According to Nielsen Omnichannel data, which includes e-commerce and direct-to-consumer, as of March 30, 2024, total U.S. pet food is a $53 billion category.

Our high-profit pet owning households or HIPPOHs for short, are growing even faster, up 34% versus the prior year period.

The most important variables in determining what kind of pet food you feed your dog or not income or age, but how important your dog is to you and how much you focus on their health and wellbeing?Source

We believe our fast start towards our 2027 goals is largely due to the strengthened organization capability we have built and the strength of the Freshpet Consumer Proposition.Source

We believe Chewy Vet Care is a natural extension of our ecosystem and that our thoughtfully designed clinics will be unlike anything in the market, thanks to our proprietary first-party health tech platform and the seamless vertically integrated connectivity to all aspects of the Chewy ecosystem.

Additionally, our Autoship subscription program, which delivered $8.5 billion of Autoship customer sales in full-year 2023, continues to provide unparalleled convenience for pet parents, while enhancing customer stickiness for Chewy.

When you look at shelter and rescue data between adoption and relinquishments, adoptions aren't happening and relinquishments have steadied.

Pet household formation is flat. So, to the extent that we could consider that encouraging, yes, it's at least not declining like we have mentioned in the past.

The consolidation of our brands into a single united company is driven by our commitment to streamline operations, lower our overall cost structure and increase the value proposition by enhancing efficiencies and providing a more cohesive customer experience.Source

I personally have eight rescue horses, two rescue dogs and one very talkative senior cat. I intimately understand the profound bond that exists between pets and their families and the importance of working with trusted veterinarians who provide the valuable patient care as well as the loyalty one has for a reputable retail provider that takes care of all of your animals' needs in an efficient, timely and professional manner.Source

Another key area of strength is our in-house customer support team, who are pet health specialists. As a premium service to our customers, our in-health pet specialists in the call center support more than 100,000 pet parent calls each month.

Dr. Lori Teller, DMV (sic) [ DVM ], DABVP for canine and feline, CVJ and Clinical Professor in the Department of Small Animal Clinical Sciences at Texas A&M University School of Veterinary Medicine and Biomedical Sciences serves as a liaison between the company and our Veterinary Advisory Board.

Adam Greenlee: So a couple of things there, Jeff. I think, first of all, we don't see that stress through the markets that we serve. And again, I think Bob really highlighted a very good point about the mix of business that we had, call it, back in '08 or '09, I think large pets do have the pressure that you're talking about, a, the consumption of product just by the sheer nature of the size of the pet is much greater.Source

Jeff Zekauskas: Thanks very much. Different pet associations are talking about how people can't afford their pets now, 1/3 of pet owners are worried that pet is putting too much of a strain on their income. And the number of pets and shelters has really risen both in the United States and Europe.Source

The long-term profitability of our business requires us to do our part to protect the planet, care for the local areas we serve, and provide our Central employees a safe, healthy and rewarding workplace.Source

In fiscal 2023, Central was recognized for its efforts in promoting eco-conscious procurement practices by ODP Business Solutions.Source

Ron Coughlin has stepped down as CEO and Chairman, and will serve as an advisor to the Board, during the transition.Source

I am honored to be here with you today, and serve such an incredible company, with a mission that matters to improve the lives of pets and pet parents.Source

Personally, I'd also like to thank the teams at Petco Love and priceless pets rescue in Southern California for helping me find the newest member of the Coghlan family, our sweet new chocolate lab, Yogi.

Cathy has an impressive and diverse background, spanning both buy and sell side and telecommunications and healthcare. Many on this call will know her, she has already become a great addition to the team and is proud pet parent of two Pomeranians, Loki and Freya, we’re delighted to have her and her pets at Petco.

We deployed $19 million to acquire over 75,000 new subscription pets, excluding the 4,000 European pets.Source

Total subscription pets increased 23% year-over-year to over 943,000 pets as of June 30, 2023.Source

The combination of early margin expansion and efficiencies in our pet acquisition spend helped drive a $3.9 million sequential improvement in free cash flow in the quarter.Source

Understanding and managing our spend in relation to how we believe these pets will perform over their lifetime with us will be critical in doing so.Source

we're introducing ourselves into much bigger categories than toys, treats being one of those.Source

we're in 40,000 retail doors with our toys and quite successfully, and we have great relationships.Source

The relationship people have with their dogs is filled with passion and emotion, and we're great at understanding that relationship and reflecting it in otherwise mundane products.

One way we're leveraging that is the launch of BARK Air. This is an initiative I've thought about for over 10 years due to being unable to fly with my Great Dane, Hugo.

they are right now doing almost all of their volume with a very small number of customers with a very small number of SKUs.

the interviews of our customers are always super positive relative to our model.

We believe we are well positioned across our product and services segments to attract more pet parents to our health and wellness offerings.

We believe PetIQ's unique position in the market, offering convenient and affordable veterinarian products and services, has never been more valuable and needed by pet parents.