Petco Health and Wellness Company Inc (WOOF) 2021 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Petco's First Quarter Fiscal 2021 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Kristy Moser, Vice President and Investor Relations Officer. Please go ahead, Kristy.

女士們、先生們，美好的一天，歡迎參加 Petco 2021 年第一季財報電話會議。（操作員說明）請注意此事件正在被記錄。我現在想將會議交給副總裁兼投資者關係官克里斯蒂·莫澤 (Kristy Moser)。請繼續，克里斯蒂。

Thanks very much, and welcome, everybody, to Petco's First Quarter Fiscal 2021 Earnings Conference Call. We are webcasting live over the Internet. To access the call on the Internet, please go to Petco website at petco.com and follow the links from there. In addition to the earnings release, there is a presentation available for download, summarizing our first quarter 2021 results and reconciling non-GAAP measures as discussed today with the most directly comparable GAAP measures as well as a financial supplement.

非常感謝並歡迎大家參加 Petco 2021 財年第一季財報電話會議。我們透過網路進行網路直播。若要透過網路撥打電話，請造訪 Petco 網站 petco.com 並點擊其中的連結。除了收益發布之外，還有一份演示文稿可供下載，其中總結了我們 2021 年第一季度的業績，並將今天討論的非 GAAP 指標與最直接可比的 GAAP 指標以及財務補充進行了協調。

On the call today with me are Mr. Ron Coughlin, Petco's Chairman and Chief Executive Officer; Mr. Mike Nuzzo, Petco's Chief Operating Officer and Chief Financial Officer; and Mr. Brian LaRose, Petco's SVP of Finance. In a moment, Ron and Mike will walk you through Petco's recent financial and operating performance for the quarter.

今天與我一起參加電話會議的是 Petco 董事長兼執行長 Ron Coughlin 先生； Petco營運長兼財務長Mike Nuzzo先生；以及 Petco 財務資深副總裁 Brian LaRose 先生。稍後，Ron 和 Mike 將向您介紹 Petco 本季最近的財務和營運業績。

Before we begin our remarks, I would like to remind you that in this call, we will make forward-looking statements regarding our current beliefs, plans and expectations, which are not guarantees of future performance and are subject to a number of risks and uncertainties and other factors that could cause actual results to differ materially from results and events contemplated by such forward-looking statements. These risks and uncertainties include those set forth in our earnings release and our filings with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof. And except as required by law, we undertake no obligation to update or revise any of them, whether as a result of new information, future events or otherwise.

在我們開始發言之前，我想提醒您，在本次電話會議中，我們將就我們當前的信念、計劃和期望做出前瞻性聲明，這些聲明不是對未來業績的保證，並且會受到許多風險和不確定性的影響以及其他可能導致實際結果與此類前瞻性陳述預期的結果和事件有重大差異的因素。這些風險和不確定性包括我們的收益報告和向美國證券交易委員會提交的文件中列出的風險和不確定性。這些前瞻性陳述僅在本協議發布之日作出。除法律要求外，我們不承擔更新或修改其中任何內容的義務，無論是由於新資訊、未來事件或其他原因。

In addition, today's presentation contains references to non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in our earnings release and our filings with the Securities and Exchange Commission. (Operator Instructions) Now let me turn it over to Ron.

此外，今天的簡報還引用了非公認會計準則財務指標。這些非公認會計原則財務指標與最直接可比較的公認會計原則財務指標的調節包含在我們的收益發布和向美國證券交易委員會提交的文件中。（操作員指示）現在讓我把它交給羅恩。

Thanks, Kristy, and good morning, everyone. Thank you for joining us today. This quarter was a remarkable one for Petco. Yes, it was an all-time record for quarterly revenue with strong profit flow-through, but what's truly remarkable is the customer dynamics that promote sustained growth.

謝謝克里斯蒂，大家早安。感謝您今天加入我們。對於 Petco 來說，本季是一個非凡的季度。是的，這是季度營收的歷史記錄，利潤流強勁，但真正引人注目的是促進持續成長的客戶動態。

We added almost 1.2 million net new customers in the quarter, the strongest gain in my nearly 3 years at Petco. Spend per pet was up 5%, and we gained market share. We drove more and more of that spend into recurring revenue programs like repeat delivery and Vital Care. We launched our co-branded private label credit card this quarter, and the initial response is promising.

本季我們淨增加了近 120 萬新客戶，這是我在 Petco 近 3 年裡的最大增幅。每隻寵物的支出增加了 5%，我們獲得了市場份額。我們將越來越多的支出投入到重複交付和重要護理等經常性收入計劃。我們本季推出了聯名自有品牌信用卡，初步反應良好。

And from a purpose standpoint, we continue to progress our mission to save pet lives, highlighted this quarter by a partnership with PetDx to launch OncoK9, a true breakthrough in pet cancer diagnostics. Cancer is the #1 disease-related cause of pet death and a passion topic for me as my dog, Yummy, is a cancer survivor. Earlier detection will make a massive difference. This combination of purpose with performance is central to who we are as a company and guides us into the future.

從目標的角度來看，我們將繼續推進拯救寵物生命的使命，本季與 PetDx 合作推出 OncoK9 凸顯了這一使命，這是寵物癌症診斷領域的真正突破。癌症是寵物死亡的第一大疾病相關原因，也是我的一個熱情主題，因為我的狗 Yummy 是癌症倖存者。及早發現將產生巨大的影響。這種目標與績效的結合是我們公司的核心，並引導我們走向未來。

Double-clicking into performance, our team got off to a great start in 2021, driving record quarterly revenue of $1.4 billion, up 27% from Q1 last year with comparable sales growth of 28%. This marks the 10th consecutive quarter of comp growth. We delivered across all of our businesses. Pet Care Centers were a particular highlight, delivering growth of 26%. Make no mistake about it, a sizable number of pet parents and their pets love coming into our Pet Care Centers and now feel safe to do so.

雙擊業績，我們的團隊在 2021 年取得了良好的開局，季度收入創紀錄地達到 14 億美元，比去年第一季增長 27%，可比銷售額增長 28%。這標誌著公司連續第十個季度實現成長。我們在所有業務領域都實現了交付。寵物護理中心尤其引人注目，成長了 26%。毫無疑問，相當多的寵物父母和他們的寵物喜歡來到我們的寵物護理中心，現在感到這樣做是安全的。

At the same time, our digital sales exceeded expectations with 21% growth, lapping very strong volume a year ago. Services and Vet delivered 63% year-over-year growth. We gained share overall, particularly in the areas where we're focused. Our top line growth translated into a 45% increase in adjusted EBITDA, driven by gross margin expansion and operating leverage even as we leaned into investments for future sustainable growth.

同時，我們的數位銷售額成長了 21%，超出了預期，超過了一年前的強勁銷量。服務和獸醫領域年增 63%。我們總體上獲得了份額，特別是在我們關注的領域。儘管我們傾向於為未來永續成長進行投資，但在毛利率擴張和營運槓桿的推動下，我們的營收成長轉化為調整後 EBITDA 成長 45%。

Last quarter, I said we were like a unicorn as a beneficiary of both the COVID stay-at-home dynamics as well as accelerating momentum through the reopening. If I reflect on the last 18 months as chapters in Petco's performance history, pre-COVID 2020, our strategy was beginning to take off, and we were growing 6%. During the heavily impacted COVID period, our business was largely open and designated as essential.

上個季度，我說過，我們就像獨角獸一樣，既是新冠疫情居家動態的受益者，也是透過重新開放加速勢頭的受益者。如果我回顧過去 18 個月，作為 Petco 業績歷史的章節，在 2020 年新冠疫情之前，我們的策略開始起飛，成長了 6%。在新冠肺炎疫情嚴重影響期間，我們的業務基本上開放，並被指定為必不可少的業務。

In Q3 and Q4, we grew double digits as adoption soar, and our e-commerce offers like curbside and same day gained traction. This year, with reopening, our sales growth has accelerated into the 20s with double-digit growth every month. This performance is powered by both a surging category and the accelerated execution of our unique strategy, dynamics that we expect will generate strong growth in both the mid and long term. That projected growth is enabled by the customer behavior we're driving through the power of our unique end-to-end ecosystem and our marketing engine.

在第三季和第四季，隨著採用率的飆升，我們實現了兩位數的成長，並且我們的電子商務服務（例如路邊和當日送達）獲得了關注。今年，隨著重新開業，我們的銷售成長加速到了 20 多歲，每個月都有兩位數的成長。這一業績得益於類別的激增和我們獨特策略的加速執行，我們預計這種動力將在中長期產生強勁成長。這一預期的成長是透過我們獨特的端到端生態系統和行銷引擎的力量推動的客戶行為實現的。

Petco is turning into a customer acquisition machine. As I stated earlier, we added approximately 1.2 million net new customers in Q1 on the back of roughly 1 million in both Q3 and Q4. The net new customers we've gained in the last 12 months alone contribute to incremental and meaningful growth going forward. This new customer growth is driven by the strength of our digital offering, the continued expansion of our veterinary business, expanded capacity in grooming, and training and the return of brick-and-mortar customer traffic as well as continued industry consolidation and tailwinds from a strong pet category.

Petco 正在轉變為獲取客戶的機器。正如我之前所說，我們在第三季和第四季增加了約 100 萬淨新客戶，而在第一季增加了約 120 萬淨新客戶。僅在過去 12 個月內，我們獲得的淨新客戶就為未來的增量和有意義的成長做出了貢獻。這種新客戶的成長是由我們的數位產品實力、獸醫業務的持續擴張、美容和培訓能力的擴大以及實體客戶流量的回歸以及持續的行業整合和來自強寵物類。

Taking a closer look at the customer trends. The recovery of retail traffic is tangible with our brick-and-mortar and Services new customers up over 100% and 50%, respectively, year-over-year. With more vet locations, more vet clinics and aggressive marketing, we almost doubled our new veterinary customers in the quarter versus prior year. These new vet customers are driving higher baskets and transactions than average.

仔細觀察客戶趨勢。零售客流量的恢復是有形的，我們的實體和服務新客戶年比分別增加了 100% 和 50% 以上。隨著更多的獸醫地點、更多的獸醫診所和積極的營銷，我們本季的新獸醫客戶幾乎比去年增加了一倍。這些新的獸醫客戶推動的購物籃和交易量高於平均水平。

Our digital business continues to fire on all cylinders and is serving as a customer acquisition engine, driving significant active customer growth. We spoke last quarter about multichannel customers, customers that purchase through multiple channels like brick-and-mortar in digital or multiple categories like food and veterinary services. These customers spend much more with Petco than single channel customers.

我們的數位業務持續全速運轉，並成為客戶獲取引擎，推動顯著的活躍客戶成長。上季度我們談到了多通路客戶，也就是透過數位實體等多種管道或食品和獸醫服務等多個類別進行購買的客戶。這些客戶在 Petco 上的花費比單一通路客戶高得多。

And Q1 marked our third consecutive quarter with double-digit growth in multichannel customers. Our analytics rigor and recently built CRM muscle is a key enabler, and we have tremendous headroom here.

第一季是我們連續第三個季度多通路客戶達到兩位數成長。我們嚴謹的分析和最近建立的 CRM 能力是關鍵的推動因素，我們在這裡擁有龐大的發展空間。

Impressively, our game-changing Vital Care membership program is resonating with customers and driving share of wallet with what we believe is the industry's first comprehensive membership program, that for $19 a month covers checkups, vaccinations, grooming services and merchandise discounts. Membership increased almost 70,000 after launching in mid-October. Early cohorts of Vital Care customers are driving 2.5x more spend versus average customer profiles, proving that Vital Care is providing better care for the pet and increased share of wallet for Petco.

令人印象深刻的是，我們改變遊戲規則的Vital Care 會員計劃引起了客戶的共鳴，並透過我們認為是業界第一個全面的會員計劃提高了錢包份額，該計劃每月19 美元，涵蓋檢查、疫苗接種、美容服務和商品折扣。自 10 月中旬推出以來，會員數量增加了近 70,000 名。早期 Vital Care 客戶群的支出是普通客戶資料的 2.5 倍，這證明 Vital Care 正在為寵物提供更好的護理，並增加了 Petco 的錢包份額。

Strategically, we are driving revenue into our recurring revenue stream businesses, including repeat delivery, Vital Care, insurance and PupBox. Petco's customer base and recurring revenue programs was up over 50% year-over-year. Our unique model is supported by a phenomenal category that is large and growing. Recent industry forecasts have been ratcheted up and now predict sales growth of 9% in 2021, following stronger-than-expected 2020 growth of 9%. Correspondingly, 2021 to 2025 CAGR is now projected to be over 7% with higher growth projections in key areas like premium nutrition, services, vet and digital, where Petco is uniquely positioned.

從策略上講，我們正在將收入推向經常性收入流業務，包括重複交付、重要護理、保險和 PupBox。Petco 的客戶群和經常性收入計劃年增超過 50%。我們獨特的模式得到了龐大且不斷增長的驚人類別的支持。最近的產業預測有所上調，繼 2020 年 9% 的成長強於預期之後，目前預測 2021 年銷售額將成長 9%。相應地，2021 年至 2025 年複合年增長率預計將超過 7%，優質營養、服務、獸醫和數字等關鍵領域的成長預測將更高，而 Petco 在這些領域具有獨特的地位。

We see 4 industry dynamics driving sustained outsized growth. First, pet adoption remains strong. 2020 growth of almost 6% in pet households, and about 1/3 of pet households added more pets with continuing strength into 2021. These trends are not slowing. From a mid- to long-term standpoint, our recent survey indicated 65% of 18- to 34-year-olds planned to acquire a pet in the next 5 years. And once a cute puppy or kitten joined a family, they're going to need to be fed, groomed and vaccinated for over a decade or more. This is what we call the furry annuity.

我們看到有 4 個產業動態推動持續的超額成長。首先，寵物收養依然強烈。2020年寵物家庭成長近6%，約1/3的寵物家庭增加了更多寵物，且動能持續到2021年。這些趨勢並沒有放緩。從中長期角度來看，我們最近的調查顯示，18 至 34 歲的人群中有 65% 計劃在未來 5 年內養寵物。一旦可愛的小狗或小貓加入一個家庭，它們就需要在十多年或更長時間裡被餵食、梳理和接種疫苗。這就是我們所說的毛​​茸茸的年金。

Second, spend per pet increased from historical levels powered by humanization. It is now known that the majority of the 2020 new pets went to millennials and Gen Z-ers, who have had higher-than-average spend levels. As they grow as a percent of pet parents, we expect this will be a tailwind for spend per pet. Third, recent data shows a mix shift to larger breeds. Larger dogs mean larger bowls, sold with more food.

其次，在人性化的推動下，每隻寵物的支出從歷史水準上升。現在已知，2020 年新增寵物大部分都是千禧世代和 Z 世代，他們的消費水準高於平均水準。隨著他們在寵物父母中所佔比例的增長，我們預計這將成為每隻寵物支出的推動力。第三，最近的數據顯示混合品種轉向大型品種。更大的狗意味著更大的碗，與更多的食物一起出售。

Lastly, like human trends, pet parents are increasingly focused on their pet's health and wellness with 2/5 of pet parents playing closer attention to their pet's health and wellness since the pandemic, and over 15% changing the products they buy to healthier premium options. This is where a network of 27,000 passionate trained partners and a portfolio curated to maximize pet health makes a difference. In fact, we grew our dog and cat sales within Petco's premium focused brands by over 500 basis points in the first quarter versus last year.

最後，與人類趨勢一樣，寵物父母越來越關注寵物的健康和保健，自大流行以來，2/5 的寵物父母更加關注寵物的健康和保健，超過15% 的寵物父母將購買的產品改為更健康的優質產品。這就是由 27,000 名訓練有素的熱情合作夥伴組成的網路以及旨在最大限度提高寵物健康的產品組合發揮作用的地方。事實上，第一季我們 Petco 高端品牌的狗和貓銷售量比去年增長了 500 個基點以上。

The pet category has clearly accelerated, and we believe there is no company better positioned to capture that growth than Petco. In the first quarter, we advanced all facets of our strategic areas of focus. And merchandising our own brands and brands exclusive to Petco, not only enhanced our gross margin, but also fortified our competitive insulation. Own brands delivered double-digit growth with great results from the recent launch of WholeHearted's active performance in food and the Youly brand in supplies. We built strong home-brand capabilities and have significant headroom here.

寵物類別明顯加速成長，我們相信沒有一家公司比 Petco 更能抓住這個成長機會。第一季度，我們推進了戰略重點領域的各個面向。銷售我們自己的品牌和 Petco 獨家品牌不僅提高了我們的毛利率，還增強了我們的競爭優勢。自有品牌達到兩位數成長，近期推出的WholeHearted在食品領域表現活躍，Youly品牌在用品領域表現優異。我們建立了強大的本土品牌能力，並擁有龐大的發展空間。

Fresh food is another exciting opportunity with a market that's projected to quadruple into a multibillion-dollar category over the next several years, a real example of health and wellness focus translating to premiumization. Fresh food garners a higher price point

生鮮食品是另一個令人興奮的機會，預計未來幾年該市場將翻兩番，達到數十億美元的規模，這是健康和保健重點轉化為高端化的真實例子。新鮮食品獲得更高的價格點

Fresh food is another exciting opportunity with a market that's projected to quadruple into a multibillion-dollar category over the next several years, a real example of health and wellness focus translating to premiumization. Fresh food garners a higher price point with twice the trip frequency versus average.

生鮮食品是另一個令人興奮的機會，預計未來幾年該市場將翻兩番，達到數十億美元的規模，這是健康和保健重點轉化為高端化的真實例子。新鮮食品的價格更高，出行頻率是平均值的兩倍。

We're achieving high double-digit growth with significant market share gains in fresh and are dedicated to being a market maker in the more human-like fresh, refrigerated and frozen space. We're planning to double our Just Food for Dogs footprint, which means we're adding over 300 incremental locations in the second quarter versus our expectations coming into the year.

我們正在實現兩位數的高速成長，生鮮市佔率大幅成長，並致力於成為更人性化的生鮮、冷藏和冷凍領域的市場創造者。我們計劃將 Just Food for Dogs 的足跡擴大一倍，這意味著我們將在第二季增加 300 多個增量地點，而我們對今年的預期則不然。

Another highlight is companion animals, where we've led the market for years with the reputation for the highest quality care, knowledgeable partners and array of fish, reptiles, birds and more. Recent industry data indicates that upwards of 19% of current dog and cat owners added a companion animal during 2020. This supports our consistently strong double-digit growth rate. Importantly, the companion animal customer is highly attractive with higher spending and trip frequency.

另一個亮點是伴侶動物，多年來，我們一直在該市場處於領先地位，以最高品質的護理、知識淵博的合作夥伴以及一系列魚類、爬行動物、鳥類等而聞名。最近的行業數據表明，超過 19% 的現有狗和貓主人在 2020 年期間增加了伴侶動物。這支持了我們持續強勁的兩位數成長率。重要的是，伴侶動物客戶具有較高的吸引力，消費金額和旅行頻率較高。

In digital, our strong growth has continued even as COVID restrictions are lifted, translating into customer acquisition, increased transactions and larger basket sizes. Our market share in digital is up by more than 50% year-on-year and more than doubled our digital share on a 2-year basis. As we lapped the large pandemic-related growth in April of 2020, retention of these large COVID cohorts is roughly in line with previous historic cohorts, demonstrating the stickiness of our model.

在數位領域，即使取消了新冠疫情限制，我們的強勁成長仍在持續，這轉化為客戶獲取、交易增加和購物籃規模擴大。我們的數位市佔率年增了 50% 以上，並且在兩年的基礎上增加了一倍多。當我們在 2020 年 4 月經歷了與大流行相關的大規模增長時，這些大型 COVID 群體的保留率與先前的歷史群體大致一致，這證明了我們模型的黏性。

Our structural advantage of 1,453 micro distribution points through our Pet Care Centers is a strategic differentiator versus pure-play online competitors. We can get to the customer faster for lower cost than shipping from a DC. Our offering of buy online pick up in store, curbside and same-day delivery are resonating with pet parents. Including ship from store, our Pet Care Centers now fulfill roughly 83% of petco.com orders, which is just incredible.

我們透過寵物護理中心擁有 1,453 個微型分銷點的結構優勢是與純粹的線上競爭對手相比的策略差異化優勢。與從配送中心出貨相比，我們可以以更低的成本更快到達客戶手中。我們提供的線上購買、店內取貨、路邊送達和當日送達服務引起了寵物父母的共鳴。包括從商店發貨在內，我們的寵物護理中心現在完成了大約 83% 的 petco.com 訂單，這令人難以置信。

We're actively shifting customer expectations to same-day delivery, something pure-play online competitors will be challenged to replicate nationally. This is particularly strategic in categories like fresh food that are much more costly to ship from distribution centers.

我們正在積極地將客戶的期望轉變為當日送達，純粹的線上競爭對手將面臨在全國範圍內複製的挑戰。這對於生鮮食品等從配送中心運輸成本較高的類別尤其具有戰略意義。

Giving a personal example, when my order of Just Food for Dogs, fish and sweet potatoes comes from one of our Pet Care Centers, 2 miles from my house, it comes in a simple bag versus a pack box with cardboard, with dry ice, with foam packaging that online pure-play competitors use for comparable products. Clearly, we have an advantage here. Equally exciting, Petco's highly rated app has become a hub for pet parents to manage their pets' health and wellness needs, including service reminders and customized suggestions for nutrition, supplies, pet care and services. Just last week, it reminded me that I need to get Yummy, dental chews. We now have over 3.6 million downloads with strong engagement.

舉個個人例子，當我從距離我家 2 英里的一個寵物護理中心訂購的狗糧、魚和紅薯時，它裝在一個簡單的袋子裡，而不是一個裝有紙板、乾冰的包裝盒，在線純競爭對手使用泡棉包裝來生產類似產品。顯然，我們在這裡有優勢。同樣令人興奮的是，Petco 備受好評的應用程式已成為寵物父母管理寵物健康和保健需求的中心，包括服務提醒以及營養、用品、寵物護理和服務的客製化建議。就在上週，它提醒我我需要吃美味的牙齒咀嚼物。目前，我們的下載量已超過 360 萬次，且參與度很高。

Service scheduling on the app is at an all-time high, and the launch of our Nutrition Perks program, a reward program for repeat purchases, led to our single biggest app download week ever. This is important as app customers are spending 2.1x more than a typical customer. Net revenue almost doubled in the first quarter. And we expanded our customer reach, exiting the quarter at almost 1,200 Pet Care Centers on a weekly basis between our veterinary hospitals and Vetco clinics. We are extending our full-service veterinary offer, delivering world-class, affordable, compassionate and comprehensive care, adding 12 vet hospitals in the quarter and projecting 72 total openings in 2021, up from the original guidance of 70. Our vet hospital performance continued to exceed our internal model in both sales and 4-wall hospital EBITDA, particularly newer cohorts.

應用程式上的服務安排處於歷史最高水平，我們的營養福利計劃（重複購買獎勵計劃）的啟動導致了我們有史以來最大的應用程式下載週。這一點很重要，因為應用程式客戶的支出是普通客戶的 2.1 倍。第一季淨收入幾乎翻了一番。我們擴大了客戶覆蓋範圍，本季每周有近 1,200 個寵物護理中心位於我們的獸醫醫院和 Vetco 診所之間。我們正在擴大我們的全方位獸醫服務範圍，提供世界一流、價格實惠、富有同情心和全面的護理，本季度新增12 家獸醫醫院，預計2021 年開設的獸醫醫院總數將達到72 家，高於最初指導的70 家。我們的獸醫醫院在銷售額和 4 牆醫院 EBITDA 方面的表現繼續超過我們的內部模型，特別是較新的醫院。

Also, ancillary vet offerings like prescription insurance should have a combined TAM of over $11 billion, are scaling nicely as we leverage our ecosystem. I had the chance to visit a number of our great vet hospitals in Miami a few weeks ago, and saw it firsthand, the close connection between the hospital and the center store team. Customers appreciate the seamlessness across vet services, grooming and merchandise. I even met a companion animal specialist, who is excitedly applying to our vet tech training programs, another example of our purpose-driven performance culture. By integrating these veterinary hospitals into existing Pet Care Centers, we benefit from structural advantages such as lower cost acquisition and larger baskets that most competitors just don't have.

此外，處方保險等輔助獸醫產品的總 TAM 應該超過 110 億美元，隨著我們利用我們的生態系統，它們正在很好地擴展。幾週前，我有機會參觀了邁阿密的多家大型獸醫醫院，親眼目睹了醫院與中心商店團隊之間的密切聯繫。客戶對獸醫服務、美容和商品的無縫銜接表示讚賞。我甚至遇到了一位伴侶動物專家，他正在興奮地申請我們的獸醫技術培訓計劃，這是我們以目的為導向的績效文化的另一個例子。透過將這些獸醫院整合到現有的寵物護理中心，我們受益於結構性優勢，例如大多數競爭對手所不具備的較低採購成本和更大的購物籃。

And beyond vet, our grooming and training services have seen a strong return of demand, not only growing over the restricted operations last year, but also over 2019. In fact, dog training delivered their highest sales quarter ever. We have continued to take share in a fragmented market as we leverage our digital and marketing capabilities. And as we annualize operational restrictions in the second quarter and third quarter, we expect grooming and training will have a favorable lap dynamic. These results have been buoyed by the strength of the Petco brand. Over the last year, we relaunched the brand as the health and wellness company. In the first quarter, we supplemented our focused customer acquisition approach with a brand-building campaign to pull away from competition as a health and wellness company.

除了獸醫之外，我們的美容和培訓服務的需求也出現強勁回升，不僅比去年的受限業務有所增長，而且在 2019 年也有所增長。事實上，訓狗業務創下了有史以來最高的銷售季度紀錄。透過利用我們的數位和行銷能力，我們繼續在分散的市場中佔據份額。隨著我們將第二季和第三季的營運限制年化，我們預計美容和訓練將產生有利的單圈動態。這些表現得益於 Petco 品牌的實力。去年，我們重新推出了健康與保健公司的品牌。在第一季度，我們透過品牌建立活動補充了重點客戶獲取方法，以擺脫作為健康和保健公司的競爭。

If what we want if we were pets is a campaign intended to educate pet parents about what whole health means for their pets and motivate them to take action and start thinking about their pets' health and wellness, like they would think about their own. The response and initial impact has been overwhelmingly positive. And last but certainly not least, we're excited to announce that our joint venture in Mexico with Grupo Gigante has now eclipsed the 100 Pet Care Center-mark and expects to add another 8 Pet Care Centers before the end of the year. We're really pleased with the performance of our business in Mexico, continuing double-digit comp growth with revenue up strong double digits.

如果我們是寵物，我們想要的是一場旨在教育寵物父母整體健康對他們的寵物意味著什麼的運動，並激勵他們採取行動並開始考慮他們寵物的健康和福祉，就像他們考慮自己的健康一樣。反應和初步影響是非常正面的。最後但同樣重要的是，我們很高興地宣布，我們與 Grupo Gigante 在墨西哥的合資企業現已突破 100 家寵物護理中心的大關，並預計在今年年底前再增加 8 家寵物護理中心。我們對墨西哥業務的表現感到非常滿意，並持續實現兩位數的同比增長，收入實現強勁的兩位數增長。

In addition to our strong financial results, our unwavering commitment to improving the lives of pets, pet parents and Petco partners is a key ingredient in our purpose-driven performance. In April, the Petco Foundation formally rebranded as Petco Love and rolled out Petco Love Lost, a searchable database that uses facial recognition to help reunite lost pets with their families, should they ever go missing. If you ever lost a pet, you know how nerve-wracking it is and how helpless and desperate you feel.

除了強勁的財務表現之外，我們堅定不移地致力於改善寵物、寵物父母和 Petco 合作夥伴的生活，這是我們以目標為導向的績效的關鍵因素。今年 4 月，Petco 基金會正式更名為 Petco Love，並推出了 Petco Love Lost，這是一個可搜尋資料庫，使用臉部辨識技術幫助失蹤的寵物與家人團聚。如果你曾經失去過一隻寵物，你就會知道那是多麼令人心碎，你會感到多麼無助和絕望。

To date, more than 1,000 animal welfare organizations and industry partners across the U.S. have said they're going to adopt the platform. And last month, we launched our pets @ work initiative to make sure all of these pets stay in their loving homes. The good news is, in the early part of the year, rescues and shelters are seeing relinquishments down about 25% and remain down versus 2019.

迄今為止，全美已有 1,000 多個動物福利組織和產業合作夥伴表示將採用該平台。上個月，我們發起了「寵物@工作」倡議，以確保所有這些寵物都留在它們充滿愛的家中。好消息是，今年年初，救援和庇護所的放棄數量減少了約 25%，與 2019 年相比仍處於下降狀態。

Like last quarter, we increased our average wage rate for our Petco partners in the field by double digits year-over-year and distributed our sixth and largest appreciation bonus yet, living up to our mantra that as the company does well, so will our partners. We also believe environmental sustainability is fundamental to ensuring health and wellness for pets, pet parents and Petco partners. In Q1, we made a commitment to increase our assortment of sustainable products to 50% by the end of 2025, the only major pet retailer to make this kind of commitment.

與上季一樣，我們將Petco 領域合作夥伴的平均薪資同比增長了兩位數，並發放了我們第六次也是最大一筆增值獎金，實踐了我們的口號：隨著公司表現出色，我們的員工也會表現出色。夥伴。我們也相信環境永續性對於確保寵物、寵物父母和 Petco 合作夥伴的健康至關重要。在第一季度，我們承諾在 2025 年底將永續產品種類增加到 50%，是唯一做出此類承諾的大型寵物零售商。

Pulling all that together, we have a category that's surging. We're gaining customers, we're growing sales, and we've been building market share. That is made possible by obsessive execution by our team focused on purpose-driven performance. We entered the quarter with momentum and with a tangibly larger and more valuable customer base, delivered strong Q1 results, which continued into Q2. This gives us added confidence to increase our guidance for the year, including growth in the second half of the year. Mike will elaborate on this in just a moment. And with that, let me turn it over to Mike Nuzzo.

將所有這些放在一起，我們就有了一個正在蓬勃發展的類別。我們正在贏得客戶，我們正在增加銷售額，我們一直在擴大市場份額。這是透過我們專注於目標驅動績效的團隊的執著執行而實現的。我們以強勁的勢頭進入本季度，並擁有明顯更大、更有價值的客戶群，交付了強勁的第一季度業績，並持續到第二季​​度。這讓我們更有信心提升今年的指導，包括下半年的成長。麥克稍後將詳細闡述這一點。接下來，讓我把它交給麥克·努佐。

Thanks, Ron. Good morning, everyone. Yes, we are certainly off to a great start in 2021. Building on the strong business momentum that Ron discussed, I am pleased to share our strong financial and operational results.

謝謝，羅恩。大家，早安。是的，我們在 2021 年肯定有一個好的開始。基於羅恩討論的強勁業務勢頭，我很高興與大家分享我們強勁的財務和營運業績。

We delivered record revenue of $1.4 billion in the first quarter, up 27% over Q1 2020 with comparable sales of 28% and 30% on a 2-year comp basis, well ahead of our expectations with double-digit growth for each month of the quarter. We estimate that government stimulus payments contributed around 7 to 8 comp points of benefit in the quarter, meaning excluding stimulus, our 2-year comp trend exceeded 20%, an acceleration from Q3 and Q4 2020.

We delivered record revenue of $1.4 billion in the first quarter, up 27% over Q1 2020 with comparable sales of 28% and 30% on a 2-year comp basis, well ahead of our expectations with double-digit growth for each month of the四分之一.我們估計，政府刺激付款在本季貢獻了約7 至8 個補償點，這意味著如果不考慮刺激措施，我們的2 年補償趨勢超過20%，比2020 年第三季和第四季有所加速。

Diving one level deeper, Q1 digital revenue was up 21% and 129% on a 2-year stack. Services and Vet were up over 63% and 46% on a 2-year stack. And brick-and-mortar merchandise was up 26%, reflecting both the return of retail demand and our strategic initiatives. Both transactions and average basket trends were again strongly positive for the quarter.

更深入地說，第一季數位收入在兩年內分別成長了 21% 和 129%。服務業和獸醫業在兩年內分別成長了 63% 和 46% 以上。實體商品成長了 26%，反映了零售需求的回歸和我們的策略舉措。本季的交易和平均籃子趨勢再次表現強勁。

In Q1, the category is unprecedented, and sustained surge in pet merchandise demand created both added supply chain expense and vendor supply challenges. Petco is not immune to these dynamics, but we entered this year well-inventoried to support our strong sales momentum. And vendors have indicated that they expect gradual improvement in supply as we move through 2021. And Petco's performance highlights our ability to successfully shift customers to alternative products in out-of-stock situations.

在第一季度，該類別是前所未有的，寵物商品需求的持續激增造成了供應鏈費用的增加和供應商供應的挑戰。Petco 也無法倖免於這些動態，但我們進入今年時庫存充足，以支持我們強勁的銷售勢頭。供應商表示，他們預計供應量將在 2021 年逐步改善。Petco 的業績凸顯了我們在缺貨情況下成功將客戶轉移到替代產品的能力。

In our financial outlook, we have incorporated both modest rest-of-year elevated supply chain expenses, along with a level of gross profit favorability from select retail price adjustments to address input cost increases. Historically, higher product input costs have resulted in market price increases that have driven higher gross profit results.

在我們的財務展望中，我們考慮了今年剩餘時間適度增加的供應鏈費用，以及為應對投入成本增加而進行的特定零售價格調整帶來的一定程度的毛利優惠。從歷史上看，較高的產品投入成本導致市場價格上漲，從而推動更高的毛利。

Our services and vet businesses showed strong results in Q1 and are poised for continued growth as we scale vet services and drive new customer acquisition and retention in both grooming and training. Our vet hospital recruiting efforts continue to produce market-leading time to fill and vet staff retention results.

我們的服務和獸醫業務在第一季表現出強勁的業績，隨著我們擴大獸醫服務規模並推動美容和培訓方面的新客戶獲取和保留，我們有望持續成長。我們的獸醫醫院招聘工作繼續創造市場領先的填補時間和獸醫人員保留結果。

As Ron mentioned, both our hospital cohort and rest-of-store lift performance continued to exceed expectations. And in Q2, we expect to close on our first vet practice acquisitions to further augment our hospital expansion. This year, we have plans to do a few of these small 1 or 2 vet practice tuck-in acquisitions, where we will move them into our Pet Care Centers, gain learnings and then determine how best to integrate this approach into future plans.

正如羅恩所提到的，我們的醫院隊列和其他商店的電梯性能繼續超出預期。在第二季度，我們預計將完成首次獸醫診所收購，以進一步擴大我們的醫院擴張。今年，我們計劃進行一些小型的1 或2 名獸醫實踐塞入收購，我們將把它們轉移到我們的寵物護理中心，獲得經驗教訓，然後確定如何最好地將這種方法融入到未來的計劃中。

Moving down the P&L. Gross profit increased $131 million or 28%, slightly ahead of the 27% revenue growth to $597 million. Gross profit as a percentage of sales improved 32 basis points over Q1 2020 to 42.2%, driven by rate expansion across key business areas, offsetting modest channel and merchandise product mix pressure and increased supply chain expenses to accommodate higher sales. While we do expect channel mix pressure over the balance of 2021 with the increased relative strength of our digital, services and vet businesses, we continue to see opportunity to drive gross profit rate improvement across our business as an offset.

損益表向下移動。毛利成長 1.31 億美元，成長 28%，略高於營收成長 27%，達到 5.97 億美元。毛利佔銷售額的百分比比2020 年第一季提高了32 個基點，達到42.2%，這得益於關鍵業務領域的利率擴張，抵消了適度的渠道和商品產品組合壓力以及為適應更高銷售額而增加的供應鏈費用。雖然我們確實預計，隨著我們的數位、服務和獸醫業務的相對實力增強，2021 年剩餘時間將面臨通路組合壓力，但我們仍然認為有機會推動整個業務的毛利率改善，作為抵銷。

SG&A as a percent of revenue improved from 40.4% in Q1 2020 to 38.8% in Q1 2021 driven by leveraging Pet Care Center variable and occupancy expenses on our sales volume increase. On an absolute basis, SG&A expenses were $549 million, up $99 million or 22% from prior year driven by brand, infrastructure and people investments for sustained growth. In particular, we capitalized on a great opportunity to capture more customers and more than double on our marketing spend from Q1 2020 to support our brand campaign and successful digital marketing that we expect will drive additional sales growth benefit throughout the year.

由於寵物護理中心變數和占用費用對銷售成長的影響，SG&A 佔營收的百分比從 2020 年第一季的 40.4% 提高到 2021 年第一季的 38.8%。從絕對值來看，SG&A 費用為 5.49 億美元，比前一年增加 9,900 萬美元，即 22%，這得益於品牌、基礎設施和人員投資的持續成長。特別是，我們利用了一個絕佳的機會來吸引更多客戶，並將行銷支出從2020 年第一季開始增加一倍以上，以支持我們的品牌活動和成功的數位行銷，我們預計這將推動全年的額外銷售成長效益。

Q1 adjusted EBITDA was $126 million, an increase of 45% from prior year, outpacing revenue and gross profit growth. Q1 adjusted EPS, which also excludes costs related to the refinancing of our term loan, improved by $0.24 to $0.17 based on 265 million weighted average fully diluted shares as well as a normalized effective tax rate of 26%. Turning to our Pet Care Center base. We ended Q1 with 1,453 Pet Care Centers in the United States, down 1 from the fourth quarter. Our Mexico joint venture ended the quarter with 100 Pet Care Centers, up 4 from year-end.

第一季調整後 EBITDA 為 1.26 億美元，比上年成長 45%，超過了營收和毛利的成長。基於 2.65 億股加權平均完全稀釋股票以及 26% 的標準化有效稅率，第一季調整後每股收益（不包括與定期貸款再融資相關的成本）提高了 0.24 美元至 0.17 美元。轉向我們的寵物護理中心基地。第一季末，美國有 1,453 家寵物照護中心，比第四季減少 1 家。截至本季末，我們的墨西哥合資企業擁有 100 家寵物護理中心，比去年年底增加 4 家。

We continue to have strong liquidity, ending the quarter with $595 million, inclusive of $174 million in cash and cash equivalents and $421 million of availability on our revolving credit facility. On the cash flow side, we generated strong cash from operations of $115 million, up $147 million from the prior year and had $47 million in capital expenses. We generated robust free cash flow of $68 million, our strongest cash flow for the first quarter in our history and well above expectations. As we discussed last quarter, we took significant actions in Q4 to strengthen our balance sheet driven by our IPO, related recapitalization and free cash flow generation. Our net leverage ratio reduced by 62% to 2.9x in Q1 of 2021.

我們繼續擁有強勁的流動性，本季末流動性為 5.95 億美元，其中包括 1.74 億美元的現金和現金等價物以及 4.21 億美元的循環信貸額度。在現金流方面，我們從營運中產生了 1.15 億美元的強勁現金，比前一年增加了 1.47 億美元，資本支出為 4,700 萬美元。我們產生了 6,800 萬美元的強勁自由現金流，這是我們歷史上第一季現金流最強的，遠高於預期。正如我們上季度討論的那樣，我們在第四季度採取了重大行動，在 IPO、相關資本重組和自由現金流產生的推動下加強我們的資產負債表。2021 年第一季度，我們的淨槓桿率下降了 62%，至 2.9 倍。

Shifting to updated guidance. We are now expecting the following for full year 2021: total revenue of $5.475 billion to $5.575 billion or an 11% to 13% increase from 2020; adjusted EBITDA between $550 million and $560 million or a 14% to 16% increase from 2020; adjusted EPS between $0.73 and $0.76 based on 266 million shares outstanding and an effective tax rate of 26%, and capital expenditures of between $185 million and $235 million as reported in our 10-K, which includes incremental investments in supply chain capacity, in response to sales growth.

轉向更新的指導。我們目前對 2021 年全年的預期如下：總營收為 54.75 億美元至 55.75 億美元，較 2020 年成長 11% 至 13%；調整後 EBITDA 在 5.5 億至 5.6 億美元之間，即較 2020 年增長 14% 至 16%；根據2.66 億股流通股和26% 的有效稅率，調整後每股收益在0.73 美元到0.76 美元之間，我們的10-K 中報告的資本支出在1.85 億美元到2.35 億美元之間，其中包括對供應鏈能力的增量投資。到銷售成長。

Our guidance raise reflects stronger-than-expected Q1 performance, initial revenue trends in Q2 and a low 20s percent range, 2-year comp assumption for the balance of 2021. Our confidence in the ongoing strength and resiliency of the pet space, the performance of our business areas, our momentum in customer engagement that drives recurring revenue and multichannel purchase behavior and our executional excellence points to an extremely strong 2021 performance.

我們的指導上調反映了強於預期的第一季業績、第二季的初始收入趨勢以及 20% 的低範圍、2021 年剩餘時間的 2 年比較假設。我們對寵物領域的持續實力和彈性、業務領域的業績、推動經常性收入和多渠道購買行為的客戶參與勢頭以及我們卓越的執行力充滿信心，這些都表明 2021 年業績極其強勁。

Ron and I will now be joined by Brian LaRose, our SVP, leading finance, to take your questions.

現在，我們的高級副總裁、財務主管布萊恩·拉羅斯 (Brian LaRose) 將與羅恩和我一起回答大家的問題。

(Operator Instructions) And our first question today will come from Oliver Wintermantel with Evercore ISI.

（操作員說明）今天我們的第一個問題將來自 Evercore ISI 的 Oliver Wintermantel。

I was looking at your guidance for EBITDA, and it looks like it's by the midpoint of the guidance, is about 10%. I was just wondering if that is -- how you think about that longer term? Is that a pull forward from your longer term guide? Or do you think your longer-term guide is shifting up?

我正在查看你們對 EBITDA 的指導，看起來是指導的中點，約 10%。我只是想知道您是如何看待長期的？這是您的長期指南的推動嗎？或者您認為您的長期指導方針正在轉變嗎？

Thanks for the question, Oliver. We're going to let Brian LaRose take that question.

謝謝你的提問，奧利佛。我們將讓布萊恩·拉羅斯回答這個問題。

Oliver, thanks for the question. First, let me comment a little bit on guidance overall, Oliver. So as you saw in the increased guide, we -- our EBITDA flow-through on the increased guide did result in what you said. So an increase of about 20 basis points at the midpoint to 10%.

奧利佛，謝謝你的提問。首先，讓我對總體指導進行一些評論，奧利弗。因此，正如您在增加的指南中看到的那樣，我們在增加的指南上的 EBITDA 流量確實達到了您所說的結果。因此中點增加約20個基點至10%。

I'm not sure I'd characterize that as a pull forward, but more a characterization of what we see for the balance of the year. So if you look at our revenue guidance update, we feel confident in what we're seeing so far in Q2, which gave us the confidence to raise revenue for the full year. And as Mike reflected in his prepared remarks, if you look at the balance of revenue for the year, it implies about a low 20s percent 2-year comp for Q2 to Q4.

我不確定我是否會將其描述為一種推動，但更多的是我們對今年剩餘時間的看法的描述。因此，如果您查看我們的收入指導更新，我們對第二季度迄今為止所看到的情況充滿信心，這使我們有信心提高全年收入。正如麥克在他準備好的演講中所反映的那樣，如果你看看今年的收入餘額，這意味著第二季到第四季的兩年期收入將低至 20%。

In terms of what that means for our EBITDA, we've got modest supply chain costs that we're working through with some modest price -- product input inflation and related pricing actions. But we feel good about the EBITDA flow-through that we have put in the guidance for the balance of the year. And it's more a characterization of what we see for FY '21. We're not going to comment on any further long-term guidance at this point. With that, I'll turn it over to Ron to see if he has anything to add on that.

就這對我們的 EBITDA 意味著什麼而言，我們的供應鏈成本適中，我們正在透過一些適中的價格來解決這個問題——產品投入通膨和相關的定價行為。但我們對今年剩餘時間指導中的 EBITDA 流動感到滿意。這更多的是我們對 21 財年的看法。目前我們不會對任何進一步的長期指導發表評論。有了這個，我會把它交給羅恩，看看他是否有任何補充。

The only thing I'd say is we have confidence in the guide. The first thing that gives us confidence is what's happening with our customers, right? We added 1.2 million in the quarter on the back of nearly 1 million in the prior 2 quarters each. And there, our spend per customer is up, our retention is up. And that's going to power us through Q2 and the back of the year and into 2022. So we feel confident in the guide.

我唯一想說的是我們對指南充滿信心。讓我們充滿信心的第一件事就是我們客戶的情況，對吧？在前兩個季度各近 100 萬的基礎上，我們在本季增加了 120 萬。在那裡，我們每位客戶的支出增加了，我們的留任率也增加了。這將為我們從第二季和今年下半年一直到 2022 年提供動力。所以我們對指南充滿信心。

And just to follow-up on what you just said about the acquisition of customers. There's some articles out there saying that people returning their pets to the shelter now that the economy is opening up again. But I think in your prepared remarks, you mentioned that, that's not a trend that you're seeing. Just wondering what the details are there.

只是為了跟進您剛才所說的有關獲取客戶的內容。有一些文章說，隨著經濟再次開放，人們將寵物送回收容所。但我認為您在準備好的發言中提到，這不是您所看到的趨勢。只是想知道其中的細節是什麼。

Yes. We were alarmed by that information as well, and I would characterize it as misinformation. Through Petco Love, our foundation, we work with all the majority, 4,000 shelters and rescues around the country. And the data from a tracking service that works with all of those shows that they're actually down 25% from comparable months year-over-year and down versus 2019.

是的。我們也對這些資訊感到震驚，我將其定性為錯誤訊息。透過我們的基金會 Petco Love，我們與全國各地的 4,000 個避難所和救援機構合作。與所有這些項目合作的追蹤服務的數據顯示，與去年同期相比，它們實際上下降了 25%，與 2019 年相比也有所下降。

So the good news is because we're in the business of eliminating euthanasia, the good news is the relinquishments are actually down. We want to make sure it stays that way. So we actually launched the bring your pet to work initiative. We're working with employers on making pet-friendly offices, which we have here. My dog Yummy comes to work with me and people joke that she's the Chief Dog Officer of Petco. So it's down, and we want to make sure it stays that way. Thanks for the question.

因此，好消息是因為我們正在致力於消除安樂死，好消息是放棄安樂死的人數實際上有所下降。我們希望確保它保持這種狀態。因此，我們實際上發起了「帶寵物上班」倡議。我們正在與雇主合作打造寵物友善辦公室，我們這裡就有這樣的辦公室。我的狗 Yummy 來和我一起工作，人們開玩笑說她是 Petco 的首席狗官。所以它已經下降了，我們希望確保它保持這種狀態。謝謝你的提問。

And our next question will come from Kate McShane with Goldman Sachs.

我們的下一個問題將來自高盛的凱特·麥克肖恩。

I have wondered about your same-day fulfillment option through DoorDash. Can you just confirm that's rolled out to all stores? And can you tell us how much it is as a part of mix at this point, digital mix? And then finally, in the same vein, just how much of your merchandise is being offered through DoorDash at this time? And how will it be rolled out over time?

我想知道你們透過 DoorDash 提供的當日履行選項。您能否確認該功能已推廣到所有商店？您能告訴我們目前它作為混音（數位混音）的一部分有多少嗎？最後，同樣，目前有多少商品是透過 DoorDash 提供的？隨著時間的推移，它將如何推出？

Yes. So Kate, thanks for the question. So same-day is offered through all of our locations, which implicitly highlights the competitive advantage that it provides. Our same-day offer gets to the customer faster and lower cost than DC-shipped product.

是的。凱特，謝謝你的提問。因此，我們所有地點都提供當日送達服務，這隱含地凸顯了它所提供的競爭優勢。與 DC 運送的產品相比，我們的當日報價更快、成本更低。

You think about a DC-shipped bag of 40-ton bag of dog food going across from UPS or FedEx versus it going in the back of a DoorDash over the same cost as a tennis ball. It is an absolute competitive advantage. We're pleased with what percent of our business it is. And actually, 30% of customers are saying they prefer same day.

你可以想像一袋 40 噸重的狗糧透過 UPS 或 FedEx 運送到 DoorDash 後的費用與網球的費用相同。這是絕對的競爭優勢。我們對它占我們業務的比例感到滿意。事實上，30% 的客戶表示他們更喜歡當日送達。

We are actively trying to shift the expectation towards same day because our online competitors would have a difficult time replicating that on a national basis. And as we go forward, one of the categories that we are super excited about is fresh food via same-day delivery. I cited that on the call, and you think about the dynamics of fresh food same day. It is perfect for that, and that gives us another competitive advantage in the fastest-growing part of the pet food industry.

我們正在積極嘗試將期望轉向同一天，因為我們的線上競爭對手很難在全國範圍內複製這一點。隨著我們的前進，我們非常興奮的類別之一是當日送達的新鮮食品。我在電話中引用了這一點，你會想到當天新鮮食品的動態。它非常適合這一點，這為我們在寵物食品行業中成長最快的領域提供了另一個競爭優勢。

I'm sorry, I didn't cover your assortment question. Basically, nearly all the assortment goes through same -- is available via same day. The only stuff that wouldn't would be some of the long tail-type offers that aren't stocked in stores. But I would say 97% of volume SKUs would be available through same day.

抱歉，我沒有回答您的分類問題。基本上，幾乎所有品種都經過相同的流程——當天即可買到。唯一不會的東西是一些商店中沒有庫存的長尾型優惠。但我想說 97% 的 SKU 數量將在當天供貨。

And then my follow-up question was just on gross margins in the back half of the year. I know in Mike's prepared comments, you still flag the mix pressure, but you're working on some offsets. Could you maybe walk through those as we get through the rest of the year?

然後我的後續問題就是下半年的毛利率。我知道在麥克準備好的評論中，您仍然標記了混合壓力，但您正在努力進行一些抵消。當我們度過今年剩下的時間時，您能否回顧一下這些內容？

Yes. Kate, it's Brian. I'll take this one. So I'm not going to get into quarterly guidance on gross margin, but I'll reiterate some of what Mike said that we did see in Q1 slightly better brick-and-mortar mix than we anticipated, which helped gross margin in Q1. We expect that mix to flip in Q2 to Q4 as we have relative strength in our digital vet and services businesses.

是的。凱特，這是布萊恩。我要這個。因此，我不打算討論毛利率的季度指導，但我會重申麥克所說的一些內容，我們確實在第一季度看到了比我們預期稍好的實體組合，這有助於第一季度的毛利率。我們預計這種組合將在第二季到第四季發生轉變，因為我們在數位獸醫和服務業務方面具有相對優勢。

Now we do expect to continue to work on great gross margin improvements across multiple variables in the business, things like own brands and premium offerings driving higher AOV through customer engagement strategies, productivity enhancements. So while we expect some modest mix pressure Q2 to Q4, we do have vehicles to help mitigate that mix pressure. That's about as deep as I can go, Kate. I don't want to get into quarterly gross margin dynamics.

現在，我們確實希望繼續致力於業務中多個變數的毛利率大幅提高，例如自有品牌和優質產品，透過客戶參與策略和生產力提高來推動更高的平均銷售價值。因此，雖然我們預計第二季到第四季的混合壓力會適度，但我們確實有工具可以幫助減輕這種混合壓力。這已經是我所能達到的最深的程度了，凱特。我不想討論季度毛利率動態。

And our next question will come from John Heinbockel with Guggenheim.

我們的下一個問題將來自古根漢的約翰·海因博克爾。

So Ron, I wanted to start Just Food for Dogs, right, just remind us, frequency of purchase for that customer, maybe relative to a noncustomer and overall spend. And then going from 300 -- it's only 300 to 600, right, in one quarter. Ultimately, where -- does -- can that be in every or the vast majority of Pet Care Centers and how quickly?

所以羅恩，我想啟動“Just Food for Dogs”，對吧，只是提醒我們，該顧客的購買頻率，可能與非顧客和總體支出有關。然後從 300 增加到 300 到 600，對吧，在一個季度內。最終，每個或絕大多數寵物護理中心都可以在哪裡實現這一​​點？速度有多快？

Yes. So let me -- at the macro level, fresh food is roughly $1 billion now. We see it going to $3 billion to $4 billion in the next few years. So a rocket ship of a subcategory, super premium prices, highest price in the Pet Care Center, and the frequency of purchase is significantly higher than your normal kibble. Not only does that mean they're buying that more, but there are also means that we're getting ancillary basket items on those trips.

是的。那麼，從宏觀層面來看，生鮮食品現在大約價值 10 億美元。我們預計未來幾年該數字將達到 30 億至 40 億美元。所以一個子品類的火箭飛船，超溢價，是寵物護理中心最高的價格，而且購買頻率明顯高於你的普通粗糧。這不僅意味著他們會購買更多商品，還意味著我們會在這些旅行中獲得輔助購物籃物品。

So we love Just Food for Dogs. We also love e-commerce because we think it's a competitive advantage because we do have this distributed inventory through our micro distribution strategy. We are accelerating it. And just to be clear, we accelerated it from what we talked about on the Q1 call, we accelerated from what we talked about on our roadshow. So this is an acceleration based upon the trends that we're seeing in those locations. Where we've been there for more than 1 to 2 years, in many of those locations, it is now our #1 selling food, which is just incredible at that price point.

所以我們喜歡Just Food for Dogs。我們也喜歡電子商務，因為我們認為這是一種競爭優勢，因為我們確實透過微分銷策略擁有這種分散式庫存。我們正在加速它。需要明確的是，我們從第一季電話會議中談論的內容加速了它，我們從路演中談論的內容加速了它。因此，這是基於我們在這些地區看到的趨勢的加速。在我們已經存在超過 1 到 2 年的地方，在許多地方，它現在是我們銷量第一的食品，在這個價位上這真是令人難以置信。

But the best news is, in our view, it's one of the healthiest products you could give to the pet. We can see it across our Pet Care Centers. It would take different forms. In some locations like our Union Square, you'll see a gorgeous kitchen where we're actually preparing the food in front of customers. And others, we have what we call pantries, which are a notch smaller. And others, we have a run, which is a notch smaller from that and then we have cooler execution. So we'll customize the execution based upon the throughput of the location.

但在我們看來，最好的消息是，它是您可以為寵物提供的最健康的產品之一。我們可以在我們的寵物護理中心看到它。它會採取不同的形式。在某些地方，例如我們的聯合廣場，您會看到一個華麗的廚房，我們實際上是在顧客面前準備食物的。而其他的，我們有所謂的食品儲藏室，它要小一些。而其他人，我們有一個運行，比那個小一個檔次，然後我們有更酷的執行。因此，我們將根據位置的吞吐量自訂執行。

Okay. And then the second, nonrelated, right, so the sort -- or the vet lift, right, to comp or attachment rate, right? So that was like [6 3 1], right, first 3 years, in any sense of is it modestly better than that or so far are you seeing? Is it materially better than that?

好的。然後是第二個，不相關的，對的，所以排序——或者獸醫舉升，對，補償或依戀率，對嗎？所以這就像 [6 3 1]，對，前 3 年，在任何意義上都比這稍微好一些，或者到目前為止你看到了什麼？物質上比這更好嗎？

Mike, do you want to handle that one?

麥克，你想處理那個嗎？

Yes. John, yes, the lift is consistent. And what we're seeing in our own vet models is that it's a little better. And again, you can attribute that to everything that we're talking about in terms of that synergy between the Pet Care Center team and the vet hospital. It's strong across the board. It gets a little stronger with the own vet model.

是的。約翰，是的，升力是一致的。我們在自己的獸醫模型中看到的是，情況要好一些。再說一遍，您可以將其歸因於我們正在談論的寵物護理中心團隊和獸醫醫院之間的協同作用。整體來說還是很強的有了自己的獸醫模型，它會變得更強大。

Yes. Just to clarify one thing on Just Food for Dogs. Actually, the trip frequency is 2x kibble. So very attractive.

是的。只是為了澄清有關“Just Food for Dogs”的一件事。實際上，行程頻率是 2 倍粗磨。所以非常有吸引力。

Our next question will come from Michael Lasser with UBS.

我們的下一個問題將來自瑞銀集團的麥可·拉塞爾。

What drove the [hint] of 5% increase in spending per pet in the quarter? Was it more items in the basket, trading up, inflation benefit? How do you break that down?

是什麼推動本季每隻寵物的支出增加 5%？是籃子裡的商品增多、交易量增加、通膨受益嗎？你如何分解它？

Yes, and yes on the first 2 items that you suggested. Our basket is increasing and has been increasing. The premiumization is a trend that's been going on in this category for years, whether it's premiumization of food. We've moved our premium mix by about 10 points over the last 3 years, and we see significant headroom to move that further as evidenced by the conversation on Just Food for Dogs or even Honest Kitchen, which is a super premium human-grade food that we rolled out towards the end of last year, that's doing well. So we see both of those as factors on the spend per pet.

是的，對您建議的前兩項也是如此。我們的購物籃正在增加，並且一直在增加。高端化是這一類別多年來一直存在的趨勢，無論是食品的高端化。在過去3 年裡，我們的優質產品組合提高了約10 個百分點，並且我們認為進一步提升的空間很大，這一點可以從Just Food for Dogs 甚至Honest Kitchen（一種超優質人類級食品）的對話中得到證明。我們去年年底推出的，效果很好。因此，我們將這兩者視為影響每隻寵物支出的因素。

The other piece that we had is the comeback of our services. They were impinged upon, due to COVID regulations. We actually had to shut down our group training. As we said on the call, our training had the best quarter it's ever had. Our grooming funds are -- there's more demand than supply, which we are addressing right now, the addition of our vets. So we're seeing basket trend. We're seeing AOV increase, and we see those as long term.

我們的另一件事是我們的服務的回歸。由於新冠疫情的規定，他們受到了衝擊。我們實際上不得不停止集體訓練。正如我們在電話中所說，我們的訓練經歷了有史以來最好的一個季度。我們的美容資金是——需求多於供應，我們現在正在解決這個問題，增加我們的獸醫。所以我們看到了籃子趨勢。我們看到 AOV 有所增加，而且我們認為這是長期的。

The other longer-term dynamic is looking back on the 11 million, I said 11 million -- or over 10 million pets in 2020. The majority of those went to millennials and Gen Z-ers. Millennials and Gen Z-ers spend more per pet. So that is another tailwind on the spend per pet at the category level.

另一個長期動態是回顧 2020 年的 1,100 萬隻寵物，我說的是 1,100 萬隻，或超過 1,000 萬隻寵物。其中大部分流向了千禧世代和 Z 世代。千禧世代和 Z 世代為寵物花費更多。因此，這是類別層面上每隻寵物支出的另一個推動因素。

Got it. My follow-up question is it was helpful that Mike quantified the impact from stimulus spending of 7 to 8 points during the quarter. Presumably, a lot of that went into hard goods. So how did it unfold between hard goods and consumables? And then as an unrelated follow-up, how are you using this period of strength as an opportunity to double down on some of your advertising, which presumably will help customer acquisition and continue to drive the funnel that seems to be influencing the business?

知道了。我的後續問題是，麥克將本季刺激支出的影響量化為 7 至 8 個百分點，這很有幫助。據推測，其中許多都進入了耐用品。那麼耐久財和消耗品之間是如何展開的呢？然後，作為一個不相關的後續行動，您如何利用這段強勢時期作為機會，加倍投放一些廣告，這可能有助於獲取客戶並繼續推動似乎正在影響業務的漏斗？

Michael, I'll take the first part of your question on stimulus. As far as the composition of the spend, it was really across the board. So we had strong trends in all of our categories for all the reasons that we're talking about. We also feel good about the estimate of the 7 to 8 comp points. It's not an exact science, but I think our teams did a really good job really looking at our daily and weekly trend changes associated with the precise timing of stimulus payments, really as they've landed at household. So we feel good about the estimate. Again, it was really across the board, a reflection of all the strong trends that we had in the quarter. And I'll turn it over to Ron for the...

邁克爾，我將回答你關於刺激問題的第一部分。就支出組成而言，確實是全面的。因此，出於我們正在討論的所有原因，我們在所有類別中都呈現出強勁的趨勢。我們對 7 到 8 個補償點的估計也感覺良好。這不是一門精確的科學，但我認為我們的團隊做得非常好，真正研究了與刺激付款的精確時間相關的每日和每週趨勢變化，實際上是因為它們已經到達家庭。所以我們對這個估計感覺良好。同樣，這確實是全面的，反映了我們在本季的所有強勁趨勢。我會把它交給羅恩...

Actually, yes. So one of the things on your advertising question, it's been just so phenomenal for the business. As we started pulling out of the initial lockdown probably around Q3 of last year, we really started getting the growth flywheel going and getting into this virtuous cycle of increased marketing investment, increased marketing return, and the business kept accelerating. We've had that flywheel going now since probably September of last year. I'll let Brian elaborate.

其實，是。關於你的廣告問題，其中一件事是，這對企業來說是非常驚人的。當我們大概在去年第三季左右開始擺脫最初的封鎖時，我們真正開始啟動成長飛輪，進入行銷投資增加、行銷回報增加的良性循環，業務不斷加速。大概從去年九月起，我們就開始使用飛輪了。我會讓布萊恩詳細說明。

Yes. On advertising, so in Mike's prepared remarks, he mentioned that in the quarter, we more than doubled year-over-year, our advertising investment. We continue to like the ROI we're getting there on our advertising spend. We took the opportunity in the first quarter to lean into that advertising to fuel that flywheel. Even with those incremental investments in SG&A, we got 160 basis points of leverage in terms of SG&A as a percentage of revenue, while continuing to fuel that advertising vehicle for future growth. And that ROI, by the way, is 2x industry benchmarks on that aspect.

是的。在廣告方面，麥克在準備好的演講中提到，在本季度，我們的廣告投資比去年同期增加了一倍以上。我們仍然喜歡我們的廣告支出所獲得的投資報酬率。我們在第一季抓住了這個機會，並依靠廣告來為飛輪提供動力。即使在 SG&A 方面進行了增量投資，我們在 SG&A 佔收入的百分比方面仍獲得了 160 個基點的槓桿，同時繼續為廣告工具提供未來成長的動力。順便說一下，投資報酬率是這方面產業基準的 2 倍。

And our next question will come from Steven Zaccone with Citi Research.

我們的下一個問題將來自花旗研究部的 Steven Zaccone。

I actually wanted to follow-up on the advertising. And I was curious, how do you feel about your broader brand awareness in light of this increased advertising spend? Is there more work to be done? And I guess, specifically, you cited strong adoption trend among younger demographics like millennials and Gen Z. How do you feel about your positioning with that younger demographic?

我其實想跟進廣告。我很好奇，鑑於廣告支出的增加，您對更廣泛的品牌知名度有何看法？還有更多工作要做嗎？我想，具體來說，您提到了千禧世代和 Z 世代等年輕族群的強勁採用趨勢。您對自己在年輕族群中的定位有何看法？

Yes. Steven, thanks for the question. Our advertising spend, if I look at the chapters, we really focused on customer acquisition and performance marketing and got really good at that. And you see the customer acquisition trends. So that was working. What we supplemented with in Q1 is our new ad campaign, which is all about treating your pet as you treat yourself. We're getting phenomenal, phenomenal feedback. And initial results are very positive on that amongst both older demos as well as younger demos. Petco is a strong brand. It was dormant 2, 3 years ago. We really reactivated it. And I think the addition -- the combination of performance marketing plus this broader brand-building campaign is going to be very powerful. And the results speak for themselves. April was a very strong month. And as we said, that momentum continues into May, and that's when the campaign launched in the end of March. So thanks for the question.

是的。史蒂文，謝謝你的提問。我們的廣告支出，如果我看一下章節，我們確實專注於客戶獲取和績效行銷，並且非常擅長。您會看到客戶獲取趨勢。所以這很有效。我們在第一季補充的是我們新的廣告活動，這一切都是為了像對待自己一樣對待您的寵物。我們得到了非常非常非常的回饋。無論是較舊的演示還是較年輕的演示，初步結果都非常積極。Petco 是一個強大的品牌。兩三年前它還處於休眠狀態。我們真的重新激活了它。我認為，效果行銷加上更廣泛的品牌建立活動的結合將非常強大。結果不言而喻。四月是非常強勁的一個月。正如我們所說，這種勢頭持續到五月，也就是三月底發起活動的時候。謝謝你的提問。

And our next question will come from Liz Suzuki with Bank of America.

我們的下一個問題將來自美國銀行的 Liz Suzuki。

Great. On new customer acquisitions, do you have any data you can share about where your new customers are coming from? Are they mostly new pet owners? Or do you -- or people who already had pets are choosing Petco over other retailers?

偉大的。關於新客戶獲取，您是否有任何關於新客戶來自何處的數據可以分享？他們大多是新寵物主人嗎？或者您或已經養寵物的人會選擇 Petco 而不是其他零售商？

Thanks for the question, Liz. We're really pleased with those acquisition trends. And what's nice is these customers are shopping across channel. 39% of customers want to be omnichannel customers, and that's where we believe our value proposition is most powerful. In 2020, as I said earlier, the industry gained more than 10 million new pets with continued adoptions. As I said, forecast continue to go up in terms of a number of new pets, backlogs at breeders, et cetera, and we're getting more than our fair share.

謝謝你的提問，莉茲。我們對這些收購趨勢非常滿意。令人高興的是這些顧客正在跨通路購物。39% 的客戶希望成為全通路客戶，這就是我們認為我們的價值主張最強大的地方。正如我之前所說，2020 年，該行業新增了超過 1000 萬隻寵物並持續被收養。正如我所說，預計新寵物的數量、飼養員的積壓訂單等等都會繼續增加，而且我們得到的收益超出了我們應得的份額。

In terms of sources, first, there's a lot of new pets coming to the category. Second, we're seeing industry consolidation. For example, Pet Valu closed in December, and we've seen significant customer acquisition in their former geographies. And anywhere we put a new vet, which is what Mike talked about, that's a new customer for Petco.

從來源來看，首先，有許多新的寵物進入這個類別。其次，我們看到產業整合。例如，Pet Valu 於 12 月關閉，我們發現在其以前的地區獲得了大量客戶。無論我們在哪裡安置新獸醫，這就是麥克所說的，這都是 Petco 的新客戶。

From a marketing standpoint, we talked about the campaign. We're also deploying enhanced CRM, analytics, segmentation. And as Brian said, our marketing ROIs are double the industry benchmark. So we have that marketing flywheel going. With the story within the story that I really like, and it's nascent, but it's impactful, is the Vital Care and recurring revenue story. We increased our recurring revenue customers by 50% in Q1 year-over-year. 50% increase in recurring revenue, and that's behind programs like our Vital Care membership program, our PupBox, our insurance and needless to say, our repeat delivery. So that gives us stickiness of revenues from Q2 through the second half of the year.

從行銷的角度來看，我們討論了該活動。我們也部署增強的 CRM、分析和細分。正如布萊恩所說，我們的行銷投資報酬率是業界基準的兩倍。所以我們的行銷飛輪正在運轉。我非常喜歡故事中的故事，它是新生的，但很有影響力，那就是重要護理和經常性收入的故事。第一季我們的經常性收入客戶年增了 50%。經常性收入增加 50%，這是我們的 Vital Care 會員計劃、PupBox、保險以及不用說的重複交付等計劃背後的原因。因此，這使我們從第二季到下半年的收入具有黏性。

And our next question will come from Seth Basham with Wedbush Securities.

我們的下一個問題將來自 Wedbush Securities 的 Seth Basham。

My question is around the vet hospital business and your tuck-in acquisitions there. That's a little bit different strategy than you used in the past, if I'm not mistaken. Can you give us some more color as to why you're going out and acquiring vets rather than going fully organic with the growth?

我的問題是關於獸醫醫院業務以及你們在那裡進行的收購。如果我沒記錯的話，這與你過去使用的策略有點不同。您能否告訴我們更多關於為什麼您要出去招募獸醫而不是完全有機地進行增長？

Let me just -- I'll start and then (inaudible) Mike. It's not that we're not organically building. That is our primary strategy. The acquisition is a supplemental strategy, but I'll let Mike elaborate.

讓我－我先開始，然後是（聽不清楚）麥克。這並不是說我們沒有進行有機建設。這是我們的主要戰略。此次收購是一項補充策略，但我會讓麥克詳細說明。

Yes, Seth. Thanks for the question. We like this opportunity. I would tell you, we're going to give you a lot more updates as we go along with this. And we're in sort of a test and learn with this. But as we looked at the market, there are still many, many small 1, 2 vet practices out there that typically don't get consolidated. And those are actually a perfect fit for our model.

是的，賽斯。謝謝你的提問。我們喜歡這個機會。我想告訴你，我們將為你提供更多更新。我們正在進行某種測試並從中學習。但當我們觀察市場時，仍然有很多很多小型 1、2 獸醫診所通常沒有被整合。這些實際上非常適合我們的模型。

So as Ron said, the primary focus is recruiting. We're seeing a lot of success for that. But we like the idea of this taking an existing vet practice, moving it into our Pet Care Center hospital. You start with a mature vet hospital, and it gives you a way to accelerate the model. So again, we'll give more updates on it. We like the opportunity. We think the financials will be really attractive on it, and that's how we're measuring each potential acquisition. But again, it is a supplement to what has been a really strong recruiting part of the business.

正如羅恩所說，首要重點是招募。我們在這方面看到了很多成功。但我們喜歡將現有的獸醫診所轉移到我們的寵物護理中心醫院的想法。你從一家成熟的獸醫院開始，它為你提供了一種加速模型的方法。因此，我們將再次提供更多更新。我們喜歡這個機會。我們認為其財務狀況將非常有吸引力，這就是我們衡量每項潛在收購的方式。但同樣，它是對業務中真正強大的招聘部分的補充。

Understood. And as a follow-up question, in the quarter, you guys reported $9.3 million of nonrecurring costs. I think you had guided to 0 for that. What should we be expecting going forward? And what was in that nonrecurring cost for the quarter?

明白了。作為一個後續問題，在本季度，你們報告了 930 萬美元的非經常性成本。我想你已經為此引導到了 0。未來我們該期待什麼？該季度的非經常性成本包括哪些內容？

Yes. Seth, it's Brian. I can take that one. So the vast majority of that line item was a legal settlement this quarter. Going forward, I would stick with what we said in the past, which -- those will be small and modest amounts. But this quarter, we did have a singular item that took up the vast majority of that line.

是的。賽斯，這是布萊恩。我可以接受那個。因此，該項目的絕大多數是本季的法律和解。展望未來，我將堅持我們過去所說的，這些金額將是少量且適度的。但本季度，我們確實有一個單一的產品佔據了該產品線的絕大多數。

And our next question will come from Zach Fadem with Wells Fargo.

我們的下一個問題將來自富國銀行的 Zach Fadem。

Can you talk about your spend per customer? And how an in-store-only customer compares to a digital or a multichannel customer? And given that your total spend per customer is roughly half of that of your online pure-play competitor, how should we think about new customer adds versus spend per customer trajectory as we move through the year and into the future?

您能談談每位客戶的支出嗎？僅限實體店的客戶與數位或多通路客戶相比如何？鑑於您的每位客戶的總支出大約是您的線上純競爭對手的一半，那麼當我們在這一年和未來展望時，我們應該如何考慮新客戶的增加與每位客戶的支出軌跡？

Yes. Thanks for the question, Zach. So as I said, we gained 1.2 million customers in Q1, 1 million -- nearly 1 million in Q4, nearly 1 million Q3. We've been focused on performance marketing to drive that. Our customer acquisition cost in Q1 and into May are down versus Q4. So we see it as a favorable market to acquire customers, and we're seeing a lot of traction.

是的。謝謝你的提問，扎克。正如我所說，我們在第一季獲得了 120 萬客戶，在第四季度獲得了 100 萬——近 100 萬，在第三季度獲得了近 100 萬。我們一直專注於績效行銷來推動這一目標。我們第一季和五月的客戶獲取成本比第四季有所下降。因此，我們認為這是一個吸引客戶的有利市場，並且我們看到了很大的吸引力。

Now we tend to focus only on digital, where we believe our customer acquisition costs are either lower or are competitive with our main online competitor. But one of the other -- the important part is on our services business, where we compete with mom and pop. So if you think about a trainer, you think about a groom or think about a vet, the customer acquisition cost, because we have traffic in those locations, is a fraction of our competitive set.

現在，我們傾向於只關注數位領域，我們相信我們的客戶獲取成本要么更低，要么與我們的主要線上競爭對手相比具有競爭力。但另一方面，重要的部分是我們的服務業務，我們與夫妻店競爭。因此，如果您想到培訓師、馬夫或獸醫，那麼客戶獲取成本（因為我們在這些地點有流量）只是我們競爭的一小部分。

So not only are we competitive on the digital side, not only is our customer acquisition cost lower and we're adding marketing at a high ROI, but our customer acquisition in our services end of our business is a fraction of our competitors. If you think about things like Google Local, a mom-and-pop groomer isn't going to be deploying tools like that. So we have the traffic advantage from the Pet Care Center plus we have the performance marketing advantages. And overall, what's enabling the flywheel is growth in our LTV. So it's a good story on both sides, customer acquisition and LTV.

因此，我們不僅在數位方面具有競爭力，不僅我們的客戶獲取成本更低，而且我們以高投資回報率增加行銷，而且我們業務服務端的客戶獲取只是我們競爭對手的一小部分。如果您想到 Google Local 之類的東西，您會發現夫妻店美容師不會部署這樣的工具。所以我們有寵物護理中心的流量優勢加上我們有效果行銷的優勢。整體而言，推動飛輪發展的是生命週期價值的成長。因此，對於客戶獲取和生命週期價值而言，這都是一個很好的故事。

Got it. And then on the impact of inflation, what was the contribution to the average ticket and comps in the quarter? And you mentioned some select price increases in response. Maybe you could update us on price competitiveness versus peers and how you expect that to trend?

知道了。那麼，關於通貨膨脹的影響，該季度對平均門票和補償的貢獻是多少？您提到了一些選擇性的漲價作為回應。也許您可以向我們介紹與同行相比的價格競爭力的最新情況以及您預計其趨勢如何？

Yes. Zach, thanks for the question. Not much of an impact in Q1. We, at the end of Q1, obviously, had some cost increases that we pushed through to retail. To date, we haven't seen any slowdown in demand. I think the team is doing a really good job managing the whole input cost situation. As we've said historically, input cost inflation in food and consumables has been passed along in higher retails, which has generated net better margins.

是的。札克，​​謝謝你的提問。對第一季影響不大。顯然，在第一季末，我們將一些成本增加轉嫁給了零售業。到目前為止，我們尚未看到需求出現任何放緩。我認為團隊在管理整個投入成本狀況方面做得非常好。正如我們歷史上所說，食品和消費品的投入成本通膨已被較高的零售業所傳遞，從而產生了更高的淨利潤率。

I would highlight on the supply side, we got ahead of this last year. We anticipated, and we're starting to see some higher import and freight costs. And we built those into the margin structure on our scaled own brands portfolio, which, as you know, you've got to get out in front of a little bit. So that's been a positive for us. And then obviously, having a strong own brands infrastructure helps with product availability and flows. So it's a good thing. And so I think we feel pretty good about our ability to manage the margin aspect of the whole product input cost situation.

我要強調的是供應方面，去年我們領先了。我們預料到了，我們開始看到進口和貨運成本上升。我們將這些納入了我們規模化的自有品牌組合的利潤結構中，正如你所知，你必須領先一點。所以這對我們來說是積極的。顯然，擁有強大的自有品牌基礎設施有助於提高產品可用性和流動性。所以這是一件好事。因此，我認為我們對管理整個產品投入成本情況的利潤方面的能力感到非常滿意。

And our next question will come from Lavesh Hemnani with Crédit Suisse.

我們的下一個問題將來自瑞士信貸銀行的 Lavesh Hemnani。

So 2 quick follow-ups on the margin. So firstly on gross margin, I guess, is the message that despite the pressure that you are seeing through the year, you have enough offsets in the P&,L, where through pricing actions and other stuff on the cost improvement side, you should be able to offset that? And secondly, on the SG&A side, given that you had significant COVID expenses in 2020, what is the outlook for that in the balance of the year? I believe you guys still paid like an appreciation bonus in Q1.

所以邊際上有兩次快速跟進。因此，我想，首先是關於毛利率的資訊是，儘管您今年面臨壓力，但您在損益表中有足夠的抵消，透過定價行動和成本改進方面的其他內容，您應該能夠抵消嗎？其次，在 SG&A 方面，鑑於您在 2020 年有大量的新冠肺炎支出，那麼今年剩餘時間的前景如何？我相信你們在第一季仍然支付了類似的感謝獎金。

All right. I think Brian will take that one.

好的。我想布萊恩會接受那個。

Yes, Lavesh, let me reiterate a couple of things. As I mentioned in the gross -- earlier gross margin question, we do expect some mix dynamics in revenue Q2 to Q4, and we have vehicles to help offset that. I'll couple your question on SG&A with the guidance reminder on the balance of the year. Our incremental EBITDA guide, relative to the incremental revenue guide, showed very strong EBITDA flow-through Q2 to Q4, which we feel good about. I know you mentioned COVID costs for the balance of the year. I'd also remind you that particularly, in March, April last year and then into Q2, we also had some significant meaningful COVID savings from some of the way we navigated through the early part of the pandemic, which a lot of retailers and other companies also did. So there are lots of dynamics at play. I'd sort of point you to the EBITDA flow-through on the incremental revenue and the confidence that we've given in the guide.

是的，Lavesh，讓我重申幾件事。正如我在先前的毛利率問題中提到的，我們確實預計第二季到第四季的收入會出現一些混合動態，並且我們有工具可以幫助抵消這一點。我會將您關於SG&A 的問題與關於今年剩餘時間的指導提醒結合起來。相對於增量收入指南，我們的增量 EBITDA 指南顯示，第二季至第四季的 EBITDA 流動非常強勁，我們對此感覺良好。我知道您提到了今年剩餘時間的新冠肺炎費用。我還想提醒大家，特別是在去年 3 月、4 月以及第二季度，我們在應對疫情早期的一些方式中也節省了一些有意義的新冠疫情費用，許多零售商和其他機構公司也這樣做了。因此，有很多動力在發揮作用。我想向您介紹增量收入的 EBITDA 流程以及我們在指南中給予的信心。

And our last question will come from Peter Benedict with Baird.

我們的最後一個問題將由彼得·本尼迪克特和​​貝爾德提出。

It's Justin on for Pete. Ron, I wanted to follow-up on one of your comments about the 39% of customers that want to be omnichannel. You guys mentioned in the script, double-digit growth in the multichannel customers. Just curious what percentage of your active customers today are multichannel? Can you give us a sense how that penetration has changed versus last year? And how much runway you think you guys have to drive that penetration higher?

賈斯汀替補皮特。Ron，我想跟進您關於 39% 的客戶想要全通路的評論。你們在劇本中提到了多通路客戶的兩位數成長。只是想知道您現在的活躍客戶中有多少比例是多管道的？您能否讓我們了解一下滲透率與去年相比有何變化？你們認為你們需要多少跑道才能提高滲透率？

Yes. So just reiterating way, just to reground everybody, thanks for the question, reground everyone. We said double-digit growth in multichannel customers, which is our third consecutive double-digit growth in multichannel. Why does that matter? Because multichannel customers have an exponential spend. These are customers that might shop in a Pet Care Center as well as e-commerce, who might buy food as well as grooming. So that double-digit growth is strategic and generates more revenue.

是的。所以只是重申一下，只是讓每個人都重新接地，謝謝你的問題，讓每個人都重新接地。我們說多通路客戶實現兩位數成長，這是我們多通路連續第三次實現兩位數成長。為什麼這很重要？因為多通路客戶的支出呈指數級增長。這些顧客可能會在寵物護理中心和電子商務中購物，他們可能會購買食品和美容用品。因此，兩位數的成長是策略性的，可以產生更多的收入。

The good news -- there's 2 pieces of good news. One is we're growing, and the second is we're just under 4 million out of our 22 million-ish customers, who are multichannel customers. So we have lots of headroom to continue to drive that, and we're proving that we can do that.

好消息——有兩個好消息。一是我們正在成長，二是我們的 2,200 萬左右客戶中只有不到 400 萬是多通路客戶。因此，我們有很大的空間來繼續推動這一目標，我們正在證明我們可以做到這一點。

I would just highlight, we just started this view in Q2. So we're -- of 2020, so we're just getting started, and we continue to have momentum in driving that. And a great example of this is Vital Care, right? We went from 0 to 70,000 members of Vital Care, where you get your checkups, vaccinations, discounts on food, grooming, et cetera. And we're up to 70,000. Of the Vital Care customers, roughly 19% of them are new to food and over 30% are new to services. So the strategy was to gain share of wallet amongst these customers, and it is working. Our Vital Care customers are spending 2.5x more than our average customer. So it's just an example of the multichannel embodied in an initiative, so very strategic for us. Thanks for the question.

我想強調的是，我們在第二季才開始這種觀點。2020 年，我們才剛開始，我們將繼續保持推動這一目標的動力。重要的護理就是一個很好的例子，對吧？我們的 Vital Care 會員從 0 名增加到 70,000 名，您可以在那裡進行檢查、疫苗接種、食品折扣、美容等等。我們的人數已達 7 萬人。在 Vital Care 客戶中，約 19% 是食品新手，超過 30% 是服務新手。因此，我們的策略是在這些客戶中獲得錢包份額，而且它正在發揮作用。我們的 Vital Care 客戶的支出是一般客戶的 2.5 倍。所以這只是一項計劃中體現的多渠道的一個例子，對我們來說非常具有戰略意義。謝謝你的提問。

And this will conclude the question-and-answer session. I'd like to turn the conference back over to Ron Coughlin for any closing remarks.

問答環節到此結束。我想將會議轉回羅恩·考夫林（Ron Coughlin）發表閉幕詞。

So thank you for your questions. Our results and revised guidance are a testament to the strength of our team and our unique health and wellness ecosystem that continues to set Petco apart. Our customer acquisition engine is in high gear, while we strengthen loyalty, gain share and deliver a differentiated offering of premium products and services, all with a great customer experience and a digital platform with competitive advantages.

謝謝你的提問。我們的結果和修訂後的指南證明了我們團隊的實力以及我們獨特的健康和保健生態系統，這些生態系統繼續使 Petco 脫穎而出。我們的客戶獲取引擎正在高速運轉，同時我們增強了忠誠度，獲得了份額並提供了差異化的優質產品和服務，所有這些都提供了良好的客戶體驗和具有競爭優勢的數位平台。

And as we're demonstrating, Petco is striving to be a different kind of company, one grounded in purpose-driven performance, saving and improving pet lives every single day and improving our Petco partners' lives, all while executing to the highest degree of excellence, elements which come together to create long-term value for our stakeholders. We know your time is valuable, and we appreciate you sharing it with us today. Thank you very much.

正如我們所展示的，Petco 正在努力成為一家不同類型的公司，一家以目標驅動的績效為基礎的公司，每天拯救和改善寵物的生活，並改善我們 Petco 合作夥伴的生活，同時以最高程度執行卓越，這些要素匯集在一起為我們的利害關係人創造長期價值。我們知道您的時間很寶貴，非常感謝您今天與我們分享這些時間。非常感謝。

That concludes Petco's First Quarter 2021 Earnings Conference Call. Investor Relations will be available after the call if you have any follow-up questions.

Petco 2021 年第一季財報電話會議至此結束。如果您有任何後續問題，將在電話會議後聯繫投資者關係。

And ladies and gentlemen, this concludes today's conference call. Thank you all for attending today's presentation, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家參加今天的演示，現在您可以斷開連接了。