significant pricing inflation to expand margins. The underlying drivers of profitability expansion remain structural in nature and continue to strengthen, including the expansion of sponsored ads, product mix shift into higher-margin categories, including health and operating expense leverage from automation and scale.

重要的是，我們的模式不需要產業出現超常成長或顯著的價格通膨，也能擴大利潤率。獲利擴張的底層驅動因素本質上仍屬結構性，且持續增強，包括贊助廣告的擴張、產品組合轉向更高毛利品類（包含健康相關），以及來自自動化與規模化的營運費用槓桿。

Turning now to Chewy Health and Chewy Vet Care. We continue to believe health represents one of the largest and most compelling long-term opportunities for Chewy. Today, vet healthcare represents approximately $54 billion of TAM, including over $40 billion associated with in-clinic products and veterinary services alone.

接著談 Chewy Health 與 Chewy Vet Care。我們仍相信，健康業務是 Chewy 長期最龐大且最具吸引力的機會之一。目前，獸醫醫療保健的可服務總市場（TAM）約為 540 億美元，其中僅診所內產品與獸醫服務就超過 400 億美元。

Our Chewy Vet Care clinics are delivering strong stand-alone economics while simultaneously acting as a powerful customer acquisition and retention engines for the broader Chewy ecosystem. Approximately 40% of CVC customers are new to Chewy, and these customers tend to reach a year one less tax of approximately $900.

我們的 Chewy Vet Care（CVC）診所展現強勁的單店經濟效益，同時也作為更廣泛 Chewy 生態系中強而有力的客戶獲取與留存引擎。約 40% 的 CVC 客戶為 Chewy 新客，而這些客戶在第一年的 LTV（終身價值）通常可達約 900 美元。

Furthermore, existing Chewy customers who engage with CVC increase share of wallet meaningfully faster than other cohorts following their first visit. At the same time, our veterinary teams deliver industry-leading productivity metrics, supported by the technology-enabled workflows and AI-assisted tools we are embedding across the platform, resulting in vet retention and employee satisfaction that outperforms peers.

此外，既有 Chewy 客戶在與 CVC 互動後，其首次就診後的錢包份額（share of wallet）提升速度顯著快於其他客群。同時，我們的獸醫團隊在平台內嵌的技術賦能工作流程與 AI 輔助工具支持下，交出業界領先的生產力指標，使獸醫留任率與員工滿意度優於同業。

In a world where veterinarians are in short supply, this last point affords Chewy a structural advantage relative to peers as we look to scale our vet clinic footprint. As part of this strategy, we are excited about the recently announced acquisition of Modern Animal, which closed shortly after quarter end.

在獸醫供給短缺的環境下，最後這一點使 Chewy 相較同業具備結構性優勢，並有助於我們擴大獸醫診所版圖。作為此策略的一部分，我們對近期宣布收購 Modern Animal 感到振奮；該交易已於季後不久完成交割。

Modern animal adds a highly complementary and well-established footprint with above-industry unit economics, strong clinical expertise, and an experience-led technology-enabled model that closely aligns with CVC. This transaction accelerates the expansion of CVC and unlocks multiple avenues to accelerate clinic growth, combining CVC's organic growth with Modern Animal's existing footprint and development pipeline.

Modern Animal 帶來高度互補且已相當成熟的據點版圖，具備高於產業水準的單位經濟效益、強大的臨床專業能力，以及以體驗為導向、技術賦能的營運模式，與 CVC 高度契合。此交易加速 CVC 的擴張，並開啟多條加速診所成長的途徑，將 CVC 的有機成長與 Modern Animal 既有據點及開發管線相結合。

Combined, we expect to operate approximately 60 clinics exiting fiscal 2026 with embedded revenue contribution approaching approximately $290 million at a steady state. We believe CVC will be a meaningful driver of long-term shareholder value at Chewy and we look forward to updating you on our progress in the coming quarters.

綜合而言，我們預期在 2026 財年結束時將營運約 60 家診所，在穩態下其內嵌的營收貢獻可望接近約 2.90 億美元。我們相信 CVC 將成為 Chewy 長期股東價值的重要驅動力，並期待在未來幾季向各位更新我們的進展。

Now turning to AI. We continue to believe AI represents a meaningful opportunity for Chewy, both from a customer experience perspective and from an operational efficiency standpoint. Over the last several quarters, we have continued to build the foundational infrastructure required to deploy AI broadly across the enterprise. Today, we are embedding AI across multiple layers of the business including customer service, pharmacy operations, fulfillment, and marketing workflows.

接下來談 AI。我們持續相信，AI 對 Chewy 而言是一項具重大意義的機會，無論是從客戶體驗角度，或是從營運效率角度皆然。在過去幾個季度，我們持續建置在全企業範圍廣泛部署 AI 所需的基礎架構。目前，我們正將 AI 嵌入業務的多個層面，包括客服、藥局營運、履約以及行銷工作流程。

We continue to see meaningful opportunities to structurally lower cost to serve while simultaneously improving speed efficiency and service quality. Based on our current road map and implementation progress, we continue to expect AI-driven efficiencies to contribute a low tens of millions of dollars benefit in fiscal 2026 with a more meaningful ramp expected into 2027 and beyond.

我們持續看到在結構性降低服務成本的同時，亦能提升速度效率與服務品質的重大機會。基於我們目前的路線圖與導入進度，我們仍預期 AI 驅動的效率在 2026 財年可帶來數千萬美元等級（低位數千萬）的效益，並預期在 2027 年及之後有更顯著的加速成長。

Now before I turn the call over to Chris, I would like to briefly address our outlook and how we are thinking about the balance of the year. While we remain confident in the long-term trajectory of the business and Chewy share-gaining posture with an increasingly larger pet TAM available to us, we are also recognizing that the consumer pet environment has become incrementally more challenged since we initially established our fiscal 2026 outlook earlier this year.

在我把電話會議交給 Chris 之前，我想簡要說明我們的展望，以及我們如何看待今年剩餘期間的情況。雖然我們對業務的長期走勢、Chewy 持續擴大市占的態勢，以及可觸及的寵物總可服務市場（TAM）日益擴大仍具信心，但我們也注意到，自今年稍早我們最初建立 2026 財年展望以來，消費者寵物市場環境已變得更具挑戰。

As a result, our updated guidance, which Chris will discuss in more detail shortly, now reflects a more appropriately conservative view of the consumer environment and broader category growth assumptions for the balance of the year. For clarity's sake, we are seeing a modest level of incremental pressure on premiumization and product attach rates amongst our current customer base, resulting in what we view as a short-term NSPAC headwind.

因此，我們更新後的指引（Chris 稍後將更詳細說明）如今反映了對消費環境以及今年剩餘期間更廣泛品類成長假設更為審慎的看法。為求清楚起見，我們在現有客群中看到高端化（premiumization）與產品加購率（attach rates）出現溫和的額外壓力，導致我們認為短期內 NSPAC 面臨逆風。

Conversely, our improved go-to-market initiatives including better CRM efforts, resulting in greater conversion, increased engagement via our mobile app, continued success in reactivating lapsed customers, and ongoing success in driving down churn is supporting an ongoing healthy trajectory for customer net additions.

相對地，我們改善的市場進入（go-to-market）措施，包括更佳的 CRM 作為所帶來的更高轉換率、透過行動 App 提升互動、持續成功喚回流失客戶，以及持續降低流失率（churn）的成果，正支撐客戶淨新增維持健康的成長軌跡。

That said, our confidence in the underlying strength of the business, our ability to continue gaining share, and our long-term growth and profitability algorithm remains unchanged. That remains a more resilient category relative to other parts of the consumer landscape and Chewy is increasingly building the capabilities and business lines to accrue a growing share of this incredibly attractive end market.

儘管如此，我們對業務基本面實力、持續擴大市占的能力，以及長期成長與獲利的運作模式（algorithm）的信心仍未改變。相較於消費版圖的其他領域，這仍是一個更具韌性的品類，而 Chewy 正持續建立能力與業務線，以在這個極具吸引力的終端市場中取得愈來愈高的份額。

Additionally, the strength of our customer acquisition funnel continues to support sustained share gains across macro environments while also positioning Chewy to return to more typical NSPAC compounding rates as consumer conditions normalize, all on top of a meaningfully larger customer base. Furthermore, we believe our strategic initiatives across health, AI, fulfillment, and customer experience continue to strengthen the moat around the Chewy ecosystem.

此外，我們的客戶獲取漏斗（acquisition funnel）強勁，持續支撐我們在各種總體環境下的市占提升，同時也讓 Chewy 在消費情況正常化時，能在更龐大的客戶基礎之上回到較典型的 NSPAC 複利成長速度。再者，我們相信在健康、AI、履約與客戶體驗方面的策略性計畫，持續強化 Chewy 生態系的護城河。

In closing, I want to thank the entire Chewy team for another quarter of disciplined execution and innovation. We remain focused on delivering profitable growth durable, free cash flow generation, and long-term shareholder value creation.

最後，我要感謝整個 Chewy 團隊在本季再次展現有紀律的執行與創新。我們仍專注於實現具獲利性的成長、持久的自由現金流創造，以及長期股東價值的提升。

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

接下來，我把電話會議交給 Chris。

Thank you, Sumit, and thank you all for joining us today. Q1 results reflect continued disciplined execution across the business, highlighted by continued share gains, meaningful margin expansion and strong free cash flow generation despite a macro environment that softened as we move through the quarter.

謝謝你，Sumit，也謝謝各位今天加入我們。第一季的結果反映了我們在全公司持續有紀律的執行，亮點包括持續提升市占、顯著的毛利率擴張，以及強勁的自由現金流創造，儘管在本季進行期間總體環境有所轉弱。

Q1 net sales reached approximately $3.36 billion, representing 7.7% year-over-year growth, reflecting the continued strength across our recurring revenue base, balanced contribution from both active customer growth and NSPAC expansion, and ongoing market share gains within the pet category.

第一季淨銷售額約為 33.6 億美元，年增 7.7%，反映我們經常性收入基礎的持續強勁、活躍客戶成長與 NSPAC 擴張的均衡貢獻，以及在寵物品類中持續提升的市占。

We closed our acquisition of SmartPak in the first quarter as planned and the revenue contribution from the business was in line with our previously communicated $80 million net sales expectation for the full-year 2026. We continue to grow active customers, ending the quarter with approximately $21.5 million increasing 3.6% year over year.

我們在第一季如期完成對 SmartPak 的收購，該業務的營收貢獻符合我們先前溝通的 2026 全年淨銷售額 8,000 萬美元預期。我們持續增加活躍客戶，季末約為 2,150 萬，年增 3.6%。

Autoship customer sales reached approximately $2.83 billion in the quarter, increasing over 10% year over year and representing 84.4% of total net sales. Growth in Autoship continue to outpace overall company growth, reinforcing the durability and predictability of our recurring revenue model.

本季 Autoship 客戶銷售額約為 28.3 億美元，年增超過 10%，占總淨銷售額的 84.4%。Autoship 的成長持續快於公司整體成長，進一步強化我們經常性收入模式的耐久性與可預測性。

NSPAC reached $597 in Q1, increasing approximately 4.6% year over year on a normalized basis when accounting for the extra week in the prior year comparable period, and reflects continued customer cohort maturation, growth in health and wellness penetration, and increasing cross-category engagement across the platform.

第一季 NSPAC 為 597 美元；在考量前一年可比期間多出一週並進行常態化調整後，年增約 4.6%。此表現反映客戶群組（cohort）持續成熟、健康與保健滲透率提升，以及平台跨品類互動持續增加。

Turning to profitability. We reported first quarter gross margin of 30.1%, representing approximately 50 basis points of year-over-year expansion, including a low-single-digit million-dollar impact from fuel surcharges passed on by our carrier partners. Gross margin performance was driven primarily by continued growth in sponsored ads, favorable category mix, and continued operating discipline.

接著談獲利能力。我們第一季毛利率為 30.1%，年增約 50 個基點，其中包含承運合作夥伴轉嫁的燃油附加費所帶來的低個位數百萬美元影響。毛利率表現主要由贊助廣告持續成長、有利的品類組合，以及持續的營運紀律所驅動。

Moving to operating expenses. Please note that my discussion of SG&A excludes share-based compensation expense and related taxes as well as transaction and integration-related costs. First-quarter non-GAAP SG&A was approximately $593 million or 17.7% of net sales. Now, Q1 non-GAAP SG&A excludes approximately $10 million of transaction-related costs associated primarily with acquisition and integration activities related to SmartPak and Modern Animal.

再看營業費用。請注意，我對 SG&A 的討論不包含以股份為基礎的薪酬費用及相關稅項，以及交易與整合相關成本。第一季非 GAAP 的 SG&A 約為 5.93 億美元，約占淨銷售額的 17.7%。此外，第一季非 GAAP 的 SG&A 排除了約 1,000 萬美元的交易相關成本，主要與 SmartPak 與 Modern Animal 的收購及整合活動有關。

As planned, we delivered approximately 90 basis points of year-over-year SG&A leverage, reflecting continued operating discipline, fulfillment productivity improvements driving down our variable costs, and early benefits from technology and AI-enabled efficiencies across the organization.

如同規劃，我們實現了約 90 個基點的 SG&A 年度槓桿改善，反映持續的營運紀律、履約生產力提升帶動變動成本下降，以及科技與 AI 賦能效率在組織內帶來的早期效益。

We continue to lower our cost to serve as we scale. Advertising and marketing expense was approximately $206 million or 6.1% of net sales, reflecting modest leverage year over year. As we have consistently stated, our marketing strategy remains focused on profitable customer acquisition and long-term lifetime value generation, and we continue to see strong returns across both lower and upper funnel investments.

隨著規模擴大，我們持續降低服務成本。廣告與行銷費用約為 2.06 億美元，約占淨銷售額的 6.1%，年對年呈現溫和槓桿改善。正如我們一貫所述，我們的行銷策略仍聚焦於具獲利性的客戶獲取與長期客戶終身價值的創造；我們在漏斗下層與上層的投資上，持續看到強勁的回報。

Q1 adjusted net income was approximately $180 million, translating into adjusted diluted earnings per share of $0.43. Adjusted EBITDA reached approximately $253 million in the quarter, representing a 7.5% adjusted EBITDA margin, up approximately 130 basis points year over year and reflects adjusted EBITDA flow-through of greater than 25%. This level of profitability expansion reflects the structural strengthening of Chewy's earnings model.

第一季調整後淨利約為 1.80 億美元，對應調整後稀釋每股盈餘為 0.43 美元。調整後 EBITDA 本季約為 2.53 億美元，調整後 EBITDA 利潤率為 7.5%，年增約 130 個基點，且調整後 EBITDA 流入率（flow-through）超過 25%。此獲利能力擴張的幅度，反映 Chewy 獲利模式的結構性強化。

We are expanding earnings materially faster than revenue growth while continuing to invest behind strategic initiatives, including Chewy Health, Chewy Vet Care, AI infrastructure, and fulfillment network optimization. The power of our underlying profitability profile allows us to both deliver consistent margin expansion while simultaneously investing into core strategic growth drivers that give us an increasing right to win a growing share of the pet parent wallet.

我們的獲利成長速度顯著快於營收成長，同時仍持續投資於策略性計畫，包括 Chewy Health、Chewy Vet Care、AI 基礎建設，以及履約網路最佳化。我們底層獲利結構的強大，使我們得以在持續擴張利潤率的同時，投入核心策略成長驅動因素，讓我們更有能力在寵物家長的消費錢包中贏得日益增加的份額。

Free cash flow for the quarter was approximately $71 million, increasing over 45% year over year. Q1 free cash flow reflected approximately $109 million of net cash provided by operating activities and approximately $38 million of capital expenditures. Our continued free cash flow stream reflects the durability of the Chewy model, the recurring nature of our revenue base and the structural expansion and profitability we continue to drive across the business.

本季自由現金流約為 7,100 萬美元，年增超過 45%。第一季自由現金流包含營運活動提供的淨現金約 1.09 億美元，以及資本支出約 3,800 萬美元。我們持續的自由現金流表現，反映 Chewy 模式的耐久性、經常性收入基礎的特性，以及我們在全業務範圍持續推動的結構性擴張與獲利能力提升。

During the quarter, we deployed capital across several strategic priorities, including the acquisition of SmartPak and approximately $200 million of share repurchases under our existing program. These actions reflect our continued confidence in the long-term opportunity ahead of us as well as our disciplined approach to capital allocation.

在本季度，我們將資本部署於多項策略優先事項，包括收購 SmartPak，以及依據我們現行計畫進行約 2 億美元的股票回購。這些行動反映我們對未來長期機會的持續信心，以及我們在資本配置上的紀律性作法。

We ended the quarter with approximately $520 million of cash, cash equivalents, and marketable securities and over $1 billion of total available liquidity, inclusive of our revolving credit facility. Subsequent to quarter end, we completed the acquisition of Modern Animal, further expanding our presence within the highly attractive and underpenetrated pet healthcare market.

本季度末，我們持有約 5.2 億美元的現金、約當現金與有價證券，且包含循環信用額度在內的可用總流動性超過 10 億美元。在季度結束後，我們完成對 Modern Animal 的收購，進一步擴大我們在極具吸引力且滲透率仍低的寵物醫療保健市場中的布局。

In addition, earlier today, we launched a $600 million Term Loan B transaction. Given the scale of our business, the durability of our earnings profile and our consistent free cash flow generation, we believe adding a modest amount of leverage is an appropriate evolution of Chewy's capital structure.

此外，我們於今日稍早啟動一筆 6 億美元的 Term Loan B（B 期定期貸款）交易。鑑於我們業務規模、獲利結構的韌性以及穩定的自由現金流創造能力，我們認為適度提高槓桿是 Chewy 資本結構演進的恰當一步。

We intend to maintain a conservative balance sheet and over time target net leverage below 2 times adjusted EBITDA. Within that framework, the transaction enhances our financial flexibility and positions us to continue investing behind our strategic priorities, pursue attractive growth opportunities, and return capital to shareholders while maintaining significant liquidity.

我們打算維持保守的資產負債表，並在時間推進下將淨槓桿目標維持在調整後 EBITDA 的 2 倍以下。在此框架下，該交易提升我們的財務彈性，使我們得以持續投入策略優先事項、把握具吸引力的成長機會，並在維持充足流動性的同時回饋股東。

Now turning to our updated outlook. As Sumit mentioned earlier, while the pet category remains resilient overall, the consumer environment has become more challenged since we established our original fiscal 2026 outlook earlier this year.

接著談我們更新後的展望。如 Sumit 先前提到，儘管整體寵物品類仍具韌性，但自我們今年稍早提出原先的 2026 會計年度展望以來，消費環境已變得更具挑戰。

Most notably, we are seeing more pressure on discretionary attachment and premiumization behavior across portions of our customer base, resulting in slower NSPAC growth than we had originally anticipated. Against this backdrop, we are updating our full-year fiscal 2026 net sales outlook to reflect both the softer consumer environment as well as a more conservative set of internal assumptions for the balance of the year.

最明顯的是，我們看到部分客群在非必需加購（discretionary attachment）與高端化（premiumization）行為上承受更大壓力，導致 NSPAC 成長低於我們原先預期。在此背景下，我們更新 2026 會計年度全年淨銷售額展望，以反映較疲弱的消費環境，以及我們對今年剩餘期間更為保守的一組內部假設。

For fiscal 2026, we now expect net sales of between approximately $13.40 billion and $13.55 billion, representing approximately 6.3% to 7.5% year-over-year growth. Including within this range is an expected net sales contribution of approximately $80 million from SmartPak and approximately $70 million for Modern Animal for fiscal year 2026.

就 2026 會計年度而言，我們目前預期淨銷售額約介於 134.0 億至 135.5 億美元之間，約代表年增 6.3% 至 7.5%。此區間包含 SmartPak 在 2026 會計年度預期約 8,000 萬美元的淨銷售額貢獻，以及 Modern Animal 約 7,000 萬美元的貢獻。

As we entered the year, we anticipated several company-specific initiatives which support improving growth trends through the back half of fiscal 2026, including expectations of the changes to our Autoship product flow would accelerate product line attachment rates and enhanced digital advertising bidding algorithms would drive faster levels of customer growth.

在年初時，我們預期數項公司特定的計畫將支持 2026 會計年度下半年成長趨勢改善，包括預期對 Autoship 產品流程的調整將加速產品線加購率，以及強化的數位廣告出價演算法將帶動更快的客戶成長。

While we remain confident in the long-term value of these initiatives and both products are delivering strong underlying gains, the impact of both products have been muted by the macro environment. We no longer believe it is prudent to embed a meaningful acceleration in consumer spending into our outlook given the current operating environment.

雖然我們仍對這些計畫的長期價值充滿信心，且兩項產品皆展現強勁的基本面改善，但其影響已被總體環境所削弱。鑑於目前的營運環境，我們不再認為在展望中納入消費支出顯著加速是審慎之舉。

The low end of our guidance range assumes the current consumer backdrop worsens relative to the trends we are observing at this point, while the high end assumes spending patterns improve from current levels as we move through the second half.

我們指引區間的低端假設目前的消費背景相較於我們此刻觀察到的趨勢進一步惡化；高端則假設隨著進入下半年，支出型態將自目前水準改善。

We continue to see healthy active customer trends, ongoing market share gains, and continued strength in Autoship. That said, given the current environment, we now expect active customer additions to trend towards the lower end of our previously stated range of approximately 150,000 to 250,000 net adds per quarter.

我們持續看到健康的活躍客戶趨勢、持續的市占提升，以及 Autoship 的延續強勁。然而，考量目前環境，我們現在預期活躍客戶新增數將趨近於先前所述每季約 15 萬至 25 萬淨新增區間的低端。

The Chewy customer funnel remains healthy with consistent churn gains during the quarter and extremely healthy reactivation rates, which are being somewhat offset by new to Chewy customer softness due to the challenged spending environment.

Chewy 的客戶漏斗仍維持健康，本季度流失率（churn）改善持續，且再啟用（reactivation）率極為強勁；但由於支出環境具挑戰性，新加入 Chewy 的客戶表現偏弱，部分抵銷了上述正面因素。

Now turning to profitability guidance. Given the continued strength we are seeing across the earnings profile of the business, we are maintaining our full-year fiscal 2026 adjusted EBITDA margin guidance range at 6.6% to 6.8%, or approximately 100 basis points of year-over-year expansion at the midpoint.

接著談獲利能力指引。鑑於我們在業務獲利結構上持續看到的強勁表現，我們維持 2026 會計年度全年調整後 EBITDA 利潤率指引區間為 6.6% 至 6.8%，以中位數計約為年增 100 個基點的擴張。

That said, as we mentioned as part of the Modern Animal acquisition, while these clinics are highly profitable on a four-wall mature basis, we expect the business to represent a modest margin rate drag in 2026. Thus, our stable total margin guidance speaks to the increasing durability of Chewy's earnings algorithm. At the midpoint of our guidance ranges, this implies approximately $900 million of adjusted EBITDA for the year.

不過，正如我們在 Modern Animal 收購案中提到，雖然這些診所在單店成熟（four-wall mature）基礎下具備高度獲利能力，但我們預期該業務在 2026 年將對利潤率造成小幅拖累。因此，我們整體利潤率指引維持穩定，反映 Chewy 獲利演算法的韌性正持續提升。以指引區間中位數計算，這意味著全年調整後 EBITDA 約為 9 億美元。

Importantly, our updated profitability outlook continues to reflect ongoing investment across several strategic priorities, including Chewy Health, Chewy Vet Care, automation initiatives, AI-enabled productivity efforts, and continued customer acquisition investments. Our confidence in earnings power of the business continues to strengthen, supported by structural improvements across gross margin, sponsored ads, fulfillment productivity, operating discipline, and broader operating leverage throughout the organization.

重要的是，我們更新後的獲利展望仍反映我們在多項策略優先事項上的持續投資，包括 Chewy Health、Chewy Vet Care、自動化計畫、AI 賦能的生產力提升工作，以及持續的客戶獲取投資。在毛利率結構性改善、贊助廣告、履約生產力、營運紀律，以及全組織更廣泛的營運槓桿支持下，我們對公司獲利能力的信心持續增強。

Furthermore, as we look to continue to deliver robust profitability gains in spite of the more challenged consumer backdrop, we are able to act on certain efficiency gains that we originally had slated for the back half of 2026 earlier in the year supporting full-year margin durability.

此外，為了在更具挑戰的消費背景下仍能持續交付強勁的獲利改善，我們得以採取部分原先在今年稍早規劃於 2026 年下半年實施的效率提升措施，以支撐全年利潤率的韌性。

As you think about the cadence of profitability through the balance of the year, there are several important items to keep in mind. First, as we discussed on our prior earnings call, we continue to expect quarterly gross margin cadence in fiscal 2026 to more closely resemble the patterns observed in fiscal 2023 and fiscal 2024.

在思考今年剩餘期間獲利表現的節奏時，有幾項重要事項需要留意。第一，如同我們在上一季財報電話會議中討論的，我們仍預期 2026 會計年度的季度毛利率節奏將更接近 2023 與 2024 會計年度所觀察到的型態。

Specifically, we expect second-quarter gross margin to contract modestly year over year, driven primarily by difficult comparisons associated with nonrecurring MAP pricing benefits realized during the second quarter of fiscal 2025. Despite this quarterly dynamic, we continue to expect gross margin expansion on a full-year basis.

具體而言，我們預期第二季毛利率將較去年同期小幅收縮，主要由於與 2025 會計年度第二季一次性 MAP 定價效益相關的艱難比較基期。儘管存在此季度動態，我們仍預期全年毛利率將呈現擴張。

Second, we expect SG&A leverage to remain relatively consistent throughout the balance of the year as we continue investing behind strategic growth initiatives while also realizing ongoing operational efficiencies across the business. Taken together, these factors are expected to result in more muted adjusted EBITDA margin expansion during the second quarter relative to the first quarter with stronger year-over-year expansion expected across the back half of the year.

第二，我們預期在今年剩餘期間，SG&A 槓桿將大致維持一致；我們一方面持續投入策略性成長計畫，另一方面也持續在全公司實現營運效率提升。綜合而言，這些因素預期將使第二季調整後 EBITDA 利潤率的擴張幅度相較第一季更為溫和，而在下半年則預期出現更強的年對年擴張。

Overall, while we are moderating our revenue expectations to reflect the current operating environment, our confidence in the long-term structural margin opportunity and free cash flow generation profile of the business continues to increase.

整體而言，雖然我們為反映目前營運環境而下調營收預期，但我們對公司長期結構性利潤率機會與自由現金流創造能力的信心仍持續提升。

Now turning to second-quarter guidance. For the second quarter of fiscal 2026, we expect net sales between approximately $3.30 billion and $3.33 billion, representing approximately 6% to 7% year-over-year growth. Our second-quarter outlook assumes the current operating environment and consumer behavior trends remain generally stable with what we experienced exiting the first quarter.

接著談第二季指引。就 2026 會計年度第二季而言，我們預期淨銷售額約介於 33.0 億至 33.3 億美元之間，約代表年增 6% 至 7%。我們對第二季的展望假設目前的營運環境與消費者行為趨勢，整體上與第一季結束時的情況大致維持穩定。

We continue to see healthy active customer engagement, Autoship program strength, and continued market share gains, although we expect ongoing pressure on discretionary attachment and premiumization behavior to persist near term. Given the number of moving pieces impacting quarterly profitability cadence including the gross margin dynamics we discussed earlier and our desire to be more transparent and clear with quarterly profitability expectations, we are introducing quarterly adjusted EBITDA margin guidance.

我們持續看到健康的活躍客戶互動、Autoship 計畫的強勁表現，以及持續的市占提升；不過，我們預期非必需加購與高端化行為所承受的壓力在短期內仍將持續。鑑於影響季度獲利節奏的變動因素眾多（包括我們先前討論的毛利率動態），以及我們希望對季度獲利預期提供更透明且更清晰的資訊，我們將開始提供季度調整後 EBITDA 利潤率指引。

For the second quarter, we expect adjusted EBITDA margin of between 6.3% and 6.4%, representing approximately 50 basis points of year-over-year expansion at the midpoint. As a reminder, second-quarter profitability will be impacted by more difficult year-over-year gross margin comparisons associated with nonrecurring MAP pricing benefits realized in the prior year period as well as elevated fuel surcharge costs flowing through the quarter, which we expect to represent a roughly mid-single-digit million-dollar headwind to the quarter.

就第二季而言，我們預期調整後 EBITDA 利潤率介於 6.3% 至 6.4%，以中位數計約代表年對年擴張 50 個基點。提醒一下，第二季獲利將受到較艱難的年對年毛利率比較影響，該比較與前一年期間一次性 MAP 定價效益相關；此外，季度內也將反映較高的燃油附加費成本，我們預期這將對本季造成約中個位數百萬美元等級的不利影響。

At the same time, we continue to expect ongoing SG&A discipline and operational efficiency improvements across the business. Furthermore, our updated guidance for adjusted EBITDA margin in fiscal year 2026 contemplate similar levels of fuel cost headwinds for the balance of the year.

同時，我們仍預期全公司將持續維持嚴謹的SG&A費用紀律，並推動營運效率改善。此外，我們更新後對2026會計年度調整後EBITDA利潤率的指引，亦納入今年剩餘期間將面臨與先前相近水準的燃料成本逆風。

Thus, while second-quarter adjusted EBITDA margin expansion is expected to be more muted relative to the first quarter, we continue to expect stronger year-over-year profitability expansion across the back half of fiscal 2026 as reflected in our full year guide as we lap this one-time MAP item.

因此，雖然預期第二季調整後EBITDA利潤率的擴張幅度相較第一季將較為溫和，但隨著我們在2026會計年度下半年消化這筆一次性的MAP項目（如全年指引所反映），我們仍預期年對年獲利能力擴張將更為強勁。

We also expect adjusted diluted earnings per share for the second quarter to be approximately $0.36. And finally, for the full-year 2026, we continue to expect share-based compensation expense, including related taxes, to remain broadly flat year over year.

我們也預期第二季調整後稀釋每股盈餘約為0.36美元。最後，就2026全年而言，我們仍預期以股份為基礎的薪酬費用（含相關稅負）將大致維持年對年持平。

We are lowering our weighted average diluted shares outstanding by 5 million shares and now expect to end the year with approximately 420 million shares. Net interest expense of approximately $10 million to $15 million given the interest expense on our recently launched term loan and an effective tax rate in the range of approximately 24% to 26%.

我們將加權平均稀釋流通股數下調500萬股，並預期年底約為4.20億股。考量我們近期啟動的定期貸款所產生的利息費用，淨利息費用約為1,000萬至1,500萬美元；有效稅率約落在24%至26%的區間。

In closing, I would like to thank all of our Chewy team members for their continued disciplined execution and focus on operational excellence. We believe the combination of our recurring revenue model, growing health ecosystem, structural margin expansion opportunities, and strong free cash flow generation position Chewy well to continue delivering long-term profitable growth and shareholder value creation.

最後，我要感謝所有Chewy團隊成員持續以紀律落實執行並專注於卓越營運。我們相信，經常性收入模式、持續成長的健康生態系、結構性利潤率擴張機會，以及強勁的自由現金流創造能力的組合，將使Chewy具備良好條件，持續實現長期的獲利成長並為股東創造價值。

With that, I will turn the call back over to Sumit for some closing remarks.

接下來，我把電話交回給Sumit做一些結語。

Thanks, Chris. While the consumer environment has become modestly more challenged, our first-quarter results reinforce that the power of the Chewy model remains durable and continues to strengthen. We are continuing to gain share with an increasingly larger PET TAM by leveraging the assets and initiatives we have built across Autoship, Health, Vet Care, AI, fulfillment, and customer experience.

謝謝，Chris。雖然消費者環境變得略為更具挑戰，但我們第一季的結果再次證明Chewy模式的力量依然穩健，且持續增強。我們正透過在Autoship、Health、Vet Care、AI、履約配送以及客戶體驗等方面所建立的資產與計畫，持續在不斷擴大的寵物TAM中提升市占。

These capabilities are deepening our competitive moats, expanding the durability of our earnings and free cash flow profile and strengthening our right to win a greater share of the pet parent wallet over time. As today's transitory headwinds subside, we believe Chewy will be even better positioned to compound those gains and deliver long-term shareholder value.

這些能力正在加深我們的競爭護城河，提升我們獲利與自由現金流輪廓的韌性，並強化我們隨時間推進贏得更大寵物家長錢包份額的勝出權。隨著當前的短期逆風消退，我們相信Chewy將具備更佳條件，持續累積這些成果並為股東帶來長期價值。

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

接下來，我把電話交給接線員進行提問。

(Operator Instructions) Nathan Feather, Morgan Stanley.

(接線員指示) Morgan Stanley的Nathan Feather。

I appreciate the quarterly EBITDA guidance. That's really helpful. Can you give us sort of finer point on the puts and takes here that are leading to the sequential margin improvement in the back half of the year?

我很感謝你們提供季度EBITDA指引。這真的很有幫助。你們能否更精準地說明一下，哪些因素的拉抬與抵銷，正推動今年下半年利潤率的環比改善？

Yeah. So thanks for the question, Nathan. And so Q2, I'll just emphasize, is really all about phasing. The SG&A expansion that we expect in Q2 remained broadly flat to what we saw in Q1 and what we'll see for most of the year.

好的。謝謝你的問題，Nathan。第二季我想強調，主要是時點分配（phasing）的問題。我們預期第二季的SG&A擴張幅度，整體上與第一季所見以及今年大部分時間將看到的水準大致相當。

But if you look at our gross margin curve from last year, had a much higher and sort of outsized increase quarter over quarter, that's not our normal seasonal pattern that you can see in our fiscal 2023 and 2024. And so Q2 is really just a phasing of that gross margin where 2026 looks more stable quarter over quarter on gross margin rate.

但如果你看去年我們的毛利率走勢，季度之間的增幅更高、也相對偏大，這並不是我們在2023與2024會計年度所呈現的正常季節性型態。因此，第二季其實只是毛利率在時點上的分配；2026年的毛利率將呈現較為穩定的季度變化。

So as you get to the back half of the year, we continue to think back half of the year looks like our full year where SG&A delivers slightly more the gross margin improvement. Gross margin will continue to expand year on year, but the seasonality of gross margin in the back half of the year looks, quote-unquote, more normal versus what we experienced prior.

因此進入下半年時，我們仍認為下半年的表現會更接近全年狀況，也就是SG&A對毛利率改善的貢獻略多一些。毛利率仍將持續年對年擴張，但下半年毛利率的季節性看起來會（所謂）更正常，相較於我們先前所經歷的情況。

And so again, Q2 is really all phasing. Structurally, SG&A continue to leverage with fulfillment costs. We continue to leverage corporate payroll costs, gross margin will continue to expand with sponsored ads, premiumization, and a rational promotional environment.

所以再次強調，第二季主要都是時點分配問題。在結構面上，SG&A仍會隨履約成本而持續槓桿化。我們也會持續槓桿化公司薪資成本；毛利率則將在贊助廣告、產品高端化（premiumization）以及更理性的促銷環境帶動下持續擴張。

Eric Sheridan, Goldman Sachs.

Goldman Sachs的Eric Sheridan。

Maybe one and a follow up, if I could. With respect to the comments you made about the consumer, how should we be thinking about going one level lower on consumer behavior. I mean, you're seeing any deviation in behavior relative to age of cohort or income levels that you want to call out in terms of consumer behavior on the platform.

如果可以的話，我想問一個問題再追問一個。關於你們對消費者的評論，我們應該如何更進一步理解消費者行為？我的意思是，你們是否看到不同年齡族群或收入水準的行為相較以往有任何偏離，值得在平台上的消費者行為方面特別點出？

Eric, this is Sumit. Not really. Those are not data points that we collect sort of on a periodic basis, more so on a twice a year basis. But I can tell you that underneath of it, when we look at sort of cumulative reorder rates for customers, these type of trends are holding very positive.

Eric，我是Sumit。沒有特別看到。這些並不是我們會以固定頻率定期蒐集的資料點，比較偏向一年兩次的蒐集頻率。但我可以告訴你，在更底層的指標上，當我們看客戶的累積再訂購率（cumulative reorder rates）時，這類趨勢仍維持非常正向。

I'm also looking at -- and that's true for new customers as well as reactivated customers, when I look at NSPAC by cohort for the customers that we acquired in the period one of this year that is now lapping sort of two periods or that has now been -- who've been with us for two periods now, those cohort trends are positive.

我也在看——這對新客戶與重新啟用的客戶都成立。當我按客群（cohort）去看NSPAC時，對於我們在今年第一個期間所獲取、如今已經歷兩個期間（也就是已與我們互動兩個期間）的客戶而言，這些cohort趨勢是正向的。

So broadly speaking, this is -- as we've shared on the call, more so around the broad trends of premiumization and a modest sort of impact on attach rates. But in terms of consumer demographic, those type of data, we don't collect on a periodic basis.

因此整體而言——如同我們在電話會議中分享的——更多是關於高端化（premiumization）的整體趨勢，以及對附加率（attach rates）帶來些許溫和影響。但就消費者人口統計而言，這類資料我們並不會以固定頻率定期蒐集。

Okay. And then just one follow up, if I can. Against the macro environment you find yourself in now. When you think about some of the longer-term platform and product initiatives that you guys highlighted in your prepared remarks. How do you think about either maintaining or accelerating the investment cadence in the business to capitalize on your market share potential relative to the rest of the industry as you look out towards the remainder of this year?

了解。那我再追問一個問題。在你們目前所處的總體環境下，當你們思考在事先準備的講稿中提到的一些較長期的平台與產品計畫時，展望今年剩餘時間，為了相對於產業其他公司把握市占潛力，你們如何看待維持或加速公司投資節奏？

So our -- so we're always taking the steps. So we plan twice a year for the long-range plan and then sort of break those plans down into what we would execute over the next 12 months or so. And so our focus is always investing in activities that allow us to grow our TAM and continue to gain incremental share of wallet from customers.

所以我們——我們一直都在採取相應步驟。我們一年兩次進行長期規劃（long-range plan），然後再把這些計畫拆解成接下來約12個月要執行的內容。因此，我們的重點始終是投資於能讓我們擴大TAM，並持續從客戶那裡取得更多增量錢包份額的活動。

So you've seen -- and then underneath the gross margin line, we're investing in activities like building up infrastructure capabilities to invest back in AI that are driving efficiency savings that we've obviously quantified last quarter, and we've again confirmed this quarter.

所以你已經看到——而且在毛利率線以下，我們也在投資一些活動，例如建置基礎設施能力以回投AI，這些正在帶來效率節省；我們在上一季已量化，並在本季再次確認。

So if you take that framework, then at the most strategic level, we're investing behind initiatives like Chewy Health and underneath of that, it's Chewy Vet Care and clinic initiatives that opened up the TAM by incremental $40 billion and is the fastest compounder of NSPAC is a good way to look at it.

因此如果用這個框架來看，在最具策略性的層面，我們正加大投資於Chewy Health；在其之下，則是Chewy Vet Care與診所相關計畫，這些將TAM額外擴大了400億美元，且可視為NSPAC成長速度最快的複利推動者。

When you think about our product initiatives, they are much more so to drive NSPAC curves up whether this is investment in Autoship that drives repeat recurring purchase behavior, whether it's improvement in experience that drives incremental -- so one of the projects that we mentioned on the script that we are now not underwriting as bullish of behavior as we'd initially concepted when we tested it, is this kind of notion of attaching more lines to Autoship per se.

當你思考我們的產品計畫時，它們更多是為了推升NSPAC曲線——無論是投資Autoship以帶動重複的經常性購買行為，或是改善體驗以帶來增量——例如我們在講稿中提到的一個專案：在測試後，我們現在對其行為表現的承保假設（underwriting）不再像最初構想時那麼樂觀，也就是這種在Autoship上附加更多品類線（lines）的概念。

And that, again, goes back to the way the consumer behavior is acting rather than the direct kind of loss of our belief that these products will continue to drive product attach rate. Chewy+ is another investment for us, although I should be very clear in saying that from a margin investment point of view, it is neutral, not dilutive to 2026. But again, that's one of those initiatives that we essentially are very closely evaluating our product market fit for in pushing NSPAC curves between $300 and $800 up.

而這一點，再次回到消費者行為的表現，而不是我們對這些產品將持續帶動產品附加率（attach rate）的信念出現直接性的流失。Chewy+ 也是我們的另一項投資，不過我必須非常清楚地說，從毛利投資的角度來看，它是中性的，對 2026 年不具稀釋性。但同樣地，這也是我們正在非常密切評估其產品市場契合度（product-market fit）的計畫之一，目標是在 300 到 800 美元之間推動 NSPAC 曲線向上。

Now when you go kind of below the gross margin line, then we've clearly talked about continuing to invest in automation, continuing to invest in AI, and that drives SG&A curve leverages while we maintain really strong corporate payroll discipline across the company. So we're evaluating every line of the income statement and ensuring that maximized profit converts into free cash flow on a moving basis.

接著當你往毛利線以下看，我們顯然已談到會持續投資自動化、持續投資 AI，而這會在我們維持全公司非常嚴格的企業薪酬紀律的同時，推動 SG&A 曲線的槓桿效益。因此我們正在檢視損益表的每一個科目，並確保在動態調整的基礎上，最大化的利潤能轉化為自由現金流。

And then the last capital allocation, which not directly a capital allocation question, but is how do we efficiently return capital back to shareholders.

然後最後一項資本配置——這不完全是一個直接的資本配置問題——而是我們如何有效率地把資本回饋給股東。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通（JPMorgan）。

Sumit, can you talk about just how you get the confidence that the weaker environment late 1Q and into 2Q is macro-driven? And just weighing on the broader category rather than anything market share specific to Chewy. And then when you think about the AI savings that you talked about the low tens of millions in in fiscal '26, are you still expecting kind of what you had talked about previously, like $50 million plus in fiscal '27?

Sumit，你能談談你如何有信心認為第一季末偏弱、並延續到第二季的環境是由總體因素（macro）所驅動嗎？也就是說，它是在壓抑整體品類，而不是任何 Chewy 特定的市占因素。另外，關於你提到的 AI 節省在 2026 財年是數千萬美元的低位區間（low tens of millions），你是否仍預期如你先前所說，2027 財年會是 5,000 萬美元以上？

The answer to the second question because it's such a direct question is yes. Now moving to the first question on how are we confident? What are we viewing et cetera. So we're very clearly gaining share. Our data suggests that competitive data across the industry suggests that, and there are a few things underneath to fit.

第二個問題的答案，因為它非常直接，是：是的。現在回到第一個問題：我們如何有信心？我們在觀察什麼等等。我們非常明確地正在提升市占。我們的數據顯示如此，整個產業的競爭數據也顯示如此，而底下有幾個因素可以佐證。

So when you look at customer retraction towards Chewy, it remains solidly driven by both our efforts as well as when you look at branded searches towards Chewy or direct traffic that is migrating to Chewy, that traffic was stronger. That relative to underlying trends when we look at industry level trends, in Q1, we saw weakening trends within the overall pet food and supplies from an impressions index point of view, and that trend declined year over year, underscoring the cautious consumer.

當你看客戶回流到 Chewy 的情況，它仍然相當穩健，這既來自我們的努力；同時當你看指向 Chewy 的品牌搜尋（branded searches）或是遷移到 Chewy 的直接流量，那些流量更強。相較於我們觀察到的產業層級趨勢，在第一季，從曝光指數（impressions index）的角度看，整體寵物食品與用品出現走弱，而該趨勢年對年下滑，凸顯消費者更為謹慎。

And despite this, when you look at Chewy's absolute clicks, they increased mid-single-digit percentages year over year. and that was true for pretty much every category that we play in. Number three, when you look at spend cohort behavior, right, we are continuing to -- outside of the modest pressure that we've talked about in the attach rate consumables and healthcare categories that are recurring in nature, fueled by the Autoship flywheel continue to be super strong.

儘管如此，當你看 Chewy 的絕對點擊量（absolute clicks），年對年仍以中個位數百分比成長，而且幾乎我們參與的每個品類都是如此。第三，當你看消費金額分群（spend cohort）行為，我們仍在持續——除了我們已談到的、在附加率（attach rate）上消耗品與醫療保健等具重複性品類所承受的溫和壓力之外——由 Autoship 飛輪所帶動的重複性品類依然非常強勁。

And then when we look at underneath the share kind of where the share dynamics lie today, we believe the primary source of share gain in the pet industry are still within large e-commerce players such as ourselves. And furthermore, when you look at our customer behavior, we continue to see lower churn, healthier reactivation rates, as well as healthy yet modestly worse than expected new customer acquisition.

接著當我們看市占之下、也就是目前市占動態所在的位置，我們認為寵物產業市占提升的主要來源，仍然是在像我們這樣的大型電商玩家之中。此外，從客戶行為來看，我們持續看到較低的流失率（churn）、更健康的再啟用率（reactivation rates），以及健康但略低於預期的新客獲取。

So all those are indicators in a world where the consumer behavior is changing less so than our proposition is diluting in any particular way. And that gives us the confidence that the pressures that we're seeing are primarily macro related. And then finally, when you look at -- the fact that e-commerce continues to take strength, we continue to hold on to our customers. We don't see indicators that suggest a meaningful change in the competitive environment.

因此，這些都是在一個消費者行為正在改變的世界裡的指標，而不是我們的價值主張在任何特定方面被稀釋。這讓我們有信心，我們看到的壓力主要與總體環境相關。最後，當你看——電商持續走強的事實，我們也持續留住客戶。我們沒有看到任何指標顯示競爭環境出現有意義的變化。

And so taken together, these are the trends that have given us the confidence that the pressure we are seeing today is primarily macro related, reflecting a more cautious consumer environment rather than a result of increased competition or share loss.

因此綜合來看，這些趨勢讓我們有信心：我們目前看到的壓力主要與總體環境相關，反映的是更為謹慎的消費者環境，而不是競爭加劇或市占流失所致。

Thank you. Appreciate that.

謝謝。很感謝你的說明。

Shweta Khajuria, Wolfe.

Shweta Khajuria，Wolfe。

Let me try two, please. So when we think about your mid- to longer-term growth rate, in your view, does anything change in the growth algorithm should we be thinking about your growth as sort of 2x the overall industry growth rate driven by the initiatives that you were taking outside of macro environment?

我想問兩個問題，謝謝。當我們思考你們中長期的成長率時，就你看法而言，在成長算法上是否有任何改變？在不考慮總體環境的情況下，我們是否應該把你們的成長視為大約是整體產業成長率的 2 倍，並由你們正在推動的各項計畫所驅動？

And then the second is on CBC and the veterinarian efforts. Now that the acquisition is closed, could you please remind us what your goals are between now and year end and how we should be thinking about your expansion efforts there?

第二個問題是關於 CVC 與獸醫相關的投入。現在收購已完成，你能否提醒我們從現在到年底的目標是什麼，以及我們應該如何看待你們在那邊的擴張計畫？

Sure. So I'll take the first one. Chris can take the second one and I'll add as required. So I guess the answer to the first question is we still expect us to continue to grow share and to grow 2 times or more relative to the market.

當然。我先回答第一個。第二個 Chris 來回答，我再視需要補充。我想第一個問題的答案是：我們仍預期會持續提升市占，並以相對於市場 2 倍或更高的速度成長。

The value proposition of how we are going to market is only strengthening across from broader initiatives where we're expanding TAM to the precision and quality of execution within those initiatives underneath those TAM, whether that's on the food and supply side of the house or whether that's product experience-led products such as Autoship or Chewy+, et cetera, or whether that's consumer behavior that we continue to accrue on our platforms. All of those are strengthening.

我們的市場進入（go-to-market）價值主張只會持續增強，這來自更廣泛的計畫——我們正在擴大 TAM——以及在這些 TAM 之下各項計畫的執行精準度與品質；不論是在食品與用品端，或是以產品體驗為導向的產品（例如 Autoship 或 Chewy+ 等），或是我們在平台上持續累積的消費者行為數據。這些都在變得更強。

We have clearly signaled our aspiration in continuing to play and gain meaningful share in the categories that are health related, and we are continuing to see that come through. So overall, none of the expectation nor aspiration has changed in our ability to accrue market share and drive outsized growth relative to the market. Chris?

我們已清楚表達我們的企圖：持續參與並在與健康相關的品類中取得有意義的市占，而我們也持續看到成果顯現。因此整體而言，無論是我們取得市占並推動相對於市場更高成長的預期或企圖，都沒有改變。Chris？

Yeah. On CVC, Shweta, so clinics, we still believe were a compelling revenue and earnings growth driver for Chewy going forward. We closed the last fiscal year with 18 CVCs and now that we have Modern Animal closed. We've added 29 clinics from them, putting us to 47 clinics. We will continue with our plan as stated of 10 to 12 new openings in fiscal 2026 for Chewy Vet Care and focus on integrating Modern Animal into our operating and technology stacks and then evaluate the business going forward.

是的。Shweta，關於 CVC，也就是診所，我們仍相信診所將是 Chewy 未來一個具吸引力的營收與獲利成長驅動因素。我們在上一個財年結束時有 18 家 CVC，而現在 Modern Animal 的交易已完成。我們從他們那邊新增了 29 家診所，使我們總數達到 47 家。我們將依照既定計畫，在 2026 財年為 Chewy Vet Care 持續開設 10 到 12 家新據點，並專注於把 Modern Animal 整合進我們的營運與技術堆疊（technology stacks），之後再評估未來的業務發展。

We'll plan to attack it aggressively, be expansion as we move forward and continue to evaluate all of our both organic and inorganic opportunities in the space. So in 2026, we'll stay with our 10 to 12 clinic opening plan of record and go from there.

我們計畫積極推進，隨著我們往前走持續擴張，並持續評估在該領域所有的有機與無機機會。因此在 2026 年，我們會維持既定的 10 到 12 家診所開設計畫，然後再從那裡往下走。

So if you try to summarize, we'll exit 26 with roughly 60 clinics. And then as Chris said, our focus is stabilization and integration alongside ensuring that the synergies that we saw both from Modern to Chewy and Chewy to Modern are essentially starting to get unlocked, so we can have a really healthy 2027 relative to those.

如果要總結的話，我們在 26 年底大約會有 60 家診所。然後如 Chris 所說，我們的重點是穩定化與整合，同時確保我們看到的協同效益——不論是 Modern 對 Chewy，或 Chewy 對 Modern——能夠開始被釋放出來，讓 2027 年在這些方面能非常健康。

Okay. Thanks, Sumit. Thanks, Chris.

好的。謝謝你，Sumit。謝謝你，Chris。

Michael Morton, MoffettNathanson.

Michael Morton，MoffettNathanson。

I just wanted some additional clarity on what you're seeing with the consumer trying to connect some prior comments. So Sumit, in May, when you were at an industry conference, you said you saw gross adds increasing and then churn improving quarter over quarter. But the guidance in the [forward commentary] talks about customer additions coming in at the low end of the net adds range per quarter.

我只是想更清楚了解你們在消費者端所觀察到的情況，並試著把先前的一些評論串起來。所以 Sumit，5 月你在一場產業會議上提到，你看到總新增（gross adds）在增加，且流失率（churn）也在逐季改善。但在（前瞻性）評論中的指引卻提到，每季客戶新增將落在淨新增區間（net adds range）的低端。

I would just love to get a better understanding maybe of some of the breakdown consumer behavior over the last 30 to 60 days that seems to be driving such a reset. And then part of that is the question we get a lot is Amazon's push into same-day grocery is having an impact in the competitive environment at all?

我很希望能更了解，過去 30 到 60 天消費者行為的一些拆解，似乎是什麼在推動這樣的重設。另外，其中一部分是我們常被問到的：Amazon 推進當日送達的雜貨服務，是否對競爭環境造成任何影響？

So on the first one, Mike, nothing has changed relative to how we had forecasted the curve of the year. If you recall our comments from last quarter and then again at Boston, we've essentially provided a range of active ads, to be between 150,000 to 250,000 customers on a quarterly basis.

關於第一點，Mike，相較於我們原先對全年曲線的預測，沒有任何改變。如果你還記得我們上季的評論，以及在波士頓再次提到的，我們基本上提供了每季活躍新增（active adds）的區間，大約在 150,000 到 250,000 名客戶之間。

And a further comment that we provided was that we will start out the year probably between the low to mid-end of that and then we had baked in an acceleration as we moved from the first half of the year to the back half of the year. Underneath of those two comments, if you recall, we have reiterated that we are not underwriting a rebound in how adoption or relinquishment trends are essentially changing. So we were not underwriting any kind of rebound relative to the industry.

我們進一步補充的是，我們在年初可能會落在該區間的低到中段，並且我們已把從上半年到下半年加速的假設納入模型。在這兩點評論之下，如果你還記得，我們也一再重申：我們並未在模型中押注採用（adoption）或放棄（relinquishment）趨勢會出現反彈或發生本質性變化。因此，我們並沒有就產業層面的任何反彈做承作（underwrite）。

So all of the progress that you're seeing is primarily driven by Chewy's efforts against a macro that was expected to normalize coming out of '25, but then we prudently observed that perhaps we should not underwrite that normalization.

所以你看到的所有進展，主要是由 Chewy 在一個原本預期會在 2025 年後走向常態化的總體環境（macro）下所做的努力所驅動；但我們也審慎地觀察到，也許不應把那個常態化納入承作假設。

So all that has changed from that point until now is that we have seen, right, a further -- so instead of the back half getting stronger, we now maintain a point of view that we should be appropriately conservative given the trending that we have seen as we've played through the back half of which is a modest pressure on NSPAC driven by attach rate, particularly on the discretionary side as well as premiumization headwinds.

因此，從那時到現在唯一改變的是：我們看到進一步的情況——也就是說，原本預期下半年會更強，但現在我們的觀點是，基於我們在下半年推演過程中所看到的趨勢，我們應該保持適度保守；這反映為 NSPAC 出現溫和壓力，主要由附加購買率（attach rate）所驅動，特別是在非必需（discretionary）端，以及高端化（premiumization）的逆風。

So that is what is leading us to update the guidance right? So you could call it, hey, it's majority on the macro, and there's a smaller amount based on our initiatives that we had underwritten or forecasted to provide us a tailwind as we had moved towards the back half of the year to consolidate NSPAC curves and therefore, drive the revenue.

這就是促使我們更新指引的原因，對吧？你可以說，主要是總體環境因素，另外有較小一部分來自我們原先承作或預測、在下半年可帶來順風的各項計畫；這些計畫原本用來鞏固 NSPAC 的曲線，進而帶動營收。

I would summarize it as the following, right? If you look at our long-term revenue guidance, it has consistently been high-single-digit to low-double-digit revenue growth. And the two inputs of that algorithm or active adds growing at low- to mid-single digit and then NSPAC growing at mid- to high-single digits, right? So Q4 performance or '25 performance was very much written with the high end of low-single digit in terms of customer additions and then squarely mid-single digits for NSPAC.

我會這樣總結：如果你看我們的長期營收指引，一直都是高個位數到低雙位數的營收成長。而這個演算法的兩個輸入是：活躍新增以低到中個位數成長，以及 NSPAC 以中到高個位數成長。因此，Q4 表現或 2025 年的表現，很大程度上是以客戶新增落在低個位數的高端、以及 NSPAC 明確落在中個位數來撰寫的。

And so our curve this year, right, is -- was also initially set for low- to mid-single-digit customer additions, which we are now kind of forecasting to perhaps being in that low- to mid-range of that 150,000 to 200,000 customers as indicated on our earnings call today. So very consistent with our commentary relative to last quarter coming into this quarter with the update being seen primarily on a slightly weaker macro.

所以我們今年的曲線——一開始也設定為低到中個位數的客戶新增；而我們現在的預測，可能會落在每季 150,000 到 200,000 名客戶這個區間的低到中段，如同我們今天法說所指出的。因此，從上季到本季的評論其實非常一致；更新主要反映在總體環境略為走弱。

And then second, Amazon's push into same-day grocery. No real comments. As I've mentioned, we're not seeing any change to competitive environment. We keep competitors in the rearview mirror. But clearly, we're focused on our proposition, our customers that continues to compound.

第二點，Amazon 推進當日送達雜貨。沒有特別評論。如我先前提到的，我們沒有看到競爭環境有任何變化。我們把競爭對手放在後視鏡裡。但很明顯地，我們專注在我們的價值主張與客戶上，而這些仍在持續複利式累積。

And we continue to sort of pull away an orbit, if you would, relative to the innovation that we are driving in pet, not only in plastic products that drive our Food and Supply segment, but also in net new categories such as health, equine, specialty animals, et cetera, et cetera. So overall, we feel very good about our positioning.

而且可以說，我們持續在拉開距離——如果你願意這麼形容——相較於我們在寵物領域所推動的創新，不僅是在推動我們食品與用品（Food and Supply）部門的實體商品（hard goods），也包括全新品類，例如健康、馬術（equine）、特殊動物等，等等。整體而言，我們對自身的定位感到非常有信心。

If you look at pricing or promotional intensity, which is generally a sign of a more competitive environment, I mean, we would say the broader retail environment is active from a promotional standpoint, but remains rational and consistent with what we've seen for quite some time now, right? And our approach continues to center on delivering a strong customer experience while maintaining the business well -- or managing the business with appropriate discipline.

如果你看定價或促銷強度——這通常是競爭環境更激烈的訊號——我們會說更廣泛的零售環境在促銷面確實活躍，但仍然理性，且與我們一段時間以來看到的情況一致。而我們的方法仍以提供強勁的客戶體驗為核心，同時維持良好的經營——或以適當的紀律來管理業務。

So there were times in Q1 when we leaned in on promotions for a discrete period of time because we saw the opportunity in the first half of the quarter. And as we moved into the back half of the quarter, we pulled back and are being deliberate about deploying these dollars to drive higher ROI when we see the opportunity.

所以在第一季有些時候，我們在一段明確的期間內加大促銷力度，因為我們在該季前半段看到了機會。而當我們進入該季後半段時，我們就收斂回來，並且更有意識地在看到機會時，才投放這些資金以帶動更高的投資報酬率（ROI）。

Thank you.

謝謝。

Anna Andreeva, Piper Sandler.

Anna Andreeva，Piper Sandler。

Thank you for all the color. Sumit, we just wanted to follow up the pressure with premiumization on the aspect. And I think you mentioned that more across discretionary. Can you remind us what's the penetration of what you guys consider discretionary on the platform? Are you seeing this more with new or existing customers? And just your thoughts on company-specific initiatives to accelerate that NSPAC.

感謝提供這麼多細節。Sumit，我們想追問一下高端化（premiumization）對該指標的壓力。我想你提到這更多發生在非必需（discretionary）品類。你能提醒我們，你們在平台上所認定的非必需品類滲透率大概是多少嗎？你們看到這更多出現在新客或既有客身上？以及你對公司層面、用以加速 NSPAC 的特定計畫有何看法？

I think you mentioned promotional environment is pretty rational for the industry. But do you view higher promotional activity as a lever for Chewy to drive the business just as you go through the softer macro.

我想你提到產業的促銷環境相當理性。但在總體環境較疲弱的情況下，你是否把更高的促銷活動視為 Chewy 推動業務的一個槓桿？

Okay. Let's unpack those one by one. So on the first one, premiumization and discretionary, what is the penetration of discretionary strategy. Okay. So if you look at our filing, it is clear that hard goods continues to perform well and remains an important contributor to customer engagement in NSPAC growth. So this is less specifically pointing towards hard goods softening, right?

好的。我們一項一項拆解。第一個，高端化與非必需：非必需策略的滲透率是多少。好的。如果你看我們的申報文件（filing），很清楚實體商品（hard goods）持續表現良好，並且仍是推動客戶互動與 NSPAC 成長的重要貢獻者。所以這並不是特別在指向實體商品走弱，對吧？

What we are referring to is not a decline in hard book demand. Rather, the pace of discretionary attachment is running below our original expectations entering the year. And so as you would expect, we forecast down to the line item level on customers that we bring on to the platform, the spending behaviors of those customers, new existing customers and reactivated customers each have different type of cohorts curves that we build in. And within each of these, we're building an attach rate forecast.

我們所指的不是實體商品需求下滑。而是非必需品類的附加購買（discretionary attachment）速度，低於我們在年初時的原始預期。因此，如你所預期，我們會把預測做到明細科目層級：我們導入平台的客戶，其消費行為——新客、既有客與再活化客——各自都有不同的分群曲線（cohort curves）納入模型。而在每一類之中，我們都會建立附加率（attach rate）的預測。

So what we are referring to is not a decline in parcels. Rather, the base of discretionary attachment is running below. And so customers are still purchasing discretionary categories but are somewhat being a little more deliberate in their spending decisions than they were several quarters ago. So when we take a step back, our product expansion with hard good assortment remains healthy, and is continuing to support growth.

所以我們所指的不是包裹量（parcels）下滑。而是非必需附加購買的基礎水準偏低。因此，客戶仍在購買非必需品類，但相較於幾個季度前，在支出決策上更為審慎一些。所以當我們退一步看，我們在實體商品品項（assortment）上的擴張仍然健康，並持續支撐成長。

The distinction is simply that what we consider -- because you could consider treats or reconsider treats also as a discretionary item. If you look at the way pet parents are experimental with treats and average pet parent can try up to 12 different treat brands a year. And those brands, depending upon the willingness to pay rather than affordability kind of characteristics of the consumer can really lead to high-end premium treats being attached and driving the overall basket.

差異只是在於我們所認定的——因為你也可以把零食（treats）視為非必需品。如果你看寵物家長在零食上的嘗鮮行為，平均每位寵物家長一年最多可能會嘗試多達 12 個不同的零食品牌。而這些品牌，取決於消費者的支付意願（willingness to pay）而非可負擔性（affordability）等特徵，確實可能帶動高端的高級零食被附加購買，並推升整體購物籃（basket）。

So the whole thing for us kind of moves together in our ability to drive stronger attach. Our Autoship business has continued to grow strongly, and is a premium driver of attach for us. At the same time, some of these other non-[sysgen]-driven behaviors including some customers adding line items to Autoship that one of our products were supposed to drive, those are some of the things that we're sort of going staring at and saying, okay, I might have been a bit more bullish on our forecasting.

所以對我們而言，整體情況某種程度上是連動的，體現在我們推動更強附加率（attach）的能力上。我們的 Autoship 業務持續強勁成長，並且是推動附加率的高品質驅動因素。同時，一些其他非由 [sysgen] 驅動的行為——包括有些客戶在 Autoship 中新增了原本應由我們某項產品帶動的品項——這些都是我們正在仔細檢視並說，好吧，我可能在預測上稍微更偏樂觀了一點。

And then your second is promotion (multiple speakers) accelerate? We don't view -- so we view investment in the business broadly across the spectrum. We don't consider promotions. So when we are investing behind initiatives, right, we're essentially first interested in ensuring that our TAM and profitability expand on a sustainable basis.

然後你的第二個問題是促銷（多位發言者）會加速嗎？我們不這麼看——我們是從更廣泛的光譜來看對業務的投資。我們不把促銷視為（投資的一部分）。因此，當我們在各項計畫背後投入資源時，首先關注的是確保我們的 TAM（總可服務市場）與獲利能力能以可持續的方式擴大。

So we are less interested in chasing dilutive growth. We are also careful about not just over pouring dollars into marketing with the outcome being us picking up lower quality customers. Anna, you may remember 2023, when we essentially ran sort of cash acquisition offers. And these type of offers just don't have high ROI and generally produce head and run customers.

所以我們對追逐稀釋性的成長興趣較低。我們也很謹慎，不會只是把大量資金灌進行銷，結果卻是吸引到較低品質的客戶。Anna，你可能還記得 2023 年，我們基本上推出過類似現金獲客優惠。而這類優惠的 ROI 不高，通常會帶來「來了就走」的客戶。

So is promo lever, I would say demand elasticity is a very proven dynamic in the economics of a business. At the same time, LTV to CAC is a highly disciplined lever that we keep in front of us. And so the ROI of the investment is also very important to us.

所以就促銷這個槓桿而言，我會說需求彈性是商業經濟學中非常被驗證的動態。同時，LTV 對 CAC（客戶終身價值相對獲客成本）是一個我們高度自律、始終放在眼前的槓桿。因此，投資的 ROI 對我們也非常重要。

Mark Mahaney, Evercore.

Mark Mahaney，Evercore。

I just wanted to ask about sponsored ads. And if you could provide a little bit more of an update on this. I know you've been citing it for a while as a driver of gross margin expansion? If you could be more specific about that. And then if there's anything new in terms of the types of advertisers that you've been able to bring on to the platform? Any color there would be great.

我想問一下贊助廣告（sponsored ads）。如果你能就此提供更多最新進展。我知道你們一段時間以來一直把它作為毛利率擴張的驅動因素？如果可以更具體說明一下。另外，在你們能夠引入平台的新廣告主類型方面，有沒有什麼新的進展？任何補充說明都很有幫助。

Mark, I can start. Chris can add as he sees fit. So sponsored ads, we continue to be bullish, optimistic, and pleased with the progress of this particular initiative. If you recall, we exited last year at roughly 25%, we exited roughly at midpoint of our growth curve, overall expectation of 1% to 3%. And with (inaudible) with on-site ads as the primary growth driver of margin contribution in 2024 and '25.

Mark，我可以先回答。Chris 也可以視情況補充。關於贊助廣告，我們仍然看多、樂觀，並且對這項計畫的進展感到滿意。如果你記得，我們去年結束時大約在 25%，我們大致是在成長曲線的中點退出，整體預期為 1% 到 3%。並且（聽不清）以站內廣告作為 2024 與 2025 年毛利貢獻成長的主要驅動因素。

As the program continues to grow, we will continue to mix into off-site ads. So broadly speaking, at our entitlement, which we are currently underwriting as 3%, right, we expect overall contribution to be at two-thirds or 70% of that to be converted in to move to the bottom line.

隨著該計畫持續成長，我們也會逐步提高站外廣告的占比。因此，概括來說，以我們的應得水準（entitlement）——目前我們以 3% 來承作（underwriting）——我們預期整體貢獻中約三分之二或 70% 會轉化並流向最終盈餘（bottom line）。

The quarter, we were pleased with, given our efforts to accelerate a product launch that we call [Cmax], which allows advertisers to collaborate with us even faster our ability to solve cold start challenges with new or smaller brands with more efficacy. And so we saw roughly 40% of our advertisers try out the product and give us really high marks for what we've taken to market.

本季我們感到滿意，因為我們努力加速推出一個我們稱為 [Cmax] 的產品，讓廣告主能更快與我們協作，也讓我們更有效地解決新品牌或較小品牌的冷啟動（cold start）挑戰。因此，我們看到大約 40% 的廣告主試用了該產品，並對我們推向市場的內容給予非常高的評價。

And essentially, part of sponsor ads is helping us offset some part of the fuel pressures that we are now citing and are persistently loaded into our P&L. So broadly speaking, it remains a product that has high customer reception, receives strong scores from our advertisers. We have a healthy level of demand, and we continue to focus on optimizing supply and ramping up offsite ads.

而且，贊助廣告的一部分作用，是幫助我們抵消我們現在提到、並且持續反映在損益表（P&L）中的部分燃料成本壓力。因此，概括而言，這仍是一個客戶接受度很高的產品，並從廣告主那裡獲得強勁評分。我們有健康的需求水準，並持續專注於優化供給以及加速推進站外廣告。

Nothing to add.

沒有要補充的。

Michael McGovern, Bank of America.

Michael McGovern，美國銀行。

Given CVC customers are about $900 in year one NSPAC. Can you speak to the customer acquisition cost of a clinic acquired customer versus your primary digital channels. And then second question, just more broadly, can you kind of talk about the EBITDA margin headwind from Modern Animal in the Q2 guidance? Anything along the lines of just how much of the quarter-on-quarter margin headwind is a self-directed investment there?

鑑於 CVC 客戶第一年的 NSPAC 約為 900 美元。你能談談透過診所獲得的客戶，其獲客成本相較於你們主要數位渠道的差異嗎？第二個問題更宏觀一些，你能談談在 Q2 指引中，Modern Animal 對 EBITDA 利潤率造成的逆風嗎？例如，本季相較上季的利潤率逆風中，有多少是你們在那邊主動、自主投入的投資所致？

I'll take the first one. Chris will take the second. So Mike, in terms of customer acquisition costs relative to digital, this has been a pleasant surprise for us. What we've seen is the halo of the Chewy brand when a box is dropped in a particular MSA attracts -- with very little local activation -- attracts high-quality set of customers to CVC, therefore, making our overall acquisition costs also highly efficient. So as you recall, 40% of customers, 4 out of 10 customers that are walking into CVC are net new to Chewy.

我先回答第一個。Chris 會回答第二個。所以 Mike，關於相對於數位渠道的獲客成本，這對我們來說是個令人愉快的驚喜。我們看到的是，當一個箱體（box）投放到某個 MSA（都會統計區）時，Chewy 品牌的光環效應——幾乎不需要太多在地啟動——就能吸引一批高品質客戶到 CVC，因而讓我們整體獲客成本也非常有效率。所以如你所記得，走進 CVC 的客戶中有 40%，也就是每 10 位有 4 位，是 Chewy 的淨新增客戶。

And we expect this -- we've essentially seen this behavior or this particular trend stay true for every box that we have dropped so far in the last 18 boxes that have been dropped. And so at this point, after having operated the infrastructure for roughly 2, 2.5 years, we have some good data points from our original cohorts as well as our newer cohorts. So we're quite pleased with what it's costing us to acquire these customers. The Chewy brand awareness is helping a lot.

而且我們預期——我們基本上看到這種行為或這個趨勢，在目前為止投放的每一個箱體上都成立，包含最近投放的 18 個箱體。因此，在我們營運這套基礎設施約 2 年到 2.5 年之後，我們既有原始分群（cohorts）也有較新分群的一些良好數據點。所以我們對獲取這些客戶的成本非常滿意。Chewy 的品牌知名度幫了很大的忙。

Yeah, Mike, on the Modern Animal EBITDA margin headwind, as we shared when we announced the transaction, we expect Modern Animal to be generally adjusted EBITDA dollar neutral in 2026. So we shared there's a $70 million revenue or net sales impact for the year, roughly $1 neutral EBITDA, so that provides a modest margin rate drag for the year. From a timing and curve perspective, perhaps that drag is a little higher in Q2 and wanes through the year. But that's the overall view for Modern Animal.

好的，Mike，關於 Modern Animal 對 EBITDA 利潤率的逆風，如同我們在宣布交易時分享的，我們預期 Modern Animal 在 2026 年整體上將大致達到調整後 EBITDA 金額中性。因此我們也分享過，全年約有 7,000 萬美元的營收或淨銷售影響，EBITDA 大致約 100 萬美元中性，因此全年會對利潤率帶來小幅的拖累。從時間點與曲線的角度來看，這個拖累在 Q2 可能稍高，並在全年逐步減弱。但這就是我們對 Modern Animal 的整體看法。

Thank you.

謝謝。

Thank you for all your questions. This concludes today's call. You may now disconnect.

感謝各位的提問。今天的電話會議到此結束。您現在可以掛線。