Chewy, Inc. · NYSE:CHWY
Chewy — Investor Day (December 2023)
106 slides from Chewy's investor day presentation, Dec 14, 2023
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Slide 2: Disclaimer
Disclaimer Forward-Looking Statements and Other Information ‘This presentation contains forward-looking statements about us and our industry that involve substantial risks andl uncertainties. All statements other than statements of historical facts contained in this presentation, including statement
Slide 3: Agenda
Agenda Opening Remarks Sumit Singh (CEO) Chewy Health Mita Malhotra (President, Chewy Health) Chewy Retail Allen Hughes (President, Chewy Retail) International Sumit Singh (CEO) Break Operations Scott Anderson (COO) Stacy Bowman (Interim CFO) Financial Framework Jen Hsu (VP, IR & Corp Dev) Closing R
Slide 4: Opening Remarks
Opening Remarks Sumit Singh CEO
Slide 5: Our mission
Our missio be the most trusted and or pet parents and partners everywhere i, ? ole: ient des:
Slide 6: Largest pet specialty retailer in the U.S.
KN Largest pet specialty retailer in the U.S. & Largest pet pharmacy in the U.S. ~/5% Autoship customer sales as a % of net sales @ iQ Top 3 U.S. DTC eCommerce FC Network CA #1 on Forrester’s Customer Experience Index Sources: Forrester (The U.S. Customer Experience Index Rankings, 2023), Management
Slide 7: Framing Remarks
Framing Remarks We have successfully executed against the strategy we outlined at our IPO in 2019: + Our Retail business is rapidly achieving scale + We built a scaled operations network, enabling a world-class delivery experience & unlocking cost savings + Going forward, we expect reduced capex int
Slide 8: Our Opportunity
Our Opportunity
Slide 9: Pet Is a Large, Fast-Growing, and Resilient Category
Pet Is a Large, Fast-Growing, and Resilient Category U.S. Pet TAM U.S. Pet TAM Growth CAGRs $10B ~10% Pet Services? ~5-7% ~6% $87B = eae $1 44B |. Pet Food and 2023E U.S. Pet TAM Supplies Pre-COVID COVID-Today Forecast (15-19) (19-'23E) ('23E-'27E) Sources: Packaged Facts - August 2023, Bloomberg In
Slide 10: The Pet Retail Market Is Expected to Continue Shifting Online
The Pet Retail Market Is Expected to Continue Shifting Online U.S. Pet Retail Channel Mix Independent Category Online Penetration Potential: 45%+ Chewy Pet Retail Market Share’ ~6% ~12% Sources: Packaged Facts - August 2023, Management estimates. Notes: “Oniine” channel includes pure play eCommerce
Slide 11: We Have Made Tremendous Progress Since Our IPO in 2019
We Have Made Tremendous Progress Since Our IPO in 2019 Net Sales Gross Margin Adjusted EBITDA Margin’ $11.08 3.4% 2 S $3.58 ‘S ; | - L (6.5%) IPO Today IPO Today Autoship Customer Sales as a % of Net Sales? Net Sales Per Active Customer? Active Customers 75% we $543 mee wl a $334 ._ 5 Today IPO Toda
Slide 12: Why We Win
Why We Win Offering the Scale and Convenience of eCommerce with the Personalized Service of Your Neighborhood Pet Store Largest Assortment at Competitive Prices Signature Autoship Program Drives Loyalty ze Differentiated, Scaling Healthcare Platform World-Class Service G 12 | Chewy
Slide 13: We Are the Most Beloved Pet Retailer
We Are the Most Beloved Pet Retailer Chewy Is Pet Parents’ Favorite ..With Our Customer Service Destination to Shop Pet... Offering a Key Differentiator... 87% -1,700 bps 45% Our Next eCommerce Competitor Companies % of Retailers’ Customers Naming Them % of Customers Reporting a 5-Star as Their #1 P
Slide 14: Customer Service Sets Us Apart
Customer Service Sets Us Apart ...and Consistently Delight Them We Are Pet Parents’ Trusted Advisor... With WOW Moments Personalization at Scale: 1M Monthly Physical Customer Touchpoints Available & Accessible A human answers every call Expert Advice Specialized teams providing function-specific car
Slide 15: Customers Are the Greatest Advocates for Our Platform
Customers Are the Greatest Advocates for Our Platform YK sone I contacted @C last week to see if | could return an unopened bag of my dog’s food after he died. They 1) gave me a full refund, 2) told me to donate the food to the shelter, and 3) had flowers delivered today with the gift note signed by
Slide 16: Our Model Builds Loyalty...
Our Model Builds Loyalty... Drivers of NSPAC Expansion Illustrative Customer Journey Further long-term NSPAC expansion as customer deepens PL Growing Health business their relationship with Chewy @ Increasing Autoship penetration ore up for CarePlus ee Adds supplements. pet ineurance and switches to
Slide 17: ...Which Drives Predictable, Recurring Purchasing Behavior
...Which Drives Predictable, Recurring Purchasing Behavior NSPAC by Cohort? $1,200 = = $1,000 $800 Oldest cohorts ~$1,700 wallet share $600 spending opportunity $IK+ (annual spend per pet Toonornn ny t owning household)? $400 i 1 | Cohorts consistently i reach ~$500+ ee ' (__NSPAC by Year 3 $0 i Yea
Slide 18: Our Model Has Resulted in 100%+ Net Sales Retention...
Our Model Has Resulted in 100%+ Net Sales Retention... Annual Net Sales by Cohort $128 $10B $88 $6B $48 $28 $0B FYm = FYT2)FY3, sO FY4) YS FG FY'I7,- FS FY'9.-FY'20_—sFY'21 Not Cohort FY'22 FY'21 FY'20 FY19, FYB. FY17! FY" FYT-"5 FY'22 Significant visibility given highly predictable patterns across
Slide 19: ...and Drives Strong LTV / CAC Metrics
.and Drives Strong LTV / CAC Metrics LTV / CAC by Cohort! 3.8x GPre-IPO Cohorts @ Post-IPO Cohorts 1.9x 19x 0.6x 0.6x 1Year 3 Years 5 Years Notes: LTV = Lifetime Value, CAC = Customer Acquisition Cost. “Year” indicates the number of years following the first day of the fiscal quarter in which a cust
Slide 20: Looking Ahead...
Looking Ahead...
Slide 21: Compelling Growth and Profitability Vectors
Compelling Growth and Profitability Vectors ~$87B U.S. TAM! ~$47B U.S. TAM! ~$200B+ TAM! Benefiting from Rapidly scaling and Highly intentional, economies of scale expanding offering focused expansion Well-established Premium growth at Highly deliberate, capital foundation & FCF engine premium profi
Slide 22: High Growth & Margin Health Business Leverages Retail Scale
High Growth & Margin Health Business Leverages Retail Scale International $4B IPO Today Future Leveraging automation to drive EERSS 2 18? increased throughput Adj. EBITDA & % Expect ~15% average annual Margin? 6.5%) 3.4% ‘Adj, EBITDA flow through Notes: “IPO” indicates Chewy FY"I8 results. “Today” i
Slide 23: In Pet Health, We Have Built a Tech-Led, Integrated Platform
In Pet Health, We Have Built a Tech-Led, Integrated Platform for Pet Parents... B2C gS ~90M U.S. Pet Owning Households Note: 1) Veterinary Diets are veterinary authorized food, 23 | chewy
Slide 24: ... Which Can Also Be Leveraged by Veterinarians
... Which Can Also Be Leveraged by Veterinarians B2C gS ~90M U.S. Pet Owning Households VA oe Platform Underpinned by Industry Leading, Proprieta =. aH i= Seam B2B & ~30K U.S. Veterinary Clinics" lessly Connected Tech Stack Source: 1) The 2017 American Veterinary Medical Association (“AVMA") Report
Slide 25: We Are Quickly Building Scale in Health
We Are Quickly Building Scale in Health $3B+ ~37% Up to ~1,000 bps LTM Net Sales Across CAGR Gross Margin Upside for Chewy Health’! FY’18-LTM Chewy Health vs. Chewy Retail FY'23. 1) Includes Pharmacy (including Compounded Medications), Veterinary Diets, Supplements & OTC Pet Meds, Veterinary 25 | ch
Slide 26: Many Offerings Across Our Ecosystem Are in Early Innings of Growth
Many Offerings Across Our Ecosystem Are in Early Innings of Growth and Margin Opportunity Legend Chewy Retail Chewy Today Insurance Chewy Health Veterinary eCommerce Platform Pr Hub Veterinary Diets 26 | chewy Note: 1) Sponsored Ads and Private Brands also serve Chewy Health,
Slide 27: Our Model Is Primed to Produce Significant Free Cash Flow
Our Model Is Primed to Produce Significant Free Cash Flow Historical | Forecast Capex as a % of Net Sales Notes: Illustrative depiction. The above chart uses adjusted EBITDA as an illustrative proxy for net cash provided by operating activities when calculating free cash flow (Le. for illustrative p
Slide 28: Macro and Customer Considerations
Macro and Customer Considerations
Slide 29: Compelling Steady State Pet Industry Growth Outlook
Compelling Steady State Pet Industry Growth Outlook Pet Household Growth Pricing Growth Other Key Factors ‘5 6 ; Ongoing shift to Low Single Low Single Low Single online channel Digit Digit Digit ; % Doak % eck % a Favorable mix trends | (premiumization) We expect components of steady state trends t
Slide 30: Well Placed to Compete for 50M+ Prospective Pet Households
Well Placed to Compete for 5OM+ Prospective Pet Households High Value ~18% High allen Shoppers < 2 Mainstream Gay Medium to High High Cieepea %, jledium to Hig Ig! Low Value ~20% ~13M Low High Shoppers Sources: Chewy Consumer Research, American Pet Products Association, Management estimates. 30 | Ch
Slide 31: And We Are Favorably Positioned to Win vs. Competition
And We Are Favorably Positioned to Win vs. Competition chewy vs. Competition =a = = Strong structural moats across our business 31 | Chewy
Slide 32: Key Takeaways
Key Takeaways (— > We are building an unparalleled pet care ecosystem, with strong competitive moats Well-established Retail business benefiting from economies of scale Our $3B+ Health business is delivering premium growth at premium margins Our model has significant earnings power, supported by con
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Slide 34: Pet Health Is a Large, High Growth ~$47B TAM in the U.S.
Pet Health Is a Large, High Growth ~$47B TAM in the U.S. $144B $47B Chewy Health Focus to Date Pet Food & Supplies and Pet Services $97B (67%) $22B 2023E 2023E Sources: Packaged Facts - August 2023, Management estimates. Notes: Data includes certain adjustments based on Management estimates. 1) Chew
Slide 35: A Bird's Eye View of all That Chewy Health Contains
A Bird’s Eye View of all That Chewy Health Contains Pharmacy PIMS (Practice Information Compounded Management System) Medications (Rhapsody) B2C Products B2B Services CS Veterinary ; Diets Veterinary eCommerce (vetetinary Platform . (PracticeHub) authorized food) Supplements Content & OTC Meds (PetM
Slide 36: Chewy Health Is a $3B+, Fast Growing, High Margin Business
Chewy Health Is a $3B+, Fast Growing, High Margin Business Chewy Health Net Sales Growth to date driven by rapidly scaling Pharmacy, Veterinary Diets, and Supplements & OTC Meds categories & Compounded Medications and PracticeHub are also fast growing Q) FY8 FY'9, FY'20 FY'21 FY'22 LTM Other offerin
Slide 37: Unlocking Value via B2C Products
Unlocking Value via B2C Products Pharmacy of Compounded Medications B2C Products Veterinary Diets (veterinary authorized food) Supplements & OTC Meds 37 | chewy
Slide 38: We Are America's #1 Pet Pharmacy
We Are America’s #1 Pet Pharmacy chewy pharmacy @ 38 | chewy Note: Compounded medications are customized medications compounded in Chewy’s own compounding pharmacy.
Slide 39: Pharmacy and Compounded Meds: Significant Growth Opportunity Ahead
f Pharmacy Jf Compounded Meds | Significant Growth Opportunity Ahead Pharmacy TAM Is Shifting Online $1B+ LTM Net Sales <20% of Active Customers purchased from Chewy Pharmacy in the last year 68% In-Clinic' HRSTee4 CAGR FY’19 - LTM ~40-50% ~30% 8 3 Online? | ~10% Pharmacy NPS 2018 2023E Long-Term So
Slide 40: B2C Product Offerings Drive Compelling Financial Impact
B2C Product Offerings Drive Compelling Financial Impact Continued Shift to Online Channel & Credible NSPAC Driver & Gross Margin Accretive & Premium Growth at Premium Margins, Benefitting Company-Wide Financial Profile 40 | chewy
Slide 41: Enhancing the Ecosystem Through B2C Services
Enhancing the Ecosystem Through B2C Services Content f=, (PetMD) g B2C Services Telehealth Insurance (Connect (CarePlus) with a Vet) 41 | Chewy
Slide 42: Nascent Insurance Opportunity in the U.S.
Nascent Insurance Opportunity in the U.S. U.S. Pet Insurance Market Size Estimated Pet Insurance Penetration (% of Cats & Dogs)! _-> ae 17% $4B ~3% 2023E 2027E us. UK careplus. Our wellness and pet insurance plans with comprehensive coverage? Compelling Financial Profile Our Partners Nearly ~100% Gr
Slide 43: We Have a Leading Telehealth Product
We Have a Leading Telehealth Product Connect with a Vet: Scaled Teletriage Offering Built on Our Proprietary Tech Stack Improves Access to Care by Supplementing In-Person Vet Visits Ecosystem Enhancing Asset Live Chat 20-Minute Video Call é Free $19.99 or free with select ~30% of customer service co
Slide 44: Significant Opportunities Ahead to Leverage the Platform
Significant Opportunities Ahead to Leverage the Platform Opportunities to Monetize Our Strong Interest in Telehealth Platform Across New Use Cases Today + ~1/3 of Millennial/Gen Z pet parents have used telehealth in LTM + ~50%+ of pet telehealth customers began using services within LTM + Veterinari
Slide 45: PetMD Overview
PetMD Overview + #1pet health education website in the U.S. + Credible content, including 6K+ veterinarian reviewed or written articles Addresses Strong Demand for Credible Content + 60%t+ of Millennial and Gen Z pet parents get and exchange ideas on social media (vs. ~40% of all pet parents)! Desig
Slide 46: Empowering Partners With B2B Services
Empowering Partners With B2B Services PIMS (Practice Information Management System) B2B Services (Rhapsody) Veterinary eCommerce Platform (PracticeHub) 46 | Chewy
Slide 47: We Complement Our Pet Parent Facing Offerings With...
We Complement Our Pet Parent Facing Offerings With... gS Pharmacy & Compounded Meds Veterinary Diets Supplements & OTC Meds Insurance Telehealth Content — ee, health 47 | Chewy
Slide 48: Opportunity to tap Chewy eCommerce Capabilities
Opportunity to tap Chewy eCommerce Capabilities
Slide 49: PracticeHub Offers a Winning Solution for Veterinarians
PracticeHub Offers a Winning Solution for Veterinarians Seamless eCommerce solution powered by Chewy customer service & logistics Allows veterinarians to grow revenue from Chewy’s 20M+ customers Reduces inventory management burden Offers potential to drive increased medication compliance Can be acce
Slide 50: PracticeHub: Chewy's eCommerce Platform for Veterinarians
PracticeHub: Chewy’s eCommerce Platform for Veterinarians Item Details ~14K clinics Purchase from (AseenonUiceeinics) Veterinarian Pet Parent | Miiijrsersam™g veterinarian is tie Facing Facing fr default setting are enrolled in PracticeHub! Happy Animal Cinic Chewy Start Autoship Note: 1) Enrollment
Slide 51: Rhapsody: Chewy's Innovative, Cloud-Based PIMS
Rhapsody Rhapsody: Chewy’s Innovative, Cloud-Based PIMS Rhapsody Overview Enterprise- grade analytics and BI rhapsody Cloud-Based PIMS Seamless Chewy Standardized ecosystem industry data for connectivity best practices Highly Differentiated Offering Cloud-Based Software Modern UI & Workflows eCommer
Slide 52: Two Monetization Paths for Rhapsody
Rhapsody Two Monetization Paths for Rhapsody i rhapsody (PIMS) p 3rd Party Clinics SaaS Model i Chewy Clinics & wering Chewy Clinics 52 | chewy
Slide 53: Why Open Chewy Clinics?
Why Open Chewy Clinics? Leverage proprietary tech to deliver seamless combination of care & commerce Deepen customer relationships and drive wallet share capture bia Improve ability to address in-clinic product sales (~$11B TAM") Help drive adoption of existing offerings (e.g., insurance, telehealth
Slide 54: What Are Chewy Clinics?
What Are Chewy Clinics? Proof of concept clinics, built from the ground up (targeting ~4-8 launches in FY’24) Thoughtfully designed to delight pets, pet parents, and care providers Comprehensive service offerings across wellness and acute care Located in areas of high pet ownership and Chewy custome
Slide 55: Highly Positive Early Pet Parent Interest in Chewy Vet Care
Highly Positive Early Pet Parent Interest in Chewy Vet Care we It feels like what | know of Chewy... if they handle themselves 5 @) yf like the people | speak to on the phone... I'd be happy (o} ate - Jenn of pet parents would consider switching to a Chewy Vet Care clinic when presented with our exp
Slide 56: Veterinarians View Chewy as an Employer of Choice
Veterinarians View Chewy as an Employer of Choice Veterinarians Are Indicating That They Are Excited... ... to be part of a company and brand that their clients already love and trust ... to join an innovative platform allowing them to practice patient and client-centric, world-class medicine ... by
Slide 57: Key Takeaways
Key Takeaways ( >» We have built a $3B+ Health business from the ground up, spanning B2C and B2B offerings + Proprietary tech stack delivering seamless ecosystem experience + Significant opportunity ahead to efficiently drive Health products and services adoption Chewy Vet Care rounds out our Health
Slide 58: Chewy Retail
Chewy Retail Allen Hughes President, Chewy Retail
Slide 59: Pet Industry Growth Is Supported by Long-Standing Tailwinds
Pet Industry Growth Is Supported by Long-Standing Tailwinds fo} 9 6 % 20+ year of pet owners consider pets to premiumization trend be part of their family! fe) 74% of pet owners are willing to spend Growing more on pet foods with extra health focus health & wellness benefits! Source: 1) Reflects Pac
Slide 60: Our Differentiated Value Prop Positions Us for Share Gains
Our Differentiated Value Prop Positions Us for Share Gains EE | Sg Health & Retail Product Assortment Specialized, High Touch Crafted by Pet Experts Service Offerings + ~3,500 of the best and most trusted brands + Advice & care from our expert veterinary team + ~110,000 SKUs across Health & Retail +
Slide 61: We Support You Throughout the Pet Parenting Journey
We Support You Throughout the Pet Parenting Journey ™ ae ; New Pet Consult ..and Helps You We Celebrate Your Medications Delivered We Help You Find the __...and Support You Gets You Started... Discover Pet’s Milestones via Autoship Right Senior Food for in Difficult Times Food & Treats for Peace of
Slide 62: Autoship Is Custom Designed for Pet Parents' Needs...
Autoship Is Custom Designed for Pet Parents’ Needs... ‘a. . Autoship Delivers Difficult-to-Replicate Convenience and Peace of Mind for Pet Parents... Custom designed for pet category Introductory discounts and ongoing savings Easy to adjust frequency @ chewy ... Driving Compelling Financial Impact S
Slide 63: ...And Underpins the Success of Our Ecosystem
... And Underpins the Success of Our Ecosystem Autoship Customer Sales as a % of Net Sales! 76% 75% Q3’23 Autoship Customer Sales as a % of Net Sales! _ 31% ° 66% Autoship Customer Sales | | FY’18 - LTM CAGR Le} FY8. FY'19 FY'20 FY'21 FY'22 ~~ 8 O (0) of Autoship Customer Sales are subscription (vs.
Slide 64: Compelling Growth & Margin Expansion Opportunities Ahead
Compelling Growth & Margin Expansion Opportunities Ahead 64 | Chewy
Slide 65: Sponsored Ads
Sponsored Ads We Are Quickly Rolling Out a Complete Suite of Ad Products Sponsored Products Sponsored Brands Search Social Shopping Deccriation Paid placement among = Premium placement at Paid result driving Targeted ads to Pp product listings top of listing page shoppers to Chewy extend reach aa a
Slide 66: Sponsored Ads
— Sponsored Ads Partnered With Leading Brands for Seamless Ad Experiences Select Marquee Brand Partners MARS Hl PURINA| Yi 5 Hills
Slide 67: Strong Private Brands Portfolio, With Clear Assortment Expansion Opportunity
Strong Private Brands Portfolio, With Clear Assortment Expansion Opportunity We Have a Demonstrated Track Record of Building Winning Brands... JOUUNE sou [AMERICA yy. JOURNEY. ~$125M LTM net sales flagship private brand with strong dog food portfolio Vibeful Recently launched supplements brand; love
Slide 68: Significant Private Brands Penetration and Margin Upside
Significant Private Brands Penetration and Margin Upside Targeting 15%+ Long-Term Private Brands Penetration 1S%+ Mid-Single Digits Chewy Today Long-Term Target Up to ~700 bps higher Private Brands gross margin at scale vs. comparable National Brands AMERICA, JOURNEY AMERICAN JOURNEY ¥ 68 | Chewy
Slide 69: Pet Services
_— Pet Services Ability to Leverage Tech Platform for Pet Services cae b Chewy’s Proprietary Services Technology Platform Coneuen Use Case Today Opportunity to drive further customer touchpoints and share of wallet with low incremental investment 69 | Chewy Note: Not all aspects of the platform are
Slide 70: Compelling Growth & Margin Expansion Opportunities Ahead
Compelling Growth & Margin Expansion Opportunities Ahead Build pet one-stop-shop and win in ~$10B Pet Services TAM ~1-3% of net sales 15%+ of net sales Up to ~700 bps higher gross ~70% margin at scale vs. comparable National Brands Attractive marketplace margin profile Chewy Retail opportunity is un
Slide 71: Key Takeaways
Key Takeaways ( >) Attractive pet category dynamics, underpinned by premiumization and growing health focus We offer a differentiated value prop designed to address the needs of pet parents and their pets Our signature Autoship program drives difficult-to-replicate convenience for customers, unlocki
Slide 72: International
International Sumit Singh CEO 72 | Chewy.
Slide 73: Canada Has a Large and Fast-Growing Pet Market
Canada Has a Large and Fast-Growing Pet Market Canada Pet TAM! N 9M+ pet owning Low 20s % eCommerce households in Canada penetration of pet supplies No sizeable pet specialty eCommerce player Oxo (pIXm) r 2018 2023E 90%+ of Canadian pet ~75% of the Canadian population parents consider pets as shops
Slide 74: Well Positioned to Deliver Operational Excellence in Canada
Well Positioned to Deliver Operational Excellence in Canada Capital Light Warehouse & Efficient Inbound & World-Class Fulfillment Structure Outbound Logistics Customer Service Rapid expansion via 3PL FedEx as logistics provider 24/7 care from live agents Tight CX alignment between 1-2 day delivery e
Slide 75: Canada Playbook Provides Blueprint for Future Markets
Canada Playbook Provides Blueprint for Future Markets Canada launch has honed Chewy’s systems and processes for future markets We will remain highly thoughtful, A : |. deliberate and ROI-focused in our Website localization evaluation of international opportunities PP JS Efficient logistics Internati
Slide 76: Break
Break
Slide 77: Operations
Operations Scott Anderson COO
Slide 78: Key Areas of Operational Differentiation and Margin Efficiency
Key Areas of Operational Differentiation and Margin Efficiency Topology Autoship @ Autoship Scaled logistics network with full coverage of the U.S. Autoship and limited seasonality in pet category enable efficient operations Leveraging data science and proprietary software to optimize network and in
Slide 79: Topology
Topology Significantly Increased Scale and Sophistication of FC Network Since IPO Investment Thesis Up to ~50% Total Fulfillment Centers | 9 18 ! improvement in ergonomics Up to ~40% Automated (0) 5 increased efficiency in multi-SKU orders Ph 2 5 ~30% greater armacy net sales / square foot Notes: 1)
Slide 80: Large Portion of Investment in the Network Is Behind Us
Top: Large Portion of Investment in the Network Is Behind Us ~9 million square feet across 18 FCs Wilkes-Barre, PA Archbald, PA Our Core FC and Rx Network Can Serve... Dayton, OH =e (=) — PA S22 (=) Salisbury, NC =) Nashville, TN Houston, TX © Fubilment center Automated Wien] Fulfillment Center Reno
Slide 81: Purpose Built Network Provides a Clear Competitive Advantage
Purpose Built Network Provides a Clear Competitive Advantage Key Operational Capabilities... ..Drive Efficiencies and Improve CX = Working capital we Ce] management $82, - ‘ Inventory Average miles traveled Using data science 9 and proprietary mH placement per package machine learning engine to opti
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Slide 104: Appendix
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