Purple Innovation Inc (PRPL) 2026 Q1 法說會逐字稿

Thank you for standing by and welcome to the Purple Innovation first quarter 2026 earnings conference call. (Operator Instructions)

感謝各位稍候，歡迎參加 Purple Innovation 2026 年第一季財報電話會議。（接線員指示）

I'd now like to turn the call over to Stacy Turnof, Investor Relations. You may begin.

現在我想把電話會議交給投資人關係部 Stacy Turnof。請開始。

Thank you for joining Purple Innovations' first-quarter 2026 earnings call. A copy of our earnings press release is available on the Investor Relations section of Purple's website at www.purple.com.

感謝各位參加 Purple Innovation 2026 年第一季財報電話會議。我們的財報新聞稿副本可於 Purple 官網 www.purple.com 的「投資人關係」專區取得。

Before we begin, I'd like to remind you that certain statements made in this presentation are forward-looking statements. These statements reflect Purple Innovation's judgment, and analysis as of today and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. You should not place undue reliance on these forward-looking statements. For more information, please refer to the risk factors outlined in our filings with the SEC.

在開始之前，我想提醒各位，本簡報中的某些陳述屬於前瞻性陳述。這些陳述反映 Purple Innovation 截至今日的判斷與分析，並受多項風險與不確定性影響，可能導致實際結果與目前預期有重大差異。請勿過度依賴這些前瞻性陳述。更多資訊請參閱我們向美國證券交易委員會（SEC）提交文件中所列示的風險因素。

Additionally, today's presentation will reference non-GAAP financial measures such as adjusted gross margin, adjusted operating expenses, adjusted EBITDA, adjusted net loss, and adjusted net loss per share. A reconciliation of these measures to their most comparable GAAP measures can be found in the earnings release available on our website.

此外，今天的簡報將提及非 GAAP 財務衡量指標，例如調整後毛利率、調整後營業費用、調整後 EBITDA、調整後淨損，以及調整後每股淨損。這些指標與其最可比的 GAAP 指標之調節表，可於我們官網上的財報新聞稿中查閱。

With that, I'll turn the call over to Rob DeMartini, Purple Innovations' Chief Executive Officer.

接下來，我將把電話會議交給 Purple Innovation 執行長 Rob DeMartini。

We entered 2026 building on the progress we made in the fourth quarter, and our first quarter reflects continued progress and greater consistency across our channels. Trends were solid during the quarter with growth in showroom and wholesale. E-commerce also improved sequentially from the fourth quarter with March performance approximately flat to prior year.

我們在 2026 年開局時延續第四季所取得的進展，而第一季也反映出我們持續進步，並在各通路展現更高的一致性。本季趨勢穩健，展示間與批發通路均有成長。電商也較第四季呈現季增改善，3 月表現約與去年同期持平。

Importantly, we continue to see the benefits of actions taken last year reflected in our operating expense performance. This progress is a direct result of the changes we've made to the business, not a recovery of the broader market, reinforcing the durability of the model we've been building. We're entering the second quarter with improving trends and are positioned for a step-up in performance.

更重要的是，我們持續看到去年採取的行動所帶來的效益，反映在營業費用表現上。這些進展直接來自我們對業務所做的改變，而非整體市場復甦，進一步強化我們正在打造之營運模式的韌性。我們以改善中的趨勢進入第二季，並已就績效提升做好布局。

In the first quarter, total sales were down 8% as lower e-commerce and wholesale sales more than offset the gains in our showroom channel. That said, e-commerce trends improved sequentially, declining 10% in the first quarter compared with down 15% in the prior period, reflecting more disciplined marketing execution and early signs of improved conversion.

第一季總銷售額下滑 8%，主因電商與批發銷售下滑幅度大於展示間通路的成長。不過，電商趨勢較前一季改善，第一季下滑 10%，相較前一期間下滑 15%，反映出更具紀律的行銷執行，以及轉換率改善的初步跡象。

Wholesale performance was impacted by an accounting-related item, which Todd will cover in more detail. Excluding this accounting impact, net revenue would have been $100.6 million or down 3.4% year-over-year. Showroom performance remained a bright spot, with sales up 5% and comps up 7%, marking our third consecutive quarter of positive comp growth. Wholesale sales were down approximately 11% in the quarter but excluding the impact of the accounting-related item, were up 1%.

批發表現受到一項會計相關事項影響，Todd 將進一步說明。若排除此會計影響，淨營收將為 1.006 億美元，年減 3.4%。展示間表現仍是一大亮點，銷售成長 5%，同店成長 7%，為連續第三季同店正成長。批發銷售本季約下滑 11%，但若排除該會計相關事項影響，則成長 1%。

We saw improving sell-through trends at Mattress Firm throughout the quarter, with our revenue performance building as the quarter progressed, supported by strong demand for our premium offerings, including Rejuvenate 2.0. We're encouraged by the continued evolution of our partnership with Mattress Firm, where sell-through improved consistently, supported by strong engagement from their sleep experts and solid traction and expansion doors.

本季我們看到 Mattress Firm 的銷售出清（sell-through）趨勢持續改善，且隨著季度推進，我們的營收表現逐步走強；這主要受惠於市場對我們高端產品（包括 Rejuvenate 2.0）的強勁需求。我們對與 Mattress Firm 合作關係的持續演進感到鼓舞，其 sell-through 在整季穩定改善，並獲得其睡眠專家高度投入，以及在門店上架（doors）方面的良好動能與擴張。

We also began rolling out our new Royale collection late in the quarter, and while still early, initial sell-through has been in line with expectations and reinforces the strength of our premium offering. Our accessory business continues to perform well with our expanded pillow assortment at Mattress Firm performing above plan and driving incremental growth. At Costco, our in-store furniture event performed as expected, further supporting our confidence in the long-term opportunity with that partner.

我們也在本季後段開始推出全新的 Royale 系列；雖然仍在早期階段，但初期 sell-through 符合預期，並再次印證我們高端產品組合的實力。我們的配件業務持續表現良好，在 Mattress Firm 擴充的枕頭品項表現優於計畫並帶動增量成長。在 Costco，我們的店內家具活動表現符合預期，進一步支持我們對與該合作夥伴長期機會的信心。

A year ago, we were focused on stabilizing the business by right-sizing our cost structure, strengthening the foundation, and restoring profitability in a tougher environment. Now, our focus is on driving growth. That growth is centered on three priorities. As we highlighted last quarter, number one, deepening our understanding of the consumer; number two, delivering better sleep through product experience; and number three, expanding distribution and executing with financial discipline across the business. These priorities reflect how we're operating today.

一年前，我們的重點是在更具挑戰的環境中，透過調整成本結構至合理規模、強化基礎並恢復獲利能力，以穩定業務。如今，我們的重點轉向推動成長，而成長聚焦於三項優先事項。正如我們上季所強調：第一，加深對消費者的理解；第二，透過產品體驗帶來更好的睡眠；第三，擴大通路覆蓋，並以財務紀律在全公司落實執行。這些優先事項反映了我們目前的營運方式。

Let me update you on our progress against each. First, knowing the consumer. This continues to shape how we show up across channels, are shifting away from promotionally-led messaging toward clearer, benefit-driven storytelling focused on GelFlex Grid technology and how Purple delivers better sleep. We've deepened our understanding of our core customer and what's driving their decisions.

我將逐一更新我們在各項目上的進展。第一，了解消費者。這持續影響我們在各通路的呈現方式；我們正從以促銷為主導的訊息，轉向更清晰、以效益為導向的敘事，聚焦於 GelFlex Grid 技術，以及 Purple 如何帶來更好的睡眠。我們也加深了對核心客群及其決策驅動因素的理解。

Today, what we're seeing is a customer with clear need, the one that has historically approached the category as a price-driven replacement purchase rather than a performance decision. That dynamic has limited conversion and reduced the effectiveness of traditional marketing approaches centered on promotion.

目前我們看到的客戶具有明確需求；這類客戶過去在此品類中，往往將購買視為以價格為導向的汰換型購買，而非以性能表現為導向的決策。這種動態限制了轉換率，也降低了以促銷為核心的傳統行銷方式之有效性。

At the same time, our data continues to show that when customers are educated on the functional benefits of our technology, particularly around pain relief and sleep quality, conversion improves and mix shifts higher. That insight is shaping how we approach the market with a greater focus on clarifying the value proposition, improving mid-funnel education, and aligning our messaging to the outcomes customers are seeking rather than leading with a product features or discounts.

同時，我們的數據持續顯示，當消費者被教育了解我們技術的功能性效益，特別是在疼痛緩解與睡眠品質方面時，轉換率會提升，產品組合也會往更高單價移動。這項洞察正在形塑我們的市場策略：更聚焦於釐清價值主張、改善中段漏斗（mid-funnel）的教育內容，並讓訊息對齊消費者所追求的結果，而不是以產品功能或折扣作為主軸。

On the marketing front, our strategy is focused on three things: delivering on the Purple brand promise of less pain, better sleep at every touch point; growing the earned traffic that brings high-intent customers to our website; and driving more consumers into our retail and wholesale stores where the product can be experienced.

在行銷方面，我們的策略聚焦三件事：在每個接觸點落實 Purple 的品牌承諾——更少疼痛、更好睡眠；提升能將高意圖客戶帶到我們網站的自然流量（earned traffic）；以及驅動更多消費者走進我們的自營零售與批發門店，親身體驗產品。

We're sharpening our focus on answering the key question, why Purple? Making our differentiation clearer, our content more educational, and our local marketing more effective at converting awareness into foot traffic. The GelFlex Grid is a genuinely different innovation, and we believe we have meaningful headroom to tell that story more powerfully.

我們正更聚焦於回答關鍵問題：「為什麼是 Purple？」讓我們的差異化更清楚、內容更具教育性，並讓在地行銷更有效地把認知轉化為到店人流。GelFlex Grid 是真正與眾不同的創新，我們相信仍有相當大的空間，能更有力地講好這個故事。

We're also seeing early benefits from increased discipline in our marketing execution, including more effective search optimization, more disciplined spending, and a shift toward higher-impact channels. This is driving higher-quality traffic and improving conversion, particularly in e-commerce. We're also seeing an increase in unsolicited consumer feedback, with consumers reaching out directly to share their experiences, particularly around pain relief and improved sleep quality.

我們也看到行銷執行紀律提升所帶來的初步效益，包括更有效的搜尋優化、更具紀律的支出，以及轉向影響力更高的通路。這正帶來更高品質的流量並改善轉換，尤其是在電商方面。我們也看到未經邀請的消費者回饋增加，消費者主動聯繫分享其體驗，特別是關於疼痛緩解與睡眠品質提升。

We're incorporating these insights into our messaging through testimonial videos to better reflect what matters most to consumers. In addition, we've partnered with a new marketing agency that's helping refine the quality of traffic and optimize our media mix with an emphasis on awareness and consideration across the funnel in a more evergreen approach.

我們正透過見證式（testimonial）影片把這些洞察納入訊息傳遞，以更貼近消費者最在意的重點。此外，我們與一家新的行銷代理商合作，協助提升流量品質並優化媒體組合，強調以更常態化（evergreen）的方式，在整個漏斗中推動品牌認知與考慮度。

We also continue to make changes in our creative approach and how we guide consumers through the online purchase journey with a more focused and tactical path to identifying the right mattress. These changes are resulting in improved engagement and conversion.

我們也持續調整創意策略，並改善我們如何引導消費者完成線上購買旅程，透過更聚焦且更具戰術性的路徑，協助辨識合適的床墊。這些改變正帶來更好的互動與轉換。

Second, delivering better sleep through product experience and expanded distribution. Our innovation continues to resonate with our premium products, maintaining strong traction across both showroom and wholesale channels. During the quarter, we saw strong initial response from the launch of Purple Royale, our new lux offering developed in partnership with Mattress Firm.

第二，透過產品體驗與擴大通路覆蓋來帶來更好的睡眠。我們的創新在高端產品上持續引發共鳴，在展示間與批發通路均維持強勁動能。本季我們看到 Purple Royale 上市的初期反應強勁；這是我們與 Mattress Firm 合作開發的全新奢華（lux）產品。

Early feedback has been strong with encouraging sell-through trends in the early weeks following the launch and growing adoption among sales associates. Today, Purple Royale is in 3,100 slots across Mattress Firm's 2,200 stores. While still early, we're encouraged by our performance and the strong consumer response to in-store engagement in Purple Royale. We also benefited from increased marketing support for Mattress Firm, including one of the largest co-marketing investments in our partnership to date, which is helping drive awareness and traffic.

上市後最初幾週的早期回饋相當正面，sell-through 趨勢令人鼓舞，且銷售人員的採用度持續提升。目前 Purple Royale 已在 Mattress Firm 2,200 家門店中配置 3,100 個陳列位（slots）。雖然仍在早期階段，但我們對表現及消費者在店內與 Purple Royale 互動的強烈反應感到鼓舞。我們也受惠於 Mattress Firm 增加的行銷支持，包括迄今合作關係中規模最大的共同行銷投資之一，有助於提升認知並帶動人流。

Additionally, Rejuvenate 2.0 continues to perform in line with expectations, with strong demand across the lineup, including our highest price models. In the first quarter, the Rejuvenate 2.0 collection was 56% of our showroom mattress revenue, demonstrating the positive customer response to the new product. This performance reinforces the strength of our premium positioning and the resonance of our innovation with consumers. We're also seeing a positive halo effect across the portfolio, supporting performance in adjacent categories.

此外，Rejuvenate 2.0 的表現持續符合預期，整個產品線需求強勁，包括我們最高價位的型號。第一季，Rejuvenate 2.0 系列占我們展示間床墊營收的 56%，顯示消費者對新產品的正向回應。此表現強化了我們高端定位的實力，以及我們創新對消費者的吸引力。我們也看到產品組合的正向光環效應（halo effect），支撐相鄰品類的表現。

In addition to product innovation, we're focused on elevating the full consumer journey across both owned and partner channels. This includes improving how we present and explain our technology in-store with greater emphasis on pain relief and more effective use of demonstrations and digital support. This is resulting in improved engagement from retail sales associates, particularly within our wholesale channel, as our product storytelling continues to resonate.

除了產品創新之外，我們也專注於提升消費者在自營與合作夥伴通路的完整旅程。這包括改善我們在店內呈現與解釋技術的方式，更強調疼痛緩解，並更有效運用示範與數位支援。這正帶來零售銷售人員更高的投入度，特別是在我們的批發通路，因為我們的產品敘事持續引發共鳴。

We've also made changes to our online sales approach, enhancing live customer care and follow-up to better replicate the in-store experience in a digital environment, which is helping improve engagement and conversion rates. At the same time, we're enhancing our delivery experience to ensure a more consistent and credible brand experience from purchase through fulfillment. These improvements are helping reinforce our value proposition and supporting stronger conversion.

我們也調整了線上銷售方式，強化即時客戶關懷與後續追蹤，以在數位環境中更好地複製門市體驗，這正有助於提升互動與轉換率。同時，我們也在提升配送體驗，確保從購買到履約的整體流程中，提供更一致且更具可信度的品牌體驗。這些改善正在強化我們的價值主張，並支持更強勁的轉換表現。

We continue to focus on expanding our distribution presence so customers can find us across multiple channels. Our premium innovation continues to support that expansion. The launch of our Purple Royale collection at Mattress Firm in March is driving incremental distribution across our wholesale channel and represents an important step forward in our partnership with Mattress Firm as we continue to evolve both our product offering and in-store presence.

我們持續聚焦擴大通路佈局，讓消費者能在多元渠道找到我們。我們的高端創新持續支持這項擴張。3 月在 Mattress Firm 推出 Purple Royale 系列，正推動我們批發通路的增量鋪貨，並代表我們與 Mattress Firm 的合作向前邁出重要一步；我們也將持續演進產品組合與門市陳列佈局。

We're also expanding our assortment with Mattress Firm with a rollout of additional pillow offering, which is performing in line with our expectations and helping to deepen our presence in stores at Mattress Firm. In addition, Costco continues to perform well with revenues up over double last year's volume. As expected, this program will pause before returning again later in the year.

我們也正與 Mattress Firm 擴充產品組合，推出更多枕頭產品，表現符合我們的預期，並有助於深化我們在 Mattress Firm 門市的能見度。此外，Costco 持續表現良好，營收較去年同期的量增加逾一倍。如預期所示，該專案將先暫停，並於今年稍晚再度回歸。

At Sam's Club, our in-store pillow displays are performing well and helping introduce the brand to a broader audience. Based on the strength of our recent sell-through, we're planning additional events with Sam's. We're also seeing continued opportunity to expand our pillow assortment with select retail partners, including incremental additions within Walmart.

在 Sam's Club，我們的門市枕頭展示表現良好，並有助於將品牌介紹給更廣泛的受眾。基於近期強勁的銷售消化（sell-through），我們正規劃與 Sam's 進行更多活動。我們也持續看到與部分零售夥伴擴充枕頭品類的機會，包括在 Walmart 內的增量新增。

In addition, we generated solid performance from the recent QVC event, which provided additional exposure and incremental reach for the brand. We see more opportunities ahead with QVC. Amazon was a standout during the quarter, delivering strong growth. We've shifted more of our assortment to fulfilled by Amazon, improving in-stock levels, delivery speed, and overall customer experience, while also helping us reach new consumers. We see a meaningful opportunity to continue scaling this channel.

此外，我們在近期 QVC 活動中取得穩健表現，為品牌帶來更多曝光與增量觸及。我們也看到未來與 QVC 還有更多機會。Amazon 在本季表現突出，帶來強勁成長。我們已將更多產品組合轉為由 Amazon 履約（fulfilled by Amazon），提升現貨供應水位、配送速度與整體客戶體驗，同時也幫助我們觸及新消費者。我們認為持續擴大此通路具有重大機會。

Taken together, these efforts are expanding our reach with key partners and support continued growth in our wholesale.

綜合而言，這些舉措正在擴大我們與關鍵合作夥伴的觸及範圍，並支持我們批發業務的持續成長。

Finally, executing with financial discipline. We've taken a meaningful step to resize and simplify the business, and we're seeing these benefits reflected in our operating efficiency and cost structures. These actions have created a more stable foundation as we shift toward growth. In the first quarter, gross margins came in below our normal 40% baseline, primarily driven by higher levels of floor model discounts associated with the Purple Royale rollout at Mattress Firm, which impacted both pricing and mix.

最後，是以財務紀律落實執行。我們已採取重要步驟，重新調整規模並簡化業務，並看到效益反映在營運效率與成本結構上。這些行動在我們轉向成長之際，建立了更穩固的基礎。第一季毛利率低於我們通常約 40% 的基準，主要是因 Mattress Firm 推出 Purple Royale 的鋪床展示（floor model）折扣水準較高，影響了價格與產品組合。

We view this as a temporary and as the floor model transition normalizes, we expect improved contribution from Royale, which remains a key driver of margin expansion overtime alongside Rejuvenate 2.0. We've seen similar dynamics during prior transitions and would expect a comparable normalization as the floor model activity moderates.

我們認為這是暫時性的；隨著鋪床展示的轉換趨於正常化，我們預期 Royale 的貢獻將改善。Royale 仍是長期毛利擴張的關鍵驅動因素之一，並與 Rejuvenate 2.0 一同推動。我們在過往轉換期也看過類似動態，並預期隨著鋪床展示活動降溫，將出現相近的正常化走勢。

At the same time, we're making continued progress in our underlying cost structure, particularly across sourcing, operations, and fulfillment, supported by ongoing productivity initiatives and supply chain optimization efforts. We're also actively managing a more dynamic cost environment, including tariff dynamics and rising input costs.

同時，我們在基礎成本結構方面持續取得進展，特別是在採購、營運與履約環節，並由持續的生產力提升計畫與供應鏈最佳化工作所支持。我們也正積極管理更具動態性的成本環境，包括關稅變化與投入成本上升。

Our mitigations are well underway, including diversifying our supplier base, expanding multi-sourcing, and selectively in-sourcing key components such as pillows, where we see both cost and quality benefits. These actions contributed to approximately $2 million of cost savings in the quarter.

我們的因應措施已在推進中，包括分散供應商基礎、擴大多來源採購（multi-sourcing），以及選擇性地將關鍵零組件內製（in-sourcing），例如枕頭，我們在此同時看到成本與品質效益。這些行動在本季帶來約 200 萬美元的成本節省。

As we look ahead, we expect tariffs to be a modest tailwind this year, while we continue to actively manage other input cost pressure. We're also navigating pressure in foam input costs, which remain a near-term headwind, but is being actively managed through our sourcing and mitigation actions. In addition, tighter inventory management remains a focus, and we delivered a reduction in the first quarter inventory levels, helping to improve working capital efficiency.

展望未來，我們預期今年關稅將帶來溫和的正面助力（tailwind），同時我們仍會積極管理其他投入成本壓力。我們也正在因應泡棉投入成本的壓力，該項在短期內仍是逆風（headwind），但我們正透過採購與緩解措施積極管理。此外，更嚴謹的庫存管理仍是重點，我們在第一季降低了庫存水位，有助於提升營運資金效率。

While mix remains an important driver over time, especially as higher-priced products like Rejuvenate 2.0 continue to scale, the first quarter reflects some near-term variability. As we look ahead, we remain focused on improving margins and continue to believe the business can support gross margins around 40% over time as operational improvements take hold. While acknowledging that external factors, including input cost volatility and broader macro conditions, may create variability in the near term. Todd will walk you through the key drivers in more detail.

雖然產品組合（mix）長期仍是重要驅動因素，尤其是像 Rejuvenate 2.0 這類較高單價產品持續放量之際，但第一季反映出一些短期波動。展望未來，我們仍專注於改善毛利率，並持續相信隨著營運改善逐步落地，長期而言公司可支撐約 40% 的毛利率。同時也必須承認，外部因素（包括投入成本波動與更廣泛的總體經濟環境）可能在短期內造成波動。Todd 將更詳細說明關鍵驅動因素。

Turning to our outlook, we're updating our revenue guidance to a range of $465 million to $485 million from the prior range of $500 million to $520 million due to the accounting-related adjustment discussed earlier. We're maintaining our adjusted EBITDA guidance of $20 million to $30 million. The outlook reflects the continued momentum in our premium product portfolio, expanded wholesale distribution, and operating leverage in the business as volume grows.

接著談展望：由於先前提到的會計相關調整，我們將營收指引由原先的 5.00 億至 5.20 億美元，下修至 4.65 億至 4.85 億美元。我們維持調整後 EBITDA 指引為 2,000 萬至 3,000 萬美元。此展望反映我們高端產品組合的持續動能、批發通路的擴張，以及隨著銷量成長而帶來的營運槓桿。

Our guidance does not assume a recovery in broader market and reflects the progress we've made across product, distribution, and operations. We believe we are well positioned to deliver a meaningful earnings growth in 2026.

我們的指引並未假設整體市場復甦，並反映我們在產品、通路與營運方面取得的進展。我們相信公司已具備良好定位，可在 2026 年實現顯著的獲利成長。

Before I turn it over to Todd, I want to briefly acknowledge that he will be stepping down as CFO effective May 1 to pursue another opportunity. Todd has been a strong partner to the business, helping strengthen our financial foundation in positioning Purple for this next phase. We thank him for his contributions and wish him the very best in the next chapter.

在把時間交給 Todd 之前，我想簡要說明：Todd 將自 5 月 1 日起卸任 CFO，以追求另一個機會。Todd 一直是公司強而有力的夥伴，協助強化我們的財務基礎，並讓 Purple 能為下一階段做好定位。我們感謝他的貢獻，並祝福他在下一段旅程一切順利。

We're also pleased to welcome Bob Lucian as our next CFO. Bob brings deep experience across branded consumer businesses, including his time as CFO of La-Z-Boy, and we are confident in a seamless transition.

我們也很高興歡迎 Bob Lucian 出任下一任 CFO。Bob 在品牌消費品企業領域具備深厚經驗，包括曾任 La-Z-Boy 的 CFO，我們有信心交接將順利無縫。

And with that, I'll turn the call over to Todd.

接下來，我把電話會議交給 Todd。

Thank you, Rob, and good morning, everyone. As Rob discussed earlier, we are pleased with the momentum we entered the year with, which gave us confidence as we look to the rest of the year. Net revenue for the first quarter was $95.7 million, down 8.1% year-over-year. The decrease was primarily driven by softness in e-commerce and a $4.9 million accounting-related reduction to wholesale revenue, partially offset by growth in showrooms.

謝謝你，Rob，各位早安。如 Rob 先前所述，我們對今年開局所展現的動能感到滿意，這也讓我們對接下來一整年的展望更有信心。第一季淨營收為 9,570 萬美元，年減 8.1%。下滑主要來自電商疲弱，以及批發營收因會計相關因素減少 490 萬美元；部分被展示間（showrooms）成長所抵銷。

Excluding this accounting-related impact, net revenue would have been $100.6 million or down 3.4% year-over-year. By channel, direct-to-consumer net revenue for the quarter was $59.4 million, down 6.2% compared to last year.

若排除該會計相關影響，淨營收將為 1.006 億美元，年減 3.4%。按通路別，第一季直面消費者（DTC）淨營收為 5,940 萬美元，較去年下降 6.2%。

Within DTC, showroom revenue increased approximately 5%, up for the third consecutive quarter, and comparable sales were up 7%, reflecting continued strength in Rejuvenate 2.0. E-commerce revenue was down 10.6% in the quarter and was flat for the month of March. The first time in three years that we've seen a flat month in our e-commerce business.

在 DTC 之中，展示間營收約成長 5%，連續第三季成長；同店銷售成長 7%，反映 Rejuvenate 2.0 持續強勁。電商營收本季下降 10.6%，而 3 月單月則持平。這是三年來我們電商業務首次出現單月持平。

Wholesale revenue decreased approximately 11%, primarily reflecting the $4.9 million accounting-related reduction associated with certain commercial payments to a manufacturer affiliated to Mattress Firm. Excluding this impact, wholesale revenue would have been up 1%, driven by growth with Mattress Firm and Costco.

批發營收約下降 11%，主要反映與 Mattress Firm 關聯之製造商的特定商業付款相關、所造成的 490 萬美元會計相關減項。若排除該影響，批發營收將年增 1%，成長動能來自 Mattress Firm 與 Costco。

The accounting-related reclassification had no impact on gross profit dollars, EBITDA, or cash flow, but it reduced net revenues and cost of sales by the same amount. Gross margin for the quarter. Was approximately 36.8%, driven by two primary factors. First, we made a strategic investment in Royale floor models to support our mattress firm rollout. As a reminder, those floor models ship at roughly 50% of list price, which created a significant drag in the quarter.

該會計相關重分類對毛利金額、EBITDA 或現金流沒有影響，但同額降低了淨營收與銷貨成本。第一季毛利率約為 36.8%，主要由兩項因素驅動。第一，我們為支持在 Mattress Firm 的上市推廣，對 Royale 的鋪床展示（floor models）進行策略性投資。提醒一下，這些展示床的出貨價格約為標價的 50%，因此在本季造成顯著拖累。

Second, we saw modest deleverage in our manufacturing overhead. As we've improved inventory management, we produced fewer grids and mattresses compared to last year, which meant we were absorbing fixed manufacturing costs across a lower production base. So differently, we have some fixed costs that remained relatively consistent, but with fewer units produced, the overhead absorption per unit was less favorable in the quarter.

第二，我們在製造間接費用上出現小幅去槓桿（deleverage）。隨著我們改善庫存管理，相較去年我們生產的網格（grids）與床墊數量較少，意味著固定製造成本需在較低的產量基礎上分攤。換句話說，我們有部分固定成本相對維持一致，但由於生產單位數較少，本季每單位的間接費用吸收較不利。

Importantly, this is primarily a timing dynamic between production and sales, not a change in the underlying health of the business. As production and shipments normalize, we expect gross margin to return to approximately 40% by the second half of the year.

重要的是，這主要是生產與銷售之間的時間差動態，而非公司基本面健康狀況的改變。隨著生產與出貨恢復正常，我們預期毛利率將在今年下半年回到約 40%。

Operating expenses in the quarter were $52 million, down 6.3% versus $55.5 million last year. The decrease reflects ongoing cost savings initiatives and benefits from prior restructuring actions, partially offset by higher spend related to the ongoing evaluation of strategic alternatives, which can vary from quarter to quarter.

本季營業費用為5,200萬美元，較去年5,550萬美元下降6.3%。下降反映持續的成本節省措施以及先前重組行動帶來的效益，但部分被與持續評估策略替代方案相關的較高支出所抵銷；該等支出可能隨季度而波動。

Our first quarter adjusted loss per share was $0.13, compared to an adjusted loss per share of $0.11 last year. Adjusted EBITDA in the first quarter was negative $4.8 million, generally in line with last year's level.

我們第一季調整後每股虧損為0.13美元，去年同期調整後每股虧損為0.11美元。第一季調整後EBITDA為負480萬美元，整體而言與去年水準大致一致。

Now turning to the balance sheet. We ended the quarter with cash and cash equivalents of $25 million versus $24.3 million on December 31, 2025, the best first quarter cash performance in seven years. Net inventories on March 31, 2026, were $58.1 million, down 2.7% compared to December 31, 2025.

接著談資產負債表。我們本季期末現金及約當現金為2,500萬美元，較2025年12月31日的2,430萬美元增加，為七年來最佳的第一季現金表現。2026年3月31日的淨存貨為5,810萬美元，較2025年12月31日下降2.7%。

Finally, let's turn to our outlook. As Rob mentioned earlier, we are updating our full-year revenue guidance to a range of $465 million to $485 million from the prior range of $500 million to $520 million due to the accounting-related adjustment discussed earlier. We are maintaining our adjusted EBITDA guidance in the range of $20 million to $30 million.

最後，談談我們的展望。如Rob先前提到，由於前面討論的會計相關調整，我們將全年營收指引由原先的5.0億至5.2億美元，更新為4.65億至4.85億美元區間。我們維持調整後EBITDA指引在2,000萬至3,000萬美元區間不變。

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

接下來我把電話交回給接線員進行提問。

(Operator Instructions)

（接線員指示）

Brad Thomas, KeyBanc.

Brad Thomas，KeyBanc。

Hey, good morning, everyone. It's Taylor Zick on for Brad this morning. Rob, maybe just to start, there's been a lot of moving pieces within the business as you add more floor space, but can you speak a little bit more to the demand trends you saw throughout the quarter?

各位早安。我是今天早上代替Brad的Taylor Zick。Rob，先從這裡開始，隨著你們增加更多賣場面積，業務內部有很多變動因素；你能否多談一些你們在本季各期間看到的需求趨勢？

And then maybe related to that, you said you saw improved trends here in 2Q and you expect to step up further in the quarter, I guess, kind of what gives you confidence on that improvement?

另外也相關地，你提到在第二季看到趨勢改善，並預期在本季會進一步走強；我想問的是，你對這項改善的信心來源是什麼？

Thank you, Taylor. The first quarter started off January was fairly healthy, February got a little bit of choppy, and then March got a little bit better across all channels. I think as Todd highlighted, we were particularly encouraged by the e-commerce performance in March where we got the flat, which hadn't happened in quite a long time. And we do believe that's being driven by better media buying.

謝謝你，Taylor。第一季一開始，1月相當健康，2月有些波動，接著3月在所有通路都有所改善。我認為如Todd所強調，我們特別受到3月電商表現的鼓舞，因為我們達到持平，這在相當長一段時間內都未曾發生。我們確實相信這是由更好的媒體採買所帶動。

I think the consumer still is pretty nervous right now, and we have seen trends get a little bit better, but definitely the category is not robust.

我認為消費者目前仍相當緊張，我們確實看到趨勢略有改善，但整體品類的需求仍不算強勁。

And then maybe just to you mentioned it in your prepared remarks, it's just kind of on the input cost side. But I guess what are you seeing on that side of things and maybe transportation as well related to elevated oil prices, petrochemicals, and some of the pressures within foam?

另外，或許回到你在事先準備的講稿中提到的投入成本面。我想問你們在這方面看到什麼情況，包含運輸成本，尤其是在油價偏高、石化產品，以及泡棉方面的一些壓力之下？

Yes. So clearly with oil being what it is, we are seeing pressure across transportation as well as some of our input costs, including foam. To this point, we've been able to manage through those. They are headwinds. They're being roughly offset with savings that we're seeing on tariffs as we've gotten the lower rates coming off of the change in the IEPA tariffs.

是的。很明顯，油價維持在目前水準，我們在運輸以及部分投入成本（包含泡棉）上都看到壓力。到目前為止，我們仍能加以管理。這些是逆風，但大致上可由我們在關稅方面看到的節省所抵銷，因為IEPA關稅變更後，我們取得了較低的稅率。

And then in addition, just done a lot of good groundwork on where we're sourcing goods to make sure that we're optimized from a tariff and overall cost perspective. As we look at it, that headwind that we're seeing from oil and foam cost, we should be able to manage within our guidance, especially if the price of oil stays around that $100 a barrel range. So we're managing it as we go, essentially.

此外，我們也在商品採購來源上做了大量前期準備工作，以確保從關稅與整體成本角度都達到最佳化。就我們的評估而言，來自油價與泡棉成本的逆風，我們應可在指引範圍內加以消化，特別是若油價維持在每桶約100美元的區間。我們基本上就是邊走邊管控。

And then maybe just if I can squeeze one more in. Rob, you had a really nice, another nice quarter here of high single-digit showroom comps. I guess, can you speak a little bit more to that and maybe what's driving those comps here even as you compare against, it looks like a double-digit comp in the prior year?

如果我可以再追問一題。Rob，你們本季展間同店比較又有一個很不錯的表現，達到高個位數成長。你能否多談一些這點，以及在你們對比去年看起來是雙位數同店成長的基期之下，這些同店成長是由什麼驅動的？

Yes, Taylor. The showroom team has really dialed in on trying to explain the why Purple and the which Purple, those two simple challenges I think are key to unlocking growth in this brand. We've got something that's different, but consumers still sometimes say, well, why should I pay for it? What's happening in showrooms is a very strong mix up in their volume.

好的，Taylor。展間團隊真的很專注在把兩件事講清楚：為什麼是Purple，以及哪一款Purple。我認為這兩個簡單的挑戰，是解鎖這個品牌成長的關鍵。我們有與眾不同的產品，但消費者有時仍會說：我為什麼要為此付費？展間正在發生的是，他們的銷售量組合明顯往上移。

In the prepared remarks, I told you the first quarter, the top category, Rejuvenate, was 56% of revenue in the stores, and that's what's driving the comp and making those stores profitable as well.

在事先準備的講稿中我提到，第一季門市端的第一大品類Rejuvenate占門市營收的56%，這正是推動同店成長並讓這些門市也能獲利的原因。

Great. Thanks so much.

很好，非常感謝。

Thanks, Taylor.

謝謝你，Taylor。

Dan Silverstein, UBS.

Dan Silverstein，UBS。

Good morning and thanks for taking our question. And I'll just start by saying, Todd, great working with you and best of luck in your next role. Just to start, no problem -- on the sales guidance. Can you just clarify -- just to make sure, is anything changing from an underlying demand perspective or it's just the reporting adjustment? And then could you just comment on how the wholesale channel has trended on a comp basis the last few months, taking out some of the new door growth?

早安，謝謝讓我們提問。我先說，Todd，和你合作很愉快，也祝你在下一個職務一切順利。先從銷售指引開始，想請你澄清一下——確認一下，從基本需求面來看有任何變化嗎？還是只是報表呈現的調整？另外，你能否評論一下，若排除新增門店（new door）帶來的成長，批發通路在過去幾個月的同店趨勢如何？

Yes, so I'll start with the revenue guidance. And then turn it to Rob for wholesale performance. So in terms of the revenue guidance, it is purely just the reporting change. We are still seeing good solid overall trends and still committed to that same level of overall volume activity. It's just making sure that we're reflecting how that accounting for some of that mattress firm activity is going to flow through the P&L. So no change to the underlying activity though.

好的，我先回答營收指引，然後把批發表現交給Rob。就營收指引而言，完全只是報表呈現的變更。我們仍看到整體趨勢良好且穩健，也仍致力於相同水準的整體銷量活動；只是要確保我們反映出部分Mattress Firm活動的會計處理將如何流經損益表。因此，基本活動面沒有改變。

And Dan, on momentum. I think there's a couple of things we've got to consider. Our top eight accounts, including Costco, Mattress Firm and then some of the other large regionals are performing up year-on-year on a comp basis and on a consumption basis also up. The Costco business and the Mattress Firm business both had year-end merchandising events that had them leave the year with relatively heavy inventory. So the consumption performance in Q1 was better than the shipment performance, and that's particularly true of the Costco business because they load in that event as they set the floor in December.

Dan，關於動能，我認為有幾點需要考量。我們前八大客戶（包含Costco、Mattress Firm以及其他一些大型區域客戶）在同店基礎上年增，且在終端消化（consumption）基礎上也呈現成長。Costco業務與Mattress Firm業務在年底都有陳列促銷活動，使得它們在年底時的庫存相對偏高。因此第一季的終端消化表現優於出貨表現；這點在Costco業務上尤其明顯，因為他們在12月為了設置賣場陳列而在該活動中大量進貨。

So it's mixed, but we're encouraged by the stronger accounts doing better, and we've got some smaller accounts that we've got to figure out how to service better because that's where the business is struggling a bit. And again, remember, on an unadjusted basis with this accounting change. Wholesale had a very good fourth quarter, and they had an up 1% first quarter. Obviously, it's down, I think, 11% when you do the adjustment on the accounting. Does that make sense, Dam?

所以情況是混合的，但我們對較強的客戶表現更好感到鼓舞；同時也有一些較小的客戶，我們需要想辦法提供更好的服務，因為那部分業務有些吃力。另外再提醒一次，在未調整、也就是尚未反映這項會計變更的基礎上，批發在第四季表現非常好，而第一季年增1%。但顯然，當你做了會計調整後，我想是下降約11%。這樣說有清楚嗎，Dan？

Very helpful color, thank you. And then just one more follow-up on the input costs. To Taylor's question, are you thinking about any price adjustments needed as a result of some of the cost inflation? And what have you been -- what are you seeing from your peers on the pricing front and just maybe the competitive opportunity there if you guys have less foam in your products, maybe you don't need to raise prices as much or just anything on a competitive pricing environment?

非常有幫助，謝謝。再追問一題關於投入成本。延續Taylor的問題，因為部分成本通膨，你們是否在考慮需要做任何價格調整？另外，你們看到同業在定價方面有什麼動作？以及若你們產品使用的泡棉較少，是否可能不需要漲那麼多，或在競爭性定價環境上有任何機會？

Yeah. I mean, we do use less foam than others. We also use more mineral oil than others. So I'm not sure there's going to be any gain there. I think, first of all, we haven't seen any action by anybody else, and we will be more than likely a follower, not a leader. We are going to try to get at it though now through discount reduction.

是的。我們確實比其他人使用更少的泡棉，但我們也比其他人使用更多的礦物油，所以我不確定那裡會有任何優勢。首先，我們尚未看到其他人有任何動作，而我們很可能會是跟隨者而非領導者。不過，我們會嘗試先透過降低折扣來因應。

And that's as much about cost and margin as it is about kind of getting the brand healthier. We are too dependent on discount and depth of discount. And we've got a whole team trying to figure out how to not damage volume but reduce the discounts in the brand a couple of percentage points, which is real money.

這既關乎成本與毛利，也關乎讓品牌更健康。我們對折扣以及折扣深度的依賴過高。我們有一整個團隊在研究如何在不傷害銷量的情況下，把品牌折扣降低幾個百分點，這會是實質的金額貢獻。

Thank you. Best of luck.

謝謝你，祝一切順利。

Matt Koranda, Roth Capital.

Matt Koranda，Roth Capital。

Hey, guys, good morning, and best of luck, Todd, in the next role. Just wanted to hear a little bit more about the trends you've seen quarter-to-date. Is the trend improvement you mentioned relative to the adjusted sales number you cited for the first quarter? Just wanted to hear a little bit more about whether we can expect positive sales heading into this quarter and into the back half, maybe seasonality as well for the year and how you see it?

各位早安，祝 Todd 在下一個職務一切順利。想再多了解一下你們截至本季目前為止看到的趨勢。你提到的趨勢改善，是相對於你引用的第一季調整後銷售數字嗎？也想再多聽一些，我們是否可以期待本季以及下半年銷售轉為正成長，另外也包括今年的季節性，以及你們怎麼看？

The underlying volume is looking good for the quarter. Once we make the accounting adjustment, which should be in that range of, call it, $7 million to $9 million in the quarter, we still would expect sales to be up modestly. So that just points to the fact that we are seeing good underlying progress in the business.

本季的基本出貨量看起來不錯。等我們做完會計調整後——本季應該會在約 700 萬到 900 萬美元的區間——我們仍預期銷售會小幅成長。這也顯示我們在業務上看到不錯的基本面進展。

Got it. And then maybe just on the e-com side of the business, getting back to flat, is an interesting data point. And I think you cited better media buys helping with that. Maybe can you unpack what you're doing a little bit more that's helping out on the e-com side of the business and how sustainable that is?

了解。那再談一下電商（e-com）這一塊，回到持平是一個有意思的數據點。我記得你提到更好的媒體採買對此有幫助。你能否再拆解一下，你們在電商端做了哪些事情在幫助改善，以及這樣的改善有多可持續？

Yeah, I don't know if it's too early for one to call one month a trend. I think we're changing the information we use to drive the daily media purchase, trying to be more responsive to what's working and what's not. It's a combination of a skill and a specific tool that we've got to build more robustly in the company.

是的，我不確定用一個月就稱之為趨勢是否太早。我們正在改變用來驅動每日媒體採買的資訊，試著對哪些有效、哪些無效更快速反應。這結合了一種能力與一個特定工具，我們需要在公司內把它建得更扎實。

We've enrolled an outside agency that specializes in this, and the early signals are good, but I'm not going to wave any success flag yet. We've got to do it months in a row and put a couple of quarters up.

我們也聘請了一家專精於此的外部代理商，目前早期訊號不錯，但我還不會先舉起成功的旗幟。我們必須連續好幾個月都做到，並且交出幾個季度的成績。

Got it. Just maybe, Todd, how long does it take for the higher oil prices to flow through to cost of goods? I guess, assuming there's raw materials that enter inventory and cycle in the cost of goods that takes at least a quarter or two. Does that mean sort of the highest margin pressure felt in the third quarter, back half of '26? Maybe just from a timing perspective, how should we be thinking about that?

了解。Todd，再請教一下，油價上漲要多久才會反映到銷貨成本？我想假設原物料會先進到存貨，再在銷貨成本中周轉，至少需要一到兩季。這是否意味著毛利率壓力最大會在第三季、也就是 2026 年下半年？從時點角度來看，我們應該怎麼思考？

Yeah. It flows through pretty quickly, really. Our turns are generally less than a couple of months. And for the types of things, particularly if you're looking at foam that tend to come in at the end of the process, we've already seen some of that pressure flow through the P&L in Q1. Like I said, we were able to offset that with savings on the tariff side of life, but it is flowing through currently, and we will see pressure from that in the course of the second quarter.

是的，其實反映得很快。我們的存貨周轉通常不到幾個月。就某些項目而言，特別是像泡棉這類通常在製程末端才進來的材料，我們在第一季就已經看到部分壓力反映到損益表上。如我所說，我們能用關稅方面的節省來抵消，但這些成本目前正在反映中，而且我們在第二季期間也會看到相關壓力。

So as you look at Q2, Q3, Q4 from an overall trend of business perspective, we usually see revenue increasing proportionately across the quarters and are looking for similar this year. That means, volume in Q2 will be lower than Q3 and Q4, and that oil pressure will probably place a little bit more pressure on gross margin in the coming quarter versus what we'll see later in the year.

所以從整體業務趨勢來看，觀察第二季、第三季、第四季，我們通常會看到營收在各季之間按比例逐季增加，今年也希望類似。這表示第二季的量會低於第三季與第四季，而油價壓力可能會讓即將到來的這一季毛利率承受的壓力，比今年稍晚時候更大一些。

(Operator Instructions)

（接線員指示）

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

Hey, guys. Good morning. First off, Todd, best of luck in your next role. It's been nice working with you. The question I want to ask here, again, maybe some shorter-term questions just to start. But with regard to the accounting change here in Q1, so just to make sure, is there going to be a similar type impact in subsequent quarters or was it all in Q1?

各位早安。首先，Todd，祝你在下一個職務一切順利，和你合作很愉快。我想問的問題是，先從一些較短期的問題開始。關於第一季的會計變更，確認一下：後續季度也會有類似影響，還是影響都集中在第一季？

No. It will be ongoing. And actually, the big impact is from the Royale production and that production being done by an affiliate of Mattress Firm. So as we grow that Royale volume going forward, if anything, the adjustment gets bigger as we get through the course of the year. You can see that we adjusted the revenue guidance by about $35 million. The impact to Q1 was only $5 million, so that will kind of give you a picture of how much it does increase as we go later and later in the year.

不，這會是持續性的。其實主要影響來自 Royale 的生產，而該生產是由 Mattress Firm 的關聯方進行。因此，隨著我們未來擴大 Royale 的出貨量，若有變化，調整幅度反而會在今年進程中變得更大。你可以看到我們把營收指引調整了約 3,500 萬美元。第一季的影響只有 500 萬美元，這大概能讓你了解，隨著時間往後推移，影響會增加多少。

And then I think this was a prior question, but just to confirm. So that adjustment you made to your full-year guidance is entirely associated with this accounting change?

然後我想這是前面有人問過的，但再確認一次：你們對全年指引所做的那個調整，完全都是與這次會計變更相關嗎？

100%

100%。

Entirely associated, yes.

是的，完全相關。

Got it. Second question I have on gross margin. So you saw the impact here in Q1 from the, I guess, the floor models. Can you size that more? I mean, I don't know if I caught this, but what would gross margin had been had you not had this impact?

了解。第二個問題是關於毛利率。第一季你們受到——我想是展示床（floor models）的影響。你能更量化一下嗎？我不確定我是否聽清楚，如果沒有這個影響，毛利率本來會是多少？

Yes. So the impact from the floor models was about 200 basis points. We also had much lower production as we're managing our inventory levels, maybe a little more actively this quarter. So that lower absorption was, call it, something similar, close to 200 basis points of drag on the gross margin rate.

可以。展示床的影響大約是 200 個基點。我們也因為在管理存貨水位——這一季可能更積極一些——導致產量明顯較低。因此較低的產能吸收（absorption）對毛利率的拖累，大概也是類似的幅度，接近 200 個基點。

Then a similar question. So should we expect further impacts in subsequent quarters from this floor model dynamic as well?

那再問一個類似的問題：後續季度也會因為展示床這個動態而持續受到影響嗎？

No. We really moved through that in the course of Q1. I would say similar for the absorption impact. We moved through that in Q1. So those are really timing issues.

不會。我們在第一季期間就已經把那部分消化掉了。產能吸收的影響也差不多，我們在第一季就處理完了。所以這些主要是時點問題。

Got it. I guess my bigger picture question. We're seeing the different sales channels start to take shape here. How should we be thinking about -- we recognize there's still a number of challenges out there, right? But how should we be thinking about kind of what we're playing for in terms of a top-line growth algo for the company?

了解。我比較偏向大方向的問題是：我們看到不同的銷售通路開始逐漸成形。我們知道外部仍有不少挑戰，但就公司營收成長的「算法／模式」（algo）而言，我們應該怎麼思考你們的目標？

And then along those lines, you've seen some, I guess, success here with regard to showrooms. Are those showroom sales, are they potentially cannibalizing other channels or do you think those are truly new to the business?

另外延伸這點，你們在展示間（showrooms）方面似乎有一些成功。這些展示間的銷售，是否可能在侵蝕其他通路，還是你認為那是真正為業務帶來新增的銷售？

Yeah. I mean, given -- Brian, I guess theoretically could be, but given our relatively small share and the fact that I think the showroom count right now active is 57 or 58, that's not cannibalizing the business. In fact, we've seen data that e-commerce, wholesale partners, and showrooms, top-performing DMAs are all similar. And one of the things we're doing is driving more spend into those ZIP codes. Because we see our business strength in pockets across channels and no negative correlation from showroom performance.

是的，我的意思是——Brian，理論上有可能，但考量到我們的市占相對小，而且目前啟用的展示間數量大概是 57 或 58 家，這不會侵蝕業務。事實上，我們看到的數據是：電商、批發合作夥伴與展示間表現最好的 DMA 都很相似。我們正在做的一件事，就是把更多投放預算導向那些郵遞區號（ZIP codes），因為我們看到跨通路的業務強勢是以「口袋」形式存在，而且展示間表現與其他通路沒有負相關。

Take the greater LA market. I mean, the entire market, I think we have eight showrooms in the greater area. That's not going to cannibalize. Mattress Firm alone probably has 50 stores, 60 stores in that same market, and so do all the rest of our competitors.

以大洛杉磯市場為例，我想整個市場我們在大區域內大概有 8 家展示間。這不會造成侵蝕。光 Mattress Firm 在同一個市場可能就有 50 家、60 家門市，我們其他所有競爭對手也是如此。

And then in terms of the growth algorithm. Taking aside the accounting adjustment, our revenue guidance excluding that had been and is $500 million to $520 million in revenue. That's growth of a high single-digit to low double-digit percentage, and while that may vary in future years, we still are committed to that and I think that's a good solid progress and appropriately conservative for the year.

至於成長模式，先把會計調整拿掉不談，我們排除該因素後的營收指引一直是、也仍是 5 億到 5.2 億美元。這相當於高個位數到低雙位數百分比的成長。雖然未來年度可能會有變動，但我們仍致力於此，我認為這代表穩健的進展，也對今年而言是適度保守的。

I appreciate it. Thank you.

感謝。謝謝你。

Thanks, Brian.

謝謝，Brian。

And we have reached the end of our question-and-answer session. I will now turn the call back over to Robert DeMartini for closing remarks.

我們的問答環節到此結束。現在我把電話交回給 Robert DeMartini 作結語。

Alright. Thank you, operator. I just again want to thank Todd for his significant service to Purple and welcome Bob Lucian and thank all of our employees for a hard-fought quarter. Thank you.

好的。謝謝你，接線員。我再次感謝 Todd 對 Purple 的重大貢獻，也歡迎 Bob Lucian，並感謝所有員工在這一季的努力奮戰。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。