Figs Inc (FIGS) 2024 Q4 法說會逐字稿

Good afternoon, everyone, and thank you for joining today's FIGS fourth-quarter fiscal 2024 earnings conference call. My name is Regan, and I'll be your moderator today. (Operator Instructions)

大家下午好，感謝大家參加今天的 FIG 2024 財年第四季財報電話會議。我叫雷根，今天我將擔任你們的主持人。（操作員指示）

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

現在，我想將會議交給我們的主持人、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 FIGS's Fourth Quarter and Full Year 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 they 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 risk and uncertainties, and actual results could differ materially.

下午好，感謝您與我們一起討論 FIG 的 2024 年第四季度和全年業績，我們於今天下午發布了該業績，您可以在我們的收益新聞稿和發佈到我們投資者關係網站 ir.wearfigs.com 的股東介紹中找到。參加今天電話會議的有我們的共同創辦人兼執行長 Trina Spear；以及我們的財務長 Sarah Oughtred。提醒一下，本次電話會議的言論與過去事件無關，均為前瞻性陳述。這些可能包括預測、預期或估計，包括關於未來財務表現、市場機會或商業計劃。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-K we filed today. 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. With that, I'd now like to turn the call over to Trina.

這些風險和其他風險在我們提交給美國證券交易委員會的文件中進行了討論，包括我們今天提交的 10-K 文件中。請勿過度依賴前瞻性陳述，這些陳述僅代表截至今天的觀點，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，我們認為這些指標對於了解我們的業務是有用的補充措施。我們今天發布的股東報告中包含了這些非公認會計準則指標與最具可比性的公認會計準則指標的定義和對帳。說完這些，我現在想把電話轉給 Trina。

Thanks, Tom. Good afternoon, everyone, and thank you for joining us today. Before we get into our results, I'd like to take a minute to talk about the wildfires we experienced in January. Los Angeles is our home. So this crisis impacted us on a particularly deep and personal level.

謝謝，湯姆。大家下午好，感謝大家今天的參與。在我們討論結果之前，我想花點時間談談我們在一月份經歷的野火。洛杉磯是我們的家。因此，這場危機對我們的影響尤其深遠和深刻。

Like so many in L.A., there are people within the FIGS community who lost their homes and are under incredible stress as they try to put their lives back together. This is also a reminder of how extraordinary our awesome humans are. For most of us, when crisis hits, we go into self-preservation mode. The opposite is true for the healthcare community. If you were a healthcare professional when the fire struck, you spent 12, 16 or even 24-hour shifts caring for everyone else, even while your world was in utter turmoil.

和洛杉磯的許多人一樣，FIGS 社群中的一些人失去了家園，在努力重建生活的過程中承受著巨大的壓力。這也提醒我們人類是多麼的非凡。對我們大多數人來說，當危機來臨時，我們都會進入自我保護模式。醫療保健界的情況則相反。如果火災發生時你是一名醫護人員，那麼即使你的世界一片混亂，你也會連續工作 12、16 甚至 24 小時照顧其他人。

Sticking to our roots, we did everything we could to support our community through this crisis. In addition to other relief efforts we contributed to, we immediately set up a dedicated e-mail alias where healthcare workers affected by the fires could reach out for assistance, whether they needed scrubs, PPE, meals, child care support or financial aid. As part of our effort, we responded to over 1,500 messages from healthcare professionals, donated over 9,200 FIGS and delivered over 2,500 meals. No one sacrifices more of themselves than healthcare workers. And this is why the work we're doing at FIGS to celebrate, empower and serve them is so important.

我們堅守自己的根基，盡力幫助社區度過這場危機。除了我們參與的其他救援工作外，我們還立即建立了專用電子郵件別名，以便受火災影響的醫護人員可以向其尋求幫助，無論他們需要的是工作服、個人防護裝備、膳食、兒童保育支持還是經濟援助。作為我們努力的一部分，我們回覆了來自醫療保健專業人士的 1,500 多條信息，捐贈了超過 9,200 個 FIG，並提供了超過 2,500 份餐食。沒有人比醫護人員所做的犧牲更大。這就是為什麼我們在 FIG 所做的慶祝、賦權和服務他們的工作如此重要。

As we reflect on the past year, we are proud of the important strides that were made as we continue to define what it means to serve the healthcare community. We measure this quite simply across 3 measures; one, how we bring great innovative products to address customer needs; two, how we develop deep authentic connections; and three, how we find new ways to expand our reach and impact. On the product side, we elevated our core scrubwear business, delivering pinnacle offerings like our Team USA collection and our Extreme line as well as differentiated silhouettes such as the Wide Leg Isabelle scrub pant and straight and flare scrub leggings. We continue to expand the brand's opportunity beyond the core, building out product solutions across a range of exciting categories under scrubs, outerwear and even loungewear in Q4. And we leveraged product partnerships to extend our opportunity even further, including unique development work with New Balance and Echo, our digital stethoscope partner.

回顧過去的一年，我們為在繼續定義服務醫療保健界的意義時所取得的重要進步感到自豪。我們透過 3 個指標來簡單衡量這一點；一、我們如何推出出色的創新產品來滿足客戶需求；二、我們如何建立深厚而真實的聯繫；第三，我們如何找到新的方法來擴大我們的影響力和覆蓋範圍。在產品方面，我們提升了核心的手術服業務，提供了美國隊系列和 Extreme 系列等頂級產品，以及諸如寬腿 Isabelle 手術褲和直筒和喇叭形手術褲等差異化款式。我們繼續將品牌的機會擴展到核心產品之外，在第四季度推出涵蓋磨砂膏、外套甚至休閒服等一系列令人興奮的類別的產品解決方案。我們利用產品合作夥伴關係進一步擴大我們的機會，包括與我們的數位聽診器合作夥伴 New Balance 和 Echo 進行獨特的開發工作。

We built authentic connections as we continue to elevate, serve and support healthcare professionals. This work was highlighted by our work to put healthcare professionals in the spotlight through our Olympics campaign, which was our largest brand campaign ever. We made investments to support better customer experience through our transition to a scalable high-tech fulfillment center. And most important to who we are, we supported our community in unique powerful ways, including our partnership to open the FIGS operating theater in ICU in Kenya as well as the ongoing advocacy on our Awesome Humans bill on Capitol Hill. To magnify these efforts, we focused on expanding how and where we reach customers.

我們在不斷提升、服務和支持醫療保健專業人士的同時，建立了真誠的聯繫。我們透過奧運宣傳活動讓醫療保健專業人士成為人們關注的焦點，這也是我們迄今為止最大的品牌宣傳活動。我們透過向可擴展的高科技履行中心轉型進行了投資，以支持更好的客戶體驗。對我們來說最重要的是，我們以獨特而有力的方式支持我們的社區，包括我們合作在肯亞的 ICU 開設 FIG 手術室，以及在國會山莊持續倡導我們的「Awesome Humans」法案。為了擴大這些努力，我們專注於擴大接觸客戶的方式和地點。

As we think globally, we entered 10 new countries in 2024 while continuing to scale the 20-plus international markets. We continue to test the Pinnacle retail experience through the opening of our second community hub in Philadelphia. And we evolved our B2B teams platform to open access to more customers, offer a full range of products and offer new solutions like our gifting platform. Narrowing our focus to Q4, we are energized to end the year on a positive note. Revenues grew 5% year-over-year, outpacing our implied range for the quarter with positive signs that our strategies are taking hold.

我們放眼全球，在 2024 年我們將進入 10 個新國家，同時繼續擴大 20 多個國際市場。我們將透過在費城開設第二家社區中心來繼續測試 Pinnacle 零售體驗。我們改進了 B2B 團隊平台，以向更多客戶開放，提供全系列產品並提供禮品平台等新解決方案。將我們的注意力集中到第四季度，我們充滿動力以積極的態度結束這一年。營收年增 5%，超過了我們本季的預期範圍，這表明我們的策略正在發揮作用。

This includes the ongoing upswing we are seeing in repeat frequency, supported by impactful products and color launches and a higher level of nonpromotional sales. Looking at some of the standouts for the period. Scrubwear was positive for the third straight quarter, while non-scrubwear snapped back to strong growth after some of the pressure points we outlined on our Q3 call. Our international business was a standout, growing 45% for the quarter to represent 16% of our net revenues, an all-time high for the brand. And strong teams momentum continued, delivering over 20% growth for the year and driving some of our excitement ahead of this year's initiatives.

這包括我們看到的重複頻率的持續上升，這要歸功於有影響力的產品和顏色的發布以及更高水平的非促銷銷售。回顧這一時期的一些傑出人物。手術服連續第三個季度呈現積極勢頭，而非手術服在經歷了我們在第三季度電話會議上概述的一些壓力點之後，恢復了強勁增長。我們的國際業務表現出色，本季成長 45%，占我們淨收入的 16%，創下品牌歷史新高。強大的團隊勢頭持續下去，全年實現了超過 20% 的成長，並為我們的今年的計劃帶來了一些興奮。

On the margin side, gross margins came in at the high end of our outlook despite the impact from mix. While marketing and G&A expenses showed leverage, selling expenses deleveraged significantly for the period, given the duty reclass impact last year and fulfillment center inefficiencies. Supported by our top line, our overall adjusted EBITDA margins came in above our expectations for the period. We also ended the year in an incredibly strong financial position. Supported by positive operating cash flow for the year of approximately $81 million, $45 million of share repurchases and our equity investment in AG, we finished the year with just over $245 million in net cash and investments on the balance sheet.

在利潤率方面，儘管受到產品組合的影響，但毛利率仍處於我們預期的高點。雖然行銷和一般及行政費用顯示出槓桿作用，但考慮到去年關稅重新分類的影響和配送中心效率低下，本期間銷售費用大幅去槓桿。在我們的營業收入的支持下，我們整體調整後的 EBITDA 利潤率高於我們本期的預期。我們也以極為強勁的財務狀況結束了這一財年。在年度約 8,100 萬美元的正營運現金流、4,500 萬美元的股票回購以及對 AG 的股權投資的支持下，我們今年的資產負債表上的淨現金和投資略高於 2.45 億美元。

Despite clear progress in the quarter, we acknowledge not all went to plan during the year. We saw inconsistencies in our performance throughout the year with AOV pressure, more challenging customer acquisition and a range of pressures and distractions impacting healthcare professionals. We also experienced gross margin pressure from the changing product mixes within our business and absorbed the impact of strategic SG&A investments in marketing and fulfillment. Nonetheless, we ultimately reached record revenue in 2024 and have growing conviction that the industry and our company will continue to normalize following the recent COVID overhang on demand. As we weigh all these factors, we exited the year with a clear view on how our priorities would evolve in 2025.

儘管本季取得了明顯進展，但我們承認，全年並非所有進展都按計劃進行。我們發現全年的業績表現不一致，包括平均訂單價值 (AOV) 壓力、更具挑戰性的客戶獲取以及影響醫療保健專業人員的一系列壓力和乾擾。我們也面臨著業務中產品組合變化帶來的毛利率壓力，並吸收了行銷和履行方面的策略性銷售、一般及行政費用投資的影響。儘管如此，我們最終在 2024 年實現了創紀錄的收入，並且越來越相信，在最近 COVID 需求過剩之後，行業和我們公司將繼續正常化。在權衡所有這些因素後，我們對 2025 年的優先事項將如何演變有了清晰的認識。

This is guided by 2 simple principles to drive the long-term health and growth of the brand. First, we need to take near-term actions to prioritize and rebase our efforts. And second, we need to move with more conviction and speed to invest in the opportunities at hand. The near-term action includes 3 calibrations to our original plan, starting with our promotional positioning. We have seen improvements in our inventory positioning over the past 6 quarters at the same time our product introductions are resonating.

這由兩個簡單的原則指導，以推動品牌的長期健康和成長。首先，我們需要採取近期行動，確定工作重點並重新調整。其次，我們需要更堅定信念、更迅速地投資眼前的機會。近期的行動包括對我們原計劃的 3 項調整，首先是我們的促銷定位。在過去的六個季度中，我們的庫存定位有所改善，同時我們的產品推出也引起了共鳴。

While we are still focused on optimizing our inventory, we are in a position to become increasingly selective in our promotional cadence. To be clear, this move is planned to have a negative impact on our top line performance this year, but it is absolutely the right decision to align with our focus on long-term brand health. Second, we are further calibrating fit. Our work standardizing fit continues, and we have found opportunities to further refine our efforts this year. As we consider the entire range of our product portfolio, we now expect to fully execute and market our fit story in the back half of 2025.

雖然我們仍然專注於優化庫存，但我們在促銷節奏方面會變得越來越有選擇性。需要明確的是，此舉將對我們今年的營收業績產生負面影響，但這絕對是正確的決定，符合我們對長期品牌健康的關注。第二，我們正在進一步校準契合度。我們的標準化工作仍在繼續，今年我們發現了進一步完善我們工作的機會。當我們考慮我們整個產品組合時，我們現在預計在 2025 年下半年全面執行和行銷我們的合身故事。

While a longer journey than we initially planned, I'm even more excited with how this additional work and direction will play out as we look to consistently delight our full range of existing and future customers. Finally, we are pausing our planned work to open in Canadian DC. This will reduce unneeded complexity this year so that our team can focus on driving efficiency from our new domestic network. At the same time, we expect to offset some of the planned savings of the Canadian DC with additional initiatives across our supply chain. And we still see the opportunity to evolve our global supply chain as we move into 2026 and beyond.

雖然這段旅程比我們最初計劃的要長，但我對這項額外的工作和方向將如何發揮作用感到更加興奮，因為我們希望始終如一地讓現有和未來的所有客戶都感到滿意。最後，我們暫停了在加拿大華盛頓特區開業的計劃。這將減少今年不必要的複雜性，以便我們的團隊專注於提高新國內網路的效率。同時，我們期望透過整個供應鏈中的其他措施來抵銷加拿大配送中心的部分計畫節省。隨著我們邁入 2026 年及以後，我們仍然看到發展全球供應鏈的機會。

In tandem with these actions, we are moving with greater urgency to invest across our core strategies. Starting with our efforts to continue to exceed customer expectations through relevant innovation. Complementing our work to standardize fit, we are excited to advance our fabric story this year. As we have detailed, our product has largely been based on our proprietary FIONx fabric. This is what we're known for and has been the standard for our industry.

在採取這些行動的同時，我們正更加迫切地對我們的核心策略進行投資。從我們的努力開始，透過相關創新不斷超越客戶的期望。除了標準化合身度的工作之外，我們很高興今年能夠推進我們的布料故事。正如我們所詳述的那樣，我們的產品主要基於我們專有的 FIONx 面料。這就是我們所熟知的，也是我們行業的標準。

At the same time, customer feedback has shown the opportunity to drive greater functionality across a range of activities and roles. This month, we were excited to launch a brand-new fabrication called FORMx, designed for greater comfort and lower impact environments with an exceptional hand feel, enhanced stretch and a clean modern design aesthetic. We plan to methodically expand this platform throughout the year and expect the line to further differentiate our brand in the market. We believe there are additional opportunities to evolve and elevate our fabric stories and look to test additional solutions as we move throughout the year. Beyond fit and fabric, category expansion remains a focus as we address head-to-toe solutions, both on and off shift.

同時，客戶回饋也顯示有機會在一系列活動和角色中推動更強大的功能。本月，我們很高興推出一種名為 FORMx 的全新產品，旨在提供更舒適、更低衝擊的環境，具有卓越的手感、增強的彈性和簡潔的現代設計美感。我們計劃全年有條不紊地擴展該平台，並期望該產品線能夠進一步使我們的品牌在市場上脫穎而出。我們相信，隨著我們全年的發展，我們還將有更多機會來發展和提升我們的布料故事，並尋求測試更多解決方案。除了合身度和布料之外，品類擴展仍然是我們關注的重點，因為我們致力於解決從頭到腳的解決方案，無論是上班還是下班。

We have meaningful opportunities ahead to build out some of our less developed categories -- outerwear, underscrubs, socks, footwear -- each in focus this year and each unlocking new growth opportunities for the brand. It is important to reiterate that these efforts are supported by our ongoing focus on optimizing our inventory and color strategies. Our intentional action in recent quarters has provided a better understanding of where we need to lean in further versus where we need to continue to demonstrate discipline, and we will continue to balance each as we move through 2025. As we strive to deepen our connections with healthcare professionals, we're really excited with how we are evolving our marketing approach this year. After what we would call a more aspirational positioning throughout 2024, we're going back to our roots a bit to focus on showing the everyday moments, whether big and inspiring or small and intimate.

我們面臨重大機遇，可以拓展一些欠發達的品類——外套、內衣、襪子、鞋類——今年我們將專注於這些品類，並為品牌開啟新的成長機會。值得重申的是，這些努力得到了我們持續專注於優化庫存和色彩策略的支持。我們最近幾季採取的有意識的行動讓我們更好地了解了哪些方面我們需要進一步傾斜，哪些方面我們需要繼續表現出紀律性，我們將在 2025 年繼續平衡兩者。在我們努力加深與醫療保健專業人士的聯繫的同時，我們對今年行銷方式的演變感到非常興奮。在經歷了 2024 年更具抱負的定位之後，我們將回歸本源，專注於展示日常時刻，無論是重大而鼓舞人心的時刻，還是細小而親密的時刻。

We know the job of a healthcare professional is not bound by a clock or a location. So our year-long exploration of Where Do You Wear FIGS is designed to celebrate all the moments that matter to healthcare professionals. We believe these authentic moments will coincide well with our innovation agenda and help reach and inspire a broad range of healthcare professionals, especially as we think with a global mindset. Customization and personalization are 2 other areas that we believe will drive engagement and relevance across our community. On the customization side, we have seen the power of this added level of engagement.

我們知道，醫療保健專業人員的工作不受時間或地點的限制。因此，我們為期一年的「在哪裡穿 FIG」的探索旨在慶祝對醫療保健專業人士來說重要的所有時刻。我們相信，這些真實的時刻將與我們的創新議程完美契合，並有助於接觸和激勵廣泛的醫療保健專業人士，特別是當我們以全球思維思考時。我們認為客製化和個人化是另外兩個能夠推動整個社區參與度和相關性的領域。在客製化方面，我們已經看到了這種增加的參與度所帶來的力量。

While we have steadily added options, we still have limitations on how our customers can customize product across color, fond placement and character count. These are all areas we plan to advance this year, along with better placement of these options in the buy flow. Additionally, we're looking at a range of functions this year that can further broaden both what can already be customized and what we have yet to tackle. On the personalization side, we have opportunities to build more powerful customer journeys. Being in a D2C business that is built on data, we have a unique understanding of how -- of our community, who they are, where they work, what products they like, how and when they like to shop, and what the replenishment cycle is.

雖然我們一直在穩定增加選項，但客戶在顏色、喜好位置和字元數量等方面客製化產品的方式仍然存在限制。這些都是我們今年計劃要推進的領域，同時在購買流程中更好地定位這些選項。此外，我們今年正在研究一系列功能，這些功能可以進一步擴大已經可以自訂的功能和我們尚未解決的功能。在個人化方面，我們有機會建立更強大的客戶旅程。作為一家基於數據的 D2C 企業，我們對我們的社區有著獨特的理解，他們是誰，他們在哪裡工作，他們喜歡什麼產品，他們喜歡如何以及何時購物，以及補貨週期是怎樣的。

Ultimately, we have the ability to stay one step ahead so that we can drive increasingly engaging experience for our community, both on and offline. Combining all these elements, we are hyper-focused on building off our lessons last year, and you should see us better align our storytelling, our product innovation and the timing of our messaging when it matters most to healthcare professionals. Looking at our reach, we expect to make important strides this year in better reaching new and existing customers. I've discussed some of these compelling data points in the past. Over 80% of our healthcare professionals are outside of the United States.

最終，我們有能力保持領先一步，從而為我們的社區（無論是線上還是線下）帶來越來越具吸引力的體驗。結合所有這些因素，我們高度重視去年的經驗教訓，您應該會看到我們更好地協調我們的故事敘述、產品創新和資訊傳遞的時機，以配合醫療專業人士最重要的需求。從我們的覆蓋範圍來看，我們預計今年將在更好地接觸新舊客戶方面取得重要進展。我過去曾討論過一些令人信服的數據點。我們 80% 以上的醫療保健專業人員都在美國境外。

Over 60% of non-fixed customers want to try and feel the product before they purchase. And an estimated 15% of the industry is B2B with institutions buying for their teams with an outsized international opportunity. Simply put, we have not moved fast enough to support these initiatives. There are significant pockets of customers that are just not reaching in an optimal way today. You will see us take more action and accelerate our investment across each of these channels this year to unlock growth in 2026 and beyond.

超過60%的非固定顧客在購買前希望嘗試感受產品。據估計，該行業有 15% 是 B2B 業務，機構為他們的團隊購買產品，並具有巨大的國際機會。簡而言之，我們的行動還不夠快，無法支持這些措施。目前，有相當一部分客戶未能以最佳方式獲得服務。您將看到我們今年採取更多行動並加快對每個管道的投資，以釋放 2026 年及以後的成長潛力。

Starting with our international expansion opportunity. A key focus this year is to execute our push into Asia, starting with our planned opening of Japan in Q2 and South Korea later this year. These are inherently more complex markets, and we are investing to support localized language translation, dedicated creative and marketing support. While near-term expectations are modest for these markets, we believe these markets are well positioned for brand success as we look to make an impact with the local healthcare community. In addition to Asia, we plan to leverage our technology platform to better activate our work with many of our global markets.

從我們的國際擴張機會開始。今年的一個重點是進軍亞洲市場，首先計劃於第二季進軍日本市場，並於今年稍後進軍韓國市場。這些市場本質上更加複雜，我們正在投資支援在地化語言翻譯、專門的創意和行銷支援。雖然這些市場的短期預期不高，但我們相信，這些市場已為品牌成功做好了準備，因為我們希望對當地醫療保健界產生影響。除了亞洲之外，我們還計劃利用我們的技術平台來更好地開展我們與全球許多市場的合作。

This includes developing ways to drive deeper connections in these markets, further localizing our messaging, our assortment and our on-the-ground impact. Channel expansion will be a focus as we look to build out our teams business and leverage other locally relevant pathways to the consumer. Speaking of teams, the global opportunity has been apparent for a while now. To build off our strong foundation, we recently brought in a dedicated leader with 20 years of sales and leadership experience across the healthcare industry. This role includes both our existing inbound efforts and also the formulation of an outbound sales function.

這包括開發在這些市場中建立更深層聯繫的方法，進一步在地化我們的訊息傳遞、我們的產品組合和我們的實際影響。當我們尋求拓展團隊業務並利用其他與當地相關的途徑接觸消費者時，通路擴展將成為重點。說到團隊，全球機會已經顯現一段時間了。為了鞏固我們強大的基礎，我們最近聘請了一位在醫療保健行業擁有 20 年銷售和領導經驗的專業領導者。這個角色既包括我們現有的入站工作，也包括出站銷售功能的發展。

Notably, we started building an outbound customer pipeline in 2024 and plan to jump-start these efforts this year with the creation of an outbound team. Beyond this outbound initiative, we also plan to execute additional solutions to simplify and expand the team's experience. On our nascent retail store side, we continue to see the value of having an impactful physical presence in the market, and we will extend our test, learn, apply and win approach in 2025. To start, we're currently planning on at least 2 new community hubs in the back half of the year while also implementing operational tools to ensure an omnichannel mentality. We believe there's a lot more to come here and look forward to providing updates in the future.

值得注意的是，我們於 2024 年開始建立外向客戶管道，並計劃在今年透過創建外向團隊來啟動這些工作。除了這項外向型措施之外，我們還計劃執行其他解決方案來簡化和擴展團隊的經驗。在我們新興的零售店方面，我們繼續看到在市場上擁有有影響力的實體存在的價值，我們將在 2025 年擴展我們的測試、學習、應用和取勝方法。首先，我們目前計劃在今年下半年建立至少 2 個新的社區中心，同時實施營運工具以確保全通路思維。我們相信這裡還有更多內容，並期待在未來提供更新。

As we first disclosed last quarter, we also expect our long-term efforts to be supported by leveraging our minority investment in AG, an AI-powered multidisciplinary education platform for healthcare professionals. We expect this platform will debut later this year. Before passing along to Sarah, I would like to provide a few closing comments on our cash, our team and our conviction. Our balance sheet strength is a competitive advantage, and we plan to prioritize our use of cash in the near term to accelerate investments. We have consistently discussed the opportunities in areas like international, teams and retail.

正如我們在上個季度首次披露的那樣，我們還希望透過利用對 AG（一個面向醫療保健專業人士的人工智慧多學科教育平台）的少數股權投資來支持我們的長期努力。我們預計該平台將於今年稍後推出。在將主題轉達給莎拉之前，我想就我們的現金、我們的團隊和我們的信念發表一些最後的評論。我們的資產負債表實力是一種競爭優勢，我們計劃在短期內優先使用現金來加速投資。我們一直在討論國際、團隊和零售等領域的機會。

And as discussed, it is now time to move faster with conviction. It also means targeted investments in the core, ensuring we take bold steps to drive brand awareness and activations, each with a global mindset. Bold moves require a bold team, and we have been actively fortifying our leadership over the past year and change. Most recently, we have brought in John Tam as our new Chief Operating Officer; and Michelle Armstrong as our new Chief Product Officer. John joined us with over 11 years at Revolve Clothing, where he most recently led operations for the dynamic online platform.

正如所討論的，現在是時候更加堅定地採取更快的行動了。這也意味著對核心進行有針對性的投資，確保我們採取大膽措施來推動品牌知名度和激活度，並且都具有全球思維。大膽的舉措需要大膽的團隊，過去一年來，我們一直在積極加強我們的領導和變革。最近，我們聘請了 John Tam 擔任新任營運長；並任命 Michelle Armstrong 為我們的新任首席產品長。約翰在加入我們之前已在 Revolve Clothing 工作了 11 年多，最近他負責領導這個動態線上平台的運作。

Michelle most recently served as Chief Product Officer at Arc'teryx after serving in a variety of roles for over a decade at lululemon. I'm incredibly excited to officially welcome both to the team and look forward to their contributions. Finally, I want to reiterate our confidence in driving our mission and extending our leadership position over the long term. Product innovation is at our core, and we remain maniacally focused on the intersection of fabric, fit and function. Our connections and approach to community building drive deep relationships that build frequency and create a halo of awareness.

米歇爾 (Michelle) 在 lululemon 擔任過十多年的各種職務，最近擔任 Arc'teryx 的首席產品官。我非常高興地正式歡迎他們加入團隊，並期待他們的貢獻。最後，我想重申我們對長期推進我們的使命和鞏固我們的領導地位的信心。產品創新是我們的核心，我們始終專注於布料、合身度和功能的交匯。我們的聯繫和社區建設方法可以推動深厚的關係，從而建立頻率並創造意識光環。

Our channel approach provides powerful feedback and insights that will continue to allow us to extend and personalize our approach globally. And our team is as strong as ever, bringing a multitude of experiences that will help us move quickly but thoughtfully in a rapidly evolving world. These are all competitive advantages in how we will continue to differentiate our brand to drive lasting impact to our customers and communities. With that, I'll turn it over to Sarah to review the quarter and our 2025 financial plan.

我們的通路方法提供了強有力的反饋和見解，這將繼續使我們能夠在全球範圍內擴展和個性化我們的方法。我們的團隊一如既往地強大，擁有豐富的經驗，可以幫助我們在快速發展的世界中快速而周到地行動。這些都是我們繼續使我們的品牌差異化並為我們的客戶和社區帶來持久影響的競爭優勢。接下來，我將把任務交給莎拉來審查本季和我們的 2025 年財務計畫。

Thanks, Trina. I'll start with some of the drivers for our strong fourth quarter performance where we experienced better-than-planned results across most of our P&L. I'll then provide our first look at 2025 and some of the key considerations during the year. Finally, we will open up the call for questions. Looking at Q4, net revenues increased 5% to $151.8 million above our implied outlook for the period.

謝謝，特麗娜。我首先要介紹我們在第四季表現強勁的一些驅動因素，我們的大部分損益表都取得了好於計畫的結果。然後，我將首次展望 2025 年以及這一年的一些關鍵考慮因素。最後，我們將開始提問環節。縱觀第四季度，淨收入成長 5%，達到 1.518 億美元，高於我們對該季度的預期。

Returning customer traffic and purchase frequency powered our growth for the period with frequency notably remaining positive for the third straight quarter and strengthening relative to recent trends. This positive trend was tempered by customer acquisition trends. Additionally, we are seeing several churn dynamics play out. While this includes a higher rate of customers falling out of the active base, it also includes a higher rate of lapsed customers coming back to the brand, which we believe is indicative of some of our marketing and product initiatives throughout the year. AOV decreased 1% to $116, primarily reflecting lower units per transaction, offset by a higher rate of nonpromotional sales.

回頭客流量和購買頻率推動了我們本期的成長，其中購買頻率連續第三個季度保持正成長，並且相對於近期趨勢有所增強。這一正面趨勢受到客戶獲取趨勢的抑制。此外，我們也看到了幾種客戶流失動態的出現。雖然這包括客戶從活躍客戶群中流失的比率較高，但也包括流失客戶回歸品牌的比率較高，我們認為這表明了我們全年的一些行銷和產品舉措。AOV 下降 1% 至 116 美元，主要反映每筆交易的單位數減少，但非促銷銷售率增加抵消了這一影響。

Overall, our active customers for the trailing 12-month period increased 3% year-over-year to $2.7 million, while net revenues per active customer decreased 1% to $208. Looking at revenues by category, scrubwear increased 2%, representing 76% of net revenues for the period. Similar to last quarter, we saw a positive trend in both our limited edition and core styles, which were supported by a strong slate of color launches throughout the period. However, performance remained somewhat constrained as we lapped our prior year efforts to move through older products and colors. Non-scrubwear increased 13%, representing 24% of net revenues.

整體而言，過去 12 個月我們的活躍客戶數量年增 3% 至 270 萬美元，而每位活躍客戶的淨收入下降 1% 至 208 美元。從類別收入來看，工作服收入成長了 2%，佔該期間淨收入的 76%。與上一季類似，我們的限量版和核心款式均呈現正面趨勢，這得益於整個期間推出的一系列強勁色彩。然而，由於我們前一年努力淘汰舊產品和舊顏色，因此性能仍然受到一定限制。非手術服銷售額成長 13%，佔淨收入的 24%。

While we were prudently cautious with our Q4 planning following last quarter's performance, we saw outperformance in both footwear and under scrubs during the period. Growth in footwear was supported by our efforts to drive better in-stocks in our key 327 and 3447 styles. We are also excited to build our underscrubs opportunity as we added new rib and waffle fabrications to the assortment. Gross margin for Q4 contracted 20 basis points to 67.3%, driving the full year rate in range of our expectations. On the positive side, we received a larger onetime benefit from duty drawback claims from prior periods that we highlighted on our prior earnings call.

雖然我們根據上一季的表現對第四季度的規劃持謹慎態度，但在此期間，我們看到鞋類和手術服的業績均表現出色。我們努力提高主要 327 和 3447 款式的庫存，從而推動了鞋類業務的成長。我們也很高興能拓展內衣產品的機會，因為我們在產品系列中增加了新的羅紋和華夫格布料。第四季毛利率下降 20 個基點至 67.3%，推動全年毛利率在我們的預期範圍內。從積極的一面來看，我們從前期的退稅申請中獲得了更大的一次性收益，這一點我們在先前的收益電話會議上強調過。

Offsetting this benefit, we continue to see several mix headwinds, including the overall higher sales mix of the non-scrubwear category as well as the product mixes within both our scrubwear and non-scrubwear categories. Our selling expense for Q4 was $37.9 million, representing 25% of net revenues compared to 19.4% in Q4 of 2024. As a reminder, we lapped the outsized favorable selling expense impact of $4.7 million as a result of the inception of our duty reclassification method in Q4 last year. From an operational standpoint, we continue to see higher logistics costs, including fulfillment expenses as we ramp the operations of our new facility as well as elevated shipping expenses. Marketing expense for Q4 was $19.8 million, representing 13% of net revenues compared to 13.9% in the prior year period.

儘管有這一好處，我們仍然看到一些混合阻力，包括非磨砂服類別的整體銷售組合較高，以及磨砂服和非磨砂服類別中的產品組合較高。我們第四季的銷售費用為 3,790 萬美元，佔淨收入的 25%，而 2024 年第四季為 19.4%。提醒一下，由於去年第四季開始實施關稅重新分類方法，我們已將 470 萬美元的超額有利銷售費用影響計入。從營運角度來看，我們繼續看到更高的物流成本，包括隨著我們擴大新工廠的營運而產生的履行費用以及增加的運輸費用。第四季的行銷費用為 1,980 萬美元，佔淨收入的 13%，而去年同期為 13.9%。

The decrease in marketing expense as a percentage of net revenues was primarily due to lower digital marketing spend, particularly following the outsized Q3 investments in conjunction with our campaign during the Olympic Games. G&A for Q4 was $35.6 million, representing 23.4% of net revenues compared to 24.5% last year. The decrease in G&A expense rate was primarily related to lower stock-based compensation expense and overall expense management efforts. Combining these items, our adjusted EBITDA for Q4 was $21.1 million with an adjusted EBITDA margin of 13.9% compared to 18.4% last year. Net income for this quarter was $1.9 million or diluted EPS of $0.01 compared to Q4 2023 net income of $10 million and diluted EPS of $0.05.

行銷費用佔淨收入的百分比下降主要是由於數位行銷支出的減少，特別是在奧運期間我們為第三季進行了巨額投資之後。第四季的一般及行政費用為 3,560 萬美元，佔淨收入的 23.4%，而去年同期為 24.5%。一般及行政費用率的下降主要與股票薪酬費用的降低及整體費用管理力道的加強有關。綜合這些項目，我們第四季的調整後 EBITDA 為 2,110 萬美元，調整後 EBITDA 利潤率為 13.9%，而去年為 18.4%。本季淨收入為 190 萬美元，稀釋每股收益為 0.01 美元，而 2023 年第四季淨收入為 1,000 萬美元，稀釋每股收益為 0.05 美元。

Recapping the full year, net revenue reached a record $555.6 million, an increase of 2% year-over-year. Gross margin contracted 150 basis points to 67.6%, largely due to the product mix shift. Operating expenses deleveraged to 67.2% of net revenues compared to 62.8% in the prior year. As a reminder, this increase included the outsized impact from higher selling expense for the transition to our new distribution center and higher marketing expense to support our Olympics campaign. Adjusted EBITDA margin was 9.3% as compared to 15.8% in the same period last year.

回顧全年，淨收入達到創紀錄的 5.556 億美元，年增 2%。毛利率下降 150 個基點至 67.6%，主要原因是產品結構轉換。營業費用佔淨收入的 67.2%，去年同期為 62.8%。提醒一下，這一增長包括了由於過渡到新配送中心而增加的銷售費用以及為支持奧運會活動而增加的營銷費用產生的巨大影響。調整後的 EBITDA 利潤率為 9.3%，而去年同期為 15.8%。

Looking at our balance sheet, we finished the fourth quarter with cash, cash equivalents and short-term investments of $245.1 million, along with no debt. This total position held essentially flat year-over-year as our strong cash flow supported our efforts to invest a cumulative $90 million this year for share buybacks, our equity investment in AG and elevated capital expenditures. Inventory declined 3% year-over-year to $115.8 million and is down 35% on a 2-year basis. After 6 quarters of targeted inventory reductions and disciplined buying, we are starting to reach a healthier level of inventory as we plan our go-forward business. As we move throughout 2025, we will continue to work through smaller pockets of inventory, including items with older fit profiles.

從我們的資產負債表來看，第四季末我們的現金、現金等價物和短期投資為 2.451 億美元，且沒有債務。這一整體狀況與去年同期基本持平，因為我們強勁的現金流支持了我們今年累計投資 9,000 萬美元用於股票回購、對 AG 的股權投資和增加資本支出的努力。庫存年減 3% 至 1.158 億美元，兩年內下降 35%。經過六個季度的有針對性的庫存削減和嚴格的採購，我們在規劃未來業務時開始達到更健康的庫存水準。隨著 2025 年的到來，我們將繼續處理較小規模的庫存，包括款式較舊的商品。

At the same time, we will look to strategically invest in areas where we have seen stronger customer demand and to support key growth drivers across our business. Combined, we expect inventory growth to modestly outpace revenue growth during the year. Looking closer at capital allocation, we repurchased $38.2 million worth of shares during the quarter at an average price of $4.87, ending the year with approximately $4.6 million remaining under our previously announced $50 million share repurchase program. Rounding out our financials, capital expenditures for the year were elevated at $17 million with the majority related to the build-out of our new fulfillment center. And we delivered another quarter of strong free cash flow at $27.1 million, driving our full year total to $64.1 million.

同時，我們將尋求在客戶需求更強勁的領域進行策略性投資，並支持我們業務的關鍵成長動力。綜合來看，我們預計今年庫存成長將略高於收入成長。仔細觀察資本配置，我們在本季度以平均 4.87 美元的價格回購了價值 3820 萬美元的股票，根據我們之前宣布的 5000 萬美元股票回購計劃，到年底我們還剩下大約 460 萬美元。在我們的財務狀況方面，今年的資本支出增加到 1700 萬美元，其中大部分與建造新的履行中心有關。我們又一個季度實現了強勁的自由現金流，達到 2,710 萬美元，使全年總額達到 6,410 萬美元。

Now turning to our outlook. We expect net revenues for fiscal 2025 to be down in the low-single digit range year-over-year, reflecting headwinds from less promotions and the potential for a decline in active customers. Regarding promotions, while we will retain some flexibility and responsiveness based on market conditions, we are coming into the year expecting a meaningful reduction in how we plan our promotional composition. This means curtailing site-wide promos that are not aligned with our long-term brand positioning. Relatedly, we are factoring in the potential for a slower rate of new customer growth and higher churn, particularly as we work through this new promotional baseline.

現在轉向我們的展望。我們預計 2025 財年的淨收入將同比下降低個位數，這反映出促銷活動減少的阻力以及活躍客戶數量可能下降。關於促銷，雖然我們會根據市場狀況保留一定的彈性和回應能力，但進入新的一年，我們預期促銷結構的規劃將會大幅減少。這意味著要減少與我們的長期品牌定位不符的網站範圍的促銷活動。與此相關的是，我們正在考慮新客戶成長速度放緩和客戶流失率上升的可能性，特別是當我們制定新的促銷基準時。

Our efforts will continue to focus on building upon our recent successes, driving frequency of our existing customers and reengaging lapsed customers. At the same time, we will more heavily invest in areas that will help support future customer growth and engagement, including channel growth across international teams and retail, all of which are expected to have a much more meaningful impact beyond 2025. While we typically do not provide intra-quarter commentary, year-over-year net revenue growth had trended positive to start the year, though we expect the change in our promotional stance to negatively impact the balance of the quarter. As such, we expect Q1 net revenue to be approximately flat year-over-year. Turning to gross margin.

我們的努力將繼續集中在鞏固我們最近的成功、提高現有客戶的頻率以及重新吸引流失的客戶。同時，我們將加大對有助於支持未來客戶成長和參與度的領域的投資，包括國際團隊和零售通路的成長，所有這些都有望在 2025 年後產生更有意義的影響。雖然我們通常不提供季度內評論，但今年年初，同比淨收入增長呈正趨勢，但我們預計促銷立場的改變將對本季度的餘額產生負面影響。因此，我們預計第一季淨收入將與去年同期基本持平。轉向毛利率。

We expect full year gross margins to be approximately flat from the 67.6% level achieved in fiscal 2024. This is an area where we should see a positive impact from our actions to dial back promotions, which we expect to be largely offset by some ongoing product mix headwinds. For Q1, we expect gross margins to be down approximately 100 basis points year-over-year to a level which is more in line with recent trends with better performance for the balance of the year supported by full price selling. On the expense side, we expect total SG&A leverage for the year, though as I'll discuss, this is driven by lower stock-based compensation. In selling expense, we will be lapping last year's transitory expenses at the new fulfillment center, though expect some offset from the ongoing inefficiencies at this facility as we work to improve our top line.

我們預計全年毛利率將與 2024 財年的 67.6% 水準基本持平。在這個領域，我們應該看到我們減少促銷的行動將產生積極的影響，我們預計，一些持續的產品組合逆風將在很大程度上抵消這一影響。對於第一季度，我們預計毛利率將同比下降約 100 個基點，達到更符合近期趨勢的水平，並且在全價銷售的支持下，今年剩餘時間的業績將更好。在費用方面，我們預計今年的總銷售、一般及行政費用槓桿率將上升，但正如我將要討論的，這是由較低的股票薪酬推動的。在銷售費用方面，我們將把去年新履行中心的臨時費用納入考量，但隨著我們努力提高營業收入，預計該設施持續存在的低效率將得到一定程度的抵消。

Additionally, we expect to incur higher shipping costs to service our growing mix of international. In marketing, we expect a modestly lower expense rate with the outsized Olympics investments from last year to be largely offset by incremental investments across our marketing funnel and to accelerate our channel strategies. In G&A, we will incur higher people costs as we annualize 2024 hires, support our 2025 investment plans and stabilize incentive compensation. We expect these investments to be more than offset by an estimated reduction in stock-based compensation of approximately $13 million due to the roll-off of certain long-term grants associated with our IPO and the completed vesting of grants made to our Executive Chair upon her transition to that role. Together, we expect adjusted EBITDA margins for full year 2025 of between 9% to 9.5%.

此外，我們預計將產生更高的運輸成本來滿足我們日益增長的國際業務需求。在行銷方面，我們預計費用率會略有下降，因為去年對奧運的巨額投資將在很大程度上被我們整個行銷管道的增量投資所抵消，並加速我們的通路策略。在一般及行政管理方面，由於我們將 2024 年的招聘人數年度化、支持 2025 年的投資計劃並穩定激勵薪酬，我們將承擔更高的人力成本。我們預計，由於與我們的 IPO 相關的某些長期授予的延期以及我們的執行主席就任該職位後授予的授予的完全歸屬，預計約 1,300 萬美元的股票薪酬減少額將超過這些投資的抵消額。總體而言，我們預計 2025 年全年調整後的 EBITDA 利潤率將在 9% 至 9.5% 之間。

Notably, this range straddles our 2024 performance, which just came in meaningfully higher than our prior outlook. For Q1, we expect adjusted EBITDA margins of between 5.5% to 6%. We would note 2 additional nuances as you consider your models, both influenced by stock-based comp. First, given our adjusted EBITDA targets adjust for stock-based comp, we would expect a stronger GAAP operating margin improvement for the year relative to the implied change in adjusted EBITDA margin. Second, the improved pretax income, combined with a significant reduction in nondeductible stock-based comp will have implications on our effective tax rate, which we estimate will be closer to 45% for the year as opposed to the 81% effective tax rate in fiscal 2024.

值得注意的是，這一範圍跨越了我們 2024 年的表現，而這一表現剛好比我們之前的預測高出不少。對於第一季度，我們預計調整後的 EBITDA 利潤率將在 5.5% 至 6% 之間。當您考慮模型時，我們會注意到另外兩個細微差別，這兩個細微差別都受到基於股票的補償的影響。首先，鑑於我們的調整後 EBITDA 目標已根據股票補償進行調整，我們預計今年的 GAAP 營業利潤率將比調整後 EBITDA 利潤率的隱含變化有更強勁的增長。其次，稅前收入的增加，加上不可扣除的股票薪酬的大幅減少，將對我們的有效稅率產生影響，我們估計今年的有效稅率將接近 45%，而不是 2024 財年的 81%。

As we look at our capital allocation plans, we continue to operate from a position of strength given our clean balance sheet and strong cash flow. Our capital expenditure requirements will be more modest in 2025 at approximately $5 million, primarily to support our retail expansion and other foundational investments. Cash deployment overall will be prioritized to accelerate our investments to support growth, yielding lower free cash flow in 2025 relative to prior years. Supported by these factors, our Board of Directors has authorized an additional $50 million share repurchase program. We will remain opportunistic with our approach in the market as we look to return value to shareholders over time.

當我們審視我們的資本配置計劃時，由於我們的資產負債表清晰且現金流強勁，我們將繼續保持強勁的營運動能。2025 年我們的資本支出需求將更加適中，約 500 萬美元，主要用於支持我們的零售擴張和其他基礎投資。總體而言，我們將優先考慮現金部署，以加速我們的投資來支持成長，從而使 2025 年的自由現金流相對於前幾年有所降低。在這些因素的支持下，我們的董事會已批准額外 5,000 萬美元的股票回購計畫。我們將繼續在市場上採取機會主義的做法，並期待隨著時間的推移為股東帶來價值回報。

Overall, we believe we are in a strong position to take decisive action this year to support the long-term health and growth of the brand. As we rebase and begin to strengthen some of our top line drivers this year, we are fueling future momentum by leveraging some of our margin tailwinds coming off of 2024. While these actions will limit near-term EBITDA margin expansion, we are opportunistic that these investments to support a stronger top line will start to support fixed cost leverage. This will put us in a position to balance margin flow with additional opportunities to accelerate the flywheel. And with our balance sheet and cash flow, we see ongoing optionality to drive performance and shareholder value over time.

總體而言，我們相信我們有能力在今年採取果斷行動來支持該品牌的長期健康和成長。隨著我們今年重新調整並開始加強一些營收驅動因素，我們將利用 2024 年後的一些利潤率順風來推動未來發展勢頭。雖然這些措施將限制短期 EBITDA 利潤率的擴張，但我們樂觀地認為，這些支持更強勁營收的投資將開始支持固定成本槓桿。這將使我們能夠平衡利潤流，並提供額外的機會來加速飛輪。透過我們的資產負債表和現金流，我們看到了持續的選擇性，可以隨著時間的推移推動績效和股東價值的提升。

With that, I will turn it back over to the operator for Q&A. Operator?

說完這些，我將把問題交還給操作員進行問答。操作員？

(Operator Instructions)

（操作員指示）

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Trina, I was hoping you could speak to your plans to maintain and reengage lapsed customers as you move through a promotional reset, which typically does come with a period of higher churn. You also spoke a little bit about a lower trend of new customer acquisition. Can you speak to your plans for marketing to those customers so that you can reaccelerate that acquisition trend?

Trina，我希望您能談談在促銷重置期間維護和重新吸引流失客戶的計劃，這通常伴隨著較高的客戶流失率。您也談到了新客戶獲取量下降的趨勢。您能否談談針對這些客戶的行銷計劃，以便能夠重新加速這一收購趨勢？

I can take that. Brooke, it's Sarah. So yes, we have been seeing some headwinds on acquisition, and we believe that is partly impacted by our promotional cadence. As we head into 2025, we are looking to readjust that promotional outlook. And that was outlined in the script there.

我可以接受。布魯克，我是莎拉。是的，我們在收購方面遇到了一些阻力，我們認為這在一定程度上受到了我們的促銷節奏的影響。隨著我們邁入 2025 年，我們正在尋求重新調整促銷前景。劇本中已經概述了這一點。

And we are going to be making investments into both our existing brand efforts plus adding on to upper funnel to increase our awareness and consideration. And we'll also be making targeted investments into the customer funnel to help with our retention trends.

我們將對現有的品牌工作進行投資，並增加上層管道，以提高我們的知名度和考慮度。我們還將對客戶管道進行有針對性的投資，以幫助我們維持客戶保留趨勢。

And if I could just follow up on the supply chain. You talked about some investments that you're continuing to make there. I think I also heard you say that you're pausing the Canadian distribution center investment. A lot of investors had expected supply chain to become a bigger source of opportunity for margin expansion this year. Can you talk about what those investments are and your opportunity to leverage that supply chain and distribution center fulfillment over time?

如果我可以跟進供應鏈的話。您談到了您將在那裡繼續進行的一些投資。我想我還聽到您說過您將暫停對加拿大配送中心的投資。許多投資者曾預期供應鏈將成為今年利潤率擴張的更大機會來源。您能談談這些投資是什麼以及您隨著時間的推移利用供應鏈和配送中心履行的機會嗎？

Yes. So we have a new COO that has come in and really evaluated our road map, and that road map has just been reassessed for where we think there's the best opportunity, both in terms of optimization and savings opportunities as well as opportunities to focus on some bigger pieces. And so we actually see that there is a really good opportunity for improvement by just focusing on our current distribution facility to optimize and transform there. So the Canada DC will be part (technical difficulty) but not in 2025.

是的。因此，我們有了一位新任首席營運官，他對我們的路線圖進行了認真的評估，並且剛剛重新評估了該路線圖，我們認為其中存在最好的機會，包括優化和節約機會以及關註一些更大部分的機會。因此，我們實際上看到，只需專注於我們目前的配送設施並進行優化和改造，就有一個非常好的改進機會。因此，加拿大 DC 將成為其中的一部分（存在技術難度），但不是在 2025 年。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

So a couple of questions. I mean, first, I know we somewhat discussed this in the prepared remarks, but I just want to -- guess I want to understand better. Just help me and explain -- or help me understand directly the kind of the dynamic between your fourth quarter, a nice beat sales acceleration or profit acceleration, but then more downbeat guidance for '25. So, I mean, what's the bridge there? And then I guess the way I'm asking with that, too, as you look at that initial guidance, I mean, recognizing it's early in the year, it's a fluid backdrop, et cetera.

有幾個問題。我的意思是，首先，我知道我們在準備好的發言中討論過這個問題，但我只是想——我想我想要更好地理解。請幫我解釋一下 - 或幫助我直接了解第四季度之間的動態，良好的銷售加速或利潤加速，但隨後對 25 年的指引更為悲觀。那麼，我的意思是，那裡的橋是什麼？然後我想我也是這樣問的，當你看最初的指導時，我的意思是，認識到這是年初，這是一個流動的背景，等等。

But is the guidance you outlined for '25 consistent with what you're seeing in the business now? Or is there some degree of conservatism based on that versus what we saw in the fourth quarter?

但是，您為 25 年制定的指導方針與您現在看到的業務情況一致嗎？或者與我們在第四季度看到的情況相比，是否存在一定程度的保守主義？

Great. Brian, so in terms of the fourth quarter, so we went into the fourth quarter with prudently cautious guidance as we came out of Q3 that did miss our expectations. As we went through Q4, we did see some performance gains on color, but we did see a softer Black Friday, Cyber Monday performance. And so the beat really came in December as we had additional color launches this year, and that's where we really started to see some traction on our business as usual days. And we did see outperformance in our December promo that happened very much at the end of the quarter.

偉大的。布萊恩，就第四季度而言，我們以審慎的指導進入第四季度，因為第三季度的業績確實沒有達到我們的預期。當我們進入第四季度時，我們確實看到了色彩方面的一些性能提升，但我們確實看到了黑色星期五和網路星期一的表現較弱。因此，真正的勝利發生在 12 月，因為我們今年推出了更多顏色，這也是我們真正開始看到正常業務有所進展的時候。我們確實看到了 12 月份促銷活動的出色表現，這在季度末非常明顯。

And so as we go into 2025, our guidance does reflect a few different dynamics. So one, we have been seeing headwinds and lower growth rates in our active customer base. So playing that forward, there is the potential for that to decline. And then we also are making a shift in promotion. And so you can expect that that will have a few points headwind on growth for 2025.

因此，當我們進入 2025 年時，我們的指導確實反映了一些不同的動態。首先，我們的活躍客戶群遇到了阻力，成長率下降。因此，從長遠來看，這種趨勢有下降的潛力。然後我們也在促銷方面做出了改變。因此，你可以預期這將對 2025 年的成長造成一些阻力。

And I think those are the main pieces that bridge you from some outperformance in Q4 to how we're positioning 2025. And what we're putting in front of you here is a forecast that we feel confident executing against and continue to play that out over the year.

我認為這些是將您從第四季度的優異表現與我們如何定位 2025 年聯繫起來的主要因素。我們在這裡向您提出的是一個預測，我們有信心按照這個預測執行，並將在今年繼續執行。

That's helpful. And then I guess the follow-up question I have, and then it's going to be a follow-up to that. But longer term, and I know we've discussed this in the past. But as you look at the business today and again, the guidance you laid out there for '25, what are the building blocks to get FIGS back to that normalized growth algorithm? I mean, what has to happen?

這很有幫助。然後我想我有後續問題，然後這將是對此的後續回答。但從長遠來看，我知道我們過去已經討論過這個問題。但是，當您審視今天的業務並再次審視您為 25 年制定的指導方針時，使 FIG 恢復到正常化成長演算法的基石是什麼？我的意思是，會發生什麼事？

And I guess within that context of that question is, how much of it is the environment versus levers that you as a management team can pull here?

我想，在這樣的背景下，這個問題的答案是：環境因素和您作為管理團隊能夠利用的槓桿相比，前者佔了多大比重？

Great. So how we're thinking about those building blocks is, first and foremost, the U.S. business is the biggest part of our business, and it has been declining. And so our efforts here and the investments that we are making are really about reinvigorating growth in our U.S. business, and that will be really important for the long-term algorithm.

偉大的。因此，我們對這些基本組成部分的看法是，首先，美國業務是我們業務中最大的部分，但它一直在下滑。因此，我們在這裡的努力和投資實際上是為了重振我們美國業務的成長，這對於長期演算法來說非常重要。

I think within that, we've also seen declining growth rates in our active customer base. So it's really important that we reinvigorate growth there as well. So those are 2 important blocks just in terms of driving the upside ahead of where it has been, along with continuing to build out our retail, international and teams channels. And then as that flows through the P&L, it's really going to be that top line expansion that's really going to help us leverage our bottom-line costs and help us reinvest into the growth for future.

我認為，我們的活躍客戶群的成長率也在下降。因此，我們也必須重振那裡的成長。因此，就推動業務成長以及持續拓展我們的零售、國際和團隊通路而言，這兩個都是重要的障礙。然後，隨著它流入損益表，它實際上將成為頂線擴張，真正幫助我們利用底線成本，並幫助我們重新投資於未來的成長。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Sarah, how should we think about both selling and G&A? You gave some color earlier in the prepared remarks. Selling obviously has the several hundred basis points of supply chain fulfillment costs in fiscal '24 in it. How does that unwind, so to speak? And then within G&A, what are the drivers of G&A outside of stock-based comp in fiscal '25?

莎拉，我們該如何考慮銷售和一般及行政事務？您之前在準備好的發言中已經給了一些說明。銷售顯然包含 24 財年數百個基點的供應鏈履行成本。可以這麼說，這種情況該如何緩解呢？然後在 G&A 內部，25 財年股票薪酬以外的 G&A 驅動因素是什麼？

Yes, for sure. So as you -- we have the transitory costs related to our DC transition this year. Those should normalize into next year. That does get partially offset with just our higher fixed costs from operating a much bigger and state-of-the-art facility as well as our increased mix of international and the impact of that on our selling costs. So still some leverage overall year-over-year expected, but there are still added costs related to operating this new facility.

是的，當然。因此，正如您所說——我們今年有與 DC 轉型相關的暫時成本。這些應該會在明年恢復正常。這確實被我們營運更大、更先進的設施所產生的更高固定成本以及我們不斷增加的國際業務組合及其對我們的銷售成本的影響所部分抵消。因此，預計整體上仍會有一定的同比槓桿，但營運這個新設施仍會增加成本。

And then as we go into G&A, I mean, first on marketing, so we will have a lower rate of marketing, which is recovery of where we invested into Olympics, but then now reinvesting back into the business to really drive top line growth. And then into the other components of G&A within our total and our people costs, we do have the run rate of investments that we've made into -- from 2024 and we'll continue to invest in resources to support the build-out of our teams needed to grow the business. And so there will be an impact there. And then I did outline already the stock-based compensation. So that will go down by $12 million year-over-year.

然後，當我們進入一般及行政管理 (G&A) 領域時，我的意思是，首先是行銷，因此我們的行銷率會較低，這是我們對奧運投資的恢復，但現在我們將重新投資於業務，以真正推動營收成長。然後，對於我們總體和人力成本中的其他 G&A 組成部分，我們確實有已進行的投資運作率 - 從 2024 年開始，我們將繼續投資資源以支持業務成長所需的團隊建設。所以那裡會產生影響。然後我確實已經概述了股票薪酬。因此，這一數字將比去年同期下降 1,200 萬美元。

And so just something to consider is 13 -- I'm sorry, it was $13 million year-over-year that it's going to go down. And so something to consider is that while the adjusted EBITDA guidance is flat year-over-year, because the add-backs into the adjustments are lower this year, our EBITDA is actually going to be up year-over-year. And so that is supported by the reduction in stock-based comp with the other factors that I've outlined here.

因此需要考慮的是 13——抱歉，去年同期是 1300 萬美元，而且還會下降。因此需要考慮的是，雖然調整後的 EBITDA 指引與去年同期持平，但由於今年調整後的加回金額較低，我們的 EBITDA 實際上將同比增長。因此，股票薪酬的減少以及我在此概述的其他因素都支持了這一點。

Just a quick follow-up. It looks like Rest of the World and non-scrubwear lifestyle are going to take an increasing portion of the mix as they did in the fourth quarter. Just curious how both the international channel and these non-scrubwear categories from a profitability standpoint, particularly on the gross margin line flow through.

只是一個快速的跟進。看起來，世界其他地區和非家居服生活方式將佔據越來越大的份額，就像第四季度的情況一樣。只是好奇從獲利能力的角度來看，國際通路和這些非工作服類別是如何運作的，特別是毛利率如何。

Yes. So for international, so we have been steadily increasing our proportion of international and expect that that will continue into 2025. International is profitable for us. We do have a different cost profile with some added costs as it relates to duty and shipping and marketing, but not really happy with the profitability there. And in terms of non-scrubwear, so about each year, we've been increasing the proportion of that business by about 1 point, and we would play forward that same expectation for -- as we go into 2025.

是的。對於國際業務而言，我們一直在穩步增加國際業務的比例，並預計這種趨勢將持續到 2025 年。國際化對我們來說是有利可圖的。我們的成本狀況確實有所不同，在關稅、運輸和行銷方面增加了一些成本，但對獲利能力並不滿意。就非手術服而言，我們每年都會將該業務的比例提高約 1 個百分點，並且我們對 2025 年也抱有同樣的期望。

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

On the product side, Trina, you had mentioned about other categories and the opportunities. As you think about reactivating customers, where are you on that journey? And what should 2025 be like in terms of those new product category opportunities? Or is 2025 more a year of execution? And then just following up on that, any tariffs, China, how are you preparing?

在產品方面，Trina，您提到了其他類別和機會。當您考慮重新啟動客戶時，您處於這過程中的哪個階段？那麼，就這些新的產品類別機會而言，2025 年應該是什麼樣的呢？或者說 2025 年更多的是執行之年？然後繼續問，對於任何關稅，中國，您準備怎麼做？

And is there anything in the guidance for tariffs?

關稅指導中有什麼內容嗎？

Thanks, Dana. I'll start with the product question, and then you can take the tariffs, Sarah. So Dana, we're seeing really great signs of normalization in actually our repeat frequency and our kind of business as usual days, which is great to see. And that is a function of awesome style and color launches. And you saw our Isabelle Wide Leg last year, that was incredibly successful.

謝謝，達娜。我先從產品問題開始，然後你可以討論關稅問題，莎拉。所以，達娜，我們看到了我們的重複頻率和正常業務恢復正常的良好跡象，這是很高興看到的。這是令人驚嘆的風格和色彩發布的功能。去年您也看到了我們的 Isabelle Wide Leg，它非常成功。

Our scrub legging, which I mentioned, our rib and waffle underscrubs are new additions to our underscrub category. Those are really taking off. Our float jacket. I don't know if you have our float Dana, but you should try it out in the outerwear category as well as our new 3447 through our partnership with New Balance. So we're really focused across the layering system.

我之前提到的磨砂緊身褲、羅紋和華夫格內褲磨砂褲都是我們內衣類別的新品。這些確實正在起飛。我們的漂浮夾克。我不知道您是否有我們的 float Dana，但您應該在外套類別中嘗試一下，以及透過與 New Balance 合作推出的新款 3447。所以我們真正關注的是分層系統。

What are our healthcare professionals wearing to work, at work, from work, on-shift, off-shift, head to toe. And building out these fabric platforms across category is where we're focused. It's where we really built a lot of foundation in '24, and there's more to come in terms of building out these platforms in 2025. And so very much focused on testing new fabric platforms, testing new products and then leaning in and doubling down on what's working. And so that's what you'll continue to see throughout the year.

我們的醫療保健專業人員上班、在工作中、下班後、輪班時、下班後從頭到腳都穿什麼。我們重點關注的是跨類別建立這些布料平台。我們在 2024 年確實打下了很多基礎，在 2025 年建立這些平台方面還有更多的工作要做。因此，我們非常注重測試新的布料平台、測試新產品，然後傾力加倍努力，確保一切有效。這就是你們全年都會繼續看到的。

It's all about obviously, innovation and execution and balancing those 2 as we go. So I'll pass it over to Sarah.

顯然，這一切都與創新和執行有關，並在前進的過程中平衡兩者。所以我會把它交給莎拉。

Yes. So on tariffs, we have minimal direct exposure to China on our finished goods. We have some indirect exposure from partners like New Balance that would have exposure to China. We have no exposure to Mexico or Canada. So overall, immaterial exposure to the current tariff plans.

是的。因此，就關稅而言，我們的成品對中國的直接影響很小。我們從 New Balance 等合作夥伴那裡獲得了一些間接接觸，這些合作夥伴可以接觸到中國市場。我們沒有與墨西哥或加拿大有任何業務往來。因此整體而言，對目前關稅計劃的影響並不大。

And then just, Sarah, as you think about the cadence of the year and improving the business, are there any meaningful things as you think of the quarterly things, obviously, going up against the Olympics advertising from last year, which was more one-off. How do you think about the cadence of the year? Anything we should be mindful of?

然後，莎拉，當你考慮今年的節奏和改善業務時，你認為季度事務中有什麼有意義的事情嗎？顯然，與去年的奧運廣告相比，這更像是一次性的。您如何看待今年的節奏？我們該注意什麼嗎？

Yes, sure. So the promotional adjustments will be more outweighted impact in 2H. From an adjusted EBITDA perspective, Q1 will likely be our lowest, Q4 next lowest and then Q2, Q3 should be fairly consistent.

是的，當然。因此，促銷調整對下半年的影響將更為顯著。從調整後的 EBITDA 角度來看，第一季可能是最低的，第四季次之，然後第二季和第三季應該會相當一致。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

I wanted to focus on marketing for a minute. As you lap the Olympics marketing, was the message that you will take those savings and reinvest them? Or do you expect some rate leverage on that line item?

我想集中討論一下行銷。當你們大力進行奧運行銷時，你們是否表示會利用節省下來的資金進行再投資？或者您是否期望該項目具有一定的利率槓桿？

We do expect some rate leverage on that line item, but not down to historical levels as we will be reinvesting a portion of those to drive the growth plans for future.

我們確實預計該項目會有一定的利率槓桿，但不會降至歷史水平，因為我們將重新投資其中的一部分來推動未來的成長計畫。

And then can you talk about where some of those incremental marketing investments will be focused?

然後您能談談這些增量行銷投資將集中在哪裡嗎？

Yes, definitely. So we will be investing into top of funnel to drive our brand forward. We're going to be making some strategic investments across the customer funnel. We have opportunity to add more personalization to our digital experience, more localization internationally. And it's really about building the teams needed to scale our international teams and community hub businesses.

是的，當然。因此，我們將投資於漏斗頂部以推動我們的品牌向前發展。我們將對客戶通路進行一些策略性投資。我們有機會為我們的數位體驗增添更多個人化，在國際上實現更多在地化。這實際上是為了建立擴大我們的國際團隊和社區中心業務所需的團隊。

So overall, we need brand marketing and people, and we need those to work together faster.

所以總的來說，我們需要品牌行銷和人才，我們需要他們更快合作。

Matt Koranda, ROTH Capital.

羅仕資本 (ROTH Capital) 的馬特·科蘭達 (Matt Koranda)。

Maybe if we could just spin back to the change in promotional strategy. I guess the question I have is why now? Like why do we need a shift away from the prior promotional stance? Was it hurting the brand? Were we acquiring sort of less desirable customers through those promos that you did?

也許我們可以回顧一下促銷策略的改變。我想我的問題是為什麼是現在？例如，為什麼我們需要改變以前的促銷立場？這會損害品牌嗎？我們是否透過你們所做的促銷活動獲得了一些不太理想的客戶？

I just wanted to get a sense for also what the new promotional posture could look like. It sounds like no sitewides necessarily, but will there still be promotions around Nurses Week and sort of the other typical events?

我只是想了解一下新的促銷姿態是什麼樣的。聽起來好像不一定要進行全站推廣，但是護理師週和其他典型活動期間還會有促銷活動嗎？

Yes. So it's really about shifting away from the transactional approach that was needed to reduce our inventory balance more towards strategic promos that celebrate healthcare professionals and more custom strategies along the funnel. We've made really good strides the past 2 years in working down our inventory position that did require certain promo levels to achieve that, which we can shift away from now because we are in an improved inventory position. So we're still going to be having promos that celebrate our healthcare professionals, but we can't pull back in other areas. We are excited that we're seeing great strength in our business as usual days.

是的。因此，這實際上是為了從減少庫存餘額所需的交易方式轉向慶祝醫療保健專業人士的策略促銷和漏斗中的更多客製化策略。過去兩年，我們在降低庫存方面取得了長足進步，這確實需要一定的促銷水平才能實現，但現在我們可以不再這樣做了，因為我們的庫存狀況已經改善。因此，我們仍將推出慶祝醫療保健專業人員的宣傳活動，但我們不能在其他領域退縮。我們很高興看到我們的業務照常蓬勃發展。

And so we want to continue to support that. And overall, it's really about solidifying our long-term brand positioning, which we think is very important.

因此我們希望繼續支持這一點。總的來說，這實際上是為了鞏固我們的長期品牌定位，我們認為這非常重要。

And then just on the overall healthcare apparel industry, I'm curious for 2025, what do you think scrubwear demand should look like for the year overall? I guess you guys have been talking about and others have talked about sort of an extended replacement cycle on scrubs for the last couple of years. But it does seem like we should be getting a refresh over the next year or so that should help with some growth. So what's embedded in your expectations just for the industry overall and for healthcare professional sort of behavior?

然後就整個醫療服裝行業而言，我很好奇到 2025 年，您認為全年的醫用服裝需求應該是什麼樣子？我想你們和其他人都在談論過去幾年延長手術服的更換週期。但看起來我們應該在未來一年左右得到更新，這應該有助於實現一些成長。那麼您對整個行業以及醫療保健專業人士的行為有何期望？

Yes. So I mean, the guidance would imply a negative decline in scrubwear, but we really feel that is more to do with our promotional cadence. So outside of that, we are seeing improvements in our customer trends. Traffic is up. Our repeat frequency is up.

是的。所以我的意思是，該指導意味著工作服銷量將出現負面下降，但我們確實認為這更多是與我們的促銷節奏有關。除此之外，我們也看到客戶趨勢有所改善。交通量上升。我們的重複頻率已上升。

We are seeing great improvement in our lapsed guests coming back, and we are driving more business outside of our promotional period. So our customer is very engaged with us, and we are seeing good trends start to happen there. And yes, I think those are the main pieces there.

我們發現流失客人的回頭率有了很大提高，而且我們在促銷期之外的業務也增加了。因此，我們的客戶與我們互動非常密切，我們看到那裡開始出現良好的趨勢。是的，我認為這些就是主要部分。

Ashley Owens, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Ashley Owens。

I wanted to start on non-scrubs in the quarter. I think you mentioned it came in at 24% of the business. In the past, I think the highlighted target was to have an 80-20 split longer term. Is that still the goal here? And then within the gross margin guide, I'm more curious about, are you planning the mix to be similar to what we saw in 4Q or what are you assuming there?

我想從本季開始研究非手術手術。我記得您提到過它佔了業務的 24%。過去，我認為突出的目標是長期實現 80-20 的比例分配。這仍然是我們的目標嗎？然後在毛利率指南中，我更好奇的是，您是否計劃將組合與我們在第四季度看到的組合類似，或者您在那裡做出什麼假設？

Yes. So just something to keep in mind is that each Q4, we do see that proportion of non-scrubwear increase. But on the year, we were still 80-20, and that proportion has been increasing about a point each year. So we would expect that to continue forward where we will likely see a small increase in the proportion of non-scrubwear and then that will over-index in Q4 of next year as well. And sorry, can you just -- you had a question on -- you got it.

是的。因此需要記住的是，每個第四季度，我們確實會看到非磨砂服的比例增加。但就今年而言，我們的比例仍然是 80% 比 20%，而且這一比例每年都在增加約一個點。因此，我們預計這種趨勢將持續下去，我們可能會看到非磨砂服的比例略有增加，然後在明年第四季也將超過這一比例。抱歉，您能否 - 您有一個問題 - 您明白了。

Yes. Okay. So what was your question on gross margin, sorry?

是的。好的。那麼，抱歉，您對毛利率有什麼疑問呢？

I think that answers it because it shifts -- it just split shifts longer term, just how that backs into the gross margin guide basically for the year. But I think I can piece that together. So I did have a second one just on the sizing initiatives you talked about. I know it was aimed for January 2025, but you highlighted some further calibration needed on the fit side. You'll be marketing the change in the back half of '25.

我認為這回答了這個問題，因為它發生了變化——它只是長期的分班，就像它基本上如何回到當年的毛利率指南中一樣。但我認為我可以把它們拼湊起來。因此，我確實對您所談到的規模計劃有第二個看法。我知道它的目標是2025年1月，但您強調了在適合度方面需要進一步的校準。您將在 25 年下半年推銷這項變革。

So from where we were 3 months ago, maybe just where you identified some of those additional opportunities that led to your decision to further calibrate the assortment and push out some of that new messaging.

因此，從三個月前的情況來看，也許您只是發現了一些額外的機會，這些機會促使您決定進一步調整產品組合併推出一些新的資訊。

Yes. I mean I think fit is super important. As you know, we've talked about it a lot. It's really important for our healthcare professionals of all sizes, and it's important to look at where we are. We've made a lot of progress with our fit efforts, but we really want to ensure that we get it right.

是的。我的意思是我認為合適非常重要。正如你所知，我們已經討論過很多次了。對於我們各種規模的醫療保健專業人員來說，這確實很重要，而且了解我們所處的位置也很重要。我們在適應努力方面已經取得了很大進展，但我們真的想確保我們能做對。

And so we're taking a bit more time and recalibrating a few pieces of it. And so we'll be coming out in the second half of this year with the full transition and related messaging. And despite this timing push, we think the extra work is the right move. And ultimately, we really want to get this right for all of our new and existing healthcare professionals.

因此，我們花了更多時間重新校準其中的一些部分。因此，我們將在今年下半年推出全面過渡和相關資訊。儘管時間緊迫，我們仍然認為額外的工作是正確的舉措。最終，我們確實希望為所有新舊醫療保健專業人員提供正確的服務。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

This is Angus Kelleher on for Adrienne. I'm going to ask a follow-up on Ashley's question and ask if you could provide some more details on the non-scrubwear category seeing as it posted a quick recovery, as you pointed out. Just what drove that? And if there's any exciting launches planned on that front that you could share? And finally, how are the in-stock levels trending, particularly for the footwear category?

我是 Adrienne 的 Angus Kelleher。我將對 Ashley 的問題進行跟進，並詢問您是否可以提供一些有關非磨砂服類別的更多詳細信息，因為正如您所指出的那樣，該類別的銷量迅速回升。究竟是什麼導致了這現象？您能分享一下這方面的任何令人興奮的發布計劃嗎？最後，庫存水準趨勢如何，特別是鞋類庫存水準？

Yes, sure. So in Q3, we did have the impact from footwear performing below our expectations, and that was partly related to supply on footwear. That was rectified in Q4, and we did see outperformance versus our expectations in the footwear category, and that was part of what drove our beat within the quarter as well. And so as you move into Q4, you have 2 factors happening as it pertains to non-scrubwear. So we did see the return of footwear in terms of its penetration.

是的，當然。因此，在第三季度，我們確實受到了鞋類表現低於預期的影響，這部分與鞋類供應有關。這一問題在第四季度得到了糾正，我們確實看到鞋類產品的表現超出了我們的預期，這也是推動我們在本季度取得進展的部分原因。因此，當您進入第四季度時，有兩個與非磨砂服裝有關的因素會發生。因此，我們確實看到了鞋類滲透率的回升。

And then we also saw good success with our loungewear with our waffle and ribbed under scrubs and outerwear. And typically, Q4 has a higher penetration of non-scrubwear. So it will be quite high in Q4. And as we go into 2025 Q1, that will moderate. But overall, we expect there to be a proportion shift to a slightly higher proportion of non-scrubwear versus the annual of 2024.

我們的家居服、華夫格和羅紋內衣以及外套也取得了良好的效果。通常來說，Q4 的非磨砂服飾滲透率較高。因此第四季的水平會相當高。隨著我們進入 2025 年第一季度，這種情況將會緩和。但總體而言，我們預計與 2024 年相比，非手術服的比例將略有增加。

And in terms of what we were excited about within footwear in the quarter and more recently, we have launched the 3447 with the zipper, and that saw a good success in the quarter and something that we're excited about going forward, along with our continued excitement around our 3447, which is our proprietary designed shoe with New Balance for healthcare workers.

就本季以及最近我們對鞋類產品感到興奮而言，我們推出了帶拉鍊的 3447，並且在本季度取得了良好的成功，我們對未來的發展也感到興奮，同時我們對 3447 的持續興奮，這是我們與 New Balance 合作為醫護人員設計的專有鞋子。

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

Maybe to go a little higher level. We've seen some conflicting signals on consumer spend more broadly. I just want to hear what are you seeing in the health of consumer? Anything to read into kind of the 4Q strength there? And any key differences by income to call out?

也許可以更上一層樓。我們在更廣泛的消費者支出方面看到了一些相互矛盾的訊號。我只是想聽聽您對消費者的健康狀況有何看法？有什麼可以解讀出 4Q 強度嗎？收入方面有哪些關鍵差異需要指出？

Interested to hear how that's evolved over the past few months and into 1Q.

有興趣了解過去幾個月以及第一季的情況如何。

Yes. So our AOV within the quarter was down 1%. That was the lowest decline rate of any quarter within 2024. And our trailing 12-month revenue per customer is also down 1%. A lot of that is being driven by our UPT, but we are seeing -- starting to see some more recent favorability in terms of how frequency gets interplayed in there.

是的。因此我們本季的 AOV 下降了 1%。這是 2024 年各季度中最低的下降率。我們過去 12 個月的每位客戶收入也下降了 1%。其中很大一部分是由我們的 UPT 推動的，但我們開始看到，在頻率如何相互作用方面，最近出現了一些有利因素。

So that is a dynamic. Frequency isn't going to show up in the average customer base because it's just those existing customers that are buying more frequently. Yes, I think those are the main points there.

這就是一種動態。頻率不會反映在平均客戶群中，因為只有現有客戶才會更頻繁地購買。是的，我認為這些就是主要觀點。

That's helpful. And then on the inventory, you mentioned pulling back on (inaudible) partially due to the better inventory position. Would you characterize -- are you back to normal inventory levels? And if not, how far are you? And what's the path to return there now that you're stepping back from (inaudible)?

這很有幫助。然後關於庫存，您提到由於庫存狀況較好而部分撤回（聽不清楚）。您能否描述一下—您的庫存水準是否恢復正常？如果不是，你離這裡有多遠？現在你退出了，回到那裡的路是什麼？（聽不清楚）？

Yes, sure. You did cut out there. So I'm going to go with just giving you some color on inventory and then you can let me know if there was something that I missed. But our inventory was down 3% year-over-year, and we've been spending the better part of 2 years to really bring down that inventory position. So we are down 35% from our highs, which is great.

是的，當然。你確實在那裡剪掉了。因此，我將向您提供一些庫存信息，然後您可以告訴我是否有我遺漏的東西。但我們的庫存年減了 3%，而且我們花了近兩年的時間來真正降低庫存水準。因此，我們比最高點下降了 35%，這很好。

And to get there really require discipline within our buys as well as promotions to exit that inventory. So we are at a better level. I think there's still pockets of inventory that we can continue to work with, but we are buying with more conviction, buying into our new innovation, including formats and continuing to buy into our color that has been really successful. So what we outlined in the script is that we expect the growth rate of inventory to moderately exceed our revenue expectations.

而要達到這個目標，我們確實需要嚴格控制購買量以及促銷活動以清除庫存。因此我們的水平更高。我認為仍有一些庫存可以繼續使用，但我們會更堅定地購買，購買我們的新創新，包括格式，並繼續購買我們真正成功的顏色。因此，我們在腳本中概述的是，我們預計庫存成長率將適度超過我們的收入預期。

There are currently no questions waiting at this time. (Operator Instructions)

目前沒有等待回答的問題。（操作員指示）

There seem to be no questions waiting at this time. So I'll pass it back over to Trina for any further remarks.

目前似乎沒有其他問題。因此，我將把它轉交回給 Trina，以便進行進一步的評論。

I'm just going to pass it over to Tom Shaw for one point of clarification.

我只是想把它交給湯姆·肖 (Tom Shaw) 來澄清一點。

Thanks, Trina. Just to clarify a question that Dana had around EBITDA margins throughout the year. As we indicated, our EBITDA margin would be the lowest in the first quarter. You should see it step up in the second and third quarters with the strongest year-over-year improvement in the third quarter, but the highest EBITDA margin will be planned in the fourth quarter. So I just want to make sure we clarify that.

謝謝，特麗娜。只是為了澄清一下 Dana 對全年 EBITDA 利潤率的疑問。正如我們所指出的，我們的 EBITDA 利潤率在第一季是最低的。您應該會看到它在第二季和第三季有所提升，其中第三季的年成長最為強勁，但最高的 EBITDA 利潤率將出現在第四季度。所以我只是想確保我們澄清這一點。

I'll pass it back to Trina.

我會把它轉交給 Trina。

Okay. Thank you so much, everybody. We'll see you on the next one.

好的。非常感謝大家。我們下次再見。

Thank you. That will conclude today's call. Thank you for your participation. You may now disconnect your line.

謝謝。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了。