Chewy, Inc. (NYSE: CHWY) (“Chewy”), a trusted destination for
pet parents and partners everywhere, has released its financial
results for the third quarter of fiscal year 2022 ended October 30,
2022, and posted a letter to its shareholders on its investor
relations website at https://investor.chewy.com.
Fiscal Q3 2022 Highlights:
- Net sales of $2.53 billion improved 14.5 percent year over
year
- Gross margin of 28.4 percent expanded 200 basis points year
over year
- Net income of $2.3 million, including share-based compensation
expense of $46.1 million
- Net margin of 0.1 percent expanded 160 basis points year over
year
- Adjusted EBITDA(1) of $70.4 million, an increase of $64.4
million year over year
- Adjusted EBITDA margin(1) of 2.8 percent expanded 250 basis
points year over year
“Chewy’s third quarter results showed accelerating double-digit
topline growth, sustained gross margin expansion, and solid free
cash flow generation. The fact that we are simultaneously driving
top line growth and expanding margins is yet another proof point of
our ability to get big fast and get fit fast, regardless of the
macro environment,” said Sumit Singh, Chief Executive Officer of
Chewy. “Our results are a clear indication of the resiliency of the
pet category and how Chewy’s compelling value proposition of low
prices, personalized service, and delivery convenience across a
broad selection of products continues to resonate with our
customers.”
Management will host a conference call and webcast to discuss
Chewy's financial results today at 5:00 pm ET.
Chewy Fiscal Third Quarter 2022 Financial Results Conference
Call When: Thursday, December 8, 2022 Time: 5:00
pm ET Conference ID: 954550 Live Call: 1-844-200-6205
(US Toll-Free), 1-646-904-5544 (US Local), or +1-929-526-1599
(International) Replay: 1-866-813-9403 (US Toll-Free),
1-929-458-6194 (US Local), +44-204-525-0658 (International)
Replay Access Code: 836051 (The replay will be available
approximately two hours after the completion of the live call until
11:59 pm ET on December 15, 2022) Webcast: https://investor.chewy.com
(1)
Adjusted EBITDA and adjusted
EBITDA margin are non-GAAP financial measures. See “Non-GAAP
Financial Measures” for additional information on non-GAAP
financial measures and a reconciliation to the most comparable GAAP
measures.
About Chewy
Our mission is to be the most trusted and convenient destination
for pet parents and partners everywhere. We believe that we are the
preeminent online source for pet products, supplies, and
prescriptions as a result of our broad selection of high-quality
products and services, which we offer at competitive prices and
deliver with an exceptional level of care and a personal touch to
build brand loyalty and drive repeat purchasing. We continually
develop innovative ways for our customers to engage with us, and
partner with more than 3,000 of the best and most trusted brands in
the pet industry offering more than 100,000 products, to bring a
high-bar, customer-centric experience to our customers.
Forward-Looking
Statements
This communication contains forward-looking statements about us
and our industry that involve substantial risks and uncertainties.
All statements other than statements of historical facts contained
in this communication, including statements regarding our future
results of operations or financial condition, business strategy and
plans and objectives of management for future operations, are
forward-looking statements. In some cases, you can identify
forward-looking statements because they contain words such as
“anticipate,” “believe,” “contemplate,” “continue,” “could,”
“estimate,” “expect,” “forecast,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “seek,” “should,” “target,”
“will” or “would” or the negative of these words or other similar
terms or expressions. These forward-looking statements include, but
are not limited to, statements concerning our ability to
successfully manage risks related to coronavirus (“COVID-19”),
including any adverse impacts on our supply chain, workforce,
facilities, customer services, and operations; sustain our recent
growth rates and manage our growth effectively; acquire and retain
new customers in a cost-effective manner and increase our net sales
per active customer; accurately predict economic conditions and
their impact on consumer spending patterns, particularly in the pet
products market, and accurately forecast net sales and
appropriately plan our expenses in the future; introduce new
products or services, improve existing products and services, and
expand into new offerings; successfully compete in the pet products
and services retail industry, especially in the e-commerce sector;
strengthen our current supplier relationships, retain key
suppliers, and source additional suppliers; negotiate acceptable
pricing and other terms with third-party service providers,
suppliers and outsourcing partners and maintain our relationships
with such parties; mitigate changes in, or disruptions to, our
shipping arrangements and operations; optimize, operate and manage
the expansion of the capacity of our fulfillment centers, including
risks from the spread of COVID-19 relating to our plans to expand
capacity and develop new facilities; provide our customers with a
cost-effective platform that is able to respond and adapt to rapid
changes in technology; maintain and scale our technology, including
the reliability of our website, mobile applications, and network
infrastructure; maintain adequate cybersecurity with respect to our
systems and ensure that our third-party service providers do the
same with respect to their systems; successfully manufacture and
sell our own private brand products; maintain consumer confidence
in the safety and quality of our vendor-supplied and private brand
food products and hardgood products; preserve, grow, and leverage
the value of our reputation and our brand; comply with existing or
future laws and regulations in a cost-efficient manner; attract,
develop, motivate and retain well-qualified employees; and
adequately protect our intellectual property rights and
successfully defend ourselves against any intellectual property
infringement claims or other allegations or claims that we may be
subject to.
You should not rely on forward-looking statements as predictions
of future events, and you should understand that these statements
are not guarantees of performance or results, and our actual
results could differ materially from those expressed in the
forward-looking statements due to a variety of factors. We have
based the forward-looking statements contained in this
communication primarily on our current assumptions, expectations,
and projections about future events and trends that we believe may
affect our business, financial condition, and results of
operations. The outcome of the events described in these
forward-looking statements is subject to risks, uncertainties and
other factors described in our filings with the Securities and
Exchange Commission and elsewhere in this communication. Moreover,
we operate in a very competitive and rapidly changing environment.
New risks and uncertainties emerge from time to time, and it is not
possible for us to predict all risks and uncertainties that could
have an impact on the forward-looking statements contained in this
communication. The results, events and circumstances reflected in
the forward-looking statements may not be achieved or occur, and
actual results, events or circumstances could differ materially
from those described in the forward-looking statements. In
addition, statements that “we believe” and similar statements
reflect our beliefs and opinions on the relevant subject. These
statements are based on information available to us as of the date
of this communication. While we believe that information provides a
reasonable basis for these statements, that information may be
limited or incomplete. Our statements should not be read to
indicate that we have conducted an exhaustive inquiry into, or
review of, all relevant information. These statements are
inherently uncertain, and investors are cautioned not to unduly
rely on these statements. The forward-looking statements made in
this communication relate only to events as of the date on which
the statements are made. We undertake no obligation to update any
forward-looking statements made in this communication to reflect
events or circumstances after the date of this communication or to
reflect new information or the occurrence of unanticipated events,
except as required by law. We may not actually achieve the plans,
intentions or expectations disclosed in our forward-looking
statements, and you should not place undue reliance on our
forward-looking statements. Our forward-looking statements do not
reflect the potential impact of any future acquisitions, mergers,
dispositions, joint ventures or investments.
Non-GAAP Financial
Measures
To provide investors with additional information regarding our
financial results, we have disclosed in this earnings release
adjusted EBITDA, a non-GAAP financial measure that we calculate as
net income (loss) excluding depreciation and amortization;
share-based compensation expense and related taxes; income tax
provision; interest income (expense), net; transaction related
costs; and litigation matters and other items that we do not
consider representative of our underlying operations. We have
provided a reconciliation below of adjusted EBITDA to net income
(loss), the most directly comparable GAAP financial measure.
We have included adjusted EBITDA and adjusted EBITDA margin in
this earnings release because each is a key measure used by our
management and board of directors to evaluate our operating
performance, generate future operating plans and make strategic
decisions regarding the allocation of capital. In particular, the
exclusion of certain expenses in calculating adjusted EBITDA and
adjusted EBITDA margin facilitates operating performance
comparability across reporting periods by removing the effect of
non-cash expenses and certain variable charges. Accordingly, we
believe that adjusted EBITDA and adjusted EBITDA margin provide
useful information to investors and others in understanding and
evaluating our operating results in the same manner as our
management and board of directors.
We believe it is useful to exclude non-cash charges, such as
depreciation and amortization and share-based compensation expense
from our adjusted EBITDA because the amount of such expenses in any
specific period may not directly correlate to the underlying
performance of our business operations. We believe it is useful to
exclude income tax provision; interest income (expense), net;
transaction related costs; and litigation matters and other items
which are not components of our core business operations. Adjusted
EBITDA has limitations as a financial measure and you should not
consider it in isolation or as a substitute for analysis of our
results as reported under GAAP. Some of these limitations are:
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized may have to be replaced
in the future and adjusted EBITDA does not reflect capital
expenditure requirements for such replacements or for new capital
expenditures;
- adjusted EBITDA does not reflect share-based compensation and
related taxes. Share-based compensation has been, and will continue
to be for the foreseeable future, a recurring expense in our
business and an important part of our compensation strategy;
- adjusted EBITDA does not reflect interest income (expense),
net; or changes in, or cash requirements for, our working
capital;
- adjusted EBITDA does not reflect transaction related costs and
other items which are either not representative of our underlying
operations or are incremental costs that result from an actual or
planned transaction and include litigation matters, integration
consulting fees, internal salaries and wages (to the extent the
individuals are assigned full-time to integration and
transformation activities) and certain costs related to integrating
and converging IT systems; and
- other companies, including companies in our industry, may
calculate adjusted EBITDA differently, which reduces its usefulness
as a comparative measure.
Because of these limitations, you should consider adjusted
EBITDA and adjusted EBITDA margin alongside other financial
performance measures, including various cash flow metrics, net
income (loss), net margin, and our other GAAP results.
The following table presents a reconciliation of net income
(loss) to adjusted EBITDA, as well as the calculation of net margin
and adjusted EBITDA margin, for each of the periods indicated.
($ in thousands, except percentages)
13 Weeks Ended
39 Weeks Ended
Reconciliation of Net Income (Loss) to
Adjusted EBITDA
October 30,
2022
October 31,
2021
October 30,
2022
October 31,
2021
Net income (loss)
$
2,311
$
(32,241
)
$
43,128
$
(10,208
)
Add:
Depreciation and amortization
23,018
14,024
60,696
38,141
Share-based compensation expense and
related taxes
46,090
19,116
113,023
69,477
Interest (income) expense, net
(2,745
)
313
(3,091
)
1,215
Transaction related costs
706
1,150
2,101
2,121
Other
1,019
3,684
(1,887
)
5,926
Adjusted EBITDA
$
70,399
$
6,046
$
213,970
$
106,672
Net sales
$
2,532,122
$
2,212,161
$
7,391,460
$
6,502,375
Net margin
0.1
%
(1.5
)%
0.6
%
(0.2
)%
Adjusted EBITDA margin
2.8
%
0.3
%
2.9
%
1.6
%
We define net margin as net income (loss) divided by net sales
and adjusted EBITDA margin as adjusted EBITDA divided by net
sales.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221208005753/en/
Investor Contact: Robert A. LaFleur ir@chewy.com
Media Contact: Diane Pelkey dpelkey@chewy.com
Chewy (NYSE:CHWY)
Gráfico Histórico do Ativo
De Mar 2024 até Abr 2024
Chewy (NYSE:CHWY)
Gráfico Histórico do Ativo
De Abr 2023 até Abr 2024