Bed Bath & Beyond Inc (BYON) 2025 Q1 法說會逐字稿

Good morning. My name is Aaron, and I'll be our conference operator for today. At this time, I would like to welcome everyone to the Q1 2025 Beyond Incorporated earnings conference call. (Operator Instructions)

早安.我叫 Aaron，今天我將擔任我們的會議主持人。現在，我歡迎大家參加 Beyond Incorporated 2025 年第一季財報電話會議。（操作員指示）

With that, I'm pleased to turn the call over to Melissa Smith, General Counsel and Corporate Secretary. Melissa, you may now begin.

說完這些，我很高興將電話轉給總法律顧問兼公司秘書梅麗莎史密斯 (Melissa Smith)。梅麗莎，你現在可以開始了。

Thank you, operator. Good morning, and welcome to Beyond, Inc.'s, first-quarter 2025 earnings conference call. Joining me on the call today are Executive Chairman and Principal Executive Officer, Marcus Lemonis; and President and Chief Financial Officer, Adrianne Lee. I'm also joined by Leah Putnam, Chief Accounting Officer; and Alex Thomas, Chief Operating Officer.

謝謝您，接線生。早安，歡迎參加 Beyond, Inc. 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有執行董事長兼執行長 Marcus Lemonis 和總裁兼財務長 Adrianne Lee。和我一起參加會議的還有首席會計長 Leah Putnam 和營運長 Alex Thomas。

Today's discussion and our responses to your questions reflect management's views as of today, April 29, 2025, and may include forward-looking statements, including, without limitation, statements relating to our future business strategy, goals, financial performance, outlook for the remainder of the quarter or any other period, anticipated growth, stock price, profitability, macroeconomic conditions and the value of our brands and investments, relationships with third parties, agreements we are entering into with them, margin improvement, expense reduction, marketing efficiencies, conversion, customer experience, changes to brands or websites, product offerings, blockchain efforts and strategies, tokenization efforts and strategies, and the timing of any of the foregoing.

今天的討論和我們對您的問題的回答反映了截至今天（2025 年 4 月 29日）的管理層觀點，並可能包括前瞻性陳述，包括但不限於與我們未來業務戰略、目標、財務業績、本季度剩餘時間或任何其他期間的展望、預期增長、股價、盈利能力、宏觀經濟狀況以及我們的品牌和投資的價值、與第三方的關係、我們與他們達成的協議、利潤率的提高、費用的減少、行銷效率、轉換率、客戶體驗、品牌或網站的變化、產品供應、區塊鏈工作和策略、代幣化工作和策略以及上述任何一項的時間有關的陳述。

Actual results could differ materially from such statements. Additional information about our 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, 2024, and in our subsequent filings with the SEC.

實際結果可能與此類陳述有重大差異。有關我們的風險、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信息，包含在我們截至 2024 年 12 月 31 日的年度 10-K 表格中，以及我們隨後向美國證券交易委員會提交的文件中。

During this call, we'll discuss certain non-GAAP financial measures. Our filings with the SEC, including our first-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。我們向美國證券交易委員會提交的文件（包括我們的第一季財報，可在我們的投資者關係網站 investors.beyond.com 上查閱）包含有關這些非 GAAP 指標的重要補充揭露，包括這些指標與最具可比性的 GAAP 指標的對帳。

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.

在管理階層發表完準備好的發言後，我們將開始提問。您可以從我們的投資者關係網站下載包含支援數據的幻燈片簡報。請查看該簡報第 2 張投影片上的重要前瞻性陳述揭露。

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

說完這些，讓我把電話交給你，馬庫斯。

Thank you. Wow, that's a lot of stuff. Just to make sure that we are crystal clear, on our investor website, we have put together not only a robust release that has financial information as part of it, but a very robust slide deck that will give you a really simple illustration of how we actually think about the business. And the reason that we would encourage you to go through that slide deck is that those are really a highlight identification of how we think about the key guideposts and metrics that all of us as a management team use on a daily basis.

謝謝。哇，東西真多。為了確保我們清晰地了解情況，我們在投資者網站上不僅提供了包含財務資訊的詳細新聞稿，還提供了非常詳細的幻燈片，可以非常簡單地向您說明我們對業務的實際看法。我們鼓勵您瀏覽該投影片的原因是，它們確實突出了我們如何看待管理團隊每天使用的關鍵指導方針和指標。

As we think about this business -- and we are really excited to be here today. But as we think about this business here in talking about our first-quarter results, we really feel like the first quarter was the first quarter of a brand new business.

當我們考慮這項業務時——我們真的很高興今天來到這裡。但當我們在談論第一季業績時思考這項業務時，我們真的覺得第一季是一個全新業務的第一季。

And it's been about a year that this restructuring had started. And when I first arrived, I anticipated that it was a little more of a transformation. And we all know the story about the first six months of the company since I've been here and how we had to learn a lot together.

此次重組已開始約一年了。當我第一次到達這裡時，我預料到這裡會發生更大的變化。我們都知道我來到這裡後公司前六個月發生的故事，以及我們如何一起學習了很多東西。

But as we move into 2025, we feel like we have restructured and rebuilt and reimagined an entirely new company. Both the employees that work here today -- in fact, about 65% to 70% less of them -- have a different mindset. We have built a real organization solely around winners, waking up every day seven days a week, working on the websites, thinking about the customer, making sure that the customer experience is solid.

但隨著我們進入 2025 年，我們感覺我們已經重組、重建並重新構想了一家全新的公司。今天在這裡工作的員工——事實上，人數減少了 65% 到 70%——都有不同的心態。我們建立了一個真正的組織，完全以贏家為中心，每週七天每天醒來，致力於網站建設，思考客戶，確保客戶體驗良好。

And while we're not fully done with our transformation on the websites, the team's working every single day to improve site experience, add new technology, find new third-party vendors to lay over our websites and plug into our websites. We know that the road ahead seems to be filled with tons of green shoots.

雖然我們網站的改造工作還沒有完全完成，但團隊每天都在努力改善網站體驗、添加新技術、尋找新的第三方供應商來覆蓋我們的網站並接觸我們的網站。我們知道，前方的道路似乎充滿了無數的綠芽。

I think the important reason that I want to really focus on the first quarter of this year being, in our opinion, the first quarter of a new business is because we have in our possession some really valuable assets that didn't exist before, the resurgence of the overstock.com brand. And we encourage you to visit that website to see how different it is.

我認為我真正專注於今年第一季的重要原因是，在我們看來，這是新業務的第一季度，因為我們擁有一些以前不存在的真正有價值的資產，即 overstock.com 品牌的複興。我們鼓勵您訪問該網站，了解它有多麼不同。

Never in a million years did people expect to see Overstock selling Gucci bags. It's doing so, and it's doing so successfully while it's also selling furniture and other high brand, high ticket items that customers are looking for. They're looking for value.

人們從來沒有想到 Overstock 會出售 Gucci 包。它確實這樣做了，而且做得很成功，同時它還銷售家具和其他顧客正在尋找的高品牌、高價商品。他們正在尋找價值。

We've really reimagined the Bed Bath & Beyond site. We've cut almost 8 million SKUs off of that site, and to say that we're done would be an understatement. At this point, while we're continuing to eliminate vendors that we don't think fit our ethos or products that don't meet our margin profile, we want to start getting into adding new categories and thinking about new things.

我們確實重新構想了 Bed Bath & Beyond 網站。我們已經從該網站上砍掉了近 800 萬個 SKU，說我們已經完成了這一目標，這只是輕描淡寫。此時，雖然我們繼續淘汰那些我們認為不符合我們的精神或不符合我們的利潤狀況的產品的供應商，但我們希望開始增加新的類別並思考新的東西。

I wouldn't have imagined years ago that Bed Bath & Beyond would become a very large furniture retailer, patio, rug, furniture; and it's changed the name of the business. We've had to learn how the taxonomy works and how to make it more efficient while never forgetting the core items that Bed Bath & Beyond built its brand on, kitchen, bed, bath.

幾年前，我從未想過 Bed Bath & Beyond 會成為一家大型家具零售商，銷售露台、地毯和家具；而且它還更改了公司名稱。我們必須了解分類法的工作原理以及如何使其更有高效，同時不要忘記 Bed Bath & Beyond 建立其品牌的核心項目：廚房、床、浴室。

As we think about the future, we want to continue to build those up. And we'll do so, but we also want to have people learn, get comfortable, have positive experience, and return to the site in categories that Bed Bath & Beyond never sold.

當我們思考未來時，我們希望繼續建立這些。我們會這樣做，但我們也希望人們能夠學習、感到舒適、獲得積極的體驗，並回到 Bed Bath & Beyond 從未銷售過的類別的網站。

We recently acquired buybuy BABY, an asset that I felt needed to be part of this company at all costs. Bed Bath & Beyond and buybuy BABY were known synonymously by consumers, and those two brands really set the table for what that company was which was a life and events company. We've gotten away from that.

我們最近收購了 buybuy BABY，我認為無論如何這筆資產都應該成為這家公司的一部分。Bed Bath & Beyond 和 buybuy BABY 是消費者熟知的同義詞，這兩個品牌真正奠定了該公司作為生活和活動公司的定位。我們已經擺脫了這種狀況。

You could expect us to lean back into that again as we think about everything from the birth of a child to the first home, to the wedding, to the going to college and everything in between. We know we have to excel. But as part of excelling in that particular area, we know we have to meet the customer in different places.

當我們考慮從孩子的出生到第一個家、到婚禮、到上大學以及其間的一切事情時，你可以預料到我們會再次回到這一點。我們知道我們必須表現出色。但為了在該特定領域取得卓越成就，我們知道我們必須在不同的地方與客戶會面。

Selling online is a very complicated business, and few do it very well. We want to be one of those few, but we also know that we have to lower our cost of marketing. We have to increase the size of our retained database, and we have to figure out how to build basket size over time.

網上銷售是一項非常複雜的業務，很少有人能做得很好。我們希望成為少數人之一，但我們也知道我們必須降低行銷成本。我們必須增加保留資料庫的規模，並且必須弄清楚如何隨著時間的推移擴大購物籃的規模。

Part of our investment thesis around doing that is the investment that we made in Kirkland's, a 330-store home decor business based out of Nashville, Tennessee. What we liked about it as a management team was small format, low risk, low expense, low real estate costs, and high margin products inside of them. And while we've seen those results of that company continue to improve, we know that the future of that business through our investment and the future of our business requires us to work together far more.

我們的投資理念之一就是對 Kirkland's 進行投資，這是一家總部位於田納西州納許維爾、擁有 330 家門市的家居裝飾公司。作為管理團隊，我們喜歡它的小規模、低風險、低費用、低房地產成本以及高利潤的產品。雖然我們看到該公司的業績不斷改善，但我們知道，透過我們的投資，該公司的未來以及我們業務的未來需要我們進行更多的合作。

About six months ago, we put a collaboration agreement in place that showed the idea behind how we would bring our powerful brands to market through another company. Beyond is not prepared today to go open a bunch of stores, nor would anybody in this room ever vote for spending $1 on CapEx to build out take out locations, build out things.

大約六個月前，我們達成了一項合作協議，其中展示了我們如何透過另一家公司將我們強大的品牌推向市場的想法。Beyond 目前還沒有準備好開設大量商店，而且在座的各位也不會有人投票支持花費 1 美元的資本支出來開設外賣店或建造其他設施。

We want our dollars to be built on technology, investing in the customer experience, figuring out how to exploit and get more out of our blockchain assets, and look to acquire other valuable IP in the same family and home space so that we can then take those brands to our investment vehicle of Kirkland's and see those brands come to life. Shortly, people will learn that Kirkland's will start transforming a number of their locations.

我們希望將我們的資金建立在技術之上，投資於客戶體驗，弄清楚如何利用我們的區塊鏈資產並從中獲得更多收益，並尋求在同一家庭和家居領域收購其他有價值的知識產權，以便我們可以將這些品牌帶到我們的投資工具 Kirkland's 並看到這些品牌煥發生機。很快，人們就會了解到 Kirkland 將開始改造其一些門市。

In the early stages of that discovery, we have made the decision that we're going to open up at least four Overstock stores geographically placed so both that our vendors and our customers can ship product to and return product to in a more efficient manner which over time will improve our financial performance primarily through margin improvement and returns.

在發現這一問題的早期階段，我們決定在地理位置上開設至少四家 Overstock 商店，以便我們的供應商和客戶能夠以更有效的方式運送產品和退回產品，這將隨著時間的推移主要透過提高利潤率和回報來改善我們的財務業績。

Secondarily, we will be launching in a very, very low CapEx way Bed Bath & Beyond Home. Let me be clear, that is very different from the true blue store that all of us have known for years which focused on bed, bath, kitchen, and small accessories.

其次，我們將以非常非常低的資本支出方式推出 Bed Bath & Beyond Home。讓我明確一點，這與我們多年來所熟知的專注於床、浴室、廚房和小配件的真正的藍色商店非常不同。

Bed Bath Home looks a lot like Kirkland's and incorporates a lot of the products that Bed Bath & Beyond is selling today successfully online, small furniture pieces, a little bit more textiles, a little bit more decor. And the purpose of those stores is to meet the customer at the value proposition we're looking at.

Bed Bath Home 看起來很像 Kirkland's，並融合了 Bed Bath & Beyond 目前在網路上成功銷售的許多產品，包括小件家具、一些紡織品和一些裝飾品。這些商店的目的就是要滿足顧客我們所關注的價值主張。

If you look at Kirkland's today, they truly are a very well merchandised, very well curated attempt to do a lot in what a home goods does. We believe that the assortment coming from Bed Bath & Beyond and potentially Overstock into those Bed Bath Home stores -- and in the future, some of those Kirkland's stores -- starts to level the playing field and makes the Kirkland's stores and the Bed Bath Home stores real players in the off-price, highly curated, well-merchandised, non-dumpster-looking environment that we believe customers are looking for, a lot of value for a very low price. That is our customer base.

如果你看看今天的 Kirkland's，你會發現他們確實在商品陳列和策劃方面做得非常出色，在家庭用品領域做出了許多嘗試。我們相信，Bed Bath & Beyond 和 Overstock 的商品將進入 Bed Bath Home 商店（未來還會進入部分 Kirkland's 商店），這將開始創造公平的競爭環境，使 Kirkland's 商店和 Bed Bath Home 商店成為折扣、精心策劃、商品齊全、非垃圾桶式環境的真正參與者，我們相信客戶正在尋找這種環境價格以非常低的客戶價值很多價值。這就是我們的客戶群。

As we also look at that store footprint, we're looking at ways to bring buybuy BABY back to life. So we have authorized one store, just one, to be opened and tested. More than likely, that will happen in the Nashville market because we believe that's a great demographic to understand all of the different spectrums, including really, every new customer that's coming to that market and every existing one. So it's a really thriving market.

當我們審視這家商店的足跡時，我們正在尋找讓 buybuy BABY 重獲新生的方法。因此，我們授權開設一家商店（僅限一家）並進行測試。這很有可能發生在納許維爾市場，因為我們相信這是一個了解所有不同領域的優秀人口統計數據，包括進入該市場的每個新客戶和每個現有客戶。所以這是一個真正繁榮的市場。

When we think about our core business, we think about a few basic principles. I'll call them guideposts for this discussion. We believe that in the short term -- and I'll say the short term is the next couple quarters. We believe that our margin profile is going to range on the product side from 24% to 26%.

當我們考慮我們的核心業務時，我們會考慮一些基本原則。我將它們稱為本次討論的路標。我們相信，在短期內──我想說的是，短期就是接下來的幾季。我們相信，我們的產品利潤率將在 24% 至 26% 之間。

You saw the arrival at 25.1%. I have to wonder once in a while when you're testing different elasticity and different promos and different offers, are you doing enough to capture enough customers? As a reminder, our company pays its bills with gross profit dollars, not just gross profit margin.

您看到的到達率為 25.1%。我必須時不時地想，當您測試不同的彈性、不同的促銷和不同的優惠時，您是否做了足夠的努力來吸引足夠的客戶？提醒一下，我們公司用毛利來支付帳單，而不僅僅是毛利率。

While we need that margin to continue it to improve towards our goal of 27%, we know that we also need to start in the next 60 days thinking about building the customer file again, getting better retaining the ones that we have, getting better and more efficient at finding new ones and then getting them to return. And there's oftentimes, particularly when you're doing that, where you have to use a great deal as bait.

雖然我們需要繼續提高利潤率以達到 27% 的目標，但我們知道，我們還需要在接下來的 60 天內開始考慮重新建立客戶檔案，更好地保留現有客戶，更好、更有效率地尋找新客戶，然後讓他們回頭。很多時候，特別是當你這樣做的時候，你必須使用大量的東西作為誘餌。

That'll either come from increased spend on promotion, and we think that's going to range from 13.5% to 14.75% in the short term or it can come from extra discounting, which could cause the margins to range from 24% to 26%. But one strategy that we have tested, and we hope you see it on the balance sheet, is our ability to continue to be asset light but asset smart.

這要么來自增加促銷支出，我們認為短期內利潤率將在 13.5% 至 14.75% 之間，要么來自額外折扣，這可能導致利潤率在 24% 至 26% 之間。但我們已經測試過的一個策略，我們希望您在資產負債表上看到它，那就是我們能夠繼續保持輕資產但資產智能化。

You'll see about $25 million of inventory sitting on our balance sheet. We have eliminated our distribution center, which was about $2 million in fixed costs on an annualized basis, and have gone to what we call an accordion style 3PL, which means we pay for what we use. We love variable models, including starting to disseminate variable pay plans.

您將在我們的資產負債表上看到約 2500 萬美元的庫存。我們已經取消了配送中心，該中心每年的固定成本約為 200 萬美元，並轉向了所謂的「手風琴式」第三方物流，這意味著我們按使用量付費。我們喜歡可變模型，包括開始傳播可變薪酬計劃。

As we do that, we're doing that for a couple of reasons. We're looking for ways for us to exploit the liquidation or the misstabilization of other retailers or other manufacturers by taking on product at 30%, 40%, 50%, 60%, 70% off the original wholesale value.

我們這樣做是出於幾個原因。我們正在尋找方法，利用其他零售商或製造商的清算或不穩定因素，以低於原始批發價 30%、40%、50%、60%、70% 的價格收購產品。

Part of what we're doing is we're just testing out how effective can it be and where can we effectively do that. And we're not opposed to testing. I want to be clear that already, through April, we'll have already wound that number down by about half as we sit here today, but we may wind it up a little bit more from time to time.

我們所做的事情的一部分是測試它的有效性以及我們可以在哪裡有效地做到這一點。我們並不反對測試。我想明確指出的是，截至四月份，截至今天，我們已經將這一數字減少了約一半，但我們可能會不時地將其進一步增加。

But you should think about $25 million as what Adrianne describes to the merchants as the authorized playbook, what you're allowed to test into. We can get into it quickly, but we have to be confident we can get out of it quickly.

但你應該把 2,500 萬美元想像成 Adrianne 向交易員描述的合法劇本，也就是你被允許進行測試的金額。我們可以很快進入狀態，但我們必須有信心很快就能擺脫狀態。

In some cases, it's been the way that we've had to attract certain vendors that we want, particularly some of the larger appliance vendors on the Bed Bath & Beyond side who didn't want to participate in dropship. But we felt that the connection between their brand and our brand made sense, and they treated us very fairly on the first cost side. So that was an extra incentive.

在某些情況下，我們必須透過這種方式來吸引我們想要的某些供應商，特別是 Bed Bath & Beyond 方面一些不想參與直銷的大型家電供應商。但我們覺得他們的品牌和我們的品牌之間的連結是合理的，而且他們在第一個成本方面對我們非常公平。所以這是一個額外的激勵。

As we look at marketing expense, you can see that there is a -- was a massive pullback year over year. Well, that's not because we didn't spend money this year. That's because the way that the company was marketing a year ago is just not sustainable. And we didn't really think -- I didn't really believe that the spend that we were generating to find new customers was being put into a data lake that gave us confidence that we can extract that information, retain that information, expand that information, because we didn't have the systems in place.

當我們查看行銷費用時，您會發現它比去年同期大幅下降。嗯，這並不是因為我們今年沒有花錢。這是因為該公司一年前的行銷方式是不可持續的。我們並沒有真正想過——我真的不相信我們為尋找新客戶而花費的錢會被放入數據湖，這讓我們有信心可以提取這些信息、保留這些信息、擴展這些信息，因為我們沒有建立系統。

I'm proud to announce that Salesforce has been fully integrated, and we have brought on an entire new what I would call direct-to-consumer marketing team. Some of the efficiencies that we saw in the end of quarter one were a product of that new team, trying new things, recognizing that we need more performance out of our email channels, more performance out of affinity relationships, more partnerships with our vendors, and that Beyond on its own and it's Google spend can't continue to be the only source of information.

我很自豪地宣布 Salesforce 已完全整合，並且我們組建了一支全新的直接面向消費者的行銷團隊。我們在第一季末看到的一些效率是新團隊嘗試新事物的結果，他們認識到我們需要從電子郵件管道中獲得更多效能，從親和關係中獲得更多效能，與我們的供應商建立更多合作夥伴關係，並且 Beyond 本身及其在 Google 上的支出不能繼續成為唯一的資訊來源。

Again, that's why we also like the relationship with an omni-channel retailer, the ability to pick up names at an almost zero cost. As we look towards the next quarter, the one that we're in today, the one that we'll report shortly, we are finding that April is turning out to be a pretty consistent month. I wanted to dispel any notion for anybody out there that there is this tremendous amount of pull forward demand.

再次，這就是為什麼我們也喜歡與全通路零售商建立關係，能夠以幾乎零成本取得名稱。當我們展望下一個季度，也就是我們今天所處的季度，也就是我們即將報告的季度時，我們發現四月是一個相當穩定的月份。我想消除任何人對存在如此巨大的提前需求的想法。

We have not seen a tremendous acceleration in site visits because we're not spending more. We haven't seen a tremendous increase in AOV other than the normal patio increases that we see. And any notion that the customers out there trying to buy as much as they can to hoard it in their garage in anticipation of tariffs, at least in our company, we don't believe to be true. We may see that in the future, but we don't believe it to be true.

由於我們沒有增加支出，因此我們並未看到網站訪問量大幅增加。除了我們看到的正常的露台增加之外，我們還沒有看到 AOV 的大幅增加。我們認為，至少在我們公司，任何認為客戶為了應對關稅而盡可能多地購買商品並將其囤積在車庫裡的想法都是不真實的。我們可能在未來會看到這一點，但我們不相信這是真的。

One of the headlines of our press release is that we believe that we are 60 days away from transitioning from a restructuring company to a growth company. That doesn't mean that we think we're going to make a bunch of money in 60 days. What that means is that we feel at this moment in time that on the 60th day from today, to be very specific, we will have done what we needed to do with our SKU count.

我們的新聞稿標題之一是，我們相信我們距離從重組公司轉型為成長型公司還有 60 天的時間。這並不意味著我們認為我們會在 60 天內賺很多錢。這意味著，我們此刻感覺到，從今天起的第 60 天，具體來說，我們將完成我們需要對 SKU 數量的處理。

We will have done what we needed to do, at least for the most part, with new technology being implemented, new platforms being initiated, new layers being laid on top of on the technology side that make us more efficient. We want to move away from cutting, cutting, cutting.

我們將完成我們需要做的事情，至少在很大程度上是這樣，透過實施新技術、啟動新平台、在技術層面上鋪設新層次，我們將更有效率。我們希望擺脫削減、削減、再削減的局面。

You don't cut your way to a profit; you sell your way to a profit. That is why I came here. But in order to do that, you had to understand what the base was. You had to build the foundation so that you could understand that we're building a company that can last in the worst of times.

你不是透過削減成本來獲取利潤，而是透過銷售來獲取利潤。這就是我來這裡的原因。但為了做到這一點，你必須了解基礎是什麼。你必須打好基礎，這樣你才能明白我們正在建立一家能夠在最糟糕的時期生存下來的公司。

As a reminder, we're dealing with a terrible, terrible economy today. Interest rates are at a 20-year high. The 10-year treasury bounces around from [4.3 to 4.6]. We know what that does to mortgage rates. We know what home sales were in March.

提醒一下，我們今天正面臨著非常糟糕的經濟狀況。利率處於20年來的最高水準。10 年期公債殖利率在[4.3 至 4.6]。我們知道這對抵押貸款利率有何影響。我們知道三月的房屋銷售情況。

And our belief as a management team is that if we could make it, we could survive. We could find our way to the neighborhood of profitability in this environment. Then what we were really setting ourselves up for is the ability to be so nimble that no matter how tough the economy could get, we could survive.

作為管理團隊，我們相信，如果我們能夠成功，我們就能生存。在這種環境下，我們可以找到獲利的方法。那麼，我們真正要做的就是保持彈性，這樣無論經濟狀況多麼嚴峻，我們都能生存下來。

And we could be very much prepared to participate and quite frankly, accelerate when the tailwinds start to come which we believe they will. Tariffs are always the elephants in the room these days. And any company that tells you that they know exactly what's going to happen has absolutely no idea what's happening in their own business if they say that.

我們可以做好充分的準備來參與其中，坦白說，當順風來臨時，我們會加速前進，我們相信順風會來。如今，關稅問題始終是個不容忽視的問題。任何告訴你他們確切知道會發生什麼事的公司，如果他們這麼說，那他們根本就不知道自己的事業會發生什麼事。

The tone-deaf nature which people are making prognostications about what's going to happen is something that this company will not do. But what we can tell you is that we are in a unique position, unlike a lot of other companies, to be able to deal with tariffs.

人們對即將發生的事情做出不準確的預測是這家公司不會做的事情。但我們可以告訴你的是，與許多其他公司不同，我們處於一個獨特的地位，能夠處理關稅問題。

As a reminder, we're debt-free. So we're not chasing these massive interest payments that scare the crap out of us, and we want to continue to stay that way to the best of our ability unless there's a reason to do it and it's accretive for our shareholders.

提醒一下，我們沒有債務。因此，我們不會追逐這些令我們害怕的巨額利息支付，我們希望盡最大努力繼續保持這種狀態，除非有理由這樣做並且對我們的股東有利。

We have continued over time to diversify our offering. And if you visit our websites today, you'll see all the things that are built in the USA even if it's parts and pieces assembled here. We believe that we have a great strategy, and we're continuing to expand that strategy, of built in the USA.

隨著時間的推移，我們不斷豐富我們的產品種類。如果您今天訪問我們的網站，您將看到所有的東西都是在美國製造的，即使是在這裡組裝的零件和零件。我們相信我們有一個偉大的戰略，我們正在繼續擴展這個在美國建造的戰略。

We're also not naive to think that everything in the USA can satisfy all the categories. It cannot. And so we're working with a number of companies who have, in the last four or five years since the last tariff scare, have adjusted their own sourcing.

我們也不會天真地認為美國的一切都能滿足所有類別。不能。因此，我們正在與一些公司合作，這些公司在上次關稅恐慌後的四、五年裡已經調整了自己的採購方式。

So when you look at our vendor concentration, we don't have as much risk as others may. But that doesn't mean that we aren't susceptible to something which is partially why we also create that margin band of 24% to 26%. We have to be realistic. We're not exempt from everything.

因此，當您查看我們的供應商集中度時，我們面臨的風險並不像其他人那麼大。但這並不意味著我們不會受到某些因素的影響，這也是我們設定 24% 至 26% 的利潤區間的原因之一。我們必須現實一點。我們並不能免於一切。

We have seen in the last couple of weeks a number of partners come to us asking for price increases. I know, they know, you know that none of them have actually experienced those tariffs. Those are anticipatory price hikes. Oddly enough, most of that has existed in the jewelry space on our Overstock business which continues to do very well.

過去幾週，我們看到許多合作夥伴來找我們要求漲價。我知道，他們知道，你知道他們其實都沒有經歷過這些關稅。這些都是預期價格上漲。奇怪的是，其中大部分都存在於我們的 Overstock 業務的珠寶領域，而該業務繼續表現良好。

We haven't seen a big rush on the furniture side, but we anticipate that we're going to see, like many other retailers, an increase in some furniture pricing. We're going to work with those vendors and we're going to tighten down our belts even more to ensure that our customers and our shareholders don't take the brunt of that.

我們還沒有看到家具方面的大幅熱潮，但我們預計，像許多其他零售商一樣，我們將會看到一些家具價格上漲。我們將與這些供應商合作，並進一步勒緊褲帶，以確保我們的客戶和股東不會承受巨大的損失。

But it is true that everybody's going to be playing by the same rulebook. So if that means that furniture sales are going to slow down, the odd thing for us is that I don't know how much more they could slow down. And we believe that even if they slow down on a macro basis, the TAM is still big enough, the market is still big enough, for us to get our fair share and still experience revenue growth in the second quarter of 2025 compared to 2020 -- to the first quarter of 2025.

但事實上每個人都會遵守同樣的規則。因此，如果這意味著家具銷售將會放緩，那麼對我們來說奇怪的是，我不知道它們還會放緩多少。我們相信，即使宏觀層面上成長放緩，TAM 仍然足夠大，市場仍然足夠大，我們可以獲得公平的份額，並且與 2020 年相比，2025 年第二季度的收入仍將增長——到 2025 年第一季。

And we also believe that we could experience revenue growth in Q3 of 2025. So we expect some revenue growth in Q2 from Q1, some revenue growth in Q3 from Q2, while we continue to work on stabilization of every other part of our business.

我們也相信，2025 年第三季我們的營收將會成長。因此，我們預計第二季的營收將比第一季有所成長，第三季的營收將比第二季有所成長，同時我們將繼續致力於穩定我們業務的其他各個部分。

We'll turn the rest of those -- my points over to the Q&A, but I'm going to turn the call over to my partner and President, Adrianne Lee.

我們將把其餘部分——我的觀點交給問答環節，但我將把電話交給我的合夥人兼總裁 Adrianne Lee。

All right. Thank you, Marcus just wanted to start off with as a result of our previously disclosed decision to eliminate non-contributory SKUs and vendors and prioritize efficiencies in our marketing channel, revenue declined 39% year over year in the first quarter. These actions throw fewer orders and fewer new customers.

好的。謝謝，馬庫斯首先想說的是，由於我們先前揭露的決定，即消除非貢獻性 SKU 和供應商，並優先考慮行銷管道的效率，第一季的營收年減了 39%。這些行為導致訂單減少，新客戶減少。

However, I am very pleased that first quarter AOV increased to, $194 , a $21 increase year over year; and units per order increased as we incent a bigger basket size. Order frequency continues to hold as we reestablished spend guardrails.

然而，我很高興第一季的平均訂單價值 (AOV) 增加到 194 美元，比去年同期增加了 21 美元；而且由於我們刺激了更大的購物籃規模，每筆訂單的單位數也增加了。隨著我們重新建立支出護欄，訂單頻率持續保持不變。

We made significant progress on restoring our margin profile and are imminently shifting to a growth mindset and, as Marcus outlined, aiming for sequential revenue improvement quarter over quarter. Growth will be driven by offering customers value on a vast array of home products, trusted brands, and deep discounts on designer items while improving our site experience, findability, storytelling, and addressing assortment gaps.

我們在恢復利潤率方面取得了重大進展，並即將轉向成長思維，正如馬庫斯所概述的那樣，目標是實現逐季度連續的收入成長。我們將透過向客戶提供多樣化的家居產品、值得信賴的品牌以及設計師產品的大幅折扣來推動成長，同時改善我們的網站體驗、可尋找性、故事敘述並解決分類差距。

The acceleration in our gross margin expansion exceeded our internal target. Gross margin landed at 25% for the quarter, a 560-basis-point improvement compared to the same period last year. You may recall, we targeted a 25% gross margin at our October 2024 investor event, and we achieved that goal.

我們的毛利率擴張速度超過了我們的內部目標。本季毛利率達 25%，較去年同期增加 560 個基點。您可能還記得，我們​​在 2024 年 10 月的投資者活動中設定了 25% 的毛利率目標，並且我們實現了這一目標。

Sequentially, we delivered a 210-basis-point improvement as we were disciplined in our pricing and merchandising actions and improve freight costs. Important to note and as Marcus discussed, we are testing opportunities to purchase inventory in an effort to improve SKU economics. We will be disciplined and opportunistic in these efforts.

由於我們嚴格控制定價和銷售行為並改善運費，我們實現了 210 個基點的改善。值得注意的是，正如馬庫斯所討論的，我們正在測試購買庫存的機會，以努力提高 SKU 經濟效益。我們將嚴守紀律，把握機遇，努力實現這些目標。

We have shown consistency in improving our margin profile over the last four quarters, as we worked the six-part plan I outlined at the beginning of 2024. And I expect the team to maintain our margin guardrails and disciplined approach.

在過去四個季度中，我們一直在持續改善利潤率狀況，因為我們在執行我在 2024 年初提出的六部分計畫。我希望團隊能夠保持我們的利潤護欄和嚴謹的態度。

Sales and marketing decreased by $37 million or 430 basis points as a percent of revenue versus last year, and improved 380 basis points versus the fourth quarter of 2024. This decline was mainly driven by the intentional reduction of less efficient spend while improving channels that are more contributory.

與去年相比，銷售和行銷收入減少了 3,700 萬美元，即減少了 430 個基點，與 2024 年第四季相比則提高了 380 個基點。這種下降主要是由於有意減少效率較低的支出，同時改善貢獻較大的管道。

We know we need to balance our efforts between acquisition and retention. The team is committed to doing this day in and day out while improving the site experience and sharpening pricing to support conversion.

我們知道我們需要在獲取和保留之間取得平衡。團隊致力於日復一日地做這件事，同時改善網站體驗並提高定價以支援轉換。

G&A and tech expense of $41 million dollars decreased by $9 million year over year as a result of our commitment to reduce fixed costs by an annualized amount of $80 million. I am pleased to report we have identified the entire commitment and have realized 93%, allowing us to reinvest a portion of savings to support growth initiatives and innovation.

由於我們承諾每年減少 8,000 萬美元的固定成本，因此 4,100 萬美元的一般及行政費用和技術費用比去年同期減少了 900 萬美元。我很高興地報告，我們已經確定了全部承諾並已實現 93%，這使我們能夠將部分儲蓄重新投資於支持成長計畫和創新。

With our more focused agile org structure, I expect us to deliver a quarterly run rate of $38 million of tech and G&A expense excluding special items going forward. All in, adjusted EBITDA came in at a loss of $13 million, a 72% or $35 million dollar improvement versus the first quarter of 2024 and an improvement of $15 million versus 4Q 2024.

憑藉我們更專注的敏捷組織架構，我預計我們未來技術和一般及行政費用（不包括特殊項目）的季度運作率將達到 3800 萬美元。整體而言，調整後的 EBITDA 虧損 1,300 萬美元，比 2024 年第一季改善 72% 或 3,500 萬美元，比 2024 年第四季改善 1,500 萬美元。

Reported GAAP EPS was a loss of $0.74 per share for the first quarter. Excluding losses recognized from our equity method securities, adjusted diluted loss per share was $0.42, an $0.80 improvement year over year.

根據該報告，第一季 GAAP EPS 每股虧損 0.74 美元。不包括從我們的權益法證券中確認的損失，調整後的每股攤薄虧損為 0.42 美元，年減 0.80 美元。

We ended the quarter with cash, cash equivalents, restricted cash, and inventory balance of $166 million. In the quarter, we funded our $8 million commitment to Kirkland's Home and purchased buybuy BABY for $5 million, which was mostly offset by $19 million of net proceeds from the sale of common stock.

本季末，我們的現金、現金等價物、受限現金和庫存餘額為 1.66 億美元。本季度，我們向 Kirkland's Home 提供了 800 萬美元的融資承諾，並以 500 萬美元收購了 buybuy BABY，但這筆資金大部分被出售普通股所得的 1900 萬美元淨收益所抵消。

Cash used in operating activities increased year over year by $16 million, mainly driven by a $15 million cash use for our inventory program previously discussed. As Marcus mentioned, with the majority of our restructuring behind us, our teams are organized to be agile and laser focused on delivering on our key operational guideposts with the intensity I expect. We made progress throughout 2024 and accelerated in the first quarter of 2025, creating a foundation to deliver both profitability and growth.

經營活動所用現金年增 1,600 萬美元，主要由於我們之前討論過的庫存計劃所用現金 1,500 萬美元。正如馬庫斯所提到的，隨著我們大部分重組工作的完成，我們的團隊組織更加靈活，並全神貫注於以我期望的強度實現我們的關鍵營運指導方針。我們在 2024 年全年取得了進展，並在 2025 年第一季加速發展，為獲利和成長奠定了基礎。

With that, back to you, Marcus.

好了，回到你這裡，馬庫斯。

Great. Well, we'll turn it over to the Q&A. And operator, we'll open it up to our first question, please.

偉大的。好吧，我們將進入問答環節。接線員，請容許我們開始回答第一個問題。

(Operator Instructions) Seth Sigman, Barclays.

（操作員指示）塞思·西格曼，巴克萊銀行。

Marcus, you discussed restructuring and reimagining the business over the last year. Part of that was rebasing the business. You've refocused -- you rationalized the inventory in the offering. I guess I'm focused on revenue, specifically. Can you talk about the confidence level that this is the bottom and you're guiding to revenue growth sequentially through this year? What gives you confidence in that?

馬庫斯，去年您討論了重組和重塑業務的問題。其中一部分是重新調整業務。您已重新調整了重點—您對所提供產品的庫存進行了合理化。我想我特別關注的是收入。您能否談談這是底部的信心水平以及您對今年收入連續增長的指導？是什麼讓您有信心呢？

I feel like the revenue that was achieved in Q1 is the floor, and none of us are happy with the revenue. I want to be super clear, we have been really working towards getting to profitability. And we understand what the levers are.

我覺得第一季實現的收入是最低水平，我們都對這個收入不滿意。我想非常清楚地表明，我們一直在努力實現盈利。我們知道槓桿是什麼。

The levers are very simple. The margin needs to be in a range, the tech and G&A needs to be in a range, and sales and marketing expenses needs to be in a range. But under no uncertain terms is revenue not the absolute most important driver of getting to profitability and getting above that zero number that we all are adamant on getting to.

槓桿非常簡單。利潤率需要在一個範圍內，技術和一般及行政費用需要在一個範圍內，銷售和行銷費用也需要在一個範圍內。但毫無疑問，收入並不是實現盈利和超越我們都堅持要實現的零數字的絕對最重要的驅動力。

I'm confident because we know how to pull the levers now, and we understand how the marketing infrastructure works. And every single day, we're getting better at email efficiency. We're getting better at ad spend efficiency. We're getting better at site conversion.

我很有信心，因為我們現在知道如何採取行動，我們了解行銷基礎設施如何運作。我們的電子郵件效率每天都在提高。我們的廣告支出效率正在不斷提高。我們在網站轉換方面做得越來越好。

And because I see those things moving, it literally is very simple. We could spend a dollar and get a positive ROAS. And we haven't been spending the dollars because we weren't confident that we would get the positive ROAS out of it.

而且因為我看到那些東西在移動，所以它實際上非常簡單。我們可以花一美元並獲得正的 ROAS。但我們還沒有花這筆錢，因為我們不確定能否從中獲得正的投資報酬率。

And we're still -- there are still parts of our business that do not perform up to our standards and we don't lean in yet. There are still things about our website that don't perform the way we want to and we don't lean in yet.

而我們仍然——我們的部分業務仍未達到我們的標準，我們還沒有做好準備。我們的網站仍有一些方面未能按照我們想要的方式運行，我們還沒有做好準備。

And what we've learned and created a culture of is you don't spend unless you're sure. And the way you're going to tell me that you're sure is you're going to show me small sample sizes and you're going to show me the efficacy and the proof points. And absent that, you don't spend.

我們學到並創造了一種文化，那就是除非你確定，否則不要花錢。你要告訴我你確定的方式是向我展示小樣本，並向我展示功效和證明點。如果沒有這個，你就不會花錢。

So what we've given the team permission to do is in those areas where they have excelled, like retargeting emails late at night when we have cart abandonment which we started to really perfect or picking a specific campaign and building a beautiful funnel around it and understanding how to chase the funnel and get positive ROAS, those are the things that give us confidence that once you build that floor, which we tried very hard to tell everybody we were going to get to -- once you build that floor, then building the blocks from there becomes far easier because everybody's mindset is around you don't spend a dollar unless you're sure, and that dollar better have a positive ROAS.

因此，我們允許團隊在他們表現出色的領域開展工作，例如，當購物車被放棄時，在深夜重新定位電子郵件，我們開始真正完善這一點，或者選擇一個特定的活動，並圍繞它建立一個漂亮的漏斗，並了解如何追逐漏斗並獲得積極的投資回報率，這些事情讓我們有信心，一旦你建立了這個基礎，我們非常努力地告訴每個人我們將會實現這一目標——一旦你建立了這個基礎，那麼從那裡開始構建區塊就會變得容易得多，因為每個人的心態都是這樣的：除非你確定，否則不要花一分錢，而且那一分錢最好能有一個積極的投資回報率。

So that's why we're confident that the base of [21, of 232] will have growth in Q2 and growth in Q3. And I will reserve my judgment for any quarter after that until I understand the general macro and what's happening with the consumer and how tariffs have affected the customers.

因此，我們相信 [21, of 232] 這個基數將在第二季實現成長，在第三季也將成長。我將保留對此後任何季度的判斷，直到我了解整體宏觀情況、消費者的情況以及關稅對客戶的影響。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Marcus, the first one was just on the roadmap to break even EBITDA. Obviously, some drivers ahead in terms of eliminating some more vendors and rationalizing some more SKUs. You have a streamlined G&A base as well. I guess when we put together all the margin drivers, is there a way to help put a stake in the ground in terms of maybe a roadmap or a milestone for reaching break even EBITDA in which we can then sequentially grow for positive EBITDA dollars?

馬庫斯，第一個只是在實現 EBITDA 收支平衡的路線圖上。顯然，在消除更多供應商和合理化更多 SKU 方面，存在一些驅動因素。您還擁有精簡的 G&A 基礎。我想，當我們把所有的利潤驅動因素放在一起時，是否有辦法幫助我們奠定基礎，例如製定路線圖或里程碑，以實現收支平衡的 EBITDA，然後我們可以連續增長以獲得正的 EBITDA 美元？

I, like you said, like to think about the modeling around how investors should understand what the cash uses are, how we're going to get there and really build it. And we don't provide guidance, and we're not going to, particularly in light of this. But we are going to do a better job of giving people very specific guideposts that will help us get there.

就像你說的，我喜歡思考投資人應該如何理解現金用途、如何實現並真正實現現金用途的模式。我們不提供指導，也不會提供，特別是考慮到這一點。但我們會做得更好，為人們提供非常具體的指導方針，幫助我們實現目標。

The simplest math that I can give you is that at 25% margin and 13% marketing expense, both of which are not totally locked in yet, I think the margin has that range of 24% to 26% and the sales and marketing is 13.5% to 14.75%. I think that in order for us to get to where we want to get to, which is positive, we would need to do $1.2 billion annualized at a 25% margin with 13% sales and marketing.

我能給出的最簡單的計算方法是，在利潤率的範圍為 25%、行銷費用為 13% 的情況下（這兩項都還未完全確定），我認為利潤率的範圍是 24% 到 26%，而銷售和行銷費用的範圍是 13.5% 到 14.75%。我認為，為了達到我們想要的目標，也就是正面的目標，我們需要以 25% 的利潤率和 13% 的銷售和行銷成本實現年化 12 億美元。

And then once you start from there, you can toggle things up and down. You can move your margin up to 26%. You could pull your revenue down. You could take your margin down, you have to take your revenue up.

然後，一旦從那裡開始，您就可以上下切換事物。您可以將保證金提高至 26%。您可能會降低收入。你可以降低利潤，但必須提高收入。

You could move those numbers all around, but that's actually the abacus that we're using in our business. And as we wake up every day, if we feel like we're short contribution margin, we'll pull back spend and we'll pull back promotion. If we feel like we're not acquiring enough customers, we're going to increase spend.

你可以隨意移動這些數字，但這實際上是我們在業務中使用的算盤。當我們每天醒來時，如果我們感覺到我們的貢獻利潤不足，我們就會減少支出，也會減少促銷。如果我們覺得沒有獲得足夠的客戶，我們就會增加支出。

And we're going to continue to map out very, very scientifically on a dot plot exactly what happens when we do those things so we can build our own mental algorithm of when we do this, this is what happens. And we need to prove out that thesis over and over again.

我們將繼續在點圖上非常科學地繪製出當我們做這些事情時究竟會發生什麼，這樣我們就可以建立自己的心理演算法，計算出當我們這樣做時會發生什麼。我們需要一遍又一遍地證明這個論點。

So I would use $1.2 billion on an annualized basis, which is what all of our goals were -- we just didn't know what that was -- to be able to figure out -- okay, when you say you want to get in the neighborhood of profitability, what does that look like? You have to do an average of $300 million a quarter, average -- some quarters more, some quarters less -- if your margins are going to be 25% and your sales and marketing is going to be 13%.

因此，我將按年使用 12 億美元，這也是我們所有的目標——我們只是不知道那是什麼——能夠弄清楚——好吧，當你說你想要接近盈利時，那是什麼樣子？如果你的利潤率為 25%，銷售和行銷率為 13%，那麼你必須平均每季賺取 3 億美元——有些季度多一些，有些季度少一些。

I'm not telling you whether I think those numbers work or not. I think the margins need to strive for 27%. We're going to work our fannies off over the next many quarters to get there. We think that the marketing expense candidly is -- Adrianne smacked me around a little last night and said, hey, we could get to 11%. We could get to 10%. Stop saying 12% and 13%.

我不會告訴你我是否認為這些數字有效。我認為利潤率需要爭取達到27%。我們將在接下來的幾個季度竭盡全力實現這一目標。我們認為行銷費用坦白說是——昨晚 Adrianne 稍微打了我一下，說，嘿，我們可以達到 11%。我們可以達到 10%。不要再說 12% 和 13% 了。

We have to find that bounce. We got to get to 13% before we think about 12%, and I think this company has to set realistic goals.

我們必須找到那個反彈。在考慮 12% 之前，我們必須先達到 13%，我認為這家公司必須設定實際的目標。

That's helpful. And then just a quick follow-up question on buybuy BABY, maybe just some quick thoughts on brand activation strategies to re-establish consumer awareness. And are those embedded in the advertising spend framework that you provided?

這很有幫助。然後是關於 buybuy BABY 的快速後續問題，也許只是一些關於品牌激活策略的快速想法，以重建消費者意識。這些是否包含在您提供的廣告支出框架中？

So we are going to be very careful and very steadfast in not allowing any initiative of our company to cause us to unnecessarily lose money. The inverse of that is that we have to be very mindful that to generate revenue and to bring that business back to life, we have to spend money.

因此，我們將非常小心、堅定地防止公司的任何舉措導致我們遭受不必要的損失。與此相反，我們必須非常注意，為了創造收入並讓業務恢復活力，我們必須花錢。

The core business, in my mind, has to be in that 13% to 14% and 14.75% range right now, and we have to get to 13%. But when we launch a new brand or we acquire something, there is a separate and conscious spend on what that's going to look like.

在我看來，核心業務現在必須在 13% 到 14% 和 14.75% 的範圍內，我們必須達到 13%。但是，當我們推出一個新品牌或收購某樣東西時，我們會有意識地單獨花錢來規劃它的未來。

And what we're going to do very well as a company is to disclose those things going forward that when buybuy BABY launches on May 8 and has its token get launched and has its grand opening on the same day, there is money that's going to be spent to reintroduce and remind people and restart that amount. We expect that revenue to have a nice growth over time.

作為一家公司，我們將很好地完成以下工作：當 buybuy BABY 於 5 月 8 日推出，其代幣也將推出，並在同一天盛大開幕時，我們會花費一些資金來重新介紹和提醒人們，並重新啟動該金額。我們預計收入將隨著時間的推移而實現良好的成長。

We're starting from a $30 million most recent trailing 12 months revenue based on buybuy BABY. Over time, we know we can do a lot of damage to that number.

我們以 buybuy BABY 為基礎，從最近 12 個月的 3,000 萬美元收入開始。隨著時間的推移，我們知道我們可以對這個數字造成很大的傷害。

What we don't want to build is we don't want to build the model that solely relies on PLA. We want to build content. We want to find moms in communities closer to them. We want to work with organizations like Baby2Baby that really are out there doing good things for families and for children.

我們不想建立的是，我們不想建立一個僅僅依賴 PLA 的模型。我們想要建立內容。我們希望在離她們更近的社區找到媽媽們。我們希望與 Baby2Baby 這樣的組織合作，真正為家庭和兒童做好事。

We want to make sure that the voice of buybuy BABY is very much female dominated and mom dominated and community oriented and thoughtful oriented and most importantly, addresses every potential mom, every expecting mom, at the income level that they're able to be at and that the buybuy BABY offering satisfies a product and offering for everybody. That takes time.

我們希望確保 buybuy BABY 的聲音主要以女性和媽媽為主導，以社區為導向，以體貼為導向，最重要的是，針對每一位潛在的媽媽、每一位準媽媽，在她們能夠達到的收入水平，並且 buybuy BABY 提供的產品和產品能夠讓每個人都滿意。這需要時間。

The assortment that we acquired from Dream On Me that bought it out of the bankruptcy state did not have that same ethos. They were focused on selling baby furniture. That's what they did. We can't do that.

我們從破產狀態的 Dream On Me 手中收購的商品並不具備同樣的精神。他們專注於銷售嬰兒家具。他們就是這麼做的。我們不能這麼做。

And together with our partners at Kirkland's and the merchant team there as we think about the store, we're going to be starting from the base. We've been working with JLL, the big national firm that designs retail concepts, to think about what it looks like and make sure the website works, build the assortment out so that it addresses that.

當我們與 Kirkland 的合作夥伴以及那裡的商家團隊一起考慮這家商店時，我們將從基礎開始。我們一直在與設計零售概念的大型全國性公司 JLL 合作，思考它的外觀並確保網站正常運行，並建立分類以解決這個問題。

And we're going to go slow, and we're going to be smart, and we're going to build the brand that can last forever. I know that was a lot around buybuy. But I want you to understand that we think about our core business, and we think about initiatives; and we'll be disclosing those separately going forward.

我們會慢慢來，我們會變得聰明，我們會打造一個可以永恆的品牌。我知道這和 buybuy 有關。但我希望你們明白，我們考慮的是核心業務，考慮的是舉措；今後我們將分別揭露這些內容。

Thomas Forte, Maxim Group.

托馬斯福特，馬克西姆集團。

Marcus, just one for me. So Marcus, as a longtime follower of the company and the stock, I appreciate your efforts to position beyond for sustainable profitable sales growth. I also appreciate your efforts to show value for the blockchain investments.

馬庫斯，我只要一個。因此，馬庫斯，作為該公司及其股票的長期關注者，我很欣賞您為實現可持續盈利銷售增長所做的努力。我也很欣賞您為展示區塊鏈投資的價值所做的努力。

So can you compare and contrast the tokenization of Overstock versus buybuy BABY? What are you trying to achieve and what does success look like, including the valuation of those investments?

那麼，您能比較一下 Overstock 和 buybuy BABY 的標記化嗎？您想要實現什麼目標？成功是什麼樣的？包括對這些投資的估值？

The blockchain assets have become very crystal clear to me. And in the first seven months of being here, I really couldn't understand why a company like this would have ever invested hundreds of millions of dollars into things that have no direct correlation to their core business.

區塊鏈資產對我來說已經變得非常清晰了。在來到這裡的頭七個月裡，我真的不明白為什麼這樣的公司會投資數億美元到與其核心業務沒有直接關係的事情上。

It was our mandate from our shareholders and a lot of big investors who had some very tough calls with me that they expect the blockchain assets to be fully monetized and fully realized. And so as we spent the holiday, Christmas to New Year's time, crafting out work paper after work paper after work paper of what needed to happen, it really became clear that we needed to do one thing first.

這是我們的股東和許多大投資者的授權，他們對我提出了一些非常艱難的要求，他們希望區塊鏈資產能夠完全貨幣化並完全實現。因此，當我們度過從聖誕節到新年的假期時，一份又一份地制定出需要做的事情的工作文件，很明顯我們需要先做一件事。

We have two primary investments in our blockchain assets that we believe have a tremendous amount of value. The first one is GrainChain. And the GrainChain asset, for me, is probably the most under realized, undervalued, under recognized asset out there.

我們對區塊鏈資產有兩項主要投資，我們認為它們具有巨大的價值。第一個是GrainChain。對我來說，GrainChain 資產可能是目前最被低估、最被低估、最被低估的資產。

And I blame part of that, quite frankly, on the founders' and leaders' ability to clearly articulate in different ways how amazing the business he built is. I think part of that is he's busy building his business, and that's why they've had revenue growth year after year after year after year.

坦白說，我認為這部分是因為創辦人和領導者無法以不同的方式清楚地表達他所建立的企業有多麼令人驚嘆。我認為部分原因是他正忙於發展自己的事業，這就是為什麼他們的收入年復一年地成長。

I look at that business, which most people think as an agriculture supply chain business. That's why it's called GrainChain. But as I tease Luis all the time, it's really called -- to be called supply chain. Because the technology that I've learned about that business has the portability to do far more than just agriculture.

當我看待這個業務時，大多數人認為它是一種農業​​供應鏈業務。這就是它被稱為 GrainChain 的原因。但正如我一直取笑路易斯的那樣，它實際上被稱為——被稱為供應鏈。因為我所了解的有關該業務的技術具有可移植性，其應用範圍遠不止農業。

And whether that's manufacturing parts or that's 3PL goods moving across the country through real supply chains or whatever that may be, I think we're about to see some really solid things and some big announcements coming out of GrainChain that I'm aware of, but I don't want to spoil his story.

無論是製造零件還是透過真正的供應鏈在全國範圍內運輸的第三方物流商品，或者其他什麼，我認為我們即將看到一些真正紮實的事情和一些來自 GrainChain 的重大公告，據我所知，但我不想破壞他的故事。

I think over time, we, as a company, want to utilize our direct interest in GrainChain and our direct interest in tZERO at ways of understanding how to build value and how to set markers. Part of setting markers is by showing that things work.

我認為隨著時間的推移，作為一家公司，我們希望利用我們對 GrainChain 的直接利益和對 tZERO 的直接利益來了解如何創造價值以及如何設定標記。設定標記的一部分是透過展示事物的有效性。

And people, including myself, have been very critical of tZERO, very critical of its lack of revenue and lack of items on the platform. And we decided to take the ball out of Pelion's hands because we're continued to be disappointed by their management of our portfolio and do the job ourselves.

包括我在內的人們對 tZERO 持批評態度，批評其缺乏收入和平台上缺乏商品。我們決定不再讓 Pelion 承擔責任，因為我們對他們對我們投資組合的管理一直感到失望，所以我們自己完成這項工作。

Take the asset; understand what it is; work with the management at tZERO -- we've been working very heavily with Alan who's been an unbelievable leader in our daily activity -- and take one of our assets, one of our assets that our shareholders owns, the intellectual property of overstock; and create a token, a very small token.

獲取資產；了解它是什麼；與 tZERO 的管理層合作——我們一直與 Alan 密切合作，他是我們日常活動中一位令人難以置信的領導者——並獲取我們的一項資產，即我們股東擁有的一項資產，即 overstock 的知識產權；並創建一個代幣，一個非常小的代幣。

The idea behind the token wasn't to raise $100 million. We didn't need to raise capital. The idea behind the token was to prove out three things, prove out that the platform works, understand that it can happen in a very short period of time.

該代幣背後的想法並不是為了籌集 1 億美元。我們不需要籌集資金。代幣背後的想法是證明三件事，證明平台有效，並了解它可以在很短的時間內發生。

And we did the RegCF offering, and we did a simple one because we didn't want to go through the audit process. And we don't want to have all this crazy expense happening, so we went with a very simple non-audited RegCF offering just to prove out that the system works.

我們推出了 RegCF 產品，但由於我們不想經過稽核流程，所以我們做的比較簡單。我們不想發生所有這些瘋狂的開支，所以我們採用了非常簡單的非審計 RegCF 產品，只是為了證明系統有效。

I also wanted to understand, what about the system doesn't work? I went on as a user, and I was frustrated trying to log on, trying to create an account. Every single day, I would bang on them over and over again. And the tZERO team did an amazing job of addressing the issues.

我也想了解一下，系統不運作怎麼辦？我以使用者身分繼續操作，但嘗試登入、建立帳戶時卻很沮喪。每天，我都會一遍又一遍地敲打它們。tZERO 團隊在解決這些問題方面做得非常出色。

But when we went live with the Overstock token, we created a portal where people can give feedback online on X. They can go to the help desk. And over and over, day by day, hour by hour, we were addressing a number of different issues; and they're now, what I would say, fixed.

但是當我們上線 Overstock 代幣時，我們創建了一個門戶，人們可以在其中對 X 在線提供反饋。他們可以前往幫助台。我們一遍又一遍、日復一日、時復一時地解決著各種不同的問題；現在，我想說，這些問題已經解決了。

We wanted to also prove out that we can take that information and solve problems. And lastly, we wanted to show that we're going to be -- we want to see velocity on that platform. So we were required by the regulators to have a minimum of a 21-day offering with the O offering, and the close date could be October, I think, 15.

我們也想證明我們可以利用這些資訊來解決問題。最後，我們想表明我們將會——我們希望看到該平台的速度。因此，監管機構要求我們至少進行 21 天的 O 類發行，截止日期可能是 10 月 15 日。

We have made the decision that we are only going to allow the minimum number of days, 21, to pass. We will have reached our minimum when everybody's signed contracts fund, which we already have met the $250,000 number; and we are going to close it.

我們已經決定只允許最少 21 天的時間過去。當每個人都簽署了合約基金時，我們將達到最低限額，我們已經達到了 250,000 美元的金額；我們將關閉它。

So for those folks that want to participate in it, just know that within 21 days of the launch, it will be closed. Have this be your five-day notification. We will issue that as well in a more formal setting.

因此，對於那些想要參與的人來說，請注意，在啟動後的 21 天內，它將關閉。將此作為您的五天通知。我們也將在更正式的場合發布該消息。

As we shift to May 8, we'll be issuing the buybuy BABY token -- different strategy, different audience, trying to find new ways to see if we can make that work, and quite frankly, a slightly different offering. When we launched the Overstock token, we limited the cap amount of investment to $4,000 and a minimum of $100.

隨著我們轉向 5 月 8 日，我們將發行 buybuy BABY 代幣——不同的策略、不同的受眾，嘗試尋找新的方式來看看我們是否可以使其發揮作用，坦白說，這是一個略有不同的產品。當我們推出 Overstock 代幣時，我們將投資上限限制為 4,000 美元，最低投資額為 100 美元。

And the number one complaint that I got over and over again on my text chain, on my email, mail to my house, and everything in between was, why did you cap me at $4,000? I would have bought $50,000. So in the baby offering, we're going to modify some of our learnings, modify some of the process; and people will see that here coming on May 8.

我在我的簡訊連結、電子郵件、寄到我家的郵件以及介於兩者之間的所有郵件中一次又一次收到的頭號投訴是，為什麼你們將我的限額限制在 4,000 美元？我會花 50,000 美元購買。因此，在嬰兒奉獻儀式上，我們將修改一些經驗，修改一些流程；人們將在 5 月 8 日看到這一點。

After that, people should expect our company to look at every asset we own, whether it's a direct ownership or an indirect ownership, and look to prove out -- continue to prove out the value of that tZERO platform. Because I believe it's worth something. I believe it's worth a lot.

此後，人們應該期待我們公司審視我們擁有的每一項資產，無論是直接所有權還是間接所有權，並尋求證明——繼續證明 tZERO 平台的價值。因為我相信它是有價值的。我相信它很有價值。

And so the only way to do that is to put your money where your mouth is. So whether it's Overstock, buybuy BABY, a direct interest in tZERO, a direct interest in GrainChain, some other intellectual property that we buy or own, or some other investment that we have, we're going to look at every different way to show people all the different types of things that you could do on that platform while becoming the biggest cheerleader to find other companies not related to us to do the same thing.

所以，做到這一點的唯一方法就是言行一致。因此，無論是 Overstock、buybuy BABY、對 tZERO 的直接權益、對 GrainChain 的直接權益、我們購買或擁有的其他智慧財產權，還是我們擁有的其他投資，我們都會以各種不同的方式向人們展示你可以在該平台上做的所有不同類型的事情，同時成為最大的啦啦隊隊員，尋找與我們無關的其他公司來尋找與我們無關的其他公司來尋找與我們無關的其他公司來尋找與我們無關的其他公司。

But it's easier to do a show me program than a tell me program, so that's why we did it. As it relates to GrainChain, we are hopeful that the tokenization of that business will give us the opportunity to set a marker of what we believe that business is worth. We believe that business is worth at least six to eight times revenue.

但是做一個「向我展示」的程序比做一個「告訴我」的程序更容易，所以我們就這麼做了。就 GrainChain 而言，我們希望該業務的代幣化將使我們有機會設定一個標誌，表明我們認為該業務的價值。我們相信，這項業務的價值至少是收入的六到八倍。

That's my belief. I'm not an analyst of what these companies are worth. But when I see the growth and I see the value that these folks can create for banks, for companies, protecting asset value, I don't know how this thing isn't worth a ton of money.

這是我的信念。我不是這些公司價值的分析師。但當我看到成長，看到這些人可以為銀行、公司創造的價值，保護資產價值時，我不知道這東西怎麼會不值錢。

If you noticed in our descriptor, Bed Bath & Beyond, the owner of Bed Bath & Beyond, Overstock, buybuy BABY, and blockchain asset portfolio, that's the first time we've ever, in the history of our company, included it in our descriptor. It will be the last time that it's ever missing.

如果您注意到我們的描述，Bed Bath & Beyond，Bed Bath & Beyond、Overstock、buybuy BABY 和區塊鏈資產組合的所有者，這是我們公司歷史上第一次將其包含在我們的描述中。這將是它最後一次失踪。

Because we believe that when you look at the market cap of this company and you look at the cash that it has and you look at the brands that it owns and you look at the blockchain assets that it has, we believe that it's materially undervalued.

因為我們相信，當你查看這家公司的市值、其擁有的現金、其擁有的品牌以及其擁有的區塊鏈資產時，我們認為它被嚴重低估了。

Yes, we do have an ATM. And yes, we have used it because we wanted to be sure that we had cash for survival until we can get to a place. And yes, we do understand that people don't like when we use that. But we ended the quarter with $166 million of cash in inventory, which is much better than $66 million.

是的，我們有自動櫃員機。是的，我們用了它，因為我們想確保在到達某個地方之前有足夠的現金來維持生存。是的，我們確實知道人們不喜歡我們這樣做。但本季末我們的庫存現金為 1.66 億美元，比 6,600 萬美元好得多。

We ended the quarter with improving results. We also, just as a reminder, have a buyback program at $69 million. It's been authorized; it's ready and available.

我們以不斷改善的業績結束了本季。提醒一下，我們還有一個價值 6,900 萬美元的回購計畫。它已被授權；它已準備就緒並可用。

So we have those instruments at our discretion. And our job is to deliver value to shareholders by utilizing our cash, our brands, our IP, our blockchain assets, our ATM, and our buyback to demonstrate that this company is worth far more than what it's showing today. But we know that all that really matters are results.

因此我們可以自行決定使用這些工具。我們的工作是利用我們的現金、我們的品牌、我們的智慧財產權、我們的區塊鏈資產、我們的 ATM 和我們的回購來為股東創造價值，以證明這家公司的價值遠遠超過今天所顯示的價值。但我們知道，真正重要的是結果。

Steven Forbes, Guggenheim.

史蒂文福布斯，古根漢美術館。

Marcus, maybe transitioning back to the growth playbook here. Can you help us better understand the contribution margin mix and maybe spread of contribution margin between the brands today? And then on that point, has the assortment been tailored within all the brands to a point where you expect all transactions on a go-forward basis to carry a positive contribution margin? Or is there still a subset of transactions and/or brand itself, right, that you expect to remain dilutive as we return to this growth platform?

馬庫斯，也許這裡要過渡回成長策略。您能否幫助我們更了解當今各品牌之間的貢獻利潤組合以及貢獻利潤的分佈？那麼，關於這一點，所有品牌的商品組合是否都經過了量身定制，您是否預計未來所有交易都會帶來正的貢獻利潤？或者，當我們回到這個成長平台時，您預計一部分交易和/或品牌本身仍會保持稀釋性嗎？

Hi, Steve. It's Adrianne. How are you? Just to go as far as the mix by brand and to set the tone here, the bulk of our transactions are still on the Bed Bath & Beyond site. So we launched Overstock obviously earlier -- or late last year -- excuse me, I'm getting my years mixed up. And we're still building that brand back up, still adding categories, merchandising efforts, and assortment.

你好，史蒂夫。我是阿德里安娜。你好嗎？就品牌組合而言並在此定下基調，我們的大部分交易仍在 Bed Bath & Beyond 網站上進行。所以我們顯然是在早些時候——或者是去年年底——推出 Overstock 的，對不起，我記錯年份了。我們仍在重建品牌，仍在增加類別、行銷力度和品種。

So I would say the bulk of our transactions, the vast majority of our transactions, are still on Bed Bath. And that's actually the platform by which we've done most of our SKU, I'll say, remediation efforts or removing SKUs and vendors because that's the platform by which we had the, as Marcus talked about in his scripted remarks, the 12 million or so SKUs that we've now reduced by over 6 million SKUs.

所以我想說，我們的大部分交易，絕大多數交易仍然在 Bed Bath 上進行。這實際上是我們完成大部分 SKU 修復工作或移除 SKU 和供應商的平台，因為正如 Marcus 在他的腳本發言中提到的那樣，我們透過這個平台實現了 1200 萬個左右的 SKU，而現在我們已經減少了 600 多萬個 SKU。

So I would say, again, mix -- vast of the transaction still on Bed Bath. Bed Bath is really the site by which we continue to tweak our SKU and vendors to have contributory transactions. And I think we're really close to seeing all that through and come to fruition. Alex, any comments?

因此我想再次強調，大部分交易仍然在 Bed Bath 上進行。Bed Bath 實際上是我們不斷調整 SKU 和供應商以進行貢獻交易的網站。我認為我們已經非常接近實現這一切並取得成果。亞歷克斯，有什麼意見嗎？

The only thing I'd add is on the brands, right? We're really focused on where the product offering is really competitive and where we can acquire new customers. So I think balancing those transactions was a key piece of the first quarter, and we'll continue to focus on that through the rest of the year.

我唯一要補充的是品牌，對嗎？我們真正關注的是產品的真正競爭力以及我們可以在哪裡獲得新客戶。因此，我認為平衡這些交易是第一季的關鍵部分，我們將在今年剩餘時間內繼續關注這一點。

It's not unrealistic to think that we're not going to have a transaction that loses money, and not because of customer service. Because we are a marketplace; and sometimes, vendors can manipulate the system. And we're working to create more of a closed marketplace than an open marketplace so we don't sell random things like water filters.

認為我們不會發生虧本的交易並不是不切實際的，而且這並不是因為客​​戶服務。因為我們是一個市場；有時，供應商可以操縱系統。我們正在努力創建一個封閉的市場而不是開放的市場，這樣我們就不會出售諸如濾水器之類的隨機物品。

And so we have some work to do there. But I also think it's important that we understand how to capture growth. And one of the things that I think I bring to the table that's unique to this company that hasn't have is understanding the affordability band across customer bases and how to hook people.

因此我們在那裡還有一些工作要做。但我也認為，了解如何成長也很重要。我認為我為這家公司帶來的一個獨特之處是了解客戶群的承受能力範圍以及如何吸引人們。

And you're oftentimes going to create these barn burner ideas, these flash price drops. You can visit the two sites today, and they have a -- and Kirkland's is coming soon where flash price drops becomes really a brand standard for us.

而且你經常會創造出這些令人興奮的想法，這些閃電降價。您今天可以訪問這兩個網站，它們有一個——Kirkland 即將推出的閃電降價確實成為我們的品牌標準。

We use price flash drops to lure people in, to get them to buy one thing, hoping they visit the rest of the site. That doesn't mean that there won't be one item in a cart of six that we lost money. But the goal is to have a profitable transaction with the customer.

我們利用降價來吸引人們，讓他們購買一件商品，並希望他們造訪網站的其他部分。這並不意味著我們的購物車裡有六件商品，其中一件不會虧損。但目標是與客戶進行有利可圖的交易。

And so once in a while, Alex and some of the other merchants remind me that we are in the fishing business and that sometimes, we need a little bait to do that. So you're going to see those things develop over time. But as a mantra, we don't sell things consciously that we lose money at.

因此，亞歷克斯和其他一些商人偶爾會提醒我，我們從事的是漁業，有時我們需要一點誘餌來捕魚。所以你會看到這些事情隨著時間的推移而發展。但作為一條口頭禪，我們不會故意賣掉那些讓我們虧錢的東西。

That is like -- you will not work in this company if I find you doing that, and we have evidence of that by there's certain people that don't work here anymore. If you don't understand that we don't sell things that lose money, you cannot work here.

這就好比——如果我發現你這樣做，你就不會在這家公司工作，我們有證據證明這一點，因為有些人已經不再在這裡工作了。如果你不明白我們不賣虧本的東西，你就不能在這裡工作。

Maybe just a quick follow-up on the answer. Because as I think back to the investor event last year, I believe there was a comment, right, made about a thousand or so basis point spread in contribution margin around selling furniture on Overstock, right, versus the Bed Bath & Beyond website.

也許只是對答案進行快速跟進。因為當我回想起去年的投資者活動時，我相信有人評論說，在 Overstock 上銷售家具與在 Bed Bath & Beyond 網站上銷售家具的貢獻利潤率相差了大約一千個基點。

And so is the message today that that has been resolved and the learnings around assortment and maybe the learnings around conversion and acquisition have really allowed you to tighten that spreading contribution margin on selling like-for-like SKUs between the two different websites to the point that that solidifies your confidence that you're relaying today?

那麼，今天傳達的訊息是否表明這個問題已經解決，圍繞產品分類的經驗教訓，以及圍繞轉化和獲取的經驗教訓，確實讓您能夠縮小在兩個不同網站之間銷售同類 SKU 的貢獻利潤率，從而鞏固您今天傳達的信心？

Two things. I think there are two very specific things. One is we have to deliver an assortment that speaks to the brand that people expect. And so whether there's great contribution to margin or not, when you go to Bed Bath & Beyond, that assortment which is not -- it's not even coming close yet to meeting my standards. We have another 60 days to go there.

兩件事。我認為有兩件非常具體的事情。一是我們必須提供符合人們期望的品牌產品組合。因此，無論是否對利潤有很大貢獻，當您去 Bed Bath & Beyond 時，那些商品的種類還遠遠沒有達到我的標準。我們還有 60 天的時間去那裡。

It really needs to address what all of us knew that I would get when I went there. And then it has to balance out the endless aisle that it's created and the brand extensions that it's created through patio rug, furniture, lighting, all of those things.

它確實需要解決我們所有人都知道我去那裡時會得到什麼問題。然後，它必須平衡它所創造的無盡的過道和透過露台地毯、家具、照明等所有這些東西所創造的品牌延伸。

But what I want to be sure of is that as we get into the endless aisle model, the things that are not historically native to Bed Bath, I don't want to see any experimenting when it's reckless. If you want to test out fitness equipment, you better bring me the business case on why fitness equipment, what the TAM is going to be, what the effort's going to be, how much time it's going to take, what the margins are going to be, what the contribution's going to be, and what it's going to do to confuse people.

但我想確定的是，當我們進入無盡過道模式時，那些歷史上並非 Bed Bath 本土的東西，我不希望看到任何魯莽的嘗試。如果你想測試健身器材，你最好提供我商業案例，說明為什麼要測試健身器材、TAM 是多少、需要付出多少努力、需要花費多少時間、利潤是多少、貢獻是多少，以及它會如何迷惑人們。

So Bed Bath & Beyond has to be locked and loaded. When we get to Overstock, that is a place that we are going to test different categories. And when I look at what we did with a designer shop, it's really like 60 days old. And we're not going to disclose the revenue that it does, but it's shocking how much revenue people want to spend on getting 40% off Gucci bags or watches.

因此，Bed Bath & Beyond 必須全力以赴。當我們到達 Overstock 時，我們會在那裡測試不同的類別。當我回顧我們在設計師商店所做的事情時，它實際上就像 60 天前一樣。我們不會透露它帶來的收入，但令人震驚的是，人們願意花多少錢來購買 Gucci 包或手錶的 40% 折扣。

And you can expect that category to expand materially. We have a trip scheduled to New York where we're going to be selling very, very high luxury, top name brand watches; top jewelry. The key for Overstock for me is that brand is all about what you want at a value you can afford, and it has to feel aspirational.

並且你可以預期該類別將大幅擴大。我們計劃去紐約，在那裡我們將銷售非常非常奢華的頂級名牌手錶和頂級珠寶。對我來說，Overstock 的關鍵在於品牌關乎你想要的、你能負擔的價格的東西，而且它必須讓人感到有抱負。

But again, we're not going to put things on there that do that. Now in that particular model, you will see us curate a little bit more when we know the margins are good. So jewelry is a great example. This company, when it had 28% margins, had a lot of jewelry in its heyday going through it, selling $100,000 rings.

但再次強調，我們不會把這些東西放在那裡。現在，在那個特定的模型中，當我們知道利潤率很好時，你會看到我們會進行更多的規劃。珠寶就是一個很好的例子。該公司在利潤率為 28% 的鼎盛時期銷售了大量珠寶，並售出了價值 10 萬美元的戒指。

That may sound crazy. We know it's possible. We're seeing people start to look at those things, and we're going to lean into that. But at the same time, we want to be smart about it. And we had to clean up that assortment, continuing to do that as well.

這聽起來可能很瘋狂。我們知道這是可能的。我們看到人們開始注意這些事情，我們也會傾向於此。但同時，我們也希望能夠明智地處理此事。我們必須清理這些物品，而且還要繼續這樣做。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

This is Alexia Morgan on for Peter Keith. We were wondering how you think about the ending of the de minimis exemption which will make retailers like Temu and Shein more expensive. Do you think that this will have any positive impact on your business?

我是 Alexia Morgan，為 Peter Keith 報道。我們想知道您對最低限度豁免的結束有何看法，這將使 Temu 和 Shein 等零售商的成本更高。您認為這會對您的業務產生正面影響嗎？

And then second, with Overstock focus on a closeout, could growth be hindered in 2025 as suppliers try to maximize margin on non-tariffed inventory? Or how do you think about that?

其次，由於 Overstock 專注於清倉，由於供應商試圖最大化非關稅庫存的利潤，2025 年的成長是否會受到阻礙？或者您對此有何看法？

So let me address your second question first. I actually think that we're going to see more opportunity rather than less. We're going to see more opportunity around big retailers really continuing to struggle. And we've had more contact from banks where they're looking at ABLs that are constricted and looking at a lot of things. So I think that supply chains are going to be tight.

那麼讓我先回答你的第二個問題。我實際上認為我們將會看到更多的機會而不是更少的機會。我們將看到大型零售商在繼續奮鬥的過程中出現更多機會。我們與銀行進行了更多接觸，他們正在研究受限的 ABL 並考慮很多事情。所以我認為供應鏈將會變得緊張。

But the vendors that we do business with are great capitalists. They're really, really good capitalists. And they understand that turning their inventory makes sense. Now they're tightening up their -- certain features and benefits that they're giving us around some of the newer stuff. But on the older stuff, and price flash drop's a great example, they still need to turn stuff into cash.

但與我們做生意的供應商都是偉大的資本家。他們確實是非常優秀的資本家。他們明白盤點庫存是有意義的。現在他們正在加強他們的東西——他們為我們提供的一些新產品的某些功能和好處。但對於較舊的東西，價格閃跌就是一個很好的例子，他們仍然需要把東西變成現金。

So I don't think we're going to be too concerned about that. Adrianne, you want to take the first question?

所以我認為我們不會太擔心這個。阿德里安娜，你想回答第一個問題嗎？

I sure will. And I think how we're thinking about it, obviously, is the landscape's ever evolving with tariffs and competition. But as far as your first question with the Temus of the world and de minimis, what we're seeing right now is they're not doing as much performance marketing as they have historically. So there's a spot for us to play there and really try to capture some eyeballs

我一定會的。我認為我們對此的看法顯然是，情況隨著關稅和競爭而不斷變化。但就您對 Temus 和 de minimis 的第一個問題而言，我們現在看到的情況是，他們沒有像過去那樣進行那麼多的績效行銷。所以那裡有我們表演的地方，可以吸引一些觀眾的注意

I think that's the first thing. The second thing is we don't sell that junk.

我認為這是第一件事。第二件事是，我們不賣那些垃圾。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

A question on the tram lines. As we look ahead, what do you see the primary drivers of sequential revenue growth as we consider customers orders and AOV? And is it safe to assume that gross profit improvement is going to follow a similar path as revenue? And how do you think about the potential for gross profit to even achieve overdrive, given that you could tell that you still have some runway left for a better margin expansion?

關於電車線路的一個問題。展望未來，當我們考慮客戶訂單和 AOV 時，您認為連續收入成長的主要驅動力是什麼？是否可以安全地假設毛利的成長將遵循與收入類似的路徑？鑑於您知道仍有一些空間可以實現更好的利潤率擴張，您如何看待毛利實現超額成長的潛力？

So I'm going to break the margin down into two things. I don't expect the gross margin percentage to continue to accelerate, which is why I identified the 24% to 26% band for a while. Because I want to -- I don't want to mess with the elasticity too much and start deterring people away from our business when other people may need to be liquidating things for whether it's a company like at home or anybody else. We don't we don't know what that landscape looks like.

因此，我將把利潤分成兩部分。我並不認為毛利率會繼續加速成長，這就是為什麼我一度將毛利率區間設定在 24% 到 26% 之間。因為我想——我不想過度擾亂彈性並開始阻止人們遠離我們的業務，當其他人可能需要清算東西時，無論是像家裡這樣的公司還是其他任何人。我們不知道那片風景是什麼樣子的。

I think ultimately, what we want to really do is get very smart about how we spend our money. And so when we talk about revenue growth, that's a conscious decision as we sit here today to know that we're going to spend a dollar with a positive ROAS because our system works. And as we get more confident and as we learn more about the customization, the segmentation, and the audience building, and the journey building, and the Vercel implementation, you're going to see us lean into that.

我認為，最終我們真正想要做的是明智地花錢。因此，當我們談論收入成長時，這是一個有意識的決定，因為我們今天坐在這裡，知道我們將花費一美元並獲得正的 ROAS，因為我們的系統有效。隨著我們變得更加自信，隨著我們對定制、細分、受眾構建、旅程構建和 Vercel 實施的了解越來越多，您將看到我們傾向於此。

So when you hear me talk about in 60 days we're going to have a greater growth mindset, it's largely driven by the continual confidence around the data lake, around the audience segmentation, around the journey building, around the funnel creation, around the Vercel customization stack that lays on top of that so when that journey gets executed the customer lands on something that speaks to them.

因此，當您聽到我談論在 60 天內我們將擁有更大的成長心態時，這主要是由對資料湖、受眾細分、旅程構建、漏斗創建、Vercel 定制堆疊的持續信心所驅動的，因此當旅程執行時，客戶就會找到與他們對話的東西。

Once those things are in place, which they are really starting to fall in line, we're then going to spend more. And the reason we're going to spend more is because the conversion's going to work and the ROAS is going to be there. The reason we stopped spending money is because the conversion wasn't there and the ROAS was negative.

一旦這些事情到位，並且開始真正步入正軌，我們就會投入更多資金。我們之所以要投入更多資金，是因為轉換率將會提高，ROAS 也會提高。我們停止花錢的原因是轉換率不高，而且 ROAS 為負數。

So if you have good products in your assortment and you have great vendors, which by the way, less is better because you're more important to them, and you have a good email strategy and you have a good PLA strategy and you have a very, very solid customer data lake strategy and funnel strategy, then there really isn't a limit to the growth other than how much the market will allow you to spend in the given day based on what's happening in the world.

因此，如果您的產品系列中擁有優質的產品，並且擁有優秀的供應商（順便說一句，越少越好，因為您對他們來說更重要），並且您擁有良好的電子郵件策略、良好的 PLA 策略以及非常非常可靠的客戶數據湖策略和漏斗策略，那麼除了市場根據世界正在發生的事情允許您在特定日期內花費多少錢之外，增長實際上沒有限制。

Sometimes, you could want to spend $300,000 in a day growing your business, and the market just isn't there. And you don't get to the $300,000 unless you break the ROAS curve. We are staying disciplined. And if anybody breaks that curve, they will not work here until the management team decides that it's permitted to do that. So guardrails and structure is how we're going to build this company for the future.

有時，您可能會想在一天內花費 30 萬美元來發展您的業務，但市場卻不存在。除非你打破 ROAS 曲線，否則你無法獲得 30 萬美元。我們保持紀律。如果有人違反這條曲線，他們將不能在這裡工作，直到管理團隊決定允許這樣做。因此，護欄和結構就是我們為未來建立這家公司的方式。

Bernie McTernan, Needham & Company.

伯尼‧麥克特南 (Bernie McTernan)，尼德漢姆公司 (Needham & Company)。

I just wanted to talk about the path to $1.2 billion of run rate revenue and just any discussion in terms of how much of that is just continued marketing efficiency and better ROAS versus adding new inventory and channels like buybuy BABY, omni-channel, continue to build out overstock.

我只是想談談實現 12 億美元運行率收入的途徑，以及其中有多少是持續的營銷效率和更好的 ROAS，而不是增加新的庫存和渠道，如 buybuy BABY、全渠道，繼續建立過剩庫存。

And then the second part of the question is the guidance for 13.5% to 14.75% sales and marketing as a percentage of revenue over the next couple of quarters. So we're at the low end of that right now, so implying some incremental investment, but then longer term, getting to 12% or even lower. Really, how does that play out in the real world? And what's the time frame to maybe achieving those lower targets?

問題的第二部分是未來幾季銷售和行銷佔收入的百分比預計為 13.5% 至 14.75%。因此，我們現在處於低端，這意味著一些增量投資，但從長遠來看，將達到 12% 甚至更低。真的，這在現實世界會如何發生？那麼實現這些較低目標的時間框架是怎麼樣的呢？

Well, the good news is I live in the real world which is why I took the range higher than we are today. Because I didn't like the customer count and the transaction count that we had in the quarter. And we need to transition to a growth mode which means build the file, learn how to retain them, get more lifetime value out of them. And we can't keep contracting and contracting and contracting.

好吧，好消息是我生活在現實世界中，這就是為什麼我將範圍設得比現在更高。因為我不喜歡我們本季的客戶數量和交易數量。我們需要過渡到成長模式，這意味著建立文件，學習如何保留它們，並從中獲得更多終身價值。我們不能一直不斷地承包。

Ultimately, the way that we see revenue growth going, it comes from two very specific areas. One is the continued curation and assortment around the specific brands, including adding product to buybuy BABY. Those things are contributory to the growth.

最終，我們看到收入成長的方式來自兩個非常具體的領域。一是圍繞特定品牌進行持續的規劃和分類，包括在 buybuy BABY 中加入產品。這些都有助於成長。

But the more important thing to balance with that is the science and the art around how we spend money and how we create market -- marketing efficiency. The marketing efficiency is not where we want it to be today, and the customer file is not where we want it to be today.

但更重要的是要平衡我們如何花錢以及如何創造市場——行銷效率的科學和藝術。行銷效率還沒有達到我們今天想要的水平，客戶檔案也沒有達到我們今天想要的水平。

So what I told the team from this day forward is that we're going to have a band of flexibility that they're going to be able to play in. The sandbox is going to be here. And over time, as the emails get better, as the marketing efficiency gets better, as the funnels get better, as the categories get better, that sandbox is going to close and the range is going to go from 12.5% to 13.5%. And it's going to go from 12% to 13%.

所以從今天起我告訴團隊，我們將擁有一個靈活的團隊，讓他們能夠發揮自己的才能。沙箱將會在這裡。隨著時間的推移，隨著電子郵件變得越來越好，隨著行銷效率變得越來越好，隨著管道變得越來越好，隨著類別變得越來越好，沙盒將會關閉，範圍將從 12.5％ 變為 13.5％。而且這一比例將從 12% 上升至 13%。

But what I don't want to do is stop the growth. I don't want to decline the company anymore. I don't want to have revenue go backwards anymore. That doesn't serve our vendors right, that doesn't serve our business right, that's not good for morale inside of our company.

但我不想做的是停止成長。我不想再拒絕這家公司了。我不想再看到收入下降。這對我們的供應商不利，對我們的業務不利，對我們公司內部的士氣也不利。

And we have reached that point where it's now time to really think about it another way. And I've given the team the flexibility to play in the sandbox because I don't want them to be scared of me or you or anything else while they're trying to build the business back to [1.2, 1.5, 2 billion], whatever the number is, smartly, intelligently, and profitably.

我們已經到了該以另一種方式認真思考這個問題的時候了。我給了團隊在沙盒中玩耍的靈活性，因為我不想讓他們害怕我或你或其他任何東西，當他們試圖以聰明、智慧和有利可圖的方式將業務恢復到[12億、15億、20億]，無論這個數字是多少時。

And that will conclude our Q&A for today. Marcus, I'll turn it back over to you for any closing comments.

今天的問答就到此結束了。馬庫斯，我將把話題轉回給你，請你發表最後的評論。

Thank you very much. We look forward to the one-on calls with our analysts and talk to you then. Thank you.

非常感謝。我們期待與我們的分析師進行一對一通話並與您交談。謝謝。

Thank you. And ladies and gentlemen, this does conclude Q1 2025 Beyond, Inc., earnings conference call. Have a great day. We'll see you next time.

謝謝。女士們、先生們，Beyond, Inc. 2025 年第一季財報電話會議到此結束。祝你有美好的一天。我們下次再見。