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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Chewy Inc | NYSE:CHWY | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.38 | -1.17% | 32.10 | 16,230 | 14:01:00 |
From Nov 2024 to Dec 2024
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 2024 ended October 27, 2024.
Fiscal Q3 2024 Highlights:
“Our third quarter results continued to build on the positive momentum we observed in Q2,” said Sumit Singh, Chief Executive Officer of Chewy. “We delivered topline growth exceeding the high-end of our net sales guidance range, a sequential increase in active customers, continued adjusted EBITDA margin expansion, and robust free cash flow generation. These results underscore the durability of our business model, and our team’s relentless focus on high-quality execution and operational discipline.”
Management will host a conference call and webcast to discuss Chewy's financial results today at 8:00 am ET.
Chewy Fiscal Third Quarter 2024 Financial Results Conference Call When: Wednesday, December 4, 2024 Time: 8:00 am ET Live webcast and replay: https://investor.chewy.com Conference call registration: https://www.netroadshow.com/events/login?show=4d7c8222&confId=72627
(1)
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, and adjusted basic and diluted earnings per share 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 seek to continually develop innovative ways for our customers to engage with us, as our websites and mobile applications allow our pet parents to manage their pets’ health, wellness, and merchandise needs, while enabling them to conveniently shop for our products. We partner with approximately 3,500 of the best and most trusted brands in the pet industry, and we create and offer our own private brands. Through our websites and mobile applications, we offer our customers approximately 115,000 products and services offerings, to bring what we believe is 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 share repurchase program, 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. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could cause actual results to differ materially from those in such forward-looking statements, including but not limited to, our ability to: sustain our recent growth rates and successfully manage challenges to our future growth, including introducing new products or services, improving existing products and services, and expanding into new jurisdictions and offerings; successfully respond to business disruptions; successfully manage risks related to the macroeconomic environment, including any adverse impacts on our business operations, financial performance, supply chain, workforce, facilities, customer services and operations; acquire and retain new customers in a cost-effective manner and increase our net sales, improve margins and maintain profitability; manage our growth effectively; maintain positive perceptions of the Company and preserve, grow, and leverage the value of our reputation and our brand; limit operating losses as we continue to expand our business; forecast net sales and appropriately plan our expenses in the future; estimating our market share; 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; provide our customers with a cost-effective platform that is able to respond and adapt to rapid changes in technology; limit our losses related to online payment methods; maintain and scale our technology, including the reliability of our websites, mobile applications, and network infrastructure; maintain adequate cybersecurity with respect to our systems and retain third-party service providers that do the same with respect to their systems; maintain consumer confidence in the safety, quality and health of our products; limit risks associated with our suppliers and our outsourcing partners; comply with existing or future laws and regulations in a cost-efficient manner; utilize net operating loss and tax credit carryforwards, and other tax attributes; adequately protect our intellectual property rights; successfully defend ourselves against any allegations or claims that we may be subject to; attract, develop, motivate and retain highly-qualified and skilled employees; respond to economic conditions, industry trends, and market conditions, and their impact on the pet products market; reduce merchandise returns or refunds; respond to severe weather and limit disruption to normal business operations; manage new acquisitions, investments or alliances, and integrate them into our existing business; successfully compete in new offerings; manage challenges presented by international markets; successfully compete in the pet products and services health and retail industry, especially in the e-commerce sector; comply with the terms of our credit facility; raise capital as needed; and maintain effective internal control over financial reporting.
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 the section titled “Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended April 28, 2024, in our other 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 such information provides a reasonable basis for these statements, this 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.
CHEWY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
As of
October 27, 2024
January 28, 2024
Assets
(Unaudited)
Current assets:
Cash and cash equivalents
$
506,634
$
602,232
Marketable securities
885
531,785
Accounts receivable
193,210
154,043
Inventories
858,551
719,273
Prepaid expenses and other current assets
56,445
97,015
Total current assets
1,615,725
2,104,348
Property and equipment, net
527,738
521,298
Operating lease right-of-use assets
458,037
474,617
Goodwill
39,442
39,442
Deferred tax assets
275,669
—
Other non-current assets
41,286
47,146
Total assets
$
2,957,897
$
3,186,851
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable
$
1,229,132
$
1,104,940
Accrued expenses and other current liabilities
950,093
1,005,937
Total current liabilities
2,179,225
2,110,877
Operating lease liabilities
510,612
527,795
Other long-term liabilities
44,638
37,935
Total liabilities
2,734,475
2,676,607
Stockholders’ equity:
Preferred stock, $0.01 par value per share, 5,000,000 shares authorized, no shares issued and outstanding as of October 27, 2024 and January 28, 2024
—
—
Class A common stock, $0.01 par value per share, 1,500,000,000 shares authorized, 161,522,237 and 132,913,046 shares issued and outstanding as of October 27, 2024 and January 28, 2024, respectively
1,615
1,329
Class B common stock, $0.01 par value per share, 395,000,000 shares authorized, 246,525,803 and 298,863,356 shares issued and outstanding as of October 27, 2024 and January 28, 2024, respectively
2,465
2,989
Additional paid-in capital
1,824,384
2,481,984
Accumulated deficit
(1,605,706
)
(1,975,652
)
Accumulated other comprehensive income (loss)
664
(406
)
Total stockholders’ equity
223,422
510,244
Total liabilities and stockholders’ equity
$
2,957,897
$
3,186,851
CHEWY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands, except per share data)
(Unaudited)
13 Weeks Ended
39 Weeks Ended
October 27, 2024
October 29, 2023
October 27, 2024
October 29, 2023
Net sales
$
2,877,635
$
2,745,875
$
8,613,949
$
8,321,816
Cost of goods sold
2,033,762
1,964,019
6,072,248
5,958,383
Gross profit
843,873
781,856
2,541,701
2,363,433
Operating expenses:
Selling, general and administrative
626,471
612,375
1,850,299
1,816,653
Advertising and marketing
191,770
179,200
569,103
548,424
Total operating expenses
818,241
791,575
2,419,402
2,365,077
Income (loss) from operations
25,632
(9,719
)
122,299
(1,644
)
Interest income, net
3,901
10,173
31,345
27,117
Other (expense) income, net
(36
)
(34,122
)
746
(13,768
)
Income (loss) before income tax provision (benefit)
29,497
(33,668
)
154,390
11,705
Income tax provision (benefit)
25,565
1,704
(215,556
)
4,011
Net income (loss)
$
3,932
$
(35,372
)
$
369,946
$
7,694
Comprehensive income (loss):
Net income (loss)
$
3,932
$
(35,372
)
$
369,946
$
7,694
Foreign currency translation adjustments
317
—
1,070
—
Comprehensive income (loss)
$
4,249
$
(35,372
)
$
371,016
$
7,694
Earnings (loss) per share attributable to common Class A and Class B stockholders:
Basic
$
0.01
$
(0.08
)
$
0.87
$
0.02
Diluted
$
0.01
$
(0.08
)
$
0.85
$
0.02
Weighted-average common shares used in computing earnings (loss) per share:
Basic
414,361
430,758
426,203
428,743
Diluted
426,572
430,758
433,625
431,406
CHEWY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
39 Weeks Ended
October 27, 2024
October 29, 2023
Cash flows from operating activities
Net income
$
369,946
$
7,694
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
85,436
82,252
Share-based compensation expense
224,710
178,897
Non-cash lease expense
24,529
29,399
Change in fair value of equity warrants and investments
875
13,589
Deferred income tax benefit
(275,669
)
—
Unrealized foreign currency losses, net
1,218
—
Other
(141
)
3,810
Net change in operating assets and liabilities:
Accounts receivable
(39,208
)
(34,436
)
Inventories
(139,454
)
(36,846
)
Prepaid expenses and other current assets
(9,892
)
(27,346
)
Other non-current assets
2,803
(1,337
)
Trade accounts payable
124,238
48,755
Accrued expenses and other current liabilities
40,440
140,374
Operating lease liabilities
(23,088
)
(19,805
)
Other long-term liabilities
2,066
1,664
Net cash provided by operating activities
388,809
386,664
Cash flows from investing activities
Capital expenditures
(92,920
)
(110,902
)
Proceeds from sales and maturities of marketable securities
538,402
750,000
Purchases of marketable securities
—
(876,189
)
Cash paid for acquisition of business, net of cash acquired
—
(367
)
Net cash provided by (used in) investing activities
445,482
(237,458
)
Cash flows from financing activities
Repurchases of common stock
(875,197
)
—
Income taxes paid for, net of proceeds from, parent reorganization transaction
(53,743
)
—
Principal repayments of finance lease obligations
(730
)
(479
)
Payments of secondary offering costs
(58
)
—
Payments for tax withholdings related to vesting of share-based compensation awards
(13
)
(5
)
Payments for tax sharing agreement with related parties
—
(10,279
)
Payment of debt modification costs
—
(175
)
Net cash used in financing activities
(929,741
)
(10,938
)
Effect of exchange rate changes on cash and cash equivalents
(148
)
—
Net (decrease) increase in cash and cash equivalents
(95,598
)
138,268
Cash and cash equivalents, as of beginning of period
602,232
331,641
Cash and cash equivalents, as of end of period
$
506,634
$
469,909
Key Financial and Operating Data
We measure our business using both financial and operating data and use the following metrics and measures to assess the near-term and long-term performance of our overall business, including identifying trends, formulating financial projections, making strategic decisions, assessing operational efficiencies, and monitoring our business.
13 Weeks Ended
39 Weeks Ended
(in thousands, except net sales per active customer, per share data, and percentages)
October 27, 2024
October 29, 2023
% Change
October 27, 2024
October 29, 2023
% Change
Financial and Operating Data
Net sales
$
2,877,635
$
2,745,875
4.8
%
$
8,613,949
$
8,321,816
3.5
%
Net income (loss) (1)
$
3,932
$
(35,372
)
111.1
%
$
369,946
$
7,694
n/m
Net margin
0.1
%
(1.3
)%
4.3
%
0.1
%
Adjusted EBITDA (2)
$
138,245
$
82,581
67.4
%
$
446,004
$
281,601
58.4
%
Adjusted EBITDA margin (2)
4.8
%
3.0
%
5.2
%
3.4
%
Adjusted net income (2)
$
84,922
$
63,449
33.8
%
$
326,776
$
215,953
51.3
%
Earnings (loss) per share, basic (1)
$
0.01
$
(0.08
)
112.5
%
$
0.87
$
0.02
n/m
Earnings (loss) per share, diluted (1)
$
0.01
$
(0.08
)
112.5
%
$
0.85
$
0.02
n/m
Adjusted earnings per share, basic (2)
$
0.20
$
0.15
33.3
%
$
0.77
$
0.50
54.0
%
Adjusted earnings per share, diluted (2)
$
0.20
$
0.15
33.3
%
$
0.75
$
0.50
50.0
%
Net cash provided by operating activities
$
183,462
$
79,377
131.1
%
$
388,809
$
386,664
0.6
%
Free cash flow (2)
$
151,767
$
47,692
218.2
%
$
295,889
$
275,762
7.3
%
Active customers
20,160
20,266
(0.5
)%
20,160
20,266
(0.5
)%
Net sales per active customer
$
567
$
544
4.2
%
$
567
$
544
4.2
%
Autoship customer sales
$
2,300,928
$
2,116,458
8.7
%
$
6,775,983
$
6,334,240
7.0
%
Autoship customer sales as a percentage of net sales
80.0
%
77.1
%
78.7
%
76.1
%
n/m - not meaningful
(1)
Includes share-based compensation expense and related taxes of $80.4 million and $232.4 million for the thirteen and thirty-nine weeks ended October 27, 2024, compared to $65.8 million and $187.9 million for the thirteen and thirty-nine weeks ended October 29, 2023.
(2)
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted basic and diluted earnings per share, and free cash flow are non-GAAP financial measures.
We define net margin as net income divided by net sales and adjusted EBITDA margin as adjusted EBITDA divided by net sales.
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA Margin
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 excluding depreciation and amortization; share-based compensation expense and related taxes; income tax provision (benefit); interest income (expense), net; transaction related costs; changes in the fair value of equity warrants; severance and exit 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, 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 (benefit); interest income (expense), net; transaction related costs; changes in the fair value of equity warrants; and litigation matters and other items which are not components of our core business operations. We believe it is useful to exclude severance and exit costs because these expenses represent temporary initiatives to realign resources and enhance operational efficiency, 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:
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, 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 27, 2024
October 29, 2023
October 27, 2024
October 29, 2023
Net income (loss)
$
3,932
$
(35,372
)
$
369,946
$
7,694
Add (deduct):
Depreciation and amortization
28,981
25,540
85,436
82,252
Share-based compensation expense and related taxes
80,426
65,799
232,377
187,878
Interest income, net
(3,901
)
(10,173
)
(31,345
)
(27,117
)
Change in fair value of equity warrants
564
33,800
122
13,542
Income tax provision (benefit)
25,565
1,704
(215,556
)
4,011
Exit costs
—
(778
)
—
6,839
Transaction related costs
457
1,041
928
3,167
Other
2,221
1,020
4,096
3,335
Adjusted EBITDA
$
138,245
$
82,581
$
446,004
$
281,601
Net sales
$
2,877,635
$
2,745,875
$
8,613,949
$
8,321,816
Net margin
0.1
%
(1.3
)%
4.3
%
0.1
%
Adjusted EBITDA margin
4.8
%
3.0
%
5.2
%
3.4
%
Adjusted Net Income and Adjusted Basic and Diluted Earnings per Share
To provide investors with additional information regarding our financial results, we have disclosed in this earnings release adjusted net income and adjusted basic and diluted earnings per share, which represent non-GAAP financial measures. We calculate adjusted net income as net income excluding share-based compensation expense and related taxes, changes in valuation allowances associated with deferred tax assets, changes in the fair value of equity warrants, and severance and exit costs. We calculate adjusted basic and diluted earnings per share by dividing adjusted net income attributable to common stockholders by the weighted-average shares outstanding during the period. We have provided a reconciliation below of adjusted net income to net income , the most directly comparable GAAP financial measure.
We have included adjusted net income and adjusted basic and diluted earnings per share 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 net income and adjusted basic and diluted earnings per share facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain variable gains and losses that do not represent a component of our core business operations. We believe it is useful to exclude non-cash share-based compensation expense 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 changes in valuation allowances associated with deferred tax assets as this is not a component of our core business operations. We believe it is useful to exclude changes in the fair value of equity warrants because the variability of equity warrant gains and losses is not representative of our underlying operations. We believe it is useful to exclude severance and exit costs because these expenses represent temporary initiatives to realign resources and enhance operational efficiency, which are not components of our core business operations. Accordingly, we believe that these measures 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.
Adjusted net income and adjusted basic and diluted earnings per share have limitations as financial measures and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP. Other companies may calculate adjusted net income and adjusted basic and diluted earnings per share differently, which reduces their usefulness as comparative measures. Because of these limitations, you should consider adjusted net income and adjusted basic and diluted earnings alongside other financial performance measures, including various cash flow metrics, net income, basic and diluted earnings per share, and our other GAAP results.
The following table presents a reconciliation of net income (loss) to adjusted net income, as well as the calculation of adjusted basic and diluted earnings (loss) per share, for each of the periods indicated:
(in thousands, except per share data)
13 Weeks Ended
39 Weeks Ended
Reconciliation of Net Income (Loss) to Adjusted Net Income
October 27, 2024
October 29, 2023
October 27, 2024
October 29, 2023
Net income (loss)
$
3,932
$
(35,372
)
$
369,946
$
7,694
Add (deduct):
Share-based compensation expense and related taxes
80,426
65,799
232,377
187,878
Change in fair value of equity warrants
564
33,800
122
13,542
Deferred income tax benefit
—
—
(275,669
)
—
Exit costs
—
(778
)
—
6,839
Adjusted net income
$
84,922
$
63,449
$
326,776
$
215,953
Weighted-average common shares used in computing earnings (loss) per share and adjusted earnings per share:
Basic
414,361
430,758
426,203
428,743
Effect of dilutive share-based awards (1)
12,211
1,414
7,422
2,663
Diluted (1)
426,572
432,172
433,625
431,406
Earnings (loss) per share attributable to common Class A and Class B stockholders
Basic
$
0.01
$
(0.08
)
$
0.87
$
0.02
Diluted (1)
$
0.01
$
(0.08
)
$
0.85
$
0.02
Adjusted basic
$
0.20
$
0.15
$
0.77
$
0.50
Adjusted diluted (1)
$
0.20
$
0.15
$
0.75
$
0.50
(1)
For the thirteen weeks ended October 29, 2023, our calculation of adjusted diluted earnings per share attributable to common Class A and Class B stockholders requires an adjustment to the weighted-average common shares used in the calculation to include the weighted-average dilutive effect of share-based awards.
Free Cash Flow
To provide investors with additional information regarding our financial results, we also disclose free cash flow, a non-GAAP financial measure that we calculate as net cash provided by (used in) operating activities less capital expenditures (which consist of purchases of property and equipment, capitalization of labor related to our websites, mobile applications, software development, and leasehold improvements). We have provided a reconciliation below of free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP financial measure.
We have included free cash flow because it is used by our management and board of directors as an important indicator of our liquidity as it measures the amount of cash we generate. Accordingly, we believe that free cash flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Free cash flow 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. There are limitations to using non-GAAP financial measures, including that other companies, including companies in our industry, may calculate free cash flow differently. Because of these limitations, you should consider free cash flow alongside other financial performance measures, including net cash provided by (used in) operating activities, capital expenditures and our other GAAP results.
The following table presents a reconciliation of net cash provided by operating activities to free cash flow for each of the periods indicated:
(in thousands)
13 Weeks Ended
39 Weeks Ended
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
October 27, 2024
October 29, 2023
October 27, 2024
October 29, 2023
Net cash provided by operating activities
$
183,462
$
79,377
$
388,809
$
386,664
Deduct:
Capital expenditures
(31,695
)
(31,685
)
(92,920
)
(110,902
)
Free Cash Flow
$
151,767
$
47,692
$
295,889
$
275,762
Free cash flow may be affected in the near to medium term by the timing of capital investments (such as the launch of new fulfillment centers, pharmacy facilities, veterinary clinics, customer service infrastructure, and corporate offices and purchases of IT and other equipment), fluctuations in our growth and the effect of such fluctuations on working capital, and changes in our cash conversion cycle due to increases or decreases of vendor payment terms as well as inventory turnover.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241204895541/en/
Investor Contact: ir@chewy.com
Media Contact: Diane Pelkey dpelkey@chewy.com
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