Bed Bath & Beyond Inc (BYON) 2025 Q2 法說會逐字稿

Good morning and thank you for standing by. My name is John and I will be your conference operator today. At this time, I would like to welcome everyone to the Q2 2025 Beyond Incorporated earnings conference call.

早安，感謝您的收看。我叫約翰，今天將擔任您的會議主持人。現在，我歡迎大家參加 Beyond Incorporated 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the conference over to Melissa Smith, General Counsel and Corporate Secretary. Please go ahead.

現在，我想將會議交給總法律顧問兼公司秘書梅麗莎史密斯 (Melissa Smith)。請發言。

Thank you, operator. Good morning and welcome to Beyond, Inc.'s second-quarter 2025 earnings conference call.

謝謝接線生。早安，歡迎參加Beyond, Inc. 2025年第二季財報電話會議。

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 Alex Thomas, Chief Operating Officer.

今天與我一起參加電話會議的還有執行董事長兼執行長馬庫斯‧萊蒙尼斯 (Marcus Lemonis)，以及總裁兼財務長阿德里安‧李 (Adrianne Lee)。首席營運官亞歷克斯·托馬斯 (Alex Thomas) 也參加了電話會議。

Today's discussion and our responses to your questions reflect management's views as of today, July 29, 2025 and may include forward-looking statements including without limitation statements regarding 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, the value of any of our brands or investments, relationships with third parties, and 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. 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 on our Form 10-K for the year ended December 31, 2024, and in our subsequent filings with the SEC. 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. 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.

今天的討論和我們對您問題的回應反映了管理層截至今天（2025年7月29日）的觀點，可能包含前瞻性陳述，包括但不限於關於我們未來業務戰略、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、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達成的協議、利潤率提高、費用削減、行銷效率、轉換率、客戶體驗、品牌或網站變更、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事項的時間表。實際結果可能與此類陳述有重大差異。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信息，包含在我們截至2024年12月31日的10-K表格以及我們隨後向美國證券交易委員會提交的文件中。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 (SEC) 提交的文件，包括第二季財報（可在我們投資者關係網站 investors.beyond.com 取得），包含關於這些非公認會計準則 (Non-GAAP) 指標的重要補充揭露，包括這些指標與最具可比性的公認會計準則 (GAAP) 的調節表。管理階層發言結束後，我們將開始問答環節。一份包含支援數據的幻燈片簡報可從我們投資者關係網站下載。請查看該簡報投影片第二張中重要的前瞻性聲明揭露。

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。

Thanks, Melissa. Good morning, everybody. I am joined by Alex Thomas and Adrianne Lee, and before we get into their more prepared remarks regarding our results for the quarter, we wanted to open up the call with a slightly more conversational tone regarding how we feel about our Q2.

謝謝，梅麗莎。大家早安。亞歷克斯·托馬斯和阿德里安·李也加入了我的討論。在開始他們關於本季業績的更詳細的準備發言之前，我們想先用更輕鬆的語氣談談我們對第二季的感受。

When we started in October of 2024, just as a reminder, we were very clear about outlining certain operational metrics and guidelines that were really, really important to us, eliminating nonprofitable SKUs, continuing to improve the assortment, working very, very diligently on the site experience and how to retain customers as they come in, improving lifetime value, being clear around the guideposts of our operational metrics like our margin range of 24% to 26% on an annualized basis, looking at our selling and marketing expense, 13.5% to 14.75% on an annual basis within that range.

提醒一下，當我們在 2024 年 10 月開始時，我們非常清楚地概述了某些對我們來說非常非常重要的運營指標和指導方針，消除無利可圖的 SKU，繼續改進分類，非常非常努力地改善網站體驗以及如何留住客戶，提高終身價值，明確我們運營的指導方針，例如我們的利潤率範圍每年13.5% 至 14.75%。

And as we ended the quarter, what started to become very clear to us is that when we have very tight guideposts and very clear direction around what our objectives are, our company is able to prioritize those and deliver on them.

當本季結束時，我們開始非常清楚地認識到，當我們對目標有非常嚴格的指導方針和非常明確的方向時，我們的公司就能夠優先考慮這些目標並實現它們。

Our revenue for the quarter at $282 million was a nice surprise for us as we had expected revenue increase in Q2 versus Q1 with Q1 being our base for the balance of time, but we really got focused on two principal things in a very micromanagement way and that was the performance of our patio business which had long been a huge anchor for Overstock, and we had lost our way over the last several years, and we really wanted to pick one topic specifically where we can work on site experience, work on assortment, work on pricing, and really prove that we can take a single item and execute.

本季我們的營收為 2.82 億美元，這對我們來說是一個驚喜，因為我們預計第二季的營收將比第一季度有所成長，而第一季度是我們平衡時間的基準，但我們確實以非常微觀的管理方式專注於兩件主要的事情，那就是我們的露台業務的表現，這一直是 Overstock的巨大支柱，但在過去幾年中我們迷失了方向，我們真的想選擇一個特定的主題，我們可以在該主題上進行現場體驗、分類和定價方面的工作，並真正證明我們可以選擇一件商品並執行。

That ended up happening. And while our orders for the quarter that we delivered were up over Q1, what was really up nicely was the average order, largely led by patio. Now it's true that patio leads to a slightly lower yield on margin from a profit, and as everybody knows, we don't pay our bills with margin percentage, we pay our bills with gross dollars.

最終確實如此。雖然我們本季交付的訂單量比第一季有所成長，但真正令人欣喜的是平均訂單量的成長，其中主要以露台訂單為主。露台訂單確實會導致利潤收益率略低，而且眾所周知，我們不按利潤率支付帳單，而是按總金額支付帳單。

The second thing that we were very pleased by is the continual and quite frankly, consistent improvement of Overstock. For those of you that are new to our company, we abandoned the Overstock brand a little over two years ago and have brought it back and brought it back in a way that we are very happy.

第二件讓我們非常高興的是 Overstock 的持續改進，坦白說，是持續的改進。對於那些剛接觸我們公司的朋友，我們兩年多前放棄了 Overstock 品牌，現在又重新啟用了它，而且以一種我們非常高興的方式。

Continue to see daily, weekly, and monthly improvements at Overstock, and I think what's more encouraging is the type of contribution margin that that brand is able to deliver. We saw really good performance in Overstock and newly launched categories like our luxury store and selling handbags, designer handbags and shoes, and really starting to separate ourselves at Overstock from the customer that had long been a both Bed Bath and a traditional Overstock customer as it relates to textiles, patio rug, furniture.

Overstock 的日均、週均和月均持續成長，我認為更令人鼓舞的是該品牌能夠帶來的貢獻利潤率。 Overstock 和新推出的品類（例如我們的奢侈品商店以及銷售手袋、名牌手袋和鞋履）都表現優異，並且真正開始在紡織品、露台地毯和家具領域，將 Overstock 與長期以來一直是 Bed Bath 和傳統 Overstock 客戶的顧客區分開來。

In Phase 2 of Overstock's growth, we are going to start leaning into what were big revenue drivers for Overstock in the past. So you'll start to see more in rug business. You can visit the site today and see the launch of our semiannual Rugathon.

在 Overstock 發展的第二階段，我們將開始關注過去 Overstock 的主要收入驅動因素。因此，您將在地毯業務上看到更多成長。您今天就可以造訪我們的網站，了解我們半年一度的 Rugathon 活動的啟動。

You'll start to see more on the living room side, but when we think about price points, Overstock's going to -- traditionally going forward lean more into a slightly higher, more affluent customer who's looking for big brands at great values as opposed to a good better best, proper assortment at Bed Bath & Beyond built on both life events and furniture, patio, and rug at all price points.

您將開始在客廳方面看到更多產品，但是當我們考慮價格點時，Overstock 傳統上將更傾向於價格稍高、更富裕的客戶，他們尋求具有巨大價值的大品牌，而不是像 Bed Bath & Beyond 那樣在生活事件和家具、露台和地毯等各個價位上都提供更好、最好、合適的商品組合。

Overstock's going to have a very acute focus. What we'll also be launching here in the latter part of Q3 is an expanded fine jewelry and fine watch category, selling watches ranging from Patek to Rolex to Franck Muller and a number of other products in between.

Overstock 將會非常專注。我們也將在第三季後期推出更豐富的高級珠寶和高級腕錶類別，銷售從百達翡麗到勞力士、法穆蘭等品牌的腕錶，以及其他一系列產品。

And our primary reason for doing that and it's really important to note that that comes with a high AOV and a slightly lower margin is really adding credibility and credence to what the overall Overstock offering is. We did a lot of research in the last six months going back to legacy Overstock customers and focus grouping them over and over and over again.

我們這樣做的主要原因是，需要特別注意的是，高平均訂單價值 (AOV) 和略低的利潤率確實提升了 Overstock 整體服務的可信度和可信度。過去六個月，我們做了大量研究，回訪了 Overstock 的老客戶，並反覆將他們進行重點分組。

And what we learned is that the Overstock brand was built on confidence with big brands and high value with a discerning customer looking for great, great brands, luxury brands, in fact at great prices. So we'll continue to lean in that and use that bait of things like Gucci bags and Rolex watches to convince consumers, both old ones and new ones, that when we put brands on the site and when we put products on the site, it's going to deliver super premium quality as we work on delivering white glove experiences with delivery and doing a variety of other things.

我們了解到，Overstock 品牌建立在對大品牌和高價值的信任之上，而挑剔的顧客追求的是物美價廉的奢侈品牌。因此，我們將繼續秉持這個理念，利用古馳包和勞力士手錶等產品吸引新舊顧客，讓他們相信，當我們把品牌和產品放到網站上時，他們一定會提供超一流的品質。我們致力於提供「白手套」式的送貨體驗，並致力於提供其他一系列服務。

We're not going to abandon Overstock's what I would call halo effect around how it handles liquidations for companies, how it deals with distressed inventory. That will always be a core part of the business, and you should expect partnerships to continue to develop with national liquidators as they use and utilize the Overstock brand.

我們不會放棄 Overstock 在處理公司清算和不良庫存方面所帶來的「光環效應」。這始終是我們業務的核心部分，隨著全國性清算機構使用並利用 Overstock 品牌，我們有望繼續發展與他們的合作關係。

So that's kind of how we're feeling about our core business and as we look at Q3, we're expecting continued growth over that Q1 base. We're expecting similar order count, potentially slightly higher in Q3. But it's obvious that what you should also expect is that the AOV is going to be a little bit lower because patio mixes out.

這就是我們對核心業務的感受。展望第三季度，我們預期其業績將在第一季的基礎上繼續成長。我們預計訂單數量與第一季持平，甚至可能略有成長。但顯然，由於露台混合裝的取消，平均訂單價值（AOV）也會略有下降。

But when we look at what the market expectations are for Q3, we're very comfortable with those guideposts and very comfortable with what the market has outlined for us and feel very good. You may have also noticed that the cash flow for the quarter was materially better than Q1, and some of that is a function of timing of payments and other things are really a function of us just managing inventory in and out, managing our SG&A really well.

但當我們審視市場對第三季的預期時，我們對這些指導方針非常滿意，對市場為我們描繪的藍圖也非常滿意，感覺非常好。您可能也注意到，本季的現金流量明顯優於第一季度，這部分歸功於付款時間，其他因素則歸功於我們妥善管理庫存進出和銷售、一般及行政費用（SG&A）。

It's the best performing cash flow quarter that we've had in, gosh, several years. We're not satisfied with that result because what we really, really want to see is cash flow being positive from operations, not just from other nuanced things, but we'll take credit for the nuances because they're real, but we want to see cash flow positivity.

天哪，這是我們幾年來現金流表現最好的一個季度。我們對這個結果並不滿意，因為我們真正想看到的是營運現金流為正，而不是其他細微之處。我們會把這些細微之處歸功於自己，因為它們是真實的，但我們希望看到現金流為正。

As we also head into the third quarter, you can expect us to continue to tighten up on SG&A. We believe there's additional opportunities in all areas of our business, not just improving on sales and marketing and not just tightening up on headcounts and not just looking for more efficiency, with shipping and returns and losses and customer service, but really everywhere here because for the quarter, I think the thing that the employees of this company feel very proud about is that we're getting much closer to the mandated expectation that we don't lose money period. End of story.

隨著我們進入第三季度，您可以期待我們繼續縮減銷售、一般及行政費用 (SG&A)。我們相信，我們業務的所有領域都存在更多機會，不僅僅是提升銷售和行銷，不僅僅是精簡員工隊伍，不僅僅是提高效率，不僅僅是在運輸、退貨、損失和客戶服務方面，而是在所有方面都存在。因為就本季而言，我認為公司員工感到非常自豪的是，我們離不虧損的既定目標越來越近了。故事結束。

And so as you walk the halls of our office, the idea of just growing revenue for revenue's sake, that's not going to change. We are locked down on making sure that both products and vendors are delivering us profitability, and we're going to continue with vendor consolidation when there are certain vendors that don't make that possible.

所以，當你走進我們辦公室的走廊時，我們單純為了收入而增加收入的理念不會改變。我們致力於確保產品和供應商都能為我們帶來獲利，即使某些供應商無法獲利，我們仍會繼續進行供應商整合。

So that core business continues to get better. I think the piece that I like more about it than anything else is, as I've told people over time, it'll take a while back a couple of -- call it a year and a half ago, it'll take a while to really figure out directionally and strategically how we extract the most amount of value out of this company.

所以核心業務會持續好轉。我覺得我最看好的一點是，正如我之前跟大家說過的，這需要一段時間，大概是一年半前，我們需要一段時間才能真正找到方向和策略，如何從公司中獲取最大價值。

And what we know for sure is having the core e-commerce operations, deliver positive cash flow and not be the reason that the company is burning cash, but that's at the top of the priority list. As we get closer to that, it doesn't go to number two, but there starts to be other things that share that same shelf at the number one level.

我們確信的是，核心電商業務能夠帶來正現金流，並且不會成為公司燒錢的原因，但這仍然是公司首要任務。隨著我們越來越接近這個目標，它不會降到第二位，但其他業務也會開始佔據第一的位置。

Throughout the quarter, we looked at unlocking value in a number of ways. We were successful at creating a long-term partnership in Canada where we were able to receive an upfront payment of $5 million and enter into a long-term licensing agreement.

整個季度，我們透過多種方式探索價值釋放。我們成功在加拿大建立了長期合作夥伴關係，獲得了500萬美元的預付款，並簽訂了長期許可協議。

Well, this company will receive the monetization of that IP into perpetuity. It's a big swing from us operating in Canada, and you'll see us do things like when we're not the best in class at operating at something, we still want to extract the value out of our assets and out of our IP evidenced by the transaction that you see reported in our net income.

嗯，這家公司將永久獲得該知識產權的貨幣化。這是我們在加拿大營運的一大轉變，你會看到我們的做法，例如即使我們在某項業務上並非業內佼佼者，我們仍然希望從我們的資產和智慧財產權中提取價值，這一點可以從我們淨利潤中報告的交易中得到證明。

We did receive the cash from that transaction the day after the quarter, so it'll be reflected in our third quarter cash. We also continue to be very pleased about the strategic investment that we made in our retail partner business, Kirkland's, now known as The Brand House Collective.

我們確實在本季隔天收到了該交易的現金，因此這將反映在我們第三季的現金中。我們也對零售合作夥伴Kirkland's（現更名為The Brand House Collective）的策略性投資感到非常高興。

Our company here, Beyond, in Salt Lake City, its core competency is not to operate retail locations, not to spend our shareholders' cash on CapEx growth and things of that nature, but it is our obligation to extract every single dollar of value out of the IP that our shareholders own.

我們位於鹽湖城的 Beyond 公司，其核心競爭力不是經營零售店，不是將股東的現金花在資本支出增長和諸如此類的事情上，而是我們有義務從股東擁有的知識產權中榨取每一美元的價值。

We are excited to announce that the first Bed Bath & Beyond Home store and that's a smaller format neighborhood concept that leans into Kirkland's strong categories along with Bed Bath's strong soft categories like top of bed, bath, tabletop, but it won't have a traditional low margin, high volume appliances, vacuums. That's not what this first model is.

我們很高興地宣布，首家 Bed Bath & Beyond Home 家居店即將開幕。這是一家規模較小的社區概念店，它藉鑒了 Kirkland 的強項產品以及 Bed Bath 的軟性產品，例如床上用品、浴室用品和桌面用品，但不會推出傳統的低利潤、高銷量的家電和吸塵器。首家店的模式並非如此。

Part of the reason we went down this route is that both our company and Kirkland's, of which our company owns 40% of and has the right to convert so much, much more of that, needs to be diligent with every single dollar of CapEx.

我們選擇這條路線的部分原因是，我們公司和 Kirkland's（我們公司擁有 Kirkland's 40% 的股份，並有權轉換其中的大部分股份）都需要謹慎對待每一美元的資本支出。

What I'm looking to see happen now is how do we grow revenue, how do we grow profitability and how do we grow return on assets both in our core company, Overstock and in the company that we own and quite frankly control in Kirkland's and making sure that operationally that our management team there that we believe in wholeheartedly is thinking about every single dollar, making sure that in the case of the first store conversion, we tightly manage what it costs to convert and we maximize revenue growth.

我現在希望看到的是，我們如何增加收入、如何提高盈利能力以及如何提高資產回報率，無論是在我們的核心公司 Overstock 還是在我們擁有並坦率地說控制的 Kirkland's 公司，並確保在運營方面，我們全心全意信任的管理團隊考慮每一美元，確保在第一次商店轉換的情況下，我們嚴格管理轉換成本並最大化收入增長。

I think Amy Sullivan, our CEO there, and myself and Adrianne, would argue that we expect revenue improvement in that first location right out off the rip, but the cost to do it, the cost to convert that store separate from the change in inventory mix is less than $100,000.

我認為我們的執行長艾米·沙利文 (Amy Sullivan)、我自己和阿德里安娜 (Adrianne) 會認為我們預計第一家門市的收入會立即提高，但這樣做的成本，即除了庫存組合變化之外的店鋪改造成本不到 10 萬美元。

If we can prove out that we can deploy that kind of capital, get our brands out there, grow the revenue in that business that we are invested in, that will be utopia for us. We will continue to invest in that business as we see fit here over the coming quarters, smartly, making sure that our shareholders have what they need from a return on their investment, but we feel very comfortable with that.

如果我們能夠證明我們有能力部署這些資本，推廣我們的品牌，並實現我們所投資業務的收入成長，那對我們來說將是烏托邦。未來幾個季度，我們將繼續以我們認為合適的方式對該業務進行明智的投資，確保我們的股東獲得他們所需的投資回報，我們對此感到非常滿意。

I think the next piece, because those first two are pretty obvious, aren't really where we believe the explosive value creation can come from. We're going to deliver on our core business. I can promise you that. But as we start to really unpack where we think the value is, this asset like business known as Beyond has two significant assets that we believe need to be significantly unlocked.

我認為，前兩點顯而易見，但我們認為接下來的重點並非真正能夠帶來爆炸性價值創造的領域。我們將繼續做好核心業務，這一點我可以向你們保證。但當我們開始真正挖掘我們認為的價值所在時，我們認為這項名為Beyond的業務有兩個重要的資產需要大力釋放。

You may have seen over the last several weeks that we have issued very strong opinion letters from myself to the Board of Directors at tZERO demanding a change in what has happened. We believe strongly in management's understanding of that business.

您可能已經看到，過去幾週，我們已向 tZERO 董事會發出了非常強烈的意見信，要求改變現狀。我們堅信管理層對該業務的理解。

We believe strongly in the technology that's there. The reason that we do is that we did two tokenizations, both with Overstock and buybuy BABY, and saw great results. We saw a high level of engagement. But the time has come, particularly with the GENIUS Act passing, particularly with value being created by other companies in the space who do not possess the patents, who do not possess the special licenses to finally unlock the value.

我們堅信現有的技術。我們之所以如此，是因為我們之前做過兩次代幣化，分別是與 Overstock 和 buybuy BABY 合作，並且取得了顯著的成果。我們看到了很高的參與度。但現在時機已經成熟，尤其是隨著《天才法案》（GENIUS Act）的通過，尤其是隨著該領域其他不擁有專利、不擁有特殊許可的公司正在創造價值，最終釋放這些價值。

My expectation, and we will be very disciplined and very stern about this, is that we come up with a way to unlock the value and either see tZERO have an initial public offering, find themselves reversing into a spot, or find themselves potentially even utilizing the Beyond platform to unlock the value.

我的期望是，我們會非常自律、非常嚴格地對待這個問題，我們會找到一種方法來釋放價值，要么看到 tZERO 進行首次公開募股，要么發現自己逆轉了局面，要么發現自己甚至可能利用 Beyond 平台來釋放價值。

Now the capital structure isn't easy at tZERO, and one of the things that was created several years ago was the token, basically a revenue rights. That's called the tZERO ROP token. There's about 21.2 million tokens that are out there. They trade on tZERO. Our company owns 3 million of them. We are the largest, most influential token holder.

現在，tZERO 的資本結構並不容易。幾年前創建的產品之一就是代幣，基本上是一種收益權。它被稱為 tZERO ROP 代幣。目前大約有 2,120 萬個代幣在 tZERO 上交易。我們公司擁有其中的 300 萬個。我們是最大、最有影響力的代幣持有者。

As we look to drive change and whether that's on the Board, whether that's with the way it markets or its technology, or the way it goes to market to raise new capital, bring on new partners who have real world assets, we understand that that capital structure has to be attractive.

當我們尋求推動變革時，無論是在董事會，無論是透過行銷方式還是技術，還是進入市場籌集新資本的方式，引入擁有現實世界資產的新合作夥伴，我們都明白資本結構必須具有吸引力。

When you look at the tZERO ROP holders, of which we are the largest, we have had to recognize on our own that the conversion of those tZERO ROP tokens into some form of equity, my preference is that it's preferred, into some form of equity gives the company the ability to go out and do things that it needs to either raise capital, to come up with a liquidity event, to go public, to do a lot of different things.

當您查看 tZERO ROP 持有者時（我們是其中最大的持有者），我們必須自己認識到，將這些 tZERO ROP 代幣轉換為某種形式的股權（我更傾向於將其轉換為某種形式的股權）可以使公司有能力出去做它需要做的事情，例如籌集資金、提出流動性事件、上市，做很多不同的事情。

So we're going to be working closely to determine and represent those tZERO ROP holders, of which we are the largest, a way for that to be converted at a value that we are comfortable with. It is of no interest of ours to have tZERO ROP, particularly our interests, be a blocker, unblock the unblock of value.

因此，我們將密切合作，確定並代表那些 tZERO ROP 持有者（其中我們是最大的持有者），並找到一種方式，將 tZERO ROP 兌換成我們可接受的價值。我們不希望 tZERO ROP，尤其是我們的利益，成為價值解鎖的阻礙。

When you look at tZERO's ability to bring things onto its platform, particularly global real estate, real world assets, along with partnering with other firms that can bring all sorts of other IP, including sports teams and a variety of other things onto this platform, we believe the money is ripe and ready to pour into this platform.

當你看到 tZERO 將各種事物引入其平台的能力，特別是全球房地產、現實世界資產，以及與其他公司合作將各種其他智慧財產權（包括運動隊伍和各種其他事物）引入該平台時，我們相信資金已經成熟並準備湧入該平台。

And because we believe that we are going to drive expeditious change, it may seem a little angry at times. It may seem a little hyperbolic, but at the end of the day, we believe the window is clear and it's not forever. As it relates to our GrainChain asset, we couldn't be more proud of what Luis and the team have created there.

正因為我們相信我們將推動快速變革，所以有時可能顯得有些憤怒。這聽起來可能有點誇張，但最終，我們相信前景光明，而且不會永遠如此。至於我們的 GrainChain 資產，我們對 Luis 和他的團隊在那裡創造的一切感到無比自豪。

For those of you that are not familiar with it, on the surface, it looks like blockchain technology with unbelievable field technology that allows agriculture around the world to be able to access the capital markets by using this technology.

對於那些不熟悉它的人來說，從表面上看，它看起來像是具有令人難以置信的現場技術的區塊鏈技術，它允許世界各地的農業能夠利用這項技術進入資本市場。

But what's become more clear and we've communicated to Luis, and he is on board with this idea is that GrainChain isn't just an agriculture supply chain tool, it's a supply chain tool for manufacturing around the world.

但我們已經與路易斯溝通過，他同意這個想法，那就是 GrainChain 不僅僅是一個農業供應鏈工具，它也是一個全球製造業的供應鏈工具。

The reason that's relevant is that the team that everybody identified for GrainChain, particularly in the agriculture space, was massive. But it's minuscule compared to the macro opportunity when you look at the supply chain opportunity overall.

這之所以重要，是因為大家都認為 GrainChain 的團隊規模很大，尤其是在農業領域。但從整體供應鏈的宏觀機會來看，這比起來就顯得微不足道了。

Now GrainChain is a private company, and we will continue to respect the fact that it's a private company. There have been a couple of announcements that have happened, but I will tell you without spilling the tea for the party, that there are a number of other transactions that Luis has already signed, already engaged in, but he's not prepared yet to announce.

現在，GrainChain 是一家私人公司，我們將繼續尊重它作為私人公司的身份。目前已經發布了一些公告，但我可以提前告訴大家，Luis 已經簽署並參與了其他一些交易，但他還沒有準備好宣布。

But I can tell you that our confidence level is massive, so massive that if there was another opportunity for us to invest in that particular business, one of the uses of our capital on our balance sheet would be to continue to invest in that business.

但我可以告訴你，我們的信心水平非常高，高到如果我們有另一個機會投資於該特定業務，我們資產負債表上的資本用途之一就是繼續投資於該業務。

We are really a split personality business. We operate a core e-commerce business, but we have a goal and a desire to continue to deploy capital intelligently in the blockchain, bitcoin and the whole crypto space when we see investment opportunities that can be wildly accretive for our business.

我們其實是一家兼具雙重人格的公司。我們經營著核心的電商業務，但我們的目標和願望是，當我們看到能夠大幅提升我們業務增值的投資機會時，繼續在區塊鏈、比特幣以及整個加密貨幣領域明智地部署資本。

Over the last couple of years, we've been shown a number of deals. But we weren't willing to take our hard working capital and risk it until we stabilized our core business. Now that our core business is stabilized, you can expect us to opportunistically look for transactions in the technology space and quite frankly in any space around the businesses that we're involved in for opportunistic accretive investments. We love that.

過去幾年，我們接觸過不少交易。但在核心業務穩定下來之前，我們不願拿出辛苦賺來的資金去冒險。現在，我們的核心業務已經穩定下來，你可以期待我們會在科技領域，坦白說，在我們所涉足的任何業務領域，尋找機會進行增值投資。我們樂於這樣做。

Our shareholders can also expect, as we stabilize our cash flow, for us to park a certain amount of cash in bitcoin, a bit of a bitcoin reserve, and as we start to generate additional capital, we'll do the same. We want to make sure that every dollar that sits in our tail, that our shareholders have given us are being deployed in a way that extracts value in every single way.

我們的股東還可以期待，隨著我們現金流的穩定，我們會將一定數量的現金存入比特幣，作為比特幣儲備。隨著我們開始產生額外資本，我們也會這樣做。我們希望確保股東給予的每一美元，都能以能夠從各個方面提取價值的方式有效利用。

To sum it up here, we recognize that the retail business has had a rebound and is stabilizing, and boy, are we praying for a housing market to return and an economy to stabilize, because the one thing that shouldn't be lost on everybody is in a proper, normal, stabilized housing market where the consumer feels a little better about spending money.

總而言之，我們意識到零售業已經反彈並趨於穩定，我們也在祈禱房地產市場回升、經濟穩定，因為每個人都不應該忽視的一點是，在一個適當、正常、穩定的房地產市場中，消費者在花錢時會感覺更好一些。

Beyond will be a massive winner with tailwinds coming behind the revenue that has been suppressed, with a new cost structure that will drop massive incremental cash flow for every dollar that will be generated over the revenue number.

Beyond 將成為巨大的贏家，其收入受到抑制，而新的成本結構將為收入數字上產生的每一美元帶來巨大的增量現金流。

One piece that we are going to commit to today is the exploration of something that came over in a shareholder letter about a week ago. Now the shareholder letter that was published by Shay Capital is one of very many communications we have both with them and a lot of different shareholders.

我們今天要探討的一件事，是探討大約一週前一封股東信中提到的一些內容。 Shay Capital 發布的這封股東信是我們與他們以及許多其他股東之間進行的眾多溝通中的一封。

We're operating our company very differently than we used to, where we look at some of our larger shareholders and some of our individual shareholders who have ideas that maybe we haven't thought of. They have ideas of different ways to think of things, how to unlock value.

我們經營公司的方式與以往截然不同，我們會參考一些大股東和個人股東的意見，他們或許有一些我們之前沒有想到的想法。他們有不同的思考方式，以及如何釋放價值。

And while every single idea that we see in front of us isn't going to get executed for a variety of reasons, there are certain ideas that we think, wow, we didn't think of that. One idea that we're exploring and you'll be able to see it in the slides that have been issued today.

雖然我們眼前的每個想法都可能因為各種原因無法付諸實施，但有些想法我們覺得，哇，我們沒想到。我們正在探索一個想法，您可以在今天發布的幻燈片中看到它。

On the slide deck, you will see that our entire Medici portfolio has been disclosed and our ownership stake in them have also been disclosed. In what form it takes in have also been disclosed. For those of you that have been around a while, there's this misnomer that the bulk of our blockchain assets are held in our Medici portfolio and controlled under a transaction that we entered into with Pelion.

在幻燈片中，您會看到我們揭露了整個 Medici 投資組合，以及我們在其中的持股。這些投資組合的具體形式也已揭露。對於那些已經了解我們一段時間的人來說，有一個說法是錯誤的，即我們的大部分區塊鏈資產都持有在 Medici 投資組合中，並由我們與 Pelion 達成的交易控制。

While it is true that some of our assets are held there, it's important to note that there's also a significant amount of value both in tZERO, the tZERO ROP tokens, and our GrainChain assets where we have direct interest. If you go on to the Investor site later today or even after this call, you're going to see a chart, and it shows you tZERO, tZERO ROP, GrainChain, and then it lists all the Medici portfolio companies that were there, unbelievable company like Ripio, great company like Vollas, and a variety of other ones.

雖然我們的部分資產確實存放在那裡，但值得注意的是，tZERO、tZERO ROP 代幣以及我們直接持有的 GrainChain 資產也具有相當可觀的價值。如果您今天晚些時候，甚至在本次電話會議結束後訪問投資者網站，您會看到一個圖表，上面顯示了 tZERO、tZERO ROP、GrainChain，以及所有參與 Medici 投資組合的公司，包括像 Ripio 這樣出色的公司、像 Vollas 這樣優秀的公司，以及其他各種各樣的公司。

We are committing as we sit here today to explore the issuance of a contingent value right. That is a contract for the revenue that could be created in the liquidity events all the way down to dollar one net of any fees that Pelion may get paid or any fees that a lawyer or a transaction may come with.

我們今天在此承諾，將探討發行一項附帶價值權。這是一種合約，涵蓋了流動性事件中可能產生的收入，最低可達1美元，扣除Pelion可能獲得的任何費用，以及律師費或交易費。

100% of the net revenue associated with the companies in the Medici portfolio, excluding tZERO and GrainChain, we are exploring issuing a contingent value right. Let me give it to you in plain English. It is our goal to issue a dividend.

我們正在探索將美第奇投資組合中除 tZERO 和 GrainChain 之外的公司淨收入的 100% 發行一項附條件價值權。讓我用通俗的話來說，我們的目標是發放股利。

That's what a contingent value right would be. It would be the dividend of a contract, and that dividend would come on something like a 10 for 1 or 5 for 1, meaning for every 10 shares you own, we would issue you one contingent value right contract.

這就是附隨價值權。它相當於一份合約的股息，股息的發放比例大概是10比1或5比1，也就是說，你每持有10股，我們就會給你發行一份附帶價值權合約。

That number has not been solidified, so I use 10 as an illustrative example. It is not a security. You don't need to pay for it. There will be a record date. That record date will be issued as soon as Adrianne has confirmation from the New York Stock Exchange on the process to issue the contingent value right.

這個數字尚未確定，所以我以10為例進行說明。它不是證券。你不需要為此付費。會有一個記錄日期。一旦Adrianne獲得紐約證券交易所關於發行附條件價值權的確認，就會立即發布記錄日期。

Every shareholder in that record date, which we expect that record date to be here in short order, I don't want to put a number of days on it, but it shouldn't take that long, will be issued as a dividend. We expect that dividend, that contract right to trade so that every shareholder, that is the record holder that owns 10 shares on that given day will be given one contract.

我們預計登記日很快就會到來，每位股東都將獲得股息。我不想具體說明具體天數，但應該不會太久。我們預計，股息，也就是交易權合約，將使每位股東，也就是當天持有10股股票的登記股東，獲得一份交易權合約。

That contract will give you the right to all of the net proceeds that could be created in the entire Medici portfolio other than tZERO, any cash generated or equity generated from tZERO ROP or any cash generated from the GrainChain.

該合約將賦予您除 tZERO 之外的整個 Medici 投資組合中可能產生的所有淨收益、tZERO ROP 產生的任何現金或股權或 GrainChain 產生的任何現金的權利。

As shareholders, you already will enjoy the value that will be created both direct and indirect on those two pieces.

作為股東，您已經享受這兩部分直接和間接創造的價值。

So we'll be able to answer many more questions in the Q&A, but that's essentially the state of the union.

因此，我們將能夠在問答環節回答更多問題，但這基本上就是國情咨文。

I'll now turn it over to Adrianne Lee.

現在我將把發言權交給 Adrianne Lee。

Thank you, Marcus, for that helpful insight into our Q2 results, our company strategy, and how we intend to create shareholder value.

謝謝馬庫斯對我們的第二季業績、公司策略以及我們打算如何創造股東價值的有益見解。

With that, I'd like to turn to details on our second quarter financial results and the progress we continue to deliver. Revenue declined 29% year over year in the second quarter, but improved 22% versus the first quarter of 2025 as we committed to on our last earnings call.

接下來，我想詳細介紹我們第二季的財務表現以及我們持續的進展。第二季營收年減29%，但與2025年第一季相比成長了22%，正如我們在上次財報電話會議上所承諾的。

The 22% increase was driven by a seasonal AOV improvement of $25 and an 8% increase in orders delivered. The AOV improvement of $25 was due to solid promotional execution in seasonally relevant categories.

22% 的成長得益於季節性平均訂單價值 (AOV) 提升 25 美元以及已交付訂單量增長 8%。 AOV 提升 25 美元的原因是季節性相關品類的促銷活動執行得當。

We made significant progress on stabilizing the business and getting back to our e-commerce fundamentals, providing an improved assortment, competitive and engaging promotions, all while improving our site experience, which Alex will discuss in detail later.

我們在穩定業務和恢復電子商務基礎方面取得了重大進展，提供了更好的產品組合、有競爭力和吸引力的促銷活動，同時改善了我們的網站體驗，Alex 稍後將詳細討論。

Gross margin landed at 23.7% for the quarter, a 360 basis point improvement compared to the same period last year. Although the print was slightly below our anticipated range, it was driven by our focus to exceed our internal sales target on outdoor categories.

本季毛利率達23.7%，較去年同期提升360個基點。儘管印刷品銷售略低於我們的預期，但這得益於我們專注於超越戶外類別的內部銷售目標。

I am pleased with this outcome and to see that our unique business model is competing again in established categories where we can win. While we have shown consistency improving our margin profile over the last five 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 going forward.

我對這項結果感到滿意，也很高興看到我們獨特的商業模式在那些我們能夠取勝的成熟領域再次展現競爭力。過去五個季度，我們持續改善利潤率，並執行了我在2024年初提出的六部分計畫。我希望團隊在未來能繼續保持利潤率的穩定和嚴謹的作風。

Sales and marketing decreased by $28 million or improved its efficiency by 320 basis points as a percent of revenue versus last year and was flat as a percent of revenue to the first quarter of 2025. This illustrates our ability to generate sales and maintain necessary discipline.

與去年相比，銷售和行銷減少了 2800 萬美元，或提高了 320 個基點（佔收入的百分比），到 2025 年第一季度，佔收入的百分比持平。這說明了我們創造銷售和保持必要紀律的能力。

The decline year over year was mainly driven by the intentional reduction of less efficient spend while investing in channels that are more contributory. We are still finding efficiencies and productive customer journeys in our own channels to help us achieve our targets.

年比下降主要是由於我們有意削減了效率較低的支出，同時投資於貢獻度更高的管道。我們仍在自身管道中探索提升效率和打造高效客戶旅程的方法，以幫助我們實現目標。

The team is committed to doing this day in and day out while improving the site experience and sharpening pricing to support conversion. G&A and tech expense of $37 million decreased by $9 million year over year as a result of our commitment to reduce fixed costs by an annualized amount of $80 million.

團隊日復一日地致力於這項工作，同時提升網站體驗並優化定價以提升轉換率。由於我們承諾將固定成本年度化降低 8,000 萬美元，總務及行政費用和技術費用為 3,700 萬美元，年減 900 萬美元。

I am pleased that we have delivered on our commitment to achieve a $150 million annual run rate. We continue to be disciplined with our capital deployment, identifying efficiencies and automation, and restructuring to create an agile, simple way to operate.

我很高興我們兌現了實現1.5億美元年營運率的承諾。我們將繼續嚴格控制資本配置，探索效率和自動化途徑，並進行重組，以打造敏捷、簡潔的營運方式。

All in, adjusted EBITDA came in at a loss of $8 million, a 78% or $28 million improvement versus the second quarter of 2024, and an improvement of $5 million over the first quarter of '25. Reported GAAP EPS was a loss of $0.34 per share.

整體而言，調整後EBITDA虧損800萬美元，較2024年第二季改善78%，即2,800萬美元，較2025年第一季改善500萬美元。報告的GAAP每股收益為每股虧損0.34美元。

Excluding losses recognized from our equity method securities, adjusted diluted loss was $0.22, a $0.54 improvement year over year. We ended the quarter with cash, cash equivalents, restricted cash and inventory at a solid balance of $156 million.

扣除權益法核算的證券確認的損失，調整後稀釋虧損為0.22美元，較去年同期減少0.54美元。本季末，我們的現金、現金等價物、限制性現金及庫存餘額穩定，達1.56億美元。

Year-to-date cash used in operating activities improved year over year by $75 million or 68%, illustrating significant progress against our transformation initiatives and the stabilization of our core operations. With the vast majority of our restructuring behind us, our organization is lean, and we are creating simpler yet effective ways to operate, maniacally focused on our key KPIs.

年初至今，經營活動現金流年增7,500萬美元，增幅達68%，顯示我們的轉型計畫取得了顯著進展，核心業務也趨於穩定。隨著大部分重整工作的完成，我們的組織架構已趨於精簡，我們正在打造更精簡高效的營運方式，並高度關注關鍵KPI。

I believe that we have now stabilized the business, have the right team in place, and are well positioned to keep driving improved results.

我相信我們現在已經穩定了業務，擁有了合適的團隊，並且有能力繼續推動業績的改善。

With that, I'd like to turn the call over to Alex Thomas to provide some additional details on our fundamental operational improvements.

有了這些，我想將電話轉給亞歷克斯·托馬斯 (Alex Thomas)，讓他提供有關我們基本營運改進的一些更多細節。

Thank you, Adrianne.

謝謝你，阿德里安娜。

Our team remains intensely focused on delivering the committed targets we laid out at the 2024 investor event, which are improved marketing efficiency, enhanced conversion rate, margin expansion, and expense discipline.

我們的團隊將繼續專注於實現我們在 2024 年投資者活動中提出的承諾目標，即提高行銷效率、提高轉換率、擴大利潤率和控制費用。

Our second quarter results reinforce confidence in our roadmap, focus areas, and our ability to execute. Through the period, we enhanced our customer experience by making key upgrades in search and navigation, creating shopping experiences around relevant themes like flash price drops, back to school, and luxury homes, continuing the removal of unfavorable product listings and importantly, executing, engaging seasonally relevant promotions across all channels.

我們第二季的業績增強了我們對路線圖、重點領域和執行能力的信心。在此期間，我們透過對搜尋和導航進行關鍵升級，圍繞限時搶購、返校季和豪宅等相關主題打造購物體驗，持續下架不良產品，並在所有管道推出與季節相關的促銷活動，從而提升了客戶體驗。

We addressed assortment gaps by delivering offerings at key price points in namesake categories like Bed Bath, further developing incremental categories like designer, jewelry and apparel on the Overstock banner, sourcing better best branded products, which we continue to observe strong demand responses from these assortment and site enhancements across our banners and platforms.

我們透過在同名類別（如 Bed Bath）中以關鍵價格點提供產品來解決產品組合缺口，在 Overstock 橫幅上進一步開發設計師、珠寶和服裝等增量類別，採購更好的最佳品牌產品，我們繼續觀察到這些產品組合的強勁需求反應以及橫幅和平台上的網站增強功能。

We progressed our efforts to simplify and unify our tech stack, which will drive cost efficiency and feature development speed in the back half of '25 and 2026.

我們不斷努力簡化和統一我們的技術堆疊，這將在 2025 年下半年和 2026 年提高成本效率並加快功能開發速度。

We have a lot of work ahead and we look forward to it.

我們還有很多工作要做，我們對此充滿期待。

With that, back to you, Marcus.

好了，回到你這裡，馬庫斯。

Thanks, Alex.

謝謝，亞歷克斯。

As we get into the Q&A, I just want to make sure we have a quick summary for those that may have missed it. We are going to continue to grow and stabilize the cash flow of our core business. We are focused on the issuance of a contingent value right here in very short order with their record date to come.

在進入問答環節之前，我想先為可能錯過的朋友做一個簡短的總結。我們將繼續發展核心業務，並穩定其現金流。我們目前正專注於盡快發行一筆或有價值債券，其登記日即將到來。

That will be a specific dividend to all shareholders on a 10 for 1 or some version of that basis. We are focused on developing a bitcoin reserve along with getting back to taking bitcoin and keeping it on our balance sheet as Overstock did years ago.

這將是以10比1或類似比例向所有股東發放的特定股利。我們專注於開發比特幣儲備，並像Overstock多年前一樣，重新將比特幣納入我們的資產負債表。

We are very focused on getting the unlock of value out of tZERO and making sure that both the tZERO ROP holders, of which you are the largest and the equity side of which you are the largest, at 52%, continues to be at the top of our list.

我們非常注重從 tZERO 釋放價值，並確保 tZERO ROP 持有者（您是最大的持有者）和股權方（佔 52%）繼續位於我們的榜首。

We are continue to be focused on finding ways to unlock range chain value, and we'll be exploring different ways for our shareholders to see that. As a reminder, our company continues to have about $68 million left on its repurchase program and just over, I think about $131 million left on the ATM.

我們將繼續專注於尋找釋放牧場連鎖價值的方法，並將探索不同的方式讓股東看到這一點。提醒一下，我們公司的回購計畫仍有約6,800萬美元剩餘，ATM機上也剩餘約1.31億美元。

As people may or may not have noticed, the ATM was not used in the second quarter, and we bought back, I think, a little under $1 million worth of shares. We'll continue to play that arbitrage to ensure that the value of our stock represents the value that we believe the business is, and we'll turn it over for Q&A.

大家可能注意到了，也可能沒注意到，第二季這台ATM機並沒有投入使用，我們回購了價值略低於100萬美元的股票。我們將繼續進行套利，以確保我們股票的價值與我們認為的業務價值相符，之後我們會將其提交給問答環節。

(Operator Instructions)

（操作員指示）

Steve Forbes, Guggenheim.

古根漢的史蒂夫福布斯。

Marcus, can you provide an update on the SKU rationalization efforts across Bed Bath & Beyond? Are we nearing completion there? And then given your comments on leaning into a slightly higher, more fluent customer for the Overstock banner, would love to hear you just expand on what's driving the confidence there and any key metrics you can provide on how the consumer is engaging with the designer shop on Overstock?

Marcus，您能否介紹一下 Bed Bath & Beyond 的 SKU 合理化工作的最新進展？這項工作快完成了嗎？然後，考慮到您之前提到的 Overstock 品牌更傾向於面向更高階、更流暢的客戶群體，我很想聽聽您進一步解釋一下是什麼推動了 Overstock 的信心，以及您能否提供一些關於消費者如何與 Overstock 上的設計師商店互動的關鍵指標？

I'm going to have Alex take the first half. I'll take the second.

我會讓亞歷克斯負責前半部分，我負責後半部分。

SKU rationalization work, we continue to pursue -- I would say we are through the heavy lifting of that portion, but however, that job is never done, right? We're always fine tuning product content, looking at our traffic sources and making sure that our assortment is right there.

SKU合理化工作，我們仍在繼續——我想說，我們已經完成了這部分的重頭戲，但這項工作永遠做不完，對吧？我們一直在微調產品內容，關注流量來源，確保我們的產品組合恰到好處。

I would say the heavy lifting, right, is complete. We continue to fine tune on the Overstock side as articulated, and then what we're really excited is these incremental categories that drive incremental visits, right? So those categories like designer, like jewelry, and apparel.

我想說，重頭戲已經完成了。如同之前所說，我們會繼續對 Overstock 進行微調，我們真正興奮的是那些能夠帶來訪問量成長的品類，對吧？例如設計師、珠寶和服裝等品類。

Steve, if you visit the Bed Bath & Beyond website today, you're going to see a far more laser focused assortment and my edict to the team was that I want to remind the legacy Bed Bath & Beyond customer that the same product assortment and presentation, quite frankly, that they experienced at the store level would show up online.

史蒂夫，如果你今天訪問 Bed Bath & Beyond 網站，你會看到更加精準的商品組合，我對團隊的要求是，我想提醒 Bed Bath & Beyond 的老顧客，坦率地說，他們在商店層面體驗到的產品組合和展示也會在網上出現。

And so if you go through the site today compared to what it was 6, 8, 12 months ago, you're going to find that it's far more thoughtful. It's laying into the legacy trade dress that we own with the coupon and not crushing our margin.

所以，如果你現在瀏覽這個網站，比較一下6個月、8個月或12個月前，你會發現它現在考慮得更周到。它不僅能保護我們透過優惠券所擁有的傳統商業外觀，還能避免擠壓我們的利潤空間。

It's really thinking about back to campus and a variety of other things, and it's gotten really refined. And the SKU rationalization will continue to happen. There will be a point here in very short order as we start to open stores again where there's going to be a larger collaboration between the store merchants that exists in our Bed Bath Home and our true blue stores and what we're doing online so that the customer experience as they walk through the door isn't dislocated and our idea is really to build an endless aisle-like concept at each store over time very slowly and very thoughtfully in a very testing model, but to make sure that the promotional cadence, the messaging, the pricing, those things start to be in line.

我們確實在考慮返校以及其他各種事情，而且已經非常完善。 SKU 的合理化也將持續進行。隨著我們開始重新開店，很快就會出現一個節點，屆時我們 Bed Bath Home 和 True Blue 實體店的商家之間會進行更大規模的合作，以及我們線上業務的合作，這樣顧客進店時的體驗就不會被打亂。我們的想法是，隨著時間的推移，在每家門市，以一種非常緩慢、非常周到的方式，以一種非常有挑戰性的模式，逐步構建一個類似無盡過道的概念，但要確保促銷節奏、信息傳遞、定價等等都能協調一致。

And this will be the first thing for bedbathandbeyond.com because here in Salt Lake, they have never had to think about that omnichannel experience. But as we look to drive a transaction count, as we look to drive lifetime value, as we look to drive average order size, those two things need to be far more symbiotic.

這將是 bedbathandbeyond.com 的首要任務，因為在鹽湖城，他們從未考慮過全通路體驗。但當我們想要提高交易量、提升終身價值、提昇平均訂單量時，這兩者需要更緊密地協同發展。

But when you look at the shift to Overstock, it really came from spending about six months and a couple hundred thousand dollar, doing a ton of research on what was it that drove Overstock when it was doing $1.5 billion in its heyday, not during COVID, by the way, not in COVID when everything was selling no matter what marketplace put on there, from China cheap shit to a bunch of other stuff.

但是，當你觀察向 Overstock 的轉變時，你會發現，這實際上是花費了大約六個月的時間和幾十萬美元，做了大量的研究，研究是什麼推動了 Overstock 在鼎盛時期的 15 億美元銷售額，順便說一句，不是在 COVID 期間，無論在 COVID 期間，當時是什麼都在那個市場上放什麼，從中國的廉價商品到其他一些東西。

We needed to get away from that and think about what did it look like absent '21 and '22, and then we start to understand who was that customer profile, what did they buy, and we started re-engaging with them. And we started asking them what is it that made Overstock different from every other retailer out there, and what we heard was great brands at unbelievable prices. We started looking at the demographic, the socioeconomic demographic of that customer, household income well over $150,000, credit score, well over 700, and quite frankly, a lot more affluent.

我們需要擺脫這種想法，思考在2021年和2022年之後會是什麼樣子。然後我們開始了解這些客戶是誰，他們購買了什麼，並開始與他們重新互動。我們開始詢問他們Overstock與其他零售商的不同之處，我們得到的答案是，他們以令人難以置信的價格提供優質的品牌。我們開始關注這些客戶的人口統計數據，他們的社會經濟狀況，家庭收入遠超過15萬美元，信用評分遠超過700，坦白說，他們更加富裕。

The age gap was 45 to 75. It's not a younger person's audience. It never has been. And so what we're seeing is as we continue to lean into that, we're starting to see that pop. We are selling more designer handbags and more designer shoes than anybody would have ever guessed, and the margin profile is okay. It's 22% to 24%. It's not mind blowing, but what is good about it is the gross profit dollars that are contributing.

年齡差距在45歲到75歲之間。這並非年輕人的受眾，從來都不是。因此，我們看到的是，隨著我們繼續向年輕人傾斜，我們開始看到這種增長。我們銷售的名牌手袋和名牌鞋比任何人想像的都要多，利潤率也還不錯，在22%到24%之間。這並不令人驚嘆，但值得慶幸的是，它貢獻了毛利。

The identification of that consumer coming back and our ability to use fine timepieces, jewelry, and luxury goods to bring people into the ecosystem and retarget them with higher end furniture, $12,000 patio furniture sets that we sell, 8 carat diamond rings which we're selling.

識別回頭客，我們能夠利用精美的鐘錶、珠寶和奢侈品將人們帶入生態系統，並透過高端家具、我們銷售的價值 12,000 美元的庭院家具套裝、我們正在銷售的 8 克拉鑽石戒指重新定位他們。

We're surprised by that. That doesn't mean that we're not going to bring in an aspirational buyer, someone who says, I can't afford to buy everything here, but I want to buy one thing. So we're trying to really find that balance and it's showing up in the P&L both in top line order count and revenue.

我們對此感到驚訝。但這並不意味著我們不會吸引那些有抱負的買家，他們會說，我買不起這裡所有的東西，但我只想買一樣東西。所以我們正在努力尋找這種平衡，而這體現在損益表中，包括訂單量和收入。

And then a quick follow up. You mentioned being pleased with Overstock's run rate and contribution margin. I think it's been a little while since you've commented on the run rate of Overstock, so curious if you can update us there.

然後快速跟進一下。您提到對 Overstock 的運作率和貢獻利潤率感到滿意。我想您已經有一段時間沒有評論過 Overstock 的運行率了，所以我很想知道您是否能在這方面更新一下。

And then as it pertains to contribution margin like you sort of just did with designer bags, any way to frame that versus the company average or the guidepost you have?

然後，當它涉及貢獻利潤率時，就像您剛才對名牌包所做的那樣，有什麼方法可以將其與公司平均水平或指導方針進行比較嗎？

We don't -- we're not breaking that out at this time, but I will tell you that it is our goal hopefully in 2026 to start breaking out the revenue by channel so people can see it, particularly, Overstock. buybuy BABY is still too small and it'll probably stay as a baby under Bed Bath, but we do want to see Overstock broken out in 2026.

我們目前不會將其細分，但我可以告訴您，我們希望在 2026 年開始按管道細分收入，以便人們可以看到，特別是 Overstock。 buybuy BABY 仍然太小，它可能會一直處於 Bed Bath 旗下的嬰兒階段，但我們確實希望看到 Overstock 在 2026 年實現細分。

From a contribution margin perspective, it is more solid because we're not having to chase commoditized products the same way. And so it really is a function of it's less expensive to market for that business, so the frictionals are a little better.

從貢獻利潤率的角度來看，它更加穩健，因為我們不必像以前那樣追逐商品化產品。所以，這其實是因為該業務的行銷成本更低，摩擦因素也略有改善。

The gross margin profile, it looks relatively the same. It depends on the seasonality, but the contribution margin difference between Bed Bath and Overstock is largely driven by the sales and marketing expense, and that's why we want to lean into it more because it's obviously more profitable for us.

毛利率狀況看起來相對一致。這取決於季節性，但Bed Bath和Overstock之間的貢獻利潤率差異很大程度上是由銷售和行銷費用造成的，這就是為什麼我們更傾向於關注這一點，因為這顯然能為我們帶來更多利潤。

Thomas Forte, Maxim Group.

托馬斯·福特（Thomas Forte），馬克西姆集團（Maxim Group）。

So one question, one follow-up, and first off, Marcus and Adrianne, congratulations on all the very significant progress. On the tZERO front, I was trying to figure out a way, Marcus, to ask this as simply as possible. So with crypto treasuries and stablecoins, it seems like now is the perfect time for tZERO to go public.

所以，我先問一個問題，再跟進一下。首先，Marcus 和 Adrianne，恭喜你們取得如此重大的進展。關於 tZERO，Marcus，我一直在想辦法盡可能簡單地提出這個問題。鑑於加密國債和穩定幣的出現，現在似乎是 tZERO 上市的最佳時機。

You're the largest shareholder. Simply put, can you compel them to go public?

你是最大股東，簡單來說，你能逼他們上市嗎？

We can compel them in a variety of ways, but what we think is better for everybody is to have mutual alignment on value creation. And we know that our partners at ICE are equally motivated to monetize their $50 million investment, and we know that the management team who has been issued material grants and RSUs is equally motivated and without the tZERO ROP unlock and without some liquidity event either in backing into Beyond and using it as a public vehicle and backing into a SPAC and using that into a public vehicle, we want some shelf registration of some kind done, and we know that for tZERO to grow and for the management team and our other partners to enjoy the value, the tZERO ROP tokens need to be converted, and the tZERO ROP tokens aren't going to be converted until we're satisfied with the changes that are being made.

我們可以用各種方式來強制他們，但我們認為對每個人來說更好的是在價值創造上達成共識。我們知道，ICE 的合夥人也有同樣的動力來實現他們 5,000 萬美元的投資貨幣化，我們也知道，已經獲得實質資助和 RSU 的管理團隊也有同樣的動力。在沒有 tZERO ROP 解鎖的情況下，在沒有發生任何流動性事件的情況下，無論是支持 Beyond 並將其用作上市公司，還是支持 SPAC 並將其用作上市公司，我們都希望進行某種形式的擱置註冊。我們知道，為了 tZERO 的發展，為了讓管理團隊和其他合夥人享受到價值，tZERO ROP 代幣需要轉換，而 tZERO ROP 代幣只有在我們對正在進行的更改感到滿意後才會轉換。

And so we don't ever want to be into a pissing match with the business that we are the largest shareholder of, but we want to be stern and matter of fact, that the time has come. It's not tomorrow, it's not next year, it's right now, and we expect to have our value unlocked.

因此，我們永遠不想與我們作為最大股東的公司發生爭執，但我們要嚴肅地、實事求是地看待問題，時機已到。不是明天，也不是明年，而是現在，我們期待我們的價值得到釋放。

Hundreds of millions of dollars have been deployed into that asset. We have spent a lot of time waiting for the return on capital. We have spent way too much time, and when we look at the value of the market cap of our business, we believe that the market cap, the potential market cap of tZERO, is greater than the market cap of our business in total.

我們已經在該資產上投入了數億美元。我們花了很多時間等待資本回報。我們花了太多時間，當我們審視我們業務的市值時，我們相信，tZERO 的市值，也就是它的潛在市值，要高於我們業務的總市值。

And so you're going to have -- everybody's going to have to convince us on a lot of different fronts that now isn't the time. I don't think that's going to happen. And from a legal standpoint, we reserve all of our rights and we'll leave it at that.

所以，你們得──每個人都得從各方面說服我們，現在不是時候。我認為這不會發生。從法律角度來看，我們保留所有權利，事情就到此為止。

And then for my follow-up, and thank you for that. We'll go with the two first, so I apologize. So on the contingent value right issuance, sounds like a brilliant idea. Could that trade on the tZERO platform and then this is probably premature and I apologize, but how should investors think about at a high level, a potential timeline for a GrainChain IPO?

接下來是我的後續問題，謝謝。我們先討論這兩個問題，抱歉。關於附條件價值權發行，聽起來是個好主意。它能在 tZERO 平台上交易嗎？現在可能還為時過早，抱歉，但投資者應該如何從高層次考慮 GrainChain IPO 的潛在時間表？

Let me address the first. It is our goal to have the contingent value right trade on the New York Stock Exchange where we know that there's going to be a tradable market for our large institutional investors. And one of the things that I think Overstock may have miscalculated in the past is when they issued a dividend in an attempt to do whatever they were trying to do, they issued it on a platform that has a lot of credence to it but doesn't have a lot of visibility yet.

我先來談談第一個問題。我們的目標是讓或有價值股票在紐約證券交易所交易，因為我們知道那裡會有一個可供大型機構投資者交易的市場。我認為Overstock過去可能失算的一點是，當他們為了達到目的而發放股息時，他們選擇在一個信譽度很高但知名度尚不高的平台上發放。

And we know that we've learned from our big holders, very large institution holders that love our business, is that please, if you do a dividend, do it in a way where I could actually receive it, where I could trade on it, where I could buy more of them, or I could sell them. And the key to me is having that contingent value right, trade and trade properly and establish value.

我們知道，我們從那些熱愛我們業務的大股東，那些大型機構股東那裡學到了這一點：如果要派發股息，請務必確保我能夠實際收到，能夠進行交易，能夠買入更多股票，或者能夠賣出。對我來說，關鍵在於把握好或有價值，進行合理的交易，並確立價值。

We know that there is a massive short position out in our company, and we want to make sure that everybody understands that the purpose of doing this is to provide value for our shareholders. There may be some benefits that come from it, but making sure that it's tradable and making sure that it's accessible is really what unlocks the value of all of it.

我們知道公司存在大量空頭部位，我們希望確保每個人都明白，這樣做的目的是為股東創造價值。這樣做或許會帶來一些好處，但真正釋放其價值的關鍵在於確保這些空頭部位可交易、易於取得。

GrainChain IPO timing? I know it's premature.

GrainChain IPO 時機？我知道現在還為時過早。

I don't think it's premature. Like we've had a lot of discussions internally about do we look at taking a very small portion of our direct interest that we control. GrainChain doesn't control it. Pelion doesn't control it. And just as a reminder for everybody on this call, Pelion does not own any interest in the Medici portfolio other than 1%.

我認為現在還為時過早。我們內部已經進行過多次討論，是否考慮從我們控制的直接權益中抽取一小部分。 GrainChain 和 Pelion 都無法控制它。另外，提醒一下各位，除了 1% 的股份外，Pelion 在 Medici 投資組合中不持有任何權益。

We own 99% of it. And so when people say, how much money is Pelion going to make, they are paid an annual fee that's already been prepaid. They are -- they do have a 1% stake in the portfolio, and they are given a percentage of the upside over a floor, but the real value in that whole portfolio, it lies with the Beyond holders.

我們擁有99%的股份。所以當人們問Pelion能賺多少錢時，他們已經預付了年費。他們確實持有投資組合1%的股份，並且獲得了一定比例的溢價，但整個投資組合的真正價值，最終還是屬於Beyond的持有者。

Don't ever be confused that anybody else is going to take. So we've explored this idea and it's not something that we're pushing go on today of. If Luis wants to establish value or if Luis wants to raise more money or if Luis wants to go public, we definitely want to help him do that because we probably have a more optimistic view of the value of his business that he does because he's a conservative, very intelligent founder operator, but we know that our shareholders want a marker.

永遠不要誤以為其他人會搶走。我們已經探討過這個想法，但目前我們不會強行推進。如果路易斯想要建立價值，或籌集更多資金，或者上市，我們當然會幫助他，因為我們對他公司的價值可能比他本人更樂觀，因為他是一位保守、非常聰明的創始人兼經營者，但我們知道股東想要一個估值基準。

They want to know what that thing is worth. I can tell you that the revenue is around $60 million and we're very happy with the growth that we've seen year over year there. And so one thing that we've explored is, do we do a dividend and have it be like a tracking stock, same kind of way on NYSE that takes a very small portion of our GrainChain asset and distributes it out to our shareholders on a record date and do the same thing that we're continuing with the CVR. It's possible, but the primary goal in doing that wouldn't be to do anything other than to create a marker on the value.

他們想知道這東西值多少錢。我可以告訴你，收入大約是6000萬美元，我們對逐年增長非常滿意。所以我們一直在探索的一件事是，我們是否可以進行分紅，讓它像追蹤股票一樣，就像紐約證券交易所那樣，在記錄日從我們的GrainChain資產中抽取一小部分分配給股東，就像我們繼續使用CVR一樣。這是可能的，但這樣做的主要目的只是為了給價值創造一個標竿。

And I don't want to create a marker on the value until Luis has communicated and disseminated all of the transactions that he's entered into because the value creation in the next 12, 24, 36 months is explosive if you knew what deals he had done.

在路易斯傳達並傳播他所達成的所有交易之前，我不想對價值進行標記，因為如果你知道他所做的交易，未來 12、24、36 個月的價值創造將是爆炸性的。

And we don't want to violate our good standing relationship with him in doing that. We want him to do it at his own cadence. When he does that, that's when we're going to bring back up the possibility. Good news is for everybody that owns Beyond stock, you own a large percentage of GrainChain. You can look at the table that was provided on the investor deck and see that.

我們不想因此破壞我們與祂之間的良好關係。我們希望他按照自己的步調去做。當他這樣做的時候，我們才會重新考慮這個可能性。好消息是，對於所有持有 Beyond 股票的人來說，你們都擁有 GrainChain 的大部分股份。你們可以看看投資者資料中提供的表格。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

I actually wanted to follow up on that last point on the opportunity to extract value. We'll look for the disclosure on the website, but we are getting some questions from investors. Is there anything else you can share on this call about Beyond's ownership of some of the larger assets besides tZERO and then I have a follow up?

我其實想跟進最後一點，關於獲得價值的機會。我們會在網站上查找披露信息，但我們收到了一些投資者的提問。除了 tZERO 之外，您還能在這次電話會議上分享一下 Beyond 持有的一些大型資產的情況嗎？然後我再問一個問題。

What other assets besides tZERO and GrainChain?

除了 tZERO 和 GrainChain 還有哪些資產？

Yeah. I mean, if you could just disclose the ownership of those and anything else that you're going to be posting on our website I think in advance would be helpful.

是的。我的意思是，如果你能提前披露這些內容的所有權，以及你將在我們網站上發布的其他內容，我認為會很有幫助。

It's up there now, but I'm going to walk through it just because it's a question that deserves to be answered. So our total equity in tZERO is 53%. It's 6% in the preferred from a direct ownership standpoint, 23% in common. In the indirect, it's 2% preferred, 23% common.

現在就到這裡，但我還是要詳細說一下，因為這個問題值得解答。我們在 tZERO 的總股權是 53%。從直接股權的角度來看，優先股佔 6%，普通股佔 23%。從間接股權的角度來看，優先股佔 2%，普通股佔 23%。

On the tZERO ROP, we own 14% of all of those tokens. On GrainChain, we own 9% direct. It's in a convertible note of $10 million. People have asked me if the note is converted. No, I'm not going to convert it because I'm continuing to accrue interest and the conversion is already set, and I don't want to give up our security or our interest, but we can convert it at any time.

在 tZERO ROP 上，我們擁有所有代幣的 14%。在 GrainChain 上，我們直接擁有 9%。這些代幣以 1000 萬美元的可轉換票據的形式持有。有人問我這張票據是否可以轉換。不，我不會轉換，因為我會繼續累積利息，而且轉換已經確定，我不想放棄我們的擔保或權益，但我們可以隨時轉換。

And then 14% in our indirect and then the balance of those Ripio, which is an outstanding company, huge, great value, we own 2% votes, we own 17%. Those are both, by the way, indirect. And then you can go down the rest of the list.

然後，我們持有14%的間接股權，其餘的Ripio，這是一家優秀的公司，規模龐大，價值巨大，我們擁有2%的投票權，我們擁有17%的投票權。順便說一下，這些都是間接的。然後，您可以查看清單的其餘部分。

That slide deck is available. When we talk about the contingent value right that we are exploring issuing, it would be Ripio on down. So everything on that list that you see out there today, Ripio, Vos, Pernova, Spira, Chainstone Labs, inclusive Mind, settlement, all of those will be part of that that CVR.

幻燈片已經準備好了。說到我們正在探索發行的附條件價值權，Ripio 會是其中之一。所以，今天您看到的清單上的所有項目，包括 Ripio、Vos、Pernova、Spira、Chainstone Labs、Mind、結算等等，都將成為 CVR 的一部分。

Back on the retail business. If we focus on patio, if we use that as a case study this quarter, what did you guys learn about what worked? What you were able to prove through the work that you did there, and any other, I guess, data points you can share on how that gets you excited about the opportunities as you sort of manage this really from a bottoms up perspective across the assortment?

回到零售業務。如果我們專注於露台，並以此作為本季的案例研究，你們了解到哪些有效的方法？你們透過在那裡所做的工作證明了什麼？還有其他什麼數據點，我想你們可以分享一下，這些數據點是如何讓你們對這個機會感到興奮的，因為你們實際上是從下至上的角度來管理整個產品線的？

Yeah. I think we talked about SKU curation, right? SKU curation. And so I think for the patio, we were really proud of the assortment that we had and then how we brought it to market. So I think just, quite simply, it's creating the engaging promos with the right assortment at the right price point and putting that puzzle together right.

是的。我記得我們討論過SKU（庫存單位）的策劃，對吧？ SKU的策劃。所以，對於露台系列，我們非常自豪於我們現有的產品組合，以及我們如何將其推向市場。所以，我認為，很簡單，就是用合適的產品組合和合適的價格點，創造出引人入勝的促銷活動，並把這些元素完美地整合在一起。

And I think we're proud of that effort in Q2, and we look forward to doing it in quarters to come with other categories as we expand.

我認為我們對第二季的努力感到自豪，我們期待在未來幾季隨著業務的擴展在其他類別中繼續這樣做。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

The first question was just on pricing. You guys obviously have a unique inventory model, but what are you hearing from vendors on your marketplace regarding their current approach to offsetting tariff headwinds? I think weeks ago, we were hearing from industry peers that suppliers were generally competing more for unit share and generally abstaining from price hikes. What are you guys seeing today?

第一個問題是關於定價的。你們顯然擁有獨特的庫存模型，但你們從市場上的供應商那裡了解到，他們目前是如何應對關稅不利因素的？我記得幾週前，我們從業內同行那裡聽說，供應商普遍在加大對市場份額的競爭，並且通常不會漲價。你們今天看到了什麼？

We've seen some modest price price hikes, and as I walked the furniture show on Sunday in Las Vegas and talking to a number of vendors of how they're handling it, they're acknowledging the necessity for them to absorb a big chunk of the tariff increase.

我們看到了一些小幅的價格上漲，週日我在拉斯維加斯的家具展上與一些供應商交談，了解他們如何應對這一情況，他們承認他們有必要承擔很大一部分關稅上漲。

I think we have everybody believing, as the marketplace does, that the elasticity with the consumer on goods such as we sell don't have a lot of room for flexibility. And we're going to obviously be fighting that battle to keep every last percentage point, but we're having to work on finding unique things both in the creation of unique things with some of our vendors and the stocking of some unique things.

我想，就像市場一樣，大家都相信我們銷售的這類商品的消費者彈性不大，沒有太多的彈性空間。我們當然會盡力保住每一個百分點，但我們必須努力尋找獨特的東西，無論是與一些供應商合作打造獨特的產品，還是儲備一些獨特的產品。

Just as a reminder, we don't traditionally carry inventory in a big way, but we do carry anywhere from 10 to 15 at any given time just to take advantage of those opportunities. Jonathan, I don't think we're going to see much in the way of pressure on our margins from tariffs.

提醒一下，我們傳統上不會大量持有庫存，但為了抓住機會，我們確實會隨時持有10到15個庫存。喬納森，我認為關稅不會對我們的利潤造成太大壓力。

We think that manufacturer is going to absorb most of it. If there's small things to be passed on, I think it may be on the short term until the new source of that product comes in. We are seeing a significant shift away from China, and a number of our manufacturers had already had that in the works when the new administration was put into office, but a percentage of the percentage of our business that's reliant on China is significantly lower than it was a year ago and hopefully will continue.

我們認為製造商會吸收大部分的損失。如果說有小部分需要轉嫁，我認為短期內可能會持續到新的產品來源地出現。我們看到了從中國轉移的重大趨勢，我們的許多製造商在新政府上任時就已經在為此做準備，但我們業務中對中國依賴的比例比一年前明顯下降，希望這種趨勢能夠持續下去。

And then just a quick follow up. Obviously, some good EBITDA momentum this quarter. How does that influence your timeline for breakeven?

然後快速跟進一下。顯然，本季EBITDA成長動能良好。這對您的損益平衡時間表有何影響？

Well, one of the things that I wanted to see was a specific month where we can do it. I was always looking for that inflection point, and there were moments inside the second quarter where I got really, really excited when the month closed. I'll leave it at that.

嗯，我想看到的事情之一就是我們能在哪個具體月份實現這個目標。我一直在尋找那個拐點，第二季的時候，當這個月結束時，我感覺非常非常興奮。我就不多說了。

And rather than setting ourselves up for failure, which, as everybody knows, when I first got here, we made that mistake. I'm focused on just getting there, but I also want to grow the business at the same time, so we have to find that balance.

我們不會讓自己陷入失敗的境地，正如大家所知，我剛來這裡時就犯了同樣的錯誤。我專注於實現目標，但同時也希望業務成長，所以我們必須找到平衡。

We have the cash burned down to a number, and as everybody can see from the cash flow statements, we were cash flow positive for the quarter based on timing. We are getting very close to me not worrying so much about it and now looking for growth.

我們的現金消耗已經降到一定水平，而且正如大家從現金流量表中看到的，按時間來看，本季我們的現金流為正。我們很快就能不再為此擔憂，而是開始尋求成長。

I don't ever want to say that losing $8 million in EBITDA isn't a big deal. But it isn't earth shattering when you're launching -- relaunching Overstock, launching buybuy BABY, trying to stabilize and grow Bed Bath & Beyond, working on a variety of other initiatives to improve the unified code base and do all those things.

我從來都不想說 EBITDA 損失 800 萬美元不是什麼大事。但當你在推出新產品時，這算不上什麼驚天動地的事——比如重新上線 Overstock、推出 buybuy BABY、努力穩定和發展 Bed Bath & Beyond、開展各種其他項目以改進統一代碼庫等等。

I'm not devastated by it. I'm not happy with it. But I'm not going to continue to cut like I was cutting before. The mindset of cut until we get there has left the building. Now it's we need to generate revenue. We need to improve margin. We need to lower our variable expenses in generating that to get to positive one.

我並沒有因此崩潰，只是不滿意。但我不會像以前那樣繼續削減開支。那種「不達標就削減」的思考模式已經過時了。現在我們需要創造收入，提高利潤率，降低變動成本，最終實現正利潤。

Sure, are there little things that we can cut here and there? Of course, there are, but we have changed our mindset from this transformative cost cutting, everything has to go mindset to let's find new vendors. Let's look for new innovative products, let's invest in new technology, and if there's a cost associated with that, let's disclose that.

當然，我們能不能削減一些小開銷呢？當然有，但我們已經改變了思維方式，不再進行變革性的成本削減，而是要尋找新的供應商。我們要尋找新的創新產品，投資新技術，如果這些都涉及成本，就公開揭露。

For example, I would say of the burn in Q2 of the EBITDA loss, about $1 million came from working on the unified code structure that we're working on. About $1 million came from testing in new categories. About $1 million came from trying new marketing techniques.

例如，我想說，第二季的EBITDA損失中，大約有100萬美元來自我們正在進行的統一程式碼結構的工作。大約有100萬美元來自新類別的測試。大約有100萬美元來自嘗試新的行銷技巧。

We could have avoided doing that. I don't think we would have had the quarter that we had. I think if we had not invested that, we may have lost 11, 12, or 13. So we're now in the mindset that we need to invest and we need to do it smartly.

我們本來可以避免這種情況。我認為我們本來不會取得那樣的成績。如果我們沒有投資，我們可能會損失11%、12%甚至13%。所以我們現在的心態是，我們需要投資，而且要明智地投資。

And the way that we do that and justify it is that we find transactions like the deal in Canada where we get a $5 million upfront payment and we get a revenue in perpetuity and we use that money to invest. That doesn't show up in our EBITDA number.

我們這樣做並證明其合理性的方法是，我們發現像加拿大那筆交易這樣的交易，我們獲得了500萬美元的預付款，並獲得了永久性收入，我們用這筆錢進行投資。但這筆收入不會反映在我們的EBITDA數據中。

That's $5 million is in our net income, not in our EBITDA. If it was in our EBITDA, we would have been negative 3. We don't want to play that game. We want to have good fundamentals, get the revenue up, get the margins in that range, get the SG&A down, and start to sell things. That's how we make money.

這500萬美元是我們的淨收入，而不是息稅折舊攤提前利潤（EBITDA）。如果算在EBITDA裡，我們的利潤率就會是-3。我們不想玩這個把戲。我們希望擁有良好的基本面，提高收入，將利潤率控制在那個範圍內，降低銷售、行政和管理費用（SG&A），然後開始銷售產品。這才是我們賺錢的方式。

Best of luck.

祝你好運。

Bernie McTernan, Needham.

伯尼·麥克特南，尼德姆。

Maybe just to start and apologies if I missed it, but was patio up year over year given the changes you were making and the reason for the question is just trying to think through getting the whole company back to positive revenue growth as you add more categories to that focus list, so really trying to get at do you think positive revenue growth is a reasonable bogey for next year?

也許只是為了開始，如果我錯過了，請原諒，但考慮到你所做的改變，收入是不是逐年增加，而提出這個問題的原因只是想想想如何讓整個公司恢復正收入增長，因為你在重點列表中添加了更多類別，所以真正想問的是，你是否認為正收入增長是明年合理的目標？

I believe that our material improvement in EBITDA was a function of mixing more into patio and more profitable patio transactions. Our revenue year over year in patio was down. Our contribution margins on patio was materially up.

我認為，EBITDA 的大幅提升得益於我們更多地投入露台業務以及更盈利的露台交易。我們露台業務的營收年減，但貢獻利潤率卻大幅提升。

When we went back and looked at what we did in patio in 2024, for the entire quarter of patio, we lost money on the contribution margin side and for those that are not familiar with how that works, we generated product margin.

當我們回過頭來回顧我們在 2024 年在露台上所做的事情時，我們發現，在整個露台季度中，我們在貢獻利潤方面虧損了，對於那些不熟悉其運作方式的人來說，我們產生了產品利潤。

And then all the money that it took to market it, deliver it, return it, but all of those things actually was negative, and we were not going to walk into that. So when you see the positive revenue growth year over year, it's not positive year over year, it's positive revenue growth first quarter to second quarter, but it's material positive contribution growth and growth margin growth year over year.

然後，還要考慮行銷、交付和退貨等所有成本，但所有這些成本實際上都是負數，我們不會承擔這些成本。所以，當你看到營收年增時，這不僅僅是同比增長，而是第一季到第二季的收入成長，而是貢獻和利潤率的實質同比增長。

And then also just wanted to touch on the bitcoin reserve and really just --

然後我也想談談比特幣儲備，其實只是——

I'm sorry, I didn't answer the second part of your question. We expect to have patio revenue growth in '26 against '25, yes.

抱歉，我沒有回答你問題的第二部分。是的，我們預計26年的露台收入將比25年有所成長。

And just wanted to ask on the bitcoin reserve. Really why is -- maybe just speaking high level, why is this the right thing to do for the company? I mean, how should we think about that reserve getting built up? Would you trade your own equity for bitcoin? Is this going to be cash from ops turns positive, that's going to be a use of cash? Just any more detail you could provide.

我只是想問一下關於比特幣儲備的問題。真的，為什麼——或許只是從高層角度來說，為什麼這對公司來說是正確的做法？我的意思是，我們該如何考慮建立這個儲備？你會用自己的股權來換比特幣嗎？這是否意味著營運現金流轉為正值，這是否意味著現金的用途？能否提供更多細節？

Cash from ops turning positive, number one. Number two, if we feel like we're in a good cash position, we may deploy some of our existing cash and transfer it over into that reserve. We are a technology blockchain company. This is what we do. This isn't some like fun thing that we just decided to get into.

第一，營運現金流轉正。第二，如果我們覺得現金狀況良好，我們可能會調配部分現有現金，轉入儲備金。我們是一家科技區塊鏈公司，這就是我們所做的。這可不是我們隨便決定要做的那種好玩的事。

The company used to have it and it needed to get rid of it to generate cash to keep its doors open. We're no longer at a point where we're worried about our doors being open, and we want to try to think about ways to make money.

公司以前有這個，現在需要處理掉它才能賺錢維持營運。現在我們不再擔心公司能否正常運營，而是想努力想辦法賺錢。

We believe that that accepting it as commerce and putting it on our balance sheet is back to what we should be doing. We can't be out there selling this whole new blockchain idea, new currency model, and not believing it and participating in it.

我們認為，接受它作為商業手段，並將其納入我們的資產負債表，才是我們應該做的。我們不能一邊兜售這種全新的區塊鏈概念、新的貨幣模式，一邊卻不相信它、不參與其中。

Are we going to bet the farm? Of course, we aren't. We would never do that. Are we going to go out and raise $4 billion to put it on our balance sheet? Of course, we aren't, but we are going to start to lean into it because that's who we are and we want to make money on our money.

我們要孤注一擲嗎？當然不會。我們永遠不會這麼做。我們要出去籌集40億美元，然後把它放在我們的資產負債表上嗎？當然不會，但我們會開始傾向於這樣做，因為這就是我們的本性，我們希望用我們的錢來賺錢。

And that's all the time you have left for Q&A.

這就是您剩下的所有問答時間了。

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

現在，我想把電話交給馬庫斯，請他做最後發言。請繼續。

Great. Thank you so much. We're obviously looking forward to our callbacks and we'll be answering questions as we deliver Q3. Thanks so much.

太好了！非常感謝！我們非常期待後續的回訪，我們將在第三季交付時解答大家的問題。非常感謝！

Ladies and gentlemen, that concludes today's conference call. We thank you for your participation. You may now disconnect your lines. Have a pleasant day, everyone.

女士們，先生們，今天的電話會議到此結束。感謝各位的參與。現在您可以掛斷電話了。祝大家有個愉快的一天。