PetMed Express, Inc. (PETS) 2026 Q4 法說會逐字稿

Greetings, and welcome to the PetMed Express fiscal fourth-quarter 2026 financial results conference call. (Operator Instructions) It's now my pleasure to introduce your host, Reed Anderson with ICR. Thank you, you may now begin.

各位好，歡迎參加 PetMed Express 2026 會計年度第四季財務業績電話會議。(接線員指示) 現在我很榮幸介紹今天的主持人 ICR 的 Reed Anderson。謝謝，您現在可以開始。

Thank you, and welcome to the PetMed Express fiscal fourth-quarter 2026 earnings conference call. With us on the call today are Leslie Campbell, PetMed's Chairman, Interim CEO and President; and Doug Krulik, Interim Principal Financial Officer and Chief Accounting Officer.

謝謝，歡迎參加 PetMed Express 2026 會計年度第四季財報電話會議。今天與會者包括 PetMed 董事會主席、代理執行長兼總裁 Leslie Campbell，以及代理首席財務負責人兼首席會計官 Doug Krulik。

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 upon information currently available to us. Because these statements reflect our current views concerning future events, these statements involve risks, uncertainties and assumptions.

本次電話會議中所包含的某些資訊，可能構成《1995 年私人證券訴訟改革法》以及經修訂之《1934 年證券交易法》所定義的前瞻性陳述，並可能涉及多項風險與不確定性。這些陳述係基於我們的信念，以及我們根據目前可得資訊所採用的假設。由於這些陳述反映我們對未來事件的當前看法，因此包含風險、不確定性與假設。

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存在重大差異。無法保證任何前瞻性結果將會發生或得以實現，本簡報中所載任何內容均非、亦不應被依賴為對任何未來事項（包括與 PetMeds 的營運、業務或財務狀況相關之任何事項）的陳述或保證。

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 on Form 10-K and other filings with the Securities and Exchange Commission.

除非適用法律、法規或其他具管轄權之法律機關要求，PetMeds 不承擔因後續事件而公開更新上述前瞻性陳述之任何義務。我們已在最近一期 Form 10-K 年度報告及向美國證券交易委員會提交的其他文件中，揭露與我們營運相關的各項風險因素。

Now let me turn the call over to Leslie Campbell, PetMed's Chairman of the Board and Interim CEO and President.

現在我把電話交給 PetMed 董事會主席、代理執行長兼總裁 Leslie Campbell。

Thank you, Reed, and welcome to everyone joining our call this afternoon. Following my remarks, Doug will provide a detailed overview of our financial results.

謝謝你，Reed，也歡迎今天下午加入我們電話會議的各位。在我發言之後，Doug 將就我們的財務結果提供更詳細的說明。

Fiscal year 2026 was a pivotal year for PetMed Express, during which we made significant financial, operational and cultural improvements that are aimed to put the company back on track for sustainable long-term results. While our full year results reflect the challenges we faced, particularly in the first half of the year, I'm pleased to report that we made substantial progress in the second half of the year in stabilizing our core business and strengthening our foundation for future value creation.

2026 會計年度對 PetMed Express 而言是關鍵的一年，我們在財務、營運與企業文化方面做出了重大改善，旨在讓公司重回可持續的長期成長軌道。儘管全年業績反映了我們所面臨的挑戰，尤其是上半年，但我很高興報告，我們在下半年於穩定核心業務、強化未來價值創造的基礎方面取得了實質進展。

In the second half of the year, we also regained critical regulatory compliance with the filing of our Form 10-K for fiscal year 2025 in October and the completion of our fiscal year '26 Q1 and Q2 quarterly filings in December. In December, we also announced the change in our external auditor firm to Baker Tilly US LLP, effective for our third quarter ended December 31, 2025, and we then successfully held our Annual Shareholder Meeting for fiscal year 2025 in January.

在下半年，我們也透過於 10 月提交 2025 會計年度 Form 10-K，以及於 12 月完成 2026 會計年度第一季與第二季的季度申報，重新取得關鍵的監管合規狀態。我們亦於 12 月宣布更換外部審計師事務所為 Baker Tilly US LLP，自截至 2025 年 12 月 31 日之第三季起生效，並於 1 月順利召開 2025 會計年度年度股東大會。

You'll see in today's 10-K filing, we also made meaningful progress in improving our internal controls, fully remediating three previously disclosed material weaknesses, tone at the top, complex accounting issues and income taxes. Although Doug will speak to our financial results in a moment, I'd like to provide a little bit of additional detail now.

您將在今天提交的 10-K 中看到，我們在改善內部控制方面也取得了重要進展，已完全補救先前揭露的三項重大缺失：高層基調（tone at the top）、複雜會計議題以及所得稅。雖然 Doug 稍後會談到我們的財務結果，但我想先在此提供一些額外細節。

Our net sales for the full fiscal year 2026 were down 21.1%, but we saw a slowing of year-over-year revenue decline in Q3 and again in Q4, with Q4 being down 15.6% compared to the prior year or 17.8% adjusted for the settlement of our New York State sales tax liability.

2026 會計年度全年淨銷售額下降 21.1%，但我們在第三季以及第四季都看到年對年營收下滑幅度放緩；其中第四季較去年同期下降 15.6%，若排除我們就紐約州銷售稅負債達成和解的影響，調整後下降 17.8%。

We also began to see green shoots in the second half of the year in important areas like prescription medication sales, prescription and non-prescription food sales and AutoShip sign-ups, and we were pleased to deliver a sequential quarterly increase in fourth-quarter net sales, our first Q4 sequential quarterly increase since fiscal year 2024, demonstrating some positive momentum. These improvements, while modest, signal that the strategic and operational initiatives we implemented in the back half of fiscal 2026 are beginning to take hold.

我們也在下半年於多個重要領域開始看到回溫跡象，例如處方藥銷售、處方與非處方食品銷售，以及 AutoShip 訂閱註冊；我們很高興在第四季實現淨銷售額的季對季成長，這是自 2024 會計年度以來首次在第四季出現季對季成長，顯示出一些正向動能。這些改善雖然幅度不大，但顯示我們在 2026 會計年度下半年推動的策略與營運措施正開始發揮效果。

Our full-year fiscal 2026 results also include several significant nonrecurring accounting entries, including a $26.7 million noncash goodwill impairment reported in Q1 and a $2.1 million wholesale inventory write-down reported in Q3 related to an initiative that was an unsuccessful departure from our core business. We also incurred nonrecurring legal, professional and executive severance costs totaling $4.5 million in fiscal year 2026 related to the whistleblower investigation previously disclosed in our fiscal year 2025 Form 10-K filed in October.

我們 2026 會計年度全年結果亦包含數項重大的一次性會計入帳，包括第一季認列的 2,670 萬美元非現金商譽減損，以及第三季認列的 210 萬美元批發庫存沖銷，該沖銷與一項偏離核心業務但未成功的計畫相關。此外，我們在 2026 會計年度亦發生一次性的法律、專業服務及高階主管資遣費用合計 450 萬美元，與我們在 10 月提交之 2025 會計年度 Form 10-K 中先前揭露的吹哨者調查相關。

However, during fiscal year 2026, we also made meaningful progress on cost reduction efforts including exiting underperforming vendor relationships over the second half of the year that will yield approximately $6.1 million in annualized savings. We also successfully settled our New York state sales tax liability in Q4, resulting in a $2.8 million decrease to net loss in fiscal year 2026.

然而，在 2026 會計年度期間，我們在成本削減方面也取得了實質進展，包括於下半年退出表現不佳的供應商合作關係，預計可帶來約 610 萬美元的年化節省。我們也在第四季成功就紐約州銷售稅負債達成和解，使 2026 會計年度淨虧損減少 280 萬美元。

While we were working on these financial improvements, we also made significant operational improvements, strategically reorganizing to optimize headcount productivity in our pharmacy, call center and distribution centers, improving both operational performance and customer experience. Compared to a year ago, our cost structure is now lower and more aligned with the size of the business, while important customer-facing operational metrics are much improved.

在推動這些財務改善的同時，我們也進行了重大的營運改善，透過策略性重整以最佳化藥局、客服中心與配送中心的人力配置與生產力，同時提升營運表現與客戶體驗。與一年前相比，我們目前的成本結構更低，且更符合業務規模；同時，多項面向客戶的重要營運指標也已明顯改善。

Finally, we completed several important technology and infrastructure initiatives, including the successful implementation of a new ERP system, a new fraud prevention system and a new call center technology, which serves as the backbone of our phone system. These implementations modernize our tech stack, significantly improve our operations and are critical to providing exceptional service to our customers. With these major initiatives now behind us, we will continue to prioritize website and user experience optimization while significantly reducing operational risk.

最後，我們完成了數項重要的科技與基礎設施計畫，包括成功導入新的 ERP 系統、新的防詐欺系統，以及新的客服中心技術（作為我們電話系統的骨幹）。這些導入使我們的技術架構現代化，顯著改善營運，並且對於向客戶提供卓越服務至關重要。在這些重大計畫完成後，我們將持續優先推動網站與使用者體驗的最佳化，同時大幅降低營運風險。

We also hit a notable company milestone in January when we celebrated PetMed's 30th year anniversary. As part of our anniversary celebration, we were really proud to recognize over 40 employees who've been with the company for more than 10 years, half of whom by the end of this year, will actually have been with the company more than 20 years. This long-tenured employee base speaks not only to a workforce deeply committed to our mission, but one with true expertise that can only be earned by individuals serving customers in the pet health industry for decades.

我們也在 1 月達成一項重要的公司里程碑，慶祝 PetMed 成立 30 週年。作為週年慶祝的一部分，我們非常自豪地表揚了超過 40 位在公司服務超過 10 年的員工，其中有一半到今年年底實際上將在公司服務超過 20 年。這支資深員工隊伍不僅展現出對我們使命的深度投入，也具備真正的專業能力，而這種專業唯有在寵物健康產業長年服務客戶、累積數十年經驗才能獲得。

Leveraging this talented and long-tenured employee base, this year, we reorganized our leadership structure, creating a Chief Growth Officer role to align marketing, buying and merchandising and site merchandising. We also made several key internal promotions across distribution, customer care and pharmacy operations, a strong reflection of the depth of talent across the company.

憑藉這支才華洋溢且資歷深厚的員工隊伍，今年我們重整了領導架構，設立「首席成長官」職位，以整合行銷、採購與商品管理，以及網站商品陳列。我們也在配送、客戶服務與藥局營運等領域進行了多項關鍵內部晉升，充分反映公司整體人才厚度。

To further support the commitment and dedication of our employees, we meaningfully expanded our employee benefits coverage. And as a result of our renewed focus on culture, we saw our employee satisfaction ratings substantially increase.

為了進一步支持員工的承諾與投入，我們大幅擴充了員工福利保障範圍。並且，隨著我們重新聚焦企業文化，我們的員工滿意度評分顯著提升。

Looking ahead, we plan to build on this year's financial, operational and cultural improvements as an important foundation for our future. We will continue to focus on operational excellence, driving sustainable long-term results and delivering value for shareholders.

展望未來，我們計劃在今年於財務、營運與文化方面的改善基礎上持續精進，作為我們未來發展的重要根基。我們將持續聚焦營運卓越，推動可持續的長期成果，並為股東創造價值。

We intend to do this in part through improved customer retention by leveraging our operational and technology improvements and also by expanding our market footprint through B2B relationships, utilizing our membership programs as well as our white label pharmacy fulfillment services like our recently announced Master Services Agreement with Rural King. We believe these offerings represent a significant opportunity to leverage our deep pharmacy expertise and infrastructure to reach more customers through our partners.

我們擬部分透過提升客戶留存率來達成此目標，方法是運用我們在營運與技術方面的改進；同時也將透過 B2B 關係擴大我們的市場版圖，善用我們的會員計畫以及白標藥局履約服務，例如我們近期宣布與 Rural King 簽訂的《主服務協議》（Master Services Agreement）。我們相信，這些方案代表一項重大機會，可運用我們深厚的藥局專業與基礎設施，透過合作夥伴觸及更多客戶。

Finally, before we move to Doug's presentation of the financials, I want to update you on the status of the unsolicited offers the company received several months ago. In December 2025, the company received two unsolicited, publicly disclosed, nonbinding preliminary proposals to acquire all of the outstanding common stock of the company at prices ranging from $4 to $4.25 per share. These nonbinding proposals were subject to customary conditions, including the satisfactory completion of due diligence and the negotiation and execution of a mutually acceptable definitive agreement.

最後，在我們進入 Doug 的財務簡報之前，我想向各位更新公司於數月前收到之主動提出的收購要約狀態。於 2025 年 12 月，公司收到兩份主動提出、已公開揭露且不具約束力的初步提案，擬以每股 4 美元至 4.25 美元的價格收購公司全部流通在外普通股。該等不具約束力的提案須符合慣常條件，包括令人滿意地完成盡職調查，以及協商並簽署雙方可接受的最終協議。

The Board, consistent with its fiduciary duties and in consultation with its financial and legal advisers, carefully evaluated the two proposals and solicited interest from other potential strategic and financial sponsors.

董事會在履行其受託責任並諮詢其財務與法律顧問後，審慎評估這兩項提案，並向其他潛在策略性與財務性出資方徵詢意向。

Following this process and after careful deliberation and consideration of the alternatives, the Board determined that it is in the best interest of the company and its stockholders not to proceed with either of the publicly announced proposals and consequently, PetMeds is continuing to operate as an independent publicly traded company. However, the Board remains open to considering inbound indications of interest that may be received in the future with respect to a potential transaction and will continue to act in accordance with its fiduciary duties to evaluate any such proposals should they arise.

在完成上述程序並經審慎審議與衡量各項替代方案後，董事會認定，不推進任何一項已公開宣布的提案符合公司及其股東的最佳利益；因此，PetMeds 將持續以獨立的公開上市公司身分營運。然而，董事會仍願意在未來收到與潛在交易相關的主動意向時加以考量，並將持續依其受託責任行事，於相關提案出現時予以評估。

As we enter fiscal year 2027, we are confident that the foundation we have built through operational cleanup, cost optimization, technology modernization and strategic partnerships positions us well for the long term. We remain deeply committed to our mission of ensuring pets live longer, healthier and happier lives, and we are focused on delivering value for our shareholders through disciplined execution of our strategic priorities.

邁入 2027 會計年度之際，我們有信心，透過營運整頓、成本最佳化、技術現代化與策略夥伴關係所建立的基礎，已使我們在長期發展上具備良好定位。我們仍堅定致力於「讓寵物活得更長久、更健康、更快樂」的使命，並將透過對策略優先事項的紀律性執行，專注為股東創造價值。

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

接下來，我將把電話會議交給 Doug Krulik，請他更詳細地回顧我們的財務結果。Doug？

Thank you, Leslie. Net sales for the fourth quarter were $42.8 million compared to $50.8 million in the same period last year, a 15.6% decline, primarily driven by a decline in prescription medication sales. Despite this decline in Q4, we saw a modest sequential improvement from Q3, driven by improvements in prescription medication and AutoShip sales, indicating positive momentum as we closed out the year.

謝謝你，Leslie。第四季淨銷售額為 4,280 萬美元，較去年同期的 5,080 萬美元下降 15.6%，主要係處方藥銷售下滑所致。儘管第四季下滑，我們仍看到相較第三季的溫和季增改善，主要由處方藥與 AutoShip 銷售改善所帶動，顯示我們在年度收官時具備正向動能。

Gross profit was $13.9 million compared to $15.2 million last year. As a percent of sales, gross profit this year was 32.6% compared to 29.9% in the prior year, a 270-basis-point improvement. This improvement was primarily driven by the impact of our settlement of the New York sales tax liability.

毛利為 1,390 萬美元，去年同期為 1,520 萬美元。以銷售額百分比計，本年度毛利率為 32.6%，較前一年度的 29.9% 提升 270 個基點。此改善主要來自我們就紐約州銷售稅負債達成和解的影響。

General and administrative expenses for the fourth quarter were $11.4 million versus $12.5 million last year, an 8.6% decrease. This year-over-year improvement was driven by cost optimization efforts. Advertising expenses for the fourth quarter were $5.8 million compared to $5.4 million last year. This increase was driven by the presentation of co-op funds we received from our vendors this quarter.

第四季一般及行政費用為 1,140 萬美元，去年同期為 1,250 萬美元，下降 8.6%。此年對年改善主要由成本最佳化措施所帶動。第四季廣告費用為 580 萬美元，去年同期為 540 萬美元。此增加係因本季我們自供應商取得的合作行銷（co-op）資金之列報所致。

Depreciation and amortization was $2.4 million for the fourth quarter compared to $2.1 million in the prior-year period, reflecting continued investments in technology infrastructure. Net loss for the fourth quarter was $4.1 million or $0.19 per diluted share compared to a net loss of $11.6 million or $0.56 per diluted share for the same period last year. Adjusted EBITDA loss was $2.8 million compared to a loss of $1.9 million in the prior year period.

第四季折舊與攤銷為 240 萬美元，較前一年度同期的 210 萬美元增加，反映我們持續投資於技術基礎設施。第四季淨損為 410 萬美元，或每股稀釋後虧損 0.19 美元；去年同期淨損為 1,160 萬美元，或每股稀釋後虧損 0.56 美元。調整後 EBITDA 虧損為 280 萬美元，去年同期虧損為 190 萬美元。

Now I'll briefly comment on the full-year 2026 results. For the full fiscal year, net sales were $179 million compared to $227 million in the prior year, a 21.1% decline, primarily driven by a decline in prescription medication sales. Net loss for the full fiscal year was $57.3 million or $2.74 per diluted share compared to a net loss of $6.3 million or $0.30 per diluted share in the prior year.

接著我將簡要說明 2026 全年結果。就整個會計年度而言，淨銷售額為 1.79 億美元，較前一年度的 2.27 億美元下降 21.1%，主要係處方藥銷售下滑所致。全年淨損為 5,730 萬美元，或每股稀釋後虧損 2.74 美元；前一年度淨損為 630 萬美元，或每股稀釋後虧損 0.30 美元。

The increase in net loss was driven by several items, including the $26.7 million noncash goodwill impairment charge reported in Q1, the $2.1 million wholesale inventory write-down reported in Q3 related to an initiative that was not part of our core business, lower gross profit resulting from decreased net sales and increased G&A expenses driven by the nonrecurrence of an $8.7 million onetime stock compensation reversal in fiscal year '25.

淨損增加係由多項因素所致，包括第一季認列的 2,670 萬美元非現金商譽減損費用、第三季就一項非核心業務倡議所認列的 210 萬美元批發庫存減記、因淨銷售額下降導致的毛利降低，以及一般及行政費用增加（主因為 2025 會計年度一次性 870 萬美元股票薪酬沖回未再發生）。

We also incurred nonrecurring legal, professional and severance costs totaling $4.5 million related to the whistleblower investigation and related matters. Adjusted EBITDA for the full fiscal year was negative $15.4 million compared to positive $0.7 million in the prior year.

我們亦因吹哨者調查及相關事項，發生合計 450 萬美元的一次性法律、專業服務與資遣成本。全年調整後 EBITDA 為負 1,540 萬美元，前一年度為正 70 萬美元。

Turning to our balance sheet. As of March 31, 2026, we had $21.4 million in cash and cash equivalents and no debt.

接著看資產負債表。截至 2026 年 3 月 31 日，我們持有 2,140 萬美元的現金及約當現金，且無負債。

With that, I'll turn the call back to Leslie for closing remarks.

接下來，我將把電話會議交回給 Leslie 作結語。

Thanks, Doug, and thank you to all the attendees for your time and interest today in PetMeds. We are really grateful for the support of all of our shareholders and have, in particular, appreciated the opportunity to communicate with a number of you throughout this past year.

謝謝你，Doug，也感謝所有與會者今天撥冗並關注 PetMeds。我們非常感謝所有股東的支持，尤其感謝在過去一年中有機會與其中多位股東進行溝通交流。

I also want to thank our employees for their genuine commitment to serving our customers every day. And of course, a big thank you to our loyal customers and their veterinarians who trust us to be part of helping their pets live longer, healthier, happier lives.

我也要感謝我們的員工每天真誠投入、致力服務客戶。當然，也要特別感謝我們忠誠的客戶以及信任我們、讓我們成為協助其寵物活得更長久、更健康、更快樂的一部分的獸醫師。

2026 was a pivotal year for PetMeds, during which we made significant progress in stabilizing our core business and strengthening our foundation. Thank you again for allowing us to share these results with you today, and we look forward to updating you on our progress next quarter.

2026 年是 PetMeds 的關鍵一年，我們在穩定核心業務並強化基礎方面取得重大進展。再次感謝各位今天讓我們與您分享這些成果，我們期待在下個季度向各位更新我們的進展。

Thank you. And with that, ladies and gentlemen, this conference has now concluded. We thank you for attending the PetMed Express fiscal fourth-quarter 2026 financial results conference call. You may now disconnect your lines.

謝謝。各位女士、先生，本次會議至此結束。感謝各位參加 PetMed Express 2026 會計年度第四季財務結果電話會議。您現在可以掛斷電話。