RealReal Inc (REAL) 2024 Q3 法說會逐字稿

Good day.

再會。

Thank you for standing by.

謝謝你的支持。

Welcome to The RealReal third-quarter 2024 financial results conference call.

歡迎參加 The RealReal 2024 年第三季財務業績電話會議。

(Operator Instructions) Please note that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I will now hand the conference over to your speaker host, Caitlin Howe, Senior Vice President of Finance.

我現在將會議交給演講主持人、財務高級副總裁凱特琳·豪 (Caitlin Howe)。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Joining me today to discuss our results for the period ended September 30, 2024, are Chief Executive Officer and President, Rati Levesque; and Chief Financial Officer, Ajay Gopal.

今天與我一起討論我們截至 2024 年 9 月 30 日的業績的包括執行長兼總裁 Rati Levesque；和財務長 Ajay Gopal。

Before we begin, I would like to remind you that during today's call, we will make forward-looking statements, which involve known and unknown risks and uncertainties.

在開始之前，我想提醒您，在今天的電話會議中，我們將做出前瞻性陳述，其中涉及已知和未知的風險和不確定性。

Our actual results may differ materially from those suggested in such statements.

我們的實際結果可能與此類聲明中建議的結果有重大差異。

You can find more information about these risks, uncertainties, and other factors that could affect our operating results in the company's most recent Form 10-K and subsequent quarterly reports on Form 10-Q.

您可以在公司最新的 10-K 表格和隨後的 10-Q 表格季度報告中找到有關這些風險、不確定性和其他可能影響我們經營業績的因素的更多資​​訊。

Today's presentation will also include certain non-GAAP financial measures, both historical and forward looking.

今天的演示還將包括某些非公認會計準則財務指標，包括歷史性和前瞻性的財務指標。

We have provided reconciliations for historical non-GAAP financial measures to the most comparable GAAP measures in our earnings press release, which is available on our Investor Relations website.

我們在獲利新聞稿中提供了歷史上非公認會計準則財務指標與最具可比性的公認會計準則指標的調節表，該新聞稿可在我們的投資者關係網站上找到。

I would now like to turn the call over to Rati Levesque, Chief Executive Officer of The RealReal.

我現在想將電話轉給 The RealReal 執行長 Rati Levesque。

Thank you, Caitlin.

謝謝你，凱特琳。

Good afternoon, everyone, and welcome to The RealReal third-quarter earnings conference call.

大家下午好，歡迎參加 The RealReal 第三季財報電話會議。

I'm honored to speak with you today as the new CEO of The RealReal.

今天，我很榮幸能作為 The RealReal 的新任執行長與您交談。

I've spent the last 13 years at this company working with some of the best, most talented people in the industry.

在過去 13 年裡，我在這家公司與業內一些最優秀、最有才華的人一起工作。

We built the world's largest online marketplace for authenticated resale luxury goods on a foundation of trust, expertise, and unmatched customer service.

我們以信任、專業知識和無與倫比的客戶服務為基礎，建立了世界上最大的奢侈品認證轉售線上市場。

Our teams are executing well against the company's vision: to change the way people shop for the better.

我們的團隊正在很好地實現公司的願景：改善人們的購物方式。

We are creating a unique circular shopping experience built on technical expertise and high-touch human service.

我們正在創造一種基於技術專業知識和高接觸度人性化服務的獨特循環購物體驗。

I've been deeply involved with the foundational changes we've made to the business, and I'm looking forward to continuing to champion our strategies, obsessing over service, operational excellence, and scaling the business through our growth playbook.

我深入參與了我們對業務所做的根本性變革，我期待著繼續支持我們的策略，專注於服務、卓越運營，並透過我們的成長策略來擴展業務。

I'm proud of the progress we've made, and I'm pleased to report strong third-quarter results.

我為我們所取得的進展感到自豪，並且很高興地報告強勁的第三季業績。

GMV, revenue, and adjusted EBITDA exceeded our expectations for the third quarter, increasing confidence in the momentum of our business and enabling us to raise our full-year guidance.

第三季的 GMV、收入和調整後 EBITDA 超出了我們的預期，增強了我們對業務勢頭的信心，並使我們能夠提高全年指導。

Third-quarter GMV grew 6% versus last year, an acceleration from the second quarter.

第三季 GMV 較去年成長 6%，較第二季加速。

Revenue of $148 million increased 11%, driven by strength in consignment revenue, up 14% versus last year and an increase of more than 20% on a two-year basis.

受寄售收入強勁推動，營收達 1.48 億美元，成長 11%，較去年成長 14%，較兩年成長超過 20%。

We also achieved solid progress on our path to profitability.

我們在獲利之路上也取得了堅實的進展。

Third-quarter adjusted EBITDA of positive $2.3 million marks our second quarter of positive adjusted EBITDA, and importantly, we delivered positive free cash flow for the quarter.

第三季調整後 EBITDA 為正 230 萬美元，標誌著我們第二季調整後 EBITDA 為正，重要的是，我們在本季度實現了正自由現金流。

Supply metrics are strong, with both units and value increasing versus last year.

供應指標強勁，單位數量和價值均較去年增加。

As we've highlighted before, we believe there's $200 billion in untapped value for luxury resale items in the US alone.

正如我們先前強調的，我們相信光是在美國，奢侈品轉售品就有 2,000 億美元的未開發價值。

Our growth is driven by unlocking that supply for our platform.

我們的成長是透過釋放我們平台的供應來推動的。

Over the years, we built a unique multi-channel approach that includes luxury managers, stores and the power of our marketing to unlock the profitable supply.

多年來，我們建立了一種獨特的多通路方法，包括奢侈品經理、商店和我們的行銷力量，以釋放有利可圖的供應。

We refer to this approach as our growth playbook.

我們將這種方法稱為我們的成長手冊。

We often mention that we are a supply-constrained business.

我們經常提到我們是供應受限的企業。

Essentially, what this means is that if we can procure the supply, we can sell it.

從本質上講，這意味著如果我們能夠採購供應，我們就可以出售它。

Our lifetime sell-through rate is over 90%.

我們的終身售出率超過 90%。

Success in executing against our growth playbook relies on driving supply through three key areas: sales, marketing, and our retail stores.

成功執行我們的成長策略取決於透過三個關鍵領域推動供應：銷售、行銷和零售店。

The first of these key areas is our sales team, comprised primarily of our luxury managers.

這些關鍵領域中的第一個是我們的銷售團隊，主要由我們的奢侈品經理組成。

This team is responsible for building and maintaining relationships with our consignors and providing education about selling with the RealReal.

該團隊負責建立和維護與發貨人的關係，並提供有關使用 RealReal 進行銷售的教育。

Our luxury managers also serve as trusted consultants, helping to assess the value of their clients' current assets and advising on purchases of luxury goods in the primary market.

我們的奢侈品經理也擔任值得信賴的顧問，幫助評估客戶當前資產的價值，並就在一級市場購買奢侈品提供建議。

Our top luxury managers generate up to $10 million in supply annually through their client relationships.

我們的頂級奢侈品經理透過他們的客戶關係每年產生高達 1000 萬美元的供應。

We've been working on providing them with the tools to do their jobs efficiently and we've created an incentive structure to drive profitable supply.

我們一直致力於為他們提供有效完成工作的工具，並創建了激勵結構來推動獲利供應。

Recently, we launched our smart sales tool, which leverages consumer macro and other data points.

最近，我們推出了智慧銷售工具，該工具利用消費者宏觀數據和其他數據點。

The tool enables our sales team to understand which clients are most likely to consign at a given time and helps our luxury managers direct their efforts efficiently.

該工具使我們的銷售團隊能夠了解哪些客戶最有可能在特定時間進行委託，並幫助我們的奢侈品經理有效地指導他們的工作。

Our sales and merchandising teams are able to curate our platform's assortment through tech capabilities.

我們的銷售和行銷團隊能夠透過技術能力來策劃我們平台的產品組合。

We are enhancing the ways we leverage trend information and historical purchase and consignment data.

我們正在改進利用趨勢資訊以及歷史購買和寄售資料的方式。

We identify which brands and categories are in high demand, and mobilize our sales team to proactively pursue these items.

我們確定哪些品牌和品類需求量大，並動員我們的銷售團隊積極追求這些商品。

We are seeing continued success with our sales team composition and incentive structure updates.

我們看到我們的銷售團隊組成和激勵結構更新不斷取得成功。

As we've previously discussed, we've shifted our luxury manager profile towards individuals with luxury experience and deeper existing connections with consignor target.

正如我們之前所討論的，我們已將奢侈品經理的形象轉向具有奢侈品經驗並與寄售人目標有更深入現有聯繫的個人。

In addition, we focused our sales team's incentive structure on GMV dollars versus units, which has contributed to our gross margin expansion.

此外，我們將銷售團隊的激勵結構集中在 GMV 美元與單位數量上，這有助於我們毛利率的擴張。

The benefit is showing up in our strong supply trends, top-line growth, and historically high retention rates for our sales team.

其優勢體現在我們強勁的供應趨勢、營收成長以及銷售團隊歷史上的高保留率。

The second key for growth is marketing.

成長的第二個關鍵是行銷。

As the first mover in our space, we have spent 13 years creating the ultimate intersection of luxury and value, approaching fashion from a position of real authority and real expertise.

作為該領域的先行者，我們花了 13 年創造了奢華與價值的終極交匯點，以真正的權威和真正的專業知識來對待時尚。

During the turnaround, we may have been a bit quiet in asserting our role in this space.

在轉型期間，我們可能有點安靜地宣示我們在這個領域的角色。

In 2024, we started leveraging social media platforms like TikTok and Instagram to engage customers and potential consignors.

2024 年，我們開始利用 TikTok 和 Instagram 等社群媒體平台來吸引客戶和潛在出貨者。

We recently doubled down on social content that makes complicated topics like authentication and sustainability feel relatable.

我們最近加倍關注社交內容，讓身份驗證和永續性等複雜的話題變得更有意義。

Through these efforts, we've realized some of our highest engagement rates on post.

透過這些努力，我們實現了一些貼文的最高參與率。

Furthermore, we recently published our annual resale report, which uses data to educate both the press and customers about industry trends.

此外，我們最近發布了年度轉售報告，該報告使用數據向媒體和客戶介紹行業趨勢。

The resale report had seven times the engagement that we've seen previously, helping to showcase the brand's leadership in the luxury resale space.

轉售報告的參與度是我們之前看到的七倍，有助於展示品牌在奢侈品轉售領域的領導地位。

While perception and awareness are up, there's still more work we can do.

雖然感知和意識有所提高，但我們仍然可以做更多的工作。

We view this as an exciting opportunity to talk to customers about what differentiates the RealReal.

我們認為這是一個令人興奮的機會，可以與客戶討論 RealReal 的獨特之處。

The third key area to growth is retail.

第三個關鍵成長領域是零售業。

Our stores offer a curated experience and provide consignors with access to experts for on-the-spot valuations for fine jewelry and watches.

我們的商店提供精心策劃的體驗，並為托運人提供專家對高級珠寶和手錶進行現場估價的機會。

We are pleased with the performance of our fleet of 16 retail locations, affirming that the neighborhood store strategy is working.

我們對 16 個零售點的業績感到滿意，確認鄰裡商店策略正在發揮作用。

We position stores in areas where our consignors live versus being solely focused on traditional prime retail areas.

我們將商店定位在發貨人居住的地區，而不是僅僅專注於傳統的主要零售區域。

A unique aspect of our retail strategy is that the store's primary intent is to generate supply and drive awareness.

我們零售策略的一個獨特之處在於，商店的主要目的是產生供應並提高知名度。

We continue on the path of opening one to three stores per year in key markets and are looking forward to welcoming stores in Miami and Houston to our fleet later this year.

我們繼續致力於每年在主要市場開設一到三家商店，並期待今年稍後在邁阿密和休士頓開設商店。

So to recap, as a supply-driven business, our growth playbook is centered on generating supply, and we are driving results through our sales team, marketing and retail stores.

因此，回顧一下，作為一家供應驅動型企業，我們的成長策略以創造供應為中心，我們透過銷售團隊、行銷和零售店來推動績效。

Moving to operational excellence.

邁向卓越營運。

We continue to improve our operational efficiency, leveraging our robust proprietary data assets and AI capabilities to build trust and improve the customer experience.

我們不斷提高營運效率，利用我們強大的專有數據資產和人工智慧功能來建立信任並改善客戶體驗。

In 2023, through increased automation, we reduced processing time by over 10%, while keeping headcount steady and supporting top line growth.

2023 年，透過提高自動化程度，我們將處理時間減少了 10% 以上，同時保持員工人數穩定並支持營收成長。

Cost savings from this important work have expanded our margins and funded current-year investments that drive operational efficiencies.

這項重要工作節省的成本擴大了我們的利潤，並為當年提高營運效率的投資提供了資金。

For years, The RealReal has been a leader in authentication, with proprietary tools like Vision and Shield helping build customer trust.

多年來，The RealReal 一直是身分驗證領域的領導者，利用 Vision 和 Shield 等專有工具來幫助建立客戶信任。

The work we've undertaken in 2024 is reshaping how we process items.

我們在 2024 年所進行的工作正在重塑我們處理物品的方式。

We are leveraging AI and technology to improve speed and reduce human intervention.

我們正在利用人工智慧和技術來提高速度並減少人為幹預。

We use our robust data sets to help route items for authentication based on risk level to automate attribution and copywriting and to determine optimal pricing levels.

我們使用強大的資料集來幫助根據風險等級路由專案進行身份驗證，以自動進行歸因和文案撰寫，並確定最佳定價水準。

The majority of our items are now priced using our proprietary algorithms.

我們的大多數商品現在都使用我們的專有演算法定價。

Through incorporating historical sales data along with current fashion and pricing trends, we instill confidence that items will sell quickly and for the highest, fairest price.

透過將歷史銷售數據與當前的時尚和定價趨勢相結合，我們逐漸相信商品會以最高、最公平的價格快速銷售。

The combination of human expertise and our wealth of data is an important differentiator.

人類專業知識和豐富數據的結合是一個重要的差異化因素。

By pivoting our focus back to our core consignment business, improving our fixed cost structure, and lowering operational costs, we've enabled our return to growth and improved our unit economics.

透過將重點轉向核心寄售業務、改善固定成本結構並降低營運成本，我們恢復了成長並改善了單位經濟效益。

GMV and revenue growth accelerated as we moved through Q3, and we're headed into the important fourth quarter with ample supply.

隨著第三季度的推進，GMV 和營收成長加速，我們即將進入重要的第四季度，供應充足。

As we enter the final quarter of the year, we're encouraged by the momentum we're seeing in the business.

當我們進入今年最後一個季度時，我們看到的業務勢頭令我們感到鼓舞。

We're planning for strong Q4 sales and positive adjusted EBITDA for the year.

我們計劃實現第四季度的強勁銷售和今年積極的調整後 EBITDA。

It's clear that our growth playbook is working, with proof points in both top and bottom line.

很明顯，我們的成長策略正在發揮作用，在營收和利潤方面都有證據證明。

The RealReal is positioned as the leader in the market with lots of room to scale.

RealReal 被定位為市場領導者，具有很大的擴展空間。

I'm excited about the future, but right now, we are heads down, focused on execution to close out 2024.

我對未來感到興奮，但現在，我們正在埋頭苦幹，專注於 2024 年的執行工作。

I'd like to thank our team for their hard work throughout the quarter.

我要感謝我們的團隊整個季度的辛勤工作。

I'm looking forward to delivering on our 2024 commitments and starting our next chapter of growth.

我期待著兌現 2024 年的承諾並開啟我們的下一個成長篇章。

With that, I'll turn over the call to Ajay to discuss our financial results and outlook for the remainder of 2024.

接下來，我將把電話轉給 Ajay，討論我們的財務表現和 2024 年剩餘時間的前景。

Thank you, Rati.

謝謝你，拉蒂。

Our strong third-quarter results are an important step as we focus on scaling our business profitably and strengthening our balance sheet.

我們強勁的第三季業績是重要的一步，因為我們專注於擴大業務盈利並加強我們的資產負債表。

We were encouraged by the acceleration in top-line growth throughout the third quarter.

我們對整個第三季營收成長的加速感到鼓舞。

As you heard Rati mentioned earlier, our growth playbook, which is centered on unlocking supply, is working.

正如您之前聽到拉蒂提到的那樣，我們以釋放供應為中心的成長策略正在發揮作用。

This growth, along with higher gross margins and our focus on driving operational efficiencies, resulted in positive adjusted EBITDA for the quarter.

這種成長，加上更高的毛利率以及我們對提高營運效率的關注，導致本季調整後的 EBITDA 為正值。

Now turning to our detailed Q3 results, beginning with the top line.

現在轉向我們詳細的第三季業績，從頂線開始。

GMV of $433 million increased 6% versus last year.

GMV 為 4.33 億美元，較去年成長 6%。

This was an acceleration from Q2, led by strength in the consignment business as strong supply trends helped to fuel increased orders and larger average basket sizes compared to the prior-year period.

與去年同期相比，這一成長速度較第二季度有所加快，主要得益於寄售業務的強勁表現，強勁的供應趨勢有助於推動訂單增加和平均籃子規模擴大。

Revenue of $148 million increased 11% in the quarter due to higher volume, lower returns and a healthy take rate of 38.6%, up 50 basis points versus last year.

由於銷量增加、回報率下降以及 38.6% 的健康接受率（較去年增加 50 個基點），本季營收達到 1.48 億美元，成長 11%。

Consignment and shipping revenues grew 14% and 17%, respectively, in the quarter.

本季寄售和運輸收入分別成長 14% 和 17%。

Direct revenue was down 10% as we established a good baseline for our direct business.

由於我們為直接業務建立了良好的基準，直接收入下降了 10%。

Active buyers, as measured on a trailing three-month basis, increased versus last year for the second consecutive quarter, growing 7% to 389,000.

以過去三個月為基礎計算，活躍買家數量與去年相比連續第二季增加，成長 7%，達到 389,000 人。

On a trailing 12-month basis, active buyers at 958,000 was stable versus last year.

過去 12 個月的活躍買家數量為 958,000 人，與去年持平。

As a reminder, we modified our take rate percentages in late 2022.

謹此提醒，我們在 2022 年末修改了採用率百分比。

Some of those changes were designed to limit the number of lower-priced, lower profit items on our platform.

其中一些變化旨在限制我們平台上價格較低、利潤較低的商品數量。

We expected to see an impact to our active buyer account as we reduced the number of items available for sale under $100.

當我們將可售商品數量減少到 100 美元以下時，我們預計會對我們的活躍買家帳戶產生影響。

As we anniversary these updates, we are beginning to see a positive inflection in the 12-month active buyer data while retaining the gross margin benefits that these changes yielded.

在這些更新週年紀念日之際，我們開始看到 12 個月活躍買家數據出現正面變化，同時保留了這些變化帶來的毛利率優勢。

Third-quarter gross profit of $111 million improved $17 million year over year.

第三季毛利為 1.11 億美元，年增 1,700 萬美元。

Gross margin of 74.9% increased 430 basis points versus the third quarter last year, driven by an increase in our higher-margin consignment business as a percentage of total revenue and the improvement in take rate.

毛利率為 74.9%，較去年第三季成長 430 個基點，這得益於我們利潤率較高的寄售業務佔總收入百分比的增加以及拿貨率的提高。

Third-quarter operating expenses of $125 million increased $9 million year over year.

第三季營運費用為 1.25 億美元，年增 900 萬美元。

As a percent of total revenue, operating expense leveraged 270 basis points as our work to drive efficiency resulted in cost leverage across our business.

作為總收入的百分比，營運費用槓桿化了 270 個基點，因為我們提高效率的工作導致了整個業務的成本槓桿化。

Adjusted EBITDA of $2.3 million increased to $9.3 million versus last year for the third quarter.

第三季調整後 EBITDA 為 230 萬美元，與去年同期相比增加至 930 萬美元。

On a year-to-date basis, we have delivered a $55 million improvement in adjusted EBITDA versus last year.

今年迄今為止，我們的調整後 EBITDA 比去年提高了 5,500 萬美元。

We ended the quarter with $168 million in cash, cash equivalents, and restricted cash, $2 million above our Q2 balance.

本季結束時，我們的現金、現金等價物和限制性現金為 1.68 億美元，比第二季餘額高出 200 萬美元。

This is a notable milestone as Q3 marks the second time we've achieved positive free cash flow in a quarter.

這是一個值得注意的里程碑，因為第三季標誌著我們第二次在一個季度內實現正自由現金流。

These results demonstrate the power of our business model.

這些結果證明了我們商業模式的力量。

You've heard us talk about our focus on growing consignment revenues.

您已經聽過我們談論我們對增加寄售收入的關注。

This means that we don't tie up our cash-acquiring inventory ahead of the season.

這意味著我們不會在季節到來之前佔用我們的現金收購庫存。

In fact, we pay our consignors after an item sells on our platform.

事實上，當商品在我們的平台上銷售後，我們就會向發貨人付款。

The resulting favorable cash conversion cycle creates a positive working capital benefit to our cash flows when we grow.

由此產生的有利的現金轉換週期在我們成長時為我們的現金流創造了積極的營運資金效益。

Turning now to our outlook for the remainder of the year.

現在轉向我們對今年剩餘時間的展望。

As a result of our strong third-quarter performance, we are raising our full-year GMV, revenue, and adjusted EBITDA guidance range.

由於第三季業績強勁，我們提高了全年 GMV、收入和調整後 EBITDA 指引範圍。

We expect Q4 GMV in the range of $484 million to $500 million, which represents 9% growth versus prior year at the midpoint of our guidance, resulting in a full-year GMV range of $1.81 billion to $1.826 billion.

我們預計第四季度的 GMV 將在 4.84 億美元至 5 億美元之間，與去年指導中位數相比成長 9%，導致全年 GMV 在 18.1 億美元至 18.26 億美元之間。

Fourth-quarter revenue is expected to be in the range of $158 million to $165 million, driven by GMV growth and continued take rate favorability.

受 GMV 成長和持續受歡迎程度的推動，第四季營收預計將在 1.58 億美元至 1.65 億美元之間。

Our full-year revenue is now expected to be between $595 million and $602 million, growing in the high single-digit range year over year.

目前，我們的全年收入預計在 5.95 億美元至 6.02 億美元之間，逐年以高個位數成長。

Fourth-quarter adjusted EBITDA is expected to be between positive $6.5 million and $9.5 million and would mark our most profitable quarter ever by a significant margin, solidifying the path to a positive full-year adjusted EBITDA currently expected to be in the range of $4.7 million to $7.7 million.

第四季調整後 EBITDA 預計為正 650 萬美元至 950 萬美元，這將是我們有史以來利潤最高的季度，大幅提升利潤，鞏固全年調整後 EBITDA 正值的道路，目前預計為 470 萬美元。至770 萬美元。

In closing, I share Rati's enthusiasm about our current performance and operational excellence.

最後，我與拉蒂一樣對我們目前的業績和卓越營運充滿熱情。

Across the organization, we are executing on our growth playbook, obsessing over service and reducing friction in the consignment process, while using technology as an accelerator to our flywheel.

在整個組織中，我們正在執行我們的成長策略，專注於服務並減少寄售過程中的摩擦，同時使用科技作為我們飛輪的加速器。

I would also like to extend my thanks to the teams across our business for their dedication and work in driving our Q3 financial results.

我還要感謝我們整個業務團隊為推動我們第三季財務表現所做的奉獻和工作。

We expect to close out this year on a strong footing, with accelerating sales growth and positive adjusted EBITDA.

我們預計今年將以強勁的勢頭結束，銷售成長加速，調整後的 EBITDA 為正值。

With that, I will turn the call back over to the operator to begin Q&A.

之後，我會將電話轉回接線生開始問答。

Operator?

操作員？

(Operator Instructions) Mark Altschwager, Baird.

（操作說明）Mark Altschwager，Baird。

So guidance implies continued acceleration in GMV in Q4.

因此，指引意味著第四季 GMV 持續加速。

Can you give us some additional context on supply trends or other factors you're seeing quarter to date that give you confidence in that outlook?

您能否向我們提供一些有關供應趨勢或您本季迄今看到的其他使您對前景充滿信心的因素的額外背景資訊？

And then separately, Rati, just any thoughts you can share on any new strategic initiatives on the agenda or any changes you're planning now that you're in the CEO seat?

另外，拉蒂，您可以就議程上的任何新戰略舉措或您擔任首席執行官後計劃的任何變革分享任何想法嗎？

Thank you, Mark.

謝謝你，馬克。

Thanks for the question.

謝謝你的提問。

So I heard two questions there.

所以我在那裡聽到了兩個問題。

What gives us confidence in our Q4 guidance and some of the supply trends we're seeing.

是什麼讓我們對第四季的指導和我們看到的一些供應趨勢充滿信心。

So I'll start with that one.

那我就從那個開始吧。

I will say supply is quite healthy right now.

我想說的是，目前供應相當健康。

We're feeling really good about supply and where we're at.

我們對供應和目前的狀況感覺非常好。

And we're a supply-driven business, so that's really important when looking at the following quarters.

我們是一家供應驅動型企業，因此在展望接下來的幾個季度時，這一點非常重要。

It's driven out of three main strategies, which we've talked about in the past and which we talked about in the growth playbook.

它是由我們過去討論過的以及我們在成長策略中討論過的三個主要策略所驅動的。

You heard that in the script.

你在劇本裡聽到了。

And it's really the sales, marketing, and retail coming together, working together really nicely.

這其實是銷售、行銷和零售的結合，非常好的配合。

And so the sales side, we're seeing all-time lows or highs on retention.

因此，在銷售方面，我們看到留存率創下歷史新低或新高。

We're seeing the compensation structure really work for them, the referral program that we launched really working there as well.

我們看到薪酬結構確實對他們有效，我們推出的推薦計畫也確實有效。

We're expanding to other key markets.

我們正在擴展到其他主要市場。

On the marketing front, personalization, really targeting that mid- and high-value consignor.

在行銷方面，個人化，真正針對中高價值的出貨人。

And on the retail side, we've talked about this in the past, we're seeing this halo effect.

在零售方面，我們過去曾討論過這一點，我們看到了這種光環效應。

Some of these stores bring in up to $40 million a year, and so we're also seeing that high average selling price even up to 5 times higher.

其中一些商店每年的收入高達 4000 萬美元，因此我們也看到平均售價很高，甚至高達 5 倍。

So we have a lot of confidence in supply right now.

所以我們現在對供應充滿信心。

We're seeing people want to monetize their closet.

我們看到人們想透過他們的衣櫃賺錢。

We know the TAM is really big, $200 million in people's closets.

我們知道 TAM 非常大，在人們的衣櫃裡價值 2 億美元。

And these three things really coming together that we're calling our growth playbook as we operationalize that and scale that, seeing some really good momentum there in our business.

這三件事真正結合在一起，我們稱之為我們的成長劇本，因為我們將其付諸實施並擴大規模，看到我們的業務出現了一些非常好的動力。

And then as far as my strategic initiative, the strategy is working.

就我的策略性舉措而言，該策略正在發揮作用。

So I'd say two years ago, when I came in as co-interim CEO, I made some changes.

所以我想說，兩年前，當我擔任聯合臨時執行長時，我做了一些改變。

We looked at our take rates, and we rightsized our take rate, making sure that everything is now profitable.

我們檢查了我們的收取率，並調整了我們的收取率，確保現在一切都是有利可圖的。

We moved out the direct business.

我們搬出了直接業務。

That's the product that we're buying, got rid of unprofitable categories.

這就是我們正在購買的產品，擺脫了無利可圖的類別。

I see that sticky and not changing, right?

我看到它很黏並且沒有改變，對嗎？

So feeling really good about that strategy.

所以我對這個策略感覺非常好。

You're seeing it work.

你看到它起作用了。

You're seeing it in Q3.

你會在第三季看到這一點。

You're seeing it in Q4 of an implied guidance of 9% in Q4.

您在第四季度看到了 9% 的隱含指引。

So all of those things are great, working.

所以所有這些事情都很棒，很有效。

Return to growth is a big kind of talking point for us internally, and we'll continue to change the way people shop.

恢復成長是我們內部的一個重要話題，我們將繼續改變人們的購物方式。

And then as far as innovation goes, we'll expand on that with the idea that we'll continue to be supply-driven when we think about new ways to also acquire supply.

然後就創新而言，當我們考慮獲取供應的新方法時，我們將繼續以供應驅動的理念來擴展這一點。

That's all super helpful.

這一切都非常有幫助。

Maybe a quick follow-up for Ajay.

也許是阿傑的快速跟進。

Just on gross margin, you continue to see some nice gains in consignment gross margin.

僅就毛利率而言，您將繼續看到寄售毛利率的一些不錯的增長。

Is there further opportunity there as we look beyond 2024?

展望 2024 年後，是否還有更多機會？

Thanks for the question, Mark.

謝謝你的提問，馬克。

We feel really good about our results in Q3 on gross margin.

我們對第三季的毛利率業績感到非常滿意。

I know you pointed out consignment margins coming in at 86.5% to 86.6%.

我知道您指出寄售利潤率為 86.5% 至 86.6%。

A couple of things I would say that really drove our gross margin performance as a business in Q3, 74.9%, nearly 75%.

我想說，有幾件事確實推動了我們第三季業務的毛利率表現，達到 74.9%，接近 75%。

It was the highest we've reported as a business.

這是我們作為企業報告的最高水準。

One big driver there really is the mix of consignment revenues.

寄售收入的組合確實是一大推動因素。

When you look sequentially, we had a strong quarter with a lot more of our revenues coming from consignment revenues, and that drove the aggregate gross margin of our business higher.

當你按順序查看時，我們有一個強勁的季度，我們的大部分收入來自寄售收入，這推動了我們業務的總毛利率更高。

To your point on what you should expect going forward, I think we're sort of in the right place right now.

對於您關於未來應該期待什麼的觀點，我認為我們現在處於正確的位置。

Mix may have a small impact on our margins on a go-forward basis, but we feel really good about where we stand today and expect that to be in that same range.

從長遠來看，混合可能會對我們的利潤率產生很小的影響，但我們對目前的狀況感到非常滿意，並預計會在同一範圍內。

Ashley Owens, KeyBanc Capital Markets.

Ashley Owens，KeyBanc 資本市場。

I just wanted to start on the price sensitivity within the consumer, circle back on this last quarter, just given it was called out as a makeup in volume to offset some of this.

我只想從消費者對價格的敏感度開始，回顧上個季度，只是考慮到它被稱為批量彌補，以抵消其中的一些影響。

We saw a slight improvement in the AOV year-over-year growth from 2Q.

我們看到 AOV 年成長較第二季略有改善。

So maybe just an update there.

所以也許只是更新一下。

And if you could help us on how we should be thinking about growth in volume versus AOV in the fourth quarter.

如果您能幫助我們了解第四季的銷售成長與平均銷售量的成長情況。

Yeah.

是的。

So I'll start, and Ajay, please add on as necessary.

我先開始了，Ajay，請根據需要補充。

So as far as macro and price sensitivity, I will say that our business has been quite resilient.

就宏觀和價格敏感度而言，我想說我們的業務相當有彈性。

I think that's the most important thing.

我認為這是最重要的。

We talked about supply being strong, but demand is also strong.

我們談到供應強勁，但需求也強勁。

This intersection of value and luxury is really resonating with our consumer.

這種價值與奢華的交集確實引起了我們消費者的共鳴。

And as we continue to focus on trust and our three pillars around our growth playbook, operational excellence, and obsessing over service, really giving that seller and that buyer what they want.

隨著我們繼續專注於信任以及我們的成長策略、卓越營運和對服務的三大支柱，真正為賣家和買家提供他們想要的東西。

So we're going in heavy on making sure people understand that we are a value play.

因此，我們將大力確保人們了解我們是一家有價值的公司。

And that goes -- I can give you some tactics on that, but that's making sure that every item shows the primary list price.

就這樣——我可以給你一些策略，但要確保每件商品都顯示主要標價。

So you can really see that value come in on the product listing detail.

因此，您確實可以在產品清單詳細資訊中看到該價值。

Okay.

好的。

Great.

偉大的。

And then just one follow-up.

然後只有一個後續行動。

With marketing leveraging a little bit more in the quarter, I wanted to click down a bit on the strategy there heading into holiday.

隨著本季行銷活動的利用更多，我想稍微了解一下假期前的策略。

Just how we should be thinking about that as a percent of sales on a go-forward basis and what the right level should be?

我們應該如何考慮它佔未來銷售額的百分比以及正確的水平應該是多少？

Yeah.

是的。

So the marketing piece, this goes back to the three-legged stool with marketing.

所以行銷部分，這可以追溯到行銷的三腳凳。

We'll continue to see efficiencies.

我們將繼續看到效率。

You should expect some seasonality there.

你應該預料到那裡會有一些季節性。

Q3 is a lower spend quarter based on the summer months, Q4 being the holiday, you'll see a higher spend quarter.

第三季度是夏季月份支出較低的季度，第四季度是假期，您會看到支出較高的季度。

That said, we continue to feel confident in continuing to drive efficiencies.

儘管如此，我們仍然對持續提高效率充滿信心。

We've invested in talents there, our acquisition costs going down, SEO, better attribution, really understanding where that dollar is going and is it incremental to our P&L.

我們在那裡投資了人才，我們的收購成本下降了，搜尋引擎優化，更好的歸因，真正了解這些錢的去向以及它是否會增加我們的損益。

They're also launching some look-alike campaigns and personalization and marketing.

他們也推出了一些相似的活動以及個人化和行銷。

So we're excited about the opportunities there over the next years.

因此，我們對未來幾年的機會感到興奮。

Yes.

是的。

And maybe just to add to that, I would say that what you're seeing in our Q3 results in marketing is a combination of the investments that Rati just highlighted and them being funded by our ability to find efficiencies in productivity and how we've been spending our money compared to the past.

也許只是補充一點，我想說的是，您在我們第三季度的營銷結果中看到的是拉蒂剛剛強調的投資的組合，這些投資的資金來源是我們尋找生產力效率的能力以及我們如何與過去相比，我們一直在花我們的錢。

You might remember we brought a new CMO fairly recently, and we were just -- our investments in improving the technology behind it and how we think about approaching marketing is really helping pay for some of the investments that are driving the total volume.

您可能還記得我們最近任命了一位新的首席行銷官，我們只是——我們在改進背後的技術方面的投資以及我們對行銷的思考方式確實有助於支付一些推動總銷量的投資。

Bobby Brooks, Northland Capital Markets.

布魯克斯 (Bobby Brooks)，北國資本市場。

So first question is some luxury houses whose products fill yourselves have seen weaker results recently, and that's really a strong contrast to your great 3Q results and the guidance raise for the year.

所以第一個問題是，一些產品自滿的奢侈品牌最近業績疲軟，這與你們出色的第三季業績和今年的指導成長形成了鮮明的對比。

So obviously, a big difference between those brands.

顯然，這些品牌之間存在很大差異。

They have a large exposure to Chinese consumer, which RealReal does not.

他們對中國消費者有很大的接觸，而 RealReal 則沒有。

But outside of that, could you maybe just remind us all how Real can still grow despite headwinds being faced in the first handle?

但除此之外，您能否提醒我們所有人，儘管在第一輪比賽中遇到了阻力，皇馬仍然能夠成長？

Yeah.

是的。

Thank you, Bobby.

謝謝你，鮑比。

Thanks for the question.

謝謝你的提問。

I will just double down on we really do have a resilient business model.

我會加倍強調我們確實擁有一個有彈性的商業模式。

We're very different from the primary market.

我們與一級市場有很大不同。

And you heard me say this, and I'm going to say it again, the intersection between value and luxury and even sustainability is really resonating with our consumer.

你聽到我這麼說了，我要再說一遍，價值與奢侈品甚至永續性之間的交集確實引起了我們消費者的共鳴。

We're in a really great place with supply.

我們的供應非常好。

The supply growth book is working.

供應成長手冊正在發揮作用。

We've grown the business in the past.

我們過去已經發展了業務。

We know what this playbook looks like.

我們知道這個劇本是什麼樣的。

And then the demand piece we talked about, that value play, the consumer is really -- you look at our average order value, you look at our average selling price, quite strong conversion, all of these metrics and KPIs from top to bottom.

然後我們談到的需求部分，即價值遊戲，消費者實際上是——你看看我們的平均訂單價值，你看看我們的平均售價，相當強的轉換率，所有這些指標和KPI 從上到下。

So it gives -- we have a lot of momentum in the business and we're feeling excited about that, and I think that's what you're hearing.

因此，我們在業務方面擁有很大的動力，我們對此感到興奮，我想這就是您所聽到的。

What we're really focused on to continue to drive that is those three pillars, right?

我們真正關注的是繼續推動這三個支柱，對吧？

It's the growth playbook that you heard me talk about, sales, marketing and retail all coming together.

這就是你聽到我談論的成長劇本，銷售、行銷和零售全部結合在一起。

It's operational excellence, and it's obsessing over service and really delivering product that resonates with our consumer base, making the service fast, easy, where they can earn more.

它是卓越的運營，是對服務的痴迷，並真正提供與我們的消費者群產生共鳴的產品，使服務變得快速、簡單，讓他們可以賺更多錢。

We're doubling down there as well.

我們也在那裡加倍努力。

And the idea that we have a diversified product mix also really works in our favor as well.

我們擁有多元化產品組合的想法也確實對我們有利。

Marvin Fong, BTIG.

馬文·方，BTIG。

Congratulations, Rati, on the new role.

恭喜拉蒂擔任新職務。

Most of my questions have been asked here, but we get a lot of questions from investors more looking kind of long term.

我的大部分問題都在這裡被問到，但我們從投資者那裡收到了很多更著眼於長期的問題。

So perhaps a question for Ajay, but goes out to anyone.

也許這是阿傑的問題，但對任何人來說都是如此。

Just about sort of the algorithm we should think about in terms of sort of like flow through or you might want to call it incremental margin as we sort of think about 2026 or beyond.

我們應該從類似流量的角度來考慮這種演算法，或者您可能想將其稱為增量保證金，就像我們考慮 2026 年或以後一樣。

So it looks like, for instance, incremental margins in the third quarter were over 60%, but dropping off a bit here in the fourth quarter based on your guidance.

例如，看起來第三季的增量利潤率超過 60%，但根據您的指導，第四季略有下降。

But just what's a good incremental margin to kind of use once we sort of hit like 2026 and beyond?

但是，一旦我們達到 2026 年及以後的時間，使用增量裕度是多少呢？

Thanks for the question, Marvin.

謝謝你的提問，馬文。

Here's how I think about margins over the long term.

以下是我對長期利潤率的看法。

I think it's helpful to frame where we are today.

我認為這有助於確定我們今天的處境。

We made a number of business changes starting back in late 2022.

從 2022 年底開始，我們進行了多項業務變革。

These changes were primarily directed as a first step of getting the business to being EBITDA breakeven, adjusted EBITDA breakeven.

這些變化主要是為了讓企業達到 EBITDA 損益平衡、調整後 EBITDA 損益平衡的第一步。

And I'm really pleased with how that has played out.

我對事情的進展感到非常滿意。

You've seen the proof points in our results so far, and that positions us really well looking forward.

到目前為止，您已經在我們的結果中看到了證據，這讓我們非常期待。

I think going forward, we have a clear path to growing both dollars and margins at The RealReal.

我認為，展望未來，我們有一條明確的道路來增加 The RealReal 的美元和利潤。

We're going to see strong flow-through on growth.

我們將看到強勁的成長流量。

Our gross margin is at 74.9% for the total business and in particular, 88.6% for consignment revenues, that being the focus areas of our growth, combined with unit economics, are going to give us strong flow-throughs on incremental growth from here.

我們的總業務毛利率為 74.9%，特別是寄售收入為 88.6%，這是我們成長的重點領域，加上單位經濟效益，將為我們帶來強勁的增量成長動力。

Rati highlighted our focus on operational excellence.

拉蒂強調了我們對卓越營運的關注。

We believe there's opportunities to further improve on our unit economics, and we continue to work on those areas.

我們相信有機會進一步改善我們的單位經濟效益，我們將繼續在這些領域努力。

We continue to work on finding efficiencies in sales and marketing, in logistics, in authentication.

我們持續致力於提高銷售和行銷、物流和認證方面的效率。

And we think our rich data set really gives us a competitive advantage in how we can drive efficiencies across our business.

我們認為，我們豐富的數據集確實為我們提供了競爭優勢，幫助我們提高整個業務的效率。

So we expect that to further improve the flow-through going forward.

因此，我們預計未來的流量將進一步改善。

And the last thing I would say, Marvin, in terms of where we get leverage from, it's our operating expenses.

馬文，我要說的最後一件事是我們的營運支出。

We've got the right -- we feel like we've got the right investments in product and technology, in our fixed cost facilities footprint, and we expect to see strong operating leverage from incremental growth on that line as well.

我們有正確的做法——我們覺得我們在產品和技術、固定成本設施足跡方面進行了正確的投資，我們預計該領域的增量成長也將帶來強大的營運槓桿。

Great.

偉大的。

And my follow-up question, I think it was called out that the return rate was improved, and by my math, it seems like it was a lot better in the third quarter.

我的後續問題，我認為有人指出回報率有所提高，根據我的數學，第三季似乎好多了。

What kind of drove that?

是什麼樣的驅動力？

And is that sustainable?

這是可持續的嗎？

And then as a corollary to that, I believe you're now allowing people to pay a fee to return items that are like final sale.

作為一個推論，我相信你們現在允許人們支付一定費用來退貨，就像最終銷售的商品一樣。

Could you maybe comment on uptake of that and some of your other monetization initiatives?

您能否評論一下這項舉措以及其他一些貨幣化舉措的採用情況？

Thank you, Marvin.

謝謝你，馬文。

So churn rates are lower.

因此客戶流失率較低。

It really is driven out of mix.

它確實被排除在外。

That's the primary reason that they're lower.

這是它們較低的主要原因。

Operational efficiencies is also a factor.

營運效率也是一個因素。

So that's the obsessing over service, making sure that the attribution that are driven by AI faster, not only does it make it faster, but it makes the listing more efficient.

這就是對服務的痴迷，確保人工智慧驅動的歸因更快，不僅使其更快，而且使清單更有效率。

So we're happy about that.

所以我們對此感到高興。

But again, it's driven out of mix, so it depends on what the mix looks like within the quarter.

但同樣，它被排除在混合之外，因此這取決於該季度內的混合情況。

As far as return insurance goes, that is something that we are testing our way into.

就退貨保險而言，我們正在測試這一點。

Super early days.

超早期。

We'll definitely have a read over the next couple of quarters, and it's mostly on final sale items as well as handbags.

我們肯定會在接下來的幾個季度閱讀，主要是關於最終銷售的商品以及手袋。

So happy to give you more information as we continue to test to this initiative.

很高興在我們繼續測試這項舉措的過程中為您提供更多資訊。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

This is Robert on for Ike.

這是羅伯特替艾克發言。

Most of mine have been asked already.

我的大部分人已經被問過。

But just maybe you could talk a little bit about the consumer trends you saw through the quarter, particularly last quarter, you were talking about it slowing a little bit, you're a little bit more promotional, but you kind of blew it out the park this quarter.

但也許你可以談談你在本季度看到的消費趨勢，特別是上個季度，你說消費趨勢有點放緩，你進行了更多的促銷，但你有點把它搞砸了本季度停車。

So any color you can give on that and how it looks exiting?

那麼你可以給它什麼顏色以及它看起來如何令人興奮嗎？

Yeah.

是的。

Sure, Robert.

當然，羅伯特。

I can answer that.

我可以回答這個問題。

I take this back to the consumer health and our business model being quite resilient.

我把這歸結為消費者的健康和我們的商業模式有相當的彈性。

So I'm going to double down on that message there.

所以我要加倍強調這項訊息。

We are seeing -- we've said this before, we're a supply-driven company, and it's all about supply.

我們看到—我們之前已經說過，我們是一家供應驅動型公司，一切都與供應有關。

Supply is in a very good place because of the initiatives that we've been running over the last couple of years.

由於我們過去幾年一直在實施的舉措，供應狀況非常好。

Sales, the retention numbers of the sales team, the referral program is really working around marketing and our personalized promotion strategy as well as retail, meeting the seller where they are.

銷售、銷售團隊的保留人數、推薦計劃實際上是圍繞行銷和我們的個人化促銷策略以及零售、與賣家見面的方式進行的。

We're offering now pickups for supply.

我們現在提供皮卡供應。

So if supply is in a good place, we'll see the demands follow.

因此，如果供應狀況良好，我們會看到需求隨之而來。

And even in a harder environment, we found that to be true, because people are looking for that value play.

即使在更困難的環境中，我們也發現這是事實，因為人們正在尋找價值遊戲。

So for us, it's really about doubling down on our core business, our moat, building trust with our consumer, focusing on the growth playbook, operational excellence and obsessing over service, and meeting the seller where they are.

因此，對我們來說，這實際上是在我們的核心業務、我們的護城河上加倍努力，與消費者建立信任，專注於成長策略、卓越營運和對服務的痴迷，並與賣家會面。

So we're going to continue down that path, yeah.

所以我們將繼續沿著這條路走下去，是的。

Hi, Robert.

嗨，羅伯特。

Thanks for the question.

謝謝你的提問。

Let me add a couple of points to Rati's answer.

讓我對拉蒂的回答補充幾點。

We did see acceleration through Q3.

我們確實看到了第三季的加速成長。

I think the very beginning was a little soft, and then we saw gradual improvements from there.

我認為一開始有點軟，然後我們看到了逐漸的改進。

And we feel really good about how that momentum has continued into Q4.

我們對這種勢頭持續到第四季感到非常滿意。

We look at average order values as an indication of consumer sort of preference, to your question.

對於您的問題，我們將平均訂單價值視為消費者偏好的指標。

And our average order values in Q3 at $522 were strong.

第三季我們的平均訂單價值為 522 美元，非常強勁。

They were resilient.

他們很有彈性。

They've stayed above $500 for us on a consistent basis, and they were actually up when you compare versus prior year by about 2%.

我們的價格一直保持在 500 美元以上，與去年相比，實際上價格上漲了約 2%。

So I think all in, we feel really good about how the quarter played out and what that means for us going forward.

所以我認為總而言之，我們對本季的表現以及這對我們未來的意義感到非常滿意。

Jason, UBS.

傑森，瑞銀。

My question is if you could just really clarify what's driven the upside to the guidance.

我的問題是，您能否真正澄清是什麼推動了該指引的上漲。

Of all the different growth initiatives that you talked about, what is it that's really changed from not just last quarter to this quarter, but really from the beginning of the year until now?

在您談到的所有不同成長舉措中，不僅從上個季度到本季度，而且從年初到現在，真正改變的是什麼？

Thank you.

謝謝。

Thanks for the question, Jay.

謝謝你的提問，傑伊。

I think on Q3, in particular, the story versus expectations for us was driven by a few things.

我認為，特別是在第三季度，故事與我們的期望是由一些因素所驅動的。

First and foremost, I would point out to volume.

首先，我要指出的是數量。

Rati mentioned our growth playbook.

拉蒂提到了我們的成長策略。

We've always described our business as being driven by supply, and we're really feeling good about how that combination of sales and marketing and stores is unlocking supply.

我們一直將我們的業務描述為由供應驅動，我們對銷售、行銷和商店的結合如何釋放供應感到非常滿意。

And once we find the supply in our business, our sell-through rate is really strong.

一旦我們在業務中找到供應，我們的銷售率就會非常高。

We have over 90% lifetime supply.

我們擁有超過 90% 的終身供應。

So volume driven by our growth playbook unlocking supply was one big factor in expectations in Q3.

因此，我們的成長策略釋放供應所推動的銷售量是第三季預期的重要因素。

The other point I would make on Q3 is gross margin.

我要在第三季提出的另一點是毛利率。

You noticed that sequentially, we were up on gross margins and at 74.9%, this was our highest ever gross margin as a company.

您注意到，我們的毛利率持續上升，達到 74.9%，這是我們公司有史以來最高的毛利率。

That was driven by a favorable shift in mix towards consignment revenues.

這是由寄售收入組合的有利轉變所推動的。

When that happens, it lifts the overall gross margin for our business, and that was another source of upside for us in Q3.

當這種情況發生時，它會提高我們業務的整體毛利率，這是我們第三季上漲的另一個來源。

And the last thing I would say is our focus on operational excellence.

我要說的最後一件事是我們對卓越營運的關注。

We continue to look at opportunities where we can drive efficiencies in the business, and that resulted in strong bottom-line performance.

我們持續尋找可以提高業務效率的機會，從而實現強勁的獲利績效。

We reported positive $2.3 million in EBITDA, which was also the second time we've done that.

我們報告的 EBITDA 為 230 萬美元，這也是我們第二次這樣做。

And more notably, I think in Q3, it's particularly pleasing because it's not a seasonal high quarter for us.

更值得注意的是，我認為第三季的情況特別令人高興，因為這對我們來說不是季節性高季。

We managed to do that at a point which is -- which we would -- previously, I would say we were probably not quite there yet.

我們設法做到了這一點，以前，我想說我們可能還沒有完全做到這一點。

Thank you.

謝謝。

Ladies and gentlemen, at this time, we have no further questions in the queue.

女士們、先生們，目前我們隊列中沒有其他問題了。

This will conclude the conference call.

電話會議就此結束。

Thank you, all, for your participation, and you may now disconnect.

感謝大家的參與，現在您可以斷開連線了。