(RENT) 2022 Q2 法說會逐字稿

Greetings, and welcome to the Rent the Runway Second Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Rent the Runway 2022 年第二季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Janine Stichter, Vice President, Investor Relations. Thank you, Janine. You may begin.

現在我很高興向您介紹您的主持人，投資者關係副總裁 Janine Stichter。謝謝你，珍妮。你可以開始了。

Good afternoon, everyone, and thanks for joining us to discuss Rent the Runway Second Quarter 2020 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 financial results, guidance and targets, market opportunities and our growth. These statements are subject to various risks, uncertainties and assumptions that could cause our actual results to differ materially.

大家下午好，感謝您加入我們討論 Rent the Runway 2020 年第二季度的結果。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、指導和目標、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。

These risks, uncertainties and assumptions are detailed in this afternoon's press release as well as our SEC filings, 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.

這些風險、不確定性和假設在今天下午的新聞稿以及我們提交給美國證券交易委員會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 also referenced 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，我們還參考了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。

And with that, I'll hand over to Jen.

有了這個，我將交給 Jen。

Thanks for joining us today. I'm going to focus my remarks on 2 important topics: First is my confidence in the long-term demand outlook and strength of our customer proposition. Second is my commitment to building Rent the Runway into a business that is profitable, has strong margins and it's self-funding. The restructuring actions we announced today are an important step towards meeting those goals, and Scarlett and I will review the details with you today.

感謝您今天加入我們。我將把我的評論集中在兩個重要主題上：首先是我對長期需求前景和我們客戶主張的實力的信心。其次，我致力於將 Rent the Runway 打造成為一家盈利、利潤豐厚且自籌資金的企業。我們今天宣布的重組行動是朝著實現這些目標邁出的重要一步，斯嘉麗和我今天將與您一起回顧細節。

Let's begin with the customer. Our revenue grew 64% year-over-year to $76.5 million, our highest quarterly revenue to date. We also were adjusted EBITDA positive for the first time since our IPO, significantly ahead of plan, generating $1.8 million and a 2.4% margin. Subscription and reserve revenue grew 63% and quarter ending active subscribers grew 27% versus the prior year. We began the quarter with some of our best subscriber acquisition numbers in history, culminating in our strongest ever May acquisition. All subscribers also reactivated nicely in May. Our subscriber engagement metrics, such as customers who add items to their subscriptions, were at strong levels, and we saw some of the highest monthly subscription ARPUs in our history.

讓我們從客戶開始。我們的收入同比增長 64% 至 7650 萬美元，這是我們迄今為止最高的季度收入。自首次公開募股以來，我們的 EBITDA 首次調整為正值，大大超出計劃，產生 180 萬美元和 2.4% 的利潤率。訂閱和儲備收入增長了 63%，季度末活躍用戶增長了 27%。我們在本季度開始時取得了一些歷史上最好的訂戶收購數據，最終實現了我們有史以來最強勁的 5 月收購。所有訂閱者在 5 月也很好地重新激活了。我們的訂戶參與度指標（例如向其訂閱中添加項目的客戶）處於強勁水平，並且我們看到了一些歷史上最高的月度訂閱 ARPU。

We saw strength in our event-based rental business as our customers demanded wedding and party [hire], black tie and going out close. Our resale business also demonstrated excellent performance. Starting in mid-June, we noticed an increase in subscriber pause rates and a decrease in retention along with the delay in former subscribers rejoining versus history. This, combined with seasonally lower acquisitions, resulted in ending active subscriber count that was lower than expected for the quarter. Our goal is to be transparent with investors about what we do and do not yet understand about our performance and the evolving consumer environment. We are highly confident in the long-term opportunity for our business, and this is unchanged.

我們看到了基於活動的租賃業務的實力，因為我們的客戶要求婚禮和派對 [租用]、打領帶和外出。我們的轉售業務也表現出色。從 6 月中旬開始，我們注意到訂閱者暫停率增加，留存率下降，以及前訂閱者重新加入與歷史記錄相比有所延遲。這與季節性較低的收購相結合，導致本季度結束的活躍用戶數量低於預期。我們的目標是讓投資者了解我們對我們的表現和不斷變化的消費者環境所做的和尚不了解的事情。我們對我們業務的長期機會充滿信心，這一點沒有改變。

However, in the short term, I want to acknowledge that it remains difficult to predict how customers will behave, and we want to be measured in our approach and guidance for the rest of the year. It is becoming clear to us that our customers live, work, socialize and travel differently in 2022 than they did prior to the pandemic. And this influences what they wear. We are still learning how these types of changes in customer behavior impact the business, particularly in a challenging macro environment.

但是，在短期內，我想承認，仍然很難預測客戶的行為方式，我們希望在今年剩餘時間的方法和指導中得到衡量。我們越來越清楚，我們的客戶在 2022 年的生活、工作、社交和旅行都與大流行之前不同。這會影響他們的穿著。我們仍在了解這些類型的客戶行為變化如何影響業務，尤其是在充滿挑戰的宏觀環境中。

At just over 124,000 active subscribers at the end of the quarter, we believe that we are in the early inning of our closet in the cloud model for fashion. We have seen positive signs of stability and a strong bounce back in our customer metrics in August and September to date. Let me outline just a few reasons I'm confident that Rent the Runway can grow significantly and become an even more important part of our customers' lives.

截至本季度末，活躍訂戶剛剛超過 124,000 名，我們相信我們正處於時尚云模型壁櫥的早期階段。迄今為止，我們在 8 月和 9 月的客戶指標中看到了穩定的積極跡象和強勁的反彈。讓我概述幾個原因，我相信 Rent the Runway 可以顯著增長並成為我們客戶生活中更重要的一部分。

First, we think we're only just scratching the surface of initiatives to improve every customer metric from organic acquisition and conversion to retention and propensity to rejoin. We believe just executing on these initiatives and continuing to invest in our customer experience provides us an opportunity to more than double our business in the years to come. Let me highlight just a few examples.

首先，我們認為我們只是觸及了計劃的表面，以改善從有機獲取和轉換到保留和重新加入傾向的每個客戶指標。我們相信，只要執行這些舉措並繼續投資於我們的客戶體驗，我們就有機會在未來幾年將我們的業務翻一番以上。讓我只強調幾個例子。

We recently began testing a loyalty program to reward our early term customers with one additional item of clothing for their next shipments. This simple test was one of the most successful drivers of loyalty in our history. Another successful initiative to improve our customers' conversion and loyalty with giving them an understanding of items that are likely to fit them via fit tags on product pages.

我們最近開始測試一項忠誠度計劃，以獎勵我們的早期客戶在下一次發貨時多買一件衣服。這個簡單的測試是我們歷史上最成功的忠誠度驅動因素之一。另一個成功的舉措是通過產品頁面上的適合標籤讓他們了解可能適合他們的商品，從而提高客戶的轉化率和忠誠度。

We plan to soon rollout fit tags on our product grid to expand on our impact here. We've seen success this quarter in optimizing the way we display pricing to our customers, driving higher conversion and we plan to build on this in Q3. Given our long history with event-based rental, we think there is significant opportunity in reactivating some of the more than 2 million customers who have been onetime rental customers in the past.

我們計劃很快在我們的產品網格上推出適合標籤，以擴大我們在這裡的影響。本季度我們在優化向客戶展示定價的方式、推動更高的轉化率方面取得了成功，我們計劃在第三季度以此為基礎。鑑於我們在基於事件的租賃方面的悠久歷史，我們認為重新激活過去曾是一次性租賃客戶的超過 200 萬客戶中的一些客戶是一個重要的機會。

In July, we launched home pickup in our app and now over 50% of our subscribers have access to this, ahead of plan. We continue to see improving customer adoption and satisfaction with home pickup, which both improved customer experience and lowers cost. We believe we can become a much larger business simply by focusing on matters within our control.

7 月，我們在我們的應用程序中推出了上門取貨服務，現在超過 50% 的訂戶提前獲得了此項服務。我們繼續看到提高客戶對家庭取貨的採用率和滿意度，這既改善了客戶體驗又降低了成本。我們相信，只要專注於我們控制範圍內的事情，我們就可以成為一家更大的企業。

Notably, the opportunities above don't require any changes in customer acceptance of rental. We believe the apparel market continues to evolve in a way that's favorable to our business. Our recent partnership with Saks Off 5th to sell pre-left clothing with our branding, with a success and highlights an increased willingness by mainstream customers to wear secondhand clothing.

值得注意的是，上述機會不需要改變客戶對租賃的接受程度。我們相信服裝市場繼續以有利於我們業務的方式發展。我們最近與 Saks Off 5th 合作銷售帶有我們品牌的左前服裝，取得了成功，並突顯出主流客戶越來越願意穿二手服裝。

As more of the biggest apparel retailers in the world sell pre-owned cloth, these trends should only strengthen. At first, we would expect greater usage in our events-based business. Retailers around the world sell billions of dollars of outfits that customers wear to social events. We want to capture this demand and grow event-based rentals into multiples of where it is today. As acceptance grows and as event-based customers become subscribers, our subscription business should benefit. Given its everyday nature compared to the event-based rental business, we see an even larger opportunity. I truly believe that our best days lie ahead.

隨著世界上越來越多的最大服裝零售商出售二手布料，這些趨勢只會加強。起初，我們希望在基於事件的業務中得到更多的使用。世界各地的零售商銷售數十億美元的服裝，供顧客參加社交活動。我們希望抓住這種需求，並將基於事件的租賃增長到現在的倍數。隨著接受度的提高以及基於事件的客戶成為訂閱者，我們的訂閱業務應該會受益。鑑於其與基於事件的租賃業務相比的日常性質，我們看到了更大的機會。我真的相信我們最好的日子還在後面。

Let me now turn to profitability. I want to be clear that in order for Rent the Runway to be successful, Rent the Runway must be profitable and able to fund itself. Further, given our superior monetization of inventory versus traditional retailers, we have a significant gross margin advantage. Along with growth, we intend to maintain stricter cost discipline in order to generate above-average profitability in the medium term.

現在讓我談談盈利能力。我想明確一點，為了讓 Rent the Runway 取得成功，Rent the Runway 必須是盈利的並且能夠為自己提供資金。此外，鑑於我們的庫存貨幣化優於傳統零售商，我們擁有顯著的毛利率優勢。隨著增長，我們打算保持更嚴格的成本紀律，以便在中期產生高於平均水平的盈利能力。

Today, we announced a restructuring plan to reduce $25 million to $27 million of annual operating costs and streamlined our org structure. We made the difficult decision to reduce our corporate headcount by about 24%. The headcount measures will be largely complete in Q3, and we expect to realize savings beginning in Q3 and into fiscal 2023. We took a deep and rigorous look at our business, benchmarking ourselves to other companies and realize that we have the potential to improve efficiency and drive profitability sooner while continuing to grow revenue. Despite almost 45% incremental flow-through margins on additional revenue, growth in our relatively high fixed cost base prevented more rapid gains in profitability. We believe that our customers are best served by investments that focus on them and by simple and quicker decision-making.

今天，我們宣布了一項重組計劃，以減少 2500 萬至 2700 萬美元的年度運營成本，並精簡了我們的組織結構。我們做出了艱難的決定，將公司員工人數減少了約 24%。員工人數措施將在第三季度基本完成，我們預計從第三季度開始到 2023 財年實現節省。我們對我們的業務進行了深入而嚴格的審視，以其他公司為基準，並意識到我們有提高效率的潛力並在繼續增加收入的同時更快地提高盈利能力。儘管額外收入增加了近 45% 的流通利潤率，但我們相對較高的固定成本基礎的增長阻礙了盈利能力的更快增長。我們相信，以客戶為中心的投資以及簡單快捷的決策能夠為我們的客戶提供最佳服務。

Let me discuss the financial implications of these actions. Once implemented, we expect these actions to positively impact adjusted EBITDA by approximately $4 million to $5 million in Q4 and $25 million to $27 million in fiscal year '23. As Scarlett will outline, we expect to generate mid-teens adjusted EBITDA margin and cover our product depreciation at approximately $400 million in revenue. At this revenue base, which we think is well within our reach in the short term, we believe we will be able to fund product CapEx for our existing customers and reduced cash burn before interest expense to approximately $30 million. We also expect to maintain a healthy cash position, allowing us to navigate potentially tougher economic conditions. Our medium-term target is to generate a 15% margin on adjusted EBITDA less product depreciation. I want to be open about the possibility that the path to this 15% margin may not be linear. While we intend to clearly demonstrate that Rent the Runway can be a profitable company with attractive margins, we may decide to reinvest in growing the business where it makes sense.

讓我討論一下這些行動的財務影響。一旦實施，我們預計這些行動將在第四季度對調整後的 EBITDA 產生約 400 萬至 500 萬美元的積極影響，並在 23 財年對調整後的 EBITDA 產生約 2500 萬至 2700 萬美元的影響。正如 Scarlett 將概述的那樣，我們預計調整後的 EBITDA 利潤率將達到十幾歲，並以大約 4 億美元的收入彌補我們的產品折舊。在這個我們認為在短期內完全可以達到的收入基礎上，我們相信我們將能夠為現有客戶的產品資本支出提供資金，並將利息支出前的現金消耗減少至約 3000 萬美元。我們還希望保持健康的現金狀況，使我們能夠應對可能更嚴峻的經濟狀況。我們的中期目標是在調整後的 EBITDA 減去產品折舊後產生 15% 的利潤率。我想對達到 15% 利潤的路徑可能不是線性的可能性持開放態度。雖然我們打算清楚地證明 Rent the Runway 可以成為一家利潤豐厚的盈利公司，但我們可能會決定在有意義的情況下再投資於發展業務。

That said, we remain steadfast in our commitment to efficiency and further prioritizing investments that benefit our customers. Ultimately, we believe the strength of our offering, continued growth in the business and a focus on removing costs in areas that don't affect the customer will result in value creation over time. I want to end my remarks by acknowledging the contribution that all of our employees have made to the success of Rent the Runway and by saying a heartfelt thank you to the employees leaving us.

儘管如此，我們仍然堅定地致力於提高效率，並進一步優先考慮有利於我們客戶的投資。最終，我們相信我們產品的實力、業務的持續增長以及在不影響客戶的領域中消除成本的重點將隨著時間的推移創造價值。最後，我要感謝我們所有員工為 Rent the Runway 的成功做出的貢獻，並對離開我們的員工表示衷心的感謝。

These actions are difficult. However, they are necessary for Rent the Runway to become a healthier company. As a company, we are resilient and innovative and have always been willing to make difficult decisions that are right for the business. As an example, during COVID, we fundamentally changed the way we acquire rental products, changed our subscription programs to be higher margin and drove efficiencies in our warehouses through technology and automation. Today, our challenge is to capitalize on the many opportunities in front of us while making rapid progress towards being a self-funded business. We intend to meet that challenge and provide our customers with the experience and products they deserve.

這些動作很難。但是，它們是 Rent the Runway 成為一家更健康的公司所必需的。作為一家公司，我們具有韌性和創新精神，並且始終願意做出適合業務的艱難決策。例如，在 COVID 期間，我們從根本上改變了我們獲取租賃產品的方式，改變了我們的訂閱計劃以提高利潤率，並通過技術和自動化提高了我們倉庫的效率。今天，我們面臨的挑戰是利用擺在我們面前的眾多機會，同時快速發展成為一家自籌資金的企業。我們打算迎接這一挑戰，並為我們的客戶提供他們應得的體驗和產品。

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 start today with an overview of the restructuring plan we just announced and what it does for our profitability profile. Then we'll follow with a short review of our second quarter results for fiscal '22, and we'll end with guidance for the third quarter and full year.

謝謝 Jen，再次感謝大家加入我們。今天我將首先概述我們剛剛宣布的重組計劃及其對我們盈利能力的影響。然後，我們將對 22 財年第二季度的業績進行簡短回顧，並以第三季度和全年的指導結束。

As we've discussed, our number 1 goal is to drive our business to profitability and demonstrate our compelling business model, which we believe can deliver 15% margin on adjusted EBITDA less product depreciation in the midterm. As Jen outlined, we are confident in Rent the Runway's ability to grow significantly in the coming years. We are taking restructuring actions now for 2 reasons. First, we want to ensure that the business can navigate potentially tougher macro conditions. In short, they are intended to provide a margin of safety. Second, these actions improve our medium-term profitability. They allow us to reinvest in our customer and create shareholder value. It's apparent that economic and financial conditions are uncertain.

正如我們所討論的，我們的首要目標是推動我們的業務實現盈利並展示我們引人注目的業務模式，我們相信這可以在調整後的 EBITDA 減去產品折舊後在中期實現 15% 的利潤率。正如 Jen 所述，我們對 Rent the Runway 未來幾年的顯著增長能力充滿信心。我們現在採取重組行動有兩個原因。首先，我們要確保企業能夠駕馭可能更嚴峻的宏觀環境。簡而言之，它們旨在提供安全邊際。其次，這些舉措提高了我們的中期盈利能力。它們使我們能夠對客戶進行再投資並創造股東價值。很明顯，經濟和金融狀況是不確定的。

Our job is to position Rent the Runway to emerge from a tougher environment with strength. However, our actions aren't just a response to this environment. We believe we have high gross margins and the potential to be a very profitable business. We can make faster progress on profitability by focusing on our fixed cost base. These actions are intended to allow Rent the Runway to become more efficient and customer focused. We believe they will set the stage for significant margin improvement in the coming years.

我們的工作是定位 Rent the Runway 以從更艱難的環境中脫穎而出。然而，我們的行動不僅僅是對這種環境的回應。我們相信我們的毛利率很高，並且有可能成為一項非常有利可圖的業務。通過專注於我們的固定成本基礎，我們可以更快地提高盈利能力。這些行動旨在讓 Rent the Runway 變得更加高效和以客戶為中心。我們相信它們將為未來幾年的利潤率顯著提高奠定基礎。

Let me now outline what these actions need for our business. First, the immediate impact. This plan is expected to result in a $25 million to $27 million improvement in adjusted EBITDA in fiscal 2023. The headcount reduction is expected to be largely complete by Q3 and positively impact adjusted EBITDA in Q4 by $4 million to $5 million. All these figures are versus the Q2 level; two, our near-term goal. At approximately $400 million in revenue, we expect to generate a mid-teens adjusted EBITDA margin and to be breakeven after product depreciation.

現在讓我概述一下這些行動對我們的業務的需求。一是直接影響。該計劃預計將導致 2023 財年調整後的 EBITDA 增加 2500 萬至 2700 萬美元。裁員預計將在第三季度基本完成，並對第四季度調整後的 EBITDA 產生積極影響，增加 400 萬至 500 萬美元。所有這些數字都與第二季度的水平相比；二、我們的近期目標。收入約為 4 億美元，我們預計調整後的 EBITDA 利潤率將達到 10 倍左右，並在產品折舊後實現盈虧平衡。

This means we are able to fund product spend for our existing customer base with the only cash outlay being for growth. For example, if we funded 20% growth in our customer base, we would reduce cash burn before interest expense to approximately $30 million. Three, our medium-term goals. We intend to maintain strict cost discipline, approximately 45% incremental flow-through on revenue and generate approximately 30% adjusted EBITDA margin.

這意味著我們能夠為現有客戶群的產品支出提供資金，唯一的現金支出是用於增長。例如，如果我們為客戶群增長 20% 提供資金，我們會將扣除利息費用前的現金消耗減少到大約 3000 萬美元。三、我們的中期目標。我們打算保持嚴格的成本紀律，增加約 45% 的收入流轉，並產生約 30% 的調整後 EBITDA 利潤率。

That represents a 15% margin on adjusted EBITDA less product appreciation. This is, in our view, solid profitability that is considerably better than traditional retailers and online peers. At that level, we believe we will be free cash flow profitable, fully internally self-funding the business even at strong growth rates, and we aim to get there with the cash we have on hand.

這意味著調整後的 EBITDA 減去產品升值後的利潤率為 15%。在我們看來，這是比傳統零售商和在線同行要好得多的穩健盈利能力。在這個水平上，我們相信我們將實現自由現金流盈利，即使在強勁的增長率下也能完全在內部為業務提供資金，我們的目標是利用我們手頭的現金實現這一目標。

Now let me give a detail on the reductions and restructuring. I've already mentioned that we expect approximately $25 million to $27 million in annual cash savings in fiscal '23 compared with the Q2 '22 run rate, nearly all of which are fixed costs. We prioritize continuing to focus on growth and delivering the best customer experience and targeted our cuts in other areas.

現在讓我詳細介紹一下削減和重組。我已經提到，與 22 年第二季度的運行率相比，我們預計 23 財年每年可節省約 2500 萬至 2700 萬美元的現金，幾乎所有這些都是固定成本。我們優先考慮繼續關注增長和提供最佳客戶體驗，並有針對性地削減其他領域。

About $20 million relates to a reduction in head count of approximately 24%. We anticipate a related severance charge of approximately $2.5 million to be largely recognized in Q3. For full year '23, in addition to headcount reductions, we anticipate a $5 million to $7 million reduction in tech and G&A expense relative to the Q2 '22 run rate.

約 2,000 萬美元涉及裁員約 24%。我們預計大約 250 萬美元的相關遣散費將在第三季度得到確認。對於 23 年全年，除了裁員之外，我們預計與 22 年第二季度的運行率相比，技術和 G&A 費用將減少 500 萬至 700 萬美元。

Though we are largely focused on fixed costs, I want to touch on our variable expenditures. We have a business model where we can react to demand changes. Two of our larger variable cash outlays are marketing and product CapEx and we intentionally did not touch either of them as we continue to prioritize growth and customer experience.

雖然我們主要關注固定成本，但我想談談我們的可變支出。我們有一個可以對需求變化做出反應的商業模式。我們較大的兩項可變現金支出是營銷和產品資本支出，我們有意不觸及其中任何一項，因為我們繼續優先考慮增長和客戶體驗。

On marketing, we expect to keep spend, excluding head count at approximately 10% of revenue as we continue to prioritize efficient spend and growth. Product spend for this year remains at our last guidance of approximately $60 million. It's very important for us to be prepared with the right product assortment for our customers.

在營銷方面，我們預計將不包括員工人數在內的支出保持在收入的 10% 左右，因為我們將繼續優先考慮有效支出和增長。今年的產品支出仍保持在我們上次指導的大約 6000 萬美元的水平。為我們的客戶準備合適的產品分類對我們來說非常重要。

As for the remainder of our variable costs, that fulfillment costs, customer service costs, credit card fee and revenue share payments to brands, they all largely flex with demand. Taken together, we now expect our fiscal '22 free cash flow margin to be slightly better than in fiscal '21, which, as a reminder, includes a more normalized level of product acquisition versus last year.

至於我們其餘的可變成本，即履行成本、客戶服務成本、信用卡費用和向品牌支付的收入分成，它們在很大程度上都隨需求而變化。綜上所述，我們現在預計我們的 22 財年自由現金流利潤率將略好於 21 財年，提醒一下，與去年相比，產品採購水平更加正常化。

Now let's turn to the review of Q2. We are very pleased with our Q2 financial results, with revenue hitting a record of $76.5 million, up 64% year-over-year and up 14% quarter-over-quarter. Active subscribers increased 27% year-over-year to 124,000 but declined 8% quarter-over-quarter. As Jen mentioned, in the second half of the quarter, like many companies in the sector, we saw weakened demand. This was in addition to the seasonality we typically see with slower acquisition and a higher rate of pause in Q2 versus Q1. Total subscribers increased 37% year-over-year to 173,000 subs and declined 2% quarter-over-quarter. Although active subs was down sequentially, we beat our revenue guidance due to strength in customer engagement and ARPU or average monthly subscription rental revenue per subscriber. Q2 ARPU benefited from both a full quarter impact of price increases and high add-on rates, with 30% of active subs paying for 1 more add-on. We reiterate our outlook for ARPU to be up approximately 5% for fiscal year '22 versus last year.

現在讓我們轉向第二季度的回顧。我們對第二季度的財務業績感到非常滿意，收入達到創紀錄的 7650 萬美元，同比增長 64%，環比增長 14%。活躍用戶同比增長 27% 至 124,000，但環比下降 8%。正如 Jen 所說，在本季度的下半年，與該行業的許多公司一樣，我們看到需求疲軟。這是我們通常看到的季節性的補充，第二季度與第一季度相比，第二季度獲取速度較慢，暫停率較高。用戶總數同比增長 37% 至 173,000 名，環比下降 2%。儘管活躍訂閱人數環比下降，但由於客戶參與度和 ARPU 或每位訂閱者的平均每月訂閱租金收入強勁，我們的收入超出了我們的預期。第二季度的 ARPU 受益於價格上漲的整個季度影響和高附加費率，30% 的活躍訂閱者支付了額外的 1 個附加費。我們重申我們對 22 財年 ARPU 的預期比去年增長約 5%。

In addition, even in this difficult environment, we saw high subscriber monetization with subscribers continuing to buy items at healthy levels, driving strong retail revenue and resulting in 87% of total revenue being generated by subscribers. Reserve was up 9% versus Q1 '22. Though we had planned for high demand for special occasions, party and going out items this year, we saw even higher usage than expected of these items by subscribers, which may have constrained our reserve business in the quarter. We see this as an opportunity and are planning our assortment for this year and next with an even higher proportion of rental items for social use cases.

此外，即使在這種困難的環境中，我們也看到了高訂閱者貨幣化，訂閱者繼續以健康的水平購買商品，推動了強勁的零售收入，並導致 87% 的總收入來自訂閱者。與 22 年第一季度相比，儲備金增長了 9%。儘管我們計劃今年對特殊場合、派對和外出物品的需求量很大，但我們看到訂閱者對這些物品的使用量甚至高於預期，這可能限制了我們本季度的儲備業務。我們認為這是一個機會，並正在計劃今年和明年的分類，為社會用例提供更高比例的租賃項目。

Our Q2 gross margin of 42% was 3 percentage points higher than prior year and nearly 9 points higher than Q1. Some of this benefit has to do with seasonality. Fulfillment cost as a percentage of revenue came in at 31% versus 34% in Q1, partly due to lower shipments per average subscriber, which we typically see in the summer. We would expect average shipments per subscriber to increase seasonally in Q3. But there are 2 factors that we believe will persist.

我們第二季度的毛利率為 42%，比去年同期高 3 個百分點，比第一季度高出近 9 個百分點。其中一些好處與季節性有關。履行成本佔收入的百分比為 31%，而第一季度為 34%，部分原因是我們通常在夏季看到的平均用戶出貨量下降。我們預計第三季度每個用戶的平均出貨量將出現季節性增長。但我們認為有兩個因素會持續存在。

One, we had higher revenue per shipment versus last year, due to both the price increase and high add-on activity; two, rental product depreciation was 18% of revenue versus 24% in Q2 '21 as it was absorbed over a higher revenue base. We are improving our target for fulfillment costs as a percentage of revenue to be approximately 33% for full year '22, and we expect gross margin for the full year to be a couple of hundred basis points higher than full year '21.

一，由於價格上漲和高附加值活動，我們的每批貨物收入比去年更高；第二，租賃產品折舊佔收入的 18%，而 21 年第二季度為 24%，因為它被更高的收入基礎所吸收。我們正在將 22 年全年的履行成本佔收入百分比的目標提高到大約 33%，我們預計全年的毛利率將比 21 年全年高出幾百個基點。

We are very pleased with our adjusted EBITDA this quarter, which was positive for the first time since we went public, coming in at $1.8 million versus negative $1.9 million in Q2 last year, representing a positive 2.4% margin and a 6-point improvement versus negative 4.1% last year. Our total operating expenses, marketing, technology and G&A represented 70% of revenue compared with 79% in Q2 '21. We expect quicker OpEx leverage with the cost reductions we just discussed.

我們對本季度調整後的 EBITDA 感到非常滿意，這是我們上市以來首次為正，為 180 萬美元，而去年第二季度為負 190 萬美元，利潤率為正 2.4%，比去年同期提高 6 個百分點去年為負 4.1%。我們的總運營費用、營銷、技術和 G&A 佔收入的 70%，而 21 年第二季度為 79%。我們希望通過我們剛剛討論的成本降低來更快地利用 OpEx。

Let me now turn to guidance. Our historical seasonality would typically lead us to expect strong subscriber acquisition and sequential revenue growth in Q3. And as Jen said, we have seen an uptick in subscriber acquisition and unpausing activity in the last few weeks. However, we think that changing consumer behavior post pandemic and the macroeconomic environment continues to be uncertain. For instance, higher remote work trends may have contributed to the demand impact we experienced this summer and could change the seasonality patterns of our subscription business. As a result, we've reflected this uncertainty in our guidance for Q3 and the rest of this fiscal year.

現在讓我轉向指導。我們的歷史季節性通常會導致我們預計第三季度強勁的用戶獲取和連續收入增長。正如 Jen 所說，在過去的幾周里，我們看到訂戶獲取和取消暫停活動有所增加。然而，我們認為大流行後消費者行為的變化和宏觀經濟環境仍然不確定。例如，更高的遠程工作趨勢可能對我們今年夏天所經歷的需求影響做出了貢獻，並可能改變我們訂閱業務的季節性模式。因此，我們在第三季度和本財年剩餘時間的指導中反映了這種不確定性。

We also continue to monitor COVID variant and have modeled Q4 after the last 2 years, where we saw COVID impact, and we currently expect Q4 revenue to be slightly lower than Q3. For Q3, we expect revenue of $72 million to $74 million. This guidance reflects ARPU that is lower in Q3 versus Q2.

我們還繼續監測 COVID 變體，並在過去 2 年看到 COVID 影響後對第四季度進行了建模，我們目前預計第四季度的收入將略低於第三季度。對於第三季度，我們預計收入為 7200 萬美元至 7400 萬美元。該指引反映了第三季度的 ARPU 低於第二季度。

In Q3, we expect a positive adjusted EBITDA margin of 1% to 3%. A reminder that we again expect Q3 to include our typical higher marketing or seasonal customer acquisition and also higher product spend and upfront revenue share payments to the brand as we receive new fall winter products. Though typically Q3 profitability is lower than Q2 profitability, we now expect it to be higher than planned due to the impact of the restructuring on part of the quarter.

在第三季度，我們預計調整後的 EBITDA 利潤率為 1% 至 3%。提醒我們，當我們收到新的秋冬產品時，我們再次預計第三季度將包括我們典型的更高營銷或季節性客戶獲取，以及更高的產品支出和品牌預付費用。雖然通常第三季度的盈利能力低於第二季度的盈利能力，但由於重組對本季度部分時間的影響，我們現在預計它會高於計劃。

In terms of full year, we now expect revenue in the range of $285 million to $290 million, representing 40% to 43% growth versus full year '21. The low end of our range reflects a continuation of the summer trends, and the high end reflects slightly improved trends and more normalized seasonality in Q3. Both the low and the high end also reflects impact from COVID variant like we saw in the last 2 years. We are revising upwards our prior guidance for adjusted EBITDA margin for fiscal '22 to negative 2% to 0% from the prior negative 6% to negative 5%, which largely reflects our cost discipline throughout the year and the reduced cost base in Q4.

就全年而言，我們現在預計收入在 2.85 億美元至 2.9 億美元之間，與 21 年全年相比增長 40% 至 43%。我們範圍的低端反映了夏季趨勢的延續，高端反映了第三季度趨勢略有改善和更加正常化的季節性。低端和高端也反映了我們在過去 2 年看到的 COVID 變體的影響。我們正在將我們之前對 22 財年調整後 EBITDA 利潤率的指導從之前的負 6% 到負 5% 上調至負 2% 至 0%，這在很大程度上反映了我們全年的成本紀律和第四季度成本基數的降低。

We continue to be intensely focused on balancing robust growth with profitability and will seek to strike the right balance to attain both objectives and maximize the long-term value of Rent the Runway.

我們將繼續專注於平衡強勁增長與盈利能力，並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) Our first question is from Ike Boruchow with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Ike Boruchow。

Jen, I wanted to ask you, just back to the cost initiatives. Maybe can you elaborate a little bit more, the cuts, they seem fairly deep. I'm just kind of curious the timing, why now especially given signs of positivity in the business that you guys are seeing. So just kind of curious if you could elaborate a little bit more on the cost initiatives.

Jen，我想問你，回到成本計劃。也許你能詳細說明一下，削減，他們似乎相當深。我只是有點好奇時機，為什麼現在特別考慮到你們所看到的業務的積極跡象。所以有點好奇，如果你能詳細說明一下成本計劃。

Thanks, Ike, for the question. So the reductions are just as much about growth as they are about efficiency. So this was the result of rigorous analysis, a rigorous process. We benchmarked against group companies, and we saw the opportunity to become more efficient, which form the size and scope of the cut. But because they're easily about growth, this gives us the ability to reinvest in customer experience and place significant offense.

謝謝，艾克，你的問題。因此，減少與增長和效率一樣重要。所以這是一個嚴格分析的結果，一個嚴格的過程。我們以集團公司為基準，我們看到了提高效率的機會，這形成了削減的規模和範圍。但是因為它們很容易與增長有關，這使我們能夠重新投資於客戶體驗並進行重大攻擊。

We're a proactive organization, and we follow the data. This is what we did when we saw the very early impacts of COVID, and we acted early and meaningfully. And as promising as the bounce back has been in August and September, we simply can't predict what's going to happen in the next 12 months. These changes put us in a strong position to continue to grow both in the immediate and once the environment is fully recovered.

我們是一個積極主動的組織，我們關注數據。當我們看到 COVID 的早期影響時，我們就是這樣做的，並且我們採取了早期且有意義的行動。儘管 8 月和 9 月的反彈很有希望，但我們根本無法預測未來 12 個月會發生什麼。這些變化使我們處於有利地位，可以在立即和環境完全恢復後繼續增長。

On the financial front, we think this is transformative for the business. We go from a business that's been burning a lot of cash to one that has much tighter cost structure in the short term can fund product costs for its existing customer base and reduce burn to approximately $30 million before interest at approximately $400 million in revenue.

在財務方面，我們認為這對企業來說是變革性的。我們從一家一直在消耗大量現金的企業轉變為一家在短期內成本結構更加緊湊的企業，可以為其現有客戶群的產品成本提供資金，並在收入約為 4 億美元的情況下將消耗減少至約 3000 萬美元（不計利息）。

In terms of why now, we're confident in Rent the Runway's ability to grow significantly in the coming years. We took these actions for 2 reasons. First, we wanted to ensure that we can navigate potentially tougher economic and financial conditions; and second, we wanted to pull forward the path to profitability and improve Rent the Runway's medium-term profitability. So this truly allows us to reinvest in our customer and create shareholder value.

就為什麼現在而言，我們對 Rent the Runway 在未來幾年顯著增長的能力充滿信心。我們採取這些行動有兩個原因。首先，我們希望確保我們能夠應對可能更嚴峻的經濟和金融環境；其次，我們希望推進盈利之路，提高 Rent the Runway 的中期盈利能力。因此，這真正使我們能夠對客戶進行再投資並創造股東價值。

Our next question is from Ashley Helgans with Jefferies.

我們的下一個問題來自傑富瑞的 Ashley Helgans。

Scarlett, this is for you. Can you please walk us through in like a little bit more detail your near- and medium-term margin target? And just how you're planning on getting there?

斯嘉麗，這是給你的。您能否詳細介紹一下您的近期和中期保證金目標？你打算如何到達那裡？

Sure. Thank you for the question, Ashley. So maybe just a little bit of kind of redefinition of what we talked about on the call. I mentioned a couple of things. The first thing I mentioned is our near-term goal, which is at approximately $400 million. We would expect to generate a mid-teens adjusted EBITDA margin, and that would translate to be breakeven after product depreciation. So a couple of things there.

當然。謝謝你的問題，阿什利。所以也許只是對我們在電話會議上討論的內容進行了一點重新定義。我提到了幾件事。我提到的第一件事是我們的近期目標，大約是 4 億美元。我們預計調整後的 EBITDA 利潤率將在十幾歲左右，這將轉化為產品折舊後的盈虧平衡。所以有幾件事。

First of all, adjust EBITDA was a very important first milestone for us to show our ability to generate cash from operations to cover our OpEx, which we did in Q2, ahead of our plan even before all these cuts. Looking at EBITDA after product depreciation is really about measuring our profitability, taking into account basically the full annual cost of products for existing subscribers. So we've said that getting to approximately $400 million, and that's a number that's well within our reach in the short term, we can get there.

首先，調整 EBITDA 對我們來說是一個非常重要的第一個里程碑，它展示了我們有能力從運營中產生現金來支付我們在第二季度所做的運營支出，甚至在所有這些削減之前，我們就提前了我們的計劃。在產品折舊後查看 EBITDA 實際上是衡量我們的盈利能力，基本上考慮到現有用戶的全部年度產品成本。所以我們已經說過要達到大約 4 億美元，這個數字在我們短期內完全可以達到，我們可以做到。

So let me walk you through how we would get to that first target. So first of all, starting with the cost of fulfillment, that implies that it stays pretty similar to where it was in Q2 at about that 32%. Our rev share similarly -- very similar levels to where we are in Q2. Our depreciation in Q2 came in at about 18% that we're talking about a decline of percentage points. And you would get there through a mix of products as well as volume discounts that we would expect.

因此，讓我帶您了解我們將如何實現第一個目標。因此，首先，從履行成本開始，這意味著它與第二季度的情況非常相似，約為 32%。我們的轉速份額相似——與我們在第二季度的水平非常相似。我們在第二季度的折舊率約為 18%，我們所說的是下降了一個百分點。您將通過我們期望的產品組合以及批量折扣來實現這一目標。

And then G&A and tech are going to see some significant leverage at higher revenue as the fixed cost remains essentially flat, right? We intended to keep very tight cost discipline. So combined, you would see them at about 40%. That's about 60% in Q2, and we'll see that reduce pretty significantly even in Q4 as a result of this restructuring plan.

然後，由於固定成本基本持平，G&A 和技術將在更高的收入中看到一些重要的槓桿作用，對吧？我們打算保持非常嚴格的成本紀律。所以綜合起來，你會看到它們大約為 40%。這在第二季度約為 60%，由於這一重組計劃，我們將看到即使在第四季度也將顯著減少。

Marketing, which consistently said will stay at about 10%, and that gets you to about 15% adjusted EBITDA margin and implies, like I said, an adjusted EBITDA minus product depreciation that will be breakeven. We also said that at this level, we believe that our cash burn would be about $30 million, excluding interest expense. And the way that you get there is you think about the cost after that, which are product CapEx, we think that's about 20%, a 20% growth.

市場營銷一直表示將保持在 10% 左右，這將使您獲得約 15% 的調整後 EBITDA 利潤率，並意味著，正如我所說，調整後的 EBITDA 減去產品折舊將是盈虧平衡的。我們還表示，在這個水平上，我們認為我們的現金消耗量約為 3000 萬美元，不包括利息費用。你到達那裡的方式是你考慮之後的成本，即產品資本支出，我們認為這大約是 20%，增長 20%。

Maintenance and other CapEx is a couple more percentage point, and that's how you get to about $30 million in cash burn, excluding the interest expense.

維護和其他資本支出要高出幾個百分點，這就是你如何獲得大約 3000 萬美元的現金消耗，不包括利息費用。

From that point to get to the 15% adjusted EBITDA margin minus product depreciation, it's really about a slight more improvement in fulfillment. You have heard us talk before about that getting back to 30% or lower. Rev share pretty much saved at the same level. We would expect to see a little bit more decline in depreciation at larger scale. And then in terms of G&A and tech, we believe that we get even more leverage with higher revenue, and that should get to a combined about 20% of revenue, excluding stock comp, with marketing staying at the same 10% that we've been discussing.

從那時起，調整後的 EBITDA 利潤率為 15% 減去產品折舊，這實際上是在履行方面略有改善。您之前曾聽我們談論過要回到 30% 或更低。 Rev 份額幾乎保存在同一水平。我們預計會在更大範圍內看到更多的貶值。然後在 G&A 和技術方面，我們相信我們會通過更高的收入獲得更大的影響力，這應該會達到總收入的 20% 左右，不包括股票補償，而營銷保持在與我們相同的 10%一直在討論。

Our next question is from Edward Yruma with Piper Sandler.

我們的下一個問題來自 Edward Yruma 和 Piper Sandler。

I guess 2-parter for me. First, maybe just a double-click on some of the restructuring commentary. Can you give a little more specificity as to kind of where you made the cuts? I know you protected certain areas of the firm that you want to invest in, but are there specific initiatives that you're not doing now? Or kind of like where did the bulk of the cuts sit?

我猜對我來說是 2-parter。首先，也許只需雙擊一些重組評論。你能更具體地說明你在哪裡進行了削減嗎？我知道您保護了您想投資的公司的某些領域，但是您現在沒有採取哪些具體舉措？或者有點像大部分削減在哪裡？

And then as a longer-term question, particularly we have what could be tougher macro, I guess, how do you feel today about the price value relationship or maybe better yet, or how do you think your customers feel about it? And are you considering any adjustments there?

然後作為一個長期問題，特別是我們有可能更嚴格的宏觀問題，我想，你今天對價格價值關係感覺如何，或者可能更好，或者你認為你的客戶感覺如何？您是否正在考慮那裡的任何調整？

So because we feel very confident in the continued growth in our business, we were intentional of -- with this restructuring plan to not cut in areas which impact the customer. So we still feel confident in our ability to deliver on initiatives that are going to impact -- positively impact all of the metrics within our control, whether that's acquisition, conversion, rejoin rate or loyalty of our customers.

因此，因為我們對業務的持續增長充滿信心，所以我們有意通過這一重組計劃不削減影響客戶的領域。因此，我們仍然對我們交付將產生影響的計劃的能力充滿信心——對我們控制範圍內的所有指標產生積極影響，無論是獲取、轉換、重新加入率還是客戶的忠誠度。

So we cut relatively more in back office functions than we did in customer-related functions. We also very -- intentionally, as Scarlett mentioned, didn't touch our variable costs. We're continuing to invest in our marketing budget, in our rental product budgets. We've actually seen that the demand for social occasions and kind of casual occasions is even higher than we had anticipated. So we're going to do work to kind of reallocate some of our inventory dollars going into the back half of the year and next year. So the goal was really about continuing to focus on growth, continuing to focus on delivering the very best customer experience because we think that we're really in the early days in rental and resale and that the industry is just getting started.

因此，與客戶相關的職能相比，我們削減的後台職能相對較多。正如斯嘉麗所說，我們也非常 - 有意地沒有觸及我們的可變成本。我們將繼續投資於我們的營銷預算和租賃產品預算。我們實際上已經看到，對社交場合和休閒場合的需求甚至比我們預期的還要高。因此，我們將努力將我們的一些庫存資金重新分配到今年下半年和明年。因此，我們的目標實際上是繼續專注於增長，繼續專注於提供最好的客戶體驗，因為我們認為我們真的處於租賃和轉售的早期階段，而且這個行業才剛剛起步。

Yes. And Ed, maybe just a little bit more in terms of example. So just one thing I wanted to add, which is even before this restructuring, we had already eliminated significant expenses in CapEx that was originally planned for our budget for this year. Some examples there, we got out of one of our floors in our headquarters as an example, there was some CapEx plan in our warehouses and corporate being much tighter in terms of discipline on hiring and backfilling in areas outside of growth and customer experience.

是的。埃德，也許只是在例子方面多一點。所以我只想補充一件事，甚至在這次重組之前，我們已經消除了最初計劃用於今年預算的資本支出中的大量支出。那裡有一些例子，例如，我們從總部的一個樓層出來，我們的倉庫和公司在招聘和回填增長和客戶體驗之外的領域的紀律方面更加嚴格。

And then we're seeing some really nice productivity in our customer service agents as well that's beyond volume benefits that we would typically be able to benefit from as well. And then I'd say on a go-forward basis, the $5 million to $7 million reduction in tech and G&A, think of it as being in areas like third-party fees, consulting, some tech expenses, discretionary corporate and occupancy-related expenses, and we continue to look at additional opportunities to reduce our expenses.

然後我們在客戶服務代理中看到了一些非常好的生產力，這超出了我們通常能夠從中受益的數量收益。然後我想說的是，在技術和 G&A 方面減少 500 萬至 700 萬美元，將其視為第三方費用、諮詢、一些技術費用、可自由支配的公司和占用相關的領域費用，我們將繼續尋找減少費用的其他機會。

And then Ed also asked about the price value equation. And what we can say is that we've been monitoring our customers for pricing sensitivity. We've seen pricing sensitivity noted slightly more than in the past. But consumers tend to be more price sensitive overall in the summer, that is historical patterns of what we've seen. So we've continued to lean into our value messaging and invest behind the customer experience. We've done a lot of work over this past quarter to remind the customer of how much retail value she's receiving when she rents, how renting is a better financial equation versus buying. I think that we're having some nice results on subscribers and customers using us for social occasions across both of those businesses.

然後 Ed 還詢問了價格價值方程。我們可以說的是，我們一直在監控客戶的定價敏感性。我們已經看到定價敏感性比過去略高。但總體而言，消費者在夏季往往對價格更加敏感，這是我們所看到的歷史模式。因此，我們繼續關注我們的價值信息並投資於客戶體驗。在上個季度，我們做了很多工作來提醒客戶她在租房時獲得了多少零售價值，租房與購買相比如何成為更好的財務等式。我認為我們在訂閱者和客戶使用我們在這兩個業務的社交場合中取得了一些不錯的結果。

So I think that some of our work here is kind of having positive momentum and that she's saying -- she's seeing that it doesn't really make sense to buy a dress that you'll only wear once. So we're working with a boosting total marketing efforts that highlight the value of renting over buying, and we think we're also kind of the early innings of this as part of our core brand messaging.

所以我認為我們在這裡的一些工作有一種積極的勢頭，她說——她看到買一件你只會穿一次的衣服真的沒有意義。因此，我們正在努力加強整體營銷工作，強調租房而不是購買的價值，我們認為作為我們核心品牌信息的一部分，我們也是這方面的早期階段。

Our next question is from Lauren Schenk with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Lauren Schenk。

I wanted to dig in on the subscriber net adds, if I could. Obviously, lots of different moving parts. But if you had to hypothesize what the 1 or 2 largest factors of the June and July slowdown are, what would you say those are?

如果可以的話，我想深入了解訂戶網絡。顯然，有很多不同的運動部件。但是，如果您必須假設 6 月和 7 月經濟放緩的 1 或 2 個最大因素是什麼，您會說這些是什麼？

And then just on the reserve strength, is there anything further you can share on the profile of that customer during the quarter? Between those customers that were maybe previously subscribers versus new to Rent the Runway? Just trying to understand if there's maybe a bit of a trade-down effect happening there on the subscriber side.

然後就儲備實力而言，您是否可以在本季度進一步分享該客戶的資料？在那些可能是以前訂閱者與 Rent the Runway 的新用戶之間？只是想了解在訂閱者方面是否可能會發生一些折衷效應。

Yes. So in terms of what we saw this summer related to the sub count, I think I'm going to talk to you about the short term as well as the long term. So as it relates to kind of performance this summer and short-term performance, we don't know exactly why subs were down. It could be a combination of many factors. First and likely most significantly, it's becoming very clear to us that our customers live, work, socialize and travel differently in 2022 than they did in 2019 or throughout the pandemic, this certainly influences what they wear.

是的。因此，就我們今年夏天看到的與子數量相關的情況而言，我想我將與您討論短期和長期的問題。因此，由於它與今年夏天的表現和短期表現有關，我們不知道潛艇下降的確切原因。它可能是許多因素的組合。首先，可能也是最重要的一點，我們越來越清楚，我們的客戶在 2022 年的生活、工作、社交和旅行與他們在 2019 年或整個大流行期間的不同，這肯定會影響他們的穿著。

So we're starting to learn how these types of changes in customer behavior impact the business. So as an example, in 2019, over 1/3 of subscriber activity was related to closely rented for the office. If this year -- and in 2021 and first half of 2022, only 20% of what she wear was related to clothing she wore for work. So if return to office maintains the status quo or remote and hybrid work trends increase, our subscription business might become more socially and casually oriented, as it has been in 2021 and 2022 to date. And therefore, we might experience more seasonal peaks and troughs. We also think that there could be some impact of the macroeconomic environment on our performance.

因此，我們開始了解這些類型的客戶行為變化如何影響業務。例如，在 2019 年，超過 1/3 的訂戶活動與辦公室緊密租用有關。如果今年——以及 2021 年和 2022 年上半年，她穿的衣服中只有 20% 與她工作時穿的衣服有關。因此，如果重返辦公室保持現狀或遠程和混合工作趨勢增加，我們的訂閱業務可能會變得更加社交化和休閒化，就像 2021 年和 2022 年迄今為止的情況一樣。因此，我們可能會經歷更多的季節性高峰和低谷。我們還認為宏觀經濟環境可能會對我們的業績產生一些影響。

And it's hard to be precise about what that impact is. So we're continuing to monitor this. One of the reasons why we don't have the exact answer right now is that we've seen some positive signs of stability and a strong bounce back in our customer metric in August and September to date. And then while we can't predict what happens in the short term, we're very confident about our prospects over the next few years.

很難準確說明這種影響是什麼。因此，我們將繼續對此進行監控。我們現在沒有確切答案的原因之一是，到目前為止，我們已經看到了一些穩定的積極跡象，並且我們的客戶指標在 8 月和 9 月出現了強勁反彈。雖然我們無法預測短期內會發生什麼，但我們對未來幾年的前景非常有信心。

So we believe this market is in its infancy and customer adoption of rental and resell will continue to grow. And there's so much here that's in our control. Just by focusing on the metrics that are in our control such as acquisition and conversion and rejoin rate and our loyalty, we can more than double the business in the upcoming years. So our goal with this restructuring is really -- has been to position the company to have the strongest financial profile to invest in the customer, invest in this growth and capture what we think is an enormous opportunity.

因此，我們相信這個市場還處於起步階段，客戶對租賃和轉售的採用將繼續增長。這裡有很多東西在我們的控制之中。只需專注於我們控制的指標，例如獲取和轉換、重新加入率以及我們的忠誠度，我們就可以在未來幾年將業務增長一倍以上。因此，我們此次重組的目標實際上是——將公司定位為擁有最強大的財務狀況來投資於客戶、投資於這種增長並抓住我們認為的巨大機會。

In terms of reserve in the quarter, Scarlett mentioned this in her comments. But what we saw is that for both our reserve customers and our subscribers -- so let's start with subscribers. Subscribers used more special occasion inventory in the quarter than even we had been planning for.

在本季度的儲備方面，斯嘉麗在評論中提到了這一點。但是我們看到的是，對於我們的保留客戶和我們的訂閱者來說——讓我們從訂閱者開始。訂閱者在本季度使用的特殊場合庫存甚至超出了我們的計劃。

And remember, we planned for a massive event boom this year, and they took even more. And when I say special events, inventory, I mean everything from clothing they were wearing to casual social events like going out to dinner, going out on dates to parties to cocktail events to black tie, so because subscribers took relatively more of this more formal kind of going out inventory than we had anticipated. We think that it could have impacted our reserve business, and we potentially didn't capture as much of our reserve business as we could have in the quarter.

請記住，我們計劃在今年掀起一場大規模的活動熱潮，而他們花了更多的時間。當我說特殊活動、庫存時，我的意思是從他們穿的衣服到休閒社交活動，比如出去吃晚飯、約會、聚會、雞尾酒會和黑色領帶，所以因為訂閱者相對更多地接受了這種更正式的活動庫存超出我們的預期。我們認為這可能會影響我們的儲備業務，並且我們可能沒有像本季度那樣獲得盡可能多的儲備業務。

So we're making changes to the inventory assortment in the back half of the year in 2023 to ensure that we can deliver on social occasions, even more robustly for both subscribers and for reserve customers. We don't see any different profile in our reserve customers. We don't think that there is a trade down effect that's happening. That's not what we're seeing in our data right now, especially given that we are seeing again some positive signs of bounce back in August and September in our subscriber numbers.

因此，我們將在 2023 年下半年對庫存分類進行更改，以確保我們能夠在社交場合提供服務，為訂閱者和保留客戶提供更強大的服務。在我們的保留客戶中，我們沒有看到任何不同的個人資料。我們認為不會出現降價效應。這不是我們現在在數據中看到的，特別是考慮到我們在 8 月和 9 月再次看到我們的訂閱者數量出現反彈的積極跡象。

Yes. And I would say in terms of like new versus existing customers, we're seeing a similar proportion in this quarter as we saw last quarter of new versus returning customers.

是的。我想說的是，就新客戶與現有客戶而言，我們在本季度看到的比例與上一季度新客戶與回頭客的比例相似。

Our next question is from 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 couple of follow-ups to the last question, and I think the one before. But did the April price increases have any impact on that the June churn that you were talking about or the re-subscriber rate? And then, Jen, when you talk about macro, do you mean like higher gas prices or people getting laid off or whatever, I thought we were kind of a great value prop during a tougher kind of consumer pinch given the cost savings here.

只是最後一個問題的幾個後續問題，我認為是之前的問題。但是，4 月份的價格上漲對您所說的 6 月份流失率或重新訂閱率有什麼影響嗎？然後，Jen，當您談論宏觀時，您的意思是更高的汽油價格還是人們被解僱或其他什麼，我認為考慮到這裡的成本節省，在更艱難的消費者緊縮時期，我們是一種很好的價值支柱。

So yes, just any elaboration on that macro, that would be great. And then Scarlett, it sounded like the product depreciation would go down to 15% of REV in that medium-term goal. So is that from better terms in wholesale and exclusives? Or is that mix shift to Rent the Runway or share by RTR? Would -- can you walk us through that reduction on that one important line?

所以是的，只要對那個宏進行任何詳細說明，那就太好了。然後是斯嘉麗，聽起來在那個中期目標中產品折舊率會下降到 REV 的 15%。那麼，這是從批發和獨家銷售的更好條款開始的嗎？還是這種混合轉變為 Rent the Runway 或 RTR 共享？會 - 你能帶領我們完成那條重要線路上的削減嗎？

Why don't I -- thanks Ross, for the question. Why don't I start off with the product depreciation? So yes, in terms of the reduction. You've seen it reduce over the last couple of years really as a result of the fact that we now have kind of the more appropriately sized revenue to that supply, right? So we've seen kind of consistent decrease in product depreciation as a result of better matching of supply and demand.

我為什麼不——謝謝羅斯的提問。為什麼我不從產品折舊開始？所以是的，就減少而言。您已經看到它在過去幾年中確實減少了，因為我們現在對該供應量的收入規模更合適，對吧？因此，由於供需更好地匹配，我們看到產品折舊率持續下降。

So that's kind of point number one. And then point number two is that we also see benefits as we see continuing shift away from wholesale, and that has a good impact on product depreciation, both because of the fact that you have a lower percentage of wholesale. But as you have a higher percentage of exclusive designs, remember that those items are about 50% of the cost of the wholesale item.

所以這是第一點。然後第二點是我們也看到了好處，因為我們看到繼續從批發轉向，這對產品折舊有很好的影響，這都是因為你的批發百分比較低。但由於您擁有更高比例的獨家設計，請記住這些商品大約是批發商品成本的 50%。

So that benefits us. Then of course, as we get larger, we also should get volume discounting, and therefore, to your point, better terms and better pricing on the individual kind of pieces of that product assortment.

所以這對我們有利。當然，隨著我們的規模越來越大，我們也應該獲得批量折扣，因此，就您而言，該產品分類中的單個種類的條款和價格會更好。

So Ross, in terms of the first part of your question, price increases might have had an impact on churn, but there might also be increased seasonality that we saw that affected the near-term numbers. On the macro and its impact, it's really hard to tell because we saw some weakness in the summer, but we've seen strength more recently. So our objective here is to put the company in the healthiest financial position possible so that even if negative macroeconomic conditions persist, that Rent the Runway can continue to drive the business to profitability in much lower growth scenarios that we could pull forward that path to profitability.

所以羅斯，就你問題的第一部分而言，價格上漲可能會對客戶流失產生影響，但我們看到的季節性因素也可能會影響近期數據。關於宏觀及其影響，真的很難說，因為我們在夏天看到了一些疲軟，但我們最近看到了實力。因此，我們的目標是讓公司處於盡可能健康的財務狀況，這樣即使負面的宏觀經濟狀況持續存在，Rent the Runway 也可以在低得多的增長情景中繼續推動業務盈利，我們可以推動這條盈利之路.

And at the same time, we've not cut in areas that are related to growth. So we're continuing to invest in growth. We're investing the same marketing dollars. We're investing the same inventory. We have the personnel here, the engineers here that are going to be -- continue to build out better product discovery, better fit, all of the things that we have been discussing. So we're planning for the downside scenarios. But at the same time, we want to continue to ensure that the business is building for the long term.

同時，我們沒有削減與增長相關的領域。因此，我們將繼續投資於增長。我們正在投資相同的營銷資金。我們正在投資相同的庫存。我們這裡有人員，這裡的工程師將繼續建立更好的產品發現，更好的配合，所有我們一直在討論的事情。因此，我們正在計劃不利的情況。但與此同時，我們希望繼續確保業務能夠長期發展。

Our next question is from Michael Binetti with Credit Suisse.

我們的下一個問題來自瑞士信貸的 Michael Binetti。

I guess, first, I'm curious on ARPU. You mentioned -- I think you said it was up 5% in the quarter on a year-over-year basis, driven by price increases and higher add-on given the decline in active subs. Could you maybe break down the contribution by each of the components and the 5% increase just to -- I'm curious which of the inputs you see as most sustainer inputs that were more affected by some of the macro cross-currency pointed to in the quarter.

我想，首先，我對 ARPU 很好奇。你提到 - 我認為你說它在本季度同比增長 5%，這是由於價格上漲和由於活躍訂閱人數下降而增加的附加值。您能否分解每個組件的貢獻和 5% 的增長只是為了 - 我很好奇您認為哪些輸入是最受某些宏觀交叉貨幣影響的輸入季度。

And then bigger picture, Net Promoter Score was a topic we talked about through the IPO process. Can you speak to trends in the NPS score from the subscription consumer today? They've been through quite a bit of change with the program from unlimited swaps to sunsetting unlimited swaps, price increases in the program, lots of changes in the use cases and kinds of different occasions that they're using the product for and now they're facing some pressure across their household budget. I'm curious what you know about the path of NPS through all of that change.

從更大的角度來看，淨推薦值是我們在 IPO 過程中討論的一個話題。您能談談今天訂閱消費者的 NPS 得分趨勢嗎？他們在程序中經歷了相當多的變化，從無限交換到取消無限交換，程序的價格上漲，用例的許多變化以及他們使用該產品的各種不同場合，現在他們'他們的家庭預算面臨一些壓力。我很好奇你對 NPS 在所有這些變化中的路徑了解多少。

Michael, thanks for the question. Maybe I'll kick it off with ARPU. So your question on what part of ARPU persists in terms of the increase that we saw. So obviously, the price increase is one that we would expect to persist, right? That hit us for 3 quarters of the year or will be for 3 quarters of the year, given that we launched that in April. Having said that, we've pretty consistently seen really nice add-on activity from our subscribers over the full year, hovering around that kind of 30% level for most of the year.

邁克爾，謝謝你的問題。也許我會從 ARPU 開始。因此，就我們看到的增長而言，您關於 ARPU 的哪一部分持續存在的問題。很明顯，價格上漲是我們預計會持續的，對吧？鑑於我們在 4 月推出了該產品，我們將在一年中的 3 個季度或將在一年中的 3 個季度受到影響。話雖如此，我們在全年中一直看到訂閱者的附加活動非常好，一年中的大部分時間都徘徊在 30% 左右。

So that early to tell, but it seems to be hanging in there quite nicely, and we would expect continued good engagement there. One thing that I do want to call out is Q3 in a period when you see higher acquisition, you would expect ARPU to come down. And I think I mentioned it in my point, which is that we would expect to see ARPU come down a little bit in Q3, really because you have a higher percentage of the customers and therefore, a slightly better price point as they come into the program with a discount.

所以說得還早，但它似乎很好地掛在那裡，我們希望在那裡繼續保持良好的參與度。我確實想指出的一件事是，在第三季度，當你看到更高的用戶獲取時，你會預計 ARPU 會下降。我想我在我的觀點中提到了這一點，那就是我們預計第三季度 ARPU 會有所下降，這真的是因為您擁有更高比例的客戶，因此，當他們進入有折扣的計劃。

So on Net Promoter Score, it's remained broadly stable. We have very loyal customers, our older cohorts who you know stayed with us through COVID continue to love the product and the service. We don't really have any new information to share on Net Promoter Score, but a few things that we look at as kind of leading indicators of Net Promoter Score.

因此，在淨推薦值上，它基本保持穩定。我們有非常忠誠的客戶，您認識的老一代通過 COVID 一直與我們在一起，他們繼續熱愛我們的產品和服務。我們真的沒有任何關於淨推薦值的新信息可以分享，但我們將一些東西視為淨推薦值的領先指標。

One is the fact that the business remains largely organic. It remains it's growing through word of mouth. We see that our customers continue to post reviews to post on social media. We're seeing that during these periods of kind of strong seasonal bounce back that our customers are finding out about us from other customers. We also know that -- these are customers who are engaging with us more and more. So to your question on ARPU, ARPU is driven both by the price increase, but it's driven by the fact that our customers are choosing to pay for even more items in their subscription, and we saw some of the highest ARPUs that we've ever seen in the summer.

一是該業務在很大程度上仍然是有機的。它仍然通過口耳相傳而增長。我們看到我們的客戶繼續在社交媒體上發布評論。我們看到，在這些強勁的季節性反彈期間，我們的客戶正在從其他客戶那裡了解我們。我們也知道——這些客戶越來越多地與我們互動。所以對於你關於 ARPU 的問題，ARPU 是由價格上漲驅動的，但它是由我們的客戶選擇為他們的訂閱中的更多項目付費這一事實驅動的，我們看到了一些我們曾經見過的最高 ARPU夏天看到的。

So even though there were seasonal impacts of the summer, the 124,000 ending subscribers we had at the end of the quarter were more highly engaged with the product than we had kind of seen before. So we feel very good about kind of all the leading indicators of NPS, about how customers are engaging with us, them choosing more brands, falling in love with those brands. And that's why we're focused on providing for the very best experience. We're building on our brand relationships, providing her the best product, making the experience more and more seamless for her to use so that we become more of a daily utility in her life.

因此，儘管夏季存在季節性影響，但我們在本季度末擁有的 124,000 名最終用戶對產品的參與度比我們以前看到的要高。所以我們對 NPS 的所有領先指標感覺非常好，關於客戶如何與我們互動，他們選擇了更多品牌，愛上了這些品牌。這就是我們專注於提供最佳體驗的原因。我們正在建立我們的品牌關係，為她提供最好的產品，讓她的體驗越來越無縫，讓我們成為她生活中更多的日常用品。

Our next question is from Rick Patel with Raymond James.

我們的下一個問題來自 Rick Patel 和 Raymond James。

I'm hoping you can give us more color on the improvement in subs that you're seeing for early in the third quarter. Are you doing anything different from a marketing or customer experience perspective that you be benefiting the business beyond the normal seasonality? And second, I'm hoping you can help us with the outlook for marketing. So you're sticking with the target of 10% of revenue for the year. Curious what's earmarked for performance spend versus top of funnel. And if macro has become more of a headwind, do you see the potential to flex this line to protect your margins?

我希望你能給我們更多關於你在第三季度初看到的潛艇改進的信息。從營銷或客戶體驗的角度來看，您是否在做任何不同於正常季節性的業務？其次，我希望您能幫助我們了解營銷前景。所以你堅持今年收入的 10% 的目標。好奇什麼是專門用於績效支出與漏斗頂部的。如果宏觀變得更加不利，您是否認為有可能彎曲這條線以保護您的利潤？

Okay. So just to start with, like in a normal year, which again, we haven't been in since 2019. But in a normal year, we would typically see that the summer has lower seasonality for us. We've shared that before. Now why does the summer have lower seasonality for us? Because in the middle of the summer, high to the summer, when lots of customers are just on vacation, they're at the beach, they're addressing way more casually. They can just throw something casual over their bathing suit and kind of call it a day. We carry 800 of the top designers in the world. So even though, of course, we carry casual inventory, we carry the whole gamut, she's not necessarily thinking as much about her self-presentation in the middle of July as she is in September.

好的。因此，首先，就像在正常年份一樣，我們自 2019 年以來就沒有進入過。但在正常年份，我們通常會看到夏季對我們來說具有較低的季節性。我們以前分享過。現在為什麼夏天對我們來說具有較低的季節性？因為在仲夏，到了盛夏，當很多顧客剛剛度假時，他們在海灘上，他們的講話方式更加隨意。他們可以在泳衣上隨意扔些東西，然後就收工了。我們擁有 800 位世界頂級設計師。因此，當然，即使我們攜帶休閒庫存，我們攜帶整個色域，她也不一定像 9 月那樣考慮她在 7 月中旬的自我展示。

So typically, when we think about marketing, we do a lot more marketing in the ramp-up towards the fall. When everyone is basically back to school, back to life, back to events, back to offices. And so -- we've not done anything differently this summer. We've linked into the same kind of seasonal marketing that we would expect. I would say that the layer on top of this year that is slightly different is that we are emphasizing value-oriented messaging across the board in every marketing communication.

因此，通常情況下，當我們考慮營銷時，我們會在秋季的加速階段做更多的營銷。當每個人基本上都回到學校，回到生活，回到活動，回到辦公室。所以——今年夏天我們沒有做任何不同的事情。我們已經與我們期望的相同類型的季節性營銷聯繫起來。我想說的是，今年稍有不同的是，我們在每一次營銷傳播中都全面強調以價值為導向的信息傳遞。

So just a small example. Now in every e-mail communication that you get from us on a monthly basis, you're reminded of the value of the $4,000 of designer product you receive that month. We're reminding you of if you sign up for this subscription, it costs you $140. And if you -- so each item only cost you $18 as part of subscription, compare that to buying a dress for an event, and that can run us $200, $300. So the value-oriented messaging is certainly different. In fact, we now have a brand marketing campaign up around the country, that's very clearly emphasizing to customers why buy a dress you're only going to wear once.

所以只是一個小例子。現在，在您每月從我們這裡收到的每封電子郵件中，都會提醒您當月收到的 4,000 美元設計師產品的價值。我們提醒您，如果您註冊此訂閱，則費用為 140 美元。如果你 - 所以每件商品作為訂閱的一部分只花費你 18 美元，將其與為活動購買一件衣服相比，這可以花費我們 200 美元，300 美元。因此，面向價值的消息傳遞肯定是不同的。事實上，我們現在在全國范圍內開展了品牌營銷活動，這非常清楚地向客戶強調為什麼要買一件你只會穿一次的衣服。

So we've leaned into value-oriented messaging. We certainly have emphasized for this fall, we're really excited about showcasing how incredible our designer assortment and product assortment is. We've seen strength in our customers using us for their social lives. So we've leaned into that in our marketing. But we haven't really seen anything else that would be that different as it relates to how we think about the summer and kind of build back into the fall.

所以我們傾向於以價值為導向的消息傳遞。我們當然已經在今年秋天強調過，我們真的很高興展示我們的設計師分類和產品分類是多麼令人難以置信。我們已經看到客戶利用我們進行社交生活的力量。因此，我們在營銷中傾向於這一點。但是我們還沒有真正看到任何其他與我們對夏季的看法以及重新回到秋季的方式有很大不同的東西。

And then just maybe to touch on your second question. The guidance that we're providing is obviously a little high and both of those sides assume that we would spend is approximately 10% of revenue that we've been talking about, right? So our intent is to maintain that spend at about 10% for the whole year.

然後也許只是談談你的第二個問題。我們提供的指導顯然有點高，雙方都假設我們將花費大約是我們一直在談論的收入的 10%，對吧？因此，我們的意圖是將全年的支出保持在 10% 左右。

Our next question comes from Andrew Boone with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Andrew Boone。

You talked about keeping marketing at 10% of revenue despite seemingly less revenue visibility. Can you talk about this the decisioning of keep marketing at that level in a tougher macro environment? And then as it sounds like use cases are changing, can you just touch on assortment? How do you think about '23 and potentially '24 in terms of what you guys keep as items as the customer is not returning to work as you have a more casual customer, how do you think about actually making sure you do have the right inventory on hand?

您談到儘管收入可見度似乎較低，但仍將營銷保持在收入的 10%。你能談談在更艱難的宏觀環境中保持營銷水平的決定嗎？然後聽起來用例正在發生變化，你能談談分類嗎？您如何看待 '23 和可能的 '24手上？

And the great thing about marketing is that it's discretionary. And that if we see signs that what we experienced the negative trends that we experienced this summer if they come back, if we see trends that they were related to macro, which, again, we think could be a factor, but we're not -- we need more data to confirm that, like we can use our discretion and cut back when appropriate. For now, we continue to invest in growth and we see a huge amount of opportunity in the upcoming months and into next year to grow the business.

營銷的偉大之處在於它是自由裁量的。如果我們看到跡象表明我們經歷了今年夏天所經歷的負面趨勢，如果它們回來了，如果我們看到它們與宏觀有關的趨勢，我們再次認為這可能是一個因素，但我們不是——我們需要更多的數據來確認這一點，就像我們可以使用我們的判斷力並在適當的時候減少。目前，我們繼續投資於增長，我們看到未來幾個月和明年有大量機會來發展業務。

And in terms of the assortment for '23 and '24, we -- as Jen just mentioned, I think one of the biggest changes is leaning in even more on special events. And we did find it interesting how much we saw our subscribers take some of the special event apparel over the summertime and this is for us showing up as an opportunity to do maybe a bit more of that, and that's one of the things that we are planning for.

就 23 年和 24 年的分類而言，我們 - 正如 Jen 剛才提到的，我認為最大的變化之一是更多地傾向於特殊活動。我們確實發現有趣的是，我們看到我們的訂閱者在夏季穿了一些特殊的活動服裝，這對我們來說是一個機會，可能會做更多的事情，這就是我們要做的事情之一為。

And I'll just add as well on marketing. We're extremely disciplined on our marketing spend. We measure the ROI of our marketing. We're not seeing signs that our marketing isn't effective. Our marketing remains as effective as it's ever been. So for the time being, we're going to continue to invest behind marketing because it's been very positive for our business. And we think that there is huge opportunity to gain market share and to get more and more customers in this environment to try rental either via reserve or via subscription.

我也會補充一下營銷。我們在營銷支出方面非常自律。我們衡量營銷的投資回報率。我們沒有看到我們的營銷無效的跡象。我們的營銷仍然像以往一樣有效。因此，就目前而言，我們將繼續在營銷方面進行投資，因為這對我們的業務非常有利。我們認為，在這種環境下，有巨大的機會獲得市場份額並吸引越來越多的客戶嘗試通過預訂或訂閱的方式進行租賃。

Our next question is from 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 we go towards the third and fourth quarter and you look at the cadence of each, what do you see as key differentiating factors this year in Q4 versus last year, whether it's for product, whether it's for -- given you have at-home pickup now, what could be the surprises one way or the other on the delta?

當我們進入第三季度和第四季度時，您會查看每個季度的節奏，您認為今年第四季度與去年相比的關鍵區別因素是什麼，無論是產品還是 - 考慮到您在家現在提貨，三角洲的一種或另一種方式可能會帶來什麼驚喜？

So we've mentioned for Q3 and Q4, we are taking a measured approach, right? In spite of some of the positive signs that we've seen over the last few weeks, we do think that there's some uncertainty. So I think one of the positive factors is to have a little more certainty around some of these things that we're looking at, especially over the next few weeks. So that's kind of point number one. Point number two is Q4 does have incorporated in it, a similar type of impact as what we saw last year. From a COVID standpoint, that could be something else, that impacts how that comes out as well.

所以我們在 Q3 和 Q4 中提到過，我們正在採取謹慎的方法，對嗎？儘管我們在過去幾週看到了一些積極的跡象，但我們確實認為存在一些不確定性。因此，我認為積極因素之一是對我們正在研究的一些事情有更多的確定性，尤其是在接下來的幾週內。所以這是第一點。第二點是第四季度確實包含在其中，與我們去年看到的類似類型的影響。從 COVID 的角度來看，這可能是其他因素，它也會影響結果。

Got it. And then on at-home pickup, what have you been seeing there as you expand it from the territories that you had previously?

知道了。然後在家裡取貨時，當您從以前的區域擴展它時，您在那裡看到了什麼？

Well, we were able to expand it to over 50% of our subscribers kind of meeting our end of the year goal 2 quarters early. We're seeing that adoption rate amongst our subscribers continues to improve, that there's very high customer satisfaction with this. And we think that it continues to be a win-win. The big launch that we had related to at-home pickup in Q2 as we launched at-home pickup in the app. So now it is right in your face to customers when they're returning their clothing that they could have that clothing picked up at their home that they could schedule that pickup.

好吧，我們能夠將其擴展到超過 50% 的訂戶，從而提前 2 個季度實現我們的年終目標。我們看到訂戶的採用率不斷提高，客戶對此非常滿意。我們認為這將繼續是雙贏的。當我們在應用程序中推出在家取貨時，我們在第二季度與在家取貨相關的大型發布。因此，現在當客戶退回衣服時，您可以直接在他們家中取件，然後安排取件時間。

As a reminder, this is more cost-effective for us, it's better and more convenient for our customers. So these are just, again, points of customer delight that we continue to add into the experience, removing friction from her everyday experience. And we think that over time, this adds up to improvement in these metrics, again, that are in our control.

提醒一下，這對我們來說更具成本效益，對我們的客戶來說更好，更方便。因此，這些只是我們繼續添加到體驗中的客戶滿意點，消除了她日常體驗中的摩擦。而且我們認為，隨著時間的推移，這會再次提高我們控制的這些指標。

Loyalty is one of those metrics that's in our control. Making small, modest improvements in loyalty makes a huge difference and allows us alongside small improvements in acquisition or slow improvements in conversion to double the business in upcoming years. So we're using these strategic initiatives that are all still focuses on the business, product discovery, search, find, home pickup all of these things should lend themselves to improving the core metrics of the business that are in our control and getting us to the place where we can kind of more than double the business in the upcoming years.

忠誠度是我們可以控制的指標之一。對忠誠度進行小幅、適度的改進會產生巨大的影響，並使我們能夠在收購方面的小幅改進或轉換的緩慢改進的同時，在未來幾年將業務翻一番。所以我們正在使用這些仍然專注於業務、產品發現、搜索、查找、上門取貨的戰略舉措，所有這些事情都應該有助於改善我們控制的業務核心指標，並使我們能夠在接下來的幾年裡，我們可以在這裡將業務翻一番以上。

Our next question comes from Noah Zatzkin with KeyBanc.

我們的下一個問題來自 KeyBanc 的 Noah Zatzkin。

Just to drill down a bit on the reserve again. I guess in terms of your comments around adjusting the assortment for social occasion use cases, I think in part due to stronger-than-expected reserve trends. I guess going forward, has anything changed in terms of how thinking about the size of the reserve business long term, I guess, relative to maybe how you were thinking about it previously.

只是為了再次深入了解儲備。我想就您關於調整社交場合用例分類的評論而言，我認為部分原因是儲備趨勢強於預期。我猜想，相對於您之前的想法，從長遠來看，關於儲備業務規模的思考方式是否發生了任何變化。

And then second, just in terms of reserve serving as a funnel for subscription if you could provide any color on those dynamics playing out during the quarter and how you're thinking about that dynamic through 2022 and if anything has changed longer term?

其次，就作為訂閱渠道的儲備而言，您是否可以就本季度出現的這些動態提供任何顏色，以及您如何考慮到 2022 年的動態，以及長期來看是否有任何變化？

So we think the reserve can be several times it's current size. We are planning to significantly increase high formality inventory as a percentage of inventory in full year '23, which by the way, should not only benefit the reserve business, but it will benefit the subscription business because subscribers also take this inventory and to get a huge value for why they would sign up for a subscription.

所以我們認為儲備可以是當前規模的幾倍。我們計劃在 23 年全年顯著增加高形式庫存佔庫存的百分比，順便說一下，這不僅應該有利於儲備業務，而且也會有利於訂閱業務，因為訂閱者也會獲取這些庫存並獲得他們為什麼要註冊訂閱的巨大價值。

We're counting on both higher consumption of this inventory by subscribers and leaving room in there for higher consumption by reserve customers. We think that reserve continues to be the easiest way to come into the business. It's such a clear value proposition. Why buy address you're only going to wear once. You're renting it from us at approximately 10% of the retail price, there's billions of dollars of dresses sold every single year in the U.S. for social occasions.

我們既指望訂戶對該庫存的更高消費，又指望留出空間供儲備客戶更高的消費。我們認為儲備仍然是進入業務的最簡單方式。這是一個如此明確的價值主張。為什麼要買你只穿一次的地址。您以大約 10% 的零售價從我們這裡租用它，美國每年有數十億美元的禮服用於社交場合。

And we're leaning in kind of -- to take this on head-to-head in our marketing because we've done -- we've seen that those reserve customers can become future subscribers. As a reminder, 50% of our subscribers are former Rent the Runway customers, primarily reserve. So this is a great funnel into our business, and so we're investing behind it.

而且我們傾向於 - 在我們的營銷中正面交鋒，因為我們已經做到了 - 我們已經看到這些保留客戶可以成為未來的訂戶。提醒一下，我們 50% 的訂戶是前 Rent the Runway 客戶，主要是保留。所以這是進入我們業務的一個很好的渠道，所以我們正在投資它。

And maybe just to add a little bit to what Jen said. The other thing is we've seen some really nice upticks in terms of reserve customers converting over to subscription over the last 6 months or so. So that's obviously very encouraging that, that first important rental behavior socializes the customer to this market and then we have an ability to then convert her in new subscription.

也許只是為了補充一點 Jen 所說的話。另一件事是，在過去 6 個月左右的時間裡，就預訂客戶轉換為訂閱而言，我們已經看到了一些非常好的增長。所以這顯然是非常令人鼓舞的，第一個重要的租賃行為將客戶社交到這個市場，然後我們有能力將她轉換為新的訂閱。

There are no further questions at this time. I would like to turn the floor back over to Jen Hyman for any closing comments.

目前沒有其他問題。我想把發言權轉回給 Jen Hyman，以徵求任何結束意見。

I just wanted to thank everyone for joining us today and listening to our Q2 call. I'm very excited about our plans to accelerate our path to profitability and the long runway for growth ahead. So we look forward to continuing to update you on our progress on our Q3 2022 call, and thanks again for joining us.

我只想感謝大家今天加入我們並聽取我們的第二季度電話會議。我對我們加快盈利之路和未來增長的漫長道路的計劃感到非常興奮。因此，我們期待在 2022 年第三季度電話會議上繼續向您通報我們的進展情況，並再次感謝您加入我們。

This concludes today's conference. 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。