Petmed Express Inc (PETS) 2025 Q2 法說會逐字稿

Greetings and welcome to PetMed Express, Inc. second quarter financial results conference call. (operator instructions) It is now my pleasure to introduce your host, Reed Anderson

您好，歡迎參加 PetMed Express, Inc. 第二季財務業績電話會議。（操作員說明）現在我很高興向大家介紹你們的主持人，里德·安德森 (Reed Anderson)

Thank you, operator. And I'd like to welcome everybody here today to the PetMed Express fiscal second quarter, 2025 earnings conference call. Certain information that will be included during this call may include forward-looking statements within the meaning of the private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934 as amended, that may involve a number of risks and uncertainties. These statements are based on our beliefs as well as assumptions we have used based upon information currently available to us because these statements reflect our current views concerning future events. These statements involve risks, uncertainties and assumptions. Actual results could differ materially from those projected.

謝謝你，接線生。我歡迎今天在座的各位參加 PetMed Express 2025 年第二季財報電話會議。本次電話會議中將包含的某些資訊可能包括 1995 年私人證券訴訟改革法案和 1934 年證券交易法案修訂版含義內的前瞻性陳述，這些陳述可能涉及許多風險和不確定性。這些陳述是基於我們的信念以及我們根據目前可獲得的資訊所使用的假設，因為這些陳述反映了我們目前對未來事件的看法。這些陳述涉及風險、不確定性和假設。實際結果可能與預測有重大差異。

There can be no assurance that any forward-looking results will occur or be realized and nothing contained in this presentation is or should be relied upon as a representation or warranty as to any future matter, including any matter in respect of the operations or business or financial condition of Petmeds.

無法保證任何前瞻性結果將會發生或實現，且本簡報中包含的任何內容都不能或不應該被依賴作為任何未來事項的陳述或保證，包括與營運或業務有關的任何事項或Petmeds 的財務狀況。

Petmeds undertakes no obligation to update publicly these forward-looking statements based on subsequent events except as may be required by applicable law regulation or other competent legal authority.

Petmeds 不承擔根據後續事件公開更新這些前瞻性聲明的義務，除非適用法律法規或其他主管法律機構可能要求。

We have identified various risk factors associated with our operations in our most recent annual report and other filings with the securities exchange commission. Now let me turn the call over to our CEO and President Sandra Campos Sandra.

我們在最近的年度報告和向證券交易委員會提交的其他文件中確定了與我們的營運相關的各種風險因素。現在讓我把電話轉給我們的執行長兼總裁桑德拉·坎波斯桑德拉。

Thank you, Reed and welcome to everyone joining our call this afternoon. Following my remarks will provide a more detailed overview of our financial results after which we'll open the floor to questions.

謝謝里德，歡迎大家今天下午加入我們的電話會議。在我的演講之後，我們將更詳細地概述我們的財務業績，然後我們將開始提問。

I've been in the CEO role for six months and in that time, we've sharpened our focus on core priorities and targeted operational initiatives. Strategically expanding our vision to become a leader in consumer pet health care through our products and services. We aim to be essential partners for pet parents, supporting them and enhancing their pets, wellness and longevity.

我擔任執行長已有六個月了，在此期間，我們更加關注核心優先事項和有針對性的營運計劃。透過我們的產品和服務，策略性地拓展我們的願景，成為消費者寵物保健領域的領導者。我們的目標是成為寵物父母的重要合作夥伴，為他們提供支持並提高他們的寵物的健康和壽命。

I want to re emphasize that our focus remains steadfast on the strategic operational and financial initiatives that are pivotal to repositioning Petmeds and PetcareRx for long term success.

我想再次強調，我們的重點仍然堅定不移地放在策略營運和財務計劃上，這些計劃對於重新定位 Petmeds 和 PetcareRx 以實現長期成功至關重要。

I am pleased to report several positive developments this quarter. We improved gross margin year over year and sequentially and achieved a $3.6 million sequential increase in adjusted EBITDA.

我很高興地報告本季度的一些積極進展。我們的毛利率年比和季比均有所提高，調整後 EBITDA 環比增長了 360 萬美元。

Additionally, G and A operating expenses declined underscoring the impact of our cost reduction initiatives which are on track to deliver the $5 million in annualized savings. As we communicated last quarter, these improvements contributed to an increase in net income and earnings per share and reflect our commitment to building a strong financial and operational foundation for long term growth.

此外，G 和 A 營運費用的下降凸顯了我們成本削減計劃的影響，這些計劃預計將實現年化 500 萬美元的節省。正如我們上季度所傳達的那樣，這些改進促進了淨利潤和每股收益的增加，並反映了我們為長期成長建立強大的財務和營運基礎的承諾。

Beyond our financial progress, we've made significant strides on key priorities in our strategic plan with a strong focus on cost efficiency and operational excellence. First, our management team with the addition of our new CFO Robyn D’Elia who joined in mid September, our refreshed executive team is now complete.

除了財務進展之外，我們在戰略計劃的關鍵優先事項上也取得了重大進展，重點關注成本效率和卓越營運。首先是我們的管理團隊，隨著 9 月中旬加入的新財務長 Robyn DâElia 的加入，我們新的執行團隊現已完成。

Robin brings over 24 years of financial leadership experience from [bed bath] and beyond where she played a key role during sustained periods of exponential growth helping the company expand from a regional retailer into a multi billion dollar national enterprise. Her expertise in financial discipline, operational rigor and technical accounting aligns perfectly with our strategic objectives at pets.

Robin 擁有超過24 年的財務領導經驗，在[bed Bath] 及其他領域積累了豐富的財務領導經驗，在持續的指數增長期間，她發揮了關鍵作用，幫助公司從一家區域零售商擴展到價值數十億美元的全國性企業。她在財務紀律、嚴格營運和技術會計方面的專業知識與我們在寵物領域的策略目標完美契合。

Second, the consolidation of Petmeds and PetcareRx across functions and continued cost optimization.

其次，Petmeds 和 PetcareRx 的跨職能整合以及持續的成本優化。

We streamlined resources across both organizations and I'm pleased to report that this initiative is largely complete.

我們精簡了兩個組織的資源，我很高興地報告說，這項舉措已基本完成。

As previously mentioned, we're on track to achieve the $5 million in annualized cost savings we outlined and with the elimination of redundancies that contributed to margin improvements in Q2, we continue to assess our cost structure for additional opportunities to reduce expenses and we expect to operate at a lower cost base going forward. Third operational excellence. While operational excellence is an ongoing initiative, we're encouraged by early wins across the organization including year over year gains in average order value and gross margin in this quarter. These early indicators reflect a shift towards greater efficiency and a stronger focus on customer centric value.

如前所述，我們預計將實現我們概述的500 萬美元的年度成本節約，並且隨著消除有​​助於第二季度利潤率提高的裁員，我們將繼續評估我們的成本結構，尋找更多減少費用的機會，我們預計未來以較低的成本基礎運作。三是卓越營運。雖然卓越營運是一項持續的舉措，但我們對整個組織的早期勝利感到鼓舞，包括本季平均訂單價值和毛利率的同比增長。這些早期指標反映了向更高效率的轉變以及更加重視以客戶為中心的價值。

We prioritize seamless customer service across every touch point. For instance, our customer call center, our improvements have led to a 4.5 star customer rating on trustpilot as end of October versus 1.5 stars. At the beginning of June, the team under Caroline Georgia leadership has been vigilant about providing a positive customer experience while we still have opportunities during the third quarter. We have been able to improve phone abandonment rate by 41% while focusing on our staffing model and enhanced training to increase service levels and upskill agents. Technology, We strengthened our text back with improved data architecture, upgraded business intelligence reporting, added central fill pharmacy routing and enhanced cyber security. This quarter, we also strengthened our relationship with veterinarians, a critical stakeholder for pets by redesigning our prescription flow which has led to a user increase of 9%.

我們優先考慮每個接觸點的無縫客戶服務。例如，我們的客戶呼叫中心，截至 10 月底，我們的改進已使 trustpilot 的客戶評級達到 4.5 顆星，而客戶評級為 1.5 顆星。六月初，卡羅琳喬治亞 (Caroline Georgia) 領導的團隊一直保持警惕，在第三季度我們仍有機會的同時，提供積極的客戶體驗。我們將電話放棄率提高了 41%，同時專注於我們的人員配置模式和加強培訓以提高服務水準和提升座席技能。技術方面，我們透過改進資料架構、升級商業智慧報告、增加中央灌裝藥局路由和增強網路安全來加強我們的文字支援。本季度，我們也透過重新設計處方流程加強了與獸醫（寵物的關鍵利害關係人）的關係，這導致用戶增加了 9%。

Rebranding our updated tagline care you trust is now reflected across the pets brands. We have a new look inclusive of color and visual imagery and a new brand voice on all platforms, modernized website. Our website has been relaunched with a modern UXUI interface design. The new site provides a personalized streamlined shopping experience, enabling customers to find products more quickly and easily navigate the purchase journey. I am proud of the tech team under Umash tro pads leadership and in partnership with software development partner and Cora who worked expeditiously to deliver an upgraded and stable platform.

我們更新的標語「您信任的照護」​​的品牌重塑現已體現在各個寵物品牌中。我們在所有平台、現代化網站上擁有包括色彩和視覺圖像在內的新外觀以及新的品牌聲音。我們的網站已重新推出，採用現代 UXUI 介面設計。新網站提供個人化的簡化購物體驗，使客戶能夠更快地找到產品並輕鬆瀏覽購買旅程。我為 Umash tro pads 領導下的技術團隊感到自豪，並與軟體開發合作夥伴和 Cora 合作，他們迅速提供了升級且穩定的平台。

With this solid foundation. We can now enhance the user experience by adding an AI enhanced product recommendation engine. Buy now pay later solutions cross sell up sell capabilities along with our updated mobile app, all of which are planned to go live in Q3 while it's still early to quantify all of the related KPIS. We anticipate positive trends including lower bounce rates, higher conversion rates and increased order value.

有了這個紮實的基礎。我們現在可以透過添加人工智慧增強的產品推薦引擎來增強用戶體驗。先買後付解決方案交叉銷售向上銷售功能以及我們更新的行動應用程序，所有這些都計劃在第三季度上線，而量化所有相關 KPIS 還為時過早。我們預期正面的趨勢包括更低的跳出率、更高的轉換率和更高的訂單價值。

As a consumer focused pet health care company, we stay closely attuned to our customers needs. We've refined our product assortment to align more closely with consumer demand and recurring shopping intent by reducing redundancy while adding exclusive and new products. Several of which we plan to launch before Black Friday.

作為一家以消費者為中心的寵物保健公司，我們密切關注客戶的需求。我們透過減少冗餘並添加獨家產品和新產品，完善了我們的產品種類，以更緊密地滿足消費者的需求和經常性的購物意圖。我們計劃在黑色星期五之前推出其中一些。

These foundational improvements set the stage for our next phase focused on growth initiatives. First, marketing will play a pivotal role here after emphasizing retention and operational upgrades in Q1 and Q2, we're now prepared to increase investment in our growth, marketing spend to drive new customer acquisition along with reengaging lapsed customers.

這些基礎性改進為我們下一階段的重點成長計畫奠定了基礎。首先，在第一季和第二季強調保留和營運升級之後，行銷將在這裡發揮關鍵作用，我們現在準備增加對成長和行銷支出的投資，以推動新客戶獲取並重新吸引流失的客戶。

Next, our new content site pethealthmd.com launching later this month will focus on rich educational content, seo and driving additional new customer growth.

接下來，我們將於本月稍後推出的新內容網站 pethealthmd.com 將專注於豐富的教育內容、搜尋引擎優化和推動新客戶的額外成長。

Additionally, strategic partnerships that expand our ecosystem for pets well being and longevity are key to our long term growth strategy. These currently include telehealth through Vester Pet insurance and grooming services. Through all of these efforts. We've gained a deeper understanding, our market positioning and the evolving needs of our customers. Our stellar pharmacy business remains one of our strategic differentiators. The pet value lies in the unique advantages of our Rx pharmacy with expert pharmacists and licensed technicians who have decades of experience with the company.

此外，擴大我們的寵物健康和長壽生態系統的策略合作夥伴關係是我們長期成長策略的關鍵。目前，這些服務包括透過 Vester 寵物保險和美容服務進行遠距醫療。通過所有這些努力。我們對市場定位和客戶不斷變化的需求有了更深入的了解。我們出色的製藥業務仍然是我們的策略優勢之一。寵物價值在於我們的 Rx 藥局的獨特優勢，擁有在公司擁有數十年經驗的專業藥劑師和執照技術人員。

Importantly, our pharmacy licenses across all 50 states gives us a competitive advantage. We prioritize autoship as a means to create convenience and recurring revenue that drives long term value for our customers and our shareholders with the Rx business at the center of our value proposition. We see a substantial opportunity to broaden our positioning as a trusted consumer pet health care company.

重要的是，我們在所有 50 個州的藥房許可證給我們帶來了競爭優勢。我們優先考慮自動送貨作為創造便利性和經常性收入的一種手段，為我們的客戶和股東帶來長期價值，而 Rx 業務是我們價值主張的核心。我們看到了擴大我們作為值得信賴的消費者寵物保健公司的定位的巨大機會。

This enhances our growth potential and aligns with our mission of helping pets live healthy and happy lives.

這增強了我們的成長潛力，並符合我們幫助寵物健康快樂生活的使命。

We've developed deep knowledge and expertise over nearly 30 years and continue to be trusted by millions of customers while the turnaround will take time. We're encouraged by the early key indicators that show we are on a clear path to restoring the company to profitable growth and increasing shareholder value.

近 30 年來，我們累積了深厚的知識和專業知識，並繼續受到數百萬客戶的信任，但扭轉局面需要時間。我們對早期的關鍵指標感到鼓舞，這些指標表明我們正在走上一條明確的道路，使公司恢復獲利成長並增加股東價值。

Before I conclude my remarks, I want to acknowledge the efforts of our team, our customers and the local communities that supported animal shelters and rescues in need. After experiencing nearly back to back hurricanes between September and October at pets. We are proud to have contributed our time and financial resources by distributing product donations across various locations in our home state of Florida and are providing financial support to shelters located in additional states that were impacted. These organizations are a vital part of our extended ecosystem and we greatly appreciate their commitment to improving animal welfare.

在結束演講之前，我要感謝我們的團隊、客戶和當地社區為支持有需要的動物收容所和救援活動所做的努力。在九月到十月期間，寵物經歷了幾乎連續的颶風。我們很自豪能夠透過在我們家鄉佛羅裡達州的各個地點分發產品捐贈來貢獻我們的時間和財政資源，並向位於其他受影響州的避難所提供財政支持。這些組織是我們擴展生態系統的重要組成部分，我們非常感謝他們對改善動物福利的承諾。

With that. I'll turn it over to Robyn to discuss our financial results in more detail.

就這樣。我會將其交給 Robyn，以更詳細地討論我們的財務表現。

Thank you, Sandra. I will now provide an update on second quarter fiscal year 2025 results for the period ending September 30th 2024. We welcomed approximately 77,000 new customers. This quarter sales were 60 million compared to 71 million in the same period last year. A 16% decline reflecting continued consumer pressure as well as an intentional reduction in our marketing investment. As we rebalanced for profitability, gross profit margin was 29.1% an 80 basis point improvement compared to the prior year quarter and up 270 basis points. Sequentially. The year over year increase in the gross profit margin was primarily due to a favorable sales mix and lower discount activity.

謝謝你，桑德拉。我現在將提供截至 2024 年 9 月 30 日的 2025 財年第二季業績的最新情況。我們迎來了大約 77,000 名新客戶。本季銷售額為 6,000 萬輛，而去年同期為 7,100 萬輛。16% 的下降反映了持續的消費者壓力以及我們有意減少的營銷投資。隨著我們對獲利能力進行重新平衡，毛利率為 29.1%，比去年同期提高 80 個基點，提高 270 個基點。依次。毛利率的年增率主要是由於有利的銷售組合和較低的折扣活動。

General and administrative expenses for the second quarter were $10.5 million versus$12 million last year. A 12.3% decrease this year over year improvement was driven by a decrease in stock based compensation expense which was primarily related to an executive departure.

第二季的一般及管理費用為 1,050 萬美元，而去年同期為 1,200 萬美元。今年年減 12.3%，這是由於股票薪酬費用減少，這主要與高階主管離職有關。

Also contributing to the benefit or lower payroll and payroll related expenses and lower transaction processing fees, partially offset by higher professional fees included as a benefit to G&A for the second quarter for sales tax settlements of $1.2 million and $1.3 million for this year and last year respectively.

也有助於降低工資和工資相關費用以及較低的交易處理費用，部分被較高的專業費用所抵消，其中包括作為第二季度G＆A 的收益，今年和去年的銷售稅結算分別為120 萬美元和130 萬美元分別。

Our advertising expenses for the second quarter were $4.6 million compared to $5.5 million last year on a gross spend basis. This 20% reduction reflects an intentional decrease in our marketing investment as we rebalance for profitability and solidified our go forward brand strategy.

以總支出計算，我們第二季的廣告費用為 460 萬美元，而去年為 550 萬美元。20% 的減少反映了我們在重新平衡獲利能力並鞏固前進品牌策略時有意減少的行銷投資。

Net income for the second quarter was $2.3 million or $0.11 per diluted share compared to net income of $0.7 million or $0.03 per diluted share for the same period. Last year, the improvement in net income was mostly driven by a $1.4 million tax benefit in the latest quarter adjusted EBITDA of $2.1 million compared to $3.4 million in the prior year period and improved sequentially versus the $1.5 million adjusted EBITDA loss. We reported in the first quarter reflecting continued progress on cost reduction initiatives.

第二季淨利為 230 萬美元，即稀釋後每股收益 0.11 美元，而同期淨利為 70 萬美元，即稀釋後每股收益 0.03 美元。去年，淨收入的改善主要是由於最新季度調整後EBITDA 為210 萬美元的140 萬美元稅收優惠推動的，而上年同期為340 萬美元，並且與調整後EBITDA 虧損150 萬美元相比，環比有所改善。我們在第一季的報告反映了成本削減措施的持續進展。

Our balance sheet remains strong and as of September 30th 2024 we have $52 million of cash and cash equivalents and no debt.

我們的資產負債表依然強勁，截至 2024 年 9 月 30 日，我們擁有 5,200 萬美元的現金和現金等價物，沒有債務。

We would like to now open the call for questions. And then after that, Sandra will provide some concluding remarks.

我們現在想開始提問。之後，桑德拉將做一些總結性發言。

Operator.

操作員。

(Operator instructions) Ryan Meyers with Lake Street capital.

（操作員說明）Ryan Meyers 與湖街資本。

Hey, thanks for taking my questions. First one for me, you know, I I know you guys don't give guidance and aren't giving guidance. But if we think about the two consecutive quarters of double digit revenue decline, you know, maybe how should we think about the growth rate for the second half of the year? I mean, have you guys seen any sort of stabilization in the top line of the business? And I know you're making a decent amount of marketing investments. But just, you know, directionally, how should we think about the kind of growth rate in the second half of the year?

嘿，謝謝你回答我的問題。第一個對我來說，你知道，我知道你們不提供指導，也沒有提供指導。但如果我們考慮連續兩季兩位數的營收下降，你知道，也許我們該如何看待下半年的成長率？我的意思是，你們有看到業務收入有任何穩定嗎？我知道您正在進行大量的行銷投資。但只是，你知道，從方向上來說，我們該如何看待下半年的成長速度？

Yeah, thanks. Thanks Ryan for asking the question. So first of all, we, as we mentioned, we intentionally reduced the marketing spend. But we are pushing now going after full customer acquisition and that will happen in the third quarter, as well as the fourth quarter that goes wrong from top of the funnel to the bottom of funnel activities which will be brand awareness focused and transactional, transactional focus around all the products. We have our key product differentiators and our key campaign for Q3 which will take us straight through the holidays. So as we look to the stabilization of where we are now, we focused on our lapsed customers, we focused on retaining customers and now it's really about the new customer growth. So that's where we're pushing all of our marketing efforts starting in the Q3 time period and really accelerating that more. So as we go into Q4, there'll be a substantial increase from Q3 going into Q4.

是的，謝謝。感謝瑞安提出這個問題。首先，正如我們所提到的，我們有意減少了行銷支出。但我們現在正在推動全面獲取客戶，這將在第三季度以及第四季度發生，從漏斗頂部到漏斗底部的活動都將出現問題，這些活動將以品牌知名度和交易為重點圍繞所有產品。我們有我們的關鍵產品差異化因素和第三季的關鍵活動，這將帶我們直接度過假期。因此，當我們尋求穩定目前的狀況時，我們專注於流失的客戶，我們專注於留住客戶，現在真正專注的是新客戶的成長。因此，這就是我們從第三季開始推動所有行銷工作的地方，並且確實加速了這一進程。因此，當我們進入第四季時，從第三季到第四季將會大幅成長。

Okay. Got it. And then thinking about gross margin for the quarter, obviously, that came in pretty healthy, you know, should we kind of look at that as a sustainable rate going forward? You know, is there going to be any changes from Q3 and Q4? Maybe? How should we think about, you know, where the gross margin came out for the quarter and how we should look at that for the rest of the year?

好的。知道了。然後考慮本季的毛利率，顯然，這是相當健康的，你知道，我們是否應該將其視為未來的可持續利率？你知道，第三季和第四季會有什麼變化嗎？或許？您知道，我們應該如何考慮本季的毛利率以及今年剩餘時間的毛利率？

Yeah, so, so gross Margin for the quarter as we indicated was up 80 basis points. But we're heading into a heavier promotional period. As Sandra indicated. And I think historically, if you look at our trending, Q# is lower quarter from a gross margin perspective. So I think I would just kind of follow our, our trending in the past just knowing that we're going to more heavily invest in our marketing.

是的，正如我們所說，本季的毛利率增加了 80 個基點。但我們即將進入更大規模的促銷期。正如桑德拉所指出的。我認為從歷史上看，如果你看我們的趨勢，從毛利率的角度來看，Q# 是較低的季度。所以我想我會跟隨我們過去的趨勢，只是知道我們將增加對行銷的投資。

Got it. And then last question for me thinking about kind of some of the macro dynamics impacting the business, you know, walk us through that. Is it just you're not seeing as many customers maybe ordering as many products as they have before. Customers are ordering products from a different, you know, competitor. Just kind of walk us through those.

知道了。最後一個問題是我思考影響業務的一些宏觀動態，你知道，請引導我們解決這個問題。是否只是您沒有看到像以前一樣多的客戶訂購盡可能多的產品？客戶正在從不同的競爭對手訂購產品。請引導我們完成這些。

Sure, the customer is still very pressured. That is something that we're seeing consistently, whether it's through the visits that we have and the time they're spending on the site or the comments and questions and ask for promotional codes as they're coming onto our customer call center site. Additionally, when we do have promotions and it has been a very heavily promotional environment. If you look just across our competitive set, they, that's when we actually have a lot more conversion during those time periods. So we know the customers showing us and telling us that they are looking for more promotional codes and more heavily discounted products so that we're definitely seeing, we do believe and we continue to speak with not only our veterinary advisory board but also within our own see in the calls that we're getting from both veterinary clinics, as well as the customers that there are not as, they're not as compliant as they've been in the past as it relates to the medication and they are reducing frequency to the veterinary clinics overall. So that is definitely impacting us a bit more. But that's why we're focusing now on the new customer growth and the new customer acquisition.

當然，客戶的壓力還是很大的。這是我們一貫看到的，無論是透過我們的訪問量和他們在網站上花費的時間，還是透過他們進入我們的客戶呼叫中心網站時的評論和問題以及索取促銷代碼。此外，當我們確實有促銷活動時，這是一個非常激烈的促銷環境。如果你看看我們的競爭對手，你會發現，在這些時間內，我們其實有更多的轉換。因此，我們知道客戶向我們展示並告訴我們他們正在尋找更多促銷代碼和更多折扣產品，因此我們確實看到了，我們確實相信，並且我們不僅繼續與我們的獸醫諮詢委員會交談，而且還在我們的內部進行交談我們從獸醫診所以及客戶接到的電話中看到，他們不像過去那樣遵守藥物規定，而且他們正在減少用藥總體上獸醫診所的頻率。所以這肯定對我們產生了更大的影響。但這就是為什麼我們現在關注新客戶的成長和新客戶的獲取。

Great. Thank you for taking my questions.

偉大的。感謝您回答我的問題。

Thank you.

謝謝。

This concludes the question and answer portion of our call. I will now turn it back to Sandra for closing remarks.

我們電話會議的問答部分到此結束。現在我將把它轉回給桑德拉做總結發言。

Thank you and thank you for your time and interest in Petmeds and PetcareRx. We really appreciate your support. Although we're still in the early stages of our transformation, as I mentioned, we have made steady and measurable progress on many of the key initiatives discussed today that will improve customer experience, drive new customer growth and improve profitability. I want to thank all of our employees for their commitment and the dedication to our core mission. Their ongoing passion for pet health and wellness and their understanding and rapid execution of our new priorities. We do look forward to updating you on our progress during our next conference call and we thank you very much.

謝謝您並感謝您對 Petmeds 和 PetcareRx 的關注和關注。我們非常感謝您的支持。正如我所提到的，儘管我們仍處於轉型的早期階段，但我們在今天討論的許多關鍵舉措上取得了穩定且可衡量的進展，這些舉措將改善客戶體驗、推動新客戶增長並提高盈利能力。我要感謝我們所有員工對我們核心使命的承諾和奉獻。他們對寵物健康和保健的持續熱情以及對我們新優先事項的理解和快速執行。我們非常期待在下次電話會議上向您通報我們的最新進展，我們非常感謝您。

This includes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

這包括今天的電話會議。此時您可以斷開線路。感謝您的參與。