Figs Inc (FIGS) 2025 Q1 法說會逐字稿

Good afternoon. Thank you for attending today's FIGS first quarter fiscal 2025 earnings conference call. My name is Jaylen, and I'll be your moderator for today. (Operator Instructions) I'd now like to turn the conference over to our host, Tom Shaw, the Senior Vice President of Investor Relations. Tom, you may proceed.

午安.感謝您參加今天的 FIG 2025 財年第一季財報電話會議。我叫傑倫，今天我將擔任你們的主持人。（操作員指示）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，你可以繼續了。

Good afternoon, and thank you for joining us to discuss FIGS first-quarter 2025 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.

下午好，感謝您與我們一起討論 FIG 2025 年第一季業績，該業績於今天下午發布，可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。

Presenting on today's call are Trina Spear, our Co-Founder and Chief Executive Officer; and Sarah Oughtred, our Chief Financial Officer.

參加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。

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. These and other risks are discussed in our SEC filings, including in the 10-Q 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.

提醒一下，本次電話會議中與過去事件無關的評論均屬於前瞻性陳述。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。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-Q 報表。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。

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 their most comparable GAAP measures are included in the shareholder presentation we issued today.

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。

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

說完這些，我現在想把電話轉給 Trina。

Thanks, Tom. Good afternoon, everyone, and thanks for joining us. FIGS is off to a great start this year with Q1 revenues up 5% year over year and outperforming our expectations. As we indicated on our late February earnings call, we started the quarter on a positive note, and we were able to sustain this momentum later in the period. While we are clearly in a dynamic macro environment, what is most important for FIGS is that we saw continued signs that scrubwear trends are starting to normalize from the COVID overhang the past couple of years.

謝謝，湯姆。大家下午好，感謝大家的參與。FIG 今年開局良好，第一季營收年增 5%，超出我們的預期。正如我們在二月底的收益電話會議上所指出的，我們以積極的態勢開始了本季度，並且我們能夠在本季度後期保持這種勢頭。雖然我們顯然處於一個動態的宏觀環境中，但對 FIG 來說最重要的是，我們持續看到有跡象表明，工作服趨勢正從過去幾年 COVID 的影響中開始正常化。

This included a number of encouraging trends during the period. We were particularly pleased to see strong gains during our normal full-price days while also performing better than planned during our reduced set of promotional days. AOV growth shifted positive for the period and reached a record level for the company. At the same time, we saw ongoing momentum in our reactivations, bringing back customers who had not bought from our brand in over a year. These measures supported a return to positive growth in the U.S., which is pivotal for driving sustained growth.

其中包括該時期的一些令人鼓舞的趨勢。我們特別高興地看到，在正常的全價銷售日中，我們的業績取得了強勁增長，而在減少的促銷日中，我們的業績也比計劃的要好。該期間平均訂單價值 (AOV) 成長轉為正值，並達到了公司的最高水準。同時，我們看到重新激活的勢頭持續增強，帶回了一年多沒有從我們品牌購買產品的客戶。這些措施支持了美國經濟恢復正成長，這對於推動持續成長至關重要。

Bottom line performance also exceeded expectations, driven in large part by our top line improvement. Adjusted EBITDA margin of 7.2% came in above our 5.5% to 6% target, even as we heightened our focus on making strategic investments across the business. Our conviction in these investments is unchanged given the opportunities we see to accelerate growth and drive greater contributions in key areas like international, our B2B teams business and retail. Adding to these results, we continue to be fortified by our strong balance sheet. We believe our cash balance, cash flow generation and debt-free structure give us the ability to stand offense with our strategies while also solidifying our financial position against the macro uncertainties that have grown across the overall market.

底線業績也超出預期，這在很大程度上得益於我們頂線業績的改善。儘管我們更專注於對整個業務進行策略性投資，但調整後的 EBITDA 利潤率為 7.2%，高於我們 5.5% 至 6% 的目標。鑑於我們看到了加速成長並在國際、B2B 團隊業務和零售等關鍵領域做出更大貢獻的機會，我們對這些投資的信念並沒有改變。除了這些業績之外，我們強勁的資產負債表也為我們提供了堅實的基礎。我們相信，我們的現金餘額、現金流產生和無債務結構使我們能夠抵禦策略衝擊，同時鞏固我們的財務狀況，以應對整個市場日益增長的宏觀不確定性。

As we look ahead to those uncertainties and how we plan to operate, we think it is incredibly important to highlight what makes the FIGS story and brand different. At the highest level, the healthcare industry backdrop remains compelling and resilient, supported by its essential nature in our economy. U.S. healthcare jobs are the backbone of our society and are expected to grow nearly 3x the rate of the overall job market over the next decade. We have seen similar pacing in recent months, including in April where the broader healthcare sector added nearly 60,000 jobs during the month, representing nearly 1/3 of all jobs added.

當我們展望這些不確定性以及我們計劃如何運作時，我們認為強調 FIG 故事和品牌的差異非常重要。從最高層面來看，醫療保健產業背景依然引人注目且富有彈性，這得益於其在我們經濟中的基本性質。美國醫療保健工作是我們社會的支柱，預計未來十年其成長率將達到整體就業市場的近三倍。近幾個月來，我們也看到了類似的成長速度，包括 4 月份，醫療保健行業當月增加了近 6 萬個就業崗位，佔新增就業總數的近 1/3。

At the same time, wages have begun to improve following strong gains during the pandemic and the more recent period of underperformance. Within health care, the uniform of the community is scrubs, a replenishment category that centers around a tight range of highly productive styles. As we have discussed, we believe healthcare professionals stocked up during COVID, creating an overhang that contributed to slower growth the past 2 years. But as we would expect in a replenishment business, those same healthcare professionals need to keep buying their uniforms, ultimately leading to a normalization of consumption. This is all part of the FIGS story.

同時，繼疫情期間和近期表現不佳的時期出現強勁增長之後，薪資水平已開始回升。在醫療保健領域，社區的製服是手術服，這是以一系列高效款式為中心的補充類別。正如我們所討論的，我們認為醫療保健專業人員在新冠疫情期間囤積了大量庫存，從而造成了過剩，導致過去兩年的增長放緩。但正如我們在補貨業務中所預料的那樣，這些醫療保健專業人員需要繼續購買制服，最終導致消費正常化。這都是 FIG 故事的一部分。

We changed the game in the scrubs market in 2013, breaking through an industry of ill-fitting, commoditized, non-technical goods to become the brand that is synonymous with quality, durability, style and comfort. Our category leadership begins at the yarn level and how we differentiate across both fabric and construction to create products that are consistently superior and premium in the market, ultimately redefining expectations. Changing the game also requires ongoing thought leadership in the space. While copy cats concentrate efforts on playing the fast follower game or the color drop game, we are focused on driving new innovation, like our recently introduced FORMx fabric, exceeding our own high bar on superior fit, bringing on-trend silhouettes to the market like scrub leggings and wide-leg scrub pants, and ultimately building a uniform layering system never seen before in the healthcare apparel industry. Importantly, this is much more than just an opportunity to take share.

2013 年，我們改變了手術服市場的格局，突破了不合身、商品化、非技術性產品的產業，成為品質、耐用性、風格和舒適的代名詞。我們的品類領導地位始於紗線層面，以及我們如何在布料和結構上脫穎而出，從而創造出市場上始終卓越和優質的產品，最終重新定義期望。改變遊戲規則也需要該領域持續的思想領導。當模仿者專注於玩快速跟隨遊戲或色彩下降遊戲時，我們專注於推動新的創新，例如我們最近推出的 FORMx 面料，超越了我們自己對卓越貼合性的高標準，為市場帶來了流行的輪廓，如磨砂緊身褲和闊腿磨砂褲，並最終建立了醫療服裝行業前所未有的統一分層系統。重要的是，這不僅僅是一個獲取份額的機會。

It's about the opportunity to create and redefine the market. And perhaps what differentiates us the most is how we celebrate, empower and serve our community. We have opportunities to elevate the important work and needs of healthcare professionals in ways that have real and lasting impacts. Our year-long focus on Where Do You Wear FIGS is a great example, including our impactful work during International Women's Month. Showing how much our message resonated within our community and beyond, our Women's Month film went viral.

這是創造和重新定義市場的機會。也許我們最大的不同之處在於我們如何慶祝、賦權和服務我們的社區。我們有機會以具有真實和持久影響的方式提升醫療保健專業人員的重要工作和需求。我們一年來對「你在哪裡穿 FIG」的關注就是一個很好的例子，包括我們在國際婦女節期間所做的有影響力的工作。我們的婦女月電影在網路上瘋傳，顯示我們的訊息在社區內外引起了多大的共鳴。

Our film and campaign captured the experience of female healthcare professionals in ways that truly made them feel seen, leading the campaign to have an astonishing 100 million impressions. Collectively, this is not easy work, but it is what defines brand leadership in this community and drives our passionate following. No one else does this with this kind of scale and this kind of impact. Ultimately, it gives us the opportunity to bring new healthcare professionals into our community, build more connections and create more reasons to choose FIGS. Measuring our recent impact and progress, I would like to spend some time on our recent customer engagement as well as our efforts to expand our reach to more customers.

我們的影片和活動以真正讓女性醫療保健專業人士感受到被重視的方式捕捉了她們的經歷，使得活動的觀看次數達到了驚人的 1 億次。總的來說，這不是一件容易的工作，但它定義了這個社群的品牌領導力，並推動了我們的熱情追隨。沒有人能做到如此規模和如此影響力。最終，它使我們有機會將新的醫療保健專業人員引入我們的社區，建立更多的聯繫並創造更多選擇 FIG 的理由。衡量我們最近的影響和進展，我想花一些時間了解我們最近的客戶參與度以及我們擴大覆蓋範圍到更多客戶的努力。

The past few months have been an incredible stretch of the year for our community. Each March, graduating medical students learn which residency programs they will be matched with. Match Day provides a great example of how FIGS is on the ground and in-person during monumental moments for young healthcare professionals, and we plan to extend the range of student experiences across celebrations and schools in the years to come. This is truly an authentic way to drive engagement and create a long-term pathway into the brand at such an important moment at the start of their medical career. Next up is our Scrubs That Don't Suck campaign.

過去幾個月對我們的社區來說是一年中令人難以置信的時期。每年三月，即將畢業的醫學院學生都會得知自己將被配對到哪些住院醫師訓練課程。比賽日很好地展示了 FIG 如何在年輕醫療專業人士的重要時刻親臨現場，我們計劃在未來幾年擴大慶祝活動和學校的學生體驗範圍。在他們醫療職涯起步的關鍵時刻，這確實是一種推動參與度並建立品牌長期發展途徑的真實方式。接下來是我們的 Scrubs That Don't Suck 活動。

The goal is simple: allow healthcare professionals to get rid of their old itchy, scratchy, ill-fitting scrubs and upgrade to FIGS, aka Scrubs That Don't Suck. This is not only a huge opportunity to acquire new customers, it allows us to do so responsibly by recycling those old scrubs into products that are far more useful. Following a successful test last year, we are excited to now make this program permanent. We think this is another powerful differentiator for our brand, and we're encouraged with our recent activation in Houston, which tripled the volume of donations seen at last year's corresponding event in Philly. I'll have more on Houston in a moment.

目標很簡單：讓醫療專業人員擺脫舊的、發癢的、不合身的手術服，升級到 FIG，即「不吸汗的手術服」。這不僅是獲得新客戶的巨大機會，還使我們能夠負責任地回收這些舊磨砂膏，製成更有用的產品。繼去年測試成功之後，我們很高興現在能夠將該計劃永久化。我們認為這是我們品牌的另一個強大的差異化因素，我們對最近在休士頓的活動感到鼓舞，這項活動的捐款量是去年費城相應活動的三倍。我稍後會提供更多關於休斯頓的信息。

Finally, we are in the midst of one of our most important events of the year, Nurses Week. This week-long event puts our nursing community in the spotlight to celebrate their immeasurable contribution to society. We've always gone big for Nurses Week, but this year we're setting a new bar. We were excited to extend our Where Do You Wear FIGS campaign with a new film focused on nurses that has quickly become viral itself. Like our Women's Day film, it's our goal to have every nurse watch it and feel truly seen and valued.

最後，我們正處於一年中最重要的活動之一——護士週。為期一周的活動將聚焦於我們的護理社區，以慶祝他們對社會做出的不可估量的貢獻。我們歷來都大力慶祝護士週，但今年我們設立了新的標準。我們很高興能夠透過一部聚焦護士的新電影來擴展我們的「你在哪裡穿 FIG」活動，這部電影本身已經迅速走紅。就像我們的婦女節電影一樣，我們的目標是讓每位護理師在觀看後都能感受到被重視和被重視。

We then elevate this campaign by featuring it across a range of outlets from connected TV to premium out-of-home placements so everyone gets the message that it's nurses, not just athletes and celebrities, who should be inspiring the next generation. And this is just the start as we have many other surprises that will be playing out over the next week. Having impacts like these are amplified by evolving how and where we go to market. Last call, we highlighted the need to accelerate our investments to better reach new and existing customers, and we are well underway on these efforts. Let's start with our vast international opportunity, where over 80% of global healthcare professionals are, yet they represented only 15% of our net revenue in 2024.

然後，我們透過在網路電視和優質戶外廣告等一系列管道上進行宣傳來提升這項活動的效果，以便每個人都能了解到，激勵下一代的應該是護士，而不僅僅是運動員和名人。這只是個開始，下週我們還將迎來許多其他驚喜。透過改變我們進入市場的方式和地點，這些影響會被放大。最後一次，我們強調需要加快投資以更好地接觸新舊客戶，而且我們正在順利進行這些努力。首先從我們廣闊的國際機會開始，全球 80% 以上的醫療保健專業人士都在這裡，但他們在 2024 年僅占我們淨收入的 15%。

To date, we have taken an efficient centralized approach to our global expansion, which has served us well given our e-commerce focus and ability to leverage a common digital platform. We have then been able to analyze these markets to prioritize and calibrate further investments to drive outsized impact across localization, awareness and engagement. Our fundamental approach here is unchanged in 2025, though you will see us harness technology to expand our regional approach to new markets while also investing heavier across our localized efforts in our more seasoned markets. Later this quarter, we also plan to officially debut FIGS in Japan. The Japanese market is highly attractive with over 5 million healthcare workers, a highly concentrated population in urban markets and a consumer focused towards products that offer both fashion and function.

到目前為止，我們採取了高效的集中式方法進行全球擴張，這對於我們專注於電子商務並能夠利用通用數位平台的能力非常有利。然後，我們能夠分析這些市場，確定優先順序並調整進一步的投資，以在本地化、知名度和參與度方面產生巨大影響。2025 年，我們的基本方針保持不變，但您會看到我們利用技術將區域方針擴展到新市場，同時在我們更成熟的市場中加大本地化投入。本季晚些時候，我們也計劃在日本正式推出 FIG。日本市場極具吸引力，擁有超過 500 萬名醫療保健工作者、城市市場人口高度集中以及注重兼具時尚性和功能性的產品的消費者。

Given the complexities of entering this market, we're investing heavier out of the gate with a goal to support more meaningful growth in 2026 and beyond. Similar to the U.S., we believe we can differentiate the brand and win by supporting the healthcare community in unprecedented ways, though these are actions that will take time to scale. In addition to these foundational investments, we're also on track to enter the South Korean market in the second half of this year. Next up is the TEAMS business. As we have indicated, we estimate 15% of the scrubs industry has been driven by institutions buying for their teams.

鑑於進入這個市場的複雜性，我們正在加大投資力度，目標是在 2026 年及以後實現更有意義的成長。與美國類似，我們相信，透過以前所未有的方式支持醫療保健界，我們可以使品牌脫穎而出並取得勝利，儘管這些行動需要時間才能擴大規模。除了這些基礎投資之外，我們還計劃在今年下半年進入韓國市場。接下來是 TEAMS 業務。正如我們所指出的，我們估計 15% 的 Scrubs 產業是由機構為其團隊購買所推動的。

At the same time, we have seen a broad commercialization of health care, meaning new pockets of opportunity are rising within concierge medicine, med spas and other similarly modern ways to be cared for. Think about some of the clinics you may interact with, dermatology, veterinary, cryotherapy, fertility, et cetera, all addressing specific needs in new ways. These are fast-growing spaces that are increasingly looking to drive premium experiences, both for employees and for patients. While these are obvious opportunities, we also see the ability to outfit sales reps who work side-by-side with healthcare professionals. Large institutions that are ripe for modernization and internationally, where we are just beginning and we believe the mix could be even higher.

同時，我們看到醫療保健的廣泛商業化，這意味著禮賓醫療、醫療水療中心和其他類似的現代醫療方式中正在湧現出新的機會。想想您可能接觸過的一些診所，皮膚科、獸醫科、冷凍療法科、生育科等等，它們都以新的方式滿足特定的需求。這些快速發展的領域越來越注重為員工和患者提供優質的體驗。雖然這些都是顯而易見的機會，但我們也看到了為與醫療保健專業人員並肩工作的銷售代表配備裝備的能力。大型機構已經成熟，可以現代化和國際化，而我們才剛起步，我們相信這種組合可能會更高。

Commanding well under 10% of our business today, we are evolving our team's approach so we can actively go after these pockets of opportunity, many of which require relationships and solutions that cater to individual needs. We previously announced the hiring of a dedicated leader for this business in January, and she has been actively calibrating the business for growth. This includes the hiring of our first outbound team members during Q1, and we're excited to have already booked our first outbound orders with one of the largest healthcare companies in the world. It also includes more tactical initiatives, including tech investments to drive simplicity and scale, marketing investments to develop TEAMS assets and drive awareness and inventory investments to meet a wider range of buying needs. Most importantly, this is a business that we own, and that positions us to expand our competitive moat in the market.

目前，這些業務占我們業務的 10% 以下，我們正在改進團隊的方法，以便能夠積極地抓住這些機會，其中許多機會需要滿足個人需求的關係和解決方案。我們先前於一月份宣佈為這項業務聘請一位專職領導，她一直在積極調整業務以實現成長。這包括在第一季僱用我們的第一批外向型團隊成員，並且我們很高興已經與世界上最大的醫療保健公司之一訂下了我們的第一批外向型訂單。它還包括更多戰術舉措，包括推動簡單性和規模化的技術投資、開發 TEAMS 資產的營銷投資以及推動知名度和庫存投資以滿足更廣泛的購買需求。最重要的是，這是我們自己的業務，它使我們能夠擴大我們在市場上的競爭優勢。

Finally, we remain bullish on the role our Community Hubs can play. Our work shows that over 60% of healthcare professionals want to try or feel a product before purchase, which means that having a physical presence is critical. As a barometer of impact from our first 2 stores, we continue to see nearly 40% of our customers at these locations are new to FIGS, and that includes our home market in L.A., where we already have the highest brand penetration. Additionally, 30% of acquired customers from these locations go on to become omnichannel purchasers. We remain committed to testing and investing in this nascent channel.

最後，我們仍然看好我們的社區中心所能發揮的作用。我們的研究表明，超過 60% 的醫療保健專業人員希望在購買前嘗試或感受產品，這意味著親自到場至關重要。作為我們前兩家門市影響力的晴雨表，我們繼續看到這些門市近 40% 的顧客都是 FIG 的新顧客，其中包括我們在洛杉磯的本土市場，我們在那裡已經擁有最高的品牌滲透率。此外，從這些地區獲得的客戶中有 30% 會成為全通路購買者。我們將繼續致力於測試和投資這一新興管道。

This includes efforts that are very much aligned with our brand in terms of building community engagement. We have already hosted a range of events year-to-date, including Match Day and wellness sessions during Nurses Week that extend our larger efforts to have a local feel and impact. As we hinted earlier, we are excited with our efforts in Houston during the quarter and are thrilled to announce our next Community Hub location there at Rice Village. This location puts us just blocks away from the Texas Medical Center, the world's largest medical complex. With over 100,000 employees across 61 institutions, the center supports more than 10 million patient encounters during the year and includes some of the nation's top-rated facilities like the MD Anderson Cancer Center.

這包括在建立社區參與方面與我們的品牌非常一致的努力。今年迄今為止，我們已經舉辦了一系列活動，包括比賽日和護士週期間的健康會議，這些活動擴大了我們的努力，以產生當地感受和影響。正如我們之前暗示的那樣，我們對本季在休士頓的努力感到非常興奮，並很高興宣布我們的下一個社區中心將位於賴斯村。我們的位置距離世界上最大的醫療中心——德克薩斯醫療中心僅幾個街區。該中心擁有來自 61 個機構的 10 萬多名員工，全年為超過 1,000 萬名患者提供診療服務，其中包括 MD 安德森癌症中心等一些美國頂級醫療機構。

We are also working to finalize details for 2 additional locations we plan to open by the end of the year. Before handing the call over to Sarah, I would like to provide some color on how we are navigating this evolving operating environment, starting with tariffs and some perspective on our supplier base. The majority of our production today comes from Jordan, followed by Vietnam and then very small contributions from China and Peru. The recently imposed tariffs create risk for us, and given the speed at which global trade policy is evolving, it's important to pinpoint where they will ultimately land and how much they will increase our cost over time. That said, we believe we are uniquely positioned with suppliers for 3 reasons.

我們也正在努力敲定計劃在年底前開設的另外 2 個地點的細節。在將電話交給莎拉之前，我想先介紹一下我們如何應對不斷變化的營運環境，首先是關稅，然後是對我們的供應商基礎的一些看法。我們目前的大部分產量來自約旦，其次是越南，最後是來自中國和秘魯的少量產量。最近徵收的關稅給我們帶來了風險，考慮到全球貿易政策發展的速度，重要的是要確定這些關稅最終會落到哪裡，以及隨著時間的推移它們會在多大程度上增加我們的成本。話雖如此，我們相信我們相對於供應商而言具有獨特的優勢，原因有三。

First, the majority of our assortment is non-seasonal. Second, our products are replenishment driven. And third, our mix is centered around high-volume, low SKU count, core scrubwear. This is how we've managed to be so nimble in making meaningful production moves in recent years, effectively giving us cross-sourced capabilities with a strong set of partners. So even though we're not immune from cost pressure as a result of tariffs, we do have built-in advantages as we weigh our future actions.

首先，我們的商品大多是非季節性的。其次，我們的產品是補貨驅動的。第三，我們的產品組合以大批量、低 SKU 數量、核心工作服為中心。這就是我們近年來能夠如此靈活地做出有意義的生產舉措的原因，有效地為我們提供了與強大的合作夥伴進行交叉採購的能力。因此，儘管我們無法免於關稅帶來的成本壓力，但在權衡未來行動時，我們確實擁有內在優勢。

Finally, as we work to mitigate the impact of tariffs, it's important to emphasize that we will never compromise on the key to FIG's success. We are a product company, first and foremost, and the quality of our product is a big driver of what truly sets us apart. Before FIGS, our community had to settle for bad products and a bad experience. We changed all that. And regardless of any short-term trade uncertainty, we're going to keep moving forward.

最後，在我們努力減輕關稅影響的同時，必須強調的是，我們永遠不會在 FIG 成功的關鍵上妥協。首先，我們是一家產品公司，產品的品質是我們真正脫穎而出的重要驅動力。在 FIG 之前，我們的社群必須忍受糟糕的產品和糟糕的體驗。我們改變了這一切。無論短期貿易不確定性如何，我們都將繼續前進。

We have put ourselves in a position to invest in our growth and to serve our community at the highest level, and we're going to take advantage of that strength because that's what our community deserves, full stop. So in terms of our long-term prospects, we remain extremely confident. In terms of how the tariffs will impact us over the short term, as Sarah will outline, the financial impacts are challenging to forecast. So we're laying out what we think is a reasonable set of assumptions and outcomes based on what we see today. Ultimately, this impacts our expected range of adjusted EBITDA margin outcomes for the year, but gives us a framework to make thoughtful brand decisions that allow us to continue to strengthen our position.

我們已經做好了投資於自身發展和為社區提供最高水準服務的承諾，我們將充分利用這一優勢，因為這是我們社區應得的，僅此而已。因此，就我們的長期前景而言，我們仍然非常有信心。至於關稅將在短期內對我們產生什麼影響，正如莎拉所概述的，其財務影響很難預測。因此，根據我們今天所看到的情況，我們列出了我們認為合理的一系列假設和結果。最終，這會影響我們今年預期的調整後 EBITDA 利潤率範圍，但為我們提供了一個做出深思熟慮的品牌決策的框架，使我們能夠繼續鞏固我們的地位。

We entered the year with a clear focus on how we will continue to serve our community and an understanding of what we needed to lean into from an investment perspective. This will require added discipline as we adjust to a range of outcomes, but remain instrumental in our approach. We are fortunate that with our category leadership, our competitive advantage and a strong financial profile, we are in a position to both take and create share to widen our competitive moat. Great brands are able to uniquely harness macro challenges, and we will continue to boldly lead and define this industry going forward. With that, I'll turn it over to Sarah to review the quarter and our updated financial plan.

進入新的一年，我們明確地關注如何繼續服務我們的社區，並了解從投資角度我們需要依靠什麼。這將需要我們更加自律，以適應一系列結果，但這仍然對我們的方法至關重要。我們很幸運，憑藉我們在品類中的領先地位、競爭優勢和強大的財務狀況，我們既能夠佔領市場份額，又能夠創造市場份額，從而拓寬我們的競爭優勢。偉大的品牌能夠以獨特的方式應對宏觀挑戰，我們將繼續大膽地引領和定義這個產業的發展。說完這些，我將交給莎拉來審查本季和我們更新的財務計劃。

Thanks, Trina. FIGS first quarter results underscored some of the optimism we had coming into the year, executing well across our range of sales channels, product and color launches and calendar events. Net revenues increased 5% to $124.9 million, above our outlook of approximately flat performance for the period. We saw strong customer reception to new color and product during the quarter, and we're even more encouraged with how we performed during what we call our full-price business as usual days. And while the planned reduction of promotions did have an adverse impact, revenue performance exceeded our expectations during those events.

謝謝，特麗娜。FIG 第一季的業績強調了我們對今年的一些樂觀情緒，我們在銷售管道、產品和顏色發布以及日曆活動方面都表現良好。淨收入成長 5% 至 1.249 億美元，高於我們對該期間業績大致持平的預期。我們看到本季顧客對新色彩和新產品的反應強烈，而我們對在所謂的「照常全價營業」期間的表現感到更加鼓舞。儘管計劃減少的促銷活動確實產生了不利影響，但在這些活動期間，收入表現超出了我們的預期。

AOV increased 3% to $119, a new high for the brand, primarily driven by a higher rate of full-price sales and higher average unit retail due to product mix. From a customer perspective, we saw encouraging overall results despite the promotional changes. Our customer composition was supported by our successful ongoing efforts to bring lapsed customers back to the brand, along with better stabilization of both acquisition and churn metrics. Overall, our active customers for the trailing 12-month period increased 4% year over year to $2.7 million, while net revenues per active customer eased less than 1% to $208. Looking at revenues by category, scrubwear increased 5%, representing 80% of net revenues for the period.

AOV 成長 3% 至 119 美元，創下品牌的新高，主要得益於全額銷售率的提高以及產品組合導致的平均單位零售額的提高。從客戶的角度來看，儘管促銷活動有所變化，但我們仍然看到了令人鼓舞的整體表現。我們持續不斷地努力成功地將流失的客戶重新吸引回品牌，同時更好地穩定了客戶獲取和客戶流失指標，從而支持了我們的客戶結構。整體而言，過去 12 個月我們的活躍客戶年增 4% 至 270 萬美元，而每位活躍客戶的淨收入下降不到 1% 至 208 美元。從類別收入來看，工作服收入成長了 5%，佔該期間淨收入的 80%。

We continue to see traction with our limited edition styles as well as a good balance of color performance between new launches and core offerings. Non-scrubwear increased 4%, representing 20% of net revenues. Reported growth was particularly impacted by the change in our promotional strategy, given the heavier inventory positioning last year, as well as efforts to work down inventory in certain categories for future reinvention. Despite these headwinds, we continue to see strong double digit overall growth in footwear and underscrubs, which have both been areas of high demand and opportunity for the brand.

我們繼續看到限量版款式的吸引力以及新品和核心產品之間色彩表現的良好平衡。非手術服銷售額成長 4%，佔淨收入的 20%。報告的成長尤其受到我們促銷策略變化的影響，因為去年庫存較多，而且我們努力減少某些類別的庫存以供將來重新設計。儘管面臨這些不利因素，我們仍然看到鞋類和內衣產品整體呈現強勁的兩位數成長，這兩個領域對於該品牌來說都是需求旺盛、機遇頗豐的領域。

By geography, US sales increased 3% to $106 million. This is the best domestic performance we have seen in the past 6 quarters with particular strength from repeat customers. International sales increased 16%. While this was a step down from the growth rate in Q4, that period included an outsized favorable year-over-year benefit from a duty reclassification. We remain pleased overall with several key measures, including strong traffic, stable conversion, and like the U.S., strength during non-promo days.

按地區劃分，美國銷售額成長 3%，達到 1.06 億美元。這是過去 6 個季度以來我們看到的國內最佳業績，回頭客的強勁表現尤為突出。國際銷售額成長了16%。雖然與第四季度的成長率相比有所下降，但第四季度的成長率包含了關稅重新分類帶來的巨額同比增長。總體而言，我們對幾項關鍵指標感到滿意，包括強勁的流量、穩定的轉換率，以及像美國一樣，非促銷日的強勁表現。

Gross margin for Q1 contracted 130 basis points to 67.6%, trending in range with the past three quarters. Results were roughly in line with expectations, though do reflect higher promotional performance than anticipated. Compared to last year, mix continues to be a headwind, as expected, primarily driven by the mix within our scrubwear category, including the impact of limited edition styles. Additionally, we incurred higher freight expenses given our action to mitigate shipping issues in the Red Sea. Partially offsetting these pressures, we saw the overall benefit of fewer promotions during the period.

第一季毛利率下降130個基點至67.6%，與過去三個季度的趨勢一致。結果大致符合預期，但促銷業績確實高於預期。與去年相比，正如預期的那樣，混合仍然是一種逆風，主要是由我們的工作服類別中的混合所驅動，包括限量版款式的影響。此外，由於我們採取行動緩解紅海的航運問題，我們的運費也增加了。部分抵消了這些壓力，我們看到了在此期間促銷活動減少的整體好處。

Our selling expense for Q1 was $32.7 million, representing 26.2% of net revenues compared to 23.9% last year. We continue to see the impact of higher cost structure of our new fulfillment center, which we are actively optimizing and scaling. We also incurred higher outbound shipping expenses given our investments to improve domestic shipping times and due to our higher international sales mix. Marketing expense for Q1 was $18.2 million, representing 14.5% of net revenues, which was unchanged from the prior year. G&A for Q1 was $33.8 million, representing 27.1% of net revenues compared to 30.2% last year.

我們第一季的銷售費用為 3,270 萬美元，佔淨收入的 26.2%，而去年同期為 23.9%。我們繼續看到新履行中心更高成本結構的影響，我們正在積極優化和擴展它。由於我們投資改善國內運輸時間以及國際銷售組合增加，我們的出境運輸費用也隨之增加。第一季的行銷費用為 1,820 萬美元，佔淨收入的 14.5%，與前一年持平。第一季的一般及行政費用為 3,380 萬美元，佔淨收入的 27.1%，而去年同期為 30.2%。

The decrease in G&A expense rate was due to meaningfully lower stock-based compensation expense, partially offset by higher depreciation related to assets purchased for the fulfillment center. Combining these items, our adjusted EBITDA for Q1 was $9 million with an adjusted EBITDA margin of 7.2% compared to 10.9% last year. Notably, this margin performance came in ahead of our Q1 outlook of 5.5% to 6%. Net loss for the quarter was $0.1 million, or diluted EPS of $0.00, compared to net income of $1.4 million last year, or diluted EPS of $0.01. On to our balance sheet.

一般及行政費用率的下降是由於股票薪酬費用大幅下降，但部分被為配送中心購買的資產相關的折舊費用增加所抵消。綜合這些項目，我們第一季的調整後 EBITDA 為 900 萬美元，調整後 EBITDA 利潤率為 7.2%，而去年為 10.9%。值得注意的是，這一利潤率表現高於我們第一季 5.5% 至 6% 的預期。本季淨虧損為10萬美元，稀釋每股收益為0.00美元；去年同期淨利為140萬美元，稀釋每股收益為0.01美元。接下來是我們的資產負債表。

We finished the first quarter with net cash, cash equivalents and short-term investments of $251.2 million. While slightly down year over year, it reflects $48 million of share repurchases, our equity investment in OOG, and last year's higher rate of CapEx associated with our new fulfillment center. Inventory increased 1% year over year to $131.6 million, though was down 27% from our peak level in Q1 of 2023. Our current overall position is healthy as we now focus on optimizing further as we progress through 2025. This includes our continued effort to work through smaller pockets of inventory, including older fit profiles and select categories slated for future reinvention.

第一季結束時，我們的淨現金、現金等價物和短期投資為 2.512 億美元。雖然同比略有下降，但它反映了 4800 萬美元的股票回購、我們對 OOG 的股權投資以及去年與我們的新履行中心相關的更高的資本支出率。庫存年增 1% 至 1.316 億美元，但較 2023 年第一季的峰值水準下降了 27%。我們目前的整體狀況良好，因為我們現在專注於在 2025 年取得進一步優化。這包括我們繼續努力處理較小的庫存，包括較舊的適合型材和計劃在未來重新設計的精選類別。

Looking ahead, we do anticipate the possibility of a higher inventory growth rate in Q2 given some of the uncertainties in the trade environment. On the capital allocation side, we repurchased approximately $2.7 million worth of shares during the quarter at a weighted average price of $4.73 per share with $52 million available for future repurchases. Capital expenditures for the quarter were $1.3 million, and we remain on track with our full year plan of approximately $5 million. Finally, we delivered free cash flow of $7.9 million for the period. Now turning to our planning for the balance of the year.

展望未來，鑑於貿易環境的一些不確定性，我們確實預期第二季庫存成長率有可能更高。在資本配置方面，我們在本季以每股 4.73 美元的加權平均價格回購了價值約 270 萬美元的股票，其中 5,200 萬美元可用於未來回購。本季的資本支出為 130 萬美元，我們仍按計畫實現全年約 500 萬美元的計畫。最後，我們在本期間實現了 790 萬美元的自由現金流。現在來談談我們今年剩餘時間的計畫。

While we are encouraged with this start to the year, we, like the rest of the broader industry, are confronted with new uncertainty of how macroeconomic and consumer pressures will unfold. As we discuss the financial implications, we believe the best approach is to look at where trading policies stand today, make clear distinctions of what we are doing and assuming in this environment, and just as importantly, distinguish what is still undecided. This process will require us to be nimble and continuously evolve our thinking, all intended to be in the best interest of all FIGS stakeholders, including the healthcare professionals who we serve. First, to reiterate, our original full year outlook outlined a plan that we felt good executing against, reflecting our belief that industry demand is stabilizing and our merchandise and channel efforts were gaining momentum. It also included our decision to reinvest our margin headwinds from 2024 to accelerate investments in key areas like international, TEAMS and retail.

雖然我們對今年的開局感到鼓舞，但與其他行業一樣，我們也面臨著宏觀經濟和消費者壓力將如何發展的新的不確定性。當我們討論財務影響時，我們認為最好的方法是看看當前的貿易政策立場，明確區分我們在這種環境下正在做什麼和假設什麼，同樣重要的是，區分哪些尚未決定。這個過程要求我們保持靈活並不斷發展我們的思維，所有這些都是為了符合所有 FIG 利益相關者（包括我們服務的醫療保健專業人士）的最佳利益。首先，重申一下，我們最初的全年展望概述了一項我們認為執行起來良好的計劃，這反映了我們對行業需求正在穩定以及我們的商品和通路努力正在獲得動力的信念。其中還包括我們決定從 2024 年開始重新投資我們的利潤逆風，以加速對國際、TEAMS 和零售等關鍵領域的投資。

As Q1 demonstrated, we tracked very well on those parameters. The ongoing changes in global trade policy have created more uncertainty. We are already subject to the recent baseline 10% tariff, and just at those new levels, we expect to see a meaningful increase in our cost of goods sold both this year and into 2026. It requires us to scenario plan a range of trading outcomes and mitigation steps, all of which will remain fluid in the months ahead. With all of this in mind, our full year 2025 net revenue outlook is unchanged.

正如 Q1 所示，我們對這些參數的追蹤非常好。全球貿易政策的持續變化帶來了更多不確定性。我們已經受到最近 10% 的基準關稅的影響，而且僅在這些新的關稅水平下，我們預計今年和 2026 年我們的銷售成本都會大幅增加。它要求我們對一系列交易結果和緩解措施進行情境規劃，所有這些在未來幾個月內仍將保持不確定。考慮到所有這些因素，我們對 2025 年全年淨收入的預期保持不變。

Including the Q1 beat, we still remain within our prior net revenue guidance range of down low-single digits and retain our prudently cautious outlook for the balance of the year. For our full year adjusted EBITDA outlook, we are now projecting a range of 7.5% to 8.5%. Our outlook assumes the current 10% baseline and reciprocal tariffs on China remain in effect for the balance of the year without the currently paused reciprocal tariffs being added in. The low end of our range includes an unmitigated tariff impact of approximately 150 basis points. The high end reflects strong execution of our cost mitigation strategies and thus includes a reduced tariff impact of approximately 100 basis points.

包括第一季的業績在內，我們仍保持在先前的淨收入預測範圍內，即下降低個位數，並對今年的剩餘時間保持審慎的展望。對於全年調整後的 EBITDA 預期，我們目前預計範圍為 7.5% 至 8.5%。我們的展望假設，目前對中國的 10% 基準關稅和互惠關稅將在今年剩餘時間內繼續有效，並且不會將目前暫停的互惠關稅計入。我們的範圍的低端包括約 150 個基點的未緩解關稅影響。這一高端數字反映了我們成本緩解策略的強大執行，因此包括降低約 100 個基點的關稅影響。

The additional consideration here is how our average inventory costing will impact the timing and degree in which the tariffs flow through the P&L. We expect the tariff impact will not materially flow through the P&L until the second half of the year and will still be phased in with lower cost goods already in inventory during those periods. Now let me provide some further details starting with our supplier base. As Trina highlighted, the majority of our production comes from Jordan today and a large percentage comes from Vietnam. Related to our very small exposure to China, we are exploring various mitigation strategies, including canceling certain orders and resourcing.

這裡需要額外考慮的是，我們的平均庫存成本將如何影響關稅流入損益表的時間和程度。我們預計，關稅影響要到今年下半年才會對損益表產生實質影響，並且在此期間仍將逐步透過庫存中已有的低成本商品來體現。現在讓我從我們的供應商基礎開始提供一些進一步的細節。正如 Trina 所強調的，我們目前的大部分產品來自約旦，很大一部分來自越南。由於我們對中國的業務非常小，我們正在探索各種緩解策略，包括取消某些訂單和資源配置。

We do expect our advantaged product mix will remain an asset as we look to stay nimble in calibrating and diversifying our supplier base. On the cost mitigation side, we are looking at a range of options across the supply chain and further expense management. Notably, even with this planned expense diligence, we remain committed to the actions we outlined last quarter, playing offense with investments to accelerate our key growth drivers of international, TEAMS and retail. The other potential mitigation lever is pricing. To be clear, we have not made a definitive decision on pricing and no pricing action is included in our updated outlook range.

我們確實希望，我們的優勢產品組合將繼續成為一項資產，因為我們希望在調整和多樣化我們的供應商基礎方面保持靈活性。在降低成本方面，我們正在研究整個供應鏈和進一步費用管理的一系列選擇。值得注意的是，即使進行了這項計劃中的費用盡職調查，我們仍然致力於上個季度概述的行動，透過投資來加速我們在國際、TEAMS 和零售方面的關鍵成長動力。另一個潛在的緩解手段是定價。需要明確的是，我們尚未對定價做出最終決定，並且我們更新後的展望範圍中也不包括任何定價行動。

We understand the pressures that many of our healthcare customers face and will be strategic in how we think about the implementation of any pricing action. Now looking at the specifics of our updated 2025 outlook. As I mentioned, we continue to expect net revenues for 2025 to be down in the low-single digit range year over year. While we were pleased with our performance across a range of events in Q1, we are taking a prudently cautious approach in future periods given both the change to our promotional planning and the uncertainties around consumer demand. For the second quarter, we are planning for net revenues growth to be approximately flat.

我們了解許多醫療保健客戶面臨的壓力，並將策略性地考慮如何實施任何定價行動。現在來看看我們更新後的 2025 年展望的具體內容。正如我所提到的，我們仍然預計 2025 年的淨收入將年減至個位數低點。雖然我們對第一季一系列活動的表現感到滿意，但考慮到促銷計劃的變化和消費者需求的不確定性，我們在未來時期將採取謹慎謹慎的態度。對於第二季度，我們計劃淨收入成長大致持平。

We have started the quarter with positive year-over-year performance and remain mindful of more difficult comparisons and a relatively lighter new product calendar. For the second half of the year, we are factoring in a greater sequential headwind from the reduction of promotional periods as well as added uncertainty around consumer behavior. On the margin side, while we plan to be less granular in our line item disclosure here, there are a few considerations. First on gross margin. Our current tariff assumptions would have little incremental impact on Q2 performance where we expect gross margins to be within range of the prior year.

本季我們取得了同比積極的業績，但我們仍注意到，對比更加困難，而且新產品發布日程也相對較少。對於下半年，我們考慮到促銷期縮短以及消費者行為不確定性增加所帶來的更大連續阻力。在利潤方面，雖然我們計劃在這裡對專案披露進行更細緻的說明，但仍有幾點需要考慮。首先是毛利率。我們目前的關稅假設對第二季業績的增加影響不大，我們預期毛利率將在去年同期的範圍內。

We then would expect incrementally higher impacts in Q3 and Q4 as more of these goods work through the balance sheet and onto our P&L. To help offset this pressure in gross margin, our mitigation work is primarily focused on the selling line and other G&A opportunities, though we will remain thoughtful across the full expense structure. Selling expenses overall will continue to reflect the lapping of last year's transitory fulfillment center expenses with some offset from ongoing inefficiencies as we work to scale our logistics efforts. The marketing expense rate is planned lower given the Olympics comparison, but we will continue to incrementally support our channel growth efforts. And G&A will include what is now planned to be a $16 million reduction in stock-based comp year over year, partially offset by higher planned people costs.

隨著越來越多的此類商品進入資產負債表並進入我們的損益表，我們預計第三季和第四季的影響將逐漸增加。為了幫助抵銷毛利率的壓力，我們的緩解工作主要集中在銷售線和其他一般及行政費用機會上，儘管我們仍將對整個費用結構進行深思熟慮。隨著我們努力擴大物流力度，整體銷售費用將繼續反映去年臨時履行中心費用的重疊，但部分費用將因持續的低效率而得到抵消。與奧運會相比，計劃的營銷費用率較低，但我們將繼續逐步支持我們的管道成長工作。而一般及行政費用將包括目前計劃的同比 1600 萬美元的股票薪酬減少，部分被計劃中的人力成本增加所抵消。

As a reminder, our adjusted EBITDA results exclude the impact of stock-based compensation expense. Within the full year adjusted EBITDA margin range of 7.5% to 8.5%, we expect Q2 margin to be above the prior year mark of 9%. Margin in the second half would thus carry the greatest variability, and we remind you of the outsized expense comparisons from last year in Q3. On the capital allocation front, we plan to continue to prioritize investments in our business while also preserving our balance sheet strength. At the same time, we expect to be more conservative with other uses of capital in the near term until we have better clarity how the macro environment will play out.

提醒一下，我們調整後的 EBITDA 結果不包括股票薪資費用的影響。在全年調整後的 EBITDA 利潤率範圍 7.5% 至 8.5% 內，我們預計第二季利潤率將高於去年同期的 9%。因此，下半年的利潤率將出現最大的波動，我們提醒您注意與去年第三季相比過大的支出比較。在資本配置方面，我們計劃繼續優先投資我們的業務，同時保持我們的資產負債表實力。同時，我們預計短期內對其他資本用途將採取更保守的態度，直到我們更清楚地了解宏觀環境將如何發展。

The months ahead will require ongoing vigilance in our approach and thoughtfulness in our actions, and we believe we are well positioned to navigate this environment. We have a fortress balance sheet, operational discipline, an experienced and energized leadership team and a clear focus on priorities to grow. Most importantly, by sticking to our mission of serving those who serve others, we know that the work we do is not only extremely meaningful, it sets us up for continued success as a business. We look forward to sharing more details on our progress in subsequent calls, and I will now turn the call back over to the operator for Q&A. Operator?

未來幾個月，我們需要繼續保持警惕，認真思考並採取行動，我們相信我們已做好準備，以應對這種環境。我們擁有穩健的資產負債表、營運紀律、經驗豐富且充滿活力的領導團隊，並明確地專注於成長重點。最重要的是，透過堅持為服務他人的人服務的使命，我們知道我們所做的工作不僅非常有意義，而且還為我們作為企業的持續成功奠定了基礎。我們期待在後續電話會議中分享更多有關我們進展的詳細信息，現在我將把電話轉回給接線員進行問答。操作員？

Matt Koranda, ROTH Capital.

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

Just wanted to see if maybe -- and by the way, thanks for all the detail there, Sarah, around tariff mitigation. I wanted to see if we could focus on that just for a second. I guess the message is we have savings we can go out and get via supply chain efficiencies and vendor negotiations to sort of limit a lot of the exposure, but there's about $7 million in sort of downdraft at the midpoint in terms of the dollar impact. Why not take price or why not build price into the outlook? And maybe just talk about sort of what levers you have on the pricing front to offset that $7 million.

只是想看看是否可能——順便說一句，莎拉，謝謝你提供有關關稅減免的所有詳細資訊。我想看看我們是否可以集中討論一下這個問題。我想傳達的訊息是，我們可以透過提高供應鏈效率和與供應商談判來節省開支，從而限制大量風險敞口，但就美元影響而言，中間點的下行氣流約為 700 萬美元。為什麼不考慮價格或為什麼不將價格納入前景？也許只是談論一下您在定價方面有哪些手段可以抵消這 700 萬美元。

Sure. So I'll answer your first part and then Trina can add on in some of the pricing. So yes, you're thinking about that exactly in the right way. So we do have some opportunity to take some cost mitigation. Like we set out in 2025 to really optimize and scale our fulfillment center and our supply chain, and now we're just being even more rigorous with that approach.

當然。因此，我將回答您的第一部分，然後 Trina 可以添加一些定價。是的，你的想法完全正確。所以我們確實有機會降低一些成本。就像我們在 2025 年制定的真正優化和擴展我們的履行中心和供應鏈的目標一樣，現在我們對這種方法採取了更嚴格的措施。

So there's opportunities for us to continue to look at inbound and outbound shipping efficiencies. We're continuing to work with our suppliers to reduce costs. And throughout the P&L, we can make some decisions around people costs. We're going to continue to be scrutinizing the roles, really looking at the timing of hiring, and we'll continue to be very disciplined around G&A. So that's what we're setting out to deliver on as part of our cost mitigation at this point.

因此，我們有機會繼續關注入站和出站運輸效率。我們將繼續與供應商合作以降低成本。在整個損益表中，我們可以圍繞人力成本做出一些決策。我們將繼續仔細審查這些職位，認真考慮招聘時機，並將繼續嚴格遵守一般及行政費用 (G&A)。這就是我們目前為降低成本所要實現的目標。

Yes. And I think we're really mindful of who we serve. So we serve healthcare professionals. 2/3 of our customers make less than $100,000 a year. Right now, we're in the midst of Nurses Week.

是的。我認為我們非常關心我們所服務的對象。因此，我們為醫療保健專業人士提供服務。我們的 2/3 的客戶年收入不到 100,000 美元。目前，我們正處於護士周之中。

Nurses make up a big part of our customers. And we're really proud of our ability to serve them with great product that is both affordable and accessible, and it needs to be. These are uniforms that they're going to work every day to do their job. And we think also they value this price consistency that we've had, especially in our core scrubwear over the years. And so we're focused on doing everything we can to offset the impact of the tariffs and have a lot of internal mitigation strategies in place in addition to working with our suppliers across our supply chain to offset the cost.

護士占我們客戶的很大一部分。我們非常自豪能夠為他們提供價格實惠、易於取得的優質產品，而且這也是必須的。這些是他們每天上班時穿的製服。我們認為他們也重視我們多年來保持的價格一致性，特別是我們的核心工作服。因此，我們致力於盡一切努力抵消關稅的影響，並製定了許多內部緩解策略，此外還與我們整個供應鏈的供應商合作以抵消成本。

I mean that is what we are doing. And price I think is the last thing that we'll look at to offset this as we do think we have a lot more work to do internally. And that's where we're focused.

我的意思是這就是我們正在做的事情。我認為價格是我們最後要考慮的抵消這一影響的因素，因為我們確實認為我們內部還有很多工作要做。這就是我們關注的重點。

Okay. Understood. And then maybe just on the demand normalization. This has been a theme it seems like over the last, call it, six months or so, maybe a little bit less in terms of you guys calling out better engagement with the brand and maybe some normalization in purchasing behavior. Curious if you're still seeing that quarter-to-date.

好的。明白了。然後也許只是需求正常化。在過去的六個月左右的時間裡，這似乎一直是一個主題，在你們呼籲更好地與品牌互動以及購買行為正常化方面，這個主題可能稍微少了一些。好奇您是否仍能看到本季迄今的情況。

Was there any impact, I guess, from some of the volatility that's been called out by so many people in the consumer space in April that changes the trajectory of the way that you think about healthcare professionals normalizing their purchase patterns?

我想，四月份消費領域許多人指出的波動是否產生了影響，從而改變了您對醫療保健專業人員正常化購買模式的看法？

Yes. I think -- I can start and then Sarah jump in. I think we feel really good about coming out of this COVID overhang and entering and moving into a period of more normalization. We've talked about that a lot, and we've really seen it the start of the year. Q2 repeat frequency is up.

是的。我想——我可以開始，然後莎拉加入。我認為，我們很高興能夠擺脫新冠疫情的陰影，進入一個更正常化的時期。我們已經多次討論過這個問題，並且在今年年初我們就確實看到了這一點。Q2 重複頻率上升。

U.S. business is up. Scrubwear is up. Non-scrubwear is up. We had a record quarter of AOV at $119.

美國業務正在好轉。Scrubwear 已上架。非磨砂服已流行。我們本季的平均訂單價值 (AOV) 創下了 119 美元的紀錄。

That really just shows our brand strength. Active customers up 4%. And so the underlying demand and the fundamentals of the business are strong. We saw that as well going into Q2. And Sarah, I don't know if you have anything to add on that.

這確實展現了我們的品牌實力。活躍客戶成長4%。因此，潛在需求和業務基本面強勁。進入第二季後我們也看到了這一點。莎拉，我不知道你對此還有什麼要補充的。

Yes. I mean we've not seen any notable shifts in the consumer behavior. We delivered 5% in Q1. That was consistent with Q4. And we've entered Q2 with positive growth as well.

是的。我的意思是我們沒有看到消費者行為有任何顯著的變化。我們在第一季實現了 5% 的交付。這與第四季一致。我們進入第二季時也實現了正成長。

I would note that we do see some softening demand from our Canadian customers that's very much impacted by the tariff situation. Our social media comments tell us that Canadians want to be supporting Canadian businesses right now. And I think there is some worry that the 25% Canadian tariff on U.S. goods that came into effect mid-March would apply to FIGS goods. It doesn't, but that is an added hurdle to the purchase journey.

我想指出的是，我們確實看到加拿大客戶的需求減弱，這在很大程度上受到關稅情況的影響。我們的社群媒體評論告訴我們，加拿大人現在想要支持加拿大企業。我認為有人擔心加拿大在 3 月中旬對美國商品徵收 25% 的關稅將適用於 FIG 商品。事實並非如此，但這給購買過程增加了一個障礙。

And those are trends that we are seeing being consistent with commentary from other brands and other industry reports.

我們看到的這些趨勢與其他品牌和其他行業報告的評論一致。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Trina, I'm curious, does the recent volatility in supply chain and tariffs have any impact on your Fit Initiative that you're looking to improve customer experience into the back half?

Trina，我很好奇，最近供應鏈和關稅的波動是否會對你們希望在下半年改善客戶體驗的 Fit Initiative 產生影響？

No, not at all. Our Fit transition is on track for the year, and we're working with the same set of suppliers. Even as we shift some near-term capacity to offset the tariffs, that our Fit Initiative will not be impacted by these shifts.

不，一點也不。我們的 Fit 轉型今年進展順利，我們正在與同一組供應商合作。即使我們轉移一些短期產能來抵消關稅，我們的 Fit Initiative 也不會受到這些轉移的影響。

Great. And then just a follow-up for Sarah. Can you give us a little bit more color on the optimization of your selling expenses, particularly some of those inefficiencies in the DC from last year? How should we be thinking about the cost savings opportunity for selling that might be applied as a tariff mitigation effort versus what you think the opportunity is over a multiyear basis, maybe next 1, 2, 3 years for that as a percent of sales?

偉大的。接下來是莎拉的後續問題。您能否向我們詳細介紹一下銷售費用的優化情況，特別是去年 DC 中的一些低效率問題？我們應該如何看待可以作為關稅減免措施的銷售成本節約機會，以及您認為多年期（可能是未來 1、2、3 年）內節省銷售成本的機會（佔銷售額的百分比）？

Yes. I think that there is opportunity for us to continue to scale with volume. So we built this facility to have capacity for $1 billion in revenue, and we're almost capacity there. So as the sales start to come, we will naturally see some improvements that come there. In addition to that, we're still young in our journey here.

是的。我認為我們有機會繼續擴大產量。因此，我們建造這個工廠是為了能夠實現 10 億美元的收入，而我們幾乎已經達到了這個容量。因此，隨著銷售的增加，我們自然會看到一些改善。除此之外，我們在這裡的旅程還很年輕。

So the opportunities that we're looking at really within selling costs is multi-carrier opportunities, continuing to negotiate with our vendors. And there's just different opportunities that we're looking to optimize. Jon Tam, our new COO, has actively built a road map that we're going to continue to go after. And this is just us being more -- accelerating our efforts there to drive into the savings.

因此，我們真正在銷售成本中尋找的機會是多承運商機會，並繼續與我們的供應商進行談判。我們正在尋找不同的機會來優化。我們的新任營運長 Jon Tam 積極制定了我們將繼續遵循的路線圖。這只是我們加大力度努力以實現節約。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

Can you double click on international performance? When we put aside some of the quarterly variability around the one-offs, what does the rate of growth look like there? And guidance implies a slowing of trends in the back half. I'm just curious how we should consider the US market versus international markets in the back half.

你能雙擊國際表現嗎？當我們拋開一次性事件的一些季度變化時，那裡的成長率是什麼樣的？並且指引暗示下半年趨勢將會放緩。我只是好奇我們該如何看待下半年的美國市場和國際市場。

Sure. Thanks for the question. Yes. So our international business grew at 16% for the quarter. That is down from the growth rate that we saw in Q4.

當然。謝謝你的提問。是的。因此，本季我們的國際業務成長了 16%。這低於我們在第四季度看到的成長率。

So just to keep in mind that the growth rate in Q4 was positively impacted by the duty reclass adjustment from the year prior. Another piece to consider is that our promotional cadence shift did create a negative impact on the growth rate. And then there's also some impact from FX. But underneath that, we're really pleased with the trends that we're seeing. We're seeing great growth in -- being driven from the Mexico business, from our Europe business as well as the Middle East.

因此，請記住，第四季度的成長率受到了去年同期關稅重新分類調整的正面影響。另一個需要考慮的問題是，我們的促銷節奏轉變確實對成長率產生了負面影響。此外，外匯也產生了一些影響。但從根本上來說，我們對所看到的趨勢感到非常滿意。我們看到了巨大的成長——這得益於墨西哥業務、歐洲業務以及中東業務。

And that's broadly coming from both new and returning customers and across traffic and conversion. So really well-balanced performance and some really great things that we're excited about. So underneath some of those pieces there, the underlying demand is really healthy and positive. Trina, do you want to speak about your Australia trip and how we're incorporating some learnings there?

這主要來自新客戶和回頭客以及流量和轉換。因此，我們對其非常均衡的性能和一些非常出色的性能感到非常興奮。因此，在其中一些產品的背後，潛在的需求確實是健康和積極的。Trina，你想談談你的澳洲之旅以及我們如何在那裡融入一些學習成果嗎？

Sure. Yes. I had a chance to travel to Australia with our team in the first quarter, and it was during Australian Healthcare Week in Sydney. And it was pretty awesome to be able to be there with our community and looking to inspire the next generation of healthcare workers. Australia is an incredible market.

當然。是的。第一季度，我有機會和我們的團隊一起前往澳大利亞，當時正值悉尼澳大利亞醫療保健週。能夠與我們的社區在一起並激勵下一代醫療保健工作者真是太棒了。澳洲是一個令人難以置信的市場。

We really saw a ton of community engagement. And that's really important as we look to understand local culture, the market, different behavior, different preferences to the US. And so we're continuing to really localize market by market, Australia being a great example. And like Sarah mentioned, Mexico is performing well. Europe, broader Europe is doing great as well as the Middle East.

我們確實看到了大量社區參與。當我們試圖了解當地文化、市場、與美國不同的行為和不同的偏好時，這一點非常重要。因此，我們將繼續真正實現每個市場的在地化，澳洲就是一個很好的例子。正如莎拉所提到的，墨西哥表現良好。歐洲，尤其是更廣泛的歐洲地區以及中東地區都表現良好。

So continuing to build out our international presence. We are in 32 countries outside the US. Japan is coming shortly with South Korea later this year. So really excited about what we're going to be able to do on a global scale as we continue to enter new markets.

因此，我們將繼續擴大國際影響力。我們的業務遍及美國以外的 32 個國家。日本也將很快與韓國一起在今年稍後推出。隨著我們不斷進入新市場，我們對能夠在全球範圍內取得的成就感到非常興奮。

And then I can just answer the second part of your question, which was on the slowing trends in the back half of the year. That's broadly related to our shift in promos. So where we're pulling back on promos will have a larger impact in the back half of the year than the front half of the year. And so that's driving the shift in trends from 1H to 2H.

然後我可以回答你問題的第二部分，也就是今年下半年的放緩趨勢。這與我們促銷的轉變大致相關。因此，我們減少促銷活動對下半年的影響將大於上半年的影響。這推動了趨勢從上半年到下半年的轉變。

And just on the pricing side of things, can you talk about what you're seeing in the scrubwear category more broadly? And if prices do go up in the category, how would that change your philosophy on your own pricing?

就定價方面而言，您能否更廣泛地談談您對工作服類別的看法？如果該類別的價格確實上漲，這會如何改變您的定價理念？

Yes. So scrubwear grew 5% in the quarter. It was really great to see. We're seeing a lot of the growth coming from our limited edition styles, and that's both across core colors and new colors. And just in terms of pricing, there's -- Trina has really touched on a lot of those.

是的。因此，本季工作服銷量成長了 5%。看到這真是太好了。我們看到很多增長來自於限量版款式，包括核心顏色和新顏色。就定價而言，Trina 確實觸及了許多問題。

We do have different prices for limited editions versus our core scrubwear. And so we will just need to really think strategically and surgically about what pricing opportunities we would take across our core scrubwear or our limited edition scrubwear or whether that comes in through some of our newer styles. And so there's just lots for us to still think through about what would be the right way to do pricing if and when we decide to do that.

限量版和核心磨砂服的定價確實有所不同。因此，我們只需要真正從策略和細節上思考，我們將在我們的核心工作服或限量版工作服上採取什麼樣的定價機會，或者是否透過我們的一些較新的款式來實現。因此，如果我們決定這樣做，我們還有很多事情需要思考，什麼是正確的定價方法。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

So I too want to focus at least initially on tariffs. And so the question I have, I mean, look, recognizing that what we're seeing develop here is much more broad-based than anything we've seen historically and also recognizing FIGS is a young company. But is there any -- as you look back at your history, do you have any precedent for having to deal with trade issues like this and how you did it?

因此我也想至少在最初階段關注關稅問題。所以我的問題是，看看，認識到我們在這裡看到的發展比我們歷史上看到的任何發展都要廣泛得多，同時也認識到 FIG 是一家年輕的公司。但是，當你回顧歷史時，是否有處理此類貿易問題的先例，以及你是如何處理的？

Sure. I mean COVID is a great example, right, Brian? And we managed through a pretty tough supplier environment during COVID. As you mentioned, we are a young and nimble company, and we have a really flexible supply chain, and you saw that in our history. And so I think the big benefit that FIGS has is that we have a non-seasonal business.

當然。我的意思是 COVID 就是一個很好的例子，對吧，布萊恩？在新冠疫情期間，我們成功度過了相當艱難的供應商環境。正如您所說，我們是一家年輕而靈活的公司，我們擁有真正靈活的供應鏈，這一點您可以從我們的歷史中看到。所以我認為 FIG 的一大優點就是我們的業務不受季節性影響。

And so whether it's holiday or spring or summer, we are keeping the lines of our manufacturing partners running all year round. The second thing that's really important that's truly unique is that we have a replenishment-driven business. Healthcare professionals are coming back over and over and over again to replenish their scrubs. And so once again, that's a really great thing from a manufacturing perspective. The third thing is that we have a high-volume, low SKU count business of really productive styles.

因此，無論是假期、春季或夏季，我們都將全年保持製造合作夥伴的生產線運作。第二件非常重要且非常獨特的事情是我們擁有補貨驅動的業務。醫療保健專業人員一次又一次地回來補充他們的工作服。所以再說一次，從製造業的角度來看這真是一件偉大的事。第三件事是，我們擁有高產量、低 SKU 數量的真正高效款式業務。

So our partners are able to understand what we're making, and that is running year in and year out. Our core scrubwear business is the vast majority of what we do. And so those are all benefits. And it's enabled us to make production moves in the past. It's enabled us to cross-source across our partners.

因此，我們的合作夥伴能夠了解我們正在做的事情，並且年復一年地進行著。我們的核心工作服業務佔了我們業務的絕大部分。這些都是好處。它使我們能夠在過去開展生產活動。它使我們能夠跨合作夥伴進行交叉採購。

It has enabled us to continue to be an incredibly fast-growing profitable business year after year. And so we're going to use this opportunity and use this tariff situation to cement our leadership position. We're going to use it to widen the moat, to be opportunistic with our cash. I know you know, we have a fortress balance sheet. And so that enables us to be opportunistic and really build our growth levers and double down on our community as they come out of this COVID overhang.

它使我們年復一年地繼續成為一家成長速度驚人、獲利能力強的企業。因此，我們將利用這個機會，利用這種關稅狀況來鞏固我們的領導地位。我們將利用它來拓寬護城河，以便利用我們的現金獲得機會。我知道你知道，我們有一份堡壘資產負債表。這樣，我們就能抓住機會，真正建立我們的成長槓桿，並在我們的社區擺脫新冠疫情的陰影時加倍努力。

That's very helpful, Trina. I appreciate that. The second question I want -- and you may have covered this already, so I apologize if it's repetitive. But look, if you look at I guess the sales algo, AOV was again stronger here in Q1. What's driving that?

這非常有幫助，特麗娜。我很感激。我想問的第二個問題是——你可能已經討論過這個問題了，所以如果重複了，我深表歉意。但是，如果你看一下銷售演算法，你會發現 AOV 在第一季再次表現強勁。是什麼原因導致的呢？

What are the drivers behind the higher year-on-year AOV?

同比 AOV 成長背後的推動因素是什麼？

Yes. So our AOV was up 3% year over year and hit $119, which is the strongest in the brand's history. So really great to see. Primary drivers behind that are a reduction in discount, and that's attached to our pullback of promo. The other piece in there is also just product mix shift.

是的。因此，我們的平均訂單價值 (AOV) 年成長 3%，達到 119 美元，這是該品牌歷史上最強勁的水平。真的很高興看到。背後的主要驅動因素是折扣的減少，這與我們撤回促銷有關。其中的另一部分也只是產品組合的轉變。

So those are the two main components driving that growth.

因此，這是推動這一成長的兩個主要因素。

And I would just say on this point of AOV, the number one indicator of brand strength is AOV. Having a record AOV in Q1 is a really important indicator of where we're going and that our healthcare professionals are -- that what we're doing is really resonating with our community. And so really great to see that. And I think in the first question I mentioned Q2. All the metrics I was referring to was Q1 of 2025.

我只想說，就 AOV 這點而言，品牌實力的首要指標就是 AOV。在第一季創下 AOV 記錄是一個非常重要的指標，表明我們的發展方向以及我們的醫療保健專業人員——我們所做的事情確實引起了社區的共鳴。看到這一點真的很高興。我認為在第一個問題中我提到了問題 2。我所指的所有指標都是 2025 年第一季。

Dana Telsey, Telsey Group.

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

Just wanted to ask a near-term and a long-term question. If you think about the near-term, planning for inventory going forward, I think, Sarah, you mentioned higher inventory growth in Q2. Anything of the magnitude and then planning for back half as you're thinking about it? And then Trina, the B2B business seems -- the opportunities and now with the sales team that you're building seems to -- has the potential to grow pretty fast. How are you thinking about that growth?

只是想問一個近期和一個長期的問題。如果您考慮短期內未來的庫存規劃，莎拉，我想您提到了第二季庫存成長較高。您是否考慮過任何規模如此之大的事情，以及後半部分的計劃？然後 Trina，B2B 業務似乎——機會以及現在您正在組建的銷售團隊——有潛力快速成長。您如何看待這種成長？

How are you thinking about where you go and what the opportunities are going forward?

您如何考慮自己的未來以及未來有哪些機會？

Dana, thanks for the question. So just in terms of inventory, we're finishing Q1 with inventory up 1% year over year. And as we go into Q2, our Q2 ends in June, close to when the 90-day expiration happens. And so we're just evaluating opportunities of if we should be pulling in inventory before that expiration date. And so we're just continuing to monitor that.

達娜，謝謝你的提問。僅就庫存而言，我們第一季的庫存年增了 1%。隨著我們進入第二季度，我們的第二季度將於 6 月結束，接近 90 天到期的時間。因此，我們只是在評估是否應該在到期日之前收回庫存的機會。因此我們會繼續監控。

We think there is the opportunity to strategically pull a few things forward, and so that would bring an increase in our inventory balance year over year. Also, our inventory balance last year in Q2, just from timing of in-transit was pretty low. So overall, we would be up year over year. And we just think that we have the opportunity to get ahead of potential increases. And there's less risk to us because we are a uniform business.

我們認為有機會從策略上推動一些事情的進展，這樣我們的庫存餘額就會逐年增加。此外，從運輸時間來看，我們去年第二季的庫存餘額相當低。因此整體而言，我們的業績將逐年上升。我們只是認為我們有機會領先潛在的成長。而且由於我們從事的是統一業務，因此我們面臨的風險較小。

We're not necessarily trend-based or have products that would expire quickly. So we feel comfortable with where inventory is at. There's still continued opportunities for us to be balancing inventory, but we are working through our Fit transition this year. We have also been bringing in inventory related to FORMx. So there's just a few pieces there that are bringing up our balance.

我們不一定遵循潮流，也不一定有很快就會過期的產品。因此我們對庫存狀況感到滿意。我們仍然有機會平衡庫存，但今年我們正在努力實現健康轉型。我們也一直在引進與 FORMx 相關的庫存。因此，只有少數幾個部分可以提高我們的平衡。

But ultimately, we've set out this year to be buying with conviction, really to support our growth momentum.

但最終，我們今年決心進行有信心的購買，真正支持我們的成長動能。

And as it relates to TEAMS. TEAMS is an incredibly exciting opportunity, one that we've talked a lot about with you. 15% of the market is healthcare professionals that don't buy their own scrubs. Their employer, their administrators, the head physician at the office is buying on behalf of their team. And on top of that, we're seeing this huge trend within concierge medicine where these businesses are looking to brand and professionalize their teams, and they're turning to FIGS to help them do that, which is super exciting.

並且它與 TEAMS 相關。TEAMS 是一個令人難以置信的令人興奮的機會，我們已經與您討論過很多次了。 15% 的市場是不會自己購買工作服的醫療保健專業人員。他們的雇主、管理人員、辦公室的主治醫師代表他們的團隊購買。除此之外，我們看到禮賓醫療領域出現了一種巨大的趨勢，這些企業正在尋求品牌化和專業化他們的團隊，並且他們正在求助於 FIG 來幫助他們實現這一目標，這非常令人興奮。

And so this outbound team that we've built, the timing is really optimal. And we're not just leaning into going outbound and bringing on large institutions, although we did bring on one of the largest healthcare companies in the world during the quarter. I can't yet say the name, but that's coming soon. But we've also really simplified the process and the technology. And it's first of its kind.

因此，我們組成的這個外向型團隊，時機確實是最佳的。我們不僅僅傾向於走出去並引入大型機構，儘管我們在本季確實引入了世界上最大的醫療保健公司之一。我現在還不能透露名字，但很快就會公佈。但我們也確實簡化了流程和技術。這是同類產品中的首創。

Our TEAMS technology is really simple. You're able to go on there, order for your hundreds, thousands of sets of scrubs for your team, jackets, fleeces, scrub jackets, compression socks, whatever you need, so that your whole team can look unified and go to work and do that job. And so really exciting early wins from an outbound sales perspective. More to come here, but we're excited.

我們的 TEAMS 技術非常簡單。您可以在那裡為您的團隊訂購數百、數千套工作服、夾克、羊毛衫、工作服夾克、壓力襪，無論您需要什麼，這樣您的整個團隊就可以看起來統一，然後去上班並完成工作。從外向型銷售的角度來看，這確實是一個令人興奮的早期勝利。未來還會有更多內容，但我們很興奮。

Nathan Feather, Morgan Stanley.

摩根士丹利的 Nathan Feather。

Congrats on the strong quarter. I wanted to dig a little bit more into some of the cohort data you talked about. Can you help us figure out what have been the primary component to drive this reactivation? Anything kind of separate from the core business? And do you see any difference in consumer behavior once you reactivate a customer versus if they hadn't churned in the first place?

恭喜本季業績強勁。我想更深入地了解您談到的一些群組數據。您能幫助我們弄清楚推動這種重新激活的主要因素是什麼嗎？有什麼與核心業務不同的嗎？當您重新啟動客戶時，與客戶一開始沒有流失時相比，您是否發現消費者行為有什麼不同？

Nathan, thanks for the question. Yes. I mean, in terms of reactivation, I think we're just giving our healthcare professionals more reason to come back. And that ultimately starts with product and having really great product, and that's supported by a ramp-up in our marketing efforts. And so those 2 pieces are bringing back that customer at increasing paces that's really helping to increase that active customer growth.

內森，謝謝你的提問。是的。我的意思是，就重新啟動而言，我認為我們只是為我們的醫療保健專業人員提供了更多回來的理由。而這一切最終都始於產品和擁有真正優秀的產品，而這又得益於我們加強行銷。因此，這兩部分正在以越來越快的速度吸引客戶，這確實有助於增加活躍客戶的成長。

And so we've been really working to evolve our marketing to a full funnel approach, making investments across the funnel to really amplify our brand messaging. We've been really happy with our campaign that we've launched, which is Where Do You Wear FIGS, and that will continue to run throughout the year. And that campaign is just -- it really resonates with healthcare providers and really makes them feel like they are being seen and heard, and I think that that's really important. And we're continuing to speak to them in ways that they want to continue to engage with us. And so I think those are all of the drivers for what is helping to improve some of our active customer growth.

因此，我們一直在努力將我們的行銷方式發展為全通路行銷方式，在整個通路中進行投資，以真正擴大我們的品牌訊息。我們對所發起的「你在哪裡穿 FIG」活動感到非常高興，該活動將持續全年進行。這場活動確實引起了醫療保健提供者的共鳴，讓他們感到自己被看見和聽到，我認為這非常重要。我們將繼續以他們希望繼續與我們互動的方式與他們交談。因此，我認為這些都是有助於提高我們活躍客戶成長的驅動因素。

Yes. And the last thing I would just say on the reactivations, whether you're coming to us in month 3 or month 10 or month 13, like that -- the community loves FIGS. And so this active customer period of 12 months is kind of like an arbitrary formula. But I do think the behavior of our community and that reactivation number is really a sign -- a really big sign of coming out of this overhang and into a more period of normalization. So that's a really great thing to see, and we look forward to seeing kind of that repeat frequency continue to improve over time.

是的。關於重新激活，我最後想說的是，無論您是在第 3 個月、第 10 個月還是第 13 個月來找我們，社區都喜歡 FIG。因此，12 個月的活躍客戶期有點像是任意公式。但我確實認為，我們社區的行為和重新激活的數字確實是一個信號——一個真正重要的信號，表明我們已經擺脫了這種困境，進入了一個更正常化的時期。所以這真的是一件很棒的事情，我們期待看到這種重複頻率隨著時間的推移而不斷提高。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

With the onset of tariffs, are you actually seeing any early changes to pricing from your competitors? Have you done any research on where they're sourcing and if you have an advantaged position? And can you go on the offensive to take market share during this volatile environment?

隨著關稅的開始實施，您是否實際上看到競爭對手的定價有任何早期變化？您是否研究過他們的採購地點以及您是否具有優勢地位？在這種動盪的環境中，您能否採取攻勢來搶佔市場份額？

Hi, Lorraine -- go ahead.

嗨，洛林——請說。

You said hi to Lorraine. You go.

你向洛林打招呼。你去。

I mean that's what we're doing, Lorraine. I think we are really using this situation to continue to take share. I do think we have a real advantage from a scale perspective, from a brand perspective, from a supply chain perspective. And the companies that are in -- that sell scrubs, we don't really call them competitors, but those companies that do that are -- this is going to be a challenge for them. And so we're using this opportunity to widen the moat to lead this industry, boldly define the future of what this industry will be and use as an opportunity to get better and better.

我的意思是這就是我們正在做的事情，洛林。我認為我們確實在利用這種情況來繼續搶佔市場份額。我確實認為，從規模角度、品牌角度、供應鏈角度來看，我們確實具有優勢。對於那些銷售磨砂膏的公司，我們實際上並不稱他們為競爭對手，但那些銷售磨砂膏的公司——這對他們來說將是一個挑戰。因此，我們利用這個機會拓寬引領這個產業的護城河，大膽定義這個產業的未來，並以此為契機變得越來越好。

Specifically on the pricing around other companies. I think a few companies we've seen increase price, but very far and few between and very small companies.

具體來說，是針對其他公司的定價。我認為我們看到一些公司提高了價格，但數量很少，而且規模都很小。

Ashley Owens, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Ashley Owens。

This is [Chris Brazo] on for Ashley. So you guys mentioned launching in Japan and Korea later this year. And so I was kind of curious, given the uncertainty and lack of visibility in the U.S. in the near term, does the road map or plan in Asia accelerate at all? Or is there any call-outs to changes there?

我是 [Chris Brazo]，為 Ashley 表演。所以你們提到今年稍後將在日本和韓國推出。因此我有點好奇，鑑於美國短期內的不確定性和缺乏可見性，亞洲的路線圖或計劃是否會加速？或是那裡有任何需要改變的地方嗎？

Sorry, cut out for a second. Sorry, can you just repeat the last part of that?

抱歉，請稍等片刻。抱歉，您能重複最後一部分嗎？

Yes. So I was just wondering if the road map in Asia accelerates or changes given the uncertainty in the U.S.

是的。所以我只是想知道，鑑於美國的不確定性，亞洲的路線圖是否會加速或改變。

No, no. We've had these plans in place. We really feel good about how we're approaching the market, Japan, South Korea and Asia more broadly. And so nothing about the current situation changes our plans or how we're going to market.

不，不。我們已經制定了這些計劃。我們對於如何更廣泛地進入日本、韓國和亞洲市場感到非常滿意。因此，當前的情況不會改變我們的計劃或我們的行銷方式。

Okay. And then just a follow-up on like kind of the flip side of that. I mean, given that maybe some domestic companies will be pulling back in this time, I'm wondering how you guys view maybe like opportunistically investing or if there's any areas of focus that you'd look to there.

好的。然後就其另一面進行後續跟進。我的意思是，考慮到這次一些國內公司可能會撤退，我想知道你們如何看待機會性投資，或者是否有任何值得關注的重點領域。

Yes. We are opportunistically continuing to invest in our growth levers. International is -- we look to be an iconic global brand for the next 100 years. And we're only in 32 countries outside the United States, and there's a lot more to do to localize the countries in which we are already in. And so we're really excited about the strides we've made, but more to do.

是的。我們正抓住機會繼續投資我們的成長槓桿。國際化就是－我們希望成為未來 100 年內全球標誌性的品牌。目前，我們的業務僅涵蓋美國以外的 32 個國家，在現有國家進行在地化工作方面，我們還有很多工作要做。因此，我們對所取得的進步感到非常興奮，但還有很多工作要做。

On TEAMS, we talked about that a bit. We're in the early, early stages of our outbound efforts in getting every large healthcare institution in FIGS. We're on our way. And finally, Community Hubs. We have 2 stores, and we're open in Houston.

在 TEAMS 上，我們討論了一些這個問題。我們正處於讓每個大型醫療機構納入 FIG 的對外努力的早期階段。我們正在路上。最後是社區中心。我們有 2 間商店，位於休士頓。

We're so excited and 2 more this year and much more to come. And so the best brands in the world have retail. Our community we know wants to feel and touch and experience our products. They want to figure out their fit and then buy every color under the sun, and then outfit, really get the whole layering system from head to toe, to work, at work, from work, on shift, off shift. And so massive opportunity to have a physical presence in every city, and that's what we're looking to do.

我們非常興奮，今年還會有 2 個，而且未來還會有更多。因此，世界上最好的品牌都有零售業務。我們知道我們的社區希望感受、觸摸和體驗我們的產品。他們想找到適合自己的衣服，然後購買所有顏色的衣服，然後穿上衣服，真正從頭到腳、上班、上班後、下班後形成完整的分層系統。因此，在每個城市都有實體店存在是一個巨大的機會，這就是我們所希望做的。

And so we're investing in our future. We're investing in our growth levers. We are doubling down on our community that is coming out of this COVID overhang. We are showing up and serving them in more and more ways. If you haven't seen our Nurses Week film, I would check it out.

所以我們正在投資我們的未來。我們正在投資我們的成長槓桿。我們正在加倍努力幫助正在擺脫新冠疫情陰影的社區。我們正以越來越多的方式出現並為他們提供服務。如果您還沒看過我們的護理師週影片，我建議您去看看。

It's gone viral. It has, I don't know, over 10 million views across platforms. Maybe more than that. My team is going to get mad at me for underrepresenting what it's doing. But I think that's where we're focused.

它已經廣為流傳。我不知道，它在各個平台上的觀看次數已經超過 1000 萬次。或許還不只這些。我的團隊會因為我沒有充分展現他們所做的事情而生我的氣。但我認為這正是我們關注的重點。

We're focused on the things we can control. We're focused on showing up for our community and doing what we do best, which is making the best product and connecting with this community in meaningful ways.

我們專注於我們能夠控制的事情。我們專注於為社區服務並做我們最擅長的事情，即製造最好的產品並以有意義的方式與這個社區建立聯繫。

At this time, I'd like to pass the conference back over to the CEO and Co-Founder, Trina Spear. Trina, you may proceed.

現在，我想將會議交還給執行長兼聯合創始人 Trina Spear。Trina，你可以繼續了。

Thank you all for joining our first-quarter 2025 earnings call. We will see you next time.

感謝大家參加我們的 2025 年第一季財報電話會議。我們下次再見。

That will conclude today's conference call. Thank you for your participation, and enjoy the rest of your day.

今天的電話會議到此結束。感謝您的參與，祝您今天過得愉快。