Rent the Runway Inc (RENT) 2022 Q1 法說會逐字稿

Greetings. Welcome to the Rent the Runway First Quarter 2022 Earnings Call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host Janine Stichter, Vice President of Investor Relations. You may begin.

問候。歡迎來到 Rent the Runway 2022 年第一季度財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。我現在將把會議轉交給您的主持人，投資者關係副總裁 Janine Stichter。你可以開始了。

Good afternoon, everyone, and thanks for joining us to discuss Rent the Runway's first quarter 2022 results. Before we begin, we'd like to remind you that this call will include forward-looking statements. These statements include our future expectations regarding our 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 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 2022 年第一季度業績。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'll 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 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、投資者網站上發布的幻燈片和我們的 SEC 文件中找到。

And with that, I'll turn it over to Jen.

有了這個，我會把它交給 Jen。

Hi, everyone. Thanks for joining us today. We are very proud of our strong Q1 performance, which showcases our accelerated business momentum, robust subscriber engagement and improved year-over-year profitability. We exceeded our Q1 guidance across all key metrics both on the top and bottom line. We grew revenue 100% year-over-year and grew gross margin by 9 points year-over-year. Adjusted EBITDA margin came in 5 points above Q1 2021.

大家好。感謝您今天加入我們。我們對我們強勁的第一季度業績感到非常自豪，這展示了我們加速的業務勢頭、強勁的用戶參與度和同比增長的盈利能力。我們在頂線和底線的所有關鍵指標上都超出了第一季度的指導。我們的收入同比增長 100%，毛利率同比增長 9 個百分點。調整後的 EBITDA 利潤率比 2021 年第一季度高出 5 個百分點。

We finished Q1 with 135,000 ending active subscribers, hitting a new record high for quarterly ending active subscribers. Additionally, our subscribers are increasingly more profitable for 3 key reasons. One, the margins of our new subscription plans, whose rollout was completed last year in May 2021, are nearly double what they were in 2019. Two, subscribers are more loyal than pre-COVID. And three, they are highly engaged, evidenced by the rate at which they opt to pay for additional items in their subscriptions, meaning they rent many items from us for more use cases.

我們在第一季度結束時有 135,000 名結束活躍用戶，創下季度結束活躍用戶的新高。此外，由於 3 個關鍵原因，我們的訂戶利潤越來越高。第一，我們的新訂閱計劃於 2021 年 5 月完成推出，其利潤率幾乎是 2019 年的兩倍。第二，訂閱者比 COVID 之前更忠誠。第三，他們的參與度很高，他們選擇為訂閱中的額外項目付費的比率證明了這一點，這意味著他們從我們這裡租用了許多項目以用於更多用例。

In sum, we see continued evidence that the strategies we have in place are paying off, and we are on track for a record 2022. We remain confident in achieving free cash flow profitability over the medium term with the cash we have on hand as we laid out in our Q4 earnings call as well as with our more near-term goal to cover our operating expenses over the next 2 to 4 quarters.

總而言之，我們看到持續的證據表明我們已實施的策略正在取得成效，我們有望在 2022 年實現創紀錄的業績。我們仍然有信心利用我們手頭的現金在中期實現自由現金流盈利能力，因為我們在我們的第四季度財報電話會議中以及我們更近期的目標是在未來 2 到 4 個季度支付我們的運營費用。

In April, I laid out 3 key business strategies intended to drive top line and 3 intended to impact the bottom line in 2022. While these initiatives are just gearing up, I wanted to provide updates on our progress in Q1 and how they're impacting our financials. The first top line initiative is events. We believe the boom in events this year gives us the opportunity to build out our funnel of potential subscribers not just for 2022 but for years to come, taking advantage of one of the most unique aspects of the Rent the Runway business: our organic growth flywheel. For 12 years, over 80% of our customers have come to us via word-of-mouth. And as a result, we have not had to be as reliant as others in the consumer space on paid marketing.

4 月，我制定了 3 項旨在推動收入增長的關鍵業務戰略，以及 3 項旨在影響 2022 年利潤的關鍵業務戰略。雖然這些舉措剛剛起步，但我想提供有關我們在第一季度取得的進展以及它們如何影響的最新信息我們的財務。第一個頂線倡議是事件。我們相信，今年活動的蓬勃發展使我們有機會不僅在 2022 年而且在未來幾年內建立我們的潛在訂戶漏斗，利用 Rent the Runway 業務最獨特的方面之一：我們的有機增長飛輪. 12 年來，超過 80% 的客戶都是通過口耳相傳來找我們的。因此，我們不必像消費者領域的其他人那樣依賴付費營銷。

The reason why renting from us is so viral is because women rent very bold clothing from us. And when a customer walks into a restaurant or work or an event wearing some sexy red knockout dress, the other women in the room notice them, and the same conversation ensues, wow, you look awesome. Where did you get that? And the response is typically, thanks. It's Rent the Runway. Multiply this by the roughly 80 days per year when subscribers are in our clothing, and that's a lot of opportunities to share Rent the Runway organically.

從我們這裡租房之所以如此流行，是因為女性從我們這裡租了非常大膽的衣服。當一位顧客穿著性感的紅色禮服走進餐廳或工作場所或參加活動時，房間裡的其他女性會注意到她們，接著會進行同樣的對話，哇，你看起來棒極了。你是在哪裡拿到的？響應通常是，謝謝。這是租跑道。將其乘以訂閱者每年大約 80 天穿著我們的衣服，這就是有機地分享 Rent the Runway 的很多機會。

So why am I bringing this up right now? It's because Rent the Runway is benefiting from the fact that women are using fashion for self-expression as they emerge from COVID. In other words, fashion is bolder than ever. The shorter hemlines, cutout, new trends and colorful clothing women are wearing right now translates into highly cost-efficient customer acquisition for us.

那我為什麼現在提出這個問題？這是因為 Rent the Runway 受益於這樣一個事實，即女性在擺脫 COVID 後正在利用時尚來表達自我。換句話說，時尚比以往任何時候都更加大膽。女性現在穿著的較短的裙擺、鏤空、新趨勢和色彩鮮豔的服裝對我們來說轉化為極具成本效益的客戶獲取。

To this end, we've been taking a 360 approach to capturing this demand with dedicated teams focused on full-funnel marketing strategy and product experience. We've nearly tripled our events-focused content and creative across our own channels and continue to both market our reserve business and position subscription as a solution for multiple events.

為此，我們一直採用 360 度全方位的方法來捕捉這一需求，並配備專注於全渠道營銷策略和產品體驗的專門團隊。我們在自己的渠道中以活動為中心的內容和創意幾乎增加了兩倍，並繼續將我們的預訂業務和訂閱定位為多個活動的解決方案。

We're building out the addressable market for wedding through partnerships like our recent successful partnership with Zola and a strong pipeline of future tie-ins during the coming months as we head into peak wedding season. Black tie is to 2022 as sweat pants were to 2020. We are seeing our customers gravitate towards more formal looks with cocktail dresses and gowns having the highest utilization of any category in Q1 and reaching all-time highs.

我們正在通過合作夥伴關係（例如我們最近與 Zola 的成功合作夥伴關係）以及在我們進入婚禮旺季的未來幾個月內建立強大的未來合作夥伴關係，建立可尋址的婚禮市場。黑色領帶到 2022 年，就像運動褲到 2020 年一樣。我們看到我們的客戶傾向於更正式的外觀，雞尾酒禮服和禮服在第一季度的任何類別中使用率最高，並達到歷史新高。

Customers are evidencing greater confidence in their upcoming plans. As an example, international travel as a use case for our new subscribers has almost doubled since fall 2021.

客戶對他們即將推出的計劃表現出更大的信心。例如，自 2021 年秋季以來，作為我們新訂戶使用案例的國際旅行幾乎翻了一番。

Our second and third top line initiatives, search and discovery and fit, are more long term and iterative in nature. In Q1, we focused on back-end infrastructure and cloud investments that provide scaling and efficiency benefits and support our work to provide an enhanced search experience for the consumer, which is expected to be rolled out over the coming quarters.

我們的第二和第三一線計劃，搜索、發現和擬合，本質上更長期和迭代。在第一季度，我們專注於後端基礎設施和雲投資，以提供擴展和效率優勢，並支持我們為消費者提供增強搜索體驗的工作，預計將在未來幾個季度推出。

Now shifting to our strategies impacting the bottom line. First, we remain extremely excited about the prospects for at-home pickup, which is currently live in over 20 markets, covering well over 1/3 of the subscriber base. As a reminder, at-home pickup is not only more convenient for the consumer but also less expensive for us versus national carriers, thanks to pickup density and consolidation of inbound shipments back to our warehouses. We are well on our way to bringing this offering to more than half of our subscriber base by year-end.

現在轉向我們影響底線的策略。首先，我們仍然對家庭取貨的前景感到非常興奮，目前該服務在 20 多個市場上使用，覆蓋了超過 1/3 的用戶群。提醒一下，由於取貨密度和入庫貨物的整合，回到我們的倉庫，在家取貨不僅對消費者更方便，而且對我們來說比國內承運人更便宜。我們正在努力在年底前將該產品提供給我們一半以上的用戶群。

Customer adoption of home pickup during its initial pilot phase exceeded our plan with minimal marketing efforts. The way customers find out about at-home pickup today is via a sticker on her garment back. We expect adoption to increase meaningfully as we integrate at-home pickup into the product experience of our app, which is set to launch within the next few months.

在最初的試點階段，客戶採用上門取貨的方式超出了我們的計劃，而且營銷力度很小。客戶今天了解在家提貨的方式是通過她衣服背面的貼紙。隨著我們將在家取貨整合到我們的應用程序的產品體驗中，我們預計採用率將顯著增加，該應用程序將在未來幾個月內推出。

Second, we are continuing to build on the technology and automation investments into our warehouses in 2021, which drove a more than 30% year-over-year reduction in non-transportation fulfillment costs in 2021, and we see ongoing opportunity. We completed the full rollout of RFID on all of our rental products at the end of 2021, which affords us many opportunities to simplify processes within our warehouses, reduce labor expense and gather more data. Prior to RFID, each returned item had to be individually scanned with a bar code 10 to 15 times throughout the reverse logistics process versus now, we can quickly scan units via RFID readers without human intervention. This has improved labor productivity, and we continue to see cost-savings benefits.

其次，我們將繼續在 2021 年對我們的倉庫進行技術和自動化投資，這推動了 2021 年非運輸履行成本同比下降 30% 以上，我們看到了持續的機會。 2021 年底，我們在所有租賃產品上完成了 RFID 的全面推廣，這為我們提供了許多機會來簡化倉庫內的流程、降低勞動力成本並收集更多數據。在 RFID 出現之前，在整個逆向物流過程中，每件退回的物品都必須用條形碼單獨掃描 10 到 15 次，而現在，我們可以通過 RFID 閱讀器快速掃描單元，而無需人工干預。這提高了勞動生產率，我們繼續看到成本節約的好處。

RFID also enables us to use the hundreds of millions of data points we've gathered over the past decade to automatically sort our inventory into 1 of 26 distinct cleaning processes to improve garment quality and longevity.

RFID 還使我們能夠使用我們在過去十年中收集的數億個數據點，將我們的庫存自動分類為 26 種不同的清潔工藝中的一種，以提高服裝質量和使用壽命。

In Q1, we took another step in automating our processes and further utilize RFID by rolling out our digital issue tagging software. Now whenever we discover a garment quality defect, we can record it digitally, which allows us to automate our decisions around processes like cleaning or restoration, which is expected to reduce labor costs and improve product ROI.

在第一季度，我們在流程自動化方面又邁出了一步，並通過推出我們的數字問題標記軟件進一步利用 RFID。現在，每當我們發現服裝質量缺陷時，我們都可以將其以數字方式記錄下來，這使我們能夠圍繞清潔或修復等流程自動做出決策，這有望降低勞動力成本並提高產品投資回報率。

We also continued the rollout of new packaging in Q1, which is now being used for over 20% of shipments. Our packaging has always been reusable, but we've improved upon it, making it waterproof and easier to pack for us and for our customers. The new packaging also doesn't need to be laundered, which is more cost-efficient for Rent the Runway and supports our sustainability goals by reducing water usage compared to our current garment back.

我們還在第一季度繼續推出新包裝，目前已用於超過 20% 的出貨量。我們的包裝一直是可重複使用的，但我們對其進行了改進，使其防水並且更容易為我們和我們的客戶打包。新包裝也不需要清洗，這對 Rent the Runway 來說更具成本效益，並且與我們目前的服裝後背相比，通過減少用水量來支持我們的可持續發展目標。

Third, we continue to grow Exclusive Designs and launched 6 new collections in Q1. We remain excited about the pipeline with nearly 20 Exclusive Design partners in 2022, around half of which are new. Share by RTR and Exclusive Designs are on track to represent a combined 60% of our product acquisition mix this year. We are within striking distance of the 2/3 that's embedded in our midterm plan to get to free cash flow profitability.

第三，我們繼續發展獨家設計，並在第一季度推出了 6 個新系列。我們仍然對 2022 年與近 20 個獨家設計合作夥伴的管道感到興奮，其中大約一半是新的。 RTR 和 Exclusive Designs 的份額有望占我們今年產品採購組合的 60%。我們距離實現自由現金流盈利能力的中期計劃中所包含的 2/3 很近。

Lastly, I'd like to touch on the macro environment, which is on everyone's mind and very uncertain. To date, our business continues to grow and our outlook is positive, which is reflected in our guidance this quarter. But I want to take this opportunity to speak a bit to the character of our team.

最後，我想談談宏觀環境，這是每個人都在想的，而且非常不確定。迄今為止，我們的業務繼續增長，我們的前景是積極的，這反映在我們本季度的指導中。但我想藉此機會談談我們團隊的性格。

2 years ago, when COVID hit and the U.S. was sheltering at home, our customer demand significantly declined. Our team reacted swiftly and made a series of tough and bold decisions to cut a significant amount of cost from every area of our business. We changed the way we financed our rental products with our vendor support because Rent the Runway matters to them. We nearly doubled the margins of our subscription programs. We transformed processes in our warehouses and added significant automation. We were focused on every dollar that we spend as the culture of frugality is embedded in our DNA.

2 年前，當 COVID 來襲並且美國在家中避難時，我們的客戶需求顯著下降。我們的團隊反應迅速，做出了一系列艱難而大膽的決定，以從我們業務的各個領域削減大量成本。我們通過供應商支持改變了為租賃產品融資的方式，因為 Rent the Runway 對他們很重要。我們的訂閱計劃的利潤幾乎翻了一番。我們改變了倉庫的流程並增加了顯著的自動化。我們專注於我們所花的每一美元，因為節儉的文化根植於我們的 DNA 中。

We have well-tested plans based on our COVID experience that give us confidence that we are prepared for macro challenges and can continue to drive our business to profitability and capture our long-term opportunity for a large and profitable business that changes how women get dressed.

根據我們的 COVID 經驗，我們制定了經過充分測試的計劃，這使我們相信我們已為宏觀挑戰做好準備，並可以繼續推動我們的業務實現盈利，並抓住我們的長期機會，打造一項改變女性著裝方式的大型盈利業務.

It's not business as usual, but I feel reassured that our team is battle tested, scrappy, innovative and most important resilience. That said, what we believe, interestingly, is that Rent the Runway is entering an environment that may be conducive to growth for our business. Rent the Runway stands to benefit as the share of consumers' wallet shift towards experiences over ownership. We've seen our data that the customer is yearning to get back out into the world, back to weddings, back to concerts and events, back to vacations and even back to the office a few days a week. And we believe that all of this stands to benefit us.

這不像往常一樣，但我確信我們的團隊經過了實戰考驗、鬥志昂揚、創新和最重要的韌性。也就是說，有趣的是，我們相信 Rent the Runway 正在進入一個可能有利於我們業務增長的環境。隨著消費者的錢包份額轉向體驗而非所有權，Rent the Runway 將從中受益。我們已經看到我們的數據表明，客戶渴望回到世界，回到婚禮，回到音樂會和活動，回到假期，甚至一周幾天回到辦公室。我們相信所有這一切都會使我們受益。

Given the significant cost savings she derives from renting, which is around 15% of retail price if she rents a la carte and around $20 an item in our subscription program, we believe that women will consider renting in a cost-conscious environment. During the 2008 recession, Americans continued to purchase about 65 articles of apparel per year. They just purchased them more often at off-price and value-focused retailers. At that time, rental and resale were not mainstream options for the consumer the way they are today.

鑑於她從租賃中獲得的顯著成本節約（如果她以單點方式租賃，大約是零售價的 15%），並且在我們的訂閱計劃中每件商品大約 20 美元，我們相信女性會考慮在註重成本的環境中租房。在 2008 年經濟衰退期間，美國人每年繼續購買約 65 件服裝。他們只是更頻繁地在低價和注重價值的零售商處購買它們。當時，租賃和轉售不像今天那樣成為消費者的主流選擇。

We can't predict how the consumer will be impacted by the macro environment, but we will aim to be part of the customer's larger cost-savings consideration set during these uncertain times. We plan to stay vigilant and are confident in our ability to react swiftly, take advantage of opportunities and always keep our customer as our North Star.

我們無法預測消費者將如何受到宏觀環境的影響，但我們的目標是在這些不確定的時期成為客戶更大的成本節約考慮的一部分。我們計劃保持警惕，並對我們快速反應的能力充滿信心，利用機會並始終讓我們的客戶成為我們的北極星。

And 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 first quarter results for fiscal '22 and then follow with guidance for the second quarter and full year. I want to reiterate the financial framework provided in our last call to grow revenue while driving towards profitability. We are focused on growing revenue by growing subscribers and ARPU and also generating revenue from our reserve and resale businesses, which are important funnels into subscription.

謝謝 Jen，再次感謝大家加入我們。我將概述我們 22 財年的第一季度業績，然後提供第二季度和全年的指導。我想重申我們上次電話會議中提供的財務框架，以在實現盈利的同時增加收入。我們專注於通過增加訂戶和 ARPU 來增加收入，並從我們的儲備和轉售業務中獲得收入，這些業務是訂閱的重要渠道。

We continue to move towards free cash flow profitability by increasing expense leverage in our 3 major cost buckets, which are fulfillment, operating expenses and investments in rental products. Phase 1 is to cover our OpEx, and we maintain our target to reach adjusted EBITDA breakeven in the next 2 to 4 quarters with free cash flow breakeven to follow in the midterm.

我們通過在我們的三個主要成本桶中增加費用槓桿來繼續實現自由現金流盈利能力，這三個成本桶是履行、運營費用和對租賃產品的投資。第一階段是覆蓋我們的運營支出，我們維持我們的目標，即在未來 2 到 4 個季度達到調整後的 EBITDA 盈虧平衡點，並在中期實現自由現金流盈虧平衡點。

Q1 revenue of $67.1 million was up 100% year-over-year. We saw a strong post-Omicron bounce-back in subscriber activity after the fiscal year-end with a 17% quarter-over-quarter increase in active subscribers, ending the quarter with 135,000 active subscribers. Total subs increased to 177,000 subs, up 11% quarter-over-quarter and up 70% year-over-year, with pause subs as a percentage of total at 24% compared with 28% at the end of last quarter.

第一季度收入為 6710 萬美元，同比增長 100%。在本財年結束後，我們看到了 Omicron 之後的用戶活動強勁反彈，活躍用戶數量環比增長 17%，本季度末活躍用戶數量為 135,000。總訂閱人數增加到 177,000 人，環比增長 11%，同比增長 70%，暫停訂閱人數佔總數的百分比為 24%，而上一季度末為 28%。

I'd now like to provide an update on the price increase we rolled out in Q1. Thus far, the impact has been within our expectations. This speaks to the significant value we offer to our subscription, which we think is strengthened in an inflationary environment where the cost of buying new clothing continues to rise.

我現在想提供我們在第一季度推出的價格上漲的最新情況。到目前為止，影響在我們的預期之內。這說明了我們為訂閱提供的重要價值，我們認為在購買新衣服的成本持續上漲的通貨膨脹環境中，這種價值得到了加強。

ARPU, defined as average monthly subscription rental revenue per subscriber in Q1, was ahead of our expectations, benefiting from continued success of add-on. 28% of active subs paid for one or more add-ons in Q1, which we were pleased to see in a period of high seasonal acquisition and a higher proportion of new subscribers, resulting in 86% of revenue being generated by subscribers. As a reminder, these add-on items are margin-accretive as they are generally added to an existing shipment with minimal incremental cost to us.

ARPU（定義為第一季度每個訂閱者的平均每月訂閱租金收入）超出了我們的預期，這得益於附加組件的持續成功。 28% 的活躍訂閱者在第一季度為一個或多個附加組件付費，我們很高興看到在季節性收購高峰期和更高比例的新訂閱者中，86% 的收入來自訂閱者。提醒一下，這些附加項目可以增加利潤，因為它們通常被添加到現有貨物中，對我們的增量成本最低。

We reiterate our outlook for ARPU to be approximately up 5% for fiscal year 2022 versus last year.

我們重申我們對 2022 財年 ARPU 的展望將比去年增長約 5%。

We also saw reserve and resale benefit from the post-Omicron bounce-back. Customers plan for social events in earnest, which led to a beat of over 20% of our reserve revenue relative to our expectations. And we also saw subscribers in particular buy more units than anticipated, boosting our resale revenue above our forecast.

我們還看到了 Omicron 後反彈帶來的儲備和轉售收益。客戶認真計劃社交活動，這導致我們的儲備收入比我們的預期高出 20% 以上。我們還特別看到訂戶購買了比預期更多的單位，從而使我們的轉售收入高於我們的預期。

Our Q1 gross margin rose 9 points year-over-year to 34%. The significant improvement is due to higher revenue per shipment versus last year and rental product depreciation and revenue share costs at 32% of revenue versus 50% in Q1 '21 as higher subscriber count, and therefore higher revenue, absorbed product costs. In addition, revenue share as a percent of revenue was favorable versus our forecast as some Share by RTR items are hitting their max on performance-based payout, after which revenue is no longer shared with brands. We expect gross margin to be slightly higher for full year '22 compared with full year '21.

我們第一季度的毛利率同比增長 9 個百分點至 34%。顯著改善是由於與去年相比，每批貨物的收入增加，租賃產品折舊和收入分成成本佔收入的 32%，而 21 年第一季度為 50%，因為用戶數量增加，因此收入增加，吸收了產品成本。此外，收入份額佔收入的百分比優於我們的預測，因為一些 RTR 份額項目在基於績效的支付方面達到了最大值，之後不再與品牌分享收入。我們預計 22 年全年毛利率將略高於 21 年全年。

Fulfillment costs were 34% of revenue in Q1 compared with 26% in Q1 last year as we generally expected, largely due to transportation cost increases. We knew these increases were coming starting in H2 last year and have been steadily diversifying our shipping partners, which helped to mitigate these costs. In addition, warehouse productivity improvement helped to partly offset the shipping increases.

正如我們普遍預期的那樣，第一季度的履行成本佔收入的 34%，而去年第一季度為 26%，這主要是由於運輸成本的增加。我們知道這些增長從去年下半年開始，並且一直在穩步使我們的運輸合作夥伴多樣化，這有助於降低這些成本。此外，倉庫生產力的提高有助於部分抵消運輸增長。

In terms of comping against last year, Q1 '21 still had higher unlimited subscription pricing, and subscribers were less engaged given the COVID environment, resulting in lower fulfillment costs as a percent of revenue last year. We maintain our prior expectation of fulfillment costs as a percentage of revenue at approximately 34% for full year '22.

與去年相比，21 年第一季度的無限制訂閱價格仍然較高，而且在 COVID 環境下，訂閱者的參與度較低，導致履行成本佔去年收入的百分比較低。我們將 22 年全年的履約成本佔收入的百分比維持在大約 34% 的先前預期。

Adjusted EBITDA for Q1 was negative $8.8 million versus negative $6.2 million in Q1 last year, representing negative 13.1% margin and a 5-point improvement versus negative 18.5% last year, giving us the confidence to reiterate our target of getting to adjusted EBITDA breakeven in the next 2 to 4 quarters. Our total operating expenses, marketing, technology and G&A, represented 77% of revenue compared with 93% in Q1 '21, demonstrating our ability to absorb fixed costs with higher revenue even as we invested in the business in Q1.

第一季度調整後 EBITDA 為負 880 萬美元，而去年第一季度為負 620 萬美元，利潤率為負 13.1%，與去年的負 18.5% 相比提高了 5 個百分點，這讓我們有信心重申我們實現調整後 EBITDA 盈虧平衡的目標接下來的 2 到 4 個季度。我們的總運營費用、營銷、技術和 G&A 佔收入的 77%，而 21 年第一季度為 93%，這表明我們有能力以更高的收入吸收固定成本，即使我們在第一季度對該業務進行了投資。

I want to call out again our investments in technology that provides scaling and efficiency benefits for search, fit and discovery, which you saw in our Q4 '21 results continuing into Q1 '22, which we expect into the rest of the year. Marketing in Q1 was 13% of revenue and 11%, excluding employee costs, in a quarter when we grew subscribers significantly, and spend was lower than forecasted due to strong organic growth. We intend to keep marketing dollars in our plan for the rest of this year and maintain our target for marketing expense, excluding employee-related costs, at approximately 10% of revenue for the year.

我想再次強調我們在為搜索、擬合和發現提供擴展性和效率優勢的技術方面的投資，您在我們的 21 年第四季度結果中看到了這一點，該結果將持續到 22 年第一季度，我們預計這一結果將持續到今年餘下的時間。第一季度營銷佔收入的 13% 和 11%，不包括員工成本，在我們顯著增加訂戶的季度，由於強勁的有機增長，支出低於預期。我們打算在今年剩餘時間內將營銷費用保留在我們的計劃中，並將我們的營銷費用目標（不包括與員工相關的成本）保持在當年收入的 10% 左右。

Moving to free cash flow. We continue to anticipate rental product CapEx, our largest cash expenditure, at approximately $60 million of fiscal '22 and remind you that seasonally, Q1 and Q3 spend tends to be higher. We are on track in our expectations for the free cash flow margin this year to be slightly lower than in fiscal '21 in a more normalized year of product acquisition.

轉向自由現金流。我們繼續預計租賃產品資本支出（我們最大的現金支出）在 22 財年約為 6000 萬美元，並提醒您，在季節性方面，第一季度和第三季度的支出往往會更高。我們預計今年的自由現金流量利潤率將略低於 21 財年，這是產品採購更加正常化的一年。

Free cash flow should be measured annually due to seasonality of product spend. And we remain on our path to reach free cash flow breakeven in the midterm as we previously laid out with the cash we have on hand.

由於產品支出的季節性，應每年測量自由現金流。正如我們之前用我們手頭的現金制定的那樣，我們仍然在實現中期自由現金流盈虧平衡的道路上。

As we look at the remainder of 2022, we are very mindful of the macro environment and are closely monitoring. And as Jen noted, our outlook is reflected in our guidance this quarter. A reminder that Rent the Runway started in a recessionary environment, and we believe our subscription and a la carte services provide even more financial value and a way to save cost in a cost-conscious environment.

展望 2022 年剩餘時間，我們非常關注宏觀環境並密切關注。正如 Jen 所指出的，我們的前景反映在我們本季度的指導中。提醒您，Rent the Runway 始於經濟衰退的環境，我們相信我們的訂閱和點菜服務提供了更多的財務價值和在註重成本的環境中節省成本的方法。

We also just navigated 2 years of COVID impact, and we are ready and able to act with effective tools and experience to respond to a negative impact on our business. In particular, a significant portion of our costs are variable, and we have demonstrated we can manage our fixed costs and investments in a downturn.

我們還剛剛度過了 2 年的 COVID 影響，我們已準備好並能夠使用有效的工具和經驗採取行動，以應對對我們業務的負面影響。特別是，我們的大部分成本是可變的，我們已經證明我們可以在經濟低迷時期管理我們的固定成本和投資。

Turning to Q2 and rest of year guidance. I want to reiterate the historical seasonality of subscriber acquisition. We just reported on what is typically one of our stronger periods for the year of -- for acquisition when customers naturally think about changing over their wardrobes. This means that in the summer months, we generally see slower acquisition and higher rates of pause, and that is reflected in our guidance for Q2. In addition, we expect a continuation of the strong environment for events that we saw benefit our reserve and resale businesses in Q1. And though Rent the Runway has shown greater resilience to COVID variants over time, we continue to closely watch variants and potential impact, and we have incorporated similar patterns to the prior 2 years in our expectations for the second half of this year, which means we expect Q4 revenue to be only slightly higher than Q3.

轉向第二季度和今年剩餘時間的指導。我想重申訂戶獲取的歷史季節性。我們剛剛報告了我們一年中通常表現強勁的時期之一——當客戶自然地考慮更換他們的衣櫥時進行收購。這意味著在夏季，我們通常會看到獲取速度較慢和暫停率較高，這反映在我們對第二季度的指導中。此外，我們預計第一季度我們認為有利於我們的儲備和轉售業務的事件將繼續保持強勁的環境。儘管隨著時間的推移，Rent the Runway 對 COVID 變體表現出更大的彈性，但我們繼續密切關注變體和潛在影響，並且我們在對今年下半年的預期中納入了與前 2 年類似的模式，這意味著我們預計第四季度收入僅略高於第三季度。

For Q2, we expect revenue of $72 million to $74 million, representing 56% year-over-year growth at the midpoint versus Q2 '21. For adjusted EBITDA in Q2, we expect negative $4 million to negative $3 million. In terms of full year, we are reiterating our revenue guidance of $295 million to $305 million, representing 45% to 50% growth versus full year '21. We continue to believe that longer term, we can sustainably grow revenue in excess of 25% annually.

對於第二季度，我們預計收入為 7200 萬美元至 7400 萬美元，與 21 年第二季度相比，中點同比增長 56%。對於第二季度調整後的 EBITDA，我們預計負 400 萬美元至負 300 萬美元。就全年而言，我們重申我們的收入指導為 2.95 億美元至 3.05 億美元，與 21 年全年相比增長 45% 至 50%。我們仍然相信，從長遠來看，我們可以以每年超過 25% 的速度持續增長收入。

We are actively managing to free cash flow dollars and margins and maintain our prior guidance of negative 6% to negative 5% adjusted EBITDA margin for fiscal '22.

我們正在積極設法釋放現金流美元和利潤率，並維持我們之前對 22 財年調整後 EBITDA 利潤率為負 6% 至負 5% 的指導。

From a quarterly progression standpoint, a reminder of the pre-COVID seasonality of our profitability with Q3 typically impacted by higher marketing when we lean on seasonal customer acquisition and also by higher product spend and revenue share. We would therefore expect Q3 profitability to be lower than Q2 profitability. We continue to be intently focused on balancing robust growth with profitability, and we'll seek to strike the right balance to attain both objectives and maximize the long-term value of Rent the Runway.

從季度進展的角度來看，當我們依靠季節性客戶獲取以及更高的產品支出和收入份額時，我們在第三季度的盈利能力通常受到更高的營銷影響，這提醒了我們在 COVID 之前的季節性。因此，我們預計第三季度的盈利能力將低於第二季度的盈利能力。我們將繼續專注於平衡強勁的增長與盈利能力，我們將尋求適當的平衡以實現這兩個目標並最大限度地提高 Rent the Runway 的長期價值。

With that, we are happy to open it up for questions.

有了這個，我們很高興提出問題。

(Operator Instructions) And our first question comes from the line of Lauren Schenk with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Lauren Schenk。

I just want to ask a little bit more explicitly. I guess, given the better 1Q results and the better second quarter outlook, is the maintained full year guidance just assuming some conservatism given the more uncertain macro backdrop? And is it fair to say you're not embedding any potential upside from sort of a trade-down like benefit, if you will?

我只是想問得更明確一點。我想，鑑於第一季度業績和第二季度前景更好，維持全年指引是否只是假設宏觀背景更加不確定？公平地說，如果你願意的話，你沒有從某種折價之類的好處中嵌入任何潛在的好處嗎？

And then just one on at-home pickup. I guess, how much of the transportation cost savings or margin benefit are you seeing from that? And then ultimately, what percentage of the subscription base do you ultimately think you can serve with at-home pickup long term?

然後只有一個在家取貨。我想，您從中看到了多少運輸成本節省或利潤收益？然後最終，您最終認為您可以長期在家取貨服務的訂閱基礎的百分比是多少？

Yes. Thanks, Lauren, for the question. Why don't I start with the guidance. So we just reported a strong quarter. We feel really good about the guidance that we're giving for Q2. And given the volatile macro environment and potential COVID impact for the rest of the year, and it's really based on what we've seen in the last 2 years and also the fact that we're really early in the year, we think it's best to maintain our prior guidance for the full year. So that's really why we're keeping the guidance where it is.

是的。謝謝勞倫的問題。我為什麼不從指導開始。所以我們剛剛報告了一個強勁的季度。我們對我們為第二季度提供的指導感覺非常好。鑑於動蕩的宏觀環境和對今年剩餘時間的潛在 COVID 影響，而且它確實基於我們在過去 2 年中所看到的以及我們真的在今年年初的事實，我們認為這是最好的維持我們之前全年的指導。所以這就是我們將指導保留在原處的真正原因。

And then in terms of at-home pickup, Jen, do you want to maybe answer that one around what our potential targets could be there?

然後就在家取貨而言，Jen，您是否想圍繞我們的潛在目標來回答這個問題？

I mean we continue to see both very high engagement with at-home pickup and stronger growth in markets in getting this activated than we had planned. It's going to be embedded into our app over the next few quarters. And again, this is a cheaper way for us to pick up the units from customers versus the customers kind of shipping them back via national carrier.

我的意思是，我們繼續看到非常高的家庭取貨參與度和市場的強勁增長，這比我們計劃的要激活。在接下來的幾個季度中，它將嵌入到我們的應用程序中。再說一次，與客戶通過國家承運人將它們運回的方式相比，這是一種更便宜的方式，我們可以從客戶那裡取貨。

So I think that it remains to be seen how big it can get, but we are looking for this to get as big as possible for as many subscribers as possible to have access. We had given a goal that 50% of subscribers would have access to at-home pickup by the end of the year. We hope to be able to beat that. And for customers, this is just a much more convenient experience.

所以我認為它有多大還有待觀察，但我們正在尋找盡可能多的用戶訪問權限。我們設定了一個目標，即到今年年底，50% 的訂戶將可以在家中取貨。我們希望能夠戰勝它。而對於客戶來說，這只是一種更方便的體驗。

Yes. And I would say, we also just don't know yet what it will mean to have the experience in the app. But right now, we're hoping the customers are seeing the stickers on the bag, and we've seen good pickup there, but we're excited about the opportunity when we really build that into the app over the next few months.

是的。我想說，我們還不知道在應用程序中擁有體驗意味著什麼。但現在，我們希望顧客能看到袋子上的貼紙，而且我們已經看到那裡的取貨情況很好，但是當我們在接下來的幾個月裡真正將其構建到應用程序中時，我們對這個機會感到興奮。

And 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。

I guess, Scarlett or Jen, I'm kind of curious, you guys were founded effectively after the last recession. I feel like we're kind of willing a recession into existence the way you all talk about it. So how do you -- if we were to see that kind of an economic slowdown, can you kind of talk about -- I think, Scarlett, you alluded to this in your prepared remarks. But more specifically, what levers would you guys be able to pull? And then how much would it potentially throw off your path to profitability at a high level?

我猜，Scarlett 或 Jen，我有點好奇，你們是在上次經濟衰退後有效成立的。我覺得我們有點願意像你們所說的那樣出現衰退。那麼，如果我們看到這種經濟放緩，你能不能談談——我想，斯嘉麗，你在準備好的講話中提到了這一點。但更具體地說，你們能拉動什麼槓桿？那麼它可能會在多大程度上阻礙您實現高水平盈利？

Thanks, Ike. So first, to date, our business continues to grow. Our outlook is positive, and that's reflected in our guidance this quarter. But we're closely monitoring. So I want to remind you again that we just navigated 2 years of COVID impact, where we were significantly impacted by customers in the U.S. sheltering at home. And when people were sheltering at home wearing primarily their pajamas, they had less need for variety in their wardrobe, and therefore, for a subscription to fashion.

謝謝，艾克。首先，迄今為止，我們的業務繼續增長。我們的前景是積極的，這反映在我們本季度的指導中。但我們正在密切關注。因此，我想再次提醒您，我們剛剛經歷了 2 年的 COVID 影響，在此期間，我們受到了美國客戶在家中避難的重大影響。當人們主要穿著睡衣躲在家裡時，他們對衣櫥的多樣性的需求減少了，因此對時尚的訂閱也減少了。

So during that period of time, we reacted incredibly quickly. We made lots of tough decisions to cut costs across every area of our business. And we think that we're ready and able to act with effective tools, with experience to respond to any negative impact on the business.

所以在那段時間裡，我們的反應非常快。我們做出了許多艱難的決定，以削減我們業務各個領域的成本。我們認為我們已經準備好並且能夠使用有效的工具採取行動，並有經驗來應對對業務的任何負面影響。

Now kind of also going back to 2020, it's really important to understand that data is core to Rent the Runway. We monitor and analyze data real time. So we have this unique advantage in that subscribers come to our app over 3 times a week. They're highly engaged. So as soon as there's a change in their behavior, we see it. So we started to see data in early March 2020 that led us to make those really swift and bold decisions to cut costs throughout the business very early on. And we didn't hesitate in making the right decisions for the business.

現在也可以追溯到 2020 年，了解數據是 Rent the Runway 的核心非常重要。我們實時監控和分析數據。因此，我們的獨特優勢在於訂閱者每周訪問我們的應用程序超過 3 次。他們高度敬業。因此，一旦他們的行為發生變化，我們就會看到。因此，我們在 2020 年 3 月上旬開始看到數據，這些數據使我們在很早的時候就做出了非常迅速和大膽的決定，以削減整個業務的成本。我們毫不猶豫地為企業做出正確的決定。

So we know early on when there are shifts in behavior. Now interestingly, right now, we are seeing a shift in behavior in the sense that our customers are actually shifting into more celebratory clothing than we've ever seen before. She is really showing us with what she's renting and how she's engaging that she is ready to get back out into the world. And whether it's for work, whether it's for the weekends, whether it's for special events, she wants to feel happy and she wants to use fashion as a way to show up and feel that way.

因此，我們很早就知道行為何時發生變化。現在有趣的是，現在，我們正在看到行為的轉變，因為我們的客戶實際上正在轉向比我們以前見過的更多的慶祝服裝。她真的向我們展示了她所租的東西，以及她準備好重返這個世界的參與度。無論是工作，週末，還是特殊活動，她都想感到快樂，她想用時尚作為一種方式來展示和感受那種感覺。

And Ike, in terms of the more financial side of the equation, let me take the last question first, which is that we are laser-focused on staying on our path to profitability even with a recessionary environment. And then more practically speaking, the way that we would get there is really to remind you a bit about the kind of the structure of the business and the business model that we have. A significant portion of our operating costs are largely variable, and they represent approximately 60% of our cash operating costs, which means that they either will vary with demand automatically or we have high flexibility and discretion to adjust as we did throughout COVID. So these would be things like our fulfillment expenses, our customer service costs, clearly, credit card fees, revenue share payments that are performance-based and marketing.

而艾克，就等式的更多財務方面而言，讓我首先提出最後一個問題，即即使在經濟衰退的環境下，我們也非常專注於保持盈利的道路。然後更實際地說，我們到達那裡的方式實際上是為了提醒您一些關於我們擁有的業務結構和業務模型的類型。我們運營成本的很大一部分在很大程度上是可變的，它們約占我們現金運營成本的 60%，這意味著它們要么會隨著需求而自動變化，要么像我們在整個 COVID 期間所做的那樣具有高度的靈活性和自由裁量權來進行調整。因此，這些將是我們的履行費用，我們的客戶服務成本，顯然，信用卡費用，基於績效和營銷的收入分成付款。

And then the remaining cash cost, which is about 40%, the rest of it, is fixed or largely fixed. And that's mostly in G&A and tech, as you've heard me mention before. And I'd say that within the second bucket, approximately 30% are employee-related costs, which we could reduce in a lower-growth scenario. And we demonstrated in 2020 at the onset of COVID that we had levered also on capital expenditures, which would be the product and the PP&E CapEx, if we saw a change in demand. But I also just want to remind you that our business is different than other businesses because we're able to monetize our products over many years as opposed to other retailers or e-comm companies that could be stuck with their inventory, we have that ability, and you just saw us do that over the last couple of years.

然後剩下的大約 40% 的現金成本是固定的或基本固定的。正如你之前聽到我提到的，這主要是在 G&A 和技術領域。我想說的是，在第二個桶中，大約 30% 是與員工相關的成本，我們可以在低增長的情況下減少這些成本。我們在 2020 年 COVID 爆發時證明，如果我們看到需求發生變化，我們還利用了資本支出，這將是產品和 PP&E 資本支出。但我也想提醒您，我們的業務與其他業務不同，因為我們能夠在多年內通過我們的產品獲利，而不是其他可能被庫存困住的零售商或電子商務公司，我們有這種能力，而您剛剛看到我們在過去幾年中做到了這一點。

So we feel good about the cost structure of the business and our ability to react in a kind of a downturn environment.

因此，我們對業務的成本結構以及我們在一種低迷環境中做出反應的能力感到滿意。

One other thing that I would add is that our consumer is slightly different. So 80% of our subscribers have household incomes over $100,000. So this consumer may be less sensitive to changes in the macro environment, and we'll continue to monitor that.

我要補充的另一件事是我們的消費者略有不同。因此，我們 80% 的訂閱者的家庭收入超過 100,000 美元。因此，該消費者可能對宏觀環境的變化不太敏感，我們將繼續對此進行監控。

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。

Just a follow-up on that macro question. Jen, you mentioned that when consumers might be trading down, the value prop of the huge savings that they get from Rent the Runway might shine through if we go into a recession. But I'm just curious, what other parts of your business -- I assume customer acquisition costs would improve a launch if competition in those ad auctions goes down. And then what other recessionary impacts might you see to the positive, like how the conversations with designers change if all of a sudden, they're getting lots of returns from their departments for clients, et cetera? Could you just flesh that out a little bit?

只是對該宏觀問題的跟進。仁，你提到當消費者可能會降價時，如果我們陷入衰退，他們從 Rent the Runway 獲得的巨額儲蓄的價值支柱可能會發光。但我只是好奇，如果這些廣告拍賣中的競爭下降，您的業務的其他部分 - 我認為客戶獲取成本會提高發布。然後，您可能會看到哪些其他經濟衰退的積極影響，例如，如果突然間，他們從部門為客戶獲得大量回報，與設計師的對話將如何改變，等等？你能把它充實一點嗎？

And then, Scarlett, you mentioned a bunch of the Share by RTR inventory crossed over the threshold whereby you have to pay the rev share. Just curious, like is that a meaningful percentage of the Share by RTR? And like how do we think about that on a go-forward basis that we kind of permanently crossed and that should be a benefit going forward?

然後，斯嘉麗，你提到了一堆 RTR 股票的份額超過了你必須支付 rev 份額的門檻。只是好奇，就像 RTR 份額的一個有意義的百分比？就像我們如何在前進的基礎上考慮我們永久交叉的那樣，這應該是向前發展的好處？

Yes. Thanks, Ross. So I came up with the idea for Rent the Runway in 2008 and really became a student of what was going on in that recession. And one of the things that I found really fascinating was that during that last recession, customers were still buying 65 items of apparel per year, which was very similar to what she was buying pre-recession. And we saw at that time, not only was she trading into other retailers like the T.J. Maxxs and Burlingtons and Rosses of the world, she also -- that was the emergence of kind of flash sale sites and really also massive growth in value-oriented retail like fast fashion.

是的。謝謝，羅斯。所以我在 2008 年提出了 Rent the Runway 的想法，並真正成為了那個經濟衰退中正在發生的事情的學生。我發現真正令人著迷的一件事是，在上一次經濟衰退期間，顧客每年仍然購買 65 件服裝，這與她在經濟衰退前購買的服裝非常相似。我們當時看到，她不僅在與 T.J. 等其他零售商進行交易。世界上的 Maxxs、Burlingtons 和 Rosses，她也是——那是一種閃購網站的出現，以及像快時尚這樣的價值導向型零售業的大規模增長。

So I think the consumer was kind of showing us that she still wanted variety, she's still buying high quantity, but she's changing and kind of going for same amount of units at lower price points. So what happened? Well, in that environment, from a brand perspective, I think we would have even more ability to shift more of our inventory acquisition into consignment, where our brands would be able to kind of share in revenue with us and benefits. Their alternative would be to deeply discount their own product and/or to kind of sell it to off-price or kind of flash sale sites for lower take rates.

所以我認為消費者向我們展示了她仍然想要多樣化，她仍然購買大量，但她正在改變並且以更低的價格購買相同數量的單位。所以發生了什麼事？好吧，在那種環境下，從品牌的角度來看，我認為我們將更有能力將更多的庫存採購轉移到寄售中，我們的品牌將能夠與我們分享收入和利益。他們的替代方案是大幅打折他們自己的產品和/或將其出售給低價或限時搶購網站以獲得較低的佣金。

So I think that, as they saw during COVID, when we went into -- we transitioned into revenue share agreements with many of our designers. When COVID hit in 2020, those designers have been getting their wholesale costs are even more back over time. So they trust this kind of consignment channel, and I think we'd be able to drive even more consignment in the case of a recessionary environment.

所以我認為，正如他們在 COVID 期間看到的那樣，當我們進入 - 我們與我們的許多設計師簽訂收入分成協議時。當 COVID 在 2020 年爆發時，這些設計師的批發成本隨著時間的推移而回升。所以他們信任這種寄售渠道，我認為我們能夠在經濟衰退的環境下推動更多的寄售。

To your point as well, I do think that we might have more negotiating leverage when it comes to paid marketing spend. I also think, more importantly, negotiating leverage would come back as it relates to transportation partners. So we saw transportation expenses were rising in 2021, and we were proactive in 2 ways. Number one is we just increased the amount of partners we worked with from approximately 2 partners to over a dozen partners because more partners equals more negotiating leverage. And two, we started implementing consolidation strategy, of which our consolidation centers and home pickup are examples.

就您的觀點而言，我確實認為在付費營銷支出方面我們可能擁有更多的談判籌碼。我還認為，更重要的是，與運輸合作夥伴相關的談判影響力將會回歸。因此，我們看到 2021 年的交通費用在上漲，我們在兩個方面採取了主動措施。第一，我們剛剛將合作夥伴的數量從大約 2 個增加到了 12 個以上，因為更多的合作夥伴意味著更多的談判籌碼。第二，我們開始實施整合戰略，我們的整合中心和上門取貨就是其中的例子。

We think that as potentially e-commerce rates might go down that transportation partners may be willing to come back to the table and actually negotiate for the first time in a little while.

我們認為，由於潛在的電子商務費率可能會下降，運輸合作夥伴可能願意回到談判桌，並在一段時間內首次進行實際談判。

And Ross, in terms of the questions related to Share by RTR, so I'm not disclosing the exact percentage of units that hit their cap, but it did positively impact our gross margins, and we were really pleased with the results that were better than we had forecasted. In terms of going forward, it's possible it's an ongoing benefit. It's really going to depend on the proportion of Share by RTR products that our customers choose and how close those products are to hitting their caps already, which can vary. But I would certainly take a look at what I said on the call, which is that we do expect the gross margin to increase slightly this year versus last year.

還有羅斯，關於與 RTR 共享相關的問題，所以我沒有透露達到上限的單位的確切百分比，但它確實對我們的毛利率產生了積極影響，我們對更好的結果感到非常滿意超出我們的預期。就未來而言，這可能是一個持續的好處。這實際上取決於我們的客戶選擇的按 RTR 產品分享的比例，以及這些產品與達到上限的接近程度，這可能會有所不同。但我肯定會看看我在電話會議上所說的話，即我們確實預計今年的毛利率會比去年略有增加。

And our next question comes from the line of Eric Sheridan with Goldman Sachs.

我們的下一個問題來自高盛的 Eric Sheridan。

Maybe 2, if I can. One, is there anything to call out in terms of geographic differences you're seeing in the business in terms of either gross additions or customer behavior that might give us a better sense of how the return to office might be playing into some of the dynamics in the business that could promote future growth? That would be number one.

也許2，如果可以的話。第一，就您在業務中看到的總增加或客戶行為方面的地理差異而言，有什麼需要指出的，這可能讓我們更好地了解重返辦公室可能如何影響一些動態在可以促進未來增長的業務中？那將是第一名。

And on prior calls, we've talked a lot about your automation efforts for the long term. Anything to add there as an update about how we should be thinking about automation as a driver of margins over the long term?

在之前的電話會議中，我們談了很多關於您長期自動化工作的內容。關於我們應該如何將自動化視為長期利潤驅動因素的更新，有什麼要補充的嗎？

Yes. So there's actually not much differences in geographic customer behavior that we're seeing. We're seeing across the board that our customers are back in the office a few days a week. We're certainly seeing them be far more resilient to COVID impacts in all geographies and variants.

是的。因此，我們看到的地理客戶行為實際上並沒有太大差異。我們全面看到我們的客戶每周有幾天回到辦公室。我們當然看到它們在所有地區和變體中對 COVID 影響的適應能力要強得多。

One of the interesting aspects of going back to the office in a hybrid way is that she isn't yet back in the office 5 days a week. And therefore, just -- and she hasn't bought workwear in the past 2 years. So justifying purchasing new workwear makes less sense if you're not really going to be there 5 days a week, if you don't even know what your dress code is anymore. So renting the runway for the office makes more sense now in many cases than in the past.

以混合方式回到辦公室的一個有趣方面是，她還沒有每週 5 天回到辦公室。因此，只是——而且她在過去 2 年裡沒有買過工作服。因此，如果你真的不打算每週工作 5 天，甚至不知道你的著裝要求是什麼，那麼證明購買新工作服的理由就沒有多大意義了。因此，在許多情況下，現在為辦公室租用跑道比過去更有意義。

And we believe that a recessionary environment, interestingly, could lead even more workers to be back in the office more days of the week because we think that employers may have more power to request people to come back. And just one of the things I would kind of call out that we think about a lot is during COVID, when people were sheltering at home, people really were not attending events. They were not going into offices. They weren't walking around their neighborhoods. They weren't socializing.

而且我們認為，有趣的是，經濟衰退的環境可能會導致更多的員工在一周中更多的時間回到辦公室，因為我們認為雇主可能有更多的權力要求人們回來。我想說的，我們想了很多的事情之一就是在 COVID 期間，當人們在家裡避難時，人們真的沒有參加活動。他們沒有進入辦公室。他們不是在他們的社區裡走來走去。他們不是在社交。

In a recessionary environment, people still get married. People still celebrate New Year. People still go into offices, and I think they may go into offices more. So we are focused intently here on positioning Rent the Runway as the most cost-effective way to get dressed because we know that people still want and need variety in their wardrobe. And we think that we may be heading into an environment where this becomes even more attractive to more consumers.

在經濟衰退的環境中，人們仍然結婚。人們仍然慶祝新年。人們仍然進入辦公室，我認為他們可能會更多地進入辦公室。因此，我們專注於將 Rent the Runway 定位為最具成本效益的著裝方式，因為我們知道人們仍然想要並且需要衣櫥中的多樣性。我們認為我們可能正在進入一個對更多消費者更具吸引力的環境。

Eric, and then in terms of your second question, we absolutely think that there is a lot more that we can get out of the automation. As Jen mentioned on the call, we just finished the rollout of RFID. We just are implementing digital issue tagging, which should make us much more efficient when it comes to cleaning and restoration. So this is really why we think that there are good benefits ahead of us, why we feel confident in what we have said last call, which is that we believe that the fulfillment cost can get back down to below 30% of revenue over the next few years.

埃里克，然後就你的第二個問題而言，我們絕對認為我們可以從自動化中獲得更多。正如 Jen 在電話會議中提到的，我們剛剛完成了 RFID 的推出。我們只是在實施數字問題標記，這將使我們在清潔和恢復方面更有效率。所以這就是為什麼我們認為我們面前有很好的好處，為什麼我們對上次電話會議所說的話充滿信心，那就是我們相信在接下來的時間裡，履行成本可以回落到收入的 30% 以下幾年。

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。

I just want to ask the marketing going -- I think you said 13% to 10% for the year -- 13% the first quarter to 10% of revenues rest of the year. It's been kind of hammered home to us that this is the biggest wedding season in decades, and we've heard that through the department store earnings calls and diamond jewelers. And obviously, in this environment, that kind of data point quickly gets connected to questions about how to lap those kind of big comparisons next year. And I don't know how you feel about that, but do you think this is a onetime big bump potential for the reserve business this summer that makes you think maybe you should deploy more towards converting some of those onetime-ish reserve customers into that very lucrative LTV of the subscription customer?

我只是想問一下市場營銷——我想你說的是今年的 13% 到 10%——第一季度 13% 到今年剩餘時間的 10%。對我們來說，這是幾十年來最大的婚禮季節，這對我們來說有點沉重，我們從百貨公司的財報電話會議和鑽石珠寶商那裡聽到了這一點。顯然，在這種環境下，這種數據點很快就會與明年如何進行這種大比較的問題聯繫起來。我不知道你對此有何看法，但你認為這對今年夏天的儲備業務來說是一個一次性的巨大潛力，這讓你認為也許你應該進行更多的部署，以將一些一次性的儲備客戶轉化為訂閱客戶的 LTV 非常有利可圖？

We feel really good about our plan to continue to spend about 10% of our revenue on marketing this year, excluding employee-related expenses because, number one, we continue to benefit from this really strong organic growth flywheel. We're doing a lot of marketing that doesn't actually involve paid marketing. So we talked about content. We talked about partnerships. We talked about product improvements that might enhance the virality of our business. So we completely agree with you that this is a really important period of time for us to build the funnel for both current subscribers and subscribers for many years to come. And we're really pleased with our success in Q1 in terms of our reserve business, beating by 20% versus our expectations.

我們對今年繼續將大約 10% 的收入用於營銷的計劃感到非常滿意，不包括與員工相關的費用，因為第一，我們繼續受益於這個非常強勁的有機增長飛輪。我們正在做很多實際上不涉及付費營銷的營銷。所以我們談到了內容。我們談到了夥伴關係。我們談到了可能會增強我們業務的病毒式傳播的產品改進。因此，我們完全同意您的看法，這是我們為當前訂閱者和未來許多年的訂閱者建立渠道的非常重要的時期。我們對第一季度在儲備業務方面的成功感到非常滿意，比我們的預期高出 20%。

We also have this really large first-party database. And we're able to engage with customers from the past who rented for an event and our prospects to really convert them into coming back to rent a la carte again or coming back to a subscription. So we think that we can balance growth with profitability that we don't have to spend more than 10% and that our #1 goal is driving the business to free cash flow profitability.

我們也有這個非常大的第一方數據庫。而且我們能夠與過去租用活動的客戶和我們的潛在客戶進行互動，以真正將他們轉變為再次租用點菜或重新訂閱。因此，我們認為我們可以平衡增長與盈利能力，我們不必花費超過 10%，我們的第一目標是推動業務實現自由現金流盈利能力。

And if I could ask a follow-up. I think you ran a sample sale in New York in the first quarter, which probably helped that resale -- the nice resale number in the quarter. Was -- if I'm right on that, was that a good experience for you? Is that something that you feel like you could do again this year to add a little realized 3-dimensional aspect of the brand every once in a while and touch consumers and help monetize some of that product that you've deemed good to move over to retail?

如果我可以要求跟進。我認為您在第一季度在紐約進行了一次樣品銷售，這可能有助於轉售——該季度的轉售數量很好。是——如果我是對的，那對你來說是一次很好的經歷嗎？是不是你覺得你今年可以再做一次，每隔一段時間添加一點品牌的實現的 3 維方面，觸動消費者，並幫助將一些你認為不錯的產品貨幣化零售？

Yes. So I'm glad that you asked that because I think it's really important to distinguish between sample sales, which are part of our liquidation revenue for inventory and resale. So as you know, we are monetizing inventory over multiple years. We depreciate that inventory over 3 years straight line, and then there's a salvage value that is associated with our apparel that is tested every single year by our accountants. That salvage value is related to how much we can kind of sell the inventory for at the end of its useful life. Now a useful life means to us that it no longer looks brand-new. So once the unit of inventory is not in kind of rentable condition, which we consider like new condition, we will take it out of our rentable inventory, and we will clear that inventory. Sample sales are one of the channels from which we clear inventory, and that really goes into salvage value. But that's not our resale revenue.

是的。所以我很高興你問這個問題，因為我認為區分樣品銷售非常重要，這是我們庫存和轉售清算收入的一部分。如您所知，我們多年來一直在通過庫存獲利。我們會在 3 年內直線折舊庫存，然後有一個與我們的服裝相關的殘值，我們的會計師每年都會對其進行測試。該殘值與我們可以在其使用壽命結束時出售多少庫存有關。現在，有用的壽命對我們來說意味著它不再看起來是全新的。因此，一旦庫存單位不是處於可出租狀態（我們認為是新狀態），我們會將其從我們的可出租庫存中取出，並清除該庫存。樣品銷售是我們清理庫存的渠道之一，這確實會產生殘值。但這不是我們的轉售收入。

So resale revenue is the revenue we make from subscribers when they decide to keep units that they already have at home. So as part of their subscription, they have these 4 units at home. I have a dress at home. I decide I love it. We're dynamically pricing that dress, and I can click to purchase it and/or any person can come to our site at any time and see a dynamic price with which to buy the unit, which is still in like new condition, and that's our resale revenue.

因此，轉售收入是我們從訂戶那裡獲得的收入，當他們決定保留他們已經擁有的設備時。因此，作為訂閱的一部分，他們在家中有這 4 個單元。我家裡有一件衣服。我決定我喜歡它。我們正在動態定價那件衣服，我可以點擊購買它和/或任何人可以隨時訪問我們的網站並查看購買該單位的動態價格，該單位仍處於新狀態，那就是我們的轉售收入。

And just to double-click on that a little bit more, Michael. We've been doing sample sales for years, right? This is not a new strategy. This is something that we've always done and has always been a really successful strategy. It really points to the fact that our items even at end of life are still valued by customers. And I just want to double-click on something that Jen said, which is that sample sale revenue does not hit the revenue line. That is recognized as a gain or sale because we've already finished depreciating the product and is at the end of its useful life. So that's actually not reflected in our resale line.

邁克爾，再雙擊一下。我們多年來一直在做樣品銷售，對吧？這不是一個新策略。這是我們一直在做的事情，並且一直是一個非常成功的策略。它確實指出了這樣一個事實，即我們的產品即使在使用壽命結束時仍然受到客戶的重視。我只想雙擊 Jen 所說的內容，即樣本銷售收入沒有達到收入線。這被認為是收益或銷售，因為我們已經完成了產品的折舊並且處於其使用壽命的盡頭。所以這實際上並沒有反映在我們的轉售線上。

Okay. Very helpful clarification. And congrats again on a nice quarter.

好的。非常有幫助的澄清。並再次祝賀一個不錯的季度。

Thank you.

謝謝你。

Our next question comes from the line of Abbey Zvejnieks with Piper Sandler.

我們的下一個問題來自與 Piper Sandler 的 Abbey Zvejnieks。

Going a little bit off of Michael's question with wedding season being the highest it's been in decades. What do you see in the mix of like customers that are coming to Rent the Runway for events? Are they going into the reserve business? Or do you see them convert to subscribers later? Or because you get a discount in like your first 2 months of subscribing, do you see them going directly into the subscription business? Like what's the mix there?

有點偏離邁克爾的問題，婚禮季節是幾十年來最高的。您在來 Rent the Runway 參加活動的同類客戶中看到了什麼？他們要進入儲備業務嗎？或者您是否看到他們稍後轉換為訂閱者？或者因為您在訂閱的前 2 個月獲得了折扣，您是否認為他們會直接進入訂閱業務？就像那裡的混合是什麼？

Well, we've done a better and better job over time, and this is intentional, about positioning subscription as a solution for multiple events and trying to drive first-time renters into subscription before they even try renting for a special event. And so we are seeing a healthy amount of new customers come directly into subscription. We see based on the inventory that they rent that some of them may be event intending. So this is certainly kind of a reason why people are signing up for subscription this year.

好吧，隨著時間的推移，我們已經做得越來越好，這是有意為之，將訂閱定位為多個活動的解決方案，並試圖在首次租用者甚至嘗試為特殊活動租用之前進行訂閱。因此，我們看到大量新客戶直接訂閱。根據他們租用的庫存，我們看到其中一些可能是事件意圖。所以這當然是人們今年註冊訂閱的一個原因。

That being said, our reserve business continues to be such a critical funnel for us because even though over 80% of our revenue comes from subscribers, the majority of our customers continue to be people that come in a few times a year, rent a la carte, buy from us resale. And that continues to have a really healthy funnel of people that we can tap into as our future subscribers. So we're kind of agnostic. We just want you to come in, try renting, see the depth and breadth of our inventory, see that we carry aspirational designer brands, that we deliver an incredible customer experience. And once you use Rent the Runway, of course, it's our job over time to try to convince you that a subscription is a smarter and more sustainable way to get dressed for your everyday life.

話雖如此，我們的儲備業務對我們來說仍然是一個如此重要的渠道，因為即使我們 80% 以上的收入來自訂戶，我們的大多數客戶仍然是一年來幾次的人，租一個carte，從我們這裡購買轉售。並且繼續擁有一個非常健康的人員漏斗，我們可以將其作為我們未來的訂閱者。所以我們有點不可知論。我們只是希望您進來，嘗試租用，看看我們庫存的深度和廣度，看看我們擁有有抱負的設計師品牌，我們提供令人難以置信的客戶體驗。當然，一旦你使用了 Rent the Runway，我們的工作就是不斷努力讓你相信訂閱是一種更聰明、更可持續的方式來為你的日常生活著裝。

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。

I'd like to start on paused subs. As we think about COVID just becoming more normalized, is there a way for us to think about what percentage of paused subs should -- or I guess, should be expected? In other words, are you guys seeing a continued impact from COVID in terms of paused accounts? Or how do we think about that going forward?

我想從暫停的潛艇開始。當我們考慮 COVID 變得更加正常化時，我們有沒有辦法考慮暫停訂閱的百分比應該 - 或者我猜，應該是預期的？換句話說，你們是否看到 COVID 在暫停帳戶方面的持續影響？或者我們如何看待未來的發展？

And then secondly, on the price increase, how do we think about the potential for future price increases? I'm not looking for guidance in terms of whether that is next year or whether it's multiple years. But just more structurally, given your learnings from this past price increase, how do we think about that going forward?

其次，關於價格上漲，我們如何看待未來價格上漲的潛力？我不是在尋找關於是明年還是多年的指導。但從結構上來說，鑑於您從過去的價格上漲中吸取的教訓，我們如何看待未來的發展？

So on paused, paused is just a natural part of how people use the subscription. It creates flexibility for our subscribers, which keeps them loyal. I want to call out that the people that are in pause this month are a different group of people than who's in pause next month. That people are kind of coming in and coming out of the subscription based on what's going on in their lives, like we mentioned that there's seasonality to our business. So people think more about and care more about their wardrobes and fashion in general between March and May, between September and November when they -- generally, we've been trained as consumers to actually buy new clothes during this period of time. So we see a lot of engagement with customers wanting to use the subscription for newness and for a variety at those periods of time during the year as opposed to, let's say, during the dead of winter in January when we're kind of snuggled up in our sweaters and pajamas at home, that might be a more natural period of time where we see higher rates of pause.

因此，在暫停時，暫停只是人們使用訂閱方式的一個自然部分。它為我們的訂戶創造了靈活性，使他們保持忠誠。我想指出，本月暫停的人與下個月暫停的人是不同的群體。人們會根據他們生活中發生的事情來進出訂閱，就像我們提到的那樣，我們的業務存在季節性。因此，人們在 3 月至 5 月、9 月至 11 月期間一般會更多地考慮和關心他們的衣櫥和時尚，一般來說，我們作為消費者已經接受過在這段時間內實際購買新衣服的培訓。因此，我們看到很多客戶希望在一年中的這些時間段使用訂閱來獲得新鮮感和多樣性，而不是在 1 月的寒冬期間，我們有點依偎在一起在我們在家的毛衣和睡衣中，這可能是一個更自然的時期，我們會看到更高的停頓率。

Now in terms of how the percentage of folks that are in pause right now compare to pre-COVID, we do think that we're in a very different environment than we were in 2019. We have a product that we have different programs that have almost double the margins of the programs that we had in 2019. We have a customer who's using us for a much wider array of use cases than she used us for in 2019.

現在，就目前暫停的人的百分比與 COVID 之前相比，我們確實認為我們所處的環境與 2019 年截然不同。我們有一個產品，我們有不同的程序幾乎是我們 2019 年項目利潤的兩倍。我們有一個客戶使用我們的用例比她在 2019 年使用我們的用例要廣泛得多。

And to be completely honest, we don't know what the baseline percentage of people in pause is going to be in this post-COVID world. We know what it was in 2019. But like the data remains to be seen over the next few quarters. Will it baseline out around 20%? Will it stay around 24%? We don't know. All that we care about is that active subs and total subs continue to grow because paused subscribers are the very bottom of the funnel for us. They're automatically rebilled 30 days later. So we love the flexibility that it provides. And we are excited about the fact that we reached a record number of ending active sub count in Q1.

老實說，我們不知道在這個後 COVID 世界中，處於暫停狀態的人的基線百分比將是多少。我們知道 2019 年的情況。但未來幾個季度的數據還有待觀察。它會以 20% 左右為基準嗎？它會保持在24%左右嗎？我們不知道。我們關心的是活躍訂閱者和總訂閱者繼續增長，因為暫停訂閱者是我們漏斗的最底部。他們會在 30 天后自動重新計費。所以我們喜歡它提供的靈活性。我們很高興我們在第一季度達到了創紀錄的結束活躍子數量。

And thank you for the question on price increase, Andrew. I would say, I think you're really trying to get to perhaps ARPU increases over time and how we drive those. And we do have confidence in driving ARPU increases over time. A portion of how that happens is really through customer engagement, right, through the fact that we have seen really strong add-on activity and we believe that, that continues.

謝謝你關於價格上漲的問題，安德魯。我會說，我認為你真的想知道隨著時間的推移，ARPU 可能會增加，以及我們如何推動這些。我們確實有信心隨著時間的推移推動 ARPU 的增長。發生這種情況的一部分實際上是通過客戶參與，對，通過我們看到非常強大的附加活動這一事實，我們相信，這種情況仍在繼續。

We don't have a specific plan for annual price increases. We do think that from time to time, we might do some mid-single-digit pricing actions when it makes sense, right, when we have -- continue to invest in the experience of the customer, and we're giving her more value. And I would say, as you think about it for the future, the one that you saw this year is probably a little bit higher than what you might normally see when we decide to do those. That's really to account for the macro inflationary trends.

我們沒有每年漲價的具體計劃。我們確實認為，有時，我們可能會在合理的情況下採取一些中等個位數的定價行動，對，當我們有——繼續投資於客戶的體驗，我們正在為她提供更多價值.我想說，當你考慮未來時，你今年看到的可能比我們決定做這些時通常看到的要高一點。這確實是為了解釋宏觀通脹趨勢。

Our next question comes from the line of Ashley Helgans with Jefferies.

我們的下一個問題來自傑富瑞的 Ashley Helgans。

Congrats on the nice quarter. Just a quick one for us. We wanted to follow up and see if you could just provide a little bit more color on the nice gross margin expansion.

恭喜這個美好的季度。對我們來說只是一個快速的。我們想跟進，看看您是否可以為良好的毛利率擴張提供更多色彩。

Thanks for the question, Ashley. I'll take that one. So we've talked a lot in the past about some of the very transformative changes that we've made to the business model, like changing the program, changing the way that we acquire products, and that was really intended to benefit the gross margin. And now that we see revenue scaling out of COVID, we're really seeing these changes show up even more in our numbers.

謝謝你的問題，阿什利。我會拿那個。所以我們過去談了很多關於我們對商業模式所做的一些非常具有變革性的改變，比如改變程序，改變我們獲取產品的方式，這真的是為了提高毛利率.既然我們看到收入從 COVID 擴大，我們真的看到這些變化在我們的數字中表現得更加明顯。

If I break down the reasons why gross margin was so much higher this year versus last year, I'd say there's a couple of reasons. One, our revenue was up 100% in Q1 versus last year. And then you'll see that the product depreciation dollars are actually pretty similar to last year. So that basically means that those costs now represent about half as much as a percentage of revenue as what they did last year. So that's one significant reason, which we've been talking about, but it's really nice to see it show up in the numbers today.

如果我分解今年毛利率比去年高得多的原因，我想說有幾個原因。第一，我們的收入在第一季度比去年增長了 100%。然後你會看到產品折舊美元實際上與去年非常相似。因此，這基本上意味著這些成本現在佔收入的百分比約為去年的一半。所以這是我們一直在談論的一個重要原因，但很高興看到它出現在今天的數字中。

Two, we mentioned the higher ARPU than we had expected, obviously, because of what I just said it, which is the strong add-on activity, and that always is going to improve margin for us. And then three is what we also discussed, which is the revenue share as a percent of revenue was favorable versus our forecast because of those MACs payout where we no longer have to pay the brand. So those are really the 3 elements that contributed to the gross margin being substantially better than it was last year.

第二，我們提到的 ARPU 比我們預期的要高，顯然，因為我剛才說過，這是強大的附加活動，這總是會提高我們的利潤率。然後三個是我們還討論的內容，即收入份額佔收入的百分比與我們的預測相比是有利的，因為我們不再需要支付品牌費用。因此，這些確實是導致毛利率比去年好得多的三個因素。

And maybe, Jen, maybe I'll hand it off to you a little bit if you want to talk about product depreciation and the dynamic of the longevity of our items, which is really unique to our business model.

也許，Jen，如果你想談談產品折舊和我們產品壽命的動態，我可能會把它交給你一點，這對我們的商業模式來說確實是獨一無二的。

Yes. So one of the things that I've observed and based on kind of feedback that I've gotten over the last few months, one of the things that is misunderstood about Rent the Runway is how clothing -- how it's possible to monetize clothing over time. So there is this big miss in the fashion industry that things go out of style right away because that's how the retail industry has functioned forever, that you launch a product and a few weeks later, you mark it down, and then you mark it down again and then you have to clear it. And we have 12 years of data that show that, number one, things actually don't go out of style after a season, that we can monetize inventory for many years and that what the customer cares about is she cares about wearing something that is new to her every single time she comes to Rent the Runway.

是的。所以我觀察到的一件事是基於我在過去幾個月中得到的反饋，其中一件關於 Rent the Runway 被誤解的事情是服裝如何通過服裝獲利時間。所以在時尚界有一個很大的失誤，事情馬上就過時了，因為這就是零售業永遠運作的方式，你推出一個產品，幾週後，你把它標記下來，然後你把它標記下來再次，然後你必須清除它。我們有 12 年的數據表明，第一，一季後東西實際上不會過時，我們可以將庫存貨幣化很多年，客戶關心的是她關心穿什麼每次她來到 Rent the Runway 時，她都是新的。

Often, our customers don't know and they don't care whether something is right off the runway or it's from previous seasons as long as they've never worn it before. So that's why we've invested so much in personalization because we constantly want to show our customers a fresh assortment of new items that are new to her.

通常，我們的客戶不知道，他們也不在乎某樣東西是剛剛走秀還是來自前幾季，只要他們以前從未穿過它。所以這就是我們在個性化方面投入如此多的原因，因為我們一直想向我們的客戶展示對她來說新鮮的各種新產品。

So the other thing that's really important to understand is that the lifetime of the garment is much more highly correlated to how frequently it's been used and cleaned to how many seasons old it is. So the lifetime is not dependent on fashion trends. It's entirely dependent on our ability to restore the items into like new condition and how many times it's been cleaned.

因此，另一件真正重要的事情是，服裝的使用壽命與它的使用頻率和清潔頻率與它的使用年限密切相關。所以一生不取決於流行趨勢。這完全取決於我們將物品恢復到新狀態的能力以及它被清潔了多少次。

So we have inventory cohorts that we kind of acquired in 2018 and 2019 that are still monetizing and were producing revenue in Q1. And that inventory has already been fully depreciated. We can still make money off these cohorts because customers still want them, and they didn't actually get as much use as we originally anticipated during COVID. So I think that, that dynamic as well of really understanding how we're able to use personalization to drive monetization of inventory over time, I think, is one of the most important things to understand about Rent the Runway.

因此，我們有一些我們在 2018 年和 2019 年收購的庫存群組，它們仍在貨幣化並在第一季度產生收入。並且該庫存已經完全折舊。我們仍然可以從這些群體中賺錢，因為客戶仍然想要它們，而且它們實際上並沒有像我們在 COVID 期間最初預期的那樣得到盡可能多的使用。所以我認為，這種動態以及真正理解我們如何能夠隨著時間的推移使用個性化來推動庫存貨幣化，我認為，這是關於 Rent the Runway 最重要的事情之一。

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

我們的下一個問題來自 Telsey 諮詢小組的 Dana Telsey。

As you think about the product costs, which have been coming down, what do you see the opportunity in product costs going forward? It certainly seems like, obviously, it's been product costs reduced by 20% of revenue year-over-year. Where could that come from and why? And then very interesting on the at home, any data points on the 20 markets that you have it in so far, what you're learning from that it all enhances the next 20 markets you put it in? Any learnings there?

當您考慮一直在下降的產品成本時，您認為未來產品成本的機會是什麼？顯然，產品成本似乎比去年同期減少了 20% 的收入。那可能來自哪裡，為什麼？然後在國內非常有趣，到目前為止您擁有的 20 個市場上的任何數據點，您從中學到了什麼，這一切都增強了您投入的下一個 20 個市場？那裡有什麼學問嗎？

We've mentioned that our goal to drive to free cash flow profitability was to move non-wholesale product acquisitions. So non-wholesale for us is our consignment business Share by RTR and Exclusive Designs, to move that from 60% of our product acquisition to 66%. And as a reminder, we only started non-wholesale acquisition in Q4 of 2018. So we've gone from 0% of our acquisition being non-wholesale to 66% in 3.5 years. So we feel highly confident in our ability to kind of move product acquisition from 60% to 66% over the short to midterm.

我們已經提到，我們推動自由現金流盈利能力的目標是推動非批發產品收購。因此，對我們而言，非批發業務是我們的寄售業務 Share by RTR 和 Exclusive Designs，將其從我們產品採購的 60% 提高到 66%。提醒一下，我們在 2018 年第四季度才開始進行非批發收購。因此，我們在 3.5 年內從非批發收購的 0% 增加到了 66%。因此，我們對在中短期內將產品採購率從 60% 提高到 66% 的能力充滿信心。

Maybe I can add something to that.

也許我可以添加一些東西。

Yes. Yes.

是的。是的。

So -- and I think your follow-up question on that was just as a percentage of revenue, where do we think product CapEx is. So you can see with our guidance of about $60 million spent on product CapEx and at the midpoint of the range, and we're talking about 20% of revenue. And we do feel confident that, that number comes down over time for the reasons that Jen just said, which is that we see the mix shifting more and the fact that you have higher percentage of Exclusive Designs obviously helps with the total dollars and the percentage of revenue. So we do feel optimistic and confident in that, and that's a key element of getting to free cash flow breakeven in the midterm.

所以 - 我認為你的後續問題只是收入的百分比，我們認為產品資本支出在哪裡。因此，您可以在我們的指導下看到大約 6000 萬美元的產品資本支出和範圍的中點，我們談論的是收入的 20%。而且我們確實有信心，由於 Jen 剛才所說的原因，這個數字會隨著時間的推移而下降，那就是我們看到混合變化更多，而且您擁有更高百分比的獨家設計顯然有助於總美元和百分比的收入。因此，我們確實對此感到樂觀和自信，這是在中期實現自由現金流盈虧平衡的關鍵因素。

I think that the biggest learning on this launch of at-home pickup is how much the customer wants it. So it is -- it was a very non-technical launch. The only way that you could find out that we'll pick up the order at your house right now is via a sticker on the garment bag that, in many cases, you may never even see. And once customers see the sticker, they're like 100% yes. Come pick it up at my house, and that is so much more convenient for me and it gives me the ability to control and to schedule, especially given who the customer is. She is this busy woman who has a job, who has a life, who has a family, who has social engagement. And so we make the experience -- we're taking some of the friction out of the Rent the Runway experience.

我認為這次推出的家庭皮卡最大的收穫是客戶想要它的程度。所以它是 - 這是一個非常非技術性的發布。您可以發現我們現在會在您家取貨的唯一方法是通過服裝袋上的貼紙，在許多情況下，您甚至可能永遠看不到。一旦客戶看到貼紙，他們就會 100% 同意。來我家取貨，這對我來說更方便，它使我能夠控制和安排時間，尤其是考慮到客戶是誰。她是一個忙碌的女人，有工作，有生活，有家庭，有社會參與。所以我們創造了體驗——我們正在消除 Rent the Runway 體驗中的一些摩擦。

Now I think the real data is going to come, Dana, over the next few months as we launch at-home pickup into our site and into our app. Because of how high kind of the customer satisfaction rate has been of at-home pickup, we've tried to just launch it more broadly. So as you saw, like it's in a lot more markets than we predicted it to be at the end of Q1. We're moving very quickly to getting to the full of it being in 50% of -- available to over 50% of subs by the end of the year. So we're really thrilled. And I think we'll have a lot more data once it's launched in the app and on the site.

現在我認為真正的數據將會到來，Dana，在接下來的幾個月裡，隨著我們在我們的網站和我們的應用程序中推出在家提貨服務。由於在家提貨的客戶滿意度非常高，我們試圖更廣泛地推出它。正如你所看到的，它的市場比我們在第一季度末的預測要多得多。我們正在迅速採取行動，以在年底前將 50% 的用戶提供給超過 50% 的用戶。所以我們真的很激動。而且我認為一旦在應用程序和網站上啟動，我們將獲得更多數據。

And we have reached the end of the question-and-answer session. I'll now turn the call back over to management for closing remarks.

我們已經到了問答環節的結尾。我現在將電話轉回給管理層以結束髮言。

So thanks so much to everyone who joined us today. I'm excited about our continued momentum. I'm energized by the plans we have in place. And we look forward to continuing to update you on our progress on our Q2 2022 call. So thanks again for joining us.

非常感謝今天加入我們的每一個人。我對我們持續的勢頭感到興奮。我們制定的計劃讓我充滿活力。我們期待繼續向您通報我們在 2022 年第二季度電話會議上的進展情況。所以再次感謝您加入我們。

And this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，此時您可以斷開線路。感謝您的參與。