PetmedExpressInc.(PETS)Q32022EarningsCallTranscriptAlphaStreet

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NowletmeintroduceourCEOandPresident,MattHulett.Matt

Nextslide,please.Overthislastyear,PetMedhasbeeninarebuildingmodewithanewandexperiencedmanagementteam,andupdatedstrategyandarevisedoverallapproachtothemarketaswetransitiontoagrowth-orientedbusiness.IwillprovideanoverviewofourthirdquarterresultsandthenourCFO,ChristineChambers,willgointogreaterdepthlaterinthepresentationonourfinancialperformance.

Thirdquartersaleswere$58.9millioncomparedtosalesof$60.7millionforthesameperiodoftheprioryear.Whilethisequatestoadecreaseinsalesof3%year-over-yearcomparedtoadouble-digitdeclineinfiscalyear2022.Oneofthereasonsthatwearepleasedwiththequarterwasthatwesawanincreaseinnetnewcustomersof9%year-over-year.Thisisanimportantmilestoneforthecompany.sincewehavenotseenanincreaseinnetnewcustomerssinceQ1of2021.Mostimportantly,weachievedthiswhilestayingdisciplinedintermsofourcustomeracquisitionefficiencymetrics.Ournewcustomercountforthequarterwasapproximately72,000comparedto66,000intheprioryear,andourLTVtoCACforthequarterwas1.6.Ouraverageordervaluewas$88,relativelyflattolastyearandlastquarter.Wealsosawcontinuedgrowthintherecurringrevenuesideofourbusiness.

OurAutoShipandSaveprogramcontinuestogrowandexpand,andapproximately42%ofourrevenuewasrecurringrevenuederivedfromourAutoShipsubscriptionprogramduringthesecondquarter.Thispartofourbusinessincreased8%onasequentialbasisanddoubledyear-over-year.

Werecognizetheshiftsthatareoccurringintheregulatorylandscape,whichledustoourfirstbiginvestment,pettelemedicine.OurinvestmentinandpartnershipwithVetsterenabledPetMedtobecomewhatwebelievetobethefirstpetretailertoofferpettelemedicineatscale.Thatlive,ournewco-brandedofferingwithVetster,connectspetparentstothousandsoflicensedveterinarians,providingqualityonlinevetservicesthroughvideochatappointments24/7,andisexclusivetothePetMedplatform.

Weseethevirtualizationofvetservicesasbeingakeypillarofthepetsbusinessandadifferentiatorinthepetspace.Sovetliveisastrategicadvantagethatwillcontinuetodevelopasregulationchangesandasconsumereducationandawarenessdevelops.ThependingacquisitionofPetCareRxrepresentsasignificantopportunitytoexpandourPetMedcatalogwithabroadersetofconsumableproductsandnutrition.

WebelievePetMedisuniquelypositionedtotakeadvantageofthesetrends.Byfocusingontotalwellness,wecanofferproductsandservicestopetparentsthataredietandhealthfocusintheareasofpetmedication,premiumprescriptionandnonprescriptionfood,supplementsandtelevetservices.

Sellmorenonmedicationproducts.Theexpansionofourproductcatalogandserviceshasbeenakeyinitiativeforus.WedecidedtoturbochargethiseffortthroughthependingacquisitionofPetCareRx.PetMedwillbenefitbyhavingmorerecurringsales,increasedregularvisits,thusdeliveringahigherLTV.Ourcustomersdesireawiderselectionfromus,andwelookforwardtoworkingwiththePetCareRxteamonceweclosethetransactiontoworktowardstheseexpansionopportunities.Uniqueanddifferentiatedservicesviadigital-basedhealthcareservices.Ourgoalistocontinuetomovemorehealthandwellnessservicesonlinewithourlong-termperspectivethatthiswillbedrivenbypetmedicationsandveterinarycare.Ournextslidesummarizeshowtheseproductsandservicesaretiedtogether.

ThereareaslewofinnovationsthatyoucanexpecttoseefromPetMedasweintegratethetechnologyfromourvariouspartnershipsinunique,differentiatedandbespokeways.Andalloftheseeffortsaredesignedtoprovidehighefficacyoutcomesforpetstolivehealthierandhappierlives.Expecttoseemoreinnovationsandproductcatalogextensionsoverthecomingquartersthatwilldeepenthebenefitofourstrategicpillars.

IwouldliketonowturnthecallovertoChristinetowalkyouthroughourQ3financialperformanceandthecompanyfundamentals.Christine

Ourcustomersloveourbrandandourservice.OurNPSscoreisover80,whichputsusintheupperquartilealongsidesomeofthemostbelovedbrandsintheworld.Weprovidea100%satisfactionguaranteetoourcustomers,andwegotheextramilewithgenuine,empathicandexpertservice.

G&Aincreased$2.9millionyear-over-year,butwhennormalizedfornonoperatingcostsrelatingtothependingPetCareRxtransaction,G&Aincreased$2.3millionyear-over-year.Thisisduetoanincreaseof$1.4millionrelatedtopayrollexpenses,whichincludes$400,000relatedtostockcompensation.$500,000relatedtothethird-partyresourcesandsomeincreasesinsoftwareexpensesandotherG&A.Withtheexclusionofnonoperatingitems,wedonotexpectG&Atocontinuetoincreaseatthesameratenextfiscalyear.WebelievetherightteamislargelyinplacenowandtheG&Awillbefairlyflatexitingfiscalyear2023andgoingforward.Pleasenotethataswepushtoclosetheacquisitioninthefourthquarter,wewillexpecttoseeadditionalacquisition-relatedexpenses.

Thanks,Christine.Again,managementisveryencouragedbytheperformanceofthebusinessthisquarteraswellastheimpressiveaccelerationinthelong-termbusinessdrivers.WeannouncedtodaythatPetMedispoisedforgrowth.Aswehavestatedoverthelastseveralquarters,PetMedispursuingaverticalspecialtyretailerstrategy.Weaimtobepetparentstrustedpethealthexperts.Wehavebeensharingourstrategywithyouforalittleoverayear,andwehavesubstantiallyfilledinthepiecestobuildanenduring,profitableandgrowingpethealthcompany.

Thisendsourpreparedremarks.Operator,wearenowreadytotakequestions.

OurfirstquestioncomesfromthelineofErinWrightwithMorganStanley.Pleaseproceedwithyourquestion.

Didthatansweryourquestion,Erin

Yes.Thankyousomuch.Yes.Appreciateit.

Thankyou.

OurnextquestioncomesfromthelineofCoreyGradywithJefferies.Pleaseproceedwithyourquestions.

Corey,didIansweryourquestion

Thanks,Corey.Christine,wouldyoumindansweringthatquestion

Gotit.Thankyou.

Thanks,Corey.

OurnextquestioncomesfromthelineofAnthonyLebiedzinskiwithSidoti&Company.Pleaseproceedwithyourquestion.

Andourcustomersareverymuchalignedwithhowtheythinkabouttheirvet,andsowhichiswhywereallyfocusonpettelemedicineandconnectingwiththatthroughourvetliveservice.Soovertime,wethinkdifferentiationthroughservicesisgoingtobeanotherabilityforustolowerchurnandprovideamoremeaningfulexperienceforourcustomers.

Gotit.Yes.Thanksforthat.Andthenyouradvertisingspendingwasup7%.Justwondering,areyouseeinganychangesinadrates,givenkindofwheretheeconomyisrightnowIjustwantedtogetyourthoughtsonthat.

Gotit.Well,thankyouandbestofluck.

Thanks,Anthonyforyourquestions.

[OperatorClosingRemarks]

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PetmedExpressInc.(PETS)Q32022EarningsCallTranscriptAlphaStreet

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