Arhaus Inc (ARHS) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Arhaus Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please note that this call is being recorded, and the reproduction of any part of this call is not permitted without written authorization from the company.

早安，歡迎參加 Arhaus 2022 年第二季財報電話會議。 （操作員指示）請注意，本次通話正在錄音，未經本公司書面授權，不得複製本通話的任何部分。

Ladies and gentlemen, I will now turn the conference over to Ms. Wendy Watson, Senior Vice President of Investor Relations. Please go ahead.

女士們，先生們，現在我將會議交給投資者關係高級副總裁溫迪·沃森女士。請您發言。

Good morning, and thank you for joining Arhaus's second quarter 2022 earnings call. On with me today are John Reed, Co-Founder, Chairman and Chief Executive Officer; and Dawn Phillipson, Chief Financial Officer. John will start with a summary of the main points we made in this morning's press release, along with operational details. Dawn will cover our financial performance and outlook for 2022, and then they will be joined by Jen Porter, our Chief Marketing Officer, for the Q&A session.

早安，感謝您參加 Arhaus 2022 年第二季財報電話會議。今天與我一起參加電話會議的有共同創辦人、董事長兼執行長 John Reed 和財務長 Dawn Phillipson。 John 將首先總結我們在今天上午新聞稿中提出的要點以及營運細節。 Dawn 將介紹我們的財務表現和 2022 年的展望，然後我們的首席行銷長 Jen Porter 將加入他們的問答環節。

During Q&A, please limit to one question and one follow-up. If you have additional questions, please return to the queue. We issued our earnings press release and our 10-Q for the quarter ended June 30, 2022, before market opened today. Those documents are available on our Investor Relations website at ir.arhaus.com. A replay of the call will be available on our website within 24 hours.

在問答環節，請限制提問一個問題和一個後續問題。如果您還有其他問題，請返回提問佇列。我們已於今日開市前發布了截至2022年6月30日的季度財報和10-Q財報。這些文件可在我們投資者關係網站ir.arhaus.com上取得。本次電話會議的重播將在24小時內在我們的網站提供。

As a reminder, remarks today concerning future expectations, events, objectives, strategies, trends or results constitute forward-looking statements. Actual results or events may differ materially due to a number of risks and uncertainties. For a summary of these risk factors and additional information, please refer to this morning's press release and the cautionary statements and risk factors described in our Annual Report on Form 10-K and subsequent 10-Qs as such factors may be updated from time to time in our filings with the SEC. The forward-looking statements are made as of today's date, and except as may be required by law, the company undertakes no obligation to update or revise these statements.

提醒一下，今日關於未來預期、事件、目標、策略、趨勢或結果的言論均構成前瞻性陳述。由於諸多風險和不確定因素，實際結果或事件可能與預期有重大差異。如需了解這些風險因素的摘要及其他信息，請參閱今日上午的新聞稿以及我們10-K表格年度報告和後續10-Q表格中所述的警示性聲明和風險因素，因為這些因素可能會在我們提交給美國證券交易委員會（SEC）的文件中不時更新。這些前瞻性陳述截至今日已做出，除法律另有規定外，本公司不承擔更新或修訂這些陳述的義務。

We will also refer to certain non-GAAP financial measures, and this morning's press release includes the relevant non-GAAP reconciliations. I will now turn the call over to John.

我們也將參考一些非公認會計準則 (Non-GAAP) 財務指標，今天早上的新聞稿中包含了相關的非公認會計準則 (Non-GAAP) 對帳表。現在我將電話轉給約翰。

Good morning, everyone, and thank you for participating in our second quarter call. We had another great quarter, our third as a public company, and we are excited to share our results.

大家早安，感謝大家參加我們第二季的電話會議。我們又度過了一個出色的季度，這也是我們上市以來的第三個季度，我們很高興能與大家分享我們的業績。

This morning, we reported record quarterly net revenue of $306 million, a 66% increase from Q2 last year, with our retail channel up 69% and our e-comm channel up 54%. Comp growth was 65.2%, and demand comp growth was a strong 22.5%. Net and comprehensive income increased 436%, and adjusted EBITDA increased 76%. Our second quarter performance is particularly notable on top of last year's very strong second quarter performance that included comp growth of 71% and demand comp growth of 73%. So our 2-year demand comp stack for the second quarter is over 95%.

今天上午，我們公佈了創紀錄的季度淨收入，達到3.06億美元，較去年第二季成長66%，其中零售通路成長69%，電商通路成長54%。同店銷售額較去年同期成長65.2%，需求同店銷售額較去年同期成長22.5%。淨利及綜合利潤成長436%，調整後息稅折舊攤提前利潤（EBITDA）成長76%。我們第二季的業績尤其突出，去年第二季的業績表現非常強勁，同店銷售額較去年同期成長71%，需求同店銷售額較去年同期成長73%。因此，我們第二季兩年期的需求同店銷售額年增率超過95%。

Despite ongoing macroeconomics, geopolitical concerns, including high inflation, rising interest rates and ongoing global supply chain challenges, demand for our product remains strong, driven by our passionate approach to design and developments. We seek inspiration from all around the world and are thrilled with our clients' response to our unique and artisan-crafted assortment. When the pandemic began in the spring of 2020, we continued designing and developing our products, which allowed us to continue to introduce new collections across our portfolio throughout the past year. We know and stay true to what we do well.

儘管宏觀經濟情勢持續動盪，地緣政治擔憂（包括高通膨、利率上升以及持續的全球供應鏈挑戰）依然存在，但在我們充滿熱情的設計和研發理念的推動下，我們產品的需求依然強勁。我們從世界各地汲取靈感，並欣喜地看到客戶對我們獨特且匠心獨運的系列產品反應熱烈。 2020年春季疫情爆發後，我們繼續堅持設計和開發產品，這使得我們在過去一年中不斷推出全新系列。我們深諳並始終堅持我們擅長的領域。

We are also keenly focused on our client experience. Our showrooms are designed to inspire, highlighting the beauty of every piece of furniture and decor within them. Our design consultants are available to help in any way and undergo rigorous training on our product designs and quality so they can thoughtfully guide our clients through the process of furnishing and decorating their homes.

我們也非常注重客戶體驗。我們的展廳設計旨在激發靈感，凸顯每件家具和裝飾的美感。我們的設計顧問隨時準備為您提供各種協助，並接受過嚴格的產品設計和品質培訓，能夠悉心指導客戶完成家居裝飾的整個過程。

As you can see from our results, this is clearly resonating, and we take the showroom and website experience a step further by offering complementary in-home designer services to our clients. which result in an average order value that is over 3x the company average. We are also very proud of our trade designer program, which continues to grow as we have responded to the needs of the design community on both the front end with our aesthetics, quality and education and on the back end with the room design software.

從我們的結果可以看出，這顯然引起了共鳴。我們透過為客戶提供免費的室內設計師服務，進一步提升了展廳和網站的體驗，這使得平均訂單價值是公司平均水平的三倍多。我們也為我們的行業設計師專案感到非常自豪，該專案不斷發展壯大，我們不僅透過前端的美學、品質和教育，還透過後端的房間設計軟體，積極響應設計界的需求。

We opened 2 new showrooms during the quarter in Colorado Springs and in White Plains, New York. We continue to be pleased with the strong opening performance and the quick ramp-up of our new showrooms. Additionally, our design studios continue to exceed our expectations, and we are excited to expand this format in 2 to 3 additional markets over the next several months.

本季度，我們分別在科羅拉多斯普林斯和紐約州白原市開設了兩家新展廳。我們對新展廳的強勁開幕業績和快速擴張感到欣喜。此外，我們的設計工作室繼續超越預期，我們期待在未來幾個月內將這種模式擴展到另外2到3個市場。

During the second quarter, we also launched a partnership with the Surf Lodge in Montauk, New York, redesigning and outfitting the property's beach front and private dining deck with artisan-crafted furnishings from our outdoor collection. Community and timeless designs are what inspire us at Arhaus, and we are thrilled to celebrate these values through our partnership with the Surf Lodge.

第二季度，我們還與紐約州蒙托克的 Surf Lodge 建立了合作關係，重新設計並配備了酒店的海濱和私人用餐露台，並配備了我們戶外系列的手工家具。社區氛圍和雋永的設計是 Arhaus 的靈感源泉，我們很高興能夠透過與 Surf Lodge 的合作來弘揚這些價值觀。

Regarding our supply chain, both inbound and outbound logistics continue to improve, and our lead times are coming down steadily. We expect lead times to continue to improve over the rest of the year. As we discussed last quarter, we believe our new distribution facilities will help alleviate our backlog, reduce our lead times and support our growth over the next 7 to 10 years.

關於我們的供應鏈，進出物流均持續改善，我們的交貨週期也穩定縮短。我們預計今年剩餘時間的交貨週期將繼續縮短。正如我們上個季度討論的那樣，我們相信新的配送中心將有助於緩解積壓訂單，縮短交貨週期，並支持我們未來7到10年的成長。

Our North Carolina distribution center opening went better than expected and has played a large part in our first half net revenue outperformance. Our Texas distribution center is open, and we are intentionally ramping up at a slower-than-expected pace as we work to ensure a seamless integration. We also expect the expansion of our Ohio distribution facility to be complete near the end of this year.

我們北卡羅來納州配送中心的開幕情況好於預期，這對我們上半年淨收入的出色表現起到了重要作用。我們的德州配送中心已經開業，我們正在刻意降低產能擴張速度，以確保無縫整合。我們也預計俄亥俄州配送中心的擴建工程將於今年底前完工。

Looking forward into Q3, we cannot wait to launch our fall 2022 collection. We've called our fall campaign The Art of Home, and I cannot think of a better title to celebrate this incredible collection of furniture and decor, including hundreds of new arrivals and featuring some key home trends such as rich textured boucle fabrics, curved and sculptured forms, reading and the focus of celebration on natural materials and color. This collection is one of the strongest we've ever launched.

展望第三季度，我們迫不及待地想要推出2022年秋季系列。我們將秋季系列活動命名為“家的藝術”，我想不出比這更好的標題來慶祝這個精彩的家具和裝飾系列，其中包括數百款新品，並展現了一些關鍵的家居潮流，例如質感豐富的圈圈呢面料、曲線和雕塑造型、閱讀以及對天然材料和色彩的頌揚。這個系列是我們迄今為止推出的最強系列之一。

From the beauty of our materials to the handcrafted artisan designed with our furniture and decor, we believe our product is truly special within the market and clients seem to be agreeing. Our style issue catalog will arrive in our clients' home and our new products will be in the showrooms by the end of August. As a reminder, we operate in a highly fragmented $60 billion home furnishings market in the United States.

從我們精美的材質到匠人精心設計的家具和裝飾，我們相信我們的產品在市場上獨樹一幟，客戶似乎也認同這一點。我們的風格特刊目錄將於8月底送達客戶家中，新產品也將在展場上架。需要提醒的是，我們在美國600億美元的家居市場中運營，市場高度分散。

Our clients who are predominantly from high-income households continue to invest in their homes, and we are executing our growth strategy by opening showrooms, making the investment to build the brand awareness and grow our omnichannel footprint, enabling us to gain market share. Our current momentum gives us confidence in our performance for the remainder of the year, and we are raising our full year outlook, as Dawn will discuss.

我們的客戶主要來自高收入家庭，他們持續投資於自己的住房。我們正在實施成長策略，開設展廳，加大投資，提升品牌知名度，並拓展全通路業務，進而提升市場佔有率。目前的勢頭讓我們對今年剩餘時間的業績充滿信心，我們也上調了全年業績預期，Dawn 稍後會談到這一點。

In closing, I want to congratulate and thank our teams for their incredible execution and hard work. In the last year, we have grown our product selection, introduced newness across all categories, posted record sales, doubled our production capacity, moved from one distribution center to 3, opened new showrooms and produced excellent overall results. I have always believed that our people and their passion set Arhaus apart. I am proud to work alongside each of you. Thank you for everything you've done and continue to do to make Arhaus and the team the best in the business.

最後，我要祝賀並感謝我們團隊出色的執行力和辛勤工作。在過去的一年裡，我們豐富了產品選擇，在所有品類中引入了新品，創下了銷售額的新高，產能翻了一番，配送中心從一個擴展到三個，開設了新的展廳，並取得了卓越的整體業績。我一直堅信，正是我們的員工和他們的熱情讓 Arhaus 脫穎而出。我很榮幸能與你們每一位共事。感謝你們所做的一切，並將繼續努力，使 Arhaus 和團隊成為業內翹楚。

Now I'll turn it over to Dawn.

現在我將把時間交給 Dawn。

Thank you, John. We are pleased to deliver second quarter 2022 net revenue and earnings that exceeded our expectations. Key items from the income statement include: net revenue of $306 million, comp growth of 65.2% and demand comp growth of 22.5% on a 1-year basis and 95.4% on a 2-year stacked basis. This growth was driven by increased demand for our products in both showroom and e-commerce channels, as well as delivery of orders in the backlog as our supply chain continues to improve and deliveries from our new distribution center in North Carolina exceeded expectations.

謝謝，約翰。我們很高興看到2022年第二季的淨收入和利潤超出預期。損益表中的關鍵數據包括：淨收入3.06億美元，年增65.2%，需求年增1年22.5%，兩年疊加成長95.4%。這一增長得益於展廳和電商通路對我們產品的需求增長，以及我們供應鏈持續改進帶來的積壓訂單交付，以及我們位於北卡羅來納州的新配送中心的交付量超出預期。

Our second quarter net revenue significantly beat our internal expectations with upside across demand comp and delivered orders in both showroom and e-commerce channels. Our second quarter gross margin increased 71% to $133 million in the quarter, driven by our higher net revenue, partially offset by higher variable costs related to the increase in net revenue and higher credit card fees related to demand.

我們第二季的淨收入大幅超出內部預期，得益於需求年增率以及展廳和電商通路訂單交付量的成長。受淨收入成長的推動，第二季毛利率成長71%，達到1.33億美元，但淨收入成長導致的變動成本上升以及與需求相關的信用卡費用上漲部分抵銷了這一成長。

Gross margin as a percent of net revenue increased 110 basis points to 43%, reflecting our ability to leverage our fixed showroom occupancy costs over higher net revenue, partially offset by higher transportation costs and variable rent expense. The year-over-year gross margin expansion in the second quarter also beat our internal expectations, primarily driven by lower-than-expected product and container costs, as well as leverage on fixed costs. I'm very proud of the hard work across the company managing our gross margin during a time of high inflation and supply chain complexity.

毛利率佔淨收入的百分比上升了110個基點，達到43%，這反映出我們能夠利用固定展廳佔用成本來抵消淨收入的增長，但運輸成本和可變租金支出的上升部分抵消了這一增長。第二季毛利率的年增率也超出了我們的內部預期，這主要得益於低於預期的產品和貨櫃成本，以及固定成本的槓桿作用。我為全公司上下在高通膨和供應鏈複雜時期努力管理毛利率感到非常自豪。

Second quarter SG&A expenses increased 20% to $83 million and decreased 1,060 basis points as a percentage of net revenue to 27%. The increase in expenses was primarily driven by investments to support the growth of our business, including increased warehouse and corporate expenses as new showrooms open and we expand distribution capacity, as well as public company-related costs. These were partially offset by the nonrecurrence of a prior year derivative expense. The expense decrease as a percentage of net revenue was driven by leverage on fixed costs on the 66% net revenue increase and the nonrecurrence of the prior year derivative expense.

第二季銷售、一般及行政費用 (SG&A) 成長 20% 至 8,300 萬美元，佔淨收入的百分比下降 1,060 個基點至 27%。費用的成長主要源自於支持業務成長的投資，包括新展廳開幕和分銷能力擴張帶來的倉儲和公司費用的增加，以及上市公司相關成本。這些費用被上年衍生性商品費用的未發生性部分抵銷。費用佔淨收入的百分比下降，是由於淨收入增長 66% 後，固定成本的槓桿作用以及上年衍生品費用的未發生性。

Second quarter 2022 net income increased 436% to $37 million. Adjusted net income in the second quarter of 2022 increased 42% to $39 million compared to adjusted net income of $28 million in the second quarter of 2021. Adjusted EBITDA in the quarter increased 76% to $60 million from $34 million in the second quarter of 2021. Net income and adjusted EBITDA also significantly exceeded our internal expectations, driven by higher revenues and better gross margin.

2022年第二季淨收入成長436%，達3,700萬美元。 2022年第二季調整後淨收入成長42%，達到3,900萬美元，而2021年第二季調整後淨收入為2,800萬美元。本季調整後EBITDA成長76%，達到6,000萬美元，而2021年第二季為3,400萬美元。受收入成長和毛利率提升的推動，淨收入和調整後EBITDA也大幅超出我們的內部預期。

Turning to the balance sheet and cash flow. As of June 30, 2022, cash and cash equivalents were $145 million, and the company had no long-term debt. Net merchandise inventory was $272 million, up 31% from December 31, 2021, and up 100% year-over-year as we continue to build inventory in response to strong ongoing client demand and as inventory value increased due to higher freight and product costs. While inventory dollars are growing due to inflationary conditions, our inventory units are growing at a significantly lower rate. We remain comfortable with our inventory levels.

再來看看資產負債表和現金流。截至2022年6月30日，現金及現金等價物為1.45億美元，公司沒有長期債務。淨商品庫存為2.72億美元，較2021年12月31日成長31%，年成長100%，這得益於我們持續增加庫存以應對持續強勁的客戶需求，以及運費和產品成本上漲導致庫存價值上升。雖然通貨膨脹導致庫存金額增加，但我們的庫存單位成長明顯放緩。我們對庫存水準仍然感到滿意。

For the 6 months ended June 30, 2022, net cash provided by operating activities was $41 million and net cash used in investing activities was $20 million with landlord contributions of $7 million. As a result, total capital expenditures, net of landlord contributions, were approximately $13 million in the first 6 months of 2022.

截至2022年6月30日的六個月，經營活動產生的淨現金為4,100萬美元，投資活動產生的淨現金為2,000萬美元，其中業主自付700萬美元。因此，扣除業主自付金額後，2022年前六個月的總資本支出約為1,300萬美元。

As we announced this morning, we are raising our full year 2022 outlook to reflect our second quarter outperformance. We have also recalibrated some of our revenue, cost and margin assumptions for the second half of the year. We now expect full year net revenue of $1.173 billion to $1.193 billion, full year comparable growth in the range of 43% to 48%, net income of $92 million to $98 million and adjusted EBITDA of $173 million to $180 million.

正如我們今天上午宣布的那樣，我們上調了2022年全年業績預期，以反映我們第二季度的優異表現。我們也重新調整了下半年的部分營收、成本和利潤率預測。我們目前預計全年淨收入為11.73億美元至11.93億美元，全年可比增長在43%至48%之間，淨收入為9,200萬美元至9,800萬美元，調整後EBITDA為1.73億美元至1.8億美元。

Breaking this down a bit, as I mentioned, we significantly beat our internal expectations for net revenue and earnings in the second quarter. We are raising our net revenue outlook for 2022, reflecting our first half outperformance, while slightly adjusting our second half net revenue assumptions due to an intentionally slower ramp-up of our recently opened Dallas distribution center.

具體來說，正如我之前提到的，我們第二季的淨收入和利潤大幅超出了內部預期。我們上調了2022年的淨收入預期，以反映我們上半年的優異表現。同時，由於我們最近開設的達拉斯配送中心的產能提升速度有所放緩，我們略微調整了下半年的淨收入預測。

Recall that this will add over 800,000 square feet to our distribution capacity in key regions for our long-term expansion. And as we are growing from 1 to 3 distribution centers in less than a year, we want to ensure the integration is as seamless as possible and will meet our high standards for client experience. We are very pleased with what we are seeing in the early part of the third quarter. Demand continues to be strong, though a moderation from the levels in Q2.

值得一提的是，這將使我們在關鍵地區的配送能力增加超過80萬平方英尺，以支持我們的長期擴張。由於我們在不到一年的時間內從1個配送中心擴展到3個配送中心，我們希望確保整合盡可能無縫銜接，並滿足我們對客戶體驗的高標準。我們對第三季初的業績非常滿意。需求持續強勁，儘管較第二季有所放緩。

We are also raising our full year earnings expectations, while recalibrating cost assumptions for increased marketing spend and increased warehouse costs. We are continuing to see very attractive returns on our marketing dollars even with the higher industry-wide costs. The warehouse cost increases are the result of higher product storage costs due to the more gradual ramp of the Dallas DC than we originally projected, as well as certain Dallas DC costs that are higher than originally anticipated.

我們也上調了全年獲利預期，同時重新調整了成本假設，以因應行銷支出和倉儲成本的增加。儘管全行業成本普遍上漲，但我們的行銷支出仍保持著非常可觀的回報。倉儲成本的增加是由於達拉斯配送中心產能提升速度比我們最初預期的緩慢，導致產品倉儲成本上升，以及部分達拉斯配送中心的成本高於最初預期。

Our outlook assumes continued year-over-year inflation in product and transportation costs. We have lowered our full year expectations for capital expenditures, net of landlord contribution, to a range from $55 million to $65 million as some new showrooms have experienced construction and permitting delays. Please keep in mind these delays are temporary and will have no impact on 2022 revenue, given our backlog.

我們的展望假設產品和運輸成本將持續年增。由於一些新展廳的建設和批准出現延誤，我們已將全年資本支出預期（扣除業主貢獻）下調至5500萬美元至6500萬美元。請注意，這些延誤是暫時的，考慮到我們的積壓訂單，不會對2022年的收入產生影響。

Regarding backlog, just a reminder that it is driven by both demand and deliveries. We currently anticipate our backlog to be normalized by mid-2023. Against this backdrop, we are mindful of current macroeconomic conditions, and we believe we have the experience, flexibility and balance sheet strength to address and weather cyclical environments. In the past, we have exited cycles with strong demand and having gained market share. For all other details related to our updated 2022 outlook, please refer to our press release.

關於積壓訂單，需要提醒的是，積壓訂單量受需求和交付量共同驅動。我們目前預計積壓訂單量將在2023年中期恢復正常。在此背景下，我們密切關注當前的宏觀經濟情勢，並相信我們擁有應對和經受週期性環境的經驗、靈活性和強勁的資產負債表實力。過去，我們憑藉著強勁的需求和市佔率的提升走出了周期。有關我們更新後的2022年展望的所有其他詳細信息，請參閱我們的新聞稿。

In closing, we are very encouraged by our strong performance in the first half of 2022 and excited about the remainder of the year, as well as our long-term growth opportunities. Thank you for your attention, and we would now like to open the call up for questions.

最後，我們對2022年上半年的強勁表現感到非常鼓舞，並對今年剩餘時間的業績以及我們的長期成長機會充滿期待。感謝您的關注，現在我們開始提問環節。

(Operator Instructions) Our first question comes from the line of Peter Keith from Piper Sandler.

（操作員指示）我們的第一個問題來自 Piper Sandler 的 Peter Keith。

Great results here. I think you're kind of bucking the trend on overall demand while there are concerns around the economy and recession. Could you maybe just kind of frame up with your business has been around for a while, how you guys have done in past economic downturns and any comparisons you might see to the current environment?

你們的業績很棒。我覺得你們在整體需求方面逆勢而上，尤其是在人們對經濟和衰退感到擔憂的情況下。能否簡單介紹一下你們的業務發展歷程？你們在過去的經濟低迷時期的表現如何？以及與當前環境有何比較？

Sure, Peter. Good question. Nice to hear from you. Yes, we've been through quite a few recessions over the last 30 years. I'm happy to report, we've managed them very well. What our strategy had been through recessions is, we were always focused on actually growing our business. We were focused on coming up with new products that would really entice and thrill our clients. And that was a different approach. I guess it was more of an offensive approach we took than what our competitors would do, which we saw would pull back on things, not introduce new products, pull back on marketing. And we certainly had some small hiccups during recession, especially the Great Recession. And -- but we pulled out of it nicely if we didn't take a huge hit in sales.

當然，彼得。好問題，很高興收到你的來信。是的，過去30年我們經歷不少經濟衰退。我很高興地告訴大家，我們應對得非常好。我們應對經濟衰退的策略是，始終專注於業務的實際成長。我們專注於推出真正吸引和刺激客戶的新產品。這是一種不同的方法。我想，我們採取的策略比競爭對手更具進攻性，我們發現他們的策略是縮減開支，不推出新產品，也不進行行銷。在經濟衰退期間，尤其是在大衰退期間，我們確實遇到一些小問題。但只要銷售額沒有受到巨大打擊，我們就能順利地擺脫困境。

But then, once it started coming out, we had big, big increases. And we really know that we increased our market share at that point. So of course, we managed our expenses where we had to adjust them, we did, we had to adjust inventory if we did. But -- so we were cautious, but we took an offensive approach. And it seemed to have worked every time, especially coming out of the recession.

但一旦開始上市，我們的銷售就大幅成長。我們確實知道，那時我們的市佔率確實增加了。所以，我們當然會控制開支，調整開支，如果調整了，就必須調整庫存。但是——我們很謹慎，但採取了主動進攻的策略。而這種方法似乎每次都奏效，尤其是在經濟衰退之後。

Peter, this is Dawn. To add a little more context to John's comments, in 2008, we had a positive comp of 2%. In 2009, we had a negative comp of 13% and then came out strong in 2010 with a 20% comp growth. So to further elaborate on John's point, we're a different company today than we were in 2008 and 2009. In the long-term, we view all expenses as variable. But we feel we're really well positioned with our balance sheet strength to kind of weather what uncertainties lie ahead for the next 6 to 12 months.

彼得，我是道恩。為了補充約翰的評論，我想補充一下背景資訊：2008年，我們的年銷售額成長了2%。 2009年，我們的年銷售額下降了13%，但在2010年，我們表現強勁，年比銷售額成長了20%。為了進一步闡述約翰的觀點，我們現在與2008年和2009年的情況不同。從長期來看，我們認為所有支出都是可變的。但我們認為，憑藉我們強勁的資產負債表，我們完全有能力應對未來6到12個月的各種不確定性。

Okay. That's helpful. On the demand comp, again, it's kind of bucking the trend for everything we're hearing out there even with premium home furnishings. You called out the 2-year around 94. I think if we are even looking at a geometric basis, you'd see even over 100. But we like to look at a lot of things on a 3-year basis. Where is the demand comp on a 3-year basis, if you happen to have that in front of you?

好的。這很有幫助。關於需求補償，再說一次，它在某種程度上與我們聽到的所有趨勢相反，即使是高端家居用品也是如此。您提到2年期的需求補償在94左右。我認為，如果我們從幾何角度來看，您甚至會看到超過100。但我們喜歡以3年為基礎來看待很多事情。如果您碰巧有3年期的需求補償，請問3年的需求補償在哪裡？

I do. So on a demand comp basis, the 2-year is 95.4, the 3-year comp is 90.7. On a comp basis, on a revenue comp basis, the 3-year is 116.9.

是的。所以，以需求比較基準計算，兩年期是95.4，三年期是90.7。以收入比較基準計算，三年期是116.9。

Our next question is from the line of Curtis Nagle from Bank of America.

我們的下一個問題來自美國銀行的柯蒂斯·納格爾 (Curtis Nagle)。

Great. So maybe one just in terms of what you guys are seeing from a supply chain and cost perspective. It didn't sound like that was something that was like a material tailwind in the context of pretty strong gross margins better than expected. But yes, I would love to just hear kind of how that's trending and where things are relative to expectations -- or prior expectations for the rest of the year.

太好了。所以，也許就你們從供應鏈和成本角度來看，這聽起來不像是實質的利多因素，畢竟毛利率相當高，好於預期。不過，是的，我很想聽聽這方面的趨勢，以及與預期——或者說與今年剩餘時間的先前預期——相比的情況。

So supply chain certainly is -- the constraints are easing up from a gross margin perspective. Year-over-year, the product and container costs were relatively flat. So pleased with what we're seeing there. As we think about the expectation heading into the quarter, we've continued to say over the last few quarters that we expected the cost to elevate a bit more. We have seen stabilization in the fourth quarter and again in the first quarter. So really pleased to see that stabilization and costs continue into the second quarter. I will say that there's some offset there relative to the fuel surcharges we're seeing in transportation on the outbound side. So just important to keep that in mind as we think about the balance of the year.

因此，供應鏈確實如此——從毛利率的角度來看，限制正在緩解。與去年同期相比，產品和貨櫃成本相對持平。我們對目前的情況感到滿意。談到本季的預期，我們在過去幾季中一直表示，預計成本會進一步上漲。但第四季和第一季度，成本已經趨於穩定。因此，很高興看到這種穩定性和成本持續到第二季​​。我想說的是，相對於我們在出港運輸中看到的燃油附加費，第二季的成本有所抵銷。因此，在我們考慮全年的平衡時，牢記這一點至關重要。

Okay. That's very helpful. And then, I wanted to clarify some points in terms of the design studio. So it sounds like we're getting a couple of incremental new builds coming up relatively soon. I guess, just confirming that, that is true that these are the ones that maybe work expected previously. And I guess just if that's the case, what's driving that increased investment in this concept? And how should we think about going into 2023? Again, I think kind of what we win previously was this was more kind of a long test and learn. So I would love to hear thoughts on that.

好的。這很有幫助。然後，我想澄清一些關於設計工作室的問題。聽起來我們很快就會有幾套增量式的新版本。我想，只是想確認一下，這些版本確實可能符合先前預期。如果是這樣，是什麼推動了我們增加對這個概念的投資？我們該如何規劃2023年的計畫？同樣，我認為我們之前贏得的方案更像是長期的測試和學習。所以我很想聽聽大家對此的看法。

Yes. I guess, Curt, that was my fault. I guess I changed my mind and wanted to add a couple. We were going to hold off. But looking at the results of them, we felt we could handle a couple more. And quite honestly, the real estate just kind of popped up, and they were good deals and great markets. And so, we decided to go for them. And I think we have 2 of them -- we'll open 2 to 3 open by the end of the year. So for next -- for the following year, again, we haven't set a final plan for how many we can open per year, but we should have that in the next quarter or so. We're going to -- obviously, everything going on, we thought 2 was plenty aggressive, and we'll see how the market goes in the next 3, 4 months, and then we'll put kind of an official plan in place after that.

是的。 Curt，我想那是我的錯。我改變了主意，想再開幾個。我們本來打算等一下。但看了這些店的業績後，我們覺得還能再開幾個。說實話，這些店真的突然冒出來了，而且價格划算，市場前景也很好。所以，我們決定開店。現在我們大概有兩家店了──到年底我們會開兩到三家。所以，對於明年——再說一次，我們還沒有最終確定每年可以開多少家店，但應該會在下個季度左右確定。當然，考慮到各種情況，我們覺得開兩家店已經夠激進了，我們會看看未來三、四個月的市場行情，然後再製定一個正式的計畫。

Our next question is from the line of Jonathan Matuszewski from Jefferies.

我們的下一個問題來自 Jefferies 的 Jonathan Matuszewski。

Great. First question is just on the complexion of the comp in 2Q. Curious if you could give us any color in terms of how much price contributed and maybe how transaction growth was looking and any commentary on units per transaction, just to help us understand the growth. That's my first question.

好的。第一個問題是關於第二季業績的狀況。請問您能否介紹一下價格貢獻了多少，交易量成長情況如何，以及每筆交易的單位數，以便我們更能理解成長情況。這是我的第一個問題。

So AOV was up nicely in the quarter. We're really pleased with what we're seeing there. That's driven both by price increases filtering through that were deployed last year. We also saw a nice uptick in our in-home designer program. The penetration of that program continues to expand and AOV continues to be over 3x that of our average AOV for the company. So really pleased with how that program is performing. A number of transactions are up healthily as well, so really pleased with those numbers. Units per transaction traffic also both up nicely. So really just pleased with all the metrics that we're seeing in the consumer response to our product and our marketing and our showrooms.

本季平均訂單價值 (AOV) 成長良好。我們對目前的情況非常滿意。這得歸功於去年實施的漲價措施。此外，我們的上門設計師專案也取得了不錯的成長。該項目的滲透率持續擴大，平均訂單價值 (AOV) 仍是公司平均平均訂單價值 (AOV) 的三倍多。我們對此專案的表現非常滿意。交易量也在健康成長，我們對這些數據非常滿意。每筆交易的單位流量也都有了不錯的成長。我們對消費者對我們的產品、行銷和展廳的反響等各項指標都非常滿意。

Great. That's helpful. And then, just my follow-up is on pricing. It sounds like you guys have been less aggressive in passing along price than some of your competitors. Curious if you guys are seeing in terms of new customer acquisition, maybe an outsized increase in customers with presumably maybe higher household income, maybe potentially trading down. Any commentary on what the new customer that you're acquiring looks like, if it's any different than in the past would be helpful.

太好了，這很有幫助。然後，我想問一下關於定價的問題。聽起來你們在價格傳導方面不像一些競爭對手那麼積極。我很好奇你們在新客戶獲取方面是否有所進展，例如家庭收入較高、消費水平較低的客戶數量是否有大幅增長。如果你們獲得的新客戶與過去有任何不同，歡迎評論。

Yes. I can comment on the price increases, and then maybe Jen can comment on if the customer has changed at all. But we took price increases as we needed to as product was increased by our vendors and suppliers, partners and as container cost coming into the facility and going out increased, we adjusted prices. We feel we are right where we need to be with that. We feel -- we have to, we still have room to take other increases if we need to, but we're pretty happy with where we're at. And we haven't seen a lot of change in price increases, I should say, from vendors lately, the last few months. Things have been pretty quiet. They took their price increases. They're happy with what they're getting right now. We haven't had any big surprises in that regard.

是的。我可以就漲價發表評論，然後也許Jen可以評論一下客戶是否有任何變化。但我們根據需求進行了漲價，因為我們的供應商、合作夥伴提高了產品價格，而且由於貨櫃進出設施的成本也增加了，我們也調整了價格。我們認為我們目前的價格處於合理的水平。我們認為——我們必須這樣做，如果需要，我們仍然有空間進行其他漲價，但我們對目前的狀況相當滿意。最近幾個月，應該要說，我們並沒有看到供應商的漲價幅度有太大變化。情況相當平靜。他們接受了漲價。他們對目前的狀況感到滿意。在這方面，我們並沒有遇到什麼大的意外。

Container costs, of course, have come down a little bit. I certainly know where they were 3 years ago, but lower than last year. So I guess, you can be happy as you can be with paying that much for a container. But again, half of our product also is made in the United States. So again, that hasn't hit us as much as a lot of our competitors who have had to raise prices more because most of their things are imported. And so, they may have taken more as a percent than we have, but we haven't needed to because half of our products are here in the States. Jen, do you want to talk about that?

當然，貨櫃成本確實下降了一點。我當然知道三年前的價格，但比去年低了。所以，我想，一個貨櫃能花這麼多錢，大家應該要高興才對。不過話說回來，我們一半的產品也是在美國生產的。所以，這對我們來說影響不像很多競爭對手那麼大，他們不得不進一步提價，因為他們的大部分產品都是進口的。所以，他們收取的費用可能比我們高，但我們沒必要這麼做，因為我們一半的產品都在美國生產。 Jen，你想談談這個嗎？

Yes. Jonathan, this is Jen. Yes, speaking directly to the new customers in the demos, we really haven't seen any changes in the customers who are coming in. They're spending more, which is great to see. We continue to see that. But in terms of who they are, we're really not seeing any impactful changes there. And that goes the same for super channels there that are coming in as well. So showrooms versus e-comm, we'll continue to see really nice strong results.

是的。喬納森，我是珍妮佛。是的，我直接和演示中的新客戶交談，我們確實沒有看到新客戶有任何變化。他們的消費增加了，這很好。我們繼續看到這種情況。但就客戶群而言，我們並沒有看到任何顯著的變化。對於新進的超級頻道也是如此。所以，無論是展廳還是電商管道，我們都會繼續看到非常強勁的業績。

Our next question comes from the line of Adrienne Yih from Barclays.

我們的下一個問題來自巴克萊銀行的 Adrienne Yih。

Congrats. Really nicely done. John, I was wondering if you can talk about the cadence across the quarter. I believe last quarter, you said it was pretty steady across the 3 months in Q1. And then, this is sort of a caution that it's more philosophical or how much, if at all, do the macro housing data points factor into your business forecast? That's probably for Dawn, or John, if you want to comment on that, like pending home sales, housing starts. There seems to be a long duration between seeing those data points and kind of where you are in your kind of growth curve.

恭喜！做得真棒。約翰，我想問您能否談談整個季度的節奏。我記得上個季度您說過，第一季的三個月成長相當穩定。然後，我想提醒您，這更具哲學性，或者說，宏觀住房數據點對您的業務預測的影響有多大（如果有的話）？這個問題可能留給道恩或約翰回答，如果您想評論一下待售房屋銷售量和新屋開工量的話。從看到這些數據點到您處於成長曲線的某個位置之間似乎需要很長的時間。

Yes. I mean I can start with that, that I don't look at those every day and worry about them too much. All I focus on is executing our plan, executing having the best product anywhere in the country. And it's a $60 billion business, and we're a very small part of that. So if we get a couple more percent from our competitors, we're doing great. So that's what I focus on.

是的。我的意思是，我可以從這一點開始，我不會每天都盯著這些，也不會為它們操心太多。我只專注於執行我們的計劃，確保我們的產品在全國範圍內都是最好的。這是一個價值600億美元的產業，而我們只是其中很小的一部分。所以，如果我們能從競爭對手那裡多拿到幾個百分點，我們就做得很好了。這就是我關注的重點。

Dawn, I don't know if you have more facts than I.

黎明，我不知道你是否比我掌握更多的事實。

Yes. So our customer is more tied to stock market volatility. And the demand outperformance in the quarter really is indicating to us that there's -- in this time period, there's a little bit less of a correlation than what we've seen historically. So really interesting data point for us as well, but less tied to housing starts and more tied to stock volatility. As we think about the cadence of the demand comps through the quarter, April was certainly the strongest month and June was a little bit moderated from that point, but nothing kind of meaningful that I would call out there that shows a change in actual consumer behavior.

是的。所以我們的客戶與股市波動的連結更加緊密。本季需求的強勁表現確實表明——在這個時期，兩者之間的相關性比我們歷史上看到的要低一些。所以對我們來說，這也是一個非常有趣的數據點，但它與新屋開工的聯繫較少，而與股市波動的聯繫更多。當我們思考整個季度需求對比的節奏時，4月無疑是最強勁的月份，而6月則略有放緩，但我認為並沒有什麼顯著的跡象表明實際消費者行為發生了變化。

Okay. And then, John, just a quick follow-up. I'm just trying to reconcile, demand, obviously super strong demand comp strong, a little bit of moderation, it sounds like as we go through QTD. But then, the comment, the backlog doesn't normalize until mid-calendar 2023 suggests that there's going to be an ongoing sort of long lead time for longer delivery, I should say. So what's actually -- is that getting any better the path to kind of like when they book to when they actually get delivered and recognize revenue? I'm just trying to figure out like how those 2 things play into each other.

好的。然後，約翰，我來快速跟進。我只是想協調需求，顯然需求非常強勁，但隨著季度累積（QTD）的推進，需求會有所緩和。不過，先前提到的積壓訂單要到2023年中期才能恢復正常，這意味著交付週期會持續很長。那麼，實際上，從訂單到實際交付並確認收入，這兩者之間是否有任何改善？我只是想弄清楚這兩件事是如何相互作用的。

Yes. So product lead times are shortening really nicely. We're pleased with the majority of our lead time. Special order upholstery is still a little bit longer than what we would like it to be and longer than pre-pandemic.

是的。所以產品交付週期確實縮短了不少。我們對大部分交貨週期都很滿意。特殊訂單的內裝交貨週期仍然比我們預期的要長一些，也比疫情前要長一些。

Down at half of what it was.

下降到原來的一半。

Yes. So as we think about the constraints, it's really around getting Dallas ramped up and being able to put the capacity towards pushing that product out of the distribution centers and delivering it into the client's home. So it is a rolling backlog. So keep in mind that clients aren't waiting 6-plus months for product, it is rolling. And we are able to deliver more today than we were even 6 or 8 months ago. So really pleased with the performance that we're seeing out of North Carolina. The productivity there in the distribution center is phenomenal and has certainly outpaced our original expectations for that facility. Dallas is coming up a little bit slower, so that's the constraint.

是的。所以，當我們考慮這些限制因素時，我們實際上關注的是提高達拉斯的產能，並且能夠將產品從配送中心運送到客戶家中。所以這是一個滾動的積壓訂單。請記住，客戶等待產品的時間不是6個多月，而是在滾動。我們今天的交貨量甚至比6個月或8個月前還要多。我們對北卡羅來納州的表現非常滿意。那裡配送中心的生產力非常驚人，肯定超出了我們最初對設施的預期。達拉斯的產能成長速度略慢，所以這就是限制因素。

But if you recall, when we talked a few months ago, our long-term goals were really for backlog, not to normalize until '24 and beyond. So we're pulling that up shorter than -- earlier than what we anticipated at the time of the transaction. And then, lastly, I'd just encourage you to keep in mind that backlog is a function of both the delivered and the demand. So as demand continues to be strong, it refills the pipeline, so therefore kind of pushing out the backlog a little bit longer.

但如果你還記得，幾個月前我們談過，我們的長期目標實際上是控制積壓訂單，直到2024年甚至更久以後才能恢復正常。所以我們把這個時間縮短了，比交易時的預期還要早。最後，我想提醒大家，積壓訂單是交付量和需求量共同作用的結果。因此，隨著需求持續強勁，它會補充庫存，因此積壓訂單的供應會稍微延長一些。

Our next question comes from the line of Steve Forbes from Guggenheim Partners.

我們的下一個問題來自古根漢合夥公司的史蒂夫福布斯。

I wanted to focus on the customer experience, maybe high level, John, if you can. Just given the strength in demand, you think about just the scaling of the business over the past 3 years. I would love if you just give us an update on your current thinking around investment needs of the business, right, inclusive of people, technology, infrastructure, sort of where is your sort of mind in terms of making sure right the investments are ahead of the growth here?

約翰，如果可以的話，我想重點談談客戶體驗，或許可以談談高層次的體驗。鑑於需求強勁，您認為過去三年業務的擴張情況如何？我希望您能更新一下您目前對業務投資需求的思考，包括人員、技術、基礎設施等等，您是如何確保投資領先於成長的？

Sure. As you know, we invested in the logistics side of the business with these new warehouses and so forth. Now we're focusing on putting some sophisticated systems in place to help us manage the different warehouses and so forth and putting a management warehouse system in place and so forth. So we're investing in things like that. We're hoping to invest in a new planning system, again, so we could plan our inventory more efficiently as we're growing and get into more warehouses.

當然。如你所知，我們在物流方面進行了投資，包括新建倉庫等等。現在，我們專注於建立一些先進的系統來幫助我們管理不同的倉庫，並建立一套倉庫管理系統等等。我們正在這方面進行投資。我們希望再次投資一套新的規劃系統，讓隨著業務的成長和倉庫數量的增加，我們就能更有效地規劃庫存。

Other than that, investing in new stores, new locations, not only new locations, but going back and renovating older stores or moving older stores that have been proven to be very successful and are worthy of our new look and our new design that has proven to be a huge success for us. So we're going back and remodeling some existing stores quite a few every year that I'm excited about, as well as the new stores.

除此之外，我們還投資新店、新地點，不僅僅是新地點，還包括翻新老店，或者搬遷那些已經被證明非常成功、值得我們採用新面貌和新設計的舊店，這些新店對我們來說是巨大的成功。所以我們每年都會翻新一些現有門市，我對此感到很興奮，當然，新店也是。

Steve, I'll add on a little to that. We are really pleased with the growth we're seeing, and we're being prudent in how we're investing in the business for growth. You can see it in some of the SG&A spend that we're investing in to ensure that the business can support the level of growth that we've seen and the growth that we anticipate. At the same time, we recognize that over the next 6 to 12 months, a lot could change. There's a lot of uncertainty out there. So we're being fiscally responsible with our growth needs and trying to balance the potential macro factors that could impact the business with supporting the growth that we anticipate.

史蒂夫，我補充一點。我們對目前的成長感到非常滿意，並且我們在投資業務成長方面非常謹慎。您可以從我們投資的一些銷售、一般和行政費用（SG&A）支出中看出這一點，以確保業務能夠支持我們目前看到的成長水平和預期的成長。同時，我們也意識到，在未來6到12個月內，很多事情都可能改變。存在很多不確定性。因此，我們將以財務上負責任的態度對待我們的成長需求，並努力在可能影響業務的潛在宏觀因素與支持我們預期的成長之間取得平衡。

And maybe just a follow-up, right, given the comment, John, you made around remodels. So curious if you could just give us an update on the current store network and sort of how you view it, right, from an investment need standpoint and whether we should view the next 12-month period as a period of time where you may focus on remodeling the existing store network versus new stores? Or how you sort of balance those 2 in the current macro environment?

約翰，考慮到您之前關於門市改造的評論，或許可以再問一次。您能否向我們介紹目前的門市網絡，以及您從投資需求的角度如何看待它？未來12個月，您是否應該專注於改造現有門市網絡，而不是開設新店？或者，在當前的宏觀環境下，您如何平衡這兩者？

Yes, as we mentioned, we're planning on 5 to 7 new stores a year, plus in addition to that some a few design studios, at least this year, we're going to do 2 or 3. So I don't have a count on what stores we're renovating right now, but we're looking at them for -- as leases expire and going back to landlords and if we want to stay in this space, then renegotiating leases, trying to get some landlord contribution if we are going to remodel or if we need to move it down the street or across the street or something, then we look at that. So it's an ongoing fluid situation that we're looking at one lease, one location at a time.

是的，正如我們所提到的，我們計劃每年開設5到7家新店，此外，我們還會開設一些設計工作室，至少今年我們會開設2到3家。所以我目前還沒有具體數一下我們正在翻新哪些門市，但我們正在考慮——等租約到期後，我們會回到房東那裡。如果我們想繼續經營這個空間，我們會重新協商租約，爭取房東的出資，如果我們要進行改造，或者需要把門市搬到街對面或街對面之類的地方，我們也會考慮。所以，這是一個持續變化的情況，我們每次都會考慮一個租約，一個地點。

Our next question comes from the line of Peter Benedict from Baird.

我們的下一個問題來自貝爾德公司的彼得·本尼迪克特。

I have a couple. First, just on the cost and pricing dynamics, I mean, it sounds like there's certainly some relief you're seeing on the cost front, stabilization, something is coming down. John, you also mentioned you've got some ability to kind of move price in case you need it. I'm just curious here what the outlook over the balance of this year assumes in terms of pricing. Is there anything else you plan to take? And then, in the event that costs continue to come down or moderate, is there a situation where you would maybe take some price back on any product or do you think you're at levels that you can sustain? That's my first question.

我有幾個問題。首先，關於成本和定價動態，我的意思是，聽起來成本方面確實有所緩解，趨於穩定，價格正在下降。約翰，你也提到過，如果需要的話，你們有能力調整價格。我只是好奇，今年餘下時間的定價前景如何。你還有其他計劃嗎？然後，如果成本繼續下降或趨於緩和，你們是否會對某些產品進行降價，或者你認為你們目前的價格水平能夠維持下去？這是我的第一個問題。

Yes. The other thing I just forgot is, the dollar has gotten a lot stronger. So we've negotiated actually discounts with some of our vendors or, in some cases, we pay in euro. And of course, in that case dollar is quite a bit stronger. But across the world, the dollar is stronger. So we have negotiated some discounts. We're not planning on taking discounts or discounting in the future right now. Again, it's something we could do if we wanted to. But right now, we're holding steady with -- we think we're offering customer a great value. We don't want to raise prices again, because we're happy with where they're at. We think you can go crazy with pricing and that will affect, take a certain part of the market out. And that's something we're certainly aware of. But we're happy with everything the way it is right now.

是的。我剛才忘了還有一件事，美元最近強勢了不少。所以我們實際上已經和一些供應商協商了折扣，或者在某些情況下，我們用歐元支付。當然，在這種情況下，美元會強勢很多。但在全球範圍內，美元都在強勢。所以我們協商了一些折扣。目前我們暫時不打算接受折扣或在未來繼續打折。再說一次，如果我們願意，我們可以這麼做。但目前，我們保持穩定——我們認為我們為客戶提供了物超所值的服務。我們不想再漲價，因為我們對目前的價位很滿意。我們認為，定價可能會瘋狂，這會影響到，甚至搶走一部分市場份額。我們當然意識到了這一點。但我們對目前的情況很滿意。

Peter, we have adjusted the assumptions within the forecast and in the guide to reflect the lower container cost that we're seeing stabilize over the last 3 quarters. So as you think about the back half of the year, there's some expenses to keep in mind. So we have recalibrated the model for the change in container cost. I think with the 3-quarter stabilization now, kind of it makes sense to change those assumptions.

Peter，我們已經調整了預測和指南中的假設，以反映過去三個季度貨櫃成本趨於穩定的下降趨勢。因此，在考慮下半年時，需要注意一些費用。因此，我們重新校準了貨櫃成本變化的模型。我認為，鑑於目前三季的穩定，調整這些假設是合理的。

I'd also like you to keep in mind that Dallas is kind of at peak [unproductivity] for the third quarter. So as we think about expenses and how those are layered in, second quarter had a little bit of that expense in there, but third quarter, the expenses will ramp up as we've opened the facility but are not shipping much out of there given the slow ramp.

我還想提醒大家，達拉斯在第三季的生產力低下程度達到了頂峰。因此，當我們考慮費用及其組成時，第二季度確實有一些這方面的支出，但第三季度，由於工廠投入運營，但考慮到產能提升緩慢，從那裡發貨量並不大，因此支出會增加。

And then, we've also thoughtfully invested additional funds into marketing, which Jen can speak to. And we're pleased with what we're planning to do there. So Jen, do you want to?

此外，我們還精心投入了額外的行銷資金，Jen 可以談談這一點。我們對行銷的計劃很滿意。那麼，Jen，你願意嗎？

Yes. Peter, yes, so we are looking -- as Dawn mentioned, we are increasing our marketing spend a little bit going into the back half of the year. A good way to think about it is, as our revenue gets higher, we are spending more in marketing to support that and support the long-term growth as well. And we're really excited by the results. As we've touched on previously, those marketing spends are always based upon return-driven targets. We can be very fluid as to how we're using and utilizing that. Those dollars shifting across campaigns and across channels, and we've been really pleased with the results to-date this year and are really excited moving forward with our new fall launch upcoming.

是的。彼得，是的，正如道恩所提到的，我們正在考慮在下半年稍微增加行銷支出。一個很好的理解是，隨著收入的成長，我們會在行銷上投入更多資金來支持收入成長，同時也支持長期成長。我們對結果感到非常興奮。正如我們之前提到的，這些行銷支出始終基於回報驅動的目標。我們可以靈活地使用和利用這些資金。這些資金將在各個活動和管道之間流動，我們對今年迄今為止的業績非常滿意，並且對即將到來的秋季新品發布充滿期待。

John mentioned it in his -- in the comments earlier, we are really excited about this launch with a lot of new products, a lot of new storytelling and marketing that aligns really, really nicely with some really exciting trends and things that are happening within the industry as a whole going into fall. So that's all coming out in the next few weeks before the end of August. We're excited to see what the combination of an increase in dollars and combined with that really strong product and really strong content can do in the market.

約翰在之前的評論中提到過，我們對這次發布會感到非常興奮，它包含許多新產品、許多新的故事和行銷策略，這些都與秋季整個行業正在發生的一些非常令人興奮的趨勢和事件非常契合。所以，所有這些都將在8月底之前的幾週內公佈。我們很期待看到收入的成長，加上強勁的產品和內容，將在市場上帶來什麼樣的影響。

That's great. That's helpful. And Jen, just to stick with you here for a minute. Any color you could give us on kind of your e-commerce efforts and the impact that the upgrades that you've made over the last year have been having, what's been particularly effective? And then, what's next on the horizon there? It's obviously an ongoing process to improve the digital side of your business. But what's been working specifically? And then, what should we be expecting over the next 12 to 24 months on that front?

這很棒，很有幫助。 Jen，我想再跟你聊一會兒。你能不能介紹一下你們在電子商務方面的努力，以及過去一年你們所做的升級產生了哪些影響？哪些特別有效？接下來有什麼計劃？顯然，提升你們業務的數位化是一個持續的過程。具體哪些方面取得了成效？接下來，我們應該對未來12到24個月在這方面的進展有什麼期待？

Yes. Great question. Yes, we continue to be really, really pleased with the performance of the new site. I believe I mentioned for Q1 that we're seeing really positive results in terms of traffic and conversion and clients' time on site and how they're engaging with our content. And we've seen that really continue nicely into Q2 as well. As you mentioned, it is a really exciting and continuous process of -- we had the initial great reveal of the new site launch back in December, and then it has been a constant learning, updating, elevation, testing process ever since then. And really we anticipate that to continue, definitely through the next 12 to 24 months, if you mentioned, and then beyond that as well.

是的，問得好。是的，我們對新網站的表現非常非常滿意。我記得我在第一季提到過，我們在流量、轉換率、客戶在網站上停留時間以及他們與我們內容的互動方面都取得了非常積極的成果。而且我們看到這種勢頭在第二季度也得到了很好的延續。正如您所說，這是一個非常令人興奮且持續的過程——我們在去年12月首次發布了新網站，並取得了巨大的成功，從那時起，我們就一直在不斷學習、更新、提升和測試。我們預計這種勢頭將持續下去，至少在未來12到24個月內，如果您提到的話，甚至更久。

I think some of the things that we are really seeing working are our clients are engaging with our content more. And I think that is a combination of both the logistics, if you will, of a site itself, ease of use, our ability to understand the analytics and really see how clients are engaging with site and optimize our content and our journey and all of those possibilities based upon real-time learnings, which is the big thing we are excited about with moving to the new platform. I think we are seeing our product content and storytelling really engage a lot of the AI-assisted merchandising capabilities and the ability to share specific content with clients has been working really well.

我認為我們真正看到成效的是，客戶與我們內容的互動越來越多。我認為這是網站本身的物流、易用性、我們理解分析數據的能力以及真正了解客戶如何與網站互動，進而優化內容和旅程的能力，以及所有這些基於即時學習的可能性的結合。這正是我們遷移到新平台後感到興奮的一大亮點。我認為，我們的產品內容和故事敘述與人工智慧輔助行銷功能高度契合，與客戶分享特定內容的能力也一直非常有效。

I'm not going to get into too many more specifics there, because I don't want to give away all of our secrets, but we are very excited with what we're seeing. We just launched a week or 2 weeks ago, we added [UGC] onto the homepage to really being able to show off product in clients' homes. That's something that we know works incredibly well for us on our social channels. So we're really excited to bring that into the commerce experience as well. So there are a lot of things happening there. I think the key things that we are working on are really looking at those conversion optimization capabilities, the way that we are presenting and merchandising our products, all of the analytics capabilities on the back end and really have an exciting sort of runway over the next 12-plus months and continues to optimize that and learn what we can do more in the future.

我不會在這裡透露太多細節，因為我不想洩露我們所有的秘密，但我們對目前看到的情況感到非常興奮。我們一兩週前剛剛上線，在主頁上添加了[UGC]，以便能夠真正展示在客戶家中的產品。我們知道，這在我們的社交管道上效果非常好。所以我們非常高興能將其引入商業體驗。所以，我們在這方面有很多進展。我認為我們正在努力的關鍵是真正專注於轉換率優化能力、我們展示和銷售產品的方式以及後端的所有分析能力，並在未來12個多月裡擁有令人興奮的發展路徑，我們將繼續優化這些功能，並學習未來可以做得更多。

Our next question is from the line of Simeon Gutman from Morgan Stanley.

我們的下一個問題來自摩根士丹利的西緬古特曼 (Simeon Gutman)。

I wanted to ask first about Dallas and understand that it's going to be a cost headwind in the second half. Is there any quantification around that? And then, is it limiting your ability to write orders? I couldn't tell if you were implying that it was hurting sales as well.

我想先問一下達拉斯的情況，我知道下半年成本會面臨阻力。有沒有量化的數據？然後，這是否限制了你們的訂單能力？我不知道您是否暗示這也影響了銷售。

No, not one little bit.

不，一點兒也不。

Yes, Simeon. So Dallas, we learned a lot in the opening of our North Carolina facility. Dallas is over twice the size of that facility. It's also operated by a third-party. So as you can imagine, the processes and the systemic implications of that are a little more robust than opening facility that we have full control over, and our system is seamlessly integrated already. So as we were evaluating the facility, it just made sense to us to make sure that the client experience is consistently that luxury experience, that premium experience and that a slower ramp-up of that facility on the outbound side makes a lot of sense to make sure that, that experience is what we want it to be. There's no implications for demand.

是的，西緬。達拉斯，我們在北卡羅來納州的設施開業過程中學到了很多。達拉斯的規模是該設施的兩倍多，而且它也由第三方營運。因此，你可以想像，相較於開設我們完全掌控的設施，達拉斯的流程和系統影響會更加穩健，而且我們的系統已經無縫整合。因此，在評估設施時，我們覺得有必要確保客戶體驗始終如一地保持奢華、高端，而出境方面緩慢地提升設施的規模，則更有利於確保這種體驗符合我們的預期。這對需求沒有任何影響。

As I mentioned, we're really, really pleased with how North Carolina is shipping product out. So relative to expectations 8 months ago, there are some puts and takes there between the 2. But we think it's the right thing to do for the business and the client to have a slower ramp of Dallas.

正如我之前提到的，我們對北卡羅來納州的產品出貨非常非常滿意。因此，相對於8個月前的預期，兩者之間確實存在一些差距。但我們認為，放慢達拉斯工廠的產能成長速度對公司和客戶來說都是正確的選擇。

Okay. Fair enough. The second question, maybe 2 parts. Second half gross margins, I guess, excluding Dallas from the equation, down because I'm more curious about the markup and then, again, shipping costs. So really gross margin outside of what Dallas is doing, what's embedded for the second half? And then, on to the fall product release, can you give us a sense, is fall always going to be a new product release for this business? What percentage of merchandise is it replacing? Are you adding to your SKU count, if you can give us a little bit of flavor?

好的，說得通。第二個問題，大概可以分成兩個部分。我猜，排除達拉斯業務後，下半年的毛利率會下降，因為我更關心的是加價幅度，以及運費。那麼，除了達拉斯業務之外，下半年的毛利率究竟是多少？然後，關於秋季產品發布，您能否為我們介紹一下，對於您們的業務來說，秋季總是會發布新產品嗎？秋季會取代多少比例的商品？你們會增加SKU數量嗎？可否稍微介紹一下？

Sure. So I'll start there, and then I'll pass it over to John for the second portion of your question. As I mentioned, we have recalibrated the model to bring down container costs for the balance of the year. So we're pleased with what we're seeing there and think that now is the right time to make that change. We do anticipate continued fuel surcharges on the outbound side. So those have continued at the level that you would expect. So we don't guide to gross margin and we don't guide on a quarterly basis, but those are some of the higher puts and takes that you can think about. I'd also call out variable rent expenses is certainly a component. So as we continue to drive those deliver that revenue number higher, the variable rent will also play a role.

當然。我就從這裡開始，然後交給John回答你問題的第二部分。正如我所提到的，我們已經重新調整了模型，以降低今年剩餘時間的貨櫃成本。我們對目前的情況感到滿意，並認為現在是做出改變的最佳時機。我們預計出境航線的燃油附加費將持續上漲。這些附加費一直維持在你預期的水平。因此，我們不提供毛利率預測，也不提供季度預測，但這些是一些你可以考慮的較高收益和投入。我還想說，可變租金支出當然也是其中的一個組成部分。因此，隨著我們繼續推動這些收入的成長，可變租金也將發揮作用。

John?

約翰？

Yes. I mean, product-wise, I think you've asked about, we're launching our fall product now, as Dawn mentioned, that we're very excited about. I don't know how many SKUs that is. It's a fair amount, very excited about the product. We think it's all very, very solid and very, very saleable, and we'll continue to do that. Our next major rollout then will be at the end of the year going into the winter and spring season, first with indoor product and then shortly after the holidays and so forth, we start rolling out our outdoor product that we're excited about. So we're continuing as our plan -- as we've planned, and we're very, very happy with the product. We think it's extremely strong.

是的。就產品而言，我想您問過，正如Dawn所提到的，我們現在正在推出秋季產品，我們對此感到非常興奮。我不知道具體有多少SKU（庫存​​單位），但數量相當可觀，我們對這款產品感到非常興奮。我們認為它非常非常可靠，而且非常暢銷，我們會繼續這樣做。我們的下一個主要產品發佈時間將在今年年底，也就是冬春季節，首先是室內產品，然後在假期過後不久，我們開始推出我們非常興奮的戶外產品。所以，我們會繼續按照計劃進行——正如我們之前計劃的那樣，我們對這款產品非常非常滿意。我們認為它非常強勁。

And Simeon, just to add some color to that as well. I think, one of the exciting things for us as we talk about new products and adding to the assortment is when you look at the marketing campaign elements around those launches. So for example, when I was speaking about the outdoor catalog and product launch back in early Q2 and now talking about the fall campaign launch in conjunction with the new product going into fall, we really see a very strong response from clients and potential clients about that infusion of newness into the assortments. Clients love to engage with it, be inspired with it, visit the showrooms to experience it. But ultimately, as clients start to engage with us as they work for design consultants and our interior designers, it's really about finding those perfect products that work for them, their style, their families, their lifestyle. And so it's really interesting. We see a really nice halo effect when we're talking about new products. We're seeing sales results across our entire assortment within the business as well.

Simeon，我想補充一下。我認為，當我們談論新產品和豐富產品線時，最令人興奮的事情之一就是圍繞這些新品發布的行銷活動。例如，當我在第二季度初談論戶外產品目錄和產品發佈時，以及現在談論秋季新品發布活動與秋季新品發佈時，我們確實看到客戶和潛在客戶對產品線中註入的新鮮元素反應強烈。客戶喜歡與我們互動，從中獲得靈感，並參觀展廳體驗。但最終，當客戶開始與我們互動，為設計顧問和室內設計師工作時，我們真正關心的是找到那些適合他們、他們的風格、他們的家庭和他們的生活方式的完美產品。這真的很有趣。我們在談論新產品時看到了非常好的光環效應。我們也看到了我們整個業務範圍內所有產品線的銷售業績。

Our next question is from the line of Cristina Fernandez from Telsey Advisory Group.

我們的下一個問題來自 Telsey Advisory Group 的 Cristina Fernandez。

Congratulations on the quarter result. I wanted to ask about the competitive landscape, any changes that you've seen over the past couple of months in relation to that? What should we expect from Arhaus as far as promotions around key events for the back half of the year?

恭喜您所取得的季度業績。我想問一下競爭格局，過去幾個月您發現有什麼改變嗎？就下半年圍繞重要活動的推廣活動而言，Arhaus 有什麼期待？

Yes. I could start, Jen can help me with that, but we have no changes in our marketing. We're continuing to roll out incredible products that's really well priced. We're not planning on any big promotions or anything that we haven't done in the past. So everything is kind of as is in that regards.

是的。我可以先開始，Jen 可以幫我，但我們的行銷沒有任何改變。我們將持續推出價格實惠、品質卓越的產品。我們沒有計劃進行任何大型促銷活動，或做任何我們過去沒有做過的事情。所以在這方面，一切都保持原樣。

Yes. Cristina, just to add to that, I mean, we're definitely -- we're seeing promos out there with our competitors. But as John mentioned, we feel really good about our strategy. Obviously we're paying very close attention to -- as we're saying, we're going to continue to pay very close attention to see what happens in the future, but we're also seeing really strong results. Clients are responding incredibly well to our product. They're responding well to our marketing, they're responding well to everything we're doing. So we're really just focused on optimizing what we do well. And like I said, we'll continue to monitor what's going on in the environment. But right now, we feel really good about where we are.

是的。克里斯蒂娜，補充一下，我的意思是，我們確實看到了競爭對手的促銷活動。但正如約翰所說，我們對自己的策略非常滿意。顯然，我們正在密切關注——正如我們所說，我們將繼續密切關注未來會發生什麼，但我們也看到了非常強勁的成果。客戶對我們的產品反應非常好。他們對我們的行銷策略反應良好，對我們所做的一切都反應良好。所以我們真的只是專注於優化我們擅長的領域。正如我所說，我們會繼續關注市場環境的變化。但目前，我們對自己的現狀感到非常滿意。

And then, my follow-up is, I wanted to ask about the store opening cadence. You alluded to some delays in opening stores. So we still expect like 5 to 7 of the larger showrooms for this year or have some of those got pushed into 2023?

然後，我想問一下關於開店節奏的問題。您提到了一些開店延遲的情況。所以我們預計今年還會有5到7家大型展廳開業，還是有些會延到2023年？

Yes. We have -- 3 will be open this year -- or 3 have been pushed into next year, sorry. I don't know how many -- how many have we opened this year?

是的。我們今年會開3家店，或者說有3家店被延到明年，抱歉。我不知道今年我們開了多少家店？

We've opened 2 this year. We anticipate 2 to 3 design studios over the next several months. The expectation for those would, as John said, be by the end of the year, but perhaps due to timing, they might shift slightly into the first quarter a little bit. We'll see more remains to be seen there. But 3 that we had anticipated opening this year will shift into early next year.

我們今年已經開設了兩家。預計未來幾個月還會開設兩到三家設計工作室。正如約翰所說，預計這些工作室將在年底前開業，但或許由於時間安排的原因，它們可能會稍微推遲到第一季。未來還有待觀察。但我們預計今年開業的三家工作室將延後到明年年初。

Right. So we are planning on over a 2-year basis to stay with our plan of 5% to 7%. So that will be 10 to 14 over '22 and '23, plus design studios. Ms. Fernandez, has that answered your question?

對。所以我們計劃在未來兩年內繼續維持5%到7%的計畫。也就是說，2022年和2023年，將有10到14個工作室，加上設計工作室。費南德斯女士，這回答了您的問題嗎？

No, that's it for me.

不，對我來說就這樣了。

Ladies and gentlemen, we have reached the end of the question-and-answer session. And now, I would like to turn the conference over to Ms. Wendy Watson for closing comments.

女士們，先生們，問答環節到此結束。現在，我想請溫蒂·沃森女士致閉幕詞。

Thank you, everybody, for your participation in our call and interest in Arhaus. We look forward to speaking to you again next quarter.

感謝大家參與我們的電話會議，以及對 Arhaus 的關注。我們期待下個季度再次與您聯繫。

Thank you. The conference of Arhaus Inc. has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝！ Arhaus Inc. 的會議到此結束。感謝您的參與。現在您可以斷開連線了。