Brilliant Earth Group Inc (BRLT) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the Brilliant Earth second-quarter 2025 earnings call. (Operator Instructions) Please be advised that this conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Brilliant Earth 2025 年第二季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I would now like to turn the conference over to Colin. Please go ahead.

現在我想把會議交給科林。請繼續。

Thank you, and good morning, everyone. Welcome to the Brilliant Earth second-quarter 2025 earnings conference call. My name is Colin Bourland, Vice President of Strategy, Business Development and Investor Relations. Joining me today are Beth Gerstein, our Chief Executive Officer; and Jeff Kuo, our Chief Financial Officer.

謝謝大家，大家早安。歡迎參加 Brilliant Earth 2025 年第二季財報電話會議。我叫科林·布爾蘭，是策略、業務發展和投資者關係副總裁。今天與我一同出席的有我們的執行長 Beth Gerstein 和我們的財務長 Jeff Kuo。

During the call today, management will make certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for a description of the risks that could cause our actual performance and results to differ materially from those expressed or implied in these forward-looking statements.

在今天的電話會議中，管理階層將根據 1995 年《私人證券訴訟改革法案》的定義做出某些前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與預期結果有重大差異。請參閱我們向美國證券交易委員會提交的文件，以了解可能導致我們的實際業績和結果與這些前瞻性聲明中明示或暗示的內容有重大差異的風險描述。

These forward-looking statements reflect our opinion only as of the date of this call, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events, unless required by law.

這些前瞻性陳述僅反映我們截至本次電話會議之日的觀點，除非法律要求，否則我們不承擔因新資訊或未來事件而修訂或公開披露對這些前瞻性陳述的任何修訂結果的義務。

Also, during this call, management will refer to certain non-GAAP financial measures. A reconciliation of Brilliant Earth’s non-GAAP measures to the comparable GAAP measures is available in today’s earnings release, which can be found on the Brilliant Earth Investor Relations website.

此外，在本次電話會議中，管理階層將提及某些非GAAP財務指標。Brilliant Earth 的非 GAAP 指標與可比較 GAAP 指標的調整表可在今天的收益報告中查閱，該報告可在 Brilliant Earth 投資者關係網站上找到。

I’ll now turn the call over to Beth.

現在我把電話交給貝絲。

Good morning, everyone, and thank you for joining us. We are excited to report a strong quarter where we drove positive year-over-year net sales growth and far exceeded the high end of our guidance for both net sales and profitability. Our ability to gain share and outperform the industry reflects the successful execution of our strategic vision and the significant progress we’re making toward both our near- and long-term goals.

各位早安，感謝各位的參與。我們很高興地宣布，本季業績強勁，淨銷售額同比增長，並且遠遠超過了我們對淨銷售額和盈利能力的預期上限。我們能夠獲得市場份額並超越行業平均水平，反映了我們策略願景的成功執行，以及我們在實現近期和長期目標方面取得的重大進展。

Furthermore, I am happy to report that we are seeing an acceleration in the business Q3 to date, and we are raising our annual net sales guidance. Of course, we’re also evaluating yesterday’s announcement on new tariffs on India, which Jeff will discuss in more detail.

此外，我很高興地報告，我們看到第三季至今的業務成長正在加速，因此我們提高了年度淨銷售額預期。當然，我們也在評估昨天宣布的對印度徵收新關稅的公告，傑夫將對此進行更詳細的討論。

Most importantly, we remain confident in our ability to navigate in this environment. Our aim since day one has been to build Brilliant Earth into the world’s most loved and trusted jewelry brand. We’ve consistently communicated our strategy to increase brand awareness, provide a seamless omnichannel experience, establish ourselves as the fine jewelry leader for the next generation, and invest in our people, data analytics and technology as the digital leader in the jewelry space, all to drive profitable long-term growth.

最重要的是，我們仍然有信心應對這種環境。從一開始，我們的目標就是將 Brilliant Earth 打造成世界上最受喜愛、最值得信賴的珠寶品牌。我們一直致力於提升品牌知名度，提供無縫的全通路體驗，將自己打造成為下一代高級珠寶的領導者，並投資於我們的人才、數據分析和技術，成為珠寶領域的數位化領導者，所有這些都是為了推動盈利的長期增長。

Our Q2 results proved that our disciplined strategy is working. We delivered our best year-over-year top line growth in the past eighteen months with net sales growth of 3.3% and adjusted EBITDA of $3.3 million, both significantly exceeding our guidance. And not only do we continue to drive positive adjusted EBITDA, but we continue to generate net cash, which increased 5% year over year to $99 million as of the end of Q2.

第二季業績證明，我們嚴謹的策略是有效的。在過去的18個月裡，我們實現了年度最佳營收成長，淨銷售額成長3.3%，調整後EBITDA為330萬美元，這兩項數據均大幅超過了我們的預期。我們不僅繼續保持正的調整後 EBITDA，而且還繼續產生淨現金，截至第二季末，淨現金年增 5% 至 9,900 萬美元。

Given this momentum and our confidence in what lies ahead, I am proud to announce that our Board of Directors has approved a onetime dividend and distribution of approximately $25.3 million in the aggregate. This reflects our commitment to rewarding shareholders, our strong balance sheet, and our confidence in our ability to generate cash while funding future growth initiatives. Quarter after quarter, we’re delivering on our near- and long-term strategy and building momentum.

鑑於目前的良好勢頭以及我們對未來前景的信心，我很榮幸地宣布，董事會已批准一次性派發總額約為 2530 萬美元的股息和分配。這反映了我們對股東回報的承諾、我們強勁的資產負債表，以及我們對自身創造現金流並為未來成長計畫提供資金的能力的信心。每個季度，我們都在推動近期和長期策略，並不斷累積發展動能。

We’re rapidly expanding fine jewelry, growing bookings 38% year over year in Q2. We’re accelerating brand momentum with standout moments like designing custom jewelry for the iconic Beyonce and forging our first professional sports partnership with tennis star Madison Keys. We’re optimizing our showroom strategy and generating strong paybacks with compelling metro uplifts.

我們正快速拓展高級珠寶業務，第二季預訂量年增 38%。我們正在透過一些傑出的時刻來加速品牌發展勢頭，例如為標誌性人物碧昂絲設計訂製珠寶，以及與網球明星麥迪遜基斯建立我們的第一個職業運動合作夥伴關係。我們正在優化展廳策略，並透過引人注目的地鐵線升級來獲得豐厚的回報。

We’re leveraging technology and innovation to drive marketing leverage, while continuously expanding our capabilities using the power of AI and machine learning to drive growth and efficiency throughout the business.

我們正在利用技術和創新來提升行銷效果，同時不斷擴展我們的能力，利用人工智慧和機器學習的力量來推動整個業務的成長和效率。

Let me take you through additional highlights for the quarter. Customer demand for Brilliant Earth Jewelry remains encouragingly strong. In Q2, we had our strongest year-over-year total order growth in the last two years, with total orders growing 18% year over year and repeat orders up 11% year over year. We are encouraged as we continue to see an increase in new customers discovering Brilliant Earth, including a notable rebound in engagement ring customers.

接下來我將帶您了解本季的其他亮點。顧客對 Brilliant Earth 珠寶的需求依然強勁，令人鼓舞。第二季度，我們的總訂單量年增了近兩年來的最高水平，總訂單量年增 18%，重複訂單量年增 11%。令人鼓舞的是，我們看到越來越多的新客戶發現了 Brilliant Earth，其中訂婚戒指客戶的數量也出現了顯著回升。

For the quarter, average order value declined 13% year over year. This continues to be driven by two factors. One, our fine jewelry business growth, which tends to be a lower price point than our bridal assortment, is continuing to outpace the business.

本季平均訂單價值年減13%。這主要受兩個因素驅動。第一，我們的高級珠寶業務成長速度（其價格往往低於我們的婚禮珠寶系列）持續超過整體業務成長速度。

And two, as we’ve stated before, we are continuing to see comparatively strong customer demand in engagement rings under $5,000 with an overall stabilization in engagement ring ASP over the last few quarters.

第二，正如我們之前所說，我們繼續看到 5000 美元以下的訂婚戒指有相對強勁的客戶需求，並且在過去幾個季度中，訂婚戒指的平均售價總體上趨於穩定。

Finally, we’re excited to report year over year unit growth across our assortments, including high-single-digit year-over-year unit growth in both engagement rings and wedding and anniversary bands. As mentioned, fine jewelry continues to be an exciting growth driver for the business. In Q2, fine jewelry bookings grew 38% year over year, with a similar percentage of bookings mix as last quarter.

最後，我們很高興地宣布，我們所有產品系列的銷量均實現了同比增長，其中訂婚戒指和結婚週年紀念戒指的銷量均實現了接近兩位數的同比增長。如前所述，高級珠寶仍然是推動業務成長的重要動力。第二季度，高級珠寶訂單年增 38%，訂單組成比例與上季相似。

Mother’s Day, a key gifting holiday, proved to be an exceptionally strong holiday for us and a prime example of the growing awareness of Brilliant Earth as the fine jewelry destination. In our Mother’s Day campaign For Mom, The Forever Influencer, we collaborated with leading taste makers to create a limited number of special edition medallions, and we saw resounding success across everything from our signature styles to our classic diamond essentials.

母親節是重要的送禮節日，事實證明，它對我們來說是一個異常強勁的節日，也是 Brilliant Earth 作為高級珠寶目的地的知名度不斷提高的一個典型例子。在我們的母親節活動「獻給永遠的偶像媽媽」中，我們與領先的品味引領者合作，打造了限量版特別版獎章，從我們的標誌性款式到經典的鑽石基本款，都取得了巨大的成功。

Turning to showrooms, we continue to expand our fleet with our latest opening in Alpharetta, Georgia. Beyond opening new locations, we are constantly innovating how we deliver the seamless omnichannel experience for which we are known, including different formats such as Main Street and outdoor centers, new in store enhancements like our try on bars, and optimization of our visual merchandising and showroom inventory strategy.

再來談展廳，我們不斷擴大展廳規模，最新展廳已在喬治亞州阿爾法利塔開幕。除了開設新店之外，我們還在不斷創新，致力於提供我們引以為傲的無縫全渠道體驗，包括不同的形式，例如主街和戶外中心，新的店內改進，例如我們的試穿吧，以及優化我們的視覺營銷和展廳庫存策略。

As a result, we have seen increased walk-in traction in our showrooms, and orders from retail customers without scheduled appointments grew 81% year over year in Q2, with fine jewelry experiencing the fastest growth. Overall, we’re encouraged by our continued success in showrooms, with most showrooms delivering strong double-digit metro bookings uplift in the 12 months after we open.

因此，我們的展廳客流量有所增加，第二季零售客戶無需預約的訂單年增了 81%，其中高級珠寶的成長速度最快。總體而言，我們對展廳的持續成功感到鼓舞，大多數展廳在開業後的 12 個月內都實現了兩位數的強勁都市預訂量增長。

On the digital front, we have been focused, as always, on optimizing our marketing spend efficiency, including through the use of AI. As a result, Q2 marketing spend decreased approximately 4% year over year, even as we drove year-over-year sales growth, resulting in 180 basis points of year-over-year leverage as a percent of net sales.

在數位化方面，我們一如既往地專注於優化行銷支出效率，包括利用人工智慧。因此，儘管我們實現了同比增長，但第二季度行銷支出比去年同期下降了約 4%，佔淨銷售額的百分比比去年同期槓桿率為 180 個基點。

This quarter was filled with groundbreaking firsts for the brand. We were privileged to craft a one-of-a-kind diamond bolo tie for none other than the Queen herself, Beyonce, marking a watershed moment in the growth and evolution of the Brilliant Earth brand as a leader and innovator in today’s culture. We then seized on this iconic brand moment by launching a limited-edition [V] pendant for our customers that sold out in days.

本季該品牌取得了多項突破性的成就。我們很榮幸能為女王碧昂絲打造一條獨一無二的鑽石波洛領帶，這標誌著 Brilliant Earth 品牌在當今文化中作為領導者和創新者的發展和演變中具有里程碑式的意義。我們隨後抓住這一標誌性的品牌時刻，為我們的客戶推出了限量版 [V] 吊墜，幾天之內就售罄了。

In addition, we announced our first professional sports ambassador, tennis superstar Madison Keys. You’ll see Madison in many Brilliant Earth bestsellers this US Open, along with the launch of a special piece we designed with her. We are thrilled to have Madison on our team and look forward to cheering her on at the upcoming US Open.

此外，我們也宣布了首位職業運動大使，網球巨星麥迪遜·基斯。在本屆美國網球公開賽上，您將在許多 Brilliant Earth 暢銷書中看到 Madison 的身影，同時我們也將推出一款與她共同設計的特別作品。我們很高興麥迪遜加入我們的團隊，並期待在即將到來的美國網球公開賽上為她加油。

And most recently, we were thrilled to be able to help actor, musician, and all-around icon Selena Gomez celebrate her birthday with one of our kind creations, a 20-carat diamond necklace from our Jane Goodall collection. These partnerships represent more than just celebrity moments. They demonstrate how Brilliant Earth continues to be known as the jeweler of choice for today’s most influential cultural icons, reinforcing our position as the premium brand for the next generation.

最近，我們非常榮幸能夠幫助演員、音樂家和全能偶像賽琳娜戈梅茲慶祝她的生日，我們特別推出了一款獨一無二的作品——來自我們珍古道爾系列的 20 克拉鑽石項鍊。這些合作關係不僅代表名人效應。它們展現了 Brilliant Earth 如何繼續成為當今最具影響力的文化偶像的首選珠寶商，鞏固了我們作為下一代高端品牌的地位。

As you can tell, it has been an exciting quarter, and we look forward to driving increased momentum and executing through the end of this year and beyond. Q3 to date, we have seen an improvement in trends compared to Q2 with strong overall bookings growth, unit growth in engagement rings and wedding and anniversary bands, continued outperformance in fine jewelry, and growth of both new and repeat orders.

正如你所看到的，這是一個令人興奮的季度，我們期待著保持更大的發展勢頭，並在今年年底及以後繼續取得成功。第三季至今，與第二季相比，我們看到趨勢有所改善，整體預訂量強勁增長，訂婚戒指、結婚戒指和週年紀念戒指的銷量增長，高級珠寶繼續表現出色，新訂單和回頭客訂單均有所增長。

While we continue to monitor the macro environment, including tariffs and metal prices, we believe we are exceptionally well positioned to deliver against our annual goals and are confident to raise our annual top line guidance. I want to thank our amazing team and their contributions that allowed us to deliver these strong results.

儘管我們仍在密切關注宏觀環境，包括關稅和金屬價格，但我們相信我們已做好充分準備，能夠實現年度目標，並有信心提高年度營收預期。我要感謝我們優秀的團隊，感謝他們的貢獻，讓我們能夠取得這些優異的成績。

With that, I will turn it over to Jeff, who will walk through the financials and discuss our outlook for the coming quarter and year in detail.

接下來，我將把發言權交給傑夫，他將詳細分析財務數據，並討論我們對未來一個季度和一年的展望。

Thanks, Beth, and good morning, everyone. As Beth mentioned, we’re pleased to report Q2 results where we continue to successfully drive our strategic initiatives, innovate, capture operating efficiency, and exceed both our top line and profitability expectations. Let me take you through the details for Q2.

謝謝你，貝絲，大家早安。正如 Beth 所提到的，我們很高興地報告第二季業績，我們繼續成功地推進策略舉措，進行創新，提高營運效率，並超越了我們的營收和獲利預期。讓我帶你詳細了解第二季的情況。

Q2 net sales were $108.9 million, up 3.3% year over year, exceeding the top end of our guidance range by 330 basis points. Total orders grew 18% year over year and repeat orders grew 11% year over year in the second quarter, demonstrating the effectiveness of our customer acquisition and retention efforts and the resonance of our brand and products with consumers.

第二季淨銷售額為 1.089 億美元，年增 3.3%，比我們預期範圍的上限高出 330 個基點。第二季總訂單量年增 18%，重複訂單量年增 11%，這顯示我們在客戶獲取和留存方面的努力卓有成效，也證明了我們的品牌和產品與消費者之間的共鳴。

Average order value, or AOV, was $2,074 in Q2. This represents a decline of 12.6% year over year in Q2, a smaller decline than Q1 as we continue to broaden and diversify our overall assortment, including in our fine jewelry collection, which carries a lower price point than our bridal collection as well as the continued comparatively stronger demand in engagement rings under $5,000 with an overall stabilization in engagement ring ASP over the last few quarters.

第二季平均訂單價值（AOV）為 2,074 美元。第二季度同比下降 12.6%，降幅小於第一季度，因為我們繼續擴大和豐富我們的整體產品系列，包括我們的高級珠寶系列，該系列的價格點低於我們的婚禮系列，以及 5000 美元以下訂婚戒指的需求持續相對強勁，並且在過去幾個季度訂婚戒指的平均售價總體上趨於穩定。

Q2 gross margin was 58.3%, within our medium-term gross margin target in the high 50s and a 250 basis points decline over Q2 last year. The year-over-year change in gross margin was primarily driven by higher gold costs and the impact of tariffs, which were within our expectations for the quarter, partially offset by continued optimization of our pricing engine, procurement efficiencies, and other efforts to manage our gross margin to target levels.

第二季毛利率為 58.3%，在我們設定的中期毛利率目標（50% 以上）之內，但比去年第二季下降了 250 個基點。毛利率年變動主要受黃金成本上漲和關稅影響，這符合我們對本季的預期，但部分被我們持續優化定價機制、提高採購效率以及其他為將毛利率控制在目標水準而採取的措施所抵消。

We delivered Q2 adjusted EBITDA of $3.2 million or a 2.9% adjusted EBITDA margin, far exceeding our guidance range. This marks our sixteenth consecutive quarter of profitability. We are excited to deliver this level of profitability through our strong gross margin and diligent data-driven management of our marketing spend and other operating expenses, including using AI to capture efficiencies in our operating expenses.

我們第二季調整後 EBITDA 為 320 萬美元，調整後 EBITDA 利潤率為 2.9%，遠遠超出我們的預期範圍。這標誌著我們連續第十六個季度實現盈利。我們很高興能夠透過強勁的毛利率和對行銷支出及其他營運費用的認真數據驅動管理（包括利用人工智慧提高營運費用的效率）來實現這一盈利水平。

Q2 operating expense was 59.4% of net sales compared to 59.7% of net sales in Q2 2024. We were happy to drive 30 basis points of operating expense leverage even while making investments to drive long-term growth. Q2 adjusted operating expense was 55.5% of net sales compared to 55.7% in Q2 2024. Adjusted operating expense does not include items such as equity-based compensation, depreciation and amortization, showroom preopening expenses, and other nonrecurring expenses.

第二季營業費用佔淨銷售額的 59.4%，而 2024 年第二季淨銷售額的 59.7%。我們很高興能夠實現 30 個基點的營運費用槓桿率，同時進行投資以推動長期成長。第二季調整後的營業費用佔淨銷售額的 55.5%，而 2024 年第二季為 55.7%。調整後的營運費用不包括股權激勵、折舊和攤提、展廳開業前費用以及其他非經常性費用等項目。

Q2 marketing expense was 24.1% of net sales compared to 25.9% of net sales in Q2 2024. This represents approximately 180 basis points of year-over-year leverage. Our marketing spend in Q2 was better than our expectations as we continue to be disciplined in driving efficiency and finding opportunities for higher return on our spend. We continue to expect to drive year-over-year leverage for the full year 2025 as per our medium-term outlook.

第二季行銷費用佔淨銷售額的 24.1%，而 2024 年第二季淨銷售額的 25.9%。這相當於同比槓桿率提高了約 180 個基點。第二季度，我們的行銷支出超出預期，因為我們繼續保持嚴謹的態度，提高效率，並尋找提高支出回報率的機會。根據我們的中期展望，我們預計到 2025 年將全年逐年成長。

Employee costs as a percentage of net sales were higher in the second quarter by approximately 120 basis points as adjusted year over year. This includes growth in showroom employees, including from newly opened showrooms, as we continue to strategically focus on our showroom expansion.

經調整後，第二季員工成本佔淨銷售額的百分比比去年同期高出約 120 個基點。這包括展廳員工人數的成長，包括來自新開幕展廳的員工，因為我們將繼續策略性地專注於展廳擴張。

Other G&A, as a percentage of net sales, increased year over year by approximately 40 basis points as adjusted for the quarter as we continue to prudently invest in our business. Our year-over-year inventory grew approximately 24%, principally as a result of strategic procurement opportunities in Q2 to purchase diamond and jewelry inventory at advantageous prices in light of the current tariff environment.

經季度調整後，其他一般及行政費用佔淨銷售額的百分比年增約 40 個基點，因為我們繼續審慎地投資於我們的業務。由於第二季採取了策略性採購策略，在當前關稅環境下以優惠價格購買鑽石和珠寶庫存，我們的庫存年增約 24%。

Our inventory turns continue to be significantly higher than the industry average, and we maintain conviction that our data-driven, capital efficient and inventory-light operating model continues to provide competitive advantages. We ended the second quarter with approximately $134 million in cash, a decrease of approximately $18.6 million compared to Q2 2024.

我們的庫存週轉率持續顯著高於行業平均水平，我們堅信，我們以數據驅動、資本高效和庫存精簡的營運模式將繼續提供競爭優勢。第二季末，我們持有約 1.34 億美元現金，比 2024 年第二季減少了約 1,860 萬美元。

The year-over-year decrease in cash was primarily driven by the $20 million we prepaid against our term loan during the quarter. For net cash, we ended the period with approximately $99 million a year-over-year increase of approximately $5 million even after the inventory purchases I mentioned earlier. In Q2, we spent approximately $200,000 repurchasing our common stock. This takes our total spend on stock repurchases to date to approximately $1 million as of the end of Q2.

現金年減的主要原因是本季度我們提前償還了 2000 萬美元的定期貸款。淨現金方面，我們期末餘額約為 9,900 萬美元，比上年同期增長約 500 萬美元，即使在我前面提到的庫存採購之後也是如此。第二季度，我們花了大約 20 萬美元回購了我們的普通股。截至第二季末，我們迄今在股票回購上的總支出約為 100 萬美元。

Finally, as Beth mentioned, we are happy to announce a onetime cash dividend and distribution of $0.25 per share to Brilliant Earth shareholders and per unit to common unitholders, representing aggregate payments of approximately $25.3 million. This dividend reflects our commitment to providing returns to our shareholders, our strong cash position, and our confidence in our ability to generate cash while funding future growth initiatives.

最後，正如 Beth 所提到的，我們很高興地宣布向 Brilliant Earth 股東一次性派發現金股息，每股派發 0.25 美元，向普通股單位持有人每單位派發 0.25 美元，總計約 2530 萬美元。此次分紅體現了我們對股東回報的承諾、我們強勁的現金狀況，以及我們對自身創造現金流並為未來成長計畫提供資金的能力的信心。

Payment of the dividend will be made on September 8, 2025, to holders of record of the company’s Class A common stock as of the close of business on August 22, 2025. In addition, as of August 4, we have paid off the remaining outstanding balance of our term loan, approximately $34.8 million. The facility is now completely paid off, leaving no outstanding debt on our balance sheet.

本公司將於 2025 年 9 月 8 日向截至 2025 年 8 月 22 日營業結束時登記在冊的 A 類普通股股東支付股利。此外，截至 8 月 4 日，我們已償還了剩餘的定期貸款餘額，約 3,480 萬美元。該設施現已全部償清，我們的資產負債表上沒有任何未償債務。

Even after this dividend payment and the closing of our debt facility, we will maintain a robust cash position, preserving our financial flexibility to continue investing in strategic growth initiatives, including showroom expansion, technology, and AI enhancements, and brand building efforts. We believe these actions illustrate how we look to build shareholder value, both in the near and long term.

即使在支付此股息和完成債務融資之後，我們仍將保持強勁的現金狀況，從而保持財務靈活性，繼續投資於戰略增長計劃，包括展廳擴張、技術和人工智能改進以及品牌建設工作。我們相信這些舉措體現了我們如何著眼於在短期和長期內創造股東價值。

Turning to our outlook for Q3 and 2025. For the quarter, we expect net sales to grow 8% to 10% year over year, and acceleration compared to Q2. We expect adjusted EBITDA to be between $3 million and $4.5 million. For the year, we are raising our net sales guidance to 2.5% to 4% growth year over year. Drivers of H2 growth include improvements in engagement ring year-over-year performance compared with H1, the growth and annualization of our showrooms, a more favorable comp from Q3 2024, and strong fine jewelry performance and the fact that Q4 is a seasonally important fine jewelry quarter.

接下來展望第三季和 2025 年。本季度，我們預計淨銷售額將年增 8% 至 10%，並且與第二季度相比增速加快。我們預計調整後的 EBITDA 將在 300 萬美元至 450 萬美元之間。今年，我們將淨銷售額預期上調至年增 2.5% 至 4%。下半年成長的驅動因素包括訂婚戒指同比業績較上半年有所改善、展廳的增長和年化、2024 年第三季度更有利的同店銷售、高級珠寶的強勁表現以及第四季度是高級珠寶銷售的重要季節性季度。

We are reiterating our adjusted EBITDA margin guidance in the range of approximately 3% to 4% as we continue to effectively manage for strong gross margins and balance making investments with driving near term profitability. For gross margin, we do expect some downward impact from gold and platinum spot prices and tariffs in H2.

我們重申調整後 EBITDA 利潤率預期在 3% 至 4% 左右，我們將繼續有效管理，以實現強勁的毛利率，並在投資和推動近期盈利能力之間取得平衡。對於毛利率而言，我們預計下半年黃金和鉑金現貨價格及關稅將對其產生一定的下行影響。

We have been successful in optimizing our marketing strategy, leveraging AI and machine learning capabilities year to date and expect to drive year over year leverage in marketing spend for the year. We expect to continue to make near and longer term investments in H2 2025, including in employee costs and other G and A, while managing the business for profitability.

今年以來，我們已成功優化了行銷策略，充分利用了人工智慧和機器學習技術，並預計今年的行銷支出將逐年成長。我們預計在 2025 年下半年繼續進行近期和長期投資，包括員工成本和其他一般及行政費用，同時管理業務以實現盈利。

Our guidance reflects metal prices and tariffs as of August 5 and does not reflect the unforeseen consequences from subsequent tariff announcements, metal price fluctuations, or related changes to the consumer environment. Yesterday, The United States announced an additional 25% tariff on all imports from India effective August 27. We have not yet fully determined the financial impact of this development on our business, and we are actively analyzing how this informs our operating plan.

我們的指導意見反映了截至 8 月 5 日的金屬價格和關稅，並未反映後續關稅公告、金屬價格波動或相關消費環境變化所帶來的不可預見後果。昨天，美國宣布從8月27日起對所有來自印度的進口商品加徵25%的關稅。我們尚未完全確定這一事態發展對我們業務的財務影響，我們正在積極分析這將如何影響我們的營運計劃。

Importantly, this is an industry wide impact, and we believe Brilliant Earth is better positioned to navigate this environment over traditional jewelry retailers, given several competitive advantages. Our geographic supply chain diversity provides flexibility. Our nimble technology enabled operating model allows us to rapidly adjust sourcing strategies, and our dynamic pricing model and procurement optimization capabilities enable us to respond quickly to cost structure changes to optimize our pricing and gross margin. Most of Q3 will be complete by the time this new tariff takes effect on August 27, and we are continuing to assess the impact for the rest of the year. We maintain confidence in our ability to execute our strategic plan through this evolving tariff environment.

重要的是，這將對整個行業產生影響，我們相信，鑑於 Brilliant Earth 擁有多項競爭優勢，它比傳統珠寶零售商更有能力應對這種環境。我們多元化的地域供應鏈提供了靈活性。我們靈活的技術驅動型營運模式使我們能夠快速調整採購策略，而我們的動態定價模式和採購優化能力使我們能夠快速應對成本結構變化，從而優化我們的定價和毛利率。到 8 月 27 日新關稅生效時，第三季的大部分工作已經完成，我們將繼續評估其對今年剩餘時間的影響。我們仍然有信心在不斷變化的關稅環境下執行我們的策略計劃。

Looking forward, our data driven approach, disciplined expense management, and asset light business model position us to outperform the industry while delivering profitable growth. This quarter’s strong execution illustrates our ability to identify and capture opportunities to drive sustainable, profitable growth and create value for shareholders. With that, I will turn the call over to the operator for questions.

展望未來，我們以數據驅動的方法、嚴格的費用管理和輕資產的商業模式，使我們能夠超越行業平均水平，同時實現盈利增長。本季強勁的業績顯示我們有能力識別和抓住機遇，推動可持續的獲利成長，並為股東創造價值。接下來，我將把電話轉交給接線員，解答大家的問題。

Thank you. (Operator Instructions). The first question that I have today is coming from the line of Ashley Owens of KeyBanc Capital Markets. Your line is open.

謝謝。（操作說明）我今天要問的第一個問題來自 KeyBanc Capital Markets 的 Ashley Owens。您的線路已開通。

Hey, guys. This is Chris on for Ashley. Congrats on the quarter and thanks for taking our question. So just to start, I was wondering if you could touch on the bridge and higher fine growth relative to margins. I think the comments before I’d alluded to this being a higher margin side of the business.

嘿，夥計們。這是克里斯替阿什利解說。恭喜您本季取得佳績，感謝您回答我們的問題。首先，我想請您談談橋樑和相對於利潤率的更高精細增長。我認為我之前的評論暗示了這是業務中利潤較高的部分。

So, could you maybe triangulate what you’re seeing in terms of like purchase habits and if the consumers are gravitating towards lower AOV, fine items? And within fine, like what pricing habits are and what you’re seeing compared to bridal and engagement customers as bookings are returned to growth. So just anything different relative to three months ago.

那麼，您能否從購買習慣等方面，結合消費者是否傾向於購買平均訂單價值較低、品質優良的商品，來分析您觀察到的情況？而且，在良好的情況下，例如定價習慣是什麼，以及與新娘和訂婚客戶相比，隨著預訂量的回升，你看到了什麼。所以，任何與三個月前不同的情況都行。

Hi, Chris. This is Beth. I wouldn’t say that there’s a huge difference in terms of what we’ve been seeing. I think that consumers continue to be very discerning in terms of fine jewelry and what they’re looking for high quality, high value jewelry that they’re going to wear for many years. And as we have been performing exceptionally strong into fine jewelry, we’re just continuing to see increased traction, and that’s going to have an impact overall in terms of AOV, but that’s something that we’re strategically investing in.

嗨，克里斯。這是貝絲。我不會說就我們所看到的情況而言，存在著巨大的差異。我認為消費者在購買高級珠寶方面仍然非常挑剔，他們追求的是高品質、高價值的珠寶，並且希望能夠佩戴多年。由於我們在高級珠寶領域表現異常強勁，我們持續看到市場需求成長，這將對整體平均訂單價值產生影響，而這正是我們正在進行策略性投資的領域。

So, something we’re happy to see. So, I wouldn’t say we’re seeing a huge difference in terms of pricing and AOV for either bridal or fine jewelry now versus what we’ve been seeing over the past several months.

所以，這是我們很高興看到的。所以，我不會說我們現在看到的婚禮珠寶或高級珠寶的價格和平均訂單價值與過去幾個月相比有巨大的差異。

Okay, Great. And then I guess next, just to maybe drill down on the debt payment in the quarter. Could you maybe just expand thoughts on like further investments in the business and how you’re thinking about redeploying the capital, whether it goes to, you’d like to maybe accelerate insurance or other opportunities to see in the market?

好的，太好了。接下來，我想或許應該深入分析本季的債務支付。您能否詳細談談您對公司進一步投資的想法，以及您打算如何重新部署資金，例如是否想加快保險業務的發展，或考慮其他市場機會？

Jeff, maybe I can start with just the very high level. I think that we have been very consistent in terms of how we've been communicating our strategic vision and we're continuing to see great results. So I see that the levers that we see for our strategy with showroom growth, leaning in as the digital leader, with becoming the world's most trusted and loved jewelry brand. All of that will continue, and I think we have a very strong cash balance sheet to be able to execute on that strategic vision, so I feel like we've been executing well. We're going to continue to lean into these areas to drive our overall awareness and to drive fine jewelry as well. Jeff, do you want to kind of expand on that?

傑夫，或許我可以先從最高等級開始。我認為我們在傳達策略願景方面一直非常一致，並且我們持續看到良好的成果。所以我認為，我們策略的關鍵在於拓展展廳，鞏固數位化領導者的地位，成為世界上最值得信賴、最受歡迎的珠寶品牌。所有這些都將繼續下去，我認為我們擁有非常強勁的現金資產負債表，能夠執行這個策略願景，所以我認為我們一直執行得很好。我們將繼續加大對這些領域的投入，以提高我們的整體知名度，並推動高級珠寶業務的發展。傑夫，你想再詳細說嗎？

I think that captured a lot of the key points well. Really, the dividend and distribution and the debt payoff stem from our strong balance sheet and cash position, our ability to generate cash as a business. And as Beth mentioned, we believe that we are well positioned to continue to make those strategic investments in areas like brand, showrooms and fine jewelry, even with these announcements. And with respect to the debt payment, there’s also some net interest savings that will result from the debt payoff.

我認為這很好地概括了許多要點。實際上，股息和股利以及償還債務都源於我們強勁的資產負債表和現金狀況，以及我們作為企業創造現金的能力。正如 Beth 所提到的，我們相信，即使有了這些公告，我們仍然有能力繼續在品牌、展廳和高級珠寶等領域進行策略性投資。至於債務償還方面，償還債務還會帶來一些淨利息節省。

So, I think this really illustrates a lot of the strengths of the business and how we think about optimizing the business and the capital structure.

所以，我認為這充分體現了公司的許多優勢，以及我們如何思考優化業務和資本結構。

Okay, great. I'll pass it along.

好的，太好了。我會轉達的。

(Operator Instructions) Oliver Chen, TD Securities.

（操作員指示）Oliver Chen，TD證券。

Hi, Beth and Jeff. This is Julia on for Oliver Chen. I would love to hear about the strength above and below the [$1,000] price point and general comments you have on the health of the consumer that you’ve been seeing with respect to discretionary purchases?

嗨，貝絲和傑夫。這裡是茱莉亞替奧利佛·陳報。我很想了解一下1000美元價位以上和以下的市場表現，以及您對消費者在非必需品購買方面的健康狀況有何總體看法？

Two, where are consumers spending more versus saving more in their bank decisions?

第二，消費者在銀行決策中，哪些方面的支出較多，哪些方面的儲蓄較多？

And three, any commentary around uplifts related to new showrooms and how the maturation of showrooms later this year may help sales? Thank you.

第三，關於新展廳帶來的銷售成長，以及今年稍後展廳的成熟可能會如何促進銷售，有什麼評論嗎？謝謝。

Thanks, Julia. So in terms of how we’re seeing the health of consumer, we are seeing a nice consumer that, as I mentioned, they are discerning, but I think we have been very attuned to the customer trends and what they want. And so we’re able to deliver on that high-quality, high-value jewelry piece that they’ve been looking for. We also believe that we’ve been outperforming the market. And as we have been leaning into these brand initiatives, introducing new products like our limited-edition collections, we have been performing exceptionally well.

謝謝你，茱莉亞。所以就我們目前對消費者健康狀況的觀察而言，我們看到的是一個不錯的消費者，正如我所提到的，他們很有鑑賞力，但我認為我們一直非常關注客戶趨勢和他們的需求。因此，我們能夠為他們提供他們一直在尋找的高品質、高價值的珠寶。我們也相信，我們的業績一直優於市場平均。隨著我們大力推動這些品牌舉措，推出限量版系列等新產品，我們的業績也一直非常出色。

So we feel good about the health of the consumer related to the offerings specifically that we have. We’ve also seen, as we mentioned in the call, high-single-digit growth for units in both engagement rings and wedding and anniversary bands, and I think this is a testament to a lot of the hard work we’ve been doing. We have a really nice diamond assortment with hundreds of thousands of diamonds. Our signature styles have been performing exceptionally well as we’re seeing with engagement rings as trend leaders, and we are seeing those market improvements. But as I’ve mentioned, I think we are outperforming in terms of the overall market.

因此，我們對我們提供的產品和服務所帶來的消費者健康問題感到滿意。正如我們在電話會議中提到的，訂婚戒指和結婚週年紀念戒指的銷量也實現了接近兩位數的增長，我認為這證明了我們所做的許多努力都是值得的。我們擁有種類繁多的優質鑽石，數量達數十萬顆。我們的標誌性款式表現非常出色，我們看到訂婚戒指引領了潮流，我們也看到了市場的變化。但正如我之前提到的，我認為就整體市場而言，我們的表現優於其他公司。

For that, showroom, overall, we’ve been really pleased with how the showrooms are doing. As we are known increasingly as a fine jewelry destination, we were really happy to see that fine jewelry growth in the showrooms. And just seeing that walk-in traffic, seeing, the 80%-plus growth with those retail type of consumers, I think, just shows you that we are doing a great job offering the right product for what the customers are looking for at an exceptional price point.

就展廳而言，整體來說，我們對展廳的運作非常滿意。隨著我們作為高級珠寶目的地的知名度越來越高，我們很高興看到展廳裡的高級珠寶銷量增長。看到進店客流量，看到零售型消費者的成長率超過 80%，我認為這足以證明我們做得很好，我們以極具競爭力的價格為顧客提供了他們想要的合適產品。

Great, thank you so much.

太好了，非常感謝。

I would now like to turn the call back over to Beth for closing remarks. Please go ahead.

現在我想把電話交還給貝絲，請她做總結發言。請繼續。

Hi, everyone, thank you so much for joining our Q2 conference call, and we look forward to talking to you in the next quarter.

大家好，非常感謝各位參加我們第二季的電話會議，我們期待在下個季度與大家繼續交流。

Thank you so much for joining today's conference. You may all disconnect.

非常感謝您參加今天的會議。你們可以斷開連結了。