Figs Inc (FIGS) 2025 Q3 法說會逐字稿

Good afternoon. Thank you for attending the FIGS third-quarter fiscal 2025 earnings conference call. My name is Matt, and I'll be the moderator for today's call.

午安.感謝您參加 FIG 2025 財年第三季財報電話會議。我叫馬特，我將擔任今天電話會議的主持人。

I'd now like to pass the conference over to our host, Tom Shaw, Senior Vice President of Investor Relations. Tom, please go ahead.

現在，我將把會議交給我們的主持人，投資者關係高級副總裁湯姆·肖。湯姆，請繼續。

Good afternoon, and thank you for joining us to discuss FIGS third-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，感謝各位參加今天下午發布的 FIG 2025 年第三季度業績討論會，詳情請參閱我們的盈利新聞稿和發佈在我們投資者關係網站 ir.wearfigs.com 上的股東演示文稿。

Presenting on today's call are Trina Spear, our Co-Founder and Chief Executive Officer; and Sarah Oughtred, our Chief Financial Officer. As a reminder, remarks on this call that do not concern past events are forward-looking statements. These may include predictions, expectations or estimates, including about future financial performance, market opportunity or business plans.

今天出席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。再次提醒，本次電話會議中所有與過去事件無關的發言均為前瞻性陳述。這些可能包括預測、預期或估計，包括對未來財務表現、市場機會或商業計劃的預測、預期或估計。

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.

前瞻性陳述涉及風險和不確定性，實際結果可能與預期有重大差異。這些風險以及其他風險已在我們的美國證券交易委員會文件中進行了討論，包括我們今天提交的 10-Q 表格。請勿過度依賴前瞻性陳述，這些陳述僅代表截至今日的觀點，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 the most comparable GAAP measures are included in the shareholder presentation we issued today.

最後，我們將討論一些非GAAP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衡量標準。我們今天發布的股東簡報中包含了這些非GAAP指標的定義以及與最可比較GAAP指標的調節表。

Now, I'd like to turn the call over to Trina.

現在，我想把電話交給特麗娜。

Thanks, Tom, and good afternoon, everyone. Our third-quarter results are built on the momentum generated during the first half of the year, delivering our highest quarterly year-over-year revenue growth over the past two years, supported by strong performance across the board.

謝謝你，湯姆，大家午安。第三季業績建立在今年上半年取得的成長動能之上，實現了過去兩年來最高的季度同比營收成長，這得益於各業務部門的全面強勁表現。

Net revenues were up 8% for the quarter, well ahead of our plan. Importantly, this success was pronounced across the core parts of our business, scrubwear, the US and our business as usual selling days. At the same time, we drove the core while executing our plan to pull back on promotions. We believe these positive trends within our foundation are a great sign of our brand health and support the sustainable growth story we see ahead.

本季淨收入成長 8%，遠超預期。重要的是，這項成功在我們業務的核心部分、醫用工作服、美國市場以及我們日常的銷售業務中都十分顯著。同時，我們在執行縮減促銷活動的計畫的同時，也推動了核心業務的發展。我們相信，我們基金會內部的這些正面趨勢是我們品牌健康發展的絕佳標誌，也為我們所看到的持續成長前景提供了支持。

We also executed well across the P&L in Q3. Gross margin remained healthy, approaching 70% despite the growing impact of tariff headwinds. Substantial SG&A leverage reflected both the lapping of outsized expenses last year, but more importantly, the success of our ongoing efficiency and tariff mitigation efforts. Overall, this execution supported an impressive 900 basis point improvement in our adjusted EBITDA margin to 12.4% for the period.

第三季度，我們的損益表各方面表現也相當不錯。儘管關稅不利因素的影響日益加劇，但毛利率仍保持健康，接近 70%。較大的銷售、一般及行政費用槓桿率既反映了去年巨額支出的抵消，但更重要的是反映了我們持續提高效率和降低關稅的努力取得了成功。總體而言，這項舉措使我們的調整後 EBITDA 利潤率在該期間實現了令人矚目的 900 個基點提升，達到 12.4%。

As we look ahead, we are seeing this positive momentum carry over to the start of Q4, and we are meaningfully increasing our outlook as a result. We now expect Q4 to be our strongest net revenue growth of the year, driving our full-year estimate to approximately 7% growth. We also have increased our adjusted EBITDA margin expectation above the high end of our original outlook and back to low double-digit levels.

展望未來，我們看到這種積極勢頭延續到了第四季度初，因此我們大幅提高了對第四季度的預期。我們現在預計第四季度將是全年淨收入成長最強勁的季度，這將推動我們全年成長預期達到約 7%。我們也將調整後的 EBITDA 利潤率預期上調至高於最初預期的上限，並恢復到兩位數低點。

This reflects the great progress we have made during the year despite the onset of tariff headwinds. Overall, we are executing exceptionally well against our expectations and driving better consistency. I'm so proud of our team's collective effort as we look to deliver to all of our stakeholders, most importantly, our healthcare professionals.

這反映出，儘管面臨關稅方面的阻力，我們在過去一年中仍然取得了巨大的進步。總體而言，我們的執行情況遠遠超出預期，並且朝著更穩定的方向發展。我為我們團隊的共同努力感到無比自豪，我們致力於為所有利益相關者，尤其是我們的醫療保健專業人員提供服務。

Reflecting on our year-to-date results, we have seen an outstanding response to our brand and wanted to spend some time on this call walking through some of the dynamics we see contributing to our top line outperformance. At the highest level, it really comes down to our success in delivering a great product assortment and impactful connections.

回顧今年迄今為止的業績，我們看到了消費者對我們品牌的出色反響，因此想在這次電話會議上花些時間，探討一下我們認為促成公司營收超預期增長的一些因素。從最高層次來說，關鍵在於我們能否成功提供豐富的產品種類和建立有效的連結。

Starting with our product strategy, we are excited about the direction we are headed in and how we are more effectively delivering our portfolio to healthcare professionals. We see four interrelated areas of focus that are both paying dividends today and setting us up for success in the future. These include improved function and fit, expanded head-to-toe solutions, strategic inventory investments and stronger calendar alignment. We recognize the importance of function and fit. These are already hallmarks of our brand, but areas to continually improve in to address the evolving needs of healthcare professionals.

從我們的產品策略來看，我們對未來的發展方向以及我們如何更有效地向醫療保健專業人員提供我們的產品組合感到興奮。我們看到四個相互關聯的重點領域，它們既在今天帶來了回報，也為我們未來的成功奠定了基礎。這些措施包括改進功能和合身度、擴大從頭到腳的解決方案、策略性庫存投資和更嚴格的日程安排。我們認識到功能性和合身性的重要性。這些已經是我們品牌的標誌性特徵，但仍需不斷改進以滿足醫療保健專業人員不斷變化的需求。

From a functional standpoint, we are delivering impactful and relevant new silhouettes, which are resonating with new and existing customers. This focus has been key in driving our core while also demonstrating success in elevating our assortment. Function also informs fabric leadership, where our category-defining FIONx fabrication remains the centerpiece of our brand. However, we know that there are opportunities to address the full range of activities that healthcare professionals go through every day.

從功能角度來看，我們推出了具有影響力和相關性的新款式，引起了新舊客戶的共鳴。這一重點一直是推動我們核心業務發展的關鍵，同時也證明了我們在提升產品組合方面取得了成功。功能性也影響著布料的領先地位，我們開創性的 FIONx 布料仍然是我們品牌的核心。但是，我們知道，有很多機會可以解決醫療保健專業人員每天經歷的各種活動。

Our FORMx fabrication debuted in Q1 for environments where comfort and stretch are paramount, and we have seen momentum build as we have methodically expanded offerings throughout the year. We also just announced our next fabric solution, FIBERx, which is set to debut in Milan at the 2026 Winter Olympics. Lightweight yet structured, soft yet durable. This fabric is designed to work in environments, like for those supporting our Olympic athletes, where durability is particularly important.

我們的 FORMx 布料於第一季首次亮相，適用於舒適性和彈性至關重要的環境。隨著我們全年有條不紊地擴大產品範圍，我們看到了發展勢頭。我們還發布了下一代面料解決方案 FIBERx，該面料將於 2026 年米蘭冬奧會上首次亮相。輕盈有型，柔軟耐用。這種面料專為耐用性要求極高的環境而設計，例如為奧運運動員提供後勤保障的環境。

Looking at our fit initiative, our efforts are already paying off with lower returns, fewer inbound comments to our customer experience team and improved customer trust. With our obsession with function and fit coming together, we are also excited with how our enhanced product design work will elevate the entire product portfolio in 2026 and beyond.

從我們的合身度提升計畫來看，我們的努力已經取得了成效，退貨率降低，客戶體驗團隊收到的回饋減少，客戶信任度提高。我們對功能和合身性的執著追求，讓我們倍感興奮，也讓我們期待我們改進的產品設計工作將在 2026 年及以後提升整個產品組合的水平。

Continuing to build this strength in our core opens the aperture for outdating healthcare professionals from head to toe. For example, our recently introduced ArchTek compression socks demonstrate our latest commitment to category leadership as the first ever patented medical-grade compression socks in the market. Across additional areas such as outerwear, underscrubs and footwear, our team has developed a road map of how we plan to prioritize and build out these opportunities in the years ahead.

繼續增強我們核心的這種優勢，為從頭到腳淘汰過時的醫療保健專業人員創造了機會。例如，我們最近推出的 ArchTek 壓力襪體現了我們對該行業領先地位的最新承諾，它是市場上首款獲得專利的醫用級壓縮襪。在外套、內衣和鞋類等其他領域，我們的團隊已經制定了路線圖，規劃如何在未來幾年優先考慮和拓展這些機會。

With confidence in great product, we are investing appropriately. Coming off recent periods of more conservative buying plans, we have made more informed and deeper inventory investments across certain styles and colors. This action has contributed to a better flow of newness to our healthcare professionals while also supporting better overall in-stock levels.

我們對優秀的產品充滿信心，因此進行了相應的投資。鑑於先前一段時間我們採取了較保守的採購計劃，我們對某些款式和顏色進行了更明智、更深入的庫存投資。此舉有助於為我們的醫療保健專業人員提供更充足的新鮮產品，同時也有助於提高整體庫存水準。

Finally, this all ties directly to our enhanced merchandising work around calendar alignment. We have added more rigor to how and when we deliver our product and messaging, efforts that have not only enhanced productivity across launch moments, but also our ability to leverage those moments in driving demand back to the core. This work has added importance as we reset our promotional cadence this year and as we execute against a repeatable, scalable framework for consistently delivering great products.

最後，這一切都與我們圍繞日曆調整而加強的商品銷售工作直接相關。我們更嚴格地規範了產品和資訊的發布方式和時間，這些努力不僅提高了產品發佈時的效率，也提高了我們利用這些時刻將需求重新帶回核心的能力。這項工作在我們今年重新調整促銷節奏，並以可重複、可擴展的框架持續交付優質產品的過程中，顯得尤為重要。

As excited as we are with our product direction, our impact would not be what it is without our unique ability to serve our community and build connections in ways that only FIGS can. We are seeing the payoff of our amazing top-of-funnel moments that started with some of last year's big brand splashes and have continued throughout 2025.

儘管我們對產品方向感到非常興奮，但如果沒有 FIG 獨有的服務社群和建立聯繫的能力，我們的影響力就不會如此之大。我們看到了去年一些大型品牌推廣活動開始以來，在行銷漏斗頂端取得的驚人成效，這一成效一直持續到 2025 年。

Looking at some of our recent successes, let's start with what was a unique opportunity heading into this year's Emmy awards. Last call, we detailed our advocacy work in Washington, DC with actor Noah Wyle, work which went viral across our community. When Noah was then nominated for Best Actor for The Pitt, he challenged us to make a tuxedo for the Emmy that was as comfortable as the scrubs he wears onset. We stepped up to the challenge by creating a first-of-its-kind tuxedo. With subtle details and craftsmanship, we are proud to support Noah's desire to bring the healthcare community directly to the red carpet.

回顧我們最近取得的一些成功，讓我們先從今年艾美獎頒獎典禮前夕的獨特機會說起。在上一次通話中，我們詳細介紹了我們與演員諾亞·懷爾在華盛頓特區開展的倡導工作，這項工作在我們的社區迅速傳播開來。當諾亞憑藉《匹茲堡》獲得艾美獎最佳男主角提名時，他向我們提出挑戰，要為他製作一套像他在片場穿的手術服一樣舒適的禮服，讓他出席艾美獎頒獎典禮。我們迎難而上，打造了一款史無前例的燕尾服。我們以精湛的工藝和巧妙的細節，自豪地支持諾亞將醫療保健界直接帶到紅毯上的願望。

As the night progressed and momentum built, we strategically aired our Where Do You Wear FIGS spot during the last commercial segment before the awards for Best Actor and Best drama were announced. This was executed perfectly as Noah and The Pitt went on to win both of those awards coming out of the break.

隨著夜幕降臨，氣氛愈發熱烈，我們在最佳男主角和最佳劇情類獎項公佈前的最後一個廣告時段，有策略地播放了我們的“你在哪裡穿 FIGS”廣告。諾亞和匹茲堡完美地執行了這項策略，在休息結束後，他們贏得了這兩個獎項。

On stage, Noah eloquently dedicated his award to anybody who's coming on shift tonight or anyone who's coming off shift tonight. This overall moment became among the most viral in our history with multiple best dress nods for Noah and 175 total placements across traditional media and social, including over 30 top-tier press articles across fashion, entertainment and lifestyle outlets.

在台上，諾亞深情地將他的獎項獻給今晚所有上班的人，以及今晚所有下班的人。這一事件成為了我們歷史上最具病毒式傳播性的事件之一，諾亞多次獲得最佳著裝提名，並在傳統媒體和社交媒體上總共出現了 175 次報道，其中包括 30 多篇來自時尚、娛樂和生活方式媒體的頂級新聞文章。

Most importantly, our actions led healthcare professionals, our awesome humans, to feel seen in a way they rarely do on the world's biggest stage. Our brand work was just getting started as we continued our year-long celebration of ready-to-wear FIGS. Following the Emmys, we debuted our global installment of the campaign filmed across Tokyo, London, Mexico City, and Los Angeles, showing how medicine is a universal language. We are excited to be able to amplify our message in key countries with upper funnel support.

最重要的是，我們的行動讓醫護人員——我們了不起的人們——在世界最大的舞台上感受到了他們很少能感受到的關注。我們的品牌工作才剛開始，我們繼續進行為期一年的成衣 FIGS 慶祝活動。艾美獎頒獎典禮之後，我們推出了該活動的全球版本，該版本在東京、倫敦、墨西哥城和洛杉磯拍攝，展示了醫學如何成為一種通用語言。我們很高興能夠藉助上層通路的支持，在重點國家擴大我們的影響力。

It is also important to highlight our work supporting breast cancer awareness. It's easy to highlight the commercial success of the campaign with our Epping Pink and Fight Club Pink color launches being one of our top-performing color drops in our history. The more important part, the harder part was showing the inspirational work of healthcare professionals, including Dr. Elisabeth Potter, a breast reconstruction surgeon from Austin, Texas.

同樣重要的是，要重點強調我們在支持乳癌宣傳方面所做的工作。從我們推出的 Epping Pink 和 Fight Club Pink 這兩個顏色來看，很容易看出這次行銷活動的商業成功，它們是我們歷史上表現最好的顏色系列之一。更重要的部分，也是更難的部分，是展現醫療保健專業人員的鼓舞人心的工作，其中包括來自德克薩斯州奧斯汀的乳房重建外科醫生伊麗莎白·波特博士。

The success of our campaign underscored how much she resonates and is at the forefront of industry conversations in the medical community. It also reinforced the type of impact that we aspire to with Dr. Potter proclaiming, you guys listen, we feel represented and you care about what we're going through. The success of these campaigns are further proof points of how we strike a deep emotional cord with healthcare professionals through the stories we tell.

我們活動的成功凸顯了她在醫學界的影響力，以及她在產業對話中處於領先地位。波特博士也強調了我們所渴望的那種影響，他說：“你們聽著，我們感到被代表了，你們關心我們正在經歷的事情。”這些活動的成功進一步證明了我們透過講述的故事能夠與醫療保健專業人員產生深厚的情感共鳴。

This has always been part of the secret sauce at FIGS, but since our Olympics campaign in 2024, we've been on a run of our best top-of-funnel campaigns ever, and we're determined not to slow down. Not only are our campaigns resonating in unprecedented ways for the brand, but we are also matching this work with added sophistication in our measurement. Performance marketing tools are giving us added insight into when to lean into brand moments and how to optimize our messaging. Importantly, we still have considerable opportunities ahead as we think about leveraging unique views of healthcare professionals to better personalize their experiences.

這一直是 FIGS 的秘訣之一，但自從我們開展 2024 年奧運會行銷活動以來，我們一直保持著有史以來最好的漏斗頂端行銷活動，我們決心不放慢腳步。我們的行銷活動不僅以前所未有的方式引起了品牌的共鳴，而且我們還透過更精細的衡量方法來配合這項工作。效果行銷工具讓我們更深入地了解何時應該重視品牌時刻以及如何優化我們的訊息傳遞。重要的是，當我們思考如何利用醫療保健專業人員的獨特見解來更好地個性化他們的體驗時，我們仍然有很多機會。

Finally, it's important to highlight that our great execution is bolstered even further by an industry backdrop that is returning to its pillars of fundamental strength that most other apparel industries can only dream of. This includes the replenishment-driven, largely non-discretionary and seasonless nature of our scrubwear that healthcare professionals return to over and over again. It also involves a massive industry that is among the fastest-growing brand any sector with over 23 million US and over 100 million international healthcare professionals. To put it simply, we are serving a strong industry with professionals that need uniforms to do their jobs.

最後，值得強調的是，我們出色的執行力還得益於服裝業正在回歸其基本實力支柱，而這是大多數其他服裝業夢寐以求的。這包括我們醫護人員反覆穿著的、以補貨為導向的、基本上非隨性且不受季節限制的醫用工作服。它還涉及一個龐大的行業，是所有行業中成長最快的品牌之一，擁有超過 2,300 萬名美國醫療保健專業人員和超過 1 億國際醫療保健專業人員。簡而言之，我們服務於一個強大的行業，該行業的專業人士需要製服來完成他們的工作。

Raising the bar further in these foundational areas also helps fuel our efforts across our three emerging growth drivers: international, teams, and community hubs. We are making important investments across all three of these opportunities in 2025, and each is expected to scale in importance in the years ahead.

在這些基礎領域進一步提高標準，也有助於推動我們在三個新興成長驅動因素（國際化、團隊建立和社區中心）方面的努力。2025 年，我們將在這三個領域進行重要投資，預計未來幾年，每個領域的重要性都會不斷提升。

Starting with international, our expansion is a significant focus and one where we have a number of recent developments. With over 80% of global healthcare professionals located outside of the US and driving less than 20% of our revenues, international remains a massive opportunity. We are rapidly expanding our footprint this year, jumping from 33 countries to nearly 60 planned international markets by the end of this year. We are driving this expansion in a disciplined way through two strategies, either go broad or go deep.

首先是國際市場，我們的擴張是重要的重點，也是我們近期取得多項進展的領域。超過 80% 的全球醫療保健專業人員位於美國以外，但他們貢獻的收入卻不到我們總收入的 20%，因此國際市場仍然是一個巨大的機會。今年，我們將迅速擴大商業版圖，並規劃到今年年底，從 33 個國家擴展到近 60 個國際市場。我們正透過兩種策略，以嚴謹的方式推動這一擴張：要麼廣泛擴張，要麼深入發展。

To go broad, we are focusing on low-touch ways to open markets, leveraging technology and regional commonalities to efficiently expand. Following 12 new Latin American markets we announced last quarter, we are on the cusp of opening 11 new markets across the Middle East and Africa region. We know that healthcare professionals globally have the same awful experience as they used to have domestically, and this strategy is an easy way to begin to reshape expectations in many smaller markets while also informing potential future investments.

為了擴大規模，我們專注於以低接觸的方式開拓市場，利用技術和區域共通性來高效擴張。繼上季宣布進入 12 個拉丁美洲新市場之後，我們即將進入中東和非洲地區的 11 個新市場。我們知道，全球醫療保健專業人員的經驗與他們過去在國內的經驗一樣糟糕，而這項策略是一種簡單的方法，可以開始重塑許多較小市場的預期，同時也能為未來的潛在投資提供資訊。

With our go deep strategy, we're focusing on markets with more clearly defined opportunities and taking additional steps to more directly invest. For some of our more established markets like Canada, U.K. and Mexico, investments extend to infrastructure as we look to localize and scale. This includes adding in-market talent, brand marketing to drive awareness and logistics to drive more efficient operations and support profitable growth.

透過我們的深度投資策略，我們將重點放在機會更明確的市場，並採取更多措施進行更直接的投資。對於我們一些較成熟的市場，如加拿大、英國和墨西哥，隨著我們尋求在地化和規模化發展，投資也擴展到了基礎設施領域。這包括增加市場人才、開展品牌行銷以提高知名度以及加強物流以提高營運效率並支持獲利成長。

This strategy also informs our approach to several new markets, including the launch of Japan in Q2. This market is trending well to-date and providing great early learnings with how to serve locally. We also took the same level of care as we opened South Korea in October. We are excited to announce today that we plan to debut in China through Tmall later this quarter. While near-term contributions of these three new markets are expected to be modest, we see the opportunity for each to be significant drivers of our long-term international growth story.

這項策略也引導我們進入幾個新市場的方法，包括第二季在日本的啟動。目前來看，這個市場發展勢頭良好，為我們提供了許多關於如何服務本地市場的經驗。10 月我們在韓國開業時，也採取了同樣的謹慎態度。我們很高興地宣布，我們計劃在本季晚些時候透過天貓在中國首次亮相。雖然預計這三個新市場在短期內的貢獻有限，但我們認為它們都有可能成為我們長期國際成長的重要驅動力。

We are also actively investing in our teams and community hub opportunities, solidifying each of their own foundation for meaningful growth going forward. With teams, we want to both capture the legacy demand for institutional-led buying and also influence behavior with great solutions to drive this mix even higher. To power these efforts, we have added talent to both nurture our great existing partnerships and also to better cultivate new ones. We also have a focus on unlocking seamless and customizable solutions for a wider range of institutions and are excited to begin deploying updated technology this quarter.

我們也積極投資我們的團隊和社區中心，為它們各自的未來發展奠定堅實的基礎。透過團隊合作，我們既希望滿足機構主導型採購的傳統需求，也希望透過優秀的解決方案來影響消費者行為，從而進一步提升這一比例。為了推動這些努力，我們增添了人才，不僅是為了鞏固我們現有的良好合作關係，也是為了更好地發展新的合作關係。我們也致力於為更廣泛的機構解鎖無縫且可自訂的解決方案，並很高興在本季開始部署更新的技術。

With Community Hubs, we are excited to debut three new stores this quarter, starting with New York's Upper East Side planned next week and then followed by planned openings in Houston and Chicago. Each of these locations will apply key learnings from our first two stores and apply updated design and merchandising elements to enhance the overall experience. We continue to see the value of having a physical presence for the brand, particularly with nearly 40% of customers coming in new to the brand. We remain confident in our disciplined approach and are well-positioned to accelerate our cadence of openings in 2026.

我們很高興能透過 Community Hubs 在本季推出三家新店，首先是計劃下週在紐約上東區開業的門市，隨後計劃在休士頓和芝加哥開業。這些新店將吸取前兩家門市的關鍵經驗，並應用更新的設計和商品陳列元素來提升整體體驗。我們仍然認為實體店對品牌來說很有價值，尤其是有近 40% 的顧客是第一次接觸這個品牌。我們對我們嚴謹的方法充滿信心，並已做好充分準備，在 2026 年加快開業步伐。

Before turning the call over to Sarah, I would like to reiterate how excited we are with our progress. As we have highlighted, the foundational pieces of our business are strengthening. Our community engagement has never been more impactful, and we see significant opportunities to sustain momentum in 2026 and beyond. Importantly, we will never lose our unyielding focus in support of the healthcare community. This is an intangible thing to measure, but one that defines our brand's leadership, caring, connection and authenticity.

在將電話轉給莎拉之前，我想再次強調我們對所取得的進展感到非常興奮。正如我們所強調的，我們業務的基礎部分正在加強。我們的社區參與從未像現在這樣富有影響力，我們看到了在 2026 年及以後保持這種勢頭的巨大機會。重要的是，我們將始終堅定不移地支持醫療界。這是一個難以衡量的無形因素，但它定義了我們品牌的領導力、關懷、連結和真實性。

This is our non-negotiable. It's how we drive relevance and staying power. At the same time, we're applying more discipline, talent and rigor across all the other factors that drive our business. We are positioned well to continue our momentum and amplify the brand over the long term.

這是我們的底線。這就是我們保持相關性和持久力的方式。同時，我們正在將更多的紀律、人才和嚴謹性運用到推動我們業務發展的所有其他因素中。我們已做好充分準備，能夠維持發展勢頭，並在長期內提升品牌影響力。

With that, I'll pass it over to Sarah.

這樣，我就把麥克風交給莎拉了。

Thanks, Trina. Our year-to-date performance highlights the growing potential of the FIGS story as we more closely align our product strategy with our unique ability to drive impact for healthcare professionals. We are particularly encouraged to drive this high level of execution in a year where we had both a planned headwind with our promotional repositioning as well as an unplanned headwind with tariffs. As I'll discuss, we are excited to see the progress reflected in our full-year top- and bottom-line expectations that have moved markedly higher the past few quarters.

謝謝你，特麗娜。今年迄今的業績凸顯了 FIGS 的發展潛力，因為我們將產品策略與我們為醫療保健專業人員帶來影響的獨特能力更加緊密地結合起來。尤其令我們感到鼓舞的是，在今年我們既面臨計劃內的促銷調整帶來的不利影響，又面臨計劃外的關稅影響，我們仍然能夠取得如此高的執行水平。正如我將要討論的，我們很高興地看到，過去幾個季度以來，我們全年營收和利潤預期都顯著提高，這反映了我們所取得的進展。

First, let me start with details of our strong third quarter performance. Net revenues increased 8% year over year to $151.7 million, ahead of our outlook of flat to up 2%. As Trina highlighted, our performance was underscored by both scrubwear growth and US growth, each reaching two-year highs as well as the extremely encouraging strength and momentum across our business as usual selling period.

首先，讓我先詳細介紹一下我們第三季強勁的業績。淨收入年增 8% 至 1.517 億美元，高於我們先前預期的持平或成長 2%。正如 Trina 所強調的，我們的業績得益於醫用服裝和美國市場的成長，這兩項指標均達到兩年來的最高水平，此外，我們在正常銷售期間也展現出了極其令人鼓舞的強勁勢頭。

These indicators continue to support our successful ability in resetting our promotional strategy this year, particularly with more aggressive action planned across the back half of the year. From a measurement standpoint, average order value increased 6% to $114, primarily driven by higher average unit retail due to product mix and a higher rate of full price sales.

這些指標繼續支持我們今年成功調整促銷策略的能力，尤其是在下半年計劃採取更積極的行動的情況下。從衡量角度來看，平均訂單價值成長了 6%，達到 114 美元，這主要是由於產品組合和全額銷售率的提高，導致平均單位零售額增加。

Active customer growth has remained consistent throughout the year at plus 4%, pushing our active customer count to a company record of nearly 2.8 million. This growth comes despite our promotional reset, and we have seen momentum in our acquisition trends and sustained success in bringing lapsed customers back to the brand. We were also pleased to see our trailing 12-month measure for net revenues per active customer inflect positive for the first time in three years with 2% growth in the period to $209.

全年活躍客戶成長率保持穩定，達到 4%，使我們的活躍客戶數量達到近 280 萬，創下公司歷史新高。儘管我們調整了促銷策略，但依然實現了成長，而且我們在客戶獲取方面也取得了持續的勢頭，並在吸引流失客戶回歸品牌方面取得了持續的成功。我們也很高興地看到，過去 12 個月的每位活躍客戶的淨收入指標三年來首次轉正，成長了 2%，達到 209 美元。

By category, scrubwear grew 8%, representing 84% of net revenues for the period. Results were ahead of plan with strength in our core products supported by impactful color stories, strategic positioning in key styles and effective merchandising and marketing. Color launches and cadencing were successful in not only driving excitement to new offerings, but also energized our core colors. Looser-fitting silhouettes are increasingly resonating, particularly in bottoms, and we are leading and investing in these areas.

按類別劃分，醫用工作服成長了 8%，佔該期間淨收入的 84%。業績超越預期，這得益於我們核心產品的強勁表現，以及引人注目的色彩故事、關鍵款式的策略定位和有效的商品銷售和行銷。色彩的推出和節奏不僅成功地激發了人們對新產品的興趣，也為我們的核心色彩注入了活力。寬鬆的輪廓越來越受歡迎，尤其是在下裝方面，我們正在引領和投資這些領域。

Complementing our great assortment, we continue to drive cohesion with how and when we deliver and message to our customers, which is driving productivity. Non-scrubwear increased 7%, representing 16% of net revenues. We saw strong growth in underscrubs, which included new three-quarter length versions of our popular Salta and Mercado styles and were inspired by customer feedback.

除了豐富的商品種類，我們也不斷努力提高向客戶交付商品的方式和時間以及訊息傳遞的一致性，從而提高生產力。非醫用服裝銷售額成長 7%，佔淨收入的 16%。我們看到內襯服銷量強勁成長，其中包括我們廣受歡迎的 Salta 和 Mercado 款式的全新四分之三長度版本，這些都受到了顧客回饋的啟發。

Shoes rebounded from some of the executional challenges in last year's period and were supported by strong coordination with our color stories. We were excited to launch our ArchTek socks at the end of the quarter, which we believe will be a great core offering to address healthcare professional needs going forward. Notably, results also reflect the comping of some Olympics-driven newness in areas like outerwear and bags, but we remain excited with the pipeline of products in these key areas going forward.

鞋款從去年同期的一些執行難題中反彈，並得到了與色彩故事的有力協調。我們很高興在本季末推出了 ArchTek 襪子，我們相信這將是未來滿足醫療保健專業人員需求的一款優秀核心產品。值得注意的是，結果也反映出一些奧運推動的新產品在外套和包包等領域的出現，但我們仍然對這些關鍵領域的產品線充滿期待。

By geography, US sales increased 8% to $127.3 million. This was our strongest performance over the past nine quarters and continue to reflect balanced growth across both new and repeat customers. International net revenues increased 12%, led by particular strength in driving new customers. Headline growth was solid, but had some nuances that understated our overall strength.

按地理劃分，美國銷售額成長 8%，達到 1.273 億美元。這是我們過去九個季度以來表現最好的一次，並繼續反映出新客戶和回頭客的均衡成長。國際淨收入成長 12%，主要得益於新客戶數量的成長。整體成長穩健，但其中一些細微之處低估了我們的整體實力。

In particular, we had a more significant reduction in promo days relative to the US, which had an outsized impact on Canada and Australia, two of our larger markets. Nonetheless, we are excited as we look at our overall performance, including active customers up strong double digits, AOV up in all regions and ahead of the consolidated growth and fantastic business as usual growth.

尤其值得注意的是，與美國相比，我們的促銷天數減少了更多，這對加拿大和澳洲這兩個較大的市場產生了不小的影響。儘管如此，我們還是對我們的整體業績感到興奮，包括活躍客戶數量實現了強勁的兩位數增長，所有地區的平均訂單價值均有所增長，並且超過了合併後的增長，以及業務的正常增長。

Gross margin for Q3 expanded 280 basis points to 69.9%. Key contributors to this year-over-year performance included lower discounts from the reduction in promotional days, improved return rates and processing, lower duties and reduced freight costs. These tailwinds were partially offset by higher tariffs.

第三季毛利率成長280個基點至69.9%。促成這項年度業績成長的主要因素包括促銷天數減少導致折扣降低、退貨率和處理效率提高、關稅降低以及運費減少。這些利多因素被更高的關稅部分抵消了。

Results were significantly better than planned, driving our best quarterly performance since early 2023 with broad-based upside, including conservative sell-through assumptions of the mix of non-tariff goods and through our improved returns processing work.

業績遠超預期，實現了自 2023 年初以來最好的季度業績，這得益於廣泛的增長，包括對非關稅商品組合的保守銷售假設以及我們改進的退貨處理工作。

Our selling expense for Q3 was $35.8 million, representing 23.6% of net revenues compared to 27.5% last year. As a reminder, last year's third quarter included the majority of transition costs associated with the opening of our Arizona fulfillment center. In addition to lapping these costs, we drove continuous improvement here as we further optimize our business. We also saw improvements in shipping given our successful actions to optimize our carrier mix, improve pricing and drive strong service levels.

第三季銷售費用為 3,580 萬美元，佔淨收入的 23.6%，去年同期為 27.5%。提醒一下，去年第三季包含了與我們亞利桑那州物流中心開業相關的大部分過渡成本。除了降低這些成本外，我們還透過進一步優化業務，推動了這方面的持續改進。由於我們成功採取了優化承運商組合、改善定價和提升服務水準的措施，我們在運輸方面也取得了進展。

Marketing expense for Q3 was $23.5 million, representing 15.5% of net revenues, down from 20.3% last year. The reduction in the spending rate primarily reflected lapping last year's strategic investment to outfit the Team USA medical team at the Olympic Games and efficiency in marketing spend.

第三季行銷費用為 2,350 萬美元，佔淨收入的 15.5%，低於去年的 20.3%。支出率的下降主要反映了去年為美國隊參加奧運的醫療團隊提供裝備的策略性投資的完成以及行銷支出的效率提高。

G&A for Q3 was $37.1 million, representing 24.5% of net revenues compared to 25.3% last year. Consistent with prior quarters, the lower G&A expense rate was primarily due to a meaningful reduction in stock-based compensation expense, partially offset by higher people costs.

第三季一般及行政費用為 3,710 萬美元，佔淨收入的 24.5%，去年同期為 25.3%。與前幾季一致，較低的一般及行政費用率主要是由於股權激勵費用的大幅減少，但部分被較高的人力成本所抵銷。

In total, our adjusted EBITDA for Q3 was $18.9 million with an adjusted EBITDA margin of 12.4% compared to 3.4% last year. Net income for the quarter was $8.7 million or diluted EPS of $0.05 compared to net loss of $1.7 million last year or diluted loss per share of $0.01.

第三季調整後 EBITDA 總額為 1,890 萬美元，調整後 EBITDA 利潤率為 12.4%，而去年同期為 3.4%。本季淨利為 870 萬美元，即稀釋後每股收益 0.05 美元，去年同期淨虧損為 170 萬美元，即稀釋後每股虧損 0.01 美元。

On our balance sheet, we finished the third quarter with a strong net cash, cash equivalents and short-term investment position of $241.5 million. Inventory increased 23% year over year to $151.2 million or up 20% on a unit basis. Several factors are impacting the buildup of inventory.

從資產負債表來看，第三季末我們擁有強勁的淨現金、現金等價物和短期投資頭寸，總額達 2.415 億美元。庫存年增 23% 至 1.512 億美元，以單位計算成長 20%。多種因素影響庫存積壓。

As indicated last quarter, it starts with our action to support both product introductions and deeper investments in key styles, which we believe has helped drive some of the upside opportunity during the back half of the year. We also saw a higher-than-planned level of in-transit inventory, reflecting earlier timing given some of the process improvement we have been working to drive across the supply chain. While the gap between unit growth and dollars growth was modest during the quarter, we expect the growing impact of tariffs will contribute to a wider spread in Q4.

正如上個季度所表明的那樣，我們首先採取行動支持產品推出和對關鍵風格的更深入投資，我們相信這有助於推動下半年的一些上漲機會。我們還發現，在途庫存水準高於計畫水平，這反映出由於我們一直在努力推動整個供應鏈的一些流程改進，導致時間安排提前。雖然本季單位成長與美元成長之間的差距不大，但我們預計關稅日益增長的影響將在第四季度導致差距擴大。

On the capital allocation side, we did not repurchase shares this period and have $52 million available for future repurchases under our current share repurchase program. Capital expenditures for the quarter were $2.9 million, primarily related to our three new community hubs, and we now expect approximately $7 million for the full year.

在資本配置方面，本期我們沒有回購股票，根據我們目前的股票回購計劃，我們有 5,200 萬美元可用於未來的回購。本季資本支出為 290 萬美元，主要與我們的三個新社區中心有關，我們現在預計全年約為 700 萬美元。

Now, turning to our updated outlook to close out the year. Full-year 2025 net revenues are now expected to grow approximately 7% year over year, ahead of our prior outlook of up low single digits. On top of our strong Q3 results, we see several factors supporting even better implied growth in Q4. To start, we had fantastic momentum coming out of the third quarter, starting with our hugely successful breast cancer awareness campaign and extending into our business as usual selling days.

現在，讓我們來看看我們更新後的年度展望。預計 2025 年全年淨收入將年增約 7%，高於我們先前預測的個位數低成長。除了強勁的第三季業績外，我們還看到幾個因素支持第四季度有更好的成長。首先，我們在第三季度取得了巨大的發展勢頭，這得益於我們非常成功的乳癌宣傳活動，並延續到了我們日常的銷售業務中。

As I also mentioned, we are investing more strategically in our inventory position to ensure better availability of key products and styles. This also drives what we expect to be our best balance of new colors and styles offered year-to-date, which is also proving effective at supporting the core business.

正如我之前提到的，我們正在更有策略地投資於庫存，以確保重點產品和款式的充足供應。這也促成了我們今年迄今為止推出的新顏色和款式的最佳平衡，事實證明，這也有效地支持了核心業務。

We are excited to continue to launch this newness with the same discipline that has supported our strong productivity this year. Finally, we will complete our year-long promotional reset this quarter, though do not expect the corresponding revenue drag to be as meaningful as Q3.

我們很高興能夠繼續以今年支撐我們高效生產力的同樣嚴謹的態度推出這些新產品。最後，我們將在本季完成為期一年的促銷調整，但預計相應的收入下滑不會像第三季那麼明顯。

Looking at gross margins, our full-year 2025 outlook has improved from our prior call and now expect only a modest year-over-year decline from last year's level of 67.6%. A large part of the sequential improvement comes from the Q3 upside, though we do now expect less overall drag in Q4 as well. As a reminder, we faced two sizable headwinds in Q4.

從毛利率來看，我們對 2025 年全年的展望比之前的預測有所改善，現在預計同比只會比去年的 67.6% 略有下降。環比業績的提升很大程度上得益於第三季的成長，不過我們現在也預期第四季整體業績的下滑幅度會更小。提醒一下，我們在第四季面臨兩大不利因素。

First, we expect ramping sequential tariff pressure as more impacted goods average into our product costs. We continue to assume added tariffs of 20% in Vietnam and 15% in Jordan, which combined drive nearly all of our production. Second, we are also lapping a sizable onetime benefit from duty drawback claims in the year ago period.

首先，我們預期隨著更多受影響商品計入我們的產品成本，關稅壓力將逐步增加。我們繼續假設越南將加徵 20% 的關稅，約旦將加徵 15% 的關稅，這兩項關稅加起來幾乎影響了我們所有的生產。其次，我們還要扣除上一年因退稅申請而獲得的一筆可觀的一次性收益。

However, similar to Q3, we have several items that are helping offset these pressures, including lower discounts, improvements in our returns processing and freight. Additionally, we are starting to get better scale on certain styles in conjunction with demand.

然而，與第三季類似，我們有一些措施有助於抵消這些壓力，包括降低折扣、改善退貨處理和貨運。此外，隨著市場需求的成長，我們開始在某些款式上實現更好的規模化生產。

The full-year SG&A story continues to show strong leverage following last year's outsized investment. While Q4 is still expected to show some expense rate deleverage, the magnitude has been reduced primarily by the impact of our improved top line assumptions across each of our expense buckets.

全年銷售、管理及行政費用數據持續顯示出強勁的槓桿效應，這得益於去年的大規模投資。雖然預計第四季仍會出現一些費用率下降，但由於我們對各個費用類別的收入預期有所改善，下降幅度已降低。

More specifically, this quarter, selling expenses should continue to benefit from our scaling efforts and tariff mitigation strategies. The marketing expense rate is planned to meaningfully increase, reflecting both lower spend rate from the prior year as well as our ramping support for the forthcoming 2026 Winter Olympics. The G&A rate will continue to reflect lower year-over-year stock-based comp, partially offset by higher planned people costs.

更具體地說，本季銷售費用應繼續受益於我們的規模擴張努力和關稅緩解策略。行銷費用率計畫大幅上升，這不僅反映了去年的支出率下降，也反映了我們對即將到來的 2026 年冬季奧運的支持力度加大。一般及行政費用率將繼續反映出同比股票選擇權激勵的下降，但部分會被計畫中的人員成本上升所抵銷。

Overall, we are updating our full-year adjusted EBITDA margin to approximately 10.3% compared to the prior range of 8.5% to 9% and ahead of the original outlook of 9% to 9.5%. We also want to provide several high-level comments that pertain to our early 2026 planning.

整體而言，我們將全年調整後 EBITDA 利潤率更新為約 10.3%，高於先前 8.5% 至 9% 的預期，也高於最初 9% 至 9.5% 的預期。我們也想就 2026 年初的規劃提出幾點高階的意見。

First, on net revenues. We are committed to growing the business in 2026, which should continue to be supported by strong current momentum and ongoing process improvements. Additionally, we expect the investments we have made in our three emerging growth drivers, international teams and community hubs will begin to have more material impact. While not all of these factors will have linear contributions, we are excited to further unlock these businesses given our strengthening core.

首先，從淨收入來看。我們致力於在 2026 年實現業務成長，而目前強勁的成長動能和持續的流程改善將繼續為此提供支援。此外，我們預計，我們對三大新興成長動力、國際團隊和社區中心的投資將開始產生更實質的影響。雖然這些因素並非都會產生線性影響，但鑑於我們不斷增強的核心實力，我們很高興能夠進一步釋放這些業務潛力。

Next on tariff mitigation. As we have discussed, we have a number of levers across both product costs and SG&A that we have already pulled and some that remain in consideration. We have already seen strong execution as we optimize costs across inbound and outbound shipping and at our fulfillment center, benefits that we plan to extend into 2026. Our supplier negotiations have been productive and are expected to yield additional savings next year. While we do not plan to take any pricing action in 2025, it remains a lever for next year.

接下來討論關稅緩解措施。正如我們所討論的，我們在產品成本和銷售、管理及行政費用方面有很多槓桿，我們已經採取了一些措施，還有一些措施仍在考慮之中。我們已經看到，透過優化入庫和出庫運輸以及物流中心的成本，我們取得了顯著的成效，我們計劃將這些效益延續到 2026 年。我們與供應商的談判進展順利，預計明年將節省更多成本。雖然我們不打算在 2025 年採取任何定價行動，但這仍然是明年的槓桿。

Finally, on margins, the bar for 2025 adjusted EBITDA margins has been raised despite an estimated unmitigated tariff drag of approximately 110 basis points. However, with an estimated annualized unmitigated impact of closer to 440 basis points, we expect that the majority of tariff headwinds is still ahead of us in 2026.

最後，在利潤率方面，儘管預計關稅將造成約 110 個基點的未緩解拖累，但 2025 年調整後 EBITDA 利潤率的門檻仍然提高。然而，未緩解的年度影響預計將接近 440 個基點，因此我們預計大部分關稅不利因素仍將在 2026 年到來。

As such, we will use our ongoing planning process to continue monitoring the overall environment while also balancing our ongoing discipline, the full range of tariff mitigation as well as strategic investment levels. While it is too early to provide specifics, we do think it is important to note that we see opportunity for 2026 adjusted EBITDA margins to be within range of current 2025 expectations.

因此，我們將利用我們持續的規劃流程，繼續監控整體環境，同時兼顧我們持續的紀律、全方位的關稅緩解措施以及策略投資水準。雖然現在提供具體細節還為時過早，但我們認為有必要指出，我們認為 2026 年調整後的 EBITDA 利潤率有機會達到目前 2025 年的預期水準。

Overall, we are energized to be in such an incredible industry where serving healthcare professionals is paramount. With improving profitability and ample balance sheet flexibility, we believe we are positioned to remain on offense and drive the sustainable long-term growth story we see ahead.

總而言之，我們為身處這樣一個以服務醫療保健專業人員為首要任務的卓越行業而感到振奮。憑藉著不斷提高的獲利能力和充足的資產負債表靈活性，我們相信我們能夠繼續保持進攻態勢，並推動我們所看到的可持續長期成長。

I will now turn the call back over to the operator for Q&A. Operator?

現在我將把電話轉回給接線生進行問答環節。操作員？

(Operator Instructions) Bob Drbul, BTIG.

（操作說明）Bob Drbul，BTIG。

Nice quarter. A couple of questions for you. Just on the gross margin performance this quarter, I guess when you look at it a little bit longer term into next year, but I would even say when you look at your historical results, given your ability to sort of navigate a lot of the tariffs, can you just talk us through how you envision that segment, that line item of the business over the next several years, I guess, at this point?

不錯的街區。我有幾個問題想問你。僅就本季的毛利率表現而言，我想，如果從更長遠的角度來看到明年，甚至從歷史業績來看，考慮到你們應對許多關稅的能力，您能否談談您對未來幾年該業務板塊的展望？

Hi, Bob. Yeah, so we saw a really great gross margin for this quarter, up to 69.9%. Obviously, that's been quite higher than where that rate has been. We did see some components there, some that will continue into the future, but some that are unique to the quarter. We are seeing improved discount rates from the pullback in our promo strategy, and we'll see that continue into Q4 as being a benefit year over year. Longer term, that increase year over year will moderate as that promo strategy normalizes into next year.

嗨，鮑伯。是的，我們本季的毛利率非常出色，達到了 69.9%。顯然，這個數值比之前的水平要高得多。我們確實看到了一些組成部分，其中一些將延續到未來，但有些是本季度獨有的。我們看到，由於促銷策略的調整，折扣率有所提高，而且這種趨勢將持續到第四季度，比去年同期帶來收益。從長遠來看，隨著促銷策略在明年逐漸恢復正常，這種逐年增長的趨勢將會放緩。

We've been working hard with our new returns partner and seen some good improvement in our refurbishment rates. Then there was a bit of nuance in how some returns processing happened with the prior year DC transition. We do expect some of those improvements in refurbishment rates to continue going forward, but not at the same rate that we saw in the quarter. We've been really working hard to optimize our inbound rates, and we saw the benefit of that this quarter, and that should continue into next year until we annualize that.

我們一直在與新的退貨合作夥伴努力合作，翻新率也顯著提高了。然後，在去年 DC 過渡期間，一些退貨處理方式出現了一些細微差別。我們預計翻新率的某些改善勢頭將在未來繼續保持，但不會像本季那樣迅速。我們一直在努力優化入境費率，本季已經看到了成效，而且這種成效應該會持續到明年，直到我們將其轉化為年度費率。

Obviously, tariffs are the biggest piece, and so that will have a 440 bps total impact next year or up 330 bps. There's still some unknowns around how tariffs will remain. We'll continue to monitor that, but feeling good with our measures of how we're able to continue to find efficiencies within margin and carry that into future to continue to work on offsetting those tariffs.

顯然，關稅是最大的影響因素，因此明年將產生 440 個基點的總影響，或上升 330 個基點。關稅政策將如何維持，目前仍存在一些未知數。我們將繼續關注這一點，但我們對我們能夠繼續在利潤範圍內提高效率並在未來繼續努力抵消這些關稅的措施感到滿意。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

Congrats on the strong execution. Can you expand on the demand that you saw during the business as usual days when you didn't offer promotions. How is Q3 performance on those days relative to where it was in the first half?

恭喜你們出色地完成了任務。能否詳細說明一下在正常營業期間（即你們沒有進行促銷活動的時候）你們所觀察到的需求情況？第三季這些日期的表現與上半年相比如何？

Second, given tariffs are intensifying and demand is holding up well, what do you need to see to revisit the pricing lever for next year?

其次，鑑於關稅不斷加重，而需求依然強勁，您需要看到什麼才能重新考慮明年的定價策略？

Great. In terms of our business as usual days, we've seen acceleration each quarter in those business as usual days. Really great to see that. It's really from the broad-based performance that we're seeing across both the US and international as well as both scrubwear and non-scrubwear.

偉大的。就我們日常業務而言，每個季度我們都看到業務成長速度加快。看到這個真是太好了。這確實源自於我們在美國和國際市場，以及在醫用服裝和非醫用服裝領域所看到的廣泛表現。

Really happy with that performance, and it's really that acceleration that has had revenue growth rates overall accelerate each quarter. Really happy with what we're seeing there.

我對這樣的表現非常滿意，正是這種加速成長帶動了每季整體營收成長率的加速。我們對目前看到的情況非常滿意。

Then I think you asked on pricing, and so our pricing remains consistent with what we've shared previously. Several considerations that we've shared before that still remain, which is healthcare professionals need our products to do the critical work that they do. Nearly two-thirds of our customers make under $100,000 a year. We have 16 core styles that generate the majority of our revenue. Our ability to simply flow through higher prices into new seasons or new styles is limited.

然後我想您問到了價格問題，所以我們的價格與之前公佈的價格保持一致。我們之前分享過的幾個考慮因素仍然存在，那就是醫療保健專業人員需要我們的產品來完成他們所做的關鍵工作。我們近三分之二的客戶年收入低於 10 萬美元。我們有 16 種核心款式，它們為我們帶來了大部分收入。我們很難簡單地將更高的價格轉移到新季節或新款式中。

We want to be prudent, and there is still some open-endedness on where tariffs will land. We've been working really hard on our tariff mitigation and these efforts include optimizing our supplier base, negotiating discounts with our suppliers and driving efficiency in inbound and outbound. The great news is that we've seen strong progress on these measures to-date. We're not going to be taking pricing in 2025. If we were to take any future pricing, that decision would be held to share with our healthcare professionals first so that we can control the narrative and deliver with the care that our healthcare professionals deserve.

我們希望謹慎行事，關稅最終會落到什麼程度仍存在一些不確定性。我們一直在努力緩解關稅影響，這些努力包括優化供應商基礎、與供應商談判折扣以及提高進出境效率。好消息是，到目前為止，我們在這些措施方面已經取得了顯著進展。2025年我們將不再進行定價。如果我們要製定任何未來的定價策略，我們會先與我們的醫療保健專業人員分享這項決定，以便我們能夠掌控輿論走向，並提供我們的醫療保健專業人員應得的關懷。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Trina, Sarah, I was hoping we could discuss the trends that you're seeing in AOV, understood that some of this is coming from the promo reset, but how are you thinking about the opportunity for AOV to contribute to revenue growth as you look ahead into 2026?

Trina、Sarah，我希望我們能討論一下你們觀察到的平均訂單價值 (AOV) 趨勢。我知道其中一些趨勢是由於促銷重置造成的，但展望 2026 年，你們如何看待 AOV 對營收成長的貢獻機會？

Similarly, can you talk a little bit about the customer trends that you're seeing? Are your customers engaging more frequently? Are they staying for longer? Are you seeing better reactivation trends or better new acquisition trends? Are you seeing any trends specifically within any age or income cohorts given the broader macro environment?

同樣，您能否談談您觀察到的客戶趨勢？您的客戶是否更頻繁地參與互動？他們會待更久嗎？您看到的是客戶啟動趨勢更好，還是新客戶獲取趨勢更好？考慮到宏觀經濟環境，您是否觀察到任何特定年齡層或收入群體中的趨勢？

Great. I'll start with the question on AOV. In terms of AOV, we've been seeing that increase each quarter and saw a fairly large increase in the current quarter, up 6%. That is driven from both mix shift in our product as well as the pullback in our promotional efforts. I think as we think about 2026, we still think there is some opportunity for AOV to continue to increase.

偉大的。我先回答關於平均訂單價值（AOV）的問題。就平均訂單價值 (AOV) 而言，我們看到每個季度都在增長，並且在本季度出現了相當大的增長，增長了 6%。這主要是由於我們產品組合的變化以及促銷力度的縮減所致。我認為，展望 2026 年，我們仍然認為平均訂單價值 (AOV) 有持續成長的空間。

That's largely with how we're thinking about product mix and continuing to build out that full assortment head to toe of that healthcare professional and continue to drive into a higher wallet share that we know is available to us.

這主要與我們如何思考產品組合有關，以及我們如何繼續建立從頭到腳的醫療保健專業人員的完整產品系列，並繼續努力爭取我們知道可以獲得的更高市場份額。

I'll just add in terms of the trends we're seeing in our consumer. Brooke, as you know, we don't -- we serve a different consumer than the average apparel or even e-commerce company. Our customer works in an industry that has a real like level of stability. People need healthcare workers. They're not going anywhere.

我再補充一點，關於我們觀察到的消費者趨勢。Brooke，正如你所知，我們並非如此——我們服務的消費者與一般的服裝公司甚至電子商務公司都不同。我們的客戶所在的行業具有相當高的穩定性。人們需要醫護人員。他們哪兒也不去。

If anything, our industry is really accelerating. It's the healthcare jobs are the fastest-growing job segment. They're growing three times faster than the overall job market. The demand for healthcare professionals is expected to remain high.

如果有什麼改變的話，那就是我們這個產業正在加速發展。醫療保健產業的工作是成長最快的就業領域。他們的成長速度是整體就業市場的三倍。預計對醫療保健專業人員的需求將保持在高位。

A lot of the trends that we've seen in the quarter, some of it is the fundamentals of the industry and obviously, what we're doing on the product side, on the marketing side to execute at the level that you're seeing.

本季我們看到的許多趨勢，一部分是產業的基本面，顯然，還有我們在產品方面和行銷方面所做的工作，以達到你們現在看到的水平。

To your question around like the trends we're seeing, we're seeing our customers come back. If you look at repeat frequency and you kind of remove the impact of the promotional pullback, we're seeing repeat frequency up significantly. We're seeing our reactivations up significantly, and we're seeing actually cohorts performing across all income levels. Really great trends across the board. We feel really confident that the post-COVID overhang is easing, and we're operating in a much more normalized environment, and it's great to see.

關於您提到的趨勢問題，我們看到顧客正在回歸。如果觀察重複播放頻率，並排除促銷活動撤回的影響，我們會發現重複播放頻率顯著上升。我們看到用戶重新激活率顯著提高，我們看到各個收入階層的用戶群體都在積極參與活動。各方面都呈現非常好的趨勢。我們非常有信心，新冠疫情後的影響正在緩解，我們正在一個更正常化的環境中運營，這真是太好了。

Matt Koranda, ROTH Capital.

Matt Koranda，ROTH Capital。

It's probably just a follow-up from some of the earlier questions. Just wanted to hear a little bit about what's driving the acceleration that you're implying into the fourth quarter despite the tougher comparison year over year. I just wanted to hear a little bit more about customer strength. It sounded just like Trina, like you just said, even your lower income cohort is still performing well. I just wanted to hear you kind of talk a little bit more about the drivers of the acceleration into the end of the year here.

這很可能是對之前一些問題的後續問題。我想了解一下，儘管與去年同期相比情況更加嚴峻，但什麼因素推動了您所說的第四季度的加速成長。我只是想多了解一些關於客戶實力的資訊。聽起來就像特麗娜說的那樣，就像你剛才說的，即使是收入較低的群體，表現仍然很好。我只是想聽你再多談談推動年底前成長的因素。

Hi, Matt. Yeah, I mean, we've been seeing some really broad-based and healthy trends that have continued to progress as the year has gone on and see the opportunity for that to continue into Q4. We feel good with how our product and marketing is set up for the fourth quarter. We think we can get there with continuing the trends that we've seen.

嗨，馬特。是的，我的意思是，我們看到了一些非常廣泛且健康的趨勢，這些趨勢在今年持續發展，我們認為這種趨勢有機會延續到第四季。我們對第四季的產品和行銷策略感到滿意。我們認為，只要持續維持目前的發展趨勢，就能實現目標。

We've been seeing that new customer acquisition has turned positive in terms of growth for the last two quarters and seeing that momentum also really come from our domestic business, which carries weight in terms of the overall growth. We're seeing some great trends in the business as usual days that has been accelerating. All of those components has been captured in how we're thinking about the fourth quarter upcoming.

我們看到，在過去的兩個季度裡，新客戶的獲取量已經轉為正成長，而且這種成長勢頭也確實來自我們的國內業務，這對整體成長起到了重要作用。我們看到一些在日常生活中正在加速發展的良好趨勢。所有這些因素都已融入我們對即將到來的第四季的思考中。

From a promotional perspective, our stance has still remained with how we had seen before. The improvement in revenue growth expectations from Q4 really comes from our business as usual days. No change in how we've been thinking about promo. For Q4, the focus will be on Black Friday, Cyber Monday, but similar to previous quarters, there will be a pullback in our efforts versus the prior year.

從推廣角度來看，我們的立場仍然和以前一樣。第四季營收成長預期的改善，實際上源自於我們日常業務的正常發展。我們對促銷的看法沒有改變。第四季度，重點將放在黑色星期五和網路星期一，但與前幾季度類似，我們的投入力度將比上年有所減少。

Can I ask about community hubs? You guys sounded more excited, I guess, than usual about the opportunity to lean in there going into '26. Just wanted to hear a little bit more about the potential drivers of growth with Community Hub and where we are with store formats, how they're set up for growth next year.

請問關於社區中心的問題嗎？聽起來你們比平常更興奮，因為有機會在 2026 年全力以赴。我想多了解社區中心的潛在成長驅動因素，以及我們目前的門市模式，以及它們如何為明年的成長做好準備。

Sure. Thanks, Matt. We're really excited about our community hubs. We're about to more than double the amount that we have. We only have a community hub in Century City in Los Angeles today and in Philadelphia and Rittenhouse Square.

當然。謝謝你，馬特。我們對我們的社區中心感到非常興奮。我們的資金即將翻倍以上。目前，我們僅在洛杉磯世紀城、費城和里滕豪斯廣場設有社區中心。

We're about to open New York City on the Upper East side at 69th and 3rd. We're right in what's called hospital row, which is incredible. You have Memorial Sloan Kettering, you have the hospital Special Surgery, New York-Presbyterian Weill Cornell, Rockefeller. These are powerhouse healthcare institutions that are literally at the same intersection of where we are.

我們即將在紐約市上東區第69街和第三大道交會處開設分店。我們正好位於所謂的“醫院街”，這真是太不可思議了。你們有紀念斯隆-凱特琳癌症中心、紐約長老會威爾康奈爾醫院、洛克斐勒醫院等。這些都是實力雄厚的醫療機構，它們恰好位於我們所在位置的交會點。

Houston, we're opening right near Texas Medical Center, the world's largest medical complex. It has 120,000 employees, 10 million patient encounters a year, over 180,000 surgeries a year, and so Houston, incredible healthcare professional city, and it's a great place to be, and we're really excited.

休士頓，我們的新店就開在德州醫療中心附近，那是世界上最大的醫療綜合體。它擁有 12 萬名員工，每年接診 1,000 萬名患者，每年進行超過 18 萬例手術，因此，休士頓是一座令人難以置信的醫療保健專業城市，是一個很棒的地方，我們對此感到非常興奮。

Finally, Chicago. We're located less than 2 miles west of the loop. We're in Illinois Medical District. It's one of the largest urban medical district clusters in the United States, four major hospital systems, two medical university campuses, 40-plus healthcare-related facilities. That's just -- those are just opening the rest of 2025, and it's November 6 today. Couldn't be more excited.

最後，來到芝加哥。我們位於環線以西不到 2 英里處。我們位於伊利諾伊州醫療區。它是美國最大的城市醫療區集群之一，擁有四個大型醫院系統、兩個醫科大學校園和 40 多個醫療保健相關機構。那隻是——那些只是開啟 2025 年剩餘時間，而今天是 11 月 6 日。簡直太激動了。

We're taking our learnings from what we've seen with our first two hubs 40% of customers are still coming in new to the brand. 30% of customers that are coming into our community hubs are becoming omnichannel customers coming back into the stores, coming back to us online. Really strong -- and we're seeing really strong incrementality in the markets that we're in, and so took a lot of the learnings from our two hubs. We've redone the format, the space, how much inventory we can get on the floor, how we're approaching our color drop stories, our newness, our layering, our fit and how we can showcase that in a new and original way.

我們從前兩個社區中心的經驗中吸取教訓，發現仍有 40% 的顧客是首次光顧我們的品牌。而前來社區中心的顧客中，有 30% 會成為全通路顧客，他們會再次光顧實體店，也會再次在線上購物。非常強勁——我們在我們所處的市場中看到了非常強勁的成長，因此我們從我們的兩個中心吸取了很多經驗教訓。我們重新設計了形式、空間、貨架上的庫存量、色彩發布方式、新品展示、層次感、版型，以及如何以一種新穎獨特的方式展現這些內容。

Finally, customization. Everyone wants their scrubs embroidered with their name and their logo so they can tell the world who they are and what they do. These are just being in person with our community, having them feel and touch and experience our product and our brand is -- it's so amazing and so important, and we're really excited.

最後是客製化。每個人都希望自己的工作服上繡上自己的名字和標誌，這樣就可以向世界展示自己是誰以及自己是做什麼的。能夠與我們的社群成員面對面交流，讓他們感受、觸摸和體驗我們的產品和品牌——這真是太棒了，太重要了，我們感到非常興奮。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

Nice quarter. Congratulations. I've got a couple of questions. I guess one near term and then one long term. On the near-term side, as we look at the sales acceleration in the business, particularly what's happened here in the third quarter, then as you're telegraphing in the fourth quarter, to what extent is that sales acceleration being driven by new products, the new product introductions?

不錯的街區。恭喜。我有幾個問題。我猜一個是近期目標，一個是長期目標。短期來看，當我們觀察公司銷售加速成長的情況，特別是第三季的情況，以及您預測的第四季的情況時，這種銷售加速成長在多大程度上是由新產品、新產品的推出所推動的？

Then my follow-up question, I guess, is longer term, a little bit longer term in nature, but now as we're watching the top line of FIGS start to solidify, you're seeing the sales growth. Is there any updated thinking on how the margin – particularly, the EBITDA margin profile of the business should evolve over time? Should we have the potential to get back to the peak operating margins?

那麼我的後續問題，我想，是關於長期發展，更偏向長期發展，但現在我們看到 FIGS 的營收開始穩定成長，銷售額也在成長。關於利潤率，特別是企業的 EBITDA 利潤率趨勢，目前是否有任何新的想法？我們是否有可能恢復到最高的營運利潤率？

Great. In terms of your question on is the growth coming from new products, I mean, actually, what we're really excited to see is the majority of the growth is coming from our core products and even in our core colors. That's a great foundation for the long-term health of our business.

偉大的。至於你問的成長是否來自新產品，我的意思是，實際上，我們真正感到興奮的是，大部分成長都來自我們的核心產品，甚至是我們的核心顏色。這為我們業務的長期健康發展奠定了良好的基礎。

Obviously, we've seen growth in some of our newer styles and in our color, and it's really showing that when we showcase some of that newness and innovation, it actually drives the halo effect to our overall core. Really great for us to see there that we have the ability to continue that momentum longer term from a sales growth perspective.

顯然，我們的一些新款式和顏色都取得了成長，這充分錶明，當我們展示這些新穎之處和創新時，實際上會對我們的整體核心產生光環效應。對我們來說，看到我們有能力從銷售成長的角度長期保持這種勢頭，真的非常棒。

In terms of EBITDA, for next year. For now, we've made the commitment that our adjusted EBITDA margin rate would be within range of our guide for 2025. We do have 330 bps of tariff headwind year over year into next year. We would be offsetting that in order to stay within range of this year. Our ability to meaningfully offset that is from improvements that we are making in the business to be more efficient, to drive into savings while still being able to invest for the longer term.

就明年的 EBITDA 而言。目前，我們承諾調整後的 EBITDA 利潤率將維持在 2025 年的預期範圍內。明年我們將面臨同比330個基點的關稅阻力。我們將對此進行抵消，以確保今年的目標得以實現。我們能夠有效抵消這種影響，是因為我們正在改善業務，提高效率，從而節省成本，同時也能進行長期投資。

We'll have some harder ability to expand margin next year just due to the tariffs. Longer term, we see the path for this foundation to continue to go forward and us for -- to drive growth, both top line and into bottom line.

由於關稅的影響，明年我們擴大利潤率的能力會受到一些限制。從長遠來看，我們看到了這個基金會繼續前進的道路，也看到了我們——推動成長，包括營收成長和利潤成長。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey集團。

Nice to see the progress, Trina. Two things. As you think about the Olympics coming up and the marketing for the Winter Olympics, what will be the same or different than what you did for the Olympics in Paris, knowing that summer, this is winter. What do you see as the difference? One of the interesting things in the quarter is the sequential improvement in the growth rate of the non-scrubs business, up high singles compared to the slight decline last quarter. What are you seeing there? What categories are resonating?

很高興看到你取得的進展，Trina。兩件事。當你思考即將到來的奧運會以及冬季奧運會的營銷時，你會想到哪些方面與你在巴黎奧運會期間所做的工作相同或不同？要知道，現在是冬天，巴黎奧運是夏天。你認為區別是什麼？本季最有趣的事情之一是非醫用清潔劑業務的成長率環比有所改善，與上季度的略微下降相比，實現了大幅成長。你在那裡看到了什麼？哪些類別引起了共鳴？

Thank you so much, Dana. We're really excited about our continued partnership with Team USA. As you know, we're the first company ever to outfit a medical team for any country globally, and we're really proud to be able to do that again for these upcoming winter games in Milano Cortina. There's a few things that we really learned and we're going to be applying from our lessons in Paris.

非常感謝你，達娜。我們非常高興能夠繼續與美國隊保持合作關係。如您所知，我們是第一家為全球任何國家配備醫療團隊的公司，我們非常自豪能夠再次為即將到來的米蘭科爾蒂納冬季奧運會提供醫療服務。我們在巴黎學到了很多東西，並將運用這些經驗教訓。

First one is that we're finding more ways to have an impact. We learned a lot on the ground. We've created an even better, if you can imagine, a more dedicated space at the Team USA, welcome Experience. That's really exciting. We have a brand-new fabrication called FIBERx.

首先，我們正在尋找更多產生影響的方式。我們在實地學到了很多。我們打造了一個更出色、更專屬的美國隊歡迎體驗空間。那真是太令人興奮了。我們有一種名為 FIBERx 的全新製造流程。

It's really made for healthcare professionals in more high-impact environments like what you would be doing outside in winter and especially for the medical professionals supporting our athletes during the winter games. I do believe this fabrication is going to go well beyond that to serving healthcare professionals within hospitals and offices and clinics, and it's a really, really great lightweight durable fabric that is awesome. You're going to love it.

它實際上是為在高強度環境下工作的醫護人員設計的，例如在冬季戶外工作的醫護人員，特別是為在冬季奧運會期間支持我們運動員的醫護人員設計的。我相信這種布料的用途遠不止於此，它還能服務於醫院、診所和辦公室的醫護人員，而且它是一種非常非常棒的輕便耐用布料。你一定會喜歡的。

Then finally, I think we've learned a lot in terms of how to optimize our marketing spend and how to ensure that we're really balanced across the funnel. I think you've seen that throughout this year, really taking these very strong top-of-funnel marketing campaigns that, in some ways, are breaking the Internet and how do we bring that all the way down to our healthcare professionals that are on social or across channels and to meet them where they are with really strong product that serves their needs and really strong messaging that resonates and really shows the best of them back to them. I think that's what this campaign is going to do again.

最後，我認為我們在如何優化行銷支出以及如何確保整個行銷漏斗的平衡方面學到了很多東西。我認為你今年已經看到了這一點，我們真正採取了非常強有力的漏斗頂端營銷活動，這些活動在某種程度上正在席捲互聯網，我們如何將這些活動推廣到我們在社交媒體或各個渠道上的醫療保健專業人員，並在他們所在的地方提供真正強大的產品來滿足他們的需求，並提供真正能引起共鳴的有力信息，真正展現我們最好的一面。我認為這次競選活動又要重蹈覆轍了。

Then your question on non-scrubwear. In Q2, the growth rate was negative, and that was really impacted by comping over the same quarter of the prior year that had some additional non-scrubwear launches. What we've seen with category performance for non-scrubwear is that it can vary based on promotional comparisons, the impact of new styles in different quarters and our work to reinvent a few areas. Happy to see that we inflected positive in non-scrubwear this quarter.

那麼，關於非醫用工作服的問題。第二季成長率為負，這主要是由於與去年同期相比，去年同期推出了一些額外的非醫用服裝產品。我們看到，非醫用服飾品類的表現會因促銷活動、不同季度新款式的影響以及我們對某些領域的創新工作而有所不同。很高興看到本季非醫用服裝業務出現正成長。

Even still, we are comping against the stronger quarter last year from where we had Olympics. We had strong accessories and outerwear growth from Olympics last year that doesn't annualize this year. I would say that our non-scrubwear did perform to our plan and has outperformed the first half. We've been happy to see consistent attachment rates and really excited about the opportunity ahead for many of the categories within non- scrubwear.

即便如此，我們仍然與去年同期相比，因為去年同期有奧運會，所以業績更強勁。去年奧運會帶動了配件和外套的強勁增長，但今年這種增長勢頭並未延續。我認為我們的非醫用服裝系列確實達到了預期效果，並且比上半年表現更好。我們很高興看到穩定的配件使用率，並且對非醫用服裝領域許多類別的未來機會感到非常興奮。

Ashley Owens, KeyBanc Capital Markets.

Ashley Owens，KeyBanc Capital Markets。

Congrats as well. Maybe just first to touch on international. With this now being 16% of revenue of the quarter, if we kind of parse that out and think of that as just shy of $100 million run rate for the business, could you just walk us through some of the next building blocks as to how you're planning to scale these regions? I know regions like Japan, South Korea are still really new. China is obviously coming on board. Would just be curious on thoughts as to if international could sustainably grow at double digits for the next several quarters and how you're thinking about that long-term mix target there?

也恭喜你。或許可以先談談國際議題。這部分收入目前佔本季總營收的 16%，如果我們仔細分析一下，將其視為公司近 1 億美元的年化收入，您能否為我們詳細介紹一下您計劃如何擴大這些地區的規模？我知道像日本、韓國這樣的地區還很年輕。中國顯然也加入了進來。我很好奇，國際業務能否在未來幾季持續保持兩位數成長，以及您如何看待這個長期業務組合目標？

Yes. I mean we have a two-pronged strategy, Ashley, in terms of where we go broad and where we go deep. It's been really exciting to see that we'll be at 60 markets by the end of this year. That's driven by our ability to leverage both technology and our understanding of each region and use the commonalities across regions to open up markets very efficiently.

是的。我的意思是，阿什利，我們採取雙管齊下的策略，一方面要廣泛拓展，另一方面要深入挖掘。看到我們今年年底前將進入 60 個市場，真是令人興奮。這得益於我們能夠利用科技和對各地區的了解，並利用各地區的共通性來高效地開拓市場。

If you think about we just -- in Q3, we opened up 12 new markets, Argentina, Bolivia, Chile, Ecuador, I won't list them all, but you can get that. Then in the fourth quarter, we opened up a number of countries in the Middle East and in Africa. That's really exciting.

想想我們第三季就開拓了 12 個新市場，阿根廷、玻利維亞、智利、厄瓜多爾，我就不一一列舉了，但你應該可以明白。然後在第四季度，我們開放了中東和非洲的一些國家。那真是太令人興奮了。

Then to your point, how do we go deep, right? That's the second part of the strategy, where once certain markets reach scale, think about Canada, Mexico, UK, Australia, we're able to really invest more in the brand and brand awareness. Really localized deeply, deeper engagement with our ambassadors with events, in-market support and so, and having talent on the ground in these places. It's very exciting to continue to build out in both -- in newer markets, but also really go deep in these larger markets that have hit what I would call critical mass.

那麼回到你剛才的問題，我們該如何深入探討呢？這是該策略的第二部分，一旦某些市場達到一定規模，例如加拿大、墨西哥、英國、澳大利亞，我們就能夠真正增加對品牌和品牌知名度的投入。真正深入地在地化，透過活動、市場支援等方式與我們的品牌大使進行更深入的互動，並在這些地方擁有當地人才。能夠繼續在新興市場拓展業務，同時也能深入發展那些已經達到我所謂的臨界規模的大型市場，這令人非常興奮。

No matter where you live, prior to FIGS, you had this horrible experience with your uniform. Our goal is to get some more healthcare professionals around the world and help change the game for them.

無論你住在哪裡，在 FIG 出現之前，你都曾有過穿制服的糟糕經驗。我們的目標是吸引更多世界各地的醫療保健專業人員，幫助他們改變現狀。

Then just quickly to follow-up. Maybe on the return rate improvement, if you could help us contextualize how much of the progress there benefited margin for the quarter or the magnitude of the decline you saw? Then just following up, moving down the P&L, any other quantifiable cost savings from fewer restocks and reverse logistics activity that you'd be willing to share?

然後簡單跟進一下。關於回報率的改善，您能否幫助我們分析一下，這一進展對本季利潤率的提升幅度有多大，或者您觀察到的下降幅度有多大？接下來，從損益表來看，您能否分享一下，透過減少補貨和逆向物流活動，還有哪些可量化的成本節約措施？

Yeah. Within returns, we've seen overall improvement in our return rates, and that is largely attached to some of our improvements to fit. We definitely saw an outsized benefit related to returns processing. It is quite meaningful of a bump that we saw in Q2. You can really see how the implied guidance for Q4 does step down.

是的。在退貨方面，我們看到退貨率總體有所改善，這主要歸功於我們對合身度的一些改進。我們確實在退貨處理方面看到了巨大的好處。我們在第二季度看到的這個成長相當有意義。可以明顯看出，第四季的業績預期確實有所下調。

That's both with tariffs and mix shift into non-scrubwear that seasonally happens in Q4, and not recognizing the same degree of benefit on returns that we saw in Q2.

這既包括關稅，也包括第四季度季節性發生的非醫用服裝產品組合轉變，而且沒有像第二季度那樣獲得同等程度的退貨收益。

John Kernan, TD Cowen.

約翰·克南，TD Cowen。

Obviously, a lot of upside to on a few line items in Q3. And I just want to go back to the prior question on the fourth quarter guidance because it does assume quite a bit of the momentum on the margin level doesn't continue. Can you just unpack the gross margin and then maybe the selling and G&A in fourth quarter and the expectations there, given you have a lot of momentum coming out of Q3 on the top line and the margin profile? Just curious what's maybe changing in Q4.

顯然，第三季一些項目有很大的上漲空間。我想回到之前關於第四季業績指引的問題，因為它確實假設利潤率方面的成長動能不會持續下去。能否詳細分析毛利率，以及第四季的銷售額和一般管理費用，並說明一下預期情況？考慮到第三季營收和利潤率都呈現強勁成長動能。只是好奇第四季可能會有哪些變化。

Yeah, certainly. We will have quite a step-up quarter over quarter from Q3 into Q4 on tariff impact. There will be quite a step-up on the incremental amount of tariffs that Q4 has to carry. That will continue to step up as we go into 2026 as a higher portion of our inventory captures the full amount of tariffs.

當然可以。從第三季度到第四季度，關稅影響將出現相當大的環比增長。第四季需要承擔的新增關稅額將大幅增加。隨著我們進入 2026 年，這種情況將繼續加劇，因為我們庫存中更大比例的產品需要繳納全部關稅。

We also have seasonality to consider, so we have a much higher proportion of our business in the fourth quarter that has non-scrubwear that carries a lower margin rate. You'll kind of see that seasonal mix if you look back at the proportion of non-scrubwear business in Q4. Planning similarly, and that will have some drag on the quarter.

我們還要考慮季節性因素，因此第四季非醫用服裝業務的比例要高得多，而醫用服裝的利潤率較低。如果你回顧一下第四季非醫用服裝業務的比例，你會發現這種季節性組合。計劃類似，這將對本季業績造成一定拖累。

Then also just to consider from a year-over-year perspective, as you're looking at Q4 that we did have a sizable duty drawback benefit in the fourth quarter last year that was onetime catch-up, so we won't -- that will have a headwind into year-over-year growth in Q4 as well.

此外，從同比角度來看，考慮到去年第四季度我們確實獲得了一筆可觀的關稅退稅，這是一次性的補繳，所以今年第四季度我們不會再有這筆退稅——這也會對第四季度的同比增長產生不利影響。

Then I think you're asking in terms of the overall P&L profile. I mean, as we think about our selling costs, we've continued to see improvement there each quarter and happy with our efforts there, and that will continue into Q4. A lot of really great work that's been done to negotiate with our vendors, bring on multi-carriers and at the same time, being able to provide even better service. That will continue into Q4.

那我認為你是在問整體損益情況。我的意思是，就銷售成本而言，我們每季都持續看到改善，我們對這方面的努力感到滿意，這種情況將持續到第四季。我們做了許多出色的工作來與供應商談判，引進多家營運商，同時提供更好的服務。這種情況將持續到第四季。

From a marketing perspective, the marketing rate will increase in Q4 from what you've seen each quarter in 2025, and that's a function of us starting our investments to support the Olympics, which happened in Q1 of 2026. Then as we go into G&A, we've been continuing to see the decline in our stock comp expense year over year, and that trend will continue into Q4 as well. I think those are the main puts and takes on how we think about the profile for Q4.

從行銷的角度來看，2025 年第四季的行銷速度將比每季都快，這是因為我們從 2026 年第一季開始投資支援奧運。然後，就一般及行政費用而言，我們看到股權激勵費用逐年下降，而且這一趨勢也將持續到第四季。我認為這些是我們對第四季業績展望的主要看法和觀點。

Angus Kelleher, Barclays.

安格斯·凱萊赫，巴克萊銀行。

This is Angus Kelleher on for Adrian. Congrats on a solid quarter. I wanted to ask how you are balancing -- how you're balancing the elevated inventory growth against the plan to pull back on promotions? What safeguards are in place there to avoid margin pressure or excess stock? I guess just more broadly, how do you feel about the composition of that inventory?

這是安格斯·凱萊赫替補阿德里安上場。恭喜你們本季業績出色。我想問一下，你們是如何平衡庫存成長和縮減促銷計畫的？當地採取了哪些保障措施來避免利潤率壓力或庫存過剩？我想更廣泛地說，您對該庫存的組成有何看法？

Yeah. Thanks. We've been intentionally investing in inventory to support demand and improve our core in-stock levels. We've really seen improvement in those in-stock levels, which has been supporting our sales growth. We did have an impact from higher-than-expected in-transit inventory in the quarter, which we do view as positive as it does result from the work we're doing with our partners to drive consistency and execution, and it's ultimately driving shorter lead times.

是的。謝謝。我們一直在有意識地投資庫存，以滿足需求並提高我們的核心庫存水準。庫存水準確實有所改善，這對我們的銷售成長起到了支撐作用。本季在途庫存高於預期，這確實對我們造成了一定影響，但我們認為這是正面的，因為這是我們與合作夥伴共同努力提高一致性和執行力的結果，最終縮短了交貨週期。

If you were to adjust for that higher in-transit, our unit growth would be low double digits. So much more in line with our Q3 growth and our Q4 guide, while also giving us the opportunity to potentially capture upside. We're effectively getting product more efficiently, and we do need to adjust. As we look at the go forward, we would expect some moderation in unit growth, and that's really just as this in-transit timing adjusts.

如果將較高的運輸成本考慮在內，我們的單位成長率將達到兩位數低點。這與我們第三季的成長和第四季的預期更加吻合，同時也給了我們潛在的成長機會。我們有效地提高了產品生產效率，因此需要做出調整。展望未來，我們預期銷售成長會有所放緩，這實際上只是因為運輸時間需要調整。

Then from a dollar growth perspective, we actually expect that to increase into the fourth quarter, and that's really a function of those tariffs impacting that inventory that's coming in, so our inventory is higher. We do have some pockets of inventory that we are working down.

從美元成長的角度來看，我們預計第四季美元成長將會加快，這實際上是由於關稅影響了進口庫存，因此我們的庫存更高。我們確實還有一些庫存需要處理。

We've got some older fit profiles and areas we intend to reinvest in the future seasons. We have made some good progress here, including with our targeted promotional efforts and selective write-offs we were able to do. We do continue to make progress here and in the quarters ahead.

我們有一些較早的體能狀況和領域，我們打算在未來的賽季中重新投入。我們在這方面取得了一些不錯的進展，包括我們採取的有針對性的促銷措施和選擇性的資產減免。我們將繼續取得進展，並在接下來的幾個季度中繼續保持這一勢頭。

We're working on improving greater discipline and efficiency to our buying process. Over time, we do expect that inventory balance to come down over 2026 despite the higher tariffs.

我們正在努力提高採購流程的規範性和效率。儘管關稅較高，但我們預計到 2026 年，庫存餘額將會下降。

Then if I could just squeeze one last one in about Teams. How is the Teams strategy evolving? How has the target customer shifted over time there? Then just if possible, any margin commentary you could share on the contribution of that business?

那麼，如果我能再擠出一點時間談談 Teams 就好了。Teams的策略是如何演變的？隨著時間的推移，那裡的目標客戶群發生了哪些變化？那麼，如果可以的話，您能否分享一下您對該業務貢獻的任何利潤率方面的評論？

Well, first off, Angus, I just want to thank you for not ending on the inventory question. Thank you for adding something about Teams because I'm so excited to talk about our Teams business. It's really -- we've been really focused on investing in our Teams business as we look to ensure an optimal foundation to set us up for the future. We've talked about our outbound strategy, bringing on new institutions that are looking to standardize and brand their teams, and we've made a lot of progress. The biggest kind of item that we're excited about is the upgraded technology.

首先，安格斯，我想感謝你沒有以庫存問題作為結尾。感謝您補充有關 Teams 的內容，因為我非常興奮能和您談談我們的 Teams 業務。我們一直非常專注於投資我們的團隊業務，以確保為未來奠定最佳基礎。我們已經討論過我們的對外拓展策略，即引入那些希望實現團隊標準化和品牌化的機構，並且我們已經取得了巨大進展。我們最期待的就是技術升級。

We mentioned it in the earlier part of this call, and so this is really designed for healthcare teams of all types and sizes. This platform is going to give organizations much more flexibility and functionality to purchase in a way that makes sense for their team. We are on our way to becoming the employee store for all different types of healthcare professionals that's going to go well beyond traditional group ordering.

我們在本次通話的前半部分提到過，所以這實際上是為各種類型和規模的醫療團隊設計的。該平台將為組織提供更大的靈活性和功能性，使其能夠以適合團隊的方式進行採購。我們正在努力成為各類醫療保健專業人員的員工商店，其服務範圍將遠遠超出傳統的團體訂購。

This is going to introduce new capabilities like [sipeins], like gifting, different types of discounts based on your employee type. We're really excited about being able to roll out this upgraded Teams experience. It's going to feature our full product assortment. It's also going to be able to support international teams customers, which hasn't been the case. We think we're going to be able to unlock meaningful growth in the future. And so -- and then you asked about the margin.

這將引入一些新功能，例如[sipeins]，例如贈送禮品，以及根據員工類型提供不同類型的折扣。我們非常高興能夠推出這項升級後的 Teams 體驗。它將展示我們全部的產品系列。它還將能夠為國際團隊客戶提供支持，而此前也未能做到這一點。我們認為未來我們將能夠實現有意義的成長。然後——然後你問到了利潤率。

The margin profile. The teams profitability is accretive bottom line. It has a lower gross margin profile just to the offering of a higher discount. Then operating expense structure is much more favorable with the efficiencies, both within outbound shipping as well as marketing. I'm excited with the overall economics that this business provides.

邊際收益概況。球隊的獲利能力最終會提升公司利潤。雖然毛利率較低，但折扣力道更大。這樣一來，無論是出境運輸或行銷，營運費用結構都會更有利，效率也會更高。我對這項業務的整體經濟效益感到興奮。

There are no additional questions waiting at this time. I'll pass the call back to Trina Spear for any closing remarks.

目前沒有其他問題待問。我將把電話轉回給特麗娜·斯皮爾，請她作總結發言。

Thank you all for joining us. Really excited to speak with you all, and we'll talk again soon.

感謝各位的參與。非常高興能和大家交流，我們很快就會再見面。

That concludes the conference call. Thank you for your participation. You may now disconnect your lines.

電話會議到此結束。感謝您的參與。現在您可以斷開線路了。