Slide 1: Q2 2024 Financial Results
Q2 2024 Financial Results August 28, 2024 1
Slide 2: Forward-Looking Statements
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
Slide 3: Key Recent Highlights
Key Recent Highlights 20M Active Customers $533M Capital Returned 1 Positive Sequential Growth to Shareholders Financial Metrics $565 78.4% $145M Net Sales Per Autoship Customer Sales Q2 24 Adj. EBITDA Active Customer2 as a % of Net Sales3 (5.1% Margin)4 (1) Represents executed share repurchases in
Slide 4: Net Sales
Net Sales Full Year Quarterly ($ Millions) ($ Millions) $11,148 $11,308 $10,119 $8,967 $2,878 $2,859 $2,785 $2,746 $2,826 1 FY 21 FY 22 FY 23 LTM Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 % YoY Growth2 % YoY Growth 25.5% 12.8% 10.2% 4.5% 14.3% 8.2% 4.2% 3.1% 2.6% (1) "LTM" is defined as Last Twelve Months and r
Slide 5: Autoship Customer Sales
1 Autoship Customer Sales Full Year Quarterly ($ Millions) ($ Millions) $8,750 $8,493 $7,408 $6,324 $2,159 $2,233 $2,242 $2,120 $2,116 2 FY 21 FY 22 FY 23 LTM Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 % YoY Growth3 % YoY Growth 29.3% 17.1% 14.7% 8.3% 18.7% 13.4% 8.1% 6.4% 5.8% (1) We define Autoship customers a
Slide 6: Net Sales Per Active Customer (NSPAC)
1 Net Sales Per Active Customer (“NSPAC”) $555 $565 $532 $496 $434 FY 21 FY 22 FY 23 Q2 23 Q2 24 Active Customers2 (Millions) 20.7 20.4 20.1 20.4 20.0 (1) We define net sales per active customer (“NSPAC”) as the aggregate net sales for the preceding four fiscal quarters, divided by the total number
Slide 7: Gross Margin
Gross Margin Full Year Quarterly (%) (%) 29.7% 29.5% 29.0% 28.4% 28.5% 28.0% 28.3% 28.2% 26.6% 1 FY 21 FY 22 FY 23 LTM Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Gross Profit ($ Millions) Gross Profit ($ Millions) $2,385 $2,834 $3,162 $3,278 $789 $782 $798 $854 $844 (1) "LTM" is defined as Last Twelve Months and
Slide 8: Adjusted EBITDA
1 Adjusted EBITDA Full Year Quarterly ($ Millions) ($ Millions) $477 $163 $145 $368 $307 $88 $83 $86 $77 2 FY 21 FY 22 FY 23 LTM Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 % Margin1 % Margin1 0.9% 3.0% 3.3% 4.2% 3.2% 3.0% 3.1% 5.7% 5.1% (1) Adjusted ("Adj.") EBITDA and adjusted EBITDA margin are non-GAAP financi
Slide 9: Free Cash Flow
1 Free Cash Flow Full Year Quarterly ($ Millions) ($ Millions) $343 $259 $101 $91 $67 $119 $53 $48 $9 2 FY 21 FY 22 FY 23 LTM Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q2 FY24 Cash Balance: $694M3 (1) Free cash flow (“FCF”) is a non-GAAP financial measure. See “Non-GAAP Financial Measures” for additional inform
Slide 10: Guidance
Guidance Fiscal Third Quarter 2024 $2.84 billion - $2.86 billion Net Sales Approximately 3% - 4% YoY growth Fiscal Year 2024 $11.6 billion - $11.8 billion Net Sales Approximately 4% - 6% YoY growth Adj. EBITDA Margin1 4.5% - 4.7% (1) Adjusted EBITDA Margin is a non-GAAP financial measure. See “Non-G
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin To provide investors with additional information regarding our financial results, we have disclosed adjusted EBITDA, a non-GAAP financial measure that we calculate as net income (loss) excluding depreciation and amortization; sha
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA Margin 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 r
Slide 13: Non-GAAP Financial Measures
Non-GAAP Financial Measures 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
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