Oddity Tech Ltd (ODD) 2024 Q2 法說會逐字稿

Good day, everyone and welcome to this Oddity Tech second-quarter 2024 earnings conference call. Today's conference is being recorded, and we have allocated time for prepared remarks as well as Q&A.

大家好，歡迎參加 Oddity Tech 2024 年第二季財報電話會議。今天的會議正在錄製中，我們已經分配了時間準備發言和問答。

At this time, I'd like to turn the conference over to Maria Lycouris, Investor Relations for Oddity. Thank you. You may begin.

這次，我想將會議交給 Oddity 投資者關係部門的 Maria Lycouris。謝謝。你可以開始了。

Thank you, operator. I'm joined by Oran Holtzman, Oddity's Co-Founder and CEO and Lindsay Drucker Mann, Oddity's Global CFO. As a reminder, management's remarks on this call that do not concern past events are forward-looking statements. These may include predictions, expectations, or estimates, including statements about Oddity's business strategy, market opportunity, future financial performance, and potential long-term success.

謝謝你，接線生。Oddity 聯合創辦人兼執行長 Oran Holtzman 和 Oddity 全球財務長 Lindsay Drucker Mann 也加入了我的行列。提醒一下，管理階層在本次電話會議上發表的與過去事件無關的言論均為前瞻性陳述。這些可能包括預測、預期或估計，包括有關 Oddity 業務策略、市場機會、未來財務表現和潛在長期成功的陳述。

Forward-looking statements involve risks and uncertainties and actual results could differ materially due to variety of factors. These factors are described under forward-looking statements in our earnings press release issued yesterday and in our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 6, 2024. We do not undertake any obligation to update forward-looking statements which speak only as of today.

前瞻性陳述涉及風險和不確定性，實際結果可能因各種因素而產生重大差異。這些因素在我們昨天發布的收益新聞稿和我們於 2024 年 3 月 6 日向美國證券交易委員會提交的 20-F 表格年度報告中的前瞻性陳述中進行了描述。我們不承擔任何更新前瞻性陳述的義務，這些陳述僅代表今天。

Finally, during this call we will discuss certain non-GAAP financial measures, which we believe are useful supplemental measures for understanding our business. Additional information about these non-GAAP financial measures, including their definitions, are included in our earnings press release, which we issued yesterday.

最後，在這次電話會議中，我們將討論某些非公認會計準則財務指標，我們認為這些指標對於了解我們的業務是有用的補充指標。有關這些非公認會計準則財務指標的更多資訊（包括其定義）包含在我們昨天發布的收益新聞稿中。

I will now hand the call over to Oran.

我現在將電話轉交給奧蘭。

Thanks, everyone, for joining us today.

謝謝大家今天加入我們。

The second quarter and the first half of the year were another set of record breakers for us. We grew first-half revenue 28% to $404 million, delivered $110 million of adjusted EBITDA and generated $104 million of free cash flow. Our business is firing on all cylinders, with no signs of slowing. The $110 million of adjusted EBITDA we delivered in just the first of 2024 is more EBITDA than we delivered in the full year of 2023 growing 28% in the first half, more than 3x faster than legacy incumbents, and with 27% EBITDA margins proved again that our platform is very strong and enables scale, growth and very high profitability consistently. Our investment in technology in the past six years continued to pay great dividends and our record margins allow us to keep doubling down on investment in technology, science and building new brands.

第二季和上半年對我們來說又打破了紀錄。我們上半年的營收成長了 28%，達到 4.04 億美元，調整後 EBITDA 為 1.1 億美元，自由現金流為 1.04 億美元。我們的業務正在全速運轉，沒有放緩的跡象。我們在2024 年上半年交付的1.1 億美元調整後EBITDA 比我們在2023 年全年交付的EBITDA 還要高，上半年增長了28%，比傳統企業快了3 倍以上，並且27% 的EBITDA 利潤率再次證明我們的平台非常強大，能夠持續實現規模化、成長和非常高的獲利能力。過去六年來，我們對科技的投資持續帶來豐厚的回報，創紀錄的利潤率使我們能夠繼續加倍投資於科技、科學和打造新品牌。

I will reiterate what I said multiple times before. The opportunities that I see ahead for our business are massive. The beauty and wellness industry is huge, profitable and growing, and it is dominated by offline incumbents that are behind the curve. We can see today how some of them are paying the price as they struggle to adapt. This sets up a massive opportunity for Oddity. We are still only a tiny fraction of the global market and therefore the opportunity is so big for us.

我會重申我之前多次說過的話。我認為我們的業務未來存在著巨大的機會。美容和健康產業規模龐大、利潤豐厚且不斷成長，並且由落後的線下現有企業主導。今天我們可以看到他們中的一些人在努力適應的過程中付出了怎樣的代價。這為 Oddity 提供了巨大的機會。我們仍然只佔全球市場的一小部分，因此機會對我們來說是如此巨大。

I strongly believe that we have what is needed to continue winning and leading in the most important areas of the categories growth. With our capabilities and DNA as a company, we are in the best industry in the world for our type of company. In my view, we are unlocking two areas that are changing the industry.

我堅信，我們擁有在品類成長的最重要領域中繼續獲勝和領先所需的一切。憑藉我們的能力和公司基因，我們處於世界上同類公司中最好的行業。在我看來，我們正在解鎖兩個正在改變產業的領域。

First, we are unlocking online, where we are already dominating as the largest direct-to-consumer platform. This is the future of the category. We see it clearly with massive demand on our websites. We expect online to grow to 50% of the market in the upcoming years and Oddity is leading this transformation. The second area of category growth is towards science backed high-efficacy products. ODDITY LABS can be a game changer here, turbo-charging ingredient innovation to solve consumer pain points and we are spending time and resources to build it.

首先，我們正在線上解鎖，我們已經成為最大的直接面向消費者的平台。這是該類別的未來。我們清楚地看到了我們網站上的大量需求。我們預計線上市場在未來幾年將成長到 50%，而 Oddity 正在引領這一轉變。類別成長的第二個領域是科學支援的高效產品。ODDITY LABS 可以改變遊戲規則，透過渦輪增壓成分創新來解決消費者的痛點，我們正在花費時間和資源來建造它。

Drilling into online, the opportunity for us to continue unlocking beauty in this channel is huge and our competitive advantage grows daily. We have three core areas for unlocking online that we invest in to fuel our long-term growth. Starting with our platform model, we have more than 50 million unique users who are ready audience for us to launch products, categories and brands into. We have shown this ability again and again starting with IL MAKIAGE in color cosmetics, SpoiledChild in skin and hair and now IL MAKIAGE in skin, which is on track to be around 25% of IL MAKIAGE brand revenue in 2024.

深入線上，我們在這個管道中繼續釋放美麗的機會是巨大的，我們的競爭優勢與日俱增。我們投資了三個線上解鎖的核心領域，以推動我們的長期成長。從我們的平台模式開始，我們擁有超過 5000 萬的獨立用戶，他們是我們向其推出產品、類別和品牌的受眾。從彩妝領域的 IL MAKIAGE、皮膚和頭髮領域的 SpoiledChild 到現在的皮膚領域的 IL MAKIAGE，我們一次又一次地展示了這種能力，預計到 2024 年將佔 IL MAKIAGE 品牌收入的 25% 左右。

Second is our in-house technology. Our machine models and algorithms allow us to understand what consumers want to match them to the right product and show them how to use it. In addition to our machine-learning models in the past three years, we invested a lot of time and money behind our vision technology. These investments gave us a new way to gather data and to get answers to questions that even our users don't necessarily know.

其次是我們的內部技術。我們的機器模型和演算法使我們能夠了解消費者想要什麼，為他們配對合適的產品，並向他們展示如何使用它。除了過去三年的機器學習模型之外，我們還在視覺技術上投入了大量的時間和金錢。這些投資為我們提供了一種新的方式來收集數據並獲得即使我們的用戶也不一定知道的問題的答案。

We have made major strides in building our vision tools and 2024 in particular has been a breakout year. We incorporated vision into our latest shape matching models, which is driving improvement in matching accuracy, reducing return rates on like-to-like products, and driving better LTV. And I believe it will continue to get even better over time. We have also made progress in vision machines for Brand 3, where we now can identify activations, track them, and model progress over time. To the best of my knowledge, no one in our industry has something that is even close to what we are building here, technology wise and it will be the core technology for Brand 3.

我們在建立視覺工具方面取得了重大進展，尤其是 2024 年是突破性的一年。我們將視覺融入最新的形狀匹配模型中，這推動了匹配準確性的提高，降低了同類產品的退貨率，並提高了生命週期價值。我相信隨著時間的推移它會繼續變得更好。我們在 Brand 3 的視覺機器方面也取得了進展，現在我們可以識別激活、追蹤它們並隨著時間的推移對進展進行建模。據我所知，在技術方面，我們行業中沒有人擁有與我們正在建立的產品相近的產品，它將成為 Brand 3 的核心技術。

The third core investment area is our brand building machine. At Oddity, we are building brands from scratch based on first-party data we have from our users. Our brands have distinct points of view, but are all anchored in quality and high-performing product formulations. This is by design any product that we launch must be the top performing formulation in the market based on data from consumer trials and based on ton of data we collect from real users. We don't have head of makeup artist or head of stylist that gets to pick which products we launch. Only data decides it.

第三個核心投資領域是我們的品牌建立機器。在 Oddity，我們根據從用戶那裡獲得的第一方數據從頭開始建立品牌。我們的品牌擁有不同的觀點，但都以品質和高性能的產品配方為基礎。根據消費者試驗的數據以及我們從真實用戶收集的大量數據，我們推出的任何產品都必須是市場上表現最好的配方。我們沒有化妝師主管或造型師主管來選擇我們推出哪些產品。只有數據才能決定。

Our approach to product development is unlike anything else in the industry in my view, and it is based solely on large datasets. This is why IL MAKIAGE and SpoiledChild are launching winners and delivering such high repeat rates and therefore are generating unparalleled profit margins for Oddity. I believe that both of our existing brands, IL MAKIAGE and SpoiledChild, are on track to be $1 billion brands. For IL MAKIAGE, we expect together in the next four years.

在我看來，我們的產品開發方法與業界其他任何方法都不同，它完全基於大型資料集。這就是為什麼 IL MAKIAGE 和 SpoiledChild 推出贏家並提供如此高的重複率，為 Oddity 帶來無與倫比的利潤率。我相信我們現有的兩個品牌 IL MAKIAGE 和 SpoiledChild 都有望成為價值 10 億美元的品牌。對於IL MAKIAGE，我們共同期待未來的四年。

In addition to IL MAKIAGE and SpoiledChild, we continue to work out on developing new brands to serve our user base and we are making great progress. Brand 3 and Brand 4 are on track to be launched in the second half of 2025. As a reminder, Brand 3 is a medical grade skin and body brand that will address range of issues, including acne, eczema, hyperpigmentation and other large consumer pain points. So to summarize, data, technology and our new brand development machine, are fueling and will continue to fuel our online growth and profitability. This is the core of Oddity.

除了 IL MAKIAGE 和 SpoiledChild 之外，我們還繼續致力於開發新品牌來服務我們的用戶群，我們正在取得巨大進展。品牌 3 和品牌 4 預計將於 2025 年下半年推出。提醒一下，Brand 3 是一個醫療級皮膚和身體品牌，將解決一系列問題，包括痤瘡、濕疹、色素沉著和其他大的消費者痛點。總而言之，數據、技術和我們新的品牌開發機器正在並將繼續推動我們的線上成長和獲利能力。這是《怪事》的核心。

Moving to science-backed product via ODDITY LABS, for years, it was my dream to use science to create better product for our consumers to solve their pain points and to carve out another source of competitive edge for us. For years, I was amazed by the lack of scientific innovation in our industry. It just didn't make sense to me given the size of the industry and the progress in science and biotech in the last two decades. The acquisition of Revela in 2023 gave us the foundation for building ODDITY LABS in Boston as our science-backed new product engine.

透過 ODDITY LABS 轉向有科學支援的產品，多年來，我的夢想是利用科學為我們的消費者創造更好的產品，解決他們的痛點，並為我們開闢另一個競爭優勢來源。多年來，我對我們這個行業缺乏科學創新感到驚訝。考慮到該行業的規模以及過去二十年科學和生物技術的進步，這對我來說毫無意義。2023 年收購 Revela 為我們在波士頓建立 ODDITY LABS 奠定了基礎，作為我們以科學為基礎的新產品引擎。

As a reminder, at ODDITY LABS, we are using digital biology to discover, launch and own the next generation of science-backed products that our consumer is so eager for. Last quarter, I spoke about the important steps we have been taking to build labs, to grow the teams, and to develop infrastructures and systems to ensure we are building a platform that works at high scale. As part of that, we are excited to announce that Dr. Ido Bachelet is joining us as the Chief Science Officer to lead our science at ODDITY LABS. Bringing Ido on board is a great milestone for us.

提醒一下，在 ODDITY LABS，我們正在利用數位生物學來發現、推出和擁有消費者渴望的下一代有科學支援的產品。上個季度，我談到了我們在建立實驗室、發展團隊以及開發基礎設施和系統方面所採取的重要步驟，以確保我們正在建立一個大規模運作的平台。作為其中的一部分，我們很高興地宣布，Ido Bachelet 博士將加入我們，擔任首席科學官，領導 ODDITY LABS 的科學工作。Ido 的加入對我們來說是一個偉大的里程碑。

I spent time speaking with many scientists, and Ido was by far the strongest fit. He is highly accomplished, world class scientist with deep experience building and scaling multiple high impact biotech labs. He is super creative and shares our culture of disruption and building. After using therapeutics, he decided that instead of developing another drug, he wants to join us in changing an entire industry through science.

我花了很多時間與許多科學家交談，而伊多是迄今為止最合適的。他是一位成就卓著的世界級科學家，在建造和擴展多個高影響力生物技術實驗室方面擁有豐富的經驗。他非常有創造力，分享我們的破壞和建立文化。使用療法後，他決定不再開發另一種藥物，而是想與我們一起透過科學改變整個產業。

Dr. Evan Zhao, the Co-Founder of Revela, has decided to depart Oddity to pursue other interests. Evan is a very talented entrepreneur who built Revela into a disruptive consumer biotech. Thanks to the acquisition of Revela, Oddity now has the foundation to be at the forefront of science-backed transformation in our industry and we are grateful for that. I want to personally thank Evan and wish him the best in his future undertakings.

Revela 聯合創始人 Evan Zhao 博士決定離開 Oddity 去追求其他興趣。埃文（Evan）是一位非常有才華的企業家，他將 Revela 打造成一家顛覆性的消費性生物技術公司。由於收購了 Revela，Oddity 現在擁有了站在產業科學支援轉型最前線的基礎，我們對此表示感謝。我想親自感謝埃文並祝福他在未來的事業中一切順利。

As I've said before, ODDITY LABS is a new master we are building and a complicated one, very similar to our early days building our technology backbone. It takes time and iterations to build something meaningful. Therefore, as I said before, we are not counting on growth coming from ODDITY LABS in the near-term. We don't need it to achieve our financial targets. We have ton of growth ahead from IL MAKIAGE and SpoiledChild alone and even more growth on top of that coming from new brands in the pipeline.

正如我之前所說，ODDITY LABS 是我們正在建造的一個新的大師，也是一個複雜的大師，與我們早期建造技術骨幹的過程非常相似。建立有意義的東西需要時間和迭代。因此，正如我之前所說，我們並不指望 ODDITY LABS 在短期內實現成長。我們不需要它來實現我們的財務目標。光是 IL MAKIAGE 和 SpoiledChild 就為我們帶來了巨大的成長，此外，還有更多的成長來自於正在醞釀中的新品牌。

At Labs, we are literally building another large platform from scratch, but if we get it right, we can differentiate Oddity even more from our competitors in the long run. It is hard and it takes time, but I fully believe in it, and I'm confident we will make it.

在 Labs，我們實際上是從頭開始建立另一個大型平台，但如果我們做對了，從長遠來看，我們可以將 Oddity 與我們的競爭對手區分開來。這很困難，需要時間，但我完全相信它，我有信心我們會成功。

Looking ahead, as we told you last quarter, 2024 for us is essentially in the rearview. We have full confidence in achieving our financial targets and we are once again raising our full-year outlook today. Our teams are now almost entirely focused on preparing 2025 and beyond and we are feeling confident in our execution next year. First, because we are leaving growth on the table in 2024 and staying disciplined about basing ourselves. This is something we have always done. So we deliver on our commitments, which we have achieved not just every quarter as a public company, but every quarter as a private company as well.

展望未來，正如我們上季度告訴您的那樣，2024 年對我們來說基本上已經成為過去。我們對實現財務目標充滿信心，今天我們再次上調全年展望。我們的團隊現在幾乎完全專注於為 2025 年及以後做好準備，我們對明年的執行充滿信心。首先，因為我們將 2024 年的成長放在桌面上，並保持自我約束。這是我們一直在做的事情。因此，我們兌現了我們的承諾，我們不僅作為上市公司每季都實現了這一承諾，而且作為私人公司每季也實現了這一承諾。

Second is because of all the growth levers our team is preparing for next year, the teams are now head down with planning, testing and iterating on winners on many fronts, new marketing campaigns, new products, new models and new geographies. Based on what I see today, we are in a strong position for 2025.

其次，由於我們的團隊正在為明年準備所有的成長槓桿，因此團隊現在正著手規劃、測試和迭代許多方面的獲勝者、新的行銷活動、新產品、新模式和新地域。根據我今天的觀察，我們在 2025 年處於有利地位。

But before I hand it to Lindsay, I want to take a moment to reflect on our first year as a public company. We decided to take the company public, because we wanted to build something huge, because I felt then, as I do now, bullish on our ability to disrupt this enormous global market with our platform and create massive value for our shareholders. To be candid, it's not easy to be public company, but we have made a great accomplishment in this past year since our IPO.

但在我把它交給 Lindsay 之前，我想花點時間回顧一下我們作為上市公司的第一年。我們決定將公司上市，因為我們想要建立一些巨大的東西，因為我當時和現在一樣，看好我們透過我們的平台顛覆這個巨大的全球市場並為股東創造巨大價值的能力。坦白說，上市公司並不容易，但我們在IPO以來的這一年裡取得了巨大的成就。

We are very proud of our financial results. We delivered on our promises to the shareholders. We beat revenue and profit and earnings per share every quarter since going public and the same time, we didn't change the DNA of our company, a DNA of building, innovation and investing behind big and hard dreams. And this is something I'm very proud of.

我們對我們的財務表現感到非常自豪。我們兌現了對股東的承諾。自上市以來，我們每季的營收、利潤和每股盈餘都超過了預期，同時，我們沒有改變公司的基因，也就是在偉大而艱鉅的夢想背後建立、創新和投資的基因。這是我非常自豪的事。

We have kept our hungry outside our startup culture, despite our growth. This is the most important thing for future success. We've also began returning cash to our shareholders with buybacks. We believe our stock offers an incredible value, and we'll use our strong balance sheet to take advantage of that.

儘管我們不斷成長，但我們仍然在創業文化之外保持飢餓感。這是未來成功的最重要的事情。我們也開始透過回購向股東返還現金。我們相信我們的股票具有令人難以置信的價值，我們將利用我們強大的資產負債表來利用這一點。

With that, I will turn it over to Lindsay.

這樣，我就把它交給 Lindsay。

Thanks, Oran. Let's turn to our Q2 results, which I'll refer to on an adjusted basis. You can find the full reconciliation to GAAP in our press release.

謝謝，奧蘭。讓我們看看第二季的結果，我將在調整後的基礎上參考該結果。您可以在我們的新聞稿中找到與 GAAP 的完全一致。

Oddity delivered a record-breaking second quarter and first half across the board. We grew net revenue by 27% in the quarter to $193 million. The strength was driven by both IL MAKIAGE and SpoiledChild across a range of product categories. Net revenue growth was driven primarily by an increase in orders, while average order value increased 6% year over year.

Oddity 第二季和上半年的表現均創歷史新高。本季我們的淨收入成長了 27%，達到 1.93 億美元。這一優勢是由 IL MAKIAGE 和 SpoiledChild 在一系列產品類別中推動的。淨收入成長主要由訂單增加推動，平均訂單價值年增 6%。

Average order value growth was driven both by an increase in items per order and positive mix shift to higher-priced products like skin partially offset by a mix shift to repeat sales, which carry lower AOP. The proportion of our sales from repeat customers increased on a year-over-year basis this quarter and is on track to be a higher percentage of our sales in the full year 2024 as compared to 2023.

平均訂單價值的增長是由每筆訂單商品數量的增加以及向皮膚等高價產品的積極組合轉變所推動的，這部分被向重複銷售的混合轉變所抵消，而重複銷售的AOP較低。本季我們來自回頭客的銷售額比例年增，與 2023 年相比，預計 2024 年全年銷售額的比例將更高。

Drilling into revenue composition for the quarter, 94% of our net revenue came from sales on our own website, directly to consumers. The remaining 6% of net revenue in the quarter came from sales in Israel and to marketing affiliates. As a reminder, we do not sell any products to Amazon, eBay or other third party marketplaces. Nor do we generate any direct revenue from products sold on these sites. Any product resold on those sites is unauthorized and done without our consent.

深入研究本季的收入組成，我們 94% 的淨收入來自我們自己網站上直接面向消費者的銷售。本季剩餘 6% 的淨收入來自以色列的銷售和行銷附屬公司。謹此提醒，我們不會向亞馬遜、eBay 或其他第三方市場銷售任何產品。我們也不會從這些網站上銷售的產品產生任何直接收入。在這些網站上轉售的任何產品均未經我們授權且未經我們同意。

Moving down the P&L, gross margin of 72.2% expanded 150 basis points year over year. The gross margin improvement was driven by specific supply chain and logistics efficiencies at both brands. We delivered adjusted EBITDA of $62 million in the quarter. Adjusted EBITDA margin of 32.3% expanded 470 basis points from the prior year, driven partly by gross margin expansion and a higher mix of repeat.

從損益表來看，毛利率為 72.2%，年增 150 個基點。毛利率的提高是由兩個品牌的特定供應鏈和物流效率所推動的。我們本季調整後的 EBITDA 為 6,200 萬美元。調整後 EBITDA 利潤率為 32.3%，較上年增長 470 個基點，部分原因是毛利率擴張和回頭客組合增加。

2Q EBITDA exceeded our original guidance of $53 million to $56 million, and that was driven in part by the timing of investments into new brands and ODDITY LABS. The timing of these investments is delayed into the back half of the year. We delivered adjusted diluted earnings per share of $0.82, our adjusted EBITDA and EPS exclude approximately $7 million of share based compensation.

第二季 EBITDA 超出了我們最初指導的 5,300 萬美元至 5,600 萬美元，部分原因是對新品牌和 ODDITY LABS 的投資時機。這些投資的時間被推遲到今年下半年。我們的調整後稀釋每股盈餘為 0.82 美元，調整後 EBITDA 和 EPS 不包括約 700 萬美元的股票薪酬。

Our free cash conversion remains excellent. We delivered $104 million of free cash flow year to date, this free cash generation is a clear reflection of the strength and quality of our business model. In June, our Board authorized $150 million pre year buyback. We were purchased 250,000 shares for $10 million in the second quarter, and have $140 million remaining in our authorization. We exited the quarter with $268 million of cash equivalent and investments on our balance sheet and zero debt.

我們的自由現金轉換仍然非常出色。今年迄今為止，我們交付了 1.04 億美元的自由現金流，這種自由現金流清楚地反映了我們商業模式的實力和品質。6 月，我們的董事會批准了 1.5 億美元的年前回購。第二季度，我們以 1,000 萬美元的價格購買了 25 萬股股票，目前授權餘額為 1.4 億美元。本季結束時，我們的資產負債表上有 2.68 億美元的現金等價物和投資，債務為零。

Turning to our outlook, we're raising our 2024 full-year guidance based on the better than expected second-quarter results and our high visibility to repeat sales for the remainder of the year. We now expect net revenue between $633 million and $640 million representing 24% to 26% year-over-year growth. We expect to deliver 71% gross margin for the full year, and we expect to deliver adjusted EBITDA between $142 million and $146 million which includes a step up in growth investments for ODDITY LABS and our new brands. We expect full-year adjusted diluted earnings per share will be between $1.71 and $1.76.

談到我們的展望，我們根據好於預期的第二季度業績以及我們對今年剩餘時間重複銷售的高度可見性，上調了 2024 年全年指導。我們目前預計淨收入將在 6.33 億美元至 6.4 億美元之間，年增 24% 至 26%。我們預計全年毛利率將達到 71%，調整後 EBITDA 預計將在 1.42 億至 1.46 億美元之間，其中包括加大對 ODDITY LABS 和我們新品牌的成長投資。我們預計全年調整後攤薄每股收益將在 1.71 美元至 1.76 美元之間。

Turning to the third-quarter outlook, we're off to an excellent start, and are pleased with the composition of our growth across both brands and categories, as well as our cohort repeat rates. We expect year-over-year net revenue growth in the quarter to be between 22% and 24% you can find more details on our Q3 outlook and our press release.

談到第三季的前景，我們有了一個良好的開端，並對我們跨品牌和品類的成長構成以及我們的隊列重複率感到滿意。我們預計本季淨收入年增將在 22% 至 24% 之間，您可以在我們的第三季展望和新聞稿中找到更多詳細資訊。

Lastly, I'll provide some early thoughts on 2025 we expect to deliver net revenue growth of 20% an adjusted EBITDA margin of 20% consistent with our long-term algorithm. We plan to incur significant investments in Brand 3, Brand 4 and ODDITY LABS, and we do not expect to benefit from any material revenue contribution from these initiatives in 2025.

最後，我將提供一些關於 2025 年的初步想法，我們預期淨收入成長 20%，調整後 EBITDA 利潤率為 20%，與我們的長期演算法一致。我們計劃對 Brand 3、Brand 4 和 ODDITY LABS 進行大量投資，我們預計 2025 年不會從這些舉措中獲得任何實質收入貢獻。

On the topic of supply chain and tariffs, while the ultimate policy outcomes are still to be determined, we're confident in our ability to manage through with limited financial impact based on the proposals currently in discussion, our gross margin is high, as is our pricing power and our financial exposure to tariffs and duties is very small. As a reminder, we sourced the majority of our products from Europe, and we purchased some components and packaging out of Asia, including China. In 2023, total cost related to tariffs and duties, including from products sourced out of China, amounted to less than 1% of sales.

關於供應鏈和關稅的話題，雖然最終的政策結果仍有待確定，但根據目前正在討論的提案，我們有信心在財務影響有限的情況下渡過難關，我們的毛利率很高，我們的定價能力以及關稅和關稅的財務風險非常小。提醒一下，我們的大部分產品都是從歐洲採購的，我們從亞洲（包括中國）購買了一些組件和包裝。到 2023 年，與關稅和關稅（包括從中國採購的產品）相關的總成本不到銷售額的 1%。

With that, I'll turn it back to the operator for questions.

這樣，我會將其轉回給接線員詢問問題。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

（操作員指令）Dara Mohsenian，摩根士丹利。

Hey. Good morning, guys. So the metrics you gave on the year-over-year performance were helpful. Can you also spend some time talking about where revenue upside came from in the quarter, both in terms of metrics, repeat, average order size, etcetera, but also at the brand level, in terms of SpoiledChild versus IL MAKIAGE. And how you think about the sequential pace of SpoiledChild going forward after a very successful launch over the last couple of years, and how that brand is developing versus your expectations?

嘿。早安，夥計們。因此，您提供的年比績效指標很有幫助。您能否花一些時間討論本季營收成長的來源，包括指標、重複次數、平均訂單大小等方面，以及品牌層面（SpoiledChild 與 IL MAKIAGE 的比較）。您如何看待 SpoiledChild 在過去幾年非常成功推出後的後續發展速度，以及該品牌的發展與您的預期相比如何？

Sure. Again, as mentioned, very strong start today, both IL MAKIAGE and SpoiledChild, both grew double digits, very strong according to the plan and across a range of products and categories. Growth in revenue was also driven by skin penetrating massively in IL MAKIAGE. We grew from nothing in Q1 and it's going to be now like 25% in 2024. And just when I think about it, it's like $100 million, which is a lot for a brand that like three years ago we had nothing in skin.

當然。再次，如前所述，今天的開局非常強勁，IL MAKIAGE 和 SpoiledChild 均實現了兩位數增長，根據計劃，在一系列產品和類別中表現非常強勁。IL MAKIAGE 的大規模皮膚滲透也推動了收入的成長。我們在第一季從零開始成長，到 2024 年將成長 25% 左右。當我想到這一點時，這就像 1 億美元，這對於一個三年前還沒有任何皮膚產品的品牌來說是很多。

And the team did a very good job in penetration. And like it was ton of job, but like in the end of the day we did perfectly. Increasing revenue was driven by more orders and higher AOV. It's a positive mix shift towards higher-priced products. And unlike most direct-to-consumer companies, we generate most of our revenue from repeat.

而且團隊在滲透方面做得非常好。就像這是一項繁重的工作，但最終我們做得完美。更多的訂單和更高的平均銷售量推動了收入的成長。這是向高價產品的正向組合轉變。與大多數直接面向消費者的公司不同，我們的大部分收入來自重複。

And although we grew 28% in Q1, this is why the business is so profitable. And we continue to see the repeat percentage of revenue increase consistently. There is nothing more impactful and meaningful to the business strength than this. We entered to the second quarter with great momentum from the first quarter. And we began reducing our acquisition spending in order to slow growth down to land closer to our algorithm of 20% growth.

儘管我們第一季成長了 28%，但這就是我們業務如此獲利的原因。我們繼續看到收入的重複百分比持續成長。沒有什麼比這對企業實力更具影響力和意義的了。從第一季開始，我們就以強勁的勢頭進入了第二季。我們開始減少收購支出，以減緩成長速度，以更接近我們 20% 成長的演算法。

And as a result, our repeat business was the majority of our revenue in this quarter. And that's why the profitability is so huge, 32% of adjusted EBITDA margin. We have shown once again that we can power the business and we have full control. This is a huge advantage for us. And in terms of efficiency, we spend in the first half more than double than what we spent three years ago in terms of spend in media and the efficiency is even stronger now. So the business is in full control.

因此，我們的回頭客業務佔了本季收入的大部分。這就是為什麼獲利能力如此巨大，佔調整後 EBITDA 利潤率的 32%。我們再次證明我們可以為業務提供動力並且擁有完全的控制權。這對我們來說是一個巨大的優勢。從效率上來說，上半年我們在媒體方面的支出比三年前增加了一倍多，現在效率更高。因此，業務處於完全掌控之中。

Lauren Lieberman, Barclays.

勞倫·利伯曼，巴克萊銀行。

So I'm going to loop two questions into one. So first, Oran, I thought it was helpful, the sort of discussion you shared on LABS and the time it takes to build what you're hoping to. But I was curious as we think about new product launches, inclusive of Brand 3 and Brand 4 for next year, whether there are sort of unique and discreet molecules that will be included in those. So I think my recollection is that was the hope, that LABS would be contributing in 2025 to some of the new products you'd be bringing to market. So I wanted to just get a status check on that.

所以我要把兩個問題合而為一。首先，Oran，我認為您在 LABS 上分享的討論以及建立您想要的內容所需的時間很有幫助。但當我們考慮明年推出的新產品（包括品牌 3 和品牌 4）時，我很好奇是否會包含一些獨特且謹慎的分子。所以我想我的記憶是希望 LABS 能夠在 2025 年為你們推向市場的一些新產品做出貢獻。所以我想對此進行狀態檢查。

And then the second piece was the step-up in SG&A spending in the second half, and I know you guys have a habit of investing ahead and planning ahead for growth. But given the Brand 3 and Brand 4 aren't launching into the second half of '25, it seems like a lot of spending closer in. So I was curious if that's where it's directed or if it's more towards continuing to scale LABS.

第二部分是下半年SG＆A支出的增加，我知道你們有提前投資和提前規劃成長的習慣。但考慮到 Brand 3 和 Brand 4 不會在 25 年下半年推出，看來近期會有大量支出。所以我很好奇這是否是它的方向，或者是否更傾向於繼續擴大實驗室規模。

Hi, Lauren. in terms of LABS, as I mentioned, we are working a lot on building the platform properly. And when we discussed last quarter, I said that we are going to see the majority, like the first fruit from LABS in Brand 3 and Brand 4, it's still the plan. We'll have a few launches before that, that will go into SpoiledChild and IL MAKIAGE. But overall, in the next year or 2, it's mainly expenses and we are doing it.

嗨，勞倫。在實驗室方面，正如我所提到的，我們正在努力建立正確的平台。當我們上個季度討論時，我說我們將看到大多數，例如品牌 3​​ 和品牌 4 中 LABS 的第一個果實，這仍然是計劃。在此之前我們將發布一些產品，其中包括 SpoiledChild 和 IL MAKIAGE。但總體而言，在未來一兩年內，主要是支出，我們正在這樣做。

And we are happy to do it. And we believe that like we are in the beginning of massive transformation where brands -- with brand is not enough and people will ask for more than that, and we believe that science-backed product is the future of the industry. And we see it as a race. And therefore, we are investing a lot in building this capability. I believe that ODDITY has the ability to do something that no one has can because of our ability to build something from scratch.

我們很樂意這樣做。我們相信，就像我們正處於大規模轉型的開始階段一樣，品牌——僅有品牌是不夠的，人們會要求更多，我們相信科學支持的產品是產業的未來。我們將其視為一場競賽。因此，我們正在投入大量資金來建立這種能力。我相信 ODDITY 有能力做一些沒人能做的事情，因為我們有能力從頭開始建立一些東西。

And we are building another platform. And if I wanted, I could already have a product in the market from LABS. But first of all, I don't need because we are growing more than what I want without it. And second, because I want to build something that we can be proud of, and the products are not best-in-class, are way more than that comparing to the competitors.

我們正在建立另一個平台。如果我願意，我已經可以在市場上買到 LABS 的產品了。但首先，我不需要，因為如果沒有它，我們的成長將超出我的預期。其次，因為我想打造一些我們可以引以為傲的產品，而且這些產品不是一流的，但與競爭對手相比要好得多。

And so I hope it answers your question. So yes, Brand 3 and Brand 4. And in addition to that, we'll see some products within IL MAKIAGE and SpoiledChild in the next 6 to 12 months. Lindsay?

所以我希望它能回答你的問題。所以是的，品牌 3 和品牌 4。除此之外，我們將在未來 6 到 12 個月內看到 IL MAKIAGE 和 SpoiledChild 中的一些產品。林賽？

I'll take the SG&A piece of that. So as you know, we started the year off with very ambitious investment and spending plans across 2024 in support of our -- all of our initiatives in 2025, including the two new brands plus ODDITY LABS. As the year progressed, the timing of some of that spending got pushed. We have delivered upside, of course, to our numbers, and you saw that in the fact that our full-year guidance, we've continued to raise. But to the degree we've had really remarkable profitability in the first half of the year, we didn't expect to be as profitable in the first half just because of the spending.

我將承擔其中的SG&A 部分。如您所知，我們在新年伊始製定了非常雄心勃勃的 2024 年投資和支出計劃，以支持我們在 2025 年的所有舉措，包括兩個新品牌和 ODDITY LABS。隨著時間的推移，部分支出的時間被推遲。當然，我們的數字已經實現了上行，您可以從我們的全年指導中看到這一點，我們繼續提高。但就我們上半年的獲利能力而言，我們並沒有期望僅僅因為支出就能在上半年實現如此盈利。

But you get a sense of how profitable the underlying business is, even though with what we delivered in the first half of '24, that's still with some additional growth spending layered on. So if we were to pull all of that investment off, you'd have an even more profitable business. And that's a function of, as Oran said, just how incredible the repeat is.

但你可以感受到基礎業務的獲利能力，儘管我們在 24 年上半年實現了盈利，但仍然需要一些額外的成長支出。因此，如果我們撤回所有投資，您將擁有更有利可圖的業務。正如奧蘭所說，這取決於重複的令人難以置信的程度。

We also continue to be very efficient on our acquisition spend, which, as you know, the first half of the year, that's where the bulk of our acquisition activity happens. So you're seeing right now this kind of perfect flywheel of a B2C model that is super profitable because of strong repeats and continues to acquire in a very efficient way and is then able to redeploy that excess return into future investments, which we believe will drive us for many years in the future.

我們的收購支出也持續非常高效，如您所知，今年上半年是我們大部分收購活動發生的地方。因此，您現在看到的是這種完美的 B2C 模式飛輪，由於重複次數多，利潤豐厚，並且繼續以非常有效的方式獲取，然後能夠將超額回報重新部署到未來的投資中，我們相信這將驅動我們在未來的許多年。

The types of expenses, I'd say, it's a bunch of things, product development, brand development, people, we have a whole lot going on and we've front-loaded those costs as much as possible. We'll have more, of course, in 2025 and that underpins the guidance that -- the preliminary guidance that we gave you on 2025 today.

我想說的是，費用類型包括很多事情，產品開發、品牌開發、人員，我們有很多事情要做，我們已經盡可能地預先承擔了這些成本。當然，到 2025 年，我們將會有更多內容，這將支撐我們今天在 2025 年為您提供的初步指導。

Youssef Squali, Truist Securities.

優素福‧斯誇裡 (Youssef Squali)，Truist 證券公司。

Sorry about that. I don't know what happened. So two questions. Maybe can you just unpack a little more the investments that you guys have in store for Brand 3, Brand 4 versus the investment in ODDITY LABS? It seems that you guys are looking at the two somewhat differently.

對此感到抱歉。我不知道發生了什麼事。那麼兩個問題。也許你們可以稍微透露一下你們對品牌 3、品牌 4 的投資與對 ODDITY LABS 的投資相比？看來你們對兩者的看法有些不同。

ODDITY LABS is more of a long-term kind of investment with an ROI that's still not very clear to us, although it seems to be very clear to you. But investment in Brand 3 and Brand 4 seem to be kind of more specific. So anything you can -- any kind of clarity you can shed on that would be really helpful.

ODDITY LABS 更像是一種長期投資，其投資回報率對我們來說仍然不是很清楚，儘管您似乎很清楚。但對品牌 3 和品牌 4 的投資似乎更具體。所以你能做的任何事情——任何你能提供的清晰度都會非常有幫助。

And then maybe as a somewhat of a related question, Oran, maybe talk a little bit about the changing leadership at LABS. Any change in direction? Any impacts on maybe the cadence of output of either products or molecules, however you want to define it out of that LABS now that you have new kind of leadership there?

然後，也許作為一個相關的問題，奧蘭，也許可以談談實驗室領導的變化。方向有變化嗎？對產品或分子的輸出節奏有什麼影響，但是既然你在那裡有了新的領導階層，你想從實驗室定義它嗎？

Sure. So I'll start with the second question and then I'll move to the first one. There is no change because I'm still here, fortunately or unfortunately. Like the piece we are trying to solve here, we are building a platform and it's a combination between building something new and blitzscaling because I believe, again, as I mentioned before, that we are in a race to get it right. I believe that the rest of the industry will go there and we need to move fast.

當然。所以我將從第二個問題開始，然後轉向第一個問題。沒有任何改變，因為我還在這裡，無論幸運或不幸。就像我們在這裡試圖解決的問題一樣，我們正在建立一個平台，它是建立新事物和閃電式擴張之間的結合，因為我再次相信，正如我之前提到的，我們正在努力做到正確。我相信產業的其他公司也會去那裡，我們需要快速行動。

And this is part of the reason for the change. I want to hire more. I want to build more. I want to add more oversight. I've done it before with a tech team and I want to do the same in France, in Boston.

這也是改變的部分原因。我想僱用更多人。我想建造更多。我想增加更多的監督。我之前曾與一個技術團隊合作過，現在我想在法國波士頓做同樣的事情。

And therefore, we are making some changes there in leadership. In terms of direction, same direction, I'm very involved. My sister is involved. And now, we are going to bring more people that are sharing our philosophy of how to move faster towards this direction. And I think that Ido is the best candidate for that.

因此，我們正在領導層方面做出一些改變。就方向而言，同一個方向，我非常投入。我姐姐也參與其中。現在，我們將邀請更多的人來分享我們的理念，如何更快地朝著這個方向前進。我認為 Ido 是最佳人選。

I met so many people. And I think that his creativity and his ability to go from zero to one is something that we need there, and it fits perfectly to our view. So the same as I said on the call before, we are building -- we are doing both, hiring a lot, but at the same time, oversight and structure and protocols to make sure that we are not just spending money to make sure that we are building something that is sustainable for long term. To your first question, the difference between building brands and building LABS. So building LABS is more like building a platform, more like building the technology team in Israel.

我遇到了很多人。我認為他的創造力和從零到一的能力是我們所需要的，而且它完全符合我們的觀點。因此，就像我之前在電話會議上所說的那樣，我們正在建設——我們正在做這兩件事，招聘大量人員，但同時進行監督、結構和協議，以確保我們不僅僅是花錢來確保我們正在打造長期可持續發展的東西。對於你的第一個問題，建立品牌和建立實驗室之間的差異。所以建造LABS更像是建立一個平台，更像是建立以色列的技術團隊。

It takes time, it takes iteration. We are spending a lot on learning, and it's a long-term game. By the way, when I say long term, I'm not referring to 10 years from now. Some products, I believe, that are going to be ready for Brand 3 and Brand 4 and going to be great, but we are building something that is with way more power to sell more than just two brands or two products or five products. We are building a platform there.

這需要時間，需要迭代。我們在學習上花了很多錢，這是一個長期的遊戲。順便說一句，當我說長期時，我指的並不是 10 年後。我相信，有些產品將為品牌 3 和品牌 4 做好準備，並且會很棒，但我們正在建立的產品具有更強的銷售能力，而不僅僅是兩個品牌或兩種產品或五種產品。我們正在那裡建立一個平台。

So it requires way more in terms of focus and investment. And thank God, I'm in a position that you saw my adjusted EBITDA margin. I don't want to be in 32% EBITDA margin. I don't think it's like what we need as a company. And we have -- and my commitment is to continue to invest, to build something meaningful while using our strong profitability.

因此，它需要更多的關注和投資。感謝上帝，我現在的處境是你們看到了我調整後的 EBITDA 利潤率。我不想 EBITDA 利潤率為 32%。我認為這不是我們作為一家公司所需要的。我們已經——我的承諾是繼續投資，在利用我們強大的獲利能力的同時打造出有意義的東西。

The difference between that and Brand 3 and Brand 4, Brand 3 and Brand 4, we've done before. We built IL MAKIAGE. We built SpoiledChild. We know how to do it. It's more labor.

那和品牌3和品牌4、品牌3和品牌4的差別，我們之前已經做過了。我們建造了IL MAKIAGE。我們建造了 SpoiledChild。我們知道該怎麼做。這是更多的勞動。

It's more planning and strategy and branding and NPD. We've done before. The main difference between Brand 3 and Brand 4, with Brand 3, again, we are building more than just a brand. We are building a telehealth platform, and we start with medical-grade skin and body issues like acne, eczema, and hyperpigmentation. It's a huge pain point and impacts massive part of our users.

更多的是規劃、策略、品牌和 NPD。我們以前做過。品牌 3 和品牌 4 之間的主要差異是，對於品牌 3，我們打造的不僅僅是一個品牌。我們正在建立一個遠距醫療平台，我們從醫療級皮膚和身體問題開始，如痤瘡、濕疹和色素沉著。這是一個巨大的痛點，影響了我們大部分的用戶。

And the reason that we do it, that we started the satisfaction with current solution is terrible. Either inconvenient business to doctor's office or picking ineffective treatments and drug stores. And that's a huge opportunity for us developing line of OTC and Rx products and discover multiple face and body as a start. Then, building first-of-the-kind mobile app is something that we know how to do. The vision technology is core.

我們這樣做的原因是我們開始對目前的解決方案感到滿意，這是可怕的。要嘛去醫生辦公室不方便，要嘛選擇無效的治療方法和藥局。這對我們開發 OTC 和 Rx 產品線並發現多種臉部和身體作為起點來說是一個巨大的機會。然後，我們知道如何建立首個行動應用程式。視覺科技是核心。

We are building it for the past two years. And I think that's going to differentiate us and almost like make or break. Based on the numbers that I saw from our vision model lately, it's make, not break. And number three, leveraging the platform and the users that we have to serve and to drive revenue very efficiently. And again, we've done it before so different type of expenses and investments.

我們在過去兩年裡一直在建造它。我認為這將使我們與眾不同，幾乎就像成敗一樣。根據我最近從我們的願景模型中看到的數字，它是成功，而不是破壞。第三，利用我們必須服務的平台和用戶並非常有效地增加收入。再說一遍，我們之前已經做過如此不同類型的支出和投資。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Thanks so much for taking my question. Oran, you said earlier that media spend had doubled in the first half of this year versus two years ago. Revenue is up more than that. Can you just talk about the efficiencies that you guys are being able to generate on media spend and the confidence that continues? What has worked? What hasn't worked and where you guys finding pockets of strength?

非常感謝您提出我的問題。奧蘭，您之前說過今年上半年的媒體支出比兩年前翻了一番。收入增幅還不止於此。您能談談你們在媒體支出方面所取得的效率以及持續的信心嗎？什麼起作用了？什麼不起作用？

And then, Lindsay, as I think about the formulation for revenue growth this quarter, I think you said AOV was up 6%. That kind of implies that orders are right at that 20% level. Is that the right framework that we should think about growth going forward? Is that, hey, maybe AOV is mid-single digits and order growth is kind of 20% and you guys are solving for that 20%? Or is there any way that we should think about the breakdown of P times Q equals R? Thanks so much.

然後，Lindsay，當我思考本季營收成長的公式時，我認為您說 AOV 成長了 6%。這意味著訂單正好處於 20% 的水平。這是我們考慮未來成長的正確框架嗎？是不是，嘿，也許 AOV 是中個位數，訂單成長是 20%，而你們正在解決這 20% 的問題？或者我們應該考慮 P 乘 Q 等於 R 的分解？非常感謝。

Andrew, thanks for the question. Although all the noise is out there, the acquisition environment is still favorable for us and you can see it like with our strong margins. If I spend more, I wouldn't bring 32% of EBITDA margin and 27% on H1. ROAS did improve versus last year. And we spent in H1 '24 almost double the amount on media than what we spent in H1 2022, while keeping our overall market efficiency ROAS.

安德魯，謝謝你的提問。儘管所有的噪音都在那裡，但收購環境仍然對我們有利，你可以從我們強勁的利潤率中看到這一點。如果我花更多的錢，我不會帶來 32% 的 EBITDA 利潤率和 27% 的上半年利潤。與去年相比，廣告支出回報率確實有所提高。我們在 24 年上半年的媒體支出幾乎是 2022 年上半年支出的兩倍，同時維持了整體市場效率 ROAS。

This is unusual and shows the efficiency of our platform. We are bullish about our media efficiency. Q2 '24 was our highest scale of Q2 ever and despite that, we were able to achieve the highest EBITDA margin as I mentioned before. But remember that we have very different approach from other companies which makes it easier for us. We are not acquiring customers.

這是不尋常的，顯示了我們平台的效率。我們看好我們的媒體效率。24 年第二季度是我們有史以來規模最大的第二季度，儘管如此，正如我之前提到的，我們還是實現了最高的 EBITDA 利潤率。但請記住，我們的方法與其他公司非常不同，這使我們更容易做到這一點。我們不是在獲取客戶。

We are acquiring users and over time converting them and that -- it helps us a lot and like delivering those results. Lindsay?

我們正在獲取用戶，並隨著時間的推移轉化他們，這對我們有很大幫助，並且喜歡交付這些結果。林賽？

Hey, Andrew. It's Lindsay. So as far as the revenue composition goes, this quarter, you are right, AOV was up around 6%. Most of our revenue growth was driven by orders. Return rate was a little bit better on a year-over-year basis as well. We don't plan our business for AOV versus order.

嘿，安德魯。這是林賽。就營收組成而言，本季度，你是對的，AOV 成長了 6% 左右。我們的大部分收入成長都是由訂單推動的。回報率也比去年同期好一些。我們不會根據 AOV 而非訂單來規劃我們的業務。

And so it's not possible for me to give you kind of the equation going forward. We focus really on revenue versus our acquisition dollars and it's really more of a ROAS metric. There are different factors that can affect our AOV, and as a result, we're really not solving for it. So for example, the types of new products or the types of products overall, which may have lower price points, but make sense from a contribution margin perspective. For example, they might have better repeat.

所以我不可能給你一個未來的方程式。我們真正關注的是收入與收購資金的比較，這實際上更多的是 ROAS 指標。有不同的因素會影響我們的 AOV，因此，我們實際上並沒有解決這個問題。例如，新產品的類型或整體產品的類型可能具有較低的價格點，但從邊際貢獻的角度來看是有意義的。例如，他們可能最好重複一遍。

Repeat itself is a lower AOV category for us. So that can be a drag overall. But what we have seen over the last few years is that, we're seeing higher AOV in both first order and repeat and it's been in a large part a function of people just adding more items to their basket, more items to their order. And we're able to do that, number one, just as our models get better at recommending, doing a better job in things like upsells and bundles. But also, because we have a broader product portfolio now today, there's more things for her to find and we know how to show them to her and to drive that conversion.

對我們來說，重複本身就是一個較低的 AOV 類別。因此，這可能會成為整體的拖累。但我們在過去幾年中看到的是，我們看到一階訂單和重複訂單的AOV 都較高，這在很大程度上是人們向購物籃中添加更多商品、向訂單中添加更多商品的結果。第一，我們能夠做到這一點，就像我們的模型在推薦方面做得更好一樣，在追加銷售和捆綁銷售等方面做得更好。而且，因為我們現在擁有更廣泛的產品組合，所以她可以找到更多東西，我們知道如何向她展示這些東西並推動轉換。

So that's been a really important driver for us on both first order and repeat. And then, of course, the positive mix of skin is also a nice driver, but we're not committed to continuous improvement on AOV as an ongoing driver of revenue. It's just not how we run the business.

因此，這對我們的首單和重複訂單都是非常重要的驅動力。當然，積極的皮膚組合也是一個很好的驅動因素，但我們並不致力於持續改善 AOV 作為收入的持續驅動力。這不是我們經營業務的方式。

Mark Mahaney, Evercore.

馬克·馬哈尼，Evercore。

Thanks. Two questions, please. Can you just talk about what are the biggest governors or factors that determine the launch times for Brands 3 and 4? Is it product readiness? Is it go-to-market plan readiness? Like what determines for you that why they're launched in the second half of '25 versus the first half of '25?

謝謝。請教兩個問題。您能否談談決定品牌 3 和 4 的發佈時間的最大調控因素或因素是什麼？產品準備就緒了嗎？上市計畫準備就緒了嗎？就像是什麼決定了為什麼它們在 25 年下半年而不是 25 年上半年推出？

And in just your current business, could you talk about any regions -- geographical regions of strength or weakness? And embed in that question, any signs of consumer discretionary spend softness? Thank you very much.

在您目前的業務中，您能談談任何地區—優勢或劣勢的地理區域嗎？在這個問題中，有任何跡象顯示消費者可自由支配支出疲軟嗎？非常感謝。

Sure. So I will take the first question and Lindsay, you can talk about the second one. Look, in terms of Brand 3 and Brand 4, first of all, of course, the teams are building those brands. It takes time, especially Brand 3. It's product development.

當然。所以我將回答第一個問題，林賽，你可以談談第二個問題。看，就品牌3和品牌4而言，首先，當然，團隊正在打造這些品牌。這需要時間，尤其是品牌 3。這是產品開發。

It's the app. It's technology -- it's vision technology. It's so many things that we need to like to build in order to be ready. And therefore, we committed to H2 and not to H1. That was the plan from the get-go.

這是應用程式。這是技術——這是視覺技術。為了做好準備，我們需要建造很多東西。因此，我們致力於 H2 而不是 H1。這就是從一開始的計劃。

We didn't change it. But as I mentioned multiple times, like even if I had now Brand 3 or 4 ready, I wouldn't launch it because I don't need the growth. We are committed to our model. We want to build the business at the right pace, 20% growth is already like three weeks than my incumbent. And there is no reason to go faster than that.

我們沒有改變它。但正如我多次提到的，即使我現在已經準備好品牌 3 或 4，我也不會推出它，因為我不需要成長。我們致力於我們的模式。我們希望以正確的速度發展業務，20% 的成長已經比我現任的三週多了。沒有理由走得更快。

We want to make sure that our customers are happy, that we are doing things properly. So now the plan, we will be ready for both brands in H2 next year, and we will launch it when we think is the right moment.

我們希望確保我們的客戶滿意，我們的做法正確。所以現在的計劃是，我們會在明年下半年為這兩個品牌做好準備，當我們認為合適的時候我們就會推出它。

Mark, can you repeat that second question?

馬克，你能重複第二個問題嗎？

With apologies, ma'am. He's been returned to the conference. Mr. Mahaney, would you please re-queue, sir?

抱歉，女士。他又回到了會議現場。馬哈尼先生，請您重新排隊好嗎？

Oran, did you catch it? I didn't hear it.

奧蘭，你抓到了嗎？我沒聽到。

Yes, I think he was asking regarding, like weakness in specific geographies or in general, in the US, any softness that we see in our platform?

是的，我認為他是在問我們在我們的平台上看到的任何弱點，例如特定地區或美國整體的弱點？

Sorry, Mark, if you want to queue back and re-ask it, but I will answer that question, so --

抱歉，馬克，如果你想重新排隊再問，但我會回答這個問題，所以--

Mr. Mahaney, I apologize. Your line is open, sir.

馬哈尼先生，我很抱歉。您的線路已開通，先生。

No, Oran, you got my question right. Any regions of strength or weakness to call out and any signs of consumer softness? Thank you.

不，奧蘭，你問對了。有哪些值得指出的強項或弱項以及消費者疲軟的跡象？謝謝。

We're not seeing it. I know a lot of other of our competitors in the category, and of course, other pockets of consumers are seeing this kind of weakness, but we simply are not. In fact, we're seeing a lot of broad-based strength in both of our brands and different product categories. So Oran talked about the strength in skin, which again is a higher price point item. But also our color business continues to be very strong for IL MAKIAGE and SpoiledChild is growing very, very well.

我們沒有看到它。我知道我們在該類別中的許多其他競爭對手，當然，其他消費者也看到了這種弱點，但我們根本沒有。事實上，我們在我們的品牌和不同產品類別中都看到了許多廣泛的優勢。因此，奧蘭談到了皮膚的強度，這又是一個價格較高的項目。但對於 IL MAKIAGE 來說，我們的色彩業務仍然非常強勁，而 SpoiledChild 的成長也非常非常好。

We also -- we have a very broad demographic, so we have an older customer and a younger customer, and we have a suburban customer and a city customer, and we're really geographically across the US, very, very well represented. I think we're the wrong place to hunt candidly, just because we're so small in a very, very large market, and we're an idiosyncratic growth story as we're gaining a whole lot of market share because we're operating in a wide open channel, which is, we think, the most important channel for the consumer for the future. So no, we haven't seen any evidence -- any indication of it at this time.

我們還有非常廣泛的人口統計，所以我們有年長的客戶和年輕的客戶，我們有郊區客戶和城市客戶，而且我們的地理位置確實遍布美國，非常非常有代表性。我認為坦率地尋找我們是錯誤的地方，只是因為我們在一個非常非常大的市場中是如此之小，而且我們是一個特殊的成長故事，因為我們正在獲得大量的市場份額，因為我們在廣泛開放的通路中運營，我們認為這是未來消費者最重要的管道。所以不，我們目前還沒有看到任何證據——任何跡象。

And that was the final question from our audience today. Mr. Holtzman, I am happy to turn it back to you, sir, for any additional or closing remarks.

這是今天觀眾提出的最後一個問題。霍爾茨曼先生，先生，我很高興將其轉回給您，請您發表任何補充或結束語。

No. Thank you very much guys for joining us. See you next quarter. Have a good day.

不。非常感謝你們加入我們。下季見。祝你有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference, and we thank you all for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束，我們感謝大家的參與。現在您可以斷開線路。