Bed Bath & Beyond Inc (BYON) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Beyond, Inc. second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待，歡迎參加 Beyond, Inc. 2024 年第二季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Alexis Callahan, Vice President of Investor Relations and Public Relations. Please go ahead.

現在我想介紹一下今天節目的主持人，投資者關係和公共關係副總裁 Alexis Callahan。請繼續。

Thank you, operator. Good morning, and welcome to Beyond, Inc.'s second quarter 2024 earnings conference call. Joining me on the call today are Executive Chairman, Marcus Lemonis; Chief Financial and Administrative Officer, Adrianne Lee; and President, Dave Nielsen.

謝謝你，接線生。早安，歡迎參加 Beyond, Inc. 的 2024 年第二季財報電話會議。今天和我一起參加電話會議的是執行主席馬庫斯·萊莫尼斯 (Marcus Lemonis)；財務兼行政官 Adrianne Lee；和總裁戴夫·尼爾森。

Today's discussion and our responses to your questions reflect management's views as of today, July 30, 2024, and may include forward-looking statements, including without limitation regarding our future goals, revenue, file size, financial performance, our outlook for the remainder of the year or any other period, growth, stock price, profitability, strategy, macroeconomic conditions, customer demand, the value of any of our brands or investments, relationships with third parties and agreements we are entering into with them, margin improvement, customer experience and related efficiencies, loyalty programs, the launch, relaunch, or other upcoming changes for any brands or websites and the timing of any of the foregoing.

今天的討論和我們對您問題的答覆反映了截至今天（2024 年7 月30 日）管理層的觀點，並可能包含前瞻性陳述，包括但不限於我們的未來目標、收入、文件大小、財務業績、我們對剩餘時間的展望年份或任何其他時期、成長、股價、獲利能力、策略、宏觀經濟狀況、客戶需求、我們任何品牌或投資的價值、與第三方的關係以及我們與他們簽訂的協議、利潤率改善、客戶體驗任何品牌或網站的相關效率、忠誠度計劃、啟動、重新啟動或其他即將發生的變化以及上述任何一項的時間表。

Actual results could differ materially from such statements. Additional information about risks, uncertainties, and other important factors that could potentially impact our financial results is included in our Form 10-K for the year ended December 31, 2023, and our Form 10-Q for the quarter ended March 31, 2024, and in our subsequent filings with the SEC.

實際結果可能與此類聲明有重大差異。有關風險、不確定性和其他可能影響我們財務業績的重要因素的更多資​​訊包含在截至2023 年12 月31 日的年度的10-K 表格和截至2024 年3 月31 日的季度的10-Q表格中。

During this call, we'll discuss certain non-GAAP financial measures. Our filings with the SEC, including our second quarter earnings release, which is available on our Investor Relations website at investors.beyond.com, contain important additional disclosures regarding these non-GAAP measures, including reconciliations of these measures to the most comparable GAAP measures.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。我們向SEC 提交的文件，包括我們的第二季度收益報告（可在我們的投資者關係網站Investors.beyond.com 上取得），包含有關這些非GAAP 指標的重要額外披露，包括這些指標與最具可比性GAAP 指標的調節表。

Following management's prepared remarks, we will open the call for questions. A slide presentation with supporting data is available for download on our Investor Relations website. Please review the important forward-looking statements disclosure on slide 2 of that presentation.

在管理階層準備好發言後，我們將開始提問。包含支援數據的幻燈片簡報可在我們的投資者關係網站上下載。請查看該簡報投影片 2 中揭露的重要前瞻性聲明。

With that, let me turn the call over to you, Marcus.

現在，讓我把電話轉給你，馬庫斯。

Good morning, and thank you. As Alexis mentioned, I'm joined today by Adrian Lee and Dave Nielsen. This morning, we'll be summarizing our second quarter results as well as answering specific questions about our company and the meaningful progress we are making. As a refresher, there are a number of imperatives we entered this quarter with that have framed the remainder of the year.

早安，謝謝。正如亞歷克西斯所提到的，今天阿德里安·李和戴夫·尼爾森也加入了我的行列。今天早上，我們將總結第二季的業績，並回答有關我們公司和我們正在取得的有意義進展的具體問題。回顧一下，我們進入本季時有許多當務之急，這些都構成了今年剩餘時間的框架。

I'll start off with my reaffirmation that I not only believe but expect this company to do great things. My conviction is around this company's ability to operate multiple brands profitably, all while growing revenue and file size. Earlier in the second quarter, our shareholders approved a performance stock unit plan that awarded me options that vest when the stock price reaches $45, $50, and $60. I appreciate the acknowledgment, but recognize that I only make money when we all make money. I personally believe we'll get there.

首先我要重申，我不僅相信而且期望這家公司能夠做出偉大的事情。我堅信這家公司有能力經營多個品牌並實現盈利，同時增加收入和文件大小。第二季早些時候，我們的股東批准了一項績效股票單位計劃，該計劃授予我選擇權，當股價達到 45 美元、50 美元和 60 美元時，即可歸屬。我很感激您的認可，但也意識到只有當我們都賺錢時我才能賺錢。我個人相信我們會到達那裡。

For those invested in the company today or contemplating it, I want you to know the topics on our mind every single day as the management team, in some cases, things that even keep us up at night. It's imperative that every decision we make is to drive towards profitability. And once there, we maintain that rigor along with holding firm to an asset-light model.

對於那些今天投資或正在考慮公司的人，我希望你們知道我們作為管理團隊每天都在思考的話題，在某些情況下，甚至讓我們徹夜難眠的事情。我們所做的每一個決定都必須以實現盈利為目標。一旦到達那裡，我們就會保持這種嚴格性，並堅持輕資產模式。

Establishing a definitive strategy for Bed Bath & Beyond, not only to be a $1 billion plus e-commerce brand, but find thoughtful and creative ways to expand the brand, generate cash flow off the IP, while also expanding its brand presence even further, increasing the brand value while maintaining its position as one of the world's most well-known home brands.

為Bed Bath & Beyond 制定明確的策略，不僅要成為價值超過10 億美元的電子商務品牌，還要找到深思熟慮且富有創意的方式來擴展品牌，從IP 中產生現金流，同時進一步擴大其品牌影響力，提高品牌價值，同時保持其作為世界上最知名的家居品牌之一的地位。

We also want to focus on the relaunch of Overstock in a way that allows it to return to its roots of retailing furniture, patio, and rugs, but leverage its strong brand name in value shopping to more than just its historical categories. It is our vision, particularly with many off-price retailers leaving the e-commerce space to become the North American leader where companies big and small, can utilize the platform to reduce inventory in their own businesses and improve their turns and margins. They are essentially our vendors and suppliers.

我們還希望專注於 Overstock 的重新推出，使其能夠回歸其零售家具、露台和地毯的根源，但利用其在價值購物方面的強大品牌知名度，而不僅僅是其歷史類別。這是我們的願景，特別是許多折扣零售商離開電子商務領域，成為北美的領導者，大大小小的公司都可以利用該平台來減少自己企業的庫存並提高週轉率和利潤率。他們本質上是我們的供應商和供應商。

In addition to our traditional vendors, we are in the early innings of entering the true liquidation, reverse logistics, and closeout business. We have formed material relationships with liquidators, jobbers, wholesalers, and reverse logistics companies and are finalizing a formal agreement with a large-scale closeout and reverse logistics company.

除了我們的傳統供應商之外，我們還處於進入真正的清算、逆向物流和清倉業務的早期階段。我們已與清算人、批發商、批發商和逆向物流公司建立了實質關係，並正在與一家大型清倉和逆向物流公司敲定正式協議。

We are working to normalize margins through proper curation with the right product listed on the appropriate brand platform at the right time, especially at the right price. The merchandising team, led by Stacey Shively, our Chief Merchant, has done exceptional work to begin the curation process around key products and vendors.

我們正在努力透過適當的規劃，在適當的時間，特別是以適當的價格在適當的品牌平台上列出適當的產品，從而使利潤正常化。由我們的首席採購員 Stacey Shively 領導的銷售團隊做了出色的工作，開始圍繞關鍵產品和供應商進行策劃流程。

They have successfully reestablished direct relationships with key vendors, improving both profitability and process for both sides. As we continue that work, along with entering the closeout space, we expect to continue to see continued quarterly sequential margin improvement over the next 12 to 18 months. Look, we need to achieve new technology -- excuse me, we need to activate new technology and innovative thinking to attract and retain our customer files. We have made significant strides in improving search functionality with a constant push to catch up and keep up with fast moving tech all around us.

他們成功地與主要供應商重建了直接關係，並提高了雙方的獲利能力和流程。隨著我們繼續這項工作，並進入清倉空間，我們預計未來 12 至 18 個月內季度利潤率將繼續持續改善。看，我們需要實現新技術——對不起，我們需要啟動新技術和創新思維來吸引和留住我們的客戶檔案。我們不斷努力追趕和跟上我們周圍快速發展的技術，在改進搜尋功能方面取得了重大進展。

Part of attracting and retaining customers is the data management around them, building customized experiences for specific audience attributes, improving conversion and annual spend as a solid roadmap. Our relationship with Salesforce and companies like Vercel will help us create that efficiency and experience over the next six to nine months. Over the next 18 months, we expect to develop a world-class loyalty program, utilizing both our database as well as other companies who coexist with us who do not compete in the same sector as us.

吸引和留住客戶的一部分是圍繞客戶進行數據管理，為特定受眾屬性建立客製化體驗，提高轉換率和年度支出作為可靠的路線圖。我們與 Salesforce 以及 Vercel 等公司的關係將幫助我們在未來六到九個月內創造這種效率和體驗。在接下來的 18 個月裡，我們希望利用我們的資料庫以及與我們共存但不在同一行業競爭的其他公司，開發世界一流的忠誠度計劃。

That loyalty shall be rewarded with unique content, information, ideas and inspiration delivered to them through various mediums. Most of the content will be delivered across the streaming platform, YouTube channels, social channels and funnel marketing programs. We will move slowly towards this to test and ensure that we feel the return on investment to be realized over the lifetime value of the newly acquired customer. We have made significant progress in the past several months, and will continue to execute on our plan to achieve growth and profitability.

這種忠誠度將得到透過各種媒介傳遞給他們的獨特內容、訊息、想法和靈感的回報。大部分內容將透過串流媒體平台、YouTube 頻道、社交頻道和漏斗行銷計劃提供。我們將慢慢朝著這個方向進行測試，並確保我們感受到在新獲得的客戶的終身價值中實現的投資回報。我們在過去幾個月中取得了重大進展，並將繼續執行我們的計劃以實現成長和獲利。

To recap, in the second quarter, we achieved our revenue target and improved our bottom line by roughly 25%. We improved our gross margin through improved vendor relations, curation, and the launch of Overstock. We increased our active customer base and their average order. We established new partnerships around liquidation, closeouts in factory direct. We launched Overstock.com, our mobile app for Overstock and launched our CRM process with Salesforce.

回顧一下，第二季我們實現了收入目標，並將利潤提高了約 25%。我們透過改善供應商關係、管理和推出 Overstock 來提高毛利率。我們增加了活躍客戶群及其平均訂單量。我們圍繞工廠直接清算和清倉建立了新的合作夥伴關係。我們推出了 Overstock.com，這是我們的 Overstock 行動應用程序，並透過 Salesforce 啟動了 CRM 流程。

We completed the architecture and POV on Zulily; signed and are trading over 100 legacy vendors with another 100 suppliers in the onboarding pipeline. And the site is now in the internal testing phase. We are targeting to launch Zulily on September 10. This effort has been led by a combination of our own and existing staff as well as an unbelievable team of added key legacy Zulily leaders. We also reduced fixed costs, all of which resulted in sequential improvement of more than $11 million in adjusted EBITDA.

我們完成了 Zulily 上的架構和 POV；已與 100 多家傳統供應商簽約並與另外 100 家正在籌備中的供應商進行交易。目前網站正處於內部測試階段。我們的目標是在 9 月 10 日推出 Zulily。這項工作是由我們自己和現有員工以及由 Zulily 的主要遺留領導者組成的令人難以置信的團隊共同領導的。我們也降低了固定成本，所有這些都導致​​調整後 EBITDA 連續改善超過 1,100 萬美元。

Lastly, we also refined our org structure during the quarter. And I'm pleased to see the flatter structure working so well with teams really starting to gel in getting their sea legs.

最後，我們也在本季完善了我們的組織結構。我很高興看到扁平化的結構能夠很好地幫助團隊真正開始團結起來，並取得成功。

With that, I'll now turn it over to Dave Nielsen to talk more about the progress of our business.

現在，我將把它交給戴夫尼爾森，並更多地談論我們業務的進展。

Thank you, Marcus. I echo that sentiment. I am pleased with what the team achieved in the second quarter and remain committed to continuous improvement and bringing each of these brands back to the $1 billion-plus brands they have the potential to be.

謝謝你，馬庫斯。我贊同這種觀點。我對團隊在第二季的成就感到滿意，並將繼續致力於持續改進，讓這些品牌恢復到有潛力成為價值 10 億美元以上的品牌。

To that end, I would like to walk through some key operational highlights for each brand. On Bed Bath & Beyond, we saw growth in core legacy categories like bedding, bath, and decor, as well as emerging strength in categories like patio and outdoor furniture, which are not historically endemic to the brand, but are highly accretive to average order value. This is encouraging, as customers are recognizing product adjacencies, for example, bedroom furniture and feeling more comfortable shopping the entire room.

為此，我想介紹每個品牌的一些關鍵營運亮點。在Bed Bath & Beyond 上，我們看到了床上用品、浴室和裝飾品等核心傳統品類的增長，以及庭院和戶外家具等品類的新興實力，這些品類在歷史上並不是該品牌特有的，但對平均訂單量的成長卻很高價值。這是令人鼓舞的，因為客戶正在認識到相鄰產品，例如臥室家具，並且在整個房間購物時感覺更舒適。

While we continue expanding our assortment within the four rooms we are exclusively focused on, we're simultaneously curating down from a marketplace like assortment of roughly 12 million SKUs to one that has enough breadth and depth to be category-leading but small enough to ensure an easy and seamless customer experience. This curation also impacts our supplier base, making key suppliers more meaningful, resulting in better margins for us as their volume increases.

雖然我們繼續在我們專門關注的四個房間內擴大我們的品種，但我們同時也在從大約1200 萬個SKU 的市場品種中進行篩選，將其縮減為具有足夠廣度和深度的產品，可以在類別中處於領先地位，但又足夠小，可以確保簡單、無縫的客戶體驗。這種管理也會影響我們的供應商基礎，使主要供應商變得更有意義，隨著他們的數量增加，為我們帶來更好的利潤。

Our merchandise team is also working hard to bring back a number of important name brands that left years ago, which we think will move the needle in reviving Bed Bath & Beyond.

我們的商品團隊也在努力恢復一些多年前離開的重要品牌，我們認為這將推動 Bed Bath & Beyond 的復興。

In addition to an uptick in average order value, it was also encouraging to see a higher proportion of sales from repeat customers during the quarter, a trend we expect to continue as we further refine our targeting and promotional models.

除了平均訂單價值的上升之外，本季回頭客的銷售額比例更高也令人鼓舞，隨著我們進一步完善定位和促銷模式，我們預計這一趨勢將持續下去。

Next, on Overstock. This was our first full quarter of operations since our relaunch at the end of March, and we are encouraged by the early progress we've seen. Historically, dominant product categories of area rugs, furniture, and patio and outdoor furniture continue to top the list of performing categories in the relaunch, confirming the loyal Overstock customer is excited we're back.

接下來，關於庫存積壓。這是我們自三月底重新啟動以來第一個完整的季度運營，我們對所看到的早期進展感到鼓舞。從歷史上看，地毯、家具、露台和戶外家具等主導產品類別在重新推出時繼續位居表現類別榜首，這證實了忠實的 Overstock 客戶對我們的回歸感到興奮。

As we continue to increase our assortment, which has gone from a few hundred thousand to several million SKUs and improve our site experience, we anticipate momentum accelerating across the balance of the year. We are also leaning heavily into the white space that exists in online liquidation, as Marcus mentioned earlier. Finally, we launched Google Search on the website.

隨著我們繼續增加產品種類（從幾十萬個到數百萬個 SKU）並改善我們的網站體驗，我們預計今年餘下的時間裡勢頭會加速。正如馬庫斯之前提到的，我們也嚴重傾向於線上清算中存在的空白。最後，我們在網站上推出了 Google 搜尋。

And in conjunction with our grand reopening launched a new marketing campaign to reengage with customers in a creative way, utilizing AI, which is not only bold, but more importantly, inexpensive enabling us to offer even more crazy good deals to our customers.

在我們盛大重新開幕的同時，推出了一項新的行銷活動，利用人工智慧以創意的方式重新與客戶互動，這不僅大膽，而且更重要的是，價格低廉，使我們能夠為客戶提供更瘋狂的優惠。

And lastly, Zulily. We hired a team of experienced merchants who were with legacy Zulily, know the Zulily customer and have established working relationships with important brand partners and their efforts are bearing fruit as we've made great progress on onboarding key legacy vendors, while also adding some new vendors to the mix. In addition to offering exciting flash cells, we will also be offering an evergreen assortment of must-have basics on site, which will require a member login and be additive to the P&L.

最後是祖莉莉。我們聘請了一支經驗豐富的商家團隊，他們曾與傳統Zulily 合作，了解Zulily 客戶，並與重要的品牌合作夥伴建立了工作關係，他們的努力正在取得成果，因為我們在引入主要傳統供應商方面取得了巨大進展，同時也增加了一些新的供應商。除了提供令人興奮的快閃記憶體單元外，我們還將在現場提供常青的必備基礎知識，這將需要會員登入並添加到損益表中。

In summary, there has been a lot accomplished during the quarter across the three brand platforms and those efforts are clearly starting to turn our ship around.

總之，本季三個品牌平台取得了許多成就，這些努力顯然正在開始扭轉我們的局面。

I'll now turn the call over to Adrianne.

我現在將電話轉給阿德里安。

Thank you, Dave. Revenue declined 6% year-over-year in the second quarter. Sequentially, revenue increased by 4%, driven by an 18% AOV improvement as we mixed out of bedding and into patio furniture. As a reminder, our intent was to deliver revenue in line with the first quarter while improving profitability, and we accomplished just that in the second quarter.

謝謝你，戴夫。第二季營收年減 6%。隨後，由於我們將床上用品和露台家具混合在一起，AOV 提高了 18%，收入增加了 4%。提醒一下，我們的目的是實現與第一季持平的收入，同時提高獲利能力，而我們在第二季就實現了這一目標。

Gross margin landed at 20.1% for the quarter a 530-basis point decline compared to the same period last year. Elevated discounting and higher carrier costs continue to be the main sources of margin pressure. Sequentially, however, we delivered a 70-basis point improvement in gross margin as we work to optimize discounting and improve carrier costs. These were slightly improved -- excuse me -- these were slightly offset by our seasonal mix into patio furniture.

本季毛利率降至 20.1%，較去年同期下降 530 個基點。折扣增加和承運商成本上升仍然是利潤壓力的主要來源。然而，隨著我們努力優化折扣和降低承運商成本，我們的毛利率提高了 70 個基點。這些都略有改善 - 對不起 - 這些被我們與露台家具的季節性組合略有抵消。

I want to reiterate our six-part plan we outlined in our fourth quarter earnings call that we continue to execute on to improve our gross margin profile.

我想重申我們在第四季度財報電話會議中概述的六部分計劃，我們將繼續執行該計劃以改善我們的毛利率狀況。

Renegotiating freight rates with our carriers. This is now complete. We saw some benefit this quarter, and we will continue to see improvement in our run rate going forward. Improving vendor relations for more favorable product costs. This is an ongoing effort by our merchandising team and a key area of focus for our upcoming Partner Summit.

與我們的承運商重新協商運費。現在已經完成了。本季度我們看到了一些好處，未來我們將繼續看到運行率的改善。改善供應商關係以獲得更優惠的產品成本。這是我們的銷售團隊不斷努力的成果，也是我們即將舉行的合作夥伴高峰會的重點領域。

Relaunching Overstock.com. Thus far, the brand has been accretive to our overall gross margin, providing integration add-ons. In late June, we launched our partnership with Angie, which will provide customers with installation and assembly services. We continue to market warranties and shipping insurance and are pleased with early performance. Reintroducing owned brands and embarking on licensing activity, we continue to opportunistically pursue these.

重新啟動 Overstock.com。到目前為止，該品牌透過提供整合附加元件，已經增加了我們的整體毛利率。6月下旬，我們與Angie建立了合作夥伴關係，後者將為客戶提供安裝和組裝服務。我們繼續推銷保固和運輸保險，並對早期表現感到滿意。重新引入自有品牌並進行授權活動，我們將繼續機會主義地追求這些目標。

And lastly, eliminating inefficient discounting. We made progress in the second quarter and expect continued improvements over time as our brands and corresponding value propositions become clearer to customers.

最後，消除低效折扣。我們在第二季度取得了進展，並預計隨著時間的推移，隨著我們的品牌和相應的價值主張對客戶變得更加清晰，我們將繼續取得進步。

G&A and tech expense of $46 million decreased by $3.5 million year-over-year, driven by execution of our commitment to reduce fixed costs by an annualized amount of $45 million. Through the end of the second quarter, I am pleased to report we have now realized approximately two thirds of that commitment, allowing us to reinvest a portion of those savings to support our brand launches.

由於我們履行了每年減少固定成本 4500 萬美元的承諾，G&A 和技術費用為 4600 萬美元，同比減少了 350 萬美元。到第二季末，我很高興地報告說，我們現在實現了大約三分之二的承諾，使我們能夠將部分節省下來的資金進行再投資，以支持我們的品牌發布。

All-in, adjusted EBITDA came in at a loss of $36 million, an improvement of $11 million versus the first quarter of 2024. Our focus remains on managing the business to profitability and driving sequential improvements in adjusted EBITDA. Reported GAAP EPS was a loss of $0.93 per share for the second quarter, excluding losses recognized from our equity method securities, adjusted diluted loss per share was $0.76.

調整後的 EBITDA 總計虧損 3,600 萬美元，比 2024 年第一季增加 1,100 萬美元。我們的重點仍然是管理業務以實現盈利並推動調整後 EBITDA 的連續改善。第二季報告的 GAAP EPS 為每股虧損 0.93 美元，不包括權益法證券確認的虧損，調整後稀釋每股虧損為 0.76 美元。

Lastly, our balance sheet remains strong as we ended the quarter with a cash balance of $186 million. In addition to our efforts to improve our margin profile, we will continue to evaluate opportunities to monetize non-performing assets and create liquidity. We have made progress in our efforts to sell our headquarters building and have accelerated actions to explore ways to drive value within our investment in the Medici fund, including more active discussions with Pelion and some of the funds more promising companies.

最後，我們的資產負債表仍然強勁，本季末現金餘額為 1.86 億美元。除了努力改善利潤狀況外，我們還將繼續評估不良資產貨幣化和創造流動性的機會。我們在出售總部大樓方面取得了進展，並加快了行動，探索如何在我們對 Medici 基金的投資中推動價值，包括與 Pelion 和一些更有前途的基金公司進行更積極的討論。

In summary, our teams are laser-focused on building our three brands, while we simultaneously improve our margin profile. We made progress in the second quarter and acknowledge that significant work remains. Our goal is to deliver sequential improvements on our path to profitability.

總之，我們的團隊專注於打造我們的三個品牌，同時提高我們的利潤狀況。我們在第二季度取得了進展，並承認仍有大量工作要做。我們的目標是在獲利之路上不斷改進。

I would now like to turn the call back over to Marcus for final comments before we open up for Q&A.

在我們開始問答之前，我現在想將電話轉回馬庫斯以徵求最終意見。

Thanks, Adrianne. Before we move into Q&A, I want to make one final comment. While our company does not provide specific guidance, we feel it's very important at this time to give our investors a range of our performance expectations.

謝謝，阿德琳娜。在我們進入問答環節之前，我想做最後的評論。雖然我們公司沒有提供具體的指導，但我們認為目前向投資者提供一系列我們的業績預期非常重要。

When you look at the history of both Bed Bath & Beyond and Overstock separately, you'll notice that Q2 typically outperforms Q3 from a revenue standpoint by anywhere from 12% to 14%. It is our goal to have our third quarter revenue performance be in line with that, if not better than that historical trend. It is also our expectation that we have sequential gross margin improvement as well as a minimum low double-digit percentage sequential improvement to adjusted EBITDA.

當您分別查看 Bed Bath & Beyond 和 Overstock 的歷史時，您會發現，從收入的角度來看，第二季的表現通常比第三季高出 12% 到 14%。我們的目標是讓第三季的營收表現與歷史趨勢保持一致，甚至更好。我們也預計，毛利率將實現環比改善，調整後的 EBITDA 也將實現最低兩位數的環比改善。

It is our belief that as we continue to curate and calibrate our business that we will set ourselves up to enjoy the tailwinds that could potentially come from improvements in interest rates, ultimately sparking home demand and demand for home products.

我們相信，隨著我們繼續策劃和調整我們的業務，我們將能夠享受利率改善可能帶來的順風，最終激發家庭需求和對家庭產品的需求。

With that, we'll take some questions.

接下來，我們將回答一些問題。

Steven Forbes, Guggenheim Partners.

史蒂文‧福布斯，古根漢合夥人。

Good morning, everybody. Marcus, it sounds like you're talking about an 18-month timeframe or I don't know if I'm overreading that, but is that how you currently see the business on its path to profitability? Is that a fair timeframe behind the potential achievement of a neutral EBITDA margin profile? Or any updates on -- I know you're not providing longer term guidance, just like how do you see the business sort of capturing that state of neutrality as it relates to cash flow dynamics and overall profit?

大家早安。馬庫斯，聽起來你在談論 18 個月的時間框架，或者我不知道我是否過度解讀了，但你目前是如何看待公司盈利的？對於實現中性 EBITDA 利潤率狀況來說，這是否是一個公平的時間框架？或有任何更新——我知道您沒有提供長期指導，就像您如何看待企業在現金流動態和整體利潤方面捕捉中立狀態一樣？

Yeah, it better be long before the 12 to 18 months. And the reason I identified 12 to 18 months in a few topics is because there's the maturation process, and we want to set proper expectations and not wreck the business. But it is our expectation that at some point in 2025, we are able to achieve profitability. That is how we're building our plan. That is how we're looking at our overall headcount, and that's how we're looking at managing the different parts of our business.

是的，最好早在 12 到 18 個月之前。我在一些主題中確定 12 到 18 個月的原因是因為這是一個成熟的過程，我們希望設定適當的期望，而不是破壞業務。但我們預計在 2025 年的某個時候，我們能夠實現盈利。這就是我們制定計劃的方式。這就是我們看待整體員工人數的方式，也是我們看待管理業務不同部分的方式。

Appreciate that clarity. And then given the second quarter cash flow dynamics, is there days payable outstanding ratio we should be modeling OWC needs around or any help as you think about the business, reestablishing relationships with vendors, the SKU optimization path, how we should think about OWC needs and/or usage for the remainder of the year?

欣賞這種清晰度。然後考慮到第二季的現金流量動態，我們是否應該對 OWC 需求進行建模，或者在您考慮業務、重建與供應商的關係、SKU 優化路徑、我們應該如何考慮 OWC 需求時提供任何幫助和/或今年剩餘時間的使用情況？

Hi Steve, this is Adrianne. And I would just say, as we're working to onboard new vendors within these brands, we're staying within kind of our typical guardrails of kind of payables and receivables. So I would say kind of no change in modeling as you think about onboarding Zulily vendors or curating Bed Bath vendors, staying really within our guardrails of kind of what you've seen us historically have as payable.

嗨，史蒂夫，我是阿德琳妮。我只想說，當我們努力在這些品牌中引入新供應商時，我們保持在應付帳款和應收帳款的典型護欄內。因此，我想說，當您考慮加入 Zulily 供應商或策劃 Bed Bath 供應商時，建模方面沒有任何變化，真正保持在我們歷史上所看到的應付範圍內。

Yeah, let me add one thing to that. As our performance continues to improve and vendor consolidation comes to light and those vendors enjoy that consolidation while also appreciating our improvement in performance, it is our expectation that we'll be able to renegotiate even better terms with certain providers. In some cases, some of the terms that we have don't meet my standards, but we understand that we need to earn the right to make that request, and that is a huge focus for us as we look at growing our profitability.

是的，讓我補充一件事。隨著我們的績效不斷提高以及供應商整合的曝光，並且這些供應商在享受這種整合的同時也欣賞我們在績效方面的改進，我們期望我們能夠與某些提供者重新談判更好的條款。在某些情況下，我們的一些條款不符合我的標準，但我們知道我們需要贏得提出這項要求的權利，這是我們在考慮提高獲利能力時的一個重點。

That's great to hear. Thank you.

很高興聽到這個消息。謝謝。

Thomas Forte, Maxim Group.

托馬斯福特，馬克西姆集團。

Great, thanks. I have one question and one follow-up. And first off, congrats on the performance in the quarter. So the first question I have is, Marcus, can you talk about your capital allocation priorities, especially as it relates to potentially monetizing the non-performing assets, either selling the headquarters or anything related to Medici Ventures.

太好了，謝謝。我有一個問題和一個後續行動。首先，恭喜本季的表現。所以我的第一個問題是，馬庫斯，你能談談你的資本配置優先事項嗎，特別是因為它與潛在的不良資產貨幣化有關，要么出售總部，要么出售與Medici Ventures 相關的任何東西。

Yeah. So from a capital allocation standpoint, we are laser-focused today, tomorrow and deep into the future on continuing to be an asset-light business. And candidly, we have entered into an LOI with a party here in Salt Lake that will allow us to even be more asset-light. That obviously reduce about $34 million of debt off our balance sheet and potentially bring in cash flow in the neighborhood of $20 million-ish after paying fees.

是的。因此，從資本配置的角度來看，我們專注於今天、明天和未來，並繼續成為輕資產企業。坦白說，我們已經與鹽湖城的一個聚會簽訂了意向書，這將使我們能夠更輕資產。這顯然減少了我們資產負債表上約 3,400 萬美元的債務，並可能在支付費用後帶來約 2,000 萬美元左右的現金流。

As we look at the Medici assets, Adrianne and I have taken a slightly more active role. And while we appreciate the nature of the agreement between our company and Pelion, we have started to open up some dialogue and recently made the request for Pelion to put on a Medici days. Now they're not obligated to do that, but we have strongly encouraged them to help our shareholders understand the value of that portfolio.

當我們審視美第奇家族的資產時，我和阿德里安扮演了稍微更積極的角色。雖然我們讚賞我們公司與 Pelion 之間協議的性質，但我們已經開始進行一些對話，並最近要求 Pelion 舉辦美第奇日。現在他們沒有義務這樣做，但我們強烈鼓勵他們幫助我們的股東了解該投資組合的價值。

Furthermore, it is our expectation, and quite frankly, our mandate for Adrianne and I to increase the level of communication with those companies that are part of our investment portfolio. The money left our company, and it went in to help these other companies start or fuel their ideas and a number of them we have very high hopes for.

此外，坦白說，我們期望阿德里安和我加強與我們投資組合中的公司的溝通水平。這筆錢離開了我們公司，用於幫助其他公司啟動或推動他們的想法，其中一些我們寄予厚望。

We think it's our responsibility to have a direct relationship with leadership and management in those companies, so we can understand how our company can better help them achieve their goals. And so while we will always respect the direct relationship that Pelion has with them because of the engagement that we put in place, we are not precluded from having our own relationship, having our own understanding, and driving results that we expect for our shareholders.

我們認為我們有責任與這些公司的領導層和管理層建立直接關係，這樣我們就可以了解我們的公司如何更好地幫助他們實現目標。因此，雖然我們將始終尊重 Pelion 與他們的直接關係，因為我們的參與，但我們並不排除擁有自己的關係，擁有自己的理解，並推動我們期望為股東帶來的結果。

Now we're always looking at exploring alternatives with the portfolio, but it is our expectation that we want to maximize the results of that investment, and there are a few companies that we believe have a real significant opportunity. Now we don't know what that opportunity is and oftentimes, investors ask us to quantify that.

現在，我們一直在尋找投資組合的替代方案，但我們期望我們希望最大限度地提高投資的結果，並且我們認為有一些公司擁有真正的重大機會。現在我們不知道這個機會是什麼，投資者經常要求我們量化這個機會。

We today use an outside independent third-party to establish the value of those assets as they see it. If it was up to us, we probably would put more on the balance sheet, but we really believe that an independent third-party who doesn't have a dog in the fight has to really tell our investors what they believe the current value of that portfolio is. It is our expectation that a few of those companies could exceed that, but we're realists.

今天，我們使用外部獨立第三方來確定他們認為的這些資產的價值。如果由我們決定，我們可能會在資產負債表上投入更多資金，但我們確實相信，一個沒有狗參與戰鬥的獨立第三方必須真正告訴我們的投資者，他們認為當前的價值是多少該投資組合是。我們期望其中一些公司能夠超越這一目標，但我們是現實主義者。

And the best way for us to stand behind that valuation, not just on paper, but in practicality, is for us to develop a much deeper relationship with those companies, and be able to talk more freely and more intelligently about the results or lack thereof with those respective companies.

我們支持這項估值的最佳方式，不僅是在紙上，而是在實踐中，就是我們與這些公司建立更深入的關係，並能夠更自由、更明智地談論結果或缺乏結果與這些各自的公司。

When I think about the cash that can be generated from them, the one thing that I want to reiterate 10 times on this call is that we are an asset-light company, and we will continue to be such. But I am of the firm belief both through the acquisition of intellectual property like they made with Bed Bath or we did with Zulily or the decades-long establishment of the Overstock brand that they are untapped.

當我想到可以從它們身上產生的現金時，我想在這次電話會議上重申10次的一件事是，我們是一家輕資產公司，而且我們將繼續如此。但我堅信，無論是透過收購智慧財產權（就像他們對 Bed Bath 所做的那樣，還是我們對 Zulily 所做的那樣），還是透過數十年建立的 Overstock 品牌，他們都尚未開發。

I firmly believe that both the Overstock brand and the Bed Bath & Beyond brand deserve to be in marketplaces that our company may not be in because of our asset-light nature.

我堅信，Overstock 品牌和 Bed Bath & Beyond 品牌都應該進入我們公司可能無法進入的市場，因為我們的輕資產性質。

We're in the final stages of documentation on working with what we consider a very, very large player in the liquidation of reverse logistics business. We expect them to leverage the Overstock brand, the Overstock website, the Overstock vendor relationships and expect to be financially rewarded for our participation in that partnership. There is a small investment that's being contemplated in the form of debt that we will be providing to that company in a secured way.

我們正處於與我們認為在逆向物流業務清算中非常非常大的參與者合作的文件編制的最後階段。我們希望他們能夠利用 Overstock 品牌、Overstock 網站、Overstock 供應商關係，並希望因我們參與該合作夥伴關係而獲得財務回報。我們正在考慮以債務的形式進行小額投資，我們將以擔保的方式向該公司提供。

And in addition to that, a very lucrative royalty that will come directly to Dave's business for all of the things that Dave brings to the table, including allowing their product to be sold directly on Overstock.com, where he will also make a fee allowing that company to leverage Dave's multiple relationships with vendors who may need to move product or we need to handle their own returns and to help them figure out ways to optimize their performance by utilizing the Overstock.com database, all of that for a very, very healthy return.

除此之外，一筆非常豐厚的特許權使用費將直接進入Dave 的業務，因為Dave 帶來的所有東西，包括允許他們的產品直接在Overstock.com 上銷售，他還將在Overstock.com 上收取費用該公司利用Dave 與供應商的多種關係，這些供應商可能需要轉移產品，或者我們需要處理他們自己的退貨，並幫助他們找到利用Overstock.com 資料庫優化績效的方法，所有這些都是為了一個非常非常好的結果。

We see that the owners of this company have historically not necessarily had investments made that are in the line of sight of the business. And you could expect that going forward, anything that we do will have a very, very strong adjacency to not only one of our brands and expanding them and exploring new ideas, but will provide very healthy cash-on-cash returns in quarters, not just waiting for the air ball of opportunity.

我們發現，這家公司的所有者歷來不一定進行過符合企業視線的投資。你可以預期，展望未來，我們所做的任何事情都將不僅與我們的品牌之一非常非常緊密地相鄰，並擴展它們並探索新的想法，而且將在幾個季度內提供非常健康的現金回報，而不是只是等待空中球的機會。

Thank you, Marcus. For my second question, I wanted to ask you about the changes you've made to management and your efforts to deepen your bench.

謝謝你，馬庫斯。對於我的第二個問題，我想問一下您對管理層所做的改變以及您為深化板凳力量所做的努力。

From my perspective, I love subject matter experts who are willing to roll up their sleeves. And as I tell them all the time, we have a body on the table, and that body requires seven days a week, 24-hour at least availability. When you run an e-commerce business, its open 24/7, and we need to have a management team and a supporting staff underneath them that understands that the customer experience can never be impaired. We were fortunate to not have any disruption in our business since the beginning of the year in light of all of the outages that you've seen on the Internet.

從我的角度來看，我喜歡願意捲起袖子的主題專家。正如我一直告訴他們的那樣，我們有一個屍體在桌子上，而這個屍體需要每週 7 天，至少 24 小時可用。當你經營電子商務業務時，它是 24/7 開放的，我們需要有一個管理團隊和他們的支援人員，他們明白客戶體驗永遠不會受到損害。鑑於您在網路上看到的所有中斷，我們很幸運自年初以來我們的業務沒有受到任何干擾。

And I attribute the strength of our team, the savviness of our team to a lot of that. But when it comes to understanding this company, there's one thing that I believe has been historically missing, and that's their love of product.

我將我們團隊的力量、我們團隊的精明歸功於很多。但當談到了解這家公司時，我認為歷史上一直缺少一件事，那就是他們對產品的熱愛。

And Dave has reset the expectation along with Stacey Shively in our company's necessity to fall in love with not only brand-new product from the world's greatest vendors, but from closeouts to liquidations to reverse logistics. It is our responsibility to bring the right product to the customer at the right time and most importantly, to be able to serve a wide swath of customers by doing it at the right price for them, which is why we have these various entry points.

戴夫和史黛西·夏夫利一起重新設定了我們公司的期望，不僅需要愛上來自世界上最偉大供應商的全新產品，而且還需要愛上從清倉到清算再到逆向物流的過程。我們的責任是在正確的時間向客戶提供正確的產品，最重要的是，能夠以合適的價格為廣大客戶提供服務，這就是我們擁有這些不同切入點的原因。

From my perspective, a flatter, a leaner organization is a more nimble and responsive organization. I think the other thing we've learned is we've added talent like Guncha and promoted people like Carlisha is that those folks truly are subject matter experts in their respective business, and they definitively understand the sense of urgency that I demand in this business.

從我的角度來看，一個更扁平、更精簡的組織是一個更靈活、反應更靈敏的組織。我認為我們學到的另一件事是，我們增加了像Guncha 這樣的人才，並提拔了像Carlisha 這樣的人，這些人確實是各自業務中的主題專家，他們明確地理解我在這個業務中所要求的緊迫感。

Profitability is not an option or a casual observation. It is a mandate, and we will do everything we have to, to reach that level of profitability. I do want to clarify one thing. I don't want anybody on this call to be confused with an absolute laser focus on profitability and the calibration around assortments or around revenue to think that we are not a growth company.

盈利能力不是一種選擇，也不是一種隨意觀察的結果。這是一項任務，我們將盡一切努力來達到這一獲利水準。我確實想澄清一件事。我不希望這次電話會議上的任何人都對盈利能力以及圍繞品種或收入的校準的絕對激光感到困惑，從而認為我們不是一家成長型公司。

For those that have known me for decades, growth is my middle name. But I have never operated in the business that's starting from the hole. And until we reach out of that hole, growth will be our middle name and not our first name because profitability needs to come before growth. Once we reach that level of profitability, or more importantly have a very clear line of sight to it. You could expect me to, as I have traditionally put my foot on the gas.

對於那些認識我幾十年的人來說，成長是我的中間名。但我從來沒有從事過白手起家的生意。在我們走出這個困境之前，成長將是我們的中間名，而不是我們的名字，因為獲利能力需要先於成長。一旦我們達到了獲利水平，或者更重要的是，我們對獲利能力有了非常清晰的認識。你可以期待我會這樣做，因為我傳統上是踩油門的。

I think we have the team. We are building the systems but I need to be confident that the way our customers travel through our websites, the way the search functionality works, the way our vendors price their product and present it to consumers, including the information, the pictures, the videos, the how twos until those things are right, and we've achieved our margins the way we need to we will not be pressing the gas or wasting money on anything.

我認為我們有團隊。我們正在建立系統，但我需要對我們的客戶瀏覽我們網站的方式、搜尋功能的工作方式、我們的供應商為其產品定價並將其呈現給消費者的方式（包括資訊、圖片、影片）充滿信心，直到這些事情正確為止，我們已經以我們需要的方式實現了我們的利潤，我們不會在任何事情上增加壓力或浪費金錢。

Look, I feel that margin is the single biggest thing this company can now do to find its way to profitability. Of course, generating revenue does that, but not if the transaction isn't profitable after all the costs are accounted for, which means we need to improve our marketing costs. Our ROAs, our conversion on our website, our delivery expense and all the other added items.

聽著，我覺得利潤率是這家公司現在可以做的最重要的事情，以找到獲利之路。當然，創造收入可以做到這一點，但如果在考慮到所有成本後交易都沒有獲利，那就不行了，這意味著我們需要提高行銷成本。我們的 ROA、我們網站上的轉換率、我們的送貨費用以及所有其他添加的項目。

Upon my first call of joining this company, I did tell the market one specific thing. My ultimate goal is to build a global database that can be monetized in a different way. That goal has not changed, and the focus on growing the customer file is a small piece of that. Another piece is building alliances.

當我第一次打電話加入這家公司時，我確實告訴了市場一件具體的事情。我的最終目標是建立一個可以以不同方式貨幣化的全球資料庫。這個目標沒有改變，而對擴大客戶檔案的關注只是其中的一小部分。另一件事情是建立聯盟。

And so over the next 3 months to 6 months, whether it's the reverse logistics or liquidation company or a variety of other partners, you can expect us to have that goal of building the database to the ultimate goal of monetizing IP and monetizing the customer file as the way this company starts to see real levels of profitability, not marginal levels of profitability. That is not a six or 12-month thing. So when I say, 12 to 18 months, 24 months, 36 months, I'm talking about our North Star goal, and that's important for us to have that distinction.

所以在接下來的3個月到6個月裡，無論是逆向物流或清算公司還是各種其他合作夥伴，你可以預期我們的目標是建立資料庫，最終達到智慧財產權貨幣化和客戶檔案貨幣化的最終目標這家公司開始看到真正的獲利水平，而不是邊際獲利水平。這不是 6 個月或 12 個月的事。因此，當我說 12 到 18 個月、24 個月、36 個月時，我指的是我們的北極星目標，這對我們來說區分這一點很重要。

Thank you, Marcus.

謝謝你，馬庫斯。

Seth Sigman, Barclays.

塞思‧西格曼，巴克萊銀行。

Great. Good morning, everyone. Marcus, the philosophy going into the quarter was to use Q2 as a test period, I think, not to chase sales but to really try to understand the demand sensitivity to marketing and promotions and create this baseline. Can you elaborate on that? And how did that play out? What did you learn? And I realize a lot of this is still ongoing, right, as you guys figure things out. But what is the philosophy as you think about the third quarter here and maybe tie that in with the expectation for EBITDA to improve sequentially? Thanks so much.

偉大的。大家早安。馬庫斯，進入本季度的理念是使用第二季度作為測試期，我認為，不是為了追逐銷售，而是真正嘗試了解行銷和促銷的需求敏感性並創建此基準。能詳細說明一下嗎？結果如何？你學到了什麼？我意識到很多事情仍在進行中，對吧，正如你們所解決的那樣。但是，當您思考第三季時，您的理念是什麼？非常感謝。

Yes. So I think there's a couple of things. We went into the quarter and month after month in the quarter, we saw a nice progress as it related to our fixed expenses, our gross margin improvement and started to see that as we closed out each month, we were marching towards that. Now the first month of the quarter, unfortunately, did not meet the same expectations as the second and third month did of the quarter.

是的。所以我認為有幾件事。我們進入一個季度，並在該季度逐月進行，我們看到了很好的進展，因為這與我們的固定費用、毛利率的改善有關，並且開始看到，當我們每個月結束時，我們正在朝著這個目標邁進。不幸的是，該季度的第一個月沒有達到與該季度的第二個月和第三個月相同的預期。

As we entered the third quarter, we sat down as a team and had some very candid conversations about the macro environment, about how the consumer was feeling around the noise, around the geopolitical environment, the upcoming Olympics.

當我們進入第三季時，我們作為一個團隊坐下來，就宏觀環境、消費者對噪音、地緣政治環境和即將到來的奧運會的感受進行了一些非常坦誠的對話。

And we looked at ourselves and said, listen, we need to improve profitability, and we have a choice in the first month, do we chase revenue, overspend to try to attract new customers or hold on to them or do we very strategically learn to find ways to use our e-mail database more effectively, improve our PLA spend and do things to improve contribution margin, including raising prices?

我們審視自己並說，聽著，我們需要提高盈利能力，我們在第一個月就可以選擇，我們是追逐收入，超支以吸引新客戶還是留住他們，還是我們非常戰略性地學習找到更有效地使用我們的電子郵件資料庫的方法，提高我們的PLA 支出並採取措施提高邊際收益，包括提高價格？

Now we all know that when you raise prices, you're going to get some level of resistance, and we saw it in small pockets. But I'm here to tell you that I'm happy with the profitability performance thus far in July and feel like as we marinate towards August and September and get ready for Labor Day, we will have continued to make improvements in margin, in our ad spend and our fixed costs.

現在我們都知道，當你提高價格時，你會遇到一定程度的阻力，而且我們在小範圍內看到了阻力。但我在這裡告訴你們，我對7 月份迄今為止的盈利表現感到滿意，並且感覺，當我們為8 月和9 月做好準備並為勞動節做好準備時，我們將繼續提高利潤率，在我們的廣告支出和我們的固定成本。

When you look at the third quarter in comparison to the second quarter, as I mentioned earlier, the second quarter always performed for Bed Bath and Overstock separately and now together, to be about 12% to 14% lighter in the third quarter. We feel confident that we can not only meet that objective or that historical trend line, but our goal is to outperform that while also sequentially improving margins and sequentially improving EBITDA.

當你將第三季與第二季進行比較時，正如我之前提到的，第二季Bed Bath 和Overstock 的表現總是分開的，現在又合併在一起，第三季的表現大約下降了12 % 到14%。我們相信，我們不僅能夠實現這一目標或歷史趨勢線，而且我們的目標是超越這一目標，同時不斷提高利潤率和 EBITDA。

As we head into the fourth quarter, we're getting ready for what we would call our mini-Super Bowl. And the reason I call it the mini-Super Bowl is that we want to test other things. It will be the first year where our quarter-over-quarter where our Bed Bath & Beyond brand really drove the volume of transactions.

當我們進入第四季度時，我們正在為我們所謂的迷你超級盃做好準備。我之所以將其稱為迷你超級碗，是因為我們想測試其他東西。這將是我們的 Bed Bath & Beyond 品牌逐季度環比真正推動交易量的第一年。

But when we look back on Q4 of last year, none of us will accept the margin performance, the expense performance or the EBITDA performance. So our clear goal in Q4 is to have a significant, significant year-over-year improvement on the bottom line. And we believe it could be the first quarter where we start to lap and improved year-over-year results that we're really looking forward to.

但當我們回顧去年第四季時，我們沒有人會接受利潤率表現、費用表現或 EBITDA 表現。因此，我們第四季的明確目標是實現淨利潤年比顯著改善。我們相信，這可能是我們真正期待的第一個季度，我們開始取得比去年同期更好的業績。

As we transition into 2025, we expect that sequential margin improvement the continual growth of Overstock, which is trending very nicely by the way. When I look at the launch of Overstock starting at the end of March, essentially April 1, I now look at my daily dashboard, and I'm seeing average sales around $300,000 and $310,000.

隨著我們進入 2025 年，我們預計 Overstock 的持續成長將帶來環比利潤率的改善，順便說一下，Overstock 的趨勢非常好。當我查看從 3 月底（即 4 月 1 日）開始推出的 Overstock 時，我現在查看每日儀表板，發現平均銷售額約為 300,000 美元和 310,000 美元。

You can extrapolate out what that looks like, but we believe those daily sales will continue to grow nicely over the next several months. And then additionally, we'll be launching the Zulily business, right around September 10, we'll call it mid-September and expect that to contribute more in Q4 than it will in Q3, we'll have some ramp-up costs in Q3, but from a revenue standpoint, more in Q4.

您可以推斷出具體情況，但我們相信這些每日銷售額將在未來幾個月繼續良好成長。此外，我們將在 9 月 10 日左右推出 Zulily 業務，我們將其稱為 9 月中旬，預計第四季度的貢獻將超過第三季度，我們將在第三季度，但從收入角度來看，第第四季更多。

Okay. Super helpful. Thank you for that. And then just one follow-up, thinking about revenue from this past quarter, it came in slightly ahead of how you are forecasting it. It looks like AOV was maybe the surprise. Can you speak to that? It sounds like, it was maybe some success selling bigger ticket things on Bed Bath also Overstock relaunching, how did that play a role in that? And how do you think about how that could play out through the rest of the year? Thanks.

好的。超有幫助。謝謝你。然後只有一個後續行動，考慮到上個季度的收入，它的表現略高於您的預測。看來 AOV 可能是個驚喜。你能談談嗎？聽起來，在 Bed Bath 上銷售大件商品以及 Overstock 的重新推出可能取得了一些成功，這在其中發揮了怎樣的作用？您如何看待今年剩餘時間的情況？謝謝。

Seth, that's a great question. Average order side, as I mentioned in my comments, they had an uptick, and the adjacencies of bedroom furniture, patio and outdoor furniture and those areas that we've talked about the four specific rooms that Bed Bath is focused on from the bedroom, bathroom, the kitchen and patio and furniture. As the bedroom was traditionally and historically for legacy Bed Bath, more of the soft goods, we're seeing that migration that it's okay to shop that entire room and buy that bed and buy that mattress, buy that bedroom furniture.

賽斯，這是一個很好的問題。平均訂單方面，正如我在評論中提到的，它們有所上升，臥室家具、庭院和戶外家具的相鄰區域以及我們討論過床浴從臥室重點關注的四個特定房間的區域，浴室、廚房、露台和家具。由於臥室傳統上和歷史上都是傳統的床浴、更多的軟商品，我們看到這種遷移是可以購買整個房間、買床、買床墊、買臥室家具。

And we're seeing that in these categories, and that's an advantage to us. Again, Overstock becoming more meaningful, as Marcus just mentioned, as we progressed through the quarter, is also on a very healthy right back to where it was before, average order value which we expected and anticipated, and that also contributed to that uptick.

我們在這些類別中看到了這一點，這對我們來說是一個優勢。正如馬庫斯剛才提到的，隨著本季度的進展，積壓庫存再次變得更加有意義，也非常健康地回到了之前的水平，即我們預期和預期的平均訂單價值，這也促成了這一增長。

One thing that everybody does have to start to think about as Zulily launches, is that we'll be operating three distinct businesses with two similar portfolios kind of between Bed Bath and Overstock. But if you go on to Overstock today and you compare it to the Overstock of quite frankly, a year ago, where Overstock was a year ago just selling primarily furniture, patio furniture, rugs and some other home decor. It is now an entirely different marketplace.

隨著 Zulily 的推出，每個人都必須開始考慮的一件事是，我們將經營三個不同的業務，以及 Bed Bath 和 Overstock 之間的兩個類似的產品組合。但如果你今天繼續參觀 Overstock，坦率地將其與一年前的 Overstock 進行比較，一年前的 Overstock 主要銷售家具、露台家具、地毯和其他一些家居裝飾品。現在它是一個完全不同的市場。

You can go on to the liquidation tab and see name brand apparel starting from $20. And when you start to see transactions like that, or factory direct furniture or closeouts or open boxes, it will put pressure on some of the average order. As we launch Zulily, which is apparel and beauty, it will put pressure on the average order, and we will do our best going forward to try to call out the differences between the average orders to the extent that we're permitted, the differences in the average orders between the categories.

您可以進入清算選項卡，查看 20 美元起的名牌服裝。當你開始看到這樣的交易，或工廠直銷的家具、清倉或開箱時，這會給一些平均訂單帶來壓力。當我們推出服裝和美容產品 Zulily 時，這將對平均訂單量產生壓力，我們將盡最大努力在允許的範圍內找出平均訂單量之間的差異，這些差異類別之間的平均訂單。

So if we look at furniture, rugs, patio, things like that, we can show AOV but we will break out apparel and other small items to not distort from the overall performance of the brand as we expect those transaction counts to be ultimately very meaningful.

因此，如果我們查看家具、地毯、庭院等類似物品，我們可以顯示 AOV，但我們會分解服裝和其他小物品，以免扭曲品牌的整體表現，因為我們預計這些交易計數最終非常有意義。

Great. Thanks guys.

偉大的。謝謝你們。

Rick Patel, Raymond James.

瑞克·帕特爾，雷蒙德·詹姆斯。

Thank you. Good morning, and nice to see the progress. Can you provide some more color on active customers? How much of the increase versus the first quarter came from Bed Bath customers versus Overstock customers? And what's the right way to think about the shape of growth going forward. We had your expectations for revenue between 2Q and 3Q, but I'm curious about your customers follow a similar or different path since you'll be stacking cohorts from the platforms that are both ramping?

謝謝。早上好，很高興看到進展。您能否提供更多有關活躍客戶的資訊？與第一季相比，成長量中有多少來自 Bed Bath 客戶和 Overstock 客戶？思考未來成長形式的正確方法是什麼？我們對第二季和第三季之間的收入有預期，但我很好奇您的客戶會遵循相似或不同的路徑，因為您將從兩個都在成長的平台中堆積隊列？

Yes. I mean, listen, we -- as we get into the third and fourth quarter, the comps are becoming far more meaningful because, in our opinion, the company significantly overspent in Q3 and Q4 last year, particularly once August hit to acquire new customers. When you look at the customer file in the second quarter, most of it was largely attributable to Bed Bath & Beyond.

是的。我的意思是，聽著，當我們進入第三和第四季時，這些比較變得更加有意義，因為在我們看來，該公司去年第三季和第四季的支出嚴重超支，特別是在八月獲取新客戶的時候。當你查看第二季度的客戶檔案時，你會發現其中大部分都歸功於 Bed Bath & Beyond。

And as you looked at the first quarter performance of Overstock, we largely kept spend very minimal as we were testing out the algorithm and rebuilding the site and looking at the taxonomy and looking at ways to improve the customer experience, we did want to go out and spend a ton of money and then have conversion be unacceptable to us.

當你看到 Overstock 在第一季的表現時，我們在測試演算法、重建網站、查看分類法並尋找改善客戶體驗的方法時，基本上保持了最低限度的支出，我們確實想走出去花費大量金錢然後進行皈依對我們來說是不可接受的。

So we relaunched the email. And it has not been as easy as we initially thought it would be to reengage that Overstock customer. We sat dormant for a number of months. And so we're having to be very creative about how we're doing that. We're having to incentivize customers. But we're balancing that against overpromoting site sale, which is a mistake that Bed Bath did starting in Q4 and trying to have overstock have positive contribution margin to the company, all while trying to reactivate the file.

所以我們重新啟動了電子郵件。重新吸引 Overstock 客戶並不像我們最初想像的那麼容易。我們休眠了好幾個月。因此，我們必須在如何做到這一點上非常有創意。我們必須激勵客戶。但我們正在平衡這一點與過度促銷網站銷售，這是 Bed Bath 從第四季度開始犯的一個錯誤，並試圖讓庫存過剩為公司帶來積極的邊際貢獻，同時試圖重新激活該文件。

As we get deeper into the third quarter and we're happier with our assortment, we'll start spending a little bit of money and we'll start learning how it performs, and we'll start seeing how the conversion works. But we want to be very clear about something. This is not a fast fix where we're just going to pour a bunch of money into the market. The macro environment is already difficult. The advertising environment, particularly the right now, and we hope that other companies pay attention to this is very expensive in light of all the geopolitical spend that's happening.

隨著我們深入第三季度，我們對我們的產品種類更加滿意，我們將開始花一點錢，我們將開始了解它的表現，我們將開始了解轉換是如何進行的。但我們想要非常清楚地了解一些事情。這不是一個快速解決方案，我們只需向市場投入大量資金。宏觀環境已經很困難。廣告環境，特別是現在，我們希望其他公司關注這一點，考慮到正在發生的所有地緣政治支出，這是非常昂貴的。

So we're trying to be very surgical and very thoughtful about days of the week, times of the day, products that we're picking to see how efficient we can be. Remember that as we do those things, the algorithms learning, Google search is learning, we're learning. And as we take those learnings and we start to forecast of three, six, nine months, we're able to extrapolate those learnings and leverage on top of them, particularly when we see positive ROAS, and we know that we can chase that.

因此，我們正在努力對一周中的日子、一天中的時間以及我們選擇的產品進行非常謹慎和深思熟慮，以了解我們的效率如何。請記住，當我們做這些事情時，演算法正在學習，谷歌搜尋正在學習，我們正在學習。當我們吸取這些教訓並開始預測三、六、九個月時，我們能夠推斷這些教訓並在此基礎上發揮作用，特別是當我們看到積極的ROAS 時，並且我們知道我們可以追逐這一目標。

When we try things and we try them in small doses and we see flat to negative ROAS, we'll, of course, ask ourselves one question. Is that negative ROAS because we're investing in a customer that we believe is going to give us lifetime value? Or is that transaction with negative ROAS, nothing more than a discount value transaction where they're buying one thing from us.

當我們嘗試一些東西並且我們小劑量地嘗試它們並且我們看到 ROAS 持平甚至為負時，我們當然會問自己一個問題。ROAS 為負是因為我們正在投資我們相信會為我們帶來終身價值的客戶嗎？或是 ROAS 為負的交易，只不過是他們從我們這裡購買一件商品的折扣價值交易。

So we start doing a very deep dive on. Are they buying one item? What's the size of their basket? How many items do they have? How do they engage with us on their customer service emails, how do they engage with us on other offers immediately following?

所以我們開始進行非常深入的研究。他們購買一件商品嗎？他們的籃子有多大？他們有多少件物品？他們如何透過客戶服務電子郵件與我們互動，以及如何立即就其他優惠與我們互動？

And we use that information to create a bit of a prospect model to understand who we should chase and who we shouldn't chase. And that may seem far more scientific than people want us to be, but that is how we find our path to profitability. That is how we create a true customer attribution model where we understand their behavior and how it's going to perform.

我們利用這些資訊創建一些潛在客戶模型，以了解我們應該追逐誰以及我們不應該追逐誰。這似乎比人們希望的科學得多，但這就是我們找到獲利之路的方式。這就是我們創建真正的客戶歸因模型的方式，我們可以在其中了解他們的行為及其表現。

Now one thing that we are going to be testing here over the next three months is a new technology concept called Versal , which takes those learnings and takes that information and create a layer on top of the Shopify site. That layer allows us to customize the offering and customize the communication with each specific customer in milliseconds.

現在，我們將在接下來的三個月內測試一種名為 Versal 的新技術概念，它利用這些經驗和資訊並在 Shopify 網站之上創建一個層。該層使我們能夠在幾毫秒內定制產品並定制與每個特定客戶的通訊。

We know that price matters with conversion. We know that site experience matters with conversion, but we also know that speed matters. And we believe there is a tremendous amount of room for opportunity when we start to think about ways to get very granular on how we communicate with each specific customer.

我們知道價格對轉換很重要。我們知道網站體驗對於轉換率很重要，但我們也知道速度很重要。我們相信，當我們開始思考如何更細緻地與每個特定客戶進行溝通時，就會有巨大的機會空間。

Can you also impact the potential to cross-pollinate customers between the banners. I know the platforms are being run independently, but when a new customer or a relapsed one, comes on board. What are you doing to entice them to shop the other banner?

您還能影響橫幅之間顧客交叉授粉的潛力嗎？我知道這些平台是獨立運作的，但當新客戶或舊客戶加入時。您正在做什麼來吸引他們購買另一條橫幅？

Look, I think that there was a lot of early hope that there would be this pool of a database and that, that pool of the database would transfer across each brand. We want to be very careful as we establish very specific point of views and brand attributes to each one of the brands to not confuse the customer. The one way that we believe that will ultimately solve that is by creating a global loyalty program, and that loyalty program allows them to understand how they can use their reward points their Club O points or any other loyalty program that may exist to be specific to that brand to transfer up to this.

聽著，我認為人們很早就希望有這個資料庫池，並且該資料庫池可以在每個品牌之間轉移。我們在為每個品牌建立非常具體的觀點和品牌屬性時要非常小心，以免讓客戶感到困惑。我們認為最終解決這個問題的一種方法是創建一個全球忠誠度計劃，該忠誠度計劃使他們能夠了解如何使用他們的獎勵積分、Club O 積分或可能存在的任何其他忠誠度計劃。到這個為止。

Think about it like a Bonvoy at Marriott or a Star Alliance in the airlines. The reason I mentioned Star Alliance is the one thing you could expect from me and our company in the next several months, as we have this North Star goal about creating this overall global loyalty program is that we believe there's parts of the home and family-type industry that we may never specifically play in because of our asset-light model.

可以想像為萬豪酒店的旅享家 (Bonvoy) 或航空公司的星空聯盟 (Star Alliance)。我提到星空聯盟的原因是您可以在接下來的幾個月中對我和我們公司期待的一件事，因為我們有關於創建整體全球忠誠度計劃的北極星目標，因為我們相信家庭和家庭的一部分 -由於我們的輕資產模式，我們可能永遠不會專門從事這種類型的行業。

But we want to bring those particular companies who don't compete with us but complement us, whether they're another CPG company or whether they're a services business, to participate in our alliance. It's a very difficult proposition for companies of our size to make it on their own. And what we're finding and what you'll find with me is that I believe in creating a community, a cooperative that allows whether it's a finance company, a services company, a pool service company a retail company that sees customers, all playing in that same space to be able to live in that global database.

但我們希望吸引那些不與我們競爭而是與我們互補的特定公司，無論他們是另一家消費品公司還是服務企業，加入我們的聯盟。對於我們這樣規模的公司來說，依靠自己的力量來實現這一目標是非常困難的。我們所發現的以及你會和我一起發現的是，我相信創建一個社區，一個合作社，允許無論是金融公司、服務公司、泳池服務公司還是零售公司，都可以看到客戶在同一空間中能夠生活在該全球資料庫中。

That global database will have a global loyalty program. And ultimately, once that customer is in that system, we'll then start to do what I mentioned six months ago, which is to sell them other high-margin recurring revenue products once we build their trust and their loyalty.

這個全球資料庫將有一個全球忠誠度計劃。最終，一旦該客戶進入該系統，我們將開始做我六個月前提到的事情，即一旦我們建立了他們的信任和忠誠度，就向他們出售其他高利潤經常性收入產品。

Thanks very much.

非常感謝。

Curtis Nagel, BofA.

柯蒂斯‧內格爾，美國銀行。

Good morning. Thanks very much for taking it. Just quickly going back to 3Q. One, just if you comment on quarter-to-date trends. And then I just want to make sure I understand, I guess, the mechanics of, I guess, what I'll call the guide. right? So 10% to 12% below 2Q on basic seasonality. It doesn't sound like you're factoring any sort of basic, I guess, ramping from the brand, but I'm not quite sure. And I think also we're factoring kind of comps from the overspending on customer acquisition last year. But just could you just walk through kind of how all that bounces out and sort of what's incorporated in terms of that's down 10% to 12% as you said?

早安.非常感謝您接受它。很快回到第三季。第一，如果您評論本季至今的趨勢。然後我只是想確保我理解，我想，我想，我稱之為指南的機制。正確的？因此，就基本季節性而言，比第二季低 10% 至 12%。我猜，聽起來你並沒有考慮任何基本的品牌因素，但我不太確定。我認為我們也考慮了去年在客戶獲取方面的超支支出。但您能否簡單介紹一下所有這些因素是如何反彈的，以及其中包含哪些內容，如您所說，下降了 10% 到 12%？

Yes. So just as a reminder, we don't provide guidance as a company, but I felt obligated -- feel obligated to provide our investors particularly until we reach a level of profitability with a lot more insight on all the parts of our business, transparencies, how we want to operate. Just looking back, and I actually went back and looked at even historical Bed Bath & Beyond financials when it was a public company and I looked at Overstock as well.

是的。因此，提醒一下，作為一家公司，我們不提供指導，但我覺得有義務——有義務為我們的投資者提供指導，特別是在我們達到盈利水平之前，對我們業務的所有部分、透明度有更多的了解。回顧過去，我實際上回顧了 Bed Bath & Beyond 還是一家上市公司時的歷史財務數據，我也研究了 Overstock。

The third quarter always was a little softer, and it's a terrible word to use, but it sequentially steps down by 12% to 14%. Ironically enough, both businesses look the same, which means that probably that overall home space steps down when it's coming out of big patio furniture and things like that out of the summer and cleaning things for spring and getting organized.

第三季總是有點疲軟，這個詞用起來很糟糕，但它連續下降了 12% 到 14%。諷刺的是，這兩家公司看起來都是一樣的，這意味著當大型露台家具和類似的夏季物品、春季清潔物品和整理時，整個家庭空間可能會縮小。

And what we always have called it is like a transition quarter in preparation for Q4. We're also spending a lot of time and a lot of energy learning how to calibrate our business. And being very specific about how we're going to approach each specific day inside of the 90 days of the quarter. It's a Monday, what's the holiday? It's a Tuesday, what's coming up that weekend? When is the big sporting event, when are the Olympics? When are the primaries?

我們一直稱之為過渡季度，為第四季度做準備。我們也花費了大量的時間和精力來學習如何校準我們的業務。並且非常具體地說明我們將如何處理本季 90 天內的每一天。今天是星期一，假期是什麼時候？今天是星期二，週末有什麼活動？大型運動賽事什麼時候舉行，奧運什麼時候舉行？初選什麼時候舉辦？

And we're doing a much better job of overanalyzing behavior patterns and weather patterns and trying to lean on other companies and other expert advice to help us think about that. In using just the historical facts, I wanted to set an expectation just based on historical information. And if 12% to 14% is the walk down from Q2 to Q3, then people can do the math, it's 12% to 14% of $398 million.

我們在過度分析行為模式和天氣模式方面做得更好，並試圖依靠其他公司和其他專家的建議來幫助我們思考這一點。在僅使用歷史事實時，我想僅根據歷史資訊設定一個期望。如果從第二季到第三季下降 12% 到 14%，那麼人們可以計算一下，即 3.98 億美元的 12% 到 14%。

We feel confident that we could achieve, but candidly are most -- more focused on bucking that trend, that even though the companies have both historically done that, we're looking at ways at outperforming that. Now we're not going to overspend or be reckless with how we do that because we also want to have margin improvement and EBITDA improvement at the same time.

我們對我們能夠實現這一目標充滿信心，但坦白說，我們更專注於扭轉這一趨勢，儘管兩家公司歷史上都做到了這一點，但我們正在尋找超越這一目標的方法。現在我們不會超支或魯莽行事，因為我們也希望同時提高利潤率和 EBITDA。

So our goal for the quarter is to outperform the historical step-down to improve margins sequentially from the previous quarter and to improve EBITDA no less than low double digits in the third quarter on a percentage basis. We think we can do better than that, but we are doing, we hope, a much better job of setting the proper expectations.

因此，我們本季的目標是超越歷史降幅，連續比上一季提高利潤率，並將第三季的 EBITDA 按百分比提高不少於兩位數。我們認為我們可以做得更好，但我們希望在設定適當的期望方面做得更好。

Got it. And then just a quick follow-up if I can. Just how to think about the sales and marketing spend as a percentage of total revenues in the back half of the year, right? How dependent is that on total revenue. Marcus, you mentioned, obviously, customer acquisition costs are up given election alters and other things. So if you could just frame out kind of how at least you're thinking about that for the remainder of the year, that would be helpful.

知道了。如果可以的話，然後快速跟進。如何看待下半年銷售和行銷支出佔總收入的百分比，對嗎？這對總收入的依賴程度如何。馬庫斯，你提到，顯然，由於選舉變化和其他因素，客戶獲取成本上升了。因此，如果你能至少列出今年剩餘時間你是如何思考這個問題的，那將會很有幫助。

Yes. We are not satisfied by any stretch of the imagination at our ad spend as a percentage of our revenue. It doesn't even come close to meeting our standards, and we know we have to improve that. But when we say that in one breadth at the same time, we need to keep growing our file and finding new customers, particularly ones that have an affinity to our company. We need to continue to engage with the customers we have now, as Dave mentioned, he was very happy with the level of repeat buyers that we have seen. We also need to be -- do a good job of reengaging those legacy Bed Bath & Beyond customers that have still not come back.

是的。我們對廣告支出佔收入的比例的任何想像都不滿意。它甚至沒有達到我們的標準，我們知道我們必須改進這一點。但當我們同時在一個廣度上這麼說時，我們需要不斷擴大我們的檔案並尋找新客戶，特別是那些與我們公司有密切關係的客戶。我們需要繼續與現有的客戶互動，正如戴夫所提到的，他對我們看到的回頭客水平非常滿意。我們還需要做好重新吸引那些尚未回來的 Bed Bath & Beyond 傳統客戶的工作。

And we want to find the balance of inducing them at our payroll and inducing them to our benefit. As we launch and continue to grow the Overstock business, we are going to have to spend money to go find new customers who really believe that there is a tremendous amount of right space in this liquidation closeout business that Overstock is leaning towards.

我們希望找到平衡點，既要吸引他們加入我們的薪資隊伍，又要吸引他們為我們帶來利益。隨著我們推出並繼續發展 Overstock 業務，我們將不得不花錢去尋找新客戶，他們真正相信 Overstock 所傾向於的清算清倉業務有巨大的合適空間。

And then lastly, we are planning on launching Zulily in -- at the end of Q3. So when you see all those things happening, lodging Zulily throttling up Overstock, reengaging old Bed Bath, you would probably be surprised that at the same time, we're telling you that we're going to have margin improvement and EBITDA improvement, but that's largely part of what we think we're going to do to continue to tighten down on fixed costs in other areas.

最後，我們計劃在第三季末推出 Zulily。因此，當您看到所有這些事情發生時，住宿 Zulily 限制 Overstock，重新啟用舊的 Bed Bath，您可能會感到驚訝，同時，我們告訴您，我們將實現利潤率改善和 EBITDA 改善，但是這在很大程度上是我們認為我們將繼續收緊其他領域固定成本的一部分。

We can't afford to just start cutting marketing spend to find our way to a profit. I'm not going to do that as addicted to growth as I am normally and historically, I still want to find the balance of getting to where I ultimately believe we can get to, but doing it with temperance and rationalization.

我們不能為了獲利而開始削減行銷支出。我不會像通常和歷史上那樣沉迷於成長，我仍然想找到達到我最終相信我們可以達到的目標的平衡，但要以節制和合理化的方式做到這一點。

Got it. Thank you. Appreciate it.

知道了。謝謝。欣賞它。

(Operator Instructions) Marvin Fong, BTIG.

（操作員說明）Marvin Fong，BTIG。

Yes, good morning. Thanks for taking my questions. A lot of them have been answered, but maybe two if I could. So just first one, basically the time a year ago, just for Bed Bath, we were kind of talking about 22% gross margin as sort of a goal for that business? I mean, is that still sort of guiding light for what you'd like gross margin in that business to be? Or should we just kind of tear that up and you've entirely rethought the gross margin target for the core Bed Bath business? And then I have a follow-up.

是的，早安。感謝您回答我的問題。其中許多問題已經得到解答，但如果可以的話，也許有兩個。那麼，就第一個而言，基本上是一年前的時間，就 Bed Bath 而言，我們談論的是 22% 的毛利率作為該業務的目標？我的意思是，這仍然是您希望該業務毛利率達到的水平的指路明燈嗎？或者我們應該把它撕掉，而您已經完全重新考慮了核心床浴業務的毛利率目標？然後我有一個後續行動。

Okay. Marvin, it's Adrianne. And I think the 2022 -- so if we were talking last year, just one reminder, we did change our presentation of gross margin conference call to be kind of more similar to our peer set. There's about four points that we moved out of gross margin into OpEx. So if you did that apples-to-apples today, that number would be something like 26%. And I think as we talked about, our goal is to continue to improve gross margin. And we know that somewhere, if you look at each of these brands and their historic operating performance, they've been in those ZIP codes and/or better. So I think on our path to profitability, we'll continue to kind of chip away at that gross margin and get closer and closer to that mid-20 number.

好的。馬文，這是阿德琳妮。我認為 2022 年——如果我們談論的是去年，只是提醒一下，我們確實改變了毛利率電話會議的表達方式，使其與我們的同行更加相似。我們將大約四點從毛利率轉移到營運支出。因此，如果您今天進行比較，這個數字大約是 26%。我認為正如我們所討論的，我們的目標是繼續提高毛利率。我們知道，如果你查看這些品牌及其歷史經營業績，你會發現它們一直在這些郵遞區號和/或更好的地方。因此，我認為在我們實現盈利的道路上，我們將繼續削減毛利率，並越來越接近 20 左右的數字。

Okay.

好的。

And Marvin, I would --

還有馬文，我會--

Go ahead.

前進。

Marvin, it's Dave. For your second question, I'd just like to add on to that. A couple of ways in which we are going about that as a leadership team, and we'll be talking about this at our upcoming Partner Summit. As we think about curation and making assortments more meaningful for our customers and the customer experience, there is a lot -- that has a lot to do with as well our supplier base.

馬文，我是戴夫。關於你的第二個問題，我想補充一下。作為領導團隊，我們將採取多種方式來解決這個問題，我們將在即將舉行的合作夥伴高峰會上討論這個問題。當我們考慮策劃並讓產品分類對我們的客戶和客戶體驗更有意義時，有很多因素——這也與我們的供應商基礎有很大關係。

And as our supplier base narrows and deepen in the amount of volume flowing through them, that is a real opportunity for us and our partner base to renegotiate and to get more entrenched together in this business, giving better margins to us with more volume and more scale to those partners. And again, it aligns us with the customer experience and the shopping experience, which are needed.

隨著我們的供應商基礎不斷縮小，流經他們的數量不斷加深，這對我們和我們的合作夥伴來說是一個真正的機會，可以重新談判並在這項業務中更加牢固地結合在一起，透過更多的數量和更多的產品為我們帶來更好的利潤。再次，它使我們與所需的客戶體驗和購物體驗保持一致。

I think there's two other -- a couple of other points, Marvin, and then we'll wrap-up that point. You're seeing a lot of focus for the company to explore this, what I believe is unchartered white space in e-commerce and liquidation closeouts, factory direct and things of that nature. And I have seen a number of comments around about the fact that off-price and closeouts have never been successful in liquidation. And I will tell you that they haven't done business with us. Overstock is principally an off-price closeout business, and prior to it being transferred over to Bed Bath, it was $1.5 billion business.

我認為還有另外兩點，馬文，然後我們將總結這一點。你會看到公司非常關注這一點，我認為這是電子商務和清算清倉、工廠直銷和類似性質的事物中未知的空白。我看到了很多關於折扣和平倉從來沒有成功清算這一事實的評論。我會告訴你，他們沒有跟我們做生意。Overstock 主要是一項低價清倉業務，在轉移到 Bed Bath 之前，其業務價值為 15 億美元。

If Dave had been in charge of the business years ago, it would have never left jewelry. It would have never left apparel and footwear. And so what we're doing is not only going back to those things that Dave wanted to do because he's truly a merchant and understands it but we are going to become the leader in the closeout liquidation for closure space. We believe, and we've seen early doses of that that people are now starting to come to us.

如果戴夫幾年前負責這家公司，公司就不會留下珠寶。它永遠不會離開服裝和鞋類。因此，我們所做的不僅是回到戴夫想做的那些事情，因為他真正是一名商人並且理解這一點，而且我們將成為平倉清算領域的領導者。我們相信，並且我們已經看到人們現在開始來找我們。

Two more other points is that we have also eliminated a number of distributor relationships that our company was required to go through both when it was overstock and Bed Bath & Beyond went through bankruptcy. We sat down -- all three of us sat down with dozens of vendors who are a little unsure historically about Overstock and the brand sort of cast on it or they were unsure about Bed Bath & Beyond because they had been burned by a vendor, and we're requiring that everybody buys through a distributor.

另外兩點是，我們也取消了一些經銷商關係，這些關係是我們公司在庫存過剩和 Bed Bath & Beyond 破產時都必須經歷的。我們坐下來——我們三個人都與幾十個供應商坐下來，他們對Overstock 的歷史有點不確定，對它的品牌有點不確定，或者他們對Bed Bath & Beyond 不確定，因為他們被供應商燒毀了，並且我們要求每個人都透過經銷商購買。

We have mitigated a number of those relationships and will enjoy margin just from those direct relationships alone with big-big global brands that in some cases didn't even sell to the company.

我們已經緩和了其中一些關係，並將僅從與大型全球品牌的直接關係中獲得利潤，這些品牌在某些情況下甚至不向公司出售產品。

And lastly, you could expect over the next six to 12 months, we'll be rolling out a private label program, a private label program that will be sold in multiple channels. And when I say multiple channels that means we are going to make margin in every marketplace that we can both in our own marketplaces, but when we build the brand we think there's other places we can make money as well. And so we're looking for every way that we can love on product, source it, improve our first cost or buy it a close out and bring it to consumers in different ways.

最後，您可以預期在接下來的 6 到 12 個月內，我們將推出一個自有品牌計劃，一個將在多個管道銷售的自有品牌計劃。當我說多種管道時，這意味著我們將在每個市場上賺取利潤，我們可以在自己的市場上賺取利潤，但是當我們建立品牌時，我們認為還有其他地方我們也可以賺錢。因此，我們正在尋找各種我們可以喜愛的產品、採購它、提高我們的初始成本或結束購買並以不同的方式將其帶給消費者的方式。

Got it. Thanks for that. And my follow-up, just hearing good to hear that patio and outdoor did well in the Bed Bath Channel. As I sort of think about how you guys were kind of talking about that last quarter, it seemed like maybe you guys thought that maybe build type of products from better suited to overstock and there might be some transition there. So should we kind of take what we learned or saw in the second quarter as you'll be kind of keeping those product -- that product on Bed Bath and you'll continue to grow those categories?

知道了。謝謝你。我的後續行動，只是聽到很高興聽到庭院和戶外在床浴頻道中表現良好。當我想到你們上個季度是如何談論這個問題時，你們似乎認為可能會從更適合的產品類型轉向庫存過剩，並且可能會有一些過渡。那麼，我們是否應該採取我們在第二季度學到或看到的東西，因為您將保留這些產品——即床上用品上的產品，並且您將繼續發展這些類別？

Yes. Before Dave takes a deep dive on, Patio, I would tell you that I was not satisfied with how Patio performed. And so while it performed better and while Bed Bath & Beyond is actually getting more comfortable selling that and the consumer is more comfortable buying it from it, I wanted to see better performance out of that category. And we know where we slipped up and we are documenting day-by-day, week-by-week what our missteps were so that we build the playbook for 2025 in that area.

是的。在戴夫深入研究 Patio 之前，我想告訴你，我對 Patio 的表現並不滿意。因此，雖然它的表現更好，而且 Bed Bath & Beyond 實際上更願意銷售它，消費者也更願意從中購買它，但我希望看到該類別有更好的表現。我們知道我們在哪裡出錯了，我們正在日復一日、週復一周地記錄我們的失誤，以便我們在該領域制定 2025 年的行動手冊。

Marvin, there are opportunities, as we mentioned this theme of curation and calibration as we move forward. The curation component of our one of the four rooms that we're really focused on with Bed Bath & Beyond is that Patio and Outdoor. But it's not going to be everything to everybody. Over the last few years, we have seen so many pop-up suppliers of outdoor and Patio Furniture. They don't provide a good customer experience. They don't understand packaging.

馬文，有機會，正如我們在前進過程中提到的策劃和校準​​主題。Bed Bath & Beyond 真正關注的四個房間之一的策展部分是庭院和室外。但這不會是每個人的一切。在過去的幾年裡，我們看到了許多戶外和庭院家具的快閃供應商。他們無法提供良好的客戶體驗。他們不懂包裝。

But we have a very deep and solid relationship with several of the top providers in these product categories and working with Stacy and the merchandising team and really curating down that assortment there are margin opportunities and there are as Marcus mentioned private label opportunities, branding opportunities there that we believe for Bed Bath & Beyond can really create another opportunity for this business.

但我們與這些產品類別中的幾家頂級供應商有著非常深厚和牢固的關係，並與史黛西和銷售團隊合作，真正策劃了這個品種，有利潤機會，正如馬庫斯所提到的，有自有品牌機會、品牌機會我們相信 Bed Bath & Beyond 確實能為這項業務創造另一個機會。

On the Overstock side of things, I just want to touch again just a little bit on the advantages of this liquidation piece of the business. Liquidation historically for Overstock when we would buy physically millions of dollars of sheets of distressed merchandise, those were incredible to drive traffic to our website. They were what we considered many times marketing spend.

在庫存積壓方面，我只想再次談談該業務清算部分的優勢。歷史上，當我們實際購買價值數百萬美元的不良商品時，就會對積壓庫存進行清算，這對於增加我們網站的流量來說是不可思議的。它們是我們多次考慮的行銷支出。

With these partnerships and these alliances that we're making with liquidators, with reverse logistics companies where we don't have to invest in the assets and we can remain in our asset-light model, we can provide access to products through our partner base that are incredible for these individuals.

透過我們與清算人、逆向物流公司建立的這些合作夥伴關係和聯盟，我們不必投資資產，並且可以保持輕資產模式，我們可以透過我們的合作夥伴基礎提供產品訪問權這對這些人來說是不可思議的。

I mean we have thousands of partners who have distressed merchandise. At the same time, getting access to a model of distressed merchandise in the local area, where we have built the technology to be able to drop ship out of some of those locations. That when you don't have to move the merchandise is where margin is very accretive for all of us.

我的意思是，我們有成千上萬的合作夥伴擁有不良商品。同時，我們也獲得了當地的不良商品模型，我們在那裡建立了能夠從其中一些地點直接發貨的技術。當您不必移動商品時，利潤對我們所有人來說都是非常可觀的。

Yes. Look, there is thousands, if not tens of thousands of companies of all sizes from the small business on Main Street to a Fortune 500 company that needs to be able to deal with excess inventory, mistakes in their inventory, and particularly for a medium to small business that has cash trapped in their inventory and not in their bank account, we will become the solution for those folks to plug right in and we have started to onboard small businesses, medium and large businesses today through our Supplier Oasis, through a platform with Shopify, through a number of different plug-ins that will give people that ability.

是的。看，有成千上萬家各種規模的公司，從大街上的小企業到財富 500 強公司，都需要能夠處理庫存過剩、庫存錯誤的問題，特別是對於中型企業來說。困在庫存中而不是銀行帳戶中的小型企業，我們將成為這些人可以直接插入的解決方案，我們今天已經開始透過我們的供應商綠洲，透過一個平台為小型企業、中型和大型企業提供服務通過Shopify，透過許多不同的外掛程式可以為人們提供這種能力。

The reason that that's so important is that there are a lot of brands out there who don't want to necessarily have to open their comuna and air their dirty laundry out about any inventory mistake. Even myself as a multiple business owner, I'm not proud of inventory mistakes. And if I could find a place to monetize my inventory and do it in a marketplace where everybody doesn't have to see it and my brand isn't damaged that's really where things excel.

這之所以如此重要，是因為有很多品牌不希望必須打開他們的社區，並就任何庫存錯誤公開他們的髒衣服。即使我自己作為一個多元化的企業主，我也不會對庫存錯誤感到自豪。如果我能找到一個地方將我的庫存貨幣化，並在一個每個人都不必看到它並且我的品牌不會受損的市場中進行，那就真的是事情的優點。

And when you look at Overstock and Zulily together, that marketplace provides that safe place for big companies to find that and whether that's in the pet space and whether that's in the outdoor space, the patio space, the jewelry space, the collectibles space, the reverse logistics space and the list goes on and on, we don't see any borders or barriers to overstock ability to dominate in that space.

當你把Overstock 和Zulily 放在一起看時，你會發現這個市場為大公司提供了一個安全的地方來找到這些東西，無論是在寵物空間，還是在戶外空間、庭院空間、珠寶空間、收藏品空間、逆向物流領域，這樣的例子不勝枚舉，我們沒有看到任何邊界或障礙來阻止庫存過剩能力在該領域佔據主導地位。

I joke with Dave all the time. I'll let you know when we're done when we're selling chickens and cars. And I know that seems extreme, but that shows the width in which we believe Overstock can ultimately play. We will be visiting trade shows, and we'll be doing a lot of other things to sort of expand on that.

我總是和戴夫開玩笑。當我們賣雞和汽車的時候我會通知你。我知道這看起來有些極端，但這表明了我們相信 Overstock 最終能夠發揮作用的寬度。我們將參觀貿易展覽，並且我們將做很多其他事情來擴展這一點。

Oh, that's great color, everyone. Thanks so much.

哦，大家好，這個顏色很棒。非常感謝。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Great. Good morning, Marcus, Dave, and Adrianne. Thanks for taking my questions. The first one is just on your vendor conversations and vendor strategy. I think the prepared remarks referenced the upcoming Partner Summit. So just wanted to get some perspective on your goals for that event in terms of conversations with suppliers and efforts to reengage them I think you mentioned a strategy of narrowing the supplier base, which sounds encouraging from a unit economic perspective, is there any risk there from a consumer choice angle? Thanks.

偉大的。早上好，馬庫斯、戴夫和阿德里安娜。感謝您回答我的問題。第一個是關於您的供應商對話和供應商策略。我認為準備好的演講提到了即將舉行的合作夥伴高峰會。因此，我只是想從與供應商的對話以及重新吸引他們的努力方面了解您對該活動的目標，我認為您提到了縮小供應商基礎的策略，從單位經濟角度來看，這聽起來令人鼓舞，是否存在任何風險從消費者選擇的角度？謝謝。

Yes, great question, Jonathan. We're really excited about this upcoming summit. And I was just in Vegas actually on Sunday, spending time with many of these partners, giving them a little preload into some of the thinking that we'll be working on and presenting and talking to them about. There is always risk to any transition, but we are confident in the work that we've done with these partners and what these partners have to offer.

是的，很好的問題，喬納森。我們對即將舉行的峰會感到非常興奮。事實上，我星期日在維加斯，與許多合作夥伴一起度過了時光，讓他們對我們將要研究、展示和與他們討論的一些想法進行了一些預想。任何過渡總是存在風險，但我們對我們與這些合作夥伴所做的工作以及這些合作夥伴所提供的服務充滿信心。

Many of these partners can scale so much larger than they are and have additional assortments. Our strategy a few years back of just bringing on everybody and everybody jumping in to the patio furniture business to the furniture business, basically to furniture and home furnishings businesses since COVID. It is very important from a margin-accretive perspective that we do this. We see it as low risk on the sales side and the selection side. There's only so much you can process as a human as you're processing and going down through search pages, but it's more than that.

其中許多合作夥伴的規模比實際規模大得多，並且擁有更多品種。幾年前，我們的策略是讓每個人都進入露台家具業務，進入家具業務，基本上是自新冠疫情以來的家具和家居用品業務。從利潤成長的角度來看，我們這樣做非常重要。我們認為銷售方面和選擇方面的風險較低。作為一個人，當你處理和瀏覽搜尋頁面時，你能處理的東西就這麼多，但還不只這些。

It's about the customer experience, the shopping experience, and providing that customer with a look and a feel that makes sense, that makes them excited to shop that doesn't confuse them it doesn't disappoint them with poor packaging or poor ship confirmation timing. So there is -- there are so many elements that eliminate cost in our ecosystem by taking this approach of making our relationships with our key partners, more strategic, more aligned.

這是關於客戶體驗、購物體驗，並為客戶提供有意義的外觀和感覺，讓他們興奮地購物，不會讓他們感到困惑，不會因為糟糕的包裝或糟糕的發貨確認時間而讓他們失望。因此，透過採取這種使我們與主要合作夥伴的關係更具策略性、更加一致的方法，有很多因素可以消除我們生態系統中的成本。

That's really helpful. Thanks for the color. And then just a quick follow-up. In the press release, there was a reference to kind of strategic partnerships and joint ventures ahead. And I think you guys did a nice job of talking about the opportunity there in terms of working with reverse logistics companies and closeouts and whatnot. How do your aspirations for a physical presence for your product play into this?

這真的很有幫助。謝謝你的顏色。然後進行快速跟進。在新聞稿中，提到了未來的策略合作夥伴關係和合資企業。我認為你們在談論與逆向物流公司和清倉等合作方面的機會方面做得很好。您對產品實體存在的渴望如何影響這一點？

And kind of how should we think about the, the opportunity if Bed Bath were to get product in four walls in a financially accretive way without obviously kind of building stores and just leveraging someone else's network potentially. How does that fit into your approach going forward? And what's the opportunity there?

如果 Bed Bath 能夠以一種財務增值的方式在四面牆內獲得產品，而無需明顯建立商店並僅僅利用其他人的網絡，那麼我們應該如何思考這個機會。這如何適合您未來的方法？那裡有什麼機會？

I just want to, first and foremost, clarify we are and will continue to be an asset-light company taking on any contingent liabilities, leases, putting up distribution centers, taking on massive loads of inventory are not in any future that we're a part of. However, you can expect in short order that it is our mission to put Overstock and Bed Bath & Beyond back in the marketplace.

我首先想澄清的是，我們現在是並將繼續是一家輕資產公司，未來我們不會承擔任何或有負債、租賃、建立配送中心、承擔大量庫存。然而，您可以預見，我們的使命是讓 Overstock 和 Bed Bath & Beyond 重新回到市場。

We believe that an omnichannel at least from a perception standpoint for the consumer is quintessential to our growth. That doesn't mean that we have to do it. There are plenty of other subject matter experts who do quite well at this as their core competency, and we believe that there are multiple opportunities and are in discussions with multiple parties to execute that strategy in short order.

我們相信，至少從消費者認知的角度來看，全通路對於我們的成長至關重要。這並不意味著我們必須這樣做。還有許多其他主題專家在這方面做得很好，並將其作為其核心能力，我們相信存在多種機會，並且正在與多方討論以在短期內執行該戰略。

Remember that it also has to be part of a larger alliance around database and monetizing the file and monetizing the intellectual property. So as we start to disclose and roll out and finally negotiate certain transactions, all of the investors should rest assured that in every single case, any partnership will be materially accretive to the company and will still be in an asset-light environment.

請記住，它還必須成為圍繞資料庫、文件貨幣化和知識產權貨幣化的更大聯盟的一部分。因此，當我們開始披露、推出並最終談判某些交易時，所有投資者都應該放心，在每種情況下，任何合作夥伴關係都將為公司帶來實質性增值，並且仍將處於輕資產環境中。

Very helpful. Thanks.

非常有幫助。謝謝。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Marcus Lemonis for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將該程式交還給馬庫斯·萊莫尼斯以供進一步評論。

Great. Thank you for joining us on today's call. We look forward to seeing you next quarter. Take care.

偉大的。感謝您參加今天的電話會議。我們期待下個季度見到您。小心。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。