ODDITY Tech Ltd. (ODD) 2026 Q1 法說會逐字稿

Good morning, and welcome to ODDITY's first quarter 2026 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 2026 年第一季財報電話會議。今天的會議將被錄音，我們已安排管理層準備發言及問答時間。

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

此刻，我想把電話交給 ODDITY 投資人關係 Maria Lycouris。謝謝。您可以開始了。

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，接線員。今天與我一同出席的有 ODDITY 共同創辦人兼執行長 Oran Holtzman，以及 ODDITY 全球財務長 Lindsay Drucker Mann。ODDITY 技術長 Niv Price 也將在問答環節提供協助。

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.

提醒各位，管理層在本次電話會議中凡非關於過去事件的陳述，均屬前瞻性陳述。其中可能包含預測、期望或估計，包括關於 ODDITY 的商業策略、市場機會、未來財務表現、客戶取得成本以及潛在長期成功的陳述。

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 filed with the Securities and Exchange Commission on March 17, 2026. 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與不確定性，實際結果可能因多種因素而出現重大差異。這些因素已在我們今日稍早發布的財報新聞稿以及我們於 2026 年 3 月 17 日向美國證券交易委員會（SEC）提交的最新 Form 20-F 年度報告中「前瞻性陳述」章節加以說明。我們不承擔更新前瞻性陳述的任何義務；該等陳述僅截至今日為準。

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，我們將討論若干非 GAAP 財務衡量指標；我們認為這些指標是理解我們業務的有用補充衡量方式。關於這些非 GAAP 財務衡量指標的更多資訊（包括其定義）已載於我們今日發布的財報新聞稿中。接下來我把電話交給 Oran。

Thanks, everyone, for joining our call today. While we continue to navigate account dislocation with our largest advertising partner, we remain hopeful that we will return to normalization in the second half of this year as we communicated in Q4 earnings. We saw a meaningful improvement in IL MAKIAGE CPA this May, which declined an estimated 28% from April, breaking a negative trend of multiple months of CPA increases with this advertising partner. And while we cannot guarantee that this positive trend will continue, it is a good indication after months of a negative trend. We plan to continue to aggressively implement improvements until the problem is completely solved.

感謝各位今天參加我們的電話會議。儘管我們仍在應對與最大廣告合作夥伴之間的帳戶錯位問題，我們仍然抱持希望，如同我們在第四季財報中所溝通的，我們將在今年下半年回到正常化。我們在今年 5 月看到 IL MAKIAGE 的 CPA 有顯著改善，估計較 4 月下降 28%，打破了與該廣告合作夥伴相關、連續多月 CPA 上升的負面趨勢。雖然我們無法保證這個正向趨勢會持續，但在經歷數月負面趨勢後，這是一個良好跡象。我們計畫持續積極推動改善措施，直到問題完全解決。

We have been working closely with this advertising partner, including top product and engineering team to fix the issue. We have heard from them directly that they estimate that we can recover 40% to 60% of CPA based on their system alone without considering macro or other factors. If we get there, it would signal that the business is healthy and positioned to go back to growth and profitability as it was for many years. And if we had planned for that level of CPA in 2026, we believe we would have guided to a normal earnings year of 20% revenue growth and 20% adjusted EBITDA margin.

我們一直與該廣告合作夥伴密切合作，包括其頂尖的產品與工程團隊，以修復此問題。我們已直接聽取對方表示，他們估計僅就其系統本身（不考慮總體環境或其他因素），我們可望恢復 40% 至 60% 的 CPA。若能達到該水準，將意味著業務健康，並具備回到多年來一貫的成長與獲利軌道的條件。而如果我們在 2026 年是以該 CPA 水準來規劃，我們相信我們原本會給出一個正常的獲利年度指引：營收成長 20%，調整後 EBITDA 利潤率 20%。

We want to share more data and context for the anomaly we experienced. We provide detail on historic IL MAKIAGE index CPA levels with this advertising partner based on our internal attribution system in our press release, which I will refer to now. For many years, our CPA was very stable. As you can see in the table provided steady and consistent mid-teen CPA increases every year with gradual yearly increases correlated with our industry. While we did not build our business on favorable user acquisition cost, rather on strong over 100% 12-month repeat rate, in 2026, we saw levels of CPA that, in some cases, were 2 times higher than what we were expecting and what we see in other competitors.

我們希望分享更多關於此次異常狀況的數據與背景。我們在新聞稿中提供了依據內部歸因系統、與該廣告合作夥伴合作下 IL MAKIAGE 歷史指數 CPA 水準的細節，我現在將引用該內容。多年來，我們的 CPA 一直非常穩定。如表格所示，每年 CPA 都呈現穩定且一致的「十幾個百分點」增幅，並與產業趨勢相符地逐年緩步上升。雖然我們的業務並非建立在有利的用戶取得成本之上，而是建立在強勁的 12 個月超過 100% 的回購率之上，但在 2026 年，我們看到的 CPA 水準在某些情況下是我們預期的 2 倍，也高於我們在其他競爭對手身上看到的水準。

At this level, the unit economics get much difficult as expected for off-market costs. The data indicates, in our view, how the issue is technical and not brand or saturation issue. One, the change was sudden, indicating a dramatic break, not steady deterioration over time, but clear and definitive months of collapse. Two, a breakdown occurred in different IL MAKIAGE accounts, different markets with the same pattern simultaneously, US, Canada, UK, Australia and Israel, which suggests it has nothing to do with the brand. There is nothing that can happen in our offering or business that can explain it at the same time in multiple geographies.

在這樣的水準下，單位經濟效益會如同對「非市場」成本的預期般變得更加困難。我們認為，這些數據顯示問題屬於技術性，而非品牌或市場飽和問題。第一，變化來得突然，顯示是劇烈斷裂，而非隨時間逐步惡化；而是出現了明確且決定性的數月崩塌。第二，崩壞同時發生在不同的 IL MAKIAGE 帳戶、不同市場，且呈現相同模式：美國、加拿大、英國、澳洲與以色列，這表明與品牌無關。我們的產品或業務不可能在多個地理區域同時發生某件事而足以解釋這種現象。

Three, we believe a significant driver of the break comes from spiking bounce rates. In our view, it suggests the issue is with lower quality audiences being served with our ads by this algorithm. Furthermore, our fundamental brand health is confirmed by behavior we see among existing customers. Net revenue repeat on a 12-month basis cohorts are strong, which support our 12-month contribution margins. A focus area for us in the last few months has been successful remediation in our Try Before You Buy model.

第三，我們認為此次斷裂的一個重要驅動因素來自跳出率的飆升。在我們看來，這表示該演算法向我們的廣告投放了品質較低的受眾，導致問題發生。此外，我們從既有客戶的行為也確認了品牌基本面健康。以 12 個月為基礎的淨營收回購（repeat）分群表現強勁，支撐我們的 12 個月貢獻毛利率。過去幾個月我們的重點之一，是在「先試後買」模式上成功進行補救。

As a reminder, Try Before You Buy is a pro-consumer model that allows to replicate the online experience of physical stores like Sephora, where consumers can try products in real life and materially reduce the risk of purchase.

提醒各位，「先試後買」是一種以消費者為導向的模式，能夠複製 Sephora 等實體門市的線下體驗，讓消費者在真實生活中試用產品，並大幅降低購買風險。

This model is rare in beauty due to the complex execution, which we believe makes it an edge case and nonobvious interaction with the platform new dynamics. Towards the end of Q1, we already successfully shifted 40% of our acquisition revenue out of Try Before You Buy into standard Buy model, reducing our exposure to this model with no impact on our unit economics, which is very encouraging.

由於執行複雜，這種模式在美妝產業相當少見；我們認為這使其成為一種邊緣案例，並可能與平台的新動態產生不易察覺的交互影響。在第一季末，我們已成功將 40% 的獲客營收從「先試後買」轉移至標準「直接購買」模式，在不影響單位經濟效益的情況下降低了對該模式的曝險，這非常令人鼓舞。

Unfortunately, because it takes time for algorithms to recalibrate, as expected, this dislocation will have meaningful negative impact on our 2026 financial results, especially in H1. As forecasted in our Q4 earnings, it had material impact to Q1. Sales declined 26% versus the prior year, slightly better than our outlook for sales decline of approximately 30%. I noted the strong improvement in May from April. This is our first month of sequential recovery since Q4 '25, and we believe it's a positive sign.

不幸的是，由於演算法重新校準需要時間，正如預期，這次錯位將對我們 2026 年的財務結果造成顯著負面影響，尤其是在上半年。如我們在第四季財報中所預測，這對第一季造成了重大影響。銷售額較去年同期下降 26%，略優於我們對銷售額約下降 30% 的展望。我也提到 5 月相較 4 月有強勁改善。這是自 2025 年第四季以來，我們首次出現按月（環比）的復甦，我們認為這是一個正面訊號。

It's also supported by our deliberate decision to maintain a reduced level of acquisition spend as we work towards recovery. All things taken together, we remain hopeful that we will achieve normalization as planned in the second half of this year as we continue to implement recovery initiatives to recalibrate the algorithm.

這也受到我們刻意決策的支持：在推動復甦期間，我們維持較低水準的獲客支出。綜合各項因素，我們仍然抱持希望，隨著我們持續推動復甦措施以重新校準演算法，我們將如計畫在今年下半年達成正常化。

Moving to our other brands and growth drivers. Similar to IL MAKIAGE, SpoiledChild is navigating higher CPA costs, but with less severity. We plan to implement similar remediation steps in SpoiledChild once we finish identifying the technical initiatives that will resolve the algorithms and CPA problems in IL MAKIAGE.

接著談我們的其他品牌與成長動能。與 IL MAKIAGE 類似，SpoiledChild 也正面臨較高的 CPA 成本，但嚴重程度較低。一旦我們完成辨識可解決 IL MAKIAGE 演算法與 CPA 問題的技術性措施，我們計畫在 SpoiledChild 推行類似的補救步驟。

Moving on to METHODIQ, which is off to a strong start following its launch late last year. We expect it to deliver $25 million in revenue this year, in line with SpoiledChild's strong success in year 1. As a reminder, METHODIQ is a medical telehealth platform designed to deliver high efficacy treatments at scale. Our goal is to help transform a broader medical care system starting in dermatology using our best treatments and the highest standards of care available to everyone.

接下來談 METHODIQ。該品牌於去年底推出後，開局表現強勁。我們預期今年將帶來 2,500 萬美元營收，與 SpoiledChild 在第 1 年的亮眼成功相符。提醒各位，METHODIQ 是一個醫療遠距健康（telehealth）平台，旨在以規模化方式提供高療效治療。我們的目標是從皮膚科開始，運用我們最好的治療方案與最高照護標準，協助推動更廣泛的醫療照護體系轉型，讓每個人都能獲得可及的高品質照護。

We are proud of METHODIQ product line, which spans 28 prescriptions and nonprescription products, including oral topical supplements and medical grade makeup, all designed to maximize efficacy, minimize side effects, and give an unparalleled experience. We believe it's a game-changing innovation for the benefit of large, underserved customer base. We are also seeing good signs from our progress tracking app where users are delivered continuous care throughout the combination of our vision technology and care team engagement. App download rates, weekly check-in rates and care team engagement are strong signals of demand and our ability to use this technology to drive compliance satisfaction and success.

我們以 METHODIQ 產品線為傲，涵蓋 28 款處方與非處方產品，包括口服與外用補充品以及醫療級彩妝，皆以最大化療效、將副作用降至最低，並帶來無與倫比的體驗為設計目標。我們相信，這是一項具顛覆性的創新，將使龐大且長期未被充分服務的客群受益。我們也從進度追蹤 App 的表現看到良好跡象；使用者可透過我們的視覺技術與照護團隊的互動結合，獲得持續性的照護。App 下載率、每週回報率以及照護團隊互動度，都是需求強勁的訊號，也顯示我們有能力運用這項技術提升依從性、滿意度與成功率。

ODDITY Labs continue to push the frontier of ingredient innovation in beauty and wellness, focusing on pain points with large commercial opportunities like hyperpigmentation and aging. We added two additional products made with Labs molecule in our METHODIQ product lineup this quarter. First, Neurexa, a topical eczema treatment formulated with our proprietary ODDL1669 molecule and other inactives engineered with the goal of achieving superior efficacy to traditional eczema treatment with minimal side effects. Second is Zeralaq, a first of its kind acne scalp prevention treatment powered by our ODDL103 molecule, which reduces inflammation and promotes the healing of active breakouts.

ODDITY Labs 持續推進美妝與健康領域的成分創新前沿，聚焦於具大型商業機會的痛點，例如色素沉澱與老化。本季我們在 METHODIQ 產品陣容中新增兩款採用 Labs 分子製成的產品。第一款是 Neurexa，一款外用濕疹治療產品，配方包含我們專有的 ODDL1669 分子及其他非活性成分，研發目標是在副作用極小的前提下，達到優於傳統濕疹治療的療效。第二款是 Zeralaq，為同類首創的頭皮痘痘預防外用療程，採用我們的 ODDL103 分子，可降低發炎並促進正在發作的痘痘癒合。

Looking ahead, we are working on several novel molecules targeting different indications. One, in our anti-aging program, our novel molecule have demonstrated robust in vitro efficacy in increasing collagen synthesis and reducing aging markers. We are now conducting human-focused group testing to ensure clinical translation. Two, to optimize hypopigmentation treatment, we are targeting novel pathways designed to work with our existing ODDL1007 molecule.

展望未來，我們正研發多個針對不同適應症的新型分子。其一，在我們的抗老計畫中，我們的新型分子已在體外試驗中展現強勁療效，可提升膠原蛋白合成並降低老化指標。我們目前正進行以人體為主的群組測試，以確保能轉化為臨床效果。其二，為優化色素減退（hypopigmentation）治療，我們正鎖定新的作用途徑，設計上可與既有的 ODDL1007 分子搭配使用。

Focus groups are currently underway to evaluate the enhanced therapeutic efficacy and performance of this combined treatment. Three, in our acne prevention pipeline, we are developing novel topical approach designed to prevent acne breakout by reducing sebum production and preventing clogged pores. Our leading candidate molecule is currently in final laboratory validation phase.

目前正進行焦點團體研究，以評估此組合療法在治療效益與表現上的提升。其三，在我們的痘痘預防研發管線中，我們正開發一種新的外用方法，透過降低皮脂分泌並防止毛孔阻塞，以預防痘痘爆發。我們的領先候選分子目前正處於最終的實驗室驗證階段。

Before I hand it over to Lindsay, I want to reiterate our view on this moment in time. We continue to be bullish on the structural dynamics in our industry. Beauty is a large category with attractive secular characteristics. Consumers continue to migrate online and towards the high-efficacy products. We believe incumbents are a disadvantage to meet this demand while we are set up for well gained share.

在我把時間交給 Lindsay 之前，我想再次強調我們對當前時點的看法。我們仍然看好本產業的結構性動態。美妝是一個規模龐大且具吸引力的長期趨勢型品類。消費者持續向線上通路以及高效能產品遷移。我們認為既有業者在滿足此需求上處於劣勢，而我們已具備條件以有利態勢擴大市占。

We are working tirelessly to get back to our historical strong position. As a company, we have navigated algorithmic adjustments by our ad partners in the past with success. We are hopeful based on the improvements we see today that we will resolve this dislocation and get back to our long track record of consistent strong growth and attractive profitability. We have seen no reason that we couldn't solve what we believe is a technical problem as we have in the past.

我們正不懈努力，力求回到過往的強勢位置。作為一家公司，我們過去曾成功因應廣告合作夥伴的演算法調整。基於我們今天看到的改善，我們對於能解決這次的失衡抱持希望，並回到長期以來穩健成長與具吸引力獲利能力的紀錄。我們沒有看到任何理由，會使我們無法像過去一樣解決我們認為屬於技術性的問題。

With that, I will turn it over to Lindsay.

接下來，我把時間交給 Lindsay。

Thanks, Oran. Let's turn to our Q1 results, which I will refer to on an adjusted basis. You can find the full reconciliation to GAAP in our press release. Net revenue declined 26%, slightly less negative than our expectation of an approximate 30% decline. The decline was driven largely by first orders, which declined by around 50%, driven by the significant reduction in our acquisition efficiency due to the abnormal higher CPA.

謝謝你，Oran。我們來看第一季（Q1）業績，我將以調整後口徑說明。完整與 GAAP 的調節表可在我們的新聞稿中找到。淨營收下滑 26%，略優於我們原先預期約 30% 的下滑幅度。下滑主要由首購訂單所致，首購訂單約下滑 50%，原因在於異常偏高的 CPA 使我們的獲客效率大幅下降。

Repeat orders declined by around 15%, mainly attributed to a decline in Q1 first orders and a decline in the proportion of our repeat that is more sensitive to acquisition spend.

回購（repeat）訂單約下滑 15%，主要歸因於第一季首購訂單下滑，以及我們回購客群中對獲客投放更敏感的比例下降。

Repeat sales represented approximately two-third of our net revenue this quarter versus approximately 56% in Q1 '25. AOV declined low single digits driven by higher mix of SpoiledChild versus IL MAKIAGE and product mix. Gross margin was 69.7%, compressing approximately 520 basis points year-over-year. The compression was driven in part by product mix and lower AOV. Our remediation activity during the quarter created some temporary noise in the P&L.

本季回購銷售約占我們淨營收的三分之二，相較於 2025 年第一季約為 56%。AOV（平均訂單金額）出現低個位數下滑，主要受 SpoiledChild 相對於 IL MAKIAGE 的占比提高以及產品組合影響。毛利率為 69.7%，年減約 520 個基點。毛利率下滑部分由產品組合與較低的 AOV 所致。我們本季的修復（remediation）活動也在損益表上造成一些短期雜訊。

We ran many tests to try and isolate the technical problem, and this included turning off different tech products, funnel offerings and testing different TBYB return policies.

我們進行了多項測試以嘗試隔離該技術問題，包括關閉不同的技術產品、漏斗（funnel）方案，並測試不同的 TBYB 退貨政策。

These changes had a temporary negative impact on our Q1 margins. We delivered adjusted EBITDA of negative $7 million. The year-over-year decline reflects the abnormal CPA levels and our decision to continue spending in order to accelerate a recalibration of the algorithm. Margins were also impacted by operating deleverage from lower revenue and our continued planned investments in core growth initiatives. We are managing costs across the business to offset some of the EBITDA pressure while protecting these forward investments.

這些變更對我們第一季毛利率造成了短期負面影響。我們的調整後 EBITDA 為負 700 萬美元。年對年下滑反映了異常的 CPA 水準，以及我們為加速演算法重新校準而決定持續投放支出的策略。毛利率亦受到營運槓桿反向（因營收下降而產生的 operating deleverage）以及我們持續按計畫投資核心成長計畫的影響。我們正管理全公司成本，以抵銷部分 EBITDA 壓力，同時保護這些面向未來的投資。

Adjusted diluted EPS was negative $0.17. Q1 free cash flow was negative $21 million, driven by the net loss. We exited the quarter with a slightly elevated inventory position due to the revenue shortfall relative to our purchase plans late last year, and we plan to work through this inventory going forward. We exited the quarter with $667 million of cash, cash equivalents and investments on our balance sheet. Our $350 million of amended credit facilities secured in January of 2026 remain undrawn.

調整後稀釋每股盈餘（EPS）為負 0.17 美元。第一季自由現金流為負 2,100 萬美元，主要由淨虧損所致。由於營收低於我們去年底的採購計畫，本季末我們的庫存水位略高；未來我們將逐步消化這些庫存。本季末資產負債表上現金、約當現金及投資合計為 6.67 億美元。我們於 2026 年 1 月取得的 3.5 億美元修訂後信貸額度目前仍未動用。

Turning to capital return. In March of 2026, ODDITY's Board of Directors approved a new share buyback program authorizing the repurchase of up to $200 million of the company's Class A ordinary shares, which replaced and superseded the previously announced $150 million share buyback plan. ODDITY repurchased approximately 6 million ordinary shares during the quarter for approximately $82 million, reducing ordinary shares outstanding by around 10%. We exited the quarter with approximately $167 million remaining on our authorization.

接著談資本回饋。2026 年 3 月，ODDITY 董事會核准新的庫藏股回購計畫，授權回購最多 2 億美元的公司 A 類普通股，並取代且超越先前公布的 1.5 億美元回購計畫。本季 ODDITY 回購約 600 萬股普通股，金額約 8,200 萬美元，使流通在外普通股數量減少約 10%。本季末，我們的回購授權尚餘約 1.67 億美元。

Turning to our outlook. Media uncertainty continues to make visibility to full year financials challenging, although we're hopeful we're moving in the right direction. We expect adjusted EBITDA for the full year will be positive. We hope to deliver a clearer picture of other key P&L items in coming months. For the second quarter, we expect net revenue to decline between 25% and 30% year-over-year, and we expect adjusted EBITDA will be between $8 million and $10 million, impacted by higher CPA and deleverage on our reduced revenue.

接著談展望。媒體端的不確定性仍使我們對全年財務表現的能見度具挑戰性，不過我們希望正朝正確方向前進。我們預期全年調整後 EBITDA 將為正值。我們希望在未來幾個月能就其他損益表關鍵項目提供更清晰的圖像。就第二季而言，我們預期淨營收年減 25% 至 30%，並預期調整後 EBITDA 介於 800 萬至 1,000 萬美元，將受到較高 CPA 以及營收下降所帶來的營運槓桿反向影響。

A few things to keep in mind for your models. We continue to spend acquisition dollars despite higher CPA in order to feed the algorithm signals they need to reset and normalize. In addition, the reduced user acquisition activity in the first half will continue to weigh on repeat sales for the remainder of the year even as CPAs normalize.

在你們建模時，有幾點請留意。即使 CPA 較高，我們仍持續投入獲客預算，以提供演算法重置與回歸常態所需的訊號。此外，上半年較低的用戶獲取活動，即使 CPA 回歸正常，仍將在今年剩餘期間持續對回購銷售造成壓力。

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

接下來，我把時間交回主持人進行提問。

(Operator Instructions)

（主持人指示）

Brian Tanquilut, Jefferies.

Brian Tanquilut，Jefferies。

Lindsay, maybe just on the earnings trajectory, you stated positive EBITDA for the year and $8 million to $10 million positive EBITDA in Q2. If you don't mind just talking about the cadence of EBITDA margins that you expect throughout the year? And do you still plan to have most of the acquired customer reps to come in the first half? Or is there a shift happening to the back half?

Lindsay，或許就獲利走勢來看，你提到全年 EBITDA 為正，且第二季 EBITDA 為正 800 萬至 1,000 萬美元。方便談談你預期全年 EBITDA 利潤率的節奏/走勢嗎？另外，你們是否仍計畫讓大多數併購取得的客戶代表在上半年到位？還是會轉向下半年？

Thanks, Brian. So unfortunately, based on the technical issue we had, first orders were down, as I mentioned in my script, around 50%. And it will be very, very difficult for us to make this up in the back half just based on seasonality. That being said, the leading indicator we look for is the improvement in CPA, which should allow us to drive some improvement at least in the sequential trend of declines across the year. And once we get first orders going, that's when we can start to drive the repeat and that's where the profitability flows through.

謝謝，Brian。所以很不幸地，基於我們遇到的技術問題，如我在講稿中提到的，首購訂單下滑約 50%。而且考量季節性，要在下半年把這些補回來會非常、非常困難。話雖如此，我們觀察的領先指標是 CPA 的改善，這應能讓我們至少在全年各季的下滑幅度上，帶來一些逐季改善的趨勢。一旦首購訂單恢復起來，我們就能開始帶動回購，而獲利也會從那裡反映出來。

We didn't give EBITDA guidance by quarter for the back half by design. We just don't have enough visibility right now, but we do have confidence that we will be profitable for the full year based on everything that we see today, the exact specifics of it, we just don't have enough visibility to yet.

我們刻意沒有提供下半年按季度拆分的 EBITDA 指引。我們目前的能見度還不夠，但基於我們今天看到的一切，我們有信心全年會是獲利的；至於更精確的細節，我們現在還沒有足夠的能見度。

Totally understand. And a follow-up, can you go back just to the comments about maintaining a reduced level of acquisition spend. So we're thinking how much have you reduced your run rate by compared to last year? And then was this evenly spread across Q1? Or was there something you did in May, which helped bring CPAs down?

完全理解。再追問一下，回到你提到維持較低的獲客支出水準。相較去年，你們的支出年化/運行水準大概降低了多少？另外，這是平均分布在第一季嗎？還是你們在 5 月做了什麼，幫助 CPA 下降？

Yeah. So we are still spending. And so media spend for the quarter was down a little bit relative to the prior year. It's just that our efficiency on that media is a lot worse. So we talked about you can see in the table that we provided the 80-plus percent increase year-over-year in the first half.

是的。所以我們仍然在投放。因此，本季媒體支出相較去年同期略有下降。只是我們在這些媒體上的效率差了很多。我們提到過，你可以在我們提供的表格中看到，上半年同比增加了 80% 以上。

And that rate of increase did get worse Jan, Feb, March to April, and May was our first month of sequential improvement. So we are still spending. We want to...

而且這個增幅在 1、2、3 月到 4 月之間變得更糟，5 月則是我們第一個出現逐月改善的月份。所以我們仍在投放。我們想要……

And the reason that we're still spending is to fix the problem. Without spending, we will not be able to identify the problem, and we will not be able to test all the things that we have done in the past quarter. And without that, we will not see any recovery. So we need to continue to spend, but we do it in -- we obviously cannot increase spend because the efficiency of that spend, but we are hopeful after what we saw in May.

而我們仍在投放的原因，是為了解決問題。如果不投放，我們就無法找出問題，也無法測試我們在過去一季所做的所有調整。沒有這些，我們就看不到任何復甦。所以我們需要持續投放，但我們會以——顯然我們無法增加支出，因為支出效率不佳；不過基於我們在 5 月看到的情況，我們仍抱持希望。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

Excellent. Maybe a quick question for Oran, one for Lindsay. So Oran, can you delve a little deeper into the drivers of the decline in the CPA for IL MAKIAGE? I think you talked about the 28% sequential between April and May. And just like practically, what has been working and how much of that is like sustainable and can actually compound on itself over time?

很好。或許給 Oran 一個快問、給 Lindsay 一個快問。Oran，你能否更深入說明 IL MAKIAGE 的 CPA 下降背後的驅動因素？我想你提到 4 月到 5 月逐月改善 28%。就實務上來說，哪些做法奏效？其中有多少是可持續的，並且能隨時間推移自我累積、形成複利效應？

And Lindsay, just as I look at that improvement in CPA and I look at the guide you're providing for Q2, there seems to be a bit of a disconnect because if you look at the overall revenue growth, you're still talking about negative 25% to 30%. You put up 26% negative in Q1. Maybe just talk to us about the assumptions that are baked into that revenue decline maybe from a CPA trend and anything else you want to share on that guide?

Lindsay，另外我看 CPA 的改善，再看你給的第二季指引，似乎有點落差，因為若看整體營收成長，你仍在談年減 25% 到 30%。第一季你們是年減 26%。能否談談這個營收下滑的指引假設（例如從 CPA 趨勢角度）以及你還想分享的其他假設？

Youssef, so needless to say that we do many, many tests in order to fix it. On the other side, it's an algorithm and those things are most of the time very hard to move the needle and exit those type of spirals. By the way, we navigated, as I mentioned, many algorithm changes in the past, and we always we're able to solve it. The fixes that we are doing are primarily structural and technical auditing signals, adjusting our infrastructure, shifting audience strategies and, of course, campaign setup, but that's only on our end. Of course, in parallel, our ad partner is doing analysis on their end, and we work with them closely for the past few months.

Youssef，不用說，我們做了非常非常多的測試來修復它。另一方面，這是演算法，而這類問題多數時候很難扭轉局勢、走出那種螺旋式惡化。順帶一提，如我提到的，我們過去也因應過多次演算法變更，而且總是能解決。我們正在做的修復主要是結構性與技術性的：稽核訊號、調整我們的基礎架構、改變受眾策略，當然也包括活動（campaign）設定，但這些都在我們這一端。同時，我們的廣告合作夥伴也在他們那一端做分析，而我們過去幾個月一直與他們密切合作。

We have also made some budget allocation, reducing the overall spend for IL MAKIAGE given the elevated spend, but continue to spend just to make sure that we can continue to have tests running. And again, for many months, we saw only a negative trend, like almost every month was worse than the previous months other than May. May, we had lower spend, but still, we had also very low spend in other months and the trend was opposite. That's for that question, Lindsay?

我們也做了一些預算配置調整，鑑於 IL MAKIAGE 的支出偏高，我們降低了整體投放，但仍持續投放，以確保測試能持續進行。而且再說一次，過去好幾個月我們只看到負向趨勢，幾乎每個月都比前一個月更糟，只有 5 月例外。5 月我們的支出較低，但其實其他月份我們也曾有很低的支出，趨勢卻是相反的。這題就回答到這裡，Lindsay？

Sure. Youssef, so our guidance for the second quarter is for revenue to be down between 25% and 30%. The challenge for us in part is that acquisition is still very difficult. We talked about the sequential improvement in May versus April, but remember that Feb was worse than Jan, March was worse than Feb and April was worse than March. So on balance, the overall CPA in May versus Q1 is not materially different yet, but we noted the encouraging thing for us is the positive inflection that we saw in May overall.

好的。Youssef，我們對第二季的指引是營收年減 25% 到 30%。我們的挑戰之一是獲客仍然非常困難。我們談到 5 月相較 4 月有逐月改善，但請記得 2 月比 1 月更糟、3 月比 2 月更糟、4 月比 3 月更糟。所以整體來看，5 月的整體 CPA 相較第一季目前還沒有出現實質性的差異，但我們認為令人鼓舞的是，我們在 5 月整體看到了正向拐點。

We did lose a lot of first orders in the first quarter that would have translated into repeat orders in the second quarter. And so that's a continued overhang for us. So again, like we're -- we hope to see more sequential improvement is in the second half of the year. And like I said and what we said in our outlook, we do expect for full year adjusted EBITDA to be profitable.

第一季我們流失了大量首購訂單，而這些原本會在第二季轉化為回購訂單。因此這仍持續對我們形成壓力。所以再說一次，我們——希望在下半年看到更多逐季改善。而且如我所說、以及我們在展望中所說，我們預期全年調整後 EBITDA 會是獲利的。

Andrew Boone, Citizens.

Andrew Boone，Citizens。

You guys have historically run your marketing in-house. Can you guys talk about the changes that have either taken place within that organization or maybe the thought about using third parties? Basically, what's changed in terms of the marketing strategy given this speed bump?

你們過去一直是把行銷內部化運作。能否談談該組織內部已經發生的變化，或是是否考慮使用第三方？基本上，面對這次的小挫折，你們的行銷策略有哪些改變？

Yeah. Historically, we've done everything in-house very successfully for many, many years. For the first time, we shared with the market how stable our results are. And despite the fact that we were growing massively. But that just for acquisition, of course, our repeat and other metrics and compounding repeat continue to grow.

是的。過去很多很多年，我們一直非常成功地把所有事情都在內部完成。我們也第一次向市場分享我們的結果有多穩定。即便我們在大幅成長。但當然，那只是針對獲客；我們的回購以及其他指標、以及回購的複利效應仍在持續成長。

That's why despite the small change every year, we were able to continue to present such strong results.

這也是為什麼儘管每年只有小幅變動，我們仍能持續呈現如此強勁的成果。

What we have now is something that we never saw before. We are evaluating it with the ad partner. And we also brought in another team recently to take a look. But again, we don't believe that the problem sits on our end, but we continue to do everything in our power to exit this spiral as soon as possible.

我們目前遇到的是以前從未見過的情況。我們正在與該廣告合作夥伴一起評估。我們最近也引入了另一個團隊來協助檢視。但再次強調，我們不認為問題出在我們這一端，不過我們仍會盡一切所能，儘快走出這個惡性循環。

I would just add on to that, Andrew, that it was it's been very encouraging as we worked very closely with this advertising partner to hear their view that all other things equal, and as we said in our prepared remarks, not related to other things like market dynamics, just in their systems alone, they estimate that we can recover 40% to 60% of CPA. And if we get to those levels, we'll be back in a position to resume healthy profitable growth.

Andrew，我補充一下：在我們與這家廣告合作夥伴非常緊密合作的過程中，聽到他們的看法其實相當令人鼓舞；他們認為在其他條件相同的情況下——而且如同我們在事先準備的發言中所說，這不涉及市場動態等其他因素——僅就他們系統本身而言，他們估計我們可以恢復 40% 到 60% 的 CPA。如果我們能回到那些水準，我們就能重新回到可恢復健康且具獲利性的成長軌道。

Ryan MacDonald, Needham & Company.

Ryan MacDonald，Needham & Company。

Maybe one for Oran and one for Lindsay. Oran, I'm curious to think about as you're thinking about product development and I understand, obviously, I think probably the algo change is taking most of your time. But as we think about product development throughout the remainder of this year, we're obviously getting some updates or should get some updates in July from the FDA around peptides and potentially some moving from certain peptides from Category 2 to Category 1 with applications in skincare like GHK-Cu, copper peptides, BPC 157. Just curious what sort of opportunity and maybe what research or investments you're doing in this area and what sort of opportunity this could open up for your brands over time?

我可能有一題問 Oran，一題問 Lindsay。Oran，我想了解你在思考產品開發時的看法；我理解，顯然演算法變更可能占用了你大部分時間。但若我們看今年剩餘時間的產品開發，我們顯然會在 7 月從 FDA 那邊收到一些關於胜肽的更新，並且可能會有某些胜肽從第 2 類移到第 1 類，應用在護膚上，例如 GHK-Cu、銅胜肽、BPC 157。我想請教你在這個領域正在做哪些研究或投資、這會帶來什麼樣的機會，以及長期而言可能為你們的品牌打開哪些機會？

And then, Lindsay, for you, just on the guidance, if we think about the adjusted EBITDA guidance of $8 million to $10 million, are you assuming is that based on assumptions that the improvements in CPA you saw in May continue? Or do they revert back to April levels, first quarter levels?

另外，Lindsay，就指引（guidance）而言，如果我們看調整後 EBITDA 指引為 800 萬到 1,000 萬美元，你們的假設是基於 5 月看到的 CPA 改善會延續嗎？還是會回到 4 月水準、第一季水準？

Yeah. On your first question, needless to say that the majority the vast majority of our time is handling the problem that we currently have with media for both me and Shiran, that's what we do 24/7. I will say that despite what we have in media, we continue to heavily invest in product across IL MAKIAGE, SpoiledChild, and METHODIQ, but more importantly, ODDITY Labs, we continue to see massive opportunity there. And once we have more to inform regarding the peptides and the new changes, we'll update the market.

是的。關於你的第一個問題，不用說，我們絕大多數的時間都在處理目前媒體端的問題；對我和 Shiran 來說，這就是我們 24/7 在做的事。我想說的是，儘管媒體端遇到狀況，我們仍持續在 IL MAKIAGE、SpoiledChild 與 METHODIQ 上大力投資產品；但更重要的是在 ODDITY Labs，我們持續看到巨大的機會。一旦我們對胜肽與新變更有更多可提供的資訊，我們會向市場更新。

And as it relates to our assumptions, we -- our assumptions assume that CPA remains similarly difficult.

至於我們的假設，我們——我們的假設是 CPA 仍將維持同樣艱難。

Dara Mohsenian, Morgan Stanley.

Dara Mohsenian，Morgan Stanley。

So first, just a clarification. You highlighted CPA move back down sequentially versus recently. You remain hopeful you're on track for normalization in the second half of the year. Is that normalization more around CPA itself? Or is there some hope perhaps you could get back to revenue growth at some point by the end of the calendar year?

首先，想先釐清一下。你們提到 CPA 相較於近期已連續（sequentially）回落。你們仍希望下半年能走向正常化。這個正常化主要是指 CPA 本身嗎？還是說，你們也希望在某個時間點、到今年年底前能重新回到營收成長？

And just any thoughts on how much of this 2026 revenue pressure might extend longer term as you look out to 2027. I understand 2026 is still a moving target this year. But just looking for your conceptual thoughts on what this means for the business longer term, the issues around CPA here in 2026.

另外，關於 2026 年的營收壓力，有沒有任何看法：當你們展望到 2027 年時，這其中有多少可能會延伸到更長期？我理解 2026 今年仍是個變動中的目標。但我想聽聽你們概念性的看法：2026 年這些 CPA 相關問題，對公司更長期的意涵是什麼？

Yeah. I'll start just once we fix this problem, of course, like the most important part of our end is to fix it, but then to go back to growth. So my plan as soon as we fix it is to go full power back to growth. As for the implications of '26, obviously, we lost a big chunk of new users that we were not able to acquire in '26, which will impact '27. But again, all depends when we fix it, if we are able to fix it as soon as we are able to fix it, we'll go back to growth to compensate some of these new users loss.

是的。我先說：一旦我們修復這個問題，當然最重要的是先把它修好，然後回到成長。所以我的計畫是，一修好就全力回到成長。至於 26 年的影響，顯然我們在 26 年失去了一大塊無法取得的新用戶，這會影響到 27 年。但同樣地，一切取決於我們何時修好；如果我們能儘快修好，我們就會回到成長，以彌補部分新用戶流失。

Lindsay?

Lindsay？

Yeah. The leading indicator for us is the CPA. We have this overhang on revenue that will continue across the year, but the sequencing is better CPA allows us to drive first orders. We do see that our repeat rates remain very strong.

是的。對我們而言，領先指標是 CPA。營收端有這個壓力（overhang）會持續貫穿全年，但順序上是：更好的 CPA 讓我們能推動首購訂單（first orders）。我們確實看到回購率仍然非常強勁。

And so when you pull those pieces together, once the CPA is at an improved level, we can drive first orders, which will drive repeat and healthy profitability, and that's kind of the sequencing of how you'll see the business improve.

因此把這些因素綜合起來，一旦 CPA 改善到更好的水準，我們就能推動首購訂單，進而帶動回購與健康的獲利能力；這大致就是你們會看到業務改善的順序。

Scott Schoenhaus, KeyBanc Capital Markets.

Scott Schoenhaus，KeyBanc Capital Markets。

I wanted to focus on METHODIQ. You said it's performing in line with expectations. Do you see any ability to drive that revenue growth algorithm faster by investing more in the business? Are you pulling resources away from the other two brands, especially IL MAKIAGE in order to divert more attention to METHODIQ? And then on the hiring front, the biotech environment has strengthened here over the last 12 months.

我想聚焦在 METHODIQ。你們說它的表現符合預期。你們是否看到透過加大對業務的投資，來更快推動其營收成長「演算法」的可能性？你們是否正從另外兩個品牌，特別是 IL MAKIAGE，抽調資源，以便把更多注意力轉向 METHODIQ？另外在招募方面，過去 12 個月生技環境有所轉強。

Are you seeing any issues with retention or hiring in that department?

你們在該部門的人才留任或招募上，有看到任何問題嗎？

First of all, we don't see an issue with them hiring in Boston ODDITY Labs. Second question, as we believe the problem with IL MAKIAGE is technical, and we believe we'll be able to solve it. We continue to invest in IL MAKIAGE and we are not shifting or allocating resources from that brand to other brands. Lastly, for METHODIQ, very excited and bullish about what it can be, seeing strong initial demand and still early days, but we believe that it will be a great brand. We spent many years on building it.

首先，我們在波士頓的 ODDITY Labs 招募方面沒有看到問題。第二個問題，因為我們相信 IL MAKIAGE 的問題是技術性的，而且我們相信能夠解決。我們持續投資 IL MAKIAGE，並沒有把該品牌的資源轉移或重新分配到其他品牌。最後，對於 METHODIQ，我們非常興奮且看多它的潛力；我們看到強勁的初期需求，雖然仍在早期階段，但我們相信它會是一個很棒的品牌。我們花了很多年打造它。

As for your question to accelerate it, it's a new brand, many things that you want to test, you don't want to accelerate it before you optimize the exact funnels and products. And therefore, it's already extremely substantial for a new brand, and we think that's the right pace.

至於你問到要如何加速，它是一個新品牌，有很多事情需要測試；在你把確切的漏斗（funnels）與產品最佳化之前，你不會想先加速。因此，以新品牌而言它已經相當可觀，我們認為這樣的節奏是對的。

Lauren Lieberman, Barclays.

Lauren Lieberman，Barclays。

Two questions. First was just around you've emphasized a couple of times, this is an issue with one particular advertising partner. I was just curious about efforts or thoughts around diversifying your partners, right? There's more than one platform out there. So I wanted to just get some understanding of how you're thinking about the range of opportunities on other platforms and other ad partners.

兩個問題。第一個是，你們已經強調了幾次，這是某一個特定廣告合作夥伴的問題。我想了解你們在分散合作夥伴方面的努力或想法？市面上不只一個平台。所以我想更了解你們如何看待其他平台與其他廣告合作夥伴的機會範圍。

And then secondly was just to clarify whether or not SpoiledChild is sort of undisturbed. We've been very focused on IL MAKIAGE, and it may just be my memory, but I wasn't sure if SpoiledChild was seeing the same issues or not. And if it's not, why not? And is there anything you can do or are doing to future-proof it to avoid the same kind of signal breakage that's happened with IL MAKIAGE?

第二個是想釐清 SpoiledChild 是否基本上未受影響。我們一直非常聚焦在 IL MAKIAGE；也許是我記憶有誤，但我不確定 SpoiledChild 是否也遇到同樣的問題。如果沒有，為什麼沒有？你們是否能做、或正在做任何事情來讓它更具前瞻性（future-proof），以避免發生像 IL MAKIAGE 那樣的訊號中斷（signal breakage）？

Sure. As to other platforms, of course, we advertise also on other platforms. But based on the data that we have, just in 2025, our largest ad partner was by far the largest ad partner in beauty in the US, way more than 50% of the market. So there is a limit of how much we can revenue or acquisition we can drive in the other platform. This platform is by far the biggest one and more the majority of the spend in beauty in the US for new user acquisition.

當然。至於其他平台，當然，我們也會在其他平台投放廣告。但根據我們掌握的數據，僅在 2025 年，我們最大的廣告合作夥伴在美國美妝領域是遠遠最大的，市占率超過 50%。因此，我們在其他平台能帶來的營收或獲客規模是有上限的。這個平台無疑是最大的，而且在美國美妝新用戶獲取方面的投放支出占比也遠高於其他平台。

Second question about SpoiledChild. SpoiledChild, we see also increasing CPA less severe than IL MAKIAGE. The main difference SpoiledChild continues to grow. And despite the fact that it continued to grow, the CPA is way less severe than what we've seen in IL MAKIAGE. So it's a good indication, but we are still like, once we identify the right solution for IL MAKIAGE, we'll implement the same in SpoiledChild, we believe that we will have like a tailwind for that brand also.

第二個問題關於 SpoiledChild。SpoiledChild 的 CPA 也在上升，但嚴重程度低於 IL MAKIAGE。主要差異在於 SpoiledChild 仍在持續成長。而且儘管它持續成長，CPA 的惡化程度仍遠低於我們在 IL MAKIAGE 看到的情況。所以這是一個不錯的訊號，但我們仍然是這樣想：一旦我們找出 IL MAKIAGE 的正確解法，我們也會在 SpoiledChild 上採用同樣的方法；我們相信那也會為該品牌帶來順風。

Mark Mahaney, Evercore ISI.

Mark Mahaney，Evercore ISI。

I want to get back to the question on somebody asked earlier about METHODIQ. And it looks like this product is ramping reasonably well in line with what SpoiledChild did earlier on. That sounds promising. Talk about the customers that you've gotten for the product so far. Are these customers that are brand new to ODDITY as a whole?

我想回到先前有人問到的 METHODIQ 問題。看起來這個產品的爬坡表現相當不錯，與 SpoiledChild 早期的情況相當一致。這聽起來很有希望。談談目前為止你們為這個產品獲得的客戶。這些客戶是否是對 ODDITY 整體而言全新的客戶？

Are they customers that have come from other areas? Something that can you give us some sense about the sustainability of growth of those customers and whether they how much they expand your market? Or is it largely just a resell to existing customers? Anything on that and the type of customers coming in for METHODIQ would be helpful.

還是他們是從其他領域轉過來的客戶？你能否讓我們了解一下這些客戶成長的可持續性，以及他們在多大程度上擴大了你們的市場？或者這主要只是對既有客戶的再銷售？任何關於這點，以及 METHODIQ 進來的客戶類型的資訊，都會很有幫助。

Yes. I'll start and maybe Lindsay will continue. With any new brand that we launch, we try to see the strength and the potential by itself, meaning it starts by its own with less marketing to our other to our existing user base. Otherwise, we will never see or understand the potential of that brand. So to your question, it's an addition to our customer base in IL MAKIAGE.

是的。我先開始，然後也許 Lindsay 會接著補充。每當我們推出新品牌時，我們會嘗試觀察它本身的強度與潛力，也就是說，先讓它靠自己起步，較少對我們既有用戶基礎做行銷。否則，我們永遠無法看見或理解該品牌的潛力。所以回答你的問題，它確實為我們在 IL MAKIAGE 的客戶基礎帶來新增量。

Of course, when those brands operate by themselves, some of the customer base is going after the same audiences just because IL MAKIAGE and SpoiledChild customer base is huge. But it's completely separate brand with its own efforts to acquire new users just to understand the scale and the potential and to optimize the funnels in the hard way and not with quick wins just due to our major customer base of IL MAKIAGE and SpoiledChild.

當然，當這些品牌各自獨立運作時，部分客群會鎖定相同受眾，因為 IL MAKIAGE 與 SpoiledChild 的客戶基礎非常龐大。但它是完全獨立的品牌，會以自身的努力去獲取新用戶，目的是理解規模與潛力，並以更扎實的方式優化漏斗，而不是僅因 IL MAKIAGE 與 SpoiledChild 的龐大客戶基礎而取得快速勝利。

Cory Carpenter, JPMorgan.

Cory Carpenter，摩根大通（JPMorgan）。

I had two questions. Building on an earlier question, could you talk about the CPA trends that you are seeing at your other advertisers? That's the first question. And second question, last time we talked, I think you were hopeful that you could maintain the Try Before You Buy program. I think on this call, you said about 40% has shifted away from that.

我有兩個問題。延續先前的問題，你能談談你們在其他廣告主那邊看到的 CPA 趨勢嗎？這是第一個問題。第二個問題，上次我們談到時，我記得你們希望能維持「先試後買」（Try Before You Buy）計畫。我想在這通電話中，你提到大約有 40% 已經從那個模式轉移出來了。

Maybe just could you give us your latest thoughts on the role that you think Try Before You Buy can play based on your learnings with the technical changes thus far?

也許你能分享一下，基於目前為止技術變更的學習，你對「先試後買」在未來能扮演的角色有何最新看法？

Yeah. Try Before You Buy remains part of our model. We have no plan to eliminate it as we strongly believe it's great for consumer, and it's the closest way of bringing physical store experience to the online world. Toward the end of Q1, we successfully shifted 40% of our acquisition revenue from Try Before You Buy to standard Buy. This process was expensive in terms of margin as it required many, many tests until we successfully landed on a solution with no impact on unit economics, which is very encouraging.

是的。「先試後買」仍是我們模式的一部分。我們沒有計畫取消它，因為我們堅信這對消費者很棒，而且它是將實體店體驗帶到線上世界最接近的方式。在第一季末，我們成功將 40% 的獲客營收從「先試後買」轉移到標準「直接購買」。就毛利而言，這個過程成本很高，因為需要做非常多測試，直到我們成功找到一個對單位經濟（unit economics）沒有影響的解法，這非常令人鼓舞。

At least in my view. there is no Try Before You Buy today based on the last numbers that I saw, we tend to be a tiny number tiny percentage out of our total revenue or total orders, but we intend to continue to use this program as we really believe it's right for consumers, but more balanced with standard Buy.

至少在我看來，根據我看到的最新數字，目前幾乎沒有「先試後買」了；它在我們總營收或總訂單中的占比只剩非常小的一個數字、非常小的百分比。

Question was on CPA at other platforms.

問題是關於其他平台的 CPA。

Yes. Other platforms, obviously, the CPA of other platforms is taking the overall CPA of IL MAKIAGE materially down. But since this is our largest platform, we work really hard to solve it so we can go back to growth and go back to full power spend also with the largest platform in the U.S.

是的。其他平台方面，顯然其他平台的 CPA 正在把 IL MAKIAGE 的整體 CPA 明顯拉低。但由於這是我們最大的那個平台，我們正非常努力地解決這個問題，這樣我們才能回到成長，並且也能在美國最大的那個平台上恢復全力投放。

Anna Lizzul, Bank of America.

Anna Lizzul，美國銀行（Bank of America）。

I wanted to follow up on Lauren's question here. Now that we've heard from several beauty companies and watch the trends over the past few months, I guess we haven't really heard of the algorithm adjustment as much impacting other beauty companies. They are less exposed to the channels, but they say maybe sees 20% of sales on e-commerce channels.

我想跟進 Lauren 的問題。現在我們已經聽過幾家美妝公司，也觀察了過去幾個月的趨勢，我想我們並沒有真的聽到演算法調整對其他美妝公司造成那麼大的影響。他們對這些渠道的曝險較低，但他們說可能只有 20% 的銷售來自電商渠道。

So I was wondering if this will make you reconsider in a broader way your marketing and user acquisition, just given the impact to what seems to be to your brand specifically? And then how do you ensure this doesn't happen with any other platforms in the future?

所以我想知道，鑑於看起來對你們品牌的影響相對更大，這是否會讓你們更廣泛地重新思考行銷與用戶獲取策略？另外，你們要如何確保未來在其他平台不會再發生類似情況？

I can't refer to other brands, but I don't know anyone that is on our scale and most of them are omnichannel and are less sensitive to algorithm changes. By the way, as I mentioned, we had many of them in the past years. The most notable one is iOS 14. And I think that also then it was harder for us than others just due to the fact that we are 100% D2C. And If we think about diversifying our channels, yes, we think about it.

我無法評論其他品牌，但我不知道有誰的規模跟我們一樣大；而且他們多數是全通路（omnichannel），對演算法變動的敏感度較低。順帶一提，如我提到的，我們過去幾年也遇過很多次。最具代表性的一次是 iOS 14。我認為當時對我們而言也比對其他人更困難，主要是因為我們是 100% D2C。至於是否要分散渠道，是的，我們有在思考。

And when we have what to tell the market, we will.

當我們有內容可以對市場說明時，我們就會說。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Holtzman for final comments.

各位女士、先生，問答環節到此結束。我把時間交還給 Holtzman 先生作最後結語。

Thank you very much, guys, for joining. We'll see you next quarter.

非常感謝各位參與。我們下個季度見。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與