ODDITY Tech Ltd. (ODD) 2026 Q2 法說會逐字稿

Good morning, and welcome to ODDITY's second-quarter 2026 earnings conference call. Today's call is being recorded, and we have allotted time for prepared remarks and Q&A. At this time, I would like to turn the conference over to Maria Lycouris, Investor Relations for ODDITY. Thank you. You may begin.

早安，歡迎參加 ODDITY 2026 年第二季財報電話會議。今天的電話會議將進行錄音，我們已安排時間進行管理層準備發言與問答環節。此刻，我想將會議交給 ODDITY 投資人關係的 Maria Lycouris。謝謝。您可以開始了。

Thank you, operator. I am 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 的技術長 Niv Price 也將在問答環節提供回應。

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, 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發言，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 的業務策略、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 年報中「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；該等陳述僅反映截至今日的情況。

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 will 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；我們相信這些指標可作為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。

Thank you, everyone, for joining our call today. While we continue to work through the ad account dislocation at IL MAKIAGE, I am pleased to report progress in our business that hopefully positions us for recovery in 2027 and beyond.

感謝各位今天參加我們的電話會議。在我們持續處理 IL MAKIAGE 的廣告帳戶錯位問題之際，我很高興向各位報告，我們的業務已取得進展，並希望這能使我們在 2027 年及之後迎來復甦。

SpoiledChild had a good quarter and a strong year-to-date 2026 overall, and is on track to grow at least 35% this year and approach $350 million of net revenue in 2026. METHODIQ is showing great promise after launching only several months ago. We expect the brand to deliver first-year revenue ahead of SpoiledChild's first year and with huge potential for the future. Both SpoiledChild and METHODIQ are building ambitious plans for 2027, and we will update you in coming months.

SpoiledChild 本季表現良好，且 2026 年迄今整體表現強勁；我們正朝著今年至少成長 35% 的目標前進，並在 2026 年接近 3.5 億美元的淨營收。METHODIQ 在僅於數月前推出後，已展現出極大的潛力。我們預期該品牌首年營收將超越 SpoiledChild 的首年表現，且未來潛力巨大。SpoiledChild 與 METHODIQ 皆在制定 2027 年的宏大計畫，我們將在未來幾個月向各位更新。

For IL MAKIAGE, we continue to work extremely hard with our main ad partner to solve the algorithm dislocation and remain hopeful that we are on path to normalization. We work day and night to solve the algorithm dislocation, and we continue to believe, based on data that we see, that it's technical in nature, solvable, and has nothing to do with the brand runway.

就 IL MAKIAGE 而言，我們仍在與主要廣告合作夥伴極其努力地合作，以解決演算法錯位問題，並仍抱持希望，相信我們正走在回歸常態的道路上。我們日以繼夜地解決演算法錯位問題；根據我們所見的數據，我們仍相信這是技術性問題、可被解決，且與品牌成長動能無關。

Big picture, we remain bullish on ODDITY's future despite our recent customer acquisition cost challenges. We are working tirelessly to strengthen our business, move past the dislocation, and return to playing offense in what we see is one of the most attractive markets in the world. Beauty and wellness has long been a large, resilient, and highly profitable growth market. We see the category in an exciting period of transformation today, with consumer demand for channel and product creating major shifts.

從大局來看，儘管近期面臨客戶取得成本的挑戰，我們仍對 ODDITY 的未來保持樂觀。我們正不懈努力強化業務、走出錯位影響，並重回進攻姿態；在我們看來，這是全球最具吸引力的市場之一。美妝與健康長期以來都是規模龐大、具韌性且高獲利的成長型市場。我們看到該類別正處於令人振奮的轉型期，消費者對通路與產品的需求正在帶來重大變化。

Putting the current technical problem we face aside, we believe we are positioning our business to win in this moment and lead the next phase of growth. With over 70 million users on our direct-to-consumer platform, we believe we have a clearer view than others on where demand is and how to best serve the customer. Consumers are smarter than ever before. They have more information ready at their fingertips, and they demand more from their products, more efficacy, more personalization.

先把我們目前面臨的技術問題放在一旁，我們相信我們正讓業務在此刻取得勝利，並引領下一階段的成長。我們的直面消費者平台擁有超過 7,000 萬名使用者，我們相信相較他人，我們更能清楚掌握需求所在，以及如何以最佳方式服務客戶。消費者比以往任何時候都更精明。他們隨手可得的資訊更多，並且對產品提出更高要求：更高效能、更高個人化。

The appetite for beauty and medicine is converging as a result. Consumers want real solutions to their pain points from the inside out. They are taking control into their own hands. A lot of that is happening online, outside of traditional channels like store or medical office.

因此，美妝與醫療的需求正在趨於融合。消費者希望從內而外，針對其痛點獲得真正的解決方案。他們正把主導權掌握在自己手中。其中很大一部分正在網路上發生，並且在傳統通路（如門市或醫療診所）之外進行。

ODDITY's portfolio of trusted brands today is built to serve consumers across a full range of needs, spanning categories and product types, from beauty to wellness to medical-grade, from cosmetic to OTC to prescription products. The goal is to reduce friction and deliver unmatched experience, best-in-class products, and precise treatment protocols that truly solve consumer pain points.

ODDITY 目前由一系列值得信賴的品牌所構成的產品組合，旨在滿足消費者全方位需求，橫跨多個類別與產品型態，從美妝到健康到醫療級，從化妝品到非處方（OTC）到處方產品。目標是降低摩擦、提供無與倫比的體驗、同級最佳的產品，以及精準的治療方案，真正解決消費者痛點。

Let's look at hyperpigmentation as an example of how our integrated platform works and how we are building a moat with vision technology, personalized treatment regimens, and ODDITY LABS. Hyperpigmentation is a big success story for METHODIQ, showing higher customer satisfaction and retention signals, which is the best indicator for us that we are onto something great.

我們以色素沉著為例，看看我們的整合式平台如何運作，以及我們如何透過視覺技術、個人化治療方案與 ODDITY LABS 建立護城河。色素沉著是 METHODIQ 的一大成功案例，展現出更高的客戶滿意度與留存訊號；對我們而言，這是最好的指標，證明我們正在做一件很棒的事。

Our plans for this market began with ODDITY's user data, which showed us how much demand our user had for addressing dark spots and uneven skin tone, and also how unhappy they were with the current solution. With this insight, we made a deliberate push into hyperpigmentation and deliver something better. We built one of a kind user experience at METHODIQ, includes computer vision assessment that identifies dark spots on the skin.

我們在此市場的規劃始於 ODDITY 的使用者數據；數據顯示使用者對於改善斑點與膚色不均有很高需求，同時也對現有解決方案感到不滿。基於這項洞察，我們有意識地切入色素沉著領域，並提供更好的方案。我們在 METHODIQ 打造了獨一無二的使用者體驗，其中包含可辨識皮膚斑點的電腦視覺評估。

The relevant data analysis are then passed to METHODIQ provider, who issues personalized treatment plan aimed at maximize efficacy and minimize side effect. It might be prescription or non-prescription, or both, and can involve sequencing different product across several months to optimize for the best outcome. The entire experience is designed to mimic and improve upon a high-touch experience at a doctor office, but with incredible convenience.

接著，相關數據分析會傳送給 METHODIQ 的醫療提供者，由其開立個人化治療計畫，旨在最大化療效並將副作用降至最低。治療可能為處方或非處方，或兩者並用，並可能在數個月內安排不同產品的使用順序，以最佳化最終效果。整體體驗的設計旨在模擬並優化在醫師診間的高接觸式服務，同時提供極高的便利性。

One of METHODIQ's hyperpigmentation hero product is Melanex 509, powered by ODDL1007, ODDITY Labs' patented molecule combination. It targets visible discoloration of the skin with reduced side effects. This is just the beginning of what we think ODDITY Labs can do in hyperpigmentation. We have additional molecules in development, and we are making good progress finding new pathways that we believe will help us tackle hyperpigmentation from multiple angles at once.

METHODIQ 在色素沉著領域的明星產品之一是 Melanex 509，其核心為 ODDL1007——ODDITY Labs 具專利的分子組合。它可針對可見的皮膚色澤不均進行改善，且副作用更低。這只是我們認為 ODDITY Labs 在色素沉著領域所能做到的開端。我們還有其他分子正在研發中，並且在尋找新的作用途徑方面取得良好進展；我們相信這將幫助我們同時從多個角度應對色素沉著問題。

This is just an example of how ODDITY's integrated platform is meeting unmet demand, and we are just at the beginning. The strong start of METHODIQ has increased our conviction in the medical-grade space. We are acquiring more determined customer with attractive LTVs and good cross-sell characteristics. Acquisition costs are higher as compared to makeup, but we believe the AOV retention as a result expected paybacks justify the cost.

這只是 ODDITY 的整合式平台如何滿足未被滿足需求的一個例子，而我們才剛剛開始。METHODIQ 的強勁開局提升了我們對醫療級領域的信心。我們正在獲得更具決心的客戶，且其 LTV 具吸引力並具備良好的交叉銷售特性。相較於彩妝，取得成本較高，但我們相信由此帶來的 AOV 與留存，以及預期回收期，足以合理化這些成本。

Consumers are increasingly comfortable getting medical care online and looking to brands like METHODIQ for innovation and upgrading offerings to meet their needs. We are positioning METHODIQ to be a leader in this backdrop and launching new categories and products across 2027. This will build on our infrastructure of prescription and pharmacy fulfillment to better serve existing customers and also reach new audiences.

消費者愈來愈習慣在線上獲得醫療照護，並期待像 METHODIQ 這樣的品牌帶來創新與產品/服務升級，以滿足其需求。在此背景下，我們正將 METHODIQ 定位為領導者，並將於 2027 年前後推出多個新類別與新產品。這將建立在我們既有的處方與藥局履約基礎設施之上，以更好地服務現有客戶，同時觸及新的受眾。

The opportunity set is large, and we are moving quickly. We plan to have more updates on this expansion in the coming months. Turning to SpoiledChild. We launched SpoiledChild around four and a half years ago as a multi-category wellness brand. It has scaled faster than our expectation and on track to approach $350 million of net revenue in 2026, which will put it more than a year ahead of the time it took IL MAKIAGE to hit that milestone.

可把握的機會非常龐大，我們也正快速推進。我們計畫在未來幾個月就此擴張提供更多更新。接著談 SpoiledChild。我們約在四年半前推出 SpoiledChild，作為多品類的健康（wellness）品牌。其擴張速度超出我們預期，並有望在 2026 年接近 3.5 億美元的淨營收，這將使其達到該里程碑的時間比 IL MAKIAGE 快一年以上。

SpoiledChild continued to deliver very strong customer cohorts metrics like AOV and repeat at scale. 12 months net revenue repeat rates for the brand are well in excess of 100% today. As we said in prior calls, we believe SpoiledChild is being impacted by the algorithm dislocation issues IL MAKIAGE is facing, but to a lesser degree, and this has allowed us to continue scaling the brand.

SpoiledChild 持續在 AOV（平均訂單金額）與重複購買等客群分群（cohort）指標上，於規模化下仍交出非常強勁的表現。該品牌目前的 12 個月淨營收重複率遠超過 100%。如同我們在先前電話會議所述，我們認為 SpoiledChild 也受到 IL MAKIAGE 所面臨的演算法錯位問題影響，但程度較輕，因此我們得以持續擴大該品牌規模。

We are hopeful that as we work through the acquisition cost challenges with IL MAKIAGE, we will then be able to deliver efficiencies also for SpoiledChild. The strong consumer metrics we see in SpoiledChild give us confidence in the brand's future potential. We plan to continue to invest in the base direct-to-consumer business while adding new growth levers in 2027.

我們希望在與 IL MAKIAGE 一起解決獲客成本挑戰後，也能為 SpoiledChild 帶來效率提升。我們在 SpoiledChild 看到的強勁消費者指標，讓我們對品牌未來潛力更具信心。我們計畫持續投資於核心 DTC（直面消費者）業務，同時在 2027 年加入新的成長槓桿。

Moving to IL MAKIAGE, where we continue to work on resolving our account dislocation with our largest advertising partner and returning to normalized audience and CPA. We continue to work very closely with this ad partner to fix the problem, and while we are not there yet, every day that passes is helping us get to fixing the issue.

接著談 IL MAKIAGE。我們持續致力於解決與最大廣告合作夥伴之間的帳戶錯位問題，並讓受眾觸達與 CPA 回到正常水準。我們仍與該廣告合作夥伴非常緊密地合作以修復問題；雖然目前尚未完全解決，但每一天的推進都在幫助我們更接近修復完成。

We and the ad partner are in intensive testing mode, and those tests are very important for solving the algorithm dislocation. Looking ahead on ODDITY level, we are hopeful the worst is behind us. As our guidance indicates, we have seen sequential improvement in the rate of the year-over-year revenue decline at ODDITY, and we expect Q3 net revenue will decline approximately 5% year over year.

我們與該廣告合作夥伴正處於密集測試模式，而這些測試對於解決演算法錯位至關重要。展望 ODDITY 層面，我們希望最糟的情況已經過去。如同我們的指引所示，我們已看到 ODDITY 的營收年減幅度呈現逐季改善，並預期第三季淨營收將年減約 5%。

While ODDITY's revenue decline was severely impacted by the algorithms dislocation, we are seeing relatively stable trends in other parts of the business that are less correlated to the acquisition spend. We continue to work hard on other advertising channels as well. Our goal for 2027 is for IL MAKIAGE to return to growth. We have amazing pipeline of new products ready to support the brand once acquisition costs recover.

雖然 ODDITY 的營收下滑受到演算法錯位的嚴重影響，但在業務中其他與獲客投放支出相關性較低的部分，我們看到的趨勢相對穩定。我們也持續在其他廣告渠道上努力。我們 2027 年的目標是讓 IL MAKIAGE 重回成長。一旦獲客成本回落，我們已準備好一系列令人驚豔的新產品管線來支援品牌。

We will continue to work 24/7 until this technical problem is fixed. We remain hopeful that the amount of resources and time we spend on it will lead to resolution like any other big problem we faced since I started the business 14 years ago. Full power, nonstop hard work until fixing the problem. No other way. With that, I will hand it over to Lindsay. Thank you.

在這個技術問題修復之前，我們將持續 24/7 不間斷地投入。我們仍抱持希望：我們投入的資源與時間，將像我在 14 年前創業以來面對的其他重大問題一樣，最終帶來解決方案。全力以赴、持續不懈，直到修復完成。別無他法。接下來我把時間交給 Lindsay。謝謝。

Thanks, Oran. Let's turn to our Q2 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 25% versus the prior year to $181 million, at the favorable end of our guidance for net revenue to decline between 25% and 30%. The decline was driven by a year-over-year reduction in sales at IL MAKIAGE, which continues to be adversely impacted by a dislocation in its ad account with its largest advertising partner.

謝謝你，Oran。接著我們來看第二季業績，我將以調整後口徑（adjusted basis）說明。完整與 GAAP 的調節表可在我們的新聞稿中找到。淨營收較去年同期下滑 25% 至 1.81 億美元，落在我們先前指引（淨營收年減 25% 至 30%）的較有利端。下滑主要由 IL MAKIAGE 銷售額年減所致；該品牌仍持續受到其與最大廣告合作夥伴之廣告帳戶錯位的負面影響。

This dislocation continues to impact IL MAKIAGE's ability to reach the right audience and is driving sharply higher CPA. It is impacting acquisition revenue, most notably in first orders, but also in the portion of repeat orders that are sensitive to acquisition spend. For example, existing customers that see an ad and are motivated to buy again.

此錯位持續影響 IL MAKIAGE 觸達正確受眾的能力，並導致 CPA 大幅上升。它影響獲客營收，最明顯的是首購訂單，但也影響到對獲客投放敏感的部分回購訂單。例如，既有客戶看到廣告後受到驅動而再次購買。

We are also now seeing the compounding impact of lost repeat sales that would have naturally flowed through from customers making first order purchases early in the year. Specifically, ODDITY net revenue from first orders declined approximately 40% in the second quarter versus the prior year, driven by IL MAKIAGE. Net revenue from repeat orders declined approximately 20% in the quarter from the prior year period.

我們也開始看到年初流失的首購客戶，原本會自然帶來的回購銷售所造成的疊加影響。具體而言，ODDITY 第二季來自首購訂單的淨營收較去年同期下滑約 40%，主要由 IL MAKIAGE 所致。本季來自回購訂單的淨營收較去年同期下滑約 20%。

AOV declined by approximately 8% in the second quarter versus the prior year, largely driven by a decline in IL MAKIAGE AOV. The decline in IL MAKIAGE AOV was driven by the above-mentioned reduction in first orders, which carry higher AOV than repeat. It was additionally impacted by product mix shift away from IL MAKIAGE skin.

第二季 AOV 較去年同期下滑約 8%，主要由 IL MAKIAGE 的 AOV 下滑所帶動。IL MAKIAGE AOV 的下滑，源於前述首購訂單減少；首購訂單的 AOV 通常高於回購。此外也受到產品組合轉移、從 IL MAKIAGE 護膚品類（skin）比重下降的影響。

Gross margin was 68.7% in the quarter, compared to 72.3% in the prior year. Gross margin compressed approximately 360 basis points year over year, driven in part by the decline in AOV. We delivered adjusted EBITDA of $13 million, ahead of our outlook for adjusted EBITDA of $8 million to $10 million. The year-over-year decline versus the prior year was largely driven by the IL MAKIAGE algorithm dislocation, which has two primary impacts on our P&L.

本季毛利率為 68.7%，去年同期為 72.3%。毛利率年減約 360 個基點，部分原因是 AOV 下滑。我們實現調整後 EBITDA 為 1,300 萬美元，高於我們先前對調整後 EBITDA 800 萬至 1,000 萬美元的展望。相較去年同期的下滑，主要由 IL MAKIAGE 的演算法錯位所致，該問題對我們損益表（P&L）有兩個主要影響。

First, significantly higher CPA versus the prior year. Second, the decline in revenue and resulting deleverage on our fixed costs. EBITDA was also negatively impacted by our decision to ramp acquisition spend for SpoiledChild in support of faster revenue growth, where upfront investments support attractive 12-month contribution margins. On operating expense, as discussed on prior calls, our approach is to balance sustained growth investments with finding cost efficiencies to support the bottom line.

第一，CPA 較去年同期顯著提高。第二，營收下滑以及固定成本去槓桿化（deleverage）所造成的影響。EBITDA 也受到我們決定提高 SpoiledChild 的獲客投放支出以支持更快營收成長的負面影響；在該品牌中，前期投資可帶來具吸引力的 12 個月貢獻毛利（contribution margin）。在營業費用方面，如同先前電話會議所討論，我們的做法是在持續成長投資與尋找成本效率以支撐獲利之間取得平衡。

This has translated into continued investments in areas like ODDITY LABS and our technology infrastructure, with some greater filtering and prioritization around projects where we see nearer term payback potential. We remain bullish about the potential for ODDITY LABS to provide real differentiation in product efficacy and experience with many applications in our portfolio, and the hyperpigmentation example from Oran is just one area.

這體現在我們持續投資於 ODDITY LABS 與技術基礎設施等領域，同時對專案進行更嚴格的篩選與優先排序，聚焦於我們認為較短期可回收的項目。我們仍看好 ODDITY LABS 在產品功效與體驗上提供真正差異化的潛力，且可在我們的產品組合中有多種應用；Oran 提到的色素沉著（hyperpigmentation）案例只是其中之一。

We also continue to invest in areas like aging, where our molecules have shown early in vitro promise in increasing collagen synthesis and reducing aging markers. Moving down the P&L, adjusted diluted earnings per share was $0.20 for the quarter. Free cash flow increased by $14 million in the quarter and decreased by $8 million in the first half of the year.

我們也持續投資於抗老等領域；我們的分子在早期體外（in vitro）研究中已展現提升膠原蛋白合成並降低老化標記的潛力。在損益表往下看，本季調整後稀釋每股盈餘為 0.20 美元。自由現金流本季增加 1,400 萬美元，而上半年則減少 800 萬美元。

Our inventory investments year to date include purchase commitments made last year in anticipation of much stronger revenue results for IL MAKIAGE, as well as inventory purchase to support growth in SpoiledChild and METHODIQ. IL MAKIAGE today continues to work through excess inventory, and we plan to be in better balance in 2027. We exited the quarter in a strong liquidity position with $561 million of cash, cash equivalents, and investments on our balance sheet.

截至今年迄今，我們的存貨投資包括去年為因應我們預期 IL MAKIAGE 營收將大幅走強而做出的採購承諾，以及為支援 SpoiledChild 與 METHODIQ 成長所進行的存貨採購。IL MAKIAGE 目前仍在消化過剩存貨，我們計畫在 2027 年達到更佳的供需平衡。本季結束時，我們的流動性部位強勁，資產負債表上現金、約當現金及投資合計為 5.61 億美元。

Our $350 million in credit facilities remain undrawn. During the quarter, we continued to act on what we believe is an attractive price for our shares. We repurchased 5.6 million shares in the period for $80 million. This brings our total year-to-date repurchase amount to 11.7 million shares for $163 million, which reduced our ordinary shares outstanding by approximately 20%. Approximately $87 million remains outstanding on our $200 million buyback authorization.

我們 3.5 億美元的信貸額度仍未動用。本季期間，我們持續在我們認為具吸引力的股價水準下採取行動。我們在本期間以 8,000 萬美元回購 560 萬股。這使得我們今年迄今的回購總量達到 1,170 萬股、金額 1.63 億美元，約使流通在外普通股數減少 20%。在我們 2 億美元的庫藏股回購授權中，尚餘約 8,700 萬美元可用。

Separately, in March, 857,000 shares were removed from our public float to Oran Holtzman's open market purchases. In June, we repurchased $50 million face value of our zero-coupon June 2030 exchangeable notes at a discounted price of $35 million. We will continue to be opportunistic in managing our capital structure in order to drive shareholder value.

另外，在 3 月，因 Oran Holtzman 於公開市場買入，有 857,000 股自我們的公開流通股數中移除。在 6 月，我們以折價後的 3,500 萬美元回購面額 5,000 萬美元的零息 2030 年 6 月到期可交換票據。我們將持續以機動方式管理資本結構，以提升股東價值。

Turning to our outlook. For the third quarter, we expect net revenue to decline approximately 5% year over year, a meaningful sequential improvement versus the first half, as we believe the worst of the acquisition-driven revenue pressure is behind us. We expect adjusted EBITDA to be between $18 million and $20 million. For the full year, we expect net revenue to decline approximately 19% year over year, driven by the decline in net revenue in the first half. And we expect adjusted EBITDA will be between $30 million and $32 million.

接著談談我們的展望。第三季我們預期淨營收年減約 5%，相較上半年將有顯著的季對季改善，因為我們認為併購所帶來的營收壓力最嚴峻的階段已經過去。我們預期調整後 EBITDA 介於 1,800 萬至 2,000 萬美元。全年方面，我們預期淨營收年減約 19%，主要由上半年淨營收下滑所致。我們預期調整後 EBITDA 介於 3,000 萬至 3,200 萬美元。

And with that, I'll turn the call back to the operator for questions.

以上，我把電話交回給接線員進行提問。

(Operator Instructions) Dara Mohsenian, Morgan Stanley.

(接線員指示)Dara Mohsenian，摩根士丹利。

Hi, good morning. Oran, it sounds like you feel comfortable we're moving towards solving the ad dislocation issue here in 2026. Just if we assume the problems are resolved by year end, any thoughts around ability to grow the IL MAKIAGE brand in 2027? Should we anticipate a more typical revenue growth year based on the normalized factors behind the brand? Or does some of this issue potentially linger or compound in 2027?

嗨，早安。Oran，聽起來你對於我們在 2026 年逐步解決廣告錯位問題感到有信心。如果我們假設這些問題在年底前能解決，你對 2027 年 IL MAKIAGE 品牌的成長能力有何看法？基於品牌背後因素回歸正常，我們是否應預期會是較典型的營收成長年度？或者這些問題是否可能在 2027 年仍有部分延續或產生疊加影響？

And then second, SpoiledChild continues to grow at a strong pace. You mentioned you're ramping up spending for the brand. Can you just touch on international plans for that brand over time, line of sight to making a broader international push, and your decision process there now that the brand has scaled so nicely? Thanks.

第二，SpoiledChild 仍以強勁速度成長。你提到正在提高對該品牌的投入。能否談談該品牌長期的國際化計畫、推動更廣泛國際擴張的可見度，以及在品牌規模已相當成熟的情況下，你們目前的決策流程？謝謝。

Yes, good morning. We believe that once we solve the problem, we plan to continue to go back to growth with IL MAKIAGE. We have amazing products in the pipeline. We are not there yet. We didn't solve it yet, but we believe that we are closer than before because from all the data that we see so far in terms of the root cause or what happened, it looks like there is an audience drift from the algorithm, and we are trying to retrain it.

是的，早安。我們相信一旦解決這個問題，我們計畫讓 IL MAKIAGE 重回成長軌道。我們有非常棒的產品正在開發中。我們還沒到那一步。我們尚未解決，但我們相信比以前更接近了，因為從目前看到的所有數據來看，就根本原因或發生了什麼而言，看起來是演算法造成受眾漂移，而我們正在嘗試重新訓練它。

Once it's behind us, we are back to growth. As I mentioned, we have an amazing plan that we didn't execute because of this problem, and they are ready to play. As for SpoiledChild, SpoiledChild show great demand, as you can see by the numbers. We'll continue to expand it internationally. And that's it. We have more than eight products and categories for next year for SpoiledChild, so we are very bullish.

一旦這件事過去，我們就會回到成長。如我所提，我們有一個很棒的計畫，因為這個問題而尚未執行，但都已準備就緒、隨時可以上場。至於 SpoiledChild，SpoiledChild 的需求非常強勁，從數字就看得出來。我們將持續在國際市場擴張。就這些。明年 SpoiledChild 將推出超過八項產品與品類，因此我們非常看多。

Brian Tanquilut, Jefferies.

Brian Tanquilut，Jefferies。

Hey, good morning, guys, and congrats on the inflection here in the business. So maybe Lindsay, as I think about the EBITDA guidance and new revenue guidance, how do we think about your assumptions on, number one, the seasonality? Because typically, I think Q4 is up sequentially in revenue, versus Q3. So curious what's driving that.

嘿，早安，各位，也恭喜業務在這裡出現轉折。所以也許 Lindsay，當我看 EBITDA 指引與新的營收指引時，我們該如何理解你們的假設：第一，季節性？因為通常我認為第四季營收會較第三季季增。所以好奇是什麼在驅動這點。

And then when we think about repeat revenue rates versus historical trend, what is that assumption? Or maybe even versus what we saw in the first half of the year, what's that assumption embedded in the back half guidance? Thanks.

另外，當我們思考回購（repeat）營收比率相較於歷史趨勢時，你們的假設是什麼？或者甚至相較於我們在上半年看到的情況，下半年指引中隱含的假設是什麼？謝謝。

Thanks for that question, Brian. As we think about the sequential dynamic and the seasonality of the business, there's really no broad strokes change to how we think about the business. The first half of the year tends to be stronger for us for acquisition, and then we allow repeat to flow through in the second half.

謝謝你的問題，Brian。當我們思考季對季變化與業務季節性時，我們對業務的看法並沒有出現任何大方向的改變。上半年通常對我們而言在獲客方面較強，然後我們讓回購（repeat）在下半年逐步反映出來。

Obviously, this is a unique year because so much of our acquisition activity was -- that moment of time was spent towards testing. So the seasonality for this year will be a little bit different, and it's too soon for us to tell you what seasonality will look like on a go-forward basis. As it relates to repeat trends, continue to be very strong. At the company level, we remain well in excess of 100% net revenue repeat rate over 12 months.

顯然，今年很特殊，因為我們大量的獲客活動——在那段時間——都用在測試上。因此今年的季節性會有些不同，而我們現在也還太早，無法告訴你未來季節性會呈現什麼樣貌。至於回購（repeat）趨勢，仍然非常強勁。以公司整體而言，我們在 12 個月期間的淨營收回購率仍遠高於 100%。

And despite some of the challenges with IL MAKIAGE, we do continue to see strong repeat flow through, which is part of why we're expecting the sequential improvement in the second half of the year relative to the first half of the year. In addition, we get very strong repeat from SpoiledChild.

儘管 IL MAKIAGE 面臨一些挑戰，我們仍持續看到強勁的回購（repeat）貢獻，這也是我們預期下半年相較上半年會有季對季改善的部分原因。此外，SpoiledChild 也帶來非常強勁的回購（repeat）。

Anna Lizzul, Bank of America.

Anna Lizzul，美國銀行。

Hi. Good morning. Thank you so much for the question. I was wondering if you could elaborate a little bit more on any learnings that you had from this process as you went through the remediation and anything where you've learned about your business model a bit more, about what's more resilient, flexible, anything that might need to change going forward now that you went through this process. Thanks.

嗨。早安。非常感謝讓我提問。我想請問你們是否能更詳細說明，在進行補救（remediation）的過程中有哪些學習，以及你們對商業模式有了哪些更深的理解——例如哪些部分更具韌性、彈性，或是未來可能需要調整的地方——在經歷這個流程之後。謝謝。

Yes. First of all, we learned a lot. The past few months was very intense in terms of media-buying world. I must say that we thought that we know a lot, but now after those months, we are very deep in the details and learning every day better how those algorithms work.

是的。首先，我們學到很多。過去幾個月在媒體採買的世界裡非常緊繃、強度很高。我必須說，我們原本以為自己懂很多，但經過這幾個月後，我們已深入到細節層面，並且每天都在更了解這些演算法是如何運作的。

We increase our efforts both to fix the problem, but to make the business more resilient moving forward, including more distribution and more channels. We have nothing yet to announce, but once we have, we will. We believe that the key of the business is data, and in order to continue to have that ability, we need to remain -- a big portion of the business must remain D2C. That's our strength. We need to continue to work with those ad partners.

我們加大了雙方面的努力，一方面修復問題，另一方面讓業務在未來更具韌性，包括增加更多的分銷以及更多的渠道。我們目前還沒有任何可宣布的事項，但一旦有了，我們就會宣布。我們相信這門生意的關鍵在於數據，而為了持續具備這種能力，我們需要維持——業務中很大一部分必須仍然是 D2C。這是我們的優勢。我們需要繼續與那些廣告合作夥伴合作。

By the way, the way that we work now with the ad partner and their commitment, it's unbelievable. We are very happy for that, and we trust their team to help us and navigate and solve this problem. And that's it. So we continue to work on both fixing the problem and expanding our distribution and channels.

順帶一提，我們現在與廣告合作夥伴的合作方式以及他們的投入承諾，令人難以置信。我們對此非常滿意，也信任他們的團隊能協助我們、引導我們並解決這個問題。就這些。因此，我們會持續同時推進修復問題，以及擴大我們的分銷與渠道。

I'd just add one more thing. You can see the resiliency of our model today, and the fact that we have a lot of great things to talk about with respect to SpoiledChild and METHODIQ, even though we do navigate these challenges with IL MAKIAGE. So relative to when we first came public or even started building the business, we have way more brands, categories, and products for the business to rely on than in the past, and that will continue to grow.

我再補充一點。你們可以看到我們目前模式的韌性；即使我們正在應對 IL MAKIAGE 的這些挑戰，我們仍然有很多關於 SpoiledChild 和 METHODIQ 的亮點可以分享。因此，相較於我們剛上市、甚至剛開始打造這門生意的時候，我們現在有更多品牌、品類與產品可作為業務支撐，而這還會持續成長。

Youssef Squali, Truist Securities.

Youssef Squali，Truist Securities。

Great. Thank you. Good morning. Lindsay, your annual revenue growth guide for negative 19% implies Q4 growth, I think of negative 10% to 11%, which is quite a deterioration from the negative 5% you are guiding to for Q3. So what accounts for that deterioration? Is it just conservatism and lack of visibility, or are you seeing something in Q3 that is not sustainable necessarily in Q4?

很好。謝謝。早安。Lindsay，你們全年營收成長指引為負 19%，這意味著第四季成長大概是負 10% 到 11%，我認為這相較於你們對第三季指引的負 5% 是相當明顯的惡化。那麼，造成這種惡化的原因是什麼？只是出於保守與能見度不足，還是你們在第三季看到一些在第四季不一定能持續的情況？

And then on the other revenue line, it was up 8%. That was a bit of a surprise. I know it is small, but what were the drivers for that, and how sustainable is it?

另外，在其他營收那一行，成長了 8%。這有點出乎意料。我知道規模不大，但推動因素是什麼？其可持續性如何？

Thanks, Youssef. So on revenue, we are for Q3, guiding to a 20-point sequential improvement, relative to where we were in Q2 in the first half of the year. That is because we believe the worst of the acquisition driven dislocation is behind us. And we are seeing the benefit of more repeat in our base business than in the first half of the year. And also, SpoiledChild has been strong.

謝謝你，Youssef。關於營收，我們對第三季的指引是相較第二季、以及上半年，按季改善 20 個百分點。這是因為我們認為由獲客驅動的錯位最糟的階段已經過去。而且我們看到，相較於上半年，我們基礎業務的回購占比帶來了更明顯的助益。此外，SpoiledChild 的表現也很強勁。

As it relates to the fourth quarter, we want to be conservative since we do not know yet how we want to allocate our spending budget, how much goes towards testing, for example, which is inefficient for revenue generation. So we are leaving some room for the Q4 pace to slow to Q3. I would note this is a real outlook for us. There's a lot of unknowns still, as opposed to a sandbagging story, but that's generally the approach here.

至於第四季，我們希望保持保守，因為我們尚未確定要如何分配行銷支出預算，例如有多少會用於測試，而測試對營收產生的效率較低。因此，我們預留了一些空間，讓第四季的節奏可能較第三季放緩。我想強調，這對我們而言是真實的展望。仍有很多未知因素，而不是刻意保守（sandbagging）的說法；整體上我們採取的是這樣的做法。

Other is Israel, and that market has been volatile, as you know, given some of the dynamics with the war there and our store base there.

另外還有以色列，那個市場如你所知一直較為波動，因為當地戰事的相關動態以及我們在那裡的門市據點。

Got it. Thank you.

了解。謝謝。

Scott Schoenhaus, KeyBanc Capital Markets.

Scott Schoenhaus，KeyBanc Capital Markets。

Hey, guys. Thanks for taking my question. Traditionally, I thought of your business model as IL MAKIAGE funneling in new customers to support growth in SpoiledChild. But clearly, you're seeing a lot of growth without that. Can you talk to us about your marketing strategy here and customer acquisitions, how that's changed since the disruption with SpoiledChild?

嗨，各位。謝謝回答我的問題。傳統上，我一直把你們的商業模式理解為：IL MAKIAGE 導入新客，來支撐 SpoiledChild 的成長。但很明顯，即使沒有那樣，你們仍然看到很多成長。能否談談你們目前的行銷策略與客戶獲取？自從 SpoiledChild 的擾動發生後，這方面有什麼改變？

And then on METHODIQ, could you talk more about the investments needed here and maybe what you're planning on for the 2027 selling season here with these new products you talked about, pigmentation -- hyperpigmentation, but also clearly going into more acute areas. Maybe talk to us what kind of investments you need and what kind of growth you're targeting. Thanks.

另外關於 METHODIQ，能否多談談這裡所需的投資？以及你們對 2027 年銷售季、針對你們提到的這些新產品（色素沉著——色素沉著過度），同時也明顯進入更急性的領域，你們的規劃是什麼？也請談談你們需要什麼樣的投資，以及你們鎖定的成長目標。謝謝。

Sure. I will start with SpoiledChild. We saw great demand, despite the fact that we believe the dislocation is having some impact, but lesser degree than IL MAKIAGE. Even so, we still generating nice returns on the spend and have been able to scale materially. As for METHODIQ, we launched it less than a year. We are very happy from the beginning of the brand, from how it started.

當然。我先從 SpoiledChild 開始。我們看到很強的需求；儘管我們認為這次錯位確實帶來一些影響，但程度低於 IL MAKIAGE。即便如此，我們在投放支出上仍能產生不錯的回報，並且得以實質性地擴大規模。至於 METHODIQ，我們是在不到一年前推出的。我們對品牌從一開始、以及它的起步方式都非常滿意。

We expect the brand to deliver higher revenue than SpoiledChild did in its first year, although SpoiledChild was unbelievably strong in its first year. We launched METHODIQ with 30 products, with great range of their product for medical grade and make up to specialized prescription protocols. One thing that surprised us out of the gate is our ability to drive demand for both personalized prescription and non-prescription products, and treatment plans.

我們預期該品牌在第一年的營收將高於 SpoiledChild 的第一年，儘管 SpoiledChild 在第一年的表現強得驚人。我們推出 METHODIQ 時帶來了 30 款產品，產品線涵蓋醫療級與彩妝，並延伸到專業的處方療程方案。有一點讓我們一開始就感到驚喜：我們同時能推動個人化處方與非處方產品，以及治療計畫的需求。

For example, METHODIQ's ER product is a hyperpigmentation with series of prescription and non-prescription products. And the non-prescription product is ODDL1007, which is very encouraging for us. Looking forward, we have a consistent framework for the category expansion, big markets where we see meaningful demand, and where we can see that we can win.

例如，METHODIQ 的 ER 產品是一個針對色素沉著過度的方案，包含一系列處方與非處方產品。而其中的非處方產品是 ODDL1007，這讓我們非常受到鼓舞。展望未來，我們對品類擴張有一套一致的框架：鎖定我們看到有顯著需求、且我們判斷能夠勝出的巨大市場。

One category we are particularly excited about for next year is longevity and metabolic health. As first step, we plan to deliver legally available prescription injectable and peptides therapies, and we are very bullish about that. That is it. We spent more than three years on building that growth engine, and we are very bullish about its potential.

有一個我們對明年特別興奮的品類是長壽與代謝健康。作為第一步，我們計畫提供法律允許的處方注射劑以及胜肽療法，我們對此非常看好。就這些。我們花了三年多打造這個成長引擎，並且非常看好它的潛力。

Andrew Boone, Citizens.

Andrew Boone，Citizens。

Hi, guys. Thanks so much for taking the question. It sounds like you have SpoiledChild and METHODIQ that are both doing well. Can we just step back and think about the progression of the business beyond this near-term marketing hiccup? How do we think about what you guys are doing for Brand 4?

嗨，各位。非常感謝讓我提問。聽起來 SpoiledChild 和 METHODIQ 的表現都很好。我們能否退一步，從這次短期行銷小插曲之外，來思考業務的發展軌跡？我們應該如何看待你們在「第 4 個品牌」上的布局？

And then can you just talk about AI's progress within ODDITY Labs? Understood that is a step function change in terms of molecule development. What are you guys seeing there, and how do we think about the benefits of just new technology and the evolution of molecules and how that's related to the business? Thank you.

另外，你們能否談談 ODDITY Labs 內部 AI 的進展？理解這在分子開發方面是一個躍升式的變化。你們在那裡看到了什麼？我們又該如何看待新技術帶來的效益、分子演進，以及它與業務之間的關聯？謝謝。

What was the question?

問題是什麼？

The first one was on the evolution of our growth trajectory as we go forward now that SpoiledChild and METHODIQ.

第一個問題是關於我們在往前走時的成長軌跡演進，現在有了 SpoiledChild 和 METHODIQ。

Brand 4. Okay. Yeah, Brand 4. So we continue to grow both SpoiledChild and METHODIQ. SpoiledChild, as I mentioned, has amazing pipeline ready to launch for next year, in new categories. And Brand 4, we plan to launch in 2027, also next year. As for ODDITY LABS, we continue to have great progress there. It's also an area that we invested a lot in the past three years.

品牌 4。好的。對，品牌 4。所以我們會持續推動 SpoiledChild 與 METHODIQ 的成長。如我提到的，SpoiledChild 已經有非常強的產品管線，準備在明年於新類別推出。至於品牌 4，我們計畫在 2027 年推出，也就是明年。至於 ODDITY LABS，我們也持續取得很好的進展。這也是我們過去三年投入很多資源的領域。

As you mentioned, as you think about AI, of course, we can leverage it materially. It can speed up our processes and our molecular discovery there. We have a team that this is what they do, in labs, and we are very bullish about the potential and the speed that it can bring to the business.

如你提到的，當你思考 AI 時，當然我們可以在很大程度上加以運用。它可以加速我們的流程以及我們在那裡的分子發現。我們有一個團隊在實驗室裡專門做這件事，我們非常看好它對業務所能帶來的潛力與速度。

Ryan MacDonald, Needham & Company.

Ryan MacDonald，Needham & Company。

Thanks for taking my questions. Oran, I think in the past, if I recall correctly, when you went from year one to year two on SpoiledChild, there was quite the large revenue jump in the business. I think you talked about that it was a little bit faster of a pace than what you wanted initially when you were thinking about the scaling of that.

謝謝讓我提問。Oran，我記得過去當 SpoiledChild 從第一年進入第二年時，營收有相當大的跳升。我想你也提到過，當初在思考擴張規模時，那個速度比你一開始想要的還要快一些。

As we are getting in towards the end of year one with METHODIQ here and heading into year two, I guess, what did you learn from SpoiledChild's ramping, and how is that informing your view for METHODIQ and the strategy there? And I guess, is it too early to see trends in repeat rates for METHODIQ, or what are you seeing there and how is that kind of building into informing that view for year two? Thanks.

現在 METHODIQ 也快走到第一年尾聲、即將進入第二年，我想問的是，你從 SpoiledChild 的爬坡過程學到了什麼？這如何影響你對 METHODIQ 的看法與那邊的策略？另外，現在要看 METHODIQ 的回購率趨勢是否還太早？或你目前看到什麼，這又如何納入你對第二年的看法？謝謝。

For us, always, the first few months is testing and trying to find the right audience and then fixing unit economics and then scaling. That's what we did with SpoiledChild, and that is what we are planning to do with METHODIQ. Basically, there are less constraint from growth angle in the first two years. I can remind you that in SpoiledChild, in year three, we decided to spend less, and to have constraint on revenue.

對我們來說，一直都是前幾個月先測試、嘗試找到正確的受眾，接著把單位經濟模型調整好，然後再擴大規模。我們在 SpoiledChild 就是這麼做的，METHODIQ 也打算這麼做。基本上，在前兩年從成長角度來看限制比較少。我可以提醒你，在 SpoiledChild 的第三年，我們決定少花一些，並對營收設下限制。

We are not planning to have constraint for METHODIQ in next year. But keep in mind that, the first few years of any brand, there is a cost, and we need to take it into consideration while we are building budget. And that is what we are planning to do.

我們不打算在明年對 METHODIQ 設下限制。但請記住，任何品牌的前幾年都會有成本，我們在編列預算時需要把這點納入考量。這就是我們的規劃。

Georgia Anderson, Evercore ISI.

Georgia Anderson，Evercore ISI。

All right. Thanks for the question. I guess thinking about the business model of try before you buy, I think you shifted kind of around 40% of acquisition revenue out of try before you buy in Q1. Wondering where that mix is today, and if the kind of gross margin compression we saw in Q2, is that structural or recoverable? Yeah. Some clarity there would be great.

好的。謝謝讓我提問。我想從「先試後買」的商業模式來看，我記得你們在第一季把大約 40% 的獲客營收從先試後買轉出。想請問目前的組合比例是多少？以及我們在第二季看到的毛利率下滑，是結構性的還是可恢復的？是的。如果能釐清一下會很有幫助。

Sure. As you know, a focus area for us has been remediating some of the signal distortion from try before you buy. As part of that, we have shifted part of our acquisition away from try and towards buy, and we were able to do this without any notable impact on our unit economics. We believe in our current state, we can move 50% or more of our acquisition to buy from try, at a minimum.

當然。如你所知，我們的一個重點是修正「先試後買」造成的一些訊號失真。作為其中一部分，我們已將部分獲客從「試」轉向「買」，而且我們能在不對單位經濟造成任何顯著影響的情況下做到這點。我們相信以目前的狀態，至少可以把 50% 或更多的獲客從「試」轉到「買」。

That said, we love the model. We have no plans to eliminate it. We think it offers a great value to consumers, so our focus is really on remediation and rebalancing as needed. On the gross margin question, we've always talked about our long-term gross margin expectations to be sort of in the high sixties without gross margin being a real target KPI for us.

話雖如此，我們很喜歡這個模式。我們沒有計畫要取消它。我們認為它為消費者提供了很好的價值，因此我們的重點其實是在需要時進行修正與再平衡。關於毛利率的問題，我們一直談到我們長期的毛利率預期大概在 60% 後段，而且毛利率本身並不是我們真正要追的 KPI。

The target KPI for us is DC margin, contribution margin, gross margin after media spend. But just based on the range of products and brands, high sixties is how we've pointed everyone to. That said, this year we did get a lot of deleverage based on the lower AOV, and we do not see that as structural. Once we have improvement in our acquisition dislocation, we'll be able to go back to optimizing for AOV.

我們的目標 KPI 是 DC 利潤率、貢獻利潤率，也就是扣除媒體投放後的毛利。但就產品與品牌的組合而言，我們一直引導大家的預期是 60% 後段。不過，今年因為 AOV 較低而出現了不少槓桿反向（deleverage），我們不認為這是結構性的。一旦我們的獲客錯位情況改善，我們就能回到以 AOV 最佳化為目標。

Remember, we've removed all of those efforts. And so we'll be able to optimize better for AOV, which should support our gross margin on a like-for-like basis.

請記得，我們已經把所有那些作法都移除了。因此我們將能更好地針對 AOV 進行最佳化，這應該能在同口徑基礎上支撐我們的毛利率。

And we didn't optimize yet METHODIQ gross margin, since it's early. So we expect to have meaningful improvement also there.

而且我們還沒有去最佳化 METHODIQ 的毛利率，因為現在還早。所以我們也預期那邊會有顯著改善。

Thank you. This will now conclude our question-and-answer session. I would like to turn the floor back over to Mr. Holtzman for closing remarks.

謝謝。現在問答環節到此結束。我想把時間交回給 Holtzman 先生做結語。

Thank you very much, guys. See you next quarter.

非常感謝各位。我們下個季度見。

Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation.

謝謝。今天的會議到此結束。您現在可以斷線，感謝您的參與。