Figs Inc (FIGS) 2023 Q1 法說會逐字稿

Good afternoon, and thank you for joining the FIGS' First Quarter Fiscal 2023 Earnings Call. My name is Kate, and I will be the moderator for today's call. (Operator Instructions)

下午好，感謝您參加 FIGS 的 2023 財年第一季度收益電話會議。我叫凱特，我將擔任今天電話會議的主持人。 （操作員說明）

I would now like to pass the call over to our host, Jean Fontana, Head of Investor Relations at FIGS. You may proceed.

我現在想把電話轉給我們的主持人，無花果投資者關係主管讓·豐塔納。你可以繼續。

Good afternoon. And thank you for joining today's call to discuss FIGS' first quarter 2023 results, which we released this afternoon and can be found in our earnings press release and in the stockholder slide deck on our Investor Relations website at ir.wearfigs.com. Presenting on today's call are Trina Spear, our Co-Founder and Chief Executive Officer; Daniella Turenshine, our Chief Financial Officer.

下午好。感謝您參加今天的電話會議，討論我們今天下午發布的 FIGS 2023 年第一季度業績，您可以在我們的收益新聞稿和投資者關係網站 ir.wearfigs.com 的股東幻燈片中找到這些業績。出席今天電話會議的有我們的聯合創始人兼首席執行官 Trina Spear；我們的首席財務官 Daniella Turenshine。

As a reminder, remarks on this call that do not concern past events are forward-looking statements. They may include predictions, expectations or estimates, including about future financial performance, market opportunity or business plans. Forward-looking statements involve risks and uncertainties and actual results could differ materially. These and other risks are discussed in our SEC filings, including in the 10-Q we filed today, which we encourage you to review. Do not place undue reliance on forward-looking statements, which speak only as of today and which we undertake no obligation to update.

提醒一下，與過去事件無關的關於本次電話會議的評論均為前瞻性陳述。它們可能包括預測、期望或估計，包括關於未來財務業績、市場機會或商業計劃的預測、期望或估計。前瞻性陳述涉及風險和不確定性，實際結果可能存在重大差異。這些風險和其他風險在我們向美國證券交易委員會提交的文件中進行了討論，包括我們今天提交的 10-Q，我們鼓勵您查看這些文件。不要過分依賴前瞻性陳述，這些陳述僅在今天發表，我們不承擔更新的義務。

Finally, we will discuss certain non-GAAP metrics and key performance indicators, which we believe are useful supplemental measures for understanding our business. Definitions or reconciliations of these non-GAAP measures to their most comparable GAAP measures are included in the stockholder slide deck we issued today.

最後，我們將討論某些非 GAAP 指標和關鍵績效指標，我們認為它們是了解我們業務的有用補充措施。這些非 GAAP 措施與其最具可比性的 GAAP 措施的定義或調節包含在我們今天發布的股東幻燈片中。

Now I would like to turn the call over to Trina Spear, Chief Executive Officer of FIGS.

現在我想把電話轉給無花果公司的首席執行官 Trina Spear。

Thank you, and good afternoon, everyone. We are pleased to have exceeded our first quarter expectations across key financial metrics. We delivered profitable growth through disciplined execution of our strategies and are on track to achieve meaningfully improved inventory levels by year-end. While the macro environment remains uncertain, FIGS is an iconic brand and I believe that we will advance our leadership position in the health care apparel industry while expanding our TAM.

謝謝，大家下午好。我們很高興第一季度的主要財務指標超出了我們的預期。我們通過嚴格執行我們的戰略實現了盈利增長，並有望在年底前實現顯著改善的庫存水平。雖然宏觀環境仍不明朗，但無花果是一個標誌性品牌，我相信我們將在擴大 TAM 的同時提升我們在保健服裝行業的領導地位。

Touching on the financial highlights from our first quarter. Net revenues grew 9% to $120 million as compared to the first quarter last year. We delivered gross margin of 71.3% and adjusted EBITDA margin of 13.4%, all of which were above expectations. Our growth was fueled by a 22% increase in active customers, driven by strong customer loyalty as reflected in record reactivation rates during the quarter as well as new customers. LTM revenue per customer was down 4% to $216, due in part to a nearly 2% decline in AOV and lower frequency versus last year. While these metrics were down year-over-year, they were ahead of our expectations. Once macro pressures subside and as we continue to advance our initiatives, we believe these metrics will improve.

談談我們第一季度的財務亮點。與去年第一季度相比，淨收入增長了 9%，達到 1.2 億美元。我們實現了 71.3% 的毛利率和 13.4% 的調整後 EBITDA 利潤率，均高於預期。我們的增長受到活躍客戶增加 22% 的推動，這得益於強大的客戶忠誠度，這反映在本季度創紀錄的重新激活率以及新客戶中。每個客戶的 LTM 收入下降了 4% 至 216 美元，部分原因是 AOV 下降了近 2%，而且與去年相比頻率較低。雖然這些指標同比下降，但超出了我們的預期。一旦宏觀壓力消退，隨著我們繼續推進我們的舉措，我們相信這些指標將會改善。

International continued to deliver strong performance with revenue growth of 45%, driven by expanding brand awareness and engagement across our global markets. I want to thank our team for their unwavering commitment to serving health care professionals each and every day. I also want to thank our Awesome Humans for their loyalty as we continue to support them through our solutions-based product innovation as well as through our efforts around advocacy and giving back.

在品牌知名度和全球市場參與度不斷提高的推動下，國際業務繼續實現強勁業績，收入增長 45%。我要感謝我們的團隊堅定不移地致力於每天為醫療保健專業人員提供服務。我還要感謝我們優秀的員工的忠誠，因為我們通過基於解決方案的產品創新以及我們圍繞宣傳和回饋的努力繼續支持他們。

Since our call at the end of February, we've continued to build out the layering system with proprietary non-scrubs products engineered to work with our best-selling scrubs. Our recently launched ContourKnit Jacket exemplifies how we transformed customer feedback into innovative products with distinct features that address the specific needs of health care professionals. Our ContourKnit Jacket has been one of the best performing outerwear pieces in our history.

自 2 月底的電話會議以來，我們一直在繼續構建分層系統，其中專有的非磨砂產品專為與我們最暢銷的磨砂產品搭配使用而設計。我們最近推出的 ContourKnit 夾克體現了我們如何將客戶反饋轉化為具有獨特功能的創新產品，以滿足醫療保健專業人員的特定需求。我們的 ContourKnit 夾克是我們歷史上表現最好的外套之一。

As we continue to see notable strength in our extended size offering launched in December, we are encouraged by both new customer acquisition and the positive feedback we are receiving on our extended sizes offering. The work we have done around FIGS showcases our commitment to serving all health care professionals. We will continue to roll out extended sizes across our assortment throughout the year.

由於我們繼續看到我們在 12 月推出的擴展尺寸產品的顯著優勢，我們對新客戶的獲取和我們收到的關於擴展尺寸產品的積極反饋感到鼓舞。我們圍繞無花果所做的工作展示了我們為所有醫療保健專業人員服務的承諾。全年，我們將繼續在我們的產品系列中推出更大尺寸的產品。

Looking at our marketing initiatives. In celebration of our 10-year anniversary, we launched our FIGS10 Iconic Series campaign, giving our health care professionals a chance over 10 weeks to grab their favorite injection colors by bringing back our most popular ones of all time. Loyal health care professionals jumped at the opportunity to purchase these iconic colors, while those new to FIGS were able to experience them for the first time.

看看我們的營銷舉措。為慶祝我們成立 10 週年，我們推出了 FIGS10 標誌性系列活動，讓我們的醫療保健專業人員有超過 10 週的機會通過帶回我們一直以來最受歡迎的注射顏色來獲取他們最喜歡的注射顏色。忠誠的醫療保健專業人士抓住機會購買了這些標誌性的顏色，而那些剛接觸無花果的人則能夠第一次體驗到它們。

This event is a great example of how we create excitement and move through inventory while maintaining discipline around our discount rates. Although our recent color launches have not generated the same level of demand that we saw during the height of the pandemic, they remain one of the most effective drivers of customer traffic and excitement.

這個事件是一個很好的例子，說明我們如何在保持折扣率方面的紀律的同時創造興奮和移動庫存。儘管我們最近推出的色彩產品並沒有產生我們在大流行高峰期看到的相同水平的需求，但它們仍然是客戶流量和興奮度最有效的驅動因素之一。

For International Women's Day, we celebrated Dr. Sarah Kilpatrick, Chair of Obstetrics and Gynecology at Cedars-Sinai Hospital. She has done incredible work in women's medicine and co-founded CREWHS, The Center for Research in Women's Health and Sex Differences. As a female founder in my organization, we are proud to celebrate Dr. Kilpatrick's achievements and especially proud to have donated $250,000 towards CREWHS' medical research.

在國際婦女節，我們慶祝了 Cedars-Sinai 醫院婦產科主任 Sarah Kilpatrick 博士。她在女性醫學方面做出了令人難以置信的工作，並與人共同創立了 CREWHS，即女性健康和性別差異研究中心。作為我組織的女性創始人，我們很自豪地慶祝 Kilpatrick 博士的成就，尤其自豪地為 CREWHS 的醫學研究捐贈了 250,000 美元。

Our commitment to this community has fostered enduring brand strength and remains a key differentiator. Data continues to illustrate that FIGS garners industry-leading customer loyalty. In a recent third-party brand survey, FIGS ranked highest on brand sentiment and across several attributes, including quality, comfort, functionality and style. We also experienced the highest purchasing intent from respondents.

我們對這個社區的承諾培養了持久的品牌實力，並且仍然是一個關鍵的差異化因素。數據繼續表明無花果獲得了行業領先的客戶忠誠度。在最近的第三方品牌調查中，無花果在品牌情感和多個屬性（包括質量、舒適度、功能和風格）方面排名最高。我們還發現受訪者的購買意向最高。

This aligns with prior data indicating that the percent of new customers who repurchased FIGS within 1/4 of their initial purchase is 2x to 3x higher than for other scrubs companies. Our goal is to continue to deliver the product and experience that widens the moat and furthers our lead versus everyone else. To that end, I'd like to provide an update on our growth strategies.

這與之前的數據一致，表明在首次購買的 1/4 內重新購買無花果的新客戶的百分比比其他磨砂公司高 2 到 3 倍。我們的目標是繼續提供拓寬護城河的產品和體驗，並進一步擴大我們與其他人的領先優勢。為此，我想提供有關我們增長戰略的最新信息。

As you know, we are laser-focused on innovation. Over the last few years, we've built our layering system of scrubs and non-scrubs with purposeful functionality and comfort in every product, while combining this with our unique, cool, and playful DNA. We keep our health care professionals engaged with our brands with constant innovation, which is informed by our data and customer feedback. Our recently launched Uman Relaxed Jogger was designed based on feedback from our customers requesting a raised waistband. We are seeing strong early results and awesome feedback across social media.

如您所知，我們非常專注於創新。在過去的幾年裡，我們構建了我們的磨砂和非磨砂分層系統，在每件產品中都具有有針對性的功能和舒適性，同時將其與我們獨特、酷炫和有趣的 DNA 相結合。我們通過不斷的創新讓我們的醫療保健專業人員與我們的品牌保持聯繫，這些創新來自我們的數據和客戶反饋。我們最近推出的 Uman Relaxed Jogger 是根據客戶要求加高腰帶的反饋而設計的。我們在社交媒體上看到了強大的早期結果和令人敬畏的反饋。

Our FREEx fabric featuring anti-static, lightweight, water-repellent attributes is another example of innovation resulting from customer requests for lighter-weight alternatives. We will continue to build our solutions-based offerings utilizing this fabrication, which is made almost entirely from recycled and upcycled materials. Our FIGS PRO office-ready collection addresses the demand gap left by traditional apparel companies that don't meet the specific needs of health care professionals. We plan to add several new silhouettes and fabrics to our FIGS PRO line, which is yet another example of how we're expanding our TAM. Innovations like FREEx and FIGS PRO represent completely new categories from which we're able to learn and iterate to build out these collections.

我們的 FREEx 面料具有抗靜電、輕質、防水特性，是因客戶要求更輕的替代品而產生的創新的另一個例子。我們將繼續利用這種幾乎完全由回收和升級回收材料製成的製造來構建我們基於解決方案的產品。我們的 FIGS PRO 辦公室就緒系列解決了傳統服裝公司留下的無法滿足醫療保健專業人員特定需求的需求缺口。我們計劃在我們的 FIGS PRO 系列中添加幾個新的輪廓和麵料，這是我們如何擴展 TAM 的又一個例子。 FREEx 和 FIGS PRO 等創新代表了全新的類別，我們可以從中學習和迭代以構建這些集合。

While we continue to expect our core scrubs to represent a high percentage of our overall sales, we are excited about the potential to drive significantly higher net revenue for active customer by addressing a greater portion of health care professional's needs with expanded offerings. Importantly, our ability to drive revenue in non-scrubs illustrates that health care professionals have entrusted us to address their lifestyle needs beyond their scrubs.

雖然我們繼續期望我們的核心磨砂膏占我們總銷售額的很大一部分，但我們很高興有可能通過擴大產品範圍來滿足醫療保健專業人士的更大需求，從而為活躍客戶帶來更高的淨收入。重要的是，我們在非磨砂膏中推動收入的能力表明，醫療保健專業人士已委託我們解決他們在磨砂膏之外的生活方式需求。

Next, I will speak to our marketing strategy. Across our communication channels, we are being more intentional in our storytelling to emphasize our product attributes. We create brand moments that showcase our leadership and product innovation and our relentless support of the health care community. [We're not done being] the first campaign highlights our product attributes. This theme was introduced for our launch of the ContourKnit Jacket and will align with future product launches throughout the year. Our stream of product innovation creates a flywheel effect in our business through work now.

接下來，我將談談我們的營銷策略。在我們的溝通渠道中，我們在講故事時更有意識地強調我們的產品屬性。我們創造品牌時刻，展示我們的領導力和產品創新以及我們對醫療保健社區的不懈支持。 [我們還沒有完成] 第一個活動突出了我們的產品屬性。這個主題是在我們推出 ContourKnit 夾克時引入的，並將與全年未來的產品發布保持一致。我們的產品創新流通過現在的工作在我們的業務中創造了飛輪效應。

As our loyal health care professionals go to work each day wearing the latest FIGS, they generate new customers. And as our base gets bigger, we expect this flywheel effect to multiply. This is how we have maintained efficiency in marketing spend that enables us to invest in new ways to reach our community. We're also delivering a more consistent cadence of marketing communication around product education. It keeps us top of mind amongst the health care community. This evergreen marketing approach is showing early success in driving stronger traffic on non-launch days, which is enabling us to maintain a highly efficient marketing spend.

當我們忠實的醫療保健專業人員每天穿著最新的無花果去上班時，他們會產生新的客戶。隨著我們的基地越來越大，我們預計這種飛輪效應會成倍增加。這就是我們保持營銷支出效率的方式，使我們能夠投資於新的方式來接觸我們的社區。我們還圍繞產品教育提供更一致的營銷傳播節奏。它使我們在醫療保健社區中保持領先地位。這種常青的營銷方法在非發布日推動更強勁的流量方面取得了初步成功，這使我們能夠保持高效的營銷支出。

Our ambassador program remains an important driver of this organic growth. We've employed a more localized strategy to better leverage our growing network of influential ambassadors by hosting frequent events across North America. For the second quarter, these events will include our Nurses Week event in Seattle, Meet FIGS in Toronto, and Pride Day in San Francisco.

我們的大使計劃仍然是這種有機增長的重要推動力。我們採用了更加本地化的策略，通過在北美頻繁舉辦活動，更好地利用我們不斷壯大的有影響力的大使網絡。對於第二季度，這些活動將包括我們在西雅圖舉行的護士周活動、在多倫多舉行的 Meet FIGS 活動以及在舊金山舉行的驕傲日活動。

Turning to personalization. We are encouraged by the signs we are seeing as our database has grown and we have expanded our product offerings. We're building on our personalization strategies, and we're effectively tailoring our communication to every single health care professional based on their individual needs and wants.

轉向個性化。隨著我們的數據庫不斷壯大，我們已經擴大了我們的產品範圍，我們看到的跡象讓我們感到鼓舞。我們正在建立我們的個性化策略，我們正在根據每個醫療保健專業人員的個人需求和願望有效地調整我們的溝通方式。

Lastly, we're driving (inaudible) in our early stage business. Internationally, we're already seeing the benefits of localization strategies, and we're rolling out translations for certain non-English-speaking countries starting this month. We continue to build upon our early learnings as well as grow our local ambassador networks within each market.

最後，我們正在推動（聽不清）我們的早期業務。在國際上，我們已經看到了本地化策略的好處，我們將從本月開始為某些非英語國家推出翻譯。我們繼續在早期學習的基礎上發展，並在每個市場內發展我們的本地大使網絡。

Importantly, we're maintaining our investment discipline as we build our presence across regions. With almost 120 million health care professionals outside of the United States, we are extremely energized by the opportunity in front of us. Within Teams, we remain on track to launch an updated version of our technology platform as we look to elevate our customer experience and expand our available assortment. Today, this is a small portion of our revenue, and we're making sure we maintain a methodical approach to grow this business over time. We believe this is a significant opportunity that we barely have in (inaudible).

重要的是，我們在跨地區建立業務時會保持投資紀律。在美國以外有近 1.2 億醫療保健專業人員，我們對眼前的機會充滿活力。在 Teams 中，我們將繼續按計劃推出技術平台的更新版本，因為我們希望提升客戶體驗並擴展我們的可用產品種類。今天，這只是我們收入的一小部分，我們正在確保我們保持一種有條不紊的方法來隨著時間的推移發展這項業務。我們相信這是一個我們幾乎沒有的重要機會（聽不清）。

Turning to retail. We are on track to open our first store this fall. We believe that our retail stores will provide a great opportunity for health care professionals to connect and experience our products and to engage with each other through our community hubs. Operationally, we are committed to making investments that will support long-term profitable growth. We are making progress on our fulfillment enhancement project, which we expect to drive greater flexibility, reliability, and speed to market across our distribution channels. Daniella will provide an update on the project details shortly.

轉向零售。我們有望在今年秋天開設我們的第一家商店。我們相信，我們的零售店將為醫療保健專業人士提供一個很好的機會來連接和體驗我們的產品，並通過我們的社區中心相互交流。在運營方面，我們致力於進行支持長期盈利增長的投資。我們正在推進我們的履行增強項目，我們希望通過我們的分銷渠道提高靈活性、可靠性和上市速度。 Daniella 將很快提供有關項目詳細信息的最新信息。

We are also continuously working to diversify our supply chain with the best-in-class manufacturers. We've always prided ourselves on the strength of our supply chain, and we're excited to build next-level capabilities as we work with amazing partners that help us bring our vision to life.

我們還不斷努力與一流的製造商合作，使我們的供應鏈多樣化。我們一直以我們供應鏈的實力為榮，我們很高興與優秀的合作夥伴合作，打造更高水平的能力，幫助我們實現我們的願景。

In closing, we continue to expect growth in 2023 to be moderated by a challenging and uncertain macro environment. While we continue to see that the health care industry has greater resilience than other industries, our health care professionals are not immune to higher inflation. We continue to focus on building strong loyalty and connections with our customers so when these macro headwinds subside in the future, we're well-positioned to deliver accelerated growth. In the meantime, we're managing our business prudently, enabling us to deliver continued profitability.

最後，我們繼續預計 2023 年的增長將受到充滿挑戰和不確定的宏觀環境的影響。雖然我們繼續看到醫療保健行業比其他行業具有更大的彈性，但我們的醫療保健專業人員也不能免受更高通脹的影響。我們繼續專注於與客戶建立強大的忠誠度和聯繫，因此當這些宏觀逆風在未來消退時，我們有能力實現加速增長。與此同時，我們審慎地管理我們的業務，使我們能夠持續盈利。

Overall, we plan to continue to disrupt the landscape of the health care apparel industry and expand our TAM by helping health care professionals do their jobs better and look and feel great on-shift, off-shift, head to toe. We see tremendous opportunity globally and believe that our product innovation, combined with the power of our brand, will fuel further market share gains. We have scale, profitability, and a strong balance sheet with no debt. We expect to generate free cash flow to support our sustainable long-term profitable growth for years to come.

總體而言，我們計劃繼續顛覆醫療保健服裝行業的格局，並通過幫助醫療保健專業人員更好地完成工作並在輪班、下班、從頭到腳看起來和感覺良好來擴大我們的 TAM。我們在全球範圍內看到了巨大的機遇，並相信我們的產品創新與我們品牌的力量相結合，將進一步推動市場份額的增長。我們擁有規模、盈利能力和沒有債務的強大資產負債表。我們希望產生自由現金流，以支持我們未來幾年可持續的長期盈利增長。

With that, I'll turn the call over to Daniella.

有了這個，我會把電話轉給丹妮拉。

Good afternoon, everyone. We are pleased to deliver better-than-expected results for the first quarter with strong flow-through of top line outperformance. We are making progress against our initiatives while exercising discipline around expense management and we expect to deliver positive free cash flow for the remainder of the year. I will begin with a review of our first quarter financial results, followed by our outlook.

大家下午好。我們很高興第一季度的業績好於預期，營收表現強勁。我們在實施費用管理紀律的同時，我們的舉措正在取得進展，我們預計將在今年剩餘時間提供正的自由現金流。我將首先回顧我們第一季度的財務業績，然後是我們的展望。

Beginning with first quarter net revenues. We grew 9.2% to $120.2 million, compared to $110.1 million in Q1 last year, reflecting an increase in orders, partially offset by modestly lower AOV. While frequency trends in AOV were down year-over-year, they were better than expected. Growth in active customers remains robust, increasing 22% as we welcome new health care professionals to the FIGS brand globally. In addition, we continue to see more of our customers, who have not purchased within the last year, come back to the brand after month 12.

從第一季度淨收入開始。與去年第一季度的 1.101 億美元相比，我們增長了 9.2% 至 1.202 億美元，這反映出訂單的增加，部分被 AOV 小幅下降所抵消。雖然 AOV 的頻率趨勢同比下降，但好於預期。隨著我們在全球範圍內歡迎新的醫療保健專業人士加入 FIGS 品牌，活躍客戶的增長依然強勁，增長了 22%。此外，我們繼續看到更多去年沒有購買過的客戶在第 12 個月後再次購買該品牌。

Turning to AOV. We saw a decline of 1.7% to $114. This compares to $116 in Q1 2022, which benefited from an elevated mix of non-scrub layer associated with one of the largest New Balance launches as well as supply chain disruptions causing our stocks in our core scrubs products. In addition, a higher mix of sales were derived from promotions, again, in line with our expectations given the macro environment.

轉向 AOV。我們看到下跌 1.7% 至 114 美元。相比之下，2022 年第一季度為 116 美元，這得益於與 New Balance 最大發布之一相關的非磨砂層組合的增加，以及供應鏈中斷導致我們的核心磨砂產品存貨。此外，較高的銷售組合來自促銷活動，這再次符合我們在宏觀環境下的預期。

Gross margin for Q1 was above our expectations at 71.3%, compared to 71.2% in Q1 2022. The 10 basis point increase compared to Q1 last year was primarily due to lower air freight utilization, partially offset by the higher mix of promotions and higher duties.

第一季度的毛利率高於我們的預期，為 71.3%，而 2022 年第一季度為 71.2%。與去年第一季度相比增長 10 個基點，這主要是由於空運利用率較低，部分被更高的促銷組合和更高的關稅所抵消.

Moving to operating expenses. Selling expense for Q1 was $31.2 million, representing 25.9% of net revenues, compared to 20% in Q1 2022. This 590 basis point increase was largely due to higher costs within fulfillment, including a 290 basis point impact from incremental warehouse storage and associated labor necessary to house inventory we pull forward. To a lesser degree, the increase in selling expense reflects duty subsidies that we put in place in the third quarter of last year for international sales.

轉到運營費用。第一季度的銷售費用為 3120 萬美元，占淨收入的 25.9%，而 2022 年第一季度為 20%。這 590 個基點的增長主要是由於履行成本增加，包括增量倉庫存儲和相關勞動力帶來的 290 個基點的影響有必要容納我們向前推進的庫存。在較小程度上，銷售費用的增加反映了我們在去年第三季度為國際銷售實施的關稅補貼。

Marketing expense for Q1 was $17.1 million, representing 14.2% of net revenues, compared to 14% in Q1 2022. Our marketing initiatives enabled us to maintain a healthy return on ad spend while driving strong new customer acquisition.

第一季度的營銷費用為 1710 萬美元，占淨收入的 14.2%，而 2022 年第一季度為 14%。我們的營銷舉措使我們能夠保持健康的廣告支出回報，同時推動強勁的新客戶獲取。

G&A expense for Q1 was $34.2 million, representing 28.4% of net revenues, compared to 24.7% in Q1 2022. The increase was due to the change in accrual methodology we discussed in our Q3 2022 call related to charitable donations, an increase in stock-based compensation and increase in professional fees, including public company costs such as those associated with the implementation of Sarbanes-Oxley 404.

第一季度的 G&A 費用為 3420 萬美元，占淨收入的 28.4%，而 2022 年第一季度為 24.7%。這一增長是由於我們在 2022 年第三季度電話會議中討論的與慈善捐贈相關的應計方法發生變化，庫存增加——基於補償和專業費用的增加，包括上市公司成本，例如與實施薩班斯 - 奧克斯利法案 404 相關的成本。

Our net income was $1.9 million, or $0.01 in diluted EPS, for the first quarter. Adjusted net income was $2.5 million, and adjusted diluted EPS was $0.01 in Q1. This compares to adjusted net income and adjusted diluted EPS of $10.5 million and $0.05 per share in Q1 2022, respectively. Finally, our adjusted EBITDA for Q1 was $16.1 million for an adjusted EBITDA margin of 13.4%, compared to 22.7% in Q1 2022.

我們第一季度的淨收入為 190 萬美元，即攤薄每股收益 0.01 美元。第一季度調整後淨收入為 250 萬美元，調整後攤薄每股收益為 0.01 美元。相比之下，2022 年第一季度的調整後淨收入和調整後攤薄每股收益分別為 1050 萬美元和 0.05 美元。最後，我們調整後的第一季度 EBITDA 為 1610 萬美元，調整後的 EBITDA 利潤率為 13.4%，而 2022 年第一季度為 22.7%。

Turning to our balance sheet. We maintained a strong cash position, finishing the quarter with $156 million in cash and cash equivalents. Inventory totaled $180 million at the end of the first quarter. As we stated on our last call, we expected inventory to peak in Q1 and decline sequentially through the remainder of 2023.

轉向我們的資產負債表。我們保持了強勁的現金狀況，本季度結束時現金和現金等價物為 1.56 億美元。第一季度末庫存總額為 1.8 億美元。正如我們在上次電話會議上所說，我們預計庫存將在第一季度達到峰值，並在 2023 年剩餘時間內依次下降。

Looking at inventory on hand, approximately 55% is comprised of always in stock, seasonless core styles and classic colors and, therefore, doesn't have significant obsolescence risk. An additional 20% of our inventory balance is an upcoming styles and colors. We are making good progress towards getting inventory to 25 weeks of supply by year-end while maintaining discipline around promotional activity to protect the long-term health of our brand.

從現有庫存來看，大約 55% 的庫存由常備庫存、無季節變化的核心款式和經典顏色組成，因此沒有顯著的過時風險。我們庫存餘額的另外 20% 是即將推出的款式和顏色。我們在年底前使庫存達到 25 週的供應量方面取得了良好進展，同時在促銷活動方面保持紀律以保護我們品牌的長期健康。

Moving to our outlook. Consistent with the factors we discussed last quarter, our guidance assumptions incorporate a challenging macro environment through the remainder of 2023. We expect these headwinds to continue to impact frequency trends and result in a higher mix of promotional sales. As we manage through these temporary headwinds, we remain profitable, and we'll continue to make investments in our business to drive healthy long-term growth.

轉向我們的前景。與我們上個季度討論的因素一致，我們的指導假設在 2023 年剩餘時間內納入了充滿挑戰的宏觀環境。我們預計這些不利因素將繼續影響頻率趨勢，並導致更高的促銷組合。在我們度過這些暫時的逆風時，我們仍然盈利，我們將繼續對我們的業務進行投資，以推動健康的長期增長。

For the second quarter, we expect net revenue growth to be between 8% and 10%. We expect future gross margin to be slightly below 68% due to a higher mix of promotional sales associated with our annual Nurses Week event and product mix related to new launches. We expect these headwinds to be partially offset by lower airfreight utilization year-over-year.

對於第二季度，我們預計淨收入增長將在 8% 至 10% 之間。我們預計未來的毛利率將略低於 68%，因為與我們年度護士周活動相關的促銷銷售組合和與新產品發布相關的產品組合更高。我們預計這些不利因素將被同比較低的空運利用率部分抵消。

Looking at operating expenses. Due to higher labor utilization than we previously anticipated, we now expect the warehouse storage fees and associated costs to impact selling expense by approximately 220 basis points in the second quarter. For G&A, we continue to expect to leverage year-over-year due to an increase in stock-based compensation and personnel-related costs.

查看運營費用。由於勞動力利用率高於我們之前的預期，我們現在預計倉庫倉儲費和相關成本將在第二季度影響銷售費用約 220 個基點。對於 G&A，由於基於股票的薪酬和人員相關成本的增加，我們繼續預計會比去年同期槓桿化。

As a result of these factors, we expect second quarter adjusted EBITDA margin to be between 9% and 10%. For the full year, we expect net revenues to increase between 5.5% and 7.5%. As we look at the second half of the year, we expect tougher compares for 2 reasons: first, we are anticipating a difficult macro environment; and second, we will be lapping the very strong new customer adds last year.

由於這些因素，我們預計第二季度調整後的 EBITDA 利潤率將在 9% 至 10% 之間。對於全年，我們預計淨收入將增長 5.5% 至 7.5%。展望下半年，我們預計會更加艱難，原因有二：第一，我們預計宏觀環境會很艱難；其次，我們將與去年增加的非常強大的新客戶合作。

We expect Q3 to be the most challenged in terms of year-over-year net revenue growth due to the shift in timing of our product launch and marketing calendars. We now expect gross margin for the year to be closer to 69% as we pass through the better-than-expected Q1 results. We expect gross margin to improve sequentially in the back half due to timing of promotional calendars and product launches.

由於我們的產品發布和營銷日曆的時間發生了變化，我們預計第三季度在同比淨收入增長方面將面臨最大挑戰。我們現在預計今年的毛利率將接近 69%，因為我們通過了好於預期的第一季度業績。由於促銷日曆和產品發布的時間安排，我們預計毛利率將在下半年環比提高。

Turning to selling expense. As it relates to our fulfillment project, we are providing an update on the timing of this initiative. The estimated cost associated with the implementation and execution of this project remain between $16 million and $18 million. However, we now expect to incur the bulk of these costs in 2024. Associated with this timing shift, we plan to extend the use of storage facilities through the end of 2023. As a result, we now expect selling expense pressure from excess storage and associated costs in addition to initial fulfillment costs combined to be approximately 250 basis points for the full year 2023 versus our previous expectation of 300 basis points.

轉向銷售費用。由於它與我們的履行項目有關，我們將提供有關該計劃時間安排的最新信息。與該項目的實施和執行相關的估計費用保持在 1600 萬美元至 1800 萬美元之間。然而，我們現在預計這些成本的大部分將在 2024 年發生。與這種時間轉移相關，我們計劃將存儲設施的使用延長到 2023 年底。因此，我們現在預計銷售費用壓力來自過度存儲和2023 年全年，除初始履行成本外的相關成本合計約為 250 個基點，而我們此前預期為 300 個基點。

G&A is still expected to deleverage for the full year, in part due to investments associated with growing our international and Teams businesses, product innovation, and an increase in stock-based compensation as well as our accrual for future inventory donations. As a reminder, our G&A for Q3 last year reflected a 190 basis point benefit due to a change in our accrual methodology for charitable donations.

G&A 預計全年仍將去槓桿化，部分原因是與我們的國際和團隊業務增長、產品創新、基於股票的薪酬增加以及我們未來庫存捐贈的應計費用相關的投資。提醒一下，由於我們對慈善捐贈的權責發生製方法發生了變化，我們去年第三季度的 G&A 反映了 190 個基點的收益。

As a result of these factors and based on our Q1 outperformance, we now expect adjusted EBITDA margin for the full year of 2023 to be between 12% and 13%. We expect capital expenditures of between $24 million and $26 million for the full year of 2023. This reflects approximately $20 million for the fulfillment project with the remainder being related to software investments at our retail store build-out.

由於這些因素以及我們第一季度的出色表現，我們現在預計 2023 年全年調整後的 EBITDA 利潤率將在 12% 至 13% 之間。我們預計 2023 年全年的資本支出在 2400 萬美元至 2600 萬美元之間。這反映了大約 2000 萬美元用於履行項目，其餘部分與我們零售店擴建的軟件投資有關。

We remain a clear leader in health care apparel with significant growth opportunities in front of us. Our strong balance sheet and ability to generate healthy free cash flow positions us well to invest in our future growth. Near term, we remain focused on managing our business prudently through macro and cost headwinds. We believe we have a line of sight to return to high teens plus EBITDA margin as we move past some transitory costs, fulfillment investments and as we right size our inventory.

我們仍然是保健服裝領域的明顯領導者，我們面前有巨大的增長機會。我們強大的資產負債表和產生健康自由現金流的能力使我們能夠很好地投資於我們未來的增長。近期，我們仍然專注於通過宏觀和成本逆風審慎管理我們的業務。我們相信，隨著我們克服一些暫時性成本、履行投資以及調整庫存規模，我們有希望回到高位青少年加上 EBITDA 利潤率。

With that, I will turn it over to the operator to kick off our Q&A session. Operator?

有了這個，我將把它交給接線員來開始我們的問答環節。操作員？

(Operator Instructions) Our first question will be from the line of Ed Yruma with Piper Sandler.

（操作員說明）我們的第一個問題將來自 Ed Yruma 和 Piper Sandler 的台詞。

I guess, first, thanks for the update on inventory and when you kind of expect to get to alignment. I guess, just maybe looking at some of the promos you ran in the first quarter, how would you gauge your success in kind of closing out the inventory you wanted to close out? And as we think about the promotional cadence going forward, are there -- how should we think about the shape of that kind of promotional curve as you wind through that excess inventory?

我想，首先，感謝您更新庫存以及您希望何時達成一致。我想，也許只是看看你在第一季度進行的一些促銷活動，你會如何衡量你在關閉你想要關閉的庫存方面的成功？當我們考慮未來的促銷節奏時，我們應該如何考慮那種促銷曲線的形狀，因為你會通過多餘的庫存？

And then as a follow-up, I know you guys had some really interesting innovation in the quarter, you launched Reed Scrub Jacket. Maybe just any more color on the performances, some of the new SKUs you launched and kind of how you see that unfolding for the balance of the year?

然後作為後續行動，我知道你們在本季度進行了一些非常有趣的創新，你們推出了 Reed Scrub Jacket。也許只是在表演、你推出的一些新 SKU 以及你如何看待今年餘下時間的發展方面的更多色彩？

Thanks, Ed. I'll start with your inventory question. So as it relates to the success of our promotions in the first quarter and what that curve looks like for the remainder of the year, our inventory was as expected at the end of the first quarter and really getting our inventory into a more normalized position is a really big priority for us, and we do have initiatives in place to get to 25 weeks of supply by year-end.

謝謝，埃德。我將從您的庫存問題開始。因此，這與我們第一季度促銷活動的成功以及今年剩餘時間的曲線情況有關，我們的庫存在第一季度末符合預期，真正讓我們的庫存進入更正常的位置是對我們來說這是一個非常重要的優先事項，我們確實有計劃在年底前達到 25 週的供應量。

I think just as a reminder, we're a uniform business. Our product is seasonless. It doesn't go out of style. 55% of our product is in core styles and classic colors, which are always in stock, always available on our site. And so we're confident we'll move through the products at reasonable sell-through rates and disciplined promotional levels.

我想提醒一下，我們是一家製服公司。我們的產品不分季節。它不會過時。我們 55% 的產品採用核心款式和經典顏色，這些款式始終有貨，始終可在我們的網站上買到。因此，我們有信心以合理的銷售率和嚴格的促銷水平推廣產品。

We're really focused on balancing, protecting the brand for the long term with the pace -- with the right pace to move through our inventory balance. And so as we've done, we're going to continue to really keep a similar promotional cadence that we have to the prior year. We did that in the first quarter. We're planning to do that into the second quarter as well, but we are being mindful of mix shift that we're seeing into some of these more promotional times.

我們真正專注於平衡，以長期的步伐保護品牌——以正確的步伐來改變我們的庫存平衡。因此，正如我們所做的那樣，我們將繼續真正保持與前一年類似的促銷節奏。我們在第一季度做到了這一點。我們也計劃在第二季度這樣做，但我們注意到我們在這些更多的促銷時間中看到的混合轉變。

And looking at our inventory balance, we have initiatives that we're doing to really work through the balance outside of promotions. First, as we've seen shipping times normalize, we've been able to shorten our lead times, which has really enabled us to be more flexible with our inventory planning. We're updating our purchasing to buy more shallow in the future and we're bringing back previous launches of limited edition inventory in ways that feel really new and exciting to the consumer like you saw on the FIGS10 Iconic Series.

看看我們的庫存平衡，我們正在採取一些舉措來真正解決促銷活動之外的平衡問題。首先，由於我們已經看到運輸時間正常化，我們已經能夠縮短交貨時間，這確實使我們能夠更加靈活地制定庫存計劃。我們正在更新我們的購買方式，以便在未來購買更淺的產品，並且我們正在以一種讓消費者感到真正新鮮和令人興奮的方式帶回之前推出的限量版庫存，就像您在 FIG10 標誌性系列上看到的那樣。

And with that, I'll turn it over to Trina.

有了這個，我會把它交給 Trina。

Thanks, Daniella. And thanks, Ed, for the question. So in terms of the Reed and Page Jacket, those were great additions. They're cargo scrub jackets, 8 pockets. I think it's actually one of our most technical scrub jacket that we've launched. And we had a number of other product introductions throughout this year that super excited about and really resonated well with our community.

謝謝，丹妮拉。感謝 Ed 提出的問題。因此，就 Reed 和 Page Jacket 而言，這些都是很棒的補充。它們是工裝磨砂夾克，有 8 個口袋。我認為它實際上是我們推出的最具技術性的磨砂夾克之一。今年我們推出了許多其他產品，這些產品讓我們非常興奮，並在我們的社區中產生了很好的共鳴。

To the point about innovation, I really want to reinforce how we think about it at FIGS. Product innovation is first and foremost about solving real problems for health care professionals. And we do that with premium products. Sometimes this is just as simple as updating pockets like what you saw with the scrub jackets, adding zippers, changing our waistband to classic silhouettes. And that's on one end. On the other end, it's building completely new businesses, and you're seeing that right now with our FIGS PRO line. You're seeing that with our FREEx fabrication, and you're going to see more going forward on all of these fronts.

關於創新這一點，我真的很想強調我們在無花果上的思考方式。產品創新首先是為醫療保健專業人員解決實際問題。我們用優質產品來做到這一點。有時這就像更新口袋一樣簡單，就像您在磨砂夾克中看到的那樣，添加拉鍊，將我們的腰帶改為經典款式。這是一方面。另一方面，它正在建立全新的業務，您現在可以通過我們的 FIGS PRO 系列看到這一點。您將通過我們的 FREEx 製造看到這一點，並且您將在所有這些方面看到更多的進展。

And this all comes back to listening to our customers and creating products that enable them to perform at their best. Everything we do at FIGS is designed with intention. And every product we make becomes part of our layering system, which coordinates across our product lines, across our colorways and our accessories. And it's one of the reasons that almost 70% of our revenue is from repeat customers.

而這一切都歸結為傾聽我們的客戶並創造使他們能夠發揮最佳性能的產品。我們在 FIGS 所做的一切都是經過精心設計的。我們生產的每件產品都成為我們分層系統的一部分，該系統協調我們的產品線、配色和配飾。這也是我們近 70% 的收入來自回頭客的原因之一。

And to Daniella's point, when we think about our inventory levels, they're not impacted by the amount of newness and innovation that we're able to deliver to our customers. New -- our new launches keep our customers engage with our brand, whether they're purchasing the product that we just launched, like you saw with the Reed and the Page jackets, or whether they're coming back to buy their favorites, our core or other products that have existed on our site.

就 Daniella 而言，當我們考慮我們的庫存水平時，它們不會受到我們能夠為客戶提供的新鮮事物和創新數量的影響。新——我們新推出的產品讓我們的客戶與我們的品牌保持互動，無論他們是購買我們剛剛推出的產品，就像您在 Reed 和 Page 夾克中看到的那樣，還是他們回來購買他們最喜歡的產品，我們的我們網站上存在的核心或其他產品。

And so as we think about innovation, it's happening at FIGS every single day, 24/7, 365 days a year and it's driven by solving real problems in the most creative, comfortable and functional way possible. And that's why we are where we are. And that's -- this is a huge differentiator for us.

因此，當我們思考創新時，FIGS 每年 365 天、每天 24/7 都在進行創新，並且以盡可能最具創意、最舒適和最實用的方式解決實際問題為動力。這就是我們現在所在位置的原因。那就是——這對我們來說是一個巨大的差異化因素。

Our next question will be from the line of Alice Xiao with Bank of America.

我們的下一個問題將來自美國銀行的 Alice Xiao。

Can you please elaborate on the quarter-to-date trends that you've seen and also how AOV conversion and customer purchase -- purchasing frequency have trended since the end of the quarter?

您能否詳細說明您所看到的季度最新趨勢，以及自本季度末以來 AOV 轉換和客戶購買 - 購買頻率的趨勢如何？

So our Q2 guidance is not necessarily reflective of our growth rate quarter-to-date, but really, it's an expectation of the quarter's performance in aggregate. Given our main event of the quarter, Nurses Week is actually kicking off today. We still have a lot of volume in front of us, and we're cognizant of that in the guide. So we're not speaking specifically to trends intra-quarter today.

因此，我們的第二季度指引不一定反映我們季度至今的增長率，但實際上，它是對本季度總體表現的預期。鑑於我們本季度的主要活動，護士周實際上今天開始。我們面前還有很多內容，我們在指南中已經意識到這一點。因此，我們今天並不是專門針對季度內的趨勢。

Got it. And then just really quickly, can you talk a little bit more about the Teams business percent of mix? And any progress in signing up more customers? Like what percent of the assortment is currently available versus what you want to make available through that program? Just any quantifications around that would be really helpful.

知道了。然後真的很快，你能多談談 Teams 業務組合的百分比嗎？在簽約更多客戶方面有什麼進展嗎？例如當前可用的分類百分比與您希望通過該程序提供的百分比？任何圍繞它的量化都會非常有幫助。

Sure. Our Teams business is smaller today, but there's a massive opportunity in front of us. 15% of health care professionals receive scrubs -- receive their uniforms from their institution. And so we're really excited about this opportunity. We're on track in terms of upgrading our platform to incorporate more availability across our assortment.

當然。今天，我們的 Teams 業務規模較小，但擺在我們面前的是巨大的機遇。 15% 的醫療保健專業人員會收到磨砂膏——從他們的機構收到他們的製服。因此，我們對這個機會感到非常興奮。我們正在升級我們的平台，以在我們的產品系列中整合更多可用性。

It's going to enable more types of institutions to participate and be a part of the FIGS brand, from hospitals to schools, to med spas, to concierge clinics, private practice. So we couldn't be more excited about our Teams platform, everything that we're doing to help standardize and professionalize medical teams across the U.S. and across the world.

它將使更多類型的機構參與並成為無花果品牌的一部分，從醫院到學校，到醫療水療中心，到禮賓診所，私人診所。因此，我們對我們的 Teams 平台感到非常興奮，我們正在做的一切都是為了幫助美國和世界各地的醫療團隊標準化和專業化。

Our next question will be from the line of John Kernan with TD Cowen.

我們的下一個問題將來自 John Kernan 和 TD Cowen。

Excellent. Congrats on a nice first quarter. Daniella, can you talk to the path back to that high teens adjusted EBITDA margin? Previously, it was in the 20s. Obviously, there's been a lot of changes in inflation since that original target came out, but you are giving us pretty specific detail on some of the selling expenses related to inventory and fulfillment costs. Just wondering how we think about -- should think about the sequencing of that path back to high teens adjusted EBITDA margin?

出色的。祝賀第一季度取得了不錯的成績。 Daniella，你能談談回到調整後的 EBITDA 利潤率的途徑嗎？此前，它是在 20 年代。顯然，自最初目標出台以來，通貨膨脹發生了很多變化，但你向我們提供了一些與庫存和履行成本相關的銷售費用的非常具體的細節。只是想知道我們如何思考 - 應該考慮這條路徑的排序回到高青少年調整後的 EBITDA 利潤率？

Definitely. So based on what we see today, we believe we have significant opportunity to drive EBITDA margin expansion over the longer term. And so in 2023, as we spoke about, we're seeing pressure from a few factors. First, we're seeing transitory gross margin pressure, couple of hundred basis points, due to the combination of promo mix and also freight related to sell-through of inventory that we purchased last year.

確實。因此，根據我們今天所看到的情況，我們相信我們有很大的機會在長期內推動 EBITDA 利潤率的增長。因此，正如我們所說，到 2023 年，我們會看到來自幾個因素的壓力。首先，由於促銷組合以及與我們去年購買的庫存銷售相關的運費，我們看到了暫時的毛利率壓力，幾百個基點。

Secondly, we're seeing approximately 250 basis points of selling pressure, mostly from excess storage fees. Moving to 2024, we do have the bulk of the $16 million to $18 million in incremental costs related to the fulfillment enhancement project, but excess storage fees are going to largely go away. So net-net, we will see some more pressure in fulfillment in 2024 versus 2023.

其次，我們看到大約 250 個基點的拋售壓力，主要來自超額倉儲費。到 2024 年，我們確實擁有與履行增強項目相關的 1600 萬至 1800 萬美元增量成本中的大部分，但超額倉儲費將在很大程度上消失。因此，與 2023 年相比，我們將在 2024 年看到更多的履行壓力。

All that being said, our core business is high margin, replenishment-driven, highly profitable and cash generative in a normalized state. There's a lot of short-term impacts that are creating pressure, but the fundamentals of our business remain strong. And over the longer term, we continue to expect gross margin to approximate 70%. We're going to aim to keep marketing expense at around 15% of net sales. Selling is going to normalize in 2025 and beyond.

綜上所述，我們的核心業務是高利潤、補貨驅動、高利潤和正常狀態下的現金生成。有很多短期影響正在產生壓力，但我們業務的基本面依然強勁。從長遠來看，我們繼續預計毛利率約為 70%。我們的目標是將營銷費用保持在淨銷售額的 15% 左右。銷售將在 2025 年及以後恢復正常。

And looking further into the future, we do expect, as we accelerate growth, that G&A is also going to be able to leverage from where we are today. So ultimately, our goal is really to ensure that we're making the right decisions for the long term, while sustaining a strong profitability profile today, and we feel really confident in our ability to do so.

展望未來，我們確實預計，隨著我們加速增長，G&A 也將能夠利用我們今天所處的位置。因此，最終，我們的目標確實是確保我們做出長期正確的決策，同時在今天保持強勁的盈利能力，我們對自己的能力充滿信心。

Excellent. That's helpful. And maybe, Trina, you could talk to customer acquisition and retention costs. Daniella has just said you plan on keeping marketing expenses relatively flat as a percent of sales. So I'm just curious in terms of near-term marketing trends, it looks like marketing expense per active customer ticked down a little bit from where it was and year-over-year. So just curious what you're seeing from a marketing spend and an acquisition and retention perspective.

出色的。這很有幫助。也許，Trina，你可以談談客戶獲取和保留成本。丹妮拉剛剛說你計劃保持營銷費用佔銷售額的百分比相對平穩。所以我只是對近期的營銷趨勢感到好奇，看起來每個活躍客戶的營銷費用比去年同期有所下降。所以只是好奇你從營銷支出和獲取和保留的角度看到了什麼。

Yes. I mean I think it's been really encouraging. You've seen our customer acquisition trends over the last number of quarters, and it's incredibly strong. I think the similar -- same dynamics that we've always talked about remain to be true. How do we acquire customers? It's mainly word of mouth, right? Every fixed customer is a walking billboard, acquiring that next customer for us. That's a trend that drives our efficiency to the levels that you've seen over the last number of years. And that's what -- over 60% of our traffic is organic.

是的。我的意思是我認為這真的很鼓舞人心。您已經看到我們在過去幾個季度的客戶獲取趨勢，而且非常強勁。我認為類似的 - 我們一直談論的相同動態仍然是真實的。我們如何獲取客戶？主要是口耳相傳吧？每個固定客戶都是一個行走的廣告牌，為我們爭取下一個客戶。這種趨勢將我們的效率提高到您在過去幾年中看到的水平。這就是 - 我們超過 60% 的流量是自然流量。

And the second thing that we have that many don't is the replenishment nature of our business. And so almost 70% of our customers are repeat that we're not acquiring for the first time. And so those 2 dynamics really drive what we would call a paradigm shift, right, flipping that paradigm on its head, where as we grow, as we scale, we can become more and more efficient.

我們擁有許多人沒有的第二件事是我們業務的補貨性質。因此，我們近 70% 的客戶重複說我們不是第一次收購。因此，這兩種動力真正推動了我們所謂的範式轉變，正確的，顛覆了這種範式，隨著我們的成長，隨著我們的擴展，我們可以變得越來越高效。

Now if we wanted to drive that way down, we could. But our goal is to keep, to Daniella's point, our marketing at around 15% as a percent of sales, which, as a direct-to-consumer almost 100% digital company, many haven't been able to pull that off. So we are proud of our ability to keep acquiring customers at such a -- at efficient level and do it while bringing more and more health care professionals into the FIGS family.

現在，如果我們想往下開，我們可以。但就 Daniella 而言，我們的目標是將我們的營銷佔銷售額的百分比保持在 15% 左右，作為一家幾乎 100% 直接面向消費者的數字公司，許多公司未能實現這一目標。因此，我們為我們能夠以如此高效的水平不斷吸引客戶並在將越來越多的醫療保健專業人員帶入無花果家族的同時做到這一點而感到自豪。

Our next question will be from the line of Brooke Roach with Goldman Sachs.

我們的下一個問題將來自高盛的布魯克羅奇。

Trina, I was wondering if you could start by talking about the drivers of the record reactivation rates that you saw in the quarter. What was it that brought those customers back to the brand now? And are they engaging in any specific types of new innovation or promotional activity that they didn't in the past?

Trina，我想知道你是否可以先談談你在本季度看到的創紀錄的重新激活率的驅動因素。現在是什麼讓這些顧客重新回到這個品牌？他們是否參與了他們過去沒有參與的任何特定類型的新創新或促銷活動？

Yes. I think it is a function of our repeat frequency has been extended a bit. And so you're seeing that show up, where customers are spending a little bit more time between purchase and it's not that they're leaving FIGS, right? They're just spending a little bit more time before they come back and shop again.

是的。我認為這是我們的重複頻率的函數被擴展了一點。所以你看到了這種情況，客戶在購買之間花費了更多的時間，而不是他們離開無花果，對吧？他們只是在回來再次購物之前多花一點時間。

And I do think it's a function of a few things. It's definitely a function of our innovation. We launch products every single week and our customers are coming back. It's driving traffic. It's driving hype. It's driving excitement and bringing our health care professionals back to engage with us. A bit on the promotion side, we're seeing more customers engage on that level, just given the environment and given what's happening from an inflation perspective.

我確實認為這是幾件事的結果。這絕對是我們創新的一個功能。我們每週都會推出產品，我們的客戶都會回來。它正在推動交通。這是在炒作。它令人興奮，並讓我們的醫療保健專業人員重新與我們互動。在促銷方面，我們看到更多的客戶參與到這個層面上，只是考慮到環境以及從通貨膨脹的角度來看正在發生的事情。

But we feel really good as macro pressures subside over the long run that given how much bigger our base is, given how much customers we're acquiring, the position that we're going to be in as we -- as the macro normalizes over time, we've never been in a stronger position, and it's really exciting to see. And you see it in the customer acquisition, you see it in the reactivation and you see it, as we've seen, as the frequency is normalizing as well.

但我們感覺非常好，因為從長遠來看，宏觀壓力會消退，考慮到我們的基礎有多大，考慮到我們獲得了多少客戶，我們將處於什麼位置——隨著宏觀正常化時間，我們從未處於更強大的位置，看到它真的很令人興奮。你在客戶獲取中看到它，你在重新激活中看到它，你看到它，正如我們所看到的，因為頻率也在正常化。

Great. And then maybe a question for Daniella. Daniella, I think you mentioned airfreight recapture as a driver of some of the outperformance in gross margin in the quarter. Can you quantify the benefit that airfreight was in 1Q? And then perhaps help us understand what airfreight quantification is embedded within this updated 69% gross margin guide for the year.

偉大的。然後也許有一個問題要問 Daniella。 Daniella，我想你提到空運回收是本季度毛利率表現出色的部分驅動因素。您能否量化空運在第一季度的收益？然後也許可以幫助我們了解本年度更新後的 69% 毛利率指南中嵌入了哪些空運量化指標。

Yes. So as expected, we are anticipating to see better airfreight utilization year-over-year. It was one of the benefits year-over-year from the first quarter. It was also -- came in better than we expected. And so continuing to drive lower airfreight utilization. As a reminder, we're not bringing in really much product at all inbound via airfreight today.

是的。因此，正如預期的那樣，我們預計空運利用率將同比提高。這是第一季度的同比收益之一。它也 - 比我們預期的要好。因此繼續降低空運利用率。提醒一下，今天我們並沒有通過空運進口太多產品。

But what we are doing is selling through product that was airfreighted in 2022, that's already in our balance. So inclusive in our gross margin guide of just below kind of 69% for the full year. We've incorporated that continued benefit that we expect to see from lower airfreight utilization over time.

但我們正在做的是通過 2022 年空運的產品進行銷售，這已經在我們的餘額中。因此，我們的全年毛利率指南中包含略低於 69% 的毛利率。我們已經納入了我們期望隨著時間的推移從較低的空運利用率中看到的持續收益。

Our next question will be from the line of Matt Koranda with ROTH MKM.

我們的下一個問題將來自 Matt Koranda 和 ROTH MKM。

Just maybe I want to see if I could get at the reengagement from a different angle. Curious, maybe could you quantify or maybe just qualitatively discuss how big is the pool of the lapsed active users that you have to pull from? And what does that mean for marketing efficiency on a go-forward basis?

也許我想看看我是否可以從不同的角度重新參與。很好奇，也許您可以量化或定性地討論您必須從中流失的活躍用戶群有多大？這對前進的營銷效率意味著什麼？

So it's definitely been -- what we've been seeing, as Trina spoke to before, is a record number of reactivations. And so we have people in our customer base who, as kind of those frequency trends expand and as we see a little bit of an increase in days between purchase, they're waiting longer, and we see them coming back in month 13, 14, 15.

所以它肯定是 - 正如 Trina 之前所說的那樣，我們一直看到的是重新激活的記錄數量。因此，我們的客戶群中有一些人，隨著頻率趨勢的擴大，我們看到購買之間的天數略有增加，他們等待的時間更長，我們看到他們會在第 13、14 個月回來, 15.

Definitely, on the marketing side, we're targeting those customers through our personalization strategies and focused on providing them with messaging and content to drive them back to the site. And so it's definitely an opportunity for us in the future to continue to drive more of those reactivations over time.

當然，在營銷方面，我們通過我們的個性化策略瞄準這些客戶，並專注於為他們提供消息和內容以促使他們回到網站。因此，這絕對是我們未來繼續推動更多此類重新激活的機會。

Okay. Great. And then just one more on the inventory, if I could. You mentioned 25 weeks is still the goal toward the end of the year. Just curious if you could maybe kind of level set us on what to expect in terms of cadence to get there. Is it just a steady drop through the rest of the year? Are there going to be chunkier periods around some of the promotions for like Nurses Week or whatnot? Just kind of level set us there.

好的。偉大的。如果可以的話，然後在庫存中再放一個。你提到 25 週仍然是年底的目標。只是好奇你是否可以讓我們在節奏方面達到預期的水平。在今年餘下的時間裡，它只是在穩步下降嗎？是否會有像護士周或諸如此類的促銷活動的更長時間？只是某種水平讓我們在那裡。

So as we discussed, the first quarter was a peak in terms of inventory, and we do expect it to decline from here. It is a pretty kind of just sequential decline. There isn't a ton of lumpiness, and we've planned kind of our future purchases to get to the 25 weeks of supply by year-end, but there isn't a lot of choppiness to speak to before then.

因此，正如我們所討論的，第一季度是庫存的高峰期，我們確實預計它會從這裡下降。這是一種相當連續的下降。沒有太多的波動，我們已經計劃在年底前購買 25 週的供應量，但在此之前沒有太多的波動可言。

Our next question will be from the line of Bob Drbul with Guggenheim.

我們的下一個問題將來自古根海姆的 Bob Drbul。

Just 2 questions for me. The first one is, are you seeing any change in competitive pressures? And then the second question that I have is, can you elaborate a little bit more on international takeaways, what you've learned so far with the growth that you're seeing?

只問我兩個問題。第一個是，您是否看到競爭壓力有任何變化？然後我的第二個問題是，你能否詳細說明一下國際外賣，到目前為止你從你所看到的增長中學到了什麼？

Sure. Thanks, Bob. So as we think about competition, if competition didn't exist, we wouldn't be doing our jobs. It's one of my favorite lines. But competition is healthy, right? It's a sign that you're doing something worth copying and I really believe that. But I also believe there's only one spot for first place and FIGS plan to remain in that seat for decades to come.

當然。謝謝，鮑勃。所以當我們考慮競爭時，如果不存在競爭，我們就不會做我們的工作。這是我最喜歡的台詞之一。但競爭是健康的，對吧？這表明您正在做一些值得複制的事情，我真的相信這一點。但我也相信第一名只有一個位置，而且 FIGS 計劃在未來幾十年保持這個位置。

How are we evolving to stay ahead? How do we plan on remaining as the #1 brand in the health care apparel space? First and foremost, product integrity and innovation. We're light years ahead of our competition in terms of product development, research, innovation and production. We've been working with our health care professionals for 10 years on fit, style, functionality. And we have the manufacturing partners so that we can stay agile, increase the extraordinary.

我們如何發展以保持領先地位？我們如何計劃保持保健服裝領域的第一品牌？首先，產品的完整性和創新性。我們在產品開發、研究、創新和生產方面領先於競爭對手數光年。 10 年來，我們一直在與我們的醫療保健專業人員合作，致力於合身性、款式和功能性。我們擁有製造合作夥伴，因此我們可以保持敏捷，增加非凡。

Secondly, and this point is something that I'm passionate about. We have the scale. We are 10x larger than our closest D2C competitor, and our marketing budget alone is bigger than the revenue. Third, we're profitable. And what this means is that we have resources to continuously get better, faster, smarter across all areas of our business.

其次，這一點是我所熱衷的。我們有規模。我們比我們最接近的 D2C 競爭對手大 10 倍，僅我們的營銷預算就比收入大。第三，我們是盈利的。這意味著我們擁有資源，可以在我們業務的所有領域不斷變得更好、更快、更聰明。

And finally, we have brand love, intangible brand love. We've mentioned this on calls, but this is what we've built for 10 years. It can't be replicated in a day by any competitor. Our relationship with our community is deep, and our brand trust is unmatched. We're the only brand in the health care apparel space that has tapped into what it means to be a human in health care.

最後，我們有品牌之愛，無形的品牌之愛。我們在電話中提到過這一點，但這是我們 10 年來一直在構建的東西。任何競爭對手都無法在一天內復制。我們與社區的關係深厚，我們的品牌信任度無與倫比。我們是醫療保健服裝領域中唯一深入了解人類在醫療保健領域的意義的品牌。

As it relates to international, I think you saw the growth in the quarter. We feel really great about our progress in the markets that we're in, and we're going to continue to localize across markets, and you're seeing that as we talked about translations actually coming this month for non-English-speaking countries, and that's something that we're super excited about. But localization isn't just about translation. It's also about how we communicate with our health care professionals in around the world in the way in which they want to communicate and engage. And so this is a big priority for us, and we're just getting started.

就國際而言，我認為你看到了本季度的增長。我們對我們在市場上取得的進展感到非常高興，我們將繼續跨市場本地化，當我們談到本月非英語國家的翻譯時，你會看到這一點，這是我們非常興奮的事情。但本地化不僅僅是翻譯。它還關係到我們如何以他們想要的溝通和參與方式與世界各地的醫療保健專業人員進行溝通。所以這對我們來說是一個重要的優先事項，我們才剛剛開始。

We talk about penetration. We have 10% market share in the U.S. We have -- I mean a fraction of that internationally. And so we have a huge runway ahead of us, and we're excited to keep connecting with the 118 million health care professionals outside of the U.S.

我們談論滲透。我們在美國有 10% 的市場份額。我們有——我的意思是在國際上的一小部分。因此，我們前面有一條巨大的跑道，我們很高興能與美國以外的 1.18 億醫療保健專業人員保持聯繫。

Our next question will be from the line of Dana Telsey with Telsey Advisory Group.

我們的下一個問題將來自 Telsey Advisory Group 的 Dana Telsey。

Nice to see the progress. As you think about the supply chain, I think either Daniella or Trina, where you mentioned it in diversifying the supply chain, how far along are you? What will it mean go forward, whether in terms of how you manage inventory or the cost? And then with the fulfillment enhancement program, what should we be looking for as guideposts along the way that will lead to improved margins?

很高興看到進展。當你考慮供應鏈時，我認為無論是 Daniella 還是 Trina，你在供應鏈多元化中提到過它，你走了多遠？這對未來意味著什麼，無論是在您管理庫存還是成本方面？然後通過履行增強計劃，我們應該尋找什麼作為路標來提高利潤率？

Thanks, Dana. As it relates to the supply chain, we're really taking advantage of this opportunity to lay the foundation with new supply partners. And where are we focused? We're really focused, first and foremost, in innovation, right? That's our lifeblood. We're also really focused on flexibility, on scale, consistency and reliability.

謝謝，達娜。由於它與供應鏈有關，我們確實在利用這個機會與新的供應合作夥伴打下基礎。我們的重點在哪裡？我們真的首先專注於創新，對嗎？那是我們的命脈。我們也真正專注於靈活性、規模、一致性和可靠性。

And we are in the process of diversifying further, not just around country, but also around how we can make the best product across our layering system and deepening our partnerships with the suppliers that we already have and building new partnerships around the world.

我們正在進一步多元化，不僅在全國范圍內，而且圍繞我們如何在我們的分層系統中生產最好的產品，加深我們與我們已經擁有的供應商的合作夥伴關係，並在世界各地建立新的合作夥伴關係。

As it relates to the fulfillment project, we are on our way to -- in terms of this initiative. And I think, Daniella, I don't know if you have any other points on that.

由於它與履行項目有關，我們正在努力 - 就這一倡議而言。我想，Daniella，我不知道你對此是否還有其他看法。

Yes. I think for the fulfillment enhancement initiative, it's really going to enable us to drive flexibility and reliability and ultimately improve the customer experience. It's also going to set the foundation for us for future distribution expansion as we think about potential distribution centers in the East Coast or internationally in the future.

是的。我認為對於履行增強計劃，它真的將使我們能夠提高靈活性和可靠性並最終改善客戶體驗。當我們考慮未來在東海岸或國際上的潛在配送中心時，它也將為我們未來的配送擴張奠定基礎。

And so over the long run, it's going to enable to drive efficiency and scale, but there's also a lot of benefits as it relates to the experience that we're providing to our customers. And we'll be sure to update you along the way as we get deeper into that project.

因此，從長遠來看，它將能夠提高效率和規模，但也有很多好處，因為它與我們為客戶提供的體驗有關。隨著我們深入該項目，我們一定會一路更新您的信息。

Just one last thing. On the non-scrubwear, the rate of growth there versus the past. Anything to note on non-scrubs in the lifestyle product and looking at that this quarter or go forward?

最後一件事。非磨砂服的增長率與過去相比。生活方式產品中的非磨砂膏有什麼需要注意的，本季度或未來會如何？

Yes. I mean I think our view around our non-scrubs business is that they're all tied together. We have a really holistic and intentional view around the entire layering system. It's meant actually to be layered. So our categories aren't really competing with one another. They're really complementing each other. So they add value by being part of someone's uniform. So really, as you think about the uniform, it's not -- I know we break it out, scrubs and non-scrubs, but it's all supporting each other.

是的。我的意思是我認為我們對我們的非磨砂業務的看法是它們都是捆綁在一起的。我們對整個分層系統有一個真正全面和有目的的看法。它實際上是分層的。所以我們的品類並沒有真正相互競爭。他們真的很互補。所以他們通過成為某人制服的一部分來增加價值。所以真的，當你想到製服時，它不是——我知道我們把它分開，磨砂和非磨砂，但它們都是相互支持的。

So if you're wearing FIGS, you're most likely not just wearing a set of a FIGS scrubs, you're also wearing our underscrub or you're wearing our vest or our jacket. And our hope, over time, is that you're wearing the full layering system on shift, off shift, head to toe. And so you might see some of these categories fluctuate in growth, but our goal is that the remaining a healthy percentage of the total, and that's the intention, and that's what you're seeing.

因此，如果您穿著無花果，您很可能不僅穿著一套無花果磨砂膏，還穿著我們的底磨砂膏或者您穿著我們的背心或夾克。我們希望，隨著時間的推移，您在輪班、下班、從頭到腳都穿著完整的分層系統。所以你可能會看到其中一些類別的增長波動，但我們的目標是保持健康的百分比，這就是意圖，這就是你所看到的。

The only other thing I would add is that as much as we're known -- we're known for our scrubs, right? And I think we're getting known, over time, especially with our repeat customers, they're coming back in their second, their third, their fourth purchase for these other pieces. Our first-time customers, 85% of them are buying just the scrubs. So that's kind of why you're seeing that growth rate in the quarter.

我要補充的唯一另一件事是，就我們所知 - 我們以磨砂膏而聞名，對吧？而且我認為隨著時間的推移，我們越來越為人所知，尤其是我們的回頭客，他們第二次、第三次、第四次回來購買這些其他產品。我們的新客戶中有 85% 只購買磨砂膏。所以這就是為什麼你會看到本季度的增長率。

I would also, just add, as a reminder, Dana, last year, in Q1 2022, we saw an abnormally high kind of non-scrubwear percentage as we were out of stock on some of our core scrubwear products, and we also had a really strong New Balance launch. So there's a little bit of year-over-year comps going on as well.

我還要補充一點，Dana，去年，在 2022 年第一季度，由於我們的一些核心磨砂產品缺貨，我們發現非磨砂百分比異常高，而且我們還有一個New Balance 發布真的很強大。所以也有一些同比比較。

Our next question will be from the line of Rick Patel with Raymond James.

我們的下一個問題將來自 Rick Patel 和 Raymond James。

Congrats on the strong execution. Can you talk about replenishment trends? I believe at the time around the IPO, it was around 98 days, but it's about a month longer now. Does guidance assume that this trend has stabilized or does it reflect frequency continues to stretch longer?

祝賀執行力強。你能談談補貨趨勢嗎？我相信在 IPO 前後大約需要 98 天，但現在大約長了一個月。指南是否假設這種趨勢已經穩定，或者它是否反映了頻率繼續延長？

So as we discussed, frequency continues to be a bit pressured by the macro environment, but that days between purchases has stabilized from the last quarter. I think it's important to note that a portion of kind of the increase that we've been seeing here is that we are reactivating more customers. And as customers extend their purchase life cycle, and that metric, that higher reactivation, that has customers coming back after 12 months, and that's just inherently going to drive this metric up.

因此，正如我們所討論的那樣，頻率繼續受到宏觀環境的壓力，但購買間隔的天數從上一季度開始穩定下來。我認為重要的是要注意，我們在這裡看到的部分增長是我們正在重新激活更多客戶。隨著客戶延長他們的購買生命週期，以及該指標，即更高的重新激活，客戶會在 12 個月後回來，而這本質上會推動該指標上升。

I think from here, there's a lot of opportunity for us to drive frequency higher over the longer term. As we've discussed, we're really focusing on product innovation and expanding our layering system. We're taking steps through our marketing strategies to drive higher engagement through personalized messaging, through tailored communication as well as really amplifying product education and value.

我認為，從長遠來看，我們有很多機會提高頻率。正如我們所討論的，我們真正專注於產品創新和擴展我們的分層系統。我們正在通過我們的營銷策略採取措施，通過個性化消息傳遞、量身定制的溝通以及真正擴大產品教育和價值來推動更高的參與度。

And so we're still early in these initiatives. So we're not factoring in a lot of upside into our guide from here, but a lot of opportunity for us to improve this over the long term.

因此，我們在這些舉措中仍處於早期階段。因此，從這裡開始，我們並沒有在我們的指南中考慮很多好處，但我們有很多機會在長期內改進這一點。

Can you also talk about the outlook for AOV? What's the right way to think about the puts and takes as we consider the mix of business versus your expectations for consumer behavior during promotional times?

能否也談談AOV的前景？當我們考慮促銷期間的業務組合與您對消費者行為的期望時，考慮賣出和賣出的正確方法是什麼？

So for AOV, as we, I think, spoke about, we expect it to be kind of flat over the remainder of the next 3 quarters. And I think what's really great is we're continuing to see higher UPT and we're continuing to drive that metric higher as customers expand and purchase more into our layering system.

因此，對於 AOV，正如我認為的那樣，我們預計在接下來的 3 個季度的剩餘時間裡它會持平。而且我認為真正好的是我們繼續看到更高的 UPT，並且隨著客戶擴展和購買更多到我們的分層系統中，我們將繼續推動該指標更高。

However, that is going to be pressured in the near term by a lower AUR as we are seeing that higher promotional mix. But over the long term, it gives us confidence in our ability to continue to drive UPT and, ultimately, AOV up from here in the future.

然而，由於我們看到更高的促銷組合，短期內 AUR 將受到較低的壓力。但從長遠來看，它讓我們相信我們有能力繼續推動 UPT，並最終在未來提升 AOV。

Our next question will be from the line of Brian Nagel with Oppenheimer.

我們的下一個問題將來自 Brian Nagel 與 Oppenheimer 的合作。

Congrats in the nice progress. So my first question -- my first question and just a bit of a follow-up, with regard to shipping costs. So we saw the gross margin track above plan in Q1 and then the update to the gross margin guidance for the year. But as we're getting now further path to shipping disruptions broadly, I mean how should we think about the ultimate, sort of say, benefits to FIGS? If either -- you mentioned before, Daniella, the -- your less reliance on airfreight, but then also just lower shipping costs, either through '23 and then maybe some commentary beyond '23.

祝賀你取得了不錯的進步。所以我的第一個問題——我的第一個問題和一些後續問題，關於運費。因此，我們看到第一季度的毛利率高於計劃，然後是今年毛利率指導的更新。但是，隨著我們現在正在進一步解決廣泛的航運中斷問題，我的意思是我們應該如何考慮無花果的最終好處？如果——你之前提到過，丹妮拉——你對空運的依賴減少了，但也只是降低了運輸成本，要么到 23 年，然後可能是 23 年之後的一些評論。

Yes. So as we discussed, we are seeing lower inbound rates for both ocean and air, and we're also driving better air utilization. In 2023, we're continuing to sell through inventory that was largely brought in, in 2022 at higher ocean and airfreight rates. And so net-net, we're seeing a benefit in air freight utilization year-over-year. That's still being offset a bit by higher ocean freight rates. But as we look further into the future, looking into 2024, we do think there's a couple of hundred basis points of gross margin pressure, both from freight but also promo mix that we'll be able to recapture over the long term.

是的。因此，正如我們所討論的，我們看到海運和空運的入境率都在下降，我們也在推動更好的空運利用。到 2023 年，我們將繼續通過在 2022 年以更高的海運和空運費率引進的庫存進行銷售。因此，我們看到空運利用率逐年提高。這仍然被更高的海運費率所抵消。但當我們進一步展望未來，展望 2024 年時，我們確實認為毛利率壓力有幾百個基點，既來自運費，也來自促銷組合，從長遠來看，我們將能夠重新獲得這些壓力。

That's very helpful. And sorry about the background noise you could hear. But the second question I have and also a follow-up. So with regard to the better customer engagement you've seen recently, is that more as you're looking at this happening, I guess maybe one, if you could help size it. I mean how big of a shift has this been? And then also, is it -- do you think it's more tied to timing? Or are you seeing this correspond well with some of these new products you're launching on the innovation side?

這很有幫助。很抱歉你能聽到背景噪音。但是我有第二個問題，也是一個後續問題。因此，關於您最近看到的更好的客戶參與度，當您看到這種情況發生時，我想也許是一個，如果您可以幫助確定它的大小。我的意思是這有多大的轉變？然後，它是——你認為它與時間更相關嗎？還是您認為這與您在創新方面推出的一些新產品非常吻合？

Yes. I think -- as you think about what's happening with the environment, more broadly for consumers, and then I'll talk a bit about what's happening within our community that are both impacting health care professionals. So as you know, and economists are telling us, the macro environment continues to be challenged. Consumers have spent their stimulus checks and they're moved through their savings. Layoffs are happening across industries. Consumers are in save mode and inflation is creating additional pressure.

是的。我想——當你思考環境正在發生的事情時，更廣泛地說是對消費者來說，然後我會談談我們社區正在發生的事情，這些事情都對醫療保健專業人員產生了影響。所以正如你所知，經濟學家告訴我們，宏觀環境繼續受到挑戰。消費者已經花掉了他們的刺激支票，他們也動用了他們的積蓄。各行各業都在裁員。消費者處於儲蓄模式，通貨膨脹正在產生額外的壓力。

Those factors are impacting our health care professionals. But on the other end, there are dynamics within the health care environment that give us a lot of confidence and -- about our community's buying behavior. And what we're seeing is that the health care community is re-energized and they're getting back to work. Since 2020, our customer has been fighting a global pandemic that's taken a meaningful toll on them. And the COVID fog is lifting and we're entering a new era of medicine.

這些因素正在影響我們的醫療保健專業人員。但另一方面，醫療保健環境中的動態給了我們很大的信心——關於我們社區的購買行為。我們看到的是醫療保健社區重新煥發活力，他們正在恢復工作。自 2020 年以來，我們的客戶一直在與一場全球流行病作鬥爭，這場流行病給他們造成了重大損失。 COVID 迷霧正在消散，我們正在進入一個新的醫學時代。

We're talking to health care administration and hospital CEOs every day. And there has been an uptick in hiring, in wages, in staffing levels. And zooming out, over the long run, there's going to be -- continue to be an incredible need for health care professionals as they are the fastest-growing job segment and they're an incredibly attractive customer base due to a number of factors, including stable income, the wages as we discussed. Their jobs are incredibly purposeful, and as discussed, it's a stable and growing industry.

我們每天都在與醫療保健管理部門和醫院首席執行官交談。招聘、工資和人員配備水平都有所上升。縮小範圍，從長遠來看，對醫療保健專業人員的需求將繼續令人難以置信，因為他們是增長最快的工作領域，並且由於多種因素，他們是一個極具吸引力的客戶群，包括穩定的收入，我們討論過的工資。他們的工作非常有目的性，正如所討論的，這是一個穩定且不斷發展的行業。

So that's kind of the -- zooming out the bigger picture. And then to your point, everything that we do from a product standpoint, from a marketing standpoint, that's kind of layering on top of how the environment is evolving over time.

所以這就是 - 縮小大局。然後就你的觀點而言，我們從產品的角度，從營銷的角度所做的一切，都是在環境如何隨時間演變的基礎上進行分層。

Our next question will be from the line of Noah Zatzkin with KeyBanc Capital Markets.

我們的下一個問題將來自 KeyBanc Capital Markets 的 Noah Zatzkin。

This is Chandana Madaka on for Noah. Just a quick one for me. Could you expand more on the upcoming retail presence? Any early updates around that first store that's opening 3Q? And I guess, how are you thinking about an omnichannel approach to business longer term and maybe evaluating any other potential future locations?

這是諾亞的 Chandana Madaka。對我來說只是一個快速的。您能否進一步擴展即將到來的零售業務？關於第 3 季度開業的第一家商店的任何早期更新？我想，您如何考慮採用全渠道方法來長期開展業務，並可能評估任何其他潛在的未來地點？

Thanks for the question. We are on track to opening our first permanent store this fall. As we've seen with our pop-ups and activations that we've had in the past, our health care professionals are obsessed with FIGS and love experiencing us in person. They want to feel and touch and experience our products. They want to learn more about our brand. It's why we have 5-hour lines around the block with any physical activation or pop-up that we've done.

謝謝你的問題。我們有望在今年秋天開設我們的第一家永久性商店。正如我們在過去的彈出窗口和激活中看到的那樣，我們的醫療保健專業人員痴迷於無花果並且喜歡親自體驗我們。他們想要感受、觸摸和體驗我們的產品。他們想更多地了解我們的品牌。這就是為什麼我們在街區周圍排了 5 個小時的隊，我們已經完成了任何物理激活或彈出窗口。

And so we're really excited. We're really excited that we're opening our store and we have a plan to open more in the future. We'll give you more details on all of that going forward. But this is the future, right? The fact that we only have one channel today with over $0.5 billion in net revenue, layer on top of our D2C channel; international, layer on top Teams; layer on top retail. There is so much opportunity in front of us.

所以我們真的很興奮。我們真的很高興我們要開店了，我們計劃在未來開更多的店。我們將為您提供有關所有這些進展的更多詳細信息。但這就是未來，對吧？事實上，我們今天只有一個淨收入超過 5 億美元的渠道，位於我們的 D2C 渠道之上；國際化、頂級團隊；頂層零售。我們面前有很多機會。

Our next question will be from the line of Adrienne Yih with Barclays.

我們的下一個問題將來自巴克萊銀行的 Adrienne Yih。

Just 2 quick questions. I guess the first one is on extended sizing. I'm wondering if you can share with us kind of visibility on how much it has aided in new customer acquisition?

只需 2 個快速問題。我想第一個是擴展尺寸。我想知道您是否可以與我們分享它對新客戶獲取有多大幫助的可見性？

And then, Daniella, my question for you is really on modeling the $16 million to $18 million fulfillment in 2024. It was going to be spread pretty equally over 4Q and 1Q. Should we expect now that, that is 1Q and 2Q of 2024? And then I guess, the 250 of excess storage fees, should we just assume that, that is negated kind of to wash between moving the total expense into 2024, offset by the 250 excess storage this year?

然後，Daniella，我要問你的問題實際上是對 2024 年 1600 萬至 1800 萬美元的履行進行建模。它將在第四季度和第一季度平均分配。我們現在應該期待 2024 年第一季度和第二季度嗎？然後我想，250 美元的超額存儲費用，我們是否應該假設，在將總費用轉移到 2024 年之間被抵消掉今年 250 美元的超額存儲費用？

For the release to extended sizing, this was a long time coming. We're super excited to bring 3 XL to 6 XL to our health care professionals. We're seeing 5% of new customers engaging in our extended sizing. And we've only really incorporated a few styles. So we're really excited to bring it across our assortment and continue to give our health care community not just a few of our core styles, but all of them in addition to the full layering system, that's really the goal, and we're going to do that over time.

對於擴展尺寸的發布，這是一個很長的時間。我們非常高興能為我們的醫療保健專業人員帶來 3 XL 到 6 XL 的尺寸。我們看到 5% 的新客戶參與了我們的擴展尺碼。我們只真正融入了幾種風格。因此，我們真的很高興能將它帶入我們的產品系列，並繼續為我們的醫療保健社區提供我們的一些核心風格，除了完整的分層系統之外，還包括所有這些風格，這才是真正的目標，我們正在隨著時間的推移會這樣做。

But FIGS is for every body and everybody, and that was our campaign, and it's -- we are the most inclusive brand in the world, or we aim to be, because that's what this brand is all about. It's for all health care professionals and all Awesome Humans wear FIGS.

但無花果適合每個人和每個人，這就是我們的活動，它是——我們是世界上最具包容性的品牌，或者我們的目標是成為，因為這就是這個品牌的全部意義所在。它適用於所有醫療保健專業人員和所有 Awesome Humans 佩戴無花果。

And as it relates to your questions on the fulfillment enhancement initiatives, so we are now expecting to incur the bulk of the costs of the $16 million to $18 million in incremental expenses in 2024 and that will be spread mostly in the first half with some trickling into the third quarter as well.

由於它與您關於履行增強計劃的問題有關，因此我們現在預計將在 2024 年承擔 1600 萬至 1800 萬美元的增量支出中的大部分成本，這些成本將主要在上半年分攤，並有一些細流也進入第三季度。

And the 250 basis points, basically from the move of the fulfillment enhancement project into 2024, we are seeing a 50 basis points benefit in 2023. The differential between the 300 basis points of incremental expense we spoke about in our past call and the 250 basis points we're now seeing in excess storage and fulfillment expenses.

250 個基點，基本上從履行增強項目到 2024 年的轉移，我們將在 2023 年看到 50 個基點的收益。我們在過去的電話會議中談到的 300 個基點的增量費用與 250 個基點之間的差異我們現在在超額存儲和履行費用方面看到的要點。

There are currently no additional questions registered in the queue at this time. So I will now pass the call to Trina for closing remarks.

目前隊列中沒有登記其他問題。所以我現在將把電話轉給 Trina 以作結束語。

Thank you so much. Thank you all for joining us. We look forward to updating you on our next call and hope you have a great night.

太感謝了。謝謝大家加入我們。我們期待在下次通話時為您提供最新消息，並希望您度過一個愉快的夜晚。

That concludes the FIGS' First Quarter Fiscal 2023 Earnings Call. Thank you for your participation. You may now disconnect your lines.

無花果公司 2023 財年第一季度財報電話會議到此結束。感謝您的參與。您現在可以斷開線路。