Pattern Group Inc. (PTRN) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Pattern's first-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您耐心等候。歡迎參加 Pattern 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想把會議交給今天的第一位講者，財務副總裁 Hamish Chung。請開始。

Thank you, operator. Good afternoon, and thank you for joining Pattern's earnings call for the first quarter 2026.

謝謝，接線員。各位下午好，感謝您參加 Pattern 2026 年第一季財報電話會議。

Before we begin, I'd 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.

在開始之前，我想提醒各位，今天的討論可能包含前瞻性陳述，係基於我們目前對未來事件的預期、假設與預測。這些前瞻性陳述存在風險與不確定性，可能導致實際結果與預期有重大差異。有關這些風險與不確定性的更多資訊，請參閱我們最近向美國證券交易委員會提交的文件。

We may also refer to certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures can be found in our earnings release. We'll focus our remarks today on the key highlights and drivers. Additional detail is available in the earnings release.

我們也可能提及某些非 GAAP 財務衡量指標。這些非 GAAP 指標與最直接可比的 GAAP 指標之調節表，可在我們的財報新聞稿中找到。今天我們將把重點放在主要亮點與驅動因素。更多細節請參閱財報新聞稿。

Joining us today are Dave Wright, our Co-Founder and Chief Executive Officer; and Jason Beesley, our Chief Financial Officer. Today's earnings is being webcast, and a replay will be available on our Investor Relations website following the call. Following our prepared remarks, we will open the call to questions.

今天與會者包括我們的共同創辦人兼執行長 Dave Wright，以及我們的財務長 Jason Beesley。本次財報電話會議將以網路直播方式進行，會後可於我們的投資人關係網站收看重播。在我們的準備發言結束後，將開放提問。

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

接下來我把電話交給我們的執行長 Dave Wright。Dave，請開始。

Thanks, Hamish, and good afternoon, everyone. We delivered another record quarter to start 2026.

謝謝你，Hamish，各位下午好。我們以另一個創紀錄的季度揭開 2026 年的序幕。

In Q1, revenue grew 43% year over year to $774 million. Adjusted EBITDA was $54 million, up 59% year-over-year.

第一季營收年增 43%，達到 7.74 億美元。調整後 EBITDA 為 5,400 萬美元，年增 59%。

Before Jason walked through the financials, four metrics stand out to me.

在 Jason 帶大家檢視財務數據之前，有四項指標特別值得我提出。

First, net revenue retention. We've said previously that NRR is one of the clearest indicators of the health and durability of our model. In Q1, NRR reached another record at 127%, up from 115% last year, reflecting the impact of optimization, marketplace expansion, and deeper brand relationships.

第一，淨營收留存率（NRR）。我們先前曾提到，NRR 是衡量我們商業模式健康度與持久性的最清楚指標之一。第一季 NRR 再創新高，達到 127%，高於去年同期的 115%，反映出優化、平台擴張，以及與品牌更深度合作關係所帶來的影響。

Second, international growth. International revenue increased 101% year over year. We are beginning to convert international scale into improved efficiency and profitability, and we expect that to continue.

第二，國際成長。國際營收年增 101%。我們正開始把國際規模轉化為更佳的效率與獲利能力，並預期這一趨勢將持續。

Third, non-Amazon growth. Non-Amazon revenue grew 119% year over year with strengths across TikTok Shop, Walmart, and Coupang.

第三，非 Amazon 成長。非 Amazon 營收年增 119%，在 TikTok Shop、Walmart 與 Coupang 等平台均展現強勁表現。

And fourth, our other monetization strategies grew 173% year over year, reflecting continued momentum beyond our core marketplace offering.

第四，我們其他變現策略年增 173%，顯示除核心平台服務之外仍持續保持動能。

To understand the drivers behind these results, it's helpful to step back and look at the platform and data that power them. E-commerce performance is driven by four variables: traffic, conversion, price, and availability, the same e-commerce equation we've referenced previously. These levers are highly interdependent and continuously shifting as changes in one area like price or availability, dynamically influence performance, and others, like conversion or traffic.

要理解這些成果背後的驅動因素，回頭看看支撐它們的平台與數據會很有幫助。電商績效由四個變數驅動：流量、轉換率、價格與供貨可得性，這也是我們先前提過的同一套電商方程式。這些槓桿高度相互依存，且會持續變動；例如價格或供貨可得性的變化，會動態影響績效，以及其他如轉換率或流量等因素。

Optimizing them together is complex. But with scale across brands, data, geographies, logistics, technology, and AI, that complexity becomes an advantage for us.

要同時優化這些因素相當複雜。但憑藉我們在品牌、數據、地理覆蓋、物流、技術與 AI 方面的規模，這種複雜性反而成為我們的優勢。

Our platform is designed to operate across these variables simultaneously: marketplaces, geographies, and channels. That scale allows us to improve outcomes for our brand partners while lowering costs across fulfillment, ad spend, and operations in ways that are difficult for a single brand to replicate.

我們的平台設計可同時在這些變數上運作：跨平台、跨地區、跨通路。這樣的規模使我們能在提升品牌合作夥伴成果的同時，降低履約、廣告投放與營運等成本，而這些是單一品牌難以複製的。

In our primary monetization model, we purchase inventory, which aligns our incentives with our brand partners' objective to grow consumer sales. We win when they win. The movement of physical goods under this model also creates a durable and competitive moat as AI continues to evolve. AI makes us more efficient rather than commoditizing what we do for brands.

在我們主要的變現模式中，我們會採購庫存，這使我們的誘因與品牌合作夥伴「提升消費者銷售」的目標一致。他們贏，我們就贏。在此模式下實體商品的流動，也在 AI 持續演進的同時，形成持久且具競爭力的護城河。AI 讓我們更有效率，而不是把我們為品牌所做的事情商品化。

In simple terms, we break down a complex system into controllable levers at scale. That becomes both a growth driver and a cost advantage for our brand partners.

簡單來說，我們把一個複雜系統拆解為可控的槓桿，並以規模化方式加以運作。這同時成為我們品牌合作夥伴的成長動能與成本優勢。

Across brands, we see a consistent pattern. When these levers are aligned, they can unlock a step function improvement in performance. For example, when a premium hair care brand started with us, in-stock was 79.6%. Since then, we improved in-stock to 96.1%, increased conversion 23%, which resulted in revenue growth of more than 15x.

在不同品牌之間，我們看到一致的模式。當這些槓桿對齊時，往往能帶來績效的階躍式提升。例如，某高端護髮品牌與我們合作初期，現貨供應率為 79.6%。此後我們將現貨供應率提升至 96.1%，轉換率提高 23%，使營收成長超過 15 倍。

For a global tools brand, we launched their products across 25 marketplaces in one year, generating millions in international revenue and selling more than 100,000 units. These outcomes are the result of coordinated optimization across availability, content, pricing, logistics, and marketplace execution. Once the foundation is in place, we expand where demand is shifting across geographies, marketplaces, social commerce, and AI-driven discovery. That is the brand journey on our platform, and it continues to evolve.

對於一家全球工具品牌，我們在一年內將其產品上架至 25 個平台，創造數百萬美元的國際營收，並售出超過 100,000 件商品。這些成果來自於在供貨可得性、內容、定價、物流與平台執行上的協同優化。當基礎建設到位後，我們會隨著需求在不同地區、平台、社群電商與 AI 驅動的探索中轉移而擴張。這就是品牌在我們平台上的成長旅程，而且仍在持續演進。

Two areas changing quickly for brands are social commerce and AI-driven discovery. We were recently named TikTok Shop's Strategic Partner of the Year, reflecting our leadership on the platform. Over the last 12 months, we've launched more than 100 brands on TikTok Shop, activated over 365,000 creators, and grown our social commerce business triple digits again in Q1.

對品牌而言，變化最快的兩個領域是社群電商與 AI 驅動的探索。我們近期獲選為 TikTok Shop 年度策略合作夥伴，反映我們在該平台的領導地位。在過去 12 個月，我們已在 TikTok Shop 上線超過 100 個品牌，啟動超過 365,000 位創作者，並在第一季再次實現社群電商業務的三位數成長。

One of the most competitive categories on TikTok Shop is beauty. And over the last few months, we've served as a launch partner for some of the largest beauty brands in the world. Social commerce has become a meaningful contributor for Pattern and the brands we work with.

TikTok Shop 上競爭最激烈的品類之一是美妝。而在過去幾個月，我們也擔任了全球一些最大美妝品牌的上市合作夥伴。社群電商已成為 Pattern 以及我們合作品牌的重要貢獻來源。

It has become an important entry point, and as these brands grow with us, the opportunity to expand across marketplaces, geographies, and channels grows with them.

它已成為一個重要的切入點；隨著這些品牌與我們共同成長，跨平台、跨地區與跨通路擴張的機會也會同步增加。

LLMs are increasingly used at the start of product research, how consumers find, compare, and evaluate products before reaching a marketplace. Both channels operate on intent. Social commerce captures it through creators and content. LLMs surface it through semantic understanding, interpreting what a customer means, not just what they typed. Pattern is built to win in both.

大型語言模型（LLM）正越來越多地被用於產品研究的起點，也就是消費者在進入平台之前，如何找到、比較並評估產品。這兩種通路都以「意圖」為核心運作。社群電商透過創作者與內容來捕捉意圖。LLM 則透過語意理解來呈現意圖，解讀顧客真正想表達的意思，而不只是他們輸入的文字。Pattern 的能力布局，能在這兩者中勝出。

While full agentic transactions are developing more gradually than we initially expected, their influence on the customer journey is already meaningful. There are varying ranges and some debate on what percentage of purchases are influenced by LLMs. But I don't think there's much debate on the fact that it's significant and growing.

雖然完整的代理式交易（agentic transactions）發展速度比我們最初預期更為緩慢，但其對客戶旅程的影響已經相當顯著。關於有多少比例的購買會受到 LLM 影響，市場上有不同的區間估計，也存在一些爭論。但我認為幾乎沒有爭論的是：這個影響很大，而且正在成長。

We approach this from a data-first perspective. We have deep bottom-of-funnel search and conversion data across categories, which allows us to identify where brands have the highest probability of winning in LLM-driven discovery. We also have a strong understanding of consumer personas and intent, which we use to map how products should be positioned in these LLM environments.

我們以數據優先的視角來看待這件事。我們在各品類擁有深度的漏斗底部搜尋與轉換數據，這讓我們能夠辨識品牌在 LLM 驅動的探索中最有可能勝出的領域。我們也對消費者人物誌與意圖有很強的理解，並用來描繪產品在這些 LLM 環境中應如何定位。

Taken together, this allows us to evaluate a brand's current presence versus its potential across LLM-driven surfaces and to optimize content positioning and availability accordingly.

綜合而言，這使我們能夠評估品牌在 LLM 驅動的各種觸點上的現有能見度相對於其潛力，並據此優化內容定位與供給可得性。

As agentic shopping develops, brand execution becomes even more important. Buyers' agents are likely to evaluate not only product relevance, but also whether a brand consistently delivers on what it promises: availability, delivery speed, customer service, returns, and overall brand experience. Those execution signals will have significant staying power in an LLM world, which will have meaningful influence on how products are surfaced and selected over time. We are laser-focused on these key metrics on behalf of our brand partners to ensure they perform well against these metrics for years to come.

隨著代理式購物的發展，品牌的落地執行變得更加重要。買方的代理很可能不僅評估產品相關性，也會評估品牌是否能一貫兌現其承諾：供貨可得性、配送速度、客服、退貨，以及整體品牌體驗。在 LLM 的世界裡，這些執行訊號將具有顯著且持久的影響力，並會隨時間對產品如何被呈現與被選擇產生重要影響。我們代表品牌合作夥伴，對這些關鍵指標保持高度聚焦，確保他們在未來多年都能在這些指標上表現出色。

We are excited about the opportunities ahead and believe Pattern is well-positioned as commerce continues to evolve.

我們對未來的機會感到振奮，並相信隨著商務持續演進，Pattern 已處於有利位置。

With that, I'll turn it over to Jason.

接下來我把時間交給 Jason。

Thanks, Dave, and thank you to everyone for joining us today. We entered this year with a high degree of confidence in our business, and Q1 validated that. Revenue grew 43% year over year to $774 million, driven by continued new brand partner revenue growth and healthy expansion within our existing brand partners.

謝謝你，Dave，也感謝各位今天加入我們。我們以高度信心進入今年，而第一季（Q1）也驗證了這一點。營收年增 43% 至 7.74 億美元，主要由持續新增的品牌合作夥伴營收成長，以及既有品牌合作夥伴的健康擴張所帶動。

What's particularly encouraging is that the strength was broad-based across many brand partners, geographies, and marketplaces. We're just starting the diversification journey, and the growth we're seeing further validates the opportunity in front of us. This strong performance gives us confidence to raise our full-year outlook.

特別令人鼓舞的是，這股強勁表現是廣泛分布於多個品牌合作夥伴、地理區域與市場平台。我們才剛開始多元化之旅，而我們看到的成長進一步驗證了眼前的機會。這樣的強勁表現讓我們有信心上調全年展望。

I'll talk more about our biggest portion of revenue and biggest growth area, existing brand partner revenue. We believe the best measure of this is our NRR, which was 127% in Q1 compared to 115% last year. We have three distinct drivers of that growth.

我將更深入談談我們營收占比最大、也是成長幅度最大的部分：既有品牌合作夥伴營收。我們認為衡量這一點的最佳指標是 NRR（淨營收留存率），Q1 為 127%，相較去年為 115%。推動這項成長有三個明確的驅動因素。

First, technology-driven optimization. This remains the foundation of our growth formula and primary driver of our growth, representing approximately three-fourths of growth in Q1. Our unified AI-native intelligence layer monitors and acts across every marketplace we operate in, driving stronger conversion, traffic, and availability. Because it operates across multiple variables simultaneously, the impact compounds.

第一，技術驅動的最佳化。這仍是我們成長公式的基礎，也是成長的主要驅動力，在 Q1 約占成長的四分之三。我們統一的 AI 原生智慧層會監控並在我們營運的每個市場平台上採取行動，帶動更強的轉換、流量與供貨可得性。由於它能同時跨多個變數運作，其影響會產生複利效應。

A fun example of how these optimizations work together are improvements in our supply chain or availability tech that continues to improve the proportion of same-day and one-day delivery times, which mathematically increases our conversion.

一個有趣的例子是，這些最佳化如何相互配合：我們在供應鏈或供貨可得性技術上的改善，持續提升當日與隔日送達的占比，從數學上就會提高我們的轉換率。

Second, new marketplaces and geographies. In Q1, non-Amazon revenue grew 119%. Three regions we operated in grew over 100% in the quarter, and we had another quarter of triple-digit growth in several marketplaces, including TikTok Shop, Walmart, and Coupang.

第二，新市場平台與新地理區域。Q1 非亞馬遜營收成長 119%。我們營運的三個區域在本季成長超過 100%，而在多個市場平台也再次達成三位數成長，包括 TikTok Shop、Walmart 與 Coupang。

Third, product debt. We also grow by expanding the product selection from our brand partners, either by bringing on more product lines or launching new products on existing marketplaces. We give brands visibility into consumer intent and category white space to help them innovate faster. These opportunities to expand product selection come every year, but can vary in timing across quarters.

第三，產品債（product debt）。我們也透過擴大品牌合作夥伴的產品選擇來成長，方式包括導入更多產品線，或在既有市場平台上推出新產品。我們讓品牌看見消費者意圖與品類的空白地帶，協助他們更快創新。這些擴大產品選擇的機會每年都會出現，但在各季度的發生時點可能不同。

Turning to operating expenses and profitability. Adjusted EBITDA was $54 million in Q1, representing 59% growth year over year, primarily driven by revenue growth, as well as some leverage in our sales, marketing, and operations costs despite increased R&D spend.

接著談營運費用與獲利能力。Q1 調整後 EBITDA 為 5,400 萬美元，年增 59%，主要由營收成長帶動；同時，儘管研發支出增加，我們在銷售、行銷與營運成本上仍取得一定的槓桿效益。

Excluding stock-based compensation, R&D was $10.1 million, up 77% year over year. We are doubling down on our tech spend, which includes AI token usage, and continue to expect R&D growth to outpace revenue growth. However, as our Q1 results indicate, we're doing so responsibly. This spend, as well as our spend in sales and marketing and the start-up costs related to our new East Coast facility, will create some timing variations when looking at quarterly adjusted EBITDA margin. For example, we will expense marketing spend related to our May Accelerate conference in the second quarter.

扣除股份基礎給付後，研發費用為 1,010 萬美元，年增 77%。我們正加碼技術投入，其中包含 AI token 使用成本，並仍預期研發成長將快於營收成長。不過，從 Q1 的結果可見，我們是在負責任地進行。這些支出，以及我們在銷售與行銷上的投入，與新東岸設施相關的啟動成本，將使按季觀察調整後 EBITDA 利潤率時出現一些時點上的波動。例如，我們將在第二季認列與 5 月 Accelerate 大會相關的行銷費用。

Our variable cost components, cost of goods sold, marketplace commissions, and fulfillment grew slightly slower than revenue. This was primarily driven by revenue mix across various products and other monetization strategies.

我們的變動成本組成——銷貨成本、市場平台佣金與履約成本——成長速度略低於營收。這主要是由於各類產品的營收組合，以及其他變現策略所致。

We generated $124 million of operating cash flow for the trailing 12-month period and $99 million of free cash flow. We ended Q1 with $344 million in cash and cash equivalents, no outstanding debt, and $150 million of borrowing capacity available under our revolving credit facility.

過去 12 個月我們產生了 1.24 億美元的營運現金流，以及 9,900 萬美元的自由現金流。Q1 期末我們持有 3.44 億美元的現金及約當現金，沒有任何未償債務，並且在循環信用額度下仍有 1.5 億美元可用借款額度。

Before we turn to guidance, I want to briefly address the macroenvironment and what we're seeing. While the Middle East is an immaterial portion of our revenue today, geopolitical tensions have introduced volatility into global logistics and energy costs, as well as uncertainty around consumer sentiment.

在我們進入財測指引之前，我想簡要談談總體環境以及我們所觀察到的情況。雖然中東目前在我們營收中占比不大，但地緣政治緊張已為全球物流與能源成本帶來波動，也為消費者情緒增添不確定性。

In response to increased energy costs, various marketplaces implemented fuel surcharges for sellers during the quarter. Generally, our agreements with brand partners allow us to pass through such cost changes for marketplaces, including fulfillment costs, providing a structural buffer against cost pressure.

為因應能源成本上升，各市場平台在本季對賣家實施了燃油附加費。一般而言，我們與品牌合作夥伴的合約允許我們將市場平台的此類成本變動（包含履約成本）轉嫁，從結構上提供對成本壓力的緩衝。

On the revenue side, we are not currently seeing any indication of meaningful consumer weakness in the categories or markets in which we operate. We believe our portfolio approach, and category diversification leaves us well-positioned to weather macro headwinds, including our position in non-discretionary categories, which we believe are less sensitive to potential changes in consumer spending. We will continue to monitor developments across all regions we operate in, and we believe our Q1 results demonstrate our relative resilience.

在營收方面，我們目前尚未在我們所營運的品類或市場中看到任何顯著的消費者疲弱跡象。我們相信，我們的投資組合式做法與品類多元化，使我們能更好地承受總體逆風；其中也包括我們在非選擇性（必需）品類的布局，我們認為這些品類對潛在的消費支出變化較不敏感。我們將持續監測所有營運區域的發展，並相信 Q1 的結果展現了我們相對的韌性。

Turning to our outlook, we had an exceptional start to 2026 and are seeing strong and consistent momentum heading into the rest of the year. We are meaningfully increasing our full-year outlook. We now expect revenue of approximately $3.3 billion, up 32% year over year, an increase from our prior guidance, which implied approximately 26% growth.

談到我們的展望，2026 年我們有一個非常出色的開局，並看到強勁且一致的動能延續到今年剩餘時間。我們將大幅上調全年展望。我們現在預期營收約為 33 億美元，年增 32%，高於先前指引（先前指引隱含約 26% 的成長）。

We are also raising our full-year adjusted EBITDA outlook to approximately $200 million, up 31% year over year at the midpoint, an increase from our prior guidance, which implied approximately 18% growth.

我們也將全年調整後 EBITDA 展望上調至約 2 億美元，以中位數計算年增 31%，較我們先前的指引有所提高；先前指引隱含約 18% 的成長。

Consistent with the guidance framework we laid out in March, there are a few things to keep in mind as you think about the shape of the year. First, as a reminder, we will face stronger comps in the back half of the year as we lap the record growth rates and therefore expect year-over-year growth to moderate in Q3 and Q4.

與我們在 3 月提出的指引框架一致，在思考今年的走勢時，有幾點需要留意。第一，提醒一下，隨著我們在下半年將面臨更強的比較基期（因為我們將與創紀錄的成長率相比），因此我們預期 Q3 與 Q4 的年增率將趨於放緩。

Second, we are maintaining our middle-of-the-road approach on new brand partner revenue assumptions and new product expansion, given the inherent variability in these factors.

第二，鑑於這些因素本身具有內在變動性，我們在新品牌合作夥伴營收假設與新產品擴張方面，仍維持較為中性的作法。

Third, we will continue to invest in R&D ahead of revenue growth, consistent with our strategy of strengthening our technology moat and expanding our AI capabilities.

第三，我們將持續在營收成長之前加碼投資研發，這與我們強化技術護城河並擴展 AI 能力的策略一致。

We are extremely pleased with our NRR performance of 127%, and this updated outlook will elevate the ending point of NRR this year to approximately 119%, above our long-term target of 115%.

我們對 127% 的 NRR 表現感到非常滿意，而這次更新後的展望將把今年 NRR 的期末水準提高至約 119%，高於我們 115% 的長期目標。

For the second quarter, we expect revenue in the range of $810 million to $820 million, representing 35% to 37% growth year over year. We expect Q2 adjusted EBITDA in the range of $45 million to $46 million, up 30% to 33% year over year. We expect to see incremental costs in the quarter related to Accelerate, our annual global e-commerce summit, our continued investment in R&D, and start-up costs related to our East Coast facility. We're confident that these short-term investments will drive continued growth in the future.

就第二季而言，我們預期營收介於 8.10 億至 8.20 億美元之間，年增 35% 至 37%。我們預期 Q2 調整後 EBITDA 介於 4,500 萬至 4,600 萬美元之間，年增 30% 至 33%。我們預期本季將出現與 Accelerate（我們一年一度的全球電商高峰會）、持續投入研發，以及與我們東岸設施相關的啟動成本所帶來的額外費用。我們有信心，這些短期投資將在未來帶動持續成長。

We are extremely pleased with the momentum we've seen so far this year. We believe our results and outlook reflect the durable, compounding nature of this business. We continue to operate from a position of strength, supported by a healthy balance sheet and robust consumer demand within our categories. We remain fully committed to delivering long-term value to our shareholders.

我們對今年迄今所見的動能感到非常滿意。我們相信，我們的業績與展望反映了這項業務具備持久且可複利累積的特性。在健康的資產負債表以及我們所屬品類強勁的消費者需求支持下，我們持續以優勢地位營運。我們仍全力致力於為股東創造長期價值。

With that, I'll turn it back to Dave before we open the call for questions.

接下來，在我們開放提問之前，我把時間交回給 Dave。

Thanks, Jason. Q1 was a strong start to the year and a quarter that continues to strengthen the foundation of our model. NRR at a record 127%, international doubling, non-Amazon up 119%, and our agentic investments are delivering. We enter Q2 with a pipeline and a platform we feel great about.

謝謝，Jason。Q1 是今年強勁的開局，也是一個持續強化我們模式基礎的一季。NRR 創新高達 127%、國際業務倍增、非 Amazon 通路年增 119%，以及我們在 agentic（代理式）方面的投資都正在帶來成果。我們帶著一條我們非常看好的商機管線與平台進入 Q2。

E-commerce is being built around AI, how products are discovered, how decisions are made, how transactions are completed, Pattern is built to operate at the center of that stage. We remain focused on optimizing the e-commerce equation, removing friction for brands and delivering measurable outcomes at scale.

電商正圍繞 AI 來建構——產品如何被發現、決策如何形成、交易如何完成；Pattern 的定位就是在這個舞台的核心運作。我們仍專注於優化電商方程式，為品牌移除摩擦，並以規模化方式交付可衡量的成果。

Thank you for your continued support. We'll now open the call for questions.

感謝各位持續的支持。我們現在開放提問。

(Operator Instructions) Ralph Schackart, William Blair.

（接線員指示）Ralph Schackart，William Blair。

Good afternoon. Thanks for taking the question. Maybe just kind of highlight, if you can, what drove the exceptionally strong performance in the quarter? Is it just a bunch of factors coming together, but the performance is really strong? Any color you could add there.

下午好。謝謝讓我提問。如果可以的話，能否請你們重點說明一下，本季表現異常強勁的主要驅動因素是什麼？是多項因素同時到位嗎？但整體表現確實非常強。能否再補充一些說明。

And then maybe on the non-Amazon channel, that growth was obviously very strong. Maybe talk about more specifically what's driving that. You mentioned some channel partners in the script, but just more colors around that and maybe some of the initiatives you have there to keep driving that growth further would be great. Thank you.

另外，關於非 Amazon 通路，那個成長顯然非常強勁。能否更具體談談背後的驅動因素？你們在講稿中提到一些通路合作夥伴，但如果能再多提供一些背景，以及你們有哪些措施能持續推動成長，會很有幫助。謝謝。

Thanks, Ralph. Yeah, thanks for the question. Yeah, Q1 was a great performance. To give you a sense of what drove it, it was really hitting on all cylinders on the many levers we have for growth.

謝謝，Ralph。是的，謝謝你的問題。是的，Q1 表現非常出色。要讓你了解是什麼驅動的，基本上是我們在多個成長槓桿上同時全速運轉。

I mentioned some of those in the prepared remarks, but with an existing brand, we can grow them with better tech, more marketplaces, more products, and then we're bringing on new brand partners all the time. And you also mentioned there the non-Amazon marketplace growth, that hit in a really nice way as well.

我在事先準備的發言中提到其中一些，但對既有品牌而言，我們可以透過更好的技術、更多的市集、更多的產品來帶動成長；同時我們也持續導入新的品牌合作夥伴。你也提到非 Amazon 市集的成長，那部分也以非常好的方式反映出來。

So in terms of marketplaces, we called out some of the ones we already had in the prepared remarks, Coupang, TikTok, Walmart specifically, all of those worked well.

就市集而言，我們在事先準備的發言中點名了一些我們既有的市集，像是 Coupang、TikTok、Walmart，這些都運作得很好。

I think the biggest takeaway for me is this business model has a lot of ways to help brands grow across multiple vectors. And when we hit on all of them, that gives us confidence to raise the outlook, and that's what we did with the 32% growth for the full year.

我認為對我來說最大的重點是，這個商業模式有很多方式可以在多個面向協助品牌成長。當我們在所有面向都打出成績時，這讓我們更有信心上調展望，而我們也確實這麼做了，把全年成長上調到 32%。

I'll do a quick follow-on. I mean, it's just a tremendous business, quite frankly. And there's very few businesses that have a pipeline of what we measure as $505 billion and growing. Now, of course, that's a long-term pipeline. We're not making any immediate statements there.

我再快速補充一下。坦白說，這是一門非常出色的生意。很少有企業能擁有我們所衡量的 5,050 億美元且仍在成長的商機管線。當然，那是一條長期的管線。我們並不是在此做任何立即性的表述。

But if we continue to execute, like I know we're capable of, I think you just see measured improvement quarter over quarter, better execution, broader reach across geographies, across marketplaces. And then the technology is moving at a speed that we, of course, I never anticipated two years ago.

但如果我們能持續執行到位——我知道我們做得到——我認為你會看到一季接一季的可衡量改善：執行更好、在不同地理區域與不同市集的觸及更廣。此外，技術正以一種速度在前進，這當然是我兩年前從未預期的。

The road map and the deliverables that we're able to finish, sometimes we're able to complete things that used to take an entire sprint in hours. So it's just acceleration on all levels. Much of it is just driven in advancements in technology, but then we're just positioned well, and we have the infrastructure and scale to take advantage of them.

我們的產品路線圖與可交付成果的完成速度也在提升；有時候，我們能在幾個小時內完成過去需要整個 sprint 才能完成的事情。所以各個層面都在加速。其中很大一部分是由技術進步所驅動，但同時我們也具備良好的定位，並擁有基礎設施與規模來把握這些機會。

That's great. Thanks, Dave. Thanks, Jason.

太好了。謝謝，Dave。謝謝，Jason。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，Goldman Sachs。

Thanks so much for taking the question. Maybe building on Ralph's question and asking it a little bit differently, when you look at the exit velocity of the business in Q1 and the backlog of both partners and platforms that you're discussing the business with longer term, how should we think about industry vertical diversification deeper into 2026 and platform diversification as we exit 2026 as well and how some of those could be drivers of the business or even how mix might change? Thanks so much.

非常感謝讓我提問。或許延續 Ralph 的問題、但換個方式問：當你們觀察 Q1 業務的期末動能（exit velocity），以及你們所提到、與合作夥伴與平台進行較長期討論的在手訂單/積壓（backlog）時，我們應該如何看待一路到 2026 年更深入的產業垂直領域多元化，以及在 2026 年底時的平台多元化？這些因素可能如何成為業務的驅動力，或甚至讓組合（mix）出現變化？非常感謝。

Yeah, we get a lot of questions on category. We -- internally, category diversification is not a primary focus. We're simply focused on the brands. So the brands that would like our help worldwide will jump in.

是的，我們收到很多關於品類的問題。我們——在內部，品類多元化並不是主要重點。我們只是專注在品牌本身。所以，只要有品牌希望我們在全球提供協助，我們就會加入。

Now, when you think of the technology, of course, we like product sets that are good for e-com, but that set is widening quickly. It used to be that there was some things that were just completely off limits, like having your Diet Coke delivered to your doorstep. Now, many of those things are coming into focus for us. So every time we take another look at the pipeline, we can just see the categories and product sets expanding.

現在，談到技術面，當然我們喜歡適合電商的產品組合，但這個範圍正在快速擴大。以前有些東西是完全不可能的，例如把健怡可樂送到你家門口。現在，很多這類事情對我們而言都逐漸變得可行。所以每次我們再看一次產品管線，都能看到品類與產品組合在擴張。

In terms of marketplaces, just to finish on that question there, Eric, we are seeing our non-Amazon platform growth at very much larger rates than our Amazon growth. The good news is the Amazon growth is still very healthy at 38% in Q1, but the non-Amazon growth you saw is over 100%. That will continue to diversify us as we go over time.

就市集平台而言，Eric，為了把那個問題補充完整，我們看到非亞馬遜平台的成長率遠高於亞馬遜平台的成長。好消息是，亞馬遜在第一季仍然非常健康，成長38%，但你看到的非亞馬遜成長超過100%。隨著時間推進，這將持續讓我們的營收來源更加多元。

And we're pretty comfortable that we've got the right initiatives in place to continue that journey, and there's a lot of white space for brands to grow more everywhere across many marketplaces. And we're pretty much just long term, our view is that however the consumers are spending online is what our revenue mix should look like long term.

而且我們相當有信心，我們已經具備正確的推動方案來延續這段旅程；品牌在許多市集平台、各個地方都有很大的成長空間。長期來看，我們的觀點基本上是：消費者在線上怎麼花錢，我們長期的營收組合就應該長得像那樣。

Doug Anmuth, JPMorgan Chase.

Doug Anmuth，摩根大通。

Great. Thanks for taking the questions. It's Bryan Smilek on for Doug. Obviously, good to see the continued supply chain efficiencies. I guess, Dave and Jason, can you just talk about how much more room there is to optimize inbound and outbound fulfillment?

很好。謝謝讓我提問。我是代替Doug的Bryan Smilek。顯然，很高興看到供應鏈效率持續提升。我想請教Dave和Jason，你們能談談在入庫與出庫履約方面，還有多少優化空間嗎？

And I think specifically, Dave, you had mentioned same-day and one-day delivery, capturing a greater share of overall units. Could you just talk to the velocity of delivery speeds improving across the platform? And I guess more broadly, how that could change with Amazon expanding more multi-channel fulfillment more broadly? Thank you.

我想更具體一點，Dave，你提到當日達與次日達正在取得更高的整體出貨占比。你能談談整個平台的配送速度提升的趨勢嗎？以及更廣泛地說，隨著亞馬遜更全面擴展多通路履約，這可能會如何改變？謝謝。

Yeah, I love the question, very insightful, and something we focus on.

是的，我很喜歡這個問題，非常有洞見，也是我們關注的重點。

So in terms of numbers, in Q1, we run at about, I think, 37% of our -- actually, excuse me, 57% of our total clicks get a same-day delivery, same or one-day delivery. And that's up from around 52%.

就數字而言，第一季我們大約——我想——我們的……其實更正一下，是我們總點擊量的57%可享當日達、當日或次日達。這比之前大約52%有所提升。

So we can see and the conversion rate in that group ranges at around 18% versus if you go to two-day or two-plus, it comes in at around 9%. So of course, the closer you can get to the consumer, the better your conversion rate is. So it's a dramatic focus for us.

我們也看到，該群組的轉換率大約在18%左右；如果是兩日達或兩日以上，則大約是9%。所以當然，你越能貼近消費者，轉換率就越好。因此這是我們非常重點的方向。

So we're getting better coverage there. And at the same time, we're lowering days of inventory on hand, which was 62 this quarter, an exceptional quarter, minus 13 days from the same quarter last year. So we're continuing to see just great progress across the logistics, which simply can't be done without scale. So the bigger we get, the more opportunity we have to just continually tune fine -- just the fine pieces of that equation.

所以我們在覆蓋率方面做得更好。同時，我們也在降低庫存持有天數，本季是62天，表現非常出色，較去年同期減少13天。因此我們持續看到物流端的重大進展，而這在沒有規模的情況下根本做不到。所以我們規模越大，就越有機會持續微調——把這個方程式中的細節不斷調校到更好。

Maybe just to add briefly to that, we do see more room for optimization in the future. That's why we're launching our East Coast facility. which is going to build on the technology advancements we had with our Las Vegas facility. We're really excited about how much even more efficient that will be for ourselves and particularly for our brand partners.

我再簡短補充一下，我們確實看到未來還有更多優化空間。這也是為什麼我們要啟用東岸設施，它將建立在我們拉斯維加斯設施所取得的技術進展之上。我們對它能為我們自身、尤其是為我們的品牌合作夥伴帶來更高效率感到非常興奮。

Great. Thank you, both.

很好。謝謝你們兩位。

Bernard McTernan, Needham & Company.

Bernard McTernan，Needham & Company。

Great. Thanks for taking the question. With the updated guidance range, I mean, you're going to be pretty close to knocking on the door of doubling your revenue base from 2024 to 2026, what changes about the opportunities set in front of you with scale or any additional opportunities that you have with this kind of step function and scale within the business?

很好。謝謝讓我提問。在更新後的財測區間下，我的意思是，你們將非常接近在2024到2026年把營收基礎翻倍；隨著規模擴大，或在業務中出現這種階躍式成長與規模之後，你們面前的機會組合會有哪些改變？或你們是否會有任何額外的機會？

Yeah, there's some fun milestones coming up based on this new guidance. I'll talk about revenue and maybe just a little bit on adjusted EBITDA as well to get to your scale point. But yeah, 84% growth if you take 2024 versus 2026 guidance, pretty impressive on the revenue side. And it is really the factors that we talked about, taking brands to more marketplaces, more geographies.

是的，基於這次新的財測，接下來會有一些很有趣的里程碑。我會談談營收，並且也稍微談一下調整後EBITDA，以回應你關於規模的問題。不過沒錯，如果用2024對比2026年的財測，營收成長84%，在營收端相當亮眼。而這確實來自我們談到的那些因素：把品牌帶到更多市集平台、更多地理區域。

And then particularly as of recently, Dave mentioned it briefly, the use of agentic tools to optimize the e-commerce equation is going really well for us and for our brand partners.

另外，特別是最近，Dave也簡短提到，運用代理式（agentic）工具來優化電商方程式，對我們以及我們的品牌合作夥伴而言進展非常順利。

On the EBITDA side, this is where the scale benefit comes in. Those same data points, 2024, we made $101 million in EBITDA, and our latest guidance has us at $200 million in EBITDA, so basically double off of 84% revenue growth over that timeframe. That's really where you can see when you swoop out, you can see the benefits of the scale that comes as we keep growing. And we're excited about both numbers, top and bottom line, of course.

在EBITDA方面，這就是規模效益開始顯現的地方。同樣的數據點，2024年我們的EBITDA是1.01億美元，而我們最新的財測指引是2億美元的EBITDA，基本上是在那段期間以84%的營收成長帶動EBITDA翻倍。這就是當你把視角拉遠時，能看到我們持續成長所帶來的規模效益。我們對這兩個數字——當然包括營收與獲利——都感到很振奮。

Thanks, Jason.

謝謝，Jason。

There's very few places where you have a TAM the size of ours, which is largely all digital goods sold worldwide. And in a way, that's not much of an exaggeration. And if we can perform -- every day, we come into work and we say, okay, how do we make sure that the brand experience is amazing, that their revenue grows. And at a certain point of scale, we believe we can do it cheaper than a brand can do it themselves because of the combined logistics, the scale, the difficulty, the implementation, execution across global markets.

很少有地方能擁有像我們這樣規模的TAM（總可服務市場），基本上涵蓋全球銷售的所有數位商品。從某種角度來看，這樣說其實也不算太誇張。而如果我們能做到——每天我們來上班都會問自己：要如何確保品牌體驗很棒、確保他們的營收成長。當規模達到某個程度時，我們相信，因為整合的物流、規模、以及在全球市場落地與執行的難度，我們能以比品牌自行操作更低的成本把這件事做好。

So if we can provide a service that is both better and less expensive with a TAM that is tremendous, I think we'll continue to surprise people on the growth for many years to come.

所以，如果我們能提供一項同時更好、且成本更低的服務，再加上龐大的TAM，我認為未來很多年，我們仍會在成長表現上持續讓大家感到驚喜。

Justin Patterson, KeyBanc.

Justin Patterson，KeyBanc。

Great. Thank you very much, and good afternoon. Dave, I was hoping you could dive into AI and image generation in more detail. Obviously, the models continue to make very meaningful progress. even versus just a couple of months ago. So I'm curious if we're now getting to a level where brands are more receptive to you toward working around just creative and hyper-personalization, and how you think that might help just aid international growth where it seems like that could be pretty meaningful for localization? Thank you.

太好了。非常感謝，午安。Dave，我希望你能更深入談談 AI 與影像生成。顯然，這些模型持續取得非常顯著的進展，甚至相較於幾個月前也是如此。所以我很好奇，我們是否已經到了品牌方更願意與你們合作、圍繞創意與超個人化的程度？以及你認為這如何有助於國際成長——看起來在在地化方面可能會相當有意義？謝謝。

Yeah, great. Great question. I mean, we continue to be just surprised at both what the models can do and what our teams are doing on that front.

是的，很好。很棒的問題。我的意思是，我們持續對模型能做到的事，以及我們團隊在這方面所做的事感到驚喜。

Conversion overall was up from 17% to 19% year on year, which is pretty phenomenal. We've introduced and talked about what we refer to as the portal, which is where we do -- it's some hardware that we created where we'll take a product and we will take -- it's almost like an AI photo studio where we will take imagery with the idea of being we'll train a LoRA model, so a low rank adaptation model.

整體轉換率年增從 17% 提升到 19%，相當驚人。我們已經推出並談到我們所稱的 portal（入口/門戶），也就是我們打造的一些硬體：我們會拿一個產品，然後——這幾乎像是一個 AI 攝影棚——來拍攝影像，目標是訓練一個 LoRA 模型，也就是低秩適配模型。

Once we're done with say 50 to 80 images, we will have enough reference data to take that product globally in any setting, localize it, personalize it, and we will -- we're deploying those in our warehouses. So at a fraction of cost, we can have AI-generated product photography that I believe is unmatched. I haven't heard or know of any place that could do that at the same level of quality. We have quite a bit of patents and interesting intellectual property on how we do that. But it is an incredibly large opportunity for our brands worldwide. Great question.

當我們完成例如 50 到 80 張影像後，就會有足夠的參考資料，能把該產品帶到全球、在任何場景中呈現，進行在地化與個人化；而且我們——正在把這些部署到我們的倉庫裡。因此以一小部分的成本，我們就能提供我認為無可匹敵的 AI 生成產品攝影。我沒聽過、也不知道有任何地方能以同等品質做到這件事。我們在如何做到這點上，擁有不少專利與有趣的智慧財產。但這對我們全球的品牌客戶而言，是一個極其龐大的機會。很棒的問題。

(Operator Instructions) John Colantuoni, Jefferies.

(接線員指示) John Colantuoni，Jefferies。

Hi, this is Chris on for John. I appreciate you taking the question. Can you double-click on how new brand partners performed in the quarter? I'm curious to hear more about the pace of new partner acquisition and specifically what you're seeing in the pipeline for the rest of the year. Thank you.

你好，我是代替 John 的 Chris。感謝你讓我提問。你能更深入說明一下本季新品牌合作夥伴的表現嗎？我想多了解新合作夥伴取得的速度，特別是你們看到今年剩餘時間的案源（pipeline）情況如何。謝謝。

Thanks for the question. Yeah, new brand partner pipeline looks good. As Dave mentioned, we have an opportunity list of $505 billion in GMV that we've identified using our data set of brands that can specifically benefit from working from Pattern with identified scorecard e-commerce metrics that we can improve across the equation for them.

謝謝你的問題。是的，新品牌合作夥伴的案源看起來不錯。如 Dave 提到的，我們利用資料集辨識出一份 GMV 達 5,050 億美元的機會清單，這些品牌能特別受益於與 Pattern 合作；我們也有已辨識的評分卡電商指標，能在整體各環節為他們帶來改善。

In Q1, we had similar momentum to last year. We kept up that same cycle, and we continue to invest in sales and marketing resources to continue to drive that.

在第一季，我們的動能與去年相近。我們維持同樣的節奏，並持續投資於銷售與行銷資源，以持續推動這件事。

I think when we talk about new brand partner revenue, it's important to remember that's just the first 12 months of our relationship with the brand, and there can be variation in any quarter versus the prior year's first 12 months. But the vast majority of those brands stay with us and go into existing brand partner revenue and then benefit from that NRR on average of 127%. So that's why we like the investment in the sales and marketing. We like the progress that we're making in the pipeline because not only does it deliver revenue in the first year, but it continues for many years thereafter.

我認為當我們談到新品牌合作夥伴營收時，重要的是要記得那只是我們與品牌關係的前 12 個月；相較於前一年同樣的前 12 個月，任何一季都可能出現波動。但絕大多數品牌都會持續與我們合作，並轉入既有品牌合作夥伴營收，進而受益於平均 127% 的 NRR（淨營收留存率）。所以這也是為什麼我們喜歡在銷售與行銷上的投資。我們也喜歡在案源上取得的進展，因為它不僅在第一年帶來營收，之後也會持續多年。

David Lustberg, BMO Financial Group.

David Lustberg，BMO Financial Group。

Hi, can you hear me?

嗨，你聽得到我嗎？

Yes.

聽得到。

Okay, great. It's Brian Pitz. So Dave -- and thanks for the questions. On the success you're seeing off the Amazon marketplace, can you help us understand how much is from international brands leaning and harder versus brands just starting in an international presence?

好，太好了。我是 Brian Pitz。所以 Dave——也謝謝你們的回答。關於你們在 Amazon 市集以外看到的成功，你能幫我們理解其中有多少來自國際品牌更積極投入（leaning in harder），相較於只是剛開始建立國際布局的品牌嗎？

And then more broadly, you called out broad-based strength across existing brand partners. Maybe some additional color on the upside. Was it from category demand, new product launches, market expansion, existing partner share gains, pricing, et cetera? Can you just help us parse apart that broad-based strength? Thanks.

然後更廣泛地說，你提到既有品牌合作夥伴呈現全面性的強勁表現。能否再多提供一些超預期（upside）的細節？這是來自品類需求、新品上市、市場擴張、既有合作夥伴的市占提升、定價等等嗎？你能幫我們拆解一下這種全面性的強勁表現嗎？謝謝。

The strength is, as you mentioned, quite broad. In early years for Pattern, it was almost entirely because our teams, the sales teams were in the US, the near entirety set of brands we found and started working with were US brands. And then probably four or five years ago, we started to ramp teams that would sit internationally.

如你所說，這股強勁表現相當廣泛。在 Pattern 的早期，幾乎完全是因為我們的團隊、銷售團隊都在美國，我們找到並開始合作的品牌幾乎清一色都是美國品牌。然後大概在四、五年前，我們開始擴編駐點在海外的團隊。

And we began a pretty-- last year, we started an effort called East to West. We refer to it internally, which is we have teams that sit in the APAC regions and work with some phenomenal product manufacturers that deliver a large majority of the goods to US consumers, and we're helping them execute better. Matter of fact, that was our largest deal signed in 2025 last year came from that east to west effort.

而我們也開始了一個相當——去年我們啟動了一項名為 East to West 的計畫。我們內部是這樣稱呼的：我們在亞太（APAC）地區有團隊，與一些非常出色的產品製造商合作；這些製造商供應了美國消費者所購買商品中的很大一部分，而我們正在協助他們把執行做得更好。事實上，我們在 2025 年（去年）簽下的最大一筆交易，就是來自這個 East to West 計畫。

So I think we're continuing now to get brands that are both US headquartered, and now, they're coming from all over the world.

所以我認為我們現在持續取得的品牌，既有美國總部的，也有來自世界各地的。

Thank you.

謝謝。

I am showing no further questions at this time. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

我這邊顯示目前沒有其他問題。感謝各位參與今天的電話會議。本次會議到此結束。您現在可以掛線。