(RENT) 2021 Q3 法說會逐字稿

Good afternoon, and welcome to Rent the Runway's Third Quarter 2021 Earnings Conference Call. Today's call is being recorded (Operator Instructions) At this time, I'd like to turn the conference over to Cara Schembri, General Counsel at Rent the Runway. Thank you. You may begin.

下午好，歡迎參加 Rent the Runway 的 2021 年第三季度收益電話會議。正在錄製今天的電話（操作員說明）此時，我想將會議轉交給 Rent the Runway 的總法律顧問 Cara Schembri。謝謝你。你可以開始了。

Good afternoon, everyone, and thanks for joining us to discuss Rent the Runway's Third Quarter 2021 results. Before we begin, we would like to remind you that this call will include forward-looking statements. These statements include our future expectations regarding financial results and guidance, market opportunities and our growth. These statements are subject to various risks, uncertainties and assumptions that could cause our actual results to differ materially. These risks, uncertainties and assumptions are detailed in this afternoon's press release as well as our filings with the SEC, including our final prospectus dated October 26, and the Form 10-Q that will be filed in the next few days. We undertake no obligation to revise or update any forward-looking statements or information, except as required by law.

大家下午好，感謝您加入我們討論 Rent the Runway 的 2021 年第三季度業績。在開始之前，我們想提醒您，本次電話會議將包括前瞻性陳述。這些陳述包括我們對財務業績和指導、市場機會和我們的增長的未來預期。這些陳述受到各種風險、不確定性和假設的影響，可能導致我們的實際結果出現重大差異。這些風險、不確定性和假設在今天下午的新聞稿以及我們向美國證券交易委員會提交的文件中都有詳細說明，包括我們於 10 月 26 日提交的最終招股說明書，以及將在未來幾天提交的 10-Q 表格。除法律要求外，我們不承擔修改或更新任何前瞻性陳述或信息的義務。

During this call, we will also reference certain non-GAAP financial information. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for financial information presented in accordance with GAAP. Reconciliations of GAAP to non-GAAP measures can be found in our press release, slide presentation posted on our investor website and in our SEC filings.

在本次電話會議中，我們還將參考某些非公認會計準則財務信息。本非 GAAP 財務信息的列報不應孤立地考慮或替代根據 GAAP 列報的財務信息。 GAAP 與非 GAAP 措施的對賬可以在我們的新聞稿、我們投資者網站上發布的幻燈片和我們提交給美國證券交易委員會的文件中找到。

Joining me on the call today is our Co-Founder, Chair and CEO, Jennifer Hyman, and our CFO, Scarlett O'Sullivan. Following our prepared remarks, we'll open the call for your questions. And with that, I'll turn the call over to Jen.

今天和我一起參加電話會議的是我們的聯合創始人、董事長兼首席執行官 Jennifer Hyman 和我們的首席財務官 Scarlett O'Sullivan。在我們準備好的評論之後，我們將打開您的問題的電話。有了這個，我會把電話轉給 Jen。

Thanks, Cara. Good afternoon, everyone. Thank you for joining Rent the Runway's Third Quarter 2021 Earnings Call. I'm Jen Hyman, Co-Founder, Chair and CEO. With our IPO on October 27, we raised $357 million in capital, and we believe we have ample cash to invest in our priorities for growth, namely growing subscribers and deepening our competitive moats as we innovate our technology, data and operating platform. We also used a portion of our IPO proceeds to pay off approximately 1/3 of our debt. In the third quarter of 2021, we achieved strong active subscriber growth, up 78% year-over-year, revenue growth up 66% year-over-year and strong margins. At the end of Q3, active subscribers were back at 87% and total subscribers were back at 101% of the level at the end of fiscal '19. Moreover, gross margins in Q3 were 20 points higher than in the same period of fiscal 2019, demonstrating a significant improvement in the profitability of the business.

謝謝，卡拉。大家下午好。感謝您參加 Rent the Runway 的 2021 年第三季度財報電話會議。我是 Jen Hyman，聯合創始人、董事長兼首席執行官。通過 10 月 27 日的首次公開募股，我們籌集了 3.57 億美元的資金，我們相信我們有足夠的現金投資於我們的優先發展事項，即隨著我們創新技術、數據和運營平台，增加訂戶並深化我們的競爭護城河。我們還使用了部分 IPO 收益來償還大約 1/3 的債務。 2021 年第三季度，我們實現了強勁的活躍用戶增長，同比增長 78%，收入同比增長 66%，利潤率強勁。在第三季度末，活躍用戶恢復到 87%，總用戶恢復到 19 財年末水平的 101%。此外，第三季度的毛利率比 2019 財年同期高出 20 個百分點，表明業務盈利能力顯著提高。

We believe that our metrics this quarter are a good indication of the continued reacceleration of our business. We think that rapid consumer behavior shifts towards online commerce, access models and sustainability, along with our compelling value proposition will be macro drivers of our growth. Because many of you might be new to the Rent the Runway story, I'd love to share our mission, strategy and key competitive advantages. 13 years ago, I watched my sister go into debt buying a dress, she couldn't afford, that she knew she'd only wear once. The feeling of having a closet filled with clothes, but nothing to wear is ubiquitous. Driven by the consumer desire for variety and newness closets have been growing with the average American buying nearly double what we bought 30 years ago. But as we buy more, we wear less. 55% of the closet is rarely used, filled with items that no longer fit and that we no longer wear. This is financially wasteful and environmentally unsustainable.

我們認為，本季度的指標很好地表明了我們業務的持續加速。我們認為，快速的消費者行為向在線商務、訪問模式和可持續性轉變，以及我們引人注目的價值主張將成為我們增長的宏觀驅動力。因為你們中的許多人可能不熟悉 Rent the Runway 的故事，所以我很樂意分享我們的使命、戰略和主要競爭優勢。 13 年前，我看到我姐姐負債累累地買了一件衣服，她買不起，她知道她只能穿一次。衣櫥裡裝滿了衣服，卻無處可穿的感覺無處不在。在消費者對多樣化和新奇壁櫥的渴望的推動下，美國人的平均購買量幾乎是我們 30 年前購買量的兩倍。但是當我們買得更多時，我們穿得更少。 55% 的壁櫥很少使用，裡面裝滿了不再合身且我們不再穿的物品。這是經濟上的浪費和環境上不可持續的。

Our solution is the Closet in the Cloud, the world's first and largest shared designer closet that has transformed the way that women get dressed by letting them wear whatever they want without having to own it. Our mission is to empower women to feel their best every day and to encourage millions of customers to buy fewer clothes and use our shared closet instead. And by sharing, we can all have more, more fashion for less money, our average customer gets $4,000 of clothing per month, 20x the retail value for her spend. More designer brands that many of us couldn't otherwise afford, and more opportunities for self-expression.

我們的解決方案是雲端衣櫥，這是世界上第一個也是最大的共享設計師衣櫥，它改變了女性的著裝方式，讓她們可以隨心所欲地穿，而不必擁有它。我們的使命是讓女性每天都能感受到自己的最佳狀態，並鼓勵數百萬顧客少買衣服，轉而使用我們的共享衣櫥。通過分享，我們所有人都可以花更少的錢擁有更多、更多的時尚，我們的顧客平均每月可以獲得 4,000 美元的服裝，是零售價值的 20 倍。更多我們許多人買不起的設計師品牌，以及更多自我表達的機會。

We carry nearly 19,000 styles and millions of items for almost every use case in a woman's changing life. We are going after a big opportunity. Our goal is to transform an almost $300 billion annual U.S. apparel market in which online, secondhand and access models are still in early stages of development, but growing much faster than the overall market. 91% of women have purchased or are open to purchasing secondhand clothing. 56% of women believe that they will subscribe to fashion over the next 5 years. If you apply that 56% to the 38 million women over 25 in the U.S. today who are college educated and working, that equates to an opportunity set of 21 million women. We only need to capture about 3.5% of this opportunity set to get to 5x our current subscriber base, and we believe we can capture substantially more of this market over time and estimate a long-term durable growth rate in excess of 25%.

我們為女性不斷變化的生活中的幾乎每個用例提供近 19,000 種款式和數百萬件物品。我們正在尋找一個巨大的機會。我們的目標是改變每年近 3000 億美元的美國服裝市場，其中在線、二手和訪問模式仍處於早期發展階段，但增長速度遠快於整體市場。 91% 的女性已經購買或願意購買二手服裝。 56% 的女性認為她們將在未來 5 年內訂閱時尚。如果你將這 56% 應用於當今美國 3800 萬受過大學教育和工作的 25 歲以上的女性，這相當於 2100 萬女性的機會集。我們只需要抓住大約 3.5% 的機會就可以達到我們當前用戶群的 5 倍，我們相信隨著時間的推移，我們可以抓住更多的這個市場，並估計超過 25% 的長期持久增長率。

Another way we think about how big this business can be is by looking at the $120 billion U.S. mass and fast fashion market. Customers go to fast fashion for variety, value and designer copycat. And many of these items are warned minimal times and end up in landfills. Over the past few years, we have seen the consumers start to rethink fast fashion, given their desire to be more sustainable. Having a subscription to Rent the Runway is a substitute for fast fashion as 83% of our subscribers buy less of it when they use Rent the Runway. We believe we can capture a significant portion of this market over time. We measure the health and growth of our business by a simple framework, how we grow subscribers and how we grow engagement. When we do these 2 things well, we grow our revenue and scale profitability. We are a subscription business. 82% of our revenue comes from our subscribers. Our subscribers are extremely high value given their $100 plus per month subscription fee, utility-like usage of our product, high loyalty and ARPU that generally increases over time.

我們思考這項業務有多大的另一種方式是觀察價值 1200 億美元的美國大眾和快時尚市場。客戶為了多樣性、價值和設計師模仿而選擇快時尚。其中許多物品被警告最少的時間並最終進入垃圾填埋場。在過去的幾年裡，我們看到消費者開始重新思考快時尚，因為他們希望更可持續。訂閱 Rent the Runway 可以替代快時尚，因為 83% 的訂閱者在使用 Rent the Runway 時購買的次數更少。我們相信，隨著時間的推移，我們可以佔領這個市場的很大一部分。我們通過一個簡單的框架、我們如何增加訂戶以及我們如何增加參與度來衡量我們業務的健康和增長。當我們做好這兩件事時，我們會增加收入並擴大盈利能力。我們是訂閱業務。我們 82% 的收入來自我們的訂戶。考慮到我們的訂閱者每月 100 多美元的訂閱費、我們產品的類似實用程序的使用、高忠誠度和隨著時間的推移通常會增加的 ARPU，我們的訂閱者俱有極高的價值。

Engagement, measured by the number of items subscribers receive and wear per month is a leading indicator of retention. As our subscribers learn rental behavior, we see them spend more with us and add additional items into their monthly plans. These additional items allow us to capture higher margin revenue. In Q3 2021, 24% of our subscribers paid for one or more additional items, reflecting strong engagement and driving higher ARPU. This is a strong indicator of the product market fit of our customizable subscription program rolled out in 2020, where subscribers pay for increased usage. These programs generate significantly higher margins as well as higher loyalty than we were seeing pre-COVID. We are focused both on growing our subscriber base and driving higher monetization from existing subscribers. During 2021, we've been successful at growing and reengaging customers, while we've spun back up our marketing engine. Looking ahead, we will continue to grow subscribers by leveraging reserve and resale as strong funnel, scaling our full funnel marketing and driving conversion funnel improvements.

參與度（以訂閱者每月收到和佩戴的物品數量來衡量）是保留率的領先指標。隨著我們的訂戶了解租賃行為，我們看到他們在我們身上花費更多，並在他們的月度計劃中添加了額外的項目。這些額外的項目使我們能夠獲得更高的利潤收入。在 2021 年第三季度，我們 24% 的訂戶為一項或多項附加項目付費，這反映了強大的參與度並推動了更高的 ARPU。這是我們在 2020 年推出的可定制訂閱計劃的產品市場契合度的有力指標，訂閱者為增加的使用付費。與我們在 COVID 之前看到的相比，這些計劃產生了顯著更高的利潤和更高的忠誠度。我們既專注於擴大我們的訂戶基礎，又致力於從現有訂戶那裡獲得更高的貨幣化。在 2021 年，我們成功地增加了客戶並重新吸引了客戶，同時我們重新啟動了我們的營銷引擎。展望未來，我們將通過利用儲備和轉售作為強大的渠道、擴展我們的完整渠道營銷和推動轉化渠道改進來繼續增加訂戶。

Over the last 12 months, which continue to be impacted by COVID, we've had 400,000 customers. The majority of which were reserve and resale customers. This audience of 400,000 recent customers provides a large and growing funnel to acquire new subscribers. And given the backlog of events into 2022 and 2023, we believe our funnel will see an accelerated rate of growth in the coming years. We plan to grow engagement by continued innovation of our customer experience, as well as by strategically expanding our product assortment. These strategies are largely proven for us. We have been building an operating platform with deep competitive moats to help enable sustained growth and profitability of the closet in the cloud. First is our brand partner advantage. We fully control our supply given our direct partnerships with over 780 designer brands. We've invested in building deep partnerships with brands so that we can access the newest, most desirable designer fashion to drive customer LTV.

在繼續受到 COVID 影響的過去 12 個月中，我們擁有 400,000 名客戶。其中大部分是儲備和轉售客戶。 400,000 名近期客戶的受眾群體為獲取新訂戶提供了一個龐大且不斷增長的渠道。鑑於 2022 年和 2023 年的事件積壓，我們相信我們的渠道將在未來幾年加速增長。我們計劃通過持續創新客戶體驗以及戰略性地擴展我們的產品種類來提高參與度。這些策略在很大程度上已為我們證明。我們一直在構建一個具有深厚競爭優勢的運營平台，以幫助實現雲壁櫥的持續增長和盈利能力。首先是我們的品牌合作夥伴優勢。鑑於我們與 780 多個設計師品牌的直接合作夥伴關係，我們完全控制了我們的供應。我們投資於與品牌建立深厚的合作夥伴關係，以便我們能夠獲得最新、最理想的設計師時裝來推動客戶 LTV。

As a reminder, we have retained nearly 100% of our brand partners over the past decade. Brands work with us to discover new customers and get unique data, and they see us as being strategic to their businesses. We have been able to leverage our strong brand partnerships to significantly improve our unit economics. Since 2018, we've innovated how we acquire product via 2 capital-light models that are unique to Rent the Runway. For fiscal year 2021, we are estimating that we will have acquired 56% of our rental product via these capital-light strategies ahead of last year. Share by RTR is our consignment model where we pay nothing or very little for product upfront, and then revenue share with our designers. Exclusive Designs are collections that we manufacture in collaboration with our key brand partners that cost 50% less than wholesale units and utilize our data to maximize desirability and longevity. We have seen significant cash flow benefits from these models and we expect further positive impact on free cash flow as they become a larger proportion of our total procurement.

提醒一下，在過去十年中，我們保留了近 100% 的品牌合作夥伴。品牌與我們合作以發現新客戶並獲得獨特的數據，他們認為我們對他們的業務具有戰略意義。我們已經能夠利用我們強大的品牌合作夥伴關係來顯著提高我們的單位經濟效益。自 2018 年以來，我們通過 Rent the Runway 獨有的 2 個資本燈模型創新了我們獲取產品的方式。對於 2021 財年，我們估計我們將在去年之前通過這些輕資本戰略獲得 56% 的租賃產品。按 RTR 分享是我們的寄售模式，我們先不為產品支付任何費用或只支付很少的費用，然後與我們的設計師分享收入。獨家設計是我們與主要品牌合作夥伴合作生產的系列，其成本比批發單位低 50%，並利用我們的數據最大限度地提高吸引力和使用壽命。我們已經從這些模型中看到了顯著的現金流收益，我們預計對自由現金流產生進一步的積極影響，因為它們在我們的總採購中佔更大的比例。

Exclusive Designs have the highest profit potential of all of our units. And as a result, we intend to increase penetration of these styles to 1/3 of our product acquisition over the medium term. Growing our assortment attracts new customer segments and can widen our TAM over time. We onboarded 30 new brands onto our platform in Q3. Some highlights include Altuzarra, LaQuan Smith, Rachel Antonoff and Rotate. For Share by RTR, nearly 100% of brands we have worked with in the second half of 2021 are coming back again to do Share by RTR in the first half of 2022. As of Q3 2021, we have over 250 Share by RTR brands on site, which has nearly tripled since 2019. Share by RTR brands are also increasing their units on the Rent the Runway platform by 60% on average between first half '21 and first half '22.

獨家設計在我們所有的單位中具有最高的利潤潛力。因此，我們打算在中期內將這些款式的滲透率提高到我們產品採購量的 1/3。增加我們的產品種類可以吸引新的客戶群，並且可以隨著時間的推移擴大我們的 TAM。我們在第三季度將 30 個新品牌加入了我們的平台。一些亮點包括 Altuzarra、LaQuan Smith、Rachel Antonoff 和 Rotate。對於 RTR 分享，我們在 2021 年下半年合作過的品牌中，近 100% 將在 2022 年上半年再次回來進行 RTR 分享。截至 2021 年第三季度，我們在 2021 年第三季度有超過 250 個 RTR 品牌分享該網站自 2019 年以來增長了近兩倍。在 21 年上半年和 22 年上半年期間，RTR 品牌在 Rent the Runway 平台上的份額平均增加了 60%。

Second is our continued investment in proprietary technology and data products that power the Closet in the Cloud. We are able to leverage our data and technology infrastructure to drive continuous improvement in our customer experience, in the value we deliver to our brand partners and in our unit economics. The tens of millions of data points we collect from our customers and within our facilities, as we restore these items, give us significant advantages as we get smarter every day about what products to put on our platform in the first place, who to show them to, how to price them, and how to turn them more times. We have used our data to develop both the highly personalized experience and to build proprietary products around fit, community and product discovery, all of which drive higher subscriber growth and engagement. As an example, we launched an algorithm enhancement in Q3, which drove a meaningful improvement in item fit rate, which in turn increases customer loyalty.

其次是我們繼續投資於為雲中衣櫥提供動力的專有技術和數據產品。我們能夠利用我們的數據和技術基礎設施來推動我們的客戶體驗、我們為品牌合作夥伴提供的價值以及我們的單位經濟效益的持續改進。當我們恢復這些項目時，我們從客戶和我們的設施內收集的數千萬個數據點為我們提供了顯著的優勢，因為我們每天都變得更聰明，首先要在我們的平台上放置哪些產品，向誰展示到，如何定價，以及如何將它們翻倍。我們使用我們的數據來開發高度個性化的體驗，並圍繞健身、社區和產品發現構建專有產品，所有這些都推動了更高的訂戶增長和參與度。例如，我們在第三季度推出了算法增強功能，這推動了項目匹配率的顯著提高，進而提高了客戶忠誠度。

Third and final is our operational moat. We built the operating system to power the sharing economy of physical goods with deep expertise in single SKU reverse logistics and item restoration. While we're focused on clothes and accessories today, we see our platform as being extensible to many other categories over the medium term. During 2021, we further innovated our operation through the addition of automation that sorts garments into 26 unique cleaning methods to maximize lifetime turns per garment. These innovations allow us to improve operational efficiency and increase the profitability of our garments. In Q3, we also expanded our delivery offerings, including the launch of at-home pickup in 5 major metros, which makes it easier for our customers to return items to us and is lower cost to us than traditional return method. Since launch, we have seen quick adoption with over 1/3 of customers in these markets using at-home pickup.

第三個也是最後一個是我們的運營護城河。我們構建了操作系統，以在單一 SKU 逆向物流和物品恢復方面擁有深厚的專業知識，為實物商品的共享經濟提供動力。雖然我們今天專注於服裝和配飾，但我們認為我們的平台在中期可以擴展到許多其他類別。在 2021 年，我們通過增加自動化來進一步創新我們的運營，將服裝分類成 26 種獨特的清潔方法，以最大限度地提高每件服裝的使用壽命。這些創新使我們能夠提高運營效率並增加服裝的盈利能力。在第三季度，我們還擴展了我們的送貨服務，包括在 5 個主要城市推出上門取貨，這使我們的客戶更容易將物品退回給我們，並且比傳統的退貨方式對我們來說成本更低。自推出以來，我們已經看到這些市場中超過 1/3 的客戶使用在家取貨服務。

With that overview, let me turn to what we're seeing in the current market environment, which is factored into our Q4 outlook. We believe we're seeing clear indications that our customers have adapted to a new hybrid world in which COVID is still present, but fashion is as important as ever. We've been successful at diversifying how our subscribers use RTR as 50% of her use cases are for more casual occasions. We carefully monitored the Delta variant and have been pleased with our growth in Q2 and Q3 as the Delta variant spread and peaked throughout the U.S. To date, we've seen a similar trend that Omicron is not specifically impacting customer demand or engagement patterns. With fewer holiday and special events due to COVID generally, we also believe we will benefit from pent-up demand for special events and leisure travel that have been backlogged into 2022 and 2023 as well as return to offices that have been pushed to 2022.

有了這個概述，讓我轉向我們在當前市場環境中看到的情況，這也是我們第四季度展望的因素。我們相信，我們看到明確的跡象表明，我們的客戶已經適應了一個新的混合世界，在這個世界中，新冠病毒仍然存在，但時尚與以往一樣重要。我們已經成功地使我們的訂閱者使用 RTR 的方式多樣化，因為她 50% 的用例是用於更休閒的場合。我們仔細監控了 Delta 變體，並且對我們在第二季度和第三季度的增長感到滿意，因為 Delta 變體在美國蔓延並達到頂峰。迄今為止，我們已經看到了類似的趨勢，即 Omicron 並未具體影響客戶需求或參與模式。由於 COVID 導致的假期和特殊活動普遍減少，我們還相信我們將受益於對特殊活動和休閒旅行的被壓抑的需求，這些需求已積壓到 2022 年和 2023 年，以及返回辦公室已推遲到 2022 年。

We are seeing that all major metros throughout the U.S. are back to approximately 90% or more of their pre-COVID subscriber count with the exception of New York, D.C., and San Francisco. Many major markets in the South Atlantic, South and Mountain regions are significantly larger than they were pre-COVID, demonstrating our increased relevance to a new audience. The geographic distribution of our subscriber base continues to diversify as subscribers outside of our top 20 markets now comprise 29% of our subscribers up from 23% pre-COVID.

我們看到，除紐約、哥倫比亞特區和舊金山外，美國所有主要地鐵站的訂戶數量都恢復到了新冠疫情之前的大約 90% 或更多。南大西洋、南部和山區的許多主要市場比 COVID 之前要大得多，這表明我們與新受眾的相關性增加了。我們的用戶群的地理分佈繼續多樣化，因為我們前 20 個市場以外的用戶現在占我們用戶的 29%，高於 COVID 之前的 23%。

To sum up, we're very excited about what we've built and the opportunities ahead. As of the end of Q3, we have 87% of the active subscribers we had at year-end 2019. And that's at a time when we're still in the very early stages of return to work and the resumption of major social events. We have a larger presence in many more markets than we did in 2019, and our subscription margins are substantially better. We are excited about the significant opportunity ahead because we believe that women care about making more sustainable choices, want to experience more variety and own less, want more convenience and care about financial value. We only need to capture a very small share of our opportunity set to be a very large business, and we're confident that our value proposition positions us to capture much more than that over time.

總而言之，我們對我們已經建立的東西和未來的機會感到非常興奮。截至第三季度末，我們擁有 2019 年底的 87% 的活躍訂閱者。而此時我們仍處於重返工作崗位和恢復重大社會活動的早期階段。與 2019 年相比，我們在更多市場的影響力更大，而且我們的訂閱利潤率也大大提高。我們對未來的重大機遇感到興奮，因為我們相信女性關心做出更可持續的選擇，想要體驗更多的多樣性和擁有更少的東西，想要更多的便利並關心財務價值。我們只需要抓住一小部分機會就可以成為一家非常大的企業，我們相信我們的價值主張使我們能夠隨著時間的推移獲得更多的機會。

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

有了這個，我會把它交給斯嘉麗。

Thanks, Jen. And thanks again, everyone, for joining us. I will provide an overview of our third quarter results for fiscal 2021, and then follow the guidance for the fourth quarter and the full year 2021. Before I get into the numbers, let me remind everyone of our roadmap for how we plan to drive shareholder value. Subscriber growth and engagement will drive revenue growth. The combination of strong unit economics, improving fulfillment efficiencies and operating leverage from increased scale is expected to drive improving margins and profitability. Margin increases, combined with increasing capital efficiency in our product acquisition will drive improving free cash flow.

謝謝，珍。再次感謝大家加入我們。我將概述我們 2021 財年第三季度的業績，然後遵循第四季度和 2021 年全年的指導。在我進入數字之前，讓我提醒大家我們計劃如何推動股東的路線圖價值。訂戶增長和參與度將推動收入增長。強勁的單位經濟性、提高的履行效率和規模擴大帶來的經營槓桿預計將推動利潤率和盈利能力的提高。利潤率的提高，加上我們產品收購中資本效率的提高，將推動自由現金流的改善。

Let's start with subscribers. We had a strong Q3 and ended the quarter with 116,800 active subscribers, up 78% year-over-year and up 20% versus the end of Q2. We had 150,100 total subscribers at the end of Q3, representing 101% of total subscribers at the end of fiscal '19. We continue to see a high proportion of our subscribers joining the $135 eight-unit program. Historically, approximately 50% of acquired subs were former reserve or subscription customers and this quarter, this percentage was 62%, showing our success in reactivating former customers and the stickiness of our subscription products. As is typical in the third quarter, we saw a strong seasonal acquisition, which was higher than total acquisition in Q3 of '19. We saw strength in all channels and were especially strong at reactivating churn subscribers from fiscal '19 cohorts. Our investments in our content marketing, media and our referral product have bolstered organic acquisition, which was roughly in line with Q3 2019 levels.

讓我們從訂閱者開始。我們在第三季度表現強勁，在本季度末有 116,800 名活躍用戶，同比增長 78%，與第二季度末相比增長 20%。截至第三季度末，我們共有 150,100 名訂戶，佔 19 財年末總訂戶的 101%。我們繼續看到很大比例的訂戶加入了價值 135 美元的八單元計劃。從歷史上看，大約 50% 的收購訂閱者是前儲備或訂閱客戶，而本季度這一比例為 62%，這表明我們成功地重新激活了以前的客戶以及我們訂閱產品的粘性。與第三季度的典型情況一樣，我們看到了強勁的季節性收購，高於 19 年第三季度的總收購。我們在所有渠道中都看到了實力，並且在重新激活 '19 財年同類群組中的流失訂戶方面尤其強大。我們對內容營銷、媒體和推薦產品的投資促進了自然收購，這與 2019 年第三季度的水平大致相符。

We also did a brand awareness campaign in Q3, which drove more than a 10% lift in traffic during the campaign. 22% of total subscribers at the end of Q3 were in a pause mode. Paused subscribers are automatically rebuilt in 30 days unless they choose to re-pause making pausers the very bottom of our acquisition funnel and a great signal of short-term growth. Total revenue was $59 million for Q3, up 66% year-over-year and up 26% from Q2. Rental revenue represented 92% of total revenue and increased 78% versus the same period last year. We continue to see high engagement from our subscribers with average revenue per subscriber higher in Q3 versus Q2, both on rental revenue as well as resale revenue. Reserve is not back to 2019 levels, given fewer large events being planned, and we expect this dynamic to persist into Q4.

我們還在第三季度開展了品牌知名度活動，該活動在活動期間推動了超過 10% 的流量提升。在第三季度末，22% 的總訂閱者處於暫停模式。暫停的訂閱者會在 30 天內自動重建，除非他們選擇重新暫停，使暫停者成為我們獲取渠道的最底部和短期增長的重要信號。第三季度總收入為 5900 萬美元，同比增長 66%，比第二季度增長 26%。租金收入佔總收入的 92%，較去年同期增長 78%。我們繼續看到訂戶的高參與度，第三季度每訂戶的平均收入高於第二季度，包括租金收入和轉售收入。鑑於計劃中的大型活動較少，儲備沒有回到 2019 年的水平，我們預計這種動態將持續到第四季度。

Shifting to our costs and margins. Fulfillment cost is an important way to understand our efficiency in shipping items to and from customers as well as restoring returned items. We continue to see improvement in this metric. Fulfillment costs were $19.2 million or 33% of revenue in Q3 compared with 31% in the same quarter last year and 52% in the same quarter of 2019. The significant reduction as a percent of revenue since 2019 is largely due to the structural changes we made to our subscription programs and to improve fulfillment efficiencies. When compared to Q3 of 2020, fulfillment costs as a percent of revenue increased 160 basis points as we benefited last year from lower shipments during COVID, while most subscribers were paying the higher price of our prior unlimited program. As we had anticipated, like many companies, we started to see transportation headwinds during Q3 with price increases from national carriers, and we expect to see the full impact of these headwinds in Q4 and fiscal '22.

轉向我們的成本和利潤。履行成本是了解我們在與客戶之間運送物品以及恢復退回物品的效率的重要方式。我們繼續看到該指標有所改善。第三季度的履行成本為 1920 萬美元，佔收入的 33%，而去年同期為 31%，2019 年同期為 52%。自 2019 年以來佔收入的百分比顯著下降主要是由於我們的結構性變化用於我們的訂閱計劃並提高履行效率。與 2020 年第三季度相比，履行成本佔收入的百分比增加了 160 個基點，因為我們去年受益於 COVID 期間出貨量下降，而大多數訂戶支付了我們之前無限計劃的更高價格。正如我們所預期的那樣，與許多公司一樣，我們在第三季度開始看到運輸逆風，國家航空公司的價格上漲，我們預計在第四季度和 22 財年看到這些逆風的全面影響。

We have implemented several strategies to mitigate rising transportation costs. The first is reducing our dependence on national carriers and moving towards regional carriers, local couriers and consolidation play. At the beginning of '21, approximately 70% of outbound shipments were sent via national carriers, and we reduced it to 52% in October. You just heard about at-home pickup. Third, in Q3, we opened 2 inbound consolidation centers in Nashville and San Francisco, where we direct a portion of our return shipments and consolidate them to reduce shipping costs. In terms of rising labor costs, we have been increasing wage rates in our fulfillment centers over the past several years and increased them further in the last 2 quarters. We expect to continue to be impacted by rising labor costs as we communicated during our IPO.

我們已經實施了幾項策略來緩解不斷上漲的運輸成本。首先是減少我們對國家承運人的依賴，轉向區域承運人、本地快遞公司和整合業務。 21 年初，大約 70% 的出境貨物是通過國內承運商發送的，而我們在 10 月份將其降至 52%。您剛剛聽說了上門取貨。第三，在第三季度，我們在納什維爾和舊金山開設了 2 個入站整合中心，我們將部分退貨貨物集中在那裡，以降低運輸成本。在勞動力成本上升方面，過去幾年我們一直在提高履行中心的工資率，並在過去兩個季度進一步提高。正如我們在首次公開募股期間所傳達的那樣，我們預計將繼續受到勞動力成本上升的影響。

We have proactively begun to address this over the past 12 months by automating additional elements of our operation and implementing process enhancements to improve productivity. Labor processing cost per unit in Q3 is down significantly versus Q3 of 2019. And we expect to see further improvements as we continue to invest in conveyance, robotics, RFID and the digitization of garment data. Gross profit during Q3 was $19.9 million compared with $2.4 million in the same period last year. Representing a gross margin of 34% versus 7% in Q3 last year and 14% in Q3 of '19. This is the result of driving structural subscription program changes, strong fulfillment efficiencies and total product costs on the P&L at 34% of revenue during Q3 compared with 62% in the same period last year. We increased product spend during the quarter as Q1 and Q3 are typically when we see our higher purchases.

在過去的 12 個月中，我們通過自動化我們運營的其他元素並實施流程增強以提高生產力來主動解決這個問題。與 2019 年第三季度相比，第三季度的每單位人工處理成本顯著下降。隨著我們繼續投資於運輸、機器人技術、RFID 和服裝數據的數字化，我們預計會看到進一步的改進。第三季度的毛利潤為 1990 萬美元，而去年同期為 240 萬美元。毛利率為 34%，而去年第三季度為 7%，19 年第三季度為 14%。這是由於推動結構性訂閱計劃的變化、強大的履行效率和損益表的總產品成本在第三季度佔收入的 34%，而去年同期為 62%。我們在本季度增加了產品支出，因為第一季度和第三季度通常是我們看到更高購買量的時候。

Our lower total product cost as a percent of revenue versus last year, reflects revenue being more rightsized relative to product on hand and higher capital-light product acquisition. As Jen mentioned, we expect 56% of units acquired this year to be through non-wholesale channels, up from 54% in 2020 and meaningfully up from 26% in 2019. We estimate 22% of acquisition to be via Exclusive Designs, up from 11% in 2019. These units are owned and depreciated similar to the accounting for wholesale units; however, they cost approximately 50% of wholesale cost. We also expect 34% of units acquired this year to be via Share by RTR, up from 15% in 2019. Share by RTR is our consignment model. So these units are not in capital expenditures and instead are paid for, over time, primarily through performance-based revenue share reflected on the P&L. Share by RTR provides a significant cash flow benefit compared to wholesale units, which need to be paid for entirely upfront.

與去年相比，我們的總產品成本佔收入的百分比較低，這反映了相對於現有產品而言，收入規模更加合理，並且資本輕產品採購量增加。正如 Jen 所提到的，我們預計今年收購的 56% 的單位將通過非批發渠道，高於 2020 年的 54%，明顯高於 2019 年的 26%。我們估計 22% 的收購將通過 Exclusive Designs，高於2019 年為 11%。這些單位的自有和折舊類似於批發單位的會計處理；但是，它們的成本約為批發成本的 50%。我們還預計，今年收購的 34% 的單位將通過 RTR 共享，高於 2019 年的 15%。RTR 共享是我們的寄售模式。因此，這些單位不計入資本支出，而是隨著時間的推移主要通過反映在損益表上的基於績效的收入份額來支付。與批發單位相比，RTR 分享提供了顯著的現金流收益，批發單位需要完全預先支付。

Our total operating expenses that includes marketing, technology and G&A were $59.4 million for Q3. This includes a $14.4 million onetime noncash charge associated with the satisfaction of the liquidity-based vesting conditions for certain RSUs upon our IPO. Excluding that charge, our operating expenses were $45 million, representing 76% of revenue compared with 79% in Q2 and 81% in Q3 of last year, demonstrating our increased ability to absorb our fixed costs with higher revenue. A couple of highlights on some of these line items. In Q3, we spent $8.8 million in marketing, excluding employee-related costs or 15% of total revenue, with the brand campaign impacting marketing as a percent of revenue by 4 percentage points. We feel confident in our ability to scale marketing beneficially given the lifetime value and higher profitability of customers with our new subscription programs.

我們第三季度的總運營費用（包括營銷、技術和 G&A）為 5940 萬美元。這包括一筆 1440 萬美元的一次性非現金費用，該費用與我們 IPO 時滿足某些 RSU 的基於流動性的歸屬條件相關。不計該費用，我們的運營費用為 4500 萬美元，佔收入的 76%，而去年第二季度和第三季度分別為 79% 和 81%，這表明我們通過更高的收入吸收固定成本的能力有所增強。其中一些訂單項的幾個亮點。在第三季度，我們在營銷上花費了 880 萬美元，不包括與員工相關的成本或總收入的 15%，品牌活動對營銷的影響佔收入的百分比提高了 4 個百分點。鑑於我們的新訂閱計劃可為客戶帶來終身價值和更高的盈利能力，我們對我們擴大營銷規模的能力充滿信心。

Our plan is to keep marketing spend at approximately 10% of revenue annually, though there may be quarterly fluctuations. We expect continued strong organic acquisition. You may see us lean more on marketing opportunistically to capture market share, and we will be disciplined about our spend. With respect to technology and G&A, we will continue to invest, though we anticipate significant cost leverage as we scale, as these investments are largely fixed. As a reminder, our existing infrastructure has the operational capacity to support 5x today's active subscriber count. So we have a lot of runway without significant incremental investment in facilities. We've also begun to incur some new public company costs, most of which will hit in Q4 and in fiscal '22.

我們的計劃是將營銷支出保持在每年收入的 10% 左右，儘管可能存在季度波動。我們預計持續強勁的有機收購。您可能會看到我們更多地依靠機會主義的營銷來獲取市場份額，並且我們將嚴格控制我們的支出。在技術和 G&A 方面，我們將繼續投資，儘管我們預計隨著規模的擴大，成本槓桿率會很高，因為這些投資在很大程度上是固定的。提醒一下，我們現有的基礎架構具有支持 5 倍於當今活躍用戶數量的運營能力。所以我們有很多跑道，但沒有對設施進行大量增量投資。我們還開始產生一些新的上市公司成本，其中大部分將在第四季度和 22 財年出現。

Now let's move to adjusted EBITDA, which adds back product depreciation and it's how we measure cash profit from operations available to cover operating expenses. This measure excludes the cash cost of our owned rental product, which is captured in capital expenditures and reflected in free cash flow. I'll come back to free cash flow in a minute. Adjusted EBITDA for Q3 was negative $5.6 million versus negative $5.4 million in the same period last year, representing negative 9.5% margin versus negative 15.2% margin last year. We believe we remain on the trajectory to achieve adjusted EBITDA breakeven in 4 to 6 quarters. In terms of other items to call out in the P&L, in Q3, we incurred a $17.4 million loss on the revaluation of prior lender warrants that were remeasured concurrent with the IPO. This loss was noncash and nonrecurring. We also incurred a nonrecurring $12.2 million loss on the extinguishment of debt paid down concurrent with the IPO. This expense was primarily noncash.

現在讓我們轉向調整後的 EBITDA，它增加了產品折舊，這就是我們衡量可用於支付運營費用的運營現金利潤的方式。該指標不包括我們自有租賃產品的現金成本，該成本計入資本支出並反映在自由現金流中。我會在一分鐘內回到自由現金流。第三季度調整後的 EBITDA 為負 560 萬美元，而去年同期為負 540 萬美元，利潤率為負 9.5%，而去年為負 15.2%。我們相信我們仍將在 4 至 6 個季度內實現調整後的 EBITDA 盈虧平衡。在損益表中提到的其他項目方面，在第三季度，我們因對與 IPO 同步重新計量的先前貸方認股權證的重估而蒙受了 1740 萬美元的損失。這種損失是非現金和非經常性的。我們還因與 IPO 同步償還的債務清償而蒙受了 1220 萬美元的非經常性損失。這筆費用主要是非現金費用。

Moving over to the balance sheet and cash flow statement. Concurrent with our IPO, we reduced our total debt by 1/3 or $141 million. That includes all of our prior first-lien debt and $60 million of principal on our remaining facility. We evaluate on an ongoing basis how we can continue to improve our debt position in terms. We ended the quarter with $279 million in cash and cash equivalents, which includes $181 million in net proceeds from our IPO and after the repayment of debt and deal expenses, some of which will get paid in Q4. Note that per GAAP the product CapEx in our cash flow statement only reflects items that have been paid for during the period. We included supplemental information so you can calculate total products acquired in the period regardless of payment timing and a reconciliation in our earnings deck. Year-to-date, total purchases of rental products were $24 million, including amounts not paid for in the period or 17% of revenue compared with $52 million and 42% of revenue in the same period of fiscal '20.

轉到資產負債表和現金流量表。在首次公開募股的同時，我們將總債務減少了 1/3 或 1.41 億美元。這包括我們之前所有的第一留置權債務和我們剩餘設施的 6000 萬美元本金。我們會持續評估如何才能繼續改善我們的債務狀況。我們在本季度末擁有 2.79 億美元的現金和現金等價物，其中包括 1.81 億美元的 IPO 淨收益以及償還債務和交易費用後，其中一些將在第四季度支付。請注意，根據 GAAP，我們現金流量表中的產品資本支出僅反映該期間已支付的項目。我們包含了補充信息，因此您可以計算該期間獲得的總產品，而不管付款時間和我們的收益表中的對賬如何。年初至今，租賃產品的總購買量為 2400 萬美元，其中包括當期未支付的金額或收入的 17%，而 20 財年同期為 5200 萬美元和收入的 42%。

We do note that in fiscal '21, our total product spend percentage of revenue is benefiting from excess products on hand relative to subscriber count due to COVID, and we expect this percentage to increase in fiscal '22. Coming back to free cash flow. We define this as net cash used in operating activities plus net cash used in investing activities, and we're focused on reaching free cash flow breakeven in the medium term. Free cash flow as a percent of revenue improved to negative 24% for the first 9 months of fiscal '21 compared with negative 64% in fiscal '20 and negative 69% in fiscal '19. Our differentiated business model works to our advantage in the current macro environment, and we believe that this provides a unique growth opportunity. First, we have a large assortment of items, both in terms of quantity and selection to support customer growth. We are not constrained from an inventory standpoint like many others in the apparel space.

我們確實注意到，在 21 財年，我們的總產品支出佔收入的百分比受益於由於 COVID 導致的相對於訂戶數量的過剩產品，我們預計這一百分比將在 22 財年增加。回到自由現金流。我們將其定義為經營活動中使用的淨現金加上投資活動中使用的淨現金，我們專注於在中期實現自由現金流盈虧平衡。與 20 財年的負 64% 和 19 財年的負 69% 相比，在 21 財年的前 9 個月，自由現金流佔收入的百分比提高到負 24%。我們差異化的商業模式在當前的宏觀環境中發揮了我們的優勢，我們相信這提供了獨特的增長機會。首先，我們有各種各樣的商品，無論是數量還是選擇上，都可以支持客戶的增長。從庫存的角度來看，我們不像服裝領域的許多其他公司那樣受到限制。

And we are significantly less exposed to risks from late deliveries because we already have tremendous selection acquired in prior years that we monetize over many years. Given that consumers are challenged finding enough apparel selection in traditional retail and e-commerce channels, we believe they may turn to Rent the Runway where our selection is as high as ever.

而且我們面臨的延遲交付風險顯著降低，因為我們已經在前幾年獲得了大量選擇，這些選擇可以通過多年貨幣化。鑑於消費者在傳統零售和電子商務渠道中難以找到足夠的服裝選擇，我們相信他們可能會轉向我們的選擇一如既往的多的 Rent the Runway。

Secondly, with pricing of quality apparel sector meaningfully higher than it's been in recent years, we believe the relative value proposition to the consumer of a Rent the Runway subscription is better than it's ever been. Taken together, we believe these macro dynamics create even more of a reason for consumers to turn to Rent the Runway and see this as a chance to accelerate market share gains.

其次，隨著優質服裝行業的定價顯著高於近年來，我們認為 Rent the Runway 訂閱對消費者的相對價值主張比以往任何時候都要好。總而言之，我們認為這些宏觀動態為消費者提供了更多理由轉向 Rent the Runway，並將其視為加速市場份額增長的機會。

Now I'd like to shift gears to guidance. We remain focused on driving subscriber growth and increased engagement of our subscriber base and expect to see continued growth in Q4. Our seasonality patterns are back to pre-COVID levels, where subscriber acquisition is typically higher in Q3 versus Q4. As Jen noted, we are seeing fewer large-scale holiday and special events than we typically saw during Q4 pre-COVID, which we expect to impact both subscription and reserve bookings. And finally, we are closely watching COVID and the Omicron variant and potential impact.

現在我想換檔指導。我們仍然專注於推動用戶增長和增加用戶群的參與度，並預計第四季度將繼續增長。我們的季節性模式回到了 COVID 之前的水平，第三季度的訂戶獲取量通常高於第四季度。正如 Jen 所指出的，我們看到的大型假期和特殊活動比我們通常在第四季度 COVID 之前看到的要少，我們預計這會影響訂閱和預訂預訂。最後，我們正在密切關注 COVID 和 Omicron 變體以及潛在影響。

For Q4, we expect ending active subscribers of 121,000 to 122,000, representing 122% year-over-year growth at the midpoint. For revenue, we expect Q4 at $62.8 million to $63.3 million, representing 88% year-over-year growth at the midpoint. For full year 2021, at the midpoint, this represents 28% year-over-year growth and 77% growth for the second half of 2021 versus the second half of 2020.

對於第四季度，我們預計期末活躍用戶為 121,000 至 122,000，中點同比增長 122%。對於收入，我們預計第四季度為 6280 萬美元至 6330 萬美元，中點同比增長 88%。對於 2021 年全年，在中點，這意味著 2021 年下半年與 2020 年下半年相比，同比增長 28% 和 77%。

For adjusted EBITDA for Q4, we expect a negative 8% adjusted EBITDA margin. And for the full year 2021, we expect an adjusted EBITDA margin of negative 9%. We plan to guide to full year 2022 numbers on our Q4 call next year. Our philosophy continues to be to balance growth and profitability as we invest in the long-term value of Rent the Runway.

對於第四季度調整後的 EBITDA，我們預計調整後的 EBITDA 利潤率為負 8%。對於 2021 年全年，我們預計調整後的 EBITDA 利潤率為負 9%。我們計劃在明年的第四季度電話會議上指導 2022 年全年數字。在我們投資於 Rent the Runway 的長期價值時，我們的理念仍然是平衡增長和盈利能力。

I'd like to end by introducing our new VP of Investor Relations, Janine Stichter who just joined us from Jefferies, where she was a senior research analyst covering retail, apparel and footwear. Welcome, Janine.

最後，我想介紹一下我們新的投資者關係副總裁 Janine Stichter，她剛從 Jefferies 加入我們，她是零售、服裝和鞋類的高級研究分析師。歡迎，珍妮。

And with that, I'd like to hand it back to Jen.

有了這個，我想把它交還給 Jen。

This is the beginning of a new chapter for Rent the Runway. Thank you to our team members, past and present for building a pioneering company that is poised to capture a market that's inevitable, a more sustainable, affordable, asset-light and joyful way to get dressed. Thank you. We're looking forward to hearing your questions.

這是 Rent the Runway 新篇章的開始。感謝我們的團隊成員，過去和現在，他們建立了一家開創性的公司，準備佔領一個不可避免的市場，一種更可持續、更實惠、資產更輕、更快樂的著裝方式。謝謝你。我們期待聽到您的問題。

(Operator Instructions) Our first question comes from the line of Eric Sheridan with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Eric Sheridan。

And thanks for all the detail on the conference call. Maybe if we could take a step back and think about the drivers of growth going forward as we move out of '21 and into '22. I want to understand how you're thinking about the levers that are within your control like allocating marketing dollars and improving funnel conversion versus the things that maybe are outside of your control, like return to work or return of large events. And how we should be thinking about those variables as we look out over the next sort of 12 to 24 months in terms of thinking through subscriber growth? Appreciate it.

感謝電話會議的所有細節。也許我們可以退後一步，考慮一下我們從 21 年進入 22 年時的增長驅動力。我想了解您如何考慮您可以控制的槓桿，例如分配營銷資金和提高渠道轉化率，而不是您可能無法控制的事情，例如重返工作崗位或返回大型活動。以及在考慮訂閱用戶增長的未來 12 到 24 個月時，我們應該如何考慮這些變量？欣賞它。

Yes. Thanks, Eric. So there's basically 3 main ways we grow our subscribers and we saw strength across all during the quarter. The first way is reengaging our funnel of former customers and partners. And as we just discussed, we've had 400,000 customers over the past 12 months and this funnel is growing, and we expect it will continue to grow with events coming back and the macro environment normalizing.

是的。謝謝，埃里克。因此，我們基本上有 3 種主要方式來增加我們的訂戶，並且我們在本季度看到了所有方面的實力。第一種方法是重新吸引我們以前的客戶和合作夥伴的渠道。正如我們剛剛討論的那樣，在過去的 12 個月中，我們已經擁有 400,000 名客戶，而且這個漏斗正在增長，我們預計隨著事件的回歸和宏觀環境的正常化，它將繼續增長。

We were particularly strong in Q3 at reactivating churn subscribers from our fiscal 2019 cohorts. The second way we grow is organic acquisition. A large majority of our customers come to us organically, and that's not by accident. So we've made investments into content, media and community to ensure organic growth rate remains strong, and we continue to see strong organic acquisition.

我們在第三季度特別強勁地重新激活了 2019 財年的流失用戶。我們成長的第二種方式是有機收購。我們的大部分客戶自然而然地來到我們這裡，這絕非偶然。因此，我們對內容、媒體和社區進行了投資，以確保有機增長率保持強勁，我們繼續看到強勁的有機收購。

In fact, in Q3, organic acquisition was roughly flat with Q3 of 2019. And then the third way we grow is by paid acquisitions. So we turned back on our marketing engine after the pause we took in 2020, and we continue to see that the marketing investments drove productive results in line with 2019.

事實上，在第三季度，有機收購與 2019 年第三季度大致持平。然後我們增長的第三種方式是付費收購。因此，我們在 2020 年暫停後重新啟動了營銷引擎，我們繼續看到營銷投資推動了與 2019 年一致的生產成果。

We also successfully diversified our channel mix and saw early success with OTT and a brand campaign that drove a 10% traffic lift to the site. So we intend to make both of these part of our mix going forward. So these 3 channels are largely proven strategies for us.

我們還成功地多元化了我們的渠道組合，並通過 OTT 和品牌活動取得了早期成功，該活動推動了 10% 的網站流量提升。所以我們打算讓這兩個部分成為我們未來組合的一部分。因此，這 3 個渠道對我們來說在很大程度上是經過驗證的策略。

Our next question comes from the line of Lauren Schenk with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Lauren Schenk。

This is Nathan Feather on for Lauren. Just on the at-home pickup offering, can you help contextualize the difference in margin between that and other inbound methods? And then with customer adoption already above 1/3, how high do you think that could go? And then lastly, how many markets do you believe you have the subscriber density to grow the profit there?

這是勞倫的內森羽毛。僅就在家提貨服務而言，您能否幫助了解該方法與其他入站方法之間的利潤差異？然後，隨著客戶採用率已經超過 1/3，您認為這可以達到多高？最後，您認為您有多少市場的用戶密度可以增加那裡的利潤？

Thanks, Nathan. So from a cost standpoint, we found that the at home pickup is actually much more cost effective for us. This is why we're really pleased with the early results that we've seen over this past quarter. We're already in 5 markets, as you heard us talk about, and we do plan on increasing that. We already have a higher number that we're at today, and we plan to do even more of that, especially as a way to combat some of these increases that we're seeing in the industry from a transportation standpoint.

謝謝，內森。因此，從成本的角度來看，我們發現在家取貨實際上對我們來說更具成本效益。這就是為什麼我們對過去一個季度看到的早期結果感到非常滿意的原因。正如您所聽到的，我們已經進入了 5 個市場，並且我們確實計劃增加這一點。我們已經擁有比今天更高的數量，我們計劃做更多的事情，特別是作為一種從運輸的角度對抗我們在行業中看到的這些增長的一種方式。

Interestingly, the markets that we launched at-home pickup in, one of those markets being Los Angeles, are not dense markets. And we've seen the most success in markets that are not dense because at-home pickup becomes even more convenient for you if you would have otherwise had to drive a few minutes to get to a Dropbox or a UPS return point. So we see application for at-home pickup in not only many cities around the country, but also expanding into suburban regions as well.

有趣的是，我們推出的家庭取貨市場（其中一個市場是洛杉磯）並不是密集的市場。我們已經看到在不密集的市場中取得了最大的成功，因為如果您不得不開車幾分鐘才能到達 Dropbox 或 UPS 退貨點，那麼在家取貨對您來說變得更加方便。因此，我們不僅在全國許多城市看到了上門取貨的應用，而且還擴展到郊區。

Our next question comes from the line of Ross Sandler with Barclays.

我們的下一個問題來自巴克萊銀行的羅斯桑德勒。

It's [Ross] on for Ross. Just one question, Jen, high level on exclusive designs. You said there are 22% of items acquired right now. How big can that figure become long term? And is there like a natural limit in terms of the size of how big exclusives could be for you guys?

這是羅斯的[羅斯]。仁，獨家設計的高水平，只有一個問題。你說現在有 22% 的物品被收購。從長遠來看，這個數字能有多大？對於你們來說，獨家產品的規模是否存在自然限制？

And then the second question, more of a nitpicky near-term one for Scarlett. The 4Q sub guidance 122,000 active assumes like a pretty small 5,000 net adds, pretty well below the last 3 quarter average. So is there some conservatism in that? Or is there like some catch-up factor that's happening these last couple of quarters that you don't have in the fourth quarter. We know you're running some holiday promos. So just any color on that active sub guide for 4Q?

然後是第二個問題，對於斯嘉麗來說，這是一個更挑剔的近期問題。第四季度的子指引 122,000 活躍假設像一個很小的 5,000 淨增加，遠低於過去 3 個季度的平均水平。那麼這其中有一些保守主義嗎？或者在最後幾個季度發生了一些你在第四季度沒有的追趕因素。我們知道您正在進行一些假日促銷活動。那麼對於 4Q 的活動子指南有什麼顏色嗎？

Thanks, Ross. Why don't I start with the second part of the question first. So in terms of our guidance, our seasonality patterns as we said, are back to pre-COVID levels. And we've typically seen that subscriber acquisition is higher in Q3 versus Q4.

謝謝，羅斯。我為什麼不先從問題的第二部分開始。因此，就我們的指導而言，我們所說的季節性模式已經回到了 COVID 之前的水平。我們通常看到第三季度的訂戶獲取量高於第四季度。

In Q4, the growth of both of our reserve and our subscription business historically centers around customers having a lot to do in their social lives, gathering for large holiday events, traveling, going to shows and big parties. So we obviously are still showing growth for Q4, but likely not as much as we would have seen if more of these large-scale events were happening, which are more typical in this time frame.

在第四季度，我們的預訂業務和訂閱業務的增長歷來都圍繞在社交生活中有很多事情要做的客戶、為大型假日活動聚會、旅行、參加演出和大型派對的客戶。因此，我們顯然仍顯示第四季度的增長，但如果發生更多此類大型事件，可能不會像我們所看到的那樣多，這在這個時間範圍內更為典型。

So we're excited to guide to a 6% to 7% quarter-over-quarter revenue growth for Q4. And we do expect, as Jen said, that there will likely be a backlog of social events into 2022 and 2023.

因此，我們很高興指導第四季度的收入環比增長 6% 至 7%。正如 Jen 所說，我們確實預計到 2022 年和 2023 年，社交活動可能會積壓。

And then in terms of the guidance around the exclusive designs, we are estimating to be at 22% as you just heard for this full year. And we do believe, as Jen just mentioned, that we're on a good path to get to 1/3, 1/3, 1/3 across our 3 acquisition channels.

然後就獨家設計的指導而言，我們估計這一年的比例為 22%。正如 Jen 剛剛提到的，我們確實相信，我們正在通過 3 個收購渠道達到 1/3、1/3、1/3 的良好道路。

We obviously have quite a lot of visibility into our spring '22 orders already since we've already placed a number of them. So we know where our expectations are going to be for '22, both in terms of overall mix as well as our exclusive design partners. So we'll share more on that front in our Q4 earnings call.

我們顯然已經對我們的 22 年春季訂單有了相當多的了解，因為我們已經下了很多訂單。因此，我們知道我們對 22 年的期望，無論是在整體組合方面，還是在我們的獨家設計合作夥伴方面。因此，我們將在第四季度財報電話會議上分享更多這方面的信息。

And in terms of how big this could be over time, of course, over the long term, if we see continued success in exclusive designs, it could be far larger because this is something that's great for our customers, great for our brands and great for us.

當然，從長遠來看，如果我們看到獨家設計的持續成功，它可能會隨著時間的推移有多大，它可能會更大，因為這對我們的客戶、對我們的品牌和偉大為我們。

Our next question comes from the line of Michael Binetti with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Binetti。

Jen, I just wanted -- I want to hear maybe a little bit on -- I know I think Eric asked about this a little bit, but plans for marketing and the reopen in the first half of '22. I know we talked through the IPO about having a big installed base of 2.5 million customers in your full database which we have versus the -- just over 100,000 in the subscriber program.

珍，我只是想——我想听聽一點——我知道我認為埃里克問過這個問題，但計劃在 22 年上半年進行營銷和重新開放。我知道我們通過 IPO 討論過，在您的完整數據庫中擁有 250 萬客戶的龐大安裝基礎，而訂閱者計劃中只有超過 100,000 客戶。

It seems like -- you mentioned a few comments that it was -- you've had a lot of luck taking those customers that know you and converting them into the subscriptions. I'm curious how the marketing to them will look in the first half as we move in the reopening.

看起來——你提到了一些評論——你很幸運地把那些認識你的客戶轉化為訂閱。我很好奇隨著我們重新開放，上半年對他們的營銷會如何。

And then I was also curious on New York being one of the markets you called out at not being quite back at 90% of 2019 levels yet. It just looks like that market is moving back to work and social pretty well. I wonder if there's any pushback that you're seeing that's specific in that market, perhaps legacy unlimited subscribers. Any pushback from them as you pivoted to monthly plans, fixed item monthly plans in the post-COVID world?

然後我也很好奇紐約是你所呼籲的市場之一，它還沒有完全回到 2019 年的 90% 水平。看起來這個市場正在很好地恢復工作和社交。我想知道您是否看到了該市場特有的任何阻力，也許是傳統的無限訂戶。當您轉向月度計劃、後 COVID 世界中的固定項目月度計劃時，他們是否有任何阻力？

Yes. So first for New York, we have been seeing week-over-week growth in the market, and we feel good about it accelerating back to pre-COVID levels. Certainly, just some external data, right now in New York and in San Francisco on any given week day, only 25% and 28% of people are in the office on average. So they're certainly lagging behind in return to office, which probably also indicates their comfort level with social interactions as well.

是的。因此，首先對於紐約，我們看到市場每週都在增長，我們對它加速回到 COVID 之前的水平感到滿意。當然，只是一些外部數據，目前在紐約和舊金山的任何一個工作日，平均只有 25% 和 28% 的人在辦公室。因此，他們在重返辦公室方面肯定落後了，這可能也表明他們對社交互動的舒適程度。

So we do think that we'll benefit from this kind of backlog of events and return to office into 2022 and into 2023. In terms of how we think about specific near-term growth, of course, there's this kind of funnel of our recent customers, we have been very successful in the past at converting not just recent customers, but even customers from prior cohorts into being subscribers.

因此，我們確實認為我們將從這種積壓的事件中受益，並在 2022 年和 2023 年重返辦公室。就我們如何看待具體的近期增長而言，當然，我們最近的這種漏斗客戶，我們在過去非常成功，不僅將最近的客戶轉化為訂閱者，甚至將之前的客戶轉化為訂閱者。

One of the areas that we're going to be investing in, in 2022 is just continued testing of our conversion funnel to get more of our customers to try subscription. We also have historically been focused on core digital marketing channels in the mid- to bottom of funnel, primarily social and Google SEM and we began diversifying a few years ago into new channels like brand ambassadors and affiliate marketing, which have all been efficient for us.

我們將在 2022 年投資的領域之一就是繼續測試我們的轉化渠道，以吸引更多客戶嘗試訂閱。從歷史上看，我們也一直專注於漏斗中下層的核心數字營銷渠道，主要是社交和谷歌 SEM，幾年前我們開始多元化進入品牌大使和聯盟營銷等新渠道，這些渠道對我們都很有效.

And then as we've ramped back our efforts this year, we further diversified our channel mix into YouTube, TikTok, OTT while also adding top of funnel spend. And we feel very good about the results that we're seeing. So I think the combination of all of that gives us a lot of confidence in our guidance.

然後，隨著我們今年加大力度，我們進一步將我們的渠道組合多樣化為 YouTube、TikTok、OTT，同時還增加了渠道支出。我們對所看到的結果感覺非常好。所以我認為所有這些的結合使我們對我們的指導充滿信心。

Sorry, the one last thing I would say is that our loyalty across the board, it's higher for our fixed swap programs than we saw with our previous unlimited program. So that's not playing a part at all in the macro environment.

抱歉，我要說的最後一件事是，我們對固定掉期計劃的忠誠度高於我們之前的無限期計劃。所以這在宏觀環境中根本不起作用。

Our next question comes from the line of Erinn Murphy with Piper Sandler.

我們的下一個問題來自 Erinn Murphy 和 Piper Sandler。

A couple of questions for me. First, maybe just on the guidance for 2021. You guided, Scarlett, with a very tight band of just $500,000 between the top and bottom end. Can you just share a little bit more about your level of visibility and just the predictability that you have in the model, even with 7 to 8 weeks left in the quarter?

我有幾個問題。首先，也許只是關於 2021 年的指導。斯嘉麗，你指導的範圍很窄，在頂端和底端之間只有 500,000 美元。即使本季度還剩 7 到 8 週，您能否分享更多關於您的可見性水平和模型中的可預測性的信息？

And then if there was some upside, do you see it coming more from the top line or the adjusted EBITDA, just given some of your comments around the fourth quarter and kind of the lack of social engagement or some of the holiday parties this quarter?

然後，如果有一些上行空間，您是否認為它更多來自頂線或調整後的 EBITDA，只是給出了您在第四季度的一些評論以及缺乏社交參與或本季度的一些假日派對？

Thanks, Erinn. So in terms the guidance, we do have pretty visibility, obviously. We just also went through the Black Friday, Cyber Monday and saw that perform as we had expected it to, so we had good visibility into that, and that's baked into our numbers as well.

謝謝，艾琳。因此，就指導而言，顯然我們確實有相當的知名度。我們剛剛還經歷了黑色星期五和網絡星期一，並看到了我們預期的表現，所以我們對此有很好的了解，這也反映在我們的數據中。

I think the thing I would come back to is what I was saying, which is really more about these large events and that kind of hampering what we normally see in Q4, historically, more seasonally. Having said that, I thing that we're really excited about, we have the visibility into, is the engagement of the subscribers, right?

我想我會回到我所說的那件事上，這實際上更多是關於這些大型事件，以及那種阻礙我們通常在第四季度看到的東西，從歷史上看，更具季節性。話雖如此，我真的很興奮，我們可以看到訂閱者的參與，對嗎？

So we're seeing that 24% of our subscribers are adding at least another unit, which has been great from an ARPU standpoint, and we're seeing that behavior continuing. So we're really excited about the engagement of the subscribers.

因此，我們看到 24% 的訂戶至少增加了一個單位，從 ARPU 的角度來看，這非常好，而且我們看到這種行為仍在繼續。因此，我們對訂閱者的參與感到非常興奮。

Great. And then maybe just following up on that point, Scarlett. How should we think about the incremental flow-through of that 24% attach rate that are kind of adding that extra item in their cart?

偉大的。然後也許只是跟進這一點，斯嘉麗。我們應該如何考慮 24% 的附加率的增量流通，這相當於在他們的購物車中添加了額外的商品？

Yes. So the way that you should think about that is that typically, when they're adding another item, it's going into an existing shipment. So from a gross margin standpoint, it's actually really good for us, right? It allows us to be able to drive more revenue over a base of cost that's already kind of predefined in the shipment that she's already getting.

是的。因此，您應該考慮的方式通常是，當他們添加另一個項目時，它會進入現有的貨件。所以從毛利率的角度來看，這對我們來說真的很好，對吧？它使我們能夠在她已經收到的貨物中已經預定義的成本基礎上獲得更多收入。

Our next question comes from the line of Ike Boruchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

Jen, Scarlett and Janine, congrats on the first quarter out of the gate. I guess, Scarlett, on fulfillment margin. I mean wanted to kind of go through this a little bit. You guys have done this phenomenal job over the last 2 years, I think, 15, 20 points of scale just from the shift in the offering and some of the strategic changes you guys made.

Jen、Scarlett 和 Janine，恭喜第一節比賽結束。我猜，斯嘉麗，在履行保證金上。我的意思是想稍微了解一下。你們在過去的 2 年裡完成了這項非凡的工作，我認為，僅從產品的轉變和你們所做的一些戰略變化來看，15 到 20 個規模。

So that's great. I guess 2 questions is, one, now you're having some year-over-year pressure because of inflation, which we all understand in the third quarter. Should we expect that inflation or that cost pressure to build in the fourth quarter? What kind of fulfillment margin are we thinking there?

那太好了。我想有兩個問題，一個是，現在你因為通貨膨脹而面臨一些同比壓力，我們在第三季度都明白這一點。我們是否應該預期第四季度會出現通脹或成本壓力？我們在那裡考慮什麼樣的履行邊際？

And then what are the drivers now that we've seen the benefits from that big strategic shift a year or 2 ago? What are the drivers now to get fulfillment margins 70% and above over the medium term?

那麼，既然我們在一兩年前就看到了這一重大戰略轉變的好處，那麼驅動因素是什麼？在中期內實現 70% 及以上的履行利潤率的驅動因素是什麼？

Yes. So maybe I'll start -- I'll kick it off in terms of some of the pressures on the fulfillment margin. I'd say the 2 pressures are transportation and the labor wage rate increases, which we just talked about a moment ago. So we had anticipated both of those macro trends, and we did see that start to show up in our numbers.

是的。所以也許我會開始 - 我會從履行邊際的一些壓力開始。我想說兩個壓力是交通和勞動力工資率的上漲，我們剛才談到了。所以我們已經預料到了這兩種宏觀趨勢，我們確實看到這開始出現在我們的數據中。

As I mentioned, from a wage rate standpoint, this is something that we have been increasing over the last couple of years, and we continue to do that this year. So you should think about the fact that what we're guiding to for EBITDA for this quarter reflects some of those increases and some of those headwinds.

正如我所提到的，從工資率的角度來看，這是我們在過去幾年中一直在增加的東西，今年我們將繼續這樣做。因此，您應該考慮這樣一個事實，即我們對本季度 EBITDA 的指導反映了其中一些增長和一些不利因素。

On the labor side, part of the reason that we are -- we've already begun doing a lot of process improvements in the warehouse is really because we're looking for more efficiencies, right? So that's something, as you know, that we started to do 12 months ago.

在勞動力方面，我們已經開始在倉庫中進行大量流程改進的部分原因實際上是因為我們正在尋找更高的效率，對嗎？如您所知，這就是我們在 12 個月前開始做的事情。

We're going to be doing even more of that, in fact, probably bringing forward some of our plans to do a bit more inbound automation in our warehouse as a way to combat some of those wage pressures. And then maybe I'll turn it over to Jen to talk a little bit about inflation and what we're seeing there.

事實上，我們將做更多這樣的事情，可能會提出我們的一些計劃，在我們的倉庫中進行更多的入站自動化，以應對其中的一些工資壓力。然後也許我會把它交給 Jen 來談談通貨膨脹和我們在那裡看到的情況。

Yes. So we actually believe that the rising prices and inflation in the wider apparel space create a big competitive advantage for Rent the Runway because it makes our financial proposition even more compelling and the prospect of buying something you're only going to wear a few times, even more nonsensical.

是的。因此，我們實際上認為，更廣泛的服裝領域的價格上漲和通貨膨脹為 Rent the Runway 創造了巨大的競爭優勢，因為它使我們的財務主張更具吸引力，並且有可能購買你只會穿幾次的東西，更荒謬。

So we believe, #1, we have pricing power given the significant value that the customer receives, she's receiving 20x the GMV value for her spend. And there's no other place she can get that kind -- this kind of value for her money.

因此，我們相信，#1，鑑於客戶獲得的巨大價值，我們擁有定價權，她的支出獲得了 20 倍的 GMV 價值。而且她沒有其他地方可以得到那種東西——這種物有所值。

And while we don't have plans at this point to increase our program prices, we'll continue to evaluate that over time. And because we're not increasing pricing, again, we believe this makes us very competitive in the market now to gain share.

雖然我們目前沒有計劃提高我們的計劃價格，但我們會隨著時間的推移繼續評估。而且因為我們沒有提高定價，所以我們相信這使我們現在在市場上非常具有競爭力以獲得份額。

Great. And I guess just a quick follow-up. Because of all the pressures that you guys are calling out and again, very macro understood, should we expect fulfillment margins to -- do you have an ability to take them up year-over-year when we get into '22? Should we expect more pressure? Just kind of curious as the direction on the margin itself.

偉大的。我想只是一個快速的跟進。由於你們一再呼籲的所有壓力，非常宏觀地理解，我們是否應該期望履行利潤率 - 當我們進入 22 年時，你們是否有能力逐年提高它們？我們應該期待更大的壓力嗎？就像邊緣本身的方向一樣好奇。

Yes. So over time, we do think that we have an ability to continue to increase fulfillment margins. In the short term, clearly, the macro trends are here, and we are working on transportation strategies and as well some of the transfer -- and some of their labor strategies in the warehouse as well to combat some of that.

是的。因此，隨著時間的推移，我們確實認為我們有能力繼續提高履行利潤率。在短期內，很明顯，宏觀趨勢就在這裡，我們正在研究運輸戰略以及一些轉移——以及他們在倉庫中的一些勞動力戰略，以應對其中的一些。

You can see that we've been successful this quarter in combating some of those macro trends, and we'll continue to do that. And then obviously, from a revenue standpoint, which also impacts fulfillment margin, the fact that ARPU is higher is beneficial to the business as well.

您可以看到，本季度我們成功地應對了其中一些宏觀趨勢，我們將繼續這樣做。然後很明顯，從收入的角度來看，這也會影響履行利潤率，ARPU 較高的事實也有利於業務。

Our next question comes from the line of Andrew Boone with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Andrew Boone。

Two, please for me. First, can we talk about your learnings from the brand marketing campaigns? And then how do we think about that continuing or perhaps growing into 2022?

二，請替我。首先，我們能談談您從品牌營銷活動中學到的東西嗎？那麼我們如何看待這種情況會持續或可能會持續到 2022 年？

And then secondly, as we think about kind of the assortment and selection being 50% casual, how do you guys think about the assortment for 2022 in a reopening world, right? How do you align yourself with what seemingly could be a very varied assortment of what women could want in 2022, just given the trajectory of Omicron and COVID more broadly?

其次，當我們考慮到 50% 隨意的分類和選擇時，你們如何看待在重新開放的世界中 2022 年的分類，對吧？考慮到更廣泛的 Omicron 和 COVID 的發展軌跡，您如何使自己與 2022 年女性可能想要的各種各樣的東西保持一致？

So in terms of how we align our assortment, because of how much data we're getting from our customers real time, we're able to use that to affect what merchandise we're bringing on to our platform. And because we now have these capital-efficient channels, with which to increase our selection and our assortment, it gives us a lot of ability to react very quickly to the market.

因此，就我們如何調整分類而言，由於我們從客戶那裡實時獲得了多少數據，我們能夠利用這些數據來影響我們將哪些商品帶到我們的平台上。而且因為我們現在擁有這些資本效率高的渠道，可以增加我們的選擇和分類，它使我們有很大的能力對市場做出非常快速的反應。

So as an example, in Q3, we saw that the customer wanted -- was favoring very bold styles, very daring styles. She was going out more. She wanted items that were more appropriate for nights out and parties. And we were able to very quickly go to our 780 brand partners and secure the inventory to match her demand patterns.

例如，在第三季度，我們看到客戶想要 - 喜歡非常大膽的款式，非常大膽的款式。她出去的更多了。她想要更適合晚上外出和聚會的物品。我們能夠非常迅速地找到我們的 780 個品牌合作夥伴並確保庫存符合她的需求模式。

And then on our brand campaign, it was one of the first brand campaigns we've run in many years. It was not only successful in driving additional traffic to the site, 10% incremental traffic, but it also upped overall brand awareness. And from that campaign, we are evaluating an always on top of funnel brand spend that we would add into our marketing mix.

然後在我們的品牌活動中，這是我們多年來開展的首批品牌活動之一。它不僅成功地為網站帶來了額外的流量，增加了 10% 的流量，而且還提高了整體品牌知名度。從那次活動中，我們正在評估我們將添加到我們的營銷組合中的漏斗品牌支出。

And then in terms of how we think about marketing overall, Andrew, as we've mentioned, generally speaking, we do intend to see continued strong organic acquisition contributing to growth of subscribers, and we expect to more or less stay close to that 10% of marketing as a percentage of revenue.

然後就我們如何看待整體營銷而言，安德魯，正如我們所提到的，一般來說，我們確實打算看到持續強勁的有機收購有助於訂閱者的增長，我們預計或多或少會接近這 10營銷佔收入的百分比。

Having said that, like you just saw us do in Q3, we will look for opportunities to be able to lean in from time to time. And I would also say that 10%, as I mentioned, is really more of an annual number as you should think about it. There will be some quarterly fluctuations, but we will opportunistically potentially spend a bit more if it makes sense, obviously, continuing to be very disciplined about that.

話雖如此，就像您剛剛在第三季度看到我們所做的那樣，我們會不時尋找機會進行調整。我還要說，正如我所提到的，10% 實際上更像是一個年度數字，你應該考慮一下。會有一些季度波動，但如果有意義的話，我們會機會主義地可能會花更多的錢，顯然，繼續對此非常自律。

Our next question comes from the line of Edward Yruma with KeyBanc.

我們的下一個問題來自於 KeyBanc 的 Edward Yruma。

I guess, first, back to this casual point. For those consumers that were loyal customers during COVID and really leaned into casual, are you seeing as she adds more kind of external use cases going out dresses that she's kind of trading up in terms of item count? Or is it just her mix within that's changing?

我想，首先，回到這個隨意的點。對於那些在 COVID 期間是忠實客戶並且真正傾向於休閒的消費者，您是否看到她增加了更多類型的外部用例，她在商品數量方面有所交易？還是只是她的組合在改變？

And then as a follow-up, from a modeling perspective, the debt repayment, what specific tranche of debt did it come from? And how should we think about interest expense going forward?

然後作為後續，從建模的角度來看，債務償還，它來自哪一部分債務？我們應該如何考慮未來的利息支出？

We are certainly seeing our customers trade up in terms of item count. We've been very pleased with the engagement of our subscribers, and we believe that as macro condition improved, it's not that, that she is going to stop renting casual. It's just she's going to add back many of those more special occasion and night out and work-related items that she had rented from us in the past.

我們當然看到我們的客戶在商品數量方面進行了交易。我們對訂戶的參與感到非常滿意，我們相信隨著宏觀狀況的改善，她不會停止租用休閒裝。只是她要把她過去從我們那裡租來的許多更特殊的場合、夜生活和工作相關的物品加回來。

Now interestingly, we've seen a major difference between 2021 and 2020 in terms of how she uses Rent the Runway to dress for work. As you recall, where prior to the pandemic was a major reason why she used a subscription, and in 2020, the work use case basically minimized.

現在有趣的是，我們已經看到 2021 年和 2020 年在她如何使用 Rent the Runway 為工作著裝方面存在重大差異。您還記得，在大流行之前，這是她使用訂閱的主要原因，而在 2020 年，工作用例基本上最小化了。

In 2021, she's back to using us for work 25% of the time, even though she is using us within the full context of Zoom. So she is still renting. She wants to look great and present herself well even in the context of working from home. So I think that this is even more of a symbol of how she is adjusting to this hybrid world.

到 2021 年，她將在 25% 的時間裡重新使用我們進行工作，儘管她在 Zoom 的完整背景下使用我們。所以她還在租房。即使在在家工作的情況下，她也希望看起來很棒並很好地展示自己。所以我認為這更像是她如何適應這個混合世界的象徵。

She continues to work from home. She wants to look good. She's still renting workwear. She is renting actually since 25% of our inventory that's being rented in Q3 with special occasion inventory.

她繼續在家工作。她想要好看。她還在租工作服。她實際上是在租用我們 25% 的存貨，這些存貨是在第三季度租用的特殊場合存貨。

Even though she has fewer occasions, she's amping up smaller moments. She's using that special occasion inventory to go out to dinner, to meet friends and to kind of amp up those casual moments in her life.

儘管她的場合更少，但她正在增加更小的時刻。她正在使用那些特殊場合的庫存出去吃飯，結識朋友，並為她生活中的那些休閒時刻增添光彩。

And Ed, in terms of your question related to the debt, and we were really happy that we were able to raise $357 million in the IPO, which allowed us to pay down more debt than we had originally anticipated and obviously to raise more money for the business.

Ed，關於你關於債務的問題，我們真的很高興我們能夠在 IPO 中籌集到 3.57 億美元，這讓我們能夠償還比我們最初預期的更多的債務，顯然可以為這生意。

So in terms of what we paid down, we paid down all of the first-lien debt, which was Ares. So that was fully paid out. And then we paid out $60 million of the principal on the remaining debt that was the Temasek debt, which was $30 million higher than what we had originally indicated. So in terms of where we are now, we're really focused on running the business, we're optimizing to grow and capture market share.

因此，就我們償還的金額而言，我們償還了所有第一留置權債務，即阿瑞斯。所以這筆錢全部付清了。然後，我們為淡馬錫的剩餘債務支付了 6000 萬美元的本金，這比我們最初表示的要高 3000 萬美元。因此，就我們現在所處的位置而言，我們真正專注於經營業務，我們正在優化以增長和占領市場份額。

And we're going to continue to evaluate on an ongoing basis how we can improve further our debt position as well as our churn. In terms of what you should be modeling now for your model from an interest rate standpoint, the remaining debt is at 12%. And that is 2 components, 7% of that is cash and 5% is payment in kind and noncash.

我們將繼續持續評估我們如何進一步改善我們的債務狀況以及我們的客戶流失。從利率的角度來看，就您現在應該為模型建模的內容而言，剩餘債務為 12%。那是 2 個組成部分，其中 7% 是現金，5% 是實物和非現金支付。

Our next question comes from the line of Dana Telsey with the Telsey Advisory Group.

我們的下一個問題來自 Telsey 諮詢小組的 Dana Telsey。

As you talk about subscriber engagement and the 24% of subscribers adding one or more paid additional items, what are they adding? How are you thinking about attachment rates going forward and where that's coming from and going to?

當您談到訂戶參與度和 24% 的訂戶添加一項或多項付費附加項目時，他們添加了什麼？您如何看待未來的連接率以及它的來源和去向？

And then just secondly, on Omicron, which is now here a couple of weeks or so, how does it seem different or the same as what you experienced when Delta was first announced? Is there any learnings from Delta that would be informative for this Omicron?

其次，在 Omicron 上，現在已經有幾週左右的時間了，它與您首次宣布 Delta 時的體驗有何不同或相同？從 Delta 那裡學到的東西可以為這款 Omicron 提供信息嗎？

Dana, I'm so glad you asked that. As you know, we've really been through the story of variance before with Delta. And we were really pleased with our growth in Q2 and Q3 as the Delta variant spread and peaked throughout the U.S. We have not seen any impact of Omicron, but this is within the context of -- because COVID is present overall, we are seeing fewer large-scale events, fewer just large-scale social interactions than we typically would in Q4.

達納，我很高興你這麼問。如您所知，我們之前確實經歷過與 Delta 的差異故事。我們對我們在第二季度和第三季度的增長感到非常滿意，因為 Delta 變體在整個美國蔓延並達到頂峰。我們沒有看到 Omicron 的任何影響，但這是在這樣的背景下——因為總體上存在 COVID，我們看到的更少大型活動，比我們通常在第四季度進行的大規模社交互動更少。

So our business is continuing to grow really nicely but we believe that the more COVID dissipates, the higher the slope of growth may be. So we feel really great about the fact that the resiliency of the business this year in an entirely COVID environment, active subs are up 113% year-to-date. And I think that, that's proof of really this diversification that we've intentionally had on how the subscriber uses Rent the Runway. And so she is using us for this hybrid world, and we think that any normalization is just upside for us.

因此，我們的業務繼續非常好地增長，但我們相信，COVID 消散得越多，增長的斜率可能就越高。因此，我們對今年業務在完全 COVID 環境中的彈性這一事實感到非常滿意，活躍的訂閱者今年迄今增長了 113%。而且我認為，這證明了我們故意對訂戶如何使用 Rent the Runway 進行多樣化的證明。所以她在這個混合世界中使用我們，我們認為任何正常化對我們來說都是有利的。

And Dana, from an ARPU standpoint, there's not really a call out in terms of the additional items being different than what she has in her base subscription. She's just really using the add-on as a way to have an ability to wear us more days for the month. So nothing different than kind of her main basket.

從 ARPU 的角度來看，Dana 並沒有真正指出額外項目與她在基本訂閱中的不同。她只是真的在使用這個附加組件來讓我們在這個月裡穿上更多的日子。所以沒有什麼比她的主籃不同的了。

And for us, it's really about engagement and the fact that we're seeing her spend more with us and it's making her even more loyal as she becomes an even bigger daily utility -- that we become an even bigger daily utility in her life. And then in terms of Q4, we expect ARPU to be pretty similar. We don't anticipate any significant changes relative to Q3. Is there anything else you would add on the add-ons?

對我們來說，這真的是關於參與度以及我們看到她在我們身上花費更多的事實，這讓她變得更加忠誠，因為她成為了一個更大的日常實用工具——我們成為她生活中一個更大的日常實用工具。然後就第四季度而言，我們預計 ARPU 會非常相似。我們預計與第三季度相比不會有任何重大變化。您還有什麼要添加到附加組件上的嗎？

I would just say that this is -- the add-ons are no different than the normal basket. However, the normal basket has actually changed in 2021. she is favoring bolder, more colorful, more printed, more fashion-forward styles across the board, and that is great for our business.

我只想說這是 - 附加組件與普通籃子沒有什麼不同。然而，普通的籃子實際上在 2021 年發生了變化。她更喜歡更大膽、更豐富多彩、更印花、更時尚的款式，這對我們的業務來說非常有利。

Because our business is a fantastic platform to have more fun with fashion, to experiment with fashion without the inevitable buyers or more of buying something that you would only wear once or twice. So the trends that we're seeing in the overall apparel market towards new kinds of bottoms that people are wearing and new categories of clothing and full leather and Lurex and metallics like that is, I think, a fantastic tailwind for our business and really helps us drive share.

因為我們的業務是一個絕佳的平台，可以讓您享受更多時尚樂趣，在沒有不可避免的買家或購買您只會穿一兩次的東西的情況下嘗試時尚。因此，我們在整個服裝市場上看到的趨勢是人們穿著的新型下裝和新類別的服裝、全皮革、盧勒克斯和金屬製品，我認為，這對我們的業務來說是一個極好的順風，確實有幫助我們推動分享。

Especially because the selection that we have right now has never been better. We have really faced no supply chain issues. And given our unique business model where we monetize our inventory over multiple years, that puts us at an advantage versus other retailers who lack selection right now and the selection -- and they do have their raising prices on it.

尤其是因為我們現在擁有的選擇從未像現在這樣好。我們真的沒有遇到供應鏈問題。鑑於我們獨特的商業模式，我們多年來將庫存貨幣化，這使我們與其他目前缺乏選擇和選擇的零售商相比具有優勢 - 他們確實有提高價格。

At this time, we have reached the end of the question-and-answer session. And this also concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

此時，我們已經到了問答環節的尾聲。這也結束了今天的電話會議。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。