QVC Group Inc (QVCGA) 2025 Q1 法說會逐字稿

Welcome to the QVC Group 2025 Q1 earnings Call. (Operator Instructions) As a reminder, this conference will be recorded May 7, 2025. I would now like to turn the call over to Shane Kleinstein, Senior Vice President of Investor Relations. Please go ahead.

歡迎參加 QVC 集團 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議將於 2025 年 5 月 7 日錄製。現在我想將電話轉給投資者關係資深副總裁 Shane Kleinstein。請繼續。

Thank you, and good afternoon. Before we begin, we'd like to remind everyone that this call includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in the most recent forms 10-K and 10-Q filed by our company and QVC with the SEC.

謝謝，下午好。在我們開始之前，我們想提醒大家，本次電話會議包含 1995 年《私人證券訴訟改革法案》所定義的某些前瞻性陳述。由於多種風險和不確定因素，實際事件或結果可能存在重大差異，包括我們公司和 QVC 向美國證券交易委員會提交的最新 10-K 和 10-Q 表格中提到的風險和不確定因素。

These forward-looking statements speak only as of the date of this call, and QVC Group expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in QVC Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please note that we have published slides to accompany the earnings release.

這些前瞻性陳述僅代表本次電話會議之日的觀點，QVC 集團明確表示不承擔任何義務或承諾傳播本文所含任何前瞻性陳述的任何更新或修訂，以反映 QVC 集團對此預期的任何變化或此類陳述所依據的事件、條件或情況的任何變化。請注意，我們已經發布了伴隨收益報告的幻燈片。

On today's call, we will discuss certain non-GAAP financial measures, including adjusted OIBDA, adjusted OIBDA margin, free cash flow, and constant currency. Information regarding the comparable GAAP metrics, along with required definitions and reconciliations, including preliminary note and schedules 1 and 2, can be found in the earnings press release issued today or our earnings presentation, which are available on our website.

在今天的電話會議上，我們將討論某些非 GAAP 財務指標，包括調整後的 OIBDA、調整後的 OIBDA 利潤率、自由現金流量和固定匯率。有關可比較 GAAP 指標的資訊以及所需的定義和對帳（包括初步說明和附表 1 和 2）可在今天發布的收益新聞稿或我們的收益報告中找到，這些都可以在我們的網站上找到。

Today speaking on the earnings call, we will have QVC Group's President and CEO, David Rawlinson; QVC Group's CFO and CAO, Bill Wafford; and QVC Group Executive Chairman, Greg Maffei. Now I'll hand the call over to David Rawlinson.

在今天的財報電話會議上，我們將邀請 QVC 集團總裁兼執行長 David Rawlinson； QVC 集團財務長兼首席行政官 Bill Wafford；以及 QVC 集團執行董事長 Greg Maffei。現在我將電話交給 David Rawlinson。

Thank you, Shane, and good afternoon, everyone. We appreciate you joining us and your continued interest in the QVC Group.

謝謝你，肖恩，大家下午好。感謝您的加入以及您對 QVC 集團的持續關注。

Q1 was a challenging quarter. We're operating in a tough macro environment, facing continued headwinds from declining linear TV viewership, weakening customer sentiment and a volatile news cycle, most recently exacerbated by escalating tariff concerns. These recent developments intensified the pressure on our business as they did for the broader discretionary retail market.

第一季是一個充滿挑戰的季度。我們正處於一個嚴峻的宏觀環境中，面臨著線性電視收視率下降、客戶情緒減弱和新聞週期動盪等持續不利因素，最近又因關稅擔憂升級而加劇。這些最近的發展加劇了我們業務的壓力，就像對更廣泛的非必需零售市場一樣。

Total revenue declined 10%, driven by sharper-than-expected pressure on our top line, particularly from accelerated declines in linear TV viewership and reduced consumer confidence, that we believe is a result of geopolitical uncertainty across our US and international markets. Our consumer remains heavily distracted by current events.

總收入下降了 10%，原因是我們的營業收入面臨比預期更大的壓力，特別是線性電視收視率加速下降和消費者信心下降，我們認為這是美國和國際市場地緣政治不確定性的結果。我們的消費者仍然嚴重受到時事的干擾。

In the US, there was a sharp year-over-year shift on linear television to news and business content consumption, which were both up double digits. Based on Comscore data, overall television viewership was down, led by decreases in general entertainment, shopping and lifestyle viewing, which were all down between high single digits and mid-teens.

在美國，線性電視消費向新聞和商業內容消費的轉變同比大幅增長，均實現了兩位數的增長。根據 Comscore 的數據，整體電視收視率下降，其中，一般娛樂、購物和生活方式收視率的下降最為明顯，降幅均在高個位數到十幾歲之間。

QVC international revenue declined 4% in constant currency, experiencing episodic softness not seen in prior quarters, driven by German elections, inflationary pressure in Japan, and compared to a particularly strong Easter in the UK in Q1 2024. Cornerstone was down 13%, driven by continued housing market stagnation. As a result of continued sales deleverage, consolidated adjusted OIBDA declined 31% in constant currency.

以固定匯率計算，QVC 國際營收下降了 4%，經歷了前幾個季度未曾出現過的間歇性疲軟，這受到德國大選、日本通膨壓力以及 2024 年第一季英國復活節特別強勁的影響。由於房地產市場持續停滯，Cornerstone 股價下跌 13%。由於持續的銷售去槓桿，合併調整後的 OIBDA 按固定匯率計算下降了 31%。

While there is still more work to do, we are building on what we've already done. Over the past two years, we've improved gross margins and aggressively managed costs. This includes closing the Fontana, California fulfillment center, reducing labor expense for nonfulfillment functions and moving our technology support to a managed services contract.

儘管還有更多工作要做，但我們正在以已經完成的工作為基礎繼續努力。在過去兩年裡，我們提高了毛利率並積極管理成本。其中包括關閉位於加州豐塔納的履行中心、減少非履行職能的勞動力成本以及將我們的技術支援轉移到託管服務合約。

As previously outlined, we are pursuing an additional $100 million of OIBDA opportunity by examining all areas of spending across the company, which is even more critical now in the current macro environment. This work began in late 2024 and we expect that it will continue through 2025 and into 2026.

如前所述，我們正在透過審查公司所有支出領域來尋求額外的 1 億美元 OIBDA 機會，這在當前的宏觀環境下顯得更加重要。這項工作於 2024 年底開始，我們預計將持續到 2025 年和 2026 年。

In late March, we announced the global reorganization, which impacted a significant portion of our team members, but is necessary to improve our cost structure. As part of this reorganization, we are completing the closure of the St. Petersburg, Florida facility and fully transitioning HSN operations to our Studio Park campus in West Chester, Pennsylvania by Q3 of this year.

三月下旬，我們宣布了全球重組，這對我們團隊的很大一部分成員產生了影響，但對於改善我們的成本結構來說是必要的。作為重組的一部分，我們將在今年第三季之前關閉位於佛羅裡達州聖彼得堡的工廠，並將 HSN 業務完全轉移到位於賓州西切斯特的 Studio Park 園區。

Some team members have already transitioned out while others will remain through the end of the year. I want to sincerely thank all affected employees for their professionalism and dedication during these difficult but necessary actions. We also completed the first full quarter under the new IT managed services model I mentioned before. This change has enabled us to reinvest in critical technology upgrades, including fulfillment and order management systems. Cost discipline remains a priority, and we're focused on further reducing our cost to serve.

有些團隊成員已經離職，而其他成員將繼續留任到今年年底。我要真誠感謝所有受影響的員工在這些艱難但必要的行動中所展現的專業和奉獻精神。我們也完成了我之前提到的新的 IT 託管服務模式下的第一個完整季度。這項變更使我們能夠重新投資於關鍵技術升級，包括履行和訂單管理系統。成本控制仍然是首要任務，我們專注於進一步降低服務成本。

Let me take a minute and give an update on tariffs. Given the inherent uncertainty and ongoing trade negotiations, it is difficult for us to quantify the potential impact of tariffs at this time. This is a challenging and very fluid situation, but we are taking broad-scale action to manage the impact.

請容許我花一點時間介紹一下關稅的最新情況。鑑於固有的不確定性和正在進行的貿易談判，我們目前很難量化關稅的潛在影響。這是一個充滿挑戰且非常不穩定的情況，但我們正在採取大規模行動來應對其影響。

Five years ago, US goods sourced from China made up over 55% of our product COGS. To date, we've reduced that proportion to less than 50%. Still, China remains our largest import exposure. And given the current level of tariffs, we are working quickly to shift even more sourcing to other countries.

五年前，來自中國的美國商品占我們產品銷貨成本的 55% 以上。到目前為止，我們已將這一比例降低至50%以下。儘管如此，中國仍然是我們最大的進口對象。鑑於當前的關稅水平，我們正在迅速將更多採購轉移到其他國家。

Depending on where tariffs settle, we are targeting our sourcing mix so that no single country is worth more than one-third of our sourced goods by the end of the year. In the immediate term, we've canceled a number of contracts with vendors and we'll be prudent about placing new orders with vendors from China at the existing tariff levels. We are also actively negotiating with many vendors in an attempt to share the tariff impact and may seek to take price actions on certain goods where necessary.

根據關稅結算地點，我們調整採購組合，確保到今年年底，沒有一個國家的商品價值超過我們採購商品總額的三分之一。就短期而言，我們已經取消了與一些供應商的合同，並且我們將謹慎地按照現有的關稅水平向中國供應商下新訂單。我們也積極與許多供應商進行談判，試圖分擔關稅影響，並可能在必要時尋求對某些商品採取價格行動。

Moving to QxH. Total customer count declined 10% in the quarter, driven by a 9% decrease in existing customers, a 17% decrease in new and a 13% decrease in reactivated customers. The decline in linear TV households continues to put pressure on our customer count year-over-year and QxH TV minutes watched declined approximately 13%.

移至 QxH。本季客戶總數下降了 10%，其中現有客戶減少 9%，新客戶減少 17%，重新啟動客戶減少 13%。線性電視家庭數量的下降繼續對我們的客戶數量造成同比壓力，QxH 電視觀看分鐘數下降了約 13%。

As you can see on slide 8 in our presentation, on a trailing 12-month basis, customer count declined on a sequential basis with a decrease of approximately 2.6% versus December 2024. But our existing customers continue to purchase at healthy levels, spending on average $1,635 and purchasing 32 items in the 12 months ending March 31.

正如您在我們簡報的第 8 張投影片中所看到的，在過去 12 個月中，客戶數量環比下降，與 2024 年 12 月相比下降了約 2.6%。但我們現有的客戶繼續保持健康的購買水平，在截至 3 月 31 日的 12 個月內，平均消費 1,635 美元併購買 32 件商品。

At QVC, our best customers, who buy 20 or more items annually also continue to purchase at very attractive levels. In the 12 months ending March 31, they bought 76 items and spent $3,975 on average, up 1% year-over-year.

在 QVC，我們最好的客戶每年購買 20 件或更多商品，並且會繼續以非常優惠的價格購買。在截至 3 月 31 日的 12 個月中，他們平均購買了 76 件商品，花費 3,975 美元，年增 1%。

We experienced strength from the relaunch of Logo by Lori Goldstein brand and saw continued strength from our well-known brands like Kim Gravel and Diane Gilman. We also had success in the launch of Jefferies , which sold out, and continued interest in Floor Care from Dyson. After we're seeing -- and we're seeing new customer growth on social from brands like Tupperware, which added nearly 9,000 new names.

我們從 Logo by Lori Goldstein 品牌的重新推出中感受到了力量，並看到 Kim Gravel 和 Diane Gilman 等知名品牌的持續強勁增長。我們還成功推出了 Jefferies，該公司已售出，並繼續獲得戴森對 Floor Care 的關注。我們看到—我們看到特百惠等品牌在社群媒體上新客戶的成長，增加了近 9,000 個新客戶。

While our electronics business experienced lower sales, we continue to see outperformance in portable power driven by brands EcoFlow and Halo in the hearing aid category. Our customers responded less favorably to handbags, luggage and footwear and accessories, garden, and home decor, and some of our core culinary brands.

雖然我們的電子產品業務銷售額有所下降，但我們仍然看到助聽器類別中由 EcoFlow 和 Halo 品牌推動的便攜式電源表現優異。我們的客戶對手袋、行李箱、鞋類和配件、花園和家居裝飾以及我們的一些核心烹飪品牌的反應不太好。

Moving to QVC International. As I mentioned before, we saw a change this quarter internationally. Revenue declined 4% in constant currency, compared to prior quarters of broadly stable revenue performance. National elections in Germany, inflationary pressure in Japan, a particularly strong Easter in the UK in Q1 2024 and weakened consumer sentiment led to revenue declines across all markets.

轉向 QVC International。正如我之前提到的，本季我們看到了國際上的變化。與前幾季基本穩定的營收表現相比，以固定匯率計算，營收下降了 4%。德國全國大選、日本通膨壓力、2024 年第一季英國復活節的強勁表現以及消費者情緒的減弱導致所有市場的收入下降。

Total customer count declined 3% in the quarter, driven by a 2% decrease in existing customers and a 6% and 5% decrease in new and reactivated customers, respectively.

本季客戶總數下降了 3%，其中現有客戶數量下降了 2%，新客戶和重新啟動客戶數量分別下降了 6% 和 5%。

Finally, our Cornerstone brands continue to operate in a depressed housing market leading to lower consumer demand. Cornerstone revenue declined 13% in the first quarter, with softness across all brands. We have, however, officially kicked off our transformation efforts. We anticipate value from the transformation will be recognized in the last three quarters of the year, although tariffs are likely to have some adverse impact on value.

最後，我們的 Cornerstone 品牌在低迷的房地產市場中繼續運營，導致消費者需求下降。第一季度，基石營收下降了 13%，所有品牌都表現疲軟。然而，我們已經正式啟動了轉型工作。我們預計轉型帶來的價值將在今年最後三個季度得到確認，儘管關稅可能會對價值產生一些不利影響。

One other point to note. Ryan McKelvey, President of Cornerstone Brands will be retiring after 25 years. We will commence an internal and external search for a new President of Cornerstone. In the interim, Tom Bazzone, President of Frontgate, will assume leadership responsibility and report to me affect us immediately. Ryan will remain with the company for a transition period. We thank Ryan for his quarter-century of distinguished and capable service to the company and wish him well in retirement.

還有一點要注意。Cornerstone Brands 總裁 Ryan McKelvey 任職 25 年後即將退休。我們將從內部和外部尋找 Cornerstone 的新總裁。在此期間，Frontgate 總裁湯姆·巴佐尼 (Tom Bazzone) 將承擔領導責任並立即向我匯報工作。瑞安將在過渡期內繼續留在公司。我們感謝瑞安二十五年來為公司做出的傑出貢獻，並祝福他退休後生活一切順利。

Despite continued challenges in our core business, exacerbated by macroeconomic changes, we are intently focused on transforming into a live social shopping company and believe we have the assets needed to win in this space. I would like to share some additional highlights that demonstrate the progression of our WIN growth strategy.

儘管我們的核心業務繼續面臨挑戰，宏觀經濟變化也加劇了這一挑戰，但我們仍專注於轉型為即時社交購物公司，並相信我們擁有在這一領域取得成功所需的資產。我想分享一些額外的亮點來展示我們 WIN 成長策略的進展。

First, we signed a strategic agreement with TikTok for the first 24/7 live shopping experience in the US, and we are now live on TikTok 24/7 on our QVC account. We use our hosts along with other creators to sell products directly through TikTok Shop, allowing purchases to be made on platform.

首先，我們與 TikTok 簽署了一項戰略協議，在美國推出首個全天候直播購物體驗，現在我們在 TikTok 上對我們的 QVC 帳戶進行全天候直播。我們利用我們的主播和其他創作者透過 TikTok Shop 直接銷售產品，允許在平台上進行購買。

The success of our streaming and social businesses is crucial, and we are measuring our progress in a handful of ways. Our most important metric is revenue, and we estimate that the percent of QxH revenue that was generated during Q1 and through streaming and social platforms was in the mid to high single digits.

我們的串流媒體和社交業務的成功至關重要，我們正在透過多種方式衡量我們的進展。我們最重要的指標是收入，我們估計 QxH 第一季透過串流媒體和社群平台產生的收入百分比在中高個位數。

We're seeing strong platform engagement, another important metric. Combined minutes watched on social and streaming platforms are up 26% over last year, growing to 1.4 billion minutes. Streaming monthly active users grew 131%, and we had our largest non-holiday revenue month ever in March.

我們看到了強大的平台參與度，這是另一個重要指標。社群和串流平台的總觀看時間比去年增長了 26%，達到 14 億分鐘。串流媒體月活躍用戶成長了 131%，3 月是我們有史以來非假日收入最高的月份。

Back to social, across all of our social platforms, including TikTok, we now have a combined over 7 million followers. To help you track our progress, we will look to more regularly provide updates on the social and streaming businesses.

回到社交方面，在包括 TikTok 在內的所有社交平台上，我們現在總共擁有超過 700 萬粉絲。為了幫助您追蹤我們的進展，我們將更定期地提供有關社交和串流媒體業務的最新資訊。

We now have thousands of items listed on TikTok, and that number continues to grow. And are working -- we are working with over 85,000 creators. We continue to add new categories like beauty and are scaling our processes for working with creators. We are using our newly formed content factory to produce various forms of content for all of our linear and social platforms.

我們現在在 TikTok 上列出了數千種商品，而且這個數字還在增加。我們正在與超過 85,000 名創作者合作。我們將繼續增加美容等新類別，並擴大與創作者的合作流程。我們正在使用新成立的內容工廠為我們所有的線性和社交平台製作各種形式的內容。

And later this month, we'll kick off the second year of our Age of Possibility campaign with our first TikTok Shop Super Brand Day. We'll offer eight hours of creator and celebrity-led shopping rooted in celebration, empowerment, and connection, all live on TikTok. We have several well-known celebrities who will be joining us.

本月晚些時候，我們將舉辦首屆 TikTok Shop 超級品牌日，拉開「可能性時代」活動第二年的序幕。我們將在 TikTok 上直播由創作者和名人主導的八小時購物活動，主題為慶祝、賦權和聯繫。我們有幾位知名的名人將會加入我們。

This shows the power of combining our core capabilities and relationships with TikTok-scaled platform. And we are also excited to announce the launch of our partnership with TikTok in the UK in February, using what we are learning from our US partnership to inform how we go to market internationally. We also launched a new experience with American Airlines this week, where customers are now able to watch episodes from our QVC+ and HSN+ channels on American's free in-flight entertainment platform.

這表明了將我們的核心能力和關係與 TikTok 規模平台結合的力量。我們也很高興地宣布，我們將於 2 月在英國與 TikTok 建立合作夥伴關係，利用我們從美國合作夥伴關係中學到的經驗來指導我們如何進入國際市場。本週，我們也與美國航空合作推出了全新體驗，乘客現在可以在美國航空的免費機上娛樂平台上觀看我們的 QVC+ 和 HSN+ 頻道的劇集。

We have strengthened our leadership team. We hired two new leaders that bring a wealth of industry expertise. Alex Wellen is our new Chief Growth Officer and has already hit the ground running, leading our growth initiatives. With over 20 years of leadership in digital media, product innovation and strategic growth, Alex will define and lead our growth strategy for the W in WIN, wherever she shops. He will oversee a multifunctional team, including US social selling, streaming, digital, new business development, and platform distribution.

我們加強了領導團隊。我們聘請了兩位擁有豐富行業專業知識的新領導者。亞歷克斯·韋倫 (Alex Wellen) 是我們新任首席成長官，他已開始領導我們的成長計劃。憑藉在數位媒體、產品創新和策略成長領域超過 20 年的領導經驗，Alex 將制定並領導 W in WIN 的成長策略，無論她在哪裡購物。他將管理一個多功能團隊，包括美國社交銷售、串流媒體、數位、新業務開發和平台分銷。

We also welcomed Tony Williams, our new Chief People Officer, at the end of April. Tony brings more than 25 years of global strategic and operational business experience having led people across a broad range of industries, leading transformation, change management, organizational effectiveness, culture and other strategies to support increased market share, revenues and profitability while ensuring the people experience remains a core enterprise focus.

四月底，我們也迎來了新任首席人力資源長 Tony Williams。Tony 擁有超過 25 年的全球策略和營運業務經驗，曾領導各行各業的人員，領導轉型、變革管理、組織效能、文化和其他策略，以支持增加市場份額、收入和盈利能力，同時確保員工體驗仍然是企業的核心重點。

Finally, I would like to acknowledge that Greg Maffei will continue to serve as our Executive Chairman, and I look forward to continuing to benefit from his leadership and advice.

最後，我要感謝 Greg Maffei 將繼續擔任我們的執行主席，我期待繼續受益於他的領導和建議。

In uncertain times such as these, the core insight that guides our business is more relevant than ever. For a valuable portion of consumers, shopping is an opportunity to explore, dream and connect. This is why social shopping is exploding on platforms like TikTok and Facebook. And this is why we believe in QVC Group's long-term strategy despite the current headwinds.

在這種不確定的時期，指導我們業務的核心洞察力比以往任何時候都更加重要。對很大一部分消費者來說，購物是探索、夢想和連結的機會。這就是社交購物在 TikTok 和 Facebook 等平台上爆炸式增長的原因。這就是為什麼儘管面臨當前逆風，我們仍然相信 QVC 集團的長期策略。

Now I'll turn the call to Bill to review the Q1 financial results for each of our businesses.

現在我將把電話轉給比爾，讓他回顧我們每個業務的第一季財務表現。

Thank you, David, and good evening, everyone. Unless otherwise noted, my comments compare financial performance for the three months ended March 31, 2025, to the same period in 2024.

謝謝你，大衛，大家晚上好。除非另有說明，我的評論將截至 2025 年 3 月 31 日的三個月的財務業績與 2024 年同期進行比較。

Starting with QxH. Revenue declined by 11% due to lower unit volumes, lower average selling price and less shipping and handling revenue, with a partial offset in favorable returns rate. From a category perspective, home revenues decreased by 9%, driven by reduced demand in culinary, a challenging carbon season and overall reduced demand for today's special value events.

從 QxH 開始。由於單位銷售下降、平均售價下降以及運輸和處理收入減少，收入下降了 11%，但良好的退貨率部分抵消了這一影響。從類別角度來看，家庭收入下降了 9%，原因是烹飪需求減少、碳季節充滿挑戰以及當今特殊價值活動的整體需求減少。

We did see some bright spots in the fitness and wellness categories, driven by supplements and in (technical difficulty) as well as growth in our seasonal decor brands of Valerie Parr Hill, [Slatkinko] and McKinsey Childs. Apparel revenue decreased 9%. Beauty revenue fell by 12% in Q1, driven by the Bath & Body category. We are encouraged by the growth we are seeing with new brands like No Makeup and new technology brands like Current Body Skin Red Light Therapy.

我們確實在健身和健康類別中看到了一些亮點，這得益於補充劑和技術難度，以及我們的季節性裝飾品牌 Valerie Parr Hill、[Slatkinko] 和 McKinsey Childs 的成長。服裝收入下降9%。第一季美容產品營收下降 12%，主要受沐浴及身體護理產品的影響。我們對 No Makeup 等新品牌和 Current Body Skin Red Light Therapy 等新科技品牌的成長感到鼓舞。

Accessories experienced another challenging quarter with a 14% decline driven by footwear, lens wear and handbags. Electronics declined 18% due to lower demand for computers and TVs. Bright spots included audio and portable power at both QVC and HSN.

配件經歷了又一個充滿挑戰的季度，由於鞋類、鏡片和手袋的銷量下降了 14%。由於電腦和電視需求下降，電子產品銷量下降了 18%。QVC 和 HSN 的亮點包括音訊和便攜式電源。

Adjusted OIBDA margin contracted 310 basis points. Gross margin declined approximately 205 basis points with slightly higher product margins more than offset by fulfillment pressure and sales deleverage. Product margins increased 10 basis points, driven by a mix shift to higher-margin products, improved product COGS and better return rates, partially offset by lower initial margin.

調整後的 OIBDA 利潤率收縮了 310 個基點。毛利率下降了約 205 個基點，產品利潤率略有上升，但被履行壓力和銷售去槓桿所抵消。產品利潤率增加了 10 個基點，這得益於產品組合向利潤率更高的產品轉變、產品銷貨成本的改善和回報率的提高，但初始利潤率的降低部分抵消了這一影響。

Fulfillment expenses were unfavorable 200 basis points due to higher labor costs, increased freight rates and sales deleverage. On an aggregate dollar basis, operating expenses decreased 11% and SG&A expenses decreased 7%.

由於勞動成本上升、運費上漲和銷售去槓桿，履行費用下降了 200 個基點。以美元總計計算，營運費用下降了 11%，銷售、一般及行政費用下降了 7%。

Operating expenses decreased $14 million, largely driven by lower commissions. SG&A expense decreased $12 million, driven by savings from our new managed IT services contract but were unfavorable by approximately 110 basis points due to sales deleverage. Moving to QVC International.

營運費用減少了 1400 萬美元，主要原因是佣金減少。銷售、一般及行政費用減少了 1200 萬美元，這得益於我們新的託管 IT 服務合約帶來的節省，但由於銷售去槓桿，導致費用減少了約 110 個基點。轉向 QVC International。

My comments will focus on constant currency results. Revenue declined 4%, reflecting a 4% decrease in units shipped and a 1% decrease in average selling price. From a category perspective, QVC International experienced growth in jewelry and electronics, offset by softness in apparel, beauty, home, and accessories.

我的評論將集中於恆定貨幣結果。營收下降 4%，反映出出貨量下降 4% 且平均售價下降 1%。從類別角度來看，QVC International 在珠寶和電子產品方面實現了成長，但服裝、美容、家居和配件方面的疲軟卻抵消了這一增長。

Japan net revenue declined 7%, and Germany and the UK declined 1% and 2%, respectively. Adjusted OIBDA decreased 13% and adjusted OIBDA margin declined 140 basis points. Gross margin decreased 80 basis points due to higher fulfillment costs, partially offset by product margin gains.

日本淨收入下降7%，德國和英國分別下降1%和2%。調整後的 OIBDA 下降 13%，調整後的 OIBDA 利潤率下降 140 個基點。由於履行成本上升，毛利率下降了 80 個基點，但產品利潤率的提高部分抵消了這一下降。

Fulfillment costs increased due to higher variable wage rates in Europe. Product margin strength was due to favorable returns. SG&A expenses decreased 1% due to lower personnel expenses. SG&A margin was unfavorable by approximately 40 basis points due to sales deleverage.

由於歐洲浮動工資率較高，導致履行成本增加。產品利潤率的強勁得益於良好的回報。由於人員費用減少，銷售、一般及行政費用下降了 1%。由於銷售去槓桿，銷售、一般及行政費用利潤率下降了約 40 個基點。

Moving to Cornerstone. Revenue declined 13% in the quarter as we continued to experience soft demand for interior and outdoor furniture and decor in our home brands from continued challenges in the home sector. Adjusted OIBDA margin decreased 460 basis points, driven by cost for outside services related to the transformation plan Cornerstone is implementing, higher personnel costs and sales deleverage.

移至 Cornerstone。由於家居產業持續面臨的挑戰導致我們家居品牌的室內外家具及裝飾需求疲軟，本季營收下降了 13%。調整後的 OIBDA 利潤率下降了 460 個基點，因為 Cornerstone 正在實施的轉型計劃相關的外部服務成本、人員成本增加以及銷售去槓桿。

Let me also provide additional commentary on tariffs. Tariffs are adding additional uncertainty to an already challenged retail environment. We continue to monitor tariff impact, which is difficult to model given the amount of volatility we've seen in tariff rates.

我還想就關稅問題提供一些補充評論。關稅為本已充滿挑戰的零售環境增添了更多的不確定性。我們將繼續監測關稅的影響，鑑於關稅稅率的波動程度，很難對其進行建模。

As David mentioned, our teams have a number of mitigation strategies underway, including sourcing diversification, limiting purchase orders, vendor negotiations, and may include price changes. If tariffs persist at the current elevated levels, it is our expectation the market will likely see lower consumer demand, particularly in discretionary retail.

正如 David 所提到的，我們的團隊正在實施一系列緩解策略，包括採購多樣化、限制採購訂單、供應商談判，還可能包括價格變動。如果關稅持續維持在目前的高位，我們預期市場消費需求可能會下降，尤其是在非必需品零售方面。

Turning to cash flow and the balance sheet for the quarter. In Q1, free cash flow was a use of $148 million, compared to a use of $27 million last year. As a reminder, Q1 is traditionally a use of cash due to the seasonal nature of our business. The decrease in cash flow was primarily due to cash used in operations and higher payments for TV distribution rights. Our TV distribution payments fluctuate year-over-year depending on renewal cycles.

轉向本季的現金流和資產負債表。第一季度，自由現金流使用量為 1.48 億美元，去年同期為 2,700 萬美元。提醒一下，由於我們業務的季節性，Q1 傳統上是使用現金。現金流減少主要是因為經營活動所用現金以及電視發行權費用增加。我們的電視發行費用根據續約週期逐年波動。

Looking at the QVC Group Inc. debt profile. As of March 31, 2025, net debt was $4.7 billion and the QVC Group revolver had [$185 billion] drawn. QVC Group had total cash of $833 million, of which $295 million was at QVC Inc., $206 million at Liberty Interactive LLC and $241 million at QVC Group.

查看 QVC Group Inc. 的債務狀況。截至 2025 年 3 月 31 日，淨債務為 47 億美元，QVC 集團循環信貸已提取 [1,850 億美元]。QVC 集團的總現金為 8.33 億美元，其中 QVC Inc. 為 2.95 億美元，Liberty Interactive LLC 為 2.06 億美元，QVC 集團為 2.41 億美元。

In February, we paid off the remaining $585 million of QVC Inc.'s 4.45% 2025 senior notes at maturity, funded with our revolver and cash on hand. Our leverage ratio as of March 31, 2025, as defined by the QVC revolving credit facility, was 3.7 times, excluding Cornerstone, compared to our maximum covenant threshold of 4.5 times. Please note that our covenant OIBDA includes adjusted OIBDA of QVC, Inc. as Cornerstone was removed as a borrower under the QVC credit agreement as of April 1.

2 月份，我們用循環信貸和手頭上的現金償還了 QVC Inc. 剩餘的 5.85 億美元 4.45% 2025 年優先票據到期債務。截至 2025 年 3 月 31 日，我們的槓桿率（根據 QVC 循環信貸額度定義）為 3.7 倍（不包括 Cornerstone），而我們的最高契約門檻為 4.5 倍。請注意，我們的契約 OIBDA 包括 QVC, Inc. 的調整後 OIBDA，因為自 4 月 1 日起，Cornerstone 已不再是 QVC 信貸協議下的借款人。

We are focused on taking the necessary steps to strengthen our capital structure and enhance long-term value for our business, customers, partners, and investors. We're in the process of evaluating a range of proactive financial and strategic alternatives in light of the changing macroeconomic environment, including continued cord-cutting headwinds from recently announced tariffs and company leverage. This review is ongoing and no decisions have been made at this stage. We will provide updates if and when there are material developments that warrant further communication.

我們專注於採取必要措施來加強我們的資本結構並提高我們的業務、客戶、合作夥伴和投資者的長期價值。我們正在根據不斷變化的宏觀經濟環境評估一系列積極的財務和策略替代方案，包括最近宣布的關稅和公司槓桿帶來的持續阻力。該審查仍在進行中，目前尚未做出任何決定。如果有重大進展需要進一步溝通，我們將提供更新資訊。

Finally, as mentioned previously, on December 2, 2024, we transferred our stock from the NASDAQ Global Select Market to the NASDAQ Capital Market and began a 180-day calendar period to regain compliance after trading below the $1 minimum. As part of this extension, we have committed to effect a reverse stock split, if necessary, to remain on NASDAQ after the 180-day period.

最後，如前所述，2024 年 12 月 2 日，我們將股票從納斯達克全球精選市場轉移到納斯達克資本市場，並在交易價格低於 1 美元最低限額後開始了為期 180 天的日曆期以重新獲得合規性。作為此次延期的一部分，我們承諾在必要時進行反向股票分割，以便在 180 天期限後繼續在納斯達克上市。

Our Annual Shareholder Meeting is on May 12. And if we receive stockholder approval for a reverse stock split, we would look to implement as soon as possible with the intent to regain compliance before the expiration of our compliance period in June.

我們的年度股東大會將於 5 月 12 日舉行。如果我們獲得股東對反向股票分割的批准，我們將盡快實施，以便在 6 月合規期到期之前重新獲得合規。

Now I'll turn the call over to Greg.

現在我將把電話轉給格雷格。

Thank you, David and Bill. Well, as you can hear, the Q team is very focused on execution despite the challenging macro environment. Q is now navigating the evolving tariff headwinds along with the rest of retail and recognizing the magnitude that this impact will have on the cost structure and overall consumer sentiment.

謝謝你，大衛和比爾。嗯，正如您所聽到的，儘管宏觀環境充滿挑戰，Q 團隊仍然非常注重執行。Q 目前正在與其他零售業一起應對不斷變化的關稅逆風，並認識到這種影響對成本結構和整體消費者情緒的嚴重性。

Q continues to remain focused on balancing growth under the WIN strategy and the large opportunity they have in social shopping, with cost actions to better position the operating business for the tough macro environment and the decline in linear television subs. At the same time, we are focused on strengthening capital structure and are proactively evaluating financial and strategic alternatives to do so.

Q 繼續專注於平衡 WIN 策略下的成長和他們在社交購物中的巨大機遇，並採取成本行動，使營運業務更好地適應嚴峻的宏觀環境和線性電視訂閱量的下降。同時，我們專注於加強資本結構，並積極評估財務和策略替代方案。

And with that, operator, I'll open the line for questions.

接線員，現在我可以開始回答問題了。

(Operator Instructions) William Reuter, Bank of America.

（操作員指示）美國銀行威廉·路透。

This is Rob Rigby on for Bill. So I guess, first, regarding the TikTok shop and social spending, it seems like the current annual run rate is roughly around $400 million for social and streaming spending. I guess, what does that ramp look like over three years? And I guess what do you expect will drive that growth?

我是羅布·里格比 (Rob Rigby)，代替比爾 (Bill) 發言。因此，我想，首先，關於 TikTok 商店和社交支出，目前社交和串流媒體支出的年運行率約為 4 億美元。我猜，三年後這個坡道會是什麼樣子呢？我想您認為什麼會推動這種成長？

Yes. Let me start and then let Bill pick up. I think what we've said is that social and streaming today is hundreds of millions. And then I think what we said in November was that we thought social and streaming together over a three-year period to get to $1.5 billion. So that dimensionless a little bit what the growth rate looks like over the next three years. And we think we are growing fast right now and on track to achieve on that scale.

是的。讓我先開始，然後讓比爾接手。我認為我們所說的是，當今的社交和串流媒體規模已達數億。然後我想我們在 11 月說過，我們希望在三年內將社交和串流媒體結合起來，達到 15 億美元的目標。因此，我們可以稍微看一下未來三年的成長率。我們認為，我們目前正在快速發展，並有望實現這一規模。

In terms of what drives the growth, a big part of it is just going to be new customer acquisition as well as some customer transition. There's some cord-cutting capture that's happening with former customers, but we're also seeing good rates of being able to acquire new customers with reasonable economics on the social and streaming platform.

就推動成長的因素而言，很大一部分是新客戶的獲取以及一些客戶的轉變。一些以前的客戶正在逐漸放棄訂閱服務，但我們也看到，在社群和串流平台上，以合理的經濟成本獲得新客戶的可能性很高。

One of the things that's really great, especially about the social strategy, is that it's a pre-aggregated audience. There are already tens of millions, in some cases, hundreds of millions of people, if not billions, on those platforms. And so you get to play in a very growing large stream of potential customers who are increasingly used to seeing shopping content in their social feeds and who are increasingly converting over to purchases within their social experience. And so that's the magnitude of the opportunity. Anything you'd add, Bill?

真正偉大的事情之一，特別是關於社交策略，是它是一個預先聚合的受眾。這些平台上的用戶數量已經達到數千萬，有些甚至達到數億，甚至數十億。因此，您可以接觸到數量不斷增長的潛在客戶，他們越來越習慣在社交資訊流中看到購物內容，並且越來越多地在社交體驗中轉化為購買行為。這就是機會的巨大規模。比爾，您還有什麼要補充的嗎？

No. And I think the run rate, I mean, you're kind of taking what the pro rata percentage is now and just carrying that across. I think we've -- obviously, our aspiration, as David said, over the three-year period, would probably put us on a little bit higher trajectory than that. But you're directionally in the right ballpark there.

不。我認為運行率就是你現在採用的比例百分比，然後將其帶過來。我認為，顯然，正如大衛所說，我們的願望在未來三年內可能會讓我們走上比這更高的軌跡。但從方向上看，你的判斷是正確的。

Great. I appreciate that color. And then second one I'd ask would just be regarding capital allocation. I appreciate the commentary around evaluating strategic alternatives and financial alternatives. But is the plan near term to still use free cash flow to repay the revolver balance?

偉大的。我很欣賞那個顏色。我想問的第二個問題是關於資本配置。我很欣賞有關評估策略替代方案和財務替代方案的評論。但近期計劃是否仍使用自由現金流來償還循環信貸餘額？

And then if you have any updated color regarding what the use of proceeds would be on the potential sale of the St. Petersburg facility.

然後，如果您對聖彼得堡工廠的潛在出售所得用途有任何最新消息，請告知我們。

Yes. I think potential sale of the St. Petersburg facility is obviously not going to be in the next quarter or two. And don't expect that to be largely material to the overall size of the enterprise. So I don't think there's a big windfall that we're looking on that.

是的。我認為聖彼得堡工廠的潛在出售顯然不會在未來一兩個季度內完成。並且不要指望這會對企業的整體規模產生很大影響。所以我不認為我們會從中獲得什麼大的意外之財。

In terms of how we've managed capital structure and free cash flow, I mean, no change right now. But like we said, we're evaluating what our opportunities are going forward.

就我們如何管理資本結構和自由現金流而言，我的意思是，目前沒有變化。但正如我們所說的，我們正在評估未來的機會。

Karru Martinson, Jefferies.

卡魯·馬丁森（Karru Martinson），傑富瑞集團。

Just in terms of the proactive financial option review. Does this mean that the RCF renewal is off the table? Can you kind of elaborate where we are in terms of the liquidity needs of the company? And where would we access that from?

僅就主動的財務選擇審查而言。這是否意味著 RCF 續約已不再可能？能否詳細說明一下我們公司在流動性需求方面的狀況？那我們從哪裡可以存取它呢？

So I mean we've given you where -- kind of where we are in terms of the leverage ratio and kind of what that gives us in current liquidity right now. We haven't said anything is off the table now. That's why we're evaluating what all options are given kind of what the current headwinds are and where the business is today.

所以我的意思是，我們已經告訴你了我們現在的槓桿率水平，以及它給我們帶來的當前流動性。我們還沒說現在什麼都不能做。這就是為什麼我們要評估所有的選擇，考慮當前的阻力是什麼以及當前的業務狀況。

And then when you look at kind of your customer count, and while recognizing social is growing nicely. But losing, call it, 200,000 customers, with the linear minutes down, I mean, is that just kind of the new run rate that we have to work through here for the next year while social ramps up? Or how should we think about kind of that sales deleveraging that we saw in the first quarter?

然後，當您查看客戶數量時，您會發現社交正在穩定成長。但是，隨著通話分鐘數的減少，比如說失去 20 萬名客戶，這是否就是我們在明年社交活動增加時必須應對的新運行率？或者我們應該如何看待第一季看到的銷售去槓桿現象？

Yes, it's a great question. There certainly is some underlying run rate that is just the structural pace of cord-cutting that's impacting the business. If you look at our linear TV households, I think we said, versus 2018 or 2019, we're down something like 40%. And so there just is some degradation of the core linear households. And I think it's fair to -- I think it's fair to expect that we'll have to eventually outrun that with streaming and social growth.

是的，這是一個很好的問題。確實存在一些潛在的運作率，這只是影響業務的剪線結構性速度。如果你看看我們的線性電視家庭，我想我們說過，與 2018 年或 2019 年相比，我們下降了大約 40%。因此核心線性家庭的狀況有所退化。我認為，我們最終必須透過串流媒體和社交成長來超越這一水平，這是公平的。

I do think there are a number of things that made this quarter a particularly challenged quarter from a customer count perspective. First, you did see really in February a real change in consumer sentiment and I think a real pullback in the market. And I think that had an impact. You certainly had some of the trends in viewership that were really pronounced in the first quarter. I gave some of those statistics in the beginning where total television viewership were down.

我確實認為，從客戶數量的角度來看，有許多因素使得本季成為一個特別具有挑戰性的季度。首先，二月確實看到消費者情緒發生了真正的變化，我認為市場出現了真正的回調。我認為這是有影響的。確實，第一季的收視率趨勢非常明顯。我在一開始就給了一些統計數據，電視總收視率下降了。

You saw a real spike in news and business coverage, and almost everything else in the television universe being down, much of it being down double digits. And so you really did see very strong diversion from normal television watching patterns and given the fact that we have to have eyeballs to show products to get sales, that has a real impact on our business.

你會看到新聞和商業報道數量大幅增加，而電視領域的其他內容幾乎全部下降，其中大部分下降了兩位數。因此，您確實看到了與正常電視觀看模式的強烈偏離，並考慮到我們必須吸引眼球來展示產品以獲得銷售，這對我們的業務產生了真正的影響。

The other thing I would say is, given what we saw in terms of consumer sentiment, it didn't feel like a very responsible time to invest as heavily as we otherwise might have in new customer acquisition. And so in terms of our new customer count, we weren't spending to go after new customers in the way that we might have if the consumer sentiment and macro environment had been different. And so I think that may have slightly artificially depressed our new customer count year-over-year and new customer acquisition within the quarter.

我想說的另一件事是，根據我們所看到的消費者情緒，現在似乎不是進行大量投資以獲得新客戶的合理時機。因此，就我們的新客戶數量而言，如果消費者情緒和宏觀環境發生變化，我們就不會像以前那樣花錢去爭取新客戶。因此，我認為這可能略微人為地抑制了我們本季新客戶數量的同比增長和新客戶獲取量。

So I do think there were some things that were idiosyncratic within the quarter that had an effect on the on the customer count. But I also would deny that there is just an underlying reality to cord-cutting in linear television that we're also seeing and we'll continue to have to face into.

因此我確實認為本季的一些特殊情況對客戶數量產生了影響。但我也不否認，有線電視用戶放棄有線電視服務有一個潛在的現實，我們也看到了這個現實，並且將繼續面對這個現實。

Maybe just lastly, does the de minimis exemption ending change anything from a competitive landscape for you guys?

最後，最低限度豁免的結束是否會改變你們的競爭格局？

Good question.

好問題。

Yes, it's a great question. I would say observe a couple of things. I think around the edges, the de minimis exception was unhelpful, I think, particularly unhelpful to some of our digital businesses. I think not having the de minimis exception probably is a slight tailwind to our social push, because that's where, I think, in digital channels you saw a lot of players taking advantage of it.

是的，這是一個很好的問題。我想說觀察幾件事。我認為，從邊緣角度來看，最低限度的例外是沒有幫助的，尤其是對我們的一些數位業務沒有幫助。我認為沒有最低限度例外可能會對我們的社交推動產生輕微的順風，因為我認為在數位管道上你會看到很多參與者利用了它。

I think the primary places where you saw big businesses built around the de minimis exception tended to target consumers who are younger than our average consumer. So I don't know that it provides an immediate massive target that we'll want to go after. I think in terms of average sell price, in terms of age, those both tended to be well below where we tend to target. But I think net-net on the margins, it was a positive thing to have happened for the business.

我認為，主要看到的圍繞最低限度例外建立的大企業往往以比我們的平均消費者更年輕的消費者為目標。所以我不知道它是否能為我們提供一個我們想要追求的直接的大規模目標。我認為，就平均售價和使用年限而言，這兩者都遠低於我們的目標水準。但我認為，從利潤率來看，這對企業來說是一件正面的事情。

Hale Holden, Barclays.

巴克萊銀行的黑爾霍爾頓。

I had I guess three really quick one’s for you. The 2021, 2022 supply chain hit the company pretty hard just on today's special value. So I was wondering in regard to tariff mitigation, if you're actually shipping from China given the higher tariffs, or if there was the potential for a slowdown and good flow in the back half of this year?

我想我已經為你準備了三個非常快速的答案。僅憑今天的特殊價值，2021 年、2022 年的供應鏈就對公司造成了相當大的打擊。因此，我想知道關於關稅減免，考慮到較高的關稅，您是否真的從中國發貨，或者今年下半年是否有可能出現放緩和流量良好的情況？

Yes. I can start with that, and maybe Bill will want to chip in. I would say we're being very deliberate with what -- given current levels of tariff, of what we would potentially bring over. We've canceled a fair amount out of China. We are very actively sourcing from places outside of China.

是的。我可以從那裡開始，也許比爾也願意加入。我想說的是，考慮到目前的關稅水平，我們正在非常慎重地考慮我們可能會進口什麼。我們已經取消了相當一部分來自中國的業務。我們正在非常積極地從中國以外的地方採購。

Like I said in my prepared comments, we would -- think we can target being no more than one-third of product costs exposed out of any one country, which will be much more diversified than we have been historically and we're making good daily progress on getting there.

就像我在準備好的評論中所說的那樣，我們認為我們可以將產品成本暴露在任何一個國家中的比率控制在不超過三分之一，這將比我們歷史上任何時候都更加多樣化，而且我們每天都在朝著這個目標取得良好進展。

I would say that we will not immediately be able to like-for-like replace every purchase we would have made as we go into the back half of the year. So we will have to do some reprogramming. There are some plans that we had made where we will make choices not to bring in goods given the current tariff rates and will cause us to go to Plan B, and in some cases, Plan C. And so that's certainly a dynamic we'll have to navigate.

我想說的是，進入下半年，我們將無法立即對每一筆採購進行同等程度的補償。因此我們必須進行一些重新編程。我們制定了一些計劃，根據當前的關稅稅率，我們將選擇不進口商品，這將導致我們轉向 B 計劃，在某些情況下，轉向 C 計劃。所以這肯定是我們必須應對的動態。

You made the reference back to the supply chain crisis. I would not say that currently we're seeing the level of impact in terms of planned programming changes that we saw in the course of the supply chain challenges. And we have far more visibility. One of the things that was very disruptive about the previous supply chain challenges is you just didn't know what was coming when. Here we know that there is a structural change in the economics of certain goods, depending on where they come from.

您再次提到了供應鏈危機。我不會說我們目前看到的計劃編程變化的影響程度與我們在供應鏈挑戰過程中看到的一樣。我們的知名度也大大提高。先前的供應鏈挑戰最令人困擾的一點是，你根本不知道什麼時候會發生什麼事。我們知道，某些商品的經濟結構會發生結構性變化，這取決於它們的來源。

And so we are able to be more proactive in our planning than we were able to in light of the prior challenges. So hopefully, that's some helpful color. Bill, anything you'd add?

因此，與先前的挑戰相比，我們在規劃方面能夠更加積極主動。所以希望這些顏色能有所幫助。比爾，您還有什麼要補充的嗎？

Yes. And I think, Hale, I mean, in the near term, we had larger inventory position than we did this year -- last year at this time on a smaller revenue base, gave us a little bit of buffer coming as we're in Q2 from an inventory position. Obviously, what we're trying to solve is back half of the year now, holiday, as most discretionary retailers heavily penetrated in China.

是的。而且我認為，黑爾，我的意思是，在短期內，我們的庫存狀況比今年要大——去年這個時候，我們的收入基數較小，這給了我們一點緩衝，因為我們在第二季度的庫存狀況方面有緩衝。顯然，我們現在試圖解決的是下半年假期的問題，因為大多數非必需品零售商都已大量滲透到中國。

And so that's the work that the teams have been doing right now on diversification to moving. And especially when you see apparel and other things where we've made really good strides so far, so it's really chopping wood on the rest of it right now.

這就是團隊目前正在進行的多元化工作。尤其是當你看到服裝和其他東西，到目前為止我們已經取得了很大的進步，所以現在我們在其餘的事情上真的要努力了。

Got it. And then with -- I wanted to follow back to Karru's question. With regards to the revolver extension, that's still something you guys are working towards and planning as part of this liquidity solve. And then in connection with that, I was curious if you could give us some color why Cornerstone was dropped off the revolver collateral [pledge]?

知道了。然後——我想回到 Karru 的問題。關於循環信貸額度的延長，這仍然是你們正在努力和計劃的事情，作為流動性解決方案的一部分。然後與此相關，我很好奇，你能否告訴我們為什麼 Cornerstone 被從左輪手槍抵押品中剔除[保證]？

Sure. I mean, so we're looking at all options on that. The revolver doesn't mature until October of '26, right? And so we have obviously time and are using that to make sure that we're doing the right thing for the business. Cornerstone was removed, it wasn't material to the calculation, also ample cash on hand to manage that business, and wasn't needed in the facility.

當然。我的意思是，我們正在考慮所有相關選擇。左輪手槍要到 1926 年 10 月才成熟，對嗎？因此，我們顯然有時間，並利用這些時間來確保我們為企業做正確的事。Cornerstone 已被移除，它對於計算而言並不重要，而且手頭上有足夠的現金來管理該業務，並且該設施不需要它。

Okay. And then my last question is, David, your comments were sort of relative to first quarter consumer weakness, but it does feel like things have gotten a little softer since then. So any macro thoughts on where you think the consumer is or might be going would be helpful to level set.

好的。我的最後一個問題是，大衛，你的評論有點涉及第一季消費者的疲軟，但感覺自那以後情況確實有所緩和。因此，任何關於消費者現在或可能去向的宏觀思考都將有助於設定水平。

Yes. It's a good question. We saw a January, which, I would say, was basically on trend from the fourth quarter. I think you saw real impacts on consumer sentiment and consumer behavior in February, tended to be where we saw real change in consumer behavior.

是的。這是個好問題。我們看到一月份的情況，我想說，這基本上與第四季的趨勢一致。我認為你在二月看到了消費者情緒和消費者行為的真正影響，往往是我們看到消費者行為的真正改變。

Also you had a couple of things going on there. We didn't put too much on it. But of course, you had a little bit of leap year impact as well as an Easter shift impact. And so we did see a real change in the overall discretionary consumer environment in February. That, I would say, got that onto something like the fourth quarter trend as we went through February into March, or at least stopped descent.

另外，那裡還發生了幾件事。我們沒有投入太多。但當然，你會受到閏年和復活節的影響。因此，我們確實看到二月整體非必需消費環境發生了真正的變化。我想說，這就像我們從二月進入三月時第四季的趨勢一樣，或者至少停止了下降。

And so I would say now it feels like we're -- continue to be at a very depressed and challenged level in terms of consumer sentiment, but it feels more stable at that lower level than it was feeling in February. I would say, for us, in terms of how we view the consumer in the back half of the year, we're trying not to, given the level of volatility, make too many predictions.

因此，我想說，現在感覺就像我們一樣——就消費者信心而言，仍然處於非常低迷和充滿挑戰的水平，但與二月份相比，在較低水平上感覺更加穩定。我想說，對我們來說，就我們如何看待下半年的消費者而言，考慮到波動程度，我們盡量不做太多預測。

Structurally, we have a couple of things that should be somewhat helpful. The first is social and streaming at their current growth rates will continue to become a larger and larger portion of the business as we go through the year given some of the investments and the progress we're seeing there.

從結構上來說，我們有幾件事應該會有所幫助。首先是社交和串流媒體，按照目前的成長率，考慮到一些投資和我們看到的進展，它們在未來一年將繼續成為業務中越來越大的份額。

And then second, we did a number of things in terms of cost in the business in the first quarter that were not in time to impact first quarter results, including the reduction in force and some of the other cost actions that we took that will have an opportunity to be better reflected in the operating results as we go into the second -- as we go into the second half, which should give us some additional cushion given where the consumer sentiment in the market may trade.

其次，我們在第一季針對業務成本採取了一些措施，但這些措施並未及時影響第一季度的業績，其中包括裁員和我們採取的一些其他成本措施，這些措施將有機會在進入第二季度時更好地反映在經營業績中——進入下半年時，考慮到市場消費者情緒的變化，這些措施應該會給我們提供一些額外的緩衝。

All right. On a lighter note, I'll do my best to buy something on my next American flight.

好的。輕鬆一點，我會盡力在下次搭乘美國航空的航班時買點東西。

Thank you.

謝謝。

In this environment, every purchase is useful. We're really excited about that partnership. When we announced the WIN strategy, the W in WIN was wherever she shops. And part of that is just recognizing that our consumer's attention is increasingly divided across platforms. And so hopefully, what you're starting to see is, we know she's in social, and so you're seeing a different sort of presence on TikTok and Facebook.

在這種環境下，每一次購買都是有用的。我們對這段合作關係感到非常興奮。當我們宣布 WIN 策略時，她無論去哪裡購物，WIN 中的 W 都必不可少。其中一部分就是認識到我們的消費者的注意力越來越分散在不同的平台上。因此，希望您開始看到的是，我們知道她參與社交，因此您會在 TikTok 和 Facebook 上看到不同類型的存在。

We know that she's a very captive audience when she's on an airplane, and so that's another place we think is a potential for shopping. And so we wanted to get there. So we will continue to try to live out our strategy of being wherever a potential customer eyeball is.

我們知道，當她在飛機上時，她是一個非常專注的觀眾，因此我們認為飛機上是另一個具有購物潛力的地方。所以我們想到達那裡。因此，我們將繼續努力實現我們的策略，即在潛在客戶眼球所在的地方出現。

With that, I think that was the last question. I want to thank everybody for joining us and for your continued interest. We will continue to try to do a reasonable job of keeping you updated given the volatile environment. And always the very helpful questions and continue to be thankful for the interest in the company.

我想這就是最後一個問題了。我要感謝大家的加入我們以及你們的持續關注。鑑於當前動盪的環境，我們將繼續盡力為您提供最新資訊。總是提出非常有幫助的問題，並繼續感謝您對公司的關注。

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

謝謝。今天的會議到此結束。現在您可以斷開線路。