Figs Inc (FIGS) 2024 Q3 法說會逐字稿

Thank you for standing by, and good afternoon. Thank you for attending today's FIGS third-quarter fiscal 2024 earnings conference call. My name is Reagan, and I'll be your moderator today. (Operator Instructions)

感謝您的耐心等待，下午好。感謝您參加今天的Figs 2024 財年第三季財報電話會議。我叫雷根，今天我將擔任你們的主持人。（操作員說明）

I would now like to pass the conference over to our host, Tom Shaw, Senior Vice President of Investor Relations. Tom, you may now proceed.

現在我想將會議交給我們的東道主投資者關係高級副總裁湯姆·肖 (Tom Shaw)。湯姆，你現在可以繼續下去了。

Good afternoon, and thank you for joining us to discuss FIG's third-quarter 2024 results, which we released this afternoon and can be found in our earnings press release and in the shareholder presentation posted to our Investor Relations website at ir.wearfigs.com. Presenting on today's call are Trina Spear, our Co-Founder and Chief Executive Officer and Sarah Oughtred, our Chief Financial Officer. As a reminder, remarks on this call that do not concern past events are forward-looking statements. These 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.

下午好，感謝您與我們一起討論Fig 的2024 年第三季業績，我們今天下午發布了該業績，您可以在我們的收益新聞稿和投資者關係網站ir.wearfigs.com 上發布的股東演示文稿中找到該業績。出席今天電話會議的有我們的共同創辦人兼執行長 Trina Spear 和我們的財務長 Sarah Oughtred。提醒一下，本次電話會議中與過去事件無關的言論均為前瞻性陳述。這些可能包括預測、期望或估計，包括有關未來財務表現、市場機會或業務計劃的預測、期望或估計。前瞻性陳述涉及風險和不確定性，實際結果可能有重大差異。

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

這些風險和其他風險在我們向 SEC 提交的文件中進行了討論，包括我們今天提交的 10-Q 報告，我們鼓勵您仔細閱讀。請勿過度依賴前瞻性陳述，這些陳述僅代表今天的情況，我們不承擔更新的義務。最後，我們將討論某些非公認會計準則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指標。這些非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準的定義和調節已包含在我們今天發布的股東簡報中。

With that, I would now like to turn the call over to Trina.

至此，我現在想將電話轉給 Trina。

Thanks, Tom. I'll start today with an overview of our third quarter results, where we had a number of impactful brand and product wins balanced by a few areas of opportunity in the quarters ahead. I'll then provide an update on some of the foundational initiatives that we have been focused on implementing this year, which we believe will better support and enhance how and where we deliver our game-changing product to our health care professionals. Finally, I'll highlight how our strong balance sheet and cash flow provide the flexibility to invest in the core, return value to shareholders and continue to disrupt the industry. Looking at the elements of the quarter, our top line performance was supported by an expansive top-of-funnel marketing campaign, strong clinical innovation and positive signs around our core scrubwear.

謝謝，湯姆。今天，我將首先概述我們第三季的業績，其中我們贏得了許多有影響力的品牌和產品，並在未來幾季的一些機會領域取得了平衡。然後，我將提供我們今年重點實施的一些基礎舉措的最新情況，我們相信這些舉措將更好地支持和加強我們向醫療保健專業人員提供改變遊戲規則的產品的方式和地點。最後，我將強調我們強大的資產負債表和現金流量如何提供對核心投資的靈活性，為股東回報價值並繼續擾亂行業。從本季度的要素來看，我們的營收業績得到了廣泛的漏斗頂部行銷活動、強大的臨床創新以及圍繞我們的核心磨砂服的積極跡象的支持。

We are the clear leader in the space and continue to be encouraged by positive trends around frequency and traffic. Additionally, we remain in the early stages of capitalizing across the emerging growth drivers of the business, including international, teams and community hubs. Areas where performance fell short of expectations largely stemmed from our overall footwear positioning and changes to our promotional timing. In footwear, we had Q3 specific delays in stock-outs and popular styles. We also underestimated the impact of removing the category from our Q3 promotion.

我們是該領域明顯的領導者，並繼續受到頻率和流量方面的積極趨勢的鼓舞。此外，我們仍處於利用新興業務成長動力（包括國際、團隊和社區中心）的早期階段。業績未達預期的主要原因是我們鞋類的整體定位和促銷時機的改變。在鞋類方面，第三季缺貨和流行款式出現了特定的延遲。我們也低估了從第三季促銷中刪除該類別的影響。

Regarding timing, our back-to-school promotion was shifted later in the calendar this year, partly due to the timing of our Olympic focus, and we believe we lost some of our historical brand spotlight given the crowded promotional backdrop. While the impact of these factors was slightly more than expected and are factored into our expectations for Q4, they are all areas in our control, and we are taking action. From a margin perspective, gross margins were better than our outlook, driven by the lower footwear mix. On the [expense] side, we experienced the outsized impact from the Olympics investment and fulfillment transition costs that we outlined on the last call. We also saw some higher-than-planned ramp-up costs at our new fulfillment center and the shipping impact from lower order values.

關於時間安排，我們的返校促銷活動被推遲到了今年的日曆中，部分原因是我們的奧運重點的時間安排，我們相信，鑑於擁擠的促銷背景，我們失去了一些歷史品牌的焦點。雖然這些因素的影響略大於預期，並且已納入我們對第四季度的預期中，但它們都在我們的控制範圍內，我們正在採取行動。從利潤率的角度來看，由於鞋類產品組合較低，毛利率比我們的預期好。在[費用]方面，我們經歷了上次電話會議中概述的奧運投資和履行過渡成本的巨大影響。我們還發現新的配送中心的成本增加了一些高於計劃的成本，以及訂單價值下降對運輸的影響。

Overall, adjusted EBITDA margin finished below plan in what we believe will be the trough margin quarter for our business. Diving a bit further into the business, a key focus for us this year has been on how we can better combine the incredible storytelling of our Awesome Humans with product newness and innovation. The goal here was to become a little less transactional in our marketing and shift to becoming more inspirational to our customers through a top-of-funnel approach. A concept that we are passionate about is the intersection of sports, culture and health care, where we bring a distinct point of view that puts a unique spotlight on our community. We previously outlined our work to outfit and support 250-plus members of the Team USA Medical team for the Summer Olympics and Paralympics in Paris.

總體而言，調整後的 EBITDA 利潤率低於計劃，我們認為這將是我們業務利潤率的低谷季度。進一步深入業務，我們今年的重點是如何更好地將我們令人難以置信的人類故事與產品的新穎性和創新結合起來。我們的目標是減少行銷中的交易性，轉而透過漏斗頂部的方法為客戶提供更多靈感。我們熱衷的一個概念是體育、文化和醫療保健的交叉點，我們帶來獨特的觀點，讓我們的社區受到獨特的關注。我們之前概述了為參加巴黎夏季奧運會和殘奧會的美國隊醫療隊 250 多名成員提供裝備和支援的工作。

From late July through early September, we became the first brand ever to outfit the health care professionals supporting any country's Olympic athletes with a rallying cry of building bodies that break records. While the performance of our Pinnacle product and the Team USA collection was one of the clear standouts in the quarter, we continue to believe that the true measure and impact of this investment will be delivered over time. We followed the Olympics with an activation around the U.S. Open Tennis Championships in September. With the same thoughtful attention to how health care plays a pivotal role in sport, we partnered with the U.S.

從 7 月底到 9 月初，我們成為第一個為支持任何國家的奧運選手的醫療保健專業人員提供裝備的品牌，口號是塑造打破紀錄的身體。雖然我們的 Pinnacle 產品和 Team USA 系列的表現是本季最突出的產品之一，但我們仍然相信，這項投資的真正衡量標準和影響將隨著時間的推移而顯現。緊接著奧運之後，我們在 9 月的美國網球公開賽周圍開展了活動。我們同樣深思熟慮地關注醫療保健如何在體育運動中發揮關鍵作用，因此與美國合作。

Open's Chief Medical Officer and Director of Player Medical Services to share stories both on and off the court. As these campaigns highlight, we believe the brand has an opportunity to play a bigger role around sports and culture, and we'll look to execute some of these lessons and ideas as we also eye our commitment to the 2026 and 2028 Olympic Games. We are also focused on how FIGS can uniquely own those key moments in the year that are important to the health care community. While our timing for this event was not optimal this year, the overall approach to back-to-school is indicative of how we will execute around these moments. This is more than just a promotional period on the calendar, but rather an opportunity to focus on medical school students and their needs as the next generation of health care professionals.

公開賽首席醫療官兼球員醫療服務總監分享場內場外的故事。正如這些活動所強調的那樣，我們相信該品牌有機會在體育和文化方面發揮更大的作用，我們將尋求執行其中的一些經驗教訓和想法，同時我們也著眼於對2026 年和2028 年奧運會的承諾。我們也關注無花果如何能夠獨特地掌握一年中對醫療保健界重要的關鍵時刻。雖然我們今年舉辦這項活動的時機並不是最佳，但返校的整體方法表明了我們將如何圍繞這些時刻執行。這不僅是日曆上的促銷期，更是一個關注醫學院學生及其作為下一代醫療保健專業人員的需求的機會。

Our campaign focused on nine students that embody the future of the industry. With over 10% of our current customers in school, this is a great opportunity to develop powerful brand engagement that can extend over their careers. More recently, we continued our ongoing work around breast cancer awareness. Here, we highlighted inspiring stories from the three Awesome Humans and breast cancer survivors as we strive to fight together against this disease. This is our most integrated BCA approach ever, clear messaging, authentic partnership, highly relevant timing and impactful product, all of which is indicative to how we drive impact across our community.

我們的活動重點在於體現了該行業未來的九名學生。我們目前超過 10% 的客戶在學校，這是一個培養強大品牌參與度的絕佳機會，這種參與度可以延續到他們的職業生涯中。最近，我們繼續圍繞乳癌宣傳進行持續的工作。在這裡，我們重點介紹了三位偉大的人類和乳癌倖存者在我們共同努力對抗這種疾病時的鼓舞人心的故事。這是我們有史以來最全面的 BCA 方法、清晰的訊息、真實的合作夥伴關係、高度相關的時機和有影響力的產品，所有這些都表明我們如何在整個社區中發揮影響力。

On the product side, this year has been foundational as we strive to better serve our customers by focusing on reducing friction points from product to distribution. As we have discussed, part of this foundation includes the important work we're doing to standardize our [fit]. While fit is a hallmark of FIGS, there have been opportunities to elevate it even further through consistency and inclusivity. Ultimately, fit is about trust, and this is an area where we are committed to exceeding expectations going forward. Over the past two quarters, we have standardized our core fit blocks for all new product and optimized assortments for all women's and men's sizes, serving every body type globally.

在產品方面，今年是基礎性的一年，因為我們致力於透過專注於減少從產品到分銷的摩擦點來更好地服務客戶。正如我們所討論的，這個基礎的一部分包括我們正在做的重要工作，以標準化我們的[合身]。雖然合身性是無花果的標誌，但仍有機會透過一致性和包容性進一步提升它。最終，契合度取決於信任，這是我們未來致力於超越期望的領域。在過去的兩個季度中，我們標準化了所有新產品的核心貼合塊，並優化了所有女性和男性尺寸的分類，服務於全球每種體型。

While some minor transitions of legacy products are ongoing, we are excited to begin actively communicating our fit positioning in January. This will include our work to ensure our customers' shopping experience is streamlined with improved tools to find the right fit and have confidence in their selection. Importantly, great fit becomes even more important as we look at 2025. We plan to introduce new fabric innovation to serve a broader range of use cases for our community, an effort that couldn't have been done without locking down fit blocks this year. Serving our customers also means the consistent delivery of our goods as we scale.

雖然傳統產品的一些細微轉變正在進行中，但我們很高興在一月份開始積極傳達我們的貼合定位。這將包括我們的工作，確保透過改進的工具簡化客戶的購物體驗，以找到合適的產品並對他們的選擇充滿信心。重要的是，展望 2025 年，完美契合變得更加重要。我們計劃推出新的布料創新，為我們的社區提供更廣泛的使用案例，如果今年不鎖定適合塊，這項努力就不可能完成。為我們的客戶提供服務也意味著隨著我們規模的擴大，我們的貨物能夠持續交付。

We successfully completed the transition of our fulfillment center in August and now have 100% of our goods flowing from Arizona. This state-of-the-art, highly automated center is designed to increase our flexibility, reliability and efficiency as we drive to a $1 billion-plus business. Sarah will discuss the near-term financial implications as we ramp this facility, but we expect to have the ability to leverage expenses here over time as we focus on building an efficient global framework, we plan to add a Canadian distribution center in the second half of 2025. Canada is our largest international market and we expect this facility will drive quicker localized service and meaningful cost savings from duties and freight. Importantly, this facility will differ from our work in Arizona and will require an immaterial investment.

我們在 8 月成功完成了營運中心的轉型，現在 100% 的貨物都從亞利桑那州流出。這個最先進的高度自動化中心旨在提高我們的靈活性、可靠性和效率，幫助我們實現超過 10 億美元的業務。莎拉將討論我們擴建設施時的近期財務影響，但隨著時間的推移，我們預計有能力利用這裡的支出，因為我們專注於建立一個高效的全球框架，我們計劃在下半年增加一個加拿大配送中心2025 年。加拿大是我們最大的國際市場，我們預計該設施將推動更快的在地化服務，並大幅節省關稅和貨運成本。重要的是，該設施將不同於我們在亞利桑那州的工作，並且需要非物質投資。

Looking at product execution, we continue to thoughtfully design and partner to drive a greater range of products that will positively impact our customers' lives. This year, we took a closer look at some of the areas of medicine that our brand has not touched historically, providing opportunities to drive inspirational stories with Pinnacle products. Each quarter, we've had a distinct focus across some of the most extreme conditions, starting with Formula One racing in Q1, wildlife conservation in Q2 and most recently, the Team USA Medical team. Capping off the year, we are highlighting the world of high-altitude paramedic rescue with Dr. Renata and extending our extreme line of products to service those needs away from the more predictable confines of the indoors.

在產品執行方面，我們繼續深思熟慮地設計和合作，推出更多系列的產品，對客戶的生活產生積極影響。今年，我們更仔細地研究了我們的品牌歷史上從未涉足的一些醫學領域，提供了利用 Pinnacle 產品推動勵志故事的機會。每個季度，我們都會專注於一些最極端的條件，從第一季的一級方程式賽車、第二季度的野生動物保護以及最近的美國隊醫療團隊開始。在今年結束時，我們將與 Renata 博士一起重點介紹高空護理救援領域，並擴展我們的極限產品系列，以滿足這些需求，遠離更可預測的室內環境。

These highly engaging go-to-market expressions are designed to pay tribute to the industry, peak brand interest and ultimately drive engagement across our core business. And as alluded to earlier, we are on a journey to broaden the impact of the storytelling as we provide a greater range of product solutions in 2025. While footwear results had some specific Q3 impacts, we were incredibly excited to evolve our partnership with New Balance during the period. We have been working with the brand since 2018, though largely focused on making updates to existing styles. The 3447 model, however, is the first time we have created a unique silhouette with the brand, designed and developed for the needs of health care professionals.

這些極具吸引力的行銷表達方式旨在向業界致敬，提高品牌興趣，並最終推動我們核心業務的參與度。如同先前所提到的，隨著我們在 2025 年提供更廣泛的產品解決方案，我們正在擴大說故事的影響力。雖然鞋類業績對第三季產生了一些具體影響，但我們非常高興能夠在此期間發展與 New Balance 的合作關係。我們自 2018 年以來一直與該品牌合作，但主要重點是對現有款式進行更新。然而，3447 型號是我們第一次與該品牌一起創造獨特的輪廓，專為滿足醫療保健專業人員的需求而設計和開發。

To address the unique environments and physical demands experienced on a shift, the 3447 provides a midsole to handle 12-hour-plus shifts on their feet, extra grip in the outsole that prevents slipping on hospital floors and water-resistant materials to protect from contact with a variety of liquids in these environments. The details even extend down to the model number, which represents FIGS on a [beeper.]. Overall, we see this as a great example of how FIGS can use collaboration as a tool, leveraging existing ideas to bring great solutions to our customers. As mentioned at the outset, we are early in our journey to find new ways to better serve our global customers. This starts with our international opportunity, where over 80% of our global health care professionals reside, yet make up only about 15% of our total business today.

為了滿足輪班時的獨特環境和身體需求，3447 提供了中底，可應對 12 小時以上的輪班，外底具有額外的抓地力，可防止在醫院地板上打滑，防水材料可防止接觸在這些環境中使用各種液體。細節甚至延伸到型號，它代表了圖上的圖[蜂鳴器。總的來說，我們認為這是一個很好的例子，展示了無花果如何使用協作作為工具，利用現有的想法為我們的客戶帶來出色的解決方案。正如一開始所提到的，我們正處於尋找新方法來更好地服務全球客戶的旅程的早期階段。這首先是我們的國際機會，我們全球超過 80% 的醫療保健專業人員居住在這些地方，但目前只占我們總業務的 15% 左右。

Our reported 3Q growth of 17% was lower than our recent trend, but reflects an 11-point negative impact from the reclassification of duty subsidies, which will normalize after the current quarter. Additionally, we are up against an incredibly strong 81% growth rate last year, where we benefited from the full market entries of Mexico and the Philippines, both of which are already two of our largest global markets. Nonetheless, international dollars and mix both reached a new high for our business, and we continue to see positive signs across a number of measures, including customer acquisition, the performance of men and the traction of our newer markets. Overall, we are now in 33 countries with 10 of those entered just this year. As we look ahead, we have developed an internal framework to support and prioritize how we approach future markets.

我們報告的第三季成長率為 17%，低於近期趨勢，但反映了關稅補貼重新分類帶來的 11 個百分點的負面影響，這種影響將在本季後正常化。此外，去年我們的成長率令人難以置信地強勁，高達 81%，這得益於墨西哥和菲律賓的全面市場進入，這兩個市場已經是我們最大的兩個全球市場。儘管如此，國際美元和組合都達到了我們業務的新高，我們繼續在許多指標上看到積極的跡象，包括客戶獲取、男性表現和新市場的吸引力。總體而言，我們目前已涉足 33 個國家/地區，其中 10 個國家/地區是今年才剛進入的。展望未來，我們已經制定了一個內部框架來支持和優先考慮我們如何應對未來市場。

Asia remains one of our most untapped opportunities with current distribution in just the Philippines and Singapore. The Japan market remains a priority, highlighted by over five million health care professionals in the country, a highly concentrated population and a consumer who gravitates towards technical products. Our ongoing groundwork here will support our efforts as we look to open new Asian markets in 2025 and beyond. Our teams business is another opportunity to widen the aperture of the brand, providing tailored solutions to a range of large organization, concierge clinics and international institutions. While we continue to see good traction here, this has been strictly an inbound effort to date where these customers reach out to us and we set up a solution.

亞洲仍然是我們尚未開發的機會之一，目前僅在菲律賓和新加坡進行分銷。日本市場仍然是一個優先市場，該國擁有超過 500 萬名醫療保健專業人員、人口高度集中以及傾向於技術產品的消費者。我們正在進行的基礎工作將支持我們在 2025 年及以後開拓新的亞洲市場的努力。我們的團隊業務是擴大品牌影響力的另一個機會，為一系列大型組織、禮賓診所和國際機構提供量身定制的解決方案。雖然我們在這裡繼續看到良好的吸引力，但這嚴格來說是迄今為止的一項入站工作，這些客戶與我們聯繫，我們建立了一個解決方案。

Importantly, our top-of-funnel actions are planting seeds of growth here as well. In conjunction with our Olympics campaign, teams business leads surged during the month of August. But we see bigger opportunities ahead in teams. I recently had the privilege to be a keynote speaker at the Ortho Summit in Las Vegas with over 1,500 orthopedic health care professionals in attendance. Not only was it humbling to see how our brand has been elevated within this community, but also how eager these large institutions are to partner with us.

重要的是，我們的漏斗頂部行動也在這裡播下了成長的種子。與我們的奧運活動相結合，團隊業務在 8 月大幅成長。但我們在團隊中看到了更大的機會。最近，我有幸成為拉斯維加斯骨科高峰會的主講人，出席人數超過 1,500 名骨科醫療保健專業人士。看到我們的品牌在這個社群中得到提升，我們不僅感到謙卑，而且這些大型機構多麼渴望與我們合作。

This is an area where we need to be more proactive, and we're building an outbound sales team that will be charged with building out new relationships. And as we have indicated, we see an outsized international teams opportunity ahead given some of the traditional buying habits in some of these markets. Looking at our nascent push into retail, we officially opened our second community hub in Philadelphia with an official grand opening in September. As we previously outlined, this location quadruples the size of our initial Century City location and provides fresh opportunities to engage with customers. With one in every six U.S.

這是我們需要更積極主動的領域，我們正在建立一個對外銷售團隊，負責建立新的關係。正如我們所指出的，鑑於其中一些市場的一些傳統購買習慣，我們看到未來存在著巨大的國際團隊機會。考慮到我們剛剛進軍零售業，我們在費城正式開設了第二個社區中心，並於 9 月正式盛大開幕。正如我們之前所述，該地點的面積是我們最初世紀城地點的四倍，並提供了與客戶互動的新機會。美國有六分之一的人

doctors trained in the city and five health care institutions located near the store, we are excited to continue our learnings here and look forward to seeing some of you at the store tour next week. We will continue our test, learn, apply and win approach in 2025 and expect to open a few additional locations during the year. Our plan is to explore a range of formats and location types that optimally allow us to serve the local communities. A key role for FIGS is to always find ways to better serve and connect with the health care community. To achieve this, we believe it is paramount to be agile in our thinking, embracing ideas and change that align with the speed of the industry.

醫生在該市和商店附近的五個醫療機構接受過培訓，我們很高興能在這裡繼續學習，並期待下週在商店參觀中見到你們中的一些人。我們將在 2025 年繼續我們的測試、學習、應用和獲勝方法，並預計在年內開設一些額外的地點。我們的計劃是探索一系列的業態和地點類型，使我們能夠以最佳方式為當地社區提供服務。無花果樹協會的一個關鍵作用是始終找到更好地服務醫療保健界並與醫療保健界建立聯繫的方法。為了實現這一目標，我們認為敏捷思維、擁抱與產業發展速度一致的想法和變革至關重要。

As such, today, we are announcing a $25 million minority investment in [AUG], an innovative new company founded and led by FIGSs Co-Founder, Heather Hasson. Expected to launch within the next six months, AUG offers a multidisciplinary education platform for health care professionals. Much like the original inspiration for FIGS, AUG looks to transform a large, fragmented and outdated industry through AI technology and a revolutionary platform. While more details will be announced about AUG when its platform launches, we also expect to work with AUG in ways that will enable us to receive a range of benefits across marketing, community engagement, data and AI. We believe this investment gives us a stronger foothold in today's rapidly evolving tech environment, which will significantly expand the ways that we can serve our customers and most importantly, improve their experience of being a health care professional.

因此，今天，我們宣布對 [AUG] 進行 2500 萬美元少數股權投資，這是由 Figs 聯合創始人 Heather Hasson 創立和領導的創新新公司。AUG 預計將在未來六個月內推出，為醫療保健專業人員提供多學科教育平台。就像Figs的最初靈感一樣，AUG希望透過人工智慧技術和革命性平台來改變一個龐大、分散和過時的產業。雖然更多關於 AUG 的細節將在其平台推出時公佈，但我們也希望與 AUG 合作，使我們能夠在行銷、社群參與、數據和人工智慧方面獲得一系列好處。我們相信，這項投資使我們在當今快速發展的技術環境中站穩了腳跟，這將顯著擴大我們為客戶提供服務的方式，最重要的是，改善他們作為醫療保健專業人員的體驗。

With our strong balance sheet and cash flow generation, we are excited to have this flexibility to drive the core FIGS business, return value to FIGS shareholders through our recently announced share repurchase program and invest in innovative and mission-aligned ventures like AUG. As we think about the fourth quarter and our positioning for 2025, we will continue to prioritize our efforts through the lens of our customers and how to best serve this incredible health care community. Our expectations in the near term are tempered as we look to make disciplined decisions across what will likely be a dynamic holiday backdrop. Looking ahead, the foundation of our business is strong across product, storytelling and experience, and we are excited with how these initiatives will fuel our growth ambitions. Before handing the call over, I would like to officially welcome both Sarah and Tom to the FIGS team.

憑藉我們強大的資產負債表和現金流，我們很高興能夠靈活地推動核心無花果業務，透過我們最近宣布的股票回購計劃向無花果股東回報價值，並投資於像AUG 這樣的創新和使命一致的企業。當我們思考第四季度和 2025 年的定位時，我們將繼續從客戶的角度以及如何最好地為這個令人難以置信的醫療保健社區提供服務來優先考慮我們的工作。由於我們希望在可能充滿活力的假期背景下做出嚴格的決定，因此我們對近期的期望有所緩和。展望未來，我們的業務基礎在產品、故事敘述和體驗方面都很強大，我們對這些舉措將如何推動我們的成長雄心感到興奮。在轉交電話之前，我想正式歡迎 Sarah 和 Tom 加入無花果團隊。

Both have incredible backgrounds in the branded consumer space, and I'm excited to partner with them as we set and execute against our growth agenda and continue our work with the investment community. I'll now pass it over to Sarah to discuss the quarter and updated outlook.

兩人在品牌消費領域都擁有令人難以置信的背景，我很高興能與他們合作，制定和執行我們的成長議程，並繼續與投資界合作。我現在將其轉交給莎拉，討論本季和更新的前景。

Thanks, Trina, and appreciate the kind words. Before discussing the results and our updated outlook, I want to start with a few observations from my first three months in the role. It has already been an incredible experience being part of the team and brand that rallies relentlessly behind health care workers. I recently had the opportunity to connect with members of our Healthcare Advisory Board, who collectively provide a powerful voice of what it takes to be a health care professional, the challenges they face in their professions and the unique role that we can play as a brand. I left touched and inspired by these amazing stories, and I'm humbled to play this part in our journey to celebrate and empower these awesome humans.

謝謝，特麗娜，並感謝你的客氣話。在討論結果和我們最新的展望之前，我想先從我上任前三個月的一些觀察開始。成為不懈地支持醫護人員的團隊和品牌的一員，這已經是一次令人難以置信的經歷。最近，我有機會與我們的醫療保健諮詢委員會成員進行聯繫，他們共同就如何成為一名醫療保健專業人員、他們在職業中面臨的挑戰以及我們作為一個品牌可以發揮的獨特作用提供了強有力的聲音。這些令人驚嘆的故事讓我深受感動和啟發，我很榮幸能夠在我們慶祝和賦予這些偉大人類力量的旅程中扮演這一角色。

As I look at the business side, several items are clear. We must continue to lead with premium product and innovation that both delivers on the high bar we have set and strives to address unmet needs. Trina laid out some of the foundational efforts here this year like fit and service. And I am excited to add additional rigor and process around areas like inventory management to refine how and when we invest in breadth and depth of product and color. We need to grow our brand awareness and bring more new health care professionals into our community.

當我從業務角度來看時，有幾項是明確的。我們必須繼續引領優質產品和創新，既達到我們設定的高標準，又努力解決未滿足的需求。天合光能今年在這裡列出了一些基本性的工作，例如組裝和服務。我很高興能夠在庫存管理等領域增加額外的嚴格性和流程，以完善我們在產品和顏色的廣度和深度上投資的方式和時間。我們需要提高我們的品牌知名度，並將更多新的醫療保健專業人員引入我們的社區。

This requires a disciplined approach to how, when and where we engage and optimizing the assortment for our customer. And we must evolve to meet the customer across a diverse range of channels, which is why we will remain laser-focused building on our work internationally in teams and our community hubs. Together, these are the ingredients to both stabilizing our performance, returning to top line growth and methodically rebuilding margins. And I look forward to working with all of you on this call as we strive to show progress across these objectives. Now on to our third quarter performance.

這需要我們在如何、何時何地為客戶提供和優化產品組合方面採取嚴格的方法。我們必須不斷發展，透過各種管道滿足客戶需求，這就是為什麼我們將繼續專注於我們在國際團隊和社區中心的工作。總之，這些都是穩定我們績效、恢復營收成長和有條不紊地重建利潤率的要素。我期待在這次電話會議上與大家合作，努力展示這些目標的進展。現在我們來看看第三季的業績。

Net revenues decreased 2% to $140.2 million, below our expectations for 1% growth, primarily given the footwear dynamics and promotional timing that Trina outlined. AOVs decreased 5% to $108, driven by a combination of factors, including lower units per transaction, higher discounts and returns and the accounting reclass related to duty subsidies for international customers. On the positive side, we experienced higher year-over-year purchase frequency for the second straight quarter. Compared to the same period last year, active customers for the trailing 12-month period increased 4% to $2.7 million, while net revenues per active customer decreased 3% to $205. Looking at revenues by category, scrubwear increased 2%, representing 84% of net revenues for the period.

淨收入下降 2%，至 1.402 億美元，低於我們 1% 成長的預期，這主要是考慮到天合光能概述的鞋類動態和促銷時機。AOV 下降 5% 至 108 美元，受到多種因素的推動，包括每筆交易單位數減少、折扣和退貨增加以及與國際客戶關稅補貼相關的會計重新分類。從正面的一面來看，我們連續第二季的年比購買頻率更高。與去年同期相比，過去 12 個月的活躍客戶成長了 4%，達到 270 萬美元，而每位活躍客戶的淨收入下降了 3%，達到 205 美元。按類別查看收入，磨砂服增加了 2%，佔該期間淨收入的 84%。

We saw positive trends in both our core styles and colors as well strong ongoing receptivity of new limited edition styles. This performance also reflected the impact of a tighter overall assortment from our inventory initiatives, including a reduction in year-over-year color launches and stock-outs of some of our successful first half launches. Non-scrubwear declined 16%, representing 16% of net revenues. Our footwear business was a key driver in this decline and missed expectations given the following factors: our decision to exclude the category from promos versus prior year events, a delay in the expected timing of our new 3447 launch and out of stocks in one of our strongest performing retro styles. While some of these factors will extend to Q4, we remain very confident in our product assortment and brand partnership.

我們看到了我們的核心款式和顏色的正面趨勢，以及對新限量版款式的強烈持續接受度。這一業績也反映出我們的庫存計劃整體品種更加緊張的影響，包括同比顏色發布的減少以及我們上半年成功發布的一些產品的缺貨。非磨砂服下降 16%，佔淨收入的 16%。我們的鞋類業務是這一下降的關鍵驅動因素，並且由於以下因素而未能達到預期：我們決定將該類別排除在促銷活動之外，與去年的活動相比，我們新的3447 發布的預期時間延遲，以及我們的鞋類之一缺貨。雖然其中一些因素將延續到第四季度，但我們對我們的產品種類和品牌合作夥伴關係仍然充滿信心。

Outside of footwear, we are also in the process of reinventing and upgrading select non-scrubwear lines like our FIGS Pro, which are impacting our results as we phase down our assortment. Additionally, we were comping a particularly high proportion of non-scrubwear sales during our Q3 promotions last year. Gross margin for Q3 contracted 130 basis points to 67.1%, coming in ahead of expectations for the period. The decline in the year-over-year gross margin rate was driven by higher discounted sales and to a lesser extent, product mix shift related to limited edition scrubwear. While we continue to see and expect some adverse mix impacts, we did experience some offset this quarter from the performance dynamics within footwear.

除了鞋類之外，我們還正在重新發明和升級精選的非磨砂服裝系列，例如我們的Figs Pro，這在我們逐步減少產品種類的過程中影響了我們的業績。此外，在去年第三季的促銷活動中，我們的非磨砂服飾銷售比例特別高。第三季毛利率收縮 130 個基點至 67.1%，超出同期預期。毛利率年減的原因是折扣銷售增加，以及在較小程度上與限量版磨砂服相關的產品組合變化。雖然我們繼續看到並預計會出現一些不利的組合影響，但本季我們確實經歷了鞋類性能動態的一些抵消。

Our selling expense for Q3 was $38.6 million, representing 27.5% of net revenues compared to 22.6% in Q3 of 2023. The increase in the selling expense rate primarily reflects higher fulfillment expenses associated with the transition to our new center in Arizona. As a reminder, we expected approximately $13 million of total transition costs this year across our P&L with the majority recorded in the selling line. These costs materialized relatively in line with the plan, which we expect to be recoverable in 2025. While we remain pleased with our team's execution of this transition and are excited to leverage the facility's capabilities over time, we did incur higher-than-anticipated post-transition expenses as we ramped the operationalization of this facility.

我們第三季的銷售費用為 3,860 萬美元，佔淨收入的 27.5%，而 2023 年第三季為 22.6%。銷售費用率的增加主要反映了與過渡到亞利桑那州新中心相關的更高的履約費用。提醒一下，我們預計今年損益表中的總轉型成本約為 1,300 萬美元，其中大部分記錄在銷售業務中。這些成本的實現相對符合計劃，我們預計將於 2025 年收回。雖然我們對團隊執行此次過渡的情況感到滿意，並且很高興能夠隨著時間的推移利用該設施的功能，但隨著我們加快該設施的運營，我們確實產生了高於預期的過渡後費用。

Additionally, we experienced higher shipping expenses driven by lower AOVs during the period. Partially offsetting these pressures, results continue to include the accounting reclassification related to duty subsidies for international customers from selling expense to net revenues. Marketing expense for Q3 was $28.5 million, representing 20.3% of net revenues compared to 13.4% in the year ago period. The increase in marketing expense as a percentage of net revenues was primarily due to our strategic investment in outfitting the Team USA medical team at the Olympic Games during the quarter. G&A for Q3 was $35.5 million, representing 25.3% of net revenues compared to 25.5% last year.

此外，在此期間，由於 AOV 較低，我們的運輸費用也較高。業績繼續包括與國際客戶關稅補貼相關的會計重新分類，從銷售費用轉為淨收入，部分抵銷了這些壓力。第三季的行銷費用為 2,850 萬美元，佔淨收入的 20.3%，而去年同期為 13.4%。行銷費用佔淨收入百分比的增加主要是由於本季度我們對美國隊醫療隊在奧運會上的裝備進行了戰略投資。第三季的一般管理費用為 3,550 萬美元，佔淨收入的 25.3%，而去年為 25.5%。

The decrease in G&A expense rate was primarily related to lower stock-based compensation expense, partially offset by a write-down of assets at our prior distribution center. Combining these items, our adjusted EBITDA for Q3 was $4.8 million with an adjusted EBITDA margin of 3.4% compared to 17.2% in Q3 of 2023. Again, the majority of this year-over-year margin decline was planned given the outsized impact of the marketing and fulfillment investments. Net loss for the third quarter was $1.7 million or a diluted EPS loss of $0.01 compared to third quarter 2023 net income of $6.1 million or $0.03 in diluted EPS. Touching on our balance sheet.

一般及行政費用率的下降主要與股票薪酬費用的降低有關，部分被我們先前配送中心的資產減記所抵銷。綜合這些項目，我們第三季的調整後 EBITDA 為 480 萬美元，調整後 EBITDA 利潤率為 3.4%，而 2023 年第三季為 17.2%。同樣，考慮到行銷和履行投資的巨大影響，今年利潤率同比下降的大部分都是計劃好的。第三季淨虧損為 170 萬美元，攤薄後每股收益虧損為 0.01 美元，而 2023 年第三季淨利為 610 萬美元，攤薄後每股收益為 0.03 美元。觸及我們的資產負債表。

We finished the third quarter with a record amount of cash, cash equivalents and short-term investments of $281.7 million, along with no debt. Inventory declined 14% year-over-year to $123.4 million and is down 27% on a two-year basis. We have made significant progress reducing year-over-year inventory over the past five quarters through disciplined buys and a narrower color assortment. This includes work to date on methodically working down the remaining inventory not aligned with our go-forward fit parameters. We expect this process will continue into 2025 with negligible impact to the P&L.

第三季結束時，我們的現金、現金等價物和短期投資達到創紀錄的 2.817 億美元，而且沒有任何債務。庫存年減 14% 至 1.234 億美元，比兩年下降 27%。過去五個季度，透過嚴格的採購和縮小顏色種類，我們在減少年比庫存方面取得了重大進展。這包括迄今為止有條不紊地減少與我們的未來擬合參數不符的剩餘庫存的工作。我們預計這一過程將持續到 2025 年，對損益的影響可以忽略不計。

At the same time, we see opportunities to be more surgical in our buys as we deliver future innovation and optimize breadth and depth across our range of items and colors. On our last call, we announced the authorization of a $50 million share repurchase program. During Q3, we repurchased approximately $7 million worth of shares at an average price of $4.89, ending the period with approximately $43 million remaining under our authorization. Capital expenditures for the third quarter totaled $4.2 million, with the majority related to the build-out of our new fulfillment center. And finally, we delivered strong free cash flow of $18.4 million in the third quarter and $37.1 million year-to-date.

同時，隨著我們提供未來的創新並優化我們的商品和顏色範圍的廣度和深度，我們看到了在購買時更加精準的機會。在上次電話會議上，我們宣布授權 5,000 萬美元的股票回購計畫。在第三季度，我們以平均價格 4.89 美元回購了價值約 700 萬美元的股票，截至該季度末，我們的授權剩餘約 4,300 萬美元。第三季的資本支出總計 420 萬美元，其中大部分與我們新的履行中心的擴建有關。最後，我們在第三季實現了 1,840 萬美元的強勁自由現金流，今年迄今實現了 3,710 萬美元的強勁自由現金流。

Now turning to our outlook. We are adjusting our full year 2024 net revenue outlook to negative 1% to flat growth compared to 2023 and versus prior guidance of flat to positive 2% growth. The lower range reflects both the performance of Q3 and a more cautious stance on the holiday period, including a more conservative expectation for our important Black Friday, Cyber Monday event. From a technical standpoint in Q4, we wanted to call out two items as you consider the year-over-year comparison. We expect a favorable net impact following last year's duty reclassification, including the ongoing baseline impact this year to be offset as we lap a gift card breakage benefit in the year ago period.

現在轉向我們的展望。與 2023 年相比，我們將 2024 年全年淨收入前景調整為負 1% 至持平增長，而之前的指導為持平至正 2% 增長。較低的區間反映了第三季的表現以及對假期期間更加謹慎的立場，包括對我們重要的黑色星期五和網路星期一活動的更保守的預期。從第四季度的技術角度來看，當您考慮同比比較時，我們想指出兩個項目。我們預計去年關稅重新分類後將產生有利的淨影響，包括今年持續的基準影響將被抵消，因為我們在上一年期間享受了禮品卡破損福利。

On the margin side, we expect full year gross margins to be 150 to 170 basis points lower than the prior year, narrowing our prior range of down 150 to 200 basis points. We expect the largest drag for the year will continue to be mix, primarily given the impact of newness and limited edition styles within scrubwear. Given the recent underperformance of non-scrubwear, in particular with lower-margin footwear, we do expect a somewhat more muted impact from mix relative to our prior outlook. Similar to Q3, we also expect higher discounts for the year. As we look at the fourth quarter, we continue to expect a relative gross margin improvement from the year-to-date trend.

在利潤率方面，我們預計全年毛利率將比上年下降 150 至 170 個基點，從而縮小我們先前 150 至 200 個基點的下降範圍。我們預計今年最大的阻力將繼續是混合型，主要是考慮到磨砂服中新穎和限量版款式的影響。鑑於近期非磨砂服的表現不佳，特別是利潤率較低的鞋類，我們確實預計，與我們先前的展望相比，混合服飾的影響會更加溫和。與第三季類似，我們也預計今年會有更高的折扣。展望第四季度，我們繼續預期毛利率將較年初至今的趨勢有所改善。

Embedded in this assumption, we are planning for an outsized benefit from duty drawback claims filed for the past two years given our international demand is first shipped to the U.S. and then to the international customer. We expect this benefit will help offset the ongoing headwinds of sales mix during the period. We are also updating our full year adjusted EBITDA margin to approximately 8% compared to the prior range of 9.5% to 10% A portion of this reduction reflects our updated top line view, which will impact the expense rates in each of our SG&A buckets relative to our prior outlook. To help offset, we plan to prudently manage our near-term expenses while ensuring we remain on offense from a strategic investment standpoint.

基於這個假設，鑑於我們的國際需求首先運往美國，然後運往國際客戶，我們計劃從過去兩年提出的退稅索賠中獲得巨大收益。我們預計這項收益將有助於抵銷在此期間銷售組合持續出現的不利因素。我們也將全年調整後EBITDA 利潤率更新為約8%，而先前的範圍為9.5% 至10%。費用率我們之前的展望。為了幫助抵消這一影響，我們計劃謹慎管理我們的近期支出，同時確保我們從戰略投資的角度保持進攻。

The greatest incremental expense pressure is expected in selling expenses as we continue to absorb higher fulfillment center costs as we ramp operations and plan for lower AOVs again this quarter. Pertaining to the fourth quarter, we would note the abnormally low selling expense rate comparison from the prior year as we plan this year's rate to be more in range of our recent quarters as well as the Q4 2022 comparison. While we plan to provide our Fiscal 2025 outlook on our Q4 call in February, I wanted to outline a few high-level considerations. The current year has two well-documented expense headwinds that will become tailwinds. This includes the approximate $13 million transition from our fulfillment center and the outsized level of marketing investments.

預計銷售費用將面臨最大的增量費用壓力，因為我們在本季擴大營運併計劃再次降低 AOV，從而繼續吸收更高的履行中心成本。關於第四季度，我們會注意到與前一年相比異常低的銷售費用率，因為我們計劃今年的銷售費用率更接近最近幾個季度以及 2022 年第四季度的比較範圍。雖然我們計劃在 2 月的第四季度電話會議上提供 2025 財年展望，但我想概述一些高層考慮因素。今年有兩個有據可查的支出逆風將成為順風。這包括我們的履行中心的約 1300 萬美元的轉型以及巨額的營銷投資。

Supported by these factors, we have conviction in improving our adjusted EBITDA margin, though the extent will be dictated by our work to stabilize our top line and as we more fully assess a range of investment opportunities. Additionally, our strong balance sheet provides a range of opportunities to support our core business, return value to shareholders and find disruptive opportunities in the industry. Overall, we are optimistic that our investments and positioning enable us to extend our leadership position in the years ahead and fortify our mission to better serve our customers that serve others. With that, I will turn it back over to the operator for Q&A. Operator?

在這些因素的支持下，我們有信心提高調整後的 EBITDA 利潤率，儘管提高的程度將取決於我們穩定營收的工作以及我們更全面地評估一系列投資機會。此外，我們強大的資產負債表提供了一系列機會來支持我們的核心業務、為股東回報價值並尋找產業的顛覆性機會。總體而言，我們樂觀地認為，我們的投資和定位使我們能夠在未來幾年擴大我們的領導地位，並鞏固我們的使命，更好地服務我們的客戶，進而服務他人。這樣，我會將其轉回給接線員進行問答。操作員？

(Operator Instructions)

（操作員說明）

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

As you think about the issues that happened this quarter and basically for 2024, given the transition year, what is steady that continues into 2025, whether it's on product or operations? And what enhancements and improvements do you see where the initiatives of 2024 become tailwinds in 2025? And then I just have a follow-up.

當您思考本季以及基本上 2024 年發生的問題時，考慮到過渡年，無論是產品還是營運方面，持續到 2025 年的穩定因素是什麼？您認為 2024 年的措施有哪些增強和改進可以成為 2025 年的助力？然後我有一個後續行動。

Thanks, Dana. Great to hear from you. So, I think as it relates to the things that are working, and where we're focused first on product, right? We're exceeding our customer expectations by delivering consistent innovation. We talked about how we've refined our fit in the second quarter. We're going to continue to have that roll out through the rest of the year going into 2025.

謝謝，達納。很高興收到你的來信。所以，我認為這與正在發揮作用的事情有關，以及我們首先關注產品的地方，對吧？我們透過提供持續的創新來超越客戶的期望。我們討論了第二季如何改善我們的配合。我們將在 2025 年剩餘時間內繼續推出這項服務。

This year, we had a full standardization of our fit, improving our fit tools, and we're launching that campaign next year. As it relates to marketing side and campaigns, we're coupling this innovation with top-of-funnel marketing and really bringing together storytelling, product and timing to optimally align for our health care professionals and continuing to celebrate our Awesome Humans.

今年，我們對合身進行了全面標準化，改進了合身工具，我們將於明年推出活動。由於它與行銷方面和活動相關，我們將這項創新與漏斗頂部行銷相結合，真正將講故事、產品和時機結合在一起，以最佳方式與我們的醫療保健專業人員保持一致，並繼續慶祝我們的偉大人類。

And finally, we're investing in our future and investing in our growth levers. International continues to grow and scale. Our teams business is a huge area of focus as we build out our outbound sales strategy there and community hubs. Now we have two. We're going to be opening a number of community hubs next year as well. And so, I do think a number of things that we've been building will pay off in 2025 and beyond.

最後，我們正在投資我們的未來並投資我們的成長槓桿。國際化不斷發展和規模化。我們的團隊業務是一個巨大的重點領域，因為我們在那裡和社區中心製定了對外銷售策略。現在我們有兩個。明年我們還將開設一些社區中心。因此，我確實認為我們一直在做的許多事情將在 2025 年及以後獲得回報。

Got it. And then when you think about the potential for tariffs going forward, how much of your merchandise is imported -- directly imported from overseas? How much from China? And how do you think of potential offsets there?

知道了。然後，當您考慮未來關稅的可能性時，您有多少商品是進口的—直接從海外進口？從中國來的多少錢？您如何看待那裡潛在的抵消？

Yes. So, from a tariff perspective, our finished goods are not coming from China. Given the political environment, we've operated in different environments over the last now 12 years and also have operated under Trump's Administration in the past. And so, we're going to continue to be nimble across our supply chain, be aware of what's happening and continue to optimize across all of our suppliers to bring in the highest quality goods to meet the needs of our health care professionals.

是的。所以，從關稅的角度來看，我們的製成品不是來自中國。考慮到政治環境，過去 12 年我們在不同的環境中運作，過去也在川普政府的領導下運作。因此，我們將繼續保持整個供應鏈的靈活性，了解正在發生的事情，並繼續優化我們所有的供應商，以引入最優質的產品，以滿足我們的醫療保健專業人員的需求。

Rick Patel, Raymond James.

瑞克·帕特爾，雷蒙德·詹姆斯。

This is Josh Reiss filling in for Rick. I was hoping to dig in a bit on the U.S. numbers. So, I was wondering if you could provide more color on like any net -- the net customer adds in the U.S. and try to give us a bigger picture on how the U.S. customer is transacting, like if you're seeing any pullback in spend. I know you attributed the decline to that footwear component. So. I was wondering if that footwear component was largely in the U.S. or it also impacted international as well?

我是喬許賴斯 (Josh Reiss) 接替里克 (Rick)。我希望深入了解美國的數據。因此，我想知道您是否可以像任何網路一樣提供更多資訊 - 網路客戶在美國添加，並嘗試讓我們更全面地了解美國客戶的交易方式，例如您是否看到支出有所回落。我知道您將下降歸因於鞋類產品。所以。我想知道鞋類部分是否主要在美國，或者它也影響了國際市場？

Sure. Yes. So, the decline in our U.S. business in Q3 was due to those specific issues that are fully within our control, but -- and we talked about. So footwear inventory and positioning -- sorry, footwear inventory and pricing and the timing of our back-to-school promotion. I just want to give some context here. We're also one quarter removed from growth in our U.S. business.

當然。是的。因此，我們第三季美國業務的下滑是由於那些完全在我們控制範圍內的具體問題造成的，但是——我們談到了。所以鞋類庫存和定位——抱歉，鞋類庫存和定價以及我們返校促銷的時間。我只想在這裡提供一些背景資訊。我們的美國業務成長也落後了四分之一。

So I think that's important to note. And we're very focused on looking at the U.S. business and really focusing on what's in our control. And the inputs are what's in our control. And if we do -- if we continue to execute as we know we will, the outputs will fall over time. And so, that's really the reason for the Q3 decline as it relates to the U.S.

所以我認為這一點值得注意。我們非常關注美國業務，並真正關注我們控制範圍內的業務。輸入是我們可以控制的。如果我們這樣做——如果我們繼續按照我們知道的方式執行，產出將隨著時間的推移而下降。因此，這確實是第三季下降的原因，因為它與美國有關。

Bob Drbul, Guggenheim.

鮑勃·德布爾，古根漢。

Two questions. I think the first one is just the branding -- the brand awareness levels from the marketing campaign. Do you have any data around sort of some of the progress that you've made with that campaign in terms of either implied brand awareness unaided, et cetera?

兩個問題。我認為第一個就是品牌——行銷活動中的品牌知名度程度。您是否有關於您在該活動中在獨立的隱含品牌知名度等方面取得的一些進展的數據？

And then I think the second question is just on the AOV pressure, can you just detail a bit more around what's driving it? And how can you start to grow AOV again looking forward?

然後我認為第二個問題只是關於 AOV 壓力，您能詳細說明一下驅動它的因素嗎？展望未來，您如何開始再次成長 AOV？

Sure. Thanks, Bob. I can speak to the Olympics campaign and our brand awareness, and then I'll pass it over to Sarah to talk about AOV. So, as it relates to the Olympics, this was the biggest boldest campaign we've ever done in our history, and it exceeded our expectations. This was a win for the brand. And I want to just say this wasn't a short-term play.

當然。謝謝，鮑伯。我可以談談奧運宣傳活動和我們的品牌知名度，然後我會將其交給 Sarah 來談談 AOV。因此，就奧運會而言，這是我們歷史上最大、最大膽的活動，它超出了我們的預期。這是該品牌的勝利。我想說這不是一個短期遊戲。

We've talked about this in the past. The goal behind the campaign is to drive long-term brand awareness and brand love that will pay dividends over the long run. We saw incredible data points that point to that. Over 1 billion earned media impressions. We had really strong increases in brand search and site traffic. Our teams leads surged during the period. And so, I really feel good about the Olympics campaign.

我們過去曾討論過這個問題。該活動背後的目標是提高長期的品牌知名度和品牌喜愛度，並從長遠來看將帶來回報。我們看到令人難以置信的數據點表明了這一點。超過 10 億贏得了媒體印象。我們的品牌搜尋和網站流量確實大幅成長。在此期間，我們球隊的領先優勢大幅上升。所以，我對奧運的活動感覺非常好。

The product that we launched during the Olympics campaign sold out really quickly. It was actually one of the big lessons there was that we should have bought more because there was a lot more demand than we planned on.

我們在奧運期間推出的產品很快就賣完了。這實際上是我們應該購買更多的重要教訓之一，因為需求比我們計劃的要多得多。

As it relates to looking at some of the work that we did pre and post the campaign, for those who saw our commercial, it takes hard to build bodies that break records. the purchase intent increased notably. And so, I really do feel like big win, definitely lessons in terms of buying behind big moments and really ensuring that we gain those benefits and capitalize on the benefit of top-of-funnel marketing over time.

因為這涉及到我們在活動前後所做的一些工作，對於那些看過我們廣告的人來說，建立打破記錄的身體並不容易。購買意願明顯增強。因此，我確實感覺自己是一場大勝利，絕對是在重大時刻背後購買的教訓，並真正確保我們獲得這些好處，並隨著時間的推移利用漏斗頂部行銷的好處。

I'll take the piece on AOV. So, AOV was down. There's a few dynamics at play there. One of them is the reclassification of the duty subsidies, and we will annualize that in Q4, and that shouldn't be an impact into 2025. Another portion of it is the higher discounts and the dynamic within that is the higher discounts are driven partially by our teams business.

我會在 AOV 上收錄這篇文章。所以，AOV 下降了。這裡有一些動力在起作用。其中之一是關稅補貼的重新分類，我們將在第四季度對其進行年度化，這應該不會對 2025 年產生影響。另一部分是更高的折扣，其中的動態是更高的折扣部分是由我們團隊的業務所驅動的。

So that has a higher discount rate, but that's more than made up for an expense for it to be an accretive business. So as that portion of our business increases, we will continue to have that impact.

因此，它的折扣率更高，但這足以彌補它成為一項增值業務的費用。因此，隨著我們這部分業務的增加，我們將繼續產生這種影響。

And then the other piece is really just on keeping our inventory clean. So, when need to work down certain pockets of inventory like discontinued items, we'll use the section of our website for -- awesome today, gone tomorrow, and that's just a normal part of our business. So, I think those are the main dynamics on AOV.

另一件事實際上就是保持我們的庫存清潔。因此，當需要減少某些庫存（例如停產的商品）時，我們將使用我們網站的該部分——今天很棒，明天就消失了，這只是我們業務的正常部分。所以，我認為這些是 AOV 的主要動力。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Trina, you mentioned the different engagement with the back-to-school promotion versus your initial expectation. And Sarah, you mentioned some higher discounts as well. Can you talk a little bit about the customer price elasticity of demand that you're currently seeing and your promotional plans for holiday 2024 and how you think about that into 2025?

Trina，您提到了返校促銷活動與您最初的期望不同的參與度。莎拉，您也提到了一些更高的折扣。您能否談談您目前看到的客戶需求價格彈性以及 2024 年假期的促銷計劃以及您對 2025 年的看法？

Sure. As it relates to the -- thanks, Brooke, for the question. As it relates to the price elasticity, we are seeing some inconsistency that we saw in the third quarter. We're being cautious as we go into the fourth quarter as we look at the promotional calendar.

當然。因為它涉及到——謝謝布魯克提出的問題。由於它與價格彈性有關，我們發現第三季出現了一些不一致的情況。當我們進入第四季度時，我們在查看促銷日曆時保持謹慎。

I do think we're actually seeing a lot of positives as it relates to nonpromotional days. We're seeing engagement there that people are willing to come in and buy FIGS full price. And we saw that during the Olympics, and we saw that post Olympics.

我確實認為我們實際上看到了很多與非促銷日相關的積極因素。我們看到人們願意進來並以全價購買無花果。我們在奧運期間看到了這一點，在奧運後我們也看到了這一點。

And so that's really great to see. I think we are just being cautious as we look at the rest of the year. And the other key thing here that we talked about in the past, Brooke, is repeat frequency. Our customers are coming back to us more -- we're starting to see more wins on repeat, and we saw that in the third quarter, and we continue to see that going into the fourth. So I do feel like that's a great indication of things to come, but are being cautious just given the environment and given what we saw in the third quarter.

很高興看到這一點。我認為，在展望今年剩餘時間時，我們只是保持謹慎。布魯克，我們過去討論過的另一個關鍵問題是重複頻率。我們的客戶越來越多地回到我們身邊——我們開始看到更多的重複勝利，我們在第三季度看到了這一點，並且我們繼續看到這種情況進入第四季度。所以我確實覺得這是未來事情的一個很好的跡象，但考慮到環境和我們在第三季度看到的情況，我們保持謹慎。

Great. And then if I could just ask a follow-up for Sarah. Thank you so much for providing some of those initial 2025 guardrails -- you mentioned that the extent of improvement of adjusted EBITDA margin will be dictated by investment opportunities and stabilizing the top line. Can you provide a little bit more commentary around how you're thinking about the range of outcomes there and what the key investment priorities might be as you look into next year that could offset some of those recapture wins?

偉大的。然後我是否可以詢問莎拉的後續情況。非常感謝您提供一些最初的 2025 年護欄——您提到調整後 EBITDA 利潤率的改善程度將取決於投資機會和穩定營收。您能否就您如何看待那裡的結果範圍以及您展望明年可能抵消部分重新奪回勝利的關鍵投資優先事項提供更多評論？

Yes, definitely. So, I think we've outlined in some of our remarks where our opportunity is, and that's really around continuing to have premium product and innovation. I think there's opportunities to elevate our go-to-market strategy, and we're going to continue to invest into reaching our customer in new and diverse ways of connecting with them. So I think those would be the areas that we continue to invest into to stabilize the business and return to growth.

是的，絕對是。因此，我認為我們在一些評論中概述了我們的機會所在，而這實際上是圍繞著繼續擁有優質產品和創新。我認為有機會提升我們的市場策略，我們將繼續投資以新的、多樣化的方式與客戶建立聯繫。因此，我認為這些將是我們繼續投資的領域，以穩定業務並恢復成長。

And we're not giving out 2025 guidance at this point. We'll give that out closer in February. But yes, I think that the key components that we've talked about is that the marketing expense should normalize as well as the $13 million in transitory costs should go away. And then we're going to continue to work on setting up for 2025. And what's great is we have a large number of opportunities ahead of us and the rate at which we invest in those will impact how we set up for 2025.

目前我們還沒有給出 2025 年的指導。我們將在二月進一步公佈。但是，是的，我認為我們討論過的關鍵因素是行銷費用應該正常化，並且 1300 萬美元的臨時成本應該會消失。然後我們將繼續為 2025 年做好準備。很棒的是，我們面前有大量機會，而我們對這些機會的投資速度將影響我們為 2025 年做好準備。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

So I have a couple of questions just to understand better the third quarter results. So, first off, with respect to footwear. So, I guess, A, could you size the specific -- the footwear impact upon sales growth in the third quarter? And then should we interpret that, was there, to some extent, an out-of-stock issue? Or was it something else? And then my second question on expenses.

所以我有幾個問題只是為了更了解第三季的業績。首先，關於鞋類。所以，我想，A，您能否衡量鞋類對第三季銷售成長的具體影響？那麼我們是否應該解釋一下，在某種程度上是否有缺貨問題？還是別的什麼？然後我的第二個問題是關於費用的。

So it sounds like once the new facility is now up and running, but it's running at a higher expense than you initially thought. So, I guess is that what's happening? And how should we think about that expense going forward? And are there any type of like onetime events in there?

因此，聽起來好像新設施現已建成並投入運行，但其運行費用比您最初想像的要高。所以，我想這就是正在發生的事情嗎？我們該如何考慮未來的支出？那裡有類似一次性事件的類型嗎？

Yes. Great. So, in terms of footwear, there were several dynamics that were happening. We did exclude footwear from our promotional event this year, and we were up against quite a bit of footwear in our sample sale last year. We were also -- we delayed the launch of our 3447 so that impacted performance.

是的。偉大的。因此，就鞋類而言，正在發生一些動態。我們確實將鞋類排除在今年的促銷活動之外，並且去年我們在樣品銷售中遇到了相當多的鞋類。我們也推遲了 3447 的發布，因此影響了效能。

And then we were out of stock in a key style that we're looking to get back into stock in quickly. So those are some of the dynamics that impacted footwear in Q3. And then your next question, what was the last -- what was the next question?

然後我們的一款關鍵款式缺貨，我們希望盡快恢復庫存。這些是第三季影響鞋類的一些動態。然後你的下一個問題，最後一個問題是什麼 - 下一個問題是什麼？

Expense question.

費用問題。

Yes, I got it. Great. And so, outside of the transition costs, we did see some higher post-transition costs -- and some of that is really around learnings that we have on labor allocation as well as some inefficiencies in our returns processing. So, we think that those are things that we -- that are within our control that we can continue to go after. Another piece of the higher expense is also due to lower AOVs that's putting pressure on our cost per unit on shipping. So, those are the two dynamics there.

是的，我明白了。偉大的。因此，除了轉型成本之外，我們確實看到了一些更高的轉型後成本，其中一些實際上是關於我們在勞動力分配方面的經驗以及退貨處理中的一些低效率。所以，我們認為這些是我們可以控制的事情，我們可以繼續追求。費用增加的另一個原因是 AOV 較低，這對我們的單位運輸成本造成了壓力。所以，這就是那裡的兩個動力。

And Sarah, just a follow-up on that first one. And again, not to get too annoying here, but if you look at that footwear, could you say if you exclude the impact of footwear sales for the company would have been here? Is there a way to kind of break out that footwear piece?

莎拉，只是第一個的後續。再說一遍，不要在這裡變得太煩人，但是如果你看看那雙鞋，你能說如果排除鞋類銷售對公司的影響就會在這裡嗎？有沒有辦法把那件鞋子拆開？

Yes. So we don't give footwear specific guidance. We were down year-over-year in footwear, and that is causing a lot of the decline in year-over-year for non-scrubwear. We do believe that with the -- if we didn't have the misses in footwear and the promo, we would have met our expectations for the quarter.

是的。因此我們不提供鞋類的具體指導。我們的鞋類產品較去年同期下降，這導致非磨砂服的同比下降很大。我們確實相信，如果我們沒有錯過鞋類和促銷活動，我們本可以達到我們對本季的預期。

Lorraine Hutchinson, Bank of America.

洛琳‧哈欽森，美國銀行。

You called out higher marketing as an outsized pressure on 2024. As we look to 2025 and beyond, is there a dollar level or percentage of sales that we should think about as a more normalized marketing spend?

您稱更高的行銷力道是 2024 年的巨大壓力。展望 2025 年及以後，我們是否應該將銷售額的美元水準或百分比視為更標準化的行銷支出？

Yes. I think we'll be able to come back with more details on specific levels of marketing for 2025 when we share our outlook in our next call. I think you can think of it that we've had pretty outsized and that we will return likely to normalized levels with some refinement based on where we see opportunity to invest in the business and continue to stabilize top line.

是的。我認為，當我們在下次電話會議中分享我們的展望時，我們將能夠提供有關 2025 年特定行銷水平的更多詳細資訊。我想你可以認為我們的規模已經相當大了，我們可能會回到正常水平，並根據我們看到的投資業務機會並繼續穩定營收的情況進行一些改進。

Matt Koranda, ROTH Capital.

馬特·科蘭達，羅斯資本。

Just curious about the AOV headwind that you said is built into the fourth quarter sales outlook. Is that related to footwear still being out of stock? Is that mix and promotions in terms of the down assumption? And then what do we need to see to kind of get AOV back to positive territory?

只是對您所說的第四季度銷售前景中包含的 AOV 逆風感到好奇。這是否與鞋類仍缺貨有關？這種組合和促銷是在下行假設的情況下進行的嗎？那我們需要看到什麼才能讓 AOV 回到正值區域呢？

Yes. So, as we think about the Q4 guidance, unfortunately, Q3 did perform below our expectations. So we are taking a cautious stance on the holiday period. Our guidance does reflect the footwear trends that we will expect to see into Q4, and it is also reflecting the inconsistent promotion from Q3.

是的。因此，當我們考慮第四季度的指導時，不幸的是，第三季的表現確實低於我們的預期。因此，我們對假期持謹慎態度。我們的指導確實反映了我們預期第四季的鞋類趨勢，也反映了第三季不一致的促銷活動。

Connected to that, Black Friday is a really big portion of our business in the quarter. So, we do think it's prudent to be cautious. And all of those footwear trends are incorporated into our outlook for Q4.

與此相關的是，黑色星期五是我們本季業務的很大一部分。因此，我們確實認為保持謹慎是明智的。所有這些鞋類趨勢都納入了我們對第四季的展望中。

Okay. And then just on the brand campaign that you ran around the Olympics. I'm curious, Trina, maybe to get your take on how long that takes to translate into demand? Like what's the length of time as a rule of thumb that we should think about between sort of awareness that brand building the exercise that you've done that turns into engagement and then conversion? Any thoughts there?

好的。然後就是圍繞奧運的品牌宣傳活動。我很好奇，Trina，也許想聽聽您對這需要多長時間才能轉化為需求的看法？例如，根據經驗，我們應該考慮在品牌建立活動轉化為參與度和轉化的意識之間需要多長時間？有什麼想法嗎？

Yes. So, I think we've seen a lot of what -- I think we've seen a lot of that play out. We see that in our search is up. There's a similar number of searches for FIGS that they are for scrubs really showing that we own the category. Our traffic is up. I talked about our Teams leads being up. Our e-mail subscriber list is up. All of those dynamics and what I would call leading indicators are up year-over-year. And we look to see the outputs of those -- of all of that work play out over time.

是的。所以，我認為我們已經看到了很多事情——我認為我們已經看到了很多這樣的事情。我們看到在我們的搜索中。無花果的搜尋次數與磨砂膏的搜尋次數相似，這確實表明我們擁有該類別。我們的流量增加了。我談到了我們的團隊領先優勢。我們的電子郵件訂閱者名單已列出。所有這些動態以及我所說的領先指標都在逐年上升。我們希望看到所有這些工作的成果隨著時間的推移而發揮作用。

And some people say top-of-funnel campaigns return results over six months. In many cases, they return results over years, right? The credibility of having this partnership being the first company ever to outfit Team USA's medical team, it's a really big deal. And many organizations have come to us now saying, we want to work with you, we want to partner with you.

有些人說，漏斗頂部的行銷活動會在六個月內回傳結果。在許多情況下，他們會返回多年的結果，對吧？作為第一家為美國隊醫療隊提供裝備的公司，這種合作關係的可信度確實是一件大事。許多組織現在來找我們說，我們希望與您合作，我們希望與您合作。

So I think this is an incredible formalization of really who we are as a brand, how we show up in the world, who we're going to work with in the future. And I think it will accrue benefit and value over the very, very long term. Plus, we also are outfitting Team USA's Medical team for 2026, Winter Olympics in Milan, 2028 in L.A. in our backyard, which we're super excited about. So, I think top-of-funnel marketing, combined with product innovation is our strategy, and it's the right strategy, and it will help us win over the long run.

因此，我認為這是對我們作為一個品牌的真實身份、我們在世界上的表現以及我們未來將與誰合作的令人難以置信的形式化。我認為從長遠來看，它將產生效益和價值。此外，我們還在後院為美國隊的醫療隊配備了 2026 年米蘭冬奧會和 2028 年洛杉磯冬奧會的裝備，我們對此感到非常興奮。所以，我認為漏斗頂行銷與產品創新相結合是我們的策略，這是正確的策略，它將幫助我們贏得長期勝利。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

First off, given the performance of the Olympics marketing campaign, how are you thinking about balancing between some of these bigger brand-building events going forward and more kind of your traditional bread and butter marketing? And then as we think about the marketing cadence over the next few years, does that mean things could be a little bit lumpier as you move through some of these larger campaigns and then more of a normalized level?

首先，考慮到奧運行銷活動的表現，您如何考慮在一些更大的品牌建立活動與傳統的傳統行銷活動之間取得平衡？然後，當我們考慮未來幾年的行銷節奏時，這是否意味著當您經歷一些較大的行銷活動，然後更多地達到正常化水平時，事情可能會變得有點不穩定？

I think over -- we're going to continue to be opportunistic, right? I think having this type of campaign is an anomaly. We don't look to -- there is nothing -- well, that being said, 2026, 2028, we're going to be looking to also -- those partnerships are intact with the contract we have with Team USA.

我想了一下——我們會繼續投機取巧，對吧？我認為進行此類活動是一種反常現象。我們不期待——沒有什麼——嗯，話雖這麼說，2026 年、2028 年，我們也會期待——這些合作夥伴關係與我們與美國隊的合約保持不變。

But marketing is about the full funnel, right, bringing customers to learn about the brand and have awareness of FIGS at the top of funnel to consider the brand mid-funnel to bottom of the funnel where they're converting.

但行銷是關於整個漏斗的，對吧，讓客戶了解品牌並了解漏斗頂部的無花果，以考慮品牌從漏斗中部到漏斗底部的轉換。

And so the full funnel marketing has always been our approach. It is why we've been successful over the last 12 years and why we've been profitable. We've always been disciplined in our spend and how we acquire customers. We're going to continue to be disciplined and strategic in our spend, but also be opportunistic when we see exciting opportunities in front of us.

因此，全漏斗行銷一直是我們的方法。這就是我們在過去 12 年取得成功並實現盈利的原因。我們在支出和獲取客戶的方式上始終保持嚴格。我們將繼續在支出方面保持紀律性和策略性，但當我們看到眼前的令人​​興奮的機會時，我們也會抓住機會。

Okay. Great. That's helpful. And then I want to talk a bit about the sample sale you ran in the quarter. I know you had originally only planned for one in the year. So, interested to hear what you were seeing in the business that drove that. And then connected to the sale, how should we think about the magnitude of excess inventory you're carrying, if any, especially given the fit changes?

好的。偉大的。這很有幫助。然後我想談談你們在本季進行的樣品銷售。我知道你原本一年只計劃一次。因此，有興趣了解您在推動這項業務的業務中所看到的情況。然後與銷售相關，我們應該如何考慮您所持有的過剩庫存的數量（如果有的話），特別是考慮到合身性的變化？

Yes. So in terms of the sample sale, we led off last quarter identifying that our promo cadence in Q3 would be similar. And so, that did include a sample sale similar to what we did last year. And given the -- this is in our back-to-school promo, we did have the sample sale and extended that to try and offset some of that. We did end up still falling short. And so, those are some of the dynamics on the sample sales piece there.

是的。因此，就樣品銷售而言，我們從上個季度開始就確定第三季的促銷節奏將會相似。因此，這確實包括類似於我們去年所做的樣品銷售。考慮到這是我們的返校促銷活動，我們確實進行了樣品銷售並擴大了範圍，以嘗試抵消其中的一些影響。我們最終還是沒能達到目標。這些是樣品銷售部分的一些動態。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Sarah, you've had more time to look through the numbers. I know there's been a lot of investments in the last several years on selling and fulfillment expenses. How does that carry over into Fiscal 2025? What type of returns can you expect to see on some of these investments?

莎拉，你有更多的時間來查看這些數字。我知道過去幾年在銷售和履行費用方面進行了大量投資。這將如何延續到 2025 財年？您期望在其中一些投資中看到什麼類型的回報？

Yes. So, we would have been investing into our new fulfillment center this year, and that's absolutely what was needed in order to be able to give ourselves the flexibility to scale in the future to continue to provide our customers with great reliability. And so, we are set up from that perspective into next year.

是的。因此，我們今年將投資建造新的履行中心，這絕對是我們所需要的，以便能夠在未來為我們提供擴展的靈活性，從而繼續為我們的客戶提供高度的可靠性。因此，我們從這個角度為明年做好準備。

I think we'll continue to look at expanding out those logistics network to better serve our customers. So, we will be looking for a Canadian distribution center next year that will provide great value to our Canadian customers. That won't have the same level of investment that we've done this year because we won't -- we'll be using a third-party provider. So, you won't be seeing a high degree of transition costs like you did with the facility that we operate in Arizona.

我認為我們將繼續考慮擴大這些物流網絡，以更好地服務我們的客戶。因此，我們明年將尋找一個加拿大配送中心，這將為我們的加拿大客戶提供巨大的價值。這不會有與我們今年相同水準的投資，因為我們不會——我們將使用第三方提供者。因此，您不會像我們在亞利桑那州運營的設施那樣看到很高的過渡成本。

Got it. Follow-up is just on marketing. I think the dollars were up 50% year-over-year. How does that -- how do we think about the fourth quarter holiday season and then the right long-term rate of marketing as a percent of sales?

知道了。後續只是行銷。我認為美元同比上漲了 50%。我們如何看待第四季度的假期以及正確的長期行銷率（佔銷售額的百分比）？

Yes. So, we will give more detail specifically around marketing for 2025 as we share our results in our expectations on our February call for 2025. But the outsized investment on the year was really all in Q3. So, we are expecting a more normalized level of marketing in the quarter for Q4 and then going into 2025 as well. And keeping in mind that we're going to continue to look at what opportunities are available for us to continue to drive top line. We can share more about that in our next call when we share more details in 2025.

是的。因此，當我們在 2 月的 2025 年電話會議上分享我們的預期結果時，我們將提供有關 2025 年行銷的更多詳細資訊。但全年的巨額投資其實全部集中在第三季。因此，我們預計第四季以及 2025 年的行銷水準將更加正常化。請記住，我們將繼續尋找哪些機會可供我們繼續推動營收成長。當我們在 2025 年分享更多細節時，我們可以在下一次電話會議中分享更多相關資訊。

Ashley Owens, KeyBanc Capital Markets.

Ashley Owens，KeyBanc 資本市場。

So, first, I just want to zoom out and focus a little more broadly. International is probably one of the bigger long-term drivers going forward. So, just how are you thinking about the markets that you're most focused on, how brand building and awareness is going there? And just curious to hear about the nuances in some of those, maybe ones that could be focused around [D2C] or B2B.

所以，首先，我只想縮小範圍並更廣泛地關注。國際化可能是未來更大的長期驅動力之一。那麼，您如何看待您最關注的市場，那裡的品牌建立和知名度如何？我只是想知道其中一些的細微差別，也許可以關注 [D2C] 或 B2B。

Sure. Thanks so much for the question. So, international continues to grow and scale. We're now in 33 markets. Canada was our first and by far and away, our largest international market. Australia and U.K. were two of our other early entries, and they remain relatively large. As we mentioned, Mexico and the Philippines, they've emerged quickly and continue to do great. And then we're really focused on building out Asia.

當然。非常感謝您的提問。因此，國際化不斷發展與擴大。我們現在已涉足 33 個市場。加拿大是我們的第一個、也是迄今為止最大的國際市場。澳洲和英國是我們早期進入的兩個國家，而且它們仍然相對較大。正如我們所提到的，墨西哥和菲律賓迅速崛起並繼續表現出色。然後我們真正專注於建立亞洲。

Right now, we're only in the Philippines and Singapore. Japan is a clear focus for us, given some of the things we outlined, five million-plus health care professionals, highly concentrated and aging population and a high focus on technical product and function. And so really, that -- we think is a really will help us springboard into other Asian markets going forward.

目前，我們只在菲律賓和新加坡開展業務。考慮到我們概述的一些事情，日本是我們的一個明確的重點，超過 500 萬名醫療保健專業人員、人口高度集中和老化以及對技術產品和功能的高度關注。事實上，我們認為這確實將幫助我們進入其他亞洲市場。

We believe we can leverage our work as we look at opportunities in South Korea and in Hong Kong and in other countries over time. So we're really excited to share more, but much more to do as we continue to localize market by market from a product standpoint, from a storytelling standpoint, language, currency, etc., but really excited to continue to bring FIGS to health care professionals around the world.

我們相信，隨著時間的推移，當我們在韓國、香港和其他國家尋找機會時，我們可以利用我們的工作。因此，我們非常高興能夠分享更多內容，但我們還有更多工作要做，因為我們將繼續從產品的角度、講故事的角度、語言、貨幣等角度對各個市場進行在地化，但我們也很高興能夠繼續讓無花果走向健康。

Okay. Got it. And then just quickly, I wanted to circle just back a little bit on marketing, not so much on the cadence of rate, but just curious following the success of the Olympics campaign, I would love to hear thoughts on how that's shaping go-forward marketing campaigns and the strategy around that. I think you mentioned being more inspiring and less transactional.

好的。知道了。然後很快，我想稍微回顧一下行銷，而不是費率的節奏，而是對奧運活動的成功感到好奇，我很想聽聽關於這如何塑造前進的想法行銷活動以及圍繞該活動的策略。我想你提到過要更鼓舞人心，更少交易。

Yes. I mean I think it's about telling stories. It's about telling stories about our Awesome Humans. It's about telling stories about our product, and we're going to continue to do that. There's so many more stories to tell. And so I really do think we have the right strategy in place, telling top-of-funnel big brand campaigns at the same time as our day-to-day business, coupling launches and what are we launching as it relates to product and telling those stories, partnering with the most incredible health care professionals in our community and telling their stories.

是的。我的意思是我認為這是關於講故事的。這是關於講述我們偉大的人類的故事。這是關於講述我們產品的故事，我們將繼續這樣做。還有很多故事要說。因此，我確實認為我們制定了正確的策略，在開展日常業務的同時，講述漏斗頂部的大品牌活動、聯軸器的發布以及我們正在推出的與產品和講述相關的內容這些故事，與我們社區中最令人難以置信的醫療保健專業人士合作並講述他們的故事。

And so all of that is really exciting and seeing the Olympics and the success of the Olympics campaign is shaping how we think about broadening the aperture around our marketing and how we connect and communicate with our community.

因此，所有這一切都非常令人興奮，看到奧運和奧運活動的成功正在塑造我們如何思考如何擴大行銷範圍以及我們如何與社區建立聯繫和溝通。

That will conclude our Q&A session. So, I will pass it back over to Trina for any further remarks.

我們的問答環節到此結束。因此，我會將其轉回天合光能以供進一步評論。

Thank you all for joining our third quarter call. We'll see you hopefully in Philly next week. Thank you.

感謝大家參加我們的第三季電話會議。希望下週我們會在費城見到你。謝謝。

That concludes today's call. Thank you for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。