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Chewy(CHWY) - 2025 Q1 - Quarterly Results
CHWYChewy(CHWY)2024-05-29 11:04

Financial Performance - Net sales increased by 3.1% year over year to 2.88billion[13]−Grossmarginimprovedby130basispointsto29.72.88 billion[13] - Gross margin improved by 130 basis points to 29.7%[13] - Net income rose by 192.7% to 66.9 million[14] - Adjusted EBITDA increased by 46.9% to 162.9million[14]−AdjustedEBITDAmarginexpandedby170basispointsto5.7162.9 million[14] - Adjusted EBITDA margin expanded by 170 basis points to 5.7%[13] - Adjusted net income grew by 55.9% to 137.1 million[14] - Basic and diluted earnings per share increased by 200% to 0.15[14]−NetsalesforQ12024increasedto0.15[14] - Net sales for Q1 2024 increased to 2.877 billion, up from 2.790billioninQ12023[33]−Grossprofitroseto2.790 billion in Q1 2023[33] - Gross profit rose to 853.992 million in Q1 2024, compared to 792.856millioninQ12023[33]−NetincomeforQ12024was792.856 million in Q1 2023[33] - Net income for Q1 2024 was 66.897 million, a significant increase from 22.859millioninQ12023[33]−NetincomeforQ12024increasedto22.859 million in Q1 2023[33] - Net income for Q1 2024 increased to 66.897 million, up from 22.859millioninQ12023,representingasignificantgrowth[34]CashFlowandLiquidity−Freecashflowdecreasedby58.622.859 million in Q1 2023, representing a significant growth[34] Cash Flow and Liquidity - Free cash flow decreased by 58.6% to 52.6 million[14] - Cash and cash equivalents increased to 1.134billionasofApril28,2024,upfrom1.134 billion as of April 28, 2024, up from 602.232 million as of January 28, 2024[22] - Net cash provided by operating activities in Q1 2024 was 81.937million,comparedto81.937 million, compared to 148.712 million in Q1 2023[34] - Capital expenditures in Q1 2024 were 29.299million,upfrom29.299 million, up from 21.573 million in Q1 2023[34] - Proceeds from maturities of marketable securities in Q1 2024 were 535million,comparedto535 million, compared to 350 million in Q1 2023[34] - Net cash provided by investing activities in Q1 2024 was 505.701million,asignificantimprovementfromanetcashusedof505.701 million, a significant improvement from a net cash used of 66.038 million in Q1 2023[34] - Cash and cash equivalents at the end of Q1 2024 stood at 1.134629billion,upfrom1.134629 billion, up from 410.204 million at the end of Q1 2023[34] Customer Metrics - Active customers declined by 2.1% to 19.99 million[14] - Autoship customer sales grew by 6.4% to 2.23billion[14]BalanceSheetandAssets−Totalcurrentassetsstoodat2.23 billion[14] Balance Sheet and Assets - Total current assets stood at 2.126 billion as of April 28, 2024, slightly up from 2.104billionasofJanuary28,2024[22]−Totalliabilitiesdecreasedto2.104 billion as of January 28, 2024[22] - Total liabilities decreased to 2.558 billion as of April 28, 2024, down from 2.676billionasofJanuary28,2024[22]−Accountsreceivabledecreasedby2.676 billion as of January 28, 2024[22] - Accounts receivable decreased by 18.188 million in Q1 2024, compared to a decrease of 25.807millioninQ12023[34]−Inventoriesdecreasedby25.807 million in Q1 2023[34] - Inventories decreased by 33.147 million in Q1 2024, compared to a decrease of 54.260millioninQ12023[34]−Tradeaccountspayableincreasedby54.260 million in Q1 2023[34] - Trade accounts payable increased by 38.798 million in Q1 2024, compared to an increase of 82.085millioninQ12023[34]Non−GAAPMeasuresandFinancialHealth−AdjustedEBITDAandadjustednetincomearenon−GAAPmeasuresusedtoassessperformance,excludingnon−cashchargesandotheritems[24][26]−Freecashflowiscalculatedasnetcashfromoperatingactivitieslesscapitalexpenditures,providingadditionalinsightintofinancialhealth[28]StrategicInitiativesandFuturePlans−Thecompanyplanstomanagegrowtheffectively,expandintonewjurisdictions,andintroducenewproductsandservices[21]Share−BasedCompensation−Share−basedcompensationexpenseincreasedto82.085 million in Q1 2023[34] Non-GAAP Measures and Financial Health - Adjusted EBITDA and adjusted net income are non-GAAP measures used to assess performance, excluding non-cash charges and other items[24][26] - Free cash flow is calculated as net cash from operating activities less capital expenditures, providing additional insight into financial health[28] Strategic Initiatives and Future Plans - The company plans to manage growth effectively, expand into new jurisdictions, and introduce new products and services[21] Share-Based Compensation - Share-based compensation expense increased to 65.385 million in Q1 2024 from $48.553 million in Q1 2023[34] Investor Relations - Chewy will host a conference call on May 29, 2024, to discuss Q1 2024 financial results[30]