Pattern Group Inc (PTRN) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Pattern third-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Pattern 公司 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Hamish Chung. Please go ahead.

現在我謹將會議交給今天的第一位發言人，Hamish Chung。請繼續。

Thank you, operator. Good afternoon, and thank you for joining Pattern's earnings call for the third-quarter 2025. Before we begin, I would like to remind everyone that today's discussion may contain forward-looking statements based on our current expectations, assumptions and forecasts about future events. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Please refer to our latest filings with the Securities and Exchange Commission for more information on these risks and uncertainties.

謝謝接線生。下午好，感謝各位參加 Pattern 公司 2025 年第三季財報電話會議。在開始之前，我想提醒大家，今天的討論可能包含基於我們目前對未來事件的預期、假設和預測的前瞻性陳述。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與預測結果有重大差異。有關這些風險和不確定性的更多信息，請參閱我們向美國證券交易委員會提交的最新文件。

We may also refer to certain non-GAAP financial measures. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures can be found in our earnings release. Joining us today are Dave Wright, our Co-Founder and Chief Executive Officer; and our Chief Financial Officer, Jason Beesley. Today's earnings is being webcast, and a replay will be available on our Investor Relations website following the call. Following our prepared remarks today, we will open the call to questions.

我們也可能會參考某些非公認會計準則財務指標。有關非GAAP財務指標與最直接可比較的GAAP指標的調節表，請參閱我們的獲利報告。今天與我們一同出席的有我們的聯合創始人兼首席執行官戴夫·賴特，以及我們的首席財務官傑森·比斯利。今天的財報電話會議將進行網路直播，會後可在投資者關係網站上觀看回放。今天，在我們發表完準備好的演講後，我們將開始接受提問。

I'll now turn the call over to our CEO, Dave Wright. Dave, please go ahead.

現在我將把電話交給我們的執行長戴夫·賴特。戴夫，請繼續。

Thanks, Hamish, and good afternoon, everyone. Thank you for joining us today, and welcome to our first earnings call as a public company. In Q3 2025, Pattern delivered record results for our key 3 metrics: revenue, net revenue retention and adjusted EBITDA. Revenue grew 46% year over year to $639.7 million, driven by both new and existing brands. We had strong execution across both US and international markets.

謝謝你，哈米甚，大家下午好。感謝各位今天蒞臨，歡迎參加我們作為上市公司的首次財報電話會議。2025 年第三季度，Pattern 在 3 項關鍵指標上均取得了創紀錄的成績：收入、淨收入留存率和調整後 EBITDA。營收年增 46% 至 6.397 億美元，主要得益於新品牌和現有品牌的共同推動。我們在美國和國際市場上都取得了強勁的執行力。

Net revenue retention, or NRR, reached an all-time high of 122%. Adjusted EBITDA increased 88% to $41.1 million, reflecting a 6.4% margin, up from 5% a year ago as we continue to gain scale operating leverage across our global network. Our new brand partner pipeline also remains robust and is exceeding expectations, setting us up well for continued momentum. We delivered standout growth across our non-Amazon marketplaces.

淨收入留存率（NRR）達到歷史新高 122%。經過調整的 EBITDA 成長了 88%，達到 4,110 萬美元，利潤率為 6.4%，高於一年前的 5%，這得益於我們在全球網路中不斷擴大的規模營運槓桿作用。我們新的品牌合作夥伴管道依然強勁，並超越預期，為我們繼續保持成長勢頭奠定了良好的基礎。我們在非亞馬遜市場也實現了顯著成長。

Total revenue not attributable to Amazon grew 81% year over year, reaching $47.1 million in Q3 2025, reflecting the effectiveness of our channel diversification strategy and the strength of our core platform across multiple marketplaces. Revenue outside Amazon represented 7.4% of total revenue in Q3 2025, up from 5.9% in Q3 of 2024.

2025 年第三季度，不屬於亞馬遜的營收總額年增 81%，達到 4,710 萬美元，這反映了我們通路多元化策略的有效性以及我們核心平台在多個市場上的強大實力。2025 年第三季度，亞馬遜以外的營收佔總營收的 7.4%，高於 2024 年第三季的 5.9%。

International performance was also robust, underscoring the global demand for our platform that can address the complexities of operating at a global scale. International revenue grew 72% year over year to $52.9 million in Q3 2025, representing 8.3% of total revenue, up from 7.0% a year ago.

國際市場表現同樣強勁，凸顯了全球對我們平台的需求，該平台能夠應對全球規模營運的複雜性。2025 年第三季度，國際營收年增 72%，達到 5,290 萬美元，佔總營收的 8.3%，高於一年前的 7.0%。

Before Jason walks through the more detailed financials, I'll outline our business model, market position, and the secular trends shaping e-commerce and AI, along with our strategic priorities for scalable, profitable growth. Pattern operates as a technology infrastructure layer powering global e-commerce. We provide a thin intelligent layer across global e-commerce, enabling brands to accelerate growth, simplify operations and reach consumers across more than 60 marketplaces and emerging digital surfaces worldwide.

在 Jason 詳細介紹財務數據之前，我將概述我們的商業模式、市場地位以及影響電子商務和人工智慧的長期趨勢，以及我們實現可擴展、獲利成長的策略重點。Pattern 作為技術基礎設施層，為全球電子商務提供支援。我們為全球電子商務提供輕量級的智慧層，使品牌能夠加速成長、簡化運營，並在全球 60 多個市場和新興數位平台上觸達消費者。

Our core strategic differentiator is the intelligent technology and AI layer that powers everything we do. We monetize our technology by purchasing inventory directly from our brand partners and selling through global channels.

我們的核心策略差異化優勢在於智慧技術和人工智慧層，它為我們所做的一切提供動力。我們透過直接從品牌合作夥伴購買庫存並透過全球通路銷售來實現技術盈利。

This inventory-bearing approach reduces friction, aligns incentives and allows brands to focus on what they do best, creating great products and building customer relationships. Our partnerships are deep, long term and highly sticky. This is because we not only drive revenue growth but also manage the complexities that come with selling on marketplaces around the world.

這種庫存管理方式減少了摩擦，協調了激勵機制，使品牌能夠專注於自己最擅長的事情，即創造優秀的產品和建立客戶關係。我們的合作關係深入、長期且高度牢固。這是因為我們不僅推動了營收成長，還管理著在全球各地市場銷售所帶來的各種複雜問題。

Whether customers shop through marketplaces, social platforms or the emerging world of agentic shopping, Pattern plays the same essential role, connecting brands and consumers through a unified data-driven layer that removes friction and maximizes performance across the entire digital commerce ecosystem. We sit squarely at the convergence of e-commerce and artificial intelligence, two of the most powerful forces shaping global e-commerce.

無論顧客是透過市場、社群平台或新興的代理購物方式購物，Pattern 都扮演著同樣重要的角色，它透過統一的數據驅動層連接品牌和消費者，從而消除摩擦，最大限度地提高整個數位商務生態系統的效能。我們正處於電子商務和人工智慧的交匯點，這兩股力量是塑造全球電子商務的最強大力量。

Regardless of how or where consumers choose to shop, our role remains consistent. We provide a thin intelligent layer that connects brands to demand across every major marketplace and platform. This channel-agnostic model allows us to remain indifferent to customer channel shifts. whether that's traditional e-commerce or the emerging world of agentic commerce. The consumer remains healthy and secular trends continue to support sustained e-commerce growth.

無論消費者選擇以何種方式或在哪裡購物，我們的角色始終如一。我們提供了一個輕量級的智慧層，將品牌與各大市場和平台上的需求連結起來。這種通路無關的模式使我們能夠對客戶通路的轉變保持漠不關心，無論是傳統的電子商務還是新興的代理型商務。消費者健康狀況良好，長期趨勢持續支撐電子商務的持續成長。

E-commerce continues to gain share across major markets, and we expect this trend to accelerate as global logistics improve, driving greater efficiency and accessibility. Emerging technologies such as robotics, autonomous delivery and drones will further reduce costs and increase fulfillment speed, while consumer-facing innovations like agentic commerce simplify the shopping experience.

電子商務在各大市場持續擴大份額，我們預期隨著全球物流的改善，效率和可及性將進一步提高，這一趨勢將會加速發展。機器人、自動配送和無人機等新興技術將進一步降低成本並提高履行速度，而智慧商務等面向消費者的創新將簡化購物體驗。

Collectively, these advances are driving a global shift towards digital commerce. At the same time, AI is reshaping digital discovery, transforming how consumers find, evaluate and purchase products. These dynamics reward precision, brands that manage content, pricing and availability dynamically to meet consumers where they are.

總而言之，這些進步正在推動全球向數位商務轉型。同時，人工智慧正在重塑數位發現，改變消費者尋找、評估和購買產品的方式。這種動態變化會獎勵精準的品牌，也就是那些能夠動態管理內容、定價和供貨情況，以滿足消費者需求的品牌。

That's where Pattern excels. Our platform leverages over 46 trillion customer journey data points across search, discoverability, content, pricing, logistics and behavior. Each signal strengthens our continuous optimization loops, making our model smarter and delivering measurable, repeatable impact for our brand partners. Even modest gains in visibility or conversion can translate into millions of dollars in additional sales for our brands, and we capture those improvements consistently at scale. At the core of our approach is a simple but powerful formula: revenue for a brand equals traffic times conversion, times price times availability.

這正是Pattern的優勢所在。我們的平台利用超過 46 兆個客戶旅程數據點，涵蓋搜尋、發現、內容、定價、物流和行為等面向。每個訊號都會加強我們的持續優化循環，使我們的模型更加智能，並為我們的品牌合作夥伴帶來可衡量、可重複的影響。即使知名度或轉換率只有適度的提高，也能為我們的品牌帶來數百萬美元的額外銷售額，而且我們能夠持續大規模地實現這些改進。我們方法的核心是一個簡單而強大的公式：品牌收入等於流量乘以轉換率乘以價格乘以可用性。

I will now outline our four strategic priorities for sustained growth and operational scale across the evolving global e-commerce landscape. Number one, investing in the intelligence layer. We continue to invest in our core technology and AI infrastructure, the intelligence layer that powers Patterns model. This layer is advancing to support agentic workflows that are nondeterministic and capable of executing complex tasks at a fraction of traditional costs. As consumer behavior shifts towards agentic and automated purchasing, our platform's ability positions us to lead this evolution.

接下來，我將概述我們在不斷變化的全球電子商務環境中實現持續成長和營運規模的四大策略重點。第一，投資於情報層。我們將繼續投資於我們的核心技術和人工智慧基礎設施，這是驅動 Patterns 模型的智慧層。這一層正在發展，以支援非確定性的智能體工作流程，並能夠以遠低於傳統成本的價格執行複雜任務。隨著消費者行為向自主和自動化購買轉變，我們平台的能力使我們能夠引領這項變革。

These investments also strengthen our marketplace and international expansion capabilities, reinforcing our ability to scale efficiency. Number two, expanding channels and markets. Channel diversification remains a key growth driver across international and non-Amazon platforms. Growth from Coupang accelerated in Q3 faster than any other marketplace onboarding in our company's history, up more than 150x from the prior quarter. We also see strong growth potential in TikTok and other emerging social platforms where user engagement has become a core differentiator.

這些投資也增強了我們的市場和國際擴張能力，強化了我們擴大規模、提高效率的能力。第二，拓展通路和市場。通路多元化仍然是國際平台和非亞馬遜平台的關鍵成長驅動力。Coupang 第三季的成長速度超過了該公司歷史上任何其他市場平台的新增用戶速度，比上一季成長了 150 倍以上。我們也看到TikTok和其他新興社群平台擁有強勁的成長潛力，在這些平台上，用戶參與度已成為核心差異化因素。

As logistics advantages become increasingly commoditized, engagement metrics such as time spent on platform will become stronger indicators of future sales. We expect social and LLM-driven ecosystems to capture a growing share of consumer discovery and transactions. Number three, reducing brand friction. Our focus is on making it easier, faster and more cost effective for brands to execute global platform-agnostic e-commerce. We accomplished this through integrated technology, scalable logistics and exceptional service levels that simplify complexity.

隨著物流優勢日益趨於同質化，使用者在平台上的停留時間等互動指標將成為未來銷售的更強有力指標。我們預期社交和LLM驅動的生態系統將佔據消費者發現和交易中越來越大的份額。第三，減少品牌摩擦。我們的重點是讓品牌更輕鬆、更快速、更經濟高效地開展全球平台無關的電子商務。我們透過整合技術、可擴展的物流和卓越的服務水準實現了這一目標，從而簡化了複雜性。

As vast amounts of data become more accessible, consumers will increasingly distinguish between products that are truly exceptional and those built primarily on marketing. Our goal is to free up our partners' time and resources so they can focus on building great products and advancing R&D. As consumers become more discerning, brands that innovate and deliver genuine quality will capture outsized sustainable growth. Number four, driving scale and efficiency. Scale is a strategic moat and a key source of our value for our brand partners.

隨著海量數據變得更容易獲取，消費者將越來越能區分真正卓越​​的產品和主要依靠行銷手段打造的產品。我們的目標是解放合作夥伴的時間和資源，讓他們專注於打造優秀的產品和推動研發。隨著消費者眼光越來越挑剔，那些不斷創新並提供真正優質產品的品牌將獲得超乎尋常的可持續成長。第四，提高規模和效率。規模是我們的策略性護城河，也是我們為品牌合作夥伴創造價值的關鍵來源。

With Pattern's technology, logistics and global scale, we operate at a cost structure and price point for brands that we believe the brand simply cannot achieve on their own. Each transaction strengthens our data models, enhances our efficiency and increases our operating leverage. Pattern is built for the future of e-commerce. The forces reshaping our industry, AI-driven discovery, social engagement, automation and global logistics innovation are accelerating faster than ever. We are not just adapting to these shifts.

憑藉 Pattern 的技術、物流和全球規模，我們能夠以品牌本身無法實現的成本結構和價格點為品牌提供服務。每筆交易都能增強我們的資料模型，提高我們的效率，並增加我們的營運槓桿。Pattern 是為電子商務的未來而建構的。重塑我們產業的各種力量，如人工智慧驅動的發現、社交互動、自動化和全球物流創新，正以前所未有的速度加速發展。我們不僅僅是在適應這些變化。

We're helping to find them. Our platform stands at the intersection of intelligence and execution, connecting brands and consumers seamlessly across every digital surface. As technology and data continue to advance, we see an era where speed, precision and creativity determine the winners. Pattern is positioned to lead that future, empowering brands, capturing opportunity and driving the next wave of global e-commerce growth. With that, I'll hand it over to Jason to walk through our financial results in more detail.

我們正在協助尋找他們。我們的平台融合了智慧和執行力，在所有數位平台上無縫連接品牌和消費者。隨著科技和數據的不斷進步，我們看到一個速度、精準度和創造力決定勝負的時代。Pattern 致力於引領未來，賦能品牌，掌握機遇，推動下一波全球電子商務成長浪潮。接下來，我將把發言權交給傑森，讓他更詳細地介紹我們的財務表現。

Jason, take it away.

傑森，你來接手吧。

Thanks, Dave, and thank you, everyone, for joining us today. We delivered strong financial results for the third quarter 2025, reflecting broad-based strength across our platform. Revenue was $640 million and adjusted EBITDA was $41 million, representing year-over-year growth of 46% and 88%, respectively. We also achieved record NRR of 122%.

謝謝戴夫，也謝謝各位今天蒞臨。我們在 2025 年第三季取得了強勁的財務業績，反映了我們平台各方面的全面實力。營收為 6.4 億美元，調整後 EBITDA 為 4,100 萬美元，分別年增 46% 和 88%。我們也實現了122%的淨收益率創紀錄。

What we think is so exciting about our business model is that we grow existing brand partner revenue in three primary ways: one, optimizing existing product growth through our technology; two, launching new products; and three, expanding across marketplaces and geographies.

我們認為我們商業模式最令人興奮的地方在於，我們主要透過三種方式增加現有品牌合作夥伴的收入：一是透過我們的技術優化現有產品的成長；二是推出新產品；三是擴展到各個市場和地區。

First, technology optimization of the e-commerce equation is a large portion of what continues to drive our base NRR. In Q3, growth was primarily attributable to traffic and conversion improvements. Traffic is driven by our advertising tool, Destiny, which executes over 14 million bid changes per day, and conversion is driven by content optimization tools such as our content brief and improved product imagery via the portal.

首先，電子商務技術的最佳化是我們持續推動基礎淨收入成長的重要因素之一。第三季成長主要歸功於流量和轉換率的提升。流量主要來自我們的廣告工具 Destiny，它每天執行超過 1400 萬次競價更改；轉換率主要來自內容優化工具，例如我們的內容簡報和透過入口網站改進的產品圖像。

Second, new product launches. The acceleration of our year-over-year growth was primarily attributed to brand partners launching new products this quarter. While the timing for new product launches is driven by brand partners, we focus on perfecting the execution of launching those products to e-commerce marketplaces globally.

其次，是新產品發表。我們年成長加速主要歸功於品牌合作夥伴在本季推出新產品。雖然新產品上市的時間由品牌合作夥伴決定，但我們專注於完善在全球電子商務市場上推出這些產品的執行流程。

Third, new marketplaces and geographies. While Amazon is still our biggest marketplace, revenue from non-Amazon marketplaces was up 90% year over year, which drove total revenue not attributable to Amazon up 81%. We believe this progress demonstrates the runway ahead of us and our ability to drive marketplace diversification over time.

第三，新的市場和地理。雖然亞馬遜仍然是我們最大的市場，但來自非亞馬遜市場的收入年增了 90%，這使得非亞馬遜收入總額增加了 81%。我們相信，這項進展表明我們擁有廣闊的發展空間，並有能力隨著時間的推移推動市場多元化。

Total international revenue was $53 million, up 72% year over year, driven by particular strength in Europe, China and the Middle East. Our international growth was driven by both new and existing brand partners, with each cohort contributing approximately half of total international growth in Q3. We are also happy with our pace of new brand partner wins and expansions. We added new partners in a range of categories, including pet supplies, baby products, home and kitchen, office products, electronics and health and wellness. We improved our year-over-year revenue growth rate in new brand partners compared to the prior quarter.

國際總營收為 5,300 萬美元，年增 72%，主要得益於歐洲、中國和中東市場的強勁表現。我們的國際成長得益於新舊品牌合作夥伴的共同推動，每個群體在第三季度貢獻了國際成長總量的約一半。我們對新品牌合作夥伴的拓展和擴張速度也感到滿意。我們新增了多個類別的合作夥伴，包括寵物用品、嬰兒用品、家居和廚房用品、辦公用品、電子產品以及健康和保健用品。與上一季相比，我們在新品牌合作夥伴方面提高了同比收入成長率。

As a reminder, revenue from new partners can fluctuate quarter to quarter and is dependent on many factors, such as existing inventory positions, cleanliness of the distribution channel and the brand partners' readiness, which is why we evaluate the contribution from new brand partner revenue on an annual basis.

需要提醒的是，來自新合作夥伴的收入可能會逐季度波動，並且取決於許多因素，例如現有庫存狀況、分銷管道的清潔程度以及品牌合作夥伴的準備情況，因此我們每年都會評估新品牌合作夥伴的收入貢獻。

Turning to operating expenses, we achieved operating leverage across all expense lines while simultaneously investing in R&D to fuel future growth. We realized $92 million in stock-based compensation and related tax charges in the quarter related to our IPO. Excluding the impact of the IPO-related costs, total expenses would have been approximately 94.2% of revenue compared to 95.9% in Q3 last year.

在營運費用方面，我們在所有費用項目上都實現了營運槓桿，同時也投資於研發，以推動未來的成長。在與我們的首次公開募股相關的季度中，我們實現了 9,200 萬美元的股票選擇權激勵和相關稅費支出。如果排除 IPO 相關成本的影響，總支出約為收入的 94.2%，而去年第三季為 95.9%。

To go deeper into our underlying cost drivers, we look at disaggregated expense categories, including cost of goods sold, fulfillment costs, marketplace commissions, technology and SG&A. Operational efficiencies, combined with product and marketplace mix drove favorability year over year in our variable categories such as cost of goods sold, fulfillment and marketplace commissions. Excluding the indirect initial public offering costs we realized in the third quarter, SG&A would have been $52 million or 8.1% of revenue compared to 8.6% in Q3 2024.

為了更深入了解我們潛在的成本驅動因素，我們查看了細分的費用類別，包括銷售成本、履行成本、市場佣金、技術和銷售、一般及行政費用。營運效率的提高，加上產品和市場組合的最佳化，使得我們在銷售成本、履約和市場佣金等可變類別中實現了同比的良好表現。若排除我們在第三季實現的間接首次公開發行成本，銷售、一般及行政費用將為 5,200 萬美元，佔營收的 8.1%，而 2024 年第三季為 8.6%。

The improvement as a percent of revenue was driven by leverage from new initiatives and to some extent, timing of hiring. We expect to continue to realize efficiencies while making strategic investments that we believe will drive future growth, namely in sales and R&D.

營收佔比的提升主要得益於新措施帶來的效益，以及一定程度上的招募時機。我們期望在持續提高效率的同時，進行我們認為能夠推動未來成長的策略性投資，尤其是在銷售和研發方面。

GAAP net loss was $59 million, which includes a number of IPO charges, including SBC and related taxes. Adjusted EBITDA was $41 million, up 88% from $22 million in Q3 2024. Net income attributable to common and preferred shareholders was negative $223 million in the third quarter. This is inclusive of onetime dividend adjustments that were triggered by the conversion of certain shares as part of the IPO. This resulted in a GAAP loss per share of negative $2.19 based on 102 million average weighted basic and diluted shares outstanding.

GAAP淨虧損為5,900萬美元，其中包含多項IPO費用，包括SBC及相關稅金。調整後 EBITDA 為 4,100 萬美元，比 2024 年第三季的 2,200 萬美元成長了 88%。第三季歸屬於普通股和優先股股東的淨利為負 2.23 億美元。這包括因首次公開發行（IPO）中某些股份的轉換而觸發的一次性股息調整。根據 1.02 億股平均加權基本股和稀釋股計算，以 GAAP 計算，每股虧損 2.19 美元。

Turning to cash flows, we look at cash flows over a 12-month period as a result of the timing of marketplace payments we receive and payments for our inventory from brand partners. Last 12-month free cash flow, which is a combination of operating cash flow minus investing cash flow was $71 million, up from $49 million in Q3 '24, driven by profit flow-through, offset by investments in continued warehouse automation and the launch of our West Coast fulfillment center in Las Vegas. This performance aligns with our strategy of generating strong cash flow growth and keeping our business model capital-light.

再來看現金流，我們會檢視 12 個月期間的現金流，這是由於我們收到的市場付款和品牌合作夥伴支付的庫存款項的時間安排造成的。過去 12 個月的自由現金流（經營現金流減去投資現金流）為 7,100 萬美元，高於 2024 年第三季的 4,900 萬美元，這主要得益於利潤增長，但被對持續倉庫自動化和在拉斯維加斯啟動西海岸物流中心的投資所抵消。這項業績符合我們實現強勁現金流成長並維持輕資本營運模式的策略。

Turning to our balance sheet, we raised $135 million net of fees and expenses in our September IPO. And as of quarter end, we had $313 million in cash and cash equivalents with 0 debt. Stepping back to give you a broader perspective on the capital efficiency of the business prior to our IPO, Pattern raised a total of $229 million since inception to build out our global e-commerce business and support our $150 million investment into our technology stack. As of June 30, we had $215 million in cash and cash equivalents with 0 debt.

從資產負債表來看，我們在 9 月的首次公開募股中，扣除費用和支出後，淨籌集了 1.35 億美元。截至季末，我們擁有 3.13 億美元的現金及現金等價物，且無任何債務。為了讓您更全面地了解我們在 IPO 之前的資本效率，我們回顧一下 Pattern 自成立以來總共籌集了 2.29 億美元，用於建立我們的全球電子商務業務，並支持我們對技術堆疊的 1.5 億美元投資。截至6月30日，我們擁有2.15億美元的現金及現金等價物，且無任何債務。

Adding in free cash flow generation for Q3 means that excluding IPO proceeds, we generated more cash than we have raised. Despite the new infusion of capital from our IPO and the massive opportunity ahead of us, we will remain stewards of capital, balancing high growth, strong profitability and positive cash flow generation with a market opportunity in the trillions.

加上第三季的自由現金流，意味著除去IPO所得資金，我們產生的現金比籌集的現金還要多。儘管我們透過 IPO 獲得了新的資金注入，並且面前蘊藏著巨大的機遇，但我們仍將秉持資本管理之道，在數萬億美元的市場機遇中，平衡高增長、強勁盈利能力和正現金流的產生。

Before I discuss our outlook, I first want to quickly address the macroeconomic landscape. So far, as our results indicate, we have not seen any material effects on our business or decreased consumer demand for products in our portfolio. The potential direct impact of trade policy changes to our business is minimal, but it's difficult to predict the consumer reaction to what will likely result in higher prices as well as potential supply chain disruptions. We could encounter potential future headwinds in light of consumer sentiment or behavior changes related to economic and geopolitical factors.

在討論我們的展望之前，我想先快速了解宏觀經濟情勢。到目前為止，我們的結果顯示，我們尚未看到對我們的業務或消費者對我們產品組合的需求的任何實質影響或下降。貿易政策變化對我們業務的潛在直接影響微乎其微，但很難預測消費者對可能導致價格上漲以及供應鏈中斷的政策變化的反應。鑑於經濟和地緣政治因素導致的消費者情緒或行為變化，我們未來可能會遇到潛在的不利因素。

We're closely tracking developments as the landscape continues to evolve, but again, we are not currently seeing an impact. We are having a record year and are pleased to see the momentum continue into the fourth quarter. For the fourth quarter, we expect revenue in the range of $680 million to $700 million, representing 32% to 36% growth year over year and adjusted EBITDA in the range of $38 million to $40 million, representing 44% to 48% growth. Our guidance reflects continued success across our three vectors of growth with existing brand partners as well as traction adding new brand partners.

我們正在密切關注事態發展，因為情況仍在不斷變化，但目前我們還沒有看到任何影響。我們今年的業績創下歷史新高，很高興看到這股動能延續到了第四季。我們預計第四季營收將在 6.8 億美元至 7 億美元之間，年增 32% 至 36%；調整後 EBITDA 將在 3,800 萬美元至 4,000 萬美元之間，年增 44% 至 48%。我們的業績指引反映了我們在三個成長方向上與現有品牌合作夥伴的持續成功，以及在增加新品牌合作夥伴方面的進展。

As it relates to expenses, our investment priorities are: one, further strengthen our technology moat in AI-driven technology and automation, optimize decision-making and improve efficiency across the platform; and two, accelerate our go-to-market as we continue to deepen our penetration in existing and expand into new categories, marketplaces and geographies. Our Q4 guidance implies 5.7% adjusted EBITDA margin at the midpoint, up year-over-year, but down from Q3. Quarterly margin fluctuations are typical in our business due to variables such as product and marketplace mix.

就支出而言，我們的投資重​​點是：一、進一步加強我們在人工智慧驅動技術和自動化方面的技術護城河，優化決策，提高整個平台的效率；二、加快我們的市場拓展步伐，繼續深化我們在現有市場、市場和地區的滲透，並擴展到新的類別、市場和地區。我們第四季的業績指引意味著調整後 EBITDA 利潤率為 5.7%（取中間值），年成長，但低於第三季。由於產品和市場組合等因素的影響，季度利潤率波動在我們業務中屬於正常現象。

Overall, it's important to view our margin in the context of our strategic philosophy, disciplined execution, continuing to invest in technology and sales to capture growth while maintaining profitability. Zooming out, based on the midpoint of our Q4 outlook, we anticipate full year 2025 revenue growth of 37%, coupled with 48% adjusted EBITDA growth. We have a business model that delivers growth, profits and generates cash, and we operate in a massive space. We believe that is the winning formula for success, and our team is executing to drive outsized growth.

總而言之，重要的是要從我們的策略理念、嚴謹的執行、持續投資於技術和銷售以實現成長並保持獲利能力的角度來看待我們的利潤率。從更長遠的角度來看，根據我們第四季展望的中點，我們預計 2025 年全年營收將成長 37%，調整後 EBITDA 將成長 48%。我們擁有能夠帶來成長、利潤和現金流的商業模式，而且我們在龐大的市場中運作。我們相信這是成功的勝利之道，我們的團隊正在努力執行，以推動超高速成長。

I'll turn things back to Dave before we open the call for questions.

在正式開始提問之前，我會把問題交還給戴夫。

Thanks, Jason. We're really happy with our results so far and excited for the future. In closing, we continue to deliver market-leading growth, positive cash flow and sustainable profitability. We are part of defining and redefining the future of e-commerce through AI, unlocking significant opportunities for innovation and growth. We're adding new brand partners, deepening our existing partnerships, launching innovative solutions and scaling globally. It's an exciting time to be in the digital commerce space. It's changed more in the past two years than in the previous 10, creating incredible opportunities for innovative, fast-moving companies like Pattern.

謝謝你，傑森。我們對目前所取得的成果非常滿意，並對未來充滿期待。總之，我們持續保持市場領先的成長、正現金流和永續獲利能力。我們正在透過人工智慧參與定義和重新定義電子商務的未來，從而釋放創新和成長的巨大機會。我們正在增加新的品牌合作夥伴，深化現有合作夥伴關係，推出創新解決方案，並在全球擴大規模。現在正是投身數位商務領域的絕佳時機。過去兩年發生的變化比過去十年還要大，為像 Pattern 這樣具有創新精神、行動迅速的公司創造了巨大的機會。

Our formula is working, and we are just getting started. I want to thank the entire Pattern team for their hard work and dedication. The results we've achieved reflect their relentless commitment to excellence, and I couldn't be more thrilled of what we're building together.

我們的模式行之有效，而我們才剛起步。我要感謝整個 Pattern 團隊的辛勤工作和奉獻精神。我們所取得的成果體現了他們對卓越的不懈追求，我對我們共同創造的成就感到無比興奮。

With that, we'll now open the call to your questions. Operator.

接下來，我們將開放提問環節。操作員。

(Operator Instructions) Doug Anmuth, JPMorgan.

（操作說明）道格·安穆斯，摩根大通。

Thanks so much for taking the questions, one for Dave and one for Jason. Dave, can we get your views on agentic commerce more broadly and just how you expect it to shape the shopping path in coming years? And then what the puts and takes are on the big marketplaces and then also for Pattern? And then, Jason, can you provide some more color just on revenue growth from existing and new brands? I don't think there was a breakout unless I missed it. But just trying to get a little more color there and then how you're doing in terms of diversifying vertical mix as well.

非常感謝你們回答問題，一個問題問戴夫，一個問題問傑森。Dave，能否請你更廣泛地談談你對代理商商務的看法，以及你認為它將如何塑造未來幾年的購物方式？那麼，大型市場以及 Pattern 的買賣情況如何呢？那麼，Jason，你能否再詳細介紹一下現有品牌和新品牌的營收成長？除非我錯過了，否則我不認為發生了突破性進展。但我只是想讓那裡多一些色彩，以及你們在垂直組合多樣化方面做得如何。

All right. Thanks, Doug. Okay. So in terms of agentic shopping, I mean, it is just -- it's really fun, I guess, right now to watch that unfold. No one knows exactly where we'll be.

好的。謝謝你，道格。好的。所以就代理購物而言，我的意思是，現在看著這一切發生真的很有趣。沒有人確切知道我們會身在何處。

But I think in general, we can all be confident in believing the ground is shifting. So just a couple of ideas here. One is we do know that the volume of product search and discovery. The numbers that we have right now is about 38% of all -- in the US, people are using the likes of ChatGPT for some sort of what they would consider shopping. Now 53% of that right now is product research. But there's even things like about 30% is just creating shopping lists and so on and so forth.

但我認為總的來說，我們都可以確信，情況正在改變。這裡只有幾個想法。一是我們確實知道產品搜尋和發現的數量。我們現在掌握的數據是，在美國，大約有 38% 的人使用 ChatGPT 之類的工具進行某種形式的購物。目前其中 53% 用於產品研發。但甚至還有大約 30% 的時間都花在了建立購物清單等等事情上。

So I think one thing we can be pretty confident in is where you spend your time, you will likely buy. So if you think of your own behavior and our collective behaviors, I think we've gravitated in a significant way to LLMs. And I think naturally, if they can make it easy and high trust and have a logistics infrastructure that backs it up, I believe we'll see quite a shift into that agentic world. And I think there'll be some very big winners that come out of those changes.

所以我覺得我們可以比較肯定的一點是，你把時間花在哪裡，你很可能會在哪裡消費。所以，如果你想想你自己的行為和我們集體的行為，我認為我們已經在很大程度上傾向於法律學者。而且我認為，如果他們能夠讓一切變得簡單便捷、高度值得信賴，並且擁有與之配套的物流基礎設施，我相信我們會看到向代理商世界的重大轉變。我認為這些變化將會造就一些巨大的贏家。

Great. And then, Doug, on your question on revenue growth, I would say, as far as existing, that was the strongest part of our growth as demonstrated by the 122% record NRR that we had. And that was across all the three vectors that we talked about growing there, particularly tech was strong in the world of traffic and conversion. We also had product line expansions this quarter in Q3 that were bigger than they were in Q2. So that helped accelerate the growth. And then, of course, you saw in our prepared remarks, the very strong international growth and marketplace growth and diversification there.

偉大的。然後，Doug，關於你提出的收入成長問題，我想說，就現有收入而言，這是我們成長最強勁的部分，正如我們創紀錄的 122% 的淨收入成長所證明的那樣。在我們討論的三個成長方向中，尤其是在流量和轉換率方面，科技領域表現強勁。第三季我們的產品線擴張規模也比第二季更大。所以這有助於加速成長。當然，正如你們在我們事先準備好的演講稿中所看到的，國際成長、市場成長和多元化發展都非常強勁。

On the new brand side, we did have extended growth year-over-year when you compare the quarterly growth rates. So that improved year-over-year in Q3 versus Q2 year-over-year growth. And on the category mix side, we're seeing growth across all the categories. If I was to pick out two categories that were particularly exciting this time around, it would be beauty and DIY tools, which both grew over 100%, which we're excited there. So we continue to mix up our categories, mix up our marketplaces and diversify across the board.

從新品牌方面來看，如果比較季度成長率，我們確實實現了年成長。因此，第三季年增率較第二季年增率有所提高。從品類組合來看，所有品類都在成長。如果要我挑選出這次特別令人興奮的兩個類別，那就是美容和DIY工具，這兩個類別都成長了100%以上，我們對此感到非常興奮。因此，我們將持續調整產品類別，調整市場管道，並全面實現多元化發展。

Ralph Schackart, William Blair.

拉爾夫·沙卡特，威廉·布萊爾。

Dave, obviously, a lot of attention and investor focus on agentic e-commerce. Just maybe kind of follow up on Doug's question there. It seems like you're in a pretty strong position to help your brands with this transition given the technology you have and insights you have. Maybe you could sort of provide some perspective how you could help brands during this transition. And then maybe just on net revenue retention, exceptionally strong this quarter. It sounds like a lot of positive things are coming together. But how should we think about this metric going forward?

戴夫，顯然，代理型電子商務受到了許多關注和投資者的重視。或許可以算是道格剛才問題的補充。鑑於您擁有的技術和洞察力，您似乎處於非常有利的地位，可以幫助您的品牌順利完成轉型。或許您可以從一些角度出發，探討如何幫助品牌度過這個轉型期。然後，就淨收入留存率而言，本季表現異常強勁。聽起來很多正面的事情都在朝著好的方向發展。但我們今後該如何看待這項指標呢？

Okay. A couple of thoughts, I'll hit the NRR real quick, and Jason will finish off. In terms of -- I mean, we're fabulously positioned, honestly, in the agentic space because if you think of our technology platform, it's a thin layer. It's agnostic as to where consumers go. So we don't really -- we're just helping brands win wherever they win.

好的。我先簡單說說NRR部分，剩下的部分由Jason來完成。就——我的意思是，老實說，我們在代理領域佔據了非常有利的地位，因為如果你想想我們的技術平台，它只是一層薄薄的薄膜。它並不關心消費者會去哪裡。所以，我們其實並沒有——我們只是幫助品牌在任何他們能贏的地方取得成功。

And if you think of some of the data we have, which is bottom of funnel, you probably saw we released our GEO Scorecard, which will essentially take some of that bottom-of-funnel data, keyword, keyword phrase type data and reverse engineer it into questions that can then provide a brand guidance on, okay, what is their reach? Do they show up when a search is done across the different LLMs? What is their rank? How do they stack up against other brands and what's the sentiment? And then how might we go about impacting that?

想想我們掌握的一些數據，也就是漏斗底部的數據，你可能已經看到我們發布了 GEO 記分卡，它本質上會收集一些漏斗底部的數據、關鍵字、關鍵字短語類型的數據，並對其進行逆向工程，從而提出一些問題，為品牌提供指導，例如，他們的覆蓋範圍是多少？在不同的LLM資料庫中進行搜尋時，它們會出現嗎？他們的軍階是什麼？與其他品牌相比，它們的表現如何？消費者評價如何？那麼，我們該如何才能對此產生影響呢？

I believe you'll have really material wins there in that what you might -- anything that becomes a bit of a digital knife bite is where Pattern will likely come out on top for our brands. We just have a data moat we've been amassing over 12 years. It's almost perfect timing.

我相信你會在那裡取得真正的實質勝利，因為任何有點像數位刀鋒的東西，Pattern 都可能為我們的品牌贏得勝利。我們擁有過去 12 年累積的數據護城河。時機幾乎完美。

So I think we'll continue to see tremendous results there. We are waiting to see the talked about results get more live on the LLMs. I know that they've made some great progress with the ACP announcement and so forth. And the only live marketplace to date is Etsy, and it's still quite difficult to find anything on those channels and see how it works in practice. But as soon as that hits, we're ready with our brands. We have a lineup. We have a group of brands that are ready to go. And as soon as that button is pushed, we'll be pressing the revenue button there.

所以我認為我們將繼續看到那裡取得巨大的成果。我們正在等待LLM考試中公佈更多相關結果。我知道他們在 ACP 公告等方面取得了很大進展。而目前唯一仍在運作的電商平台是 Etsy，但仍很難在這些平台上找到任何商品，也很難了解其實際運作情況。但一旦這種情況發生，我們的品牌就已經準備就緒。我們已經安排好了。我們有一批準備就緒的品牌。一旦按下那個按鈕，我們就會按下獲利按鈕。

Okay. And I'll just say one thing on NRR because I'm just so -- I like this metric more than any other metric simply because if we win here, for one, we can count on revenue in future quarters. And this is an indicator of our machine works rather than just a sales motion, anybody can build a sales motion. But if you can build a sales motion on top of solid retention, you know that the machine works, then you can really count on long-term growth. So I think you'll -- Jason will walk through the specifics, but you'll continue to see us be just obsessed by this number. And obviously, just phenomenal results this quarter on that front.

好的。關於淨收入率 (NRR)，我只想說一點，因為我非常喜歡這個指標，勝過其他任何指標，原因很簡單：如果我們在這裡取得成功，首先，我們就可以指望未來幾季的收入。這表明我們的機器運作良好，而不僅僅是銷售手段，任何人都可以設計銷售手段。但是，如果你能在穩固的客戶留存基礎上建立起銷售體系，你就知道這套機制運作良好，那麼你就可以真正指望長期成長了。所以我覺得你們會——傑森會詳細講解，但你們會繼續看到我們對這個數字非常著迷。顯然，本季在這方面取得了非常出色的成果。

Definitely. Yes, Ralph, to David's point, 122% is the most we've ever had. We're obsessed with growing our brand partners over a very long period of time through the technology innovations and other levers that we have as part of that formula. I think in terms of going forward, it's important to consider even a three-year average going forward would put us an elite company on this metric when you compare it to how other companies do. And of course, we're going to have the lapping impact that we need to think about when we look in the future. We're not providing guidance at this point on NRR or forward-looking stuff there, but those are things you would want to keep in mind.

確實。是的，拉爾夫，正如大衛所說，122% 是我們有史以來最高的成長率。我們致力於透過技術創新和我們擁有的其他手段，在很長一段時間內發展我們的品牌合作夥伴。我認為展望未來，即使未來三年的平均水平，與其它公司相比，也能使我們成為該指標上的佼佼者。當然，我們還需要考慮重疊效應，這是我們在展望未來時需要考慮的問題。目前我們不提供關於淨收益率或前瞻性方面的指導，但這些都是您需要記住的事情。

John Colantuoni, Jefferies.

John Colantuoni，傑富瑞集團。

Great, thanks so much for the questions. So as you continue building international capabilities, talk about key areas of investments needed to help activate on the opportunity and give us your perspective on how you envision geographic diversification contributing to new and longer-term growth? And number two, in terms of guidance, maybe you could just talk to what's embedded in your outlook for 4Q revenue in terms of contribution from new and existing brand partners. It looks like the midpoint implies a high single-digit percentage sequential increase relative to the third quarter, which is a bit less than what you've done in the past couple of years. So I'm just curious if you're embedding some conservatism into that.

太好了，非常感謝你的提問。因此，在您繼續建立國際能力的過程中，請談談需要重點投資的領域，以幫助抓住機遇，並闡述您對地域多元化如何促進新的和長期成長的看法？第二，關於業績指引，或許您可以談談您對第四季營收的展望中，新舊品牌合作夥伴的貢獻情況。看起來中點意味著相對於第三季度，環比成長將達到較高的個位數百分比，這比你過去幾年的業績略低。所以我很好奇，你是否在其中融入了一些保守主義思想。

Yes. Thanks, John. In terms of international, I really appreciate the question. I think it's sometimes overlooked in this world of agentic on the opportunities there. If you think GMV and following GMV around the world, Pattern will naturally grow here. And it is one of our strongest moats simply because it is so hard for a brand to execute within a cost structure that -- relative to the sales opportunity if you're a single brand. This is where the scale of Pattern really starts to come through.

是的。謝謝你，約翰。就國際層面而言，我非常感謝這個問題。我認為在這個充滿自主權的世界裡，人們有時會忽略其中的機會。如果你關注 GMV 並追蹤全球 GMV 的發展趨勢，那麼 Pattern 的發展自然會在這裡實現。而這正是我們最強大的護城河之一，因為對於一個單一品牌來說，在成本結構內執行如此高的成本，相對於銷售機會而言，是非常困難的。這時，模式的規模才真正開始顯現。

I'll throw a few numbers out at you. Europe grew 73% APAC grew 68% MENA grew 222%. So just tremendous growth internationally and is really helping our overall growth numbers, and you'll see that over the years, I'm sure. So the investment there, we've made many of the key investments. If you think about the structures, now we continue to invest in technology, but the underlying technology is quite modular in that the core of how it operates is the same.

我給你舉幾個例子。歐洲成長了 73%，亞太地區成長了 68%，中東和北非地區成長了 222%。因此，國際市場實現了巨大的成長，這確實有助於我們的整體成長，我相信在未來的幾年裡，你會看到這一點。所以，我們在那裡進行了很多關鍵投資。從結構上看，我們現在繼續投資技術，但底層技術是相當模組化的，因為它的核心運作方式是相同的。

And then we will have a team that we will designate to say, okay, we need to adapt this core underlying set of technologies. We need to have a module that will adapt it for, say, the APIs and the methodologies that a Walmart might use or that a Coupang might use. But the investment is much less. And then if you think logistics, for us, you need quite a light footprint and we can leverage existing logistics infrastructure. I think it's why you'll see us start winning bigger. The faster worldwide logistics infrastructure develops, you'll see us follow that development because that's where digital will start to win in general.

然後我們會指定一個團隊來負責說，好的，我們需要調整這套核心底層技術。我們需要一個模組，使其能夠適應沃爾瑪或 Coupang 等公司可能使用的 API 和方法。但投資額少很多。如果考慮到物流方面，對我們來說，我們需要的是對現有物流基礎設施佔用空間很小，而且我們可以利用現有的物流基礎設施。我認為這就是為什麼你會看到我們開始贏得更多比賽的原因。全球物流基礎設施發展越快，我們就會跟上這一發展步伐，因為數位化終將在這個領域取得全面勝利。

Thanks, Dave. John, yes, on guidance, when we look at Q4 and we think about what's built into that, we think that 32% to 36% growth is very strong when you consider the lapping impact of the strong Q4 we had last year and really take that in the context there. It really is a nice, nice result. It also includes us growing adjusted EBITDA of 44% to 48%, which has us again, year over year gaining a bit of leverage.

謝謝你，戴夫。約翰，是的，關於業績指引，當我們審視第四季度並考慮其中蘊含的因素時，我們認為 32% 到 36% 的增長非常強勁，因為考慮到去年第四季度強勁的業績帶來的持續影響，並且要真正將其放在當時的背景下考慮。這真是一個非常好的結果。這也包括我們調整後的 EBITDA 成長 44% 至 48%，這使得我們再次逐年獲得了一些優勢。

In terms of our philosophy on guidance and new brand partner revenue, on that, we'll continue to make sure that when we look at that, we will not focus so much specifically on one quarter with that metric as we will the general trend. So our pipeline looks very good there. We're very confident in it. But when we provide guidance, we don't put in what I would call the more speculative portions of that metric because we want to provide a really solid foundation for people's expectations.

就我們對業績指引和新品牌合作夥伴收入的理念而言，我們將繼續確保在審視這些指標時，不會過於關注某個季度的具體表現，而是會關注整體趨勢。所以，我們的管道在那邊看起來非常好。我們對此非常有信心。但是，當我們提供指導時，我們不會把我認為是該指標中更具推測性的部分放進去，因為我們希望為人們的期望提供一個非常堅實的基礎。

The other thing on the guidance that I think is important for people to note is that Q4 is growing -- the EBITDA is growing faster than revenue, which shows that overall, our model continues to work. If you take a step back and just put the guidance in Q4 plus our year-to-date performance in context, we're going to deliver almost $2.5 billion in revenue with a growth rate in the high 30 percentages, 6% adjusted EBITDA margin. We're really, really, really impressed with that. I think it sets us up really nicely for this year and going forward.

關於業績指引，我認為還有一點值得大家注意，那就是第四季度正在成長——EBITDA 的成長速度超過了營收的成長速度，這表明總體而言，我們的模式繼續有效。如果退後一步，將第四季度的業績指引以及我們今年迄今為止的業績放在一起考慮，我們將實現近 25 億美元的收入，增長率將達到 30% 以上，調整後 EBITDA 利潤率為 6%。我們對此真的、真的、真的印象深刻。我認為這為我們今年以及未來的發展奠定了非常好的基礎。

Yes. And I might just layer on one nerdy data point that I had the team run for us. If we look at all public companies and we said, okay, once they clear $1 billion, let's say that's at scale in terms of revenue. then what are elite growth rates. And our growth rates for this year puts us in the top 3.1 percentile as we calculate it, I'm sure there's probably different ways to look at it, but that's very close.

是的。我可能還會補充一個我讓團隊為我們運作的、有點書呆子氣的數據點。如果我們觀察所有上市公司，假設它們的營收突破10億美元，達到一定規模，那麼頂尖公司的成長率是多少？我們今年的成長率使我們躋身前 3.1% 之列（以我們的計算方法），我確信可能還有不同的計算方法，但這已經非常接近了。

So it's pretty exciting. And the neat thing about our model is as long as those NRR numbers stay strong, we can continue to grow at levels that I think that everyone would historically and in the future, people would say it would be elite levels.

所以這很令人興奮。我們模式的妙處在於，只要 NRR 數據保持強勁，我們就能繼續以我認為每個人過去和將來都會認為是精英水平的速度增長。

Colin Sebastian, Baird.

科林·塞巴斯蒂安，貝爾德。

Great, thanks, guys. Hey, congrats on the IPO and the first results here out of the gate. Dave, I appreciate you outlining the 4 strategic priorities. And I was just hoping you could detail maybe more of the product road map for the intelligence layer and reducing brand friction as you see it unfolding over the next year, including the role that logistics plays, I think, in that. And then, Jason, related to that, maybe tying the pace of investment going forward, the balance between automation internally as well as executing on that product road map in terms of how that leads to margin expansion going forward.

太好了，謝謝各位。嘿，恭喜你們成功上市，而且首批業績也取得了不錯的成績。戴夫，感謝你概述了這四項策略重點。我希望您能詳細介紹一下智慧層的產品路線圖，以及您認為在未來一年中如何減少品牌摩擦，包括物流在其中扮演的角色。然後，Jason，與此相關的是，或許應該加快未來的投資步伐，在內部自動化和執行產品路線圖之間取得平衡，從而在未來實現利潤率的成長。

Yes, Colin, thanks for the question. I've never been more excited product road map-wise. Over the next quarter and the last quarter, I mean, we're working on some things. I guess a couple of principles that you could probably anchor on to think about. One is one of the things we're asking ourselves now in the world of agentic workflows and if you think a nondeterministic workflow as opposed to workflows historically where you define step one, two, three, four, now you can take data and you can -- has memory, so you can remember interactions that you've had in the past, you can remember what winning and losing looks like.

是的，科林，謝謝你的提問。我對產品路線圖的展望從未如此興奮過。在接下來的一個季度和最後一個季度，我們正在處理一些事情。我想你可以圍繞著幾個原則來思考。這是我們目前在智慧工作流程領域中正在思考的問題之一。如果你考慮一下非確定性工作流程，與以往定義步驟一、二、三、四的工作流程不同，現在你可以獲取數據，並且——它具有記憶功能，因此你可以記住你過去進行的交互，你可以記住輸贏是什麼樣子。

So the question would be now can we operate a brand without touching a keyboard. That's one of the things that we're testing. And if the data is rich enough, the sensors are rich enough, we believe we can and possibly e-com might be the most ready for an agentic workflow model that I don't know of anyone that's further along right now on that than we are. So we're very, very excited there. You'll see more of that in the future -- in the very near future.

所以現在的問題是，我們能否在不碰鍵盤的情況下經營一個品牌。這是我們正在測試的內容之一。如果數據足夠豐富，感測器足夠強大，我們相信我們可以做到，而且電子商務可能是最適合採用代理工作流程模型的領域，據我所知，目前還沒有誰在這方面比我們走得更遠。所以我們對此感到非常非常興奮。在不久的將來，你會看到更多這樣的情況。

And then in terms of logistics, of course, we continue to build technology there. That would be a long discussion to have. But the technology there is largely geared around efficiency and scale. So can we reduce costs for brands in a way that would be somewhat unprecedented. And we know we're not going to jump in there and compete on the last mile.

當然，在物流方面，我們也不斷研發相關技術。那將會是一場漫長的討論。但那裡的技術主要圍繞著效率和規模。那麼，我們能否以前所未有的方式降低品牌成本呢？我們知道我們不會貿然加入競爭，在最後一公里衝刺。

But there is a space in there in terms of middle mile efficiency where there is enormous dollars to be saved. And I think that's where Pattern can operate at scale and make -- in terms of the complexities that exist out there, we can dramatically simplify it.

但就中間環節的效率而言，還有很大的進步空間，可以節省大量資金。我認為這就是 Pattern 能夠大規模運作並簡化的地方——就目前存在的複雜性而言，我們可以極大地簡化它。

Maybe just building off of Dave's point first. As it relates to logistics, Colin, you asked about, we take a capital-light approach to that. It is very much focused on the software that drives logistics and some of the machinery and automation inside the warehouse, but we don't have a lot of warehouses relative to most logistics groups. We have light cross-dock warehouses. We launched recently our Las Vegas warehouse.

或許可以先從戴夫的觀點著手。至於物流方面，科林，你問到了，我們採取的是輕資產營運的方式。公司主要專注於驅動物流的軟體以及倉庫內的一些機械和自動化設備，但與大多數物流集團相比，我們的倉庫數量並不多。我們擁有輕型轉運倉庫。我們最近在拉斯維加斯開設了倉庫。

We've seen great, great efficiencies there. We're really excited about that. And we'll keep adding those as needed as the volume drives that. But generally speaking, our capital investment is about 1% of revenue.

我們已經看到那裡的效率非常高。我們對此感到非常興奮。我們將根據業務量需求持續增加這些產品。但總的來說，我們的資本投資約佔收入的 1%。

On the technology side, that is where we're very excited in investment, as you can tell from Dave's comments on the road map. And we actually expect that we'll probably grow that investment faster than revenue in the near future. And that will be a slight drag on margins, but we think it will more than make up for it in the efficiencies we get in the long term and the impact that it has on the e-commerce optimization that ripples across all our brands and supports our world-class NRR.

在技​​術方面，我們非常興奮地投入投資，正如你從戴夫對路線圖的評論中看到的那樣。我們預計，在不久的將來，這項投資的成長速度可能會超過收入的成長速度。這會對利潤率造成輕微的拖累，但我們認為，從長遠來看，我們獲得的效率提升以及對電子商務優化產生的影響，將遠遠彌補這一損失，而這種優化會波及我們所有的品牌，並支持我們世界一流的淨收入率。

The last thing I'll say just generally about our philosophy is we are very focused on running a fast-growing profitable cash-generating business with a huge opportunity ahead of us. We're not solely focused on a little bit of leverage every quarter. We're going to invest in sales and marketing and tech to drive that bigger EBITDA dollars prize, if you will, versus specific leverage in any one quarter or one year.

最後，我想就我們的理念概括地說，我們非常專注於經營一家快速成長、獲利且能產生現金流的企業，我們面前有著巨大的機會。我們並非只專注於每季獲得一點點槓桿。我們將投資於銷售、行銷和技術，以追求更大的 EBITDA 利潤，而不是追求任何一個季度或一年的特定槓桿率。

Eric Sheridan, Goldman Sachs.

艾瑞克‧謝裡丹，高盛集團。

Thanks so much for taking the question. When you think about building density in certain verticals in e-commerce, can you talk a little bit -- I know it's a bit of a bigger picture question, but can you talk a little bit about building density around SKUs and brands and merchants by vertical and the flywheel effects that, that can create for you as a platform in terms of generating outsized returns over the long term?

非常感謝您回答這個問題。當您考慮在電子商務的某些垂直領域建立密度時，您能否稍微談談——我知道這是一個比較宏觀的問題，但您能否談談圍繞 SKU、品牌和商家按垂直領域建立密度，以及這可以為您作為平台創造的飛輪效應，從而在長期內產生超額回報？

Maybe provide me a little more insight into what you mean around density there.

或許您可以更詳細地解釋一下您所說的「密度」具體指的是什麼。

As you go deeper with respect to a larger array of brands in any particular vertical, talk a little bit about how the scale effects of having a wider array of brands in a specific vertical might make that vertical act differently from a unit economic standpoint?

當你深入研究某個特定垂直領域中更多品牌時，請談談在特定垂直領域擁有更多品牌所帶來的規模效應，可能會如何從單位經濟角度改變該垂直領域的運作方式？

Yes, that makes sense. Well, the largest advantage that you'll see as we continue to grow and scale density there will be data advantages. So for every customer data journey input that we add to the model, it just gets better and better. And of course, as you add verticals and different products, you just -- the models continue to learn and get better. And then just pure scale across both international and US

是的，這很有道理。隨著我們不斷發展壯大，密度不斷提高，最大的優勢將體現在數據方面。因此，我們在模型中新增的每個客戶資料旅程輸入，都會讓模型變得越來越好。當然，隨著垂直領域和不同產品的增加，模型也會不斷學習和改進。然後，光是國際和美國市場的規模就非常龐大。

and different verticals just gives you the ability to build technology and logistics infrastructure that a brand just could not build on their own at the same price point. And small bits of precision -- I'll give you an example. We took our overall conversion rate for Pattern, all products that we support, which is over 100,000 products, and we moved in -- from quarter over quarter of last year, conversion at its core from 15% to 17%.

不同的垂直領域讓你能夠建立技術和物流基礎設施，而一個品牌在同樣的價位上是無法獨自建造這些基礎設施的。還有一些細微的精確之處──我舉個例子。我們統計了 Pattern 的整體轉換率，包括我們支援的所有產品（超過 10 萬種產品），結果顯示，與去年同期相比，核心轉換率從 15% 提高到了 17%。

And if you think about the dollars that, that drives for brands in both organic winning in just pure mathematical dollars, and then you're not paying for those -- that's not advertising driven. That is figuring out what content converts. And that is a game of enormous amounts of data and precision. So that's where density really comes through and it is just incredibly helpful for brands, and it's why you're seeing a lot of the NRR results that you are.

如果你想想這能為品牌帶來多少資金，無論是自然流量還是純粹的數學意義上的盈利，而且你不用為這些付費——這並非廣告驅動的。這就是要弄清楚哪些內容能帶來轉換。那是一個需要大量數據和極高精度的遊戲。所以，這就是密度真正發揮作用的地方，它對品牌來說非常有幫助，這也是你看到很多 NRR 結果的原因。

Brian Pitz, BMO Capital Markets.

Brian Pitz，BMO 資本市場。

Thanks for the question, Dave. Growth from revenue generated outside of Amazon was very impressive. I think you said it was up about 81% year over year. You talked about that being driven by new marketplaces and geographies. Can you maybe help us understand how important the recent launch of Coupang was and the contribution of that 68% APAC growth? And then any additional color maybe on the Europe growth as well because I think that rate was even higher. And then I've just got a quick follow-on.

謝謝你的提問，戴夫。來自亞馬遜以外的管道營收成長非常顯著。我想你說過，它比去年同期增長了約 81%。您提到這是由新的市場和地理推動的。您能否幫助我們了解 Coupang 最近推出的重要性，以及它對亞太地區 68% 成長的貢獻？然後，或許還可以補充一些關於歐洲經濟成長的信息，因為我認為那裡的成長率更高。然後我還有一個簡短的後續問題。

Yes, great question. Okay. So Coupang generated -- we attributed $4.5 million in the quarter on Coupang. We expect $11 million for the end of the year. So phenomenal growth, still in the grand scheme of things as yet, still very small.

是的，問得好。好的。所以 Coupang 在本季度創造了——我們將其 450 萬美元歸因於 Coupang。我們預計年底收入將達到1100萬美元。因此，成長速度驚人，但從宏觀角度來看，目前仍然很小。

But even inside the US, we had some really strong marketplace growth. like Walmart grew 96%. TikTok shops grew 392% off of a small base. But I think where we're really starting to see great traction is our ability to consume information and execute for brands across -- we just continue to expand the marketplace reach. And the numbers are somewhat staggering, but they shouldn't be that surprising. It's where GMV is and it's where the consumers are. And it's why you see such great results.

但即使在美國國內，我們也看到了非常強勁的市場成長，例如沃爾瑪成長了96%。TikTok 商店在較小的基數上實現了 392% 的成長。但我認為，我們真正開始看到巨大進展的地方在於，我們能夠獲取資訊並為各個品牌執行——我們只是在不斷擴大市場覆蓋範圍。這些數字雖然有些驚人，但也不該讓人感到意外。GMV（商品交易總額）就在這裡，消費者也在這裡。這就是為什麼你會看到如此好的結果。

Awesome. And then maybe just on the new brand partners, a quick comment. Can you talk about the time line to convert some of those partners and verticals? I know you mentioned like pet supplies and home. How long have those been in the pipeline? And did you see any benefits of the IPO on actually raising awareness with those brands to accelerate some of those wins?

驚人的。然後，或許可以就新的品牌合作夥伴簡單提一句。能否談談轉化部分合作夥伴和垂直領域的計畫時間表？我知道你提到了寵物用品和家居用品。這些項目已經籌備多久了？您是否看到IPO對提高這些品牌的知名度，從而加速取得一些成功有任何好處？

Yes. That was one of the benefits of the IPO. So I think the pipeline for us is quite long, honestly. So from the point of initial interaction, it's about 90-plus days for us to close a deal. And then from the point of closing the deal, then we have ramp curves where -- and this is the part that Jason sort of inferred is quite lumpy.

是的。這是IPO帶來的好處之一。所以說實話，我認為我們的產品線還很長。所以從最初接觸到達成交易，大約需要 90 天以上。然後從交易完成的那一刻起，我們就有了斜坡曲線，其中——傑森暗示的這部分相當不平坦。

So if a brand has -- some brands will have a full nine months of inventory in a channel and some will run very lean at a couple of months. So we'll sign a deal, and then it will take us anywhere from sometimes 2 months, sometimes even 1.5 months before we'll see a material revenue to -- sometimes it's a year before we see real revenue on the outside end of that.

所以，有些品牌在一個通路會有整整九個月的庫存，有些品牌則只有幾個月的庫存。所以我們會簽合同，然後可能需要兩個月，有時甚至一個半月才能看到實質的收入，有時甚至需要一年才能看到真正的收入。

But what we can tell you is all of our bookings numbers that we track internally look fantastic, and we're exceeding all expectations there. That is what will end up translating into all of that new partner revenue.

但我們可以告訴大家的是，我們內部追蹤的所有預訂資料都非常棒，而且我們在這方面已經超出了所有預期。最終，這些都會轉化為合作夥伴的新增收入。

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

Great, thank you very much. Good afternoon, Dave, I'd love to hear about some of your product priorities into the coming year. Obviously, GenAI is changing at a very rapid pace. So I would love for you to just expand upon some of the tools you're bringing out to advertisers, especially as it pertains to just visual capabilities.

太好了，非常感謝。下午好，戴夫，我很想了解你明年的產品重點方向。顯然，人工智慧世代正在以非常快的速度發展。所以，我希望您能詳細介紹一下您為廣告主推出的一些工具，特別是與視覺​​功能相關的工具。

Yes. Thanks for the question. I referred earlier to what we call the intelligence layer. That is our top priority. We have the bulk of the company working there.

是的。謝謝你的提問。我之前提到過我們所說的智能層。這是我們的首要任務。我們公司的大部分員工都在那裡工作。

And you can almost think of that as -- well, I'll give you a couple of thoughts here. If I were to say, hey, what is your favorite enterprise application? Usually, when you ask that question, people give almost a blank stare and they want to say none. So I think that the way applications work and the way that our brands and our teams will interact with applications in the future will change dramatically. We will be more chat-based, more chat data based.

你可以把它理解為——嗯，我在這裡給你一些想法。如果我問你，嘿，你最喜歡的企業應用程式是什麼？通常情況下，當你問這個問題時，人們會茫然地看著你，他們想說沒有。所以我認為，未來應用程式的運作方式以及我們的品牌和團隊與應用程式的互動方式將會發生巨大變化。我們將更加重視聊天內容，並更加重視聊天數據。

And so I think MCP server integration, data across all of our platforms integrated into a reasoning model where we can take all of this data and integrate it into a reasoning model and then be able to execute without any human interaction. That is where we're focused. I see enormous cost advantages there. I see the ability to execute globally that would be somewhat unprecedented for us, even -- I couldn't have dreamed of being able to do what we could do three years ago. I probably wouldn't even written up that playbook before the transformer models.

因此，我認為 MCP 伺服器集成，將我們所有平台上的資料集成到一個推理模型中，我們可以獲得所有這些數據並將其集成到一個推理模型中，然後能夠在無需任何人工幹預的情況下執行。這就是我們關注的重點。我認為這方面具有巨大的成本優勢。我看到了我們在全球範圍內執行任務的能力，這對我們來說是前所未有的，甚至——三年前我做夢都想不到我們能做到這些。在變形金剛模型出現之前，我可能根本不會寫出那份劇本。

So that is largely where our focus sits is on that intelligence layer, both on the execution side and the interaction side on how we'll actually interact with it. I'll give you one fun example that we're working on. So one of the things that takes a brand a while to get up to speed on is, okay, what's the market look like? Say, they're selling a product like a creatine. What is everyone else doing in the space? What could I be doing different? We're going to drop a podcast in the morning that breaks down, okay, here's all your inventory levels.

因此，我們的重點主要集中在智慧層，包括執行方面和互動方面，即我們將如何實際與之互動。我給你舉一個我們正在研究的有趣的例子。所以，品牌需要一段時間才能了解的事情之一就是，好吧，市場現狀如何？假設他們銷售的產品是肌酸。其他人都在做什麼？我還能做些什麼不同的事呢？我們明天早上會發布一個播客，詳細講解一下，好的，這是你們所有的庫存水準。

They can listen to it on the way into work. Here's what everyone else is doing. Here's where you're winning, here's where you're losing, Here's maybe some content ideas. And then when they get to work or they get into their first meeting with Pattern, we can immediately execute on it or they can just verbally say, I like that idea, please execute that strategy. And by that evening, it is done. And so if you -- I mean, it's almost hard to imagine this world, but we're actually seeing the fruits of it come live.

他們可以在上班路上聽。其他人都在這樣做。這是你獲勝的地方，這是你失敗的地方，這裡或許有一些內容創意。然後，當他們開始工作或與 Pattern 進行第一次會議時，我們可以立即執行，或者他們可以口頭說：“我喜歡這個想法，請執行該策略。”到當晚，事情就完成了。所以如果你——我的意思是，這個世界幾乎難以想像，但我們實際上正在親眼目睹它的成果。

Thank you for that call. Are you still there, Dave?

謝謝你的來電。戴夫，你還在嗎？

Yeah.

是的。

Okay, great. I wanted to make sure I had you. Thank you.

好的，太好了。我想確定你在我身邊。謝謝。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，尼德姆公司。

Great, thanks for taking the question. I know this call has been focused a lot about agentic shopping. I was just wondering, is it the same way when you're talking with your customers? And just trying to get a sense in terms of is that -- is this one of the drivers of the strong net revenue retention you're seeing or helping to drive conversion of the new brand partners?

太好了，謝謝你回答這個問題。我知道這次通話主要集中在代理購物。我只是好奇，你跟客戶溝通的時候也是這樣嗎？我只是想了解一下，這是否是您所看到的強勁淨收入留存率的驅動因素之一，或者是否有助於推動新品牌合作夥伴的轉換？

And then second, I just wanted to ask on margins. So EBITDA margin is up 140 basis points year-over-year. I understand that there can be puts and takes on the different variable lines. on the cost structure, but it seems like there was just like a broad outperformance or an aggregate outperformance. I just wanted to get a sense in terms of like what drove it this quarter and how we should think about the 50 basis point improvement year-over-year for next quarter?

其次，我想問利潤率的問題。因此，EBITDA利潤率年增140個基點。我明白成本結構中不同的變動成本項可能會有漲跌，但看起來似乎只是出現了一種普遍的、整體上的超額收益。我只是想了解本季業績成長的驅動因素是什麼，以及我們應該如何看待下個季度年增 50 個基點的目標？

Yes, I'll take the first bit of that in terms of NRR. NRR is just -- is an aggregate score of almost winning. So if we take a brand from the US to South Korea on Coupang, that will count as net revenue retention, and we count that as a win. If we can increase traffic for a brand or conversion, that will add to our NRR numbers.

是的，就淨收益率而言，我接受第一部分。NRR 只是一個幾乎獲勝的綜合得分。因此，如果我們透過 Coupang 將美國品牌帶到韓國，這將計為淨收入留存，我們將其視為一場勝利。如果我們能夠增加品牌流量或轉換率，那將有助於提高我們的淨推薦收入 (NRR) 數據。

All of these things are where brands -- if a brand wants to work with Pattern or continue to work with Pattern, that will be the core driver. Do they feel like they're winning? So I think that's where you'll continue to see us focus is -- but right now, it's broad-based. It's technology-based, it's international based. And then it's on top of that, it's efficient.

所有這些因素都是品牌——如果一個品牌想要與 Pattern 合作或繼續與 Pattern 合作，這將是核心驅動力。他們覺得自己贏了嗎？所以我認為，你會看到我們繼續關注這一點——但就目前而言，它的基礎很廣泛。它是以技術為基礎的，也是國際化的。而且，除此之外，它還很有效率。

On the margin side, Bernie, I would say the most exciting thing within all of that improvement is if you look at the disaggregated expenses, excluding all IPO-related costs, the SG&A bucket is going from $8.6 million to $8.1 million. A lot of that is being leveraged on our general global agentic costs. That has been under a lot of the force of margin expansion when you look on a regular basis for the past few years. We believe that will continue to happen because we’re constantly looking for a crisis there every year.

伯尼，就利潤率而言，我認為所有這些改善中最令人興奮的是，如果你看一下細分費用，不包括所有與 IPO 相關的成本，銷售、一般及行政費用從 860 萬美元降至 810 萬美元。其中許多都是利用了我們普遍存在的全球代理成本。從過去幾年的常規觀察來看，這很大程度上是利潤率擴張的結果。我們相信這種情況還會繼續發生，因為我們每年都在尋找那裡的危機。

Where we’re investing the margin is in the sales and marketing technology, particularly technology. We will probably invest faster than we’ve done in the past. The rest of that year-over-year margin improvement we see is generally mixed up across slightly different unique economics, and that will grow across all of our variable costs. That does not have any important order. That is why we are going to be a bit too obsessed with margin expansion in one specific order. We will not look at it on an annual and long-term basis.

我們將利潤投資於銷售和行銷技術，特別是技術方面。我們可能會比以往更快地進行投資。我們看到的其餘同比利潤率改善，通常是由略有不同的獨特經濟因素造成的，而且這種改善將體現在我們所有的可變成本中。這並沒有什麼重要的順序。這就是為什麼我們會過於執著於以特定順序擴大利潤率的原因。我們不會從年度和長期的角度來審視這個問題。

Mark Kelley, Stifel.

馬克凱利，史蒂費爾。

Great, thanks very much for taking our questions. I just want to ask you about when you look to expand into different verticals and you're receiving inbound requests from newer brands or newer businesses that maybe you haven't worked in that vertical and you look at your distribution and fulfillment footprint, I guess, can you remind us, are there any categories that just don't make sense for you for whatever reason? And I guess I would put your distribution network as maybe one of the reasons. And then second, maybe it's a bit too early to ask you this question, but have you seen any uptick in inbound requests from brands that you haven't worked with as a result of the IPO? I know sometimes that raises people's profile.

太好了，非常感謝您回答我們的問題。我想問一下，當您考慮拓展到不同的垂直領域，並收到一些您可能沒有涉足過的新品牌或新企業的合作請求時，當您審視您的分銷和物流佈局時，您能否提醒我們一下，是否存在一些由於某種原因對您來說不太合適的類別？我想，你們的分銷網絡可能是原因之一。其次，現在問這個問題可能有點早，但是，由於 IPO，您是否注意到來自您之前沒有合作過的品牌的諮詢量有所增加？我知道有時候這樣做會提高人們的知名度。

Okay. Yes, first question, and it's a great one. And I would say, at the beginning of this year, one of the areas where we were -- we didn't really have a competitive offering was in the oversized space. And that was just simply logistics. Most of the marketplaces don't offer a competitive logistics offering and final mile delivery option for oversight.

好的。是的，第一個問題，而且問得很好。我想說，今年年初，我們在超大尺寸產品領域並沒有真正的競爭力。那隻是物流方面的問題。大多數電商平台不提供具競爭力的物流服務和最後一公里配送選項，因此缺乏監管。

And pre-IPO, I think this is fine to talk about, but we have a partnership with Chewy. Chewy will manage our large and oversized network. So we'll use four of their nodes, one of our nodes. They're going to leverage our fulfillment technology within their warehouses.

在 IPO 之前，我認為談論這個主題是可以的，但我們與 Chewy 建立了合作關係。Chewy將管理我們龐大且超大型的網路。所以我們將使用他們的四個節點，以及我們自己的一個節點。他們將在自己的倉庫中利用我們的物流技術。

And so that gives us the opportunity to almost to expand anywhere, except in areas where you would almost just inherently understand they're not great for e-com. One example is we tried to work with Kellogg's. And if you think cereal, it is just a tough go e-com. You're talking shipping a large box of air and you're trying to beat an in-store at $4. So you're going to lose money there.

因此，這給了我們幾乎在任何地方擴張的機會，除了那些你幾乎自然而然就會明白不適合電子商務的地區。例如，我們曾嘗試與家樂氏公司合作。如果你想到的是穀物食品，那電子商務就真的很難了。你這是在運送一大箱空氣，而且你還想比店內 4 美元的價格賣得更好。所以你在那裡會賠錢。

So I would say, inherently, things that are not e-com friendly will always be hard for us as they will be hard for anybody else. And then -- but everywhere else should be largely, at this point, open and ready for business.

所以我認為，從本質上講，那些對電子商務不友善的東西對我們來說總是很困難，就像對其他人一樣。然後——但目前其他地方應該基本上都已開放並準備好開展業務。

The uptick from the IPO, our pipeline is looking great. Yes, we have seen a bit of an uptick. All of that will need to be converted through the funnel, as Dave confirmed and then brought online in terms of real revenue sales in the future.

IPO 的成功帶動了市場成長，我們的專案儲備看起來非常樂觀。是的，我們看到情況略有改善。所有這些都需要透過銷售漏斗進行轉化，正如戴夫所確認的那樣，並在未來轉化為實際的銷售收入。

Austin Riddick, Evercore ISI.

Austin Riddick，Evercore ISI。

Great, thanks for the question, quick one for me. Just as -- how should we be thinking about EBITDA margins as the mix begins to shift to non-Amazon and international? Is there any, I guess, unit economic differences by region or marketplace?

好的，謝謝你的提問，我來快速回答。同樣地，隨著業務組合開始向非亞馬遜和國際市場轉移，我們應該如何看待 EBITDA 利潤率？我想，不同地區或市場之間是否存在單位經濟差異？

Good question. Yes, there are differences in unit economics across marketplaces, particularly in the commission side. Fulfillment rates obviously are different in every country. We have a SKU-by-SKU way that we assess those specifics on the variable cost side, and then we solve for the purchase price that we're going to pay to the brands based on those unit economics. So the net impact of that is it does cause mix across the lines, but we're solving generally for the same unit economics.

問得好。是的，不同市場的單位經濟效益有差異，尤其是在佣金方面。每個國家的訂單履行率顯然都不一樣。我們採用逐次 SKU 的方式來評估變動成本方面的具體情況，然後根據這些單位經濟效益計算出我們將要支付給品牌的採購價格。因此，其最終影響是導致各產品線之間的混合，但我們總體上是為了實現相同的單位經濟效益。

And so as we grow, it scales nicely and you don't have what I would say, EBITDA on bottom line mix there. You just see it on the specific lines in the disaggregated expenses themselves.

因此，隨著我們的發展，它能夠很好地擴展，而且你不會遇到我所說的 EBITDA 與最終利潤之間的關係問題。你可以在明細費用的具體條目中看到這一點。

Great. Thank you. I'm showing no further questions at this time. I will now send it back to Dave for closing remarks.

偉大的。謝謝。我目前沒有其他問題要問。現在我將把稿子寄回給戴夫，讓他做總結發言。

Just in closing, I just want to just appreciate the team. I mean, we talk a lot internally about a concept called T sport. Executives and I think companies in general function as a team. It's almost the ultimate team sport. It's really fun to be part of.

最後，我想對團隊表示感謝。我的意思是，我們內部常常討論一種叫做T運動的概念。我認為，高階主管和整個公司都是像團隊一樣運作的。它幾乎是終極團隊運動。能參與其中真的很有趣。

And I couldn't be more excited for what we've done and what's to come, especially in this ever-changing landscape. I'm thrilled. And thanks for everyone who joined the call. Thanks for your time. Thanks for your willingness to take a look at Pattern. I think it will be a fun journey ahead of us.

我為我們已經取得的成就和即將取得的成就感到無比興奮，尤其是在這個瞬息萬變的環境中。我太激動了。感謝所有參與電話會議的人。感謝您抽出時間。感謝您願意查看 Pattern。我認為我們即將踏上的這段旅程將會充滿樂趣。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。