ODDITY Tech Ltd. (ODD) 2025 Q4 法說會逐字稿

Good morning and welcome to Oddity's fourth quarter 2025 earnings conference call. Today's call is being recorded and we have allocated time for prepared remarks and Q&A.

早安，歡迎參加 Oddity 2025 年第四季財報電話會議。今天的電話會議正在錄音，我們已預留時間進行事先準備好的發言和問答環節。

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

此時，我想把會議交給 Oddity 的投資人關係負責人 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; Niv Price, Oddity's CTO will also be available for the question-and-answer session.

謝謝接線生。與我一同出席的還有 Oddity 的共同創辦人兼執行長 Oran Holtzman；以及 Oddity 的全球財務長 Lindsay Drucker Mann；Oddity 的技術長 Niv Price 也將參與問答環節。

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 made about Oddity's business strategy, market opportunity, future financial performance, customer acquisition costs, and potential long-term success.

再次提醒各位，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 Oddity 的商業策略、市場機會、未來財務表現、客戶獲取成本和潛在長期成功的聲明。

Forward-looking statements involve risks and uncertainties, and actual results could differ materially due to a variety of factors. These factors are described under forward-looking statements in our earnings press release issued earlier today and in our most recent annual report on Form 20-F follows the Securities and Exchange Commission on February 25, 2025. 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與預期有重大差異。這些因素已在今天早些時候發布的盈利新聞稿和我們最新的 20-F 表格年度報告（於 2025 年 2 月 25 日提交給美國證券交易委員會）的前瞻性聲明中進行了描述。我們不承擔更新前瞻性聲明的任何義務，這些聲明僅代表截至今日的觀點。

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 today. I'll now hand the call over to Oran.

最後，在本次電話會議中，我們將討論一些我們認為有助於了解我們業務的非GAAP財務指標。有關這些非GAAP財務指標的更多信息，包括其定義，請參閱我們今天發布的盈利新聞稿。現在我將把電話交給奧蘭。

Thanks, everyone for joining our call today. 2025 was a strong year for Oddity. We delivered record financial results with revenue, adjusted EBITDA, and adjusted EPS all ahead of our plan. Revenue increased 25% to a record $810 million. We delivered record adjusted EBITDA of $163 million, representing 20.2% adjusted EBITDA margin.

感謝各位今天參加我們的電話會議。 2025年對Oddity來說是碩果累累的一年。我們取得了創紀錄的財務業績，收入、調整後 EBITDA 和調整後每股盈餘都提前完成了計劃。營收成長25%，達到創紀錄的8.1億美元。我們實現了創紀錄的調整後 EBITDA 1.63 億美元，調整後 EBITDA 利潤率為 20.2%。

Across the year, we were able to once again raise our financial outlook every quarter on revenue and profit, and this is despite experiencing challenging and user acquisition costs in H2 that drove an increase in advertising spend.

在過去一年中，儘管下半年面臨挑戰和用戶獲取成本增加，導致廣告支出增加，但我們每季都提高了收入和利潤的財務預期。

Our strong and profitable repeat rates allowed us to once again deliver results ahead of our plans, and we accomplished all of this while investing heavily in our future. Notably, this year, we successfully launched our third brand, METHODIQ, which expands our reach into the medical grade space where we see enormous potential.

我們強勁且盈利的回頭客率使我們能夠再次提前完成計劃並取得成果，而且我們是在對未來進行大量投資的情況下完成所有這一切的。值得一提的是，今年我們成功推出了第三個品牌 METHODIQ，這拓展了我們在醫療級領域的業務範圍，我們看到了該領域的巨大潛力。

In addition, we continued our ongoing investments in Oddity Labs, in our tech infrastructure, as well as new products and new brands. We believe that our powerful platform, brand, and technology combined with our growth investments create a long runway for us to grow in a big, attractive, and profitable category where we are well positioned to outrun our competition.

此外，我們繼續對 Oddity Labs、我們的技術基礎設施以及新產品和新品牌進行持續投資。我們相信，我們強大的平台、品牌和技術，加上我們的成長投資，為我們在一個龐大、有吸引力且利潤豐厚的類別中實現長期成長創造了條件，我們在這個類別中處於有利地位，可以超越我們的競爭對手。

We finished the year with a strong balanced position with $776 million in cash and cash equivalents. Even as we work tirelessly to address what we believe is a near-term dislocation in our user acquisition costs, there is no change to our long-term vision, strategy, or our commitment to growth.

年底時，我們擁有穩健的財務狀況，現金及現金等價物達 7.76 億美元。即使我們正在不懈地努力解決我們認為在短期內用戶獲取成本方面出現的偏差，但我們的長期願景、策略以及對成長的承諾都不會改變。

First, the consumer immigration online, where our brands maintain leading positions. One of the best indicators of our business health is our very strong repeat sales. In 2025, approximately 70% of audit revenue came from repeat sales. Customer cohorts repeat behavior remained very strong and continues to increase.

首先是線上消費者移民市場，我們的品牌在該市場保持領先地位。我們業務健康狀況的最佳指標之一就是我們非常強勁的複購率。到 2025 年，審計收入的約 70% 將來自重複銷售。客戶群的重複購買行為依然非常強勁，並且持續成長。

12 month net revenue repeat rates for our 2024 cohort of first purchasers increased from the 2023 cohort and remained over 100%. We believe these are outstanding repeat metrics compared with other direct-to-consumer companies and reflect the health of our brands, the quality of our products, and the high satisfaction from our customers.

2024 年首批購買者的 12 個月淨收入重複率較 2023 年有所提高，並維持在 100% 以上。我們認為，與其他直接面向消費者的公司相比，這些重複購買指標非常出色，反映了我們品牌的健康發展、產品品質以及客戶的高度滿意度。

Moving to our brands, IL MAKIAGE grew revenue low double-digits in 2025 to approximately $560 million. IL MAKIAGE's Skin was a highlighted brand and finished the year at approximately 40% of IL MAKIAGE brand revenue, expanding from around 30% of brand revenue in 2024.

再來看我們的品牌，IL MAKIAGE 2025 年的營收實現了兩位數的低成長，達到約 5.6 億美元。MAKIAGE 的保養品是重點品牌，年末佔 IL MAKIAGE 品牌營收的約 40%，高於 2024 年品牌營收的約 30%。

The rapid success of IL MAKIAGE Skin since its launch in 2022 demonstrates the power of our platform and our ability to leverage our user base and technology to quickly scale new products and categories.

IL MAKIAGE Skin 自 2022 年推出以來迅速取得成功，證明了我們平台的強大實力，以及我們利用用戶基礎和技術快速擴展新產品和新類別的能力。

International markets were also a key driver for IL MAKIAGE. Oddity international revenue, the majority of which is from IL MAKIAGE, grew 42% for the year. International markets represent 17.5% of overall Oddity net revenue for 2025 compared with many of our competitors that generate more than 65% of net sales from international markets.

國際市場也是 IL MAKIAGE 的關鍵驅動因素。Oddity 的國際收入（其中大部分來自 IL MAKIAGE）年增 42%。2025 年，國際市場佔 Oddity 總淨收入的 17.5%，而我們的許多競爭對手的淨銷售額中有超過 65% 來自國際市場。

SpoiledChild also had a strong year, increasing revenue double-digits to approximately $250 million. This is an incredible accomplishment for an online-only brand that just launched four years ago and once again shows the power of our platform and ability to scale. We remain excited about SpoiledChild's long-term potential, including new product expansion in beauty and wellness.

SpoiledChild 今年也表現強勁，營收實現了兩位數的成長，達到約 2.5 億美元。對於一個四年前才成立的純線上品牌來說，這是一項了不起的成就，再次展現了我們平台的強大實力和擴展能力。我們仍然對 SpoiledChild 的長期潛力感到興奮，包括在美容和健康領域的新產品拓展。

The launch of METHODIQ, our third brand, was a highlight accomplishment in 2025. METHODIQ is a medical telehealth platform that aims to deliver high efficacy treatments at scale, starting in dermatology, addressing concerns like acne, hypopigmentation, and eczema. It is off to a great start, and we are very pleased to see its initial success.

2025 年，我們第三個品牌 METHODIQ 的推出是一項重要的成就。METHODIQ 是一個醫療遠距醫療平台，旨在大規模提供高效治療，首先從皮膚科入手，解決痤瘡、色素減退和濕疹等問題。它開局良好，我們很高興看到它取得了初步成功。

Our early focus on acne, hypopigmentation and color products is showing good traction, and we believe this will be big categories for us. We are seeing good metrics and continuous improvement in our KPIs even as our customer cohorts increase in size.

我們早期專注於痤瘡、色素減退和色彩產品，目前已取得良好成效，我們相信這些將成為我們重要的類別。即使我們的客戶群規模不斷擴大，我們也看到了良好的指標和關鍵績效指標的持續改善。

What we see in METHODIQ app engagement reinforces our view that METHODIQ can uniquely deliver a high standard of care for a broad audience and do it with great convenience. When we look at the app download rates on board completion, weekly check-in rates, and care team engagement, we can see the demand and we are bullish about how an app technology will drive user compliance, satisfaction, and success.

我們在 METHODIQ 應用程式的使用者參與度方面所看到的，強化了我們的觀點，即 METHODIQ 能夠以獨特的方式為廣大用戶提供高標準的護理，並且非常方便。當我們查看應用程式下載率與登機完成率、每週簽到率和護理團隊參與度之間的關係時，我們可以看到需求，並且我們對應用程式技術將如何推動用戶合規性、滿意度和成功充滿信心。

Moving on to the second focus area of our long-term growth strategy, the consumer adoption of high performance products that better address their pain points. Our product development pipeline for all three brands are focused on bringing the market top performance that we believe beat the competition on efficacy.

接下來，我們來看看長期成長策略的第二個重點領域，即消費者對能夠更好地解決其痛點的高效能產品的接受度。我們旗下所有三個品牌的產品研發方向都專注於為市場帶來我們認為在功效上超越競爭對手的頂級性能產品。

Oddity Labs continue to push the frontier of ingredient innovation in beauty and wellness. Over the past 18 months, we've made major strides in our capabilities and infrastructure to improve our work with the goal of shrinking our timelines and improving the probability of success in identifying game changing molecules.

Oddity Labs 不斷推動美容和健康領域成分創新的前沿發展。在過去的 18 個月裡，我們在能力和基礎設施方面取得了重大進展，以改善我們的工作，目標是縮短時間，提高識別顛覆性分子的成功機率。

Our efforts in process and infrastructure have driven significant improvements in our productivity, increasing the number of targets we can tackle and allowing us to push projects along faster with greater accuracy.

我們在流程和基礎設施方面的努力顯著提高了我們的生產力，增加了我們可以完成的目標數量，並使我們能夠以更快的速度、更高的準確度推進專案。

One highlight area is our work in traditional biology which expands on our strong in-silico and in-vitro foundations. This work helps us to get stronger winds on the most relevant biomarkers for our products, increases our predictive power of success, and does it in a way that is scalable, representative, and with rigorous science.

其中一個亮點領域是我們進行的傳統生物學研究，該研究建立在我們強大的電腦模擬和體外實驗基礎之上。這項工作幫助我們更有效地找到與我們產品最相關的生物標誌物，提高我們對成功的預測能力，並以可擴展、代表性和嚴謹的科學方式進行。

Another highlight is our ability to identify biological targets that can influence the desired effect. We are focused on pain points with large commercial opportunities, including acne augmentation and aging, and our target list includes pathways like reducing melanin production and boosting collagen and elastin. We are leveraging AI agents to map targets and structures and also applying our work in traditional biology to identify novel targets.

另一個亮點是我們能夠識別可以影響預期效果的生物標靶。我們專注於具有巨大商業機會的痛點，包括痤瘡加劇和衰老，我們的目標清單包括減少黑色素生成和促進膠原蛋白和彈性蛋白等途徑。我們正在利用人工智慧代理來繪製目標和結構圖，並將我們在傳統生物學領域的工作應用於識別新的目標。

We recently expanded our capabilities into peptides to add to our small molecule foundations and are working on peptide solutions in areas like acne and aging. This expansion into peptides gives us the flexibility to identify the right modality to address an individual biological target.

我們最近將業務拓展到勝肽領域，以補充我們的小分子基礎，並正在研究勝肽在痤瘡和老化等領域的應用。這種向肽類藥物的擴展使我們能夠靈活地確定針對特定生物標靶的正確治療方式。

At the same time, we are working in parallel to improve topical delivery of different activities to ensure they reach the relevant areas in skin and maximize the biological effect. We expect to have eight products on the market in 2026 made with Oddity Labs molecules. The innovation for METHODIQ is especially exciting, including molecules that cover key categories including acne, eczema and hyperpigmentation, and more to come in the future that we are bullish about.

同時，我們正在並行努力改進不同活性成分的局部輸送，以確保它們到達皮膚的相關區域，並最大限度地發揮其生物效應。我們預計到 2026 年將有八款採用 Oddity Labs 分子製成的產品上市。METHODIQ 的創新尤其令人興奮，其中包括涵蓋痤瘡、濕疹和色素沉著等關鍵類別的分子，未來還將推出更多我們非常看好的產品。

Turning to our acquisition costs. We experienced an unprecedented dislocation in our account with our largest advertising partner, which we believe is due to recent changes in their algorithms that likely diverted us to less desirable auctions and traffic at abnormally high costs. These changes resulted in significant abnormal increases in our New Year's acquisition costs for auditing that are not correlated with the market or our historical experience.

接下來談談我們的收購成本。我們與最大的廣告合作夥伴的帳戶出現了前所未有的混亂，我們認為這是由於他們最近的演算法變化導致我們被引導至不太理想的競價和流量，而成本卻異常高昂。這些變化導致我們新年期間的審計收購成本出現顯著的異常成長，而這些成長與市場或我們的歷史經驗無關。

We've never seen anything close to those acquisition costs, not in auditing, and also not in other beauty advertisers. This elevated acquisition cost is severely hurting our ability to acquire new users efficiently at a high scale as we normally do in the first half of each year and have done consistently for the past eight years very successfully.

我們從未見過如此高的獲客成本，無論是在審計中，還是在其他美容廣告商中。如此高的獲客成本嚴重影響了我們高效大規模獲取新用戶的能力，而我們通常在每年上半年都會這樣做，並且在過去八年中一直非常成功地做到這一點。

Both IL MAKIAGE and the SpoiledChild appear to be impacted by these algorithm changes, although the impact on IL MAKIAGE was more severe, probably due to its higher scale. After identifying the root cause in late January, we quickly moved to implement stronger remediation actions, primarily around the modern infrastructure that we hope will get us back to the right auctions and ultimately drive improvement in our new user acquisition with significant progress in Q2 and normalization in Q3 or Q4.

IL MAKIAGE 和 SpoiledChild 似乎都受到了這些演算法變化的影響，儘管 IL MAKIAGE 受到的影響更為嚴重，可能是因為規模更大。在 1 月下旬確定了根本原因後，我們迅速採取了更強有力的補救措施，主要圍繞現代化基礎設施展開，我們希望這將使我們回到正確的拍賣中，並最終推動新用戶獲取的改善，在第二季度取得顯著進展，並在第三季度或第四季度實現正常化。

These types of algorithm updates are not new and have been ongoing through the years, and we've historically adapted to them. In this case, it was harder than before to identify how these updates were impacting our business and therefore it was harder to identify the root cause.

這類演算法更新並不新鮮，多年來一直在進行，我們也一直在適應它們。在這種情況下，要確定這些更新對我們的業務有何影響比以前更難，因此也更難確定根本原因。

We believe we got hit by the algorithm change due to our user acquisition strategy that includes a try-before-you-buy offering, which is a wearing beauty and therefore may be an edge case within the new algorithm changes. We believe the algorithm updates impacts on how this platform interprets and weighs the signals associated with drivers by model primarily due to its inherent higher return rates and diverted us to lower quality auctions at abnormally high costs disconnected from the market.

我們認為，由於我們的用戶獲取策略包含先試後買的服務，我們受到了演算法變更的影響，這是一種需要佩戴的美容產品，因此可能是新演算法變更中的一個特殊案例。我們認為演算法更新影響了該平台如何解釋和權衡與車型相關的訊號，主要是因為其固有的較高回報率，並將我們引向品質較低、成本異常高昂且與市場脫節的拍賣。

For more context about the model, try-before-you-buy is designed for the benefit of the consumer by reducing the risk of trying our products online. It is a pro-consumer model that allows us to replicate online the experience of physical stores like Sephora, where consumers can try products in real life and materially reduce the risk of purchase.

為了更詳細地了解該模式，「先試後買」的設計初衷是為了降低消費者在線上試用我們產品的風險，從而使消費者受益。它是一種以消費者為中心的模式，使我們能夠在線上複製絲芙蘭等實體店的體驗，讓消費者能夠親身試用產品，從而切實降低購買風險。

This model is growing in beauty due to its complex execution. We believe it's an edge case and a non-obvious interaction within the platform's new auction dynamics. After assessing the driver of what we believe is hitting us, we quickly move to fix it. Our remediation actions are designed to reduce the price before you buy down-weighting while preserving the ability for new customers to purchase products on a trial basis with minimal risk.

由於其複雜的製作工藝，這款模型越來越美觀。我們認為這是一個特殊案例，也是該平台新拍賣機制中一個不明顯的交互作用。在評估我們認為造成我們困境的根本原因後，我們會迅速採取行動加以解決。我們的補救措施旨在降低購買前的價格，同時保持新客戶能夠以最小的風險試用購買產品。

Important to note, try-before-you-buy isn't a dependency for us. We offer it as a better alternative for consumer, but our agent model allows us to rebalance towards the standard by offering if we see it is needed. Unfortunately, because we only recently identified the root cause and despite working tirelessly to fix it, we have not had much time to take action, and it takes time to recover. Therefore, we expect negative impact on our 2026 financial results with the most significant impact expected in H1.

要注意的是，我們並不依賴先試後買服務。我們將其作為對消費者而言更好的選擇，但我們的代理模式允許我們在必要時透過提供標準產品來重新平衡。不幸的是，由於我們最近才發現根本原因，儘管我們不懈地努力解決這個問題，但我們還沒有太多時間採取行動，而恢復也需要時間。因此，我們預計這將對我們 2026 年的財務表現產生負面影響，其中上半年的影響最為顯著。

But I want to be very clear. Despite the dislocation in our news acquisition we are currently facing, we are not changing our model, our strategy, or our long-term focus on growth. The main objective of the company right now is correcting this issue and being in a position to immediately pivot back to growth.

但我想要非常明確地說明一點。儘管我們目前在新聞獲取方面面臨一些困難，但我們不會改變我們的模式、策略或對長期成長的關注。公司目前的主要目標是糾正這個問題，並能夠立即恢復成長。

I want to close with some perspective on this moment in time. Over the past eight years, we grew from $25 million of revenue to $800 million in revenue despite multiple changes on ad tech side. A prominent one was iOS 14. We have navigated algorithm adjustments by our ad partners in the past, and we believe we will be able to also address the current dislocation.

最後，我想就當下這個時代談談我的看法。在過去八年裡，儘管廣告科技方面發生了許多變化，我們的收入仍從 2,500 萬美元成長到 8 億美元。其中最引人注目的是 iOS 14。我們過去曾應對廣告合作夥伴的演算法調整，我們相信我們也能解決目前這種不平衡局面。

Most importantly, we believe we understand the problem, and in a world of complex online auctions, understanding the problem is always the hardest part. We don't see this as a structural issue or a secular disruption as you are seeing in other sectors or a negative macro trend for our category. It is a technical issue, and from here we believe it is a matter of time and execution to deliver the strong outcomes we have constantly delivered over the past eight years. And as I said, we believe we have a strong plan in place, and I hope to see normalization in H2.

最重要的是，我們相信我們了解這個問題，而在複雜的線上拍賣世界裡，理解問題總是最困難的部分。我們不認為這是一個結構性問題，也不認為這是一個長期性的顛覆性變化，就像你們在其他行業看到的那樣，或者說是我們這個行業的負面宏觀趨勢。這是一個技術問題，我們相信，從現在開始，只要有足夠的時間和執行力，就能取得我們過去八年來一直取得的優異成績。正如我所說，我們相信我們已經制定了強有力的計劃，我希望在下半年看到情況恢復正常。

With that, I will turn it over to Lindsay.

接下來，我將把麥克風交給琳賽。

Thanks, Oran. Let's turn to our Q4 results, which I'll refer to on an adjusted basis. You can find the full reconciliation to GAAP in our press release. Oddity delivered an outstanding quarter to cap-off a record breaking year. We grew net revenue by 24% in the quarter to $153 million. Growth was driven primarily by an increase in orders, while average order value declined slightly year-over-year.

謝謝你，奧蘭。接下來我們來看第四季業績，以下數據將進行調整。您可以在我們的新聞稿中找到與 GAAP 的完整對帳資訊。Oddity 在本季表現出色，為破紀錄的一年畫上了圓滿的句號。本季淨收入成長 24%，達到 1.53 億美元。成長主要由訂單量的增加所推動，而平均訂單價值較去年同期略有下降。

The 24% revenue growth we delivered this quarter exceeded our guidance for growth of 21% to 23%. Gross margin of 70.5% compressed 220 basis points year-over-year and exceeded our guidance for gross margins of 69%. The delta versus our outlook was driven in part by product mix. We delivered adjusted EBITDA of $13 million in the quarter and adjusted EBITDA margin of 8.2% above our guidance for adjusted EBITDA of $10 million to $12 million.

本季我們實現了 24% 的營收成長，超過了我們先前 21% 至 23% 的成長預期。毛利率為 70.5%，年減 220 個基點，但高於我們先前預期的 69%。與我們的預期相比，差異部分是由產品組合造成的。本季我們實現了調整後 EBITDA 1,300 萬美元，調整後 EBITDA 利潤率為 8.2%，高於我們先前預期的 1,000 萬美元至 1,200 萬美元。

Adjusted EBITDA margin compressed by 410 basis points year-over-year due to planned investments for future growth, including the METHODIQ brand launch, Oddity Labs, and Brand 4, as well as higher media costs. We delivered adjusted diluted earnings per share of $0.20 compared to our guidance between $0.11 and $0.13. Our adjusted EBITDA and earnings per share excludes approximately $8 million of share-based compensation.

由於計劃對未來成長進行投資，包括推出 METHODIQ 品牌、Oddity Labs 和 Brand 4，以及媒體成本增加，調整後的 EBITDA 利潤率同比下降了 410 個基點。我們實現的調整後稀釋每股收益為0.20美元，高於我們先前預期的0.11美元至0.13美元。我們的調整後EBITDA和每股盈餘不包括約800萬美元的股權激勵費用。

Turning to some highlights for the full year of 2025. We grew net revenue by 25% to $810 million with double-digit growth from both IL MAKIAGE and SpoiledChild. This 25% growth is ahead of our long-term algorithm target for 20% sustained top-line growth. Net revenue growth was primarily driven by an increase in orders while average order value increased slightly year-over-year.

接下來是2025年全年的一些亮點。我們的淨收入成長了 25%，達到 8.1 億美元，其中 IL MAKIAGE 和 SpoiledChild 都實現了兩位數的成長。這一25%的成長超過了我們長期演算法設定的持續20%的營收成長目標。淨收入成長主要由訂單增加推動，而平均訂單價值較去年同期略有成長。

Gross margin of 72.7% expanded 30 basis points year-over-year, driven by cost efficiencies. We delivered adjusted EBITDA of $163 million. Adjusted EBITDA margin of 20.2% is consistent with our 20% long-term earnings algorithm target. And that's despite our planned investments in future growth initiatives including METHODIQ brand launch and Oddity Labs and despite increased advertising costs.

毛利率為 72.7%，較去年成長 30 個基點，主要得益於成本效益的提高。我們實現了調整後 EBITDA 1.63 億美元。調整後 EBITDA 利潤率為 20.2%，與我們 20% 的長期獲利演算法目標一致。儘管我們計劃投資未來的成長計劃，包括 METHODIQ 品牌推出和 Oddity Labs，廣告成本也在增加，但情況依然如此。

Advertising costs increased approximately 50% year-over-year, reflecting growth investments in international markets and METHODIQ, as well as higher acquisition costs for IL MAKIAGE and SpoiledChild. We delivered adjusted diluted earnings per share of $2.21. We exited the year in a strong liquidity position, including $776 million of cash, cash equivalents and investments on our balance sheet.

廣告費用年增約 50%，反映了對國際市場和 METHODIQ 的成長投資，以及 IL MAKIAGE 和 SpoiledChild 的獲客成本增加。我們實現了經調整後的稀釋每股收益 2.21 美元。年底時，我們的流動性狀況良好，資產負債表上擁有 7.76 億美元的現金、現金等價物和投資。

The buildup in reserves in 2025 was driven by our successful exchangeable note offering and free cash generation of $84 million for the year. Free cash flow in the fourth quarter was negatively impacted by approximately $19 million of increased inventory due in part to new inventory investments in METHODIQ on top of our seasonal inventory build ahead of the Q1 selling period.

2025 年儲備金的增加得益於我們成功的可交換票據發行以及當年 8,400 萬美元的自由現金流。第四季自由現金流受到約 1,900 萬美元庫存增加的負面影響，部分原因是 METHODIQ 新增庫存投資，以及我們在第一季銷售期間之前進行的季節性庫存建設。

We amended our credit facilities in January of 2026 to expand our borrowing capacity to $350 million. These facilities remain undrawn. As for potential uses of cash, we believe repurchasing our stock is attractive at recent share prices and intend to opportunistically return cash to shareholders through buybacks. There's $103 million remaining on a previously announced repurchase authorization.

我們在 2026 年 1 月修改了信貸安排，將借款能力擴大到 3.5 億美元。這些設施尚未繪製圖紙。至於現金的潛在用途，我們認為以最近的股價回購股票很有吸引力，打算透過股票回購，擇機向股東返還現金。先前宣布的回購授權中還剩餘 1.03 億美元。

As Oran discussed, we experienced a significant increase in our new user acquisition spend Q1 to date. The timing of normalization is uncertain, although we're working hard to have this behind us. Our remediation actions have started but are still in early stages, so we're not going to make any predictions on their success. Due to the uncertain timing of recovery, we're not issuing full year '26 guidance at this time, but we'll provide updates to our progress and outlook as we get more visibility.

正如 Oran 所討論的，到目前為止，我們在第一季的新用戶獲取支出方面經歷了顯著增長。雖然我們正在努力擺脫困境，但正常化的時間尚不確定。我們的補救措施已經開始，但仍處於早期階段，因此我們不會對其成功與否做出任何預測。由於復甦時間尚不確定，我們目前不發布 2026 年全年業績指引，但隨著情況的明朗化，我們將及時更新我們的進展和展望。

A few things to keep in mind for your models. We expect Q1 sales will decline approximately 30% due to reduced acquisition revenue. We're still spending acquisition dollars today despite much higher CPA, and this is so that we can continue feeding the algorithms the signals needed to reset and normalize.

關於模型，有幾點要注意。由於收購收入減少，我們預計第一季銷售額將下降約 30%。儘管每次轉換成本 (CPA) 大幅上升，但我們今天仍然在投入獲客資金，這是為了能夠繼續為演算法提供重置和正常化所需的訊號。

At current CPAs, we are not profitable at first order, and that has material negative impact on our near-term EBITDA. We are, however, still profitable on its 12-month direct contribution margin basis because of the strong repeat we generate from acquisition sales. Based on the expected timing of CPA normalization, Q2 sales are also likely to decline, but it's too soon to determine the magnitude.

根據目前的CPA數據，我們在第一時間無法獲利，這對我們近期的EBITDA產生了重大負面影響。然而，由於收購銷售帶來的強勁重複銷售，我們以 12 個月的直接貢獻毛利率計算仍然有利可圖。根據 CPA 正常化預期時間，第二季銷售額也可能下降，但現在確定下降幅度還為時過早。

Q1 and Q2 are historically our largest periods of user acquisition, and from that acquisition, we typically generate significant repeat revenue over the balance of the year. The reduced user acquisition activity today will therefore result in lower repeat sales later in the year, even if acquisition costs normalize.

第一季和第二季歷來是我們用戶獲取量最大的時期，而透過這些取得的用戶，我們通常會在一年中的剩餘時間產生可觀的重複收入。因此，即使獲客成本恢復正常，目前用戶獲取活動的減少也會導致今年稍後的重複銷售下降。

We're managing costs through this period to offset EBITDA pressure, but continue to carve out investments in growth initiatives like Oddity Labs, new brands, product development, and our tech infrastructure, and we believe this is the right strategy to set us up for sustained growth if CPA normalizes.

在此期間，我們透過控製成本來抵銷 EBITDA 的壓力，但同時繼續增加對 Oddity Labs、新品牌、產品開發和技術基礎設施等成長計畫的投資，我們相信，如果 CPA 恢復正常，這將是實現持續成長的正確策略。

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

這樣，我就把手機交還給操作員，好讓他/她回答問題。

(Operator Instructions)

（操作說明）

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

Great. Thank you, guys, for taking the question. Maybe dig a little deeper into the elbow change. I'm assuming this is related to Google's Andromeda. When did the issue actually start? When did you start seeing it? Has it -- is it continuing to -- is the trend continuing to worsen, or has it kind of stabilized?

偉大的。謝謝各位回答這個問題。或許應該更深入研究一下肘部的變化。我猜這與Google的 Andromeda 有關。這個問題究竟是從什麼時候開始的？你是什​​麼時候開始看到它的？這種趨勢是否仍在惡化，還是已經趨於穩定？

And lastly, Oran, when you talk about the issue being related to try-before-you -buy, does that mean that you guys are going to deemphasize that, or is there work around it such that you can continue to differentiate yourself through that offering and still maybe rank higher? Thanks.

最後，奧蘭，當你提到這個問題與「先試後買」有關時，這是否意味著你們會弱化這種模式，還是說你們會想辦法繞過它，繼續透過這種模式來凸顯自身差異化，並可能獲得更高的排名？謝謝。

Thanks, Youssef. We didn't specifically name the advertising partner, but the issue is, we first observed that something was different in the second half of 2025 and we did call it out on our November earnings call, but it did get much worse as we entered 2026 and really began to scale our business.

謝謝你，優素福。我們沒有具體指出廣告合作夥伴的名字，但問題是，我們最早在 2025 年下半年註意到情況有所不同，我們在 11 月的財報電話會議上也提到了這一點，但隨著我們進入 2026 年並真正開始擴大業務規模，情況變得更加糟糕。

And I think at the time, when we've spoken to you we had started to see some improvement, but it's always difficult for us to get a read on CPA, as you go in the holiday quarter because it's just not a typical market, there's a lot of noise and so as we moved into Q1 and we started to scale, that's when we saw the dislocation.

我認為當時，當我們和您交談時，我們已經開始看到一些改善，但是隨著假日季的到來，我們總是很難了解 CPA 的情況，因為這不是一個典型的市場，有很多幹擾因素，所以當我們進入第一季並開始擴大規模時，我們就看到了這種錯位。

As for moving from try-before-you-buy, look, we believe that we can still solve it. We're trying. As I mentioned, we believe it's pro-consumer. We believe it's the right thing to do. But I also mentioned that we can -- that we know how to move to buy like the rest of the industry. I want to say that more than 90% or 95% are selling via buy. So it's not something new, and we know how to do.

至於如何從“先試後買”過渡到“先買後買”，我們相信我們仍然可以解決這個問題。我們正在努力。正如我之前提到的，我們認為這是有利於消費者的。我們認為這是正確的做法。但我同時也提到，我們能夠——我們知道如何像業內其他公司一樣進行採購。我想說的是，超過 90% 或 95% 的人都是透過買入的方式進行賣出的。所以這並不是什麼新鮮事，我們也知道該怎麼做。

As for what we do, there are a range of things that we need to identify the issue and working on fixing it. We try-before-you-buy, excluding deep signals to audit, finally UI and news adjustments. A lot of work on the infrastructure side, building new prediction models, offering adjustments and different audience strategies.

至於我們要做什麼，我們需要做很多事情來找出問題所在，並努力解決它。我們實行先試後買的模式，排除深度訊號審核，最後進行使用者介面和新聞調整。在基礎設施方面做了很多工作，包括建立新的預測模型、提供調整和不同的受眾策略。

We wouldn't sit here today if we didn't think that we can solve it. We're trying. We would say that we are moving to buy, but the fact that we believe that it's solvable with the current business model.

如果我們不認為我們能夠解決這個問題，我們今天就不會坐在這裡了。我們正在努力。我們可能會說我們正在轉向收購，但事實上，我們相信這個問題可以透過目前的商業模式解決。

Anna Lizzul, Bank of America.

安娜·利祖爾，美國銀行。

Hi, good morning. Thank you so much for the question. Just wanted to ask on the change or the lack of guide here I guess and what you can recover for the remainder of the year. It does seem like an uphill battle. Is it possible to shift this user acquisition really from Q1 or H1 into Q2 or H2? Or will there be more of a delay? And does this change your thinking at all on distribution just given you are vastly sold on direct to consumer? Would this make you think at all about going into retail? Thank you.

您好，早安。非常感謝您的提問。我只是想問這裡的變化或缺乏指導的情況，以及今年剩餘時間你能挽回多少損失。這看起來像是一場艱苦的戰鬥。是否有可能將用戶獲取工作從第一季或上半年轉移到第二季或下半年？或者還會有更長的延誤？鑑於您非常認同直接面向消費者的模式，這是否會改變您對分銷的看法？這會讓你考慮進入零售業嗎？謝謝。

As mentioned, no change in our strategy. Thank God, this is our strategy. Online is our strategy. Online continues to grow, and there is no change in our plans or no plans to move into retail at this point. We are confident we can go back to growth. We believe it's something that's the temporary change that happened that we need to adjust to. So no change in distribution strategy.

如前所述，我們的策略沒有改變。感謝上帝，這就是我們的策略。我們的策略是線上營運。線上業務持續成長，目前我們的計畫沒有改變，也沒有進軍零售業的計畫。我們有信心重回成長軌道。我們認為這只是暫時的變化，我們需要適應它。因此，分銷策略沒有改變。

Lindsay, do you want to answer about the second half of the year?

琳賽，你願意回答一下下半年的事嗎？

Yeah. Thanks, Anna. So we're navigating a situation today where CPA is significantly higher than last year, in some cases 2x higher, in some cases -- and as a result, we've dialed back on our acquisition to manage it. Remember that, as I mentioned in my pared remarks, at current CPAs, we are not profitable at first order and so that has a material negative impact on our near term EBITDA.

是的。謝謝你，安娜。因此，我們目前面臨的情況是，CPA 比去年高得多，在某些情況下甚至高出 2 倍——因此，我們減少了收購活動來應對這種情況。請記住，正如我在簡短發言中提到的，根據目前的CPA，我們目前還沒有盈利，因此這對我們近期的EBITDA產生了重大的負面影響。

We are still profitable on a 12-month contribution margin basis, but in the near term, as we spend, you have pressure. And since Q1 and Q2 are our largest periods of acquisition, we'll have -- as I mentioned in my remarks, we'll have that carryover effect into the back half of the year as we lose the the repeat.

從 12 個月的貢獻毛利率來看，我們仍然獲利，但短期內，隨著支出的增加，我們將面臨壓力。由於第一季和第二季是我們最大的收購期，正如我在演講中提到的，隨著重複收購的減少，這種影響會延續到下半年。

And so in the short-term, we view this as a as a pothole that we'll have to recover from. But as the business and CPA normalizes as we hope it will in the back half of the year, we'll be on a track to normalize our financial model as well.

因此，短期來看，我們將其視為一個需要克服的障礙。但隨著業務和註冊會計師事務所如我們希望的那樣在下半年恢復正常，我們的財務模式也將走上正常化的道路。

By the way, I would just add. Lindsay mentioned even more than 2x. If we saw something gradually increasing in terms of CPA, we wouldn't think that something is completely off. We know that the current numbers that we see in user acquisitions are completely off market, and we know it's some -- and therefore we believe it's something technical and we work really hard to go back to -- by the way, we never build a business on on marketing margin, on making profit from better acquisition strategy or execution.

順便補充一點。林賽提到的次數甚至超過了2倍。如果我們看到每次轉換費用 (CPA) 逐漸增加，我們不會認為情況完全不對勁。我們知道目前用戶獲取量完全偏離了市場水平，我們也知道這其中存在一些問題——因此我們認為這是技術方面的問題，我們正在努力恢復正常——順便說一句，我們從來不會依靠營銷利潤率來建立業務，也不會依靠更好的用戶獲取策略或執行來盈利。

We build a business on repeat that can protect us from regular increase in media spend. By the way, we see it every year, but this is something completely off, very unusual. We never saw anything like it and based on my understanding, like it doesn't exist elsewhere.

我們透過重複性業務模式來保護自己免受媒體支出持續成長的影響。順便說一句，我們每年都會看到這種情況，但今年的情況完全不同尋常，非常不尋常。我們從未見過這樣的東西，而且據我所知，它在其他地方也不存在。

Brian Tanquilut, Jefferies.

Brian Tanquilut，傑富瑞集團。

Hey, good morning. Maybe Lindsay, just as I think about the model, right? I mean, one of the things that we've always loved about your business is how you can flex the advertising stuff, and obviously, as you said, CPA is up more than 2x in some cases.

嘿，早安。或許是林賽，就像我想到模特兒那樣，對吧？我的意思是，我們一直很欣賞你們公司的一點就是你們能夠靈活運用廣告策略，而且顯然，正如你所說，在某些情況下，每次轉換費用 (CPA) 上漲了 2 倍以上。

So when we think about how you would strategize around this, I mean, once things normalize, I mean, should we expect kind of like a steep pullback on advertising expense. They're just curious how you're thinking about strategizing around this once we get that normalization point. And then if you just give us any color on retention rates or reorder rates that you're seeing in the market. Thanks.

所以，當我們思考如何圍繞這一點制定策略時，我的意思是，一旦情況恢復正常，我們是否應該預期廣告支出會大幅下降。他們只是好奇，一旦我們達到正常化階段，你會如何制定應對策略。然後，如果您能提供一些關於市場上客戶留存率或重購率的資訊就更好了。謝謝。

I'll start and maybe you take it. Even when media is abnormal as now, you don't want to stop the train. You still need to feed the algorithm and continue to spend so that you are giving it signals, it needs to go back on track. We have a balance between not overspending at this crazy CPA that doesn't make sense while keep the signals going, and that's our plan to keep balance that way until we fix it.

我先開始，也許你會接手。即使像現在這樣媒體環境異常，你也不想讓列車停下來。你仍然需要不斷給演算法提供數據，繼續消費，這樣才能給它一個訊號，讓它重回正軌。我們要在不過度投入這種毫無意義的瘋狂 CPA 成本和保持信號持續之間找到平衡，這就是我們的計劃，在解決這個問題之前，我們將保持這種平衡。

As far as what normalization looks like for us, it would be something in line with what the rest of the industry CPA is, that's typically how our business is operated. It's a very big auction. It's a lot of a lot of competitors in there and we typically are around where we would see our competition in terms of CPA. Right now, we're completely dislocated and off market based on this dislocation and this malfunction of sorts.

至於對我們來說，正常化意味著什麼，那就是與業內其他註冊會計師的做法保持一致，這通常也是我們業務的運作方式。這是一場規模非常大的拍賣會。那裡有很多競爭對手，而我們在每次轉換費用 (CPA) 方面通常與競爭對手處於同一水平。目前，由於這種混亂和某種故障，我們完全脫離了市場，無法繼續運作。

And as we address it as Oran said, we should be getting back to track. I don't know if I remember your second question.

正如奧蘭所說，只要我們解決這個問題，就能重回正軌。我不確定我是否記得你的第二個問題。

Oh, just on the reorder rates if you're seeing any retention rate there as well.

哦，只是關於復購率，如果你也看到了任何客戶留存率的話。

Well, thanks for. Repeat rates remain very strong. This is one of the reasons why we know, we don't have a brand issue. We don't have a saturation issue. We continue to see very good performance out of our repeat. Repeat revenue for 2025 around 70% of our sales, and as we look at our 12 month net revenue repeat rates, those increased again.

謝謝。復購率依然非常高。這就是我們知道不存在品牌問題的原因之一。我們沒有飽和問題。我們的複賽成績一直都很出色。2025 年的重複收入約占我們銷售額的 70%，而當我們查看過去 12 個月的淨收入重複率時，這些數字再次上升。

So the 2024 cohort that repeated in 2025, that number increased relative to the prior year. So that's well nicely over 100%. And even as we look at our more recent cohorts within who started in 2025, those net revenue repeat rates on a six month or so basis are better than they were in the prior year. That trend remains very strong.

因此，2024 年入學的學生在 2025 年繼續就讀，這一數字相對於前一年有所增加。所以，這遠遠超過了100%。即使我們觀察 2025 年加入的較新一批會員，他們每六個月左右的淨收入重複率也比前一年好。這一趨勢依然非常強勁。

Andrew Boone, Citizens Bank.

安德魯·布恩，公民銀行。

Thanks so much for taking the question. Can you guys help us understand just what exactly is changing within your guys' funnel? Is this higher CPMs? Is this lower click through rates? Is this worse on-site conversion, meaning it's a lower quality user that you're targeting? Help us understand that dynamic.

非常感謝您回答這個問題。你們能不能幫我們了解一下你們的銷售漏斗中究竟發生了哪些變化？這是更高的CPM嗎？這是較低的點擊率嗎？網站轉換率是否更低，代表你瞄準的是品質較低的使用者？請幫助我們理解這種動態關係。

And then one of the things that we've also always appreciated about the business is just your ability to be able to pull different levers to be able to sustain that 20% growth. And so can you just help us understand the size of this channel and your inability to be able to allocate spend elsewhere, and help us understand just why this is an overly large impact versus what we would have thought was more diversified ad platform. Thank you.

此外，我們一直很欣賞這家企業的一點是，你們能夠運用各種手段來維持 20% 的成長。所以，您能否幫助我們了解這個管道的規模，以及您無法將預算分配到其他地方的原因，並幫助我們理解為什麼這會造成如此巨大的影響，而我們原本以為這是一個更加多元化的廣告平台。謝謝。

Yeah. When we refer to our ability to grow through multiple -- in multiple areas, one thing that is important to note because this change is for Oddity is global and across brands, it makes it harder, and that's why we came to the market with 30% decrease targeting in Q1. It's very hard to continue to grow without overspending and obviously this is something that we don't want to do in those CPAs level.

是的。當我們談到我們透過多個領域實現成長的能力時，有一點需要注意，因為對於 Oddity 來說，這種變化是全球性的，並且涉及多個品牌，這使得成長更加困難，這就是為什麼我們在第一季將目標降幅設定為 30%。在不超支的情況下很難繼續發展，顯然，這是我們在會計師事務所層面上不想做的事情。

Lindsay, you want to continue?

琳賽，妳想繼續嗎？

Yeah. As it relates to mix, what I can tell you is that for our largest ad partner, if you just look at pure platform orders, that's any order that can be attributed directly to an ad from this specific partner. Those revenues make up just under 25% of our revenue, and that's based on our internal attribution system. But keep in mind this is just pure acquisition dollars.

是的。至於廣告組合方面，我可以告訴你的是，對於我們最大的廣告合作夥伴，如果你只看純粹的平台訂單，也就是任何可以直接歸因於該特定合作夥伴廣告的訂單。這些收入占我們總收入的近 25%，這是根據我們內部的歸因係統得出的結論。但請記住，這只是收購資金。

And on top of acquisition, you also get repeat, you have direct revenue. So there's additional impact. We have relationships with many different ad partners. I want to say almost -- I don't want to say all of them but many, many different ad partners. But your ability to scale is only so much with each individual and so this is impacting us.

除了客戶獲取之外，你還能獲得重複購買，獲得直接收入。所以還有額外的影響。我們與許多不同的廣告合作夥伴建立了合作關係。我想說幾乎——我不想說全部，但有很多很多不同的廣告合作夥伴。但每個人的擴展能力都是有限的，因此這會對我們產生影響。

Georgia Anderson, Evercore ISI.

喬治亞安德森，Evercore ISI。

Hi, thanks so much for the time and the question. You mentioned that you've made kind of significant actions to fix this. Can you maybe clarify if these are more structural, I guess technical fixes to your internal, I guess, data feedback loops, maybe retraining your AI to find high intent users, kind of things like that?

您好，非常感謝您抽出時間並提出問題。你提到你已經採取了一些重要的措施來解決這個問題。您能否澄清一下，這些是否更多是結構性的，我猜是針對您內部資料回饋循環的技術性修復，例如重新訓練您的人工智慧以找到高意向用戶之類的？

Or is the rebound expected to come from like a strategic shift in budget allocation? Maybe just talk us through the fixes that you're making.

或者，人們預期經濟反彈將來自預算分配的策略性轉變？或許你可以跟我們詳細說說你​​正在進行的修復工作。

Yeah. It's both infrastructure side, offering adjustments, and signal adjustments. We do all. The good thing about us is -- and those points of time, like when you need to make multiple changes, we do everything in-house. We are not dependent on third parties, and data scientists, developers, media buyers, so we can run dozens of variants at the same time and that's what we did in the past few weeks and therefore, we believe that we are more prepared than most companies to address it.

是的。它既涉及基礎設施方面（提供調整），​​也涉及訊號調整。我們什麼都做。我們的優勢在於──在那些需要進行多項更改的時候，我們所有的工作都是在公司內部完成的。我們不依賴第三方、資料科學家、開發人員、媒體購買人員，因此我們可以同時運行數十個變體，這也是我們在過去幾週所做的，因此，我們相信我們比大多數公司更有能力應對這個問題。

Scott Schoenhaus, KeyBanc Capital Markets.

Scott Schoenhaus，KeyBanc Capital Markets。

Hi team. Thanks for taking my question. Oran and Lindsay, is there areas that you're currently seeing strength that you could possibly offset this weakness, strategically? I want to focus here on international opportunities and then the Brand 3 rollout which you've mentioned was -- has seen nice success. Thanks.

大家好。謝謝您回答我的問題。Oran 和 Lindsay，你們目前是否發現某些優勢領域可以用於策略性地彌補這一劣勢？我想重點談談國際機遇，以及您提到的品牌 3 的推廣——已經取得了不錯的成功。謝謝。

Yeah, I'll start with the good news. We launched brand pre-METHODIQ. It's growing more than what we saw in IL MAKIAGE when we launched IL MAKIAGE. It's facing SpoiledChild. So we are very pleased to see the demand and success of METHODIQ, by the way, as we thought.

好的，我先說好消息。我們推出了 METHODIQ 之前的品牌。它的成長速度比我們剛推出 IL MAKIAGE 時看到的還要快。它正與 SpoiledChild 對峙。因此，我們很高興看到 METHODIQ 的需求和成功，正如我們所預料的那樣。

As for international and other areas, you still need user acquisition, and we still don't want to overspend just to meet the revenue goals. I never run the business like that before, and that's why the business is profitable for many years and less than 20%. So we first need to fix it and then we go back to growth.

至於國際市場和其他地區，仍然需要獲取用戶，我們也不想為了達到收入目標而過度支出。我以前從未這樣經營過公司，所以公司多年來一直獲利，利潤率卻不到 20%。所以我們首先需要解決這個問題，然後才能恢復成長。

Ryan MacDonald, Needham & Company.

Ryan MacDonald，Needham & Company。

Oh, thanks. Sorry I was muted there. Thanks for taking my questions. As we think about balancing sort of the near term priority of sort of fixing the problem here versus sort of balancing with longer-term investments to sort of continue the growth action -- sort of growth trajectory once these problems are solved, can you talk about sort of what that balance looks like internally right now and then what are some of the priorities whether it's continuing down the path with product development with Oddity Labs, growing METHODIQ brand. Also is there a risk here that we see a delay or a push out in sort of the brand for launch plans as well? Thanks.

哦，謝謝。抱歉，我剛才被靜音了。謝謝您回答我的問題。當我們考慮如何在解決當前問題的近期優先事項與長期投資之間取得平衡，以繼續增長行動——即在這些問題解決後實現增長軌跡——之間取得平衡時，您能否談談目前內部的這種平衡是什麼樣的，以及一些優先事項是什麼，例如繼續與 Oddity Labs 合作進行產品開發，發展 METHODIQ 品牌。此外，是否有品牌發布計畫被延後或延後的風險？謝謝。

Since we identify -- since we believe we identified the problem, we're not changing our investments in growth. We believe it's the right thing to do. We continue to invest in Labs. We continue to build Brand 4, and we continue to work tirelessly on new products in NPD for IL MAKIAGE and SpoiledChild, and METHODIQ, and that's for the first question.

既然我們已經確定了問題所在，我們就不會改變對成長的投資。我們認為這是正確的做法。我們將繼續投資實驗室。我們繼續打造品牌 4，並繼續不懈努力地為 IL MAKIAGE、SpoiledChild 和 METHODIQ 開發新產品，以上是第一個問題的答案。

The second one, what was it, Lindsay?

第二個問題是什麼來著，琳賽？

What was the second question, Ryan?

瑞恩，第二個問題是什麼？

Yeah. So it was just, any concerns about a delay in brand for and then as we kind of come out of this, whether you lean into investment of more aggressive for growth, as we work toward back towards the balance of 2020 or sort of work more towards margin expansion. Thanks.

是的。所以問題在於，對於品牌發展延遲的任何擔憂，以及隨著我們逐漸走出困境，我們是傾向於更積極地進行投資以實現增長，努力恢復到 2020 年剩餘的時間，還是更注重擴大利潤率。謝謝。

The current focus of my leadership is fixing the problem. That's the first priority. Most of the teams are working on that. At the same time, we continue to invest in Oddity Labs. We continue to grow it, and we continue to build Brand 4.

我目前的領導重點是解決這個問題。這是首要任務。大多數團隊都在努力實現這一點。同時，我們繼續投資 Oddity Labs。我們將繼續發展壯大，並繼續打造​​品牌 4。

Kate Grafstein, Barclays.

Kate Grafstein，巴克萊銀行。

Hi, thanks. I was just wondering how does this dislocation impact the launch of METHODIQ? I know you had planned to step up spending in the first half of the year with this launch, and that was expected to have an impact on your EBITDA margins in the first half.

您好，謝謝。我只是想知道這種變動會對 METHODIQ 的發布產生什麼影響？我知道您計劃在今年上半年透過此產品發布增加支出，預計這將對您上半年的 EBITDA 利潤率產生影響。

Yeah. The fact that METHODIQ is relatively small, it means that we can continue to grow it without the negative effect that we see. It doesn't mean that the current problem doesn't affect METHODIQ. But since it's running at close scale compared to IL MAKIAGE and SpoiledChild, we can continue to grow it and meet our target for this band for this year.

是的。由於 METHODIQ 的規模相對較小，這意味著我們可以繼續發展壯大它，而不會產生我們所看到的負面影響。但這並不意味著當前的問題不會影響 METHODIQ。但由於它與 IL MAKIAGE 和 SpoiledChild 的規模相近，我們可以繼續發展它，並實現我們今年為這個樂團設定的目標。

This concludes the question-and-answer session. I would like to turn the floor back over to Oran Holtzman for closing comments.

問答環節到此結束。我謹將發言權交還給奧蘭·霍爾茨曼，請他作總結發言。

Thank you, guys for joining. See you next quarter.

謝謝各位的參與。下個季度見。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。