Petmed Express Inc (PETS) 2025 Q3 法說會逐字稿

Greetings, and welcome to PetMed Express third quarter financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Reed Anderson with ICR. You may begin.

您好，歡迎參加 PetMed Express 第三季財務業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興向您介紹您的主持人，來自 ICR 的 Reed Anderson。你可以開始了。

Thank you, and welcome to the PetMed Express Fiscal Third Quarter 2025 Earnings Conference Call. Certain information included during this call may contain 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 on information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties and assumptions.

謝謝您，歡迎參加 PetMed Express 2025 財年第三季財報電話會議。本次電話會議中所包含的某些資訊可能包含《1995 年私人證券訴訟改革法》和《1934 年證券交易法》（經修訂）所界定的前瞻性陳述，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用的資訊所做的假設。由於這些聲明反映了我們當前對未來事件的看法，因此這些聲明涉及風險、不確定性和假設。

Actual results could differ materially from those projected. 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.

實際結果可能與預測結果有重大差異。無法保證任何前瞻性結果會發生或實現，且本簡報中包含的任何內容均不是或不應被視為對任何未來事項的陳述或保證，包括有關 PetMeds 的營運或業務或財務狀況的任何事項。

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. We have identified various risk factors associated with our operations in our most recent annual report and other filings with the Securities and Exchange Commission.

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要求。我們在最近的年度報告和向美國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。

Now let me turn the call over to our CEO and President, Sandra Campos.

現在，讓我將電話轉給我們的執行長兼總裁 Sandra Campos。

Thank you, Reed, and welcome to everyone joining our call this afternoon. Following my remarks, Robyn will provide a detailed overview of our financial results, after which we'll open the lines for your questions. Over the past 9 months, I have emphasized that our focus remains steadfast on the strategic initiatives pivotal to repositioning PetMed and PetCareRx for long-term success. I have clearly outlined our vision to position Pets as a leader in consumer pet health care. While we're still in the early stages of this transformation we have much more work ahead, I am pleased to report that we have made significant progress in validating our strategic direction.

謝謝你，里德，歡迎大家參加我們今天下午的電話會議。在我的演講之後，羅賓將詳細介紹我們的財務業績，然後我們將開放熱線回答您的問題。在過去的 9 個月裡，我一直強調，我們的重點始終堅定不移地放在重新定位 PetMed 和 PetCareRx 以取得長期成功的關鍵策略舉措上。我已經明確地概述了我們的願景，即將寵物定位為消費者寵物保健領域的領導者。雖然我們仍處於轉型的早期階段，還有很多工作要做，但我很高興地報告，我們在驗證策略方向方面取得了重大進展。

We're confident that the actions we're taking will drive differentiation and sustainable growth.

我們相信，我們正在採取的行動將推動差異化和永續成長。

Our highest priority has been to return the company to profitability. We achieved this by implementing cost-cutting measures and consolidation strategies to integrate PetCareRx operations into the PetMeds organization targeting $5 million in annualized savings, and we remain on track to meet this milestone. For this quarter, Q3, we achieved $2 million in adjusted EBITDA representing a $1.1 million improvement year-over-year, while lowering G&A expenses by $2.6 million compared to last year. As we continue to execute our turnaround strategy, we remain committed to driving shareholder value through growing our customer base, operational discipline and financial efficiency.

我們的首要任務是讓公司恢復獲利。我們透過實施成本削減措施和整合策略將 PetCareRx 業務整合到 PetMeds 組織中實現了這一目標，目標是實現 500 萬美元的年度節約，並且我們仍有望實現這一里程碑。本季（第三季），我們的調整後 EBITDA 達到 200 萬美元，比去年同期成長 110 萬美元，同時與去年相比，G&A 費用降低了 260 萬美元。在我們持續執行轉虧為盈策略的同時，我們仍致力於透過擴大客戶群、提高營運紀律和財務效率來提升股東價值。

At Pets, we serve 3 core communities. First, our pet parents. We're continuously enhancing the digital shopping experience to provide convenient access to pet health solutions. Second, our veterinarian partners, our investments in Rx approval efficiency through an optimized vet portal are driving increased adoption and streamline workflows. And third, the pets, dogs, cats and horses that we love and care for.

在 Pets，我們服務 3 個核心社區。首先，我們的寵物父母。我們不斷增強數位購物體驗，以提供便利的寵物健康解決方案。其次，我們的獸醫合作夥伴透過優化的獸醫入口網站對 Rx 審批效率的投資正在推動採用率的提高和工作流程的簡化。第三，我們喜愛並關心的寵物，狗、貓和馬。

Innovation is at the heart of our approach, ensuring that we offer proven premium health solutions across all categories and life stages.

創新是我們方法的核心，確保我們在所有類別和生命階段提供經過驗證的優質健康解決方案。

Expanding our customer base and increasing market share remains a top priority to grow and acquire customers as a digital retailer, we require a modernized tech stack and a seamless shopping experience that meets evolving customer expectations. We have made meaningful progress in this area, including website and mobile enhancements, where we executed a full website refresh in November and also relaunched our iOS and Android mobile apps. We implemented by now pay later as a new payment option at checkout, expanding on affordable and accessible choices for our consumers.

作為數位零售商，擴大客戶群和增加市場份額仍然是發展和獲取客戶的首要任務，我們需要現代化的技術堆疊和滿足不斷變化的客戶期望的無縫購物體驗。我們在這一領域取得了有意義的進展，包括網站和行動裝置的增強，我們在 11 月進行了完整的網站刷新，並重新推出了我們的 iOS 和 Android 行動應用程式。我們現在實施了稍後付款作為結帳時的新付款方式，為我們的消費者提供更多可負擔得起且方便的選擇。

And in collaboration with our Veterinary Advisory Board, we continue to enhance our veterinary portal and also launched pethealthmd.com, an educational platform offering expert backed pet health guidance. These improvements led to 84,000 gross new customers or 63,000 new customers that had orders shipped during the quarter. Our gross order average order value, or AOV, increased by 7% at $108 versus $101 last year, while our shipped order AOV rose by 4.3% of $97 versus $93 year-over-year.

我們與獸醫諮詢委員會合作，繼續加強我們的獸醫入口網站，並推出了 pethealthmd.com，一個提供專家支持的寵物健康指導的教育平台。這些改進帶來了 84,000 名新客戶，或 63,000 名在本季度已發貨的新客戶。我們的總訂單平均訂單價值（AOV）從去年的 101 美元增長了 7%，達到 108 美元，而我們的已發貨訂單 AOV 同比增長了 4.3%，達到 97 美元，而去年同期為 93 美元。

We are committed to pet health and wellness through product differentiation and best-in-class customer service. Our SKU optimization strategy ensures that we offer comprehensive health solutions across all life stages while maintaining strong margins and growth thresholds. To enhance efficiency, we eliminated 4,000 underperforming SKUs, making room for high-value products that align with our strategy and also resonate with consumers.

我們致力於透過產品差異化和一流的客戶服務來保障寵物的健康和保健。我們的SKU優化策略確保我們在所有生命階段提供全面的健康解決方案，同時保持強勁的利潤率和成長門檻。為了提高效率，我們淘汰了4,000個表現不佳的SKU，為符合我們的策略並引起消費者共鳴的高價值產品騰出空間。

Notably, our inventory efficiency has improved with inventory turn rising to 1.5% in Q3 compared to 1.1% in Q2 and 0.9% last year. This improvement comes alongside a 66% reduction in total inventory on hand totaling $11.8 million at the end of our third quarter versus $34.6 million last year.

值得注意的是，我們的庫存效率有所提高，第三季的庫存週轉率上升至 1.5%，而第二季為 1.1%，去年為 0.9%。同時，我們第三季末的總庫存減少了 66%，達到 1,180 萬美元，而去年同期為 3,460 萬美元。

During Q3, we advanced our customer call center operations by integrating an AI-driven workforce management tool to flex and scale our agent population and adapt to changing volumes. This helped us improve our key metrics such as increased sales per agent of 18.8% and a 3.4% increase in AOV, average order value for orders driven by the call center.

在第三季度，我們透過整合人工智慧驅動的勞動力管理工具來改善我們的客戶呼叫中心運營，以靈活調整和擴大我們的代理商數量並適應不斷變化的業務量。這幫助我們改善了關鍵指標，例如每個代理商的銷售額增加了 18.8%，AOV（呼叫中心驅動的訂單的平均訂單價值）增加了 3.4%。

During our last earnings call, I highlighted our focus on retention and the operational upgrades that laid the foundation for future growth. While we intended to ramp up performance marketing efforts in this quarter, we encountered a highly competitive and promotional holiday environment, particularly between Black Friday and year-end. With real-time insights, we made the strategic decision to prioritize margin protection over aggressive promotions, ending the quarter with $2.8 million less in gross advertising spend year-over-year.

在我們上次的財報電話會議上，我強調了我們對保留的關注以及為未來成長奠定基礎的營運升級。雖然我們打算在本季增加績效行銷力度，但我們遇到了競爭激烈的促銷假日環境，尤其是在黑色星期五和年底之間。透過即時洞察，我們做出了策略決策，優先保護利潤而不是大力促銷，導致本季的廣告總支出比去年同期減少了 280 萬美元。

As a result, our sales and new customer acquisition during that period fell short of initial expectations. However, this intentional pivot was necessary in order to maintain financial discipline. Recognizing the need for a marketing strategic reset, we are refining our approach to ensure sustainable profitable growth.

因此，我們在此期間的銷售額和新客戶獲取量未能達到最初的預期。然而，為了維持財務紀律，這種有意的轉變是必要的。我們意識到重新設定行銷策略的必要性，我們正在改進我們的方法以確保可持續的獲利成長。

Our top of funnel initiatives, such as radio and connected TV continue to promote our Care You Trust message and establish brand authority and brand awareness. This is a long-term investment that we've recently begun and includes things like sports team partnerships, podcasts, billboards and local pet adoption events, all of which we've done in this quarter.

我們的頂級舉措，例如廣播和連網電視，繼續宣傳我們的「關懷您信任」理念，並建立品牌權威和品牌知名度。這是我們最近開始的一項長期投資，包括體育團隊合作、播客、廣告看板和當地寵物領養活動等，所有這些我們都在本季度完成了。

We are refining acquisition strategies by rolling out a new e-mail design system and creating stronger segmentation, personalization and dynamic content across our paid platforms. Early indicators show promise with revenue per e-mail increasing 9% in the month of January. Engagement rates have increased quarter-over-quarter, that would be inclusive of open rate, click-through rate, revenue per e-mail through stronger content and more relevant branding. We believe this is a strong indicator of future conversion improvements.

我們正在透過推出新的電子郵件設計系統並在付費平台上創建更強大的細分、個人化和動態內容來改善獲取策略。早期指標顯示前景看好，一月每封電子郵件的收入成長了 9%。參與率逐季度都有所增加，包括開啟率、點擊率、透過更強大的內容和更相關的品牌推廣帶來的每封電子郵件的收入。我們相信這是未來轉換率提高的有力指標。

Beyond customer-facing upgrades, we have strengthened our core systems with strategic technology investments to ensure a resilient and secure digital ecosystem for customer data and privacy. Over the past 7 months, we resolved OMS issues that previously impacted performance and continue to modernize our tech stack. In mid-November, we successfully replatformed our AutoShip recurring subscription program without disruption and have seen improvements in AutoShip sign-ups and credit card rejection rates.

除了面向客戶的升級之外，我們還透過策略性技術投資加強了我們的核心系統，以確保為客戶資料和隱私提供有彈性、安全的數位生態系統。在過去的 7 個月中，我們解決了先前影響性能的 OMS 問題，並繼續對我們的技術堆疊進行現代化改造。11 月中旬，我們成功地在不中斷的情況下重新調整了 AutoShip 定期訂閱計畫的平台，並且 AutoShip 註冊量和信用卡拒絕率均有所改善。

Although still in early age tracking, our new website performance shows PDP views increased by 30%, bounce rates declined by 6.5 basis points and channel visits increased 7.6% year-over-year. This growth in visits was offset by lower conversion, and we are actively addressing those conversion rate challenges through search functionality improvements, PDP enhancements and visible promotions.

儘管仍處於早期追蹤階段，但我們的新網站效能顯示 PDP 瀏覽量同比增長了 30%，跳出率下降了 6.5 個基點，頻道訪問量同比增長了 7.6%。訪問量的成長被較低的轉換率所抵消，我們正在透過改進搜尋功能、PDP 增強和可見促銷來積極解決這些轉換率挑戰。

Looking ahead, while the competitive landscape remains dynamic, we are executing a disciplined transformation that prioritizes the customer experience from order placement to last-mile delivery while simultaneously enhancing the infrastructure necessary to support this. We believe these efforts will drive sustained growth, customer loyalty and increased shareholder value. In the short term, we anticipate increased investments to enhance the customer engagement, customer acquisition and the underlying infrastructure needed.

展望未來，雖然競爭格局依然充滿活力，但我們正在進行有紀律的轉型，優先考慮從下訂單到最後一英里交付的客戶體驗，同時增強支持此過程所需的基礎設施。我們相信這些努力將推動持續成長、客戶忠誠度和股東價值的提升。短期內，我們預計將增加投資以增強客戶參與度、客戶獲取和所需的底層基礎設施。

We will continue to strengthen vendor partnerships and expand our portfolio with science-backed veterinary recommended products across our pharmacy Rx products, OTC over-the-counter and our food categories. We remain focused on capturing our share of the companion animal health market by refining our customer experience, optimizing our product mix and strengthening the customer acquisition strategies. As we build a stronger, more efficient organization, we stay true to our core purpose, ensuring pets at homes and with healthier, happier lives.

我們將繼續加強供應商合作夥伴關係，並透過科學支援的獸醫推薦產品擴大我們的藥房 Rx 產品、OTC 非處方藥和食品類別的產品組合。我們將繼續致力於透過改善客戶體驗、優化產品組合和加強客戶獲取策略來佔領伴侶動物保健市場的份額。在我們建立更強大、更有效率的組織的同時，我們始終堅守我們的核心宗旨，確保寵物在家中過著更健康、更快樂的生活。

This commitment extends beyond our business as we actively support shelters, facilitate adoption events and provide aid to pet communities impacted by the L.A. wildfires, reinforcing our dedication to pet welfare and the people who care for them.

這項承諾超出了我們的業務範圍，我們積極支持收容所、促進領養活動並向受洛杉磯山火影響的寵物社區提供援助，加強了我們對寵物福利和照顧它們的人的奉獻精神。

With that, I'll turn the call over to Robyn for a more detailed review of our financial results.

說完這些，我將把電話轉給羅賓，讓他更詳細地審查我們的財務結果。

Thank you, Sandra. I will now provide an update on third quarter fiscal year 2025 results for the period ending December 31, 2024. Net sales were $53 million compared to $65.3 million in the same period last year, a 19% decline primarily driven by a 34% reduction in gross advertising as we rebalanced for profitability. We welcomed approximately 63,000 new customers who received an order from us this quarter. Gross profit was $14.9 million versus $17.9 million last year.

謝謝你，桑德拉。我現在將提供截至 2024 年 12 月 31 日的 2025 財年第三季業績的最新情況。淨銷售額為 5,300 萬美元，而去年同期為 6,530 萬美元，下降 19%，主要原因是我們重新平衡獲利能力導致廣告總收入減少 34%。本季度，我們迎來了約 63,000 名向我們下訂單的新客戶。毛利為 1,490 萬美元，去年同期為 1,790 萬美元。

As a percent of sales, gross profit this year was 28.1% an 80 basis point improvement compared to the prior year quarter due to a favorable sales mix and lower discount activity similar to what we saw in Q2.

以銷售額的百分比計算，今年的毛利為 28.1%，比去年同期提高了 80 個基點，這歸因於有利的銷售組合和較低的折扣活動，類似於我們在第二季度看到的情況。

General and administrative expenses for the third quarter were $10.8 million versus $13.4 million last year, a 19.7% decrease. This year-over-year improvement was driven by a decrease in stock-based compensation expense, a decrease in payroll and payroll-related expense, and to a lesser extent, a decrease in credit card processing fees driven by lower sales.

第三季的一般及行政開支為 1,080 萬美元，較去年同期的 1,340 萬美元下降 19.7%。這一同比增長是由於股票薪酬費用減少、工資和工資相關費用減少，以及在較小程度上由於銷售額下降導致的信用卡處理費減少。

Our advertising expenses for the third quarter were $3 million compared to $5.8 million last year. This decrease can be mainly attributed to lower gross media spend and a higher proportion of that spend being funded by third-party partners. As Sandra mentioned, we purposely pulled back our marketing efforts to reset our marketing foundation and improve profitability for the quarter.

我們第三季的廣告費用為 300 萬美元，去年同期為 580 萬美元。這一下降主要歸因於媒體總支出的降低以及其中第三方合作夥伴資助的支出比例較高。正如桑德拉所提到的，我們有意撤回了行銷力度，以重塑行銷基礎並提高本季的獲利能力。

Net loss for the third quarter was $700,000 or $0.03 per diluted share, a meaningful improvement compared to the net loss of $2 million or $0.10 per diluted share for the same period last year. Adjusted EBITDA of $2 million compared to $900,000 in the prior year period. Our balance sheet remains strong, and as of December 31, 2024, we had $50 million of cash and cash equivalents and no debt.

第三季淨虧損為 70 萬美元或每股攤薄虧損 0.03 美元，與去年同期的淨虧損 200 萬美元或每股攤薄虧損 0.10 美元相比有顯著改善。調整後 EBITDA 為 200 萬美元，去年同期為 90 萬美元。我們的資產負債表依然強勁，截至 2024 年 12 月 31 日，我們擁有 5,000 萬美元的現金和現金等價物，且沒有債務。

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

我們現在開始回答問題。然後，桑德拉將發表一些總結性發言。操作員？

(Operator Instructions) And our first question comes from the line of Erin Wright with Morgan Stanley.

（操作員指示）我們的第一個問題來自摩根士丹利的 Erin Wright。

I wanted a quick housekeeping one before I get into it. On the new customer or customer count numbers, I guess do you have -- I just want to make sure we're comparing apples-to-apples kind of on a year-over-year basis, but do you have growth rates around those and how you're kind of defining the different categories from a customer standpoint?

在開始之前我想先快速做一下整理。關於新客戶或客戶數量，我想您是否有——我只是想確保我們在逐年的基礎上進行同類比較，但您是否有這些方面的增長率，以及您如何從客戶的角度定義不同的類別？

From a customer perspective, on the new customer, what we shared is that we had 63,000 new customers in this quarter with shipped orders, correct?

從客戶角度來看，就新客戶而言，我們分享的是本季我們有 63,000 名新客戶已發貨，對嗎？

Okay. Just wanted to clarify that. And then on the SKU count rationalization, so does that meaningfully impact your overall kind of revenue growth? Or have you quantified that? I mean I assume it's underperforming SKUs, but how do we think about that and then also the flow-through from a mix perspective?

好的。只是想澄清這一點。那麼，SKU 數量合理化是否會對您的整體收入成長產生重大影響？或者你已經量化了這一點？我的意思是，我認為它的 SKU 表現不佳，但我們如何看待這個問題，然後從混合角度來看流通問題？

Yes. It actually did not really impact the revenues. A lot of those SKUs happen to be SKUs that were drop shipped from drop-ship vendors as well. And so they were not impactful. It was very minimal in terms of any impact over the year.

是的。事實上，它並沒有真正影響收入。許多 SKU 恰好也是從直銷供應商直運的 SKU。所以它們沒有產生影響。從全年來看，其影響非常小。

But for the most part, when we look at the SKU optimization, it was about tracking to products that actually had consistent sales over 3, 4, 5 and 6 months time period. So anything beyond that, that had not seen consistent sales is where we were reducing. So it was definitely not impacting our sales.

但大多數情況下，當我們查看 SKU 優化時，都是追蹤在 3、4、5 和 6 個月的時間內實際銷售穩定的產品。因此，除此以外，任何銷售未能穩定成長的產品都是我們正在削減的。所以這肯定不會影響我們的銷售。

Okay. Great. And then just thinking about sort of the underlying backdrop in the market, like how would you characterize kind of the trends you are seeing from a customer perspective and how they're responding maybe to price increases across kind of pet prescriptions that we've been seeing and hearing about even year-to-date and how you're thinking about kind of the outlook of the market just generally speaking. And then if I could sneak one last one in there, just on the cost savings. Obviously, you've executed on that.

好的。偉大的。然後思考市場的基本背景，例如您如何描述從客戶角度看到的趨勢，以及他們對我們看到和聽到的今年迄今為止的寵物處方藥價格上漲有何反應，以及您如何看待總體而言的市場前景。然後，如果我可以偷偷地把最後一個放進去，只是為了節省成本。顯然，你已經執行了這一點。

And what's left in terms of the lingering cost savings from the PetCareRx transaction?

那麼 PetCareRx 交易留下的剩餘成本節省是多少？

Let's start with the second one first. So as we look at our cost optimization and the strategies that we've employed on folding PetCareRx into the organization, we still have more that we are deliberately working on now and that not only just includes the first phase that we did and executed which had to do with people, technology -- some technology as well as some outsourced agencies that were reduplicating. But in addition to that now, as we go into Phase II and the second part of it, it actually is more of the technology reduction consolidation that actually will continue to show an improved balance in terms of what our expenditures are. Do you want to add anything, Robyn?

我們先從第二個開始。因此，當我們審視成本優化以及將 PetCareRx 納入組織所採用的策略時，我們仍有更多工作要做，而這不僅包括我們已經完成和執行的第一階段工作，該階段涉及人員、技術——一些技術以及一些重複的外包機構。但除此之外，現在，隨著我們進入第二階段和第二部分，實際上更多的是技術減少整合，這實際上將繼續顯示出我們的支出方面的平衡改善。羅賓，你還有什麼要補充嗎？

No, that's right. That's right. And it's a strategy that will take us over a couple of quarters to execute.

不，沒錯。這是正確的。我們將用幾個季度的時間來實施這項策略。

Sorry. Okay. So that was question number two. Going back to question number one. It is without a doubt that the customer continues to be pressured and as we know, we're seeing a bit more of stabilization as it relates to adoption and pets in general.

對不起。好的。這是第二個問題。回到第一個問題。毫無疑問，客戶繼續面臨壓力，而且正如我們所知，在收養和寵物方面，我們看到情況更加穩定。

But we're still seeing that there are reduced visits to the veterinarian. There's some reduced prescriptions. We have not seen our UPTs and Rx and pharmacy actually change from a year ago. So it's still -- they're still buying the same amount of times on frequency per year.

但我們還是看到去看獸醫的次數減少了。有一些減少的處方。與一年前相比，我們的 UPT、Rx 和藥房實際上沒有變化。因此，他們每年的購買次數和頻率仍然相同。

So it's still about 2.7x a year that the average prescription they're coming back to get a perception again, and that fluctuates based on seasonality, especially as we talk about flea and tick season per se. But yes, they are absolutely pressured in terms of where they're spending, how they're spending, and we are seeing a bit more as it relates to opening price points take over some of the more premium price points.

因此，他們每年回來進行再次檢查的平均處方次數仍約為 2.7 次，並且會根據季節而波動，特別是當我們談論跳蚤和蜱蟲季節本身時。但是的，他們在消費領域和消費方式方面確實面臨著壓力，而且我們看到，在開價點接管一些較高價位點方面，他們面臨的壓力更大一些。

That said, we still have a higher household income consumer who spends -- who has a household income over $100,000 and that $100,000 to $150,000 and $150,000-plus household income is continuing to spend and does not have and is not exhibiting some of the same behavior that other customers are with regards to not being in compliance on the prescription and less spend on their products. That relates specifically to pharmacy.

話雖如此，我們仍然有家庭收入較高的消費者，他們的消費——家庭收入超過 100,000 美元、家庭收入在 100,000 美元到 150,000 美元以及 150,000 美元以上的消費者仍在繼續消費，並且沒有表現出其他客戶所表現出的那些不遵守處方和減少在產品上的支出的行為。這具體與藥房有關。

Our next question comes from the line of Ryan Meyers with Lake Street Capital Markets.

我們的下一個問題來自 Lake Street Capital Markets 的 Ryan Meyers。

And Sandra, this is kind of a follow-up from the last question that you had as far as just what you're seeing across your core consumer and then kind of being a higher household income, but that said, I mean we've now seen 3 consecutive quarters of over double-digit revenue declines. I know you guys are pulling back a little bit on the marketing spend, which obviously is impacting the revenue growth. But can you kind of talk about what else you're seeing here as far as what's driving the softness?

桑德拉，這是對你上一個問題的後續回答，關於你看到的核心消費者以及家庭收入有所提高，但話雖如此，我的意思是，我們現在已經連續 3 個季度出現超過兩位數的收入下滑。我知道你們在行銷支出上有所縮減，這顯然影響了收入成長。但您能否談談您還看到了哪些導致疲軟的因素？

Well, our softness as it relates to where we've been, and you've heard me talk about this a bit as well. One of the reasons that we actually modernized our website is because we have not captured a younger, more millennial or Gen Z consumer. So as we think about not only what's happening from a consumer behavior standpoint, people are taking longer to have children and/or their pets are becoming their children and they're spending more on their children -- on those pets that are their children, essentially in the millennial and Gen-Z demographic.

好吧，我們的柔軟度與我們去過的地方有關，你也聽過我談論這一點。我們對網站進行現代化改造的原因之一是因為我們尚未吸引較年輕、千禧世代或 Z 世代的消費者。因此，當我們思考不僅從消費者行為的角度發生了什麼時，我們發現人們生孩子的時間越來越長，並且/或他們的寵物正在成為他們的孩子，他們在孩子身上花費的錢也越來越多——在這些寵物身上，尤其是千禧一代和 Z 世代。

So we are modernizing, we're fine-tuning our messaging, our content, all of the different platforms in which we are competing so that we can actually capture that customer. That's not where we've been as a business over many years. So for us, we're actually transitioning that. And as we transition away from a core customer that may have been a little bit older, but new to 1-800-PetMeds brand because of all of those many years, obviously, 28 years worth of great heritage the company has had. We're trying to also make sure that we're capturing the millennial and Gen Z consumer who is spending, who is focused on more digital experiences, who's buying online, is accustomed to it, and that's what you're seeing now.

因此，我們正在進行現代化改造，不斷調整我們的訊息傳遞方式、內容以及我們參與競爭的所有不同平台，以便真正吸引客戶。這不是我們多年來一直經營的狀況。所以對我們來說，我們實際上正在經歷這一轉變。我們的核心客戶可能年紀稍大，但對於 1-800-PetMeds 品牌來說卻是新客戶，因為我們已經合作了很多年，顯然，公司已經擁有了 28 年的悠久歷史。我們也試圖確保吸引千禧世代和 Z 世代的消費者，他們注重消費，注重數位體驗，習慣於線上購物，這就是您現在所看到的。

As we've repositioned our marketing and the efforts on marketing that goes into content, it goes into the different channels in which we show up, and we know and understand that this is going to take and require multiple touch points that the consumer is going to see our brands before they actually start to engage and then convert.

我們重新定位了我們的行銷，並將行銷精力投入到內容行銷中，將其投入到我們出現的不同管道中，我們知道並理解這將需要多個接觸點，讓消費者在真正開始參與並轉化之前看到我們的品牌。

Got it. And then as we think about the rest of this year and into next year, I mean you guys are well capitalized with $50 million of cash on the balance sheet. I mean, how are you evaluating potentially investing more heavily into marketing, kind of running more promotions really to try to drive revenue growth back into the business or even just new customer growth back into the business? Any commentary there would be helpful.

知道了。然後，當我們考慮今年剩餘時間和明年時，我的意思是你們的資本充足，資產負債表上有 5000 萬美元的現金。我的意思是，您如何評估在行銷方面投入更多資金的可能性，如何真正開展更多促銷活動，以推動業務收入成長，甚至只是推動新客戶成長？任何評論都會有幫助。

Yes. We definitely think about capital allocation and, of course, how to drive our transformation faster. As Sandra mentioned, right on the marketing front, we are resetting, I would say, the marketing foundation. So we want to do it in a way that's smart, that's going to be the most beneficial in terms of the ROI. We have to kind of set the foundation and get ready to go.

是的。我們肯定會考慮資本配置，當然，也會考慮如何更快地推動我們的轉型。正如桑德拉所提到的，在行銷方面，我們正在重置行銷基礎。因此，我們希望以一種聰明的方式來實現這一點，從投資回報率的角度來看這將是最有利的。我們必須打好基礎並做好準備。

Additionally, we're investing in our customer experience. It's critically important that we have the right product assortment, we can get to the customer faster and that the customers have ease of use on our site. And so we're going to continue to make those foundational investments. And then we can really, I would say, open the flood gates to some extent, right, and start spending more heavily in the marketing area.

此外，我們也正在投資客戶體驗。至關重要的是，我們擁有正確的產品組合，我們可以更快地接觸到客戶，並且客戶可以輕鬆使用我們的網站。因此我們將繼續進行這些基礎投資。然後我想說，我們真的可以在某種程度上打開閘門，開始在行銷領域投入更多資金。

And Ryan, I would just add to what Robyn said, just to double click on this point in order for us to be competitive in today's environment and the consumer expectations is that you're going to get product same-day, next day or within 2 days. And so she was just mentioning last mile delivery as another key target key focus area for us. We are focused on that customer experience, which has so many different legs to this, and we need to make sure that we are delivering on a timely basis as well. So those investments are coming. We're actually investing in that in this quarter of Q4 as well as starting to increase more on marketing to go forward.

瑞安，我只想補充羅賓所說的話，再次強調這一點，為了讓我們在當今的環境中保持競爭力，消費者的期望是你能在當天、第二天或兩天內收到產品。所以她剛才提到最後一英里的交付是我們另一個關鍵目標重點關注領域。我們專注於客戶體驗，這涉及許多不同的方面，而且我們還需要確保及時交付。因此這些投資正在到來。實際上，我們在第四季度就對此進行了投資，並且開始加大對行銷的投入。

Thank you. And this does conclude we have the -- we have reached the end of the question-and-answer session. I'll now turn the call back over to the CEO, Sandra Campos for closing remarks.

謝謝。這確實結束了——我們已經到了問答環節的結束。現在，我將把電話轉回給執行長桑德拉‧坎波斯 (Sandra Campos)，請她作最後發言。

Thank you. And thanks for the questions, for the time and the support of PetMeds. We understand that this is a transformation on many levels. It is steady and the key initiatives that we discussed today are about prioritizing profitability and the customer growth. Lastly, I just want to thank all of our employees for their constant commitment and the dedication to our customers, the pets that we serve and to our shareholders.

謝謝。感謝您的提問、付出的時間以及對 PetMeds 的支持。我們明白，這是一個多層次的轉變。它是穩定的，我們今天討論的關鍵舉措是優先考慮盈利能力和客戶成長。最後，我只想感謝我們所有的員工，感謝他們對我們的客戶、我們服務的寵物以及我們的股東的持續承諾和奉獻。

So we look forward to continuing to update you on our progress during our next conference call. Thank you.

因此，我們期待在下次電話會議期間繼續向您通報我們的進展。謝謝。

Thank you. This does conclude today's conference, and you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束，各位現在可以斷開線路了。感謝您的參與。